You are on page 1of 268

,QVWUXFĠLXQLGHPRQWDMúL

 
VHUYLFH
SHQWUXSHUVRQDOXOGHVSHFLDOLWDWH

9LWRWURQLF
7LS*&%
$XWRPDWL]DUHGLJLWDOăDFLUFXLWXOXLFD]DQXOXL
9LWRWURQLF.
7LS0:%
$XWRPDWL]DUHGLJLWDOăGHFDVFDGăFRPDQGDWăGHWHPSH[WHULRDUă

,QGLFDĠLLGHYDODELOLWDWHYH]LXOWLPDSDJLQă
)'"'%"!

)'"'%"! 

52  9ăUXJăPVăSăVWUDĠLDFHVWHLQVWUXFĠLXQL


0ăVXULGHVLJXUDQĠă

0ăVXULGHVLJXUDQĠă

9ăUXJăPVăUHVSHFWDĠLFXVWULFWHĠHDFHVWHPăVXULGHVLJXUDQĠăSHQWUXD
H[FOXGHSHULFROHúLGDXQHXPDQHúLPDWHULDOH

([SOLFDUHDPăVXULORUGHVLJXUDQĠă Ŷ QRUPDWLYHOHOHJDOHFXSULYLUHODSUHYH
QLUHDDFFLGHQWHORU
3HULFRO Ŷ QRUPDWLYHOHOHJDOHFXSULYLUHODRFURWL
$FHVWVHPQDWUDJHDWHQĠLDDVX UHDPHGLXOXLvQFRQMXUăWRU
SUDXQRUSRVLELOHGDXQHSHQWUX Ŷ KRWăUkULOHDVRFLDĠLLORUSURIHVLRQDOH
SHUVRDQH Ŷ QRUPHOHGHVLJXUDQĠăSUHYă]XWHGH
67$6úLQRUPDWLYHOHLQWHUQDĠLRQDOH

 $WHQĠLH
$FHVWVHPQDWUDJHDWHQĠLDDVX
SUDXQRUSRVLELOHGDXQHPDWHULDOH
',1(1'9*:75*,75)úL9'(
OHJHD

úLGDXQHSHQWUXPHGLXOvQFRQ 0ăVXULFHWUHEXLHOXDWHvQFD]GH
MXUăWRU PLURVGHJD]

,QGLFDĠLH 3HULFRO
,QIRUPDĠLLOHWUHFXWHVXEGHQXPLUHDGH (PDQDUHDJD]XOXLSRDWHFRQ
LQGLFDĠLHFRQĠLQLQIRUPDĠLLVXSOLPHQWDUH GXFHODH[SOR]LLFDUHSRWDYHDFD
XUPDUHDFFLGHQWăULJUDYH
3HUVRDQHOHFăURUDVHDGUHVHD]ă Ŷ 1XIXPDĠL(YLWDĠLIRFXOGHVFKLV
DFHVWHLQVWUXFĠLXQL úLIRUPDUHDGHVFkQWHL1X
DSULQGHĠLQLFLRGDWăOXPLQDúLQX
$FHVWHLQVWUXFĠLXQLVHDGUHVHD]ăvQPRG FRQHFWDĠLDSDUDWHOHHOHFWULFH
H[FOXVLYSHUVRQDOXOXLGHVSHFLDOLWDWH Ŷ ÌQFKLGHĠLURELQHWXOGHJD]
DXWRUL]DW Ŷ 'HVFKLGHĠLIHUHVWUHOHúLXúLOH
Ŷ ,QWHUYHQĠLLOHODLQVWDODĠLDGHJD]WUHEXLH Ŷ (YDFXDĠLSHUVRDQHOHGLQ]RQD
H[HFXWDWHQXPDLGHFăWUHLQVWDODWRUL GHSHULFRO
DXWRUL]DĠLGH',675,*$= Ŷ ,QIRUPDĠLGLQDIDUDFOăGLULLILU
Ŷ /XFUăULOHODLQVWDODĠLDHOHFWULFăYRUIL PHOH',675,*$=úL(/(&
H[HFXWDWHQXPDLGHHOHFWULFLHQLFDOLIL 75,&$
FDĠL Ŷ 'LVSXQHĠLvQWUHUXSHUHDDOL
Ŷ 3ULPDSXQHUHvQIXQFĠLXQHVHYDIDFH PHQWăULLHOHFWULFHDFOăGLULL
GHFăWUHH[HFXWDQWXOLQVWDODĠLHLVDXGH GLQWUXQORFVLJXU GLQDIDUD
XQVSHFLDOLVWGHVHPQDWGHDFHVWD FOăGLULL 

1RUPDWLYH

/DHIHFWXDUHDOXFUăULORUWUHEXLHUHVSHF
WDWH
52


0ăVXULGHVLJXUDQĠă

0ăVXULGHVLJXUDQĠă FRQWLQXDUH

0ăVXULFHWUHEXLHOXDWHvQFD]GH /XFUăULOHGHUHPHGLHUH
PLURVGHJD]HDUVH

3HULFRO
*D]HOHDUVHSRWFRQGXFHODLQWR
 $WHQĠLH
5HPHGLHUHDXQRUFRPSRQHQWH
FXIXQFĠLHGHVLJXUDQĠăSXQHvQ
[LFDĠLLFDUHSXQYLDĠDvQSHULFRO SHULFROIXQFĠLRQDUHDVLJXUăD
Ŷ 6FRDWHĠLLQVWDODĠLDGHvQFăO]LUH LQVWDODĠLHL
GLQIXQFĠLXQH &RPSRQHQWHOHGHIHFWHWUHEXLH
Ŷ $HULVLĠLvQFăSHUHDGHDPSOD vQORFXLWHFXFRPSRQHQWHRULJL
VDUHDLQVWDODĠLHL QDOHGHODILUPD9LHVVPDQQ
Ŷ ÌQFKLGHĠLXúLOHVSUHvQFăSHULOH
GHORFXLW &RPSRQHQWHVXSOLPHQWDUHSLHVHGH
VFKLPEúLSLHVHVXSXVHX]XULL
,QWHUYHQĠLLODLQVWDODĠLH

Ŷ ÌQFD]XOFRPEXVWLELOXOXLJD]RVWUHEXLH
vQFKLVURELQHWXOGHJD]úLDVLJXUDW
 $WHQĠLH
3LHVHOHGHVFKLPEúLSLHVHOH
VXSXVHX]XULLFDUHQXDXIRVWYHUL
vPSRWULYDGHVFKLGHULLDFFLGHQWDOH ILFDWHvPSUHXQăFXLQVWDODĠLDSRW
Ŷ 6HGHFRQHFWHD]ăLQVWDODĠLDGHODUHĠHD LQIOXHQĠDIXQFĠLRQDUHDLQVWDODĠLHL
GHH[HPSOXGHODVLJXUDQĠDVHSDUDWă 0RQWDMXOXQRUFRPSRQHQWH
VDXGHODXQvQWUHUXSăWRUSULQFLSDO úL QHRPRORJDWHFDúLHIHFWXDUHD
VHYHULILFăGDFăHVWHvQWUHUXSWăDOL XQRUPRGLILFăULQHDXWRUL]DWHSRW
PHQWDUHDHOHFWULFă SHULFOLWDVLJXUDQĠDúLUHVWUkQJH
Ŷ 6HDVLJXUăLQVWDODĠLDvPSRWULYDXQHL DFRUGDUHDVHUYLFLLORUGHJDUDQ
UHFRQHFWăULDFFLGHQWDOH ĠLH
ÌQFD]XOvQORFXLULLXQRUSLHVHVH

 $WHQĠLH
3ULQGHVFăUFăULHOHFWURVWDWLFHSRW
ILDYDULDWHDQXPLWHFRPSRQHQWH
YRUXWLOL]DQXPDLSLHVHRULJLQDOH
GHODILUPD9LHVVPDQQVDXSLHVH
GHVFKLPEDSUREDWHGHILUPD
HOHFWURQLFH 9LHVVPDQQ
ÌQDLQWHGHvQFHSHUHDOXFUăULORU
HOHPHQWHOHSăPkQWDWHGHH[HP
SOXFRQGXFWHOHSHQWUXvQFăO]LUHúL
DSăWUHEXLHDWLQVHSHQWUXDHOL
PLQDvQFăUFDUHDHOHFWURVWDWLFă
52



&XSULQV

&XSULQV

,QVWUXFĠLXQLGHPRQWDM
3UHJăWLUHDPRQWDMXOXL
0DUFDMHvQH[HPSOHOHGHLQVWDODĠLL 
3ULYLUHGHDQVDPEOXDVXSUDH[HPSOHORUGHLQVWDODĠLL 
([HPSOXOGHLQVWDODĠLH,' 
([HPSOXOGHLQVWDODĠLH,' 
([HPSOXOGHLQVWDODĠLH,' 
([HPSOXOGHLQVWDODĠLH,' 
([HPSOXOGHLQVWDODĠLH,' 
([WLQGHUHDLQVWDODĠLHL 

0RQWDM9LWRWURQLF
3ULYLUHGHDQVDPEOXDUDFRUGXULORUHOHFWULFH 
,QWURGXFHUHDFDEOXULORUúLHYLWDUHDvQWLQGHULLIRUĠDWH 
,QWURGXFHUHDILúHLGHFRGDUHDFD]DQXOXL 
,QWURGXFHUHDPRGXOXOXLGHFRPXQLFDUH/21 
0RGLILFDUHDUHJODMXOXLWHUPRVWDWXOXLGHVLJXUDQĠă GDFăHVWHQHFHVDU  
0RGLILFDUHDUHJODMXOXLWHUPRVWDWXOXL GDFăHVWHQHFHVDU  
&RQHFWDUHDVHQ]RULORU 
5DFRUGDUHDSRPSHORU 
5DFRUGDUHDHOHPHQWHORUGHUHJODM 
&RQHFWDUHDLQVWDODĠLHLGHVHPQDOL]DUHDDYDULLORU 
(OHPHQWHH[WHUQHGHVLJXUDQĠă 
)XQFĠLRQDUHDDU]ăWRUXOXLvQUHJLPSURYL]RULX 
%ORFDUHH[WHUQăDDU]ăWRUXOXL 
&RPXWDUHH[WHUQăDDU]ăWRDUHORUvQWUHSWHFXPRGXODĠLH 
%ORFDUHH[WHUQăDFD]DQXOXL3RUQLUHvQRUGLQHDVWDELOLWăDFD]DQHORU 
5DFRUGDUHDDU]ăWRUXOXLSHFXUHQWDOWHUQDWLY 
&RQHFWDUHDDU]ăWRUXOXLSHQWUXFXUHQWWULID]DW 

0RQWDM9LWRWURQLF.
3ULYLUHGHDQVDPEOXDUDFRUGXULORUHOHFWULFH 
0RQWDMXOúLIL[DUHDFDEOXULORUFXHOHPHQWHGHGHVFăUFDUHGHWUDFĠLXQH 
&RQHFWDUHDVHQ]RULORU 
&RQHFWDUHDSRPSHORU 
5DFRUGDUHDHOHPHQWHORUGHUHJODM 
&RQHFWDUHDLQVWDODĠLHLGHVHPQDOL]DUHDDYDULLORU 
6ROLFLWDUHH[WHUQăSULQLQWHUPHGLXOFRQWDFWXOXLGHFRQHFWDUH 
6ROLFLWDUHH[WHUQăSULQLQWHUPHGLXOLQWUăULL±9 
%ORFDUHH[WHUQăGHODFRQWDFWXOGHFRQHFWDUH 
([WHUQÄ9DQăGHDPHVWHFvQFKLVă³Ä9DQăGHDPHVWHFGHVFKLVă³ 
52

&RPXWDUHH[WHUQăDUHJLPXOXLGHIXQFĠLRQDUH 
5HDOL]DUHDOHJăWXULL/21 


&XSULQV

&XSULQV

5DFRUGDUHDODUHĠHDDDXWRPDWL]ăULORU9LWRWURQLFúL9LWRWURQLF.
5DFRUGDUHDODUHĠHD 
&RQHFWDUHDODUHĠHDvQFRPELQDĠLHFX9LWRFURVVDOWLS&7 

'HVFKLGHUHDúLvQFKLGHUHDDXWRPDWL]ăULORU
0RQWDUHDHOHPHQWXOXLIURQWDODODXWRPDWL]ăULL 
'HVFKLGHUHDDXWRPDWL]ăULL 

,QVWUXFĠLXQLGHVHUYLFH
3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.
9HULILFDUHDWHUPRVWDWXOXLGHVLJXUDQĠă 
0RGLILFDUHDOLPELLOD9LWRWURQLF. 
6HWDUHDGDWHLúLDRUHLOD9LWRWURQLF. 
$GDSWDUHDDGUHVHORUGHFRGDUHODWLSXOGHLQVWDODĠLHH[LVWHQW 
6HWDUHDRUGLQLLFD]DQHORUOD9LWRWURQLF. 
,QWHJUDUHDDXWRPDWL]ăULLvQVLVWHPXO/21 
9HULILFDUHDUHOHHORUúLDVHQ]RULORUGHOD9LWRWURQLF 
9HULILFDUHDUHOHHORUúLDVHQ]RULORUGHOD9LWRWURQLF. 
6HWDUHDFDUDFWHULVWLFLLGHvQFăO]LUH 

,QIRUPDUHGHVHUYLFH9LWRWURQLF
$FFHVDUHDQLYHOXOXLGHVHUYLFH 
3ăUăVLUHDQLYHOXOXLGHVHUYLFH 
,QWHURJDUHDSDUDPHWULORUUHJLPXOXLGHIXQFĠLRQDUH 
,QIRUPDUHSHVFXUW 
$FFHVDUHDúLUHVHWDUHDDILúDMXOXLGHvQWUHĠLQHUHDQXODUH 

,QIRUPDUHSHQWUXVHUYLFH9LWRWURQLF.
$FFHVDUHDPHQLXOXLGHVHUYLFH 
,HúLUHDGLQPHQLXOGHVHUYLFH 
,QWHURJDUHDSDUDPHWULORUUHJLPXOXLGHIXQFĠLRQDUH 
5HVHWDUHDSDUDPHWULORUUHJLPXOXLGHIXQFĠLRQDUH 
,QIRUPDUHSHVFXUW 
$FFHVDUHDúLUHVHWDUHDDILúDMXOXLGHvQWUHĠLQHUH 

5HPHGLHUHDDYDULLORU9LWRWURQLF
0HVDMXOGHDYDULH 
&RGXULGHDYDULH 

5HPHGLHUHDDYDULLORU9LWRWURQLF.
0HVDMXOGHDYDULH 
52

&RGXULGHDYDULH 


&XSULQV

&XSULQV

'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.
5HJODMXOWHPSHUDWXULLDSHLGLQFD]DQSHQWUX9LWRWURQLF 
5HJODMvQFDVFDGăDODXWRPDWL]ăULL9LWRWURQLF. 
$XWRPDWL]DUHDFLUFXLWXOXLGHvQFăO]LUH9LWRWURQLF. 
5HJODUHDWHPSHUDWXULLGLQDFXPXODWRUXOGHDSăFDOGăPHQDMHUă9LWRWURQLF. 

&RGDUH9LWRWURQLF
$FFHVDUHDQLYHOXOXLGHFRGDUH 
*UXSDÄ*HQHUDO³ 
*UXSDÄ&D]DQ³ 

&RGDUH9LWRWURQLF
$FFHVDUHDQLYHOXOXLGHFRGDUH 
*UXSDÄ*HQHUDO³ 
*UXSDÄ&D]DQ³ 

&RGDUH9LWRWURQLF.
$FFHVDUHDQLYHOXOXLGHFRGDUH 
*UXSDÄ*HQHUDO³ 
*UXSDÄ&DVFDGă³ 
*UXSăÄ$SăFDOGăPHQDMHUă³ 
*UXSDÄ6RODU³ 
*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ 

&RGDUH9LWRWURQLF.
$FFHVDUHDQLYHOXOXLGHFRGDUH 
*UXSDÄ*HQHUDO³ 
*UXSDÄ&DVFDGă³ 
*UXSăÄ$SăFDOGăPHQDMHUă³ 
*UXSDÄ6RODU³ 
*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ 

6FKHPH9LWRWURQLF
5DFRUGDUHDúLVFKHPDGHFDEODUH 

6FKHPH9LWRWURQLF.
5DFRUGDUHDúLVFKHPDGHFDEODUH 

&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.
)LúDGHFRGDUHDFD]DQXOXL 
6HQ]RUL 
52

$GDSWRUH[WHOHPHQWHH[WGHVLJXUDQĠăQUFRP 
5HFHSWRUGHVHPQDOHUDGLRQUGHFRPDQGă 


&XSULQV

&XSULQV FRQWLQXDUH

6HWGHH[WHQVLHSHQWUXYDQDGHDPHVWHFQUGHFRPDQGă 
6HUYRPRWRUSHQWUXYDQăGHDPHVWHFQUGHFRPDQGă 
6HUYRPRWRUSHQWUXYDQăGHDPHVWHFQUGHFRPDQGă= 
7HUPRVWDWSHQWUXOLPLWDUHDWHPSHUDWXULLPD[LPH 
([WHQVLH($QUFRPDQGă 
,QVWDODĠLHVHFXQGDUăGHDHULVLUH9LWRDLUQUGHFRPDQGă 

/LVWHGHSLHVHFRPSRQHQWH
/LVWăGHSLHVHFRPSRQHQWH9LWRWURQLF 
/LVWăGHSLHVHFRPSRQHQWH9LWRWURQLF. 

'DWHWHKQLFH
'DWHWHKQLFH9LWRWURQLF 
'DWHWHKQLFH9LWRWURQLF. 

,QGH[DOIDEHWLF 
52


3UHJăWLUHDPRQWDMXOXL

0DUFDMHvQH[HPSOHOHGHLQVWDODĠLL

D : E,
0 0 0 0


D

0





 
D1


0



0





6RO
0
0
0






; 

D+ 
D,
6RO 
0
0



0




6
D+
 

3ULYLUHGHDQVDPEOXDVXSUDH[HPSOHORUGHLQVWDODĠLL

 &D]DQ &DUDFWHULVWLFL 3DJLQ


D
 9LWRSOH[9LWRURQG 7KHUP&RQWURO 
 9LWRPD[9LWRSOH[9LWR 3RPSăGHDPHVWHFSHQWUXULGLFDUHD 
URQG WHPSHUDWXULLSHUHWXUSHQWUXILHFDUH
FD]DQ
52


3UHJăWLUHDPRQWDMXOXL

3ULYLUHGHDQVDPEOXDVXSUDH[HPSOHORUGH« FRQWLQXDUH

 &D]DQ &DUDFWHULVWLFL 3DJLQ


D
 9LWRPD[9LWRSOH[9LWR 3RPSăSHQWUXFLUFXLWXOFD]DQXOXLúLYDQă 
URQG GHDPHVWHFFXFăLSHQWUXUHJODUHDWHP
SHUDWXULLSHUHWXU
 9LWRFURVVDO9LWRPD[ &D]DQGHWHPSHUDWXUăMRDVăFX7KHUP 
9LWRSOH[9LWRURQG &RQWUROFXPDLPXOWHFLUFXLWHGH
vQFăO]LUHúLXQFLUFXLWGHvQFăO]LUHGHWHP
SHUDWXUăMRDVă
 9LWRFURVVDO9LWRSOH[ &D]DQGHWHPSHUDWXUăMRDVăFXYDQăGH 
9LWRURQG DPHVWHFFXFăLFXPDLPXOWHFLUFXLWH
GHvQFăO]LUHúLXQFLUFXLWGHvQFăO]LUHGH

0RQWDM
WHPSHUDWXUăMRDVă

Ŷ ([HPSOHOHGHLQVWDODĠLLVXQWFRQFHSXWH Ŷ /D9LWRWURQLFPRGXOXOGHFRPXQL
GRDUFDUHFRPDQGăULúLWUHEXLHYHULIL FDUHHVWHLQFOXVvQVHWXOGHOLYUDUH
FDWHGHLQVWDODWRUGDFăVXQWFRPSOHWH Ŷ /D9LWRWURQLF.PRGXOXOGHFRPX
úLIXQFĠLRQDOH QLFDUHHVWHLQFRUSRUDW
Ŷ &RQVXPDWRULLSHFXUHQWWULID]DWWUHEXLH
FRQHFWDĠLSULQUHOHHFRQWDFWRDUHGH
SXWHUHVXSOLPHQWDUH
52



3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,'

,QVWDODĠLHFXPDLPXOWHFD]DQH&D]DQFX7KHUP&RQWURO

6FKHPDKLGUDXOLFăGHLQVWDODUH

 /21
0

9
0
0
  

 
0 0 0

  
0 0 0

0 0 0


  

 


::
$
$

$


 




$
$

 


 



$

  
.:
.0%XV
/21

/21
/21

/21
/21
0
0

$

$





$



  


0
0
0
0

$

$
9

9

9

,QGLFDĠLH$FHDVWăVFKHPăHVWHXQH[HPSOXGHED]ăIăUăGLVSR]LWLYHGHEORFDUHúL
GHVLJXUDQĠă$FHDVWDQXvQORFXLHúWHSURLHFWDUHDGHVSHFLDOLWDWHODIDĠDORFXOXL
52


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

$SDUDWHQHFHVDUH

3R] 'HQXPLUH
 &D]DQ,
 6HQ]RUGHWHPSHUDWXUă7KHUP&RQWURO
 6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQFD]DQ.76
 &ODSHWăGHUHJODMFXVHUYRPRWRU
 6HQ]RUSHQWUXWHPSHUDWXUDSHWXUXOGHvQFăO]LUHFRPXQ976VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW VHWGHOLYUDUH9LWRWURQLF.
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 6HQ]RUSHQWUXWHPSHUDWXUDH[WHULRDUă$76

0RQWDM
 9LWRWURQLF.
 9LWRWURQLF
 &D]DQ,,
D* 6HQ]RUGHWHPSHUDWXUă7KHUP&RQWURO
D+ 6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQFD]DQ.76
D1 &ODSHWăGHUHJODMFXVHUYRPRWRU
D 9LWRWURQLF
D, %RLOHUSHQWUXSUHSDUDUHDFP
D. 6HQ]RUSHQWUXWHPSHUDWXUDDSHLFDOGHPHQDMHUHGLQDFXPXODWRU676
D4 3RPSăGHFLUFXODĠLHSHQWUXvQFăO]LUHDDSHLGLQERLOHU836%
D/ 3RPSăGHUHFLUFXODUHDDSHLFDOGHPHQDMHUH=3
D# &LUFXLWGHvQFăO]LUH
I* 3RPSDFLUFXLWXOXLGHvQFăO]LUH0
 6HWGHH[WHQVLHSHQWUXXQFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
D) 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGHVHQ]RUGHWHPSHUDWXUăDSOL
FDW
úL
I+ 6HUYRPRWRUSHQWUXYDQDGHDPHVWHF0
 VDX
D) 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 úL
I+ 6HUYRPRWRUSHQWUXYDQăGHDPHVWHFFXIODQúă0
I1 &LUFXLWGHvQFăO]LUH
I, 3RPSDFLUFXLWXOXLGHvQFăO]LUH0
 6HWGHH[WHQVLHSHQWUXXQFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
52


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

3R] 'HQXPLUH
I 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGHVHQ]RUGHWHPSHUDWXUăDSOL
FDW
úL
I. 6HUYRPRWRUSHQWUXYDQăGHDPHVWHF0
 VDX
I 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 úL
I. 6HUYRPRWRUSHQWUXYDQăGHDPHVWHFFXIODQúă0
I4 &LUFXLWXOGHvQFăO]LUHOD9LWRWURQLF+:*
I# 3RPSDFLUFXLWXOXLGHvQFăO]LUH0
 6HWGHH[WHQVLHSHQWUXXQFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
I/ 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGHVHQ]RUGHWHPSHUDWXUăDSOL
FDW
úL
I) 6HUYRPRWRUSHQWUXYDQDGHDPHVWHF0
 VDX
I/ 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 úL
I) 6HUYRPRWRUSHQWUXYDQăGHDPHVWHFFXIODQúă0
:* 9LWRWURQLF+
úL
 0RGXOXOGHFRPXQLFDUH/21 DFFHVRULX
úL
 &DEOXGHOHJăWXUă/21 $FFHVRULL
:+ 6HQ]RUSHQWUXWHPSHUDWXUDH[WHULRDUă$76
 $FFHVRULLFD]DQ
:, $GDSWRUSHQWUXHOHPHQWHH[WHUQHGHVLJXUDQĠă
:. /LPLWDWRUGHSUHVLXQHPLQLPă6'%
:4 /LPLWDWRUGHSUHVLXQHPD[LPă6'%
:/ /LPLWDWRUGHQLYHOGHDSă GLVSR]LWLYGHVLJXUDQĠăvPSRWULYDOLSVHLGHDSă
:%
:# 6HPQDOL]DWRUGHDYDULL6
:) 6HQ]RUSHQWUXWHPSHUDWXUDJD]HORUDUVH$*6
 &RQHFWăULH[WHUQH
52

J, Ŷ &RPXWDUHH[WHUQăDDU]ăWRDUHORUvQWUHSWHFXPRGXODĠLH


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

3R] 'HQXPLUH
J# Ŷ %ORFDUHH[WHUQăFD]DQ
J) Ŷ 3RUQLUHDH[WHUQăDXOWLPXOXLFD]DQvQRUGLQHDVWDELOLWă
 $FFHVRULLLQVWDODĠLH
: 9LWRWURO$VDX9LWRWURO$
:# 6HPQDOL]DWRUGHDYDULL6
E* &RPXWDWRUSRUQLWRSULW
E/ 5HFHSWRUGHVHPQDOHUDGLR
E# 9LWRFRP
G* 'LVWULEXLWRUGH.0%86vQFD]XOPDLPXOWRUSDUWLFLSDQĠLOD.0%86
J* ([WHQVLH($
J+ FRPDQGăGHFRQHFWDUHVDXGHFRQHFWDUH WUDQVIRUPDWRUOLEHUGHSRWHQ

0RQWDM
ĠLDO 
Ŷ &RPDQGDSRPSHLGHDOLPHQWDUHFăWUHRVXEVWDĠLH
 Ŷ 6HPQDOL]DUHDIXQFĠLRQăULLvQUHJLPUHGXVSHQWUXXQFLUFXLWGHvQFăO]LUH
J1 LQWUDUHDQDORJLFă ±9 
Ŷ 9DORDUHUHJODWăSUHYă]XWăSHQWUXWHPSHUDWXUDSHWXUXOLQVWDODĠLHL
J LQWUăULGLJLWDOH
Ŷ &RPXWDUHDH[WHUQăDUHJLPXOXLGHIXQFĠLRQDUHFXSRVLELOLWDWHGHUHJODUH
VHSDUDWăSHQWUXFLUFXLWHOHGHvQFăO]LUHSkQăOD
Ŷ 6ROLFLWDUHH[WHUQă
Ŷ %ORFDUHH[WHUQăFXVHPQDOL]DUHGHDYDULH
Ŷ ,QWUDUHVHPQDOGHDYDULH
Ŷ )XQFĠLRQDUHVFXUWăDSRPSHLGHUHFLUFXODUHDDSHLFDOGHPHQDMHUH
 &RQHFWăULH[WHUQH
J. Ŷ %ORFDUHH[WHUQăYDQăGHDPHVWHFvQFKLVă
J4 Ŷ 6ROLFLWDUHH[WHUQă
J/ Ŷ &RPXWDUHH[WHUQăDUHJLPXOXLGHIXQFĠLRQDUHYDQăGHDPHVWHFGHVFKLVă
H* 0RGXOGHFRPXQLFDUH/21 VHWGHOLYUDUH9LWRWURQLF. SHQWUXFRPXQL
FDUHDFXXUPăWRDUHOHFRPSRQHQWH
$XWRPDWL]ăULDOHFLUFXLWXOXLFD]DQXOXLúLDOHFLUFXLWHORUGHvQFăO]LUH
9LWRFRPúL
9LWRJDWHWLS(,%
52



3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

6FKHPDHOHFWULFăGHLQVWDODUH

 
/3$
 /3$
1 

-RDVăWHQVLXQH
 
/  0 
 0 
/
 9+] 
1  0 0 

1
 6  1
0 0
/  0 
9+]

a
1 /
 1
/  0
0 0 
a
1 /
9+]

 $
/ 1
0 0
1  0 a 
 $
1
1 0 0
 0 a 
0 836%
 a 
/
1 / 
0 =3
 a  
/ 1 

/3$
  'LVWULEXLWRU.0%86
  
 
 
  .0%86 
  
   
  


%  

  
 .0%86 
$  

-RDVăWHQVLXQH

 
%  ($

 /
$ 676  9+]
 
1

 976  1
 $
/
 3
  g 
  6
$76 

 
 9 
  
 
  '( 
 

/21 /21  '( 

 
'( 




52


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

  
/3$ 
 
 


 6'% 
 3

 
  3 6'% 
 
1     :% 

/  
1 

/
/
 9+]
9+]

1
1
 6 
/
1

/

0RQWDM
1
 $
/
1
 $ 0
a   

1

/
1

/

/3$

 
 
 
 
 


 $*6 


%
-RDVăWHQVLXQH



$ 7   


%


$


 .76   


 

 

 



/21 /21       
52



3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH


/3$
1 

/
/
 9+]
1
1
 6 
/
1

/
1
 0 0 0 
9+]

a
/
1
 0 0 0
a 

1

/
1

/

/3$

 


 


%


$

-RDVăWHQVLXQH


%


$


 0 


 
$76 








/21 /21       

&RGDUHQHFHVDUăODILHFDUH9LWRWURQLF

&RG *UXSă )XQFĠLH


 Ä&D]DQ³ ,QVWDODĠLHFXPDLPXOWHFD]DQHFXDXWRPDWL]DUHGHFDV
FDGăSULQ/21
 1XPăUXOFD]DQXOXLODDXWRPDWL]DUHD9LWRWURQLF
 Ä&D]DQ³ &D]DQ
 Ä&D]DQ³ &D]DQ
 Ä&D]DQ³ &D]DQ
$ Ä*HQHUDO³ 5DFRUGDUHDVHQ]RUXOXLGHWHPSHUDWXUă7KHUP&RQWUROOD
FRQHFWRUXO8$$HVWHUHFXQRVFXWăDXWRPDW
52

 1XPăUXOSDUWLFLSDQWXOXL/21ODDXWRPDWL]DUHD9LWRWURQLF
 Ä*HQHUDO³ &D]DQ


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

&RG *UXSă )XQFĠLH


 Ä*HQHUDO³ &D]DQ
 Ä*HQHUDO³ &D]DQ

&RGDUHDQHFHVDUăODDXWRPDWL]DUHD9LWRWURQLF.

&RG *UXSă )XQFĠLH


  6FKHPDLQVWDODĠLHLIăUăFLUFXLWGHvQFăO]LUHIăUăYDQăGH
 DPHVWHF$ FLUFXLWGHvQFăO]LUH


 Ä&DVFDGă³ 9LWRWURQLF.FXRDXWRPDWL]DUH9LWRWURQLF

0RQWDM
 Ä&DVFDGă³ 9LWRWURQLF.FXGRXăDXWRPDWL]ăUL9LWRWURQLF
 Ä&DVFDGă³ 9LWRWURQLF.FXWUHLDXWRPDWL]ăUL9LWRWURQLF
 Ä&DVFDGă³ 9LWRWURQLF.FXSDWUXDXWRPDWL]ăUL9LWRWURQLF
52



3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,'

,QVWDODĠLHFXPDLPXOWHFD]DQH&XSRPSăGHDPHVWHFSHQWUX
ULGLFDUHDWHPSHUDWXULLSHUHWXUSHQWUXILHFDUHFD]DQ

6FKHPDKLGUDXOLFăGHLQVWDODUH

 /21
0

0
0
9
  

 
0 0 0

  
0 0 0

0 0 0


  

 


::
$

$

 %  %




   




$ $

   



$

  
.:
.0%XV
/21
/21
/21

/21
/21
0
0

$

%

$

%





$



  


0
0
0
0

$


$

9

9

9

,QGLFDĠLH$FHDVWăVFKHPăHVWHXQH[HPSOXGHED]ăIăUăGLVSR]LWLYHGHEORFDUHúL
GHVLJXUDQĠă$FHDVWDQXvQORFXLHúWHSURLHFWDUHDGHVSHFLDOLWDWHODIDĠDORFXOXL
52


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

$SDUDWHQHFHVDUH

3R] 'HQXPLUH
 &D]DQ,
 6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQFD]DQ.76
 9LWRWURQLF
 9LWRWURQLF.
 6HQ]RUSHQWUXWHPSHUDWXUDH[WHULRDUă$76
 6HQ]RUSHQWUXWHPSHUDWXUDSHWXUXOGHvQFăO]LUHFRPXQ976VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW VHWGHOLYUDUH9LWRWURQLF.
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW

0RQWDM
 &ODSHWăGHUHJODMFXVHUYRPRWRU
 6HQ]RUGHWHPSHUDWXUă7VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 3RPSăGHDPHVWHF
D* 6HQ]RUGHWHPSHUDWXUă7VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
D+ &D]DQ,,
D1 6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQFD]DQ.76
D 9LWRWURQLF
D, &ODSHWăGHUHJODMFXVHUYRPRWRU
D. 6HQ]RUGHWHPSHUDWXUă7VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
D4 3RPSăGHDPHVWHF
D/ 6HQ]RUGHWHPSHUDWXUă7VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
D# %RLOHUSHQWUXSUHSDUDUHDFP
D) 6HQ]RUSHQWUXWHPSHUDWXUDDSHLFDOGHPHQDMHUHGLQDFXPXODWRU676
I* 3RPSăGHUHFLUFXODUHDDSHLFDOGHPHQDMHUH=3
I+ 3RPSăGHFLUFXODĠLHSHQWUXvQFăO]LUHDDSHLGLQERLOHU836%
I1 &LUFXLWGHvQFăO]LUH
3RPSDFLUFXLWXOXLGHvQFăO]LUH0
52

I,
 6HWGHH[WHQVLHSHQWUXXQFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

3R] 'HQXPLUH
I 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGHVHQ]RUGHWHPSHUDWXUăDSOL
FDW
úL
I. 6HUYRPRWRUSHQWUXYDQDGHDPHVWHF0
 VDX
I 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 úL
I. 6HUYRPRWRUSHQWUXYDQăGHDPHVWHFFXIODQúă0
I4 &LUFXLWGHvQFăO]LUH
I# 3RPSDFLUFXLWXOXLGHvQFăO]LUH0
 6HWGHH[WHQVLHSHQWUXXQFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
I/ 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGHVHQ]RUGHWHPSHUDWXUăDSOL
FDW
úL
I) 6HUYRPRWRUSHQWUXYDQăGHDPHVWHF0
 VDX
I/ 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 úL
I) 6HUYRPRWRUSHQWUXYDQăGHDPHVWHFFXIODQúă0
:* &LUFXLWXOGHvQFăO]LUHOD9LWRWURQLF+:,
:1 3RPSDFLUFXLWXOXLGHvQFăO]LUH0
 6HWGHH[WHQVLHSHQWUXXQFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
:+ 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGHVHQ]RUGHWHPSHUDWXUăDSOL
FDW
úL
: 6HUYRPRWRUSHQWUXYDQDGHDPHVWHF0
 VDX
:+ 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 úL
: 6HUYRPRWRUSHQWUXYDQăGHDPHVWHFFXIODQúă0
:, 9LWRWURQLF+
52

úL


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

3R] 'HQXPLUH
 0RGXOXOGHFRPXQLFDUH/21 DFFHVRULX
úL
 &DEOXGHOHJăWXUă/21 $FFHVRULL
:. 6HQ]RUSHQWUXWHPSHUDWXUDH[WHULRDUă$76
 $FFHVRULLFD]DQ
:4 $GDSWRUSHQWUXHOHPHQWHH[WHUQHGHVLJXUDQĠă
:/ /LPLWDWRUGHSUHVLXQHPLQLPă6'%
:# /LPLWDWRUGHSUHVLXQHPD[LPă6'%
:) /LPLWDWRUGHQLYHOGHDSă GLVSR]LWLYGHVLJXUDQĠăvPSRWULYDOLSVHLGHDSă
:%
E+ 6HQ]RUSHQWUXWHPSHUDWXUDJD]HORUDUVH$*6

0RQWDM
E) 6HPQDOL]DWRUGHDYDULL6
 &RQHFWăULH[WHUQH
J, Ŷ &RPXWDUHH[WHUQăDDU]ăWRDUHORUvQWUHSWHFXPRGXODĠLH
J# Ŷ %ORFDUHH[WHUQăFD]DQ
J) Ŷ 3RUQLUHDH[WHUQăDXOWLPXOXLFD]DQvQRUGLQHDVWDELOLWă
 $FFHVRULLLQVWDODĠLH
E* &RPXWDWRUSRUQLWRSULW
E) 6HPQDOL]DWRUGHDYDULL6
G* 9LWRWURO$VDX9LWRWURO$
G+ 5HFHSWRUGHVHPQDOHUDGLR
G1 9LWRFRP
G 'LVWULEXLWRUGH.0%86vQFD]XOPDLPXOWRUSDUWLFLSDQĠLOD.0%86
J* ([WHQVLH($
J+ FRPDQGăGHFRQHFWDUHVDXGHFRQHFWDUH WUDQVIRUPDWRUOLEHUGHSRWHQ
ĠLDO 
Ŷ &RPDQGDSRPSHLGHDOLPHQWDUHFăWUHRVXEVWDĠLH
 Ŷ 6HPQDOL]DUHDIXQFĠLRQăULLvQUHJLPUHGXVSHQWUXXQFLUFXLWGHvQFăO]LUH
J1 LQWUDUHDQDORJLFă ±9 
Ŷ 9DORDUHUHJODWăSUHYă]XWăSHQWUXWHPSHUDWXUDSHWXUXOLQVWDODĠLHL
J LQWUăULGLJLWDOH
Ŷ &RPXWDUHDH[WHUQăDUHJLPXOXLGHIXQFĠLRQDUHFXSRVLELOLWDWHGHUHJODUH
VHSDUDWăSHQWUXFLUFXLWHOHGHvQFăO]LUHSkQăOD
Ŷ 6ROLFLWDUHH[WHUQă
Ŷ %ORFDUHH[WHUQăFXVHPQDOL]DUHGHDYDULH
Ŷ ,QWUDUHVHPQDOGHDYDULH
Ŷ )XQFĠLRQDUHVFXUWăDSRPSHLGHUHFLUFXODUHDDSHLFDOGHPHQDMHUH
 &RQHFWăULH[WHUQH
J. Ŷ %ORFDUHH[WHUQăYDQăGHDPHVWHFvQFKLVă
J4 Ŷ 6ROLFLWDUHH[WHUQă
52


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

3R] 'HQXPLUH
J/ Ŷ &RPXWDUHH[WHUQăDUHJLPXOXLGHIXQFĠLRQDUHYDQăGHDPHVWHFGHVFKLVă
H* 0RGXOGHFRPXQLFDUH/21 VHWGHOLYUDUH9LWRWURQLF. SHQWUXFRPXQL
FDUHDFXXUPăWRDUHOHFRPSRQHQWH
$XWRPDWL]ăULDOHFLUFXLWXOXLFD]DQXOXLúLDOHFLUFXLWHORUGHvQFăO]LUH
9LWRFRPúL
9LWRJDWHWLS(,%

6FKHPDHOHFWULFăGHLQVWDODUH

 
/3$
1   /3$

-RDVăWHQVLXQH

/  
 0 0 
/ 
 9+]
1  
 0 0

1
 6  1
/ 0
9+]

 0 a 0 
1 /

/ 1
0 0
 0 a 
1 /
 $
9+]

/ 1
1 0 0
 0 a 
 $
1
1 0
0  0 a 0 
 a 836% 
/
1
 0 =3  / 
a 
/ 
1
/3$
  'LVWULEXLWRU.0%86
  
 
  
  .0%86 
   
   



%
  
   
$ .0%86 
  
-RDVăWHQVLXQH

 
%  ($

 /
$ 676 
 9+]

1

 976  1

$
/
 3
 
 g
 
$76  6

 
 9 
  

  
 '( 

/21 /21  
'( 



'( 

52






3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

  
/3$ 
 
 


 6'% 
 3

 
  3 6'% 
 
1     :% 

/  
1 

/
/
 9+]
9+]

1
1
 6 
/
1
0 %3   
 a
/

0RQWDM
1
 $
/
1
 $ 0
a   

1

/
1

/

/3$

 
 
 
 
 

 $*6 


% 7   

-RDVăWHQVLXQH


$ 7   


%


$


 .76   


 

 

 




/21 /21       
52



3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH


/3$
1 

/
/
 9+]
1
1
 6 
/
1

/
1
 0 0 0 
9+]

a
/
1
 0 0 0
a 

1

/
1

/

/3$

 


 


%


$

-RDVăWHQVLXQH


%


$


 0 


 
 $76 







/21 /21       

&RGDUHQHFHVDUăODILHFDUH9LWRWURQLF

&RG *UXSă )XQFĠLH


 Ä&D]DQ³ ,QVWDODĠLHFXPDLPXOWHFD]DQHFXDXWRPDWL]DUHGHFDV
FDGăSULQ/21
 1XPăUXOFD]DQXOXLODDXWRPDWL]DUHD9LWRWURQLF
 Ä&D]DQ³ &D]DQ
 Ä&D]DQ³ &D]DQ
 Ä&D]DQ³ &D]DQ
$ Ä*HQHUDO³ 5DFRUGDUHDVHQ]RUXOXLGHWHPSHUDWXUă7ODFRQHFWR
UXO8$$HVWHUHFXQRVFXWDXWRPDW
52

E Ä*HQHUDO³ 5DFRUGDUHDVHQ]RUXOXLGHWHPSHUDWXUă7ODFRQHFWR


UXO8$%HVWHUHFXQRVFXWăDXWRPDW


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

&RG *UXSă )XQFĠLH


 1XPăUXOSDUWLFLSDQWXOXL/21ODDXWRPDWL]DUHD9LWRWURQLF
 Ä*HQHUDO³ &D]DQ
 Ä*HQHUDO³ &D]DQ
 Ä*HQHUDO³ &D]DQ

&RGDUHDQHFHVDUăODDXWRPDWL]DUHD9LWRWURQLF.

&RG *UXSă )XQFĠLH


  6FKHPDLQVWDODĠLHLIăUăFLUFXLWGHvQFăO]LUHIăUăYDQăGH
 DPHVWHF$ FLUFXLWGHvQFăO]LUH


0RQWDM

 Ä&DVFDGă³ 9LWRWURQLF.FXRDXWRPDWL]DUH9LWRWURQLF
 Ä&DVFDGă³ 9LWRWURQLF.FXGRXăDXWRPDWL]ăUL9LWRWURQLF
 Ä&DVFDGă³ 9LWRWURQLF.FXWUHLDXWRPDWL]ăUL9LWRWURQLF
 Ä&DVFDGă³ 9LWRWURQLF.FXSDWUXDXWRPDWL]ăUL9LWRWURQLF
52



3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,'

,QVWDODĠLHFXPDLPXOWHFD]DQH&XSRPSăSHQWUXFLUFXLWXOFD]D
QXOXLúLYDQăGHDPHVWHFFXFăLSHQWUXUHJODUHDWHPSHUDWXULLSH
UHWXU

6FKHPDKLGUDXOLFăGHLQVWDODUH

 /21
0

0
0
9
  

 
0 0 0

  
0 0 0

0 0 0


  






::

 $ $
  
 
 



$ $
  
 



$

  
.:
.0%XV
/21

/21
/21

/21
/21
0
0

$

$





$



  


0
0
0
0

$


$

9

9

9

,QGLFDĠLH$FHDVWăVFKHPăHVWHXQH[HPSOXGHED]ăIăUăGLVSR]LWLYHGHEORFDUHúL
GHVLJXUDQĠă$FHDVWDQXvQORFXLHúWHSURLHFWDUHDGHVSHFLDOLWDWHODIDĠDORFXOXL
52


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

$SDUDWHQHFHVDUH

3R] 'HQXPLUH
 &D]DQ,
 6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQFD]DQ.76
 9LWRWURQLF
 9LWRWURQLF.
 6HQ]RUSHQWUXWHPSHUDWXUDH[WHULRDUă$76
 6HQ]RUSHQWUXWHPSHUDWXUDSHWXUXOGHvQFăO]LUHFRPXQ976VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW VHWGHOLYUDUH9LWRWURQLF.
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW

0RQWDM
 9DQăGHDPHVWHFFXFăL
 6HQ]RUGHWHPSHUDWXUă7VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 3RPSDSHQWUXFLUFXLWXOFD]DQXOXL
D* &D]DQ,,
D+ 6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQFD]DQ.76
D1 9LWRWURQLF
D 9DQăGHDPHVWHFFXFăL
D, 6HQ]RUGHWHPSHUDWXUă7VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
D. 3RPSDSHQWUXFLUFXLWXOFD]DQXOXL
D4 %RLOHUSHQWUXSUHSDUDUHDFP
D/ 6HQ]RUSHQWUXWHPSHUDWXUDDSHLFDOGHPHQDMHUHGLQDFXPXODWRU676
D# 3RPSăGHUHFLUFXODUHDDSHLFDOGHPHQDMHUH=3
D) 3RPSăGHFLUFXODĠLHSHQWUXvQFăO]LUHDDSHLGLQERLOHU836%
I* &LUFXLWGHvQFăO]LUH
I1 3RPSDFLUFXLWXOXLGHvQFăO]LUH0
 6HWH[WHQVLHSHQWUXXQFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF0
I+ Ŷ 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGHVHQ]RUGHWHPSHUDWXUă
DSOLFDW
úL
I Ŷ 6HUYRPRWRUSHQWUXYDQDGHDPHVWHF
 VDX
I+ 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
52

VDX


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

3R] 'HQXPLUH
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
I 6HUYRPRWRU0SHQWUXYDQăGHDPHVWHFFXIODQúă0
I, &LUFXLWGHvQFăO]LUH
I4 3RPSDFLUFXLWXOXLGHvQFăO]LUH0
 6HWH[WHQVLHSHQWUXXQFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF0
I. Ŷ 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGHVHQ]RUGHWHPSHUDWXUă
DSOLFDW
úL
I/ Ŷ 6HUYRPRWRUSHQWUXYDQDGHDPHVWHF
 VDX
I. 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
I/ 6HUYRPRWRU0SHQWUXYDQăGHDPHVWHFFXIODQúă0
I# &LUFXLWXOGHvQFăO]LUHOD9LWRWURQLF+:1
:* 3RPSDFLUFXLWXOXLGHvQFăO]LUH0
 6HWGHH[WHQVLHSHQWUXXQFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
I) 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGHVHQ]RUGHWHPSHUDWXUăDSOL
FDW
úL
:+ 6HUYRPRWRUSHQWUXYDQDGHDPHVWHF0
 VDX
I) 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 úL
:+ 6HUYRPRWRUSHQWUXYDQăGHDPHVWHFFXIODQúă0
:1 9LWRWURQLF+
úL
 0RGXOXOGHFRPXQLFDUH/21 DFFHVRULX
úL
 &DEOXGHOHJăWXUă/21 $FFHVRULL
52


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

3R] 'HQXPLUH
: 6HQ]RUSHQWUXWHPSHUDWXUDH[WHULRDUă$76
 $FFHVRULLFD]DQ
:, $GDSWRUSHQWUXHOHPHQWHH[WHUQHGHVLJXUDQĠă
:. /LPLWDWRUGHSUHVLXQHPLQLPă6'%
:4 /LPLWDWRUGHSUHVLXQHPD[LPă6'%
:/ /LPLWDWRUGHQLYHOGHDSă GLVSR]LWLYGHVLJXUDQĠăvPSRWULYDOLSVHLGHDSă
:%
:) 6HQ]RUSHQWUXWHPSHUDWXUDJD]HORUDUVH$*6
E/ 6HPQDOL]DWRUGHDYDULL6
 &RQHFWăULH[WHUQH
J, Ŷ &RPXWDUHH[WHUQăDDU]ăWRDUHORUvQWUHSWHFXPRGXODĠLH

0RQWDM
J# Ŷ %ORFDUHH[WHUQăFD]DQ
J) Ŷ 3RUQLUHDH[WHUQăDXOWLPXOXLFD]DQvQRUGLQHDVWDELOLWă
 $FFHVRULLLQVWDODĠLH
E* &RPXWDWRUSRUQLWRSULW
E/ 6HPQDOL]DWRUGHDYDULL6
E# 9LWRWURO$VDX9LWRWURO$
E) 5HFHSWRUGHVHPQDOHUDGLR
G1 9LWRFRP
G 'LVWULEXLWRUGH.0%86vQFD]XOPDLPXOWRUSDUWLFLSDQĠLOD.0%86
J* ([WHQVLH($
J+ FRPDQGăGHFRQHFWDUHVDXGHFRQHFWDUH WUDQVIRUPDWRUOLEHUGHSRWHQ
ĠLDO 
Ŷ &RPDQGDSRPSHLGHDOLPHQWDUHFăWUHRVXEVWDĠLH
 Ŷ 6HPQDOL]DUHDIXQFĠLRQăULLvQUHJLPUHGXVSHQWUXXQFLUFXLWGHvQFăO]LUH
J1 LQWUDUHDQDORJLFă ±9 
Ŷ 9DORDUHUHJODWăSUHYă]XWăSHQWUXWHPSHUDWXUDSHWXUXOLQVWDODĠLHL
J LQWUăULGLJLWDOH
Ŷ &RPXWDUHDH[WHUQăDUHJLPXOXLGHIXQFĠLRQDUHFXSRVLELOLWDWHGHUHJODUH
VHSDUDWăSHQWUXFLUFXLWHOHGHvQFăO]LUHSkQăOD
Ŷ 6ROLFLWDUHH[WHUQă
Ŷ %ORFDUHH[WHUQăFXVHPQDOL]DUHGHDYDULH
Ŷ ,QWUDUHVHPQDOGHDYDULH
Ŷ )XQFĠLRQDUHVFXUWăDSRPSHLGHUHFLUFXODUHDDSHLFDOGHPHQDMHUH
 &RQHFWăULH[WHUQH
J. Ŷ %ORFDUHH[WHUQăYDQăGHDPHVWHFvQFKLVă
J4 Ŷ 6ROLFLWDUHH[WHUQă
52


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

3R] 'HQXPLUH
J/ Ŷ &RPXWDUHH[WHUQăDUHJLPXOXLGHIXQFĠLRQDUHYDQăGHDPHVWHFGHVFKLVă
H* 0RGXOGHFRPXQLFDUH/21 VHWGHOLYUDUH9LWRWURQLF. SHQWUXFRPXQL
FDUHDFXXUPăWRDUHOHFRPSRQHQWH
$XWRPDWL]ăULDOHFLUFXLWXOXLFD]DQXOXLúLDOHFLUFXLWHORUGHvQFăO]LUH
9LWRFRPúL
9LWRJDWHWLS(,%

6FKHPDHOHFWULFăGHLQVWDODUH



/3$

1  /3$


-RDVăWHQVLXQH

/
 0 
/  0 
 9+]
1 
 0 0 
1 
 6 
/ 1
9+]

0 0
1  0 a 
 /
/ 1
0 0
1  0 a 
 $ /
9+]

/
1
1
0 0
 0 a 
 $

1
1
0 836% 0 0
 a   0 a 
/
1
0 =3
 a  / 
/ 
1 
/3$

    'LVWULEXLWRU.0%86


   
   .0%86 
 
 
 

 
%

 

$   
 .0%86 
 
-RDVăWHQVLXQH


%
  ($ 

$ 676 
 /
 9+]
 1
 976 
 1
$
/

 3
  
$76   g
 6


 
  9 


  
'( 

/21 /21  
'( 
 

'( 

52






3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

  
/3$ 
 
 


 6'% 
 3

 
  3 6'% 
 
1     :% 

/  
1 

/
/
 9+]
9+]

1
1
 6 
/
1
0 ..3   
 a
/

0RQWDM
1
 $
/
1
 $ 0
a   

1

/
1

/

/3$

 
 
 
 
 


 $*6 


%

-RDVăWHQVLXQH


$ 7   


%


$


 .76   


 

 

 




/21 /21       
52



3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH


/3$
1 

/
/
 9+]
1
1
 6 
/
1
9+]


/
1
 0 0 0
a 
/
1
 0 0 0
a 

1

/
1

/

/3$

 


 


%


$

-RDVăWHQVLXQH


%


$


 0 


 
$76 








/21 /21       

&RGDUHQHFHVDUăODILHFDUH9LWRWURQLF

&RG *UXSă )XQFĠLH


 Ä&D]DQ³ ,QVWDODĠLHFXPDLPXOWHFD]DQHFXDXWRPDWL]DUHGHFDV
FDGăSULQ/21
 1XPăUXOFD]DQXOXLODDXWRPDWL]DUHD9LWRWURQLF
 Ä&D]DQ³ &D]DQ
 Ä&D]DQ³ &D]DQ
 Ä&D]DQ³ &D]DQ
& Ä&D]DQ³ 5HJODUHDFRQWLQXăDWHPSHUDWXULLGHSHUHWXU
$ Ä*HQHUDO³ 5DFRUGDUHDVHQ]RUXOXLGHWHPSHUDWXUă7ODFRQHFWR
52

UXO8$$HVWHUHFXQRVFXWăDXWRPDW


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

&RG *UXSă )XQFĠLH


G Ä*HQHUDO³ 5DFRUGDUHDSRPSHLGHFLUFXODĠLHSHQWUXFLUFXLWXOFD]DQX
OXLODFRQHFWRUXOF&
 1XPăUXOSDUWLFLSDQWXOXL/21ODDXWRPDWL]DUHD9LWRWURQLF
 Ä*HQHUDO³ &D]DQ
 Ä*HQHUDO³ &D]DQ
 Ä*HQHUDO³ &D]DQ

&RGDUHDQHFHVDUăODDXWRPDWL]DUHD9LWRWURQLF.

&RG *UXSă )XQFĠLH


  6FKHPDLQVWDODĠLHLIăUăFLUFXLWGHvQFăO]LUHIăUăYDQăGH

0RQWDM
 DPHVWHF$ FLUFXLWGHvQFăO]LUH


 Ä&DVFDGă³ 9LWRWURQLF.FXRDXWRPDWL]DUH9LWRWURQLF
 Ä&DVFDGă³ 9LWRWURQLF.FXGRXăDXWRPDWL]ăUL9LWRWURQLF
 Ä&DVFDGă³ 9LWRWURQLF.FXWUHLDXWRPDWL]ăUL9LWRWURQLF
 Ä&DVFDGă³ 9LWRWURQLF.FXSDWUXDXWRPDWL]ăUL9LWRWURQLF
52



3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,'

,QVWDODĠLHFXPDLPXOWHFD]DQH9LWRFURVVDOúLFD]DQGHWHPSH
UDWXUăMRDVăFX7KHUP&RQWUROFXPDLPXOWHFLUFXLWHGHvQFăO]LUH
úLXQFLUFXLWGHvQFăO]LUHGHWHPSHUDWXUăMRDVă

6FKHPDKLGUDXOLFăGHLQVWDODUH

 /21
0

0
0
9
  

 
0 0 0

  
0 0 0

0 0 0


  




:: 
 $
 


 




$






$


  
.:
.0%XV
/21

/21
/21

/21
/21
0
0

$





$



  


0
0
0
0

$
9

9

9

,QGLFDĠLH$FHDVWăVFKHPăHVWHXQH[HPSOXGHED]ăIăUăGLVSR]LWLYHGHEORFDUHúL
GHVLJXUDQĠă$FHDVWDQXvQORFXLHúWHSURLHFWDUHDGHVSHFLDOLWDWHODIDĠDORFXOXL
52


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

$SDUDWHQHFHVDUH

3R] 'HQXPLUH
 &D]DQ,
 6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQFD]DQ.76
 6HQ]RUSHQWUXWHPSHUDWXUDSHWXUXOGHvQFăO]LUHFRPXQ976VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW VHWGHOLYUDUH9LWRWURQLF.
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 6HQ]RUSHQWUXWHPSHUDWXUDH[WHULRDUă$76
 9LWRWURQLF.
 9LWRWURQLF

0RQWDM
 (FKLSDPHQWGHQHXWUDOL]DUH
 &D]DQ,,
 9LWRWURQLF
D* 6HQ]RUGHWHPSHUDWXUă7KHUP&RQWURO
D+ &ODSHWăGHUHJODMFXVHUYRPRWRU
D1 6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQFD]DQ.76
D %RLOHUSHQWUXSUHSDUDUHDFP
D, 6HQ]RUSHQWUXWHPSHUDWXUDDSHLFDOGHPHQDMHUHGLQDFXPXODWRU676
D. 3RPSăGHFLUFXODĠLHSHQWUXvQFăO]LUHDDSHLGLQERLOHU836%
D4 3RPSăGHUHFLUFXODUHDDSHLFDOGHPHQDMHUH=3
D/ &LUFXLWGHvQFăO]LUH
D) 3RPSDFLUFXLWXOXLGHvQFăO]LUH0
 6HWGHH[WHQVLHSHQWUXXQFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
D# 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGHVHQ]RUGHWHPSHUDWXUăDSOL
FDW
úL
I* 6HUYRPRWRUSHQWUXYDQDGHDPHVWHF0
 VDX
D# 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 úL
I* 6HUYRPRWRUSHQWUXYDQăGHDPHVWHFFXIODQúă0
I+ &LUFXLWGHvQFăO]LUH
I 3RPSDFLUFXLWXOXLGHvQFăO]LUH0
 6HWGHH[WHQVLHSHQWUXXQFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
I1 6HQ]RUGHWHPSHUDWXUăSHWXU0
52

úL
I, 6HUYRPRWRUSHQWUXYDQăGHDPHVWHF0


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

3R] 'HQXPLUH
 VDX
I1 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 úL
I, 6HUYRPRWRUSHQWUXYDQăGHDPHVWHFFXIODQúă0
I. &LUFXLWGHvQFăO]LUH FLUFXLWGHvQFăO]LUHGHWHPSHUDWXUăMRDVă OD9LWR
WURQLF+I)
I/ 3RPSDFLUFXLWXOXLGHvQFăO]LUH0
 6HWGHH[WHQVLHSHQWUXXQFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
I4 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGHVHQ]RUGHWHPSHUDWXUăDSOL
FDW
úL
I# 6HUYRPRWRUSHQWUXYDQDGHDPHVWHF0
 VDX
I4 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 úL
I# 6HUYRPRWRUSHQWUXYDQăGHDPHVWHFFXIODQúă0
I) 9LWRWURQLF+
úL
 0RGXOGHFRPXQLFDUH/21ODSR]
úL
 &DEOXGHOHJăWXUă/21
:* 6HQ]RUSHQWUXWHPSHUDWXUDH[WHULRDUă$76
 $FFHVRULLFD]DQ
:1 $GDSWRUSHQWUXHOHPHQWHH[WHUQHGHVLJXUDQĠă
: /LPLWDWRUGHSUHVLXQHPD[LPă6'%
:, /LPLWDWRUGHSUHVLXQHPLQLPă6'%
:. /LPLWDWRUGHQLYHOGHDSă GLVSR]LWLYGHVLJXUDQĠăvPSRWULYDOLSVHLGHDSă
:%
E, 6HPQDOL]DWRUGHDYDULL6
:/ 6HQ]RUSHQWUXWHPSHUDWXUDJD]HORUDUVH$*6 QXPDLOD9LWRFURVVDO
 &RQHFWăULH[WHUQH
J, Ŷ &RPXWDUHH[WHUQăDDU]ăWRDUHORUvQWUHSWHFXPRGXODĠLH
J# Ŷ %ORFDUHH[WHUQăFD]DQ
J) Ŷ 3RUQLUHDH[WHUQăDXOWLPXOXLFD]DQvQRUGLQHDVWDELOLWă
52

 $FFHVRULLLQVWDODĠLH


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

3R] 'HQXPLUH
:+ 9LWRWURO$VDX9LWRWURO$
E* &RPXWDWRUSRUQLWRSULW
E, 6HPQDOL]DWRUGHDYDULL6
E/ 5HFHSWRUGHVHPQDOHUDGLR
G1 9LWRFRP
G 'LVWULEXLWRUGH.0%86vQFD]XOPDLPXOWRUSDUWLFLSDQĠLOD.0%86
J* ([WHQVLH($
J+ FRPDQGăGHFRQHFWDUHVDXGHFRQHFWDUH WUDQVIRUPDWRUOLEHUGHSRWHQ
ĠLDO 
Ŷ &RPDQGDSRPSHLGHDOLPHQWDUHFăWUHRVXEVWDĠLH
 Ŷ 6HPQDOL]DUHDIXQFĠLRQăULLvQUHJLPUHGXVSHQWUXXQFLUFXLWGHvQFăO]LUH

0RQWDM
J1 LQWUDUHDQDORJLFă ±9 
Ŷ 9DORDUHUHJODWăSUHYă]XWăSHQWUXWHPSHUDWXUDSHWXUXOLQVWDODĠLHL
J LQWUăULGLJLWDOH
Ŷ &RPXWDUHDH[WHUQăDUHJLPXOXLGHIXQFĠLRQDUHFXSRVLELOLWDWHGHUHJODUH
VHSDUDWăSHQWUXFLUFXLWHOHGHvQFăO]LUHSkQăOD
Ŷ 6ROLFLWDUHH[WHUQă
Ŷ %ORFDUHH[WHUQăFXVHPQDOL]DUHGHDYDULH
Ŷ ,QWUDUHVHPQDOGHDYDULH
Ŷ )XQFĠLRQDUHVFXUWăDSRPSHLGHUHFLUFXODUHDDSHLFDOGHPHQDMHUH
 &RQHFWăULH[WHUQH
J. Ŷ %ORFDUHH[WHUQăYDQăGHDPHVWHFvQFKLVă
J4 Ŷ 6ROLFLWDUHH[WHUQă
J/ Ŷ &RPXWDUHH[WHUQăDUHJLPXOXLGHIXQFĠLRQDUHYDQăGHDPHVWHFGHVFKLVă
H* 0RGXOGHFRPXQLFDUH/21 VHWGHOLYUDUH9LWRWURQLF. SHQWUXFRPXQL
FDUHDFXXUPăWRDUHOHFRPSRQHQWH
$XWRPDWL]ăULDOHFLUFXLWXOXLFD]DQXOXLúLDOHFLUFXLWHORUGHvQFăO]LUH
9LWRFRPúL
9LWRJDWHWLS(,%
52



3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

6FKHPDHOHFWULFăGHLQVWDODUH



/3$

1  /3$



-RDVăWHQVLXQH
/ 
 0 0 
/ 
 9+]
1  
 0 0
1 
 6 
/ 1
9+]

0 0
1  0 a 
/

/ 1
0 0
1  0 a 
 $ /
9+]

/ 1
1 0
 0 a 0 
 $

1
1
0 0
 0 836%   0 a 
a
/
1
0 =3 /
 a  
/ 
1 
/3$

    'LVWULEXLWRU.0%86


   
 .0%86 
   
   



%
  
   
$ .0%86 
  
-RDVăWHQVLXQH


% 
  ($

$ 676  /

 9+]
 1
 976 
 1
$
/

 3
   g 
$76  6


 
  9 


  
 '(
 
/21 /21  
'( 



'( 




52


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

  
/3$ 
 
 


 6'% 
 3

 
  3 6'% 
 
1     :% 

/  
1 

/
/
 9+]
9+]

1
1
 6 
/
1

/

0RQWDM
1
 $
/
1
 $ 0
a  QXPDLOD 

1

/
1

/

/3$

 
 
 
 
 


 $*6 


%
-RDVăWHQVLXQH



$ 7  QXPDLOD 


%


$


 .76   


 

 

 



/21 /21       
52



3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH


/3$
1 

/
/
 9+]
1
1
 6 
/
1

/
1
 0 0 0 
9+]

a
/
1
 0 0 0
a 

1

/
1

/

/3$

 


 


%


$

-RDVăWHQVLXQH


%


$


 0 


 
$76 








/21 /21       

&RGDUHQHFHVDUăODILHFDUH9LWRWURQLF

&RG *UXSă )XQFĠLH


 Ä&D]DQ³ ,QVWDODĠLHFXPDLPXOWHFD]DQHFXDXWRPDWL]DUHGHFDV
FDGăSULQ/21
 1XPăUXOFD]DQXOXLODDXWRPDWL]DUHD9LWRWURQLF
 Ä&D]DQ³ &D]DQ
 Ä&D]DQ³ &D]DQ
 Ä&D]DQ³ &D]DQ
 1XPDLSHQWUXDXWRPDWL]DUHD9LWRWURQLFDFD]DQXOXLGHWHPSHUDWXUă
MRDVă
52

$ Ä*HQHUDO³ 5DFRUGDUHDVHQ]RUXOXLGHWHPSHUDWXUă7KHUP&RQWUROOD


FRQHFWRUXO8$$HVWHUHFXQRVFXWăDXWRPDW


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

&RG *UXSă )XQFĠLH


 1XPDLOD9LWRWURQLFSHQWUX9LWRFURVVDO
G Ä&D]DQ³ )ăUăVHQ]RUGHWHPSHUDWXUă7KHUP&RQWURO
 1XPăUXOSDUWLFLSDQWXOXL/21ODDXWRPDWL]DUHD9LWRWURQLF
 Ä*HQHUDO³ &D]DQ
 Ä*HQHUDO³ &D]DQ
 Ä*HQHUDO³ &D]DQ

&RGDUHDQHFHVDUăODDXWRPDWL]DUHD9LWRWURQLF.

&RG *UXSă )XQFĠLH


  6FKHPDLQVWDODĠLHLIăUăFLUFXLWGHvQFăO]LUHIăUăYDQăGH

0RQWDM
 DPHVWHF$ FLUFXLWGHvQFăO]LUH


 Ä&DVFDGă³ 9LWRWURQLF.FXRDXWRPDWL]DUH9LWRWURQLF
 Ä&DVFDGă³ 9LWRWURQLF.FXGRXăDXWRPDWL]ăUL9LWRWURQLF
 Ä&DVFDGă³ 9LWRWURQLF.FXWUHLDXWRPDWL]ăUL9LWRWURQLF
 Ä&DVFDGă³ 9LWRWURQLF.FXSDWUXDXWRPDWL]ăUL9LWRWURQLF
 Ä&DVFDGă³ &D]DQXOFRQGXFăWRUIL[DW
SkQă ,QVWDODĠLHFXXQFD]DQvQFRQGHQVDĠLHúLPDLPXOWHFD]DQH
OD GHWHPSHUDWXUăMRDVă
 6HFRGHD]ăFD]DQXOvQFRQGHQVDĠLHGUHSWFD]DQFRQ
GXFăWRUIL[DW
$ Ä&DVFDGă³ 8OWLPXOFD]DQIL[DW
SkQă ,QVWDODĠLHFXXQFD]DQGHWHPSHUDWXUăMRDVăúLPDLPXOWH
OD FD]DQHvQFRQGHQVDĠLH
$ 6HFRGHD]ăFD]DQXOGHWHPSHUDWXUăMRDVăGUHSWXOWLPXO
FD]DQIL[DW
& Ä&DVFDGă³ 6WUDWHJLDGHXWLOL]DUHDFăOGXULLGHDUGHUH
52



3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,'

,QVWDODĠLHFXPDLPXOWHFD]DQH9LWRFURVVDOúLFD]DQGHWHPSH
UDWXUăMRDVăFXYDQăGHDPHVWHFFXFăLFXPDLPXOWHFLUFXLWH
GHvQFăO]LUHúLXQFLUFXLWGHvQFăO]LUHGHWHPSHUDWXUăMRDVă

6FKHPDKLGUDXOLFăGHLQVWDODUH

 /21
0

0
0
9
  

 
0 0 0

  
0 0 0

0 0 0


  






::

 $
 






$
  




$


  
.:
.0%XV
/21

/21
/21

/21
/21
0
0

$





$



  


0
0
0
0

$

9

9

9

,QGLFDĠLH$FHDVWăVFKHPăHVWHXQH[HPSOXGHED]ăIăUăGLVSR]LWLYHGHEORFDUHúL
GHVLJXUDQĠă$FHDVWDQXvQORFXLHúWHSURLHFWDUHDGHVSHFLDOLWDWHODIDĠDORFXOXL
52


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

$SDUDWHQHFHVDUH

3R] 'HQXPLUH
 &D]DQ,
 6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQFD]DQ.76
 6HQ]RUSHQWUXWHPSHUDWXUDSHWXUXOGHvQFăO]LUHFRPXQ976VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW VHWGHOLYUDUH9LWRWURQLF.
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 6HQ]RUSHQWUXWHPSHUDWXUDH[WHULRDUă$76
 9LWRWURQLF.
 9LWRWURQLF

0RQWDM
 (FKLSDPHQWGHQHXWUDOL]DUH
 &D]DQ,,
 9LWRWURQLF
D* 6HQ]RUGHWHPSHUDWXUă7VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
D+ 9DQăGHDPHVWHFFXFăL
D1 3RPSDSHQWUXFLUFXLWXOFD]DQXOXL
D 6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQFD]DQ.76
D, %RLOHUSHQWUXSUHSDUDUHDFP
D. 6HQ]RUSHQWUXWHPSHUDWXUDDSHLFDOGHPHQDMHUHGLQDFXPXODWRU676
D4 3RPSăGHFLUFXODĠLHSHQWUXvQFăO]LUHDDSHLGLQERLOHU836%
D/ 3RPSăGHUHFLUFXODUHDDSHLFDOGHPHQDMHUH=3
D# &LUFXLWGHvQFăO]LUH
I* 3RPSDFLUFXLWXOXLGHvQFăO]LUH0
 6HWGHH[WHQVLHSHQWUXXQFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
D) 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGHVHQ]RUGHWHPSHUDWXUăDSOL
FDW
úL
I+ 6HUYRPRWRUSHQWUXYDQDGHDPHVWHF0
 VDX
D) 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 úL
I+ 6HUYRPRWRUSHQWUXYDQăGHDPHVWHFFXIODQúă0
52

I1 &LUFXLWGHvQFăO]LUH
I, 3RPSDFLUFXLWXOXLGHvQFăO]LUH0


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

3R] 'HQXPLUH
 6HWGHH[WHQVLHSHQWUXXQFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
I 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGHVHQ]RUGHWHPSHUDWXUăDSOL
FDW
úL
I. 6HUYRPRWRUSHQWUXYDQăGHDPHVWHF0
 VDX
I 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 úL
I. 6HUYRPRWRUSHQWUXYDQăGHDPHVWHFFXIODQúă0
I4 &LUFXLWXOGHvQFăO]LUH FLUFXLWGHvQFăO]LUHGHWHPSHUDWXUăMRDVă OD
9LWRWURQLF+:*
I# 3RPSDFLUFXLWXOXLGHvQFăO]LUH0
I/ 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGHVHQ]RUGHWHPSHUDWXUăDSOL
FDW
úL
I) 6HUYRPRWRUSHQWUXYDQDGHDPHVWHF0
 VDX
I/ 6HQ]RUGHWHPSHUDWXUăSHWXU0VXEIRUPăGH
 Ŷ 6HQ]RUGHWHPSHUDWXUăDSOLFDW
VDX
 Ŷ 6HQ]RUGHWHPSHUDWXUăLPHUVDW
 úL
I) 6HUYRPRWRUSHQWUXYDQăGHDPHVWHFFXIODQúă0
:* 9LWRWURQLF+
úL
 0RGXOGHFRPXQLFDUH/21
úL
 &DEOXGHOHJăWXUă/21
:+ 6HQ]RUSHQWUXWHPSHUDWXUDH[WHULRDUă$76
 $FFHVRULLFD]DQ
: $GDSWRUSHQWUXHOHPHQWHH[WHUQHGHVLJXUDQĠă
:, /LPLWDWRUGHSUHVLXQHPD[LPă6'%
:. /LPLWDWRUGHSUHVLXQHPLQLPă6'%
:4 /LPLWDWRUGHQLYHOGHDSă GLVSR]LWLYGHVLJXUDQĠăvPSRWULYDOLSVHLGHDSă
:%
E. 6HPQDOL]DWRUGHDYDULL6
:# 6HQ]RUSHQWUXWHPSHUDWXUDJD]HORUDUVH$*6 QXPDLOD9LWRFURVVDO
52


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

3R] 'HQXPLUH
 &RQHFWăULH[WHUQH
J, Ŷ &RPXWDUHH[WHUQăDDU]ăWRDUHORUvQWUHSWHFXPRGXODĠLH
J# Ŷ %ORFDUHH[WHUQăFD]DQ
J) Ŷ 3RUQLUHDH[WHUQăDXOWLPXOXLFD]DQvQRUGLQHDVWDELOLWă
 $FFHVRULLLQVWDODĠLH
:1 9LWRWURO$VDX9LWRWURO$
E* &RPXWDWRUSRUQLWRSULW
E. 6HPQDOL]DWRUGHDYDULL6
E) 5HFHSWRUGHVHPQDOHUDGLR
G1 9LWRFRP
G 'LVWULEXLWRUGH.0%86vQFD]XOPDLPXOWRUSDUWLFLSDQĠLOD.0%86

0RQWDM
J* ([WHQVLH($
J+ FRPDQGăGHFRQHFWDUHVDXGHFRQHFWDUH WUDQVIRUPDWRUOLEHUGHSRWHQ
ĠLDO 
Ŷ &RPDQGDSRPSHLGHDOLPHQWDUHFăWUHRVXEVWDĠLH
 Ŷ 6HPQDOL]DUHDIXQFĠLRQăULLvQUHJLPUHGXVSHQWUXXQFLUFXLWGHvQFăO]LUH
J1 LQWUDUHDQDORJLFă ±9 
Ŷ 9DORDUHUHJODWăSUHYă]XWăSHQWUXWHPSHUDWXUDSHWXUXOLQVWDODĠLHL
J LQWUăULGLJLWDOH
Ŷ &RPXWDUHDH[WHUQăDUHJLPXOXLGHIXQFĠLRQDUHFXSRVLELOLWDWHGHUHJODUH
VHSDUDWăSHQWUXFLUFXLWHOHGHvQFăO]LUHSkQăOD
Ŷ 6ROLFLWDUHH[WHUQă
Ŷ %ORFDUHH[WHUQăFXVHPQDOL]DUHGHDYDULH
Ŷ ,QWUDUHVHPQDOGHDYDULH
Ŷ )XQFĠLRQDUHVFXUWăDSRPSHLGHUHFLUFXODUHDDSHLFDOGHPHQDMHUH
 &RQHFWăULH[WHUQH
J. Ŷ %ORFDUHH[WHUQăYDQăGHDPHVWHFvQFKLVă
J4 Ŷ 6ROLFLWDUHH[WHUQă
J/ Ŷ &RPXWDUHH[WHUQăDUHJLPXOXLGHIXQFĠLRQDUHYDQăGHDPHVWHFGHVFKLVă
H* 0RGXOGHFRPXQLFDUH/21 VHWGHOLYUDUH9LWRWURQLF. SHQWUXFRPXQL
FDUHDFXXUPăWRDUHOHFRPSRQHQWH
$XWRPDWL]ăULDOHFLUFXLWXOXLFD]DQXOXLúLDOHFLUFXLWHORUGHvQFăO]LUH
9LWRFRPúL
9LWRJDWHWLS(,%
52



3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

6FKHPDHOHFWULFăGHLQVWDODUH



/3$

1  /3$



-RDVăWHQVLXQH
/
 0 
/  0 
 9+]
1 
 0 0 
1 
 6 
/ 1
9+]

0 0
1  0 a 
 /
/ 1
0 0
1  0 a 
 $ /
9+]

/
1
1
0 0
 0 a 
 $

1
1
0 836% 0 0
 a   0 a 
/
1
0 =3
 a  / 
/ 
1 
/3$

    'LVWULEXLWRU.0%86


   
   .0%86 
 
 
 

 
%

  
$   
 .0%86 
 
-RDVăWHQVLXQH


% 
  ($

$ 676  /

 9+]
 1
 976 
 1
$
/

 3
   g 
$76  6


 
 9 
  

  
'( 

/21 /21  
'( 
 

'( 




52


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

  
/3$ 
 
 


 6'% 
 3

 
  3 6'% 
 
1     :% 

/  
1 

/
/
 9+]
9+]

1
1
 6 
/
1
0 ..3  QXPDLOD 
 a
/

0RQWDM
1
 $
/
1
 $ 0
a  QXPDLOD 

1

/
1

/

/3$

 
 
 
 
 


 $*6 


%
-RDVăWHQVLXQH



$ 7  QXPDLOD 


%


$


 .76   


 

 

 



/21 /21       
52



3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH


/3$
1 

/
/
 9+]
1
1
 6 
/
1

/
1
 0 0 0 
9+]

a
/
1
 0 0 0
a 

1

/
1

/

/3$

 


 


%


$

-RDVăWHQVLXQH


%


$


 0 


 
$76 








/21 /21       

&RGDUHQHFHVDUăODILHFDUH9LWRWURQLF

&RG *UXSă )XQFĠLH


 Ä&D]DQ³ ,QVWDODĠLHFXPDLPXOWHFD]DQHFXDXWRPDWL]DUHGHFDV
FDGăSULQ/21
 1XPăUXOFD]DQXOXLODDXWRPDWL]DUHD9LWRWURQLF
 Ä&D]DQ³ &D]DQ
 Ä&D]DQ³ &D]DQ
 Ä&D]DQ³ &D]DQ
 1XPDLSHQWUXDXWRPDWL]DUHD9LWRWURQLFDFD]DQXOXLGHWHPSHUDWXUă
MRDVă
52

& Ä&D]DQ³ 5HJODUHDFRQWLQXăDWHPSHUDWXULLGHSHUHWXU


3UHJăWLUHDPRQWDMXOXL

([HPSOXOGHLQVWDODĠLH,' FRQWLQXDUH

&RG *UXSă )XQFĠLH


$ Ä*HQHUDO³ 5DFRUGDUHDVHQ]RUXOXLGHWHPSHUDWXUă7ODFRQHFWR
UXO8$$HVWHUHFXQRVFXWăDXWRPDW
G Ä*HQHUDO³ 5DFRUGDUHDSRPSHLGHFLUFXODĠLHSHQWUXFLUFXLWXOFD]DQX
OXLODFRQHFWRUXOF&
 1XPDLOD9LWRWURQLFSHQWUX9LWRFURVVDO
G Ä&D]DQ³ )ăUăVHQ]RUGHWHPSHUDWXUă7KHUP&RQWURO
 1XPăUXOSDUWLFLSDQWXOXL/21ODDXWRPDWL]DUHD9LWRWURQLF
 Ä*HQHUDO³ &D]DQ
 Ä*HQHUDO³ &D]DQ
 Ä*HQHUDO³ &D]DQ

0RQWDM
&RGDUHDQHFHVDUăODDXWRPDWL]DUHD9LWRWURQLF.

&RG *UXSă )XQFĠLH


  6FKHPDLQVWDODĠLHLIăUăFLUFXLWGHvQFăO]LUHIăUăYDQăGH
 DPHVWHF$ FLUFXLWGHvQFăO]LUH


 Ä&DVFDGă³ 9LWRWURQLF.FXRDXWRPDWL]DUH9LWRWURQLF
 Ä&DVFDGă³ 9LWRWURQLF.FXGRXăDXWRPDWL]ăUL9LWRWURQLF
 Ä&DVFDGă³ 9LWRWURQLF.FXWUHLDXWRPDWL]ăUL9LWRWURQLF
 Ä&DVFDGă³ 9LWRWURQLF.FXSDWUXDXWRPDWL]ăUL9LWRWURQLF
 Ä&DVFDGă³ &D]DQXOFRQGXFăWRUIL[DW
SkQă ,QVWDODĠLHFXXQFD]DQvQFRQGHQVDĠLHúLPDLPXOWHFD]DQH
OD GHWHPSHUDWXUăMRDVă
 6HFRGHD]ăFD]DQXOvQFRQGHQVDĠLHGUHSWFD]DQFRQ
GXFăWRUIL[DW
$ Ä&DVFDGă³ 8OWLPXOFD]DQIL[DW
SkQă ,QVWDODĠLHFXXQFD]DQGHWHPSHUDWXUăMRDVăúLPDLPXOWH
OD FD]DQHvQFRQGHQVDĠLH
$ 6HFRGHD]ăFD]DQXOGHWHPSHUDWXUăMRDVăGUHSWXOWLPXO
FD]DQIL[DW
E Ä&DVFDGă³ 7LSGHUHJODMDXWRQRPFRQHFWDUHGHFRQHFWDUHDFD]DQH
ORUFHSRWILFRQHFWDWHvQVHULHFXVHQ]RUGHWHPSHUDWXUă
SHWXU
52



3UHJăWLUHDPRQWDMXOXL

([WLQGHUHDLQVWDODĠLHL

3UHSDUDUHDGHDSăFDOGăPHQDMHUăFXVLVWHPGHDFXPXODUH,'


ÌQLQVWDODĠLLFXQHFHVDUGHDSăFDOGă
PHQDMHUăULGLFDWSHQWUXSHULRDGHGHWLPS
VFXUWHúLFXFDSDFLWDWHDDFXPXODWRUXOXL
PDUHFXSHULRDGHGHFRQVXPGHFDODWH
WHPSRUDU

6FKHPDKLGUDXOLFăGHLQVWDODUH

::



 
 $

$  
$



 %
%

.:   
%
$
%



$
$
9

,QGLFDĠLH$FHDVWăVFKHPăHVWHXQH[HPSOXGHED]ăIăUăGLVSR]LWLYHGHEORFDUHúL
GHVLJXUDQĠă$FHDVWDQXvQORFXLHúWHSURLHFWDUHDGHVSHFLDOLWDWHODIDĠDORFXOXL
52


3UHJăWLUHDPRQWDMXOXL

([WLQGHUHDLQVWDODĠLHL FRQWLQXDUH

$SDUDWHQHFHVDUH

3R] 'HQXPLUH
 &D]DQ
 9LWRWURQLF.
 9LWRWUDQV VLVWHPFXVFKLPEăWRUGHFăOGXUă
 9HQWLOGHDPHVWHFFXFăL VHWGHOLYUDUHJUXSGHDPHVWHFDFFHVRULLSHQWUX
9LWRWUDQV
 3RPSDSHQWUXDJHQWXOSULPDUvQVLVWHPXOGHDFXPXODUHDFP
 3RPSDSHQWUXDJHQWXOVHFXQGDUvQVLVWHPXOGHDFXPXODUHDFP836%
 6HQ]RUGHWHPSHUDWXUă VHWGHOLYUDUHJUXSGHDPHVWHFDFFHVRULLSHQWUX
9LWRWUDQV

0RQWDM
 %RLOHUSHQWUXSUHSDUDUHDFP
 6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQDFXPXODWRU676LQIHULRU VHWGHOLYUDUH
JUXSGHDPHVWHFDFFHVRULLSHQWUX9LWRWUDQV
D* 6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQDFXPXODWRU676VXSHULRU VHWGHOLYUDUH
DXWRPDWL]DUH
D+ 3RPSăGHUHFLUFXODUHDDSHLFDOGHPHQDMHUH=3
52



3UHJăWLUHDPRQWDMXOXL

([WLQGHUHDLQVWDODĠLHL FRQWLQXDUH

6FKHPDHOHFWULFăGHLQVWDODUH

 3OHOED]ă
/
 9+]
1
1

/
1

9+]

/
1
0
 $ a 
/
1
0
 $ a 

1
0 836%
 a 
/

1
0 =3
 a 
/


 


 









% 


7HQVLXQHMRDVă

$



% 676 


$ 676 







 







52


3UHJăWLUHDPRQWDMXOXL

([WLQGHUHDLQVWDODĠLHL FRQWLQXDUH

&RGDUHDQHFHVDUăODDXWRPDWL]DUHD9LWRWURQLF.

&RG *UXSă )XQFĠLH


& Ä*HQHUDO³ 5DFRUGDUHDSRPSHLSHQWUXDJHQWXOSULPDUODFRQHFWR
UXOFT$
( Ä*HQHUDO³ 5DFRUGDUHDVHUYRPRWRUXOXLSHQWUXYHQWLOXOGHDPHVWHF
 Ä$SăFDOGă FXFăLODFRQHFWRUXO<-$
PHQDM³ 5HJODUHDWHPSHUDWXULLDSHLFDOGHPHQDMHUHGLQERLOHU
FXVLVWHPGHDFXPXODUHDFP
  7LPSGHIXQFĠLRQDUHVHUYRPRWRUYHQWLOGHDPHVWHFVHW
VFKLPEăWRUGHFăOGXUă
$ Ä$SăFDOGă 9LWRWUDQVúLN:

0RQWDM
PHQDM³
$ Ä$SăFDOGă 9LWRWUDQVN:
PHQDM³
52



3UHJăWLUHDPRQWDMXOXL

([WLQGHUHDLQVWDODĠLHL FRQWLQXDUH

,QVWDODĠLHFXVFKLPEăWRUGHFăOGXUăJD]HDUVHDSăFXSRPSăGH
DPHVWHF,'

6FKHPDKLGUDXOLFăGHLQVWDODUH



::

 
 

 
 

.:    

,QGLFDĠLH$FHDVWăVFKHPăHVWHXQH[HPSOXGHED]ăIăUăGLVSR]LWLYHGHEORFDUHúL
GHVLJXUDQĠă$FHDVWDQXvQORFXLHúWHSURLHFWDUHDGHVSHFLDOLWDWHODIDĠDORFXOXL

$SDUDWHQHFHVDUH

3R] 'HQXPLUH
 &D]DQ,
 3RPSăGHDPHVWHF
 &ODSHWăGHUHJODMFXVHUYRPRWRU
 &D]DQ,,
 3RPSăGHDPHVWHF
 &ODSHWăGHUHJODMFXVHUYRPRWRU
 9LWRWUDQV,
52

 3RPSăGHFLUFXODĠLH


3UHJăWLUHDPRQWDMXOXL

([WLQGHUHDLQVWDODĠLHL FRQWLQXDUH

3R] 'HQXPLUH
 &ODSHWăGHUHJODMFXVHUYRPRWRU
D* 9LWRWUDQV,,
D+ 3RPSăGHFLUFXODĠLH
D1 &ODSHWăGHUHJODMFXVHUYRPRWRU
D &LUFXLWGHvQFăO]LUHGHWHPSHUDWXUăMRDVă
D, 5HOHXFRQWDFWRU

6FKHPDFLUFXLWXOXLHOHFWULF ÌQFD]XOFăGHULLFXUHQWXOXLXWLOL]DĠL
SRPSDGHFLUFXODĠLHSULQUHOHXOFRQWDFWRU
5DFRUGDUHDSRPSHLGHFLUFXODĠLHúLDFOD $
SHWHLGHUHJODMFXVHUYRPRWRUGHOD

0RQWDM
VFKLPEăWRUXOGHFăOGXUăJD]HDUVHDSă ,QGLFDĠLH
5DFRUGDUHDSRPSHLGHDPHVWHFúLDFOD
SHWHLGHUHJODMFXVHUYRPRWRUVHHIHF
 $ WXHD]ăODXQLWDWHD9LWRWURQLFUHVSHF
 WLYă
ÌQFD]XOvQFDUHFRQH[LXQHDODFRQHFWR
1 / UXOFT$HVWHGHMDDORFDWăVHH[HFXWă
/ 1 FRQHFWDUHDODH[WHQVLD$0 $FFHVRULL
YH]LSDJLQD 

.

D,

0 0
a a

D+ 
 D1

&RGDUHQHFHVDUăODILHFDUH9LWRWURQLF

&RG *UXSă )XQFĠLH


& Ä*HQHUDO³ 5DFRUGDUHDSRPSHLGHFLUFXODĠLHSHQWUXVFKLPEăWRUXOGH
FăOGXUăJD]HDUVHDSăODFRQHFWRUXOFT$
52



3UHJăWLUHDPRQWDMXOXL

([WLQGHUHDLQVWDODĠLHL FRQWLQXDUH

,QVWDODĠLHFXVFKLPEăWRUGHFăOGXUăJD]HDUVHDSăFXSRPSă
SHQWUXFLUFXLWXOFD]DQXOXL,'

6FKHPDKLGUDXOLFăGHLQVWDODUH



::

 

 

   

.:    

,QGLFDĠLH$FHDVWăVFKHPăHVWHXQH[HPSOXGHED]ăIăUăGLVSR]LWLYHGHEORFDUHúL
GHVLJXUDQĠă$FHDVWDQXvQORFXLHúWHSURLHFWDUHDGHVSHFLDOLWDWHODIDĠDORFXOXL

$SDUDWHQHFHVDUH

3R] 'HQXPLUH
 &D]DQ,
 3RPSDSHQWUXFLUFXLWXOFD]DQXOXL
 9DQăGHDPHVWHFFXFăL
 &D]DQ,,
 3RPSDSHQWUXFLUFXLWXOFD]DQXOXL
 9DQăGHDPHVWHFFXFăL
 9LWRWUDQV,
52

 3RPSăGHFLUFXODĠLH
 &ODSHWăGHUHJODMFXVHUYRPRWRU


3UHJăWLUHDPRQWDMXOXL

([WLQGHUHDLQVWDODĠLHL FRQWLQXDUH

3R] 'HQXPLUH
D* 9LWRWUDQV,,
D+ 3RPSăGHFLUFXODĠLH
D1 &ODSHWăGHUHJODMFXVHUYRPRWRU
D &LUFXLWGHvQFăO]LUHGHWHPSHUDWXUăMRDVă
D, 5HOHXFRQWDFWRU

6FKHPDFLUFXLWXOXLHOHFWULF ÌQFD]XOFăGHULLFXUHQWXOXLXWLOL]DĠL
SRPSDGHFLUFXODĠLHSULQUHOHXOFRQWDFWRU
5DFRUGDUHDSRPSHLGHFLUFXODĠLHúLDFOD $
SHWHLGHUHJODMFXVHUYRPRWRUGHOD
VFKLPEăWRUXOGHFăOGXUăJD]HDUVHDSă ,QGLFDĠLH

0RQWDM
5DFRUGDUHDSRPSHLSHQWUXFLUFXLWXO
FD]DQXOXLúLDYDQHLGHDPHVWHFFXFăL
 $ VHHIHFWXHD]ăODXQLWDWHD9LWRWURQLF
 UHVSHFWLYă
ÌQFD]XOvQFDUHFRQH[LXQHDODFRQHFWR
1 / UXOFT$HVWHGHMDDORFDWăVHH[HFXWă
/ 1 FRQHFWDUHDODH[WHQVLD$0 $FFHVRULL
YH]LFDSLWROXOXUPăWRU 

.

D,

0 0
a a

D+ 
 D1

&RGDUHQHFHVDUăODILHFDUH9LWRWURQLF

&RG *UXSă )XQFĠLH


& Ä&D]DQ³ 5HJODUHDFRQWLQXăDWHPSHUDWXULLGHSHUHWXU
& Ä*HQHUDO³ 5DFRUGDUHDSRPSHLGHFLUFXODĠLHSHQWUXVFKLPEăWRUXOGH
FăOGXUăJD]HDUVHDSăODFRQHFWRUXOFT$
G Ä*HQHUDO³ 5DFRUGDUHDSRPSHLGHFLUFXODĠLHSHQWUXFLUFXLWXOFD]DQX
OXLODFRQHFWRUXOF&
52



3UHJăWLUHDPRQWDMXOXL

([WLQGHUHDLQVWDODĠLHL FRQWLQXDUH

7LSXULGHLQVWDODĠLLODFDUHLHúLUHDFT$HVWHXWLOL]DWăGHMDGUHSW
FRQWDFWGHFRQHFWDUH

8WLOL]DĠLH[WHQVLD$0 DFFHVRULX 

57
$ 57
$ ; $ ;T
FTFF% FTFF%
/#1 /#1 /#1 1#/
9+]

/ # 1

.

D,

0 0
a a

D+ 
 D1

ÌQFD]XOFăGHULLFXUHQWXOXLXWLOL]DĠL &XUHQWQRPLQDO   $a


SRPSDGHFLUFXODĠLHSULQUHOHXOFRQWDFWRU &DEOXGHFRQHF 
$ WDUH
UHFRPDQGDW +99)*
PP
VDX
+51)*
PP

&RGDUHQHFHVDUăODILHFDUH9LWRWURQLF

&RG *UXSă )XQFĠLH


 Ä*HQHUDO³ )XQFĠLHLHúLUH$ODH[WHQVLD$0
3RPSDGHFLUFXODĠLHSHQWUXVFKLPEăWRUXOGHFăOGXUăJD]H
DUVHDSă
52


0RQWDM9LWRWURQLF

3ULYLUHGHDQVDPEOXDUDFRUGXULORUHOHFWULFH

,QGLFDĠLH 3ULQDFHDVWDVHvPSLHGLFăDúH]DUHDILUH
3R]DĠLFDEOXULOH9aúLFHOHGHMRDVă ORUvQVSDĠLXOvQYHFLQDWDIODWVXEWHQ
WHQVLXQHVHSDUDWXQXOGHFHOăODOWúL VLXQH
OHJDĠLOHVWUkQVGHFOHPH

0RQWDM



 

 $ 
 %

 $
 $ 

 





3ODFDHOHFWURQLFăGHED]ăSHQWUXMRDVă 8$$ 6HQ]RUGHWHPSHUDWXUă7KHUP


WHQVLXQH &RQWURO
O 6HQ]RUSHQWUXWHPSHUDWXUDDSHL VDX
GLQFD]DQ 6HQ]RUGHWHPSHUDWXUă7SHUHWXU
8! 6HQ]RUSHQWUXWHPSHUDWXUDJD]H DFFHVRULX
ORUDUVH DFFHVRULX 8$% 6HQ]RUGHWHPSHUDWXUă7SHUHWXU
DFFHVRULX
52

80 &RQHFWDUHH[WHUQă


0RQWDM9LWRWURQLF

3ULYLUHGHDQVDPEOXDUDFRUGXULORUHOHFWULFH FRQWLQXDUH

80! 3DUWLFLSDQWOD.0%86 DFFHVRULX ;T 5DFRUGDUHODUHĠHD


80" &RQHFWDUHH[WHUQă ; $U]ăWRUWU
<T 6HPQDOL]DUHDDYDULLORU
Ŷ 3HQWUXUDFRUGDUHDFRQWDFWHORUUHVSHF <-$ &ODSHWăGHUHJODM
WLYDFRPSRQHQWHORUH[WHUQHODILúHOH VDX
GHMRDVăWHQVLXQHDOHDXWRPDWL]ăULLWUH 6HUYRPRWRUSHQWUXYHQWLOGH
EXLHUHVSHFWDWHQRUPHOHSHQWUXFODVD DPHVWHFFXWUHLFăLSHQWUXUHJOD
,,GHSURWHFĠLHDGLFăPPGLVWDQĠH UHDWHPSHUDWXULLSHUHWXU
DHULHQHúLGHFRQWXUQDUHUHVSHFWLY AT $U]ăWRUWUHDSWDPRG
PPJURVLPHDL]RODĠLHLIDĠăGHFRP 8T &RQHFWăULH[WHUQHGHH[HPSOX
SRQHQWHOHDIODWHVXEWHQVLXQH HOHPHQWHVXSOLPHQWDUHGHVLJX
Ŷ /DWRDWHFRPSRQHQWHOHSXVHODGLVSR UDQĠă
]LĠLHGHLQVWDODWRU LQFOXVLY3&ODSWRS 8 &LUFXLWHOHPHQWHGHVLJXUDQĠă
WUHEXLHDVLJXUDWăRVHSDUDUHHOHFWULFă OLEHUGHSRWHQĠLDO
HILFLHQWăFRQIRUP(1UHVS 8" &RQH[LXQHODUHĠHDSHQWUXDFFH
,(& VRULL

3ODFăHOHFWURQLFă9a
FT$ 3RPSDGHFLUFXODĠLHSHQWUX
VFKLPEăWRUXOGHFăOGXUăJD]H
DUVHDSă
VDX
,HúLUHGHFRPXWDUH
F& 3RPSDGHDPHVWHFUHVSHFWLY
SRPSDGHFLUFXODĠLHSHQWUXFLUFXL
WXOFD]DQXOXL GHODLQVWDODWRU

,QWURGXFHUHDFDEOXULORUúLHYLWDUHDvQWLQGHULLIRUĠDWH

Ŷ $XWRPDWL]DUHPRQWDWăSHFD]DQ
&DEOXULOHVHLQWURGXFGLQSDUWHDLQIH
ULRDUăSULQSDQRXOIURQWDODOFD]DQXOXL
vQVRFOXOGHOHJăWXULDODXWRPDWL]ăULL
Ŷ $XWRPDWL]DUHPRQWDWăvQSDUWHDODWH
UDOăDFD]DQXOXL
&DEOXULOHVHLQWURGXFGLQSDUWHDLQIH
ULRDUăGLQFDQDOXOGHFDEOXULvQDXWR
PDWL]DUH
52


0RQWDM9LWRWURQLF

,QWURGXFHUHDFDEOXULORUúLHYLWDUHDvQWLQGHULL« FRQWLQXDUH

0RQWDM


 &DEOXULFXHOHPHQWHGHIL[DUHWXU  6FKHPDFRQH[LXQLORUFXFRQHFWRUL
QDWH 'RPXULSHQWUXVFKHPDFRQH[LXQLORU
 &DEOXULSXVHODGLVSR]LĠLHGHFăWUH FXFRQHFWRUL
LQVWDODWRUL]RODĠLDFDEOXULORUSRDWHIL
vQGHSăUWDWăSHRSRUĠLXQHGHPD[
PP
52



0RQWDM9LWRWURQLF

,QWURGXFHUHDILúHLGHFRGDUHDFD]DQXOXL

6HYDXWLOL]DQXPDLILúDGHFRGDUHD
FD]DQXOXLFRQĠLQXWăvQVHWXOGHOLYUDUHDO
FD]DQXOXL YH]LWDEHOXOGLQFDSLWROXO
Ä&RPSRQHQWH³  

6HLQWURGXFHSULQGHJDMDUHDGLQSODFDGH
DFRSHULUHILúDGHFRGDUHDFD]DQXOXLvQ
SUL]DÄ;³ 52


0RQWDM9LWRWURQLF

,QWURGXFHUHDPRGXOXOXLGHFRPXQLFDUH/21

0RQWDM
3HQWUXUHDOL]DUHDOHJăWXULLODVLVWHPXO
/21YH]LSDJ 

0RGLILFDUHDUHJODMXOXLWHUPRVWDWXOXLGHVLJXUDQĠă GDFăHVWH
QHFHVDU 

7HUPRVWDWXOGHVLJXUDQĠăHVWHUHJODWvQ
VWDUHDGHOLYUDUHODƒ&

7HUPRVWDWGHVLJXUDQĠă ƒ& ƒ&


7HUPRVWDWGHOXFUX ƒ& ƒ&
9DORDUHDHOHFWURQLFăPD[LPăDWHPSHUDWXULLDSHL ƒ& ƒ&
GLQFD]DQDGUHVDGHFRGDUHijGLQJUXSD
Ä&D]DQ³GHOD9LWRWURQLF
9DORDUHDHOHFWURQLFăPD[LPăDWHPSHUDWXULLSHWXU ƒ& ƒ&
DGUHVDGHFRGDUHijGLQJUXSDÄ&DVFDGă³GHOD
9LWRWURQLF.
52



0RQWDM9LWRWURQLF

0RGLILFDUHDUHJODMXOXLWHUPRVWDWXOXLGH« FRQWLQXDUH

0RGLILFDUHDUHJODMXOXLODƒ&







 
 

¡&

0RGLILFDUHDUHJODMXOXLWHUPRVWDWXOXL GDFăHVWHQHFHVDU

7HUPRVWDWXOGHOXFUXHVWHUHJODWvQVWDUHD
GHOLYUDUHODƒ&
52


0RQWDM9LWRWURQLF

0RGLILFDUHDUHJODMXOXLWHUPRVWDWXOXL GDFăHVWH« FRQWLQXDUH

0RGLILFDUHDUHJODMXOXLODƒ&

 $WHQĠLH
9DORULSUHDULGLFDWHDOHWHPSHUD
WXULLDSHLFDOGHPHQDMHUHSRWSUR
/DIXQFĠLRQDUHDFXXQERLOHUSHQ
WUXSUHSDUDUHGHDSăFDOGăPHQD
MHUăQXVHDGPLWHGHSăúLUHDWHP
YRFDDYDULLODERLOHUXOSHQWUXSUH SHUDWXULLPD[LPHDGPLVHSHQWUX
SDUDUHGHDSăFDOGăPHQDMHUă DSDFDOGăPHQDMHUă'DFăHVWH
QHFHVDUVHYDLQVWDODXQHOHPHQW
GHVLJXUDQĠăFRUHVSXQ]ăWRU

0RQWDM






 SkQăODƒ&

 6HH[WUDJHEXWRQXOURWDWLYÄ6³  %XWRQXOURWDWLYÄ6³VHPRQWHD]ăvQ


DúDIHOvQFkWPDUFDMXOVăVHDIOHvQ
 &XXQFOHúWHFXFLRFVHUXSGHODGLV PLMORFXOGRPHQLXOXLVHOHFWDW6H
FXORSULWRUFDPHOHPDUFDWHvQ URWHúWHEXWRQXOURWDWLYÄ6³ODGUHDSWD
52

ILJXUă SkQăODOLPLWă


0RQWDM9LWRWURQLF

&RQHFWDUHDVHQ]RULORU

                 
   $ % 

3ODFDHOHFWURQLFăGHED]ăSHQWUXMRDVă 8$$ 6HQ]RUGHWHPSHUDWXUă7KHUP


WHQVLXQH &RQWURO
O 6HQ]RUSHQWUXWHPSHUDWXUDDSHL VDX
GLQFD]DQ 6HQ]RUGHWHPSHUDWXUă7SHUHWXU
8! 6HQ]RUSHQWUXWHPSHUDWXUDJD]H DFFHVRULX
ORUDUVH DFFHVRULX 8$% 6HQ]RUGHWHPSHUDWXUă7SHUHWXU
DFFHVRULX

5DFRUGDUHDSRPSHORU

&RQH[LXQLGLVSRQLELOHSHQWUXSRPSH

FT$ 3RPSDGHFLUFXODĠLHSHQWUX
VFKLPEăWRUXOGHFăOGXUăJD]H
DUVHDSă
VDX
,HúLUHGHFRPXWDUH
F& 3RPSăGHDPHVWHFVDXSRPSă
GHFLUFXODĠLHSHQWUXFLUFXLWXOFD]D
QXOXL
52


0RQWDM9LWRWURQLF

5DFRUGDUHDSRPSHORU FRQWLQXDUH

3RPSH9a

0  ,QWHQVLWDWHQRPL   $a
a QDOă
&DEOXGHFRQHF 
WDUH
&DEOXGHOHJăWXUă +99)*
PP
VDX
+51)*
PP

0RQWDM


 3RPSă
 /DDXWRPDWL]DUH

3RPSHFXRSXWHUHHOHFWULFăDEVRUELWăPDLPDUHGH$


/ 1
1 /

/ 1 

/ 1 3(
([WHUQ
 3251,7235,7 

 3RPSă 5DFRUGDUHDODUHĠHDVHSDUDW DVH


 /DDXWRPDWL]DUH UHVSHFWDGDWHOHSURGXFăWRUXOXL
 5HOHX
52



0RQWDM9LWRWURQLF

5DFRUGDUHDSRPSHORU FRQWLQXDUH

3RPSH9a

3HQWUXFRPDQGDUHOHXOXLFRQWDFWRU
&XUHQWXOQRPLQDO   $a
1 / / / / 1 3(
&DEOXGHFRQHF 
WDUH
UHFRPDQGDW +99)*
PP
VDX
+51)*
 PP

0
 a

 3RPSă
 /DDXWRPDWL]DUH
 5HOHX

5DFRUGDUHDHOHPHQWHORUGHUHJODM

&RQH[LXQLGLVSRQLELOH

<-$ &ODSHWăGHUHJODM
VDX
6HUYRPRWRUSHQWUXYHQWLOGH
DPHVWHFFXWUHLFăLSHQWUXUHJOD
UHDWHPSHUDWXULLSHUHWXU
52


0RQWDM9LWRWURQLF

5DFRUGDUHDHOHPHQWHORUGHUHJODM FRQWLQXDUH

0 7HQVLXQH 9a
a QRPLQDOă
&XUHQWQRPL PD[  $a
QDO
&DEOXUHFR +99)*PP
PDQGDWSHQWUX VDX
FRQHFWDUH +51)*PP
7LPSGHIXQF SkQăODV
 ĠLRQDUH VHVHWHD]ăSULQDGUHVD
GHFRGDUHijGLQ
JUXSDÄ*HQHUDO³

0RQWDM
'HVFKLV
ÌQFKLV

&RQHFWDUHDLQVWDODĠLHLGHVHPQDOL]DUHDDYDULLORU

7HQVLXQHQRPLQDOă 9a
,QWHQVLWDWHQRPL PD[  $a
QDOă
&DEOXGHFRQHF 
WDUH
&DEOXGHOHJăWXUă +99)*
/ 1 PP
VDX
 +51)*
PP

(OHPHQWHH[WHUQHGHVLJXUDQĠă

5DFRUGDUHDODFRQHFWRUXO8T ùLvQFD]XOvQFDUHQXVHIDFHQLFLR
3HQWUXFRQHFWDUHDPDLPXOWRUHOHPHQWH FRQHFWDUHFRQHFWRUXO8TWUHEXLHVă
GHVLJXUDQĠăVHSRDWHPRQWDDGDSWRUXO UăPkQăFRQHFWDW
SHQWUXHOHPHQWHH[WHUQHGHVLJXUDQĠă
YH]LSDJ 
52



0RQWDM9LWRWURQLF

(OHPHQWHH[WHUQHGHVLJXUDQĠă FRQWLQXDUH

 $WHQĠLH
&RQWDFWHOHFXGLIHUHQĠăGHSRWHQ
ĠLDOFRQGXFODSURGXFHUHDXQXL
&RQHFWăULOHH[WHUQHWUHEXLHVăILH
OLEHUHGHSRWHQĠLDO

VFXUWFLUFXLWVDXODGHIHFWDUHD
JHQHUDWRUXOXLDVWIHOvQFkWGRXă
ID]HLQWUăvQFRQWDFW

 3

3251,7
3251,7
67% 1 67% 75 75


 3


 3XQWHÄ67%³±Ä67%³  /LPLWDWRUGHSUHVLXQHPD[LPă
 'LVSR]LWLYGHVLJXUDQĠăvPSRWULYDOLS $OWHHOHPHQWHGHVLJXUDQĠă
VHLGHDSăOLPLWDWRUGHSUHVLXQH
PLQLPă

 ÌQGHSăUWDĠLSXQWHDÄ67%³±Ä67%³  (OHPHQWHOHH[WHUQHGHVLJXUDQĠăVH


FRQHFWHD]ăvQVHULHODFRQHFWRUXO
8T

)XQFĠLRQDUHDDU]ăWRUXOXLvQUHJLPSURYL]RULX
52

5DFRUGDUHDODFRQHFWRUXO8T

0RQWDM9LWRWURQLF

)XQFĠLRQDUHDDU]ăWRUXOXLvQUHJLPSURYL]RULX FRQWLQXDUH

3XQWHDÄ75³±Ä(,175³VHWUHFHSHÄ75³
±Ä(,1³
&D]DQXOSRUQHúWHvQWUHDSWDD
DU]ăWRUXOXLUHVSHFWLYODSXWHUHDGH
67%
(,1 (,1
1 67% 75 75 vQFăO]LUHLQIHULRDUă2SULUHDVHUHDOL
]HD]ăFXDMXWRUXOWHUPRVWDWXOXLGH
OXFUX

0RQWDM
 3XQWHÄ75³±Ä(,175³

%ORFDUHH[WHUQăDDU]ăWRUXOXL

&RQH[LXQHODFRQHFWRUXO8T
 $WHQĠLH
&RQWDFWHOHFXGLIHUHQĠăGHSRWHQ
ĠLDOFRQGXFODSURGXFHUHDXQXL
VFXUWFLUFXLWVDXODGHIHFWDUHD
JHQHUDWRUXOXLDVWIHOvQFkWGRXă
ID]HLQWUăvQFRQWDFW
&RQHFWDUHDH[WHUQăWUHEXLHVăILH
OLEHUăGHSRWHQĠLDO
52



0RQWDM9LWRWURQLF

%ORFDUHH[WHUQăDDU]ăWRUXOXL FRQWLQXDUH

6HvQGHSăUWHD]ăSXQWHDÄ75³±Ä(,1
75³

,QGLFDĠLH
/DERUQHVHYRUUDFRUGDQXPDLGLVSR]L
WLYHSHQWUXGHFRQHFWăULGHVLJXUDQĠăGH
H[HPSOXRWHUPRFXSOă

ÌQFD]XOFRQWDFWXOXLGHVFKLVVHSURGXFH
(,1 (,1
67% 1 67% 75 75 GHFRQHFWDUHDDXWRPDWL]ăULLDU]ăWRUXOXL

 &RQWDFWOLEHUGHSRWHQĠLDO
 3XQWHÄ75³±Ä(,175³

 $WHQĠLH
ÌQWLPSXOEORFăULLQXVHDVLJXUă
SURWHFĠLDODvQJKHĠ
&D]DQXOQXHVWHPHQĠLQXWODWHP
SHUDWXUDPLQLPăQHFHVDUă

&RPXWDUHH[WHUQăDDU]ăWRDUHORUvQWUHSWHFXPRGXODĠLH

5DFRUGDUHODFRQHFWRUXO80"


 $WHQĠLH
&RQWDFWHOHFXGLIHUHQĠăGHSRWHQ
ĠLDOFRQGXFODSURGXFHUHDXQXL   

VFXUWFLUFXLWVDXODGHIHFWDUHD 
JHQHUDWRUXOXLDVWIHOvQFkWGRXă
ID]HLQWUăvQFRQWDFW
&RQHFWDUHDH[WHUQăWUHEXLHVăILH
OLEHUăGHSRWHQĠLDO  &RPXWDUHH[WHUQă
52

FRQWDFWOLEHUGHSRWHQĠLDO


0RQWDM9LWRWURQLF

&RPXWDUHH[WHUQăDDU]ăWRDUHORUvQWUHSWHFX« FRQWLQXDUH

&RQWDFWGHVFKLVIXQFĠLRQDUHvQPRGXOD &RQWDFWvQFKLVIXQFĠLRQDUHFXGRXă
ĠLH WUHSWH

&RGDUH

6HVHWHD]ăFRGDUHDijvQJUXSD ,QGLFDĠLH
Ä&D]DQ³ ÌQFD]XOLQIRUPăULLFXSULYLUHODWLSXO
DU]ăWRUXOXLDSDUHDILúDWúLGXSăFRPXWD
UHDH[WHUQăDGUHVDSHQWUXDU]ăWRUPRGX
ODQW QXVHPRGLILFăDILúDMXO 

0RQWDM
%ORFDUHH[WHUQăDFD]DQXOXL3RUQLUHvQRUGLQHDVWDELOLWăDFD]D
QHORU

5DFRUGDUHODFRQHFWRUXO80


 $WHQĠLH
&RQWDFWHOHFXGLIHUHQĠăGHSRWHQ
ĠLDOFRQGXFODSURGXFHUHDXQXL
VFXUWFLUFXLWVDXODGHIHFWDUHD
JHQHUDWRUXOXLDVWIHOvQFkWGRXă 
ID]HLQWUăvQFRQWDFW
&RQHFWDUHDH[WHUQăWUHEXLHVăILH
OLEHUăGHSRWHQĠLDO   



 %ORFDUHH[WHUQăDFD]DQXOXL
FRQWDFWOLEHUGHSRWHQĠLDO
 3RUQLUHDH[WHUQăDXOWLPXOXLFD]DQ
vQRUGLQHDVWDELOLWă
FRQWDFWOLEHUGHSRWHQĠLDO
52



0RQWDM9LWRWURQLF

%ORFDUHH[WHUQăDFD]DQXOXL3RUQLUHvQRUGLQHD« FRQWLQXDUH

&RQWDFW &RQWDFW
Ŷ &RQWDFWvQFKLV Ŷ &RQWDFWvQFKLV
&D]DQXOHVWHVFRVGLQRUGLQHDVWDELOLWă &HOHODOWHFD]DQHDVLJXUăFăOGXUDvQ
GHSRUQLUHDFD]DQHORU&ODSHWăGH LQVWDODĠLDGHvQFăO]LUH'DFăSXWHUHD
UHJODMUHVSHFWLYYHQWLOXOGHDPHVWHFFX DFHVWRUFD]DQHQXHVWHVXILFLHQWăVH
FăLSHQWUXUHJODUHDFRQWLQXăDWHP FRQHFWHD]ăFD]DQXO
SHUDWXULLSHUHWXUVHvQFKLG3RPSDGH Ŷ &RQWDFWGHVFKLV
DPHVWHFVDXSRPSDSHQWUXFLUFXLWXO &D]DQXOHVWHLQWHJUDWvQRUGLQHD
FD]DQXOXLVHGHFRQHFWHD]ă$OLPHQWD DFWXDOăDFD]DQHORU
UHDFXFăOGXUăWUHEXLHUHDOL]DWăGH
FHOHODOWHFD]DQH

 $WHQĠLH
'DFăWRDWHFD]DQHOHVXQWEOR
FDWHVDXQLFLXQDOWFD]DQQX
HVWHJDWDGHIXQFĠLRQDUH
QXVHDVLJXUăSURWHFĠLDOD
vQJKHĠDLQVWDODĠLHLGH
vQFăO]LUH

Ŷ &RQWDFWGHVFKLV
&D]DQXOHVWHLQWHJUDWvQRUGLQHD
DFWXDOăDFD]DQHORU

5DFRUGDUHDDU]ăWRUXOXLSHFXUHQWDOWHUQDWLY

$U]ăWRUFXLQVXIODUHSHFRPEXVWLELOOLFKLGJD]RV

&DEOXULOHDU]ăWRUXOXLVXQWLQFOXVHvQVHWXO &XUHQWHOHFWULFPD[DEVRUELW  $


GHOLYUDUHDOFD]DQXOXL
&RQHFWDUHDDU]ăWRUXOXLVHYDIDFHFRQ
IRUP',1
52


0RQWDM9LWRWURQLF

5DFRUGDUHDDU]ăWRUXOXLSHFXUHQWDOWHUQDWLY FRQWLQXDUH

0DUFDUHDERUQHORU
/ )D]ăSULQWHUPRVWDWXOGHVLJX
UDQĠăGHODDU]ăWRU
3( &RQGXFWRUGHSURWHFĠLHOD

DU]ăWRU
1 7 7 6 % /
1 1XOXOODDU]ăWRU
77 &LUFXLWGHUHJODM
6 5DFRUGDYDULHODDU]ăWRU
% 5DFRUGFRQWRURUHGHIXQFĠLR
QDUH
'LUHFĠLDGHGHSODVDUHDVHPQD
OXOXL

0RQWDM
 $XWRPDWL]DUHĺ$U]ăWRU
3(

$YDULH+

%=
/

'LUHFĠLDGHGHSODVDUHDVHPQD
1

67% OXOXL
75
DU]ăWRUĺDXWRPDWL]DUH
/ 1 7 7 6 %
0DUFDUHDDSDUDWHORU
67% 7HUPRVWDWXOGHVLJXUDQĠăDODXWR
PDWL]ăULL
75 7HUPRVWDWXOGHOXFUXDODXWRPD
WL]ăULL
+ 6HPQDOGHDYDULHODDU]ăWRU
 /DDXWRPDWL]DUH %= &RQWRURUHGHIXQFĠLRQDUH
 /DDU]ăWRU

$U]ăWRUIăUăFRQHFWRU

6HPRQWHD]ăILúDSHUHFKHGHODILUPD
9LHVVPDQQVDXGHODSURGXFăWRUXO
DU]ăWRUXOXLVHOHDJăFDEOXODU]ăWRUXOXL
52



0RQWDM9LWRWURQLF

5DFRUGDUHDDU]ăWRUXOXLSHFXUHQWDOWHUQDWLY FRQWLQXDUH

0DUFDUHDERUQHORU
77 &LUFXLWGHUHJODMWUHDSWDD
DU]ăWRUXOXLÄSRUQLWă³UHVSUHJXOD
WRUXOGHPRGXODUHÄGHVFKLV³
7 77  77 &LUFXLWGHUHJODMWUHDSWDGH
DUGHUHÄRSULWă³UHVSUHJXODWRUXO
%1 GHPRGXODUHÄvQFKLV³
%. 'LUHFĠLDGHGHSODVDUHDVHPQD
%8 OXOXL
$XWRPDWL]DUHĺ$U]ăWRU
'LUHFĠLDGHGHSODVDUHDVHPQD
OXOXL
DU]ăWRUĺDXWRPDWL]DUH

0DUFDMSULQFXORULFRQIRUP',1,(&

%. QHJUX
%1 PDUR
%8 DOEDVWUX
 /DDXWRPDWL]DUH
 /DDU]ăWRU

$U]ăWRU9LHVVPDQQ0DWUL[SHQWUX9LWRFURVVDO

&DEOXULOHDU]ăWRUXOXLVXQWLQFOXVHvQVHWXO &XUHQWHOHFWULFPD[DEVRUELW  $


GHOLYUDUHDOFD]DQXOXL
52


0RQWDM9LWRWURQLF

5DFRUGDUHDDU]ăWRUXOXLSHFXUHQWDOWHUQDWLY FRQWLQXDUH

 0DUFDUHDERUQHORU
/ )D]ăSULQWHUPRVWDWXOGHVLJX
UDQĠăGHODDU]ăWRU
3( &RQGXFWRUGHSURWHFĠLHOD
DU]ăWRU
1 7 7 6 % / 1 1XOXOODDU]ăWRU
 77 &LUFXLWGHUHJODM
6 5DFRUGDYDULHODDU]ăWRU
% 5DFRUGFRQWRURUHGHIXQFĠLR
QDUH
'LUHFĠLDGHGHSODVDUHDVHPQD
OXOXL

0RQWDM
$XWRPDWL]DUHĺ$U]ăWRU
'LUHFĠLDGHGHSODVDUHDVHPQD
OXOXL
% 6 7 7 1 /
DU]ăWRUĺDXWRPDWL]DUH



 /DDXWRPDWL]DUH
 /DDU]ăWRU
52



0RQWDM9LWRWURQLF

5DFRUGDUHDDU]ăWRUXOXLSHFXUHQWDOWHUQDWLY FRQWLQXDUH

0DUFDUHDERUQHORU
 77 &LUFXLWGHUHJODMWUHDSWDD
DU]ăWRUXOXLÄSRUQLWă³UHVSUHJXOD
WRUXOGHPRGXODUHÄGHVFKLV³
7 77
77 &LUFXLWGHUHJODMWUHDSWDGH
DUGHUHÄRSULWă³UHVSUHJXODWRUXO

%1 GHPRGXODUHÄvQFKLV³
%.
%8 0DUFDMSULQFXORULFRQIRUP',1,(&

%. QHJUX
%1 %1 PDUR
%. %8 DOEDVWUX
%8

7 77

 /DDXWRPDWL]DUH
 /DDU]ăWRU

&RQHFWDUHDDU]ăWRUXOXLSHQWUXFXUHQWWULID]DW

&LUFXLWHOHPHQWHGHVLJXUDQĠăOLEHUGHSRWHQĠLDO

,QGLFDĠLH
'DFăHVWHQHFHVDUVHvQGHSăUWHD]ăSXQ
WHDFDUHH[LVWăHYHQWXDOODDU]ăWRUGHOD
XQFRQGXFWRUH[WHULRUODWHQVLXQHDGH
FRPDQGă
,QGLFDĠLLOHSURGXFăWRUXOXLGHDU]ăWRDUH
WUHEXLHQHDSăUDWUHVSHFWDWH
52


0RQWDM9LWRWURQLF

&RQHFWDUHDDU]ăWRUXOXLSHQWUXFXUHQWWULID]DW FRQWLQXDUH

)
75

.

 7 7 7

0RQWDM


 

 $XWRPDWL]DUH ;T 5DFRUGDUHDODUHĠHDDDXWRPD
 5HOHXSULQFLSDO GHODLQVWDODWRU WL]ăULL
 $U]ăWRUSHFXUHQWWULID]DW ; $U]ăWRUWUHDSWD
$OLPHQWDUHHOHFWULFăSHFXUHQWWUL AT $U]ăWRUWUHDSWD
ID]DWSHQWUXDU]ăWRU 8T &RQHFWRUSHQWUXFRQH[LXQL

&RPDQGăUHOHXSULQFLSDO H[WHUQH
&LUFXLWHOHPHQWHGHVLJXUDQĠă (OHPHQWHH[WHUQHGHVLJX
67% OLEHUGHSRWHQĠLDO UDQĠăODFRQHFWDUHVH
&LUFXLWGHUHJODMHWUHDSWDVDUFLQă vQGHSăUWHD]ăSXQWHD
GHED]ă 8 &LUFXLWHOHPHQWHGHVLJXUDQĠăOLEHU
6HPQDOL]DUHGHDYDULHODDU]ăWRU GHSRWHQĠLDO
 &RQWRURUHIXQFĠLRQDUHWUHDSWD ODFRQHFWDUHVHvQGHSăUWHD]ăSXQ
 6DUFLQăGHED]ăVDUFLQăQRPLQDOă WHD
52



0RQWDM9LWRWURQLF

&RQHFWDUHDDU]ăWRUXOXLSHQWUXFXUHQWWULID]DW FRQWLQXDUH

&LUFXLWXOHOHPHQWHORUGHVLJXUDQĠăQXHVWHOLEHUGHSRWHQĠLDO

,QGLFDĠLH
'DFăHVWHQHFHVDUVHvQGHSăUWHD]ăSXQWHDFDUHH[LVWăHYHQWXDOODDU]ăWRUGHODXQ
FRQGXFWRUH[WHULRUODWHQVLXQHDGHFRPDQGă
,QGLFDĠLLOHSURGXFăWRUXOXLGHDU]ăWRDUHWUHEXLHQHDSăUDWUHVSHFWDWH

)
75

.

 7 7 7




 $XWRPDWL]DUH ;T 5DFRUGDUHDODUHĠHDDDXWRPD
 5HOHXSULQFLSDO GHODLQVWDODWRU WL]ăULL
 $U]ăWRUSHFXUHQWWULID]DW ; $U]ăWRUWUHDSWD
$OLPHQWDUHHOHFWULFăSHFXUHQWWUL AT $U]ăWRUWUHDSWD
ID]DWSHQWUXDU]ăWRU 8T &RQHFWRUSHQWUXFRQH[LXQL

&RPDQGăUHOHXSULQFLSDO H[WHUQH
&LUFXLWGHUHJODMHWUHDSWDVDUFLQă (OHPHQWHH[WHUQHGHVLJX
GHED]ă UDQĠăODFRQHFWDUHVH
6HPQDOL]DUHGHDYDULHODDU]ăWRU vQGHSăUWHD]ăSXQWHD
52

&RQWRURUHIXQFĠLRQDUHWUHDSWD 8 &LUFXLWHOHPHQWHGHVLJXUDQĠă


 6DUFLQăGHED]ăVDUFLQăQRPLQDOă 67%


0RQWDM9LWRWURQLF.

3ULYLUHGHDQVDPEOXDUDFRUGXULORUHOHFWULFH

,QGLFDĠLH 3ULQDFHDVWDVHvPSLHGLFăDúH]DUHDILUH
3R]DĠLFDEOXULOH9aúLFHOHGHMRDVă ORUvQVSDĠLXOvQYHFLQDWDIODWVXEWHQ
WHQVLXQHVHSDUDWXQXOGHFHOăODOWúL VLXQH
OHJDĠLOHVWUkQVGHFOHPH

/21

0RQWDM
 0
 0
 0
 0
 0
 0




 $
 %

 % 

 $
  $
 



52



0RQWDM9LWRWURQLF.

3ULYLUHGHDQVDPEOXDUDFRUGXULORUHOHFWULFH FRQWLQXDUH

([WHQVLHSHQWUXFLUFXLWXOGHvQFăO]LUH Ŷ 3HQWUXFRQHFWDUHDFRQWDFWHORUUHVSHF
úLFXYDQăGHDPHVWHF WLYDFRPSRQHQWHORUH[WHUQHODILúHOH
00 6HQ]RUGHWHPSHUDWXUăSH GHMRDVăWHQVLXQHDOHDXWRPDWL]ăULLVH
WXU UHVSHFWăQRUPHOHGHSURWHFĠLHDOHFOD
FT00 3RPSDFLUFXLWXOXLGH VHLGHSURWHFĠLH,,DGLFăPPGLV
vQFăO]LUH WDQĠHDHULHQHúLGHFRQWXUQDUHUHV
<-00 6HUYRPRWRUSHQWUXYDQDGH SHFWLYPPJURVLPHDL]RODĠLHLIDĠă
DPHVWHF GHFRPSRQHQWHOHDIODWHVXEWHQVLXQH
Ŷ /DWRDWHFRPSRQHQWHOHSXVHODGLVSR
3ODFDHOHFWURQLFăGHED]ăSHQWUX ]LĠLHGHLQVWDODWRU LQFOXVLY3&ODSWRS
MRDVăWHQVLXQH WUHEXLHVăVHDVLJXUHRVHSDUDUHHOHF
 6HQ]RUGHWHPSHUDWXUăH[WH WULFăHILFLHQWăFRQIRUP(1UHVS
ULRDUă ,(&
O 6HQ]RUGHWHPSHUDWXUăSHQWUX
WXUXOFRPXQ 3ODFDHOHFWURQLFăGHED]ăSHQWUX
$ 6HQ]RUSHQWUXWHPSHUDWXUDDSHL 9a
FDOGHPHQDMHUHGLQDFXPXODWRU FT$ 3RPSDFLUFXLWXOXLGHvQFăO]LUH
% 6HQ]RUSHQWUXWHPSHUDWXUDDSHL VDX
FDOGHPHQDMHUHGLQDFXPXODWRU 3RPSăSHQWUXDJHQWXOSULPDU
SHQWUXVLVWHPXOGHDFXPXODUH SHQWUXVLVWHPXOGHDFXPXODUH
DFP DFFHVRULX DFP
8$% 6HQ]RUGHWHPSHUDWXUă7SH F 3RPSăGHFLUFXODĠLHSHQWUX
UHWXU DFFHVRULX vQFăO]LUHDDSHLGLQERLOHU DFFH
VDX VRULX
6HQ]RUGHWHPSHUDWXUăSHQWUX F% 3RPSăGHUHFLUFXODUHDDSHL
VLVWHPGHDFXPXODUHDFP FDOGHPHQDMHUH GHODLQVWDODWRU
DFFHVRULX F& 3RPSDGHDPHVWHFVDXSRPSD
80 &RQHFWDUHH[WHUQă GHGLVWULEXĠLH GHODLQVWDODWRU
80! 3DUWLFLSDQWOD.0%86 DFFHVR ;T 5DFRUGDUHODUHĠHD
ULX <T 6HPQDOL]DUHDDYDULLORU
80" &RQHFWDUHH[WHUQă <-$ 6HUYRPRWRUSHQWUXYHQWLOXOGH
/21 /21%86FDEOXGHOHJăWXUă DPHVWHFFXFăLSHQWUXVLVWHPXO
SHQWUXVFKLPEXOGHGDWHFX9LWR GHDFXPXODUHDFP
WURQLF+9LWRFRPúL VDX
9LWRJDWH 6HUYRPRWRUSHQWUXYHQWLOGH
DPHVWHFFXWUHLFăLSHQWUXUHJOD
UHDWHPSHUDWXULLSHUHWXU
8" &RQH[LXQHODUHĠHDSHQWUXDFFH
VRULL
52


0RQWDM9LWRWURQLF.

0RQWDMXOúLIL[DUHDFDEOXULORUFXHOHPHQWHGHGHVFăUFDUHGHWUDFĠLXQH

9H]LSDJLQD

&RQHFWDUHDVHQ]RULORU

0RQWDM


              
    $ % %

 6HQ]RUGHWHPSHUDWXUăH[WH 8$% 6HQ]RUGHWHPSHUDWXUă7SH


ULRDUă UHWXU
O 6HQ]RUGHWHPSHUDWXUăSHQWUX VDX
WXUXOFRPXQ 6HQ]RUGHWHPSHUDWXUăSHQWUX
$ 6HQ]RUSHQWUXWHPSHUDWXUD VLVWHPGHDFXPXODUHDFP
DSHLFDOGHPHQDMHUHGLQDFXPX DFFHVRULX
ODWRU
% 6HQ]RUSHQWUXWHPSHUDWXUD
DSHLFDOGHPHQDMHUHGLQDFXPX
ODWRUSHQWUXVLVWHPXOGHDFXPX
ODUHDFP DFFHVRULX

/RFXOGHPRQWDMSHQWUXVHQ]RUXOGHWHPSHUDWXUăH[WHULRDUă

Ŷ 3HSHUHWHOHGLQVSUHQRUGVDXQRUG Ŷ 1XVHIL[HD]ăGLUHFWVXEXQEDOFRQVDX
YHVWODRvQăOĠLPHGHSkQăODP VXEVWUHDúLQă
GHDVXSUDVROXOXLvQFD]XOFOăGLULORUFX Ŷ 1XVHYDvQJURSDvQWHQFXLDOă
PDLPXOWHHWDMHVHIL[HD]ăvQ
MXPăWDWHDVXSHULRDUăDFHOXLGHDO
OHDHWDM
Ŷ 1XVHIL[HD]ăGHDVXSUDIHUHVWUHORU
52

XúLORUúLJXULORUGHDHULVLUH


0RQWDM9LWRWURQLF.

&RQHFWDUHDVHQ]RULORU FRQWLQXDUH

5DFRUGSHQWUXVHQ]RUXOGHWHPSHUD 6HQ]RUGHWHPSHUDWXUăH[WHULRDUă5)
WXUăH[WHULRDUă
3DUWLFLSDQWUDGLR'RDUvPSUHXQăFX
FDEOXELILODUOXQJLPHDFDEOXOXLPD[ ED]DUDGLRFDUHVHFRQHFWHD]ăODDXWR
PODRVHFĠLXQHDFRQGXFWRUXOXLGH PDWL]DUHD9LWRWURQLF SDUWLFLSDQW.0
PP %86 

,QVWUXFĠLXQLVHSDUDWHGHPRQWDMúL
VHUYLFH

&RQHFWDUHDSRPSHORU

&RQH[LXQLGLVSRQLELOHSHQWUXSRPSH

FT 3RPSDFLUFXLWXOXLGHvQFăO]LUH F% 3RPSăGHUHFLUFXODUHDDSHLFDOGH
VDX PHQDMHUH
3RPSăSHQWUXDJHQWXOSULPDUSHQWUX F& 3RPSDGHDPHVWHFVDXSRPSDGH
VLVWHPXOGHDFXPXODUHDFP GLVWULEXĠLH
F 3RPSăGHFLUFXODĠLHSHQWUXvQFăO]L
UHDDSHLGLQERLOHU

3RPSH9aúL9a

3HQWUXFRQHFWDUHYH]LSDJ
52


0RQWDM9LWRWURQLF.

&RQHFWDUHDSRPSHORU FRQWLQXDUH

3RPSHvQFLUFXLWXOGHvQFăO]LUHSULQSDUGRVHDOă

FT  7HUPRFXSOă
 3RPSăSHQWUXDJHQWXOVHFXQGDUvQ
1

VLVWHPXOGHDFXPXODUHDFP


GXSăVHSDUDUHDFLUFXLWHORU
/

&XUHQWXOHOHFWULFDEVRUELWvQFRPXQGH
DPEHOHSRPSHWUHEXLHVăDLEăYDORDUHD
GHPD[$
0 0
a a

0RQWDM
  

FT $XWRPDWL]DUH
 3RPSăDJHQWSULPDU

5DFRUGDUHDHOHPHQWHORUGHUHJODM

&RQH[LXQLGLVSRQLELOH

<- 6HUYRPRWRUSHQWUXYDQDGHDPHV 3HQWUXFRQHFWDUHYH]LSDJ


WHF
VDX
6HUYRPRWRUSHQWUXYHQWLOXOGHDPHV
WHFFXFăLSHQWUXVLVWHPXOGHDFX
PXODUHDFP
VDX
6HUYRPRWRUSHQWUXYHQWLOGHDPHV
WHFFXWUHLFăLSHQWUXUHJODUHDWHP
SHUDWXULLSHUHWXU

&RQHFWDUHDLQVWDODĠLHLGHVHPQDOL]DUHDDYDULLORU

3HQWUXFRQHFWDUHYH]LSDJ
52



0RQWDM9LWRWURQLF.

&RQHFWDUHDLQVWDODĠLHLGHVHPQDOL]DUHD« FRQWLQXDUH

,QGLFDĠLH
$YDULLOHODvQWUHDJDLQVWDODĠLHGHvQFăO]LUH
VXQWWUDQVPLVHGHH[úLDYDULLOHDXWR
PDWL]ăULLFLUFXLWXOXLFD]DQXOXL

6ROLFLWDUHH[WHUQăSULQLQWHUPHGLXOFRQWDFWXOXLGHFRQHFWDUH

&RQH[LXQLSRVLELOH
Ŷ )LúD80"
Ŷ ([WHQVLD($ DFFHVRULXYH]L
SDJLQD

5DFRUG

 $WHQĠLH
&RQWDFWHOHFXGLIHUHQĠăGHSRWHQ
ĠLDOFRQGXFODSURGXFHUHDXQXL
VFXUWFLUFXLWVDXODGHIHFWDUHD
JHQHUDWRUXOXLDVWIHOvQFkWGRXă
ID]HLQWUăvQFRQWDFW
&RQHFWDUHDH[WHUQăWUHEXLHVăILH
OLEHUăGHSRWHQĠLDO 52


0RQWDM9LWRWURQLF.

6ROLFLWDUHH[WHUQăSULQLQWHUPHGLXOFRQWDFWXOXL« FRQWLQXDUH

)LúD80" ([WHQVLH($
 

 5K
'( 5K-
'( 5K
'(

  






0RQWDM
 &RQWDFWOLEHUGHSRWHQĠLDO
 &RQWDFWOLEHUGHSRWHQĠLDO  ([WHQVLH($
 &RQHFWRUXO80"GHODDXWRPDWL]DUH

ÌQFD]XOXQXLFRQWDFWvQFKLVDU]ăWRDUHOHFD]DQXOXLVXQWSRUQLWHvQIXQFĠLHGHVDUFLQă
$SDGLQFD]DQHVWHvQFăO]LWăODYDORDUHDQRPLQDOăDWHPSHUDWXULLSHWXUVHWDWăGLQ
DGUHVDGHFRGDUHÄE³GLQJUXSDÄ*HQHUDO³/LPLWDUHDWHPSHUDWXULLDSHLGLQFD]DQ
DUHORFvQIXQFĠLHGHYDORDUHDQRPLQDOăVHWDWăúLOLPLWDUHDHOHFWURQLFăPD[LPăD
WHPSHUDWXULLSHWXU DGUHVDGHFRGDUHijGLQJUXSDÄ&D]DQ³ 

&RGăUL

)LúD80" ([WHQVLH($
1XHVWHQHFHVDUăFRGDUHD ÄG³ '( Ä(³ '( VDXÄ)³ '( vQ
JUXSDÄ*HQHUDO³VHSR]LĠLRQHD]ăSH

6ROLFLWDUHH[WHUQăSULQLQWHUPHGLXOLQWUăULL±9

5DFRUGDUHODLQWUDUHD±9GHOD
H[WHQVLD($ YH]LSDJLQD 
ÌQWUHLHúLUHDWHQVLXQLLúLFRQGXFWRUXOGH
SURWHFĠLHDOVXUVHLGHWHQVLXQHSXVHOD
GLVSR]LĠLHGHLQVWDODWRUWUHEXLHDVLJXUDWă
RL]RODĠLHJDOYDQLFă
52



0RQWDM9LWRWURQLF.

6ROLFLWDUHH[WHUQăSULQLQWHUPHGLXOLQWUăULL« FRQWLQXDUH

9 식IăUăRYDORDUHLPSXVăSHQWUX
YDORDUHDUHJODWăDWHPSHUDWXULL
SHWXU
5KK7
9 8$ ; 7
$ ;T 9 식YDORDUHQRPLQDOăƒ&
9 식YDORDUHQRPLQDOăƒ&
 6Ç 3 /#1 1#/ ğLQHĠLFRQWGHDGUHVDGHFRGDUHÄ(³GLQ
JUXSDÄ*HQHUDO³

9a
ž
9


%ORFDUHH[WHUQăGHODFRQWDFWXOGHFRQHFWDUH

&RQH[LXQLSRVLELOH
Ŷ &RQHFWRU80
Ŷ ([WHQVLD($ DFFHVRULXYH]L
SDJLQD

5DFRUG

 $WHQĠLH
&RQWDFWHOHFXGLIHUHQĠăGHSRWHQ
ĠLDOFRQGXFODSURGXFHUHDXQXL
VFXUWFLUFXLWVDXODGHIHFWDUHD
JHQHUDWRUXOXLDVWIHOvQFkWGRXă
ID]HLQWUăvQFRQWDFW
&RQHFWDUHDH[WHUQăWUHEXLHVăILH
OLEHUăGHSRWHQĠLDO
52


0RQWDM9LWRWURQLF.

%ORFDUHH[WHUQăGHODFRQWDFWXOGHFRQHFWDUH FRQWLQXDUH

&RQHFWRU80 ([WHQVLH($
 

 5K
'( 5K-
'( 5K
'(

  






0RQWDM
 &RQWDFWOLEHUGHSRWHQĠLDO
 &RQWDFWOLEHUGHSRWHQĠLDO  ([WHQVLH($
 &RQHFWRU80GHODDXWRPDWL]DUH

ÌQFD]XOFRQWDFWXOXLvQFKLVVHSURGXFHGHFRQHFWDUHDGHODDXWRPDWL]DUHDDU]ăWRUXOXL
ILHFăUXLFD]DQ6HGHFRQHFWHD]ăSRPSăGHDPHVWHFVDXSRPSDGHGLVWULEXĠLHGDFă
DFHVWHDVXQWUDFRUGDWH6HvQFKLGHOHPHQWHOHGHEORFDUH

 $WHQĠLH
ÌQWLPSXOEORFăULLQXVHDVLJXUă
SURWHFĠLDODvQJKHĠ
&D]DQHOHQXVXQWPHQĠLQXWHOD
WHPSHUDWXUDPLQLPăQHFHVDUă

&RGăUL

&RQHFWRU80 ([WHQVLH($
6HVHWHD]ăDGUHVDGHFRGDUHijGLQ ÄG³ '( Ä(³ '( VDXÄ)³ '( vQ
JUXSDÄ*HQHUDO³ODFDUHWUHEXLHVăDFĠLR JUXSDÄ*HQHUDO³VHSR]LĠLRQHD]ăSH
QH]HLQWUDUHD

([WHUQÄ9DQăGHDPHVWHFvQFKLVă³Ä9DQăGHDPHVWHFGHV
FKLVă³

5DFRUGDUHODFRQHFWRUXO80
52



0RQWDM9LWRWURQLF.

([WHUQÄ9DQăGHDPHVWHFvQFKLVă³Ä9DQăGHDPHVWHFGHVFKLVă³ FRQWLQXDUH

 $WHQĠLH
&RQWDFWHOHFXGLIHUHQĠăGHSRWHQ
ĠLDOFRQGXFODSURGXFHUHDXQXL


VFXUWFLUFXLWVDXODGHIHFWDUHD
JHQHUDWRUXOXLDVWIHOvQFkWGRXă
ID]HLQWUăvQFRQWDFW
&RQHFWDUHDH[WHUQăWUHEXLHVăILH 
OLEHUăGHSRWHQĠLDO

  



 &RPXWDUHH[WHUQăÄ9DQăGHDPHV
WHFGHVFKLVă³
FRQWDFWOLEHUGHSRWHQĠLDO
 &RPXWDUHH[WHUQăÄ9DQăGHDPHV
WHFvQFKLVă³
FRQWDFWOLEHUGHSRWHQĠLDO

&RGăUL

&RPXWDUHH[WHUQăÄ9DQăGHDPHVWHF ([WHUQÄ9DQăGHDPHVWHFvQFKLVă³
GHVFKLVă³
&XDGUHVDGHFRGDUHÄ$³vQJUXSD 3ULQLQWHUPHGLXODGUHVHLGHFRGDUHijvQ
Ä*HQHUDO³VHDORFăDFHDVWăIXQFĠLHFLU JUXSDÄ*HQHUDO³DFHDVWăIXQFĠLHVH
FXLWHORUGHvQFăO]LUH UHSDUWL]HD]ăFLUFXLWHORUGHvQFăO]LUH

&RPXWDUHH[WHUQăDUHJLPXOXLGHIXQFĠLRQDUH

&RQH[LXQLSRVLELOH
Ŷ &RQHFWRU80
Ŷ ([WHQVLD($ DFFHVRULXYH]LFDS
Ä&RPSRQHQWH³
52


0RQWDM9LWRWURQLF.

&RPXWDUHH[WHUQăDUHJLPXOXLGHIXQFĠLRQDUH FRQWLQXDUH

5DFRUG

 $WHQĠLH
&RQWDFWHOHFXGLIHUHQĠăGHSRWHQ
ĠLDOFRQGXFODSURGXFHUHDXQXL
&RQHFWDUHDH[WHUQăWUHEXLHVăILH
OLEHUăGHSRWHQĠLDO

VFXUWFLUFXLWVDXODGHIHFWDUHD
JHQHUDWRUXOXLDVWIHOvQFkWGRXă
ID]HLQWUăvQFRQWDFW

&RQHFWRU80 ([WHQVLH($
 &RPXWDUHDSRDWHILUHDOL]DWăVHSDUDWSHQWUXFLUFXL
WHOHGHvQFăO]LUHSkQăOD

0RQWDM

 '( '( '(

  



  


 &RQWDFWOLEHUGHSRWHQĠLDO
 &RQWDFWOLEHUGHSRWHQĠLDO  ([WHQVLH($
 &RQHFWRU80GHODDXWR
PDWL]DUH

52



0RQWDM9LWRWURQLF.

&RPXWDUHH[WHUQăDUHJLPXOXLGHIXQFĠLRQDUH FRQWLQXDUH

5HJLPGHIXQFĠLRQDUHVHOHFWDW &RGDUH 5HJLPGHIXQFĠLRQDUHFRPXWDW


LQLĠLDO &RQWDFWvQFKLV
&RQWDFWGHVFKLV
ÌQFăO]LUHRSULWăSUH ÄG³GLQ )XQFĠLRQDUHSHUPDQHQWăODWHP
SDUDUHGHDSăFDOGă JUXSDÄ&LU SHUDWXUăGHDPELDQĠăUHGXVăSUH
PHQDMHUăRSULWă FXLWGH SDUDUHDFPRSULWă
vQFăO]LUH³
VWDUHDGH
OLYUDUH
VDX   
ÌQFăO]LUHRSULWăSUH ÄG³GLQ )XQFĠLRQDUHSHUPDQHQWăODWHP
SDUDUHGHDSăFDOGă JUXSDÄ&LU SHUDWXUăGHDPELDQĠăQRUPDOă
PHQDMHUăSRUQLWă FXLWGH SUHSDUDUHDFPFRQIRUPDGUHVHL
vQFăO]LUH³ GHFRGDUHijGLQJUXSDÄ$Să
FDOGăPHQDM³
VDX   
ÌQFăO]LUHSRUQLWăSUH  
SDUDUHGHDSăFDOGă
PHQDMHUăSRUQLWă

&RGăUL

&RQHFWRU80 ([WHQVLH($
&XDGUHVDGHFRGDUHijGLQ ÄG³ '( Ä(³ '( VDXÄ)³ '( vQJUXSD
JUXSDÄ*HQHUDO³VHSRDWH Ä*HQHUDO³VHSR]LĠLRQHD]ăSH
DORFDDFHDVWăIXQFĠLHFLUFXLWH &XDGUHVDGHFRGDUHÄG³GLQJUXSDÄ&LUFXLW
ORUGHvQFăO]LUH vQFăO]LUH³VHSRDWHDORFDDFHDVWăIXQFĠLHFLUFXL
WHORUGHvQFăO]LUH

5HDOL]DUHDOHJăWXULL/21

6LVWHPXO/21GHODILUPD9LHVVPDQQ 'LVWDQĠHOHODFDUHVHSRDWHIDFHWUDQVPL
HVWHHFKLSDWSHQWUXWRSRORJLD%86 VLDGHSLQGvQFD]XOVLVWHPXOXL/21GH
ÄOLQLH³FXRUH]LVWHQĠăWHUPLQDOă DFFHVR SURSULHWăĠLOHHOHFWULFHDOHFDEOXOXL'H
ULX ODDPEHOHFDSHWH3HQWUXRFDEODUH DFHHDVHDFFHSWăQXPDLXWLOL]DUHDWLSX
LQGHSHQGHQWăFXRUH]LVWHQĠăWHUPLQDOă ULORUGHFDEOXULUHFRPDQGDWHÌQFDGUXO
FHQWUDOă FDSăW%86 FRQVXOWDĠLLQIRUPD XQHLUHĠHOH/21VHYDXWLOL]DQXPDLXQ
ĠLLOHGLQÄ0DQXDOXOGHGHXWLOL]DUH9LHVV VLQJXUWLSGHFDEOX
PDQQ/21³ODDGUHVDZZZYLHVV 7LSXULGHFDEOXUL GHODLQVWDODWRU 
52

PDQQGHORQ


0RQWDM9LWRWURQLF.

5HDOL]DUHDOHJăWXULL/21 FRQWLQXDUH

Ŷ FDEOXELILODU&$7HFUDQDW ,QGLFDĠLH
Ŷ -< 6W <[[PP FDEOXWHOHIR /DUDFRUGDUHDDSDUDWHORUúLSR]DUHD
QLF FDEOXULORUVHYRUUHVSHFWDFHULQĠHOHFODVHL
7UHEXLHUHVSHFWDWHFHULQĠHOHSHQWUX GHSURWHFĠLH,,DGLFăPPGLVWDQĠH
FDEOXULúLSHQWUXIXQFĠLRQDUHDLQWHUIHĠHL DHULHQHúLGHFRQWXUQDUHUHVSHFWLY
GHFRPXQLFDUH/21)77$ YH]L PPJURVLPHDL]RODĠLHLIDĠăGHFRP
ZZZHFKHORQFRP  SRQHQWHOHDIODWHVXEWHQVLXQH
7RDWHDSDUDWHOH9LHVVPDQQVHFRQHF /DWRDWHFRPSRQHQWHOHSXVHODGLVSR]LĠLH
WHD]ăSULQúWHFKHUHGHWLSXO5-3HQWUX GHLQVWDODWRU LQFOXVLY3&ODSWRS WUHEXLH
VLVWHPXO/219LHVVPDQQVXQWQHFHVDUH VăVHDVLJXUHRVHSDUDUHHOHFWULFăHIL
vQWRWGHDXQDILUHOHijúLijúLHFUDQDUHD FLHQWăFRQIRUP(1UHVSHFWLY,(&
)LUHOHVHSRWLQYHUVD'LQDFHVWPRWLY 

0RQWDM
LQVWDODĠLDHVWHSURWHMDWăODLQYHUVDUHD
SRODULWăĠLL

&RQHFWDUHFXFDEOXGHOHJăWXUă/21

  

 
 

'LVWDQĠăGHSR]DUH싨P

 $XWRPDWL]DUHVDX9LWRFRP  5H]LVWHQĠăWHUPLQDOă
 &DEOXGHOHJăWXUă/21POXQ
JLPH

&RQHFWDUHFXFDEOXGHOHJăWXUă/21úLFXSODM/21

  

 

     

'LVWDQĠăGHSR]DUHGHSkQăODP
52

 $XWRPDWL]DUHVDX9LWRFRP


0RQWDM9LWRWURQLF.

5HDOL]DUHDOHJăWXULL/21 FRQWLQXDUH

 &DEOXGHOHJăWXUă/21POXQ  5H]LVWHQĠăWHUPLQDOă
JLPH &XSODM/21
0D[FDEOXULvQWUHGRXăDSDUDWH

&RQHFWDUHFXFDEOXGHODLQVWDODWRUúLFRQHFWRU/21

 


 
 
싨P

'LVWDQĠăGHSR]DUH싨P FXFRQHFWRU/21

 $XWRPDWL]DUHVDX9LWRFRP  5H]LVWHQĠăWHUPLQDOă
 &DEOXSXVODGLVSR]LĠLHGHLQVWDOD &RQHFWRU/21
WRU
3kQăODGHSDUWLFLSDQĠL

&RQHFWDUHFXFDEOXGHOHJăWXUă/21FDEOXGHLQVWDODWRUúLSUL]ăGHFRQHFWDUH
/21

  

 
   

싨P

'LVWDQĠăGHSR]DUH싨P FXSUL]HGHFRQHFWDUH/21

 $XWRPDWL]DUHVDX9LWRFRP 3UL]HGHFRQHFWDUH/21
 &DEOXGHOHJăWXUă/21POXQ
&DEOXSXVODGLVSR]LĠLHGHLQVWDOD
JLPH WRU
 5H]LVWHQĠăWHUPLQDOă 3kQăODGHSDUWLFLSDQĠL
52


5DFRUGDUHDODUHĠHDDDXWRPDWL]ăULORU9LWRWURQLFúL9LWRWURQLF.

5DFRUGDUHDODUHĠHD

'LUHFWLYH

5HJOHPHQWăUL 'LVSR]LWLYXOGHÄ'HFRQHFWDUHGH
XUJHQĠă³WUHEXLHPRQWDWvQDIDUDvQFăSHULL
5DFRUGDUHDODUHĠHDúLPăVXULOHGHSUR GHDPSODVDUHDFD]DQXOXLúLvQDFHODúL
WHFĠLH GHH[HPSOXFLUFXLWXO), VHYRU WLPSWRDWHFDEOXULOHQHOHJDWHODPDVă
UHDOL]DFRQIRUPFRQGLĠLLORUWHKQLFHGH WUHEXLHVHSDUDWHFXRGHVFKLGHUHGHFRQ
UDFRUGDUHLPSXVHGH(/(&75,&$ WDFWGHPLQLPXPPP
,(& úLUHVSHFWkQGQRUPDWLYHOH ÌQSOXVUHFRPDQGăPLQVWDODUHDXQXLGLV
LQWHUQDĠLRQDOH SR]LWLYGHSURWHFĠLHODFXUHQĠLYDJDERQ]L
&DEOXOGHDOLPHQWDUHSHQWUXDXWRPDWL GHWRDWHWLSXULOH ),FODVD%  SHQ
]DUHWUHEXLHVăILHSUHYă]XWFXRVLJX WUXFXUHQW YDJDERQG FRQWLQXXFDUH

0RQWDM
UDQĠăFRQIRUPQRUPDWLYHORUvQYLJRDUH SRDWHOXDQDúWHUHODGLVSR]LWLYHFXHIL
FLHQĠăHQHUJHWLFă
/DLQVWDODĠLLOHGHDUGHUHSHFRPEXVWLELO
OLFKLGúLJD]RVFXRSXWHUHGHSHVWH &DEOXUHFRPDQGDWSHQWUXDOLPHQWD
N:HVWHQHFHVDUăPRQWDUHDGHFăWUH UHDGHODUHĠHD
LQVWDODWRUDXQXLGLVSR]LWLYGHÄ'HFRQHF
WDUHGHXUJHQĠă³vQDIDUDvQFăSHULLGH &DEOXWULILODUGLQXUPăWRUXOVRUWLPHQW
DPSODVDUHvQFRQIRUPLWDWHFXÄQRUPDWL Ŷ +99)*PP
YHOHSULYLQGLQVWDODĠLLOHGHDUGHUH³7UH Ŷ +51)*PP
EXLHUHVSHFWDWHGLVSR]LĠLLOHQDĠLRQDOHúL
ORFDOHSULYLQGLQVWDODĠLLOHGHDUGHUH&RQ
IRUP(1ODLQVWDODĠLLOHGH
DUGHUHGLVSR]LWLYXOGHÄ'HFRQHFWDUHGH
XUJHQĠă³PRQWDWGHLQVWDODWRUWUHEXLHVă
FRUHVSXQGăFHULQĠHORU(1
52



5DFRUGDUHDODUHĠHDDDXWRPDWL]ăULORU9LWRWURQLFúL9LWRWURQLF.

5DFRUGDUHDODUHĠHD FRQWLQXDUH

 6HYHULILFăGDFăHVWHDVLJXUDWFDEOXO
/ GHDOLPHQWDUHDDXWRPDWL]ăULLFRQ
3( IRUPQRUPDWLYHORUvQYLJRDUH
1
 &DEOXOGHDOLPHQWDUHGHODUHĠHDVH
FRQHFWHD]ăvQFXWLDGHUDFRUGDUHúLOD
FRQHFWRU;T GHFăWUHLQVWDODWRU 
*1<(

3HULFRO
%8

%1

$VRFLHUHDLQFRUHFWăDILUHORU
SRDWHGXFHODDFFLGHQWăUL
JUDYHúLODGHWHULRUăULDOHDSD
UDWXOXL
)LUHOHÄ/³úLÄ1³QXVXQWLQYHU
VDELOH
/ %1 PDUR
1 /
1 %8 DOEDVWUX
3( *1<( YHUGHJDOEHQ

 &RQHFWRUXO;TVHFRQHFWHD]ăOD
DXWRPDWL]DUH

 7HQVLXQHGHUHĠHD9a
 6LJXUDQĠă
 ÌQWUHUXSăWRUSULQFLSDOELSRODU GHOD
LQVWDODWRU
&XWLHGHUDFRUGDUH GHODLQVWDOD
WRU

&RQHFWDUHDODUHĠHDvQFRPELQDĠLHFX9LWRFURVVDOWLS&7

5DFRUGDUHDODUHĠHDDUHORFODFRPDQGD
DU]ăWRUXOXLFD]DQXOXL
52


'HVFKLGHUHDúLvQFKLGHUHDDXWRPDWL]ăULORU

0RQWDUHDHOHPHQWXOXLIURQWDODODXWRPDWL]ăULL

,QGLFDĠLH
(WDSDGHOXFUXQXPDLOD9LWRWURQLF
.





0RQWDM












 (OHPHQWGHEORFDUHDFDEOXOXL
52



'HVFKLGHUHDúLvQFKLGHUHDDXWRPDWL]ăULORU

'HVFKLGHUHDDXWRPDWL]ăULL






52


3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.

9HULILFDUHDWHUPRVWDWXOXLGHVLJXUDQĠă

&DQWLWDWHDPLQLPăFLUFXODWăWUHEXLHVă  6HDúWHDSWăSkQăFkQGWHPSHUDWXUD


UHSUH]LQWHGLQFDQWLWDWHDFLUFXODWă DSHLGLQFD]DQFRERDUăFXFFD
ODVDUFLQăQRPLQDOă SkQăOD.VXEWHPSHUDWXUDGH
&RQVXPXOGHFăOGXUăWUHEXLHUHGXVFkW VLJXUDQĠăUHJODWă
GHPXOWSRVLELO
 6HGHEORFKHD]ăWHUPRVWDWXOGHVLJX
 6HDSDVăWDVWDÄ7h9³SkQăFkQGVH UDQĠăSULQDSăVDUHDEXWRQXOXLGH
RSUHúWHDU]ăWRUXO GHEORFDUH
7HUPRVWDWXOGHOXFUXHVWHúXQWDW7HU
PRVWDWXOGHVLJXUDQĠăWUHEXLHVă ,QVWUXFĠLXQLGHXWLOL]DUH
GHFRQHFWH]HDU]ăWRUXOFHOWkU]LXOD
DWLQJHUHDWHPSHUDWXULLGHVLJXUDQĠă

 6HHOLEHUHD]ăWDVWDÄ7h9³

0RGLILFDUHDOLPELLOD9LWRWURQLF.

/DSULPDSXQHUHvQIXQFĠLXQHQRĠLXQLOH 6SUDFKH
DSDUvQOLPEDJHUPDQă VWDUHDGH
OLYUDUH  'HXWVFK '( ¤
¡

%XOJDUVNL %* ¤
&HVN\ &= ¤
'DQVN '. ¤
:ÕKOHQPLW

6HWDUHDGDWHLúLDRUHLOD9LWRWURQLF.
6HUYLFH

/DSXQHUHDvQIXQFĠLXQHVDXGXSăR
SHULRDGăOXQJăGHQHIXQFĠLRQDUHRUDúL
GDWDWUHEXLHVHWDWHGLQQRX
52



3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.

6HWDUHDGDWHLúLDRUHLOD9LWRWURQLF. FRQWLQXDUH

2UDŏLGDWD
UHJODUH

0DLGHSDUWHFX 2.

$GDSWDUHDDGUHVHORUGHFRGDUHODWLSXOGHLQVWDODĠLHH[LVWHQW

9LWRWURQLF

7RDWHDGUHVHOHWUHEXLHYHULILFDUHúLHYHQ ÌQQLYHOXOGH&RGDUHVHYHULILFăúLVH
WXDOVHWDWHvQQLYHOXOGH&RGDUH VHWHD]ăXUPăWRDUHOHDGUHVH

&RG *UXSă )XQFĠLH


Ä&³ Ä&D]DQ³ 5HJODUHDWHPSHUDWXULLSHUHWXU
ÄG³ Ä&D]DQ³ 7KHUP&RQWURO
Ä&³ Ä*HQHUDO³ )XQFĠLDFRQHFWRUXOXLFT
ÄG³ Ä*HQHUDO³ )XQFĠLDFRQHFWRUXOXLF&
Ä(³ Ä*HQHUDO³ )XQFĠLDFRQHFWRUXOXL<-
ij Ä*HQHUDO³ 1ULQVWDODĠLHL9LHVVPDQQ
Ä&³ Ä*HQHUDO³ 6XSUDYHJKHUHDSDUWLFLSDQĠLORUOD/21
52


3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.

$GDSWDUHDDGUHVHORUGHFRGDUHODWLSXOGH« FRQWLQXDUH

$GDSWDUHDDXWRPDWL]ăULLODDU]ăWRUXOvQGRXăWUHSWH

$GDSWDUHDDGUHVHORUGHFRGDUHvQIXQFĠLHGHDU]ăWRUXOXWLOL]DW
$GUHVă 6HPQLILFDĠLH 6HWDUH
 7LSGHFRPEXVWLELO )XQFĠLRQDUHSHFRPEXVWLELOJD]RV
VWDUHDGHOLYUDUH
)XQFĠLRQDUHSHFRPEXVWLELOOLFKLG
PRGLILFDUHLUHYHUVLELOă
 &LIUDXQLWăĠLORUúLD]HFLORUSHQWUX ([HPSOX3XWHUHDPD[LPăD
SXWHUHDPD[LPăDDU]ăWRUXOXL DU]ăWRUXOXLN:±VHVHWHD]ă
DLFL

,QGLFDĠLH
YDORULOHSkQăODLQFOXVLYN:SRW
ILLQWURGXVHGLUHFW

 &LIUDVXWHORUSHQWUXSXWHUHD ([HPSOX3XWHUHDPD[LPăD
PD[LPăDDU]ăWRUXOXL DU]ăWRUXOXLN:±VHVHWHD]ă
DLFL
$ 5DSRUWXOGLQWUHSXWHUHDODWUHDSWD ([HPSOX3XWHUHSHQWUXWUHDSWDD
DDU]ăWRUXOXLúLSXWHUHDPD[LPăD DU]ăWRUXOXLN:
DU]ăWRUXOXLvQSURFHQWH 3XWHUHDPD[LPăDDU]ăWRUXOXL
N:
N:N: ฀ 

$GDSWDUHDDXWRPDWL]ăULLODDU]ăWRUXO
FXPRGXODĠLH

,QGLFDĠLH
$U]ăWRUXOWUHEXLHUHJODW3HQWUXDREĠLQH
XQGRPHQLXGHPRGXODĠLHVXILFLHQWGH
6HUYLFH

PDUHSXWHUHDPLQWUHEXLHVăILHUHJODWă
ODRYDORDUHUHGXVă DWHQĠLHODFRúXOGH
IXPUHVSHFWLYODLQVWDODĠLDGHHYDFXDUHD
JD]HORUDUVH 
52



3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.

$GDSWDUHDDGUHVHORUGHFRGDUHODWLSXOGH« FRQWLQXDUH

$GDSWDUHDDGUHVHORUGHFRGDUHvQIXQFĠLHGHDU]ăWRUXOXWLOL]DW
$GUHVă 6HPQLILFDĠLH 6HWDUH
 7LSGHFRPEXVWLELO )XQFĠLRQDUHSHFRPEXVWLELOJD]RV
VWDUHGHOLYUDUH
)XQFĠLRQDUHSHFRPEXVWLELOOLFKLG
PRGLILFDUHLUHYHUVLELOă
 &LIUDXQLWăĠLORUúLD]HFLORUSHQWUX ([HPSOX3XWHUHDPD[LPăD
SXWHUHDPD[LPăDDU]ăWRUXOXL DU]ăWRUXOXLN:±VHVHWHD]ă
DLFL

,QGLFDĠLH
YDORULOHSkQăODLQFOXVLYN:SRW
ILLQWURGXVHGLUHFW

 &LIUDVXWHORUSHQWUXSXWHUHD ([HPSOX3XWHUHDPD[LPăD
PD[LPăDDU]ăWRUXOXL DU]ăWRUXOXLN:DLFLVHVHWHD]ă

 3HULRDGăGHIXQFĠLRQDUHSHQWUX &DOFXOXOGXUDWHLGHIXQFĠLRQDUHD
GRPHQLXOGHPRGXODĠLH VHUYRPRWRUXOXLvQVHFXQGHvQWUH
VDUFLQDPLQLPăúLVDUFLQDPD[LPăD
DU]ăWRUXOXL
$ 5DSRUWXOGLQWUHSXWHUHDODVDUFLQD ([HPSOX3XWHUHODVDUFLQDGHED]ă
PLQLPăúLVDUFLQDPD[LPăD N:
DU]ăWRUXOXLvQSURFHQWH 3XWHUHDPD[LPăDDU]ăWRUXOXL
N:
N:N: 썉 
 5DSRUWXOGLQSXWHUHDSDUĠLDOăODR ([HPSOX6DUFLQăSDUĠLDOăN:
SHULRDGăGHѿGLQGXUDWDGHIXQF 3XWHUHDPD[LPăDDU]ăWRUXOXL
ĠLRQDUHDVHUYRPRWRUXOXLFXDU]ăWRU N:
ODSXWHUHPD[LPăvQSURFHQWH N:N: 썉 

9LWRWURQLF.

7RDWHDGUHVHOHWUHEXLHYHULILFDUHúLHYHQ ÌQQLYHOXOGH&RGDUHVHYHULILFăúLVH
WXDOVHWDWHvQQLYHOXOGH&RGDUH VHWHD]ăXUPăWRDUHOHDGUHVH

&RG *UXSă )XQFĠLH


ij Ä&DVFDGă³ &D]DQXOFRQGXFăWRUIL[DW
Ä$³ Ä&DVFDGă³ 8OWLPXOFD]DQIL[DW
Ä&³ Ä*HQHUDO³ )XQFĠLDFRQHFWRUXOXLFT
52

ÄG³ Ä*HQHUDO³ )XQFĠLDFRQHFWRUXOXLF&


Ä(³ Ä*HQHUDO³ )XQFĠLDFRQHFWRUXOXL<-


3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.

$GDSWDUHDDGUHVHORUGHFRGDUHODWLSXOGH« FRQWLQXDUH

&RG *UXSă )XQFĠLH


ij Ä$SăFDOGă )XQFĠLDVLVWHPXOXLGHUHJODUHDWHPSHUDWXULLDSHLGLQERL
PHQDM³ OHU
Ä$³ Ä*HQHUDO³ &RPDQGDFHQWUDOL]DWă
ij Ä*HQHUDO³ 1ULQVWDODĠLHL9LHVVPDQQ
Ä&³ Ä*HQHUDO³ 6XSUDYHJKHUHDSDUWLFLSDQĠLORUOD/21

6HWDUHDRUGLQLLFD]DQHORUOD9LWRWURQLF.

ÌQIXQFĠLHGHFRGăULOHVHWDWHvQJUXSD Ŷ 3ULQSUDJXO(&2VHSRDWHEORFDUHV
Ä&DVFDGă³úLDFDOFXOHORULQWHUQHGH SHFWLYGHEORFDILHFDUHFD]DQvQIXQF
UHJODUHDXWRPDWL]DUHDSHUPLWHUHDOL]ăUL ĠLHGHWHPSHUDWXUDH[WHULRDUă
GLIHULWHDOHRUGLQLLFD]DQHORU Ŷ ÌQFD]XOvQFDUHFD]DQXOHVWHQHFHVDU
$GUHVHGHFRGDUHFDUHLQIOXHQĠHD]ăRUGL SHQWUXDWLQJHUHDWHPSHUDWXULLUHJODWH
QHDFD]DQHORU SHWXUDWXQFLFkQGXQHOHFD]DQH
ij &LUFXLWXOGHVHOHFWDUH GHEORFDWHQXSRWLQWUDvQIXQFĠLXQHEOR
DFD]DQXOXLFRQ FDMXO(&2GHYLQHLQDFWLY
GXFăWRUúLDRUGLQLLGH Ŷ 'DFăWRDWHFD]DQHOHXQHLLQVWDODĠLL
FRQHFWDUHDFD]DQH VXQWEORFDWHSULQSUDJXO(&2DWXQFL
ORU FHOSXĠLQFD]DQXOFRQGXFăWRUUăPkQH
ij &D]DQXOFRQGXFăWRU vQIXQFĠLXQH
IL[DW
Ä$³ 8OWLPXOFD]DQIL[DW  6HDSDVăSH 
ijSkQăODij 3UDJXUL(&2
 Ä2UGLQHFD]DQH³

 6HDOHJHRUGLQHDGRULWăDFD]DQHORU
úLVHFRQILUPăFX2.
6HUYLFH
52



3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.

,QWHJUDUHDDXWRPDWL]ăULLvQVLVWHPXO/21

Ŷ 0RGXOXOGHFRPXQLFDUH/21WUHEXLH ,QVWUXFĠLXQLGHPRQWDMúLGHVHU
VăILHFXSODWODWRDWHDXWRPDWL]ăULOH YLFH9LWRWURQLF+
9LWRWURQLF YH]LSDJ  
Ŷ ÌQFDGUXOXQXLVLVWHP/21QXSRDWHIL
,QGLFDĠLH DWULEXLWDFHODúLQXPăUGHSDUWLFLSDQWGH
/D9LWRWURQLF.PRGXOXOGHFRPX GRXăRUL
QLFDUH/21HVWHLQFRUSRUDWGLQ Ŷ ÌQFDGUXOXQXLVLVWHP/21QXPăUXO
IDEULFă LQVWDODĠLHL DGUHVDGHFRGDUHijvQ
 JUXSDÄ*HQHUDO³ WUHEXLHVăILHLGHQ
Ŷ 9LWRWURQLF+ WLF
0RGXOXOGHFRPXQLFDUH/21 DFFHVR Ŷ 1XPDLRVLQJXUăDXWRPDWL]DUH9LWR
ULX WUHEXLHVăILHLQVWDODW WURQLFSRDWHILFRGDWăFDPDQDJHUGH
HURUL
Ŷ 7UDQVPLVLDGHGDWHSULQ/21SRDWH
GXUDFkWHYDPLQXWH

([HPSOLILFDUHSHQWUXRLQVWDODĠLHFXPDLPXOWHFD]DQH

  

/20
/21

/21

/21

/21

/21

/21

/21

 9LWRWURQLF 9LWRWURQLF+
 9LWRWURQLF
9LWRFRP
 9LWRWURQLF. VLVWHP/21

    
    
,QVWDODĠLHFX ,QVWDODĠLHFXPDL ² ² ²
PDLPXOWH PXOWHFD]DQH
FD]DQH 6HVHWHD]ă
6HVHWHD]ă FRGDUHDij
FRGDUHDij vQJUXSD
vQJUXSD Ä&D]DQ³
Ä&D]DQ³
&D]DQXOQU &D]DQXOQU ² ² ²
&RGDUHDij 6HVHWHD]ă
vQJUXSD FRGDUHDij
52

Ä&D]DQ³ vQJUXSD
Ä&D]DQ³


3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.

,QWHJUDUHDDXWRPDWL]ăULLvQVLVWHPXO/21 FRQWLQXDUH

    
    
&XPRGXOGH &XPRGXOGH &XPRGXOGH &XPRGXOGH ²
FRPXQLFDUH FRPXQLFDUH FRPXQLFDUH FRPXQLFDUH
/21 /21 /21 /21
&RGDUHDij &RGDUHDij &RGDUHD &RGDUHD
vQJUXSD vQJUXSD ijvQJUXSD ijvQJUXSD
Ä*HQHUDO³ Ä*HQHUDO³HVWH Ä*HQHUDO³ Ä*HQHUDO³
HVWHUHFXQRV UHFXQRVFXWă HVWHUHFXQRV HVWHUHFXQRV
FXWăDXWRPDW DXWRPDW FXWăDXWRPDW FXWăDXWRPDW
² ² 1XPăUGH ² ²
FD]DQHFRQHF
WDWH
6HVHWHD]ă
FRGDUHD
ijSkQăOD
ijvQJUXSD
Ä&DVFDGă³
3DUWLFLSDQWQU3DUWLFLSDQWQU 3DUWLFLSDQWQU 3DUWLFLSDQWQU 3DUWLFLSDQWQU
    
&RGDUHDij 6HVHWHD]ă &RGDUHD &RGDUHD
vQJUXSD FRGDUHDij ijvQJUXSD ijvQ
Ä*HQHUDO³ vQJUXSD Ä*HQHUDO³ JUXSDÄ*HQH
Ä*HQHUDO³ UDO³
$XWRPDWL]DUHD $XWRPDWL]DUHD $XWRPDWL]D $XWRPDWL]D $SDUDWXOHVWH
QXHVWHPDQD QXHVWHPDQD UHDHVWH UHDQXHVWH PDQDJHUGH
JHUGHHURUL JHUGHHURUL PDQDJHUGH PDQDJHUGH HURUL
&RGDUHDij &RGDUHDij HURUL HURUL
vQJUXSD vQJUXSD &RGDUHD &RGDUHD
Ä*HQHUDO³ Ä*HQHUDO³ ijvQJUXSD ijvQJUXSD
Ä*HQHUDO³ Ä*HQHUDO³
6HUYLFH

² ² $XWRPDWL]D $XWRPDWL]D $SDUDWXOUHFHS


UHDWUDQVPLWH UHDUHFHSĠLR ĠLRQHD]ăRUD
RUDH[DFWă QHD]ăRUD H[DFWă
&RGDUHDÄE H[DFWă
³vQJUXSD 6HVHWHD]ă
Ä*HQHUDO³ FRGDUHD
ijvQJUXSD
Ä*HQHUDO³
52


3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.

,QWHJUDUHDDXWRPDWL]ăULLvQVLVWHPXO/21 FRQWLQXDUH

    
    
² ² $XWRPDWL]D $XWRPDWL]D ²
UHDWUDQVPLWH UHDUHFHSĠLR
WHPSHUDWXUD QHD]ăWHPSH
H[WHULRDUă UDWXUDH[WH
&RGDUHD ULRDUă
ijvQJUXSD 6HVHWHD]ă
Ä*HQHUDO³ FRGDUHD
ijvQJUXSD
Ä*HQHUDO³
0RQLWRUL]DUHD 0RQLWRUL]DUHD 0RQLWRUL]DUHD 0RQLWRUL]DUHD ²
HURULORUODSDUWL HURULORUODSDUWL HURULORUODSDU HURULORUODSDU
FLSDQĠLL/21 FLSDQĠLL/21 WLFLSDQĠLL/21 WLFLSDQĠLL/21
&RGDUHDÄ& &RGDUHDÄ& &RGDUHDÄ& &RGDUHDÄ&
³vQJUXSD ³vQJUXSD ³vQJUXSD ³vQJUXSD
Ä*HQHUDO³ Ä*HQHUDO³ Ä*HQHUDO³ Ä*HQHUDO³

9HULILFDUHDSDUWLFLSDQĠLORU/21OD9LWRWURQLF.

3ULQYHULILFDUHDSDUWLFLSDQĠLORUVHWHV  6HVHOHFWHD]ăSDUWLFLSDQĠLL GHH[


WHD]ăFRPXQLFDUHDDSDUDWHORUGLQLQVWD SDUWLFLSDQW 
ODĠLHFRQHFWDWHODPDQDJHUXOGHHURUL 9HULILFDUHDSDUWLFLSDQĠLORUSHQWUXSDU
WLFLSDQWXODOHVDIRVWLQLĠLDOL]DWă
3UHPLVH Ŷ 3DUWLFLSDQĠLLWHVWDĠLFXVXFFHVVXQW
Ŷ $XWRPDWL]DUHDWUHEXLHVăILHFRGDWăFD PDUFDĠLFXÄ2.³
PDQDJHUGHHURUL FRGDUHDij  Ŷ 3DUWLFLSDQĠLLWHVWDĠLIăUăVXFFHV
Ŷ /DWRDWHDXWRPDWL]ăULOHWUHEXLHVăILH VXQWPDUFDĠLFXÄ1X2.³
VHWDWQXPăUXOSDUWLFLSDQWXOXLODVLVWH
PXO/21 DGUHVăGHFRGDUHij  ,QGLFDĠLH
Ŷ /LVWDSDUWLFLSDQĠLORUODVLVWHPXO/21 3HQWUXH[HFXWDUHDXQXLQRXFRQWURODO
GLQPDQDJHUXOGHHURULWUHEXLHVăILH SDUWLFLSDQĠLORUFUHDĠLRQRXăOLVWăGH
DFWXDOL]DWă SDUWLFLSDQĠLFXVXEPHQLXOÄ/LVWă
úWHUJHUH"³ OLVWDGHSDUWLFLSDQĠLVH
9HULILFDUHDSDUWLFLSDQĠLORU DFWXDOL]HD]ă 

 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL
FFDVHF

 Ä)XQFĠLLVHUYLFH³
52

 Ä9HULISDUWLFLSDQW³


3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.

,QWHJUDUHDDXWRPDWL]ăULLvQVLVWHPXO/21 FRQWLQXDUH

,QGLFDĠLH 3HGLVSOD\XOSHQWUXSDUWLFLSDQWXOUHV
Ŷ 9LWRWURQLF SHFWLYvQWLPSXOYHULILFăULLSDUWLFLSDQ
'LVSOD\XOSDUWLFLSDQWXOXLUHVSHFWLYVH WXOXLHVWHDILúDWWLPSGHFFDPLQ
DSULQGHLQWHUPLWHQWWLPSGHFFDPLQ QXPăUXOGHSDUWLFLSDQWúLÄ:LQN³
vQWLPSXOYHULILFăULLSDUWLFLSDQWXOXL
Ŷ 9LWRWURQLF+

9HULILFDUHDUHOHHORUúLDVHQ]RULORUGHOD9LWRWURQLF

(IHFWXDUHDWHVWXOXLSHQWUXUHOHH

 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL  6HDOHJHUHOHXOGRULW LHúLUH FX 


FFDVHF YH]LWDEHOXOXUPăWRU 
3HGLVSOD\VHDSULQGHLQWHUPLWHQW– 3HGLVSOD\VXQWDILúDWHFLIUDSHQWUX
UHOHXODFWLYDWúLÄ2Q³
 &X VHDOHJH úLVHFRQILUPăFX
2.

ÌQIXQFĠLHGHGRWDUHDLQVWDODĠLHLVHSRWFRPDQGDXUPăWRDUHOHLHúLULGHUHOHH
$ILúDMSHGLVSOD\ ([SOLFDĠLH
 7RDWHDFWXDWRDUHOHVXQWGHFRQHFWDWH
 $U]ăWRUÄ3RUQLW³VDXWUHDSWDDDU]ăWRUXOXLÄ3RUQLW³VDXUHJXODWRU
GHPRGXODĠLHSRUQHúWH DU]ăWRUPRGXODQW 
 úLWUHDSWDDDU]ăWRUXOXLÄ3RUQLW³VDXUHJXODWRUXOGHPRGXODĠLH
QHXWUX DU]ăWRUPRGXODQW 
 5HJXODWRUXOGHPRGXODĠLHVHvQFKLGH DU]ăWRUPRGXODQW 
 ,HúLUHFTÄ3RUQLW³
 ,HúLUHF&Ä3RUQLW³
 ,HúLUH<-Ä2SULW³
6HUYLFH

 ,HúLUH<-Ä1HXWUă³
 ,HúLUH<-Ä3RUQLW³
 ,HúLUHVHPQDOL]DUHDYDULH<TÄ3RUQLW³

,QGLFDĠLH
ÌQUHJLPXOGHOXFUXDODU]ăWRUXOXLSRP
SHOHFRQHFWDWHSRUQHVF

9HULILFDUHDVHQ]RULORU
52

7HPSHUDWXULOHHIHFWLYHSRWILDFFHVDWHvQ
PHQLXOÄL³ 

3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.

9HULILFDUHDUHOHHORUúLDVHQ]RULORUGHOD« FRQWLQXDUH

,QVWUXFĠLXQLGHXWLOL]DUH

9HULILFDUHDUHOHHORUúLDVHQ]RULORUGHOD9LWRWURQLF.

(IHFWXDUHDWHVWXOXLSHQWUXUHOHH

 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL  Ä9HULILFDUHUHOHH³


FFDVHF

ÌQIXQFĠLHGHGRWDUHDLQVWDODĠLHLVHSRWFRPDQGDXUPăWRDUHOHLHúLULGHUHOHH
$ILúDMSHGLVSOD\ ([SOLFDĠLH
Ä7RDWHUHOHHOH³ 2SULW 7RDWHDFWXDWRDUHOHVXQWGHFRQHFWDWH
Ä,HúLUH³ 3RUQLW ,HúLUHDFWLYă
Ä,HúLUH³ 'HVFKLV 
Ä,HúLUH³ 1HXWU 
Ä,HúLUH³ ÌQFKLV 
Ä3RPSăGHvQFăUFDUHD 3RUQLW ,HúLUHSRPSăGHFLUFXODĠLHSHQWUXvQFăO]LUHD
DFXPXODWRUXOXL³ DSHLGLQERLOHUDFWLYă
Ä3RPSăUHFLUFXODUH³ 3RUQLW ,HúLUHSRPSăGHUHFLUFXODUHDDSHLFDOGH
PHQDMHUHDFWLYă
Ä,HúLUH³ 3RUQLW ,HúLUHDFWLYă
Ä6HPQDOL]DUHDDYDULLORU³ 3RUQLW 
Ä3RPSăFLUFvQFăO]&̳ 3RUQLW ,HúLUHSRPSDFLUFXLWXOXLGHvQFăO]LUHDFWLYDWă
FLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
0 
Ä9DQăDPHVW&̳ 'HVFKLV ,HúLUHÄYDQăGHDPHVWHFGHVFKLVă³DFWLYDWă
FLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
0 
Ä9DQăDPHVW&̳ ÌQFKLV ,HúLUHÄYDPHVWvQFKLVă³DFWLYDWă FLUFXLWGH
vQFăO]LUHFXYDQăGHDPHVWHF0 
Ä3RPSăFLUFvQFăO]&̳ 3RUQLW ,HúLUHSRPSDFLUFXLWXOXLGHvQFăO]LUHDFWLYDWă
FLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
0 
Ä9DQăDPHVW&̳ 'HVFKLV ,HúLUHÄYDQăGHDPHVWHFGHVFKLVă³DFWLYDWă
FLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
0 
Ä9DQăDPHVW&̳ ÌQFKLV ,HúLUHÄYDQăGHDPHVWHFvQFKLVă³DFWLYDWă
FLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF
52

0 


3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.

9HULILFDUHDUHOHHORUúLDVHQ]RULORUGHOD« FRQWLQXDUH

$ILúDMSHGLVSOD\ ([SOLFDĠLH
Ä($,HúLUH³ 3RUQLW &RQWDFWXOÄ36³ODFRQHFWRUXO8$GHOD
H[WHQVLD($vQFKLV
Ä$0,HúLUH³ 3RUQLW ,HúLUHDFWLYă
Ä$0,HúLUH³ 3RUQLW ,HúLUHDFWLYă
Ä3RPSăFLUFXLWVRODU³ 3RUQLW ,HúLUHSRPSDFLUFXLWXOXLVRODUF GHODPRGX
OXOGHDXWRPDWL]DUHSHQWUXLQVWDODĠLHVRODUă
WLS60DFWLYă
Ä3RPSăVRODUăPLQ³ 3RUQLW ,HúLUHSRPSDFLUFXLWXOXLVRODUF GHODPRGX
OXOGHDXWRPDWL]DUHSHQWUXLQVWDODĠLHVRODUă
WLS60FRPXWDWăODWXUDĠLHPLQLPă
Ä3RPSăVRODUăPD[³ 3RUQLW ,HúLUHSRPSDFLUFXLWXOXLVRODUF GHODPRGX
OXOGHDXWRPDWL]DUHSHQWUXLQVWDODĠLHVRODUă
WLS60FRPXWDWăODWXUDĠLHPD[LPă
Ä60,HúLUH³ 3RUQLW ,HúLUHF-GHODPRGXOXOGHDXWRPDWL]DUHSHQ
WUXLQVWDODĠLHVRODUăWLS60DFWLYă

,QGLFDĠLHSULYLWRDUHODVHQVXOGHURWD
ĠLHDOVHUYRPRWRUXOXLYDQHLGHDPHV
WHF
/DGHVFKLGHUHDYDQHLGHDPHVWHFWHP
SHUDWXUDSHWXUWUHEXLHVăFUHDVFă'DFă
WHPSHUDWXUDVFDGHDWXQFLILHVHQVXOGH
URWDĠLHDOVHUYRPRWRUXOXLHVWHLQFRUHFW
ILHHOHPHQWXOGLQYDQDGHDPHVWHFHVWH
PRQWDWLQFRUHFW VHYRUUHVSHFWDLQGLFD
ĠLLOHGLQLQVWUXFĠLXQLOHGHPRQWDMDOHYDQHL
GHDPHVWHF 

9HULILFDUHDVHQ]RULORU
6HUYLFH

 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL  $FFHVDĠLLQIRUPDĠLLSULYLQGWHPSHUD


FFDVHF WXUDHIHFWLYăGHODVHQ]RUXOFRUHV
SXQ]ăWRU
 Ä'LDJQR]ă³

 6HDOHJHJUXSD YH]LSULYLUHDGH


DQVDPEOXGHODSDJ 
52



3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.

6HWDUHDFDUDFWHULVWLFLLGHvQFăO]LUH

&DUDFWHULVWLFLOHGHvQFăO]LUHUHSUH]LQWă 'HWHPSHUDWXUDDSHLGLQFD]DQUHVSHF
OHJăWXUDvQWUHWHPSHUDWXUDH[WHULRDUăúL WLYGHWHPSHUDWXUDDJHQWXOXLWHUPLFSHWXU
WHPSHUDWXUDDSHLGLQFD]DQUHVSHFWLY GHSLQGHODUkQGXOVăXWHPSHUDWXUDGH
WHPSHUDWXUDDJHQWXOXLWHUPLFSHWXU DPELDQĠă
6LPSOLILFDWFXFkWWHPSHUDWXUDH[WH
ULRDUăHVWHPDLVFă]XWăFXDWkWWHPSH ÌQVWDUHDGHOLYUDUHVXQWUHJODWHXUPăWRD
UDWXUDDSHLGLQFD]DQUHVSHFWLYWHPSH UHOHYDORUL
UDWXUDDJHQWXOXLWHUPLFSHWXUWUHEXLHVă Ŷ ÌQFOLQDUH 
ILHPDLULGLFDWH Ŷ 1LYHO 

¿QFOLQDUH

















 
7HPSDSHLGLQFD]DQUHVS





WHPSSHWXUßQ¡&


 



  
 
 
7H  
PS
HUD  
WXU          
ôD
PE  7HPSH[WHULRDUôßQ¡&
UH
JO 
ßQ¡
& 

([HPSOXGHWHPSHUDWXUDH[WHULRDUă
ദ
 ÌQFăO]LUHDSULQSDUGRVHDOăvQFOLQDUH
SkQăOD
 ÌQFăO]LUHGHWHPSHUDWXUăMRDVă
vQFOLQDUHSkQăOD
 ,QVWDODĠLLGHvQFăO]LUHFXWHPSHUDWXUD
52

DSHLGLQFD]DQPDLPDUHGHƒ&
vQFOLQDĠLHPDLPDUHGH


3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.

6HWDUHDFDUDFWHULVWLFLLGHvQFăO]LUH FRQWLQXDUH

5HJODMXOWHPSHUDWXULLQRPLQDOHGHDPELDQĠă

3HQWUXILHFDUHFLUFXLWGHvQFăO]LUHVHSD 0RGLILFDUHDWHPSHUDWXULLQRPLQDOHQRU
UDW PDOHGHDPELDQĠă
&DUDFWHULVWLFDGHvQFăO]LUHVHWUDQVOD
WHD]ăvQOXQJXOD[HLGHWHPSHUDWXUăGH ,QVWUXFĠLXQLGHXWLOL]DUH
DPELDQĠăQRPLQDOă(DGHWHUPLQăXQ
FRPSRUWDPHQWGHSRUQLUHRSULUHPRGLIL
FDWODSRPSDFLUFXLWXOXLGHvQFăO]LUHvQ 7HPSHUDWXUăQRPLQDOăUHGXVăGH
FD]XOvQFDUHIXQFĠLDGHORJLFăDSRPSH DPELDQĠă
ORUHVWHDFWLYă

7HPSHUDWXUăQRPLQDOăGHDPELDQĠă 
QRUPDOă
ദ

 ¡&
ദ

¡&   



 
  
0RGLILFDUHDWHPSHUDWXULLQRPLQDOH
UHGXVHGHDPELDQĠăGHODODദ

 7HPSHUDWXUDDSHLGLQFD]DQUHV
0RGLILFDUHDWHPSHUDWXULLQRPLQDOHQRU SHFWLYWHPSHUDWXUDSHWXUvQƒ&
PDOHGHDPELDQĠăGHODODƒ&  7HPSHUDWXUDH[WHULRDUăvQƒ&
 7HPSHUDWXUDGHDPELDQĠăUHJODWăvQ
6HUYLFH

 7HPSHUDWXUDDSHLGLQFD]DQUHV ƒ&
SHFWLYWHPSHUDWXUDSHWXUvQƒ& 3RPSDFLUFXLWXOXLGHvQFăO]LUH
 7HPSHUDWXUDH[WHULRDUăvQƒ& RSULWă
 7HPSHUDWXUDGHDPELDQĠăUHJODWăvQ
3RPSDFLUFXLWXOXLGHvQFăO]LUHSRU
ƒ& QLWă
3RPSDFLUFXLWXOXLGHvQFăO]LUH
RSULWă 0RGLILFDUHDWHPSHUDWXULLQRPLQDOH

3RPSDFLUFXLWXOXLGHvQFăO]LUHSRU UHGXVHGHDPELDQĠă
QLWă
,QVWUXFĠLXQLGHXWLOL]DUH
52



3XQHUHDvQIXQFĠLXQH9LWRWURQLFúL9LWRWURQLF.

6HWDUHDFDUDFWHULVWLFLLGHvQFăO]LUH FRQWLQXDUH

0RGLILFDUHDvQFOLQăULLúLDQLYHOXOXLFDUDFWHULVWLFLLGHvQFăO]LUH

3HQWUXILHFDUHFLUFXLWGHvQFăO]LUHVHSD 0HQLXH[WLQV
UDW

 
 ÄvQFăO]LUH³
7HPSDSHLGLQFD]DQUHVS
7HPSHUDWXUDSHWXUßQ¡&

 6HVHOHFWHD]ăFLUFXLWXOGHvQFăO]LUH

   Ä&DUDFWHULVWvQFăO]LUH³

  ÄÌQFOLQDUH³VDXÄ1LYHO³

 6HUHJOHD]ăFDUDFWHULVWLFDGH
 vQFăO]LUHvQIXQFĠLHGHQHFHVLWăĠLOH
LQVWDODĠLHL
 
7HPSH[WHULRDUôßQ¡&

 0RGLILFDUHDvQFOLQăULL
 0RGLILFDUHDQLYHOXOXL WUDQVODĠLHSH
YHUWLFDOăDFDUDFWHULVWLFLLGH
vQFăO]LUH

([HPSOX
6HWDUHDFDUDFWHULVWLFLLGHvQFăO]LUHFX
vQFOLQDUHD

&DUDFWHULVWLFDGHßQFôO]LUH &¿
ദ

ദ
ദ ദ
ദ
ദ

     


¿QFOLQDUH 
0RGLILFDUHFX
52


,QIRUPDUHGHVHUYLFH9LWRWURQLF

$FFHVDUHDQLYHOXOXLGHVHUYLFH

 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL  6HDOHJHIXQFĠLDGRULWăGHH[WHVWGH


FFDVHF UHOHH
3HGLVSOD\VHDSULQGHLQWHUPLWHQW–

3ăUăVLUHDQLYHOXOXLGHVHUYLFH

 &X VHOHFWDĠL  6HFRQILUPăFX2.

 6HFRQILUPăFX2. ,QGLFDĠLH


Ä2))³VHDSULQGHLQWHUPLWHQW 'LQQLYHOXOGHVHUYLFHVHLHVHDXWRPDW
GXSăPLQ

,QWHURJDUHDSDUDPHWULORUUHJLPXOXLGHIXQFĠLRQDUH

3DUDPHWULLUHJLPXOXLGHIXQFĠLRQDUHSRWIL ,QVWUXFĠLXQLGHXWLOL]DUH
DFFHVDĠLvQPHQLXOÄL³

,QIRUPDUHSHVFXUW

 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL  6HDOHJHLQIRUPDUHDGRULWă'HH[


FFDVHF ÄE³SHQWUXÄILúDGHFRGDUHDFD]DQX
3HGLVSOD\VHDSULQGHLQWHUPLWHQW– OXL³ YH]LWDEHOXOXUPăWRU 

 6HFRQILUPăFX2.  6HFRQILUPăFX2.DFFHVDUHDVHOHF


WDWă
6HUYLFH

,QIRUPDUH $ILúDMSHGLVSOD\
SHVFXUW

 6FKHPD 9HUVLXQHVRIWZDUH 9HUVLXQH


LQVWDODĠLHL $XWRPDWL]DUH VRIWZDUH
DLFL (OHPHQWGH
FRPDQGă
  7HPSHUDWXUDPD[LPăDJD]HORUDUVH
52

 7HPSHUDWXUDUHJODWăSHQWUXDSDGLQ
FD]DQ


,QIRUPDUHGHVHUYLFH9LWRWURQLF

,QIRUPDUHSHVFXUW FRQWLQXDUH

,QIRUPDUH $ILúDMSHGLVSOD\
SHVFXUW

 1XPăUSDUWLFLSDQĠL.0 1XPăUSDUWLFLSDQĠL/21
%86
 &RQILJX 9HUVLXQHVRIWZDUHFRSUR 9HUVLXQHVRIWZDUHPRGXO
UDUH6197 FHVRUGHFRPXQLFDUH /21
$XWR
7RRO
 $GUHVăVXEUHĠHD1XPăU $GUHVăQRG
LQVWDODĠLH
 7LSDU]ăWRU 7LSDSDUDW
E  )LúDGHFRGDUHDFD]DQXOXL
/ $U]ăWRU &ODSHWăGH 5HGXFHUHDSXWHULLvQ
2SULW UHJODM 2SULW
7UHDSWă 2SULW
DU]ăWRU ÌQFăO]LUH
6DUFLQă SUHOLPLQDUă
PLQLPă 5HJODM
7UHDSWă vQFKLV
DU]ăWRU 5HJODM
6DUFLQă 5HJODM
PD[LPă GHVFKLV
'HVFKLV
)XQFĠLR
QDUHSUHOXQ
JLWă
(   9HUVLXQHVRIWZDUH
 $GDSWRUSHQWUXHOHPHQWH
H[WHUQHGHVLJXUDQĠă

$FFHVDUHDúLUHVHWDUHDDILúDMXOXLGHvQWUHĠLQHUHDQXODUH

'XSăFHDXIRVWDWLQVHYDORULOHOLPLWăVWD
ELOLWHvQDGUHVDGHFRGDUHÄ)³Ä³
ijGLQJUXSDÄ&D]DQ³PHVDMXOGH
DYDULHURúXVHDSULQGHLQWHUPLWHQWúLSH
GLVSOD\DSDUH
52


,QIRUPDUHGHVHUYLFH9LWRWURQLF

$FFHVDUHDúLUHVHWDUHDDILúDMXOXLGH« FRQWLQXDUH

Ŷ 2UHOHGHIXQFĠLRQDUHVWDELOLWHúL 
Ŷ ,QWHUYDOXOGHWLPSLQGLFDWFX úL 
Ŷ 7HPSHUDWXUDPD[LQGLFDWăDJD]HORU
DUVHúL 

¡&

 


9DOLGDUHDRSHUDĠLXQLLGHvQWUHĠLQHUH

3HQWUXDQXODUHDXQXLPHVDMGHvQWUHĠL ,QGLFDĠLH
QHUHDSăVDĠLSHWDVWD2. 8QPHVDMGHvQWUHĠLQHUHDQXODWúLFDUHQX
DIRVWUHVHWDWDSDUHGLQQRXGXSă
]LOH

'XSăHIHFWXDUHDvQWUHĠLQHULL VHUHVHWHD]ăvQWUHĠLQHUHD

5HVHWDĠLFRGDUHDijODijvQ
JUXSDÄ&D]DQ³

,QGLFDĠLH
3DUDPHWULLGHvQWUHĠLQHUHVHWDĠLSHQWUX
RUHOHGHIXQFĠLRQDUHúLLQWHUYDOXOGHWLPS
vQFHSGLQQRXGHOD
6HUYLFH
52



,QIRUPDUHSHQWUXVHUYLFH9LWRWURQLF.

$FFHVDUHDPHQLXOXLGHVHUYLFH

6HPHQĠLQDSăVDWHVLPXOWDQ2.úL
FFDVHF

3ULYLUHJHQHUDOăDVXSUDPHQLXOXLGHVHUYLFH

6HUYLFH
*HQHUDO
'LDJQR]ô
&LUFXLWGHßQFôO]LUH&¿
9HULILFDUHUHOHH &LUFXLWGHßQFôO]LUH&¿
&LUFXLWGHßQFôO]LUH&¿
1LYHOXOGHFRGDUH $SôFDOGôPHQDMHUô
6RODU
1LYHOXOGHFRGDUH ,QIR
5HVHWDUHSDUDPHWUL
,VWRULFDYDULL
9HULILFDUHSDUWLFLSDQW
)XQFœLLGHVHUYLFH
3,1VHUYLFH
¿QFKHLHUHVHUYLFH" ,QWURGXFHUH3,19LWRFRP
5HVHWßQWUHœLQHUH

Ä1LYHOGHFRGDUH³HVWHDILúDWQXPDLvQ 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL FFD


FD]XOvQFDUHDFHVWQLYHODIRVWDFWLYDW VHF

,HúLUHDGLQPHQLXOGHVHUYLFH

 6HOHFWDĠLÄÌQFKHLHUHVHUYLFH"³ ,QGLFDĠLH


'LQPHQLXOGHVHUYLFHVHLHVHDXWRPDW
 6HOHFWDĠLÄ'D³ GXSăPLQ

 6HFRQILUPăFX2.

,QWHURJDUHDSDUDPHWULORUUHJLPXOXLGHIXQFĠLRQDUH

3DUDPHWULLGHIXQFĠLRQDUHSRWILDFFHVDĠL 3DUDPHWULLUHJLPXOXLGHIXQFĠLRQDUHSHQ
vQúDVHGRPHQLL YH]LÄ'LDJQR]ă³GLQ WUXFLUFXLWHOHGHvQFăO]LUHFXYDQăGH
Ä3ULYLUHGHDQVDPEOX0HQLXOGHVHU DPHVWHFúLFLUFXLWVRODUSRWILDFFHVDWH
YLFH³  QXPDLGDFăLQVWDODĠLDGLVSXQHGHFRP
SRQHQWHOHQHFHVDUH
52


,QIRUPDUHSHQWUXVHUYLFH9LWRWURQLF.

,QWHURJDUHDSDUDPHWULORUUHJLPXOXLGH« FRQWLQXDUH

 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL ,QGLFDĠLH


FFDVHF ÌQFD]XOvQFDUHVHQ]RUXODFFHVDWHVWH
GHIHFWSHGLVSOD\HVWHDILúDWij
 Ä'LDJQR]ă³
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG
 6HDOHJHJUXSDGRULWăGHH[Ä*HQH SDUDPHWULLUHJLPXOXLGHIXQFĠLRQDUHYH]L
UDO³ FDSLWROXOÄ,QIRUPDUHSHVFXUW³

5HVHWDUHDSDUDPHWULORUUHJLPXOXLGHIXQFĠLRQDUH

3DUDPHWULLUHJLPXOXLGHIXQFĠLRQDUH  Ä'LDJQR]ă³


PHPRUDĠL GHH[RUHOHGHIXQFĠLRQDUH
SRWILUHVHWDĠLODYDORDUHD  Ä5HVHWDUHSDUDPHWUL³
9DORDUHDÄ7HPSHUDWXUăH[WHULRDUă
DPRUWL]DWă³HVWHUHVHWDWăODYDORDUHD  6HDOHJHYDORDUHDGRULWăVDXÄ7RDWH
HIHFWLYă GDWHOH³

 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL
FFDVHF

,QIRUPDUHSHVFXUW

 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL  $SăVDĠLSH2.


FFDVHF 3HGLVSOD\VXQWDILúDWHUkQGXULFX
FkWHFkPSXUL
 Ä'LDJQR]ă³
,QIRUPDUHSHVFXUW'LDJQR]ô
 Ä,QIRUPDUHSHVFXUW³
6HUYLFH

    $  $
    $  
      
      
6HOHFWDUHFX
’
52



,QIRUPDUHSHQWUXVHUYLFH9LWRWURQLF.

,QIRUPDUHSHVFXUW FRQWLQXDUH

5kQG &kPS
LQWHUR
JDUHSH
VFXUW
      
 6FKHPDLQVWDODĠLHL 9HUVLXQHVRIWZDUH 9HUVLXQHVRIWZDUH
SkQăOD DXWRPDWL]DUH XQLWDWHDGH
FRPDQGă
    &RGXODSDUDWXOXL=(
,'
   1XPăUSDUWLFLSDQĠL.0 9HUVLXQHVRIWZDUH
%86 0RGXOGHDXWRPDWL
]DUHVRODUăWLS60
      
     9HUVLXQH 9HUVLXQH
VRIWZDUH VRIWZDUH
H[WHQ H[WHQ
VLD$0 VLD($
      
 $GUHVăVXEQHW $GUHVăQRG  
1XPăUXOLQVWDODĠLHL
 &RQILJ 9HUVLXQH 9HUVLXQHVRIWZDUH 1XPăUSDUWLFLSDQĠL
6197 VRIWZDUH 1HXURQ&KLS /21
 $XWR &RSUR]
 7RRO FRPXQLF
52


,QIRUPDUHSHQWUXVHUYLFH9LWRWURQLF.

,QIRUPDUHSHVFXUW FRQWLQXDUH

5kQG &kPS
LQWHUR
JDUHSH
VFXUW
      
 &LUFXLWGHvQFăO]LUH &LUFXLWGHvQFăO]LUH &LUFXLWGHvQFăO]LUH
&Ì &Ì &Ì
 7HOHFR 9HUVLXQH 7HOHFR 9HUVLXQH 7HOHFR 9HUVLXQH
PDQGă VRIWZDUH PDQGă VRIWZDUH PDQGă VRIWZDUH
 7HOHFR  7HOHFR  7HOHFR
IăUă PDQGă IăUă PDQGă IăUă PDQGă
  
9LWRWURO 9LWRWURO 9LWRWURO
$ $ $
VDX VDX VDX
9LWRWURO 9LWRWURO 9LWRWURO
5) 5) 5)
  
9LWRWURO 9LWRWURO 9LWRWURO
$ $ $
VDX VDX VDX
9LWRKRPH 9LWRKRPH 9LWRKRPH
  
      
   9HUVLXQH  9HUVLXQH 
VRIWZDUH VRIWZDUH
H[WHQVLH H[WHQVLH
SHQWUXFLU SHQWUXFLU
FXLWXOGH FXLWXOGH
vQFăO]LUH vQFăO]LUH
úLFX úLFX
6HUYLFH

YDQăGH YDQăGH
DPHVWHF DPHVWHF
,QGLFDĠLH
$ILúDMHOHGLQFkPSXULOHúLVXQWLGHQWLFH

52



,QIRUPDUHSHQWUXVHUYLFH9LWRWURQLF.

$FFHVDUHDúLUHVHWDUHDDILúDMXOXLGHvQWUHĠLQHUH

/D9LWRWURQLF.QXSRDWHILVHWDW
QLFLXQLQWHUYDOGHvQWUHĠLQHUH'HFLQXYD
ILDILúDWQLFLXQPHVDMGHvQWUHĠLQHUH

,QGLFDĠLH
'DFăODRDXWRPDWL]DUH9LWRWURQLFQX
H[LVWăQLFLXQPHVDMGHvQWUHĠLQHUHSHGLV
SOD\VXQWDILúDWHÄ$YDULHSDUWLFLS³úL
QXPăUXOSDUWLFLSDQWXOXL

52


5HPHGLHUHDDYDULLORU9LWRWURQLF

0HVDMXOGHDYDULH

ÌQFD]GHDYDULHPHVDMXOGHDYDULHURúX ([HPSOX
GHODDXWRPDWL]DUHVHDSULQGHLQWHUPL &RGGHDYDULHÄG³$YDULHODDU]ăWRU
WHQW3HGLVSOD\VHDSULQGHLQWHUPLWHQW
FRGXOGHDYDULHGLQFDUDFWHUHúL  

,QGLFDĠLH
'DFăHVWHFRQHFWDWăRLQVWDODĠLHGHVHP
QDOL]DUHDDYDULLORUHDYDSRUQL

&X  SRWILDILúDWHDYDULLH[LVWHQWH
3HQWUXVHPQLILFDĠLDFRGXOXLGHDYDULH
YH]LFDSLWROXOÄ&RGXULGHDYDULH³

$QXODUHDDYDULHL

6HDSDVă2.LDUSHGLVSOD\DSDUHGLQ ,QGLFDĠLH
QRXDILúDMXOGHED]ă 2HYHQWXDOăVHPQDOL]DUHGHDYDULLvQ
FD]XOvQFDUHDIRVWFRQHFWDWăYDILGHFR
QHFWDWă
ÌQFD]XOvQFDUHRDYDULHDQXODWăQXHVWH
UHPHGLDWăDYDULDHVWHVHPQDOL]DWăGLQ
QRXSHGLVSOD\vQ]LXDXUPăWRDUHúLXQL
WDWHDGHVHPQDOL]DUHDDYDULLORUHVWH
UHSRUQLWă

$FFHVDUHDPHVDMXOXLGHDYDULHDQXODW

6HDSDVă2.FFDV

&LWLUHDFRGXULORUGHDYDULLGLQPHPRULDGHDYDULL LVWRULFDYDULL
6HUYLFH

8OWLPHOHDYDULLDSăUXWH LQFOXVLYFHOH  &X VHVHOHFWHD]ăúLFX2.VH


UHPHGLDWH VXQWPHPRUDWHúLSRWILDFFH DFWLYHD]ăLVWRULDDYDULLORU
VDWH
$YDULLOHVXQWRUGRQDWHvQIXQFĠLHGHDSD  &X  VHVHOHFWHD]ăPHVDMHOHGH
ULĠLDORU DYDULH

 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL
FFDVHF
52



5HPHGLHUHDDYDULLORU9LWRWURQLF

0HVDMXOGHDYDULH FRQWLQXDUH

ùWHUJHUHLVWRULFDYDULL

ÌQWLPSXODILúăULLOLVWHLDSăVDĠLWDVWD2.
SkQăFkQG FOLSHúWH6HFRQILUPăFX
WDVWD2.

&RGXULGHDYDULH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
) )XQFĠLRQDUHFRPDQ ÌQWUHĠLQHUH 6HHIHFWXHD]ăvQWUHĠLQH
GDWăGHDXWRPDWL Ä)³HVWHDILúDW UHD
]DUH QXPDLvQLVWRULFXO
GHDYDULL ,QGLFDĠLH
'XSăvQWUHĠLQHUHVH
VHWHD]ăFRGDUHDijvQ
JUXSDÄ&D]DQ³

 $U]ăWRUXOHVWHSRUQLW 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGH
úLRSULWSULQLQWHUPH ]RUXOGHWHPSHUD WHPSHUDWXUăDFD]DQXOXL
GLXOWHUPRVWDWGH WXUăDFD]DQXOXL YH]LSDJ 
OXFUX
 $U]ăWRUXOHVWHSRUQLW ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGH
úLRSULWSULQLQWHUPH ]RUXOGHWHPSHUD WHPSHUDWXUăDFD]DQXOXL
GLXOWHUPRVWDWGH WXUăDFD]DQXOXL YH]LSDJ 
OXFUX
 &D]DQODWHPSHUDWXUă 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGH
PD[LPăIăUăUHGXFH ]RUXOGHWHPSHUD WHPSHUDWXUă YH]L
UHDVDUFLQLLFXYHQWLO WXUă8$$ SDJ 
GHDPHVWHFSHQWUX
UHJODMXOWHPSHUDWXULL
SHUHWXUÄSRUQLW³
 &D]DQODWHPSHUDWXUă ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGH
PD[LPăIăUăUHGXFH ]RUXOGHWHPSHUD WHPSHUDWXUă YH]L
UHDVDUFLQLLFXYHQWLO WXUă8$$ SDJ 
GHDPHVWHFSHQWUX )ăUăVHQ]RUGHWHPSHUD
UHJODMXOWHPSHUDWXULL WXUă
SHUHWXUÄSRUQLW³ 6HVHWHD]ăFRGDUHDÄ$
52

³vQJUXSDÄ*HQHUDO³


5HPHGLHUHDDYDULLORU9LWRWURQLF

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
 3RPSDGHDPHVWHF 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGH
HVWHvQSHUPDQHQĠă ]RUXOGHWHPSHUD WHPSHUDWXUă YH]L
ÄSRUQLWă³ WXUă8$% SDJ 
 3RPSDGHDPHVWHF ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGH
HVWHvQSHUPDQHQĠă ]RUXOGHWHPSHUD WHPSHUDWXUă YH]L
ÄSRUQLWă³ WXUă8$% SDJ 
)ăUăVHQ]RUGHWHPSHUD
WXUă
6HVHWHD]ăFRGDUHDÄE
³vQJUXSDÄ*HQHUDO³
$ &D]DQXOVHUăFHúWH (URDUHODHOHPHQ 9HULILFDĠLHOHPHQWHOHGH
WHOHGHVLJXUDQĠă VLJXUDQĠăúLODQHYRLH
GHODÄ;³GHOD GHEORFDĠLOH
DGDSWRUXOSHQWUX
GLVSR]LWLYHGHVLJX
UDQĠăH[WHUQH
$ &D]DQXOVHUăFHúWH (URDUHODHOHPHQ 9HULILFDĠLHOHPHQWHOHGH
WHOHGHVLJXUDQĠă VLJXUDQĠăúLODQHYRLH
GHODÄ;³GHOD GHEORFDĠLOH
DGDSWRUXOSHQWUX
GLVSR]LWLYHGHVLJX
UDQĠăH[WHUQH
$ &D]DQXOVHUăFHúWH (URDUHODHOHPHQ 9HULILFDĠLHOHPHQWHOHGH
WHOHGHVLJXUDQĠă VLJXUDQĠăúLODQHYRLH
GHODÄ;³GHOD GHEORFDĠLOH
DGDSWRUXOSHQWUX
GLVSR]LWLYHGHVLJX
UDQĠăH[WHUQH
6HUYLFH

$ &D]DQXOVHUăFHúWH (URDUHODHOHPHQ 9HULILFDĠLHOHPHQWHOHGH


WHOHGHVLJXUDQĠă VLJXUDQĠăúLODQHYRLH
GHODÄ;³GHOD GHEORFDĠLOH
DGDSWRUXOSHQWUX
GLVSR]LWLYHGHVLJX
UDQĠăH[WHUQH
$$ )XQFĠLRQDUHFRPDQ (URDUHGHFRQILJX 6HFRQHFWHD]ăFRQHFWRUXO
GDWăGHDXWRPDWL UDUHDHOHPHQWXOXL 8$$
]DUH 7KHUP&RQWURO /D9LWRFURVVDOWUHEXLHVă
&RQHFWRUXO8$$QX ILHVHWDWăFRGDUHDÄG³
52

HVWHFRQHFWDW vQJUXSDÄ&D]DQ³


5HPHGLHUHDDYDULLORU9LWRWURQLF

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
$& )XQFĠLRQDUHFRPDQ (URDUHGHFRQILJX 6HFRQHFWHD]ăFRQHFWRUXO
GDWăGHDXWRPDWL UDUHODUHJODUHD 8$$úLVHYHULILFă
]DUH WHPSHUDWXULLSH FRGăULOH
UHWXU
&RGDUHDÄ&³
HVWHVHWDWăvQ
JUXSDÄ&D]DQ³
GDUFRQHFWRUXO8$$
QXHVWHFRQHFWDWúL
VDX
FRGDUHDÄ(³GLQ
JUXSDÄ*HQHUDO³
QXHVWHVHWDWă
$G )XQFĠLRQDUHFRPDQ (URDUHGHFRQILJX &XFODSHWăGHUHJODM
GDWăGHDXWRPDWL UDUHDFODSHWHLGH 6HVHWHD]ăFRGDUHDÄ(
]DUH UHJODM ³GLQJUXSDÄ*HQH
&RGDUHDÄ&³ UDO³
Ä&³VDXÄ&³ )ăUăFODSHWăGHUHJODM
GLQJUXSD 6HVHWHD]ăFRGDUHDÄ&
Ä&D]DQ³HVWH ³vQJUXSDÄ&D]DQ³
VHWDWă
úL
FRGDUHDÄ(³GLQ
JUXSDÄ*HQHUDO³
HVWHVHWDWă
E )XQFĠLRQDUHFRPDQ 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOSHQ
GDWăGHDXWRPDWL ]RUXOSHQWUXWHP WUXWHPSHUDWXUDJD]HORU
]DUH SHUDWXUDJD]HORU DUVH YH]LSDJ 
DUVH
E )XQFĠLRQDUHFRPDQ (URDUHGHFRPXQL 6HYHULILFăOHJăWXULOH
GDWăGHDXWRPDWL FDUHODXQLWDWHDGH GXSăFD]VHvQORFXLHúWH
]DUH FRPDQGă XQLWDWHDGHFRPDQGă
E )XQFĠLRQDUHFRPDQ (URDUHLQWHUQă 6HYHULILFăSODFDGHFLU
GDWăGHDXWRPDWL FXLWHLQWHJUDWHúLFRQHFWR
]DUH UXOFXILúăHYHQWXDOVH
vQORFXLHúWHSODFDGHFLU
FXLWHLQWHJUDWH
52


5HPHGLHUHDDYDULLORU9LWRWURQLF

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
E )XQFĠLRQDUHvQUHJLP ,GHQWLILFDUHKDUG 6HYHULILFăDGUHVDGH
FRQVWDQW ZDUHQHYDODELOă FRGDUHijGLQJUXSD
Ä*HQHUDO³WUHEXLHVăILH
VHWDWăij
E 7HPSHUDWXUDDSHLGLQ (URDUHODILúDGH 6HLQWURGXFHILúDGH
FD]DQHVWHUHJODWăGH FRGDUHDFD]DQX FRGDUHDFD]DQXOXLVDXVH
WHUPRVWDWXOGHOXFUX OXL vQORFXLHúWH
E )XQFĠLRQDUHFRPDQ ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOSHQ
GDWăGHDXWRPDWL ]RUXOGHWHPSHUD WUXWHPSHUDWXUDJD]HORU
]DUH WXUăDJD]HORUDUVH DUVH YH]LSDJ 
)ăUăVHQ]RUXOSHQWUXWHP
SHUDWXUDJD]HORUDUVH
6HVHWHD]ăFRGDUHDÄ)
³vQJUXSDÄ&D]DQ³
E) )XQFĠLRQDUHFRPDQ 0RGXOGHFRPXQL 6HvQORFXLHúWHPRGXOXOGH
GDWăGHDXWRPDWL FDUH/21LQFRUHFW FRPXQLFDUH/21
]DUH
/LSVăFRPXQLFDUH
SULQ/21
& &D]DQXOVHUăFHúWH (OHPHQWXOH[WHUQ 6HYHULILFăUDFRUGXOúLHOH
GHVLJXUDQĠăOD PHQWHOHGHVLJXUDQĠă
FRQHFWRUXO8T H[WHUQH
& &D]DQXOVHUăFHúWH (URDUHODGLVSR]LWL 6HYHULILFăQLYHOXOGHDSă
YXOGHVLJXUDQĠă GLQFD]DQVHGHEOR
vPSRWULYDOLSVHLGH FKHD]ăGLVSR]LWLYXOGH
DSăGHODÄ;³GHOD VLJXUDQĠăvPSRWULYDOLSVHL
DGDSWRUXOSHQWUX GHDSă YH]LSDJ 
GLVSR]LWLYHGHVLJX
6HUYLFH

UDQĠăH[WHUQH
& &D]DQXOVHUăFHúWH (URDUHODOLPLWDWR 6HYHULILFăSUHVLXQHDGLQ
UXOGHSUHVLXQH LQVWDODĠLHVHGHEORFKHD]ă
PD[LPăGHODÄ;³ OLPLWDWRUXOGHSUHVLXQH
GHODDGDSWRUXO PD[LPă YH]LSDJ 
SHQWUXGLVSR]LWLYH
GHVLJXUDQĠă
H[WHUQH
52


5HPHGLHUHDDYDULLORU9LWRWURQLF

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
&$ &D]DQXOVHUăFHúWH (URDUHODOLPLWDWR 6HYHULILFăSUHVLXQHDGLQ
UXOGHSUHVLXQH LQVWDODĠLHVHGHEORFKHD]ă
PLQLPăVDXODOLPL OLPLWDWRUXOGHSUHVLXQH
WDWRUXOGHSUHVLXQH PLQLPăVDXFHOGHSUH
PD[LPăGHOD VLXQHPD[LPă YH]L
Ä;³GHODDGDSWR SDJ 
UXOSHQWUXGLVSR
]LWLYHGHVLJXUDQĠă
H[WHUQH
&E &D]DQXOVHUăFHúWH (URDUHODWHUPRVWD 6HYHULILFăWHPSHUDWXUD
WXOGHVLJXUDQĠă GLQLQVWDODĠLHVHGHEOR
VXSOLPHQWDU FKHD]ăWHUPRVWDWXOGH
VDX VLJXUDQĠă YH]L
7HUPRFXSODGHOD SDJ 
Ä;³GHODDGDSWR
UXOSHQWUXGLVSR
]LWLYHGHVLJXUDQĠă
H[WHUQH
&( )XQFĠLRQDUHFRPDQ (URDUHGHFRPXQL 6HYHULILFăDGDSWRUXO
GDWăGHDXWRPDWL FDUHODDGDSWRUXOFRQHFWRUXOXLFXILúă YH]L
]DUH SHQWUXHOHPHQWXO SDJ 
H[WHUQGHVLJX )ăUăDGDSWRU
UDQĠă 6HVHWHD]ăFRGDUHD
ijvQJUXSDÄ*HQH
UDO³
&) )XQFĠLRQDUHFRPDQ (URDUHGHFRPXQL 6HYHULILFăPRGXOXOGH
GDWăGHDXWRPDWL FDUHODPRGXOXOGH FRPXQLFDUH/21GDFă
]DUH FRPXQLFDUH/21 HVWHQHFHVDUVHvQOR
/LSVăFRPXQLFDUH GHODDXWRPDWL]DUH FXLHúWH
SULQ/21 'DFăQXH[LVWăQLFLXQ
PRGXOGHFRPXQLFDUH
/21VHVHWHD]ăFRGDUHD
ijGLQJUXSDÄ*HQH
UDO³
G &D]DQXOVHUăFHúWH $YDULHODDU]ăWRU 6HYHULILFăDU]ăWRUXO
52


5HPHGLHUHDDYDULLORU9LWRWURQLF

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
G )XQFĠLRQDUHFRPDQ (URDUHGHFRPXQL 6HYHULILFăDGDSWRUXO
GDWăGHDXWRPDWL FDUHODDGDSWRUXO FRQHFWRUXOXLFXILúă YH]L
]DUH SHQWUXHOHPHQWXO SDJ 
H[WHUQGHVLJX )ăUăDGDSWRU
UDQĠă 6HVHWHD]ăFRGDUHD
ijvQJUXSDÄ*HQH
UDO³
G &D]DQXOVHUăFHúWH 7HUPRVWDWXOGH 6HYHULILFăWHUPRVWDWXOGH
VLJXUDQĠăUHVSHFWLY VLJXUDQĠăUHVSHFWLY
VLJXUDQĠD)D DU]ăWRUXOEXFODDU]ăWRUX
GHFXSODW OXLúLVLJXUDQĠD)

6HUYLFH
52



5HPHGLHUHDDYDULLORU9LWRWURQLF.

0HVDMXOGHDYDULH

ÌQFD]GHDYDULHPHVDMXOGHDYDULHURúX 3HQWUXVHPQLILFDĠLDFRGXOXLGHDYDULH
GHODDXWRPDWL]DUHVHDSULQGHLQWHUPL YH]LFDSLWROXOÄ&RGXULGHDYDULH³
WHQW3HGLVSOD\HVWHDILúDWPHVDMXO /DXQHOHDYDULLWLSXOGHDYDULHHVWHDILúDW
Ä$YDULH³úL VHDSULQGHLQWHUPLWHQW WH[WXDO
&X2.HVWHDILúDWFRGXOGHDYDULH

,QGLFDĠLH
'DFăHVWHFRQHFWDWăRLQVWDODĠLHGHVHP
QDOL]DUHDDYDULLORUHDYDSRUQL

$QXODUHDDYDULHL

5HVSHFWDĠLLQGLFDĠLLOHDILúDWHSHGLVSOD\ ,QGLFDĠLH
0HVDMXOGHDYDULHHVWHSUHOXDWvQ
PHQLX
2HYHQWXDOăVHPQDOL]DUHGHDYDULLvQ
FD]XOvQFDUHDIRVWFRQHFWDWăYDILGHFR
QHFWDWă
ÌQFD]XOvQFDUHRDYDULHDQXODWăQXHVWH
UHPHGLDWăDYDULDHVWHVHPQDOL]DWăGLQ
QRXSHGLVSOD\vQ]LXDXUPăWRDUHúLXQL
WDWHDGHVHPQDOL]DUHDDYDULLORUHVWH
UHSRUQLWă

$FFHVDUHDPHVDMXOXLGHDYDULHDQXODW

0HQLXH[WLQV  Ä$YDULH³



&LWLUHDFRGXULORUGHDYDULHGLQPHPRULDGHDYDULL LVWRULFGHDYD
ULL

8OWLPHOHDYDULLDSăUXWH LQFOXVLYFHOH
UHPHGLDWH VXQWPHPRUDWHúLSRWILDFFH
VDWH
$YDULLOHVXQWRUGRQDWHvQIXQFĠLHGHDSD
ULĠLDORU

,QGLFDĠLH
52

/LVWDSRDWHILúWHDUVă


5HPHGLHUHDDYDULLORU9LWRWURQLF.

0HVDMXOGHDYDULH FRQWLQXDUH

6HPHQĠLQDSăVDWHVLPXOWDQ2.úL
FFDVHF

,VWRULFDYDULL

$ILŏDMH"
ŎWHUJHUH"

6HOHFWDUHFX

&RGXULGHDYDULH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
 )XQFĠLRQHD]ăGHODR 6FXUWFLUFXLWODVHQ 9HULILFDĠLVHQ]RUXOGHWHP
WHPSHUDWXUăH[WH ]RUXOGHWHPSHUD SHUDWXUăH[WHULRDUă YH]L
ULRDUăGHƒ& WXUăH[WHULRDUă SDJLQD 
 )XQFĠLRQHD]ăGHODR ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGH
WHPSHUDWXUăH[WH ]RUXOGHWHPSHUD WHPSHUDWXUăH[WHULRDUă
ULRDUăGHƒ& WXUăH[WHULRDUă YH]LSDJ
 )XQFĠLRQHD]ăGHODR (URDUHGHFRPXQL 9HULILFDUHDFRQH[LXQLL
WHPSHUDWXUăH[WH FDUHODVHQ]RUXOGH UDGLR VHDúD]ăVHQ]RUXO
ULRDUăGHƒ& WHPSHUDWXUăH[WH GHWHPSHUDWXUăH[WH
ULRDUă5) ULRDUă5)vQDSURSLHUHD
ED]HLUDGLR 6HGHFRQHF
6HUYLFH

WHD]ăúLVHUHFRQHFWHD]ă
VHQ]RUXOSHQWUXWHPSHUD
WXUDH[WHULRDUă/DQHYRLH
VHvQORFXLHúWH YH]L
,QVWUXFĠLXQLOHGHPRQWDMúL
GHVHUYLFHVHSDUDWH 
 $XWRPDWL]DUHDDXWR 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGH
QRPăIăUăVHQ]RUGH ]RUXOFRPXQSHQWUX WHPSHUDWXUăSHWXU YH]L
WHPSHUDWXUăSHWXU WHPSHUDWXUDSHWXU SDJ 
HYHQWXDOWHPSHUD
52

WXUDSHWXUQXHVWH
VXILFLHQWGHULGLFDWă 


5HPHGLHUHDDYDULLORU9LWRWURQLF.

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
 $XWRPDWL]DUHDDXWR ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGH
QRPăIăUăVHQ]RUGH ]RUXOFRPXQSHQWUX WHPSHUDWXUăSHWXU YH]L
WHPSHUDWXUăSHWXU WHPSHUDWXUDSHWXU SDJ 
HYHQWXDOWHPSHUD
WXUDSHWXUQXHVWH
VXILFLHQWGHULGLFDWă 
 9DQDGHDPHVWHFVH 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGH
vQFKLGH ]RUXOGHWHPSHUD WHPSHUDWXUăSHWXU YH]L
WXUăSHWXUSHQWUX SDJ 
FLUFXLWXOGH
vQFăO]LUHFXYDQă
GHDPHVWHF0
FLUFXLWGH
vQFăO]LUH
 9DQDGHDPHVWHFVH 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGH
vQFKLGH ]RUXOGHWHPSHUD WHPSHUDWXUăSHWXU YH]L
WXUăSHWXUSHQWUX SDJ 
FLUFXLWXOGH
vQFăO]LUHFXYDQă
GHDPHVWHF0
FLUFXLWGH
vQFăO]LUH
 9DQDGHDPHVWHFVH ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGH
vQFKLGH ]RUXOGHWHPSHUD WHPSHUDWXUăSHWXU YH]L
WXUăSHWXUSHQWUX SDJ 
FLUFXLWXOGH
vQFăO]LUHFXYDQă
GHDPHVWHF0
FLUFXLWGH
vQFăO]LUH
& 9DQDGHDPHVWHFVH ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGH
vQFKLGH ]RUXOGHWHPSHUD WHPSHUDWXUăSHWXU YH]L
WXUăSHWXUSHQWUX SDJ 
FLUFXLWXOGH
vQFăO]LUHFXYDQă
GHDPHVWHF0
FLUFXLWGH
vQFăO]LUH
52


5HPHGLHUHDDYDULLORU9LWRWURQLF.

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
 3RPSDGHvQFăUFDUH 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOSHQ
DERLOHUXOXLÄSRUQLWă³ ]RUXOSHQWUXWHP WUXWHPSHUDWXUDDSHLGLQ
7HPSHUDWXUDDFP SHUDWXUDDSHLGLQ ERLOHU YH]LSDJ 
UHJODWă 9DORDUH ERLOHU
UHJODWăDWHPSHUDWXULL
SHWXU
&RPHQ]LOHSULRULWDUH
VXQWDQXODWH
VDX
&XVLVWHPGHDFXPX
ODUHDFP
ÌQFăO]LUHDDSHLGLQ
DFXPXODWRUHVWH
FRQHFWDWăúLGHFR
QHFWDWăSULQLQWHUPH
GLXOVHQ]RUXOXLSHQ
WUXWHPSHUDWXUD
DFPGLQDFXPXOD
WRU
 &XVLVWHPGHDFXPX 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOSHQ
ODUHDFP ]RUXOSHQWUXWHP WUXWHPSHUDWXUDDSHLGLQ
ÌQFăO]LUHDDSHLGLQ SHUDWXUDDSHLGLQ ERLOHU YH]LSDJ 
DFXPXODWRUHVWH ERLOHU
FRQHFWDWăúLGHFR
QHFWDWăSULQLQWHUPH
GLXOVHQ]RUXOXLSHQ
WUXWHPSHUDWXUD
DFPGLQDFXPXOD
6HUYLFH

WRU
52


5HPHGLHUHDDYDULLORU9LWRWURQLF.

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
 3RPSDGHvQFăUFDUH ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOSHQ
DERLOHUXOXLÄSRUQLWă³ ]RUXOSHQWUXWHP WUXWHPSHUDWXUDDSHLGLQ
7HPSHUDWXUDDFP SHUDWXUDDSHLGLQ ERLOHU YH]LSDJ 
UHJODWă 9DORDUH ERLOHU
UHJODWăDWHPSHUDWXULL
SHWXU
&RPHQ]LOHSULRULWDUH
VXQWDQXODWH
VDX
&XVLVWHPGHDFXPX
ODUHDFP
ÌQFăO]LUHDDSHLGLQ
DFXPXODWRUHVWH
FRQHFWDWăúLGHFR
QHFWDWăSULQLQWHUPH
GLXOVHQ]RUXOXLSHQ
WUXWHPSHUDWXUD
DFPGLQDFXPXOD
WRU
 &XVLVWHPGHDFXPX ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOSHQ
ODUHDFP ]RUXOSHQWUXWHP WUXWHPSHUDWXUDDSHLGLQ
ÌQFăO]LUHDDSHLGLQ SHUDWXUDDSHLGLQ ERLOHU YH]LSDJ 
DFXPXODWRUHVWH ERLOHU
FRQHFWDWăúLGHFR
QHFWDWăSULQLQWHUPH
GLXOVHQ]RUXOXLSHQ
WUXWHPSHUDWXUD
DFPGLQDFXPXOD
WRU
 &D]DQODWHPSHUDWXUă 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGH
PD[LPăIăUăUHGXFH ]RUXOGHWHPSHUD WHPSHUDWXUă YH]L
UHDVDUFLQLLFXYHQWLO WXUă8$$ SDJ 
GHDPHVWHFSHQWUX
UHJODMXOWHPSHUDWXULL
SHUHWXUÄSRUQLW³
52


5HPHGLHUHDDYDULLORU9LWRWURQLF.

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
 &D]DQODWHPSHUDWXUă ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGH
PD[LPăIăUăUHGXFH ]RUXOGHWHPSHUD WHPSHUDWXUă YH]L
UHDVDUFLQLLFXYHQWLO WXUă8$$ SDJ 
GHDPHVWHFSHQWUX )ăUăVHQ]RUGHWHPSHUD
UHJODMXOWHPSHUDWXULL WXUă
SHUHWXUÄSRUQLW³ 6HVHWHD]ăFRGDUHDÄ$
³vQJUXSDÄ*HQHUDO³
 3RPSDGHDPHVWHF 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGH
HVWHvQSHUPDQHQĠă ]RUXOGHWHPSHUD WHPSHUDWXUă YH]L
ÄSRUQLWă³ WXUă8$% SDJ 
&XVLVWHPGHDFXPX
ODUHDFP
9HQWLOXOGHDPHVWHF
FXFăLÄÌQFKLV³QX
VHSUHSDUăDSăFDOGă
PHQDMHUă
 3RPSDGHDPHVWHF ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGH
HVWHvQSHUPDQHQĠă ]RUXOGHWHPSHUD WHPSHUDWXUă YH]L
ÄSRUQLWă³ WXUă8$% SDJ 
&XVLVWHPGHDFXPX )ăUăVHQ]RUGHWHPSHUD
ODUHDFP WXUă
9HQWLOXOGHDPHVWHF 6HVHWHD]ăFRGDUHDÄE
FXFăLÄÌQFKLV³QX ³vQJUXSDÄ*HQHUDO³
VHSUHSDUăDSăFDOGă
PHQDMHUă
 )XQFĠLRQDUHFRPDQ 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGH
GDWăGHDXWRPDWL ]RUXOGHWHPSHUD WHPSHUDWXUă  YH]L
]DUH WXUă  LQVWUXFĠLXQLOHGHPRQWDMúL
6HUYLFH

5DFRUGXOGHOD GHVHUYLFHVHSDUDWH 
PRGXOXOGHDXWR
PDWL]DUHSHQWUX
LQVWDODĠLHVRODUă
WLS60
52


5HPHGLHUHDDYDULLORU9LWRWURQLF.

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
 )XQFĠLRQDUHFRPDQ 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGH
GDWăGHDXWRPDWL ]RUXOGHWHPSHUD WHPSHUDWXUă8T YH]L
]DUH WXUă8T LQVWUXFĠLXQLOHGHPRQWDMúL
5DFRUGXOGHOD GHVHUYLFHVHSDUDWH 
PRGXOXOGHDXWR
PDWL]DUHSHQWUX
LQVWDODĠLHVRODUă
WLS60
 )ăUăSUHSDUDUHGH 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGHOD
DSăFDOGăPHQDMHUă ]RUXOGHWHPSHUD DXWRPDWL]DUHDSHQWUX
FXLQVWDODĠLDVRODUă WXUăODFROHFWRU LQVWDODĠLDVRODUă YH]L
FRQHFWDUHDVHQ]R LQVWUXFĠLXQLOHGHPRQWDMúL
UXOXLGHWHPSHUD GHVHUYLFHVHSDUDWH 
WXUă ODPRGXOXO
GHDXWRPDWL]DUH
SHQWUXLQVWDODĠLD
VRODUăGHWLS60
VDXVHQ]RUXOOD6
GHOD9LWRVROLF
 )XQFĠLRQDUHFRPDQ 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGHOD
GDWăGHDXWRPDWL ]RUXOGHWHPSHUD DXWRPDWL]DUHDSHQWUX
]DUH WXUă LQVWDODĠLDVRODUă YH]L
FRQHFWDUHOD6DO LQVWUXFĠLXQLOHGHPRQWDMúL
9LWRVROLF GHVHUYLFHVHSDUDWH 
 )ăUăSUHSDUDUHGH 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGHOD
DSăFDOGăPHQDMHUă ]RUXOGHWHPSHUD DXWRPDWL]DUHDSHQWUX
FXLQVWDODĠLDVRODUă WXUăDODSHLGLQDFX LQVWDODĠLDVRODUă YH]L
PXODWRU LQVWUXFĠLXQLOHGHPRQWDMúL
FRQHFWDUHDVHQ]R GHVHUYLFHVHSDUDWH 
UXOXLGHWHPSHUD
WXUăODPRGXOXO
GHDXWRPDWL]DUH
SHQWUXLQVWDODĠLD
VRODUăGHWLS60
VDXVHQ]RUXOOD6
GHOD9LWRVROLF
52


5HPHGLHUHDDYDULLORU9LWRWURQLF.

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
 )XQFĠLRQDUHFRPDQ ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGH
GDWăGHDXWRPDWL ]RUXOGHWHPSHUD WHPSHUDWXUă  YH]L
]DUH WXUă  LQVWUXFĠLXQLOHGHPRQWDMúL
5DFRUGXOGHOD GHVHUYLFHVHSDUDWH 
PRGXOXOGHDXWR 6HYHULILFăDGUHVDGH
PDWL]DUHSHQWUX FRGDUHijvQJUXSD
LQVWDODĠLHVRODUă Ä6RODU³
WLS60
 )XQFĠLRQDUHFRPDQ ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGH
GDWăGHDXWRPDWL ]RUXOGHWHPSHUD WHPSHUDWXUă8T YH]L
]DUH WXUă8T LQVWUXFĠLXQLOHGHPRQWDMúL
5DFRUGXOGHOD GHVHUYLFHVHSDUDWH 
PRGXOXOGHDXWR 6HYHULILFăDGUHVDGH
PDWL]DUHSHQWUX FRGDUHijvQJUXSD
LQVWDODĠLHVRODUă Ä6RODU³
WLS60
$ )ăUăSUHSDUDUHGH ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGHOD
DSăFDOGăPHQDMHUă ]RUXOGHWHPSHUD DXWRPDWL]DUHDSHQWUX
FXLQVWDODĠLDVRODUă WXUăODFROHFWRU LQVWDODĠLDVRODUă YH]L
FRQHFWDUHDVHQ]R LQVWUXFĠLXQLOHGHPRQWDMúL
UXOXLGHWHPSHUD GHVHUYLFHVHSDUDWH 
WXUă ODPRGXOXO
GHDXWRPDWL]DUH
SHQWUXLQVWDODĠLD
VRODUăGHWLS60
VDXVHQ]RUXOOD6
GHOD9LWRVROLF
E )XQFĠLRQDUHFRPDQ ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGHOD
6HUYLFH

GDWăGHDXWRPDWL ]RUXOGHWHPSHUD DXWRPDWL]DUHDSHQWUX


]DUH WXUă LQVWDODĠLDVRODUă YH]L
FRQHFWDUHOD6DO LQVWUXFĠLXQLOHGHPRQWDMúL
9LWRVROLF GHVHUYLFHVHSDUDWH 
52


5HPHGLHUHDDYDULLORU9LWRWURQLF.

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
& )ăUăSUHSDUDUHGH ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGHOD
DSăFDOGăPHQDMHUă ]RUXOGHWHPSHUD DXWRPDWL]DUHDSHQWUX
FXLQVWDODĠLDVRODUă WXUăDODSHLGLQDFX LQVWDODĠLDVRODUă YH]L
PXODWRU LQVWUXFĠLXQLOHGHPRQWDMúL
FRQHFWDUHDVHQ]R GHVHUYLFHVHSDUDWH 
UXOXLGHWHPSHUD
WXUăODPRGXOXO
GHDXWRPDWL]DUH
SHQWUXLQVWDODĠLD
VRODUăVDXVHQ]R
UXOOD6GHOD9LWR
VROLF
( )XQFĠLRQDUHFRPDQ 'HELWYROXPHWULF 6HYHULILFăFLUFXLWXOVRODU
GDWăGHDXWRPDWL SUHDUHGXVVDX 6HDQXOHD]ăPHVDMXOGH
]DUH OLSVăvQFLUFXLWXO DYDULH YH]LLQVWUXFĠLXQLOH
VRODUVDXWHUPRFX GHPRQWDMúLGHVHUYLFH
SODDGHFODQúDW VHSDUDWH 
) )XQFĠLRQDUHFRPDQ (URDUHODPRGXOXO 6HYHULILFăDXWRPDWL]DUHD
GDWăGHDXWRPDWL GHDXWRPDWL]DUH SHQWUXLQVWDODĠLDVRODUă
]DUH VRODUăWLS60VDX YH]LLQVWUXFĠLXQLOHGH
9LWRVROLF PRQWDMúLGHVHUYLFHVHSD
(VWHDILúDWăGDFă UDWH 
ODDFHVWHDSDUDWH
VHSURGXFHR
HURDUHSHQWUXFDUH
QXH[LVWăXQFRGGH
DYDULHOD9LWRWUR
QLF
52


5HPHGLHUHDDYDULLORU9LWRWURQLF.

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
$E )XQFĠLRQDUHFRPDQ (URDUHGHFRQILJX 6HFRQHFWHD]ăFRQHFWRUXO
GDWăGHDXWRPDWL UDUHDVLVWHPXOXL 8$%úLVHYHULILFă
]DUHHYHQWXDODSD GHDFXPXODUHD FRGăULOH
GLQERLOHUHVWHUHFH DSHLFDOGHPHQD
MHUH
&RGDUHDij
HVWHVHWDWăvQ
JUXSDÄ$SăFDOGă
PHQDM³GDU
FRQHFWRUXO8$%QX
HVWHFRQHFWDWúL
VDX
FRGăULOHÄ&³úL
Ä(³vQJUXSD
Ä*HQHUDO³QXVXQW
VHWDWH
E )XQFĠLRQDUHFRPDQ (URDUHGHFRPXQL 6HYHULILFăOHJăWXULOH
GDWăGHDXWRPDWL FDUHODXQLWDWHDGH GXSăFD]VHvQORFXLHúWH
]DUH FRPDQGă XQLWDWHDGHFRPDQGă
E )XQFĠLRQDUHFRPDQ (URDUHLQWHUQă 6HYHULILFăSODFDGHFLU
GDWăGHDXWRPDWL FXLWHLQWHJUDWHGDFăDIRVW
]DUH LQWURGXVăFRUHFW
E )XQFĠLRQDUHvQUHJLP ,GHQWLILFDUHKDUG 6HYHULILFăDGUHVDGH
FRQVWDQW ZDUHQHYDODELOă FRGDUHijvQJUXSD
Ä*HQHUDO³WUHEXLHVăILH
VHWDWij

,QGLFDĠLH
6HUYLFH

7UHEXLHVHWDWăFRGDUHD
Ä$³SHQWUXFD
DGUHVDGHFRGDUHijVă
ILHDILúDWă

E$ 9DQDGHDPHVWHF (URDUHGHFRPXQL 6HYHULILFăFRQHFWDUHD
ÄvQFKLVă³ FDUHODSODFDHOHF GLQWUHSODFDHOHFWURQLFăúL
WURQLFăGHH[WHQVLH EDQGDSODWăGHFRQGXF
SHQWUXFLUFXLWHOHGH WRULGXSăFD]VHvQOR
vQFăO]LUHúLFX FXLHúWHSODFDHOHFWURQLFă
52

YDQăGHDPHVWHF


5HPHGLHUHDDYDULLORU9LWRWURQLF.

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
E& )XQFĠLRQDUHFRPDQ (URDUHGHFRPXQL 6HYHULILFăFRQH[LXQLOH
GDWăGHDXWRPDWL]DUH FDUHODWHOHFR FDEOXO YH]L,QVWUXFĠLXQHD
IăUăWHOHFRPDQGă PDQGD9LWRWURO GHPRQWDMúLGHVHUYLFH
SHQWUXFLUFXLWXOGH VHSDUDWă úLDGUHVDGH
vQFăO]LUHIăUăYDQă FRGDUHÄ$³vQJUXSDÄ&LU
GHDPHVWHF$ FLU FXLWvQFăO]LUH³
FXLWGHvQFăO]LUH &XWHOHFRPDQGă
6HDGXFHWHOHFRPDQGDvQ
DSURSLHUHDED]HLUDGLRúL
VHYHULILFăFRQH[LXQLOH
YH]LLQVWUXFĠLXQLOHGH
PRQWDMúLGHVHUYLFHVHSD
UDWH 
EG )XQFĠLRQDUHFRPDQ (URDUHGHFRPXQL 6HYHULILFăFRQH[LXQLOH
GDWăGHDXWRPDWL]DUH FDUHODWHOHFR FDEOXO YH]L,QVWUXFĠLXQHD
IăUăWHOHFRPDQGă PDQGD9LWRWURO GHPRQWDMúLGHVHUYLFH
SHQWUXFLUFXLWXOGH VHSDUDWă úLDGUHVDGH
vQFăO]LUHFXYDQă FRGDUHÄ$³vQJUXSDÄ&LU
GHDPHVWHF0 FXLWvQFăO]LUH³
FLUFXLWGH &XWHOHFRPDQGă
vQFăO]LUH 6HDGXFHWHOHFRPDQGDvQ
DSURSLHUHDED]HLUDGLRúL
VHYHULILFăFRQH[LXQLOH
YH]LLQVWUXFĠLXQLOHGH
PRQWDMúLGHVHUYLFHVHSD
UDWH 
E( )XQFĠLRQDUHFRPDQ (URDUHGHFRPXQL 6HYHULILFăFRQH[LXQLOH
GDWăGHDXWRPDWL]DUH FDUHODWHOHFR FDEOXO YH]L,QVWUXFĠLXQHD
IăUăWHOHFRPDQGă PDQGD9LWRWUROFX GHPRQWDMúLGHVHUYLFH
YDQăGHDPHV VHSDUDWă úLDGUHVDGH
WHF0 FLUFXLWGH FRGDUHÄ$³vQJUXSDÄ&LU
vQFăO]LUH FXLWvQFăO]LUH³
&XWHOHFRPDQGă
6HDGXFHWHOHFRPDQGDvQ
DSURSLHUHDED]HLUDGLRúL
VHYHULILFăFRQH[LXQLOH
YH]LLQVWUXFĠLXQLOHGH
PRQWDMúLGHVHUYLFHVHSD
52

UDWH 


5HPHGLHUHDDYDULLORU9LWRWURQLF.

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
E) )XQFĠLRQDUHFRPDQ 0RGXOGHFRPXQL 6HvQORFXLHúWHPRGXOXOGH
GDWăGHDXWRPDWL FDUH/21LQFRUHFW FRPXQLFDUH/21
]DUH
/LSVăFRPXQLFDUH
SULQ/21
& )XQFĠLRQDUHFRPDQ ÌQWUHUXSHUH.0 7UHEXLHYHULILFDWHFDEOXO
GDWăGHDXWRPDWL %86ODPRGXOXOGH .0%86úLDSDUDWXO
]DUH DXWRPDWL]DUH )ăUăDXWRPDWL]DUHSHQWUX
VRODUăWLS60VDX LQVWDODĠLDVRODUă
OD9LWRVROLF 6HVHWHD]ăFRGDUHD
ijvQJUXSDÄ*HQH
UDO³
&) )XQFĠLRQDUHFRPDQ (URDUHGHFRPXQL 6HYHULILFăPRGXOXOGH
GDWăGHDXWRPDWL FDUHODPRGXOXOGH FRPXQLFDUH/21GDFă
]DUH FRPXQLFDUH/21 HVWHQHFHVDUVHvQOR
/LSVăFRPXQLFDUH GHODDXWRPDWL]DUH FXLHúWH
SULQ/21 'DFăQXH[LVWăQLFLXQ
PRGXOGHFRPXQLFDUH
/21VHVHWHD]ăFRGDUHD
ijGLQJUXSDÄ*HQH
UDO³
G )XQFĠLRQDUHFRPDQ (URDUHGHFRPXQL 6HYHULILFăFRQH[LXQLOH
GDWăGHDXWRPDWL FDUHODH[WHQ YH]LSDJ 
]DUH VLD($ )ăUăH[WHQVLH($
6HVHWHD]ăFRGDUHDÄE
³vQJUXSDÄ*HQHUDO³
G &D]DQXOWLQGHVSUH &D]DQXOQXFRPX 9HULILFDĠLFRPXQLFDUHD
OLPLWDUHDHOHFWURQLFă QLFăFXDXWRPDWL SULQYHULILFDUHDSDUWLFLSDQ
6HUYLFH

PD[LPăDWHPSHUDWX ]DUHDFXUHJODMvQ WXOXLDFDEOXULORUOD9LWR


ULLDSHLGLQFD]DQ FDVFDGă WURQLFúLDFRGăULORU
G )XQFĠLRQDUHFRPDQ ,QWUDUHD'(GHOD 6HUHPHGLD]ăHURDUHDOD
GDWăGHDXWRPDWL H[WHQVLD($VHP DSDUDWXOUHVSHFWLY
]DUH QDOL]HD]ăRDYDULH
G )XQFĠLRQDUHFRPDQ ,QWUDUHD'(OD 6HUHPHGLD]ăHURDUHDOD
GDWăGHDXWRPDWL H[WHQVLD($VHP DSDUDWXOUHVSHFWLY
]DUH QDOL]HD]ăRDYDULH
G )XQFĠLRQDUHFRPDQ ,QWUDUHD'(GHOD 6HUHPHGLD]ăHURDUHDOD
GDWăGHDXWRPDWL H[WHQVLD($VHP DSDUDWXOUHVSHFWLY
52

]DUH QDOL]HD]ăRDYDULH


5HPHGLHUHDDYDULLORU9LWRWURQLF.

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
G$ )XQFĠLRQDUHFRPDQ 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGH
GDWăGHDXWRPDWL]DUH ]RUXOGHWHPSHUD WHPSHUDWXUă YH]L
IăUăLQIOXHQĠD WXUăGHDPELDQĠă SDJ 
DPELDQĠHL SHQWUXFLUFXLWXOGH
vQFăO]LUHIăUăYDQă
GHDPHVWHF$
FLUFXLWGH
vQFăO]LUH
GE )XQFĠLRQDUHFRPDQ 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGH
GDWăGHDXWRPDWL]DUH ]RUXOGHWHPSHUD WHPSHUDWXUă YH]L
IăUăLQIOXHQĠD WXUăGHDPELDQĠă SDJ 
DPELDQĠHL SHQWUXFLUFXLWXOGH
vQFăO]LUHFXYDQă
GHDPHVWHF0
FLUFXLWGH
vQFăO]LUH
G& )XQFĠLRQDUHFRPDQ 6FXUWFLUFXLWODVHQ 6HYHULILFăVHQ]RUXOGH
GDWăGHDXWRPDWL]DUH ]RUXOGHWHPSHUD WHPSHUDWXUă YH]L
IăUăLQIOXHQĠD WXUăGHDPELDQĠă SDJ 
DPELDQĠHL SHQWUXFLUFXLWXOGH
vQFăO]LUHFXYDQă
GHDPHVWHF0
FLUFXLWGH
vQFăO]LUH
GG )XQFĠLRQDUHFRPDQ ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGH
GDWăGHDXWRPDWL]DUH ]RUXOGHWHPSHUD WHPSHUDWXUă YH]L
IăUăLQIOXHQĠD WXUăGHDPELDQĠă SDJ 
DPELDQĠHL SHQWUXFLUFXLWXOGH
vQFăO]LUHIăUăYDQă
GHDPHVWHF$ FLU
FXLWGHvQFăO]LUH
52


5HPHGLHUHDDYDULLORU9LWRWURQLF.

&RGXULGHDYDULH FRQWLQXDUH

&RGGH &RPSRUWDUHDLQVWD &DX]DDYDULHL 0ăVXUă


DYDULHSH ODĠLHL
GLVSOD\
G( )XQFĠLRQDUHFRPDQ ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGH
GDWăGHDXWRPDWL]DUH ]RUXOGHWHPSHUD WHPSHUDWXUă YH]L
IăUăLQIOXHQĠD WXUăGHDPELDQĠă SDJ 
DPELDQĠHL SHQWUXFLUFXLWXOGH
vQFăO]LUHFXYDQă
GHDPHVWHF0
FLUFXLWGH
vQFăO]LUH
G) )XQFĠLRQDUHFRPDQ ÌQWUHUXSHUHODVHQ 6HYHULILFăVHQ]RUXOGH
GDWăGHDXWRPDWL]DUH ]RUXOGHWHPSHUD WHPSHUDWXUă YH]L
IăUăLQIOXHQĠD WXUăGHDPELDQĠă SDJ 
DPELDQĠHL SHQWUXFLUFXLWXOGH
vQFăO]LUHFXYDQă
GHDPHVWHF0
FLUFXLWGH
vQFăO]LUH

6HUYLFH
52



'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

5HJODMXOWHPSHUDWXULLDSHLGLQFD]DQSHQWUX9LWRWURQLF

'HVFULHUHSHVFXUW

Ŷ 5HJODMXOWHPSHUDWXULLDSHLGLQFD]DQ
VHIDFHSULQSRUQLUHDúLRSULUHD
DU]ăWRUXOXLUHVSHFWLYDPRGXOăULL
Ŷ 7HPSHUDWXUDUHJODWăDDSHLGLQFD]DQ
HVWHLPSXVăGHDXWRPDWL]DUHDFX
UHJODMvQFDVFDGă9LWRWURQLF.
Ŷ 3ULQILúDGHFRGDUHDFD]DQXOXLHVWH
IL[DWăRWHPSHUDWXUăPLQLPăSHQWUX
DSDGLQFD]DQWHPSHUDWXUăFDUHWUH
EXLHSăVWUDWăSHQWUXDDVLJXUDSURWHF
ĠLDFD]DQXOXL
Ŷ ÌQFRPELQDĠLHFX7KHUP&RQWURO
/DFRERUkUHDWHPSHUDWXULLVXEYDORD
UHDUHJODWăODVHQ]RUXOGHOD7KHUP
&RQWUROWHPSHUDWXUDUHJODWăSHQWUX
DSDGLQFD]DQYDILULGLFDWă

)XQFĠLL

7HPSHUDWXUDDSHLGLQFD]DQHVWHvQUH 9DORULOHLQIHULRDUHDOHGRPHQLXOXLGH
JLVWUDWăGHXUPăWRDUHOHDSDUDWH UHJODM
Ŷ 7HUPRVWDWXOGHVLJXUDQĠă67% GLODWD Ŷ $XWRPDWL]DUHDUHJOHD]ăvQFD]XOUHJL
UHDOLFKLGXOXL PXOXLQRUPDOúLvQFD]XOUHJLPXOXLFX
Ŷ 7HUPRVWDWXOGHOXFUX75 GLODWDUHD DVLJXUDUHDSURWHFĠLHLODvQJKHĠWHPSH
OLFKLGXOXL UDWXUDDSHLGLQFD]DQvQIXQFĠLHGH
Ŷ 6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQ FD]DQXOUHVSHFWLY
FD]DQ17&Nȍ

/LPLWHOHVXSHULRDUHDOHGRPHQLXOXLGH
UHJODM
Ŷ 7HUPRVWDWXOGHVLJXUDQĠă67%
ž&
Ŷ 7HUPRVWDWXOGHOXFUX75
ž&
Ŷ /LPLWDUHDHOHFWURQLFăDWHPSHUDWXULL
PD[LPH
± 'RPHQLXOGHUHJODMSkQăOD
ž&
± 0RGLILFDUHSULQDGUHVDGHFRGDUH
52

ijGLQJUXSDÄ&D]DQ³


'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

5HJODMXOWHPSHUDWXULLDSHLGLQFD]DQSHQWUX« FRQWLQXDUH

+LVWHUH]LVGHSRUQLUHRSULUHDODU]ăWRUXOXL

+LVWHUH]LVGHSRUQLUHRSULUHFRQVWDQW

&RGDUHDij

SRUQLW
$U]ăWRU

2SULWă 7LPS


UHJO


&RQVXPUHGXV &RQVXPPHGLX FRQVXPULGLFDW
1HFHVDUGHFăOGXUă
1HFHVDUGHFăOGXUă1HFHVDUGHFăOGXUă

+LVWHUH]LVGHSRUQLUHRSULUHFXDFĠLRQDUHvQIXQFĠLHGHQHFHVDUXOGHFăOGXUă

+LVWHUH]LVXOGHSRUQLUHRSULUHFRPDQGDWGHQHFHVDUXOGHFăOGXUăĠLQHVHDPDGHJUD
GXOGHvQFăUFDUHDOFD]DQXOXL
ÌQIXQFĠLHGHQHFHVDUXOGHFăOGXUăPRPHQWDQYDULD]ăKLVWHUH]LVXOGHSRUQLUHRSULUH
DGLFăWLPSXOGHIXQFĠLRQDUHDDU]ăWRUXOXL

)XQFĠLD(5%

&RGDUHDij
6HVHWHD]ăvQIXQFĠLHGHQHFHVDUXOGHFăOGXUăYDORULvQWUHúL.

SRUQLW
$U]ăWRU

2SULWă 7LPS


6HUYLFH


UHJO

&RQVXPUHGXV &RQVXPPHGLX FRQVXPULGLFDW
1HFHVDUGHFăOGXUă
1HFHVDUGHFăOGXUă1HFHVDUGHFăOGXUă

)XQFĠLD(5%

&RGDUHDij
6HVHWHD]ăvQIXQFĠLHGHQHFHVDUXOGHFăOGXUăYDORULvQWUHúL.
52



'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

5HJODMXOWHPSHUDWXULLDSHLGLQFD]DQSHQWUX« FRQWLQXDUH

SRUQLW
$U]ăWRU

2SULWă 7LPS




UHJO

&RQVXPUHGXV &RQVXPPHGLX FRQVXPULGLFDW
1HFHVDUGHFăOGXUă
1HFHVDUGHFăOGXUă1HFHVDUGHFăOGXUă

(WDSHOHGHUHJODM

&D]DQXOVHUăFHúWH &D]DQXOVHvQFăO]HúWH

9DORDUHQRPLQDOă෹. YDORDUHUHJODWă.
6HPQDOXOSHQWUXSRUQLUHDDU]ăWRUXOXLVH $U]ăWRUXOVHRSUHúWH
GHFODQúHD]ăODWHPSHUDWXUDQRPLQDOăD $U]ăWRUFXPRGXODUH
DSHLGLQFD]DQPLQXV.LDUDU]ăWRUXO 0RPHQWXOGHRSULUHDDU]ăWRUXOXLHVWH
DFWLYHD]ăSURSULXOVăXSURJUDPGHPRQL VWDELOLWGHGLIHUHQĠDGHWHPSHUDWXUăGH
WRUL]DUH GHFRQHFWDUH DGUHVDGHFRGDUHijGLQ
JUXSDÄ&D]DQ³ 
,QGLFDĠLH
ÌQIXQFĠLHGHYROXPXOFLUFXLWHORUVXSOL
PHQWDUHúLGHWLSXOLQVWDODĠLHLGHDSULQ
GHUHSRUQLUHDDU]ăWRUXOXLSRDWHvQWkU]LD
FkWHYDPLQXWH

5HJODMvQFDVFDGăDODXWRPDWL]ăULL9LWRWURQLF.

'HVFULHUHSHVFXUW

5HJODMXOWHPSHUDWXULLSHWXUVHUHDOL Ŷ 0RGGHUHJODMDXWRQRP YH]L


]HD]ăSULQSRUQLUHDúLRSULUHDDU]ăWRUXOXL SDJLQD
UHVSHFWLYSULQFRQHFWDUHDúLGHFRQHFWD Ŷ 0RGGHUHJODMVHFYHQĠLDO YH]L
UHDGLIHULWHORUWUHSWHDOHDU]ăWRUXOXL SDJLQD
Ŷ ÌQIXQFĠLHGHPRGHOXOLQVWDODĠLHLH[LVWă
RVWUDWHJLHGHXWLOL]DUHDFăOGXULLGH
52

FRQGHQVDĠLHúLGRXăVWUDWHJLLGHXWLOL
]DUHDFăOGXULLGHDUGHUH


'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

5HJODMvQFDVFDGăDODXWRPDWL]ăULL9LWRWURQLF« FRQWLQXDUH

9DORDUHDQRPLQDOăDWHPSHUDWXULLSHWXU

9DORDUHDUHJODWăSHQWUXWHPSHUDWXUDSH 9DORULOHVXSHULRDUHDOHGRPHQLXOXLGH
WXUVHGHWHUPLQăFXDMXWRUXOXUPăWRULORU UHJODM
SDUDPHWUL 9DORDUHDPD[LPăDWHPSHUDWXULLSHWXUXO
Ŷ 9DORDUHDUHJODWăDWHPSHUDWXULLFLUFXL LQVWDODĠLHL DGUHVăGHFRGDUHijvQ
WXOXLGHvQFăO]LUHIăUăYDQăGHDPHVWHF JUXSDÄ&DVFDGă³ 
$ FLUFXLWGHvQFăO]LUH úLDFLUFXLWH 9DORULOHLQIHULRDUHDOHGRPHQLXOXLGH
ORUGHvQFăO]LUHFXYDQăGHDPHVWHF UHJODM
0 FLUFXLWGHvQFăO]LUH úL0 FLUFXLW 9DORDUHDPLQLPăDWHPSHUDWXULLSHWXUXO
GHvQFăO]LUH  LQVWDODĠLHL DGUHVăGHFRGDUHijvQ
Ŷ 9DORDUHDUHJODWăDWHPSHUDWXULLSHWXU JUXSDÄ&DVFDGă³ 
SHQWUXDOĠLFRQVXPDWRUL
Ŷ 9DORDUHUHJODWăDWHPSHUDWXULLDSHL
PHQDMHUH
Ŷ 6ROLFLWăULH[WHUQH

0RGGHUHJODUHDXWRQRP

5DFRUGDUHDFD]DQHORUvQSDUDOHO 5DFRUGDUHDFD]DQHORUvQVHULH

Ŷ )ăUăúLFXVHQ]RUGHWHPSHUDWXUăSH Ŷ )ăUăúLFXVHQ]RUGHWHPSHUDWXUăSH
WXU YH]LSDJ  WXU YH]LSDJ 
Ŷ $XWRPDWL]DUHDGHFDVFDGăIL[HD]ă Ŷ 6WUDWHJLDGHFDVFDGDUHHVWHVHWDWă
YDORDUHDWHPSHUDWXULLUHJODWHDDSHL DXWRPDWvQVWUDWHJLDGHXWLOL]DUHD
GLQFD]DQSHQWUXWRDWHFD]DQHOHFDUH FăOGXULLGHDUGHUHFRGDUHDÄ&³
VXQWvQIXQFĠLXQH)LHFDUHDXWRPDWL YH]LSDJ 
]DUHDFLUFXLWXOXLFD]DQXOXLUHJOHD]ăOD Ŷ $XWRPDWL]DUHDGHFDVFDGăIL[HD]ă
YDORDUHDUHJODWăVWDELOLWă YDORDUHDWHPSHUDWXULLUHJODWHDDSHL
GLQFD]DQSHQWUXWRDWHFD]DQHOHFDUH
6XQWSRVLELOHXUPăWRDUHOHVWUDWHJLLGH VXQWvQIXQFĠLXQH)LHFDUHDXWRPDWL
6HUYLFH

FDVFDGDUH ]DUHDFLUFXLWXOXLFD]DQXOXLUHJOHD]ăOD
Ŷ 6WUDWHJLHGHXWLOL]DUHDFăOGXULLGHFRQ YDORDUHDUHJODWăVWDELOLWă
GHQVDĠLH YH]LSDJ ÌQFD]XOvQFDUHFD]DQXOFRQGXFăWRU
Ŷ 6WUDWHJLDGHXWLOL]DUHDFăOGXULLGH FD]DQFRQYHQĠLRQDO QXDWLQJHYDORD
DUGHUH YH]LSDJ UHDUHJODWăSUHYă]XWăDWXQFLHOVHU
Ŷ 6WUDWHJLDGHXWLOL]DUHDFăOGXULLGH YHúWHQXPDLSHQWUXULGLFDUHDWHPSHUD
DUGHUH YH]LSDJ WXULLSHUHWXUSHQWUXFD]DQXOXUPăWRU
UDFRUGDW&D]DQXOFRQYHQĠLRQDOHVWH
SRUQLWPDLWkU]LXúLRSULWWRWPDLWkU]LX
52



'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

5HJODMvQFDVFDGăDODXWRPDWL]ăULL9LWRWURQLF« FRQWLQXDUH

Ŷ &XVHQ]RUGHWHPSHUDWXUăSHWXU 3HQWUXGHWHUPLQDUHDFULWHULLORUGHSRU
6HVHWHD]ăFRGDUHDÄE³VDXÄE³ QLUHúLRSULUHVHIRUPHD]ăGLIHUHQĠD
vQJUXSDÄ&DVFDGă³ GLQWUHWHPSHUDWXUDUHJODWăSHQWUXDSD
3HQWUXGHWHUPLQDUHDFULWHULLORUGHSRU GLQFD]DQúLYDORDUHDPHGLHHVWLPDWă
QLUHúLRSULUHVHIRUPHD]ăDEDWHUHDGH DWHPSHUDWXULLHIHFWLYHDDSHLGLQFD]D
ODYDORDUHDUHJODWăFDGLIHUHQĠăGLQWUH QHOHFDUHVXQWvQIXQFĠLXQH6HLDXvQ
YDORDUHDUHJODWăSHQWUXWHPSHUDWXUD FRQVLGHUDĠLHQXPDLFD]DQHOHDOHFăURU
SHWXUúLYDORDUHDHIHFWLYăDDFHVWHLD FODSHWHGHUHJODMQXVXQWvQFKLVH
Ŷ )ăUăVHQ]RUGHWHPSHUDWXUăSHWXU
6HVHWHD]ăFRGDUHDÄE³VDXÄE³
vQJUXSDÄ&DVFDGă³

0RGGHUHJODUHVHFYHQĠLDO

Ŷ &XVHQ]RUGHWHPSHUDWXUăSHWXU
Ŷ 6HVHWHD]ăFRGDUHDÄE³vQJUXSD
Ä&DVFDGă³
Ŷ 6WUDWHJLDGHFDVFDGDUHHVWHVHWDWă
DXWRPDWvQVWUDWHJLDGHXWLOL]DUHD
FăOGXULLGHDUGHUHFRGDUHDÄ&³
YH]LSDJ 
Ŷ $XWRPDWL]DUHDFXUHJODMvQFDVFDGă
UHJOHD]ăODYDORDUHDUHJODWăVWDELOLWă
SHQWUXWHPSHUDWXUDSHWXUSULQVWDELOL
UHDSXWHULLSHQWUXILHFDUHFD]DQ&D]D
QXOFRQGXFăWRUSRDWHIXQFĠLRQDFX
PRGXODĠLH&HOHODOWHFD]DQHVXQW
FRPDQGDWHSHED]DSXWHULLIL[DWHSULQ
IXQFĠLRQDUHDDU]ăWRUXOXLvQGRXăWUHSWH
úLDU]ăWRDUHFXPRGXODĠLH

6WUDWHJLLGHFDVFDGDUH

6WUDWHJLDGHXWLOL]DUHDFăOGXULLGH 6WUDWHJLDFHXWLOL]HD]ăFăOGXUDGHFRQ
FRQGHQVDĠLH GHQVDĠLHDUHFDVFRSIXQFĠLRQDUHDDFkW
PDLPXOWRUFD]DQHFXSXWHUHPLQLPă
$YDQWDM
8WLOL]DUHDRSWLPăDHIHFWXOXLGHFRQGHQ
VDĠLHúLWLPSLOXQJLGHIXQFĠLRQDUHD
DU]ăWRUXOXL
6HVHWHD]ăFRGDUHDÄ&³vQJUXSD
52

Ä&DVFDGă³


'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

5HJODMvQFDVFDGăDODXWRPDWL]ăULL9LWRWURQLF« FRQWLQXDUH

Ŷ &ULWHULXGHSRUQLUH Ŷ &ULWHULXGHSRUQLUH
3RUQLUHDFD]DQXOXLVHIDFHSULQWUXQ 3RUQLUHDFD]DQHORUVHUHDOL]HD]ăSULQ
ELODQĠGHSXWHUH FRGDUHDÄG³vQ LQWHUPHGLXOXQHLLQWHJUDOHGHFRQHF
JUXSDÄ&DVFDGă³  WDUH'DFăVHGHSăúHúWHYDORDUHD
8QQRXFD]DQHVWHSRUQLWGDFăSXWHUHD UHJODWăvQDGUHVDGHFRGDUHijvQ
QHFHVDUăODPRPHQWXOUHVSHFWLYSRDWH JUXSDÄ&DVFDGă³SRUQHúWHFD]DQXO
ILDVLJXUDWăGHFD]DQHOHFDUHVXQWvQ XUPăWRUvQRUGLQHDVWDELOLWă YH]L
IXQFĠLXQHvPSUHXQăFXFD]DQXOFDUH SDJ 
XUPHD]ăvQRUGLQHDGHFRQHFWDUH YH]L Ŷ &ULWHULXGHRSULUH
SDJ  2SULUHDFD]DQXOXLVHIDFHSULQUHGXFH
Ŷ &ULWHULXGHRSULUH UHDSXWHULL FRGDUHDÄG³vQJUXSD
2SULUHDFD]DQXOXLVHUHDOL]HD]ăSULQ Ä&DVFDGă³ 8QFD]DQHVWHRSULWGDFă
LQWHUPHGLXOXQHLLQWHJUDOHGHGHFRQHF SXWHUHDQHFHVDUăvQPRPHQWXOUHV
WDUH'DFăLQWHJUDODGHGHFRQHFWDUH SHFWLYSRDWHILDVLJXUDWăúLIăUăXOWLPXO
GHSăúHúWHRYDORDUHOLPLWăVWDELOLWă FD]DQSRUQLW
SULQDGUHVDGHFRGDUHijvQJUXSD
Ä&DVFDGă³FULWHULXOGHRSULUHHVWH 6WUDWHJLDGHXWLOL]DUHDFăOGXULLGH
vQGHSOLQLWúLXOWLPXOFD]DQFRQHFWDWYD DUGHUH
ILRSULW
$YDQWDM
6WUDWHJLDGHXWLOL]DUHDFăOGXULLGH 7LPSLOXQJLGHIXQFĠLRQDUHDDU]ăWRUXOXL
DUGHUH 6HVHWHD]ăFRGDUHDÄ&³vQJUXSD
Ä&DVFDGă³ VWDUHGHOLYUDUH 
$YDQWDM 8QQRXFD]DQVHSRUQHúWHQXPDLGDFă
ÌQSHUPDQHQĠăVXQWvQIXQFĠLXQHFkWPDL SXWHUHDPD[LPăDDU]ăWRDUHORUvQIXQF
SXĠLQHFD]DQHSRVLELO ĠLXQHQXHVWHVXILFLHQWăSHQWUXDDWLQJH
6HVHWHD]ăFRGDUHDÄ&³vQJUXSD WHPSHUDWXUDUHJODWăSHWXU
Ä&DVFDGă³ 8QFD]DQHVWHRSULWGDFăIXQFĠLRQDUHD
&D]DQHOHFRQYHQĠLRQDOHIXQFĠLRQHD]ă DU]ăWRDUHORUDIRVWUHGXVăGLQFDX]DXQHL
GHSUHIHULQĠăODSXWHUHPDLPDUHSHQWUX DEDWHULQHJDWLYHPDULGHODSXWHUHD
DvPSLHGLFDIRUPDUHDFRQGHQVXOXLvQ PLQLPăúLFXWRDWHDFHVWHDSXWHUHDHVWH
6HUYLFH

FD]XOWHPSHUDWXULORUVFă]XWHSHUHWXU8Q vQFăSUHDPDUH
QRXFD]DQVHSRUQHúWHQXPDLGDFăSXWH
UHDPD[LPăDDU]ăWRDUHORUvQIXQFĠLXQH
QXHVWHVXILFLHQWăSHQWUXDDWLQJHWHP
SHUDWXUDUHJODWăSHWXU8QFD]DQHVWH
RSULWGDFăFHOHODOWHFD]DQHSRWDVLJXUD
VLQJXUHSXWHUHDVROLFLWDWă
52



'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

5HJODMvQFDVFDGăDODXWRPDWL]ăULL9LWRWURQLF« FRQWLQXDUH

Ŷ &ULWHULXGHSRUQLUH 2SULUHDFD]DQXOXLVHUHDOL]HD]ăSULQ
3RUQLUHDFD]DQHORUVHUHDOL]HD]ăSULQ LQWHUPHGLXOXQHLLQWHJUDOHGHGHFRQHF
LQWHUPHGLXOXQHLLQWHJUDOHGHFRQHF WDUH'DFăLQWHJUDODGHGHFRQHFWDUH
WDUH'DFăVHGHSăúHúWHYDORDUHD GHSăúHúWHRYDORDUHOLPLWăVWDELOLWă
UHJODWăvQDGUHVDGHFRGDUHijvQ SULQDGUHVDGHFRGDUHijvQJUXSD
JUXSDÄ&DVFDGă³SRUQHúWHFD]DQXO Ä&DVFDGă³FULWHULXOGHRSULUHHVWH
XUPăWRUvQRUGLQHDVWDELOLWă YH]L vQGHSOLQLWúLXOWLPXOFD]DQFRQHFWDWYD
SDJ  ILRSULW
Ŷ &ULWHULXGHRSULUH

([HPSOXGHGLIHULWHVWUDWHJLLGHFDVFDGDUH

,QVWDODĠLHFXGRXăFD]DQHFXDU]ăWRDUH
FXPRGXODĠLH
Ŷ &D]DQSXWHUHQRPLQDOă VDU
FLQDGHED]ăVHWDWăOD
Ŷ &D]DQSXWHUHQRPLQDOă VDU
FLQDGHED]ăVHWDWăOD

6WUDWHJLDGHXWLOL]DUHDFăOGXULLGHFRQGHQVDĠLH FRGDUHÄ&³vQJUXSDÄ&DV
FDGă³ 

3RUQLUH 2SULUH
&D]DQ

&D]DQ

 
 
 
 
&D]DQ

&D]DQ

 
3XWHUHQRPLQDOôßQ

3XWHUHQRPLQDOôßQ

 
 
 
 
7RWDO

7RWDO

 
 
 
W W
52


'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

5HJODMvQFDVFDGăDODXWRPDWL]ăULL9LWRWURQLF« FRQWLQXDUH

6WUDWHJLDGHXWLOL]DUHDFăOGXULLGHDUGHUH FRGDUHÄ&³vQJUXSDÄ&DV
FDGă³ 

3RUQLUH 2SULUH
&D]DQ

&D]DQ
 
 
 
 
&D]DQ

&D]DQ

 
3XWHUHQRPLQDOôßQ

3XWHUHQRPLQDOôßQ

 
 
 
 
7RWDO

7RWDO

 

 
 
W W

6HUYLFH
52



'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

5HJODMvQFDVFDGăDODXWRPDWL]ăULL9LWRWURQLF« FRQWLQXDUH

6WUDWHJLDGHXWLOL]DUHDFăOGXULLGHDUGHUH FRGDUHÄ&³vQJUXSDÄ&DV
FDGă³ 

3RUQLUH 2SULUH
&D]DQ

&D]DQ
 
 
 
 
&D]DQ

&D]DQ

 
3XWHUHQRPLQDOôßQ

3XWHUHQRPLQDOôßQ



 
 
 
7RWDO

7RWDO

 
 
 
W W
52


'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

$XWRPDWL]DUHDFLUFXLWXOXLGHvQFăO]LUH9LWRWURQLF.

'HVFULHUHSHVFXUW

Ŷ $XWRPDWL]DUHDGLVSXQHGHFLUFXLWHGH ± 5HJLPGHOXFUX
UHJODMSHQWUXXQFLUFXLWGHvQFăO]LUHIăUă ± ÌQFOLQDUHDúLQLYHOXOFDUDFWHULVWLFLLGH
YDQăGHDPHVWHF$ FLUFXLWGH vQFăO]LUH
vQFăO]LUH úLGRXăFLUFXLWHGHvQFăO]LUH Ŷ 7HPSHUDWXUDSHWXUXOFLUFXLWXOXLGH
FXYDQăGHDPHVWHF0 FLUFXLWGH vQFăO]LUHIăUăYDQăGHDPHVWHFFRUHV
vQFăO]LUH úL0 FLUFXLWGH SXQGHWHPSHUDWXULLFRPXQHSHWXUXO
vQFăO]LUH  LQVWDODĠLHL
Ŷ 7HPSHUDWXUDUHJODWăSHWXUXOILHFăUXL Ŷ 5HJODUHDWHPSHUDWXULLSHWXUXOFLUFXL
FLUFXLWGHvQFăO]LUHVHGHWHUPLQăSH WHORUFXYDQăGHDPHVWHFVHHIHF
ED]DXUPăWRULORUSDUDPHWUL WXHD]ăSULQGHVFKLGHUHDUHVSHFWLY
± 7HPSHUDWXUDH[WHULRDUă vQFKLGHUHDSURJUHVLYăDYDQHORUGH
± 9DORDUHUHJODWăDWHPSHUDWXULLGH DPHVWHF
DPELDQĠă &RPDQGDVHUYRPRWRUXOXLYDQHLGH
DPHVWHFPRGLILFăWLPSLLGHUHJODMúLGH
UHSDXVvQIXQFĠLHGHGLIHUHQĠDGHWHP
SHUDWXUă DEDWHUHGHODYDORDUHD
UHJODWă 

)XQFĠLL

&LUFXLWXOGHvQFăO]LUHIăUăYDQăGHDPHV Ŷ 9DORDUHDVXSHULRDUăDGRPHQLXOXLGH
WHFGHSLQGHGHWHPSHUDWXUDDSHLGLQ UHJODM
FD]DQúLGHOLPLWHOHGRPHQLXOXLGHUHJODM /LPLWDUHHOHFWURQLFăDYDORULLPD[LPHD
DOHDFHVWHLD WHPSHUDWXULLSHWXU
6LQJXUXOHOHPHQWGHUHJODMHVWHSRPSD $GUHVDGHFRGDUHÄ&³vQJUXSDÄ&LU
FLUFXLWXOXLGHvQFăO]LUH FXLWvQFăO]LUH³
7HPSHUDWXUDSHWXUXOFLUFXLWHORUGH Ŷ 9DORDUHDLQIHULRDUăDGRPHQLXOXLGH
vQFăO]LUHFXYDQăGHDPHVWHFHVWHvQUH UHJODM
JLVWUDWăGHVHQ]RUXOGHWHPSHUDWXUăGH /LPLWDUHDHOHFWURQLFăDYDORULLPLQLPH
6HUYLFH

SHWXUXOFLUFXLWHORUGHvQFăO]LUHUHVSHF DWHPSHUDWXULLSHWXU
WLYH $GUHVDGHFRGDUHÄ&³vQJUXSDÄ&LU
FXLWvQFăO]LUH³
52



'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

$XWRPDWL]DUHDFLUFXLWXOXLGHvQFăO]LUH« FRQWLQXDUH

3URJUDPDUHRUDUă ÌQFD]GHGLIHUHQĠHGHUHJODM DEDWHUHIDĠă


GHYDORDUHDHIHFWLYă GHSHVWH.DOH
$XWRPDWL]DUHDFRPXWăvQIXQFĠLHGHSUR WHPSHUDWXULLGHDPELDQĠăLQIOXHQĠDPDL
JUDPDUHDRUDUăGLQUHJLPXOXLGHIXQFĠLR SRDWHILDPSOLILFDWă DGUHVDGHFRGDUH
QDUHÄÌQFăO]LUHúLDFP³vQWUHUHJLPX ÄE³vQJUXSDÄ&LUFXLWvQFăO]LUH³ 
ULOHÄÌQFăO]LUHODWHPSHUDWXUăGH Ŷ ÌQFăO]LUHUDSLGă
DPELDQĠăQRUPDOă³úLÄÌQFăO]LUHODWHP 3HQWUXDFUHúWHYDORDUHDQRPLQDOă
SHUDWXUăGHDPELDQĠăUHGXVă³ SHQWUXWHPSHUDWXUDGHDPELDQĠăFXFHO
3HQWUXILHFDUHUHJLPGHIXQFĠLRQDUHVH SXĠLQ.WUHEXLHOXDWHXUPăWRDUHOH
UHJOHD]ăDQXPLWHYDORULGHWHPSHUD PăVXUL
WXUă ± $FWLYDUHDUHJLPXOXLGHSHWUHFHUH
3RWILVHWDWHSDWUXLQWHUYDOHGHFRQHFWDUH ± &RPXWDUHDGHODvQFăO]LUHODWHPSH
SH]L UDWXUăUHGXVăODvQFăO]LUHODWHPSH
UDWXUăQRUPDOă
7HPSHUDWXUDH[WHULRDUă ± 2SWLPL]DUHDWLPSLORUGHFRQHFWDUH
DGUHVDGHFRGDUHÄE³vQJUXSD
3HQWUXDGDSWDUHDDXWRPDWL]ăULLODFDUDF Ä&LUFXLWGHvQFăO]LUH³
WHULVWLFLOHFOăGLULLúLODLQVWDODĠLDGH /DDWLQJHUHDYDORULLUHJODWHSHQWUXWHP
vQFăO]LUHWUHEXLHVWDELOLWăRFDUDFWHULVWLFă SHUDWXUDGHDPELDQĠăVHvQFKHLH
GHvQFăO]LUH vQFăO]LUHDUDSLGă
&DUDFWHULVWLFDGHvQFăO]LUHVWDELOHúWH Ŷ 5HGXFHUHUDSLGă
WHPSHUDWXUDUHJODWăDDSHLGLQFD]DQvQ 3HQWUXDUHGXFHYDORDUHDQRPLQDOă
IXQFĠLHGHWHPSHUDWXUDH[WHULRDUă SHQWUXWHPSHUDWXUDGHDPELDQĠăFXFHO
5HJODUHDVHUHDOL]HD]ăvQIXQFĠLHGH SXĠLQ.WUHEXLHOXDWHXUPăWRDUHOH
YDORDUHDPHGLHDWHPSHUDWXULLH[WH PăVXUL
ULRDUH$FHDVWDVHFRPSXQHGLQYDORD ± $FWLYDUHDUHJLPXOXLHFRQRPLF
UHDHIHFWLYăúLYDORDUHDDPRUWL]DWăD ± &RPXWDUHDGHODvQFăO]LUHGH
WHPSHUDWXULLH[WHULRDUH DPELDQĠăODWHPSHUDWXUăQRUPDOăOD
vQFăO]LUHGHDPELDQĠăODWHPSHUD
7HPSHUDWXUăGHDPELDQĠă WXUăUHGXVă
± 2SWLPL]DUHDWLPSLORUGHGHFRQHF
ÌQFRPELQDĠLHFXWHOHFRPDQGDúLFRQHF WDUH DGUHVDGHFRGDUHÄ&³vQJUXSD
WDUHDFRPDQGDWăGHWHPSHUDWXUDGH Ä&LUFXLWGHvQFăO]LUH³
DPELDQĠă DGUHVDGHFRGDUHÄE³vQ /DDWLQJHUHDYDORULLUHJODWHSHQWUXWHP
JUXSDÄ&LUFXLWvQFăO]LUH³  SHUDWXUDGHDPELDQĠăVHvQFKHLHUHGX
7HPSHUDWXUDGHDPELDQĠăLQIOXHQĠHD]ă FHUHDUDSLGă
PDLPXOWWHPSHUDWXUDQRPLQDOăDDSHL
GLQFD]DQGHFkWWHPSHUDWXUDH[WHULRDUă
PRGLILFDUHFXDMXWRUXODGUHVHLGHFRGDUH
ÄE³GLQJUXSDÄ&LUFXLWvQFăO]LUH³ 
ÌQFRPELQDĠLHFXFLUFXLWHGHvQFăO]LUHFX
52

YDQăGHDPHVWHF


'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

$XWRPDWL]DUHDFLUFXLWXOXLGHvQFăO]LUH« FRQWLQXDUH

7HPSHUDWXUDDSHLFDOGHPHQDMHUH Ŷ ,QWHUYDOXOGHVWDĠLRQDUHDSRPSHL
UHJODWăSULQLQWHUPHGLXODGUHVHLGH
&RPDQGăSULRULWDUă FRGDUHÄ$³vQJUXSDÄ&LUFXLW
vQFăO]LUH³HVWHDWLQVă
Ŷ &XFRPDQGăSULRULWDUă FRGDUHD
Ä$³vQJUXSDÄ&LUFXLWvQFăO]LUH³  3UHPLVă
ÌQWLPSXOvQFăO]LULLDSHLGLQERLOHUYDORD ± 1XH[LVWăSHULFROGHvQJKHĠ
UHDUHJODWăSHQWUXWHPSHUDWXUDSHWXU ± $GUHVDGHFRGDUHÄE³vQJUXSD
VHVWDELOHúWHODƒ& Ä&LUFXLWvQFăO]LUH³WUHEXLHVăILH
9DQDGHDPHVWHFVHvQFKLGHúLSRPSD SH
FLUFXLWXOXLGHvQFăO]LUHVHGHFRQHF
WHD]ă ,QGLFDĠLH
Ŷ )ăUăFRPDQGăSULRULWDUă 'DFăvQWLPSXORSULULLSRPSHORUVH
DXWRPDWL]DUHDFLUFXLWXOXLGHvQFăO]LUH WUHFHvQUHJLPGHvQFăO]LUHVDXVH
IXQFĠLRQHD]ăvQFRQWLQXDUHFXYDORD FUHúWHYDORDUHDUHJODWăDWHPSHUDWXULL
UHDUHJODWăQHPRGLILFDWă GHDPELDQĠăSRPSDFLUFXLWXOXLGH
vQFăO]LUHSRUQHúWHFKLDUGDFăWLPSXO
2SWLPL]DUHDIXQFĠLRQăULLSRPSHLFLU QXDH[SLUDWvQFă
FXLWXOXLGHvQFăO]LUH±5HJLPXULHFR 
QRPLFH Ŷ 7HPSHUDWXUDHIHFWLYăGHDPELDQĠă
GHSăúHúWHYDORDUHDUHJODWăODDGUHVD
3RPSDFLUFXLWXOXLGHvQFăO]LUHHVWHRSULWă GHFRGDUHÄE³vQJUXSDÄ&LUFXLW
YDORDUHDUHJODWăSHQWUXWHPSHUDWXUDSH vQFăO]LUH³
WXUHVWHƒ& GDFăHVWHvQGHSOLQLWXQXO
GLQXUPăWRDUHOHFULWHULL 8VFDUHDSDUGRVHOLL
Ŷ 7HPSHUDWXUDH[WHULRDUăGHSăúHúWH
YDORDUHDUHJODWăSULQLQWHUPHGLXODGUH Ŷ ÌQFRPELQDĠLHFXXQFLUFXLWGHvQFăO]LUH
VHLGHFRGDUHÄ$³vQJUXSDÄ&LUFXLW FXYDQăGHDPHVWHF
vQFăO]LUH³ Ŷ 3HQWUXXVFDUHDSDUGRVHOLL VHYDĠLQH
Ŷ 7HPSHUDWXUDH[WHULRDUăDPRUWL]DWă FRQWREOLJDWRULXGHLQGLFDĠLLORUSUR
GHSăúHúWHYDORDUHDUHJODWăODDGUHVD GXFăWRUXOXLSDUGRVHOLL 
6HUYLFH

GHFRGDUHÄ$³vQJUXSDÄ&LUFXLW Ŷ 3RPSDFLUFXLWXOXLGHvQFăO]LUHFXYDQă
vQFăO]LUH³ GHDPHVWHFHVWHDFWLYDWăúLWHPSHUD
Ŷ 9DQDGHDPHVWHFDIRVWFRPXWDWăSH WXUDSHWXUVHUHJOHD]ăFRQIRUPSURIL
vQFKLVSHQWUXPDLPXOWGHPLQ IXQF OXOXLDOHV
ĠLHHFRQRPLFăDYDQHLGHDPHVWHF Ŷ 'XSăvQFKHLHUHDIXQFĠLHLGHXVFDUHD
DGUHVDGHFRGDUHÄ$³vQJUXSDÄ&LU SDUGRVHOLL GH]LOH FLUFXLWXOFXYDQă
FXLWvQFăO]LUH³  GHDPHVWHFUHYLQHDXWRPDWODSDUD
PHWULLUHJODĠL
Ŷ 7UHEXLHUHVSHFWDWă',1
52


'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

$XWRPDWL]DUHDFLUFXLWXOXLGHvQFăO]LUH« FRQWLQXDUH

Ŷ 3URWRFROXOFDUHWUHEXLHFRPSOHWDWGH Ŷ 'LIHULWHGLDJUDPHGHWHPSHUDWXUăSRW
VSHFLDOLVWXOvQLQVWDODĠLLGHvQFăO]LUHYD ILVHWDWHODDGUHVDGHFRGDUHÄ)³GLQ
FRQĠLQHXUPăWRDUHOHGDWHSULYLQGSUR JUXSDÄ&LUFXLWvQFăO]LUH³
FHVXOGHvQFăO]LUH Ŷ 'XSăRvQWUHUXSHUHDFXUHQWXOXLHOHF
± SDUDPHWULLSULYLQGvQFăO]LUHDFXWHP WULFVDXGXSăGHFRQHFWDUHDDXWRPD
SHUDWXULOHUHVSHFWLYHSHWXU WL]ăULLIXQFĠLDYDFRQWLQXDODUHYHQLUHD
± WHPSHUDWXUDPD[DWLQVăSHWXU FXUHQWXOXLUHVSHFWLYODFRQHFWDUHD
± VWDUHDGHIXQFĠLRQDUHúLWHPSHUDWXUD DXWRPDWL]ăULL'DFăXVFDUHDSDUGRVHOLL
H[WHULRDUăODSUHGDUHDLQVWDODĠLHLGH VDvQFKHLDWVDXDIRVWUHJODWăPDQXDO
vQFăO]LUH FRGDUHDÄ)³DWXQFLVHFRQHFWHD]ă
DXWRPDWUHJLPXOGHIXQFĠLRQDUH
ÄÌQFăO]LUHúLDFP³

'LDJUDPDGHWHPSHUDWXUă ',1 FRGDUHDÄ)³


7HPSHUDWXUD



SHWXU¡&



      
=LOH

'LDJUDPDGHWHPSHUDWXUă FRQIRUP$VRFLDĠLHLFHQWUDOHSHQWUXSDUFKHWúLSDU
GRVHOL FRGDUHDÄ)³


7HPSHUDWXUD



SHWXU¡&



      
=LOH
52


'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

$XWRPDWL]DUHDFLUFXLWXOXLGHvQFăO]LUH« FRQWLQXDUH

'LDJUDPDGHWHPSHUDWXUăFRGDUHDÄ)³


7HPSHUDWXUD



SHWXU¡&



      
=LOH

'LDJUDPDGHWHPSHUDWXUăFRGDUHDÄ)³


7HPSHUDWXUD



SHWXU¡&



      
=LOH

'LDJUDPDGHWHPSHUDWXUăFRGDUHDÄ)³


7HPSHUDWXUD



SHWXU¡&



      
=LOH
6HUYLFH
52



'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

$XWRPDWL]DUHDFLUFXLWXOXLGHvQFăO]LUH« FRQWLQXDUH

'LDJUDPDGHWHPSHUDWXUăFRGDUHDÄ)³



7HPSHUDWXUD



SHWXU¡&



      
=LOH

'LDJUDPDGHWHPSHUDWXUăFRGDUHDÄ)³


7HPSHUDWXUD



SHWXU¡&



      
=LOH

'LQDPLFDLQVWDODĠLHL 3HQWUXDFHVWHFLUFXLWHGHvQFăO]LUHOD
DFWLYDUHDUHJLPXOXLGHIXQFĠLRQDUHúLD
0RGXOGHUHJODMDOYDQHORUGHDPHVWHF SURJUDPXOXLGHYDFDQĠăDILúDMXO
SRDWHILPRGLILFDWSULQDGUHVDGHFRGDUH Ä&RPDQGăFHQWUDOL]³(YHQWXDOHOH
Ä&³vQJUXSDÄ&LUFXLWvQFăO]LUH³ SURJUDPHGHYDFDQĠăPHPRUDWHYRUIL
úWHUVH
&RPDQGDFHQWUDOL]DWă 7DVWDSHQWUXUHJLPXOGHSHWUHFHUHúL
UHJLPXOHFRQRPLFQXSRWILDFWLYDWHOD
3ULQDGUHVDGHFRGDUHÄ$³GLQJUXSD WRDWHDXWRPDWL]ăULOH
Ä*HQHUDO³SRDWHILFRGDWXQFLUFXLWGH
vQFăO]LUHSHQWUXFRPDQGDFHQWUDOL]DWă 3URWHFĠLDODvQJKHĠ
5HJLPXOGHIXQFĠLRQDUHúLSURJUDPXOGH
YDFDQĠăVXQWYDODELOHvQDFHVWFD]SHQWUX 7HPSHUDWXUDSHWXUYDILPHQĠLQXWăvQ
WRDWHFHOHODOWHFLUFXLWHGHvQFăO]LUHGLQ FRQIRUPLWDWHFXFDUDFWHULVWLFDGH
LQVWDODĠLH vQFăO]LUHSHQWUXYDORDUHDQRPLQDOăD
WHPSHUDWXULLGHDPELDQĠăGDUPLQOD
ƒ&
&RQIRUPDGUHVHLGHFRGDUHÄ$³GLQ
52

JUXSDÄ&LUFXLWvQFăO]LUH³VHSRDWH
UHJODROLPLWăGHvQJKHĠYDULDELOă


'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

$XWRPDWL]DUHDFLUFXLWXOXLGHvQFăO]LUH« FRQWLQXDUH

7KHUP&RQWURO

'DFăWHPSHUDWXUDVFDGHVXEYDORDUHD
UHJODWăODVHQ]RUXOGHOD7KHUP&RQWURO
VHSURGXFHRUHGXFHUHDVDUFLQLL3HQWUX
DFHDVWDVHvQFKLGYDQHOHGHDPHVWHFDOH
FLUFXLWHORUGHvQFăO]LUHUDFRUGDWH

5HJODMXOWHPSHUDWXULLSHWXU

 'LIHUHQĠDGHWHPSHUDWXUă
'LIHUHQĠDGHWHPSHUDWXUăSRDWHILVHWDWă
SULQLQWHUPHGLXODGUHVHLGHFRGDUHÄ)³
 vQJUXSDÄ*HQHUDO³
7HPSHUDWXUDSHWXUßQ¡&

 6WDUHGHOLYUDUH.
 'LIHUHQĠDGHWHPSHUDWXUăUHSUH]LQWă
YDORDUHDPLQLPăFXFDUHWHPSHUDWXUD
 FRPXQăSHWXUWUHEXLHVăGHSăúHDVFă
WHPSHUDWXUDPD[LPăQHFHVDUăOD
.
PRPHQWXOUHVSHFWLYSHWXUXOFLUFXLWXOXLFX

YDQăGHDPHVWHF
Ŷ ,QVWDODĠLHQXPDLFXXQVLQJXUFLUFXLWGH
.

vQFăO]LUHFXYDQăGHDPHVWHF
  7HPSHUDWXUDFRPXQăUHJODWăSHWXUVH
7HPSH[WHULRDUôßQ¡&
VHWHD]ăDXWRPDWFX.SHVWHWHPSH
UDWXUDUHJODWăSHWXUXOFLUFXLWXOXLFX
 9DORDUHDPD[LPăDWHPSHUDWXULLSH YDQăGHDPHVWHF
WXU DGUHVăGHFRGDUHijvQJUXSD Ŷ ,QVWDODĠLHFXXQFLUFXLWGHvQFăO]LUHIăUă
Ä&DVFDGă³ YDQăGHDPHVWHFúLFXFLUFXLWHGH
 ÌQFOLQDUH FLUFXLWGHvQFăO]LUH vQFăO]LUHFXYDQăGHDPHVWHF
IăUăYDQăGHDPHVWHF 7HPSHUDWXUDFRPXQăUHJODWăSHWXUVH
6HUYLFH

 ÌQFOLQDUH FLUFXLWGHvQFăO]LUHFX VWDELOHúWHGXSăRFDUDFWHULVWLFăGH


YDQăGHDPHVWHF vQFăO]LUHSURSULHÌQVWDUHDGHOLYUDUH
7HPSHUDWXUDFRPXQăSHWXU ODR GLIHUHQĠDGHWHPSHUDWXUăIDĠăGHWHP
GLIHUHQĠăGHWHPSHUDWXUă . SHUDWXUDUHJODWăSHWXUXOFLUFXLWHORUGH

7HPSHUDWXUDFRPXQăLQIHULRDUăSH vQFăO]LUHFXYDQăGHDPHVWHFHVWH
WXU IL[DWăOD.
52



'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

$XWRPDWL]DUHDFLUFXLWXOXLGHvQFăO]LUH« FRQWLQXDUH

5LGLFDUHDWHPSHUDWXULLGHDPELDQĠăUHGXVH

/DIXQFĠLRQDUHDFXWHPSHUDWXUăGH 9DORULOHOLPLWăDOHWHPSHUDWXULLH[WHULRDUH
DPELDQĠăUHGXVăYDORDUHDQRPLQDOă SHQWUXvQFHSXWXOúLVIkUúLWXOULGLFăULLWHP
SHQWUXWHPSHUDWXUDGHDPELDQĠăUHGXVă SHUDWXULLVHSRWVHWDODDGUHVHOHGH
SRDWHILFUHVFXWăDXWRPDWvQIXQFĠLHGH FRGDUHÄ)³úLÄ)³GLQJUXSDÄ&LUFXLW
WHPSHUDWXUDH[WHULRDUă5LGLFDUHDWHP vQFăO]LUH³
SHUDWXULLVHUHDOL]HD]ăFRQIRUPFDUDFWH
ULVWLFLLGHvQFăO]LUHUHJODWHúLFHOPXOW
SkQăODYDORDUHDUHJODWăSHQWUXWHPSH
UDWXUDGHDPELDQĠăQRUPDOă

([HPSOXFXUHJODMHvQVWDUHDGHOLYUDUH


7HPSDSHLGLQFD]DQUHVS
7HPSHUDWXUDSHWXUßQ¡&

 






 
 

7H  
PS
HUD  
WXU        
ôD
PE  7HPSH[WHULRDUôßQ¡&
UH 
JO 
ßQ¡
& 


 &DUDFWHULVWLFDGHvQFăO]LUHSHQWUX  &DUDFWHULVWLFDGHvQFăO]LUHSHQWUX
IXQFĠLRQDUHFXWHPSHUDWXUăGH IXQFĠLRQDUHFXWHPSHUDWXUăGH
DPELDQĠăQRUPDOă DPELDQĠăUHGXVă
52


'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

$XWRPDWL]DUHDFLUFXLWXOXLGHvQFăO]LUH« FRQWLQXDUH

6FXUWDUHDWLPSXOXLGHvQFăO]LUH

/DWUHFHUHDGHODIXQFĠLRQDUHFXWHPSH 9DORDUHDúLGXUDWDSHQWUXFUHúWHUHD
UDWXUăGHDPELDQĠăUHGXVăODIXQFĠLRQDUH VXSOLPHQWDUăDYDORULLUHJODWHSHQWUX
FXWHPSHUDWXUăGHDPELDQĠăQRUPDOă WHPSHUDWXUDDSHLGLQFD]DQUHVSHFWLY
WHPSHUDWXUDDSHLGLQFD]DQUHVSHFWLY SHQWUXWHPSHUDWXUDSHWXUVHVHWHD]ăOD
WHPSHUDWXUDSHWXUFUHVFFRQIRUPFDUDF DGUHVHOHGHFRGDUHÄ)$³úLÄ)E³GLQ
WHULVWLFLLGHvQFăO]LUHUHJODWH5LGLFDUHD JUXSDÄ&LUFXLWvQFăO]LUH³
WHPSHUDWXULLDSHLGLQFD]DQUHVSHFWLYD
WHPSHUDWXULLSHWXUSRDWHILVHWDWăDXWR
PDW
7HPSHUDWXUDUHJODWôSHQWUXDSDGLQFD]DQUHVSHFWLY

([HPSOXFXUHJODMHvQVWDUHDGHOLYUDUH




 
WHPSHUDWXUDSHWXUßQ¡&










   
WLPSXOßQK
6HUYLFH

 ÌQFHSXWXOIXQFĠLRQăULLFXWHPSHUD  9DORDUHDUHJODWăSHQWUXWHPSHUD
WXUăGHDPELDQĠăQRUPDOă WXUDDSHLGLQFD]DQUHVSHFWLYSHQWUX
 7HPSHUDWXUDUHJODWăSHQWUXDSDGLQ WHPSHUDWXUDSHWXUFRUHVSXQ]ăWRDUH
FD]DQUHVSHFWLYWHPSHUDWXUDSHWXU DGUHVHLGHFRGDUHÄ)$³
FRUHVSXQ]ăWRDUHFDUDFWHULVWLFLLGH ƒ& ƒ&
vQFăO]LUHUHJODWH
52


'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

$XWRPDWL]DUHDFLUFXLWXOXLGHvQFăO]LUH« FRQWLQXDUH

,QWHUYDOXOGHWLPSvQFDUHLQVWDODĠLD
IXQFĠLRQHD]ăFXWHPSHUDWXUDSHQWUX
DSDGLQFD]DQUHVSHFWLYWHPSHUD
WXUDSHWXUUHJODWăODRYDORDUHPDL
PDUHvQIXQFĠLHGHDGUHVDGH
FRGDUHÄ)E³
PLQ

(WDSHOHGHUHJODM

&LUFXLWFXYDQăGHDPHVWHF 7HPSHUDWXUDSHWXUFUHúWH
YDORDUHUHJODWă.
ÌQÄ]RQDQHXWUă³ “. QXVHGHFODQ 6HUYRPRWRUXOYDQHLGHDPHVWHFSUL
úHD]ăFRPDQGDPRWRUXOXLYDQHLGH PHúWHVHPQDOXOÄ9DQăGHDPHVWHF
DPHVWHF vQFKLVă³'XUDWDVHPQDOXOXLVHSUHOXQ
7HPSHUDWXUDSHWXUVFDGH JHúWHFXFkWGLIHUHQĠDGHWHPSHUDWXUă
YDORDUHUHJODWă. HVWHPDLPDUH'XUDWDSDX]HORUVHVFXU
6HUYRPRWRUXOYDQHLGHDPHVWHFSUL WHD]ăFXFkWGLIHUHQĠDGHWHPSHUDWXUă
PHúWHVHPQDOXOÄ9DQăGHDPHVWHFGHV HVWHPDLPDUH
FKLVă³'XUDWDVHPQDOXOXLVHSUHOXQ
JHúWHFXFkWGLIHUHQĠDGHWHPSHUDWXUă
HVWHPDLPDUH'XUDWDSDX]HORUVHVFXU
WHD]ăFXFkWGLIHUHQĠDGHWHPSHUDWXUă
HVWHPDLPDUH 52


'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

5HJODUHDWHPSHUDWXULLGLQDFXPXODWRUXOGHDSăFDOGăPHQDMHUă9LWRWURQLF.

'HVFULHUHSHVFXUW

Ŷ 5HJODUHDWHPSHUDWXULLGLQDFXPXODWR 9DORDUHDKLVWHUH]LVXOXLGHSRUQLUH
UXOGHDSăFDOGăPHQDMHUăHVWHXQ RSULUHHVWHGH“.
UHJODMFRQVWDQW$FHDVWDVHUHDOL]HD]ă Ŷ /DvQFăO]LUHDDSHLGLQERLOHUXOSHQWUX
SULQSRUQLUHDúLRSULUHDSRPSHLGHFLU SUHSDUDUHGHDSăFDOGăPHQDMHUăVH
FXODĠLHSHQWUXvQFăO]LUHDDSHLGLQERL UHJOHD]ăRYDORDUHUHJODWăDWHPSHUD
OHU WXULLSHWXUFDUHHVWHFX.SHVWH
YDORDUHDWHPSHUDWXULLUHJODWHSHQWUX
DSDGLQERLOHU VHSRDWHPRGLILFDSULQ
DGUHVDGHFRGDUHijGLQJUXSDÄ$Să
FDOGăPHQDM³ 

)XQFĠLL

3URJUDPDUHRUDUă ÌQFRPELQDĠLHFXDGUHVDGHFRGDUH
Ä)³GLQJUXSDÄ*HQHUDO³
6HSRDWHDOHJHRSURJUDPDUHRUDUăDXWR
PDWăVDXXQDLQGLYLGXDOăSHQWUXSUHSD Ŷ &DVăXQLIDPLOLDOă
UDUHDGHDSăFDOGăPHQDMHUăúLSHQWUX &RGDUHDÄ)³
SRPSDGHUHFLUFXODUHDDSHLPHQDMHUH ± )XQFĠLRQDUHvQUHJLPDXWRPDW
/DIXQFĠLRQDUHvQUHJLPDXWRPDWSUHSD /DLQVWDODĠLLFXGRXăUHVSHFWLYWUHL
UDUHDGHDSăFDOGăPHQDMHUăvQFHSHFX FLUFXLWHGHvQFăO]LUHVWDXODED]ă
PLQvQDLQWHDSRUQLULLFLUFXLWHORUGH LQWHUYDOHOHGHFRQHFWDUHSHQWUXFLU
vQFăO]LUH FXLWXOGHvQFăO]LUH
ÌQSURJUDPDUHDRUDUăLQGLYLGXDOăSRWIL ± 3URJUDPDUHRUDUăLQGLYLGXDOă
VHWDWHLQWHUYDOHGHFRQHFWDUHSHQWUX ,QWHUYDOHOHGHFRQHFWDUHSHQWUXSUH
ILHFDUH]LGLQVăSWăPkQăSHQWUXSUHSD SDUDUHDGHDSăFDOGăPHQDMHUăúL
UDUHDDSHLFDOGHPHQDMHUHúLSHQWUX SRPSDGHUHFLUFXODUHDFĠLRQHD]ă
SRPSDGHUHFLUFXODUHDDSHLFDOGHPHQD DVXSUDWXWXURUFLUFXLWHORUGH
MHUH vQFăO]LUHODIHO
6HUYLFH

'DFăDvQFHSXWvQFăO]LUHDDSHLGLQERLOHU
DFHDVWDVHFRQWLQXăSkQăODVIkUúLWLQGH
SHQGHQWGHSURJUDPDUHDRUDUăH[LV
WHQWă
52



'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

5HJODUHDWHPSHUDWXULLGLQDFXPXODWRUXOGHDSă« FRQWLQXDUH

Ŷ &DVăPXOWLIDPLOLDOă )XQFĠLHVXSOLPHQWDUăSHQWUXSUHSD
&RGDUHDÄ)³ UDUHGHDSăFDOGăPHQDMHUă
± )XQFĠLRQDUHvQUHJLPDXWRPDW
/DLQVWDODĠLLFXGRXăUHVSHFWLYWUHL )XQFĠLDVHDFWLYHD]ăSULQLQWURGXFHUHD
FLUFXLWHGHvQFăO]LUHVWDXODED]ă XQHLDGRXDYDORULQRPLQDOHSHQWUXDSD
LQWHUYDOHOHGHFRQHFWDUHSHQWUXILH FDOGăPHQDMHUăODDGUHVDGHFRGDUH
FDUHFLUFXLWGHvQFăO]LUHvQSDUWH ijGLQJUXSDÄ$SăFDOGăPHQDM³úL
± 3URJUDPDUHRUDUăLQGLYLGXDOă DFWLYDUHDFHOHLGHDSDWUDID]HSHQWUX
,QWHUYDOHOHGHFRQHFWDUHSHQWUXSUH SUHSDUDUHDGHDSăFDOGăPHQDMHUă
SDUDUHDGHDSăFDOGăPHQDMHUăúL
SRPSDGHFLUFXODĠLHSRWILUHJODWH 7HPSHUDWXUDQRPLQDOăDDSHLFDOGH
VHSDUDWSHQWUXILHFDUHFLUFXLWGH PHQDMHUH
vQFăO]LUH
7HPSHUDWXUDSHQWUXDSDFDOGăPHQDMHUă
&RPDQGăSULRULWDUă VHSRDWHUHJODvQWUHúLƒ&
3ULQDGUHVDGHFRGDUHijvQJUXSD
Ŷ &XFRPDQGăSULRULWDUă FRGDUHD Ä$SăFDOGăPHQDM³SRDWHILPăULWLQWHU
Ä$³vQJUXSDÄ&LUFXLWvQFăO]LUH³  YDOXOGHUHJODMSHQWUXWHPSHUDWXUăSkQă
ÌQWLPSXOvQFăO]LULLDSHLGLQERLOHUYDORD ODž&
UHDUHJODWăSHQWUXWHPSHUDWXUDSHWXU 3ULQDGUHVDGHFRGDUHijvQJUXSD
VHVWDELOHúWHODƒ& Ä$SăFDOGăPHQDM³YDORDUHDUHJODWă
9DQDGHDPHVWHFVHvQFKLGHúLSRPSD SRDWHILDWULEXLWăXQLWăĠLLGHFRPDQGăúL
FLUFXLWXOXLGHvQFăO]LUHVHGHFRQHF VDXWHOHFRPHQ]LORU9LWRWURO$
WHD]ă
Ŷ )ăUăFRPDQGăSULRULWDUă 3RPSăGHUHFLUFXODUHDDSHLFDOGH
DXWRPDWL]DUHDFLUFXLWXOXLGHvQFăO]LUH PHQDMHUH
IXQFĠLRQHD]ăvQFRQWLQXDUHFXYDORD
UHDUHJODWăQHPRGLILFDWă (DSRPSHD]ăDSăFDOGăODSXQFWHOHGH
FRQVXPODRUHOHVWDELOLWH
)XQFĠLDGHSURWHFĠLHODvQJKHĠ /DDXWRPDWL]DUHSRWILUHJODWHSDWUXLQWHU
YDOHGHFRQHFWDUHSHQWUXILHFDUH]LGLQ
'DFăWHPSHUDWXUDDSHLFDOGHPHQDMHUH VăSWăPkQă
VFDGHVXEž&VHvQFăO]HúWHDSDGLQ
ERLOHUODž& &LUFXLWHVXSOLPHQWDUH

3ULQLQWHUPHGLXOFRPXWăULLUHJLPXOXLGH
IXQFĠLRQDUHSUHSDUDUHDGHDSăFDOGă
PHQDMHUăSRDWHILEORFDWăUHVSHFWLY
GHEORFDWăvQOHJăWXUăFXFLUFXLWHOHGH
vQFăO]LUH YH]LDGUHVDGHFRGDUHÄG³vQ
JUXSDÄ&LUFXLWvQFăO]LUH³ 
52


'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

5HJODUHDWHPSHUDWXULLGLQDFXPXODWRUXOGHDSă« FRQWLQXDUH

,QVWDODĠLHFXVLVWHPGHDFXPXODUH ,QVWDODĠLHFXDXWRPDWL]DUHVRODUă
DFP
3ULQDGUHVDGHFRGDUHijvQJUXSD
)XQFĠLLOHHQXPHUDWHPDLVXVVXQWYDOD Ä$SăFDOGăPHQDM³VHSRDWHUHJODRD
ELOHúLvQFRPELQDĠLHFXVLVWHPXOGHDFX WUHLDYDORDUHSHQWUXWHPSHUDWXUDDSHL
PXODUHGHDSăFDOGăPHQDMHUă FDOGHPHQDMHUH
6HIDFXUPăWRDUHOHFRGăUL %RLOHUXOSHQWUXSUHSDUDUHGHDSăFDOGă
ijGLQJUXSDÄ$SăFDOGăPHQDM³ PHQDMHUăHVWHvQFăO]LWSULQFLUFXODĠLHGH
Ä&³Ä(³GLQJUXSDÄ*HQHUDO³ DJHQWWHUPLFGHODFD]DQGDFăWHPSHUD
%RLOHUXOSHQWUXSUHSDUDUHGHDSăFDOGă WXUDVFDGHVXEDFHDVWăYDORDUH
PHQDMHUăHVWHvQFăO]LWSULQFLUFXODĠLHGH
DJHQWWHUPLFGHODFD]DQGDFăWHPSHUD
WXUDVFDGHVXEDFHDVWăYDORDUH

(WDSHOHGHUHJODM

6HVHWHD]ăFRGDUHDijvQJUXSD %RLOHUXOSHQWUXSUHSDUDUHGHDSăFDOGă
Ä$SăFDOGăPHQDM³vQFăO]LUHDDSHL PHQDMHUăHVWHFDOG YDORDUHUHJODWă
GLQERLOHU . 
Ŷ 7HPSHUDWXUDFRPXQăUHJODWăSHWXUVH
%RLOHUXOSHQWUXSUHSDUDUHGHDSăFDOGă vQORFXLHúWHFXYDORDUHDUHJODWăvQIXQF
PHQDMHUăVHUăFHúWH YDORDUHDUHJODWă ĠLHGHWHPSHUDWXUDH[WHULRDUă
෹.PRGLILFDUHSULQDGUHVDGHFRGDUH Ŷ )XQFĠLRQDUHDSUHOXQJLWăDSRPSHORU
ij  'XSăvQFăO]LUHDDSHLGLQERLOHUSRPSD
Ŷ 7HPSHUDWXUDUHJODWăFRPXQăSHWXUVH GHFLUFXODĠLHHVWHvQIXQFĠLXQHSkQăOD
IL[HD]ăFX.SHVWHWHPSHUDWXUD vQGHSOLQLUHDXQXLDGLQWUHXUPăWRDUHOH
UHJODWăSHQWUXDSDFDOGăPHQDMHUă FULWHULL
PRGLILFDUHSULQDGUHVDGHFRGDUH ± 7HPSHUDWXUDUHJODWăDDSHLFDOGH
ij  PHQDMHUHDIRVWGHSăúLWăFX.
± 7LPSXOUHJODWSHQWUXIXQFĠLRQDUHD
SUHOXQJLWăDSRPSHLDIRVWDWLQV
6HUYLFH

DGUHVDGHFRGDUHij
Ŷ )ăUăIXQFĠLRQDUHSUHOXQJLWăDSRPSHL
FRGDUHij 

&RGDUHDijGLQJUXSDÄ$SăFDOGă
PHQDM³vQFăO]LUHFRQWURODWăDERLOH
UXOXL

/DvQFăO]LUHDFRQWURODWăDDSHLGLQERLOHU
VHĠLQHFRQWGHYLWH]DGHFUHúWHUHDWHP
52

SHUDWXULLODSUHSDUDUHDGHDSăFDOGă
PHQDMHUă 

'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

5HJODUHDWHPSHUDWXULLGLQDFXPXODWRUXOGHDSă« FRQWLQXDUH

%RLOHUXOSHQWUXSUHSDUDUHGHDSăFDOGă $SDGLQERLOHUXOSHQWUXSUHSDUDUHGHDSă
PHQDMHUăVHUăFHúWH YDORDUHDUHJODWă FDOGăPHQDMHUăVHUăFHúWH
෹.PRGLILFDUHSULQDGUHVDGHFRGDUH Ŷ YDORDUHDUHJODWă෹.PRGLILFDUH
ij  SULQDGUHVDGHFRGDUHij
Ŷ 7HPSHUDWXUDUHJODWăFRPXQăSHWXUVH VDX
IL[HD]ăFX.SHVWHWHPSHUDWXUD Ŷ YDORDUHDHIHFWLYăDWHPSHUDWXULLDFP
UHJODWăSHQWUXDSDFDOGăPHQDMHUă ODVHQ]RUXOYDORDUHDUHJODWăDWHP
PRGLILFDUHSULQDGUHVDGHFRGDUH SHUDWXULLDFP[IDFWRUSHQWUXSXQFWXO
ij  GHFRQHFWDUH VHWDUHSULQDGUHVDGH
FRGDUHij
$SDGLQERLOHUXOSHQWUXSUHSDUDUHGHDSă
FDOGăPHQDMHUăHVWHFDOGă $SDGLQERLOHUXOSHQWUXSUHSDUDUHGHDSă
Ŷ $XWRPDWL]DUHDYHULILFăGDFăFD]DQXO FDOGăPHQDMHUăHVWHFDOGă
PDLWUHEXLHVăIXUQL]H]FăOGXUăGXSă Ŷ YDORDUHUHJODWă.
vQFăO]LUHDDSHLGLQERLOHUVDXGDFăVXU úL
SOXVXOGHFăOGXUăYDILGHVFăUFDWGHOD Ŷ YDORDUHDHIHFWLYăDWHPSHUDWXULLDFP
FD]DQODERLOHU ODVHQ]RUXO!YDORDUHDUHJODWăDWHP
$XWRPDWL]DUHDVWDELOHúWHvQPRG SHUDWXULLDFP[IDFWRUSHQWUXSXQFWXO
FRUHVSXQ]ăWRUWLPSXOSHQWUXRSULUHD GHGHFRQHFWDUH VHWDUHSULQDGUHVDGH
DU]ăWRUXOXLúLDSRPSHLGHFLUFXODĠLH FRGDUHij
SHQWUXFDGXSăvQFăO]LUHDDSHLGLQERL
OHUWHPSHUDWXUDUHJODWăSHQWUXDSD &RGDUHDijvQJUXSDÄ$SăFDOGă
FDOGăPHQDMHUăVăQXILHGHSăúLWăFX PHQDM³UHJODUHDWHPSHUDWXULLDSHL
PXOW GLQERLOHUFXVLVWHPGHDFXPXODUH
DFP
&RGDUHDijvQJUXSDÄ$SăFDOGă
PHQDM³UHJODUHDWHPSHUDWXULLDSHL %RLOHUXOSHQWUXSUHSDUDUHGHDSăFDOGă
GLQERLOHUFXVHQ]RULSHQWUXWHPSH PHQDMHUăVHUăFHúWH YDORDUHDUHJODWă
UDWXUDDSHLGLQERLOHU ෹.PRGLILFDUHSULQDGUHVDGHFRGDUH
ij 
6HQ]RUXOSHQWUXWHPSHUDWXUDDSHLGLQ Ŷ 7HPSHUDWXUDUHJODWăFRPXQăSHWXUVH
ERLOHUGHEORFKHD]ăSRPSDGHFLUFXODĠLH IL[HD]ăFX.SHVWHWHPSHUDWXUD
SHQWUXvQFăO]LUHDDSHLGLQERLOHUúLHVWH UHJODWăSHQWUXDSDFDOGăPHQDMHUă
OXDWvQFRQVLGHUDUHSHQWUXFRQGLĠLLOHGH PRGLILFDUHSULQDGUHVDGHFRGDUH
vQWUHUXSHUHDIXQFĠLRQăULLSUHOXQJLWHD ij 
SRPSHL Ŷ 3RPSDSHQWUXDJHQWXOSULPDUvQVLVWH
6HQ]RUXOSHQWUXWHPSHUDWXUDDSHLGLQ PXOGHDFXPXODUHDDSHLFDOGHPHQD
ERLOHU MHUHSRUQHúWH
vQFD]XOXQXLFRQVXPPDUHGHDSăFDOGă
vQFăO]LUHDDSHLGLQERLOHUSRUQHúWHDQWL
FLSDWÌQFD]XODEVHQĠHLFRQVXPXOXLGH
52

DSăFDOGăvQFăO]LUHDDSHLGLQERLOHUVH
RSUHúWHDQWLFLSDW


'HVFULHUHDIXQFĠLRQăULL9LWRWURQLFúL9LWRWURQLF.

5HJODUHDWHPSHUDWXULLGLQDFXPXODWRUXOGHDSă« FRQWLQXDUH

Ŷ 9HQWLOXOGHDPHVWHFFXFăLGHVFKLGH
úLDFĠLRQHD]ăFRQIRUPYDORULLUHJODWH
Ŷ 3RPSDGHFLUFXODĠLHSHQWUXvQFăO]LUHD
DSHLGLQERLOHUIXQFĠLRQHD]ăFLFOLF SRU
QHúWHúLVHRSUHúWHSHQWUXVFXUWWLPS 
SkQăFkQGVHDWLQJHYDORDUHDUHJODWă
SHWXU WHPSHUDWXUDUHJODWăSHQWUXDSD
FDOGăPHQDMHUă. $SRLIXQFĠLR
QHD]ăSHUPDQHQW
'DFăvQWLPSXOSURFHVXOXLGHvQFăO]LUH
WHPSHUDWXUDVFDGHVXEYDORDUHD
UHJODWăQHFHVDUăDWXQFLSRPSDGHFLU
FXODĠLHSHQWUXvQFăO]LUHDDSHLGLQERLOHU
YDWUHFHGLQQRXvQUHJLPGHIXQFĠLR
QDUHFLFOLF

$SDGLQERLOHUXOSHQWUXSUHSDUDUHGHDSă
FDOGăPHQDMHUăHVWHFDOGă
Ŷ 6HQ]RUXOSHQWUXWHPSHUDWXUDDSHL
GLQERLOHU
9DORDUHHIHFWLYă싩9DORDUHUHJODWă
úL
6HQ]RUXOSHQWUXWHPSHUDWXUDDSHL
GLQERLOHU
9DORDUHHIHFWLYă!YDORDUHUHJODWă
෹.
Ŷ 7HPSHUDWXUDFRPXQăUHJODWăSHWXUVH
vQORFXLHúWHFXYDORDUHDUHJODWăvQIXQF
ĠLHGHWHPSHUDWXUDH[WHULRDUă
Ŷ 3RPSDGHFLUFXODĠLHSHQWUXvQFăO]LUHD
DSHLGLQERLOHUVHRSUHúWHLPHGLDWGDFă
6HUYLFH

YDQDGHDPHVWHFFXFăLHVWHFRPSOHW
GHVFKLVă
VDX
Ŷ 3RPSDGHFLUFXODĠLHSHQWUXvQFăO]LUHD
DSHLGLQERLOHUVHRSUHúWHvQIXQFĠLHGH
WLPSXOGHIXQFĠLRQDUHSUHOXQJLWăVHWDW
ODDGUHVDGHFRGDUHij
52



&RGDUH9LWRWURQLF

$FFHVDUHDQLYHOXOXLGHFRGDUH

,QGLFDĠLH  &X  VHVHWHD]ăYDORDUHDFRQIRUP


&RGăULOHFDUHQXDXQLFLRIXQFĠLHGLQ FXWDEHOHOHXUPăWRDUHúLVHFRQILUPă
FDX]DGRWăULLLQVWDODĠLHLVDXGLQFDX]D FX2.
VHWăULLDOWRUFRGăULQXYRUILDILúDWH
 'DFăWRDWHFRGăULOHWUHEXLHUHVH
 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL WDWHODVWDUHDGHOLYUDUH
FFDVHF 6HDOHJHFX úLVHFRQILUPăFX
3HGLVSOD\VHDSULQGHLQWHUPLWHQW  2.
'DFă VHDSULQGHLQWHUPLWHQWVH
 &X VHDOHJHSHQWUXQLYHOXOGH FRQILUPăFX2.
FRGDUHúLVHFRQILUPăFX2.
3HGLVSOD\VHDSULQGHLQWHUPLWHQW, ,QGLFDĠLH
SHQWUXDGUHVHOHGHFRGDUHGLQ ùLFRGăULOHGHODQLYHOXOGHFRGDUH
JUXSD VXQWUHVHWDWHGLQQRX

 &X  VHDOHJHJUXSDDGUHVHLGH  6HSăUăVHúWHQLYHOXOGHFRGDUH


FRGDUHGRULWH 6HDSDVăSH 
 Ä*HQHUDO³
 Ä&D]DQ³  6HSăUăVHúWHQLYHOXOGHVHUYLFH
 Ä7RDWHFRGăULOHGLVSR]SULQF³ &X VHOHFWDĠL
ÌQDFHDVWăJUXSăVXQWDILúDWH 6HFRQILUPăFX2.
WRDWHDGUHVHOHGHFRGDUHGLQQLYH Ä2))³VHDSULQGHLQWHUPLWHQW
OXOGHFRGDUHvQRUGLQH 6HFRQILUPăFX2.
FUHVFăWRDUH
6HFRQILUPăFX2.JUXSDDOHDVă ,QGLFDĠLH
'LQQLYHOXOGHVHUYLFHVHLHVHDXWRPDW
 6HDOHJHDGUHVDGHFRGDUHFX   GXSăPLQ

*UXSDÄ*HQHUDO³

&RGăUL

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
6FKHPDLQVWDODĠLHL
 )ăUăIXQFĠLH  6HVHWHD]ăDXWRPDWGDFă
HVWHVHWDWăFRGDUHD
ij
$XWRPDWL]DUHDFLUFXLWXOXL
FD]DQXOXLHVWHLQWHJUDWăvQ
52

VLVWHPXOGHUHJODMvQFDV
FDGă


&RGDUH9LWRWURQLF

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
7LPSGHIXQFĠLRQDUHDOVHUYRPRWRUXOXL
 7LPSGHIXQFĠLRQDUHD  7LPSXOGHIXQFĠLRQDUH
VHUYRPRWRUXOXLFODSHWHL SkQă SRDWHILUHJODWvQWUHúL
GHUHJODMODFRQHFWRUXO  V
<-$
6WDUHDGHOLYUDUHVWDELOLWă
GHILúDGHFRGDUHDFD]D
QXOXL
1USDUWLFLSDQW
 1XPăUXOSDUWLFLSDQWXOXLOD  1XPăUXOSDUWLFLSDQWXOXLOD
VLVWHPXO/21 SkQă /21VHSRDWHVHWDvQWUH
 úL

*UXSDÄ&D]DQ³

&RGăUL

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
6FKHPDLQVWDODĠLHL
 ,QVWDODĠLHFXXQVLQJXU  ,QVWDODĠLHFXPDLPXOWH
FD]DQ FD]DQHFXDXWRPDWL]DUHGH
FDVFDGăSULQ/21
 1XVHUHJOHD]ă
7LSDU]ăWRU
 $U]ăWRUFXGRXăWUHSWH  $U]ăWRUFXRWUHDSWă
 $U]ăWRUFXPRGXODUH
)XQFĠLRQDUHSHFRPEXVWLELOJD]RVOLFKLG
6HUYLFH

 )XQFĠLRQDUHSHFRPEXVWL  )XQFĠLRQDUHSHFRPEXVWLELO


ELOJD]RV OLFKLG PRGLILFDUHLUHYHUVL
ELOă 
52


&RGDUH9LWRWURQLF

*UXSDÄ&D]DQ³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
&D]DQ$U]ăWRU
 $U]ăWRUFXPRGXODUH  &DUDFWHULVWLFăOLQLDUăD
&DUDFWHULVWLFDDU]ăWRUX DU]ăWRUXOXL
OXL  &DUDFWHULVWLFăQHOLQLDUăD
6WDUHDGHOLYUDUHVWDELOLWă SkQă DU]ăWRUXOXL
GHILúDGHFRGDUHDFD]D  373PD[ Â
QXOXL 37vQN:6DUFLQăSDUĠLDOă
ODѿGLQWLPSXOGHIXQFĠLR
QDUHDOVHUYRPRWRUXOXL
3PD[vQN:6DUFLQă
PD[LPă
7HPSHUDWXUDDSHLGLQFD]DQSHQWUXOLPLWDUHDPD[LPăDWHPSHUDWXULL
 6HWDWODƒ&  3RVLELOLWDWHGHUHJODUHvQWUH
SkQă úLƒ&
 6HĠLQHFRQWGHUHJODMXOWHU
PRVWDWXOXLGHOXFUX
&D]DQ
 1XPăUXOFXUHQWDOFD]D  1XPăUXOFXUHQWDOFD]DQX
QXOXLODLQVWDODĠLHFXPDL SkQă OXLODLQVWDODĠLHFXPDLPXOWH
PXOWHFD]DQH  FD]DQH
6XSUDYHJKHUHDJD]HORUDUVH
) &XVHQ]RUSHQWUXWHPSH ) /DGHSăúLUHDYDORULLOLPLWă
UDWXUDJD]HORUDUVH SkQă SHQWUXWHPSHUDWXUDJD]H
)ăUăVXSUDYHJKHUHD )ƒ& ORUGHDUGHUHVHDILúHD]ă
WHPSHUDWXULLJD]HORUGH 
DUGHUHSHQWUXDILúDMXOSUL
YLQGvQWUHĠLQHUHD
ÌQWUHĠLQHUHDU]ăWRURUHGHIXQFĠLRQDUHvQ
 1XHVWHVHWDWQLFLXQLQWHU  1XPăUXOGHRUHGHIXQFĠLR
YDOGHvQWUHĠLQHUH RUHGH SkQă QDUHDDU]ăWRUXOXLSkQăOD
IXQFĠLRQDUH   XUPăWRDUHDvQWUHĠLQHUH
SRDWHILUHJODWvQWUHúL
K
JUDGDĠLHGHUHJODM식
K
,QWHUYDOGHWLPSSHQWUXvQWUHĠLQHUHvQOXQL
 )ăUăLQWHUYDOGHWLPSSHQ  ,QWHUYDOXOGHWLPSUHJODELO
WUXvQWUHĠLQHUH SkQă vQWUHúLOXQL

52


&RGDUH9LWRWURQLF

*UXSDÄ&D]DQ³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
6WDUHvQWUHĠLQHUH
 1XVHDILúHD]ă SHGLV  6HDILúHD]ă SHGLVSOD\
SOD\ DGUHVDHVWHVHWDWăDXWR
PDWúLWUHEXLHVFKLPEDWă
PDQXDOGXSăHIHFWXDUHD
vQWUHĠLQHULL 

6HUYLFH
52



&RGDUH9LWRWURQLF

$FFHVDUHDQLYHOXOXLGHFRGDUH

,QGLFDĠLH  6HDOHJHDGUHVDGHFRGDUHFX  


Ŷ ÌQQLYHOXOGHFRGDUHVXQWWRDWH
FRGăULOHLQFOXVLYFRGăULOHGLQQLYHOXO  &X  VHVHWHD]ăYDORDUHDFRQIRUP
GHFRGDUH FXWDEHOHOHXUPăWRDUHúLVHFRQILUPă
Ŷ &RGăULOHFDUHQXDXQLFLRIXQFĠLHGLQ FX2.
FDX]DGRWăULLLQVWDODĠLHLVDXGLQFDX]D
VHWăULLDOWRUFRGăULQXYRUILDILúDWH  'DFăWRDWHFRGăULOHWUHEXLHUHVH
WDWHvQVWDUHDGHOLYUDUH
 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL 6HDOHJHFX úLVHFRQILUPăFX
FFDVHF 2.
3HGLVSOD\VHDSULQGHLQWHUPLWHQW  'DFă VHDSULQGHLQWHUPLWHQWVH
FRQILUPăFX2.
 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL
FFDVHF ,QGLFDĠLH
ùLFRGăULOHGHODQLYHOXOGHFRGDUH
 &X VHDOHJHSHQWUXQLYHOXOGH VXQWUHVHWDWHGLQQRX
FRGDUHúLVHFRQILUPăFX2.
3HGLVSOD\VHDSULQGHLQWHUPLWHQW,  6HSăUăVHúWHQLYHOXOGHFRGDUH
SHQWUXDGUHVHOHGHFRGDUHGLQ 6HDSDVăSH 
JUXSD
 6HSăUăVHúWHQLYHOXOGHVHUYLFH
 &X  VHDOHJHJUXSDDGUHVHLGH &X VHVHOHFWHD]ă
FRGDUHGRULWH 6HFRQILUPăFX2.
 Ä*HQHUDO³ Ä2))³VHDSULQGHLQWHUPLWHQW
 Ä&D]DQ³ 6HFRQILUPăFX2.
 Ä7RDWHFRGăULOHGLVSR]SULQF³
ÌQDFHDVWăJUXSăVXQWDILúDWH ,QGLFDĠLH
WRDWHDGUHVHOHGHFRGDUHGLQQLYH 'LQQLYHOXOGHVHUYLFHVHLHVHDXWRPDW
OXOGHFRGDUHvQRUGLQH GXSăPLQ
FUHVFăWRDUH
6HFRQILUPăFX2.JUXSDDOHDVă

*UXSDÄ*HQHUDO³

&RGăUL

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 )ăUăIXQFĠLH  6HVHWHD]ăDXWRPDWGDFă
HVWHVHWDWăFRGDUHD
52

ij


&RGDUH9LWRWURQLF

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
$XWRPDWL]DUHDFLUFXLWXOXL
FD]DQXOXLHVWHLQWHJUDWăvQ
VLVWHPXOGHUHJODMvQFDV
FDGă
 )ăUăDGDSWRUXOSHQWUX  &XDGDSWRUXOSHQWUXHOH
HOHPHQWHOHH[WHUQHGH PHQWHOHH[WHUQHGHVLJX
VLJXUDQĠă UDQĠăHVWHUHFXQRVFXW
DXWRPDW
 )ăUăDGDSWRUXOSHQWUX  &XDGDSWRUXOSHQWUXHOH
HOHPHQWHOHH[WHUQHGH PHQWHOHH[WHUQHGHVLJX
VLJXUDQĠă UDQĠăHVWHUHFXQRVFXW
DXWRPDW
 )ăUăH[WHQVLH$0  &XH[WHQVLH$0HVWH
UHFXQRVFXWDXWRPDW
 )XQFĠLHLHúLUH$OD  3RPSDGHFLUFXODĠLHSHQWUX
H[WHQVLD$0 GLVSR]LWLYXOGHQHXWUDOL]DUH
3RPSDFLUFXLWXOXLGH VDXSHQWUXVFKLPEăWRUXOGH
vQFăO]LUH FăOGXUăJD]HDUVHDSă
 )XQFĠLHLHúLUH$OD  3RPSDGHFLUFXODĠLHSHQWUX
H[WHQVLD$0 GLVSR]LWLYXOGHQHXWUDOL]DUH
3RPSăGHUHFLUFXODUHD VDXSHQWUXVFKLPEăWRUXOGH
DSHLFDOGHPHQDMHUH FăOGXUăJD]HDUVHDSă
 7LPSGHIXQFĠLRQDUHD  7LPSXOGHIXQFĠLRQDUH
VHUYRPRWRUXOXLFODSHWHL SkQă SRDWHILUHJODWvQWUHúL
GHUHJODMODFRQHFWRUXO  V
<-$
6WDUHDGHOLYUDUHVWDELOLWă
GHILúDGHFRGDUHDFD]D
QXOXL
6HUYLFH

$ 6HQ]RUXO8$$QXH[LVWă $ 6HQ]RUXO8$$HVWHGLVSR


QLELO GHH[HPSOXVHQ]RUXO
GHWHPSHUDWXUăSHQWUXHOH
PHQWXO7KHUP&RQWURO 
HVWHUHFXQRVFXWăDXWRPDW
E 6HQ]RUXO8$%QXH[LVWă E 6HQ]RUXO8$%HVWHGLVSR
QLELO GHH[HPSOXVHQ]RUXO
GHWHPSHUDWXUăSHUHWXU
7 
HVWHUHFXQRVFXWăDXWRPDW
& &RQHFWDUHDODFRQHFWRUXO & 1XVHUHJOHD]ă
52

FT


&RGDUH9LWRWURQLF

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
&RQWDFWGHFRQHFWDUH & 3RPSDGHFLUFXODĠLHSHQWUX
7KHUP&RQWURO VFKLPEăWRUXOGHFăOGXUă
JD]HDUVHDSă
G &RQHFWDUHDODFRQHFWRUXO G 3RPSDGHFLUFXODĠLHSHQWUX
F& FLUFXLWXOFD]DQXOXL
3RPSăGHDPHVWHF G 3RPSDGHFLUFXODĠLHSHQWUX
FLUFXLWXOFD]DQXOXLFXIXQF
ĠLHGHFODSHWăGHUHJODM
( &RQHFWDUHDODFRQHFWRUXO ( 0RWRUSHQWUXYDQDGH
F- DPHVWHFFXFăLSHQWUX
6HUYRPRWRUXOFODSHWHLGH UHJODUHDWHPSHUDWXULLSH
UHJODM UHWXU
( 1XVHUHJOHD]ă
) 7LPSGHIXQFĠLRQDUHSUH ) )ăUăIXQFĠLRQDUHSUHOXQJLWă
OXQJLWăSHQWUXSRPSDGH DSRPSHL
DPHVWHFUHVSHFWLYSHQWUX ) 7LPSXOGHIXQFĠLRQDUHSUH
SRPSDFLUFXLWXOXLFD]DQX SkQă OXQJLWăVHSRDWHUHJODGHOD
OXLPLQ ) SkQăODPLQ
& )ăUăWLPSGHIXQFĠLRQDUH & 7LPSGHIXQFĠLRQDUHSUH
SUHOXQJLWăDHFKLSDPHQ SkQă OXQJLWăDHFKLSDPHQWXOXL
WXOXLGHQHXWUDOL]DUH & GHQHXWUDOL]DUHODLHúL
UHD$GHODH[WHQVLD$0
FXSRVLELOLWDWHGHUHJODUH
vQWUHúLV
G )ăUăWLPSGHIXQFĠLRQDUH G 7LPSGHIXQFĠLRQDUHSUH
SUHOXQJLWăDHFKLSDPHQ SkQă OXQJLWăDHFKLSDPHQWXOXL
WXOXLGHQHXWUDOL]DUH G GHQHXWUDOL]DUHODLHúL
UHD$GHODH[WHQVLD$0
FXSRVLELOLWDWHGHUHJODUH
vQWUHúLV
 )ăUăPRGXOGHFRPXQL  &XPRGXOGHFRPXQLFDUH
FDUH/21 /21
HVWHUHFXQRVFXWăDXWRPDW
 1XPăUXOSDUWLFLSDQWXOXLOD  1XPăUXOSDUWLFLSDQWXOXLOD
VLVWHPXO/21 SkQă /21VHSRDWHVHWDvQWUH
 úL
 &RPXQLFDUHSULQVLVWHPXO  &RPXQLFDUHSULQVLVWHPXO
/21GHEORFDWă /21EORFDWă
 $XWRPDWL]DUHDQXHVWH  $XWRPDWL]DUHDHVWHPDQD
52

PDQDJHUGHHURUL JHUGHHURUL


&RGDUH9LWRWURQLF

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 $YDULDHVWHVHPQDOL]DWă  6HPQDOL]DUHDDYDULHLDUH
GDFăGXUHD]ăPLQ ORFLPHGLDW
VHF  7LPSXOPLQLPGHH[LVWHQĠă
SkQă DDYDULHLGXSăFDUHDSDUH
 PHVDMXOGHDYDULHSRDWHIL
UHJODWvQWUHúLV
JUDGDĠLHGHUHJODM식V
 $ILúDMXOWHPSHUDWXULLvQ  $ILúDMXOWHPSHUDWXULLvQƒ)
ƒ& &HOVLXV  )DKUHQKHLW 
$ 1XVHUHJOHD]ă  
 0HVDMXOGHDYDULHODIXQF  0HVDMXOGHDYDULHODIXQF
ĠLRQDUHvQUHJLPPDQXDO ĠLRQDUHvQUHJLPPDQXDO
PHVDMXOSHQWUXHIHFWXD PHVDMXOSHQWUXHIHFWXDUHD
UHDvQWUHĠLQHULLQXDFĠLR vQWUHĠLQHULLDFĠLRQHD]ăDVX
QHD]ăDVXSUDVHPQD SUDVHPQDOL]ăULLDYDULLORU
OL]ăULLDYDULLORU
 1ULQVWDODĠLHL9LHVVPDQQ  1XPăUXOLQVWDODĠLHLSRDWHIL
vQFRPELQDĠLHFXVLVWH SkQă VHWDWvQWUHúL
PXOGHVXSUDYHJKHUHD 
PDLPXOWRULQVWDODĠLLSULQ
9LWRFRP 
E 1XVHUHJOHD]ă  
& 6XSUDYHJKHUHDSDUWLFL & 1LFLRVXSUDYHJKHUH
SDQĠLORUOD/21 & 7LPSXOHVWHVHWDELOGHOD
'DFăXQSDUWLFLSDQWQX SkQă SkQăODPLQ
UHDFĠLRQHD]ăVHXWLOL &
]HD]ăGXSăPLQYDOR
ULOHUHJODWHLQLĠLDOODDXWR
PDWL]DUHúLVHGHFODQ
6HUYLFH

úHD]ăRVHPQDOL]DUHGH
DYDULH
G 1XVHUHJOHD]ă  
52



&RGDUH9LWRWURQLF

*UXSDÄ&D]DQ³

&RGăUL

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 ,QVWDODĠLHFXXQVLQJXU  ,QVWDODĠLHFXPDLPXOWH
FD]DQ FD]DQHFXDXWRPDWL]DUHGH
FDVFDGăSULQ/21
 1XVHUHJOHD]ă
 $U]ăWRUFXGRXăWUHSWH  $U]ăWRUFXRWUHDSWă
 $U]ăWRUFXPRGXODUH
 )XQFĠLRQDUHSHFRPEXVWL  )XQFĠLRQDUHSHFRPEXVWLELO
ELOJD]RV OLFKLG PRGLILFDUHLUHYHUVL
ELOă 
 6HUHJOHD]ăDXWRPDWGDFă
HVWHLQWURGXVăRILúăGH
FRGDUHLQFRUHFWăDFD]DQX
OXLVDXGDFăQXHVWHLQWUR
GXVăQLFLXQD
 +LVWHUH]LVXOGHSRUQLUH  +LVWHUH]LVGHSRUQLUH
RSULUHSHQWUXDU]ăWRU RSULUH. YH]LSDJ 
6WDUHDGHOLYUDUHHVWHVWD  +LVWHUH]LVGHSRUQLUH
ELOLWăGHILúDGHFRGDUHD RSULUHFRPDQGDWGHQHFH
FD]DQXOXL VDUXOGHFăOGXUă YH]L
SDJ
)XQFĠLD(5% YDORULGHOD
SkQăOD. 
 )XQFĠLD(5% YDORULGHOD
SkQăOD. 
 $U]ăWRUFXPRGXODUH  &DUDFWHULVWLFăOLQLDUăD
&DUDFWHULVWLFDDU]ăWRUXOXL DU]ăWRUXOXL
6WDUHDGHOLYUDUHHVWHVWD  &DUDFWHULVWLFăQHOLQLDUăD
ELOLWăGHILúDGHFRGDUHD SkQă DU]ăWRUXOXL
FD]DQXOXL  373PD[ Â
37vQN:6DUFLQăSDUĠLDOă
ODѿGLQWLPSXOGHIXQFĠLR
QDUHDOVHUYRPRWRUXOXL
3PD[vQN:6DUFLQă
PD[LPă
 /LPLWDUHDYDORULLPD[LPH  /LPLWDUHPD[LPăUHJODELOă
DWHPSHUDWXULLDSHLGLQ SkQă vQWUHúLƒ&
FD]DQHVWHUHJODWăOD  6HĠLQHFRQWGHUHJODMXOWHU
52

ƒ& PRVWDWXOXLGHOXFUX


&RGDUH9LWRWURQLF

*UXSDÄ&D]DQ³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 1XPăUXOFXUHQWDOFD]D  1XPăUXOFXUHQWDOFD]DQX
QXOXLODLQVWDODĠLHFXPDL SkQă OXLODLQVWDODĠLHFXPDLPXOWH
PXOWHFD]DQH  FD]DQH
 3XWHUHDPD[LPăD  3XWHUHPD[UHJODELOăGHOD
DU]ăWRUXOXLvQN: SkQă SkQăODN:
6WDUHDGHOLYUDUHHVWHVWD 
ELOLWăGHILúDGHFRGDUHD
FD]DQXOXL
 3XWHUHDPD[LPăD  3XWHUHPD[UHJODELOăGHOD
DU]ăWRUXOXLvQN: SkQă SkQăODN:
6WDUHDGHOLYUDUHHVWHVWD  JUDGDĠLHGHUHJODM식
ELOLWăGHILúDGHFRGDUHD N:
FD]DQXOXL
$ 6DUFLQDGHED]ăD $ &DUDFWHULVWLFăQHOLQLDUăD
DU]ăWRUXOXLvQN: SkQă DU]ăWRUXOXL
6WDUHDGHOLYUDUHHVWHVWD $ 3*3PD[ Â
ELOLWăGHILúDGHFRGDUHD 3*vQN:6DUFLQDGHED]ă
FD]DQXOXL 3PD[vQN:6DUFLQă
PD[LPă
& &ODSHWDGHUHJODMDFĠLR & )ăUăIXQFĠLH
QHD]ăOLQLDUFRQWURODW & 5HJODMXOFRQWLQXXDOWHPSH
LQGHSHQGHQWGHWHPSHUD UDWXULLSHUHWXU
WXUDQRPLQDOăDDSHLGLQ & &ODSHWDGHUHJODMUHJODWă
FD]DQ SULQLQWHUYDOHGHWLPS
VHWDWH
& &ODSHWDGHUHJODMFRPXWăvQ
IXQFĠLHGHWHPSHUDWXUD
UHJODWăDDSHLGLQFD]DQ
& &ODSHWDGHUHJODMDFĠLR
6HUYLFH

QHD]ăOLQLDUFRQWURODWvQ
IXQFĠLHGHWHPSHUDWXUD
UHJODWăDDSHLGLQFD]DQ
G &X7KHUP&RQWURO G )ăUă7KHUP&RQWURO
DFĠLRQHD]ăDVXSUDFODSH G &X7KHUP&RQWURODFĠLR
WHLGHUHJODM IXQFĠLDQX QHD]ăDVXSUDYDQHORUGH
HVWHDFWLYDWăGDFăHVWH DPHVWHFDOHFLUFXLWHORUGH
VHWDWăFRGDUHDÄ&³  vQFăO]LUHUDFRUGDWH
 'LIHUHQĠDGHWHPSHUDWXUă  )ăUăGLIHUHQĠăGHWHPSHUD
GHGHFRQHFWDUHvQ. WXUăGHGHFRQHFWDUH
52


&RGDUH9LWRWURQLF

*UXSDÄ&D]DQ³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
$U]ăWRUXOYDILRSULWGDFă  'LIHUHQĠDGHWHPSHUDWXUă
VHGHSăúHúWHYDORDUHD SkQă GHGHFRQHFWDUHSRDWHIL
QRPLQDOăDWHPSHUDWXULL  UHJODWăvQWUHúL.
DSHLGLQFD]DQ
6WDUHDGHOLYUDUHHVWHVWD
ELOLWăGHILúDGHFRGDUHD
FD]DQXOXL
 7LPSXOPLQLPGHIXQFĠLR  7LPSXOPLQLPGHIXQFĠLR
QDUHDDU]ăWRUXOXLvQPLQ SkQă QDUHVHSRDWHUHJODvQWUH
6WDUHDGHOLYUDUHHVWHVWD  úLPLQ
ELOLWăGHILúDGHFRGDUHD
FD]DQXOXL
 7LPSGHIXQFĠLRQDUHSHQ  7LPSXOGHIXQFĠLRQDUH
WUXVHUYRPRWRUXO SkQă SRDWHILUHJODWvQWUHúL
DU]ăWRUXOXLFXPRGXODUH  V
V /D9LWRFURVVDOYH]L
,QVWUXFĠLXQLOHGHVHUYLFH
VHSDUDWH
 2IIVHWDU]ăWRUODRSWLPL]D  'LIHUHQĠDGHWHPSHUDWXUă
UHDSRUQLULLvQ. VFăGHUHD SkQă SRDWHILUHJODWăvQWUHúL
WUHFăWRDUHDWHPSHUDWXULL  .
UHJODWHSHQWUXDSDGLQ
FD]DQGXSăSRUQLUHD
DU]ăWRUXOXL 
6WDUHDGHOLYUDUHHVWHVWD
ELOLWăGHILúDGHFRGDUHD
FD]DQXOXL
$ 2SWLPL]DUHDSRUQLULLvQ $ 7LPSXOGHRSWLPL]DUHDSRU
PLQ SkQă QLULLSRDWHILUHJODWvQWUHúL
6WDUHDGHOLYUDUHHVWHVWD $ PLQ
ELOLWăGHILúDGHFRGDUHD
FD]DQXOXL
E 7LPSXOGHODDSULQGHUHD E ÌQWkU]LHUHDUHJOăULLSRDWHIL
DU]ăWRUXOXLSkQăODvQFH SkQă UHJODWăvQWUHúLV
SHUHDUHJODMXOXLV E
& 6HPQDOXO%GHODúWH & 7HPSRUL]DUHDUHJOăULL
FKHUXO;QXHVWHGLVSR SkQă SRDWHILUHJODWăvQWUHúL
QLELO & V
52


&RGDUH9LWRWURQLF

*UXSDÄ&D]DQ³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
&RPSHQVDUHDGHFDOăULL $FHVWLQWHUYDOGHWLPSVH
VHPQDOXOXLSHQWUXFRQWR VFDGHODILHFDUHSRUQLUHD
UL]DUHDRUHORUGHIXQFĠLR DU]ăWRUXOXLGLQWLPSXOGH
QDUH7LPSXOGHODDSDUL IXQFĠLRQDUH
ĠLDVHPQDOXOXLGHSRUQLUH 'HH[VLWXDĠLLGHOXFUXvQ
DDU]ăWRUXOXLOD7GHOD FDUHDU]ăWRUXOHVWHGHFR
úWHFKHUXO;SkQăODGHV QHFWDWGHWHUPRVWDWXO
FKLGHUHDHOHFWURYDOYHL/D PHFDQLFGHOXFUXGDU
ILHFDUHSRUQLUHD H[LVWăvQFRQWLQXDUHRVROL
DU]ăWRUXOXLVHVFDGV FLWDUHODDU]ăWRU RUHOHGH
GLQWLPSXOGHIXQFĠLR IXQFĠLRQDUHVXQWFRQWRUL
QDUH ]DWHvQFRQWLQXDUH 
/DQHYRLHVHPRGLILFă
DGUHVDGHFRGDUHij
) &XVHQ]RUSHQWUXWHPSH ) /DGHSăúLUHDYDORULLOLPLWă
UDWXUDJD]HORUDUVH SkQă UHJODWHSHQWUXWHPSHUDWXUD
)ăUăVXSUDYHJKHUHD )ƒ& JD]HORUGHDUGHUHVHDIL
WHPSHUDWXULLJD]HORUGH úHD]ă 
DUGHUHSHQWUXDILúDMXOSUL
YLQGvQWUHĠLQHUHD
 1XHVWHVHWDWQLFLXQLQWHU  1XPăUXOGHRUHGHIXQFĠLR
YDOGHvQWUHĠLQHUH RUHGH SkQă QDUHDDU]ăWRUXOXLSkQăOD
IXQFĠLRQDUH   XUPăWRDUHDvQWUHĠLQHUH
SRDWHILUHJODWvQWUHúL
K
JUDGDĠLHGHUHJODM식
K
 )ăUăLQWHUYDOGHWLPSSHQ  ,QWHUYDOXOGHWLPSUHJODELO
WUXvQWUHĠLQHUH SkQă vQWUHúLOXQL

6HUYLFH

 1XVHDILúHD]ă SHGLV  6HDILúHD]ă SHGLVSOD\


SOD\ DGUHVDHVWHVHWDWăDXWR
PDWúLWUHEXLHVFKLPEDWă
PDQXDOGXSăHIHFWXDUHD
vQWUHĠLQHULL 
 &RQVXPXOGHFRPEXVWLELO  3ODMDGHODSkQăOD
DODU]ăWRUXOXL WUHDSWD  SkQă JUDGDĠLHGHUHJODM식
IăUăFRQWRUL]DUHvQFD]XO  OKUHVSHFWLYJDORDQH
FRGăULORUijúLij K
52


&RGDUH9LWRWURQLF

*UXSDÄ&D]DQ³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
,QGLFDĠLH
6XQWDGăXJDWHYDORULOH
DGUHVHORUGHFRGDUHijúL
ij

 &RQVXPXOGHFRPEXVWLELO  3ODMDGHODSkQăOD
DODU]ăWRUXOXL WUHDSWD  SkQă 
IăUăFRQWRUL]DUHvQFD]XO  JUDGDĠLHGHUHJODM식
FRGăULORUijúLij OKUHVSHFWLYJDORDQHK
 )ăUăDSULQGHUHvQLQWHU  ,QWHUYDOXOGHWLPSUHJODELO
YDOHDDU]ăWRUXOXL SkQă vQWUHúLK$U]ăWRUXO
 HVWHSRUQLWIRUĠDWSHQWUX
V
 &RQVXPXOGHFRPEXVWLELO  3ODMDGHODSkQăOD
DODU]ăWRUXOXL WUHDSWDúL SkQă JUDGDĠLHGHUHJODM식
   OKUHVSHFWLYJDORDQH
)ăUăFRQWRUL]DUHvQFD]XO K
FRGăULORUijúLÄ$³
,QGLFDĠLH
6XQWDGăXJDWHYDORULOH
DGUHVHORUGHFRGDUHijúL
Ä$³

$ &RQVXPXOGHFRPEXVWLELO $ 3ODMDGHODSkQăOD
DODU]ăWRUXOXL WUHDSWDúL SkQă 
  $ JUDGDĠLHGHUHJODM식
)ăUăFRQWRUL]DUHvQFD]XO OKUHVSHFWLYJDORDQHK
FRGăULORUijúLÄ$³
E 7LPSXOPD[LPGH E )ăUăWLPSGHvQFăO]LUHSUH
vQFăO]LUHSUHOLPLQDUăD OLPLQDUă
FODSHWHLGHUHJODMPLQ E 7LPSXOGHvQFăO]LUHSUHOLPL
SkQă QDUăVHSRDWHUHJODvQWUH
E úLPLQ
& 7LPSXOPD[LPGHIXQFĠLR & )ăUăWLPSGHIXQFĠLRQDUH
QDUHSUHOXQJLWăDFODSHWHL SUHOXQJLWă
GHUHJODMPLQ & )XQFĠLRQDUHDSUHOXQJLWăVH
SkQă SRDWHUHJODvQWUHúL
PLQ
52


&RGDUH9LWRWURQLF

*UXSDÄ&D]DQ³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
&
G )XQFĠLDGHUHJODUHDSRP G )XQFĠLDGHUHJODUHDSRP
SHLGHDPHVWHFHVWHSRU SHLGHDPHVWHFSHUPDQHQW
QLWăQXPDLFkQGFD]DQXO Ä3RUQLWă³
HVWHÄ3RUQLW³

6HUYLFH
52



&RGDUH9LWRWURQLF.

$FFHVDUHDQLYHOXOXLGHFRGDUH

,QGLFDĠLH  6HVHOHFWHD]ăDGUHVDGHFRGDUH


Ŷ &RGăULOHVXQWDILúDWHWH[WXDO
Ŷ &RGăULOHFDUHQXDXQLFLRIXQFĠLHGLQ  6HVHWHD]ăYDORDUHDFRQIRUPFX
FDX]DGRWăULLLQVWDODĠLHLVDXGLQFDX]D WDEHOHOHXUPăWRDUHúLVHFRQILUPăFX
VHWăULLDOWRUFRGăULQXYRUILDILúDWH 2.
Ŷ ,QVWDODĠLLGHvQFăO]LUHFXXQFLUFXLWGH
vQFăO]LUHIăUăYDQăGHDPHVWHFúLXQXO  'DFăWRDWHFRGăULOHWUHEXLHUHVH
VDXGRXăFLUFXLWHGHvQFăO]LUHFXYDQă WDWHGLQQRXODVWDUHDGHOLYUDUH
GHDPHVWHF 6HDOHJHÄ5HJODMGHED]ă³vQÄ1LYHO
&LUFXLWXOGHvQFăO]LUHIăUăYDQăGH GHFRGDUH³
DPHVWHFHVWHGHQXPLWvQFRQWLQXDUH
Ä&LUFXLWvQFăO]LUH³LDUFLUFXLWHOHGH ,QGLFDĠLH
vQFăO]LUHFXYDQăGHDPHVWHFVXQW ùLFRGăULOHGHODQLYHOXOGHFRGDUH
GHQXPLWHÄ&LUFXLWvQFăO]LUH³VDX VXQWUHVHWDWHGLQQRX
Ä&LUFXLWvQFăO]LUH³
'DFăFLUFXLWHOHGHvQFăO]LUHDXIRVW
GHQXPLWHLQGLYLGXDODSDUHGHQXPLUHD
DOHDVăúLÄ&̳Ä&̳VDXÄ&̳

 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL
FFDVHF

 Ä1LYHOXOGHFRGDUH³

 6HOHFWDUHDJUXSHLSHQWUXDGUHVDGH
FRGDUHGRULWă
Ŷ Ä*HQHUDO³
Ŷ Ä&DVFDGă³
Ŷ Ä$SăFDOGăPHQDM³
Ŷ Ä6RODU³
Ŷ Ä&LUFXLWvQFăO]LUH³
Ŷ Ä7RDWHFRGăULOHGLVSR]SULQF³
ÌQDFHDVWăJUXSăVXQWDILúDWHvQ
RUGLQHFUHVFăWRDUHWRDWHDGUHVHOH
GHFRGDUHSHQWUXQLYHOXOGH
FRGDUH FXH[FHSĠLDDGUHVHORUGH
FRGDUHGLQJUXSDÄ6RODU³ 
52


&RGDUH9LWRWURQLF.

*UXSDÄ*HQHUDO³

&RGăUL

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
6FKHPDLQVWDODĠLHL
 8QFLUFXLWGHvQFăO]LUH  3HQWUXVFKHPHOHLQVWDOD
IăUăYDQăGHDPHVWHF$ SkQă ĠLHLYH]LXUPăWRUXOWDEHO
FLUFXLWGHvQFăO]LUH  
IăUăSUHSDUDUHDFP

9DORDUH 'HVFULHUH
DGUHVă

 8QFLUFXLWGHvQFăO]LUHIăUăYDQăGHDPHVWHF$ FLUFXLWGHvQFăO]LUH

FXSUHSDUDUHGHDSăFDOGăPHQDMHUăHVWHUHFXQRVFXWDXWRPDW
 8QFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF0 FLUFXLWGHvQFăO]LUH
IăUăSUHSDUDUHGHDSăFDOGăPHQDMHUă
 8QFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF0 FLUFXLWGHvQFăO]LUH
FXSUHSDUDUHGHDSăFDOGăPHQDMHUă
 8QFLUFXLWGHvQFăO]LUHIăUăYDQăGHDPHVWHF$ FLUFXLWGHvQFăO]LUH

8QFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF0 FLUFXLWvQFăO]LUH
IăUăSUHSDUDUHGHDSăFDOGăPHQDMHUăHVWHUHFXQRVFXWDXWRPDW
 8QFLUFXLWGHvQFăO]LUHIăUăYDQăGHDPHVWHF$ FLUFXLWGHvQFăO]LUH

8QFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF0 FLUFXLWvQFăO]LUH
FXSUHSDUDUHGHDSăFDOGăPHQDMHUăHVWHUHFXQRVFXWDXWRPDW
 'RXăFLUFXLWHFXYDQăGHDPHVWHF0 FLUFXLWGHvQFăO]LUH úL0
FLUFXLWGHvQFăO]LUH
IăUăSUHSDUDUHGHDSăFDOGăPHQDMHUă
6HUYLFH

 'RXăFLUFXLWHFXYDQăGHDPHVWHF0 FLUFXLWGHvQFăO]LUH úL0


FLUFXLWGHvQFăO]LUH
FXSUHSDUDUHGHDSăFDOGăPHQDMHUă
52


&RGDUH9LWRWURQLF.

*UXSDÄ*HQHUDO³ FRQWLQXDUH

9DORDUH 'HVFULHUH
DGUHVă

 8QFLUFXLWGHvQFăO]LUHIăUăYDQăGHDPHVWHF$ FLUFXLWGHvQFăO]LUH

'RXăFLUFXLWHFXYDQăGHDPHVWHF0 FLUFXLWGHvQFăO]LUH úL0
FLUFXLWGHvQFăO]LUH
IăUăSUHSDUDUHGHDSăFDOGăPHQDMHUăHVWHUHFXQRVFXWDXWRPDW
 8QFLUFXLWGHvQFăO]LUHIăUăYDQăGHDPHVWHF$ FLUFXLWGHvQFăO]LUH

'RXăFLUFXLWHFXYDQăGHDPHVWHF0 FLUFXLWGHvQFăO]LUH úL0
FLUFXLWGHvQFăO]LUH
FXSUHSDUDUHGHDSăFDOGăPHQDMHUăHVWHUHFXQRVFXWDXWRPDW

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
7LPSGHIXQFĠLRQDUHDOVHUYRPRWRUXOXL
 7LPSGHIXQFĠLRQDUHD  7LPSXOGHIXQFĠLRQDUH
VHUYRPRWRUXOXLYHQWLOXOXL SkQă SRDWHILUHJODWvQWUHúL
GHDPHVWHFFXFăLvQ  V
FRPELQDĠLHFXUHJODUHD
FRQWLQXăDWHPSHUDWXULL
SHUHWXUODFRQHFWRUXO
<-$V
1USDUWLFLSDQW
 1XPăUXOSDUWLFLSDQWXOXLOD  1XPăUXOSDUWLFLSDQWXOXLOD
VLVWHPXO/21 SkQă VLVWHPXO/21VHSRDWH
 VHWDvQWUHúL
 $XWRPDWL]DUHDFLU
FXLWXOXLFD]DQXOXL
 5HJODMvQFDVFDGă
 9LWRWURQLF+
 9LWRJDWH
 9LWRFRP
&DVăFXRORFXLQĠă&DVăFXPDLPXOWHORFXLQĠH
) &DVăXQLIDPLOLDOă ) &DVăFXPDLPXOWHIDPLOLL
(VWHSRVLELOUHJODMXOVHSD
UDWDOSURJUDPXOXLGH
YDFDQĠăúLDOSURJUDPăULL
RUDUHSHQWUXSUHSDUDUHDGH
DSăFDOGăPHQDMHUă
52


&RGDUH9LWRWURQLF.

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
*HQHUDOLWăĠL
) 6HGHEORFKHD]ăXWLOL]D ) 8WLOL]DUHDvQPHQLXOGH
UHDvQPHQLXOGHED]ăúL ED]ăúLvQPHQLXOH[WLQV
vQPHQLXOH[WLQV HVWHEORFDWă
) 8WLOL]DUHDvQPHQLXOGH
,QGLFDĠLH ED]ăHVWHGHEORFDWăvQ
&RGDUHDUHVSHFWLYăVH PHQLXOH[WLQVHVWHEORFDWă
DFWLYHD]ăQXPDLDWXQFL
FkQGVHSăUăVHúWHPHQLXO
GHVHUYLFH YH]L
SDJ 

9DORDUHDQRPLQDOăDWHPSHUDWXULLSHWXUODVROLFLWDUHH[WHUQă
E 9DORDUHDQRPLQDOăDWHP E )ăUăYDORDUHIL[DWă
SHUDWXULLSHWXUODVROLFL E 9DORDUHDQRPLQDOăDWHP
WDUHH[WHUQăƒ& SkQă SHUDWXULLSHWXUSRDWHIL
E UHJODWăGHODSkQăOD
ƒ&

*UXSDÄ&DVFDGă³

&RGăUL

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
1XPăUGHFD]DQHvQFDVFDGă
 FD]DQHFRQHFWDWHOD  SkQăODFD]DQHFRQHF
9LWRWURQLF. SkQă WDWHOD9LWRWURQLF.

6HUYLFH

7HPSHUDWXUăPLQSHWXUXOLQVWDODĠLHL
 /LPLWDUHDHOHFWURQLFăD  /LPLWDUHPLQLPăUHJODELOă
YDORULLPLQLPHDWHPSHUD SkQă vQWUHúLƒ&
WXULLSHWXUXOLQVWDODĠLHL 
UHJODWăODƒ&
52


&RGDUH9LWRWURQLF.

*UXSDÄ&DVFDGă³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
7HPSHUDWXUDPD[LPăSHWXUXOLQVWDODĠLHL
 /LPLWDUHDHOHFWURQLFăD  /LPLWDUHPD[LPăUHJODELOă
YDORULLPD[LPHDWHPSH SkQă vQWUHúLƒ&
UDWXULLSHWXUXOLQVWDODĠLHL 
UHJODWăODƒ& ,QGLFDĠLH
9DORDUHDXSRDWHILPDL
PDUHGHFkWXOWLPDYDORDUH
UHJODWăODDGUHVDGHFRGDUH
ijGLQJUXSDÄ&D]DQ³GH
ODWRDWHDXWRPDWL]ăULOH9LWR
WURQLF

7LSXODXWRPDWL]ăULL
E &RQHFWDUHDXWRQRPăvQ E &RQHFWDUHDXWRQRPăvQ
SDUDOHODFD]DQHORUFX SDUDOHODFD]DQHORUIăUă
VHQ]RUGHWHPSHUDWXUăSH VHQ]RUGHWHPSHUDWXUăSH
WXU YH]LSDJ  WXU YH]LSDJ 
E &RQHFWDUHDXWRQRPăvQ
VHULHDFD]DQHORUIăUăVHQ
]RUGHWHPSHUDWXUăSHWXU
YH]LSDJ 
E &RQHFWDUHDXWRQRPăvQ
VHULHDFD]DQHORUFXVHQ]RU
GHWHPSHUDWXUăSHWXU YH]L
SDJ 
E 0RGGHUHJODMVHFYHQĠLDOFX
VHQ]RUGHWHPSHUDWXUăSH
WXU YH]LSDJLQD
6WUDWHJLDDXWRPDWL]ăULL
& 6WUDWHJLHGHXWLOL]DUHD & 6WUDWHJLHGHXWLOL]DUHD
FăOGXULLGHDUGHUH YH]L FăOGXULLGHFRQGHQVDĠLH
SDJ  YH]LSDJ 
& 6WUDWHJLHGHXWLOL]DUHD
FăOGXULLGHDUGHUH YH]L
SDJ 
52


&RGDUH9LWRWURQLF.

*UXSăÄ$SăFDOGăPHQDMHUă³

&RGăUL

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
$SăFDOGăPHQDMHUă
 /DSUHSDUDUHDVRODUăD  )ăUăDDYDORDUHUHJODWă
DSHLFDOGHPHQDMHUH  9DORDUHDQRPLQDOăDWHP
9DORDUHQRPLQDOăSHQWUX SkQă SHUDWXULLDSHLFDOGHPHQD
WHPSHUDWXUDDSHLFDOGH  MHUHHVWHUHJODELOăGHOD
PHQDMHUHƒ&'DFăVH SkQăODƒ& OLPLWDWăGH
GHSăúHúWHWHPSHUDWXUD SDUDPHWULVSHFLILFLFD]DQX
UHJODWăVHDFWLYHD]ă OXL 
IXQFĠLDGHEORFDUHD 6HYDUHVSHFWDVHWDUHD
vQFăO]LULLDGăXJDWH SUH DGUHVHLGHFRGDUHij
SDUDUHDDSHLFDOGHPHQD
MHUăSULQLQWHUPHGLXO
FD]DQXOXLQXPDLvQFD]XO
vQFDUHHQHUJLDVRODUăQX
HVWHVXILFLHQWă 
'HEORFDUHDSRPSHLGHUHFLUFXODUH
 3RPSDGHUHFLUFXODUHD  ÌQWLPSXOSURJUDPăULLRUDUH
DSHLFDOGHPHQDMHUH SkQă GDWăRUăSHQWUXPLQ
Ä3RUQLWă³FRQIRUPSUR  Ä3RUQLW³GHSkQăODRULRUă
JUDPăULLRUDUH SHQWUXPLQÄ3RUQLW³
 3HUPDQHQWÄSRUQLWă³

*UXSDÄ6RODU³

1XPDLvQFRPELQDĠLHFXPRGXOGHDXWR
PDWL]DUHVRODUăWLS60
6HUYLFH

&RGăUL

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
&RPDQGDWXUDĠLHLSHQWUXSRPSDFLUFXLWXOXLVRODU
 3RPSDFLUFXLWXOXLVRODU  3RPSDFLUFXLWXOXLVRODUFX
vQWUHSWH IăUăFRPDQGD WXUDĠLHUHJODELOă vQWUHSWH
WXUDĠLHLGHFăWUHPRGXOXO FXSDFKHWHGHXQGH
GHDXWRPDWL]DUHVRODUă  3RPSDFLUFXLWXOXLVRODUFX
60 WXUDĠLHUHJODELOăFX
52

FRPDQGă3:0


&RGDUH9LWRWURQLF.

*UXSDÄ6RODU³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
7HPSHUDWXUDPD[LPăDDSHLGLQERLOHU
 3RPSDFLUFXLWXOXLVRODUVH  7HPSHUDWXUDPD[LPăD
GHFRQHFWHD]ăFkQGWHP SkQă DSHLGLQDFXPXODWRUSRDWH
SHUDWXUDHIHFWLYăDDSHL  ILVHWDWăODYDORULFXSULQVH
PHQDMHUHDDWLQV ƒ& vQWUHúLƒ&
WHPSHUDWXUDPD[LPăD
DFXPXODWRUXOXL 
5HGXFHUHDWLPSLORUGHVWDJQDUH
$ 3HQWUXSURWHFĠLDFRPSR $ 5HGXFHUHDWLPSXOXLGH
QHQWHORULQVWDODĠLHLúLD VWDJQDUHGH]DFWLYDWă
DJHQWXOXLWHUPLF $ 9DORDUHDSHQWUXUHGXFHUHD
7XUDĠLDSRPSHLSHQWUXFLU SkQă WLPSXOXLGHVWDJQDUHSRDWH
FXLWXOVRODUVHUHGXFH $ ILVHWDWăvQWUHúL.
GDFăYDORDUHDHIHFWLYăD
WHPSHUDWXULLDSHLPHQD
MHUHHVWHFX.PDLPLFă
GHFkWWHPSHUDWXUD
PD[LPăDDSHLFDOGH
PHQDMHUHGLQERLOHU
'HELWYROXPHWULFDOFLUFXLWXOXLVRODU
) 'HELWXOYROXPHWULFDOFLU ) 'HELWXOYROXPHWULFDOFLUFXL
FXLWXOXLVRODUODWXUDĠLH SkQă WXOXLFROHFWRUSRDWHILUHJODW
PD[LPăDSRPSHL ) ODYDORULFXSULQVHvQWUH
OPLQ úLOPLQ
JUDGDĠLHGHUHJODM식
OPLQ
52


&RGDUH9LWRWURQLF.

*UXSDÄ6RODU³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
)XQFĠLLH[WLQVHDOHDXWRPDWL]ăULLVRODUH
 1LFLRIXQFĠLHGHDXWRPDWL  )XQFĠLHVXSOLPHQWDUăSHQ
]DUHH[WLQVăDFWLYă WUXSUHSDUDUHDGHDSă
FDOGăPHQDMHUă
 5HJODUHDGLIHUHQĠHLGH
WHPSHUDWXUă
 5HJODUHDGLIHUHQĠHLGH
WHPSHUDWXUăúLDIXQFĠLHL
VXSOLPHQWDUH
 5HJODUHDGLIHUHQĠHLGH
WHPSHUDWXUăSHQWUX
vQFăO]LUH
 )XQFĠLDWHUPRVWDW
 )XQFĠLDWHUPRVWDWúLIXQFĠLD
VXSOLPHQWDUă
 ÌQFăO]LUHDVRODUăFXXQ
VFKLPEăWRUGHFăOGXUă
H[WHUQIăUăVHQ]RUGHWHP
SHUDWXUăVXSOLPHQWDU
 ÌQFăO]LUHDVRODUăFXXQ
VFKLPEăWRUGHFăOGXUă
H[WHUQFXVHQ]RUGHWHP
SHUDWXUăVXSOLPHQWDU
 ÌQFăO]LUHDVRODUăDGRXă
ERLOHUHSHQWUXSUHSDUDUHGH
DSăFDOGăPHQDMHUă
6HUYLFH
52



&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³

&RGăUL

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
3ULRULWDWHSHQWUXSUHSDUDUHDGHDSăFDOGăPHQDMHUă
$ &RPDQGăSULRULWDUăIDĠă $ )ăUăFRPDQGăSULRULWDUă
GHSRPSDFLUFXLWXOXLGH SHQWUXSUHSDUDUHDFP
vQFăO]LUHúLYDQDGH IDĠăGHSRPSDFLUFXLWXOXLGH
DPHVWHF vQFăO]LUHúLYDQDGHDPHV
WHF
$ 3ULRULWDWHSHQWUXSUHSDUDUH
DFPQXPDLIDĠăGHYDQD
GHDPHVWHF
)XQFĠLDHFRQRPLFăWHPSHUDWXUăH[WHULRDUă
$ &XRSWLPL]DUHDIXQF $ )ăUăIXQFĠLHGHRSWLPL]DUH
ĠLRQăULLSRPSHORUFLUFXLWH DSRPSHORUFLUFXLWHORUGH
ORUGHvQFăO]LUH SURJUDP vQFăO]LUH
HFRQRPLF SRPSDFLUFXL $ &XRSWLPL]DUHDIXQFĠLRQăULL
WXOXLGHvQFăO]LUHHVWH SkQă SRPSHORUFLUFXLWHORUGH
ÄRSULWă³DWXQFLFkQGWHP $ vQFăO]LUHSRPSDFLUFXLWXOXL
SHUDWXUDH[WHULRDUă 7( GHvQFăO]LUHÄRSULWă³YH]L
HVWHFX.PDLPDUH WDEHOXOXUPăWRU
GHFkWWHPSHUDWXUDGH
DPELDQĠăUHJODWă 7$UHJO
7$!755HJO.

3DUDPHWUXDGUHVD &XRSWLPL]DUHDIXQFĠLRQăULLSRPSHORUFLUFXLWHORUGH
$ vQFăO]LUHSRPSDFLUFXLWXOXLGHvQFăO]LUHÄRSULWă³
 7(!7$5HJO.
 7(!7$5HJO.
 7(!7$5HJO.
 7(!7$5HJO.
 7(!7$5HJO.
 7(!7$UHJO
 7(!7$UHJO.
SkQăOD
 7(!7$UHJO.
52


&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
)XQFĠLDHFRQRPLFăH[WLQVăYDQăGHDPHVWHF
$ 1XPDLSHQWUXFLUFXLWHGH $ &XIXQFĠLHHFRQRPLFăSHQ
vQFăO]LUHFXYDQăGH WUXYDQDGHDPHVWHF RSWL
DPHVWHF PL]DUHH[WLQVăDIXQF
)ăUăIXQFĠLHHFRQRPLFăD ĠLRQăULLSRPSHORUFLUFXLWXOXL
YDQHLGHDPHVWHF GHvQFăO]LUH 
SRPSDFLUFXLWXOXLGH
vQFăO]LUHVXSOLPHQWDU
ÄRSULWă³
Ŷ 'DFăYDQDGHDPHVWHFD
IRVWvQFKLVăGHPDLPXOW
GHPLQ
3RPSDFLUFXLWXOXLGH
vQFăO]LUHÄ3RUQLWă³
Ŷ 'DFăYDQDGHDPHVWHF
LQWUăvQUHJLPQRUPDO
Ŷ /DSHULFROGHvQJKHĠ
,QWHUYDOXOGHWUDQ]LĠLHDOWLPSXOXLGHVWDĠLRQDUHDSRPSHLUHGXV)XQFĠLRQDUH
$ &XWLPSGHVWDĠLRQDUHD $ )ăUăWLPSGHVWDĠLRQDUHD
SRPSHL SRPSDFLUFXLWX SRPSHL
OXLGHvQFăO]LUHÄ2SULW³  $ &XWLPSGHVWDĠLRQDUHD
YH]L'HVFULHUHDIXQFĠLHL SkQă SRPSHLVHSRDWHUHJOD
SDJ $ vQWUHúL
7LPSGHVWDĠLRQDUHVFXUW
,QGLFDĠLH 7LPSGHVWDĠLRQDUH
'XUDWDPD[GHQHIXQF OXQJ
ĠLRQDUHHVWHK

6HUYLFH
52


&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
&RPDQGDWGHWHPSHUDWXUDH[WHULRDUă&RQHFWDUHFRPDQGDWăGHWHPSHUDWXUDGH
DPELDQĠă
E &XWHOHFRPDQGă  E 5HJLPGHvQFăO]LUH
5HJLPGHvQFăO]LUHUHJLP FRPDQGDWGHWHPSHUDWXUD
UHGXVFRPDQGDWGHWHP H[WHULRDUă
SHUDWXUDH[WHULRDUă 5HJLPGHOXFUXUHGXVFX
IXQFĠLRQDUHFRPDQGDWăGH
WHPSHUDWXUDGHDPELDQĠă
E 5HJLPGHvQFăO]LUHFX
IXQFĠLRQDUHFRPDQGDWăGH
WHPSHUDWXUDGHDPELDQĠă
5HJLPGHOXFUXUHGXV
FRPDQGDWGHWHPSHUDWXUD
H[WHULRDUă
E 5HJLPGHvQFăO]LUHUHJLP
UHGXVFXIXQFĠLRQDUH
FRPDQGDWăGHWHPSHUDWXUD
GHDPELDQĠă
)XQFĠLDHFRQRPLFăWHPSHUDWXUăGHDPELDQĠă
E &XWHOHFRPDQGă  E 3HQWUXRSWLPL]DUHDIXQF
)ăUăIXQFĠLHGHRSWLPL SkQă ĠLRQăULLSRPSHORUFLUFXLWHORU
]DUHDIXQFĠLRQăULLSRPSHL E GHvQFăO]LUHYH]LWDEHOXO
FLUFXLWXOXLGHvQFăO]LUH XUPăWRU
FRPDQGDWăGHWHPSHUD
WXUDGHDPELDQĠă

3DUDPHWUX &XRSWLPL]DUHDIXQFĠLRQăULLSRPSHORUFLUFXLWHORUGH
DGUHVăE vQFăO]LUH
SRPSDFLUFXLWXOXLGHvQFăO]LUH SRPSDFLUFXLWXOXLGHvQFăO]LUH
ÄRSULWă³ ÄSRUQLWă³
 7$HIHFW!7$UHJO. 7$HIHFW7$UHJO.
 7$HIHFW!7$UHJO. 7$HIHFW7$UHJO.
 7$HIHFW!7$UHJO. 7$HIHFW7$UHJO.
 7$HIHFW!7$UHJO. 7$HIHFW7$UHJO.
 7$HIHFW!7$UHJO. 7$HIHFW7$UHJO
 7$HIHFW!7$UHJO 7$HIHFW7$UHJO.

 &RGDUHDVHPRGLILFăQXPDLSHQWUXFLUFXLWXOIăUăYDQăGHDPHVWHF$ODFD]DQH
52

IăUăOLPLWDUHDWHPSHUDWXULLLQIHULRDUHVDXSHQWUXFLUFXLWHOHGHvQFăO]LUHFXYDQăGH
DPHVWHFDWXQFLFkQGODHOHHVWHFRQHFWDWăRWHOHFRPDQGă

&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ FRQWLQXDUH

3DUDPHWUX &XRSWLPL]DUHDIXQFĠLRQăULLSRPSHORUFLUFXLWHORUGH
DGUHVăE vQFăO]LUH
SRPSDFLUFXLWXOXLGHvQFăO]LUH SRPSDFLUFXLWXOXLGHvQFăO]LUH
ÄRSULWă³ ÄSRUQLWă³
 7$HIHFW!7$UHJO. 7$HIHFW7$UHJO.
 7$HIHFW!7$UHJO. 7$HIHFW7$UHJO.

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
7HPSHUDWXUăPLQSHWXUFLUFXLWGHvQFăO]LUH
& /LPLWDUHDHOHFWURQLFăD & /LPLWDUHDYDORULLPLQLPH
YDORULLPLQLPHDWHPSHUD SkQă SRDWHILUHJODWăvQWUHúL
WXULLSHWXUƒ& QXPDL & ƒ& OLPLWDUHDVHUHDOL
SHQWUXIXQFĠLRQDUHFX ]HD]ăSULQILúDGHFRGDUHD
WHPSHUDWXUăGHDPELDQĠă FD]DQXOXL 
QRUPDOă 
7HPSPD[SHWXUFLUFXLWGHvQFăO]LUH
& /LPLWDUHDHOHFWURQLFăD & /LPLWDUHDYDORULLPD[LPH
YDORULLPD[LPHDWHPSH SkQă SRDWHILUHJODWăvQWUHúL
UDWXULLSHWXUODƒ& & ƒ& OLPLWDUHDVHUHDOL
]HD]ăSULQILúDGHFRGDUHD
FD]DQXOXL 
&RPXWDUHDUHJLPXOXLGHIXQFĠLRQDUH
G &XVFKLPEDUHDH[WHUQăD G 5HJLPXOGHIXQFĠLRQDUH
UHJLPXOXLGHIXQFĠLRQDUH FRPXWăSHÄ5HJLPGHIXQF
VHYDĠLQHFRQWGHVHWD ĠLRQDUHSHUPDQHQWFXWHP
UHDDGUHVHORUGHFRGDUH SHUDWXUăGHDPELDQĠăQRU
ÄG³Ä(³Ä)³úLijGLQ PDOă³
JUXSDÄ*HQHUDO³ 
5HJLPXOGHIXQFĠLRQDUH
VHFRPXWăvQÄ3HUPDQHQW
6HUYLFH

vQFăO]LUHFXWHPSHUDWXUă
GHDPELDQĠăUHGXVă³VDX
Ä5HJLPGHFRQHFWDW³ vQ
IXQFĠLHGHVHWDUHDYDORULL
QRPLQDOHUHGXVHSHQWUX
WHPSHUDWXUDGH
DPELDQĠă 
52


&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
&RPXWDUHDUHJLPXOXLGHIXQFĠLRQDUHGHODXQGLVSR]LWLYH[WHUQSHFLUFXLWGH
vQFăO]LUH
G )ăUăFRPXWDUHDUHJLPX G &RPXWDUHDUHJLPXOXLGH
OXLGHIXQFĠLRQDUHGHOD IXQFĠLRQDUHGHODLQWUDUHD
H[WHQVLD($ '(GHODH[WHQVLD($
G &RPXWDUHDUHJLPXOXLGH
IXQFĠLRQDUHGHODLQWUDUHD
'(GHODH[WHQVLD($
G &RPXWDUHDUHJLPXOXLGH
IXQFĠLRQDUHGHODLQWUDUHD
'(GHODH[WHQVLD($
8VFDUHDúDSHL
) 8VFDUHDSDUGRVHOLLQX ) 1XPDLSHQWUXFLUFXLWHGH
HVWHDFWLYă SkQă vQFăO]LUHFXYDQăGHDPHV
) WHF
8VFDUHDSDUGRVHOLLSRDWHIL
UHJODWăGXSăGLDJUDPH
WHPSHUDWXUăWLPSFHSRWIL
VHOHFWDWH YH]LSDJ 
) 3HUPDQHQWWHPSHUDWXUăSH
WXUƒ& YH]L
SDJLQD 
/LPLWDUHDWLPSXOXLGHIXQFĠLRQDUHvQUHJLPGHSHWUHFHUH
) /LPLWDUHFDWLPSSHQWUX ) )ăUăOLPLWDUHFDWLPS 
UHJLPXOGHSHWUHFHUHVDX ) /LPLWDUHDWHPSRUDOăHVWH
FRPXWDUHDH[WHUQăDSUR SkQă UHJODELOăGHODSkQăOD
JUDPXOXLGHIXQFĠLRQDUH ) K 
FXWDVWDK 

,QGLFDĠLH
6HYRUUHVSHFWDDGUHVHOH
GHFRGDUHÄG³Ä(³
Ä)³vQJUXSDÄ*HQHUDO³
úLÄG³úLÄG³vQJUXSD
Ä&LUFXLWvQFăO]LUH³


 )XQFĠLRQDUHDvQUHJLPGHSHWUHFHUHVHvQFKHLHvQUHJLPXOGHIXQFĠLRQDUHÄÌQFăO]LUH
52

úLDSăFDOGăPHQDMHUă³DXWRPDWRGDWăFXFRPXWDUHDSHvQFăO]LUHODWHPSHUDWXUă
GHDPELDQĠăQRUPDOă

&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
ÌQFHSXWXOULGLFăULLWHPSHUDWXULL
) /LPLWDGHWHPSHUDWXUă ) /LPLWDGHWHPSHUDWXUăVH
SHQWUXDQXODUHDIXQF SkQă SRDWHUHJODGHOD
ĠLRQăULLvQUHJLPUHGXV ) SkQăODƒ&
ž&YH]LH[HPSOXOGHOD ) )XQFĠLDQXHVWHDFWLYă
SDJ
6HYDĠLQHFRQWGHVHWDUHD
DGUHVHLGHFRGDUHÄ$³
6IkUúLWXOULGLFăULLWHPSHUDWXULL
) /LPLWDGHWHPSHUDWXUă ) /LPLWDGHWHPSHUDWXUăSHQ
SHQWUXDQXODUHDIXQF SkQă WUXULGLFDUHDYDORULLQRPL
ĠLRQăULLvQUHJLPUHGXV ) QDOHSHQWUXWHPSHUDWXUDGH
ž&YH]LH[HPSOXOGH DPELDQĠăODYDORDUHDGLQ
ODSDJ UHJLPXOQRUPDOVHSRDWH
VHWDGHODELVƒ&
&UHúWHUHDYDORULLUHJODWHDWHPSHUDWXULLSHWXU
)$ 5LGLFDUHDYDORULLUHJODWH )$ 5LGLFDUHDWHPSHUDWXULL
SHQWUXWHPSHUDWXUDDSHL SkQă SRDWHILUHJODWăvQWUHúL
GLQFD]DQUHVSHFWLYSHQ )$ 
WUXWHPSHUDWXUDSHWXUFX
ODWUHFHUHDGHOD
IXQFĠLRQDUHODWHPSHUD
WXUăGHDPELDQĠăUHGXVă
ODIXQFĠLRQDUHFXWHPSH
UDWXUăGHDPELDQĠăQRU
PDOă9H]LH[HPSOXOGHOD
SDJ
'XUDWDFUHúWHULLYDORULLUHJODWHDWHPSHUDWXULLSHWXU
)E 7LPSXOSHQWUXULGLFDUHD )E ,QWHUYDOXOGHWLPSVHSRDWH
6HUYLFH

YDORULLUHJODWHSHQWUXWHP SkQă UHJODvQWUHúLPLQ


SHUDWXUDDSHLGLQFD]DQ )E JUDGDĠLHGH
UHVSHFWLYDWHPSHUDWXULL UHJODM식PLQ
SHWXU YH]LDGUHVDGH
FRGDUHÄ)$³ PLQ9H]L
H[HPSOXOGHODSDJ
52



&RGDUH9LWRWURQLF.

$FFHVDUHDQLYHOXOXLGHFRGDUH

,QGLFDĠLH  6HOHFWDUHDJUXSHLSHQWUXDGUHVDGH


Ŷ ÌQQLYHOXOGHFRGDUHVXQWWRDWH FRGDUHGRULWă
FRGăULOHLQFOXVLYFRGăULOHGLQQLYHOXO Ŷ Ä*HQHUDO³
GHFRGDUH Ŷ Ä&D]DQ³
Ŷ &RGăULOHFDUHQXDXQLFLRIXQFĠLHGLQ Ŷ Ä$SăFDOGăPHQDM³
FDX]DGRWăULLLQVWDODĠLHLVDXGLQFDX]D Ŷ Ä6RODU³
VHWăULLDOWRUFRGăULQXYRUILDILúDWH Ŷ Ä&LUFXLWvQFăO]LUH³
Ŷ ,QVWDODĠLLGHvQFăO]LUHFXXQFLUFXLWGH Ŷ Ä7RDWHFRGăULOHGLVSR]SULQF³
vQFăO]LUHIăUăYDQăGHDPHVWHFúLXQXO ÌQDFHDVWăJUXSăVXQWDILúDWHvQ
VDXGRXăFLUFXLWHGHvQFăO]LUHFXYDQă RUGLQHFUHVFăWRDUHWRDWHDGUHVHOH
GHDPHVWHF GHFRGDUH FXH[FHSĠLDDGUHVHORU
&LUFXLWXOGHvQFăO]LUHIăUăYDQăGH GHFRGDUHGLQJUXSDÄ6RODU³ 
DPHVWHFHVWHGHQXPLWvQFRQWLQXDUH
Ä&LUFXLWvQFăO]LUH³LDUFLUFXLWHOHGH  6HVHOHFWHD]ăDGUHVDGHFRGDUH
vQFăO]LUHFXYDQăGHDPHVWHFVXQW
GHQXPLWHÄ&LUFXLWvQFăO]LUH³VDX  6HVHWHD]ăYDORDUHDFRQIRUPFX
Ä&LUFXLWvQFăO]LUH³ WDEHOHOHXUPăWRDUHúLVHFRQILUPăFX
'DFăFLUFXLWHOHGHvQFăO]LUHDXIRVW Ä2.³
GHQXPLWHLQGLYLGXDODSDUHGHQXPLUHD
DOHDVăúLÄ&̳Ä&̳VDXÄ&̳  'DFăWRDWHFRGăULOHWUHEXLHUHVH
WDWHODVWDUHDGHOLYUDUH
 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL 6HDOHJHÄ5HJODMGHED]ă³vQÄ1LYHO
FFDVHF GHFRGDUH³

 6HPHQĠLQDSăVDWHVLPXOWDQ2.úL ,QGLFDĠLH


FFDVHF ùLFRGăULOHGHODQLYHOXOGHFRGDUH
VXQWUHVHWDWHGLQQRX
 Ä1LYHOXOGHFRGDUH³

*UXSDÄ*HQHUDO³

&RGăUL

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 8QFLUFXLWGHvQFăO]LUH  3HQWUXVFKHPHOHLQVWDOD
IăUăYDQăGHDPHVWHF$ SkQă ĠLHLYH]LXUPăWRUXOWDEHO
FLUFXLWGHvQFăO]LUH  
IăUăSUHSDUDUHDFP
52


&RGDUH9LWRWURQLF.

*UXSDÄ*HQHUDO³ FRQWLQXDUH

9DORDUH 'HVFULHUH
DGUHVă

 8QFLUFXLWGHvQFăO]LUHIăUăYDQăGHDPHVWHF$ FLUFXLWGHvQFăO]LUH

FXSUHSDUDUHGHDSăFDOGăPHQDMHUăHVWHUHFXQRVFXWDXWRPDW
 8QFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF0 FLUFXLWGHvQFăO]LUH
IăUăSUHSDUDUHGHDSăFDOGăPHQDMHUă
 8QFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF0 FLUFXLWGHvQFăO]LUH
FXSUHSDUDUHGHDSăFDOGăPHQDMHUă
 8QFLUFXLWGHvQFăO]LUHIăUăYDQăGHDPHVWHF$ FLUFXLWGHvQFăO]LUH

8QFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF0 FLUFXLWvQFăO]LUH
IăUăSUHSDUDUHGHDSăFDOGăPHQDMHUăHVWHUHFXQRVFXWDXWRPDW
 8QFLUFXLWGHvQFăO]LUHIăUăYDQăGHDPHVWHF$ FLUFXLWGHvQFăO]LUH

8QFLUFXLWGHvQFăO]LUHFXYDQăGHDPHVWHF0 FLUFXLWvQFăO]LUH
FXSUHSDUDUHGHDSăFDOGăPHQDMHUăHVWHUHFXQRVFXWDXWRPDW
 'RXăFLUFXLWHFXYDQăGHDPHVWHF0 FLUFXLWGHvQFăO]LUH úL0
FLUFXLWGHvQFăO]LUH
IăUăSUHSDUDUHGHDSăFDOGăPHQDMHUă
 'RXăFLUFXLWHFXYDQăGHDPHVWHF0 FLUFXLWGHvQFăO]LUH úL0
FLUFXLWGHvQFăO]LUH
FXSUHSDUDUHGHDSăFDOGăPHQDMHUă
 8QFLUFXLWGHvQFăO]LUHIăUăYDQăGHDPHVWHF$ FLUFXLWGHvQFăO]LUH

'RXăFLUFXLWHFXYDQăGHDPHVWHF0 FLUFXLWGHvQFăO]LUH úL0
FLUFXLWGHvQFăO]LUH
IăUăSUHSDUDUHGHDSăFDOGăPHQDMHUăHVWHUHFXQRVFXWDXWRPDW
 8QFLUFXLWGHvQFăO]LUHIăUăYDQăGHDPHVWHF$ FLUFXLWGHvQFăO]LUH
6HUYLFH


'RXăFLUFXLWHFXYDQăGHDPHVWHF0 FLUFXLWGHvQFăO]LUH úL0
FLUFXLWGHvQFăO]LUH
FXSUHSDUDUHGHDSăFDOGăPHQDMHUăHVWHUHFXQRVFXWDXWRPDW

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 &XH[WHQVLH($  7LPSGHIXQFĠLRQDUHFX
SkQă SRVLELOLWDWHGHUHJODUHvQWUH
úLPLQ
52


&RGDUH9LWRWURQLF.

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
7LPSXOGHIXQFĠLRQDUHD 
SRPSHLGHUHFLUFXODUHD
DSHLFDOGHPHQDMHUHOD
IXQFĠLRQDUHDGHVFXUWă
GXUDWăPLQ
( &XH[WHQVLH($ LQWUDUH ( 6ROLFLWDUHGHWHPSHUDWXUă
DQDORDJă9  vQWUHúLƒ&
6ROLFLWDUHGHWHPSHUDWXUă 9식ƒ&
vQWUHúLƒ& 9식ƒ&
9식ƒ&
9식ƒ&
( )ăUăVHQ]RUGHWHPSHUD ( &XVHQ]RUGHWHPSHUDWXUă
WXUăH[WHULRDUă5) H[WHULRDUă5)HVWHUHFX
QRVFXWDXWRPDW
( 1XHVWHXWLOL]DWVHQ]RUXOGH
WHPSHUDWXUăH[WHULRDUă
5)
) 1XVHUHJOHD]ă  
 7LPSGHIXQFĠLRQDUHD  7LPSXOGHIXQFĠLRQDUH
VHUYRPRWRUXOXLYHQWLOXOXL SkQă SRDWHILUHJODWvQWUHúL
GHDPHVWHFFXFăLvQ  V
FRPELQDĠLHFXUHJODUHD
FRQWLQXăDWHPSHUDWXULL
SHUHWXUODFRQHFWRUXO
<-$V
$ 6HQ]RUXO8$$QXH[LVWă $ 6HQ]RUXO8$$HVWHGLVSR
QLELO GHH[HPSOXVHQ]RUXO
GHWHPSHUDWXUăSHUHWXU
7 
HVWHUHFXQRVFXWăDXWRPDW
E 6HQ]RUXO8$%QXH[LVWă E 6HQ]RUXO8$%HVWHGLVSR
QLELO GHH[HPSOXVHQ]RUXO
GHWHPSHUDWXUăSHUHWXU
7 
HVWHUHFXQRVFXWăDXWRPDW
& &RQHFWDUHDODFRQHFWRUXO & 3RPSăSHQWUXDJHQWXOSUL
FT$ PDUvQVLVWHPXOGHDFXPX
3RPSDFLUFXLWXOXLGH ODUHDDSHLFDOGHPHQD
vQFăO]LUH MHUH
52

G &RQHFWDUHDODFRQHFWRUXO G 3RPSăGHGLVWULEXĠLH


F&


&RGDUH9LWRWURQLF.

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
3RPSăGHDPHVWHF
( &RQHFWDUHDODFRQHFWRUXO ( 6HUYRPRWRUSHQWUXYHQWLOXO
F-$ GHDPHVWHFFXFăLSHQWUX
9HQWLOGHDPHVWHFFX VLVWHPXOGHDFXPXODUH
FăLSHQWUXUHJODUHDWHP DFP
SHUDWXULLSHUHWXU
) 7LPSGHIXQFĠLRQDUHSUH ) )ăUăIXQFĠLRQDUHSUHOXQJLWă
OXQJLWăSHQWUXSRPSDGH DSRPSHL
DPHVWHFUHVSHFWLY ) 7LPSGHIXQFĠLRQDUHSUH
SRPSDGHGLVWULEXĠLH SkQă OXQJLWăFXSRVLELOLWDWHGH
PLQ ) UHJODUHvQWUHúLPLQ
 )ăUăLQVWDODĠLHVRODUă  &X9LWRVROLFHVWHUHFX
QRVFXWDXWRPDW
 &X9LWRVROLFHVWHUHFX
QRVFXWDXWRPDW
 &XPRGXOGHDXWRPDWL]DUH
VRODUăWLS60IăUăIXQFĠLH
VXSOLPHQWDUăHVWHUHFX
QRVFXWDXWRPDW
 &XPRGXOGHDXWRPDWL]DUH
VRODUăWLS60FXIXQFĠLH
VXSOLPHQWDUăGHH[
vQFăO]LUHFXFROHFWRULHVWH
UHFXQRVFXWDXWRPDW
E )ăUăH[WHQVLH($ E &XH[WHQVLH($HVWH
UHFXQRVFXWDXWRPDW
& )XQFĠLHLHúLUH8$OD & 3RPSăGHDOLPHQWDUH
H[WHQVLD($ & )ăUăIXQFĠLH
6HPQDOL]DUHDDYDULLORU & 3RPSDFLUFXLWXOXLGH
6HUYLFH

vQFăO]LUH$OXFUHD]ăOD
WXUDĠLHUHGXVă UHJLPGH
IXQFĠLRQDUHUHGXV 
& 3RPSDFLUFXLWXOXLGH
vQFăO]LUH0OXFUHD]ăOD
WXUDĠLHUHGXVă UHJLPGH
IXQFĠLRQDUHUHGXV 
& 3RPSDFLUFXLWXOXLGH
vQFăO]LUH0OXFUHD]ăOD
WXUDĠLHUHGXVă UHJLPGH
52

IXQFĠLRQDUHUHGXV 


&RGDUH9LWRWURQLF.

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
G )XQFĠLHLQWUDUH'(OD G &RPXWDUHDUHJLPXOXLGH
H[WHQVLD($ IXQFĠLRQDUH
)ăUăIXQFĠLH G 6ROLFLWDUHH[WHUQăFX
YDORDUHUHJODWăPLQLPăD
WHPSHUDWXULLSHWXU
5HJODUHDYDORULLQRPLQDOH
FXDGUHVDGHFRGDUHÄE³
GLQJUXSDÄ*HQHUDO³
G EORFDUHH[WHUQă
G %ORFDUHH[WHUQăFXVHPQD
OL]DUHGHDYDULH
G ,QWUDUHVHPQDOL]DUHGH
DYDULH
G )XQFĠLRQDUHVFXUWăDSRP
SHLGHUHFLUFXODUHDDSHL
FDOGHPHQDMHUH IXQFĠLR
QDUHODDSăVDUH 
6HWDUHDSHULRDGHLGHIXQF
ĠLRQDUHSHQWUXSRPSDGH
UHFLUFXODUHDDSHLPHQD
MHUHODDGUHVDGHFRGDUH
ijGLQJUXSDÄ*HQHUDO³
( )XQFĠLHLQWUDUH'(OD ( &RPXWDUHDUHJLPXOXLGH
H[WHQVLD($ IXQFĠLRQDUH
)ăUăIXQFĠLH ( 6ROLFLWDUHH[WHUQăFX
YDORDUHUHJODWăPLQLPăD
WHPSHUDWXULLSHWXU
5HJODUHDYDORULLQRPLQDOH
FXDGUHVDGHFRGDUHÄE³
GLQJUXSDÄ*HQHUDO³
( EORFDUHH[WHUQă
( %ORFDUHH[WHUQăFXVHPQD
OL]DUHGHDYDULH
( ,QWUDUHVHPQDOL]DUHGH
DYDULH
( )XQFĠLRQDUHVFXUWăDSRP
SHLGHUHFLUFXODUHDDSHL
FDOGHPHQDMHUH IXQFĠLR
QDUHODDSăVDUH 
52


&RGDUH9LWRWURQLF.

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
6HWDUHDSHULRDGHLGHIXQF
ĠLRQDUHSHQWUXSRPSDGH
UHFLUFXODUHDDSHLPHQD
MHUHODDGUHVDGHFRGDUH
ijGLQJUXSDÄ*HQHUDO³
) )XQFĠLHLQWUDUH'(OD ) &RPXWDUHDUHJLPXOXLGH
H[WHQVLD($ IXQFĠLRQDUH
)ăUăIXQFĠLH ) 6ROLFLWDUHH[WHUQăFX
YDORDUHUHJODWăPLQLPăD
WHPSHUDWXULLSHWXU
5HJODUHDYDORULLQRPLQDOH
FXDGUHVDGHFRGDUHÄE³
GLQJUXSDÄ*HQHUDO³
) EORFDUHH[WHUQă
) %ORFDUHH[WHUQăFXVHPQD
OL]DUHGHDYDULH
) ,QWUDUHVHPQDOL]DUHGH
DYDULH
) )XQFĠLRQDUHVFXUWăDSRP
SHLGHUHFLUFXODUHDDSHL
FDOGHPHQDMHUH IXQFĠLR
QDUHODDSăVDUH 
6HWDUHDSHULRDGHLGHIXQF
ĠLRQDUHSHQWUXSRPSDGH
UHFLUFXODUHDDSHLPHQD
MHUHODDGUHVDGHFRGDUH
ijGLQJUXSDÄ*HQHUDO³
( )ăUăFRUHFWDUHDYDORULL ( &RUHFWDUHDDILúăULL±.
DILúDWHSHQWUXWHPSHUD SkQă SkQăOD
6HUYLFH

WXUDH[WHULRDUă ( &RUHFWDUHDDILúăULL±.


( &RUHFWDUHDDILúăULL.
SkQă SkQăOD
( &RUHFWDUHDDILúăULL.
 )ăUăPRGXOGHFRPXQL  &XPRGXOGHFRPXQLFDUH
FDUH/21 /21 HVWHUHFXQRVFXW
DXWRPDW 
 1XPăUXOSDUWLFLSDQWXOXLOD  1XPăUXOSDUWLFLSDQWXOXLOD
VLVWHPXO/21 SkQă VLVWHPXO/21VHSRDWH
 VHWDvQWUHúL
± $XWRPDWL]DUHDFLU
52

FXLWXOXLFD]DQXOXL


&RGDUH9LWRWURQLF.

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 5HJODMvQFDVFDGă
± 9LWRWURQLF+
 9LWRJDWH
 9LWRFRP
 &RPXQLFDUHSULQVLVWHPXO  &RPXQLFDUHSULQVLVWHPXO
/21GHEORFDWă /21EORFDWă
 &XPRGXOGHFRPXQLFDUH  $XWRPDWL]DUHDQXHVWH
/21 PDQDJHUGHHURUL
$XWRPDWL]DUHDHVWH
PDQDJHUGHHURUL
$ )ăUăFRPDQGăFHQWUDOL $ &XFRPDQGăFHQWUDOL]DWă
]DWăDFLUFXLWHORUGH YH]LSDJ 
vQFăO]LUH &LUFXLWGHvQFăO]LUHIăUă
YDQăGHDPHVWHF$ FLU
FXLWGHvQFăO]LUH 
$ &LUFXLWGHvQFăO]LUHFXYDQă
GHDPHVWHF0 FLUFXLWGH
vQFăO]LUH 
$ &LUFXLWGHvQFăO]LUHFXYDQă
GHDPHVWHF0 FLUFXLWGH
vQFăO]LUH 
E &XPRGXOGHFRPXQLFDUH E 2UDQXVHWUDQVPLWH
/21
$XWRPDWL]DUHDWUDQVPLWH
RUDH[DFWă
) &DVăXQLIDPLOLDOă ) &DVăFXPDLPXOWHIDPLOLL
(VWHSRVLELOUHJODMXOVHSD
UDWDOSURJUDPXOXLGH
YDFDQĠăúLDOSURJUDPăULL
RUDUHSHQWUXSUHSDUDUHDGH
DSăFDOGăPHQDMHUă
 $YDULDHVWHVHPQDOL]DWă  6HPQDOL]DUHDDYDULHLDUH
GDFăGXUHD]ăPLQ ORFLPHGLDW
VHF  7LPSXOPLQLPGHH[LVWHQĠă
SkQă DDYDULHLGXSăFDUHDSDUH
 PHVDMXOGHDYDULHSRDWHIL
UHJODWvQWUHúLV
JUDGDĠLHGHUHJODM식V
 7UHFHUHDXWRPDWăODRUD  &RPXWDUHPDQXDOăODRUD
52

GHYDUăLDUQă GHYDUăLDUQă


&RGDUH9LWRWURQLF.

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 8WLOL]DUHDUHFHSWRUXOXLGH
VHPQDOHUDGLR HVWHUHFX
QRVFXWDXWRPDW 
 &XPRGXOGHFRPXQLFDUH
/21$XWRPDWL]DUHD
UHFHSĠLRQHD]ăRUDH[DFWă
 7UHFHUHODRUDGHYDUă  'LQLDQXDULHSkQăvQ
0DUWLH SkQă GHFHPEULH

 7UHFHUHODRUDGHYDUă  6ăSWăPkQDSkQăOD
6ăSWăPkQDDFLQFHDD SkQă VăSWăPkQDDOXQLLDOHVH
OXQLLDOHVH 
 7UHFHUHODRUDGHYDUă  'HOXQLSkQăGXPLQLFă
8OWLPDGXPLQLFăGLQOXQD SkQă
DOHDVă 
 7UHFHUHODRUDGHLDUQă  'LQLDQXDULHSkQăvQ
2FWRPEULH SkQă GHFHPEULH

 7UHFHUHODRUDGHLDUQă  6ăSWăPkQDSkQăOD
6ăSWăPkQDDFLQFHDD SkQă VăSWăPkQDDOXQLLDOHVH
OXQLLDOHVH 
 7UHFHUHODRUDGHYDUă  'HOXQLSkQăGXPLQLFă
8OWLPDGXPLQLFăGLQOXQD SkQă
DOHDVă 
 $ILúDMXOWHPSHUDWXULLvQ  $ILúDMXOWHPSHUDWXULLvQƒ)
ƒ& &HOVLXV  )DKUHQKHLW 
$ 1XVHUHJOHD]ă  
) 6HGHEORFKHD]ăXWLOL]D ) 8WLOL]DUHDvQPHQLXOGH
UHDvQPHQLXOGHED]ăúL ED]ăúLvQPHQLXOH[WLQV
6HUYLFH

vQPHQLXOH[WLQV HVWHEORFDWă
) 8WLOL]DUHDvQPHQLXOGH
,QGLFDĠLH ED]ăHVWHGHEORFDWăvQ
&RGDUHDUHVSHFWLYăVH PHQLXOH[WLQVHVWHEORFDWă
DFWLYHD]ăQXPDLDWXQFL
FkQGVHSăUăVHúWHPHQLXO
GHVHUYLFH YH]L
SDJ 

52


&RGDUH9LWRWURQLF.

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 &RQVWDQWăGHWLPSSHQWUX  &RUHVSXQ]ăWRUYDORULL
FDOFXOXOWHPSHUDWXULL SkQă UHJODWHDGDSWDUHUDSLGă
H[WHULRDUHPRGLILFDWH  YDORULPDLPLFL UHVSHFWLY
K DGDSWDUHOHQWă YDORULPDL
PDUL DWHPSHUDWXULLSHWXU
ODPRGLILFDUHDWHPSHUDWXULL
H[WHULRDUH
JUDGDĠLHGHUHJODM식
PLQ
 5DFRUGXOODERUQHOHúL  &RQWDFWXODFĠLRQHD]ăDVX
GHODúWHFKHUXO80LQDF SUDXUPăWRDUHORUFLUFXLWH
WLY FRPXWDUHDH[WHUQăD GHvQFăO]LUH
UHJLPXOXLGHIXQFĠLRQDUH &LUFXLWGHvQFăO]LUHIăUă
YH]LSDJ  YDQăGHDPHVWHF$ FLU
FXLWGHvQFăO]LUH 
 &LUFXLWGHvQFăO]LUHFXYDQă
GHDPHVWHF0 FLUFXLWGH
vQFăO]LUH 
 &LUFXLWHGHvQFăO]LUHIăUă
YDQăGHDPHVWHF$ FLU
FXLWGHvQFăO]LUH úLFLUFXLW
GHvQFăO]LUHFXYDQăGH
DPHVWHF0 FLUFXLWGH
vQFăO]LUH 
 &LUFXLWGHvQFăO]LUHFXYDQă
GHDPHVWHF0 FLUFXLWGH
vQFăO]LUH 
 &LUFXLWHGHvQFăO]LUHIăUă
YDQăGHDPHVWHF$ FLU
FXLWGHvQFăO]LUH úLFLUFXLW
GHvQFăO]LUHFXYDQăGH
DPHVWHF0 FLUFXLWGH
vQFăO]LUH 
 &LUFXLWHFXYDQăGHDPHV
WHF0 FLUFXLWGH
vQFăO]LUH úL0 FLUFXLWGH
vQFăO]LUH
52


&RGDUH9LWRWURQLF.

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 &LUFXLWGHvQFăO]LUHIăUă
YDQăGHDPHVWHF$ FLU
FXLWGHvQFăO]LUH úLFLU
FXLWHGHvQFăO]LUHFXYDQă
GHDPHVWHF0 FLUFXLWGH
vQFăO]LUH úL0 FLUFXLWGH
vQFăO]LUH 
 &XH[WHQVLHSHQWUXFLUFXL  )ăUăH[WHQVLHSHQWUXFLUFXL
WXOGHvQFăO]LUHúLFX WXOGHvQFăO]LUHúLFX
YDQăGHDPHVWHF YDQăGHDPHVWHF
 &XPRGXOGHFRPXQLFDUH  7HPSHUDWXUDH[WHULRDUă
/21 PăVXUDWăODVHQ]RUXO
$XWRPDWL]DUHDWUDQVPLWH FRQHFWDWODDXWRPDWL]DUH
WHPSHUDWXUDH[WHULRDUăOD HVWHIRORVLWăGRDULQWHUQ
9LWRWURQLF+  $XWRPDWL]DUHDSULPHúWH
WHPSHUDWXUDH[WHULRDUăGH
OD9LWRWURQLF+
 &XPRGXOGHFRPXQLFDUH  1XPăUXOLQVWDODĠLHLSRDWHIL
/21 SkQă VHWDWvQWUHúL
1ULQVWDODĠLHL9LHVVPDQQ 
vQFRPELQDĠLHFXVLVWH
PXOGHVXSUDYHJKHUHD
PDLPXOWRULQVWDODĠLLSULQ
9LWRFRP 
 &RQHFWDUHDODERUQHOH  )ăUăIXQFĠLH
úLDOHFRQHFWRUXOXLFX  &RPXWDUHH[WHUQăÄ9DQă
ILúă80QXHVWHDFWLYDWă GHDPHVWHFvQFKLVă³
EORFDUHH[WHUQăFRPX &LUFXLWGHvQFăO]LUHFXYDQă
WDUHH[WHUQăÄ9DQăGH GHDPHVWHF0 FLUFXLWGH
DPHVWHFvQFKLVă³  YH]L vQFăO]LUH 
6HUYLFH

SDJ   )ăUăIXQFĠLH


 &RPXWDUHH[WHUQăÄ9DQă
GHDPHVWHFvQFKLVă³
&LUFXLWGHvQFăO]LUHFXYDQă
GHDPHVWHF0 FLUFXLWGH
vQFăO]LUH 
 )ăUăIXQFĠLH
 &RPXWDUHH[WHUQăÄ9DQă
GHDPHVWHFvQFKLVă³
52


&RGDUH9LWRWURQLF.

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
&LUFXLWHFXYDQăGHDPHV
WHF0 FLUFXLWGH
vQFăO]LUH úL0 FLUFXLWGH
vQFăO]LUH
 )ăUăIXQFĠLH
 EORFDUHH[WHUQă
 )ăUăIXQFĠLH
 %ORFDUHH[WHUQă&RPXWDUH
H[WHUQăÄ9DQăGHDPHVWHF
vQFKLVă³
&LUFXLWHFXYDQăGHDPHV
WHF0 FLUFXLWGH
vQFăO]LUH úL0 FLUFXLWGH
vQFăO]LUH
 )ăUăIXQFĠLH
 %ORFDUHH[WHUQă&RPXWDUH
H[WHUQăÄ9DQăGHDPHVWHF
vQFKLVă³
&LUFXLWGHvQFăO]LUHFXYDQă
GHDPHVWHF0 FLUFXLWGH
vQFăO]LUH 
 )ăUăIXQFĠLH
 %ORFDUHH[WHUQă&RPXWDUH
H[WHUQăÄ9DQăGHDPHVWHF
vQFKLVă³
&LUFXLWHFXYDQăGHDPHV
WHF0 FLUFXLWGH
vQFăO]LUH úL0 FLUFXLWGH
vQFăO]LUH
 )ăUăIXQFĠLH
$ &RQHFWDUHDODERUQHOH $ )ăUăIXQFĠLH
úLDOHFRQHFWRUXOXLFX $ &RPXWDUHH[WHUQăÄ9DQă
ILúă80QXHVWHDFWLYDWă GHDPHVWHFGHVFKLVă³
Ä9DQăGHDPHVWHF &LUFXLWGHvQFăO]LUHFXYDQă
H[WHUQăGHVFKLVă³  YH]L GHDPHVWHF0 FLUFXLWGH
SDJ  vQFăO]LUH 
$ )ăUăIXQFĠLH
$ &RPXWDUHH[WHUQăÄ9DQă
GHDPHVWHFGHVFKLVă³
52


&RGDUH9LWRWURQLF.

*UXSDÄ*HQHUDO³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
&LUFXLWGHvQFăO]LUHFXYDQă
GHDPHVWHF0 FLUFXLWGH
vQFăO]LUH 
$ )ăUăIXQFĠLH
$ &RPXWDUHH[WHUQăÄ9DQă
GHDPHVWHFGHVFKLVă³
&LUFXLWHFXYDQăGHDPHV
WHF0 FLUFXLWGH
vQFăO]LUH úL0 FLUFXLWGH
vQFăO]LUH
$ )ăUăIXQFĠLH
E 9DORDUHDQRPLQDOăDWHP E 9DORDUHUHJODWăUHJODELOă
SHUDWXULLSHWXUODVROLFL SkQă vQWUHúLƒ&
WDUHH[WHUQăƒ& E
& &XPRGXOGHFRPXQLFDUH & )ăUăVXSUDYHJKHUH
/21 & 7LPSFXSRVLELOLWDWHGH
6XSUDYHJKHUHDSDUWLFL SkQă UHJODUHvQWUHúLPLQ
SDQĠLORUOD/21 &
'DFăXQSDUWLFLSDQWQX
UăVSXQGHODDFFHVDUH
UăPkQWLPSGHPLQ
YDORULOHLQWHUQHGHUHJODM
IL[DWH1XPDLGXSăDFHHD
YDDSăUHDXQPHVDMGH
DYDULH
) 'LIHUHQĠăGHWHPSHUDWXUă ) 'LIHUHQĠDGHWHPSHUDWXUă
.QXPDLvQFRPELQDĠLH SkQă SRDWHILUHJODWăvQWUHúL
FXXQFLUFXLWGHvQFăO]LUH ) .
FXYDQăGHDPHVWHF0úL
0
6HUYLFH

*UXSDÄ&DVFDGă³

&RGăUL

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 FD]DQHFRQHFWDWHOD  SkQăODFD]DQHFRQHF
9LWRWURQLF. SkQă WDWHOD9LWRWURQLF.
52


&RGDUH9LWRWURQLF.

*UXSDÄ&DVFDGă³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă

 /LPLWDUHDHOHFWURQLFăD  /LPLWDUHPLQLPăUHJODELOă
YDORULLPLQLPHDWHPSHUD SkQă vQWUHúLƒ&
WXULLSHWXUXOLQVWDODĠLHL 
UHJODWăODƒ&
 /LPLWDUHDHOHFWURQLFăD  /LPLWDUHPD[LPăUHJODELOă
YDORULLPD[LPHDWHPSH SkQă vQWUHúLƒ&
UDWXULLSHWXUXOLQVWDODĠLHL 
UHJODWăODƒ& ,QGLFDĠLH
9DORDUHDXSRDWHILPDL
PDUHGHFkWXOWLPDYDORDUH
UHJODWăODDGUHVDGHFRGDUH
ijGLQJUXSDÄ&D]DQ³GH
ODWRDWHDXWRPDWL]ăULOH9LWR
WURQLF

 )ăUăFLUFXLWGHVHOHFWDUHD  &RPXWDUHODFD]DQXOFRQ
FD]DQXOXLFRQGXFăWRUúLD GXFăWRU
RUGLQLLGHFRQHFWDUHD /DILHFDUHvQFHSXWGHOXQă
FD]DQHORUYH]L'HVFULH FD]DQXOFXWLPSLLGHIXQF
UHDIXQFĠLRQăULLFDSLWROXO ĠLRQDUHFHLPDLUHGXúL
Ä5HJODMXOvQFDVFDGă³ GHYLQHFD]DQFRQGXFăWRU
 &RPXWDUHODFD]DQXOFRQ
SkQă GXFăWRUGXSăSkQăOD
 RUHGHIXQFĠLRQDUH
JUDGDĠLH식RUHGH
IXQFĠLRQDUH
 )ăUăFD]DQFRQGXFăWRU  &D]DQXOFRQGXFăWRUIL[DW
IL[DW SkQă HVWHFD]DQXOVDX

$ )ăUăIL[DUHDXOWLPXOXL $ 8OWLPXOFD]DQIL[DWHVWH
FD]DQ SkQă FD]DQXOVDX
$
E &RPXWDUHDXWRQRPăvQ E &RPXWDUHDXWRQRPăvQ
SDUDOHODFD]DQHORU SDUDOHODFD]DQHORU
&XVHQ]RUGHWHPSHUD )ăUăVHQ]RUGHWHPSHUD
WXUăSHWXU YH]L WXUăSHWXU YH]LSDJ 
SDJ  E &RPXWDUHDXWRQRPăvQ
VHULHDFD]DQHORU
)ăUăVHQ]RUGHWHPSHUD
52

WXUăSHWXU YH]LSDJ 


&RGDUH9LWRWURQLF.

*UXSDÄ&DVFDGă³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
E &RPXWDUHDXWRQRPăvQ
VHULHDFD]DQHORU
&XVHQ]RUGHWHPSHUDWXUă
SHWXU YH]LSDJ 
E 0RGGHUHJODMVHFYHQĠLDOFX
VHQ]RUGHWHPSHUDWXUăSH
WXU YH]LSDJLQD
& 6WUDWHJLHGHXWLOL]DUHD & 6WUDWHJLHGHXWLOL]DUHD
FăOGXULLGHDUGHUH YH]L FăOGXULLGHFRQGHQVDĠLH
SDJ  YH]LSDJ 
& 6WUDWHJLHGHXWLOL]DUHD
FăOGXULLGHDUGHUH YH]L
SDJ 
G %LODQĠXOGHSXWHUHvQFD]XO G )ăUăELODQĠGHSXWHUH
VWUDWHJLHLGHXWLOL]DUHD
FăOGXULLGHFRQGHQVDĠLH ,QGLFDĠLH
VDXDOVWUDWHJLHLGHXWL 9LWRWURQLF.UHJOHD]ă
OL]DUHDFăOGXULLGH QXPDLGXSăVWUDWHJLDGH
DUGHUH XWLOL]DUHDFăOGXULLGH
DUGHUH

( 3RPSDGHGLVWULEXĠLH ( 3RPSDGHGLVWULEXĠLHIXQF
IXQFĠLRQHD]ăQXPDLOD ĠLRQHD]ăvQWRWGHDXQD
VROLFLWDUHDGHFăOGXUă RSULUHSULQLQWHUPHGLXO
VHPQDOXOXLÄ%ORFDUH
H[WHUQă³
) )ăUăFRPDQGăSULRULWDUă ) &XFRPDQGăSULRULWDUă
SHQWUXSUHSDUDUHGH SHQWUXSUHSDUDUHDFP
DFPIDĠăGHSRPSDGH IDĠăGHSRPSDGHGLVWULEX
GLVWULEXĠLH ĠLH
6HUYLFH

 )ăUăSUDJ(&2SHQWUX ෹ 3UDJXO(&2SHQWUXFD]D


FD]DQXO SkQă QXOVHSRDWHUHJODvQWUH
 ෹ELVƒ&
 )ăUăSUDJ(&2SHQWUX ෹ 3UDJXO(&2SHQWUXFD]D
FD]DQXO SkQă QXOVHSRDWHUHJODvQWUH
 ෹ELVƒ&
 )ăUăSUDJ(&2SHQWUX ෹ 3UDJXO(&2SHQWUXFD]D
FD]DQXO SkQă QXOVHSRDWHUHJODvQWUH
 ෹ELVƒ&
52


&RGDUH9LWRWURQLF.

*UXSDÄ&DVFDGă³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 )ăUăSUDJ(&2SHQWUX ෹ 3UDJXO(&2SHQWUXFD]D
FD]DQXO SkQă QXOVHSRDWHUHJODvQWUH
 ෹ELVƒ&
 3UDJXOLQWHJUDOHLGH  /LPLWDSHQWUXLQWHJUDODGH
FRQHFWDUHVHWDWOD SkQă FRQHFWDUHSRDWHILUHJODWă
.[PLQ  vQWUHúL.[PLQ

,QGLFDĠLH
ÌQFD]XOGHSăúLULLYDORULLVH
RSUHúWHXQFD]DQVDXR
WUHDSWăDDU]ăWRUXOXL

 /LPLWDSHQWUXLQWHJUDODGH  /LPLWDSHQWUXLQWHJUDODGH
GHFRQHFWDUHVHWDWăOD SkQă FRQHFWDUHSRDWHILUHJODWă
.[PLQ  vQWUHúL.[PLQ

,QGLFDĠLH
ÌQFD]XOGHSăúLULLYDORULLVH
RSUHúWHXQFD]DQVDXR
WUHDSWăDDU]ăWRUXOXL

 'LIHUHQĠDGHWHPSHUDWXUă  'LIHUHQĠDGHWHPSHUDWXUă
GHGHFRQHFWDUHVHWDWăOD SkQă GHGHFRQHFWDUHSRDWHIL
.  UHJODWăvQWUHúL.

,QGLFDĠLH
'DFăWHPSHUDWXUDHIHFWLYă
SHWXUGHSăúHúWHFX
DFHDVWăYDORDUHWHPSHUD
WXUDUHJODWăSHWXUVH
RSUHúWHXQFD]DQVDXR
WUHDSWăDDU]ăWRUXOXL

 1XVHUHJOHD]ă  
 1XVHUHJOHD]ă  
52


&RGDUH9LWRWURQLF.

*UXSăÄ$SăFDOGăPHQDMHUă³

&RGăUL

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 ÌQFăO]LUHDDSHLGLQERLOHU  ÌQFăO]LUHDFRQWURODWăDDSHL
+LVWHUH]LV“. GLQERLOHUDFWLYDWă YH]L
SDJ 
 5HJODUHDWHPSHUDWXULLDSHL
FDOGHPHQDMHUHGLQERLOHU
FXVHQ]RULSHQWUXWHPSH
UDWXUDDSHLFDOGHPHQDMHUH
YH]LSDJ 
 5HJODUHDWHPSHUDWXULLGLQ
DFXPXODWRUXOGHDSăFDOGă
PHQDMHUă YH]LSDJ 
 9DORDUHDQRPLQDOăDWHP  9DORDUHDQRPLQDOăDWHP
SHUDWXULLDSHLFDOGH SHUDWXULLDSHLFDOGHPHQD
PHQDMHUHSRDWHILUHJODWă MHUHSRDWHILUHJODWăGHOD
GHODSkQăODƒ& SkQăODƒ&

,QGLFDĠLH
6HYDUHVSHFWDWHPSHUD
WXUDPD[LPăDGPLVăSHQWUX
DSDFDOGăPHQDMHUă
6HPRGLILFăUHJODMXOWHU
PRVWDWXOXLGHOXFUXÄ6³

 )ăUăIXQFĠLHVXSOLPHQWDUă  ,QWURGXFHUHDXQHLDGRXD
SHQWUXSUHSDUDUHDGHDSă SkQă YDORULQRPLQDOHDWHPSHUD
FDOGăPHQDMHUă  WXULLDSHLFDOGHPHQDMHUH
VHSRDWHVHWDvQWUHúL
6HUYLFH

ƒ& VHYDĠLQHFRQWGH
DGUHVDGHFRGDUHij 
 ÌQFăO]LUHDDSHLGLQERLOHU  3XQFWXOGHFRQHFWDUHVH
3XQFWGHFRQHFWDUH SkQă SRDWHVHWDvQWUHúL.
YDORDUHQRPLQDOă±.  VXEYDORDUHDUHJODWă
3XQFWGHGHFRQHFWDUH
YDORDUHQRPLQDOă.
$ /DSUHSDUDUHDGHDSă $ /DSUHSDUDUHDGHDSă
FDOGăPHQDMHUă FDOGăPHQDMHUă
52


&RGDUH9LWRWURQLF.

*UXSăÄ$SăFDOGăPHQDMHUă³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
9DORDUHDQRPLQDOăDWHP 9DORDUHDQRPLQDOăDWHP
SHUDWXULLSHWXUUH]XOWăGLQ SHUDWXULLSHWXUUH]XOWăGLQ
FHDPDLvQDOWăVROLFLWDUHD WHPSHUDWXUDVROLFLWDWăSH
WHPSHUDWXULLSHWXUD WXUGHERLOHUXOSHQWUXSUH
LQVWDODĠLHL SDUDUHGHDSăFDOGăPHQD
$FFHVDUHDWHPSHUDWXULL MHUă
vQPHQLXOÄ'LDJQR]ă³ $FFHVDUHDWHPSHUDWXULLvQ
Ä*HQHUDO³ Ä6ROLFLW PHQLXOÄ'LDJQR]ă³
FRPXQă7³ YH]L Ä*HQHUDO³ Ä6ROLFLW
SDJ FRPXQă7³ YH]L
SDJ
 ÌQWLPSXOSUHSDUăULLGH  'LIHUHQĠDGLQWUHWHPSHUD
DSăFDOGăPHQDMHUăWHP SkQă WXUDFRPXQăSHWXUúLWHP
SHUDWXUDFRPXQăSHWXU  SHUDWXUDUHJODWăSHQWUXDSD
HVWHFXPD[LPXP. FDOGăPHQDMHUăSRDWHIL
PDLPDUHGHFkWWHPSHUD VHWDWăvQWUHúL.
WXUDUHJODWăSHQWUXDSD
FDOGăPHQDMHUă
 3RUQLUHDSRPSHLGHFLUFX  3RUQLUHDSRPSHLGHFLUFX
ODĠLHSHQWUXvQFăO]LUHD ODĠLHSHQWUXvQFăO]LUHDDSHL
DSHLGLQERLOHUDUHORF GLQERLOHUVHIDFHvQIXQFĠLH
LPHGLDW GHWHPSHUDWXUDDSHLGLQ
FD]DQ
 3RPSDGHFLUFXODĠLHFX  3RPSDGHFLUFXODĠLHIăUă
IXQFĠLRQDUHSUHOXQJLWăGH IXQFĠLRQDUHSUHOXQJLWă
PD[PLQGXSăvQFăO]L  7LPSGHIXQFĠLRQDUHSUH
UHDDSHLGLQERLOHU SkQă OXQJLWăFXSRVLELOLWDWHGH
 UHJODUHvQWUHúLPLQ
 ÌQWLPSXOIXQFĠLRQăULLvQ  )ăUăSUHSDUDUHGHDSă
UHJLPGHSHWUHFHUHúL FDOGăPHQDMHUă
GXSăFRPXWDUHDH[WHUQă SRPSDGHUHFLUFXODUH
DUHJLPXOXLGHIXQFĠLR ÄRSULWă³
QDUHSHUHJLPSHUPDQHQW  3UHSDUDUHDGHDSăFDOGă
GHIXQFĠLRQDUHODWHPSH PHQDMHUăúLSRPSDGH
UDWXUăGHDPELDQĠăQRU UHFLUFXODUHIXQFĠLRQHD]ă
PDOă FRQIRUPSURJUDPăULLRUDUH
3HUPDQHQWSUHSDUDUHGH
DSăFDOGăPHQDMHUăúL
SRPSDGHUHFLUFXODUH
ÄSRUQLWă³
52


&RGDUH9LWRWURQLF.

*UXSăÄ$SăFDOGăPHQDMHUă³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 5HJODUHDWHPSHUDWXULL  /DXQLWDWHDGHFRPDQGăD
SHQWUXDSDFDOGăPHQD DXWRPDWL]ăULL
MHUă  /DXQLWDWHDGHFRPDQGăD
/DXQLWDWHDGHFRPDQGă DXWRPDWL]ăULLúLDWHOHFR
DDXWRPDWL]ăULLúLODWRDWH PHQ]LLSHQWUXFLUFXLWXOGH
WHOHFRPHQ]LOHH[LVWHQWH vQFăO]LUHIăUăYDQăGH
9LWRWURO$ DPHVWHF$ FLUFXLWGH
vQFăO]LUH 
 /DXQLWDWHDGHFRPDQGăD
DXWRPDWL]ăULLúLDWHOHFR
PHQ]LLSHQWUXFLUFXLWXOGH
vQFăO]LUHFXYDQăGHDPHV
WHF0 FLUFXLWXOGH
vQFăO]LUH 
 /DXQLWDWHDGHFRPDQGăD
DXWRPDWL]ăULLúLDWHOHFR
PHQ]LLSHQWUXFLUFXLWXOGH
vQFăO]LUHFXYDQăGHDPHV
WHF0 FLUFXLWXOGH
vQFăO]LUH 
 /DWHOHFRPDQGDSHQWUXFLU
FXLWXOGHvQFăO]LUHIăUăYDQă
GHDPHVWHF$ FLUFXLWGH
vQFăO]LUH 
 /DWHOHFRPDQGDSHQWUXFLU
FXLWXOGHvQFăO]LUHFXYDQă
GHDPHVWHF0 FLUFXLWXOGH
vQFăO]LUH 
 /DWHOHFRPDQGDSHQWUXFLU
FXLWXOGHvQFăO]LUHFXYDQă
6HUYLFH

GHDPHVWHF0 FLUFXLWXOGH
vQFăO]LUH 
 /DSUHSDUDUHDVRODUăD  )ăUăDDYDORDUHUHJODWă
DSHLFDOGHPHQDMHUH  9DORDUHDQRPLQDOăDWHP
SkQă SHUDWXULLDSHLFDOGHPHQD
MHUHHVWHUHJODELOăGHOD
SkQăODƒ& OLPLWDWăGH
SDUDPHWULVSHFLILFLFD]DQX
OXL 
52


&RGDUH9LWRWURQLF.

*UXSăÄ$SăFDOGăPHQDMHUă³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
9DORDUHUHJODWăSHQWUX  6HYDUHVSHFWDVHWDUHD
WHPSHUDWXUDDSHLFDOGH DGUHVHLGHFRGDUHij
PHQDMHUHƒ&'DFăVH
GHSăúHúWHWHPSHUDWXUD
UHJODWăVHDFWLYHD]ă
IXQFĠLDGHEORFDUHD
vQFăO]LULLDGăXJDWH SUH
SDUDUHDDSHLFDOGHPHQD
MHUăSULQLQWHUPHGLXO
FD]DQXOXLQXPDLvQFD]XO
vQFDUHHQHUJLDVRODUăQX
HVWHVXILFLHQWă 
 &XVHQ]RULSHQWUXWHP  )DFWRUUHJODELOvQWUHúL
SHUDWXUDDSHLFDOGH SkQă 
PHQDMHUHGLQERLOHU  JUDGDĠLHGHUHJODM식
FRGDUHDij 
SXQFWXOGHGHFRQHFWDUHD
vQFăO]LULLDSHLGLQERLOHUOD
YDORDUHDQRPLQDOă[
 &XVHQ]RULSHQWUXWHP  )DFWRUUHJODELOvQWUHúL
SHUDWXUDDSHLFDOGH SkQă 
PHQDMHUHGLQERLOHU  JUDGDĠLHGHUHJODM식
FRGDUHDij 
SXQFWXOGHFRQHFWDUHD
vQFăO]LULLDSHLGLQERLOHUOD
YDORDUHDQRPLQDOă[
$ 7LPSGHIXQFĠLRQDUHD $ /DVHWGHVFKLPEăWRUGH
VHUYRPRWRUXOXLSHQWUX SkQă FăOGXUă9LWRWUDQV
VXSDSDYDQHLGHDPHV $ N: VHUHJOHD]ă
WHFVHWGHVFKLPEăWRUGH V
FăOGXUă9LWRWUDQV  7LPSXOGHIXQFĠLRQDUH
úLN: V SRDWHILUHJODWvQWUHúL
V
 3RPSDGHUHFLUFXODUHvQ  3RPSDGHUHFLUFXODUH
WLPSXOSUHSDUăULLGHDSă DFPFRQIRUPSURJUDPăULL
FDOGăPHQDMHUăFRQIRUP ÄSRUQLWă³
SURJUDPăULLRUDUHÄSRU
QLWă³
52


&RGDUH9LWRWURQLF.

*UXSăÄ$SăFDOGăPHQDMHUă³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 3RPSDGHUHFLUFXODUHD  Ä2SULWă³vQWLPSXOSUHSDUăULL
DSHLFDOGHPHQDMHUH GHDSăFDOGăPHQDMHUăOD
Ä3RUQLWă³FRQIRUPSUR SULPDYDORDUHUHJODWăSHQ
JUDPăULLRUDUH WUXWHPSHUDWXUă
 Ä3RUQLWă³vQWLPSXOSUH
SDUăULLGHDSăFDOGăPHQD
MHUăODSULPDYDORDUHGH
WHPSHUDWXUăUHJODWă
 3RPSDGHUHFLUFXODUHD  Ä2SULWă³vQWLPSXOSUHSDUăULL
DSHLFDOGHPHQDMHUH GHDSăFDOGăPHQDMHUăODD
Ä3RUQLWă³FRQIRUPSUR GRXDYDORDUHUHJODWăSHQ
JUDPăULLRUDUH WUXWHPSHUDWXUă
 Ä3RUQLWă³vQWLPSXOSUH
SDUăULLGHDSăFDOGăPHQD
MHUăODDGRXDYDORDUHGH
WHPSHUDWXUăUHJODWă
 3RPSDGHUHFLUFXODUHD  ÌQWLPSXOSURJUDPăULLRUDUH
DSHLFDOGHPHQDMHUH SkQă GDWăRUăSHQWUXPLQ
Ä3RUQLWă³FRQIRUPSUR  Ä3RUQLW³GHSkQăODRULRUă
JUDPăULLRUDUH SHQWUXPLQÄ3RUQLW³
 3HUPDQHQWÄSRUQLWă³
 3RPSDGHUHFLUFXODUHD  ÌQWLPSXOIXQFĠLRQăULLvQ
DSHLFDOGHPHQDMHUHvQ UHJLPHFRQRPLFSRPSDGH
WLPSXOIXQFĠLRQăULLvQ UHFLUFXODUHDDSHLFDOGH
UHJLPHFRQRPLFÄSRUQLWă³ PHQDMHUHHVWHÄRSULWă³
FRQIRUPSURJUDPăULL
RUDUH
6HUYLFH

*UXSDÄ6RODU³

1XPDLvQFRPELQDĠLHFXPRGXOGHDXWR
PDWL]DUHVRODUăWLS60
52



&RGDUH9LWRWURQLF.

*UXSDÄ6RODU³ FRQWLQXDUH

&RGăUL

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 3RPSDFLUFXLWXOXLVRODU  'LIHUHQĠDGLQWUHWHPSHUD
HVWHSRUQLWăFkQGWHPSH SkQă WXUDHIHFWLYăDDSHLPHQD
UDWXUDODFROHFWRULFUHúWH  MHUHúLSXQFWXOGHSRUQLUH
FX.SHVWHWHPSHUDWXUD SHQWUXSRPSDFLUFXLWXOXL
HIHFWLYăDDSHLPHQD VRODUSRDWHILUHJODWăOD
MHUH YDORULFXSULQVHvQWUHúL
.
 3RPSDFLUFXLWXOXLVRODUVH  'LIHUHQĠDGLQWUHWHPSHUD
GHFRQHFWHD]ăDWXQFL SkQă WXUDHIHFWLYăDDSHLPHQD
FkQGGLIHUHQĠDGLQWUHWHP  MHUHúLSXQFWXOGHRSULUH
SHUDWXUDSHFROHFWRUúL SHQWUXSRPSDFLUFXLWXOXL
WHPSHUDWXUDHIHFWLYăD VRODUSRDWHILUHJODWăOD
DSHLPHQDMHUH YDORULFXSULQVHvQWUHúL
DUHYDORDUHDPDLPLFăGH. .

 3RPSDFLUFXLWXOXLVRODU  3RPSDFLUFXLWXOXLVRODUFX
vQWUHSWH IăUăFRPDQGD WXUDĠLHUHJODELOă vQWUHSWH
WXUDĠLHLGHFăWUHPRGXOXO FXSDFKHWHGHXQGH
GHDXWRPDWL]DUHVRODUă  3RPSDFLUFXLWXOXLVRODUFX
60 WXUDĠLHUHJODELOăFX
FRPDQGă3:0
 'LIHUHQĠDGHWHPSHUDWXUă  'LIHUHQĠDvQWUHWHPSHUDWXUD
GLQWUHWHPSHUDWXUDOD SkQă ODFROHFWRUúLWHPSHUDWXUD
FROHFWRUúLWHPSHUDWXUD  HIHFWLYăDDSHLPHQDMHUH
HIHFWLYăDDSHLPHQDMHUH SRDWHILUHJODWăODYDORUL
HVWHUHJODWăOD. FXSULQVHvQWUHúL.
 $PSOLILFDUHDUHJODMXOXL  $PSOLILFDUHDUHJODMXOXL
WXUDĠLHL. SkQă SRDWHILUHJODWODYDORUL
 FXSULQVHvQWUHúL.
 7XUDĠLHPLQLPăDSRPSHL  7XUDĠLDPLQLPăDSRPSHL
FLUFXLWXOXLVRODUGLQ SkQă FLUFXLWXOXLVRODUSRDWHIL
WXUDĠLDPD[LPă  UHJODWăODYDORULFXSULQVH
vQWUHúL
 7XUDĠLHPD[LPăDSRPSHL  7XUDĠLDPD[LPăDSRPSHL
FLUFXLWXOXLVRODUGLQ SkQă FLUFXLWXOXLVRODUSRDWHIL
WXUDĠLDPD[LPăSRVLELOă  UHJODWăODYDORULFXSULQVH
vQWUHúL
52


&RGDUH9LWRWURQLF.

*UXSDÄ6RODU³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 )XQFĠLDGHLQWHUYDOD  )XQFĠLDLQWHUYDODSRPSHL
SRPSHLFLUFXLWXOXLVRODU FLUFXLWXOXLVRODUFRQHFWDWă
GHFRQHFWDWă 3HQWUXVWDELOLUHDH[DFWăD
WHPSHUDWXULLODFROHFWRU
SRPSDFLUFXLWXOXLVRODUHVWH
SRUQLWăFLFOLFSHQWUXLQWHU
YDOHGHWLPSVFXUWH
 3RPSDFLUFXLWXOXLVRODUVH  7HPSHUDWXUDPD[LPăD
GHFRQHFWHD]ăDWXQFL SkQă DFXPXODWRUXOXLSRDWHIL
FkQGWHPSHUDWXUDHIHF  UHJODWăvQWUHúLƒ&
WLYăDDSHLFDOGHPHQD
MHUHDWLQJHWHPSHUDWXUD
PD[LPăDDFPGLQERL
OHU ƒ& 
 3RPSDFLUFXLWXOXLVRODUVH  7HPSHUDWXUDSRDWHIL
GHFRQHFWHD]ăDWXQFL SkQă UHJODWăvQWUHúLƒ&
FkQGWHPSHUDWXUDSH 
FROHFWRUDWLQJHƒ&
WHPSHUDWXUDPD[LPăSH
FROHFWRUSHQWUXSURWHFĠLD
FRPSRQHQWHORULQVWDOD
ĠLHL 
$ 3HQWUXSURWHFĠLDFRPSR $ 5HGXFHUHDWLPSXOXLGH
QHQWHORULQVWDODĠLHLúLD VWDJQDUHQXHVWHDFWLYă
DJHQWXOXLWHUPLF $ 9DORDUHDSHQWUXUHGXFHUHD
7XUDĠLDSRPSHLSHQWUXFLU SkQă WLPSXOXLGHVWDJQDUHSRDWH
FXLWXOVRODUVHUHGXFH $ ILVHWDWăvQWUHúL.
GDFăYDORDUHDHIHFWLYăD
WHPSHUDWXULLDSHLGLQERL
OHUHVWHFX.PDLPLFă
6HUYLFH

GHFkWWHPSHUDWXUD
PD[LPăDDSHLFDOGH
PHQDMHUHGLQERLOHU
E )XQFĠLDGHSURWHFĠLHOD E )XQFĠLDGHSURWHFĠLHOD
vQJKHĠSHQWUXFLUFXLWXO vQJKHĠSHQWUXFLUFXLWXOVRODU
VRODUHVWHGHFRQHFWDWă FRQHFWDWă QXHVWHQHFHVDU
ODDJHQWXOWHUPLF9LHVV
PDQQ 
& 0RQLWRUL]DUH'HOWD7 & 0RQLWRUL]DUH'HOWD7GHFR
FRQHFWDWă QHFWDWă
52


&RGDUH9LWRWURQLF.

*UXSDÄ6RODU³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
'HELWXOYROXPHWULFSUHD
PLFVDXDEVHQĠDDFHVWXLD
vQFLUFXLWXOVRODUHVWHvQUH
JLVWUDWă
G 0RQLWRUL]DUHDUHFLUFXOăULL G 0RQLWRUL]DUHDUHFLUFXOăULL
SHWLPSXOQRSĠLLFRQHF SHWLPSXOQRSĠLLGHFRQHF
WDWă WDWă
'HELWXOYROXPHWULFQHGRULW
GLQFLUFXLWXOVRODU GHH[
QRDSWHD HVWHvQUHJLVWUDW
( 'HWHUPLQDUHDUDQGDPHQ ( 'HWHUPLQDUHDUDQGDPHQ
WXOXLVRODUFXDJHQWWHUPLF WXOXLVRODUFXDJHQWWHUPLF
9LHVVPDQQ DSă DQXVHUHJODGHRD
UHFHHVWHSRVLELOăQXPDL
IXQFĠLRQDUHDFXDJHQWWHU
PLF9LHVVPDQQ 
( 'HWHUPLQDUHDUDQGDPHQ
WXOXLVRODUGHFRQHFWDWă
) 'HELWXOYROXPHWULFDOFLU ) 'HELWXOYROXPHWULFUHJODELO
FXLWXOXLVRODUODWXUDĠLD SkQă GHODSkQăOD
PD[DSRPSHLOPLQ ) OPLQ
JUDGDĠLHGHUHJODM식
OPLQ
 5HJODUHDWHPSHUDWXULL  5HJODUHDWHPSHUDWXULLĠLQWă
ĠLQWăGHFRQHFWDWă YH]L FRQHFWDWă
DGUHVDGHFRGDUHij
 9DORDUHUHJODWăSHQWUX  9DORDUHDQRPLQDOăDWHP
WHPSHUDWXUDDSHLFDOGH SkQă SHUDWXULLDSHLFDOGHPHQD
PHQDMHUHVRODUƒ&  MHUHVRODUHSRDWHILUHJODWă
GHODSkQăODƒ&
52


&RGDUH9LWRWURQLF.

*UXSDÄ6RODU³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
Ŷ 5HJODUHDWHPSHUDWXULL
ĠLQWăFRQHFWDWă FRGDUH
ij 
7HPSHUDWXUăODFDUH
DSDvQFăO]LWăVRODUWUH
EXLHVWUDWLILFDWăvQERL
OHUXOSHQWUXSUHSDUDUH
GHDSăFDOGăPHQDMHUă
Ŷ )XQFĠLLH[WLQVHDOH
DXWRPDWL]ăULLUHJODWHOD
vQFăO]LUHDDGRXăERL
OHUHSHQWUXSUHSDUDUH
GHDSăFDOGăPHQDMHUă
FRGDUHij 
/DDWLQJHUHDWHPSHUD
WXULLQRPLQDOHDDSHL
PHQDMHUHODXQERLOHU
SHQWUXSUHSDUDUHGH
DSăFDOGăPHQDMHUă
HVWHvQFăO]LWFHOGHDO
GRLOHDERLOHUSHQWUX
SUHSDUDUHGHDSăFDOGă
PHQDMHUă
 7HPSHUDWXUDPLQLPăOD  )XQFĠLDGHWHPSHUDWXUă
FROHFWRUƒ& PLQLPăODFROHFWRUQXHVWH
3RPSDFLUFXLWXOXLVRODU DFWLYă
SRUQHúWHFkQGHVWH  7HPSHUDWXUDPLQLPăOD
GHSăúLWăWHPSHUDWXUD SkQă FROHFWRUHVWHVHWDELOăGHOD
PLQLPăUHJODWăODFROHF  SkQăODƒ&
WRU
6HUYLFH

 1LFLRIXQFĠLHGHDXWRPDWL  )XQFĠLHVXSOLPHQWDUăSHQ


]DUHH[WLQVăDFWLYă WUXSUHSDUDUHDGHDSă
FDOGăPHQDMHUă
 5HJODUHDGLIHUHQĠHLGH
WHPSHUDWXUă
 5HJODUHDGLIHUHQĠHLGH
WHPSHUDWXUăúLDIXQFĠLHL
VXSOLPHQWDUH
 5HJODUHDGLIHUHQĠHLGH
WHPSHUDWXUăSHQWUX
52

vQFăO]LUH


&RGDUH9LWRWURQLF.

*UXSDÄ6RODU³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 )XQFĠLDWHUPRVWDW
 )XQFĠLDWHUPRVWDWúLIXQFĠLD
VXSOLPHQWDUă
 ÌQFăO]LUHDVRODUăFXXQ
VFKLPEăWRUGHFăOGXUă
H[WHUQIăUăVHQ]RUGHWHP
SHUDWXUăVXSOLPHQWDU
 ÌQFăO]LUHDVRODUăFXXQ
VFKLPEăWRUGHFăOGXUă
H[WHUQFXVHQ]RUGHWHP
SHUDWXUăVXSOLPHQWDU
 ÌQFăO]LUHDVRODUăDGRXă
ERLOHUHSHQWUXSUHSDUDUHGH
DSăFDOGăPHQDMHUă
 'LIHUHQĠDWHPSHUDWXULLGH  'LIHUHQĠDGHWHPSHUDWXUă
FRQHFWDUHODvQFăO]LUH SkQă GHFRQHFWDUHODVXVĠLQHUHD
.  vQFăO]LULLHVWHUHJODELOăGH
&RPHQ]LOHGHFRQHFWDUH ODSkQăOD.
VDXGHFRQHFWDUHF-
DFĠLRQHD]ăFkQGWHPSH
UDWXUDODVHQ]RUXO
GHSăúHúWHFXYDORDUHD
VHWDWăWHPSHUDWXUDOD
VHQ]RUXO8T
 'LIHUHQĠDGHWHPSHUDWXUă  'LIHUHQĠDGHWHPSHUDWXUă
GHGHFRQHFWDUHODDVLVWD SkQă GHGHFRQHFWDUHODvQFăO]LUH
UHDvQFăO]LULL.  SRDWHILUHJODWăFXYDORUL
&RPDQGDGHFRQHFWDUH FXSULQVHvQWUHúL.
VDXGHFRQHFWDUHF-HVWH
GHFRQHFWDWăDWXQFLFkQG
WHPSHUDWXUDODVHQ]R
UXO HVWHPDLPLFă
GHFkWSXQFWXOGHGHFR
QHFWDUH3XQFWXOGHGHFR
QHFWDUHUHSUH]LQWăVXPD
GLQWUHWHPSHUDWXUDODVHQ
]RUXO8TúLYDORDUHD
UHJODWăSHQWUXGLIHUHQĠD
GHWHPSHUDWXUăGHGHFR
QHFWDUH
52


&RGDUH9LWRWURQLF.

*UXSDÄ6RODU³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 7HPSHUDWXUDGHSRUQLUH  7HPSHUDWXUDGHFRQHFWDUH
SHQWUXIXQFĠLDWHUPRVWDW SkQă SHQWUXIXQFĠLDWHUPRVWDW
ƒ&  HVWHUHJODELOăGHODSkQă
7HPSHUDWXUDGHFRQHF OD.
WDUHSHQWUXIXQFĠLDWHU
PRVWDW싨WHPSHUDWXUDGH
GHFRQHFWDUHSHQWUXIXQF
ĠLDWHUPRVWDW
)XQFĠLDWHUPRVWDWGHH[
SHQWUXvQFăO]LUHSULQFLU
FXODĠLHGHDJHQWWHUPLF
&RPDQGDGHFRQHFWDUH
VDXGHFRQHFWDUHF-HVWH
SRUQLWăDWXQFLFkQGWHP
SHUDWXUDODVHQ]RUXO
HVWHPDLPLFăGHFkWWHP
SHUDWXUDGHSRUQLUHD
IXQFĠLHLWHUPRVWDWLFH
7HPSHUDWXUDGHFRQHF
WDUHSHQWUXIXQFĠLDWHU
PRVWDW!WHPSHUDWXUDGH
GHFRQHFWDUHSHQWUXIXQF
ĠLDWHUPRVWDW
)XQFĠLDWHUPRVWDWGHH[
SHQWUXIRORVLUHDFăOGXULL
H[FHGHQWDUH&RPDQGD
GHFRQHFWDUHVDXGHFR
QHFWDUHF-HVWHSRUQLWă
DWXQFLFkQGWHPSHUDWXUD
ODVHQ]RUXO HVWHPDL
6HUYLFH

PDUHGHFkWWHPSHUDWXUD
GHSRUQLUHDIXQFĠLHLWHU
PRVWDWLFH
 7HPSHUDWXUDGHRSULUH  7HPSHUDWXUDGHGHFRQHF
SHQWUXIXQFĠLDWHUPRVWDW SkQă WDUHSHQWUXIXQFĠLDWHUPRV
ƒ&  WDWHVWHUHJODELOăGHOD
7HPSHUDWXUDGHFRQHF SkQăOD.
WDUHSHQWUXIXQFĠLDWHU
PRVWDW싨WHPSHUDWXUDGH
GHFRQHFWDUHSHQWUXIXQF
52

ĠLDWHUPRVWDW


&RGDUH9LWRWURQLF.

*UXSDÄ6RODU³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
)XQFĠLHWHUPRVWDWGHH[
SHQWUXvQFăO]LUHSULQFLU
FXODĠLHGHDJHQWWHUPLF
&RPDQGDGHFRQHFWDUH
VDXGHFRQHFWDUHF-HVWH
RSULWăDWXQFLFkQGWHPSH
UDWXUDODVHQ]RUXO HVWH
PDLPDUHGHFkWWHPSHUD
WXUDGHSRUQLUHDIXQFĠLHL
WHUPRVWDWLFH
7HPSHUDWXUDGHFRQHF
WDUHSHQWUXIXQFĠLDWHU
PRVWDW!WHPSHUDWXUDGH
GHFRQHFWDUHSHQWUXIXQF
ĠLDWHUPRVWDW
)XQFĠLDWHUPRVWDWGHH[
SHQWUXIRORVLUHDFăOGXULL
H[FHGHQWDUH&RPDQGD
GHFRQHFWDUHVDXGHFR
QHFWDUHF-HVWHRSULWă
DWXQFLFkQGWHPSHUDWXUD
ODVHQ]RUXO HVWHPDL
PLFăGHFkWWHPSHUDWXUD
GHSRUQLUHDIXQFĠLHLWHU
PRVWDWLFH
 3ULRULWDWHSHQWUXERLOHUXO  3ULRULWDWHSHQWUXERLOHUXO
SHQWUXSUHSDUDUHGHDSă SHQWUXSUHSDUDUHGHDSă
FDOGăPHQDMHUă±FX FDOGăPHQDMHUă±IăUă
vQFăO]LUHDOWHUQDQWă vQFăO]LUHDOWHUQDQWă
1XPDLODVHWDUHDFRGDUH  3ULRULWDWHSHQWUXERLOHUXO
ij SHQWUXSUHSDUDUHGHDSă
FDOGăPHQDMHUă±IăUă
vQFăO]LUHDOWHUQDQWă
 3ULRULWDWHSHQWUXERLOHUXO
SHQWUXSUHSDUDUHGHDSă
FDOGăPHQDMHUă±FX
vQFăO]LUHDOWHUQDQWă
 ÌQFăO]LUHDOWHUQDQWăIăUă
SULRULWDWHSHQWUXXQERLOHU
SHQWUXSUHSDUDUHGHDSă
52

FDOGăPHQDMHUă


&RGDUH9LWRWURQLF.

*UXSDÄ6RODU³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
 7LPSGHvQFăO]LUHDOWHU  7LPSXOGHvQFăO]LUHDOWHU
QDQWăPLQ SkQă QDQWăSRDWHILVHWDWODYDORUL
%RLOHUXOSHQWUXSUHSDUDUH  FXSULQVHvQWUHúLPLQ
GHDSăFDOGăPHQDMHUă
IăUăSULRULWDWHHVWHvQFăO]LW
PD[LPXPSHQWUXGXUDWD
WLPSXOXLGHvQFăO]LUHDOWHU
QDQWăVHWDWFkQGHVWH
vQFăO]LWERLOHUXOSHQWUX
SUHSDUDUHGHDSăFDOGă
PHQDMHUăFXSULRULWDWH
 'XUDWDSDX]HLDOWHUQDQWH  7LPSXOGHSDX]ăDOWHUQDQWă
PLQ SkQă SRDWHILVHWDWODYDORUL
'XSăFRQVXPDUHDWLPSX  FXSULQVHvQWUHúLPLQ
OXLGHvQFăO]LUHDOWHUQDQWă
UHJODWSHQWUXERLOHUXOSHQ
WUXSUHSDUDUHGHDSă
FDOGăPHQDMHUăIăUăSULR
ULWDWHvQWLPSXOSDX]HL
HVWHvQUHJLVWUDWăFUHúWH
UHDWHPSHUDWXULLODFROHF
WRU

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLW
vQFăO]LUH³

&RGăUL
6HUYLFH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
$ )ăUăWHOHFRPDQGă $ &X9LWRWURO$VDX
9LWRWURO5)HVWHUHFX
QRVFXWăDXWRPDW
$ &X9LWRWURO$VDX9LWR
KRPHHVWHUHFXQRV
FXWăDXWRPDW
$ 1XPDLFX9LWRWURO$ $ 'HODWHOHFRPDQGăSRDWHIL
VDX9LWRWURO5) VHWDWQXPDLUHJLPXOGH
SHWUHFHUH
52


&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
3RWILHIHFWXDWHWRDWH
VHWăULOHSRVLELOHGHOD
WHOHFRPDQGă
$ &RPDQGăSULRULWDUăIDĠă $ )ăUăFRPDQGăSULRULWDUă
GHSRPSDFLUFXLWXOXLGH SHQWUXSUHSDUDUHDFP
vQFăO]LUHúLYDQDGH IDĠăGHSRPSDFLUFXLWXOXLGH
DPHVWHF vQFăO]LUHúLYDQDGHDPHV
WHF
$ 3ULRULWDWHSHQWUXSUHSDUDUH
DFPQXPDLIDĠăGHYDQD
GHDPHVWHF
$ 7HPSHUDWXUDH[WHULRDUă $ 3RPSDFLUFXLWXOXLGH
VXEƒ&SRPSDFLUFXLWX SkQă vQFăO]LUHÄSRUQLWăRSULWă³
OXLGHvQFăO]LUHÄSRUQLWă³ $ YH]LWDEHOXOXUPăWRU 
7HPSHUDWXUDH[WHULRDUă
SHVWHƒ&SRPSDFLUFXL
WXOXLGHvQFăO]LUHÄRSULWă³

 $WHQĠLH
/DUHJODMHVXEƒ&H[LVWăSHULFROXOGHvQJKHĠDOFRQGXFWHORUFDUHQXVXQW
SURWHMDWHGHWHUPRL]RODĠLDFOăGLULL
7UHEXLHVăVHDFRUGHRDWHQĠLHGHRVHELWăIXQFĠLRQăULLvQUHJLPGHFRQHFWDWGH
H[HPSOXvQWLPSXOFRQFHGLXOXL

3DUDPHWUX 3RPSDFLUFXLWXOXLGHvQFăO]LUH
$GUHVD$ Ä3RUQLW³ Ä2SULW³
 ƒ& ƒ&
 ƒ& ƒ&
 ƒ& ƒ&
 ƒ& ƒ&
 ƒ& ƒ&
 ƒ& ƒ&
 ƒ& ƒ&
 ƒ& ƒ&
 ƒ& ƒ&
 ƒ& ƒ&
 ƒ& ƒ&
 ƒ& ƒ&
SkQăOD SkQăOD SkQăOD
52

 ƒ& ƒ&


&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
$ &XSURWHFĠLHODvQJKHĠ $ )ăUăSURWHFĠLHODvQJKHĠ
UHJODMXOHVWHSRVLELOQXPDL
GDFăHVWHVHWDWăFRGDUHD
Ä$³

 $WHQĠLH
,QGLFDĠLDOD
DGUHVDGHFRGDUH
Ä$³WUHEXLHUHVSHF
WDWă

$ &XRSWLPL]DUHDIXQF $ )ăUăIXQFĠLHGHRSWLPL]DUH
ĠLRQăULLSRPSHORUFLUFXLWH DSRPSHORUFLUFXLWHORUGH
ORUGHvQFăO]LUH SURJUDP vQFăO]LUH
HFRQRPLF SRPSDFLUFXL $ &XRSWLPL]DUHDIXQFĠLRQăULL
WXOXLGHvQFăO]LUHHVWH SkQă SRPSHORUFLUFXLWHORUGH
ÄRSULWă³DWXQFLFkQGWHP $ vQFăO]LUH
SHUDWXUDH[WHULRDUă 7( SRPSDFLUFXLWXOXLGH
HVWHFX.PDLPDUH vQFăO]LUHÄRSULWă³YH]LWDEH
GHFkWWHPSHUDWXUDGH OXOXUPăWRU
DPELDQĠăUHJODWă 7$UHJO
7(!7$UHJO.

3DUDPHWUXDGUHVD &XRSWLPL]DUHDIXQFĠLRQăULLSRPSHORUFLUFXLWHORUGH
$ vQFăO]LUHSRPSDFLUFXLWXOXLGHvQFăO]LUHÄRSULWă³
 7(!7$5HJO.
 7(!7$5HJO.
 7(!7$5HJO.
 7(!7$5HJO.
6HUYLFH

 7(!7$5HJO.
 7(!7$UHJO
 7(!7$UHJO.
SkQăOD
 7(!7$UHJO.
52



&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
$ 5HJLPXOHFRQRPLFH[WLQV $ 5HJLPXOHFRQRPLFH[WLQV
QXHVWHDFWLY SkQă HVWHDFWLYDGLFăODR
$ YDORDUHDWHPSHUDWXULL
VHWDELOăYDULDELOGHOD
SkQăODƒ&SOXVƒ&
DU]ăWRUXOúLSRPSDFLUFXLWX
OXLGHvQFăO]LUHVHRSUHVF
LDUYDQDGHDPHVWHFHVWH
FRPXWDWăSHvQFKLV&D
ED]ăGHFDOFXOVHIRORVHúWH
WHPSHUDWXUDH[WHULRDUă
DPRUWL]DWă$FHDVWDVH
FRPSXQHGLQWHPSHUDWXUD
H[WHULRDUăHIHFWLYăúLRFRQ
VWDQWăGHWLPSFDUHĠLQH
VHDPDGHUăFLUHDXQHL
FOăGLULRELúQXLWH
$ 1XPDLSHQWUXFLUFXLWHGH $ &XIXQFĠLHHFRQRPLFăSHQ
vQFăO]LUHFXYDQăGH WUXYDQDGHDPHVWHF RSWL
DPHVWHF PL]DUHH[WLQVăDIXQF
)ăUăIXQFĠLHHFRQRPLFăD ĠLRQăULLSRPSHORUFLUFXLWXOXL
YDQHLGHDPHVWHF GHvQFăO]LUH 
SRPSDFLUFXLWXOXLGH
vQFăO]LUHVXSOLPHQWDU
ÄRSULWă³
Ŷ 'DFăYDQDGHDPHVWHFD
IRVWvQFKLVăGHPDLPXOW
GHPLQ
3RPSDFLUFXLWXOXLGH
vQFăO]LUHÄ3RUQLWă³
Ŷ 'DFăYDQDGHDPHVWHF
LQWUăvQUHJLPQRUPDO
Ŷ /DSHULFROGHvQJKHĠ
$ &XWLPSXOGHVWDĠLRQDUHD $ )ăUăWLPSGHVWDĠLRQDUHD
SRPSHL SRPSDFLUFXLWX SRPSHL
OXLGHvQFăO]LUHÄ2SULW³ $ &XWLPSGHVWDĠLRQDUHD
YH]L'HVFULHUHDIXQFĠLHL SkQă SRPSHLVHSRDWHUHJOD
SDJ vQWUHúL
7LPSGHVWDĠLRQDUHVFXUW
52


&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
,QGLFDĠLH $ 7LPSGHVWDĠLRQDUH
'XUDWDPD[GHQHIXQF OXQJ
ĠLRQDUHHVWHK

$$ &XUHGXFHUHDSXWHULLSULQ $$ )ăUăUHGXFHUHGHSXWHUH
VHQ]RUXOGHWHPSHUDWXUă $$ )ăUăIXQFĠLH
8$$
E &XWHOHFRPDQGă  E 5HJLPGHvQFăO]LUH
5HJLPGHvQFăO]LUHUHJLP FRPDQGDWGHWHPSHUDWXUD
UHGXVFRPDQGDWGHWHP H[WHULRDUă
SHUDWXUDH[WHULRDUă 5HJLPGHOXFUXUHGXVFX
IXQFĠLRQDUHFRPDQGDWăGH
WHPSHUDWXUDGHDPELDQĠă
E 5HJLPGHvQFăO]LUHFX
IXQFĠLRQDUHFRPDQGDWăGH
WHPSHUDWXUDGHDPELDQĠă
5HJLPGHOXFUXUHGXV
FRPDQGDWGHWHPSHUDWXUD
H[WHULRDUă
E 5HJLPGHvQFăO]LUHUHJLP
UHGXVFXIXQFĠLRQDUH
FRPDQGDWăGHWHPSHUDWXUD
GHDPELDQĠă
E &XWHOHFRPDQGăúLSHQWUX E )ăUăLQIOXHQĠDDPELDQĠHL
FLUFXLWXOGHvQFăO]LUHWUH E )DFWRUXOGHLQIOXHQĠăD
EXLHVăILHFRGDWUHJLPXO SkQă DPELDQĠHLSRDWHILUHJODW
GHIXQFĠLRQDUHFRPDQGDW E vQWUHúL
GHWHPSHUDWXUDGH
DPELDQĠă 
)DFWRUGHLQIOXHQĠăD
6HUYLFH

DPELDQĠHL
E &XWHOHFRPDQGă  E 3HQWUXRSWLPL]DUHDIXQF
)ăUăIXQFĠLHGHRSWLPL SkQă ĠLRQăULLSRPSHORUFLUFXLWHORU
]DUHDIXQFĠLRQăULLSRPSHL E GHvQFăO]LUHYH]LWDEHOXO
FLUFXLWXOXLGHvQFăO]LUH XUPăWRU
FRPDQGDWăGHWHPSHUD
WXUDGHDPELDQĠă

 &RGDUHDVHPRGLILFăQXPDLSHQWUXFLUFXLWXOIăUăYDQăGHDPHVWHF$ODFD]DQH
52

IăUăOLPLWDUHDWHPSHUDWXULLLQIHULRDUHVDXSHQWUXFLUFXLWHOHGHvQFăO]LUHFXYDQăGH
DPHVWHFDWXQFLFkQGODHOHHVWHFRQHFWDWăRWHOHFRPDQGă 

&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ FRQWLQXDUH

3DUDPHWUX &XRSWLPL]DUHDIXQFĠLRQăULLSRPSHORUFLUFXLWHORUGH
DGUHVăE vQFăO]LUH
SRPSDFLUFXLWXOXLGHvQFăO]LUH SRPSDFLUFXLWXOXLGHvQFăO]LUH
ÄRSULWă³ ÄSRUQLWă³
 7$HIHFW!7$UHJO. 7$HIHFW7$UHJO.
 7$HIHFW!7$UHJO. 7$HIHFW7$UHJO.
 7$HIHFW!7$UHJO. 7$HIHFW7$UHJO.
 7$HIHFW!7$UHJO. 7$HIHFW7$UHJO.
 7$HIHFW!7$UHJO. 7$HIHFW7$UHJO
 7$HIHFW!7$UHJO 7$HIHFW7$UHJO.
 7$HIHFW!7$UHJO. 7$HIHFW7$UHJO.
 7$HIHFW!7$UHJO. 7$HIHFW7$UHJO.

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
E &XWHOHFRPDQGă  E &XvQFăO]LUHUDSLGăUHGX
)ăUăvQFăO]LUHUDSLGă FHUHUDSLGă YH]L'HVFULH
UHGXFHUHUDSLGă UHDIXQFĠLRQăULLSDJ 
E &XWHOHFRPDQGăúLSHQWUX E &XRSWLPL]DUHDWLPSLORUGH
FLUFXLWXOGHvQFăO]LUHWUH FRQHFWDUHGHFDODUH
EXLHVăILHFRGDWUHJLPXO PD[LPăDWLPSXOXLGH
GHIXQFĠLRQDUHFRPDQGDW vQFăO]LUHKPLQ
GHWHPSHUDWXUDGH E &XRSWLPL]DUHDWLPSLORUGH
DPELDQĠă  FRQHFWDUHGHFDODUH
)ăUăRSWLPL]DUHDWLPSLORU PD[LPăDWLPSXOXLGH
GHFRQHFWDUH vQFăO]LUHKPLQ
E &XWHOHFRPDQGăúLSHQWUX E *UDGLHQWXOGHvQFăO]LUHVH
FLUFXLWXOGHvQFăO]LUHWUH SkQă SRDWHUHJODvQWUHúL
EXLHVăILHFRGDWUHJLPXO E PLQ.
GHIXQFĠLRQDUHFRPDQGDW
GHWHPSHUDWXUDGH
DPELDQĠă 
*UDGLHQWGHvQFăO]LUH
SHQWUXRSWLPL]DUHDWLPSX
OXLGHFRQHFWDUH
PLQ.

 &RGDUHDVHPRGLILFăQXPDLSHQWUXFLUFXLWXOIăUăYDQăGHDPHVWHF$ODFD]DQH
52

IăUăOLPLWDUHDWHPSHUDWXULLLQIHULRDUHVDXSHQWUXFLUFXLWHOHGHvQFăO]LUHFXYDQăGH
DPHVWHFDWXQFLFkQGODHOHHVWHFRQHFWDWăRWHOHFRPDQGă

&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
E &XWHOHFRPDQGăúLSHQWUX E &XvQYăĠDUHDRSWLPL]ăULL
FLUFXLWXOGHvQFăO]LUHWUH WLPSLORUGHFRQHFWDUH
EXLHVăILHFRGDWUHJLPXO
GHIXQFĠLRQDUHFRPDQGDW
GHWHPSHUDWXUDGH
DPELDQĠă 
)ăUăvQYăĠDUHDRSWLPL]ăULL
WLPSLORUGHFRQHFWDUH
& &XWHOHFRPDQGă  & &XRSWLPL]DUHDWLPSLORUGH
)ăUăRSWLPL]DUHDWLPSLORU GHFRQHFWDUHGHFDODUH
GHGHFRQHFWDUH PD[LPăDWLPSXOXLGHUHGX
FHUHDFDUDFWHULVWLFLLGH
vQFăO]LUHK
& &XRSWLPL]DUHDWLPSLORUGH
GHFRQHFWDUHGHFDODUH
PD[LPăDWLPSXOXLGHUHGX
FHUHDFDUDFWHULVWLFLLGH
vQFăO]LUHK
& &XWHOHFRPDQGă  & &XRSWLPL]DUHDGHFR
)ăUăRSWLPL]DUHDWLPSLORU SkQă QHFWăULLGHFDOăULLWLPSXOXL
GHGHFRQHFWDUH & GHUHGXFHUHDFDUDFWHULVWL
FLLGHvQFăO]LUHFXSRVLELOL
WDWHGHUHJODUHvQWUHúL
PLQ
JUDGDĠLHGHUHJODM식
PLQ
& &XWHOHFRPDQGă  & &XvQYăĠDUHDRSWLPL]ăULL
)ăUăvQYăĠDUHDRSWLPL]ăULL WLPSLORUGHGHFRQHFWDUH
WLPSLORUGHGHFRQHFWDUH
6HUYLFH

& 1XPDLSHQWUXFLUFXLWHGH & 7LPSXOGHIXQFĠLRQDUH


vQFăO]LUHFXYDQăGH SkQă SRDWHILUHJODWvQWUHúL
DPHVWHF & V
7LPSXOGHIXQFĠLRQDUHD
YDQHLGHDPHVWHFV
& 'LQDPLFDLQVWDODĠLHL & 5HJXODWRUXOIXQFĠLRQHD]ă
0RGGHUHJODUHDYDQHLGH SkQă SUHDUHSHGH RVFLOHD]ă
DPHVWHF & vQWUHÄGHVFKLV³úLÄvQFKLV³ 
WUHEXLHUHJODWăRYDORDUH
PDLPLFă
 &RGDUHDVHPRGLILFăQXPDLSHQWUXFLUFXLWXOIăUăYDQăGHDPHVWHF$ODFD]DQH
52

IăUăOLPLWDUHDWHPSHUDWXULLLQIHULRDUHVDXSHQWUXFLUFXLWHOHGHvQFăO]LUHFXYDQăGH
DPHVWHFDWXQFLFkQGODHOHHVWHFRQHFWDWăRWHOHFRPDQGă

&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
5HJXODWRUXOIXQFĠLRQHD]ă
SUHDvQFHW PHQĠLQHUHD
WHPSHUDWXULLQXHVWHVXIL
FLHQWă 
WUHEXLHUHJODWăRYDORDUH
PDLPDUH
& /LPLWDUHDHOHFWURQLFăD & /LPLWDUHPLQLPăUHJODELOă
YDORULLPLQLPHDWHPSHUD SkQă vQWUHúLƒ&
WXULLSHWXUƒ& QXPDL &
SHQWUXIXQFĠLRQDUHFX
WHPSHUDWXUăGHDPELDQĠă
QRUPDOă 
& /LPLWDUHDHOHFWURQLFăD & /LPLWDUHPD[LPăUHJODELOă
YDORULLPD[LPHDWHPSH SkQă vQWUHúLƒ&
UDWXULLSHWXUODƒ& &
& &XWHOHFRPDQGăúLSHQWUX & /LPLWDUHDLQIOXHQĠHL
FLUFXLWXOGHvQFăO]LUHWUH SkQă DPELDQĠHLVHSRDWHUHJOD
EXLHVăILHFRGDWUHJLPXO & vQWUHúL.
GHIXQFĠLRQDUHFRPDQGDW
GHWHPSHUDWXUDGH
DPELDQĠă 
)ăUăOLPLWDUHDLQIOXHQĠHL
DPELDQĠHL
G &XVFKLPEDUHDH[WHUQăD G 5HJLPXOGHIXQFĠLRQDUH
UHJLPXOXLGHIXQFĠLRQDUH FRPXWăSHÄ5HJLPGHIXQF
VHYDĠLQHFRQWGHVHWD ĠLRQDUHSHUPDQHQWFXWHP
UHDDGUHVHORUGHFRGDUH SHUDWXUăGHDPELDQĠăQRU
ÄG³Ä(³úLÄ)³úLij PDOă³
GLQJUXSDÄ*HQHUDO³ 
5HJLPXOGHIXQFĠLRQDUH
VHFRPXWăvQÄ3HUPDQHQW
vQFăO]LUHFXWHPSHUDWXUă
GHDPELDQĠăUHGXVă³VDX
Ä5HJLPGHFRQHFWDW³ vQ
IXQFĠLHGHVHWDUHDYDORULL
QRPLQDOHUHGXVHSHQWUX
WHPSHUDWXUDGH
DPELDQĠă 

 &RGDUHDVHPRGLILFăQXPDLSHQWUXFLUFXLWXOIăUăYDQăGHDPHVWHF$ODFD]DQH
52

IăUăOLPLWDUHDWHPSHUDWXULLLQIHULRDUHVDXSHQWUXFLUFXLWHOHGHvQFăO]LUHFXYDQăGH
DPHVWHFDWXQFLFkQGODHOHHVWHFRQHFWDWăRWHOHFRPDQGă

&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
G )ăUăFRPXWDUHDUHJLPX G &RPXWDUHDUHJLPXOXLGH
OXLGHIXQFĠLRQDUHGHOD IXQFĠLRQDUHGHODLQWUDUHD
H[WHQVLD($ '(GHODH[WHQVLD($
G &RPXWDUHDUHJLPXOXLGH
IXQFĠLRQDUHGHODLQWUDUHD
'(GHODH[WHQVLD($
G &RPXWDUHDUHJLPXOXLGH
IXQFĠLRQDUHGHODLQWUDUHD
'(GHODH[WHQVLD($
( &XWHOHFRPDQGă ( 7HPSHUDWXUDSRDWHIL
9DORDUHDUHJODWăSHQWUX UHJODWăvQWUHúLž&
WHPSHUDWXUDGH]LVH ( 7HPSHUDWXUDSRDWHIL
SRDWHUHJODGHODWHOHFR UHJODWăvQWUHúLž&
PDQGăvQWUHúLž&
( &XWHOHFRPDQGă ( &RUHFWDUHDDILúăULL±.
1XVHDILúHD]ăFRUHFĠLD SkQă SkQăOD
SHQWUXWHPSHUDWXUDGH ( &RUHFWDUHDDILúăULL±.
DPELDQĠăHIHFWLYă ( &RUHFWDUHDDILúăULL.
SkQă SkQăOD
( &RUHFWDUHDDILúăULL.
) 8VFDUHDSDUGRVHOLLQX ) 1XPDLSHQWUXFLUFXLWHGH
HVWHDFWLYă SkQă vQFăO]LUHFXYDQăGHDPHV
) WHF
8VFDUHDSDUGRVHOLLSRDWHIL
UHJODWăGXSăGLDJUDPH
WHPSHUDWXUăWLPSFHSRWIL
VHOHFWDWH YH]LSDJ 
) 3HUPDQHQWWHPSHUDWXUăSH
WXUƒ& YH]L
6HUYLFH

SDJLQD 
) /LPLWDUHFDWLPSSHQWUX ) )ăUăOLPLWDUHFDWLPS 
UHJLPXOGHSHWUHFHUHVDX ) /LPLWDUHDWHPSRUDOăHVWH
FRPXWDUHDH[WHUQăDSUR SkQă UHJODELOăGHODSkQăOD
JUDPXOXLGHIXQFĠLRQDUH K 
FXWDVWDK 

 )XQFĠLRQDUHDvQUHJLPGHSHWUHFHUHVHvQFKHLHvQUHJLPXOGHIXQFĠLRQDUHÄÌQFăO]LUH
52

úLDSăFDOGăPHQDMHUă³DXWRPDWRGDWăFXFRPXWDUHDSHvQFăO]LUHODWHPSHUDWXUă
GHDPELDQĠăQRUPDOă

&RGDUH9LWRWURQLF.

*UXSăÄ&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³Ä&LUFXLWvQFăO]LUH³ FRQWLQXDUH

&RGDUHvQVWDUHDGHOLYUDUH 0RGLILFDUHSRVLELOă
,QGLFDĠLH )
6HYRUUHVSHFWDDGUHVHOH
GHFRGDUHÄG³Ä(³
Ä)³vQJUXSDÄ*HQHUDO³
úLÄG³úLÄG³vQJUXSD
Ä&LUFXLWvQFăO]LUH³

) /LPLWDGHWHPSHUDWXUă ) /LPLWDGHWHPSHUDWXUăVH
SHQWUXDQXODUHDIXQF SkQă SRDWHUHJODGHOD
ĠLRQăULLvQUHJLPUHGXV ) SkQăODƒ&
ž&YH]LH[HPSOXOGHOD ) )XQFĠLDQXHVWHDFWLYă
SDJ
6HYDĠLQHFRQWGHVHWDUHD
DGUHVHLGHFRGDUHÄ$³
) /LPLWDGHWHPSHUDWXUă ) /LPLWDGHWHPSHUDWXUăSHQ
SHQWUXDQXODUHDIXQF SkQă WUXULGLFDUHDYDORULLQRPL
ĠLRQăULLvQUHJLPUHGXV ) QDOHSHQWUXWHPSHUDWXUDGH
ž&YH]LH[HPSOXOGH DPELDQĠăODYDORDUHDGLQ
ODSDJ UHJLPXOQRUPDOVHSRDWH
VHWDGHODELVƒ&
)$ 5LGLFDUHDYDORULLUHJODWH )$ 5LGLFDUHDWHPSHUDWXULL
SHQWUXWHPSHUDWXUDDSHL SkQă SRDWHILUHJODWăvQWUHúL
GLQFD]DQUHVSHFWLYSHQ )$ 
WUXWHPSHUDWXUDSHWXUFX
ODWUHFHUHDGHOD
IXQFĠLRQDUHODWHPSHUD
WXUăGHDPELDQĠăUHGXVă
ODIXQFĠLRQDUHFXWHPSH
UDWXUăGHDPELDQĠăQRU
PDOă9H]LH[HPSOXOGHOD
SDJ
)E 7LPSXOSHQWUXULGLFDUHD )E ,QWHUYDOXOGHWLPSVHSRDWH
YDORULLUHJODWHSHQWUXWHP SkQă UHJODvQWUHúLPLQ
SHUDWXUDDSHLGLQFD]DQ )E JUDGDĠLHGHUHJODM
UHVSHFWLYDWHPSHUDWXULL 식PLQ
SHWXU YH]LDGUHVDGH
FRGDUHÄ)$³ PLQ9H]L
H[HPSOXOGHODSDJ
52


6FKHPH9LWRWURQLF

5DFRUGDUHDúLVFKHPDGHFDEODUH

3ULYLUHGHDQVDPEOX

6HUYLFH
52



6FKHPH9LWRWURQLF

5DFRUGDUHDúLVFKHPDGHFDEODUH FRQWLQXDUH

$ 3ODFDHOHFWURQLFăGHED]ăSHQWUX $ )LúDGHFRGDUHDFD]DQXOXL
MRDVăWHQVLXQH $ 0RGXOXOGHFRPXQLFDUH/21
$ 3ODFDHOHFWURQLFăGHED]ăSHQWUX DFFHVRULX
9싀 $ 3ODFăHOHFWURQLFăGHDOLPHQWDUHGH
$ 8QLWDWHGHFRPDQGă ODUHĠHD
$ 3ODFDHOHFWURQLFă2SWROLQNFRPX $ (OHPHQWGHFRPDQGăFRPXWDWRU
WDWRUGHWHVWDUHYHULILFDUH SRUQLWRSULW
$ 3ODFăGHFLUFXLWHLQWHJUDWH ; ,QWHUIHĠHHOHFWULFH

52


6FKHPH9LWRWURQLF

5DFRUGDUHDúLVFKHPDGHFDEODUH FRQWLQXDUH

3ODFDHOHFWURQLFă9싀

6HUYLFH
52



6FKHPH9LWRWURQLF

5DFRUGDUHDúLVFKHPDGHFDEODUH FRQWLQXDUH

FT 3RPSDGHFLUFXODĠLHSHQWUX AT $U]ăWRUWUHDSWDFXPRGXODĠLH
VFKLPEăWRUXOGHFăOGXUăJD]H 8T &RQHFWăULH[WHUQH ODFRQHFWDUH
DUVHDSă VHvQGHSăUWHD]ăSXQWHD
VDX (OHPHQWHH[WHUQHGHVLJX
,HúLUHGHFRPXWDUH UDQĠă
F )ăUăIXQFĠLH ! EORFDUHH[WHUQă
F% )ăUăIXQFĠLH 8 &LUFXLWHOHPHQWHGHVLJXUDQĠă
F& 3RPSDGHDPHVWHFUHVSHFWLY OLEHUGHSRWHQĠLDO
SRPSDGHFLUFXODĠLHSHQWUXFLU 8" &RQH[LXQHODUHĠHDSHQWUX
FXLWXOFD]DQXOXL GHODLQVWDOD DFFHVRULL
WRU )) 6LJXUDQĠă
;T $OLPHQWDUHGHODUHĠHD9 ) 7HUPRVWDWGHVLJXUDQĠăƒ&
+] ƒ&
; $U]ăWRUSHFRPEXVWLELOOLFKLG ) 7HUPRVWDWGHOXFUXƒ&
JD]RV ƒ&
<T ,HúLUHDVHPQDOL]ăULLFROHFWLYH .. 5HOHX
GHDYDULL 6 &RPXWDWRUSRUQLWRSULW
<- &ODSHWăGHUHJODM 6 7DVWDGHFRQWURO7h9
VDX ; ,QWHUIHĠHHOHFWULFH
0RWRUSHQWUXYDQăGHDPHVWHF
FXFăLSHQWUXUHJODUHDWHPSH
UDWXULLSHUHWXU

52


6FKHPH9LWRWURQLF

5DFRUGDUHDúLVFKHPDGHFDEODUH FRQWLQXDUH

3ODFDHOHFWURQLFăGHED]ăSHQWUXMRDVăWHQVLXQH

O 6HQ]RUSHQWUXWHPSHUDWXUDDSHL /21 &DEOXGHOHJăWXUăSHQWUXVFKLPEXO


GLQFD]DQ GHLQIRUPDĠLL DFFHVRULX
$ )ăUăIXQFĠLH 6 &RPXWDWRUGHWHVWDUHYHULILFDUH
)ăUăIXQFĠLH 9 6HPQDOL]DWRUGHDYDULH URúX
6HUYLFH

%
)ăUăIXQFĠLH 9 6HPQDOL]DWRUGHIXQFĠLRQDUH
8! 6HQ]RUGHWHPSHUDWXUăDJD]HORU YHUGH
DUVH ; ,QWHUIHĠHHOHFWULFH
8$$ 6HQ]RUGHWHPSHUDWXUă7KHUP
&RQWURO
VDX
VHQ]RUGHWHPSHUDWXUăSHUHWXU7
8$% 6HQ]RUGHWHPSHUDWXUă7SHUHWXU
80 &RQHFWDUHH[WHUQă
80! 3DUWLFLSDQWOD.0%86
52

80" &RQHFWDUHH[WHUQă


6FKHPH9LWRWURQLF.

5DFRUGDUHDúLVFKHPDGHFDEODUH

3ULYLUHGHDQVDPEOX

52


6FKHPH9LWRWURQLF.

5DFRUGDUHDúLVFKHPDGHFDEODUH FRQWLQXDUH

$ 3ODFăHOHFWURQLFăH[WHQVLHSHQWUX $ 3ODFăGHFLUFXLWHLQWHJUDWH
FLUFXLWXOGHvQFăO]LUHúLFXYDQă $ 0RGXOXOGHFRPXQLFDUH/21
GHDPHVWHF DFFHVRULX
$ 3ODFDHOHFWURQLFăGHED]ăSHQWUX $ 3ODFăHOHFWURQLFăGHDOLPHQWDUHGH
MRDVăWHQVLXQH ODUHĠHD
$ 3ODFDHOHFWURQLFă9싀 $ (OHPHQWGHFRPDQGăFRPXWDWRU
$ 8QLWDWHGHFRPDQGă SRUQLWRSULW
$ 3ODFDHOHFWURQLFă2SWROLQNFRPX ; ,QWHUIHĠHHOHFWULFH
WDWRUGHWHVWDUHYHULILFDUH

6HUYLFH
52



6FKHPH9LWRWURQLF.

5DFRUGDUHDúLVFKHPDGHFDEODUH FRQWLQXDUH

3ODFDHOHFWURQLFă9싀

52


6FKHPH9LWRWURQLF.

5DFRUGDUHDúLVFKHPDGHFDEODUH FRQWLQXDUH

FT 3RPSDFLUFXLWXOXLGHvQFăO]LUH ;T $OLPHQWDUHGHODUHĠHD
VDX 9+]
3RPSăSHQWUXDJHQWXOSULPDU <T ,HúLUHDVHPQDOL]ăULLFROHFWLYH
SHQWUXVLVWHPXOGHDFXPXODUH GHDYDULL
DFP <- 6HUYRPRWRUSHQWUXYHQWLOXOGH
VDX DPHVWHFFXFăLSHQWUXVLVWH
,HúLUHGHFRPXWDUH PXOGHDFXPXODUHDFP
F 3RPSăGHFLUFXODĠLHSHQWUX 8" &RQH[LXQHODUHĠHDSHQWUX
vQFăO]LUHDDSHLGLQERLOHU DFFH DFFHVRULL
VRULX ) 6LJXUDQĠă
F% 3RPSăGHUHFLUFXODUHDDSHL .. 5HOHX
FDOGHPHQDMHUH GHODLQVWDOD 6 &RPXWDWRUSRUQLWRSULW
WRU ; ,QWHUIHĠHHOHFWULFH
F& 3RPSDGHDPHVWHFVDXSRPSD
GHGLVWULEXĠLH GHODLQVWDODWRU

3ODFDHOHFWURQLFăGHED]ăSHQWUXMRDVăWHQVLXQH

6HUYLFH
52



6FKHPH9LWRWURQLF.

5DFRUGDUHDúLVFKHPDGHFDEODUH FRQWLQXDUH

 6HQ]RUGHWHPSHUDWXUăH[WHULRDUă 80 &RQHFWDUHH[WHUQă


UHFHSWRUVHPQDOHUDGLR 80! 3DUWLFLSDQWOD.0%86
 6HQ]RUGHWHPSHUDWXUăSHWXU 80" &RQHFWDUHH[WHUQă
$ 6HQ]RUSHQWUXWHPSHUDWXUDDSHL /21 &DEOXGHOHJăWXUăSHQWUXVFKLPEXO
FDOGHPHQDMHUHGLQDFXPXODWRU GHLQIRUPDĠLL DFFHVRULX
% $OOHDVHQ]RUGHWHPSHUDWXUă 6 &RPXWDWRUGHWHVWDUHYHULILFDUH
SHQWUXVLVWHPXOGHDFXPXODUH 9 6HPQDOL]DWRUGHDYDULH URúX
DFP 9 6HPQDOL]DWRUGHIXQFĠLRQDUH
)ăUăIXQFĠLH YHUGH
8! )ăUăIXQFĠLH ; ,QWHUIHĠHHOHFWULFH
8$$ )ăUăIXQFĠLH
8$% 6HQ]RUGHWHPSHUDWXUă7SHUHWXU
VDX
6HQ]RUGHWHPSHUDWXUăSHQWUXVLV
WHPXOGHDFXPXODUHDDSHLFDOGH
PHQDMHUH

52


6FKHPH9LWRWURQLF.

5DFRUGDUHDúLVFKHPDGHFDEODUH FRQWLQXDUH

3ODFăHOHFWURQLFăH[WHQVLHSHQWUXFLUFXLWXOGHvQFăO]LUHúLFX
YDQăGHDPHVWHF

 6HQ]RULGHWHPSHUDWXUăSHWXU
6HUYLFH

FT 3RPSHSHQWUXFLUFXLWHOHGH
vQFăO]LUH
;T 5DFRUGDUHODUHĠHD
<- 6HUYRPRWRDUHSHQWUXYDQHGH
DPHVWHF
.. 5HOHX
; ,QWHUIHĠHHOHFWULFH
52



&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

)LúDGHFRGDUHDFD]DQXOXL

&D]DQ )LúDGHFRGDUHDFD]DQXOXL
$ILúDMvQLQIRU 0DUFDM 1UFRPSLHVă
PDUHDSH GHVFKLPE
VFXUW
9LWRFURVVDOWLS&7   
9LWRFURVVDOWLS&0   
9LWRFURVVDOWLS&5
&5%
9LWRFURVVDOWLS&7   
9LWRFURVVDOWLS&0
9LWRPD[/7   
9LWRSOH[WLS6;$   
9LWRSOH[WLS7;$   
9LWRUDGLDO7
9LWRURQGWLS9'9'$   

6HQ]RUL

6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQFD]DQGLQDFXPXODWRUGHSH
WXU VHQ]RU7KHUP&RQWURO GHSHUHWXUúLSHQWUXWHPSHUDWXUDGH
DPELDQĠă

,QGLFDĠLH
Ŷ 6HQ]RUXOSHQWUXWHPSHUDWXUDSHWXU
SRDWHILXWLOL]DWFDVHQ]RUGHWHPSHUD
WXUăDSOLFDWVDXVHQ]RUGHWHPSHUDWXUă
LPHUVDW
Ŷ 6HQ]RUXOGHWHPSHUDWXUăSHWXUDO
VHWXOXLGHH[WHQVLHSHQWUXYDQDGH
DPHVWHFHVWHXQVHQ]RUGHWHPSHUD
WXUăDSOLFDW
Ŷ 6HQ]RUSHQWUXWHPSHUDWXUDGH
DPELDQĠăHVWHFRQHFWDWODERUQHOHúL
GHODXQLWDWHD9LWRWURO$

,QVWUXFĠLXQLGHPRQWDMúLVHU
YLFH9LWRWURO$

52


&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

6HQ]RUL FRQWLQXDUH

9LHVVPDQQ17&Nȍ PDUFDMDOEDV  6HVFRDWHúWHFKHUXOUHVSHFWLY


WUX
 6HPăVRDUăUH]LVWHQĠDVHQ]RUXOXLúL
 VHFRPSDUăFXFDUDFWHULVWLFD

  /DDEDWHULPDULVHYHULILFăPRQWDMXO

 úLGXSăFD]VHvQORFXLHúWHVHQ]RUXO

5H]LVWHQœôßQN˖





     
7HPSHUDWXUDßQ¡&

6HQ]RUGHWHPSHUDWXUăH[WHULRDUă

9LHVVPDQQ17&Nȍ  6HVFRDWHúWHFKHUXO

  6HPăVRDUăUH]LVWHQĠDVHQ]RUXOXLOD


ERUQHOHijúLijDOHFRQHFWRUXOXLúL
 VHFRPSDUăFXFDUDFWHULVWLFD


 ÌQFD]XOXQRUDEDWHULPDULIDĠăGH
5H]LVWHQœDßQN˖


FDUDFWHULVWLFăVHGHVIDFILUHOHGHOD
 VHQ]RUúLVHUHSHWăPăVXUDUHDODVHQ
]RU

6HUYLFH


  ÌQIXQFĠLHGHUH]XOWDWXOPăVXUăULLVH
      vQORFXLHúWHFDEOXOVDXVHQ]RUXOGH
7HPSHUDWXUDßQ¡& WHPSHUDWXUăH[WHULRDUă
52



&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

6HQ]RUL FRQWLQXDUH

6HQ]RUSHQWUXWHPSHUDWXUDJD]HORUDUVHQUGHFRPDQGă


/DDWLQJHUHDXQHLYDORULOLPLWăLQGLFDWH
YH]LDGUHVDGHFRGDUHÄ)³GLQJUXSD
Ä&D]DQ³ GHODDXWRPDWL]DUHDDSDUH
XQDILúDMGHvQWUHĠLQHUH

9LHVVPDQQ17&Nȍ PDUFDMSRUWRFDOLX




5H]LVWHQœDßQN˖


          
7HPSHUDWXUDßQ¡&

 6HVFRDWHúWHFKHUXO8!  /DDEDWHULPDULVHYHULILFăPRQWDMXO


úLGXSăFD]VHvQORFXLHúWHVHQ]RUXO
 6HPăVRDUăUH]LVWHQĠDVHQ]RUXOXLúL
VHFRPSDUăFXFDUDFWHULVWLFD

$GDSWRUH[WHOHPHQWHH[WGHVLJXUDQĠăQUFRP

&RQHFWDUHDXQXLDGDSWRU

$GDSWRUXOHVWHUHFXQRVFXWDXWRPDWGH Ŷ /LPLWDWRUGHSUHVLXQHPLQLPă
DXWRPDWL]DUHFDSDUWLFLSDQWOD.0%86 Ŷ 7HUPRVWDWVXSOLPHQWDUGHVLJXUDQĠă
8UPăWRDUHOHHOHPHQWHH[WHUQHGHVLJX Ŷ 2SULUHH[WHUQăDU]ăWRU
UDQĠăSRWILFRQHFWDWHFRQIRUP Ŷ 6ROLFLWDUHH[WHUQăDU]ăWRU WUHDSWD
(1
Ŷ 'LVSR]LWLYGHVLJXUDQĠăvPSRWULYDOLSVHL
GHDSă
52

Ŷ /LPLWDWRUGHSUHVLXQHPD[LPă


&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

$GDSWRUH[WHOHPHQWHH[WGHVLJXUDQĠăQU« FRQWLQXDUH

   

;




; ; ; ;
(LQ (LQ (LQ (LQ
75 75 75 75
(LQ (LQ (LQ (LQ
75 75 75 75
67% 67% 67% 67%
1 1 1 1

67% 67% 67% 67%


; ; ;

           



 6RFOXGHOHJăWXUL  3RUQLUHDH[WHUQăDDU]ăWRUXOXL
 (OHPHQWHH[WHUQHGHVLJXUDQĠă WUHDSWD
; 7HUPRVWDWGHVLJXUDQĠăVXSOL 2SULUHH[WHUQăSULQDXWRPDWL]DUH
PHQWDU
ùWHFKHU8T
VDX &RQHFWRU8TSHQWUXDXWRPDWL]DUH
7HUPRFXSOă &RQHFWDUHSHQWUXFDEOXFXFRQHFWR
; /LPLWDWRUGHSUHVLXQHPLQLPă UXOFXILúă8TODDXWRPDWL]DUH
6HUYLFH

VDXPD[LPă /DWDEORXOGHFRPDQGăVDXODRXQL
; /LPLWDWRUGHSUHVLXQHPD[LPă WDWHGHVHPQDOL]DUH
; 'LVSR]LWLYGHVLJXUDQĠăvPSR
WULYDOLSVHLGHDSă
VDX
)LúDGHFRQHFWDUH8TGHODXQ
DGDSWRUVHFXQGDU

6XFFHVLXQHDUDFRUGXULORUWUHEXLHUHV /DFRQHFWDUHDHOHPHQWHORUH[WHUQHGH
SHFWDWăFRQIRUPILJXULL VLJXUDQĠăVHvQGHSăUWHD]ăSXQWHDFRUHV
SXQ]ăWRDUHGHODILúD8T
52



&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

$GDSWRUH[WHOHPHQWHH[WGHVLJXUDQĠăQU« FRQWLQXDUH

,QGLFDĠLH
ÌQILHFDUHILúăÄ;³Ä;³Ä;³úLÄ;³WUH
EXLHVăVHLQWURGXFăXQFRQHFWRU8T

&RQHFWDUHDDGRXăDGDSWRDUH

,QVWUXFĠLXQLGHPRQWDMVHSDUDWH 5HJODUHDFRPXWDWRUXOXLURWDWLY

&RPXWDWRUXOURWDWLYVHDIOăvQSDUWHD
5DFRUGXULOHGHODDGDSWRUXOWUHEXLH VXSHULRDUăDDGDSWRUXOXL
H[HFXWDWHFDvQFDSLWROXODQWHULRU 6WDUHDGHOLYUDUH3R]LĠLD
/DDGDSWRUXOVXFFHVLXQHDUDFRUGXUL $GDSWRU3R]LĠLD
ORUHVWHODDOHJHUH $GDSWRU3R]LĠLD

5HFHSWRUGHVHPQDOHUDGLRQUGHFRPDQGă

3ULQLQWHUPHGLXOUHFHSWRUXOXLGHVHPQDOH
UDGLRHVWHUHJODWDXWRPDWFHDVXODXWR
PDWL]ăULLúLDOHHYHQWXDOHORUWHOHFRPHQ]L
FRQHFWDWH

 



  



 6HQ]RUGHWHPSHUDWXUăH[WHULRDUă  /('YHUGH
52

 5HFHSWRUGHVHPQDOHUDGLR /('URúX


&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

5HFHSWRUGHVHPQDOHUDGLRQUGHFRPDQGă« FRQWLQXDUH


$QWHQă

5DFRUGDUH

FDEOXELILODUOXQJLPHDFDEOXOXLPD[
PODRVHFĠLXQHDFRQGXFWRUXOXLGH
PP

9HULILFDUHDUHFHSĠLHL

ÌQFD]GHUHFHSĠLHOHGXOYHUGHGHOD 'DFăHVWHDSULQVOHGXOURúXVHURWHúWH
UHFHSWRUXOGHVHPQDOHUDGLRVHPQDOL DQWHQDSkQăFHOHGXOYHUGHFRQILUPă
]HD]ăLQWHUPLWHQW UHFHSĠLDSULQVHPQDOL]DUHLQWHUPLWHQWă

'DWHWHKQLFH

7LSGHSURWHFĠLH ,3
7HPSHUDWXUDDGPLVăD
PHGLXOXLDPELDQWODIXQFĠLR
QDUHGHSR]LWDUHúLWUDQV SkQă
SRUW ODദ

6HWGHH[WHQVLHSHQWUXYDQDGHDPHVWHFQUGHFRPDQGă


&RPSRQHQWH
Ŷ 0RWRUSHQWUXYDQDGHDPHVWHFFX
FDEOXGHFRQHFWDUHPOXQJLPH QX
6HUYLFH

SHQWUXYDQHGHDPHVWHFFXIODQúă
Ŷ &RQHFWRUFXILúăSHQWUXFRQHFWDUHD
SRPSHLFLUFXLWXOXLGHvQFăO]LUH
Ŷ 6HQ]RUGHWHPSHUDWXUăSHWXUFXIXQF
ĠLHGHVHQ]RUGHWHPSHUDWXUăDSOLFDW
SHQWUXGHWHUPLQDUHDWHPSHUDWXULLSH
WXUFXFDEOXGHFRQHFWDUHPOXQ
JLPH
52



&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

6HWGHH[WHQVLHSHQWUXYDQDGHDPHVWHFQUGH« FRQWLQXDUH

6FKLPEDUHDVHQVXOXLGHURWDĠLH GDFăHVWHQHFHVDU

 6HH[WUDJHFRQHFWRUXOFXSROLGH
ODPRWRUXOYDQHLGHDPHVWHFVH
URWHúWHFXƒúLVHFRQHFWHD]ă

 6HYHULILFăVHQVXOGHURWDĠLH

9DQDGHDPHVWHFÄGHVFKLVă³
9DQDGHDPHVWHFÄvQFKLVă³

5HJODMXOPDQXDODOYDQHLGHDPHVWHF

6HULGLFăPDQHWDVHUYRPRWRUXOXLVH
VFRDWHPkQHUXOYDQHLGHDPHVWHFúLVH
VFRDWHFRQHFWRUXO

'DWHWHKQLFHDOHVHUYRPRWRUXOXLSHQWUXYDQDGHDPHVWHF

7HQVLXQHQRPLQDOă 9a
)UHFYHQĠăQRPLQDOă +]
3XWHUHHOHFWULFăDEVRUELWă :
&ODVăGHSURWHFĠLH ,,
7LSSURWHFĠLH ,3FRQIRUP(1GHUHDOL]DWSULQ
LQVWDODUHPRQWDM
7HPSHUDWXUăGHDPELDQĠăDGPLVLELOă 
Ŷ ODIXQFĠLRQDUH SkQăODƒ&
Ŷ ODGHSR]LWDUHúLWUDQVSRUW ±SkQăODƒ&
52


&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

6HUYRPRWRUSHQWUXYDQăGHDPHVWHFQUGHFRPDQGă

3HQWUXYDQăGHDPHVWHFSHQWUXvQFăO]LUH'1úL

< < 1


#1
$872

0
a

0$1

 6HUYRPRWRUSHQWUXYDQDGHDPHV 9DQăGHDPHVWHFGHVFKLVă
WHF 9DQăGHDPHVWHFvQFKLVă
 &RPXWDWRUGHFXSODUH

6FKLPEDUHDVHQVXOXLGHURWDĠLH 'DWHWHKQLFH

6HLQYHUVHD]ăILUHOHODERUQHOHÄ<³úL 7HQVLXQHQRPLQDOă 9싀


Ä<³ )UHFYHQĠăQRPLQDOă +]
3XWHUHHOHFWULFăDEVRUELWă :
9HULILFDUHDVHQVXOXLGHURWDĠLH 7LSGHSURWHFĠLH ,3
6HUYLFH

&XSOXGHVWUkQJHUH 1P
&XWHVWXOSHQWUXUHOHHDODXWRPDWL]ăULLVH 7LPSGHIXQFĠLRQDUHSHQWUXƒฉ 
GHVFKLGHúLVHvQFKLGHYDQDGHDPHV VHF
WHF

5HJODMXOPDQXDODOYDQHLGHDPHVWHF

&RPXWDWRUXOGHFXSODUHvQSR]LĠLD
Ä0$1³
52



&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

6HUYRPRWRUSHQWUXYDQăGHDPHVWHFQUGHFRPDQGă=

3HQWUXYDQăGHDPHVWHFSHQWUXvQFăO]LUH'1úL

  < < 1


 #1

$872
0
a

0$1

 6HUYRPRWRUSHQWUXYDQDGHDPHV 9DQăGHDPHVWHFGHVFKLVă
WHF 9DQăGHDPHVWHFvQFKLVă
 &RPXWDWRUGHFXSODUH

6FKLPEDUHDVHQVXOXLGHURWDĠLH 'DWHWHKQLFH

6HLQYHUVHD]ăILUHOHODERUQHOHÄ<³úL 7HQVLXQHQRPLQDOă 9싀


Ä<³ )UHFYHQĠăQRPLQDOă +]
3XWHUHHOHFWULFăDEVRUELWă :
9HULILFDUHDVHQVXOXLGHURWDĠLH 7LSGHSURWHFĠLH ,3
&XSOXGHVWUkQJHUH 1P
&XWHVWXOSHQWUXUHOHHDODXWRPDWL]ăULLVH 7LPSGHIXQFĠLRQDUHSHQWUXƒฉ 
GHVFKLGHúLVHvQFKLGHYDQDGHDPHV VHF
WHF

5HJODMXOPDQXDODOYDQHLGHDPHVWHF

&RPXWDWRUXOGHFXSODUHvQSR]LĠLD
Ä0$1³
52


&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

7HUPRVWDWSHQWUXOLPLWDUHDWHPSHUDWXULLPD[LPH

7HUPRVWDWLPHUVDWQUGHFRPDQGă
7HUPRVWDWDSOLFDWQUGHFRPDQGă

7HUPRFXSOăHOHFWURPHFDQLFăFXIXQFĠLR
QDUHSHSULQFLSLXOGLODWăULLIOXLGXOXL
ÌQFD]XOGHSăúLULLYDORULLUHJODWHDFHVWD
RSUHúWHSRPSDFLUFXLWXOXLGHvQFăO]LUH

/# 1
ÌQDFHDVWăVLWXDĠLHWHPSHUDWXUDSHWXU
VFDGHvQFHWDFHVWOXFUXvQVHPQkQGFăR
UHSRUQLUHGHODVLQHSRDWHGXUDFkWHYD
RUH

'DWHWHKQLFH
'RPHQLXGHUHJODM SkQăODദ
%RUQHILOHWDWH
%RUQHGHFRQHFWDUH SHQWUXPP

'LIHUHQĠăGHFRQHF
WDUH 
Ŷ 7HUPRVWDWLPHUVDW PD[.
Ŷ 7HUPRVWDWDSOLFDW PD[.

/# 1
6HUYLFH

 0
a

 3RPSăFLUFXLWvQFăO]LUH
 7HUPRVWDW WHUPRFXSOă
 &RQHFWRUXOFTDOWHUPRVWDWXOXLGH
WHPSHUDWXUă WHUPRFXSOă ODDXWR
PDWL]DUH
52



&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

([WHQVLH($QUFRPDQGă

'( ,QWUDUHGLJLWDOă ;T$ &RQH[LXQHODUHĠHDSHQWUXDOWH


'( ,QWUDUHGLJLWDOă DFFHVRULL
'( ,QWUDUHGLJLWDOă 8$ &RQWDFW OLEHUGHSRWHQĠLDO
9 LQWUDUH9 80! .0%86
;T 5DFRUGDUHODUHĠHD
52


&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

([WHQVLH($QUFRPDQGă FRQWLQXDUH

,QWUăULGLJLWDOH'(SkQăOD'(

)XQFĠLL $ORFDUHDIXQFĠLHLGHFRPXWDUHDUHJL
Ŷ &RPXWDUHDH[WHUQăDUHJLPXOXLGH PXOXLGHOXFUXODFLUFXLWHOHGH
IXQFĠLRQDUHFXSRVLELOLWDWHGHUHJODUH vQFăO]LUH
VHSDUDWăSHQWUXFLUFXLWHOHGHvQFăO]LUH
SkQăOD $ORFDUHDVFKLPEăULLUHJLPXOXLGHIXQF
Ŷ EORFDUHH[WHUQă ĠLRQDUHODFLUFXLWXOGHvQFăO]LUHUHVSHF
Ŷ %ORFDUHH[WHUQăFXLQWUDUHGHVHPQD WLYVHVHOHFWHD]ăSULQLQWHUPHGLXODGUH
OL]DUHGHDYDULH VHLGHFRGDUHÄG³vQJUXSDÄ&LUFXLWGH
Ŷ 6ROLFLWDUHH[WHUQăFXYDORDUHUHJODWă vQFăO]LUH³
PLQLPăDWHPSHUDWXULLSHWXU Ŷ &RGDUHDÄG³&RPXWDUHGHODLQWUD
Ŷ ,QWUDUHVHPQDOGHDYDULH UHD'(
Ŷ )XQFĠLRQDUHDGHVFXUWăGXUDWăDSRP Ŷ &RGDUHDÄG³&RPXWDUHGHODLQWUD
SHLGHUHFLUFXODUHDDSHLFDOGHPHQD UHD'(
MHUH Ŷ &RGDUHDÄG³&RPXWDUHGHODLQWUD
UHD'(
/DFRQHFWDUHDXQRUFRQWDFWHH[WHUQH
WUHEXLHUHVSHFWDWHFHULQĠHOHFODVHLGH $FĠLXQHDVFKLPEăULLUHJLPXOXLGHIXQF
SURWHFĠLH,,DGLFăGLVWDQĠHDHULHQHúLGH ĠLRQDUHVHVHOHFWHD]ăSULQLQWHUPHGLXO
FRQWXUQDUHGHPPUHVSHFWLYRJUR DGUHVHLGHFRGDUHÄG³vQJUXSDÄ&LUFXLW
VLPHDL]RODĠLHLGHPPIDĠăGHHOH GHvQFăO]LUH³
PHQWHOHDFWLYH
'XUDWDFRPXWăULL
$ORFDUHDIXQFĠLLORULQWUăULORU Ŷ &RQWDFWSHUPDQHQWvQFKLV
&RPXWDUHDHVWHDFWLYăDWkWWLPSFkW
)XQFĠLDLQWUăULORUVHVHOHFWHD]ăFXDMXWR FRQWDFWXOHVWHvQFKLV
UXOXUPăWRDUHORUFRGăULGLQJUXSDÄ*HQH Ŷ &RQWDFWvQFKLVQXPDLSHQWUXVFXUWWLPS
UDO³GHODDXWRPDWL]DUHDFLUFXLWXOXLGH FXDMXWRUXOEXWRQXOXL
vQFăO]LUH &RPXWDUHDHVWHDFWLYăSHQWUX
Ŷ '($GUHVăGHFRGDUHÄG³ SHULRDGDGHWLPSUHJODWăODDGUHVDGH
6HUYLFH

Ŷ '(DGUHVăGHFRGDUHÄ(³ FRGDUHÄ)³vQJUXSDÄ&LUFXLW
Ŷ '(DGUHVăGHFRGDUHÄ)³ vQFăO]LUH³
52



&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

([WHQVLH($QUFRPDQGă FRQWLQXDUH

7LPSXOGHIXQFĠLRQDUHDSRPSHLGH
UHFLUFXODUHDDSHLFDOGHPHQDMHUHOD
IXQFĠLRQDUHDGHVFXUWăGXUDWă

3RPSDGHUHFLUFXODUHDDSHLFDOGH
PHQDMHUHVHSRUQHúWHSULQvQFKLGHUHD
FRQWDFWXOXLOD'('(VDX'(FXDMX
WRUXOXQXLEXWRQ7LPSXOSRDWHILVHWDW
SULQLQWHUPHGLXODGUHVHLGHFRGDUHij
GLQJUXSDÄ*HQHUDO³

,QWUDUHDQDORDJă9

&RQHFWDUHD9GHWHUPLQăRYDORDUH $GUHVDGHFRGDUHÄ(³GLQJUXSDÄ*HQH
QRPLQDOăVXSOLPHQWDUăDWHPSHUDWXULLSH UDO³
WXU Ŷ Ä(³식6ROLFLWDUHGHWHPSHUDWXUăFX
9 HVWHFRQVLGHUDWÄIăUăYDORDUH SRVLELOLWDWHGHUHJODUHvQWUHúLƒ&
VWDELOLWăSHQWUXWHPSHUDWXUD 9 식¡&0RGLILFDUHYDORDUHUHJODWă
QRPLQDOăSHWXU³ 9 식¡&0RGLILFDUHYDORDUHUHJODWă
Ŷ Ä(³식6ROLFLWDUHGHWHPSHUDWXUăFX
,QGLFDĠLH SRVLELOLWDWHGHUHJODUHvQWUHúLƒ&
ÌQWUHLHúLUHDWHQVLXQLLúLFRQGXFWRUXOGH 9 식¡&0RGLILFDUHYDORDUHUHJODWă
SURWHFĠLHDOVXUVHLGHWHQVLXQHSXVHOD 9 식¡&0RGLILFDUHYDORDUHUHJODWă
GLVSR]LĠLHGHLQVWDODWRUWUHEXLHDVLJXUDWă
RL]RODĠLHJDOYDQLFă

,HúLUH8$

5DFRUGDUHDXQHLLQVWDODĠLLGHVHPQDOL )XQFĠLDLHúLULL8$VHVHOHFWHD]ăSULQ
]DUHDDYDULLORUVDXGHVHPQDOL]DUHD LQWHUPHGLXODGUHVHLGHFRGDUHÄ&³vQ
UHJLPXOXLUHGXVGHIXQFĠLRQDUH UHGXFH JUXSDÄ*HQHUDO³
UHDWXUDĠLHLODSRPSHOHFLUFXLWHORUGH
vQFăO]LUH 
52


&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

,QVWDODĠLHVHFXQGDUăGHDHULVLUH9LWRDLUQUGHFRPDQGă

 /DDU]ăWRU  /DDXWRPDWL]DUH

0DUFDMFXFXORULFRQIRUP',1,(&
%. QHJUX
*1<( YHUGHJDOEHQ

9HULILFDUHDIXQFĠLRQăULL

%XWRQXOURWDWLYGHODPRWRUVHDSDVăúLvQ
DFHODúLWLPSVHURWHúWHvQSR]LĠLDGHPLM
ORF
6HUYLFH

Ŷ $U]ăWRUXOHVWHGHEORFDWGHDXWRPDWL
]DUH෎
%XWRQXOURWDWLYWUHEXLHVăVHGHSOD
VH]HSHGLUHFĠLDij
Ŷ $U]ăWRUXOHVWHRSULW෎
%XWRQXOURWDWLYWUHEXLHVăVHGHSOD
VH]HSHGLUHFĠLDij
52



&RPSRQHQWH9LWRWURQLFúL9LWRWURQLF.

,QVWDODĠLHVHFXQGDUăGHDHULVLUH9LWRDLUQU« FRQWLQXDUH

)XQFĠLRQDUHvQUHJLPSURYL]RULX

6HDSDVăEXWRQXOURWDWLYGHODPRWRUúL
VHURWHúWHODGUHDSWDWUHFkQGSULQSR]LĠLD
ijSkQăODOLPLWă

52


/LVWHGHSLHVHFRPSRQHQWH

/LVWăGHSLHVHFRPSRQHQWH9LWRWURQLF

&RPDQGDUHDGHSLHVHFRPSRQHQWH

6XQWQHFHVDUHGDWHOHXUPăWRDUH  6HQ]RUGHWHPSHUDWXUă VHQ]RU


Ŷ 1UGHIDEULFDĠLH YH]LSOăFXĠDFX SHQWUXWHPSHUDWXUDDSHLGLQ
FDUDFWHULVWLFL FD]DQVDXVHQ]RUSHQWUXWHPSH
Ŷ 1USR]LĠLHSLHVă GLQDFHDVWăOLVWăGH UDWXUDDSHLFDOGHPHQDMHUHGLQ
SLHVH DFXPXODWRU
 3ODFDHOHFWURQLFăGHED]ăSHQWUX
3LHVHOHX]XDOHVHYRUSURFXUDGHOD MRDVăWHQVLXQH
PDJD]LQHOHGHVSHFLDOLWDWH  3ODFăGHFLUFXLWHLQWHJUDWH
 3OăFLHOHFWURQLFH2SWROLQNúL
&RPSRQHQWH FRPXWDWRUGHWHVWDUHYHULILFDUH
 ùDUQLHUH  3ODFDHOHFWURQLFăGHED]ăSHQ
 %XWRQURWDWLYWHUPRVWDWGHOXFUX WUX9a
 'LVFWDPSRQSHQWUXWHUPRVWDWXO  3ODFăHOHFWURQLFăGHDOLPHQWDUH
GHOXFUX GHODUHĠHD
 ùLQăVXSRUWSHQWUXIL[DUHvQSR]LĠLH  0RGXOGHFRPXQLFDUH/21
ULGLFDWă  &DEOXGHOHJăWXUă/21
 (OHPHQWGHVLJXUDQĠăFXFDEOX  5H]LVWHQĠăWHUPLQDOă/21
 3DUWHIURQWDOăDFDUFDVHLFXUDPă  &DEOXSHQWUXFRQHFWDUHD
YH]LSR] DU]ăWRUXOXLFXFRQHFWRU;úL
 $FRSHULUHSODFăHOHFWURQLFă FDEOXSHQWUXFRQHFWDUHDDU]ăWRUX
 &ODSHWăIURQWDOă OXLFXFRQHFWRUAT SHQWUXFD]DQ
 &DUFDVăSDUWHSRVWHULRDUă FXDU]ăWRUFXLQVXIODUHSHFRP
 8QLWDWHGHFRPDQGă EXVWLELOOLFKLGJD]RV
 &DSDFVWkQJD  &DEOXSHQWUXFRQHFWDUHD
 &DSDFGUHDSWD DU]ăWRUXOXLFXFRQHFWRU;úL
 &RQGXFWRULWLSEDQGăSODWăFX FDEOXSHQWUXFRQHFWDUHDDU]ăWRUX
SROL OXLFXFRQHFWRUATSHQWUX9LWR
 &DEOXGHFRQHFWDUHSHQWUXFRPX FURVVDO
WDWRUGHWHVWDUHYHULILFDUH  &DEOXGHOHJăWXUăFXSROL
6HUYLFH

 &DSDFILOHWDWVLJXUDQĠăSHQWUX  ,QVWUXFĠLXQLGHPRQWDMúLVHUYLFH


LQWHQVLWăĠLPLFLGHFXUHQW  ,QVWUXFĠLXQLGHXWLOL]DUH
 6XSRUWVLJXUDQĠăLQWHQVLWăĠLPLFL  6LJXUDQĠă7$9싀
GHFXUHQW  ùWHFKHUSHQWUXWHQVLXQHMRDVă
 7HUPRVWDWGHVLJXUDQĠă EXFăĠL
 7HUPRVWDWGHOXFUX  &RQHFWRUSHQWUXSRPSH EXFăĠL
 &RPXWDWRUGHWHVWDUHYHULILFDUH  &RQHFWRU<- EXFăĠL
 &RPXWDWRUSRUQLWRSULWFXSROL  &RQHFWRU8" EXFăĠL
 &RPXWDWRUFXSRO  &RQHFWRUFXILúăSHQWUXDOLPHQWD
WDVWDGHFRQWUROÄ7h9³ UHDGHODUHĠHD;T EXFăĠL
52

 &RQHFWRU8T


/LVWHGHSLHVHFRPSRQHQWH

/LVWăGHSLHVHFRPSRQHQWH9LWRWURQLF FRQWLQXDUH

 &RQHFWRU<T EXFăĠL


 &RQHFWRU8080!80"
 &RQHFWRUDU]ăWRU;AT8úL
8
 3OăFXĠDFXFDUDFWHULVWLFL

52


/LVWHGHSLHVHFRPSRQHQWH

/LVWăGHSLHVHFRPSRQHQWH9LWRWURQLF FRQWLQXDUH





 
 



 
  










  







6HUYLFH

 
 



  
 
 
  


  
52

  




/LVWHGHSLHVHFRPSRQHQWH

/LVWăGHSLHVHFRPSRQHQWH9LWRWURQLF.

&RPDQGDUHDGHSLHVHFRPSRQHQWH

6XQWQHFHVDUHGDWHOHXUPăWRDUH  6HQ]RUGHWHPSHUDWXUăH[WH


Ŷ 1UGHIDEULFDĠLH YH]LSOăFXĠDFX ULRDUă
FDUDFWHULVWLFL  6HQ]RUGHWHPSHUDWXUăFXILúăGH
Ŷ 1USR]LĠLHSLHVă GLQDFHDVWăOLVWăGH FRQHFWDUH
SLHVH  6HQ]RUGHWHPSHUDWXUăDSOLFDWFX
FRQHFWRU VHQ]RUGHWHPSHUDWXUă
3LHVHOHX]XDOHVHYRUSURFXUDGHOD SHWXU
PDJD]LQHOHGHVSHFLDOLWDWH  3ODFDHOHFWURQLFăGHED]ăSHQWUX
MRDVăWHQVLXQH
&RPSRQHQWH  ([WHQVLHSHQWUXXQFLUFXLWGH
 $UWLFXODĠLH vQFăO]LUHúLFXYDQăGHDPHV
 ùLQăVXSRUWSHQWUXIL[DUHvQSR]LĠLH WHFFXFDSDF
ULGLFDWă  3ODFăGHFLUFXLWHLQWHJUDWH
 (OHPHQWGHVLJXUDQĠăFXFDEOX  3OăFLHOHFWURQLFH2SWROLQNúL
 &DUFDVăSDUWHIURQWDOăFXUDPă FRPXWDWRUGHWHVWDUHYHULILFDUH
 $FRSHULUHSODFăHOHFWURQLFă  3ODFDHOHFWURQLFăGHED]ăSHQ
 &ODSHWăIURQWDOă WUX9a
 &DUFDVăSDUWHSRVWHULRDUă  3ODFăHOHFWURQLFăGHDOLPHQWDUH
 &RQVROă GHODUHĠHD
 8QLWDWHGHFRPDQGă  0RGXOGHFRPXQLFDUH/21
 &DSDFVWkQJD  &DEOXGHOHJăWXUă/21
 &DSDFGUHDSWD  5H]LVWHQĠăWHUPLQDOă EXF
 %DQGăGHFRQGXFWRULFXSROL  &DEOXGHOHJăWXUăFXSROL
 &DEOXGHFRQHFWDUHH[WHQVLHSHQ  ,QVWUXFĠLXQLGHPRQWDMúLVHUYLFH
WUXFLUFXLWXOGHvQFăO]LUHúLFX  ,QVWUXFĠLXQLGHXWLOL]DUH
YDQăGHDPHVWHF  6LJXUDQĠă7$9싀
 &DEOXGHFRQHFWDUHSHQWUXFRPX  &RQHFWRUSHQWUXMRDVăWHQVLXQH 
WDWRUGHWHVWDUHYHULILFDUH EXFăĠL
 &DSDFILOHWDWVLJXUDQĠăSHQWUX  &RQHFWRUSHQWUXSRPSH EXFăĠL
LQWHQVLWăĠLPLFLGHFXUHQW  &RQHFWRU<- EXFăĠL
 6XSRUWVLJXUDQĠăLQWHQVLWăĠLPLFL  &RQHFWRU8" EXFăĠL
GHFXUHQW  &RQHFWRUFXILúăSHQWUXDOLPHQWD
 &RPXWDWRUXOGHWHVWDUHYHULILFDUH UHDGHODUHĠHD;T EXFăĠL
SRO  &RQHFWRU<T EXFăĠL
 &RPXWDWRUSRUQLWRSULWFXSROL  &RQHFWRU8080!80" SROL
52


/LVWHGHSLHVHFRPSRQHQWH

/LVWăGHSLHVHFRPSRQHQWH9LWRWURQLF. FRQWLQXDUH

 



 






 







  





6HUYLFH




 


   




 
   
 


52



'DWHWHKQLFH

'DWHWHKQLFH9LWRWURQLF

7HQVLXQHQRPLQDOă 9싀
)UHFYHQĠăQRPLQDOă +]
&XUHQWQRPLQDO [$
3XWHUHHOHFWULFăDEVRUELWă :
&ODVăGHSURWHFĠLH ,
7LSSURWHFĠLH ,3'FRQIRUP(1GH
UHDOL]DWSULQLQVWDODUHPRQWDM
0RGGHDFĠLRQDUH 7LS%FRQIRUP(1
7HPSHUDWXUDDGPLVăDPHGLXOXLDPELDQW 
Ŷ ODIXQFĠLRQDUH SkQăODƒ&
8WLOL]DUHvQvQFăSHULGHORFXLWúL
GHDPSODVDUHDFHQWUDOHLWHU
PLFH FRQGLĠLLQRUPDOHGH
PHGLXDPELDQW
Ŷ ODGHSR]LWDUHúLWUDQVSRUW GHOD෹SkQăODƒ&
6DUFLQăQRPLQDOăODLHúLUHDUHOHHORUOD9싀
FT 3RPSDGHFLUFXODĠLHSHQWUXVFKLPEăWRUXOGH   $싀 
FăOGXUăJD]HDUVHDSă
 VDX 
 ,HúLUHGHFRPXWDUH 
F& 3RPSăGHDPHVWHFSRPSăSHQWUXFLUFXLWXO   $싀 
FD]DQXOXL
<T 6HPQDOL]DUHDDYDULLORU   $싀 
<- &ODSHWăGHUHJODM 
 VDX 
 0RWRUSHQWUXYDQăGHDPHVWHFFXFăLSHQ   $싀 
WUXUHJODUHDWHPSHUDWXULLSHUHWXU
; &RQHFWRUSHQWUXDU]ăWRU   $싀
AT &RQHFWRUSHQWUXDU]ăWRU vQWUHSWH   $싀
AT &RQHFWRUSHQWUXDU]ăWRU FXPRGXODUH   $싀
52


7RWDOPD[$싀

'DWHWHKQLFH

'DWHWHKQLFH9LWRWURQLF.

7HQVLXQHQRPLQDOă 9싀
)UHFYHQĠăQRPLQDOă +]
&XUHQWQRPLQDO $싀
3XWHUHHOHFWULFăDEVRUELWă :
&ODVăGHSURWHFĠLH ,
7LSSURWHFĠLH ,3'FRQIRUP(1GH
UHDOL]DWSULQLQVWDODUHPRQWDM
0RGGHDFĠLRQDUH 7LS%FRQIRUP(1
7HPSHUDWXUDDGPLVăDPHGLXOXLDPELDQW 
Ŷ ODIXQFĠLRQDUH SkQăODƒ&
8WLOL]DUHvQvQFăSHULGHORFXLWúL
GHDPSODVDUHDFHQWUDOHLWHU
PLFH FRQGLĠLLQRUPDOHGH
PHGLXDPELDQW
Ŷ ODGHSR]LWDUHúLWUDQVSRUW GHOD෹SkQăODƒ&
6DUFLQăQRPLQDOăDGPLVăDLHúLULORUGHUHOHHOD9싀
FT 3RPSDFLUFXLWXOXLGHvQFăO]LUH   $싀
 VDX 
 3RPSăSHQWUXDJHQWXOSULPDUSHQWUXVLVWHPXO 
GHDFXPXODUHDFP
F 3RPSăGHFLUFXODĠLHSHQWUXvQFăO]LUHDDSHL   $싀 
GLQERLOHU
F% 3RPSăGHUHFLUFXODUHDDSHLFDOGHPHQD   $싀 
MHUH
F& 3RPSăGHDPHVWHF3RPSăGHGLVWULEXĠLH   $싀 
<T 6HPQDOL]DUHDDYDULLORU   $싀 
<- 0RWRUSHQWUXYDQăGHDPHVWHFVHWGHH[WHQ 
VLHYDQăGHDPHVWHF
 VDX 
 0RWRUSHQWUXYDQăGHDPHVWHFFXFăLSHQ 
WUXUHJODUHDWHPSHUDWXULLSHUHWXU
6HUYLFH

 VDX 
 6HUYRPRWRUSHQWUXYHQWLOXOGHDPHVWHFFX   $싀 
FăLSHQWUXVLVWHPXOGHDFXPXODUHDFP
52


7RWDOPD[$싀 

,QGH[DOIDEHWLF

,QGH[DOIDEHWLF

$ $XWRPDWL]DUH
$FFHVDUHDDILúDMXOXLGHvQWUHĠLQHUH Ŷ GHVFKLGHUH
Ŷ 9LWRWURQLF Ŷ PRQWDUH
Ŷ 9LWRWURQLF. $XWRPDWL]DUHDFLUFXLWXOXLGH
$FFHVDUHDPHQLXOXLGHVHUYLFH9LWRWUR vQFăO]LUH
QLF. $XWRPDWL]DUHSHQWUXLQVWDODĠLHVRODUă
$FFHVDUHDQLYHOXOXLGHVHUYLFH9LWRWUR
QLF %
$FFHVDUHPHVDMHGHDYDULH %ORFDUHH[WHUQă 
$GDSWDUHDDGUHVHORUGHFRGDUH Ŷ $U]ăWRU
Ŷ 9LWRWURQLF Ŷ &D]DQ
Ŷ 9LWRWURQLF.
$GDSWRUSHQWUXHOHPHQWHH[WHUQHGH &
VLJXUDQĠă &DEOXSHQWUXDOLPHQWDUHDGHODUHĠHD
$QXODUHDXQXLDILúDMGHvQWUHĠLQHUH &DUDFWHULVWLFăGHvQFăO]LUH
Ŷ 9LWRWURQLF &DVăPXOWLIDPLOLDOă
Ŷ 9LWRWURQLF. &DVăXQLIDPLOLDOă
$QXODUHDXQXLPHVDMGHDYDULH &LUFXLWGHvQFăO]LUHSULQSDUGRVHDOă
Ŷ 9LWRWURQLF &RGDUH
Ŷ 9LWRWURQLF. Ŷ 9LWRWURQLF
$U]ăWRU Ŷ 9LWRWURQLF.
Ŷ EORFDUH &RGDUH
Ŷ 'LIHUHQĠDGHWHPSHUDWXUăGHGHFRQHF Ŷ 9LWRWURQLF
WDUH Ŷ 9LWRWURQLF.
Ŷ KLVWHUH]LVGHSRUQLUHRSULUH &RGXULGHDYDULH
Ŷ 2IIVHW Ŷ 9LWRWURQLF
Ŷ 3XWHUHPD[LPă Ŷ 9LWRWURQLF.
Ŷ UDFRUGDUH &RPDQGDFHQWUDOL]DWă
Ŷ 6DUFLQăGHED]ă &RPDQGăSULRULWDUă
Ŷ 7LPSPLQLPGHIXQFĠLRQDUH &RPDQGăSULRULWDUăSHQWUXSUHSDUDUH
$U]ăWRUFXPRGXODĠLH DFP
$U]ăWRUvQWUHSWH &RPSRQHQWH
$U]ăWRUSHQWUXFXUHQWWULID]DW &RPXWDUHDH[WHUQăDUHJLPXOXLGHIXQF
Ŷ &LUFXLWHOHPHQWHGHVLJXUDQĠăOLEHUGH ĠLRQDUH
SRWHQĠLDO &RPXWDUHDUHJLPXOXLGHIXQFĠLRQDUH
Ŷ &LUFXLWXOHOHPHQWHORUGHVLJXUDQĠăQX &RPXWDUHH[WHUQăDDU]ăWRDUHORUvQ
HVWHOLEHUGHSRWHQĠLDO WUHSWHFXPRGXODĠLH
$U]ăWRUXOFXPRGXODĠLHDGDSWDUHDDXWR &RQHFWRUL8T
PDWL]ăULL &RQVXPGHFRPEXVWLELODODU]ăWRUX
$U]ăWRUXOvQGRXăWUHSWHDGDSWDUHDDXWR OXL
PDWL]ăULL &RQVXPXOGHFRPEXVWLELODODU]ăWRUX
52

OXL


,QGH[DOIDEHWLF

,QGH[DOIDEHWLF FRQWLQXDUH

' ,
'DWHWHKQLFH ,QIRUPDUHSHVFXUW
Ŷ 9LWRWURQLF Ŷ 9LWRWURQLF
Ŷ 9LWRWURQLF. Ŷ 9LWRWURQLF.
'LIHUHQĠDGHWHPSHUDWXUă ,QVWDODĠLDGHVHPQDOL]DUHDDYDULLORU
'LQDPLFDLQVWDODĠLHLFXYDQăGHDPHV Ŷ 9LWRWURQLF
WHF Ŷ 9LWRWURQLF.
'LQDPLFDLQVWDODĠLHLYDQHLGHDPHVWH ,QVWDODĠLHVHFXQGDUăGHDHULVLUH9L
FDUH WRDLU
'LVSR]LWLYGHVLJXUDQĠăvPSRWULYDOLSVHL ,QWHJUDUHDDXWRPDWL]ăULLvQVLVWHPXO
GHDSă /21
,QWHURJDUHDSDUDPHWULORUUHJLPXOXLGH
( IXQFĠLRQDUH
(OHPHQWHGHIL[DUHvPSRWULYDvQWLQGHULL Ŷ 9LWRWURQLF
IRUĠDWH Ŷ 9LWRWURQLF.
(OHPHQWHH[WHUQHGHVLJXUDQĠă ,QWURGXFHUHDPRGXOXOXLGHFRPXQLFDUH
([WHQVLH($ /21
([WHUQYDQăGHDPHVWHFGHVFKLVă ,VWRULFGHDYDULL
([WHUQYDQăGHDPHVWHFvQFKLVă
Ì
) ÌQFăO]LUHFRQWURODWăDERLOHUXOXL
)LúDGHFRGDUHDFD]DQXOXL ÌQFăO]LUHUDSLGă
Ŷ 0DUFDM ÌQFOLQDUHDFDUDFWHULVWLFLLGHvQFăO]LUH 
)LúăGHFRGDUHDFD]DQXOXL
Ŷ LQWURGXFHUH /
)XQFĠLD(5% /LPLWDWRUGHSUHVLXQHPD[LPă
)XQFĠLD(5% /LPLWDWRUGHSUHVLXQHPLQLPă
)XQFĠLHHFRQRPLFăDYDQHLGHDPHV /LVWăGHSLHVHFRPSRQHQWH
WHF Ŷ 9LWRWURQLF
)XQFĠLHVXSOLPHQWDUăSHQWUXSUHSDUDUH Ŷ 9LWRWURQLF.
GHDSăFDOGăPHQDMHUă
)XQFĠLRQDUHDDU]ăWRUXOXLvQUHJLPSURYL 0
]RULX 0HPRULHGHDYDULL
)XQFĠLRQDUHvQUHJLPDXWRPDW 0RGGHUHJODUHDXWRQRP
)XQFĠLRQDUHvQUHJLPSURYL]RULX 0RGGHUHJODUHVHFYHQĠLDO
0RGLILFDUHDOLPELL
+ 0RGLILFDUHDUHJODMXOXLWHUPRVWDWXOXL  
+LVWHUH]LVGHSRUQLUHRSULUH 0RGXOGHDXWRPDWL]DUHVRODUă
Ŷ FRQVWDQW
Ŷ FXDFĠLRQDUHvQIXQFĠLHGHQHFHVDUXOGH 1
FăOGXUă 1LYHOXOFDUDFWHULVWLFLLGHvQFăO]LUH
52


,QGH[DOIDEHWLF

,QGH[DOIDEHWLF FRQWLQXDUH

2 5HDOL]DUHDOHJăWXULL/21
2SULUHH[WHUQăSULQDXWRPDWL]DUH 5HFHSWRUVHPQDOHUDGLR
2SWLPL]DUHDIXQFĠLRQăULLSRPSHLFLUFXLWX 5HGXFHUHUDSLGă
OXLGHvQFăO]LUH 5HJLPXULHFRQRPLFH
2SWLPL]DUHDSRUQLULL 5HJODMvQFDVFDGă
2SWLPL]DUHDWLPSLORUGHFRQHF 5HJODMXOWHPSHUDWXULLDSHLGLQFD]DQ
WDUH 5HJODMXOWHPSHUDWXULLQRPLQDOHGH
2SWLPL]DUHDWLPSLORUGHGHFRQHFWDUH DPELDQĠă
5HJODMXOWHPSHUDWXULLSHUHWXU
3 5HJODMXOWHPSHUDWXULLSHWXU
3ăUăVLUHDQLYHOXOXLGHVHUYLFH9LWRWUR 5HJODUHDWHPSHUDWXULLGLQDFXPXODWRUXO
QLF GHDSăFDOGăPHQDMHUă
3OăFLHOHFWURQLFH 5HPHGLHUHDDYDULLORU
Ŷ 9LWRWURQLF Ŷ 9LWRWURQLF
Ŷ 9LWRWURQLF. Ŷ 9LWRWURQLF.
3RPSăGHUHFLUFXODUHDDSHLFDOGH 5HVHWDUHDDILúDMXOXLGHvQWUHĠLQHUH
PHQDMHUH Ŷ 9LWRWURQLF
3RPSH Ŷ 9LWRWURQLF.
Ŷ FRQHFWDUH 5HVHWDUHDFRGăULORU
Ŷ )XQFĠLRQDUHSUHOXQJLWă Ŷ 9LWRWURQLF
Ŷ vQFLUFXLWXOGHvQFăO]LUHSULQSDUGR Ŷ 9LWRWURQLF.
VHDOă 5LGLFDUHDWHPSHUDWXULLGHDPELDQĠă
3RUQLUHDFD]DQXOXLvQRUGLQHDVWDELOLWă UHGXVH
3UHSDUDUHGHDSăFDOGăPHQD
MHUă 6
3URJUDPDUHRUDUă 6FKHPDGHFDEODUH
Ŷ vQFăO]LUH Ŷ 9LWRWURQLF
Ŷ 3UHSDUDUHGHDSăFDOGăPHQDMHUă  Ŷ 9LWRWURQLF.
3URWHFĠLDODvQJKHĠ 6FKHPDGHUDFRUGDUHúLGHFDEODUH
3XQHUHDvQIXQFĠLXQH Ŷ 9LWRWURQLF
Ŷ 9LWRWURQLF.
5 6FKLPEăWRUGHFăOGXUăJD]HDUVHDSă
5DFRUGDUHDFD]DQHORUvQSDUDOHO Ŷ FXSRPSăGHDPHVWHF
5DFRUGDUHDFD]DQHORUvQVHULH Ŷ FXSRPSăSHQWUXFLUFXLWXOFD]DQXOXL
5DFRUGDUHDHOHPHQWHORUGHUHJODM 6FXUWDUHDWLPSXOXLGHvQFăO]LUH
5DFRUGDUHDODUHĠHD 6HQVXOGHURWDĠLHDOVHUYRPRWRUXOXLYDQHL
5DFRUGDUHDPRWRUXOXLYDQHLGHDPHV GHDPHVWHF
WHF 6HQ]RUGHWHPSHUDWXUăH[WHULRDUă
5DFRUGDUHDYHQWLOXOXLGHDPHVWHF 6HQ]RUGHWHPSHUDWXUăSHWXU
5DFRUGXULHOHFWULFHSULYLUHGHDQVDPEOX 6HQ]RUL
Ŷ 9LWRWURQLF Ŷ 9LWRWURQLF
52

Ŷ 9LWRWURQLF. Ŷ 9LWRWURQLF.
5DFRUGXULH[WHUQH


,QGH[DOIDEHWLF

,QGH[DOIDEHWLF FRQWLQXDUH

6HQ]RUSHQWUXWHPSHUDWXUDDSHLFDOGH 7HPSHUDWXUăGHDPELDQĠă
PHQDMHUHGLQDFXPXODWRU 7HPSHUDWXUăGHDPELDQĠăUHGXVăULGL
6HQ]RUSHQWUXWHPSHUDWXUDDSHLGLQ FDUH
FD]DQ 7HPSHUDWXUăQRPLQDOăGHDPELDQĠăQRU
6HQ]RUSHQWUXWHPSHUDWXUDGH PDOă
DPELDQĠă 7HPSHUDWXUăQRPLQDOăUHGXVăGH
6HQ]RU7KHUP&RQWURO DPELDQĠă
6HQ]RUXOSHQWUXWHPSHUDWXUDJD]HORU 7HUPRVWDW
DUVH 7HUPRVWDWGHVLJXUDQĠă
6HUYRPRWRUSHQWUXVXSDSDYDQHLGH Ŷ VXSOLPHQWDU
DPHVWHFVHWGHVFKLPEăWRUGH 7HUPRVWDWGHVLJXUDQĠă
FăOGXUă Ŷ YHULILFDUH
6HUYRPRWRUSHQWUXYDQăGHDPHV 7HUPRVWDWXOGHVLJXUDQĠă
WHF Ŷ PRGLILFDUHDUHJODMXOXL
6HUYRPRWRUXODU]ăWRUXOXLFXPRGX 7HVWSHQWUXUHOHH
ODUH Ŷ 9LWRWURQLF
6HWDUHDGDWHL Ŷ 9LWRWURQLF.
6HWDUHDRUGLQLLFD]DQHORU 7KHUP&RQWURO
6HWDUHDRUHL
6HWGHH[WHQVLHSHQWUXYDQDGHDPHV 8
WHF 8VFDUHDSDUGRVHOLL
6LVWHPGHDFXPXODUHDFP
6LVWHPGHDFXPXODUHDDSHLFDOGHPHQD 9
MHUH 9HULILFDUHDLHúLULORU
6ROLFLWDUHH[WHUQă Ŷ 9LWRWURQLF
Ŷ SULQLQWHUPHGLXOFRQWDFWXOXLGHFRQHF Ŷ 9LWRWURQLF.
WDUH 9HULILFDUHDSDUWLFLSDQĠLORU/21
Ŷ SULQLQWHUPHGLXOLQWUăULL±9 9HULILFDUHDVHQ]RULORU
Ŷ 9LWRWURQLF
ù Ŷ 9LWRWURQLF.
ùWHFKHU8T 9LWRDLU
9LWRVROLF
7
7HPSHUDWXUDH[WHULRDUă
7HPSHUDWXUDQRPLQDOăDDSHLFDOGH
PHQDMHUH
52


7LSăULWSHKkUWLHHFRORJLFă
DOELWăIăUăFORU
)LUPD9LHVVPDQQvúLUH]HUYăGUHSWXOGHDHIHFWXDPRGLILFăULWHKQLFH

,QGLFDĠLHGHYDODELOLWDWH

1XPăUIDEULFDĠLH
   

9LHVVPDQQ65/
52*KLPEDY
52

%UDúRY
(PDLOLQIRUR#YLHVVPDQQFRP
ZZZYLHVVPDQQFRP


You might also like