$(5262/,


$(5262/,
*$0Ă'($(5262/'(7(&7$17'(=,1)(&7$17'(*5(6$17

'(7(&725'(6&85*(5,'(*$=
352*$= 

5HI PO

8WLOL]DUH   3RDWH ¿ XWLOL]DW SHQWUX RULFH IHO GH JD] FXP DU ¿  R[LJHQ

DHUFRPSULPDWD]RWJD]FDUERQLFJD]HOHSURSXOVRDUHGH
VLVWHPHIULJRUL¿FHSUHFXPúLJD]HOHLQÀDPDELOH

0RG GH XWLOL]DUH  3XOYHUL]DĠL VFXUW OD DSUR[LPDWLY  FP GH ORFXO XQGH HVWH R
VFXUJHUH'HWHFWRUXOUHDFĠLRQHD]ăFKLDUúLODVFXUJHULH[WUHP
GHPLFL)RUPDUHDEXOHORUYăLQGLFăLPHGLDWúLFXSUHFL]LHORFXO
XQGHVHJăVHúWHVFXUJHUHD

'(=,1)(&7$17'(&/,0$7,=$5( 128
128


5HI 

PO
0/
8WLOL]DUH
'H]LQIHFWDQW EDFWHULFLG SH ED]ă GH XQ QRX WLS GH DPRQLX FXDWHUQDU  OD  RUL PDL H¿FDFH
XULOH
GHFkW GHULYDĠLL FODVLFL &RQĠLQH WHQVLRDFWLYL QHLRQLFL IRUPXOă VSXPDQWă HOLPLQă PLURVXULOH
QHSOăFXWHJHQHUDWHGHPLFURRUJDQLVPH
 
/LFKLGLQFRORUPLURVXúRUPHQWăVROXELOvQDSăvQRULFHSURSRUĠLHDFĠLXQHDOJLFLGăvQDSHOH DSHOH
LQGXVWULDOH
1)7  úL   EDFWHULFLG  1)7   EDFWHULFLG DSă GXUă úL SURWHLQH  1)7 

GHFRQWDPLQDUHDVXSUDIHĠHORU17)IXQJLFLG
SODVWLFXULúL
7HPSHUDWXUDPD[LPăGHXWLOL]DUHƒ&VWDELOăODVWRFDUHvQWUHúLƒ&QHFRUR]LYSHSODVWLFXULúL
SHPHWDOHOHQHIHURDVH*D]SURSXOVRUQHLQÀDPDELO
'H]LQIHFWDUHD WXWXURU VXSUDIHĠHORU vQ VLVWHPHOH GH FOLPDWL]DUH$FĠLRQHD]ă vQ FHOH PDLL LQDFFHVLE ELOH
LQDFFHVLELOH
]RQH úL HOLPLQă UDGLFDO SDUWLFXOHOH SROXDWH 3RDWH ¿ XWLOL]DW SH PDWHULDOH FDUH VXQW vQ FRQWDFW FX
]DELOSHQWUX
SURGXVHDOLPHQWDUHGDUvQFD]XODFHVWDvQFRQIRUPLWDWHFXOHJLVODĠLDWUHEXLHFOăWLW8WLOL]DELOSHQWUX X
EDWHULLOH GH VFKLPE WHUPLF FDOG UHFH FDPHUHOH UHFL FOLPDWL]DUH DXWR YHQWLORFRQYHFWRDUH FWRDUH
FOLPDWL]RDUHLQGLYLGXDOH

$JLWDĠLDHURVROXO8WLOL]DELOvQRULFHSR]LĠLH3XOYHUL]DĠLGLUHFWSHORFXOGHWUDWDW/ăVDĠLSURGXVXOVăSHQHWUH]HúLVăDFĠLRQH]H
0RGGHXWLOL]DUH
8WLOL]DĠLELRFL]LLFXSUHFDXĠLH&LWLĠLHWLFKHWDúLLQIRUPDĠLLOHDVXSUDSURGXVXOXL

$(5262/'(*5(6$17',(/(&75,&
5HI 

PO

8WLOL]DUH  6H IRORVHúWH OD GHJUHVDUHD PDWHULDOHORU OD vQWUHĠLQHUHD úL HOLPLQDUHD
SURGXúLORUGHSURWHFĠLHvQDLQWHGHPRQWDM$FHVWDHURVRODUHRSXWHUH
GL]ROYDQWăIRDUWHSXWHUQLFăDVLJXUkQGRH¿FDFLWHWHPD[LPăSHRULFH
WLSGHGHSXQHULJUDVH
(VWH FRPSDWLELO FX WRDWH PHWDOHOH úL VH XVXFă IăUă D OăVD XUPH VDX
UH]LGXULDVHIDFHXQWHVWSUHDODELOSHSODVWLF

3HULFXORV$VHUHVSHFWDSUHFDXĠLXQLOHGHXWLOL]DUH

0RGGHXWLOL]DUH$JLWDĠLvQDLQWHDXWLOL]ăULL3XOYHUL]DĠLSHSLHVHOHFDUHWUHEXLHFXUăĠDWH


 $(5262/,
$(5262/,3(175880)/$5($9$6(/25'((;3$16,81(

$(5262/3(175880)/$5($
9$6(/25'((;3$16,81( 

5HI PO

8WLO]DUH
*D]QHXWUXSHQWUX 8PÀDUHDYDVHORUvQSUHVLXQH
 (OLPLQDUHDSUDIXOXLGLQORFXULOHVHQVLELOH
7HVWGHHWDQúHLWDWHSHQWUXUHĠHOHOHPLFL

$HURVROXO HVWH XQ JD] QHWR[LF úL QHLQÀDPDELO VXE SUHVLXQH )RDUWH XWLO
SHQWUX UHXPÀDUHD YDVHORU VXE SUHVLXQH SHQWUX VXÀDUHD SUDIXOXL GH
SHDU]ăWRDUHSLHVHVHQVLELOHúLGL¿FLODFFHVLELOH
7HVWDUHDHWDQúLHWăĠLLPLFLORUFDQDOL]ăULFXUHJXODWRU

0RGGHXWLOL]DUH $JLWDĠLvQDLQWHDXWLOL]ăULL3XOYHUL]DĠLSHQWUXDvQGHSăUWDSUDIXO

7(67(53(1758'(7(&72$5( 128
'()80 

5HI PO

8WLOL]DUH
9ăSHUPLWHWHVWDUHDGHIXQFĠLRQDELOLWDWHDFHOXOHLGHWHFWRUXOXLGHIXP
)ăUăDFHVWDHURVROSXWHĠLFXUăĠDWHVWDDODUPDGDUQXIXQFĠLRQDELOLWDWHD
FHOXOHL

9DSRUL]DUHDVLPXOHD]ăIXPXOFDUHGHFODQúHD]ăVLVWHPXO

.,73(175880)/$5($9$6(/25'((;3$16,81( 128
5HI
5HXPÀDUHDúLFRQWUROXOSUHVLXQLLvQWUXQYDVGHH[SDQVLXQH
FXDMXWRUXODFHVWXLNLW

*D]XOQHXWUXGLQDHURVROXOQRVWUXYăSHUPLWHVăUHXPÀDĠLvQ
WRDWăVLJXUDQĠDYDVXOGHH[SDQVLXQHPHPEUDQDYDVHORUGH
H[SDQVLXQHHVWHVHQVLELOăODR[LJHQFDUHRIDFHVăGHYLQăSRURDVă

3HQWUX WHVWDUHD YDVXOXL GHVFKLGHĠL YDOYD úL DFĠLRQDĠL R 'DFă OD

DSăVDUHLDVăDSăYDVXOGHH[SDQVLXQHHVWHGHWHULRUDW'DFăLDVă
DHUODDSăVDUHYHUL¿FDĠLSUHVLXQHDúLDGăXJDĠLGDFăHVWHQHFHVDU

OLWULEDUL
OLWULEDU
OLWULEDUL
OLWULEDUL

.LWXOHVWHFRPSXVGLQ
[PDQRPHWUXJUDGDWGHODODEDUL
[IXUWXQVXSOXGHPHWUX
[DHURVROFXJD]QHXWUXGHPO


  $(5262/,

$(5262/,
*$0Ă$(5262/,*5Ă6,0(/8%5,),$17

*5Ă6,0(9(5'(08/7,)81&‫܉‬,,
5HI



0/ GHODƒ&
SkQăODƒ&

8WLOL]DUH/XEUL¿DQWFXSXWHUHPDUHGHSHQHWUDUH‫܈‬LDGHUHQ‫܊‬ăH[FHS‫܊‬LRQDOă
DOă

3HULFXORV5HVSHFWD‫܊‬LSUHFDX‫܊‬LXQLOHGHXWLOL]DUH

0RGGHXWLOL]DUH $JLWD‫܊‬L‫܊‬LQH‫܊‬LVSUD\XOGUHSWDFRSHUL‫܊‬LIăUăH[FHVFXXQVWUDW
VWUDW
UHJXODWSDUWHDFDUHWUHEXLHOXEUL¿FDWă

*5Ă6,0($/%Ă$/,0(17$5Ă
5HI



0/ GHODƒ&
SkQăODƒ&

8WLOL]DUH*UăVLPHH[WUHPGHSXUăPDWHULDDFWLYăGHFDOLWDWH&2'(;
LQVLSLGăSXWkQG¿vQFRQWDFWFXSURGXVHDOLPHQWDUH$UHRIRDUWHEXQă
ă
H
DGHUHQ‫܊‬ăSHRULFHPHWDO3XQFWXOGHSLFăWXUăLQIHULRUOD!ƒ& IRDUWH
EXQăUH]LVWHQ‫܊‬ăODDSă
3HULFXORV5HVSHFWD‫܊‬LSUHFDX‫܊‬LXQLOHGHXWLOL]DUH

DGLQ
0RGGHXWLOL]DUH$JLWD‫܊‬LVSUD\XOvQDLQWHGHXWLOL]DUHSkQăFkQGDX]L‫܊‬LELODGLQ
LQWHULRUORYLQGXVHGHSHUH‫܊‬L9DSRUL]D‫܊‬LSHVXSUDIH‫܊‬HOHFDUHWUHEXLHWUDWDWH
DWDWH

/8%5,),$177(03(5$785,Ì1$/7(
5HI



0/

8WLOL]DUH /XEUL¿DQW VWDWLF DQWL  IULF‫܊‬LXQH OD WHPSHUDWXUă vQDOWă ‫܈‬L SUHVLXQH
H
PDUH5H]LVWăODFRUR]LXQHDVDOLQăODFRQWDFWXOFXDSD‫܈‬LODYDSRUL1XVHXVXFăVHXVXFă
ă
QXVHHYDSRUăUHGXFHX]XUDSLHVHORUPHWDOLFH‫܈‬LDIUHFăULLSULQGHSXQHUHDXQXL QHUHDXQXL
¿OPQHXWUXvQWUHGLIHULWHPHWDOH3RDWH¿IRORVLWvQPHFDQLFăD[HUXOPHQ‫܊‬LHWF
PHQ‫܊‬LHWF
F
vQ FRQVWUXF‫܊‬LL  HFKLSDPHQWH SQHXPDWLFH SRPSH GH EHWRQ  vQ DXWRPRELOHXWRPRELOH
JDUQLWXULGHH‫܈‬DSDPHQWGHFDUWHUGHFKLXORDVă‫܈‬LODPHQWHQDQ‫܊‬DFHQWUDOHORU FHQWUDOHOR
RU

3HULFXORV5HVSHFWD‫܊‬LSUHFDX‫܊‬LXQLOHGHXWLOL]DUH

0RGGHXWLOL]DUH$JLWD‫܊‬LYLJXURVDHURVROXOvQDLQWHGHXWLOL]DUHSHQWUXRPRJHQL]DUHD
PRJHQL]D
DUHD
SURGXVXOXL/D¿OHWHDVHDSOLFDFXRSHQVXOă


   $(5262/,
$(5262/,
*$0Ă'($(5262/,'(=,1)(&7$1‫܉‬,‫܇‬,'(*5,3$17/8%5,),$17

'(=,1)(&7$17'(&217$&7 128

5HI

0/

8WLOL]DUH'H]LQIHFWDQWGHFRQWDPLQDQWSHED]ăGHDPRQLXFXDWHUQDU)RUPXOăOLFKLGăFXDVSHFWLQFRORUSH RORUSH
ED]ă DOFRROLFă SDUIXPDW FX PHQWă$F‫܊‬LXQH EDFWHULFLGă  vPSLHGLFă IHUPHQWDUHD EDFWHULDQă ‫܈‬L HOLPLQă
LPLQă
DSHOH
PLURVXULOHDFHVWHLD$F‫܊‬LXQHIXQJLFLGăFLXSHUFLGURMGLLPXFHJDLXULVSRULFLG$F‫܊‬LXQHDOJLFLGăvQDSHOH
LQGXVWULDOH

0RGGHXWLOL]DUH$JLWD‫܊‬LDHURVROXO3XOYHUL]D‫܊‬LSHVXSUDIH‫܊‬HOHGHWUDWDW/ăVD‫܊‬LSURGXVXOVăSHQHWUH]H‫܈‬LVă ‫܈‬LVă
DF‫܊‬LRQH]H)UHFD‫܊‬LFXRSHULHVDXXQEXUHWHFXUDWSăU‫܊‬LOHWUDWDWHÌQIXQF‫܊‬LHGHVXSUDIH‫܊‬HFOăWL‫܊‬LFXDSăVDX DX
‫܈‬WHUJH‫܊‬LFXRFkUSăFXUDWă‫܈‬LXVFDWă3HQWUXXWLOL]DUHFDGH]LQIHFWDQWGHFOLPDWL]DUHRSUL‫܊‬LFOLPDWL]DUHDHD
SXOYHUL]D‫܊‬LSURGXVXOvQJXULOHGHYHQWLOD‫܊‬LH‫܈‬LLQWUăULOHGHDHU/ăVD‫܊‬LVăDF‫܊‬LRQH]HPLQ‫܈‬LUHSRUQL‫܊‬LFOLPDWL]DUHD
PDWL]DUHD
8WLOL]D‫܊‬LELRFL]LLFXSUHFDX‫܊‬LXQHFLWL‫܊‬LHWLFKHWD‫܈‬LLQIRUPD‫܊‬LLOHSURGXVXOXLvQDLQWHGHXWLOL]DUH3HULFXORV5HVSHFWD‫܊‬LSUHFDX‫܊‬LXQLOHGHXWLOL]DUH

6380Ă'(=,1)(&7$17Ă3(1758&85Ă‫܉‬$7 128
8
5HI


0/

8WLOL]DUH (ODERUDWă vQ ODERUDWRUXO QRVWUX 5 ' DFHDVWă VSXPă SDUIXPDWă X‫܈‬RU LQWHJUHD]ă XOWLPHOH
PHOH
LPSHUDWLYHHFRORJLFH‫܈‬LGHPHGLXIăUăUDEDWGHH¿FDFLWDWHELRGHJUDGDELOLWDWHVXSHULRDUăODQRUPH QRUPH
2&'(&RQ‫܊‬LQXWvQ&29&RPSXV2UJDQLF9RODWLOLQIHULRUOD

0RGGHXWLOL]DUH $JLWD‫܊‬LDHURVROXOYDSRUL]D‫܊‬LODFPGHVXSUDID‫܊‬DGHFXUă‫܊‬DW/ăVD‫܊‬LSURGXVXOVăDF‫܊‬LRQH]H
RQH]H
‫܈‬LVăSăWUXQGăSHQWUXDGL]ROYDPXUGăULD‫܇‬WHUJH‫܊‬LFXRPL‫܈‬FDUHFLUFXODUăFXRFkUSăFXUDWă‫܈‬LXVFDWă5HvQRL‫܊‬L
v L‫܊‬L
RSHUD‫܊‬LXQHDGDFăHVWHQHFHVDU3HQWUXFXUă‫܊‬DUHDWDVWDWXULORU‫܈‬LDVXSUDIH‫܊‬HORUPLFLSXOYHUL]D‫܊‬LVSXPDGLUHFWSHFkUSă&OăWL‫܊‬LHYHQWXDOXOH[FHVXOGHSURGXV
8WLOL]D‫܊‬LELRFL]LLFXSUHFDX‫܊‬LXQHFLWL‫܊‬LHWLFKHWD‫܈‬LLQIRUPD‫܊‬LLOHSULYLQGSURGXVXOvQDLQWHGHXWLOL]DUH

683(5'(*5,3$17/8%5,),$17'*3

5HI

0/

8WLOL]DUH  3UH]LQWă SURSULHWă‫܊‬L GHFDSDQWH ‫܈‬L GHJUHVDQWH OăVkQG GXSă

 HYDSRUDUHD
VROYHQ‫܊‬LLORU R SHOLFXOă DQWLFRUR]LYă 3URGXV FX SXQFWXO GH VFXUJHUH MRV SăWUXQGH
UDSLG VXSRU‫܊‬LL FRURGD‫܊‬L UXJLQD OH GH]DJUHJKHD]ă SHUPL‫܊‬kQG DVWIHO GHJULSDUHD
VXSUDIH‫܊‬HORUWUDWDWH

3HULFXORV5HVSHFWD‫܊‬LSUHFDX‫܊‬LXQLOHGHXWLOL]DUH

0RG GH XWLOL]DUH $JLWD‫܊‬L vQDLQWH GH XWLOL]DUH 9DSRUL]D‫܊‬L SH VXSUDIH‫܊‬HOH
 FDUH WUHEXLH GHJULSDWH
DWH
$‫܈‬WHSWD‫܊‬LFkWHYDPLQXWH