You are on page 1of 264

&RQœLQXW ,QWURGXFHUH  

3HVFXUW  
&KHLOHSRUWLHUHOHŏLJHDPXULOH  
6FDXQHOHVLVWHPHOHGH
VLJXUDQϙ  
'HSR]LWDUHD  
,QVWUXPHQWHOHŏLFRPHQ]LOH  
6LVWHPGHLOXPLQDUH  
6LVWHPXO,QIRWDLQPHQW  
&RQWUROFOLPDWL]DUH  
&RQGXFHUHDŏLXWLOL]DUHD
DXWRYHKLFXOXOXL  
¿QJULMLUHDDXWRYHKLFXOXOXL  
5HSDUDœLDŏLßQWUHœLQHUHD  
'DWHWHKQLFH  
,QIRUPDœLLSHQWUXFOLHQW  
,QGH[DOIDEHWLF  
 ,QWURGXFHUH

,QWURGXFHUH
,QWURGXFHUH 

,QWURGXFHUH LQVWUXLœLGH&KHYUROHWOXFUHD]ô ࿢ ,QGH[XOYôSHUPLWHVôFôXWDœL


FRQIRUPLQVWUXFœLXQLORUSURFHGXULORU LQIRUPDœLLVSHFLILFH
$XWRYHKLFXOXOGXPQHDYRDVWUôDIRVW &KHYUROHW
SURLHFWDWFDRßPELQDUHDWHKQRORJLLORU ࿢ 0DQXDOXOGHXWLOL]DUHIRORVHŏWH
GHXOWLPôRUôVLJXUDQœHLJULMLLIDœôGH 3DFKHWXOGHGRFXPHQWDœLHGHVWLQDW GHVWLQDœLDGLQIDEULFôDPRWRDUHORU
PHGLXOßQFRQMXUôWRUŏLHFRQRPLFLWôœLL FOLHQWXOXLYDILSôVWUDWSHUPDQHQWOD 'HQXPLULOHFRPHUFLDOHDIHUHQWHVH
ßQGHPÓQôßQPDŏLQô UHJôVHVFßQFDSLWROXOರ'DWH
0DQXDOXOGHXWLOL]DUHYôIXUQL]HD]ô WHKQLFHಯ
LQIRUPDœLLOHQHFHVDUHFDUHVôYô
DVLJXUHRFRQGXFHUHVLJXUôŏL
8WLOL]DUHDSUH]HQWXOXL ࿢ ,QGLFDœLLOHOHJDWHGHGLUHFœLHGLQ
HILFLHQWôDDXWRYHKLFXOXOXL PDQXDO GHVFULHULGHH[HPSOXODGUHDSWD
VDXODVWÓQJDßQIDœôVDXßQVSDWH
$VLJXUDœLYôFôSDVDJHULLVXQW ࿢ 3UH]HQWXOPDQXDOGHVFULHWRDWH VXQWßQUDSRUWGHVHQVXOGH
FRQŏWLHQœLGHSRVLELOHOHULVFXULGH GRWôULOHRSœLRQDOHŏLIXQFœLLOH GHSODVDUH
DFFLGHQWDUHŏLUôQLUHFDUHSRWUH]XOWD GLVSRQLELOHSHQWUXDFHVWPRGHO
GLQXWLOL]DUHDQHFRUHVSXQ]ôWRDUH $QXPLWHGHVFULHULLQFOXVLYFHOH ࿢ (VWHSRVLELOFDDILŏDMXOVôQXILH
DDXWRYHKLFXOXOXL UHIHULWRDUHODDILŏDMŏLIXQFœLLOHGH FRPSDWLELOFXOLPEDXWLOL]DWô
5HVSHFWDœLßQWRWGHDXQDFXVWULFWHœH PHQLXDUSXWHDVôQXILHYDODELOH
UHJOHPHQWôULOHßQYLJRDUHßQœôULOHßQ SHQWUXDXWRYHKLFXOXO 3HULFROHDYHUWL]ôULŏL
FDUHFôOôWRULœL$FHVWHUHJOHPHQWôUL GXPQHDYRDVWUôGDWRULWôH[LVWHQœHL DWHQœLRQôUL
SRWFRQœLQHLQIRUPDœLLGLIHULWHIDœôGH YDULDQWHORUGHPRGHOVSHFLILFDœLLORU
FHOHSUH]HQWDWHßQDFHVWPDQXDOGH YDODELOHODQLYHOGHœDUô  3HULFRO
XWLOL]DUH HFKLSDPHQWHORUVSHFLDOHŏL
DFFHVRULLORU 7H[WXOPDUFDW3 3HULFRORIHUô
¿QFD]XOßQFDUHSUH]HQWXO0DQXDOGH
XWLOL]DUHYôLQGLFôVôYôDGUHVDœLXQXL ࿢ 6HFœLXQHDರ6FXUWôSUH]HQWDUHಯYô LQIRUPDœLLUHIHULWRDUHODULVFXUL
DWHOLHUVHUYLFHYôUHFRPDQGôPVô RIHUôRSULPôSUH]HQWDUHJHQHUDOô PRUWDOH1HUHVSHFWDUHDDFHVWRU
DSHODœLOD3DUWHQHUXO&KHYUROHW ࿢ &XSULQVXOGHODßQFHSXWXO LQIRUPDœLLSRDWHSXQHßQSHULFRO
PDQXDOXOXLŏLGLQFDGUXOILHFôUXL YLDœD
7RœL3DUWHQHULL&KHYUROHWRIHUôVHUYLFLL
GHßQDOWôFDOLWDWHODSUHœXUL FDSLWROYôLQGLFôPRGXOGH
UH]RQDELOH7HKQLFLHQLLH[SHULPHQWDœL VWUXFWXUDUHDLQIRUPDœLLORU
 ,QWURGXFHUH

 $YHUWLVPHQW
7H[WXOPDUFDW$ $YHUWLVPHQWRIHUô
LQIRUPDœLLUHIHULWRDUHODULVFXULGH
DFFLGHQWDUHVDXUôQLUH
1HUHVSHFWDUHDDFHVWRULQIRUPDœLL
SRDWHGXFHODUôQLUL

$WHQœLH
7H[WXOPDUFDW$ $WHQœLHRIHUô
LQIRUPDœLLUHIHULWRDUHOD
SRVLELOLWDWHDDYDULHULL
DXWRYHKLFXOXOXL1HUHVSHFWDUHD
DFHVWRULQIRUPDœLLSRDWHGXFHOD
DYDULHUHDDXWRYHKLFXOXOXL

9ôGRULPVôSHWUHFHœLPXOWHRUH
SOôFXWHODYRODQXODXWRWXULVPXOXL
GXPQHDYRDVWUô
&KHYUROHW
,QWURGXFHUH 
 3HVFXUW

3HVFXUW 'HEORFDUHD 5HJODUHDVFDXQHORU


DXWRYHKLFXOXOXL 3R]LœLRQDUHDVFDXQXOXL
7HOHFRPDQGDUDGLR
,QIRUPDœLLSUHOLPLQDUH
UHIHULWRDUHODFRQGXFHUH

3HQWUXDGHSODVDVFDXQXOßQIDœôVDX
$SôVDœLEXWRQXOA ßQVSDWHWUDJHœLGHPÓQHUŏLJOLVDœL
VFDXQXOßQSR]LœLDGRULWô
'HEORFKHD]ôWRDWHSRUWLHUHOH
/XPLQLOHGHDYDULHYRUFOLSLGHGRXô (OLEHUDœLPÓQHUXOŏLYHULILFDœLGDFô
RUL VFDXQXOHVWHIL[DWßQSR]LœLH
7HOHFRPDQGDUDGLR 6LVWHPXO 3R]LœLDVFDXQHORU 5HJODUHD
GHßQFKLGHUHFHQWUDOL]DWô  VFDXQHORU 
3HVFXUW 

6SôWDUHOHVFDXQHORU ¿QôOœLPHDVFDXQHORU 5HJODUHDWHWLHUHORU


5HJODUHDSHßQôOœLPH

7UDJHœLPDQHWDUHJODœLßQFOLQDUHDŏL $FœLRQDœLPDQHWDGHSHSDUWHD
HOLEHUDœLPDQHWD6FDXQXOWUHEXLHVô H[WHULRDUôDSHUQHLVFDXQXOXLSÓQô
VHIL[H]HFXVXQHWVSHFLILF FÓQGSHUQDVFDXQXOXLHVWHUHJODWôßQ 7UDJHœLßQVXVWHWLHUD
1XYôVSULMLQLœLGHVFDXQßQWLPSFHßO SR]LœLDGRULWô
$SôVDœLRSULWRUXO  ŏLWHWLHUDSHQWUX
UHJODœL 3HQWUXDFRERUßSHUQDVFDXQXOXL DRFRERUß
3R]LœLDVFDXQHORU 5HJODUHD DSôVDœLPDQHWDßQMRVGHPDLPXOWH
7HWLHUHOH 
VFDXQHORU  RUL
3HQWUXDULGLFDSHUQDVFDXQXOXL
WUDJHœLPDQHWDßQVXVGHPDLPXOWHRUL
3R]LœLDVFDXQHORU 5HJODUHD
VFDXQHORU 
 3HVFXUW

5HJODUHDSHRUL]RQWDOô &HQWXUDGHVLJXUDQœô 5HJODUHDRJOLQ]LORU


UHWURYL]RDUH
2JOLQGDUHWURYL]RDUHLQWHULRDUô

7UDJHœLWHWLHUDßQDLQWH$FHDVWDVH ([WUDJHœLFHQWXUDGLQUHWUDFWRU
UHJOHD]ôßQWUHLSR]LœLL3HQWUX JKLGDœLRSHVWHFRUSDYÓQGJULMôVôQX
DUHYHQLWUDJHœLWHWLHUDßQDLQWH VHUôVXFHDVFôŏLFXSODœLFOHPD
$FHDVWDYDUHYHQLßQDSRLßQPRG PHWDOLFôßQFDWDUDPô
DXWRPDW 3HQWUXUHGXFHUHDHIHFWXOXLGHRUELUH
7HQVLRQDœLIUHFYHQWFHQWXUD DFœLRQDœLSÓUJKLDGLQSDUWHDLQIHULRDUô
WUDQVYHUVDOôßQWLPSXOPHUVXOXL DFDUFDVHLRJOLQ]LLUHWURYL]RDUH
WUôJÓQGGHFHQWXUDGLDJRQDOô 2JOLQGDUHWURYL]RDUHLQWHULRDUô
3R]LœLDVFDXQHORU &HQWXULOHGH 
VLJXUDQϙ 6LVWHPXODLUEDJ

3HVFXUW 

2JOLQ]LOHUHWURYL]RDUHH[WHULRDUH 5HJODUHDYRODQXOXL

¿PSLQJHœLPDQHWDGHUHJODUHßQVHQVXO 'HEORFDœLPDQHWDUHJODœLYRODQXO
GRULWSHQWUXDUHJODXQJKLXULOHRJOLQ]LL DSRLIL[DœLßQSR]LœLHPDQHWDŏL
2JOLQ]LOHUHWURYL]RDUHH[WHULRDUH DVLJXUDœLYôFôVDEORFDWFRPSOHW1X
FRQYH[H 5HJODUHHOHFWULFô UHJODœLYRODQXOGHFÓWDWXQFLFÓQG
5DEDWDUHDRJOLQ]LORU DXWRYHKLFXOXOHVWHVWDœLRQDU
UHWURYL]RDUHH[WHULRDUH  6LVWHPXODLUEDJ 3R]LœLDGH
2JOLQ]LOHUHWURYL]RDUHH[WHULRDUH FRQWDFW 
ßQFôO]LWH 
 3HVFXUW

3UH]HQWDUHJHQHUDOôDSDQRXOXLGHERUG
3HVFXUW 

 )DQWHOHODWHUDOHGH  7RUSHGRXO   /XPLQLOHH[WHULRDUH


YHQWLODœLH    %XWRQXOGHDFWLYDUH
 /XPLQLOHH[WHULRDUH   GH]DFWLYDUHDDLUEDJXOXL
 5HJODUHDIDVFLFXOXOXL SDVDJHUXOXL  
IDUXULORU    /XPLQLOHGHDYDULH  
 6HPQDOL]DUHDYLUDMHORUŏL  0DQHWDVHOHFWRUXOXLGH
DVFKLPEôULLEHQ]LLGHUXODUH   YLWH]HWUDQVPLVLDPDQXDOô 
 6LVWHPXOGHFRQWURODO 7UDQVPLVLDDXWRPDWô  
YLWH]HLGHFURD]LHUô    6LVWHPXOGHFOLPDWL]DUH  
 3DQRXLQVWUXPHQWH    %XWRQXOSHQWUXßQFKLGHUHD
 &OD[RQXO   FHQWUDOL]DWô  
$LUEDJXOŏRIHUXOXL    3HGDODGHDFFHOHUDœLH  
 &RPHQ]LOHGHSHYRODQ    &RQWDFWXO  
5RWLœLPDQHWDGHOXPLQL
 6LVWHPXOGHVSôODUHŏL  3HGDODGHIUÓQô  
P22))3HQWUXDRSULWRDWHOXPLQLOH
ŏWHUJHUH    5HJODUHDYRODQXOXL   URWLœLEXWRQXOßQSR]LœLD2
2))7RDWH
 )DQWHOHGHYHQWLODœLH  3HGDODGHDPEUHLDM   OXPLQLOHVXQWRSULWHLDUEXWRQXOUHYLQH
FHQWUDOH   ßQSR]LœLDVDRULJLQDOô$$872
 0DQHWDGHGHEORFDUH
 $ILŏDMXOSHQWUXLQIRUPDœLL DFDSRWHL   $872/XPLQLOHH[WHULRDUHŏLOXPLQLOH
GLQWDEORXOGHERUG   WDEORXOXLGHERUGVXQWSRUQLWHŏL
 6LVWHPXO,QIRWDLQPHQW   RSULWHßQIXQFœLHGHFRQGLœLLOH
 'HSR]LWDUHD   H[WHULRDUHGHLOXPLQDUH
,QWUôULOH$8;86%   /ôPSLOHVSDWHOôPSLOHSOôFXœHL
 %XWRQXOGHDFWLYDUH GHßQPDWULFXODUHŏLDOHSDQRXOXLGH
GH]DFWLYDUHDDLUEDJXOXL ERUGVXQWDSULQVH
SDVDJHUXOXL  
 3HVFXUW

)D]DVFXUWôŏLWRDWHOôPSLOHGH 6HPQDOL]DUHDFXIDUXULOHID]D /XPLQLOHGHDYDULH


PDLVXVVXQWDSULQVH OXQJôŏLID]DVFXUWô
$SôVDœLFRPXWDWRUXOGHOXPLQL
3URLHFWRDUHOHGHFHDϙ
P/DPSDGHFHDϙVSDWH
6LVWHPXOGHLOXPLQDUH 

$FœLRQDUHSULQLQWHUPHGLXOEXWRQXOXL
3HQWUXDFRPXWDGLQID]DVFXUWôßQ e
ID]DOXQJôßPSLQJHœLPDQHWD /XPLQLOHGHDYDULH 
3HQWUXDUHYHQLODID]DVFXUWô
ßPSLQJHœLGLQQRXPDQHWDVDXWUDJHœL
GHDFHDVWD
)D]DOXQJô 6HPQDOL]DUHDFX
IDUXULOH 
3HVFXUW 

6HPQDOL]DUHDYLUDMHORUŏL &OD[RQXO 6LVWHPHOHGHVSôODUHŏL


DVFKLPEôULLEHQ]LLGHUXODUH ŏWHUJHUH
ŎWHUJôWRDUHOHGHSDUEUL]

$SôVDœLH
PDQHWDßQ VHPQDOL]DUHGUHDSWD
VXV
PDQHWDßQ VHPQDOL]DUHVWÓQJD ŎWHUJHUHFRQWLQXôUDSLGô
MRV
ŎWHUJHUHFRQWLQXôYLWH]ôUHGXVô
6HPQDOL]DWRDUHOHGHYLUDMHŏLGH 3)XQFœLRQDUHLQWHUPLWHQWô
VFKLPEDUHDEHQ]LLGHUXODUH 
26LVWHPXORSULW
4)XQFœLDGHGH]DEXULUH
3HQWUXXQVLQJXUFLFOXGHŏWHUJHUH
FÓQGŏWHUJôWRDUHOHGHSDUEUL]VXQW
RSULWHGHSODVDœLXŏRUPDQHWDßQMRV
DSRLHOLEHUDœLR
 3HVFXUW

ŎWHUJôWRDUHOHGHSDUEUL]  6LVWHPXOGHVSôODUH ŎWHUJôWRUXOVSôOôWRUXOGHOXQHWô


DSDUEUL]XOXL QXPDL+DWFKEDFN
ŎWHUJôWRU

7UDJHœLPDQHWD
6SôOôWRUXOGHSDUEUL] /LFKLGXO
3HQWUXDDFœLRQDŏWHUJHUHDFRQWLQXô
GHVSôODUH 
DOXQHWHLDSôVDœLSDUWHDGHVXV
DFRPXWDWRUXOXL
3HQWUXDDFœLRQDŏWHUJHUHDOD
LQWHUYDOHDOXQHWHLDSôVDœLSDUWHDGH
MRVDFRPXWDWRUXOXL
3HQWUXDRSULŏWHUJôWRUXODGXFHœL
FRPXWDWRUXOßQSR]LœLDQHXWUô
ŎWHUJôWRUXOVSôOôWRUXOGHOXQHWô
QXPDL+DWFKEDFN  
3HVFXUW 

6SôOôWRU &RQWUROFOLPDWL]DUH 'H]DEXULUHDŏLGHJLYUDUHD


JHDPXULORU
/XQHWDßQFôO]LWôRJOLQ]LOH
UHWURYL]RDUHH[WHULRDUHßQFôO]LWH

¿PSLQJHœLPDQHWDVSUHWDEORXOGH
ERUG 5RWLœLEXWRQXOGHGLVWULEXœLHDDHUXOXL
/LFKLGXOGHVSôODUHHVWHSXOYHUL]DWSH SHSR]LœLD'()52675
OXQHWôŏLŏWHUJôWRUXOH[HFXWôFÓWHYD ¿QFôO]LUHDHVWHDFWLYDWôSULQDSôVDUHD '(*,95$5( 
FXUVH EXWRQXOXL^ 'HJLYUDUHDSDUEUL]XOXL 
ŎWHUJôWRUXOVSôOôWRUXOGHOXQHWô 2JOLQ]LOHUHWURYL]RDUHßQFôO]LWH 'H]DEXULUHDSDUEUL]XOXL 
QXPDL+DWFKEDFN  /LFKLGXO /XQHWDßQFôO]LWô 
GHVSôODUH 
 3HVFXUW

7UDQVPLVLD 7UDQVPLVLDDXWRPDWô 7UDQVPLVLDDXWRPDWô 

7UDQVPLVLDPDQXDOô

3 3$5&$5( %ORFKHD]ôURœLOHGLQ
IDœô6HOHFWDœLSR]LœLD3GRDUFÓQG
3HQWUXDFXSODPDUŏDULHUXOFX DXWRYHKLFXOXOVWDœLRQHD]ôFXIUÓQDGH
DXWRYHKLFXOXOVWDœLRQDUWUDJHœLßQVXV PÓQôWUDVô
LQHOXOGHSHPDQHWDVHOHFWRUXOXLŏL 5 0$5Ŏ$5,(5 6HOHFWDœLSR]LœLD
FXSODœLWUHDSWD 5GRDUDWXQFLFÓQGDXWRYHKLFXOXO
'DFôWUHDSWDUHVSHFWLYôQXHVWH VWDœLRQHD]ô
FXSODWôDGXFHœLVFKLPEôWRUXOGH 1 1(875ó 3R]LœLDQHXWUô
YLWH]HßQSXQFWXOQHXWUXHOLEHUDœLŏL '3HQWUXWRDWHFRQGLœLLOHQRUPDOHGH
DSôVDœLGLQQRXSHGDODGHDPEUHLDM FRQGXV3HUPLWHFXWLHLGHYLWH]HVô
VHOHFWDœLGLQQRXWUHDSWDGHYLWH]ô FRPXWHßQWUHWRDWHFHOHYLWH]HGH
7UDQVPLVLDPDQXDOô  PHUVßQDLQWH
03R]LœLDGHPRGPDQXDO
3HVFXUW 

'HPDUDUHD 3RUQLUHDPRWRUXOXL ࿢ 5RWLœLFKHLDGHFRQWDFWßQSR]LœLD


DSôVÓQGSHGDODGHDPEUHLDMŏLGH
9HULILFDœLßQDLQWHGHDGHPDUD IUÓQôDSRLHOLEHUDœLOHFÓQGPRWRUXO
࿢ 6WDUHDDQYHORSHORUŏLSUHVLXQHDßQ IXQFœLRQHD]ô
DQYHORSH ¿QDLQWHGHDUHSRUQLPRWRUXOVDX
࿢ 1LYHOXOXOHLXOXLGHPRWRUŏLQLYHOXULOH SHQWUXDORSULUHDGXFHœLFKHLDGH
OLFKLGHORU FRQWDFWßQSR]LœLD
࿢ 'DFôWRDWHJHDPXULOHRJOLQ]LOH
OôPSLOHH[WHULRDUHŏLSOôFXœHOHGH
ßQPDWULFXODUHVXQWFXUDWHŏLßQVWDUH
GHIXQFœLRQDUH
࿢ 3R]LœLRQDUHDFRUHFWôDRJOLQ]LORU
UHWURYL]RDUHVFDXQHORUŏLFHQWXULORU
GHVLJXUDQœô ࿢ 5RWLœLFKHLDGHFRQWDFWßQSR]LœLD
࿢ 9HULILFDœLIXQFœLRQDUHDIUÓQHORUOD ŏLPLŏFDœLXŏRUYRODQXOSHQWUXDO
YLWH]ôUHGXVôßQVSHFLDOGDFô GHEORFD
DFHVWHDVXQWXGH ࿢ 7UDQVPLVLDPDQXDOôDFœLRQDœL
DPEUHLDMXO
࿢ 7UDQVPLVLDDXWRPDWô'HSODVDœL
PDQHWDVHOHFWRUXOXLßQSR]LœLD3VDX
1
࿢ 1XDFFHOHUDœL
࿢ 0RWRUGLHVHODGXFHœLFKHLDßQ
SR]LœLDSHQWUXSUHßQFôO]LUHSÓQô
FÓQGVHVWLQJH
 3HVFXUW

3DUFDUH ࿢ ¿QFKLGHœLJHDPXULOH
࿢ 1XSDUFDœLDXWRWXULVPXOSH ࿢ ¿QFXLDœLDXWRYHKLFXOXOŏLDFWLYDœL
VXSUDIHœHXŏRULQIODPDELOH VLVWHPXOGHDODUPôDQWLIXUW
7HPSHUDWXUDULGLFDWôDVLVWHPXOXL &KHLOH 
GHHYDFXDUHSRDWHFDX]D
DSULQGHUHDVXSUDIHœHLSHFDUHHVWH
SDUFDWDXWRWXULVPXO
࿢ 7UDJHœLßQWRWGHDXQDIUÓQDGHPÓQô
IôUôDDSôVDEXWRQXOGHHOLEHUDUH
3HGUXPXULßQFOLQDWHDSOLFDœLRFÓW
PDLIHUPSRVLELO$SôVDœLIUÓQDGH
SLFLRUßQDFHODŏLWLPSSHQWUX
DUHGXFHIRUœDGHDFœLRQDUH
࿢ 2SULœLPRWRUXOŏLGHFXSODœL
FRQWDFWXO5RWLœLYRODQXOSÓQôFÓQG
VHEORFKHD]ôßQSR]LœLH
࿢ 'DFôDXWRWXULVPXOHVWHSDUFDWSH
RVXSUDIDœôRUL]RQWDOôVDXßQ
UDPSôßQDLQWHGHDGHFXSOD
FRQWDFWXOVHOHFWDœLWUHDSWDßQWÓLGH
YLWH]ôVDXSR]LœLD33HXQGUXPßQ
UDPSôSR]LœLRQDœLURœLOHGLQIDœôßQ
VHQVRSXVIDœôGHERUGXUô'DFô
DXWRWXULVPXOHVWHSHXQGUXPßQ
SDQWôßQDLQWHGHDGHFXSOD
FRQWDFWXOVHOHFWDœLWUHDSWD
PDUŏDULHU3R]LœLRQDœLURœLOHGLQIDœô
VSUHERUGXUô
&KHLOHSRUWLHUHOHŏLJHDPXULOH 

&KHLOHßQFXLHWRULOH $SôVDœLEXWRQXOSHQWUXDH[WLQGHODPD
&KHLOHSRUWLHUHOHŏL FKHLL
JHDPXULOH &KHLOH 3HQWUXDSOLDFKHLDDSôVDœLEXWRQXOŏL
SOLDœLFKHLDPDQXDO
'XSOLFDWHOHGHFKHL
&KHLOHßQFXLHWRULOH   &RGXOFKHLLHVWHVSHFLILFDWSHHWLFKHWD 7HOHFRPDQGDUDGLR
3RUWLHUHOH   GHWDŏDELOô
6HFXULWDWHDDXWRYHKLFXOXOXL   &RGXOFKHLLWUHEXLHSUHFL]DWDWXQFL
FÓQGVHFRPDQGôFKHLGHUH]HUYô
2JOLQ]LOHUHWURYL]RDUHH[WHULRDUH    DFHVWDIôFÓQGSDUWHGLQVLVWHPXOGH
2JOLQ]LOHLQWHULRDUH   LPRELOL]DUH
*HDPXULOH   ¿QFXLHWRULOH 
$FRSHULŏXO  
&KHLDFXODPôSOLDELOô

1RWFKEDFN!
 &KHLOHSRUWLHUHOHŏLJHDPXULOH

0DQLSXODœLWHOHFRPDQGDFXJULMô ¿QORFXLUHDEDWHULHLWHOHFRPHQ]LL
SURWHMDœLRGHXPH]HDOôŏL UDGLR
WHPSHUDWXULULGLFDWHŏLHYLWDœL ¿QORFXLœLEDWHULDLPHGLDWFHDULDGH
DFœLRQDUHDLQXWLOôDDFHVWHLD DFRSHULUHDWHOHFRPHQ]LLVHUHGXFH
VHPQLILFDWLY
'HIHFœLXQL
¿QFD]XOßQFDUHVLVWHPXOGHßQFKLGHUH
FHQWUDOL]DWôQXSRDWHILDFWLYDWSULQ
LQWHUPHGLXOWHOHFRPHQ]LLUDGLR
FDX]HOHSRWœLQHGH
࿢ 5D]DGHDFœLXQHLQVXILFLHQWô
࿢ %DWHULDHVWHGHVFôUFDWô
+DWFKEDFN! ࿢ $FœLRQDUHDIUHFYHQWôUHSHWDWô %DWHULLOHQXYRUILHOLPLQDWHRGDWôFX
$FHDVWDHVWHXWLOL]DWôSHQWUXDDFWLYD DWHOHFRPHQ]LLUDGLRßQDIDUDUD]HL JXQRLXOPHQDMHU$FHVWHDYRUIL
GHDFœLXQHFHYDQHFHVLWD HOLPLQDWHSULQLQWHUPHGLXOXQXLFHQWUX
࿢ 6LVWHPXOGHßQFKLGHUHFHQWUDOL]DWô DGHFYDWGHUHFLFODUH
UHVLQFURQL]DUHD
࿢ 6LVWHPXOGHDODUPôDQWLIXUW
࿢ 6XSUDVROLFLWDUHDVLVWHPXOXLGH
࿢ &DSDFXOSRUWEDJDMXOXL QXPDL ßQFKLGHUHFHQWUDOL]DWôSULQXWLOL]DUH
1RWFKEDFN ODLQWHUYDOHIRDUWHVFXUWHGXFHOD
7HOHFRPDQGDUDGLRDUHRUD]ôGH ßQWUHUXSHUHDSHQWUXVFXUWWLPS
DFœLXQHGHSÓQôODDSUR[LPDWLY DDOLPHQWôULLFXHQHUJLHHOHFWULFô
PHWUL$FHDVWôUD]ôGHDFœLXQH ࿢ ,QWHUIHUHQœDFXXQGHUDGLRGH
SRDWHILUHVWULFœLRQDWôGHLQIOXHQœH SXWHUHPDLPDUHSURYHQLWHGHOD
H[WHULRDUH DOWHVXUVH
/XPLQLOHGHDYDULHFRQILUPô
DFœLRQDUHDWHOHFRPHQ]LL
&KHLOHSRUWLHUHOHŏLJHDPXULOH 

&KHLDFXODPôSOLDELOô  $VDPEODœLODORFFDUFDVD 1XVFôSDœLSHMRVWHOHFRPDQGD


WHOHFRPHQ]LL 1XDŏH]DœLRELHFWHJUHOHSH
 9HULILFDœLIXQFœLRQDUHD WHOHFRPDQGô
WHOHFRPHQ]LL )HULœLWHOHFRPDQGDGHDSôŏLGH
OXPLQDGLUHFWôDVRDUHOXL'DFô
&KHLDIL[ô
WHOHFRPDQGDVHXGôŏWHUJHœLRFX
6ROLFLWDœLßQORFXLUHDEDWHULHLGHFôWUH RODYHWôPRDOH
XQDWHOLHUVHUYLFH
¿QFXLHWRULOHPDQXDOHDOH
$WHQœLH SRUWLHUHORU
(YLWDœLVôDWLQJHœLFXGHJHWHOH
JRDOHVXSUDIHœHOHSODWHDOH
DFXPXODWRUXOXLGHRDUHFHGXUDWD
1RWô GHYLDœôDDFHVWXLDSRDWHVFôGHD
)RORVLœLEDWHULLGHUH]HUYô&5
VDXHFKLYDOHQWH  1RWô
 'HVFKLGHœLFDUFDVDWHOHFRPHQ]LL %DWHULLOHFXOLWLXX]DWHSRWGôXQD
PHGLXOXLßQFRQMXUôWRU
 6FRDWHœLEDWHULDX]DWô(YLWDœL
RULFHFRQWDFWßQWUHSODFDFX 3HQWUXHOLPLQDUHDEDWHULLORU
FLUFXLWHŏLDOWHFRPSRQHQWH UHVSHFWDœLOHJLOHORFDOHFXSULYLUHOD
UHFLFODUHDPDWHULDOHORU
 0RQWDœLEDWHULDQRXô$VLJXUDœLYô
FôIDœDFXSROXOQHJDWLY  HVWH 1XHOLPLQDœLEDWHULLOHRGDWôFX
RULHQWDWôßQMRVVSUHED]D JXQRLXOPHQDMHU %ORFDUHDPDQXDOôSULQURWLUHDFKHLLßQ
WHOHFRPHQ]LL 1RWô ORFDŏSHUPLWHßQFKLGHUHDFHQWUDOL]DWô
3HQWUXDSôVWUDWHOHFRPDQGDßQ 'HEORFDUHDPDQXDOôSULQURWLUHDFKHLL
VWDUHEXQôGHIXQFœLRQDUHUHVSHFWDœL ßQORFDŏSHUPLWHGHEORFDUHDSRUWLHUHL
DFHVWHLQGLFDœLL ŏRIHUXOXL
 &KHLOHSRUWLHUHOHŏLJHDPXULOH

1RWô ¿QFD]XOßQFDUHSRUWLHUDŏRIHUXOXLQX $SôVDœLEXWRQXOASHQWUXGHEORFDUH


/RYLœLXŏRUßQFXLHWRDUHDSRUWLHUHLVDX HVWHßQFKLVôßQPRGFRUHVSXQ]ôWRU 'DFôSRUWLHUDŏRIHUXOXLHVWHGHVFKLVô
ßQFôO]LœLFKHLDGDFôSRUWLHUDQXVH VLVWHPXOGHßQFKLGHUHFHQWUDOL]DWôQX SRUWLHUDŏRIHUXOXLŏLFODSHWD
GHVFKLGHFÓQGßQFXLHWRDUHDHVWH YDIXQFœLRQD$FHVWOXFUXSRDWHIL UH]HUYRUXOXLGHFRPEXVWLELOQXSRWIL
ßQJKHœDWôSHYUHPHUHFH PRGLILFDWßQ6HWôULYHKLFXO EORFDWH$FHVWOXFUXSRDWHILPRGLILFDW
3HUVRQDOL]DUHDDXWRYHKLFXOXOXL ßQ6HWôULYHKLFXO
6LVWHPXOGHßQFKLGHUH  3HUVRQDOL]DUHDDXWRYHKLFXOXOXL
FHQWUDOL]DWô 
3XWHœLDFWLYDVLVWHPXOFHQWUDOL]DWGH %XWRQXOSHQWUXßQFKLGHUHD
EORFDUHDSRUWLHUHORUGHODSRUWLHUD FHQWUDOL]DWô 'HEORFDUHD
ŏRIHUXOXL$FHVWVLVWHPYôSHUPLWHVô
EORFDœLŏLVôGHEORFDœLWRDWHSRUWLHUHOH 7HOHFRPDQGDUDGLR
KD\RQXO VDXFDSDFXOSRUWEDJDMXOXL
ŏLSRUWLHUDŏRIHUXOXLXWLOL]ÓQGILH
WHOHFRPDQGD GLQH[WHULRU ILH
EXWRQXOSHQWUXßQFKLGHUHD
FHQWUDOL]DWô GLQLQWHULRU &ODSHWD
UH]HUYRUXOXLGHFRPEXVWLELOSRDWHIL
EORFDWôßPSUHXQôFXWRDWHSRUWLHUHOH
ŏLKD\RQXO VDXFDSDFXO
SRUWEDJDMXOXL 
&KHLD GLQH[WHULRU ŏLFRGXO3,1GH
EORFDUHDSRUWLHUHLŏRIHUXOXL GLQ
LQWHULRU SHUPLWßQFKLGHUHD %ORFKHD]ôVDXGHEORFKHD]ôWRDWH
FHQWUDOL]DWô SRUWLHUHOHKD\RQXO VDXFDSDFXO
SRUWEDJDMXOXL ŏLFODSHWDUH]HUYRUXOXL $SôVDœLEXWRQXOA
GHFRPEXVWLELO
$SôVDœLEXWRQXOCSHQWUXEORFDUH
&KHLOHSRUWLHUHOHŏLJHDPXULOH 

'HEORFKHD]ôWRDWHSRUWLHUHOH ,QGLFDœLDGHEORFDUHSRDWHIL ,QWHUEORFDUHD


/XPLQLOHGHDYDULHYRUFOLSLGHGRXô PRGLILFDWôßQ6HWôULYHKLFXO 3HQWUXRSURWHFœLHVSRULWôODSôUôVLUHD
RUL 3HUVRQDOL]DUHDDXWRYHKLFXOXOXL DXWRYHKLFXOXOXLSXWHœLLQWHUEORFD
'LQ6HWôULYHKLFXOVHSRDWHPRGLILFD  WRDWHSRUWLHUHOH
GHEORFDUHDQXPDLDSRUWLHUHLŏRIHUXOXL ,QWHUEORFDUHDEORFKHD]ôHOHFWURQLF
VDXLQGLFDœLDGHGHEORFDUH 'HEORFDUHDFDSDFXOXL WRDWHßQFXLHWRULOHHOHFWULFHDVWIHOßQFÓW
3HUVRQDOL]DUHDDXWRYHKLFXOXOXL SRUWEDJDMXOXL QXPDL QLFLRSRUWLHUôQXYDSXWHDILGHVFKLVô
 1RWFKEDFN FKLDUGDFôVHSôWUXQGHßQLQWHULRUSULQ
VSDUJHUHDXQXLJHDP
%ORFDUHD
 $YHUWLVPHQW
7HOHFRPDQGDUDGLR
1XIRORVLœLIXQFœLDGHLQWHUEORFDUH
GDFôßQDXWRYHKLFXOVHDIOô
SHUVRDQH3RUWLHUHOHQXSRWIL
GHEORFDWHGLQLQWHULRU

3HQWUXDDFœLRQDLQWHUEORFDUHD
DSôVDœLGHGRXôRULßQWUXQLQWHUYDOGH
VHFXQGHEXWRQXOCGHOD
WHOHFRPDQGDUDGLR
$SôVDœLEXWRQXOK 3HQWUXDGHFXSODLQWHUEORFDUHD
&DSDFXOSRUWEDJDMXOXLVHYDGHEORFD DSôVDœLEXWRQXOAGHODWHOHFRPDQGD
ŏLGHVFKLGHßQWLPSFHWRDWHSRUWLHUHOH UDGLR
UôPÓQEORFDWH
$SôVDœLEXWRQXOC
%ORFKHD]ôWRDWHSRUWLHUHOH/XPLQLOH
GHDYDULHYRUFOLSLRGDWô
 &KHLOHSRUWLHUHOHŏLJHDPXULOH

1RWô $FWLYDUH/DDSôVDUHDEXWRQXOXL 7UDQVPLVLDDXWRPDWô


)XQFœLDGHLQWHUEORFDUHVHDFWLYHD]ô SHQWUXßQFKLGHUHDFHQWUDOL]DWôVHYRU $WXQFLFÓQGVHOHFWRUXOGHYLWH]H
DWXQFLFÓQGWRDWHSRUWLHUHOHKD\RQXO DX]LWUHLDYHUWL]ôULVRQRUHFDUH FRPXWôGLQ3ßQDOWôSR]LœLH
VDXFDSDFXOSRUWEDJDMXOXL ŏL VHPQDOL]HD]ôIDSWXOFôEORFDUHD SRUWLHUHOHFDSDFXOSRUWEDJDMXOXLVDX
FODSHWDUH]HUYRUXOXLGHFRPEXVWLELO WHPSRUL]DWôDSRUWLHUHORUHVWHßQX] KD\RQXOŏLFODSHWDUH]HUYRUXOXLGH
VXQWßQFKLVH 3RUWLHUHOHVHYRUEORFDQXPDLODFLQFL FRPEXVWLELOVHEORFKHD]ôDXWRPDW
'H]DFWLYDUHDIXQFœLHLGH VHFXQGHGXSôFHXOWLPDSRUWLHUô 3HQWUXGHEORFDUHDSôVDœLEXWRQXOGH
LQWHUEORFDUHDUHORFDWXQFLFÓQG DIRVWßQFKLVô3XWHœLDQXODWHPSRUDU GHEORFDUHGHODEXWRQXOSHQWUX
SRUWLHUHOHVXQWGHEORFDWHßQPRG EORFDUHDWHPSRUL]DWôSULQDSôVDUHD ßQFKLGHUHDFHQWUDOL]DWôVDXDGXFHœL
QRUPDO EXWRQXOXLSHQWUXßQFKLGHUHD WUDQVPLVLDßQ3VDXVFRDWHœLFKHLDGLQ
FHQWUDOL]DWôVDXEXWRQXOGHEORFDUH FRQWDFW
%ORFDUHDWHPSRUL]DWô GHODWHOHFRPDQGDUDGLR
$FHDVWôIXQFœLHYDßQWÓU]LDEORFDUHD
DFWXDOôDSRUWLHUHORUŏLDUPDUHD 'H]DFWLYDUH3RUWLHUHOHVHYRUEORFD 7UDQVPLVLDPDQXDOô
VLVWHPXOXLGHDODUPôDQWLIXUWFXFLQFL DXWRPDWGXSôDSôVDUHD $WXQFLFÓQGYLWH]DGHPHUVHVWHPDL
VHFXQGHDWXQFLFÓQGFRPXWDWRUXO FRPXWDWRUXOXLSHQWUXßQFXLHWRULOH PDUHGHNPKSRUWLHUHOHFDSDFXO
SHQWUXßQFXLHWRDUHOHHOHFWULFHDOH HOHFWULFHVDXDEXWRQXOXLCGHOD SRUWEDJDMXOXLVDXKD\RQXOŏLFODSHWD
SRUWLHUHORUVDXWHOHFRPDQGDUDGLR WHOHFRPDQGDUDGLR UH]HUYRUXOXLGHFRPEXVWLELOVH
HVWHXWLOL]DWôSHQWUXDEORFD EORFKHD]ôDXWRPDW
DXWRYHKLFXOXO %ORFDUHDDXWRPDWô 3HQWUXGHEORFDUHDSôVDœLEXWRQXOGH
$FHVWOXFUXSRDWHILPRGLILFDWßQ6HWôUL GHEORFDUHGHODEXWRQXOSHQWUX
¿QXQHOHœôULDFWLYDœLEORFDUHD ßQFKLGHUHDFHQWUDOL]DWôVDXVFRDWHœL
YHKLFXO DXWRPDWôDSRUWLHUHORUßQWLPSXO FKHLDGLQFRQWDFW
&RQVXOWDœL3HUVRQDOL]DUHD PHUVXOXL
DXWRYHKLFXOXOXL  6HWôULOHSRWILPRGLILFDWHßQ6HWôUL
YHKLFXO3HUVRQDOL]DUHD
DXWRYHKLFXOXOXL 
&KHLOHSRUWLHUHOHŏLJHDPXULOH 

3HQWUXDGH]DFWLYDßQFXLHWRDUHDGH
 $YHUWLVPHQW $WHQœLH VLJXUDQœôSHQWUXFRSLLURWLœL
ßQFXLHWRULOHGHVLJXUDQœôSHQWUXFRSLL
1XGH]DFWLYDœLIXQFœLDGHEORFDUH 1XWUDJHœLGHPÓQHUXOLQWHULRUDO ßQSR]LœLDYHUWLFDOô
ßQWLPSXOUXOôULL SRUWLHUHLFÓQGVLVWHPXOGHEORFDUH
'DFôSRUWLHUDQXHVWHEORFDWô SHQWUXVLJXUDQœDFRSLLORUHVWHßQ
DSôVDœLEXWRQXOSHQWUXßQFKLGHUHD SR]LœLD/2&. EORFDW 'DFô
FHQWUDOL]DWôSHQWUXFDVôDFHDVWD SURFHGDœLDVWIHOSXWHœLGHWHULRUD
VôUôPÓQôEORFDWô PÓQHUXOLQWHULRUDOXŏLL

¿QFXLHWRULOHGHVLJXUDQœô  $YHUWLVPHQW
SHQWUXFRSLL
8WLOL]DœLßQFXLHWRULOHGHVLJXUDQœô
SHQWUXFRSLLDWXQFLFÓQGSHORFXULOH
GLQVSDWHVHDIOôFRSLL

3XWHœLXWLOL]DRFKHLHVDXRŏXUXEHOQLœô
DGHFYDWô
3HQWUXDDFœLRQDßQFXLHWRDUHDGH
VLJXUDQœôSHQWUXFRSLLURWLœL
ßQFXLHWRULOHGHVLJXUDQœôSHQWUXFRSLL
ßQSR]LœLDRUL]RQWDOô
3HQWUXDGHVFKLGHRSRUWLHUôVSDWH
FDUHDUHßQFXLHWRDUHDGHVLJXUDQœô
SHQWUXFRSLLDFWLYDWôGHVFKLGHœL
SRUWLHUDGLQH[WHULRU
 &KHLOHSRUWLHUHOHŏLJHDPXULOH

3RUWLHUHOH &DSDFXOSRUWEDJDMXOXLSRDWHIL
GHVFKLVŏLSULQDSôVDUHDEXWRQXOXL
KGHSHWHOHFRPDQGDUDGLR
3RUWEDJDMXO
&DSDFXOSRUWEDJDMXOXLHVWHEORFDWVDX
&DSDFXOSRUWEDJDMXOXL GHEORFDWFÓQGWRDWHSRUWLHUHOHVXQW
1RWFKEDFN EORFDWHVDXGHEORFDWHFX
WHOHFRPDQGDUDGLR
'HVFKLGHUHD 7LSXO!
7LSXO!

3XWHœLGHDVHPHQHDGHVFKLGH
FDSDFXOSRUWEDJDMXOXLWUôJÓQGßQVXV
GHPDQHWDGHGHEORFDUHVLWXDWôOÓQJô
VFDXQXOŏRIHUXOXL

 $YHUWLVPHQW
1XFRQGXFHœLFXFDSDFXO
SRUWEDJDMXOXLGHVFKLVVDX
3HQWUXGHEORFDUHDFDSDFXOXL ßQWUHGHVFKLVGHH[HPSOXDWXQFL
3HQWUXDGHVFKLGHFDSDFXO SRUWEDJDMXOXLLQWURGXFHœLFKHLDßQ FÓQGWUDQVSRUWDœLRELHFWH
SRUWEDJDMXOXLDSôVDœL]RQDWDFWLOô ORFDŏŏLURWLœLRVSUHGUHDSWD5LGLFDœL YROXPLQRDVHGHRDUHFHJD]HOHGH
SÓQôFÓQGFDSDFXOSRUWEDJDMXOXLHVWH FDSDFXOSRUWEDJDMXOXL HŏDSDPHQWWR[LFHSRWSôWUXQGHßQ
GHEORFDW KDELWDFOX
&KHLOHSRUWLHUHOHŏLJHDPXULOH 

¿QFKLGHUH +D\RQXO +DWFKEDFN


$WHQœLH 7LSXO!
3HQWUXDßQFKLGHFDSDFXO 'HVFKLGHUHD
¿QDLQWHGHGHVFKLGHUHDFDSDFXOXL 7LSXO!
SRUWEDJDMXOXLDSôVDœLOßQMRVDVWIHO
SRUWEDJDMXOXLYHULILFDœL
ßQFÓWVôVHDQJDMH]HIHUP
REVWDFROHOHGHGHDVXSUDFDSXOXL
FXPDUILXŏDJDUDMXOXLSHQWUX 1XDSôVDœL]RQDWDFWLOôßQWLPSFH
DHYLWDGHWHULRUDUHDFDSDFXOXL ßQFKLGHœL&DSDFXOSRDWHVôVH
SRUWEDJDMXOXL9HULILFDœL GHVFKLGôGLQQRX
ßQWRWGHDXQD]RQHOHPRELOHGH 7LSXO!
GHDVXSUDVDXGLQVSDWHOH 3HQWUXDßQFKLGHFDSDFXO
FDSDFXOXLSRUWEDJDMXOXL SRUWEDJDMXOXLDSôVDœLOßQMRVDVWIHO
ßQFÓWVôVHDQJDMH]HIHUP
1RWô
$WXQFLFÓQGPRWRUXOHVWHSRUQLW $WHQœLH
FDSDFXOSRUWEDJDMXOXLSRDWHIL
GHVFKLVFXVFKLPEôWRUXOGHYLWH]HßQ $VLJXUDœLYôFôPÓLQLOHVDXDOWH
SR]LœLDರ3ಯ WUDQVPLVLDDXWRPDWô SôUœLDOHFRUSXOXLGXPQHDYRDVWUô
VDXFXIUÓQDGHPÓQôDSOLFDWô 3HQWUXGHVFKLGHUHDKD\RQXOXL
VDXDODOWRUSHUVRDQHQXVHDIOôßQ DSôVDœL]RQDWDFWLOôSÓQôOD
WUDQVPLVLDPDQXDOô  ]RQDGHßQFKLGHUHDFDSDFXOXL GHEORFDUHDKD\RQXOXL
1RWô SRUWEDJDMXOXL
+D\RQXOHVWHEORFDWVDXGHEORFDW
,QVWDODUHDDQXPLWRUDFFHVRULLJUHOH
FÓQGWRDWHSRUWLHUHOHVXQWEORFDWHVDX
SHFDSDFXOSRUWEDJDMXOXLSRDWH
GHEORFDWHFXWHOHFRPDQGDUDGLR
DIHFWDIXQFœLDDFHVWXLDGHDUôPÓQH
GHVFKLV
 &KHLOHSRUWLHUHOHŏLJHDPXULOH

7LSXO! 1XDSôVDœL]RQDWDFWLOôßQWLPSFH
$WHQœLH ßQFKLGHœL&DSDFXOSRDWHVôVH
GHVFKLGôGLQQRX
¿QDLQWHGHGHVFKLGHUHDKD\RQXOXL
YHULILFDœLREVWDFROHOHGHGHDVXSUD 7LSXO!
FDSXOXLFXPDUILXŏDJDUDMXOXL 3HQWUXDßQFKLGHKD\RQXODSôVDœLOßQ
SHQWUXDHYLWDGHWHULRUDUHD MRVDVWIHOßQFÓWVôVHDQJDMH]HIHUP
KD\RQXOXL9HULILFDœLßQWRWGHDXQD
]RQHOHPRELOHGHGHDVXSUDVDX $WHQœLH
GLQVSDWHOHKD\RQXOXL
$VLJXUDœLYôFôPÓLQLOHVDXDOWH
1RWô SôUœLDOHFRUSXOXLGXPQHDYRDVWUô
$WXQFLFÓQGPRWRUXOHVWHSRUQLW VDXDODOWRUSHUVRDQHQXVHDIOôßQ
KD\RQXOSRDWHILGHVFKLVFX ]RQDGHßQFKLGHUHDKD\RQXOXL
VFKLPEôWRUXOGHYLWH]HßQSR]LœLDರ3ಯ
3HQWUXGHEORFDUHDKD\RQXOXL WUDQVPLVLDDXWRPDWô VDXFXIUÓQD
LQWURGXFHœLFKHLDßQORFDŏŏLURWLœLR GHPÓQôDSOLFDWô WUDQVPLVLD
VSUHVWÓQJD5LGLFDœLKD\RQXO PDQXDOô 
 $YHUWLVPHQW 1RWô
,QVWDODUHDDQXPLWRUDFFHVRULLJUHOH
1XFRQGXFHœLFXKD\RQXOGHVFKLV SHKD\RQSRDWHDIHFWDIXQFœLD
VDXßQWUHGHVFKLVGHH[HPSOX DFHVWXLDGHDUôPÓQHGHVFKLV
DWXQFLFÓQGWUDQVSRUWDœLRELHFWH
YROXPLQRDVHGHRDUHFHJD]HOHGH ¿QFKLGHUH
HŏDSDPHQWWR[LFHSRWSôWUXQGHßQ 7LSXO!
KDELWDFOX 3HQWUXDßQFKLGHKD\RQXODSôVDœLOßQ
MRVDVWIHOßQFÓWVôVHDQJDMH]HIHUP
&KHLOHSRUWLHUHOHŏLJHDPXULOH 

6HFXULWDWHD 'DFôLQGLFDWRUXOFRQWLQXôVô %ORFDUHDDXWRPDWôDSRUWLHUHORU


FOLSHDVFôUHSHGHGXSôSULPHOH 'DFôSRUWLHUDQXHVWHGHVFKLVôVDX
DXWRYHKLFXOXOXL GHVHFXQGHSRUWLHUDŏRIHUXOXLQX GDFôFKHLDGHFRQWDFWQXHVWHßQ
HVWHFRPSOHWßQFKLVôVDXH[LVWô SR]LœLLOH$&&VDX21ßQWUXQLQWHUYDO
6LVWHPXOGHDODUPôDQWLIXUW RHURDUHGHVLVWHP GHPLQXWHGHODGHEORFDUHD
$SHODœLODXQDWHOLHUVHUYLFHDXWRUL]DW SRUWLHUHORUFXWHOHFRPDQGDWRDWH
$FWLYDUH SHQWUXDVLVWHQϙ SRUWLHUHOHYRUILEORFDWHDXWRPDW

'H]DFWLYDUHD 'HEORFDUHDDXWRPDWô
'HEORFDUHDDXWRYHKLFXOXOXLSULQ DSRUWLHUHORU
DSôVDUHDEXWRQXOXLAGHOD 7RDWHSRUWLHUHOHYRUILGHEORFDWH
WHOHFRPDQGDUDGLRGH]DFWLYHD]ô DXWRPDWßQFD]XOßQFDUHVHQ]RULLGH
VLVWHPXOGHDODUPôDQWLIXUW LPSDFWGHWHFWHD]ôXQLPSDFWßQWLPS
FHFRQWDFWXOHVWHFXSODW
$ODUPD 7RWXŏLSRUWLHUHOHSRWVôQXVH
$ODUPDSRDWHILGH]DFWLYDWôSULQ GHEORFKH]HGDFôVHSURGXFSUREOHPH
DSôVDUHDRULFôUXLEXWRQGHSH PHFDQLFHODVLVWHPXOGHßQFKLGHUH
WHOHFRPDQGDUDGLRVDXSULQFXSODUHD DSRUWLHUHORUVDXODEDWHULH
FRQWDFWXOXL
6LVWHPXOGHDODUPôDQWLIXUWSRDWHIL
$SôVDœLEXWRQXOCGHSHWHOHFRPDQGD
GH]DFWLYDWSULQDSôVDUHDEXWRQXOXLC 6LVWHPXODQWLGHPDUDM
UDGLRXOXL
VDXSULQFXSODUHDFRQWDFWXOXL 6LVWHPXODQWLGHPDUDMRIHUô
6LVWHPXOGHDODUPôDQWLIXUWHVWH RSURWHFœLHVXSOLPHQWDUôßPSRWULYD
DFWLYDWDXWRPDWGXSôGHVHFXQGH IXUWXOXLDXWRYHKLFXOXOXLßQFDUHHVWH
,QGLFDWRUXOFOLSHŏWHUDSLGßQWLPSXO LQVWDODWßPSLHGLFÓQGSRUQLUHD
SULPHORUGHVHFXQGHŏLDSRLßQFHSH DFHVWXLDGHFôWUHSHUVRDQH
VôFOLSHDVFôUDU QHDXWRUL]DWH&KHLDYDOLGôSHQWUXXQ
YHKLFXOHFKLSDWFXVLVWHPDQWLGHPDUDM
HVWHRFKHLHGHFRQWDFWFXXQ
 &KHLOHSRUWLHUHOHŏLJHDPXULOH

WUDQVSRQGHULQWHJUDWFDUHHVWHFRGDW 2JOLQ]LOHUHWURYL]RDUH 5HJODœLRJOLQ]LOHUHWURYL]RDUH


HOHFWURQLF7UDQVSRQGHUXOHVWH H[WHULRDUHDVWIHOßQFÓWVôSXWHœLYHGHD
LQVWDODWßQPDQLHUôLQYL]LELOôßQFKHLD H[WHULRDUH DPEHOHODWXULDOHDXWRYHKLFXOXOXLŏL
GHFRQWDFW DPEHOHPDUJLQLDOHGUXPXOXLGLQ
3HQWUXSRUQLUHDPRWRUXOXLSRWIL 2JOLQ]LOHFRQYH[H VSDWHOHDFHVWXLD
XWLOL]DWHGRDUFKHLOHGHFRQWDFWYDOLGH 2JOLQGDH[WHULRDUôFRQYH[ôFRQœLQH 'HSODVDœLPDQHWDGHUHJODUHßQ
&KHLOHQHYDOLGHSRWGRDUGHVFKLGH R]RQôDVIHULFôŏLUHGXFHXQJKLXO VHQVXOGRULWSHQWUXDUHJODXQJKLXULOH
SRUWLHUHOH PRUW)RUPDRJOLQ]LLIDFHFDRELHFWHOH RJOLQ]LL
VôSDUôPDLPLFLFHHDFHDIHFWHD]ô
0RWRUXOHVWHLPRELOL]DWDXWRPDWGXSô FDSDFLWDWHDGHHVWLPDUHDGLVWDQœHORU
FHFKHLDGHFRQWDFWHVWHURWLWôßQ 5HJODUHDHOHFWULFô
SR]LœLD/2&.ŏLDIRVWVFRDVôGLQ
FRQWDFW 5HJODUHDPDQXDOô
'DFôVLVWHPXODQWLGHPDUDM
GHWHFWHD]ôRHURDUHFÓQGFKHLDGH
FRQWDFWHVWHßQSR]LœLD21LQGLFDWRUXO
VLVWHPXOXLDQWLGHPDUDMYDFOLSLLDU
PRWRUXOQXYDSXWHDILSRUQLW
$XWRYHKLFXOXOWUHEXLHYHULILFDWODXQ
DWHOLHUVHUYLFHDXWRUL]DW
1RWô
/RYLœLXŏRUßQFXLHWRDUHDSRUWLHUHLVDX
ßQFôO]LœLFKHLDGDFôSRUWLHUDQXVH
GHVFKLGHFÓQGßQFXLHWRDUHDHVWH 6HOHFWDœLRJOLQGDH[WHULRDUôUHOHYDQWô
ßQJKHœDWôSHYUHPHUHFH UôVXFLQGEXWRQXOVSUHVWÓQJD / VDX
VSUHGUHDSWD 5 $SRLURWLœLEXWRQXO
SHQWUXUHJODUHDRJOLQ]LL
&KHLOHSRUWLHUHOHŏLJHDPXULOH 

&ÓQGHVWHßQSR]LœLDರRಯQXHVWH 6LVWHPXOGHßQFôO]LUHIXQFœLRQHD]ôFX
VHOHFWDWôQLFLRRJOLQGô  $YHUWLVPHQW PRWRUXOSRUQLWŏLVHGH]DFWLYHD]ô
DXWRPDWGXSôFÓWHYDPLQXWHVDX
3ôVWUDœLßQWRWGHDXQDRJOLQ]LOH DSôVÓQGGLQQRXEXWRQXO
5DEDWDUHD FRUHFWUHJODWHŏLXWLOL]DœLOHßQ
WLPSXOFRQGXFHULLSHQWUXDDYHD
YL]LELOLWDWHDGHFYDWôDVXSUD
RELHFWHORUŏLDFHORUODOWHYHKLFXOH
GLQWUDILF1XFRQGXFHœLGDFô
YUHXQDGLQWUHRJOLQ]LOH
UHWURYL]RDUHH[WHULRDUHHVWHSOLDWô

¿QFôO]LWH

3HQWUXVLJXUDQœDSLHWRQLORURJOLQ]LOH
UHWURYL]RDUHH[WHULRDUHVHYRUUDEDWD
ßQGLUHFœLDGHPHUVDDFHVWRUDGLQ
SR]LœLDRELŏQXLWôGDFôVXQWORYLWHFX
VXILFLHQWôIRUœô5HSR]LœLRQDœL
RJOLQ]LOHDSôVÓQGXŏRUSHFDUFDVD
DFHVWRUD

(VWHDFWLYDWôSULQDSôVDUHDEXWRQXOXL
^
 &KHLOHSRUWLHUHOHŏLJHDPXULOH

2JOLQ]LOHLQWHULRDUH 3URFHGDœLFXPD[LPôDWHQœLHFÓQG *HDPXULOH


XWLOL]DœLRJOLQGDUHWURYL]RDUH
)XQFœLDPDQXDOô LQWHULRDUôGDFôHVWHUHJODWô *HDPXULOHDFœLRQDWH
SHQWUXYHGHUHSHWLPSGHQRDSWH
DQWLRUELUH PDQXDO
/LSVDDVLJXUôULLXQHLYL]LELOLWôœL
DGHFYDWHßQVSDWHßQWLPSXO
FRQGXFHULLSRDWHGHWHUPLQD
FROL]LXQLFHSURYRDFôGHWHULRUDUHD
DXWRYHKLFXOXOXLGXPQHDYRDVWUô
VDXDDOWRUEXQXULŏLVDXOH]LXQL
RFXSDQœLORU

3HQWUXUHGXFHUHDHIHFWXOXLGHRUELUH *HDPXULOHODWHUDOHSRWILGHVFKLVHVDX
UHJODœLSÓUJKLDGLQSDUWHDLQIHULRDUô ßQFKLVHFXDMXWRUXOPDQLYHOHORUGHSH
DFDUFDVHLRJOLQ]LLUHWURYL]RDUH SRUWLHUH

 $YHUWLVPHQW
9L]LELOLWDWHDßQRJOLQGôSRDWH
SLHUGHGLQFODULWDWHDWXQFLFÓQG
HVWHUHJODWôSHQWUXYHGHUHSHWLPS
GHQRDSWH
&KHLOHSRUWLHUHOHŏLJHDPXULOH 

*HDPXULOHDFœLRQDWH (OLEHUDœLEXWRQXOFÓQGJHDPXODMXQJH
ßQSR]LœLDGRULWô
HOHFWULF
 $YHUWLVPHQW
 $YHUWLVPHQW
&DSXOVDXPÓLQLOHVFRDVHSH
)LœLDWHQœLODDFœLRQDUHDHOHFWULFô JHDPVHSRWORYLGHRELHFWHOHSH
DJHDPXULORU5LVFGHDFFLGHQWDUH OÓQJôFDUHWUHFHDXWRYHKLFXOXO1X
ßQVSHFLDOßQFD]XOFRSLLORU VFRDWHœLFDSXOVDXPÓLQLOHSH
'DFôSHORFXULOHGLQVSDWH JHDP
FôOôWRUHVFFRSLLDFWLYDœLVLVWHPXO &RSLLLSRWDFœLRQDJHDPXULOH
GHVLJXUDQœôSHQWUXFRSLLDO HOHFWULFHŏLßŏLSRWSULQGHPÓLQLOH
JHDPXULORUDFœLRQDWHHOHFWULF VDXFDSXO
*HDPXULOHDFœLRQDWHHOHFWULFSRWIL
6XSUDYHJKHDœLFXDWHQœLH DFWLYDWHFXFRQWDFWXOFXSODW 1XOôVDœLFKHLOHVDXFRSLL
JHDPXULOHßQWLPSXOßQFKLGHULLORU QHVXSUDYHJKHDœLßQPDŏLQô
$FœLRQDœLEXWRQXOSHQWUXJHDPXO
$VLJXUDœLYôFôßQFDOHDßQFKLGHULL
UHVSHFWLYDSôVÓQGSHQWUXGHVFKLGHUH 8WLOL]DUHDLQFRUHFWôDJHDPXULORU
JHDPXULORUQXVHDIOôQLPLF
ŏLWUôJÓQGSHQWUXßQFKLGHUH DFœLRQDWHHOHFWULFSRDWHFDX]D
YôWôPôULFRUSRUDOHJUDYHVDX
)XQFœLRQDUHD FKLDUGHFHV
3XWHœLDFœLRQDHOHFWULFJHDPXULOHFÓQG
FRQWDFWXOHVWHßQSR]LœLD21XWLOL]ÓQG
EXWRDQHOHGHSHSDQRXOILHFôUHL
SRUWLHUH
3HQWUXDGHVFKLGHJHDPXODSôVDœL
EXWRQXOßQMRV
3HQWUXDßQFKLGHJHDPXOULGLFDœL
EXWRQXO
 &KHLOHSRUWLHUHOHŏLJHDPXULOH

6LVWHPXOGHSURWHFœLHSHQWUX /XQHWDßQFôO]LWô 1X]JÓULDœLŏLQXGHWHULRUDœL


FRSLLODJHDPXULOHGLQVSDWH ILODPHQWHOHGLVSR]LWLYXOXLGH
GHJLYUDUHDWXQFLFÓQGFXUôœDœLVDX
OXFUDœLßQDSURSLHUHDOXQHWHL

3DUDVRODUHOH
3XWHœLSUHYHQLHIHFWXOGHRUELUHSULQ
UDEDWDUHDŏLURWLUHDSDUDVRODUHORUßQ
SR]LœLDGRULWô
'DFôSDUDVRODUHOHVXQWSUHYô]XWHFX
RJOLQ]LFDSDFHOHRJOLQ]LORUYRUIL
ßQFKLVHßQWLPSXOGHSODVôULL

(VWHDFWLYDWôSULQDSôVDUHDEXWRQXOXL  $YHUWLVPHQW
$SôVDœLEXWRQXORSHQWUXDGH]DFWLYD ^
DOLPHQWDUHDHOHFWULFôDJHDPXULORU 6LVWHPXOGHßQFôO]LUHIXQFœLRQHD]ôFX 1XDGXFHœLSDUDVRODUXOßQWUR
SRUWLHUHORUVSDWH3HQWUXDFWLYDUH PRWRUXOSRUQLWŏLVHGH]DFWLYHD]ô SR]LœLHFDUHVôßPSLHGLFH
DSôVDœLRGLQQRX DXWRPDWGXSôFÓWHYDPLQXWHVDX YL]LELOLWDWHDDVXSUDŏRVHOHL
DSôVÓQGGLQQRXEXWRQXO WUDILFXOXLVDXDOWRURELHFWH

$WHQœLH
1XXWLOL]DœLLQVWUXPHQWHDVFXœLWH
VDXDJHQœLDEUD]LYLSHQWUX
FXUôœDUHDOXQHWHLDXWRYHKLFXOXOXL
GXPQHDYRDVWUô
&KHLOHSRUWLHUHOHŏLJHDPXULOH 

$FRSHULŏXO 'HVFKLGHœLVDXßQFKLGHœL ¿QFKLGHœLVDXGHVFKLGHœLSDUDVRODUXO


3HQWUXDGHVFKLGHWUDSDDSôVDœL SULQFXOLVDUH
7UDSD EXWRQXO  7UDSDVHGHVFKLGHßQPRG &ÓQGWUDSDHVWHGHVFKLVô
DXWRPDW3HQWUXDRSULGHSODVDUHD SDUDVRODUXOHVWHßQWRWGHDXQDGHVFKLV
 $YHUWLVPHQW DSôVDœLXQXOGLQWUHEXWRDQHßQFô
RGDWô  $YHUWLVPHQW
$YHœLJULMôFÓQGDFœLRQDœLWUDSD 3HQWUXDGHVFKLGHODRSR]LœLHGRULWô
5LVFGHDFFLGHQWDUHßQVSHFLDOßQ DSôVDœLŏLPHQœLQHœLDSôVDWEXWRQXO &DSXOVDXPÓLQLOHVFRDVHSH
FD]XOFRSLLORU   JHDPVHSRWORYLGHRELHFWHOHSH
OÓQJôFDUHWUHFHDXWRYHKLFXOXO1X
$FRUGDœLDWHQœLHSôUœLORUDIODWHßQ (OLEHUDœLEXWRQXOFÓQGWUDSDDMXQJHßQ
VFRDWHœLFDSXOVDXPÓLQLOHSH
PLŏFDUHDWXQFLFÓQGOHDFœLRQDœL SR]LœLDGRULWô
JHDP
$VLJXUDœLYôFôßQFDOHDßQFKLGHULL 3HQWUXDßQFKLGHWUDSDDSôVDœLŏL
JHDPXULORUQXVHDIOôQLPLF 8WLOL]DUHDLQFRUHFWôDWUDSHLSRDWH
œLQHœLDSôVDWEXWRQXO  SÓQôFÓQG
FDX]DYôWôPôULFRUSRUDOHJUDYH
WUDSDHVWHßQFKLVô
7UDSDSRDWHILDFWLYDWôFXFRQWDFWXO VDXFKLDUGHFHV
FXSODW 5LGLFDUHVDXßQFKLGHUH
3HQWUXDGHVFKLGHWUDSDFXIXQFœLDGH
ßQFOLQDUHDSôVDœLŏLPHQœLQHœLDSôVDW
EXWRQXO  
(OLEHUDœLEXWRQXOFÓQGWUDSDDMXQJHßQ
SR]LœLDGRULWô
3HQWUXDßQFKLGHWUDSDDSôVDœLŏL
œLQHœLDSôVDWEXWRQXO  SÓQôFÓQG
WUDSDHVWHßQFKLVô

3DUDVRODUXO
3DUDVRODUXOHVWHDFœLRQDWPDQXDO
 6FDXQHOHVLVWHPHOHGHVLJXUDQϙ

7HWLHUHOH 0DUJLQHDVXSHULRDUôDWHWLHUHLWUHEXLH
6FDXQHOHVLVWHPHOH VôVHDIOHODQLYHOXOSôUœLLVXSHULRDUH
GHVLJXUDQœô DFDSXOXLRFXSDQWXOXL'DFôDFHVW
3R]LœLD OXFUXQXHVWHSRVLELOWHWLHUDYDIL
UHJODWôODßQôOœLPHDPD[LPôSHQWUX
 $YHUWLVPHQW RSHUVRDQôIRDUWHßQDOWôŏLUHVSHFWLY
7HWLHUHOH   ODßQôOœLPHDPLQLPôSHQWUX
6FDXQHOHIDœô   &RQGXFHœLQXPDLFXWHWLHUDUHJODWô RSHUVRDQôIRDUWHVFXQGô
&HQWXULOHGHVLJXUDQœô   ßQSR]LœLHFRUHVSXQ]ôWRDUH
7HWLHUHOHVFDXQHORUGLQIDϙ
6LVWHPXODLUEDJ   $EVHQœDVDXUHJODUHDLQFRUHFWô
6FDXQHOHSHQWUXFRSLL   DWHWLHUHORUSRDWHFDX]DUôQLUL 5HJODUHDSHßQôOœLPH
JUDYHODQLYHOXOFDSXOXLVDXJÓWXOXL
ßQFD]XOXQXLLPSDFW
$VLJXUDœLYôFôWHWLHUDHVWHFRUHFW
UHJODWôßQDLQWHGHDSRUQLODGUXP

7UDJHœLßQVXVWHWLHUD$SôVDœL
RSULWRUXO  ŏLWHWLHUDSHQWUXDR
FRERUß
6FDXQHOHVLVWHPHOHGHVLJXUDQϙ 

6FRDWHUHDFHQWXULL 7HWLHUHOHORFXULORUGLQVSDWH 6FDXQHOHIDϙ


5LGLFDœLWHWLHUDFRPSOHW
5HJODUHDSHßQôOœLPH
$SôVDœLRSULWRDUHOH  ŏL  ßQDFHODŏL 3R]LœLDVFDXQXOXL
WLPS
7UDJHœLWHWLHUDßQVXV  $YHUWLVPHQW
5HJODUHDSHRUL]RQWDOô &RQGXFHœLQXPDLFXVFDXQXOUHJODW
FRUHVSXQ]ôWRU

7UDJHœLßQVXVWHWLHUD$SôVDœL
RSULWRUXO  ŏLWHWLHUDSHQWUXDR
FRERUß
6FRDWHUHDFHQWXULL
7UDJHœLWHWLHUDßQDLQWH$FHDVWDVH 5LGLFDœLWHWLHUDFRPSOHW
UHJOHD]ôßQWUHLSR]LœLL3HQWUX
DUHYHQLWUDJHœLWHWLHUDßQDLQWH $SôVDœLRSULWRDUHOH  ŏL  ßQDFHODŏL ࿢ $ŏH]DœLYôFXVSDWHOHFÓWPDL
$FHDVWDUHYLQHßQDSRLDXWRPDW WLPS DSURDSHGHVSôWDU5HJODœLGLVWDQœD
7UDJHœLWHWLHUDßQVXV VFDXQXOXLIDœôGHSHGDOHDVWIHO
ßQFÓWSLFLRDUHOHVôILHXŏRUIOH[DWH
DWXQFLFÓQGDSôVDœLSHGDOHOH
*OLVDœLVFDXQXOSDVDJHUXOXLIDœôFÓW
PDLPXOWSRVLELOVSUHßQDSRL
 6FDXQHOHVLVWHPHOHGHVLJXUDQϙ

࿢ $ŏH]DœLYôFXXPHULLFÓWPDL 5HJODUHDVFDXQHORU 3R]LœLRQDUHDVFDXQXOXL


DSURDSHGHVSôWDU5HJODœL
ßQFOLQDUHDVSôWDUXOXLDVWIHOßQFÓWVô
 3HULFRO
SXWHœLXŏRUDSXFDYRODQXOFXEUDœHOH
XŏRUIOH[DWH$WXQFLFÓQGURWLœL
1XYôDŏH]DœLODRGLVWDQœôPDL
YRODQXOPHQœLQHœLFRQWDFWXO
PLFôGHFPGHYRODQSHQWUX
XPHULORUFXVSôWDUXO1XßQFOLQDœL
DSHUPLWHGHFODQŏDUHDDLUEDJXOXL
SUHDPXOWVSôWDUXOßQVSDWH9ô
ßQFRQGLœLLGHVLJXUDQœô
UHFRPDQGôPXQXQJKLPD[LPGH
ßQFOLQDUHGHFLUFD¡
࿢ 5HJODœLYRODQXO   $YHUWLVPHQW
࿢ 5HJODœLSHßQôOœLPHVFDXQXODVWIHO
1XUHJODœLQLFLRGDWôVFDXQHOHßQ
ßQFÓWVôDYHœLXQFÓPSGH
WLPSXOFRQGXFHULLGHRDUHFH
YL]LELOLWDWHVXILFLHQWßQWRDWH
DFHVWHDVHSRWGHSODVDSH 3HQWUXDGHSODVDVFDXQXOßQIDœôVDX
GLUHFœLLOHŏLDVXSUDWXWXURU
QHDŏWHSWDWH ßQVSDWHWUDJHœLGHPÓQHUŏLJOLVDœL
LQVWUXPHQWHORUGHERUG6H
UHFRPDQGôRGLVWDQœôGHFHOSXœLQ VFDXQXOßQSR]LœLDGRULWô
RSDOPôßQWUHFDSŏLFDGUXO (OLEHUDœLPÓQHUXOŏLYHULILFDœLGDFô
SODIRQXOXL&RDSVHOHWUHEXLHVôILH VFDXQXOHVWHIL[DWßQSR]LœLH
DŏH]DWHOHMHUSHSHUQDVFDXQXOXL
IôUôVôILHSUHVDWHSHDFHDVWD
࿢ 5HJODœLWHWLHUD 
࿢ 5HJODœLSHßQôOœLPHFHQWXUDGH
VLJXUDQϙ 
6FDXQHOHVLVWHPHOHGHVLJXUDQϙ 

6SôWDUHOHVFDXQHORU ¿QôOœLPHDVFDXQHORU ¿QFôO]LUHD

7UDJHœLPDQHWDUHJODœLßQFOLQDUHDŏL $FœLRQDœLPDQHWDGHSHSDUWHD %XWRDQHOHGLVSR]LWLYHORUGHßQFôO]LUH


HOLEHUDœLPDQHWD6FDXQXOWUHEXLHVô H[WHULRDUôDSHUQHLVFDXQXOXLSÓQô DVFDXQHORUVHDIOôSHFRQVROD
VHIL[H]HFXVXQHWVSHFLILF FÓQGSHUQDVFDXQXOXLHVWHUHJODWôßQ VLVWHPXOXLGHFOLPDWL]DUH
1XYôVSULMLQLœLGHVFDXQßQWLPSFHßO SR]LœLDGRULWô
¿QFôO]LUHDVFDXQHORUIXQFœLRQHD]ô
UHJODœL 3HQWUXDFRERUßSHUQDVFDXQXOXL QXPDLFÓQGPRWRUXOHVWHSRUQLW
DSôVDœLPDQHWDßQMRVGHPDLPXOWH
3HQWUXDßQFôO]LVFDXQXODSôVDœLSH
RUL
EXWRQXOVFDXQXOXLSHFDUHGRULœLVôßO
3HQWUXDULGLFDSHUQDVFDXQXOXL ßQFôO]LœL
WUDJHœLPDQHWDßQVXVGHPDLPXOWHRUL
/DPSDGHFRQWUROGLQEXWRQVHYD
DSULQGH
3HQWUXDGH]DFWLYDGLVSR]LWLYXOGH
ßQFôO]LUHDVFDXQXOXLDSôVDœLEXWRQXO
ßQFôRGDWô
 6FDXQHOHVLVWHPHOHGHVLJXUDQϙ

$WHQœLH &HQWXULOHGHVLJXUDQœô  $YHUWLVPHQW


1XHVWHUHFRPDQGDWôXWLOL]DUHD )L[DœLYôFHQWXUDGHVLJXUDQœô
SUHOXQJLWôDVHWôULLPD[LPHGH ßQDLQWHDILHFôUHLFôOôWRULL
WHPSHUDWXUôGHFôWUHSHUVRDQHOH ¿QHYHQWXDOLWDWHDXQXLDFFLGHQW
FXSLHOHVHQVLELOô SHUVRDQHOHFDUHQXSRDUWôFHQWXUL
GHVLJXUDQœôSHULFOLWHD]ôDWÓW
LQWHJULWDWHDIL]LFôŏLYLDœDFHORUODOœL
RFXSDQœLFÓWŏLSHFHDSURSULH

&HQWXULOHGHVLJXUDQϙVXQWGHVWLQDWH
XWLOL]ôULLGRDUGHFôWUHRVLQJXUô
SHUVRDQô&HQWXULOHQXVXQWDGHFYDWH
SHQWUXSHUVRDQHPDLVFXQGHGH
FP6FDXQHOHSHQWUXFRSLL
&HQWXULOHGHVLJXUDQœôVXQWEORFDWHßQ

FXUVXODFFHOHUôULORUŏLGHFHOHUôULORU
EUXŏWHDOHDXWRYHKLFXOXOXLSHQWUX 9HULILFDœLSHULRGLFLQWHJULWDWHDŏL
VLJXUDQœDRFXSDQœLORU IXQFœLRQDOLWDWHDWXWXURU
FRPSRQHQWHORUVLVWHPXOXLFHQWXULORU
GHVLJXUDQϙ
6ROLFLWDœLßQORFXLUHDFRPSRQHQWHORU
GHWHULRUDWH'XSôXQDFFLGHQW
VROLFLWDœLßQORFXLUHDFHQWXULORUGH
VLJXUDQœôŏLDGLVSR]LWLYHORUGH
SUHWHQVLRQDUHGHFODQŏDWHODXQDWHOLHU
VHUYLFH
6FDXQHOHVLVWHPHOHGHVLJXUDQϙ 

1RWô 'LVSR]LWLYHOHGHSUHWHQVLRQDUH 'HFODQŏDUHDGLVSR]LWLYHORUGH


$VLJXUDœLYôFôFHQWXULOHQXVXQW DFHQWXULORUGHVLJXUDQœô SUHWHQVLRQDUHDFHQWXULORUGH
GHWHULRUDWHVDXSULQVHGHRELHFWH VLJXUDQœôHVWHLQGLFDWôGHDSULQGHUHD
WôLRDVH3UHYHQLœLSôWUXQGHUHD OôPSLLGHFRQWUROT 
PXUGôULHLßQGLVSR]LWLYHOHGH 'XSôGHFODQŏDUHGLVSR]LWLYHOHGH
UHWUDFWDUHDFHQWXULORUGHVLJXUDQϙ SUHWHQVLRQDUHDFHQWXULORUGH
/DPSDGHDYHUWL]DUHFHQWXUôGH VLJXUDQœôWUHEXLHßQORFXLWHODXQ
VLJXUDQϙ7  DWHOLHUVHUYLFH'LVSR]LWLYHOHGH
SUHWHQVLRQDUHDFHQWXULORUGH
/LPLWDWRDUHGHVDUFLQôDOH VLJXUDQœôVHSRWGHFODQŏDRVLQJXUô
FHQWXULORUGHVLJXUDQœô GDWô
/DVFDXQHOHGLQIDœôSUHVLXQHD 1RWô
H[HUFLWDWôDVXSUDFRUSXOXLHVWH 1XDWDŏDœLVDXDŏH]DœLDFFHVRULLVDX
UHGXVôSULQHOLEHUDUHDJUDGXDOô DOWHRELHFWHßQ]RQDGHGHFODQŏDUH
DFHQWXULLGHVLJXUDQœôßQWLPSXOXQHL DGLVSR]LWLYHORUGHSUHWHQVLRQDUH
FROL]LXQL ¿QFD]XOXQHLFROL]LXQLIURQWDOH DFHQWXULORUGHVLJXUDQœô1X
ODWHUDOHVDXGLQVSDWHGHRDQXPLWô PRGLILFDœLFRPSRQHQWHOH
JUDYLWDWHFHQWXULOHGHVLJXUDQϙ GLVSR]LWLYHORUGHSUHWHQVLRQDUH
IURQWDOHVHWHQVLRQHD]ô DFHQWXULORUGHVLJXUDQœôGHRDUHFH
DFHDVWDSRDWHFRQGXFHOD
 $YHUWLVPHQW LQYDOLGDUHDDSUREôULLGHWLS
DDXWRYHKLFXOXOXL
0DQHYUDUHDLQFRUHFWô GHH[
VFRDWHUHDVDXIL[DUHDFHQWXULORU
VDXDFDWDUDPHORUFHQWXULORU
SRDWHGHFODQŏDGLVSR]LWLYHOHGH
SUHWHQVLRQDUHDOHFHQWXULORU
 6FDXQHOHVLVWHPHOHGHVLJXUDQϙ

&HQWXUDGHVLJXUDQœôFX 5HJODUHDSHßQôOœLPH
IL[DUHßQSXQFWH
)L[DUHD

+DLQHOHODUJLVDXYROXPLQRDVH
ßPSLHGLFôIL[DUHDFRUHFWôDFHQWXULL
GHVLJXUDQœô1XDŏH]DœLRELHFWH  $SôVDœLEXWRQXO
SUHFXPJHQœLVDXWHOHIRDQHPRELOH  5HJODœLSHßQôOœLPHŏLEORFDœLßQ
ßQWUHFHQWXUDGHVLJXUDQœôŏLFRUSXO SR]LœLH
([WUDJHœLFHQWXUDGLQUHWUDFWRU GXPQHDYRDVWUô 5HJODœLFHQWXUDGHVLJXUDQœôSH
JKLGDœLRSHVWHFRUSFXJULMôSHQWUX ßQôOœLPHDVWIHOßQFÓWDFHDVWDVôWUHDFô
DQXVHUôVXFLŏLFXSODœLFOHPD  $YHUWLVPHQW SHVWHXPôU&HQWXUDGHVLJXUDQœôQX
PHWDOLFôßQFDWDUDPô WUHEXLHVôWUHDFôSHOÓQJôJÓWVDX
&HQWXUDGHVLJXUDQœôQXWUHEXLHVô SHVWHEUDœ
6WUÓQJHœLIUHFYHQWFHQWXUD
WUHDFôSHVWHRELHFWHGXUHVDX
WUDQVYHUVDOôßQWLPSXOPHUVXOXL
IUDJLOHDIODWHßQEX]XQDUHOH $WHQœLH
WUôJÓQGGHFHQWXUDGLDJRQDOô/DPSD
KDLQHORU
GHDYHUWL]DUHFHQWXUôGHVLJXUDQœô
 1XUHJODœLßQWLPSXOUXOôULL
6FDXQHOHVLVWHPHOHGHVLJXUDQϙ 

6FRDWHUHD )RORVLUHDFHQWXULLGHVLJXUDQœô &RPSDUDWLYFXFHLODOœLRFXSDQœL


ßQWLPSXOVDUFLQLL IHPHLOHßQVôUFLQDWHVXQWPDL
SUHGLVSXVHODUôQLULJUDYHGDFôQX
SRDUWôFHQWXULOHGHVLJXUDQœô
¿QSOXVGDFôFHQWXUDGHVLJXUDQœô
HVWHSXUWDWôFRUHFWIôWXOYDILPDLELQH
SURWHMDWßQFD]XOXQXLDFFLGHQW
3HQWUXPD[LPXPGHVLJXUDQϙ
RIHPHLHßQVôUFLQDWôWUHEXLHVôSRDUWH
FHQWXUDGHVLJXUDQϙ
&KLQJDWUDQVYHUVDOôDFHQWXULLYDIL
SR]LœLRQDWôFÓWPDLMRVSRVLELOSH
WRDWôGXUDWDVDUFLQLL
3HQWUXDHOLEHUDFHQWXUDDSôVDœL
EXWRQXOURŏXGHSHFDWDUDPô
 $YHUWLVPHQW
&HQWXULOHGHVLJXUDQϙSHQWUX
&HQWXUDWUDQVYHUVDOôWUHEXLH
ORFXULOHGLQVSDWH SR]LœLRQDWôFÓWPDLMRVSRVLELO
&HQWXUDGHVLJXUDQϙDVFDXQXOXL SHVWHSHOYLVSHQWUXDVHSUHYHQL
FHQWUDOSRDWHILWUDVôGLQUHWUDFWRU H[HUFLWDUHDGHSUHVLXQHDVXSUD
QXPDLGDFôVSôWDUXOHVWHIL[DWßQ DEGRPHQXOXL
SR]LœLDFHDPDLGLQVSDWH
&HQWXULOHGHVLJXUDQϙVXQWHILFDFH
SHQWUXRULFHSHUVRDQHLQFOXVLYSHQWUX
IHPHLOHßQVôUFLQDWH
 6FDXQHOHVLVWHPHOHGHVLJXUDQϙ

6LVWHPXODLUEDJ 3HQWUXDDVLJXUDSURWHFœLHPD[LPô )LHFDUHDLUEDJVHGHFODQŏHD]ô


ßQWRDWHWLSXULOHGHDFFLGHQWHWRœL RVLQJXUôGDWô$SHODœLODXQDWHOLHU
RFXSDQœLLLQFOXVLYŏRIHUXOWUHEXLH VHUYLFHSHQWUXßQORFXLUHD
6LVWHPXODLUEDJFRQVWôGLQWURVHULH
VôSRDUWHßQWRWGHDXQDFHQWXULOHGH DLUEDJXULORUGHFODQŏDWH
GHVLVWHPHLQGLYLGXDOH
VLJXUDQœôSHQWUXDPLQLPL]DULVFXO 1XPRGLILFDœLFRPSRQHQWHOH
/DGHFODQŏDUHDLUEDJXULOHVHXPIOô
GHUôQLUHJUDYôVDXGHFHVßQFD]XO VLVWHPXOXLGHDLUEDJXULGHRDUHFH
ßQWUXQLQWHUYDOGHRUGLQXO
SURGXFHULLXQXLDFFLGHQW1XVWDœL DFHDVWDYDGHWHUPLQDLQYDOLGDUHD
PLOLVHFXQGHORU$FHVWHDVHGH]XPIOô
SUHDDSURDSHŏLQXYôDSOHFDœL RPRORJôULLGHWLSDDXWRYHKLFXOXOXL
GHDVHPHQHDUDSLGDVWIHOßQFÓW
DGHVHDQLFLQXVXQWVHVL]DWHßQWLPSXO VSUHDLUEDJßQWLPSFH 9ôUHFRPDQGôPVôßQFUHGLQœDœLXQXL
FROL]LXQLL DXWRYHKLFXOXOHVWHßQPLŏFDUH DWHOLHUVHUYLFHVSHFLDOL]DW
$LUEDJXOSRDWHSURYRFD]JÓULHWXUL GHPRQWDUHDYRODQXOXLDSDQRXOXLGH
 $YHUWLVPHQW SHIDœôVDXSHFRUSUôQLULSURGXVH ERUGDWXWXURUHOHPHQWHORUGH
GHJHDPXULOHVSDUWHVDXDUVXUL FDSLWRQDMDFKHGHUHORUSRUWLHUHORU
'DFôVLVWHPHOHGHDLUEDJXULQX GDWRUDWHH[SOR]LHLGLQPRPHQWXO DPÓQHUHORUŏLVFDXQHORUßQFD]XO
VXQWPDQHYUDWHFRUHVSXQ]ôWRUVH GHFODQŏôULLDLUEDJXOXL GHFODQŏôULLDLUEDJXOXL
SRWGHFODQŏDßQWURPDQLHUô /DGHFODQŏDUHDXQXLDLUEDJHVWH
H[SOR]LYô 1RWô SRVLELOVôVHDXGôXQ]JRPRW
8QLWôœLOHHOHFWURQLFHGHFRQWURODOH SXWHUQLFŏLVôDSDUôIXP$FHDVWô
ŎRIHUXOWUHEXLHVôVWHDFÓWPDL
VLVWHPHORUDLUEDJŏLGLVSR]LWLYHORUGH VLWXDœLHHVWHQRUPDOôŏLQXHVWH
GHSDUWHSRVLELOßQWURSR]LœLHFDUH
SUHWHQVLRQDUHDFHQWXULORUGH SHULFXORDVôGDUSRDWHFDX]DLULWDœLL
VôLSHUPLWôWRWXŏLFRQWUROXODVXSUD
VLJXUDQœôVHDIOôßQFRQVRODFHQWUDOô DOHSLHOLLSDVDJHUXOXL'DFôDFHVW
DXWRYHKLFXOXOXL'DFôVWDœLSUHD
1XDPSODVDœLRELHFWHPDJQHWLFHßQ HIHFWSHUVLVWôFRQWDFWDœLXQPHGLF
DSURDSHGHDLUEDJGHFODQŏDUHD
]RQDUHVSHFWLYô
DFHVWXLDYôSRDWHFDX]DYôWôPôUL
FRUSRUDOHJUDYHVDXFKLDUGHFHVXO 1XOLSLœLDXWRFRODQWHSHFDSDFHOH
DLUEDJXULORUŏLQXOHDFRSHULœLFXDOWH
PDWHULDOH
6FDXQHOHVLVWHPHOHGHVLJXUDQϙ 

&ÓQGDLUEDJXULOHVHGHFODQŏHD]ô
 3HULFRO JD]HOHILHUELQœLGHJDMDWHSRWFDX]D
DUVXUL
1XSHUPLWHœLQLFLRGDWôDŏH]DUHD
FRSLLORUVXJDULORUIHPHLORU /DPSDGHFRQWUROTSHQWUXVLVWHPXO
ßQVôUFLQDWHYÓUVWQLFLORUŏL DLUEDJ 
SHUVRDQHORUEROQDYHSHVFDXQXO
SDVDJHUXOXLGLQIDϙHFKLSDWFX 6LVWHPXOGHDLUEDJXUL
DLUEDJXUL
IURQWDOH
¿QSOXVQXFRQGXFHœLDYÓQG
PRQWDWXQVFDXQSHQWUXFRSLOSH 6LVWHPXOGHDLUEDJXULIURQWDOHHVWH
VFDXQXOSDVDJHUXOXLHFKLSDWFX DOFôWXLWGLQWUXQDLUEDJßQFRUSRUDWßQ
DLUEDJXUL¿QFD]XOXQXLDFFLGHQW YRODQŏLXQXOßQFRUSRUDWßQSDQRXOGH
LPSDFWXOSURGXVGHDLUEDJXOXPIODW ERUGSHSDUWHDSDVDJHUXOXL$FHVWHD 0LŏFDUHDVSUHßQDLQWHDŏRIHUXOXLŏL
SRDWHFDX]DYôWôPôULIDFLDOHVDX VXQWLGHQWLILFDWHSULQFXYÓQWXO DSDVDJHUXOXLGLQIDœôHVWH
GHFHV $,5%$* DPRUWL]DWôUHGXFÓQGXVHVXEVWDQœLDO
6LVWHPXOGHDLUEDJXULIURQWDOHVH ULVFXODFFLGHQWôULLßQ]RQDFDSXOXLŏL
GHFODQŏHD]ôßQFD]XOXQXLLPSDFW DWRUDFHOXL
$WHQœLH ODWHUDOGHRDQXPLWôJUDYLWDWH
&RQWDFWXOWUHEXLHVôILHFXSODW
'DFôDXWRYHKLFXOXOVHORYHŏWHGH
RGHQLYHODUHVDXDOWHRELHFWHGHSH
GUXPXULQHSDYDWHVDXWURWXDUH
DLUEDJXULOHVHSRWGHFODQŏD
&RQGXFHœLßQFHWSHVXSUDIHœHOH
QHGHVWLQDWHWUDILFXOXLGH
DXWRYHKLFXOHSHQWUXDSUHYHQL
GHFODQŏDUHDDFFLGHQWDOô
DDLUEDJXOXL
 6FDXQHOHVLVWHPHOHGHVLJXUDQϙ

6LVWHPXODLUEDJODWHUDOHVWHDOFôWXLW
 $YHUWLVPHQW GLQFÓWHXQDLUEDJßQFRUSRUDWßQ  $YHUWLVPHQW
VSôWDUHOHVFDXQHORUGLQIDœô
3URWHFœLDRSWLPôHVWHDVLJXUDWô 0HQœLQHœLOLEHUô]RQDGH
QXPDLDWXQFLFÓQGVFDXQXOVHDIOô $FHVWHDVXQWLGHQWLILFDWHSULQ H[SDQVLXQHDDLUEDJXULORU
ßQSR]LœLHFRUHVSXQ]ôWRDUH  FXYÓQWXO$$,5%$*
0HQœLQHœLOLEHUô]RQDGH 6LVWHPXOGHDLUEDJXULODWHUDOHVH 1RWô
H[SDQVLXQHDDLUEDJXULORU GHFODQŏHD]ôßQFD]XOXQXLLPSDFW 8WLOL]DœLH[FOXVLYKXVHRPRORJDWH
ODWHUDOGHRDQXPLWôJUDYLWDWH SHQWUXVFDXQHOHDXWRYHKLFXOXOXL
)L[DœLFRUHFWŏLFXSODœLELQHFHQWXUD &RQWDFWXOWUHEXLHVôILHFXSODW GXPQHDYRDVWUô$YHœLJULMôVôQX
GHVLJXUDQœô1XPDLDVWIHO DFRSHULœLDLUEDJXULOH
DLUEDJXOYDSXWHDVôYôSURWHMH]H
 $YHUWLVPHQW
6LVWHPXOGHDLUEDJXUL
ODWHUDOH &RSLLLDŏH]DœLßQDSURSLHUHDXQXL
DLUEDJODWHUDOVXQWVXSXŏLULVFXOXL
GHYôWôPDUHFRUSRUDOôJUDYôVDX
IDWDOôGDFôDLUEDJXOVH
GHFODQŏHD]ôßQVSHFLDOGDFô
SLHSWXOJÓWXOVDXFDSXOFRSLOXOXL
VHDIOôDSURDSHGHDLUEDJßQ
PRPHQWXOGHFODQŏôULL
1XOôVDœLQLFLRGDWôFRSLOXOVôVH
$VWIHOVHUHGXFHVXEVWDQœLDOULVFXOGH VSULMLQHGHXŏôVDXVôVHDSURSLH
DFFLGHQWDUHßQ]RQDWRUDFHOXLŏLßQ GHPRGXOXODLUEDJXOXLODWHUDO
]RQDSHOYLVXOXLßQHYHQWXDOLWDWHDXQXL
LPSDFWODWHUDO
6FDXQHOHVLVWHPHOHGHVLJXUDQϙ 

6LVWHPXOGHDLUEDJXUL 'H]DFWLYDUHDDLUEDJXULORU
SHQWUXSURWHFœLDFDSXOXL 6LVWHPXODLUEDJIURQWDODOSDVDJHUXOXL
GLQIDœôWUHEXLHGH]DFWLYDWGDFô
XUPHD]ôVôVHLQVWDOH]HXQVLVWHPGH
UHœLQHUHSHQWUXFRSLLSHVFDXQXO
UHVSHFWLY6LVWHPHOHDLUEDJODWHUDOŏL
FRUWLQôGLVSR]LWLYHOHGH
SUHWHQVLRQDUHŏLWRDWHVLVWHPHOH
DLUEDJSHQWUXŏRIHUUôPÓQDFWLYH

$VWIHOVHUHGXFHVXEVWDQœLDOULVFXO
DFFLGHQWôULLFDSXOXLßQHYHQWXDOLWDWHD
XQXLLPSDFWODWHUDO
6LVWHPXODLUEDJSHQWUXSURWHFœLD
FDSXOXLHVWHDOFôWXLWGLQFÓWHXQ  $YHUWLVPHQW
DLUEDJßQFRUSRUDWßQFDSLWRQDMSH
ILHFDUHSDUWHDSODIRQXOXL$FHVWHD 0HQœLQHœLOLEHUô]RQDGH
VXQWLGHQWLILFDWHSULQFXYÓQWXO H[SDQVLXQHDDLUEDJXULORU
$,5%$*GHSHVWÓOSLLFHQWUDOL &ÓUOLJHOHGHSHPÓQHUHOHGLQ
6LVWHPXOGHDLUEDJXULODQLYHOXO SODIRQVHYRUIRORVLßQH[FOXVLYLWDWH
FDSXOXLVHGHFODQŏHD]ôßQFD]XOXQXL SHQWUXDUWLFROHXŏRDUHGH $LUEDJXOIURQWDODOSDVDJHUXOXLGLQIDœô
LPSDFWODWHUDOGHRDQXPLWôJUDYLWDWH ßPEUôFôPLQWHIôUôXPHUDŏH1X SRDWHILGH]DFWLYDWGHODXQEXWRQGH
&RQWDFWXOWUHEXLHVôILHFXSODW SôVWUDœLQLFLXQRELHFWßQDFHVWH SHSDUWHDODWHUDOôDSDQRXOXLGHERUG
DUWLFROHGHßPEUôFôPLQWH YL]LELOFÓQGSRUWLHUDSDVDJHUXOXLGLQ
IDœôHVWHGHVFKLVô
 6FDXQHOHVLVWHPHOHGHVLJXUDQϙ

 $YHUWLVPHQW 6FDXQHOHSHQWUXFRSLL
'H]DFWLYDœLVLVWHPXODLUEDJSHQWUX 9ôUHFRPDQGôPVFDXQHOHSHQWUX
SDVDJHUXOGLQIDœôGDFôVFDXQXO FRSLL*0SURLHFWDWHVSHFLDOSHQWUX
UHVSHFWLYHVWHRFXSDWGHXQFRSLO DFHVWWLSGHDXWRYHKLFXOH
$FWLYDœLVLVWHPXODLUEDJSHQWUX $WXQFLFÓQGVHXWLOL]HD]ôXQVFDXQ
SDVDJHUXOGLQIDœôGDFôVFDXQXO SHQWUXFRSLLUHVSHFWDœLXUPôWRDUHOH
UHVSHFWLYHVWHRFXSDWGHXQDGXOW LQVWUXFœLXQLGHXWLOL]DUHŏLLQVWDODUH
SUHFXPŏLSHFHOHIXUQL]DWHGH
)RORVLœLFKHLDGHFRQWDFWSHQWUX SURGXFôWRUXOVFDXQXOXLSHQWUXFRSLL
DOHJHUHDSR]LœLHL 5HVSHFWDœLßQWRWGHDXQD
F DLUEDJXULOHSDVDJHUXOXLGLQ UHJOHPHQWôULOHORFDOHVDXQDœLRQDOH
$WÓWWLPSFÓWODPSDGHFRQWUROFQX ¿QXQHOHœôULHVWHLQWHU]LVôLQVWDODUHD
IDœôVXQWGH]DFWLYDWHŏLQXVH HVWHDSULQVôVLVWHPXODLUEDJIURQWDO
YRUGHFODQŏDßQFD]XOXQHL VFDXQHORUSHQWUXFRSLLSHDQXPLWH
DOSDVDJHUXOXLGLQIDœôVHYDGHFODQŏD VFDXQHDOHDXWRYHKLFXOXOXL
FROL]LXQL/DPSDGHFRQWURO ßQFD]XOXQHLFROL]LXQL
FHVWHDSULQVôFRQWLQXX
6FDXQXOSHQWUXFRSLOSRDWHIL 0RGLILFDœLVWDUHDQXPDLFÓQG
LQVWDODWßQFRQIRUPLWDWHFX DXWRYHKLFXOXOHVWHRSULWŏLFRQWDFWXO
VFKHPDFRUHVSXQ]ôWRDUH GHFXSODW
G DLUEDJXULOHSDVDJHUXOXLGLQ 6WDUHDVHSôVWUHD]ôSÓQôOD
IDœôVXQWDFWLYH1XVHSRW XUPôWRDUHDPRGLILFDUH
LQVWDODVFDXQHSHQWUXFRSLL /DPSDGHFRQWUROSHQWUX
GH]DFWLYDUHDDLUEDJXOXL 
6FDXQHOHVLVWHPHOHGHVLJXUDQϙ 

$FHVWOXFUXVHßQWÓPSOôPDLDOHVßQ GDFôFRSLOXODGHSôŏLWYÓUVWDOHJDOô
 $YHUWLVPHQW SHQWUXFDUHXWLOL]DUHDVFDXQXOXL
FD]XOßQFDUHVFDXQHOHGHFRSLOFX
VSDWHOHODGUXPVHIRORVHVFSH SHQWUXFRSLLHVWHREOLJDWRULH
$9(57,60(173(5,&2/
(;75(0 ORFXOSDVDJHUXOXLGLQGUHDSWD 1XœLQHœLQLFLRGDWôßQEUDœHXQFRSLOßQ
WLPSXOFôOôWRULHLFXDXWRYHKLFXOXO
1XLQVWDODœLXQVFDXQSHQWUXFRSLL &RSLOXOYDILSUHDJUHXGHœLQXWßQEUDœH
RULHQWDWFXVSDWHOHODVHQVXOGH $OHJHUHDVLVWHPXOXLDGHFYDW
&HOHPDLSRWULYLWHORFXULSHQWUX ßQFD]XOXQHLWDPSRQôUL
GHSODVDUHSHXQVFDXQSURWHMDWGH
DLUEDJ PRQWDUHDXQXLVFDXQSHQWUXFRSLL ¿QFD]XOßQFDUHWUDQVSRUWDœLFRSLL
VXQWORFXULOHGLQVSDWH XWLOL]DœLVFDXQHSHQWUXFRSLLSRWULYLWH
&RSLOXODUSXWHDILUôQLWJUDYGDFô SHQWUXJUHXWDWHDFRSLOXOXL
DLUEDJXOVHGHFODQŏHD]ô &RSLLLWUHEXLHSR]LœLRQDœLFXVSDWHOHOD
GHRDUHFHDUVWDFXFDSXOIRDUWH VHQVXOGHPHUVDWXQFLFÓQGDFHVW 9HULILFDœLGDFôVFDXQXOGHFRSLOSH
DSURDSHGHDLUEDJ OXFUXHVWHSRVLELO$VWIHOFRORDQD FDUHßOYHœLLQVWDODHVWHFRPSDWLELOFX
YHUWHEUDOôDFRSLOXOXLFDUHHVWHßQFô DFHVWDXWRYHKLFXO
IUDJLOôYDILVXSXVôXQHLWHQVLRQôUL 9HULILFDœLGDFôORFXOSHQWUXLQVWDODUHD
 $YHUWLVPHQW PLQLPHßQFD]XOXQXLDFFLGHQW VFDXQXOXLGHFRSLOßQDXWRYHKLFXOHVWH
3HQWUXFRSLLLFXYÓUVWHVXEDQLŏL FRUHFW
'DFôVFDXQXOSHQWUXFRSLOHVWH ßQôOœLPHPDLPLFôGHFPVHYRU
DŏH]DWSHORFXOSDVDJHUXOXLGLQ 1XOôVDœLFRSLLLVôLQWUHVDXVôLDVôGLQ
XWLOL]DQXPDLVLVWHPHGHUHœLQHUH DXWRYHKLFXOGHFÓWSHSDUWHDRSXVô
GUHDSWDIDœôVLVWHPHOHDLUEDJ SHQWUXFRSLLDGHFYDWHYÓUVWHLŏLWDOLHL
SHQWUXORFXOSDVDJHUXOXLGLQIDϙ FHOHLGLQVSUHWUDILF
FRSLOXOXL6FDXQHOHSHQWUXFRSLL
WUHEXLHGH]DFWLYDWHßQFD]FRQWUDU &ÓQGVFDXQXOGHFRSLOQXHVWHIRORVLW
DGHFYDWHVXQWFHOHFRQIRUPHFX
GHFODQŏDUHDDLUEDJXULORUSUH]LQWô IL[DœLOFXRFHQWXUôGHVLJXUDQœôVDX
(&(VDX(&(
XQULVFGHDFFLGHQWIDWDOSHQWUX VFRDWHœLOGLQPDŏLQô
'HRDUHFHRSR]LœLRQDUHFRUHFWô
FRSLO DFHQWXULLHVWHUDUHRULSRVLELOôODXQ
FRSLOPDLPLFGHFPYô
UHFRPDQGôPLQVLVWHQWVôXWLOL]DœLXQ
VFDXQSHQWUXFRSLLDGHFYDWFKLDU
 6FDXQHOHVLVWHPHOHGHVLJXUDQϙ

1RWô
1XOLSLœLDXWRFRODQWHSHVFDXQHOH
SHQWUXFRSLLŏLQXOHDFRSHULœLFXDOWH
PDWHULDOH
8QVFDXQSHQWUXFRSLLVXSXVŏRFXOXL
ßQFD]XOXQXLDFFLGHQWWUHEXLH
ßQORFXLW
$VLJXUDœLYôFôVXJDULLŏLFRSLLLVXQW
LQVWDODœLSHORFXULOHGLQVSDWHßQ
VFDXQHSHQWUXFRSLL
3ÓQôFÓQGFRSLOXOSRDWHXWLOL]D
FHQWXUDGHVLJXUDQœôYôUXJôPVô
DOHJHœLXQVFDXQSRWULYLWSHQWUX
YÓUVWDFRSLOXOXLŏLDVLJXUDœLYôFô
DFHVWDHVWHßQWRWGHDXQDIL[DWßQ
VFDXQ9ôUXJôPVôFLWLœL
LQVWUXFœLXQLOHGHSHSURGXVFÓQG
DFKL]LœLRQDœLXQVFDXQSHQWUXFRSLL
6FDXQHOHVLVWHPHOHGHVLJXUDQϙ 

/RFXULGHLQVWDODUHDVFDXQHORUSHQWUXFRSLL
2SœLXQLSHUPLVHSHQWUXLQVWDODUHDXQXLVFDXQSHQWUXFRSLL
3HVFDXQXOSDVDJHUXOXLGLQIDϙ 3HVFDXQHOHODWHUDOHGLQ
&DWHJRULDGHJUHXWDWHŏLGHYÓUVWô DLUEDJDFWLYDW DLUEDJGH]DFWLYDW VSDWH 3HORFXOFHQWUDOGLQVSDWH
*UXSDSÓQôODNJ ; 8 8 8
VDXFLUFDOXQL
*UXSDSÓQôODNJ ; 8 8 8
VDXFLUFDDQL
*UXSD,ODNJ ; 8 8 8
VDXDSUR[OXQLODDQL
*UXSD,,ODNJ ; ; 8 8
VDXDSUR[ODDQL
*UXSD,,,ODNJ ; ; 8 8
VDXDSUR[ODDQL

 1XPDLGDFôDLUEDJXULOHSDVDJHUXOXLIDœôVXQWGH]DFWLYDWH'DFôVFDXQXOSHQWUXFRSLOHVWHDVLJXUDWFXFHQWXUDGH
VLJXUDQœôFXIL[DUHßQWUHLSXQFWHDVLJXUDœLYôFôFHQWXUDGHVLJXUDQœôDDXWRYHKLFXOXOXLFXOLVHD]ôVSUHßQDLQWHGLQ
SXQFWXOGHDQFRUDUHVXSHULRU
 6FDXQGLVSRQLELOFXVXSRUœLGHDQFRUDUH,62),;ŏL7RS7HWKHU
8 8WLOL]DUHXQLYHUVDOôßQFRPELQDœLHFXFHQWXULOHGHVLJXUDQœôFXSULQGHUHßQWUHLSXQFWH
; 3HQWUXDFHDVWôJUXSôGHJUHXWDWHQXHVWHSHUPLVôXWLOL]DUHDQLFLXQXLVFDXQSHQWUXFRSLL
 6FDXQHOHVLVWHPHOHGHVLJXUDQϙ

2SœLXQLDGPLVHSHQWUXPRQWDUHDXQXLVFDXQSHQWUXFRSLL,62),;
*UXSôGH 'LVSR]LWLYGH 3HVFDXQXO 3HVFDXQHOH 3HORFXOFHQWUDO
*UXSôGHJUHXWDWH PôULPH DQFRUDUH SDVDJHUXOXLGLQIDœô ODWHUDOHGLQVSDWH GLQVSDWH
*UXSDSÓQôODNJ ( ,625 ; ,/ ;
*UXSDSÓQôODNJ ( ,625 ; ,/ ;
' ,625 ; ,/ ;
& ,625 ; ,/ ;
*UXSD,ODNJ ' ,625 ; ,/ ;
& ,625 ; ,/ ;
% ,62) ; ,/,8) ;
% ,62); ; ,/,8) ;
$ ,62) ; ,/,8) ;

,/ $GHFYDWSHQWUXVFDXQHSHQWUXFRSLL,62),;VSHFLDOHGHWLSರVSHFLILFSHQWUXDXWRYHKLFXOಯರUHVWULFœLRQDWಯVDXರVHPL
XQLYHUVDOಯ6FDXQXOSHQWUXFRSLL,62),;WUHEXLHVôILHRPRORJDWSHQWUXWLSXOUHVSHFWLYGHDXWRYHKLFXO
,8) $GHFYDWSHQWUXVFDXQH,62),;SHQWUXFRSLLRULHQWDWHFXIDœDODVHQVXOGHPHUVGLQFDWHJRULDVFDXQHORUXQLYHUVDOH
RPRORJDWHSHQWUXDFHDVWôJUXSôGHJUHXWDWH
; 1XH[LVWôQLFLXQVFDXQSHQWUXFRSLL,62),;RPRORJDWSHQWUXDFHDVWôJUXSôGHJUHXWDWH

 'HSODVDœLVFDXQXOSDVDJHUXOXLGLQIDœôßQSR]LœLDPD[LPôVSUHßQDLQWHVDXDVWIHOßQFÓWVSôWDUXODFHVWXLDVôQX
LQFRPRGH]HVFDXQXOSHQWUXFRSLL
6FDXQHOHVLVWHPHOHGHVLJXUDQϙ 

&ODVDGHPôULPHŏLGLVSR]LWLYSHQWUXVFDXQH,62),;
$,62) 6FDXQRULHQWDWFXIDœDODVHQVXOGHPHUVSHQWUXFRSLLGHWDOLHPD[LPôGLQJUXSDGHJUHXWDWHODNJ
%,62) 6FDXQSHQWUXFRSLLRULHQWDWFXIDœDODVHQVXOGHPHUVSHQWUXFRSLLPDLPLFLGLQJUXSDGHJUHXWDWH
ODNJ
%,62); 6FDXQSHQWUXFRSLLRULHQWDWFXIDœDODVHQVXOGHPHUVSHQWUXFRSLLPDLPLFLGLQJUXSDGHJUHXWDWH
ODNJ
&,625 6FDXQSHQWUXFRSLLRULHQWDWFXVSDWHOHODVHQVXOGHPHUVSHQWUXFRSLLßQDOœLGLQJUXSDGHJUHXWDWHGHSÓQô
ODNJ
',625 6FDXQSHQWUXFRSLLRULHQWDWFXVSDWHOHODVHQVXOGHPHUVSHQWUXFRSLLVFXQ]LGLQJUXSDGHJUHXWDWHGH
SÓQôODNJ
(,625 6FDXQSHQWUXFRSLLRULHQWDWFXVSDWHOHODVHQVXOGHPHUVSHQWUXFRSLLPLFLGLQJUXSDGHJUHXWDWHGHSÓQô
ODNJ
 6FDXQHOHVLVWHPHOHGHVLJXUDQϙ

6FDXQHOHSHQWUXFRSLL 1RWFKEDFNßQVSDWHOHWHWLHUHORU ,QVWDODUHDVFDXQHORUSHQWUXFRSLL


+DWFKEDFNßQVSDWHOHSDQRXULORU ,62),;
,62),; VSôWDUHORUVFDXQHORUVSDWH   $OHJHœLXQXOGLQVFDXQHOHODWHUDOH
SHUPLœÓQGIL[DUHDVFDXQHORUSHQWUX VSDWHSHQWUXLQVWDODUHDVFDXQXOXL
FRSLLGHVFDXQHOHVSDWH SHQWUXFRSLO
3HQWUXDLQVWDODXQVFDXQSHQWUXFRSLL
HFKLSDWFXGLVSR]LWLYHGHDQFRUDUH
,62),;ßQ]RQDLQIHULRDUôŏL
VXSHULRDUôXUPDœLLQVWUXFœLXQLOH
IXUQL]DWHRGDWôFXVFDXQXOSHQWUX
FRSLL
&LWLœLFXDWHQœLHŏLUHVSHFWDœLWRDWH
LQVWUXFœLXQLOHGHODSDJLQLOHXUPôWRDUH
SUHFXPŏLLQVWUXFœLXQLOHFDUHßQVRœHVF
VFDXQXOSHQWUXFRSLL
¿QWUHFXWVFDXQHOHSHQWUXFRSLLHUDX 6LJXUDQœDFRSLOXOXLGXPQHDYRDVWUô
LQVWDODWHGHXQVFDXQDO GHSLQGHGHDFHVWOXFUX
DXWRWXULVPXOXLFXFHQWXULOHGH 'DFôDYHœLßQWUHEôULVDXQHFODULWôœLFX  /RFDOL]DœLSR]LœLLOHFHORUGRXô
VLJXUDQœô'LQDFHVWPRWLYVFDXQXO SULYLUHODLQVWDODUHDFRUHFWô DQFRUHLQIHULRDUH/RFDœLDILHFôUHL
SHQWUXFRSLLHUDDGHVHDLQVWDODW DVFDXQXOXLSHQWUXFRSLLFRQWDFWDœL DQFRUHLQIHULRDUHHVWHPDUFDWô
LQFRUHFWVDXIL[DWSUHDOHMHUSHQWUX SURGXFôWRUXODFHVWXLD'DFôWRWXŏL SULQWUXQVHPQFLUFXODUSH
DDVLJXUDSURWHFœLHRSWLPôFRSLOXOXL DYHœLSUREOHPHFXLQVWDODUHDßQ PDUJLQHDLQIHULRDUôDVSôWDUHORU
¿QSUH]HQWHFKLSôPDXWRYHKLFXOXOFX DXWRYHKLFXODXQXLVFDXQSHQWUXFRSLO EDQFKHWHLVSDWH
GRXôSXQFWHGHDQFRUDUHLQIHULRDUH YôUHFRPDQGôPVôFRQVXOWDœL  $VLJXUDœLYôFôQXH[LVWôFRUSXUL
,62),;DPSODVDWHßQFHOHGRXô DWHOLHUXOVHUYLFHDXWRUL]DW VWUôLQHßQDSURSLHUHDDQFRUHORU
SR]LœLLGHDŏH]DUHH[WHULRDUHŏLFX LQIHULRDUHDFHQWXULORUGH
SXQFWHGHDQFRUDUHVXSHULRDUHßQ VLJXUDQœôVDXDFDWDUDPHORU
SDUWHDGLQVSDWHDVFDXQHORUVSDWH
6FDXQHOHVLVWHPHOHGHVLJXUDQϙ 

DFHVWRUD$FHVWHDSRWßPSLHGLFD 1RWô 1XXWLOL]DœLGLVSR]LWLYHOH,62),;GH


IL[DUHDFRUHFWôGHDQFRUH 'HRDUHFHFHQWXUDGHVLJXUDQœô DQFRUDUHßQ]RQHOHLQIHULRDUôŏL
DVFDXQXOXLSHQWUXFRSLL VFDXQXOSHQWUXFRSLLVHSRDWH VXSHULRDUôSHQWUXDIL[DFHQWXULOH
 $ŏH]DœLVFDXQXOSHQWUXFRSLLSH ßQFLQJHGDFôHVWHOôVDWßQ GHVLJXUDQœôSHQWUXDGXOœLFXUHOH
ORFXODOHVSHVWHFHOHGRXôDQFRUH DXWRYHKLFXOXOßQFKLVYHULILFDœLSHUQD VDXDOWHHFKLSDPHQWHßQ
LQIHULRDUHIL[ÓQGXOGHDQFRUH VFDXQXOXLSHQWUXFRSLLŏLFDWDUDPHOH DXWRYHKLFXOXOGXPQHDYRDVWUô
FRQIRUPLQVWUXFœLXQLORUIXUQL]DWH FHQWXULORUGHVLJXUDQœôßQDLQWHGH
DDŏH]DFRSLOXOßQVFDXQ 8WLOL]DUHDGLVSR]LWLYHORU,62),;GH
ßPSUHXQôFXVFDXQXOSHQWUXFRSLL DQFRUDUHßQ]RQHOHLQIHULRDUôŏL
 5HJODœLŏLIL[DœLIHUPVFDXQXO VXSHULRDUôSHQWUXDVXVœLQH
SHQWUXFRSLLFRQIRUP
 $YHUWLVPHQW
FHQWXULOHGHVLJXUDQϙSHQWUX
LQVWUXFœLXQLORUIXUQL]DWHRGDWôFX DGXOœLFXUHOHVDXDOWHHFKLSôULDOH
8WLOL]DœLGLVSR]LWLYHOH,62),;GH
DFHVWD DXWRYHKLFXOXOXLGXPQHDYRDVWUô
DQFRUDUHßQ]RQHOHLQIHULRDUôŏL
VXSHULRDUôQXPDLßQVFRSXOSHQWUX QXYDDVLJXUDSURWHFœLDDGHFYDWô
$WHQœLH FDUHDXIRVWFRQFHSXWH ßQFD]XOXQHLFROL]LXQLŏLSRDWH
DYHDFDHIHFWYôWôPôULJUDYHVDX
8QVFDXQSHQWUXFRSLLQHXWLOL]DWVH 'LVSR]LWLYHOH,62),;GHDQFRUDUH FKLDUGHFHVXO
SRDWHGHSODVDVSUHßQDLQWH ßQ]RQHOHLQIHULRDUôŏLVXSHULRDUô
DXIRVWFRQFHSXWHQXPDLSHQWUX
'HPRQWDœLVFDXQXOSHQWUXFRSLL VXVœLQHUHDVFDXQHORUSHQWUXFRSLL
GDFôQXHVWHIRORVLWVDXIL[DœLOFX HFKLSDWHFXVLVWHPHGHDWDŏDUHGH
FHQWXUDGHVLJXUDQœô DQFRUHOHGLQ]RQDLQIHULRDUôŏL
VXSHULRDUô
 6FDXQHOHVLVWHPHOHGHVLJXUDQϙ

 $YHUWLVPHQW 'DFôDFHVWDHVWHLQVWDODWSH ,QHOHOHGHDQFRUDUH


VFDXQXOSDVDJHUXOXLGLQIDϙ VXSHULRDUH
$ŏH]DUHDXQXLVFDXQSHQWUXFRSLL PXWDœLVFDXQXOFÓWPDLßQVSDWH
SHVFDXQXOIDϙSRDWHFRQGXFHOD SRVLELO
UôQLULJUDYHVDXPRUWDOH
1XLQVWDODœLQLFLRGDWôXQVLVWHPGH $WHQœLH
UHœLQHUHDFRSLOXOXLRULHQWDWFRQWUDU
VHQVXOXLGHGHSODVDUH 6FDXQHOHSHQWUXFRSLLGH
DDXWRYHKLFXOXOXLSHVFDXQXO GLPHQVLXQLQRUPDOHRULHQWDWHFX
SDVDJHUXOXLGLQIDœôGDFô VSDWHOHODGLUHFœLDGHPHUVSRWVô
DXWRYHKLFXOXOHVWHHFKLSDWFX QXILHDGHFYDWHSHQWUXLQVWDODUH
DLUEDJSHQWUXVFDXQXO 3HQWUXLQIRUPDœLLSULYLQGVFDXQHOH
SDVDJHUXOXL SHQWUXFRSLLDGHFYDWHDGUHVDœLYô
&RSLOXODŏH]DWßQWUXQVFDXQ GLVWULEXLWRUXOXLDXWRUL]DW
SHQWUXFRSLLRULHQWDWFXVSDWHOHOD ,QVWDODUHDVFDXQHORU,62),;
VHQVXOGHPHUVLQVWDODWSH SHQWUXFRSLLFXDMXWRUXODQFRUHORU 1RWFKEDFN!
VFDXQXOSDVDJHUXOXLIDœôSRDWHIL VXSHULRDUHŏLLQIHULRDUH
JUDYUôQLWßQFD]XOGHFODQŏôULL
DLUEDJXOXL
,QVWDODœLßQWRWGHDXQDVFDXQXO
SHQWUXFRSLLRULHQWDWFXVSDWHOHOD
VHQVXOGHPHUVSHEDQFKHWô
'LVSR]LWLYXOGHUHœLQHUHRULHQWDWßQ
GLUHFœLDGHGHSODVDUHWUHEXLH
LQVWDODWSHXQXOGLQWUHORFXULOHGLQ
VSDWHRULFÓQGHVWHSRVLELODFHVW
OXFUX
6FDXQHOHVLVWHPHOHGHVLJXUDQϙ 

+DWFKEDFN!  6WUÓQJHœLFKLQJDVXSHULRDUô
3HQWUXDDYHDDFFHVODSXQFWHOHGH DVFDXQXOXLSHQWUXFRSLOßQ
DQFRUDUHVXSHULRDUHSURFHGDœLDVWIHO FRQIRUPLWDWHFXLQVWUXFœLXQLOH
IXUQL]DWHRGDWôFXVFDXQXOSHQWUX
 ¿QGHSôUWDœLRELHFWHOHVWUôLQHGLQ FRSLL
MXUXOSXQFWXOXLGHDQFRUDUH
VXSHULRU1RWFKEDFN'HVFKLGHœL  'XSôLQVWDODUHßPSLQJHœLŏLWUDJHœL
FDSDFXOŏLWUDJHœLSXQFWXOGH GHVFDXQXOSHQWUXFRSLOSHQWUXDL
DQFRUDUHßQVXV+DWFKEDFN YHULILFDIL[DUHDIHUPô
6FRDWHœLFRSHUWLQDSRUWEDJDMXOXL
 )L[DœLFOHPDFHQWXULLVXSHULRDUH
DVFDXQXOXLSHQWUXFRSLLGHDQFRUD
VXSHULRDUôDVLJXUÓQGXYôFô
FHQWXUDQXHVWHUôVXFLWô +DWFKEDFN!
'DFôORFXOGLQDXWRYHKLFXOSHFDUH
LQVWDODœLVFDXQXOSHQWUXFRSLLHVWH  $YHUWLVPHQW
GRWDWFXWHWLHUôUHJODELOôŏLIRORVLœL
9HULILFDœLGDFôDœLIL[DWFRUHFW
RFKLQJôGXEOôWUHFHœLFKLQJDßQ
FOHPDFHQWXULLVXSHULRDUH
MXUXOWHWLHUHL
DVFDXQXOXLSHQWUXFRSLOGHDQFRUD
'DFôORFXOGLQDXWRYHKLFXOSHFDUH VXSHULRDUô
LQVWDODœLVFDXQXOSHQWUXFRSLLHVWH
)L[DUHDLQFRUHFWôDFKLQJLL
HFKLSDWFXWHWLHUôUHJODELOôŏL 1RWFKEDFN!
VXSHULRDUHŏLDDQFRUHLVXSHULRDUH
IRORVLœLRFKLQJôVLPSOôULGLFDœL
SRDWHDQXODFRPSOHWHILFLHQœD
WHWLHUDŏLWUHFHœLFKLQJDSHVXE
DFHVWRUD
WHWLHUôSULQWUHWLMHOHVDOHGHIL[DUH
 'HSR]LWDUHD

'HSR]LWDUHD &RPSDUWLPHQWHOHGH
GHSR]LWDUH
&RPSDUWLPHQWHOHGHGHSR]LWDUH    &RPSDUWLPHQWXOGH
3RUWEDJDMXO   GHSR]LWDUHGLQSDQRXOGH
,QVWUXFœLXQLUHIHULWRDUHOD ERUG
ßQFôUFDUH  

&RPSDUWLPHQWHOHGHGHSR]LWDUHVXQW
DPSODVDWHßQWDEORXOGHERUG$FHVWHD
VHXWLOL]HD]ôSHQWUXGHSR]LWDUHD
DUWLFROHORUPLFLHWF
'HSR]LWDUHD 

&RPSDUWLPHQWXOGHGHSR]LWDUHDGH
GHDVXSUDWRUSHGRXOXLHVWHHFKLSDWFX  $YHUWLVPHQW
LQWUôUL$8;ŏL86%
3HQWUXDUHGXFHULVFXOGHUôQLUH
6LVWHPXO,QIRWDLQPHQW  ßQWUXQDFFLGHQWVDXßQFD]XOXQHL
RSULULEUXŏWHWRUSHGRXOWUHEXLHVô
7RUSHGRXO ILHßQWRWGHDXQDßQFKLVßQWLPSXO
GHSODVôULL

6XSRUWXULOHSHQWUXSDKDUH

6XSRUWXULOHSHQWUXSDKDUHVXQW
GLVSXVHßQFRQVRODFHQWUDOôŏLßQ
SDUWHDSRVWHULRDUôDFRQVROHL
FHQWUDOH

7UDJHœLGHPDQHWôSHQWUXDO
GHVFKLGH
 'HSR]LWDUHD

 $YHUWLVPHQW 6XSRUWXOSHQWUXRFKHODUL &RPSDUWLPHQWXOGH


GHSR]LWDUHGHVXEVFDXQ
1XDŏH]DœLSDKDUHIôUôFDSDFFX
OLFKLGHILHUELQœLßQVXSRUWXOSHQWUX
SDKDUßQWLPSXOFHDXWRYHKLFXOXO
HVWHßQPLŏFDUH'DFôOLFKLGXO
ILHUELQWHVHYDUVôYôSRDWH
SURYRFDDUVXUL6HQ]DœLDGHDUVXUô
SRDWHFDX]DSLHUGHUHDFRQWUROXOXL
DVXSUDDXWRYHKLFXOXOXLGHFôWUH
ŏRIHU
3HQWUXDUHGXFHULVFXOGHUôQLUHßQ
FD]GHRSULUHEUXVFôVDXFROL]LXQH
QXDŏH]DœLVWLFOHSDKDUHFôQLHWF
IôUôFDSDFVDXQHDVLJXUDWHßQ 5DEDWDœLßQMRVŏLGHVFKLGHœL
VXSRUWXOGHSDKDUßQWLPSFH 3HQWUXDXWLOL]DVHUWDUXOGHGHSR]LWDUH
DXWRYHKLFXOXOHVWHßQPLŏFDUH $WHQœLH GHVXEVFDXQXOSDVDJHUXOXLULGLFDœL
FDSôWXOVHUWDUXOXLŏLWUDJHœLOVSUH
1XXWLOL]DœLVXSRUWXOSHQWUX SDQRXOGHERUG¿PSLQJHœLVHUWDUXO
GHSR]LWDUHDRELHFWHORUJUHOH VSUHVFDXQSHQWUXFDDFHVWDVôUHYLQô
ßQSR]LœLDLQLœLDOô
'HSR]LWDUHD 

3RUWEDJDMXO 1RWô
5DEDWHUHDXQXLVFDXQVSDWHFX
FHQWXULOHGHVLJXUDQϙQHGHFXSODWH
5DEDWDUHDVSôWDUHORUVFDXQHORU SRDWHFDX]DGHWHULRUDUHDVFDXQXOXL
VSDWH VDXDFHQWXULORUGHVLJXUDQϙ
'HVIDFHœLßQWRWGHDXQDFHQWXULOHGLQ
 $YHUWLVPHQW FDWDUDPHŏLDGXFHœLOHßQSR]LœLDGH
SôVWUDUHßQDLQWHGHDUDEDWDVFDXQXO
1XVWLYXLœLEDJDMHVDXDOWH VSDWH
ßQFôUFôWXULDVWIHOßQFÓWßQôOœLPHD  ¿PSLQJHœLßQMRVWHWLHUHOHDSôVÓQG
DFHVWRUDVôRGHSôŏHDVFôSHFHD RSULWRUXO
DVFDXQHORUIDϙ
1RWô
1XSHUPLWHœLSDVDJHULORUVôVH 3HQWUXDDVLJXUDVSDœLXOQHFHVDU  7UDJHœLPDQHWDGHHOLEHUDUH
DŏH]HSHVSôWDUHOHUDEDWDWHDWXQFL FRPSOHWôULLDFHVWHLRSHUDœLL DVSôWDUXOXLEDQFKHWHLGLQVSDWHŏL
FÓQGDXWRYHKLFXOXOHVWHßQ GHSODVDœLVFDXQXOGLQIDœôVSUH UDEDWDœLVSôWDUXOVSUHßQDLQWH
PLŏFDUH ßQDLQWHŏLUHJODœLVSôWDUXODFHVWXLDßQ
%DJDMHOHVDXSDVDJHULL SR]LœLHYHUWLFDOô
QHDVLJXUDœLDIODœLSHXQVSôWDU
UDEDWDWSRWILDUXQFDœLßQLQWHULRU
VDXHMHFWDœLGLQYHKLFXOßQFD]XO
XQHLRSULULEUXŏWHVDXDFFLGHQW
$FHVWOXFUXSRDWHSURYRFD
DFFLGHQWôULJUDYHVDXPRUWDOH

3HQWUXDSOLDVHSDUDWVSôWDUHOH
VFDXQHORUVSDWH
 'HSR]LWDUHD

&HQWXUDGHVLJXUDQϙDVFDXQXOXL
FHQWUDOGLQVSDWHVHSRDWHEORFDOD  $YHUWLVPHQW
ULGLFDUHDVSôWDUXOXLVFDXQXOXL'DFô
VHßQWÓPSOôDFHVWOXFUXOôVDœLFHQWXUD $VLJXUDœLYôFôVSôWDUHOH
VôVHUHWUDFWH]HŏLßQFHUFDœLGLQQRX VFDXQHORUVSDWHVXQWUHSR]LœLRQDWH
FRPSOHWŏLIL[DWHßQSR]LœLHßQDLQWH
3HQWUXUHIL[DUHDSHUQHLEDQFKHWHL GHDSRUQLDXWRYHKLFXOXOFX
DPSODVDœLSDUWHDSRVWHULRDUôDSHUQHL SDVDJHULSHVFDXQXOGLQVSDWH
ßQSR]LœLDLQLœLDOôDVWIHOßQFÓWFHQWXUD
GHVLJXUDQœôVôQXILHUôVXFLWôVDX 1XWUDJHœLGHPDQHWHOHGH
SULQVôVXESHUQDEDQFKHWHLDSRL GHEORFDUHGLQSDUWHDVXSHULRDUô
ßPSLQJHœLIHUPSDUWHDIURQWDOô DVSôWDUXOXLßQWLPSXOPHUVXOXL
DEDQFKHWHLSÓQôODIL[DUHDDFHVWHLD ¿QFD]FRQWUDUH[LVWôULVFXO
 ,QWURGXFHœLFHQWXULOHGHVLJXUDQœô SURGXFHULLGHYôWôPôULFRUSRUDOH
DOHORFXULORUODWHUDOHVSDWHßQ $WHQœLH VDXOH]LXQLRFXSDQœLORU
GLVSR]LWLYHOHGHJKLGDUH
&ÓQGUHDGXFHœLVSôWDUXOVSDWHßQ
3HQWUXDUHDGXFHVSôWDUXOVFDXQXOXL $WHQœLH
SR]LœLDYHUWLFDOôDŏH]DœLFHQWXUD
ßQSR]LœLDRULJLQDOôWUDJHœLFHQWXUDGH
GHVLJXUDQœôVSDWHŏLFDWDUDPHOH
VLJXUDQϙGLQGLVSR]LWLYHOHGHJKLGDUH 5DEDWHUHDXQXLVFDXQVSDWHFX
ßQWUHVSôWDUXOVSDWHŏLSHUQô
DFHQWXULLŏLULGLFDœLVSôWDUXOVFDXQXOXL FHQWXULOHGHVLJXUDQœô
$VLJXUDœLYôFôFHQWXULOHGH
ßQVXV QHGHFXSODWHSRDWHFDX]D
VLJXUDQœôŏLFDWDUDPHOHQXYRUIL
¿PSLQJHœLIHUPVSôWDUXOVFDXQXOXLßQ GHWHULRUDUHDVFDXQXOXLVDX
SULQVHVXESHUQDEDQFKHWHLŏL
SR]LœLH DFHQWXULORUGHVLJXUDQœô
GHWHULRUDWH
$VLJXUDœLYôFôFHQWXULOHGHVLJXUDQœô 'HVIDFHœLßQWRWGHDXQDFHQWXULOH
$VLJXUDœLYôFôFHQWXULOHGH
QXVXQWSULQVHGHPHFDQLVPXOGH GLQFDWDUDPHŏLDGXFHœLOHßQ
VLJXUDQœôQXVXQWUôVXFLWHVDX
SOLHUH SR]LœLDGHSôVWUDUHßQDLQWHGH
SULQVHßQVSôWDUXOEDQFKHWHLŏLFô
DUDEDWDVFDXQXOVSDWH
VXQWDUDQMDWHßQSR]LœLHDGHFYDWô
'HSR]LWDUHD 

 $YHUWLVPHQW &RSHUWLQDSRUWEDJDMXOXL 7ULXQJKLXOUHIOHFWRUL]DQW


1XSHUPLWHœLQLFLRGDWôSDVDJHULORU
VôVHDŏH]HSHVSôWDUHGHVFDXQ
UDEDWDWHßQWLPSFHDXWRYHKLFXOXO
HVWHßQPLŏFDUHßQWUXFÓWDFHDVWD
QXHVWHRSR]LœLHFRUHFWôGH
DŏH]DUHLDUFHQWXULOHGHVLJXUDQœô
QXVXQWGLVSRQLELOHSHQWUX
XWLOL]DUH
$FHDVWDSRDWHDYHDFDUH]XOWDW
YôWôPôULFRUSRUDOHVDXFKLDU
GHFHVßQFD]GHDFFLGHQWVDX
RSULUHEUXVFô
$WXQFLFÓQGFRSHUWLQDSRUWEDJDMXOXL 7ULXQJKLXOUHIOHFWRUL]DQWSRDWHIL
2ELHFWHOHWUDQVSRUWDWHSHVSôWDUXO HVWHDPSODVDWôßQSR]LœLDULGLFDWô GHSR]LWDWOHJDWFXFKLQJLGHFDXFLXFOD
UDEDWDWQXWUHEXLHVôDLEô DŏH]DœLRßQSR]LœLDGHIL[DUH DPEHOHFDSHWHGHSDQRXOVSDWH
RßQôOœLPHFDUHVôGHSôŏHDVFô
SDUWHDVXSHULRDUôDVFDXQHORU 1RWô 6FRDWHœLWULXQJKLXOUHIOHFWRUL]DQW
IDœô$FHDVWDSRDWHGHWHUPLQD 'DFôFRSHUWLQDSRUWEDJDMXOXLHVWH DWXQFLFÓQGGHVFKLGHœLFRYRUDŏXO
DOXQHFDUHDVSUHßQDLQWH ORFDOL]DWôßQPRGQHFRUHVSXQ]ôWRU SRGHOHLSRUWEDJDMXOXLSHQWUXDXWLOL]D
DßQFôUFôWXULLFDX]ÓQGYôWôPôUL VHYDDX]LXQKXUXLWŏLFRSHUWLQDVH XQHOWHOH6WUÓQJHœLFKLQJLOHGH
FRUSRUDOHVDXGHWHULRUDUHD YDX]DGDWRULWôLQWUôULLßQFRQWDFWFX FDXFLXFßQDLQWHVôßQFKLGHœLFRYRUDŏXO
DXWRYHKLFXOXOXLODRRSULUHEUXVFô VFDXQXOGLQVSDWH SRGHOHLSRUWEDJDMXOXL
1RWô
$FHVWDXWRYHKLFXOQXHVWHHFKLSDWFX
WULXQJKLUHIOHFWRUL]DQW
 'HSR]LWDUHD

,QVWUXFœLXQLUHIHULWRDUH PÓQôŏLDPDQHWHLVHOHFWRUXOXLGH XQLIRUPŏLDVLJXUDœLR


YLWH]HŏLVôQXOLPLWH]HOLEHUWDWHDGH FRUHVSXQ]ôWRUFXDMXWRUXOFKLQJLORU
ODßQFôUFDUH PLŏFDUHDŏRIHUXOXL1XDŏH]DœLßQ GHDPDUDUH5HJODœLSUHVLXQHDßQ
LQWHULRUXODXWRYHKLFXOXOXLRELHFWH DQYHORSHßQFRQFRUGDQœôFX
࿢ 2ELHFWHOHJUHOHGLQSRUWEDJDMYRUIL QHDVLJXUDWH ßQFôUFDUHDDXWRYHKLFXOXOXL
SODVDWHVSUHVSôWDUHOHVFDXQHORU ࿢ 1XFRQGXFHœLFXKD\RQXOGHVFKLV 9HULILFDœLŏLUHWHQVLRQDœLIUHFYHQW
$VLJXUDœLYôFôVSôWDUHOHVXQW VDXFXFDSDFXOSRUWEDJDMXOXL FKLQJLOH
EORFDWHFRUHFWßQSR]LœLH'DFôHVWH GHVFKLV 
QHFHVDUFDRELHFWHOHVôILHVWLYXLWH
XQHOHSHVWHDOWHOHFHOHJUHOHYRUIL ࿢ 6DUFLQDXWLOôHVWHGLIHUHQœDGLQWUH
DŏH]DWHODED]ô PDVDWRWDOôPD[LPôSHUPLVô
FRQIRUPSOôFXœHLGHLGHQWLILFDUH
࿢ $VLJXUDœLRELHFWHOHGLQSRUWEDJDM  ŏLPDVDSURSULH
ßPSRWULYDDOXQHFôULL DDXWRYHKLFXOXOXL3HQWUXGHWDOLL
࿢ &ÓQGWUDQVSRUWDœLRELHFWHßQ SULYLQGPDVDSURSULH
SRUWEDJDMVSôWDUHOHVFDXQHORUGLQ DDXWRYHKLFXOXOXLYH]LVHFœLXQHDFX
VSDWHQXWUHEXLHVôILHßQFOLQDWH GDWHWHKQLFH
VSUHßQDLQWH 0DVDSURSULHLQFOXGHPDVD
࿢ ¿QFôUFôWXUDQXWUHEXLHVô ŏRIHUXOXL NJ DEDJDMXOXL NJ
GHSôŏHDVFôPDUJLQHDVXSHULRDUô ŏLDIOXLGHORU UH]HUYRUSOLQ 
DVSôWDUHORU (FKLSDPHQWHOHRSœLRQDOHŏL
࿢ 1XDPSODVDœLQLFLXQRELHFWSH DFFHVRULLOHPôUHVFPDVDSURSULH
FRSHUWLQDSRUWEDJDMXOXLVDXSH DDXWRYHKLFXOXOXL
SODQŏDGHERUGŏLQXDFRSHULœL ࿢ &RQGXFHUHDFXSRUWEDJDMGH
VHQ]RUXOGLQSDUWHDVXSHULRDUô DFRSHULŏFUHŏWHVHQVLELOLWDWHDOD
DSODQŏHLGHERUG YÓQWODWHUDOŏLDIHFWHD]ô
࿢ ¿QFôUFôWXUDQXWUHEXLHVô PDQHYUDELOLWDWHDDXWRYHKLFXOXOXL
REVWUXFœLRQH]HDFœLRQDUHD GDWRULWôULGLFôULLFHQWUXOXLGH
SHGDOHORUDPDQHWHLIUÓQHLGH JUHXWDWH'LVWULEXLœLßQFôUFôWXUD
,QVWUXPHQWHOHŏLFRPHQ]LOH 

,QVWUXPHQWHOHŏL &RPHQ]LOH $WHQœLH


FRPHQ]LOH 5HJODUHDYRODQXOXL 'DFôVHSURGXFHXQLPSDFW
SXWHUQLFODD[XOFRORDQHLGH
GLUHFœLHDWXQFLFÓQGVHUHJOHD]ô
&RPHQ]LOH   YRODQXOVDXVHEORFKHD]ôSÓUJKLD
/ôPSLOHGHDYHUWL]DUHDSDUDWHOH DFHDVWDSRDWHFRQGXFHOD
GHPôVXUôŏLLQGLFDWRDUHOH   GHWHULRUDUHDFRPSRQHQWHORU
FRORDQHLGHGLUHFœLH
$ILŏDMXOSHQWUXLQIRUPDœLL  
0HVDMHOHDXWRYHKLFXOXOXL  
&RPHQ]LOHGHSHYRODQ
&RPSXWHUXOGHERUG  
3HUVRQDOL]DUHDDXWRYHKLFXOXOXL  

'HEORFDœLPDQHWDUHJODœLYRODQXO
DSRLIL[DœLßQSR]LœLHPDQHWDŏL
DVLJXUDœLYôFôVDEORFDWFRPSOHW
1XUHJODœLYRODQXOGHFÓWDWXQFLFÓQG
DXWRYHKLFXOXOHVWHVWDœLRQDU

6LVWHPXO,QIRWDLQPHQW PXOWLPHGLD ŏL


UHJXODWRUXOGHYLWH]ôGHFURD]LHUôVH
SRWDFœLRQDSULQLQWHUPHGLXO
FRPHQ]LORUGHSHYRODQ
 ,QVWUXPHQWHOHŏLFRPHQ]LOH

6LVWHPXO,QIRWDLQPHQW  ŎWHUJôWRDUHOHVSôOôWRUXO )XQFœLDGHGH]DEXULUH


&RQWUROXOYLWH]HLGHFURD]LHUô  3HQWUXDDFœLRQDŏWHUJôWRDUHOHGH
GHSDUEUL] SDUEUL]RVLQJXUôGDWôßQFD]GHSORDLH
XŏRDUôVDXDEXULUHD
&OD[RQXO ŎWHUJôWRDUHOHGHSDUEUL] JHDPXULORUDSôVDœLXŏRUßQMRVPDQHWD
ŏWHUJôWRDUHORUVSôOôWRUXOXLGH
SDUEUL]DSRLHOLEHUDœLR'XSô
HOLEHUDUHPDQHWDYDUHYHQLDXWRPDW
ßQSR]LœLDLQLœLDOôŎWHUJôWRDUHOHGH
SDUEUL]YRUIXQFœLRQDXQVLQJXUFLFOX

$SôVDœLH 3HQWUXDDFœLRQDŏWHUJôWRDUHOHGH
SDUEUL]URWLœLFKHLDGHFRQWDFWßQ
SR]LœLD21ŏLGHSODVDœLPDQHWD
ŏWHUJôWRDUHORUVSôOôWRUXOXLGH
SDUEUL]ßQVXV
 ŎWHUJHUHFRQWLQXôUDSLGô
 ŎWHUJHUHFRQWLQXôYLWH]ô
UHGXVô
3 )XQFœLRQDUHLQWHUPLWHQWô
c 6LVWHPXORSULW
4 )XQFœLDGHGH]DEXULUH
,QVWUXPHQWHOHŏLFRPHQ]LOH 

$WHQœLH
,QWHUYDOXOGHŏWHUJHUHUHJODELO 6SôOôWRUXOGHSDUEUL]

$EVHQœDXQHLEXQHYL]LELOLWôœL
SHQWUXŏRIHUSRDWHFRQGXFHOD
DFFLGHQWHXUPDWHGHUôQLUL
SHUVRQDOHVDXGHWHULRUôULDOH
DXWRYHKLFXOXOXLVDXDOWHGDXQH
PDWHULDOH
1XDFœLRQDœLŏWHUJôWRDUHOHGH
SDUEUL]FÓQGSDUEUL]XOHVWHXVFDW
VDXSHVXSUDIDœDVDVHDIOô
REVWDFROHFXPDUIL]ôSDGôVDX
JKHDœô8WLOL]DUHDŏWHUJôWRDUHORU
SHXQSDUEUL]DVWIHOREVWUXFœLRQDW 5ôVXFLœLEXWRQXOURWDWLYSHQWUX 7UDJHœLPDQHWD/LFKLGXOGHVSôODUH
SRDWHGHWHULRUDODPHOHOH VHWDUHDLQWHUYDOXOXLGHŏWHUJHUHGRULW HVWHSXOYHUL]DWSHSDUEUL]ŏL
ŏWHUJôWRDUHORUPRWRUXODFHVWRUDŏL ŏWHUJôWRDUHOHSDUFXUJFÓWHYDFXUVH
VXSUDIDœDSDUEUL]XOXL ,QWHUYDO UôVXFLœLßQVXVEXWRQXO
VFXUW URWDWLY
¿QDLQWHGHSXQHUHDßQIXQFœLXQHSH ,QWHUYDO UôVXFLœLßQVXVEXWRQXO
YUHPHUHFHYHULILFDœLGDFô OXQJ ßQMRV
ODPHOHOHQXDXßQJKHœDWSHSDUEUL]
3XQHUHDßQIXQFœLXQH
DŏWHUJôWRUXOXLDWXQFLFÓQGODPD
HVWHßQJKHœDWôSRDWHGHWHULRUD
PRWRUXOŏWHUJôWRUXOXL
 ,QVWUXPHQWHOHŏLFRPHQ]LOH

ŎWHUJôWRUXOVSôOôWRUXOGH $SôVDœLSDUWHDLQIHULRDUô
$WHQœLH DFRPXWDWRUXOXLSHQWUXDDFœLRQD
OXQHWô ŏWHUJôWRUXOODLQWHUYDOHSUHVWDELOLWH
1XDFœLRQDœLFRQWLQXXVSôOôWRUXOGH
SDUEUL]SHQWUXPDLPXOWGHFÓWHYD ŎWHUJôWRUXOVSôOôWRUXOGHOXQHWô 3HQWUXDGH]DFWLYDŏWHUJôWRUXO
VHFXQGHVDXDWXQFLFÓQG DGXFHœLFRPXWDWRUXOßQSR]LœLDQHXWUô
QXPDL+DWFKEDFN
UH]HUYRUXOFXOLFKLGGHVSôODUHHVWH
6SôOôWRUXO
JRO$FHVWOXFUXSRDWHGHWHUPLQD ŎWHUJôWRUXO
VXSUDßQFôO]LUHDPRWRUXOXL
VSôOôWRUXOXLGHSDUEUL]
FRQGXFÓQGODUHSDUDœLL
FRVWLVLWRDUH

 $YHUWLVPHQW
1XSXOYHUL]DœLOLFKLGGHVSôODUHSH
SDUEUL]SHYUHPHUHFH8WLOL]DUHD
OLFKLGXOXLGHVSôODUHŏL
DŏWHUJôWRDUHORUSRDWHSURGXFHXQ
DFFLGHQWSHYUHPHGHßQJKHœ
GHRDUHFHOLFKLGXOGHVSôODUHSRDWH ¿PSLQJHœLPDQHWDVSUHSDQRXOGH
IRUPDVWUDWGHJKHDœôSHSDUEUL] 3HQWUXDDFœLRQDŏWHUJôWRUXOGH ERUG
ßPSLHGLFÓQGYL]LELOLWDWHDŏRIHUXOXL OXQHWôDSôVDœLFRPXWDWRUXOGLQ
FDSôWXOPDQHWHL /LFKLGXOGHVSôODUHHVWHSXOYHUL]DWSH
OXQHWôŏLŏWHUJôWRUXOH[HFXWôFÓWHYD
$SôVDœLSDUWHDVXSHULRDUô FXUVH
DFRPXWDWRUXOXLSHQWUXDDFœLRQD
ŏWHUJôWRUXOßQPRGFRQWLQXX
,QVWUXPHQWHOHŏLFRPHQ]LOH 

$WHQœLH /LFKLGXOGHVSôODUHSRDWHßQJKHœD &HDVXO


SHOXQHWDßQJKHœDWôßPSLHGHFÓQG
$EVHQœDXQHLEXQHYL]LELOLWôœL DVWIHOYL]LELOLWDWHD
SHQWUXŏRIHUSRDWHFRQGXFHOD
DFFLGHQWHXUPDWHGHUôQLUL $WHQœLH
SHUVRQDOHVDXGHWHULRUôULDOH
DXWRYHKLFXOXOXLVDXDOWHGDXQH 1XDFœLRQDœLFRQWLQXXVSôOôWRUXOGH
PDWHULDOH SDUEUL]SHQWUXPDLPXOWGHFÓWHYD
1XRSHUDœLŏWHUJôWRUXOGHSDUEUL] VHFXQGHVDXDWXQFLFÓQG
SHQWUXOXQHWôDWXQFLFÓQGDFHDVWD UH]HUYRUXOFXOLFKLGGHVSôODUHHVWH
HVWHXVFDWôVDXDFRSHULWôGH JRO$FHVWOXFUXSRDWHGHWHUPLQD
H[HPSOXGH]ôSDGôVDXJKHDœô VXSUDßQFôO]LUHDPRWRUXOXL
$FœLRQDUHDŏWHUJôWRUXOXLGHOXQHWô VSôOôWRUXOXLGHSDUEUL]
FÓQGDFHDVWDHVWHXVFDWôVDX FRQGXFÓQGODUHSDUDœLL
2UDŏLGDWDVXQWSUH]HQWDWHßQDILŏDMXO
DFRSHULWôFX]ôSDGôVDXJKHDœô FRVWLVLWRDUH
VLVWHPXOXL,QIRWDLQPHQW
SRDWHFDX]DGHWHULRUDUHDODPHL
ŏWHUJôWRUXOXLPRWRUXOXLDFHVWXLD 6HWôULOHSHQWUXRUôŏLGDWôVHSRW
VDXDJHDPXOXL UHJOD
¿QDLQWHGHSXQHUHDßQIXQFœLXQHSH 6LVWHPXO,QIRWDLQPHQW 
YUHPHUHFHYHULILFDœLGDFô
ODPHOHOHQXDXßQJKHœDWSHSDUEUL]
SHQWUXDSUHYHQLGHWHULRUDUHD
PRWRUXOXLŏWHUJôWRUXOXL
&ÓQGWHPSHUDWXUDHVWHODOLPLWDGH
ßQJKHœQXSXOYHUL]DœLOLFKLGGH
VSôODUHSHOXQHWôSÓQôFÓQG
DFHDVWDVDßQFôO]LW
 ,QVWUXPHQWHOHŏLFRPHQ]LOH

3UL]HOHGHFXUHQW $WHQœLH
1XFRQHFWDœLQLFLRVXUVôGHFXUHQW
VXSOLPHQWDUôGHH[HPSOX
GLVSR]LWLYHGHßQFôUFDUHHOHFWULFô
VDXEDWHULL
1XGHWHULRUDœLSUL]HOHXWLOL]ÓQGILŏH
QHFRUHVSXQ]ôWRDUH

%ULFKHWD
'DFôDXWRYHKLFXOXOQXHVWHHFKLSDW
FXXQVLVWHP,QIRWDLQPHQWRUDHVWH
DILŏDWôßQSDQRXOGHLQVWUXPHQWH 2SUL]ôGH9HVWHDPSODVDWôßQ
3HQWUXDDILŏDRUDDSôVDœLEXWRQXOGH FRQVRODFHQWUDOô
UHVHWDUHGLQSDQRXOGHLQVWUXPHQWH 1XGHSôŏLœLFRQVXPXOPD[LPGH
3HQWUXDVHWDRUDDSôVDœLOXQJ SXWHUHGH:
EXWRQXOGHUHVHWDUHßQWLPSFHVH &ÓQGFRQWDFWXOHVWHGHFXSODWSUL]HOH
DILŏHD]ôRUD SHQWUXDFFHVRULLVHGH]DFWLYHD]ô
3HQWUXFUHŏWHUHDRUHORUPLQXWHORU ¿QSOXVSUL]DSHQWUXDFFHVRULLHVWH
DSôVDœLVFXUWEXWRQXOGHUHVHWDUH GH]DFWLYDWôŏLGDFôßQFôUFDUHD
3HQWUXVHWDUHDRUHLPLQXWHORU EDWHULHLHVWHVODEô
DSôVDœLOXQJEXWRQXOGHUHVHWDUH 3HQWUXDDFWLYDEULFKHWDURWLœLFKHLD
GHFRQWDFWßQSR]LœLLOH$&&VDX21ŏL
$SôVDUHOXQJôSHVWHVHFXQGH DSôVDœLFRPSOHWEULFKHWD
DSôVDUHVFXUWôVXEVHFXQGH 
,QVWUXPHQWHOHŏLFRPHQ]LOH 

%ULFKHWDYDVôULSDUœLDOßQPRG 1XDWLQJHœLFRUSXOEULFKHWHLŏLQX
DXWRPDWDWXQFLFÓQGHVWHJDWDGH  $YHUWLVPHQW
SHUPLWHœLFRSLLORUVôSXQôßQ
XWLOL]DUH IXQFœLXQHVDXVôVHMRDFHFX
'DFôOôVDœLßQDXWRYHKLFXOSHWLPS
GHYDUôVXEVWDQœHLQIODPDELOH EULFKHWD
$WHQœLH
H[SOR]LYHFXPDUILREULFKHWôFX 0HWDOXOILHUELQWHSRDWHFDX]D
JD]DFHDVWDSRDWHH[SORGDŏL OH]LXQLVDXGHWHULRUDDXWRYHKLFXOXO
6XSUDßQFôO]LUHDEULFKHWHLSRDWH
SURGXFHXQLQFHQGLXGDWRULWô VDXDOWHEXQXUL
GHWHULRUDILODPHQWXOŏLEULFKHWD
FUHŏWHULLWHPSHUDWXULLßQLQWHULRUXO
ßQVôŏL
DXWRYHKLFXOXOXL$VLJXUDœLYôFôßQ 6FUXPLHUô
1XœLQHœLIRUœDWEULFKHWDDSôVDWôßQ LQWHULRUXODXWRYHKLFXOXOXLQXOôVDœL
WLPSXOßQFôO]LULLDFHVWHLD$FHVW ŏLQXSôVWUDœLQLFLXQIHOGH
OXFUXSRDWHGHWHUPLQD VXEVWDQœHLQIODPDELOHH[SOR]LYH
VXSUDßQFôO]LUHDEULFKHWHL
3XQHUHDßQIXQFœLXQHDXQHL
EULFKHWHGHIHFWHSRDWHIL $WHQœLH
SHULFXORDVô'DFôEULFKHWD
ßQFôO]LWôQXHVWHHMHFWDWôVFRDWHœL 3UL]DSHQWUXEULFKHWôWUHEXLH
RŏLDSHODœLODXQDWHOLHUVHUYLFH XWLOL]DWôGRDUßQDFHVWVFRS'DFô
SHQWUXUHSDUDœLL9ôUHFRPDQGôP VXQWLQVWDODWHDOWHDGDSWRDUHGH
VôDSHODœLODXQDWHOLHUGHVHUYLFH 9ßQSUL]DSHQWUXEULFKHWôVH
DXWRUL]DW¿QFD]FRQWUDUH[LVWô SRDWHDUGHVLJXUDQœDVDXVHSRW
ULVFXOSURGXFHULLGHOH]LXQLŏLDO SURGXFHLQFLGHQWHWHUPLFH
GHWHULRUôULLDXWRYHKLFXOXOXL
$WHQœLH
&RUSXOEULFKHWHLSRDWHGHYHQL
H[WUHPGHILHUELQWHDWXQFLFÓQG
EULFKHWDIXQFœLRQHD]ô
 ,QVWUXPHQWHOHŏLFRPHQ]LOH

$WHQœLH /ôPSLOHGHDYHUWL]DUH &RQWRUXOGHNLORPHWUDM


DSDUDWHOHGHPôVXUôŏL
ŒLJôULOHŏLDOWHPDWHULDOH
LQIODPDELOHVHSRWDSULQGH LQGLFDWRDUHOH
1XSXQHœLKÓUWLLVDXDOWHRELHFWH 9LWH]RPHWUXO
LQIODPDELOHßQVFUXPLHUH
)RFXODSULQVßQVFUXPLHUôSRDWH
FDX]DOH]LXQLGHWHULRUDUHD
DXWRYHKLFXOXOXLVDXDDOWRUEXQXUL

6FUXPLHUDGHWDŏDELOôSRDWHIL
DPSODVDWôßQVXSRUWXULOHSHQWUX
SDKDUH
3HQWUXDGHVFKLGHVFUXPLHUDULGLFDœL &RQWRUXOGHNLORPHWUDMDUDWôQXPôUXO
XŏRUFDSDFXODFHVWHLD'XSôXWLOL]DUH WRWDODONLORPHWULORUVDXPLOHORU
ßQFKLGHœLIHUPFDSDFXO SDUFXUVHGHDXWRYHKLFXO
3HQWUXDJROLVFUXPLHUDßQVFRSXO ([LVWôXQFRQWRUGHSDUFXUV
FXUôœôULLVDOHURWLœLXŏRUSDUWHD LQGHSHQGHQWFDUHPôVRDUôGLVWDQœD
DQWHULRDUôDVFUXPLHUHLVSUHVWÓQJDŏL ,QGLFôYLWH]DDXWRYHKLFXOXOXL SDUFXUVôGHDXWRYHKLFXOGHODXOWLPD
VFRDWHœLR UHVHWDUHDDFHVWHLIXQFœLL
,QVWUXPHQWHOHŏLFRPHQ]LOH 

7XURPHWUXO 0RWRULQD!

%HQ]LQô!

1RWô
3HQWUXDUHVHWDFRQWRUXOGH
NLORPHWUDMOD]HURDSôVDœLEXWRQXOGH $ILŏHD]ôWXUDœLDPRWRUXOXLßQURWDœLLSH
UHVHWDUHGHSHEORFXOLQVWUXPHQWHORU PLQXW
GHERUGSHQWUXFÓWHYDVHFXQGH 'DFôHVWHSRVLELOFRQGXFHœLßQ
RULFDUHYLWH]ôODOLPLWDGHMRVDWXUDœLHL

$WHQœLH
'DFôLQGLFDWRUXOVHDIOôßQ]RQD
URŏLHWXUDœLDPD[LPôDGPLVô
DPRWRUXOXLHVWHGHSôŏLWô0RWRUXO
HVWHßQSHULFRO
 ,QVWUXPHQWHOHŏLFRPHQ]LOH

,QGLFDWRUXOGHQLYHO %DODQVDUHDFRPEXVWLELOXOXLßQ /ôPSLOHGHFRQWURO


UH]HUYRUGHWHUPLQôPLŏFDUHD
FRPEXVWLELO LQGLFDWRUXOXLQLYHOXOXLGHFRPEXVWLELO /ôPSLOHGHFRQWUROGHVFULVHßQ
ODIUÓQDUHDFFHOHUDUHVDXßQYLUDMH FRQWLQXDUHQXVXQWSUH]HQWHßQ
GRWDUHDWXWXURUDXWRYHKLFXOHORU
 3HULFRO 'HVFULHUHDHVWHYDODELOôSHQWUXWRDWH
YHUVLXQLOHGHLQVWUXPHQWHGHERUG
¿QDLQWHGHUHIDFHUHDSOLQXOXLFX /ôPSLOHGHFRQWUROSUH]HQWHSH
FRPEXVWLELORSULœLDXWRYHKLFXOXOŏL DXWRYHKLFXOSRWILGLIHULWHGHFHOHGLQ
PRWRUXO GHVFULHUH/DFXSODUHDFRQWDFWXOXL
PDMRULWDWHDOôPSLORUGHFRQWUROVHYRU
DSULQGHVFXUWFDXQWHVWIXQFœLRQDO
$ILŏDMXOWUDQVPLVLHL 6HPQLILFDœLDFXORULORUOôPSLORUGH
FRQWURO
URŏX SHULFROPHPHQWR
LPSRUWDQW
$ILŏHD]ôQLYHOXOGHFDUEXUDQWGLQ JDOEHQ DYHUWLVPHQW
UH]HUYRU LQIRUPDUH
1XOôVDœLQLFLRGDWôUH]HUYRUXOVôVH GHIHFœLXQH
JROHDVFôFRPSOHW YHUGH FRQILUPDUHDFWLYDUH
'DWRULWôFRPEXVWLELOXOXLDIODWßQ DOEDVWUX
UH]HUYRUFDQWLWDWHDGHFRPSOHWDUH DOE
SRDWHILPDLPLFôGHFÓWFHD
VSHFLILFDWôFXSULYLUHODFDSDFLWDWHD
UH]HUYRUXOXL
,QGLFôWUHDSWDGHYLWH]ôVHOHFWDWôVDX
PRGXOWUDQVPLVLHL
,QVWUXPHQWHOHŏLFRPHQ]LOH 

/ôPSLOHGHFRQWUROGLQJUXSXOGHLQVWUXPHQWH 7LSXO$
 ,QVWUXPHQWHOHŏLFRPHQ]LOH

/ôPSLOHGHFRQWUROGLQJUXSXOGHLQVWUXPHQWH 7LSXO%
,QVWUXPHQWHOHŏLFRPHQ]LOH 

6HPQDOL]DUHDGLUHFœLHL /DFXSODUHDFRQWDFWXOXL FKHLDßQ 'DFôODPSDQXVHDSULQGHQXVH


SR]LœLD21 ODPSDGHFRQWUROVH VWLQJHGXSôFÓWHYDVHFXQGHVDXVH
.FOLSHŏWHßQFXORDUHDYHUGH DSULQGHŏLVHDXGHVHPQDOXOGH DSULQGHßQWLPSXOPHUVXOXLßQVHDPQô
DYHUWL]DUHSHQWUXFÓWHYDVHFXQGHFD FôH[LVWôRGHIHFœLXQHODVLVWHPXOGH
&OLSHŏWH XQPHPHQWRSHQWUXFXSODUHD SUHWHQVLRQDUHDFHQWXULORUGH
/DPSDGHFRQWUROFOLSHŏWHGDFôVXQW FHQWXULORUGHVLJXUDQœô VLJXUDQœôVDXODVLVWHPXOGH
DFWLYDWHOôPSLOHGHVHPQDOL]DUHVDX DLUEDJXUL(VWHSRVLELOFDDFHVWH
OXPLQLOHGHDYDULH /DPSDFOLSHŏWHSÓQôODFXSODUHD
FHQWXULLGHVLJXUDQœô VLVWHPHVôQXVHGHFODQŏH]HßQFD]XO
XQXLDFFLGHQW
&OLSLUHDUDSLGô 'DFôFHQWXUDGHVLJXUDQœôQXHVWH
FXSODWôßQWLPSFHDXWRYHKLFXOXOVH 3UREOHPHOHODDXWRYHKLFXOVDX
'HIHFœLXQHDXQXLEHFGHVHPQDOL]DUH
GHSODVHD]ôDSULQGHUHDOôPSLLŏL GHFODQŏDUHDGLVSR]LWLYHORUGH
VDXDVLJXUDQœHLFRUHVSXQ]ôWRDUH
VHPQDOXOGHDYHUWL]DUHVHUHSHWô SUHWHQVLRQDUHDFHQWXULORUGH
¿QORFXLUHDEHFXULORU  VLJXUDQœôVDXDDLUEDJXULORUHVWH
6LJXUDQœHOHIX]LELOH /ôPSLOH 'DFôFHQWXUDGHVLJXUDQœôHVWH LQGLFDWôGHLOXPLQDUHDFRQWLQXôDT
GHVHPQDOL]DUH  FXSODWôODPSDŏLVHPQDOXOGH
DYHUWL]DUHVHYRUVWLQJH
 $YHUWLVPHQW
&HQWXULOHGHVLJXUDQœôFXIL[DUHßQ
/DPSDGHDYHUWL]DUH SXQFWH  $SHODœLLPHGLDWODXQDWHOLHUVHUYLFH
FHQWXUôGHVLJXUDQœô DXWRUL]DWSHQWUXUHPHGLHUHD
7SHQWUXVFDXQXOŏRIHUXOXLOXPLQHD]ô 6LVWHPHOHDLUEDJŏL FDX]HLGHIHFœLXQLL
VDXFOLSHŏWHßQFXORDUHDURŏLH
CSHQWUXSDVDJHUXOGLQIDϙ
GLVSR]LWLYHOHGH 'LVSR]LWLYHGHSUHWHQVLRQDUHFHQWXUL
OXPLQHD]ôVDXFOLSHŏWHßQFXORDUHD SUHWHQVLRQDUHDFHQWXULORU GHVLJXUDQœôVLVWHPGHDLUEDJXUL
 
URŏLHFÓQGVFDXQXOHVWHRFXSDW GHVLJXUDQœô
<SHQWUXVFDXQHOHGLQVSDWH TVHDSULQGHßQFXORDUHDURŏLH
OXPLQHD]ôßQ&HQWUXOGHLQIRUPDœLL &ÓQGFKHLDGHFRQWDFWHVWHURWLWôßQ
SHQWUXŏRIHU ',&  SR]LœLD21ODPSDGHFRQWUROVH
DSULQGHWLPSGHFÓWHYDVHFXQGH
 ,QVWUXPHQWHOHŏLFRPHQ]LOH

'H]DFWLYDUHDDLUEDJXULORU &ÓQGODPSDGHFRQWUROOXPLQHD]ô 6FDGHQœôYHULILFDUH


DLUEDJXOSDVDJHUXOXLIDϙHVWH
GH]DFWLYDW VHUYLFHDXWRYHKLFXO
'H]DFWLYDUHDDLUEDJXOXL  /DPSDJVHDSULQGHFÓQG
DXWRYHKLFXOXOQHFHVLWôßQWUHœLQHUH
$SHODœLODXQDWHOLHUVHUYLFHDXWRUL]DW
6LVWHPXOGHßQFôUFDUH SHQWUXYHULILFDUHDDXWRYHKLFXOXOXL
NVHDSULQGHßQFXORDUHDURŏLH
0HVDMHOHDXWRYHKLFXOXOXL 
/DPSDVHDSULQGHODFXSODUHD
FRQWDFWXOXLŏLVHVWLQJHODVFXUWWLPS
GXSôSRUQLUHDPRWRUXOXL 6LVWHPXOGHIUÓQôŏLGH
DPEUHLDM
6HDSULQGHßQWLPSXOIXQFœLRQôULL
1VHDSULQGHßQFXORDUHDURŏLH
PRWRUXOXL
/ôPSLOHGHFRQWUROVHDIOôßQWDEORXO 2SULœLDXWRYHKLFXOXOŏLPRWRUXO 6HDSULQGHDWXQFLFÓQGHVWHHOLEHUDWô
GHERUG %DWHULDQXVHßQFDUFô5ôFLUHD IUÓQDGHPÓQôGDFôQLYHOXOOLFKLGXOXL
PRWRUXOXLSRDWHILßQWUHUXSWô$SHODœL GHIUÓQôHVWHSUHDPLFVDXGDFô
GSHQWUXDLUEDJXOSDVDJHUXOXLGLQ H[LVWôRGHIHFœLXQHODVLVWHPXOGH
IDœôOXPLQHD]ô ODXQDWHOLHUVHUYLFHDXWRUL]DWSHQWUX
DVLVWHQœô IUÓQDUH
&ÓQGODPSDGHFRQWUROOXPLQHD]ô /LFKLGXOGHIUÓQô 
DLUEDJXOSDVDJHUXOXLGLQIDϙHVWH
DFWLYDWLDUXQVFDXQSHQWUXFRSLLQXDU /DPSDGHFRQWURO
WUHEXLPRQWDWSHVFDXQXOSDVDJHUXOXL GHIHFœLXQL
GLQIDϙ
9VHDSULQGHßQFXORDUHDJDOEHQô
FSHQWUXDLUEDJXOSDVDJHUXOXLGLQ
IDœôOXPLQHD]ô /DPSDVHDSULQGHODFXSODUHD
FRQWDFWXOXLŏLVHVWLQJHODVFXUWWLPS
GXSôSRUQLUHDPRWRUXOXL
,QVWUXPHQWHOHŏLFRPHQ]LOH 

 $YHUWLVPHQW 6LVWHPXODQWLEORFDUHIUÓQH 6HUYRGLUHFœLD


$%6 FVHDSULQGHßQFXORDUHDJDOEHQô
1XFRQGXFHœLFXODPSDGH SVHDSULQGHßQFXORDUHDJDOEHQô /DPSDVHDSULQGHODFXSODUHD
DYHUWL]DUHDVLVWHPXOXLGHIUÓQDUH FRQWDFWXOXLŏLVHVWLQJHODVFXUWWLPS
DSULQVô 6HDSULQGHWLPSGHFÓWHYDVHFXQGH
GXSôFXSODUHDFRQWDFWXOXL6LVWHPXO GXSôSRUQLUHDPRWRUXOXL
$FHVWOXFUXSRDWHßQVHPQDFô HVWHJDWDGHIXQFœLRQDUHGXSô 'DFôODPSDGHFRQWUROQXVHVWLQJH
IUÓQHOHQXIXQFœLRQHD]ôFRUHFW VWLQJHUHDOôPSLLGHFRQWURO GXSôFÓWHYDVHFXQGHVDXGDFôVH
&RQGXFHUHDFXVLVWHPXOGH 'DFôODPSDGHFRQWUROQXVHVWLQJH DSULQGHßQWLPSXOPHUVXOXLH[LVWô
IUÓQDUHGHIHFWSRDWHFRQGXFHOD GXSôFÓWHYDVHFXQGHVDXVHDSULQGH RGHIHFœLXQHODVHUYRGLUHFœLH
FROL]LXQLXUPDWHGHDFFLGHQWôULDOH ßQWLPSXOPHUVXOXLßQVHDPQôFô $SHODœLODXQDWHOLHUVHUYLFHDXWRUL]DW
SHUVRDQHORUVDXGHWHULRUôULDOH H[LVWôRGHIHFœLXQHODVLVWHPXO$%6 SHQWUXDVLVWHQœô
DXWRYHKLFXOXOXLVDXDOHDOWRU 6LVWHPXOGHIUÓQDUHYDIXQFœLRQDßQ
EXQXUL FRQWLQXDUHGDUIôUôDEHQHILFLDGH
UHJODUHDRIHULWôGHVLVWHPXO$%6
6LVWHPXOXOWUDVRQLFGH
6HDSULQGHGXSôFXSODUHDFRQWDFWXOXL DVLVWHQœôODSDUFDUH
GDFôIUÓQDGHPÓQôHVWHWUDVô 6LVWHPXODQWLEORFDUHIUÓQH 
JVHDSULQGHßQFXORDUHDJDOEHQô
)UÓQDGHPÓQô 
6FKLPEDUHDßQWURWUHDSWô ࿢ 'HIHFœLXQHGDWRUDWôVHQ]RULORU
$FœLRQDœLSHGDODGHDPEUHLDM PXUGDUL
VXSHULRDUôGHYLWH]H ࿢ 6HQ]RULDFRSHULœLFXJKHDœôVDX
VHDSULQGHßQFXORDUHDJDOEHQô
/DPSD>VHDSULQGHDWXQFLFÓQGVH ]ôSDGô
6HDSULQGHDWXQFLFÓQGODPSDGH UHFRPDQGôFXSODUHDXQHLWUHSWH
DPEUHLDMWUHEXLHDFœLRQDWôSHQWUX ࿢ ,QWHUIHUHQœHGHXOWUDVXQHWHH[WHUQH
VXSHULRDUHGHYLWH]ôSHQWUX
DUHSRUQLPRWRUXO HFRQRPLVLUHDFRPEXVWLELOXOXL 2GDWôFXßQGHSôUWDUHDVXUVHLGH
&RQVXOWDœL)XQFœLDGHSRUQLUHRSULUH LQWHUIHUHQœôVLVWHPXOGHVHQ]RULYD
7UDQVPLVLDPDQXDOô 
DXWRPDWôDPRWRUXOXL  IXQFœLRQDQRUPDO
 ,QVWUXPHQWHOHŏLFRPHQ]LOH

'DFôODPSDGHFRQWUROQXVHVWLQJH 6LVWHPXOGHFRQWUROHOHFWURQLFDO 'DFôDœLFRQGXVDXWRYHKLFXOXOßQ


DSHODœLODXQDWHOLHUVHUYLFHDXWRUL]DW VWDELOLWôœLL  FRQGLœLLQRUPDOHUXODœLSÓQôODSULPD
SHQWUXUHPHGLHUHDFDX]HLGHIHFœLXQLL SDUFDUHRSULœLDXWRYHKLFXOXOŏLOôVDœL
GLQVLVWHP PRWRUXOODUDODQWLWLPSGHFÓWHYD
&RQWUROHOHFWURQLFGH PLQXWH
6HQ]RULLGHSDUFDUHFXXOWUDVXQHWH
 VWDELOLWDWHRSULW 'DFôODPSDQXVHVWLQJHWUHEXLHVô
DVHDSULQGHßQFXORDUHDJDOEHQô RSULœLPRWRUXOŏLVôYôDGUHVDœLXQXL
DWHOLHUVHUYLFHFÓWPDLFXUÓQGSRVLELO
6LVWHPXOGHFRQWURO (VWHDSULQVFÓQGVLVWHPXOHVWH
9ôUHFRPDQGôPVôFRQVXOWDœLXQ
GH]DFWLYDW
HOHFWURQLFDOVWDELOLWôœLL DWHOLHUVHUYLFHDXWRUL]DW
EVHDSULQGHVDXFOLSHŏWHßQFXORDUH
6LVWHPXOGHFRQWURO
JDOEHQô 3UHßQFôO]LUHDŏLILOWUXOGH
DQWLSDWLQDUHHVWH
6HDSULQGH SDUWLFXOHGLHVHO
GHFRQHFWDW
$DSôUXWRGHIHFœLXQHGHVLVWHP(VWH
SRVLELOôFRQWLQXDUHDFôOôWRULHL NVHDSULQGHßQFXORDUHDJDOEHQô /DPSDGHFRQWUROSHQWUX
6WDELOLWDWHDWUDFœLXQLLSRDWHILWRWXŏL (VWHDSULQVFÓQGVLVWHPXOHVWH SUHßQFôO]LUH
DIHFWDWôßQIXQFœLHGHVWDUHD GH]DFWLYDW VHDSULQGHßQFXORDUHDJDOEHQô
VXSUDIHœHLFDURVDELOXOXL 6HDSULQGHFÓQGHVWHDFWLYDWô
$SHODœLODXQDWHOLHUVHUYLFHDXWRUL]DW 7HPSHUDWXUDOLFKLGXOXLGH SUHßQFôO]LUHD/DVWLQJHUHDOôPSLL
SHQWUXUHPHGLHUHDGHIHFœLXQLL PRWRUXOSRDWHILSRUQLW
UôFLUHDPRWRUXOXL
&OLSHŏWH 6VHDSULQGHßQFXORDUHDURŏLH /DPSDGHFRQWUROSHQWUXILOWUXO
6LVWHPXOHVWHFXSODWDFWLY $FHDVWôODPSôYôLQGLFôIDSWXOFô GHSDUWLFXOHSHQWUXPRWRUXO
5DQGDPHQWXOPRWRUXOXLSRDWHILUHGXV OLFKLGXOGHUôFLUHVDVXSUDßQFôO]LW GLHVHO
ŏLDXWRYHKLFXOXOSRDWHILIUÓQDW FOLSHŏWHßQFXORDUHDJDOEHQô
DXWRPDWßQWURPLFôPôVXUô
,QVWUXPHQWHOHŏLFRPHQ]LOH 

&OLSHŏWHGDFôWUHEXLHFXUôœDWILOWUXOGH 6HDSULQGHßQWLPSXOIXQFœLRQôULL 9HULILFDœLQLYHOXOGHXOHLßQDLQWHGH


SDUWLFXOHSHQWUXPRWRUGLHVHOLDU PRWRUXOXL DDSHODODDVLVWHQœDXQXLDWHOLHU
FRQGLœLLOHGHPHUVDQWHULRDUHQXDX VHUYLFH8OHLXOGHPRWRU 
SHUPLVRFXUôœDUHDXWRPDWô $WHQœLH
&RQWLQXDœLGHSODVDUHDŏLßQOLPLWD
SRVLELOLWôœLORUQXSHUPLWHœLFDWXUDœLD 1LYHOVFô]XWDO
/XEULILHUHDPRWRUXOXLSRDWHIL
PRWRUXOXLVôFRERDUHVXEURW ßQWUHUXSWô$FHVWOXFUXSRDWHGXFH
FRPEXVWLELOXOXL
PLQ6HVWLQJHLPHGLDWGXSô ODDYDULHUHDPRWRUXOXLŏLVDXOD 8VHDSULQGHßQFXORDUHDJDOEHQô
ßQFKHLHUHDRSHUDœLHLGHDXWR EORFDUHDURœLORUGHWUDFœLXQH
FXUôœDUH 6HDSULQGHFÓQGQLYHOXOFDUEXUDQWXOXL
GLQUH]HUYRUHVWHSUHDVFô]XW
&RQVXOWDœL)LOWUXOGHSDUWLFXOHSHQWUX 'DFôODPSDGHDYHUWL]DUHDSUHVLXQLL
PRWRUXOGLHVHO  XOHLXOXLGHPRWRUVHDSULQGHßQWLPSXO $WHQœLH
GHSODVôULLLHŏLœLßQDIDUDFDURVDELOXOXL
3UHVLXQHDXOHLXOXLGH RSULœLPRWRUXOŏLYHULILFDœLQLYHOXO 1XOôVDœLDXWRYHKLFXOXOVôUôPÓQô
XOHLXOXL IôUôFRPEXVWLELO
PRWRU
$FHVWOXFUXSRDWHGHIHFWD
(VHDSULQGHßQFXORDUHDURŏLH  $YHUWLVPHQW FDWDOL]DWRUXO
/DPSDVHDSULQGHODFXSODUHD
FRQWDFWXOXLŏLVHVWLQJHODVFXUWWLPS &ÓQGPRWRUXOHVWHRSULW
&DWDOL]DWRUXO 
GXSôSRUQLUHDPRWRUXOXL DFœLRQDUHDYRODQXOXLŏLDSHGDOHL
GHIUÓQôQHFHVLWôRIRUœô
FRQVLGHUDELOPDLPDUH )LOWUXGHFRPEXVWLELO
1XVFRDWHœLFKHLDGLQFRQWDFW 8VHDSULQGHßQFXORDUHDJDOEHQô
GHFÓWFÓQGDXWRYHKLFXOXO 6HDSULQGHDWXQFLFÓQGQLYHOXOGHDSô
VWDœLRQHD]ôßQFD]FRQWUDU GLQILOWUXOGHFRPEXVWLELOGHSôŏHŏWHXQ
VLVWHPXOGHEORFDUHDYRODQXOXLVH DQXPLWQLYHO
SRDWHDFWLYDSHQHDŏWHSWDWH
6FXUJHœLLPHGLDWDSDGLQILOWUXOGH
FRPEXVWLELO
 ,QVWUXPHQWHOHŏLFRPHQ]LOH

/DPSDGHDYHUWL]DUHVHYDVWLQJHOD )XQFœLDOXPLQLSHWLPSGH]L '5/ 6HDSULQGHFÓQGVLVWHPXOGHFRQWURO


ILQDOL]DUHDVFXUJHULL  DOYLWH]HLGHFURD]LHUôHVWHDFWLYDW
&RQVXOWDœL)LOWUXOGHPRWRULQô  
3URLHFWRDUHOHGHFHDϙ
6LVWHPXODQWLGHPDUDM VHDSULQGHßQFXORDUHDYHUGH 3RUWLHUôGHVFKLVô
GVHDSULQGHßQFXORDUHDJDOEHQô 6HDSULQGHFÓQGIDUXULOHGHFHDœôVXQW VHDSULQGHßQFXORDUHDURŏLH
'DFôODPSDGHFRQWUROVHDSULQGH ßQIXQFœLXQH  /DPSDVHDSULQGHGDFôXQDGLQWUH
H[LVWôRGHIHFœLXQHßQVLVWHP0RWRUXO SRUWLHUH VDXKD\RQXO HVWHGHVFKLVô
QXSRDWHILSRUQLW /DPSDGHFHDϙVSDWH
$SHODœLODXQDWHOLHUVHUYLFHDXWRUL]DW PVHDSULQGHßQFXORDUHDJDOEHQô
SHQWUXUHPHGLHUHDGHIHFœLXQLL
6HDSULQGHFÓQGOôPSLOHGHFHDœô
VSDWHVXQWßQIXQFœLXQH 
)D]DOXQJô
/OXPLQHD]ôßQDOEDVWUX /ôPSLOHGHSR]LœLHGLQ
/DPSDVHDSULQGHFÓQGHVWHDSULQVô VSDWH
ID]DOXQJôVDXßQFXUVXOVHPQDOL]ôULL
FXIDUXULOH VHDSULQGHßQFXORDUHDYHUGH
)D]DOXQJôID]DVFXUWô  6HDSULQGHFÓQGOôPSLOHGHSR]LœLHGLQ
VSDWHVXQWDSULQVH

)XQFœLDOXPLQLSHWLPSGH]L
&RQWUROYLWH]ôGHFURD]LHUô
#VHDSULQGHßQFXORDUHDYHUGH
>OXPLQHD]ôßQFXORDUHDDOEô
6HDSULQGHFÓQGOXPLQLOHSHWLPSGH
]LVXQWßQIXQFœLXQH 6HDSULQGHFÓQGVLVWHPXOHVWH
DFWLYDW
>VHDSULQGHßQFXORDUHDYHUGH
,QVWUXPHQWHOHŏLFRPHQ]LOH 

$ILŏDMXOSHQWUXLQIRUPDœLL
&HQWUXGHLQIRUPDœLLSHQWUX
ŏRIHU

3HQWUXDVHOHFWDPHQLXODSôVDœL 'DFôDXWRYHKLFXOXOQXHVWHHFKLSDW
EXWRQXO0
0(18GHSHPDQHWDGH FXXQFHQWUXGHLQIRUPDœLLSHQWUX
VHPQDOL]DUH ŏRIHUDSôVDœLVFXUWEXWRQXOGH
/DILHFDUHDSôVDUHDEXWRQXOXL UHVHWDUHGLQEORFXOGHLQVWUXPHQWH
0(18PRGXULOHVHPRGLILFôßQ SHQWUXDVHOHFWDPHQLXO
&HQWUXOGHLQIRUPDœLLSHQWUXŏRIHU XUPôWRDUHDRUGLQH /DILHFDUHDSôVDUHDEXWRQXOXLGH
',& HVWHDPSODVDWßQEORFXO &RQWRUXOGHNLORPHWUDMඎ&RPSXWHUXO UHVHWDUHPRGXULOHVHPRGLILFôßQ
LQVWUXPHQWHORUGHERUG GHERUGඎ6HWDUHDXQLWôœLORU6HWDUHD XUPôWRDUHDRUGLQH RUGLQHDUHDOô
OLPELL SRDWHILGLIHULWôGHRUGLQHDGHPDLMRV 
&HDVXOඎ7HPSHUDWXUDH[WHULRDUô
ඎ&RQWRUXOGHNLORPHWUDMඎ&RQWRUXO
GHSDUFXUVඎ&HDVXOඎ6HWDUHD
XQLWôœLORUඎ6HWDUHDOLPELL
&HDVXO &RQWRUXOGH
NLORPHWUDM &RPSXWHUXOGHERUG

 ,QVWUXPHQWHOHŏLFRPHQ]LOH

6HWDUHDXQLWôœLORU6HWDUHDOLPELL  0DUHD%ULWDQLH 03+¡& /DPRGLILFDUHDXQHLXQLWôœLXQLWDWHD


3XWHœLPRGLILFDXQLWDWHDVDXOLPED  6WDWHOH8QLWH 03+¡) VHOHFWDWôFOLSHŏWH
LQGLFDWRUXOXLGHQLYHODO  (XURSD NPK¡& $SôVDœLEXWRQXO66(7&/5SHQWUX
FRPEXVWLELOXOXL FRQILUPDUH
/DPRGLILFDUHDXQHLXQLWôœLXQLWDWHD
)LHFDUHPHQLXSRDWHILVHOHFWDWSULQ VHOHFWDWôFOLSHŏWH 1RWô
URWLUHDEXWRQXOXLURWDWLYGLQPDQHWDGH 'DFôPDQHWDSHQWUXVHPQDOL]DUHD
VHPQDOL]DUH $SôVDœLEXWRQXO66(7&/5SHQWUX
FRQILUPDUH GLUHFœLHLQXHVWHSUHYô]XWôFX
EXWRDQHSXWHœLVHOHFWDPHQLXULOH
SULQDSôVDUHDVFXUWôDEXWRQXOXLGH
UHVHWDUHGLQSDQRXOGHERUGŏLVHWD
PHQLXOSULQDSôVDUHDOXQJô
DEXWRQXOXLGHUHVHWDUHGLQSDQRXO
GHERUG
$ILŏDMXOSHQWUXLQIRUPDœLL
GHERUG

6HWDUHDXQLWôœLORU
6HWDUHDOLPELL
$SôVDœLSHQWUXFÓWHYDVHFXQGH
EXWRQXO6
6(7&/5 $SôVDœLSHQWUXFÓWHYDVHFXQGH
EXWRQXO66(7&/5
5ôVXFLœLURWLœDGLVSR]LWLYXOXLGH
DMXVWDUHSHQWUXDVHOHFWDRVHWDUH 5ôVXFLœLURWLœDGLVSR]LWLYXOXLGH
DMXVWDUHSHQWUXDVHOHFWDRVHWDUH
 $OIDEHW
 &LIUHDUDEH
,QVWUXPHQWHOHŏLFRPHQ]LOH 

6HDILŏHD]ôGDWDRUDWHPSHUDWXUD 0HVDMHOH
H[WHULRDUôŏLLQIRUPDœLLOHSULYLQG
VLVWHPXO,QIRWDLQPHQW DXWRYHKLFXOXOXL
$WXQFLFÓQGVLVWHPXO,QIRWDLQPHQW
HVWHSRUQLWVHDILŏHD]ôVHWôULOHGH 0HVDMHOHVXQWIXUQL]DWHSULQ
SHUVRQDOL]DUHDDXWRYHKLFXOXOXL LQWHUPHGLXO&HQWUXOXLGHLQIRUPDœLL
SHQWUXŏRIHU ',& VDXVXEIRUPD
3HUVRQDOL]DUHDDXWRYHKLFXOXOXL VHPQDOHORUGHDYHUWL]DUH

¿QIXQFœLHGHGRWôULOHDXWRYHKLFXOXOXL
ŏLGHSHUVRQDOL]DUHDDXWRYHKLFXOXOXL
XQHOHIXQFœLLGHVFULVHPDLMRVDUSXWHD
VôQXILHGLVSRQLELOH
0HVDMHOHDXWRYHKLFXOXOXLVXQWDILŏDWH
$WHQœLH VXEIRUPôGHFRGQXPHULF
'DFôHVWHDILŏDWXQPHVDMGH 1U 0HVDMXODXWRYHKLFXOXOXL
HURDUHYHULILFDœLLPHGLDW  'HIHFœLXQHODODPSDGHIUÓQô
DXWRYHKLFXOXOODXQDWHOLHUVHUYLFH PRQWDWôVXV
 5HSDUDœLOôPSLOHGHIUÓQô
 )D]DVFXUWôVWÓQJDGHIHFWô
 /DPSDGHFHDœôVSDWHGHIHFWô
 )D]DVFXUWôGUHDSWDGHIHFWô
 'HIHFœLXQHODOXPLQDGHSR]LœLH
VWÓQJDIDœô
 ,QVWUXPHQWHOHŏLFRPHQ]LOH

1U 0HVDMXODXWRYHKLFXOXOXL 6HPQDOHOHGHDYHUWL]DUH &RPSXWHUXOGHERUG


 'HIHFœLXQHODOXPLQDGHSR]LœLH
GUHDSWDIDœô &ÓQGHVWHSRUQLWPRWRUXOVDXßQ
WLPSXOPHUVXOXL
 /DPSDPDUŏDULHUGHIHFWô
࿢ 'DFôFHQWXUDGHVLJXUDQœôQXHVWH
 'HIHFœLXQHODODPSDSOôFXœHLGH IL[DWô
ßQPDWULFXODUH ࿢ 'DFôVDGHSôŏLWRDQXPLWôYLWH]ô
 /DPSôGHVHPQDOL]DUHVWÓQJD FXIUÓQDGHPÓQôSXVô
IDœôGHIHFWô ࿢ 'DFôDSDUHXQFRGGHDYHUWL]DUHßQ
 /DPSôGHVHPQDOL]DUHVWÓQJD DILŏDMXO&HQWUXOXLGHLQIRUPDœLL
VSDWHGHIHFWô SHQWUXŏRIHU
 /DPSôGHVHPQDOL]DUHGUHDSWD ࿢ 'DFôIXQFœLDGHSDUFDUHDVLVWDWô
IDœôGHIHFWô GHWHFWHD]ôXQRELHFW
 /DPSôGHVHPQDOL]DUHGUHDSWD &ÓQGDXWRYHKLFXOXOHVWHSDUFDW &RPSXWHUXOGHERUGHVWHDPSODVDWßQ
VSDWHGHIHFWô FHQWUXGHLQIRUPDœLLSHQWUXŏRIHU
ŏLVDXHVWHGHVFKLVôRSRUWLHUô
 3XWHUHDPRWRUXOXLHVWHUHGXVô ࿢ &ÓQGFKHLDHVWHßQFRQWDFW ',& 
 6FDGHQœôYHULILFDUHVHUYLFH ࿢ &ÓQGOXPLQLOHH[WHULRDUHVXQW $FHVWDIXUQL]HD]ôŏRIHUXOXLLQIRUPDœLL
DXWRYHKLFXO DSULQVH XWLOHßQWLPSXOPHUVXOXLSUHFXPYLWH]D
PHGLHGLVWDQœDGHGHSODVDUHFX
FRPEXVWLELOXOUôPDVFRQVXPXO
PHGLXŏLWLPSXOGHUXODUH
,QVWUXPHQWHOHŏLFRPHQ]LOH 

9LWH]DPHGLH $XWRQRPLDGHSDUFXUV
FRUHVSXQ]ôWRDUHFDQWLWôœLLGH
FRPEXVWLELOUôPDV

3HQWUXDRSHUDFRPSXWHUXOGHERUG
DSôVDœLEXWRQXO00(18GHSHPDQHWD
GHVHPQDOL]DUH $FHVWPRGLQGLFôYLWH]DPHGLH
6HOHFWDœLDILŏDMXOVXSHULRU$FHVWDYD 9LWH]DPHGLHVHFDOFXOHD]ôSHQWUX
FOLSLDWXQFLFÓQGHVWHVHOHFWDW GXUDWDIXQFœLRQôULLPRWRUXOXLFKLDU $FHVWPRGLQGLFôGLVWDQœDHVWLPDWôFH
GDFôDXWRYHKLFXOXOQXVHGHSODVHD]ô SRDWHILSDUFXUVôFXFRPEXVWLELOXO
/DILHFDUHURWLUHDEXWRQXOXLURWDWLY
3HQWUXUHVHWDUHDYLWH]HLPHGLL DIODWßQUH]HUYRUODPRPHQWXO
PRGXULOHVHPRGLILFôßQXUPôWRDUHD
DSôVDœLEXWRQXO6
6(7&/5 UHVSHFWLY
RUGLQH
'DFôDOLPHQWDœLFXFRPEXVWLELODWXQFL
9LWH]DPHGLHඎ'LVWDQœDGHGHSODVDUH
FÓQGDXWRYHKLFXOXOHVWHßQFOLQDWVDX
FXFRPEXVWLELOXOUôPDVඎ&RQVXPXO
FÓQGEDWHULDHVWHGHFRQHFWDWô
PHGLXඎ7LPSXOGHUXODUHඎ9LWH]D
FRPSXWHUXOGHERUGQXYDSXWHDFLWL
PHGLH
YDORDUHDUHDOô
8QHOHPRGXULSRWILUHVHWDWHSULQ
DSôVDUHDEXWRQXOXL6 6(7&/5
 ,QVWUXPHQWHOHŏLFRPHQ]LOH

1RWô $FHVWPRGLQGLFôFRQVXPXOPHGLX 3HQWUXUHVHWDUHDWLPSXOXLGHUXODUH


&DGLVSR]LWLYDX[LOLDUFRPSXWHUXOGH &RQVXPXOPHGLXVHFDOFXOHD]ô DSôVDœLEXWRQXO6
6(7&/5
ERUGSRDWHSUH]HQWDXQHOHGLIHUHQœH SHQWUXGXUDWDIXQFœLRQôULLPRWRUXOXL 1RWô
IDœôGHGLVWDQœDUHDOôGHSDUFXUVFX FKLDUGDFôDXWRYHKLFXOXOQXVH 9LWH]DPHGLHGLVWDQœDFHSRDWHIL
FRPEXVWLELOXOUôPDVßQIXQFœLHGH GHSODVHD]ô SDUFXUVôFXFRPEXVWLELOXOUôPDVŏL
VLWXDœLH
3HQWUXUHVHWDUHDFRQVXPXOXLPHGLX FRQVXPXOPHGLXSRWGLIHULGHYDORULOH
'LVWDQœDFHVHSRDWHSDUFXUJHFX DSôVDœLEXWRQXO6
6(7&/5 UHDOHßQIXQFœLHGHFRQGLœLLOHGH
FRPEXVWLELOXOUôPDVVHSRDWH UXODUHGHVWLOXOGHFRQGXFHUHVDXGH
PRGLILFDßQIXQFœLHGHVWLOXOGH 'XUDWDGHUXODUH YLWH]DDXWRYHKLFXOXOXL
FRQGXFHUHDOŏRIHUXOXLGHVWDUHD
GUXPXOXLŏLGHYLWH]DDXWRYHKLFXOXOXL
GHRDUHFHDFHDVWôGLVWDQœôVH
FDOFXOHD]ôßQIXQFœLHGHHILFLHQœDGH
XWLOL]DUHDFRPEXVWLELOXOXL
&RQVXPXOPHGLX

$FHVWPRGLQGLFôWLPSXOWRWDOGH
UXODUH
7LPSXOGHUXODUHHVWHDFXPXODWGHOD
XOWLPDUHVHWDUHDWLPSXOXLGHUXODUH
FKLDUGDFôDXWRYHKLFXOXOQXDIRVW
FRQGXV
,QVWUXPHQWHOHŏLFRPHQ]LOH 

3HUVRQDOL]DUHD ࿢ 6HWôUL%OXHWRRWK
࿢ 6HWôULYHKLFXO
DXWRYHKLFXOXOXL
6HWôULOHRUHLŏLGDWHL
6LVWHPXO,QIRWDLQPHQW 

6HWôULUDGLR
6LVWHPXO,QIRWDLQPHQW 

6HWôUL%OXHWRRWK
6LVWHPXO,QIRWDLQPHQW 

$SôVDœLEXWRQXO& &21),*FÓQG 6HWôULYHKLFXO


FRQWDFWXOHVWHFXSODWŏLVLVWHPXO ࿢ 6HWôULOHFRQIRUW
,QIRWDLQPHQWHVWHDFWLYDW 9ROXPDYHUWL]ôULVRQRUH0RGLILFô
6HDILŏHD]ôPHQLXULOHGHVHWôUL YROXPXODYHUWL]ôULORUVRQRUH
$XWRYHKLFXOXOSRDWHILSHUVRQDOL]DW 3HQWUXDGHILODSULQWUHPHQLXULOHGH ŎWHUJHUHOXQHWôßQPDUŏDULHU
SULQPRGLILFDUHDVHWôULORUGLQ$ILŏDMXO VHWôULURWLœLEXWRQXO0
0(18 $FWLYHD]ôVDXGH]DFWLYHD]ô
SHQWUXLQIRUPDœLLGLQWDEORXOGHERUG ŏWHUJHUHDOXQHWHLßQPDUŏDULHU
%,'  3HQWUXDVHOHFWDPHQLXULOHGHVHWôUL
DSôVDœLEXWRQXO0 0(18 ࿢ $VLVWHQœôODSDUFDUH'HWHFWDUHD
¿QIXQFœLHGHGRWôULOHDXWRYHKLFXOXOXL FROL]LXQLL
ŏLXQHOHIXQFœLLGHVFULVHPDLMRVDU 3HQWUXDßQFKLGHVDXDUHYHQLOD
SXWHDVôQXILHGLVSRQLELOH PHQLXODQWHULRUDSôVDœLEXWRQXO $VLVWHQœôODSDUFDUH$FWLYDœLVDX
%$&. GH]DFWLYDœLVHQ]RULLFXXOWUDVXQHWH
6HSRWDILŏDXUPôWRDUHOHPHQLXUL ࿢ /LPEL
࿢ 2UDŏLGDWD 0RGLILFôOLPEDXWLOL]DWô
࿢ 6HWôULUDGLR ࿢ ,OXPLQDUHDPELDQWôH[WHULRDUô
 ,QVWUXPHQWHOHŏLFRPHQ]LOH

,OXPLQDUHH[WHULRDUôODGHEORFDUH GLVSRQLELOPHQLXO%ORFDUH SRUWLHUDŏRIHUXOXLVDXWRDWH


$FWLYHD]ôVDXGH]DFWLYHD]ô WHPSRUL]DWôSRUWLHUH SRUWLHUHOHDXWRYHKLFXOXOXLßQWLPSXO
OXPLQLOHGHDFFHV %ORFDUHWHPSRUL]DWôSRUWLHUH GHEORFôULL
'XUDWDGHODLHŏLUHDGLQ $FWLYHD]ôVDXGH]DFWLYHD]ô 5HEORFDUHDXWRPDWôSRUWLHUH
DXWRYHKLFXO$FWLYHD]ôVDX EORFDUHDWHPSRUL]DWôDSRUWLHUHORU $FWLYHD]ôVDXGH]DFWLYHD]ô
GH]DFWLYHD]ôOXPLQLOHGHßQVRœLUHOD /DDSôVDUHDEXWRQXOXLSHQWUX EORFDUHDDXWRPDWôDSRUWLHUHORU
LHŏLUHDGLQDXWRYHKLFXOŏLPRGLILFô ßQFKLGHUHDFHQWUDOL]DWôVHYRUDX]L DWXQFLFÓQGRSRUWLHUôQXHVWH
GXUDWDLOXPLQôULL WUHLDYHUWL]ôULVRQRUHFDUH GHVFKLVôGXSôGHEORFDUH
࿢ ¿QFXLHWRULOHHOHFWULFHDOHSRUWLHUHORU VHPQDOL]HD]ôIDSWXOFôEORFDUHD
WHPSRUL]DWôDSRUWLHUHORUHVWH 5HVWDXUDUHDVHWôULORURULJLQDOH
'HEORFDUHDXWRPDWôSRUWLHUH DFWLYDWô$FHDVWôIXQFœLHYD 7RDWHVHWôULOHVXQWUHVWDXUDWHOD
$FWLYHD]ôVDXGH]DFWLYHD]ô WHPSRUL]DEORFDUHDSRUWLHUHORUFX VHWôULOHRULJLQDOH
GHEORFDUHDDXWRPDWôDSRUWLHUHORU FLQFLVHFXQGHGXSôFHXOWLPD
ODEORFDUHDDXWRPDWôDSRUWLHUHORU SRUWLHUôDIRVWßQFKLVô
'HDVHPHQHDPRGLILFô ࿢ %ORFDUHDGHEORFDUHDŏLSRUQLUHD
FRQILJXUDUHDGHEORFôULLOD GHODWHOHFRPDQGô
GHEORFDUHDQXPDLDSRUWLHUHL 5HDFœLHODGHEORFDUHDGHOD
ŏRIHUXOXLVDXDWXWXURUSRUWLHUHORU WHOHFRPDQGô$FWLYHD]ôVDX
%ORFDUHDXWRPDWôSRUWLHUH GH]DFWLYHD]ôUHDFœLD
$FWLYHD]ôVDXGH]DFWLYHD]ô VHPQDOL]DWRUXOXLGHGLUHFœLHßQ
EORFDUHDDXWRPDWôDSRUWLHUHORUßQ WLPSXOGHEORFôULL
WLPSXOPHUVXOXL 5HDFœLHODEORFDUHDGHOD
2SULUHEORFDUHSRUWLHUôGDFô WHOHFRPDQGô$FWLYHD]ôVDX
RSRUWLHUôHVWHGHVFKLVô$FWLYHD]ô GH]DFWLYHD]ôUHDFœLDOXPLQRDVôŏL
VDXGH]DFWLYHD]ôEORFDUHD VDXSULQFOD[RQßQWLPSXOGHEORFôULL
SRUWLHUHLŏRIHUXOXLDWXQFLFÓQG 'HEORFDUHSRUWLHUHGHOD
SRUWLHUDHVWHGHVFKLVô'DFôHVWH WHOHFRPDQGô0RGLILFô
VHOHFWDWôVHWDUHDGH]DFWLYDWHVWH FRQILJXUDUHDSHQWUXDGHEORFDGRDU
6LVWHPGHLOXPLQDUH 

/XPLQLOHH[WHULRDUH $872/XPLQLOHH[WHULRDUHŏLOXPLQLOH
6LVWHPGHLOXPLQDUH GLQWDEORXOGHERUGVHDSULQGŏLVH
VWLQJDXWRPDWßQIXQFœLHGHFRQGLœLLOH
&RPXWDWRUXOGHOXPLQL H[WHULRDUHGHLOXPLQDUH
/XPLQLOHH[WHULRDUH   &RPHQ]LOHSHQWUXOXPLQLOH /ôPSLOHVSDWHOôPSLOHSOôFXœHL
,OXPLQDUHDLQWHULRDUô   H[WHULRDUH GHßQPDWULFXODUHŏLDOHSDQRXOXLGH
&DUDFWHULVWLFLDOHVLVWHPXOXLGH ERUGVXQWDSULQVH
LOXPLQDUH   )D]DVFXUWôŏLWRDWHOôPSLOHGH
PDLVXVVXQWDSULQVH

6LVWHPXOGHFRQWURO
DXWRPDWDOOXPLQLORU
)XQFœLDGHFRQWURODXWRPDWDO
OXPLQLORU

3HQWUXDDSULQGHVDXVWLQJHOXPLQLOH
H[WHULRDUHURWLœLFRPXWDWRUXOGH
OXPLQL&RPXWDWRUXOGHOXPLQLDUH
SDWUXSR]LœLLGXSôFXPXUPHD]ô
P2))3HQWUXDVWLQJHWRDWHOXPLQLOH
URWLœLFRPXWDWRUXOßQSR]LœLD2))
7RDWHOXPLQLOHVXQWVWLQVHDGXFHœLGLQ
QRXFRPXWDWRUXOßQSR]LœLDLQLœLDOô
$872
 6LVWHPGHLOXPLQDUH

&ÓQGOXPLQLOHH[WHULRDUHßŏLUHGXFGLQ 3HQWUXDFRPXWDGLQID]DVFXUWôßQ 0DQHWDYDUHYHQLßQSR]LœLDVDLQLœLDOô


LQWHQVLWDWHGDFôIXQFœLDGHFRQWURO ID]DOXQJôßPSLQJHœLPDQHWD DWXQFLFÓQGHVWHHOLEHUDWô)DUXULOHFX
DXWRPDWDOOXPLQLORUHVWHDFWLYDWô 3HQWUXDUHYHQLODID]DVFXUWô ID]ôOXQJôYRUUôPÓQHDSULQVHDWÓW
OXPLQLOHH[WHULRDUHŏLOXPLQLOHGLQ ßPSLQJHœLGLQQRXPDQHWDVDXWUDJHœL WLPSFÓWœLQHœLPDQHWDFôWUH
WDEORXOGHERUGVHDSULQGDXWRPDW GHDFHDVWD GXPQHDYRDVWUô
3HQWUXDGH]DFWLYDIXQFœLDGHFRQWURO
1RWô
URWLœLFRPXWDWRUXOßQSR]LœLD2))
,QGLFDWRUXOID]HLOXQJLVHDSULQGH 5HJODUHDIDVFLFXOXOXL
7RDWHOXPLQLOHVXQWVWLQVHLDU FÓQGIDUXULOHVXQWDSULQVHFXID]D IDUXULORU
FRPXWDWRUXOUHYLQHßQSR]LœLDVD OXQJô
LQLœLDOô$872
 $YHUWLVPHQW
)D]DOXQJô
&RPXWDœLßQWRWGHDXQDSHID]D
VFXUWôFÓQGYôDSURSLDœLGH
YHKLFXOHOHFHYLQGLQVHQVRSXV
VDXGHFHOHFDUHUXOHD]ôßQIDœD
GXPQHDYRDVWUô)D]DOXQJô
DIDUXULORUßLSRDWHRUELWHPSRUDUSH
FHLODOœLŏRIHULFHHDFHSRDWHGXFH
ODFROL]LXQL

6HPQDOL]DUHDFXIDUXULOH 3HQWUXDDGDSWDUD]DGHDFœLXQH
7UDJHœLPDQHWD DIDVFLFXOXOXLIDUXULORUODßQFôUFDUHD
DXWRYHKLFXOXOXLŏLDSUHYHQLRUELUHD
FHORUFDUHFLUFXOôGLQVHQVRSXVURWLœL
)DUXULOHGHID]ôOXQJôVXQWDSULQVH EXWRQXOßQSR]LœLDFHUXWô
DWXQFLFÓQGIDUXULOHGHID]ôVFXUWô
VXQWDSULQVH
6LVWHPGHLOXPLQDUH 

 VFDXQHOHIDœôRFXSDWH /ôPSLOHGHSR]LœLHVSDWHQXVXQW 6HPQDOL]DUHDYLUDMHORUŏL


 WRDWHVFDXQHOHRFXSDWH DSULQVH
 WRDWHVFDXQHOHRFXSDWHŏL DVFKLPEôULLEHQ]LLGH
SRUWEDJDMXOßQFôUFDW
/XPLQLOHGHDYDULH UXODUH
 VFDXQXOŏRIHUXOXLRFXSDWŏL
SRUWEDJDMXOßQFôUFDW

)DUXULOHFÓQGFRQGXFHœLßQ
DIDUDϙULL
)D]DVFXUWôDVLPHWULFôPôUHŏWH
FÓPSXOGHYL]LELOLWDWHSHPDUJLQHD
FDURVDELOXOXLGLQVSUHSDUWHD
SDVDJHUXOXL
7RWXŏLDWXQFLFÓQGFLUFXODœLßQœôULßQ
FDUHWUDILFXOVHGHVIôŏRDUôSH
FHDODOWôSDUWHDFDURVDELOXOXLUHJODœL
IDUXULOHSHQWUXDSUHYHQLRUELUHDFHORU $FœLRQDUHSULQLQWHUPHGLXOEXWRQXOXL PDQHWDßQ VHPQDOL]DUHGUHDSWD
FHFLUFXOôGLQVHQVRSXV e VXV
)DUXULOHŏLOôPSLOHGHSDUFDUH  PDQHWDßQ VHPQDOL]DUHVWÓQJD
3HQWUXDDFWLYDOXPLQLOHGHDYDULH MRV
DSôVDœLEXWRQXOFRUHVSXQ]ôWRU
8WLOL]DUHDOXPLQLORUGH 3HQWUXDVWLQJHOXPLQLOHGHDYDULH 'DFôPDQHWDHVWHßPSLQVôGLQFRORGH
DSôVDœLGLQQRXEXWRQXO SXQFWXOGHUH]LVWHQœôVHPQDOL]DUHD
SR]LœLHSHWLPSGH]L GLUHFœLHLUôPÓQHDFWLYDWô$WXQFLFÓQG
$SULQGHUHDOXPLQLORUGH]LFUHŏWH YRODQXOUHYLQHßQSR]LœLDLQLœLDOô
YL]LELOLWDWHDDXWRYHKLFXOXOXLSHŏRVHD VHPQDOL]DUHDGLUHFœLHLHVWH
ßQWLPSXO]LOHL GH]DFWLYDWôDXWRPDW
 6LVWHPGHLOXPLQDUH

3HQWUXWUHLFOLSLULGHVHPQDOL]DUHGH /DPSDGHFRQWUROSHQWUX ¿QWUHUXSôWRUXOGHOXPLQôßQSR]LœLD


H[ODVFKLPEDUHDEHQ]LLGHUXODUH SURLHFWRDUHOHGHFHDϙVHDSULQGH OXPLQDGHFHDϙVSDWHVHSRDWH
GHSODVDœLPDQHWDSÓQôßQSXQFWXOGH DWXQFLFÓQGSURLHFWRDUHOHGHFHDœô DSULQGHFXOXPLQLOHGHFHDœôGHSH
UH]LVWHQœôŏLDSRLHOLEHUDœLR VXQWDSULQVH IDœô
'HSODVDœLPDQHWDßQSXQFWXOGH 3HQWUXDVWLQJHDSôVDœLEXWRQXOGLQ /DPSDGHFRQWUROSHQWUXODPSDGH
UH]LVWHQœôŏLPHQœLQHœLRSHQWUX QRX FHDœôVSDWHVHDSULQGHDWXQFLFÓQG
SUHOXQJLUHDVHPQDOL]ôULL ODPSDGHFHDœôVSDWHHVWHDSULQVô
'HFRQHFWDœLPDQXDOVHPQDOL]DUHD /ôPSLOHGHFHDœôVSDWH
GXFÓQGPDQHWDßQSR]LœLDVDLQLœLDOô /ôPSLOHGHPDUŏDULHU
/ôPSLOHGHPDUŏDULHUVHDSULQGFÓQG
3URLHFWRDUHOHGHFHDœô VHFXSOHD]ôFRQWDFWXOŏLWUHDSWDGH
PDUŏDULHU

/HQWLOHOHIDUXULORUDEXULWH
,QWHULRUXOFDUFDVHORUIDUXULORUVHSRDWH
DEXULXŏRUßQFRQGLœLLGHXPH]HDOôŏL
IULJSORDLHSXWHUQLFôVDXGXSô
VSôODUH&RQGHQVXOGLVSDUHUHSHGH
GHODVLQHSHQWUXDDFFHOHUDSURFHVXO
DSULQGHœLIDUXULOH
$FœLRQDUHSULQLQWHUPHGLXOEXWRQXOXL
P
&RPXWDWRUXOGHOXPLQLßQSR]LœLD
3HQWUXDDSULQGHSURLHFWRDUHOHGH $872DSULQGHUHDOôPSLORUGHFHDœô
FHDœôDSôVDœLEXWRQXO VSDWHYDDSULQGHDXWRPDWŏLIDUXULOH
6LVWHPGHLOXPLQDUH 

,OXPLQDUHDLQWHULRDUô 1RWô &DUDFWHULVWLFLDOH


%DWHULDVHSRDWHGHVFôUFDGDFô
OôPSLOHVXQWOôVDWHDSULQVHPXOWWLPS VLVWHPXOXLGHLOXPLQDUH
/XPLQLOHLQWHULRDUH
3ODIRQLHUD  $YHUWLVPHQW /XPLQLOHGHDFFHV
(YLWDœLXWLOL]DUHDSODIRQLHUHLSH /XPLQDGHßQWÓPSLQDUH
WLPSXOFRQGXFHULLSHßQWXQHULF )DUXULOHSR]LœLLOHOôPSLOHVSDWHŏL
+DELWDFOXOLOXPLQDWUHGXFH OXPLQLOHLQWHULRDUHVHDSULQGSHQWUXXQ
YL]LELOLWDWHDßQßQWXQHULFFHHDFH VFXUWWLPSODGHEORFDUHD
SRDWHFRQGXFHODFROL]LXQL DXWRYHKLFXOXOXLFXDMXWRUXO
WHOHFRPHQ]LLUDGLR$FHDVWôIXQFœLH
HVWHRSHUDœLRQDOôQXPDLSHßQWXQHULF
ŏLIDFLOLWHD]ôORFDOL]DUHD
DXWRYHKLFXOXOXL
/XPLQDVHVWLQJHLPHGLDWGXSôFH
FKHLDGHFRQWDFWHVWHURWLWôßQSR]LœLD
GHDOLPHQWDUHDDFFHVRULLORU
$FœLRQDœLßQWUHUXSôWRUXOHOHFWULF $FWLYDUHDVDXGH]DFWLYDUHDDFHVWHL
EDVFXODQW IXQFœLLSRWILPRGLILFDWHGLQ6HWôUL
ഓ WRWWLPSXODSULQVSÓQôFÓQG YHKLFXO3HUVRQDOL]DUHD
HVWHVWLQVPDQXDO DXWRYHKLFXOXOXL 
Z SODIRQLHUDVHDSULQGHOD
GHVFKLGHUHDXQHLSRUWLHUHŏLVH
VWLQJHGXSôßQFKLGHUHD
SRUWLHUHORU
c ßQWRWGHDXQDVWLQVFKLDUFÓQG
SRUWLHUHOHVXQWGHVFKLVH
 6LVWHPGHLOXPLQDUH

/XPLQLOHGHDFFHV 3RUQLUHD $XWRYHKLFXOHFXVLVWHPDXWRPDWGH


8UPôWRDUHOHOXPLQLVHYRUDSULQGH $FWLYDUHDGH]DFWLYDUHDŏLGXUDWDGH LOXPLQDUH
VXSOLPHQWDUFÓQGSRUWLHUDŏRIHUXOXL LOXPLQDUHDDFHVWHLIXQFœLLSRWIL  &RPXWDWRUXOGHOXPLQLßQSR]LœLD
HVWHGHVFKLVô PRGLILFDWHGLQ6HWôULYHKLFXO $872
࿢ 'LIHULWHFRPXWDWRDUH 3HUVRQDOL]DUHDDXWRYHKLFXOXOXL   'HFXSODœLFRQWDFWXO
࿢ 'LIHULWHOXPLQLGHLQWHULRU $XWRYHKLFXOHIôUôVLVWHPDXWRPDWGH  6FRDWHœLFKHLDGLQFRQWDFW
LOXPLQDUH ¿QIXQFœLHGHFRQGLœLLOHGHOXPLQR]LWDWH
/XPLQLOHGHßQVRœLUHOD  'HFXSODœLFRQWDFWXO H[WHULRDUôVXQWDFWLYDWHOXPLQLOHGH
ßQVRœLUH
LHŏLUHDGLQDXWRYHKLFXO  6FRDWHœLFKHLDGLQFRQWDFW
'XSôSôUôVLUHDDXWRYHKLFXOXOXL  'HVFKLGHœLSRUWLHUDŏRIHUXOXL
IDUXULOHSR]LœLLOHŏLOôPSLOHVSDWH  7UDJHœLGHPDQHWDGH
3URWHFœLDßPSRWULYD
LOXPLQHD]ô]RQDGLQMXUßQWUXQ VHPQDOL]DUH GHVFôUFôULLEDWHULHL
LQWHUYDOGHWLPSDMXVWDELO  ¿QFKLGHœLSRUWLHUDŏRIHUXOXL
2SULUHDOXPLQLORUHOHFWULFH
'DFôSRUWLHUDŏRIHUXOXLQXHVWH 6LVWHPXOGHSURWHMDUHDEDWHULHLDUHFD
ßQFKLVôOXPLQLOHVHVWLQJGXSôFÓWHYD VFRSSUHYHQLUHDGHVFôUFôULLDFHVWHLD
VHFXQGH
'DFôGHFXSODœLFRQWDFWXOOXPLQLOHVH
6LVWHPXOGHLOXPLQDUHHVWHGH]DFWLYDW VWLQJDXWRPDWGXSôFÓWHYDVHFXQGH
LPHGLDWGDFôPDQHWDGHVHPQDOL]DUH
HVWHWUDVôVSUHYRODQßQWLPSFH
SRUWLHUDŏRIHUXOXLHVWHGHVFKLVô
6LVWHPXO,QIRWDLQPHQW 

,QWURGXFHUH 3URFHVRUXOGLJLWDOGHVXQHWYôRIHUô
6LVWHPXO,QIRWDLQPHQW XQQXPôUGHPRGXULGHSUHVHWDUH
DHJDOL]DWRUXOXLSHQWUXRSWLPL]DUHD
,QIRUPDœLLJHQHUDOH VXQHWXOXL
,QWURGXFHUH   6LVWHPXO,QIRWDLQPHQWIXUQL]HD]ô 6LVWHPXOSRDWHILFRQILJXUDWIRDUWH
GLYHUWLVPHQWVLLQIRUPDœLLßQ XŏRUJUDœLHGLVSR]LWLYXOXLGHUHJODUH
$SDUDWXOUDGLR   DXWRWXULVPXWLOL]ÓQGWHKQRORJLDFHD DWHQWFRQFHSXWDILŏDMXOXLLQWHOLJHQWŏL
6LVWHPHOHDXGLR   PDLUHFHQWô UHJXODWRUXOXLPXOWLIXQFœLRQDOSHQWUX
7HOHIRQXO   5DGLRXOSRDWHILXŏRUXWLOL]DWSULQ PHQLXUL
ßQUHJLVWUDUHDDXQXLQXPôUGHSÓQôOD ࿢ 6HFœLXQHDರ,QWURGXFHUHಯIXUQL]HD]ô
SRVWXULGHUDGLR)0VDX$0ßQ RSUH]HQWDUHJHQHUDOôDIXQFœLLORU
ŏDVHSDJLQLFXDMXWRUXOEXWRDQHORU VLVWHPXOXL,QIRWDLQPHQWŏLDWXWXURU
35(6(7>a@ GLVSR]LWLYHORUGHUHJODUH
&'SOD\HUXOSRDWHUHGDGLVFXUL&' ࿢ 6HFœLXQHDರ)XQFœLRQDUHDಯH[SOLFô
DXGLRŏL03 :0$ LDU86% FRPHQ]LOHGHED]ôSHQWUXVLVWHPXO
SOD\HUXOSRDWHUHGDGHSH ,QIRWDLQPHQW
GLVSR]LWLYHOHGHVWRFDUH86%VDX
L3RGFRQHFWDWH
)XQFœLDGHFRQHFWDUHDWHOHIRQXOXL
SULQ%OXHWRRWKSHUPLWHXWLOL]DUHD
WHOHIRQXOXLßQPRGXOKDQGVIUHHIôUô
ILUGDUŏLUHGDUHDPX]LFLLGHSH
WHOHIRQ
&RQHFWDœLXQGLVSR]LWLYGHUHGDUH
SRUWDELOODLQWUDUHDH[WHUQôŏLEXFXUDœL
YôGHVXQHWXORIHULWGHVLVWHPXO
,QIRWDLQPHQW
 6LVWHPXO,QIRWDLQPHQW

$ILŏDUHDHFUDQHORU $ILŏDMXOHFUDQHORUSRDWHGLIHULGH
DILŏDMXOGLQPDQXDOGHRDUHFH
PDMRULWDWHDDILŏDMHORUGLIHUôßQIXQFœLH
GHFRQILJXUDUHDGLVSR]LWLYXOXLŏLGH
VSHFLILFDœLLOHDXWRYHKLFXOXOXL

)XQFœLDDQWLIXUW
6LVWHPXO,QIRWDLQPHQWDUHLQVWDODWXQ
VLVWHPHOHFWURQLFGHVHFXULWDWHFDUH
SUHYLQHWHQWDWLYHOHGHIXUW
6LVWHPXO,QIRWDLQPHQWIXQFœLRQHD]ô
QXPDLSHDXWRYHKLFXOXOSHFDUHDIRVW
PRQWDWSULPDGDWôŏLQXSRDWHIL
XWLOL]DWGHSHUVRDQHOHFDUHODXIXUDW
6LVWHPXO,QIRWDLQPHQW 

3UH]HQWDUHDJHQHUDOôDHOHPHQWHORUGHFRPDQGô
7LSXO
 6LVWHPXO,QIRWDLQPHQW

7LSXO$5DGLR&'03$8;  )DQWDSHQWUXGLVFXUL ဈ $SôVDœLDFHVWHEXWRDQHßQWLPS


86%L3RG%OXHWRRWK 'LVFXULOHVHLQWURGXFßQŏLVHVFRW FHXWLOL]DœLPRGXULOHGHUHGDUH
7LSXO%5DGLR&'03$8; GLQDFHDVWôIDQWô &'0386%L3RGSHQWUX
DUHGDLPHGLDWSLHVDDQWHULRDUô
 $ILŏDM  %XWRQXO) )$9285,7(>) )$9@ VDXSLHVDXUPôWRDUH
$ILŏDMXOSHQWUXVWDUHDŏL $SôVDœLDFHVWEXWRQSHQWUX 3XWHœLœLQHDSôVDWHDFHVWH
LQIRUPDœLLOHGHVSUH5HGDUH DVHOHFWDSDJLQDFDQDOHORU EXWRDQHSHQWUXDGHUXODUDSLG
5HFHSœLH0HQLX SUHIHUDWHVDOYDWH ßQDSRLßQDLQWHSULQPHORGLLOH
 %XWRQXO332:(592/80(FX  %XWRQXO,,1)250$7,21>,,1)2@ UHGDWHßQPRGFXUHQW
EXWRQGHFRPDQGô ဈ $SôVDœLDFHVWEXWRQSHQWUX  %XWRQXO& &'$8;
ဈ 3RUQLœLRSULœLDSDUDWXOSULQ DYL]XDOL]DLQIRUPDœLLOHGHVSUH $SôVDœLEXWRQXOSHQWUXDVHOHFWD
DSôVDUHDDFHVWXLEXWRQ ILŏLHUDWXQFLFÓQGXWLOL]DœL IXQFœLDDXGLR&'03$8;VDX
ဈ 5RWLœLEXWRQXOGHFRQWUROSHQWUX PRGXULOHGHUHGDUH&'03 86%L3RG%OXHWRRWK
DUHJODYROXPXOVRQRU 86%L3RG
 %XWRQXO5 5$',2%$1'
 %XWRDQHOH3 35(6(7>a@ ဈ 9L]XDOL]DœLLQIRUPDœLLOHGHVSUH
SRVWXOGHUDGLRŏLGHVSUH &RPXWôßQWUHEDQGDUDGLR)0ŏL
ဈ ŒLQHœLDSôVDWRULFDUHGLQWUH PHORGLDUHGDWôßQPRGFXUHQW $0
DFHVWHEXWRDQHSHQWUX DWXQFLFÓQGXWLOL]DœLIXQFœLD  %XWRQXO7 73
DDGôXJDSRVWXOGHUDGLRFXUHQW UDGLR
ODSDJLQDFXUHQWôGH3UHIHULQœH ¿QWLPSXOXWLOL]ôULLIXQFœLHL5'6)0
 %XWRDQHOHG6((.F DFWLYDœLVDXGH]DFWLYDœLIXQFœLD73
ဈ $SôVDœLXQXOGLQWUHDFHVWH SURJUDPGHWUDILF 
EXWRDQHSHQWUXDVHOHFWD ဈ $SôVDœLDFHVWHEXWRDQHßQWLPS
FDQDOXODVRFLDWDFHOXLEXWRQ FHXWLOL]DœLUDGLRSHQWUXDFôXWD  %XWRQXO& &21),*
DXWRPDWSRVWXULOHGHUDGLRFX $SôVDœLDFHVWEXWRQSHQWUX
 %XWRQXO((-(&7 RUHFHSœLHEXQô3XWHœLVHWD DDFFHVDPHQLXOGHFRQILJXUDUH
$SôVDœLDFHVWEXWRQSHQWUX PDQXDOIUHFYHQœDGHHPLVLHSULQ DVLVWHPXOXL
DVFRDWHGLVFXO œLQHUHDDSôVDWôDDFHVWRU
EXWRDQH
6LVWHPXO,QIRWDLQPHQW 

 %XWRQXO7721( PRGHOXOGHWLS$ VDXSHQWUX


$SôVDœLDFHVWEXWRQSHQWUX DDFWLYDVDXGH]DFWLYDIXQFœLD
DUHJODVHOHFWDPRGXOGH GHYROXPVRQRUGH]DFWLYDW
FRQILJXUDUHDVXQHWXOXL QXPDLSHQWUXPRGHOXOGHWLS
% 
 %XWRQXO00(18781(FXFRQWURO
ဈ ŒLQHœLDSôVDWEXWRQXOSHQWUX
ဈ $SôVDœLDFHVWEXWRQSHQWUX DDFWLYDVDXGH]DFWLYDIXQFœLD
DDILŏDPHQLXOFXUHQWXWLOL]DWVDX YROXPVRQRUGH]DFWLYDW QXPDL
SHQWUXDVHOHFWDPRGLILFD SHQWUXPRGHOXOGHWLS$ 
FRQœLQXWXOŏLYDORULOHGH
FRQILJXUDUH
ဈ 5RWLœLEXWRQXOGHFRQWUROSHQWUX
DYôGHSODVDPRGLILFD
FRQœLQXWXOVDXYDORULOHGH
FRQILJXUDUH
 0XID$$8;
&RQHFWDœLODDFHDVWôPXIôXQ
GLVSR]LWLYH[WHUQFXLHŏLUHGH
VXQHW
 %XWRQXO3%$&.
ဈ $QXOHD]ôLQWURGXFHUHD
FRQœLQXWXOXLVDXUHYLQHOD
PHQLXODQWHULRU
 %XWRQXO33+21(087(
ဈ $SôVDœLDFHVWEXWRQSHQWUX
DDFWLYDPRGXOWHOHIRQSULQ
%OXHWRRWK QXPDLSHQWUX
 6LVWHPXO,QIRWDLQPHQW

7LSXO
6LVWHPXO,QIRWDLQPHQW 

7LSXO$5DGLR&'03$8;  )DQWDSHQWUXGLVFXUL ဈ $SôVDœLDFHVWHEXWRDQHßQWLPS


86%L3RG%OXHWRRWK 'LVFXULOHVHLQWURGXFßQŏLVHVFRW FHXWLOL]DœLPRGXULOHGHUHGDUH
7LSXO%5DGLR&'03$8; GLQDFHDVWôIDQWô &'0386%L3RGSHQWUX
DUHGDLPHGLDWSLHVDDQWHULRDUô
 $ILŏDM  %XWRQXO) )$9285,7(>) )$9@ VDXSLHVDXUPôWRDUH
$ILŏDMXOSHQWUXVWDUHDŏL $SôVDœLDFHVWEXWRQSHQWUX 3XWHœLœLQHDSôVDWHDFHVWH
LQIRUPDœLLOHGHVSUH5HGDUH DVHOHFWDSDJLQDFDQDOHORU EXWRDQHSHQWUXDGHUXODUDSLG
5HFHSœLH0HQLX SUHIHUDWHVDOYDWH ßQDSRLßQDLQWHSULQPHORGLLOH
 %XWRQXO332:(592/80(FX  %XWRQXO,,1)250$7,21>,,1)2@ UHGDWHßQPRGFXUHQW
EXWRQGHFRPDQGô ဈ $SôVDœLDFHVWEXWRQSHQWUX  %XWRQXO& &'$8;
ဈ 3RUQLœLRSULœLDSDUDWXOSULQ DYL]XDOL]DLQIRUPDœLLOHGHVSUH $SôVDœLEXWRQXOSHQWUXDVHOHFWD
DSôVDUHDDFHVWXLEXWRQ ILŏLHUDWXQFLFÓQGXWLOL]DœL IXQFœLDDXGLR&'03$8;VDX
ဈ 5RWLœLEXWRQXOGHFRQWUROSHQWUX PRGXULOHGHUHGDUH&'03 86%L3RG%OXHWRRWK
DUHJODYROXPXOVRQRU 86%L3RG
 %XWRQXO5 5$',2%$1'
 %XWRDQHOH3 35(6(7>a@ ဈ 9L]XDOL]DœLLQIRUPDœLLOHGHVSUH
SRVWXOGHUDGLRŏLGHVSUH &RPXWôßQWUHEDQGDUDGLR)0ŏL
ဈ ŒLQHœLDSôVDWRULFDUHGLQWUH PHORGLDUHGDWôßQPRGFXUHQW $0
DFHVWHEXWRDQHSHQWUX DWXQFLFÓQGXWLOL]DœLIXQFœLD  %XWRQXO7 73
DDGôXJDSRVWXOGHUDGLRFXUHQW UDGLR
ODSDJLQDFXUHQWôGH3UHIHULQœH ¿QWLPSXOXWLOL]ôULLIXQFœLHL5'6)0
 %XWRDQHOHG6((.F DFWLYDœLVDXGH]DFWLYDœLIXQFœLD73
ဈ $SôVDœLXQXOGLQWUHDFHVWH SURJUDPGHWUDILF 
EXWRDQHSHQWUXDVHOHFWD ဈ $SôVDœLDFHVWHEXWRDQHßQWLPS
FDQDOXODVRFLDWDFHOXLEXWRQ FHXWLOL]DœLUDGLRSHQWUXDFôXWD  %XWRQXO& &21),*
DXWRPDWSRVWXULOHGHUDGLRFX $SôVDœLDFHVWEXWRQSHQWUX
 %XWRQXO((-(&7 RUHFHSœLHEXQô3XWHœLVHWD DDFFHVDPHQLXOGHFRQILJXUDUH
$SôVDœLDFHVWEXWRQSHQWUX PDQXDOIUHFYHQœDGHHPLVLHSULQ DVLVWHPXOXL
DVFRDWHGLVFXO œLQHUHDDSôVDWôDDFHVWRU
EXWRDQH
 6LVWHPXO,QIRWDLQPHQW

 %XWRQXO7721( PRGHOXOGHWLS$ VDXSHQWUX DDFWLYDVDXGH]DFWLYDIXQFœLD


$SôVDœLDFHVWEXWRQSHQWUX DDFWLYDVDXGH]DFWLYDIXQFœLD YROXPVRQRUGH]DFWLYDW¿QPRGXO
DUHJODVHOHFWDPRGXOGH GHYROXPVRQRUGH]DFWLYDW FXSODWSXWHœLDSôVDDFHVWEXWRQ
FRQILJXUDUHDVXQHWXOXL QXPDLSHQWUXPRGHOXOGHWLS SHQWUXDUHVSLQJHDSHOXULOHVDX
%  DILQDOL]DXQDSHO
 %XWRQXO00(18781(FXFRQWURO
ဈ ŒLQHœLDSôVDWEXWRQXOSHQWUX  %XWRQXO& &DOO
ဈ $SôVDœLDFHVWEXWRQSHQWUX DDFWLYDVDXGH]DFWLYDIXQFœLD
DDILŏDPHQLXOFXUHQWXWLOL]DWVDX ဈ $SôVDœLEXWRQXOSHQWUX
YROXPVRQRUGH]DFWLYDW QXPDL DUHFHSœLRQDXQDSHOVDXSHQWUX
SHQWUXDVHOHFWDPRGLILFD SHQWUXPRGHOXOGHWLS$ 
FRQœLQXWXOŏLYDORULOHGH DDFFHVDPRGXOGHVHOHFœLHGH
FRQILJXUDUH UHDSHODUH
&RPHQ]LOHDXGLRGHSHYRODQ
ဈ 5RWLœLEXWRQXOGHFRQWUROSHQWUX ဈ ŒLQHœLDSôVDWDFHVWEXWRQ
DYôGHSODVDPRGLILFD &RPHQ]LOHDXGLRGHSHYRODQWLSXO SHQWUXDDFFHVDMXUQDOXO
FRQœLQXWXOVDXYDORULOHGH DSHOXULORUHIHFWXDWHVDXSHQWUX
FRQILJXUDUH DFRPXWDGLQPRGXOKDQGVIUHH
ßQPRGXODSHOSULYDWßQWLPSXO
 0XID$$8; XQXLDSHO
&RQHFWDœLODDFHDVWôPXIôXQ  %XWRQXOEXWRQXOGHFRQWURO
GLVSR]LWLYH[WHUQFXLHŏLUHGH 6RXUFH>G65&F@
VXQHW
 %XWRQXO3%$&.
ဈ $QXOHD]ôLQWURGXFHUHD
FRQœLQXWXOXLVDXUHYLQHOD
PHQLXODQWHULRU
 %XWRQXO33+21(087(
ဈ $SôVDœLDFHVWEXWRQSHQWUX  %XWRQXO0
0XWH+DQJXS
DDFWLYDPRGXOWHOHIRQSULQ
$SôVDœLDFHVWEXWRQßQRULFHPRG
%OXHWRRWK QXPDLSHQWUX
GHUHGDUHPX]LFDOôSHQWUX
6LVWHPXO,QIRWDLQPHQW 

ဈ $SôVDœLEXWRQXOSHQWUX  %XWRQXO00XWH+DQJXS )XQFœLRQDUHD


DVHOHFWDXQPRGGHUHGDUH $SôVDœLDFHVWEXWRQSHQWUX
VRQRUô DDFWLYDŏLGH]DFWLYDIXQFœLDYROXP %XWRDQHOHŏLGLVSR]LWLYHOHGH
ဈ 5RWLœLEXWRQXOGHFRQWUROSHQWUX VRQRUGH]DFWLYDW FRQWURO
DPRGLILFDSRVWXULOHGHUDGLR  1HGLVSRQLELO 6LVWHPXO,QIRWDLQPHQWSRDWHILRSHUDW
DVRFLDWHVDXPX]LFDFDUHHVWH FXDMXWRUXOEXWRDQHORUIXQFœLRQDOHDO
UHGDWôßQPRGFXUHQW  %XWRQXOEXWRQXOGHFRQWURO
6RXUFH>G65&F@ EXWRQXOXLGHFRQWUROPXOWLIXQFœLRQDOŏL
 %XWRDQHOH9 9ROXPH>@ DOPHQLXOXLLQGLFDWSHHFUDQXODILŏDW
ဈ $SôVDœLEXWRQXOSHQWUX
ဈ $SôVDœLEXWRQXOSHQWUXDPôUL DVHOHFWDXQPRGGHUHGDUH %XWRDQHOHŏLGLVSR]LWLYHOHGHFRQWURO
YROXPXOVRQRU VRQRUô XWLOL]DWHGHVLVWHPVXQWXUPôWRDUHOH
ဈ $SôVDœLEXWRQXOSHQWUX ဈ 5RWLœLEXWRQXOGHFRQWUROSHQWUX ࿢ %XWRDQHOHŏLEXWRQXOGHFRPDQGô
DUHGXFHYROXPXOVRQRU DPRGLILFDSRVWXULOHGHUDGLR DOHVLVWHPXOXL,QIRWDLQPHQW
DVRFLDWHVDXPX]LFDFDUHHVWH ࿢ %XWRDQHOHWHOHFRPHQ]LLGHSHYRODQ
&RPHQ]LOHDXGLRGHSHYRODQWLSXO
UHGDWôßQPRGFXUHQW
 %XWRDQHOH9 9ROXPH>@ 3RUQLUHDRSULUHDVLVWHPXOXL
ဈ $SôVDœLEXWRQXOSHQWUXDPôUL
YROXPXOVRQRU
ဈ $SôVDœLEXWRQXOSHQWUX
DUHGXFHYROXPXOVRQRU
 6LVWHPXO,QIRWDLQPHQW

$SôVDœLEXWRQXO3 32:(592/80( &RQWUROXOYROXPXOXLVRQRU &RQWUROXODXWRPDWDOYROXPXOXL


SHQWUXDSRUQLVLVWHPXO VRQRU
/DSRUQLUHDVLVWHPXOXLYDILUHGDW 'XSôLQLœLDOL]DUHDIXQFœLHLGH
SRVWXOGHUDGLRHPLWHQWVDXSLHVD FRPSHQVDUHDYROXPXOXLVRQRUßQ
VHOHFWDWôDQWHULRU 5HGDUHDYDIL IXQFœLHGHYLWH]ôYROXPXOYDIL
GLIHULWôßQFD]XOUHGôULLDXGLR FRQWURODWDXWRPDWßQIXQFœLHGHYLWH]D
%OXHWRRWKßQIXQFœLHGHGLVSR]LWLY DXWRYHKLFXOXOXLSHQWUXDFRPSHQVD
$SôVDœLEXWRQXO3 32:(592/80( ]JRPRWXOSURYHQLWGHODPRWRUŏLGHOD
SHQWUXDRSULVLVWHPXO URœL &RQVXOWDœL&RQILJXUDUHVLVWHP
ඎ6HWôULUDGLRඎ
2SULUHDDXWRPDWô
$WXQFLFÓQGFRQWDFWXO FKHLDGLQ 9ROXPXOOLPLWDWGHWHPSHUDWXUD
FRQWDFW HVWHßQSR]LœLD2))SRUQLUHD ULGLFDWô
VLVWHPXOXL,QIRWDLQPHQWGHODEXWRQXO 'DFôWHPSHUDWXUDLQWHULRDUô
32:(592/80(YDRSULDXWRPDW 5RWLœLEXWRQXOGHFRQWURO332:(5 DUDGLRXOXLHVWHIRDUWHULGLFDWô
VLVWHPXOGXSô]HFHPLQXWHGHOD 92/80(SHQWUXDUHJODYROXPXO VLVWHPXO,QIRWDLQPHQWYDOLPLWD
XOWLPDRSHUDœLXQHDXWLOL]DWRUXOXL VRQRU YROXPXOVRQRUPD[LPFRQWURODELO
࿢ 3HQWUXUHJODUHDYROXPXOXLDSôVDœL 'DFôHVWHQHFHVDUYROXPXOYDIL
EXWRDQHOH9 92/80(>@GHOD UHGXVDXWRPDW
WHOHFRPDQGDGHSHYRODQ
࿢ 9DILDILŏDWQLYHOXOFXUHQWDO
YROXPXOXLVRQRU
࿢ /DSRUQLUHDVLVWHPXOXL
,QIRWDLQPHQWQLYHOXOYROXPXOXLYDIL
FHOVHOHFWDWDQWHULRU DWXQFLFÓQG
HVWHPDLUHGXVGHFÓWQLYHOXOPD[LP
DOYROXPXOXLVRQRUODSRUQLUH 
6LVWHPXO,QIRWDLQPHQW 

6HWôULOHSHQWUXWRQDOLWDWH 0HQLXOGHFRQILJXUDUHDWRQDOLWôœLL
࿢ %DV5HJOHD]ôQLYHOXOEDVXOXLßQWUH
ŏL
࿢ ¿QDOWH5HJOHD]ôQLYHOXOßQDOWHORU
ßQWUHŏL
࿢ 0HGLL5HJOHD]ôQLYHOXOPHGLLORU
ßQWUHŏL
࿢ 'LVWULEXœLHYROXPIDœôVSDWH
5HJOHD]ôEDODQVXOGLIX]RDUHORU
IDœôVSDWHGHODßQIDœôSÓQôOD
ßQVSDWHODXQDXWRYHKLFXOFXXQ
PRGHOGHVLVWHPFXGLIX]RDUH
5RWLœLEXWRQXOGHFRQWURO0 0(18
781(SHQWUXDVHOHFWDYDORDUHD ࿢ %DODQV5HJOHD]ôEDODQVXO
3HQWUXPHQLXOGHFRQILJXUDUH GRULWôSHQWUXVHWDUHDWRQDOLWôœLLŏLDSRL GLIX]RDUHORUVWÓQJDGUHDSWDGHOD
DWRQDOLWôœLLFDUDFWHULVWLFLOHVRQRUHSRW DSôVDœLEXWRQXO0 0(18781( ßQIDœôSÓQôODßQVSDWH
ILFRQILJXUDWHßQPRGGLIHULW ࿢ (4 (JDOL]DWRU 6HOHFWHD]ôVDX
GHSLQ]ÓQGGHVXUVDDXGLR)0$0ŏL 2SœLXQHDVHOHFWDWôßQPRGFXUHQW
SRDWHILLQLœLDOL]DWôSULQDSôVDUHD RSUHŏWHVWLOXOVRQRU 2))ඐ3RS
GHIXQFœLLOHILHFôUXLSOD\HUDXGLR ඐ5RFNඐ&ODVLFඐ9RFDO
OXQJôDEXWRQXOXL0 0(18781(ßQ
$SôVDœLEXWRQXO7 721(DWXQFLFÓQG PRGXOGHFRQILJXUDUHDWRQDOLWôœLL ඐ&RXQWU\
XWLOL]DœLPRGXOUHOHYDQWGH WRDWHRSœLXQLOHPRGXOXLGHFRQILJXUDUH
IXQFœLRQDUH DWRQDOLWôœLLSRWILLQLœLDOL]DWHSULQ
5RWLœLEXWRQXOGHFRQWURO0 0(18 DSôVDUHDOXQJôDEXWRQXOXL7 721(
781(SHQWUXDVHOHFWDPRGXOGRULWGH
VHWDUHDWRQDOLWôœLLŏLDSRLDSôVDœL
EXWRQXO0 0(18781(
 6LVWHPXO,QIRWDLQPHQW

6HOHFWDUHDIXQFœLHL 5HGDUHDDXGLR&'0386%L3RG
%OXHWRRWKVDXLQWUDUHDVRQRUô
5DGLRXO)0$0 H[WHULRDUô $8;

$SôVDœLEXWRQXO0 0(18781(SHQWUX
DGHVFKLGHPHQLXOFXRSœLXQLOH
IXQFœLHLUHOHYDQWHVDXPHQLXO
GLVSR]LWLYXOXLUHOHYDQW FXH[FHSœLD
$SôVDœLEXWRQXO55$',2%$1'SHQWUX $SôVDœLßQPRGUHSHWDWEXWRQXO&&'
DXGLR%OXHWRRWK 
DVHOHFWDSRVWXULOHGHUDGLR)0VDX $8;SHQWUXDGHUXODSULQIXQFœLLOH
$0 SOD\HUXOXLDXGLRIXQFœLD$8;SHQWUX
$SôVDœLEXWRQXO00(18781(SHQWUX GLVFXULOH&'03VDXSOD\HUXODXGLR
DGHVFKLGHPHQLXO)0$0FDUH FRQHFWDWSULQ86%L3RGVDX
LQFOXGHRSœLXQLOHGHVHOHFWDUH %OXHWRRWK &'03ඎ$8;ඎ$XGLR
DSRVWXULORUGHUDGLRHPLWHQWH 86%VDXL3RG%OXHWRRWKඎ&'03
ඎ
'HODEXWRQXOGHFRQWURODO
WHOHFRPHQ]LLDSôVDœL66RXUFH
>G65&F@SHQWUXDVHOHFWDPRGXOGRULW
6LVWHPXO,QIRWDLQPHQW 

)XQFœLDKDQGVIUHHSULQ%OXHWRRWK  %XWRQXO00(18781(FXFRQWURO
DWHOHIRQXOXL ࿢ 5RWLœLEXWRQXOGHFRQWUROSHQWUXDYô
GHSODVDSULQPHQLXVDXODRSœLXQHD
GHFRQILJXUDUH
࿢ $SôVDœLEXWRQXOSHQWUXDVHOHFWD
LQWURGXFHHFUDQXOGHWDOLDWFX
FRPHQ]LGLQPHQLXOFXUHQWVDX
RSœLXQHDGHFRQILJXUDUH
 %XWRQXO3% %$&.
$QXOHD]ôLQWURGXFHUHDDUWLFROXOXLVDX
UHYLQHODHFUDQXOPHQLXODQWHULRU
$SôVDœLEXWRQXO33+21(087(
SHQWUXDGHVFKLGHPHQLXO%OXHWRRWK
0RGDOLWDWHDGHXWLOL]DUH
FXRSœLXQLOHSHQWUXIXQFœLDUHOHYDQWô DPHQLXOXL&RQILJXUDUHSHQWUX
$SôVDœLEXWRQXO33+21(087( SHUVRQDOL]DUH
SHQWUXDVHOHFWDIXQFœLDGHKDQGVIUHH ࿢ 0HQLXULOHGHFRQILJXUDUHŏLIXQFœLLOH
SULQ%OXHWRRWKDWHOHIRQXOXL QXPDL 3HUVRQDOL]DUHD SRWGLIHULßQIXQFœLHGHPRGHOXO
SHQWUXPRGHOHOHGHWLS$  DXWRWXULVPXOXL
%XWRDQHOHSULQFLSDOHEXWRQXOGH
FRQWURO ࿢ 5HIHULQœô7DEHOXOGHLQIRUPDœLL
SHQWUXPHQLXOGHFRQILJXUDUHGHOD
%XWRDQHOHŏLEXWRQXOGHFRQWURO
SDJLQDXUPôWRDUH
XWLOL]DWHSHQWUXFRQILJXUDUHD
VLVWHPXOXLVXQWXUPôWRDUHOH
 %XWRQXO&&21),*
$SôVDœLDFHVWEXWRQSHQWUXDDFFHVD
PHQLXOGHFRQILJXUDUHDVLVWHPXOXL
 6LVWHPXO,QIRWDLQPHQW

>([HPSOX@&RQILJXUDUHVLVWHP
ඎ0RGLILFDUHRUôŏLGDWôඎ0RGLILFDUH
GDWôLDQXDULH

࿢ 3UH]LQWôOLVWDGHWDOLDWôSHQWUX 5RWLœLEXWRQXO0
0(18781(SHQWUX
PHQLXOUHOHYDQWGHFRQILJXUDUHVDX DDMXQJHODYDORDUHDGHFRQILJXUDUH
SHQWUXVWDUHDGHIXQFœLRQDUH VDXODVWDUHDGHIXQFœLRQDUHGRULWôŏL
࿢ 'DFôH[LVWôRDOWôOLVWôGHWDOLDWôGLQ DSRLDSôVDœLEXWRQXO0
0(18781(
$SôVDœLEXWRQXO& &21),*SHQWUX
DDILŏDPHQLXOGHFRQILJXUDUH OLVWDGHWDOLDWôUHOHYDQWôSXWHœL
DVLVWHPXOXL UHSHWDDFHDVWôDFœLXQH
'XSFRQVXOWDUHDWDEHOXOXLGH
LQIRUPDœLLSHQWUXPHQLXOGH
FRQILJXUDUHGHODSDJLQDXUPôWRDUH
URWLœLEXWRQXO0
0(18781(SHQWUX
DVôULODPHQLXOGHFRQILJXUDUHGRULWŏL
DSRLDSôVDœLEXWRQXO00(18781(
6LVWHPXO,QIRWDLQPHQW 

7DEHOXOGHLQIRUPDœLLSHQWUXVHWôUL 6LQFURQL]DUHFHDVSULQ5'66HOHFWDœL
>2UDŏLGDWD@ $FWLYDWVDX'H]DFWLYDW
>6HWôULUDGLR@

࿢ 'DFôOLVWDGHWDOLDWôUHOHYDQWôHVWH
DOFôWXLWôGLQPDLPXOWHRSœLXQL
UHSHWDœLDFHDVWôDFœLXQH
6HWDUHRUô0RGLILFDœLPDQXDORUHOHŏL
࿢ 0RGLILFDœLLQWURGXFHœLYDORDUHDGH PLQXWHOHRUHLFXUHQWH
FRQILJXUDUHLDUVWDUHDGH &RQWUROXODXWRPDWDOYROXPXOXL
IXQFœLRQDUHVHYDPRGLILFD ࿢ 6HWDUHGDWô0RGLILFDœLPDQXDO VRQRU0RGLILFDœLOD'H]DFWLYDW
DQXOOXQDGDWDFXUHQW ô  6Fô]XW0HGLX5LGLFDW
࿢ 6HWDUHIRUPDWRUô6HOHFWDœL ࿢ 9ROXPPD[LPODSRUQLUH
DILŏDUHDRUHLßQIRUPDWXOGHKVDX 0RGLILFDœLOLPLWDPD[LPô
K DYROXPXOXLODSRUQLUH
࿢ 6HWDUHIRUPDWGDWô0RGLILFDœL ࿢ 3RVWXULGHUDGLRSUHIHUDWH
IRUPDWXOGHDILŏDUHDGDWHL
0RGLILFDœLPDQXDOQXPHUHOHSDJLQLL
$$$$//==LDQ GHSRVWXULGHUDGLRIDYRULWH
==//$$$$LDQ 2SœLXQL5'60RGLILFDœLRSœLXQLOH
//==$$$$LDQ 5'6
 6LVWHPXO,QIRWDLQPHQW

࿢ 5'6 ࿢ $FWLYDUH $SDUDWXOUDGLR


6HOHFWDœL$FWLYDWVDX'H]DFWLYDW 6HOHFWDœL$FWLYDWVDX'H]DFWLYDW
࿢ 3URJUDPUHJLRQDO ࿢ /LVWôGLVSR]LWLYH 5DGLR$0)0
6HOHFWDœL$FWLYDWVDX'H]DFWLYDW 6HOHFWDœLGLVSR]LWLYXOGRULWŏL
VHOHFWDœLFRQHFWDœLVHSDUDœLVDX ¿QDLQWHGHDXWLOL]DUDGLRXO$0
࿢ ¿QJKHœDUHGHUXODUHWH[W
ŏWHUJHœL )0
6HOHFWDœL$FWLYDWVDX'H]DFWLYDW
࿢ $GôXJDUHGLVSR]LWLY %XWRDQHOHSULQFLSDOHEXWRQXOGH
࿢ 9ROXP7$
¿QFHUFDœLVôVLQFURQL]DœLXQQRX FRQWURO
0RGLILFôYROXPXOVRQRUDO7$ GLVSR]LWLY%OXHWRRWK  %XWRQXO55$',2%$1'
>6HWôUL%OXHWRRWK@ ࿢ 0RGLILFDUHFRG%OXHWRRWK &RPXWôßQWUHEDQGDUDGLR)0ŏL$0
0RGLILFDœLVHWDœLPDQXDOFRGXO  %XWRQXO00(18781(FXFRQWURO
%OXHWRRWK ࿢ 5RWLœLDFHVWEXWRQGHFRQWUROSHQWUX
5HVWDXUDUHVHWôULRULJLQDOH DJôVLPDQXDORIUHFYHQœôGH
5HVWDXUDœLYDORULOHLQLœLDOHGH HPLVLH
FRQILJXUDUHßQDSRLODVHWôULOHLPSOLFLWH ࿢ $SôVDœLDFHVWEXWRQGHFRQWURO
SHQWUXDDFFHVDHFUDQXOPHQLXOXL
GLQPRGXOFXUHQW
 %XWRQXO3%%$&.
$QXOHD]ôLQWURGXFHUHDDUWLFROXOXLVDX
UHYLQHODHFUDQXOPHQLXODQWHULRU
 %XWRDQHOHG6((.F
%OXHWRRWK$FFHVHD]ôPHQLXO ࿢ $SôVDœLDFHVWEXWRQSHQWUXDFôXWD
%OXHWRRWK DXWRPDWSRVWXULOHGHUDGLR
GLVSRQLELOH
6LVWHPXO,QIRWDLQPHQW 

࿢ ŒLQHœLDSôVDWDFHVWEXWRQSHQWUX $VFXOWDUHDXQXLSRVWGHUDGLR &ôXWDUHDDXWRPDWôDSRVWXULORUGH


DVFKLPEDIUHFYHQœDUDGLRGXSô UDGLR
GRULQœôDSRLHOLEHUDœLEXWRQXO &ôXWDUHDSRVWXULORUGHUDGLR
SHQWUXDVHRSULODIUHFYHQœD
FXUHQWô
 %XWRQXO))$925,7(>) )$9@
$SôVDœLDFHVWEXWRQSHQWUXDYô
GHSODVDSULQSDJLQLOHGHSRVWXULGH
UDGLRPHPRUDWH
 %XWRDQHOH3 35(6(7>a@
࿢ ŒLQHœLDSôVDWXQXOGLQWUHEXWRDQHOH
35(6(7SHQWUXDVDOYDSRVWXOGH
UDGLRFXUHQWSHQWUXDFHOEXWRQ
࿢ $SôVDœLDFHVWEXWRQSHQWUX
DVHOHFWDSRVWXOGHUDGLRVDOYDW $SôVDœLEXWRDQHOHG6((.FSHQWUX
SHQWUXDFHOEXWRQ35(6(7 $SôVDœLßQPRGUHSHWDWEXWRQXO DFôXWDDXWRPDWSRVWXULGHUDGLR
5$',2%$1'SHQWUXDFRPXWDßQWUH GLVSRQLELOHFXRUHFHSœLHEXQô
 %XWRQXO7 73 EDQGDGHIUHFYHQœH)0VDX$0
¿QWLPSXOXWLOL]ôULLIXQFœLHL5'6)0 9DILUHFHSœLRQDWSRVWXOGHUDGLR
DFWLYDœLVDXGH]DFWLYDœLIXQFœLD73 HPLWHQWVHOHFWDWDQWHULRU
SURJUDPGHWUDILF 
 %XWRQXO,,1)250$7,21>,,1)2@
9L]XDOL]DœLLQIRUPDœLLOHSRVWXULORUGH
UDGLRHPLWHQWH
 6LVWHPXO,QIRWDLQPHQW

&ôXWDUHDXQXLSRVWGHUDGLR &ôXWDUHDPDQXDOôDXQXLSRVWGH 8WLOL]DUHDEXWRDQHORU35(6(7


UDGLR
6DOYDUHDXQXLEXWRQ35(6(7

ŒLQHœLDSôVDWHEXWRDQHOHG6((.F
SHQWUXDVFKLPEDUDSLGIUHFYHQœDŏL 5RWLœLEXWRQXOGHFRQWURO0
0(18
DSRLHOLEHUDœLEXWRQXOODIUHFYHQœD 781(SHQWUXDJôVLPDQXDOIUHFYHQœD $SôVDœLEXWRQXO) )$9285,7(
GRULWô GHHPLVLHGRULWô >)
)$9@SHQWUXDVHOHFWDSDJLQD
GRULWôFXSUHIHULQœHOHVDOYDWH
ŒLQHœLDSôVDWXQXOGLQWUHEXWRDQHOH
35(6(7>a@SHQWUXDVDOYDSRVWXO
GHUDGLRFXUHQWSHQWUXDFHOEXWRQDO
SDJLQLLVHOHFWDWHGH3UHIHULQœH
࿢ 3RWILVDOYDWHSÓQôODSDJLQLGH
SUHIHULQœHLDUILHFDUHSDJLQôSRDWH
VWRFDSÓQôODŏDVHSRVWXULGHUDGLR
6LVWHPXO,QIRWDLQPHQW 

࿢ 1XPôUXOGHSDJLQLGH3UHIHULQœH $SôVDœLßQPRGUHSHWDWEXWRQXO $SôVDœLEXWRQXO00(18781(SHQWUX


SRDWHILFRQILJXUDWGLQರ&RQILJXUDUH )$9285,7(>) )$9@SHQWUX DDILŏDPHQLXOUDGLRXOXL5RWLœLEXWRQXO
VLVWHPඎ6HWôULUDGLRඎ3UHIHULQœH DVHOHFWDSDJLQDGHSUHIHULQœH )$9 GHFRQWURO0
0(18781(SHQWUXDYô
UDGLR QXPôUXOPD[LPGHSDJLQLGH GRULWô GHSODVDODRSœLXQHDGRULWôGLQPHQLX
SUHIHULQœH ಯ 6HYRUDILŏDLQIRUPDœLLOHSULYLQGSRVWXO ŏLDSRLDSôVDœLEXWRQXO00(18781(
࿢ 'DFôXQQRXSRVWGHUDGLRHVWH GHUDGLRGHSHSDJLQDGHSRVWXULGH SHQWUXDVHOHFWDRSœLXQHDUHOHYDQWô
VDOYDWSHQWUXXQEXWRQ35(6(7> UDGLRSUHIHUDWH )$9 SUHVWDELOLWH VDXSHQWUXDDILŏDPHQLXOGHWDOLDWDO
a@ßQUHJLVWUDWDQWHULRUFRQœLQXWXO VHOHFWDWH DFHOHLRSœLXQL
VôXDQWHULRUYDILŏWHUVŏLßQORFXLWFX $SôVDœLXQXOGLQEXWRDQHOH35(6(7 0HQLX$0)0ඎ/LVWDGHSUHIHULQœH
QRXOSRVWGHUDGLRVDOYDW >a@SHQWUXDDVFXOWDGLUHFWSRVWXO
GHUDGLRVDOYDWSHQWUXDFHOEXWRQ
$VFXOWDUHDGLUHFWôDXQXLEXWRQ
35(6(7
8WLOL]DUHDPHQLXOXLUDGLRXOXL

'LQRSœLXQHDGLQPHQLXO)0$0URWLœL
EXWRQXOGHFRQWURO00(18781(
SHQWUXDYôGHSODVDODOLVWDGH
SUHIHULQœHŏLDSRLDSôVDœLEXWRQXO
0(18781(
 6LVWHPXO,QIRWDLQPHQW

6HYRUDILŏDLQIRUPDœLLOHSULYLQGOLVWD 6HYRUDILŏDLQIRUPDœLLOHSULYLQGOLVWD 5RWLœLEXWRQXOGHFRQWURO0


0(18
GHSUHIHULQœH SRVWXULORUGHUDGLR 781(SHQWUXDYôGHSODVDSULQOLVWôŏL
5RWLœLEXWRQXOGHFRQWURO0
0(18 5RWLœLEXWRQXOGHFRQWURO0
0(18 DSRLDSôVDœLEXWRQXO0
0(18781(
781(SHQWUXDYôGHSODVDSULQOLVWD 781(SHQWUXDYôGHSODVDSULQOLVWôŏL SHQWUXDUHFHSœLRQDIUHFYHQœDGH
GHSUHIHULQœHŏLDSRLDSôVDœLEXWRQXO DSRLDSôVDœLEXWRQXO0
0(18781( HPLVLHUHOHYDQWô
0(18781(SHQWUXDUHFHSœLRQD SHQWUXDUHFHSœLRQDFDQDOXOHPLWHQW
0HQLX$0)0ඎ$FWXDOL]DUHOLVWôGH
FDQDOXOHPLWHQWUHOHYDQW UHOHYDQW
SRVWXULGHUDGLR)0$0
0HQLX$0)0ඎ/LVWDGHSRVWXULGH 0HQLX$0)0ඎ/LVWDGHFDWHJRULL)0
UDGLR)0$0

'LQPHQLXO)0$0URWLœLEXWRQXOGH
'LQPHQLXO)0$0URWLœLEXWRQXOGH FRQWURO0
0(18781(ŏLGHSODVDœLYô
'LQPHQLXO)0$0URWLœLEXWRQXOGH FRQWURO0
0(18781(SHQWUXDYô OD$FWXDOL]DUHOLVWôGHSRVWXULGHUDGLR
FRQWURO0
0(18781(SHQWUXDYô GHSODVDODOLVWDGHFDWHJRULL)0ŏLDSRL )0$0ŏLDSRLDSôVDœLEXWRQXO
GHSODVDODOLVWDFXSRVWXULOHGHUDGLR DSôVDœLEXWRQXO0 0(18781( 0(18781(
)0$0ŏLDSRLDSôVDœLEXWRQXO 6HYDDILŏDOLVWDGHFDWHJRULL)0 ࿢ 6HYDWUHFHODDFWXDOL]DUHDOLVWHLFX
0(18781( SRVWXULOHGHUDGLR)0$0
6LVWHPXO,QIRWDLQPHQW 

࿢ ¿QWLPSXODFWXDOL]ôULLOLVWHLGHSRVWXUL ࿢ 3RVWXULOHGHUDGLR5'6VXQW 5RWLœLEXWRQXOGHFRQWURO0


0(18
)0$0DSôVDœLEXWRQXO0 0(18 LQGLFDWHGXSôGHQXPLUHD 781(SHQWUXDPHUJHOD6HWôULUDGLR
781(VDXEXWRQXODQWHULRU3 SURJUDPXOXLßQORFVôILHLQGLFDWH ŏLDSRLDSôVDœLEXWRQXO0
0(18781(
%$&.SHQWUXDRSULVDOYDUHD GXSôIUHFYHQœDGHHPLVLH 5RWLœLEXWRQXOGHFRQWURO0
0(18
PRGLILFôULORU 781(SHQWUXDPHUJHOD2SœLXQL5'6
9L]XDOL]DUHDLQIRUPDœLLORUGH ŏLDSRLDSôVDœLEXWRQXO0
0(18781(
6LVWHPXOGHGDWHUDGLR HPLVLH5'6
¿QWLPSXOUHFHSœLRQôULLHPLVLHL5'6 $FWLYDUHDŏLGH]DFWLYDUHD
5'6 DSôVDœLEXWRQXO,,1)250$7,21 PRGXOXL5'6
࿢ 6LVWHPXOGHGDWHUDGLR 5'6 HVWH >,,1)2@SHQWUXDYHULILFDLQIRUPDœLLOH $FWLYHD]ôVDXGH]DFWLYHD]ôRSœLXQHD
XQVHUYLFLXRIHULWGHSRVWXULOHGH SULYLQGHPLVLD5'6UHFHSœLRQDWô 5'6
UDGLR)0FDUHIDFLOLWHD]ôJôVLUHD
&RQILJXUDUHD5'6 $FWLYDUHD5'6DUHXUPôWRDUHOH
SRVWXULORUGHUDGLRFXRUHFHSœLH
DYDQWDMH
LPSHFDELOô
࿢ 3HDILŏDMDSDUHQXPHOHSURJUDPXOXL
SRVWXOXLVHWDWßQORFXOIUHFYHQœHL
DFHVWXLD
࿢ 6LVWHPXO,QIRWDLQPHQWFRPXWô
ßQWRWGHDXQDSHIUHFYHQœHOHGH
HPLVLHFXFHDPDLEXQôUHFHSœLH
SHQWUXSRVWXOVHWDWFXDMXWRUXO$)
IUHFYHQœDDOWHUQDWLYô 

$SôVDœLEXWRQXO&
&21),*SHQWUX
DDILŏDPHQLXOGHFRQILJXUDUH
DVLVWHPXOXL
 6LVWHPXO,QIRWDLQPHQW

6XQWVHOHFWDWHQXPDLIUHFYHQœHOH $FWLYDUHDVDXGH]DFWLYDUHD
DOWHUQDWLYH $) DOHDFHORUDŏL ßQJKHœôULLGHUXOôULLWH[WXOXL
SURJUDPHUHJLRQDOH 3HQWUXDFWLYDUHDVDXGH]DFWLYDUHD
'DFôUHJLRQDOL]DUHDHVWH IXQFœLHLGHßQJKHœDUHDGHUXOôULL
GH]DFWLYDWôIUHFYHQœHOHDOWHUQDWLYH WH[WXOXL SHQWUXDILŏDUHDLQIRUPDœLLORU
DOHSRVWXULORUGHUDGLRVXQWVHOHFWDWH VHUYLFLXOXLGHSURJUDPH 
IôUôOHJôWXUôFXSURJUDPHOH
UHJLRQDOH

'LQPHQLXO6HWôUL5'6URWLœLEXWRQXO
GHFRQWURO0
0(18781(SHQWUX
DPHUJHOD5'62II 'H]DFWLYDW ŏL
DSRLDSôVDœLEXWRQXO00(18781(
SHQWUXDDFWLYDIXQFœLD5'6

$FWLYDUHDŏLGH]DFWLYDUHD
UHJLRQDOL]ôULL 'LQPHQLXO6HWôUL5'6URWLœLEXWRQXO
)XQFœLD5'6WUHEXLHVôILHDFWLYDWô 0(18781(SHQWUXDPHUJHOD
SHQWUXUHJLRQDOL]DUH 'LQPHQLXO6HWôUL5'6URWLœLEXWRQXO ¿QJKHœDUHGHUXODUHWH[W2II
0(18781(SHQWUXDPHUJHOD 'H]DFWLYDW ŏLDSRLDSôVDœLEXWRQXO
8QHOHSRVWXULGHUDGLR5'6GLIX]HD]ô 3URJUDPUHJLRQDO2II 'H]DFWLYDW ŏL 0(18781(SHQWUXDDFWLYDIXQFœLD
ODDQXPLWHLQWHUYDOHRUDUHSURJUDPH DSRLDSôVDœLEXWRQXO00(18781( GHßQJKHœDUHDGHUXOôULLWH[WXOXL
UHJLRQDOHGLIHULWHSHIUHFYHQœHGLIHULWH SHQWUXDDFWLYDIXQFœLD3URJUDP
$FWLYHD]ôVDXGH]DFWLYHD]ôRSœLXQHD UHJLRQDO
3URJUDPUHJLRQDO 5(* 
6LVWHPXO,QIRWDLQPHQW 

9ROXPXOVRQRUDODQXQœXULORU 5RWLœLEXWRQXO0
0(18781(SHQWUX
GHVSUHWUDILF 7$ DUHJODQLYHOXOYROXPXOXLVRQRUDO
9ROXPXOVRQRUPLQLPDODQXQœXULORU DQXQœXULORUGHVSUHWUDILF 7$ ŏL
GHVSUHWUDILF 7$ SRDWHILSUHVHWDW DSôVDœLEXWRQXO00(18781(
9ROXPXOVRQRUPLQLPDODQXQœXULORU 6HUYLFLXOUDGLRGHWUDILF
GHVSUHWUDILFSRDWHILPôULWVDXUHGXV 73 3URJUDPGHWUDILF
FRPSDUDWLYFXYROXPXOVRQRUDOUHGôULL
DXGLRQRUPDOH 6WDœLLOHGHVHUYLFLLUDGLRSHQWUXWUDILF
VXQWVWDœLL5'6FDUHWUDQVPLWŏWLULGLQ
WUDILF
$FWLYDUHDŏLGH]DFWLYDUHDIXQFœLHLGH
DŏWHSWDUHDDQXQœXULORUGHVSUHWUDILF
DVLVWHPXOXL,QIRWDLQPHQW ࿢ 'DFôVHUYLFLXOUDGLRGHWUDILFHVWH
¿QDIDUDPRGXOXL7HOHIRQDSôVDœL DFWLYDWDWXQFLVHDILŏHD]ô>@ßQ
EXWRQXO7 73SHQWUXDDFWLYDVDX PHQLXOSULQFLSDOUDGLR
GH]DFWLYDIXQFœLDVHUYLFLXOXLUDGLRGH ࿢ 'DFôSRVWXOGHUDGLRUHFHSœLRQDW
WUDILF FXUHQWQXHVWHXQSRVWGHUDGLRFX
VHUYLFLLUDGLRGHWUDILFDWXQFLHVWH
LQLœLDWôDXWRPDWRFôXWDUH
DXUPôWRUXOXLSRVWGHUDGLRFX
VHUYLFLLUDGLRGHWUDILF
'LQPHQLXO6HWôUL5'6URWLœLEXWRQXO ࿢ 'XSôJôVLUHDXQXLSRVWGHUDGLRFX
0(18781(SHQWUXDDMXQJHOD VHUYLFLLUDGLRGHWUDILFVHDILŏHD]ô
9ROXP7$ŏLDSRLDSôVDœLEXWRQXO >73@ßQPHQLXOSULQFLSDOUDGLR
0(18781(
 6LVWHPXO,QIRWDLQPHQW

࿢ 'DFôVHUYLFLXOUDGLRGHWUDILFHVWH ¿QDIDUDPRGXOXL7HOHIRQDSôVDœL ¿QDIDUDPRGXOXL7HOHIRQDSôVDœL


DFWLYDWUHGDUHDGHILŏLHUHGH EXWRQXO773 EXWRQXO773
PX]LFôGHSH&'0386%L3RG 3RUQLœLVHUYLFLXOUDGLRSHQWUXWUDILFŏL
%OXHWRRWKVDX$8;HVWHßQWUHUXSWô RSULœLFRPSOHWYROXPXOVRQRUDO
SHGXUDWDDQXQœXOXLGHVSUHWUDILF VLVWHPXOXL,QIRWDLQPHQW
%ORFDUHDDQXQœXULORUGHVSUH $QXQœXOGHVSUHWUDILFYDILRSULWGDU
WUDILF VHUYLFLXOUDGLRSHQWUXWUDILFYDUôPÓQH
DFWLY
3HQWUXDEORFDDQXQœXULOHGHVSUH
WUDILFGHH[HPSOXßQFXUVXOUHGôULLGH %ORFDUHDDQXQœXULORUGHVSUH
SH&'03VDXDOUHFHSœLHLUDGLR
WUDILFFXUHQWH
3HQWUXDEORFDXQDQXQœGHVSUHWUDILF
FXUHQWGHH[ßQWLPSXOUHFHSœLHL
UDGLR7$
6LVWHPXO,QIRWDLQPHQW 

$QWHQDIL[ôQRQ ,QWUDUHDßQWURVSôOôWRULHDXWR 6LVWHPHOHDXGLR


WHOHVFRSLFô DXWRPDWôFXDQWHQDPRQWDWô
SRDWHFDX]DGHWHULRUDUHDDQWHQHL 'LVSR]LWLYXOGHUHGDUH&'
VDXDDFRSHULŏXOXLDXWRYHKLFXOXOXL
&'03SOD\HUXODODFHVWXLVLVWHP
9HULILFDœLFDDQWHQDVôILH
SRDWHUHGDGLVFXUL&'DXGLRŏLGLVFXUL
GHPRQWDWôßQDLQWHGHDLQWUDßQWUR
03 :0$ 
VSôOôWRULHDXWRDXWRPDWô
¿QDLQWHGHXWLOL]DUHD&'
0RQWDœLDQWHQDVWUÓQVôELQHŏLUHJODWô
ßQSR]LœLDULGLFDWôSHQWUXDDVLJXUD
SOD\HUXOXL
RUHFHSœLHUDGLRFRUHVSXQ]ôWRDUH ,QIRUPDœLLLPSRUWDQWHGHVSUH&'XULOH
DXGLRŏLGLVFXULOH03:0$

$WHQœLH

3HQWUXGHPRQWDUHDDQWHQHLGH ¿QQLFLXQFD]QXLQWURGXFHœLßQ
DFRSHULŏURWLœLRßQVHQVLQYHUVRUDU SOD\HUXODXGLR'9'XUL&'XULFX
3HQWUXPRQWDUHDDQWHQHLGHDFRSHULŏ GLDPHWUXOGHFPVDX&'XULGH
URWLœLRßQVHQVRUDU DOWHIRUPHGHFÓWVWDQGDUG
1XDSOLFDœLQLFLXQIHOGHHWLFKHWHSH
$WHQœLH &'XUL$FHVWHGLVFXULVHSRWEORFD
ßQXQLWDWHD&'ŏLRSRWGHIHFWD
$VLJXUDœLYôFôDœLVFRVDQWHQD LUHPHGLDELO¿QDFHVWFD]YDIL
ßQDLQWHGHDLQWUDFXDXWRYHKLFXOXO QHFHVDUôßQORFXLUHDGLVSR]LWLYXOXL
ßQWUXQVSDœLXFXSODIRQMRVDOWIHO FHHDFHYDLPSOLFDFKHOWXLHOL
DFHDVWDVHSRDWHGHWHULRUD VXEVWDQœLDOH
 6LVWHPXO,QIRWDLQPHQW

࿢ 8QGLVF&'DXGLRFXIXQFœLDDQWL ࿢ 'DFôGLVFXOVHPXUGôUHŏWHFXSUDI $WHQœLRQôULSULYLQGXWLOL]DUHDGLVFXULORU


SLUDWHULHFDUHQXHVWHFRPSDWLELOFX VDXOLFKLGSRDWHSURYRFDSUREOHPH ࿢ 1XXWLOL]DœLQLFLXQXOGLQWUHGLVFXULOH
VWDQGDUGXO&'XULORUDXGLRSRDWHVô SULQFRQWDPLQDUHDOHQWLOHORU&' GHVFULVHPDLMRV8WLOL]DUHD
QXIXQFœLRQH]HFRUHFWVDXVôQX 03SOD\HUXOXLGLQLQWHULRUXO H[FHVLYôDDFHVWRUGLVFXULßQSOD\HU
IXQFœLRQH]HGHORF GLVSR]LWLYXOXL SRWGHWHUPLQDSUREOHPH
࿢ 'LVFXULOH&'5ŏL&'5:FDUHVXQW ࿢ 3URWHMDœLGLVFXOGHFôOGXUôŏLGH ဈ 'LVFXULFXDXWRFRODQWHHWLFKHWH
ßQUHJLVWUDWHPDQXDOVXQWPDLXŏRU H[SXQHUHDODUD]HOHVRODUH VDXFXFHOXOHGHSURWHFœLH
GHPDQLSXODWFXVXSHUILFLDOLWDWH DSOLFDWH
GHFÓWGLVFXULOHRULJLQDOH&' 7LSXULGHGLVFXULXWLOL]DELOH
ဈ 'LVFXULFXHWLFKHWHOLSLWH
'LVFXULOH&'5ŏL&'5: ࿢ $FHVWSURGXVSRDWHVôUHGHD
LPSULPDWHODRLPSULPDQWôFX
ßQUHJLVWUDWHPDQXDOWUHEXLH GLVFXUL&'DXGLR03 :0$ 
FHUQHDOô
PDQLSXODWHFXJULMô&RQVXOWDœL ဈ &''$&'5&'5:
VHFœLXQLOHXUPôWRDUH ဈ 'LVFXULUHDOL]DWHSULQVXSUD
ဈ 03 :0$ &'5&'5:&' LQVFULSœLRQDUHFDUHFRQœLQGDWH
࿢ 'LVFXULOH&'5ŏL&'5: 520 FDUHGHSôŏHVFFDSDFLWDWHD
ßQUHJLVWUDWHPDQXDOSRWVôQXILH VWDQGDUG
࿢ 8UPôWRDUHOHILŏLHUH03 :0$ QX
UHGDUHFRUHFWVDXVôQXILHUHGDWH
SRWILUHGDWH ဈ 'LVFXULOHFXILVXULVDX]JÓULHWXUL
GHORF¿QDVWIHOGHFD]XULQXHVWH
RSUREOHPôFXGLVSR]LWLYXO ဈ )LŏLHUHOHFRGDWHFRQIRUP VDXßQGRLWHQXYRUILUHGDWH
VWDQGDUGHORU03L 03 FRUHFW
࿢ $WXQFLFÓQGVFKLPEDœLGLVFXULOH
LQWHUDFWLY VDX03352 ဈ 8QGLVFGHFPVDXXQGLVF
DYHœLJULMôVôQXYôOôVDœL
DPSUHQWHOHSHSDUWHDGHUHGDUH ဈ )LŏLHUHOH03 :0$ FRGDWH QHFLUFXODU SôWUDWLFSHQWDJRQDO
QHVWDQGDUG RYDO 
࿢ 'XSôHOLPLQDUHDGLVFXOXLGLQ&'
03SOD\HUSXQHœLLPHGLDWGLVFXO ဈ )LŏLHUHOH03FDUHQXVXQWßQ ࿢ ,QWURGXFHœLQXPDLGLVFXULßQIDQWD
ßQWUXQSOLFSHQWUXGLVFXULSHQWUX IRUPDWXO03(*GHQLYHO SHQWUXGLVFXULSHQWUXDQXSURYRFD
DSUHYHQLGHWHULRUDUHDVDX SUREOHPHVDXGHWHULRUôUL
SUôIXLUHDDFHVWXLD ࿢ 3OD\HUXOGHGLVFXULSRDWHVôQX
IXQFœLRQH]HFRUHFWGDFôßQFôO]LUHD
HVWHSRUQLWôSHWLPSUHFHGLQFDX]D
6LVWHPXO,QIRWDLQPHQW 

FRQGHQVXOXLIRUPDWßQLQWHULRUXO ࿢ 1XPXUGôULœLGLVFXULOHFXVXEVWDQœH ࿢ )LŏLHUHOHPX]LFDOHGHWHULRUDWHSRW


GLVSR]LWLYXOXL'DFôDFHDVWDHVWH FKLPLFH&XUôœDœLGLVFXULOHGHSUDI VôQXILHUHGDWHVDXVôILHßQWUHUXSWH
RSUREOHPôOôVDœLDSDUDWXOQHSRUQLW FXRFÓUSôPRDOHXPHGôŏWHUJÓQG ßQWLPSXOUHGôULL
DSUR[LPDWLYRRUôßQDLQWHGHDO GLQFHQWUXFôWUHPDUJLQH ࿢ 8QHOHGLVFXULDQWLSLUDWHULHSRWVô
XWLOL]D QXILUHGDWH
$WHQœLRQDUHSULYLQGXWLOL]DUHD
࿢ 5HGDUHDVHSRDWHRSULGLQFDX]D ࿢ 8QGLVF03 :0$ SRDWHDYHDXQ
GLVFXULORU&'55:
]GUXQFLQôWXULORUDXWRYHKLFXOXOXLßQ QXPôUGHILŏLHUHSHQWUXILHFDUH
WLPSXOPHUVXOXLSHGUXPXUL ࿢ $WXQFLFÓQGXWLOL]DœLGLVFXUL&'5
&'5:SXWHœLXWLOL]DQXPDLGLVFXUL GLQFHOHQLYHOXULGHIROGHUHŏLXQ
DFFLGHQWDWH QXPôUPD[LPGHILŏLHUHFDUH
FDUHDXIRVWರILQDOL]DWHಯ
࿢ 1XVFRDWHœLVDXLQWURGXFHœLGLVFXO SRWILUHGDWH
FXIRUœDQLFLQXßOEORFDœLFXPÓQD ࿢ 'LVFXULOHFDUHDXIRVWFUHDWHFX
DMXWRUXOXQXLFDOFXODWRUSRWVôQXILH ࿢ 6LVWHPXOSRDWHUHFXQRDŏWHQXPDL
DWXQFLFÓQGHVWHHMHFWDW GLVFXULOH03 :0$ UHDOL]DWßQ
UHGDWHFRQIRUPFRQILJXUôULLŏL
࿢ ,QWURGXFHœLGLVFXOFXSDUWHD PHGLXOXLSURJUDPXOXLDSOLFDœLHL VLVWHPXOGHILŏLHUH,62GH
LPSULPDWôßQGUHSWDWôßQVXV'DFô QLYHOXOVDX-ROLHW 6LVWHPXOQX
HVWHLQWURGXVFXIDœDßQMRVGLVFXO ࿢ 'LVFXULOH&'5&'5:ßQVSHFLDO VXSRUWôVLVWHPXOGHILŏLHUH8')
QXYDSXWHDILUHGDW FHOHODYUDFSRWVôQXIXQFœLRQH]H
GDFôVXQWH[SXVHGLUHFWODUD]HOH ࿢ )LŏLHUHOH03:0$QXVXQW
࿢ 1XDWLQJHœLFXPÓQDIDœD VRDUHOXLVDXODWHPSHUDWXULULGLFDWH FRPSDWLELOHFXWUDQVIHUXOGHGDWHOD
ßQUHJLVWUDWôßQWLPSFHPDQLSXODœL VDXGDFôVXQWSôVWUDWHßQ VFULHUHDODSDFKHW
GLVFXO IDœDIôUôLPSULPôULVDX DXWRYHKLFXOSHQWUXRSHULRDGô ࿢ 'LVFXOSHFDUHVXQWVFULVHILŏLHUHOH
GHFRUDœLXQL  OXQJôGHWLPS 03:0$ŏLGDWHOHDXGLR &''$
࿢ 3XQHœLGLVFXULOHFDUHQXVXQW ࿢ 7LWOXOŏLLQIRUPDœLLOHWHVWßQUHJLVWUDWH SRWVôQXILHUHGDWHGDFôHVWHXQ
XWLOL]DWHßQFDUFDVHŏLSôVWUDœLOH SHGLVFXULOH&'5&'5:SRWVô &'GHWLS&'([WUDVDXPRGPL[W
ßQWUXQORFFDUHQXHVWHH[SXVOD QXILHDILŏDWHSHDFHVWGLVSR]LWLY ࿢ 1XPHOHILŏLHUHORUIROGHUHORUFDUH
UD]HVRODUHVDXODWHPSHUDWXUL SRWILXWLOL]DWHßQIXQFœLHGHWLSXOGH
ULGLFDWH ࿢ 'LVFXULOH&'5:SRWDYHDLQWHUYDOH
PDLOXQJLGHßQFôUFDUHGHFÓW VWRFDUHSHGLVFVXQWXUPôWRDUHOH
GLVFXULOH&'VDX&'5 LQFOXVLYH[WHQVLLOHGHQXPHDOH
ILŏLHUHORUFXFLIUH PS 
 6LVWHPXO,QIRWDLQPHQW

ဈ ,62QLYHOPD[LP RUDWôGHELœLPDLPDUHGHNESV 2UGLQHDUHGôULLILŏLHUHORUPX]LFDOH


FDUDFWHUH YRUDYHDXQVXQHWGHFDOLWDWH
ဈ ,62QLYHOPD[LP ULGLFDWô
FDUDFWHUH ࿢ $FHVWSURGXVSRDWHDILŏD
ဈ -RXOLHW0D[LPGHFDUDFWHUH  LQIRUPDœLLOHGLQHWLFKHWD,'
RFWHW YHUVLXQHDVDX
 DILŏLHUHORU03SUHFXP
ဈ 1XPHOXQJGHILŏLHU:LQGRZV QXPHOHDOEXPXOXLŏLLQWHUSUHWXO
0D[LPGHFDUDFWHUH RFWHW
࿢ 3HQWUXDDILŏDLQIRUPDœLLOHGHVSUH
$WHQœLRQDUHSULYLQGXWLOL]DUHD DOEXP WLWOXOGLVFXOXL SLHVô WLWOXO
ILŏLHUHORUPX]LFDOH03:0$ SLHVHL ŏLLQWHUSUHW LQWHUSUHWXO
࿢ $FHVWSURGXVSRDWHUHGDILŏLHUHOH SLHVHL ILŏLHUXOWUHEXLHVôILH
03 :0$ FXH[WHQVLDQXPHOXL FRPSDWLELOFXIRUPDWHOHHWLFKHWHORU
GHILŏLHUPSZPD FXOLWHUHPLFL ,'9ŏL9
RU03ŏL:0$ FXPDMXVFXOH  ࿢ $FHVWSURGXVSRDWHUHGDILŏLHUH
࿢ )LŏLHUHOH03FDUHSRWILUHGDWHGH 03FDUHXWLOL]HD]ô9%5/D
DFHVWSURGXVVXQWXUPôWRDUHOH UHGDUHDXQXLILŏLHU03GHWLS9%5
WLPSXOUôPDVDILŏDWSRDWHILGLIHULW
ဈ 5DWôGHELœLNESVaNESV
GHWLPSXOUHDO
ဈ )UHFYHQœôGHHŏDQWLRQDUH
N+]N+]N+] SHQWUX
03(* N+]N+]
N+] SHQWUX03(*
࿢ 'HŏLDFHVWSURGXVSRDWHUHGD
ILŏLHUHOHFXRUDWôGHELœLFXSULQVô
ßQWUHNESVaNESVILŏLHUHOHFX
6LVWHPXO,QIRWDLQPHQW 

5HGDUHD&'03 ,QWURGXFHUHDGLVFXOXL

%XWRDQHOHSULQFLSDOHGHFRQWURO
 %XWRQXO&&'$8;
6HOHFWDœL&'03SOD\HUXO
 %XWRQXO00(18781(FXFRQWURO
࿢ 5RWLœLEXWRQXOGHFRQWUROSHQWUX
DGHUXODODOLVWDSLHVHORUPHQLXOVDX
RSœLXQHDSHQWUXLQIRUPDœLLOHSULYLQG
SLHVD03 :0$ 
࿢ $SôVDœLEXWRQXOGHFRQWUROSHQWUX
DDILŏDHFUDQXOPHQLXODIHUHQW ࿢ 'XSôILQDOL]DUHDFLWLULLLQIRUPDœLLORU
RSœLXQLLFXUHQWHVDXPRGXOXLFXUHQW GHSHGLVFVHYDWUHFHDXWRPDWOD
 %XWRDQHOHG6((.F ,QWURGXFHœLGLVFXOFDUHXUPHD]ôDIL UHGDUHDSLHVHORUßQFHSÓQGGHOD
UHGDWFXVXSUDIDœDLPSULPDWôßQVXVßQ SLHVD
࿢ $SôVDœLDFHVWHEXWRDQHSHQWUX IDQWDSHQWUXLQWURGXFHUHDGLVFXOXL
DUHGDSLHVDDQWHULRDUôVDXSLHVD ࿢ $WXQFLFÓQGHVWHLQWURGXVXQGLVF
XUPôWRDUH FDUHQXSRDWHILFLWLWGLVFXOYDIL
࿢ ŒLQHœLDSôVDWHDFHVWHEXWRDQH HMHFWDWDXWRPDWVHYDDILŏDXQ
SHQWUXDGHUXODUDSLGßQDLQWHßQDSRL PHVDMGHHURDUHDGLVFXOXLLDU
SULQSLHVôŏLHOLEHUDœLEXWRQXOSHQWUX VLVWHPXOYDFRPXWDODIXQFœLD
DUHOXDUHGDUHDODYLWH]DQRUPDOô XWLOL]DWôDQWHULRUVDXODUDGLR
 %XWRQXO((-(&7
(MHFWHD]ôGLVFXO
 %XWRQXO,,1)250$7,21>,,1)2@
$ILŏHD]ôLQIRUPDœLLOHSLHVHLßQFXUVGH
UHGDUH
 6LVWHPXO,QIRWDLQPHQW

(MHFWDUHDGLVFXOXL 6FKLPEDUHDSLHVHLUHGDWH

$WXQFLFÓQGLQWURGXFHœLXQGLVFFDUH
XUPHD]ôVôILHUHGDWDSôVDœLßQPRG
UHSHWDWEXWRQXO&&'$8;SHQWUX 3HQWUXDHMHFWDGLVFXODSôVDœL $SôVDœLEXWRDQHOHG6((.FßQPRGXO
DVHOHFWDUHGDUHD&'03 EXWRQXO((-(&7SHQWUXDVFRDWH GHUHGDUHSHQWUXDUHGDSLHVD
GLVFXO DQWHULRDUôVDXSLHVDXUPôWRDUH
࿢ 'DFôQXH[LVWôQLFLXQGLVFFDUHVô
ILHUHGDWSHHFUDQVHYDDILŏD ࿢ /DLHŏLUHDGLVFXOXLDSDUDWXOYD &XDMXWRUXOEXWRQXOXLGHFRQWUROGHSH
PHVDMXOರ/LSVô&'LQWURGXVಯLDU FRPXWDDXWRPDWODIXQFœLDXWLOL]DWô WHOHFRPDQGDGHSHYRODQSLHVHOHSRW
IXQFœLDQXYDILVHOHFWDWô DQWHULRUVDXODUDGLR)0 ILXŏRUVFKLPEDWHSULQURWLUHD
࿢ 'LVFXOYDILUHLQWURGXVDXWRPDW EXWRQXOXLGHFRQWURO6RXUFH>G65&F@
࿢ 9DILUHGDWôDXWRPDWSLHVDUHGDWô
DQWHULRU ßQDSRLGDFôDFHVWDQXHVWHVFRV
ßQWUXQDQXPLWLQWHUYDOGHWLPS
6LVWHPXO,QIRWDLQPHQW 

6FKLPEDUHDSR]LœLHLGHUHGDUH 9L]XDOL]DUHDLQIRUPDœLLORUGHVSUH
SLHVDUHGDWô

6DXURWLœLEXWRQXOGHFRQWURO0
0(18
781(SHQWUXDGHUXODSULQOLVWDGH
SLHVHŏLDSRLDSôVDœLEXWRQXO00(18 ŒLQHœLDSôVDWHEXWRDQHOHG6((.FßQ
WLPSXOPRGXOXLGHUHGDUHSHQWUX $SôVDœLEXWRQXO,,1)250$7,21
781(SHQWUXDRVFKLPEDßQDFHO
DGHUXODUDSLGßQDLQWHßQDSRLSULQ >,,1)2@ßQPRGXOGHUHGDUHSHQWUX
PRPHQW
PHORGLH(OLEHUDœLEXWRQXOSHQWUX DDILŏDLQIRUPDœLLOHGHVSUHSLHVDßQ
DUHOXDUHGDUHDPHORGLHLODYLWH]D FXUVGHUHGDUH
QRUPDOô 'DFôQXVXQWGLVSRQLELOHLQIRUPDœLL
9ROXPXOHVWHXŏRUUHGXVßQWLPSXO GHVSUHSLHVDUHGDWôSH&'XULOH
GHUXOôULLßQDLQWHßQDSRLLDUWLPSXOGH DXGLRVLVWHPXOYDDILŏDರ/LSVô
UHGDUHYDILDILŏDW LQIRUPDœLLಯ
 6LVWHPXO,QIRWDLQPHQW

,QIRUPDœLLOHGLQHWLFKHWD,' 'LQPRGXOGHUHGDUHDSôVDœLEXWRQXO
LQFRUHFWHQXSRWILPRGLILFDWHVDX 0(18781(SHQWUXDDILŏDPHQLXO
FRUHFWDWHSULQLQWHUPHGLXO &'
VLVWHPXOXL,QIRWDLQPHQW HWLFKHWHOH
,'SRWILFRUHFWDWHQXPDLODXQ
FDOFXODWRU 
࿢ ,QIRUPDœLLOHSULYLQGPHORGLLOH
H[SULPDWHSULQVLPEROXULVSHFLDOH
VDXßQOLPELQHGLVSRQLELOSRWIL
DILŏDWHVXEIRUPDರಯVDXSRWVôQX
ILHDILŏDWHGHORF

¿QFD]XOSLHVHORU03 :0$ VHSRW 8WLOL]DUHDPHQLXOXL&'


YL]XDOL]DLQIRUPDœLLVXSOLPHQWDUH 6FKLPEDUHDPRGXOXLGHUHGDUH
URWLQGEXWRQXOGHFRQWURO0 0(18
781(GLQDILŏDMXOLQIRUPDœLLORUGHVSUH
SLHVô 5RWLœLEXWRQXO0
0(18781(SHQWUX
DVHOHFWDIXQFœLLOHGHUHGDUH
࿢ ,QIRUPDœLLOHDILŏDWHLQFOXGQXPHOH $PHVWHFDUHVDX5HSHWDUHŏLDSRL
ILŏLHUXOXLQXPHOHIROGHUXOXLŏL DSôVDœLEXWRQXO0 0(18781(SHQWUX
LQIRUPDœLLOHGLQHWLFKHWD,'VDOYDWH DDFWLYDVDXGH]DFWLYDIXQFœLLOH
FXPHORGLD UHOHYDQWH
'DFôODILŏLHUHOH03 :0$ DX
IRVWDGôXJDWHLQIRUPDœLLLQFRUHFWH
ßQHWLFKHWD,' GHH[LQWHUSUHW
WLWOXPHORGLH ßQDLQWHFDDFHVWHDVô
ILHLQVFULSœLRQDWHSHGLVFDFHVWH
LQIRUPDœLLYRUILDILŏDWHDŏDFXPVXQW
GHVLVWHPXO,QIRWDLQPHQW
6LVWHPXO,QIRWDLQPHQW 

0HQLX&'ඎ/LVWôSLHVH 0HQLX&'ඎ&ôXWDUHIROGHUH

5RWLœLEXWRQXOGHFRQWURO0
0(18
781(SHQWUXDJôVLSLHVDGRULWôŏL
3HQWUXGLVFXULOH&'DXGLRURWLœL 3HQWUXGLVFXULOH03 :0$ URWLœL DSRLDSôVDœLEXWRQXO0
0(18781(
EXWRQXOGHFRQWURO0
0(18781(GLQ EXWRQXOGHFRQWURO0 0(18781(GLQ SHQWUXDUHGDSLHVDVHOHFWDWôGLQ
PHQLXO&'SHQWUXDYôGHSODVDODOLVWD PHQLXO&'SHQWUXDYôGHSODVDOD IROGHUXOGRULW
GHSLHVHŏLDSRLDSôVDœLEXWRQXO IROGHUXOGRULWŏLDSRLDSôVDœLEXWRQXO
0(18781( 0(18781(
5RWLœLEXWRQXOGHFRQWURO0
0(18 5RWLœLEXWRQXOGHFRQWURO0
0(18
781(SHQWUXDJôVLOLVWDGHSLHVH 781(SHQWUXDPHUJHODIROGHUXOGRULW
GRULWôŏLDSRLDSôVDœLEXWRQXO0
0(18 ŏLDSRLDSôVDœLEXWRQXO00(18781(
781(SHQWUXDUHGDSLHVDVHOHFWDWô
 6LVWHPXO,QIRWDLQPHQW

0HQLX&'ඎ&ôXWDUH ࿢ &XWRDWHDFHVWHDFLWLUHDGLVFXOXL
SRDWHGXUDXQWLPSPDLOXQJßQ
IXQFœLHGHQXPôUXOGHILŏLHUH
PX]LFDOH

5RWLœLEXWRQXOGHFRQWURO00(18
781(SHQWUXDPHUJHODRSœLXQHDGH
3HQWUXGLVFXULOH03>:0$@URWLœL FODVLILFDUHGHWDOLDWôŏLDSRLDSôVDœL
EXWRQXOGHFRQWURO00(18781(GLQ EXWRQXO00(18781(
PHQLXO&'SHQWUXDYôGHSODVDOD
RSœLXQHDGRULWôŏLDSRLDSôVDœL $SôVDœLGLQQRXEXWRQXO0 0(18
EXWRQXO00(18781( 781(LDUGLQRSœLXQHDGHFôXWDUH
࿢ 'XSôFHVLVWHPXOFLWHŏWH DILŏDWôURWLœLEXWRQXO0
0(18781(
LQIRUPDœLLOHGHSHGLVFYDILDILŏDWô SHQWUXDVHOHFWDPRGXOGRULWGH
SULPDPHORGLHGLQOLVWDGHUHGDUH UHGDUH
>L3@ 1XPôUXOPHORGLLORUUHOHYDQWHYDIL
࿢ 'DFôOLVWDGHUHGDUH>L3@QXFRQœLQH DILŏDWGXSô/LVWôGHUHGDUH>L3@
ILŏLHUHPX]LFDOHYDILDILŏDWôSULPD ,QWHUSUHW>L$@$OEXP>L/@0HORGLL>L6@
PHORGLHSHQWUXILHFDUHDUWLVW>L$@ *HQ>L*@
6LVWHPXO,QIRWDLQPHQW 

5RWLœLEXWRQXOGHFRQWURO0
0(18 ࿢ 3HQWUXDVHSDUDGLVSR]LWLYXO86% ࿢ ¿QIXQFœLHGHWLSXOŏLGHFDSDFLWDWHD
781(SHQWUXDJôVLSLHVDWLWOXOGRULWH FXDMXWRUXOEXWRQXOXL0
0(18781( GLVSR]LWLYXOXLGHVWRFDUH86%ŏLGH
ŏLDSRLDSôVDœLEXWRQXO0
0(18781( XWLOL]DœLರ0HQLX86%ඎŎWHUJHUH WLSXOILŏLHUXOXLVWRFDWWLPSXOGH
SHQWUXDUHGDSLHVDVHOHFWDWô 86%ಯSHQWUXDŏWHUJH86% UHFXQRDŏWHUHDILŏLHUHORUSRDWH
࿢ )XQFœLRQDUHDQXHVWHJDUDQWDWô GLIHUL¿QDFHVWFD]QXHVWH
RSUREOHPôDSURGXVXOXLDŏWHSWDœL
'LVSR]LWLYHOHDX[LOLDUH GDFôPXIDGHFRQHFWDUH
SURFHVDUHDILŏLHUHORU
DGLVSR]LWLYXOXL86%QXHVWH
86%SOD\HUXO PHWDOLFô ࿢ )LŏLHUHOHGHSHXQHOHGLVSR]LWLYHGH
࿢ &RQHFWDUHDFXGLVSR]LWLYHGH VWRFDUH86%SRWVôQXILH
$WHQœLRQôULSULYLQGXWLOL]DUHD VWRFDUH86%GHWLSL6WLFNSRDWHIL UHFXQRVFXWHGLQFDX]DXQRU
GLVSR]LWLYHORU86% GHIHFWXRDVôGLQFDX]DYLEUDœLLORU SUREOHPHGHFRPSDWLELOLWDWHLDU
࿢ )XQFœLRQDUHDQXSRDWHILJDUDQWDWô DXWRYHKLFXOXOXLSULQXUPDUH FRQH[LXQLOHODXQFLWLWRUGHPHPRULH
ßQFD]XOßQFDUHGLVSR]LWLYXO+''GH IXQFœLRQDUHDORUQXSRDWHIL VDXODXQKXE86%QXVXQW
VWRFDUHßQPDVôFX86%LQFRUSRUDW JDUDQWDWô VXSRUWDWH¿QDLQWHGHXWLOL]DUH
VDX&)VDXFDUGXOGHPHPRULH6' YHULILFDœLIXQFœLRQDUHDGLVSR]LWLYXOXL
࿢ 1XDWLQJHœLPXIDGHFRQHFWDUH86% ßQDXWRYHKLFXO
HVWHFRQHFWDWSULQLQWHUPHGLXOXQXL
FXXQRELHFWVDXFXRSDUWH
DGDSWRU86%8WLOL]DœLXQGLVSR]LWLY ࿢ $WXQFLFÓQGXQHOHGLVSR]LWLYH
DFRUSXOXL
GHVWRFDUHGHWLSPHPRULHIODVKFX SUHFXPXQ03SOD\HUXQWHOHIRQ
86% ࿢ 'LVSR]LWLYXOGHVWRFDUH86%SRDWH PRELOVDXXQDSDUDWIRWRGLJLWDOVXQW
ILUHFXQRVFXWDWXQFLFÓQGHVWH FRQHFWDWHSULQWUXQGLVFPRELO
࿢ /DFRQHFWDUHDVDXGHFRQHFWDUHD
IRUPDWDWßQIRUPDWXOGHILŏLHUH DFHVWHDSRWVôQXIXQFœLRQH]H
86%PDQLIHVWDœLDWHQœLHSHQWUX
)$73RWILXWLOL]DWHQXPDL QRUPDO
DHYLWDGHVFôUFDUHDGHHOHFWULFLWDWH
GLVSR]LWLYHOHFXRGLPHQVLXQH
VWDWLFô'DFôFRQHFWDUHDŏL ࿢ 1XGHFRQHFWDœLGLVSR]LWLYXOGH
DORFDWôDXQLWôœLLGHRFWHœL
GHFRQHFWDUHDVHUHSHWôGHPXOWH VWRFDUH86%ßQWLPSXOUHGôULL$FHVW
VHFWRUVDXRFWHœLVHFWRU
RULßQWUXQLQWHUYDOVFXUWGHWLPS OXFUXSRDWHGHWHULRUDSURGXVXOVDX
17)6ŏLDOWHVLVWHPHGHILŏLHUHQX
SRDWHDSôUHDRSUREOHPôOD SHUIRUPDQœDGLVSR]LWLYXOXL86%
SRWILUHFXQRVFXWH
XWLOL]DUHDGLVSR]LWLYXOXL
 6LVWHPXO,QIRWDLQPHQW

࿢ 'HFRQHFWDœLGLVSR]LWLYXO86% FDUHXUPHD]ôDILUHGDWHWUHEXLHVô $WHQœLRQDUHSULYLQGXWLOL]DUHD


FRQHFWDWFÓQGFRQWDFWXO ILHVWRFDWHßQXQLWDWHDGHQLYHO ILŏLHUHORUPX]LFDOH86%
DXWRYHKLFXOXOXLHVWHGHFXSODW VXSHULRUDGLVSR]LWLYXOXL)LŏLHUHOH ࿢ )LŏLHUHOHPX]LFDOHGHWHULRUDWHSRWIL
'DFôFRQWDFWXOHVWHFXSODWßQWLPS PX]LFDOHßQVSHFLDOFHOHGHSH ßQWUHUXSWHßQWLPSXOUHGôULLVDXSRW
FHGLVSR]LWLYXOGHVWRFDUH86%HVWH GLVSR]LWLYHOHGHVWRFDUH86%SRW VôQXILHUHGDWHGHORF
FRQHFWDWGLVSR]LWLYXOGHVWRFDUH VôQXILHUHGDWHFRUHFWGDFô ࿢ )ROGHUHOHŏLILŏLHUHOHPX]LFDOHVXQW
86%SRDWHILGHWHULRUDWVDXßQ RDSOLFDœLHHVWHßQFôUFDWôSULQ DILŏDWHßQRUGLQHD6LPEROඎ1XPôU
XQHOHFD]XULSRDWHVôQX SDUWLœLRQDUHDXQHLXQLWôœLVHSDUDWH ඎ&RUHHDQôඎ
IXQFœLRQH]HQRUPDO SHDFHODŏLGLVSR]LWLY86%
࿢ 8QQXPôUGHGHFDUDFWHUH
࿢ )LŏLHUHOHPX]LFDOHSHQWUXFDUHVH FRUHHQHHQJOH]HŏWLSRWIL
$WHQœLH DSOLFô'50 DGPLQLVWUDUHD UHFXQRVFXWHFDQXPHOHXQXLIROGHU
GUHSWXULORUGLJLWDOH QXSRWILUHGDWH VDXILŏLHUHVFULVßQVLVWHPXOGH
'LVSR]LWLYHOHGHVWRFDUH86%SRWIL
࿢ $FHVWSURGXVSRDWHVôVXSRUWH ILŏLHUH-ROLHW
FRQHFWDWHQXPDLODDFHVWSURGXV
GLVSR]LWLYHOHGHVWRFDUH86%FDUH
FXVFRSXOGHDUHGDILŏLHUHDXGLR 'HVSUHILŏLHUHOHPX]LFDOH03
DXRFDSDFLWDWHGHSÓQôOD*%
0XID86%DSURGXVXOXLQXWUHEXLH FXROLPLWôGHILŏLHUH :0$
XWLOL]DWôSHQWUXDßQFôUFD IROGHUHŏLWUHSWHDOHVWUXFWXULLGH ࿢ )LŏLHUHOH03FDUHSRWILUHGDWH
HFKLSDPHQWXOVXSOLPHQWDUFX IROGHUH1XVHSRDWHJDUDQWD VXQWXUPôWRDUHOH
86%GHRDUHFHJHQHUDUHDGH XWLOL]DUHDQRUPDOôßQFD]XO ဈ 5DWôGHELœLNESVaNESV
FôOGXUôFXDMXWRUXOPXIHL86% GLVSR]LWLYHORUGHVWRFDUHFDUH
SRDWHGXFHODHURULGHIXQFœLRQDUH GHSôŏHVFDFHVWHOLPLWH ဈ )UHFYHQœôGHHŏDQWLRQDUH
VDXODGHWHULRUDUHDSURGXVXOXL N+]N+]N+] SHQWUX
03(*
࿢ $WXQFLFÓQGXQLWDWHDORJLFôHVWH
VHSDUDWôGHGLVSR]LWLYXOGHVWRFDUH
ßQPDVô86%QXPDLILŏLHUHOHGLQ
XQLWDWHDORJLFôGHQLYHOVXSHULRUSRW
ILUHGDWHFDILŏLHUHPX]LFDOH86%
'LQDFHVWPRWLYILŏLHUHOHPX]LFDOH
6LVWHPXO,QIRWDLQPHQW 

N+]N+]N+] ࿢ $FHVWSURGXVSRDWHUHGDILŏLHUH  %XWRDQHOHG6((.F


SHQWUX03(* 03FDUHXWLOL]HD]ô9%5$WXQFL ࿢ $SôVDœLDFHVWHEXWRDQHSHQWUX
࿢ $FHVWSURGXVDILŏHD]ôILŏLHUHOH FÓQGHVWHUHGDWXQILŏLHU03GHWLS DUHGDSLHVDDQWHULRDUôVDXSLHVD
03 :0$ FXH[WHQVLDQXPHOXL 9%5WLPSXOUôPDVDILŏDWSRDWHIL XUPôWRDUH
GHILŏLHUPSZPD FXOLWHUHPLFL GLIHULWGHWLPSXODFWXDOUôPDV
࿢ ŒLQHœLDSôVDWHDFHVWHEXWRDQH
RU03VDX:0$ FXPDMXVFXOH  SHQWUXDGHUXODUDSLGßQDLQWHßQDSRL
%XWRDQHOHSULQFLSDOHEXWRQXOGH
࿢ $FHVWSURGXVSRDWHDILŏD FRQWURO ŏLHOLEHUDœLOHSHQWUXDUHGDODYLWH]D
LQIRUPDœLLOHGLQHWLFKHWD,' 3HQWUXUHGDUHDILŏLHUHORUPX]LFDOH QRUPDOô
YHUVLXQHD 86%VHXWLOL]HD]ôXUPôWRDUHOH  %XWRQXO,,1)250$7,21>,,1)2@
DILŏLHUHORU03SUHFXPDOEXPXO EXWRDQHSULQFLSDOHŏLFRPHQ]L
DUWLVWXOHWF $ILŏHD]ôLQIRUPDœLLOHSULYLQGSLHVDßQ
 %XWRQXO&&'$8; FXUVGHUHGDUH
࿢ 1XPHOHILŏLHUHORUIROGHUHORUFDUH
SRWILXWLOL]DWHßQIXQFœLHGHWLSXOGH $SôVDœLEXWRQXOßQPRGUHSHWDWDWXQFL  %XWRQXO3% %$&.
VWRFDUHVXQWXUPôWRDUHOHLQFOXVLY FÓQGGLVSR]LWLYXO86%HVWHFRQHFWDW $QXOHD]ôLQWURGXFHUHDDUWLFROXOXLVDX
H[WHQVLLOHGHQXPHDOHILŏLHUHORUFX SHQWUXVHOHFWDUHDPRGXOXLGHUHGDUH UHYLQHODPHQLXODQWHULRU
SDWUXFDUDFWHUH PS  86%
ဈ ,62QLYHOPD[LP  %XWRQXO00(18781(FXFRQWURO
FDUDFWHUH ࿢ 5RWLœLEXWRQXOGHFRQWUROSHQWUX
ဈ ,62QLYHOPD[LP DGHUXODODOLVWDSLHVHORUPHQLXOVDX
FDUDFWHUH LQIRUPDœLLOHSULYLQGSLHVD03
:0$ 
ဈ -ROLHW0D[LPGHFDUDFWHUH 
RFWHW ࿢ $SôVDœLEXWRQXOSHQWUXDDILŏD
HFUDQXOPHQLXODIHUHQWRSœLXQLL
ဈ 1XPHOXQJGHILŏLHU:LQGRZV FXUHQWHVDXPRGXOXLFXUHQW
PD[LPGHFDUDFWHUH RFWHW
 6LVWHPXO,QIRWDLQPHQW

&RQHFWDUHDGLVSR]LWLYXOXLGHVWRFDUH $FHVWDYDUHGDDXWRPDWGHODSXQFWXO
86% GHUHGDUHDQWHULRU
$SRLIXQFœLLOH86%SOD\HUXOXLSRWIL
RSHUDWHßQPRGVLPLODUFXUHGDUHD
&'03
¿QFKHLHUHDUHGôULLILŏLHUHORUPX]LFDOH
86%
$SôVDœLEXWRQXO55$',2%$1'VDX
&'$8;SHQWUXDVHOHFWDDOWHIXQFœLL
3HQWUXDßQFKHLDUHGDUHDŏL
DGHFRQHFWDGLVSR]LWLYXOGHVWRFDUH
86%XWLOL]DœLPHQLXO86%ඎIXQFœLDGH
࿢ 'XSôFHSURGXVXOILQDOL]HD]ôFLWLUHD HOLPLQDUH86%SHQWUXDHOLPLQDßQ
LQIRUPDœLLORUGHSHGLVSR]LWLYXOGH VLJXUDQœôGLVSR]LWLYXOGHVWRFDUH
VWRFDUH86%YDWUHFHODUHGDUHD 86%
7UDJHœLŏLGHVFKLGHœLFDSDFXO
DXWRPDWô
DPSODVDWGHDVXSUDWDEORXOXLGHERUG
࿢ 'DFôHVWHFRQHFWDWXQGLVSR]LWLYGH 8WLOL]DUHDPHQLXOXL86%
SHQWUXDFRQHFWDGLVSR]LWLYXOGH
VWRFDUH86%FXILŏLHUHOHPX]LFDOH VWRFDUH86%FDUHQXSRDWHILFLWLW ,QVWUXFœLXQLOHSHQWUXರ$PHVWHFDUH
FDUHXUPHD]ôDILUHGDWHODPXIDGH VHYDDILŏDXQPHVDMGHHURDUHLDU PHORGLL5HSHWDUH)ROGHUH&ôXWDUHಯ
FRQHFWDUH86% SURGXVXOYDFRPXWDDXWRPDWOD GLQPHQLXO86%VXQWVLPLODUHFXFHOH
IXQFœLDXWLOL]DWôDQWHULRUVDXOD GLQPHQLXO&'DO&'03SOD\HUXOXL
IXQFœLDGHUDGLR)0 DIRVWDGôXJDWôQXPDLRSœLXQHD
ರ(OLPLQDUH86%ಯ&RQVXOWDœLIXQFœLLOH
'DFôGLVSR]LWLYXOGHVWRFDUH86%
&'03SOD\HUXOXLGLQPHQLXO&'
FDUHXUPHD]ôDILUHGDWHVWHGHMD
FRQHFWDWDSôVDœLßQPRGUHSHWDW
EXWRQXO&
&'$8;SHQWUXDVHOHFWD
86%SOD\HUXO
6LVWHPXO,QIRWDLQPHQW 

0HQLX86%ඎ(OLPLQDUH86% L3RGSOD\HUXO  %XWRDQHOHG6((.F


'LVSRQLELOQXPDLODPRGHOHOHFDUH ࿢ $SôVDœLDFHVWHEXWRDQHSHQWUX
VXSRUWôFRQHFWDUHDODL3RG DUHGDSLHVDDQWHULRDUôVDXSLHVD
XUPôWRDUH
%XWRDQHOHSULQFLSDOHEXWRQXOGH
FRQWURO ࿢ ŒLQHœLDSôVDWHDFHVWHEXWRDQH
SHQWUXDGHUXODUDSLGßQDLQWHßQDSRL
3HQWUXUHGDUHDILŏLHUHORUPX]LFDOH
ŏLHOLEHUDœLOHSHQWUXDUHGDODYLWH]D
L3RGVHXWLOL]HD]ôXUPôWRDUHOH
QRUPDOô
EXWRDQHSULQFLSDOHŏLFRPHQ]L
 %XWRQXO,,1)250$7,21>,,1)2@
 %XWRQXO&&'$8;
$ILŏHD]ôLQIRUPDœLLOHSULYLQGSLHVDßQ
$SôVDœLEXWRQXOßQPRGUHSHWDWDWXQFL
FXUVGHUHGDUH
FÓQGL3RGXOHVWHFRQHFWDWSHQWUX
VHOHFWDUHDPRGXOXLGHUHGDUHL3RG  %XWRQXO3% %$&.
$SôVDœLEXWRQXO00(18781(GLQ  %XWRQXO00(18781(FXFRQWURO $QXOHD]ôLQWURGXFHUHDDUWLFROXOXLVDX
PRGXOUHGDUHSHQWUXDDILŏDPHQLXO ࿢ 5RWLœLEXWRQXOGHFRQWUROSHQWUXDYô UHYLQHODPHQLXODQWHULRU
86%5RWLœLEXWRQXOGHFRQWURO00(18 GHSODVDŏLDILŏDOLVWDSLHVHORUßQ
781(SHQWUXDYôGHSODVDOD FXUVGHUHGDUH
(OLPLQDUH86%ŏLDSRLDSôVDœLEXWRQXO ࿢ $SôVDœLEXWRQXOSHQWUXDDILŏD
0(18781(SHQWUXDDILŏDPHVDMXO HFUDQXOPHQLXODIHUHQWRSœLXQLL
SULQFDUHVXQWHœLQRWLILFDWFôSXWHœL FXUHQWHVDXPRGXOXLFXUHQW
HOLPLQDßQVLJXUDQœôGLVSR]LWLYXO86%
'HFRQHFWDœLGLVSR]LWLYXO86%GHOD
PXIDGHFRQHFWDUH86%
5HYHQLœLODIXQFœLDXWLOL]DWôDQWHULRU
 6LVWHPXO,QIRWDLQPHQW

&RQHFWDUHDL3RGSOD\HUXOXL ࿢ &RQHFWDœLL3RGXOODDFHVWSURGXV ࿢ 'DFôHVWHFRQHFWDWXQGLVSR]LWLY


QXPDLFXFDEOXULOHGHFRQHFWDUH L3RGFDUHQXSRDWHILFLWLWVHYD
VXSRUWDWHGHSURGXVHOHL3RG1X DILŏDPHVDMXOGHHURDUHUHOHYDQW
SRWILXWLOL]DWHDOWHFDEOXULGH LDUSURGXVXOYDFRPXWDDXWRPDWOD
FRQHFWDUH IXQFœLDXWLOL]DWôDQWHULRUVDXOD
IXQFœLDGHUDGLR)0

7UDJHœLŏLGHVFKLGHœLFDSDFXO
DPSODVDWGHDVXSUDWDEORXOXLGHERUG
ßQSDUWHDVFDXQXOXLSDVDJHUXOXL
SHQWUXDFRQHFWDL3RGXOFXILŏLHUHOH
࿢ ¿QXQHOHFD]XULSURGXVHOHL3RGVH
PX]LFDOHFDUHXUPHD]ôDILUHGDWHOD
SRWGHWHULRUDGDFôFRQWDFWXOHVWH
PXIDGHFRQHFWDUH86% 'DFôGLVSR]LWLYXOL3RGFDUHXUPHD]ô
GHFXSODWßQWLPSFHDFHVWSURGXV
࿢ 0RGHOHOHGHSURGXVHL3RGFDUHVXQ DILUHGDWHVWHGHMDFRQHFWDWDSôVDœL
HVWHFRQHFWDW
FRQHFWDWHVXSRUWDWHGHDFHVW ßQPRGUHSHWDWEXWRQXO& &'$8;
$WXQFLFÓQGSURGXVXOL3RGQXHVWH SHQWUXDVHOHFWDL3RGSOD\HUXO
SURGXVVXQWXUPôWRDUHOH
XWLOL]DWSôVWUDœLOVHSDUDWGHDFHVW
ဈ L3RG*1DQRL3RG*1DQR ࿢ $FHVWDYDUHGDDXWRPDWGHOD
SURGXVFXFRQWDFWXO
L3RG*ŏL*1DQR SXQFWXOUHGDWDQWHULRU
DXWRYHKLFXOXOXLGHFXSODW
ဈ L3RG*%ŏL*%&ODVVLF ࿢ )XQFœLLOHGHUHGDUHŏLRSœLXQLOH
࿢ 'XSôFHSURGXVXOILQDOL]HD]ôFLWLUHD
DILŏDMXOXLGHLQIRUPDœLLDOL3RG
ဈ L3RG**ŏL*7RXFK LQIRUPDœLLORUGHSHGLVSR]LWLYXOL3RG
SOD\HUXOXLXWLOL]DWFXDFHVWSURGXV
ဈ L3KRQH*ŏL*6 YDWUHFHODUHGDUHDDXWRPDWô
6LVWHPXO,QIRWDLQPHQW 

SRDWHILGLIHULWHIDœôFHOHDOHL3RG 8WLOL]DUHDPHQLXOXLL3RG 5RWLœLEXWRQXOGHFRQWURO00(18


XOXLGLQSXQFWGHYHGHUHDORUGLQLLGH 'LQPHQLXOL3RGLQVWUXFœLXQLOHSHQWUX 781(SHQWUXDYôGHSODVDOD
UHGDUHDOPHWRGHLŏLDOLQIRUPDœLLORU ರ$PHVWHFDUHPHORGLL5HSHWDUH (OLPLQDUHIXQFœLHL3RGŏLDSRLDSôVDœL
DILŏDWH &ôXWDUH LQFOXVLYFôUœLDXGLRŏL EXWRQXO00(18781(SHQWUXDDILŏD
࿢ &RQVXOWDœLWDEHOXOGHPDLMRVSHQWUX FRPSR]LWRUL ಯVXQWVLPLODUHFXFHOHGLQ PHVDMXOSULQFDUHVXQWHœLQRWLILFDWFô
RSœLXQLOHGHFODVLILFDUHSULYLQG PHQLXO&'DO&'03SOD\HUXOXL SXWHœLHOLPLQDßQVLJXUDQœô
IXQFœLDGHFôXWDUHIXUQL]DWôGH DIRVWDGôXJDWôQXPDLRSœLXQHD GLVSR]LWLYXO
SURGXVXOL3RG ರ(OLPLQDUHL3RGಯ3HQWUXXWLOL]DUH 6HSDUDœLGLVSR]LWLYXOL3RGGHODPXID
FRQVXOWDœLILHFDUHRSœLXQHSHQWUX&' GHFRQHFWDUH86%
03
5HYHQLœLODIXQFœLDXWLOL]DWôDQWHULRU
0HQLXL3RGඎ(MHFWDUHL3RG
,QWUDUHDH[WHULRDUôGHVXQHW
$8;
'LVSRQLELOQXPDLODPRGHOHOHFDUH
VXSRUWôFRQHFWDUHDXQHLVXUVH
H[WHUQHGHVXQHW
%XWRDQHOHSULQFLSDOHEXWRQXOGH
FRQWURO
8WLOL]DœLEXWRDQHOHŏLFRPHQ]LOHGH
PDLMRVSHQWUXDYôEXFXUDGHVXQHWXO
8OWHULRUIXQFœLLOHGHUHGDUHGHSHL3RG RIHULWGHVLVWHPXO,QIRWDLQPHQWGHOD
VXQWRSHUDWHßQPRGVLPLODUFX LHŏLUHDGHVXQHWDXQXLGLVSR]LWLY
UHGDUHD&'03 H[WHUQFXLHŏLUHGHVXQHWFRQHFWDW
$SôVDœLEXWRQXO0
0(18781(GLQ  %XWRQXO& &'$8;
'HFRQHFWDUHDUHGôULLL3RG PRGXOUHGDUHSHQWUXDDILŏDPHQLXO
3HQWUXDßQFKHLDUHGDUHDDSôVDœL L3RG
EXWRQXO5
5$',2%$1'VDX& &'$8;
SHQWUXDVHOHFWDDOWHIXQFœLL
 6LVWHPXO,QIRWDLQPHQW

&XXQGLVSR]LWLYH[WHUQFXLHŏLUHGH
VXQHWFRQHFWDWDSôVDœLEXWRQXOßQ
PRGUHSHWDWSHQWUXDVHOHFWDPRGXO
GHLQWUDUHH[WHUQôGHVXQHW $8; 
 %XWRQXOGHFRQWURO3
32:(5
92/80( 3RUQLUH9ROXP
5RWLœLEXWRQXOGHFRQWUROSHQWUX
DUHJODYROXPXOVRQRU
&RQHFWDUHDXQHLVXUVHH[WHUQHGH
VXQHW
&RQHFWDœLLHŏLUHDDXGLRDXQXL
HFKLSDPHQWDXGLRH[WHUQODXQDGLQ ࿢ 6LVWHPXO,QIRWDLQPHQWYDFRPXWD $SôVDœLEXWRQXO&
&'$8;SHQWUX
PXIHOHVDXGHLQWUDUH$8; DXWRPDWßQPRGXOLQWUDUHH[WHUQôGH DFRPXWDßQPRGXOLQWUDUHH[WHUQôGH
࿢ $8;DPSODVDWôßQFDGUXO VXQHW $8; DWXQFLFÓQGXQ VXQHWGDFôXQVLVWHPH[WHUQGHVXQHW
GLVSR]LWLYXOXL,QIRWDLQPHQW GLVSR]LWLYH[WHUQGHVXQHWHVWH HVWHGHMDFRQHFWDW
FRQHFWDW
$8;DPSODVDWôßQLQWHULRUXO
FXWLHLGHGHSR]LWDUHGLQVFDXQXO
SDVDJHUXOXL
6LVWHPXO,QIRWDLQPHQW 

7HOHIRQXO  %XWRDQHOHG6((.F
࿢ $SôVDœLDFHVWHEXWRDQHßQPRGXO
%OXHWRRWKŸ GHUHGDUHDXGLRSULQ%OXHWRRWK
SHQWUXDUHGDSLHVDDQWHULRDUôVDX
%XWRDQHOHSULQFLSDOHEXWRQXOGH XUPôWRDUHDSLHVô
FRQWURO ࿢ ŒLQHœLDSôVDWHDFHVWHEXWRDQH
8UPôWRDUHOHEXWRDQHŏLFRPHQ]L SHQWUXDGHUXODUDSLGßQDLQWHßQDSRL
SULQFLSDOHVXQWXWLOL]DWHSHQWUX ŏLHOLEHUDœLOHSHQWUXDUHGDODYLWH]D
UHGDUHDILŏLHUHORUPX]LFDOHVDXSHQWUX QRUPDOô
XWLOL]DUHDIXQFœLLORUGHDSHODUHSULQ
LQWHUPHGLXOXQXLGLVSR]LWLYFRQHFWDW &RQHFWDUHDSULQ%OXHWRRWK
SULQ%OXHWRRWK
$VRFLHUHDGLVSR]LWLYXOXL%OXHWRRWK $SôVDœLEXWRQXO&&21),*ŏLXWLOL]DœL
 %XWRQXO&&'$8; $VRFLDœLGLVSR]LWLYXO%OXHWRRWKSHQWUX EXWRQXOGHFRQWURO0
0(18781(
$SôVDœLßQPRGUHSHWDWDFHVWEXWRQ DOSXWHDFRQHFWDODVLVWHPXO SHQWUXDDMXQJHOD0HQLXWHOHIRQ
SHQWUXDVHOHFWDPRGXOGHUHGDUH ,QIRWDLQPHQW ඎ6HWôUL%OXHWRRWKඎ%OXHWRRWK
DXGLRSULQ%OXHWRRWKDWXQFLFÓQGHVWH 0DLßQWÓLFRQILJXUDœLGLVSR]LWLYXO ඎ$GôXJDUHGLVSR]LWLYŏLDSRLDSôVDœL
FRQHFWDWSULQ%OXHWRRWKXQGLVSR]LWLY %OXHWRRWKSHQWUXDSXWHDILFRQHFWDW EXWRQXO00(18781(
FXIXQFœLDGHUHGDUHDILŏLHUHORU GLQPHQLXOGH&RQILJXUDUH%OXHWRRWK
PX]LFDOH ࿢ 'LVSR]LWLYHOH%OXHWRRWKSRWIL
SHQWUXDSHUPLWHDOWRUGLVSR]LWLYHVô DVRFLDWHFXDMXWRUXOEXWRQXOXL
 %XWRQXO00(18781(FXFRQWURO FDXWHGLVSR]LWLYXO%OXHWRRWK &21),*VDXXWLOL]ÓQG0HQLX
࿢ $SôVDœLEXWRQXOGLQPRGXO7HOHIRQ WHOHIRQඎ6HWôUL%OXHWRRWK
%OXHWRRWKSHQWUXDDILŏDHFUDQXO ඎ%OXHWRRWKඎ$GôXJDUHGLVSR]LWLY
PHQLXOXL ࿢ 'DFôH[LVWôGHMDXQGLVSR]LWLY
࿢ 5RWLœLEXWRQXOGHFRQWUROSHQWUXDYô %OXHWRRWKFRQHFWDWODVLVWHPXO
GHSODVDSULQPHQLXVDXYDORDUHD ,QIRWDLQPHQWVHYDDILŏDPHVDMXO
FRQILJXUDWô ರ'LVSR]LWLYXO%OXHWRRWKHVWH
RFXSDWಯ
 6LVWHPXO,QIRWDLQPHQW

࿢ $ŏWHSWDUHDFRQH[LXQLLYDILDILŏDWô &RQHFWDUHDŏWHUJHUHDVHSDUDUHD
FXXQPHVDMŏLXQFRGGHVHFXULWDWH GLVSR]LWLYHORU%OXHWRRWK
9DORDUHDLQLœLDOôHVWHŏL
SRDWHILPRGLILFDWôGLQ&RQILJXUDUH
VLVWHPඎ6HWôUL%OXHWRRWK
ඎ%OXHWRRWKඎRSœLXQHD0RGLILFDUH
FRG%OXHWRRWK
6LVWHPXO,QIRWDLQPHQWSRDWHILJôVLW
SULQFôXWDUHDGLVSR]LWLYXOXL%OXHWRRWK
FDUHXUPHD]ôDILFRQHFWDW
,QWURGXFHœLFRGXOGHVHFXULWDWHDO
VLVWHPXOXL,QIRWDLQPHQWßQGLVSR]LWLYXO
%OXHWRRWK ࿢ 6LVWHPXO,QIRWDLQPHQWSRDWHDVRFLD
'DFôßQUHJLVWUDUHDGLVSR]LWLYXOXLFDUH SÓQôODFLQFLGLVSR]LWLYH%OXHWRRWK
XUPHD]ôDILFRQHFWDWODVLVWHPXO ࿢ 8QHOHGLVSR]LWLYH%OXHWRRWKSRWIL
,QIRWDLQPHQWVHILQDOL]HD]ôFX XWLOL]DWHQXPDLGDFôDXDFWLYDWô $WHQœLH
VXFFHVSHHFUDQVHYRUDILŏD RSœLXQHDರ&RQHFWDUHßQWRWGHDXQDಯ
LQIRUPDœLLOHDIHUHQWHGLVSR]LWLYXOXL 'DFôHVWHGHMDFRQHFWDWXQ
%OXHWRRWK GLVSR]LWLY%OXHWRRWKWUHEXLH
GHFRQHFWDWPDLßQWÓLDFHO
GLVSR]LWLY

0DLßQWÓLFRQILJXUDœLGLVSR]LWLYXO
%OXHWRRWKSHQWUXDSXWHDILFRQHFWDW
GLQPHQLXOGH&RQILJXUDUH%OXHWRRWK
SHQWUXDSHUPLWHDOWRUGLVSR]LWLYHVô
FDXWHGLVSR]LWLYXO%OXHWRRWK
6LVWHPXO,QIRWDLQPHQW 

$SôVDœLEXWRQXO&&21),*ŏLXWLOL]DœL
EXWRQXOGHFRQWURO00(18781(
SHQWUXDDMXQJHOD&RQILJXUDUHVLVWHP
ඎ6HWôUL%OXHWRRWKඎ%OXHWRRWK
ඎ/LVWôGLVSR]LWLYHŏLDSRLDSôVDœL
EXWRQXO0
0(18781(

3XWHœLDVRFLDGLVSR]LWLYXOFXDMXWRUXO 'HFRQHFWDUHDGLVSR]LWLYXOXL
EXWRQXOXL0
0(18781(WUHFHœLOD %OXHWRRWKFXUHQWFRQHFWDW'LQ
RSœLXQHDGHVHOHFWDUHDSRLOD HFUDQXOOLVWHLGHGLVSR]LWLYHVHOHFWDœL
RSœLXQHDGHŏWHUJHUHSHQWUXDŏWHUJH GLVSR]LWLYXOFRQHFWDWVHYDDILŏD
ŏLDSRLDSôVDœLEXWRQXO0
0(18781( RSœLXQHD'HFRQHFWDUHDSRLDSôVDœL
EXWRQXO00(18781(
8WLOL]DœLEXWRQXOGHFRQWURO0
0(18 $WHQœLRQôULSULYLQGDVRFLHUHD
781(SHQWUXDWUHFHGHODGLVSR]LWLYXO FRQHFWDUHDSULQ%OXHWRRWK
%OXHWRRWKDVRFLDWODGLVSR]LWLYXOFDUH ࿢ $WXQFLFÓQGFRQH[LXQHDSULQ
XUPHD]ôDILFRQHFWDWŏLDSRLDSôVDœL %OXHWRRWKQXHVWHSRVLELOôŏWHUJHœL
EXWRQXO0 0(18781( ßQWUHDJDOLVWôGHGLVSR]LWLYHGHOD
%OXHWRRWKFDUHXUPHD]ôDIL
FRQHFWDWŏLßQFHUFDœLGLQQRX'DFô
ŏWHUJHUHDßQWUHJLLOLVWHGH
GLVSR]LWLYHQXDMXWôVFRDWHœL
EDWHULDŏLFRQHFWDœLGLQQRX
 6LVWHPXO,QIRWDLQPHQW

࿢ 'DFôH[LVWôRSUREOHPôGXSô $FHDVWôVLWXDœLHVHGDWRUHD]ô DFHVWDHVWHFRQHFWDWßQWLPSXO


FRQHFWDUHDGLVSR]LWLYXOXL VSHFLILFDœLLORUXQLFHDOHWHOHIRQXOXL PRGXOXLGHUHGDUHDXGLRSULQ
%OXHWRRWKXWLOL]DœLEXWRQXO0 0(18 PRELO %OXHWRRWKŏL&'03
781(SHQWUXDUXOD&RQILJXUDUH
VLVWHPඎ6HWôUL%OXHWRRWK 5HGDUHDDXGLRSULQ%OXHWRRWK 5HGDUHDDXGLRSULQ%OXHWRRWK
ඎ5HVWDXUDUHVHWôULRULJLQDOH
,QLœLDOL]DœLGLVSR]LWLYXOFXSUREOHPD 0RGDOLWDWHDGHUHGDUHDXGLRSULQ
FDX]DWôGHRHURDUHSURGXVôOD %OXHWRRWK
FRQHFWDUHDGLVSR]LWLYXOXL%OXHWRRWK ࿢ 8QWHOHIRQPRELOVDXXQGLVSR]LWLY
ODVLVWHPXO,QIRWDLQPHQW %OXHWRRWKFDUHVXSRUWôYHUVLXQL
$'3 3URILOFRPSOH[GHGLVWULEXLUH
࿢ 8QHRULFRQH[LXQHD%OXHWRRWK
DXGLR XOWHULRDUHYHUVLXQLL
SRDWHILUHDOL]DWôQXPDLSULQ
WUHEXLHDVRFLDWHŏLFRQHFWDWHOD
LQWHUPHGLXOIXQFœLLORUKDQGVIUHH
SURGXV
VDXGHUHGDUHDDXGLR%OXHWRRWK
FKLDUGDFôHVWHFRQHFWDWXQVHWGH ࿢ 'HODWHOHIRQXOPRELOVDXGHOD
FôŏWL¿QDFHVWFD]ßQFHUFDœLVô GLVSR]LWLYXO%OXHWRRWKFôXWDœLWLSXO
FRQHFWDœLGLQQRXVLVWHPXO GLVSR]LWLYXOXL%OXHWRRWKSHQWUXDO
,QIRWDLQPHQWXWLOL]ÓQGGLVSR]LWLYXO FRQILJXUDFRQHFWDFDXQVHWGH
%OXHWRRWK FôŏWLVWHUHR $SôVDœLEXWRQXO& &'$8;ßQPRG
6HYDDILŏDRSLFWRJUDPôFXRQRWô UHSHWDWSHQWUXDVHOHFWDPRGXOGH
࿢ ¿QFD]XOGLVSR]LWLYHORU%OXHWRRWK UHGDUHDXGLRSULQGLVSR]LWLYXO
FDUHQXVXSRUWôFôŏWLVWHUHRIXQFœLD PX]LFDOô>Q@ßQFROœXOGLQGUHDSWDMRV
DOHFUDQXOXLGDFôFôŏWLOHVWHUHRDX %OXHWRRWKFRQHFWDW
GHUHGDUHDXGLRSULQ%OXHWRRWKQX
SRDWHILXWLOL]DWô IRVWFRQHFWDWHFXVXFFHV 'DFôGLVSR]LWLYXO%OXHWRRWKQXHVWH
࿢ 1XFRQHFWDœLWHOHIRQXOPRELOODPXID FRQHFWDWDFHDVWôIXQFœLHQXSRDWHIL
࿢ 1XVHSRDWHDVFXOWDPX]LFôSULQ VHOHFWDWô
LQWHUPHGLXOIXQFœLHLDXGLRSULQ SHQWUXFRQH[LXQHD%OXHWRRWK6H
%OXHWRRWKGDFôXQL3KRQHHVWH SRDWHSURGXFHRHURDUHGDFô )LŏLHUHOHPX]LFDOHYRUSXWHDILUHGDWH
FRQHFWDWSULQWUXQFRQHFWRU86% ODDFWLYDUHDWHOHIRQXOXLPRELOVDX
DWHOHIRQXOXLPRELO
6LVWHPXO,QIRWDLQPHQW 

࿢ 5HGDUHDVRQRUôDGLVSR]LWLYXOXL ࿢ $FHDVWôIXQFœLHHVWHGLVSRQLELOô WHOHIRQXOXLPRELODFHDVWôRUGLQHGH


%OXHWRRWKHVWHIXUQL]DWôSULQ QXPDLFXGLVSR]LWLYHOH%OXHWRRWK UHGDUHRSULUHVHSRDWHDFWLYDGXSô
LQWHUPHGLXOVLVWHPXOXL FDUHVXSRUWôYHUVLXQHDVDX XQLQWHUYDOGHWLPS
,QIRWDLQPHQW RYHUVLXQHXOWHULRDUôD$95&3 ࿢ 'DFôWHOHIRQXOPRELOVDX
࿢ 3HQWUXUHGDUHDDXGLRSULQ 3URILODXGLRYLGHRSULQ GLVSR]LWLYXO%OXHWRRWKQXHVWHßQ
%OXHWRRWKILŏLHUHOHPX]LFDOH WHOHFRPDQGô  ¿QIXQFœLHGH PRGXOHFUDQGHDŏWHSWDUHDFHVWHD
WUHEXLHUHGDWHFHOSXœLQRGDWôßQ RSœLXQLOHGLVSR]LWLYXOXL%OXHWRRWK SRWVôQXUHGHDDXWRPDWFKLDU
PRGXOGLVSR]LWLYGHUHGDUH XQHOHGLVSR]LWLYHSRWVôQXDILŏH]H GDFôUHGDUHDHVWHHIHFWXDWôßQ
DILŏLHUHORUPX]LFDOHDOWHOHIRQXOXL SURILOXO$95&3FRQHFWDWSHQWUX PRGXOUHGDUHDXGLRSULQ%OXHWRRWK
PRELOVDXDOGLVSR]LWLYXOXL%OXHWRRWK FRQH[LXQHDLQLœLDOô 'DFôUHGDUHDDXGLRSULQ%OXHWRRWK
GXSôFRQHFWDUHDFDVHWGHFôŏWL ࿢ ,QIRUPDœLLOHSULYLQGUHGDUHDSLHVHLŏL QXIXQFœLRQHD]ôYHULILFDœLGDFô
VWHUHR'XSôFHOSXœLQRUHGDUH SR]LœLDSLHVHLQXYRUILDILŏDWHSH WHOHIRQXOPRELOHVWHßQPRGXOHFUDQ
GLVSR]LWLYXOGHUHGDUHDILŏLHUHORU HFUDQXOVLVWHPXOXL,QIRWDLQPHQW GHDŏWHSWDUH
PX]LFDOHYDUHGDDXWRPDWOD ࿢ 8QHRULVXQHWHOHSRWILßQWUHUXSWHßQ
DFFHVDUHDPRGXOXLGHUHGDUHŏLVH $WHQœLRQôULSULYLQGUHGDUHDDXGLRSULQ
WLPSXOUHGôULLDXGLRSULQ%OXHWRRWK
YDRSULDXWRPDWODILQDOL]DUHD %OXHWRRWK
6LVWHPXO,QIRWDLQPHQWIXUQL]HD]ô
PRGXOXLGLVSR]LWLYGHUHGDUH ࿢ 1XVFKLPEDœLSLHVDSUHDUHSHGHßQ LHŏLUHDDXGLRGHODWHOHIRQXOPRELO
DILŏLHUHORUPX]LFDOH'DFôWHOHIRQXO WLPSXOUHGôULLDXGLRSULQ%OXHWRRWK VDXGLVSR]LWLYXO%OXHWRRWK
PRELOVDXGLVSR]LWLYXO%OXHWRRWKQX ࿢ 7UDQVPLWHUHDGDWHORUGHODWHOHIRQXO
HVWHßQPRGXOHFUDQGHDŏWHSWDUH PRELOODVLVWHPXO,QIRWDLQPHQW 0HVDMHGHHURDUHŏLPôVXUL%OXHWRRWK
XQHOHGLVSR]LWLYHQXYRUUHGD GXUHD]ô ࿢ %OXHWRRWKGH]DFWLYDW
DXWRPDWßQPRGXOUHGDUHDXGLRSULQ
࿢ 6LVWHPXO,QIRWDLQPHQWWUDQVPLWH 9HULILFDœLGDFôDFWLYDUHD%OXHWRRWK
%OXHWRRWK
RUGLQHDGHUHGDUHGHODWHOHIRQXO HVWHVHWDWôFD$FWLYDW 21 )XQFœLD
$SôVDœLEXWRDQHOHG6((.FSHQWUX PRELODIODWßQPRGXOUHGDUHDXGLR %OXHWRRWKSRDWHGHSLQGHGH
DWUHFHODSLHVDDQWHULRDUôVDXOD SULQ%OXHWRRWK'DFôDFHVWOXFUX DFWLYDUHDGLVSR]LWLYXOXL%OXHWRRWK
SLHVDXUPôWRDUHVDXœLQHœLDSôVDWH HVWHUHDOL]DWßQWUXQPRGGLIHULW ࿢ 'LVSR]LWLYXO%OXHWRRWKHVWHRFXSDW
DFHVWHEXWRDQHSHQWUXDGHUXODUDSLG GLVSR]LWLYXOYDWUDQVPLWHRUGLQHDGH
ßQDLQWHßQDSRL RSULUH¿QIXQFœLHGHRSœLXQLOH 9HULILFDœLGDFôVXQWFRQHFWDWH
GLVSR]LWLYH%OXHWRRWK3HQWUX
 6LVWHPXO,QIRWDLQPHQW

DFRQHFWDXQQRXGLVSR]LWLY ŏLGDFôWUDQVIHUXOMXUQDOXOXLGH
GHFRQHFWDœLPDLßQWÓLGLVSR]LWLYHOH DSHOXULHVWHVXSRUWDWGDUßQWUR $WHQœLH
FRQHFWDWHŏLDSRLUHFRQHFWDœL PRGDOLWDWHFDUHQXHVWHVXSRUWDWô
GHVLVWHPXO,QIRWDLQPHQW 3XWHœLWUDQVIHUDWRQXO
࿢ /LVWDGHGLVSR]LWLYHHVWHSOLQô GXPQHDYRDVWUôGHDSHOßQIXQFœLH
9HULILFDœLGDFôH[LVWôPDLSXœLQGH GHPRGHOXOGHWHOHIRQPRELO
GLVSR]LWLYHDVRFLDWH1XSRWIL 7HOHIRQXOFXKDQGVIUHH 5HJODœLYROXPXOWRQXOXLGHDSHODO
DVRFLDWHPDLPXOWGHGLVSR]LWLYH WHOHIRQXOXLPRELOGDFôYROXPXO
$JHQGDWHOHIRQLFôQXHVWH 3UHOXDUHDDSHOXULORU HVWHSUHDPLF
GLVSRQLELOô
$FHVWPHVDMYDILDILŏDWGDFô
WHOHIRQXOPRELOQXVXSRUWô
WUDQVPLVLDFRQWDFWHORU'DFôDFHVW
PHVDMDSDUHGXSôPDLPXOWH
ßQFHUFôULßQVHDPQôFôGLVSR]LWLYXO
QXVXSRUWôWUDQVPLWHUHD
FRQWDFWHORU
1RWô
0HVDMXOYDILDILŏDWDWXQFLFÓQGVH
VXSRUWôWUDQVPLWHUHDGHFRQWDFWHßQ
WLPSFHVHWUDQVPLWHŏLLQIRUPDœLDFX
RHURDUHDGLVSR]LWLYXOXL$FWXDOL]DœL $WXQFLFÓQGHVWHUHFHSœLRQDWXQDSHO
GLVSR]LWLYXOGLQQRXGDFôVHDILŏHD]ô WHOHIRQLFSULQLQWHUPHGLXOWHOHIRQXOXL 3HQWUXDYRUELODWHOHIRQDSôVDœL
PHVDMXO PRELOFRQHFWDWSULQ%OXHWRRWKSLHVD EXWRQXO&DOO $SHO GHSH
UHGDWôYDILßQWUHUXSWôLDUWHOHIRQXOYD WHOHFRPDQGDGHSHYRODQVDXURWLœL
࿢ $JHQGDWHOHIRQLFôHVWHJRDOô EXWRQXOGHFRQWURO00(18781(
VXQDDYÓQGDILŏDWHLQIRUPDœLLOH
$FHVWPHVDMHVWHDILŏDWGDFôQLFLXQ SHQWUXDFRPXWDODIXQFœLD5ôVSXQVŏL
UHOHYDQWH
QXPôUGHWHOHIRQQXHVWHVDOYDWßQ DSRLDSôVDœLEXWRQXO00(18781(
WHOHIRQXOPRELO0HVDMXOYDILDILŏDW
6LVWHPXO,QIRWDLQPHQW 

࿢ 3HQWUXDUHVSLQJHXQDSHODSôVDœL ࿢ ¿QWLPSXOFRQYHUVDœLHLœLQHœLDSôVDW ࿢ /DUHFHSœLRQDUHDXQXLDSHOSULQ


EXWRQXO00XWH+DQJXS 9ROXP EXWRQXO&DOO $SHO GHSH LQWHUPHGLXOVLVWHPXOXL,QIRWDLQPHQW
VRQRUGH]DFWLYDW5HVSLQJHUHDSHO WHOHFRPDQGDGHSHYRODQSHQWUX ŏLDOFRQH[LXQLL%OXHWRRWKXQHOH
GHSHWHOHFRPDQGDGHSHYRODQVDX DFRPXWDßQPRGXODSHOSULYDW WHOHIRDQHPRELOHQXFRPXWô
DSôVDœLEXWRQXO00(18781(ŏL XQHOHWHOHIRDQHSRWVôQXVXSRUWH DXWRPDWßQPRGXODSHOSULYDW$FHVW
VHOHFWDœL5HVSLQJHUH PRGXODSHOSULYDWßQIXQFœLHGH OXFUXGHSLQGHGHVSHFLILFDœLLOH
RSœLXQLOHWHOHIRQXOXL  RULJLQDOHDOHILHFôUXLWHOHIRQPRELO
࿢ ¿QWLPSXOFRQYHUVDœLHLSXWHœLEORFD
WUDQVPLWHUHDVXQHWXOXLSULQ ࿢ $WXQFLFÓQGHVWHSRVLELOôXWLOL]DUHD
VHOHFWDUHDRSœLXQLL'H]DFWLYDUH GHVHUYLFLLGHFRQYHUVDœLHFXSôUœL
PLFURIRQSULQXWLOL]DUHDEXWRQXOXL WHUœHVXSRUWDWHGHIXUQL]RUXOGH
0(18781(FXEXWRQXOGH VHUYLFLLGHFRPXQLFDœLHSULQ
FRQWURO LQWHUPHGLXOXQHLDSOLFDœLLHVWH
SRVLELOôHIHFWXDUHDGHDSHOXULßQ
WLPSXOXQXLDSHOSULQLQWHUPHGLXO
VLVWHPXOXL,QIRWDLQPHQW
 6LVWHPXO,QIRWDLQPHQW

࿢ ¿QWLPSXOXQHLFRQYHUVDœLLFXPDL QHSUHOXDWHŏLQXSULQPRGXOGH
PXOWHSôUœLDILŏDUHDFRQœLQXWXOXL UHDSHODUH$FHVWOXFUXGHSLQGHGH
SRDWHGLIHULIDœôGHLQIRUPDœLLOH RSœLXQLOHWHOHIRQXOXLPRELO
SUDFWLFH

$SHODUHDSULQUHDSHODUHD
QXPôUXOXL

5RWLœLEXWRQXOGHFRQWURO0
0(18
781(SHQWUXDVHOHFWD'DVDX
FRQWDFWHOHŏLDSRLDSôVDœLEXWRQXO
0(18781(VDXEXWRQXO&DOO $SHO
SHQWUXDHIHFWXDXQDSHO $SôVDœLEXWRQXO0 0(18781(ßQWLPS
FHWHOHIRQXOHVWHFRQHFWDWSHQWUX
࿢ 'DFôWHOHIRQXOPRELOQXHVWHßQ DDILŏDIXQFœLLOHGHFRQHFWDUHDŏD
PRGXODŏWHSWDUHWHOHIRQXOSRDWHVô FXPHVWHSUH]HQWDWPDLVXV
'HODWHOHFRPDQGDGHSHYRODQ QXVXSRUWHIXQFœLDGHUHDSHODUH
$FHVWOXFUXGHSLQGHGHRSœLXQLOH 8WLOL]DœLEXWRQXO0
0(18781(FX
DSôVDœLEXWRQXO&DOO $SHODUH SHQWUX EXWRQXOGHFRQWUROSHQWUXDXWLOL]D
DDILŏDHFUDQXOGHJKLGDUHSHQWUX WHOHIRQXOXLPRELO
IXQFœLLOHGLQPHQLXODILŏDW
UHDSHODUHVDXPHQœLQHœLDSôVDW ࿢ /DUHDSHODUHDXQXLQXPôUQXPôUXO
WHOHIRQXOXLFRQHFWDWQXYDILDILŏDW ¿QWLPSXOFRQYHUVDœLHLWHOHIRQLFHœLQHœL
EXWRQXOSHQWUXDDILŏDHFUDQXO
DSôVDWEXWRQXO&DOO $SHO GHSH
MXUQDOXOXLGHDSHOXUL ࿢ ¿QIXQFœLHGHWHOHIRQXOPRELOH[LVWô WHOHFRPDQGDGHSHYRODQSHQWUX
VLWXDœLLßQFDUHDSHODUHDHVWH DFRPXWDßQPRGXOSULYDW
UHDOL]DWôSULQLQWHUPHGLXOLVWRULFXOXL
DSHOXULORUUHFHSœLRQDWHVDX
6LVWHPXO,QIRWDLQPHQW 

$SHODUHDSULQLQWURGXFHUHD ဈ 'HSODVDUH'HSODVDUHDSR]LœLHL
QXPôUXOXL GHLQWURGXFHUH
ဈ ŎWHUJHUHŎWHUJHUHDFDUDFWHUXOXL
LQWURGXV
ဈ $JHQGôWHOHIRQLFô&ôXWDUH
FRQWDFWH IXQFœLHXWLOL]DELOôGXSô
DFWXDOL]DUHDQXPHUHORUGH
WHOHIRQ
ဈ $SHODUH,QLœLHUHDDSHOôULL

5RWLœLEXWRQXOGHFRQWURO00(18
781(SHQWUXDVHOHFWDOLWHUHOHGRULWH
ŏLDSRLDSôVDœLEXWRQXO0 0(18781(
3HQWUXDHIHFWXDXQDSHOSULQ SHQWUXDLQWURGXFHQXPôUXO
LQWURGXFHUHDXQXLQXPôUGHWHOHIRQ ࿢ 5HSHWDœLDFHDVWôRSœLXQHSHQWUX
DSôVDœLEXWRQXO0
0(18781(ŏLURWLœL DLQWURGXFHWRDWHQXPHUHOHGH
EXWRQXOGHFRQWUROSHQWUXDVHOHFWD WHOHIRQ
,QWURGXFHUHQXPôUŏLDSRLDSôVDœL
EXWRQXO0
0(18781( ࿢ $SôVDœLEXWRQXO3% %$&.SHQWUX
DŏWHUJHFÓWHROLWHUôVDXœLQHœL
DSôVDWEXWRQXOSHQWUXDŏWHUJHWRW
FRQœLQXWXOFDUHDIRVWLQWURGXV 'XSôFHQXPôUXOGHWHOHIRQDIRVW
FRPSOHWLQWURGXVURWLœLEXWRQXOGH
࿢ &RQVXOWDœLVHFœLXQLOHGHPDLMRV
FRQWURO0
0(18781(SHQWUXDVHOHFWD
SHQWUXLQVWUXFœLXQLSULYLQGHGLWDUHD
LQLœLHUHDDSHOôULL>\@ŏLDSRLDSôVDœL
FRQœLQXWXULORULQWURGXVH
EXWRQXOGHFRQWUROSHQWUXDHIHFWXDXQ
DSHO
 6LVWHPXO,QIRWDLQPHQW

3HQWUXDßQFKHLDXQDSHOURWLœLEXWRQXO 3HHFUDQYDDSôUHDRQRWLILFDUH
GHFRQWURO0
0(18781(SHQWUX SULYLQGOLSVDFRQWDFWHORUGHXWLOL]DWŏL
DVHOHFWDIXQFœLDGHßQFKHLHUH YHœLILUHGLUHFœLRQDWFôWUHPHQLXO
DDSHOXOXLŏLDSRLDSôVDœLEXWRQXO DQWHULRU
0(18781( 5RWLœLEXWRQXOGHFRQWURO0 0(18
781(SHQWUXDVHOHFWD&ôXWDUHŏL
8WLOL]DUHDPHQLXOXLWHOHIRQXOXL DSRLDSôVDœLEXWRQXO0 0(18781(
0HQLXWHOHIRQඎ$JHQGDWHOHIRQLFô 5RWLœLEXWRQXOGHFRQWURO0 0(18
ඎ&ôXWDUH 781(SHQWUXDVHOHFWD3UHQXPHOHŏL
1XPHOHŏLDSRLDSôVDœLEXWRQXO
0(18781(

5RWLœLEXWRQXOGHFRQWURO00(18
781(GLQHFUDQXOFXUH]XOWDWHOH
FôXWôULLSHQWUXDVHOHFWDDUWLFROXOGRULW
ŏLDSRLDSôVDœLEXWRQXO00(18781(
SHQWUXDYL]XDOL]DGHWDOLLOHDFHOXL
DUWLFRO

$SôVDœLEXWRQXO0
0(18781(URWLœL
EXWRQXOGHFRQWURO0
0(18781(
SHQWUXDVHOHFWD$JHQGDWHOHIRQLFôŏL 5RWLœLEXWRQXOGHFRQWURO0
0(18
DSRLDSôVDœLEXWRQXO0
0(18781( 781(SHQWUXDVHOHFWD&ôXWDUH
WHUPHQLLQWHUYDOŏLDSRLDSôVDœL
EXWRQXO00(18781(
6LVWHPXO,QIRWDLQPHQW 

0HQLXWHOHIRQඎ$JHQGDWHOHIRQLFô
ඎ$FWXDOL]DUH

3HQWUXDDSHODQXPôUXOUHOHYDQW 5RWLœLEXWRQXOGHFRQWURO0
0(18
DSôVDœLEXWRQXO00(18781( 781(SHQWUXDVHOHFWD'DVDX1XŏL
3HQWUXPDLPXOWHLQVWUXFœLXQL DSRLDSôVDœLEXWRQXO00(18781(
$FWXDOL]HD]ôFRQWDFWHOHWHOHIRQXOXL
FRQVXOWDœLRSœLXQHD(IHFWXDUHD SHQWUXDDFWLYDVDXDQXOD
PRELOFRQHFWDWODFRQWDFWHOH
DSHOXULORUWHOHIRQLFH DFWXDOL]DUHD
VLVWHPXOXL
1RWLILFDUHDSULYLQGDFWXDOL]DUHD
&XDMXWRUXOEXWRQXOXL0
0(18781(
FRQWDFWHORU
XWLOL]ÓQGEXWRQXOGHFRQWUROVHOHFWDœL
࿢ $FHDVWôIXQFœLHSRDWHILXWLOL]DWôFX
0HQLXWHOHIRQඎ$JHQGDWHOHIRQLFô
DFHOHWHOHIRDQHPRELOHFDUH
ඎ$FWXDOL]DUHŏLDSRLDSôVDœLEXWRQXO
VXSRUWôDFWXDOL]DUHDFRQWDFWHORUŏL
0(18781(
IXQFœLDGHWUDQVPLWHUHDLVWRULFXOXL
DSHOXULORU 'DFôSURGXVXOHVWH
FRQHFWDWODXQWHOHIRQPRELOFDUHQX
VXSRUWôDFHVWHIXQFœLLLVWRULFXO
 6LVWHPXO,QIRWDLQPHQW

DSHOXULORUSRDWHILDILŏDWSULQ FHUWLILFDUHDWUDQVPLVLHLSHQWUX SHWHOHIRQXOPRELODIHFWHD]ô


LQWHUPHGLXOVLVWHPXOXL LVWRULFXODSHOXULORUGHODWHOHIRQXO WUDQVPLVLDGHGDWH
,QIRWDLQPHQW PRELO'DFôHFUDQXOGHDŏWHSWDUH ࿢ /DILQDOL]DUHDDFWXDOL]ôULL
࿢ $FWXDOL]DUHDQXHVWHVXSRUWDWô QXVHPRGLILFôSHQWUXRSHULRDGô FRQWDFWHORUVDXDWUDQVPLVLHL
SHQWUXPDLPXOWGHGH PDLOXQJôGHWLPSYHULILFDœLGDFô LVWRULFXOXLDSHOXULORUWRDWHPRGXULOH
FRQWDFWHWHOHIRQLFH WHOHIRQXOPRELOVROLFLWôRFHUWLILFDUH GHUHGDUHDXGLRSULQ%OXHWRRWKVDX
࿢ 9ôUXJôPVôREVHUYDœLFôIXQFœLDGH /DVROLFLWDUHDXQHLFHUWLILFôULL KDQGVIUHHYRUILGHFRQHFWDWHŏL
UHGDUHDXGLRSULQ%OXHWRRWKVDX DWHOHIRQXOXLPRELOWRDWH DSRLUHFRQHFWDWHDXWRPDW
KDQGVIUHHYDILßQWUHUXSWôßQWLPSXO FRQH[LXQLOH%OXHWRRWKYRUIL ࿢ 'DFôVLVWHPXO,QIRWDLQPHQWHVWH
SURFHVôULLDFWXDOL]ôULORU ßQWUHUXSWHGDFôFHUWLILFDUHDQXHVWH RSULWßQWLPSXOXQHLFRQYHUVDœLL
FRQWDFWHORU 3RWILXWLOL]DWHDOWH DFFHSWDWôLDUDSRLGLVSR]LWLYXOYDIL WHOHIRQLFHDSHOXOYDILWUDQVIHUDW
IXQFœLLFXH[FHSœLDUHGôULLDXGLRSULQ UHFRQHFWDW FôWUHWHOHIRQXOPRELO¿QIXQFœLHGH
%OXHWRRWKVDXKDQGVIUHH ࿢ 'DFôH[LVWôRHURDUHßQLQIRUPDœLLOH WLSXOGHWHOHIRQXQHOHWHOHIRDQHSRW
࿢ 3HQWUXDYôDFWXDOL]DFRQWDFWHOHVH VWRFDWHßQWHOHIRQXOPRELO QHFHVLWDFRQILJXUDUHDDQWHULRDUô
SRDWHVROLFLWDRFHUWLILFDUH FRQWDFWHOHSRWVôQXILHDFWXDOL]DWH DIXQFœLHLGHWUDQVIHUDDSHOXOXL
DWUDQVPLVLHLSHQWUXFRQWDFWH'DFô ࿢ 6LVWHPXO,QIRWDLQPHQWXWLOL]HD]ô ࿢ 'DFôXWLOL]DWRUXOßQWUHUXSHGLUHFW
HFUDQXOGHDŏWHSWDUHQXVHPRGLILFô QXPDLLQIRUPDœLLOHFRGLILFDWHßQ FRQH[LXQHD SULQLQWHUPHGLXO
SHQWUXRSHULRDGôPDLOXQJôGH IRUPDWXO87) VLVWHPXOXL,QIRWDLQPHQWVDXDO
WLPSSXWHœLYHULILFDGDFôWHOHIRQXO ࿢ 'DFôßQWLPSXODFWXDOL]ôULL WHOHIRQXOXLPRELO IXQFœLDGH
PRELOVROLFLWôRFHUWLILFDUH/D FRQWDFWHORUVDXDOSURJUHVXOXL FRQHFWDUHDXWRPDWôQXVH
VROLFLWDUHDXQHLFHUWLILFôULL WUDQVPLVLHLLVWRULFXOXLDSHOXULORU UHDOL]HD]ô
DWHOHIRQXOXLPRELOWRDWH VXQWDFWLYDWHDOWHIXQFœLL MRFXUL &RQHFWDUHDDXWRPDWô$FHDVWô
FRQH[LXQLOH%OXHWRRWKYRUIL FôXWDUHSHKDUWôQDYLJDœLHHWF  IXQFœLHJôVHŏWHŏLFRQHFWHD]ô
ßQWUHUXSWHGDFôFHUWLILFDUHDQXHVWH DFWXDOL]DUHDWUDQVPLVLDSRWVôQX DXWRPDWXOWLPXOGLVSR]LWLYFRQHFWDW
DFFHSWDWôLDUDSRLGLVSR]LWLYXOYDIL IXQFœLRQH]H
UHFRQHFWDW
$FHDVWôVLWXDœLHVHGDWRUHD]ô
࿢ /DUHFHSœLRQDUHDLVWRULFXOXL IDSWXOXLFôRSHUDœLLOHFDUHUXOHD]ô
DSHOXULORUVHSRDWHVROLFLWD
6LVWHPXO,QIRWDLQPHQW 

࿢ (VWHSRVLELOFDIXQFœLD&RQWDFWHVô ࿢ $SHOXULOHßQUHJLVWUDWHODFRQWDFWH 8WLOL]DœLEXWRQXO0


0(18781(FX
QXDILŏH]HPHUHXWRDWHOLVWHOHGLQ IôUôXQQXPHYRUILLQGLFDWFD DMXWRUXOEXWRQXOXLGHFRQWUROSHQWUX
WHOHIRQDWXQFLFÓQGHVWHVHOHFWDWô ರ1XPôUQHFXQRVFXWಯ DVHOHFWD0HQLXWHOHIRQඎ$JHQGD
6LVWHPXO,QIRWDLQPHQWDILŏHD]ô ࿢ 6LVWHPXO,QIRWDLQPHQWYDDILŏD WHOHIRQLFôඎŎWHUJHUHWRDWHŏLDSRL
QXPDLFHHDFHDIRVWWUDQVPLVGHOD FRQWDFWHOHLVWRULFXODSHOXULORUŏL DSôVDœLEXWRQXO0 0(18781(
WHOHIRQXOPRELO LQIRUPDœLLOHSULYLQGUHDSHODUHDDŏD 5RWLœLEXWRQXOGHFRQWURO0
0(18
࿢ $FWXDOL]DUHDFRQWDFWHORUSRDWH FXPVXQWDFHVWHDWUDQVPLVHGHOD 781(SHQWUXDVHOHFWD'DVDX1XŏL
UHFHSœLRQDQXPDLSDWUXQXPHUH WHOHIRQXOPRELO DSRLDSôVDœLEXWRQXO00(18781(
SHQWUXILHFDUHLQWUDUHDXQXLFRQWDFW SHQWUXDŏWHUJHWRDWHFRQWDFWHOHVDX
QXPôUGHWHOHIRQPRELOELURX 0HQLXWHOHIRQඎ$JHQGDWHOHIRQLFô DDQXOD
DFDVôŏLDOWXO  ඎŎWHUJHUHWRDWH
0HQLXWHOHIRQඎ/LVWHGHDSHOXUL
࿢ 0RGLILFDUHDFRQILJXUôULLOLPELLßQ
WLPSXODFWXDOL]ôULLFRQWDFWHORUYD
ŏWHUJHWRDWHDFWXDOL]ôULOH
DQWHULRDUH
࿢ 'DFôWHOHIRQXOPRELOQXDUH
FRQILJXUDWXQHFUDQGHDSHOXULßQ
DŏWHSWDUHDSHOXULOHSRWVôQXILH
UHDOL]DWHSULQLQWHUPHGLXODFHVWXL
VLVWHP,QIRWDLQPHQW
࿢ 'DFôVLVWHPXOGHRSHUDUHDO
WHOHIRQXOXLPRELOHVWHDFWXDOL]DW
DFHVWDSRDWHPRGLILFDPRGDOLWDWHD
ßQFDUHIXQFœLD%OXHWRRWK )LHFDUHQXPôUGHWHOHIRQVWRFDWßQ
IXQFœLRQHD]ô FRQWDFWHOHVLVWHPXOXLYDILŏWHUV 9HULILFDœLXWLOL]DœLVDXŏWHUJHœL
࿢ &DUDFWHUHOHVSHFLDOHŏLOLPELOH FRQWDFWHOH8WLOL]DœLEXWRQXO0 0(18
QHVXSRUWDWHYRUILDILŏDWHVXEIRUPD 781(FXDMXWRUXOEXWRQXOXLGHFRQWURO
ರBBBBಯ
 6LVWHPXO,QIRWDLQPHQW

SHQWUXDVHOHFWD0HQLXWHOHIRQඎ/LVWH ࿢ 'DFôHFUDQXOರ9ôUXJôPDŏWHSWDœLಯ 0HQLXWHOHIRQඎ6HWôUL%OXHWRRWK


GHDSHOXULDSRLDSôVDœLEXWRQXO FRQWLQXôVôILHDILŏDWSHQWUXXQ
0(18781( LQWHUYDOGHWLPSSUHDOXQJGXSô
8WLOL]DœLEXWRQXO0
0(18781(FX VHOHFWDUHDMXUQDOXOXLDSHOXULORU
DMXWRUXOEXWRQXOXLGHFRQWUROSHQWUX YHULILFDœLGDFôWHOHIRQXOPRELOQX
DVHOHFWDLVWRULFXOGHWDOLDWDODSHOXULORU VROLFLWôYHULILFDUHDWUDQVIHUXOXL
ŏLDSRLDSôVDœLEXWRQXO00(18781( QXPHUHORUDSHODWH'XSô
ILQDOL]DUHDSURFHGXULORUGH
YHULILFDUHDOHWHOHIRQXOXLPRELO
FRQWDFWHOHŏLMXUQDOXODSHOXULORUYRU
ILWUDQVIHUDWHODVLVWHPXO
,QIRWDLQPHQW
࿢ -XUQDOXODSHOXULORUGHODWHOHIRQXO
PRELOŏLMXUQDOXODILŏDWGHVLVWHPXO
,QIRWDLQPHQWSRWILGLIHULWH$FHVW &RQILJXUHD]ôIXQFœLD%OXHWRRWK
VLVWHP,QIRWDLQPHQWSUH]LQWô 8WLOL]ÓQGEXWRQXO0
0(18781(FX
LQIRUPDœLLOHWUDQVPLVHGHODWHOHIRQ DMXWRUXOEXWRQXOXLGHFRQWUROVHOHFWDœL
0HQLXWHOHIRQඎ6HWôUL%OXHWRRWKŏL
DSRLDSôVDœLEXWRQXO00(18781(
3HQWUXDDFWLYDIXQFœLD%OXHWRRWK
5RWLœLEXWRQXOGHFRQWURO0
0(18 DVRFLDœLFRQHFWDœLŏWHUJHœLGLVSR]LWLYXO
781(SHQWUXDYHULILFDLVWRULFXO %OXHWRRWKVDXPRGLILFDœLFRGXO
DSHOXULORUŏLDHIHFWXDXQDSHO %OXHWRRWKVHOHFWDœL%OXHWRRWK
XWLOL]ÓQGEXWRQXO0
0(18781(FX
$SôVDœLEXWRQXO0 0(18781(SHQWUX EXWRQXOGHFRQWUROŏLDSRLXWLOL]DœL
DDSHODQXPôUXOVHOHFWDWGLQLVWRULFXO EXWRQXO00(18781(SHQWUX
DSHOXULORU DFRQILJXUDRSœLXQHDGRULWô
6LVWHPXO,QIRWDLQPHQW 

WHOHIRQXOPRELO5HJODœLYROXPXO
VRQRUDOWRQXOXLGHDSHOGDFô
YROXPXOVRQRUHVWHSUHDVFô]XW

3HQWUXDFRQILJXUDWRQXOGHDSHOŏL 3HQWUXDUHLQLœLDOL]DVHWôULOH%OXHWRRWK
YROXPXOVRQRUDODFHVWXLDXWLOL]DWGH ODYDORULOHORULPSOLFLWHXWLOL]DœLEXWRQXO
IXQFœLD%OXHWRRWKXWLOL]DœLEXWRQXO 0(18781(FXEXWRQXOGHFRQWURO
0(18781(FXEXWRQXOGHFRQWURO SHQWUXDVHOHFWDRSœLXQHDGH
SHQWUXDVHOHFWD6XQHWHŏLVHPQDOHŏL UHVWDXUDUHDVHWôULORULQLœLDOHŏLDSRL
DSRLFRQILJXUDœLRSœLXQLOHGRULWHFX VHOHFWDœL'DFXEXWRQXO0 0(18781(
DMXWRUXOEXWRQXOXLGHFRQWURO ࿢ ¿QIXQFœLHGHWHOHIRQXOPRELO
WRQXULOHGHDSHOSRWILGHMD
WUDQVIHUDWHFôWUHVLVWHPXO
,QIRWDLQPHQW¿QFD]XOXQRUDVWIHOGH
WHOHIRDQHPRELOHWRQXOGHDSHO
VHOHFWDWQXSRDWHILXWLOL]DW
࿢ 3HQWUXWHOHIRDQHOHPRELOHFDUH
WUDQVIHUôWRQXULOHGHDSHOYROXPXO
VRQRUDOWRQXOXLGHDSHOYDGHSLQGH
GHYROXPXOVRQRUWUDQVPLVGHOD
 &RQWUROFOLPDWL]DUH

6LVWHPHOHGH ࿢ 5HFLUFXODUHDDHUXOXL
&RQWUROFOLPDWL]DUH
࿢ /XQHWDßQFôO]LWô ŏLRJOLQ]LOH
FOLPDWL]DUH H[WHULRDUHßQFôO]LWH 

6LVWHPHOHGHFOLPDWL]DUH   6LVWHPXOGHßQFôO]LUHŏL 7HPSHUDWXUD


)DQWHOHGHYHQWLODœLH   YHQWLODœLH 5HJODœLWHPSHUDWXUDURWLQG
¿QWUHœLQHUHD   FRPXWDWRUXO
URŏX DHUFDOG
DOEDVWUX DHUUHFH
¿QFôO]LUHDQXYDILSHGHSOLQ
IXQFœLRQDOôßQDLQWHFDPRWRUXOVô
DWLQJôWHPSHUDWXUDQRUPDOôGHUHJLP

7XUDœLDYHQWLODWRUXOXL
5HJODœLIOX[XOGHDHUSULQUHJODUHD
YHQWLODWRUXOXLODWXUDœLDGRULWô

'LVWULEXœLHDHU
&RPHQ]LOHSHQWUX 6HOHFWDœL]RQHOHGHGLUHFœLRQDUH
࿢ 7HPSHUDWXUD DDHUXOXLURWLQGEXWRQXOFHQWUDO
࿢ 7XUDœLDYHQWLODWRUXOXL ,-HWXOGHDHUHVWHßQGUHSWDWFôWUH
SDUWHDVXSHULRDUôDKDELWDFOXOXL
࿢ 'LVWULEXœLHDHU )LHFDUHIDQWôSRDWHILUHJODWô
࿢ ¿QFôO]LUHD +-HWXOGHDHUHVWHßQGUHSWDWFôWUH
࿢ 'HJLYUDUHDSDUEUL]XOXL SDUWHDVXSHULRDUôDKDELWDFOXOXLŏL
FôWUHSRGHD
&RQWUROFOLPDWL]DUH 

*0DUHDSDUWHDMHWXOXLGHDHUHVWH 1XOXWLOL]DœLWLPSßQGHOXQJDW$FHDVWD 3HQWUXRßQFôO]LUHPD[LPô


ßQGUHSWDWFôWUHSRGHDLDURFDQWLWDWH SRDWHFRQGXFHODDFFLGHQWH  $SôVDœLEXWRQXOGHUHFLUFXODUH
PLFôGHDUHHVWHßQGUHSWDWôFôWUH GHRDUHFHDHUXOLQWHULRUSRDWHGHYHQL DDHUXOXLSHQWUXPRGXOGH
SDUEUL]ŏLFôWUHIDQWHOHODWHUDOH ßQFKLVLDUJHDPXULOHVHSRWDEXUL UHFLUFXODUH
)0DUHDSDUWHDMHWXOXLGHDHUHVWH ßQJUHXQÓQGYL]LELOLWDWHDSHQWUXŏRIHU
 5RWLœLODPD[LPXPEXWRQXOGH
ßQGUHSWDWFôWUHSRGHDŏLSDUEUL] FRQWURODOWHPSHUDWXULLVSUH]RQD
RPLFôFDQWLWDWHGHDHUILLQG URŏLHSHQWUXßQFôO]LUH
ßQGUHSWDWôFôWUHIDQWHOHODWHUDOH
 5RWLœLEXWRQXOGHUHJODUH
50DUHDSDUWHDMHWXOXLGHDHUHVWH DYHQWLODWRUXOXLßQSR]LœLDGHWXUDœLH
ßQGUHSWDWFôWUHSDUEUL]LDURFDQWLWDWH PD[LPô
PLFôGHDUHHVWHßQGUHSWDWôFôWUH
IDQWHOHODWHUDOH

¿QFôO]LUHD
¿QFôO]LUHDQRUPDOô
 5RWLœLEXWRQXOGHUHJODUH
DWHPSHUDWXULLVSUH]RQDURŏLH
SHQWUXßQFôO]LUH 3HQWUXDFXUôœDJHDPXULOHURWLœL
EXWRQXOGHGLVWULEXœLHDDHUXOXLßQ
 5RWLœLEXWRQXOGHGLVWULEXœLH
SR]LœLD'(*,95$5(5
DDHUXOXL
 5RWLœLEXWRQXOGHFRQWURODO
YHQWLODWRUXOXLßQSR]LœLDGRULWô

¿QFôO]LUHDPD[LPô
3HQWUXRßQFôO]LUHUDSLGôXWLOL]DœL
PRGXOGHßQFôO]LUHPD[LPô
 &RQWUROFOLPDWL]DUH

'HJLYUDUHDSDUEUL]XOXL $WHQœLH
6LVWHPXOGHUHFLUFXODUH
DDHUXOXL
'LIHUHQœDGLQWUHWHPSHUDWXUD
H[WHULRDUôŏLFHDDSDUEUL]XOXL
SRDWHFDX]DDEXULUHDDFHVWXLD
UHGXFÓQGDVWIHOYL]LELOLWDWHDßQIDœô
1XXWLOL]DœLPRGXULOH32'($
'(-,95$5( ) VDX
'(-,95$5( 5 SHßQFRQGLœLLGH
XPLGLWDWHH[WUHPôDWXQFLFÓQG
EXWRQXOGHFRQWURODOWHPSHUDWXULL
VHJôVHŏWHßQ]RQDDOEDVWUô
$FHVWOXFUXSRDWHGXFHODFROL]LXQL
 5RWLœLEXWRQXOGHGLVWULEXœLH SURYRFÓQGXVHDYDULHUHD
DDHUXOXLßQSR]LœLD'(*,95$5( DXWRYHKLFXOXOXLŏLUôQLUHD 0RGXOGHUHFLUFXODUHDDHUXOXLHVWH
5 SHUVRDQHORU FRQWURODWSULQLQWHUPHGLXOEXWRQXOXL
 5RWLœLEXWRQXOGHFRQWURODO 
WHPSHUDWXULLVSUH]RQDURŏLH
SHQWUXßQFôO]LUHDDHUXOXL
 5HJODœLEXWRQXOGHFRQWURODO
YHQWLODWRUXOXLßQSR]LœLDGHWXUDœLH
PD[LPôSHQWUXRGHJLYUDUH
UDSLGô
 'HVFKLGHœLIDQWHOHGHYHQWLODœLH
ODWHUDOHGXSôGRULQœôŏL
GLUHFœLRQDœLIOX[XOGHDHUFôWUH
JHDPXULOHSRUWLHUHORU
&RQWUROFOLPDWL]DUH 

6LVWHPGHDHUFRQGLœLRQDW ࿢ 'LVWULEXœLHDHU
 $YHUWLVPHQW
࿢ 'H]DEXULUHDŏLGHJLYUDUHD
&RQGXFHUHDFXPRGXOGH  $YHUWLVPHQW ࿢ 5HFLUFXODUHDDHUXOXL
UHFLUFXODUHDFWLYSHQWUXRSHULRDGô ࿢ 5ôFLUHDL
OXQJôGHWLPSYôSRDWHFUHD 1XGRUPLœLßQDXWRYHKLFXOFX
RVWDUHGHVRPQROHQœô3HQWUX VLVWHPXOGHDHUFRQGLœLRQDWVDXGH 7HPSHUDWXUD
DßPSURVSôWDDHUXOFRPXWDœL ßQFôO]LUHSRUQLW6HSRDWHDMXQJHOD
5HJODœLWHPSHUDWXUDURWLQG
SHULRGLFSHPRGXOGHDGPLVLH DIHFœLXQLVHYHUHVDXGHFHVGLQ
FRPXWDWRUXO
DDHUXOXLH[WHULRU FDX]DVFôGHULLFRQFHQWUDœLHLGH
R[LJHQŏLVDXDWHPSHUDWXULL URŏX DHUFDOG
6LVWHPXOGHUHFLUFXODUHDDHUXOXL DOEDVWUX DHUUHFH
FRUSXOXL
UHGXFHFDQWLWDWHDDHUXOXLSURDVSôW
LQWUDWßQKDELWDFOX)XQFœLRQDUHD 7XUDœLDYHQWLODWRUXOXL
VLVWHPXOXLIôUôIXQFœLDGHUôFLUH 5HJODœLIOX[XOGHDHUSULQUHJODUHD
FDX]HD]ôFUHŏWHUHDXPLGLWôœLL YHQWLODWRUXOXLODWXUDœLDGRULWô
DHUXOXLGLQLQWHULRULDUJHDPXULOH
VHSRWDEXUL&DOLWDWHDDHUXOXLGLQ 'LVWULEXœLHDHU
KDELWDFOXVHGHWHULRUHD]ôFHHDFH 6HOHFWDœL]RQHOHGHGLUHFœLRQDUH
SRDWHFDX]DVRPQROHQϙ DDHUXOXLURWLQGEXWRQXOFHQWUDO
SDVDJHULORU
,-HWXOGHDHUHVWHßQGUHSWDWFôWUH
/XQHWDßQFôO]LWôŏLRJOLQ]LOH SDUWHDVXSHULRDUôDKDELWDFOXOXL
)LHFDUHIDQWôSRDWHILUHJODWô
H[WHULRDUHßQFôO]LWH
/XQHWDßQFôO]LWôŏLRJOLQ]LOHH[WHULRDUH +-HWXOGHDHUHVWHßQGUHSWDWFôWUH
ßQFôO]LWHVXQWDFœLRQDWHGHODEXWRQXO SDUWHDVXSHULRDUôDKDELWDFOXOXLŏL
^ &RPHQ]LOHSHQWUX FôWUHSRGHD
/XQHWDßQFôO]LWô RJOLQ]LOH ࿢ 7HPSHUDWXUD
ßQFôO]LWH  ࿢ 7XUDœLDYHQWLODWRUXOXL
 &RQWUROFOLPDWL]DUH

*0DUHDSDUWHDMHWXOXLGHDHUHVWH  5RWLœLEXWRQXOGHGLVWULEXœLH 6LVWHPXOGHUHFLUFXODUH


ßQGUHSWDWFôWUHSRGHDLDURFDQWLWDWH DDHUXOXLßQSR]LœLD'(*,95$5( DDHUXOXL
PLFôGHDUHHVWHßQGUHSWDWôFôWUH 5
SDUEUL]ŏLFôWUHIDQWHOHODWHUDOH  %XWRQXOGHUHFLUFXODUHDDHUXOXLYD
)0DUHDSDUWHDMHWXOXLGHDHUHVWH ILVHWDWßQPRGXODHUSURDVSôWLDU
ßQGUHSWDWFôWUHSRGHDŏLSDUEUL] VLVWHPXOGHDHUFRQGLœLRQDWYDIL
RPLFôFDQWLWDWHGHDHUILLQG SRUQLWDXWRPDW
ßQGUHSWDWôFôWUHIDQWHOHODWHUDOH 'DFôQXHVWHQHFHVDUôSRUQLUHD
50DUHDSDUWHDMHWXOXLGHDHUHVWH VLVWHPXOXLGHDHUFRQGLœLRQDWURWLœL
ßQGUHSWDWFôWUHSDUEUL]LDURFDQWLWDWH EXWRQXOGHGLVWULEXœLHDDHUXOXLßQ
PLFôGHDUHHVWHßQGUHSWDWôFôWUH SR]LœLD32'($'(*,95$5()
IDQWHOHODWHUDOH  6HOHFWDœLWHPSHUDWXUDGRULWô
'H]DEXULUHDSDUEUL]XOXL  5RWLœLEXWRQXOGHFRQWURODWXUDœLHL
YHQWLODWRUXOXLSHSR]LœLDGRULWô
0RGXOGHUHFLUFXODUHDDHUXOXLHVWH
FRQWURODWSULQLQWHUPHGLXOEXWRQXOXL

&RQWUROFOLPDWL]DUH 

H[WHULRDUôGHSôŏHŏWHSXœLQ
 $YHUWLVPHQW WHPSHUDWXUDGHßQJKHœ'HDFHHDVH  $YHUWLVPHQW
SRDWHIRUPDFRQGHQVFDUHHVWH
&RQGXFHUHDFXPRGXOGH HOLPLQDWVXEDXWRYHKLFXO 2SHUDœLXQLOHGHVHUYLFHODVLVWHPXO
UHFLUFXODUHDFWLYSHQWUXRSHULRDGô GHFRQWURODOFOLPDWL]ôULLWUHEXLH
OXQJôGHWLPSYôSRDWHFUHD 'DFôQXHVWHQHFHVDUôUôFLUHDVDX HIHFWXDWHH[FOXVLYGHFôWUH
RVWDUHGHVRPQROHQœô3HQWUX XVFDUHDDHUXOXLRSULœLVLVWHPXOGH SHUVRQDOFDOLILFDW0HWRGHOHGH
DßPSURVSôWDDHUXOFRPXWDœL UôFLUHSHQWUXDHFRQRPLVL ßQWUHœLQHUHQHDGHFYDWHSRW
SHULRGLFSHPRGXOGHDGPLVLH FRPEXVWLELO FRQGXFHODDFFLGHQWDUHD
DDHUXOXLH[WHULRU 6LVWHPXOGHDHUFRQGLœLRQDWQXYD RFXSDQœLORU
6LVWHPXOGHUHFLUFXODUHDDHUXOXL IXQFœLRQDGDFôEXWRQXOGHFRQWURODO
UHGXFHFDQWLWDWHDDHUXOXLSURDVSôW YHQWLODWRUXOXLHVWHßQSR]LœLDRSULW 5ôFLUHQRUPDOô
LQWUDWßQKDELWDFOX)XQFœLRQDUHD &KLDUGDFôVLVWHPXOGHDHU  $FWLYDœLVLVWHPXOGHDHU
VLVWHPXOXLIôUôIXQFœLDGHUôFLUH FRQGLœLRQDWHVWHSRUQLWDXWRYHKLFXOXO FRQGLœLRQDW
FDX]HD]ôFUHŏWHUHDXPLGLWôœLL YDSURGXFHDHUFDOGGDFôEXWRQXOGH  5RWLœLEXWRQXOGHUHJODUH
DHUXOXLGLQLQWHULRULDUJHDPXULOH WHPSHUDWXUôHVWHUHJODWßQ]RQDURŏLH DWHPSHUDWXULLVSUH]RQDDOEDVWUô
VHSRWDEXUL&DOLWDWHDDHUXOXLGLQ 3HQWUXDGHFRQHFWDVLVWHPXOGHDHU SHQWUXUôFLUH
KDELWDFOXVHGHWHULRUHD]ôFHHDFH FRQGLœLRQDWURWLœLEXWRQXO  5RWLœLEXWRQXOGHGLVWULEXœLH
SRDWHFDX]DVRPQROHQœô YHQWLODWRUXOXLODSR]LœLD DDHUXOXL
SDVDJHULORU
 5RWLœLEXWRQXOGHUHJODUHDWXUDœLHL
$WHQœLH YHQWLODWRUXOXLßQSR]LœLDGRULWô
5ôFLUHDL
$FœLRQDUHSULQLQWHUPHGLXOEXWRQXOXL 8WLOL]DœLQXPDLDJHQWXOIULJRULILF
LILLQGIXQFœLRQDOôQXPDLFÓQG DGHFYDW
PRWRUXOŏLYHQWLODWRUXOVXQWßQ
IXQFœLXQH
6LVWHPXOGHDHUFRQGLœLRQDWUôFHŏWHŏL
HOLPLQôXPLGLWDWHDGLQDHUXODGPLV ßO
XVXFô DWXQFLFÓQGWHPSHUDWXUD
 &RQWUROFOLPDWL]DUH

5ôFLUHPD[LPô  5RWLœLODPD[LPXPEXWRQXOGH )DQWHOHGHYHQWLODœLH


UHJODUHDWHPSHUDWXULLVSUH]RQD
DOEDVWUôSHQWUXUôFLUH
)DQWHOHGHYHQWLODœLH
 5RWLœLEXWRQXOGHUHJODUHDWXUDœLHL
YHQWLODWRUXOXLßQSR]LœLDGHWXUDœLH UHJODELOH
PD[LPô 3HQWUXDSUHYHQLßQJKHœDUHD
HYDSRUDWRUXOXLGDWRULWôDEVHQœHL
YHQWLODœLHLFHOSXœLQXQDGLQWUHIDQWHOH
GHYHQWLODœLHWUHEXLHVôILHGHVFKLVô
FÓQGIXQFœLDGHUôFLUHDDHUXOXLHVWH
DFWLYô

3HQWUXDREœLQHRUôFLUHPD[LPôSH
YUHPHFDQLFXODUôVDXFÓQG
DXWRYHKLFXOXODIRVWH[SXVODVRDUH
RSHULRDGôPDLPDUHGHWLPS
 $FWLYDœLVLVWHPXOGHDHU
FRQGLœLRQDW
 $SôVDœLEXWRQXOGHUHFLUFXODUH
DDHUXOXLSHQWUXPRGXOGH
UHFLUFXODUH
)DQWDFHQWUDOôGHYHQWLODœLHQXVH
ßQFKLGHFRPSOHW
'LUHFœLRQDœLIOX[XOGHDHUSULQ
ßQFOLQDUHDŏLURWLUHDSDOHWHORU
&RQWUROFOLPDWL]DUH 

)DQWHOHGHYHQWLODœLHIL[H ¿QWUHœLQHUHD
)DQWHOHGHYHQWLODœLHVXSOLPHQWDUH
VXQWDPSODVDWHVXESDUEUL]VXE $GPLVLDDHUXOXL
JHDPXULOHODWHUDOHIDœôŏLßQ]RQD
SLFLRDUHORU

5RWLŏLEXWRQXOODVWÓQJDSHQWUX
DGHVFKLGHIDQWHOHODWHUDOHGH
YHQWLODœLHŏLURWLœLOßQGLUHFœLDGRULWô
'DFôQXGRULœLXQMHWGHDHUURWLœL
EXWRQXOODVWÓQJD )DQWDGHDGPLVLHDDHUXOXLGLQWUH
FDSRWôŏLSDUEUL]WUHEXLHPHQœLQXWô
 $YHUWLVPHQW FXUDWôSHQWUXDSHUPLWHDGPLVLD
DHUXOXL
1XDJôœDœLQLFLXQRELHFWGHIDQWHOH ¿QGHSôUWDœLPXUGôULDIUXQ]HOHVDX
GHYHQWLODœLH3HULFROGH ]ôSDGD
GHWHULRUDUHŏLUôQLUHßQFD]XOXQXL
DFFLGHQW
 &RQWUROFOLPDWL]DUH

)LOWUXOGHSROHQ $WHQœLH
)LOWUXOGHDHUSHQWUXKDELWDFOX (VWHQHFHVDUôßQWUHœLQHUHDPDL
)LOWUXOGHSROHQUHœLQHSUDIXO IUHFYHQWôDILOWUXOXLGHDHUGDFô
IXQLQJLQHDSROHQXOŏLVSRULLGLQDHUXO DXWRYHKLFXOXOHVWHXWLOL]DWSH
FHLQWUôßQKDELWDFOXSULQIDQWHOHGH GUXPXULFXSUDIßQ]RQHFXDHU
DGPLVLH SROXDWŏLSHGUXPXULQHSDYDWH
(ILFLHQœDILOWUXOXLVFDGHLDU
EURQKLLOHVXQWJUDYDIHFWDWH

)XQFœLRQDUHDQRUPDOô
 'HPRQWDœLFDSDFXOILOWUXOXLSULQ DVLVWHPXOXLGHDHU
GHŏXUXEDUHDDPEHORUSôUœLDOH
FDSDFXOXL
FRQGLœLRQDW
3HQWUXDDVLJXUDSHUPDQHQœD
 ¿QORFXLœLILOWUXOGHDHUDOVLVWHPXOXL
IXQFœLRQôULLHILFLHQWHVLVWHPXOGH
GHDHUFRQGLœLRQDW
UôFLUHWUHEXLHSRUQLWOXQDUWLPSGH
 0RQWDœLFDSDFXOILOWUXOXLŏL FÓWHYDPLQXWHLQGLIHUHQWGHYUHPHŏL
WRUSHGRXOßQRUGLQHLQYHUVô DQRWLPS)XQFœLRQDUHDFXUôFLUHQX
GHPRQWôULL HVWHSRVLELOôODWHPSHUDWXULH[WHULRDUH
¿QORFXLUHDILOWUXOXL
1RWô VFô]XWH
 6FRDWHœLWRUSHGRXO
3HQWUXßQORFXLUHDILOWUXOXLYô
3HQWUXDVFRDWHWRUSHGRXO UHFRPDQGôPVôFRQVXOWDœLXQDWHOLHU
GHVFKLGHœLOŏLWUDJHœLGHHO VHUYLFHDXWRUL]DW
&RQWUROFOLPDWL]DUH 

6HUYLFH  $YHUWLVPHQW
3HQWUXSHUIRUPDQœHRSWLPHGHUôFLUH
VHUHFRPDQGôVôVHYHULILFHDQXDO 2SHUDœLXQLOHGHVHUYLFHODVLVWHPXO
VLVWHPXOGHFRQWURODOFOLPDWL]ôULL GHFRQWURODOFOLPDWL]ôULLWUHEXLH
࿢ 3UREDIXQFœLRQDOôŏLSUREDVXE HIHFWXDWHH[FOXVLYGHFôWUH
SUHVLXQH SHUVRQDOFDOLILFDW0HWRGHOHGH
ßQWUHœLQHUHQHDGHFYDWHSRW
࿢ )XQFœLRQDOLWDWHDßQFôO]LULL FRQGXFHODDFFLGHQWDUHD
࿢ 9HULILFDUHDHWDQŏHLWôœLL RFXSDQœLORU
࿢ 9HULILFDUHDFXUHOHORUGHWUDQVPLVLH
࿢ &XUôœDUHFRQGHQVDWRUXOXL
࿢ 6FXUJHUHDYDSRUL]DWRUXOXL
࿢ 9HULILFDUHDSHUIRUPDQœHORU

$WHQœLH
8WLOL]DœLQXPDLDJHQWXOIULJRULILF
DGHFYDW
 &RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL

&RQGXFHUHDŏL 6IDWXULSHQWUX 3RUQLUHDŏLXWLOL]DUHD


XWLOL]DUHD FRQGXFHUH DXWRYHKLFXOXOXL
DXWRYHKLFXOXOXL 3ôVWUDUHDFRQWUROXOXL 5RGDMXODXWRYHKLFXOXOXL
DVXSUDDXWRYHKLFXOXOXL QRX
8UPDœLPôVXULOHGHSUHFDXœLHGHPDL
6IDWXULSHQWUXFRQGXFHUH   1XDERUGDœLQLFLRGDWôRSDQWôFX MRVSHQWUXßQSULPHOHFÓWHYDVXWHGH
3RUQLUHDŏLXWLOL]DUHD PRWRUXORSULW NLORPHWULGHSDUFXUVSHQWUX
DXWRYHKLFXOXOXL   0XOWHVLVWHPHVXQWQHIXQFœLRQDOHßQ DßPEXQôWôœLLSHUIRUPDQœDŏL
6LVWHPXOGHHYDFXDUHDO DFHDVWôVLWXDœLH GHH[HPSOX HFRQRPLDDXWRYHKLFXOXOXL
PRWRUXOXL   VHUYRIUÓQDVHUYRGLUHFœLD  GXPQHDYRDVWUôSUHOXQJLQGXLGXUDWD
&RQGXFHUHDßQDFHDVWôPDQLHUô GHYLDœô
7UDQVPLVLDDXWRPDWô  
UHSUH]LQWôXQSHULFROSHQWUX ࿢ (YLWDœLVôSRUQLœLFXPRWRUXO
7UDQVPLVLDPDQXDOô   GXPQHDYRDVWUôŏLSHQWUXFHLODOœL DFFHOHUDWODPD[LP
)UÓQHOH  
3HGDOHOH ࿢ 1XWXUDœLPRWRUXO
6LVWHPHOHGHVXSRUWßQ
FRQGXFHUH   3HQWUXDDVLJXUDFXUVDQHVWLQJKHULWô ࿢ 1XIUÓQDœLEUXVFGHFÓWßQFD]GH
DSHGDOHLQXDPSODVDœLFRYRUDŏHßQ XUJHQœô$FHVWOXFUXYDSHUPLWH
6LVWHPXOGHFRQWURODOYLWH]HLGH ]RQDSHGDOHORU IUÓQHORUVôVHDŏH]HELQH
FURD]LHUô  
࿢ (YLWDœLSRUQLULOHŏLDFFHOHUôULOH
6LVWHPXOGHGHWHFWDUH EUXŏWHFDŏLFRQGXFHUHDSUHOXQJLWô
DRELHFWHORU   DDXWRYHKLFXOXOXLODYLWH]HPDUL
&RPEXVWLELOXO   RSHULRDGôOXQJôGHWLPSSHQWUX
DHYLWDGHIHFWDUHDPRWRUXOXLŏL
SHQWUXDHFRQRPLVLFRPEXVWLELO
(YLWDœLDFFHOHUDUHDODPD[LPßQ
WUHSWHLQIHULRDUHGHYLWH]ô
&RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL 

࿢ 1XUHPRUFDœLDOWHDXWRYHKLFXOH 3RUQLUHDPRWRUXOXL
 3HULFRO
3R]LœLLOHFRPXWDWRUXOXLGH 1XURWLœLFKHLDGHFRQWDFWßQ 3RUQLUHDPRWRUXOXLFXDMXWRUXO
FRQWDFW SR]LœLLOHVDXßQWLPSXO FRQWDFWXOXL
FRQGXFHULL
$XWRYHKLFXOXOŏLDVLVWHQœDOD
IUÓQDUHQXYRUIXQFœLRQDFHHDFH
SRDWHFRQGXFHODGHWHULRUDUHD
DXWRYHKLFXOXOXLYôWôPôUL
FRUSRUDOHVDXFKLDUGHFHV

$WHQœLH
1XOôVDœLFKHLDGHFRQWDFWßQ
SR]LœLLOHVDXSHQWUXWLPS
ßQGHOXQJDWGDFôPRWRUXOHVWH
RSULW ࿢ 5RWLœLFKHLDGHFRQWDFWßQSR]LœLD
 /2&. &RQWDFWXOGHFXSODW
$FHVWOXFUXYDGXFHOD ŏLPLŏFDœLXŏRUYRODQXOSHQWUXDO
%ORFDW
GHVFôUFDUHDDFXPXODWRUXOXL GHEORFD
 $&& &RQWDFWXOGHFXSODW
GHEORFDUHD ࿢ 7UDQVPLVLDPDQXDOôDFœLRQDœL
YRODQXOXL DPEUHLDMXO
 21 &RQWDFWXOFXSODW ࿢ 7UDQVPLVLDDXWRPDWô'HSODVDœL
SUHßQFôO]LUHDSHQWUX PDQHWDVHOHFWRUXOXLßQSR]LœLD
PRWRUXOGLHVHO 3VDX1
 67$57 3RUQLUHD ࿢ 1XDFœLRQDœLSHGDODGHDFFHOHUDœLH
 &RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL

࿢ 0RWRUGLHVHODGXFHœLFKHLDßQ DXWRPDWDWXQFLFÓQGDXWRYHKLFXOXO 'H]DFWLYDUHDHVWHLQGLFDWôSULQ


SR]LœLDSHQWUXSUHßQFôO]LUHSÓQô UXOHD]ôFXRYLWH]ôVFô]XWôVDXHVWH VWLQJHUHDOHGXOXLGLQEXWRQ
FÓQGVHVWLQJH VWDœLRQDU
࿢ 5RWLœLFKHLDGHFRQWDFWßQSR]LœLD 0RWRUXOYDSRUQLDXWRPDWLPHGLDW 2SULUHDDXWRPDWôDPRWRUXOXL
DSôVÓQGSHGDODGHDPEUHLDMŏLGH GXSôDSôVDUHDSHGDOHLGHDPEUHLDM 'DFôDXWRYHKLFXOXODUHRYLWH]ô
IUÓQôDSRLHOLEHUDœLOHFÓQGPRWRUXO UHGXVôVDXHVWHVWDœLRQDUDFWLYDœL
IXQFœLRQHD]ô $FWLYDUH IXQFœLDGHRSULUHDXWRPDWô
6LVWHPXOGHRSULUHSRUQLUHVH DPRWRUXOXLGXSôFXPXUPHD]ô
¿QDLQWHGHDUHSRUQLVDXDRSUL
PRWRUXOUHDGXFHœLFKHLDGHFRQWDFWßQ DFWLYHD]ôGXSôFXSODUHDFRQWDFWXOXL ࿢ $GXFHœLPDQHWDVHOHFWRUXOXLßQ1 OD
SR]LœLD
 SXQFWXOQHXWUX
'H]DFWLYDUHD ࿢ (OLEHUDœLSHGDODGHDPEUHLDM
$WHQœLH 0RWRUXOYDILRSULWßQWLPSFHFRQWDFWXO
HVWHFXSODW
1XDFœLRQDœLGHPDURUXOPDLPXOW
GHVHFXQGHRGDWô
'DFôPRWRUXOQXSRUQHŏWH
DŏWHSWDœLVHFXQGHßQDLQWHGH
DßQFHUFDGLQQRX
$FHVWOXFUXYDSUHYHQLGHIHFWDUHD
GHPDURUXOXL

6LVWHPXOGHRSULUHSRUQLUH
6LVWHPXOGHRSULUHSRUQLUHDMXWôOD
'H]DFWLYDœLPDQXDOVLVWHPXOGH
HFRQRPLVLUHDFRPEXVWLELOXOXLŏLOD
RSULUHSRUQLUHSULQDSôVDUHD
UHGXFHUHDHPLVLLORUGHJD]HGH
EXWRQXOXLH
HFR
HŏDSDPHQW0RWRUXOVHRSUHŏWH
&RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL 

2SULUHDPRWRUXOXLHVWHLQGLFDWôGH ࿢ )XQFœLDGHGHJLYUDUHQXHVWH 5HSRUQLUHDPRWRUXOXLGHFôWUH


DFXOGLQSR]LœLD$
$8726723GLQ DFWLYDWô VLVWHPXOGHRSULUHSRUQLUH
WXURPHWUX ࿢ 6LVWHPXOGHFOLPDWL]DUHQXLQKLEô ¿QFD]XOßQFDUHXQDGLQFRQGLœLLOHGH
¿QWLPSXOXQHLRSULULDXWRPDWH RRSULUHDPRWRUXOXL PDLMRVVHSURGXFßQWLPSXOXQHLRSULUL
DPRWRUXOXLSHUIRUPDQœDGHßQFôO]LUH ࿢ 9DFXXPXOGHIUÓQôHVWHVXILFLHQW DPRWRUXOXLPRWRUXOYDILUHSRUQLW
VHUYRIUÓQDŏLSHUIRUPDQœDGHIUÓQDUH DXWRPDWGHFôWUHVLVWHPXOGHRSULUH
VHYRUPHQœLQH ࿢ $XWRYHKLFXOXOVDGHSODVDWGHOD
SRUQLUH
XOWLPDRSULUHDPRWRUXOXL
6LVWHPXOGHDHUFRQGLœLRQDWSRDWHVDX ࿢ 6LVWHPXOGHRSULUHSRUQLUHHVWH
QXVôLQKLEHVLVWHPXOGHRSULUHŏL 5HSRUQLUHDPRWRUXOXLGHFôWUH GH]DFWLYDWPDQXDO
SRUQLUHßQIXQFœLHGHSHUIRUPDQœDGH ŏRIHU ࿢ &DSRWDHVWHGHVFKLVô
UôFLUH
$SôVDœLSHGDODGHDPEUHLDMSHQWUX ࿢ &HQWXUDGHVLJXUDQœôDŏRIHUXOXLQX
&RQGLœLLOHSHQWUXRRSULUHDXWRPDWô DUHSRUQLPRWRUXO HVWHIL[DWôLDUSRUWLHUDŏRIHUXOXL
DPRWRUXOXL 3RUQLUHDPRWRUXOXLHVWHLQGLFDWôGH HVWHGHVFKLVô
࿢ 6LVWHPXOGHRSULUHSRUQLUHQXHVWH DFXOGLQSR]LœLDWXUDœLHLODUDODQWLGLQ ࿢ 7HPSHUDWXUDPRWRUXOXLHVWHSUHD
GH]DFWLYDWPDQXDO WXURPHWUX VFô]XWô
࿢ &DSRWDHVWHFRPSOHWßQFKLVô 'DFôPDQHWDVHOHFWRUXOXLGHYLWH]H ࿢ %DWHULDHVWHGHVFôUFDWô
࿢ 3RUWLHUDŏRIHUXOXLHVWHßQFKLVôVDX HVWHVFRDVôGLQ1ßQDLQWHGHDDSôVD
࿢ 9DFXXPXOGHIUÓQôQXHVWH
FHQWXUDGHVLJXUDQœôDŏRIHUXOXL PDLßQWÓLDPEUHLDMXOVHYDDSULQGH
VXILFLHQW
HVWHIL[DWô 
࿢ $XWRYHKLFXOXOßQFHSHVôVH
࿢ %DWHULDHVWHVXILFLHQWGHßQFôUFDWô /DPSDGHFRQWUROVHYDVWLQJHOD
GHSODVH]H
ŏLßQVWDUHEXQô DSôVDUHDSHGDOHLGHDPEUHLDM
࿢ )XQFœLDGHGHJLYUDUHHVWHDFWLYDWô
࿢ 0RWRUXOHVWHßQFôO]LW ࿢ 6LVWHPXOGHFOLPDWL]DUHVROLFLWô
࿢ 7HPSHUDWXUDOLFKLGXOXLGHUôFLUH RSRUQLUHDPRWRUXOXL
DPRWRUXOXLQXHVWHSUHDVFô]XWô
࿢ 7HPSHUDWXUDH[WHULRDUôQXHVWH
SUHDVFô]XWô
 &RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL

3DUFDUH PDUŏDULHU3R]LœLRQDœLURœLOHGLQIDœô 6LVWHPXOGHHYDFXDUHDO


VSUHERUGXUô
࿢ 1XSDUFDœLDXWRWXULVPXOSH
࿢ ¿QFKLGHœLJHDPXULOH
PRWRUXOXL
VXSUDIHœHXŏRULQIODPDELOH
7HPSHUDWXUDULGLFDWôDVLVWHPXOXL ࿢ ¿QFXLDœLDXWRYHKLFXOXOŏLDFWLYDœL
GHHYDFXDUHSRDWHFDX]D VLVWHPXOGHDODUPôDQWLIXUW  3HULFRO
DSULQGHUHDVXSUDIHœHLSHFDUHHVWH
SDUFDWDXWRWXULVPXO *D]HOHGHHŏDSDPHQWDOH
࿢ 7UDJHœLßQWRWGHDXQDIUÓQDGHPÓQô PRWRUXOXLFRQœLQPRQR[LGGH
IôUôDDSôVDEXWRQXOGHHOLEHUDUH FDUERQXQJD]WR[LFLQRGRUŏL
3HGUXPXULßQFOLQDWHDSOLFDœLRFÓW LQFRORUDFôUXLLQKDODUHSRDWHIL
PDLIHUPSRVLELO3HQWUXDUHGXFH IDWDOô
IRUœDGHDFœLRQDUHDSôVDœLVLPXOWDQ 'DFôßQKDELWDFOXSôWUXQGJD]HGH
ŏLSHGDODGHIUÓQô HŏDSDPHQWGHVFKLGHœLJHDPXULOH
࿢ 2SULœLPRWRUXOŏLGHFXSODœL $SHODœLODXQDWHOLHUVHUYLFHSHQWUX
FRQWDFWXO5RWLœLYRODQXOSÓQôFÓQG UHPHGLHUHDFDX]HLGHIHFœLXQLL
VHEORFKHD]ôßQSR]LœLH (YLWDœLVôFRQGXFHœLFXKD\RQXO
࿢ 'DFôDXWRYHKLFXOXOHVWHSDUFDWSH GHVFKLVßQFD]FRQWUDUJD]HOHGH
RVXSUDIDœôSODQôVDXßQUDPSô HŏDSDPHQWSXWÓQGSôWUXQGHßQ
ßQDLQWHGHDGHFXSODFRQWDFWXO DXWRYHKLFXO
VHOHFWDœLWUHDSWDßQWÓLGHYLWH]ô3H
XQGUXPßQUDPSôSR]LœLRQDœLURœLOH )LOWUXOGHSDUWLFXOHSHQWUX
GLQIDœôßQVHQVRSXVIDœôGH PRWRUGLHVHO
ERUGXUô
)LOWUXOGHSDUWLFXOHGLHVHOHOLPLQô
'DFôDXWRWXULVPXOHVWHSHXQGUXP
SDUWLFXOHOHSROXDQWHGHIXQLQJLQHGLQ
ßQSDQWôßQDLQWHGHDGHFXSOD
JD]HOHGHHŏDSDPHQW6LVWHPXO
FRQWDFWXOVHOHFWDœLWUHDSWD
LQFOXGHRIXQFœLHGHDXWRFXUôœLUHFDUH
HVWHH[HFXWDWôßQPRGDXWRPDWßQ
&RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL 

WLPSXOPHUVXOXL)LOWUXOHVWHFXUôœDW 'DFôILOWUXOQHFHVLWôFXUôœDUHODPSD
SULQDUGHUHDSDUWLFXOHORUGHIXQLQJLQH GHFRQWUROYDFOLSL&RQWLQXDœLVô $WHQœLH
ODWHPSHUDWXULIRDUWHßQDOWH$FHVW FRQGXFHœLSôVWUÓQGWXUDœLDPRWRUXOXL
SURFHVDUHORFDXWRPDWßQFRQGLœLL SHVWHURWPLQ&XUôœDUHDILOWUXOXL 8WLOL]DUHDDOWRUFRPEXVWLELOLGHFÓW
SUHVHWDWHGHUXODUHŏLSRDWHGXUD GHSDUWLFXOHGLHVHOHVWHDVWIHOLQLœLDWô FHLSUH]HQWDœLODSDJLQLOH 
PD[LPXPGHPLQXWH&RQVXPXOGH SRDWHGXFHODDYDULHUHD
/DPSDGHFRQWUROVHVWLQJHLPHGLDW FDWDOL]DWRUXOXLVDX
FRPEXVWLELOSRDWHFUHŏWHßQDFHDVWô FHSURFHVXOGHDXWRFXUôœDUHVH
SHULRDGô(PLVLLOHGHPLURVXULŏLIXP DFRPSRQHQWHORUHOHFWURQLFH
ßQFKHLH DVRFLDWH
FHDXORFßQFXUVXODFHVWXLSURFHVVXQW
QRUPDOH &RPEXVWLELOXOQHDUVYDGXFHOD
$WHQœLH VXSUDßQFôO]LUHDŏLDYDULHUHD
FDWDOL]DWRUXOXL'HDFHHDHYLWDœL
'DFôSURFHVXOGHFXUôœDUH XWLOL]DUHDH[FHVLYôDGHPDURUXOXL
UHJHQHUDUHD HVWHßQWUHUXSWGH JROLUHDFRPSOHWôDUH]HUYRUXOXLŏL
PDLPXOWHRULH[LVWôXQULVF SRUQLUHDPRWRUXOXLSULQßPSLQJHUH
FUHVFXWGHSURYRFDUHDXQHLDYDULL VDXWUDFWDUH
JUDYHGHPRWRU
¿QFD]XOXQRUSUREOHPHGHDSULQGHUH
IXQFœLRQDUHQHXQLIRUPôDPRWRUXOXL
&DWDOL]DWRUXO UHGXFHUHHYLGHQWôDSHUIRUPDQœHORU
&DWDOL]DWRUXOUHGXFHQLYHOXOQR[HORU PRWRUXOXLVDXDOWHSUREOHPH
GLQJD]HOHGHHŏDSDPHQW QHRELŏQXLWHDSHODœLLPHGLDWODXQ
DWHOLHUVHUYLFHSHQWUXUHPHGLHUHD
¿QDQXPLWHFRQGLœLLGHUXODUHGH FDX]HLGHIHFœLXQLL¿QFD]GHXUJHQœô
H[HPSOXFôOôWRULLVFXUWHHVWHSRVLELO FRQGXFHUHDSRDWHILFRQWLQXDWô
FDVLVWHPXOVôQXDFWLYH]HSURFHVXO SHQWUXVFXUWWLPSFXPHQœLQHUHD
DXWRPDWGHDXWRFXUôœDUH YLWH]HLDXWRYHKLFXOXOXLŏLDWXUDœLHL
PRWRUXOXLODQLYHOXULUHGXVH
 &RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL

7UDQVPLVLDDXWRPDWô  (OLEHUDœLIUÓQDGHPÓQôŏLSHGDOD
$WHQœLH GHIUÓQô
1XDWLQJHœLFDWDOL]DWRUXOßQWLPSXO 7UDQVPLVLDDXWRPDWôSHUPLWH  $SôVDœLOHQWSHGDODGHDFFHOHUDœLH
IXQFœLRQôULLPRWRUXOXLGHRDUHFH VFKLPEDUHDPDQXDOôDYLWH]HORU SHQWUXDSXQHDXWRWXULVPXOßQ
FDWDOL]DWRUXOHVWHIRDUWHILHUELQWH PRGXOPDQXDO VDXVFKLPEDUHD PLŏFDUH
SXWÓQGSURYRFDDUVXULODQLYHOXO DXWRPDWôDYLWH]HORU PRGXO
SLHOLL GHH[HPSOXODQLYHOXOPÓLQLL DXWRPDW  $ILŏDMXOWUDQVPLVLHL
VDXDFRUSXOXL /ôVDœL &XWLDGHYLWH]HDXWRPDWôHVWHRFXWLH
FDWDOL]DWRUXOVôVHUôFHDVFôPDL FXŏDVHYLWH]HFRQWURODWôHOHFWURQLF
PXOWGHGRXôRUHODRWHPSHUDWXUô
7UHDSWDDŏDVHDHVWHFXPXOWLSOLFDUH
PDLPLFôGHFÓWFHDDPHGLXOXL
DPELDQWGXSôRSULUHDPRWRUXOXL 3RUQLUHDDXWRYHKLFXOXOXL
ßQDLQWHGHDODWLQJH
 'XSôßQFôO]LUHDPRWRUXOXL
PHQœLQHœLDSôVDWôSHGDODGHIUÓQô
ßQWLPSFHWUHFHœLPDQHWD
VFKLPEôWRUXOXLßQSR]LœLD5'VDX
0

$WHQœLH
(VWHDPSODVDWßQEORFXO
1XVFKLPEDœLGLQSR]LœLD LQVWUXPHQWHORUGHERUG
' FRQGXFHUH ßQ5 PDUŏDULHU
VDX3 SDUFDUH DWXQFLFÓQG $ILŏDMXOLQGLFôWUHDSWDGHYLWH]ô
DXWRYHKLFXOXOHVWHßQPLŏFDUH VHOHFWDWôVDXPRGXOWUDQVPLVLHL
$FHVWOXFUXYDFDX]DGHWHULRUDUHD
FXWLHLGHYLWH]HŏLOH]LXQL
&RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL 

0DQHWDVHOHFWRUXOXLGH '$FHDVWôSR]LœLHHVWHSHQWUXWRDWH 6FKLPEDUHDWUHSWHORUGHYLWH]H


FRQGLœLLOHGHFRQGXFHUHQRUPDOô
YLWH]H 3HUPLWHFXWLHLGHYLWH]HVôFRPXWH
ßQWUHWRDWHFHOHŏDVHYLWH]HGHPHUV
ßQDLQWH
03R]LœLDSHQWUXPRGXOPDQXDO

$WHQœLH
1XDFFHOHUDœLßQWLPSXOVHOHFWôULL
XQHLWUHSWHGHYLWH]H
1XDSôVDœLQLFLRGDWôSHGDODGH
DFFHOHUDœLHVLPXOWDQFXSHGDODGH
IUÓQô
'HSODVDUHDPDQHWHLVHOHFWRUXOXLßQWUH
&ÓQGHVWHFXSODWôRWUHDSWôGH SR]LœLLOHWUHSWHORUGHYLWH]ôQHFHVLWô
3 3$5&$5( %ORFKHD]ôURœLOHGLQ YLWH]HODHOLEHUDUHDSHGDOHLGH DSôVDUHDEXWRQXOXLGHHOLEHUDUHGH
IDœô6HOHFWDœLSR]LœLD3GRDUFÓQG IUÓQôDXWRYHKLFXOXOßQFHSHVôVH SHIDœDODWHUDOôDPDQHWHL
DXWRYHKLFXOXOVWDœLRQHD]ôFXIUÓQDGH PLŏWHßQFHW
PÓQôWUDVô /DGHSODVDUHDPDQHWHL
1XXWLOL]DœLSR]LœLDGHSDUFDUH3ßQ VFKLPEôWRUXOXLUHVSHFWDœLGHVFULHULOH
5 0$5Ŏ$5,(5 3R]LœLDGH ORFXOIUÓQHLGHPÓQô LQGLFDWHGHVôJHœL
PDUŏDULHUDWUDQVPLVLHL6HOHFWDœL 2SULœLPRWRUXODFœLRQDœLIUÓQDGH
SR]LœLD5GRDUDWXQFLFÓQG PÓQôŏLVFRDWHœLFKHLDGLQFRQWDFW
DXWRYHKLFXOXOVWDœLRQHD]ô ODSôUôVLUHDDXWRYHKLFXOXOXL
1 1(875ó 3R]LœLDQHXWUô 1XOôVDœLQLFLRGDWô
QHVXSUDYHJKHDWDXWRYHKLFXOXOFX
PRWRUXOSRUQLW
 &RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL

0RGXOPDQXDO

$SôVDœLSHGDODGHIUÓQôŏLDSôVDœL
EXWRQXOGHGHEORFDUHSHQWUXDSXWHD
VFKLPEDWUHDSWDGHYLWH]H
3R]LœLLOHSQHWUXDFôURUFRPXWDUHHVWH
QHFHVDUôDSôVDUHDEXWRQXOXLGH
HOLEHUDUHVXQWLQGLFDWHSULQVôJHœL

6FKLPEDœLWUHDSWDGHYLWH]HIôUô $GXFHœLPDQHWDVHOHFWRUXOXLGHYLWH]H
UHVWULFœLL ßQSR]LœLD0
$SôVDœLEXWRQXOSHQWUXVFKLPEDUHD
YLWH]HORUGLQSDUWHDPDQHWHL
VHOHFWRUXOXLGHYLWH]H
83  SHQWUXFRPXWDUHDßQWUR
WUHDSWôVXSHULRDUô
'2:1  SHQWUXFRPXWDUHDßQWUR
$SôVDœLEXWRQXOGHGHEORFDUHSHQWUX WUHDSWôLQIHULRDUô
DVFKLPEDWUHDSWDGHYLWH]H6ôJHœLOH 3HQWUXDPHQœLQHQLYHOXULOHFHUXWH
LQGLFôWUHSWHOHDFôURUFRPXWDUHQX SULYLQGSHUIRUPDQœDŏLVLJXUDQœD
QHFHVLWôDSôVDUHDEXWRQXOXLGH DXWRYHKLFXOXOXLODDFœLRQDUHD
HOLEHUDUH
&RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL 

PDQHWHLVHOHFWRUXOXLGHYLWH]H $VWIHOSUHYHQLœLGHWHULRUDUHDFXWLHL )XQFœLD.LFNGRZQ


VLVWHPXOSRDWHVôQXH[HFXWHDQXPLWH GHYLWH]HVDXSLHUGHUHDFRQWUROXOXL
VFKLPEôULDOHWUHSWHORUGHYLWH]ô ŏLVXIHULUHDGHOH]LXQL
¿QPRGXOPDQXDOUHWURJUDGôULOHVXQW
HIHFWXDWHDXWRPDWODßQFHWLQLUHD 1RWô
DXWRYHKLFXOXOXL/DRSULUHD 8WLOL]DUHDFRPSUHVLHLPRWRUXOXLOD
DXWRYHKLFXOXOXLWUHDSWDDHVWH DERUGDUHDSDQWHORUSUHOXQJLWHSRDWH
VHOHFWDWôDXWRPDW SUHOXQJLGXUDWDGHYLDœôDIUÓQHORU

$WHQœLH %DODQVDUHDDXWRYHKLFXOXOXL
%DODQVDUHDDXWRYHKLFXOXOXLHVWH
7UHFHœLVXFFHVLYßQWUHSWHOHGH SHUPLVôGRDUGDFôDFHVWDHVWH
YLWH]ôFRQIRUPFRQGLœLLORUGH ßPSRWPROLWßQQLVLSQRURLVDX]ôSDGô
GUXP 'HSODVDœLUHSHWDWPDQHWDVHOHFWRUXOXL
GHYLWH]HßQWUHSR]LœLLOH'ŏL5 3HQWUXRDFFHOHUDUHPDLUDSLGô
)UÓQDGHPRWRU 1XVXSUDWXUDœLPRWRUXOŏLHYLWDœL DSôVDœLSHGDODGHDFFHOHUDœLHOD
3HQWUXDDMXWDODXWLOL]DUHDHIHFWXOXL DFFHOHUDUHDEUXVFô PD[LPŏLPHQœLQHœLRDSôVDWô
GHIUÓQDUHODFRPSUHVLHLPRWRUXOXLOD 7UDQVPLVLDFXSOHD]ôRWUHDSWô
FRERUÓUHDXQHLSDQWHOXQJLVHOHFWDœL 3DUFDUH LQIHULRDUôßQIXQFœLHGHWXUDœLD
UHWURJUDGDUHDßQPRGXOPDQXDOßQ 'XSôFHRSULœLDXWRYHKLFXOXODSôVÓQG PRWRUXOXL
RUGLQHVHFYHQœLDOô SHGDODGHIUÓQôVHOHFWDœLSR]LœLD3ŏL
WUDJHœLPDQHWDIUÓQHLGHPÓQôFX 'HIHFœLXQL
 $YHUWLVPHQW SXWHUHßQVXVGXSôFDUHVFRDWHœL
¿QFD]XOXQHLGHIHFœLXQLVHDSULQGH
FKHLDGLQFRQWDFW
ODPSDGHDYHUWL]DUHDYDULH
1XIRUœDœLWUDQVPLVLDSULQ
7UDQVPLVLDQXPDLVFKLPEôWUHSWHOH
UHGXFHUHDYLWH]HLFXGRXôVDXPDL
GHYLWH]ôQLFLDXWRPDWQLFLPDQXDO
PXOWHWUHSWHGHRGDWô
GHRDUHFHHVWHEORFDWôßQWURWUHDSWô
 &RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL

$SHODœLODXQDWHOLHUVHUYLFHDXWRUL]DW  $SôVDœLŏLPHQœLQHœLDSôVDWô
SHQWUXUHPHGLHUHDGHIHFœLXQLL SHGDODGHIUÓQôŏLWUDJHœLPDQHWD
IUÓQHLGHPÓQôßQVXV
¿QWUHUXSHUHDDOLPHQWôULL
HOHFWULFH
¿QFD]XOßQWUHUXSHULLDOLPHQWôULL
HOHFWULFHPDQHWDVHOHFWRUXOXLGH
YLWH]HQXSRDWHILVFRDVôGLQSR]LœLD3
'DFôDFXPXODWRUXOVDGHVFôUFDW
DSHODœLODSRUQLUHDDVLVWDWô
DDXWRYHKLFXOXOXL
'DFôEDWHULDQXHVWHFDX]D  ,QWURGXFHœLŏLDSôVDœLFKHLDGH
GHIHFœLXQLLHOLEHUDœLPDQHWD FRQWDFWßQORFDŏ
VHOHFWRUXOXLGHYLWH]HŏLVFRDWHœLFKHLD  6HOHFWDœLSR]LœLDQHXWUô 1 
GLQFRQWDFW  6FRDWHœLFDSDFXOGHSHFRQVROôFX  6FRDWHœLFKHLDGLQORFDŏ
XQRELHFWVXEœLUHSUHFXP
(OLEHUDœLPDQHWDVHOHFWRUXOXLGH RŏXUXEHOQLœôFXFDSSODW  0RQWDœLFDSDFXOODORF
YLWH]H  'XFHœLDXWRYHKLFXOXOODUHSDUDWFÓW
¿QDLQWHGHDVFKLPEDGLQSR]LœLDGH PDLFXUÓQGSRVLELO
SDUFDUH 3 FRQWDFWXOWUHEXLHVôVH
DIOHßQSR]LœLD21LDUSHGDODGHIUÓQô
WUHEXLHVôILHDSôVDWôODPD[LPXP
'DFôQXSXWHœLFRPXWDGLQSR]LœLDGH
SDUFDUH 3 FXFRQWDFWXOFXSODWŏL
SHGDODGHIUÓQôDSôVDWô
 'HFXSODœLFRQWDFWXOŏLVFRDWHœL
FKHLD
&RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL 

 $YHUWLVPHQW ¿QFD]FRQWUDUWUDQVPLVLDVHSRDWH 7UDQVPLVLDPDQXDOô


GHWHULRUDVDXDXWRYHKLFXOXOVH
3HQWUXDSUHYHQLGHWHULRUDUHD SRDWHGHSODVDQHDŏWHSWDW
WUDQVPLVLHLUHVSHFWDœL FDX]ÓQGSLHUGHUHDFRQWUROXOXL
XUPôWRDUHOHSUHFDXœLL ŏRIHUXOXLDVXSUDDFHVWXLDIDSWFH
SRDWHSURYRFDOH]LXQLRFXSDQœLORU
1XDSôVDœLSHGDODGHIUÓQôDWXQFL
VDXGHWHULRUDUHDDXWRYHKLFXOXOXL
FÓQGWUHFHœLGLQSR]LœLD3VDX1ßQ
VDXDDOWRUEXQXUL
5VDXßQWURWUHDSWôGHYLWH]H
SHQWUXPHUVßQDLQWH
$FHDVWôDFœLXQHQXQXPDLFô
SRDWHGHIHFWDWUDQVPLVLDGDU
SRDWHSURYRFDŏLSLHUGHUHD
FRQWUROXOXLDXWRYHKLFXOXOXL
8WLOL]DœLSR]LœLD'FÓWPDLPXOW
SRVLELO 3HQWUXDFXSODPDUŏDULHUXOFX
1XFRPXWDœLQLFLRGDWôßQSR]LœLLOH DXWRYHKLFXOXOVWDœLRQDUWUDJHœLßQVXV
3VDX5ßQWLPSXOGHSODVôULL LQHOXOGHSHPDQHWDVHOHFWRUXOXLŏL
DXWRYHKLFXOXOXL FXSODœLWUHDSWD
/DRSULUHDDXWRYHKLFXOXOXLßQ 'DFôWUHDSWDUHVSHFWLYôQXHVWH
UDPSôQXOPHQœLQHœLSHORFFX FXSODWôDGXFHœLVFKLPEôWRUXOGH
DMXWRUXOSHGDOHLGHDFFHOHUDœLH YLWH]HßQSXQFWXOQHXWUXHOLEHUDœLŏL
8WLOL]DœLßQVFKLPESHGDODGHIUÓQô DSôVDœLGLQQRXSHGDODGHDPEUHLDM
VHOHFWDœLGLQQRXWUHDSWDGHYLWH]ô
$SôVDœLSHGDODGHIUÓQôDWXQFL
FÓQGWUHFHœLGLQSR]LœLD3VDX1ßQ
5VDXßQWURWUHDSWôGHYLWH]H
SHQWUXPHUVßQDLQWH
 &RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL

1XSHUPLWHœLSDWLQDUHDLQXWLOô )UÓQHOH 'DFôSHGDODGHIUÓQôSRDWHIL


DDPEUHLDMXOXL&ÓQGRDFœLRQDœL DSôVDWôPDLPXOWGHFÓWHVWH
DSôVDœLFRPSOHWSHGDODGHDPEUHLDM QRUPDOIUÓQHOHSRWQHFHVLWD
6LVWHPXOGHIUÓQDUHFXSULQGHGRXô
1XXWLOL]DœLSHGDODSHSRVWGHVSULMLQ UHSDUDœLL
FLUFXLWHLQGHSHQGHQWHGHIUÓQDUH
SHQWUXSLFLRU
'DFôXQXOGLQWUHFLUFXLWHVH $GUHVDœLYôLPHGLDWXQXLDWHOLHU
$WHQœLH GHIHFWHD]ôDXWRWXULVPXOSRDWHIL VHUYLFHDXWRUL]DW9ôUHFRPDQGôP
IUÓQDWSULQLQWHUPHGLXOFHOXLODOWFLUFXLW VôFRQVXOWDœLXQDWHOLHUVHUYLFH
1XHVWHUHFRPDQGDELOVô ¿QVôHIHFWXOGHIUÓQDUHVHUHDOL]HD]ô DXWRUL]DW
FRQGXFHœLDYÓQGPÓQDVSULMLQLWô QXPDLODDSôVDUHDIHUPôDSHGDOHLGH
SHPDQHWDVFKLPEôWRUXOXLGH IUÓQô3HQWUXDFHVWOXFUXHVWH
QHFHVDUôRIRUœôFRQVLGHUDELOPDL $WHQœLH
YLWH]H
PDUH'LVWDQœDGHIUÓQDUHHVWHPDL
PDUH$SHODœLLPHGLDWODXQDWHOLHU 1XFRQGXFHœLFXSLFLRUXOVSULMLQLWSH
VHUYLFHSHQWUXDVLVWHQœôßQDLQWHGH SHGDODGHIUÓQô$VWIHODFFHOHUDœL
DYôFRQWLQXDFôOôWRULD X]XUDFRPSRQHQWHORUGHIUÓQDUH
'HDVHPHQHDIUÓQHOHVHSRW
VXSUDßQFôO]LFHHDFHGXFHOD
$WHQœLH RGLVWDQœôGHIUÓQDUHPDLOXQJôŏL
ODQHVLJXUDQϙ
'DFôXQXOGLQFLUFXLWHVH
GHIHFWHD]ôSHGDODGHIUÓQô
WUHEXLHDSôVDWôPDLSXWHUQLFLDU
GLVWDQœDGHIUÓQDUHFUHŏWH
&RQWDFWDœLLPHGLDWXQDWHOLHU
VHUYLFHSHQWUXYHULILFDUHDŏL
UHSDUDUHDVLVWHPXOXLGHIUÓQDUH
9ôUHFRPDQGôPVôFRQVXOWDœLXQ
DWHOLHUVHUYLFHDXWRUL]DW
&RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL 

 9HULILFDœLFDßQVSDWHOH QHOXÓQGßQFRQVLGHUDUHSXOVDUHD
 $YHUWLVPHQW SHGDOHL1XUHGXFHœLIRUœDH[HUFLWDWô
GXPQHDYRDVWUôVôQXVHDIOH
DOWHDXWRYHKLFXOH DVXSUDSHGDOHLGHIUÓQô
'XSôFHDœLFRQGXVSULQDSôDœL
VSôODWDXWRYHKLFXOXOVDXDœLXWLOL]DW  0HQœLQHœLRYLWH]ôVLJXUôFX 1XUHGXFHœLIRUœDGHDSôVDUH
H[FHVLYIUÓQHOHODDERUGDUHDXQHL PXOWVSDœLXßQVSDWHŏLßQSôUœLOH DSHGDOHLGHIUÓQô
SDQWHDEUXSWHIUÓQHOHßŏLSRW ODWHUDOH &ÓQGSRUQLœLDXWRYHKLFXOXOGXSô
SLHUGHWHPSRUDUSXWHUHDGH  )UÓQDœLßQFHWSÓQôFÓQGVXQW FXSODUHDFRQWDFWXOXLVHSRWDX]L
VWRSDUH$FHVWOXFUXVHGDWRUHD]ô UHVWDELOLWHSHUIRUPDQœHOH RVLQJXUôGDWôXQVXQHWGHQDWXUô
FRPSRQHQWHORUGHIUÓQDUHXGHVDX QRUPDOH PHFDQLFô$FHVWOXFUXHVWHQRUPDOŏL
VXSUDßQFôO]LWH LQGLFôIDSWXOFôVLVWHPXO$%6HVWH
'DFôIUÓQHOHßŏLSLHUGWHPSRUDU JDWDGHIXQFœLRQDUH
HILFLHQœDGHIUÓQDUHGDWRULWô
6LVWHPXODQWLEORFDUHIUÓQH /DPSDGHFRQWUROS 
VXSUDßQFôO]LULL/DFRERUÓUHD 6LVWHPXODQWLEORFDUHIUÓQH $%6
SDQWHORUVFKLPEDœLßQWURWUHDSWô SUHYLQHEORFDUHDURœLORU 'HIHFœLXQL
LQIHULRDUôGHYLWH]H1XIUÓQDœL 6LVWHPXO$%6ßQFHSHVôUHJOH]H
FRQWLQXX SUHVLXQHDGHIUÓQDUHFÓQGRURDWô  $YHUWLVPHQW
'DFôVLVWHPXOGHIUÓQDUHßŏLSLHUGH SUH]LQWôWHQGLQœôGHEORFDUH
WHPSRUDUSXWHUHDGLQFDX]D $XWRYHKLFXOXOUôPÓQHPDQHYUDELO 'DFôH[LVWôRGHIHFœLXQHßQ
FRPSRQHQWHORUXGHSURFHGHXO FKLDUßQFXUVXOIUÓQôULORUEUXŏWH VLVWHPXO$%6URœLOHVHSRWEORFDOD
XUPôWRUYôYDDMXWDVôUHVWDELOLœL $FœLXQHDVLVWHPXOXL$%6HVWH IUÓQDUHDEUXVFôDDXWRYHKLFXOXOXL
IXQFœLRQDUHDQRUPDOôDDFHVWXLD VHPQDODWôSULQWURSXOVDœLHDSHGDOHL $YDQWDMHOHVLVWHPXOXL$%6QXPDL
GHIUÓQôŏL]JRPRWXOFDUDFWHULVWLF VXQWGLVSRQLELOH¿QFXUVXO
SURFHVXOXLGHUHJODUH IUÓQôULORUEUXŏWHDXWRYHKLFXOXOQX
PDLSRDWHILFRQWURODWŏLSRDWHLQWUD
3HQWUXIUÓQDUHRSWLPôPHQœLQHœL ßQGHUDSDM
DSôVDWôSHGDODGHIUÓQôSHßQWUHDJD
GXUDWôDSURFHVXOXLGHIUÓQDUH $SHODœLODXQDWHOLHUVHUYLFHDXWRUL]DW
SHQWUXUHPHGLHUHDGHIHFœLXQLL
 &RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL

)UÓQDGHPÓQô 6LVWHPXOGHDVLVWHQœôOD 6LVWHPHOHGHVXSRUWßQ


IUÓQDUH FRQGXFHUH
'DFôSHGDODGHIUÓQôHVWHDSôVDWô
UDSLGŏLßQIRUœôVHDSOLFôDXWRPDW 6LVWHPXOGHFRQWURODO
IRUœDPD[LPôGHIUÓQDUH IUÓQDUHDGH WUDFœLXQLL
XUJHQϙ 
6LVWHPXOGHFRQWURODOWUDFœLXQLL 7&6
([HUFLWDœLRSUHVLXQHFRQVWDQWô DPHOLRUHD]ôVWDELOLWDWHDßQFRQGXFHUH
DVXSUDSHGDOHLGHIUÓQôßQLQWHUYDOXO FÓQGHVWHFD]XOLQGLIHUHQWGHWLSXO
SHQWUXFDUHGRULœLDPSOLILFDUHDIRUœHL VXSUDIHœHLGHUXODUHVDXGHDGHUHQœD
GHIUÓQDUH)RUœDPD[LPôGHIUÓQDUH DQYHORSHORUSULQßPSLHGLFDUHD
HVWHUHGXVôDXWRPDWODHOLEHUDUHD SDWLQôULLURœLORUGHWUDQVPLVLH
SHGDOHLGHIUÓQô
&ÓQGURœLOHGHWUDQVPLVLHßQFHSVô
SDWLQH]HSXWHUHDPRWRUXOXLVH
)RORVLœLßQWRWGHDXQDIUÓQDGHPÓQôßQ UHGXFHŏLURDWDFDUHSDWLQHD]ôFHOPDL
PRGIHUPIôUôDDFœLRQDEXWRQXOGH WDUHHVWHIUÓQDWôVHSDUDW$FHVWOXFUX
HOLEHUDUHPDLDOHVGDFôYôDIODœLSH ßPEXQôWôœHŏWHFRQVLGHUDELO
GUXPXULßQFOLQDWH VWDELOLWDWHDDXWRYHKLFXOXOXLSH
3HQWUXDHOLEHUDIUÓQDGHPÓQô FDURVDELOXPHGŏLDOXQHFRV
WUDJHœLXŏRUßQVXVPDQHWDDSôVDœL 7&6VHDFWLYHD]ôLPHGLDWGXSô
EXWRQXOGHSHPDQHWôŏLFRERUÓœL FXSODUHDFRQWDFWXOXL
PDQHWDFRPSOHW
3HQWUXDUHGXFHIRUœHOHGHDFœLRQDUH
DSôVDœLßQDFHODŏLWLPSŏLSHGDODGH
IUÓQô
/DPSDGHFRQWURO 
&RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL 

6HDSULQGHODPSDGHFRQWURON7&6 &ÓQG(6&HVWHDFWLYVHDSULQGH5
 $YHUWLVPHQW HVWHUHDFWLYDWSULQUHDSôVDUHD
EXWRQXOXLD  $YHUWLVPHQW
3UH]HQœDDFHVWXLVLVWHPGH
VLJXUDQœôQXWUHEXLHVôYôWHQWH]H 7&6VHUHDFWLYHD]ôŏLODXUPôWRDUHD
FXSODUHDFRQWDFWXOXL 3UH]HQœDDFHVWXLVLVWHPGH
VôDGRSWDœLRPDQLHUôULVFDQWôGH
VLJXUDQœôQXWUHEXLHVôYôWHQWH]H
FRQGXFHUH /DPSDFRQWURODOWUDFœLXQLL 7& VôDGRSWDœLRPDQLHUôULVFDQWôGH
$GDSWDœLYLWH]DGHGHSODVDUHOD GH]DFWLYDW  FRQGXFHUH
VWDUHDFDURVDELOXOXL
$GDSWDœLYLWH]DGHGHSODVDUHOD
3URJUDPXOHOHFWURQLFGH VWDUHDFDURVDELOXOXL
'H]DFWLYDUHD VWDELOLWDWH
/DPSDGHFRQWUROSHQWUXVLVWHPXOGH
6LVWHPXOGHFRQWUROHOHFWURQLFDO
FRQWUROHOHFWURQLFDOVWDELOLWôœLL (6&
VWDELOLWôœLL (6& DMXWôODVWDELOL]DUHD

DXWRYHKLFXOXOXLßQWLPSXOPDQHYUHORU
GHYLUDUH 'H]DFWLYDUHD
(6&DFœLRQHD]ôIUÓQHOHODURœL
LQGLYLGXDOHŏLLQWHUYLQHODVWDELOL]DUHD
DXWRYHKLFXOXOXLSULQLQWHUPHGLXO
VLVWHPXOXLGHFRPDQGôDPRWRUXOXL
6LVWHPXO(6&SRDWHILDIHFWDWGH
FRQGLœLLDGYHUVHSUHFXPFRQGLœLLOHGH
GUXPVDXDGHUHQœDDQYHORSHORU
6LVWHPXOQXßQORFXLHŏWHSUDFWLFLOHXQXL
7&6SRDWHILGH]DFWLYDWDWXQFLFÓQG
FRQGXVßQVLJXUDQœôSULQXUPDUH
HVWHQHFHVDUôSDWLQDUHDURœLORU
FRQGXFHœLSUHYHQWLY
$SôVDœLEXWRQXOD
(6&VHDFWLYHD]ôLPHGLDWGXSô
FXSODUHDFRQWDFWXOXL
 &RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL

3HQWUXFRQGXFHUHDGHßQDOWô 6LVWHPXOGHFRQWURODO
SHUIRUPDQϙ(6&VHSRDWHGH]DFWLYD  $YHUWLVPHQW
3ULQDSôVDUHDEXWRQXOXLDWLPSGHPDL
YLWH]HLGHFURD]LHUô
8WLOL]DUHDVLVWHPXOXLGHFRQWURODO
PXOWHVHFXQGHSÓQôFÓQGODPSDGH YLWH]HLGHFURD]LHUôSRDWHIL
FRQWURODVHDSULQGH &RQWUROXOYLWH]HLGH
SHULFXORDVôGDFôQXHVWHSRVLELOô
(6&VHUHDFWLYHD]ôSULQWURQRXô FURD]LHUô PHQœLQHUHDXQHLYLWH]HFRQVWDQWH
DSôVDUHDEXWRQXOXLD ßQFRQGLœLLGHVLJXUDQœô
(6&VHUHDFWLYHD]ôŏLODXUPôWRDUHD 1XXWLOL]DœLVLVWHPXOGHFRQWURODO
FXSODUHDFRQWDFWXOXL YLWH]HLGHFURD]LHUôSHGUXPXULFX
PXOWHFXUEHVDXßQWUDILF
 $YHUWLVPHQW DJORPHUDW

$WXQFLFÓQGVLVWHPXO(6&VH $FWLYDUHDVLVWHPXOXLGHFRQWURO
DFWLYHD]ôßQYHGHUHDßPEXQôWôœLULL DOYLWH]HLGHFURD]LHUô
VWDELOLWôœLLDXWRYHKLFXOXOXLUHGXFHœL
YLWH]DŏLFRQFHQWUDœLYôDVXSUD  $SôVDœLEXWRQXO>SHQWUXDDFWLYD
GUXPXOXL VLVWHPXOGHFRQWURODOYLWH]HLGH
FURD]LHUô6HYDDSULQGHODPSDGH
6LVWHPXO(6&HVWHQXPDLXQ FRQWURO>
GLVSR]LWLYVXSOLPHQWDUßQFDGUXO 6LVWHPXOGHFRQWURODOYLWH]HLGH
DXWRYHKLFXOXOXL$WXQFLFÓQG FURD]LHUôYôSHUPLWHVôSôVWUDœLYLWH]D  $FFHOHUDœLSÓQôODYLWH]DGRULWô
DXWRYHKLFXOXOGHSôŏHŏWHOLPLWHOH IôUôDDSôVDSHGDODGHDFFHOHUDœLH  5RWLœLEXWRQXOURWDWLYFôWUH6(7ŏL
VDOHGHVLJXUDQœôQXPDLSRDWHIL 6LVWHPXOHVWHDFWLYDWFÓQGYLWH]D HOLEHUDœLO
FRQWURODW1XYôED]DœLSHDFHVW DXWRYHKLFXOXOXLGHSôŏHŏWH  5LGLFDœLSLFLRUXOGHSHSHGDODGH
VLVWHP&RQGXFHœLFXDWHQœLHßQ DSUR[LPDWLYNPK DFFHOHUDœLH
FRQWLQXDUH
&RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL 

&UHŏWHUHDYLWH]HLVHOHFWDWH 3HQWUXDUHYHQLODYLWH]DVHWDWô 6LVWHPXOGHOLPLWDUHDYLWH]HL


࿢ 5RWLœLEXWRQXOURWDWLYFôWUH5(6ŏL ULGLFDœLSLFLRUXOGHSHSHGDODGH
œLQHœLODSôVDW$XWRYHKLFXOXOYD DFFHOHUDœLH
DFFHOHUD(OLEHUDœLEXWRQXOURWDWLYOD
YLWH]DGRULWô 'H]DFWLYDUHDWHPSRUDUô
࿢ SULQDSôVDUHDEXWRQXOXL[
࿢ 5RWLœLEXWRQXOURWDWLYFôWUH5(6ŏL
HOLEHUDœLOLPHGLDW9LWH]DYDFUHŏWH ࿢ YLWH]DDXWRYHKLFXOXOXLHVWHVXE
FXaNPK DSUR[NPK
࿢ SHGDODGHIUÓQôHVWHDSôVDWô
5HGXFHUHDYLWH]HLVHOHFWDWH
࿢ 5RWLœLEXWRQXOURWDWLYFôWUH6(7ŏL ࿢ SHGDODGHDPEUHLDMHVWHDSôVDWô
œLQHœLODSôVDW$XWRYHKLFXOXOYD ࿢ PDQHWDVHOHFWRUXOXLHVWHßQSR]LœLD
GHFHOHUD(OLEHUDœLEXWRQXOURWDWLYOD 1
YLWH]DGRULWô
࿢ 5RWLœLEXWRQXOURWDWLYFôWUH6(7ŏL
5HYHQLUHODYLWH]DPHPRUDWô 6LVWHPXOGHOLPLWDUHDYLWH]HLSHUPLWH
HOLEHUDœLOLPHGLDW9LWH]DVHYD 'DFôVLVWHPXOGHFRQWURODOYLWH]HLGH VHWDUHDXQHLYLWH]HPD[LPHSHQWUX
UHGXFHFXaNPK FURD]LHUôHVWHßQDFWLYDWODDSôVDUHD DFHODXWRYHKLFXO'DFôYLWH]DPD[LPô
EXWRQXOXL5(6VHYDWUHFHDXWRPDW VDOYDWôHVWHGHSôŏLWôVLVWHPXO
3HQWUXDFFHOHUDUHDWHPSRUDUô ODFHDPDLUHFHQWôYLWH]ôVHWDWô LQIRUPHD]ôŏRIHUXOSULQLQWHUPHGLXO
'DFôGRULœLVôDFFHOHUDœLWHPSRUDUFÓW XQHLOôPSLGHFRQWUROVDXDOXQXL
WLPSVLVWHPXOGHFRQWURODOYLWH]HLGH 'H]DFWLYDUHD VHPQDOGHDYHUWL]DUH
FURD]LHUôHVWHDFWLYDWDSôVDœLSHGDOD $SôVDœLEXWRQXO>LDUODPSDGH
GHDFFHOHUDœLH9LWH]DPôULWôQXYD FRQWURO>VHVWLQJH6LVWHPXOGH
DIHFWDIXQFœLRQDUHDVLVWHPXOXLGH FRQWURODOYLWH]HLGHFURD]LHUôHVWH
FRQWURODOYLWH]HLGHFURD]LHUôQLFLQX GH]DFWLYDW
YDPRGLILFDYLWH]DVHWDWô
 &RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL

6HWDUHDYLWH]HL &UHŏWHUHDYLWH]HLVHOHFWDWH 6HPQDOXOGHDYHUWL]DUHSULYLQGOLPLWD


࿢ 5RWLœLEXWRQXOURWDWLYFôWUH5(6ŏL GHYLWH]ô
œLQHœLODSôVDW9LWH]DVHWDWôYD 'DFôGHSôŏLœLYLWH]DVHWDWôODPSDGH
FUHŏWH(OLEHUDœLEXWRQXOURWDWLYOD FRQWUROGHDYHUWL]DUHYDFOLSLŏLVHYD
YLWH]DGRULWô DX]LVHPQDOXOGHDYHUWL]DUH
࿢ 5RWLœLEXWRQXOURWDWLYFôWUH5(6ŏL 'DFôYLWH]DFXUHQWôHVWHPDLPDUH
HOLEHUDœLOLPHGLDW9LWH]DVHWDWôYD GHFÓWYLWH]DVHWDWô
FUHŏWHFXaNPK 'DFôYLWH]DFXUHQWôHVWHPDLPDUH
5HGXFHUHDYLWH]HLVHOHFWDWH GHFÓWYLWH]DVHWDWôFXFHOSXœLQNP
࿢ 5RWLœLEXWRQXOURWDWLYFôWUH6(7ŏL KODPSDGHFRQWURO/,0 YDFOLSLŏLVH
œLQHœLODSôVDW9LWH]DVHWDWôYD YDSURGXFHVHPQDOXOGHDYHUWL]DUH
GHVFUHŏWH(OLEHUDœLEXWRQXOURWDWLY 'DFôYLWH]DFXUHQWôHVWHHJDOôFX
ODYLWH]DGRULWô YLWH]DVHWDWôFOLSLUHDOôPSLLGH
࿢ 5RWLœLEXWRQXOURWDWLYFôWUH6(7ŏL DYHUWL]DUHŏLVHPQDOXOGHDYHUWL]DUH
 $SôVDœLEXWRQXO=SHQWUXDDFWLYD VHYRURSULLPHGLDW
VLVWHPXOGHOLPLWDUHDYLWH]HL6H HOLEHUDœLOLPHGLDW9LWH]DVHWDWôYD
YDDSULQGHODPSDGHFRQWURO/,0 GHVFUHŏWHFXaNPK 'DUGDFôYLWH]DDXWRYHKLFXOXOXLHVWH
PDLPLFôGHFÓWYLWH]DVHWDWôFXNP
 $FFHOHUDœLSÓQôODYLWH]DGRULWô 5HYHQLUHODYLWH]DPHPRUDWô KVHYDDX]LVHPQDOXOGHDYHUWL]DUH
 5RWLœLEXWRQXOURWDWLYFôWUH6(7ŏL 5RWLœLEXWRQXOURWDWLYFôWUH5(69D
5HOXDUHDDYHUWL]ôULLODGHSôŏLUHD
HOLEHUDœLO'DFôYLWH]D ILVHWDWôYLWH]DVHWDWôDQWHULRU
OLPLWHLGHYLWH]ôVDOYDWô
DXWRYHKLFXOXOXLGYVHVWHPDL 3HQWUXDFWLYDUHURWLœLEXWRQXOURWDWLY &ÓQGŏRIHUXODSDVôEXWRQXO5(6ßQ
PDUHGHNPKSRDWHILVHWDWô FôWUH6(7ŏLHOLEHUDœLO WLPSFHFRQGXFHODRYLWH]ôPDLPDUH
YLWH]DFXUHQWô
GHFÓWYLWH]DVHWDWôXQVHPQDOGH
 9LWH]DVHWDWôHVWHDILŏDWôßQEORFXO 'H]DFWLYDUHD DYHUWL]DUHVHYDDX]LGXSôGH
LQVWUXPHQWHORUGHERUG 3HQWUXDDQXODVLVWHPXOGHOLPLWDUH VHFXQGH
DYLWH]HLDSôVDœLEXWRQXO[3HQWUX
DGH]DFWLYDVLVWHPXOGHOLPLWDUH
DYLWH]HLDSôVDœLEXWRQXO=
&RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL 

6LVWHPXOGHGHWHFWDUH 6LVWHPXOFRQVWôGLQSDWUXVHQ]RULFX 'H]DFWLYDUHD


XOWUDVXQHWHPRQWDœLßQEDUDGH 6LVWHPXOVHGH]DFWLYHD]ôFÓQGHVWH
DRELHFWHORU SURWHFœLHVSDWH FXSODWôWUHDSWDGHPHUVSDUFDUHVDX
1RWô GDFôH[LVWôRHURDUH
6LVWHPXOGHDVLVWHQœôOD &RPSRQHQWHOHDWDŏDWHßQ]RQDGH 6LVWHPXOSRDWHVôQXGHWHFWH]HXQ
SDUFDUH GHWHFœLHSRWLQGXFHGLVIXQFœLRQDOLWôœL REVWDFRODWXQFLFÓQGDXWRYHKLFXOXO
ßQVLVWHP HVWHFRQGXVFXRYLWH]ôPDLPDUHGH
6LVWHPXOXOWUDVRQLFGHDVLVWHQϙ NPK
$FWLYDUH
ODSDUFDUH
'DFôVDVHOHFWDWWUHDSWDGH 'HIHFœLXQL
PDUŏDULHUVLVWHPXOHVWHDFWLYDW ¿QFD]XOXQHLGHIHFœLXQLVHDSULQGH
DXWRPDW8QREVWDFROHVWHLQGLFDWSULQ ODPSDJ
LQWHUPHGLXOVHPQDOHORUDXGLR
,QWHUYDOXOGHWLPSGLQWUHVHPQDOHYD 'HDVHPHQHDGDFôVLVWHPXOQX
VFôGHDSHPôVXUôFHDXWRYHKLFXOXO IXQFœLRQHD]ôGLQFDX]DXQRUFRQGLœLL
VHDSURSLHGHREVWDFRO WHPSRUDUHSUHFXPVHQ]RULDFRSHULœL
GH]ôSDGôGHDSULQGHJ
&ÓQGGLVWDQœDVFDGHVXEFP
VHPQDOXODFXVWLFYDILFRQWLQXX

 $YHUWLVPHQW
¿QXQHOHVLWXDœLLGLIHULWHOH
6LVWHPXOGHDVLVWHQœôODSDUFDUH VXSUDIHœHUHIOHFWDQWHDOHXQRU
IDFLOLWHD]ôSDUFDUHDSULQPôVXUDUHD RELHFWHSUHFXPŏLVXUVHGH
GLVWDQœHLßQWUHDXWRYHKLFXOŏL ]JRPRWH[WHULRDUHSRWFDX]D
REVWDFROHGLQVSDWHŏLSULQ QHGHWHFWDUHDREVWDFROHORUGH
VHPQDOL]DUHDDFXVWLFôßQKDELWDFOX FôWUHVLVWHP
5HVSRQVDELOLWDWHDSHQWUXSDUFDUH
UôPÓQHßQVôßQßQWUHJLPHDŏRIHUXOXL
 &RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL

$WHQœLH (VWHSRVLELOFDVLVWHPXOGH &RQWLQXDœLVôVXSUDYHJKHDœL]RQD


DVLVWHQœôODSDUFDUHVôQX ßQRJOLQ]LOHUHWURYL]RDUHVDX
6LVWHPXOGHDVLVWHQœôODSDUFDUH UHFXQRDVFôRELHFWHOHDVFXœLWH ßQWRDUFHœLFDSXOVSUHßQDSRL
WUHEXLHFRQVLGHUDWDILGRDU KDLQHOHJURDVHGHLDUQôVDXDOWH $GRSWDœLPôVXULOHGHSUHFDXœLH
RIXQFœLHDX[LOLDUôŎRIHUXOWUHEXLH PDWHULDOHJURDVHŏLPRLFDUHDU QRUPDOHSHQWUXPHUVXOFXVSDWHOH
VôYHULILFHSHUPDQHQWGLVWDQœDßQ SXWHDDEVRUELXQGHOHDFXVWLFH 1XDSôVDœLŏLQXVXSXQHœLVHQ]RULL
RJOLQGDUHWURYL]RDUH ODŏRFXULSULQORYLUHVDXVSôODUHFX
DSôODSUHVLXQHPDUHDFHŏWLDVH
6HPQDOXOVRQRUGHDYHUWL]DUH $WHQœLH SRWGHWHULRUD
SRDWHILGLIHULWßQIXQFœLHGHQDWXUD
RELHFWHORU /DSULPLUHDDOWRUVHPQDOH
(VWHSRVLELOFDVHPQDOXOVRQRUGH XOWUDVRQLFH VXQHWPHWDOLFVDX $WHQœLH
DYHUWL]DUHVôQXVHDFWLYH]HGDFô ]JRPRWHGHIUÓQDUHGHOD
VHQ]RUXOHVWHßQJKHœDWVDX YHKLFXOHOHFRPHUFLDOHJUHOH HVWH ¿QWLPSXOSDUFôULLSRUœLXQHD
DFRSHULWGHPXUGôULHVDXQRURL SRVLELOFDVLVWHPXOGHDVLVWHQœôOD VXSHULRDUôDDXWRYHKLFXOXOXLSRDWH
SDUFDUHVôQXIXQFœLRQH]HFRUHFW ILORYLWôßQDLQWHFDVHQ]RUXOVô
1XDSôVDœLŏLQX]JÓULDœLVXSUDIDœD
&XUôœDœLVHQ]RULLPXUGDULFXXQ ßQFHDSôVôIXQFœLRQH]H
VHQ]RUXOXL3XWHœLGHWHULRUDVWUDWXO
EXUHWHPRDOHŏLDSôFXUDWô VXSUDYHJKHDœL]RQDßQRJOLQ]LOH
GHSURWHFœLH
UHWURYL]RDUHH[WHULRDUHVDX
([LVWôSRVLELOLWDWHDFDVLVWHPXOGH 8QHOHRELHFWHFDUHVHDIOôIRDUWH ßQWRDUFHœLFDSXOVSUHßQDSRLßQ
DVLVWHQœôODSDUFDUHVôQX DSURDSH DSUR[LPDWLYFP VDX WLPSXORSHUDœLXQLLGHSDUFDUH
IXQFœLRQH]HFRUHVSXQ]ôWRUDWXQFL ODGLVWDQœôGHSÓQôODDSUR[LPDWLY
PSRWVôQXILHGHWHFWDWH 6LVWHPXOGHDVLVWHQœôSDUFDUH
FÓQGFRQGXFHœLSHVXSUDIHœHFX
IXQFœLRQHD]ôFRUHFWSHVXSUDIHœH
GHQLYHOôULFXPDUILGUXPXUL
YHUWLFDOHIôUôGHQLYHOôUL
IRUHVWLHUHGUXPFXSLHWULŏGUXPXUL
GHPXQWHSDQWH
&RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL 

&RPEXVWLELOXO &RPEXVWLELOXOSHQWUX $OLPHQWDUHDFXFRPEXVWLELO


PRWRDUHOHGLHVHO
&RPEXVWLELOXOSHQWUX 8WLOL]DœLH[FOXVLYPRWRULQôFRQIRUPô
$WHQœLH
PRWRDUHOHSHEHQ]LQô FX',1(1&RPEXVWLELOXOWUHEXLH 'DFôIRORVLœLFRPEXVWLELOFXFLIUô
8WLOL]DœLH[FOXVLYEHQ]LQôIôUôSOXPE VôDLEôXQFRQœLQXWUHGXVGHVXOI RFWDQLFôLQFRUHFWôVDXDGôXJDœL
ßQFRQIRUPLWDWHFX',1(1 PD[SSP  DGLWLYLQHUHFRPDQGDœLßQUH]HUYRU
6HSRWXWLOL]DFRPEXVWLELOLVWDQGDUG 6HSRWXWLOL]DFRPEXVWLELOLHFKLYDOHQœL PRWRUXOŏLFDWDOL]DWRUXOVHSRWIL
HFKLYDOHQœLFXXQFRQœLQXWGHHWDQRO VWDQGDUGL]DœLFXXQFRQœLQXWELRGLHVHO JUDYDYDULDWH
GHPD[LPGLQYROXP )$0(ßQFRQIRUPLWDWHFX $VLJXUDœLYôßQWRWGHDXQDFôIDFHœL
(1 GHPD[LPXPGLQYROXP DOLPHQWDUHDFXFRPEXVWLELOXO
8WLOL]DœLEHQ]LQHDYÓQGFLIUDRFWDQLFô
FXPDUIL',1VDXQRUPH FRUHFW EHQ]LQôVDXPRWRULQô 
UHFRPDQGDWô 8WLOL]DUHDGH
HFKLYDOHQWH  FRUHVSXQ]ôWRUDXWRYHKLFXOXOXL
FRPEXVWLELOLFXFLIUôRFWDQLFôSUHD
PLFôSRDWHUHGXFHSXWHUHDŏLFXSOXO 1XXWLOL]DœLPRWRULQôGHX]QDYDO GXPQHDYRDVWUô'DFôDOLPHQWDœL
PRWRUXOXLFRQVXPXOGHFRPEXVWLELO PRWRULQôSHQWUXßQFôO]LUHPRWRULQô FXEHQ]LQôXQDXWRYHKLFXOHFKLSDW
FUHVFÓQGXŏRU PLQHUDOôSHED]ôGHSODQWHFXPDU FXPRWRUGLHVHODFHVWDVHYD
ILXOHLXOGHUDSLœôVDXELRGLHVHO GHIHFWDJUDY'DFôDXWRYHKLFXOXO
$WHQœLH DTXD]ROVDXHPXOVLLDSôPRWRULQô GXPQHDYRDVWUôHVWHHFKLSDWFX
VLPLODUH PRWRUGLHVHOSXWHœLYHULILFD
8WLOL]DUHDGHFRPEXVWLELOLFXFLIUô &RPEXVWLELOLLSHQWUXPRWRDUHGLHVHO DOLPHQWDUHDFRUHFWôFLWLQGGDWHOH
RFWDQLFôSUHDPLFôSRDWHGXFHOD QXWUHEXLHGLOXDœLFXFRPEXVWLELOL GHSHFODSHWDUH]HUYRUXOXLGH
RDUGHUHQHFRQWURODWôŏLOD SHQWUXPRWRDUHSHEHQ]LQô FRPEXVWLELO
DYDULHUHDPRWRUXOXL 9ÓVFR]LWDWHDŏLILOWUDELOLWDWHD 'LQUDœLXQLGHVLJXUDQœô
PRWRULQHLVXQWGHSHQGHQWHGH UHFLSLHQWHOHSRPSHOHŏLIXUWXQXULOH
WHPSHUDWXUô/DWHPSHUDWXULVFô]XWH GHFRPEXVWLELOWUHEXLHVôILH
DOLPHQWDœLFXPRWRULQôVSHFLDOô ßPSôPÓQWDWHßQPRGDGHFYDW
SHQWUXWHPSHUDWXULVFô]XWH $FXPXODUHDGHHOHFWULFLWDWHVWDWLFô
 &RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL

SRDWHDSULQGHYDSRULLGHEHQ]LQô 1XßQWUHSULQGHœLQLFLRDFœLXQHFDUH
3XWHœLVXIHULDUVXULLDU VôSURGXFôHOHFWULFLWDWHVWDWLFô
DXWRYHKLFXOXOVHSRDWHDYDULD FXPDUILLQWUDUHDVDXLHŏLUHDGLQ
DXWRYHKLFXOSHWLPSXO
UHDOLPHQWôULL9DSRULLGH
 3HULFRO FRPEXVWLELOVHSRWDSULQGHGDWRULWô
HOHFWULFLWôœLLVWDWLFH
¿QDLQWHGHDUHDOLPHQWDRSULœL
PRWRUXOŏLVLVWHPHOHGHßQFôO]LUH 'DFôVLPœLœLPLURVGHFRPEXVWLELO
H[WHULRDUHFDUHDXFDPHUHGH ßQDXWRYHKLFXOVROLFLWDœLLPHGLDW
DUGHUH¿QFKLGHœLWHOHIRDQHOH HOLPLQDUHDFDX]HLGHFôWUHXQ
PRELOH DWHOLHUVHUYLFH
9DSRULLGHFRPEXVWLELOVHSRW  2SULœLPRWRUXO
DSULQGHGDWRULWôXQGHORU
HOHFWURPDJQHWLFHVDXXWLOL]ôULL  3HQWUXDGHEORFDFODSHWD
WHOHIRDQHORUPRELOH UH]HUYRUXOXLGHFRPEXVWLELO
DSôVDœLEXWRQXOAGLQWDEORXOGH
&RPEXVWLELOXOHVWHLQIODPDELOŏL ERUGVDXGHSHWHOHFRPDQGD
H[SOR]LY1XIXPDœL1XVXQW UDGLR
DGPLVHIOôFôULGHVFKLVHVDX
VFÓQWHL5HVSHFWDœLLQVWUXFœLXQLOH  'HVFKLGHœLFODSHWDUH]HUYRUXOXLGH
GHXWLOL]DUHŏLGHVLJXUDQœôDOH FRPEXVWLELO
VWDœLHLGHDOLPHQWDUH  5RWLœLXŏRUEXŏRQXOUH]HUYRUXOXL
(OLPLQDœLHOHFWULFLWDWHDVWDWLFô GHFRPEXVWLELOßQVHQVDQWLRUDU
DPÓLQLORUGXPQHDYRDVWUôSULQ 'DFôDX]LœLXQIÓVÓLWDŏWHSWDœL
DWLQJHUHDXQXLRELHFWFDUH SÓQôODRSULUHDFRPSOHWô
&ODSHWDUH]HUYRUXOXLGHFRPEXVWLELO DDFHVWXLDßQDLQWHGHDGHŏXUXED
GHVFDUFôHOHFWULFLWDWHDVWDWLFô VHDIOôSHSDUWHDGLQGUHDSWDVSDWH
ßQDLQWHGHDDWLQJHŏLDGHVFKLGH FRPSOHWEXŏRQXO
DDXWRYHKLFXOXOXL
EXŏRQXOVDXGX]DGHUHDOLPHQWDUH
&RQGXFHUHDŏLXWLOL]DUHDDXWRYHKLFXOXOXL 

$WHQœLH
ŎWHUJHœLLPHGLDWRULFHFRPEXVWLELO
UHYôUVDW

 'DFôEXŏRQXOHVWHEORFDWßOSXWHœL
GHEORFDFXFKHLDGHFRQWDFW
6FRDWHœLEXŏRQXO$FHVWDHVWH
DWDŏDWGHFÓUOLJXOEDODPDOHL
 'XSôDOLPHQWDUHßQFKLGHœL
EXŏRQXO5RWLœLOODGUHDSWDSÓQô
FÓQGDX]LœLXQFOLF
 ¿PSLQJHœLFODSHWDUH]HUYRUXOXLGH
FRPEXVWLELOSÓQôFÓQGVH
EORFKHD]ôßQSR]LœLH
1RWô
'DFôßQFRQGLœLLGHYUHPHUHFH
FODSHWDUH]HUYRUXOXLGHFRPEXVWLELO
QXVHGHVFKLGHORYLœLRXŏRU$SRL
ßQFHUFDœLVôRGHVFKLGHœLGLQQRX
 ¿QJULMLUHDDXWRYHKLFXOXOXL

¿QJULMLUHD ,QIRUPDœLLJHQHUDOH $WHQœLH


DXWRYHKLFXOXOXL $FFHVRULLOHŏLPRGLILFDUHD 1XPRGLILFDœLQLFLRGDWô
DXWRYHKLFXOXOXL DXWRYHKLFXOXO$FHDVWDSRDWH
DIHFWDSHUIRUPDQœHOH
,QIRUPDœLLJHQHUDOH   9ôUHFRPDQGôPVôXWLOL]DœLSLHVHGH GXUDELOLWDWHDŏLVLJXUDQœD
VFKLPEŏLDFFHVRULLRULJLQDOHŏL DXWRYHKLFXOXOXLLDUJDUDQœLDQXDU
9HULILFDUHDDXWRYHKLFXOXOXL   FRPSRQHQWHRPRORJDWHVSHFLDO SXWHDDFRSHULRULFHSUREOHPH
¿QORFXLUHDEHFXULORU   SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUô FDX]DWHGHDFHVWHPRGLILFôUL
6LVWHPXOHOHFWULF   1XSXWHPHYDOXDVDXJDUDQWD
ILDELOLWDWHDDOWRUSURGXVHFKLDUGDFô
7UXVDGHVFXOH   DFHVWHDVXQWRPRORJDWHFRQIRUP &RPSDUWLPHQWHOHGH
-DQWHOHŏLDQYHORSHOH   VWDQGDUGHORUGHUDPXUôVDXßQDOW GHSR]LWDUHGLQDXWRYHKLFXO
3RUQLUHDDVLVWDWô   PRG
7UDFWDUHD   1XRSHUDœLPRGLILFôULODVLVWHPXO &RQVHUYDUHDSHQWUXRSHULRDGô
¿QJULMLUHDDVSHFWXOXL   HOHFWULFGHH[HPSOXSULQFRQHFWDUHD GHWLPSßQGHOXQJDWô
GHFRQVXPDWRULVXSOLPHQWDULVDX 8UPôWRDUHOHPôVXULWUHEXLH
PRGLILFDUHDXQLWôœLORUHOHFWURQLFHGH ßQWUHSULQVHGDFôDXWRYHKLFXOXO
FRQWURO FKLSWXQLQJ  XUPHD]ôDILSDUFDWSHQWUXPDLPXOWH
OXQL
࿢ 6SôODœLŏLFHUXLœLDXWRYHKLFXOXO
࿢ 9HULILFDœLVWUDWXOGHFHDUôGLQ
FRPSDUWLPHQWXOPRWRUŏLGHSH
SODQŏHX
࿢ 8PSOHœLFRPSOHWUH]HUYRUXOGH
FRPEXVWLELO
¿QJULMLUHDDXWRYHKLFXOXOXL 

࿢ &XUôœDœLŏLSURWHMDœLFKHGHUHOHGLQ 5HSXQHUHDßQIXQFœLXQH 9HULILFDUHD


FDXFLXF &ÓQGDXWRYHKLFXOXOXUPHD]ôVôILH
࿢ 6FKLPEDœLXOHLXOGHPRWRU UHSXVßQIXQFœLXQH
DXWRYHKLFXOXOXL
࿢ *ROLœLUH]HUYRUXOOLFKLGXOXLGH ࿢ &RQHFWDœLERUQDQHJDWLYôDEDWHULHL 'HUXODUHDOXFUôULORU
VSôODUH DXWRYHKLFXOXOXL$FWLYDœLXQLWDWHD
࿢ 9HULILFDœLSURWHFœLDODßQJKHœŏLOD HOHFWURQLFôGHFRQWURODJHDPXULORU
FRUR]LXQHDOLFKLGXOXLGHUôFLUH DFœLRQDWHHOHFWULF
࿢ &RUHFWDœLSUHVLXQHDßQDQYHORSHOD ࿢ 9HULILFDœLSUHVLXQHDßQDQYHORSH
YDORDUHDVSHFLILFDWôSHQWUXVDUFLQô ࿢ 8PSOHœLUH]HUYRUXOOLFKLGXOXLGH
PD[LPô VSôODUH
࿢ 3DUFDœLDXWRYHKLFXOXOßQORFXUL ࿢ 9HULILFDœLQLYHOXOXOHLXOXLGHPRWRU
XVFDWHŏLELQHYHQWLODWH&XSODœL ࿢ 9HULILFDœLQLYHOXOOLFKLGXOXLGHUôFLUH
WUHDSWDßQWÓLVDXPDUŏDULHUXO
3HQWUXWUDQVPLVLDDXWRPDWô ࿢ 0RQWDœLSOôFXœDGHßQPDWULFXODUH
VHOHFWDœLSR]LœLD3%ORFDœLURœLOH GDFôHVWHQHFHVDU
DXWRYHKLFXOXOXL
࿢ 1XWUDJHœLIUÓQDGHPÓQô 5HFLFODUHDDXWRYHKLFXOXOXL
࿢ 'HVFKLGHœLFDSRWDßQFKLGHœLWRDWH ODVIÓUŏLWXOGXUDWHLGH  $YHUWLVPHQW
SRUWLHUHOHŏLßQFXLDœLDXWRYHKLFXOXO XWLOL]DUH 'HUXODœLYHULILFôULßQ
࿢ 'HFRQHFWDœLERUQDQHJDWLYô 3HZHEVLWHXOQRVWUXVXQWGLVSRQLELOH FRPSDUWLPHQWXOPRWRUQXPDLFX
DEDWHULHLDXWRYHKLFXOXOXL5HœLQHœL LQIRUPDœLLFXSULYLUHODFHQWUHOHGH FRQWDFWXOGHFXSODW
FôWRDWHVLVWHPHOHVXQW UHFXSHUDUHDDXWRYHKLFXOHORUOD
QHIXQFœLRQDOHGHH[VLVWHPXOGH 9HQWLODWRUXOGHUôFLUHSRDWHLQWUDßQ
VIÓUŏLWXOGXUDWHLGHXWLOL]DUHŏL IXQFœLXQHŏLFÓQGFRQWDFWXOHVWH
DODUPôDQWLIXUW UHFLFODUHDDXWRYHKLFXOHORUODVIÓUŏLWXO GHFXSODW
࿢ ¿QFKLGHœLFDSRWD GXUDWHLGHXWLOL]DUH¿QFUHGLQœDœL
DFHDVWôDFWLYLWDWHQXPDLFHQWUHORUGH
UHFLFODUHDXWRUL]DWH
 ¿QJULMLUHDDXWRYHKLFXOXOXL

 3HULFRO
6LVWHPXOGHDSULQGHUHXWLOL]HD]ô
WHQVLXQLH[WUHPGHßQDOWH1X
DWLQJHœL

&DSRWD
'HVFKLGHUHD

 ¿PSLQJHœLßQVXVPDQHWDGH  7UDJHœLFXJULMôßQVXVWLMDGH
VLJXUDQœôŏLGHVFKLGHœLFDSRWD VXVœLQHUHSHQWUXDRVFRDWHGLQ
RSULWRU$SRLDVLJXUDœLRßQFÓUOLJXO
 $YHUWLVPHQW GLQSDUWHDVWÓQJô
DFRPSDUWLPHQWXOXLPRWRUXOXL
'DFôPRWRUXOHVWHßQFLQVDWLQJHœL
GRDUFôSWXŏHDODPÓQHUXOXLWLMHLGH ¿QFKLGHUH
VXVœLQHUHDFDSRWHL ¿QDLQWHGHßQFKLGHUHDFDSRWHLIL[DœL
WLMDGHVXVœLQHUHßQVXSRUWXODIHUHQW
&RERUÓœLFDSRWDŏLOôVDœLRVôFDGô
 7UDJHœLPDQHWDGHGHEORFDUHŏL OLEHUGHODFÓœLYDFHQWLPHWULSHQWUX
UHDGXFHœLRßQSR]LœLDLQLœLDOô DVHIL[DßQßQFKL]ôWRU9HULILFDœLGDFô
VDEORFDWFDSRWD
¿QJULMLUHDDXWRYHKLFXOXOXL 

 $YHUWLVPHQW
5HVSHFWDœLßQWRWGHDXQD
XUPôWRDUHOHPôVXULGHSUHFDXœLH
7UDJHœLGHSDUWHDIURQWDOô
DFDSRWHLSHQWUXDYôDVLJXUDFô
HVWHIHUPEORFDWôßQDLQWHGH
DSRUQLODGUXP
1XWUDJHœLPDQHWDGHGHEORFDUH
DFDSRWHLFÓQGDXWRYHKLFXOXOVH
DIOôßQPLŏFDUH
1XGHPDUDœLFXFDSRWDGHVFKLVô
&DSRWDGHVFKLVôYDREWXUD $WHQœLH
FÓPSXOGHYL]LELOLWDWHDOŏRIHUXOXL
&RQGXFHUHDDXWRYHKLFXOXOXLFX 1XßPSLQJHœLFDSRWDßQMRVßQWLPS
FDSRWDGHVFKLVôSRDWHGXFHOD FHDFHDVWDVHVSULMLQôSHWLMDGH
FROL]LXQLDYÓQGFDUH]XOWDW VXVœLQHUH
DFFLGHQWôULDOHSHUVRDQHORUVDX
GHWHULRUôULDOHDXWRYHKLFXOXOXLVDX
DOHDOWRUEXQXUL
 ¿QJULMLUHDDXWRYHKLFXOXOXL

3UH]HQWDUHDJHQHUDOôDFRPSDUWLPHQWXOXLPRWRU
0RWRDUHSHEHQ]LQô
¿QJULMLUHDDXWRYHKLFXOXOXL 

0RWRDUHSHEHQ]LQô
 ¿QJULMLUHDDXWRYHKLFXOXOXL

0RWRDUHSHEHQ]LQô
¿QJULMLUHDDXWRYHKLFXOXOXL 

0RWRUGLHVHO
 ¿QJULMLUHDDXWRYHKLFXOXOXL

 )LOWUXDHUPRWRU ,QWURGXFHœLMRMDSÓQôODRSULWRUXOGHSH 0RWRDUHSHEHQ]LQô!


 -RMôSHQWUXQLYHOXOXOHLXOXLGH PÓQHUŏLURWLœLRFXRMXPôWDWHGHWXUô
PRWRU
 %XŏRQXOHLGHPRWRU
 5H]HUYRUOLFKLGGHIUÓQô
 $FXPXODWRUXO
 &XWLDFXVLJXUDQœHIX]LELOH
 5H]HUYRUOLFKLGGHVSôODUH
 5H]HUYRUOLFKLGGHUôFLUHPRWRU
 5H]HUYRUOLFKLGGHVHUYRGLUHFœLH
KLGUDXOLFô

8OHLXOGHPRWRU 'DFôQLYHOXOXOHLXOXLGHPRWRU
0RWRDUHGLHVHO!
¿QDLQWHGHSRUQLUHDßQWURFôOôWRULH DVFô]XWSÓQôODPDUFDMXOGH00,1
PDLOXQJôVHUHFRPDQGôYHULILFDUHD FRPSOHWDœLFXXOHL
QLYHOXOXLXOHLXOXLGHPRWRU
)DFHœLYHULILFDUHDFXDXWRYHKLFXOXO
RSULWSHRVXSUDIDœôRUL]RQWDOô
0RWRUXOWUHEXLHVôVHDIOHOD
WHPSHUDWXUôGHUHJLPŏLVôILHRSULWGH
FHOSXœLQPLQXWH
6FRDWHœLMRMDGHXOHLŏWHUJHœLR
LQWURGXFHœLRSÓQôODRSULWRUXOGHSH
PÓQHUVFRDWHœLRGLQQRXŏLFLWLœL
QLYHOXOXOHLXOXLGHPRWRU
¿QJULMLUHDDXWRYHKLFXOXOXL 

6HUHFRPDQGôXWLOL]DUHDXQXLXOHLGH &DSDFLWôœLŏLYÓVFR]LWDWH  'DFôDYHœLRSUREOHPôGHH[


PRWRUGHDFHHDŏLFODVôFDFHOIRORVLW  RVFXUJHUHDSHODœLODXQDWHOLHU
ODXOWLPXOVFKLPEGHXOHL VHUYLFHSHQWUXUHSDUDœLL
1LYHOXOXOHLXOXLGHPRWRUQXWUHEXLHVô  $YHUWLVPHQW
GHSôŏHDVFôPDUFDMXO0 0$;GHSHMRMD $WHQœLH
GHXOHL 8OHLXOGHPRWRUHVWHLULWDQWŏLGDFô
HVWHLQJHUDWSRDWHSURYRFD 1HXWLOL]DUHDXOHLXOXLDGHFYDWSRDWH
ßPEROQôYLUHDVDXGHFHVXO GXFHODGHWHULRUDUHDPRWRUXOXL
ŒLQHœLOLFKLGXOGHUôFLUHGHSDUWHGH 8WLOL]DœLßQWRWGHDXQDWLSXULOHGHXOHL
DFFHVXOFRSLLORU PHQœLRQDWHßQ/LFKLGHŏLOXEULILDQœL
UHFRPDQGDœL 
(YLWDœLFRQWDFWXOUHSHWDWVDX
SUHOXQJLWFXSLHOHD
6SôODœL]RQHOHH[SXVHODXOHLFX
8OHLXOSHQWUXWUDQVPLVLD
DSôŏLVôSXQVDXFUHPôGH PDQXDOô
FXUôœDUHDPÓLQLORU
)LœLIRDUWHDWHQœLDWXQFLFÓQG $WHQœLH
VFXUJHœLXOHLXOGHPRWRUGHRDUHFH
DFHVWDSRDWHILVXILFLHQWGHILHELQWH ¿QDLQWHGHDHIHFWXDDFHDVWô
FDVôYôSURGXFôDUVXUL RSHUDœLXQHDVLJXUDœLYôFôVXQWHœL
%XŏRQXOGHXPSOHUHFXXOHLGHPRWRU IDPLOLDUL]DœLFXSURFHGXULOHFDUH
HVWHGLVSXVSHFDSDFXOD[XOXLFX XUPHD]ôVôILHHIHFWXDWH
FDPH /LFKLGSHQWUXWUDQVPLVLD 9ôUHFRPDQGôPVôDSHODœLODXQ
$WHQœLH
DXWRPDWô DWHOLHUGHVHUYLFHDXWRUL]DW
9HULILFDUHDQLYHOXOXLGHXOHLDO
8OHLXOGHPRWRUßQH[FHVWUHEXLH WUDQVPLVLHLDXWRPDWHQXHVWH
JROLWVDXH[WUDV QHFHVDUô
 ¿QJULMLUHDDXWRYHKLFXOXOXL

$WHQœLH )LOWUXDHUPRWRU
1HXWLOL]DUHDXOHLXOXLDGHFYDWSRDWH
GXFHODGHWHULRUDUHDPRWRUXOXL
8WLOL]DœLßQWRWGHDXQDWLSXULOHGHXOHL
PHQœLRQDWHßQ/LFKLGHŏLOXEULILDQœL
UHFRPDQGDœL 

$WHQœLH
1XDGôXJDœLSUHDPXOWXOHLGH
 2SULœLPRWRUXOŏLSHUPLWHœL WUDQVPLVLH
WUDQVPLVLHLVôVHUôFHDVFô $FHVWOXFUXSRDWHGHWHULRUDFXWLD
 6FRDWHœLEXŏRQXOGHXPSOHUH GHYLWH]H  'HVIDFHœLDPEHOHŏXUXEXUL
 'DFôQLYHOXOXOHLXOXLHVWHVFô]XW  6OôELœLEDODPDOHOHFDSDFXOXL
DGôXJDœLXOHLGHWUDQVPLVLHSÓQô  $YHUWLVPHQW ILOWUXOXLGHDHUŏLGHVFKLGHœL
FÓQGQLYHOXODMXQJHßQSDUWHD FDSDFXO
LQIHULRDUôDRULILFLXOXLEXŏRQXOXLGH &ôOGXUDHPLVôGHPRWRUGHFXWLD  ¿QORFXLœLILOWUXOGHDHU
XPSOHUH GHYLWH]HVDXGHXOHLXOGH  )L[DœLFDSDFXOFXEDODPDOHOH
 'XSôFRPSOHWDUHDSÓQôODQLYHOXO WUDQVPLVLHFDOGSRWFDX]DDUVXUL FDSDFXOXLŏLFXŏXUXEXUL
FRUHFWIL[DœLEXŏRQXOODORF $VLJXUDœLYôFôVDUôFLWFXWLDGH
YLWH]HßQDLQWHVôRDWLQJHœL
¿QJULMLUHDDXWRYHKLFXOXOXL 

$WHQœLH
9HULILFDœLQLYHO
 $YHUWLVPHQW
0RWRUXODUHQHYRLHGHDHUFXUDW $WHQœLH 1XVFRDWHœLQLFLRGDWôFDSDFXO
SHQWUXDIXQFœLRQDFRUHFW YDVXOXLGHH[SDQVLXQHFÓQG
1LYHOXOSUHDVFô]XWDOOLFKLGXOXLGH PRWRUXOVDXUDGLDWRUXOVXQW
1XSXQHœLDXWRYHKLFXOXOßQ UôFLUHSRDWHFDX]DDYDULHUHD
IXQFœLXQHIôUôVôILHLQVWDODW ILHUELQœL$FHVWOXFUXSRDWHFDX]D
PRWRUXOXL OH]LXQLJUDYH0RWRUXOWUHEXLHVô
FDUWXŏXOILOWUXOXLGHDHU
ILHUHFHßQDLQWHGHDGHVFKLGH
&RQGXFHUHDIôUôFDUWXŏXOILOWUXOXL FDSDFXO'HVFKLGHœLFXDWHQœLH
GHDHULQVWDODWSRDWHGXFHOD FDSDFXOHOLEHUÓQGWUHSWDW
DYDULHUHDPRWRUXOXL VXSUDSUHVLXQHD

/LFKLGXOGHUôFLUH &RPSOHWDœLFXXQDPHVWHFGHDSô
DPRWRUXOXL GHPLQHUDOL]DWôŏLDQWLJHORPRORJDW
SHQWUXDXWRYHKLFXO6WUÓQJHœLELQHOD
¿QœôULOHFXFOLPôPRGHUDWôOLFKLGXOGH ORFFDSDFXO6ROLFLWDœLYHULILFDUHD
UôFLUHDVLJXUôRSURWHFœLHODßQJKHœ FRQFHQWUDœLHLGHDQWLJHOŏLHOLPLQDUHD
SÓQôODDSUR[LPDWLY¡& FDX]HLSLHUGHULORUGHOLFKLGGHUôFLUH
¿QœôULOHFXFOLPôH[WUHPGHUHFH GHFôWUHXQDWHOLHUVHUYLFHDXWRUL]DW
OLFKLGXOGHUôFLUHDVLJXUôRSURWHFœLHOD
1RWô
ßQJKHœSÓQôODDSUR[LPDWLY¡& 'DFôVLVWHPXOGHUôFLUHHVWHUHFH 'DFôQLYHOXOOLFKLGXOXLGHUôFLUH
0HQœLQHœLFRQFHQWUDœLDVXILFLHQWô QLYHOXOOLFKLGXOXLGHUôFLUHWUHEXLHVô VFDGHVXEOLQLDGHPDUFDUH
DDQWLJHOXOXL VHDIOHGHDVXSUDPDUFDMXOXLOLQLHLGH DGôXJDœLßQUDGLDWRUDPHVWHF
XPSOHUH&RPSOHWDœLFXOLFKLGGDFô DSô GHDSôGHPLQHUDOL]DWôŏL
$WHQœLH QLYHOXOHVWHVFô]XW DQWLJHOSHED]ôGHDFLGRUJDQLF
3HQWUXDYôSURWHMDDXWRYHKLFXOXOSH
8WLOL]DœLH[FOXVLYDQWLJHOXUL YUHPHH[WUHPGHUHFHXWLOL]DœLXQ
RPRORJDWH DPHVWHFGHDSôŏLDQWLJHO
 ¿QJULMLUHDDXWRYHKLFXOXOXL

$WHQœLH $WHQœLH
6HUYRGLUHFœLDKLGUDXOLFô

$SDRELŏQXLWôVDXXQDPHVWHF 1XHVWHQHFHVDUôDGôXJDUHDGH
LQDGHFYDWSRWGHWHULRUDVLVWHPXO OLFKLGGHUôFLUHPDLIUHFYHQWGHFÓW
GHUôFLUH VHUHFRPDQGô
1XXWLOL]DœLDSôVLPSOôDOFRROVDX 'DFôVHLPSXQHDGôXJDUHD
DQWLJHOSHED]ôGHPHWDQROßQ IUHFYHQWôGHOLFKLGGHUôFLUH
VLVWHPXOGHUôFLUH DFHVWDSRDWHILXQVHPQFô
0RWRUXOVHSRDWHVXSUDßQFôO]LVDX DXWRYHKLFXOXODUHQHYRLHGH
FKLDUOXDIRF ßQWUHœLQHUH
&RQWDFWDœLXQFHQWUXGHUHSDUDœLL
SHQWUXRYHULILFDUHDVLVWHPXOXLGH
$WHQœLH UôFLUH
9ôUHFRPDQGôPVôFRQVXOWDœLXQ 1LYHOXOOLFKLGXOXLGHVHUYRGLUHFœLH
/LFKLGXOGHUôFLUHSRDWHILXQ
DWHOLHUVHUYLFHDXWRUL]DW WUHEXLHVôVHßQFDGUH]HßQWUH
PDWHULDOSHULFXORV
PDUFDMHOHGH0 0,1ŏL00$;
(YLWDœLFRQWDFWXOUHSHWDWVDX
SUHOXQJLWFXOLFKLGGHUôFLUH /LFKLGXOGHVHUYRGLUHFœLH &RPSOHWDœLFXOLFKLGGDFôQLYHOXOHVWH
VFô]XW
&XUôœDœLSLHOHDŏLXQJKLLOHFXDSô 6HUYRGLUHFœLDHOHFWULFô
ŏLVôSXQGXSôFRQWDFWXODFHVWRUD
'DFôDXWRYHKLFXOXOHVWHHFKLSDWFX
FXOLFKLGGHUôFLUH
XQVLVWHPHOHFWURQLFGHVHUYRGLUHFœLH
ŒLQHœLOLFKLGXOGHUôFLUHGHSDUWHGH QXVHXWLOL]HD]ôOLFKLGGH
DFFHVXOFRSLLORU VHUYRGLUHFœLH
/LFKLGXOGHUôFLUHSRDWHLULWDSLHOHD
ŏLSURYRFDßPEROQôYLUHDVDXFKLDU
GHFHVXOGDFôHVWHLQJHUDW
¿QJULMLUHDDXWRYHKLFXOXOXL 

3HQWUXDGôXJDUHDGHOLFKLGGH
$WHQœLH  $YHUWLVPHQW VSôODUHDSDUEUL]XOXLßQUH]HUYRU
&DQWLWôœLH[WUHPGHPLFLGH /LFKLGXOßQH[FHVGHYHUVDWSRDWH ࿢ ¿QDFHVWVFRSXWLOL]DœLGRDUOLFKLGGH
PXUGôULHSRWGHWHUPLQD OXDIRFVDXSRDWHFDX]D VSôODUHDSDUEUL]XOXLGLVSRQLELOßQ
GHWHULRUDUHDVLVWHPXOXLGHGLUHFœLH GHFRORUDUHDVXSUDIHœHORUYRSVLWH FRPHUœ
ŏLIXQFœLRQDUHDVD 1XXPSOHœLUH]HUYRUXOSHVWHOLPLWD ࿢ 1XXWLOL]DœLDSôGHODURELQHW
QHFRUHVSXQ]ôWRDUH1XSHUPLWHœL LQGLFDWô 6ôUXULOHPLQHUDOHSUH]HQWHßQDSD
PXUGôULHLVôLQWUHßQFRQWDFWFX GHODURELQHWSRWREWXUDFRQGXFWHOH
SDUWHDGHOLFKLGDFDSDFXOXL 8QLQFHQGLXODPRWRUSRDWHFDX]D VSôOôWRUXOXLGHSDUEUL]
UH]HUYRUXOXLMRMHLVDXVôSôWUXQGô OH]LXQLJUDYHŏLGHWHULRUDUHD
DXWRYHKLFXOXOXLŏLDDOWRUEXQXUL ࿢ 'DFôHVWHSUREDELOôVFôGHUHD
ßQUH]HUYRU WHPSHUDWXULLVXEOLPLWDGHßQJKHœ
IRORVLœLOLFKLGSHQWUXVSôOôWRUXOGH
/LFKLGXOGHVSôODUH SDUEUL]FXSURSULHWôœLDQWLJHO
$WHQœLH
1XFRQGXFHœLDXWRYHKLFXOXOIôUô /LFKLGXOGHIUÓQô
FDQWLWDWHDQHFHVDUôGHXOHLSHQWUX
VHUYRGLUHFœLH  $YHUWLVPHQW
¿QFD]FRQWUDUVHSRDWHGHWHULRUD
VLVWHPXOGHGLUHFœLHDO /LFKLGXOGHIUÓQôHVWHWR[LFŏL
DXWRYHKLFXOXOXLDQWUHQÓQG FRUR]LY(YLWDœLFRQWDFWXOFXRFKLL
UHSDUDœLLFRVWLVLWRDUH SLHOHDWDSLœHULDŏLVXSUDIHœHOH
YRSVLWH

8PSOHœLFXOLFKLGGHVSôODUH
DSDUEUL]XOXLFXFRQœLQXWGHDQWLJHO
 ¿QJULMLUHDDXWRYHKLFXOXOXL

$WHQœLH /LFKLGXOGHIUÓQôŏLUHFLSLHQWHOH
DFHVWRUDVXQWSHULFXORDVH
$VLJXUDœLYôFôDœLFXUôœDWFRPSOHW $FHVWHDSRWGôXQDVôQôWôœLL
]RQDGLQMXUXOFDSDFXOXL GXPQHDYRDVWUôŏLPHGLXOXL
UH]HUYRUXOXLGHOLFKLGGHIUÓQô ßQFRQMXUôWRU
ßQDLQWHGHVFRDWHUHDDFHVWXLD /LFKLGXOGHIUÓQôHVWHQRFLYŏL
3UH]HQœDLPSXULWôœLORUßQOLFKLGXOGH SRDWHLULWDSLHOHDŏLRFKLL
IUÓQôSRDWHDIHFWDSHUIRUPDQœHOH 1XSHUPLWHœLFRQWDFWXOOLFKLGXOXLGH
VLVWHPXOXLGHIUÓQDUHDQWUHQÓQG IUÓQôFXSLHOHDVDXRFKLL'DFô
UHSDUDœLLFRVWLVLWRDUH DFHDVWDVHßQWÓPSOôVSôODœL
6FXUJHUHDOLFKLGXOXLGHIUÓQôßQ LPHGLDW]RQDDIHFWDWôFXDSôŏL
H[FHVSHPRWRUSRDWHFDX]D VôSXQVDXFUHPôGHFXUôœDUH
1LYHOXOOLFKLGXOXLGHIUÓQôWUHEXLHVô DPÓLQLORU
VHßQFDGUH]HßQWUHPDUFDMHOHGH0 0,1 DSULQGHUHDOLFKLGXOXL
ŏL0
0$; 1XXPSOHœLUH]HUYRUXOSHVWHOLPLWD
&ÓQGFRPSOHWDœLFXOLFKLGDVLJXUDœL LQGLFDWô %DWHULD
RFXUôœHQLHLPSHFDELOôGHRDUHFH 8QLQFHQGLXODPRWRUSRDWHFDX]D %DWHULDDXWRYHKLFXOXOXLHVWHIôUô
FRQWDPLQDUHDOLFKLGXOXLGHIUÓQô OH]LXQLJUDYHŏLGHWHULRUDUHD ßQWUHœLQHUHFXFRQGLœLDFDPRGXOGH
SRDWHSURYRFDGHIHFWDUHDVLVWHPXOXL DXWRYHKLFXOXOXLŏLDDOWRUEXQXUL XWLOL]DUHVôDVLJXUHßQFôUFDUHD
GHIUÓQDUH$GUHVDœLYôXQXLDWHOLHU VXILFLHQWôDEDWHULHL&RQGXFHUHDSH
VHUYLFHSHQWUXUHPHGLHUHDFDX]HL GLVWDQœHVFXUWHŏLSRUQLULOHIUHFYHQWH
SLHUGHULLGHOLFKLGGHIUÓQô $WHQœLH SRWGXFHODGHVFôUFDUHDEDWHULHL
(YLWDœLXWLOL]DUHDGHFRQVXPDWRUL
8WLOL]DœLGRDUXOHLGHIUÓQôRPRORJDW 1XIRORVLœLSXEHOHOHSHQWUXGHŏHXUL HOHFWULFLLQXWLOL
SHQWUXDXWRYHKLFXOH/LFKLGXOGHIUÓQô PHQDMHUHSHQWUXDHOLPLQDOLFKLGXO
ŏLGHDPEUHLDM  GHIUÓQôX]DW
8WLOL]DœLFHQWUHOHORFDOHDXWRUL]DWH
GHFROHFWDUHDGHŏHXULORUDXWR
¿QJULMLUHDDXWRYHKLFXOXOXL 

(WLFKHWôGHDYHUWL]DUH
 $YHUWLVPHQW
0DWHULDOHOHFXWHPSHUDWXULULGLFDWH
WUHEXLHœLQXWHODGLVWDQœôGHEDWHULH
SHQWUXDHYLWDSHULFROXOXQHL
H[SOR]LL([SORGDUHDEDWHULHL
%DWHULLOHQXYRUILHOLPLQDWHßPSUHXQô SRDWHFDX]DGHIHFœLXQLOD
FXJXQRLXOPHQDMHU$FHVWHDYRUIL DXWRYHKLFXOUôQLULJUDYHVDX
HOLPLQDWHSULQLQWHUPHGLXOXQXLFHQWUX GHFHVXO
GHFROHFWDUHŏLUHFLFODUH (YLWDœLFRQWDFWXOFXRFKLLSLHOHD
6WDœLRQDUHDDXWRYHKLFXOXOXLSHQWUX WDSLœHULDŏLVXSUDIHœHOHYRSVLWH
RSHULRDGôPDLOXQJôGH (OHFWUROLWXOFRQœLQHDFLGVXOIXULF
VôSWôPÓQLSRDWHSURYRFD FDUHSURYRDFôDUVXULŏLGHWHULRUôUL
GHVFôUFDUHDEDWHULHL'HFRQHFWDœL ßQFD]XOFRQWDFWXOXLGLUHFW¿QFD]XO 6HPQLILFDœLDVLPEROXULORU
ERUQDQHJDWLYôDEDWHULHL FRQWDFWXOXLFXSLHOHDFXUôœDœL]RQD
DXWRYHKLFXOXOXL FXDSôŏLVROLFLWDœLDVLVWHQœô ࿢ )ôUôVFÓQWHLIRFGHVFKLVVDX
PHGLFDOôGHXUJHQœô IXPDW
$VLJXUDœLYôFôHVWHGHFXSODW
FRQWDFWXOßQDLQWHDFRQHFWôULLVDX 1XOôVDœLODßQGHPÓQDFRSLLORU ࿢ 3URWHMDœLßQWRWGHDXQDRFKLL*D]HOH
GHFRQHFWôULLEDWHULHLDXWRYHKLFXOXOXL H[SOR]LYHSRWSURYRFDRUELUHDVDX
1XßQFOLQDœLREDWHULHGHVFKLVô UôQLUHD
)XQFœLDGHSURWHFœLHßPSRWULYD ࿢ 1XOôVDœLEDWHULDODßQGHPÓQD
GHVFôUFôULLDFXPXODWRUXOXL  FRSLLORU
࿢ %DWHULDFRQœLQHDFLGVXOIXULFFDUH
SRDWHSURGXFHRUELUHDVDXUôQLUHD
JUDYôSULQDUVXUL
 ¿QJULMLUHDDXWRYHKLFXOXOXL

࿢ 9H]L0DQXDOXOXWLOL]DWRUXOXLSHQWUX &XSODœLFRQWDFWXODŏWHSWDœL
LQIRUPDœLLVXSOLPHQWDUH VHFXQGHDSRLURWLœLFRQWDFWXOßQ
࿢ ¿QDSURSLHUHDEDWHULHLSRWH[LVWD SR]LœLD/2&.$FHDVWôRSHUDœLH
JD]HH[SOR]LYH WUHEXLHH[HFXWDWôGHFHOSXœLQ
RUL

)LOWUXOGHPRWRULQô $WHQœLH
6FXUJHUHDDSHLGLQILOWUXOGH 'DFôFRQWLQXDœLVôFRQGXFHœLßQ
FRPEXVWLELO WLPSFHODPSDGHDYHUWL]DUH8
'DFôDSDGLQFRPEXVWLELOSôWUXQGHßQ HVWHDSULQVôVLVWHPXOGH
PRWRUVDXßQVLVWHPXOGHDOLPHQWDUH DOLPHQWDUHFXFRPEXVWLELOSRDWHIL
FXFRPEXVWLELODFHVWDGLQXUPDSRDWH VHULRVDYDULDW
ILVHULRVDYDULDW  ,GHQWLILFDœLILOWUXOGHFRPEXVWLELOßQ
MXUXOUH]HUYRUXOXLGHFRPEXVWLELO 6FXUJHœLLPHGLDWDSDGLQILOWUXOGH
$WXQFLFÓQGQLYHOXOGHDSôGLQILOWUXO FRPEXVWLELO
GHFRPEXVWLELOGHSôŏHŏWHXQDQXPLW  $ŏH]DœLXQUHFLSLHQWSHQWUXDSô
QLYHOODPSDGHDYHUWL]DUHSULYLQGDSD VXEILOWUXOGHFRPEXVWLELO
ßQFRPEXVWLELO8VHDSULQGH  5RWLœLEXŏRQXOGHVFXUJHUHßQVHQV
'H]DHUDUHDVLVWHPXOXLGH
'DFôDFHVWOXFUXVHSURGXFHVFXUJHœL
DQWLRUDUFXDMXWRUXOXQHL DOLPHQWDUHFXPRWRULQô
ŏXUXEHOQLœHFXFDSSODW 'DFôUH]HUYRUXOGHFRPEXVWLELOVD
LPHGLDWDSDGLQILOWUXOGHFRPEXVWLELO
 $ŏWHSWDœLSÓQôFÓQGDSDVH JROLWFRPSOHWVLVWHPXOGHDOLPHQWDUH
$WHQœLH VFXUJHFRPSOHWDSRLURWLœL FXPRWRULQôWUHEXLHDHULVLW&XSODœL
EXŏRQXOGHJROLUHßQVHQVRUDU FRQWDFWXOGHWUHLRULFÓWHVHFXQGH
¿QDLQWHGHVFXUJHUHIDPLOLDUL]DœL SHQWUXDOVWUÓQJH GHILHFDUHGDWô$SRLDFœLRQDœL
YôSHGHSOLQFXGHUXODUHDDFHVWHL  ¿QDLQWHGHDSRUQLPRWRUXO GHPDURUXOGDUQXPDLPXOWGHGH
DFWLYLWôœL HIHFWXDœLRSHUDœLDGHDPRUVDUH VHFXQGH5HSHWDœLSURFHGXUDGXSôQX
GXSôFXPXUPHD]ô PDLSXœLQGHVHFXQGH'DFôPRWRUXO
9ôUHFRPDQGôPVôDSHODœLODXQ WRWQXSRUQHŏWHDSHODœLODXQDWHOLHU
DWHOLHUGHVHUYLFHDXWRUL]DW VHUYLFHSHQWUXDVLVWHQϙ
¿QJULMLUHDDXWRYHKLFXOXOXL 

¿QORFXLUHDODPHOHORU 1XIRORVLœLVROYHQœLEHQ]LQôNHURVHQ
VDXGLOXDQWGHYRSVHDSHQWUX
ŏWHUJôWRDUHORU FXUôœDUHDŏWHUJôWRDUHORU$FHVWH
)XQFœLRQDUHDFRUHFWô VXEVWDQœHVXQWDJUHVLYHŏLSRW
DŏWHUJôWRDUHORUGHSDUEUL]HVWH GHWHULRUDODPHOHŏLVXSUDIHœHOH
HVHQœLDOôSHQWUXREXQôYL]LELOLWDWHŏL YRSVLWH
FRQGXFHUHDßQVLJXUDQœô9HULILFDœL
SHULRGLFVWDUHDODPHORU /DPHOHOHŏWHUJôWRDUHORUGH
ŏWHUJôWRDUHORU¿QORFXLœLODPHOHOH SDUEUL]
ULJLGHFDVDQWHVDXILVXUDWHVDXFHOH
FDUHßPSUôŏWLHPXUGôULDSHSDUEUL]
&RUSXULOHVWUôLQHGHSXVHSHSDUEUL]
VDXSHODPHOHOHŏWHUJôWRDUHORUSRW  ¿PSLQJHœLODPHODŏWHUJôWRUXOXLßQ
UHGXFHHILFDFLWDWHDŏWHUJôWRDUHORU WLPSFHRURWLœLDSRLßPSLQJHœLRßQ
'DFôODPHOHOHŏWHUJôWRDUHORUQXŏWHUJ VXV
FRUHFWSDUEUL]XOFXUôœDœLSDUEUL]XOŏL
ODPHOHOHFXVROXœLHGHFXUôœDUH
DGHFYDWôVDXXQGHWHUJHQWQHXWUX
&OôWLœLELQHFXDSô
5HSHWDœLSURFHGXUDGDFôHVWH
QHFHVDU1XH[LVWôQLFLRSRVLELOLWDWH
GHßQGHSôUWDUHDXUPHORUGHVLOLFRQGH
SHJHDP'HDFHHDQXDSOLFDœL  ŒLQHœLWLMDEUDœXOXLŏWHUJôWRUXOXLŏL
QLFLRGDWôVROXœLHGHSROLŏDUHFXVLOLFRQ ULGLFDœLEUDœXOŏWHUJôWRUXOXL
SHSDUEUL]XODXWRYHKLFXOXOXLßQFD]  $SôVDœLFXGHJHWHOHŏWLIWXOGH
FRQWUDUYRUDSôUHDGXQJLFDUHYRU EORFDUHDJOLVôULL
ßPSLHGLFDYL]LELOLWDWHDŏRIHUXOXL
 ¿QJULMLUHDDXWRYHKLFXOXOXL

/DPHODŏWHUJôWRUXOXLGHOXQHWô ¿QORFXLUHDEHFXULORU
'HFXSODœLFRQWDFWXOŏLDGXFHœLßQ
SR]LœLDGH]DFWLYDWFRPXWDWRUXO
UHOHYDQWVDXßQFKLGHœLSRUWLHUHOH
$SXFDœLEHFXOQRXQXPDLGHED]ô1X
DSXFDœLGHSDUWHDGLQVWLFOôFXPÓLQLOH
JRDOH
8WLOL]DœLH[FOXVLYEHFXULGHDFHODŏLWLS
SHQWUXßQORFXLUH
¿QORFXLœLEHFXULOHIDUXULORUSULQ
 6FRDWHœLODPDŏWHUJôWRUXOXLGLQ FRPSDUWLPHQWXOPRWRU
VLJXUDQϙSULQRULILFLXOGHJKLGDM
 5LGLFDœLßQVXVODPHOD
ŏWHUJôWRUXOXLSÓQôFÓQGDGXFHœLßQ
DFHODŏLSODQODPHODŏWHUJôWRUXOXL
ŏLVLJXUDQœDEUDœXOXL
 7UDJHœLODPHODŏWHUJôWRUXOXL
¿QJULMLUHDDXWRYHKLFXOXOXL 

1RWô )DUXULOH
'XSôFRQGXFHUHDSHSORDLH
WRUHQœLDOôVDXGXSôVSôODUHOHQWLOHOH )D]DVFXUWôŏLID]DOXQJô
XQRUOôPSLH[WHULRDUHSRWDUôWDFDŏL
FXPDUILßQJKHœDWH
$FHDVWôVWDUHHVWHFDX]DWôGH
GLIHUHQœDGHWHPSHUDWXUôGLQWUH
LQWHULRUXOŏLH[WHULRUXOOôPSLL
$FHVWOXFUXHVWHVLPLODUFX
FRQGHQVXOFHDSDUHSHJHDPXULßQ
LQWHULRUXODXWRYHKLFXOXOXLßQWLPSXO
SORLLŏLQXLQGLFôRSUREOHPôOD
DXWRYHKLFXO  $SôVDœLFOHPDDUFXLWôGHFXSODœL
'DFôDSDVHVFXUJHßQFLUFXLWXO R
EHFXOXLOôPSLLYHULILFDœL  6FRDWHœLEHFXOGLQFDUFDVD
DXWRYHKLFXOXOODXQDWHOLHUVHUYLFH UHIOHFWRUXOXL
 6FRDWHœLFDSDFXOGHSURWHFœLH
DXWRUL]DW
 ¿QJULMLUHDDXWRYHKLFXOXOXL

 'HFXSODœLFRQHFWRUXOGHODEHF 5RWLœLŏXUXEXULOHGHUHJODUHFX /XPLQLOHGHSDUFDUH


 ¿QORFXLœLEHFXOŏLFXSODœLFRQHFWRUXO RŏXUXEHOQLœôßQVHQVRUDURMXPôWDWH
ODEHF GHURWDœLH
 /DPRQWDUHDXQXLEHFQRXIL[DœL 3HQWUXGH]DFWLYDUHURWLœLŏXUXEXULOH
RSULWRDUHOHßQRULILFLLOHGLQ GHUHJODUHRMXPôWDWHGHURWDœLHßQ
UHIOHFWRU VHQVDQWLRUDU
 )L[DœLFOHPDHODVWLFô
$WHQœLH
 3XQHœLODORFFDSDFXOGHSURWHFœLH
DOIDUXOXLŏLßQFKLGHœL (IHFWXDœLUHJODUHDIDUXULORU
YHULILFDWHGXSôGH]DFWLYDUH
9HKLFXOHOHFXVLVWHPGHIDUXULFX
KDORJHQODFRQGXFHUHDßQVWUôLQôWDWH 9ôUHFRPDQGôPVôDSHODœLODXQ
DWHOLHUGHVHUYLFHDXWRUL]DW
 6FRDWHœLFDSDFXOGHSURWHFœLH
 $YHUWLVPHQW
5HJODUHDQHFRUHVSXQ]ôWRDUH
DIDUXULORUSRDWHRUELWHPSRUDU
ŏRIHUXOGHSHEDQGDRSXVô
5HJODœLQXPDLGDFôHVWHQHFHVDU

ŎXUXEXULOHGHUHJODUHVXQWORFDOL]DWH
GHDVXSUDOHQWLOHORUSHQWUXID]DVFXUWô
¿QJULMLUHDDXWRYHKLFXOXOXL 

 6FRDWHœLVRFOXOOôPSLLGHSR]LœLH /ôPSLOHGHVHPQDOL]DUHGLQIDœô  3UHVDœLXŏRUEHFXOßQVRFOXURWLœLO


GLQUHIOHFWRU ßQVHQVDQWLRUDUVFRDWHœLOŏL
 'HFXSODœLFRQHFWRUXOGHODEHF ßQORFXLœLOFXXQXOQRX
 ,QWURGXFHœLVRFOXOßQUHIOHFWRUŏL
URWLœLOßQVHQVRUDUSHQWUXEORFDUH
ßQSR]LœLH

%ORFXULOHRSWLFHVSDWH

 5RWLœLVRFOXOEHFXOXLßQVHQV
DQWLRUDUSHQWUXGHEORFDUH
 6FRDWHœLEHFXOGLQVRFOX
 ,QWURGXFHœLEHFXOQRX
 &XSODœLFRQHFWRUXOODEHF
 ,QWURGXFHœLVRFOXOßQUHIOHFWRU
 3XQHœLODORFFDSDFXOGHSURWHFœLH
DOIDUXOXLŏLßQFKLGHœL  'HVIDFHœLDPEHOHŏXUXEXUL
 7UDJHœLDQVDPEOXOEORFXOXLRSWLF
3URLHFWRDUHOHGHFHDœô VSDWHSHQWUXDOßQGHSôUWD$YHœL
$SHODœLODXQDWHOLHUVHUYLFHSHQWUX JULMôODFRQGXFWDGHFDEOXULVô
ßQORFXLUHDEHFXULORU UôPÓQôSHSR]LœLH
 ¿QJULMLUHDDXWRYHKLFXOXOXL

 6FRDWHœLVRFOXOOôPSLL3UHVDœL
XŏRUEHFXOßQVRFOXURWLœLOßQVHQV
DQWLRUDUVFRDWHœLOŏLßQORFXLœLOFX
XQXOQRX
 ,QWURGXFHœLVRFOXOEHFXOXLßQEORFXO
GHOXPLQLVSDWHŏLßQŏXUXEDœLOSH
SR]LœLH,QVWDODœLEORFXORSWLFVSDWH
ßQFDURVHULHŏLVWUÓQJHœL
ŏXUXEXULOH¿QFKLGHœLŏLFXSODœL
FDSDFHOH
 &XSODœLFRQWDFWXODFœLRQDœLŏL
YHULILFDœLWRDWHOXPLQLOH
 /DPSDGHSR]LœLHVSDWHIUÓQô 
  5RWLœLVRFOXOEHFXOXLßQVHQV
/DPSDGHVHPQDOL]DUH  DQWLRUDU
/DPSôGHPDUŏDULHU SDUWHD
SDVDJHUXOXL ODPSôGHFHDœô
SDUWHDŏRIHUXOXL  

¿QJULMLUHDDXWRYHKLFXOXOXL 

/ôPSLOHGHVHPQDOL]DUH /DPSDGHIUÓQôPRQWDWô ,OXPLQDUHDSOôFXœHLGH


ODWHUDOH FHQWUDOVXV ßQPDWULFXODUH

 6FRDWHœLODPSDFXDMXWRUXOXQHL 'DFôODPSDGHIUÓQôPRQWDWôVXVQX  6FRDWHœLODPSDFXDMXWRUXOXQHL


ŏXUXEHOQLœH¿PSLQJHœLODPSDßQ IXQFœLRQHD]ôDSHODœLODXQDWHOLHU ŏXUXEHOQLœH
IDœô SDUWHDŏRIHUXOXL VDXßQVSDWH VHUYLFHSHQWUXUHSDUDœLL  6FRDWHœLFDUFDVDOôPSLLßQMRV
SDUWHDSDVDJHUXOXL $SRLURWLœL DYÓQGJULMôVôQXWUDJHœLGHFDEOX
ODPSDßQMRVŏLVFRDWHœLRSULQ
5RWLœLVRFOXOEHFXOXLßQVHQV
GHVFKLGHUH
DQWLRUDUSHQWUXGHEORFDUH
 5RWLœLVRFOXOEHFXOXLßQVHQV
 6FRDWHœLEHFXOGLQVRFOXŏL
DQWLRUDU
ßQORFXLœLOFXXQXOQRX
 6FRDWHœLEHFXOGLQVRFOXVDXŏL
ßQORFXLœLO
 0RQWDœLODORFßQRUGLQHLQYHUVô
 ¿QJULMLUHDDXWRYHKLFXOXOXL

 ,QWURGXFHœLVRFOXOEHFXOXLßQ /DPSDKD\RQXOXL VDX


FDUFDVDOôPSLLŏLURWLœLOßQVHQV DFDSDFXOXLSRUWEDJDMXOXL
RUDU
 ,QWURGXFHœLFDUFDVDOôPSLLŏL
VWUÓQJHœLFXDMXWRUXOXQHL
ŏXUXEHOQLœH

/XPLQLOHLQWHULRDUH
3ODIRQLHUD
 3HQWUXDRVFRDWHDSXFDœLGH
SDUWHDRSXVôFRPXWDWRUXOXLOôPSLL  6FRDWHœLEHFXO
XWLOL]ÓQGRŏXUXEHOQLœôSODWô  ,QWURGXFHœLEHFXOQRX
$YHœLJULMôVôQX]JÓULDœL
 6FRDWHœLODPSDFXDMXWRUXOXQHL  0RQWDœLODPSD
 6FRDWHœLEHFXO
ŏXUXEHOQLœH
 ¿QORFXLœLEHFXO
 0RQWDœLODORFDQVDPEOXOOôPSLL
¿QJULMLUHDDXWRYHKLFXOXOXL 

6LVWHPXOHOHFWULF 1RWô &XWLDFXVLJXUDQœHGLQ


1XWRDWHGHVFULHULOHFXWLHLGH
VLJXUDQϙGLQSUH]HQWXOPDQXDOVH FRPSDUWLPHQWXOPRWRU
6LJXUDQœHOHIX]LELOH DSOLFôDXWRYHKLFXOXOXL
'DWHOHVLJXUDQœHLIX]LELOHGHVFKLPE GXPQHDYRDVWUô
WUHEXLHVôFRUHVSXQGôFXFHOHDOH /DLQVSHFWDUHDFXWLHLFXVLJXUDQœH
VLJXUDQœHLIX]LELOHDUVH FLWLœLHWLFKHWDFXWLHLUHVSHFWLYH
2SDUWHGLQVLJXUDQœHOHSULQFLSDOHVH
JôVHVFßQWURFXWLHGHDVXSUDERUQHL 3HQVHWDSHQWUXVLJXUDQœH
SR]LWLYH'DFôHVWHQHFHVDUDSHODœL (VWHSRVLELOVôDYHœLXQH[WUDFWRUGH
ODXQDWHOLHUVHUYLFHSHQWUXDOH VLJXUDQœHßQSDQRXOGHVLJXUDQœHGLQ
ßQORFXL FRPSDUWLPHQWXOPRWRU
¿QDLQWHDßQORFXLULLXQHLVLJXUDQœH ¿QIXQFœLHGHWLSXOVLJXUDQœHLSULQGHœL
GHFRQHFWDœLFRPXWDWRUXOUHVSHFWLYŏL VLJXUDQœHOHGHSDUWHDVXSHULRDUôVDX
GHFXSODœLFRQWDFWXO ODWHUDOôFXDMXWRUXOH[WUDFWRUXOXLŏL
VFRDWHœLOH
6LJXUDQœHOHIX]LELOHDUVHSRWIL &XWLDFXVLJXUDQœHVHJôVHŏWHßQ
UHFXQRVFXWHGXSôILUXOWRSLW¿QORFXLœL FRPSDUWLPHQWXOXLPRWRU
VLJXUDQœDIX]LELOôGRDUGDFôVD
'HVSULQGHœLFDSDFXOULGLFDœLOŏL
UHPHGLDWFDX]DGHIHFWXOXL
VFRDWHœLO
8QHOHFLUFXLWHHOHFWULFHSRWILSURWHMDWH
GHPDLPXOWHVLJXUDQœH
6LJXUDQœHOHIX]LELOHSRWILGH
DVHPHQHDLQWURGXVHŏLIôUôDIL
DORFDWHXQHLIXQFœLL
 ¿QJULMLUHDDXWRYHKLFXOXOXL

%HQ]LQô 1R 1U &LUFXLW 1R 1U &LUFXLW


 5HOHXGHYLWH]ô  6LJXUDQœHGHUH]HUYô
DŏWHUJôWRDUHORUGHSDUEUL]  6LJXUDQœHGHUH]HUYô
 3RPSD$%6  6LJXUDQœHGHUH]HUYô
 5HOHXGHFRPDQGô  6LJXUDQœHGHUH]HUYô
DŏWHUJôWRDUHORUGHSDUEUL]
 ಥ
 ŎWHUJôWRUXOIDœô
 ,(&0(56'(0$5$-
 6XIODQWô
 5HOHX0(56'(0$5$-
 6XSDSD$%6
 ಥ
 7UDSD
 ಥ
 ಥ
 26590+7'
 ŎWHUJôWRUVSDWH
 ಥ
 59&
 ¿QFôO]LUHVFDXQHIDœô
 8OHL$%6
 ಥ
 $26526
 )OX[FRPEXVWLELO
 26590
 6SôOôWRU
 5HOHXGH]DEXULUHOXQHWô
 5HOHXSRPSôEHQ]LQô
 'H]DEXULUHOXQHWô
 3RPSDGHFRPEXVWLELO
 6LJXUDQœHGHUH]HUYô
 (&07&0
 6LJXUDQœHGHUH]HUYô
 ಥ
 6LJXUDQœHGHUH]HUYô
¿QJULMLUHDDXWRYHKLFXOXOXL 

1R 1U &LUFXLW 1R 1U &LUFXLW 0RWRULQD


 ಥ  5HOHXID]ôOXQJô
 9HQWLODWRUUôFLUH.  3URLHFWRUFHDœô
 9HQWLODWRUUôFLUH.  )D]ôOXQJôVWÓQJD
 (93  )D]ôOXQJôGUHDSWD
 (&0  5HOHXYHQWLODWRUGHUôFLUH
 $PEUHLDM$& .

 7&0
 (&0B
 %2%,1ó
 (&0B
 (&0B
 (&0B
 ,QMHFWRU
 5HOHX37
 &OD[RQXO
 5HOHXYHQWLODWRUUôFLUH.
 3RUQLUH
 5HOHXSRUQLUH
 5HOHXDPEUHLDM$&
 ¿QJULMLUHDDXWRYHKLFXOXOXL

1R 1U &LUFXLW 1R 1U &LUFXLW 1R 1U &LUFXLW


 5HOHXGHYLWH]ô  5HOHXGH]DEXULUHOXQHWô  7UDQVIRUPDWRUFFFF
DŏWHUJôWRDUHORUGHSDUEUL]  'H]DEXULUHOXQHWô  ¿QFôO]LWRUFXFRPEXVWLELO
 3RPSD$%6  6LJXUDQœHGHUH]HUYô  5(&
 5HOHXGHFRPDQGô  ಥ  %XMLHFXLQFDQGHVFHQœô
DŏWHUJôWRDUHORUGHSDUEUL]
 ,(&0(56'(0$5$-  (&0
 ŎWHUJôWRUXOIDœô
 5HOHX0(56'(0$5$-  $PEUHLDM$&
 5HOHXDOLPHQWDUHSRPSô
DSôYDULDELOô  5HOHXDOLPHQWDUHSRPSô  7&0
DSôVXSOLPHQWDUô  (&0B
 6XIODQWô
 $OLPHQWDUHSRPSôDSô  %2%,1ó
 $OLPHQWDUHSRPSôDSô VXSOLPHQWDUô
YDULDELOô  (&0B
 26590+7'
 26590  (&0B
 5HOHXßQFôO]LWRUFX
 $26526 FRPEXVWLELO  (&0B
 8OHL$%6  ¿QFôO]LUHVFDXQHIDœô  ,QMHFWRU
 59&  ಥ  5HOHXYHQWLODWRUUôFLUH.
 ŎWHUJôWRUVSDWH  6SôOôWRU  5HOHX37
 ಥ  5HOHXSRPSôEHQ]LQô  9HQWLODWRUUôFLUH.
 6XSDSD$%6  3RPSDGHFRPEXVWLELO  9HQWLODWRUUôFLUH.
 7UDSD  (&07&0  5HOHXYHQWLODWRUUôFLUH.
 ಥ  )6&0B  3RUQLUH
¿QJULMLUHDDXWRYHKLFXOXOXL 

1R 1U &LUFXLW &XWLDFXVLJXUDQœHGLQ


 5HOHXSRUQLUH SDQRXOGHERUG
 5HOHXDPEUHLDM$&
 5HOHXID]ôOXQJô
 &OD[RQXO
 3URLHFWRUFHDϙ
 )D]ôOXQJôVWÓQJD
 )D]ôOXQJôGUHDSWD
 5HOHXYHQWLODWRUGHUôFLUH
.

&XWLDFXVLJXUDQœHLQWHULRDUôVHDIOô
SHODWXUDLQIHULRDUôDSDQRXOXLGH
ERUGSHSDUWHDŏRIHUXOXL
 ¿QJULMLUHDDXWRYHKLFXOXOXL

1U &LUFXLW 1U &LUFXLW 1U &LUFXLW


 '/,6  $PEUHLDM  37&
 '/&  ,3&$26  &RQHFWRUDOEDWHULHL
 $LUEDJ  $LUEDJ0(56'(0$5$-
 +D\RQ  5HOHXGHPHUV
 6LJXUDQœHGHUH]HUYô  5HOHXKD\RQ
 0RGXOXOGHFRQWURODODXWRYHKLಢ  5HPRUFô0(56'(0$5$-
FXOXOXL  6SLUDOôYRODQ
 ,3&  6LVWHPXOGHßQFôO]LUHYHQWLODœLH
 2167$5 ŏLDHUFRQGLœLRQDW
 6LVWHPXOGHDVLVWHQœôOD  6LJXUDQœHGHUH]HUYô
SDUFDUHXOWUD  7UDSD
 &HQWUXOGHLQIRUPDœLLSHQWUX  %ULFKHWD
ŏRIHU
 6LJXUDQœHGHUH]HUYô
 $XGLR
 *HDPVSDWHDFœLRQDWHOHFWULF
 5HPRUFD
 *HDPIDœôDFœLRQDWHOHFWULF
 9/%6
 5$3$&&<
 &+(9<67$5
 '&'&&219
 6LVWHPXOGHßQFôO]LUHYHQWLODœLH
ŏLDHUFRQGLœLRQDW  *HDPXOHOHFWULFŏRIHU
 +'/3$/&  37&
¿QJULMLUHDDXWRYHKLFXOXOXL 

7UXVDGHVFXOH &ULFXOŏLVFXOHOHVHDIOôßQWUXQ -DQWHOHŏLDQYHORSHOH


FRPSDUWLPHQWGLQSRUWEDJDMGHDVXSUD
URœLLGHUH]HUYô
$XWRYHKLFXOHFXWUXVôGH 5RDWDGHUH]HUYôFRPSDFWô  6WDUHDDQYHORSHORUVWDUHD
GHSDQDUHDQYHORSH VFKLPEDUHDURœLL  MDQWHORU
7UXVDGHVFXOHŏLVHWXOSHQWUX &RQGXFHœLßQFHWSHVWHERUGXULŏLßQWU
GHSDQDUHDDQYHORSHORUVHDIOôßQWUXQ XQXQJKLGUHSWGDFôVHSRDWH
FRPSDUWLPHQWGHGHSR]LWDUH 7UHFHUHDSHVWHPXFKLLDVFXœLWHSRDWH
DPSODVDWVXEPRFKHWDSRUWEDJDMXOXL SURYRFDDSDULœLDXQRUGHIHFWH
 DVFXQVHODDQYHORSHŏLMDQWH/D
SDUFDUHDYHœLJULMôFDDQYHORSHOHVô
$XWRYHKLFXOHFXURDWôGH QXILHVWULYLWHGHERUGXUL
UH]HUYô 9HULILFDœLSHULRGLFMDQWHOHSHQWUX
GHSLVWDUHDHYHQWXDOHORUGHWHULRUôUL
$SHODœLODXQDWHOLHUVHUYLFHSHQWUX
DVLVWHQœôßQFD]GHGHIHFœLXQLVDX
X]XUôQHRELŏQXLWô

$QYHORSHOHGHLDUQô
$QYHORSHOHGHLDUQôßPEXQôWôœHVF
VLJXUDQœDßQWUDILFODWHPSHUDWXULPDL
PLFLGH¡&GHDFHHDHVWHLQGLFDWô
PRQWDUHDORUSHWRDWHURœLOH
 ¿QJULMLUHDDXWRYHKLFXOXOXL

0DUFDUHDDQYHORSHORU 3UHVLXQHDßQDQYHORSH 8PIODœLßQWRWGHDXQDDQYHORSDURœLLGH


UH]HUYôODSUHVLXQHDVSHFLILFDWô
'HH[HPSOX
5+ 9HULILFDœLSUHVLXQHDßQDQYHORSHOHUHFL SHQWUXVDUFLQôPD[LPô
 /ôœLPHDQYHORSôßQPP FHOSXœLQRGDWôOD]LOHSUHFXPŏL
ßQDLQWHDXQHLFôOôWRULLPDLOXQJL1X 3UHVLXQHD(&2ßQDQYHORSHVHUYHŏWH
 5DSRUWSURILOßQVHFœLXQH SHQWUXREœLQHUHDFHOXLPDLVFô]XW
ßQôOœLPHOôœLPHDQYHORSô  XLWDœLURDWDGHUH]HUYô
FRQVXPGHFRPEXVWLELOSRVLELO
ßQ 'HŏXUXEDœLFDSDFXOYHQWLOXOXL
5 7LS5DGLDO 3UHVLXQHDQHFRUHVSXQ]ôWRDUHYD
5) 7LS&XIODQFXULßQWôULWH DIHFWDVLJXUDQœDŏLPDQHYUDELOLWDWHD
5XQ)ODW DXWRYHKLFXOXOXLFRQIRUWXOŏLFRQVXPXO
 'LDPHWUXMDQWôßQLQFL GHFRPEXVWLELOŏLYDGXFHODX]XUD
 ,QGLFHOHGHVDUFLQôGH SUHPDWXUôDDQYHORSHORU
H[HPSOXFRUHVSXQGH
VDUFLQLLGHNJ  $YHUWLVPHQW
+ &RGXOOLWHUDOGHYLWH]ô
3UHVLXQHDSUHDVFô]XWôSRDWH
&RGXOOLWHUDOGHYLWH]ô GXFHODßQFôO]LUHDDQYHORSHLŏL
4 SÓQôODNPK DYDULHUHDLQWHUQôDDFHVWHLD
6 SÓQôODNPK UH]XOWDWXOILLQGVHSDUDUHDFôLLGH
7 SÓQôODNPK UXODUHDDQYHORSHLŏLFKLDUH[SOR]LD
+ SÓQôODNPK DFHVWHLDODYLWH]HPDUL
(WLFKHWDFXSUHVLXQHDßQDQYHORSHGH
9 SÓQôODNPK SHFDGUXOSRUWLHUHLŏRIHUXOXL
: SÓQôODNPK
'DWHOHUHIHULWRDUHODSUHVLXQHDßQ
$GÓQFLPHDSURILOXOXLFôLL
DQYHORSHVXQWSHQWUXDQYHORSHOHUHFL GHUXODUH
$FHVWHDVXQWYDODELOHDWÓWSHQWUX 9HULILFDœLJURVLPHDVXSUDIHœHLGH
DQYHORSHGHYDUôFÓWŏLSHQWUX UXODUHDDQYHORSHORUODLQWHUYDOH
DQYHORSHGHLDUQô UHJXODWH
¿QJULMLUHDDXWRYHKLFXOXOXL 

'LQPRWLYHGHVLJXUDQœôßQORFXLœL $QYHORSHOHßPEôWUÓQHVFFKLDUGDFô
DQYHORSHOHGDFôDGÓQFLPHDSURILOXOXL QXVXQWXWLOL]DWH9ôUHFRPDQGôPVô  $YHUWLVPHQW
FôLLGHUXODUHVFDGHVXEPP ßQORFXLœLDQYHORSHOHODILHFDUHDQL
PPODDQYHORSHOHGHLDUQô  1XXWLOL]DœLPôULPLŏLWLSXULGLIHULWH
GHDQYHORSHŏLMDQWHGHFÓWFHOH
¿QORFXLUHDDQYHORSHLŏL PRQWDWHLQLœLDOSHDXWRYHKLFXO
GLPHQVLXQLOHMDQWHL $FHDVWDSRDWHDIHFWDVLJXUDQœDŏL
SHUIRUPDQœHOHDXWRYHKLFXOXOXL
$QYHORSHŏLURœLGHGLPHQVLXQL 3RDWHGHDVHPHQHDDIHFWD
GLIHULWH PDQHYUDELOLWDWHDDXWRYHKLFXOXOXL
FDX]ÓQGUôVWXUQDUHDDFHVWXLD
'DFôVHIRORVHVFDQYHORSHGHDOWô
XUPDWôGHYôWôPôULFRUSRUDOH
PôULPHGHFÓWFHOHIL[DWHßQIDEULFôDU
JUDYH&ÓQGßQORFXLœLDQYHORSHOH
SXWHDILQHFHVDUôUHSURJUDPDUHD
DVLJXUDœLYôFôWRDWHFHOHSDWUX
YLWH]RPHWUXOXLSUHFXPŏLSUHVLXQHD
DQYHORSHŏLMDQWHDXDFHHDŏL
QRPLQDOôDDQYHORSHORUŏLHIHFWXDUHD
PôULPHWLSSURILOPDUFôŏL
DOWRUPRGLILFôULDOHDXWRYHKLFXOXOXL
DFHHDŏLFDSDFLWDWHGHßQFôUFDUH
'XSôWUHFHUHDODDQYHORSHGH 8WLOL]DUHDRULFôUHLDOWHPôULPLVDX
$GÓQFLPHDPLQLPôDGPLVôOHJDO GLPHQVLXQLGLIHULWHVROLFLWDœL WLSGHDQYHORSHSRWDIHFWDVHULRV
DSURILOXOXLFôLLGHUXODUH PP HVWH ßQORFXLUHDHWLFKHWHLDXWRFRODQWH UXODUHDPDQLSXODUHDJDUGDODVRO
DWLQVôFÓQGDQYHORSHOHVHX]HD]ô UHIHULWRDUHODSUHVLXQHDßQDQYHORSH GLVWDQœDGHRSULUHŏLFRUHFWLWXGLQHD
SÓQôODDSDULœLDSULPXOXLLQGLFDWRUGH LQGLFDœLLORUYLWH]RPHWUXOXL
X]XUô 7:, 3R]LœLDDFHVWRUDHVWH  $YHUWLVPHQW
LQGLFDWôSULQPDUFDMHSHIODQFXULOH
DQYHORSHL )RORVLUHDGHDQYHORSHLQDGHFYDWH
&DSDFHOHGHURœL
'DFôDQYHORSHOHGLQIDœôVXQWPDL SRDWHGXFHODDFFLGHQWHVDXSRDWH 7UHEXLHIRORVLWHFDSDFHGHURœLŏL
X]DWHGHFÓWFHOHGLQVSDWHDFHVWHD DIHFWDIXQFœLRQDUHDFRUHFWô DQYHORSHRPRORJDWHGHFRQVWUXFWRU
WUHEXLHVFKLPEDWHßQWUHHOH9HULILFDœL DDXWRYHKLFXOXOXL SHQWUXDXWRYHKLFXOXOUHVSHFWLYŏLFDUH
GDFôGLUHFœLDGHURWDœLHDURœLORUHVWH
DFHHDŏLFDßQDLQWH
 ¿QJULMLUHDDXWRYHKLFXOXOXL

VHFRQIRUPHD]ôWXWXURUFHULQœHORU /DQœXULOHDQWLGHUDSDQWH 6HWXOSHQWUXGHSDQDUH


UHOHYDQWHSULYLQGFRPELQDœLLOHGHMDQWH
ŏLDQYHORSH DDQYHORSHORU
¿QFD]XOßQFDUHFDSDFHOHŏL 'HWHULRUôULOHPLQRUHDOHSURILOXOXLFôLL
DQYHORSHOHIRORVLWHQXVXQW GHUXODUHVDXDOHIODQFXULORU
RPRORJDWHGHIDEULFôQXIRORVLœL DQYHORSHORUSRWILUHSDUDWHFXDMXWRUXO
DQYHORSHFXWDORQ VHWXOXLSHQWUXGHSDQDUHD
DQYHORSHORU
&DSDFHOHGHURœLQXWUHEXLHVô
ßPSLHGLFHUôFLUHDIUÓQHORU &RUSXULOHVWUôLQHQXVHYRUßQGHSôUWD
GLQDQYHORSô
 $YHUWLVPHQW 3HUIRUôULOHDQYHORSHLPDLPDULGH
PPVDXFHOHGHSHIODQFXULDIODWHßQ
8WLOL]DUHDDQYHORSHORUVDX DSURSLHUHDMDQWHLQXSRWILUHSDUDWHFX
FDSDFHORUQHDGHFYDWHSRDWH VHWXOSHQWUXGHSDQDUHDDQYHORSHORU
FRQGXFHODSLHUGHUHDEUXVFôGH /DQœXULOHDQWLGHUDSDQWHVXQWSHUPLVH
SUHVLXQHFHHDFHSRDWHSURYRFD QXPDLSHURœLOHGLQIDœô QXPDLFX  $YHUWLVPHQW
DFFLGHQWH DQYHORSHGHLQFKL 
8WLOL]DœLQXPDLODQœXULFX]DOHILQH 1XGHSôŏLœLYLWH]DGHNPK
FDUHQXDGDXJôPDLPXOWGHPPOD $QXVHXWLOL]DWLPSßQGHOXQJDW
GLDPHWUXOURœLORUVDXODJURVLPHD &RQWUROXOGLUHFœLHLŏL
DFHVWRUD LQFOXVLYGLVSR]LWLYXOGH PDQHYUDELOLWDWHDSRWILDIHFWDWH
IL[DUH 
'DFôDYHœLRSDQôGHFDXFLXF
 $YHUWLVPHQW $SOLFDœLIUÓQDGHPÓQô
'HIHFWHOHSRWGXFHODH[SOR]LD 3HQWUXWUDQVPLVLDPDQXDOôFXSODœL
DQYHORSHORU WUHDSWDDVDXPDUŏDULHUXO
¿QJULMLUHDDXWRYHKLFXOXOXL 

3HQWUXWUDQVPLVLDDXWRPDWôVHOHFWDœL  ¿QWUHUXSôWRUXOGHSHFRPSUHVRU
SR]LœLD3 WUHEXLHIL[DWODc
7UXVDGHGHSDQDUHDQYHORSHHVWHßQ  ¿QŏXUXEDœLIXUWXQXOGHDHUDO
FRPSDUWLPHQWXOGHVXEFDSDFXO FRPSUHVRUXOXLODUDFRUGXOGHSH
SRGHOHLßQSRUWEDJDM VWLFODFXVROXœLHGHHWDQŏDUH
 &RQHFWDœLILŏDGHDOLPHQWDUHOD
SUL]DSHQWUXDFFHVRULL SUL]DGH
DOLPHQWDUHVDXODSUL]DEULFKHWHL 
3HQWUXDHYLWDGHVFôUFDUHD
EDWHULHLYôUHFRPDQGôPVôOôVDœL
PRWRUXOVôIXQFœLRQH]H
 3RWULYLœLVWLFODFXVROXœLHGH
 6FRDWHœLFDEOXOHOHFWULF  ŏL HWDQŏDUHßQSLHVDGHIL[DUHGHSH
IXUWXQXOGHDHU  GLQ FRPSUHVRU
FRPSDUWLPHQWHOHGHVWRFDUHGH
VXEFRPSUHVRU 3XQHœLFRPSUHVRUXOOÓQJô
DQYHORSôDVWIHOßQFÓWVWLFODFX
VROXœLDGHHWDQŏDUHVôILHßQ
 /XDœLWUXVDGHGHSDQDUHDQYHORSH SLFLRDUH
GLQSRUWEDJDM
 6FRDWHœLFRPSUHVRUXOŏL
UHFLSLHQWXOFXPDWHULDOXOGH
HWDQŏDUH
 ¿QJULMLUHDDXWRYHKLFXOXOXL

 $GXFHœLFRPXWDWRUXOEDVFXODQWDO 'XSôFHDœLREœLQXWSUHVLXQHD


FRPSUHVRUXOXLßQSR]LœLD,, FRUHFWôRSULœLFRPSUHVRUXO
$QYHORSDHVWHXPSOXWôFXVROXœLH 'DFôYDORDUHDVSHFLILFDWô
GHHWDQŏDUH DSUHVLXQLLßQDQYHORSHQXHVWH
 0DQRPHWUXOFRPSUHVRUXOXLLQGLFô DWLQVôßQWUXQLQWHUYDOGH
SHQWUXVFXUWWLPSPD[LPEDULSH PLQXWHGHVIDFHœLVHWXOGH
SDUFXUVXOJROLULLUHFLSLHQWXOXLFX GHSDQDUHDDQYHORSHORU
VROXœLHGHHWDQŏDUH FLUFD 'HSODVDœLDXWRYHKLFXOXODVWIHO
GHVHFXQGH $SRLSUHVLXQHD ßQFÓWURœLOHVôSDUFXUJôRURWDœLH
LQGLFDWôßQFHSHVôVFDGô FRPSOHWô,QVWDODœLGLQQRXVHWXO
 7RDWôVROXœLDGHHWDQŏDUHHVWH SHQWUXGHSDQDUHDDQYHORSHORUŏL
SRPSDWôßQDQYHORSô8OWHULRU FRQWLQXDœLSURFHGXUDGHXPIODUH
 'HŏXUXEDœLFôSôFHOXOYHQWLOXOXL DQYHORSDHVWHXPIODWô WLPSGHDOWHPLQXWH'DFô
DQYHORSHLDIODWHßQSDQô YDORDUHDVSHFLILFDWôDSUHVLXQLLßQ
DQYHORSHQXHVWHDWLQVô
 ¿QŏXUXEDœLIXUWXQXOVXEVWDQœHLGH DQYHORSDHVWHSUHDGHWHULRUDWô
XPSOHUHODYHQWLOXODQYHORSHL $SHODœLODXQDWHOLHUVHUYLFH
DXWRUL]DWSHQWUXDVLVWHQϙ
5HGXFHœLSUHVLXQHDßQH[FHVSULQ
LQWHUPHGLXOEXWRQXOXLGHSH
PDQRPHWUX
1XXWLOL]DœLFRPSUHVRUXOWLPSGH
SHVWHPLQXWH
 'HWDŏDœLVHWXOSHQWUXGHSDQDUHD
DQYHORSHORU¿PSLQJHœLFOHPDGH
SHVXSRUWSHQWUXDSXWHDVFRDWH
 3UHVLXQHDSUHVFULVôSHQWUX UHFLSLHQWXOFXVROXœLHGHHWDQŏDUH
DQYHORSô FLUFDEDUL WUHEXLH GHSHVXSRUW¿QŏXUXEDœLIXUWXQXO
VôILHDWLQVôßQPD[LPPLQXWH
¿QJULMLUHDDXWRYHKLFXOXOXL 

SHQWUXXPIODUHDDQYHORSHLOD DVROXœLHLßQDQYHORSô2SULœLGXSô 5HœLQHœLGDWDGHH[SLUDUHDWUXVHL


UDFRUGXOOLEHUDOUHFLSLHQWXOXLFX DSUR[LPDWLYNP GDUQXPDL 'XSôDFHDVWôGDWôFDSDFLWDWHDVD
VROXœLHGHHWDQŏDUH$FHVWOXFUX PXOWGHPLQXWH ŏLYHULILFDœL GHHWDQŏDUHQXPDLHVWHJDUDQWDWô
SUHYLQHVFXUJHUHDVROXœLHLGH SUHVLXQHDßQDQYHORSô&XSODœL 5HVSHFWDœLLQVWUXFœLXQLOHGHSôVWUDUH
HWDQŏDUH'HSR]LWDœLVHWXOSHQWUX IXUWXQXOFRPSUHVRUXOXLGLUHFWSH ßQVFULVHSHUHFLSLHQWXOFXVROXœLHGH
GHSDQDUHDDQYHORSHORUßQ YHQWLOSHQWUXDIDFHDFHVWOXFUX HWDQŏDUH
SRUWEDJDM 'DFôSUHVLXQHDHVWHPDLPLFôGH ¿QORFXLœLUHFLSLHQWXOGXSôXWLOL]DUH
 ŎWHUJHœLVROXœLDVFXUVôFXRFÓUSô EDUFRUHFWDœLODYDORDUHD 5HFLFODœLUHFLSLHQWXOGXSôXWLOL]DUHßQ
 'H]OLSLœLHWLFKHWDDXWRFRODQWôGH VSHFLILFDWô DSUR[EDU  FRQIRUPLWDWHFXUHJOHPHQWôULOHßQ
SHUHFLSLHQWXOFXVROXœLHGH 5HSHWDœLSURFHGXUD QU SÓQô YLJRDUH
HWDQŏDUHFDUHLQGLFôYLWH]D FÓQGQXVHPDLSLHUGHSUHVLXQH &RPSUHVRUXOŏLVROXœLDGHHWDQŏDUH
PD[LPôDGPLVô DSUR[LPDWLY 'DFôSUHVLXQHDVHVLWXHD]ôVXE SRWILXWLOL]DWHSÓQôODWHPSHUDWXUD
NPK ŏLOLSLœLRSHERUGßQ EDULDXWRYHKLFXOXOQXPDL GHDSUR[LPDWLY¡&a¡&
FÓPSXOYL]XDODOŏRIHUXOXL WUHEXLHFRQGXV$SHODœLODXQ
DWHOLHUVHUYLFHDXWRUL]DWSHQWUX ¿QORFXLUHDURœLL
DVLVWHQϙ $QYHORSHOHGHGLPHQVLXQLGLIHULWHSRW
 'HSR]LWDœLVHWXOSHQWUXGHSDQDUHD GXFHODSLHUGHUHDFRQWUROXOXLDVXSUD
DQYHORSHORUßQSRUWEDJDM DXWRYHKLFXOXOXL
1RWô 'DFôXWLOL]DœLDQYHORSHGHWLSXULŏL
&RQGLœLLOHGHFRQGXFHUHFXDQYHORSD GLPHQVLXQLGLIHULWHHVWHSRVLELOVôQX
UHSDUDWôVXQWJUDYDIHFWDWHßQ SXWHœLPDQHYUDDXWRWXULVPXOFRUHFW
FRQVHFLQœôßQORFXLœLRFÓWPDL FHHDFHSRDWHFRQGXFHODDFFLGHQWH
UHSHGH 8WLOL]DUHDXQRUDQYHORSHGH
GLPHQVLXQLGLIHULWHSRDWHGH
'DFôVHDXG]JRPRWHQHRELŏQXLWH DVHPHQHDSURGXFHGHWHULRUôULDOH
VDXFRPSUHVRUXOVHßQFôO]HŏWHSUHD DXWRWXULVPXOXL$VLJXUDœLYôFô
PXOWRSULœLOSHQWUXFHOSXœLQGH XWLOL]DœLDQYHORSHFXGLPHQVLXQL
 3RUQLœLFÓWPDLUHSHGHSHQWUX PLQXWH PDUFôŏLWLSFRUHFWHODWRDWHURœLOH
DIDFLOLWDGLVWULEXLUHDXQLIRUPô
 ¿QJULMLUHDDXWRYHKLFXOXOXL

8QHOHDXWRYHKLFXOHVXQWHFKLSDWHFX ࿢ 6FRDWHœLURDWDGHUH]HUYô  1XIRORVLœLFULFXOGLQGRWDUHD


XQVHWSHQWUXGHSDQDUHDDQYHORSHORU ࿢ 1XßQORFXLœLQLFLRGDWôPDLPXOWHURœL DXWRYHKLFXOXOXLSHQWUXDOWH
ßQORFGHURDWôGHUH]HUYô  GHRGDWô DXWRYHKLFXOH
'HUXODœLXUPôWRDUHOHRSHUDœLL ࿢ )RORVLœLFULFXOQXPDLODVFKLPEDUHD 1XGHSôŏLœLQLFLRGDWôVDUFLQD
SUHJôWLWRDUHŏLUHVSHFWDœLXUPôWRDUHOH URœLLßQFD]GHSDQôQXOIRORVLœLOD PD[LPôDGPLVôDFULFXOXL
LQVWUXFœLXQL VFKLPEDUHDDQYHORSHORUGHLDUQô )RORVLUHDFULFXOXLODDOWH
࿢ 7UDJHœLSHPDUJLQHDŏRVHOHLßQWUXQ VDXGHYDUô DXWRYHKLFXOHSRDWHFDX]D
ORFVLJXUL]RODWGHWUDILF ࿢ ¿QFD]XOßQFDUHWHUHQXOGHVXE GHWHULRUDUHDDFHVWRUDŏLDFULFXOXL
࿢ 3DUFDœLDXWRYHKLFXOXOSH DXWRYHKLFXOHVWHPRDOHDPSODVDœL GXPQHDYRDVWUôSUHFXPŏLOH]LXQL
RVXSUDIDœôSODQôVWDELOôŏLIôUô RSODFôVWDELOôJURDVôGH XWLOL]DWRUXOXL
SHULFROGHDOXQHFDUH5RœLOHGLQIDœô PD[LPXPFPVXEFULF
WUHEXLHVôILHRULHQWDWHßQDLQWH ࿢ 1XSHUPLWHœLFDßQDXWRYHKLFXOXO
࿢ 7UDJHœLIUÓQDGHPÓQôŏLFXSODœL ULGLFDWSHFULFVôUôPÓQôSHUVRDQH
WUHDSWDßQWÓLDVDXWUHDSWD VDXDQLPDOH
PDUŏDULHU ࿢ 1XLQWUDœLQLFLRGDWôVXEXQ
3HQWUXWUDQVPLVLDDXWRPDWô DXWRYHKLFXOULGLFDWSHFULF
VHOHFWDœLSR]LœLD3 ࿢ 1XSRUQLœLDXWRYHKLFXOXOULGLFDWSH
࿢ 2SULœLPRWRUXOŏLVFRDWHœLFKHLDGLQ FULF
FRQWDFW ࿢ &XUôœDœLSLXOLœHOHŏLILOHWHOHGHSH
࿢ $SULQGHœLOXPLQLOHGHDYDULH URDWôßQDLQWHGHPRQWDUHDURœLL
࿢ $PSODVDœLRSDQôSHQWUXURœL
REXFDWôGHOHPQVDXSLHWUHßQIDœD  $YHUWLVPHQW
ŏLßQVSDWHOHURœLLVLWXDWHßQ  'HVIDFHœLFDSDFHOHURœLLFX
GLDJRQDOôIDœôGHURDWDFDUHWUHEXLH &ULFXODIRVWSURLHFWDWSHQWUXDIL
RŏXUXEHOQLœôŏLßQGHSôUWDœLOH
VFKLPEDWô XWLOL]DWQXPDLODDXWRYHKLFXOXO
GXPQHDYRDVWUô
࿢ 7RœLSDVDJHULLWUHEXLHVô
SôUôVHDVFôDXWRYHKLFXOXO
¿QJULMLUHDDXWRYHKLFXOXOXL 

 'HVIDFHœLFKHLDGHURDWôŏL  5RWLœLPDQLYHODFULFXOXLSHQWUX  5RWLœLFKHLDGHSLXOLœHYHULILFÓQG


LQVWDODœLRDYÓQGJULMôVôVH DULGLFDXŏRUFDSXOFULFXOXLŏL SR]LœLDFRUHFWôDFULFXOXLSÓQô
SR]LœLRQH]HßQVLJXUDQœôŏL SODVDœLFULFXOYHUWLFDOODSR]LœLD FÓQGURDWDVHGHVSULQGHGHVRO
GHŏXUXEDœLILHFDUHSLXOLœôGHURDWô PDUFDWôFXXQVHPLFHUF  'HŏXUXEDœLSLXOLœHOHGHURœL
FXMXPôWDWHGHWXUô  )L[DœLPDQLYHODFULFXOXLODFULFŏL  ¿QORFXLœLURDWD
DWDŏDœLFKHLDGHSLXOLœHODPDQLYHOD
FULFXOXLßQPRGFRUHFW  ¿QŏXUXEDœLSLXOLœHOHSHURœL
$SRLULGLFDœLFULFXOSÓQôFÓQG  &RERUÓœLDXWRYHKLFXOXOGHSHFULF
FDSXOGHULGLFDUHDOFULFXOXLVH  ,QVWDODœLFKHLDGHURœLDVLJXUÓQGX
IL[HD]ôIHUPßQSXQFWXOGH YôFôHVWHIL[DWôELQHŏLVWUÓQJHœL
ULGLFDUH ßQFUXFLŏDWILHFDUHSLXOLœô
 $OLQLDœLRULILFLXOSHQWUXYHQWLOGLQ
FDSDFXOURœLLIDœôGHYHQWLOXO
DQYHORSHLßQDLQWHGHDLQVWDOD
FDSDFXO
 ¿QJULMLUHDDXWRYHKLFXOXOXL

,QVWDODœLFDSDFHOHSLXOLœHORUGH FRPSDUDWLYFXFHOHODOWHURœLŏLFX /RFDŏXOURœLLGHUH]HUYôQXHVWH


URDWô UHJOHPHQWôULOHßQYLJRDUHODQLYHO FRQFHSXWSHQWUXWRDWHPôULPLOHGH
 $ŏH]DœLURDWDßQORFXLWôŏLVFXOHOH QDœLRQDO DQYHORSHDGPLVH'DFôURDWD
DXWRYHKLFXOXOXLßQORFDŏXULOHORU 5RDWDGHUH]HUYôHVWHSUHYô]XWôFX ßQORFXLWôHVWHPDLODWôGHFÓWURDWDGH
3HQWUXDSUHYHQLSURGXFHUHDGH MDQWôGLQWDEOô UH]HUYôŏLWUHEXLHGHSR]LWDWôßQORFXO
]JRPRWURWLœLFDSXOŏXUXEXOXL DFHVWHLDFDSDFXOSRGHOHLSRDWHIL
8WLOL]DUHDXQHLURœLGHUH]HUYôFHHVWH DŏH]DWSHURDWDSURHPLQHQWô
SÓQôFÓQGSDUWHDVXSHULRDUôŏL PDLPLFôGHFÓWFHOHODOWHURœLVDX
SDUWHDLQIHULRDUôDFULFXOXLVXQW ßPSUHXQôFXDQYHORSHOHGHLDUQô
VWUÓQVHFRPSOHWßQWUXVDGHVFXOH SRDWHDIHFWDPDQHYUDELOLWDWHD
$WHQœLH
GXSôUHDGXFHUHDFULFXOXLßQ ¿QORFXLœLFÓWPDLFXUÓQGSRVLELO
SR]LœLDVDLQLœLDOô¿QDFHVW $FHDVWôURDWôGHUH]HUYôHVWH
DQYHORSDUHSDUDWô
PRPHQWDVLJXUDœLYôFôFULFXOVH QXPDLSHQWUXXWLOL]DUHßQVLWXDœLLGH
DIOôODRDUHFDUHGLVWDQœôGHRULFH XUJHQœô
VFXOôGLQDXWRYHKLFXO7UXVDGH ¿QORFXLœLRFXRDQYHORSôMDQWô
VFXOH  QRUPDOHFÓWPDLFXUÓQGSRVLELO
 9HULILFDœLßQFHOPDLVFXUWWLPS 1XIRORVLœLODQœXULDQWLGHUDSDQWH
SRVLELOSUHVLXQHDßQDQYHORSD 1XPRQWDœLQLFLRDQYHORSôSH
LQVWDODWôŏLFXSOXOGHVWUÓQJHUH DFHDVWôMDQWôFDUHQXHVWH
DSLXOLœHORU LGHQWLFôFXFHDRULJLQDOô
6ROLFLWDœLßQORFXLUHDVDXUHSDUDUHD 1XPRQWDœLODDOWHDXWRYHKLFXOH
DQYHORSHLGHIHFWH
5RDWDGHUH]HUYôGHX]
5RDWDGHUH]HUYô WHPSRUDU
5RDWDGHUH]HUYôVHJôVHŏWHßQ )RORVLUHDURœLLGHUH]HUYôWHPSRUDUH
5RDWôFRPSDFWôGHUH]HUYô SRUWEDJDMVXEFDSLWRQDMXOSRGHOHL SRDWHDIHFWDPDQHYUDELOLWDWHD
5RDWDGHUH]HUYôSRDWHILFODVLILFDWô (VWHIL[DWôFXRSLXOLœôIOXWXUHßQ ¿QORFXLœLVDXUHSDUDœLFÓWPDLFXUÓQG
FDURDWôGHUH]HUYôGHX]WHPSRUDUßQ ORFDŏXOSUHYô]XW SRVLELODQYHORSDGHIHFWô
IXQFœLHGHGLPHQVLXQLOHDFHVWHLD
¿QJULMLUHDDXWRYHKLFXOXOXL 

0RQWDœLQXPDLRURDWôGHUH]HUYô 3RUQLUHDDVLVWDWô ࿢ %DWHULDQXWUHEXLHH[SXVôQLFLRGDWô


WHPSRUDUô1XGHSôŏLœLYLWH]DGH ODIOôFôULGHVFKLVHVDXVFÓQWHL
NPK$ERUGDœLYLUDMHOHFXYLWH]ô ࿢ 2EDWHULHGHVFôUFDWôSRDWHßQJKHœD
1XSRUQLœLPRWRUXOFXDMXWRUXOXQXL
UHGXVô1XXWLOL]DœLSHQWUXRSHULRDGô GHMDODWHPSHUDWXULGH¡&¿QDLQWH
UHGUHVRUUDSLG
PDLPDUHGHWLPS GHFRQHFWDUHDFDEOXULORUSHQWUX
8QDXWRYHKLFXOFXEDWHULDGHVFôUFDWô
/DQœXULDQWLGHUDSDQWH  SRUQLUHDDVLVWDWôGH]JKHœDœL
SRDWHILSRUQLWDVLVWDWSULQFRQHFWDUHD
EDWHULD
ODEDWHULDDOWXLDXWRYHKLFXO
$QYHORSHOHGLUHFœLRQDOH ࿢ ¿QFXUVXOPDQLSXOôULLEDWHULHLSXUWDœL
0RQWDœLDQYHORSHOHGLUHFœLRQDOHDVWIHO RFKHODULŏLHFKLSDPHQWGHSURWHFœLH
ßQFÓWVôVHURWHDVFôßQGLUHFœLDGH
 $YHUWLVPHQW
࿢ 8WLOL]DœLREDWHULHGRQRDUHFX
GHSODVDUH'LUHFœLDGHURWDœLHHVWH
3URFHGDœLFXPD[LPôDWHQœLHOD DFHHDŏLWHQVLXQHQRPLQDOô 9 
LQGLFDWôGHXQVLPERO GHH[HPSOX
SRUQLUHDDVLVWDWô2ULFHDEDWHUH &DSDFLWDWHDQRPLQDOôDDFHVWHLD
RVôJHDWô SHSDUWHDODWHUDOô
GHODLQVWUXFœLXQLOHXUPôWRDUH $K QXWUHEXLHVôILHFRQVLGHUDELO
DDQYHORSHL
SRDWHFRQGXFHODDFFLGHQWôULVDX PDLPLFôGHFÓWFHDDEDWHULHL
/DLQVWDODUHDDQYHORSHORUGLUHFœLRQDOH GHWHULRUôULFDX]DWHGHH[SOR]LD GHVFôUFDWH
ßQVHQVXOHURQDWGHURWDœLHVHDSOLFô EDWHULHLVDXGHIHFWDUHDVLVWHPHORU ࿢ 8WLOL]DœLSHQWUXSRUQLUHDDVLVWDWô
XUPôWRDUHOH HOHFWULFHDOHDPEHORU FDEOXULFXERUQHL]RODWHŏLFX
࿢ 0DQHYUDELOLWDWHDSRDWHILDIHFWDWô DXWRYHKLFXOH VHFœLXQHGHPLQLPPP 
¿QORFXLœLVDXUHSDUDœLFÓWPDLFXUÓQG PPSHQWUXPRWRDUHGLHVHO 
SRVLELODQYHORSDGHIHFWô
 $YHUWLVPHQW ࿢ %DWHULDGHVFôUFDWôQXWUHEXLH
࿢ 1XGHSôŏLœLYLWH]DGHNPK GHFRQHFWDWôGHODDXWRYHKLFXO
࿢ &RQGXFHœLFXPDUHDWHQœLHSH (YLWDœLFRQWDFWXOHOHFWUROLWXOXLFX ࿢ 2SULœLWRœLFRQVXPDWRULLHOHFWULFL
GUXPXULXGHŏLSHVXSUDIHœH RFKLLSLHOHDWDSLœHULDŏL FDUHQXVXQWQHFHVDUL
DFRSHULWHFX]ôSDGô VXSUDIHœHOHYRSVLWH(OHFWUROLWXO
FRQœLQHDFLGVXOIXULFFDUH ࿢ 1XYôDSOHFDœLGHDVXSUDEDWHULHLSH
SURYRDFôDUVXULŏLGHWHULRUôULßQ WRWSDUFXUVXOSRUQLULL
FD]XOFRQWDFWXOXLGLUHFW ࿢ (YLWDœLQHDSôUDWFRQWDFWXOFOHPHORU
XQXLFDEOXFXFOHPHOHFHOXLODOW
 ¿QJULMLUHDDXWRYHKLFXOXOXL

࿢ $XWRYHKLFXOHOHQXWUHEXLHVôVH  &RQHFWDœLFHDODOWôFOHPôQHDJUô  3RUQLœLFRQVXPDWRULLHOHFWULFL GH


DWLQJôßQFXUVXOSURFHVXOXLGH ODPDVDDXWRYHKLFXOXOXLFHWUHEXLH H[IDUXULOHVDXßQFôO]LUHDOXQHWHL
SRUQLUHDVLVWDWô SRUQLWGHH[ODEORFXOPRWRUVDX DXWRYHKLFXOXOXLSRUQLWDVLVWDW
࿢ $SOLFDœLIUÓQDGHPÓQôDGXFHœL ODŏXUXEXULOHGHIL[DUHDPRWRUXOXL  &DEOXULOHWUHEXLHGHFRQHFWDWHßQ
WUDQVPLVLDßQSR]LœLDQHXWUô 5HDOL]DœLFRQH[LXQHDFÓWPDL RUGLQHDLQYHUVôFHOHLGH
UHVSHFWLYWUDQVPLVLDDXWRPDWôßQ GHSDUWHGHEDWHULDGHVFôUFDWô FRQHFWDUH
SR]LœLD3 ßQVôODFHOSXœLQFP
&DEOXULOHVHYRUDŏH]DßQDŏDIHOßQFÓW
VôQXSRDWôILDWLQVHGHFRPSRQHQWHOH
ßQPLŏFDUHGLQFRPSDUWLPHQWXOPRWRU
3RUQLUHDPRWRUXOXL
 3RUQLœLPRWRUXODXWRYHKLFXOXOXL
GRQRU
 'XSôPLQXWHSRUQLœLPRWRUXO
FHOôODOW'XUDWDWHQWDWLYHORUGH
SRUQLUHDVLVWDWôQXWUHEXLHVô
GHSôŏHDVFôVHFXQGHOD
LQWHUYDOHGHPLQXW
 0RWRDUHOHDPEHORUDXWRYHKLFXOH
2UGLQHDFRQHFWôULLERUQHORU YRUILOôVDWHVôIXQFœLRQH]HOD
 &RQHFWDœLFOHPDURŏLHODERUQD UDODQWLWLPSGHDSUR[LPDWLY
SR]LWLYôDEDWHULHLGRQRDUH PLQXWHFXFDEOXULOHSHQWUX
SRUQLUHDDVLVWDWôFRQHFWDWH
 &RQHFWDœLFHDODOWôFOHPôURŏLHOD
ERUQDSR]LWLYôDEDWHULHL
GHVFôUFDWH
 &RQHFWDœLFOHPDQHDJUôODERUQD
QHJDWLYôDEDWHULHLGRQRDUH
¿QJULMLUHDDXWRYHKLFXOXOXL 

7UDFWDUHD 5HVSHFWDœLSURFHGXULOHXUPôWRDUH
DWXQFLFÓQGWUDFWDœLXQDXWRYHKLFXO
7UDFWDUHDDXWRYHKLFXOXOXL ࿢ 1LFLXQSDVDJHUQXWUHEXLHVô
UôPÓQôßQDXWRYHKLFXOXOWUDFWDW
'DFôDXWRYHKLFXOXOGYVWUHEXLH
WUDFWDWDSHODœLODUHœHDXDQRDVWUôGH ࿢ (OLEHUDœLIUÓQDGHPÓQô
FHQWUHVHUYLFHRULODRFRPSDQLH DDXWRYHKLFXOXOXLWUDFWDWŏLVHOHFWDœL
VSHFLDOL]DWôßQWUDFWôULDXWR SR]LœLDQHXWUôDVFKLPEôWRUXOXLGH
YLWH]H
࿢ $SULQGHœLOXPLQLOHGHDYDULH
࿢ 3ôVWUDœLOLPLWHOHGHYLWH]ô

&HDPDLEXQôPHWRGôHVWHFD
DXWRYHKLFXOXOVôILHWUDQVSRUWDWFXXQ
DXWRYHKLFXOGHGHSDQDUH
'HJDMDœLFDSDFXODSôVÓQGXOŏL
'DFôSHQWUXWUDFWDUHWUHEXLHULGLFDWH ßQGHSôUWÓQGXO
URœLULGLFDœLURœLOHFRQGXFôWRDUHGLQ &ÓUOLJXOGHWUDFWDUHVHDIOôßQWUXVDGH
IDœôŏLWUDFWDœLDXWRYHKLFXOXOFXDFHVWH VFXOHDDXWRYHKLFXOXOXL 
URœLEORFDWH
 ¿QJULMLUHDDXWRYHKLFXOXOXL

$WHQœLH 7UDFWDUHDDOWXLDXWRYHKLFXO
&RQGXFHœLFXYLWH]ôPLFô(YLWDœL
PDQHYUHOHEUXŏWH)RUœDH[FHVLYô
GHWUDFWDUHSRDWHDIHFWD
DXWRYHKLFXOXO

&ÓQGPRWRUXOHVWHRSULWDFœLRQDUHD
GLUHFœLHLŏLDIUÓQHORUQHFHVLWôRIRUœô
FRQVLGHUDELOPDLPDUH
$FWLYDœLIXQFœLDGHUHFLUFXODUH
DDHUXOXLŏLßQFKLGHœLJHDPXULOHSHQWUX
¿QŏXUXEDœLFRPSOHWFÓUOLJXOGHWUDFWDUH DSUHYHQLLQWUDUHDßQKDELWDFOX
ßQVHQVDQWLRUDUSÓQôODEORFDUHD DJD]HORUGHHŏDSDPHQWSURYHQLWHGH
DFHVWXLDßQSR]LœLHRUL]RQWDOô ODDXWRYHKLFXOXOWUDFWRU 'HJDMDœLFDSDFXODSôVÓQGXOŏL
$WDŏDœLFDEOXOGHWUDFWDUHಥVDX ßQGHSôUWÓQGXO&ÓUOLJXOGHWUDFWDUH
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWô VHDIOôßQWUXVDGHVFXOH
UHFRPDQGDELOEDUDGHWUDFWDUHಥOD $XWRYHKLFXOXOWUHEXLHWUDFWDWFXIDœDßQ
FÓUOLJXOGHWUDFWDUH DDXWRYHKLFXOXOXL 
GLUHFœLDGHPHUVQXPDLUHSHGHGH
&ÓUOLJXOGHWUDFWDUHWUHEXLHIRORVLW NPKŏLQXPDLPXOWGHNP¿Q
QXPDLSHQWUXWUDFWDUHQXŏLSHQWUX WRDWHFHOHODOWHFD]XULŏLFÓQG
UHFXSHUDUHDXQXLDXWRYHKLFXO WUDQVPLVLDHVWHGHIHFWôSXQWHDIDœô
&XSODœLFRQWDFWXOSHQWUXDGHEORFD WUHEXLHULGLFDWôGHSHVRO
FRORDQDGHGLUHFœLHŏLDSHUPLWH $SHODœLODXQDWHOLHUVHUYLFHDXWRUL]DW
IXQFœLRQDUHDOôPSLORUGHIUÓQô SHQWUXDVLVWHQœô
DFOD[RQXOXLŏLDŏWHUJôWRDUHORUGH 'XSôWUDFWDUHGHŏXUXEDœLFÓUOLJXOGH
SDUEUL] WUDFWDUH
7UDQVPLVLDßQSR]LœLDQHXWUô ,QWURGXFHœLFDSDFXOŏLßQFKLGHœLO
¿QJULMLUHDDXWRYHKLFXOXOXL 

$WHQœLH ¿QJULMLUHDDVSHFWXOXL
&RQGXFHœLFXYLWH]ôPLFô(YLWDœL ¿QWUHœLQHUHDH[WHULRDUô
PDQHYUHOHEUXŏWH)RUœDH[FHVLYô
GHWUDFWDUHSRDWHDIHFWD ¿QFXLHWRULOH
DXWRYHKLFXOXO ¿QFXLHWRULOHVXQWJUHVDWHGLQIDEULFDœLH
FXYDVHOLQôVSHFLDOôGHßQDOWôFDOLWDWH
8WLOL]DœLXQDJHQWGHGHJLYUDUHQXPDL
FÓQGHVWHDEVROXWQHFHVDUGHRDUHFH
DFHVWDßQGHSôUWHD]ôYDVHOLQDŏL
DIHFWHD]ôIXQFœLRQDUHDßQFXLHWRULL
'XSôXWLOL]DUHDDJHQWXOXLGH
¿QŏXUXEDœLFRPSOHWFÓUOLJXOGHWUDFWDUH GHJLYUDUHDSHODœLODXQDWHOLHUVHUYLFH
ßQVHQVDQWLRUDUSÓQôODEORFDUHD SHQWUXJUHVDUHDßQFXLHWRULORU
DFHVWXLDßQSR]LœLHRUL]RQWDOô
$WDŏDœLFDEOXOGHWUDFWDUHಥVDX 6SôODUHD
UHFRPDQGDELOEDUDGHWUDFWDUHಥOD 9RSVHDXDDXWRYHKLFXOXOXLHVWH
FÓUOLJXOGHWUDFWDUH H[SXVôLQIOXHQœHORUPHGLXOXL6SôODœL
ŏLFHUXLœLSHULRGLFDXWRYHKLFXOXO&ÓQG
&ÓUOLJXOGHWUDFWDUHWUHEXLHIRORVLW XWLOL]DœLRVSôOôWRULHDXWRPDWô
QXPDLSHQWUXWUDFWDUHQXŏLSHQWUX VHOHFWDœLXQSURJUDPFDUHLQFOXGHŏL
UHFXSHUDUHDXQXLDXWRYHKLFXO FHUXLUHD
'XSôWUDFWDUHIL[DœLVWUÓQVFDSDFXOOD ([FUHPHQWHOHGHSôVôULLQVHFWHOH
ORF PRDUWHUôŏLQLOHSROHQXOŏLUH]LGXXULOH
VLPLODUHWUHEXLHFXUôœDWHLPHGLDW
GHRDUHFHFRQœLQFRQVWLWXHQœLDJUHVLYL
FHSRWGHWHULRUDVWUDWXOGHYRSVHD
 ¿QJULMLUHDDXWRYHKLFXOXOXL

'DFôXWLOL]DœLRVSôOôWRULHDXWR JHDPXULŏLSHQWUXVXSUDIHœHOHYRSVLWH &RPSRQHQWHOHGLQSODVWLFDOH


UHVSHFWDœLLQVWUXFœLXQLOHIXUQL]DWHGH XUPHOHGHFHDUôSHJHDPXULSRW FDURVHULHLQXWUHEXLHWUDWDWHFXDJHQW
IDEULFDQWXOLQVWDODœLHLŎWHUJôWRDUHOH DIHFWDYL]LELOLWDWHD GHFRQVHUYDUHVDXFHDUô
GHSDUEUL]ŏLŏWHUJôWRUXOGHOXQHWô 1XXWLOL]DœLRELHFWHGXUHSHQWUX
WUHEXLHRSULWH%ORFDœLDXWRYHKLFXOXO ßQGHSôUWDUHDSHWHORUGHJXGURQ *HDPXULOHŏLODPHOHOH
DVWIHOßQFÓWVôQXVHSRDWôGHVFKLGH 8WLOL]DœLVROXœLDSHQWUXßQGHSôUWDUHD ŏWHUJôWRDUHORUGHSDUEUL]
FODSHWDUH]HUYRUXOXLGHFRPEXVWLELO SHWHORUGHJXGURQGHSHVXSUDIHœHOH )RORVLœLRODYHWôFHQXODVôVFDPHVDX
6FRDWHœLDQWHQDŏLDFFHVRULLOH YRSVLWH RSLHOHGHFôSULRDUôßPSUHXQôFX
H[WHULRDUHFXPDUILSRUWEDJDMXOGH VROXœLHGHFXUôœDUHSHQWUXJHDPXULŏL
DFRSHULŏHWF /XPLQLOHH[WHULRDUH GHßQGHSôUWDUHDLQVHFWHORU
'DFôVSôODœLDXWRYHKLFXOXOPDQXDO /HQWLOHOHIDUXULORUŏLDOHFHORUODOWH &ÓQGFXUôœDœLOXQHWDGRWDWôFX
DVLJXUDœLYôFôLQWHULRUXO OôPSLVXQWUHDOL]DWHGLQSODVWLF1X GLVSR]LWLYGHßQFôO]LUHDVLJXUDœLYôFô
FRQWUDDULSLORUHVWHFOôWLWWHPHLQLFFX XWLOL]DœLDJHQœLFDXVWLFLVDXDEUD]LYL QXGHWHULRUDœLILODPHQWXOGLQLQWHULRU
DSô UDFOHWHGHJKHDœôŏLHYLWDœLŏWHUJHUHD
3HQWUXDFXUôœDPHFDQLFJKHDœD
&XUôœDœLPDUJLQLOHŏLPXFKLLOH DFHVWRUDFÓQGVXQWXVFDWH
IRORVLœLRUDFOHWôSHQWUXJKHDœô
SRUWLHUHORUŏLFDSRWHLKD\RQXOXL $SôVDœLIHUPSHUDFOHWôDVWIHOßQFÓW
SUHFXPŏL]RQHOHDFRSHULWHOD /XVWUXLUHDŏLFHUXLUHD ßQWUHDFHDVWDŏLJHDPVôQXSRDWô
ßQFKLGHUHDDFHVWRUD &HUXLœLSHULRGLFDXWRYHKLFXOXO FHO SôWUXQGHSUDIFDUHVô]JÓULHJHDPXO
WÓU]LXDWXQFLFÓQGDSDQXPDL
8QJHœLEDODPDOHOHWXWXURUXŏLORUODXQ &XUôœDœLŏWHUJôWRDUHOHFDUHODVôXUPH
IRUPHD]ôSHUOH ¿QFD]FRQWUDU
DWHOLHU FXRODYHWôPRDOHŏLVROXœLHGH
YRSVHDXDVHYDXVFD
1XFXUôœDœLFRPSDUWLPHQWXOPRWRUXOXL FXUôœDUHSHQWUXJHDPXUL
/XVWUXLUHDHVWHQHFHVDUôFÓQG
FXMHWGHDEXULVDXFXXQDJHQWGH
YRSVHDXDDGHYHQLWPDWôVDXOD -DQWHOHŏLDQYHORSHOH
FXUôœDUHFXMHWGHPDUHSUHVLXQH
DFXPXODUHDGHGHSXQHULVROLGHSH
&OôWLœLELQHDXWRYHKLFXOXOŏLXVFDœLO 1XIRORVLœLLQVWDODœLLGHVSôODUHFXMHW
DFHDVWD
&OôWLœLIUHFYHQWODYHWDXWLOL]DWôSHQWUX GHPDUHSUHVLXQH
/XVWUXLUHDFXVLOLFRQIRUPHD]ôXQILOP
ŏWHUJHUHDDXWRYHKLFXOXOXL)RORVLœL &XUôœDœLMDQWHOHFXRVROXœLHQHXWUôGH
SURWHFWRUIôFÓQGFHUXLUHDLQXWLOô
ODYHWHGHŏWHUJHUHVHSDUDWHSHQWUX FXUôœDUHSHQWUXMDQWH
¿QJULMLUHDDXWRYHKLFXOXOXL 

-DQWHOHVXQWYRSVLWHŏLSRWILWUDWDWHFX WUDQVSRUWDœLDXWRYHKLFXOXOVôO 3DQRXOGHERUGWUHEXLHFXUôœDWQXPDL


DFHHDŏLDJHQœLGHSURWHFœLHFDŏL ULGLFDœLFRPSOHWSHSODWIRUPDXQXL FXDMXWRUXOXQHLODYHWHPRLXPHGH
YRSVHDXDDXWRYHKLFXOXOXL DXWRYHKLFXOGHWUDFWDUH &XUôœDœLWDSLœHULDFXXQDVSLUDWRUŏL
RSHULH¿QGHSôUWDœLSHWHOHIRORVLQG
'HWHULRUDUHDVWUDWXOXLGHYRSVHD 3ODQŏHXO RVROXœLHGHFXUôœDUHSHQWUXWDSLœHULH
5HFWLILFDœLGHIHFWHOHPLQRUHDOH 0DWHULDOHOHFRUR]LYHXWLOL]DWHSHQWUX
&XUôœDœLFHQWXULOHGHVLJXUDQœôQXPDL
VWUDWXOXLGHYRSVHDIRORVLQGXQFUHLRQ ßQGHSôUWDUHD]ôSH]LLŏLDJKHœLL
FXDSôFôOGXœôŏLVROXœLHGHFXUôœDUH
GHUHWXŏßQDLQWHGHDSDULœLDUXJLQLL SUHFXPŏLDSUDIXOXLVHSRWDFXPXOD
SHQWUXLQWHULRU
$SHODœLODXQDWHOLHUVHUYLFHDXWRUL]DW VXEFDURVHULDDXWRYHKLFXOXOXL
SHQWUXUHSDUDUHDGHWHULRUôULORUPDL 1HßQGHSôUWDUHDDFHVWRUPDWHULDOH
H[WLQVHDOHYRSVHOHLŏLDVXSUDIHœHORU SRDWHDFFHOHUDFRUR]LXQHDŏL $WHQœLH
DIHFWDWHGHUXJLQô UXJLQLUHD
¿QFKLGHœLEHQ]LOH9HOFURGHRDUHFH
8WLOL]DœLSHULRGLFDSôFXUDWôSHQWUX EHQ]LOH9HOFURGHVFKLVHGHSH
0RGHOVSHFLDOŏLDFFHVRULLDXWR DßQGHSôUWDDFHVWHPDWHULDOHGHSH VLVWHPHOHGHßQFKLGHUHDOH
GHH[WHULRU SODQŏHXODXWRWXULVPXOXL DUWLFROHORUGHßPEUôFôPLQWHSRW
࿢ ¿QPRPHQWXOWUDFWôULLDYHœLJULMßôVô $YHœLJULMôVôFXUôœDœLWRDWH]RQHOHßQ GHWHULRUDWDSLœHULDVFDXQHORU
QXGHWHULRUDœLFDEOXOGHWUDFWDUH FDUHVHSRWDFXPXODQRURLŏLDOWH
¿QDLQWHGHWUDFWDUHVFRDWHœLFDSDFXO UH]LGXXUL'HVSULQGHœLWRDWH
GHODEDUDGHSURWHFœLH 3LHVHOHGLQSODVWLFŏLFDXFLXF
VHGLPHQWHOHDFXPXODWHßQ]RQH &RPSRQHQWHOHGLQSODVWLFŏLFDXFLXF
࿢ *DUGôODVROPLFô&RQGXFHœLßQFHW ßQFKLVHßQDLQWHGHDVSôODFXDSô SRWILFXUôœDWHFXDFHHDŏLVROXœLHGH
DWXQFLFÓQGWUHFHœLSHVWHGHQLYHOôUL FXUôœDUHXWLOL]DWôSHQWUXFXUôœDUHD
VDXERUGXUL
¿QJULMLUHDLQWHULRUXOXL FDURVHULHL8WLOL]DœLGDFôHVWH
࿢ )RORVLœLVXSRUWXULDWXQFLFÓQG QHFHVDURVROXœLHGHFXUôœDUHSHQWUX
ULGLFDœLDXWRYHKLFXOXO ,QWHULRUXOŏLWDSLœHULD LQWHULRU1XXWLOL]DœLDOWHWLSXULGH
࿢ 3HQWUXDSUHYHQLGHWHULRUDUHDŏL &XUôœDœLLQWHULRUXODXWRYHKLFXOXOXL VROXœLL(YLWDœLßQVSHFLDOVROYHQœLLŏL
UXSHUHDFDURVHULHLHVWH LQFOXVLYSDQRXOGHERUGŏLFDSLWRQDMXO EHQ]LQHOH1XIRORVLœLLQVWDODœLLGH
UHFRPDQGDELODWXQFLFÓQG QXPDLFXRODYHWôXVFDWôVDXRVROXœLH VSôODUHFXMHWGHPDUHSUHVLXQH
GHFXUôœDUHSHQWUXLQWHULRU
 5HSDUDœLDŏLßQWUHœLQHUHD

5HSDUDœLDŏL ,QIRUPDœLLJHQHUDOH
ßQWUHœLQHUHD ,QIRUPDœLLVHUYLFH
3HQWUXDJDUDQWDRXWLOL]DUH
HFRQRPLFôŏLVLJXUôDDXWRYHKLFXOXOXL
,QIRUPDœLLJHQHUDOH   ŏLSHQWUXDPHQœLQHYDORDUHD
¿QWUHœLQHUHDSHULRGLFô   DFHVWXLDHVWHH[WUHPGHLPSRUWDQWFD
/LFKLGHOXEULILDQœLŏLSLHVHGH OXFUôULOHGHßQWUHœLQHUHVôILHHIHFWXDWH
VFKLPEUHFRPDQGDWH   ODLQWHUYDOHOHGHWLPSVSHFLILFDWH

&RQILUPôUL
&RQILUPDUHDLQWHUYHQœLLORUVHUYLFH
HVWHßQUHJLVWUDWôßQ*KLGXOGHVHUYLFH
'DWDŏLNLORPHWUDMXOVXQWFRPSOHWDWH
FXŏWDPSLODŏLVHPQôWXUD
UHSUH]HQWDQWXOXLDWHOLHUXOXLVHUYLFH
$VLJXUDœLYôFôVHFRPSOHWHD]ô
FRUHFW*KLGXOGHVHUYLFHGRYDGD
SHUPDQHQWôDLQWHUYHQœLLORUVHUYLFH
ILLQGHVHQœLDOôSHQWUXVDWLVIDFHUHD
RULFôURUVROLFLWôULDFRSHULWHGH
JDUDQœLHVDXDOWHSURJUDPHVSHFLDOH
ILLQGGHDVHPHQHDXWLOôDWXQFLFÓQG
DXWRYHKLFXOXOHVWHYÓQGXW
5HSDUDœLDŏLßQWUHœLQHUHD 

¿QWUHœLQHUHDSHULRGLFô
3URJUDPXOVHUYLFH
,QWHUYDOGHßQWUHœLQHUH
2GDWôSHDQODILHFDUHNP IXQFœLHGHFDUHVXUYLQHPDLßQWÓL

¿QWUHœLQHUH,)RORVLœL¿QWUHœLQHUH,FDSULPSURJUDPGHVHUYLFHVDXGDFôSURJUDPXO¿QWUHœLQHUH,,DIRVWGHUXODWDQWHULRU
¿QWUHœLQHUH,,)RORVLœLSURJUDPXO¿QWUHœLQHUH,,GDFôRSHUDœLLOHGHVHUYLFHGHUXODWHDQWHULRUDXIRVWßQFDGUXOSURJUDPXOXL
¿QWUHœLQHUH,
1U ,QWHUYHQœLLVHUYLFH ¿QWUHœLQHUH, ¿QWUHœLQHUH,,
 ¿QORFXLœLXOHLXOGHPRWRUŏLILOWUXO 6 6
 9HULILFDœLGDFôH[LVWôVFXUJHULVDXGHWHULRUôUL 9 9
 9HULILFDœLILOWUXOGHDHUDOPRWRUXOXL 9 9
 9HULILFDœLSUHVLXQLOHGHXPIODUHŏLX]XUDDQYHORSHORU 9 9
 9HULILFDœLVLVWHPXOGHIUÓQDUH 9 9
 9HULILFDœLQLYHOXULOHOLFKLGXOXLGHUôFLUHDPRWRUXOXLŏLOLFKLGXOXLGHVSôODUHDSDUEUL]XOXLŏL 9 9
DGôXJDœLOLFKLGGDFôHQHYRLH
 9HULILFDœLFRPSRQHQWHOHVXVSHQVLHLŏLGLUHFœLHL 9 9
 ,QVSHFWDœLODPHOHŏWHUJôWRDUHORUŏLIXQFœLRQDUHDOXPLQLORUH[WHULRDUH 9 9
 9HULILFDœLFXUHOHOHGHWUDQVPLVLH 9 9
 (IHFWXDœLRULFHRSHUDœLLVXSOLPHQWDUHQHFHVDUHGHVHUYLFHYH]LVHFœLXQHDDSOLFDELOô 9 9
 9HULILFDœLH[LVWHQœDDFœLXQLORUSHWHUHQ 9 9
 5HSDUDœLDŏLßQWUHœLQHUHD

1U ,QWHUYHQœLLVHUYLFH ¿QWUHœLQHUH, ¿QWUHœLQHUH,,


¿QWUHœLQHUHD,,HIHFWXDœLWRDWHVHUYLFLLOHGHVFULVHODßQWUHœLQHUHD,ODFDUHVHDGDXJô
 ¿QORFXLœLOLFKLGXOGHIUÓQô 6
 9HULILFDœLVLVWHPXOGHUôFLUHDPRWRUXOXL 9
 9HULILFDœLFRPSRQHQWHOHVLVWHPXOXLGHUHœLQHUH 9
 9HULILFDœLFRPSRQHQWHOHJUXSXOXLPRWRSURSXOVRUŏLWUDQVPLVLHL 9
 /XEULILDœLFRPSRQHQWHOHFDURVHULHL 9

99HULILFDœLDFHVWHHOHPHQWHŏLSôUœLOHDVRFLDWHORU'DFôHVWHQHFHVDUFRUHFWDœLFXUôœDœLUHIDFHœLQLYHOXOUHJODœLVDXßQORFXLœL
6¿QORFXLœLVDXVFKLPEDœL
1U 'HVFULHUH $YHR
 ¿QORFXLœLILOWUXOGHSROHQ /DILHFDUHNPRGDWôODDQL
 ¿QORFXLœLILOWUXOGHDHU /DILHFDUHNPRGDWôODDQL
 ¿QORFXLœLEXMLLOH /DILHFDUHNPRGDWôODDQL
 ¿QORFXLœLOLFKLGXOGHUôFLUHDPRWRUXOXL /DILHFDUHNPRGDWôODDQL
 ¿QORFXLœLXOHLXOSHQWUXFXWLDGHWUDQVPLVLHDXWRPDWô &RQGLœLLQRUPDOHODILHFDUHNP
&RQGLœLLVHYHUHODILHFDUHNPGHFRQGLœLLVHYHUH
 ¿QORFXLœLFXUHDXDGHDQWUHQDUHDDFFHVRULLORU &XUHDXDODILHFDUHNPDQL
 ¿QORFXLœLFXUHDXDGHWUDQVPLVLH '''LHVHO /DILHFDUHNPRGDWôODDQL
 9HULILFDœLMRFXOVXSDSHORUUHJODœLGDFôHQHFHVDU /DILHFDUHNPRGDWôODDQL
5HSDUDœLDŏLßQWUHœLQHUHD 

1U 'HVFULHUH $YHR
 ¿QORFXLœLODQœXOGHGLVWULEXœLH 1XQHFHVLWôßQWUHœLQHUH
 ¿QORFXLœLFXUHDXDGHGLVWULEXœLH /DILHFDUHNPRGDWôODDQL
 ¿QORFXLœLILOWUXOGHFRPEXVWLELO 0RWRULQD /DILHFDUHNPRGDWôODDQL
 5HSDUDœLDŏLßQWUHœLQHUHD

1RWHGHVXEVRO
$UWLFROGHßQWUHœLQHUH 1RWô
 ¿QFD]XOßQFDUHFRQGXFHœLßQFRQGLœLLVHYHUHFRQGXFHœLSHGLVWDQœHVFXUWHPHQœLQHœLPXOW
WLPSPRWRUXOODUDODQWLVDXFRQGXFHœLßQFRQGLœLLGHSUDISRDWHILQHFHVDUVôVFKLPEDœLPDL
GHVXOHLXOGHPRWRUŏLILOWUXO
 3LHUGHULOHGHOLFKLGGLQRULFHVLVWHPDODXWRYHKLFXOXOXLLQGLFôRSUREOHPô6LVWHPXOWUHEXLH
LQVSHFWDWŏLUHSDUDWLDUQLYHOXOGHOLFKLGYHULILFDW&RPSOHWDœLFXOLFKLGGDFôHVWHQHFHVDU
  'DFôFRQGXFHœLSHULRGLFßQFRQGLœLLGHSUDILQVSHFWDœLILOWUXOPDLGHV
'DFôFRQGXFHœLSHULRGLFßQFRQGLœLLGHSUDIßQORFXLœLILOWUXOPDLGHV
 ,QVSHFWDœLYL]XDOFRQGXFWHOHŏLIXUWXQXULOHGHIUÓQôSHQWUXßQGRLWXULQHHWDQŏHLWôœLILVXUL
IUHFDUHHWF,QVSHFWDœLSOôFXœHOHGHIUÓQôSHQWUXX]XUôŏLGLVFXULOHSHQWUXVWDUHDVXSUDIHœHL
,QVSHFWDœLJDUQLWXULOHGHIUÓQôDOHWDPEXULORUVDERœLORUSHQWUXX]XUôVDXILVXUL,QVSHFWDœL
UHVWXOFRPSRQHQWHORUVLVWHPXOXLGHIUÓQDUHLQFOXVLYWDPEXULFLOLQGULGHURœLHWULHUHIUÓQôGH
SDUFDUHHWF
 ,QVSHFWDœLYL]XDOVXVSHQVLDIDœôŏLVSDWHŏLVLVWHPXOGHGLUHFœLHSHQWUXGHWHULRUDUHVOôELUH
SLHVHOLSVôVDXVHPQHGHX]XUô,QVSHFWDœLFRPSRQHQWHOHVHUYRGLUHFœLHLSHQWUXßQGRLWXUL
ILVXULIUHFDUHHWF
 ,QVSHFWDœLODPHOHŏWHUJôWRDUHORUSHQWUXX]XUôILVXULVDXPXUGôULUH&XUôœDœLSDUEUL]XOŏL
ODPHOHŏWHUJôWRDUHORUGDFôVXQWPXUGDUH¿QORFXLœLODPHOHŏWHUJôWRDUHORUFDUHVXQWX]DWH
VDXGHWHULRUDWH
 ¿QFD]XOßQFDUHFRQGXFHœLßQFRQGLœLLVHYHUHFRQGXFHœLSHWHUHQPXQWRVVDXGHOXURVRUL
WUDFWDœLIUHFYHQWRUHPRUFôSRDWHILQHFHVDUVôßQORFXLœLPDLGHVOLFKLGXOGHIUÓQô
5HSDUDœLDŏLßQWUHœLQHUHD 

$UWLFROGHßQWUHœLQHUH 1RWô
 ,QVSHFWDœLYL]XDOIXUWXQXULOHŏLVFKLPEDœLOHGDFôDFHVWHDVXQWILVXUDWHXPIODWHVDX
GHWHULRUDWH,QVSHFWDœLWRDWHFRQGXFWHOHILWLQJXULOHŏLFROLHUHOHßQORFXLœLFXFRPSRQHQWH
RULJLQDOHGDFôHVWHFD]XO3HQWUXDJDUDQWDIXQFœLRQDUHDFRUHFWôVHUHFRPDQGôHIHFWXDUHD
XQXLWHVWGHSUHVLXQHDOVLVWHPXOXLGHUôFLUHŏLDOFDSDFXOXLGHSUHVLXQHŏLFXUôœDUHD
UDGLDWRUXOXLŏLDFRQGHQVDWRUXOXLLQVWDODœLHLGHFOLPDWL]DUH
 9HULILFDœLGDFôVLVWHPXOGHDWHQœLRQDUHSHQWUXSULQGHUHDFHQWXULLŏRIHUXOXLŏLDQVDPEOXULOH
FHQWXULORUGHVLJXUDQœôIXQFœLRQHD]ôFRUHFW([DPLQDœLGDFôVLVWHPXOFHQWXULORUGHVLJXUDQœô
SUH]LQWôSLHVHVOôELWHVDXGHWHULRUDWH'DFôREVHUYDœLFHYDFHDUSXWHDREVWUXFœLRQDDFœLXQHD
VLVWHPXOXLFHQWXULORUGHVLJXUDQœôGXFHœLDXWRYHKLFXOXOODUHSDUDœLL$VLJXUDœLYôFôFHQWXULOH
GHVLJXUDQœôUXSWHVDXGHŏLUDWHVXQWßQORFXLWH
 /XEULILDœLWRœLFLOLQGULLßQFXLHWRULORUWRDWHEDODPDOHOHŏLWRDWHHOHPHQWHOHGH]ôYRUÓUHDOH
SRUWLHUHORUGDUŏLEDODPDOHOHŏLHOHPHQWHOHGH]ôYRUÓUHDOHFDSRWHLSRUWEDJDMXOXL/D
H[SXQHUHDODXQPHGLXFRUR]LYSRDWHILQHFHVDUôROXEULILHUHPDLIUHFYHQWô&XDMXWRUXOXQHL
FÓUSHFXUDWHDSOLFDœLRXQVRDUHVLOLFRQLFôSHFKHGHUHFKHGHUHOHYRUSXWHDILXWLOL]DWH
RSHULRDGôPDLOXQJôGHWLPSYRUHWDQŏDPDLELQHQXVHYRUOLSLVDXVFÓUœÓL
,QIRUPDœLLJHQHUDOHSHQWUX 6FKLPEDœLXOHLXOGHWUDQVPLVLHDXWRPDWôŏLILOWUXOGDFôDXWRYHKLFXOXOHVWHFRQGXVßQSULQFLSDO
WUDQVPLVLDDXWRPDWô ßQXQDVDXPDLPXOWHGLQFRQGLœLLOHGHPDLMRV
಴¿QWUDILFXUEDQDJORPHUDWXQGHWHPSHUDWXUDH[WHULRDUôDWLQJHIUHFYHQW¡) ¡& VDXPDL
PXOW
಴3HWHUHQGHOXURVVDXPXQWRV
಴/DWUDFWDUHDIUHFYHQWôDUHPRUFLORU
಴8WLOL]DUHDDXWRYHKLFXOXOXLFDWD[LPDŏLQôGHSROLœLHVDXSHQWUXOLYUôUL
,QIRUPDœLLJHQHUDOHSHQWUX 9HULILFDœLYL]XDOFXUHOHOHSHQWUXDFRQVWDWDGDFôSUH]LQWôVHPQHGHGHVWUôPDUHILVXUL
FXUHOH H[FHVLYHVDXGHWHULRUDUHHYLGHQWô¿QORFXLœLFXUHDXDGDFôHVWHQHFHVDU
 5HSDUDœLDŏLßQWUHœLQHUHD

$UWLFROGHßQWUHœLQHUH 1RWô
,QIRUPDœLLJHQHUDOH 9HULILFDœLWRDWHVLVWHPHOHSHQWUXDFRQVWDWDGDFôH[LVWôLQWHUIHUHQœHVDXßQGRLWXULŏLGDFô
H[LVWôSLHVHGHWHULRUDWHVDXOLSVô¿QORFXLœLSLHVHOHGDFôHQHFHVDU¿QORFXLœLRULFH
FRPSRQHQWHFDUHSUH]LQWôRX]XUôH[FHVLYô
6WDUHDŏLSUHVLXQHDGH 6WDUHDDQYHORSHORUWUHEXLHYHULILFDWôßQDLQWHGHDXUFDODYRODQLDUSUHVLXQHDGLQDQYHORSH
XPIODUHDDQYHORSHORU WUHEXLHYHULILFDWôODDOLPHQWDUHFXFRPEXVWLELOVDXFHOSXœLQOXQDUIRORVLQGXQPDQRPHWUX
SHQWUXDQYHORSH
*HRPHWULDURœLORU 'DFôHVWHQHFHVDUHIHFWXDœLURWDœLDŏLHFKLOLEUDUHDURœLORU
5HSDUDœLDŏLßQWUHœLQHUHD 

2SHUDœLXQLVXSOLPHQWDUH ࿢ &RQGXFHUHDßQUHJLPGHWD[L /LFKLGHOXEULILDQœLŏL


PDŏLQôGHSROLœLHVDXGHOLYUôUL
GHVHUYLFH ࿢ &RQGXFHUHDIUHFYHQWôFÓQG
SLHVHGHVFKLPE
&RQGLœLLOHH[WUHPHGHXWLOL]DUH WHPSHUDWXUDH[WHULRDUôVHVLWXHD]ô UHFRPDQGDWH
VXEOLPLWDGHßQJKHœ
6HFRQVLGHUôDILFRQGLœLLH[WUHPHGH
H[SORDWDUHDWXQFLFÓQGFHOSXœLQXQD 6HFRQVLGHUôGHDVHPHQHDDIL /LFKLGHŏLOXEULILDQœL
GLQWUHXUPôWRDUHOHVLWXDœLLVXUYLQH FRQGLœLLH[WUHPHGHH[SORDWDUH UHFRPDQGDœL
IUHFYHQW VLWXDœLLOHßQFDUHDXWRYHKLFXOHOHIDF
8WLOL]DœLH[FOXVLYSURGXVHWHVWDWHŏL
SDUWHGLQVHUYLFLXOGHSDWUXODUHDO
࿢ &RQGXFHUHDUHSHWDWôSHGLVWDQœH RPRORJDWH'HIHFœLXQLOHUH]XOWDWHßQ
SROLœLHLWD[LPHWUHOHŏLFHOHXWLOL]DWHGH
VFXUWHGHVXENP XUPDXWLOL]ôULLXQRUPDWHULDOH
ŏFROLOHGHŏRIHUL
࿢ )XQFœLRQDUHDßQGHOXQJDWô QHRPRORJDWHQXVXQWDFRSHULWHGH
¿QFRQGLœLLH[WUHPHGHXWLOL]DUHSRDWH JDUDQœLH
DPRWRUXOXLODUDODQWLŏLVDX
ILQHFHVDUFDDQXPLWHOXFUôULGH
FRQGXFHUHFXYLWH]ôPLFôßQWUDILF
VHUYLFHVôILHSURJUDPDWHPDL  $YHUWLVPHQW
DJORPHUDW
IUHFYHQWGHFÓWHVWHSUHYô]XWßQ
࿢ &RQGXFHUHDSHGUXPXULFXPXOW SURJUDPXOQRUPDOGHVHUYLFH 0DWHULDOHOHXWLOL]DWHVXQW
SUDI SHULFXORDVHŏLSRWILWR[LFH
6ROLFLWDœLFRQVXOWDQœôWHKQLFôFX
࿢ &RQGXFHUHDSHWHUHQPXQWRVVDX SULYLUHODFHULQœHOHVHUYLFHOHJDWHGH 0DQHYUDœLOHFXJULMô5HVSHFWDœL
GHOXURV FRQGLœLLOHGHXWLOL]DUHVSHFLILFH LQVWUXFœLXQLOHSUH]HQWHSH
࿢ 7UDFWDUHDXQHLUHPRUFL UHFLSLHQœLLßQFDUHDFHVWHDVXQW
OLYUDWH
࿢ &RQGXFHUHDßQWUDILFXUEDQ
DJORPHUDWXQGHWHPSHUDWXUD
H[WHULRDUôDWLQJHIUHFYHQW¡&
VDXPDLPXOW
 5HSDUDœLDŏLßQWUHœLQHUHD

8OHLXOGHPRWRU FHUWLILFDUHLQGLFôIDSWXOFôXOHLXODIRVW FDOLWôœLOHPHQœLRQDWHPDLMRV7RWXŏL


8OHLXOGHPRWRUHVWHLGHQWLILFDWSULQ RPRORJDWFRQIRUPVSHFLILFDœLLORU IRORVLUHDXQRUXOHLXULFDUHQX
FODVDGHFDOLWDWHŏLSULQYÓVFR]LWDWH GH[RV70 FRUHVSXQGVSHFLILFDœLLORUGH[RV70
&DOLWDWHDHVWHPDLLPSRUWDQWôGHFÓW $XWRYHKLFXOXOGXPQHDYRDVWUôDIRVW SRDWHGXFHODVOôELUHDSHUIRUPDQœHLßQ
YÓVFR]LWDWHDDWXQFLFÓQGVHDOHJH HFKLSDWGLQIDEULFôFXXOHLGHPRWRU DQXPLWHßPSUHMXUôUL
XOHLXOFHXUPHD]ôDILXWLOL]DW DSUREDWGH[RV70
&DOLWDWHDXOHLXOXLDVLJXUôGH &RPSOHWDUHDXOHLXOXLGHPRWRU
)RORVLœLQXPDLXOHLGHPRWRURPRORJDW 8OHLXULOHGHPRWRUSURYHQLWHGHOD
H[HPSOXFXUôœHQLDPRWRUXOXL FRQIRUPVSHFLILFDœLLORUGH[RV70VDX
SURWHFœLDßPSRWULYDFRUR]LXQLLŏL GLIHULœLSURGXFôWRULVDXOLYUDWHVXE
XQXOHLGHPRWRUHFKLYDOHQWDYÓQG GLIHULWHPôUFLSRWILDPHVWHFDWHDWÓW
FRQWUROXOßPEôWUÓQLULLXOHLXOXLßQWLPS YÓVFR]LWDWHDFRUHVSXQ]ôWRDUH
FHFODVDGHYÓVFR]LWDWHRIHUô WLPSFÓWVXQWFRQIRUPHFXFHULQœHOH
1HXWLOL]DUHDXOHLXULORUGHPRWRU UHIHULWRDUHODXOHLXOGHPRWRU FDOLWDWH
LQIRUPDœLLGHVSUHYDULDœLDIOXLGLWôœLL UHFRPDQGDWHVDXHFKLYDOHQWHSRDWH
XOHLXOXLßQIXQFœLHGHWHPSHUDWXUô ŏLYÓVFR]LWDWH 
GXFHODGHIHFWDUHDPRWRUXOXLFDUHQX
'DFôQXHVWHGLVSRQLELOXOHLGHPRWRU
&DOLWDWHDXOHLXOXLGHPRWRU YDILDFRSHULWôGHJDUDQœLD
GHFDOLWDWHDSUHVFULVôVHYDXWLOL]D
DXWRYHKLFXOXOXL
'H[RV70 PD[LPOLWUXGHXOHLFODVD$&($$
¿QFD]XOßQFDUHQXVXQWHœLVLJXUGDFô %VDX$% RVLQJXUôGDWôßQWUH
$OHJHUHDXOHLXOXLGHPRWRUDGHFYDW XOHLXOGYVHVWHVDXQXRPRORJDW GRXôVFKLPEXULGHXOHL 
$OHJHUHDXOHLXOXLGHPRWRUDGHFYDW FRQIRUPVSHFLILFDœLLORUGH[RV70
9ÓVFR]LWDWHDYDILßQVôFRQIRUPôFX
GHSLQGHGHVSHFLILFDœLLOH FRQWDFWDœLDWHOLHUXOGHVHUYLFH
VSHFLILFDœLLOH
FRUHVSXQ]ôWRDUHDOHXOHLXOXLŏLGH )RORVLUHDXQRUXOHLXULGHPRWRU
YÓVFR]LWDWH (VWHLQWHU]LVôXWLOL]DUHDXOHLXULORUGH
DOWHUQDWLYHGDFôFHOHRPRORJDWHGH
PRWRUGLQFODVHOH$&($$%ŏL$
&HUHœLŏLIRORVLœLXOHLXULGHPRWRU GH[RV70QXVXQWGLVSRQLELOH
%GHRDUHFHSHWHUPHQOXQJ
DYÓQGPDUFDMXOGHFHUWLILFDUH ßQFD]XOßQFDUHXOHLXULOHGHPRWRU
DFHVWHDSRWGXFHODDYDULHUHD
GH[RV708OHLXULOHFDUHFRUHVSXQG RPRORJDWHGHGH[RV70QXVXQW PRWRUXOXLßQDQXPLWHFRQGLœLLGH
FHULQœHORUDXWRYHKLFXOXOXLGYVWUHEXLH GLVSRQLELOHODVFKLPEDUHDXOHLXOXLVDX XWLOL]DUH
VôDLEôSHUHFLSLHQWPDUFDMXOGH SHQWUXPHQœLQHUHDQLYHOXOXL
FHUWLILFDUHGH[RV70$FHVWPDUFDMGH FRUHVSXQ]ôWRUGHXOHLSXWHœLIRORVLXQ
XOHLGHPRWRUDOWHUQDWLYDYÓQG
5HSDUDœLDŏLßQWUHœLQHUHD 

$GLWLYLLSHQWUXXOHLXULGHPRWRU 6$(:DUHYÓVFR]LWDWHDFHDPDL ¿QœôULOHFXFOLPôUHFHOLFKLGXOGH


8WLOL]DUHDGHDGLWLYLSHQWUXXOHLXOGH EXQôSHQWUXDXWRYHKLFXOXOGYV1X UôFLUHDVLJXUôRSURWHFœLHODßQJKHœ
PRWRUSRDWHGXFHODDYDULHUHD IRORVLœLXOHLXULDYÓQGDOWôYÓVFR]LWDWH SÓQôODDSUR[LPDWLY¡&$FHDVWô
PRWRUXOXLŏLLQYDOLGDUHDJDUDQœLHL FXPDUIL6$(::VDX FRQFHQWUDœLHWUHEXLHPHQœLQXWôSH
: SHULRDGDßQWUHJXOXLDQ
&ODVHGHYÓVFR]LWDWHDXOHLXOXLGH 0HQœLQHœLFRQFHQWUDœLDVXILFLHQWô
PRWRU )XQFœLRQDUHDODWHPSHUDWXULVFô]XWH
'DFôYôDIODœLßQWUR]RQôFXFOLPô DDQWLJHOXOXL
&ODVDGHYÓVFR]LWDWH6$(RIHUô
H[WUHPGHUHFHXQGHWHPSHUDWXUD $GLWLYLLSHQWUXOLFKLGXOGHUôFLUH
LQIRUPDœLLFXSULYLUHODIOXLGLWDWHD
VFDGHVXE¡&WUHEXLHIRORVLWXQ GHVWLQDœLDVLJXUôULLXQHLSURWHFœLL
XOHLXOXL
XOHL6$(:[[8QXOHLDYÓQG VXSOLPHQWDUHßPSRWULYDFRUR]LXQLLVDX
8OHLXULOHPXOWLJUDGVXQWLQGLFDWHSULQ DFHDVWôYÓVFR]LWDWHYDXŏXUD HWDQŏôULLßPSRWULYDVFXUJHULORUPLQRUH
GRXôFLIUH SRUQLUHDPRWRUXOXLODWHPSHUDWXUL SRWFDX]DSUREOHPHGHIXQFœLRQDUH
3ULPDFLIUôXUPDWôGHXQ:LQGLFô H[WUHPGHVFô]XWH&ÓQGDOHJHœLXQ 1XQHDVXPôPUôVSXQGHUHDSHQWUX
YÓVFR]LWDWHDODWHPSHUDWXULVFô]XWH XOHLDYÓQGYÓVFR]LWDWHD FRQVHFLQœHOHXWLOL]ôULLGHDGLWLYLSHQWUX
LDUFHDGHDGRXDFLIUôLQGLFô FRUHVSXQ]ôWRDUHDYHœLJULMôFDDFHVW OLFKLGXOGHUôFLUH
YÓVFR]LWDWHDODWHPSHUDWXULULGLFDWH XOHLVôFRUHVSXQGôVSHFLILFDœLLORU
GH[RV70 /LFKLGXOGHIUÓQô
3ÓQôOD¡&:: 8WLOL]DœLQXPDLOLFKLGGHIUÓQô
3ÓQôODŏLVXE¡&:: RPRORJDWSHQWUXDFHVWDXWRYHKLFXO
'27 
/LFKLGXOGHUôFLUHŏLDQWLJHOXO ¿QWLPSOLFKLGXOGHIUÓQôDEVRDUEH
8WLOL]DœLH[FOXVLYOLFKLGGHUôFLUHGHWLS XPLGLWDWHFHHDFHYDUHGXFHHILFLHQœD
DFLGRUJDQLFFXGXUDWôOXQJôGH IUÓQôULL/LFKLGXOGHIUÓQôYDILGH
XWLOL]DUH //&  DFHHDßQORFXLWODLQWHUYDOHOH
VSHFLILFDWH
¿QœôULOHFXFOLPôPRGHUDWôOLFKLGXOGH
UôFLUHDVLJXUôRSURWHFœLHODßQJKHœ 3ôVWUDœLOLFKLGXOGHIUÓQôßQWUXQ
SÓQôODDSUR[LPDWLY¡& UH]HUYRUHWDQŏSHQWUXDHYLWD
DEVRUEœLDGHDSô
 5HSDUDœLDŏLßQWUHœLQHUHD

$VLJXUDœLYôFôOLFKLGXOGHIUÓQôQX
SRDWHILFRQWDPLQDW

/LFKLGXOSHQWUXVHUYRGLUHFœLH
8WLOL]DœLQXPDLXOHL'H[WURQ9,

/LFKLGWUDQVPLVLHPDQXDOô
3HQWUXPRWRUXOSHEHQ]LQôGH
8WLOL]DœLQXPDLOLFKLG6$(:
&XH[FHSœLDPRWRUXOXLSHEHQ]LQôGH
8WLOL]DœLQXPDLXOHL&DVWURO%27


/LFKLGSHQWUXWUDQVPLVLD
DXWRPDWô
8WLOL]DœLQXPDLXOHL'H[WURQ9,
'DWHWHKQLFH 

'DWHWHKQLFH ,GHQWLILFDUHD 3OôFXœDGHLGHQWLILFDUH


DXWRYHKLFXOXOXL
,GHQWLILFDUHDDXWRYHKLFXOXOXL   6HULDGHLGHQWLILFDUH
'DWHUHIHULWRDUHODDXWRYHKLFXO   DDXWRYHKLFXOXOXL 9,1

3OôFXœDGHLGHQWLILFDUHVHDIOôSH
FDGUXOSRUWLHUHLŏRIHUXOXL

6HULDGHLGHQWLILFDUHDDXWRYHKLFXOXOXL
9,1 HVWHJUDYDWôßQFHQWUXOSHUHWHOXL
GHSURWHFœLH
 'DWHWHKQLFH

'DWHUHIHULWRDUHODDXWRYHKLFXO
'DWHGHVSUHPRWRU
'HQXPLUHDFRPHUFLDOô ''(&2 ''HWXQHG ' '
&RGGHLGHQWLILFDUHPRWRU /'& /:' /'' /'(
1XPôUGHFLOLQGUL    
&DSDFLWDWHDFLOLQGULFô>FP@    
3XWHUHDPRWRUXOXL>N:@    
ODWXUDœLD URWPLQ    
&XSOXO>1P@    
ODWXUDœLD URWPLQ    
7LSXOGHFRPEXVWLELO %HQ]LQô %HQ]LQô %HQ]LQô %HQ]LQô
&LIUDRFWDQLFô&25
UHFRPDQGDWô    
DGPLVô    

'HQXPLUHDFRPHUFLDOô )*7 9*7 9*7(&2


&RGGHLGHQWLILFDUHPRWRU /'9 /6) /6)
1XPôUGHFLOLQGUL   
&DSDFLWDWHDFLOLQGULFô>FP@   
3XWHUHDPRWRUXOXL>N:@   
'DWHWHKQLFH 

'HQXPLUHDFRPHUFLDOô )*7 9*7 9*7(&2


&RGGHLGHQWLILFDUHPRWRU /'9 /6) /6)
ODWXUDœLD URWPLQ   
&XSOXO>1P@   
ODWXUDœLD URWPLQ   
7LSXOGHFRPEXVWLELO 0RWRULQD 0RWRULQD 0RWRULQD

3HUIRUPDQœHOH
0RWRUXO ' '(&2 ''(781(' ' '
9LWH]DPD[LPô >NPK@
7UDQVPLVLDPDQXDOô     
7UDQVPLVLDDXWRPDWô ಥ ಥ ಥ  

0RWRUXO )*7ŏL07 9*7ŏL07 9*7(&2ŏL07


9LWH]DPD[LPô >PSK@
7UDQVPLVLDPDQXDOô   
7UDQVPLVLDDXWRPDWô ಥ ಥ ಥ

 9LWH]DPD[LPôVSHFLILFDWôSRDWHILDWLQVôFXJUHXWDWHDSURSULHDDXWRYHKLFXOXOXL IôUôŏRIHU SOXVNJVDUFLQôXWLOô


(FKLSDPHQWHOHRSœLRQDOHSRWUHGXFHYLWH]DPD[LPôVSHFLILFDWôDDXWRWXULVPXOXL
 9LWH]DPD[LPôVSHFLILFDWôSRDWHILDWLQVôFXJUHXWDWHDSURSULHDDXWRYHKLFXOXOXL IôUôŏRIHU SOXVNJVDUFLQôXWLOô
(FKLSDPHQWHOHRSœLRQDOHSRWUHGXFHYLWH]DPD[LPôVSHFLILFDWôDDXWRWXULVPXOXL
 'DWHWHKQLFH

&RQVXPXOGHFRPEXVWLELO(PLVLLOHGH&2
0RWRDUHSHEHQ]LQô
+DWFKEDFN!
'70'
0RWRUXO 'ŏL70 '(&2ŏL70 '(781('ŏL70 'ŏL70 'ŏL7$ 'ŏL70 'ŏL7$
9RODQXO 6HUYRGLUHFœLHHOHFWULFô 6HUYRGLUHFœLHKLGUDXOLFô
XUEDQ>ONP@       
H[WUDXUEDQ>ONP@       
WRWDO>ONP@       
&2>JNP@       

1RWFKEDFN!
'70''(781('
0RWRUXO 'ŏL70 ŏL70 'ŏL70 'ŏL7$ 'ŏL70 'ŏL7$
9RODQXO 6HUYRGLUHFœLHHOHFWULFô 6HUYRGLUHFœLHKLGUDXOLFô
XUEDQ>ONP@      
H[WUDXUEDQ>ONP@      
WRWDO>ONP@      
&2>JNP@      
'DWHWHKQLFH 

0RWRUGLHVHO
0RWRUXO )*7 9*7 9*7(&2
7LSDXWRYHKLFXO +DWFKEDFN 1RWFKEDFN +DWFKEDFN 1RWFKEDFN +DWFKEDFN
XUEDQ>ONP@     
H[WUDXUEDQ>ONP@     
WRWDO>ONP@     
&2>JNP@     

0DVDDXWRYHKLFXOXOXL
0DVDSURSULHPLQLPôFXŏRIHU NJ
0RWRDUHSHEHQ]LQô
0RWRUXO 9RODQXO +DWFKEDFN1RWFKEDFN>NJ@
'ŏL70 6HUYRGLUHFœLHHOHFWULFô

6HUYRGLUHFœLHKLGUDXOLFô
'(&2ŏL70 6HUYRGLUHFœLHHOHFWULFô ಥ
''(781('ŏL70 6HUYRGLUHFœLHKLGUDXOLFô 
'ŏL70 6HUYRGLUHFœLHKLGUDXOLFô 
'ŏL7$ 6HUYRGLUHFœLHKLGUDXOLFô 
 'DWHWHKQLFH

0RWRUXO 9RODQXO +DWFKEDFN1RWFKEDFN>NJ@


'ŏL70 6HUYRGLUHFœLHKLGUDXOLFô 
'ŏL7$ 6HUYRGLUHFœLHKLGUDXOLFô 

0RWRUGLHVHO
0RWRUXO 7LSDXWRYHKLFXO >NJ@
)*7ŏL07 +DWFKEDFN 
1RWFKEDFN 
9*7ŏL07 +DWFKEDFN 
1RWFKEDFN 
9*7(&2ŏL07 +DWFKEDFN 

0DVDSURSULHPD[LPôFXŏRIHU NJ
0RWRDUHSHEHQ]LQô
0RWRUXO 9RODQXO +DWFKEDFN1RWFKEDFN>NJ@
'ŏL70 6HUYRGLUHFœLHHOHFWULFô

6HUYRGLUHFœLHKLGUDXOLFô
'(&2ŏL70 6HUYRGLUHFœLHHOHFWULFô ಥ
''(781('ŏL70 6HUYRGLUHFœLHKLGUDXOLFô 
'ŏL70 6HUYRGLUHFœLHKLGUDXOLFô 
'DWHWHKQLFH 

0RWRUXO 9RODQXO +DWFKEDFN1RWFKEDFN>NJ@


'ŏL7$ 6HUYRGLUHFœLHKLGUDXOLFô 
'ŏL70 6HUYRGLUHFœLHKLGUDXOLFô 
'ŏL7$ 6HUYRGLUHFœLHKLGUDXOLFô 

0RWRUGLHVHO
0RWRUXO 7LSDXWRYHKLFXO >NJ@
)*7ŏL07 +DWFKEDFN 
1RWFKEDFN 
9*7ŏL07 +DWFKEDFN 
1RWFKEDFN 
9*7(&2ŏL07 +DWFKEDFN 

0DVDEUXWôDDXWRYHKLFXOXOXL
0RWRDUHSHEHQ]LQô
0RWRUXO 9RODQXO +DWFKEDFN1RWFKEDFN>NJ@
'ŏL70 6HUYRGLUHFœLHHOHFWULFô

6HUYRGLUHFœLHKLGUDXOLFô
'(&2ŏL70 6HUYRGLUHFœLHHOHFWULFô ಥ
''(781('ŏL70 6HUYRGLUHFœLHKLGUDXOLFô 
 'DWHWHKQLFH

0RWRUXO 9RODQXO +DWFKEDFN1RWFKEDFN>NJ@


'ŏL70 6HUYRGLUHFœLHKLGUDXOLFô 
'ŏL7$ 6HUYRGLUHFœLHKLGUDXOLFô 
'ŏL70 6HUYRGLUHFœLHKLGUDXOLFô 
'ŏL7$ 6HUYRGLUHFœLHKLGUDXOLFô 

0RWRUGLHVHO
0RWRUXO 7LSDXWRYHKLFXO +DWFKEDFN1RWFKEDFN>NJ@
)*7ŏL07 +DWFKEDFN 
1RWFKEDFN 
9*7ŏL07 +DWFKEDFN 
1RWFKEDFN 
9*7(&2ŏL07 +DWFKEDFN 

'LPHQVLXQLOHDXWRYHKLFXOXOXL
+DWFKEDFN 1RWFKEDFN
/XQJLPHD>PP@  
/ôœLPHD>PP@  
¿QôOœLPHD>PP@  
/XQJLPHDSRGHOHLSRUWEDJDMXOXL>PP@  
'DWHWHKQLFH 

+DWFKEDFN 1RWFKEDFN
/ôœLPHSRUWEDJDM>PP@  
¿QôOœLPHSRUWEDJDM>PP@  
$PSDWDPHQWXO>PP@  
'LDPHWUXOGHEUDFDM>P@  

&DSDFLWôœL
8OHLXOGHPRWRU
0RWRUXO %(1=,1ó 02725,1$
'' ' )*7 9*7
LQFOXVLYILOWUXO>O@    
ßQWUH0,1ŏL0$;>O@    

5H]HUYRUXOGHFRPEXVWLELO
&DSDFLWDWHDQRPLQDOô>O@ 
 'DWHWHKQLFH

3UHVLXQHDßQDQYHORSH
$QYHORSHOH )Dϙ>N3DEDU@ >SVL@ 6SDWH>N3DEDU@ >SVL@
aSHUVRDQH aSHUVRDQH aSHUVRDQH aSHUVRDQH
&203257 (&2 *9: &203257 (&2 *9:
5            
5            
5            
5            
5            
5RDWôFRPSDFWôGHUH]HUYô            

 0DVDEUXWôDDXWRYHKLFXOXOXL
 &XH[FHSœLDPRWRUXOXLGH'ŏLDPRWRUXOXLGLHVHO
 1XPDLSHQWUXXWLOL]DUHXOWHULRDUôFXH[FHSœLDPRWRUXOXLGH'GHWXQHG
 &XH[FHSœLDPRWRUXOXLGH'GHWXQHG
,QIRUPDœLLSHQWUXFOLHQW 

¿QUHJLVWUDUHDGDWHORU DIRVWRSHUDW GHH[HPSOXYLWH]D


,QIRUPDœLLSHQWUXFOLHQW PRWRUXOXLDSOLFDUHDIUÓQHORUVDX
GHVSUHDXWRYHKLFXOŏL XWLOL]DUHDFHQWXULORUGHVLJXUDQœô 
FRQILGHQœLDOLWDWHD 3HQWUXDFLWLDFHVWHGDWHHVWH
¿QUHJLVWUDUHDGDWHORUGHVSUH QHFHVDUXQHFKLSDPHQWVSHFLDOŏL
DXWRYHKLFXOŏLFRQILGHQœLDOLWDWHD   'LVSR]LWLYHGHßQUHJLVWUDUH DFFHVXOODDXWRYHKLFXO8QHOHGDWHGH
DHYHQLPHQWHORU GLDJQRVWLFDUHVXQWLQWURGXVH
HOHFWURQLFßQVLVWHPXOGH
$XWRYHKLFXOXOHVWHGRWDWFXPDLPXOWH GLDJQRVWLFDUHJOREDOô&KHYUROHW
VLVWHPHVRILVWLFDWHFDUH DWXQFLFÓQGDXWRYHKLFXOXOHVWH
PRQLWRUL]HD]ôŏLFRQWUROHD]ôGDWHOH UHSDUDWßQWUXQDWHOLHUVHUYLFHSHQWUX
DXWRYHKLFXOXOXL8QHOHGDWHSRWIL DGRFXPHQWDLVWRULFXOOXFUôULORUGH
VWRFDWHßQWLPSXOIXQFœLRQôULLQRUPDOH VHUYLFHDIHUHQWHDFHOXLDXWRYHKLFXO
SHQWUXDIDFLOLWDUHPHGLHUHD $FHVWOXFUXSHUPLWHDWHOLHUXOXLVHUYLFH
GHIHFœLXQLORUGHWHFWDWHDOWHGDWHVXQW VôRIHUHOXFUôULGHßQWUHœLQHUHŏL
ßQUHJLVWUDWHQXPDLßQFD]XOXQHL UHSDUDœLLHILFLHQWHSHUVRQDOL]DWH
FROL]LXQLVDXßQHYHQWXDOLWDWHD SHQWUXILHFDUHDXWRYHKLFXOLQGLYLGXDO
SURGXFHULLXQHLFROL]LXQLGHFôWUH ODILHFDUHYL]LWôODDWHOLHU
PRGXOHOHVLVWHPHORUDXWRYHKLFXOXOXL
3URGXFôWRUXOQXYDDFFHVD
GRWDWHFXIXQFœLDGHßQUHJLVWUDUHßQ
LQIRUPDœLLOHUHIHULWRDUHOD
FD]XOSURGXFHULLXQXLHYHQLPHQW
FRPSRUWDPHQWXOŏRIHUXOXLßQFD]XO
SUHFXPPRGXOXOGHFRPDQGô
XQHLFROL]LXQLŏLQLFLQXOHYDGLYXOJD
DDLUEDJXULORU
FXH[FHSœLDFD]XOXL
6LVWHPHOHSRWßQUHJLVWUDGDWHGH
࿢ ßQFDUHSULPHŏWHDFRUGXO
GLDJQRVWLFDUHGHVSUHVWDUHD
SURSULHWDUXOXLDXWRYHKLFXOXOXLVDX
DXWRYHKLFXOXOXL GHH[HPSOXQLYHOXO
GDFôDXWRYHKLFXOXOHVWHßQOHDVLQJ
XOHLXOXLVDXNLORPHWUDMXO
DOEHQHILFLDUXOXLGHOHDVLQJ
DXWRYHKLFXOXOXL ŏLPRGXOßQFDUH
 ,QIRUPDœLLSHQWUXFOLHQW

࿢ FDUôVSXQVODRVROLFLWDUHRILFLDOô ,GHQWLILFDUHDSULQIUHFYHQœH
DSROLœLHLVDXDXQXLRUJDQLVP
JXYHUQDPHQWDOVLPLODU UDGLR 5),'
࿢ FDSDUWHDDSôUôULLSURGXFôWRUXOXLßQ 7HKQRORJLD5),'HVWHXWLOL]DWôOD
FD]XOXQRUSURFHGXULOHJDOH DQXPLWHDXWRYHKLFXOHSHQWUXIXQFœLL
SUHFXPPRQLWRUL]DUHDSUHVLXQLLßQ
࿢ FHUXWHGHOHJH
DQYHORSHŏLVHFXULWDWHDVLVWHPXOXLGH
¿QSOXVSURGXFôWRUXOSRDWHXWLOL]D SRUQLUH(VWHXWLOL]DWôŏLßQFRUHODœLHFX
GDWHOHGHGLDJQRVWLFDUHFROHFWDWHVDX GRWôULSUHFXPWHOHFRPDQGDUDGLR
SULPLWH SHQWUXEORFDUHDGHEORFDUHD
࿢ SHQWUXQHFHVLWôœLGHSURLHFWDUH SRUWLHUHORUŏLSHQWUXFXSODUHD
࿢ SHQWUXDOHSXQHODGLVSR]LœLD FRQWDFWXOXLSUHFXPŏLSHQWUX
QHFHVLWôœLORUGHSURLHFWDUHXQGH HPLœôWRULLQFRUSRUDœLSHQWUXVLVWHPH
HVWHSôVWUDWôFRQILGHQœLDOLWDWHD GHßQFKLGHUHFHQWUDOL]DWôDJDUDMXOXL
DGHFYDWôŏLDSDUHFHULQœD 7HKQRORJLD5),'GLQFDGUXO
DXWRYHKLFXOHORU&KHYUROHWQX
࿢ GHDßPSôUWôŏLGDWHVLQWHWLFHFDUH XWLOL]HD]ôVDXßQUHJLVWUHD]ôLQIRUPDœLL
QXVXQWOHJDWHGHXQDQXPLW SHUVRQDOHFRQILGHQœLDOHQLFLQXVH
DXWRYHKLFXOFXDOWHRUJDQLVPH FRQHFWHD]ôFXDOWHVLVWHPH&KHYUROHW
SHQWUXVFRSXULGHFHUFHWDUH FDUHFRQœLQLQIRUPDœLLSHUVRQDOH
,QIRUPDœLLSHQWUXFOLHQW 


,QGH[DOIDEHWLF $ &KHLOH 
$FFHVRULLOHŏLPRGLILFDUHD &OD[RQXO 
DXWRYHKLFXOXOXL  &RPEXVWLELOXOSHQWUXPRWRDUHOH
$GÓQFLPHDSURILOXOXLFôLLGH GLHVHO 
UXODUH  &RPEXVWLELOXOSHQWUXPRWRDUHOH
$GPLVLDDHUXOXL  SHEHQ]LQô 
$ILŏDMXOSHQWUXLQIRUPDœLLGHERUG  &RPHQ]LOHGHSHYRODQ 
$ILŏDMXOWUDQVPLVLHL  &RPSDUWLPHQWHOHGHGHSR]LWDUH
$OLPHQWDUHDFXFRPEXVWLELO  GLQDXWRYHKLFXO 
$QWHQDIL[ôQRQWHOHVFRSLFô  &RPSDUWLPHQWXOGHGHSR]LWDUH
$QYHORSHOHGHLDUQô  GHVXEVFDXQ 
&RPSDUWLPHQWXOGHGHSR]LWDUH
% GLQSDQRXOGHERUG 
%DWHULD  &RPSXWHUXOGHERUG 
%ORFDUHDDXWRPDWô  &RPXWDWRUXOGHOXPLQL 
%ORFXULOHRSWLFHVSDWH  &RQVXPXOGHFRPEXVWLELO
%OXHWRRWKŸ  (PLVLLOHGH&2 
%ULFKHWD  &RQWRUXOGHNLORPHWUDM 
& &RQWUROFOLPDWL]DUH 
&RQWUROHOHFWURQLFGHVWDELOLWDWH
&DSDFHOHGHURœL 
RSULW 
&DSDFLWôœL 
&RQWUROXOYLWH]HLGHFURD]LHUô 
&DSRWD 
&RQWUROYLWH]ôGHFURD]LHUô 
&DWDOL]DWRUXO 
&RSHUWLQDSRUWEDJDMXOXL 
&HDVXO 
&XWLDFXVLJXUDQœHGLQ
&HQWUXGHLQIRUPDœLLSHQWUXŏRIHU  
FRPSDUWLPHQWXOPRWRU 
&HQWXUDGHVLJXUDQϙ 
&XWLDFXVLJXUDQœHGLQSDQRXOGH
&HQWXUDGHVLJXUDQœôFXIL[DUHßQ
ERUG 
SXQFWH 
&HQWXULOHGHVLJXUDQϙ 


' )UÓQDGHPÓQô  ¿QFôO]LWH 


'DWHGHVSUHPRWRU  )UÓQHOH  ¿QFXLHWRULOHGHVLJXUDQœôSHQWUX
'HEORFDUHDDXWRYHKLFXOXOXL  )XQFœLDDQWLIXUW  FRSLL 
'HIHFœLXQL  )XQFœLDOXPLQLSHWLPSGH]L  ¿QFXLHWRULOHPDQXDOHDOH
'HPDUDUHD  )XQFœLDPDQXDOôDQWLRUELUH  SRUWLHUHORU 
'HUXODUHDOXFUôULORU  )XQFœLRQDUHD  ¿QJULMLUHDLQWHULRUXOXL 
'H]DFWLYDUHDDLUEDJXULORU  )XQFœLRQDUHDQRUPDOô ¿QORFXLUHDDQYHORSHLŏL
'H]DHUDUHDVLVWHPXOXLGH DVLVWHPXOXLGHDHU GLPHQVLXQLOHMDQWHL 
DOLPHQWDUHFXPRWRULQô  FRQGLœLRQDW  ¿QORFXLUHDEHFXULORU 
'LPHQVLXQLOHDXWRYHKLFXOXOXL  ¿QORFXLUHDODPHOHORU
'LVSR]LWLYHGHßQUHJLVWUDUH
* ŏWHUJôWRDUHORU 
DHYHQLPHQWHORU  *HDPXULOHDFœLRQDWHHOHFWULF  ¿QORFXLUHDURœLL 
'LVSR]LWLYHOHDX[LOLDUH  *HDPXULOHDFœLRQDWHPDQXDO  ¿QWUHUXSHUHDDOLPHQWôULL
'LVSR]LWLYXOGHUHGDUH&'  , HOHFWULFH 
,GHQWLILFDUHDSULQIUHFYHQœHUDGLR ¿QWUHœLQHUHDH[WHULRDUô 
)
)DQWHOHGHYHQWLODœLHIL[H  5),'   -
)DQWHOHGHYHQWLODœLHUHJODELOH  ,OXPLQDUHDSOôFXœHLGH -DQWHOHŏLDQYHORSHOH 
)DUXULOH  ßQPDWULFXODUH 
)DUXULOHFÓQGFRQGXFHœLßQDIDUD ,QGLFDWRUXOGHQLYHOFRPEXVWLELO    /
œôULL  ,QHOHOHGHDQFRUDUHVXSHULRDUH  /DPSDGHDYHUWL]DUHFHQWXUôGH
)D]DOXQJô  ,QIRUPDœLLJHQHUDOH  VLJXUDQœô 
)LOWUXDHUPRWRU  ,QIRUPDœLLVHUYLFH  /DPSDGHFHDœôVSDWH 
)LOWUXGHFRPEXVWLELO  ,QVWUXFœLXQLUHIHULWRDUHOD /DPSDGHFRQWUROGHIHFœLXQL 
)LOWUXOGHPRWRULQô  ßQFôUFDUH  /DPSDGHIUÓQôPRQWDWôFHQWUDO
)LOWUXOGHSDUWLFXOH  ,QWURGXFHUH  VXV 
)LOWUXOGHSDUWLFXOHSHQWUXPRWRU /DQœXULOHDQWLGHUDSDQWH 
¿ /ôPSLOHGHFHDœôVSDWH 
GLHVHO  ¿QFôO]LUHD 
)LOWUXOGHSROHQ  /ôPSLOHGHFRQWURO 
¿QFôO]LUHDVFDXQHORUIDœô  /ôPSLOHGHPDUŏDULHU 


/ôPSLOHGHSR]LœLHGLQVSDWH  1 3UHVLXQHDXOHLXOXLGHPRWRU 
/ôPSLOHGHVHPQDOL]DUHODWHUDOH  1LYHOVFô]XWDOFRPEXVWLELOXOXL  3UH]HQWDUHDJHQHUDOô
/HQWLOHOHIDUXULORUDEXULWH  DFRPSDUWLPHQWXOXLPRWRU 
/LFKLGHŏLOXEULILDQœL 2 3UH]HQWDUHDJHQHUDOô
UHFRPDQGDœL  2JOLQ]LOHFRQYH[H  DHOHPHQWHORUGHFRPDQGô 
/LFKLGSHQWUXWUDQVPLVLD 2JOLQ]LOHUHWURYL]RDUHH[WHULRDUH 3UH]HQWDUHJHQHUDOôDSDQRXOXL
DXWRPDWô  ßQFôO]LWH  GHERUG 
/LFKLGXOGHIUÓQô  2SHUDœLXQLVXSOLPHQWDUHGH 3UL]HOHGHFXUHQW 
/LFKLGXOGHUôFLUHDPRWRUXOXL  VHUYLFH  3URJUDPXOHOHFWURQLFGH
/LFKLGXOGHUôFLUHŏLDQWLJHOXO  3 VWDELOLWDWH 
/LFKLGXOGHVHUYRGLUHFœLH  3URJUDPXOVHUYLFH 
3DUDVRODUHOH 
/LFKLGXOGHVSôODUH  3URLHFWRDUHOHGHFHDœô 
3DUFDUH 
/LFKLGXOSHQWUXVHUYRGLUHFœLH  3URWHFœLDßPSRWULYDGHVFôUFôULL
3ôVWUDUHDFRQWUROXOXLDVXSUD
/LFKLGXOSHQWUXWUDQVPLVLH  EDWHULHL 
DXWRYHKLFXOXOXL 
/RFXULGHLQVWDODUHDVFDXQHORU
3HUIRUPDQœHOH  5
SHQWUXFRSLL 
3HULFROHDYHUWL]ôULŏLDWHQœLRQôUL  5DEDWDUHD 
/XPLQLOHGHDFFHV 
3HUVRQDOL]DUHD  5DEDWDUHDRJOLQ]LOHUHWURYL]RDUH
/XPLQLOHGHDYDULH 
3HUVRQDOL]DUHDDXWRYHKLFXOXOXL  H[WHULRDUH 
/XPLQLOHGHßQVRœLUHODLHŏLUHDGLQ
3OôFXœDGHLGHQWLILFDUH  5DGLR$0)0 
DXWRYHKLFXO 
3RUQLUHDDVLVWDWô  5HFLFODUHDDXWRYHKLFXOXOXLOD
/XPLQLOHH[WHULRDUH 
3RUQLUHDPRWRUXOXL  VIÓUŏLWXOGXUDWHLGHXWLOL]DUH 
/XPLQLOHLQWHULRDUH 
3RUWEDJDMXO  5HJODUHDHOHFWULFô 
/XQHWDßQFôO]LWô 
3RUWLHUôGHVFKLVô  5HJODUHDIDVFLFXOXOXLIDUXULORU 
0 3R]LœLDVFDXQXOXL  5HJODUHDPDQXDOô 
0DQHWDVHOHFWRUXOXLGHYLWH]H  3R]LœLLOHFRPXWDWRUXOXLGH 5HJODUHDRJOLQ]LORUUHWURYL]RDUH 
0DUFDUHDDQYHORSHORU  FRQWDFW  5HJODUHDVFDXQHORU 
0DVDDXWRYHKLFXOXOXL  3UHßQFôO]LUHDŏLILOWUXOGH 5HJODUHDWHWLHUHORU 
0HVDMHOHDXWRYHKLFXOXOXL  SDUWLFXOHGLHVHO  5HJODUHDYRODQXOXL 
3UHVLXQHDßQDQYHORSH 


5RDWDGHUH]HUYô  6LVWHPXODLUEDJ  6LVWHPXOXOWUDVRQLFGHDVLVWHQœô


5RGDMXODXWRYHKLFXOXOXLQRX  6LVWHPXODQWLEORFDUHIUÓQH  ODSDUFDUH 
6LVWHPXODQWLEORFDUHIUÓQH $%6   6XSRUWXOSHQWUXRFKHODUL 
6 6LVWHPXODQWLGHPDUDM  6XSRUWXULOHSHQWUXSDKDUH 
6FDGHQϙYHULILFDUHVHUYLFH 6LVWHPXOGHDLUEDJXULIURQWDOH 
DXWRYHKLFXO  6LVWHPXOGHDLUEDJXULODWHUDOH  Ŏ
6FDXQHOHSHQWUXFRSLL  6LVWHPXOGHDLUEDJXULSHQWUX ŎWHUJôWRDUHOHVSôOôWRUXOGH
6FDXQHOHSHQWUXFRSLL,62),;  SURWHFœLDFDSXOXL  SDUEUL] 
6FKLPEDUHDßQWURWUHDSWô 6LVWHPXOGHDODUPôDQWLIXUW  ŎWHUJôWRUXOVSôOôWRUXOGHOXQHWô 
VXSHULRDUôGHYLWH]H  6LVWHPXOGHDVLVWHQœôODIUÓQDUH 
6FKLPEDUHDXQHLURœL  7
6LVWHPXOGHDVLVWHQϙOD 7HOHFRPDQGDUDGLR 
6FUXPLHUô  SDUFDUH 
6HPQDOHOHGHDYHUWL]DUH  7HOHIRQXOFXKDQGVIUHH 
6LVWHPXOGHFRQWURODOWUDFœLXQLL  7HPSHUDWXUDOLFKLGXOXLGHUôFLUH
6HPQDOL]DUHDFXIDUXULOH  6LVWHPXOGHFRQWURODQWLSDWLQDUH
6HPQDOL]DUHDGLUHFœLHL  DPRWRUXOXL 
HVWHGHFRQHFWDW  7HWLHUHOH 
6HPQDOL]DUHDYLUDMHORUŏL 6LVWHPXOGHFRQWURODXWRPDWDO
DVFKLPEôULLEHQ]LLGHUXODUH  7RUSHGRXO 
OXPLQLORU  7UDFWDUHDDOWXLDXWRYHKLFXO 
6HULDGHLGHQWLILFDUH 6LVWHPXOGHFRQWUROHOHFWURQLFDO
DDXWRYHKLFXOXOXL 9,1   7UDFWDUHDDXWRYHKLFXOXOXL 
VWDELOLWôœLL  7UDQVPLVLD 
6HUYLFH  6LVWHPXOGHGDWHUDGLR 5'6  
6HUYLFHXO  7UDQVPLVLDDXWRPDWô 
6LVWHPXOGHHYDFXDUHDO 7UDQVPLVLDPDQXDOô 
6HUYRGLUHFœLD  PRWRUXOXL 
6HWXOSHQWUXGHSDQDUH 7UDSD 
6LVWHPXOGHIUÓQôŏLGHDPEUHLDM  7ULXQJKLXOUHIOHFWRUL]DQW 
DDQYHORSHORU  6LVWHPXOGHßQFôO]LUHŏL
6LJXUDQœHOHIX]LELOH  7UXVDGHVFXOH 
YHQWLODœLH  7XURPHWUXO 
6LVWHPGHDHUFRQGLœLRQDW  6LVWHPXOGHßQFôUFDUH 
6LVWHPHOHDLUEDJŏLGLVSR]LWLYHOH 6LVWHPXOGHßQFKLGHUH
GHSUHWHQVLRQDUHDFHQWXULORU FHQWUDOL]DWô 
GHVLJXUDQϙ  6LVWHPXOGHRSULUHSRUQLUH 
6LVWHPHOHGHVSôODUHŏLŏWHUJHUH 


8
8OHLXOGHPRWRU 
8OHLXOSHQWUXWUDQVPLVLD
PDQXDOô 
8WLOL]DUHDOXPLQLORUGHSR]LœLHSH
WLPSGH]L 
8WLOL]DUHDSUH]HQWXOXLPDQXDO 
9
9HQWLODœLD 
9LWH]RPHWUXO 

You might also like