Professional Documents
Culture Documents
Cum Sa Obtii Maximul in Orice Negociere - Nic Peeling PDF
Cum Sa Obtii Maximul in Orice Negociere - Nic Peeling PDF
&XPVÃREģLLPD[LPXP
®QRULFHQHJRFLHUH
&HğWLXIDFğLVSXQ
FHLPDLEXQLQHJRFLDWRUL
7UDGXFHUHGH7HRGRUD0ROGRYDQX
32/,520
'HVSUHDXWRU
1LF3HHOLQJDUHRH[SHULHQģÃGHSHVWHDQLFDPDQDJHUSULQFLSDOSHQWUX4LQHWL4RFRPSDQLHLQWHUQDģLRQDOÃGHIUXQWH®Q
GRPHQLXOWHKQRORJLHLDSÃUÃULLğLVHFXULWÃģLL&¢ğWLJÃWRUDOXQXLSUHPLX®QFDOLWDWHGHFHUFHWÃWRU®QGRPHQLXOLQIRUPDWLFLL1LF
HVWHGRFWRUDO&RPSXWLQJ/DERUDWRU\GLQFDGUXO2[IRUG8QLYHUVLW\QSUH]HQWHVWHSURIHVRULQYLWDWOD&UDQILHOG8QLYHUVLW\
1LF®ğLDPLQWHğWHFXOX[GHDPÃQXQWHWRDWHJUHğHOLOHIÃFXWHS¢QÃVÃDMXQJÃXQQHJRFLDWRUH[SHULPHQWDWߙH[SHULHQģHFDUHL
DXVW¢UQLWLQWHUHVXOGHDGHVFRSHULğLDQDOL]DFHğWLXIDFğLVSXQFHLPDLEXQLQHJRFLDWRUL
9L]LWDģLZZZQLFSHHOLQJFRP
0XOģXPLUL
LVXQW®QGDWRUDWHGLWRUXOXLPHX6DPDQWKD-DFNVRQFDUHPDUXJDWVÃVFULXDFHDVWÃFDUWHğLFDUHPDDMXWDWVÃFRQFHSğLVÃ
SHUIHFWH]FRQģLQXWXOğLVWUXFWXUDHLLPXOģXPHVF0DUWLQHL2ߞ6XOOLYDQSHQWUXUHGDFWDUHDDFHVWHLDGRXDHGLģLLLPXOģXPHVFGH
DVHPHQHD OXL 5LFKDUG 6WDJJ GH OD 3HDUVRQ (GXFDWLRQ SHQWUX LQVSLUDWHOH VXJHVWLL ®Q SULYLQģD FRQģLQXWXOXL 6XQW IRDUWH
UHFXQRVFÃWRU®QWUHJLLHFKLSH3HDUVRQSHQWUX®QDOWXOSURIHVLRQDOLVP
8QPDUHDMXWRUDFRQVWDW®QREVHUYDģLLOHH[FHSģLRQDOHSULPLWHGHODOHFWRULLPHL&KULV&DQW1HLO+HSZRUWK%DUU\+RUQH
ğL.D\+XJKHV
,QWURGXFHUH
%XQ JÃVLW OD D GRXD HGLģLH D FÃUģLL &XP VÃ REģLL PD[LPXP ®Q RULFH QHJRFLHUH 3ULPD HGLģLH D WUHFXW FX VXFFHV WHVWXO
WLPSXOXLGDUXQVIHUWGLQFRQģLQXW®OUHSUH]LQWÃPDWHULDOHQRL$PDGÃXJDWGRXÃQRLGRPHQLLPDMRUH$PVFULVXQFDSLWROQRX
LQWLWXODWߣ&XPVÃGHYLLXQQHJRFLDWRUH[FHSģLRQDOߢ$LFLVHH[SOLFÃWHKQLFLOHSHFDUHOHSXWHģLIRORVLSHQWUXDYÃSHUIHFģLRQD
DSWLWXGLQLOH GH QHJRFLHUH ğL FXP YÃ SXWHģL SÃVWUD RGDWÃ SHUIHFģLRQDWH DFHVWH GHSULQGHUL &DSLWROXO HVWH XWLO DW¢W FHORU
QHH[SHULPHQWDģLF¢WğLFHORUFDUHDXRRDUHFDUHH[SHULHQģÃSUDFWLFîQQHJRFLHUH$GRXDFRPSOHWDUHPDMRUÃVHUHIHUÃODXQ
DVSHFWQHRELğQXLWSHQWUXRFDUWHGLQGRPHQLXOQHJRFLHULORU0DMRULWDWHDOXFUÃULORUGHDFHVWIHOVHD[HD]ÃSHQHJRFLHULOHSH
FDUHOHYHģLSXUWDODORFXOGHPXQFÃ&XPVÃREģLLPD[LPXP®QRULFHQHJRFLHUHDFRUGÃDWHQģLHğLSHUIHFģLRQÃULLDELOLWÃģLORUGH
QHJRFLHUH®QYLDģDSHUVRQDOÃQDFHDVWÃDGRXDHGLģLHVDXDGÃXJDWRSWH[HPSOHQRLODFDSLWROXOߣ6ÃğWLLVÃIDFLğLVÃVSXLߢ
(OH VH UHIHUÃ OD FHOH PDL IUHFYHQWH VLWXDģLL GH QHJRFLHUH ®QW¢OQLWH ®Q YLDģD SHUVRQDOÃ FXPSÃUDUHD ğL YLQGHUHD ORFXLQģHL
FXPSÃUDUHD XQHL PDğLQL D DUWLFROHORU GH X] FDVQLF FRQWUDFWDUHD XQRU OXFUÃUL GH FRQVWUXFģLH ğL D DOWRU ®PEXQÃWÃģLUL DGXVH
ORFXLQģHLğLUH®QQRLUHDXQRUVHUYLFLLFXPDUILDVLJXUÃULOHLQFOXVLYFHOHDXWRğLIXUQL]DUHDHQHUJLHLHOHFWULFH
1HJRFLHULOH UHXğLWH VXQW FKHLD XQHL YLHģL IHULFLWH ğL SURVSHUH ğL D XQHL FDULHUH GH VXFFHV 'DFÃ FLQHYD DUH FHYD FH ®ģL
GRUHğWL GDFà WX DL FHYD FH ®ğL GRUHğWH DOWFLQHYD VDX GDFà HğWL LPSOLFDW ®QWUR GLVSXWà DWXQFL WUHEXLH Và QHJRFLH]L SHQWUX D
REģLQHXQUH]XOWDWEXQ
3UHģXOXQHLQHJRFLHULQHUHXğLWHHVWHIRDUWHVFXPS
7LWOXODFHVWHLVHFģLXQLHVWHOLWHUDOPHQWHDGHYÃUDW®QFD]XO®QFDUHFXPSHULFHYD(VWHGHDVHPHQHDDGHYÃUDWğL®QVHQVPDLODUJ
FÃ DW¢W IHULFLUHD ğL SURVSHULWDWHD SHUVRQDOH F¢W ğL VXFFHVXO ®Q FDULHUÃ YRU IL JUDY DIHFWDWH GDFÃ QX HğWL XQ EXQ QHJRFLDWRU
0XOWHGLQWUHFHOHPDLLPSRUWDQWHLQWHUDFģLXQLFXDOģLRDPHQLLPSOLFÃSUDFWLFDUHDFRPSURPLVXOXL®QWURQHJRFLHUH'DFÃRIDFL
JUHğLW DWXQFL SOÃWHğWL SUHD PXOW YLQ]L SUHD LHIWLQ VDX QX UHXğHğWL VÃ IDFL XQ FRPSURPLV HFKLOLEUDW ®Q FD]XO GLVSXWHORU ğL ®Q
VLWXDģLL GH OXDUH D GHFL]LHL ®Q JUXS ģL SRģL GHWHULRUD UHODģLLOH FX SULHWHQLL FX SHUVRDQHOH LXELWH FX FROHJLL FX ğHILL FX
IXUQL]RULLFXFOLHQģLLğLFXSDUWHQHULLߨFDVÃQXPLPGRDUF¢ģLYD
1HJRFLDWRULL®QQÃVFXģLVXQWSXģLQL
3XģLQLRDPHQLDXQRURFXOVÃQXVHWHDPÃGHQHJRFLHULğLVÃVHEXFXUHGHRFD]LDGHD®QFKHLDRDIDFHUHUHXğLWÃ$FHDVWÃFDUWH®L
YDDMXWDSHQHJRFLDWRULLEXQLVÃGHYLQÃH[FHSģLRQDOLğLOHYDDUÃWDQHJRFLDWRULORUVODELFDOHDFÃWUHVXFFHV'DFÃWHUHFXQRğWL
®QWUXQXOGLQDVSHFWHOHGHPDLMRVDWXQFLDFHDVWÃFDUWHHVWHSHQWUXWLQH
ߧ1XğWLXVÃPÃWRFPHVF
ߧ1XH®QILUHDPHDVÃILXXQQHJRFLDWRUGXU
ߧ3UHIHUVÃHYLWGLVSXWHOH
ߧ1XWUHEXLHVÃPLSHULFOLWH]UHODģLDFXRPRORJXOPHX
ߧ)RORVLUHDSUHVLXQLLSHQWUX®QFKHLHUHDXQHLDIDFHULQXPÃYDIDFHFXQLPLFPDLEXQGHF¢WXQFRPLVYRLDMRU
QYDģÃUHJXOLOHMRFXOXL
&XQRDğWHUHDHVWHDGHVHDFHDPDLEXQÃPHWRGÃGHDFRQWUDFDUDIULFD$FHDVWÃFDUWH®ģLVSXQHFÃQHJRFLHULOHDUWUHEXLSULYLWH
FDXQMRFğL®ģLRIHUÃUHJXOLOHMRFXOXL'DFîQFHUFLVÃMRFLIÃUÃVîQģHOHJLDFHVWHUHJXOLDLWRDWHPRWLYHOHVÃWHWHPL
QYDģÃWDFWLFLOHVWUDWHJLLOHğLWHKQLFLOH
&DODMRFXOGHEULGJHGDFÃDL®QģHOHVUHJXOLOHWUHEXLHVîQYHģLğLWDFWLFLVWUDWHJLLğLWHKQLFLEXQHFXPVîQģHOHJLFRQWH[WXO®Q
FDGUXOXQXLMRFGHEULGJHFXPVÃģLHYDOXH]LIRUģDP¢LQLLFXPVÃGHVFKL]LFXPVîQģHOHJLLQGLFLLOHGLQOLFLWDģLLOHFHORUODOģL
MXFÃWRULFXPVÃUÃVSXQ]LODOLFLWDģLLOHWDOHXUPÃWRDUHFXPVÃģLMRFLP¢QDFXSULFHSHUHğLDğDPDLGHSDUWH3HQWUXDGHYHQLXQ
QHJRFLDWRUH[FHSģLRQDOHVWHQHYRLHGHRJDPÃODUJÃGHWDFWLFLVWUDWHJLLğLWHKQLFLGDUHOHVHSRWDIODSULQLQWHUPHGLXODFHVWHL
FÃUģLğLVHSRWSHUIHFģLRQDXOWHULRUSULQDSOLFDUHD®QQHJRFLHULUHDOH
&HYHL®QYÃģD"
$FHDVWÃ FDUWH WH YD ®Q]HVWUD FX WRW FHHD FH DL QHYRLH SHQWUX D GHYHQL XQ QHJRFLDWRU GH VXFFHVߨ FX H[FHSģLD H[SHULHQģHL
SUDFWLFH,DWÃGRDUF¢WHYDGLQWUHOXFUXULOHSHFDUHOHYHL®QYÃģD
ߧ&XPVÃLGHQWLILFLVLWXDģLLOHF¢QGDUWUHEXLVÃSRģLQHJRFLDRDIDFHUHEXQÃ
ߧ&XPVÃVHOHFWH]LVWUDWHJLDSRWULYLWÃGHQHJRFLHUHğLWDFWLFLOHDGHFYDWH
ߧ&XPVÃVWDELOHğWLRUHODģLHFXSDUWHQHUXOWÃX
ߧ&XPVÃHVWLPH]LYDORDUHDXQXLSURGXVVDXVHUYLFLX
ߧ&XPVÃWHGHVFXUFL®QFD]XOXQXLEORFDM
ߧ&XPVîQFKHLRDIDFHUHğLFXPVÃREģLLXQDQJDMDPHQW
ߧ&XPVÃDSOLFLVIDWXULOHGLQDFHDVWÃFDUWH®QVLWXDģLLUHDOHGHH[HPSOX®QFD]XOQHJRFLHULLXQHLPÃULULGHVDODULX
)RORVHğWHDFHDVWÃFDUWH®QRULFHVLWXDģLHGHQHJRFLHUH
$FHDVWÃFDUWHQXHVWHGHVWLQDWÃQXPDLFHORULPSOLFDģL®QQHJRFLHULFRPSOH[HGHDIDFHUL(DHVWHYDODELOîQHJDOÃPÃVXUÃğL®Q
FD]XODFKL]LģLRQÃULLVDXY¢Q]ÃULLXQHLPDğLQLDOVROXģLRQÃULLXQHLGLVSXWHFXXQYHFLQDO®PSÃUģLULLELURXOXLFXXQFROHJDO
Y¢Q]ÃULL XQXL SURGXV VDX VHUYLFLXߨ SH VFXUW ®Q FD]XO QHQXPÃUDWHORU VLWXDģLL GH QHJRFLHUH FX FDUH WH FRQIUXQģL ®Q YLDģD
SHUVRQDOÃğL®QFHDSURIHVLRQDOÃ
'DXVIDWXULSUDJPDWLFHGLQYLDģDUHDOÃSHQWUXVLWXDģLLUHDOH'XSÃFHYHLFLWLDFHDVWÃFDUWHYHLGRE¢QGLPLMORDFHOHSULQ
FDUHYHLREģLQHFHHDFHYUHLGLQWURQHJRFLHUHߨğLFHYD®QSOXV
1LF3HHOLQJ%ULOOLDQW1HJRWLDWLRQV:KDWWKH%HVW1HJDWLDWRUV.QRZ'RDQG6D\3HDUVRQ/RQJPDQ
&DSLWROXO
3ULQFLSLLOHGHED]ÃDOHQHJRFLHULORU
$SURDSH RULFH VLWXDģLH GH QHJRFLHUH HVWH XQLFÃ ®QVÃ DFHVW SULP FDSLWRO ®ģL YD DUÃWD FÃ PXOWH GLQWUH DVSHFWHOH XQHL
QHJRFLHULWUHEXLHWUDWDWH®QDFHODğLIHO$FHVWHHOHPHQWHFRPXQHVXQW
ߧ$WLWXGLQHDWD
ߧ&HOHSDWUXHWDSHGLVWLQFWHDOHILHFÃUHLQHJRFLHULğL
ߧ&HOHFLQFLDERUGÃULSULYLQG®QFKHLHUHDXQHLDIDFHUL
$WLWXGLQHDWD
Q DSURDSH WRDWH FD]XULOH WUHEXLH VÃ DGRSģL DWLWXGLQHD FRQIRUP FÃUHLD ߣH ELQH VÃ ILL GXU GDU PDL ELQH H VÃ ILL ğL PDL GXUߢ
$FHVWDHVWHDVSHFWXOHYLGHQWVXEFDUH&XPVÃREģLLPD[LPXP®QRULFHQHJRFLHUHVHGHRVHEHğWHGHVIDWXULOHGDWH®QDSURDSH
WRDWHFHOHODOWHFÃUģLGLQGRPHQLXOQHJRFLHULORU1XYRLSHUSHWXDPLWXULOHFDUHVDXGH]YROWDWGLQPHQWDOLWDWHDFÃQHJRFLHUHD
HVWH XQ MRF ®Q FDUH WRDWà OXPHD DUH GH F¢ğWLJDW $GHYÃUXO HVWH Fà LQGLIHUHQW F¢W GH GXU QHJRFLH]L DW¢W WLPS F¢W DL XQ
FRPSRUWDPHQW LQWHJUX QX YHL SXQH ®Q SHULFRO QLFLR UHODģLH SH WHUPHQ OXQJ FX FHDODOWÃ WDEÃUÃ 2 PXOģLPH GH VWXGLL VSULMLQÃ
LGHHDFRQIRUPFÃUHLDVWDELOLUHDXQRUģLQWHIRDUWHDPELģLRDVH®QWURQHJRFLHUHGXFHODFHOHPDLEXQHUH]XOWDWH1XYHLDWLQJH
DFHVWHģLQWHDPELģLRDVHGDFÃQXHğWLFHOPDLGXUGLQWUHQHJRFLDWRUL
7DEÃUDDGYHUVÃQXWUHEXLHVÃVHVLPWÃSHUGDQWÃGDFÃYUHLVÃSÃVWUH]LRUHODģLHSHWHUPHQOXQJ
3HQWUXDDYHDRUHODģLHEXQÃğLGHGXUDWÃWUHEXLHVÃWHEXFXULGHUHVSHFWXOFHOHLODOWHSÃUģL$FHDVWD®QVHDPQÃFÃQXWUHEXLH
VÃRXPLOHğWLğLVÃDL®QWRWGHDXQDXQFRPSRUWDPHQWLQWHJUX1XXLWDFÃPDMRULWDWHDRDPHQLORUUHVSHFWÃQHJRFLDWRULLGXULğLVXQW
P¢QGUL Và ®QFKHLH R DIDFHUH FX XQ DVWIHO GH QHJRFLDWRU 'DFà WX F¢ğWLJL PXOW LDU FHDODOWà SDUWH SXģLQ HD VH YD VLPģL WRW
F¢ğWLJÃWRDUH
3ULQFLSDOXOPRWLYSHQWUXFDUHQHJRFLDWRULLQXUHXğHVFVÃILH®QGHDMXQVGHGXULHVWHIDSWXOFÃSULQILUHDORUPDMRULWDWHD
RDPHQLORUGRUHVFVÃHYLWHGLVSXWHOH1XXLWDFÃQXHVWH®QILUHDPXOWRUSÃULQģLVÃğLGLVFLSOLQH]HFRSLLLF¢QGVXQWREUD]QLFLQ
PRG DVHPÃQÃWRU QX HVWH ®Q ILUHD PXOWRU PDQDJHUL VÃğL GLVFLSOLQH]H DQJDMDģLL FDUH VH IDF YLQRYDģL GH FRPSRUWDPHQW
LQDGHFYDW3HQWUXDILXQSÃULQWHVDXXQPDQDJHUEXQWUHEXLHVÃIDFLDFHVWOXFUX/DIHOğLFXQHJRFLHULOHߙGDFÃYUHLVÃģLIDFL
ELQHWUHDEDWUHEXLHVÃILLGXU
%HQHILFLLOHILQDQFLDUHDOHDWLWXGLQLLFRUHVSXQ]ÃWRDUH
'HVHRUL QHJRFLH]L ®Q QXPHOH DQJDMDWRUXOXL 0XOWH FRPSDQLL IXQFģLRQHD]Ã FX R PDUMÃ GH SURILW GH GRDU 'H PXOWH RUL
ILHFDUHOLUÃHXURGRODUQHJRFLDW®QSOXVHVWHSURILWFXUDW'HH[HPSOXGDFÃREģLLXQSOXVGHPLLGHOLUH®QWURQHJRFLHUH
DFHVWDSRDWH®QVHPQDHFKLYDOHQWXOF¢ğWLJÃULLXQXLFRQWUDFWGHGHPLLGHOLUH&KLDUGDFÃQHJRFLH]LSHQWUXWLQHILHFDUH
OLUÃHXURGRODUHVWHF¢ğWLJQHWDğDFÃDUWUHEXLVÃOSULYHğWLFDSURFHQWGLQEDQLLFXFDUHUÃP¢LGXSÃSODWDWD[HORULSRWHFLLğL
DğD PDL GHSDUWH 6SHU FD DFHDVWÃ DQDOL]Ã VÃ WH FRQYLQJÃ FÃ PHULWÃ VÃ PHUJL S¢QÃ OD FDSÃW SHQWUX D VFRDWH ğL XOWLPXO EÃQXģ
GLQWURQHJRFLHUHߨğLEÃQXLHVFFÃğWLL®QVLQHDWDFÃQHJRFLDWRUXOGXUSULPHğWHPXOWPDLPXOWGHF¢WF¢ģLYDEDQL®QSOXV
&HOHSDWUXHWDSHDOHQHJRFLHULL
7RDWHQHJRFLHULOHDXSDWUXHWDSHGLVWLQFWH$FHVWHDQXVXQWQHDSÃUDWVXFFHVLYHGHRDUHFHDGRXDğLDWUHLDHWDSÃWLQGVÃVH
VXSUDSXQîQVÃWRDWHFHOHSDWUXHWDSHVXQWGHRELFHLSUH]HQWH®QWRDWHQHJRFLHULOHGHODFXPSÃUDUHDXQHLPDğLQLGHVSÃODW
S¢QÃODQHJRFLHUHDXQXLWUDWDWGHSDFH®Q2ULHQWXO0LMORFLX2HWDSÃSRDWHGXUDPLQXWHRUH]LOHVÃSWÃP¢QLߨVDXFKLDUDQL
GDUYDOLSVLFRPSOHWUDUHRUL
&HOH SDWUX HWDSH DOH QHJRFLHULL VXQW SUHJÃWLUHD FRPXQLFDUHD WUDWDWLYHOHQHJRFLHUHD SURSULX]LVÃ ğL ®QFKHLHUHD ğL
DQJDMDPHQWXO
3UHJÃWLUHD7UHEXLHVÃVWDELOHğWLFHHDFHVHQXPHğWHFDGUXOQHJRFLHULL$FHVWDHVWHFRQWH[WXO®QFDUHDUHORFQHJRFLHUHDQ
VSHFLDOWUHEXLHVÃGHVFRSHULWRDWHUH]XOWDWHOHSHFDUHSÃUģLOHLQWHUHVDWHGRUHVFVÃOHREģLQîQXUPDQHJRFLHULL6XQWğL
PXOWHDOWHLQIRUPDģLLSHFDUHWUHEXLHVÃOHGHVFRSHULFXPDUILSUDFWLFLOHVWDQGDUGGLQWUXQDQXPLWVHFWRUGHDFWLYLWDWH
SUHģXULOHFRQFXUHQWHğLWRWFHSRģLDIODGHVSUHSDUWHQHUXOWÃXğLRUJDQL]DģLDVD
&RPXQLFDUHD (ğWL IDģÃ ®Q IDģÃ FX SDUWHQHUXO 'H RELFHL HVWH R JUHğHDOÃ VÃ WH DY¢QģL GLUHFW ®Q RIHUWH ğL FRQWUDRIHUWH
3UHJÃWLUHDWDRULF¢WDUILGHFXSULQ]ÃWRDUHQXLQFOXGHPXOWHDVSHFWHHVHQģLDOHģLFXQRğWLSURSULXOFDGUX®QQHJRFLHUHGDU
QX DL PXOWH LQIRUPDģLL GHVSUH FDGUXO SDUWHQHUXOXL 'H RELFHL HVWH DYDQWDMRV VÃ IDFL VFKLPE GH LQIRUPDģLL (VWH GH
DVHPHQHDLPSRUWDQWFD®QWURQHJRFLHUHFRPSOH[ÃVÃVHGH]YROWHRUHODģLHED]DWÃSHUHVSHFW
7UDWDWLYHOHQHJRFLHUHDSURSULX]LVÃ(WLPSXORIHUWHORUğLFRQWUDRIHUWHORU%ÃQXLHVFFÃPXOģLFLWLWRULGRUHVFVÃFXPSHUHR
FDUWHGHQHJRFLHUHSHQWUXDDIODDFHVWHߣVHFUHWHDOHPHVHULHLߢ9RLGHVFULHRVHULHGHWHKQLFLFDUHWHYRUDMXWDVÃIDFLR
DIDFHUHH[FHOHQWÃğLFDUHSRWILIRORVLWHIÃUÃDSLHUGHUHVSHFWXOSDUWHQHUXOXLWÃX
QFKHLHUHDğLDQJDMDPHQWXO&XP®QFKHLRDIDFHUHğLFXPIDFLVÃUÃP¢QÃYLDELOÃ"6XQWF¢WHYDWHKQLFLFKHLHFDUHWHYRU
DMXWDVîQFKHLRDIDFHUHIÃUÃVÃILLQHYRLWVÃFRERULODQLYHOXOWHKQLFLORUFHOXLPDLV¢F¢LWRUFRPLVYRLDMRU9RLYRUELGH
DVHPHQHDğLGHVSUHWHKQLFLOHSHFDUHDUWUHEXLVÃOHIRORVHğWLSHQWUXDWHDVLJXUDFîQģHOHJHUHDQXFDGHUDSLG
&HOHFLQFLDERUGÃULDOH®QFKHLHULLXQHLDIDFHUL
7H SRģL VLPģL FX XğXULQģÃ FRSOHğLW GH QXPÃUXO DSURDSH LQILQLW GH VLWXDģLL GH QHJRFLHUH ®Q FDUH WH SRģL JÃVL &X VLJXUDQģÃ FÃ
Y¢Q]DUHDXQHLFRPSDQLLYDILFRPSOHWGLIHULWÃGHFXPSÃUDUHDXQHLPDğLQLFDUHODU¢QGXOHLYDILWRWDOGLIHULWÃGHVROXģLRQDUHD
XQHLGLVSXWHFXRSDUWHYÃWÃPDWÃ'HVLJXURULFHVLWXDģLHSRWHQģLDOÃSRDWHHOLPLQDQHYRLDGHDILFUHDWLYğLIOH[LELOSHQWUXD
®QFKHLDFXVXFFHVRDIDFHUHGDUH[LVWÃGRDUFLQFLDERUGÃULGHED]ÃDOH®QFKHLHULLXQHLDIDFHUL)DSWXOFÃQXH[LVWÃGHF¢WFLQFL
HVWHIRDUWHXWLO®QJHVWLRQDUHDYDULHWÃģLLGHVLWXDģLLGHQHJRFLHUH&HOHFLQFLDERUGÃULVXQW
/LFLWDģLD'DFÃHVWHFD]XOROLFLWDģLHSRDWHILFHOPDLEXQPRGGHDDWLQJHSUHģXOFHOPDLULGLFDWDWXQFLF¢QGVHYLQGHFHYD
$FHDVWÃDERUGDUHHYLWÃQHFHVLWDWHDXQHLQHJRFLHUL
3UHģXO UHFRPDQGDW $FHVWD HVWH XQ DOW PRG GH D HYLWD QHFHVLWDWHD QHJRFLHULL (VWH DERUGDUHD FDUH VSXQH ߣÃğWLD VXQW
WHUPHQLLPHLGDFîģLFRQYLQHߙELQHGDFÃQXߙQXߢ1XHVWHFHYDQHRELğQXLWߙF¢QGHğWL®QWUXQVXSHUPDUNHWğWLLFÃQXWH
SRģL WRFPL FX FDVLHUXO UHIHULWRU OD SUHģXO FRğXOXL FX SURGXVH 3ÃULQģLL DGRSWÃ XQHRUL DFHDVWÃ DERUGDUH FX FRSLLL ORU Q
DQXPLWH UDPXUL GH DFWLYLWDWH GH H[HPSOX DWXQFL F¢QG R FRPSDQLH YLQGH VHUYLFLL GH FRQVXOWDQģÃ HVWH QHRELğQXLW FD XQ
FOLHQW VÃ ®QFHUFH VÃ QHJRFLH]H VFÃGHUHD SUHģXOXL 'DFÃ R SDUWH DUH XQ DYDQWDM FRY¢UğLWRU SRDWH IL VIÃWXLWÃ VÃ DGRSWH
DFHDVWÃDERUGDUHVLPSOÃߨFXFRQGLģLDVÃQXDJDVH]HFHDODOWÃSDUWHDW¢WGHPXOW®QF¢WDFHDVWDVÃVHUHWUDJÃ
3UHģXOUHFRPDQGDWSOXVPLQXVFHYD$FHDVWÃDERUGDUHVHIRORVHğWHGHRELFHLF¢QGXQVHFWRUDUHSUDFWLFLELQHVWDELOLWH
VDXF¢QGDLGHDIDFHFXXQYHFKLFOLHQWVDXF¢QGRSDUWHDUHXQDYDQWDMPXOWPDLPDUH2IHUWDLQLģLDOÃGÃSRVLELOLWDWHD
XQHL PLFL QHJRFLHUL ®QVÃ DPEHOH SÃUģL YRU ğWL FÃ R UHQHJRFLHUH PDMRUÃ D WHUPHQLORU QX DUH ğDQVH GH UHXğLWÃ 3RDWH IL
IRORVLWÃXQHRUL®QWURVLWXDģLH®QFDUHSUHģXOUHFRPDQGDWSDUHDFFHSWDELO®QVÃHVWHSHUPLVÃRDQXPLWÃOLEHUWDWHGHDFģLXQH
SHQWUXDVDOYDUHSXWDģLDSDUWHQHUXOXL1HDPSXWHDJ¢QGLODDFHDVWÃDERUGDUHFDODRVLWXDģLHPDLSXģLQGXUÃGHSXQHUH®Q
SUDFWLFÃDFHOHLGHDSDWUDğLGHDFLQFHDDERUGÃULGHVFULVH®QFRQWLQXDUH
1HJRFLHUHDSURSULX]LVÃ([LVWÃGRXÃGHILQLģLLDOHWHUPHQXOXLODFDUHPÃUHIHUFDUHDXF¢WHYDSXQFWHFRPXQH3ULPDHVWH
VLWXDģLD®QFDUHQXHğWLGHORFLQWHUHVDWGHRUHODģLHSHWHUPHQOXQJFXSDUWHQHUXODğDFÃHğWLGHIDSWPDLLQWHUHVDWGHEDQLL
VDXEXQXULOHSDUWHQHUXOXLGHF¢WGHUHVSHFWXOOXL$GRXDHVWHVLWXDģLD®QFDUHQXWHED]H]LSHORJLFÃGRDUYUHLPDLPXOW
GDFÃYLQ]LVDXYUHLVÃRIHULPDLSXģLQDWXQFLF¢QGFXPSHUL
7UDWDWLYHOH&RPSDUDWLYFXQHJRFLHUHDSURSULX]LVÃYUHLVÃSÃVWUH]LUHVSHFWXOSDUWHQHUXOXLGHRDUHFHWHDğWHSģLVÃPHQģLL
UHODģLDQFRQVHFLQģÃYHLILPXOWPDLGLVSXVVÃIRORVHğWLDUJXPHQWHED]DWHSHORJLFÃߨGDUSRģLDGRSWDğLGHRELFHLDU
WUHEXLVÃRIDFL®QWURPÃVXUÃVHPQLILFDWLYÃDWLWXGLQHDGHQHJRFLHUHLDUGDFÃRIDFLSROLWLFRVVXQWSXģLQHğDQVHVÃSLHU]L
UHVSHFWXOSDUWHQHUXOXL
6WDELOHğWHģLFHOHPDLDPELģLRDVHğLFUHGLELOHģLQWH®QYHGHUHDXQHLQHJRFLHUL
5H]XPDW
'HğL ILHFDUH DIDFHUH SUH]LQWÃ SURSULLOH ®PSUHMXUÃUL XQLFH H[LVWÃ GRDU FLQFL DERUGÃUL DOH ®QFKHLHULL XQHL DIDFHUL GLQWUH FDUH QXPDL WUHL SUHVXSXQ
DSWLWXGLQLGHQHJRFLHUH([LVWÃSDWUXHWDSHFODUGHILQLWH®QSURFHVXOQHJRFLHULLGHVSUHFDUHYHLDIOD®QFDSLWROHOHXUPÃWRDUH
&HDPDLJUHDSURYRFDUHFXFDUHVHFRQIUXQWÃQHJRFLDWRUXOH[FHSģLRQDOHVWHDERUGDUHDXQHLQHJRFLHULFXDWLWXGLQHDFRUHVSXQ]ÃWRDUHQDSURDSH
WRDWH VLWXDģLLOH FX F¢W QHJRFLH]L PDL GXU FX DW¢W PDL EXQÃ YD IL DIDFHUHD ®QFKHLDWÃ &X FRQGLģLD VÃ DFģLRQH]L FX LQWHJULWDWH ğL VÃ QX ®ģL XPLOHğWL
SDUWHQHUXOQXYHLSLHUGHUHVSHFWXODFHVWXLDğLQXYHLSXQH®QSHULFROUHODģLLOHYLLWRDUHFXHO
&DSLWROXO
3UHJÃWLUHD
3UHJÃWLUHD HVWH DUPD VHFUHWÃ ®Q QHJRFLHUL QW¢OQHVF PHUHX QHJRFLDWRUL FDUH PLQLPDOL]HD]Ã DFWLYLWDWHD HVHQģLDOÃ GH
SUHJÃWLUHLDUUH]XOWDWXOGLUHFWHVWHFÃQXUHXğHVFVÃğLDWLQJÃRELHFWLYHOH®QWURQHJRFLHUH$FHVWFDSLWROWHIDPLOLDUL]HD]ÃFX
SURFHVXOGHSUHJÃWLUH
QFDGUHD]ÃQHJRFLHUHDQģHOHJHFRQWH[WXO®QFDUHQHJRFLH]L
&HUFHWHD]ÃĞWLLQGGHVSUHFXQRDğWHUHFîQVHDPQÃSXWHUHWUHEXLHVÃFDXģLWRDWHLQIRUPDģLLOHUHOHYDQWH
6WDELOHğWHģL VWUDWHJLD QDLQWH GH ®QWUHYHGHUHD IDģÃ ®Q IDģÃ VXQW PXOWH DVSHFWH DOH VWUDWHJLHL WDOH FDUH SRW IL SUHJÃWLWHߨ
GHğLDFHDVWDQXWUHEXLHVÃILHULJLGÃGHRDUHFH®QQHJRFLHULWUHEXLHVÃģLPHQģLL®QWRWGHDXQDIOH[LELOLWDWHD
1XXLWDFÃQHJRFLHULOHVXQWRLQYHVWLģLH®QFDUHSODVH]LWLPS®QVFKLPEXOXQRUEHQHILFLL%HQHILFLXOSRDWHILILQDQFLDUSRDWH
FRQVWD®QUH]ROYDUHDXQXLFRQIOLFWVDX®QOXDUHDXQHLGHFL]LL&D®QRULFHLQYHVWLģLHDUWUHEXLVÃILLFRQğWLHQWGDFîQWUHFRVWXO
ğL EHQHILFLXO LQYHVWLģLHL WDOH H[LVWÃ XQ HFKLOLEUX UDģLRQDO 2 SUHJÃWLUH FRUHVSXQ]ÃWRDUH QHFHVLWÃ WLPS ®QVÃ YD FUHğWH
VHPQLILFDWLYğDQVHOHVÃREģLLXQUH]XOWDWEXQ®QXUPDQHJRFLHULL
QFDGUDUHDQHJRFLHULL
&H®ģLGRUHğWLGLQWURQHJRFLHUH"
3UREDELOFÃXQQHJRFLDWRUQXYDXLWDVÃLGHQWLILFHOLPLWHOHILQDQFLDUH®QWUHFDUHSRDWHQHJRFLD7RWXğLHVWHRPDUHJUHğHDOÃVÃ
FUH]L FÃ DFHVWD H VLQJXUXO OXFUX SHQWUX FDUH XQ QHJRFLDWRU WUHEXLH VÃğL IDFÃ JULML 9HL GHVFRSHUL FÃ H[LVWÃ PXOWH SÃUģL
LQWHUHVDWHFDUHDXQHYRLSHFDUHWUHEXLHVÃOHVDWLVIDFLSHQWUXFD®QģHOHJHUHDQHJRFLDWÃVÃILHSHUFHSXWÃIDYRUDELO
&¢WHYDH[HPSOH®QFDUHSÃUģLOHLQWHUHVDWHSRWILFDX]DQH®QFKHLHULLXQHLDIDFHUL
ߧ9DH[LVWDXQFRQWUDFWFDUHYDWUHEXLVÃILHVHPQDW"ģLSRWVSXQHFÃHğWLFXDGHYÃUDWRSHUVRDQÃIRDUWHQRURFRDVÃGDFÃ
JÃVHğWLSHFLQHYDFDUHVÃğLSXQÃGRFLOVHPQÃWXUDSHXQGRFXPHQWMXULGLFIÃUÃVîģLSXQîQWUHEÃULPLQXģLRDVH
ߧ'DFÃVHVHPQHD]ÃXQDFRUGMXULGLFDWXQFLFRQVLOLHULLWÃLFRQWUDFWXDOLYRUOXFUDVXEPXOWHFRQVWU¢QJHULLQIOH[LELOH
ߧ'HSDUWDPHQWXOILQDQFLDUDUHGHRELFHLSXWHUHDVÃUHVSLQJÃSULQYHWRRWUDQ]DFģLH
ߧQYLDģDSHUVRQDOÃHğWLGLVSXVVÃULğWLVÃFXPSHULFHYDFHVRģXOVRģLDXUÃğWH"
7UHEXLH VÃ ®QģHOHJL RSLQLLOH SÃUģLORU LQWHUHVDWH ®QDLQWH VÃ ®QFHSL R QHJRFLHUH ğL YD IL QHFHVDU DGHVHD VÃ DL DFRUGXO ORU
®QDLQWHVîQFKHLRDIDFHUH
3ULQFHVHDVHDPÃQÃQHJRFLHUHDFXY¢Q]DUHD"
'DFÃYLQ]LHVWHSUHIHUDELOVÃILQDOL]H]LSURFHVXOY¢Q]ÃULL®QDLQWHVîQFHSLVÃQHJRFLH]LSUHģXOğLDOWHFRQGLģLLQFD]XO®QFDUH
FXPSHULHVWHSUHIHUDELOVÃQHJRFLH]LIÃUÃVÃWHILDQJDMDWODDFKL]LģLRQDUHDSURGXVXOXLUHVSHFWLY
&¢QG QHJRFLH]L SHQWUX D FXPSÃUD XQ SURGXV DPLQWHğWHL PHUHX Y¢Q]ÃWRUXOXL FÃ DL ®Q YHGHUH ®Q FRQWLQXDUH ğL DOWH SURGXVH FRPSHWLWLYH GH OD DOģL
SURGXFÃWRUL
'DFÃQHJRFLH]LGXSÃFHXQXOGLQWUHY¢Q]ÃWRULLWÃLDFRQYLQVXQFOLHQWVÃFXPSHUHWUHEXLHVÃDIOLFHFRQFHVLLDIÃFXWGHMD
Y¢Q]ÃWRUXOߙPXOģLY¢Q]ÃWRULWLQGVÃILHSUHDJHQHURğL®QSULYLQģDFRQFHVLLORU
3ULQFHVHDVHDPÃQÃQHJRFLHUHDFXXQDFRUGMXULGLF"
3RWULYLWFHOHEUHLUHSOLFLDPDJQDWXOXLGHOD+ROO\ZRRG6DP*ROGZ\QߣXQFRQWUDFWYHUEDOQXIDFHQLFLF¢WK¢UWLDSHFDUHHVWH
VFULVߢ8QHRULRQHJRFLHUHSUHFHGÃFUHDUHDXQXLDFRUGMXULGLFLDUDOWHRULQHJRFLHUHDğLDFRUGXOMXULGLFVXQWFUHDWH®QDFHODğL
WLPS $GHVHD H[LVWÃ XQ SUHFHGHQW FODU SHQWUX PHWRGD SRWULYLWÃ ®Q FD]XO XQHL DQXPLWH QHJRFLHUL 'H H[HPSOX ®Q LQGXVWULD
HGLWRULDOÃ QHJRFLHUHD DUH ORF DSURDSH ®QWRWGHDXQD FRQFRPLWHQW FX ILQDOL]DUHD FRQWUDFWXOXL ([LVWÃ DYDQWDMH ®Q HODERUDUHD
VLPXOWDQÃDFRQWUDFWXOXLߙFRQWUDFWXOSURYL]RULXGHYLQHXQUH]XPDWSUHFLVğLGHSUHIHUDWOLSVLWGHDPELJXLWDWHDOFHORUDVXSUD
FÃURUDVDFÃ]XWGHDFRUGQSOXV®QģHOHJHUHDVH®QFKHLHğLDQJDMDPHQWXOVHDUDWÃSULQVFKLPEXORILFLDOGHVHPQÃWXUL
'DFÃQHJRFLHUHDSURSULX]LVÃVDXWUDWDWLYHOHSUHFHGÃFUHDUHDXQXLDFRUGMXULGLFDWXQFLWUHEXLHVÃILLFRQğWLHQWGHIDSWXO
FÃQHJRFLHULOHSRWILXğRUUHGHVFKLVH®QWLPSFHUHDOL]H]LXQDFRUGMXULGLFDFFHSWDELOSHQWUXDPEHOHSÃUģL
&DUHYDILUHODģLDXOWHULRDUÃQHJRFLHULL"
(VWHIRDUWHLPSRUWDQWVÃUHFXQRDğWHPVLWXDģLLOH®QFDUHQXYDH[LVWDRUHODģLHSHWHUPHQOXQJFXSDUWHQHUXOğLFHOH®QFDUHYD
H[LVWDGRDUROHJÃWXUÃVODEÃQDVWIHOGH®PSUHMXUÃULQXSUHD®ģLSDVÃGDFÃSLHU]LUHVSHFWXOGLQSDUWHDSDUWHQHUXOXLGHğLFKLDU
ğLDWXQFLRDPHQLLFXYLLQFLRğLVHYRUDEģLQHVÃVHFRPSRUWHDVWIHO®QF¢WVÃGHDQDğWHUHODDVHPHQHDVLWXDģLL'DFÃVSHULVÃDLR
UHODģLHWUDLQLFÃGHOXQJÃGXUDWÃWUHEXLHVÃWHDVLJXULFÃWHEXFXUL®QFRQWLQXDUHGHUHVSHFWXOSDUWHQHUXOXLILLQG®QDFHODğLWLPS
ğLXQQHJRFLDWRUH[WUHPGHGXU
'DFÃ WH DIOL ®Q VLWXDģLD ®Q FDUH FHDODOWÃ SDUWH HVWH ®QWUR SR]LģLH GRPLQDQWÃ ߙ GH H[HPSOX HğWL XQ IXUQL]RU SHQWUX XQ FOLHQW SH WHUPHQ OXQJ ߙ HVWH
UHFRPDQGDELO VÃ ģLO IDFL SULHWHQ GHRDUHFH DVWIHO VFDG ğDQVHOH FD DFHVWD VÃğL H[SORDWH]H SR]LģLD GRPLQDQWÃ GDFÃ WH SODFH $FHVWD HVWH XQXO GLQWUH
FD]XULOHUDUH®QFDUHQXHVWHGHGRULWVÃILLXQQHJRFLDWRUGXU
&XPYD®QFDGUDSDUWHQHUXOWÃXQHJRFLHUHD"
2SDUWHHVHQģLDOÃDSUHJÃWLULLFRQVWîQDWHSXQH®QORFXOSDUWHQHUXOXLWÃX&HFUH]LFÃYUHDVÃREģLQÃGHSHXUPDQHJRFLHULL"
&¢WGHSXWHUQLFÃFUH]LFîğLFRQVLGHUÃSR]LģLDGHQHJRFLHUH"
&HUFHWDUH
$IOÃFDUHHVWHRELHFWXODIDFHULL
$FHVWDGHSLQGHGHVLWXDģLD®QFDUHWHJÃVHğWL
9¢Q]DUHD
'DFÃYLQ]LFHYDDWXQFLDVLJXUÃWHFîQģHOHJLFXDGHYÃUDWH[DFWFHVHRIHUÃ'DFÃDğSULPLXQEDQGHILHFDUHGDWÃF¢QGYÃGXQ
Y¢Q]ÃWRUSUH]HQW¢QGXğLSURVWRIHUWDDğILXQRPERJDW3UREOHPDHVWHFÃPXOWHRIHUWHHYROXHD]ÃFRQVWDQWDVWIHOFÃSRģLIL
IRDUWHXğRU®QQHFXQRğWLQģÃGHFDX]ÃFXSULYLUHODLQIRUPDģLLOHGHXOWLPÃRUÃSURPRģLLRIHUWHVSHFLDOHğLDğDPDLGHSDUWH'H
DVHPHQHDHXğRUVÃQXILLODFXUHQWFXQRLOHFDUDFWHULVWLFLSHFDOHVÃDSDUÃODXQPRPHQWGDW®QYLLWRU,DUFHHDFHFRPSOLFÃ
VLWXDģLDHVWHIDSWXOFÃPXOWHRIHUWHVXQWFUHDWHSHQWUXDILDGDSWDWHDVWIHOFÃWUHEXLHVÃğWLLFHVHSRDWHVFKLPEDFXFHSUHģ®Q
FHLQWHUYDOGHWLPS
&XPSÃUDUHD
Q FD]XO ®Q FDUH FXPSHUL WUHEXLH VÃ ILL VLJXU FÃ DFKL]LģLRQH]L VROXģLD FHD PDL DYDQWDMRDVÃ SHQWUX FHULQģHOH WDOH &KLDU ğL R
VLWXDģLHVLPSOÃFXPDUILFXPSÃUDUHDXQHLPDğLQLLOXVWUHD]ÃFRPSOH[LWDWHD
ߧ7LSXOYHKLFXOXOXLߙOLPX]LQîQFLQFLXğLEUHDN689PRQRYROXPߨ"
ߧ7LSXOGHFRPEXVWLELOߙGLHVHOEHQ]LQÃVDXKLEULG"
ߧ&DSDFLWDWHDPRWRUXOXLğLSXWHUHDOXL"
ߧ&DUDFWHULVWLFLREOLJDWRULLߙDHUFRQGLģLRQDWVLVWHPGHQDYLJDģLHSLHOHߨ"HWF
'LVSXWHOH
&DUHVXQWH[DFWDVSHFWHOHGLVSXWDWH"9DWUHEXLGHDVHPHQHDVÃFHUFHWH]LLVWRULFXOGLVSXWHLUHVSHFWLYH
'HFL]LLOH
7UHEXLHVÃDIOLH[DFWFDUHHVWHQDWXUDGHFL]LHLFDUHVXQWRSģLXQLOHğLFDUHVXQWFRQVWU¢QJHULOH
'H H[HPSOX GDFÃ RELHFWXO HVWH VHUEDUHD XQHL RFD]LL VSHFLDOH DOÃWXUL GH VRģXOVRģLD WD YD WUHEXL VÃ FHUFHWH]L WLSXULOH
SRVLELOHGHPHQLXORFDģLDğLDOWHOHDVHPHQHD
'DFÃ SUREOHPD FRQVWÃ ®Q DORFDUHD VSDģLXOXL XQXL ELURX WUHEXLH VÃ ®QģHOHJL QHYRLOH RDPHQLORU WÃL ğL QHYRLOH FHORUODOģL
7UHEXLHGHDVHPHQHDVÃLHL®QFDOFXOWRDWHFRQVWU¢QJHULOHDVXSUDIRORVLULLVSDģLXOXLSHFDUH®ODLODGLVSR]LģLH
6XUVHGHLQIRUPDUH
1XXLWDVÃLHL®QFRQVLGHUDUHWRDWHVXUVHOHGLIHULWHGHLQIRUPDUHFDUH®ģLVXQWOD®QGHP¢QÃ
ߧQ]LOHOHQRDVWUHLQWHUQHWXOSRDWHILRUHVXUVÃQHSUHģXLWÃ
ߧ$IOÃFHSRģLGLQUHģHDXDGHSULHWHQLğLFROHJL
ߧ1XXLWDGHLQIRUPDģLLOHWLSÃULWHߙUHYLVWH]LDUHFÃUģLğLDOWHOHDVHPHQHD
$QDOL]HD]ÃFRPSHWLģLD
,QGLIHUHQW GDFÃ YLQ]L VDX FXPSHUL WUHEXLH VÃ ®QģHOHJL FDUH VXQW SUHģXULOH ğL FDUDFWHULVWLFLOH FRPSHWLģLHL 3UHģXO SH FDUH ģLO
GRUHğWLGHODXQFXPSÃUÃWRUVDXSUHģXOSHFDUHHğWLGLVSXVVîOSOÃWHğWLSHQWUXXQSURGXVVDXVHUYLFLXYDILLQIOXHQģDWDW¢WGH
RIHUWHOH FRQFXUHQģHL F¢W ğL GH QXPÃUXO FXPSÃUÃWRULORU SRWHQģLDOL 2ULFLQH QHJRFLD]Ã FX XQ Y¢Q]ÃWRU GH PDğLQL IÃUÃ VÃ ğWLH
SUHģXOGHY¢Q]DUHDXQHLPDğLQLODXQFRPHUFLDQWSHLQWHUQHWUDWHD]ÃXQSRQWLPSRUWDQW
QģHOHJHSLDģDUHOHYDQWÃ
&KLDUGDFÃQXHVWHREOLJDWRULXVÃXUPÃUHğWLDFģLXQLOHDOWRUDSHSLDģîQPDMRULWDWHDFD]XULORUHELQHVÃWHLHLGXSÃFHLODOģL'H
H[HPSOXGDFÃHğWLDXWRUWHSRģL®QVFULH®QWURDVRFLDģLHDVFULLWRULORUğLDFHDVWDWHYDSXWHDLQIRUPDFXSULYLUHODFXDQWXPXO
VWDQGDUGDOGUHSWXULORUGHDXWRURIHULWHGHHGLWRUXOWÃXFRPSDUDWLYFXDOģLHGLWRUL3R]LģLDXQXLDXWRUHVWHDFHHDğLSUHFXPFHDD
PXOWRUDOWRUDߙQXYHLREģLQHFRQGLģLLPXOWPDLDYDQWDMRDVHGHF¢WFHOHSUHSRQGHUHQWH®QLQGXVWULDUHVSHFWLYÃ
7UHEXLHVÃIRORVHğWLWRDWHVXUVHOHGHLQIRUPDUHGLVSRQLELOH$PGHVFRSHULWFÃLQWHUQHWXOHVWHRVXUVÃERJDWîQDFHVWVHQV
3HQWUX PXOWH GLQWUH SLHģHOH SULQFLSDOH DL OD ®QGHP¢QÃ R GLYHUVLWDWH GH FÃUģL 'H DVHPHQHD SRģL GHVFRSHUL FÃ RDPHQL GLQ
RUJDQL]DģLDWDDXLQIRUPDģLLUHOHYDQWH3RDWHFÃDLSULHWHQLğLFXQRğWLQģHFDUHWHSRWDMXWD
'DFÃHğWLLPSOLFDW®QQHJRFLHUHDXQXLOLWLJLXDWXQFLWUHEXLHVÃWHLQWHUHVH]LGHSUHFHGHQWHOHMXULGLFHVLPLODUHFXVLWXDģLD
WD
QģHOHJHģLSDUWHQHULL
1XXLWDFXQRDğWHUHD®QVHDPQÃSXWHUH3ULQWUHLQIRUPDģLLOHSHFDUHWUHEXLHVÃOHFDXģLVHQXPÃUÃ
ߧ1DWXUDRUJDQL]DģLHLFXFDUHDLGHDIDFH8LWÃWHPÃFDUSHSDJLQDHLGHLQWHUQHWVDXFHUHREURğXUÃ
ߧ&XFLQHYHLWUDWD"&DUHHVWHSR]LģLDDFHVWHLSHUVRDQH®QVWUXFWXUDRUJDQL]DģLHL"&HSRģLDIODGHVSUHSHUVRQDOLWDWHDHL"
ߧ&HSRģLDIODGHVSUHFXOWXUDFRPSDQLHLğLSROLWLFDLQWHUQÃ"
9HL IRORVL WRDWH VXUVHOH GH LQIRUPDUH GHVFULVH ®Q FHOH GRXÃ VHFģLXQL DQWHULRDUH Q SOXV R DERUGDUH HYLGHQWÃ ®Q FD]XO
QHJRFLHULORURUJDQL]DWHFRPSOH[HFDUHHVWHVXUSULQ]ÃWRUGHUDUIRORVLWÃHVWHGHVÃLVROLFLģLFHOHLODOWHSÃUģLVÃVHSUH]LQWHğL
VÃRLQYLģLVÃģLIXUQL]H]HPDWHULDOLQIRUPDWLYQWURDVWIHOGHVLWXDģLHDUWUHEXLVÃWHRIHULVÃIXUQL]H]LLQIRUPDģLLVLPLODUHQ
PDMRULWDWHD FD]XULORU ®QWUHDEÃ FDUH VXQW QHJRFLDWRULL GHVHPQDģL GH FHDODOWÃ SDUWH ğL FHUH &9XUL VDX VFXUWH ELRJUDILL DOH
DFHVWRUDĞLELQH®QģHOHVWUHEXLHVÃğLRIHULDFHVWHLQIRUPDģLL$FHDVWÃDERUGDUHHVWHDGHVHDRFDOHIRDUWHEXQÃSHQWUXHWDSD
XUPÃWRDUHDFRPXQLFÃULL
%DQLLFRQWHD]Ã
QDLQWH GH DģL FRQFHSH VWUDWHJLD GH QHJRFLHUH WUHEXLH VÃģL ®QģHOHJL SR]LģLD ILQDQFLDUÃ ğL RULFH DOWH DVSHFWH FDUH GHWHUPLQÃ
SXQFWXO OD FDUH WUHEXLH VÃ WH UHWUDJL GLQWUR SRWHQģLDOÃ DIDFHUH (VWH IRDUWH VLPSOX VÃ WH SLHU]L DW¢W GH PXOW ®Q DVSHFWXO
FRPSHWLWLYDOWUDWDWLYHORU®QF¢WVÃDMXQJLVÃIDFLRDIDFHUHSULQFDUHSLHU]LEDQLVDXSULQFDUHFXPSHULFHYDFHQX®ģLSHUPLģL
VDXFDUHVROXģLRQHD]ÃRGLVSXWîQWHUPHQLSHFDUHQXDUWUHEXLVÃLDFFHSģL
6IDWXULOHSHFDUHOHDPGDWSRWSÃUHDHYLGHQWHLDUXQHOHDVSHFWHSRWILIRDUWHOHVQHGH®QģHOHVGHH[HPSOXGDFîģLSRģL
SHUPLWHUDPEXUVÃULOH®QWURWUDQ]DFģLHILQDQFLDUÃSHQWUXRPDğLQÃQRXÃ7HDYHUWL]H]WRWXğLFîQģHOHJHUHD®QWUHJXOXLFRQWH[W
ILQDQFLDUSRDWHILFXDGHYÃUDWGLILFLOÃ*¢QGHğWHWHODY¢Q]DUHDXQXLVHUYLFLX
ߧ&DUHVXQWFRVWXULOHWDOHIL[HğLFHOHYDULDELOH"
ߧ 'DFÃ QX DL DFRSHULW FRVWXULOH IL[H YD WUHEXL ®Q PRG FHUW VÃ DFRSHUL FRVWXULOH YDULDELOH GDU F¢W GH PLFÃ SRDWH IL
FRQWULEXģLDODFRVWXULOHIL[HSHFDUHHğWLGLVSXVVÃRDFFHSģL®QDFHDVWÃDIDFHUH"
ߧ6XQWFRVWXULOHIL[HFXDGHYÃUDWIL[HVDXFUHVFGHIDSWRGDWÃFXQXPÃUXOY¢Q]ÃULORU"
ߧĢLDLDPLQWLWVîģLFDOFXOH]LULVFXULOHPDLDOHVSHFHOHSHQWUXFDUHQXDLDVLJXUDUH"
0RPHQWXO ®Q FDUH GHFL]L VÃ WH UHWUDJL GLQWUR DIDFHUH WUHEXLH VÃ ILH GHWHUPLQDW GH SURSULD VLWXDģLH ILQDQFLDUÃ (VWH IRDUWH LPSRUWDQW VÃ WH UHWUDJL GLQWUR
DIDFHUHQHDYDQWDMRDVÃLDUVLWXDģLDILQDQFLDUÃHVWHXQIDFWRUPDMRU®QDVWDELOLGDFÃRDIDFHUHHVWHSURDVWÃ
6WUDWHJLDWD
'XSÃFHģLDL®QFDGUDWQHJRFLHUHDğLDLHIHFWXDWFHUFHWDUHDHVWHWLPSXOVÃVWDELOHğWLFXPYHLDERUGDQHJRFLHUHD6XQWPXOWH
DVSHFWH LQWHUFRQHFWDWH ®Q VWDELOLUHD VWUDWHJLHL LQLģLDOH GH QHJRFLHUH DğD FÃ YRL ®QFHSH FX FHO SH FDUH FKLDU ğL QHJRFLDWRULL
H[SHULPHQWDģL®O®QģHOHJDGHVHDJUHğLW
&DUHVXQWS¢UJKLLOHWDOH"
3¢UJKLLOHVHUHIHUÃODEDODQģDGHSXWHUHGLQWUHQHJRFLDWRUL6LQJXUXOIDFWRUHVHQģLDOFHLQIOXHQģHD]ÃS¢UJKLDFRQVWîQF¢WGH
UHOD[DWRULJUÃELWHğWLVÃIDFLRDIDFHUH8QQHJRFLDWRUJUÃELWVHDIOîQWURSR]LģLHGHQHJRFLHUHVODEÃğLSULQXUPDUHDUHPDL
SXģLQH S¢UJKLL GHF¢W XQ SDUWHQHU FDUH HVWH PDL GLVSXV VÃ VH UHWUDJÃ GLQ DIDFHUH 3RģL HYDOXD F¢W GH UHOD[DW RUL JUÃELW HğWL
GHWHUPLQ¢QGFHYHLIDFHGDFÃQXUHXğHğWLVîQFKHLRDIDFHUH6FHQDULXOVDXVFHQDULLOH®QFDUHWHUHWUDJLYRUILXQLFDVXUVÃ
LPSRUWDQWÃDS¢UJKLLORUWDOH
(VWHLQWHUHVDQWFÃLPSRUWDQģDVFHQDULXOXLGHUHWUDJHUHLOXVWUHD]ÃF¢WGHDEVXUGHVXQWPXOWHRUJDQL]DģLLFDUHDILUPÃFÃR
DQXPLWÃRSRUWXQLWDWHHVWHLPSRVLELOGHUDWDWߨSULQDFHDVWDQXIDFLGHF¢WVÃFUHH]LXQKDQGLFDSQHJRFLDWRULORUWÃL
QPDMRULWDWHDVLWXDģLLORUS¢UJKLLOHGHFDUHGLVSXLVXQWPDLPDULGHF¢W®ģL®QFKLSXLߨFXH[FHSģLDFD]XOXL®QFDUHFUH]LFÃDL
S¢UJKLLFRQVLGHUDELOHLDUDWXQFLSUREDELOFÃģLDLVXSUDHYDOXDWSR]LģLD6XEHYDOXDUHDS¢UJKLLORUH[SOLFÃSDUģLDOGHFHPXOģL
QHJRFLDWRUL VXQW SUHD WLPL]L ®Q DVSLUDģLLOH ORU ®QWUR QHJRFLHUH 6XSUDHYDOXDUHD S¢UJKLLORU H[SOLFÃ GH FH XQ QHJRFLDWRU FX
PXOWHDWXXULQXUHXğHğWHDGHVHDVîQFKHLHRDIDFHUH
(VWHLPSRUWDQWVÃQXFRQIX]LSXWHUHDGHQHJRFLHUHS¢UJKLLOHFXSXWHUHDSHUVRQDOÃVDXDRUJDQL]DģLHL6ÃVSXQHPFÃHğWL
XQ LQGLYLG FDUH QHJRFLD]Ã FX R PDUH FRPSDQLH PXOWLQDģLRQDOÃ ߙ QX WUHEXLH VÃ SUHVXSXL FÃ GHģLL PDL SXģLQH S¢UJKLL GHF¢W
FRPSDQLD
,GHQWLILFÃVLWXDģLLOHQHQHJRFLDELOH
(UHFRPDQGDELOVÃģLVWDELOHğWLOLPLWDGHSUHģODFDUHWHUHWUDJL$FHVWHOLPLWHGHSUHģWLQGVÃDVFXQGÃIDSWXOFÃH[LVWÃPXOWH
DOWHDVSHFWHFDUHFRQWHD]îQDIDUÃGHSUHģXODILğDW®QVÃUHSUH]LQWÃRIU¢QÃIRDUWHLPSRUWDQWÃSHQWUXD®PSLHGLFDXQQHJRFLDWRU
VÃVHODVHGXVGHYDOğLVîQFKHLHRDIDFHUHGLQFDUHDUILWUHEXLWVÃVHUHWUDJÃQWURQHJRFLHUHSRģLRULF¢QGWULPLWHVSUH
UHHYDOXDUHSÃUģLORULQWHUHVDWHFRQGLģLLOHXQHLDIDFHULFDUHVH®QFDGUHD]îQVFHQDULXOGHUHWUDJHUHGHRDUHFHDFHVWHDSRWKRWÃU®
FÃDIDFHUHD®QDQVDPEOXHVWHGHSUHIHUDWVLWXDģLHL®QFDUHQXVH®QFKHLHXQDFRUG
QWLPSFHGLVFXģLFXSÃUģLOHDVRFLDWHGHVSUHYLLWRDUHDQHJRFLHUHWUHEXLHVÃSXL®QHYLGHQģÃWRDWHVLWXDģLLOHQHQHJRFLDELOH
SRWHQģLDOHSHO¢QJÃSUHģQQHJRFLHULOHFRPSOH[HFKHVWLXQLOHSUREOHPDWLFHGLQFRQWUDFWVXQW®QWURDIDFHUHRDPHQLQģDUHOD
IHOGHPDUHFDSUHģXO
&HOHPDLPXOWHRUJDQL]DģLLFRQVLGHUîQPRGFRUHFWRJDUDQģLHQHOLPLWDWîQWUXQFRQWUDFWGUHSWRDPHQLQģDUHSRWHQģLDOÃODDGUHVDVXSUDYLHģXLULLRUJDQL]DģLHL
QFRQVHFLQģÃJDUDQģLLOHVXQWXQDGLQWUHFHOHPDLIUHFYHQWHVLWXDģLLQHQHJRFLDELOH
$OHJHģLVWUDWHJLDSHQWUX®QFKHLHUHDDIDFHULL
/LFLWDģLD
'DFÃWHKRWÃUÃğWLVÃYLQ]LSULQOLFLWDģLHQHJRFLHULOHQXPDLDXURVW$FHDVWDVHIRORVHğWHFHOPDLDGHVHDF¢QGDLQHYRLHGHR
Y¢Q]DUHUDSLGÃVDXF¢QGDQWLFLSH]LXQQLYHOULGLFDWDOFHUHULLSHQWUXSURGXVXOSXV®QY¢Q]DUH
3UHģXOUHFRPDQGDW
&DğLOLFLWDģLDDFHDVWÃVWUDWHJLHQXODVÃORFQHJRFLHULL(DSUHVXSXQHFÃGLVSXLGHS¢UJKLLOHQHFHVDUHSHQWUXDGLFWDWHUPHQLL
Y¢Q]ÃULL
3UHģXOUHFRPDQGDWSOXVPLQXVFHYD
$FHDVWÃVWUDWHJLHSRDWHILSUHIHUDELOÃFHOHLDQWHULRDUHDWXQFLF¢QGRSDUWHHVWHIRDUWHGRPLQDQWÃ6HXWLOL]HD]ÃDGHVHDF¢QG
WHUPHQLLğLFRQGLģLLOHQXYDULD]ÃPXOW®QFDGUXOXQHLLQGXVWULLGHH[HPSOXWRģLHGLWRULLWLQGVÃRIRORVHDVFÃ(VWHRVWUDWHJLH
IUHFYHQWÃGH®QFKHLHUHDXQHLDIDFHULDWXQFLF¢QGDPEHOHSÃUģLDXRUHODģLHVWDELOLWÃGHPXOWWLPS
1HJRFLHUHDSURSULX]LVÃ
(VWHVWUDWHJLDLGHDOÃDWXQFLF¢QGQXWHLQWHUHVHD]ÃVÃDLRUHODģLHSHWHUPHQOXQJFXSDUWHQHUXOWÃXߨPDLH[DFWQX®ģLSDVÃ
GDFÃDFHVWDWHYDPDLUHVSHFWDDGRXD]L1HJRFLHUHDSURSULX]LVÃWLQGHVÃDLEÃFHOPDLPDUHVXFFHVF¢QGRELHFWXOQHJRFLDW
HVWHELQHGHILQLW1HJRFLHUHDSURSULX]LVîQFRQGLģLLOH®QFDUHDW¢WSUHģXOF¢WğLFODX]HOHVXQWIRDUWHIOH[LELOHHVWHPXOWPDL
GLILFLOÃGHF¢WDWXQFLF¢QGFODX]HOHVXQWFXQRVFXWH®QDPÃQXQW
7UDWDWLYHOH
5HSUH]LQWÃ FHD PDL EXQÃ VWUDWHJLH SHQWUX WRDWH FHOHODOWH VLWXDģLL $FHVWHD WLQG VÃ ILH DERUGDUHD GRPLQDQWÃ ®Q QHJRFLHULOH
FRPHUFLDOH FRPSOH[H VLQGLFDOH VDX SROLWLFH (OH DX IÃFXW VXELHFWXO PXOWRU FHUFHWÃUL DFDGHPLFH ğL GH DFHHD DX XQ ORF
SUHGRPLQDQW®QPXOWHGLQWUHFHOHPDLELQHY¢QGXWHFÃUģLGHVSUHQHJRFLHUH0XOģLDXWRULGHFÃUģLGHVSUHQHJRFLHUHFDPLQH
FRQVLGHUÃ FÃ VXQW ®Q PÃVXUÃ VÃ VFULH SH DFHVW VXELHFW GDWRULWÃ FLFDWULFLORU GRE¢QGLWH ®Q QHJRFLHUL FX PL]H PDUL (VWH R
VWUDWHJLHLPSRUWDQWÃGDUQXXLWDQLFLRGDWÃFÃQHJRFLHULOHPDLVLPSOHVXQWPXOWPDLIUHFYHQWHGHF¢WFHOHFRPSOH[H
$OHJHģLHFKLSDGHQHJRFLDWRULğLGHILQHğWHOHUROXOğLDXWRULWDWHD
([LVWÃPDLPXOWHUROXULGLIHULWHFDUHSRWIL®QGHSOLQLWH®QFDGUXOXQHLHFKLSHGHQHJRFLDWRUL
1HJRFLDWRUXOSULQFLSDO
7UHEXLH VÃ DOHJL FLQH YD IL QHJRFLDWRUXO SULQFLSDO $FHVWD WUHEXLH VÃ ILH VLQJXUD SHUVRDQÃ FDUH IDFH RIHUWH ğL FRQWUDRIHUWH
'HRDUHFH HO FRQWUROHD]Ã RIHUWHOH ğL FRQWUDRIHUWHOH HVWH HVHQģLDO VÃ ILH FDSDELO VÃL FRQWUROH]H SH WRģL FHL GLQ HFKLSD VD
1HJRFLDWRUXOSULQFLSDOWUHEXLHVÃH[SOLFHUHJXOLOHGHED]ÃFHORUODOģLGLQHFKLSÃğLVÃVWDELOHDVFÃVHPQDOHOHFDUHVHYRUIRORVL
®Q VHFUHW SHQWUX D FRPXQLFD LQVWUXFģLXQL UHVWXOXL HFKLSHL $FHVWD YD DYHD QHYRLH PÃFDU GH XQ VHPQDO SHQWUX DL WUDQVPLWH
FXLYDVÃWDFÃ
([LVWÃ XQHRUL GLOHPD GDFÃ VÃ DOHJL XQ QHJRFLDWRU WDOHQWDW FÃOLW ®Q OXSWÃ VDX XQXO FX PDL SXģLQÃ H[SHULHQģÃ GDUFX PDL
PXOWHFXQRğWLQģHGHVSUHFKHVWLXQLOHQHJRFLDWH1XWUHEXLHVÃVXEHVWLPH]LDYDQWDMHOHSHFDUHOHSRDWHH[WUDJH
GLQWURDIDFHUHXQQHJRFLDWRUH[SHULPHQWDWFÃOLW®QOXSWÃ8QDOWDYDQWDMDOIRORVLULLXQXLSURIHVLRQLVWFXH[SHULHQģÃHVWHFÃVH
YDUHWUDJHODVI¢UğLWXOXQHLQHJRFLHULGXUHOÃV¢QGSHDOWFLQHYDFDUHQXDUHXQWUHFXWGHQHJRFLDWRUGDWQDLELLVîQFHDSÃVÃ
FOÃGHDVFÃUHODģLDFRQVWUXFWLYÃSHWHUPHQOXQJ
$GMXQFWXOQHJRFLDWRUXOXLSULQFLSDO
$FHVWDHVWHDFRORSHQWUXDOVIÃWXLSHQHJRFLDWRUXOSULQFLSDO3RDWH®QGHSOLQLPDLPXOWHUROXULGLIHULWH
ߧ3RDWHDYHDPDLPXOWHFXQRğWLQģH®QGRPHQLXO®QFDUHVHQHJRFLD]Ã
ߧQWURQHJRFLHUHLQWHUFXOWXUDOÃSRDWH®QģHOHJHFXOWXUDğLSRVLELOOLPEDSDUWHQHUXOXL
ߧ3RDWHILDWHQWODVHPQDOHOHYHQLWHGHODSDUWHQHUFDUH®LSRWVFÃSDQHJRFLDWRUXOXLSULQFLSDO®QWRLXOQHJRFLHULL
ߧ3RDWHMXFDXQUROPDLGXUVDXPDLEO¢QGGHF¢WQHJRFLDWRUXOSULQFLSDOFDYDULDQWÃDDğD]LVHLWDFWLFLDSROLģLVWXOXLUÃXğL
SROLģLVWXOXLEXQ
6HFUHWDUXO
9D FRQVHPQD VWDGLXO ®Q FDUH VH DIOÃ ®QģHOHJHUHD SRVLELO VXE IRUPD XQXL DFRUG MXULGLF &HO PDL ELQH HVWH VÃ ILH XQ VLQJXU
VHFUHWDU®QWURQHJRFLHUH'DFÃHVWHYRUEDGHVSUHRVLWXDģLHGHY¢Q]DUHFXPSÃUDUHDWXQFLVHRELğQXLHğWHFDFHOFDUHYLQGHVÃ
DVLJXUHVHFUHWDUXO
&RQWDELOXO
'DFÃ DVSHFWHOH ILQDQFLDUH DOH XQHL DIDFHUL VXQW IRDUWH FRPSOH[H SRDWH IL XWLO VÃ DL SH FLQHYD ®Q HFKLSÃ FX FXQRğWLQģH GH
FRQWDELOLWDWH
2DVSHģLLQHSRIWLģL
QWUR QHJRFLHUH LPSRUWDQWÃ VH SRDWH ®QW¢PSOD FD DOģL RDPHQL VÃ ®QFHUFH VÃ LD SDUWH 'H H[HPSOX FRQWDELOXOğHI DO
RUJDQL]DģLHL WDOH FDUH FDXWÃ RSRUWXQLWÃģL GH DIDFHUL FX SDUWHD FHDODOWÃ DU SXWHD GRUL VÃ ILH SUH]HQW 7UHEXLH VÃ IDFL WRW
SRVLELOXOSHQWUXDGHVFXUDMDDVWIHOGHSHUVRDQHVÃSDUWLFLSH&XF¢WVXQWPDLPXOģLRDPHQLSUH]HQģLFXDW¢WFUHğWHSRVLELOLWDWHD
GHDFRPLWHJUHğHOL
&XPDUDWÃHFKLSDLGHDOÃ"
QWUR QHJRFLHUH FRPSOH[Ã QHJRFLDWRULL SULQFLSDOL DL DPEHORU SÃUģL ğL XQ VLQJXU VHFUHWDU SRW OXFUD IRDUWH ELQH 0HULWÃ VÃ
®QWUHEL FHDODOWÃ SDUWH FH HFKLSÃ LQWHQģLRQHD]Ã VÃ WULPLWÃ ®QWUXF¢W QX HVWH UHFRPDQGDELO VÃ ILL GHSÃğLW QXPHULF ®Q PRG
VHPQLILFDWLY'DFÃFHDODOWÃSDUWHLQWHQģLRQHD]ÃVÃVHSUH]LQWH®QQXPÃUPDUHDLSXWHDVXJHUDFDDPEHOHSÃUģLVÃQHJRFLH]H®Q
HFKLSHPDLUHVWU¢QVH
&ODULILFÃģLDXWRULWDWHDGHDQHJRFLD'DFÃWUHEXLHVÃREģLLDFRUGXOFXLYDGLQRUJDQL]DģLDWDFXSULYLUHODRDIDFHUH®QDLQWHGH®QFKHLHUHDDFHVWHLDDWXQFLDIOÃ
GLQDLQWHğL®QğWLLQģHD]ÃģLSDUWHQHUXOGHDFHDVWÃVLWXDģLH
,GHQWLILFÃORFDģLLSRVLELOHSHQWUXQHJRFLHUH
/RFDģLD®QRUGLQHDSUHIHULQģHORUHVWH
WHUHQXOSURSULX
XQWHUHQQHXWUX
WHUHQXOSDUWHQHUXOXLWÃX
,PSRUWDQģDORFDģLHLHVWHDGHVHDVXSUDHVWLPDWîQVÃGDFÃWH®QJULMRUHD]ÃLQVLVWÃDVXSUDXQXLWHUHQQHXWUXğLQXDFFHSWDR
LQYLWDģLHODVHGLXOSDUWHQHUXOXL'DFîQQHJRFLHUHVHIRORVHVFߣF¢WHXQQHJRFLDWRUğLXQVLQJXUVHFUHWDUߢDWXQFLQHJRFLHUHDDU
WUHEXLģLQXWÃGHRELFHLODVHGLXOSÃUģLLFDUHDVLJXUÃVHFUHWDUXOVDX®QFD]FRQWUDUSHWHUHQQHXWUX
'DFÃ UHXğHğWL VÃ ®ģL LQYLģL SDUWHQHUXO SH WHUHQXO WÃX UH]LVWÃ WHQWDģLHL GH D IDFH WUXFXUL LHIWLQH FXP DU IL VÃ ®ģL HWDOH]L
RVWHQWDWLYSXWHUHDELURXOLPHQVVDXSR]LģLRQDUHDLQHJDOÃVFDXQXOPHXHPDL®QDOWGHF¢WDOWÃXVDXWXVWDLFXIDģDVSUHVRDUH
1XXLWDVÃILLIRDUWHRVSLWDOLHUVÃFRQWULEXLODFRVWXULOHGHSODVÃULLVÃSXLODGLVSR]LģLHJXVWÃULğLDOWHOHDVHPHQHD
*UDGXDO®QWUHDJDQHJRFLHUHVDXRSDUWHGLQHDVHYDģLQH®QVSDģLXOYLUWXDOQHJRFLDWRULLFRPXQLF¢QGSULQHPDLO(XDP
FRQGXVRVHULHGHQHJRFLHULFRPSOH[H®QPDUHPÃVXUÃSHLQWHUQHWğLDPIRVW®QF¢QWDWVÃREVHUYF¢WGHXğRUSRDWHIXQFģLRQDWRW
DFHVWSURFHV1HJRFLHULOH®QVSDģLXOYLUWXDOWLQGVÃHYLWHQH®QģHOHJHULOHGHRDUHFHRDPHQLLJ¢QGHVFGHRELFHL®QDLQWHVÃWDVWH]H
ğLVXQWPDLSUHFLğL®QHPDLOXULGHF¢W®QFRQYHUVDģLH9HLDYHDGHDVHPHQHDRDUKLYÃVFULVÃFRPSOHWÃODFDUHVÃIDFLUHIHULUH
8Q SHULFRO DO QHJRFLHULL SH LQWHUQHW HVWH FÃ XQHRUL HWDSD FRPXQLFÃULL GHYLQH VXSHUILFLDOÃ ®QVÃ GDFÃ DPEHOH SÃUģL VXQW
FRQğWLHQWHGHDFHVWSHULFROVLWXDģLDVHSRDWHģLQHVXEFRQWURO$PSDUWLFLSDWODRQHJRFLHUH®QFDUHFRPXQLFDUHDDDYXWORF
IDģîQIDģÃLDUWUDWDWLYHOHSULQHPDLOğLWRWXODGHFXUVELQH8QDOWSHULFROHVWHFÃRDPHQLLSRWILPXOWPDLQHSROLWLFRğL®QH
PDLOXUL GHF¢W DU IL IDģÃ ®Q IDģÃ ®Q DVWIHO GH VLWXDģLL XQ UÃVSXQV SURPSW FXP DU IL ߣYÃ URJ VÃ QXPL PDL WULPLWHģL HPDLOXUL
DJUHVLYHߢIXQFģLRQHD]ÃGHRELFHLLDUGDFÃQLFLDğDQXVHRSUHVFDLSXWHDILQHYRLWVÃLQVLğWLDVXSUDXQHL®QW¢OQLULIDģîQIDģÃ
VÃLJQRULVLWXDģLDVDXVÃLHL®QFDOFXOFKLDUUHWUDJHUHDGLQQHJRFLHUH
3UHJÃWHğWHWHSHQWUXQHJRFLHUHDSURSULX]LVÃVDXWUDWDWLYH
6XQWQHFHVDUHXUPÃWRDUHOHSUHSDUDWLYH
ߧ7UHEXLHVÃWHJ¢QGHğWLGDFÃH[LVWÃPRWLYHSHQWUXFDUHVÃQXQHJRFLH]LIRDUWHGXU
ߧ7UHEXLHVÃDL®QYHGHUHSR]LģLDWDGHGHVFKLGHUHDLGHJ¢QGVÃIDFLRRIHUWÃGHGHVFKLGHUHVDXYUHLVÃFRQYLQJLFHDODOWÃ
SDUWHVÃGHVFKLGÃ"&HIDFLGDFÃDFHDVWDUHIX]ÃVÃIDFÃRRIHUWÃGHGHVFKLGHUH"
ߧ 3UHJÃWHğWHģL WRDWH DUJXPHQWHOH SH FDUH OH SRģL IRORVL SHQWUX D REģLQH R DIDFHUH PDL EXQÃ ğL ģLQH OD ®QGHP¢QÃ WRDWH
GRYH]LOHQHFHVDUH®QVSULMLQXODFHVWRUDUJXPHQWH
ߧ7UHEXLHVÃKRWÃUÃğWLGDFÃYHLOLPLWDWLPSXOGHGLFDWQHJRFLHULLğLSULQXUPDUHF¢QGSRģLILQHYRLWVÃGDLXQXOWLPDWXPGH
WLSߣGDFÃYÃFRQYLQHߙELQHGDFÃQXߙQXߢ
ߧ&XPYHLUÃVSXQGHXQXLXOWLPDWXPGLQSDUWHDSDUWHQHUXOXLWÃX"
ߧ7UHEXLHVÃFXQRğWLWRDWHVLWXDģLLOH®QFDUHWHUHWUDJLğLVÃğWLLF¢WHğWLGHGLVSXVVÃSXL®QDSOLFDUHXQVFHQDULXGHUHWUDJHUH
5H]XPDW
3UHJÃWLUHDHVWHDW¢WGHLPSRUWDQWîQF¢WUHFRPDQGIHUPFDGHILHFDUHGDWÃF¢QGQHJRFLH]LVÃLHLDFHDVWÃFDUWHGHSHUDIWğLVÃRUÃVIRLHğWLSHQWUX
DWHDVLJXUDFÃDLOXDW®QFDOFXOWRDWHDVSHFWHOHFKHLH
&HDPDLLPSRUWDQWÃSDUWHDSUHJÃWLULLHVWHVÃGHVFRSHULWRDWHUHIHULQģHOHWXWXURUSÃUģLORULQWHUHVDWHFDUHDUSXWHDUHVSLQJHSULQYHWRRDIDFHUH
7UHEXLHVÃDIOLWRWFHSRģLGHVSUHSDUWHQHULLWÃLDW¢WGHVSUHSHUVRQDOLWDWHDORUF¢WğLGHVSUHRUJDQL]DģLDORU
1XSRģLQHJRFLDHILFLHQWGDFÃQXFXQRğWLSUDFWLFLOHVWDQGDUGGHSHSLDģD®QFDUHHğWLLPSOLFDW'HDVHPHQHDWUHEXLHVÃğWLLFHRIHUÃFRPSHWLģLD
LQGLIHUHQWGDFÃYLQ]LVDXFXPSHUL
QVI¢UğLWWUHEXLHVÃILLELQHSUHJÃWLWVÃWHUHWUDJLGLQWURDIDFHUHQHDYDQWDMRDVÃ7UHEXLHVîQģHOHJLFDUHVXQWPRPHQWHOH®QFDUHWUHEXLHVÃWHUHWUDJL
ߙF¢WGHJUÃELWHğWLVîQFKHLDIDFHUHDߙğLWUHEXLHVÃFXQRğWLELQHDVSHFWHOHILQDQFLDUHSHQWUXDIL®QVWDUHVÃF¢QWÃUHğWLF¢QGHVWHPDLELQHVÃWH
UHWUDJLGLQWURDIDFHUH
&DSLWROXO
&RPXQLFDUHD
'XSÃFHWHSUHJÃWHğWLSHQWUXQHJRFLHUH®ģL®QW¢OQHğWL®QVI¢UğLWSDUWHQHUXOIDģîQIDģÃ'HRELFHLHVWHJUHğLWVÃWHDY¢QģL
GLUHFW®QVFKLPEXOGHRIHUWHğLFRQWUDRIHUWH(GHGRULWVÃģLFXQRğWLSDUWHQHUXOVÃDUDQMH]LFDGUXOğLVÃVWDELOHğWLUHJXOLGH
ED]Ã ®QDLQWH VÃ ILL SULQV ®Q HWDSD GH WUDWDWLYH VDX GH QHJRFLHUH SURSULX]LVÃ 'LQ UDģLXQL FDUH YRU GHYHQL HYLGHQWH DFHDVWÃ
HWDSÃVHQXPHğWHFRPXQLFDUH(WDSDFRPXQLFÃULLDUHSDWUXRELHFWLYH
VFKLPEXOGHLQIRUPDģLL
FRQVWUXLUHDXQHLUHODģLL
SXQHUHDGHDFRUGDVXSUDSURFHVXOXLGHQHJRFLHUH
UHGXFHUHDDğWHSWÃULORUSDUWHQHUXOXL
6FKLPEXOGHLQIRUPDģLL
$WXQFLF¢QGIDFLVFKLPEGHLQIRUPDģLLILLLPSDUģLDOğLQXFRPSHWLWLY
$PEHOHSÃUģLDOHQHJRFLHULLYRUEHQHILFLDGHSHXUPDVFKLPEXOXLGHLQIRUPDģLLSULYLWRDUHOD
ߧ&XP®QFDGUDģLQHJRFLHUHD(SUHDGHYUHPHVÃYRUELģLGHVSUHEDQL®QVÃHUHFRPDQGDELOVÃGLVFXWDģLGHVSUHDVSHFWHOH
QHILQDQFLDUHDOHSÃUģLORUFRLQWHUHVDWH
ߧ &H VH RIHUÃ ğL FH VH GRUHğWH 0DMRULWDWHD QHJRFLHULORU VH SRDUWÃ ®Q ED]D SUHPLVHL FÃ R SDUWH RIHUÃ FHYD FH GRUHğWH
FHDODOWÃSDUWH'HRELFHLQXVHRIHUÃXQVLQJXUOXFUXFODU$GHVHDFHVHRIHUÃQXHVWHH[DFWFHHDFH®ğLGRUHğWHFHDODOWÃ
SDUWH ğL QX HVWH QHRELğQXLW FD SDUWHD FDUH GRUHğWH VÃ FXPSHUH VÃ DLEÃ QHFODULWÃģL FX SULYLUH OD FHHD FH YUHD VÃ
DFKL]LģLRQH]H1XVHSLHUGHWLPS®QYDQGDFÃVHFODULILFÃFHVHSRDWHRIHULğLFHVHFHUH
ߧ&XPYÃYHģLRFXSDGHDVSHFWHOHFRQWUDFWXDOH7UHEXLHVÃVWDELOLģLGHFRPXQDFRUGFXPYHģLFRQVHPQD®QģHOHJHUHDOD
FDUHDMXQJHģL
ߧ7HUPHQLLVWDQGDUGGLQLQGXVWULH0DMRULWDWHDQHJRFLDWRULORUYDILFHUFHWDWߣMXULVSUXGHQģDߢSUDFWLFLLLQGXVWULDOHOHJDWHGH
QHJRFLHUH8QXOGLQWUHYRLYDDYHDFD]XULRSWLPLVWHY¢Q]ÃWRUXOFHOÃODOWFD]XULSHVLPLVWHFXPSÃUÃWRUXOLDUDP¢QGRL
YHģLEHQHILFLDGDFÃOHGLVFXWDģLGLUHFW
ߧ3UHģXULOHFRQFXUHQWH&D®QFD]XOWHUPHQLORUVWDQGDUGGLQLQGXVWULHWUHEXLHVÃIDFHģLVFKLPEGHLQIRUPDģLLGHVSUHFHOH
PDLEXQHğLFHOHPDLSURDVWHSUHģXULFRPSDUDWLYH
ߧ7HUPHQHOLPLWÃSUHVDQWH1XHGHGRULWFDSHQHDğWHSWDWH®QPLMORFXOQHJRFLHULLVÃDSDUÃFRQVWU¢QJHULGHWLPS$FHVWHD
VHSRWUHIHULODFKHVWLXQLSUHFXPWHUPHQHOLPLWÃSHQWUX®QFKHLHUHDQHJRFLHULLSHULRDGHGHYDOLGLWDWH®QFD]XOXQRURIHUWH
VSHFLDOHGDWHDOHOLYUÃULORUğLDOWHOHDVHPHQHD
ߧ$VSHFWHOHILQDQFLDUHUHOHYDQWH'HğLQXDģLDMXQVODHWDSDRIHUWHLğLFRQWUDRIHUWHLHVWHELQHVÃFRPXQLFDģLHOHPHQWHOH
FKHLHDOHVLWXDģLHLILQDQFLDUHDILHFÃUXLD'HH[HPSOXGDFÃRSDUWHDQHJRFLHULLHVWHFXPSÃUÃWRU®QQXPHUDUXUPÃUHğWH
DQXPLģLWHUPHQLUHIHULWRULODSODWÃVDXSXQHSUHģPDLPDUHSHXQDQXPLWDVSHFWDOQHJRFLHULLILQDQFLDUHGHF¢WFHDODOWÃSDUWH
ߙ GH SLOGÃ SODWD ®Q DYDQV IDģÃ GH SODWD ®Q VFKLPEXO GUHSWXULORU GH DXWRU ߙ DWXQFL HVWH ELQH GH GLVFXWDW GHVSUH DFHVWH
DVSHFWH
)ÃUÃVXUSUL]HߙQHJRFLHULOHSRWOXDRDOWÃGLUHFģLHGDFÃDSDUHRSUREOHPÃLPSRUWDQWÃGHFDUHXQDGLQWUHSÃUģLHUDFRQğWLHQWÃGHFHYDYUHPH
ߧ3RWHQģLDOHOHVLWXDģLLQHQHJRFLDELOH6LWXDģLLOHQHQHJRFLDELOHWUHEXLHGLVFXWDWHGLUHFWFXSULPDRFD]LH3RDWHILYRUEDGH
FKHVWLXQL FODVLFH SUHFXP JDUDQģLLOH VDX GH FHYD QHRELğQXLW &HD PDL VWUDQLH VLWXDģLH QHQHJRFLDELOÃ FX FDUH PDP
FRQIUXQWDWDIRVWDFHHDDXQHLFRPSDQLLDPHULFDQHDFÃUHLSR]LģLHGHQHJRFLHUHHUDGRPLQDWÃGHIULFDGHDQXILGDWîQ
MXGHFDWÃSRWULYLWOHJLORUDPHULFDQHDQWLWUXVW
ߧ 6FHQDULLOH GH UHWUDJHUH 1X H[LVWÃ XQ VIDW JHQHUDO YDODELO UHIHULWRU OD DYDQWDMHOH GLVFXģLHL FX FHDODOWÃ SDUWH GHVSUH
VFHQDULXOWÃXGHUHWUDJHUH'DFÃDFHDVWDWHLQIRUPHD]ÃFXSULYLUHODVFHQDULXOGHUHWUDJHUHDUWUHEXLVÃIDFLODIHODOWIHOOH
YHL UHFXQRDğWH VXSHULRULWDWHD S¢UJKLHL DFHVWHLD 'DU RDUH DU WUHEXL VÃ ILL WX SULPXO" Q XQHOH VLWXDģLL DOHJHUHD HVWH
HYLGHQWÃ ߙ GH H[HPSOX GDFÃ DFKL]LģLRQH]L R PDğLQÃ DWXQFL DU WUHEXL VÃ PHQģLRQH]L VFHQDULL SUHFXP ߣ®PL YRL VFKLPED
PDğLQDGRDUGDFÃREģLQRRIHUWÃVXILFLHQWGHDWUDFWLYÃߢQDOWHVLWXDģLLPHQģLRQDUHDVFHQDULXOXLWÃXGHUHWUDJHUHDUSXWHD
SÃUHD®QPRGLQXWLODJUHVLYÃߨDğDFÃWUHEXLHVÃHYDOXH]LILHFDUHVLWXDģLH®QSDUWH
ߧ$XWRULWDWHDDPEHORUSÃUģLGHDQHJRFLD3UREDELOFÃVXUSUL]DFHDPDLQHSOÃFXWÃSHFDUHLRSRģLIDFHSDUWHQHUXOXLHVWH
VÃLVSXLGXSÃFHDSDUHQWVDDMXQVODR®QģHOHJHUHFÃDOWFLQHYDGLQRUJDQL]DģLDWDWUHEXLHVÃDSUREHDIDFHUHD$PEHOH
SÃUģLWUHEXLHVÃGHVFULHFODUFHDXWRULWDWHDXSHQWUX®QFKHLHUHDXQXLFRQWUDFW
&RQVWUXLUHDXQHLUHODģLL
3ULQ VFKLPEXO GH LQIRUPDģLL DL ®QFHSXW GHMD VÃ FRQVWUXLHğWL R UHODģLH 'H IDSW DFHVWD HVWH XQ SXQFW GH SOHFDUH H[FHOHQW
GHRDUHFH PXOWH GLQWUH LQWHUDFģLXQLOH SÃUģLORU QX YRU IL FRPEDWLYH DVWIHO ®QF¢W SÃUģLOH DX ğDQVD VÃ VH FXQRDVFÃ ®QDLQWH VÃ
GHPDUH]H®QGLVFXģLL
7UHEXLHVÃWHFRPSRUģL®QDğDIHO®QF¢WVÃF¢ğWLJL®QFUHGHUHDSDUWHQHUXOXLWÃX
&RPSRUWDPHQWXOWÃXߙFHVÃIDFL
$VFXOWÃDWHQW
1HJRFLDWRULLH[FHSģLRQDOLVXQW®QWRWGHDXQDEXQLDVFXOWÃWRUL'HQHQXPÃUDWHRULVXQWXLPLWGHQHJRFLDWRULH[SHULPHQWDģLFDUH
ILHQXDVFXOWÃFHDPGHVSXVILHFKLDUGDFÃDXGQX®ğLDPLQWHVFFHDPVSXV2SDUWHHVHQģLDOÃDQHJRFLHULLFRQVWîQDGDğLD
SULPLLQGLFLLSULYLQGSR]LģLLOHGHQHJRFLHUHYLLWRDUH(VWHHVHQģLDOVÃSULPHğWLLQGLFLLOHWUDQVPLVHGHFHDODOWÃSDUWH
6HULDOXO DPHULFDQ ߣ8FHQLFXOߢ ߣ7KH $SSUHQWLFHߢ SUH]LQWÃ XQ H[HPSOX JUÃLWRU GH QHUHFHSWDUH D XQXL LQGLFLX 1HJRFLHUHD DYHD ORF ®QWUH R HFKLSÃ GH
FRQFXUHQģLğLRYHGHWîQFDUHFRQFXUHQģLL®QFHUFDXVÃQHJRFLH]HFHSXWHDRIHULVSUHY¢Q]DUHDFHDVWD®QWUROLFLWDģLHFXVFRSFDULWDELO9HGHWDDIÃFXW
DILUPDģLD
ߣ0LDUSOÃFHDIRDUWHPXOWVÃREģLQFHDPDLPDUHVXPÃGHEDQLGLQWUHWRDWHFHOHEULWÃģLOHFDUHDSDU®Ql8FHQLFXO{ߢ
5DUHRULPLDIRVWGDWVÃDXGXQLQGLFLXPDLFODUğLPDLJHQHURVߨSHFDUHQHJRFLDWRUXOSULQFLSDOGLQHFKLSDGHFRQFXUHQģLODLJQRUDWFXGHVÃY¢UğLUH
3XQHPXOWH®QWUHEÃULLVFXVLWH
6XQW GRXÃ WLSXUL GH ®QWUHEÃUL LVFXVLWH 3ULPXO HVWH HFKLYDOHQWXO ERPEHL JKLGDWH SULQ ODVHU ߙ FHUL H[DFW ğL IÃUÃ HFKLYRF R
DQXPLWÃLQIRUPDģLH8QH[HPSOXDUSXWHDIL
2EģLQHģLYUHXQDYDQWDMGDFÃILQDOL]DģLY¢Q]DUHDS¢QÃODRDQXPLWÃGDWÃ"
$OGRLOHDWLSGH®QWUHEDUHLVFXVLWÃHVWHFHDSULQFDUH®ģLLQYLģLSDUWHQHUXOVÃGLVFXWHSHPDUJLQHDXQHLFKHVWLXQLFHHDFH
SRDWHJHQHUDPXOWHLQIRUPDģLLQHDğWHSWDWH'HH[HPSOX
&HRIHUWHVSHFLDOHDYHģL®QDFHVWPRPHQWğLFDUHDUSXWHDVÃPÃWHQWH]H"
QFD]XODFHVWXLDOGRLOHDWLSGH®QWUHEDUHGHVFKLVÃDUWUHEXLVÃILLDWHQWVÃSXL®QWUHEÃULGHDPÃQXQWDPLQWLQGXģL®QDFHODğL
WLPSVÃDGUHVH]LGLQQRX®QWUHEDUHDLQLģLDOÃGDFÃWHDLDIXQGDW®QWUXQDQXPLWGHWDOLX
)RORVHğWHSXWHUHDWÃFHULL
$ DğWHSWD SROLWLFRV XQ UÃVSXQV ®Q VSHFLDO GDFÃ WÃFHUHD SHUVLVWÃ LQFRPRG GH PXOW HVWH R WHKQLFÃ IRDUWH EXQÃ GH D H[WUDJH
LQIRUPDģLL(VWHVXUSULQ]ÃWRUF¢WGHGHVFHDODOWÃSDUWHVSXQHFHYDXWLOSHQWUXDXPSOHWÃFHUHD)LLDWHQWDWXQFLF¢QGSDUWHQHUXO
®ģLDSOLFÃDFHDVWÃWHKQLFÃ
)RORVHğWHDQHFGRWHSHQWUXDDUJXPHQWDDQXPLWHLGHLğLDFRQVWUXLRUHODģLH
&HLPDLEXQLQHJRFLDWRULSHFDUHLDP®QW¢OQLWVXQWIRDUWHSULFHSXģL®QDVSXQHDQHFGRWHLQWHUHVDQWHFDUHDXGXEOXOUROGHD
FRQVWUXLRUHODģLHFXSDUWHQHUXOğLGHDLQGLFDDERUGDUHDSURSULHDXQRUDVSHFWHFDUHVXQWLPSRUWDQWH®QFDGUXOQHJRFLHULL
)LLDWHQWODDILUPDģLLOHGHVSUHYLDģDSHUVRQDOÃ
'DFÃSDUWHQHUXOWÃXPHQģLRQHD]ÃGHWDOLLGHVSUHYLDģDOXLSULYDWÃQXHğWLREOLJDWVîLUÃVSXQ]LFXGHWDOLLGHVSUHDWD®QVÃHO®ģL
GÃ DVWIHO RFD]LD VÃ R IDFL &X F¢W ğWLģL PDL PXOWH XQXO GHVSUH FHOÃODOW FX DW¢W HVWH PDL VLPSOX SHQWUX DPEHOH WDEHUH VÃ
DQWLFLSH]H FXP YD UHDFģLRQD SDUWHQHUXO OD DQXPLWH VLWXDģLL 'H DVHPHQHD WH DMXWÃ VÃ HPSDWL]H]L FX SDUWHQHUXO 1X FUHG FÃ
®PSÃUWÃğLUHD XQRU LQIRUPDģLL SHUVRQDOH HVWH JUHğLWÃ ğL QLFL QX FUHG FÃ D IL UH]HUYDW ®Q SULYLQģD ORU HVWH GHSODVDW 'DFÃ HğWL
SULPXOFDUHIXUQL]HD]ÃLQIRUPDģLLSHUVRQDOHDWXQFLWHVIÃWXLHVFVÃILLDWHQWVÃQXLFUHH]LRVWDUHGHGLVFRQIRUWSDUWHQHUXOXLߙ
LDUGDFÃDFHVWDVHVLPWHVW¢QMHQLWWUHEXLHVÃWHRSUHğWL
(PSDWL]HD]ÃFXSDUWHQHUXOߙGDUVÃQXģLSDUÃUÃXSHQWUXHO
'LFģLRQDUXOPHXSUHIHUDW&KDPEHUVGHVFULHHPSDWLDGXSÃFXPXUPHD]Ã
ߣ3XWHUHDGHDLQWUD®QSHUVRQDOLWDWHDDOWFXLYDğLGHDH[SHULPHQWDLPDJLQDWLYH[SHULHQģHOHVDOHߢ
3XWHUHDHPSDWLHLHVWHFDSDFLWDWHDWDGHDSUH]LFHFXPYDUHDFģLRQDSDUWHQHUXOODSURSXQHULOHWDOH3HULFROXOHPSDWLHLHVWH
FÃSRģL®QFHSHVÃVLPģLGXUHUHDOXLğLVÃUH]RQH]LODSUREOHPHOHVDOH2DIDFHUHIRDUWHEXQÃGLQSHUVSHFWLYDWDQXDUWUHEXLVÃ
ILHFRPSOHWEHQLJQÃSHQWUXSDUWHQHU&XPVSXQHXQSULHWHQGHDOPHXߣGDFÃQXLYÃGRXUPÃGHODFULPîQFROģXORFKLXOXL
ğWLXFÃQXDPQHJRFLDW®QGHDMXQVGHGXUߨߢDğDFÃILLDWHQWFDHPSDWLDVÃQXWHIDFÃVÃģLSDUÃUÃXSHQWUXSDUWHQHU
&RPSRUWDPHQWXOWÃXߙFHVÃQXIDFL
1XGDGRYDGÃGHOLSVÃGHUHVSHFW
1X IL QLFLRGDWÃ QHSROLWLFRV FRQGHVFHQGHQW GLVSUHģXLWRU DURJDQWߨ O ODV SH FLWLWRU VÃ FRPSOHWH]H OLVWD GH FRPSRUWDPHQWH
FDUHGXFODGLVWUXJHUHDXQHLUHODģLLED]DWHSHUHVSHFW®QWUHSÃUģL
1XYRUELSUHDPXOW
1HJRFLDWRULL EXQL VXQW DGHVHD H[WUDYHUWLģL DVWIHO ®QF¢W ULVFÃ VÃ GRPLQH FRQYHUVDģLD 'DWÃ ILLQG LPSRUWDQģD DVFXOWÃULL
H[WUDYHUģLLWUHEXLHVÃğLDPLQWHDVFÃFÃWUHEXLHVÃPDLğLWDFÃğLVÃODVHFHDODOWÃSDUWHVÃYRUEHDVFÃ
1XWUÃGDVHFUHWH
(VWH LPSRUWDQW VÃ QX WUÃGH]L VHFUHWH SH FDUH DOWH SÃUģL VH DğWHDSWÃ VÃ OH ģLL SHQWUX WLQH 'DFÃ SDUWHQHUXO DXGH FÃ WUÃGH]L
FRQILGHQģHHVWH®QGUHSWÃģLWVÃQXDLEîQFUHGHUHGHSOLQîQWLQH
1X®QFHUFDVÃWH®PSULHWHQHğWLFXSDUWHQHUXO
0DMRULWDWHDRDPHQLORUQXQHJRFLD]ÃGXUFXSULHWHQLLORUGHRDUHFHSXQSUHģPDLPDUHSHSULHWHQLDORUGHF¢WSHRDIDFHUHEXQÃ
QFRQVHFLQģÃQXHLQGLFDWVÃILLSUHDSULHWHQRVFXSDUWHQHUXOWÃX
([LVWÃXQDOWULVFPDLVXEWLO®QDWH®PSULHWHQLFXSDUWHQHUXO'DFÃDFHVWDVLPWHFÃQHJRFLHULOHWDOHGXUHWUÃGHD]ÃSULHWHQLD
YRDVWUÃDWXQFLVDUSXWHDVXSÃUDSHWLQHߨLDUSLHUGHUHDUHVSHFWXOXLSDUWHQHUXOXLFRQWHD]ÃIRDUWHPXOW
'HSÃğLUHDEDULHUHORU®QFDOHDFRQVWUXLULLXQHLUHODģLL
6XQWPXOWHVLWXDģLLFDUHFRPSOLFÃGH]YROWDUHDXQHLUHODģLLFXSDUWHQHUXO7UHEXLHVÃUHFXQRğWLğLVÃGHSÃğHğWLDVWIHOGHEDULHUH
8QDGLQWUHSÃUģLHVWHPDLQHUÃEGÃWRDUHGHF¢WFHDODOWÃVîQFKHLHRDIDFHUH
3DUWHD PDL QHUÃEGÃWRDUH QX VH SRDWH UHOD[D FX XğXULQģÃ QWUR DVWIHO GH VLWXDģLH WHKQLFD FHD PDL EXQÃ HVWH GH D WUDWD
QHJRFLHUHDFDSHXQMRFߙDFHDVWDYDFRQWULEXLODGLPLQXDUHDQLYHOXOXLGHVWUHV
&HOHGRXÃSÃUģLDXH[SHULHQģHFRPXQHQHSOÃFXWH
(VWHELQHVÃYRUELģLGHVFKLVGHVSUHH[SHULHQģHOHQHSOÃFXWHGLQWUHFXWğLVÃYÃSURSXQHģLVÃHYLWDģLUHSHWDUHDORU$FHDVWDSRDWH
GXFHODXUPÃWRUXOSXQFWߨ
&HOHGRXÃWDEHUHQXDX®QFUHGHUHXQD®QDOWD
$YHģLGHDIDFHGHH[HPSOXFXRRUJDQL]DģLHFXQRVFXWÃSHQWUXSUDFWLFLOHDJUHVLYH®QDIDFHUL&D®QFD]XODQWHULRUHELQHVÃ
GLVFXWDģLGHVFKLVGHVSUHDVWIHOGHWHPHULğLVÃVWDELOLģLFHPÃVXULVXQWSRWULYLWHSHQWUXFRQVROLGDUHD®QFUHGHULL'HH[HPSOX
XQDGLQWUHSÃUģLRSRDWHDYHUWL]DSHFHDODOWÃFÃYDLQVLVWDDVXSUDXQHLSURWHFģLLGUDFRQLFH®QWUXQDFRUG®QFKLVFRQILGHQģLDO
®QDLQWHGHDGDGHWDOLLGHVSUHRIHUWÃ
(ğWLXQQHJRFLDWRUPDLSXģLQH[SHULPHQWDWGHF¢WSDUWHQHUXO
&HD PDL SRWULYLWÃ WHKQLFÃ HVWH GH D FHUH VIDWXUL GH OD SDUWHQHUߨ R VROLFLWDUH JUHX GH UHIX]DW ğL R SRVWXUÃ GLILFLOÃ GH FDUH
QHJRFLDWRUXOXLPDLH[SHULPHQWDW®LHVWHJUHXVÃSURILWH
8QDGLQWUHSÃUģLHVWHPXOWPDLSXWHUQLFÃGHF¢WFHDODOWÃ
'HH[HPSOXGDFÃXQLQGLYLGQHJRFLD]ÃFXRFRPSDQLHPDUHVHSRDWHVLPģLLQWLPLGDW1XXLWDFÃSXWHUHDRUJDQL]DģLRQDOÃQXH
DFHODğL OXFUX FX SXWHUHD GH QHJRFLHUH S¢UJKLLOH ğL GDFÃ R SDUWH DUH PXOW PDL SXģLQH DYDQWDMH SUREDELO FÃ VH YD VLPģL
LQWLPLGDWÃ$FHDVWDHVWHRDOWÃVLWXDģLH®QFDUHHFHOPDLELQHVÃWUDWH]LQHJRFLHULOHFDSHXQMRFSHQWUXDUHGXFHVWUHVXO
'DFÃDLXQFRPSRUWDPHQW®QFUH]ÃWRUSDUWHQHUXOYD®QFHSHVÃFUHDGÃFÃDLVXILFLHQWÃSXWHUHGHQHJRFLHUHğLYHL®QFHSHVÃWHVLPģLPDL®QFUH]ÃWRU
'DFÃFHOHGRXÃSÃUģLSURYLQGLQFXOWXULGLIHULWHğLGDFÃYRUEHVFOLPELGLIHULWH
QWURDVHPHQHDVLWXDģLHHVWHFHOPDLELQHFDQHJRFLDWRUXOSULQFLSDOVÃDLEÃXQDMXWRUFDUH®QģHOHJHFHDODOWÃFXOWXUÃğLOLPEÃ
3XQHUHDGHDFRUGDVXSUDSURFHVXOXLGHQHJRFLHUH
QWLPSXOFRPXQLFÃULLSULPXOOXFUXSHFDUHWUHEXLHVÃOQHJRFLH]LHVWHPRGXO®QFDUHVHYDSXUWDQHJRFLHUHD
6WDELOLģLGHFRPXQDFRUGPHFDQLVPXOWUDWDWLYHORUQHJRFLHULLSURSULX]LVH
8QHOHVLWXDģLLQHFHVLWÃRVLQJXUîQWUHYHGHUHLQWHQVÃIDģîQIDģÃߙHFKLYDOHQWXOXQXLSURFHV®QFDUHMXUDģLLGLVFXWÃL]RODģLS¢QÃ
VHDMXQJHODXQYHUGLFW$OWHVLWXDģLLVHSUHWHD]ÃOD®QW¢OQLULIDģîQIDģÃVÃSWÃP¢QDOHFXQHJRFLHULSULQWHOHIRQğLSULQHPDLO
®QWUHWLPSFHDODOWÃH[WUHPÃLPSOLFÃRQHJRFLHUHH[FOXVLY®QVSDģLXOYLUWXDO1XH[LVWÃXQVLQJXUSURFHVLGHDODPEHOHSÃUģL
WUHEXLHVÃVWDELOHDVFÃGHFRPXQDFRUGFDUHHVWHSURFHGHXOLGHDO®QFD]XOILHFÃUHLQHJRFLHUL
&XPYHLFRQVHPQDFHVDVWDELOLW"
$FHVWOXFUXSRDWHILVLPSOX®QWURVLWXDģLHFXPDUILQHJRFLHUHDGLQWUHXQDXWRUDVSLUDQWğLXQHGLWRU®QFDUHHGLWRUXO®LWULPLWH
DXWRUXOXLFRQWUDFWXOVWDQGDUGLDUDXWRUXOQHJRFLD]ÃVFKLPEÃULOHODIRUPDDFHVWXLDQVLWXDģLLOH®QFDUHQXH[LVWÃXQFRQWUDFW
SURYL]RULXVDXRDOWÃIRUPÃGHDFRUGMXULGLFHVWHUHFRPDQGDELOVÃģLQHģLXQMXUQDOLQIRUPDODOLGHLORUSULQFLSDOH0RGHOXOGLQ
FH ®Q FH PDL IUHFYHQW ®QW¢OQLW ®Q FDUH R PDUH SDUWH D WUDWDWLYHORU DUH ORF SULQ HPDLO VLPSOLILFÃ ®QWUDGHYÃU IRDUWH PXOW
OXFUXULOH 'DFÃ QHJRFLH]L IÃUÃ VÃ UHFXUJL OD R FRQVHPQDUH VFULVÃ DWXQFL DPEHOH SÃUģL WUHEXLH VÃ FRQYLQÃ DVXSUD IRORVLULL
IUHFYHQWHGHUH]XPDWHRUDOHDOHSXQFWHORUFKHLH
6WDELOLģLGHFRPXQDFRUGVÃYÃH[SULPDģLQHPXOģXPLULOH
8QDGLQWUHFHOHPDLIUHFYHQWHFDX]HDOHSUREOHPHORUFXFDUHPDPFRQIUXQWDWDIRVWUHSUH]HQWDWÃGHLULWDUHDLQFRQğWLHQWÃD
SDUWHQHUXOXLğLDFHVWDğLDUHSULPDWQHPXOģXPLUHDߙDSRLSUHVLXQHDDFUHVFXWS¢QÃF¢QGIUXVWUDUHDDL]EXFQLW3HQWUXDHYLWD
DFHDVWÃVLWXDģLHDPEHOHSÃUģLWUHEXLHVÃVWDELOHDVFÃGHFRPXQDFRUGVîğLH[SULPHQHPXOģXPLULOH®QGDWÃFHDSDU
'LVFXWDģLGHVSUHSUHIHULQģHOHSHUVRQDOHğLH[SHULHQģHOHWUHFXWHUHOHYDQWH
&HLPDLPXOģLQHJRFLDWRULH[SHULPHQWDģLDXDFXPXODWSUHIHULQģHSHUVRQDOHGHDOXQJXODQLORUED]DWHGHRELFHLSHSURSULLOH
H[SHULHQģHGLQWUHFXWSULYLQGFHDIXQFģLRQDWğLFHQX(ELQHVÃILH®PSÃUWÃğLWHDFHVWHSUHIHULQģHSHQWUXDYHGHDGDFÃDPEHOH
SÃUģLSRWEHQHILFLDGHSHXUPDH[SHULHQģHORU
8QDVSHFWGHVSUHFDUHWUHEXLHGLVFXWDWVHUHIHUÃODPHWRGHOHIRORVLWHFXVXFFHVGHDPEHOHWDEHUH®QWUHFXWSHQWUXDGHSÃğL
EORFDMH ®Q SURFHVXO QHJRFLHULL 'H H[HPSOX DP UH]ROYDW PXOWH SUREOHPH GLILFLOH SUHFL]¢QG FÃ GDFÃ ®Q YLLWRU VXUYLQH R
VLWXDģLHFDUHQXSRDWHILVROXģLRQDWÃSULQDFRUGXOSÃUģLORUDFHVWHDYRUDSHODODXQDUELWUXLQGHSHQGHQW
$XWRULLğLHGLWRULLVH®QģHOHJDGHVHDFXJUHXDVXSUDGHILQLULLDFHHDFHLQGXVWULDHGLWRULDOÃQXPHğWHߣSXEOLFDģLHFRQFXUHQWÃߢ'HH[HPSOXXQHGLWRUHVWH
®QGUHSWÃģLWVÃLSUHWLQGÃXQXLDXWRUVÃQXVFULHRFDUWHVLPLODUÃSHQWUXRDOWÃHGLWXUÃWRWXğLDXWRUXOSRDWHGRULVÃVFULHRFDUWHPDLJHQHUDOÃFDUHLQFOXGHXQ
FDSLWROSHWHPDFÃUģLLLQLģLDOH2DVWIHOGHVLWXDģLHVHSRDWHUH]ROYDSULQLQWURGXFHUHD®QFRQWUDFWDXQRUPHQģLXQLJHQHUDOHFRQIRUPFÃURUDDXWRUXOFRQVLPWH
VÃ QX VFULH R FDUWH FDUH VÃ DIHFWH]H VHPQLILFDWLY Y¢Q]ÃULOH FÃUģLL LQLģLDOH ®QVÃ GDFÃ FHOH GRXÃ SÃUģL QX UHXğHVF VÃ VH ®QģHOHDJÃ DVXSUD XQHL DQXPLWH
SUREOHPHFDUHDUSXWHDDSÃUHD®QYLLWRUDWXQFLFRQVLPWVÃDFFHSWHSXQFWXOGHYHGHUHDOXQXLDUELWUXLQGHSHQGHQW
5HGXFHUHDDğWHSWÃULORUSDUWHQHUXOXL
'HğL HVWH SUHD GHYUHPH SHQWUX RIHUWH ğL FRQWUDRIHUWH FRPXQLFDUHD HVWH R EXQÃ RFD]LH GH D UHGXFH VXEWLO DğWHSWÃULOH
SDUWHQHUXOXLSULYLWRDUHODF¢WGHEXQÃSRDWHILDIDFHUHDSHFDOHVÃR®QFKHLH&XF¢WDğWHSWÃULOHSDUWHQHUXOXLVXQWPDLVFÃ]XWH
FX DW¢W PDL SURILWDELOÃSRDWHIL DIDFHUHD QHJRFLDWÃ ([LVWÃPXOWHFÃLSULQFDUHSRģL IDFH DFHDVWDDWXQFLF¢QGGLVFXģL GHVSUH
RIHUWDWDVLWXDģLDILQDQFLDUÃWHUPHQHOHOLPLWÃVFHQDULLOHGHUHWUDJHUHğLDOWHOHDVHPHQHD
,DWÃF¢WHYDH[HPSOHGHUHSOLFLXWLOH®QDFHVWVHQV
ߧߣ1XVXQWQHYRLWVÃFXPSÃUDFXPYRLFXPSÃUDGRDUGDFÃSUHģXOHVWHDWUDFWLYߢ
ߧߣ6XQWHPIRDUWHRFXSDģLDFXPGDUYRL®QFHUFDVÃYÃSURJUDPH]®QDLQWHGHVI¢UğLWXOYHULLߢ
ߧߣ6XQWHģLIRDUWHQRURFRVFÃVH®QW¢PSOÃVÃDPXQSURGXVSHVWRFVHY¢QGLPHGLDWߢ
ߧߣ1XVXQWHPLHIWLQL®QVÃQHP¢QGULPFÃRIHULPYDORDUH®QVFKLPEXOEDQLORUߢ
ߧߣ2WHKQRORJLHFDDFHDVWDQXSRDWHILLHIWLQÃߢ
ߧߣ1HP¢QGULPFXVHUYLFLLOHQRDVWUHSHUVRQDOHQX®QFHUFÃPVÃFRQFXUÃPFXIXUQL]RULLGHSHLQWHUQHWߢ
ߧߣ9RLSOÃWLGRDUSXģLQSHVWHSUHģXOSHFDUH®OSRWREģLQHSHLQWHUQHWߢ
ߧߣ'HVLJXUFÃSXWHģLFXPSÃUDDFHVWDUWLFROPDLLHIWLQ®QVÃGDFÃFHYDVHGHIHFWHD]Ãߨߢ
$WXQFLF¢QGEOXIH]LUH]XPÃWHODDILUPDģLLFDUHQXSRWILUHVSLQVH
6XQWVLJXUFÃDLSULQVLGHHDߙGLVWUDFģLHSOÃFXWÃFXIRUPXODUHDUHSOLFLORUSHQWUXGLPLQXDUHDDğWHSWÃULORU
5H]XPDW
(WDSD FRPXQLFÃULL ®ģL SHUPLWH ğL ģLH ğL SDUWHQHUXOXL WÃX VÃ IDFHģL VFKLPE GH LQIRUPDģLL VÃ FRQVWUXLģL R UHODģLH ğL VÃ YÃ SXQHģL GH DFRUG ®Q SULYLQģD
SURFHVXOXLGHQHJRFLHUH7UHEXLHGHDVHPHQHDVÃSURILģLGHRFD]LHSHQWUXDVSXQHOXFUXULFDUHYRUUHGXFHDğWHSWÃULOHFHOHLODOWHSÃUģLUHIHULWRUODF¢W
GHPXOWSRDWHREģLQHGLQQHJRFLHUH
QVFKLPEXOGHLQIRUPDģLLWUHEXLHVÃILLLPSDUģLDOğLQXFRPSHWLWLYQFRQVWUXLUHDXQHLUHODģLLRELHFWLYXOWÃXSULQFLSDOWUHEXLHVÃILHVWDELOLUHD®QFUHGHULL
®QWUH WLQH ğL SDUWHQHU 7RWXğL WUHEXLH VÃ ILL SUXGHQW ®Q SULYLQģD FRQVWUXLULL XQHL UHODģLL GHVFKLVH GH SULHWHQLH GHRDUHFH DVWIHO ®ģL YD IL JUHX VÃ ILL
FRPSHWLWLY®QWLPSXOWUDWDWLYHORUVDXQHJRFLHULLSURSULX]LVH'LQUDģLXQLVLPLODUHWUHEXLHVÃILLDWHQWVÃQXODğLHPSDWLDIDģÃGHSDUWHQHUXOWÃXVÃVH
WUDQVIRUPH®QSÃUHULGHUÃXSHQWUXDFHVWD
3HQWUXDYDORULILFDHWDSDFRPXQLFÃULLWUHEXLHVÃILLXQEXQDVFXOWÃWRUğLVÃSXLPXOWH®QWUHEÃULLVFXVLWH
&DSLWROXO
1HJRFLHUHDSURSULX]LVÃ
'DFÃQXLQWHQģLRQH]LVÃDLRUHODģLHSHWHUPHQOXQJFXSDUWHDFHDODOWÃߨHVWHWLPSXOVÃWHWRFPHğWL$SURDSHRULFHFXPSHUL
VDXYLQ]L®QYLDģDSULYDWÃSRDWHILVXSXVQHJRFLHULL'HğLQXSRģLVÃWHWRFPHğWLSHQWUXFRğXOFXDOLPHQWHDFHDVWDHVWHH[FHSģLD
ğL QX UHJXOD $YDQWDMXO QHJRFLHULL SURSULX]LVH HVWH FÃ WH SRģL UHOD[D ğL WH SRģL VLPģL ELQH IÃF¢QGR GHRDUHFH FKLDU GDFÃ
JUHğHğWLQXYRUILSLHUGHULSHWHUPHQOXQJ%HQHILFLH]LGHDVHPHQHDGHIDSWXOFÃDWXQFLF¢QGFXPSHULVDXYLQ]LSDUWHQHUXOVH
DğWHDSWÃFDWXVÃWHWRFPHğWLߙQLFLFHLPDLDELOLELMXWLHULORQGRQH]LQXVHYRUVLPģLRIHQVDģLGDFÃQHJRFLH]LSHQWUXELMXWHULLVDX
FHDVXULVFXPSH
1HJRFLHUHDSURSULX]LVÃHVWHXQMRFFXUHJXOLELQHVWDELOLWH3ULPDVHFģLXQHDDFHVWXLFDSLWRORIHUÃXQVHWFXSULQ]ÃWRUGH
UHJXOL®QDFHVWVHQVFDUHWHYRUIDFHPDLHILFLHQW8OWLPHOHWUHLVHFģLXQLGHVFULXFXPVÃUÃVSXQ]LODWUHLGLQFHOHPDLGLILFLOH
DVSHFWHDOHQHJRFLHULL
&XPVWDELOHğWLYDORDUHDXQXLOXFUX"
7UHEXLHVÃIDFLWXRIHUWDGHGHVFKLGHUH"
/DFHQLYHOIDFLRRIHUWÃGHGHVFKLGHUHVDXSULPDFRQWUDRIHUWÃ"
'DFÃ QX SRģL VXSRUWD LGHHD QHJRFLHULL SURSULX]LVH WUHEXLH FHO SXģLQ VÃ ®QWUHEL SROLWLFRV ߣ&DUH HVWH FHO PDL EXQ SUHģFHD PDL EXQÃ RIHUWÃ D
GXPQHDYRDVWUÃ"ߢ
5HJXOLOHQHJRFLHULLSURSULX]LVH
5HJXODQUߙ1X®QFHSHQHJRFLHUHDSURSULX]LVÃQHSUHJÃWLW
&HD PDL LPSRUWDQWÃ SUHJÃWLUH FRQVWÃ ®Q D ğWL WRDWH PRWLYHOH SHQWUX FDUH WUHEXLH VÃ REģLL R RIHUWÃ EXQÃ ߙ GH H[HPSOX GDFÃ
FXPSHULFHSUHģXULVHSUDFWLFÃSHLQWHUQHW8QDVSHFWVSHFLILFDOSUHJÃWLULLHVWHLQFOXV®QUHJXODXUPÃWRDUH
5HJXODQUߙ6WDELOHğWHģLXQRELHFWLYFXDGHYÃUDWDPELģLRV
6DXIÃFXWQHQXPÃUDWHFHUFHWÃULDFDGHPLFH®QSULYLQģDQHJRFLHULORUğL®QWRWGHDXQDDFHVWHDDUDWÃFÃFXF¢WRELHFWLYXOWÃXHVWH
PDLDPELģLRVFXDW¢WPDLELQH&XF¢WHVWHPDLDPELģLRVRELHFWLYXOFXDW¢WPDLFRPSHWLWLYYHLIL®QWLPSXOQHJRFLHULLSURSULX
]LVH
5HJXODQUߙ([SULPÃFODUFHHDFHYUHL
(VWHPXOWPDLELQHVÃDILUPLGLQDLQWHFODUFHYUHLGHF¢WVÃWRWSXLFRQGLģLLQRLSHSDUFXUV(VWHXQDOWH[HPSOXDOSULQFLSLXOXL
XQLYHUVDOSRWULYLWFÃUXLDQXWUHEXLHVÃFRPSOLFLOXFUXULOH$FHDVWDQX®QVHDPQÃVÃILLLQIOH[LELOGDFÃSDUWHQHUXOWÃX®ģLRIHUÃR
DOWHUQDWLYÃDWUDFWLYÃODFHHDFHDLFHUXWLQLģLDO
5HJXODQUߙ1HJRFLHUHDSURSULX]LVÃHVWHXQMRF
1HJRFLHUHD SURSULX]LVÃ HVWH R ®QIUXQWDUH D YRLQģHORU LDU FHO PDL EXQ PLMORF GH D IL IRDUWH FRPSHWLWLY ®QVÃ GH D UÃP¢QH
QHLPSOLFDWHPRģLRQDOHVWHGHDRWUDWDFDSHXQMRF
$GHVHDWHYHLFRQIUXQWDFXSHUVRDQHLQVWUXLWHVÃQHJRFLH]HVDXFDUHIDFSDUWHGLQWURFXOWXUÃFXRLVWRULHGHSHVWHRPLHGH
DQLDQHJRFLHULLSURSULX]LVH$FHVWHDVHYRUDğWHSWDVÃWHWRFPHğWLLDU®QFD]XULH[WUHPHVHYRUVLPģLFKLDURIHQVDWHGDFÃQX
LQWUL®QMRF
5HJXODQUߙ1XWUHEXLHVÃILLUH]RQDELO
0XOWHVWUDWHJLLGHWUDWDWLYHVHED]HD]ÃSHDUJXPHQWHUDģLRQDOH&¢QGWHWRFPHğWLğWLLFÃSDUWHQHUXOYUHDVÃREģLQÃFHYDGHSH
XUPDQHJRFLHULLLDURELHFWLYXOWÃXHVWHGHDPLQLPL]DFHHDFHSULPHğWHDFHVWDDVWIHO®QF¢WVÃPD[LPL]H]LFHHDFHREģLLWX(VWH
R®QIUXQWDUHDYRLQģHORU®QFDUHRELHFWLYXOWÃXHVWHGHVÃģLFRQYLQJLSDUWHQHUXOFÃVLQJXUDFDOHGHD®QFKHLDDIDFHUHDHVWHFD
DFHVWDVÃDFFHSWHXQDGLQWUHRIHUWHOHWDOH
9UHDXߨğLGDFÃQXSULPHVFFHYUHDXDWXQFLPÃGXF®QDOWÃSDUWH
5HJXODQUߙ)LLUDģLRQDOGDFÃDFHDVWDVHUYHğWHFDX]HLWDOH
$SHOHD]Ã OD ORJLFÃ RULF¢QG YLQH ®Q VSULMLQXO SR]LģLHL WDOH 7H SRģL VHUYL RULF¢QG ®ģL FRQYLQH GH FRPHQWDULL SUHFXP ߣSRW VÃ
REģLQDFHVWOXFUXPDLLHIWLQSHLQWHUQHWߢ3RWULYLWUHJXOLLXUPÃWRDUHSRģLIRORVLFKLDUğLORJLFDIDOVÃ
5HJXODQUߙ3RģLVÃğLEOXIH]LGDUDLJULMÃVÃQXILLSULQV
ߣ3RW FXPSÃUD FHYD DVHPÃQÃWRU FX GH OLUHߢ HVWH R DILUPDģLH DSURDSH LPSRVLELO GH UHVSLQV %OXIXO HVWH R VWUDWHJLH
DFFHSWDELOÃGDUSHULFXORDVîQWUDWDWLYH(VWHFRPSOHWDFFHSWDELO®QQHJRFLHUHDSURSULX]LVÃğLGHğLQXWUHEXLHVÃILLSULQV
WUHEXLHVÃSDULFRPSOHWQHDIHFWDWGDFÃDFHDVWDVH®QW¢PSOÃ
5HJXODQUߙ3XģLQWHDWUXQXVWULFÃQLFLRGDWÃ
QDFHVWMRFSXģLQWHDWUXYDILDFFHSWDELODSURDSH®QWRWGHDXQDģLVXJHUH]VîģLH[HUVH]LH[SUHVLDGHXLPLUHWRWDOÃߙSHQWUX
D R IRORVL F¢QG DX]L RIHUWD GH GHVFKLGHUH D SDUWHQHUXOXL $GHVHD R SHUVRDQÃ H[SHULPHQWDWÃ ®Q QHJRFLHUHD SURSULX]LVÃ YD
UHDFģLRQDH[DJHUDWFXXQVWURSGHXPRU
5HJXODQUߙ0XOWHSUDFWLFLGHQHJRFLHUH®QGRLHOQLFHVXQWDFFHSWDELOH
QFDSLWROXOXUPÃWRUWUDVH]OLPLWHOHWHKQLFLORUDFFHSWDELOH'HH[HPSOXIRORVLUHDGLUHFWÃDSXWHULLGHQHJRFLHUHS¢UJKLLOH
HVWHUDUHRULDFFHSWDELOÃFDWDFWLFîQWUDWDWLYH®QVÃQXğL®QQHJRFLHUHDSURSULX]LVÃ
7DFWLFLOHH[WUHPHSUHFXPߣRQLPLFDWRDWÃߢVXQWGHDVHPHQHDDFFHSWDELOHߙ®QFD]XODFHVWHLWDFWLFLSDULFÃHğWLGHDFRUGFX
RDIDFHUHDSRLUHYLLğLFHULIDYRUXULVXSOLPHQWDUHߣ'DģLğLXQSOLQGHEHQ]LQÃQXLDğDߨGRDUQRVÃSLHUGHģLDIDFHUHDGLQ
FDX]DXQXLSOLQGHEHQ]LQÃ"ߢ
5HJXODQUߙ)RORVHğWHWHGHWRDWHS¢UJKLLOHSHFDUHOHDL
'DFÃDLXQVFHQDULXGHUHWUDJHUHSXWHUQLFğLFUHGLELODWXQFLDVLJXUÃWHFÃSDUWHQHUXOHVWHSHGHSOLQFRQğWLHQWGHDFHVWDGH
H[HPSOXߣ'DFÃQXSXWHģLIDFHDIDFHUHDPDLWHQWDQWÃDWXQFLUHYLQODFRQFXUHQģÃSRDWHDUHRRIHUWÃPDLEXQÃߢ
'DFÃVXQWFUHGLELOHDWXQFL®QFXUDMHD]ÃģLSDUWHQHUXOVÃVHJ¢QGHDVFÃODğDQVHOHXQRUDIDFHULYLLWRDUHFXWLQH/DIHOGDFÃ
HğWLXQFOLHQWILGHOSXQHDFHVWOXFUXODEÃWDLHGLQSOLQ0HQģLRQHD]ÃğLGDFÃDLSULHWHQLFÃURUDOHSRģLIDFHRUHFRPDQGDUH3RW
DYHDHIHFWUHSOLFLFXPDUILߣ/XFUH]SHQWUXFHOPDLPDUHDQJDMDWRUGLQRUDğDğDFÃPXOģLRDPHQLYRUDMXQJHVÃğWLHGDFÃVXQW
PXOģXPLWGHVHUYLFLLOHGXPQHDYRDVWUÃߢ
5HJXODQUߙ1XWHJUÃEL
'¢QGXģLVHDPDFÃQHJRFLHUHDSURSULX]LVÃHXQMRFSRģLILWHQWDWVÃDU]LHWDSH'HH[HPSOXSRģLVSXQHFHYDQHVÃEXLWFXPDU
ILߣĞWLPDP¢QGRLFîQILQDOQHYRP®QģHOHJHODGHOLUHDğDFÃKDLGHģLVÃEDWHPSDOPDߢ7DFWLFÃQHLQVSLUDWÃ
GHOLUHYDILFRQVLGHUDWÃGUHSWRIHUWDWDFXUHQWÃLDUSDUWHQHUXOYD®QFHUFDVîPEXQÃWÃģHDVFÃVLWXDģLDSRUQLQGGHSHDFHDVWÃ
SR]LģLH1XSRģLJUÃELSURFHVXODğDFÃUHOD[HD]ÃWHğLVDYXUHD]ÃVLWXDģLD
5HJXODQUߙ1XģLGH]YÃOXLQLFLRGDWÃEXJHWXO
'DFÃSDUWHQHUXOWÃXHVWHXQQHJRFLDWRUH[SHULPHQWDWYD®QFHUFDVÃWHIDFÃVÃGHFODULFDUH®ģLHVWHEXJHWXOĢLQHSHQWUXWLQH
LQIRUPDģLDSULYLQGEXJHWXOGHRDUHFH®QGDWÃFHSDUWHQHUXO®OYDDIODFXVLJXUDQģÃFÃQXVHYDOÃVDS¢QÃQXYDILREģLQHGHOD
WLQH®QWUHDJDVXPÃGHEDQL
5HJXODQUߙ1XWHOÃVDSÃFÃOLWGHSURSXQHUHDXQXLFRPSURPLV
'DFÃSDUWHQHUXOVHRIHUÃVÃIDFÃXQFRPSURPLVDWXQFLFRQVLGHUÃFÃDFHDVWDHVWHRIHUWDOXLFXUHQWÃğLQHJRFLD]îQFRQWLQXDUH
SRUQLQGGLQDFHVWSXQFW
5HJXODQUߙ)ÃFRQFHVLLWRWPDLPLFL
'LQSXQFWGHYHGHUHSVLKRORJLFYUHLVÃLQGLFLIDSWXOFÃWHDSURSLLGHOLPLWDIOH[LELOLWÃģLLIÃF¢QGFRQFHVLLOHWDOHVÃVFDGÃS¢QÃ
OD]HUR'HH[HPSOX®QFD]XOFRPHUģXOXLFXPDğLQLXQY¢Q]ÃWRU®ģLSRDWHLQGLFDVI¢UğLWXOFRQFHVLLORUVDOHVSXQ¢QGߣ(LELQH
DğPDLSXWHDRIHULSUHğXULğLDSÃUÃWRULGHQRURLߢ
8UPÃWRDUHDUHJXOÃHVWHFRQWUDUDDFHVWHLWHKQLFL
5HJXODQUߙ,D®QFDOFXOIRUģDUHDߣFHOHLPDLEXQHRIHUWHߢDSDUWHQHUXOXL
3DUWHQHUXO®ģLYDDSOLFDDGHVHDUHJXODQUDğDFîģLYHLGDVHDPDFDUHSDUHVÃILHFHDPDLEXQÃRIHUWÃDVD3RģLKRWÃU®FÃ
HVWHDFFHSWDELOÃVDXSRģL®QFHUFDVÃRIRUģH]LSHQWUXDYHGHDGDFÃVHSRDWHIDFHRRIHUWÃğLPDLEXQÃ1XDLFHVÃSLHU]L®Q
DIDUÃGHWLPS®QFHUF¢QGVÃIRUģH]LFHHDFHSDUWHQHUXOVHPQDOHD]ÃFDILLQGFHDPDLEXQÃRIHUWÃ,DWÃF¢WHYDWHKQLFLSRVLELOH
ߧߣ(PDLPXOWGHF¢WVXQWGLVSXVVÃSOÃWHVF&HDPDLPDUHRIHUWÃDPHDHGHOLUHğLSXWHPEDWHSDOPDSHVXPDDVWD
FKLDUDFXPߢ
ߧ ߣ( FODU FÃ QX YRP SXWHD IDFH DIDFHUHD 9RL YHGHD GDFÃ SRW REģLQH R RIHUWÃ PDL EXQÃ ®Q DOWÃ SDUWHߢ VDX ߣ7UHEXLH VÃ
YRUEHVFFXVRģLDPHDVRģXOPHXFÃFLHVWHPXOWPDLPXOWGHF¢WYRLDPQRLVÃSOÃWLPߢߨDSRL®OODğLVÃILDUEÃRSHULRDGÃğL
WH®QWRUFLDOWÃGDWÃVÃYH]LGDFÃHVWHGLVSXVVÃFHGH]H
ߧߣ&XPSÃU®QQXPHUDUğLSRWIDFHDIDFHUHDSHORFYDWUHEXLVîPLIDFHģLRRIHUWÃPDLEXQÃߢVDXSRDWHߣPXOWPDLEXQÃߢ
ߧߣ3RWYRUELFXğHIXOGXPQHDYRDVWUÃ"ߢߨDGHVHDGDFÃSRģLVFKLPEDSHUVRDQDFXFDUHQHJRFLH]LQRXOWÃXSDUWHQHUYDIL
GLVSXVVÃIDFÃDQXPLWHFRQFHVLLSHQWUXDģLDUÃWDFÃDUHDXWRULWDWHDğLFDSDFLWDWHDGHDIDFHRDIDFHUH
'DFÃ FUH]L ®QWUDGHYÃU FÃ SDUWHQHUXO QX DUH GH J¢QG VÃ ILH IOH[LELO SRģL VSXQH FHYD GH JHQXO ߣ( R RIHUWÃ GHVWXO GH
DWUDFWLYÃ LDU GDFÃ DGÃXJDģL R JDUDQģLH SUHOXQJLWÃ VDX RULFH DOWFHYD ®ģL GRUHğWL DWXQFL IDFHP DIDFHUHDߢ 6DX SRDWH ߣ'DFÃ
VXQWHģL GLVSXV VÃ SOÃWLģL FXULHUDWXO DWXQFL DFFHSW SUHģXO GXPQHDYRDVWUÃߢ 'HRDUHFH SRģL GHFLGH ®QWRWGHDXQD OD VI¢UğLW VÃ
DFFHSģLRIHUWDLQLģLDOÃGHRELFHLQXDLQLPLFGHSLHUGXWGDFÃIDFLR®QFHUFDUH
5HJXODQUߙ7ÃFHUHDHGHDXU
2DPHQLL VH VLPW LQFRPRGDģL GH WÃFHUH ğL QX H[LVWÃ R PHWRGÃ PDL EXQÃ GH D DSOLFD SROLWLFRV DFHDVWÃ SUHVLXQH ĞH]L WÃFXW
SÃU¢QGFÃUXPHJLRIHUWDFHOHLODOWHSÃUģLğLDGHVHDSDUWHQHUXOYDIDFHRIHUWDPDLDWUDFWLYÃ
5HJXODQUߙ'DFÃSRģLREģLQHROLFLWDģLHIÃR
QFD]XO®QFDUHFXPSHULğLDLPDLPXOWGHXQIXUQL]RUSRWHQģLDOVDXGDFÃYLQ]LğLH[LVWÃPDLPXOWGHRSHUVRDQÃLQWHUHVDWÃVÃ
FXPSHUHDWXQFLWUHEXLHVîLSXLVÃOXSWH®QWUHHL1XSRģLREģLQHRDIDFHUHPDLEXQÃGHF¢WFHDSULQOLFLWDģLHߨFXPSÃUÃWRULLğL
Y¢Q]ÃWRULLDIODģL®QFRPSHWLģLHVXQWOXDģLDGHVHDGHYDO®QGRULQģDGHDREģLQHDIDFHUHD
5HJXODQUߙ$OHJHUHDPRPHQWXOXLSRWULYLWHVWHFUXFLDOÃ
'DFÃ YUHL VÃ FXPSHUL R PDğLQÃ QX VWULFÃ VÃ ®QWUHEL F¢QG VH ®QFKHLH SHULRDGD GH JHVWLXQH D PDJD]LQXOXL DXWR $GHVHD
Y¢Q]ÃWRULL SULPHVF ERQXVXUL VXEVWDQģLDOH GLQ SDUWHD SURGXFÃWRULORU GH PDğLQL FRQGLģLRQDWH GH RELHFWLYH VSHFLILFH 'DFÃ
Y¢Q]ÃWRUXO QX ğLD DWLQV RELHFWLYXO DU SXWHD IL GLVSXV VÃģL Y¢QGÃ R PDğLQÃ OD SUHģ PDL PLF SHQWUX DğL IDFH QRUPD 0XOWH
RUJDQL]DģLLVHFRQIUXQWÃFXSUHVLXQLVLPLODUHߨH[LVWÃSXģLQHFRPSDQLLFDUHQXVHEXFXUÃVîQFKHLHXQFRQWUDFWFKLDU®QDLQWH
GHVI¢UğLWXODQXOXLILVFDO
7UHEXLHVÃģLLFRQWğLGHDOWHFKHVWLXQLOHJDWHGHDOHJHUHDPRPHQWXOXLSRWULYLWGHH[HPSOXHELQHVÃFXPSHULPRELOÃGH
JUÃGLQÃODVI¢UğLWXOYHULLğLQXOD®QFHSXWXOHLߨDFHODğLOXFUXHVWHYDODELO®QFD]XOPRWRFLFOHWHORUğLDOPXOWRUDOWRUDUWLFROH
®QVÃHELQHGHVLJXUVÃIDFLL]RODģLDSHUHģLORUJRLSHGLQÃXQWUX®QWRLXOYHULL'DFÃDFKL]LģLDVDXY¢Q]DUHDWDHGHVH]RQDWXQFL
YLQGH®QVH]RQXOGHY¢UIğLFXPSÃUîQH[WUDVH]RQ
'HDVHPHQHDDOHJHR]LSURDVWÃSHQWUXDIDFHULVDXXQDQXPLWPRPHQWDO]LOHLVÃQHJRFLH]L®QWUXF¢WSDUWHQHUXOWÃXDUIDFH
RFRQFHVLH®QSOXVSUREDELOGDFÃDIDFHULOHO¢QFH]HVFQVÃGDFÃHğWL®QWUXQDQWLFDULDWVDXRSLDģÃGHYHFKLWXULDLFLQHJXVWRULL
VXQWPDLUHFHSWLYLODQHJRFLHUHDSURSULX]LVÃVSUHVI¢UğLWXO]LOHL
5HJXODQUߙ'DFÃOXFUXULOHPHUJSURVWGXSîQFKHLHUHDDIDFHULLSRģL
UHQHJRFLD
1XHVWHGHORFLHğLWGLQFRPXQFDGXSÃFHDL®QFKHLDWRDIDFHUHOXFUXULOHVÃQXIXQFģLRQH]HDğDFXPģLVDSURPLVOLYUDUHDVH
IDFHW¢U]LXFXORDUHDHDOWDDUH]J¢ULHWXULDUHGHIHFWHVHGHIHFWHD]ÃHWF'DFÃOXFUXULOHPHUJSURVWHğWL®QGUHSWÃģLWVîQFHSL
Và QHJRFLH]L GLQ QRX SHQWUX D REģLQH GHVSÃJXELUL 0DMRULWDWHD FRPSDQLLORU QX ®ğL GRUHVF FOLHQģL QHPXOģXPLģL DğD Fà VH YD
SUHYHGHDXQEXJHWSHQWUXUHSDUDģLLߙ®QVÃDFHğWLEDQLVXQWUH]HUYDģLFHORUFDUHVHYÃLFÃUHVFߨJÃOÃJLRV
2JUHğHDOÃIUHFYHQW®QW¢OQLWÃODQHJRFLDWRUL®QDVWIHOGH®PSUHMXUÃULHVWHVÃQXGHFODUHFXH[DFWLWDWHFHHDFHGRUHVFGLQ
SDUWHD FHOXLODOW 'DFÃ HPLģL R SUHWHQģLH FODUÃ ğL UH]RQDELOÃ DL PXOW PDL PXOWH ğDQVH VÃ REģLL XQ UH]XOWDW SR]LWLY 2 UHSOLFÃ
SUHFXPߣHDOWÃFXORDUHILH®QORFXLģLRFXFHDVSHFLILFDWîQFRPDQGÃILHGDģLPLGHOLUHğLROÃVÃPDğDߢHVWHDERUGDUHD
FRUHFWÃ
5HJXODQUߙ1XWHDWDğDHPRģLRQDOGHRELHFWXOSHQWUXFDUHQHJRFLH]L
$WXQFLF¢QGFXPSHULHğWLPXOWPDLELQHSODVDWGDFÃHğWLGLVSXVVÃUHQXQģLODDIDFHUHQFHDUFÃVÃQXWHDWDğH]LHPRģLRQDOGH
FHHDFHFXPSHUL
5HJXODQUߙ1XWHHQHUYDQLFLRGDWÃ
'DFÃ R QHJRFLHUH VH WUDQVIRUPÃ ®QWUR FHDUWÃ SUREDELO FÃ QX YHL SULPL FHHD FH YUHL 6LQJXUD VLWXDģLH F¢QG IXULD SRDWH
IXQFģLRQDHVWHFHDDUHFODPDģLLORU®QSULYLQģDDUWLFROXOXLOLYUDWSHQWUXD®QFHUFDVÃREģLLRGHVSÃJXELUH3HF¢WSRVLELOWUHEXLH
VÃVLPXOH]LIXULDDVWIHO®QF¢WVÃUÃP¢LVXILFLHQWGHUDģLRQDOSHQWUXDģLXUPÃULRELHFWLYXOYL]¢QGQLYHOXOGHFRPSHQVDģLHGRULW
5HJXODQUߙ1XILQLFLRGDWÃQHUH]RQDELO
([LVWÃRGLIHUHQģÃPLFîQWUHRRIHUWÃDPELģLRDVîQQHJRFLHUHDSURSULX]LVÃğLRFHUHUHQHUH]RQDELOÃ'DFÃQXWHDIOL®QWUXQ
ED]DUWUHEXLHVÃUÃP¢LFUHGLELO
5HJXODQUߙ)LLJDWDVÃDUÃģLEDQLL
'HğLODVGLVFXģLDJHQHUDOÃGHVSUH®QFKHLHUHDDIDFHULORUSHQWUXXQFDSLWROXOWHULRUYRLHYLGHQģLDRWHKQLFÃJUR]DYÃ8QPRG
H[FHOHQWGHD®QFKHLDRDIDFHUHHVWHVÃVFRģLXQWHDQFGHEDQFQRWHSHQWUXSUHģXOSHFDUHYUHLVÃOSOÃWHğWLğLVÃOSXL®QP¢QD
SDUWHQHUXOXL3RģLILVXUSULQVF¢WGHHILFLHQWSRDWHILDFHVWJHVW®QVLWXDģLDSRWULYLWÃGHH[HPSOXF¢QGFXPSHULFHYDGHODXQ
Y¢Q]ÃWRUSULYDW
5HJXOLOHQHJRFLHULLSURSULX]LVHDXH[SOLFDWFXPSRģLMXFDSHQWUXDREģLQHRDIDFHUHIRDUWHEXQÃ'DUFXPğWLLFDUHDIDFHUH
HEXQÃ"&HOHPDLGLILFLOHSUREOHPHFXFDUHVHFRQIUXQWÃXQQHJRFLDWRUVXQWOHJDWHGHEDQL&XPğWLLFDUHHSUHģXODFFHSWDELO
SH FDUH VÃO DL GUHSW RELHFWLY SHQWUX ®QFKHLHUHD DIDFHULL" 7UHEXLH VÃ IDFL WX RIHUWD GH GHVFKLGHUH VDX WUHEXLH VÃģL LQYLģL
SDUWHQHUXO VÃ IDFÃ SULPD PLğFDUH" 'DFÃ WH KRWÃUÃğWL VÃ IDFL RIHUWD GH GHVFKLGHUH FX FH SUHģ DU WUHEXL VÃ GHVFKL]L" 'DFÃ
GHVFKLGH FHDODOWÃ SDUWH FDUH WUHEXLH VÃ ILH FRQWUDRIHUWD WD" 6HFģLXQLOH XUPÃWRDUH GLQ FDSLWROXO GH IDģÃ UÃVSXQG OD DFHVWH
®QWUHEÃULGLILFLOH
&XPVÃDSUHFLH]LYDORDUHDXQXLSURGXV
$FHDVWÃVHFģLXQHHVWHYDODELOÃDW¢W®QFD]XOWUDWDWLYHORUF¢WğL®QFD]XOQHJRFLHULLSURSULX]LVH'HDVHPHQHDHVWHYDODELOÃ
F¢QGDLGHJ¢QGVÃVWDELOHğWLXQSUHģIL[SUHģXOUHFRPDQGDWVDXF¢QGYUHLVÃVWDELOHğWLXQSUHģğLDSRLODğLORFGRDUSHQWUXR
PLFÃQHJRFLHUHSUHģXOUHFRPDQGDWSOXVPLQXVFHYD
&HHVWHXQSUHģUH]RQDELO"
'DFÃH[LVWÃXQSUHģFODUDOSLHģHLDIOÃFDUHHVWHDFHVWD
,QVLVWPHUHXDVXSUDLPSRUWDQģHLLQIRUPÃULL)RORVLQGLQWHUQHWXODQDOL]¢QGUHFODPHOHWLSÃULWHGLVFXW¢QGFXLQWHUPHGLDULLFXP
VXQWDJHQģLLLPREOLDULDUWUHEXLVÃģLIDFLRLGHHGHVSUHSUHģXULOHSLHģHLSHQWUXPXOWHSURGXVH'DFÃDLXQSUHģPDLEXQGHF¢W
SUHģXOSLHģHLDWXQFLVWDLELQH
&HIDFLGDFÃQXH[LVWÃXQSUHģDOSLHģHLFODULGHQWLILFDELO"
(YDOXDUHDXQXLSURGXVXQLF
'HğL SRDWH FÃ QX YHL DIOD R YDORDUH GH SLDģÃ FODUÃ SHQWUX XQ SURGXV DL SXWHD JÃVL DOWH PRGXUL GH D VWDELOL R YDORDUH 6Ã
SUHVXSXQHPFÃYLQ]LRFRPSDQLHH[LVWÃRVHULHGHUHFRPDQGÃULFDUHVHDSOLFîQPDUHPÃVXUîQHYDOXDUHDXQHLFRPSDQLL
6HSRWFXPSÃUDFÃUģLPRGHOHVRIWZDUHğLDOWHOHFDUHVÃWHDMXWH®QHYDOXDUH0XOWHGLQWUHDFHVWHLQVWUXPHQWHYRUHYDOXDR
FRPSDQLH ®Q IXQFģLH GH DVSHFWHFKHLH SUHFXP FDSLWDOL]DUHD SLHģHL VDX SXWHUHD F¢ğWLJXULORU SURLHFWDWH GHD OXQJXO XQHL
SHULRDGH GH SLOGÃ ]HFH DQL ğL R HYDOXDUH D EXQXULORU %XQXULOH SRW IL WDQJLELOH VSUH H[HPSOX FOÃGLUL ğL VWRFXUL VDX
LQWDQJLELOH®QVÃYDQGDELOHFXPDUILQXPHOHGHPDUFÃOLVWHOHGHFOLHQģLVXSUDEHQHILFLXOğLDOWHOHDVHPHQHDĞL®QFD]XODOWRU
SURGXVHXQLFHSRWH[LVWDPHFDQLVPHODUJUÃVS¢QGLWHGHHYDOXDUHGHH[HPSOX®QWLPSXOQHEXQLHLߣEDORQXOXLGHVÃSXQߢSH
LQWHUQHWFRPSDQLLOHED]DWHSHLQWHUQHWDXIRVWDGHVHDHYDOXDWH®QIXQFģLHGHQXPÃUXOGHDFFHVÃUL]LOQLFH
([LVWÃğLDOWHWHKQLFL®QVSULMLQXOHYDOXÃULLXQXLSURGXVXQLF
ߧ3ULQDQDORJLH$GHVHDYHLSXWHDVSXQHFÃXQSURGXVYDORUHD]ÃPDLPXOWPDLSXģLQODIHOFDDOWSURGXVFDUHVDY¢QGXW
SHQWUX R VXPÃ FXQRVFXWÃ 'LVFXW¢QG FX XQ DJHQW LPRELOLDU H[SHULPHQWDW DP GHVFRSHULW FÃ VH IRORVHD IRDUWH PXOW GH
DFHDVWÃWHKQLFÃ
ߧ&RQVXOWÃXQH[SHUW$GHVHDH[SHUWXOIRORVHğWHXQDPHVWHFGHDQDORJLHğLLQWXLģLHSHQWUXDIDFHRHVWLPDUH
ߧ9LQGHSULQOLFLWDģLH2VROXģLHDUSXWHDILVÃUHQXQģLODQHJRFLHUHDSURSULX]LVÃğLVÃIRORVHğWLXQVLWHGHOLFLWDģLHRQOLQH
SUHFXPH%D\VDXRFDVÃGHOLFLWDģLLRELğQXLWÃSHQWUXDYLQGHSURGXVXO
ߧ&¢WDğGDHX"QPRGHYLGHQWSRģL®QWUHEDGRDUGDFÃQXHğWLDWDğDWHPRģLRQDOSUHDPXOWGHXQRELHFWGDUSRDWHILIRDUWH
LQVWUXFWLYGDFÃWH®QWUHELF¢WDLGDğLGDFÃOHSXLDFHHDğL®QWUHEDUHSULHWHQLORUğLFROHJLORUWÃL
2EVHUYDģLLOHXUPÃWRDUHDUDWÃF¢WGHDJUHVLYSRģLIL®QVWDELOLUHDSUHģXOXLODFDUHGRUHğWLVîQFKHLDIDFHUHD
(VWHDFHDVWDRSLDģÃDFXPSÃUÃWRULORUVDXDY¢Q]ÃWRULORU"
8QH[HPSOXFODVLFDODFHVWXLIHQRPHQHVWHRSLDģÃLPRELOLDUîQIORULWRDUH'DFÃSUHģXULOHFUHVFUDSLGDWXQFLSXģLQHORFXLQģH
VH YRU YLQGH OD XQ SUHģ FX PXOW PDL PLF GHF¢W SUHģXO FHUXW &RPSDUDWLY SH R SLDģÃ LQDFWLYÃ VDX ®Q VFÃGHUH VH YD QHJRFLD
DJUHVLYSHQWUXSURSULHWÃģL
6XQWHFKLOLEUDWHFHUHUHDğLRIHUWD"
'DFÃRIHUWDGHSÃğHğWHFHUHUHDDWXQFLEDODQģDSXWHULL®QFOLQîQIDYRDUHDFXPSÃUÃWRUXOXLLDUGDFÃFHUHUHDGHSÃğHğWHRIHUWD
DWXQFLY¢Q]ÃWRUXOGHģLQHSR]LģLDDYDQWDMRDVÃ
$IÃFXWFXPSÃUÃWRUXORRIHUWÃQHVROLFLWDWÃY¢Q]ÃWRUXOXL"
)RORVLQGH[HPSOXOY¢Q]ÃULLXQHLFRPSDQLLߙGDFÃXQFXPSÃUÃWRU®LFHUHY¢Q]ÃWRUXOXLVÃY¢QGîQORFFDDFHVWDGLQXUPÃVÃ
VFRDWÃFRPSDQLDSHSLDģÃDWXQFLY¢Q]ÃWRUXOVHDIOÃSHRSR]LģLHPXOWPDLIDYRUDELOÃSHQWUXDREģLQHXQSUHģULGLFDW
&DUHSDUWHHVWHPDLSUHVDWÃGHWLPS"
&XF¢WRSDUWHHVWHPDLSUHVDWÃGHWLPSFXDW¢WPDLSXģLQDJUHVLYÃYDIL®QREģLQHUHDFHOXLPDLEXQSUHģ'HH[HPSOXGDFÃ
YLQ]L RELHFWH YROXPLQRDVH FX FDUH ®ģL HVWH WLFVLWÃ FDVD SRģL KRWÃU® FÃ PHULWÃ VÃ FHUL SUHģXUL FRPSHWLWLYH GRDU SHQWUX D WH
GHEDUDVDGHHOH
&¢WGHEXQHVWHVFHQDULXOWÃXGHUHWUDJHUH"
'DFÃDLXQVFHQDULXGHUHWUDJHUHEXQDWXQFLYHLDYHDFXVLJXUDQģÃS¢UJKLLSXWHUQLFHğLDUWUHEXLVÃQHJRFLH]LDJUHVLY
&¢QGWUHEXLHVÃILLDPELģLRV"
/XPHDFXPSÃUÃULORUY¢Q]ÃULORUFXQRDğWHğDVHFD]XUL
'DFÃYLQ]LFHYDGHSDUWHGHDILXQLFDWXQFLHğWLQRURFRVGDFÃREģLLXQSUHģPDLEXQGHF¢WYDORDUHDGHSLDģÃ
QFD]XO®QFDUHQXFXPSHULFHYDUDUGDFÃUÃP¢L®QDğWHSWDUHğLFXPSHULF¢QGXQHOHGLQWUHFRQGLģLLOHHYLGHQģLDWHPDLVXV
VXQW®QIDYRDUHDWDSRģLREģLQHXQSUHģIRDUWHEXQ
'DFÃYLQ]LFHYDUDUğLFÃXWDWDUWUHEXLVÃREģLLXQSUHģEXQ
'DFÃYLQ]LFHYDUDUğLFÃXWDWGHSXģLQLRDPHQLGDUHğWLGLVSXVVÃDğWHSģLDUWUHEXLVÃDVSLULODXQSUHģEXQ
QFD]XO®QFDUHFXPSHULFHYDUDUğLFÃXWDWDWXQFLILLSUHJÃWLWVÃSOÃWHğWLXQSUHģPDUHVDXRELğQXLHğWHWHFXLGHDGHDWUÃL
IÃUÃRELHFWXOUHVSHFWLY
'DFÃ WH LQWHUHVHD]Ã VÃ FXPSHUL FHYD UDU GDU QX IRDUWH FÃXWDW DWXQFL XQ QHJRFLDWRU EXQ SRDWH REģLQH XQ SUHģ EXQߨ
SÃVWUHD]ÃģLFXPSÃWXOğL®QFHDUFÃVÃQXDUÃģLF¢WGHPXOW®ģLGRUHğWLRELHFWXO
$GHVFKLGHVDXDQXGHVFKLGH"
$YDQWDMXOGHDģLOÃVDSDUWHQHUXOVÃGHVFKLGÃ
$Y¢QG®QYHGHUHFÃFHLPDLPXOģLQHJRFLDWRULQXVXQWVXILFLHQWGHDJUHVLYLH[LVWÃğDQVHFDSDUWHQHUXOWÃXVÃGHVFKLGÃFXXQ
SUHģ SUHD PLF OD Y¢Q]DUH VDX SUHD ULGLFDW OD FXPSÃUDUH 'DFÃ UÃVSXQ]L SULQWUR FRQWUDRIHUWÃ DJUHVLYÃ HWDSD WUDWDWLYHORU D
SRUQLWFXGUHSWXO
$YDQWDMXOF¢QGWXGHVFKL]L
1HJRFLDWRULL ®QFUH]ÃWRUL GHVFKLG DGHVHD GHRDUHFH GDFÃ GHVFKL]L DJUHVLY SRģL ®QFHSH HWDSD WUDWDWLYHORU GH SH R SR]LģLH
GRPLQDQWÃ 'DFÃ SDUWHQHUXO WÃX SDUH VÃ DLEÃ R SHUVRQDOLWDWH ®QFUH]ÃWRDUH DWXQFL SUREDELO FÃ DFHDVWÃ VWUDWDJHPÃ QX YD
IXQFģLRQD
1XH[LVWÃXQVIDWJHQHUDOYDODELO&RQVRODUHDHVWHFÃH[LVWÃDYDQWDMHDW¢W®QDGHVFKLGHF¢WğL®QDQXGHVFKLGHDVWIHOFÃ
®ģLSRģLPD[LPL]DSRVLELOLWÃģLOH®QRULFDUHFD]
'DFÃYDORDUHDDUWLFROXOXLFDUHIDFHRELHFWXOQHJRFLHULLHVWHQHFODUîQFHDUFÃVÃ
®OGHWHUPLQLSHSDUWHQHUVÃGHVFKLGÃ
3HO¢QJÃSRVLELOLWDWHDFDSDUWHQHUXOVÃGHVFKLGÃWLPLGH[LVWÃğDQVDVÃDSUHFLH]HJUHğLWYDORDUHDSURGXVXOXLODXQSUHģSUHD
PLF F¢QG YLQGH VDX SUHD PDUH F¢QG FXPSÃUÃ 'DFÃ SDUWHQHUXO WÃX SDUH VÃ ILH QHH[SHULPHQWDW DWXQFL DFHDVWD HVWH R
DERUGDUHGHRVHELWGHDWUDFWLYÃ(VWHUHFRPDQGDELOVîO®QGHPQLVÃGHVFKLGÃSULQFRPHQWDULLFXPDUILߣ&DUHHFHDPDLEXQÃ
RIHUWÃDGXPQHDYRDVWUÃ"ߢVDXSRDWHPDLELQHߣ&¢WFUHGHģLFÃYDORUHD]Ã"ߢVDXߣ&¢WDģLDFFHSWD"ߢVDXߣ&DUHHVWHEXJHWXO
GXPQHDYRDVWUÃ"ߢVDXߣ$YHģLLGHHFDPF¢WYUHģLVXQWHģLGLVSXVVÃSOÃWLģL"ߢ
2IHUWHGHGHVFKLGHUHğLFRQWUDRIHUWH
$FHDVWÃVHFģLXQH®ģLRIHUÃVIDWXULFODUHSULYLQGODQVDUHDSULPHLRIHUWH
*DPELWXOFODVLF
6IDWXO FODVLF HVWH FD SULPD WD RIHUWÃ VDX FRQWUDRIHUWÃ VÃ ILH FHO PDL PDUH SUHģ FUHGLELO GDFÃ YLQ]L VDX FHO PDL PLF SUHģ
FUHGLELO F¢QG FXPSHUL 0DL H[DFW QX FRQWHD]Ã GDFÃ RIHUWD WD VH DIOÃ OD OLPLWD FUHGLELOXOXLߨ DFHDVWD H R JUHğHDOÃ FX
FRQVHFLQģHPDLSXģLQJUDYHGHF¢WGDFÃODQVH]LRIHUWDGHGHVFKLGHUHFXSUHDPXOWÃSUXGHQģÃ7RWXğLH[LVWÃVLWXDģLLF¢QGVIDWXO
FODVLFHVWHJUHğLWğLYRLH[SOLFDDFHVWHVLWXDģLL®QFRQWLQXDUH
&¢QGYUHLVÃVWDELOHğWLSUHģXOILQDOSULQWUROLFLWDģLH
'DFÃYLQ]LSULQWUROLFLWDģLHSHLQWHUQHWVDXGDFÃVSHULVÃSRģLIDFHGRLFXPSÃUÃWRULVÃFRQFXUH]H®QWUHHLDWXQFLSRģLGHVFKLGH
ODXQSUHģPLQLP$FHDVWÃVWUDWHJLHDWUDJHGHRELFHLPXOģLRIHUWDQģLğLFUHHD]ÃPHGLXOSURSLFHSHQWUXRPXOģLPHGHRIHUWH
2IHUWHOHGHGHVFKLGHUH®QDFHDVWÃVLWXDģLHWLQGVÃILH
ߧLQFUHGLELOHğLߨ
ߧLQIOXHQģDWHGHRELFHLXULOHORFDOHDGHVHDYHFKLGHVXWHVDXFKLDUPLLGHDQL
$ğDFÃFHUHVIDWXOFXLYDFDUHHVWHIDPLOLDUL]DWFXRELFHLXULOHORFDOHߨğLH[HUVHD]ÃģLH[SUHVLDWHDWUDOÃ
$FXPYRLIDFHRDILUPDģLHFDUHSRDWHSÃUHDFRPSOHWGHSODVDWÃ'DFÃHğWLWXULVW®QWURģDUÃVXEGH]YROWDWÃDWXQFLWUHEXLHVÃ
QHJRFLH]LSHQWUXFÃDUHIX]DVÃRIDFL®OYDGH]RULHQWDSHFRPHUFLDQW®QFHOPDLEXQFD]VDXYDILFRQVLGHUDWQHSROLWLFRV®Q
FHOPDLUÃXFD]2ULFXPQXXLWDFÃEDQLLUHVSHFWLYL®QVHDPQÃPXOWPDLPXOWSHQWUXFRPHUFLDQWGHF¢WSHQWUXWLQHDğDFÃQXWH
OXSWDSHQWUXFHOPDLPLFSUHģSRVLELOߙODVÃOVÃDLEÃXQPLFSURILW
5H]XPDW
9UHDXHVWHHVHQģDQHJRFLHULLSURSULX]LVH'DFÃSRģLIRORVLDUJXPHQWHORJLFHSHQWUXDREģLQHFHHDFHYUHLHELQHGDU®QFD]FRQWUDUWUHEXLHVÃģLSXL
ODEÃWDLHYRLQģDğLDSWLWXGLQLOHGHQHJRFLDWRUDVWIHO®QF¢WVÃREģLLRDIDFHUHPDLEXQÃGHF¢WSDUWHQHUXOWÃX'DFÃWUDWH]LDFHDVWîQIUXQWDUHDYRLQģHORU
ğLDELOLWÃģLORUFDSHXQMRFYHLSXWHDILIRDUWHFRPSHWLWLYIÃUÃVÃWHLPSOLFLHPRģLRQDO
&¢QGHYDOXH]LYDORDUHDXQXLSURGXVILHSRģLVÃWHGRFXPHQWH]L®QSULYLQģDSUHģXULORUXQRUSURGXVHVLPLODUHILHGDFÃDFHVWDHVWHXQLFSRģLVÃFDXģL
RDQDORJLHSHQWUXDOFRPSDUDVÃFRQVXOģLXQH[SHUWVÃYLQ]LSULQOLFLWDģLHVDXVÃWHJ¢QGHğWLF¢WDLILGLVSXVVÃSOÃWHğWL
&¢QGFXPSHULVDXYLQ]LXQSURGXVFHOPDLLPSRUWDQWGHğWLXWHVWHF¢QGSRģLILDPELģLRV®QSULYLQģDSUHģXOXL/XPHDFXPSÃUÃULLY¢Q]ÃULLVH®PSDUWH®Q
ğDVHFD]XULFDUHDUDWÃFXPOHJLOHFHUHULLğLRIHUWHLVWDELOHVFPRPHQWXO®QFDUHWUHEXLHVÃILLDPELģLRV®QQHJRFLHUHDSURSULX]LVÃ
'DFÃYDORDUHDXQXLSURGXVHVWHQHFODUîQFXUDMHD]ÃģLSDUWHQHUXOVÃIDFÃRIHUWDGHGHVFKLGHUHQDOWHVLWXDģLLHVWHPDLSXģLQFODUGDFÃHFHOPDL
ELQHVÃIDFLRIHUWDGHGHVFKLGHUH'DFÃSDUWHQHUXOGHVFKLGHVHSRDWH®QW¢PSODVÃILHSUHDWLPLGFHHDFHYDIL®QDYDQWDMXOWÃX'DFÃWXHğWLFHO
FDUHGHVFKLGHSRģLVWDELOLFX®QFUHGHUHDJHQGD®QSULYLQģDSUHģXOXL$FHDVWD®QVHDPQÃFÃSRģLEHQHILFLDLQGLIHUHQWGDFÃIDFLRIHUWDGHGHVFKLGHUHVDX
QX
&DSLWROXO
7UDWDWLYHOH
'DFÃYUHLRUHODģLHSHWHUPHQOXQJFXFHDODOWÃSDUWHHVWHPRPHQWXOWUDWDWLYHORU'DFÃHğWLLPSOLFDW®QWURGLVSXWîQYLDģD
SDUWLFXODUÃ VDX FXPSHUL GH OD SULHWHQL UXGH FXQRVFXģL VDX XQ IXUQL]RU SH WHUPHQ OXQJ VDX GDFÃ YLQ]L XQXLD GLQWUH DFHğWLD
DWXQFLHVWHUHFRPDQGDELOVÃSRUģLWUDWDWLYHğLQXVÃWHWRFPHğWL7UDWDWLYHOHVXQWGHDVHPHQHDJDUDQģLDWXWXURUQHJRFLHULORU
FRPSOH[HSHQWUXDIDFHULFRPHUFLDOHPDULGLVSXWHVLQGLFDOHQHJRFLHULGLSORPDWLFHğLDOWHOHDVHPHQHD
7UHEXLH VÃ ®QģHOHJL SULQFLSLLOH WUDWDWLYHORU GHRDUHFH DFHVWHD ®ģL YRU GD QXPHURDVH LQGLFLL FDUH WH YRU DMXWD VÃ GHYLLXQ
QHJRFLDWRUSULFHSXW7UHEXLHğLVÃILL®QDUPDWFXWRDWHWDFWLFLOHDELOHSHFDUHOHSRģLIRORVLFXSDUWHQHUXOWÃXQSOXVWUHEXLHVÃ
®QYHģLFXPVÃWHGHVFXUFL®QFHDPDLFRPSOLFDWÃVLWXDģLHߙEORFDMXO
3ULQFLSLLOHSXUWÃULLWUDWDWLYHORU
1XGDQLFLRGDWÃFHYDSHQLPLF
6WUXFWXUDXQHLRIHUWHVHSUH]LQWÃVXEIRUPD
'$&®ģLGDX;$781&,®PLGDL<"
'HH[HPSOX
'$&ÂVHPQH]XQFRQWUDFWSHWUHLDQL$781&,®PLGDLRUHGXFHUHGH"
&DEXQQHJRFLDWRUWUHEXLHVÃWHDVLJXULFÃSXLSUHģSHFHHDFHSULPHğWLFHOSXģLQODIHOGHPXOWFXPSXLSUHģSHFHHDFH
RIHUL
2YHUVLXQHPDLDYDQVDWÃHVWHVÃģLIDFLFHUHUHDIRDUWHSUHFLVîQVÃRIHUWDSXģLQQHFODUÃ'HH[HPSOX
'$&ÂWDLGHOLUHGLQSUHģ$781&,DğSXWHDDFFHSWDRFDOLWDWHLQIHULRDUÃ
(YLGHQWYHLEHQHILFLDGDFÃRIHUWDWDHVWHGHSUHģSHQWUXSDUWHQHU®QVÃSHWLQHQXWHFRVWÃPXOWߨGHH[HPSOXVÃRIHULXQ
FRQWUDFWSHWUHLDQLQXWHFRVWÃQLPLFGDFÃDLYUXWXQFRQWUDFWSHWUHLDQLGHOD®QFHSXW
-RFXOFXVXPÃSR]LWLYÃHVWHXQSULQFLSLXJUR]DYߙSHQWUXRIHUWHOHLQGLYLGXDOH
QQHJRFLHUHFD®QWUHJWUHEXLHVÃVSHULFÃWHYHLDOHJHFXRIHOLHGHSOÃFLQWÃPDLPDUHGHF¢WSDUWHQHUXOWÃXWRWXğL®QRIHUWHOH
ğLFRQWUDRIHUWHOHLQGLYLGXDOHVHSRDWHIRORVLSULQFLSLXOMRFXOXLFXVXPÃSR]LWLYÃSHQWUXDPÃULSOÃFLQWD&ÃXW¢QGVÃRIHULFHYD
FDUH WH FRVWÃ SXģLQ ğL FHU¢QG FHYD FDUH ®O FRVWÃ SH SDUWHQHU SXģLQ YHL SXWHD EHQHILFLD GH SH XUPD IDSWXOXL FÃ DL HYLWDW FD
QHJRFLHUHDVÃILHXQMRFFXVXPÃQXOÃQWUXQMRFFXVXPÃQXOÃFHDODOWÃSDUWHWUHEXLHVÃSLDUGÃSHQWUXFDWXVÃF¢ğWLJL®QWUXF¢W
GLPHQVLXQHDSOÃFLQWHLHIL[Ã
&¢WHYDH[HPSOHGHHOHPHQWHFDUHSRWILIRORVLWH®QRIHUWHUHFLSURFDYDQWDMRDVH
ߧ5HIHULQģHGLQSDUWHDFOLHQģLORU'DFÃXQIXUQL]RUHVWH®QSULPDHWDSÃDFLFOXOXLGHYLDģÃDOSURGXVXOXLVÃXGHRELFHLYDIL
QHUÃEGÃWRUVÃFLWH]HUHIHULQģHFUHGLELOHGLQSDUWHDXQRUFOLHQģL$ILXQFOLHQWGHUHIHULQģÃSUHVXSXQHIRDUWHSXģLQHIRUWGLQ
SDUWHDFXPSÃUÃWRUXOXLLDUDPHQLQģDUHDGHDQXSXWHDVSXQHOXFUXULEXQHGHVSUHXQSURGXVVDXVHUYLFLXSRDWHILRS¢UJKLH
SXWHUQLFîQFD]FÃFHYDGHFXUJHSURVW®QYLLWRU
ߧ7HUPHQLGHSODWÃ([LVWÃXQQXPÃUPDUHGHSHUPXWÃULSULQFDUHVHSRWDUDQMDWHUPHQLLGHSODWÃSHQWUXDDMXWDIOX[XOGH
QXPHUDUDOXQHLFRPSDQLLFDUHQXGLVSXQHGHVXILFLHQWHOLFKLGLWÃģL6SUHGHRVHELUHGHFRQGLģLLOHGHDFRUGDUHDFUHGLWHORU
VDXGHJUDILFXOGHSOÃģLEDQLLOLFKL]LSRWIDFHRELHFWXOWUDWDWLYHORU
ߧ6ÃGHPRQVWUH]LFîģLSOÃWHğWLGDWRULLOHODWLPS0XOģLY¢Q]ÃWRULGHSURGXVHğLVHUYLFLLVXQWE¢QWXLģLGHUÃXSODWQLFL3RģL
DUÃWDFÃQXUÃP¢L®QXUPÃFXSOÃģLOHRIHULQGSHQDOLWÃģL®QHYHQWXDOLWDWHDXQHL®QW¢U]LHUL
ߧ7HUPHQHOLPLWÃ3HQWUXXQDGLQWUHSÃUģLWLPSXOSRDWH®QVHPQDEDQL®QWLPSFHFHDODOWÃSDUWHSRDWHILIOH[LELOÃ
ߧ*DUDQģLL'DFÃHğWL®QFUH]ÃWRU®QRIHUWDWDDWXQFLRJDUDQģLHGHUHVWLWXLUHD®QWUHJLLVXPHSRDWHILRRIHUWÃLPSRUWDQWÃFDUH
QXWHYDFRVWDQLPLFSUREDELO'HDVHPHQHDRRIHUWÃGHWLSߣWHVWHD]ÃSURGXVXO®QDLQWHGHDFXPSÃUDߢSRDWHILXQPRG
LHIWLQğLHILFLHQWGHDIDFLOLWD®QFKHLHUHDXQHLDIDFHUL
ߧ &RPHQ]L PDUL ğL FRQWUDFWH SH PDL PXOģL DQL 3RW IL PXOW PDL YDORURDVH SHQWUX XQD GLQWUH SÃUģL GHF¢W FRVWXO SHQWUX
FHDODOWÃ
&HUH FRQFHVLL ®Q VLWXDģLLOH ®Q FDUH SOÃFLQWD H PDUH (VWH PDL VLPSOX SHQWUX SDUWHQHUXO WÃX VÃ DFFHSWH R FRQFHVLH YDODELOÃ QXPDL ®Q YUHPXUL EXQH 'H
H[HPSOX GH RELFHL DXWRULL VXQW SOÃWLģL FX XQ SURFHQW IOXFWXDQW DO GUHSWXULORU GH DXWRU FDUH FUHğWH RGDWÃ FX Y¢Q]ÃULOH 0XOģL HGLWRUL DFFHSWÃ XQ SURFHQW
VXSOLPHQWDUFUHVFXWGDFÃRFDUWHGHYLQHXQEHVWVHOOHU
3ÃVWUHD]ÃGLQDPLVPXO
$P YÃ]XW R PXOģLPH GH ®QW¢OQLUL GH WUDWDWLYH FDUH SDU VÃ SURJUHVH]H WRW PDL OHQW RGDWÃ FX WUHFHUHD WLPSXOXL (VWH IRDUWH
LPSRUWDQW VÃ PHQģLL VHQWLPHQWXO XUJHQģHL &RQYHQLģL DVXSUD XQXL SODQ DO SURJUDPXOXL GH QHJRFLHUH FRQYHQLģL DVXSUD
WHUPHQHORUOLPLWÃS¢QÃODFDUHVHYRUUH]ROYDQHFODULWÃģLOHGHPRQVWUHD]ÃģLEXQÃYRLQģDGHDUHSURJUDPDDOWH®QW¢OQLULDVWIHO
®QF¢WVHVLXQLOHGHQHJRFLHUHYLLWRDUHVÃSRDWÃDYHDORFUDSLGIRORVLģLHPDLOXOğLWHOHIRQXO®QWUH®QW¢OQLULOHIDģîQIDģÃXQDVDX
DPEHOHSÃUģLVÃVWHDSHVWHSURJUDPDVWIHO®QF¢WVHVLXQHDGHWUDWDWLYHVÃSRDWÃFRQWLQXDS¢QÃVHDUDW¢U]LXDFHVWHDVXQWF¢WHYD
H[HPSOHGHWHKQLFLGHFDUHYHLDYHDQHYRLHSHQWUXDSÃVWUDGLQDPLVPXO
$VLJXUÃWHFÃWRWFHVDVWDELOLWVHFRQVHPQHD]Ã
'DFÃ HVWH SRVLELO ®QFHDUFÃ VÃ QX WH ED]H]L SH IDSWXO FÃ WX ğL SDUWHQHUXO WÃX DYHģL DFHOHDğL DPLQWLUL FX SULYLUH OD FH VD
FRQYHQLW®QWUHFXW'DFÃVHHODERUHD]ÃXQDFRUGMXULGLFSHPÃVXUÃFHGLVFXģLDSURJUHVHD]ÃDWXQFLQXYRUILSUREOHPHQFD]
FRQWUDULDQRWLģHğLREģLQHDFFHSWDUHDORUGHFÃWUHSDUWHQHUSHPÃVXUÃFHGLVFXWDģL$VWIHOQXQXPDLFÃQXYHLSLHUGHWLPSGDU
ğLQLFLXQDGLQWUHSÃUģLQXVHYDLPSOLFDHPRģLRQDOğLQX®ğLYDDFX]DSDUWHQHUXOFÃğLD®QFÃOFDWFXY¢QWXO
$FHVW SULQFLSLX HVWH DW¢W GH LPSRUWDQW ®QF¢W IUHFYHQW IRORVHVF XQ PHPEUX GLQ HFKLSD PHD VHFUHWDUXO FDUH DUH XQLFD
®QVÃUFLQDUHGHDFRQVHPQDVWDGLXO®QģHOHJHULL3HQWUXQHJRFLHULOHRUJDQL]DWHFRPSOH[HUHFRPDQG®QWRWGHDXQDIRORVLUHDXQXL
DVWIHOGHVHFUHWDUߙDUILLGHDOFDDFHDVWÃSHUVRDQÃVÃDLEÃH[SHULHQģîQHODERUDUHDFRQWUDFWHORU
3HUFHSģLLOHVXQWVLQJXUDUHDOLWDWH
1HJRFLDWRULLLPSOLFDģL®QHWDSDWUDWDWLYHORUVXQWGHRELFHLIRDUWHSUHVDģL(VWHIRDUWHVLPSOXFDSDUWHQHUXOWÃXVÃLQWHUSUHWH]H
JUHğLWFHHDFHVSXLVDXDWLWXGLQHDWD$P®QW¢OQLWSHUVRDQHFDUHVDXRIHQVDWGLQFDX]DXQRUDILUPDģLLIÃFXWHGHPLQH1X®ģL
DFX]DQLFLRGDWÃSDUWHQHUXOFÃQX®QģHOHJHFHWUHEXLHFXFDOP®QFHDUFÃVÃFRUHFWH]LSHUFHSģLDSHFDUHDLFUHDWR
2IHUÃLSDUWHQHUXOXLWÃXDOWHUQDWLYH
$FHVWDHVWHXQSULQFLSLXHVHQģLDOSHQWUXQHJRFLDWRUXOH[FHSģLRQDO'HH[HPSOXSULQUÃVSXQVXOOD®QWUHEDUHD
3HQWUXGXPQHDYRDVWUÃFHOPDLPLFSUHģSRVLELOHVWHPDLLPSRUWDQWGHF¢WRJDUDQģLHFRQYHQDELOÃ"
YHLREģLQHXQLQGLFLXGHODSDUWHQHUXOWÃXFDUHWHDMXWÃVÃIRUPXOH]LRRIHUWÃ
3OÃQXLHğWHģLLQGLFLLOHğLILLIRDUWHDWHQWODLQGLFLLOHYHQLWHGHODSDUWHQHU
,QGLFLLOHVXQWVXJHVWLLSULYLQGDWLWXGLQHDWDIDģÃGHRIHUWHOHYLLWRDUHVDXDFģLXQLOHWDOHYLLWRDUH7UHEXLHVÃDFRU]LLQGLFLLORUSH
FDUHOHRIHULDFHHDğLLPSRUWDQģÃSHFDUHRDFRU]LXQHLDQXPLWHRIHUWH
$VFXOWîQWRWGHDXQDFXDWHQģLHLQGLFLLOHSDUWHQHUXOXL(OH®ģLYRUILWUDQVPLVHDGHVHDLQFRQğWLHQWGHFÃWUHDFHVWDDğDFÃQX
YRU IL ®QVRģLWH GH IUD]H LQWURGXFWLYH LGHQWLILFDELOH FXP DU IL ߣğL LDWÃ XQ LQGLFLXߢ 'XSÃ FH DL DIODW XQ LQGLFLX WUHEXLH VÃ
DQDOL]H]LFH®QVHDPQÃSHQWUXWLQH'ÃPPDLMRVH[HPSOHGHLQGLFLLğLGHIHOXULFXPDUSXWHDILLQWHUSUHWDWH
,QGLFLXߣ$PDYXWRPXOģLPHGHSUREOHPHFXIRVWXOPHXIXUQL]RUGHVHUYLFLLߢ
$QDOL]Ã3UREDELOFÃSHQWUXSDUWHQHUXOWÃXFDOLWDWHDVHUYLFLXOXLHVWHRSULRULWDWHPDLPDUHGHF¢WSUHģXO&OLHQWXOYDSXQH
XQSUHģPDUHSHRULFHSRģLRIHULGHH[HPSOXFODX]HSULYLQGSHQDOLWÃģLOHğLFDUH®LUHGXFHDFHVWXLDULVFXOXQXLVHUYLFHSURVW
1XXLWDVÃSXLDFFHQWSHEXQDWDUHSXWDģLHğLRIHUÃUHIHULQģHGHODFOLHQģL
,QGLFLXߣ3UHģXOQXPÃSUHRFXSÃQHDSÃUDWFHOPDLPXOWߢ
$QDOL]Ã ([FHOHQW QFHSH LPHGLDW VÃ FHUFHWH]L FDUH VXQW SUREOHPHOH FHOH PDL LPSRUWDQWH ğL IÃ RIHUWH DWUDFWLYH SHQWUX
SDUWHQHUL
,QGLFLXߣ6XQWIRDUWHRFXSDWSHPRPHQWߢ
$QDOL]Ã 6H YD DSUHFLD IRDUWH PXOW RULFH IDFLOLWHD]Ã SURFHVXO GH Y¢Q]DUH VDX FXPSÃUDUH 1X ®O IDFH SH SDUWHQHU VÃğL
SLDUGÃ WLPSXO FX GLVFXģLL LQWHUPLQDELOH VDX QLPLFXUL 1X ®L GD XQ PRUPDQ GH K¢UģRDJH GH FLWLW 1X WH DğWHSWD VÃ WH VXQH ߙ
SUREDELOFÃWXYDWUHEXLVÃLQVLğWL
,QGLFLXߣ&DUHHVWHWHUPHQXOOLPLWÃDOOLYUÃULL"ߢ
$QDOL]Ã(VWHRDUHFXPSUHVDWGHWLPSDğDFÃFHUFHWHD]îQFHPÃVXUÃ*UDEDOXLHVWH®QDYDQWDMXOVDX®QGH]DYDQWDMXO
WÃX"$FģLRQHD]îQFRQVHFLQģÃ
,QGLFLXߣ'HF¢WWLPSIDFHģLDIDFHUL®QGRPHQLX"ߢ
$QDOL]Ã 3H SDUWHQHU ®O LQWHUHVHD]Ã VSULMLQXO SH WHUPHQ OXQJ 'DFÃ SRģL RIHUL R JDUDQģLH VHPQDWÃ GH R FRPSDQLH GH
DVLJXUÃULLQGHSHQGHQWÃHDYDILELQHSULPLWÃ3UREDELOFÃSDUWHQHUXOVHWHPHVÃULğWHDğDFÃRULFHRIHUWÃFDUHUHGXFHULVFXO
YDILELQHSULPLWÃ
,QGLFLXߣ$YHģLğLDOWHFKHVWLXQLGHGLVFXWDW"ߢ
$QDOL]Ã3DUWHQHUXOWÃXGHYLQHLULWDWGHGXUDWDSURFHVXOXLWUDWDWLYHORU
7UHEXLHVÃğWLLF¢QGVÃWHUHWUDJLGLQWURDIDFHUHSURDVWÃ
$LWUHLWHKQLFLODGLVSR]LģLH
1XXLWDQLFLRGDWÃVLWXDģLLOH®QFDUHWHUHWUDJL
&RPSDUîQWRWGHDXQDDIDFHUHDRIHULWÃFXVFHQDULXOWÃXGHUHWUDJHUH
1XSLHUGHQLFLRGDWÃGLQYHGHUHGH]DYDQWDMHOHILQDQFLDUHSRVLELOHDOHXQHLDIDFHUL
9HLQHJRFLDGHRELFHL®QFRQWH[WXOXQRUVLWXDģLLGHUHWUDJHUHVWDELOLWHGLQDLQWH'HğLDFHVWHDQXģLQVHDPDGHVHQVXO®QFDUH
ģLVHSRWVFKLPEDSHUVSHFWLYHOHSHPÃVXUÃFHQHJRFLHUHDSURJUHVHD]ÃHOHVXQWRSUHFDXģLHHVHQģLDOîPSRWULYD®QFKHLHULLXQHL
DIDFHULSURDVWH'DFÃģLVHRIHUÃR®QģHOHJHUHFDUHVH®QFDGUHD]îQVLWXDģLLOHGHUHWUDJHUHGDUSHFDUHRFRQVLGHULSUHIHUDELOÃ
QH®QFKHLHULLDIDFHULLWUHEXLHVÃRDQDOL]H]LGLQQRX®PSUHXQÃFXSÃUģLOHFRLQWHUHVDWHSHQWUXFDUHQHJRFLH]L
'DFÃQXDLVWDELOLWVLWXDģLLGHUHWUDJHUHH[LVWÃSHULFROXOVÃWHODğLGXVGHHQWX]LDVPXOğLFRPSHWLWLYLWDWHDXQHLQHJRFLHULğL
VÃDMXQJLVÃIDFLRDIDFHUHGLQFDUHDUILIRVWPDLELQHVÃWHUHWUDJL8OWLPHOHGRXÃWHKQLFLHQXPHUDWHPDLVXVWH®PSLHGLFÃVÃ
FD]L®QDFHDVWÃFDSFDQÃ
)DSWXOFÃWUHEXLHVÃFRPSDULRULFHRIHUWÃFXVFHQDULXOWÃXGHUHWUDJHUHQXHVWHVXUSULQ]ÃWRUߙGDFÃD®QFKHLDDIDFHUHDH
PDLUÃXGHF¢WDOWHUQDWLYDDWXQFLWUHEXLHVÃWHUHWUDJL
5HFRPDQGDUHD SULYLQG FRQğWLHQWL]DUHD SHUPDQHQWÃ D GH]DYDQWDMHORU ILQDQFLDUH SRVLELOH HVWH PXOW PDL VXEWLOÃ ğL PDL
GLILFLO GH SXV ®Q SUDFWLFÃ 9DORDUHD H[DFWÃ D XQHL DIDFHUL SHQWUX Y¢Q]ÃWRU VDX FXPSÃUÃWRU HVWH DGHVHD IRDUWH JUHX GH
GHWHUPLQDW,DWÃF¢WHYDVXEWLOLWÃģL
ߧ([LVWÃHOHPHQWHGHULVFGHH[HPSOX®QDRIHULXQSUHģIL[SHQWUXXQFRQWUDFWGHFRQVWUXFģLL"ĞLFXPFXDQWLILFLDFHVWH
ULVFXUL®QEDQL"
ߧ&DUHVXQWLPSOLFDģLLOHSHQWUXIOX[XOGHQXPHUDUğLFXPOHFXDQWLILFL"
ߧ'DFÃQHJRFLH]LRDIDFHUHSHPDLPXOģLDQLFHUHGXFHUHIDFLSHQWUXDQLLXUPÃWRUL"
ߧ'DFÃIDFLDIDFHUHDSDUģLDO®QVSHUDQģDXQHLFRODERUÃULYLLWRDUHFXPHYDOXH]LSRVLELOLWDWHDXQXLSURILWYLLWRU"
ߧ0XOWHDVSHFWHQRQILQDQFLDUHFXPDUILWHUPHQHOHOLPLWÃDXXQLPSDFWILQDQFLDULQHYLWDELO&XPFXDQWLILFLDFHVWHFRVWXUL
VXSOLPHQWDUH"
ߧ'DFÃWUHEXLHVÃRIHULJDUDQģLLGHVSÃJXELULFODX]HSULYLQGSHQDOLWÃģLOHğLDOWHOHDVHPHQHDWHYHLDVLJXUDSHQWUXHOH"6DX
GDFÃ ®ģL DVXPL ULVFXOFXPFXDQWLILFLYDORDUHDDFHVWXLD"5ÃVSXQVXO OD®QWUHEDUH SRDWH ILIRDUWH GLILFLOGHRDUHFHDVSHFWH
SUHFXPGHVSÃJXELULOHSRWDYHDXQULVFVFÃ]XW®QVÃXQFRVWIRDUWHULGLFDW
ߧ'DFÃDLGHF¢ğWLJDWEHQHILFLLQRQILQDQFLDUHFXPDUILDFRUGXOGHDILFOLHQWGHUHIHULQģÃFHYDORDUHOHDWULEXL"
8QIRVWDQJDMDWRUDOPHXSULYHDDFHVWHDVSHFWHILQDQFLDUHFDSHXQF¢PSPLQDWDW¢WGHSHULFXORV®QF¢WWRDWHQHJRFLHULOH
PDMRUHLQFOXGHDXXQFRQWDELO®QHFKLSHOHQRDVWUHGHWUDWDWLYH'DFÃQXWHSRģLEXFXUDGHVSULMLQILQDQFLDUSURIHVLRQLVWDWXQFL
YRU IL PRPHQWH ®Q WUDWDWLYH F¢QG YD IL QHYRLH VÃ ®QWUHUXSL QHJRFLHUHD SHQWUX D GLVFXWD DVSHFWH ILQDQFLDUH FX XQ H[SHUW GLQ
RUJDQL]DģLDWD
$IDFHULOHSURDVWHVXQWDW¢WGHSÃJXERDVH®QF¢W®QWUXQFD]OLPLWÃWUHEXLHVÃWHUHWUDJL
)RORVHğWHDUJXPHQWHUDģLRQDOH®QVSULMLQXOFDX]HLWDOH
'H H[HPSOX GDFÃ ®ģL YLQ]L FRPSDQLD DL SXWHD FLWD R FLIUÃ D YDORULL DFWLYHORU SOXV GH RUL SURILWXULOH DQXDOH $SRL
DUJXPHQWH]L FÃ SURILWXULOH FXPSÃUÃWRUXOXL SRW FUHğWH FRQVLGHUDELO GHRDUHFH HOH SRW UHGXFH FRVWXULOH SULQ UDģLRQDOL]DUHD
ED]HORU GH FRVW GLQWUH FRPSDQLD WD ğL FRPSDQLD FXPSÃUÃWRDUH VDX SULQ LQYHVWLģLL QRL FDUH VÃ FRQVROLGH]H SRUWRIROLXO
SURGXVXOXL,QWULDVWIHO®QWURGLVFXģLHGHVSUHF¢WGHPXOWWUHEXLHVÃXPIOLSURILWXULOHFXUHQWH®QFDOFXO
'HDVHPHQHDGDFÃYUHLVÃFUHH]LDQDORJLLVDXVÃIDFLFRPSDUDģLHFXDOģLFRQFXUHQģLWUHEXLHVÃWHLQIRUPH]L®QSUHDODELO
GHVSUHFLIUHOHFRPSDQLLORUFDUHYLQ®QVSULMLQXOSR]LģLHLWDOH
)LLIOH[LELO
8QXOGLQWUHSHULFROHOHSUHJÃWLULLFRUHVSXQ]ÃWRDUHHVWHFÃWHYHLVLPģL®QPRGHYLGHQWPDLFRQIRUWDELOGDFÃHWDSDWUDWDWLYHORU
VH PHQģLQH ®Q OLPLWHOH VFHQDULLORU OD FDUH WHDL J¢QGLW GHMD 'DFÃ WH J¢QGHğWL OD VFHQDULLOH SUHJÃWLWH GH WLQH FD OD XQ WLSDU
WUHEXLHVÃILLGLVSXVVÃLHğLGLQDFHOWLSDU
7DFWLFL®QWUDWDWLYH
3XWHPFRQVLGHUDWDFWLFLOH®QWUDWDWLYHߣWUXFXULOHPHVHULHLߢSHQWUXQHJRFLDWRUL
'RDUILLQGFÃDL®QFHSXWVÃGXFLWUDWDWLYHQX®QVHDPQÃFÃHWDSDFRPXQLFÃULLDOXDWVI¢UğLW$VFXOWîQFRQWLQXDUHSXQHPXOWH®QWUHEÃULGHVFKLVHIÃDILUPDģLL
FDUHUHGXFDğWHSWÃULOHSDUWHQHUXOXL
5HFLSURFLWDWHD
'DFÃSDUWHQHUXOWÃXH[SULPÃRFHUHUHDWXQFLHELQHVÃWHJ¢QGHğWLGDFÃH[LVWÃRVLWXDģLHDQDORDJÃYDODELOÃGLQSXQFWXOWÃXGH
YHGHUHğLFDUHSRDWHGXFHODRFRQWUDRIHUWÃGXSÃIRUPXOD
'$&ÂDFFHSWDVWD$781&,DUILUH]RQDELOFDWXVîPLDFRU]LRFRQFHVLHDVHPÃQÃWRDUH
5HFLSURFLWDWHDSRDWHILIRORVLWÃIRDUWHHILFLHQW®QGRPHQLXOFRPSOLFDWDOJDUDQģLLORU'DFÃSDUWHQHUXOWÃX®ģLFHUHDFRUGDUHD
XQHLJDUDQģLLSHQWUX®QGHSÃUWDUHDXQXLULVFHğWLSHGHSOLQ®QGUHSWÃģLWVÃVROLFLģLğLWXRJDUDQģLH®PSRWULYDXQXLULVFFXFDUHWH
FRQIUXQģLQPRGDVHPÃQÃWRUGDFÃSDUWHQHUXODILUPÃFÃRJDUDQģLHQHOLPLWDWÃDPHQLQģÃHIHFWLYFRPSDQLDğLYUHDDğDGDUVÃ
OLPLWH]HJDUDQģLDWUHEXLHVÃFHULOLPLWÃULUHFLSURFHDOHRULFÃURUJDUDQģLLSHFDUHHğWLQHYRLWVÃOHRIHUL
7ÃFHUHD
'HğLDPPHQģLRQDWWÃFHUHDFDUHJXOÃDQHJRFLHULLSURSULX]LVHHVWHRWDFWLFÃDW¢WGHJUR]DYîQF¢WPHULWÃVÃRUHDPLQWHVF
'DFÃVWDLSXUğLVLPSOXWÃFXWFDğLFXPDLF¢QWÃULXQDVSHFWVDXDLDğWHSWDXQUÃVSXQVODR®QWUHEDUHSDUWHQHUXOVHYDVLPģL
DGHVHDDW¢WGHVW¢QMHQLW®QF¢WYDߣVFÃSDߢIÃUÃVÃğLGHDVHDPDDQXPLWHLQIRUPDģLLSUHģLRDVHVDX®QFHOPDLEXQFD]RRIHUWÃ
UHYL]XLWÃ
1XPÃSRWJ¢QGLODQLFLRDOWÃWHKQLFÃPDLFLYLOL]DWÃFDUHVÃODIHFWH]HSHSDUWHQHUPDLPXOWGHF¢WWÃFHUHD
QPRGHYLGHQWWUHEXLHVÃWHDQWUHQH]LFDVÃSRģLWROHUDLPSHUWXUEDELOWÃFHULOHSDUWHQHUXOXL
/DXGÃFRPSRUWDPHQWXOFDUH®ģLDGXFHEHQHILFLL
3RģL DSOLFD WHKQLFL VLPLODUH SH FDUH OH IRORVHğWL FD VÃ GUHVH]L XQ F¢LQH SHQWUX D ®QWÃUL FRPSRUWDPHQWHOH FDUH ®ģL DGXF
EHQHILFLL 'H H[HPSOX DL SXWHD OÃXGD R FRQFHVLH FD ILLQG ߣR DERUGDUH LQYHQWLYÃߢ IDSWXO FÃ SDUWHQHUXO ®ģL GÃ LQIRUPDģLL
SUHģLRDVHDUSXWHDILFHYDFHFRQVLGHULߣIDVFLQDQWߢ
6FX]DVWUDWHJLFÃ
3UREDELOFÃQXYHLWUHFHSULQWURVHVLXQHGHWUDWDWLYHFRPSOH[HPDMRUHIÃUÃVÃIDFLF¢WHYDJUHğHOLPDMRUH6FX]DVWUDWHJLFÃ
HVWH R WDFWLFÃ IRDUWH LPSRUWDQWÃ SHQWUX D UHSDUD UÃXO SURGXV GH R JUHğHDOÃ DVXSUD UHODģLHL FX SDUWHQHUXO WÃX 2 VFX]Ã IÃUÃ
UH]HUYH YD IL UDUHRUL DFFHSWDWÃ QHHOHJDQW ,QVLVW DVXSUD VLQWDJPHL ߣIÃUÃ UH]HUYHߢߨ QX WUHEXLH VÃ H[LVWH QLFLR MXVWLILFDUH
SHQWUXD®QFHUFDVÃģLVDOYH]LLPDJLQHD1XWUHEXLHVÃWHXPLOHğWLFLVÃWHDSURSLLF¢WSRģLGHRDWLWXGLQHXPLOÃIÃUÃVÃSDUÃFÃ
MRFLWHDWUX'DFÃVFX]DHFRPSOHWVLQFHUÃFXDW¢WPDLELQH®QVÃğLDģLDVXPD®QWUHDJDYLQÃF¢QGGHIDSWYLQDHVWHGHDPEHOH
SÃUģLSRDWHILODIHOGHHILFLHQW
'DFÃOXFUXULOHGHFXUJSURVWGHH[HPSOXWHFHUģLFXSDUWHQHUXOSRģLVÃHYLGHQģLH]LIDSWXOFÃDUWUHEXLVÃSULYLģLDP¢QGRLVSUHYLLWRU®QORFVÃLQVLVWDģLDVXSUD
JUHğHOLORUGLQWUHFXW
3ROLģLVWXOEXQğLSROLģLVWXOUÃX
2VWUDWDJHPÃFODVLFÃSUHVXSXQHGRLQHJRFLDWRULGLQWUHFDUHXQXOMRDFÃIRDUWHGXUFHOFDUHHPLWHDPHQLQģÃULOHğLFHOÃODOW
HVWH FRQFLOLDQW FHO FDUH IDFH RIHUWHOH 3H F¢QG PÃ SUHJÃWHDP VÃ GHYLQ QHJRFLDWRU PL VD VSXV FÃ DFHDVWÃ WHKQLFÃ HVWH
LQDFFHSWDELOÃ2ELHFģLLOHPHOHODDFHDVWÃWDFWLFÃVXQW®Q®QWUHJLPHGHRUGLQSUDJPDWLF
ߧ1HFHVLWÃGRLQHJRFLDWRULFHHDFHDGHVHDQXMXVWLILFÃFKHOWXLHOLOHğLOHRIHUÃPXOWHRFD]LLGHDQXPDLğWLFLQHGHģLQH
FRQWUROXO
ߧ7UHEXLHVÃMRFLWHDWUXLDUDFHDVWD®LSRDWHIDFHSHSROLģLğWLVÃJUHğHDVFÃ
ߧ(VWHH[WUHPGHXğRUGHGHSLVWDWLDUSROLģLğWLLYRUSÃUHDULGLFROLF¢QGSDUWHQHUXOOHYDVSXQHVîQFHWH]HDPDLIDFHSH
SROLģLVWXOEXQğLSROLģLVWXOUÃX5ÃP¢LDWXQFLFXXQQHJRFLDWRU®QSOXV
([LVWÃWRWXğLRYDULDQWÃDDFHVWHLWDFWLFLFDUHIXQFģLRQHD]îQWUDGHYÃUIRDUWHELQH
'HOHJDUHDXQHLWHUģHSÃUģL
'LQ QRX LQVWUXFWRUXO PHX PLD VSXV VÃ QX IRORVHVF DFHDVWÃ WDFWLFÃ ߙ LGHH SH FDUH DP DMXQV VÃ R UHVSLQJ Q FD]XO DFHVWHL
WDFWLFLSROLģLVWXOUÃXQXHVWHSUH]HQWODQHJRFLHUH®QVÃSXQFWHOHVDOHGHYHGHUHVXQWWUDQVPLVHSHQWUXDDUÃWDF¢WGHUH]RQDELO
ğLFRQFLOLDQWHVWHQHJRFLDWRUXO7HUģDSDUWHSRDWHILğHIXOGLUHFWRUXODYRFDģLLQRğWULVRģLDVRģXOSDUWHQHUXOGHYLDģÃSDUWHQHULL
GH DIDFHULߨ OLVWD HVWH DSURDSH QHVI¢UğLWÃ ğL QLFL QX WUHEXLH VÃ WH OLPLWH]L OD D IRORVL XQXO VLQJXU $FHDVWÃ WDFWLFÃ VH SRDWH
PDQLIHVWD®QPXOWHPRGXULLDWÃF¢WHYDH[HPSOH
ߧߣ$YRFDģLLQRğWULQXQHDUOÃVDQLFLRGDWÃVÃVHPQÃPRJDUDQģLHQHOLPLWDWÃߢ
ߧߣ6RģLDPLDVSXVVÃQXFKHOWXLPDLPXOWGHGHOLUHߢ
ߧߣĞHIXOPHXHFRPSOHWLUDģLRQDOF¢QGYLQHYRUEDGHY¢Q]ÃWRULFDUHQXYRUVÃRIHUHߨߢ
ߧߣ0ÃRPRDUÃğHIXOGDFÃDFFHSWVÃߨߢ
ߧ ߣ$FHDVWD ®PL GHSÃğHğWH DXWRULWDWHD WUHEXLH VÃ PÃ FRQVXOW FX &RQVLOLXO ğL SUREDELO FÃ HL YRU UHSXQH ®Q GLVFXģLH DOWH
SUREOHPH®QSULYLQģDFÃURUDQHDP®QģHOHVGHMDߢ
&LWDWHOHGLQWHUģDSDUWHSRWILUHDOHVDXSRģLEOXIDߨ
%OXIXO
1XUHXğHVFVÃJÃVHVFRDOWÃSDUWHDOXPLLDIDFHULORU®QFDUHRSHUVRDQÃLQWHJUÃVDUSXWHDJ¢QGLVÃPLQWÃߨVFX]HVÃEOXIH]H
(VWHDFFHSWDELOVÃFRQVLGHULWUDWDWLYHOHFDSHXQMRFߙSDUWHQHUXOWÃXQXYDDYHDRLPSUHVLHSURDVWÃGHVSUHWLQHSHQWUXFÃR
WUDWH]LFDSHXQMRFߙLDUEOXIXOHVWHRWDFWLFÃDFFHSWDWîQMRF
5HJXOLOHEOXIXOXLVXQW
ߧ3DUWHQHUXOWÃXQXWUHEXLHVÃSRDWÃUHVSLQJHXQEOXI
ߧ%OXIXULOHWUHEXLHVÃILHFUHGLELOH
ߧ1XEOXIDSUHDPXOW
ߧ'DFÃHğWLSULQVGÃL®QDLQWHFXWXSHX
8OWLPDWXPXULDPHQLQģÃULğLUHWUDJHUL
$PWHQGLQģDVÃFRQVLGHUDFHVWHWDFWLFLSDUWHD®QWXQHFDWÃDWUDWDWLYHORU([LVWÃRVHULHGHDVSHFWHLPSRUWDQWHSHFDUHWUHEXLHVÃ
OH®QģHOHJL
QSULPXOU¢QGXOWLPDWXPXULOHğLDPHQLQģÃULOHDFRSHUÃXQVSHFWUXGHSRVLELOLWÃģL'DFÃVSXQXOWLPDWXPSULPDUHSOLFÃFH
®ģLYLQH®QPLQWHHVWHߣ$FHDVWDHRIHUWDPHDILQDOÃRDFFHSģLߙELQHQXߙODUHYHGHUHߢ$FHVWH[HPSOXVHDIOÃODH[WUHPD
LQFHQGLDUÃDVSHFWUXOXLGHXOWLPDWXPXULFDUHVHYDIRORVLHYLGHQWGRDU®QVLWXDģLLH[WUHPH8QH[HPSOXPDLSXģLQH[WUHPDU
IL ߣ,QVLVW VÃ REģLL DFHVWH LQIRUPDģLL S¢QÃ OD ®QW¢OQLUHD GH P¢LQHߢ 6LWXDģLD HVWH DFHHDğL ®Q FD]XO DPHQLQģÃULORU Q SOXV
DPHQLQģÃULOH SRW IL H[SOLFLWH ߙ ߣ$FHDVWÃ SUREOHPÃ HVWH R VLWXDģLH QHQHJRFLDELOÃ SHQWUX PLQHߢ ߙ VDX LPSOLFLWH ߙ ߣ1X ®PL
FRQYLQHVÃUHQXQģODDFHVWDVSHFWGHRDUHFHHIRDUWHLPSRUWDQWSHQWUXPLQHߢ
QDOGRLOHDU¢QGDFHVWHWDFWLFLGHSLQGGHHWDSDODFDUHDLDMXQV®QQHJRFLHUH(OHWLQGVÃILHPXOWPDLDFFHSWDELOHGDFÃDL
DMXQV ®QWUXQ EORFDM VDX GDFÃ ®QFHUFL VÃ ®QFKHL DIDFHUHD 9RL UHYHQL DVXSUD DFHVWRU REVHUYDģLL ®Q VHFģLXQLOH UHIHULWRDUH OD
EORFDM ğL OD ®QFKHLHUHD DIDFHULL )RORVLUHD RULFÃUHLD GLQWUH DFHVWH WDFWLFL OD ®QFHSXWXO XQHL VHVLXQL GH WUDWDWLYH HVWH IRDUWH
ULVFDQWÃ
QDOWUHLOHDU¢QGDFHVWHDGHSLQGGHQDWXUDQHJRFLHULL®QFDUHHğWLLPSOLFDW$PIRVWLPSOLFDW®QPXOWHWUDWDWLYHFRPHUFLDOH
ğLQXDPDVLVWDWQLFLRGDWÃODRUHWUDJHUH7RWXğL®QFHL]HFHDQLFDQHJRFLDWRUVLQGLFDODPDVLVWDWODGHVWXOGHPXOWHUHWUDJHUL
'RDUGDFÃWHXLģLODğWLULYH]LUHWUDJHULIUHFYHQWHGLQQHJRFLHULOHGLSORPDWLFH8QPRWLYRELğQXLWDOUHWUDJHULORU®QQHJRFLHULOH
VLQGLFDOHğLGLSORPDWLFHHVWHFÃXQDVDXDPEHOHSÃUģLWUHEXLHVÃGHPRQVWUH]HSÃUģLORUORUFRLQWHUHVDWHF¢WVXQWGHGXUH(VWH
LQXWLO FD R XQLXQH VLQGLFDOÃ VÃ IDFÃ R ®QģHOHJHUH FX PDQDJHPHQWXO GDFÃ ®QģHOHJHUHD HVWH UHVSLQVÃ SULQWUXQ YRW GH PHPEULL
DFHVWXLD 5HWUDJHULOH WLQG VÃ ILH PDL IUHFYHQWH F¢QG SURFHVXO WUDWDWLYHORU HVWH RDUHFXP WLSL]DWߨ GH H[HPSOX QHJRFLHULOH
VLQGLFDOHDXX]DQģHğLXQVWLOIRDUWHDSDUWHLDUUHWUDJHUHDHVWHRSDUWHDFFHSWDWÃDDFHVWRUX]DQģH
QVI¢UğLWVHSDUHFÃPXOģLRDPHQLFUHGFÃDFHVWHWDFWLFLWUHEXLHIRORVLWH®QWURVWDUHGHDJLWDģLHDFFHQWXDWÃPDQLIHVW¢QGGH
RELFHLRLULWDUHHYLGHQWÃ(OHVXQW®QVÃPXOWPDLHILFLHQWHGDFÃVHWUDQVPLWFXXQFDOPğLRSROLWHģHGHVÃY¢UğLWHVDXߣPDLPXOW
DG¢QFP¢KQLWGHF¢W®QWÃU¢WDWߢ
2PDQLIHVWDUHDP¢QLHLSRDWHILXWLOÃ'DFÃWUHFL®QJHQHUDOGUHSWRSHUVRDQÃIRDUWHFRQWURODWÃğLSROLWLFRDVÃDWXQFLRPDQLIHVWDUHHYLGHQWÃDP¢QLHLYD
DYHDXQLPSDFWIRDUWHSXWHUQLFDVXSUDSDUWHQHUXOXLWÃXğLSRDWHGXFHODVLWXDģLDGH]LUDELOîQFDUHDFHVWD®QFHDUFÃVÃWH®PSDFH7DFWLFDIXQFģLRQHD]ÃFHO
PDLELQHGDFÃHVWHIRORVLWÃIRDUWHUDUߙQXPDLF¢QGP¢QLDWDHVWHMXVWLILFDWÃFODUğLQX®ģLSLHU]LFRQWUROXOğLQXVSXLFHYDFHDLSXWHDUHJUHWD
&LWHğWHGLVSR]LģLDSDUWHQHUXOXL
1HJRFLDWRULL FDUH DX R ®QFOLQDģLH QDWXUDOÃ VSUH UHFHSWDUHD GLVSR]LģLHL DOWRU RDPHQL ğL FDUH VH SULFHS VÃ FLWHDVFÃ OLPEDMXO
WUXSXOXL WLQG VÃ DLEÃ XQ DYDQWDM FRQVLGHUDELO 'DFÃ SDUWHQHUXO WÃX DUH R VWDUH GH HQWX]LDVP VDX RSWLPLVP YD IL UHFHSWLY OD
SURSXQHUL2EVHUYÃF¢QGDFHVWDQXPDLHVWHDWHQWFD]®QFDUHVHUHFRPDQGÃWDFWLFDXUPÃWRDUH
3DX]D
([LVWÃF¢WHYDVLWXDģLL®QFDUHYHLDYHDGHF¢ğWLJDWGDFÃFHULRSDX]ÃF¢QGDPEHOHSÃUģLVHUHWUDJ®Q®QFÃSHULVHSDUDWH,DWÃ
F¢WHYDH[HPSOHGHEHQHILFLLGHSHXUPDDFHVWHLDERUGÃUL
ߧ6ÃYÃRGLKQLģLWXğLFHDODOWÃSDUWH
ߧ6ÃGLVFXģLRSUREOHPîQSDUWLFXODUFXHFKLSDWDGHQHJRFLHUH
ߧ6ÃLHLOHJÃWXUDFXğHILLDYRFDģLLVDXH[SHUģLLILQDQFLDULSHQWUXDOHFHUHVIDWXOVDXDFRUGXO
ߧ6ÃFDXģLLQIRUPDģLLUHOHYDQWH
ߧ 6à DGPRQHVWH]L XQ PHPEUX DO HFKLSHL WDOH GH QHJRFLHUH GH H[HPSOX GDFà VHFUHWDUXO WÃX ®ğL DVXPà EUXVF UROXO GH
QHJRFLDWRU
ߧ6îQWUHUXSLFXUVLYLWDWHDSDUWHQHULORUWÃL'DFÃHLVXQW®QDYDQWDMDWXQFLRSDX]ÃSRDWHILRRFD]LHVÃWHUHJUXSH]LLDUHL
VÃğLSLDUGÃFRQFHQWUDUHDߨFDXQMXFÃWRUGHWHQLVFDUHFRQWHVWÃGHFL]LDDUELWUXOXLFÃPLQJHDDDWHUL]DW®QDIDUDWHUHQXOXL
GHMRFDGYHUV
)RORVHğWHWHGH®QWUHYHGHULOHLQIRUPDOH$PYÃ]XWPXOWHVLWXDģLLF¢QG®QDIDFHULSURJUHVHOHVDXIÃFXW®QWLPSFHDPEHOHSÃUģLDXLHğLWDIDUÃODRSDX]ÃGH
ģLJDUÃDXOXDWSU¢Q]XO®PSUHXQÃVDXDXVHUYLWREÃXWXUÃVHDUD1XWUHEXLHQLFLRGDWÃVÃODğLJDUGDMRVFRPSOHW®QDVWIHOGH®PSUHMXUÃULFLVÃDVFXOģLğLVÃ
VXJHUH]LSRVLELOLWÃģLSHFDUHWXVDXSDUWHQHUXOWÃXQXOHDģLVXJHUD®QWURGLVFXģLHRILFLDOÃ
&DXWÃLQIRUPDģLLFRPSHWLWLYH
2UJDQL]DģLDWDYDILIRDUWHLQWHUHVDWÃGHLQIRUPDģLLGHVSUHSURGXVHğLVHUYLFLLGLQDOWHGRPHQLLODFDUHSDUWHDDGYHUVÃDUSXWHD
ILUHFHSWLYÃ'HDVHPHQHDSUREDELOFÃSDUWHDDGYHUVÃDGLVFXWDWFXFRQFXUHQģDğLDUSXWHDVÃILHIÃUÃVÃYUHDVXILFLHQWGH
LPSUXGHQWîQF¢WVîģLGHDLQIRUPDģLLSUHģLRDVHGHVSUHRIHUWHOHSUHģXULOHSXQFWHOHVODEHSXQFWHOHWDULHWFDOHFRPSHWLģLHL
5HGXULVFXOFHOHLODOWHSÃUģL
(VWHIRDUWHVLPSOXFD®QWURVHVLXQHGHWUDWDWLYHVÃWHD[H]LDVXSUDXQRUDVSHFWHFRQFUHWHFXPDUILSUHģXULOHGDWHOHOLYUÃULLğL
DOWHOH $FHDVWÃ DERUGDUH LJQRUÃ XQXO GLQWUH SULQFLSDOHOH PRWLYH SHQWUX FDUH SDUWHQHUXO WÃX QX YD IL GH DFRUG FX RIHUWD WD
WHDPD7HDPDLDPXOWHIRUPH
ߧ7HDPDGHDLURVLEDQL
ߧ7HDPDFÃYHLUHJUHWDDIDFHUHD
ߧ7HDPDFÃRUJDQL]DģLDWDYDUHJUHWDDIDFHUHD
ߧ7HDPDFÃXQSURGXVDFKL]LģLRQDWQXYDIXQFģLRQDFRUHFW
ߧ7HDPDFÃSURPLVLXQLOHIÃFXWHOD®QFKHLHUHDXQHLDIDFHULQXYRUILRQRUDWH
2WDFWLFÃIRDUWHEXQÃFRQVWîQDIDFHRIHUWHFDUHGLPLQXHD]ÃWHDPDSDUWHQHUXOXL
ߧ5HVWLWXLUHDLQWHJUDOÃDEDQLORU®QFD]XOLQVDWLVIDFģLHLFOLHQWXOXL
ߧ3RVLELOLWDWHD®QWUHUXSHULLFRQWUDFWHORU
ߧ*DUDQģLLDOHSURGXFÃWRUXOXL
ߧ2IHUWDGH®QORFXLUHDSURGXVXOXLğLQXGHUHSDUDUH
ߧ3OÃģLHğDORQDWHGHH[HPSOXߣFXPSHULDFXPSOÃWHğWLPDLW¢U]LXߢSHQWUXFXPSÃUÃWRUVDXRSODWîQDYDQVSHQWUXY¢Q]ÃWRU
ߧ7HVWHD]îQDLQWHGHDFXPSÃUD
ߧ*DUDQģLLFRQWUDFWXDOH
ߧ&RPSHQVDģLL
ߧ&ODX]HGHSHQDOLWÃģL
&RQWUDWDFWLFL
7RDWH WDFWLFLOH GH QHJRFLHUH H[LVWHQWH WUHEXLH ®QģHOHVH GLQ GRXÃ PRWLYH Q PRG HYLGHQW SRģL DOHJH VÃ OH IRORVHğWL ®Q FD]XO
SDUWHQHUXOXLWÃX/DIHOGHLPSRUWDQWHVWHFÃSRģLGHSLVWDF¢QGSDUWHQHUXOWÃXOHDSOLFîQFD]XOWÃXĞWLLQGFXPYUHDDFHVWDVÃ
UHDFģLRQH]L®LSRģLFRQWUDFDUDWDFWLFDߨğLFHDPX]DQWSRDWHIL
([LVWÃPDLPXOWHPRGXULSULQFDUHSRģLFRQWUDFDUDWDFWLFLOH3RģLSXUğLVLPSOXVÃQXGDLUÃVSXQVXODğWHSWDW'HH[HPSOX
YHLVWDLPSHUWXUEDELO®QWLPSXOXQXLPRPHQWGHWÃFHUH®QORFVÃVSXLGLQJUHğHDOÃFHYD®QIRORVXOSDUWHQHUXOXLVDXSRģLUH]LVWD
WHQWDģLHLGHDGRPROLIXULDSDUWHQHUXOXLQDOWHVLWXDģLLGHH[HPSOXF¢QGDFHVWD®QFHDUFÃVÃģLUHGXFÃWHPHULOH®LSRģLPXOģXPL
SHQWUXSURIHVLRQDOLVPXOVÃXQF¢WHYDVLWXDģLLHVWHUHFRPDQGDELOVÃGHPDğWLIRORVLUHDXQHLDQXPLWHWDFWLFLGHSLOGÃSROLģLVWXO
EXQğLSROLģLVWXOUÃX
&XPGHSÃğHğWLXQEORFDM
0XOģL GLQWUH QRL HYLWÃ FRQIOLFWHOH ®Q FRQVHFLQģÃ EORFDMXO HVWH SDUWHD FDUH ®L VSHULH FHO PDL PXOW SH QHJRFLDWRULL
QHH[SHULPHQWDģL3ULPXOOXFUXSHFDUH®OSRģLIDFHHVWHVîģLGDLVHDPDFÃEORFDMXOVHDSURSLHğLVîO®PSLHGLFL
2IHUÃPXOWHRSģLXQL
$FXP HVWH HVHQģLDO VÃ ILL FUHDWLY ğL VÃ LHğL GLQ WLSDUH '¢QG XQ H[HPSOX GLQ SURSULD H[SHULHQģÃ DP HYLWDW XQ EORFDM OD XQ
PRPHQWGDWVSXQ¢QGߣ9DģLJ¢QGLWVÃOXDģL®QOHDVLQJ®QORFVÃFXPSÃUDģLSHORF"ߢ
&HIDFLGDFÃQXHğWLFUHDWLY"QWURDVWIHOGHVLWXDģLHSRģLIRORVLDERUGDUHDXUPÃWRDUH
3XQHPXOWH®QWUHEÃULGHVFKLVH
$VWIHOF¢ğWLJLWLPSğLSRģLREģLQHLQIRUPDģLLXWLOH'HDVHPHQHD®OYHLIDFHSHSDUWHQHUXOWÃXVÃYRUEHDVFîQFRQWLQXDUHFHHD
FHYDFRQWULEXLODHOLPLQDUHDIUXVWUÃULORU
6Ã SUHVXSXQHP FÃ VD ®QW¢PSODW FH H PDL UÃX ğL WH DIOL ®QWUXQ EORFDM LDU QLFLXQD GLQWUH WDEHUH QX H GLVSXVÃ VÃ IDFÃ R
PLğFDUH&HSRģLIDFH"
$OHJHģL®PSUHXQÃXQSURFHGHXUDģLRQDOSHQWUXUH]ROYDUHDEORFDMXOXL
8QSURFHGHXUDģLRQDOHVWHDGHVHDODIHOGHSXWHUQLFFDXQDUJXPHQWUDģLRQDO,DWÃF¢WHYDSURFHGHHUDģLRQDOH
ߧ$GXFHģLXQDUELWUX$UELWUDMXOSRDWHILFRQVXOWDWLYVDXREOLJDWRULX3RDWHILğLOLEHUVDXDORIHUWHORUILQDOHQDUELWUDMXO
RIHUWHORUILQDOHXQDUELWUXWUHEXLHVÃILHGHDFRUG®Q®QWUHJLPHFXSR]LģLDXQHLDGLQWUHSÃUģL
ߧߣPSÃUģLģLGXPQHDYRDVWUÃğLDOHJHXߢ
ߧߣ+DLGHģLVÃIDFHPFXU¢QGXOߢ
ߧ'DģLFXEDQXO
ߧ$MXQJHģLODXQFRPSURPLV
'ÃXQXOWLPDWXP
$FHVWDVHH[SULPÃFHOPDLELQHVXEIRUPDߣ$FHDVWDHFHDPDLEXQÃRIHUWÃDPHDğLHRIHUWDILQDOÃ'DFÃYÃFRQYLQHߙELQH
GDFÃQXߙQXߢQPDMRULWDWHDVLWXDģLLORUFHOPDLELQHHVÃUH]LğWLWHQWDģLHLGHDWHUHWUDJHGXSÃFHGDLXQXOWLPDWXP
8Q XOWLPDWXP HVWH HYLGHQW R VWUDWHJLH FX ULVF ULGLFDW FDUH IXQFģLRQHD]à FHO PDL ELQH GDFà SDUWHQHUXO WÃX ®ğL GRUHğWH
DIDFHUHDPDLPXOWGHF¢WWLQH&HIDFLGDFÃWXģLRGRUHğWLPDLPXOWGHF¢WHO"
,QYLWÃģLSDUWHQHUXOVÃģLVSXQÃRIHUWDVDFHDPDLEXQÃğLILQDOÃ
1XHVWHRWDFWLFÃRELğQXLWÃGDUHDSURDSH®QWRWGHDXQDPDLEXQÃGHF¢WDOWHUQDWLYDPDLSUHFLVߨ
&DSLWXODUHD
'DFÃSUHIHULVîQFKHLDIDFHUHD®QFRQGLģLLOHSDUWHQHUXOXLGHF¢WVÃWHUHWUDJLDWXQFLHPDLELQHVÃFDSLWXOH]LGHF¢WVÃODğLIDOVD
P¢QGULHVÃWHIDFÃVÃWHUHWUDJLGLQDIDFHUH
'HVLJXUGDFÃSUHIHULVFHQDULXOWÃXGHUHWUDJHUHHğWLOLEHUVÃRIDFL
5HWUDJHUHD
3DUWHQHUXOSRDWHDOHUJDGXSÃWLQHFXRRIHUWÃPDLEXQÃVDXVHSRDWH®QWRDUFHXOWHULRU2YHUVLXQHPDLSXģLQGUDVWLFÃDDFHVWHL
WHKQLFLHVWHߨ
6ÃWHPDLJ¢QGHğWL
2WDFWLFÃVXUSULQ]ÃWRUGHHILFLHQWÃHVWHVÃWHGHVSDUģLGHSDUWHQHU®QWHUPHQLDPLDELOLğLVÃFDXWHILHFDUHRLHğLUHGLQLPSDV
'HORFVXUSULQ]ÃWRUDFHDVWDHVWHRWDFWLFÃHILFLHQWÃPDLDOHVF¢QGXQDVDXDPEHOHSÃUģLVXQWIRDUWHRERVLWH
5HFRPDQGÃULLQWHOLJHQWH
QFKHL DFHVW FDSLWRO FX R OLVWÃ GH UHFRPDQGÃUL LQWHOLJHQWH 0XOWH GLQ DFHVWHD VXQW GHVWXO GH HYLGHQWH GDU F¢WHYD VXQW ®QWU
DGHYÃUVXEWLOH
&RUHFWHD]ÃLPHGLDWSHUFHSģLLOHJUHğLWH
8QLLSDUWHQHULSRWLQWHUSUHWDJUHğLWLQWHQģLRQDWVDXQHLQWHQģLRQDWFHHDFHVSXL7UHEXLHVîLFRUHFWH]LLPHGLDW)LLDWHQWVÃQX
UHSHWHLQWHUSUHWDUHDJUHğLWÃğLFRUHFWHD]ÃLGHILHFDUHGDWÃ
2GDWÃQHJRFLDPVÃUHGDFWH]XQQXPÃUGHGRFXPHQWHSHQWUXXQFOLHQW3HQWUXDUHGXFHULVFXOFOLHQWXOXLPDPRIHULWVÃUHGDFWH]XQGRFXPHQWSHULVFXO
PHX 'XSÃ FH ODP VFULV ğL QHDP ®QģHOHV DVXSUD XQXL SUHģ SHU GRFXPHQW FOLHQWXO D LQWHUSUHWDW JUHğLW RIHUWD PHD FD R RIHUWÃ GH D UHGDFWD SULPXO
GRFXPHQWSHJUDWLV$WUHEXLWVÃFRUHFWH]DFHDVWÃLQWHUSUHWDUHJUHğLWÃGHPDLPXOWHRUL
)RORVHğWHWHGHXQFRQWUDFWSHQWUXDVWDELOLGLQDLQWHWHUPHQLL®QFHWÃULL®QģHOHJHULL
&¢WWLPSWXğLSDUWHQHUXODYHģLUHODģLLEXQHWUHEXLHVÃSURILģLGHRFD]LHğLVÃVWDELOHğWLFHVHYD®QW¢PSODGDFÃODXQPRPHQW
GDW VH VFKLPEÃ VLWXDģLD 8Q DYRFDW EXQ VSHFLDOL]DW ®Q FRQWUDFWH DU WUHEXL VÃ WH ®QGUXPH ®Q DFHVW FD] 'DFÃ QX WH EXFXUL GH
VSULMLQXOXQXLDVWIHOGHDYRFDWDWXQFLWUHEXLHVÃVFULLGLQDLQWHFHHDFHHVWHGHIDSWXQFRQWUDFWSUHQXSģLDO
1XWHHPRģLRQD
&XH[FHSģLDVLWXDģLHL®QFDUHGHFL]L®QPRGFRQğWLHQWFÃVHLPSXQHRUÃEXIQLUHHPRģLRQDOÃHPDLELQHVÃOLPLģLSH0U6SRFN
GLQ6WDU7UHN&HLPDLEXQLQHJRFLDWRULVHED]HD]ÃSHDUJXPHQWHORJLFHğLQXHPRģLRQDOH
1XWHLPSOLFDHPRģLRQDO®Q®QFKHLHUHDXQHLDIDFHUL
6XQW VLJXU FÃ WRģL DP YÃ]XW RIHUWDQģL FDUH VH ODVÃ SXUWDģL GH YDO ®QWUR OLFLWDģLH /D IHO FXP RIHUWDQģLL VXQW SULQğL GH ߣIHEUD
OLFLWDģLHLߢQHJRFLDWRULLVHSRWPROLSVLGHߣIHEUDDIDFHULORUߢ'HDFHHDWUHEXLH®QWRWGHDXQDVÃFRPSDULRIHUWDFXVFHQDULXOWÃX
GHUHWUDJHUH1XILXQXOGLQWUHQHQXPÃUDģLLQHJRFLDWRULFDUH®QFKHLHRDIDFHUHSHFDUHHLVDXRUJDQL]DģLDORUDMXQJVÃRUHJUHWH
1XWHHQHUYD
$FHDVWDHVWHRH[WUHPÃDVFÃULLHPRģLRQDOHGDUPHULWÃVÃRVHPQDOÃPGHRDUHFHDPYÃ]XWPXOģLQHJRFLDWRULSUHMXGLFLLQGXğL
VHPQLILFDWLYSR]LģLLOHSHQWUXFÃVDXHQHUYDW&¢QG®ģLSLHU]LFRQWUROXOSRģLVSXQHRULFHߨğLDGHVHDRIDFL
1XULSRVWD
'DFÃSDUWHQHUXO®ğLSLHUGHFXPSÃWXOVDXIDFHFHYDFDUHWHHQHUYHD]ÃGHRELFHLFHDPDLEXQÃVROXģLHHVWHVÃUH]LğWLWHQWDģLHL
GHDULSRVWD$PLQWHğWHģLFÃHğWL0U6SRFN
8Q DVSHFW FDUH PHULWÃ DPLQWLW HVWH FÃ JDIHOH VXQW PXOW PDL IUHFYHQWH GHF¢W FRQVSLUDģLLOH $WXQFL F¢QG EÃQXLHğWL FÃ
SDUWHQHUXOVDFRPSRUWDWJUHğLWWUHEXLHVÃģLDPLQWHğWLFÃVXQWPDLPXOWHğDQVHVÃLOLSVHDVFÃFRPSHWHQģDğLQXLQWHJULWDWHD
8UPÃWRDUHDUHFRPDQGDUHGHVFULHRUHDFģLHODIHOGHQHSRWULYLWÃFDULSRVWD
1XIL®PSÃFLXLWRU
1XWUHEXLHVÃULSRVWH]LğLQLFLVÃUÃVSXQ]LL]EXFQLULORUSDUWHQHUXOXLWHPSHU¢QGXOH
1XGDYLQDSHSDUWHQHU
QYLQXLUHDHVWHUDUHRULELQHSULPLWÃ(DLQYLWÃODGHIHQVLYÃVDXULSRVWÃ8QH[HPSOXFODVLFGHFXPVÃHYLģLVÃDFX]LSHFLQHYD
DUILVÃVSXLߣVXQWVXSÃUDWߢğLQXߣPÃVXSHULߢ'DFÃGRUHğWLVÃģLFULWLFLSDUWHQHUXODWXQFLGÃFRPHQWDULXOXLWÃXIRUPDXQHL
FULWLFLFRQVWUXFWLYH
1XģLVXEHVWLPDSDUWHQHUXO
'HH[HPSOX
ߧߣ1XSUHDDģLPDLIÃFXWDğDFHYDQXLDğD"ߢ
ߧߣ&RPSDQLDGXPQHDYRDVWUÃQXDUHUHDOL]ÃULLPSUHVLRQDQWHߢ
ߧߣ'DFÃYDģLILIÃFXWWHPDDģLILğWLXWFÃߨߢ
&XVLJXUDQģÃFÃQLFLXQQHJRFLDWRUH[SHULPHQWDWQXDUURVWLDVHPHQHDOXFUXULߨJUHğLW
1XILQHSROLWLFRV
0XOWH GLQWUH FRPHQWDULLOH GH OD SXQFWXO DQWHULRU VXQW JURVRODQH /D IHO HVWH ğL VÃ YRUEHğWL SHVWH FLQHYD 6DX VÃ ®QWUHUXSL
RDPHQLL6DXVÃPRQRSROL]H]LFRQYHUVDģLD6DXVÃWHODX]L6DXVÃWUDWH]LSHFLQHYDGHVXV
1XLVWULFDLPDJLQHDSDUWHQHUXOXLWÃX
1XģLFULWLFDSDUWHQHUXOIDģÃGHVXSHULRULLOXL1XWHOÃXGDFXFHDIDFHUHEXQÃDLIÃFXWGXSÃFHDL®QFKHLDWR3URYRFDUHDWD
HVWHVÃWHDVLJXULFÃLPDJLQHDSDUWHQHUXOXLQXHDIHFWDWîQWLPSFHWXWHDOHJLFXSOÃFLQWDPDLPDUH
1XWHSOHFD®QIDģDDXWRULWÃģLL
'DFÃSDUWHQHUXO®ğLDGXFHğHIXOVDXXQDOWPHPEUXGLQLHUDUKLDVXSHULRDUÃQXWHOÃVDSÃFÃOLWğLQXWHSOHFD®QIDģDDXWRULWÃģLL
DFHVWXLD
1XDEX]DGHRDQXPLWÃWDFWLFÃ
3XģLQHOXFUXULVXQWPDLHQHUYDQWHGHF¢WVÃQHJRFLH]LFXRSHUVRDQÃFDUHUHSHWÃXQVLQJXUFOLğHX'DFÃQXIDFLGHF¢WVÃHPLģL
DPHQLQģÃULVÃGDLXOWLPDWXPXULVÃDSHOH]LPHUHXODRWHUģÃSDUWHDEVHQWÃVDXVÃEOXIH]L®QFRQWLQXXSUREDELOFÃYHLSLHUGH
UHVSHFWXOSDUWHQHUXOXL
1XģLHQHUYDSDUWHQHUXO
(VWHVLPSOXGHXUPDWDFHVWVIDWGDFÃWHSULFHSLVÃFLWHğWLOLPEDMXOWUXSXOXL/DLSXWHDUXJDGLUHFWSHSDUWHQHUVÃWHDYHUWL]H]H
GDFîODJDVH]L'DFîģLHQHUYH]LSDUWHQHUXOIUXVWUDUHDDFHVWXLDVHSRDWHDFXPXODS¢QÃF¢QGH[SORGHD]Ã
1XRIHULRFODX]ÃMXULGLFÃSHFDUHQXDLILGLVSXVVÃRDFFHSģL
&RQVLGHUFÃHVWHJUHğLWVÃIRORVHğWLQHJRFLHULOHFRQWUDFWXDOHFDRSUHOXQJLUHDWUDWDWLYHORUğLVÃSUHYH]LFODX]HFRQWUDFWXDOH
IRDUWHIDYRUDELOHģLH®QVSHUDQģDFÃģLVHYDRIHULFHYDPDLUH]RQDELO9LDģDHSUHDVFXUWÃSHQWUXDVHPHQHDMRFXULSURVWHğWL
5H]XPDW
(FHOPDLELQHVÃSULYHğWLWUDWDWLYHOHFDSHXQMRFQDFHVWFDSLWRODPH[SOLFDWSULQFLSLLOHSHFDUHVHED]HD]ÃMRFXOWDFWLFLOHFDUHWHSRWDMXWDVÃWH
DOHJLFXRIHOLHGHSOÃFLQWÃPDLPDUHGHF¢WSDUWHQHUXOWÃXFXPVÃGHSÃğHğWLXQEORFDMJUHğHOLIUHFYHQWHğLEXQHSUDFWLFL
8QDGLQWUHFHOHPDLVDWLVIÃFÃWRDUHSÃUģLDOHWUDWDWLYHORUFRQVWîQDHYLWDWUDQVIRUPDUHDDFHVWRUD®QWUXQMRFFXVXPÃQXOÃ6ÃJÃVHğWLOXFUXULFDUH®O
FRVWÃSHRIHUWDQWPXOWPDLSXģLQGHF¢WYDORDUHDORUSHQWUXSDUWHQHU®QVHDPQÃHIHFWLYVÃFUHH]LYDORDUHGLQQLPLF
: 6KDNHVSHDUH 7UDJHGLD OXL +DPOHW 3ULQģ GH 'DQHPDUFD DFWXO , VFHQD WUDGXFHUH GH 9ODGLPLU 6WUHLQX (GLWXUD
SHQWUX/LWHUDWXUÃ%XFXUHğWLQWUDG
&DSLWROXO
QFKHLHUHDQHJRFLHULLğLDQJDMDPHQWXO
7UDWDWLYHOH ğL QHJRFLHUHD SURSULX]LVÃ QX SRW FRQWLQXD OD QHVI¢UğLW ğL YLQH YUHPHD F¢QG WUHEXLH VÃ ®QFKHL DIDFHUHD
)RORVLUHD GH FÃWUH Y¢Q]ÃWRULLOLSVLģL GH VFUXSXOH D XQRUWHKQLFLGH®QFKHLHUHH[WUHPGHSUHVDQWH HVWHXQXOGLQWUH PRWLYHOH
SHQWUX FDUH Y¢Q]ÃULOH ğL QHJRFLHULOH DX R LPDJLQH RDUHFXP SÃWDWÃ $FHDVWD QX WUHEXLH VÃ WH ®PSLHGLFH VÃ IRORVHğWL WHKQLFL
VLPLODUH®QWURPDQLHUÃHWLFÃ
([LVWÃRWHKQLFÃGH®QFKHLHUHIRDUWHVLPSOÃSHFDUHRYHL®QYÃģD'DFÃHDQXIXQFģLRQHD]ÃWHDIOL®QVLWXDģLD®QFDUHWUHEXLH
VÃH[HUFLģLSUHVLXQHDVXSUDSDUWHQHUXOXL
'XSÃFHDL®QFKHLDWRDIDFHUHWUHEXLHVÃWHDVLJXULFÃH[LVWÃVXILFLHQWDQJDMDPHQWDODPEHORUSÃUģLSHQWUXDDYHDVLJXUDQģD
FÃDIDFHUHDYDILGXUDELOÃ
QFKHLHUHDVLPSOÃ
&¢QGFXPSHUL®QFKHLHUHDVLPSOÃHVWHXUPÃWRDUHD
'$&®PLRIHULXQXOWLPFRPSURPLV$781&,IDFHPDIDFHUHD
&¢QGYLQ]L®QFKHLHUHDFODVLFÃHVWHXUPÃWRDUHD
'$&®ģLRIHUXQXOWLPFRPSURPLV$781&,IDFHPDIDFHUHD"
(YLGHQW F¢QG FXPSHULWUHEXLH ®QWRWGHDXQDVà ®QFHUFLVÃREģLL XQ XOWLPFRPSURPLV SHQWUXD DFFHSWD VîQFKHLDIDFHUHD
'DFÃYLQ]LRWHKQLFÃDOWHUQDWLYÃGH®QFKHLHUHHVWHSXUğLVLPSOXVÃFHUL®QFKHLHUHDDIDFHULLVSXQ¢QGߣ&UHGFÃPLDPHSXL]DW
RIHUWHOH%DWHPSDOPD"ߢ
QXQDGLQWUHXOWLPHOHVDOHFÃUģL0DUN0F&RUPDFNUHODWHD]ÃR®QW¢PSODUHGHVSUHR®QW¢OQLUHGHWUDWDWLYHGH]DVWUXRDVÃODFDUHDIRVW®QVRģLWGHXQXOGLQ
WLQHULLOXLDQJDMDģL3HSDUFXUVXOWUDWDWLYHORUQXDUHXğLWVÃF¢ğWLJHWHUHQ®QIDģDXQXLFOLHQWRVWLO3RYHVWHğWHFXPDVLPģLWFÃFHOSXģLQSXWHDVÃLDUDWH
XFHQLFXOXLVÃXFÃWUHEXLH®QWRWGHDXQDVÃFHUL®QFKHLHUHDDIDFHULL&HU¢QGXLVHDFHVWOXFUXFOLHQWXORVWLODDFFHSWDWVILRVVÃFXPSHUH
'DFÃPHWRGDVLPSOÃQXIXQFģLRQHD]îģLUÃP¢QGRDUGRXÃDOWHUQDWLYHQSULPXOU¢QGSRģLVWDELOLXQSURFHGHXUDģLRQDO
SHQWUXDGHSÃğLEORFDMXODğDFXPDPGHVFULV®QFDSLWROXOGHVSUHWUDWDWLYHDUELWUDMHO®PSDUWHHXDOHJGDģLFXEDQXOIDFHģL
XQFRPSURPLVğLDğDPDLGHSDUWHQDOGRLOHDU¢QGWUHEXLHVÃH[HUFLģLSUHVLXQHDVXSUDSDUWHQHUXOXL
QFKHLHUHDVXESUHVLXQH
([LVWÃGRXÃPRGXULGHDH[HUFLWDSUHVLXQHSULPXOHVWHVÃIRUPXOH]LDPHQLQģÃULLDUDOGRLOHDVÃWHFRQFHQWUH]LDVXSUDXQRU
UHVXUVHOLPLWDWHFXPDUILWLPSXO
)RUPXODUHDDPHQLQģÃULORU
9RL®QFHSHUHSHW¢QGXQVIDW&HOPDLELQHHVWHFDDPHQLQģÃULOHVÃILHWUDQVPLVHIÃUÃHPRģLH®QWUXQOLPEDMIRDUWHSROLWLFRV'H
H[HPSOXSRģLDGRSWDXQVWLOߣPDLPXOWDG¢QFP¢KQLWGHF¢WHQHUYDWߢSHQWUXDDPHQLQģD
([HPSOHGHDPHQLQģÃUL
ߧߣ'DFÃQX®PLDFFHSWDģLRIHUWDPÃWHPFÃQXYRLSXWHDIDFHDIDFHULFXGXPQHDYRDVWUÃߢ
ߧ ߣ'DFÃ QX ®PL IDFHģL R RIHUWÃ DFFHSWDELOÃ S¢QÃ OD LQWURGXFHģL GDWD PÃ WHP FÃ QX YRL SXWHD IDFH DIDFHUL FX
GXPQHDYRDVWUÃߢ
ߧߣ'DFÃQXUHGXFHģLSUHģXOFXGHOLUHFUHGFÃYDWUHEXLVÃYÃGFH®PLSRDWHRIHULFRQFXUHQģDGXPQHDYRDVWUÃߢ
ߧߣ&XVLJXUDQģÃFÃQXYUHģLVÃSLHUGHģLWUDQ]DFģLDSHQWUXGHOLUHߢ
([HUFLWDUHDSUHVLXQLL
&HOPDLGHV®QW¢OQLWPRGGHDH[HUFLWDSUHVLXQHHVWHVÃWHFRQFHQWUH]LDVXSUDXQRUUHVXUVHOLPLWDWH&HDPDLRELğQXLWÃUHVXUVÃ
®QDFHVWVHQVHVWHWLPSXO
7XğLSDUWHQHUXOWÃXSXWHģLVWDELOLGHFRPXQDFRUGXQWHUPHQOLPLWÃSHQWUX®QFKHLHUHDXQHLDIDFHUL$OWHUQDWLYSRģLLPSXQH
XQLODWHUDOXQDVWIHOGHWHUPHQOLPLWîQVRģLWGHDPHQLQģDUHDILHLPSOLFLWÃILHH[SOLFLWÃFÃWHYHLUHWUDJHGDFÃDFHVWDQXVH
UHVSHFWÃ
,DWÃDOWHF¢WHYDH[HPSOHGHWDFWLFLGHH[HUFLWDUHDSUHVLXQLL®QED]DSHQXULHLXQHLUHVXUVH
ߧߣ9ÃSRWPHQģLQHRIHUWDGHSUHģGRDUS¢QÃODVI¢UğLWXOVÃSWÃP¢QLLߢ
ߧߣ'DFÃQXVXQWHģLGHDFRUGFXSUHģXOPHXQXYÃSRWSURJUDPDğLQXYRPSXWHDVÃYÃYÃUXLPH[WHULRUXOFDVHLYDUDDVWDߢ
ߧߣ3RWVÃYÃSXQODGLVSR]LģLHFHOPDLEXQFRQVXOWDQWFKLDUDFXPGDUYÃUH]HUYDFHDVWÃOXFUDUHSHQWUX®QFÃRVÃSWÃP¢QÃ
GRDULDUGDFÃQXYDģLDQJDMDWVÃILQDQģDģLOXFUDUHDS¢QÃDWXQFLSUREDELOFÃRYHģLSLHUGHߢ
ߧߣ3OHF®QYDFDQģDGHYDUÃODVI¢UğLWXOVÃSWÃP¢QLLDğDFÃWUHEXLHVÃSXQHPODSXQFWWRWXOS¢QÃDWXQFLߢ
ߧ ߣ)DEULFDQWXO ®ğL VFKLPEà ®Q ILHFDUH OXQà RIHUWHOH VSHFLDOH DğD Fà QX SRW RQRUD DFHDVWà RIHUWà GHF¢W S¢Qà OD VI¢UğLWXO
VÃSWÃP¢QLLߢ
ߧߣ$FHVWSURGXVHVWH®QWUDGHYÃUIRDUWHUDUDğDFÃGDFÃDOWFLQHYD®OFXPSÃUÃFXJUHXYHģLPDLJÃVLDOWXOߢ
ߧߣ$YHPGRDUXQSURGXVSHVWRFRGDWÃFHVDY¢QGXWYRUWUHFHOXQLGH]LOHS¢QÃYRLSXWHDREģLQHDOWXOߢ
ߧߣ$FHVWDHVWHXOWLPXOGLQVWRFXOYHFKLDğDFÃQXYRLPDLSXWHDDGXFHDOWXOߢ
ߧߣ$FHVWORFGHPXQFÃHVWHYDODELOGRDUGH]LOHGXSÃFDUHYRLRIHULSRVWXOFHOXLGHDOGRLOHDFDQGLGDW®QSUHIHULQģHOH
QRDVWUHߢ
ߧߣ&UHğWHUHDDQXDOÃDSUHģXOXLSURGXFÃWRUXOXLYDDYHDORFODVI¢UğLWXOOXQLLߢ
'H OD WDFWLFD SUHVLXQLL DFFHSWDELOH S¢QÃ OD WDFWLFLOH OLSVLWH GH HWLFÃ QX HVWH GHF¢W XQ SDV 7DFWLFD XUPÃWRDUH VH DIOÃ OD
JUDQLģD DFFHSWDELOLWÃģLLߨ SDUģLDO SHQWUX FÃ QX HVWH FUHGLELOÃ 'DFÃ WDFWLFD VDU DSOLFD ®Q FD]XO XQHL SHUVRDQH YXOQHUDELOH
PDMRULWDWHDRDPHQLORUDUSULYLRGUHSWFRPSOHWLQDFFHSWDELOÃ
&¢QGLDPWHOHIRQDWPDQDJHUXOPLD]LVFÃDğSXWHDVÃYÃRIHURUHGXFHUHGHGHOLUHGDUQXPDLGDFîQFKHLHP
DIDFHUHDD]L
3UHVXSXQ¢QG FÃ XQHOH GLQWUH WDFWLFLOH GLQ DFHVW FDSLWRO DX GXV OD ®QFKHLHUHD DIDFHULL FXP IDFL FD DFHDVWD VÃ UÃP¢QÃ
YDODELOÃ"
$QJDMDPHQWXO
8QHOHDIDFHULVXQWSULQQDWXUDORUPDLVROLGHGHF¢WDOWHOHQ$QJOLDGDFÃDFFHSģLRRIHUWÃSHQWUXFDVDWDDFHDVWDSRDWHIL
UHQHJRFLDWÃGXSÃFHFXPSÃUÃWRUXOSRWHQģLDODHIHFWXDWH[SHUWL]DWHKQLFÃDFRQVWUXFģLHL'HDVHPHQHDQXHVWHQHRELğQXLWFDXQ
FXPSÃUÃWRUVîQFHUFHVÃREģLQÃRUHGXFHUHGHSUHģFKLDU®QDLQWHGHVFKLPEXOGHFRQWUDFWHQWURDVWIHOGHVLWXDģLHY¢Q]ÃWRUXO
QXPDLSRDWHIDFHDEVROXWQLPLFSHQWUXDFRQVROLGDWUDQ]DFģLD®QPRPHQWXOF¢QGVHDFFHSWÃRIHUWDLQLģLDOÃ7RWXğL®QPXOWHDOWH
VLWXDģLLH[LVWÃPÃVXULSUDFWLFHFDUHVHSRWOXDSHQWUXDFUHğWHğDQVHOHFDDIDFHUHDVÃUÃP¢QÃYDODELOÃğLSHQWUXDIDFHFDR
UHODģLHSHWHUPHQOXQJVÃSRUQHDVFÃFXGUHSWXOğLVÃGXUH]HPXOW
&¢QGVH®QFKHLHRDIDFHUHWLSXULOHGH®QFKHLHUHFDUHFUHVFğDQVHOHFDDFHDVWDVÃUÃP¢QÃYDODELOÃLQFOXG
ߧ6HPQDUHDXQXLDFRUGMXULGLF
ߧQP¢QDUHDEDQLORUߙILH®QWUHDJDVXPÃILHXQDFRQWVDXDOWÃIRUPÃGHSODWîQDYDQV
ߧ8QDQXQģSXEOLFGHH[HPSOXRFRQIHULQģÃGHSUHVÃ
ߧQģHOHJHUHDDVXSUDXQHLDFģLXQLSR]LWLYHGHFRQVROLGDUHFXPDUILR®QW¢OQLUHGH®QFHSXW
'DFÃSRģLDUDQMDFD®QFKHLHUHDDIDFHULLVÃLQFOXGÃXQHOHHOHPHQWHGLQDFHDVWÃOLVWÃDIDFHUHDDUHPXOWPDLPXOWHğDQVHVÃ
UÃP¢QÃ ®Q SLFLRDUH XOWHULRU QFKHLHUHD XQHL DIDFHUL HVWH DGHVHD ®QFHSXWXO HWDSHL XUPÃWRDUH LDU ®Q DFHVW FD] WUHEXLH
®QWRWGHDXQD VÃ IRORVHğWL ®QFKHLHUHD SHQWUX D VWDELOL GH FRPXQ DFRUG DFģLXQLOH XUPÃWRDUH 'DFÃ HVWH ®QFHSXWXO XQHL UHODģLL
FRQWLQXHWUHEXLHVÃğWLLVLJXUFLQHFRQGXFHUHODģLDGLQSDUWHDWDğLVîQFHSLLPHGLDWFRQVWUXLUHDUHODģLHL3HVFXUWWUHEXLHVÃ
PHQģLLGLQDPLVPXOPLYLQHVÃSO¢QJF¢QGPÃJ¢QGHVFGHF¢WHRULDPYÃ]XWRDIDFHUH®QFKHLDWÃSLF¢QGGLQFDX]ÃFÃXQDGLQWUH
SÃUģLVDXDPEHOHVHUHOD[HD]ÃğLQXFRQWLQXÃFRPXQLFDUHDSURIHVLRQDO
QWRFPHğWHXQFRQWUDFWFDUHVÃUH]LVWH®QWLPS'DFÃVSHULVÃDLRUHODģLHSHWHUPHQOXQJFXFHDODOWÃSDUWHFDUHQXPDLHVWHDGYHUVDUXOWÃXDFXP
WUHEXLHVÃHODERUH]LXQFRQWUDFWFDUHVÃSRDWÃGXUDPXOģLDQL'HH[HPSOXWUHEXLHVÃWHJ¢QGHğWLODFODX]HOHFDUH®ģLSHUPLWUHQHJRFLHUHDODXQPRPHQW
GDW®QYLLWRU3XģLQHUHODģLLUÃP¢QVWDWLFHRSHULRDGîQGHOXQJDWÃLDU®QFHUF¢QGVÃSXL®QDSOLFDUHFRQGLģLLFRQWUDFWXDOHFDUHQXPDLVXQWSRWULYLWHSHQWUXR
UHODģLHFHHYROXHD]ÃYHLJHQHUDXQGH]DVWUX
5H]XPDW
&HDPDLVLPSOÃWDFWLFÃGH®QFKHLHUHDXQHLDIDFHULHVWHSXUğLVLPSOXVÃVROLFLģLDFHVWOXFUXߨGDFÃHSRVLELOFXFHUHUHDVDXRIHULUHDXQHLXOWLPH
FRQFHVLL'DFÃDFHDVWÃPHWRGÃQXIXQFģLRQHD]ÃWUHEXLHVÃLQWHQVLILFLSUHVLXQHDDVXSUDSDUWHQHUXOXLWÃX&UHğWLSUHVLXQHDILHSULQIRUPXODUHDXQRU
DPHQLQģÃUL®QPRGSROLWLFRVILHSULQFRQFHQWUDUHDDVXSUDXQRUUHVXUVHߙGHRELFHLWLPSXO
$IDFHUHDRGDWîQFKHLDWÃWUHEXLHVÃWHDVLJXULFÃDPEHOHSÃUģLğLDXOXDWDQJDMDPHQWXOIDģÃGHDIDFHUH'HğL®QFKHLHUHDHVWHVI¢UğLWXOQHJRFLHULL
HVWHDGHVHDğL®QFHSXWXOXQHLQRLHWDSHGHFRRSHUDUH&HOSXģLQWUHEXLHVÃVWDELOHğWLDFģLXQLOHXPÃWRDUHGHFRPXQDFRUGFXFHDODOWÃSDUWH
&DSLWROXO
&XPVÃGHYLLXQQHJRFLDWRUH[FHSģLRQDO
'XSÃSXEOLFDUHDSULPHLHGLģLLDFÃUģLL&XPVÃREģLLPD[LPXP®QRULFHQHJRFLHUHDPSULPLWRVLQJXUÃVXJHVWLHPDMRUÃGH
®PEXQÃWÃģLUH$PSULPLWRGHODPXOWHSHUVRDQHğLSRDWHILUH]XPDWÃSULQ®QWUHEDUHDߣ9DPFLWLWFDUWHDğL®QģHOHJFHWUHEXLHVÃ
IDFGDUFXPDMXQJGHODQLYHOXOPHXXQQHJRFLDWRUH[FHSģLRQDO"ߢ0LDPGDWVHDPDFÃDFHDVWDHVWHR®QWUHEDUHIRDUWHEXQÃ
ODFDUHQXDPUÃVSXQVFODU&DSLWROXOGHIDģÃHVWHGHGLFDWUÃVSXQVXOXLOD®QWUHEDUH
3HQWUX®QFHSXWYRLUH]XPDFDOLWÃģLOHHVHQģLDOHDOHXQXLQHJRFLDWRUH[FHSģLRQDO
&HWHIDFHVÃILLXQQHJRFLDWRUH[FHSģLRQDO"
)LLGXUߙGDUQXHQHUYDQWVDXDJUHVLY
8QQHJRFLDWRUGXUHVWHRSHUVRDQÃKRWÃU¢WÃVÃQHJRFLH]HFHDPDLEXQÃDIDFHUHSRVLELOÃ8QQHJRFLDWRUGXUQXYD®QFKHLDR
DIDFHUHSURDVWÃ(VWHODIHOGHLPSRUWDQWVÃWHLQVWUXLHğWLSHQWUXDILXQQHJRFLDWRUGXUğLVîQģHOHJLFXPQXWUHEXLHVÃILHR
DVWIHOGHSHUVRDQÃ
ߧ1XILDJUHVLY
ߧ1XWHHQHUYD
ߧ1XULGLFDWRQXO
ߧ1XUÃVWXUQDPDVD
ߧ1XģLLULWDSDUWHQHUXOIRORVLQG®QH[FHVWDFWLFLGHQHJRFLHUHGXUHFXPDUILUHWUDJHULOHDPHQLQģÃULOHğLXOWLPDWXPXULOH
3UHJÃWHğWHWHGRFXPHQWHD]ÃWHWHPHLQLF
&XQRDğWHUHD®QVHDPQîQWUDGHYÃUSXWHUH
6WXGLD]ÃVLWXDģLDߙDVFXOWÃğLSULYHğWH
1HJRFLDWRUXO H[FHSģLRQDO VXUSULQGH LQGLFLLOH YHUEDOH ğL QRQYHUEDOH SH FDUH SDUWHQHUXO OH WUDQVPLWH LQWHQģLRQDW VDX GLQ
JUHğHDOÃ
)LLFUHDWLY
1HJRFLDWRUXOH[FHSģLRQDOLGHQWLILFÃRIHUWHOHFDUH®OFRVWÃSXģLQVÃOHIDFÃVDX®OFRVWÃSXģLQSHSDUWHQHUXOVÃXVÃLOHIDFÃQ
DFHVWIHOQHJRFLDWRUXOH[FHSģLRQDOSRDWHH[SORDWDVLWXDģLLOH®QFDUHF¢ğWLJÃFHYDIÃUÃFDSDUWHQHUXOVÃXVÃSLDUGÃ
)LLğDUPDQWߨVDXFHOSXģLQSROLWLFRV
1HJRFLDWRULL H[FHSģLRQDOL VXQW GHRSRWULYÃ GXUL ğL ğDUPDQģL QWUR DQXPLWÃ PÃVXUÃ ğDUPXO HVWH R FDOLWDWH FX FDUH GRDU XQLL
RDPHQLVXQW®Q]HVWUDģL'DFÃQXHğWL®Q]HVWUDWFXğDUPDWXQFLDILXQEXQDVFXOWÃWRUğLDILSROLWLFRVVXQWDOWHFDOLWÃģLGH]LUDELOH
-RDQQD/XPOH\DIRVWGHRSRWULYÃGXUÃğLğDUPDQWÃF¢QGDQHJRFLDW®QQXPHOHSRSXODģLHL*XUNKDVߨ*RUGRQ%URZQQXDDYXWQLFLRğDQVÃ
)LLUÃEGÃWRU
1HJRFLDWRULLFDUHVHJUÃEHVFWLQGVÃIDFÃDIDFHULPDLSURDVWHGHF¢WFHLFDUHDXUÃEGDUH
6ÃğWLLF¢QGğLFXPVîQFKHLDIDFHUHD
,QGLIHUHQWF¢WGHEXQHğWLVXEWRDWHDVSHFWHOHQHJRFLHULLWUHEXLHVÃğWLLF¢QGğLFXPVîQFKHLDIDFHUHD
&XPGHYLLXQQHJRFLDWRUH[FHOHQW"
'HMDDL®QFHSXWIRDUWHELQHߨFLWHğWLDFHDVWÃFDUWH2SHUVRDQÃFDUHDFLWLWDFHDVWÃFDUWHDUHPDLPXOWHğDQVHGHD®QFKHLDR
DIDFHUH EXQÃ GHF¢W XQD FDUH QX D FLWLWR Q SOXV H[LVWÃ R VXPHGHQLH GH FXUVXUL EXQH GH WUDLQLQJ ®Q QHJRFLHUH 2ULFXP QX
H[LVWÃ VXEVWLWXW SHQWUX H[SHULHQģD SUDFWLFÃߨ GHFL FH IDFL" &HO SXģLQ QHJRFLHULOH VXQW UDUHRUL R FKHVWLXQH GH YLDģÃ ğL GH
PRDUWH DğD FÃ PHULWÃ VÃ LHL ®Q FRQVLGHUDUH R SURIHVLH SUHFXP FHD GH FKLUXUJ SHQWUX D ®QģHOHJH FXP ®ģL SRģL SHUIHFģLRQD
DSWLWXGLQLOH8QFKLUXUJVWDJLDU
ߧ9DVWXGLDPDWHULDGLQFÃUģLFRQIHULQģHğL®QUHJLVWUÃULYLGHR®QDLQWHVÃFDOFH®QWURVDOÃGHRSHUDģLH
ߧ$SRLYDILREVHUYDWRU®QWURVDOÃGHRSHUDģLH
ߧ$SRLYDDVLVWDXQFKLUXUJH[SHULPHQWDW
ߧ9DDERUGDRSHUDģLLXğRDUH®QDLQWHGHFHOHJUHOH
ߧ9DDYHDODSULPDOXLRSHUDģLHVSULMLQXOXQRUFROHJLH[SHULPHQWDģL
QQHJRFLHUHH[LVWÃDQDORJLLHYLGHQWHSHQWUXILHFDUHGLQDFHğWLSDğL$SRLRGDWÃFHDLGHYHQLWXQQHJRFLDWRUH[SHULPHQWDW
WUHEXLHVîģLPHQģLLDSWLWXGLQLOHSXQ¢QGXOHFRQVWDQW®QSUDFWLFÃ
8QDYDQWDMDOQHJRFLDWRUXOXLIDģÃGHFKLUXUJHVWHFÃSRDWHH[HUVDDFDVÃ5HFRPDQGFDRULFLQHVHRFXSÃGHQHJRFLHUL®Q
DIDFHULVîğLH[HUVH]HDSWLWXGLQLOHGHQHJRFLHUHFXILHFDUHRFD]LH®QYLDģDSDUWLFXODUÃ
1X HVWH QLFLR ®QGRLDOÃ FÃ XQ QHJRFLDWRU ®Q DIDFHUL GHYLQH ߣFÃOLW GH OXSWÃߢ F¢QG QHJRFLD]Ã FX UHJXODULWDWH ğL FÃ XQ DVWIHO GH QHJRFLDWRU YD DYHD R
SHUIRUPDQģÃPDLEXQÃGHF¢WXQSDUWHQHUFDUHDVHPHQHDXQXLER[HUFDUHQDPDLLQWUDWGHPXOW®QULQJHVWHߣUXJLQLWߢ0XOģLQHJRFLDWRUL®QDIDFHULQXDX
VXILFLHQWÃ H[SHULHQģÃ SUDFWLFÃ ®Q QHJRFLHUH SHQWUX D VH FÃOL LDU DVHPHQHD RDPHQL WUHEXLH VÃ IRORVHDVFÃ RSRUWXQLWÃģLOH GH QHJRFLHUH GLQ YLDģD SULYDWÃ
SHQWUXDQXğLLHğLGLQP¢QÃ
3XQFWXOGHSOHFDUH
'DFÃQXDLQHJRFLDWSURSULX]LVVDXQXDLGXVWUDWDWLYHS¢QÃDFXPDWXQFLFHOPDLEXQPRGGHD®QFHSHHVWHVÃVSXL
ߣ&DUHHFHDPDLEXQÃRIHUWÃDGXPQHDYRDVWUÃ"ߢ
&KLDUğLRDPHQLLFXRWHDPÃSDWRORJLFÃIDģÃGHQHJRFLHUHDSURSULX]LVÃVHSRWGHVFXUFDSXQ¢QGDFHDVWîQWUHEDUHğLYRU
REģLQHRDIDFHUHPXOWPDLEXQÃGHF¢WGDFÃSOÃWHVFSUHģXOFHUXWVDXGDFÃDFFHSWÃSULPDRIHUWÃDFXLYDDWXQFLF¢QGY¢QG
'XSÃDFHDVWÃGHVFKLGHUHHYLGHQWSDVXOXUPÃWRUHVWHVÃDVFXOģLRIHUWDFHOXLODOWğLVÃUÃVSXQ]LFXRFRQWUDRIHUWÃ
ߣ'DFÃDģLSXWHDFRERU®OD;OLUHDWXQFLIDFHPDIDFHUHDߢ
$FXPQHJRFLHUHDD®QFHSXW
QWRUF¢QGXQHOD®QFHSXWXODFHVWXLFDSLWROH[LVWÃROLVWÃGHFDOLWÃģLSULQFDUHVHGLVWLQJHXQQHJRFLDWRUH[FHOHQW
ߧ)LLGXUߙGDUQXHQHUYDQWVDXDJUHVLY
ߧ3UHJÃWHğWHWHGRFXPHQWHD]ÃWHWHPHLQLF
ߧ,QWHUSUHWHD]ÃVLWXDģLDߙDVFXOWÃğLSULYHğWH
ߧ)LLFUHDWLY
ߧ)LLğDUPDQWߨVDXFHOSXģLQSROLWLFRV
ߧ)LLUÃEGÃWRU
ߧQFHDUFÃVîģLGDLVHDPDF¢QGğLFXPVîQFKHLDIDFHUHD
9RPSDUFXUJHDFXPDFHDVWÃOLVWÃğLYRPYHGHDFXPXQQHJRFLDWRUQHH[SHULPHQWDW®ğLSRDWH®PEXQÃWÃģLSHUIRUPDQģHOH
)LLGXU
'LQWUHWRDWHFDOLWÃģLOHQHJRFLDWRUXOXLH[FHOHQWDFHDVWDHVWHSUREDELOFHDPDLSURYRFDWRDUH0XOģLRDPHQLSHUFHSXUPÃULUHD
FHOHL PDL EXQH DIDFHUL FD SH XQ FRQIOLFW ğL ®QFHDUFÃ VÃ HYLWH FRQIOLFWXO 3HQWUX D FRQWUDFDUD DVWIHO GH J¢QGXUL WUHEXLH VÃģL
DPLQWHğWLPHUHXFÃDSURDSHWRDWÃOXPHDSULYHğWHQHJRFLHUHDFDSHXQMRFLDUGDFÃUHVSHFģLUHJXOLOHDWXQFLIRDUWHSXģLQLGLQWUH
SDUWHQHULLWÃLGHQHJRFLHUHWHYRUGHVFRQVLGHUDGDFÃWHOXSģLVÃREģLLFHDPDLEXQÃDIDFHUH1XXLWDQLFLFÃQXWUHEXLHVÃILL
DJUHVLYVDXQHSROLWLFRVğLFÃUDUHRULYHLIRORVLWDFWLFLGXUHSUHFXPDPHQLQģÃULOHXOWLPDWXPXULOHğLUHWUDJHULOH
8Q]¢PEHWQXQXPDLFÃSRDWHIDFH®QWUHDJDH[SHULHQģÃPDLSOÃFXWÃFLDSURDSHVLJXU®ģLYDDGXFHPDLPXOģLEDQL®QEX]XQDUODVI¢UğLWXOQHJRFLHULL
&KLDUGDFÃFUH]LFÃHğWLGXUSUREDELOFÃQXģLDLVWDELOLWDğWHSWÃULVXILFLHQWGHPDUL®QSULYLQģDDIDFHULLSHFDUHRYUHL
7UHEXLH VÃ H[SHULPHQWH]L SHQWUX DģL GD VHDPD F¢W GH PXOW SRģL FUHğWH DğWHSWÃULOH 8Q EXQ SXQFW GH SOHFDUH FRQVWÃ ®Q
QHJRFLHULOHGLQFDGUXOYLHģLLGHIDPLOLHߙVSUHH[HPSOXDFKL]LģLRQDUHDXQHLPDğLQL
8Q H[FHOHQW PRG GH D VWDELOL RELHFWLYH PDL DPELģLRDVH ®Q QHJRFLHULOH WDOH FRQVWÃ ®Q IRORVLUHD VLWHXULORU SH LQWHUQHW D
SXQFWHORUGHGHVIDFHUHODSUHģUHGXVVSUHH[HPSOXVXSHUPDUNHWXULOHGHDXWRPRELOHğLDOLFLWDģLLORUWUDGLģLRQDOHğLRQOLQH
QFD]XO®QFDUHFRQVLGHULFÃWUDWDWLYHOHIDģîQIDģÃVXQWGLILFLOHDFHDVWÃDERUGDUHWHYDRELğQXLVÃFXPSHULODSUHģXULPLFLğL
VÃYLQ]LODFHOHPDLPDULSUHģXUL2GDWÃFHWHDLRELğQXLWVÃFXPSHULLHIWLQğLVÃYLQ]LVFXPSYHLGHVFRSHULFÃHVWHWRWPDL
JUHXVîģLVWDELOHğWLDğWHSWÃULPRGHVWH®QQHJRFLHULOHIDģîQIDģÃQSOXVSDUWLFLSDUHDFXUHJXODULWDWHODOLFLWDģLL®ģLYDDUÃWD
EHQHILFLLOHGLVFLSOLQHLğLUÃEGÃULL
1X®LFUHGHSHDFHLDFDUHVSXQFÃQXWHSRģLFRPSRUWDPDLGXUGHF¢W®ģLSHUPLWHSHUVRQDOLWDWHD)RDUWHSXģLQLRDPHQLVDYXUHD]ÃFRQIOLFWXOGDUDSURDSH
RULFLQHSRDWHGHSÃğLRIULFîQQÃVFXWÃIDģÃGHFRQIOLFW
2WHKQLFÃIRORVLWRDUHFHWHDMXWÃVÃGHYLLPDLGXUHVWHPDQGDWXOXQHLWHUģHSÃUģLߙߣ6RģLDPHDVRģXOPHXSDUWHQHUXOPHX
ğHIXOPHXQXPLDUSHUPLWHQLFLRGDWÃVÃDFFHSWDFHVWOXFUXߢ3RģLMXFDUROXOSROLģLVWXOXLEXQG¢QGYLQD®QDFHODğLWLPSSHWHUģD
SDUWHSROLģLVWXOUÃXFDUHWH®PSLHGLFÃVÃDFFHSģLDOWFHYDGHF¢WRDIDFHUHH[FHOHQWÃ
'DFÃQXUHXğHğWLVÃGHYLLPDLGXUDWXQFLURDJÃXQSULHWHQVDXXQFROHJVÃQHJRFLH]HSHQWUXWLQHߨ®QVRģHğWHOGDUILLDWHQW
VÃ QX ®O ®QFXUFL 8UPÃULUHD XQXL QHJRFLDWRU H[SHULPHQWDW ®Q H[HUFLģLXO IXQFģLXQLL ®L SRDWH LQVSLUD SH PXOģL QHJRFLDWRUL
QHH[SHULPHQWDģLVÃğLVWDELOHDVFÃRELHFWLYHPDLSURYRFDWRDUHSHQWUXRQHJRFLHUH
3UHJÃWLUHD
1HJRFLDWRULLH[FHSģLRQDOLQXJ¢QGHVFUDSLGSHORFFLVXQWIRDUWHGLVFLSOLQDģLߙğLFHOPDLLPSRUWDQWDVSHFWDOGLVFLSOLQHLHVWH
VÃWHSUHJÃWHğWLDWHQWSHQWUXRQHJRFLHUH
8Q HIHFW VHFXQGDU DO SUHJÃWLULL FRUHVSXQ]ÃWRDUH HVWH FÃ ®O YD DMXWD SH QHJRFLDWRUXO QHH[SHULPHQWDW VÃğL GHSÃğHDVFÃ
HPRģLLOH&D®QFD]XOSUHJÃWLULLSHQWUXXQH[DPHQFHLFDUHğLDXIÃFXWUHFDSLWXODUHDULJXURVYRUILPDL®QFUH]ÃWRULGHF¢WFHL
FDUHQXğLDXIÃFXWR
1XOÃVDSUHJÃWLUHDSHQWUXXOWLPXOPRPHQW0XOWHDVSHFWHDOHSUHJÃWLULLߙVSUHH[HPSOX®QFHUFDUHDGHDģLGDVHDPDFHJ¢QGHğWHSDUWHQHUXOGHQHJRFLHUH
ߙSUHVXSXQ]LOH®QWUHJLQXRUHSHQWUXDDMXQJHODRRSLQLHHFKLOLEUDWÃ
ģLUHFRPDQGVÃUÃVIRLHğWLFDSLWROXOGHVSUH3UHJÃWLUH®QDLQWHGHRQHJRFLHUHSHQWUXDģLUHDPLQWLUDSLGWRDWHDVSHFWHOHSH
FDUHWUHEXLHVÃOHLHL®QFRQVLGHUDUHVDXVÃOHFHUFHWH]L®QDLQWHGH®QFHSHUHDQHJRFLHULL
$VFXOWÃğLSULYHğWH
6XQWF¢WHYDWHKQLFLXWLOHSHQWUXDģLSHUIHFģLRQDDSWLWXGLQLOHGHDVFXOWDUH3ULPDHVWHFÃQXSRģLDVFXOWD®QWLPSFHYRUEHğWLߨ
DğDFÃYRUEHğWHPDLSXģLQ1XFRQVLGHUDFÃWUHEXLHVÃXPSOLWÃFHUHD7UHEXLHVÃģLDPLQWHğWLFÃSUREDELOWÃFHUHD®OYDSUHVD
SHSDUWHQHUğL®OYDIDFHVÃGLYXOJHFHYDߙILHLQIRUPDģLLILHRRIHUWÃPDLEXQÃ
2DOWÃWDFWLFÃIRORVLWRDUHHVWHGHDOXDQRWLģH®QWLPSXOXQHLQHJRFLHUL$FHVWOXFUX®ģLGLVFLSOLQHD]ÃDVFXOWDUHDğLWHYDIDFH
VÃWHJ¢QGHğWLODFHWRFPDLDVSXVSDUWHQHUXOWÃX1RWLģHOHYRUILğLRDJHQGÃXWLOÃ
2DWUHLDWHKQLFÃHVWHGHDSXQH®QWUHEÃULGHVFKLVHFDUHYRUJHQHUDLQIRUPDģLLXWLOHߣ&HRIHUWHVSHFLDOHVXQWGLVSRQLELOH
®QDFHVWPRPHQW"ߢߣ&HDVSHFWDOSURGXVXOXLQRVWUXYÃLQWHUHVHD]ÃFHOPDLPXOW"ߢHWF2WHKQLFÃDVHPÃQÃWRDUHHVWHGHDSXQH
®QWUHEÃULVXSOLPHQWDUHPDLGHWDOLDWHDWXQFLF¢QGSDUWHQHUXOWÃXIDFHRDILUPDģLHJHQHUDOîQOHJÃWXUÃFXXQDQXPLWOXFUX'DFÃ
SDUWHQHUXO GH QHJRFLHUH ®ģL WUDQVPLWH XQ LQGLFLX GH RELFHL YD IL SUHIHUDELO VÃO FKHVWLRQH]L PDL ®Q SURIXQ]LPH ®Q DFHDVWÃ
SULYLQģÃ$VWIHO®ģLYHLGH]YROWDXQGLVFXUVIRDUWHLQWHUDFWLYFDUHYDILERJDW®QLQIRUPDģLLODFDUHVÃILLDWHQW
&LWHğWHXQPLFJKLGGHVSUHOLPEDMXOWUXSXOXL$FHDVWDDUWUHEXLVÃWHDMXWHVÃLGHQWLILFLPDLPXOWHLQGLFLLYL]XDOHGHODSDUWHQHUXOGHQHJRFLHUH
)LLFUHDWLY
2 RIHUWÃ FUHDWLYÃ JDUDQWHD]Ã FÃ QHJRFLHUHD QX HVWH XQ MRF FX VXPÃ QXOÃ QWUXQ MRF FX VXPÃ QXOÃ XQD GLQWUH SÃUģL SRDWH
F¢ğWLJDFHYDQXPDLGDFÃFHDODOWÃSDUWHSLHUGHFHYDFXDFHHDğLYDORDUHDEVROXWÃ'DFÃXQDGLQSÃUģLSRDWHRIHULFHYDFDUH
YDORUHD]Ã PXOW PDL SXģLQ SHQWUX VLQH GHF¢W SHQWUX SDUWHQHUXO GH QHJRFLHUH VH SRDWH REģLQH R RIHUWÃ ®QWUDGHYÃU UHFLSURF
DYDQWDMRDVÃ 0XOWH RIHUWH FUHDWLYH SRW IL GHSLVWDWH ®Q WLPSXO HWDSHL GH SUHJÃWLUH ğL YRU IDFH SDUWH GLQ DUVHQDOXO XQXL EXQ
QHJRFLDWRU OD ®QFHSHUHD QHJRFLHULL 0XOWH RSRUWXQLWÃģL FUHDWLYH DX R DSOLFDELOLWDWH PDUH ğL DVWIHO YD WUHEXL VÃ LQYHVWLJKH]L
DVSHFWH SUHFXP FRQVWU¢QJHULOH OHJDWH GH OLYUDUH FRQGLģLLOH GH SODWÃ HWF SHQWUX D YHGHD GDFÃ VH ®QWUXQHVF FRQGLģLLOH XQHL
RIHUWHFUHDWLYHQSOXVXQEXQDVFXOWÃWRUSRDWHGHSLVWDDOWHRSRUWXQLWÃģLFUHDWLYHGLQFHHDFHVSXQHSDUWHQHUXOVÃX
)LLSROLWLFRV
1XXLWDFÃYRUEDGXFHPXOWDGXFH8QDGLQWUHSUREOHPHOHFXFDUHVHFRQIUXQWÃQHJRFLDWRULLQHH[SHULPHQWDģLHVWHWHQGLQģDGHD
GHYHQLDJLWDģL®QDLQWHGHRQHJRFLHUHDğDFÃDXPXOWÃDGUHQDOLQîQV¢QJH$FHDVWDWHIDFHVÃYRUEHğWLSUHDPXOWSUHDWDUHğL
VÃGDLLPSUHVLDFÃHğWLDJUHVLY([LVWÃPXOWHWHKQLFLGHUHOD[DUHSHFDUHOHSRģLH[HUVD®QDLQWHGH®QFHSHUHDXQHLQHJRFLHULGH
H[HPSOXUHVSLUDģLDDEGRPLQDOÃGLDIUDJPDWLFÃğLFDUHSRWILIRDUWHXWLOH'HDVHPHQHDSRģLIDFHXQHIRUWFRQğWLHQWGHDYRUEL
PDLOHQWPDLSXģLQğLPDL®QFHW
3UREDELOFHDPDLEXQÃWHKQLFÃHVWHGHDH[HUVDIRUPXODUHDXQRUPHVDMH®QWUXQPRGQHDPHQLQģÃWRU8QH[HPSOXFODVLFGDW
®QPXOWHFÃUģLHVWHDVSXQHߣ6XQWVXSÃUDWߢğLQXߣ0ÃVXSHULߢ'HDVHPHQHDSRģLIRUPXODDILUPDģLLIHUPHDSURDSHVXEIRUPÃ
GHVFX]ÃߣPLSDUHIRDUWHUÃXGDUğHIXOPHXQXYDIL®QQLFLXQFD]GHDFRUGFXDVWDߢ2FHUHUHSRDWHIL®QWRWGHDXQDIRUPXODWÃ
FD R UXJÃPLQWH ߣ$U IL SRVLELO VÃ PÃULģL UHGXFHUHD GH OD OD "ߢ &¢QG SDUWHQHUXO IDFH R FRQFHVLH WUHEXLH VÃ ®L
PXOģXPHğWL$PLQWHğWHģL®QWRWGHDXQDVÃVSXLߣWHURJߢğLߣPXOģXPHVFߢ
QFHDUFÃVÃ]¢PEHğWL5¢]LODJOXPHOHSDUWHQHUXOXLQFHDUFÃVÃDUÃģLFÃWHVLPģLELQH$FHVWWLSGHFRPSRUWDPHQWFKLDUWH
YDDMXWDVÃWHVLPģLELQH
&LQHYDFDUHHVWHDW¢WSROLWLFRVF¢WğLXQDVFXOWÃWRUIRDUWHEXQ®QGHSOLQHğWHGLQFULWHULLOHSHQWUXDILğDUPDQW
9RU H[LVWD PRPHQWH F¢QG YHL IL QHYRLW VÃ WH FHUģL Q DFHVW FD] QX WH SLHUGH FX ILUHD ILLQGFÃ WUHEXLH VÃ WH FRQWUROH]L ®Q
FRQWLQXDUHQFHDUFÃVÃQXULGLFLWRQXOğLQXIDFHLQVXOWHSHUVRQDOH
'DFÃHğWLJD]GDXQHLQHJRFLHULILLRVSLWDOLWDOLHUğLRIHUÃJXVWÃULğLUÃFRULWRDUH
)LLUÃEGÃWRU
Q DIDUÃ GH FRPSRUWDPHQWXO GXU FUHG FÃ DFHDVWD HVWH WHKQLFD FHO PDL JUHX GH VWÃS¢QLW &XPSÃUÃWXULOH RQOLQH ğL XWLOL]DUHD
OLFLWDģLLORURQOLQHVXQWXQEXQPLMORFGHDģLH[HUVDFDOLWDWHDGHDILUÃEGÃWRU$PLQWHğWHģLFÃHVWHXQMRFğL®QFHDUFÃVÃQXILL
®QFRUGDWğLGLQFDOHDIDUÃGHHPRģLRQDW
QFHDUFÃVîģLGDLVHDPDF¢QGğLFXPVîQFKHLDIDFHUHD
7UHEXLHVîQFKHLDIDFHUHDHVWHDWXQFLF¢QGQXDXPDLUÃPDVGHVWDELOLWDVSHFWHVHFXQGDUHGHH[HPSOXFDLHWXOGHVDUFLQL
GDWHOHOLYUÃULORUFRQGLģLLOHGHSODWÃHWF$WXQFLHVWHPRPHQWXOVÃSURSXLRRIHUWÃILQDOîQSULYLQģDDVSHFWXOXLSULQFLSDOFXP
HVWHSUHģXO&DSLWROXOGHVSUHߣQFKHLHUHDQHJRFLHULLğLDQJDMDPHQWߢ®ģLVSXQHWRWFHWUHEXLHVÃğWLLGHVSUHPRGXOFXPVÃ
®QFKHLFXVXFFHVRDIDFHUH5ÃVIRLUHğWHFDSLWROXO®QDLQWHDXQHLQHJRFLHUL
8OWLPHOHVHFģLXQLGLQDFHVWFDSLWROVHUHIHUÃODDOWHGRXÃWHKQLFLGHSHUIHFģLRQDUHDDSWLWXGLQLORUWDOH
([SHULPHQWHD]ÃWDFWLFLQRL
1X WH OLPLWD OD R JDPÃ UHGXVÃ GH WHKQLFL GH QHJRFLHUH &DSLWROHOH ğL GHVSUH ߣ1HJRFLHUHD SURSULX]LVÃߢ ğL ߣ7UDWDWLYHߢ
GHVFULXPXOWHVWUDWDJHPHFXHILFLHQģÃGRYHGLWÃQFHDUFÃOHSHU¢QGSHQWUXDYHGHDFDUHGLQWUHHOHIXQFģLRQHD]ÃELQHSHQWUX
WLQH1HJRFLDWRULLH[FHSģLRQDOLYRUGRE¢QGLPHUHXDELOLWÃģLQRL
$QDOL]HD]ÃģLSUHVWDģLD
8QXO GLQ FHOH PDL EXQH PRGXUL GH DģL SHUIHFģLRQD DELOLWÃģLOH HVWH FD GXSÃ ILHFDUH QHJRFLHUH VÃ IDFL R HYDOXDUH D FHORU
SHWUHFXWH &H D IXQFģLRQDW ELQH ğL FH QX" 3ULYLQG UHWURVSHFWLY FH DL IL IÃFXW GLIHULW" 'DFÃ WHD ®QVRģLW R DOWÃ SHUVRDQÃ OD
QHJRFLHUHFHFRQVLGHUÃDFHDVWDFÃDPHUVELQHğLFXPFUHGHFÃDUILIRVWPDLELQHVÃSURFHGH]L"
5H]XPDW
&DOLWÃģLOHFKHLHDOHXQXLQHJRFLDWRUH[FHSģLRQDOVXQW
ߧ)LLGXUߙGDUQXHQHUYDQWVDXDJUHVLY
ߧ3UHJÃWHğWHWHGRFXPHQWHD]ÃWHWHPHLQLF
ߧ,QWHUSUHWHD]ÃVLWXDģLDߙDVFXOWÃğLSULYHğWH
ߧ)LLFUHDWLY
ߧ)LLğDUPDQWߙVDXFHOSXģLQSROLWLFRV
ߧ)LLUÃEGÃWRU
ߧQFHDUFÃVîģLGDLVHDPDF¢QGğLFXPVîQFKHLDIDFHUHD
)LLGXUߙ$PLQWHğWHģLFÃQHJRFLHULOHVXQWXQMRF6WDELOHğWHģLDğWHSWÃULWRWPDLPDUL1XIDFHDEX]GHWDFWLFLOHGHQHJRFLHUHGXUHğL®QYDģÃWHVÃ
YRUEHğWLUDUQXSUHDWDUHğLQXSUHDPXOW)RORVHğWHOLFLWDģLLOHSHLQWHUQHWVKRZURRPXULGHDXWRPRELOHVLWHXULOHFXUHGXFHULğLDOWHOHDVHPHQHD
SHQWUXDWHRELğQXLVÃYLQ]LVFXPSğLVÃFXPSHULLHIWLQߙDVWIHOYHLDIODğLYDORDUHDUÃEGÃULL
3UHJÃWHğWHWHFRUHVSXQ]ÃWRUߙQXXLWDVÃģLDFRU]LWLPSVXILFLHQWSHQWUXDWHSUHJÃWLWHPHLQLF)RORVHğWHWHGHSUHJÃWLUHSHQWUXDWHJ¢QGLODSRVLELOH
RIHUWHFUHDWLYH
)LLSROLWLFRVߙH[HUVHD]ÃIRUPXODUHDFHUHULORUğLDPHQLQģÃULORU®QWUXQOLPEDMQHDJUHVLY
$QDOL]HD]ÃģLSUHVWDģLDGXSÃWHUPLQDUHDQHJRFLHULLDVWIHO®QF¢WVÃLGHQWLILFLFHDQXPHSRģL®PEXQÃWÃģL
([SHULPHQWHD]ÃQRLWHKQLFLGHQHJRFLHUH
5ÃVIRLUHğWHFDUWHD&XPVÃREģLLPD[LPXP®QRULFHQHJRFLHUH®QDLQWHDXQHLQHJRFLHULLPSRUWDQWH
&DSLWROXO
&XUVXOH[SHUWXOXL®QQHJRFLHUL
$FHVW FDSLWRO FRQģLQH FHOH PDL DPÃQXQģLWH ®QWUHEÃUL SULYLQG QHJRFLHULOH FDUH PLDX IRVW SXVH YUHRGDWÃ 9RL RIHUL
UÃVSXQVXULODFKHVWLXQLIRDUWHLPSRUWDQWHFXPDUILHWLFDDERUGDUHDSDUWHQHULORUGXULQHJRFLHUHD®QFRQWH[WXOXQRUGLIHUHQģH
FXOWXUDOHğLQHJRFLHULOH®QWUHPDLPXOWHSÃUģLFDVÃQXPHVFGRDUF¢WHYDGLQWUHHOH9HLSULPLVIDWXULOHGHFDUHDLQHYRLHSHQWUX
DGHYHQLXQQHJRFLDWRUH[FHSģLRQDO
&HWUHEXLHFRQVLGHUDWGUHSWFRPSRUWDPHQWQHHWLF"
$QXPLWH FRPSRUWDPHQWH QX VXQW GRDU QHHWLFH FL ®O SRW IDFH SH SDUWHQHUXO GH QHJRFLHUH VÃ WH GHD ®Q MXGHFDWÃ SH WLQH VDX
RUJDQL]DģLDWD'DFÃDFHVWD®QUHJLVWUHD]ÃSLHUGHULILLQGFÃWXODLLQGXV®QHURDUH®QPRGGHOLEHUDW®QSULYLQģDXQXLIDSWLDUXQ
WULEXQDOVWDELOHğWHFÃRSHUVRDQÃUDģLRQDOÃVDUILSXWXWED]D®QPRGMXVWLILFDWSHLQIRUPDģLLOHJUHğLWHSHFDUHOHDLGDWDWXQFL
ULğWL VÃ ILL GDW ®Q MXGHFDWÃ 'H H[HPSOX GDFÃ YLQ]L R FRPSDQLH ğL IXUQL]H]L GDWH IDOVH SULYLQG VLWXDģLD ILQDQFLDUÃ DWXQFL
SUREDELOFÃYHLDYHDSUREOHPHğLDğD®ģLWUHEXLH6LQJXUXOPRGGHDDFģLRQDIÃUÃULVFXULHVWHFDGDFÃDMXQJL®QWUXQSXQFW®Q
FDUHFUH]LFÃH[LVWÃFKLDUğLRPLFÃğDQVÃGHDILGDW®QMXGHFDWÃDWXQFLVÃWHRSUHğWLDFROR
'DUGDFÃOHJDWGHRELHFWXODIDFHULLğWLLFHYDFHSDUWHQHUXOWÃXGHQHJRFLHUHDUFRQVLGHUDVHPQLILFDWLYߙDLGDWRULDVÃ
GH]YÃOXLLQIRUPDģLDUHVSHFWLYÃ"'DFÃRSHUVRDQÃUDģLRQDOÃFUHGHFÃWUHEXLHDWXQFLIÃR'HH[HPSOXRSHUVRDQÃUDģLRQDOÃDU
FRQVLGHUDSUREDELOFÃWUHEXLHVÃGH]YÃOXLXQSRWHQģLDOGHIHFWPDMRUDOXQHLPDğLQLXQXLFXPSÃUÃWRUSULYDWGDUQXğLGDFÃR
FRPHUFLDOL]H]L®QWUXQVHUYLFHDXWR
&RPSRUWDPHQWXOHWLFQXHVWHGRDUFRUHFWFLğLSURILWDELO®QDIDFHUL
([LVWÃ WDFWLFL QHHWLFH ®Q DFHDVWÃ FDUWH" 6LQJXUD WDFWLFÃ SH FDUH DU WUHEXL VÃ R HYLģL GLQ UDģLXQL HWLFH HVWH FÃXWDUHD GH
FRQFHVLLVXSOLPHQWDUHGXSÃFHDLDFFHSWDWR®QģHOHJHUHĞLQLFLDFHDVWÃVLWXDģLHQXHVWHFODUGHOLPLWDWÃGRDUFÃGDFÃWUDWH]L
QHJRFLHULOHFDSHXQMRFPXOģLYRUFRQVLGHUDDFHDVWÃDWLWXGLQHHFKLYDOHQWÃFXDWULğD
&DUHVXQWSUREOHPHOHOHJDWHGHQHJRFLHUHDFXVWUÃLQLL"
&LWLWRUXOHVWHFRQğWLHQWGHIDSWXOFÃWUÃLP®QWUROXPHWRWPDLLQWHUQDģLRQDOL]DWÃğLPXOWLFXOWXUDOÃ,JQRUDUHDDFHVWRUSUREOHPH
WH SRDWH GXFH SH XQ WHUHQ PLQDW GH QH®QģHOHJHUL ğL RIHQVH LQYROXQWDUH $P FRQFHSXW GLQDGLQV DFHDVWÃ ®QWUHEDUH IRORVLQG
FXY¢QWXODIHFWLYߣVWUÃLQLߢ®QORFXOXQHLH[SUHVLLPDLQHXWUHFXPDUILߣRDPHQLGLQFXOWXULGLIHULWHߢSHQWUXD®QFHUFDVÃVFRW®Q
HYLGHQģÃ PDULOH SUREOHPH FX FDUH WH SRģL FRQIUXQWD DWXQFL F¢QG DL GHD IDFH FX RDPHQL SURYHQLQG GLQ FRQWH[WH FXOWXUDOH
GLIHULWH
'LIHUHQģDFXOWXUDOÃH[WUHPÃDSDUHF¢QGQHJRFLH]LFXFLQHYDFDUHQXHVWHYRUELWRUQDWLYGHOLPEÃHQJOH]ÃQDFHVWFD]HVWH
HVHQģLDOVÃQXWHJUÃEHğWLVÃSUHVXSXLFÃHQJOH]DYDILOLPEDIRORVLWîQQHJRFLHUH,DWÃF¢WHYDWHKQLFLFDUHSRWDMXWD
ߧQWUHDEîQWRWGHDXQDGLQDLQWHGDFÃVHDFFHSWÃIRORVLUHDHQJOH]HL2H[SOLFDģLHGHMXVWLILFDUHFXPHVWHIDSWXOFÃYRUEHğWL
GRDUHQJOH]DDMXWÃGHVHRUL$FHVWOXFUXHVWHLPSRUWDQWGHRDUHFHDWXQFLYDILFODUFÃQXSUHVXSXLGLQVWDUWFÃHQJOH]DHVWH
®QUHJXOÃ
ߧ'DFÃVHKRWÃUÃğWHGHFRPXQDFRUGFÃOLPEDIRORVLWÃYDILHQJOH]D®QWUHDEÃģLSDUWHQHUXOF¢WGHIOXHQWYRUEHğWHOLPEDğL
DVLJXUÃWH FÃ YHL FRQYHUVD FX HO ®QWUXQ PRG DGHFYDW IOXHQģHL OXL ®Q HQJOH]Ã $FHVW OXFUX YD DUÃWD FÃ HğWL QX GRDU
SURIHVLRQLVWFLğLSROLWLFRV
ߧ9DWUHEXLVÃYRUEHğWLOHQWğLFODUHYLW¢QGH[SUHVLLOHFRORFYLDOH)RORVHğWHSURSR]LģLLVFXUWHğL®QFHDUFÃVÃQX®QWUHEXLQģH]L
FXYLQWHGLIHULWHFDUHGHVFULXDFHODğLOXFUX
ߧ8PRUXOQXWUHFHDGHVHDJUDQLģDOLPELLğLHVWHGHRELFHLPDLELQHGHHYLWDW
ߧ3HF¢WSRVLELOLQFOXGH®QHFKLSDGHQHJRFLHUHXQPHPEUXFDUHVÃWHDVLVWHYRUELWRUQDWLYDOOLPELLSDUWHQHUXOXL(OSRDWH
IDFHSUH]HQWÃULOHğLYRUELUDSLG®QOLPEDQDWLYÃLDUGDFÃHVWHQHFHVDUSRDWHILLQWHUSUHW(OSRDWHGHDVHPHQHDVÃUHSDUH
SRVLELOHOHWDOHJDIHFXOWXUDOH
ߧ2®QWUHEDUHH[WUHPGHGHOLFDWÃHVWHGDFÃVîQYHģLOLPEDVWUÃLQÃUHVSHFWLYÃVXILFLHQWF¢WVÃVSXLߣEXQÃGLPLQHDģDߢߣYÃ
URJߢğLߣPXOģXPHVFߢQPRGDVHPÃQÃWRUWUHEXLHRDUHVÃWH®QFOLQL®Q-DSRQLD"3HQWUXILHFDUHFD]WUHEXLHVÃFHULVIDWXO
XQRUSHUVRDQHFDUHORFXLHVF®QģDUDUHVSHFWLYÃ
&KLDUGDFÃWHDGUHVH]LXQHLSHUVRDQHGLQWURFXOWXUÃYRUELWRDUHGHOLPEÃHQJOH]ÃWUHEXLHVÃILLFRQğWLHQWFÃPXOWHFXYLQWH
DX ®QģHOHVXUL GLIHULWH ğL SRDWH SURQXQģLL GLIHULWH ğL FÃ PXOWH H[SUHVLL FRORFYLDOH QX YRU IL ®QģHOHVH 'LQ QRX XPRUXO QX
WUDYHUVHD]ÃGHRELFHLGHFDODMXOFXOWXUDOğLFHOPDLELQHHGHHYLWDW
'LIHUHQģHOH FXOWXUDOH SRW IL ğL R VXUVÃ PDMRUÃ GH SUREOHPH /D QLYHO VXSHUILFLDO OXPHD GHYLQH PDL RPRJHQÃ ğL PDL
RFFLGHQWDOL]DWÃ PXOWH DVSHFWH GLQ FXOWXUD DPHULFDQÃ UÃVS¢QGLQGXVH ®Q DOWH ģÃUL 1X OÃVD DFHDVWÃ DVHPÃQDUH VXSHUILFLDOÃ
GLQWUH ģÃUL VÃ WH SÃFÃOHDVFÃ DVWIHO ®QF¢W VÃ LJQRUL GLIHUHQģHOH SURIXQGH GLQWUH FXOWXUL ğL FHOH SULYLQG IHOXO ®Q FDUH VH IDF
DIDFHULOH®QDFHVWHģÃUL/LVWDGRPHQLLORU®QFDUHHVWHIRDUWHXğRUGHIÃFXWJDIHLQFOXGH
ߧ&HVHFRQVLGHUÃDILSROLWLFRVğLFHVHFRQVLGHUÃDILQHSROLWLFRV
ߧ&HVHFRQVLGHUÃDILUHVSHFWXRVğLFHVHFRQVLGHUÃDILQHUHVSHFWXRV
ߧ&HVHFRQVLGHUÃDILRIHQVÃ
ߧ$WLWXGLQLOHIDģÃGHVSDģLXOSHUVRQDOFHGLVWDQģÃIL]LFÃWUHEXLHVÃPHQģLLIDģÃGHRSHUVRDQÃğLF¢WHVWHGHDFFHSWDELOVÃ
DWLQJLSHFLQHYD
ߧ&XPVXQWDERUGDWH®QW¢OQLULOHGHH[HPSOXDERUGDUHDMDSRQH]ÃODSULPD®QW¢OQLUHHVWHIRDUWHGLIHULWÃGHFHOHGLQDOWH
FXOWXULFRQVHFLQģDILLQGFÃMDSRQH]LLWLQGVÃDLEÃRDERUGDUHIRDUWHOHQWÃğLRILFLDOÃIDģÃGH®QFHSXWXOFRPXQLFÃULL
ߧ $FFHSWDELOLWDWHD XQRU SUDFWLFL GH DIDFHUL GH H[HPSOX XQHOH FXOWXUL FRQVLGHUÃ DFFHSWDELO FHHD FH ®Q DOWH FXOWXUL VH
FRQVLGHUÃQHFLQVWLW
ߧ2ELFHLXULOHSHUVRQDOH
ߧ$WLWXGLQLOHIDģÃGHIHPHL
ߧ&RQYHQģLLOHSULYLQGHWLFKHWDODVHUYLUHDPHVHL
ߧ$VSHFWHOHUHOLJLRDVH
ߧ$WLWXGLQHDIDģÃGHFRQVXPXOGHDOFRRO®QFRQWH[WHVRFLDOH
ߧ/LPEDMXOWUXSXOXL
ߧ3ULPLUHDğLRIHULUHDFDGRXULORU
&HO PDL EXQ OXFUX SH FDUH ®O SRģL IDFH HVWH VÃ JÃVHğWL SH FLQHYD GLQ RUJDQL]DģLD WD FDUH DSDUģLQH FXOWXULL FX FDUH
LQWHUDFģLRQH]LSHQWUXDWHIDPLOLDUL]DFXDVSHFWHOHFXOWXUDOH'HDVHPHQHDHELQHVÃDGXFLSHFLQHYDGLQFXOWXUDORFDOÃSHQWUX
DWHDVLVWDODQHJRFLHUH
&HIDFLGDFÃGDLSHVWHXQSDUWHQHUFDUHHVWHODIHOGHGXUFDWLQHVDXFKLDUPDL
GXU"
7UHEXLHVÃDFFHSģLFÃDFHDVWÃQHJRFLHUHYDDYHDGUHSWUH]XOWDWRDIDFHUHPXOWPDLHFKLOLEUDWÃGHF¢W®QFD]XOSDUWHQHULORUPDL
DPDELOL3RDWHILQLPHULWVÃGLVFXģLGHVFKLVSUREOHPDFXSDUWHQHUXOGHQHJRFLHUH®QVSHFLDOGDFÃGÃVHPQHGHIUXVWUDUHGLQ
FDX]ÃFÃWDFWLFLOHVDOHRELğQXLWHQXIXQFģLRQHD]Ã([LVWÃDW¢WGHSXģLQLQHJRFLDWRULFXDGHYÃUDWGXUL®QF¢WDFHğWLDVHRELğQXLHVF
VÃIDFÃDIDFHULEXQH
$FHDVWDHVWHRVLWXDģLH®QFDUHWUHEXLHVÃDQDOL]H]L®QPRGUDģLRQDOSRVLELOLWDWHDGHDWHUHWUDJH1XUHVSLQJHRDIDFHUHPDL
EXQÃGHF¢WVFHQDULXOWÃXGHUHWUDJHUHGRDUILLQGFÃHğWLLULWDWFÃQXREģLLR®QģHOHJHUHODIHOGHEXQÃFDGHRELFHL
)RORVLUHDXQRUWDFWLFLGHğRFSRDWHIXQFģLRQDXQHRUL5HWUDJHUHD®QVRģLWÃGHIXULHVLPXODWîOSRDWHFRQYLQJHSHSDUWHQHUXO
WÃXFîQWUDGHYÃUQXYHLFHGDWRWWLPSXO
&¢QGHPRPHQWXOSRWULYLWSHQWUXDIDFHRRIHUWÃ"
(VWH FHYD RELğQXLW FD QLYHOXO GH FRQFHQWUDUH DO SDUWHQHUXOXL VÃ ILH ULGLFDW OD ®QFHSXWXO VHVLXQLL GH QHJRFLHUH VÃ VFDGÃ OD
PLMORFXO®QW¢OQLULLğLDSRLVÃFUHDVFÃGLQQRXSHPÃVXUÃFHVHVLXQHDVHDSURSLHGHVI¢UğLW'DFÃLQFOX]LRSDX]îQPLMORFXO
XQHLVHVLXQLDWXQFLQLYHOXOGHFRQFHQWUDUHDOSDUWHQHUXOXLYDILULGLFDWF¢QGYîQWRDUFHģLGXSÃDFHDSDX]Ã2IHUWHOHVXQWFHO
PDLELQHSULPLWHF¢QGQLYHOXULOHGHFRQFHQWUDUHDOHSDUWHQHUXOXLVXQWULGLFDWH
QDIDUDYLHģLLSURIHVLRQDOHLJQRUÃVIDWXULOHGLQDFHDVWÃFDUWHGDFÃYUHL$LGDWRULDVÃREģLLFHDPDLEXQÃDIDFHUHSHQWUXRUJDQL]DģLDWD2ULFXP®QYLDģD
SHUVRQDOÃWXGHFL]LF¢WGHGXUYUHLVÃQHJRFLH]L
&DUHHFHDPDLJUDYÃJUHğHDOÃSHFDUHRSRģLIDFH"
$ğHYLGHQģLDFD]XOQHJRFLDWRUXOXLFDUH®QFKHLHRDIDFHUHGHğLDUILWUHEXLWVÃVHUHWUDJÃQWUXQFRQWH[WGHDIDFHULFRVWXULOH
XQHLILUPH®QWHUPHQLGHEDQLPRUDOXOSHUVRQDOXOXLRSRUWXQLWÃģLOHSLHUGXWHğLDOWHOHDVHPHQHD®QFD]XOXQHLDIDFHULIRDUWH
SURDVWHSRWIL®QWUDGHYÃUH[WUHPGHULGLFDWH
/DQLYHOSHUVRQDOFXPSÃUDUHDRELHFWXOXLQHSRWULYLWSRDWHILFRVWLVLWRDUHQHFRQYHQDELOÃğLRVXUVÃFRQVWDQWÃGHHQHUYDUH
$OHJHUHDY¢Q]ÃWRUXOXLQHSRWULYLWSHQWUXFÃDLDOHUJDWGXSÃFHOPDLPLFSUHģODDFKL]LģLRQDUHDXQHLFDVHSRDWH®QVHDPQÃDSÃ
FDUHFXUJHSULQDFRSHULğFUÃSÃWXUL®QSHUHWHğLDğDPDLGHSDUWH
$OWHWUHLJUHğHOLIRDUWHJUDYHSHFDUHOHSRDWHIDFHXQQHJRFLDWRU
&LWLWRUXOQXYDILVXUSULQVFîQWRSXOOLVWHLPHOHVHDIOÃJUHğHDODGHDQXILVXILFLHQWGHGXU1XFUHGFÃHVWHQHYRLHVÃPDL
VSXQFHYD®QDFHDVWÃSULYLQģÃ
8Q QHJRFLDWRU FDUH QX ®ğL DVFXOWà DWHQW SDUWHQHUXO IDFH XQD GLQWUH FHOH PDL HOHPHQWDUH JUHğHOL 'DFà QX SRģL LQWHUSUHWD
LQGLFLLOHSHFDUHģLOHWUDQVPLWHSDUWHQHUXOGHQHJRFLHUHQXYHL®QFKHLD®QQLFLXQFD]RDIDFHUHRSWLPÃ
&RPSRUWDPHQWXO QHPDQLHUDW ®QFKHLH OLVWD FHORU WUHL %XQHOH PDQLHUH QX WH FRVWÃ QLPLF GDU VXQW FKHLD ®QFKHLHULL XQHL
DIDFHUL IRDUWH EXQH $ IL GXU ®QVÃ SROLWLFRV HVWH XQ PRG IRDUWH EXQ GH D IDFH R DIDFHUH JUR]DYÃ 6ODE JURVRODQ ğL VXUG
UHSUH]LQWÃFRFWHLOXOSHUIHFWSHQWUXSLHUGHUHDXQHLDIDFHULH[FHOHQWH
7UHLJUHğHOLFDUHVXQWFHOPDLXğRUGHIÃFXW
6ÃQXWHSUHJÃWHğWLFRUHVSXQ]ÃWRU
1HJRFLDWRULL H[FHSģLRQDOL YRU IL DSURDSH ®QWRWGHDXQD RDPHQL IRDUWH RFXSDģL $GHVHD RDPHQLL IRDUWH RFXSDģL QX YRU JÃVL
WLPSXOQHFHVDUSHQWUXDVHGRFXPHQWDğLDIDFHSODQXUL®QPRGDGHFYDW®QDLQWHGHDVHSUH]HQWDODRQHJRFLHUH8QDGLQWUH
SUREOHPHOHOHJDWHGHHWDSDSUHJÃWLULLHVWHFÃQXSRģLVÃWHDğH]LSXUğLVLPSOXğLVÃRIDFLUDSLG®QF¢WHYDRUH8QXOGLQWUHFHOH
PDL LPSRUWDQWH DVSHFWH DOH SUHJÃWLULL ®Q FD]XO XQHL QHJRFLHUL FRPSOH[H LPSRUWDQWH FRQVWÃ ®Q D GLVFXWD FX WRDWH SÃUģLOH
LQWHUHVDWH ğL D WH DVLJXUD FÃ ®QģHOHJL SULQFLSDOHOH ORU SUHRFXSÃUL 3ÃUģLOH LQWHUHVDWH PDMRUH VXQW SUREDELO RDPHQL IRDUWH
RFXSDģLğLSULQXUPDUHVXQWJUHXGHJÃVLWDğDFÃWUHEXLHVÃģLSODQLILFL®QW¢OQLUHDFXHLFXFHYDWLPS®QDLQWHDFRPXQLFÃULL
6ÃWHLPSOLFLHPRģLRQDOğLVîģLLHğLGLQILUH
&KLDU ğL QHJRFLDWRULL H[FHSģLRQDOL VXQW RDPHQL DğD ®QF¢W SRW XLWD VÃ VH FRPSRUWH FD 0U 6SRFN GLQ 6WDU 7UHN &KLDU ğL
QHJRFLDWRULLH[SHULPHQWDģLYRUGHYHQLWHQVLRQDģLğLVHYRU®QFÃUFDFXDGUHQDOLQîQDLQWHGHQHJRFLHULOHIDģîQIDģÃDğDFÃDL
FDGUXOSHUIHFWSHQWUXRL]EXFQLUHDIHFWLYÃ
6ÃWHDWDğH]LHPRģLRQDOSUHDPXOWGHRELHFWXOQHJRFLHULLVDXVÃģLLSUHDPXOWODLGHHDGHD
®QFKHLDDIDFHUHD
$®QFKHLDRDIDFHUHGLQFDUHDUILWUHEXLWVÃWHUHWUDJLHVWHFHDPDLJUDYÃJUHğHDOÃSHFDUHRSRģLIDFHDğDFÃYHLYHGHDGHFH
DFHDVWDHVWHRJUHğHDOÃDW¢WGHSHULFXORDVÃğLXğRUGHIÃFXW
&DUHHVWHFHOPDLGLILFLODVSHFWDOQHJRFLHULORU"
6Ã ®QģHOHJL LPSOLFDģLLOH ILQDQFLDUH DOH XQHL DIDFHUL HVWH ®QWUDGHYÃU IRDUWH GLILFLO &KLDU GDFÃ FHUL VIDWXO H[SHUģLORU GLQ
RUJDQL]DģLD WD YHL FRQVWDWD DGHVHD FÃ HVWH IRDUWH JUHX VÃ SULPHğWL UÃVSXQVXUL GLUHFWH 'H H[HPSOX GDFÃ RIHUL R JDUDQģLH
SUHOXQJLWÃ SHQWUX XQ SURGXV VDX VHUYLFLX OD F¢W GH PXOW DL UHQXQģDW" &DOHD FHD PDL VLJXUÃ HVWH VÃ ILL SHVLPLVW ®Q SULYLQģD
HVWLPÃULORUILQDQFLDUHDVWIHO®QF¢WGDFÃIDFLRDIDFHUHHVWHSXģLQSUREDELOVÃILHPDLGH]DYDQWDMRDVÃGHF¢WVFHQDULXOWÃXGH
UHWUDJHUH
&HIDFLGDFÃGDLSHVWHXQQHJRFLDWRUVDXRRUJDQL]DģLHIÃUÃH[SHULHQģÃ"
$VWIHOGHQHJRFLHULWLQGVÃGXUH]HPDLPXOWGHF¢WGDFÃSDUWHQHUXODUILH[SHULPHQWDW&¢QGDPEHOHSÃUģLVXQWH[SHULPHQWDWH
YRUğWLVROXģLLOHVWDQGDUGODSUREOHPHVWDQGDUGğLYRU®QģHOHJHFXPVHFRPSRUWÃQHJRFLDWRULLGHRELFHL®QGRPHQLXODIDFHULORU
3RDWHDLQRURFXOVÃģL®QGUXPLSDUWHQHUXOGHQHJRFLHUHFÃWUHRVXUVÃGHFRQVLOLHUHVWDQGDUG'HH[HPSOXXQDXWRUW¢QÃUVH
SRDWH®QVFULH®QWURDVRFLDģLHDVFULLWRULORUFDUHSXEOLFÃRPXOģLPHGHFDWDORDJHğLFDUH®OYDVIÃWXLDVXSUDFRQWUDFWXOXL'H
DVHPHQHD XQ DXWRU W¢QÃU SRDWH FXPSÃUD R FDUWH SUHFXP 7KH ,QVLGHUߞV *XLGH WR *HWWLQJ <RXU %RRN 3XEOLVKHG GH 5DFKHO
6WRFN:KLWH/DGGHU3UHVV(ELQHVÃDLUHVXUVHIRORVLWRDUHSHLQWHUQHWFDUHVîģLDMXWHSDUWHQHUXOGHQHJRFLHUHVÃVHSXQÃOD
FXUHQWFXHYROXģLLOHGLQGRPHQLXOWÃXGHDFWLYLWDWHQVÃRULFHDLIDFHQX®LUHFRPDQGDVÃFLWHDVFÃ&XPVÃREģLLPD[LPXP®Q
RULFHQHJRFLHUHߙ®OSRģL®QGUHSWDVSUHRULFHDOWWLWOXGHEHVWVHOOHUSHQWUXDODMXWDVÃGHYLQÃXQQHJRFLDWRUPDLELQHLQIRUPDW
GDUQXIRDUWHGXU
QDVWIHOGHVLWXDģLL®LSRģLVSXQHSDUWHQHUXOXLWÃXYDWUHEXLVÃDLEîQFUHGHUH®QWLQHGDFîOVIÃWXLHğWL®QSULYLQģDSUDFWLFLL
VWDQGDUGLDUDWXQFLF¢QG®O®QGUXPLWUHEXLHVÃILLIRDUWHRQHVW
3ULPHğWLLQIRUPDģLLGLQLQWHULRUFHIDFL"
)RORVLUHDDQXPLWRULQIRUPDģLLGLQLQWHULRUHVWHLOHJDOÃğLHYLGHQWWUHEXLHVîQFHUFLVÃHYLģLDFHDVWÃVLWXDģLH'DFÃWUHEXLHVÃ
LQIRUPH]LDXWRULWÃģLOHFÃOHGHģLLDWXQFLIÃRDOWIHOQXOHIRORVLFXEXQÃğWLLQģÃ
'DFÃQXH[LVWÃEDULHUHMXULGLFHDWXQFLHğWLOLEHUVÃOHIRORVHğWL3RDWHILQHYRLHGHGLVFUHģLHSHQWUXDģLSURWHMDVXUVD®QVÃ
DFHDVWDHVWHVLQJXUDUHVWULFģLH
1XXLWDFÃQXWUHEXLHVîģLSXLSDUWHQHUXOGHQHJRFLHUH®QDFHDVWÃVLWXDģLHDğDFÃDLJULMÃVÃILLGLVFUHW®QOHJÃWXUÃFXFH
VSXL®QEDUODWRDOHWÃHWFFDVÃWHDVLJXULFÃQXSURGXFLRVFXUJHUHGHLQIRUPDģLLFÃWUHSDUWHDDGYHUVÃ
&HIDFLGDFÃSXUğLVLPSOXQXWHSRģLIRUģDVÃILLXQQHJRFLDWRUGXU"
Q YLDģD SHUVRQDOÃ VROXģLD HYLGHQWÃ HVWH VÃ ®L FHUL XQXLSULHWHQ VDX XQHL UXGH VÃ VH RFXSH GH QHJRFLHUH ®Q ORFXO WÃX QWUR
VLWXDģLHGHDIDFHULWUHEXLHVÃDGXFLXQFROHJVDXXQQHJRFLDWRUSURIHVLRQLVWSHQWUXDFRQGXFHQHJRFLHUHD
&HOSXģLQWUHEXLHVîQWUHELߣ&DUHHVWHFHOPDLEXQSUHģFHDPDLEXQÃRIHUWÃDGXPQHDYRDVWUÃ"ߢ
([LVWÃPRPHQWHF¢QGWUHEXLHVÃHYLģLVÃQHJRFLH]L"
QDQXPLWHVLWXDģLLVHRELğQXLHğWHVÃVHDSHOH]HODXQSURIHVLRQLVWߙGHH[HPSOXXQDYRFDWߙFDUHVÃQHJRFLH]HSHQWUXWLQHQ
DOWHVLWXDģLLSRDWHFÃDLSOÃWLWSHQWUXXQDVHPHQHDVHUYLFLXߙGHH[HPSOXSULQDSDUWHQHQģDODRXQLXQHVLQGLFDOÃVDXSULQWUR
SROLģÃGHDVLJXUDUH([LVWÃWUHLDYDQWDMHSRWHQģLDOH®QDSHODUHDODXQSURIHVLRQLVW
3RDWHILPDLH[SHULPHQWDWFDQHJRFLDWRU
3RDWHDYHDPDLPXOWHFXQRğWLQģHGHVSUHLQIRUPDģLLOHUHOHYDQWHFXPDUILMXULVSUXGHQģD
'DFÃ HğWL LPSOLFDW HPRģLRQDO GH H[HPSOX GDFÃ WRFPDL DL IRVW FRQFHGLDW VDX VDQFģLRQDW DFHVWD SRDWH IL PDL HILFLHQW
GHRDUHFHHVWHLPSDUģLDO
7UHEXLHVÃWUDWH]LSHUVRDQHOHLXELWHğLSULHWHQLLODIHOFDSHWRDWÃOXPHD"
7UHEXLHVÃWH®QWUHELGDFÃLPSRUWDQģDGUDJRVWHLğLSULHWHQLHLGHSÃğHğWHGRULQģDGHDREģLQHRDIDFHUHEXQÃߨ®QFHHDFHPÃ
SULYHğWHRGHSÃğHğWH
&HIDFLGDFÃSDUWHQHUXODUHRDXWRULWDWHOLPLWDWÃGHDQHJRFLD"
3RģLIRORVLRWDFWLFÃDIODWîQFRQWUDGLFģLHFXSHUVRQDOLWDWHDWD"
'HRELFHLDFHDVWDVHUYHğWHGUHSWVFX]ÃSHQWUXDQXIDFHFHYDFHģLVHSDUHGLILFLO0XOWHDVSHFWHGLQYLDģDSURIHVLRQDOÃVXQW
GLILFLOH ߙ GH H[HPSOX SXģLQL PDQDJHUL JÃVHVF YUHR SOÃFHUH ®Q D DERUGD SHUVRQDOXO FH DUH SHUIRUPDQģH VODEH VDX VH IDFH
YLQRYDWGHXQFRPSRUWDPHQWQHSRWULYLW0DQDJHPHQWXOğLQHJRFLHULOHSUHVXSXQVÃIDFLFHHDFHHVWHFRUHFWLQGLIHUHQWGDFîģL
SODFHVDXQXQWUXQFRQWH[WGHDIDFHULHğWLSOÃWLWVÃWHFRPSRUģLFDXQQHJRFLDWRUSURIHVLRQLVWDğDFÃQXWHPDLSO¢QJHğLIÃ
FHDLGHIÃFXWQYLDģDSHUVRQDOÃQXHğWLQHYRLWVÃQHJRFLH]L®QWUXQPRGFDUHQX®ģLSODFHGDUQXWHSO¢QJHDWXQFLF¢QGQX
®QFKHLRDIDFHUHIRDUWHEXQÃ
&HIDFLGDFÃSDUWHQHUXOWÃXWLQGHVÃQXILHODIHOGHGHVFKLVFDWLQH®QWLPSXO
FRPXQLFÃULL"
'LQQHIHULFLUHPXOWHFXUVXULğLFÃUģLGHQHJRFLHUHUHFRPDQGÃVîQFHUFLVÃDIOLPDLPXOWHLQIRUPDģLLGHF¢WFHOHSHFDUHOH
RIHUL ®Q HWDSD FRPXQLFÃULL 'DFÃ WH JÃVHğWL ®Q DFHDVWÃ VLWXDģLH WUHEXLH VÃ FHUL GHVFKLV R DERUGDUH UHFLSURFÃ IDģÃ GH
®PSÃUWÃğLUHD LQIRUPDģLLORU 'DFÃ SDUWHQHUXO VH FRPSRUWÃ FRPSHWLWLY ®Q FRQWLQXDUH DWXQFL WUHEXLH VÃ DSOLFL WDFWLFD
UHFLSURFLWÃģLLğLVîOEDģLODSURSULXOMRF
&XPSURFHGH]L®QFD]XOXQHLUHWUDJHUL"
&HOPDLEXQPRGGHDDERUGDRUHWUDJHUHHVWHVÃDğWHSģLFDFHDODOWÃSDUWHVÃWHFRQWDFWH]HVDXVÃDğWHSģLRSHULRDGÃGHWLPS
VHPQLILFDWLYîQDLQWHVÃRFRQWDFWH]L'DFÃHğWLQHUÃEGÃWRU®QVHDPQÃFîLIDFLMRFXO
$WXQFLF¢QGQHJRFLHUHDVHUHLDGXSÃRUHWUDJHUHSRDWHILXQPRPHQWIRDUWHEXQVÃIDFLRRIHUWÃFUHDWLYÃQHFRQYHQģLRQDOÃ
(ELQHğLVÃQXXLģLVÃWHFRPSRUģLILUHVFߙDSURDSHFDğLFXPFHOÃODOWQXVDUILUHWUDV
&XPSURFHGH]L®QFD]XOXQHLDPHQLQģÃUL"
1X H[LVWÃ XQ UÃVSXQV VLPSOX OD DFHDVWÃ ®QWUHEDUH ILLQGFÃ ILHFDUH VLWXDģLH WUHEXLH MXGHFDWÃ ®Q IXQFģLH GH ®PSUHMXUÃULOH VDOH
XQLFH)ÃFHFUH]LFÃWUHEXLHSHQWUXDREģLQHFHOPDLEXQUH]XOWDWVLQJXUXOOXFUXFRPSOHWJUHğLWHVWHVÃSHUPLģLFDVXSÃUDUHDVÃ
®ģLDIHFWH]HGHFL]LD'DFÃFHDODOWÃSDUWHHVWH®QDYDQWDMğLGDFÃFHG¢QGFHOSXģLQSDUģLDO®QIDģDXQHLDPHQLQģÃULSRģL®QFKHLD
RDIDFHUHSUHIHUDELOÃVFHQDULXOXLWÃXGHUHWUDJHUHDWXQFLQXWH®PSLHGLFD®QSURSULDP¢QGULH
3RģLQHJRFLDFXFLQHYDFDUHQXGÃGRYDGÃGHLQWHJULWDWH"
'D&HğWLLGHVSUHDVWD"ģLVXJHUH]VÃDGRSģLRIRUPÃDGHFYDWÃGHQHJRFLHUHGHIHQVLYîQFDUHDERUGDUHDWDVÃVHED]H]HSH
FXQRDğWHUHDIDSWXOXLFÃSDUWHQHUXOWÃXVHSRDWHFRPSRUWDXU¢W'DFÃLQWHQģLRQH]LVÃFRQVWUXLHğWLRUHODģLHSHWHUPHQOXQJFX
FHDODOWÃSDUWHGLQQRXYDWUHEXLVÃILLSUHJÃWLWVÃWHDSHULGHSRWHQģLDOHFRPSRUWDPHQWHUHSUREDELOH7HDLSXWHDDIOD®QWUR
SR]LģLHDW¢WGHSXWHUQLFîQF¢WVîģLSHUPLģLOX[XOGHDUHIX]DVÃWUDWH]LFXDVWIHOGHRDPHQLğLRUJDQL]DģLLGDUFHLPDLPXOģL
QHJRFLDWRULVXQWQHYRLģLVÃIDFÃIDģÃDFHVWRUVLWXDģLL
$FHODğLUÃVSXQVHVWHYDODELOğL®QFD]XO®QWUHEÃULLGDFÃSRģLQHJRFLDFXFLQHYD®QFDUHQXDL®QFUHGHUH
&DSLWROXO
6ÃğWLLVÃIDFLğLVÃVSXL
$FHVWFDSLWROH[HPSOLILFÃWHKQLFLOHGHVFULVH®QFDUWHDERUG¢QGDQXPLWHVFHQDULLGHQHJRFLHUHRELğQXLWHğLDQDOL]¢QGFXP
DLSXWHDVÃSURFHGH]L9DORDUHDWHKQLFLORUGHVFULVHDLFLYDIL®QģHOHDVÃFRPSOHWQXPDLOX¢QG®QFRQVLGHUDUHVFHQDULLGLQYLDģD
UHDOÃQSOXVDFHVWHVFHQDULLVXQWVLWXDģLLLPSRUWDQWHSHFDUHOHDLSXWHDH[SORDWD®QYLDģDSHUVRQDOÃğL®QFHDSURIHVLRQDOÃ
1HJRFLHUHDXQHLFUHğWHULVDODULDOH
3UHJÃWLUHD
'DFÃRUJDQL]DģLDWDDUHUXQGHGHQHJRFLHULVDODULDOHDQXDOHQXWUHEXLHVÃDP¢QLSUHJÃWLUHDS¢QÃODPRPHQWXOGHFL]LLORUGH
FUHğWHULVDODULDOH7UHEXLHVîQFHSLVÃWHJ¢QGHğWLODXUPÃWRDUHDFUHğWHUHVDODULDOÃF¢QGVH®QFKHLHXOWLPDUXQGÃGHQHJRFLHUL
7UHEXLHVÃIDFLXUPÃWRDUHOHFHUFHWÃULDQDOL]HğLPXQFÃSUHOLPLQDUÃ
QFHDUFÃVîQģHOHJLFXPIXQFģLRQHD]ÃVLVWHPXOGHUHFRPSHQVHDORUJDQL]DģLHLWDOH
'H QHQXPÃUDWH RUL DP YÃ]XW RDPHQL FDUH VH SO¢QJ ®Q SULYLQģD FUHğWHULL ORU VDODULDOH ®Q WHUPHQL FDUH QX ®L RIHUÃ ğHIXOXL ORU
QLFLXQ DMXWRU ®Q MXVWLILFDUHD XQHL DVWIHO GH FUHğWHUL ®Q FDGUXO FRQVWU¢QJHULORU LPSXVH GH VLVWHPXO GH UHFRPSHQVH DO
RUJDQL]DģLHL
'DFÃJULODVDODULDOÃDRUJDQL]DģLHLWDOHVWDELOHğWHSOÃģLOHSHED]DXQRUIDFWRULGLQWUHFDUHVLQJXUHOHGRXÃYDULDELOHSHFDUHOHSRģLLQIOXHQģDVXQWHYDOXDUHD
SHUIRUPDQģHLJHQHUDOHğLFDOLILFDWLYXOWÃXWUHEXLHVÃģLFRQFHQWUH]LWRDWHHIRUWXULOHDVXSUDREģLQHULLFHOHLPDLEXQHHYDOXÃULSRVLELOHDSHUIRUPDQģHLğLDVXSUD
SODQLILFÃULLXUPÃWRDUHLSURPRYÃULQSOXVGDFÃHğWLDELOSRģLQHJRFLDSHQWUXUHFRPSHQVHFDUHQXVXQWILQDQFLDUHFXPDUILVSULMLQXO®QYHGHUHDREģLQHULL
XQHLFDOLILFÃULFDUHVÃģL®PEXQÃWÃģHDVFÃFDSDFLWDWHDGHLQVHUģLHSURIHVLRQDOÃğLVÃILHGHDVHPHQHDRH[SHULHQģÃPRWLYDQWÃ
0XOWH RUJDQL]DģLL ®QFHDUFÃ VÃ OHJH FUHğWHUHD VDODULDOÃ RIHULWÃ GH QLYHOXO SHUIRUPDQģHL WDOH 'DFÃ HYDOXDUHD DQXDOÃ D
SHUIRUPDQģHLWDOHHVWHIRDUWHLPSRUWDQWÃWUHEXLHVîQģHOHJLFXPVHIDFHHYDOXDUHD3HFLQHHVWHLPSRUWDQWVÃLPSUHVLRQH]LğL
FHDQXPHRYDLPSUHVLRQDSHDFHDSHUVRDQÃ"
QFHDUFÃVîQģHOHJLFXPHğWLHYDOXDWGHğHIXOWÃXğLGHRUJDQL]DģLDWD
QSULPXOU¢QGVFRDWHģLGLQPLQWHWRDWHLGHLOHSULYLQGPRGXO®QFDUHFUH]LFÃDUWUHEXLVÃILLHYDOXDW7UHEXLHVîQģHOHJLFXP
WHHYDOXHD]ÃGHIDSWRUJDQL]DģLDGHRDUHFHDFHDVWDHUHDOLWDWHDFXFDUHWUHEXLHVÃWHFRQIUXQģL
'HğLILHFDUHRUJDQL]DģLHDUHPHFDQLVPHGLIHULWHSRWVÃIDFWUHLVXJHVWLLIRDUWHXWLOH
ߧ&XF¢WHğWLPDLJUHXGH®QORFXLWğLFXF¢WHVWHPDLPDUHSDJXED®QFD]FÃSOHFLFXDW¢WYHLILPDLSUHģXLW
ߧ&XF¢WFUHğWHSRVLELOLWDWHDVÃSOHFLFXDW¢WYHLILPDLSUHģXLW
ߧ&XF¢WFRğWLPDLPXOWFXDW¢WYHLILPDLSXģLQSUHģXLW2DPHQLLFDUHSUHVXSXQFRVWXULULGLFDWHVXQWFHLFDUHSUHVXSXQXQ
HIRUWPDLPDUHGLQSDUWHDFRQGXFHULLGLQFDX]ÃFÃVHSO¢QJVXQWWXUEXOHQģLHVWHGLILFLOVÃOHGDLGHOXFUXWUHEXLHVÃILH
VXSUDYHJKHDģLQXSRģLDYHD®QFUHGHUHFÃQXVHYRUDPHVWHFDXQGHQXHFD]XOQHFHVLWîQORFXLUHSHQWUXFîğLLDXPXOWHGH
FRQFHGLLPHGLFDOHğLDOWHOHDVHPHQHD
(YDOXHD]ÃģLDYDQWDMHOH
'DFÃ ğHIXO WÃX SHUFHSH FÃVXQWğDQVHPLFLVDX FKLDULQH[LVWHQWHFDWXVÃSOHFL YHLDYHD IRDUWH SXģLQHDYDQWDMH 7UHEXLHVÃ
DFģLRQH]LğLVÃIDFLDILUPDģLLDVWIHO®QF¢WVÃVHLQWHQVLILFHSHUFHSģLDFÃDLSXWHDSOHFD([LVWÃPRGXULVXEWLOHGHDFUHDDFHDVWÃ
SHUFHSģLHğLGDFÃQXHğWLSUHJÃWLWVÃVXVģLLRDPHQLQģDUHFÃYHLSOHFDUÃP¢LODDERUGDUHDVXEWLOÃ3ULQWUHWLSXULOHGHDOX]LLSH
FDUHOHSRģLIDFHVHQXPÃUÃ
ߧ6FKLPEÃUL®QVLWXDģLDSHUVRQDOÃFDUHWHDUSXWHDIDFHVîģLUHHYDOXH]LFDULHUDߙGHH[HPSOXWHFÃVÃWRUHğWLVDXIDFLXQ
FRSLO
ߧ8QGUXPOXQJS¢QÃODORFXOGHPXQFÃ
ߧ'RYDGDFÃHğWLFRQğWLHQWGHFHVHSHWUHFHSHSLDģDPXQFLL
ߧ/LSVDEDQLORUGDUQXILLQGFÃQXWHSULFHģLVÃģLDGPLQLVWUH]LILQDQģHOHSHUVRQDOH
ߧ6WU¢QJLEDQLSHQWUXFHYDߙGHH[HPSOXSHQWUXRFDVÃVDXXQDSDUWDPHQW
0XOWPDLVODEÃGHF¢WSHUFHSģLDFÃDLSXWHDVÃSOHFLWRWXğLLPSRUWDQWÃHVWHVXEOLQLHUHDIDSWXOXLFÃRFUHğWHUHDFFHSWDELOÃD
VDODULXOXLHVWHHVHQģLDOÃSHQWUXPHQģLQHUHDPRUDOXOXLWÃX0XOWHRUJDQL]DģLLğWLXFÃFUHğWHULOHVDODULDOHPLFLSRWILXQIDFWRU
GHPRWLYDQWPDMRU'DFÃQXSRģLDVSLUDODRFUHğWHUHVDODULDOÃFRQVLVWHQWÃYDWUHEXLVÃIRORVHğWLDUJXPHQWXOPRWLYDģLRQDOFD
WHPHLSULQFLSDOSHQWUXFDUHQXWUHEXLHVÃģLVHRIHUHRFUHğWHUHVDODULDOÃPLFÃ
)RORVHğWHXQVLVWHPGHPDQDJHPHQWDOSHUIRUPDQģHLVDXDOFDULHUHL
7UHEXLHVÃIRORVHğWLXQVLVWHPGHPDQDJHPHQWDOSHUIRUPDQģHLVDXDOFDULHUHLFDSDUWHDSUHJÃWLULORUWDOHSHQWUXXUPÃWRDUHD
UXQGÃGHQHJRFLHULVDODULDOH7UHEXLHVÃSXL®QWUHEÃULFDUHVÃYLQîQVSULMLQXOXQRUFUHğWHULVDODULDOHPDULSHYLLWRU
ߣ&HSRWIDFHFDVÃGHYLQPDLYDORURVSHQWUXRUJDQL]DģLH"ߢ$FHDVWîQWUHEDUHDUHGRXÃHIHFWHSR]LWLYH5ÃVSXQVXOSHFDUH®OSULPHğWLYDILUHOHYDQWSHQWUX
FXP®ģLSRģLFUHğWHYDORDUHDSHQWUXRUJDQL]DģLHFHHDFHSRDWH®QVHPQD®QFHOHGLQXUPÃPDLPXOģLEDQLQDOGRLOHDU¢QGDUDWÃFîģLGRUHğWLVÃILLYDORURV
LDURDPHQLLFDUHGRUHVFVÃILHSUHģXLģLYRUILLGHQWLILFDģLGUHSWRDPHQLFDUHYRUVÃILHSOÃWLģLELQH
(YDOXHD]ÃģLDWLWXGLQHDIDģÃGHULVF
7UHEXLHVÃUHDOL]H]LXUPÃWRUXOOXFUXFXF¢WHğWLPDLELQHSOÃWLWFXDW¢WPDLPDULYRUILDğWHSWÃULOHGHODWLQHğLFXDW¢WPDL
PDUHYDILSHULFROXOFDODXQPRPHQWGDW®QYLLWRUVHUYLFLLOHWDOHVÃQXPDLILHQHFHVDUH0HULWÃVÃOXSģLGLQJUHXSHQWUXDIL
SOÃWLWODYDORDUHDWDGHSLDģÃGDUDUWUHEXLVÃDLVHULRV®QYHGHUHPRGHUDUHDFHUHULORUWDOHSHQWUXDWHDVLJXUDFÃQXHğWLSOÃWLW
SUHDPXOW
,GHQWLILFÃģLYDORDUHDGHSLDģÃ
QDQXPLWH®PSUHMXUÃULDFHDVWDYDILRLQIRUPDģLHIRDUWHLPSRUWDQWÃߙPDLDOHVGDFÃQHJRFLH]LVDODULXOSHQWUXRVOXMEÃQRXÃ
&RQğWLHQWL]DUHD VDODULXOXL SH FDUH ODL SXWHD REģLQH ®Q DIDUD RUJDQL]DģLHL WDOH YD DIHFWD FUHGLELOLWDWHD RULFÃUHL DPHQLQģÃUL
LPSOLFLWHVDXH[SOLFLWHFÃDLSXWHDSOHFD$QXQģXULOHFXORFXULGHPXQFÃVXQWRVXUVÃDFFHVLELOÃGHLQIRUPDUH®QDFHVWVHQV
GHğLRUJDQL]DģLDWDYDğWLFÃDFHVWHDUHSUH]LQWÃRHYDOXDUHRSWLPLVWÃDVDODULXOXLSHFDUHODLSXWHDREģLQH
(YDOXHD]ÃģLSODWD®QIXQFģLHGHFHDDHJDOLORUWÃL
0DQDJHULLğWLXGHRELFHLFÃGLIHUHQģHOHLQWHUQHGHVDODUL]DUHVXQWRVXUVÃPDLPDUHGHLQVDWLVIDFģLHGHF¢WGDFÃVDODULLOHQX
FRUHVSXQGQLYHOXULORUGLQH[WHULRU$FHDVWD®QVHDPQÃFÃDğWLFDUHHVWHGLIHUHQģDGLQWUHVDODULXOWÃXğLFHODOHJDOLORUWÃLHVWH
LPSRUWDQWSHQWUXDģLHYDOXDDVSLUDģLLOHUHDOLVWH8QHOHRUJDQL]DģLL®QFHDUFÃVÃSÃVWUH]HWRDWHVDODULLOHFRQILGHQģLDOHGDUFKLDU
ğL®QDVWIHOGHRUJDQL]DģLLWLQGVÃH[LVWHVFXUJHULGHLQIRUPDģLL
,GHQWLILFÃDOWHIRUPHGHSODWîQDIDUÃGHFHDEÃQHDVFÃ
QPXOWHRUJDQL]DģLL®QFDUHQXDLğDQVDVÃQHJRFLH]LRPÃULUHVDODULDOÃWRWFHHDFHSRģLIDFHHVWHVÃSUHJÃWHğWLWHUHQXODVWIHO
®QF¢WVÃFUHDVFÃğDQVHOHGHDģLVHRIHULRFUHğWHUHDFFHSWDELOÃ0XOWHRUJDQL]DģLLDXRDWLWXGLQHGHWLSߣDFFHSģLߙELQHQXߙ
DVWDHߢߨVDXSRDWHDUWUHEXLVÃILHߣDFFHSģLߙELQHQXߙODUHYHGHUHߢ'DFÃOXFUH]LSHQWUXRDVWIHOGHRUJDQL]DģLHDLSXWHD
GHVFRSHUL FÃğHIXOWÃX HPDLGLVSXV VÃ GXFL WUDWDWLYHFXHOSHQWUXD REģLQH DOWFHYD ®QDIDUÃGH R FUHğWHUH VDODULDOÃ3ULQWUH
H[HPSOH
ߧ(OLJLELOLWDWHDSHQWUXRSODWîQUDWHGHH[HPSOXRSODWîQUDWHSHQWUXXQDXWRPRELO
ߧ)DFLOLWÃģLGHH[HPSOXDVLJXUDUHPHGLFDOÃVDXPDğLQÃGHVHUYLFLX
ߧQVFULHUHDODXQFXUVGHSHUIHFģLRQDUHVDXRDOWÃIRUPÃGHGH]YROWDUHDFDULHUHL
ߧ3HUPLVLXQHDGHDOXFUDODXQDQXPLWSURLHFW
ߧ8QSOXVGHIOH[LELOLWDWH®QSURJUDPXOGHPXQFÃ
ߧ0DLPXOWH]LOHGHFRQFHGLXDQXDOILHRVLQJXUÃGDWÃILHRFUHğWHUHDVXPHLGHEDQLDQXDOHGHFRQFHGLX
&RPXQLFDUHD
'DFÃ QHJRFLH]L SHQWUX XQ ORF GH PXQFÃ QRX DWXQFL WUHEXLH VÃ WH RFXSL GH FRQVWUXLUHD UHODģLHL GH VFKLPEDUHD FDGUHORU
QHJRFLHULLğLDOWHOHDVHPHQHDDVSHFWHDQDOL]DWHGHWDOLDW®QFDSLWROXOGHVSUHߣ&RPXQLFDUHߢ
&¢QG QHJRFLH]L FX DQJDMDWRUXO FXUHQW PXOWH GLQWUH WHKQLFLOH GLQ FDSLWROXO GHVSUH ߣ&RPXQLFDUHߢ QX VXQW QHFHVDUH
3ULQFLSDOXOWÃXRELHFWLY®QFDGUXODFHVWHLHWDSHHVWHVÃDIOLGHF¢WHDYDQWDMHGLVSXLߨ®QDLQWHVÃWHIDFLGHU¢V®QFHOPDLEXQ
FD]VDXVÃWHDOHJLFXFRQFHGLHUHD®QFHOPDLUÃXFD])ÃģLLQWUDUHDFXRDWLWXGLQHVXILFLHQWGHIHUPÃğLQXYHLDYHDQHYRLH
GH R GLSORPÃ ®Q OLPEDMXO WUXSXOXL SHQWUX D ğWL FÃ QX SUHD DL DYDQWDMH $SRL YHL LQWUD ®Q HWDSD WUDWDWLYHORU FX DVSLUDģLL
UH]RQDELOH
7UDWDWLYHOH
,D®QFRQVLGHUDUHXUPÃWRDUHOHWUHLVFHQDULL
5XQGDDQXDOÃGHQHJRFLHULVDODULDOH
8QORFGHPXQFÃQRX
LVSXLDQJDMDWRUXOXLFÃDLRDOWÃRIHUWÃGHDQJDMDUH
5XQGDDQXDOÃGHQHJRFLHULVDODULDOH
QPXOWHFD]XULQXģLVHYDSHUPLWHVÃQHJRFLH]LVLWXDģLH®QFDUHWUHEXLHVÃSUHJÃWHğWLELQHWHUHQXO®QDQXODQWHULRULDUGDFÃ
FKLDUQXSRģLDFFHSWDFUHğWHUHDVDODULDOÃDWXQFLFDXWÃģLDOWÃVOXMEÃ
'DFÃSULPHğWLRHYDOXDUHDQXDOÃRSRģLIRORVLSHQWUXDGXFHSVHXGRWUDWDWLYH0XOWHGLQWUHWLSXULOHGHDUJXPHQWHGHFDUH
WHSRģLIRORVLDXIRVWSUH]HQWDWHGHMD
ߧ&KLDUYUHDXVÃUÃP¢QGDUVXQWQHYRLWVÃPÃJ¢QGHVFODSOHFDUHGHRDUHFHߨ
ߧ'DFÃDğSOHFDDģLDYHDSUREOHPHSHQWUXFÃߨ
ߧ7LSXULOHGHRIHUWHSHFDUHOHYRLSULPL®QDIDUÃVXQWߨ
$SRL SXQHģL ğHIXO ®QWUR VLWXDģLH GHOLFDWÃ ®QWUHE¢QGXO GLUHFW FH IHO GH FUHğWHUH VDODULDOÃ DUH ®Q YHGHUH &KLDU GDFÃ
SULPHğWLXQUÃVSXQVHYD]LYDLWUDQVPLVFODUFÃHğWLIRDUWHSUHRFXSDWGHVDODUL]DUH'DFÃSULPHğWLXQUÃVSXQVPDLH[DFWDWXQFL
SUREDELOFÃDUWUHEXLVÃģLH[SULPLGH]DPÃJLUHDIDģÃGHRULFHVXPÃPHQģLRQDWÃFXH[FHSģLDVLWXDģLHL®QFDUHVXPHOHWH®QF¢QWÃ
FD]®QFDUHDUWUHEXLVÃVSXLFÃHğWLPXOģXPLW
8QORFGHPXQFÃQRX
1HJRFLH]LDFXPFXXQSRWHQģLDOQRXDQJDMDWRU([LVWÃXQSDUDGR[FXF¢W®ģLGRUHğWLVOXMEDPDLSXģLQFXDW¢WYHLSXWHDREģLQH
XQVDODULXPDLEXQ
3HF¢QGPÃDSURSLDPGHGHDQLPLDPGHSXVFDQGLGDWXUDSHQWUXRVOXMEîQGRPHQLXOSURLHFWÃULLDVLVWDWHGHFDOFXODWRU$PIRVWODXQLQWHUYLXğLDP
DMXQVODFRQFOX]LDFRUHFWÃGXSÃFXPVDGRYHGLWFÃILUPDQXDYHDYLLWRUSHWHUPHQOXQJQFRQVHFLQģÃDPUHIX]DWSULPDRIHUWÃߨDSRLDGRXDRIHUWÃğL
®QVI¢UğLWGXSÃFHDPSULPLWDWUHLDRIHUWÃDPH[SOLFDWGHFHQXYURLDPVÃPÃDOÃWXU'DFÃPLDğILGRULWFXDGHYÃUDWVOXMEDQXDğILDYXWFXUDMXOGHDMXFD
DW¢WGHDJUHVLY
LVSXLDQJDMDWRUXOXLFÃDLDOWÃRIHUWÃGHDQJDMDUH
'DFÃGRUHğWLVÃIRORVHğWLRRIHUWÃGHDQJDMDUHSHQWUXDQHJRFLDXQVDODULXQRXDWXQFLWUHEXLHVÃLVSXLDQJDMDWRUXOXLF¢WģLVD
RIHULW$UWUHEXLVÃVSXLDGHYÃUXOGDUQXQHDSÃUDWWRWDGHYÃUXO'HH[HPSOXGDFÃSHQVLDGHODQRXOORFGHPXQFÃHVWHPDL
SXģLQDWUDFWLYÃVDXPDLFRVWLVLWRDUHDWXQFLQXHVWHQHDSÃUDWQHFHVDUVÃDILUPLDFHVWOXFUX$SRLLQYLWÃģLDQJDMDWRUXOFXUHQWVÃ
ģLIDFÃRRIHUWÃGHDUÃP¢QHVDXGDFÃğWLLFDUHHVWHOLPLWDODFDUHWUHEXLHVÃWHUHWUDJLSRģLDOHJHVÃRGH]YÃOXL1XHQLPLF
UÃXGDFÃEDģL®QUHWUDJHUHGHRDUHFHSUREDELOSRģLVÃUHYLLDVXSUDGHFL]LHLğLVÃDFFHSģLXOWLPDRIHUWÃ$PDX]LWDQJDMDWRUL
FDUH®ğLDPHQLQģÃDQJDMDģLLFXIDSWXOFÃGDFÃMRDFÃGXU®QFRQWLQXDUH®ğLSRWVWULFDUHODģLDFXDQJDMDWRUXOFXUHQWߨGHRELFHL
DFHVWOXFUXQXHVWHDGHYÃUDW
1HJRFLDWRUXO®QY¢Q]ÃUL
$PDFFHQWXDWPDLGHYUHPH®QDFHDVWÃFDUWHFÃLGHDODUILFDDWXQFLF¢QGYLQ]LXQSURGXVVDXVHUYLFLXVîQFKHLY¢Q]DUHD
®QDLQWH VÃ ®QFHDSÃ QHJRFLHULOH %ÃQXLHVF FÃ DWXQFL F¢QG DP VFULV DFHDVWD XQLL FLWLWRUL DX VWULJDW ߣ'DU QX VXQW GHF¢W XQXO
VLQJXUߢ$FHVWH[HPSOXLOXVWUHD]ÃXQHOHSUREOHPHFDUHDSDUF¢QGY¢Q]ÃWRUXOğLQHJRFLDWRUXOVXQWXQDğLDFHHDğLSHUVRDQÃ
3UHJÃWLUHD
8QHOHPHQWGLVWLQFWLYDOY¢Q]ÃWRUXOXLQHJRFLDWRUXOXLH[FHSģLRQDO®OUHSUH]LQWîQģHOHJHUHDWRWDOÃğLSDVLXQHDSHQWUXSURGXVVDX
VHUYLFLX0DLDOHVFDUHVXQWHOHPHQWHOHFKHLHFDUHGLIHUHQģLD]ÃSURGXVXOVHUYLFLXOGHFRPSHWLģLH"'HDVHPHQHDWUHEXLHVÃ
ILLODFXUHQWFXSUHģXULOHRIHUWHOHVSHFLDOHGDWHOHGHOLYUDUHğLDOWHOHDVHPHQHD
7UHEXLH VÃ ğWLL WRW FH VH SRDWH ğWL GHVSUH SRWHQģLDOXO FOLHQW &KLDU GDFÃ FRQWDFWXO LQLģLDO D IRVW R FRQYRUELUH WHOHIRQLFÃ
WUHEXLHVÃVXUSULQ]LRULFHLQIRUPDģLHFDUH®LVFDSÃFOLHQWXOXL'DFÃWXHğWLFHOFDUHGÃWHOHIRQVDXGDFîLSRģLFRQWURODSHFHL
FDUHGDXWHOHIRQ®QFHDUFÃVÃREģLLWUHLLQIRUPDģLLHVHQģLDOH
'H XQGH DģL DX]LW GH SURGXVXO VDX VHUYLFLXO QRVWUX" $FHDVWD QX QXPDL FÃ HVWH R LQIRUPDģLH YDORURDVÃ FX SULYLUH OD
HILFDFLWDWHD PDUNHWLQJXOXL RUJDQL]DģLHL WDOH FL SRDWH IL YLWDOÃ ğL SHQWUX Y¢Q]ÃWRUQHJRFLDWRU (VWH FOLHQW QRX" $ DYXW
SRWHQģLDOXOFOLHQWRUHFRPDQGDUHSHUVRQDOÃ"$FLWLWRRIHUWÃVSHFLDOÃ"$FLWLWRUHFODPîQSUHVÃ"
'HFDUHSURGXVVHUYLFLXVXQWHģLLQWHUHVDW"
'HFHVXQWHģLLQWHUHVDWGHDFHVWSURGXVVHUYLFLX"'DFÃSRģLDIODRULFHGHVSUHPRWLYDģLDDFKL]LģLHLDWXQFLDFHDVWD®OYDDMXWD
SHY¢Q]ÃWRUQHJRFLDWRU
8Q FOLHQW WHOHIRQHD]Ã OD R FRPSDQLH GH FRQVWUXFģLL GH DFRSHULğXUL ®Q OHJÃWXUÃ FX R VFXUJHUH SULQ DFRSHULğ ğL VSXQH FÃ DSD ®L LQWUÃ ®Q VXIUDJHULH &¢QG
Y¢Q]ÃWRUXOVRVHğWHWUHEXLHVÃğWLHFÃFOLHQWXOGRUHğWHUH]ROYDUHDUDSLGÃDSUREOHPHL
&RPXQLFDUHD
$VFXOWDUHDHVWHRWHKQLFÃHVHQģLDOÃSHQWUXQHJRFLDWRUğLHVWHLPSRUWDQWÃğLSHQWUXY¢Q]ÃWRULSRģLYLQGHXQHLSHUVRDQHGRDU
FHHDFHYUHDVÃFXPSHUHDğDFÃDVFXOWÃDWHQWFHYUHDFOLHQWXO'HDVHPHQHDILLDWHQWODRULFHLQGLFLXSHFDUHģLOWUDQVPLWH
FOLHQWXOSRWHQģLDO9¢Q]ÃWRUXOQHJRFLDWRUXOH[FHSģLRQDOYDFÃXWDVHPQDOHGHFXPSÃUDUHFDUHQXVXQWOHJDWHGHSUHģ
'DFÃXQFOLHQWPHQģLRQHD]ÃFÃDIRVWGH]DPÃJLWGHXQIXUQL]RUDQWHULRUWUDQVPLWHXQLQGLFLXVROLGFÃYUHDVÃFXPSHUHGHODXQIXUQL]RUPDLGH®QFUHGHUH
GHDFHDVWÃGDWÃ9¢Q]ÃWRUXOWUHEXLHVÃLGHDFOLHQWXOXLUHIHULQģHğLVÃLRIHUHRULFHDOWÃLQIRUPDģLHFDUHGHPRQVWUHD]ÃFÃFOLHQWXOSRDWHDYHD®QFUHGHUH®Q
QRXOIXUQL]RU
(WDSDWUDWDWLYHORU
'DFÃHğWLDW¢WY¢Q]ÃWRUF¢WğLQHJRFLDWRUQXXLWDFÃUHGXFHUHDSUHģXOXLYDILSUREDELOXQPLMORFPXOWPDLVODEGHD®QFKHLDR
DIDFHUHGHF¢WģLDLSXWHDLPDJLQD(VWHIRDUWHLPSRUWDQWVÃJÃVHğWLHOHPHQWHGHGLIHUHQģLHUHFDUHQXVHED]HD]ÃSHSUHģğLVÃWH
FRQFHQWUH]LDVXSUDORU
1HJRFLHUHDXQXLFRQWUDFW
'DFÃHğWLLPSOLFDW®QWURQHJRFLHUHFRPHUFLDOÃFRPSOH[ÃDWXQFLWUHEXLHVîQģHOHJLWHUPHQLLFRQWUDFWXDOLFDUHVHQHJRFLD]Ã
'DFÃQXDLH[SHULHQģîQFRQWUDFWHDWXQFLH[LVWÃWUHLFÃLGHDģL®PERJÃģLFXQRğWLQģHOH
&LWHğWHRFDUWH6XQWRPXOģLPHGHJKLGXULVLPSOH®QGUHSWXOFRPHUFLDOSULQXUPDUHFXPSÃUÃģLXQDğLFLWHğWHR
)RORVHğWHLQWHUQHWXO'DFÃLQWURGXFL®QWUXQPRWRUGHFÃXWDUHFXYLQWHOH®QģHOHJHUHğLFRQWUDFWHYHLREģLQHPXOWHUHVXUVHFX
DGHYÃUDWXWLOH®QSULPHOHF¢WHYDSDJLQLFXUH]XOWDWH$SRLSRģLIDFHRFÃXWDUHDYDQVDWÃSHQWUXWLSXOGHFRQWUDFWSHFDUH®O
QHJRFLH]LQSOXVH[LVWÃPDLPXOWHVHUYLFLLGHDERQDUHLHIWLQHFDUHWHDMXWÃߙGRDUDFFHVHD]ÃOLQNXULOHVSRQVRUL]DWH
'DFÃSOÃWHğWLXQDYRFDWVSHFLDOL]DW®QFRQWUDFWHURDJÃOVÃģLGHDXQFRQWUDFWVLPLODUH[LVWHQW&LWHğWHOGHPDLPXOWHRUL
DSRLVWDLGHYRUEÃFXDYRFDWXOWÃXğLSXQHOVÃģLH[SOLFHRULFHQX®QģHOHJL9HLJÃVLFXXğXULQģÃGLFģLRQDUHGHGHILQLģLLDOH
WHUPHQLORUMXULGLFLSHLQWHUQHWFDUHWHYRUDMXWDVîQģHOHJLOLPEDMXOFLXGDW
QFHDUFÃVÃHYLģLDWHIRORVLGH®QWRFPLUHDXQXLFRQWUDFWSURYL]RULXFDDUPÃVXSOLPHQWDUîQDUVHQDOXOWÃXGHQHJRFLHUH
3XQHWH GH DFRUG FX SDUWHQHUXO WÃX ®Q SULYLQģD WHUPHQLORU DSRL IRUPXOHD]Ã FODX]H FRQWUDFWXDOH FRUHFWH ğL HFKLWDELOH FDUH
XWLOL]HD]ÃWHUPHQLLUHVSHFWLYL
6ROXģLRQDUHDXQHLGLVSXWHFXXQYHFLQ
$FHVWDHVWHXQH[HPSOXLQWHUHVDQWGHRDUHFHVHSRDWHVÃQXDLEÃQLFLROHJÃWXUÃFXEDQLL
3UHJÃWLUHD
(VWH HVHQģLDO GDU DGHVHD QHFHVLWÃ PXOW WLPS VÃ FRQVHPQH]L VXFFHVLXQHD H[DFWÃ D HYHQLPHQWHORU UHOHYDQWH SHQWUX GLVSXWÃ
$GXQÃģLWRDWHGRYH]LOHVFULVRULHWFğL®QGRVDULD]ÃOH'DFÃGLVSXWDVDUSXWHDVI¢UğLODWULEXQDODWXQFLFHUFHWHD]ÃOHJLOHğL
MXULVSUXGHQģDUHOHYDQWHSHQWUXVLWXDģLDWD3RģLIRORVLLQWHUQHWXOGLVFXWDFXXQDYRFDWXQRUJDQLVPFRPHUFLDOğLDOWHOH&KLDU
GDFÃVSHULVÃHYLģLSUH]HQWDUHDODWULEXQDO®QWHPHLHUHDSR]LģLHLWDOHMXULGLFHHVWHHVHQģLDOÃSHQWUXHYDOXDUHDS¢UJKLLORUWDOH
7UHEXLHVÃKRWÃUÃğWLFHDQXPH®QVHDPQÃSHQWUXWLQHRDIDFHUHDFFHSWDELOÃ7UHEXLHVÃIDFLHIRUWXOVÃILLUHDOLVWSHPÃVXUÃ
FH HPRģLLOH WDOH VXQW SUREDELO WRW PDL LQWHQVH &HUH VIDWXO SULHWHQLORU IDPLOLHL ğL DOWRU FRQVLOLHUL FX SULYLUH OD DğWHSWÃULOH
UH]RQDELOH
$IOÃFHSRģLGHVSUHYHFLQXOWÃXFDVÃğWLL®PSRWULYDFXLOXSģL'DFÃGHH[HPSOXYHFLQXODUHRELFHLXOGHDGD®QMXGHFDWÃ
DWXQFLWUHEXLHVÃğWLL
&DUHHVWHVFHQDULXOWÃXGHUHWUDJHUH"'LQQRXWUHEXLHVÃILLUHDOLVWߨGHH[HPSOXPHULWÃVÃOSRUģLSHYHFLQXOWÃXSULQ
WULEXQDOH"
&RPXQLFDUHD
3ULPD®QWUHEDUHSHFDUHWUHEXLHVÃģLRSXLHVWHGDFÃGRUHğWLVÃģL®QW¢OQHğWLYHFLQXOIDģîQIDģÃVDXGDFÃDUILPDLELQHVÃYÃ
®QW¢OQLģL®QSUH]HQģDXQXLPHGLDWRU
7UHEXLHVÃDIOLGDFÃOLWLJLXOVHUHIHUÃODIDSWHVDXGDFÃDģLFRQYHQLWDVXSUDIDSWHORUğLOLWLJLXOVHUHIHUÃODFHHGHIÃFXW®Q
SULYLQģD XQHL VLWXDģLL GHILQLWH GH FRPXQ DFRUG Q WLPS FH IDFL WRDWH DFHVWHD SUHFXP ğL WRDWH FHOHODOWH DVSHFWH DOH
FRPXQLFÃULLߨSÃVWUHD]ÃģLV¢QJHOHUHFH
'DFÃFUH]LFÃDL®QP¢QÃQLğWHDWXXULMXULGLFHSXWHUQLFHDWXQFLSRDWHYUHLVÃMRFLFXFÃUģLOHSHPDVÃ9HFLQXOWÃXSRDWHDU
GRULDWXQFLVÃH[SOLFHFDUHFUHGHHOFÃHVWHVLWXDģLDGLQSXQFWGHYHGHUHMXULGLF
9DWUHEXLVÃSUHFL]DģLDVSHFWHOHFKHLHSHFDUHDPEHOHSÃUģLYRUVÃOH®QOÃWXUHGLQQHJRFLHUH1XSUHVXSXQHFÃDFHVWOXFUX
HVWHHYLGHQWDP¢QGRLDUWUHEXLVÃFHUFHWDģLDPÃQXQģLWFDUHVXQWSUREOHPHOHUHDOHFHVWDXODED]DGLVSXWHL'HH[HPSOXGDFÃ
GLVSXWDYL]HD]Ã]JRPRWXOWHGHUDQMHD]Ã
ߧ1LYHOXO]JRPRWXOXL"
ߧ2UHOHODFDUHVHIDFH]JRPRW"
ߧ)UHFYHQģD]JRPRWXOXL"
ߧ5ÃVSXQVXOODFHUHULOHGHDIDFHOLQLğWH"
8Q DVSHFWFKHLH FDUH WUHEXLH GHVFRSHULW HVWH GDFÃ YHFLQXO YUHD VÃ UH]ROYH VLWXDģLD ®QWUXQ PRG DPLDELO ,GHDO DU IL FD
DPEHOHSÃUģLVÃGRUHDVFÃR®QģHOHJHUHDPLDELOîQDFHVWFD]SRģLWUHFHODID]DWUDWDWLYHORU
(WDSDWUDWDWLYHORU
7UHEXLHVÃVWDELOHğWLGHFRPXQDFRUGFXYHFLQXOWÃXGDFÃYUHģLVÃQHJRFLDģLIDģîQIDģÃVDXSUHIHUDģLVÃDYHģLXQPHGLDWRURUL
VÃYÃUH]ROYDģLGLVSXWDODWULEXQDO
$UPHOHFKHLHODGLVSR]LģLDWDVXQW
ߧ$UJXPHQWHOHORJLFH
ߧ'DFÃDPDMXQJHODWULEXQDODFHVWDDUGHFLGHSUREDELOFÃߨ
ߧ2SHUVRDQÃUH]RQDELOÃDUVSXQHFÃߨ
ߧ'DFÃDLSXWHDDERUGDDFHVWHSUREOHPHVSHFLILFHDWXQFLDFHDVWDDUDMXWDPXOW®QUH]ROYDUHDGLVSXWHL
)LLFDOPILLDWHQWODLQGLFLLSXQH®QWUHEÃULILLIOH[LELOFXDOWHFXYLQWHDPLQWHğWHģLVÃIRORVHğWLWRDWHWHKQLFLOHVWDQGDUGGH
SXUWDUH D XQRU WUDWDWLYH 2ULFXP DFHVWD HVWH XQ PRPHQW EXQ GH DPL LJQRUD VIDWXO GH D IL XQ QHJRFLDWRU GXU 'DFÃ HVWH
YUHRGDWÃSRVLELOÃRUH]ROYDUHUHFLSURFDYDQWDMRDVÃDFHVWDHVWHPRPHQWXO
QVLWXDģLD®QFDUHQLğWHFRSLLWUHFSHSURSULHWDWHDWDSRģLYRUELFXFRQGXFHUHDğFROLLGHVSUH®QJULMRUDUHDWDSULYLQGUHVSRQVDELOLWDWHDWDMXULGLFîQFD]XO®Q
FDUHXQFRSLOVHUÃQHğWHDWXQFLF¢QGVHFDģÃUÃSHFHYD®QJUÃGLQDWDVDXFDGH®QKHOHğWHX
&XPSÃUDUHDXQHLFDVH
QDFHDVWÃVHFģLXQHğL®QFHDSULYLQGY¢Q]DUHDFDVHLWDOHVHDQDOL]HD]ÃFHOHPDLVHPQLILFDWLYHDIDFHULSHFDUHOH®QWUHSULQG
PDMRULWDWHD RDPHQLORU 'HğL UHFRPDQG FX IHUPLWDWH VÃ WUDWH]L QHJRFLHULOH FD SH XQ MRF SXģLQL RDPHQL SRW DSOLFD DFHVW WUXF
DWXQFLF¢QGFXPSÃUÃVDXY¢QGRFDVÃ0L]DHVWHSUHDPDUHLDUVWDQGDUGHOHFRPSRUWDPHQWDOHDOHPXOWRURDPHQLFXFDUHWHYHL
FRQIUXQWD VXQW DW¢W GH VFÃ]XWH ߙ PLQFLXQD ®QğHOÃFLXQHD ğL FRPSRUWDPHQWXO QHFLQVWLW VXQW DW¢W GH IUHFYHQWH ®QF¢W H[SHULHQģD
HVWHUDUHRULSOÃFXWÃ6XQWWRWXğLXQHOHDGHYÃUXULJHQHUDOHGHFDUHWRDWÃOXPHDWUHEXLHVÃILHFRQğWLHQWÃ
0DMRULWDWHDRDPHQLORU®QFÃDSHOHD]ÃODDJHQģLLPRELOLDULWUDGLģLRQDOLDğDFÃHVWHLPSRUWDQWVîQģHOHJLFH®LPRWLYHD]ÃSH
DFHğWLD$WXQFLF¢QGHYDOXHD]ÃRFDVÃHLVXQWPRWLYDģLVÃVXSUDHYDOXH]HSHQWUXDğLOSÃVWUDSHY¢Q]ÃWRUGUHSWFOLHQW&¢QGVH
YLQGHRFDVÃHLVXQWPRWLYDģLVîOIDFÃSHY¢Q]ÃWRUVÃDFFHSWHRRIHUWÃPLFÃGHRDUHFHDFHDVWD®LIDFHVÃSLDUGÃGRDURPLFÃ
SDUWHGLQFRPLVLRQ®QVFKLPEJDUDQWHD]ÃRY¢Q]DUHUDSLGÃODXQSUHģPLFߨğLSULQXUPDUHRğDQVÃQHFRVWLVLWRDUHğLUDSLGÃ
GHDğL®QFDVDFRPLVLRQXOGHODY¢Q]ÃWRU
$YRFDģLL VXQW ELQH SOÃWLģL FKLDU GDFÃ QX VXQW IRDUWH HILFLHQģL 6XQW SOÃWLģL FKLDU GDFÃ R Y¢Q]DUH HğXHD]Ã ߙ GH IDSW YRU
F¢ğWLJD SUREDELO PDL PXOģL EDQL ®Q DFHDVWà VLWXDģLH &D ğL JHRPHWULL VXQW IRDUWH SUHRFXSDģL Và QX RIHUH QLFLRGDWà VIDWXUL ®Q
XUPDFÃURUDDUSXWHDILGDģL®QMXGHFDWÃDğDFÃHVWHSXģLQSUREDELOVÃPLQLPDOL]H]HHYHQWXDOHOHSUREOHPHMXULGLFH&RQVHFLQģD
HVWH FÃ DYRFDģLL SRW SÃUHD XQHRUL VÃ ILH FDX]D HğHFXULORU Y¢Q]ÃULORU $FHDVWD ®QVHDPQÃ FÃ PHULWÃ VÃ JÃVHğWL XQ DYRFDW FX
DGHYÃUDW EXQ $PLQWHğWHģL FÃ SHUVRDQD LDU QX ILUPD HVWH FHD FDUH FRQWHD]Ã $ğD FXP VH ®QW¢PSOÃ GH PXOWH RUL R
UHFRPDQGDUHSHUVRQDOÃHVWHFHOPDLHILFLHQWPRGGHDJÃVLXQDYRFDWEXQ$IOîQWRWGHDXQDGLQDLQWHFDUHVXQWRQRUDULLOHğL
J¢QGHğWHWHGDFÃYUHLVÃFHULRRIHUWÃIL[ÃGHSUHģ8QLLDYRFDģLFKLDUYRUQHJRFLDSUHģXOߨDğDFîQFHDUFÃ
&XPSÃUÃWRULLğLY¢Q]ÃWRULLWUHEXLHVîğLEDWÃODFDSFRQVWDQWDYRFDģLLSHQWUXDDFģLRQDUDSLG&XF¢WWUHQHD]ÃPDLPXOWRY¢Q]DUHFXDW¢WFUHVFğDQVHOH
FDFHYDVÃLDVÃSURVW
*HRPHWULL DQJDMDģL GH IXUQL]RULL GH FUHGLWH LSRWHFDUH VXQW ®Q SULPXO U¢QG LQWHUHVDģL FD EDQLL IXUQL]RUXOXL GH FUHGLWH
LSRWHFDUHVÃILHDVLJXUDģLQDOGRLOHDU¢QGVXQWLQWHUHVDģLVÃVHDVLJXUHFÃQXSRWILGDģL®QMXGHFDWÃSHQWUXFÃDXVFÃSDWGLQ
YHGHUHXQHOHGHIHFWHDOHFDVHL
3UHJÃWLUHD
$VLJXUÃWHFÃSRģLREģLQHRLSRWHFîQDLQWHVÃPHUJLPDLGHSDUWH*¢QGHğWHWHFDUHDUILFHOPDLEXQWLSGHLSRWHFÃSHQWUXWLQH
ğL DPLQWHğWHģL Fà UDWHOH GRE¢Q]LL SRW FUHğWH UDSLG 'H DVHPHQHD ģLQH PLQWH Fà PXOģL IXUQL]RUL GH FUHGLWH LSRWHFDUH F¢ğWLJÃ
FRPLVLRDQHPDULGLQY¢Q]DUHDDQXPLWRUSURGXVHğLSULQXUPDUHIRUģHD]ÃDFHVWHSURGXVH&¢QG®ģLVWDELOHğWLEXJHWXOQXXLWDGH
WD[HOHSHQWUXDYRFDWWD[DGHWLPEUXFKHOWXLHOLOHGHPXWDUHHWF0HUJLSHLGHHDFÃSRģLILQHYRLWVÃDFFHSģLXQSUHģPDLPLF
SHQWUX RULFH FDVÃ DL DYHD GH Y¢Q]DUH 'XSÃ FH ģLDL YHULILFDW VLWXDģLD ILQDQFLDUÃ VWDELOHğWHģL EXJHWXO ģL UHFRPDQG VÃ QX
IRUģH]LEXJHWXOODOLPLWÃFLVÃģLLFRQWGHHYHQWXDOLWDWHDXQHLYLLWRDUHEROLVDXGLVSRQLELOL]ÃUL&DED]ÃPLQLPÃDLQHYRLHGH
HFRQRPLL FDUH ®ģL YRU SHUPLWH VÃ SOÃWHğWL LSRWHFD WLPS GH XQ DQ $SRL LD ®Q FRQVLGHUDUH F¢W PDL PXOWH FDVH ®Q FDGUXO
LQWHUYDOXOXLWÃXGHSUHģXULğL®QMXUXODFHVWXLLQWHUYDO2GDWÃFHDLYÃ]XWWRWIHOXOGHFDVH®ģLSRģLIDFHRLGHHIRDUWHFODUîQ
SULYLQģDSUHģXULORUߙDğDFÃDWXQFLF¢QGYHLJÃVLRFDVÃGHFDUHYHLILLQWHUHVDWYHLğWLGDFÃHVWHVXSUDHYDOXDWÃ
ģLUHFRPDQGVÃKRWÃUÃğWL®QFHPÃVXUÃFDVDUHVSHFWLYÃHVWHRLQYHVWLģLHVDXGDFÃHğWLLQWHUHVDW®QSULQFLSDOGHFXPSÃUDUHD
XQHLORFXLQģH$FHVWOXFUXYDGHWHUPLQDF¢WGHDJUHVLYHğWLGLVSXVVÃILL®QQHJRFLHUHDSUHģXOXL
QFD]XO®QFDUHFXPSHULRFDVÃQRXîQVSHFLDOXQDFDUHQXHVWH®QFÃJDWDVDXXQD®QFRQVWUXFģLHFHIDFHSDUWHGLQWUXQ
SURLHFW GH GH]YROWDUH DWXQFL SRģL DYHD SUREOHPH GDFÃ UHVSHFWLYXO FRQVWUXFWRU LHVH GLQ DIDFHUL VDX KRWÃUÃğWH VÃ VWRSH]H
OXFUÃULOH 'H DVHPHQHD QX XLWD FÃ XQHOH SURLHFWH VH SRW FRQIUXQWD SHVWH DQL FX SUREOHPH SUHFXP DOXQHFÃULOH GH WHUHQ VDX
VLVWHPHOHGHFDQDOL]DUHSURDVWH
QFD]XO®QFDUHFXPSHULRFDVîQDIDUDģÃULLDLJULMÃVÃWHGRFXPHQWH]L®QSULYLQģDRULFÃURUSUREOHPHORFDOHFXFDUHWH
SRģLFRQIUXQWD
QFD]XO®QFDUHFXPSHULRFDVîQWUR]RQÃFXFDUHQXHğWLIRDUWHIDPLOLDUL]DWDWXQFLWUHEXLHVÃSHWUHFLF¢WGHPXOWWLPS®Q]RQDUHVSHFWLYÃFDVîQģHOHJL
SLDģDORFDOÃߙGHH[HPSOXFDUHVXQW]RQHOHGH]LUDELOHğLFHOHPDLSXģLQGH]LUDELOH
1XILSUHDLQIOH[LELO®QSULYLQģDFDUDFWHULVWLFLORUSHFDUHWUHEXLHVÃOHDLEÃRFDVÃ0XOģLRDPHQLDMXQJVÃFXPSHUHRSURSULHWDWHFDUHHVWHH[WUHPGHGLIHULWÃ
GHVSHFLILFDģLDORULGHDOÃLQLģLDOÃ
3H R SLDģÃ IDYRUDELOÃ FXPSÃUÃWRULORU SURSULHWÃģLOH IRDUWH GH]LUDELOH VXQW FHOH FDUH WLQG VÃ VH Y¢QGÃ FHO PDL ELQH Q FRQVHFLQģÃ DWXQFL F¢QG FXPSHUL
DGHVHDPHULWÃVÃSOÃWHğWLPDLPXOWSHQWUXRFDVÃGLQWUR]RQÃEXQÃVDXSHQWUXXQD®QIDģDFÃUHLDUÃP¢LSOÃFXWVXUSULQV
+RWÃUÃğWHWHGDFÃSRģLLQYHVWL®QPRGUHDOLVWWLPSEDQLğLHIRUW®QWURSURSULHWDWHFHDUHQHYRLHGHPXOWHUHSDUDģLL'H
RELFHLHPDLUHQWDELOVÃFXPSHULRSURSULHWDWHFDUHHVWH®QWURVWDUHEXQÃGLQSXQFWGHYHGHUHGHFRUDWLYXQGHEXFÃWÃULDğL
EDLDQXWUHEXLH®QORFXLWH
&RPXQLFDUHD
&¢QGYL]LWH]LRFDVîQFHDUFÃVÃILL®QWRWGHDXQDSROLWLFRV®QGLVFXģLLOHGHVSUHSURSULHWDWHDUHVSHFWLYÃ1XYRUELXU¢WGHVSUHR
FDVîQIDģDSURSULHWDULORUVÃLFUH]¢QG®QPRGJUHğLWFÃDFHDVWDWHYDDMXWD®QWURQHJRFLHUH0DMRULWDWHDSURSULHWDULORU®ğL
Y¢QGFDVDXQRURDPHQLSHFDUH®LSODF
QWUHDEÃLSHSURSULHWDULFDUHHVWHVLWXDģLD®QSULYLQģDPXWÃULLORU&¢WGHGRULWRULVXQWVÃY¢QGÃ"&XF¢WVXQWPDLGRUQLFL
FXDW¢WVXQWPDLPXOWHğDQVHFDSURFHVXOGHDFKL]LģLRQDUHVÃVHGHVIÃğRDUHPDLUHSHGH
1HJRFLHUHDSURSULX]LVÃ
7UHEXLH VÃ ģLL FRQW GH VWDUHD SLHģHL LPRELOLDUH 'DFÃ HVWH R SLDģÃ IDYRUDELOÃ FXPSÃUÃWRULORU DWXQFL WUHEXLH VÃ SURILģL GH
DFHDVWD'DFÃHVWHRSLDģÃIDYRUDELOÃY¢Q]ÃWRULORUWUHEXLHVîQFHUFLVÃSDULXQFXPSÃUÃWRUDWUDFWLY3HRSLDģÃIDYRUDELOÃ
FHORU FDUH Y¢QG R RIHUWÃ EXQÃ GLQ SDUWHD XQXL FXPSÃUÃWRU FX XQ ODQģ OXQJ GH DFKL]LģLH HVWH IRDUWH SXģLQ SUREDELO VÃ ILH
DWUDFWLYÃSHQWUXXQY¢Q]ÃWRU
3ULPXO ğL FHO PDL LPSRUWDQW DVSHFW ®Q SULYLQģD DFKL]LģLHL SURSXVH HVWH GH F¢W WLPS HVWH SURSULHWDWHD VFRDVÃ OD Y¢Q]DUH
'DFÃHVWHGHPXOWÃYUHPHDWXQFLSUREDELOFÃDIRVWOD®QFHSXWVXSUDHYDOXDWÃILHGLQFDX]DXQXLRSWLPLVPH[DJHUDWILHGLQ
FDX]DIDSWXOXLFÃSURSULHWDULLVÃLQXDXSXVODVRFRWHDOÃDQXPLWHSUREOHPHLQHUHQWHGHH[HPSOX]JRPRWXODğDFÃDUWUHEXL
VÃģLQWHğWL®QQHJRFLHUHRUHGXFHUHVHPQLILFDWLYÃGHSUHģQDOGRLOHDU¢QGDIOÃGDFÃSURSULHWDULLDXXQGHVÃVHPXWHGDFÃ
ORFXLQģD HVWH YDFDQWÃ VDX GDFÃ SURSULHWDULL VXQW GLVSXğL VÃ VH PXWH ®QWUXQ VSDģLX ®QFKLULDW $IDFHULOH FDUH GHSLQG GH DOWH
DIDFHULVXQWRYHVWHIRDUWHSURDVWÃDWXQFLF¢QGFXPSHULVDXYLQ]LFDVH
7HDIOLDWXQFL®QWURVLWXDģLHFODVLFÃGHQHJRFLHUHSURSULX]LVÃGDUGDFÃWHDLSUHJÃWLWYHLğWLF¢WYDORUHD]ÃFDVD$FHVW
OXFUXHVWHGHRVHELWGHLPSRUWDQWGDFÃRFDVÃDELDDIRVWVFRDVÃODY¢Q]DUH$PLQWHğWHģLFÃGDFîLIDFLRRIHUWÃXQXLDJHQW
LPRELOLDU DFHVWD YD ®QFHUFD OD ®QFHSXW VÃ WH IDFÃ VÃ RIHUL PDL PXOW GDU GDFÃ HğWL VLQJXUD SHUVRDQÃ LQWHUHVDWÃ YD ®QFHUFD
SUREDELO VÃ ®O FRQYLQJÃ SH Y¢Q]ÃWRU VÃ DFFHSWH RIHUWD WD 'DFÃ H[LVWÃ RIHUWH FRQFXUHQWH DJHQWXO LPRELOLDU YD IDYRUL]D
SUREDELORIHUWDFXODQģXOFHOPDLVFXUWGHDFKL]LģLH
8QXOGLQWUHFHOHPDLEXQHPRGXULGHDDMXQJHODR®QYRLDOÃHVWHVîģLYLQ]L®QW¢LFDVDğLVÃWHPXģL®QWURORFXLQģîQFKLULDWÃ(ğWLDWXQFLXQFXPSÃUÃWRU
GLUHFW
2UJDQL]HD]ÃRH[SHUWL]ÃLQGHSHQGHQWîQFHOPDLVFXUWWLPSSRVLELO2EģLQHRUHFRPDQGDUHSHQWUXXQH[SHUWLQGHSHQGHQW
EXQ'DFîQXUPDH[SHUWL]HLVHFRQVWDWÃSUREOHPHFRVWLVLWRDUHDWXQFLHVWHSHUIHFWDFFHSWDELOVÃUHQHJRFLH]LSUHģXO
6HSRDWH®QW¢PSODGLQQHIHULFLUHVÃVHVROLFLWHRUHGXFHUHGHSUHģFKLDU®QDLQWHDVHPQÃULLFRQWUDFWHORU6SHUFÃQXHğWL
JHQXOGHSHUVRDQÃFDUHDU®QFHUFDDVWD'DFÃQXLQWHQģLRQH]LVÃIRORVHğWLDFHVWVXEWHUIXJLXDWXQFLPHQģLRQHD]ÃDFHVWOXFUX®Q
WLPSXOQHJRFLHULORULQLģLDOHGHRDUHFH®ģLSRDWHIDFLOLWDDFFHSWDUHDRIHUWHL
9¢Q]DUHDXQHLFDVH
3UHJÃWLUHD
QPRGLGHDOWHDLPDLXLWDWODSUHģXULOHFDVHORU®Q]LDUXOORFDOF¢WWLPSDLORFXLW®QFDVDWDDğDFÃYHLğWLFXPVHFRPSDUÃ
WLSXOWÃXGHFDVÃGLQ]RQDWDFXFDVHOHVLPLODUHGLQDOWH]RQH2H[DPLQDUHDWHQWÃDSUHģXULORUFDVHORUGLQ]LDUXOWÃXORFDOWHYD
DMXWDVÃHVWLPH]LDSUR[LPDWLYYDORDUHDFDVHLWDOH&KLDUGDFÃLQWHQģLRQH]LVÃYLQ]LSULYDWVDXSULQLQWHUPHGLXOLQWHUQHWXOXL®ģL
VXJHUH]VÃREģLLHYDOXÃULGHODWUHLDJHQģLLPRELOLDULORFDOLFXREXQÃUHSXWDģLH5HFRPDQGDUHDSHUVRQDOÃHVWHFHOPDLEXQ
PRG GH D JÃVL DJHQģL LPRELOLDUL EXQL &¢QG ģL VH HYDOXHD]Ã FDVD FHUHL HYDOXDWRUXOXL VÃ ®ģL VSXQÃ SUHģXO SHQWUX R Y¢Q]DUH
UDSLGÃ
)RDUWHSXģLQHFDVHVHY¢QGODXQSUHģPDLPDUHGHF¢WYDORDUHDORU'DFÃRFDVÃQXVHYLQGHUDSLGY¢Q]ÃWRUXOHVWHQHYRLWDGHVHDVÃDFFHSWH®QFHOHGLQ
XUPÃPDLSXģLQGHF¢WGDFÃDUILVFRVFDVDODY¢Q]DUHGHOD®QFHSXWODXQSUHģFRPSHWLWLY'DFîģLHYDOXH]LFDVDODXQSUHģIRDUWHFRPSHWLWLYYHLDYHD
XQHRULPXOģLFOLHQģLLQWHUHVDģLğLSRģLREģLQHXQSUHģPDLPDUHGHF¢WDLFHUXW
1HJRFLD]ÃSHQWUXDREģLQHFHOPDLPLFSURFHQWGHFRPLVLRQGHODDJHQWXOLPRELOLDU2IHUÃLH[FOXVLYLWDWHXQXLDJHQWGRDU
SHQWUXRSHULRDGÃIL[Ã'DFÃğWLHFîģLHYDOXH]LFDVDODXQSUHģFRPSHWLWLYYDILGRUQLFVÃVHRFXSHGHWUDQ]DFģLDWDGHRDUHFH
ğWLHFÃDUHğDQVHPDULGHD®QFKHLDFXVXFFHVRY¢Q]DUHUDSLGÃ
*¢QGHğWHWHFXPSRģLVFXUWDODQģXOGHY¢Q]ÃUL®QVSHFLDOJ¢QGHğWHWHGDFÃHğWLGLVSXVVÃWHPXģL®QWURORFXLQģîQFKLULDWÃ
'DFÃDLDOHVXQDJHQWLPRELOLDULQVLVWÃVîģLDUDWHDQXQģXO®QDLQWHVÃILHWLSÃULWVDXSXVSHLQWHUQHW3RģLJÃVLHURULVDX
RPLVLXQLLPSRUWDQWH
&RPXQLFDUHD
'DFÃ HVWH SRVLELO DUDWÃOH FKLDU WX FDVD SRWHQģLDOLORU FXPSÃUÃWRUL 1X ®ģL OÃXGD H[FHVLY FDVD ®QVÃ PHQģLRQHD]Ã DVSHFWHOH
SR]LWLYH FDUH QX VH UHJÃVHVF ®Q DQXQģ QWUHDEÃL SH SRWHQģLDOLL FXPSÃUÃWRUL F¢W GH UHSHGH YRU IL ®Q SR]LģLD GH D VHPQD
FRQWUDFWHOH'DFÃSRģLVÃWHPXģL®QDOWÃSDUWHDWXQFLF¢QGDFHğWLDYRUVÃVHPXWH®QFDVÃQXXLWDVÃPHQģLRQH]LDFHVWIDSW
7UHEXLHVÃHVWLPH]LGDFÃUHVSHFWLYLLFXPSÃUÃWRULVXQWRDPHQLGH®QFUHGHUH
1HJRFLHUHDSURSULX]LVÃ
'DFÃ DL VWDELOLW XQ SUHģ FRPSHWLWLY DWXQFL ILL FDWHJRULF DVXSUD IDSWXOXL FÃ SUHģXO HVWH GHMD XQ DGHYÃUDW FKLOLSLU 'DFÃ DL
VXSUDHVWLPDWR DWXQFL WUHEXLH VÃ ILL GLVSXV VÃ DFFHSģL XQ SUHģ PDL UHDOLVW 1X XLWD FÃ XQ FXPSÃUÃWRU FDUH SRDWH VHPQD
FRQWUDFWHOHUDSLGIDFHWRģLEDQLL'DFÃVHGRYHGHğWHXOWHULRUFÃQXSRDWHVHPQDFRQWUDFWHOHUDSLGDUWUHEXLILHVÃVFRģLGLQQRX
FDVD®QDSRLODY¢Q]DUHILHVÃUHQHJRFLH]LSUHģXO
QFD]XO®QFDUHFXPSÃUÃWRUXO®QFHDUFÃVÃUHQHJRFLH]HRUHGXFHUHDSUHģXOXL®QXOWLPXOPRPHQWWUHEXLHVÃWHGHFL]LGDFÃDL
GHJ¢QGVÃWHRSXLIHUPğLVîOLQYLģLVÃSOHFHߨODXUPDXUPHLğLHL®ğLSLHUGEDQLL2DOWÃDERUGDUHHVWHVîLRIHULRPLFÃ
UHGXFHUHGHSUHģ2ULFHDOWGHPHUVGHSLQGHGHWLQH
3UHJÃWLUHD
$GHVHDFHOPDLLPSRUWDQWOXFUXSHFDUHWUHEXLHVîOIDFLHVWHVÃVWDELOHğWLFDUHHVWHSURGXVXOSRWULYLWQHYRLORUWDOH$SRL
DVLJXUÃWH FÃ YHL FXPSÃUD GH OD R VXUVÃ FX XQ SUHģ DYDQWDMRV 1X XLWD FÃ PXOWH DVWIHO GH DFKL]LģLL LPSOLFÃ ®QGHSÃUWDUHD
DSDUDWXOXLYHFKLğLLQVWDODUHDFHOXLQRXߙDPLQWHğWHģLVÃSXLODVRFRWHDOÃğLDFHVWHFRVWXUL
&RPXQLFDUHD
$LFLSRģLSULPLVIDWXULGHODVSHFLDOLğWLUHIHULWRUODFHDLSXWHDFXPSÃUD'DFÃVIDWXULOHVXQW®QWUDGHYÃUGDWHGHXQVSHFLDOLVW
DWXQFLSUREDELOFÃğLVHUYLFLLOHSRVWY¢Q]DUHYRUILEXQH
1HJRFLHUHDSURSULX]LVÃ
)XUQL]RULLORFDOLSRWFRQFXUDDGHVHDFXODQģXULOHQDģLRQDOHğLFXLQWHUQHWXOߨGDFÃLQVLğWLDVXSUDSUHģXOXL3RWGHDVHPHQHDVÃ
®ğLRIHUHVHUYLFLLOHSHQWUX®QGHSÃUWDUHDDSDUDWHORUYHFKLğLLQVWDODUHDFHORUQRL$LGHDVHPHQHDRSHUVRDQÃGHFRQWDFWORFDO
SHQWUXRULFHSUREOHPÃXOWHULRDUÃY¢Q]ÃULLQSOXVFXIXUQL]RULLORFDOLOXFUXULOHVWDXDğDߣ®LIRORVHğWLVDX®LSLHU]Lߢ
(IHFWXDUHDXQRUOXFUÃULGHFRQVWUXFģLH
$FHVWD HVWH XQ H[HPSOX LQWHUHVDQW GHRDUHFH PDQDJHPHQWXO ULVFXOXL HVWH SUREDELO SULQFLSDOD SUREOHPÃ &HD PDL VLJXUÃ
DERUGDUHHVWHVÃJÃVHğWLXQDUKLWHFWEXQFDUHVîģLVFKLģH]HQLğWHSODQXULGHWDOLDWH$FHDVWDWHYDDMXWDVÃREģLLFHOPDLEXQ
GHVLJQ SRVLELO ğL ®Q DFHODğL WLPS ®ģL SHUPLWH VÃ SULPHğWL WUHL RIHUWH IL[H GH SUHģ GH OD FRQVWUXFWRUL FX R EXQÃ UHSXWDģLH 8Q
DUKLWHFWEXQYDILFDSDELOVîģLGHDRFLIUÃDSUR[LPDWLYÃSULYLQGFRVWXOOXFUÃULL1XXLWDVÃIDFLURVWGHUHFRPDQGÃULSHUVRQDOH
SHQWUXFHLWUHLRIHUWDQģL6WXGLD]ÃFXDWHQģLHRIHUWHOHğLKRWÃUÃğWHWHFDUH®ģLSODFHFHOPDLPXOWFDUHSRDWHVÃQXILHFHDPDL
LHIWLQÃ'XSÃFHDLDOHVRIHUWDF¢ğWLJÃWRDUHSRģLVÃPDLQHJRFLH]LSXģLQğLVîQFHUFLVÃREģLLXQSLFPDLPXOWSHQWUXEDQLL
UHVSHFWLYLGDUQXILSUHDGXUߙWUHEXLHVîLRIHULFRQVWUXFWRUXOXLRPDUMÃUH]RQDELOÃGHSURILWDOWIHOOXFUDUHDYDILIÃFXWÃGH
P¢QWXLDOÃ
'DFÃSURLHFWXOWÃXGHSÃğHğWHGHPLLGHOLUHDğUHFRPDQGDFDWHJRULFDERUGDUHDVFKLģDWÃPDLVXV3HQWUXOXFUÃULPDL
PLFLSRģLGHDVHPHQHDVÃLPSOLFLXQDUKLWHFWVDXVÃOHSUH]LQģLFHULQģHOHWDOHXQRUFRQVWUXFWRULğLVîLGHWHUPLQLVîģLIDFÃ
RIHUWHGHWDOLDWH
2 DERUGDUH DOWHUQDWLYÃ HVWH VÃ GH]YROģL R UHODģLH FX XQ FRQVWUXFWRU GH ®QFUHGHUH ğL VÃ ®O ODğL VÃ OXFUH]H SOÃWLQGXL
PDWHULDOHOHğLPDQRSHUDģLYHLDVXPDXQULVFPDLPDUHGDUFXQRVFXQQXPÃUGHRDPHQLFDUHDXIRORVLWDFHDVWÃDERUGDUHFX
VXFFHV(VWHGHDVHPHQHDRDERUGDUHEXQîQFD]XOXQRUOXFUÃULIRDUWHULVFDQWHODFDUHPXOģLFRQVWUXFWRULYRUILUHWLFHQģL®QD
HPLWHRIHUWH
6HOXFUDODPLQHSHFRULGRUXOGHODHWDMXO®QW¢LğLRPDUHVHFģLXQHGLQEDOXVWUDGDGHILHUIRUMDWWUHEXLDVÃILHULGLFDWÃFXFHQWLPHWUL1LPHQLQXYRLDVÃIDFÃ
RIHUWHDğDFÃDPFRQWDFWDWILUPDGHSUHOXFUDUHDPHWDOHORUFXFHDPDLEXQÃUHSXWDģLHGLQ]RQÃğLDPFHUXWVÃIDFÃOXFUDUHDXUP¢QGFDHXVÃSOÃWHVF
PDWHULDOHOHğLPDQRSHUD$XIÃFXWRWUHDEÃH[FHOHQWÃODXQSUHģUH]RQDELO
0RQWDUHDXQRUIHUHVWUHGXEOHDFFHVRUL]DUHDVHUHLEXFÃWÃULHLVDX
DEÃLL
3UHJÃWLUHD
7UHEXLHVÃWHKRWÃUÃğWLGDFÃFXPSHULDFFHVRULLOHğLWHRFXSLVLQJXUGHWRWGDFÃHVWHSRVLELOFXDMXWRUXOXQRUVXEFRQWUDFWDQģL
VDXFXPSHULHOHPHQWHOHğLģLOHPRQWHD]ÃDSRLXQPHğWHUVDXIRORVHğWLRFRPSDQLHORFDOÃRULQDģLRQDOÃSHQWUXDIDFH®QWUHDJD
OXFUDUH
'DFÃDSHOH]LODRFRPSDQLHQDģLRQDOÃVDXODXQDORFDOÃPDUHVDXPHGLHDWXQFLFHUHLQVLVWHQWVÃLWULPLWÃSHFHLPDLEXQLLQVWDODWRUL'DFÃģLVHUÃVSXQGH
SXUğLVLPSOXFÃWRģLLQVWDODWRULLORUVXQWEXQLDWXQFLGXWH®QDOWÃSDUWH
&RPXQLFDUHD
$LFLFHUHVIDWXULGHVSUHFXPHPDLELQHVÃSURFHGH]L'DFÃRFRPSDQLHVDXQLğWHLQVWDODWRULLQGHSHQGHQģL®ģLGDXVIDWXULEXQH
DWXQFLSUREDELOFÃLDX®QVHULRVVHUYLFLXOGHVWLQDWFOLHQģLORU
'DFÃFKHOWXLRPLFÃDYHUHSHUHQRYDUHDFDVHLSUHģXOFDVHLWDOHVFRDVÃGLQQRXODY¢Q]DUHQXSRDWHFUHğWHGHF¢WIRDUWHSXģLQFRPSDUDWLYFXLQYHVWLģLDSH
FDUHDLIÃFXWR
1HJRFLHUHDSURSULX]LVÃ
)LUPHOH QDģLRQDOH ®QFHSDGHVHDSULQRIHUWHIDOVH ğL RIDOVÃQHJRFLHUH SURSULX]LVÃ ߙ FDUHSRUQHğWH GH OD R FLIUÃULGLFRO GH
PDUH)ÃURVW®QWRWGHDXQDGHPDLPXOWHRIHUWHğLSUHģXOILUPHORUQDģLRQDOHYDFRERU®DSURDSHGHSUHģXOILUPHORUORFDOH
0RQWDUHDXQXLERLOHUQRX
$FHVWDHVWHDOWH[HPSOX®QFDUHPDQDJHPHQWXOULVFXOXLHVWHXQDVSHFWFKHLH7HGXFLODXQPLFIXUQL]RUORFDOODXQIXUQL]RU
ORFDOPDLPDUHVDXODRFRPSDQLHQDģLRQDOÃ")LHFDUHDUH®QPRGHYLGHQWSÃUģLEXQHğLSÃUģLSURDVWHGLQSXQFWXOGHYHGHUHDO
ULVFXULORU5HFRPDQGVÃFDXģLRIHUWHGHODIXUQL]RULFXRUHSXWDģLHEXQÃ&LWHğWHIRDUWHDWHQWRIHUWHOHğLDFFHSWRSHFHDSH
FDUHRJÃVHğWLPDLDWUDFWLYÃ$UWUHEXLVîL®QWUHELSHIXUQL]RULGDFÃRIHUÃFHYDLHğLWGLQFRPXQ'XSÃFHDLDOHVRSURSXQHUH
SRģLQHJRFLDRDIDFHUHSXģLQPDLDYDQWDMRDVÃ
'DFÃHğWLSUHVDWGHWLPSYDWUHEXLVÃYHULILFLF¢QGDUSXWHDHLVÃIDFÃOXFUDUHD®QDLQWHGHDDOHJHRIHUWDQWXO6DXGDFÃDL
XQIXUQL]RUGH®QFUHGHUHWHGXFLGLUHFWODHOGHRDUHFHDL®QFUHGHUH®QSURPSWLWXGLQHDğLFDOLWDWHDVHUYLFLLORUVDOH
5H®QQRLUHDFRQWUDFWHORUGHDVLJXUDUHIXUQL]DUHDHQHUJLHL
HOHFWULFHDVLJXUDUHDXWRHWF
)LGHOLWDWHDWHYDFRVWDVFXPSQILHFDUHDQDUWUHEXLVÃSULPHğWLRQRXÃRIHUWÃPDLEXQÃGHODDOWIXUQL]RU$WXQFL®LSRģLVSXQH
IXUQL]RUXOXL FXUHQW GHVSUH QRXD RIHUWÃ LDU HO DSURDSH FX VLJXUDQģÃ ®ģL YD RIHUL DFHODğL SUHģ 'DFÃ QX ®O SRģL SHGHSVL
®QORFXLQGXOFXDOWIXUQL]RU
&XPSÃUDUHDXQHLPDğLQLQRLODP¢QDDGRXD
3UHJÃWLUHD
6XQWPXOWH®QWUHEÃULODFDUHWUHEXLHVÃUÃVSXQ]L®QDLQWHVÃSRUQHğWL®QFÃXWDUHDXQHLPDğLQLQRLVDXODP¢QDDGRXD3ULPXO
OXFUXSHFDUH®ODLGHIÃFXWHVWHVîQFHUFLVÃQRWH]LDFHVWH®QWUHEÃULğLVÃUÃVSXQ]LODHOH3HQWUXDWHDMXWDYRLHQXPHUDGRDU
F¢WHYDGLQWUHFHOHPDLIUHFYHQWH®QWUHEÃUL
ߧ&KLDUHVWHPRPHQWXOSRWULYLWVîģLVFKLPELPDğLQD"
ߧ&¢W®ģLSHUPLģLVÃSOÃWHğWLğLFXPYHLILQDQģDDFKL]LģLD"
ߧ$LRSUHIHULQģîQWUHDFXPSÃUDRPDğLQÃQRXÃVDXXQDODP¢QDDGRXD"
ߧ&¢WHğWLGHGLVSXVVîģLDVXPLULVFXUL"(ğWLGLVSXVVÃFXPSHULODOLFLWDģLHVDXGHODRSHUVRDQÃSDUWLFXODUÃ"&DOLWDWHDğL
GXUDWDJDUDQģLHLVXQWDVSHFWHLPSRUWDQWH"
ߧ&HIHOGHPDğLQÃYUHLGLQSXQFWGHYHGHUHDOVWLOXOXLFDURVHULHLDOGLPHQVLXQLLDOSHUIRUPDQģHLDOWLSXOXLGHFRPEXVWLELO
DOFRQVXPXOXLDOWD[HLDXWRDOVRFLHWÃģLLGHDVLJXUÃULDOQXPÃUXOXLGHORFXULHWF"
ߧ([LVWÃHOHPHQWHREOLJDWRULLSHFDUHWUHEXLHVÃOHDLߙGHH[HPSOXDHUFRQGLģLRQDWURDWÃGHUH]HUYÃXğîQVSDWHHWF"
ߧ([LVWÃHOHPHQWHSHFDUHQXHğWLGLVSXVVÃOHWROHUH]LߙGHH[HPSOXIU¢QDGHP¢QÃHOHFWULFÃ"
ߧ(ğWLGLVSXVVîģLYLQ]LPDğLQDYHFKH®QSDUWLFXODUODROLFLWDģLHSULQLQWHUPHGLXOXQXLDGLQFHOHPDLFXQRVFXWHVLWHXULSH
FDUHVHFXPSÃUÃPDğLQLVDXYUHLVÃRGDLODVFKLPE"
ߧ&RQWHD]ÃIRDUWHPXOWSHQWUXWLQHģDUDGHRULJLQHDSURGXFÃWRUXOXL"
ߧ(VWHVLJXUDQģDXQDVSHFWFKHLH"
ߧQFD]XO®QFDUHFXPSHULRPDğLQÃVHFRQGKDQGYUHLVÃSOÃWHğWLRYHULILFDUHLQGHSHQGHQWÃ"
ߧ&¢WGHLPSRUWDQWHVWHSUHģXOGHUHY¢Q]DUH"
'DFÃFXPSHULRPDğLQÃGHODRSHUVRDQÃSDUWLFXODUÃDWXQFL®QFHDUFÃVÃYHULILFLGDFÃPDğLQDDUHߣFD]LHUߢ
7UHEXLHVÃSRģL®QWRFPLROLVWÃGHSUHIHULQģHFXSRVLELOHOHPDğLQLGHFDUHHğWLLQWHUHVDW$SRLWUHEXLHVÃDIOLPDLPXOWH
GHVSUHDFHVWHPRGHOHGLQUHYLVWHGHSHLQWHUQHWğLGLQGLVFXģLLFXSULHWHQLLğLFROHJLL3UREDELOFÃDFHVWOXFUXWHYDDMXWDVÃ
®ģLRUGRQH]LOLVWD®QIXQFģLHGHRDQXPLWÃSUHIHULQģÃ
)RORVLQGLQWHUQHWXOUHFODPHOHğLDQXQģXULOHGLQ]LDUHWUHEXLHDSRLVîģLVWDELOHğWLXQSUHģLQGLFDWLYSHQWUXILHFDUHGLQWUH
PRGHOHOHGHSHOLVWDWDGHSUHIHULQģH
0DMRULWDWHD RDPHQLORU YRU GRUL VÃ WHVWH]H PDğLQLOH GH SH OLVWÃ DSHO¢QG OD GHDOHUL GH DXWRPRELOH QRL ğL VHFRQGKDQG
7UHEXLHVÃWHKRWÃUÃğWLGDFÃWHVLPģLREOLJDWVÃWHJ¢QGHğWLVHULRVODRIHUWHOHSHFDUHģLOHDUIDFHDFHğWLGHDOHULVDXGDFÃWHYHL
IRORVL GH VHUYLFLLOH ORU SHQWUX FD DSRL VÃ FDXģL FHO PDL PLF SUHģ GH H[HPSOX SH LQWHUQHW 6DX SRDWH YHL IL PXOģXPLW VÃ
SOÃWHğWLVHUYLFLLOHRIHULWHGHXQGHDOHUDGXF¢QGXģLQRXDPDğLQÃODUHSDUDWODILUPDDFHVWXLDGHDOHULLDXWRUIDFPXOWPDLPXOW
SURILWGLQ®QWUHģLQHUHDPDğLQLORUGHF¢WGLQY¢Q]ÃUL
'HDVHPHQHDWUHEXLHVÃWHKRWÃUÃğWLGDFÃYHLDGRSWDDWLWXGLQHDFRQIRUPFÃUHLDRGDWÃFHYHLJÃVLFHYDFH®ģLSODFHODXQ
SUHģSHFDUH®OFRQVLGHULIRDUWHDYDQWDMRVğLSHFDUHģLOSHUPLģLYHLFXPSÃUDPDğLQD6DXSRDWHYUHLVÃDğWHSģLS¢QÃWHVWH]L
WRDWHPDğLQLOHGHSHOLVWDWDGHSUHIHULQģH
QDFHVWPRPHQWHğWLSUHJÃWLWVÃPHUJLODILUPHOHFDUHY¢QGDXWRPRELOHSHQWUXD®QFHUFDVÃREģLLFHOPDLEXQSUHģSHQWUX
FHYDFH®ģLSODFHğL®ģLSHUPLģL'DFÃDSHOH]LODGHDOHULDWXQFLHELQHVÃWHLQIRUPH]LGHRELFHLSULQLQWHUPHGLXOSULHWHQLORUğL
FROHJLORUWÃLGDFÃDXREXQÃUHSXWDģLH®QRIHULUHDVHUYLFLLORU
$PLQWHğWHģL®QWRWGHDXQDODRULFHQHJRFLHUHGHSHULFROXOSDUDOL]LHLDQDOL]HLߢ3UHJÃWLUHDLPSOLFÃVÃLQYHVWHğWLWLPSSHQWUXD®QFHUFDVîģLVDWLVIDFLGRULQģD
GHDFXPSÃUDFHYDSRWULYLWQHYRLORUWDOHODFHOPDLEXQSUHģSRVLELO3RģLRULF¢QGVÃIDFLRFHUFHWDUHPDLDPÃQXQģLWîQVÃWUHEXLHVÃWHGHFL]LF¢QGHğWL
VXILFLHQWGHSUHJÃWLW®QF¢WVîQFHSLQHJRFLHUHD
&RPXQLFDUHD
Q FD]XO ®Q FDUH FXPSHUL GH OD XQ GHDOHU DWXQFL YHL YUHD VÃ WH LQIRUPH]L FH PDğLQL FDUH ®ģL SRW VDWLVIDFH QHYRLOH VXQW
GLVSRQLELOH8QGHDOHUEXQSRDWHIDFHVXJHVWLLODFDUHWXVÃQXWHILJ¢QGLW$UWUHEXLVÃYHULILFLFHSURPRģLLğLDOWHRIHUWHVXQW
GLVSRQLELOH(VWHRLGHHEXQÃVÃPHQģLRQH]LPRGHOHGHODDOWHILUPHSURGXFÃWRDUHGHFDUHHğWLLQWHUHVDWGHRDUHFHDFHVWOXFUX
®ģLFUHğWHDYDQWDMXO9HLYUHDSUREDELOVÃIDFLXQWHVWGULYH®QDLQWHVîQFHSLQHJRFLHUHDGHRDUHFHGDFÃQX®ģLSODFHPDğLQD
QXPDLSLHUGHģLWLPSXOQLFLWXQLFLY¢Q]ÃWRUXO7UHEXLHVÃILLIRDUWHGLUHFW®QSULYLQģDIDSWXOXLFÃSUHģXOHVWHXQDVSHFWH[WUHP
GHLPSRUWDQWSHQWUXWLQH'DFÃDLRPDğLQÃGHGDWODVFKLPEDWXQFLHELQHVÃWHVWH]LUHDFģLDY¢Q]ÃWRUXOXLߙPDMRULWDWHDYRU
VSXQHFLQVWLWGDFÃPDğLQDGDWÃODVFKLPEHVWHXQSURGXVDWUDFWLYSHFDUH®OSRWYLQGHPDLGHSDUWHGHIDSWQXHVWHQHRELğQXLW
FD XQ Y¢Q]ÃWRU Và ®L VSXQà XQXL SRWHQģLDO FOLHQW Fà DU IDFH PDL ELQH Và ®ğL Y¢QGà PDğLQD XQHL SHUVRDQH SDUWLFXODUH 'HORF
VXUSULQ]ÃWRUPDğLQLOHFXUDWHğLOXVWUXLWHVXQWPDLDWUDFWLYHGHF¢WFHOHPXUGDUH
'DFîģLSODFHPDğLQDSHFDUHDLWHVWDWRDWXQFLILHYHLWUHFHLPHGLDWODQHJRFLHUHILHSRģLKRWÃU®VÃDğWHSģLS¢QÃFHWHVWH]L
WRDWHPDğLQLOHGHSHOLVWDWDGHSUHIHULQģH1XH[LVWÃRUHģHWÃXQLFÃGXSÃFDUHVÃKRWÃUÃğWLDFHVWOXFUXGDUGDFîģLSODFHVÃ
FXPSHULPDğLQLWHSRģLKRWÃU®VÃIDFLPDL®QW¢LPXOWHWHVWHDXWR®QWLPSFHGDFÃQXHğWLIRDUWHLQWHUHVDWGHPDğLQLWHDLSXWHD
GHFLGHVîQFKHLLPHGLDWRDIDFHUHDYDQWDMRDVÃ&KLDUGDFÃLQWHQģLRQH]LVÃWHVWH]LğLDOWHPDğLQLSRDWHYUHLVÃREģLLXQSUHģ
DSUR[LPDWLYGHODY¢Q]ÃWRU®QDLQWHVÃSOHFL
1HJRFLHUHDSURSULX]LVÃ
QFKHLHUHDXQHLDIDFHULDYDQWDMRDVHFXXQY¢Q]ÃWRUGHPDğLQLHVWHXQDGLQWUHFHOHPDLSOÃFXWHVLWXDģLLGHQHJRFLHUH5ÃVIRLHğWH
FDSLWROXOGHVSUHQHJRFLHUHDSURSULX]LVÃğLIRORVHğWHRULF¢WHWHKQLFLYUHL&XH[FHSģLDVLWXDģLHL®QFDUHWUHEXLHVÃIDFLUDSLG
DFKL]LģLDGHRDUHFHPDğLQDWDYHFKHQXPDLPHUJHDLUÃEGDUHğLILLGLVSXVVÃQX®QFKHLRDIDFHUHFDUHQXHDYDQWDMRDVÃ3RDWH
HğWL GLVSXV VÃ SOÃWHğWL SXģLQ PDL PXOW SHQWUX R PDğLQÃ QRXÃ GHF¢W SRģL REģLQH GH OD XQ GHDOHU SH LQWHUQHW GDU SUHģXO GH SH
LQWHUQHWDUWUHEXLVÃLQIOXHQģH]HSXWHUQLFVXPDSHFDUHHğWLGLVSXVVÃRSOÃWHğWL
1XXLWDVÃVXEOLQLH]LIDSWXOFÃVLQJXUDFLIUÃGHFDUHHğWLLQWHUHVDWHVWHSUHģXOSHFDUHWUHEXLHVîOSOÃWHğWLSHQWUXDģLVFKLPEDPDğLQD
1XWHWHPHVîLVW¢UQHğWLSHGHDOHULXQXO®PSRWULYDDOWXLDߙSHQWUXDFHODğLPRGHOVDXSHQWUXPRGHOHGLIHULWH
'DFÃQHJRFLH]LFXRSHUVRDQÃSDUWLFXODUÃDWXQFLQXIDFHJUHğHDODGHDYRUELXU¢WGHVSUHPDğLQDVD6SXQHFîģLSODFH
GDUFÃQX®ģLSHUPLģLVÃSOÃWHğWLGHF¢WRDQXPLWÃVXPÃGHEDQLLDUDSRLQHJRFLD]îQFHUF¢QGVÃREģLLXQSUHģDFFHSWDELO'DFÃ
HVWHSRVLELOVÃDLEDQL®QEX]XQDUSHFDUHVÃSRģLVîLVFRģLğLVîLDUÃģL,QVLVWÃVÃWHLDODXQWHVWGULYHğLILLIRDUWHDWHQWOD
RULFHSUREOHPÃSHFDUHRSHUFHSL'DFÃQXHğWLFXQRVFÃWRUDWXQFLSOÃWHğWHRYHULILFDUHLQGHSHQGHQWÃVDXLDFXWLQHXQSULHWHQ
FDUHVHSULFHSH
&¢QG YUHL VÃ YH]L PDğLQD XQHL SHUVRDQH SDUWLFXODUH ®QWUHDEÃ OD WHOHIRQ 0DğLQD PDL HVWH GH Y¢Q]DUH"ߢ 'DFÃ Y¢Q]ÃWRUXO ®QWUHDEÃ OD FDUH PDğLQÃ WH
UHIHULDWXQFL®QVHDPQÃFÃQXHVWHRSHUVRDQÃSDUWLFXODUÃFLXQIHOGHGHDOHUSULQXUPDUHğDQVDWDGHDREģLQHXQFKLOLSLUHPLFÃ
&¢QGFXPSHULGHODRSHUVRDQÃSDUWLFXODUÃQXXLWDVÃIDFLYHULILFÃULOHRELğQXLWH&¢WGHX]DWHVXQWFDXFLXFXULOH"$UHSURSULHWDUXOXQWHDQFGHK¢UWLLFH
DUDWÃNLORPHWUDMXOğLDOWHLQGLFLLGLQFDUHUHLHVHFÃPDğLQDDIRVW®QWUHģLQXWÃ"
QWRWGHDXQD GXWH WX OD Y¢Q]ÃWRU DFDVÃ GDFÃ QX HVWH GLVSXV VÃ WH ODVH VÃ YH]L XQGH ORFXLHğWH UHQXQģÃ $PLQWHğWHģL FÃ
DWXQFLF¢QGFXPSHULGHODRSHUVRDQÃSDUWLFXODUÃUHJXODHVWHVÃDLJULMÃSHQWUXFÃQXHğWLSURWHMDWDSURDSHGHORFGLQSXQFWGH
YHGHUHMXULGLF'DFîģLDVXPLULVFXOGHDFXPSÃUDGHODRSHUVRDQÃSDUWLFXODUÃVDXSULQOLFLWDģLHFD]®QFDUHEHQHILFLH]LGHR
SURWHFģLHOLPLWDWÃDVLJXUÃWHFÃSOÃWHğWLXQSUHģVXILFLHQWGHPLFSHQWUXDģLDFRSHULULVFXULOHVXSOLPHQWDUH
1HJRFLHUL®QWUHPDLPXOWHSÃUģL
$PIRVWWHQWDWVîQFHSDFHVWH[HPSOXFXDğD]LVDLQVFULSģLHGHODLQWUDUHD®QLDG
9RLFHLFHLQWUDģLDLFLDEDQGRQDģLRULFHVSHUDQģÃ
&HDPDLUHDH[SHULHQģÃGHQHJRFLHUHFXFDUHVHYRUILFRQIUXQWDWPXOģLQHJRFLDWRULH[SHULPHQWDģLHVWHFHDGLQQHJRFLHULOH
®QWUHPDLPXOWHSÃUģL®QVSHFLDOGDFÃLPSOLFÃEDULHUHWUDQVFXOWXUDOHğLGHOLPEÃ
'XSÃFHDLDFFHSWDWIDSWXOFÃWHDğWHDSWÃRH[SHULHQģîQGHOXQJDWÃğLGXUHURDVÃSRģLIDFHFHYDSHQWUXDUHGXFHGXUHUHD"
6XQWWUHLWHKQLFLFDUHWHSRWDMXWD
$VLJXUÃWHFÃSÃUģLOHVHLPSOLFÃOD®QFHSXW®QWURPHWDQHJRFLHUH®QSURIXQ]LPH7UHEXLHVÃVWDELOLģLGHFRPXQDFRUGPRGXO
GH OXDUH D GHFL]LLORU 9D H[LVWD OD QHJRFLHUH XQ SDUWHQHU SULQFLSDO SXWHUQLF DO FÃUXL FXY¢QW VÃ ILH OHJH" 9HL LQVLVWD FD
GHFL]LLOHVÃILHOXDWHSULQFRQVHQVVDXVHYRUSHUPLWHXQDVDXPDLPXOWHYRFLFRQWUDGLFWRULL"9DH[LVWDXQYRWPDMRULWDU"
7UHEXLH VÃ VWDELOLģL GH FRPXQ DFRUG QLğWH SURFHVH UDģLRQDOH 'H H[HPSOX ®Q FD]XO XQHL RIHUWH D XQXL FRQVRUģLX SXWHģL
FRQYHQL DVXSUD XQHL PHWRGH VWDQGDUG SULQ FDUH XQ SDUWHQHU VÃ FDOFXOH]H RQRUDULLOH SHQWUX PHPEULL HFKLSHL VDOH 3XWHģL
VWDELOL FD ®PSÃUģLUHD EDQLORU ®QWUXQ FRQVRUģLX VÃ VH ED]H]H H[FOXVLY SH UHSDUWL]DUHD VDUFLQLORU $FHDVWD SRDWH IL
GHWHUPLQDWÃG¢QGXLSDFKHWHGHOXFUXFHOXLPDLFDOLILFDWSDUWHQHUGHFLVGHOLGHUXOFRQVRUģLXOXL3XWHģL®PSÃUģLSDFKHWHOH
GHOXFUXSULQWUDJHUHODVRUģLğLDSRLDOHJ¢QGSHU¢QG)ÃUÃSURFHVHUDģLRQDOHDL®QFXUFDWR
7UHEXLH Và GHWHUPLQL ILHFDUH SDUWH Và ®ğL H[SXQà GLQ VWDUW DUJXPHQWHOH KRWÃU¢WRDUH QHQHJRFLDELOH 'H H[HPSOX GDFÃ
DFģLRQDULLģLDXVSXVFÃWUHEXLHVÃVWDELOHğWLXQPLQLPXP®QFHHDFHSULYHğWHUHSDUWL]DUHDVDUFLQLORUDWXQFLWUHEXLHVîL
GHWHUPLQLSHSDUWHQHULLWÃLVÃDFFHSWHVîQFHDSÃQHJRFLHULOHğWLLQGFÃWXGHSLQ]LGHRDVWIHOGHFRQVWU¢QJHUH
QFKHLHUH
&KLDUQXDLPRWLYHVÃWHWHPLGHQHJRFLHUL$FHVWHDVXQWXQMRFLDUDFXP®QģHOHJLUHJXOLOHMRFXOXLğLWDFWLFLOHSHFDUHOH
SRģLIRORVLSHQWUXD®QFKHLDRDIDFHUHEXQÃ'DFÃDSOLFLOHFģLLOHSHFDUHOHDL®QYÃģDWYHLYHGHDLPHGLDWHIHFWHOHEHQHILFHQ
WLPS ģL VH GH]YROWÃ ®QFUHGHUHD ğL H[SHULHQģD LDU DIDFHULOH SH FDUH OH YHL IDFH YRU IL WRW PDL EXQH &KLDU GDFÃ QX HğWL R
SHUVRDQÃFÃUHLDVîLSODFÃPLQXQDWXOMRFDOQHJRFLHULORUQXH[LVWÃQLFLXQPRWLYVÃQXDMXQJLVÃWHVLPģLğLELQH®QWLPSFH
®QFKHLFHOHPDLEXQHDIDFHULSHQWUXWLQHğLSHQWUXDQJDMDWRUXOWÃX
7RDWH OHFģLLOH SH FDUH OHDL ®QYÃģDW DX IRVW ߣWHVWDWH ®Q OXSWÃߢ GHD OXQJXO WLPSXOXL ߙ ®Q YLDģD PHD SHUVRQDOÃ ®Q ]HFL GH
QHJRFLHUL FRPHUFLDOH DPSOH SODQLILFDWH ğL ®Q VXWH GH VLWXDģLL ®Q FDUH DP IRVW UHSUH]HQWDQWXO XQRU PHPEUL VLQGLFDOL $P R
SUHJÃWLUHSURIHVLRQDOîQGRPHQLXğLDPFLWLWPDMRULWDWHDEHVWVHOOHUXULORUGHVSUHQHJRFLHUH([SHULHQģDLQVWUXLUHDğLVWXGLLOH
PHOHPLDXSHUPLVVÃVHOHFWH]SULQFLSLLWDFWLFLğLVIDWXULVLPSOHFDUHVÃSRDWÃILDSOLFDWHFXXğXULQģîQYLDģDWDSHUVRQDOÃğL
®QFHDSURIHVLRQDOÃ
6WDELOHğWHģLXQRELHFWLYSURYRFDWRUğLDSRL®QFHDUFÃVîO®QGHSOLQHğWL1XHQLPLFJUHğLW®QDģLGRULVÃSOHFLFXFHOPDL
PDUHF¢ğWLJSHFDUH®OSRģLREģLQHğLQXH[LVWÃQLFLXQPRWLYSHQWUXFDUHVÃQX®OSRģLREģLQHEXFXU¢QGXWH®QDFHODğLWLPSGH
UHVSHFWXOSDUWHQHUXOXL/XPHD®LDGPLUÃSHQHJRFLDWRULLGXULğLDELOLLDUHXVSHUGLQWRDWÃLQLPDFÃWHDPDMXWDW®QDWLQJHUHD
DFHVWXLRELHFWLY
'DFÃXUPH]LVIDWXULOHGLQDFHDVWÃFDUWHYHLSXWHDDYHDVDWLVIDFģLDGHDSULPLFHHDFHYUHLߨğLSRDWHFHYD®QSOXV