Professional Documents
Culture Documents
Manual Mercedes PDF
Manual Mercedes PDF
Manual Mercedes PDF
6HGDQúL%UHDN
0DQXDOGHXWLOL]DUH
6LPEROXUL
< $9(57,60(17
= 1RWăSULYLQGSURWHFĠLDPHGLXOXL
'HWHULRUDUHDSRVLELOăDDXWRYHKL
FXOXOXL
R 5HFRPDQGDUH
,QVWUXFĠLXQH
6LPEROGHFRQWLQXDUH
SDJLQD 7ULPLWHUHODRSDJLQă
'LVSOD\ 'LVSOD\vQDILúDMXOPXOWLIXQFĠLR
QDOGLVSOD\&20$1'
3ăUĠLDOHVRIWZDUHXOXLGLQDXWRYHKLFXOVXQW
SURWHMDWHSULQFRS\ULJKW
7KH)UHH7\SH3URMHFW
KWWSZZZIUHHW\SHRUJ7RDWHGUHSWXULOH
UH]HUYDWH
%LQHDĠLYHQLWvQOXPHD0HUFHGHV%HQ] G 3XWHĠLFXQRDúWHFDUDFWHULVWLFLOHLPSRU
ÌQDLQWHGHDSOHFDvQFăOăWRULHIDPLOLDUL]DĠLYă WDQWHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWUă
FXDXWRYHKLFXOXOGXPQHDYRDVWUăúLFLWLĠLDFHVW GLQ0DQXDOXOGHXWLOL]DUHLQWHUDFWLYGHSH
PDQXDOvQVSHFLDOLQIRUPDĠLLOHGHVLJXUDQĠăúL LQWHUQHWODDGUHVD
DYHUWLVPHQWHOH,QGLFDĠLLOHGLQPDQXDOYăYRU KWWSZZZPHUFHGHVEHQ]GH
DMXWDVăEHQHILFLDĠLvQPRGRSWLPGHSHUIRU EHWULHEVDQOHLWXQJ
PDQĠHOHDXWRYHKLFXOXOXLúLVăHYLWDĠLVLWXDĠLLOH (FKLSDGHUHGDFWDUHDGRFXPHQWDĠLHLWHKQLFH
SHULFXORDVHSHQWUXGXPQHDYRDVWUăVDXSHQ 'DLPOHU$*YăGRUHúWHFRQGXFHUHSOăFXWăúL
WUXDOWHSHUVRDQH vQVLJXUDQĠă
(FKLSDPHQWXOVDXGHQXPLUHDPRGHOXOXLDXWR
YHKLFXOXOXLGXPQHDYRDVWUăSRWYDULDvQIXQF
ĠLHGH
=0RGHO
=FRPDQGă
=PRGHOXOGHĠDUă
=GLVSRQLELOLWDWH
,OXVWUDĠLLOHGLQDFHVWPDQXDOSUH]LQWăXQDXWR
YHKLFXOFXYRODQXOSHSDUWHDVWkQJă/DDXWR
YHKLFXOHOHFXYRODQSHSDUWHDGUHDSWăGLVSX
QHUHDúLDPSODVDUHDFRPSRQHQWHORUDXWRYH
KLFXOXOXLúLFRPHQ]LORUGLIHUăvQFRQVHFLQĠă
0HUFHGHV%HQ]DFWXDOL]HD]ăSHUPDQHQW
DXWRYHKLFXOHOHSURGXVHODFHOHPDLQRLVWDQ
GDUGHvQGRPHQLX
&DDWDUH0HUFHGHV%HQ]vúLUH]HUYăGUHSWXO
GHHIHFWXDvQRULFHPRPHQWPRGLILFăULvQ
PDWHULHGH
=GHVLJQ
=GRWăUL
=FDUDFWHULVWLFLWHKQLFH
'LQDFHVWPRWLYRULFHUHFODPDĠLLED]DWHSH
LOXVWUDĠLLOHVDXWH[WXOGLQDFHVWPDQXDOVXQW
FRQVLGHUDWHQHIRQGDWH
8UPăWRDUHOHFRQVWLWXLHFRPSRQHQWHLQWH
JUDQWHGLQDXWRYHKLFXO
=0DQXDOGHXWLOL]DUH
=%URúXUăGHVHUYLFH
=$FFHVRULLED]DWHSHHFKLSDUH
0HQĠLQHĠLvQWRWGHDXQDDFHVWHGRFXPHQWHvQ
DXWRYHKLFXOÌQFD]XOYkQ]ăULLDXWRYHKLFXOXOXL
WUDQVIHUDĠLvQWRWGHDXQDGRFXPHQWHOHQRXOXL
SURSULHWDU
q1st
&XSULQV
,QGH[ 3UH]HQWDUHJHQHUDOă
,QWURGXFHUH 6LJXUDQĠă
'HVFKLGHUHúLvQFKLGHUH
6FDXQHYRODQúLRJOLQ]L
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
&OLPDWL]DUH
&RQGXFHUHúLSDUFDUH
&DOFXODWRUGHERUGúLGLVSOD\XUL
'HSR]LWDUHúLFDUDFWHULVWLFL
ÌQWUHĠLQHUHúLvQJULMLUH
$VLVWHQĠăvQFD]GHSDQă
5RĠLúLSQHXUL
'DWHWHKQLFH
,QGH[
$ILúDMXOPXOWLIXQFĠLRQDO
$ILúDMSHUPDQHQWYRODQXOPXOWL
(76 IXQFĠLRQDOFXEXWRDQH
YH]L(76(766LVWHPXOGHWUDF 9RODQXOPXOWLIXQFĠLRQDOFX
ĠLXQHHOHFWURQLFă EXWRDQH
0$7,&WUDFĠLXQHLQWHJUDOăSHU $LUEDJODWHUOD
PDQHQWă $LUEDJXOSHQWUXJHQXQFKL
$LUEDJXOWLSFRUWLQă
$ 8WLOL]DUH
$%6VLVWHPDQWLEORFDUHODIUk $LUEDJXUL
QDUH $LUEDJIURQWDOúRIHUSDVDJHUXO
)XQFĠLHQRWH IDĠă
$%66LVWHPDQWLEORFDUHODIUk $LUEDJODWHUDO
QDUH $LUEDJWLSFRUWLQă
/DPSDGHDYHUWL]DUH $LUEDJXOSHQWUXJHQXQFKL
0HVDMGHSHGLVSOD\YRODQPXOWL 'HFODQúDUH
IXQFĠLRQDOFXEXWRDQH ,QGLFDĠLLLPSRUWDQWHSULYLQGVLJX
$%66LVWHPGHDQWLEORFDUHODIUk UDQĠD
QDUH $LUEDJXULWLSFRUWLQă
0HVDMXOGHSHGLVSOD\YRODQXO 0HVDMGHSHGLVSOD\YRODQPXOWL
PXOWLIXQFĠLRQDOFXEXWRDQH IXQFĠLRQDOFXEXWRDQH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 0HVDMXOGHSHGLVSOD\YRODQXO
$FWLYDUHDGH]DFWLYDUHDPRGXOXL PXOWLIXQFĠLRQDOFXEXWRDQH
GHUHFLUFXODUHDDHUXOXL $,5)/2:
$FWLYDUHDGH]DFWLYDUHDUăFLULLFX $OLPHQWDUHDFXFDUEXUDQW
GH]XPLGLILFDUHDDHUXOXL 3URFHVXOGHDOLPHQWDUHFXFDUEX
$FYDSODQDUH UDQW
$GLWLYLXOHLGHPRWRU $OLPHQWDUHFXFDUEXUDQW
$GXFHUHDVFKLPEăWRUXOXLvQSR]LĠLD ,QGLFDWRUQLYHOGHFDUEXUDQW
QHXWUăWUDQVPLVLHPDQXDOă 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$ILúDMGLVWDQĠăFDOFXODWRUGHERUG YH]L&DUEXUDQW
YRODQXOPXOWLIXQFĠLRQDOFX $VLVWDUHDDQWLRERVHDOă
EXWRDQH YH]L$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHL
$ILúDMLQWHUYDOGHVHUYLFH$66<67 $VLVWDUHDHOHFWURQLFăDWUDFĠLXQLL
3/86 YH]L(76(76$VLVWDUHDHOHFWUR
1RWH QLFăDWUDFĠLXQLL
$ILúDMPXOWLIXQFĠLRQDO $VLVWDUHDSDUFăULL
9RODQPXOWLIXQFĠLRQDOFX 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
EXWRDQH $VLVWDUHDSDUFăULL
$ILúDMXOLQWHUYDOXOXLGHVHUYLFH 0HVDMGHSHGLVSOD\YRODQXOPXO
$66<673/86 WLIXQFĠLRQDOFXEXWRDQH
$ILúDUHDPHVDMHORUGHVHUYLFH 7UDFWDUHUHPRUFă
$VFXQGHUHDPHVDMHORUGHVHUYLFH $VLVWDUHSHQWUXOLPLWDUHDYLWH]HL
0HVDMHGHVHUYLFH $FWLYDUHDGH]DFWLYDUHDIXQFĠLHL
GHDYHUWL]DUH
$ILúDUH
0HVDMGHSHGLVSOD\YRODQXOPXO
WLIXQFĠLRQDOFXEXWRDQH
,QGH[
0HVDMXOGHSHGLVSOD\GLQDILúDMXO $VLVWHQĠăODXQJKLXOPRUW
PXOWLIXQFĠLRQDO 0HVDMGHSHGLVSOD\YRODQXOPXO
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD WLIXQFĠLRQDOFXEXWRDQH
$VLVWHQWDWHQĠLH $VLVWHQĠăSHQWUXID]ăOXQJăDGDS
YH]L$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHL WLYă
$6,67(170(1ğ,1(5($7(1ğ,( )XQFĠLHQRWH
$FWLYDUHDGH]DFWLYDUHD 0HVDMGHSHGLVSOD\YRODQXOPXO
)XQFĠLHQRWH WLIXQFĠLRQDOFXEXWRDQH
0HVDMGHSHGLVSOD\YRODQXOPXO $VLVWHQĠăSHQWUXPHQĠLQHUHDEHQ
WLIXQFĠLRQDOFXEXWRDQH ]LLGHPHUV
$VLVWHQĠDDFWLYăODXQJKLXOPRUW 0HVDMGHSHGLVSOD\YRODQXOPXO
$FWLYDUHDGH]DFWLYDUHDFDOFXOD WLIXQFĠLRQDOFXEXWRDQH
WRUGHERUGYRODQXOPXOWLIXQFĠLR $66<673/86
QDOFXEXWRDQH YH]L$ILúDMXOLQWHUYDOXOXLGHVHUYLFH
)XQFĠLHQRWH $66<673/86
7UDFWDUHDXQHLUHPRUFL $7$6LVWHPGHDODUPăDQWLIXUW
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQH $FWLYDUHDGH]DFWLYDUHD
UHDEHQ]LLGHPHUV 'H]DFWLYDUHDDODUPHL
)XQFĠLHQRWH $7$VLVWHPXOGHDODUPăDQWLIXUW
3RUQLUHDRSULUHDFDOFXODWRUGH 3URWHFĠLDODWUDFWDUH
ERUGYRODQXOPXOWLIXQFĠLRQDOFX 6HQ]RUXOGHPLúFDUHvQLQWHULRU
EXWRDQH $7$6LVWHPXOGHDODUPăDQWLIXUW
7UDFWDUHDXQHLUHPRUFL )XQFĠLRQDUH
$VLVWHQĠDODSDUFDUH $WHOLHUGHVSHFLDOLWDWH
YH]L3$5.7521,& $WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$VLVWHQĠDODVFKLPEDUHDEHQ]LL $XGLR'9'YRODQXOPXOWLIXQFĠLR
YH]L$VLVWHQĠDODXQJKLPRUW QDOFXEXWRDQH
$VLVWHQĠDODXQJKLXOPRUW $XWRQRPLHFDUEXUDQW
$FWLYDUHDGH]DFWLYDUHD $ILúDUHYRODQPXOWLIXQFĠLRQDOFX
1RWHIXQFĠLH EXWRDQH
7UDFWDUHDUHPRUFLL $ILúDUHYRODQXOPXOWLIXQFĠLRQDOFX
$VLVWHQĠDSHQWUXID]DOXQJăDGDS EXWRDQH
WLYă $XWRYHKLFXO
$FWLYDUHDGH]DFWLYDUHDFDOFXOD &RERUkUH
WRUGHERUG 'HVFXLHUHvQFD]GHXUJHQĠă
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ (FKLSDPHQW
]LLGHPHUV ÌQFXLHUHvQFD]GHXUJHQĠă
$FWLYDUHDGH]DFWLYDUHD ÌQUHJLVWUDUH
)XQFĠLHLQIRUPDĠLL 3RUQLUHDSULQWUDFWDUH
$VLVWHQĠăDFWLYăSHQWUXPHQĠLQH 5LGLFDUH
UHDEHQ]LLGHPHUV 7UDFWDUH
0HVDMGHSHGLVSOD\YRODQXOPXO $XWRYHKLFXOXO
WLIXQFĠLRQDOFXEXWRDQH 'DWHSULYLQGDXWRYHKLFXOXO
$VLVWHQĠăODSDUFDUH 'HVFXLHUHFKHLH
YH]L2JOLQ]LH[WHULRDUH *DUDQĠLDLPSOLFLWă
YH]L3$5.7521,& ÌQFXLHUHFKHLH
$VLVWHQĠăODSRUQLUHDvQSDQWă /ăVDUHDDXWRYHKLFXOXOXLSDUFDW
3RUQLUHDGHSHORF
,QGH[
&DPHUDGHPHUVvQDSRL &DUDFWHULVWLFăGHGHVFKLGHUHDVLV
)XQFĠLHQRWH WDWă
,QVWUXFĠLXQLGHFXUăĠDUH &DUDFWHULVWLFăGHvQFKLGHUHSH
&DSDF WLPSGHSORDLH
YH]L&ODSHWDJXULLGHXPSOHUHFX 7UDSăJOLVDQWăSDQRUDPLFă
FDUEXUDQW &DUEXUDQW
&DSDFGHEDJDMH $ILúDMFRQĠLQXWUH]HUYRUYRODQ
&DSDFLWăĠL PXOWLIXQFĠLRQDOFXEXWRDQH
YH]L'DWHWHKQLFH $ILúDMFRQĠLQXWUH]HUYRUYRODQ
&DSDFúLSODVăGHEDJDMHFRPEL PXOWLIXQFĠLRQDOFXEXWRDQH
QDWH $ILúDUHDXWRQRPLHYRODQPXOWL
&DSRWD IXQFĠLRQDOFXEXWRDQH
'HVFKLGHUH $ILúDUHDXWRQRPLHYRODQXOPXOWL
ÌQFKLGHUH IXQFĠLRQDOFXEXWRDQH
&DSRWDSRUWEDJDMXOXL $OLPHQWDUHFXFDUEXUDQW
'HVFKLGHUHvQFKLGHUH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
'LPHQVLXQLGHGHVFKLGHUH 3UREOHPăGHIHFĠLXQH
&DSRWă &DUEXUDQWGHUH]HUYă
0HVDMGHSHGLVSOD\YRODQPXOWL /DPSăGHDYHUWL]DUH
IXQFĠLRQDOFXEXWRDQH 0HVDMGHSHGLVSOD\YRODQPXOWL
0HVDMGHSHGLVSOD\YRODQXOPXO IXQFĠLRQDOFXEXWRDQH
WLIXQFĠLRQDOFXEXWRDQH 0HVDMGHSHGLVSOD\YRODQPXOWL
&DSRWăSRUWEDJDM IXQFĠLRQDOFXEXWRDQH
0HVDMGHSHGLVSOD\YRODQPXOWL &DUEXUDQWXO
IXQFĠLRQDOFXEXWRDQH 1RWHSULYLQGFRQVXPXO
0HVDMGHSHGLVSOD\YRODQXOPXO &DUGGHPHPRULHDXGLR
WLIXQFĠLRQDOFXEXWRDQH &kUOLJ
&DUDFWHULVWLFDGHvQFăUFDUHSULQ &kUOLJGHJHDQWă
EDQFKHWă &kUOLJHSHQWUXKDLQH
&DUDFWHULVWLFDGHvQFKLGHUHSH &ăOGXUăUH]LGXDOăFRQWUROXOFOLPD
WLPSGHSORDLH WL]ăULL
7UDSDJOLVDQWă &ăSWXúHDOăSDYLOLRQúLPRFKHWH
&DUDFWHULVWLFDGHVXSUDUHJODUH LQVWUXFĠLXQLGHFXUăĠDUH
*HDPXULOHODWHUDOHVSDWH &'SOD\HUPDJD]LHGH&'XULYROD
&DUDFWHULVWLFD($6<(175< QXOPXOWLIXQFĠLRQDOFXEXWRDQH
$FWLYDUHDGH]DFWLYDUHDYRODQXO &HQWUXGH6HUYLFH0HUFHGHV%HQ]
PXOWLIXQFĠLRQDOFXEXWRDQH YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&DUDFWHULVWLFD($6<(175< &HQWXUDGHVLJXUDQĠă
,175$5(8ù2$5Ă $FWLYDUHDGH]DFWLYDUHDUHJOăULL
)XQFĠLHQRWH FHQWXULLGHVLJXUDQĠăYRODQXOPXO
&DUDFWHULVWLFD($6<(;,7 WLIXQFĠLRQDOFXEXWRDQH
$FWLYDUHDGH]DFWLYDUHDYRODQXO (OLEHUDUH
PXOWLIXQFĠLRQDOFXEXWRDQH /DPSăGHDYHUWL]DUH
&DUDFWHULVWLFD($6<(;,7,(ù,5( 0HVDMXOGHSHGLVSOD\YRODQXO
8ù2$5Ă PXOWLIXQFĠLRQDOFXEXWRDQH
&XUHDFĠLHODFROL]LXQL
)XQFĠLHQRWH
,QGH[
3ULQGHUHD &ODSHWDJXULLGHXPSOHUHFXFDUEX
5HJODUHDFHQWXULLGHVLJXUDQĠă UDQW
SHQWUXVFDXQXOúRIHUXOXLúLVFDX 'HVFKLGHUHDvQFKLGHUHD
QXOSDVDJHUXOXLIDĠă (OLEHUDUHDGHXUJHQĠă
&HQWXUă &OLPDWL]DUH
YH]L&HQWXUăGHVLJXUDQĠă 3RUQLUHRSULUH
&HQWXUăGHVLJXUDQĠă 5ăFLUHFXGH]XPLGLILFDUH
&XUăĠDUH 5HJODUHDGHELWXOXLGHDHU
,QGLFDWRUXOGHVWDUHDFHQWXULLGH 5HJODUHDGLVWULEXĠLHLDHUXOXL
VLJXUDQĠăVSDWH 5HJODUHDRULILFLLORUGHYHQWLODĠLH
,QVWUXFĠLXQLLPSRUWDQWHSULYLQG 5HJODUHDWHPSHUDWXULL
VLJXUDQĠD &RGXOGHYRSVHD
/DPSăGHDYHUWL]DUHIXQFĠLH &20$1'2QOLQH
0HVDMGHSHGLVSOD\YRODQPXOWL YH]L,QVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
IXQFĠLRQDOFXEXWRDQH &RPSDUWLPHQWGHGHSR]LWDUH
&HQWXULOHGHVLJXUDQĠă &RPSDUWLPHQWSHQWUXRFKHODUL
'LVSR]LWLYGHSUHWHQVLRQDUHDFHQ &RPSDUWLPHQWHGHGHSR]LWDUH
WXULORU &RQVROăFHQWUDOă
/LPLWDWRUGHIRUĠăSHQWUXFHQWXUL &RWLHUăGHGHVXEW
5HJODUHDSHvQăOĠLPH 6SDWH
&KHL 6XSRUWXOSHQWUXSDKDU
0HVDMXOGHSHGLVSOD\YRODQXO &RPSDUWLPHQWHOHGHGHSR]LWDUH
PXOWLIXQFĠLRQDOFXEXWRDQH ,QIRUPDĠLLLPSRUWDQWHSULYLQGVLJX
&KHLD UDQĠD
3RUQLUHDPRWRUXOXL 3ODVDSHQWUXEDJDMH
3R]LĠLLFRPXWDWRUXOGHFRQWDFW 7RUSHGR
VFKLPEDUHDEDWHULHL &RPSDUWLPHQWSHQWUXRFKHODUL
&KHLDGHXUJHQĠă &RPSDUWLPHQWVSDWH
'HVFXLHUHDSRUWLHUHLúRIHUXOXL 6HWDUHDFXUHQWXOXLGHDHU
&KHLDPDúLQLL 6HWDUHDRULILFLLORUGHYHQWLODĠLH
YH]L&KHLD &RPSDUWLPHQWXOGHGHSR]LWDUH
&KHLH 'HVXEVFDXQXOúRIHUXOXLVFDXQXO
&DUDFWHULVWLFăGHGHVFKLGHUHDVLV SDVDJHUXOXLIDĠă
WDWă &RPSRQHQWHRUQDPHQWDOH
(HPHQWXOFKHLHGHXUJHQĠă LQVWUXFĠLXQLGHFXUăĠDUH
)XQFĠLDGHvQFKLGHUHGHFRQIRUW &RPSXWHUGHERUGYRODQPXOWL
ÌQFKLGHUHDGHVFKLGHUHDFHQWUDOL IXQFĠLRQDOFXEXWRDQH
]DWăDSRUWLHUHORU 0HQLXO$VVLVW
0HVDMGHSHGLVSOD\YRODQPXOWL &RPSXWHUGHERUGYRODQPXOWL
IXQFĠLRQDOFXEXWRDQH IXQFĠLRQDOFXEXWRDQH
0RGLILFDUHDSURJUDPăULL 0HVDMHDILúDWH
3LHUGHUH &RPSXWHUGHERUGYRODQPXOWL
3UREOHPăGHIHFĠLXQH IXQFĠLRQDOFXEXWRDQH0HQLXO
9HULILFDUHDEDWHULHL 6HWăUL
&KLQJăVXSHULRDUă &RPSXWHUGHERUGYRODQPXOWL
IXQFĠLRQDOFXEXWRQ
0HQLXO7HOHIRQ
,QGH[
)UkQDGHSDUFDUH *
/LFKLGGHIUkQăQRWH
0HVDMGHSHGLVSOD\YRODQPXOWL *HDPXUL
IXQFĠLRQDOFXEXWRDQH &XUăĠDUH
0HVDMXOGHSHGLVSOD\YRODQXO YH]L*HDPXULODWHUDOH
PXOWLIXQFĠLRQDOFXEXWRDQH *HDPXULHOHFWULFH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD YH]L*HDPXULODWHUDOH
6IDWXULSULYLQGFRQGXFHUHD *HDPXULODWHUDOH
6LVWHPGHIUkQDUHGHvQDOWăSHU 'HVFKLGHUHvQFKLGHUH
IRUPDQĠă 'HVFKLGHUHDVLVWDWă
)UkQHOH ÌQFKLGHUHGHFRQIRUW
%$6 5HVHWDUH
/DPSDGHDYHUWL]DUH *HDPXULOHODWHUDOH
)UHFYHQĠH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
6WDĠLHUDGLRELGLUHFĠLRQDOă 3UREOHPăGHIHFĠLXQH
7HOHIRQPRELO *KLGDUHDSHWUDVHXQDYLJDĠLH
)XQFĠLDGHvQFKLGHUHGHFRQIRUW *UHXWăĠLDXWRYHKLFXO
)XQFĠLD+2/'
0HVDMGHSHGLVSOD\YRODQPXOWL +
IXQFĠLRQDOFXEXWRDQH +D\RQ
)XQFĠLDOXPLQăDFWLYă 'HEORFDUHGHXUJHQĠă
)XQFĠLDVWDUWVWRS(&2 'LPHQVLXQLGHGHVFKLGHUH
,QIRUPDĠLLJHQHUDOH /LPLWDUHDXQJKLXOXLGHGHVFKLGHUH
)XQFĠLHGHLOXPLQDUHVXSOLPHQWDUă 0HVDMGHSHGLVSOD\YRODQPXOWL
vQYLUDMH IXQFĠLRQDOFXEXWRDQH
0HVDMGHSHGLVSOD\YRODQPXOWL 0HVDMGHSHGLVSOD\YRODQXOPXO
IXQFĠLRQDOFXEXWRDQH WLIXQFĠLRQDOFXEXWRDQH
0HVDMGHSHGLVSOD\YRODQXOPXO +D\RQXO
WLIXQFĠLRQDOFXEXWRDQH 'HVFKLGHUHDvQFKLGHUHD
)XQFĠLHGHPHPRUDUH 'HVFKLGHUHDvQFKLGHUHDDXWR
)XQFĠLH+2/' PDWăGLQH[WHULRU
)XQFĠLHQRWH 'HVFKLGHUHDvQFKLGHUHDDXWR
0HVDMGHSHGLVSOD\YRODQXOPXO PDWăGLQLQWHULRU
WLIXQFĠLRQDOFXEXWRDQH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
)XQFĠLHVWDUWVWRS(&2
'H]DFWLYDUHDFWLYDUH ,
)XQFĠLRQDUHDSHWLPSGHLDUQă
/DQĠXULOHGH]ăSDGă ,OXPLQDUHD
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD YH]L/XPLQLOH
6XSUDIHĠHFDURVDELOHDOXQHFRDVH ,OXPLQDUHDLQWHULRDUă
)XQFĠLRQDUHSHWLPSGHLDUQă &RQWUROXOPDQXDO
0DVFăUDGLDWRU ,OXPLQDUHDGHXUJHQĠă
/DPSDGHOHFWXUă
2SULUHWHPSRUL]DWăYRODQXOPXOWL
IXQFĠLRQDOFXEXWRDQH
3UH]HQWDUHJHQHUDOă
6LVWHPXOGHFRQWURODXWRPDW
,QGH[
9RSVHD /
9RSVHDPDWă
ÌQORFXLUHDEDWHULHLWHOHFRPDQGă /DPHOHúWHUJăWRDUHORU
GHvQFăO]LUHDX[LOLDUă &XUăĠDUHD
ÌQWLQ]ăWRUGHFHQWXUă 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$FWLYDUH /DPHúWHUJăWRDUH
)XQFĠLH ÌQORFXLUHODOXQHWă
ÌQWUHĠLQHUH ÌQORFXLUHSDUEUL]
'LVSOD\ /DPSDGHDYHUWL]DUH3$66(1*(5
/XPLQLH[WHULRDUH $,5%$*2))DLUEDJSDVDJHUGH]DF
YH]L$ILúDMXOLQWHUYDOXOXLGHVHUYLFH WLYDW
$66<673/86 /DPSDLQGLFDWRDUH/,0
&RQWUROXOFURD]LHUHL
- ',67521,&3/86
63(('7521,&YDULDELO
-DOX]HOH /DPSăGHFHDĠăVSDWH
/XQHWă 0HVDMGHSHGLVSOD\YRODQPXOWL
7UDSăJOLVDQWăSDQRUDPLFă IXQFĠLRQDOFXEXWRDQH
YH]L-DOX]HOH 0HVDMGHSHGLVSOD\YRODQXOPXO
-DOX]HOHSHQWUXOXQHWă WLIXQFĠLRQDOFXEXWRDQH
-DQWH 3RUQLUHRSULUH
'LPHQVLXQHMDQWHGLPHQVLXQH /DPSăGHIUkQă
SQHXUL 0HVDMGHSHGLVSOD\YRODQPXOWL
IXQFĠLRQDOFXEXWRDQH
. 0HVDMGHSHGLVSOD\YRODQXOPXO
WLIXQFĠLRQDOFXEXWRDQH
.(</(66*2
/DPSăGHJDEDULWODWHUDOă
%XWRQXO6WDUW6WRS
0HVDMGHSHGLVSOD\YRODQPXOWL
'HVFXLHUH
IXQFĠLRQDOFXEXWRDQH
ÌQFKLGHUHDVLVWDWă
0HVDMGHSHGLVSOD\YRODQXOPXO
ÌQFXLHUH
WLIXQFĠLRQDOFXEXWRDQH
0HVDMGHSHGLVSOD\YRODQPXOWL
/DPSăGHOHFWXUă
IXQFĠLRQDOFXEXWRDQH
/DPSăGHPHUVvQDSRL
0HVDMXOGHSHGLVSOD\DILúDMXO
PXOWLIXQFĠLRQDOFXEXWRDQH 0HVDMGHSHGLVSOD\YRODQPXOWL
3RUQLUHDPRWRUXOXL IXQFĠLRQDOFXEXWRDQH
.LORPHWUDM 0HVDMGHSHGLVSOD\YRODQXOPXO
WLIXQFĠLRQDOFXEXWRDQH
9RODQPXOWLIXQFĠLRQDOFX
6FKLPEDUHDEHFXULORU
EXWRDQH
/DPSăGHSR]LĠLH
YH]L&RQWRUGHUXODMSDUĠLDO
YH]L&RQWRUXOGHGLVWDQĠăWRWDOă 0HVDMGHSHGLVSOD\YRODQPXOWL
.LORPHWUDMSDUFXUV IXQFĠLRQDOFXEXWRDQH
0HVDMGHSHGLVSOD\YRODQXOPXO
YH]L&RQWRUGHUXODMSDUĠLDO
WLIXQFĠLRQDOFXEXWRDQH
/DPSăVSDWH
0HVDMGHSHGLVSOD\YRODQPXOWL
IXQFĠLRQDOFXEXWRDQH
0HVDMGHSHGLVSOD\YRODQXOPXO
WLIXQFĠLRQDOFXEXWRDQH
,QGH[
$FWLYDUHDGH]DFWLYDUHDPRGXOXL 0
GHIXQFĠLRQDUHSHWLPSGH]LDIDUX
ULORUYRODQPXOWLIXQFĠLRQDOFX 0DQHWăGHVFKLPEDUHDYLWH]HORU
EXWRDQH VLWXDWăSHYRODQ
$FWLYDUHDGH]DFWLYDUHDPRGXOXL 0DVăSURSULHODJRO
GHIXQFĠLRQDUHSHWLPSGH]LDIDUX 0DVFăDQWLLQVHFWHGHSHUDGLDWRU
ULORUYRODQPXOWLIXQFĠLRQDOFX 0DVFăUDGLDWRU
EXWRDQH 0DúLQD
$FWLYDUHDGH]DFWLYDUHDVLVWHPX YH]L$XWRYHKLFXOXO
OXLGHOXPLQLLQWHOLJHQWH 0ăVXĠăGHMRDFăFăSWXúLWă,&6
&OD[RQXORSWLFIODVK 0HPRULDGHPHVDMH
&RPXWDWRUXOGHOXPLQL 9RODQXOPXOWLIXQFĠLRQDOFX
&RQGXFHUHDvQVWUăLQăWDWH EXWRDQH
)DUXULOHSHQWUXID]ăOXQJă 9RODQXOPXOWLIXQFĠLRQDOFX
)DUXULOHSHQWUXID]ăVFXUWă EXWRDQH
)XQFĠLDGHLOXPLQDUHVXSOLPHQWDUă 0HQLXO$0*FDOFXODWRUXOGHERUG
vQYLUDMH 0HQLXODXGLRFDOFXODWRUGHERUG
)XQFĠLDOXPLQăDFWLYă YRODQXOPXOWLIXQFĠLRQDOFX
ÌQăOĠLPHIDUXUL EXWRDQH
/DPSDGHFHDĠăVSDWH 0HQLXOGHVHUYLFHYRODQXOPXOWL
/ăPSLOHGHSR]LĠLH IXQFĠLRQDOFXEXWRDQH
0RGXODXWRVWUDGă 0HVDMGHHURDUH
0RGXOGHIXQFĠLRQDUHDXWRPDWăD YH]L0HVDMHGHSHGLVSOD\
IDUXULORU 0HVDMGHSHGLVSOD\YRODQPXOWL
3RUQLUHDRSULUHDPRGXOXLGH IXQFĠLRQDOFXEXWRDQH
IXQFĠLRQDUHSHWLPSGH]LDIDUXUL ,QWHUYDOGHVHUYLFH$66<673/86
ORUFRPXWDWRU 0RWRU
3URLHFWRDUHGHFHDĠă 0HVDMGHSHGLVSOD\YRODQPXOWL
3URLHFWRDUHOHGHFHDĠăUD]ă IXQFĠLRQDOFXEXWRDQH
H[WLQVă $XWRYHKLFXO
6HPQDOL]DWRDUHGHDYDULH &KHLH
6HPQDOL]DWRDUHGHGLUHFĠLH ,QWHUYDOGHVHUYLFH$66<673/86
YH]L,OXPLQDUHDLQWHULRDUă .(</(66*2
YH]L6FKLPEDUHDEHFXULORU /XPLQL
/XPLQL$872 0RWRU
0HVDMGHSHGLVSOD\YRODQPXOWL 3QHXUL
IXQFĠLRQDOFXEXWRDQH 6LVWHPHGHDVLVWDUHDFRQGXFHULL
0HVDMGHSHGLVSOD\YRODQXOPXO 6LVWHPHGHVLJXUDQĠă
WLIXQFĠLRQDOFXEXWRDQH 0HVDMGHSHGLVSOD\YRODQXOPXOWL
YH]L/XPLQL IXQFĠLRQDOFXEXWRDQH
/XPLQLGHIUkQă $SHODUH
$GDSWLYH $VFXQGHUH
/XPLQLOHGHIUkQăDGDSWLYH $XWRYHKLFXO
/XPLQL
1RWHJHQHUDOH
3QHXUL
6LVWHPHGHDVLVWDUHDFRQGXFHULL
,QGH[
3QHXUL 3RUWLHUă
$GHUHQĠă 'HVFKLGHUHDGLQLQWHULRU
'LPHQVLXQHSQHXULGDWH 'HVFXLHUHDGHXUJHQĠă
ÌQORFXLUH )XQFĠLDGHvQFXLHUHDXWRPDWăD
0HVDMGHSHGLVSOD\YRODQPXOWL SRUWLHUHORUFDOFXODWRUXOGHERUG
IXQFĠLRQDOFXEXWRDQH YRODQXOPXOWLIXQFĠLRQDOFX
0HVDMGHSHGLVSOD\YRODQXOPXO EXWRDQH
WLIXQFĠLRQDOFXEXWRDQH ÌQFKLGHUHDGHVFKLGHUHDFHQWUDOL
6HQVXOGHURWDĠLH ]DWăFKHLH
6XSUDIDĠDGHUXODUHDSQHXOXL ÌQFXLHUHDXWRPDWăFRPXWDWRU
9LDĠăXWLOă ÌQFXLHUHGHXUJHQĠă
YH]L3DQăGHSQHX 0HVDMGHSHGLVSOD\YRODQPXOWL
3QHXULGHLDUQă IXQFĠLRQDOFXEXWRDQH
/LPLWDUHDYLWH]HLFDOFXODWRUXOGH 0HVDMGHSHGLVSOD\YRODQXOPXO
ERUG WLIXQFĠLRQDOFXEXWRDQH
3QHXUL06 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
3QHXULOH 3DQRXGHFRPDQGă
'HSR]LWDUHD 3RUWLHUăúRIHU
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD YH]L3RUWLHUă
9HULILFDUH 3RVW
3QHXULOHGHYDUă YH]L5DGLR
3QHXUL06 3RVWXOGHFRQGXFHUH
3RUQLUHPRWRU 3UH]HQWDUHJHQHUDOă
3RUQLUHDDXWRPDWăDPRWRUXOXL 3R]LĠLLOHFKHLL
IXQFĠLDVWDUWVWRS(&2 &KHLD
3RUQLUHDFX .(</(66*2
WUDQVPLVLHPDQXDOă 35(6$)(SURWHFĠLDSUHYHQWLYăD
3RUQLUHDGHSHORF SDVDJHULORU
7UDQVPLVLHDXWRPDWă 0HVDMXOGHSHGLVSOD\YRODQXO
3RUQLUHDIRUĠDWăPRWRU PXOWLIXQFĠLRQDOFXEXWRDQH
3RUQLUHDSULQWUDFWDUH 35(6$)(SURWHFĠLHSUHYHQWLYăD
0RQWDUHDRFKLXOXLGHWUDFWDUH SDVDJHULORU
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 0HVDMGHSHGLVSOD\YRODQPXOWL
3RUQLUHDGHXUJHQĠăDPRWRUXOXL IXQFĠLRQDOFXEXWRDQH
6FRDWHUHDRFKLXOXLGHWUDFWDUH 35(6$)(VLVWHPGHVLJXUDQĠă
3RUWEDJDM SUHYHQWLYăDSDVDJHULORU
ÌQFXLHUHVHSDUDWă 8WLOL]DUH
3RUWEDJDMXO 3UHVLXQHDHU
'HVFKLGHUHDvQFKLGHUHDDXWR YH]L3UHVLXQHSQHX
PDWăGLQH[WHULRU 3UHVLXQHDvQSQHXUL
'HVFKLGHUHDDXWRPDWăGLQLQWH $SHODUHFDOFXODWRUGHERUG
ULRU $YHUWL]DUHDVXSUDSLHUGHULLGHSUH
(OLEHUDUHDGHXUJHQĠă VLXQHGLQSQHXUL
,QGLFDĠLLLPSRUWDQWHSULYLQGVLJX 1HDWLQVă7,5(),7
UDQĠD 5HFRPDQGDWă
3RUWEDJDMXOGHDFRSHULú
,QGH[
6HPQDOXOGHDYHUWL]DUHSULYLQGGLV 6LJXUDQĠDSDVDJHULORU
WDQĠDODPSăGHDYHUWL]DUH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
6HPQDOXOGHYHULILFDUHDvQFXLHULL 6LJXUDQĠă
FDOFXODWRUGHERUG 3UH]HQĠDFRSLLORUODERUG
6HQ]RUGHOXPLQă 6LVWHPHGHUHWHQĠLHSHQWUXFRSLL
0HVDMGHSHGLVSOD\YRODQPXOWL 6LJXUDQĠăvQIXQFĠLRQDUH
IXQFĠLRQDOFXEXWRDQH ,QWHUIDĠăGHGLDJQRVWLFDUHODERUG
0HVDMGHSHGLVSOD\YRODQXOPXO 6LJXUDQĠH
WLIXQFĠLRQDOFXEXWRDQH &XWLDFXVLJXUDQĠHGLQFRPSDUWL
6HQ]RUGHPLúFDUHvQLQWHULRU PHQWXOPRWRUXOXL
6HQ]RULLLQVWUXFĠLXQLGHFXUăĠDUH &XWLDFXVLJXUDQĠHGLQSRUWEDJDM
6HUYLFH &XWLHFXVLJXUDQĠHGLQSRUWEDJDM
YH]L$ILúDMXOLQWHUYDOXOXLGHVHUYLFH &XWLHGHVLJXUDQĠHSODQúăGHERUG
$66<673/86 ÌQDLQWHGHVFKLPEDUH
6HWDUHDFXUHQWXOXLGHDHU 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
6HWDUHDGLVWULEXĠLHLDHUXOXL 7DEHOXOGHDORFDUHDVLJXUDQĠHORU
6HWăUL 6LJXUDQĠHHOHFWULFH
&DOFXODWRUXOGHERUGYRODQXOPXO YH]L6LJXUDQĠH
WLIXQFĠLRQDOFXEXWRDQH 6LVWHPDQWLEORFDUHODIUkQDUH
)DEULFăYRODQXOPXOWLIXQFĠLRQDO YH]L$%6VLVWHPDQWLEORFDUHODIUkQDUH
FXEXWRDQH 6LVWHPGHDHUFRQGLĠLRQDW
6HWăULGHED]ă YH]L&RQWUROFOLPDWL]DUH
YH]L6HWăUL 6LVWHPGHDODUPă
6(783FDOFXODWRUGHERUG YH]L$7$VLVWHPXOGHDODUPăDQWLIXUW
6IDWXULSULYLQGFRQGXFHUHD 6LVWHPGHDVLVWDUHDFRQGXFHULL
$FYDSODQDUHD $VLVWHQĠDDFWLYăSHQWUXPHQĠLQH
$GHUHQĠDSQHXULORU UHDEHQ]LLGHPHUV
&RQGXFHUHDvQVWUăLQăWDWH 0HVDMGHSHGLVSOD\YRODQXOPXO
&RQGXFHUHDSHGUXPXULLQXQGDWH WLIXQFĠLRQDOFXEXWRDQH
&RQGXFHUHDSHGUXPXULXPHGH 5$&(67$57DXWRYHKLFXOHOH
&RQGXFHUHDSHWLPSGHLDUQă $0*
',67521,&3/86 6LVWHPGHFOLPDWL]DUH
(ILFLHQĠăOLPLWDWăODIUkQDUHSHGUX 0RGDXWRPDW
PXULFXVDUHUXWLHUă 6LVWHPGHRSHUDUH
)D]DVFXUWăVLPHWULFă YH]L&DOFXODWRUGHERUG
)UkQHOH 6LVWHPGHUHWHQĠLH
*HQHUDOLWăĠL YH]L6566LVWHPXOVXSOLPHQWDUGH
/DQĠXULOHGH]ăSDGă UHWHQĠLH
3DQWăGHVFHQGHQWă 6LVWHPGHUXODUHvQFD]GHSDQă
3OăFXĠHOHGHIUkQăJDUQLWXULOHGH 02([WHQGHG
IUkQăQRL 6LVWHPGHVHQ]RUUDGDU
6IDWXULSULYLQGURGDMXO 0HVDMGHSHGLVSOD\YRODQXOPXO
6XSUDIHĠHFDURVDELOHFXSROHL WLIXQFĠLRQDOFXEXWRDQH
6XSUDIHĠHGHGUXPXPHGH
7UDFWDUHDUHPRUFLL
7UDQVPLVLDDXWRPDWă
6LJXUDQĠDRFXSDQĠLORU
3UH]HQĠDFRSLLORUODERUG
,QGH[
6LVWHPGHVLJXUDQĠăODFRQGXFHUH 6LVWHPHSHQWUXVLJXUDQĠDFRQGX
%$63/866LVWHPGHDVLVWDUHOD FHULL
IUkQDUH3OXV /XPLQLGHIUkQăDGDSWLYH
'LVWULEXĠLDHOHFWURQLFăDIRUĠHLGH 6LVWHPSHQWUXVLJXUDQĠDFRQGXFH
IUkQDUH ULL
,QGLFDĠLLLPSRUWDQWHSULYLQGVLJX (633URJUDPXOHOHFWURQLFGH
UDQĠD FRQWURODOVWDELOLWăĠLL
6LVWHPHGHDVLVWDUHDFRQGXFHULL 6LVWHPVSăOăWRUGHSDUEUL]
$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL 6LVWHPVXSOLPHQWDUGHUHWHQĠLH
$6,67(170(1ğ,1(5($7(1ğ,( YH]L6566LVWHPXOVXSOLPHQWDUGH
$VLVWHQĠDODXQJKLXOPRUW UHWHQĠLH
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ 6LVWHPWHPSRPDW
]LLGHPHUV )XQFĠLRQDUHUHFRPDQGăUL
&DPHUăYLGHRSHQWUXPHUVvQDSRL 6LVWHPXODQWLIXUW
'LVWURQLF3OXV $7$6LVWHPGHDODUPăDQWLIXUW
)XQFĠLH+2/' 6LVWHPXOGHLPRELOL]DUH
0HVDMGHSHGLVSOD\YRODQPXOWL 6LVWHPXOGHDODUPăDQWLIXUW
IXQFĠLRQDOFXEXWRDQH YH]L$7$VLVWHPXOGHDODUPăDQWLIXUW
3DFKHWGHPDQHYUDELOLWDWHGLQD 6LVWHPXOGHDVLVWDUHODIUkQDUH
PLFăFXPRGVSRUWLY YH]L%$66LVWHPGHDVLVWDUHODIUkQDUH
3DFKHWGHVLVWHPHSHQWUXDVLVWD 6LVWHPXOGHDVLVWDUHODSDUFDUH
UHDDFWLYăDFRQGXFHULL 6LVWHPXOGHDVLVWDUHODSDUFDUH
3DFKHWXOGHVLVWHPHGHDVLVWDUH 6LVWHPXOGHIL[DUHDVFDXQXOXLSHQ
SHQWUXPHQĠLQHUHDEHQ]LLGHFLU WUXFRSLO,62),;
FXODĠLH 6LVWHPXOGHOXPLQLLQWHOLJHQWH
3DUNWURQLF $FWLYDUHDGH]DFWLYDUHDYRODQXO
6LVWHPXOGHDVLVWDUHODSDUFDUH PXOWLIXQFĠLRQDOFXEXWRDQH
6LVWHPHGHVLJXUDQĠă 0HVDMGHSHGLVSOD\YRODQXOPXO
YH]L6LVWHPHGHVLJXUDQĠăODFRQGXFHUH WLIXQFĠLRQDOFXEXWRDQH
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH 6HWDUHDIDUXULORUSHQWUXID]ă
$%66LVWHPGHDQWLEORFDUHODIUk VFXUWăSHQWUXFRQGXFHUHDSH
QDUH GUHDSWDVWkQJD
%$66LVWHPXOGHIUkQDUHDVLV 6LVWHPXOGHVHQ]RULUDGDU
WDWă $FWLYDUHDGH]DFWLYDUHD
)5Æ1$5($'$37,9Ă 3UH]HQWDUHJHQHUDOăSHĠăUL
)UkQă35(6$)( 6LVWHPXOGHVHUYLFHDFWLY3/86
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL YH]L$ILúDMXOLQWHUYDOXOXLGHVHUYLFH
6SHHGWURQLF $66<673/86
7HPSRPDW 6LVWHPXOGHVLJXUDQĠăODFRQGX
6LVWHPHOHHOHFWURQLFHDOHPRWRUX FHUH
OXL (76(766LVWHPXOGHWUDFĠLXQH
1RWH HOHFWURQLFă
3UREOHPăGHIHFĠLXQH 6LVWHPXOGHVLJXUDQĠăSUHYHQWLYăD
6LVWHPHORUGHVLJXUDQĠăODFRQGX SDVDJHULORU
FHUH YH]L35(6$)(VLVWHPGHVLJX
3UH]HQWDUHJHQHUDOă UDQĠăSUHYHQWLYăDSDVDJHULORU
,QGH[
6LVWHPXOGHWUDQVPLVLH 6XEPHQLXOFDOFXODWRUGHERUG
$VLVWHQĠDDFWLYăODXQJKLXOPRUW YRODQPXOWLIXQFĠLRQDOFX
6LVWHPXO3$5.7521,& EXWRDQH
,QGLFDWRUGHDYHUWL]DUH 6HWDUHGLQIDEULFă
6LVWHPÄRIIURDG´0$7,& 6XEPHQLXOSDQRXGHLQVWUXPHQWH
6SDĠLXGHGHSR]LWDUHGHVXESODQ 6XSRUWGHEDJDMHWUXVăGHDVLJX
úHXOSRUWEDJDMXOXL UDUHDvQFăUFăWXULL($6<3$&.
6SăOăWRULHDXWRvQJULMLUH 6XSRUWORPEDU
63(('7521,& 5HJODUH
)XQFĠLRQDUHUHFRPDQGăUL 5HJODUHVXSRUWORPEDUFXGLUHF
/DPSDLQGLFDWRDUH/,0 ĠLL
0HPRUDUHDYLWH]HLFXUHQWH 6XSRUWXOSHQWUXEăXWXUL
0HVDMGHSHGLVSOD\YRODQPXOWL YH]L6XSRUWXULOHSHQWUXSDKDUH
IXQFĠLRQDOFXEXWRDQH 6XSRUWXOSHQWUXSDKDU
0HVDMGHSHGLVSOD\YRODQXOPXO &RPSDUWLPHQWXOVSDWH
WLIXQFĠLRQDOFXEXWRDQH &RQVRODFHQWUDOă
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
3HUPDQHQW
6HOHFWDUH ù
9DULDELO
ùWHUJăWRDUHGHSDUEUL]
YDULDELO'H]DFWLYDUH
ÌQORFXLUHDODPHORUúWHUJăWRDUHORU
63(('7521,&YDULDELO
GHSDUEUL]
YH]L63(('7521,&
3RUQLUH2SULUH
6566LVWHP6XSOLPHQWDUGH5HWHQ
3UREOHPăGHIHFĠLXQH
ĠLH
ùWHUJăWRUGHOXQHWă
0HVDMGHSHGLVSOD\YRODQPXOWL
ùWHUJăWRUGHOXQHWă
IXQFĠLRQDOFXEXWRDQH
$FWLYDUHDGH]DFWLYDUHD
6566LVWHPXOVXSOLPHQWDUGH
ÌQORFXLUHDODPHLúWHUJăWRUXOXL
UHWHQĠLH
/DPSDGHDYHUWL]DUHIXQFĠLH
6566LVWHPXO6XSOLPHQWDUGH 7
5HWHQĠLH 7DEHOGHDORFDUHDVLJXUDQĠHORU
,QWURGXFHUH WUXVDGHVFXOHDDXWRYHKLFXOXOXL
/DPSDGHDYHUWL]DUH 7HOHFRPDQGD
0HVDMXOGHSHGLVSOD\YRODQXO ÌQFăO]LUHDYHQWLODĠLDDX[LOLDUă
PXOWLIXQFĠLRQDOFXEXWRDQH 7HOHFRPDQGă
6WDWLVWLFLGHFRQVXP ÌQORFXLUHDEDWHULLORUvQFăO]LUH
&DOFXODWRUGHERUGYRODQPXOWL DX[LOLDUă
IXQFĠLRQDOFXEXWRDQH 7HOHIRQ
&DOFXODWRUGHERUGYRODQXOPXOWL $FFHSWDUHDXQXLDSHO
IXQFĠLRQDOFXEXWRDQH &RPSDUWLPHQWXOWHOHIRQXOXL
6WDĠLHGHHPLVLHUHFHSĠLH 0HQLXFRPSXWHUGHERUG
,QVWDODUH 0HVDMGHSHGLVSOD\YRODQXOPXO
6WDĠLHUDGLRELGLUHFĠLRQDOă WLIXQFĠLRQDOFXEXWRDQH
)UHFYHQĠH 5HDSHODUH
3XWHUHGHWUDQVPLVLHPD[LPă 7HOHIRQFHOXODU
YH]L7HOHIRQPRELO
,QGH[
7HOHIRQPRELO 7HWLHUH1(&.352
)UHFYHQĠH )XQFĠLRQDUH
,QVWDODUH 5HVHWDUHGXSăGHFODQúDUH
0HQLXFRPSXWHUGHERUG 7LMDWHOHVFRSLFăWUXVDGHIL[DUH
3XWHUHGHWUDQVPLVLHPD[LPă (DV\3DFN
7HOHIRQXO 7LPSWXU5$&(7,0(5
1XPăUXOGLQDJHQGDWHOHIRQLFă 7RUSHGRXO
5HIX]DUHDvQFKHLHUHDXQHLFRQ 7UDFWDUH
YRUELUL &XDPEHOHSXQĠLODVRO
7HOHIRQXOPRELO 0RQWDUHDRFKLXOXLGHWUDFWDUH
1RWHIL[DUHDvQFRQVROă 6FRDWHUHDRFKLXOXLGHWUDFWDUH
7HPSHUDWXUD 7UDFWDUHD
7HPSHUDWXUDH[WHULRDUăYRODQXO &XSXQWHDVSDWHULGLFDWă
PXOWLIXQFĠLRQDOFXEXWRDQH 7UDFWDUHDUHPRUFLL
7HPSHUDWXUDH[WHULRDUă $VLVWHQĠDODXQJKLXOPRUW
'LVSOD\YRODQXOPXOWLIXQFĠLRQDO 'LPHQVLXQLGHPRQWDUH
FXEXWRDQH ([WLQGHUHDFXSOHLVIHULFH
7HPSHUDWXUă 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
/LFKLGGHUăFLUHYRODQPXOWLIXQF 3DUNWURQLF
ĠLRQDOFXEXWRDQH 5DEDWDUHDFXSOHLVIHULFHvQăXQWUX
/LFKLGGHUăFLUHYRODQXOPXOWL 6DUFLQLOHUHPRUFLL
IXQFĠLRQDOFXEXWRDQH$0* 6IDWXULSULYLQGFRQGXFHUHD
/LFKLGGHUăFLUHYRODQXOPXOWL 7UHDSWDGHYLWH]ă
IXQFĠLRQDOFXEXWRDQH 7UDFWDUHDXQHLUHPRUFL
6HWDUHFRQWUROXOFOLPDWL]ăULL $VLVWHQĠDDFWLYăODXQJKLXOPRUW
7HPSHUDWXUăH[WHULRDUăYRODQ $VLVWHQĠDDFWLYăSHQWUXPHQĠLQH
PXOWLIXQFĠLRQDOFXEXWRDQH UHDEHQ]LLGHPHUV
8OHLGHPRWRUYRODQXOPXOWLIXQF ,QGLFDWRUGHGHIHFWDUHDEHFXOXL
ĠLRQDOFXEXWRDQH SHQWUXOăPSLFX/('
7HPSHUDWXUăH[WHULRDUă 0HVDMGHSHGLVSOD\SULYLQGFkUOL
'LVSOD\YRODQPXOWLIXQFĠLRQDOFX JXOGHWUDFWDUHDUHPRUFLLYRODQ
EXWRDQH PXOWLIXQFĠLRQDOFXEXWRDQH
7HWLHUăOX[ 0HVDMGHSHGLVSOD\SULYLQGOXPL
7HWLHUH QLOHYRODQPXOWLIXQFĠLRQDOFX
/X[ EXWRDQH
0RQWDUHDVFRDWHUHDVSDWH 0HVDMGHSHGLVSOD\SULYLQGOXPL
5HJODUH QLOHYRODQXOPXOWLIXQFĠLRQDOFX
5HJODUHHOHFWULFă EXWRDQH
5HJODUHPDQXDOă 6DUFLQăSHSXQWHDGPLVă
5HJODUHVSDWH 7UDFWDUHUHPRUFă
YH]L7HWLHUHOH1(&.352 $OLPHQWDUHHOHFWULFă
YH]L7HWLHUHOH1(&.352WHWLH $VLVWDUHDSDUFăULL
UHOHGHOX[1(&.352 &RQHFWRUFXSLQL
7HWLHUHGHOX[1(&.352 &XSODUHDXQHLUHPRUFL
)XQFĠLRQDUH &XUăĠDUHFkUOLJGHWUDFWDUHD
7HWLHUHOHOX[1(&.352 UHPRUFLL
5HVHWDUHGXSăGHFODQúDUH
,QGH[
8 9LWH]RPHWUXO
YH]L3DQRXOGHLQVWUXPHQWH
8OHL 9LWH]RPHWUXOGLJLWDO
YH]L8OHLGHPRWRU 9LWH]RPHWUXVXSOLPHQWDU
8OHLGHPRWRU 9RODQ
$GLWLYL %XWRDQHYRODQPXOWLIXQFĠLRQDOFX
&DSDFLWDWHGHXPSOHUH EXWRDQH
0HVDMGHSHGLVSOD\YRODQPXOWL %XWRDQHYRODQXOPXOWLIXQFĠLRQDO
IXQFĠLRQDOFXEXWRDQH FXEXWRDQH
0HVDMGHSHGLVSOD\YRODQPXOWL &XUăĠDUH
IXQFĠLRQDOFXEXWRDQH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
1RWHSULYLQGFDOLWăĠLOHXOHLXOXL 5HJODUHHOHFWULFă
7HPSHUDWXUăYRODQXOPXOWLIXQF 5HJODUHPDQXDOă
ĠLRQDOFXEXWRDQH 6HWăULGHPHPRUDUHIXQFĠLDGH
9kVFR]LWDWH PHPRUDUH
8OHLXOGHPRWRU 9RODQPXOWLIXQFĠLRQDOFX
&RPSOHWDUHD EXWRDQH
1RWHSULYLQGQLYHOXOFRQVXPXOGH 8WLOL]DUHFDOFXODWRUGHERUG
XOHL 9RODQPXOWLIXQFĠLRQDOFX
9HULILFDUHDQLYHOXOXLGHXOHL EXWRDQH
9HULILFDUHDQLYHOXOXLGHXOHLFXDMX 8WLOL]DUHFDOFXODWRUGHERUG
WRUXOMRMHL 9RODQXO
0DQHWHGHVFKLPEDUHDYLWH]HORU
9 9RODQXOPXOWLIXQFĠLRQDO
9HQWLODĠLDDX[LOLDUă EXWRDQH
3UREOHPăPHVDMXOGHSHGLVSOD\ YH]L9RODQXOPXOWLIXQFĠLRQDOFX
7HOHFRPDQGD EXWRDQH
9HQWLODĠLHDX[LOLDUă 9RODQXOPXOWLIXQFĠLRQDO
$FWLYDUHGH]DFWLYDUH EXWRDQH
$FWLYDUHGH]DFWLYDUHGHSHFRQ YH]L9RODQXOPXOWLIXQFĠLRQDOFX
VRODFHQWUDOă EXWRDQH
9LGHR'9' 9RODQXOPXOWLIXQFĠLRQDOFX
9LGHR'9'YRODQXOPXOWLIXQFĠLR EXWRDQH
QDOFXEXWRDQH 3UH]HQWDUHJHQHUDOă
9,1 9RODQXOPXOWLIXQFĠLRQDOFX
9LWH]ăFRQWUROXO EXWRDQH
YH]L&RQWUROXOFURD]LHUHL 3UH]HQWDUHJHQHUDOă
9LWH]RPHWUX 9RODQXOPXOWLIXQFĠLRQDOGHOX[
$FWLYDUHGH]DFWLYDUHYLWH]RPHWUX YH]L9RODQXOPXOWLIXQFĠLRQDOFX
VXSOLPHQWDU EXWRDQH
'LJLWDO 9RSVHDXDLQVWUXFĠLXQLGH
ÌQSDQRXOGHLQVWUXPHQWHYRODQ FXUăĠDUH
PXOWLIXQFĠLRQDOFXEXWRDQH
ÌQSDQRXOGHLQVWUXPHQWHYRODQ
PXOWLIXQFĠLRQDOFXEXWRDQH
6HJPHQWH
6HOHFWDUHDXQLWăĠLLGHPăVXUă
,QWURGXFHUH
3URWHFĠLDPHGLXOXLvQFRQMXUăWRU 6WLOXOSHUVRQDOGHFRQGXFHUH
=QXDSăVDĠLSHGDODGHDFFHOHUDĠLHFkQGSRU
1RWH
QLĠLPRWRUXO
1RWăSULYLQGSURWHFĠLDPHGLXOXL =QXvQFăO]LĠLPRWRUXOvQWLPSXOVWDĠLRQăULL
3ROLWLFDGHFODUDWă'DLPOHUHVWHXQDGHSURWH DXWRYHKLFXOXOXL
MDUHLQWHJUDWăDPHGLXOXLvQFRQMXUăWRU =FRQGXFHĠLFXDWHQĠLHúLPHQĠLQHĠLRGLVWDQĠă
2ELHFWLYHOHQRDVWUHYL]HD]ăXWLOL]DUHDUHVXU GHVLJXUDQĠăIDĠăGHDXWRYHKLFXOXOGLQIDĠă
VHORUQDWXUDOHFDUHIRUPHD]ăED]DH[LVWHQĠHL =HYLWDĠLDFFHOHUDUHDIUHFYHQWăúLEUXVFă
QRDVWUHvQWURPDQLHUăFDUHVăLDvQFRQVLGH =VFKLPEDĠLWUHSWHOHGHYLWH]ăODWLPSúLIROR
UDUHDWkWQHFHVLWăĠLOHQDWXULLFkWúLSHFHOHDOH
VLĠLILHFDUHWUHDSWăQXPDLSkQăODÃGLQ
XPDQLWăĠLL
WXUDĠLDPD[LPăDPRWRUXOXL
ùLGXPQHDYRDVWUăSXWHĠLFRQWULEXLODSURWHMD
=RSULĠLPRWRUXOFkQGVWDĠLRQDĠLvQWUDILF
UHDPHGLXOXLSULQXWLOL]DUHDDXWRYHKLFXOXOXL
GXPQHDYRDVWUăvQWURPDQLHUăHFRORJLFă
&RQVXPXOGHFDUEXUDQWúLUDWDGHX]XUăD
5HWXUQDUHDDXWRYHKLFXOHORUSHQWUX
PRWRUXOXLDWUDQVPLVLHLDIUkQHORUúLDSQHX
VFRDWHUHDGLQX]
ULORUGHSLQGGHXUPăWRULLIDFWRUL
=FRQGLĠLLOHGHXWLOL]DUHDDXWRYHKLFXOXOXL 0HUFHGHV%HQ]YDDFFHSWDDXWRYHKLFXOXO
=VWLOXOSHUVRQDOGHFRQGXFHUH
0HUFHGHV%HQ]SHQWUXDOHOLPLQDvQWUXQPRG
HFRORJLFvQFRQIRUPLWDWHFX'LUHFWLYD8QLXQLL
3XWHĠLFRQWURODDPELLIDFWRUL5HĠLQHĠL (XURSHQH8(SULYLQG968
XUPăWRDUHOH
'LUHFWLYD968YL]HD]ăDXWRYHKLFXOHOHFXR
&RQGLĠLLGHXWLOL]DUH PDVăWRWDOăDDXWRYHKLFXOXOXLGHSkQăOD
=HYLWDĠLFăOăWRULLOHVFXUWHvQWUXFkWHOHFUHVF WvQFRQIRUPLWDWHFXUHJOHPHQWăULOHQDĠLR
FRQVXPXOGHFDUEXUDQW QDOH'HPDLPXOĠLDQL0HUFHGHV%HQ]UHV
=DVLJXUDĠLYăFăSUHVLXQHDvQSQHXULDUH SHFWăQRUPHOHVWUXFWXUDOHSUHYă]XWHSULQOHJH
vQWRWGHDXQDYDORDUHDFRUHFWă FDUHSHUPLWUHFLFODUHDúLUHXWLOL]DUHD/DGLV
=HYLWDĠLvQFăUFDUHDLQXWLOăDDXWRYHKLFXOXOXL
SR]LĠLDGXPQHDYRDVWUăVHDIOăRUHĠHDGH
SXQFWH968úLGHXQLWăĠLGHGH]DVDPEODUH
=PRQLWRUL]DĠLFRQVXPXOGHFDUEXUDQWDODXWR
XQGHDXWRYHKLFXOXOGXPQHDYRDVWUăSRDWHIL
YHKLFXOXOXL UHFLFODWvQPRGHFRORJLF2SĠLXQLOHGHUHFL
=VFRDWHĠLVXSRUWXULOHGHSDYLOLRQFkQGQXPDL FODUHDDXWRYHKLFXOHORUúLSLHVHORUVXQWFRQ
DYHĠLQHYRLHGHHOH VWDQWGH]YROWDWHúLvPEXQăWăĠLWH3ULQXUPDUH
=HIHFWXDUHDSHULRGLFăDOXFUăULORUGHVHUYLFH DXWRYHKLFXOXOGXPQHDYRDVWUă0HUFHGHV
ODDXWRYHKLFXOYDFRQWULEXLODSURWHMDUHD %HQ]YDFRQWLQXDGHDVHPHQHDVăFRUHV
PHGLXOXLvQFRQMXUăWRU3ULQXUPDUHWUHEXLH SXQGăFXDQWXPXULORUGHUHFLFODUHVSRULWHvQ
VăUHVSHFWDĠLLQWHUYDOHOHGHVHUYLFH YLLWRUvQWLPSXWLO3XWHĠLREĠLQHLQIRUPDĠLL
=VROLFLWDĠLHIHFWXDUHDLQWHUYHQĠLLORUGHvQWUH VXSOLPHQWDUHGHSHSDJLQDSULQFLSDOă0HUFH
ĠLQHUHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW GHV%HQ]QDĠLRQDOăVDXGHODQXPăUXOGHDVLV
GHH[XQ&HQWUXGHVHUYLFH0HUFHGHV WHQĠăWHOHIRQLFăQDĠLRQDO
%HQ]
(FKLSDUHDXWRYHKLFXO
$FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWHPRGH
OHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUGúLRSĠLR
,QWURGXFHUH
QDOHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWUăGLV 3HULFROGHDFFLGHQWúLUăQLUH
SRQLELOHODGDWDSXEOLFăULLPDQXDOXOXLGHIDĠă /XFUăULOHLQFRUHFWHVDXPRGLILFăULOHDGXVH
(VWHSRVLELOVăH[LVWHGLIHUHQĠHvQIXQFĠLHGH DXWRYHKLFXOXOXLGHH[HPSOXPRGLILFDUHDWUD
ĠDUă9ăUXJăPVăUHĠLQHĠLFăHVWHSRVLELOFD VHXOXLFDEOXULORUHOHFWULFHDUSXWHDDYHDFD
DXWRYHKLFXOXOGXPQHDYRDVWUăVăQXDLEăvQ UH]XOWDWIXQFĠLRQDUHDLQFRUHFWăDVLVWHPHORU
GRWDUHWRDWHFDUDFWHULVWLFLOHGHVFULVH$FHVW GHVLJXUDQĠă$VWIHOHVWHSRVLELOFDVLVWHPHOH
OXFUXHVWHYDODELOúLvQFHSULYHúWHVLVWHPHOHúL GHVLJXUDQĠăVăQXYăPDLSURWHMH]HFRUHV
IXQFĠLLOHUHIHULWRDUHODVLJXUDQĠă3ULQXUPDUH SXQ]ăWRUSHGXPQHDYRDVWUăVDXDOWHSHU
HFKLSDPHQWXOGLQDXWRYHKLFXOXOGXPQHD VRDQH([LVWăGHDVHPHQHDSHULFROXOVăSLHU
YRDVWUăDUSXWHDVăGLIHUHGHFHOSUH]HQWDWvQ GHĠLFRQWUROXODVXSUDDXWRYHKLFXOXOXLúLVăSUR
GHVFULHULúLLOXVWUDĠLL7RDWHVLVWHPHOHFDUHVH YRFDĠLXQDFFLGHQW
JăVHVFvQDXWRYHKLFXOXOGXPQHDYRDVWUăVXQW
'LQDFHVWPRWLYWRDWHOXFUăULOHúLPRGLILFăULOH
PHQĠLRQDWHvQFRQWUDFWXOGHFXPSăUDUHRULJL
DGXVHDXWRYHKLFXOXOXLGHH[HPSOXPRQWDUHD
QDODODXWRYHKLFXOXOXL3HQWUXRULFHvQWUHEăUL
GHHFKLSDPHQWHWUHEXLHHIHFWXDWHGHFăWUH
UHIHULWRDUHODHFKLSDPHQWHúLIXQFĠLRQDUHYă
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
UXJăPVăYăDGUHVDĠLXQXL&HQWUXGHVHUYLFH
0HUFHGHV%HQ]
3HULFROGHDFFLGHQW
/XFUăULOHLQFRUHFWHIHFWXDWHDVXSUDHFKLSD
6LJXUDQĠăvQIXQFĠLRQDUH PHQWHORUHOHFWURQLFHúLDVRIWZDUHXOXLDIH
UHQWSRWvPSLHGLFDIXQFĠLRQDUHDDFHVWRUHFKL
1RWHSULYLQGVLJXUDQĠD SDPHQWH6LVWHPHOHHOHFWURQLFHVXQWLQWHUFR
QHFWDWHSULQLQWHUIHĠH0RGLILFDUHDDFHVWRU
$9(57,60(17 VLVWHPHHOHFWURQLFHSRDWHFDX]DGHIHFĠLXQL
7RDWHLQWHUYHQĠLLOHDVXSUDDXWRYHKLFXOXOXLúL FKLDUVLVWHPHORUFDUHQXDXIRVWPRGLILFDWH
PDLDOHVLQWHUYHQĠLLOHUHOHYDQWHSHQWUXVLJX $VWIHOGHGHIHFĠLXQLSRWSHULFOLWDJUDYVLJX
UDQĠăVDXDVXSUDVLVWHPHORUDVRFLDWHVLJXUDQ UDQĠDIXQFĠLRQDOăDDXWRYHKLFXOXOXLúLvQFRQ
ĠHLWUHEXLHVăILHHIHFWXDWHODXQDWHOLHUGH VHFLQĠăVLJXUDQĠDSHUVRQDOă
VSHFLDOLWDWHDXWRUL]DW$WHOLHUXOGHVSHFLDOLWDWH
'LQDFHVWPRWLYWRDWHOXFUăULOHFDUHLPSOLFă
DXWRUL]DWWUHEXLHVăGLVSXQăGHFXQRúWLQĠHOH
PRGLILFăULDGXVHFRPSRQHQWHORUHOHFWURQLFH
VSHFLDOL]DWHQHFHVDUHúLGHXQHOWHDGHFYDWH
WUHEXLHHIHFWXDWHGHFăWUHXQDWHOLHUGHVSH
SHQWUXDHIHFWXDLQWHUYHQĠLD0HUFHGHV%HQ]
FLDOLWDWHDXWRUL]DW
UHFRPDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH
0HUFHGHV%HQ]vQDFHVWVFRS
3HULFROGHDFFLGHQWúLUăQLUH 1RWHJHQHUDOH
$QXPLWHVLVWHPHGHVLJXUDQĠăIXQFĠLRQHD]ă 8UPăWRDUHOHLQIRUPDĠLLVXQWYDODELOHSHQWUX
GRDUDWXQFLFkQGPRWRUXOHVWHSRUQLW'LQ WRDWHFRPSRQHQWHOHGHVLVWHPHUDGLRGLQ
DFHVWPRWLYQXRSULĠLQLFLRGDWăPRWRUXOvQ DXWRYHKLFXOúLSHQWUX&20$1'
WLPSXOFRQGXFHULLDXWRYHKLFXOXOXLÌQFD]FRQ &RPSRQHQWHOHGHVLVWHPHUDGLRGLQDFHVW
WUDUHVWHSRVLELOFDVLVWHPHOHGHVLJXUDQĠăGLQ DXWRYHKLFXOUHVSHFWăFHULQĠHOHGHED]ăúLDOWH
DXWRYHKLFXOXOGXPQHDYRDVWUăVăQXIXQFĠLR FRQGLĠLLUHOHYDQWHGLQ'LUHFWLYD&(
QH]HFRUHFWúLSULQXUPDUHVăQXPDLSURWH 3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHOD
MH]HFRUHVSXQ]ăWRURFXSDQĠLLDXWRYHKLFXOXOXL RULFH&HQWUXGH6HUYLFH0HUFHGHV%HQ]
([LVWăGHDVHPHQHDSHULFROXOVăSLHUGHĠLFRQ (FKLSDPHQWXOHVWHDSUREDWGHSURGXFăWRUXO
WUROXODVXSUDDXWRYHKLFXOXOXLúLVăSURYRFDĠL DXWRYHKLFXOXOXLvQFRQIRUPLWDWHFX'LUHFWLYD
XQDFFLGHQW &(0DXWRHXURSHDQă&($VWIHOVH
DSUREăIXQFĠLRQDUHDDXWRYHKLFXOXOXLGXPQHD
,QWURGXFHUH
YRDVWUăvQFRQIRUPLWDWHFXVFRSXOSUHYă]XW &RQHFWDUHDHFKLSDPHQWXOXLODLQWHUIDĠDGH
(FKLSDPHQWXOQXQHFHVLWăFHUWLILFDUH GLDJQRVWLFDUHODERUGSRDWHGXFHODUHVHWDUHD
(FKLSDPHQWXOHVWHFRQIRUPFXVSHFLILFDĠLLOH LQIRUPDĠLLORUGHPRQLWRUL]DUHDHPLVLLORU$VW
&(0VSHFLILFHHFKLSDPHQWXOXLúLUHOHYDQWHvQ IHOHVWHSRVLELOFDDXWRYHKLFXOXOVăQXvQGH
FRQIRUPLWDWHFXXUPăWRDUHOHVWDQGDUGHHXUR SOLQHDVFăFHULQĠHOHODXUPăWRUXOWHVWGHFRQ
SHQH WURODOHPLVLLORUVDXODUHYL]LDJHQHUDOă
=(1 'DFăPRWRUXOHVWHRSULWúLVHXWLOL]HD]ăHFKL
=(1
SDPHQWXOGLQLQWHUIDĠDGHGLDJQRVWLFDUHOD
ERUGHVWHSRVLELOFDEDWHULDGHPDURUXOXLVă
3ULQXUPDUHUHVSHFWDUHDVSHFLILFDĠLLORUUHOH VHGHVFDUFH
YDQWHSULYLQGFRPSDWLELOLWDWHDHOHFWURPDJQH
,QWHUIDĠDGHGLDJQRVWLFDUHODERUGHVWHGHVWL
WLFăHVWHJDUDQWDWăSHQWUXDFHVWGLVSR]LWLY
QDWăFRQHFWăULLHFKLSDPHQWXOXLGHGLDJQRVWL
'UHSWXUPDUHLQWHUIHUHQĠHOHSURYRFDWHGH FDUHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
HFKLSDPHQWXOGXPQHDYRDVWUăDVXSUDDOWRU
HFKLSDPHQWHHOHFWULFHHOHFWURQLFHúLLQWHUIH
UHQĠHOHSURYRFDWHDVXSUDHFKLSDPHQWXOXL $WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GXPQHDYRDVWUăGHDOWHHFKLSDPHQWHHOHF
WULFHHOHFWURQLFHSRWILvQPDUHPăVXUăSUH 8QDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGLVSXQHGH
YHQLWH FXQRúWLQĠHOHVFXOHOHúLFDOLILFDUHDQHFHVDUH
SHQWUXDHIHFWXDLQWHUYHQĠLLOHQHFHVDUHDVX
SUDDXWRYHKLFXOXOXLGXPQHDYRDVWUă$FHDVWă
,QWHUIDĠăGHGLDJQRVWLFDUHODERUG VLWXDĠLHHVWHYDODELOăvQSULYLQĠDLQWHUYHQĠLLORU
OHJDWHGHVLJXUDQĠă
$9(57,60(17 5HVSHFWDĠLLQIRUPDĠLLOHGLQEURúXUDGHVHU
ÌQFD]XOvQFDUHFRQHFWDĠLHFKLSDPHQWXOOD YLFH
LQWHUIDĠDGHGLDJQRVWLFDUHODERUGDFHVWD 6ROLFLWDĠLvQWRWGHDXQDHIHFWXDUHDLQWHUYHQĠLL
SRDWHDIHFWDIXQFĠLRQDUHDVLVWHPHORUDXWRYH ORUXUPăWRDUHODXQDWHOLHUGHVSHFLDOLWDWH
KLFXOXOXL$VWIHOSXWHĠLUHGXFHVLJXUDQĠDvQ DXWRUL]DW
IXQFĠLRQDUHDDXWRYHKLFXOXOXLGXPQHDYRDVWUă
=LQWHUYHQĠLLOHJDWHGHVLJXUDQĠă
vQWLPSXOFRQGXFHULL([LVWăXQSHULFROGHDFFL
GHQW =LQWHUYHQĠLLGHVHUYLFHúLGHvQWUHĠLQHUH
1XFRQHFWDĠLQLFLXQHFKLSDPHQWODLQWHUIDĠD =UHSDUDĠLL
GHGLDJQRVWLFDUHODERUG =VFKLPEăULOXFUăULGHLQVWDODUHúLPRGLILFăUL
=LQWHUYHQĠLLODFRPSRQHQWHOHHOHFWURQLFH
$9(57,60(17 0HUFHGHV%HQ]YăUHFRPDQGăVăXWLOL]DĠLXQ
(FKLSDPHQWXOVDXFDEOXULOHGHHFKLSDPHQW &HQWUXGHVHUYLFH0HUFHGHV%HQ]
GHVSULQVHFRQHFWDWHODLQWHUIDĠDGHGLDJQRV
WLFDUHODERUGSRWREVWUXFĠLRQDVSDĠLXOGLQMXUXO
SHGDOHORU(FKLSDPHQWXOVDXFDEOXULOHVHSRW ÌQUHJLVWUDUHDXWRYHKLFXO
SULQGHvQWUHSHGDOHvQFD]GHIUkQDUHVDXDFFH
OHUDUHEUXVFăÌQDFHVWFD]QXYHĠLPDLSXWHD 0HUFHGHV%HQ]OHSRDWHVROLFLWD&HQWUHORU
IUkQDDFĠLRQDDPEUHLDMXOVDXDFFHOHUDGXSă VDOHGHVHUYLFHVăHIHFWXH]HLQVSHFĠLLWHKQLFH
FXPGRULĠL([LVWăXQSHULFROGHDFFLGHQW DVXSUDDQXPLWRUDXWRYHKLFXOHSHQWUXDOH
vPEXQăWăĠLFDOLWDWHDVDXVLJXUDQĠD
1XĠLQHĠLHFKLSDPHQWHVDXFDEOXULvQVSDĠLXO
SHQWUXSLFLRDUHDOúRIHUXOXL 'DFăDĠLDFKL]LĠLRQDWDXWRYHKLFXOXOGHODR
UHSUH]HQWDQĠăDXWRUL]DWăúLVSHFLDOL]DWăLDU
DXWRYHKLFXOXOGXPQHDYRDVWUăQXDIRVWQLFLR
GDWăLQVSHFWDWODXQ&HQWUXGHVHUYLFH0HU
,QWURGXFHUH
FHGHV%HQ]HVWHSRVLELOFDDXWRYHKLFXOXO QLFLGHUăVSXQGHUHDSHQWUXGHIHFĠLXQLD
GXPQHDYRDVWUăVăQXILHvQUHJLVWUDWSH 0HUFHGHV%HQ]QLFLGHJDUDQĠLDSHQWUX
QXPHOHGXPQHDYRDVWUăOD0HUFHGHV%HQ] DXWRYHKLFXOHQRLUHVSHFWLYUXODWHD'DLPOHU
0HUFHGHV%HQ]YăSRDWHRIHULLQIRUPDĠLLSUL $*
YLQGYHULILFăULOHDXWRYHKLFXOXOXLGRDUGDFăGLV
SXQHGHGDWHOHGXPQHDYRDVWUăGHvQUHJLV
WUDUH 'DWHVWRFDWHvQDXWRYHKLFXO
6HUHFRPDQGăVăYăvQUHJLVWUDĠLODXQ&HQWUX
'DWHSULYLQGGHIHFĠLXQLOH
GHVHUYLFH0HUFHGHV%HQ]
,QIRUPDĠL0HUFHGHV%HQ]FkWPDLFXUkQG &RPSRQHQWHOHHVHQĠLDOHSHQWUXIXQFĠLRQDUHD
SRVLELOGHVSUHRULFHPRGLILFDUHDDGUHVHLVDX DXWRYHKLFXOXOXLVXQWGRWDWHFXPHPRULLFX
DSURSULHWDUXOXL GDWHGHGHIHFĠLXQHvQGRWDUHDVWDQGDUG
([LVWăúLGLVSR]LWLYHGHVWRFDUHDGDWHORUFDUH
vQUHJLVWUHD]ăFRPSRQHQWHOHDXWRYHKLFXOXOXL
8WLOL]DUHFRUHFWă vQDQXPLWHVLWXDĠLLGHFRQGXFHUHGHH[
GHFODQúDUHDDLUEDJXULORUVDXLQWHUYHQĠLD
$9(57,60(17 (63
3HDXWRYHKLFXOVXQWIL[DWHGLYHUVHHWLFKHWH $FHVWHGDWHHVWHXWLOL]DWHH[FOXVLYSHQWUXD
DXWRFRODQWHGHDYHUWLVPHQW6FRSXOORUHVWH
=DMXWDODUHPHGLHUHDGHIHFĠLXQLORUúLGHIHF
VăDWUDJăDWHQĠLDGXPQHDYRDVWUăúLDOWRUDSUL
WHORU
YLQGGLYHUVHSHULFROH3ULQXUPDUHQXVFRDWHĠL
=DMXWD0HUFHGHV%HQ]VăRSWLPL]H]HúLVă
QLFLRHWLFKHWăDXWRFRODQWăGHDYHUWLVPHQW
GHFkWGDFăHWLFKHWDDXWRFRODQWăYăRIHUăFODU GH]YROWHIXQFĠLLOHDXWRYHKLFXOXOXL
SHUPLVLXQHvQDFHVWVHQV 'DWHOHQXSRWILXWLOL]DWHSHQWUXDXUPăUL
'DFăVFRDWHĠLHWLFKHWHOHDXWRFRODQWHGHDYHU PLúFăULOHDXWRYHKLFXOXOXL
WLVPHQWGXPQHDYRDVWUăVDXDOWHSHUVRDQH &kQGDXWRYHKLFXOXOGXPQHDYRDVWUăHVWH
SXWHĠLVăQXUHFXQRDúWHĠLDQXPLWHSHULFROH GHSDQDWGH0HUFHGHV%HQ]DFHVWHLQIRUPDĠLL
WHKQLFHSRWILFLWLWHGLQPHPRULDGHGHIHFĠLXQL
5HVSHFWDĠLXUPăWRDUHOHLQIRUPDĠLLFkQGYăXWL $FHDVWăRSHUDĠLHHVWHHIHFWXDWăGHDQJDMDĠLL
OL]DĠLDXWRYHKLFXOXO DXWRUL]DĠLDLUHĠHOHLGHVHUYLFH0HUFHGHV%HQ]
=QRWHOHSULYLQGVLJXUDQĠDGLQDFHVWPDQXDO FXDMXWRUXOXQRUFDOFXODWRDUHGHGLDJQRVWL
=VHFĠLXQHDÄ'DWHWHKQLFHGLQDFHVWPDQXDO
FDUHVSHFLDOH
=UHJOHPHQWăULOHQDĠLRQDOHSULYLQGWUDILFXO
'XSăFHVDUHPHGLDWRGHIHFĠLXQHLQIRUPD
ĠLLOHVXQWúWHUVHGLQPHPRULH&HOHODOWHGDWH
UXWLHU
GLQPHPRULHVXQWFRQVWDQWVXSUDVFULVH
=UHJOHPHQWăULOHGHvQPDWULFXODUHQDĠLRQDOH
SULYLQGWUDILFXOUXWLHU
$OWHGLVSR]LWLYHFDUHVWRFKHD]ăGDWHOH
*DUDQĠLHLPSOLFLWă ÌQIXQFĠLHGHQLYHOXOGHHFKLSDUHDXWRYHKLFX
OXOGXPQHDYRDVWUăSRDWHFRQĠLQHVLVWHPHGH
$YHĠLvQYHGHUHLQGLFDĠLLOHGLQDFHVW FRPXQLFDĠLLúLVDXGLYHUWLVPHQWGHH[GLV
PDQXDOGHH[SORDWDUHSHQWUXRSHUDUHD SR]LWLYHGHQDYLJDĠLHVLVWHPHWHOHIRQLFH
FRUHVSXQ]ăWRDUHDDXWRYHKLFXOXOXLGYV $FHVWHDYăSHUPLWVăVDOYDĠLúLVăHGLWDĠL
SUHFXPúLFXSULYLUHODSRVLELOHOHGDXQHDOH GDWHOHQHFHVDUHSHQWUXXWLOL]DUHDGLVSR]LWLYX
DXWRYHKLFXOXOXL'DXQHOHDVXSUDYHKLFXOX OXLUHVSHFWLY
OXLGYVFDUHDSDUGLQFDX]DvQFăOFăULORU
FODUHDOHDFHVWRULQGLFDĠLLQXVXQWDFRSHULWH
,QWURGXFHUH
,QIRUPDĠLLVXSOLPHQWDUHSULYLQGXWLOL]DUHDGH
H[SULYLQGúWHUJHUHDGDWHORUVHUHJăVHVFvQ
LQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
3RVWXOGHFRQGXFHUH
3DQRXGHLQVWUXPHQWHYRODQFX
EXWRDQH
3UH]HQWDUHJHQHUDOă
3DQRXGHLQVWUXPHQWHYRODQFX
EXWRDQH
9RODQPXOWLIXQFĠLRQDO
&RQVROăFHQWUDOă
3DQRXGHFRPDQGăVLWXDWSHSODIRQ
3DQRXGHFRPDQGăVLWXDWSHSRU
WLHUă
3RVWXOGHFRQGXFHUH
3RVWXOGHFRQGXFHUH
3UH]HQWDUHJHQHUDOă
3DQRXGHLQVWUXPHQWHYRODQFXEXWRDQH
$ILúDMHúLFRPHQ]L
3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C ,QGLFDWRUQLYHODOFDUEXUDQ $ILúDMPXOWLIXQFĠLRQDO
WXOXL
l %XWRQXOGHFRQWURODOLQWHQ
D 7HPSHUDWXUăOLFKLGGH VLWăĠLLSHQWUXLOXPLQDUHD
UăFLUH SDQRXOXLGHLQVWUXPHQWH
URWLĠLvQVHQVRUDUVDXDQWLR
9LWH]RPHWUX UDU
7XURPHWUX
)XQFĠLHVWDUWVWRS(&2
ùWHUJăWRUOXQHWă
7UDQVPLVLHDXWRPDWă
3R]LĠLHWUDQVPLVLHúLSUR
JUDPGHFRQGXFHUH
3DQRXGHLQVWUXPHQWHYRODQFXEXWRDQH
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUH
3UH]HQWDUHJHQHUDOă
3DQRXGHLQVWUXPHQWHYRODQFXEXWRDQH
$ILúDMHúLFRPHQ]L
3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C ,QGLFDWRUQLYHOGHFDUEXUDQW 7XURPHWUX
D 7HPSHUDWXUăOLFKLGGH %XWRQXOGHFRQWURODOLQWHQ
UăFLUH VLWăĠLLSHQWUXLOXPLQDUHD
SDQRXOXLGHLQVWUXPHQWH
9LWH]RPHWUXFXVHJPHQWH URWLĠLvQVHQVRUDUVDXDQWLR
$ILúDMPXOWLIXQFĠLRQDO UDU
3DQRXGHLQVWUXPHQWHYRODQFXEXWRDQH
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUH
3UH]HQWDUHJHQHUDOă
9RODQPXOWLIXQFĠLRQDO
9RODQXOPXOWLIXQFĠLRQDOFXEXWRDQH
3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C $ILúDMPXOWLIXQFĠLRQDO
D 6LVWHPXODXGLRFRQVXOWDĠL $SăVDĠLVFXUW
LQVWUXFĠLXQLOHGHXWLOL]DUH 6HOHFWHD]ăXQPHQLX
VHSDUDWH $SăVDĠLúLPHQĠLQHĠL
DSăVDW
6HOHFWHD]ăDILúDMXOVWDQ
$PSOLILFăYROXPXO GDUG
$WHQXHD]ăYROXPXO
F
'HUXOHD]ăOLVWHOH
6HPRGLILFăYDORULOH
&RQILUPăPHVDMHOHGHSH
GLVSOD\
9RODQPXOWLIXQFĠLRQDO
9RODQXOPXOWLIXQFĠLRQDOFXEXWRDQH
3UH]HQWDUHJHQHUDOă
&RQVROăFHQWUDOă
3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C 6LVWHPXODXGLR&20$1' n &RPSDUWLPHQWGHGHSR]L
2QOLQHFRQVXOWDĠLLQVWUXF WDUH
ĠLXQLOHGHXWLOL]DUHVHSDUDWH 6FUXPLHUă
D rÌQFăO]LUHVFDXQ %ULFKHWă
3UL]ăHOHFWULFă
9HQWLODUHVFDXQ
o 0DQHWăVFKLPEăWRUGH
3$5.7521,& YLWH]H
§%XWRQVWDUWVWRS(&2 0DQHWăVHOHFWRDUH
/6HPQDOL]DWRDUHGH p &RPSDUWLPHQWGHGHSR]L
DYDULH WDUH
6XSRUWSHQWUXSDKDU
k s/DPSăLQGLFDWRDUH
$,5%$*3$6$*(5235,7 q &RPSDUWLPHQWGHGHSR]L
WDUH
l 6HGDQMDOX]HOHOXQHWă
r &RQWUROHU$XGLR&20$1'
t3DFKHWGLQDPLFGH
FRQGXFHUHFXPRGVSRUWLY s 6HOHFWHD]ăSURJUDPXOGH
m FRQGXFHUH
JÌQFăO]LUHDX[LOLDUă
t3DFKHWGLQDPLFGH
FRQGXFHUHFXPRGVSRUWLY
3DQRXGHFRPDQGăVLWXDWSHSODIRQ
3DQRXGHFRPDQGăVLWXDWSHSODIRQ
3UH]HQWDUHJHQHUDOă
3DQRXGHFRPDQGăVLWXDWSHSRUWLHUă
3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C 'HVFKLGHSRUWLHUD b'HVFKLGHvQFKLGH
JHDPXULOHODWHUDOH
D 67'HVFXLHvQFXLH
DXWRYHKLFXOXO k $FWLYHD]ăGH]DFWL
YHD]ăFDUDFWHULVWLFDGH
5HJOHD]ăHOHFWULFVFDXQXO
VXSUDUHJODUHSHQWUXJHD
78@ PXULOHODWHUDOHGLQFRPSDU
0HPRUHD]ăVHWăULOHSHQWUX WLPHQWXOVSDWH
VFDXQRJOLQ]LOHH[WHULRDUH l 6HGDQGHVFKLGH
úLYRODQ
FDSRWDSRUWEDJDMXOXL
kpõq %UHDNFXKD\RQ($6<
5HJOHD]ăúLUDEDWHD]ă 3$&.GHVFKLGHvQFKLGH
H[WLQGHHOHFWULFRJOLQ]LOH KD\RQXO
H[WHULRDUH
,QIRUPDĠLLXWLOH
6LJXUDQĠDRFXSDQĠLORU
3UH]HQĠDFRSLLORUODERUG
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
6LJXUDQĠă
6LVWHPHDQWLIXUW
6LJXUDQĠDRFXSDQĠLORU
,QIRUPDĠLLXWLOH FRQVWLWXLHGRDUXQVLVWHPGHUHWHQĠLHVXSOL
PHQWDUFDUHFRPSOHWHD]ăvQVăIăUăDvQOR
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH FXLFHQWXUDGHVLJXUDQĠă7RĠLSDVDJHULL
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG DXWRYHKLFXOXOXLWUHEXLHVăvúLSRDUWHvQWRW
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD GHDXQDFRUHFWFHQWXUDGHVLJXUDQĠăFKLDU
úLGDFăDXWRYHKLFXOXOHVWHGRWDWFXDLUED
6LJXUDQĠă
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH JXUL$LUEDJXULOHQXVXQWGHFODQúDWHvQWRDWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL WLSXULOHGHDFFLGHQWH'HH[HPSOXvQFD]XO
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP vQFDUHFDSDFLWDWHDGHSURWHFĠLHRIHULWăGH
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF FHQWXULOHGHVLJXUDQĠăFXSODWHFRUHV
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO SXQ]ăWRUQXFUHúWHSULQGHFODQúDUHDDLUED
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH JXULORUDLUEDJXULOHQXVHGHFODQúHD]ă
ULWRDUHODVLJXUDQĠă 'HFODQúDUHDDLUEDJXULORUDVLJXUăRSURWHF
ĠLHFUHVFXWăQXPDLGDFăFHQWXUDGHVLJX
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH UDQĠăHVWHSXUWDWăFRUHFWGHRDUHFH
FLDOLWDWHDXWRUL]DWH3DJLQD =FHQWXUDGHVLJXUDQĠăFRQWULEXLHODPHQ
ĠLQHUHDSDVDJHUXOXLDXWRYHKLFXOXOXLvQ
SR]LĠLHRSWLPăvQUDSRUWFXDLUEDJXO
6LJXUDQĠDRFXSDQĠLORU
=vQWURFROL]LXQHIURQWDOăGHH[HPSOX
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD FHQWXUDGHVLJXUDQĠăSUHYLQHSURLHFWDUHD
SDVDJHUXOXLDXWRYHKLFXOXOXLFăWUHSXQF
&HQWXULOHGHVLJXUDQĠăvPSUHXQăFă6LVWHPXO
WXOGHLPSDFW$VWIHOVHSRDWHUHGXFH
6XSOLPHQWDUGH5HWHQĠLH±656
SHULFROXOGHUăQLUH
3DJLQDVXQWVLVWHPHGHVLJXUDQĠă
FRPSOHPHQWDUHúLFRRUGRQDWH$FHVWHD ÌQDFFLGHQWHOHvQFDUHXQDLUEDJHVWH
UHGXFSHULFROXOGHUăQLUHvQWLSXULVSHFLILFHúL GHFODQúDWHORIHUăRSURWHFĠLHFUHVFXWă
SUHGHILQLWHGHDFFLGHQWHFUHVFkQGvQFRQVH QXPDLGDFăFHQWXUDGHVLJXUDQĠăHVWHSXU
FLQĠăVLJXUDQĠDRFXSDQĠLORU&XWRDWHDFHVWHD WDWăFRUHFW
FHQWXULOHGHVLJXUDQĠăúLDLUEDJXULOHQXSRWvQ 3HULFROGHDFFLGHQWúLUăQLUH
JHQHUDOSUHYHQLUăQLUHDFDX]DWăGHRELHFWHOH
'DFăDFHVWHOXFUăULQXVXQWUHDOL]DWHvQPRG
FDUHSăWUXQGvQDXWRYHKLFXOGLQH[WHULRU
FRUHFWVLJXUDQĠDIXQFĠLRQDOăDDXWRYHKLFXOX
3HQWUXDYăDVLJXUDFăVLVWHPHOHGHVLJXUDQĠă OXLDUSXWHDILDIHFWDWă3XWHĠLSLHUGHFRQWUROXO
SRWDVLJXUDIXQFĠLDORUGHSURWHFĠLHSRWHQĠLDOă DVXSUDDXWRYHKLFXOXOXLúLSURYRFDXQDFFL
FRPSOHWăDVLJXUDĠLYăFă GHQWÌQSOXVHVWHSRVLELOFDVLVWHPHOHGH
=VFDXQXOúLWHWLHUDVXQWUHJODWHFRUHV VLJXUDQĠăVăQXPDLDVLJXUHSURWHFĠLDFRUHV
SXQ]ăWRU3DJLQD SXQ]ăWRDUHDúRIHUXOXLúLDSDVDJHULORU
=FHQWXUDGHVLJXUDQĠăDIRVWFXSODWăFRUHV /XFUăULOHGHvQWUHĠLQHUHWUHEXLHvQFUHGLQĠDWH
SXQ]ăWRU3DJLQD vQWRWGHDXQDXQXLDWHOLHUGHVSHFLDOLWDWHDXWR
=DLUEDJXULOHQXVXQWvPSLHGLFDWHVăVHXPIOH UL]DW$FHVWDGHĠLQHHFKLSDPHQWHOHúLFXQRú
FkQGVHGHVIăúRDUă3DJLQD WLQĠHOHWHKQLFHQHFHVDUHSHQWUXHIHFWXDUHD
=YRODQXOHVWHUHJODWFRUHVSXQ]ăWRU
OXFUăULORUVROLFLWDWHÌQDFHVWVFRS0HUFHGHV
%HQ]UHFRPDQGăDSHODUHDODXQ&HQWUXDXWR
3DJLQD
UL]DWGHYkQ]ăULúLVHUYLFH0HUFHGHV%HQ]
=VLVWHPHOHGHUHWHQĠLHQXDXIRVWPRGLILFDWH
(VWHSULRULWDUăvQFUHGLQĠDUHDOXFUăULORUFH
G 8QDLUEDJFUHúWHQLYHOXOGHSURWHFĠLHD LPSOLFăVLJXUDQĠDúLVLVWHPHOHGHVLJXUDQĠă
SDVDJHULORUDXWRYHKLFXOXOXLFDUHSRDUWăR XQXLDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
FHQWXUăGHVLJXUDQĠă3ULQXUPDUHDFHVWD
6LJXUDQĠDRFXSDQĠLORU
3HULFROGHUăQLUH /DPSăGHDYHUWL]DUH656
0RGLILFăULOHúLOXFUăULOHHIHFWXDWHLQFRUHFW )XQFĠLLOH656VXQWYHULILFDWHUHJXODWFkQG
DVXSUDXUPăWRDUHORUHOHPHQWHSRWREVWUXF FXSODĠLFRQWDFWXOúLFkQGPRWRUXOIXQFĠLR
ĠLRQDIXQFĠLRQDUHDFRUHVSXQ]ăWRDUHDVLVWH QHD]ă3ULQXUPDUHGHIHFĠLXQLOHSRWILGHWHF
PHORUGHUHWHQĠLH WDWHvQWLPSXWLO
6LJXUDQĠă
=VLVWHPXOGHUHWHQĠLHDOFăWXLWGLQFHQWXULOH /DPSDGHDYHUWL]DUHu656GLQSDQRXOGH
GHVLJXUDQĠăúLSXQFWHOHGHDQFRUDUHDOH LQVWUXPHQWHVHDSULQGHFkQGFRQWDFWXOHVWH
DFHVWRUDGLVSR]LWLYHOHGHSUHWHQVLRQDUH FXSODW$FHDVWDVHVWLQJHODQXPDLWkU]LXGH
OLPLWDWRDUHOHGHIRUĠăúLDLUEDJXULOH FkWHYDVHFXQGHGXSăFHPRWRUXOHVWHSRUQLW
=FDEOXULOHHOHFWULFH
$9(57,60(17
=VLVWHPHOHHOHFWURQLFHLQWHUFRQHFWDWH
'DFă656HVWHGHIHFWVLVWHPHOHLQGLYLGXDOH
(VWHSRVLELOFDDLUEDJXULOHVDXGLVSR]LWLYHOHGH SRWILDFWLYDWHQHLQWHQĠLRQDWVDXVHSRW
SUHWHQVLRQDUHDFHQWXULORUVăQXILHGHFODQ GHFODQúDvQFD]XOXQXLDFFLGHQWFXRGHFHOH
úDWHvQFD]GHDFFLGHQWvQVLWXDĠLLvQFDUH UDUHUDSLGăDDXWRYHKLFXOXOXL
GHFHOHUDUHDDUILVXILFLHQWăSHQWUXDGHFODQúD $VXUYHQLWRGHIHFĠLXQHGDFă
vQPRGQRUPDODFHVWHVLVWHPHVDXHVWHSRVL
=ODPSDGHDYHUWL]DUHu656QXVH
ELOFDVLVWHPHOHVăILHGHFODQúDWHFkQGQXHVWH
FD]XO'LQDFHVWPRWLYVLVWHPHOHGHUHWHQĠLH DSULQGHFkQGFRQWDFWXOHVWHFXSODW
QXWUHEXLHQLFLRGDWăPRGLILFDWH =PRWRUXOIXQFĠLRQHD]ăúLODPSDGHDYHUWL
1XHIHFWXDĠLQLFLRGDWăPRGLILFăULODVLVWHPHOH ]DUHu656QXVHVWLQJHGXSăFkWHYD
HOHFWURQLFHVDXODVRIWZDUHXODVRFLDWDFHV VHFXQGH
WRUD =PRWRUXOIXQFĠLRQHD]ăúLODPSDGHDYHUWL]DUH
u656VHDSULQGHGLQQRX
ÌQDFHVWFD]VROLFLWDĠLLPHGLDWYHULILFDUHD656
6566LVWHPXO6XSOLPHQWDUGH5HWHQ ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW0HUFH
ĠLH GHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ&HQWUXGH
VHUYLFH0HUFHGHV%HQ]vQDFHVWVFRS
,QWURGXFHUH
ÌQVSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLVWHPH
656FRQVWăGLQ ORUGHVLJXUDQĠăVDXFRUHODWHFXVLJXUDQĠDVH
=ODPSDGHDYHUWL]DUHu656 YRUHIHFWXDODXQDWHOLHUGHVSHFLDOLWDWHDXWR
=$LUEDJXUL
UL]DW
=XQLWDWHDGHFRPDQGăDDLUEDJXULORUFXVHQ
]RULGHLPSDFW 'HFODQúDUHDvQWLQ]ăWRDUHORUFHQWXULLD
OLPLWDWRDUHORUGHIRUĠăSHQWUXFHQWXUăúL
=ÌQWLQ]ăWRDUHGHFHQWXUă
DDLUEDJXULORU
=OLPLWDWRDUHOHGHIRUĠăSHQWUXFHQWXUă
ÌQSULPDID]ăDXQHLFROL]LXQLXQLWDWHGH
656UHGXFHULVFXOFRQWDFWXOXLGLQWUHSDVDJHUL
FRPDQGăDDLUEDJXULORUHYDOXHD]ăGDWHIL]LFH
úLLQWHULRUXODXWRYHKLFXOXOXLvQFD]GHDFFL
LPSRUWDQWHSULYLQGGHFHOHUDUHDVDXDFFHOHUD
GHQW$FHVWDSRDWHGHDVHPHQHDVăUHGXFă
UHDDXWRYHKLFXOXOXLSUHFXP
HIHFWXOIRUĠHORUODFDUHVXQWVXSXúLSDVDJHULL
vQFD]GHDFFLGHQW =GXUDWă
=GLUHFĠLH
=DPSORDUH
6LJXUDQĠDRFXSDQĠLORU
ÌQIXQFĠLHGHHYDOXDUHDDFHVWRUGDWHXQLWDWHD 9LWH]DGHGHFHOHUDUHVDXDFFHOHUDUHDDXWR
GHFRPDQGăDDLUEDJXULORUGHFODQúHD]ăSUH YHKLFXOXOXLúLGLUHFĠLDIRUĠHLVXQWvQSULQFLSLX
YHQWLYvQWLQ]ăWRDUHOHGHFHQWXUăvQSULPDID]ă GHWHUPLQDWHGH
G ÌQWLQ]ăWRDUHOHGHFHQWXUăIDĠăSRWIL =GLVWULEXĠLDIRUĠHORUvQWLPSXOFROL]LXQLL
GHFODQúDWHGRDUGDFăOLPELOHFHQWXULORUGH =XQJKLXOFROL]LXQLL
6LJXUDQĠă
VLJXUDQĠăGLQVFDXQHOHIDĠăVXQWFXSODWH =FDUDFWHULVWLFLOHGHGHIRUPDUHDOHDXWRYHKL
FRUHFWvQFDWDUDPHOHGHEORFDUHDOHFHQWX FXOXOXL
ULORUGHVLJXUDQĠă =FDUDFWHULVWLFLOHRELHFWXOXLFXFDUHDLQWUDWvQ
'DFăH[LVWăRGHFHOHUDUHVDXDFFHOHUDUHD FROL]LXQHDXWRYHKLFXOXO
DXWRYHKLFXOXOXLúLPDLPDUHvQGLUHFĠLHORQJL )DFWRULLFDUHSRWGRDUILYă]XĠLúLPăVXUDĠL
WXGLQDOăDLUEDJXULOHIURQWDOHVXQWGHDVHPH GXSăVXUYHQLUHDXQHLFROL]LXQLQXDXXQURO
QHDGHFODQúDWH GHFLVLYvQGHFODQúDUHDDLUEDJXOXLúLQXRIHUăR
$XWRYHKLFXOXOGXPQHDYRDVWUăGLVSXQHGHDLU LQGLFDĠLHSULYLQGGHFODQúDUHDDLUEDJXOXL
EDJXULIURQWDOHDGDSWLYHvQGRXăID]H8QLWD $XWRYHKLFXOXOSRDWHVXIHULGHIRUPăULVHPQL
WHDGHFRPDQGăDDLUEDJXULORUHYDOXHD]ă ILFDWLYHGHH[ODFDSRWăVDXODDULSăIăUăFD
GHFHOHUDUHDVDXDFFHOHUDUHDDXWRYHKLFXOXOXL XQDLUEDJVăILHGHFODQúDW$FHDVWăVLWXDĠLH
vQFD]GHFROL]LXQHÌQSULPDID]ăGHGHFODQ DSDUHGDFăQXPDLSăUĠLOHUHODWLYXúRUGHIRU
úDUHDLUEDJXOIURQWDOHVWHXPSOXWFXGHVWXO PDELOHVXQWDIHFWDWHúLYLWH]DGHGHFHOHUDUH
JD]SURSXOVRUSHQWUXDUHGXFHSHULFROXOGH QXHVWHPDUH3HGHDOWăSDUWHDLUEDJXULOHSRW
UăQLUH$LUEDJXOIURQWDOHVWHFRPSOHWGHFODQ ILGHFODQúDWHúLGDFăDXWRYHKLFXOXOVXIHUă
úDWGDFăXQDOGRLOHDSUDJGHGHFODQúDUHHVWH QXPDLGHIRUPăULPLQRUH/XFUXULOHVWDXDVWIHO
GHSăúLWvQGHFXUVGHFkWHYDPLOLVHFXQGH vQFD]XOvQFDUHGHH[HPSOXSăUĠLOHIRDUWH
3UDJXULOHvQWLQ]ăWRUXOXLFHQWXULLúLDOH ULJLGHDOHDXWRYHKLFXOXOXLFXPDUILHOHPHQWH
GHFODQúăULLDLUEDJXOXLVXQWYDULDELOHúLVXQW ORQJLWXGLQDOHDOHFDURVHULHLVXQWORYLWHLDU
DGDSWDWHODYLWH]DGHGHFHOHUDUHVDXDFFHOH GHFHOHUDUHDVXUYHQLWăGUHSWXUPDUHHVWHVXIL
UDUHDDXWRYHKLFXOXOXL$FHVWSURFHVHVWHGH FLHQWă
QDWXUăSUHYHQWLYă3URFHVXOGHGHFODQúDUH
WUHEXLHVăVHHIHFWXH]HvQWLPSXWLOODvQFHSX
WXOFROL]LXQLL $LUEDJXUL
G $LUEDJXULOHQXVXQWGHFODQúDWHvQWRDWH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
WLSXULOHGHDFFLGHQWH'HDVHPHQHDQX
WRDWHDLUEDJXULOHVXQWGHFODQúDWHvPSUHXQă 'HFODQúDUHDDLUEDJXOXLvQFHWLQHúWHúLOLPL
ODXQDFFLGHQW6LVWHPHOHGHDLUEDJXULGLIH WHD]ăGHSODVDUHDSDVDJHUXOXLDXWRYHKLFXOX
ULWHIXQFĠLRQHD]ăLQGHSHQGHQWXQXOGH OXL
FHOăODOW 'DFăDLUEDJXULOHVXQWGHFODQúDWHYHĠLDX]LR
0RGXOGHIXQFĠLRQDUHDOVLVWHPXOXLGHDLU H[SOR]LHúLHVWHSRVLELOVăVHGHJDMH]HúLR
EDJXULHVWHGHWHUPLQDWGHJUDYLWDWHDFROL PLFăFDQWLWDWHGHSXOEHUH=JRPRWXOGHH[SOR
]LXQLLGHWHFWDWHPDLDOHVGHGHFHOHUDUHD ]LHDIHFWHD]ăDX]XOGRDUvQVLWXDĠLLUDUH'H
VDXDFFHOHUDUHDDXWRYHKLFXOXOXLúLGHWLSXO UHJXOăSXOEHUHDGHJDMDWăQXFRQVWLWXLHXQ
DSDUHQWGHDFFLGHQW SHULFROSHQWUXVăQăWDWH/DPSDGHDYHUWL]DUH
656uVHDSULQGH
=FROL]LXQHIURQWDOă
3XQFWHOHGHLQVWDODUHDDLUEDJXULORUVXQWLGHQ
=LPSDFWODWHUDO
WLILFDWHSULQVLPEROXO$,5%$*
=LPSDFWGLQVSDWH
6LJXUDQĠDRFXSDQĠLORU
6LJXUDQĠă
ULVFXOGHUăQLJUDYHVDXFKLDUIDWDOHSURYRFDWH FRSLOVDXGDFăVLVWHPXOGXPQHDYRDVWUăGH
GHGHFODQúDUHDDLUEDJXOXL UHWHQĠLHSHQWUXFRSLLRULHQWDWVSUHVSDWHQX
GLVSXQHGHUHFXQRDúWHUHDDXWRPDWăD
=WRĠLSDVDJHULLDXWRYHKLFXOXOXL±vQVSHFLDO
VFDXQXOXLSHQWUXFRSLOFRSLLLWUHEXLHVăILH
IHPHLOHvQVăUFLQDWH±WUHEXLHVăSRDUWH
IL[DĠLvQWUXQVLVWHPGHUHWHQĠLHSHQWUXFRSLL
vQWRWGHDXQDFRUHFWFHQWXUDGHVLJXUDQĠăúL
SHXQVFDXQDGHFYDWGLQVSDWH'DFăIL[DĠL
VăVHVSULMLQHGHVSăWDUFDUHWUHEXLHSR]L
XQVLVWHPGHUHWHQĠLHSHQWUXFRSLLRULHQWDW
ĠLRQDWFkWPDLDSURDSHGHYHUWLFDOă&DSXO
VSUHIDĠăvQVFDXQXOSDVDJHUXOXLIDĠăWUH
WUHEXLHVăVHSRDWăVSULMLQLSHWHWLHUăDSUR
EXLHVăGHSODVDĠLVFDXQXOSDVDJHUXOXLIDĠă
[LPDWLYODQLYHOXORFKLORU
FkWPDLPXOWvQVSDWHSRVLELO
=IL[DĠLvQWRWGHDXQDFRSLLLPDLPLFLGHP
=$VLJXUDĠLYăFăQXDYHĠLQLFLXQRELHFWJUHX
úLVXEDQLvQVLVWHPHGHUHWHQĠLHSHQWUX
VDXDVFXĠLWvQEX]XQDUHOHKDLQHORU
FRSLLDGHFYDWH
=QXYăvQFOLQDĠLvQDLQWHGHH[SHVWHFDSDFXO
=WRĠLSDVDJHULLDXWRYHKLFXOXOXLWUHEXLHVă
DLUEDJXOXLúRIHUXOXLSDVDJHUXOXLIDĠă
VHOHFWH]HRSR]LĠLHDVFDXQXOXLFkWPDL
vQGHRVHELFkQGDXWRYHKLFXOXOHVWHvQPLú
vQGHSăUWDWăGHDLUEDJSRVLELO3R]LĠLDVFDX
FDUH
QXOXLúRIHUXOXLWUHEXLHVăSHUPLWăFRQGXFH
=QXYăSXQHĠLSLFLRDUHOHSHSODQúDGHERUG
UHDDXWRYHKLFXOXOXLvQVLJXUDQĠă3LHSWXO
úRIHUXOXLWUHEXLHVăILHFkWPDLGHSDUWHSRVL =PDQHYUDĠLYRODQXOQXPDLGHH[WHULRU$VWIHO
ELOGHFHQWUXOFDSDFXOXLDLUEDJXOXLúRIHUXOXL SHUPLWHĠLGHVIăúXUDUHDFRPSOHWăDDLUEDJX
=GHSODVDĠLVFDXQXOSDVDJHUXOXLIDĠăFkWPDL OXL(VWHSRVLELOVăVXIHULĠLUăQLGDFăDLUEDJXO
vQDSRLSRVLELO$FHDVWăDILUPDĠLHHVWH HVWHGHFODQúDWúLGXPQHDYRDVWUăĠLQHĠL
LPSRUWDQWăPDLDOHVGDFăDĠLIL[DWXQFRSLO YRODQXOGHLQWHULRU
vQVLVWHPXOGHUHWHQĠLHSHQWUXFRSLLGHSH =QXYăVSULMLQLĠLGHSRUWLHUHFkQGYăDIODĠLvQ
VFDXQXOSDVDJHUXOXLIDĠă LQWHULRUXODXWRYHKLFXOXOXL
=SDVDJHULLDXWRYHKLFXOXOXL±úLPDLDOHVFRSLLL =DVLJXUDĠLYăFăQXH[LVWăQLFLRSHUVRDQă
±QXWUHEXLHVăúLĠLQăFDSHWHOHvQ]RQDJHD DQLPDOVDXRELHFWvQWUHSDVDJHULLDXWRYHKL
PXOXLvQFDUHVHGHFODQúHD]ăDLUEDJXOODWH FXOXOXLúL]RQDvQFDUHVHGHFODQúHD]ăDLU
UDODLUEDJXOWLSFRUWLQă EDJXULOH
=VLVWHPHOHGHUHWHQĠLHSHQWUXFRSLLRULHQWDWH =QXDPSODVDĠLRELHFWHvQWUHVSăWDUXOVFDX
VSUHVSDWHQXWUHEXLHVăILHIL[DWHSHVFDX QXOXLúLSRUWLHUă
QXOSDVDJHUXOXLIDĠăGHFkWGDFăDLUEDJXO =QXVXVSHQGDĠLRELHFWHGXUHGHH[HPSOX
SHQWUXSDVDJHUXOIDĠăDIRVWGH]DFWLYDW/D XPHUDúHGHPkQHUHOHGHVXVĠLQHUHVDXGH
VFDXQXOSDVDJHUXOXLIDĠăDLUEDJXOSDVDJH FkUOLJHOHSHQWUXKDLQH
UXOXLIDĠăHVWHGH]DFWLYDWGDFăXQVLVWHPGH =1XSXQHĠLDFFHVRULLGHH[VXSRUWXULSHQWUX
UHWHQĠLHSHQWUXFRSLLFXWUDQVSRQGHUSHQWUX SDKDUHSHSRUWLHUH
UHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQ QXVHSRDWHHOLPLQDvQWRWDOLWDWHSHULFROXOGH
WUXFRSLOHVWHPRQWDWSHVFDXQXOSDVDJHUX UăQLUHSURYRFDWGHDLUEDJXULGLQFDX]DYLWH]HL
OXLIDĠăvQWUXQDXWRYHKLFXOGRWDWFXUHFX ULGLFDWHODFDUHDLUEDJXOWUHEXLHVăILHGHFODQ
QRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUX úDW
FRSLO/DPSDLQGLFDWRDUHs3$66(1
6LJXUDQĠDRFXSDQĠLORU
$9(57,60(17
)XQFĠLRQDUHDDLUEDJXULORUSRDWHILDVLJXUDWă
QXPDLGDFăXUPăWRDUHOHSăUĠLQXVXQWDFRSH
ULWHúLQXVXQWIL[DWHHPEOHPHVDXHWLFKHWH
DXWRFRODQWHSHHOH
6LJXUDQĠă
=SRUĠLXQHDFDSLWRQDWăDYRODQXOXL
=FDSDFSHQWUXDLUEDJXOSHQWUXJHQXQFKLVXE
FRORDQDGHGLUHFĠLH
=FDSDFXODLUEDJXOXLSDVDJHUXOXLIDĠă
=SDUWHDH[WHULRDUăDSHUQHORUGHVFDXQIDĠă
=RUQDPHQWODWHUDOOkQJăVSăWDUXOVFDXQXOXL
$LUEDJXOúRIHUXOXLCVHGHFODQúHD]ăvQIDĠD
VSDWH YRODQXOXLDLUEDJXOSDVDJHUXOXLIDĠăDVH
=FDSDFXOFDGUXOXLGHSDYLOLRQGLQWUHVWkOSXO
GHFODQúHD]ăvQIDĠDúLGHDVXSUDWRUSHGRXOXL
$IDĠăúLVWkOSXO&GLQFRPSDUWLPHQWXOVSDWH $FHVWHDVXQWGHFODQúDWH
=ODvQFHSXWXOXQXLDFFLGHQWFXRGHFHOHUDUH
3HULFROGHUăQLUH VDXDFFHOHUDUHDDXWRYHKLFXOXOXLULGLFDWă
ÌQWLPSXOXPIOăULLDLUEDJXULORUHVWHHOLEHUDWăR SHGLUHFĠLHORQJLWXGLQDOă
FDQWLWDWHPLFăGHSUDI(VWHSRVLELOFDSUDIXO =GDFăVLVWHPXOVWDELOHúWHFăGHFODQúDUHD
VăFDX]H]HGLILFXOWăĠLWHPSRUDUHGHUHVSLUDĠLH DLUEDJXOXLSRDWHRIHULRSURWHFĠLHVXSOLPHQ
SHUVRDQHORUEROQDYHGHDVWPVDXFXSUREOHPH WDUăIDĠăGHFHDRIHULWăGHFHQWXUDGHVLJX
UHVSLUDWRULL UDQĠă
3HQWUXHYLWDUHDHYHQWXDOHORUGLILFXOWăĠLUHVSL =GDFăFHQWXUDGHVLJXUDQĠăHVWHSULQVă
UDWRULLHVWHUHFRPDQGDWVăSăUăVLĠLDXWRYHKL =LQGHSHQGHQWGHDOWHDLUEDJXULGLQDXWRYH
FXOXOLPHGLDWFHSXWHĠLUHDOL]DDFHVWOXFUX'H KLFXO
DVHPHQHDSXWHĠLGHVFKLGHXQJHDPSHQWUXD
$LUEDJXOSDVDJHUXOXLIDĠăDHVWHDFWLYDWGRDU
SHUPLWHLQWUDUHDDHUXOXLSURDVSăWvQKDELWDFOX
GDFăVLVWHPXOVWDELOHúWHFăVFDXQXOSDVDJH
3UDIXOQXHVWHSHULFXORVSHQWUXVăQăWDWHúLQX
UXOXLIDĠăHVWHRFXSDW/DPSDLQGLFDWRDUH
LQGLFăSUH]HQĠDXQXLLQFHQGLXvQDXWRYHKLFXO
3$66(1*(5$,5%$*2))$,5%$*3$6$*(5
235,7sGHSHFRQVRODFHQWUDOăQXHVWH
$9(57,60(17
DSULQVă3DJLQD$VWIHOVHLQGLFăIDS
&RPSRQHQWHOHDLUEDJXOXLVHvQFLQJGXSăFH WXOFăXQVLVWHPGHUHWHQĠLHSHQWUXFRSLLIăUă
DLUEDJXODIRVWGHFODQúDW(YLWDĠLDWLQJHUHD UHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUX
DFHVWRUDvQFD]FRQWUDUHVWHSRVLELOVăVXIHULĠL FRSLODIRVWPRQWDWVDXFăXQVLVWHPGHUHWHQ
DUVXUL ĠLHSHQWUXFRSLLFXUHFXQRDúWHUHDDXWRPDWăD
6ROLFLWDĠLvQORFXLUHDDLUEDJXULORUODXQDWHOLHU VFDXQXOXLSHQWUXFRSLOHVWHPRQWDWLQFRUHFW
GHVSHFLDOLWDWHDXWRUL]DWÌQFD]FRQWUDUSDVD
JHULLQXVXQWSURWHMDĠLGHDLUEDJXULvQHYHQWXD 1XDúH]DĠLRELHFWHJUHOHSHVFDXQXOSDVD
OLWDWHDSURGXFHULLXQXLQRXDFFLGHQW JHUXOXLIDĠă6LVWHPXOSRDWHGHWHFWDDVWIHO
GDFăVFDXQXOHVWHRFXSDWúLGDFăH[LVWăXQ
DFFLGHQWVLVWHPHOHGHUHWHQĠLHGHSHSDU
$LUEDJXULIURQWDOH WHDSDVDJHUXOXLIDĠăDUSXWHDILGHFODQúDWH
$LUEDJXULOHIURQWDOHPăUHVFSURWHFĠLDFDSXOXL 6ROLFLWDĠLvQORFXLUHDVLVWHPHORUGHVLJXUDQĠă
úLSLHSWXOXLúRIHUXOXLúLSDVDJHUXOXLIDĠă GHFODQúDWH
6LJXUDQĠDRFXSDQĠLORU
$LUEDJSHQWUXJHQXQFKLLúRIHUXOXL &kQGVXQWGHFODQúDWHDLUEDJXULOHODWHUDOH
RIHUăRSURWHFĠLHVXSOLPHQWDUăDWRUDFHOXL
G $LUEDJXOSHQWUXJHQXQFKLLúRIHUXOXLHVWH
SDVDJHULORUDXWRYHKLFXOXOXLGHSHSDUWHDDXWR
GLVSRQLELOQXPDLvQDQXPLWHĠăUL
YHKLFXOXOXLXQGHVXUYLQHLPSDFWXO&XWRDWH
$LUEDJXOSHQWUXJHQXQFKLLúRIHUXOXLFUHúWH DFHVWHDHOHQXSURWHMHD]ă
SURWHFĠLDúRIHUXOXLFRQWUD
6LJXUDQĠă
=FDSXO
=UăQLORUODJHQXQFKL =JkWXO
=UăQLORUODFRDSVă =EUDĠHOH
=UăQLORUODSDUWHDLQIHULRDUăDSLFLRUXOXL
([HPSOX6HGDQ
$LUEDJXOSHQWUXJHQXQFKLLúRIHUXOXLCHVWH $LUEDJXULOHODWHUDOHIURQWDOHCúLDLUEDJXULOH
vQWRWGHDXQDGHFODQúDWRGDWăFXDLUEDJXOúRIH ODWHUDOHVSDWHDVHGHFODQúHD]ăOkQJăSHU
UXOXLúLVHXPIOăVXEFRORDQDGHGLUHFĠLH QHOHVFDXQHORUH[WHULRDUH
$LUEDJXULOHODWHUDOHVXQWGHFODQúDWH
$LUEDJXULODWHUDOH
=SHODWHUDODSHFDUHVXUYLQHXQLPSDFW
$9(57,60(17 =ODvQFHSXWXOXQXLDFFLGHQWFXRGHFHOHUDUH
'DFăGRULĠLVăXWLOL]DĠLKXVHOHGHVFDXQ0HU VDXDFFHOHUDUHODWHUDOăDDXWRYHKLFXOXOXL
FHGHV%HQ]YăUHFRPDQGăFDGLQPRWLYHGH ULGLFDWăGHH[vQWUXQLPSDFWODWHUDO
VLJXUDQĠăVăXWLOL]DĠLQXPDLKXVHGHVFDXQ =LQGHSHQGHQWGHXWLOL]DUHDFHQWXULLGHVLJX
DSUREDWHSHQWUXDXWRYHKLFXOHOH0HUFHGHV UDQĠă
%HQ] =LQGHSHQGHQWGHDLUEDJXULOHIURQWDOH
+XVHOHVFDXQHORUWUHEXLHVăGLVSXQăGHR =LQGHSHQGHQWGHvQWLQ]ăWRDUHOHGHFHQWXUă
FXVăWXUăGHUXSHUHVSHFLDOăSHQWUXDLUEDJX
ULOHODWHUDOHÌQFD]FRQWUDUDLUEDJXULOHODWHUDOH
$LUEDJXULWLSFRUWLQă
QXVHSRWGHFODQúDFRUHFWúLQXYRURIHULJUDGXO
GHSURWHFĠLHSUHYă]XWvQFD]GHDFFLGHQW $LUEDJXULOHWLSFRUWLQăVSRUHVFQLYHOXOGHSUR
+XVHOHFRUHVSXQ]ăWRDUHDOHVFDXQHORUSRWIL WHFĠLHSHQWUXFDSvQVăQXúLSHQWUXSLHSWXO
REĠLQXWHGHODXQ&HQWUXGHVHUYLFH0HUFHGHV VDXEUDĠHOHSDVDJHULORUDXWRYHKLFXOXOXLGHSH
%HQ] SDUWHDDXWRYHKLFXOXOXLSHFDUHVXUYLQHLPSDF
WXO
$LUEDJXULOHWLSFRUWLQăVXQWLQWHJUDWHvQODWH
UDODFDGUXOXLSDYLOLRQXOXLúLVHGHFODQúHD]ăvQ
]RQDGHODVWkOSXO$ODVWkOSXO&
6LJXUDQĠDRFXSDQĠLORU
35(6$)(LDXUPăWRDUHOHPăVXULvQIXQFĠLH
GHVLWXDĠLDSHULFXORDVăGHWHFWDWă
=FHQWXULOHGHVLJXUDQĠăIDĠăVXQWSUHWHQVLR
QDWH
=DXWRYHKLFXOHOHFXIXQFĠLHGHPHPRUDUH
6LJXUDQĠă
UHJOHD]ăVFDXQXOSDVDJHUXOXLIDĠăGDFăVH
DIOăvQWURSR]LĠLHQHIDYRUDELOă
=GDFăDXWRYHKLFXOXOGHUDSHD]ăWUDSDJOL
VDQWăWUDSDJOLVDQWăSDQRUDPLFăúLJHDPX
ULOHODWHUDOHVXQWvQFKLVHPHQĠLQkQGXVH
6HGDQH[HPSOX GRDURPLFăvQWUHGHVFKLGHUH
$LUEDJXULOHWLSFRUWLQăCVXQWGHFODQúDWH 'DFăVLWXDĠLDSHULFXORDVăWUHFHIăUăDVHSUR
=SHODWHUDODSHFDUHVXUYLQHXQLPSDFW GXFHXQDFFLGHQW35(6$)(UHGXFHSUHWHQ
VLRQDUHDFHQWXULL3UHVLXQHDDHUXOXLGLQSHU
=ODvQFHSXWXOXQXLDFFLGHQWFXRGHFHOHUDUH
QHOHODWHUDOHDOHVFDXQXOXLPXOWLFRQWXUHVWH
VDXDFFHOHUDUHODWHUDOăDDXWRYHKLFXOXOXL UHGXVăGLQQRX7RDWHVHWăULOHUHDOL]DWHGH
ULGLFDWăGHH[vQWUXQLPSDFWODWHUDO
35(6$)(SRWILDSRLLQYHUVDWH
=LQGLIHUHQWGDFăVFDXQXOSDVDJHUXOXLIDĠă
'DFăFHQWXULOHGHVLJXUDQĠăQXVXQWHOLEHUDWH
HVWHRFXSDW
=LQGHSHQGHQWGHXWLOL]DUHDFHQWXULLGHVLJX 'HSODVDĠLVSăWDUXOVDXVFDXQXOSXĠLQvQDSRL
UDQĠă GDUQXPDLFkQGDXWRYHKLFXOXOVWDĠLRQHD]ă
=LQGHSHQGHQWGHDLUEDJXULOHIURQWDOH
3UHWHQVLRQDUHDFHQWXULLHVWHUHGXVăúL
PHFDQLVPXOGHEORFDUHHVWHHOLEHUDW
$9(57,60(17
35(6$)(SURWHFĠLHSUHYHQWLYăD &kQGUHJODĠLVFDXQXODVLJXUDĠLYăFăQXSRDWH
RFXSDQĠLORU UăPkQHQLPHQLSULQVvQWUHHOHPHQWH
35(6$)(LDPăVXULSUHYHQWLYHSHQWUXDSUR
WHMDSDVDJHULLvQDQXPLWHVLWXDĠLLSHULFXORDVH $VLJXUDĠLYăFăQXVHDIOăRELHFWHvQVSD
ĠLXOSHQWUXSLFLRDUHVDXvQVSDWHOHVFDXQHORU
35(6$)(LQWHUYLQH
FkQGGHSODVDĠLVFDXQXOvQDSRL([LVWăULVFXO
=vQVLWXDĠLLGHIUkQDUHGHXUJHQĠăGHH[ FDVFDXQHOHúLVDXRELHFWHOHVăVXIHUH
GDFă%$6HVWHDFWLYDWVDXSHQWUXDXWRYH GHWHULRUăUL
KLFXOHFX',67521,&3/86%$63/86
,QIRUPDĠLLOHVXSOLPHQWDUHSULYLQGUHJODUHD
LQWHUYLQHSXWHUQLF
FHQWXULLGHVLJXUDQĠăRIXQFĠLHGHDVLVWDUH
=GDFăVLVWHPXOGHVHQ]RULUDGDUGHWHFWHD]ă
LQWHJUDWăvQ35(6$)(VHUHJăVHVFvQVHF
XQSHULFROLPLQHQWGHFROL]LXQHvQDQXPLWH ĠLXQHDÄ5HJODUHDFHQWXULLGHVLJXUDQĠă
VLWXDĠLLODDXWRYHKLFXOHOHFX',67521,& 3DJLQD
3/86
=vQVLWXDĠLLGHFRQGXFHUHFULWLFHGHH[FkQG
OLPLWHOHIL]LFHVXQWGHSăúLWHúLDXWRYHKLFXOXO 7HWLHUă1(&.352WHWLHUăOX[1(&.
VXEYLUHD]ăVDXVXSUDYLUHD]ăSXWHUQLF 352FXH[FHSĠLDDXWRYHKLFXOHORU
$0*
7HWLHUH1(&.352WHWLHUHOHGHOX[1(&.
352FUHVFSURWHFĠLDFDSXOXLúLJkWXOXLúRIHUX
OXLúLSDVDJHUXOXLIDĠăÌQFD]XOXQHLFROL]LXQL
6LJXUDQĠDRFXSDQĠLORU
GLQVSDWHGHRDQXPLWăJUDYLWDWHWHWLHUHOH HIHFWXDUHDDFHVWHLLQWHUYHQĠLLODXQDWHOLHU
1(&.352WHWLHUHOHGHOX[1(&.352GHSH GHVSHFLDOLWDWHDXWRUL]DWGHH[ODXQ&HQ
VFDXQHOHúRIHUXOXLúLSDVDJHUXOXLIDĠăVXQW WUXGHVHUYLFH0HUFHGHV%HQ]
GHSODVDWHvQDLQWHúLvQVXV$VWIHOVHDVLJXUă
RVXVĠLQHUHPDLEXQăDFDSXOXL
6LJXUDQĠă
$9(57,60(17
8WLOL]DĠLQXPDLKXVHSHQWUXWHWLHUHFDUHDXIRVW
WHVWDWHúLDSUREDWHGH0HUFHGHV%HQ]SHQWUX
PRGHOXODXWRYHKLFXOXOXLGXPQHDYRDVWUă
8WLOL]DUHDXQRUKXVHSHQWUXWHWLHUHQHDSUR
EDWHSRDWHvPSLHGLFDGHFODQúDUHDFRUHV
SXQ]ăWRDUHDWHWLHUHORU1(&.352WHWLHUHORU
GHOX[1(&.3527HWLHUHOH1(&.352WHWLH
UHOHGHOX[1(&.352SRWSULQXUPDUHVăQX ÌQFOLQDĠLSDUWHDVXSHULRDUăDSHUQHLWHWLHUHL
DVLJXUHJUDGXOGHSURWHFĠLHSUHYă]XW
1(&.352vQDLQWHvQGLUHFĠLDLQGLFDWăGH
&RQVXOWDĠLXQ&HQWUXGHVHUYLFH0HUFHGHV VăJHDWDC
%HQ]vQSULYLQĠDGLVSRQLELOLWăĠLL
ÌPSLQJHĠLSHUQDWHWLHUHL1(&.352vQMRVvQ
'DFăWHWLHUHOH1(&.352WHWLHUHOHGHOX[ GLUHFĠLDLQGLFDWăGHVăJHDWDDSkQăOD
1(&.352DXIRVWGHFODQúDWHvQWUXQDFFL FDSăW
GHQWUHVHWDĠLWHWLHUHOH1(&.352WHWLHUHOH ÌPSLQJHĠLIHUPSHUQDWHWLHUHL1(&.352
GHOX[1(&.352GHSHVFDXQXOúRIHUXOXLúL vQDSRLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
VFDXQXOSDVDJHUXOXLIDĠă3DJLQDÌQ SkQăFHSHUQDVHDQJUHQHD]ă
FD]FRQWUDUSURWHFĠLDVXSOLPHQWDUăYDILLQGLV 5HSHWDĠLDFHDVWăSURFHGXUăúLODDGRXD
SRQLELOăvQFD]XOXQHLDOWHFROL]LXQLGLQVSDWH WHWLHUă1(&.352
7HWLHUHOH1(&.352WHWLHUHOHGHOX[1(&.
352FDUHDXIRVWGHFODQúDWHVXQWDGXVHvQ
7HWLHUHOHOX[1(&.352
IDĠăúLQXPDLSRWILUHJODWH
G 'DFăvQWkPSLQDĠLGLILFXOWăĠLODUHVHWDUHD
WHWLHUHORUGHOX[1(&.352VROLFLWDĠLHIHF
5HVHWDUHDXQHLWHWLHUH1(&.352 WXDUHDDFHVWHLQWHUYHQĠLLODXQDWHOLHUGH
WHWLHUHOX[1(&.352GHFODQúDWH VSHFLDOLWDWHDXWRUL]DWGHH[ODXQ&HQWUX
GHVHUYLFH0HUFHGHV%HQ]
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
0HUFHGHV%HQ]YăUHFRPDQGăVăVROLFLWDĠL
YHULILFDUHWHWLHUHORU1(&.352WHWLHUHORUGH
OX[1(&.352ODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DWGHH[ODXQ&HQWUXGHVHUYLFH0HU
FHGHV%HQ]GDFăDXWRYHKLFXOXOGXPQHD
YRDVWUăHVWHLPSOLFDWvQWURFROL]LXQHGLQ
VSDWH
7HWLHUH1(&.352
G 5HVHWDUHDWHWLHUHORU1(&.352QHFHVLWă
PXOWăIRUĠă'DFăvQWkPSLQDĠLGLILFXOWăĠLOD
UHVHWDUHDWHWLHUHORU1(&.352VROLFLWDĠL
6LJXUDQĠDRFXSDQĠLORU
6FRDWHĠLXQHDOWDGHUHVHWDUHCGLQSRUW SHVWHPLMORFXOXPăUXOXLvQQLFLXQFD]SHVWH
GRFXPHQWXODXWRYHKLFXOXOXLGXPQHD JkWVDXSHVXEEUDĠúLWUHEXLHIL[DWăVWUkQV
YRDVWUă SHVWHWRUDFH3RUĠLXQHDSHQWUXED]LQWUH
&XOLVDĠLXQHDOWDGHUHVHWDUHCvQJKL EXLHVăWUHDFăSHVWHúROGXULFkWPDLMRV
GDMDvQWUHWHWLHUD1(&.352OX[úLFDSDFXO SRVLELOUHVSHFWLYSHVWHDUWLFXODĠLLOHúROGXUL
6LJXUDQĠă
VSDWHDOWHWLHUHL ORUúLQXSHVWHDEGRPHQ'DFăHVWHQHFH
ÌPSLQJHĠLXQHDOWDGHUHVHWDUHCvQMRV
VDUWUDJHĠLXúRUFHQWXUDvQMRVúLVWUkQJHĠL
RGLQQRXvQVHQVXOGHUXODUH
SkQăFHDX]LĠLFăVHDQJUHQHD]ăPHFDQLV
=1XWUHFHĠLFHQWXUDGHVLJXUDQĠăSHVWH
PXOGHGHFODQúDUHDWHWLHUHL
RELHFWHIUDJLOHVDXDVFXĠLWHPDLDOHVGDFă
6FRDWHĠLXQHDOWDGHUHVHWDUHC
DFHVWHDVXQWDPSODVDWHSHVDXvQ
$SăVDĠLIHUPSHUQDWHWLHUHLGHOX[1(&. vPEUăFăPLQWHGHH[HPSOXSHVWHRFKHODUL
352vQDSRLSkQăFHVHDQJUHQHD]ă LQVWUXPHQWHGHVFULVFKHLHWF&HQWXUD
5HSHWDĠLDFHDVWăSURFHGXUăúLODDGRXD SRDWHILGHWHULRUDWăLDUvQFD]XOXQXLDFFL
WHWLHUă1(&.352OX[ GHQWVHSRDWHUXSHúLSDVDJHULLDXWRYHKLFX
3XQHĠLXQHDOWDGHUHVHWDUHCvQDSRLvQ OXOXLSRWVXIHULOH]LXQL
SRUWGRFXPHQWXODXWRYHKLFXOXOXLGXPQHD =&HQWXUDGHVLJXUDQĠăWUHEXLHSXUWDWăQXPDL
YRDVWUă GHRVLQJXUăSHUVRDQăODXQPRPHQWGDW
&RSLLLQXWUHEXLHVăFăOăWRUHDVFăQLFLRGDWă
vQEUDĠHOHDOWXLSDVDJHU5HWHQĠLDDFHVWRUD
&HQWXULGHVLJXUDQĠă QXPDLHVWHSRVLELOăvQFD]XOVFKLPEăULORU
EUXúWHGHGLUHFĠLHDOIUkQăULLSXWHUQLFHVDX
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD DOXQXLDFFLGHQW$FHVWHVLWXDĠLLSRWGHWHU
PLQDDFFLGHQWDUHDJUDYăVDXFKLDUIDWDOăD
&HQWXULOHGHVLJXUDQĠăVXQWFHOHPDLHILFLHQWH
FRSLOXOXLúLDDOWRUSDVDJHUL
PLMORDFHGHOLPLWDUHDGHSODVăULLSDVDJHULORU
=3HUVRDQHOHFXvQăOĠLPHDVXEPQXSRW
vQHYHQWXDOLWDWHDXQXLDFFLGHQW$FHVWOXFUX
UHGXFHULVFXOFDSDVDJHULLGLQDXWRYHKLFXOVă SXUWDFRUHFWFHQWXUDGHVLJXUDQĠă'LQ
VHORYHDVFăGHSăUĠLOHDIODWHvQLQWHULRUXODXWR DFHVWPRWLYSURWHFĠLDSHUVRDQHORUFXvQăOĠL
YHKLFXOXOXL PHDVXEPWUHEXLHDVLJXUDWăSULQLQWHU
PHGLXOXQRUVLVWHPHGHUHWHQĠLHDGHFYDWH
$9(57,60(17 =&RSLLLFXvQăOĠLPHDVXEPVDXFXYkUVWD
2FHQWXUăGHVLJXUDQĠăQHSXUWDWăFRUHFWVDX VXEDQLQXSRWSXUWDFRUHFWFHQWXUDGH
FDUHQXDIRVWFXSODWăFRUHFWvQFDWDUDPDGH VLJXUDQĠă3ULQXUPDUHDFHúWLDWUHEXLHDúH
EORFDUHDFHQWXULLGHVLJXUDQĠăQXvúLSRDWH ]DĠLvQVLVWHPHGHUHWHQĠLHDGHFYDWHSHQWUX
DVLJXUDIXQFĠLDGHSURWHFĠLHSUHYă]XWăÌQDQX FRSLLLQVWDODWHSHXQVFDXQDGHFYDWGLQ
PLWHVLWXDĠLLDFHDVWDDUSXWHDFDX]DUăQLUL DXWRYHKLFXO3XWHĠLJăVLPDLPXOWHLQIRUPD
JUDYHVDXFKLDUGHFHVXOvQFD]GHDFFLGHQW ĠLLvQVXEFDSLWROXOÄ3UH]HQĠDFRSLLORUODERUG´
$VLJXUDĠLYăFăWRĠLSDVDJHULL±vQVSHFLDO GLQVHFĠLXQHDÄ6LJXUDQĠă´D0DQXDOXOXLGH
IHPHLOHvQVăUFLQDWH±SRDUWăvQWRWGHDXQD XWLOL]DUH3HQWUXPRQWDUHDVLVWHPXOXLGH
FRUHFWFHQWXUDGHVLJXUDQĠă UHWHQĠLHSHQWUXFRSLLXUPDĠLLQVWUXFĠLXQLOH
=&HQWXUDGHVLJXUDQĠăWUHEXLHVăILHXúRU GHLQVWDODUHIXUQL]DWHGHSURGXFăWRU
=1XIL[DĠLQLFLRGDWăRELHFWHFXDMXWRUXOFHQ
WHQVLRQDWăSHFRUSúLWUHEXLHVăQXILH
UăVXFLWă'HDFHHDYăUHFRPDQGăPVăHYL WXULLGHVLJXUDQĠăGDFăDFHDVWDHVWHXWLOL
WDĠLSXUWDUHDGHKDLQHYROXPLQRDVHGH ]DWăGHXQXOGLQWUHSDVDJHULLDXWRYHKLFXOX
H[HPSOXKDLQHGHLDUQă3RUĠLXQHDSHQWUX OXL
XPăUDFHQWXULLGHVLJXUDQĠăWUHEXLHWUHFXWă
6LJXUDQĠDRFXSDQĠLORU
$9(57,60(17 )L[DUHDFHQWXULORUGHVLJXUDQĠă
ÌQFD]XOvQFDUHVSăWDUXOQXHVWHvQSR]LĠLH
DSURDSHYHUWLFDOăFHQWXUDGHVLJXUDQĠăQX
RIHUăQLYHOXOGHSURWHFĠLHFRUHVSXQ]ăWRUÌQ
DQXPLWHVLWXDĠLLDFHDVWDDUSXWHDFDX]DUăQLUL
6LJXUDQĠă
JUDYHVDXFKLDUGHFHVXOvQFD]GHDFFLGHQW
ÌQDLQWHGHvQFHSHUHDFăOăWRULHLDVLJXUDĠLYăFă
VFDXQXOHVWHUHJODWFRUHVSXQ]ăWRULDU
VSăWDUXOVHDIOăvQSR]LĠLHDSURDSHYHUWLFDOă
$9(57,60(17
&HQWXULOHGHVLJXUDQĠăPXUGDUHVDXGHWHULR
UDWHSUHFXPúLFHOHFDUHDXIRVWVROLFLWDWH
LQWHQVvQWUXQDFFLGHQWVDXDXIRVWPRGLILFDWH
QXPDLRIHUăQLYHOXOGHSURWHFĠLHFRUHV
SXQ]ăWRUÌQDQXPLWHVLWXDĠLLDFHDVWDDUSXWHD
FDX]DUăQLULJUDYHVDXFKLDUGHFHVXOvQFD]GH
DFFLGHQW ([HPSOX6HGDQ
'LQDFHVWPRWLYYHULILFDĠLSHULRGLFGDFăFHQ 5HJODĠLVFDXQXOúLGHSODVDĠLVSăWDUXOvQSR]L
WXULOHGHVLJXUDQĠăVXQWGHWHULRUDWH ĠLHDSURDSHYHUWLFDOă3DJLQD
&HQWXULOHGHVLJXUDQĠăGHWHULRUDWHVDXFDUHDX 7UDJHĠLFHQWXUDGHVLJXUDQĠăXQLIRUPSULQ
IRVWVROLFLWDWHLQWHQVvQWUXQDFFLGHQWWUHEXLH JKLGDMXOFHQWXULLC
vQORFXLWHGHXQDWHOLHUGHVSHFLDOLWDWHDXWRUL )ăUăDRUăVXFLJKLGDĠLVHFĠLXQHDGHXPăU
]DW&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWR DFHQWXULLGHVLJXUDQĠăSHVWHPLMORFXO
UL]DWFHGLVSXQHGHFXQRúWLQĠHOHGHVSHFLDOL XPăUXOXLúLVHFĠLXQHDYHQWUDOăSHVWHúRO
WDWHúLLQVWUXPHQWHOHQHFHVDUHSHQWUXDHIHF GXUL
WXDLQWHUYHQĠLDQHFHVDUă0HUFHGHV%HQ] )L[DĠLOLPEDFHQWXULLDvQFDWDUDPDGHEOR
UHFRPDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH FDUH
0HUFHGHV%HQ]vQDFHVWVFRS
5HJODUHDFHQWXULLGHVLJXUDQĠăGDFăHVWH
'LQUDĠLXQLGHVLJXUDQĠă0HUFHGHV%HQ]Yă QHFHVDUFHQWXULOHGHVLJXUDQĠăDOHúRIHUX
UHFRPDQGăVăXWLOL]DĠLQXPDLFHQWXULFDUHDX OXLúLSDVDJHUXOXLIDĠăVHUHJOHD]ăDXWRPDW
IRVWVSHFLDORPRORJDWHSHQWUXDXWRYHKLFXOXO ODSDUWHDVXSHULRDUăDFRUSXOXL
GXPQHDYRDVWUăGHFăWUH0HUFHGHV%HQ] 3DJLQD
'DFăVLWXDĠLDRFHUHUHJODĠLFHQWXUDGH
VLJXUDQĠăODvQăOĠLPHDFRUHVSXQ]ăWRDUH
3DJLQD
'DFăVLWXDĠLDRFHUHWUDJHĠLvQVXVGHVHF
ĠLXQHDSHQWUXXPăUDFHQWXULLGHVLJXUDQĠă
SHQWUXDVWUkQJHFHQWXUDSHFRUS
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGHOLEH
UDUHDFHQWXULLGHVLJXUDQĠăFXEXWRQXOGHHOL
EHUDUH
FRQVXOWDĠLÄ(OLEHUDUHDFHQWXULORU
GHVLJXUDQĠă3DJLQD
6LJXUDQĠDRFXSDQĠLORU
5HJODUHDFHQWXULORUGHVLJXUDQĠă 3HQWUXDULGLFDFXOLVDĠLJKLGDMXOFHQWXULLvQ
VXV
)XQFĠLDGHUHJODUHDFHQWXULLGHVLJXUDQĠă
*KLGDMXOFHQWXULLVHFXSOHD]ăvQGLYHUVH
UHJOHD]ăVFDXQXOúRIHUXOXLúLVFDXQXOSDVDJH
SR]LĠLL
UXOXLIDĠăvQUDSRUWFXSDUWHDVXSHULRDUăDFRU
3HQWUXDFRERUvDSăVDĠLúLPHQĠLQHĠL
SXOXLSDVDJHULORU
6LJXUDQĠă
DSăVDWHOLEHUDUHDJKLGDMXOXLFHQWXULLC
&KLQJDFHQWXULLHVWHXúRUVWUkQVăFkQG
&XOLVDĠLJKLGDMXOFHQWXULLvQMRV
=FXSODĠLOLPEDFHQWXULLvQFDWDUDPDFHQWXULL
(OLEHUDĠLJKLGDMXOFHQWXULLCúLDVLJXUDĠLYă
úLDSRLURWLĠLFKHLDvQSR]LĠLDvQFRPXWDWR
UXOGHFRQWDFW FăJKLGDMXOFHQWXULLVDFXSODW
=FKHLDVHDIOăvQSR]LĠLDvQFRPXWDWRUXOGH
FRQWDFWúLDSRLFXSODĠLOLPEDFHQWXULLvQ (OLEHUDUHDFHQWXULORUGHVLJXUDQĠă
FDWDUDPă $SăVDĠLEXWRQXOGHHOLEH
5HJODUHDFHQWXULLGHVLJXUDQĠăYDH[HUFLWDR UDUH
3DJLQDúLJKLGDĠLOLPEDFHQ
DQXPLWăIRUĠăGHVWUkQJHUHGDFăVHGHWHF WXULLDvQDSRLFăWUHJKLGDMXOFHQWXULLC
WHD]ăMRFvQWUHSDVDJHUúLFHQWXUDGHVLJX
UDQĠă1XĠLQHĠLVWUkQVFHQWXUDGHVLJXUDQĠă $VLJXUDĠLYăFăFHQWXUDGHVLJXUDQĠăHVWH
FkWHVWHUHJODWă/DDXWRYHKLFXOHOHFXYRODQ vQIăúXUDWăFRPSOHWÌQFD]FRQWUDUFHQWXUD
PXOWLIXQFĠLRQDOGHOX[EXWRDQHSXWHĠL GHVLJXUDQĠăVDXOLPEDFHQWXULLVHYRU
DFWLYDúLGH]DFWLYDUHJODUHDFHQWXULLFXDMXWR SULQGHvQSRUWLHUăVDXvQPHFDQLVPXOVFDX
UXOFDOFXODWRUXOXLGHERUG3DJLQD QXOXL$VWIHOHVWHSRVLELOVăVHGHWHULRUH]H
5HJODUHDFHQWXULLHVWHRSDUWHLQWHJUDQWăD SRUWLHUDSDQRXOSRUWLHUHLúLFHQWXUDGH
IXQFĠLHLGHDVLVWDUH35(6$)(0DLPXOWH VLJXUDQĠă&HQWXULOHGHVLJXUDQĠăGHWHULR
LQIRUPDĠLLGHVSUH35(6$)(VHUHJăVHVFvQ UDWHQXvúLPDLSRWDVLJXUDIXQFĠLDGHSUR
WHFĠLHúLQHFHVLWăvQORFXLUH&RQVXOWDĠLXQ
VHFĠLXQHD35(6$)(SURWHFĠLDSUHYHQWLYă
&HQWUXGHVHUYLFH0HUFHGHV%HQ]
DSDVDJHULORU3DJLQD
5HJODUHDvQăOĠLPLLFHQWXULL $YHUWLVPHQWSULYLQGFHQWXUDGHVLJX
UDQĠăSHQWUXúRIHUúLSDVDJHUXOIDĠă
3XWHĠLUHJODvQăOĠLPHDFHQWXULLGHVLJXUDQĠăSH
/DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJX
VFDXQXOúRIHUXOXLúLVFDXQXOSDVDJHUXOXLIDĠă
UDQĠăvGLQSDQRXOGHLQVWUXPHQWHOH
DPLQWHúWHWXWXURUSDVDJHULORUVăvúLIL[H]H
FHQWXULOHGHVLJXUDQĠă$FHDVWDVHSRDWH
DSULQGHFRQWLQXXVDXSRDWHOXPLQDLQWHUPL
WHQWÌQSOXVHVWHSRVLELOVăVHHPLWăXQVXQHW
GHDYHUWL]DUH
/DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJX
UDQĠăvVHVWLQJHúLVXQHWXOGHDYHUWL]DUH
vQFHWHD]ăFkQGúRIHUXOúLSDVDJHUXOIDĠăúLDX
IL[DWFHQWXUDGHVLJXUDQĠă
1XPDLvQDQXPLWHĠăULLQGLIHUHQWGDFăúRIHUXO
5HJODĠLvQăOĠLPHDDVWIHOvQFkWSDUWHDVXSH úLSDVDJHUXOIDĠăDXFHQWXULOHGHVLJXUDQĠă
ULRDUăDFHQWXULLGHVLJXUDQĠăVăILHGLULMDWă IL[DWHVHDSULQGHODPSDGHDYHUWL]DUHSULYLQG
SULQFHQWUXOXPăUXOXLGXPQHDYRDVWUă FHQWXUDGHVLJXUDQĠăvWLPSGHVHFXQGH
GXSăSRUQLUHDPRWRUXOXL$FHDVWDVHVWLQJH
6LJXUDQĠDRFXSDQĠLORU
DSRLGDFăúRIHUXOúLSDVDJHUXOIDĠăúLDXIL[DW ÌQWLQ]ăWRDUHOHGHFHQWXUăVWUkQJFHQWXULOHGH
FHQWXULOHGHVLJXUDQĠă VLJXUDQĠăvQFD]GHDFFLGHQWWUăJkQGXOH
VWUkQVSHFRUS
G 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG
ODPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJX ÌQWLQ]ăWRDUHOHGHFHQWXUăQXFRUHFWHD]ăSR]L
UDQĠăvFRQVXOWDĠLÄ/ăPSLOHGHDYHUWL ĠLLOHLQFRUHFWHDOHVFDXQHORUVDXFHQWXULOHGH
6LJXUDQĠă
]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUX VLJXUDQĠăVWUkQVHLQFRUHFW
PHQWHFHQWXUDGHVLJXUDQĠă ÌQWLQ]ăWRDUHOHGHFHQWXUăQXWUDJSDVDJHULL
3DJLQD DXWRYHKLFXOXOXLvQDSRLFăWUHVSăWDU
'DFăFHQWXUDGHVLJXUDQĠăHVWHGHDVHPHQHD
,QGLFDWRUXOGHVWDUHDOFHQWXULLGHVLJX SUHYă]XWăFXXQOLPLWDWRUGHIRUĠăSHQWUXFHQ
UDQĠăVSDWH WXUăúLDFHVWDHVWHGHFODQúDWIRUĠDH[HUFLWDWă
GHFHQWXUDGHVLJXUDQĠăDVXSUDSDVDJHULORU
,QGLFDWRUXOGHVWDUHDFHQWXULLGHVLJXUDQĠăGLQ DXWRYHKLFXOXOXLHVWHUHGXVă
FRPSDUWLPHQWXOVSDWHYăLQGLFăGDFăSDVD
JHULLVSDWHDXFHQWXULOHGHVLJXUDQĠăFXSODWH /LPLWDWRDUHOHGHIRUĠăSHQWUXFHQWXUăGHSH
VFDXQHOHIDĠăVXQWVLQFURQL]DWHFXDLUEDJXULOH
,QGLFDWRUXOGHVWDUHDFHQWXULLGHVLJXUDQĠăGLQ IURQWDOH$FHVWHDDXUROXOORUvQIRUĠDGHGHFH
FRPSDUWLPHQWXOVSDWHLQGLFăVFDXQXOVSDWHOD OHUDUHDVLJXUkQGGLVWULEXLUHDIRUĠHLH[HUFLWDWH
FDUHHVWHFXSODWăFHQWXUD6LPEROXOéGH DVXSUDSDVDJHUXOXLSHRVXSUDIDĠăPDLPDUH
SHDILúDMLQGLFăRFHQWXUăGHVLJXUDQĠă
ÌQWLQ]ăWRDUHOHGHFHQWXUăSRWILDFWLYDWH
FXSODWă'DFăRFHQWXUăGHVLJXUDQĠăQXHVWH
QXPDLFkQG
FXSODWăVDXGDFăXQVFDXQQXHVWHRFXSDW
VLPEROXOêHVWHDILúDW =FRQWDFWXOHVWHFXSODW
,QGLFDWRUXOGHVWDUHDFHQWXULLGHVLJXUDQĠăGLQ =VLVWHPHOHGHUHWHQĠLHVXQWIXQFĠLRQDOHFRQ
FRPSDUWLPHQWXOVSDWHDSDUHSHDILúDMXOPXO VXOWDĠLÄ/DPSăGHDYHUWL]DUH656
WLIXQFĠLRQDOWLPSGHDSUR[LPDWLYGH 3DJLQD
VHFXQGHGDFă =OLPEDFHQWXULLHVWHFXSODWăvQFDWDUDPDGH
=SOHFDĠLGHSHORFúLDWLQJHĠLRRYLWH]ăGH EORFDUHODILHFDUHGLQWUHFHQWXULOHGHVLJX
DSUR[LPDWLYNPK UDQĠăvQWUHLSXQFWHGLQIDĠă
=SDVDJHULLVSDWHvúLFXSOHD]ăVDXGHFXSOHD]ă ÌQWLQ]ăWRDUHOHGHFHQWXUăGHSHVFDXQHOH
FHQWXULOHGHVLJXUDQĠăFkWDXWRYHKLFXOXO H[WHULRDUHGLQFRPSDUWLPHQWXOVSDWHVXQW
HVWHvQPLúFDUH GHFODQúDWHLQGHSHQGHQWGHVWDUHDGHEORFDUH
=FLQHYDLQWUăVDXLHVHGLQDXWRYHKLFXOúL
DFHQWXULORUGHVLJXUDQĠă
DXWRYHKLFXOXOSOHDFăGLQQRX ÌQWLQ]ăWRDUHOHGHFHQWXUăVXQWGHFODQúDWHvQ
IXQFĠLHGHWLSXOúLJUDYLWDWHDXQXLDFFLGHQW
3XWHĠLGHDVHPHQHDDQXODLPHGLDWLQGLFDWRUXO
GHVWDUHDFHQWXULLGHVLJXUDQĠăVSDWH =GDFăvQFD]XOXQHLFROL]LXQLIURQWDOHúLGLQ
3DJLQD VSDWHDXWRYHKLFXOXOGHFHOHUHD]ăVDXDFFH
OHUHD]ăUDSLGvQVHQVORQJLWXGLQDOODSULPHOH
G ,QGLFDWRUXOGHVWDUHSHQWUXFHQWXULOHGH ID]HDOHLPSDFWXOXL
VLJXUDQĠăGLQFRPSDUWLPHQWXOVSDWHHVWH =GDFăvQFD]GHLPSDFWODWHUDOSHSDUWHD
GLVSRQLELOQXPDLvQDQXPLWHĠăUL
RSXVăLPSDFWXOXLDXWRYHKLFXOXOGHFHOH
UHD]ăVDXDFFHOHUHD]ăUDSLGvQWURGLUHFĠLH
ÌQWLQ]ăWRDUHFHQWXUăOLPLWDWRDUHGH ODWHUDOă
IRUĠăSHQWUXFHQWXUă
'DFăDLUEDJXULOHVXQWGHFODQúDWHYHĠLDX]LR
&HQWXULOHGHVLJXUDQĠăIDĠăúLFHQWXULOHGH H[SOR]LHúLHVWHSRVLELOVăVHGHJDMH]HúLR
VLJXUDQĠăDOHVFDXQHORUH[WHULRDUHGLQVSDWH PLFăFDQWLWDWHGHSXOEHUH=JRPRWXOGHH[SOR
VXQWSUHYă]XWHFXvQWLQ]ăWRDUHGHFHQWXUă ]LHDIHFWHD]ăDX]XOGRDUvQVLWXDĠLLUDUH'H
3UH]HQĠDFRSLLORUODERUG
UHJXOăSXOEHUHDGHJDMDWăQXFRQVWLWXLHXQ WUXFRSLLFXWUDQVSRQGHUHSHQWUXUHFXQRDú
SHULFROSHQWUXVăQăWDWH/DPSDGHDYHUWL]DUH WHUHDDXWRPDWăDVFDXQXOXLSHQWUXFRSLO
656uVHDSULQGH =GDFăIL[DĠLXQVLVWHPGHUHWHQĠLHSHQWUX
$9(57,60(17 FRSLLRULHQWDWVSUHIDĠăvQVFDXQXOSDVDJH
UXOXLIDĠăWUHEXLHVăGHSODVDĠLVFDXQXO
'DFăvQWLQ]ăWRDUHOHFHQWXULLGHVLJXUDQĠăDX
6LJXUDQĠă
SDVDJHUXOXLIDĠăFkWPDLPXOWvQVSDWHSRVL
IRVWGHFODQúDWHHOHQXRIHUăSURWHFĠLHVXSOL
ELO
PHQWDUăvQFD]XOXQXLDOWDFFLGHQW3ULQ
=FRSLLLQXWUHEXLHVăFăOăWRUHDVFăQLFLRGDWă
XUPDUHVROLFLWDĠLvQORFXLUHDvQWLQ]ăWRDUHORUGH
FHQWXUăGHFODQúDWHODXQDWHOLHUGHVSHFLDOL vQEUDĠHOHDOWXLSDVDJHU'LQFDX]DIRUĠHORU
WDWHDXWRUL]DW FDUHDSDUvQFD]GHVFKLPEDUHEUXVFăGH
GLUHFĠLHIUkQDUHSXWHUQLFăVDXDFFLGHQW
5HVSHFWDĠLQRUPHOHGHVLJXUDQĠăFkQGHOLPL
UHĠLQHUHDFRSLOXOXLQXYDILSRVLELOă&RSLOXO
QDĠLvQWLQ]ăWRDUHOHGHFHQWXUă2ULFH&HQWUX
DUSXWHDILSURLHFWDWFRQWUDXQRUFRPSR
GHVHUYLFH0HUFHGHV%HQ]YăSRDWHIXUQL]D
QHQWHGLQLQWHULRUXODXWRYHKLFXOXOXLVXIH
GHWDOLLSULYLQGDFHVWHUHJOHPHQWăUL
ULQGUăQLJUDYHVDXFKLDUIDWDOH
'DFăVFDXQXOSDVDJHUXOXLIDĠăQXHVWH
RFXSDWQXFXSODĠLOLPEDFHQWXULLGHVLJX $9(57,60(17
UDQĠăvQFDWDUDPDGHEORFDUHGHSHVFDXQXO 6LVWHPXOGHUHWHQĠLHSHQWUXFRSLLQXvúLSRDWH
SDVDJHUXOXLIDĠăÌQFD]FRQWUDUvQWLQ]ăWRUXO DVLJXUDIXQFĠLDGHSURWHFĠLHGDFăQXHVWH
FHQWXULLSRDWHILGHFODQúDWvQFD]GHDFFL PRQWDWFRUHFWSHXQVFDXQGHDXWRYHKLFXO
GHQW DGHFYDW&RSLOXOQXSRDWHILUHĠLQXWvQFD]GH
DFFLGHQWIUkQDUHSXWHUQLFăVDXVFKLPEăUL
EUXúWHGHGLUHFĠLH&RSLOXOSRDWHVXIHULUăQL
3UH]HQĠDFRSLLORUODERUG JUDYHVDXFKLDUIDWDOH'LQDFHVWPRWLYFkQG
IL[DĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLLUHV
6LVWHPHGHUHWHQĠLHSHQWUXFRSLL SHFWDĠLLQVWUXFĠLXQLOHGHLQVWDODUHDOHSUR
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD GXFăWRUXOXLúLGHXWLOL]DUHFRUHFWăDVLVWHPXOXL
GHUHWHQĠLHSHQWUXFRSLL
$9(57,60(17 6LVWHPXOGHUHWHQĠLHSHQWUXFRSLLWUHEXLHVă
3HQWUXDUHGXFHULVFXOGHUăQLJUDYHVDXFKLDU ILHPRQWDWSHVFDXQHOHVSDWH&RSLLLVXQWGH
IDWDOHVXIHULWHGHFRSLOvQFD]GHVFKLPEDUH UHJXOăSURWHMDĠLPDLELQHDFROR
UDSLGăDGLUHFĠLHLGHGHSODVDUHIUkQDUHVDXGH %D]DVLVWHPXOXLGHUHWHQĠLHSHQWUXFRSLLWUH
DFFLGHQW EXLHvQWRWGHDXQDVăILHDúH]DWăvQvQWUHJLPH
=FRSLLLVXEPvQăOĠLPHúLGRLVSUH]HFH SHSHUQDVFDXQXOXL3ULQXUPDUHQXSXQHĠL
DQLWUHEXLHVăILHvQWRWGHDXQDIL[DĠLvQVLV QLFLRGDWăRELHFWHGHH[RSHUQăVXEVLVWHPXO
WHPHOHVSHFLDOHGHUHWHQĠLHSHQWUXFRSLLSH GHUHWHQĠLHSHQWUXFRSLL
XQVFDXQGHDXWRYHKLFXODGHFYDW$FHDVWă 8WLOL]DĠLVLVWHPHOHGHUHWHQĠLHSHQWUXFRSLL
SUHFDXĠLHHVWHQHFHVDUăGHRDUHFHFHQWXULOH QXPDLFXKXVDRULJLQDOăFRQFHSXWăSHQWUX
GHVLJXUDQĠăQXVXQWFRQFHSXWHSHQWUX DFHúWLDÌQORFXLĠLKXVHOHGHWHULRUDWHQXPDLFX
FRSLL KXVHRULJLQDOH0HUFHGHV%HQ]
=QXIL[DĠLFRSLLLVXEPvQăOĠLPHVDXGRLV 9ăUHFRPDQGăPVăXWLOL]DĠLVLVWHPHGHUHWHQ
SUH]HFHDQLSHVFDXQXOSDVDJHUXOXLIDĠă ĠLHSHQWUXFRSLLDSUREDWHSHQWUXDXWRYHKLFX
([FHSĠLHDXWRYHKLFXOXOHVWHGRWDWFXUHFX OHOH0HUFHGHV%HQ]
QRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUX
FRSLOSHVFDXQXOSDVDJHUXOXLIDĠăúLFRSLOXO 'DFăvQDXWRYHKLFXOXOGXPQHDYRDVWUă
HVWHDVLJXUDWvQWUXQVLVWHPGHUHWHQĠLHSHQ FăOăWRUHúWHXQFRSLODVLJXUDĠLFRSLOXOFXDMX
3UH]HQĠDFRSLLORUODERUG
WRUXOXQXLVLVWHPGHUHWHQĠLHSHQWUXFRSLL $9(57,60(17
FRUHVSXQ]ăWRUPăULPLLYkUVWHLúLJUHXWăĠLL 6DUFLQLOHQHIL[DWHVDXSR]LĠLRQDWHLQFRUHFW
FRSLOXOXLúLFDUHHVWHUHFRPDQGDWSHQWUX FUHVFSHULFROXOGHUăQLUHSHQWUXFRSLLúLWRĠL
DXWRYHKLFXOH0HUFHGHV%HQ](VWHGHSUHIH FHLODOĠLSDVDJHULvQFD]GH
UDWVăPRQWDĠLVLVWHPXOGHUHWHQĠLHvQWUXQ
=DFFLGHQW
VFDXQVSDWHDGHFYDW3XWHĠLGHDVHPHQHDVă
6LJXUDQĠă
IL[DĠLFRSLOXOvQVFDXQXOSHQWUXFRSLOLQWHJUDW =RPDQHYUăGHIUkQDUH
3DJLQD$VLJXUDĠLYăFăDIRVWDVLJX =RVFKLPEDUHEUXVFăDGLUHFĠLHL
UDWFRSLOXOvQWUXQVLVWHPGHUHWHQĠLHSHQWUX 1XWUDQVSRUWDĠLRELHFWHJUHOHVDXGXUHvQLQWH
FRSLLSHSDUFXUVXOFăOăWRULHL ULRUXODXWRYHKLFXOXOXLGHFkWGDFăDXIRVWELQH
0HUFHGHV%HQ]YăUHFRPDQGăVăXWLOL]DĠL IL[DWH9HĠLJăVLLQIRUPDĠLLVXSOLPHQWDUHvQ
QXPDLVLVWHPHOHGHUHWHQĠLHSHQWUXFRSLLLQGL LQGH[ODFDSLWROXOÄ/LQLLGLUHFWRDUHSULYLQG
FDWHOD3DJLQD vQFăUFDUHD
3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHVSUH
VLVWHPXOGHUHWHQĠLHSHQWUXFRSLLFRUHFWGHOD 6FDXQSHQWUXFRSLOSHVFDXQXOSDVDJH
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ] UXOXLIDĠă
G 6HUHFRPDQGăVăXWLOL]DĠLSURGXVHGH
vQJULMLUH0HUFHGHV%HQ]SHQWUXDFXUăĠDVLV
WHPHOHGHUHWHQĠLHSHQWUXFRSLL3XWHĠL
REĠLQHLQIRUPDĠLLSHDFHVWVXELHFWGHOD
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]
$9(57,60(17
1XOăVDĠLFRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKL
FXOFKLDUGDFăVXQWIL[DĠLvQWUXQVLVWHPGH
UHWHQĠLHSHQWUXFRSLL$FHúWLDVDUSXWHDUăQL
vQDQXPLWHSăUĠLDOHDXWRYHKLFXOXOXL'HDVH
PHQHDHLDUSXWHDVXIHULUăQLJUDYHVDXFKLDU $YHUWL]DUHSHSDUDVRODUXOGHSHSDUWHDSDVDJHUXOXL
IDWDOHvQXUPDXQHLH[SXQHULSUHOXQJLWHOD IDĠă
FăOGXUăVDXIULJH[WUHP
1XH[SXQHĠLVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
OXPLQLLGLUHFWHDVRDUHOXL$QXPLWHSăUĠLGLQ
VLVWHPXOGHUHWHQĠLHSHQWUXFRSLLVDUSXWHD
vQFăO]LLDUFRSLOXOVDUSXWHDDUGHvQHOH
ÌQFD]XOvQFDUHXQFRSLOGHVFKLGHRSRUWLHUă
FRSLOXOVDXDOWHSHUVRDQHDUSXWHDGUHSW
XUPDUHVăILHUăQLWH$FHúWLDDUSXWHDLHúL
UăQLQGXVHVDXILLQGUăQLĠLGHXQDXWRYHKLFXO
DIODWvQWUHFHUH
6LPEROXOGHDYHUWLVPHQWSHQWUXXQVLVWHPGHUHWHQ
ĠLHSHQWUXFRSLLRULHQWDWVSUHVSDWH
3UH]HQĠDFRSLLORUODERUG
$9(57,60(17 SăUĠLDOHSDUDVRODUXOXLGHSHSDUWHDSDVDJH
'DFăDLUEDJXOSDVDJHUXOXLIDĠăQXHVWHGH]DF UXOXLIDĠă
WLYDW ,QIRUPDĠLLOHSULYLQGVLVWHPHOHGHUHWHQĠLHSHQ
=XQFRSLOIL[DWvQWUXQVLVWHPGHUHWHQĠLHSHQ WUXFRSLLUHFRPDQGDWHVXQWGLVSRQLELOHOD
WUXFRSLLSHVFDXQXOSDVDJHUXOXLIDĠăDU RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]
6LJXUDQĠă
SXWHDILUăQLWJUDYVDXFKLDUIDWDOvQXUPD
GHFODQúăULLDLUEDJXOXLSDVDJHUXOXLIDĠă 5HFXQRDúWHUHDDXWRPDWăDVFDXQXOXL
$FHDVWăVLWXDĠLHFRQVWLWXLHXQULVFPDLDOHV SHQWUXFRSLOSHVFDXQXOSDVDJHUXOXL
GDFăFRSLOXOVHDIOăvQLPHGLDWDDSURSLHUHD IDĠă
DLUEDJXOXLSDVDJHUXOXLIDĠăFkQGDFHVWDVH
GHFODQúHD]ă
=QXIL[DĠLQLFLRGDWăXQFRSLOSHVFDXQXOSDVD
JHUXOXLIDĠăvQWUXQVLVWHPGHUHWHQĠLHSHQ
WUXFRSLLRULHQWDWVSUHVSDWH0RQWDĠLXQ
VLVWHPGHUHWHQĠLHSHQWUXFRSLLRULHQWDW
VSUHVSDWHQXPDLSHXQVFDXQVSDWHDGHF
YDW
=GHSODVDĠLvQWRWGHDXQDVFDXQXOSDVDJHUXOXL
IDĠăvQSR]LĠLDGLQFDSăWVSDWHGDFăIL[DĠLXQ
FRSLOvQWUXQVLVWHPGHUHWHQĠLHSHQWUXFRSLL
RULHQWDWVSUHIDĠăSHVFDXQXOSDVDJHUXOXL 'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăQXGLV
IDĠă SXQHGHUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXL
$LUEDJXOSDVDJHUXOXLIDĠăQXHVWHGH]DFWLYDW SHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLIDĠă
=ODDXWRYHKLFXOHOHIăUăUHFXQRDúWHUHDDXWR
DFHDVWDHVWHLQGLFDWăSULQWURHWLFKHWăDXWR
FRODQWăVSHFLDOă(WLFKHWDDXWRFRODQWăHVWH
PDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO
IL[DWăSHPDUJLQHDSODQúHLGHERUGGHSHSDU
SDVDJHUXOXLIDĠă
WHDSDVDJHUXOXLIDĠă(WLFKHWDDXWRFRODQWă
=ODDXWRYHKLFXOHOHFXUHFXQRDúWHUHDDXWR
HVWHYL]LELOăFkQGGHVFKLGHĠLSRUWLHUDSDVDJH
PDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO UXOXLIDĠă
SDVDJHUXOXLIDĠăGDFăQLFLXQVLVWHPGH
UHWHQĠLHSHQWUXFRSLLVSHFLDOFXWUDQVSRQ
GHUHSHQWUXUHFXQRDúWHUHDDXWRPDWăD
VFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJH
UXOXLIDĠăQXDIRVWPRQWDW
=ODDXWRYHKLFXOHOHFXUHFXQRDúWHUHDDXWR
PDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO
SDVDJHUXOXLIDĠăGDFăODPSDLQGLFDWRDUH
3$66(1*(5$,5%$*2))$,5%$*3$6$
*(5235,7sQXHVWHDSULQVă
3HQWUXFDGXPQHDYRDVWUăVăFRQúWLHQWL]DĠL
DFHVWSHULFROVDIL[DWRHWLFKHWăDXWRFRODQWă 6LVWHPXOGHVHQ]RULGLQVFDXQXOSDVDJHUXOXL
GHDYHUWL]DUHSHSODQúDGHERUGúLSHDPEHOH IDĠăSHQWUXVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
$XWRYHKLFXOHOHIăUăUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLIDĠăGDFăURWLĠL
FKHLDvQSR]LĠLDvQFRPXWDWRUXOGHFRQWDFWODPSDLQGLFDWRDUHs3$66(1*(5$,5%$*2))$,5%$*
3$6$*(5235,7VHDSULQGHVFXUWvQVăIăUăDDYHDQLFLRIXQFĠLH(DQXLQGLFăIDSWXOFăH[LVWăUHFXQRDúWHUHD
DXWRPDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLIDĠă
3UH]HQĠDFRSLLORUODERUG
GHWHFWHD]ăGDFăVDPRQWDWXQVFDXQSHQWUX G 'DFăDLUEDJXOSDVDJHUXOXLIDĠăHVWH
FRSLO0HUFHGHV%HQ]VSHFLDOFXWUDQVSRQGHU GH]DFWLYDWGHUHFXQRDúWHUHDDXWRPDWăD
SHQWUXUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXL VFDXQXOXLSHQWUXFRSLOXUPăWRDUHOHUăPkQ
SHQWUXFRSLOÌQDFHVWFD]sODPSDLQGL DFWLYDWHSHSDUWHDSDVDJHUXOXLIDĠă
FDWRDUH3$66(1*(5$,5%$*2))$,5%$* =DLUEDJXOODWHUDO
6LJXUDQĠă
3$6$*(5235,7CVHDSULQGH$LUEDJXOIDĠă =DLUEDJXOWLSFRUWLQă
DOSDVDJHUXOXLIDĠăHVWHGH]DFWLYDW
=vQWLQ]ăWRUXOFHQWXULL
$9(57,60(17
$9(57,60(17
'DFăsODPSDLQGLFDWRDUH3$66(1*(5
$,5%$*2))$,5%$*3$6$*(5235,7QXVH 1XSODVDĠLGLVSR]LWLYHHOHFWURQLFHSHVFDXQXO
DSULQGHFkQGVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL SDVDJHUXOXLIDĠăGHH[
HVWHPRQWDWDLUEDJXOSDVDJHUXOXLIDĠăQXD =ODSWRSXULGDFăVXQWSRUQLWH
IRVWGH]DFWLYDW'DFăDLUEDJXOSDVDJHUXOXL =WHOHIRDQHPRELOH
IDĠăVHGHFODQúHD]ăFRSLOXODUSXWHDVXIHUL =FDUGXULFXWUDQVSRQGHUHGHH[FDUGXULGH
UăQLJUDYHVDXFKLDUIDWDOH WUHFHUHSHQWUXVFKLVDXFDUWHOHGHDFFHV
3URFHGDĠLGXSăFXPXUPHD]ă 6HPQDOHOHGHODHFKLSDPHQWHOHHOHFWURQLFH
=QXXWLOL]DĠLXQVLVWHPGHUHWHQĠLHSHQWUX SRWSURYRFDLQWHUIHUHQĠHODQLYHOXOVLVWHPXOXL
FRSLLRULHQWDWVSUHVSDWHSHVFDXQXOSDVD GHUHFXQRDúWHUHDXWRPDWăDVFDXQXOXLSHQWUX
JHUXOXLIDĠă FRSLO$FHDVWDSRDWHSURYRFDRGHIHFĠLXQHvQ
=PRQWDĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLL VLVWHP$FHDVWDSRDWHIDFHFDsODPSD
RULHQWDWVSUHVSDWHSHXQVFDXQVSDWHDGHF LQGLFDWRDUH3$66(1*(5$,5%$*2))$,5
YDW %$*3$6$*(5235,7VăVHDSULQGăIăUăVă
VDX H[LVWHXQVFDXQSHQWUXFRSLOFXWUDQVSRQGHUH
SHQWUXUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXL
=XWLOL]DĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLL
SHQWUXFRSLOPRQWDW$VWIHODLUEDJXOSDVDJH
RULHQWDWVSUHIDĠăQXPDLSHVFDXQXOSDVD
UXOXLIDĠăQXVHYDGHVIăúXUDvQFD]GHDFFL
JHUXOXLIDĠăúLGHSODVDĠLVFDXQXOSDVDJHUXOXL
GHQW(VWHGHDVHPHQHDSRVLELOFDu
IDĠăvQSR]LĠLDGLQFDSăWVSDWH
ODPSDGHDYHUWL]DUH656VăVHDSULQGăúLVDX
=VROLFLWDĠLYHULILFDUHDUHFXQRDúWHULLDXWR
sODPSDLQGLFDWRDUH3$66(1*(5$,5%$*
PDWHDVFDXQXOXLSHQWUXFRSLOODXQDWHOLHU 2))$,5%$*3$6$*(5235,7VăQXVH
GHVSHFLDOLWDWHDXWRUL]DW DSULQGăVFXUWFkQGURWLĠLFKHLDvQFRPXWDWRUXO
3HQWUXDYăDVLJXUDFăUHFXQRDúWHUHDDXWR GHFRQWDFWvQSR]LĠLD
PDWăDVFDXQXOXLSHQWUXFRSLOGHSHVFDXQXO
SDVDJHUXOXLIDĠăIXQFĠLRQHD]ăFRPXQLFă
6LVWHPXOGHIL[DUHDOVFDXQXOXLSHQWUX
FRUHFWQXSODVDĠLQLFLRGDWăRELHFWHGHH[R
FRSLO,62),;SHQWUXVFDXQHOHVSDWH
SHUQăVXEVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
%D]DVLVWHPXOXLGHUHWHQĠLHSHQWUXFRSLLWUH ,62),;HVWHXQVLVWHPGHIL[DUHVWDQGDUGL]DW
EXLHvQWRWGHDXQDVăILHDúH]DWăvQvQWUHJLPH SHQWUXVLVWHPHOHGHUHWHQĠLHSHQWUXFRSLLFRQ
SHSHUQDVFDXQXOXL8QVLVWHPGHUHWHQĠLH FHSXWHVSHFLDOSHVFDXQHOHVSDWH6XQW
SHQWUXFRSLLPRQWDWLQFRUHFWQXvúLSRDWHUHD SUHYă]XWHLQHOHGHIL[DUHSHQWUXGRXăVLVWHPH
OL]DIXQFĠLDGHSURWHFĠLHvQFD]GHDFFLGHQWúL GHUHWHQĠLHSHQWUXFRSLL,62),;SHVWkQJDúL
SRDWHSURYRFDUăQLUHD GUHDSWDVFDXQHORUVSDWH
$9(57,60(17
8QVLVWHPGHUHWHQĠLHSHQWUXFRSLLDVLJXUDWFX
VLVWHPXOGHIL[DUHDVFDXQXOXLSHQWUXFRSLO
3UH]HQĠDFRSLLORUODERUG
,62),;QXDVLJXUăRSURWHFĠLHVXILFLHQWăSHQ FKLDUPRUWDOHvQFD]GHDFFLGHQWIUkQDUH
WUXFRSLLLFXRJUHXWDWHGHSHVWHNJ'LQ EUXVFăVDXVFKLPEDUHEUXVFăDGLUHFĠLHL
DFHVWPRWLYQXIL[DĠLFRSLLLFXRJUHXWDWHGH 'LQDFHVWPRWLYOXDĠLPăVXULFDVLVWHPHOHGH
SHVWHNJvQWUXQVLVWHPGHUHWHQĠLHSHQWUX UHWHQĠLHSHQWUXFRSLLúLVLVWHPHOHORUGHIL[DUH
FRSLLDVLJXUDWFXVLVWHPXOGHIL[DUHDVFDXQX FDUHDXIRVWGHWHULRUDWHVDXVXSXVHXQHLWHQ
6LJXUDQĠă
OXLSHQWUXFRSLO,62),;ÌQFD]XOvQFDUHFRSLOXO VLXQLvQWLPSXOXQXLDFFLGHQWVăILHYHULILFDWH
FkQWăUHúWHSHVWHNJDVLJXUDĠLVLVWHPXOGH LPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
UHWHQĠLHSHQWUXFRSLLFXDMXWRUXOXQHLFHQWXUL
GHVLJXUDQĠăvQWUHLSXQFWH &kQGPRQWDĠLVLVWHPXOGHUHWHQĠLHSHQWUX
FRSLLDVLJXUDĠLYăFăFHQWXUDGHVLJXUDQĠă
$9(57,60(17 SHQWUXVFDXQXOFHQWUDOQXUăPkQHSULQVă
6LVWHPXOGHUHWHQĠLHSHQWUXFRSLLQXvúLSRDWH ÌQFD]FRQWUDUFHQWXUDGHVLJXUDQĠăSRDWH
DVLJXUDIXQFĠLDGHSURWHFĠLHGDFăQXHVWH VXIHULGHWHULRUăUL
PRQWDWFRUHFWSHXQVFDXQGHDXWRYHKLFXO
DGHFYDW&RSLOXOQXSRDWHILUHĠLQXWvQFD]GH
DFFLGHQWIUkQDUHSXWHUQLFăVDXVFKLPEăUL
EUXúWHGHGLUHFĠLH&RSLOXOSRDWHVXIHULUăQL
JUDYHVDXFKLDUIDWDOH'LQDFHVWPRWLYFkQG
IL[DĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLLUHV
SHFWDĠLLQVWUXFĠLXQLOHGHLQVWDODUHDOHSUR
GXFăWRUXOXLúLGHXWLOL]DUHFRUHFWăDVLVWHPXOXL
GHUHWHQĠLHSHQWUXFRSLL
'LQPRWLYHGHVLJXUDQĠăXWLOL]DĠLQXPDLVLVWH
PHOHGHUHWHQĠLHSHQWUXFRSLLFXVLVWHPXOGH
IL[DUHDOVFDXQXOXLSHQWUXFRSLL,62),;SH ,OXVWUDĠLHSUH]HQWkQGXQDXWRYHKLFXOGRWDWFXSRVL
VFDXQHOHVSDWH ELOLWDWHGHvQFăUFDUHSULQEDQFKHWăvQEDQFKHWD
VSDWH
9ăUHFRPDQGăPVăXWLOL]DĠLVLVWHPXOGHUHWHQ
ĠLHSHQWUXFRSLL,62),;UHFRPDQGDWSHQWUX $XWRYHKLFXOHIăUăSRVLELOLWDWHGHvQFăUFDUH
0HUFHGHV%HQ] SULQEDQFKHWăvQEDQFKHWDVSDWH6HGDQ
8QVLVWHPGHUHĠLQHUHSHQWUXFRSLLPRQWDW WUDJHĠLFDSDFHOHGHSURWHFĠLHGLQLQHOHOHGH
LQFRUHFWVDUSXWHDGHVSULQGHUăQLQGJUDYVDX IL[DUHC
FKLDUIDWDOFRSLOXOVDXDOĠLSDVDJHULDLDXWRYH ,QVWDODĠLVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
KLFXOXOXL&kQGPRQWDĠLVLVWHPXOGHUHWHQĠLH ,62),;5HVSHFWDĠLLQVWUXFĠLXQLOHSUR
SHQWUXFRSLLDVLJXUDĠLYăvQWRWGHDXQDFăHVWH GXFăWRUXOXLFkQGLQVWDODĠLVLVWHPXOGH
FXSODWFRUHFWvQLQHOHOHGHIL[DUHGHSHDPEHOH UHWHQĠLHSHQWUXFRSLL,62),;
SăUĠL
&KLQJăVXSHULRDUă
$9(57,60(17
9ăUXJăPVăUHĠLQHĠLFăvQFD]XOvQFDUHVLVWH &KLQJDVXSHULRDUăDVLJXUăRFRQH[LXQHVXSOL
PHOHGHUHWHQĠLHSHQWUXFRSLLVDXVLVWHPHOH PHQWDUăvQWUHVLVWHPXOGHUHWHQĠLHSHQWUX
GHIL[DUHDOHDFHVWRUDVHGHWHULRUHD]ăVDX FRSLLIL[DWFX,62),;úLVFDXQXOVSDWH$FHDVWD
VXQWVXSXVHXQHLWHQVLXQLvQWLPSXOXQXLDFFL UHGXFHvQSOXVSHULFROXOGHUăQLUH
GHQWHVWHSRVLELOFDDFHVWHDVăQXvúLPDL 3XQFWHOHGHDQFRUDUHSHQWUXFKLQJDVXSH
SRDWăvQGHSOLQLIXQFĠLDGHSURWHFĠLH$VWIHO ULRDUăVHDIOăvQFRPSDUWLPHQWXOVSDWHGLQ
FRSLOXODVLJXUDWDUSXWHDVXIHULUăQLJUDYHVDX VSDWHOHWHWLHUHORU
3UH]HQĠDFRSLLORUODERUG
6HGDQSOLDĠLvQMRVFDSDFXODDOSXQFWXOXL
GHDQFRUDUHSHQWUXFKLQJDVXSHULRDUă
'HSODVDĠLXúRUWHWLHUDCvQDSRLvQMRVGLQ
QRXGDFăVLWXDĠLDRFHUH3DJLQD
$VLJXUDĠLYăFăQXLQWHUIHUDĠLGLULMDUHD
6LJXUDQĠă
FRUHFWăDFHQWXULLFKLQJLLVXSHULRDUH
0RQWDĠLVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
,62),;FXFKLQJăVXSHULRDUă5HVSHFWDĠL
LQVWUXFĠLXQLOHGHPRQWDUHDOHSURGXFăWRUX
OXLvQWLPSXOPRQWDMXOXL$VLJXUDĠLYăFăFHQ
6HGDQ WXUDFKLQJLLVXSHULRDUHHVWHVWUkQVă
%UHDN
'HSODVDĠLWHWLHUDCvQVXV
6HGDQSOLDĠLvQVXVFDSDFXODDOSXQFWXOXL
GHDQFRUDUHSHQWUXFKLQJDVXSHULRDUă
'LULMDĠLFHQWXUDFKLQJLLVXSHULRDUHVXE
WHWLHUăCvQWUHFHOHGRXăEDUHDOHWHWLHUHL
3ULQGHĠLFkUOLJXOFKLQJLLVXSHULRDUH
vQ
SXQFWXOGHDQFRUDUHSHQWUXFKLQJDVXSH
ULRDUă
$VLJXUDĠLYăFăFHQWXUDFKLQJLLVXSHULRDUH
QXHVWHUăVXFLWă
3UH]HQĠDFRSLLORUODERUG
3UREOHPHODUHFXQRDúWHUHDVFDXQXOXLSHQWUXFRSLO
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
/DPSDLQGLFDWRDUH 8QVFDXQVSHFLDOSHQWUXFRSLOPDUFD0HUFHGHV%HQ]SUHYă]XWFX
s3$66(1*(5$,5 WUDQVSRQGHUSHQWUXUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUX
6LJXUDQĠă
6FDXQSHQWUXFRSLOLQWHJUDW =DVLJXUDĠLYăFăPăVXĠDGHMRDFăFăSWXúLWă
,&6úLWHWLHUDODWHUDOăQXUăPkQSULQVHúLQX
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD VXQWGHWHULRUDWH$FHDVWDVHSRDWHvQWkP
$9(57,60(17 SODFkQG
3HQWUXDUHGXFHULVFXOGHUăQLJUDYHVDXFKLDU vQFKLGHĠLSRUWLHUHOH
IDWDOHVXIHULWHGHFRSLOvQFD]GHVFKLPEDUH UHJODĠLVFDXQXO
UDSLGăDGLUHFĠLHLGHGHSODVDUHIUkQDUHVDXGH GHSR]LWDĠLPăVXĠDGHMRDFăFăSWXúLWă,&6
DFFLGHQW úLWHWLHUHOHODWHUDOH
=WUHEXLHVăUHVSHFWDĠLLQVWUXFĠLXQLOHGHLQVWD WUDQVSRUWDĠLRELHFWHJUHOH
ODUHDOHSURGXFăWRUXOXLSHQWUXVFDXQXOSHQ =vQORFXLĠLVFDXQXOSHQWUXFRSLOLQWHJUDW
WUXFRSLOFkQGPRQWDĠLPăVXĠDGHMRDFă PăVXĠDGHMRDFăFăSWXúLWăúLWHWLHUHOHODWH
FăSWXúLWăDVFDXQXOXLSHQWUXFRSLOLQWHJUDW UDOHGDFăDFHVWHDDXIRVWGHWHULRUDWHVDX
,&6úLWHWLHUDODWHUDOăúLFkQGIL[DĠLFHQWXUD VXSXVHXQRUVDUFLQLPDULvQWLPSXOXQXL
GHVLJXUDQĠă DFFLGHQW
=QXPRGLILFDĠLVFDXQXOSHQWUXFRSLOLQWHJUDW
=QRWăFRSLLLFXRJUHXWDWHVXENJQHFH
PăVXĠDGHMRDFăFăSWXúLWă,&6VDXWHWLHUD VLWăXQVLVWHPGHUHWHQĠLHSHQWUXFRSLLGLIH
ODWHUDOă1XXWLOL]DĠLKXVHGHSURWHFĠLH ULW,QIRUPDĠLLOHSULYLQGDOWHVLVWHPHGH
3UH]HQĠDFRSLLORUODERUG
UHWHQĠLHSHQWUXFRSLLVXQWGLVSRQLELOHGHOD
RULFH&HQWUXGH6HUYLFH0HUFHGHV%HQ]
=VSăWDUXOVFDXQXOXLVSDWHDODXWRYHKLFXOXOXL
WUHEXLHVăILHEORFDWvQSR]LĠLH
6LJXUDQĠă
6FDXQHOHSHQWUXFRSLLVXQWLQWHJUDWHvQSHU
QHOHVFDXQHORUVSDWHGHSHGUHDSWDúLGHSH
VWkQJD3HOkQJăFRPSRQHQWHOHLQGLFDWHvQ
WDEHOXOXUPăWRUDFHVWHDUHVSHFWăFHULQĠHOH
OHJDOHGLQ(&(5
&DWHJR 6FDXQ 0ăVXĠă 7HWLHUH ([HPSOX6HGDQ
ULLGH SHQWUX GHMRDFă ODWHUDOH C 7HWLHUHODWHUDOH
JUHX FRSLO FăSWX D *KLGDMFHQWXUăGHVLJXUDQĠă
WDWH LQWHJUDW úLWă,&6
6FDXQSHQWUXFRSLOLQWHJUDW
*UXSD, ([WLQV 2EOLJD 2EOLJD
0DQHWăGHHOLEHUDUH
WRULX WRULX
SkQăOD 5DEDWDUHDvQDIDUăDVFDXQXOXLSHQWUX
NJ FRSLO
7UDJHĠLPDQHWDGHHOLEHUDUH
vQDLQWH
*UXSD,, ([WLQV 1HSHU 2EOLJD
5LGLFDĠLVFDXQXOSHQWUXFRSLOLQWHJUDWúL
SkQă PLV WRULX
ODNJ DSăVDĠLOvQDSRLSkQăFHVHDQJUHQHD]ă
3UH]HQĠDFRSLLORUODERUG
=FKLQJDFHQWXULLQXWUHEXLHVăILHSULQVăVDX 7UDJHĠLPDQHWDGHHOLEHUDUHCvQDLQWH
UăVXFLWăúLQXWUHEXLHVăVHIUHFHGHPDUJLQL ÌPSLQJHĠLFHQWUXOVFDXQXOXLSHQWUXFRSLO
DVFXĠLWH LQWHJUDWvQDLQWHúLvQMRVDSkQăFHVH
=GDFăQXDĠLPRQWDWWHWLHUDODWHUDOăWHWLHUD DQJUHQHD]ă
WUHEXLHVăILHUHJODWăvQWRWGHDXQDFRUHFW
6LJXUDQĠă
FkQGFRQGXFHĠLFXXQFRSLOvQVFDXQXOSHQ 0ăVXĠDFăSWXúLWăSHQWUXVFDXQXOSHQ
WUXFRSLOLQWHJUDW'DFăWHWLHUDHVWHUHJODWă WUXFRSLOLQWHJUDW
FRUHFWFHDIDHVWHVXVĠLQXWăGHFHQWUXO
WHWLHUHLDSUR[LPDWLYODQLYHOXORFKLORU 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
5HVSHFWDĠLLQVWUXFĠLXQLOHGHLQVWDODUHSHQWUX 8WLOL]DĠLPăVXĠDGHMRDFăFăSWXúLWă,&6vQFRQ
PăVXĠDGHMRDFăFăSWXúLWă,&6úLDYHUWLVPHQ IRUPLWDWHFXLQVWUXFĠLXQLOHGLQWDEHO
WHOHúLLQIRUPDĠLLOHVXSOLPHQWDUHSULYLQGSHUL 3DJLQD
FROXOGHUăQLUH 1XWUHEXLHVăXWLOL]DĠLVFDXQXOSHQWUXFRSLO
LQWHJUDWFXPăVXĠăGHMRDFăFăSWXúLWă,&6
7UDJHĠLFHQWXUDGHVLJXUDQĠăXúRUGLQ DWDúDWGLUHFWODXQVFDXQDXWRSHQWUXFRSLOvQ
vQWLQ]ăWRU FDUHHVWHSHUPLVăRJUHXWDWHFRUSRUDOăGH
)L[DĠLOLPEDFHQWXULLGHVLJXUDQĠăvQFDWD PD[LPXPNJ
UDPDGHEORFDUHDFHQWXULL
'DFăXWLOL]DĠLVFDXQXOSHQWUXFRSLOLQWHJUDW $9(57,60(17
IăUăPăVXĠDGHMRDFăFăSWXúLWă,&6DVL 'DFăPăVXĠDGHMRDFăFăSWXúLWă,&6QXHVWH
JXUDĠLYăFăFHQWXUDGHVLJXUDQĠă LQVWDODWăúLXWLOL]DWăFRUHFWSHVFDXQXOSHQWUX
=HVWHGLULMDWăFkWPDLMRVSRVLELOSULQ]RQD
FRSLOLQWHJUDWHDQXSRDWHDVLJXUDJUDGXOGH
SURWHFĠLHGRULW$WXQFLUHĠLQHUHDFRSLOXOXLQX
SHOYLQăSULQIDĠDúROGXULORU
YDILSRVLELOăvQFD]GHDFFLGHQWIUkQDUH
=HVWHVWUkQVăSH]RQDYHQWUDOăSULQWUDJHUHD
EUXVFăVDXVFKLPEDUHUDSLGăDGLUHFĠLHLSUR
vQVXVGHVHFĠLXQHDGHXPăUDFHQWXULLGH YRFkQGUăQLJUDYHVDXFKLDUIDWDOHFRSLOXOXL
VLJXUDQĠă 'LQDFHVWPRWLYUHVSHFWDĠLXUPăWRDUHDGHV
=HVWHVWUkQVăúLGLULMDWăSULQFHQWUXOXPăUXOXL FULHUHFkQGPRQWDĠLPăVXĠDGHMRDFăFăSWX
FRSLOXOXL úLWă,&6
=QXHVWHUăVXFLWăúLQXWUDYHUVHD]ă]RQD 0ăVXĠDGHMRDFăFăSWXúLWă,&6HVWHDGHFYDWă
JkWXOXLúLQXWUHFHSHVXEEUDĠHOHFRSLOXOXL QXPDLSHQWUXXWLOL]DUHDVLPXOWDQăFXVFDXQXO
5HJODĠLWHWLHUDGDFăVLWXDĠLDRFHUH SHQWUXFRSLOLQWHJUDWUDEDWDWvQDIDUă
3DJLQD /DVFDXQHOHVSDWHXWLOL]DĠLQXPDLPăVXĠDGH
MRDFăFăSWXúLWă,&6UHFRPDQGDWăSHQWUX
5DEDWDUHDvQLQWHULRUDVFDXQXOXLSHQWUX DXWRYHKLFXOHOH0HUFHGHV%HQ]
FRSLO
2PăVXĠăGHMRDFăFăSWXúLWă,&6PRQWDWă
LQFRUHFWVDUSXWHDGHVSULQGHUăQLQGJUDYVDX
FKLDUIDWDOFRSLOXOVDXDOĠLSDVDJHULDLDXWRYH
KLFXOXOXL'XSăPRQWDUHDPăVXĠHLGHMRDFă
FăSWXúLWH,&6DVLJXUDĠLYăFăHVWHIL[DWă
FRUHFW
$9(57,60(17
1XPRGLILFDĠLPăVXĠDGHMRDFăFăSWXúLWă,&6
VFDXQXOSHQWUXFRSLOLQWHJUDWVDXFHQWXULOHGH
VLJXUDQĠă0ăVXĠDGHMRDFăFăSWXúLWă,&6QX
3UH]HQĠDFRSLLORUODERUG
WUHEXLHVăILHXWLOL]DWăIăUăKXVă+XVDQXWUH 5DEDWDĠLDPEHOHSLFLRDUH
úLvQMRV
EXLHVFRDVăGHSHPăVXĠDGHMRDFăFăSWXúLWă $úH]DĠLPăVXĠDGHMRDFăFăSWXúLWă,&6D
,&6VDXvQORFXLWăFXRKXVăGHODXQDOWSUR SHVWHVFDXQXOSHQWUXFRSLOLQWHJUDW
GXFăWRUÌQFD]FRQWUDUDSUREDUHDRILFLDOă
HVWHDQXODWăLDUIXQFĠLDGHSURWHFĠLHD $9(57,60(17
6LJXUDQĠă
PăVXĠHLGHMRDFăFăSWXúLWHSRDWHILOLPLWDWă $VLJXUDĠLYăFă
=FHQWXUDHVWHGLULMDWăFRQIRUPLQGLFDĠLLORUGH
$VLJXUDĠLYăFăPăVXĠDGHMRDFăFăSWXúLWă
,&6QXHVWHSULQVăVDXGHWHULRUDWăGH PDLMRV
H[HPSOXFkQG =FHQWXUDGHVLJXUDQĠăQXHVWHUăVXFLWă
=PăVXĠDGHMRDFăFăSWXúLWă,&6HVWHvQLPH
=vQFKLGHĠLSRUWLHUHOH
=UHJODĠLVFDXQXO
GLDWDDSURSLHUHDFRUSXOXLFRSLOXOXL
=FKLQJDFHQWXULLQXHVWHSULQVăVDXUăVXFLWă
=GHSR]LWDĠLPăVXĠDGHMRDFăFăSWXúLWă,&6
úLFăQXVHIUHDFăGHPDUJLQLDVFXĠLWH
VDXWUDQVSRUWDĠLRELHFWHJUHOH
ÌQFD]FRQWUDUHVWHSRVLELOFDUHĠLQHUHDFRSL
OXOXLVăQXILHSRVLELOăvQFD]GHDFFLGHQWIUk
QDUHEUXVFăVDXVFKLPEDUHUDSLGăDGLUHFĠLHL
SURYRFkQGUăQLJUDYHVDXFKLDUIDWDOHFRSLOX
OXL
7UDJHĠLFHQWXUDGHVLJXUDQĠăXúRUGLQ
vQWLQ]ăWRU
3ULQGHĠLVHFĠLXQLOHLQIHULRDUăúLVXSHULRDUă
DOHFHQWXULLvQSXQFWXOGHJKLGDUHDOFHQWXULL
GHVLJXUDQĠăVWkQJD
*KLGDĠLDPEHOHVHFĠLXQLDOHFHQWXULLFăWUH
SXQFWXOGHJKLGDUHDOFHQWXULLGHVLJXUDQĠă
GUHDSWDúLSULQGHĠLOH
)L[DĠLOLPEDFHQWXULLGHVLJXUDQĠăvQFDWD
UDPDGHEORFDUHDFHQWXULL
([HPSOX6HGDQ &XOLVDĠLPăVXĠDGHMRDFăFăSWXúLWă,&6D
C 7HWLHUHODWHUDOH DSURDSHGHFRUSXOFRSLOXOXL
D 0ăVXĠăGHMRDFăFăSWXúLWă,&6 7UDJHĠLIHUPDPEHOHSăUĠLDOHFHQWXULL$VL
3XQFWHGHJKLGDUHDOHFHQWXULLGHVLJX JXUDĠLYăFăFHQWXUDGHVLJXUDQĠăQXHVWH
UDQĠă UăVXFLWă
3LFLRUXOGLQVWkQJD 5HJODĠLWHWLHUDGDFăVLWXDĠLDRFHUH
6FDXQSHQWUXFRSLOLQWHJUDW 3DJLQD
3LFLRUXOGLQGUHDSWD
7HWLHUHODWHUDOHSHQWUXVFDXQXOSHQWUX
0RQWDUHDPăVXĠHLGHMRDFăFăSWXúLWH,&6 FRSLOLQWHJUDW
5DEDWDĠLvQDIDUăVFDXQXOSHQWUXFRSLOLQWH
8WLOL]DĠLWHWLHUHOHODWHUDOHvQFRQIRUPLWDWHFX
JUDW3DJLQD LQVWUXFĠLXQLOHGLQWDEHO3DJLQD
$úH]DĠLFRSLOXOSHVFDXQXOSHQWUXFRSLOLQWH
JUDW G 'DFăHVWHQHFHVDUăRWHWLHUăODWHUDOăSHQ
WUXDOGRLOHDVFDXQSHQWUXFRSLOLQWHJUDWHD
3UH]HQĠDFRSLLORUODERUG
SRDWHILFRPDQGDWăGHODRULFH&HQWUXGH *KLGDĠLFHQWXUDGHVLJXUDQĠăSULQJKLGDMXO
6HUYLFH0HUFHGHV%HQ] GHFHQWXUăGHVLJXUDQĠăGHSHSDUWHD
SRUWLHUHLGHSHWHWLHUDODWHUDOă
$VLJXUDĠLFRSLOXO3DJLQD
6FRDWHUHDWHWLHUHORUODWHUDOH
6LJXUDQĠă
6FRDWHĠLFHQWXUDGHVLJXUDQĠăGLQJKLGDMXO
FHQWXULLGHVLJXUDQĠă
'HSODVDĠLWHWLHUDDvQVXV
$SăVDĠLEXWRQXOGHHOLEHUDUHGLQVWkQJDVDX
GLQGUHDSWD
úLWUDJHĠLWHWLHUDODWHUDOă
vQDLQWHSHQWUXDRVFRDWH
([HPSOX6HGDQ ,QGLFDWRULLGHYHULILFDUHDEORFăULLGLQVWkQJD
úLGLQGUHDSWDCVHGHSOLD]ăWHPSRUDU
$9(57,60(17
5HJODĠLWHWLHUDD3DJLQD
'DFăQXDVLJXUDĠLWHWLHUDvQSXQFWHOHGHDQFR
UDUHSUHYă]XWHHDQXSRDWHRIHULQLYHOXOGHV
WLQDWGHSURWHFĠLH$WXQFLSURWHFĠLDFRSLOXOXL 'HSR]LWDUHDPăVXĠHLFăSWXúLWHúLD
QXYDILSRVLELOăvQFD]GHDFFLGHQWIUkQDUH WHWLHUHORUODWHUDOH
EUXVFăVDXVFKLPEDUHUDSLGăDGLUHFĠLHLSUR
$9(57,60(17
YRFkQGUăQLJUDYHVDXFKLDUIDWDOHFRSLOXOXL
)L[DĠLPăVXĠDGHMRDFăFăSWXúLWă,&6úLWHWLH
3ULQGHĠLWHWLHUDODWHUDOăQXPDLvQSXQFWHOHGH
UHOHODWHUDOHvQDXWRYHKLFXOFRQIRUPLQGLFDĠLL
DQFRUDUHSUHYă]XWHGHSHWHWLHUDVSDWH
ORUvQFD]FRQWUDUDFHVWHDVHSRWGHVSULQGH
'LQUDĠLXQLGHVLJXUDQĠă0HUFHGHV%HQ]Yă ÌQFD]GHDFFLGHQWIUkQDUHSXWHUQLFăVDX
UHFRPDQGăVăXWLOL]DĠLQXPDLWHWLHUHFDUHDX VFKLPEDUHEUXVFăDGLUHFĠLHLDFHVWHDDUSXWHD
IRVWVSHFLDORPRORJDWHSHQWUXDXWRYHKLFXOXO UăQLSDVDJHULLDXWRYHKLFXOXOXLVDXDYDULDDXWR
GXPQHDYRDVWUăGHFăWUH0HUFHGHV%HQ] YHKLFXOXO
0RQWDUHDWHWLHUHORUODWHUDOH 'DFăQXXWLOL]DĠLPăVXĠDGHMRDFăFăSWXúLWă
,&6úLWHWLHUHOHODWHUDOHGHSR]LWDĠLOHvQWUXQ
&XOLVDĠLWHWLHUDDvQVXVúLSR]LĠLRQDĠLRSH ORFDGHFYDWFXPDUILSRUWEDJDMXO
YHUWLFDOă
&XOLVDĠLWHWLHUHOHODWHUDOHGLQIDĠăFăWUH 'HH[HPSOXODDXWRYHKLFXOHOHFX7,5(),7
FHQWUXODPEHORUEDUHDOHWHWLHUHORUSkQăFH SXWHĠLGHSR]LWDWHWLHUHOHODWHUDOHvQFRPSDUWL
VHvPELQă PHQWXOGHGHSR]LWDUHGHVXESODQúHXOSRUW
,QGLFDWRULLGHYHULILFDUHDvQFKLGHULLGHSH EDJDMXOXL3DJLQD3DJLQD
GUHDSWDúLVWkQJDWUHEXLHVăILHSOLDĠLvQ
LQWHULRU6XSUDIHĠHOHURúLLQXWUHEXLHVăPDL
ILHYL]LELOH
$VLJXUDĠLYăFăWHWLHUDODWHUDOăHVWH
FXSODWăvQDPEHOHEDUHDOHWHWLHUHL
&XOLVDĠLWHWLHUDDvQMRV3DJLQD
SkQăFHVHDúD]ăSHPDUJLQHDVXSHULRDUăD
WHWLHUHORUODWHUDOH
3UH]HQĠDFRSLLORUODERUG
3R]LĠLRQDUHDDGHFYDWăDVLVWHPHORUGHUHWHQĠLHSHQWUXFRSLL
/HJHQGDOLWHUHORUXWLOL]DWHvQWDEHO
[ 6FDXQXOFDUHHVWHLQDGHFYDWSHQWUXFRSLLGLQDFHDVWăFDWHJRULHGHJUHXWDWH
8 $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXFRSLLGLQFDWHJRULDÄ8QLYHUVDOFDUHVXQWDSUR
6LJXUDQĠă
EDWHSHQWUXXWLOL]DUHvQDFHDVWăFDWHJRULHGHJUHXWDWH
8) $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXFRSLLRULHQWDWHVSUHIDĠăFDUHVHvQFDGUHD]ăvQ
FDWHJRULDÄ8QLYHUVDOúLVXQWDSUREDWHSHQWUXXWLOL]DUHvQDFHDVWăFDWHJRULHGHJUHXWDWH
/ $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXFRSLLFRQIRUPUHFRPDQGăULORUFRQVXOWDĠL
XUPăWRUXOWDEHOFXÄ6LVWHPHGHUHWHQĠLHSHQWUXFRSLLUHFRPDQGDWH3DJLQD
3R]LĠLLOHVFDXQHORU
&DWHJRULLGH 6FDXQXOSDVDJHUXOXLIDĠă 6FDXQXOVSDWH
JUHXWDWH
$LUEDJXOSDVD $LUEDJXOSDVD 6WkQJD &HQWUX
JHUXOXLIDĠăQX JHUXOXLIDĠă GUHDSWD
HVWHGH]DFWL HVWHGH]DFWL
YDW YDW
*UXSDSkQă [ 8/ 8/ /
ODNJ
*UXSD [ 8/ 8/ /
SkQăODNJ
*UXSD,SkQă 8/ 8/ 8/ 8/
ODNJ
*UXSD,, 8/ 8/ 8/ 8/
SkQăODNJ
*UXSD,,, 8/ 8/ 8/ 8/
SkQăODNJ
6LVWHPHOHGHUHWHQĠLHSHQWUXFRSLLGLQFDWHJRULDÄXQLYHUVDOă´SRWILUHFXQRVFXWHGXSăHWLFKHWD
ORUGHRPRORJDUHSRUWRFDOLH
$XWRYHKLFXOHFXUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLIDĠăXQVLVWHPGH
UHWHQĠLHSHQWUXFRSLLGLQFDWHJRULDÄ8QLYHUVDOFXXQWUDQVSRQGHUSHQWUXUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXL
SHQWUXFRSLOWUHEXLHVăILHPRQWDW/DPSDLQGLFDWRDUHs3$66(1*(5$,5%$*2))$,5%$*3$6$*(5
235,7WUHEXLHVăILHDSULQVă
5HJODĠLVFDXQXOSDVDJHUXOXLIDĠăvQSR]LĠLHGHFDSăWVSDWHúLvQăOĠLPHDGHLHúLUHDFHQWXULLvQSR]LĠLDLQIHULRDUă
PD[LPă
6LJXUDQĠă 3UH]HQĠDFRSLLORUODERUG
(WLFKHWăGHRPRORJDUHSHVLVWHPXOGHUHWHQĠLHSHQWUXFRSLLH[HPSOX
/HJHQGDOLWHUHORUXWLOL]DWHvQWDEHO
[ 3R]LĠLD,62),;FDUHQXHVWHDGHFYDWăSHQWUXVLVWHPHOHGHUHWHQĠLHSHQWUXFRSLL,62),;
GLQDFHDVWăFDWHJRULHGHJUHXWDWHúLVDXFDWHJRULHGHPăULPH
,8) $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXVFDXQHGHFRSLL,62),;RULHQWDWHVSUHIDĠă
FDUHVHvQFDGUHD]ăvQFDWHJRULDÄ8QLYHUVDOFDUHVXQWDSUREDWHSHQWUXXWLOL]DUHvQDFHDVWă
FDWHJRULHGHJUHXWDWH
,/ $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXFRSLL,62),;FRQIRUPUHFRPDQGăULORUFRQ
VXOWDĠLXUPăWRUXOWDEHOFXÄ6LVWHPHGHUHWHQĠLHSHQWUXFRSLLUHFRPDQGDWH
3DJLQD
*UDGXOGHDGHFYDUHDOVFDXQHORUVSDWHSHQWUXSULQGHUHDVLVWHPHORUGHUHWHQĠLHSHQWUXFRSLL
,62),;
6LVWHPHGHUHWHQĠLHSHQWUXFRSLLUHFRPDQGDWH
'DFăPRQWDĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLLIăUăWUDQVSRQGHUSHQWUXUHFXQRDúWHUHDDXWR
PDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLIDĠăSR]LĠLRQDĠLVFDXQXOSDVDJHUXOXLIDĠă
vQSR]LĠLDVDGHFDSăWVSDWH
6LJXUDQĠă
&DWHJRULLGH 3UR 7LS 1XPăURPR 1XPăU 5HFXQRDúWH
JUHXWDWH GXFăWRU ORJDUH( FRPDQGă UHDDXWR
$ PDWăDVFDX
QXOXLSHQWUX
FRSLO
*UXSDSkQă %ULWD[ %$%< 'D
ODNJ 5|PHU 6$)(
SkQăODDSUR[L 3/86
PDWLYOXQL
*UXSDSkQă %ULWD[ %$%< 'D
ODNJ 5|PHU 6$)(
SkQăODDSUR[L 3/86
PDWLYOXQL
*UXSD,SkQă %ULWD[ '82 'D
ODNJ 5|PHU 3/86 1X
vQWUHDSUR[LPD
WLYOXQLúL
DQL
&DWHJRULD,, %ULWD[ .,'),; 'D
,,,SkQăOD 5|PHU
NJ 1X
vQWUHDSUR[LPD
WLYúLDQL
6LVWHPHOHGHUHWHQĠLHSHQWUXFRSLL,62),;VXJHUDWHGLQFDWHJRULD8QLYHUVDOă
'HSODVDĠLVFDXQXOSDVDJHUXOXLIDĠăvQSR]LĠLDVDGHFDSăWVSDWHúLFHDPDLULGLFDWă
3UH]HQĠDFRSLLORUODERUG
SHQWUX
FRSLO
*UXSD ( ± ± ± ± ±
SkQăOD
NJ
*UXSD ( %ULWD[ %$%<6$)( % 1X
SkQăOD 5|PHU ,62),;
NJ 3/86
' ± ± ± ± ±
& ± ± ± ± ±
*UXSD, ' ± ± ± ± ±
SkQăOD & ± ± ± ± ±
NJ
% ± ± ± ± ±
% %ULWD[ '823/86 $ 'D
5|PHU
$ ± ± ± ± ±
%ORFăULOHFRQWUDDFFHVXOXLFRSLLORU PHQHDHLDUSXWHDVXIHULUăQLJUDYHVDXFKLDU
IDWDOHvQXUPDXQHLH[SXQHULSUHOXQJLWHOD
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD FăOGXUăVDXIULJH[WUHP
$9(57,60(17 1XH[SXQHĠLVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
$FWLYDĠLvQFXLHWRULOHFHQXSHUPLWDFFHVXO OXPLQLLGLUHFWHDVRDUHOXL$QXPLWHSăUĠLGLQ
FRSLLORUSHQWUXSRUWLHUHOHVSDWHúLFRPXWDWRUXO VLVWHPXOGHUHWHQĠLHSHQWUXFRSLLVDUSXWHD
GHVXSUDUHJODUHSHQWUXJHDPXULOHVSDWHFkQG vQFăO]LLDUFRSLOXOVDUSXWHDDUGHvQHOH
FRSLLLFăOăWRUHVFvQDXWRYHKLFXOÌQFD]FRQ ÌQFD]XOvQFDUHXQFRSLOGHVFKLGHRSRUWLHUă
WUDUFRSLLLDUSXWHDGHVFKLGHSRUWLHUHVDXJHD FRSLOXOVDXDOWHSHUVRDQHDUSXWHDGUHSW
PXULODWHUDOHFkQGDXWRYHKLFXOXOHVWHvQPLú XUPDUHVăILHUăQLWH$FHúWLDDUSXWHDLHúL
FDUHúLDUSXWHDVXIHULUăQLVDXLDUSXWHDUăQL UăQLQGXVHVDXILLQGUăQLĠLGHXQDXWRYHKLFXO
SHDOĠLL DIODWvQWUHFHUH
$9(57,60(17 %ORFăULOHFRQWUDDFFHVXOXLFRSLLORUOD
1XOăVDĠLFRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKL SRUWLHUHOHVSDWH
FXOFKLDUGDFăVXQWIL[DĠLvQWUXQVLVWHPGH
$VLJXUDĠLILHFDUHSRUWLHUăLQGLYLGXDOFXvQFXLH
UHWHQĠLHSHQWUXFRSLL$FHúWLDVDUSXWHDUăQL
WRULOHFHQXSHUPLWDFFHVXOFRSLLORUGHSHSRU
vQDQXPLWHSăUĠLDOHDXWRYHKLFXOXOXL'HDVH
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
WLHUHOHVSDWH2SRUWLHUăDVLJXUDWăFXRvQFXLH UXOXL'DFăODPSDLQGLFDWRDUHCHVWH
WRDUHFHQXSHUPLWHDFFHVXOFRSLLORUQXSRDWH VWLQVăDFĠLRQDUHDHVWHSRVLELOăFXDMXWRUXO
ILGHVFKLVăGLQDXWRYHKLFXO&kQGDXWRYHKLFX FRPXWDWRDUHORUGLQFRPSDUWLPHQWXOVSDWH
OXOHVWHGHVFXLDWSRUWLHUDSRDWHILGHVFKLVă
GLQH[WHULRU
6LJXUDQĠă
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
3UH]HQWDUHJHQHUDOăDVLVWHPHORUGH
VLJXUDQĠăODFRQGXFHUH
ÌQDFHDVWăVHFĠLXQHYHĠLJăVLLQIRUPDĠLLGHV
SUHXUPăWRDUHOHVLVWHPHGHVLJXUDQĠăODFRQ
GXFHUH
=$%66LVWHPDQWLEORFDUHODIUkQDUH
=%$66LVWHPGHDVLVWDUHODIUkQDUH
=%$63/866LVWHPGHDVLVWDUHODIUkQDUH
PDQGDWHDOHEHQ]LLGHUXODUHHWFGLQVHF 3HGDODGHIUkQăFDUHSXOVHD]ăSRDWHLQGLFDR
ĠLXQHDÄ5RĠLúLSQHXUL3DJLQD VWDUHSHULFXORDVăDGUXPXOXLúLDUHUROXOGHD
ÌQFRQGLĠLLGHFRQGXFHUHSHWLPSGHLDUQă YăDPLQWLVăPDQLIHVWDĠLRSUHFDXĠLHGHRVH
XWLOL]DĠLvQWRWGHDXQDSQHXULGHLDUQă ELWăFkQGFRQGXFHĠL
SQHXUL06úLGDFăVLWXDĠLDRFHUHODQĠXUL $9(57,=$5(
6LJXUDQĠă
GH]ăSDGă1XPDLDVWIHOYRUIXQFĠLRQDVLV
1XDSăVDĠLVFXUWúLUHSHWDWSHGDODGHIUkQă
WHPHOHGHVLJXUDQĠăODFRQGXFHUHGHVFULVH
SRPSDUHÄ3RPSDUHD´SHGDOHLGHIUkQă
vQDFHDVWăVHFĠLXQHODHILFLHQĠăPD[LPă
UHGXFHHIHFWXOGHIUkQDUH6DUSXWHDVăQX
UHXúLĠLVăRSULĠLODWLPSúLVăSURGXFHĠLXQDFFL
GHQW$SăVDĠLSHGDODGHIUkQăIHUPúLXQLIRUP
$%66LVWHPDQWLEORFDUHODIUkQDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH %$66LVWHPGHDVLVWDUHODIUkQDUH
SULYLQGVLJXUDQĠD³3DJLQD G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH
$%6UHJOHD]ăSUHVLXQHDGHIUkQDUHDVWIHO SULYLQGVLJXUDQĠD³3DJLQD
vQFkWURĠLOHVăQXVHEORFKH]HFkQGIUkQDĠL %$6VHDFĠLRQHD]ăvQVLWXDĠLLGHIUkQDUHGH
$FHDVWDYăSHUPLWHVăFRQWLQXDĠLVăPDQH XUJHQĠă'DFăDSăVDĠLUDSLGSHGDODGHIUkQă
YUDĠLDXWRYHKLFXOXOFkQGIUkQDĠL %$6RIHUăDXWRPDWXQLPSXOVGHIRUĠăGHIUk
$%6IXQFĠLRQHD]ăGHODRYLWH]ăGHDSUR[LPD QDUHUHGXFkQGDVWIHOGLVWDQĠDGHRSULUH
WLYNPKvQVXVLQGLIHUHQWGHVWDUHDVXSUD 0HQĠLQHĠLSHGDODGHIUkQăIHUPDSăVDWă
IHĠHLGUXPXOXL$%6IXQFĠLRQHD]ăSHVXSUD SkQăFHVLWXDĠLDFDUHDLPSXVIUkQDUHDGH
IHĠHDOXQHFRDVHFKLDUúLGDFăIUkQDĠLXúRU XUJHQĠăDOXDWVIkUúLW
$%6XOSUHYLQHEORFDUHDURĠLORU
$9(57,60(17
'DFă$%6IXQFĠLRQHD]ăGHIHFWXRVURĠLOHVH )UkQHOHYRUIXQFĠLRQDFDGHRELFHLFkQGHOL
SRWEORFDFkQGIUkQDĠL$VWIHOVHOLPLWHD]ă EHUDĠLSHGDODGHIUkQă%$6XOHVWHGH]DFWL
PDQHYUDELOLWDWHDDXWRYHKLFXOXOXLFkQGIUkQDĠL YDW
úLGLVWDQĠDGHIUkQDUHSRDWHFUHúWH 3HULFROGHDFFLGHQW
'DFă$%6HVWHGH]DFWLYDWGLQFDX]DXQHL ÌQFD]XOXQHLGHIHFĠLXQLDVLVWHPXOXL%$6VLV
GHIHFĠLXQLDWXQFL%$6úL(63VXQWGHDVHPH WHPXOGHIUkQDUHUăPkQHGLVSRQLELOFXDPSOL
QHDGH]DFWLYDWH([LVWăXQSHULFROFUHVFXWFD ILFDUHDIRUĠHLGHIUkQDUHFRPSOHWIXQFĠLRQDOă
DXWRYHKLFXOXOGXPQHDYRDVWUăVăGHUDSH]HvQ 3HGHDOWăSDUWHvQDFHDVWăVLWXDĠLHIRUĠDGH
DQXPLWHVLWXDĠLL IUkQDUHQXHVWHDXWRPDWDPSOLILFDWăvQFD]XO
7UHEXLHVăYăDGDSWDĠLvQWRWGHDXQDVWLOXOGH IUkQăULLGHXUJHQĠăúLHVWHSRVLELOăPăULUHD
FRQGXFHUHODFRQGLĠLLOHGHGUXPúLPHWHR GLVWDQĠHLGHIUkQDUH
IUkQDUH
%$63/866LVWHPGHDVLVWDUHODIUk
'DFă$%6LQWHUYLQHFkQGIUkQDĠLYHĠLVLPĠL
QDUH3/86
SHGDODGHIUkQăSXOVkQG
'DFă$%6LQWHUYLQHFRQWLQXDĠLVăDSăVDĠL %$63/86HVWHGLVSRQLELOQXPDLODDXWRYHKL
SHGDODGHIUkQăFXIRUĠăSkQăFHVLWXDĠLD FXOHOHFX',67521,&3/86
FDUHDLPSXVIUkQDUHDLDVIkUúLW G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH
3HQWUXDDFĠLRQDSkQăODFDSăWIUkQD SULYLQGVLJXUDQĠD³3DJLQD
DSăVDĠLSHGDODGHIUkQăFXIRUĠăPD[LPă
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
%$63/86YăDVLVWăODIUkQDUHvQVLWXDĠLLSHUL 3HQWUXFD%$63/86VăYăDVLVWHvQWLPSXO
FXORDVHODYLWH]HGHSHVWHNPKúLXWLOL FRQGXFHULLVLVWHPXOGHVHQ]RUUDGDUWUHEXLH
]HD]ăVLVWHPXOGHVHQ]RULUDGDUSHQWUXDHYD VăILHDFWLYDWúLIXQFĠLRQDOFRQVXOWDĠLÄ6LVWH
OXDVLWXDĠLDGLQWUDILF PXOGHVHQ]RUUDGDU³GLQLQGH[
&XDMXWRUXOVLVWHPXOXLGHVHQ]RUUDGDU%$6 $9(57,60(17
6LJXUDQĠă
3/86SRDWHGHWHFWDREVWDFROHDIODWHSHWUD
%$63/86QXSRDWHLGHQWLILFDvQWRWGHDXQD
VHXODXWRYHKLFXOXOXLGXPQHDYRDVWUăSHR
FODURELHFWHOHúLVLWXDĠLLOHFRPSOH[HGLQWUDILF
SHULRDGăvQGHOXQJDWăGHWLPS
%$63/86QXSRDWHLQWHUYHQLvQDFHVWHFD]XUL
/DYLWH]HGHSkQăODDSUR[LPDWLYNPK
([LVWăXQSHULFROGHDFFLGHQW$FRUGDĠLvQWRW
%$63/86SRDWHGHDVHPHQHDVăGHWHFWH]H
GHDXQDRDWHQĠLHGHRVHELWăVLWXDĠLHLGLQWUDILF
REVWDFROHVWDĠLRQDUHGHH[HPSOXDXWRYHKL
úLILĠLJDWDVăIUkQDĠL
FXOHRSULWHVDXSDUFDWH
'DFăYăDSURSLDĠLGHXQREVWDFROúL%$63/86 'HWHFWDUHDREVWDFROHORUSRDWHILGLPLQXDWă
DGHWHFWDWXQULVFGHFROL]LXQH%$63/86FDO PDLDOHVGDFăH[LVWă
FXOHD]ăIRUĠDGHIUkQDUHQHFHVDUăHYLWăULLXQHL =LPSXULWăĠLSHVHQ]RULVDXRULFHDOWHPDWHULL
FROL]LXQLGLQVSDWHÌQWLPSFHDFĠLRQDĠLIUkQHOH
VWUăLQHSHVHQ]RUL
FXSXWHUH%$63/86SRDWHFUHúWHDXWRPDW
=]ăSDGăVDXSORDLHDEXQGHQWă
IRUĠDGHIUkQDUHSkQăODXQQLYHODGHFYDWFRQ
GLĠLLORUGLQWUDILF =LQWHUIHUHQĠHFXDOWHVXUVHUDGDU
'DFă%$63/86QHFHVLWăRIRUĠăGHIUkQDUH =SRVLELOLWDWHDGHHPLVLLUDGDUSXWHUQLFHGH
GHRVHELWGHULGLFDWăPăVXULOHGHSURWHFĠLH H[HPSOXvQSDUFăULHWDMDWH
SUHYHQWLYăDSDVDJHULORU35(6$)(VXQW =XQDXWRYHKLFXOvQJXVWFDUHUXOHD]ăvQIDĠă
DFWLYDWHVLPXOWDQ GHH[RPRWRFLFOHWă
0HQĠLQHĠLSHGDODGHIUkQăDSăVDWăSkQăFH =XQDXWRYHKLFXOFDUHUXOHD]ăvQIDĠăSHR
VLWXDĠLDFDUHDLPSXVIUkQDUHDGHXUJHQĠăD EDQGăGLIHULWă
OXDWVIkUúLW
$9(57,60(17
$%6XOSUHYLQHEORFDUHDURĠLORU
%$63/86QXUHDFĠLRQHD]ă
)UkQHOHYRUUHYHQLODIXQFĠLRQDUHDQRUPDOăGLQ
=ODSHUVRDQHVDXODDQLPDOH
QRXGDFă
=ODDXWRYHKLFXOHOHFDUHYLQGLQVHQVRSXV
=HOLEHUDĠLSHGDODGHIUkQă
=ODDXWRYHKLFXOHOHFDUHYăWDLHFDOHD
=QXPDLH[LVWăSHULFROXOXQHLFROL]LXQLGLQ
=vQYLUDMH
VSDWH
=QXHVWHGHWHFWDWQLFLXQREVWDFROvQIDĠD 'UHSWXUPDUHHVWHSRVLELOFD%$63/86VăQX
DXWRYHKLFXOXOXLGXPQHDYRDVWUă LQWHUYLQăvQVLWXDĠLLFULWLFH([LVWăXQSHULFROGH
DFFLGHQW$FRUGDĠLvQWRWGHDXQDRDWHQĠLHGHR
%$63/86HVWHDSRLGH]DFWLYDW
VHELWăVLWXDĠLHLGLQWUDILFúLILĠLJDWDVăIUkQDĠL
$XWRYHKLFXOHFX&20$1'úLVLVWHPGHQDYL
JDĠLHVLVWHPXOGHVHQ]RUUDGDUHVWHGH]DFWL ÌQXUPDDYDULHULLSăUĠLLIURQWDOHDDXWRYHKLFX
YDWDXWRPDWvQDSURSLHUHDXQLWăĠLORUUDGLRWH OXOXLVROLFLWDĠLYHULILFDUHDFRQILJXUăULLúLIXQF
OHVFRS3DJLQD ĠLRQăULLVHQ]RULORUUDGDUODXQDWHOLHUGHVSH
$XWRYHKLFXOHIăUă&20$1'úLVLVWHPGHQDYL FLDOLWDWHDXWRUL]DW$FHDVWăLQGLFDĠLHHVWH
JDĠLHúLDXWRYHKLFXOHSHQWUX$XVWUDOLDVLVWH YDODELOăúLvQFD]XOFROL]LXQLORUODYLWH]ăPLFă
PXOGHVHQ]RUUDGDUúLFDOFXODWRUXOGHERUG DWXQFLFkQGQXH[LVWăDYDULLYL]LELOHSHSDUWHD
WUHEXLHVăILHGH]DFWLYDWHvQDSURSLHUHD IURQWDOăDDXWRYHKLFXOXOXL
XQLWăĠLORUUDGLRWHOHVFRS3DJLQD 'DFă%$63/86HVWHLQGLVSRQLELOGLQFDX]D
XQHLGHIHFĠLXQLODVLVWHPXOGHVHQ]RUUDGDU
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
VLVWHPXOGHIUkQDUHUăPkQHGLVSRQLELOFX $9(57,60(17
HIHFWGHDVLVWDUHFRPSOHWăODIUkQDUHúL%$6 'DFăODPSDGHDYHUWL]DUHåGLQSDQRXOGH
LQVWUXPHQWHFOLSHúWHSURFHGDĠLGXSăFXP
XUPHD]ă
/ăPSLGHIUkQăDGDSWLYH
=QXGH]DFWLYDĠL(63VXEQLFLRIRUPă
6LJXUDQĠă
G /ăPSLOHGHIUkQăDGDSWLYHVXQWGLVSRQL =DSăVDĠLSHGDODGHDFFHOHUDĠLHQXPDLFkWGH
ELOHQXPDLvQDQXPLWHĠăUL WDUHHVWHQHFHVDUODGHPDUDUH
'DFăIUkQDĠLSXWHUQLFGHODRYLWH]ăGHSHVWH =DGDSWDĠLYăVWLOXOGHFRQGXFHUHODFRQGLĠLLOH
NPKVDXGDFăIUkQDUHDHVWHDVLVWDWăGH GHGUXPúLPHWHRSUHGRPLQDQWH
%$6VDX%$63/86OăPSLOHGHIUkQăOXPL ÌQFD]FRQWUDUDXWRYHKLFXOXOSRDWHGHUDSD
QHD]ăLQWHUPLWHQWUDSLG$VWIHOWUDILFXOGLQ
(63QXSRDWHUHGXFHSHULFROXOGHDFFLGHQW
VSDWHOHGXPQHDYRDVWUăHVWHDYHUWL]DWvQWUXQ
PRGúLPDLXúRUREVHUYDELO vQFD]XOvQFDUHFRQGXFHĠLSUHDUDSLG(63QX
VHSRDWHVXVWUDJHOHJLORUIL]LFLL
'DFăIUkQDĠLSXWHUQLFGHODRYLWH]ăGHSHVWH
NPKSkQăODRSULUHVHPQDOL]DWRDUHOHGH 'HFXSODĠLFRQWDFWXOFkQG
DYDULHVXQWDFWLYDWHDXWRPDW'DFăIUkQHOH
=IUkQDGHSDUFDUHHVWHWHVWDWăFXDMXWRUXO
VXQWDFĠLRQDWHGLQQRXOăPSLOHGHIUkQăVH
DSULQGFRQWLQXX6HPQDOL]DWRDUHOHGHDYDULH XQXLGLQDPRPHWUX
VHRSUHVFDXWRPDWGDFăUXODĠLODSHVWH =DXWRYHKLFXOXOHVWHWUDFWDWFXSXQWHD
NPK3XWHĠLGHDVHPHQHDVăRSULĠLVHP IDĠăSXQWHDVSDWHULGLFDWă
QDOL]DWRDUHOHGHDYDULHFXDMXWRUXOEXWRQXOXL $FĠLRQDUHDIUkQHORUSULQ(63SRDWHGLV
GHFRPXWDUHDVHPQDOL]DWRDUHORUGHDYDULH WUXJHvQFD]FRQWUDUVLVWHPXOGHIUkQDUH
3DJLQD
1XWUDFWDĠLDXWRYHKLFXOHOHFX0$7,&FX
SXQWHDIDĠăVDXVSDWHULGLFDWă
(633URJUDPGHVWDELOLWDWHHOHFWUR G 8WLOL]DĠLQXPDLURĠLFXPăULPLOHGHSQHX
QLFă UHFRPDQGDWH1XPDLDWXQFLYDIXQFĠLRQD
(63FRUHVSXQ]ăWRU
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
G &RQVXOWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH (76(76$VLVWDUHHOHFWURQLFăDWUDF
SULYLQGVLJXUDQĠD³3DJLQD ĠLXQLL
'DFă(63GHWHFWHD]ăIDSWXOFăDXWRYHKLFXOXO &RQWUROXOWUDFĠLXQLLIDFHSDUWHGLQ(63
GHYLD]ăGHODGLUHFĠLDGRULWăGHúRIHUVHIUk &RQWUROXOWUDFĠLXQLLIUkQHD]ăURĠLOHPRWULFH
QHD]ăSHXQDVDXPDLPXOWHURĠLSHQWUXDVWD LQGLYLGXDOGDFăSDWLQHD]ă$VWIHOSXWHĠLSRUQL
ELOL]DDXWRYHKLFXOXO'DFăVLWXDĠLDRFHUH GHSHORFúLDFFHOHUDSHVXSUDIHĠHDOXQHFRDVH
SXWHUHDXWLOăDPRWRUXOXLHVWHGHDVHPHQHD GHH[HPSOXGDFăVXSUDIDĠDGUXPXOXLHVWHDOX
PRGLILFDWăSHQWUXDPHQĠLQHDXWRYHKLFXOXOSH QHFRDVăSHRSDUWH/DDXWRYHKLFXOHOHFX
WUDVHXOGRULWvQIXQFĠLHGHOLPLWHOHIL]LFLL 0$7,&XQFXSOXPDLPDUHHVWHGHDVHPH
(63vODVLVWăSHúRIHUODGHPDUDUHSHGUXPXUL QHDWUDQVIHUDWODURDWDVDXODURĠLOHFXWUDF
XPHGHVDXDOXQHFRDVH(63SRDWHGHDVH ĠLXQH
PHQHDVăVWDELOL]H]HDXWRYHKLFXOXOODIUkQDUH &RQWUROXOWUDFĠLXQLLUăPkQHDFWLYGDFăGH]DF
'DFă(63LQWHUYLQHODPSDGHDYHUWL]DUH WLYDĠL(63
(63åGLQSDQRXOGHLQVWUXPHQWHFOL
SHúWH
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
=FRQWUROXOWUDFĠLXQLLUăPkQHDFWLYDW
$9(57,60(17
&RQWUROXOWUDFĠLXQLLQXSRDWHUHGXFHSHULFROXO =(63FRQWLQXăVăYăDVLJXUHDVLVWHQĠăFkQG
GHDFFLGHQWvQFD]XOvQFDUHFRQGXFHĠLSUHD IUkQDĠL
UDSLG&RQWUROXOWUDFĠLXQLLQXSRDWHDQXOD 'DFă(63HVWHGH]DFWLYDWúLXQDVDXPDL
OHJLOHIL]LFLL PXOWHURĠLvQFHSVăSDWLQH]HODPSDGHDYHU
6LJXUDQĠă
WL]DUH(63åGLQSDQRXOGHLQVWUXPHQWH
'H]DFWLYDUHDDFWLYDUHD(63FX OXPLQHD]ăLQWHUPLWHQWÌQDVWIHOGHVLWXDĠLL
H[FHSĠLDDXWRYHKLFXOHORU$0* (63QXYDVWDELOL]DDXWRYHKLFXOXO
3HQWUXDGH]DFWLYD3DJLQD
1XSXWHĠLDFWLYDúLGH]DFWLYD(63ODDXWRYH
KLFXOHOHFXXQYRODQPXOWLIXQFĠLRQDOFX /DPSDGHDYHUWL]DUH(632))»GLQ
EXWRDQH SDQRXOGHLQVWUXPHQWHVHDSULQGH
(63HVWHDFWLYDWDXWRPDWFkQGPRWRUXOHVWH $9(57,60(17
SRUQLW
(63HVWHGH]DFWLYDWGDFăODPSDGHDYHUWL
G $XWRYHKLFXOHOHFXIXQFĠLHVWDUWVWRS ]DUH»GLQSDQRXOGHLQVWUXPHQWHVH
(&2IXQFĠLHVWDUWVWRS(&2RSUHúWHDXWR DSULQGHFRQWLQXXFkQGPRWRUXOIXQFĠLRQHD]ă
PDWPRWRUXOFkQGDXWRYHKLFXOXOVHRSUHúWH 'DFăODPSDGHDYHUWL]DUHåúLODPSDGH
0RWRUXOSRUQHúWHDXWRPDWFkQGúRIHUXO DYHUWL]DUH»VXQWDSULQVHFRQWLQXX(63
GRUHúWHVăSRUQHDVFăGHSHORFGLQQRX HVWHLQGLVSRQLELOGLQFDX]DXQHLGHIHFĠLXQL
(63UăPkQHvQVWDUHDVHOHFWDWăDQWHULRU
([LVWăXQSHULFROFUHVFXWFDDXWRYHKLFXOXO
([HPSOXGDFă(63DIRVWGH]DFWLYDW GXPQHDYRDVWUăVăGHUDSH]HvQDQXPLWHVLWXD
vQDLQWHGHRSULUHDPRWRUXOXL(63UăPkQH ĠLL
GH]DFWLYDWFkQGPRWRUXOHVWHSRUQLWGLQ
7UHEXLHVăYăDGDSWDĠLvQWRWGHDXQDVWLOXOGH
QRX
FRQGXFHUHODFRQGLĠLLOHGHGUXPúLPHWHR
(VWHSRVLELOVăILHGHSUHIHUDWVăGH]DFWLYDĠL
(63vQXUPăWRDUHOHVLWXDĠLL 3HQWUXDDFWLYD3DJLQD
=FkQGXWLOL]DĠLODQĠXULGH]ăSDGă /DPSDGHDYHUWL]DUH(632))»GLQ
=vQ]ăSDGăDGkQFă
SDQRXOGHLQVWUXPHQWHVHVWLQJH
=vQQLVLSVDXSLHWULú
'H]DFWLYDUHDDFWLYDUHD(63DXWRYH
$9(57,60(17 KLFXOH$0*
$FWLYDĠL(63LPHGLDWFHVLWXDĠLLOHGHVFULVH
DQWHULRUQXPDLVXQWYDODELOHÌQFD]FRQWUDU 3RUQLUHDRSULUHDPRGXOXLGHPDQHYUDEL
(63QXYDSXWHDVWDELOL]DDXWRYHKLFXOXOGDFă OLWDWH63257
DXWRYHKLFXOXOvQFHSHVăGHUDSH]HVDXRURDWă (63HVWHDFWLYDWDXWRPDWFkQGPRWRUXOHVWH
vQFHSHVăSDWLQH]H SRUQLW
(VWHGHSUHIHUDWVăDFWLYDĠLPRGXOGHPDQH
'DFăGH]DFWLYDĠL(63 YUDELOLWDWH63257vQXUPăWRDUHOHVLWXDĠLL
=(63QXPDLvPEXQăWăĠHúWHVWDELOLWDWHDOD =FkQGXWLOL]DĠLODQĠXULGH]ăSDGă
FRQGXFHUH =vQ]ăSDGăDGkQFă
=FXSOXOPRWRUXOXLQXPDLHVWHOLPLWDWúLURĠLOH =vQQLVLSVDXSLHWULú
PRWULFHSRWSDWLQD3DWLQDUHDURĠLORUUH]XOWă
ÌQFD]FRQWUDUWUHEXLHVăXWLOL]DĠLPRGXOGH
vQWURDFĠLXQHGHSăWUXQGHUHFHHDFHRIHUă
PDQHYUDELOLWDWH63257QXPDLSHFLUFXLWHOHGH
RDGHUHQĠăPDLEXQă
FXUVHVSHFLDOH
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
$9(57,60(17 3HQWUXDGH]DFWLYDDSăVDĠLVFXUWEXWR
'H]DFWLYDĠLPRGXOGHPDQHYUDELOLWDWH63257 QXOC
úLDFWLYDĠL(63LPHGLDWFHQXPDLH[LVWăVLWXD /DPSDGHDYHUWL]DUHSULYLQGPRGXOGH
ĠLLOHGHVFULVHDQWHULRUÌQFD]FRQWUDUPRGXO PDQHYUDUH63257tGLQSDQRXOGH
GHPDQHYUDUH63257YDSXWHDVWDELOL]DDXWR LQVWUXPHQWHVHVWLQJH
6LJXUDQĠă
YHKLFXOXOQXPDLvQWURDQXPLWăPăVXUăGDFă
DXWRYHKLFXOXOvQFHSHVăGHUDSH]HVDXRURDWă $FWLYDUHDGH]DFWLYDUHD(63
vQFHSHVăSDWLQH]H (63HVWHDFWLYDWDXWRPDWFkQGPRWRUXOHVWH
SRUQLW
&kQGPRGXOGHPDQHYUDUH63257HVWHDFWL (VWHSRVLELOVăILHGHSUHIHUDWVăGH]DFWLYDĠL
YDW (63vQXUPăWRDUHOHVLWXDĠLL
=(63vPEXQăWăĠHúWHVWDELOLWDWHDODFRQGX =FkQGXWLOL]DĠLODQĠXULGH]ăSDGă
FHUHQXPDLvQWURPăVXUăOLPLWDWă =vQ]ăSDGăDGkQFă
=FXSOXOPRWRUXOXLHVWHUHVWULFĠLRQDWvQWUR
=vQQLVLSVDXSLHWULú
PLFăPăVXUăúLURĠLOHPRWULFHSRWSDWLQD
3DWLQDUHDURĠLORUUH]XOWăvQWURDFĠLXQHGH $9(57,60(17
SăWUXQGHUHFHHDFHRIHUăRDGHUHQĠăPDL $FWLYDĠL(63LPHGLDWFHVLWXDĠLLOHGHVFULVH
EXQă DQWHULRUQXPDLVXQWYDODELOHÌQFD]FRQWUDU
=FRQWUROXOWUDFĠLXQLLUăPkQHDFWLYDW (63QXYDSXWHDVWDELOL]DDXWRYHKLFXOXOGDFă
=(63FRQWLQXăVăYăDVLJXUHDVLVWHQĠăFkQG DXWRYHKLFXOXOvQFHSHVăGHUDSH]HVDXRURDWă
IUkQDĠLIHUP vQFHSHVăSDWLQH]H
'DFăPRGXOGHPDQHYUDUH63257HVWHDFWLYDW
'DFăGH]DFWLYDĠL(63
úLXQDVDXPDLPXOWHURĠLvQFHSVăSDWLQH]H
ODPSDGHDYHUWL]DUH(63åGLQSDQRXOGH =(63QXPDLvPEXQăWăĠHúWHVWDELOLWDWHDOD
LQVWUXPHQWHOXPLQHD]ăLQWHUPLWHQW(63VWD FRQGXFHUH
ELOL]HD]ăDXWRYHKLFXOXOQXPDLvQWURDQXPLWă =FXSOXOPRWRUXOXLQXPDLHVWHOLPLWDWúLURĠLOH
PăVXUă PRWULFHSRWSDWLQD3DWLQDUHDURĠLORUUH]XOWă
vQWURDFĠLXQHGHSăWUXQGHUHFHHDFHRIHUă
RDGHUHQĠăPDLEXQă
=FRQWUROXOWUDFĠLXQLLUăPkQHDFWLYDW
=35(6$)(QXPDLHVWHGLVSRQLELOă
DFHDVWDQXHVWHQLFLDFWLYDWăGDFăIUkQDĠL
IHUPúL(63LQWHUYLQH
=)UkQD35(6$)(QXPDLHVWHGLVSRQLELOă
DFHDVWDQXHVWHQLFLDFWLYDWăGDFăIUkQDĠL
IHUPúL(63LQWHUYLQH
=(63FRQWLQXăVăYăDVLJXUHDVLVWHQĠăFkQG
3HQWUXDDFWLYDDSăVDĠLVFXUWEXWRQXOC IUkQDĠLIHUP
/DPSDGHDYHUWL]DUHSULYLQGPRGXOGH 'DFă(63HVWHGH]DFWLYDWúLXQDVDXPDL
PDQHYUDUH63257tGLQSDQRXOGH PXOWHURĠLvQFHSVăSDWLQH]HODPSDGHDYHU
LQVWUXPHQWHVHDSULQGH0HVDMXO63257 WL]DUH(63åGLQSDQRXOGHLQVWUXPHQWH
KDQGOLQJPRGH0RGGHPDQHYUDUH QXOXPLQHD]ăLQWHUPLWHQWÌQDVWIHOGHVLWXDĠLL
63257DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO (63QXYDVWDELOL]DDXWRYHKLFXOXO
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
ÌQDFHDVWăVLWXDĠLH(63YăDVLVWăúLSRDWH
GHWHFWDGDFăFRPELQDĠLDDXWRYHKLFXO
UHPRUFăvQFHSHVăVHvQFOLQH(63vQFHWL
QHúWHDXWRYHKLFXOXOSULQIUkQDUHúLOLPLWDUHD
SXWHULLPRWRUXOXLSkQăFHFRPELQDĠLDDXWRYH
6LJXUDQĠă
KLFXOUHPRUFăVDVWDELOL]DW
6WDELOL]DUHDUHPRUFLLHVWHDFWLYăODYLWH]HGH
SHVWHDSUR[LPDWLYNPK
$9(57,60(17
ÌQFD]GHFRQGLĠLLUXWLHUHúLPHWHRDGYHUVH
3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXOC VWDELOL]DUHDUHPRUFLLQXYDSXWHDSUHYHQL
SkQăFHODPSDGHDYHUWL]DUH»(63 GHYLHUHDUHPRUFLLúLQXYDSXWHDDVWIHOVă
2))VHDSULQGHvQSDQRXOGHLQVWUXPHQWH UHGXFăSHULFROXOGHDFFLGHQW5HPRUFLOHFXXQ
0HVDMXOå2))235,7DSDUHSHDILúD FHQWUXGHJUHXWDWHvQDOWVHSRWUăVWXUQD
MXOPXOWLIXQFĠLRQDO vQDLQWHFD(63VăGHWHFWH]HWHQGLQĠDGH
UăVWXUQDUH
$9(57,60(17
(63HVWHGH]DFWLYDWGDFăODPSDGHDYHUWL 6WDELOL]DUHDUHPRUFLLQXIXQFĠLRQHD]ăGDFă
]DUH»GLQSDQRXOGHLQVWUXPHQWHVH (63HVWHGH]DFWLYDWVDXRSULWGLQFDX]DXQHL
DSULQGHFRQWLQXXFkQGPRWRUXOIXQFĠLRQHD]ă GHIHFĠLXQL
'DFăODPSDGHDYHUWL]DUHåúLODPSDGH
DYHUWL]DUH»VXQWDSULQVHFRQWLQXX(63
(%'GLVWULEXĠLDHOHFWURQLFăDIRUĠHLGH
HVWHLQGLVSRQLELOGLQFDX]DXQHLGHIHFĠLXQL
IUkQDUH
([LVWăXQSHULFROFUHVFXWFDDXWRYHKLFXOXO
GXPQHDYRDVWUăVăGHUDSH]HvQDQXPLWHVLWXD G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH
ĠLL SULYLQGVLJXUDQĠD³3DJLQD
7UHEXLHVăYăDGDSWDĠLvQWRWGHDXQDVWLOXOGH (%'PRQLWRUL]HD]ăúLFRQWUROHD]ăSUHVLXQHD
FRQGXFHUHODFRQGLĠLLOHGHGUXPúLPHWHR GHIUkQDUHSHURĠLOHVSDWHSHQWUXDvPEXQăWăĠL
VWDELOLWDWHDvQFRQGXFHUHvQWLPSXOIUkQăULL
3HQWUXDDFWLYDDSăVDĠLVFXUWEXWRQXOC
$9(57,60(17
/DPSDGHDYHUWL]DUH(632))»GLQ
SDQRXOGHLQVWUXPHQWHVHVWLQJH0HVDMXO 'DFă(%'VDGHIHFWDWVLVWHPXOGHIUkQDUH
å213251,7DSDUHSHDILúDMXOPXOWL UăPkQHGLVSRQLELOFXVHUYRIUkQăFRPSOHW
IXQFĠLRQDOă&XWRDWHDFHVWHDURĠLOHVSDWHVH
IXQFĠLRQDO
SRWEORFDvQFRQWLQXDUHGHH[ODIUkQDUHFRP
SOHWă$VWIHOSXWHĠLSLHUGHFRQWUROXODXWRYHKL
6WDELOL]DUHDUHPRUFLLFX(63 FXOXOXLúLSXWHĠLSURYRFDXQDFFLGHQW3ULQ
6WDELOL]DUHDUHPRUFLL(63HVWHQXHVWHGLV XUPDUHWUHEXLHVăYăDGDSWDĠLVWLOXOGHFRQ
SRQLELOăODDXWRYHKLFXOHOH$0* GXFHUHODFDUDFWHULVWLFLOHGHPDQHYUDELOLWDWH
GLIHULWH
'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăFX
UHPRUFăFRPELQDĠLDDXWRYHKLFXOUHPRUFă 5HVSHFWDĠLQRWHOHSULYLQGOăPSLOHGHDYHU
vQFHSHVăVHvQFOLQHSHRSDUWHSXWHĠLVWDELOL]D WL]DUHúLLQGLFDWRDUH3DJLQDSUH
FRPELQDĠLDDXWRYHKLFXOUHPRUFăSULQ FXPúLPHVDMHOHGHSHGLVSOD\
DSăVDUHDIHUPăDIUkQHL 3DJLQDYRODQXOPXOWLIXQFĠLRQDOFX
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
)5Æ1$5($$'$37,9ĂVSRUHúWHVLJXUDQĠDOD 'DFăúRIHUXOúLSDVDJHULLúLDXFXSODWFHQWXULOH
IUkQDUHúLRIHUăXQFRQIRUWVSRULWODIUkQDUH GHVLJXUDQĠăIUkQD35(6$)(SRDWHHIHFWXD
3HOkQJăIXQFĠLDGHIUkQDUH)5Æ1$5($ úLXUPăWRDUHOHODYLWH]HGHSHVWHDSUR[LPDWLY
$'$37,9ĂGLVSXQHúLIXQFĠLD+2/' NPK
3DJLQDúLDVLVWHQĠDODSRUQLUHDvQ =IUkQDDXWRYHKLFXOXODXWRPDWvQFHSkQGFXR
SDQWă3DJLQD3HQWUXLQIRUPDĠLLVXSOL
YLWH]ăGHSkQăODDSUR[LPDWLYNPK
PHQWDUHSULYLQGFRQVXOWDĠL6IDWXULSULYLQG
=GHFODQúDPăVXULSUHYHQWLYHGHSURWHFĠLHD
FRQGXFHUHD3DJLQD
SDVDJHULORU35(6$)(3DJLQD
1DWXUDVLVWHPXOXLIDFHFDvQFRQGLĠLLGHRVHELW
)UkQă35(6$)( GHFRPSOLFDWHGHFRQGXFHUHVăVHHPLWă
DYHUWLVPHQWHLQXWLOHVDXFDIUkQD35(6$)(
)UkQD35(6$)(HVWHGLVSRQLELOăQXPDLOD VăLQWHUYLQăIăUăVăILHQHFHVDU3HQWUXDFRQ
DXWRYHKLFXOHOHFX',67521,&3/86 WUDFDUDDFHVWHPDQLIHVWăULILHDSăVDĠLSHGDOD
G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH GHDFFHOHUDĠLHPDLWDUHDFWLYkQGUHWURJUDGD
SULYLQGVLJXUDQĠD³3DJLQD UHDIRUĠDWăILHHOLEHUDĠLSHGDODGHIUkQă
)UkQD35(6$)(YăSRDWHDMXWDVăUHGXFHĠL $FĠLXQHDGHIUkQDUHDIUkQHL35(6$)(HVWH
ULVFXOGHFROL]LXQHIURQWDOăFXXQDXWRYHKLFXO vQFKHLDWăDXWRPDWGDFă
GLQIDĠăVDXVăGLPLQXDĠLHIHFWHOHXQHLDVWIHO =FRQGXFHĠLODRYLWH]ăPDLPLFăGHDSUR[L
GHFROL]LXQL'DFăIUkQD35(6$)(DGHWHFWDW PDWLYNPK
XQULVFGHFROL]LXQHYHĠLSULPLDYHUWLVPHQWH =HIHFWXDĠLPDQHYUHSHQWUXDHYLWDREVWDFR
YL]XDOHúLDFXVWLFHDXWRYHKLFXOXOIUkQkQG OXO
DXWRPDW)UkQD35(6$)(QXSRDWHSUHYHQL =QXPDLH[LVWăSHULFROXOXQHLFROL]LXQLGLQ
RFROL]LXQHIăUăLQWHUYHQĠLDGXPQHDYRDVWUă VSDWH
$FHDVWăIXQFĠLHYDHPLWHXQDYHUWLVPHQWOD =QXVHPDLGHWHFWHD]ăXQREVWDFROvQIDĠD
YLWH]HvQMXUGHNPKVDXPDLPDULGDFă DXWRYHKLFXOXOXLGXPQHDYRDVWUă
=SHRSHULRDGăGHFkWHYDVHFXQGHGLVWDQĠD &XDMXWRUXOVLVWHPXOXLGHVHQ]RUUDGDUIUkQD
IDĠăGHDXWRYHKLFXOXOGLQIDĠăHVWHSUHD 35(6$)(SRDWHGHWHFWDREVWDFROHDIODWHvQ
PLFăvQUDSRUWFXYLWH]DODFDUHUXODĠL IDĠDDXWRYHKLFXOXOXLGXPQHDYRDVWUăSHR
/DPSDGHDYHUWL]DUHSULYLQGGLVWDQĠDº SHULRDGăvQGHOXQJDWăGHWLPS
VHDSULQGHDSRLvQSDQRXOGHLQVWUXPHQWH /DYLWH]HGHSkQăODDSUR[LPDWLYNPK
=YăDSURSLDĠLUDSLGGHDXWRYHKLFXOXOGLQIDĠă
IUkQD35(6$)(SRDWHGHDVHPHQHDVă
6HYDHPLWHDSRLXQVXQHWGHDYHUWL]DUH GHWHFWH]HREVWDFROHVWDĠLRQDUHGHH[HPSOX
LQWHUPLWHQWúLODPSDGHDYHUWL]DUHSULYLQG DXWRYHKLFXOHRSULWHVDXSDUFDWH
GLVWDQĠDºVHYDDSULQGHvQSDQRXOGH 'DFăYăDSURSLDĠLGHXQREVWDFROúLIUkQD35(
LQVWUXPHQWH
6$)(GHWHFWHD]ăXQSHULFROGHFROL]LXQHVLV
WHPXOYăYDDOHUWDLQLĠLDODWkWYL]XDOFkWúL
DFXVWLF'DFăQXIUkQDĠLVDXQXOXDĠLPăVXUL
GHHYLWDUHVLVWHPXOYăYDDYHUWL]DSULQIUkQD
UHDXúRDUăúLDXWRPDWăDDXWRYHKLFXOXOXL
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
'DFăH[LVWăXQULVFGHFROL]LXQHFUHVFXWVH =XQDXWRYHKLFXOvQJXVWFDUHUXOHD]ăvQIDĠă
DFWLYHD]ăPăVXULOHSUHYHQWLYHGHSURWHFĠLHD GHH[RPRWRFLFOHWă
SDVDJHULORU35(6$)(3DJLQD'DFă =XQDXWRYHKLFXOFDUHUXOHD]ăvQIDĠăSHR
ULVFXOGHFROL]LXQHSHUVLVWăúLGXPQHDYRDVWUă EDQGăGLIHULWă
QXIUkQDĠLQXHIHFWXDĠLPDQHYUHGHHYLWDUHúL
$9(57,60(17
6LJXUDQĠă
QXDFFHOHUDĠLVHPQLILFDWLYHVWHSRVLELOFD
DXWRYHKLFXOXOVăHIHFWXH]HIUkQDUHDDXWR )UkQD35(6$)(QXUHDFĠLRQHD]ă
PDWăGHXUJHQĠă)UkQDUHDDXWRPDWăGH =ODSHUVRDQHVDXODDQLPDOH
XUJHQĠăQXHVWHHIHFWXDWăGHFkWLPHGLDW =ODDXWRYHKLFXOHOHFDUHYLQGLQVHQVRSXV
vQDLQWHDXQXLDFFLGHQWFDUHQXPDLSRDWHIL
=ODDXWRYHKLFXOHOHFDUHYăWDLHFDOHD
HYLWDW
=vQYLUDMH
$9(57,60(17 'UHSWXUPDUHHVWHSRVLELOFDIUkQD35(
&KLDUúLGDFăIUkQD35(6$)(vQFHWLQHúWH 6$)(VăQXHPLWăDYHUWLVPHQWHúLVăQX
DXWRYHKLFXOXOvQDLQWHGHRFROL]LXQHGLQVSDWH LQWHUYLQăvQVLWXDĠLLSHULFXORDVH([LVWăXQSHUL
LPLQHQWăVLVWHPXOQXSRDWHHYLWDFROL]LXQHD FROGHDFFLGHQW$FRUGDĠLvQWRWGHDXQDRDWHQ
IăUăLQWHUYHQĠLDúRIHUXOXL([LVWăXQSHULFROGH ĠLHGHRVHELWăVLWXDĠLHLGLQWUDILFúLILĠLJDWDVă
DFFLGHQW)UkQDĠLvQIXQFĠLHGHVLWXDĠLHVDX IUkQDĠL
HIHFWXDĠLPDQHYUHGHHYLWDUH2LQWHUYHQĠLH
vQWkU]LDWăGLQSDUWHDúRIHUXOXLSRDWHGXFHOD 3HQWUXDPHQĠLQHRGLVWDQĠăFRUHVSXQ]ăWRDUH
XQDFFLGHQW GHDXWRYHKLFXOXOGLQIDĠăSUHYHQLQGDVWIHOR
FROL]LXQHWUHEXLHVăDFĠLRQDĠLFKLDUGXPQHD
$9(57,60(17 YRDVWUăIUkQHOH
)UkQD35(6$)(QXSRDWHvQWRWGHDXQDLGHQ 3HQWUXDDFWLYDGH]DFWLYDDFWLYDĠLVDX
WLILFDIăUăSUREOHPHRELHFWHOHúLVLWXDĠLLOH GH]DFWLYDĠLIUkQD35(6$)(GLQFDOFXODWR
FRPSOH[HGLQWUDILF UXOGHERUG3DJLQD
ÌQDFHVWHFD]XULIUkQD35(6$)(SRDWHVă 6LPEROXOÇDSDUHSHDILúDMXOPXOWLIXQF
=HPLWăXQDYHUWLVPHQWLQXWLOIUkQkQGDSRL ĠLRQDOFkWWLPSIXQFĠLD+2/'QXHVWHDFWL
DXWRYHKLFXOXO YDWă3DJLQD
=VăQXHPLWăXQDYHUWLVPHQWúLVăQXLQWHU /DDXWRYHKLFXOHOHFXDVLVWDUHDSDUFăULL
YLQă VLPEROXOÇHVWHDILúDWFkQG3HVWH
FXSODWVDXFkQGFRQGXFHĠLODYLWH]HPDL
([LVWăXQSHULFROGHDFFLGHQW$FRUGDĠLvQWRW
PDULGHNPK
GHDXQDRDWHQĠLHGHRVHELWăFRQGLĠLLORUGLQWUD
ILFúLILĠLJDWDVăIUkQDĠLPDLDOHVGDFăIUkQD $XWRYHKLFXOHOHFX&20$1'úLVLVWHPGHQDYL
35(6$)(YăDYHUWL]HD]ăvQDFHVWVHQV JDĠLHVLVWHPXOGHVHQ]RUUDGDUHVWHGH]DFWL
3XQHĠLFDSăWLQWHUYHQĠLHLvQWURVLWXDĠLHGH YDWDXWRPDWvQDSURSLHUHDXQLWăĠLORUUDGLRWH
FRQGXFHUHQHSHULFXORDVă OHVFRS3DJLQD
$XWRYHKLFXOHIăUă&20$1'úLXQVLVWHPGH
'HWHFWDUHDREVWDFROHORUSRDWHILGLPLQXDWă QDYLJDĠLHúLDXWRYHKLFXOHSHQWUX$XVWUDOLD
PDLDOHVGDFăH[LVWă VLVWHPXOGHVHQ]RUUDGDUúLFDOFXODWRUXOGH
=LPSXULWăĠLSHVHQ]RULVDXRULFHDOWHPDWHULL ERUGWUHEXLHVăILHGH]DFWLYDWHvQDSURSLHUHD
VWUăLQHSHVHQ]RUL XQLWăĠLORUUDGLRWHOHVFRS3DJLQD
=]ăSDGăVDXSORDLHDEXQGHQWă 3HQWUXFDIUkQD35(6$)(VăYăDVLVWHFkQG
=LQWHUIHUHQĠHFXDOWHVXUVHUDGDU FRQGXFHĠLVLVWHPXOGHVHQ]RUUDGDUWUHEXLH
=SRVLELOLWDWHDGHHPLVLLUDGDUSXWHUQLFHGH
VăILHDFWLYDW3DJLQDúLVăILHIXQFĠLR
QDO
H[HPSOXvQSDUFăULHWDMDWH
6LVWHPHDQWLIXUW
ÌQXUPDDYDULHULLSăUĠLLIURQWDOHDDXWRYHKLFX
OXOXLVROLFLWDĠLYHULILFDUHDFRQILJXUăULLúLIXQF
ĠLRQăULLVHQ]RULORUUDGDUODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW$FHDVWăLQGLFDĠLHHVWH
YDODELOăúLvQFD]XOFROL]LXQLORUODYLWH]ăPLFă
DWXQFLFkQGQXH[LVWăDYDULLYL]LELOHSHSDUWHD
6LJXUDQĠă
IURQWDOăDDXWRYHKLFXOXOXL
6LVWHPHDQWLIXUW
,PRELOL]DWRU 3HQWUXDDQFODQúDvQFXLDĠLDXWRYHKLFXOXO
,PRELOL]DWRUXOSUHYLQHSRUQLUHDDXWRYHKLFXOX FXFKHLDVDX.(</(66*2
OXLGXPQHDYRDVWUăIăUăFKHLDFRUHFWă /DPSDLQGLFDWRDUHCFOLSHúWH6LVWHPXOGH
3HQWUXDDFWLYDFXFKHLDVFRDWHĠLFKHLD DODUPăHVWHDQFODQúDWGXSăDSUR[LPDWLY
GLQFRPXWDWRUXOGHFRQWDFW VHFXQGH
3HQWUXDGH]DFWLYDGHVFXLDĠLDXWRYHKLFX
3HQWUXDDFWLYDFX.(</(66*2GHFX
SODĠLFRQWDFWXOúLGHVFKLGHĠLSRUWLHUDúRIH OXOFXFKHLDVDX.(</(66*2
UXOXL 3HQWUXDRSULDODUPDFXDMXWRUXOFKHLL
3HQWUXDGH]DFWLYDFXSODĠLFRQWDFWXO LQWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQ
WDFW
G ,PRELOL]DWRUXOHVWHvQWRWGHDXQDGH]DFWL $ODUPDHVWHRSULWă
YDWFkQGSRUQLĠLPRWRUXO VDX
$SăVDĠLEXWRQXO6VDX7GHSH
3URWHFĠLHODWUDFWDUH
6HGHFODQúHD]ăRDODUPăDFXVWLFăúLYL]XDOă
GDFăXQJKLXOGHvQFOLQDUHDODXWRYHKLFXOXOXL
GXPQHDYRDVWUăHVWHPRGLILFDWvQWLPSFHSUR
WHFĠLDODWUDFWDUHHVWHDPRUVDWă$FHDVWDVXU
YLQHGDFăDXWRYHKLFXOXOHVWHULGLFDWSHFULF
vQWURSDUWHGHH[HPSOX
6LVWHPHDQWLIXUW
3HQWUXDDQFODQúDvQFXLDĠLDXWRYHKLFXOXO 6HQ]RUGHPLúFDUHvQLQWHULRU
FXFKHLDVDX.(</(66*2
3URWHFĠLDODWUDFWDUHHVWHDPRUVDWăGXSă 'DFăVHQ]RUXOGHPLúFDUHvQLQWHULRUHVWH
DSUR[LPDWLYGHVHFXQGH DQFODQúDWHVWHGHFODQúDWăRDODUPăYL]XDOăúL
DFXVWLFăGDFăVHGHWHFWHD]ăPLúFDUHvQLQWH
3HQWUXDGH]DFWLYDGHVFXLDĠLDXWRYHKLFX
ULRUXODXWRYHKLFXOXOXLFkQGDXWRYHKLFXOXOHVWH
6LJXUDQĠă
OXOFXFKHLDVDX.(</(66*2 vQFXLDW$FHDVWăRSHUDĠLHVHUHDOL]HD]ăGDFă
3URWHFĠLDODWUDFWDUHHVWHGH]DFWLYDWăDXWR FLQHYDVHvQWLQGHvQLQWHULRUXODXWRYHKLFXOXOXL
PDW GHH[HPSOX
3HQWUXDSUHYHQLRDODUPăIDOVăGH]DFWLYDĠL 3HQWUXDDFWLYD
SURWHFĠLDODWUDFWDUHPDQXDOGDFăDXWRYHKL
FXOXOGXPQHDYRDVWUă $VLJXUDĠLYăFă
=JHDPXULOHODWHUDOHVXQWvQFKLVH
=HVWHWUDQVSRUWDW
=WUDSDJOLVDQWăWUDSDJOLVDQWăSDQRUD
=HVWHvQFăUFDWSHXQIHULERWVDXSHRSODW
PLFăHVWHvQFKLVă
IRUPăGHWUDQVSRUWDXWRGHH[HPSOX
=QXH[LVWăRELHFWHGHH[PDVFRWHDWkU
=HVWHSDUFDWSHRVXSUDIDĠăPRELOăGHH[
QDWHGHRJOLQGDUHWURYL]RDUHVDXGH
vQWURSDUFDUHHWDMDWă
PkQHUHOHGHSULQGHUHGHSHFDSLWRQDMXO
'H]DFWLYDUHD SDYLOLRQXOXL
6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW $VWIHOYHĠLSUHYHQLDODUPHOHIDOVH
ÌQFXLDĠLDXWRYHKLFXOXOFXFKHLDVDX.(<
/(66*2
6HQ]RUXOGHPLúFDUHvQLQWHULRUHVWHDQFODQ
úDWGXSăDSUR[LPDWLYGHVHFXQGH
3HQWUXDGH]DFWLYD
'HVFXLDĠLDXWRYHKLFXOXOFXFKHLDVDX.(<
/(66*2
6HQ]RUXOGHPLúFDUHvQLQWHULRUHVWHGH]DF
WLYDWDXWRPDW
3HQWUXDSUHYHQLRDODUPăIDOVăGH]DFWLYDĠL
$SăVDĠLEXWRQXOC VHQ]RUXOGHPLúFDUHvQLQWHULRUGDFăvQFXLDĠL
/DPSDLQGLFDWRDUHDVHDSULQGHVFXUW DXWRYHKLFXOXOúL
ÌQFXLDĠLDXWRYHKLFXOXOFXFKHLDVDX.(< =UăPkQSHUVRDQHVDXDQLPDOHvQDXWRYHKL
/(66*2 FXO
3URWHFĠLDODWUDFWDUHHVWHGH]DFWLYDWă =JHDPXULOHODWHUDOHUăPkQGHVFKLVH
=WUDSDJOLVDQWăWUDSDJOLVDQWăSDQRUDPLFă
3URWHFĠLDODWUDFWDUHUăPkQHGH]DFWLYDWăSkQă
FH UăPkQHGHVFKLVă
=DXWRYHKLFXOXOHVWHGHVFXLDWGLQQRX 'H]DFWLYDUHD
=RSRUWLHUăHVWHGHVFKLVăúLvQFKLVăGLQQRX 6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
=DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX
6LJXUDQĠă 6LVWHPHDQWLIXUW
$SăVDĠLEXWRQXOC
/DPSDLQGLFDWRDUHDOXPLQHD]ăLQWHUPL
WHQWVFXUW
ÌQFXLDĠLDXWRYHKLFXOXOFXFKHLDVDX.(<
/(66*2
6HQ]RUXOGHPLúFDUHvQLQWHULRUHVWHGH]DF
WLYDW
6HQ]RUXOGHPLúFDUHvQLQWHULRUUăPkQHGH]DF
WLYDWSkQăFH
=DXWRYHKLFXOXOHVWHGHVFXLDWGLQQRX
=RSRUWLHUăHVWHGHVFKLVăúLvQFKLVăGLQQRX
=DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX
G 1XPDL5HJDWXO8QLW$XWRYHKLFXOXOGXP
QHDYRDVWUăHVWHGRWDWFXRIXQFĠLHGHGXEOă
vQFXLHUH3RUWLHUHOHQXSRWILGHVFKLVHGLQ
LQWHULRUGDFăDXWRYHKLFXOXODIRVWvQFXLDWFX
FKHLD3DJLQD'H]DFWLYDĠLVHQ]RUXO
GHPLúFDUHvQLQWHULRUvQDLQWHGHDvQFXLD
DXWRYHKLFXOXOFXFKHLD3RUWLHUHOHSRWIL
DSRLGHVFKLVHGLQLQWHULRUGXSăFHDXWRYH
KLFXOXODIRVWEORFDWGLQH[WHULRUFXFKHLD
5HVSHFWDĠLÄ1RWHLPSRUWDQWHSULYLQGVLJX
UDQĠD3DJLQD
,QIRUPDĠLLXWLOH
&KHLH
3RUWLHUH
3RUWEDJDM
*HDPXULODWHUDOH
7UDSăJOLVDQWă
'HVFKLGHUHúLvQFKLGHUH
&KHLH
,QIRUPDĠLLXWLOH 3RUWLHUHOHSRWILDSRLGHVFKLVHGLQLQWHULRU
GXSăFHDXWRYHKLFXOXODIRVWEORFDWGLQH[WH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH ULRUFXFKHLD
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD $9(57,60(17
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL 'DFăFRSLLLVXQWOăVDĠLQHVXSUDYHJKHDĠLvQ
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH DXWRYHKLFXODFHúWLDDUSXWHD
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL =GHVFKLGHRULFkQGRSRUWLHUăGLQLQWHULRUXO
'HVFKLGHUHúLvQFKLGHUH
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP DXWRYHKLFXOXOXLFKLDUúLGDFăDIRVWEORFDWă
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF =SRUQLDXWRYHKLFXOXOFXDMXWRUXOXQHLFKHL
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
OăVDWHvQDXWRYHKLFXO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH
=HOLEHUDĠLIUkQDGHSDUFDUH
ULWRDUHODVLJXUDQĠă
3ULQXUPDUHDWkWVLJXUDQĠDORUFkWúLDDOWRUD
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH DUSXWHDILSHULFOLWDWă1XOăVDĠLQLFLRGDWă
FLDOLWDWHDXWRUL]DWH3DJLQD FRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKLFXO/XDĠL
vQWRWGHDXQDFKHLDFXGXPQHDYRDVWUăFkQG
LHúLĠLGLQDXWRYHKLFXOFKLDUúLGDFăvOSăUăVLĠL
&KHLH QXPDLSHQWUXVFXUWWLPS
)XQFĠLLFKHLH
$9(57,60(17
ÌQFKLGHUHDúLGHVFKLGHUHDFHQWUDOL]DWă 'DFăLQHOXOGHFKHLHVWHSUHDJUHXVDXSUHD
&KHLDvQFXLHGHVFXLHFHQWUDOL]DW PDUHJUHXWDWHDH[HUFLWDWăDVXSUDFKHLLDU
SXWHDIDFHFDFDDFHDVWDVăVHvQYkUWăvQ
=SRUWLHUHOH
FRPXWDWRUXOGHFRQWDFWVDXVăVHDJDĠHGH
=FDSRWDSRUWEDJDMXOXLKD\RQXO YRODQ$FHDVWDSRDWHGXFHODRSULUHDEUXVFăD
=FODSHWDJXULLGHXPSOHUHFXFDUEXUDQW PRWRUXOXL(VWHSRVLELOVăSLHUGHĠLFRQWUROXO
DXWRYHKLFXOXOXLúLVăSURYRFDĠLXQDFFLGHQW
$9(57,60(17 1XSULQGHĠLLQHOHGHFKHLJUHOHVDXPDULOD
1XPDLSHQWUX5HJDWXO8QLWGDFăDXWRYHKL FKHLDLQWURGXVăvQFRQWDFW
FXOXODIRVWvQFXLDWFXFKHLDIXQFĠLDGHGXEOă
vQFXLHUHHVWHDFWLYDWăFDIXQFĠLHVWDQGDUG
$WXQFLQXHVWHSRVLELOVăVHGHVFKLGăSRUWLH
UHOHGLQLQWHULRUXODXWRYHKLFXOXOXL
3ULQXUPDUHQXOăVDĠLSHQLPHQLvQDXWRYHKL
FXOPDLDOHVFRSLLSHUVRDQHvQYkUVWăVDXSHU
VRDQHFDUHQHFHVLWăDVLVWHQĠăVSHFLDOăGDFă
DXWRYHKLFXOXODIRVWvQFXLDWFXFKHLD'UHSW
XUPDUHHVWHSRVLELOVăQXVHSRDWăHOLEHUDvQ
FD]GHXUJHQĠă'UHSWXUPDUHHVWHSRVLELOFD
DFHVWHDVăVXIHUHUăQLJUDYHVDXFKLDUIDWDOH
vQXUPDH[SXQHULLODWHPSHUDWXULH[WUHPGH
ULGLFDWHVDXVFă]XWHGHH[HPSOXÌQDFHVWFD] C 73HQWUXDvQFXLDDXWRYHKLFXOXO
VDOYDUHDSHUVRDQHORUGLQH[WHULRUXODXWRYHKL D T3HQWUXDGHVFXLDFDSRWDSRUWEDJD
FXOXOXLHVWHGLILFLOă MXOXLKD\RQXO
'H]DFWLYDĠLVHQ]RUXOGHPLúFDUHvQLQWHULRU 63HQWUXDGHVFXLDDXWRYHKLFXOXO
vQDLQWHGHDvQFXLDDXWRYHKLFXOXOFXFKHLD
&KHLH
&kQGGHVFXLDĠLVHPQDOL]DWRDUHOHGHGLUHFĠLH
FOLSHVFRGDWă&kQGvQFXLDĠLDFHVWHDFOLSHVF
GHWUHLRUL
3HvQWXQHULFLOXPLQDUHDDPELHQWDOăVH
DSULQGHGHDVHPHQHDGDFăHVWHDFWLYDWăvQ
FDOFXODWRUXOGHERUG3DJLQD
'DFăDFWLYDĠLIXQFĠLDGHFRQILUPDUHDFXVWLFă
DvQFXLHULLYHĠLDX]LXUPăWRDUHOHvQIXQFĠLHGH
'HVFKLGHUHúLvQFKLGHUH
GDWDIDEULFDĠLHLDXWRYHKLFXOXOXL
=XQVHPQDODFXVWLFFkQGvQFXLDĠL
VDX 3HQWUXDGHVFXLDDXWRYHKLFXOXODWLQJHĠL
=XQVHPQDODFXVWLFFkQGGHVFXLDĠLúLWUHL VXSUDIDĠDLQWHULRDUăDPkQHUXOXLSRUWLHUHL
FkQGvQFXLDĠL 3HQWUXDvQFXLDDXWRYHKLFXOXODWLQJHĠL
6HPQDOXODXGLELOSRDWHILDFWLYDWúLGH]DFWLYDW VXSUDIDĠDVHQ]RUXOXLC
FXDMXWRUXOFDOFXODWRUXOXLGHERUG &DUDFWHULVWLFDGHvQFKLGHUHDVLVWDWă
3DJLQD DWLQJHĠLVXSUDIDĠDVHQ]RUXOXLFXGHJD
3HQWUXGHVFXLHUHFHQWUDOL]DWăDSăVDĠL MDUHDPDLPXOWWLPS3DJLQD
EXWRQXO6 'DFăWUDJHĠLGHPkQHUXOFDSRWHLSRUWEDJDMX
'DFăQXGHVFKLGHĠLDXWRYHKLFXOXOvQGHFXUVGH OXLKD\RQXOXLQXPDLSRUWEDJDMXODXWRYHKLFX
DSUR[LPDWLYGHVHFXQGHGHODGHVFXLHUH OXOXLHVWHGHVFXLDW
=DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX
=VLVWHPXODQWLIXUWHVWHDQFODQúDWGLQQRX
6FKLPEDUHDVHWăULORUVLVWHPXOXLGH
3HQWUXvQFXLHUHFHQWUDOL]DWăDSăVDĠL vQFKLGHUH
EXWRQXO7 3XWHĠLVFKLPEDVHWDUHDVLVWHPXOXLGHvQFKL
GHUHDVWIHOvQFkWQXPDLSRUWLHUDúRIHUXOXLúL
FODSHWDJXULLGHXPSOHUHFXFDUEXUDQWVăILH
.(</(66*2 GHVFXLDWH$FHDVWăFDUDFWHULVWLFăHVWHXWLOăvQ
3XWHĠLSRUQLvQFXLDVDXGHVFXLDDXWRYHKLFXOXO FD]XOvQFDUHFăOăWRULĠLIUHFYHQWSHFRQWSUR
FXDMXWRUXO.(</(66*2ÌQDFHVWVFRSWUH SULX
EXLHGRDUVăDYHĠLFKHLDODGXPQHDYRDVWUă 3HQWUXDVFKLPEDVHWDUHDDSăVDĠLúL
&kQGDWLQJHĠLVXSUDIDĠDVHQ]RULORUGHSH PHQĠLQHĠLDSăVDWHEXWRDQHOH6úL
PkQHUHOHH[WHULRDUHDOHSRUWLHUHORUDXWRYHKL 7VLPXOWDQWLPSGHDSUR[LPDWLYúDVH
FXOXOXL.(</(66*2VWDELOHúWHRFRQH[LXQH VHFXQGHSkQăFHODPSDGHYHULILFDUHD
UDGLRvQWUHDXWRYHKLFXOúLFKHLH&kQGPRWRUXO EDWHULHL3DJLQDOXPLQHD]ăLQWHUPL
HVWHSRUQLWúLvQWLPSFHFRQGXFHĠL.(</(66 WHQWGHGRXăRUL
*2YHULILFăGHDVHPHQHDGDFăVHDIOăRFKHLH
FRUHFWăvQDXWRYHKLFXOVWDELOLQGSHULRGLFFRQ G 'DFăVHWDUHDVLVWHPXOXLGHvQFKLGHUHHVWH
WDFWXOUDGLR VFKLPEDWăvQUD]DGHVHPQDODDXWRYHKLFX
&kQGvQFXLDĠLVDXGHVFXLDĠLFX.(</(66*2 OXOXLDSăVDUHDEXWRDQHORU7VDX6
GLVWDQĠDGLQWUHFKHLHúLPkQHUXOSRUWLHUHLSH GXFHODvQFXLHUHDVDXGHVFXLHUHDDXWRYHKL
FDUHGRULĠLVăRvQFXLDĠLVDXGHVFXLDĠLQXWUH FXOXOXL
EXLHVăGHSăúHDVFăP
&KHLH
&KHLDIXQFĠLRQHD]ăDFXPGXSăFXPXUPHD]ă ,QWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQ
3HQWUXDGHVFXLDSRUWLHUDúRIHUXOXL WDFW
DSăVDĠLEXWRQXO6RGDWă VDX
3HQWUXGHVFXLHUHFHQWUDOL]DWăDSăVDĠL 3HQWUXDGH]DFWLYDDODUPDFX.(</(66
EXWRQXO6GHGRXăRUL *2DSăVDĠLEXWRQXO6WDUW6WRSGLQFRPX
WDWRUXOGHFRQWDFW&KHLDWUHEXLHVăVHDIOH
3HQWUXvQFXLHUHFHQWUDOL]DWăDSăVDĠL
vQDXWRYHKLFXO
EXWRQXO7
VDX
'HVFKLGHUHúLvQFKLGHUH
)XQFĠLD.(</(66*2HVWHPRGLILFDWăGXSă ÌQFXLDĠLVDXGHVFXLDĠLDXWRYHKLFXOXOFXDMX
FXPXUPHD]ă WRUXO.(</(66*2&KHLDWUHEXLHVăVHDIOH
3HQWUXDGHVFXLDSRUWLHUDúRIHUXOXLDWLQ vQDIDUDDXWRYHKLFXOXOXL
JHĠLVXSUDIDĠDLQWHULRDUăDPkQHUXOXLSRU 'DFăGHVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXOHOH
WLHUHLGHSHSRUWLHUDúRIHUXOXL PHQWXOXLFKHLHGHXUJHQĠăFODSHWDJXULLGH
3HQWUXGHVFXLHUHFHQWUDOL]DWăDWLQJHĠL XPSOHUHFXFDUEXUDQWQXYDILGHVFXLDWăDXWR
VXSUDIDĠDLQWHULRDUăDPkQHUXOXLSRUWLHUHL PDW
GHSHSRUWLHUDSDVDJHUXOXLIDĠăVDXSRUWLHUD 3HQWUXDGHVFXLDFODSHWDJXULLGH
VSDWH XPSOHUHFXFDUEXUDQWLQWURGXFHĠLFKHLD
3HQWUXvQFXLHUHFHQWUDOL]DWăDWLQJHĠL vQFRPXWDWRUXOGHFRQWDFW
VXSUDIDĠDH[WHULRDUăDVHQ]RUXOXLGHSH
XQXOGLQWUHPkQHUHOHSRUWLHUHL
6FRDWHUHDHOHPHQWXOXLFKHLHGHXUJHQĠă
5HYHQLUHDODVHWăULOHGLQIDEULFă
$SăVDĠLEXWRDQHOH6úL7VLPXOWDQ
WLPSGHDSUR[LPDWLYúDVHVHFXQGHSkQăFH
ODPSDGHYHULILFDUHDEDWHULHLFOLSHúWHGH
GRXăRUL
(OHPHQWFKHLHGHXUJHQĠă
1RWHJHQHUDOH ÌPSLQJHĠLSLHGLFDGHHOLEHUDUHCvQGLUHFĠLD
'DFăDXWRYHKLFXOXOQXPDLSRDWHILvQFXLDWVDX VăJHĠLLúLVLPXOWDQVFRDWHĠLHOHPHQWXO
GHVFXLDWFXFKHLDXWLOL]DĠLHOHPHQWXOFKHLHGH FKHLHGHXUJHQĠăDGLQFKHLH
XUJHQĠă
'DFăXWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠăSHQ
WUXDGHVFXLDúLGHVFKLGHSRUWLHUDúRIHUXOXL %DWHULHFKHLH
VDXFDSRWDSRUWEDJDMXOXLKD\RQXOVLVWHPXO
GHDODUPăDQWLIXUWYDILGHFODQúDW 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
3DJLQD 6ROLFLWDĠLVFKLPEDUHDEDWHULLORUODXQDWHOLHUGH
([LVWăPDLPXOWHPRGXULGHDRSULDODUPD VSHFLDOLWDWHDXWRUL]DW
3HQWUXDGH]DFWLYDDODUPDFXFKHLD
DSăVDĠLEXWRQXO6VDX7GHSHFKHLH
VDX
&KHLH
3HULFROGHLQWR[LFDUH G 'DFăEDWHULDFKHLLHVWHYHULILFDWăvQUD]D
%DWHULLOHFRQĠLQVXEVWDQĠHWR[LFHúLFDXVWLFH GHUHFHSĠLHVHPQDODDXWRYHKLFXOXOXL
'LQDFHVWPRWLYQXWUHEXLHOăVDWHODvQGHPkQD DSăVDUHDEXWRDQHORU7VDX6GXFH
FRSLLORU ODvQFXLHUHDVDXGHVFXLHUHDDXWRYHKLFXOX
ÌQFD]XOLQJHUăULLXQHLEDWHULLFRQVXOWDĠLGH
OXL
XUJHQĠăXQPHGLF
6FKLPEDUHEDWHULH
1RWăSULYLQGSURWHFĠLDPHGLXOXL
'HVFKLGHUHúLvQFKLGHUH
$YHĠLQHYRLHGHREDWHULHWLSFHOXOă&5
%DWHULLOHFRQĠLQDJHQĠL 9
SROXDQĠL(VWHLOHJDOVăOH 6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠăGLQ
DUXQFDĠLvPSUHXQăFX FKHLH3DJLQD
JXQRLXOPHQDMHU$FHVWHD
WUHEXLHFROHFWDWHVHSDUDWúL
DUXQFDWHSRWULYLWXQXLVLVWHP
GHUHFLFODUHUHVSRQVDELOIDĠă
GHPHGLXOvQFRQMXUăWRU
$UXQFDĠLEDWHULLOHvQWUR
PDQLHUăUHVSRQVDELOăIDĠăGH
PHGLXOvQFRQMXUăWRU'XFHĠL
EDWHULLOHGHVFăUFDWHODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL
]DWVDXODXQFHQWUXGHFROHF
WDUHSHQWUXEDWHULLX]DWH
$SăVDĠLHOHPHQWXOFKHLHGHXUJHQĠăDvQ
GHVFKL]ăWXUDGLQFKHLHvQGLUHFĠLDVăJHĠLL
9HULILFDUHEDWHULH SkQăFHFDSDFXOWăYLLEDWHULHLCVHGHV
FKLGHÌQWLPSFHHIHFWXDĠLDFHDVWăRSHUD
ĠLHQXĠLQHĠLFDSDFXOCvQFKLV
6FRDWHĠLFDSDFXOWăYLLEDWHULHLC
$SăVDĠLEXWRQXO7VDX6
%DWHULDIXQFĠLRQHD]ăFRUHVSXQ]ăWRUGDFă
ODPSDGHYHULILFDUHDEDWHULHLCVHDSULQGH
VFXUW
%DWHĠLvQPRGUHSHWDWFKHLDFRQWUDSDOPHL
'DFăODPSDGHYHULILFDUHDEDWHULHLCQXVH SkQăFHEDWHULDFDGH
DSULQGHVFXUWvQWLPSXOWHVWXOXLEDWHULDHVWH ,QWURGXFHĠLQRXDEDWHULHFXERUQDSR]LWLYă
GHVFăUFDWă RULHQWDWăvQVXV8WLOL]DĠLRODYHWăIăUă
6FKLPEDUHDEDWHULHL3DJLQD VFDPHvQDFHVWVFRS
&KHLH
$VLJXUDĠLYăFăVXSUDIDĠDEDWHULHLQXFRQ
ĠLQHVFDPHXQVRDUHúLWRDWHFHOHODOWH
IRUPHGHFRQWDPLQDUH
,QWURGXFHĠLFODSHWHOHIDĠăDOHFDSDFXOXL
WăYLLEDWHULHLCúLDSRLDSăVDĠLSHQWUXDR
vQFKLGH
,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
FKHLH
'HVFKLGHUHúLvQFKLGHUH
9HULILFDĠLIXQFĠLRQDUHDWXWXURUEXWRDQHORU
LPSRUWDQWHDOHDXWRYHKLFXOXOXL
&KHLH
3UREOHPHODFKHLH
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
1XSXWHĠLvQFXLDVDX %DWHULDFKHLLHVWHGHVFăUFDWăVDXDSURDSHGHVFăUFDWă
GHVFXLDDXWRYHKLFXOXO ÌQFHUFDĠLGLQQRXVăvQFXLDĠLGHVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXO
FXDMXWRUXOFKHLL IXQFĠLHLGHWHOHFRPDQGăDFKHLL2ULHQWDĠLYkUIXOFKHLLFăWUH
PkQHUXOSRUWLHUHLúRIHUXOXLGHODGLVWDQĠăUHGXVăúLDSăVDĠLEXWR
'HVFKLGHUHúLvQFKLGHUH
QXO67
'DFăQLFLDFHDVWăPăVXUăQXGăUH]XOWDWH
9HULILFDĠLEDWHULDFKHLL3DJLQDúLvQORFXLĠLRGDFăHVWH
QHFHVDU3DJLQD
ÌQFXLDĠL3DJLQDVDXGHVFXLDĠL3DJLQDDXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQĠă
&KHLDHVWHGHIHFWă
ÌQFXLDĠL3DJLQDVDXGHVFXLDĠL3DJLQDDXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQĠă
6ROLFLWDĠLYHULILFDUHDFKHLLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
1XPDLSXWHĠLvQFXLD ([LVWăLQWHUIHUHQĠHGHODRVXUVăSXWHUQLFăGHXQGHUDGLR
VDXGHVFXLDDXWRYHKL ÌQFXLDĠLGHVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXOIXQFĠLHLGHWHOHFR
FXOXOFXDMXWRUXO.(< PDQGăDFKHLL2ULHQWDĠLYkUIXOFKHLLFăWUHPkQHUXOSRUWLHUHL
/(66*2 úRIHUXOXLGHODGLVWDQĠăUHGXVăúLDSăVDĠLEXWRQXO67
([LVWăRGHIHFĠLXQHOD.(</(66*2
ÌQFXLDĠLGHVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXOIXQFĠLHLGHWHOHFR
PDQGăDFKHLL2ULHQWDĠLYkUIXOFKHLLFăWUHPkQHUXOSRUWLHUHL
úRIHUXOXLGHODGLVWDQĠăUHGXVăúLDSăVDĠLEXWRQXO67
6ROLFLWDĠLYHULILFDUHD.(</(66*2ODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
'DFăQLFLDFHDVWăPăVXUăQXGăUH]XOWDWH
9HULILFDĠLEDWHULDFKHLL3DJLQDúLvQORFXLĠLRGDFăHVWH
QHFHVDU3DJLQD
ÌQFXLDĠL3DJLQDVDXGHVFXLDĠL3DJLQDDXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQĠă
$ĠLSLHUGXWRFKHLH 6ROLFLWDĠLGH]DFWLYDUHDFKHLLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW
6HPQDODĠLLPHGLDWSLHUGHUHDODDVLJXUDWRUXODXWRYHKLFXOXOXL
'DFăHVWHQHFHVDUVROLFLWDĠLúLvQORFXLUHDvQFXLHWRULORU
$ĠLSLHUGXWHOHPHQWXO 6HPQDODĠLLPHGLDWSLHUGHUHDODDVLJXUDWRUXODXWRYHKLFXOXOXL
FKHLHGHXUJHQĠă 'DFăHVWHQHFHVDUVROLFLWDĠLúLvQORFXLUHDvQFXLHWRULORU
3RUWLHUH
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
0RWRUXOQXSRDWHILSRU 7HQVLXQHDGHODERUGHVWHSUHDVFă]XWă
QLWFXDMXWRUXOFKHLL 'H]DFWLYDĠLFRQVXPDWRULLQHHVHQĠLDOLGHH[vQFăO]LUHDVFDXQXOXL
VDXLOXPLQDUHDLQWHULRDUăúLvQFHUFDĠLVăSRUQLĠLPRWRUXOGLQQRX
'DFăQLFLDFHDVWăPăVXUăQXGăUH]XOWDWH
9HULILFDĠLEDWHULDGHSRUQLUHúLvQFăUFDĠLRGDFăHVWHQHFHVDU
'HVFKLGHUHúLvQFKLGHUH
3DJLQD
VDX
3RUQLĠLIRUĠDWDXWRYHKLFXOXO3DJLQD
VDX
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0RWRUXOQXSRDWHILSRU %ORFDUHDGLUHFĠLHLVHUHDOL]HD]ăPHFDQLF
QLWFXDMXWRUXOFKHLL 6FRDWHĠLFKHLDúLUHLQWURGXFHĠLRvQFRPXWDWRUXOGHFRQWDFWÌQWUH
WLPSURWLĠLYRODQXOvQDPEHOHGLUHFĠLL
0RWRUXOQXSRDWHILSRU 2SRUWLHUăHVWHGHVFKLVă3ULQXUPDUHFKHLDQXSRDWHILGHWHFWDWă
QLWFXDMXWRUXO.(< ODIHOGHXúRU
/(66*2&KHLDHVWHvQ ÌQFKLGHĠLSRUWLHUDúLvQFHUFDĠLVăSRUQLĠLDXWRYHKLFXOXOGLQQRX
DXWRYHKLFXO
([LVWăLQWHUIHUHQĠHGHODRVXUVăSXWHUQLFăGHXQGHUDGLR
3RUQLĠLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFW
3RUWLHUH 'H]DFWLYDĠLVHQ]RUXOGHPLúFDUHvQLQWHULRU
vQDLQWHGHDvQFXLDDXWRYHKLFXOXOFXFKHLD
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 3RUWLHUHOHSRWILDSRLGHVFKLVHGLQLQWHULRU
$9(57,60(17 GXSăFHDXWRYHKLFXOXODIRVWEORFDWGLQH[WH
ULRUFXFKHLD
1XPDLSHQWUX5HJDWXO8QLWGDFăDXWRYHKL
FXOXODIRVWvQFXLDWFXFKHLDIXQFĠLDGHGXEOă
vQFXLHUHHVWHDFWLYDWăFDIXQFĠLHVWDQGDUG
$9(57,60(17
$WXQFLQXHVWHSRVLELOVăVHGHVFKLGăSRUWLH 'DFăFRSLLLVXQWOăVDĠLQHVXSUDYHJKHDĠLvQ
UHOHGLQLQWHULRUXODXWRYHKLFXOXOXL DXWRYHKLFXODFHúWLDDUSXWHD
=GHVFKLGHRULFkQGRSRUWLHUăGLQLQWHULRUXO
3ULQXUPDUHQXOăVDĠLSHQLPHQLvQDXWRYHKL
FXOPDLDOHVFRSLLSHUVRDQHvQYkUVWăVDXSHU DXWRYHKLFXOXOXLFKLDUúLGDFăDIRVWEORFDWă
VRDQHFDUHQHFHVLWăDVLVWHQĠăVSHFLDOăGDFă =SRUQLDXWRYHKLFXOXOFXDMXWRUXOXQHLFKHL
DXWRYHKLFXOXODIRVWvQFXLDWFXFKHLD'UHSW OăVDWHvQDXWRYHKLFXO
XUPDUHHVWHSRVLELOVăQXVHSRDWăHOLEHUDvQ =HOLEHUDĠLIUkQDGHSDUFDUH
FD]GHXUJHQĠă'UHSWXUPDUHHVWHSRVLELOFD 3ULQXUPDUHDWkWVLJXUDQĠDORUFkWúLDDOWRUD
DFHVWHDVăVXIHUHUăQLJUDYHVDXFKLDUIDWDOH DUSXWHDILSHULFOLWDWă1XOăVDĠLQLFLRGDWă
vQXUPDH[SXQHULLODWHPSHUDWXULH[WUHPGH FRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKLFXO/XDĠL
ULGLFDWHVDXVFă]XWHGHH[HPSOXÌQDFHVWFD] vQWRWGHDXQDFKHLDFXGXPQHDYRDVWUăFkQG
VDOYDUHDSHUVRDQHORUGLQH[WHULRUXODXWRYHKL
FXOXOXLHVWHGLILFLOă
3RUWLHUH
LHúLĠLGLQDXWRYHKLFXOFKLDUúLGDFăvOSăUăVLĠL %XWRQXOGHvQFKLGHUHGHVFKLGHUHFHQWUDOL
QXPDLSHQWUXVFXUWWLPS ]DWăQXvQFXLHVDXGHVFXLHFODSHWDJXULLGH
XPSOHUHFXFDUEXUDQW
G 1XSXWHĠLGHVFKLGHDXWRYHKLFXOXOFHQWUD
'HVFXLHUHDúLGHVFKLGHUHDSRUWLHUHORU OL]DWGLQLQWHULRUGDFăDXWRYHKLFXOXODIRVW
GLQLQWHULRU vQFXLDWFXFKHLDVDXFX.(</(66*2
3HQWUXWRDWHĠăULOHFXH[FHSĠLD5HJDWXOXL G $XWRYHKLFXOXOSRDWHILvQFKLVFHQWUDOL]DW
'HVFKLGHUHúLvQFKLGHUH
8QLWSXWHĠLGHVFKLGHRSRUWLHUăGLQLQWHULRUXO GRDUGDFăSRUWLHUDSDVDJHUXOXLIDĠăHVWH
DXWRYHKLFXOXOXLFKLDUúLGDFăDIRVWvQFXLDWă vQFKLVă
1XPDLSHQWUX5HJDWXO8QLWGDFăDXWRYHKL
FXOXODIRVWvQFXLDWFXFKHLDIXQFĠLDGHGXEOă
vQFXLHUHHVWHDFWLYDWăFDIXQFĠLHVWDQGDUG
$WXQFLQXHVWHSRVLELOVăVHGHVFKLGăSRUWLH
UHOHGLQLQWHULRUXODXWRYHKLFXOXOXL'H]DFWLYDĠL
VHQ]RUXOGHPLúFDUHvQLQWHULRU3DJLQD
vQDLQWHGHDvQFXLDDXWRYHKLFXOXOFXFKHLD
3RUWLHUHOHSRWILDSRLGHVFKLVHGLQLQWHULRU
GXSăFHDXWRYHKLFXOXODIRVWEORFDWGLQH[WH
ULRUFXFKHLD
3XWHĠLGHVFKLGHSRUWLHUHOHVSDWHQXPDLGLQ
LQWHULRUXODXWRYHKLFXOXOXLGDFăQXVXQWDVLJX 3HQWUXDGHVFXLDDSăVDĠLEXWRQXOC
UDWHGHvQFXLHWRULOHFHQXSHUPLWDFFHVXO 3HQWUXDvQFXLDDSăVDĠLEXWRQXOD
FRSLLORU3DJLQD
&DUDFWHULVWLFăGHvQFKLGHUHDXWRPDWă
$XWRYHKLFXOXOHVWHvQFXLDWDXWRPDWFkQGFRQ
WDFWXOHVWHFXSODWúLURĠLOHVHvQYkUW
3ULQXUPDUHSXWHĠLUăPkQHvQFXLDWSHGLQD
IDUăFkQG
=DXWRYHKLFXOXOHVWHvPSLQV
=DXWRYHKLFXOXOHVWHWUDFWDW
=DXWRYHKLFXOXOHVWHWHVWDWSHXQGLQDPRPH
7UDJHĠLPkQHUXOSRUWLHUHLD WUX
'DFăSRUWLHUDHVWHvQFXLDWăEXWRQXOGHEOR
FDUHCLHVHvQDIDUă3RUWLHUDHVWHGHV
FXLDWăúLSRDWHILGHVFKLVă
ÌQFKLGHUHDúLGHVFKLGHUHDFHQWUDOL
]DWăDDXWRYHKLFXOXOXLGLQLQWHULRU
3XWHĠLvQFXLDVDXGHVFXLDDXWRYHKLFXOXOGLQ
LQWHULRU
'HVFKLGHUHúLvQFKLGHUH 3RUWLHUH
3HQWUXDGH]DFWLYDDSăVDĠLúLPHQĠLQHĠL 5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQVHQV
DSăVDWEXWRQXOCWLPSGHDSUR[LPDWLY DQWLRUDUGLQSR]LĠLDG
FLQFLVHFXQGHSkQăFHVHHPLWHXQVHPQDO 3RUWLHUDHVWHGHVFXLDWă
3HQWUXDDFWLYDDSăVDĠLúLPHQĠLQHĠL
G /DDXWRYHKLFXOHOHFXYRODQXOSHSDUWHD
DSăVDWEXWRQXODWLPSGHDSUR[LPDWLY GUHDSWăURWLĠLHOHPHQWXOFKHLHGHXUJHQĠă
FLQFLVHFXQGHSkQăFHVHHPLWHXQVHPQDO vQVHQVRUDU
G 'DFăDSăVDĠLXQXOGLQWUHFHOHGRXă 5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQDSRLúL
EXWRDQHúLQXDX]LĠLXQVXQHWVHWDUHDUHOH VFRDWHĠLO
YDQWăDIRVWGHMDVHOHFWDWă ,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
/DDXWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOGH FKHLH
OX[SXWHĠLGHDVHPHQHDDFWLYDúLGH]DFWLYD
vQFXLHUHDDXWRPDWăSULQFDOFXODWRUXOGHERUG
3DJLQD ÌQFXLHUHDXWRYHKLFXOHOHPHQWFKHLH
GHXUJHQĠă
'DFăDXWRYHKLFXOXOQXPDLSRDWHILvQFXLDWFX
'HVFXLHUHDSRUWLHUHLúRIHUXOXLHOH FKHLDXWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠă
PHQWFKHLHGHXUJHQĠă
GHVFKLGHĠLSRUWLHUDúRIHUXOXL
'DFăDXWRYHKLFXOXOQXPDLSRDWHILGHVFXLDW ÌQFKLGHĠLSRUWLHUDSDVDJHUXOXLIDĠăSRUWLH
FXFKHLDXWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠă UHOHVSDWHúLFDSRWDSRUWEDJDMXOXLKD\RQXO
'DFăXWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠăSHQ $SăVDĠLEXWRQXOGHvQFXLHUH3DJLQD
WUXDGHVFXLDúLGHVFKLGHSRUWLHUDúRIHUXOXL
9HULILFDĠLGDFăEXWRDQHOHGHEORFDUHGHSH
VLVWHPXOGHDODUPăDQWLIXUWYDILGHFODQúDW
3DJLQD SRUWLHUDSDVDJHUXOXLIDĠăúLSRUWLHUHOHVSDWH
UăPkQYL]LELOH$SăVDĠLEXWRDQHOHGHEOR
6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠăGLQ
FDUHFXPkQDGDFăHVWHQHFHVDU
FKHLH3DJLQD
ÌQFKLGHĠLSRUWLHUDúRIHUXOXL
,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠă
6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠăGLQ
SkQăODFDSăWvQvQFXLHWRDUHDSRUWLHUHLúRIH
FKHLH3DJLQD
UXOXL
,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠă
SkQăODFDSăWvQvQFXLHWRDUHDSRUWLHUHLúRIH
UXOXL
3RUWEDJDM
OLEHUVXILFLHQWGHDVXSUDúLvQVSDWHOHFDSR
WHLSRUWEDJDMXOXLKD\RQXOXL
G 9HĠLJăVLGHWDOLLSULYLQGGLPHQVLXQLOHGH
GHVFKLGHUHDOHFDSRWHLSRUWEDJDMXOXL
KD\RQXOXLvQVHFĠLXQHD'DWHWHKQLFH
3DJLQD
/D6HGDQFDSRWDSRUWEDJDMXOXLSRDWHIL
'HVFKLGHUHúLvQFKLGHUH
=GHVFKLVăúLvQFKLVăPDQXDOGLQH[WHULRU
=GHVFKLVăDXWRPDWGLQH[WHULRU
=GHVFKLVăDXWRPDWGLQLQWHULRU
5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQVHQV
RUDUSkQăODFDSăWvQSR]LĠLDG =vQFXLDWăVHSDUDW
=GHVFXLDWăFXHOHPHQWXOFKHLHGHXUJHQĠă
G /DDXWRYHKLFXOHOHFXYRODQXOSHSDUWHD
GUHDSWăURWLĠLHOHPHQWXOFKHLHGHXUJHQĠă /D%UHDNIăUăKD\RQ($6<3$&.KD\RQXO
vQVHQVDQWLRUDU SRDWHIL
5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQDSRLúL =GHVFKLVăúLvQFKLVăPDQXDOGLQH[WHULRU
VFRDWHĠLO =GHVFXLDWăGLQLQWHULRUFXHOHPHQWXOFKHLH
$VLJXUDĠLYăFăSRUWLHUHOHúLFDSRWDSRUWED GHXUJHQĠă
JDMXOXLKD\RQXOVXQWvQFXLDWH /D%UHDNFXKD\RQ($6<3$&.SXWHĠL
,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ =vQFKLGHPDQXDOKD\RQXOGLQH[WHULRU
FKHLH =GHVFKLGHúLvQFKLGHKD\RQXODXWRPDWGLQ
G 'DFăvQFXLDĠLDXWRYHKLFXOXOFRQIRUPGHV H[WHULRU
FULHULLGHPDLVXVFODSHWDJXULLGHXPSOHUH =GHVFKLGHúLvQFKLGHKD\RQXODXWRPDWGLQ
FXFDUEXUDQWQXHVWHvQFXLDWă6LVWHPXOGH LQWHULRU
DODUPăDQWLIXUWQXHVWHDQFODQúDW =OLPLWDXQJKLXOGHGHVFKLGHUHDKD\RQXOXL
=GHVFXLDKD\RQXOGLQLQWHULRUFXHOHPHQWXO
FKHLHGHXUJHQĠă
3RUWEDJDM
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
'HVFKLGHUHDvQFKLGHUHDPDQXDOă
1XOăVDĠLFKHLDvQSRUWEDJDMÌQFD]FRQWUDU
HVWHSRVLELOVăUăPkQHĠLSHGLQDIDUă 'HVFKLGHUH
$9(57,60(17 $SăVDĠLEXWRQXO6GHSHFKHLH
*D]HOHGHHúDSDPHQWSRWSăWUXQGHvQLQWHULR
UXODXWRYHKLFXOXOXLGDFăPRWRUXOIXQFĠLRQHD]ă
úLFDSRWDSRUWEDJDMXOXLKD\RQXOVXQWGHV
FKLVH$FHVWHDYăSRWLQWR[LFD3ULQXUPDUH
WUHEXLHVăYăDVLJXUDĠLFăHVWHvQWRWGHDXQD
vQFKLVăFDSRWDSRUWEDJDMXOXLKD\RQXOFkQG
PRWRUXOIXQFĠLRQHD]ă
&DSRWDSRUWEDJDMXOXLKD\RQXOVHURWHúWH
vQVXVúLvQVSDWHFkQGHVWHGHVFKLVă3ULQ
XUPDUHDVLJXUDĠLYăFăH[LVWăXQVSDĠLX
3RUWEDJDM
G 'DFăVHGHWHFWHD]ăRFKHLH.(</(66*2
vQSRUWEDJDMFDSRWDSRUWEDJDMXOXLKD\RQXO
QXVHYDvQFXLD
6HGDQFDSRWDSRUWEDJDMXOXLVHGHVFKLGH
DSRLGLQQRX
'HVFKLGHUHDvQFKLGHUHDDXWRPDWă
'HVFKLGHUHúLvQFKLGHUH
GLQH[WHULRU
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
0kQHUH[HPSOX%UHDN
7UDJHĠLPkQHUXOC
$9(57,60(17
1XPDLSHQWUX5HJDWXO8QLWGDFăDXWRYHKL
5LGLFDĠLFDSRWDSRUWEDJDMXOXLKD\RQXO
FXOXODIRVWvQFXLDWFXFKHLDIXQFĠLDGHGXEOă
%UHDNFXKD\RQ($6<3$&.GDFăWUDJHĠL vQFXLHUHHVWHDFWLYDWăFDIXQFĠLHVWDQGDUG
PkQHUXOCúLvOPHQĠLQHĠLvQDFHDVWăSR]LĠLH $WXQFLQXHVWHSRVLELOVăVHGHVFKLGăSRUWLH
SXWHĠLGHVFKLGHKD\RQXOPDQXDO'DFăHOLEH UHOHGLQLQWHULRUXODXWRYHKLFXOXOXL
UDĠLPkQHUXOKD\RQXOVHGHVFKLGHDXWRPDW 3ULQXUPDUHQXOăVDĠLSHQLPHQLvQDXWRYHKL
FXOPDLDOHVFRSLLSHUVRDQHvQYkUVWăVDXSHU
ÌQFKLGHUH VRDQHFDUHQHFHVLWăDVLVWHQĠăVSHFLDOăGDFă
DXWRYHKLFXOXODIRVWvQFXLDWFXFKHLD'UHSW
$9(57,60(17 XUPDUHHVWHSRVLELOVăQXVHSRDWăHOLEHUDvQ
$VLJXUDĠLYăFăQXYDILSULQVQLPHQLFkQG FD]GHXUJHQĠă'UHSWXUPDUHHVWHSRVLELOFD
vQFKLGHĠLKD\RQXO DFHVWHDVăVXIHUHUăQLJUDYHVDXFKLDUIDWDOH
vQXUPDH[SXQHULLODWHPSHUDWXULH[WUHPGH
ULGLFDWHVDXVFă]XWHGHH[HPSOXÌQDFHVWFD]
VDOYDUHDSHUVRDQHORUGLQH[WHULRUXODXWRYHKL
FXOXOXLHVWHGLILFLOă
'H]DFWLYDĠLVHQ]RUXOGHPLúFDUHvQLQWHULRU
vQDLQWHGHDvQFXLDDXWRYHKLFXOXOFXFKHLD
3RUWLHUHOHSRWILDSRLGHVFKLVHGLQLQWHULRU
GXSăFHDXWRYHKLFXOXODIRVWEORFDWGLQH[WH
ULRUFXFKHLD
$9(57,60(17
'HJDMDUHH[HPSOX%UHDN 8UPăULĠLSURFHGXULOHGHGHVFKLGHUHúLvQFKL
7UDJHĠLFDSRWDSRUWEDJDMXOXLKD\RQXOXLvQ GHUHDKD\RQXOXLSHQWUXDYăDVLJXUDFăQX
MRVFXDMXWRUXOGHJDMăULLC UăPkQHQLPHQLSULQVvQWUHHOHPHQWH3HQWUXD
RSULSURFHGXUDGHGHVFKLGHUHVDXvQFKLGHUH
%UHDNvQFKLGHĠLSULQvPSLQJHUHKD\RQXOGLQ
DSăVDĠLEXWRQXOGHvQFKLGHUHGLQKD\RQVDX
H[WHULRUXODXWRYHKLFXOXOXL WUDJHĠLPkQHUXOGHSHH[WHULRUXOKD\RQXOXLGLQ
'DFăHVWHQHFHVDUvQFXLDĠLDXWRYHKLFXOXO QRX
FXEXWRQXO7GHSHFKHLH
3DJLQDVDXFX.(</(66*2 &DSRWDSRUWEDJDMXOXLKD\RQXOVHURWHúWH
3DJLQD vQVXVúLvQVSDWHFkQGHVWHGHVFKLVă3ULQ
XUPDUHDVLJXUDĠLYăFăH[LVWăXQVSDĠLX
3RUWEDJDM
OLEHUVXILFLHQWGHDVXSUDúLvQVSDWHOHFDSR 3HQWUXDvQFKLGHDSăVDĠLEXWRQXOGHvQFKL
WHLSRUWEDJDMXOXLKD\RQXOXL GHUHCGLQKD\RQ
G 9HĠLJăVLGHWDOLLSULYLQGGLPHQVLXQLOHGH 3HQWUXDvQFKLGHúLvQFXLDVLPXOWDQ
GHVFKLGHUHDOHFDSRWHLSRUWEDJDMXOXL $SăVDĠLEXWRQXOGHvQFXLHUHDGLQKD\RQ
KD\RQXOXLvQVHFĠLXQHD'DWHWHKQLFH
3DJLQD G 'DFăOăVDĠLRFKHLH.(</(66*2vQSRUW
EDJDMKD\RQXOQXVHYDvQFXLD
'HVFKLGHUH
'HVFKLGHUHúLvQFKLGHUH
3XWHĠLGHVFKLGHFDSRWDSRUWEDJDMXOXLKD\R 'HVFKLGHUHDvQFKLGHUHDDXWRPDWă
QXODXWRPDWFXFKHLDVDXFXPkQHUXOGLQ GLQLQWHULRU
FDSRWDSRUWEDJDMXOXLKD\RQ
%UHDNFXKD\RQ($6<3$&.GHVFKLGHĠL $9(57,60(17
vQFKLGHĠLFRPSOHWKD\RQXOFXDMXWRUXOIXQFĠLHL 8UPăULĠLSURFHGXUDGHvQFKLGHUHDKD\RQXOXL
DXWRPDWHGXSăRSULUHDKD\RQXOXLvQSR]LĠLH SHQWUXDYăDVLJXUDFăQXUăPkQHQLPHQLSULQV
LQWHUPHGLDUă vQWUHHOHPHQWH(OLEHUDĠLEXWRQXOGHDFĠLRQDUH
GHODGLVWDQĠăDKD\RQXOXLSHQWUXDRSULSUR
$SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOT
FHGXUDGHvQFKLGHUH
GHSHFKHLHSkQăFHFDSRWDSRUWEDJDMXOXL
KD\RQXOVHGHVFKLGH 6HGDQSXWHĠLGHVFKLGHúLvQFKLGHKD\RQXOGLQ
VDX VFDXQXOúRIHUXOXLFkQGDXWRYHKLFXOXOVWDĠLR
'DFăFDSRWDSRUWEDJDMXOXLKD\RQXOHVWH QHD]ăúLHVWHGHVFXLDW
GHVFXLDWăWUDJHĠLPkQHUXOFDSRWHLSRUWED %UHDNFXKD\RQ($6<3$&.SXWHĠLGHV
JDMXOXLKD\RQXOXLúLHOLEHUDĠLOGLQQRXLPH FKLGHvQFKLGHKD\RQXOGLQVFDXQXOúRIHUXOXL
GLDW FkQGDXWRYHKLFXOXOVWDĠLRQHD]ăúLHVWHGHV
FXLDW
ÌQFKLGHUH
3XWHĠLvQFKLGHKD\RQXODXWRPDWFXDMXWRUXO
EXWRQXOXLGHvQFKLGHUHVDXFXEXWRQXOGH
vQFXLHUH
&RPXWDWRUGHDFĠLRQDUHGHODGLVWDQĠăH[HPSOX
%UHDN
3HQWUXDGHVFKLGHDSăVDĠLVHFĠLXQHD
VXSHULRDUăDFRPXWDWRUXOXLGHDFĠLRQDUHGH
ODGLVWDQĠăCSHQWUXKD\RQFDSRWDSRUW
%XWRQXOGHvQFKLGHUHúLEXWRQXOGHEORFDUHH[HP EDJDMXOXLSkQăFHKD\RQXOFDSRWDSRUWED
SOXDXWRYHKLFXOXOFXKD\RQ($6<3$&.úL.(<
/(66*2 JDMXOXLVHGHVFKLGH
1XPDLSHQWUXDXWRYHKLFXOHOHFXKD\RQ($6<3$&.
1XPDLSHQWUXDXWRYHKLFXOHOHFXKD\RQ($6<3$&.úL.(</(66*2
3RUWEDJDM
ÌQFXLHUHDVHSDUDWăDSRUWEDJDMXOXL
/LPLWDUHDXQJKLXOXLGHGHVFKLGHUHD
'HVFKLGHUHúLvQFKLGHUH
6HGDQ
KD\RQXOXL%UHDN
ÌQDQXPLWHĠăULSXWHĠLvQFXLDVHSDUDWSRUWED
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD JDMXO'DFăGHVFXLDĠLDSRLFHQWUDOL]DWDXWRYH
KLFXOXOSRUWEDJDMXOUăPkQHvQFXLDWúLQX
3XWHĠLOLPLWDXQJKLXOGHGHVFKLGHUHDOKD\R
SRDWHILGHVFKLV
QXOXL$FHDVWDVHSRDWHUHDOL]DvQMXPăWDWHD
VXSHULRDUăDUD]HLVDOHGHGHVFKLGHUHSkQăOD ÌQFKLGHĠLFDSRWDSRUWEDJDMXOXL
DSUR[LPDWLYFPvQDLQWHGHRSULWRU 6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠăGLQ
/LPLWDUHDXQJKLXOXLGHGHVFKLGHUHSRDWHIL FKHLH3DJLQD
XWLOăGDFăKD\RQXOQXDUHGHVWXOVSDĠLXOLEHU
GHDVXSUDGHH[HPSOX
$VLJXUDĠLYăFăH[LVWăGHVWXOVSDĠLXOLEHU
SHQWUXDGHVFKLGHKD\RQXOFRPSOHWFkQG
UHJODĠLXQJKLXOGHGHVFKLGHUH+D\RQXO
SRDWHVXIHULGHWHULRUăULvQFD]FRQWUDU(VWH
GHSUHIHUDWVăUHJODĠLXQJKLXOGHGHVFKLGHUH
vQH[WHULRU
$FWLYDUH
3HQWUXDGHVFKLGHKD\RQXOWUDJHĠL ,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
PDQHWDGHSHKD\RQ vQFXLHWRDUHDFDSRWHLSRUWEDJDMXOXLSkQăOD
3HQWUXDRSULSURFHGXUDGHGHVFKLGHUH RSULWRU
vQSR]LĠLDGRULWăDSăVDĠLEXWRQXOGHvQFKL 5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQVHQV
GHUH3DJLQDDOKD\RQXOXLVDXWUDJHĠL RUDUGLQSR]LĠLDGvQSR]LĠLDH
PDQHWDGHSHH[WHULRUXOKD\RQXOXLGLQQRX 6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠă
3HQWUXDPHPRUDSR]LĠLDDSăVDĠLúLPHQ
,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
ĠLQHĠLDSăVDWEXWRQXOGHvQFKLGHUHDOKD\R FKHLH
QXOXLSkQăFHDX]LĠLXQVFXUWVHPQDOVRQRU
/LPLWDWRUXOXQJKLXOXLGHGHVFKLGHUHHVWH
DFWLYDW+D\RQXOVHYDRSULDFXPvQSR]LĠLD
PHPRUDWăFkQGvOGHVFKLGHĠL 'HVFXLHUHDSRUWEDJDMXOXL6HGDQ
G 'DFăGRULĠLVăGHVFKLGHĠLFRPSOHWKD\R &DSRWDSRUWEDJDMXOXLVHURWHúWHvQVXV
QXOWUDJHĠLPDQHWDKD\RQXOXLGLQQRXGXSă FkQGHVWHGHVFKLVă3ULQXUPDUHDVLJXUDĠL
FHVDRSULWDXWRPDW$FHDVWDQXYDGXFHOD YăFăH[LVWăXQVSDĠLXOLEHUVXILFLHQWGHD
úWHUJHUHDSR]LĠLHLPHPRUDWH VXSUDFDSRWHLSRUWEDJDMXOXL
'DFăSRUWEDJDMXOQXSRDWHILGHVFXLDWFX
FKHLDVDX.(</(66*2XWLOL]DĠLHOHPHQWXO
FKHLHGHXUJHQĠă
*HDPXULODWHUDOH
'DFăXWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠăSHQ
WUXDGHVFXLDúLGHVFKLGHFDSRWDSRUWEDJDMX
OXLVLVWHPXOGHDODUPăDQWLIXUWYDILGHFODQúDW
3DJLQD
6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠăGLQ
FKHLH3DJLQD
,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
vQFXLHWRDUHDFDSRWHLSRUWEDJDMXOXLSkQăOD
'HVFKLGHUHúLvQFKLGHUH
RSULWRU
/DGHVFKLGHUHKD\RQXOVHULGLFăvQVXVúL
vQH[WHULRU'LQDFHVWPRWLYHVWHQHFHVDU
VăYăDVLJXUDĠLFăH[LVWăVSDĠLXVXILFLHQW
GHDVXSUDúLvQVSDWHOHDFHVWXLD
,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăD
vQGHVFKL]ăWXUDGLQRUQDPHQWXOC
5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăDOD
vQVHQVRUDU
ÌPSLQJHĠLHOHPHQWXOFKHLHGHXUJHQĠăDvQ
5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQVHQV GLUHFĠLDVăJHĠLLúLGHVFKLGHĠLKD\RQXO
DQWLRUDUGLQSR]LĠLDGSkQăODFDSăWvQ
SR]LĠLDH
3RUWEDJDMXOHVWHGHVFXLDW *HDPXULODWHUDOH
5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQDSRLvQ
SR]LĠLDGúLVFRDWHĠLO 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ $9(57,60(17
FKHLH $VLJXUDĠLYăFăQXYDILSULQVQLPHQLvQWUHJHD
PXOODWHUDOúLFDGUXOSRUWLHUHLFkQGJHDPXO
ODWHUDOHVWHGHVFKLV1XDWLQJHĠLúLQXYăUH]H
(OLEHUDUHDGHXUJHQĠăDKD\RQXOXL PDĠLGHJHDPXOODWHUDOSHSDUFXUVXOSURFHGXULL
%UHDN GHGHVFKLGHUH(VWHSRVLELOVăYăSULQGHĠLvQWUH
JHDPXOODWHUDOúLFDGUXOSRUWLHUHLSHPăVXUă
'DFăKD\RQXOQXPDLSRDWHILGHVFKLVGLQ
FHJHDPXOODWHUDOFRERDUă'DFăH[LVWăSHUL
H[WHULRUXODXWRYHKLFXOXOXLXWLOL]DĠLHOLEHUDUHD
FROXOGHSULQGHUHHOLEHUDĠLFRPXWDWRUXOVDX
GHXUJHQĠăGLQLQWHULRUXOKD\RQXOXL
WUDJHĠLOvQVXVSHQWUXDvQFKLGHJHDPXOODWHUDO
6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠăGLQ
GLQQRX
FKHLH3DJLQD
G 9HĠLJăVLGHWDOLLSULYLQGGLPHQVLXQLOHGH 3HULFROGHUăQLUH
GHVFKLGHUHDOHKD\RQXOXLvQVHFĠLXQHD'DWH $VLJXUDĠLYăFăQXVHDIOăQLPHQLvQUD]DGH
WHKQLFH3DJLQD DFĠLXQHDJHDPXOXLvQWLPSFHvOvQFKLGHĠL'DFă
H[LVWăXQDVHPHQHDSHULFROHOLEHUDĠLFRPX
WDWRUXOVDXDSăVDĠLOSHQWUXDGHVFKLGHGLQQRX
JHDPXO
*HDPXULODWHUDOH
$9(57,60(17 'HVFKLGHUHDúLvQFKLGHUHDJHDPXULORU
&RSLLLVDUSXWHDUăQLGDFăGHVFKLGVDXvQFKLG ODWHUDOH
JHDPXULOHODWHUDOH
1XOăVDĠLQLFLRGDWăFRSLLLQHVXSUDYHJKHDĠLvQ
DXWRYHKLFXO/XDĠLvQWRWGHDXQDFKHLDFXGXP
QHDYRDVWUăFkQGLHúLĠLGLQDXWRYHKLFXOFKLDU
úLGDFăvOSăUăVLĠLQXPDLSHQWUXVFXUWWLPS
'HVFKLGHUHúLvQFKLGHUH
$9(57,60(17
1XOăVDĠLFRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKL
FXOFKLDUGDFăVXQWIL[DĠLvQWUXQVLVWHPGH
UHWHQĠLHSHQWUXFRSLL&RSLLVDUSXWHD
=UăQLJUDYVDXFKLDUIDWDOvQDQXPLWHSăUĠLDOH
C )DĠăVWkQJD
DXWRYHKLFXOXOXL
D )DĠăGUHDSWD
=UăQLJUDYVDXFKLDUIDWDOSULQH[SXQHUHD
6SDWHGUHDSWD
vQGHOXQJDWăODWHPSHUDWXULH[WUHPGHULGL
FDWHVDXVFă]XWH
6SDWHVWkQJD
ÌQFD]XOvQFDUHFRSLLLGHVFKLGRSRUWLHUăDFHú &RPXWDWRDUHOHDIHUHQWHWXWXURUJHDPXULORU
WLDDUSXWHD ODWHUDOHVXQWVLWXDWHSHSRUWLHUDúRIHUXOXL
=UăQLJUDYVDXFKLDUIDWDODOWHSHUVRDQH ([LVWăGHDVHPHQHDXQFRPXWDWRUSHILHFDUH
=LHúLGLQDXWRYHKLFXOúLVDUSXWHDUăQLVDXDU
SRUWLHUăSHQWUXJHDPXOODWHUDOFRUHVSXQ]ăWRU
SXWHDILUăQLĠLJUDYVDXIDWDOGHDXWRYHKLFXOH &RPXWDWRDUHOHGHSHSRUWLHUDúRIHUXOXLDX
DIODWHvQWUHFHUH SULRULWDWH
$FWLYDĠLvQFXLHWRULOHFHQXSHUPLWDFFHVXO G *HDPXULOHODWHUDOHQXSRWILDFĠLRQDWHGLQ
FRSLLORUFDUDFWHULVWLFDGHVXSUDUHJODUHGDFă VSDWHFkQGFDUDFWHULVWLFDGHVXSUDUHJODUH
vQDXWRYHKLFXOFăOăWRUHVFFRSLLÌQFD]FRQWUDU SHQWUXJHDPXULOHODWHUDOHHVWHDFWLYDWă
DFHúWLDDUSXWHDGHVFKLGHSRUWLHUHVDXJHD 3DJLQD
PXULODWHUDOHFkQGDXWRYHKLFXOXOHVWHvQPLú 5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD
FDUHúLDUSXWHDVXIHULUăQLVDXLDUSXWHDUăQL WRUXOGHFRQWDFW
SHDOĠLLvQFRQVHFLQĠă
3HQWUXDGHVFKLGHDSăVDĠLFRPXWDWRUXO
DIHUHQW
3HQWUXDvQFKLGHWUDJHĠLGHFRPXWDWRUXO
DIHUHQW
G 'DFăDSăVDĠLFRPXWDWRUXOGLQFRORGH
SXQFWXOGHUH]LVWHQĠăVHvQFHSHXQSURFHV
GHGHVFKLGHUHvQFKLGHUHDXWRPDWvQGLUHF
ĠLDFRUHVSXQ]ăWRDUH3XWHĠLRSULIXQFĠLRQD
UHDDXWRPDWăDSăVkQGGLQQRX
G 3XWHĠLFRQWLQXDVăDFĠLRQDĠLJHDPXULOH
ODWHUDOHGXSăRSULUHDPRWRUXOXLVDXVFRD
WHUHDFKHLL$FHDVWăIXQFĠLHUăPkQHDFWLYă
WLPSGHFLQFLPLQXWHVDXSkQăFHSRUWLHUD
úRIHUXOXLVDXSDVDJHUXOXLIDĠăHVWHGHV
FKLVă
*HDPXULODWHUDOH
&DUDFWHULVWLFăGHGHVFKLGHUHDVLVWDWă $9(57,60(17
3XWHĠLYHQWLODDXWRYHKLFXOXOvQDLQWHGHD &kQGXWLOL]DĠLFDUDFWHULVWLFDGHvQFKLGHUHDVLV
vQFHSHVăFRQGXFHĠLÌQDFHVWVFRSFKHLDHVWH WDWăDVLJXUDĠLYăFăQXSRDWHUăPkQHQLPHQL
XWLOL]DWăSHQWUXDH[HFXWDVLPXOWDQXUPăWRD SULQVvQWUHHOHPHQWH3URFHGDĠLGXSăFXP
UHOHIXQFĠLL XUPHD]ăGDFăH[LVWăULVFXOGHSULQGHUHvQWUH
HOHPHQWH
=GHVFXLHUHDDXWRYHKLFXOXOXL
&XFKHLD
=GHVFKLGHUHDJHDPXULORUODWHUDOH
'HVFKLGHUHúLvQFKLGHUH
=(OLEHUDĠLEXWRQXO7
=GHVFKLGHUHDWUDSHLJOLVDQWăVDXDWUDSHLJOL
=DSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO6
VDQWHSDQRUDPLFHúLDMDOX]HOHORU
=SRUQLUHDYHQWLOăULLVFDXQXOXLSHQWUXVFDXQXO SkQăFHJHDPXULOHODWHUDOHúLWUDSDJOLVDQWă
úRIHUXOXL VDXWUDSDJOLVDQWăSDQRUDPLFăVHUHGHV
FKLG
G &DUDFWHULVWLFDGHGHVFKLGHUHDVLVWDWă &X.(</(66*2
SRDWHILDFĠLRQDWăQXPDLFXDMXWRUXOFKHLL
=HOLEHUDĠLVXSUDIDĠDVHQ]RUXOXLGHSHPkQH
&KHLDWUHEXLHVăILHDSURSLDWăGHPkQHUXO
SRUWLHUHLúRIHUXOXL UXOSRUWLHUHL
=WUDJHĠLPkQHUXOSRUWLHUHLLPHGLDWúLPHQĠL
2ULHQWDĠLYkUIXOFKHLLFăWUHPkQHUXOSRUWLH
QHĠLO
UHLúRIHUXOXL
*HDPXULOHODWHUDOHúLWUDSDJOLVDQWăVDX
$SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO6
WUDSDJOLVDQWăSDQRUDPLFăVHGHVFKLG
SkQăFHJHDPXULOHODWHUDOHúLWUDSDJOLVDQWă
VDXWUDSDJOLVDQWăSDQRUDPLFăVHDIOăvQ
SR]LĠLDGRULWă 8WLOL]DUHDFKHLL
'DFăMDOX]HOHOHSDUDVRODUDOHWUDSHLJOLVDQWH G &KHLDWUHEXLHVăILHDSURSLDWăGHPkQHUXO
SDQRUDPLFHVXQWvQFKLVHMDOX]HOHVXQWGHV SRUWLHUHLúRIHUXOXL
FKLVHSULPHOH 2ULHQWDĠLYkUIXOFKHLLFăWUHPkQHUXOSRUWLH
$SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO6 UHLúRIHUXOXL
GLQQRXSkQăFHWUDSDJOLVDQWăSDQRUDPLFă $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO7
VHDIOăvQSR]LĠLDGRULWă SkQăFHJHDPXULOHODWHUDOHúLWUDSDJOLVDQWă
3HQWUXDvQWUHUXSHGHVFKLGHUHDDVLV VDXWUDSDJOLVDQWăSDQRUDPLFăVXQWFRP
WDWăHOLEHUDĠLEXWRQXO6 SOHWvQFKLVH
$VLJXUDĠLYăFăWRDWHJHDPXULOHODWHUDOHúL
WUDSDJOLVDQWăVDXWUDSDJOLVDQWăSDQRUD
&DUDFWHULVWLFăGHvQFKLGHUHDVLVWDWă PLFăVXQWvQFKLVH
1RWHJHQHUDOH /DDXWRYHKLFXOHFXWUDSăJOLVDQWăSDQRUD
PLFă
&kQGvQFXLDĠLDXWRYHKLFXOXOSXWHĠLVLPXOWDQ
Vă
$SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO7
GLQQRXSkQăFHMDOX]HOHOHGLQWUDSDJOLVDQWă
=vQFKLGHĠLJHDPXULOHODWHUDOH
SDQRUDPLFăVHvQFKLG
=vQFKLGHĠLWUDSDJOLVDQWăVDXWUDSDJOLVDQWă
SDQRUDPLFă
3HQWUXDvQWUHUXSHvQFKLGHUHDDVLVWDWă
HOLEHUDĠLEXWRQXO7
/DDXWRYHKLFXOHOHFXWUDSăJOLVDQWăSDQRUD
PLFăSXWHĠLDSRLVăvQFKLGHĠLMDOX]HOHOH
*HDPXULODWHUDOH
8WLOL]DUHD.(</(66*2 7UDJHĠLFRPXWDWRUXODIHUHQWGHSHSDQRXO
GHFRPDQGăVLWXDWSHSRUWLHUăSkQăFkQG
&KHLD.(</(66*2WUHEXLHVăVHDIOHvQDIDUD
JHDPXOODWHUDOHVWHFRPSOHWvQFKLV
DXWRYHKLFXOXOXL7RDWHSRUWLHUHOHWUHEXLHVă
3DJLQD
ILHvQFKLVH
0HQĠLQHĠLFRPXWDWRUXOvQFăRVHFXQGă
'DFăJHDPXOODWHUDOVHGHVFKLGHGLQQRXXúRU
7UDJHĠLLPHGLDWFRPXWDWRUXODIHUHQWGHSH
'HVFKLGHUHúLvQFKLGHUH
SDQRXOGHFRPDQGăVLWXDWSHSRUWLHUăSkQă
FkQGJHDPXOODWHUDOHVWHFRPSOHWvQFKLV
3DJLQD
0HQĠLQHĠLFRPXWDWRUXOvQFăRVHFXQGă
'DFăJHDPXOODWHUDODIHUHQWUăPkQHvQFKLV
GXSăFHEXWRQXODIRVWHOLEHUDWJHDPXO
ODWHUDOVDUHVHWDWFRUHFW'DFăQXVHUHGHV
FKLGUHSHWDĠLSDúLLGHPDLVXVGLQQRX
$WLQJHĠLVXSUDIDĠDVHQ]RUXOXLDGkQFLWCGH
SHPkQHUXOSRUWLHUHLSkQăFHJHDPXULOH
ODWHUDOHúLWUDSDJOLVDQWăVDXWUDSDJOLVDQWă
SDQRUDPLFăVXQWFRPSOHWvQFKLVH 3UREOHPHODJHDPXULOHODWHUDOH
G $VLJXUDĠLYăFăDWLQJHĠLQXPDLVXSUDIDĠD 3UREOHPăXQJHDPODWHUDOQXSRDWHIL
VHQ]RUXOXLFXGHJDMDUHC vQFKLVGHRDUHFHHVWHEORFDWGHRELHFWHGH
H[IUXQ]HvQJKLGDMXOJHDPXOXL
$VLJXUDĠLYăFăWRDWHJHDPXULOHODWHUDOHúL
WUDSDJOLVDQWăVDXWUDSDJOLVDQWăSDQRUD 6FRDWHĠLRELHFWHOH
PLFăVXQWvQFKLVH ÌQFKLGHĠLJHDPXOODWHUDO
/DDXWRYHKLFXOHFXWUDSăJOLVDQWăSDQRUD 3UREOHPăXQJHDPODWHUDOQXSRDWHIL
PLFă vQFKLVúLQXSXWHĠLYHGHDFDX]D
$WLQJHĠLVXSUDIDĠDVHQ]RUXOXLDGkQFLWCGH $9(57,60(17
SHPkQHUXOSRUWLHUHLGLQQRXSkQăFHMDOX ÌQFKLGHUHDJHDPXULORUODWHUDOHFXRIRUĠăPDL
]HOHOHúLWUDSDJOLVDQWăSDQRUDPLFăVH PDUHVDXIăUăSURWHFĠLDDQWLSULQGHUHSRDWH
vQFKLG GXFHODUăQLJUDYHVDXFKLDUIDWDOH$VLJXUDĠL
3HQWUXDvQWUHUXSHvQFKLGHUHDDVLVWDWă YăFăQXYDILSULQVQLPHQLSHPăVXUăFHvQFKL
HOLEHUDĠLVXSUDIDĠDVHQ]RUXOXLFXGHJD GHĠLJHDPXULOHODWHUDOH
MDUHCGHSHPkQHUXOSRUWLHUHL
'DFăXQJHDPODWHUDOHVWHREVWUXFĠLRQDWvQ
WLPSXOvQFKLGHULLúLVHUHGHVFKLGHGLQQRX
XúRU
5HVHWDUHDSR]LĠLHLJHDPXULORUODWHUDOH
,PHGLDWGXSăFHJHDPXOVHEORFKHD]ăWUD
7UHEXLHVăUHVHWDĠLILHFDUHJHDPODWHUDOGDFă JHĠLGHFRPXWDWRUXODIHUHQWGLQQRXSkQă
XQJHDPODWHUDOQXPDLSRDWHILFRPSOHW FHJHDPXOODWHUDOVDvQFKLV
vQFKLV *HDPXOODWHUDOHVWHvQFKLVFXIRUĠăPDL
ÌQFKLGHĠLWRDWHSRUWLHUHOH PDUH
5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
7UDSăJOLVDQWă
'DFăXQJHDPODWHUDOHVWHREVWUXFĠLRQDWGLQ 'HVFKLGHĠLWUDSDJOLVDQWăSDQRUDPLFă
QRXvQWLPSXOvQFKLGHULLúLVHUHGHVFKLGHGLQ QXPDLGDFăQXHVWHDFRSHULWăGH]ăSDGăúL
QRXXúRU JKHDĠăÌQFD]FRQWUDUVXQWSRVLELOHGHIHF
,PHGLDWGXSăFHJHDPXOVHEORFKHD]ăWUD ĠLXQL
JHĠLGHFRPXWDWRUXODIHUHQWGLQQRXSkQă 1XOăVDĠLVăLDVăQLPLFGLQWUDSDJOLVDQWăÌQ
FHJHDPXOODWHUDOVDvQFKLV FD]FRQWUDUFKHGHUHOHSRWVXIHULGHWH
*HDPXOODWHUDOHVWHvQFKLVIăUăSURWHFĠLD ULRUăUL
DQWLSULQGHUH
'HVFKLGHUHúLvQFKLGHUH
G 3HOkQJă]JRPRWHOHWLSLFHFXUHQĠLORUGH
DHUSRWDSăUHD]JRPRWHGHUH]RQDQĠăFkQG
WUDSDJOLVDQWăHVWHGHVFKLVă$FHVWHDVXQW
7UDSăJOLVDQWă SURYRFDWHGHIOXFWXDĠLLVODEHDOHSUHVLXQLL
GLQLQWHULRUXODXWRYHKLFXOXOXL6FKLPEDĠL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
SR]LĠLDWUDSHLJOLVDQWHVDXvQWUHGHVFKLGHĠL
$XWRYHKLFXOXOGXPQHDYRDVWUăSRDWHIL XQJHDPODWHUDOSHQWUXDUHGXFHVDXHOLPLQD
SUHYă]XWFXRWUDSăJOLVDQWăVDXFXRWUDSă DFHVWH]JRPRWH
JOLVDQWăSDQRUDPLFăÌQXUPăWRDUHDVHFĠLXQH
WHUPHQXOÄWUDSăJOLVDQWăVHUHIHUăODDPEHOH
WLSXULGHWUDSăJOLVDQWă $FĠLRQDUHDWUDSHLJOLVDQWH
$9(57,60(17 'HVFKLGHUHDúLvQFKLGHUHD
$VLJXUDĠLYăFăQLPHQLQXSRDWHILSULQVvQWUH
G 3XWHĠLFRQWLQXDVăDFĠLRQDĠLWUDSDJOLVDQWă
HOHPHQWHFkQGGHVFKLGHĠLúLvQFKLGHĠLWUDSD
JOLVDQWă
GXSăRSULUHDPRWRUXOXLVDXVFRDWHUHDFKHLL
$FHDVWăIXQFĠLHUăPkQHDFWLYăWLPSGHFLQFL
'DFăH[LVWăSHULFROXOFDFLQHYDVăILHSULQV PLQXWHVDXSkQăFHSRUWLHUDúRIHUXOXLVDX
vQWUHHOHPHQWHHOLEHUDĠLLPHGLDWFRPXWDWRUXO SDVDJHUXOXLIDĠăHVWHGHVFKLVă
ÌQWLPSXOIXQFĠLRQăULLDXWRPDWHvPSLQJHĠL
VFXUWFRPXWDWRUXOvQRULFHGLUHFĠLHSHQWUXD
RSULWUDSDJOLVDQWă
$9(57,60(17
&RSLLLVDUSXWHDUăQLGDFăDFĠLRQHD]ăWUDSD
JOLVDQWă
1XOăVDĠLQLFLRGDWăFRSLLLQHVXSUDYHJKHDĠLvQ
DXWRYHKLFXO/XDĠLvQWRWGHDXQDFKHLDFXGXP
QHDYRDVWUăFkQGLHúLĠLGLQDXWRYHKLFXOFKLDU
úLGDFăvOSăUăVLĠLQXPDLSHQWUXVFXUWWLPS
3DQRXGHFRPDQGăVLWXDWSHSODIRQ
$9(57,60(17 C 3HQWUXDULGLFD
6WLFODWUDSHLSDQRUDPLFHVDUSXWHDVSDUJHvQ D 3HQWUXDGHVFKLGH
FD]GHDFFLGHQW'DFăQXSXUWDĠLRFHQWXUăGH
3HQWUXDvQFKLGHFRERUv
VLJXUDQĠăH[LVWăSHULFROXOVăILĠLSURLHFWDWSULQ
GHVFKL]ăWXUăvQFD]XOvQFDUHDXWRYHKLFXOXOVH 5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD
UăVWRDUQă3ULQXUPDUHSXUWDĠLvQWRWGHDXQDR WRUXOGHFRQWDFW
FHQWXUăGHVLJXUDQĠăSHQWUXDUHGXFHSHULFR $SăVDĠLVDXWUDJHĠLFRPXWDWRUXOWvQ
OXOGHUăQLUH GLUHFĠLDFRUHVSXQ]ăWRDUH
7UDSăJOLVDQWă
G 'DFăDSăVDĠLFRPXWDWRUXOWGLQFROR 0HQĠLQHĠLFRPXWDWRUXOWDSăVDWvQFăR
GHSXQFWXOGHUH]LVWHQĠăVHvQFHSHXQSUR VHFXQGă
FHVGHGHVFKLGHUHvQFKLGHUHDXWRPDWvQ $VLJXUDĠLYăFăWUDSDJOLVDQWăSRDWHILFRP
GLUHFĠLDFRUHVSXQ]ăWRDUH3XWHĠLRSULIXQF SOHWGHVFKLVăúLvQFKLVăGLQQRX
ĠLRQDUHDDXWRPDWăDSăVkQGGLQQRX 3DJLQD
&DSDFXOSDUDVRODUVHGHVFKLGHDXWRPDW 'DFăQXVHUHGHVFKLGUHSHWDĠLSDúLLGHPDL
RGDWăFXWUDSDJOLVDQWă3XWHĠLGHVFKLGHVDX VXVGLQQRX
vQFKLGHFDSDFXOSDUDVRODUPDQXDOFkQGWUDSD
'HVFKLGHUHúLvQFKLGHUH
JOLVDQWăHVWHULGLFDWăVDXvQFKLVă 'DFăWUDSDJOLVDQWăQXSRDWHILGHVFKLVă
VDXvQFKLVăFRPSOHWGXSăUHVHWDUHFRQWDF
&DUDFWHULVWLFăGHvQFKLGHUHSHWLPSGH WDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
SORDLH
&kQGFKHLDVHDIOăvQSR]LĠLDGLQFRPXWDWRUXO 8WLOL]DUHDWUDSHLJOLVDQWHSDQRUDPLFH
GHFRQWDFWVDXHVWHVFRDVăWUDSDJOLVDQWăVH
vQFKLGHDXWRPDW 'HVFKLGHUHúLvQFKLGHUH
=GDFăvQFHSHVăSORXă
=ODWHPSHUDWXULH[WHULRDUHH[WUHPH
=GXSăúDVHRUH
=GDFăH[LVWăRGHIHFĠLXQHvQDOLPHQWDUHD
HOHFWULFă
3DUWHDSRVWHULRDUăDWUDSHLJOLVDQWHHVWHDSRL
ULGLFDWăSHQWUXDDHULVLLQWHULRUXODXWRYHKLFX
OXOXL
G 'DFăWUDSDJOLVDQWăHVWHREVWUXFĠLRQDWă
FkQGHVWHvQFKLVăGHFDUDFWHULVWLFDGH
vQFKLGHUHSHWLPSGHSORDLHHDVHvQWUHGHV 3DQRXGHFRPDQGăVLWXDWSHSODIRQ
FKLGHGLQQRX&DUDFWHULVWLFDGHvQFKLGHUH C 3HQWUXDULGLFD
SHWLPSGHSORDLHHVWHDSRLGH]DFWLYDWă D 'HVFKLGHUH
7UDSDJOLVDQWăQXVHvQFKLGHGDFă 3HQWUXDvQFKLGHFRERUv
=HVWHULGLFDWăGLQVSDWH 5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD
=HVWHvQFXLDWă WRUXOGHFRQWDFW
=QXDMXQJSLFăWXULGHSORDLHSHVSDĠLXOSDU ÌPSLQJHĠLVDXWUDJHĠLFRPXWDWRUXOWvQ
EUL]XOXLPRQLWRUL]DWGHVHQ]RUXOGHSORDLH GLUHFĠLDFRUHVSXQ]ăWRDUH
GHH[GHRDUHFHDXWRYHKLFXOXOVHDIOăVXE G 'DFăDSăVDĠLFRPXWDWRUXOWGLQFROR
XQSRGVDXVXEXQDFRSHULú GHSXQFWXOGHUH]LVWHQĠăVHvQFHSHXQSUR
FHVGHGHVFKLGHUHvQFKLGHUHDXWRPDWvQ
5HDúH]DUHD GLUHFĠLDFRUHVSXQ]ăWRDUH3XWHĠLRSULIXQF
ĠLRQDUHDDXWRPDWăDSăVkQGGLQQRX
5HVHWDĠLWUDSDJOLVDQWăGDFăQXVHPLúFăXQL
IRUP
&DUDFWHULVWLFăGHvQFKLGHUHSHWLPSGH
5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD
SORDLH
WRUXOGHFRQWDFW
5LGLFDĠLWUDSDJOLVDQWăFRPSOHWvQVSDWH
&kQGFKHLDVHDIOăvQSR]LĠLDGLQFRPXWDWRUXO
3DJLQD GHFRQWDFWVDXHVWHVFRDVăWUDSDJOLVDQWă
SDQRUDPLFăVHvQFKLGHDXWRPDW
7UDSăJOLVDQWă
=GDFăvQFHSHVăSORXă 'HVFKLGHUHDúLvQFKLGHUHD
=ODWHPSHUDWXULH[WHULRDUHH[WUHPH
=GXSăúDVHRUH
=GDFăH[LVWăRGHIHFĠLXQHvQDOLPHQWDUHD
HOHFWULFă
7UDSDJOLVDQWăSDQRUDPLFăUăPkQHULGLFDWăvQ
VSDWHSHQWUXDSHUPLWHYHQWLODUHDLQWHULRUXOXL
'HVFKLGHUHúLvQFKLGHUH
DXWRYHKLFXOXOXL
G 'DFăWUDSDJOLVDQWăSDQRUDPLFăHVWH
REVWUXFĠLRQDWăFkQGHVWHvQFKLVăGHFDUDF
WHULVWLFDGHvQFKLGHUHSHWLPSGHSORDLHHD
VHvQWUHGHVFKLGHGLQQRX&DUDFWHULVWLFDGH 3DQRXGHFRPDQGăVLWXDWSHSODIRQ
vQFKLGHUHSHWLPSGHSORDLHHVWHDSRL C 3HQWUXDGHVFKLGH
GH]DFWLYDWă D 3HQWUXDGHVFKLGH
7UDSDJOLVDQWăSDQRUDPLFăQXVHvQFKLGH 3HQWUXDvQFKLGH
GDFă
5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD
=HVWHULGLFDWăGLQVSDWH
WRUXOGHFRQWDFW
=HVWHvQFXLDWă
$SăVDĠLVDXWUDJHĠLFRPXWDWRUXOWvQ
=QXDMXQJSLFăWXULGHSORDLHSHVSDĠLXOSDU GLUHFĠLDFRUHVSXQ]ăWRDUH
EUL]XOXLPRQLWRUL]DWGHVHQ]RUXOGHSORDLH G 'DFăDSăVDĠLFRPXWDWRUXOWGLQFROR
GHH[GHRDUHFHDXWRYHKLFXOXOVHDIOăVXE GHSXQFWXOGHUH]LVWHQĠăVHvQFHSHXQSUR
XQSRGVDXVXEXQDFRSHULú FHVGHGHVFKLGHUHvQFKLGHUHDXWRPDWvQ
GLUHFĠLDFRUHVSXQ]ăWRDUH3XWHĠLRSULIXQF
ĠLRQDUHDDXWRPDWăDSăVkQGGLQQRX
8WLOL]DUHDMDOX]HOHORUWUDSHLJOLVDQWH
SDQRUDPLFH
5HVHWDUHDWUDSHLJOLVDQWHSDQRUDPLFHúL
1RWHJHQHUDOH DMDOX]HOHORU
-DOX]HOHOHSURWHMHD]ăLQWHULRUXODXWRYHKLFXOX 5HVHWDĠLWUDSDJOLVDQWăSDQRUDPLFăúLMDOX]H
OXLGHOXPLQDVRODUă&HOHGRXăMDOX]HOHSRWIL OHOHGDFăWUDSDJOLVDQWăSDQRUDPLFăVDXMDOX
GHVFKLVHúLvQFKLVHVLPXOWDQQXPDLFkQGWUDSD ]HOHOHQXVHPLúFăXQLIRUP
JOLVDQWăSDQRUDPLFăHVWHvQFKLVă 5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD
$9(57,60(17 WRUXOGHFRQWDFW
$SăVDĠLFRPXWDWRUXOWODSXQFWXOGH
$VLJXUDĠLYăFăQXSRDWHILQLPHQLSULQVvQWUH
HOHPHQWHFkQGGHVFKLGHĠLVDXvQFKLGHĠLMDOX UH]LVWHQĠăvQGLUHFĠLDLQGLFDWăGH
]HOHOH VăJHDWDDúLĠLQHĠLODSăVDWSkQăFHWUDSD
JOLVDQWăSDQRUDPLFăVDGHVFKLVDSUR[LPD
WLYFP
7UDJHĠLFRPXWDWRUXOWUHSHWDWODSXQF
WXOGHUH]LVWHQĠăvQGLUHFĠLDLQGLFDWăGH
VăJHDWDSkQăFHWUDSDJOLVDQWăSDQRUD
PLFăHVWHFRPSOHWvQFKLVă
0HQĠLQHĠLFRPXWDWRUXOWWUDVvQFăR
VHFXQGă
7UDSăJOLVDQWă
$SăVDĠLFRPXWDWRUXOWODSXQFWXOGH SkQăODSXQFWXOGHUH]LVWHQĠăúLĠLQHĠLOSkQă
UH]LVWHQĠăvQGLUHFĠLDLQGLFDWăGH FHWUDSDJOLVDQWăHVWHvQFKLVă
VăJHDWDDúLĠLQHĠLODSăVDWSkQăFHMDOX 7UDSDJOLVDQWăHVWHvQFKLVăFXIRUĠăFUHV
]HOHOHVDXGHVFKLVDSUR[LPDWLYFP FXWă
7UDJHĠLFRPXWDWRUXOWUHSHWDWODSXQF 'DFăWUDSDJOLVDQWăHVWHREVWUXFĠLRQDWăGLQ
WXOGHUH]LVWHQĠăvQGLUHFĠLDLQGLFDWăGH QRXvQWLPSXOvQFKLGHULLúLVHUHGHVFKLGHGLQ
VăJHDWDSkQăFHMDOX]HOHOHVXQWFRPSOHW QRXXúRU
vQFKLVH
'HVFKLGHUHúLvQFKLGHUH
,PHGLDWGXSăFHWUDSDJOLVDQWăVHEOR
0HQĠLQHĠLFRPXWDWRUXOWWUDVvQFăR FKHD]ăWUDJHĠLFRPXWDWRUXOWGLQ
VHFXQGă SDQRXOGHFRPDQGăVLWXDWSHSODIRQvQMRV
$VLJXUDĠLYăFăWUDSDJOLVDQWăSDQRUDPLFă SkQăODSXQFWXOGHUH]LVWHQĠăúLĠLQHĠLOSkQă
úLMDOX]HOHOHSRWILFRPSOHWUHGHVFKLVHúL FHWUDSDJOLVDQWăHVWHvQFKLVă
UHvQFKLVH3DJLQD 7UDSDJOLVDQWăHVWHvQFKLVăIăUăSURWHFĠLD
'DFăQXVHUHGHVFKLGUHSHWDĠLSDúLLGHPDL DQWLSULQGHUH
VXVGLQQRX
'DFăWUDSDJOLVDQWăSDQRUDPLFăúLMDOX]H
OHOHQXSRWILGHVFKLVHVDXvQFKLVHFRPSOHW
GXSăUHVHWDUHFRQWDFWDĠLXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
3UREOHPHODWUDSDJOLVDQWă
$XWRYHKLFXOXOGXPQHDYRDVWUăSRDWHIL
SUHYă]XWFXRWUDSăJOLVDQWăVDXFXRWUDSă
JOLVDQWăSDQRUDPLFăÌQXUPăWRDUHDVHFĠLXQH
WHUPHQXOÄWUDSăJOLVDQWăVHUHIHUăODDPEHOH
WLSXULGHWUDSăJOLVDQWă
3UREOHPăWUDSDQXSRDWHILvQFKLVăúLQX
SXWHĠLYHGHDFDX]D
$9(57,60(17
3XWHĠLVXIHULUăQLJUDYHVDXFKLDUIDWDOHFkQG
vQFKLGHĠLWUDSDJOLVDQWăFXIRUĠăGHvQFKLGHUH
FUHVFXWăVDXGDFăFDUDFWHULVWLFDDQWLSULQGHUH
HVWHGH]DFWLYDWă$VLJXUDĠLYăFăQXYDILSULQV
QLPHQLSHPăVXUăFHvQFKLGHĠLWUDSDJOLVDQWă
'DFăWUDSDJOLVDQWăHVWHREVWUXFĠLRQDWăvQ
WLPSXOvQFKLGHULLúLVHUHGHVFKLGHGLQQRX
XúRU
,PHGLDWGXSăFHWUDSDJOLVDQWăVHEOR
FKHD]ăWUDJHĠLFRPXWDWRUXOWGLQ
SDQRXOGHFRPDQGăVLWXDWSHSODIRQvQMRV
,QIRUPDĠLLXWLOH
3R]LĠLDFRUHFWăDVFDXQXOXLúRIHUX
OXL
6FDXQH
9RODQ
2JOLQ]L
)XQFĠLHGHPHPRUDUH
6FDXQHYRODQúLRJOLQ]L
3R]LĠLDFRUHFWăDVFDXQXOXLúRIHUXOXL
,QIRUPDĠLLXWLOH &kQGUHJODĠLVFDXQXODVLJXUDĠLYăFă
=YăDIODĠLFkWPDLGHSDUWHSRVLELOGHDLUED
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH JXOúRIHUXOXL
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG =VWDĠLvQWURSR]LĠLHYHUWLFDOăQRUPDOă
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD =YăSXWHĠLSULQGHFHQWXUDGHVLJXUDQĠă
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
FRUHVSXQ]ăWRU
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
=DĠLGHSODVDWVSăWDUXOvQWURSR]LĠLH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP DSURDSHYHUWLFDOă
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF =DĠLIL[DWXQJKLXOSHUQHLVFDXQXOXLvQDúD
IHOvQFkWFRDSVHOHVăYăILHVXVĠLQXWH
6FDXQHYRODQúLRJOLQ]L
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH XúRU
ULWRDUHODVLJXUDQĠă =SXWHĠLDSăVDSHGDOHOHFRUHVSXQ]ăWRU
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH 9HULILFDĠLGDFăWHWLHUDHVWHUHJODWăFRUHV
6FDXQHYRODQúLRJOLQ]L
$9(57,60(17
6FDXQHOHSRWILvQFRQWLQXDUHUHJODWHúLFkQG
$9(57,60(17
FKHLDQXVHDIOăvQFRPXWDWRUXOGHFRQWDFW'LQ 2FHQWXUăGHVLJXUDQĠăSRDWHRIHULJUDGXOVăX
DFHVWPRWLYFRSLLLQXWUHEXLHVăILHOăVDĠL SUHYă]XWGHSURWHFĠLHQXPDLFkQGVSăWDUXO
QHVXSUDYHJKHDĠLvQDXWRYHKLFXO$FHúWLDDU HVWHDSURDSHYHUWLFDOúLSDVDJHUXOVWăGUHSW
SXWHDUHJODVFDXQHOHDMXQJkQGSULQúLvQWUH (YLWDĠLSR]LĠLLOHVFDXQXOXLFDUHQXSHUPLWWUH
HOHPHQWH FHUHDFRUHFWăDFHQWXULLGHVLJXUDQĠă5HJODĠL
VSăWDUXODVWIHOvQFkWVăILHFkWPDLGUHSWSRVL
$9(57,60(17 ELO1XFăOăWRULĠLQLFLRGDWăFXVSăWDUXOvQFOLQDW
SUHDPXOWvQDSRLÌQFD]FRQWUDUSXWHĠLVXIHUL
5HJODĠLVFDXQXOúRIHUXOXLQXPDLFkQGDXWRYH
UăQLJUDYHVDXFKLDUIDWDOHvQFD]GHDFFLGHQW
KLFXOXOVWDĠLRQHD]ăÌQFD]FRQWUDUYLVHYD
VDXIUkQDUHEUXVFă
GLVWUDJHDWHQĠLDGHODFRQGLĠLLOHUXWLHUHúL
SXWHĠLSLHUGHFRQWUROXODVXSUDDXWRYHKLFXOXOXL 3HQWUXDHYLWDGHWHULRUDUHDVFDXQHORUúLD
vQXUPDGHSODVăULLVFDXQXOXL$VWIHOSXWHĠL
vQFăO]LULLVFDXQXOXLUHVSHFWDĠLXUPăWRDUHOH
SURYRFDXQDFFLGHQW
LQIRUPDĠLL
=QXYăUVDĠLOLFKLGHSHVFDXQH'DFăVDX
$9(57,60(17
'DFăQXDFRUGDĠLDWHQĠLHUHJOăULLvQăOĠLPLL YăUVDWOLFKLGHSHVFDXQHXVFDĠLOHFkW
VFDXQXOXLGXPQHDYRDVWUăVDXDOWHSHUVRDQH PDLFXUkQGSRVLELO
='DFăKXVHOHVFDXQHORUVXQWXPHGHVDX
DĠLSXWHDILSULQVHvQWUHHOHPHQWHVXIHULQG
UăQL0DLDOHVFRSLLLDUSXWHDDSăVDQHLQWHQ XGHQXDFWLYDĠLvQFăO]LUHDVFDXQXOXL
ĠLRQDWEXWRDQHOHSHQWUXDUHJODHOHFWULFVFDX ÌQFăO]LUHDVFDXQXOXLQXWUHEXLHVăILHXWL
QHOHUăPkQkQGSULQúLvQWUHHOHPHQWH OL]DWăSHQWUXDXVFDVFDXQHOH
=FXUăĠDĠLKXVHOHVFDXQHORUFRQIRUPUHFR
$FRUGDĠLDWHQĠLHXUPăWRDUHORUSXQFWH
PDQGăULORUFRQVXOWDĠLVHFĠLXQHDÄÌQJULML
=FkQGGHSODVDĠLVFDXQHOHPkLQLOHGXPQHD
UHDLQWHULRUXOXL³
YRDVWUăQXWUHEXLHVăLQWUHVXEDQVDPEOXO
=QXWUDQVSRUWDĠLVDUFLQLJUHOHSHVFDXQH
FXPDQHWăDOVLVWHPXOXLGHUHJODUHDVFDX
QXOXL 1XDúH]DĠLRELHFWHDVFXĠLWHSHSHUQHOH
VFDXQXOXLGHH[FXĠLWHFXLHVDXXQHOWH
=FRSLLLGHODERUGQXWUHEXLHVăúLLQWURGXFă
6FDXQHOHWUHEXLHVăILHRFXSDWHQXPDLGH
PkLQLOHVXEPDQHWH
SDVDJHULGDFăHVWHSRVLELO
=FkQGvQFăO]LUHDVFDXQXOXLHVWHvQIXQF
$9(57,60(17
ĠLXQHQXDFRSHULĠLVFDXQHOHFXPDWHULDOH
$VLJXUDĠLYăFăQXVHSRDWHSULQGHQLPHQL
L]RODWRDUHGHH[SăWXULKDLQHSXQJL
vQWUHHOHPHQWHFkQGUHJODĠLVFDXQHOH
KXVHGHVFDXQVFDXQHSHQWUXFRSLLVDX
5HVSHFWDĠLQRWHOHSULYLQGDLUEDJXULOH VFDXQHGHvQăOĠDUH
6FDXQH
&kQGGHSODVDĠLVFDXQHOHDVLJXUDĠLYăFă G 5HJODĠLXQJKLXOSHUQHLVFDXQXOXLvQDúDIHO
QXH[LVWăRELHFWHvQVSDĠLXOSHQWUXSLFLRDUH vQFkWFRDSVHOHYăILHVXVĠLQXWHXúRU
VDXvQVSDWHOHVFDXQHORUÌQFD]FRQWUDU
HVWHSRVLELOVăGHWHULRUDĠLVFDXQHOHúL 5HJODUHIDĠăVSDWHDVFDXQXOXL
RELHFWHOH
5LGLFDĠLPDQHWD
úLFXOLVDĠLVFDXQXO
G 7HWLHUHOHGLQVFDXQHOHIDĠăVXQWSUHYă]XWH vQDLQWHVDXvQDSRL
FXVLVWHPXO1(&.3523DJLQD'LQ 5LGLFDĠLGLQQRXPkQHUXO
DFHVWPRWLYQXHVWHSRVLELOVăVFRDWHĠL
$VLJXUDĠLYăFăDX]LĠLFXPVFDXQXOVH
WHWLHUHOHGLQVFDXQHOHIDĠă
vPELQăvQSR]LĠLH
$XWRYHKLFXOHIăUăFDUDFWHULVWLFDGH
6FDXQHYRODQúLRJOLQ]L
vQFăUFDUHSULQEDQFKHWăWHWLHUHOHQXSRWIL
VFRDVHGLQVFDXQHOHFRPSDUWLPHQWXOXL
8QJKLSHUQăVFDXQ
VSDWH 5RWLĠLURDWDGHUHJODUHvQGLUHFĠLDGRULWă
/XDĠLOHJăWXUDFXXQ&HQWUXGH6HUYLFH0HU
FHGHV%HQ]SHQWUXLQIRUPDĠLLVXSOLPHQ
WDUH 5HJODUHDHOHFWULFăDVFDXQHORU
G 6XELHFWHDIHUHQWH
=&DUDFWHULVWLFDGHvQFăUFDUHSULQEDQ
FKHWDVSDWH6HGDQ
=0ăULUHDSRUWEDJDMXOXL%UHDN
3DJLQD
5HJODUHDPDQXDOăúLHOHFWULFăDVFDX
QHORU
C ÌQăOĠLPHDWHWLHUHL
D 8QJKLXOSHUQHLVFDXQXOXL
ÌQăOĠLPHDVFDXQXOXL
5HJODUHDIDĠăVSDWHDVFDXQXOXL
8QJKLXOVSăWDUXOXL
G $XWRYHKLFXOHFXIXQFĠLHGHPHPRUDUH
GDFă35(6$)(DIRVWGHFODQúDWăVFDXQXO
SDVDJHUXOXLIDĠăYDILGHSODVDWvQWURSR]LĠLH
C 8QJKLVSăWDU PDLEXQăGDFăVHDIODvQDLQWHvQWURSR]LĠLH
QHIDYRUDELOă
D ÌQăOĠLPHVFDXQ
8QJKLSHUQăVFDXQ G 3XWHĠLVWRFDVHWăULOHVFDXQXOXLFXDMXWRUXO
IXQFĠLHLGHPHPRUDUH3DJLQD
5HJODUHIDĠăVSDWHDVFDXQXOXL
G $XWRYHKLFXOHOH$0*VXQWGRWDWHFXXQ
G $XWRYHKLFXOHOH$0*VXQWGRWDWHFXXQ
VFDXQFHGLVSXQHGHWHWLHUăLQWHJUDWăLDU
VFDXQFXRWHWLHUăLQWHJUDWă3ULQXUPDUH EXWRQXOGHUHJODUHDWHWLHUHLHVWHGH]DFWL
QXHVWHSRVLELOVăVHWDĠLvQăOĠLPHDúLXQJKLXO YDW3ULQXUPDUHQXHVWHSRVLELOVăVHWDĠL
WHWLHUHL vQăOĠLPHDúLXQJKLXOWHWLHUHL
6FDXQH
5HJODUHDWHWLHUHORU 5HJODUHDWHWLHUHORUGHOX[
5HJODUHDPDQXDOăDWHWLHUHORU $9(57,60(17
&kQGUDEDWDĠLvQDSRLSHUQHOHODWHUDOHDOHWHWLH
5HJODUHDvQăOĠLPLLWHWLHUHL UHORUQXYăLQWURGXFHĠLPkLQLOHvQWUHSHUQD
ODWHUDOăúLVXSRUWXOSHUQHL([LVWăSHULFROXOGH
DUăPkQHSULQVvQWUHHOHPHQWH
6FDXQHYRODQúLRJOLQ]L
3HQWUXDULGLFDWUDJHĠLWHWLHUDvQVXVvQ
SR]LĠLDGRULWă
3HQWUXDFRERUvDSăVDĠLSLHGLFDGHHOLEH
3HQWUXDUHJODSHUQHOHODWHUDOHDOHWHWLH
UDUHCvQGLUHFĠLDVăJHĠLLúLvPSLQJHĠL
UHLvPSLQJHĠLVDXWUDJHĠLSHUQDODWHUDOăGH
WHWLHUDvQMRVvQSR]LĠLDGRULWă
SHSDUWHDGUHDSWăúLVDXGHSHSDUWHD
5HJODUHDXQJKLXOXLWHWLHUHORU VWkQJăCvQSR]LĠLDGRULWă
3HQWUXDUHJODXQJKLXOWHWLHUHLvPSLQJHĠL
VDXWUDJHĠLWHWLHUDvQGLUHFĠLDLQGLFDWăGH
VăJHDWDD
7HWLHUHVFDXQHVSDWH
5HJODUHDvQăOĠLPLLWHWLHUHLVFDXQXOXLVSDWH
ÌPSLQJHĠLVDXWUDJHĠLPDUJLQHDLQIHULRDUăD
WHWLHUHLvQGLUHFĠLDVăJHĠLL
5HJODUHDHOHFWULFăDWHWLHUHORU
3HQWUXDUHJODvQăOĠLPHDWHWLHUHLFXOLVDĠL
FRPXWDWRUXOSHQWUXUHJODUHDWHWLHUHL
3DJLQDvQVXVVDXvQMRVvQGLUHFĠLD 'DFăWHWLHUDHVWHFRPSOHWFRERUkWăHVWH
VăJHĠLL QHFHVDUVăDSăVDĠLSLHGLFDGHHOLEHUDUHC
3HQWUXDULGLFDWUDJHĠLWHWLHUDvQVXVvQ
SR]LĠLDGRULWă
6FDXQH
3HQWUXDFRERUvDSăVDĠLSLHGLFDGHHOLEH (OLEHUDĠLVSăWDUXOVFDXQXOXLVSDWHúLUDED
UDUHCúLvPSLQJHĠLWHWLHUDvQMRVSkQăFH WDĠLOXúRUvQDLQWH3DJLQD
LQWUăvQSR]LĠLDGRULWă 3HQWUXDVFRDWHWUDJHĠLWHWLHUDvQVXVSkQă
ODRSULWRU
5HJODUHDXQJKLXOXLWHWLHUHLVFDXQXOXL $SăVDĠLSLHGLFDGHHOLEHUDUHCúLWUDJHĠL
VSDWH
WHWLHUDGLQJKLGDMH
5HJODĠLWHWLHUHOHDVWIHOvQFkWVăILHFkWPDL
3HQWUXDPRQWDODORFLQWURGXFHĠLWHWLHUD
DSURDSHSRVLELOGHFDSXOGXPQHDYRDVWUă
DVWIHOvQFkWúDQĠXULOHGHSHEDUăVăVHDIOH
3XWHĠLUHJODQXPDLFHOHGRXăWHWLHUHH[WH SHVWkQJDSULYLQGvQVHQVXOGHPHUV
ULRDUH
ÌPSLQJHĠLWHWLHUDvQMRVSkQăFHRDX]LĠLFă
6FDXQHYRODQúLRJOLQ]L
VHDQJUHQHD]ăvQSR]LĠLH
5DEDWDĠLvQDSRLVSăWDUXOVFDXQXOXLVSDWH
SkQăFHVHDQJUHQHD]ă
5HJODUHDVFDXQXOXLPXOWLFRQWXU
3XWHĠLUHJODFRQWXUXOVFDXQHORUIDĠăLQGLYLGXDO
SHQWUXDDVLJXUDRVXVĠLQHUHRSWLPăDVSDWHOXL
GXPQHDYRDVWUăúLDSăUĠLORUODWHUDOH
7UDJHĠLVDXvPSLQJHĠLSDUWHDLQIHULRDUăD
WHWLHUHLSkQăFHLQWUăvQSR]LĠLDGRULWă
0RQWDUHDVFRDWHUHDWHWLHUHORUVFDXQHORU
VSDWH
$9(57,60(17
3DVDJHULLWUHEXLHVăFăOăWRUHDVFăQXPDLVWkQG
SHVFDXQHOHGRWDWHFXWHWLHUH$VWIHOUHGXFHĠL
SHULFROXOGHUăQLUHDOSDVDJHULORUGLQVSDWHvQ
FD]GHDFFLGHQW
C 3HQWUXDUHJODSHUQDGHODQLYHOXOFRDSVH
ORU
D 3HQWUXDUHJODFRQWXUXOVSăWDUXOXLvQUHJLX
QHDORPEDUă
3HQWUXDUHJODFRQWXUXOVSăWDUXOXLvQUHJLX
QHDVXSHULRDUăDVSDWHOXL
3HQWUXDUHJODSHUQHOHODWHUDOHDOH
VSăWDUXOXLVFDXQXOXL
$VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOăvQSR]LĠLD
&XH[FHSĠLD6HGDQXULORUIăUăFDUDFWHULVWLFăGHvQFăUFDUHSULQEDQFKHWă
6FDXQH
5HJODUHDVXSRUWXOXLORPEDU 3RUQLUHDRSULUHDvQFăO]LULLVFDXQXOXL
3XWHĠLUHJODFRQWXUXOVFDXQXOXLúRIHUXOXLSHQ $FWLYDUHDGH]DFWLYDUHD
WUXDDVLJXUDRVXVĠLQHUHRSWLPăDVSDWHOXL
GXPQHDYRDVWUă 3HULFROGHUăQLUH
6HWDUHDUHSHWDWăDVLVWHPXOXLGHvQFăO]LUHD
VFDXQHORUODWUHDSWDSRDWHDYHDGUHSWUH]XO
WDWWHPSHUDWXULH[FHVLYHDOHVFDXQHORU
6ăQăWDWHDSDVDJHULORUFDUHDXRVHQVLELOLWDWH
OLPLWDWăODWHPSHUDWXUăVDXRDELOLWDWHOLPLWDWă
GHDUHDFĠLRQDODWHPSHUDWXULH[FHVLYGHvQDOWH
6FDXQHYRODQúLRJOLQ]L
SRDWHILDIHFWDWăVDXDFHúWLDSRWFKLDUSUH
]HQWDOH]LXQLVLPLODUHDUVXULORU$úDGDUQXXWL
OL]DĠLvQPRGUHSHWDWWUHDSWDGHWHPSHUDWXUă
SHQWUXVFDXQH
&HOHWUHLOăPSLLQGLFDWRDUHURúLLGLQEXWRQ
'HSODVDĠLPDQHWDGHUHJODUHCvQGLUHFĠLD LQGLFăQLYHOXOGHvQFăO]LUHVHOHFWDWGHGXP
VăJHĠLLSkQăFHFRQWXUXOVSăWDUXOXLGRULW QHDYRDVWUă
HVWHREĠLQXW
G 'DFăWHQVLXQHDEDWHULHLHVWHSUHD
VFă]XWăvQFăO]LUHDVFDXQXOXLVHSRDWH
5HJODUHDVXSRUWXOXLORPEDUFXGLUHF GH]DFWLYD
ĠLL
3XWHĠLUHJODFRQWXUXOVSăWDUHORUVFDXQHORU
IDĠăLQGLYLGXDOSHQWUXDDVLJXUDRVXVĠLQHUH
RSWLPăDVSDWHOXLGXPQHDYRDVWUă
6FDXQXOúRIHUXOXLúLDOSDVDJHUXOXLIDĠă
6LVWHPXOFRPXWăDXWRPDWGHODQLYHOXOOD
QLYHOXOGXSăDSUR[LPDWLYRSWPLQXWH
6LVWHPXOFRPXWăDXWRPDWGHODQLYHOXOOD
C 3HQWUXDULGLFDFRQWXUXOVSăWDUXOXL QLYHOXOGXSăDSUR[LPDWLY]HFHPLQXWH
D 3HQWUXDDWHQXDFRQWXUXOVSăWDUXOXL 6LVWHPXOVHGH]DFWLYHD]ăDXWRPDWGXSăDSUR
[LPDWLYGHPLQXWHGXSăFHHVWHVHWDWOD
3HQWUXDFRERUvFRQWXUXOVSăWDUXOXL
QLYHOXO
3HQWUXDULJLGL]DFRQWXUXOVSăWDUXOXL
9RODQ
$VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOăvQSR]LĠLDVDX FKHLDVHDIOăvQSR]LĠLDVDX
3HQWUXDDFWLYDDSăVDĠLEXWRQXOCvQPRG 3HQWUXDDFWLYDDSăVDĠLEXWRQXOCvQPRG
UHSHWDWSkQăFHQLYHOXOGHvQFăO]LUHGRULW UHSHWDWSkQăFHQLYHOXOGHYHQWLODUHGRULW
HVWHVHWDW HVWHVHWDW
3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXOCvQ
G 3XWHĠLGHVFKLGHJHDPXULOHODWHUDOHúL
PRGUHSHWDWSkQăFHWRDWHOăPSLOHLQGLFD WUDSDJOLVDQWăFXDMXWRUXOIXQFĠLHLÄ'HVFKL
WRDUHVHVWLQJ GHUHDVLVWDWă´3DJLQD9HQWLODUHD
VFDXQXOXLSHQWUXVFDXQXOúRIHUXOXLFRPXWă
3UREOHPHODvQFăO]LUHDVFDXQXOXL DXWRPDWODFHOPDLvQDOWQLYHO
6FDXQHYRODQúLRJOLQ]L
ÌQFăO]LUHDVFDXQXOXLVDGH]DFWLYDWSUHPDWXU 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXOC
VDXQXSRDWHILDFWLYDWă7HQVLXQHDGLQVLVWH UHSHWDWSkQăFHWRDWHOăPSLOHLQGLFDWRDUH
PXOHOHFWULFDODXWRYHKLFXOXOXLHVWHSUHD VHVWLQJ
VFă]XWăGHRDUHFHVXQWDFWLYDĠLSUHDPXOĠL
FRQVXPDWRULHOHFWULFL 3UREOHPHODYHQWLODUHDVFDXQXOXL
'H]DFWLYDĠLFRQVXPDWRULLHOHFWULFLGHFDUH
9HQWLODUHDVFDXQXOXLVDGH]DFWLYDWSUHPDWXU
QXDYHĠLQHYRLHFXPDUILvQFăO]LUHDOXQHWHL
VDXQXSRDWHILDFWLYDWă7HQVLXQHDGLQVLVWH
VDXLOXPLQDUHDLQWHULRDUă
PXOHOHFWULFDODXWRYHKLFXOXOXLHVWHSUHD
VFă]XWăGHRDUHFHVXQWDFWLYDĠLSUHDPXOĠL
FRQVXPDWRULHOHFWULFL
3RUQLUHDRSULUHDYHQWLOăULLVFDXQXOXL
'H]DFWLYDĠLFRQVXPDWRULLHOHFWULFLGHFDUH
$FWLYDUHDGH]DFWLYDUHD QXDYHĠLQHYRLHFXPDUILvQFăO]LUHDOXQHWHL
VDXLOXPLQDUHDLQWHULRDUă
&HOHWUHLOăPSLLQGLFDWRDUHDOEDVWUHGLQ
EXWRDQHLQGLFăQLYHOXOGHYHQWLODĠLHVHOHFWDW
GHGXPQHDYRDVWUă
9RODQ
G 'DFăWHQVLXQHDEDWHULHLHVWHSUHD
VFă]XWăYHQWLODUHDVFDXQXOXLVHSRDWH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
GH]DFWLYD
$9(57,60(17
9RODQXOUHJODELOHOHFWULFSRDWHILvQFRQWLQXDUH
UHJODWúLFkQGFKHLDQXVHDIOăvQFRPXWDWRUXO
GHFRQWDFW3ULQXUPDUHQXOăVDĠLFRSLLLQHVX
SUDYHJKHDĠLvQDXWRYHKLFXOGHRDUHFHVDU
SXWHDSULQGHvQWUHHOHPHQWHFkQGYRODQXOHVWH
UHJODW
$9(57,60(17
5HJODĠLYRODQXOGRDUFkQGDXWRYHKLFXOXOVWD
ĠLRQHD]ăúLQXGHPDUDĠLGHFkWDWXQFLFkQG
PHFDQLVPXOGHUHJODUHDOYRODQXOXLHVWHEOR
FDWvQSR]LĠLHÌQFD]FRQWUDUHVWHSRVLELOVă
FRQGXFHĠLIăUăFDPHFDQLVPXOGHUHJODUHDO
YRODQXOXLVăILHEORFDWvQSR]LĠLH'UHSW
XUPDUHHVWHSRVLELOFDGHSODVDUHDDFFLGHQ
9RODQ
WDOăDYRODQXOXLVăYăGLVWUDJăDWHQĠLDGHOD 5HJODUHDHOHFWULFăDYRODQXOXL
FRQGLĠLLOHUXWLHUHSXWkQGSURYRFDXQDFFL
GHQW
&XWRDWHDFHVWHDPDQHYUDELOLWDWHDDXWRYHKL
FXOXOXLQXHVWHDIHFWDWă
5HJODUHDPDQXDOăDYRODQXOXL
6FDXQHYRODQúLRJOLQ]L
C 3HQWUXDUHJODvQăOĠLPHDYRODQXOXL
D 3HQWUXDUHJODSR]LĠLDYRODQXOXLUHJODUH
IDĠăúLVSDWH
G 6XELHFWHDIHUHQWH
=&DUDFWHULVWLFD($6<(175<(;,7
3DJLQD
C 0DQHWăGHHOLEHUDUH =6HWăULGHPHPRUDUH3DJLQD
D 3HQWUXDUHJODvQăOĠLPHDYRODQXOXL
3HQWUXDUHJODSR]LĠLDYRODQXOXLUHJODUH
&DUDFWHULVWLFD($6<(175<(;,7
IDĠăúLVSDWH
ÌPSLQJHĠLPDQHWDGHHOLEHUDUHCFRPSOHW 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
vQMRV &DUDFWHULVWLFD($6<(175<(;,7VLPSOLILFă
&RORDQDGHGLUHFĠLHHVWHGHEORFDWă LQWUDUHDúLLHúLUHDGLQDXWRYHKLFXO
5HJODĠLYRODQXOvQSR]LĠLDGRULWă 3XWHĠLDFWLYDúLGH]DFWLYDFDUDFWHULVWLFD($6<
ÌPSLQJHĠLPDQHWDGHHOLEHUDUHCFRPSOHW (175<(;,7vQFDOFXODWRUXOGHERUG
vQVXV 3DJLQD
&RORDQDGHGLUHFĠLHHVWHEORFDWă
$9(57,60(17
9HULILFDĠLGDFăFRORDQDGHGLUHFĠLHHVWHEOR
$VLJXUDĠLYăFăQXVHSRDWHSULQGHQLPHQL
FDWă&kQGHIHFWXDĠLYHULILFDUHDvQFHUFDĠL
vQWUHHOHPHQWHFkQGDFWLYDĠLFDUDFWHULVWLFD
VăvPSLQJHĠLYRODQXOvQVXVVDXvQMRVVDX
($6<(175<(;,7
vQFHUFDĠLVăOPLúFDĠLvQDLQWHúLvQDSRL
'DFăH[LVWăULVFXOFDFLQHYDVăUăPkQăSULQV
vQWUHUXSHĠLSURFHGXUDGHUHJODUH3HQWUXDRSUL
SURFHGXUD
=DSăVDĠLEXWRQXOGHUHJODUHDFRORDQHLGH
GLUHFĠLH
=DSăVDĠLVFXUWXQXOGLQWUHEXWRDQHOHGHSR]L
ĠLHDOHIXQFĠLHLGHPHPRUDUH
&RORDQDGHGLUHFĠLHVHRSUHúWHLPHGLDWGLQ
GHSODVDUH
1XPHQĠLQHĠLEXWRQXOGHSR]LĠLHDOIXQFĠLHLGH
PHPRUDUHDSăVDWvQFD]FRQWUDUIXQFĠLDGH
2JOLQ]L
PHPRUDUHVHYDODQVDúLYRODQXOúLVFDXQXOYRU &DUDFWHULVWLFă($6<(;,7FXUHDFĠLLOD
vQFHSHVăVHPLúWH FROL]LXQL
1XOăVDĠLQLFLRGDWăFRSLLLQHVXSUDYHJKHDĠLvQ 'DFăVHGHFODQúHD]ăFDUDFWHULVWLFD($6<
DXWRYHKLFXO$FHúWLDDUSXWHDGHVFKLGHSRU (;,7FXUHDFĠLLODFROL]LXQLvQFD]GHDFFLGHQW
WLHUDúRIHUXOXLDFWLYkQGvQFRQVHFLQĠăQHLQ FRORDQDGHGLUHFĠLHVHYDGHSODVDvQVXVFkQG
WHQĠLRQDWFDUDFWHULVWLFD($6<(175<úL SRUWLHUDúRIHUXOXLHVWHGHVFKLVă$FHDVWDVXU
UăPkQkQGSULQúLvQWUHHOHPHQWH YLQHLQGLIHUHQWGHSR]LĠLDFKHLLvQFRPXWDWRUXO
GHFRQWDFW$VWIHOLHúLUHDGLQDXWRYHKLFXOúL
3R]LĠLDYRODQXOXLFkQGFDUDFWHULVWLFD VDOYDUHDRFXSDQĠLORUHVWHPDLVLPSOă
($6<(175<(;,7HVWHDFWLYă &DUDFWHULVWLFD($6<(;,7FXUHDFĠLLODFROL
6FDXQHYRODQúLRJOLQ]L
]LXQLHVWHIXQFĠLRQDOăGRDUGDFăFDUDFWHULV
9RODQXOVHvQFOLQăvQVXVGDFă
WLFD($6<(;,7(175<HVWHDFWLYDWăvQFDOFX
=VFRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW ODWRUXOGHERUG
=GHVFKLGHĠLSRUWLHUDúRIHUXOXLúL.(</(66
*2HVWHvQSR]LĠLD
=GHVFKLGHĠLSRUWLHUDúRIHUXOXLúLFKHLDHVWH 2JOLQ]L
vQSR]LĠLDVDXvQFRPXWDWRUXOGHFRQWDFW 2JOLQGăUHWURYL]RDUH
G 9RODQXOVHGHSODVHD]ăQXPDLvQVXVGDFă
QXDDWLQVGHMDRSULWRUXOGHFDSăWVXSHULRU
2JOLQGăUHWURYL]RDUHDQWLRUELUH
PDQXDOă
'DFăLQWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQ
WDFWFXSRUWLHUDúRIHUXOXLvQFKLVăYRODQXOHVWH
GHDVHPHQHDGHSODVDWDXWRPDWvQSR]LĠLD
VHWDWăDQWHULRU
3R]LĠLDYRODQXOXLSHQWUXFRQGXFHUH
9RODQXOHVWHGHSODVDWvQSR]LĠLDVHWDWăDQWH
ULRUGDFă
=SRUWLHUDúRIHUXOXLHVWHvQFKLVă
=LQWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQWDFW
VDX 0RGXODQWLRUELUHDFĠLRQDĠLFRPXWDWRUXO
=DSăVDĠLEXWRQXO6WDUW6WRSRGDWăODDXWR DQWLRUELUHCvQDLQWHVDXvQDSRL
YHKLFXOHOHFX.(</(66*2
'DFăvQFKLGHĠLSRUWLHUDúRIHUXOXLFXFKHLD
LQWURGXVăvQFRPXWDWRUXOGHFRQWDFWYRODQXO 2JOLQ]LH[WHULRDUH
HVWHGHDVHPHQHDGHSODVDWDXWRPDWvQSR]LĠLD
VHWDWăDQWHULRU 5HJODUHDRJOLQ]LORUH[WHULRDUH
8OWLPDSR]LĠLHDYRODQXOXLHVWHPHPRUDWă
$9(57,60(17
GXSăILHFDUHVHWDUHPDQXDOăVDXFkQGPHPR
2JOLQ]LOHH[WHULRDUHUHGXFPăULPHDLPDJLQLL
UDĠLVHWDUHDFXIXQFĠLDGHPHPRUDUH
2ELHFWHOHVXQWGHIDSWPDLDSURSLDWHGHFkW
3DJLQD
SDU(VWHSRVLELOVăDSUHFLDĠLLQFRUHFWGLVWDQĠD
IDĠăGHDXWRYHKLFXOHOHGLQVSDWHúLVăSURYR
FDĠLXQDFFLGHQWGHH[ODVFKLPEDUHDEHQ]LL
'LQDFHVWPRWLYDVLJXUDĠLYăSULYLQGGLVWDQĠD
2JOLQ]L
UHDOăIDĠăGHDXWRYHKLFXOXOGLQVSDWHDUXQFkQG 5DEDWDUHDVDXH[WLQGHUHDHOHFWULFăD
RSULYLUHUDSLGăSHVWHXPăU RJOLQ]LORUH[WHULRDUH
2JOLQ]LOHH[WHULRDUHFRQYH[HRIHUăXQFkPS
YL]XDOPDLPDUH
2JOLQ]LOHH[WHULRDUHVXQWvQFăO]LWHDXWRPDW
GDFăvQFăO]LUHDOXQHWHLHVWHDFWLYDWăúLWHP
SHUDWXUDH[WHULRDUăHVWHVFă]XWă
6FDXQHYRODQúLRJOLQ]L
$VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOăvQSR]LĠLDVDX
$SăVDĠLEXWRQXOCVFXUW
$PEHOHRJOLQ]LH[WHULRDUHVHUDEDWHD]ăVDX
VHH[WLQG
$VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW G $VLJXUDĠLYăFăRJOLQ]LOHH[WHULRDUHVXQW
FKHLDVHDIOăvQSR]LĠLDVDX vQWRWGHDXQDH[WLQVHFRPSOHWFkQGDXWRYH
$SăVDĠLEXWRQXOCSHQWUXRJOLQGDH[WH KLFXOXOHVWHvQPLúFDUHGHRDUHFHvQFD]
ULRDUăGHSHSDUWHDVWkQJăVDXEXWRQXOD FRQWUDUYRUYLEUD
SHQWUXRJOLQGDH[WHULRDUăGHSHSDUWHD
GUHDSWă 6HWDUHDRJOLQ]LORUH[WHULRDUH
/DPSDLQGLFDWRDUHGLQEXWRQXODIHUHQWVH 'DFăEDWHULDDIRVWGHFRQHFWDWăVDXFRPSOHW
DSULQGHvQURúX GHVFăUFDWăRJOLQ]LOHH[WHULRDUHWUHEXLHVăILH
/DPSDLQGLFDWRDUHVHVWLQJHGLQQRXGXSă UHVHWDWHÌQFD]FRQWUDURJOLQ]LOHH[WHULRDUH
FkWYDWLPS3XWHĠLUHJODRJOLQGDVHOHFWDWă QXVHYRUUDEDWDFkQGVHOHFWDĠLIXQFĠLDÄ5DED
FXDMXWRUXOEXWRQXOXLGHUHJODUHFkW WDUHRJOLQ]LODvQFXLHUH³GLQFDOFXODWRUXOGH
ODPSDLQGLFDWRDUHHVWHDSULQVă ERUG3DJLQD
$SăVDĠLEXWRQXOGHUHJODUHvQVXVvQMRV $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
ODGUHDSWDVDXODVWkQJDSkQăFHRJOLQGD FKHLDVHDIOăvQSR]LĠLD
H[WHULRDUăHVWHVHWDWăvQWURSR]LĠLHFDUHVă $SăVDĠLEXWRQXOCVFXUW
YăRIHUHRYHGHUHGHDQVDPEOXEXQăDVXSUD
FRQGLĠLLORUGLQWUDILF
5DEDWDUHDVDXH[WLQGHUHDDXWRPDWăD
RJOLQ]LORUH[WHULRDUH
'DFăIXQFĠLDÄ5DEDWDUHRJOLQ]LODvQFXLHUH³
HVWHDFWLYDWăvQFDOFXODWRUXOGHERUG
3DJLQD
=RJOLQ]LOHH[WHULRDUHVHUDEDWHD]ăDXWRPDW
LPHGLDWFHvQFXLDĠLDXWRYHKLFXOXOGLQH[WH
ULRU
=RJOLQ]LOHH[WHULRDUHVHH[WLQGGLQQRXDXWR
PDWLPHGLDWFHGHVFXLDĠLDXWRYHKLFXOXOúL
2JOLQ]L
DSRLGHVFKLGHĠLSRUWLHUDúRIHUXOXLVDXFHDD 3R]LĠLHGHSDUFDUHSHQWUXRJOLQGD
SDVDJHUXOXLIDĠă H[WHULRDUăSHSDUWHDSDVDJHUXOXLIDĠă
G 2JOLQ]LOHQXVHH[WLQGGDFăDXIRVWUDED 6HWDUHDúLPHPRUDUHDSR]LĠLHLGHSDU
WDWHPDQXDO FDUH
2JOLQGDH[WHULRDUăvQDIDUDSR]LĠLHL 3XWHĠLSR]LĠLRQDRJOLQGDH[WHULRDUăGHSHSDU
WHDSDVDJHUXOXLIDĠăDVWIHOvQFkWVăYHGHĠL
'DFăRRJOLQGăH[WHULRDUăDIRVWVFRDVăGLQ URDWDVSDWHGHSHSDUWHDUHVSHFWLYăLPHGLDW
SR]LĠLDVDSURFHGDĠLGXSăFXPXUPHD]ă FHFXSODĠLWUHDSWDGHPHUVvQDSRL3XWHĠL
$XWRYHKLFXOHIăUăRJOLQ]LH[WHULRDUHFX PHPRUDDFHDVWăSR]LĠLH
6FDXQHYRODQúLRJOLQ]L
UDEDWDUHHOHFWULFăGHSODVDĠLRJOLQGDH[WH
ULRDUăvQSR]LĠLDFRUHFWăPDQXDO
$XWRYHKLFXOHFXRJOLQ]LH[WHULRDUHFX
UDEDWDUHHOHFWULFăDSăVDĠLEXWRQXOGH
UDEDWDUHDRJOLQ]LL3DJLQDvQPRG
UHSHWDWSkQăFHDX]LĠLFăRJOLQGDVHvPELQă
vQSR]LĠLH
&DUFDVDRJOLQ]LLHVWHGLQQRXvPELQDWăúL
SXWHĠLUHJODRJOLQ]LOHH[WHULRDUHGXSăFXP
HVWHQRUPDO3DJLQD
$VLJXUDĠLYăFăDXWRYHKLFXOXOVWDĠLRQHD]ăúL
2JOLQ]LDQWLRUELUHDXWRPDWH FăDĠLDGXVFKHLDvQSR]LĠLDGLQFRPXWD
WRUXOGHFRQWDFW
$9(57,60(17 $SăVDĠLEXWRQXODSHQWUXRJOLQGDH[WH
'DFăOXPLQDLQFLGHQWăSURYHQLWăGHODIDUXUL ULRDUăSHSDUWHDSDVDJHUXOXLIDĠă
HVWHvPSLHGLFDWăVăDMXQJăODVHQ]RUXOGLQ
&XSODĠLWUHDSWDGHPHUVvQDSRL
RJOLQGDUHWURYL]RDUHGHEDJDMHOHDUDQMDWH
2JOLQGDH[WHULRDUăGHSHSDUWHDSDVDJHUX
SUHDVXVvQDXWRYHKLFXOGHH[HPSOXIXQFĠLD
OXLIDĠăLQWUăvQSR]LĠLDGHSDUFDUHSUHVHWDWă
DXWRPDWăDQWLRUELUHDRJOLQ]LLQXYDIXQF
8WLOL]DĠLEXWRQXOGHUHJODUHSHQWUXD
ĠLRQD
/XPLQDLQFLGHQWăYDUSXWHDDVWIHORUEL(DYă UHJODRJOLQGDH[WHULRDUăvQWURSR]LĠLHFDUH
SRDWHGLVWUDJHDWHQĠLDGHODFRQGLĠLLOHGHWUDILF VăYăSHUPLWăVăYHGHĠLURDWDVSDWHúLERU
úLGUHSWXUPDUHSXWHĠLSURYRFDXQDFFLGHQW GXUD
3R]LĠLDGHSDUFDUHHVWHPHPRUDWă
2JOLQGDUHWURYL]RDUHúLRJOLQGDH[WHULRDUăGH G &kQGFXSODĠLWUDQVPLVLDvQDOWăSR]LĠLH
SHSDUWHDúRIHUXOXLLQWUăDXWRPDWvQPRGXO
RJOLQGDH[WHULRDUăGHSHSDUWHDSDVDJHUXOXL
DQWLRUELUHGDFăHVWHSXVFRQWDFWXOúLOXPLQD
IDĠăUHYLQHODSR]LĠLDGHFRQGXFHUH
LQFLGHQWăGHODIDUXULDMXQJHODVHQ]RUXOGLQ
RJOLQGDUHWURYL]RDUH G 3XWHĠLPHPRUDSR]LĠLDGHSDUFDUHúLFX
2JOLQ]LOHQXLQWUăvQPRGXODQWLRUELUHGDFă DMXWRUXOEXWRQXOXLGHPHPRUDUH0
WUHDSWDGHPHUVvQDSRLHVWHFXSODWăVDXLOX $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQ
PLQDUHDLQWHULRDUăHVWHDFWLYDWă WDFWFKHLDVHDIOăvQSR]LĠLD
&XRJOLQGDH[WHULRDUăGHSHSDUWHD
SDVDJHUXOXLIDĠăDFWLYDWăXWLOL]DĠLEXWR
)XQFĠLHGHPHPRUDUH
QXOGHUHJODUHSHQWUXDUHJODRJOLQGD $9(57,60(17
H[WHULRDUăvQWURSR]LĠLHFDUHVăYăSHU )XQFĠLDGHPHPRUDUHSRDWHILXWLOL]DWăvQFRQ
PLWăVăYHGHĠLURDWDVSDWHúLERUGXUD WLQXDUHúLGXSăFHFKHLDDIRVWVFRDVă'LQ
$SăVDĠLEXWRQXOGHPHPRUDUH0
úL DFHVWPRWLYFRSLLLQXWUHEXLHVăILHOăVDĠL
XQDGLQWUHVăJHĠLOHGHSHEXWRQXOGH QHVXSUDYHJKHDĠLvQDXWRYHKLFXOÌQFD]FRQ
UHJODUHvQGHFXUVGHWUHLVHFXQGH WUDUDFHúWLDDUSXWHDUăPkQHSULQúLvQWUHHOH
3R]LĠLDGHSDUFDUHHVWHPHPRUDWă PHQWHFkQGUHJOHD]ăVFDXQXOVDXYRODQXO
GDFăRJOLQGDH[WHULRDUăQXVHGHSOD
VHD]ă $9(57,60(17
'DFăRJOLQGDLHVHGLQSR]LĠLHUHSHWDĠLSDúLL 8WLOL]DĠLIXQFĠLDGHPHPRUDUHGHSHSDUWHD
6FDXQHYRODQúLRJOLQ]L
úRIHUXOXLQXPDLFkQGDXWRYHKLFXOXOVWDĠLR
$FWLYDUHDXQHLVHWăULGHSR]LĠLHGHSDU QHD]ăÌQFD]FRQWUDUHVWHSRVLELOFDSXQHUHD
FDUHPHPRUDWH vQPLúFDUHDYRODQXOXLúLDVFDXQXOXLVăYăGLV
WUDJăDWHQĠLDGHODFRQGLĠLLOHGLQWUDILFSXWkQG
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH SURYRFDXQDFFLGHQWvQFRQVHFLQĠă
FRQWDFW
5HJODĠLRJOLQGDH[WHULRDUăGHSHSDUWHD
SDVDJHUXOXLIDĠăFXEXWRQXODIHUHQW
3DJLQD
&XSODĠLWUHDSWDGHPHUVvQDSRL
2JOLQGDH[WHULRDUăGHSHSDUWHDSDVDJHUX
OXLIDĠăLQWUăvQSR]LĠLDGHSDUFDUHVWRFDWă
2JOLQGDH[WHULRDUăGHSHSDUWHDSDVDJHUXOXL
IDĠăUHYLQHvQSR]LĠLDLQLĠLDOă
=LPHGLDWFHGHSăúLĠLRYLWH]ăGHNPK
=DSUR[LPDWLY]HFHVHFXQGHGXSăFHDĠLGHFX
SODWWUHDSWDGHPHUVvQDSRL 5HJODĠLVFDXQXO3DJLQD
=GDFăDSăVDĠLEXWRQXOCSHQWUXRJOLQGD 3HSDUWHDúRIHUXOXLUHJODĠLYRODQXO
H[WHULRDUăSHSDUWHDúRIHUXOXL 3DJLQDúLRJOLQ]LOHH[WHULRDUH
3DJLQD
$SăVDĠLEXWRQXOGHPHPRUDUH0úLDSRL
)XQFĠLHGHPHPRUDUH DSăVDĠLEXWRQXOSR]LĠLHLGHVWRFDUHVDX
vQGHFXUVGHWUHLVHFXQGH
6HWăULGHVWRFDUH
6HWăULOHVXQWPHPRUDWHvQSR]LĠLDGHSUH
&XIXQFĠLDGHPHPRUDUHSXWHĠLVWRFDSkQăOD VHWDUHVHOHFWDWă6HHPLWHXQVHPQDOVRQRU
WUHLVHWăULGLIHULWHGHH[SHQWUXWUHLSHUVRDQH FkQGVHWăULOHDXIRVWILQDOL]DWH
GLIHULWH
8UPăWRDUHOHVHWăULVXQWVWRFDWHFDXQDQVDP
EOXSUHVHWDWvQPHPRULHXQLF $FWLYDUHDXQHLVHWăULPHPRUDWH
=SR]LĠLDVFDXQXOXLVSăWDUXOXLúLWHWLHUHL
'DFăGRULĠLVăGHSODVDĠLVFDXQXOGLQSR]L
=SHSDUWHDúRIHUXOXLSR]LĠLDYRODQXOXL ĠLDGHvQFOLQDUHFRPSOHWăvQSR]LĠLDVWRFDWă
=SHSDUWHDúRIHUXOXLSR]LĠLRQDĠLRJOLQ]LOH DVFDXQXOXLULGLFDĠLPDLvQWkLVSăWDUXO
H[WHULRDUHSHSDUWHDúRIHUXOXLúLDSDVDJH 6FDXQXOSRDWHVXIHULGHWHULRUăULvQFD]FRQ
UXOXLIDĠă WUDU
)XQFĠLHGHPHPRUDUH
$SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOGHSR]L
ĠLHGHVWRFDUHUHOHYDQWVDXSkQăFH
VFDXQXOYRODQXOúLRJOLQ]LOHH[WHULRDUHLQWUă
vQSR]LĠLDGHVWRFDUH
G 3URFHGXUDGHVHWDUHVHvQWUHUXSHLPHGLDW
FHHOLEHUDĠLEXWRQXOSR]LĠLHLGHVWRFDUH
6FDXQHYRODQúLRJOLQ]L
,QIRUPDĠLLXWLOH
,OXPLQDUHH[WHULRDUă
,OXPLQDUHLQWHULRDUă
6FKLPEDUHDEHFXULORU
ùWHUJăWRDUHGHSDUEUL]
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
,OXPLQDUHH[WHULRDUă
,QIRUPDĠLLXWLOH WUDYHUVDUHDJUDQLĠHLODvQWRDUFHUH
3DJLQD
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH 'DFăIDUXULOHVXQWFRQYHUWLWHODID]DVFXUWă
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG VLPHWULFăIXQFĠLLOHPRGDXWRVWUDGăúLSUR
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD LHFWRDUHGHFHDĠăFXUD]ăH[WLQVă6LVWHPXO
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL GHOXPLQLLQWHOLJHQWHVXQWLQGLVSRQLELOH
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP &RPXWDWRUGHOXPLQL
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO )XQFĠLRQDUH
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH
ULWRDUHODVLJXUDQĠă
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD
,OXPLQDUHH[WHULRDUă
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
'LQPRWLYHGHVLJXUDQĠă0HUFHGHV%HQ]Yă
UHFRPDQGăVăFRQGXFHĠLFXOXPLQLOHSRUQLWH Gc /ăPSLOHGHSR]LĠLHGHSHSDUWHD
FKLDUúLSHWLPSGH]LÌQDQXPLWHĠăULXWLOL]DUHD VWkQJă
IDUXULORUYDULD]ăvQIXQFĠLHGHFHULQĠHOHOHJDOH Hd /ăPSLOHGHSR]LĠLHGHSHSDUWHD
úLGHREOLJDĠLLOHDXWRLPSXVH GUHDSWă
I` /XPLQLGHSR]LĠLHODWHUDOHLOXPLQDUHD
SOăFXĠHLGHvQPDWULFXODUHúLDSDQRX
1RWHSULYLQGFRQGXFHUHDvQ
OXLGHLQVWUXPHQWH
VWUăLQăWDWH
JX 0RGGHIXQFĠLRQDUHDXWRPDWăDIDUX
7UHFHUHDODID]DVFXUWăVLPHWULFăFkQG ULORUPRGGHIXQFĠLRQDUHSHWLPSGH
FRQGXFHĠLvQVWUăLQăWDWHFRPXWDĠLIDUXULOH ]LDIDUXULORU
SHID]DVFXUWăVLPHWULFăvQĠăULOHvQFDUHWUDIL KX )DUXULSHQWUXID]ăVFXUWăIDUXULSHQ
FXOVHGHVIăúRDUăSHSDUWHDRSXVăGUXPXOvQ WUXID]ăOXQJă
ĠDUDvQFDUHDXWRYHKLFXOXOHVWHvQUHJLVWUDW ^ /DPSăGHFHDĠăVSDWH
$VWIHOSUHYHQLĠLRUELUHDWUDILFXOXLGHSHFRQ
WUDVHQV/XPLQLOHVLPHWULFHQXLOXPLQHD]ăR kZ 3URLHFWRDUHGHFHDĠă
SRUĠLXQHDWkWGHPDUHGHSHPDUJLQHDFDUR 6HPQDOL]DWRDUHOHGHGLUHFĠLHIDUXULOHSHQWUX
VDELOXOXL ID]ăOXQJăúLFOD[RQXORSWLFIODVKXOVXQW
&RQYHUWLĠLIDUXULOHFkWPDLDSURDSHGHJUDQLĠă DFĠLRQDWHFXDMXWRUXOFRPXWDWRUXOXLPL[W
SRVLELOvQDLQWHGHDFRQGXFHvQDFHVWHĠăUL 3DJLQD
3DJLQD 2SULĠLOXPLQLOHGHSR]LĠLHODWHUDOHúLODPSD
&RQYHUWLUHDODID]ăVFXUWăDVLPHWULFă GHSR]LĠLHFkQGSăUăVLĠLDXWRYHKLFXOXO$VW
GXSăvQWRDUFHUHUHFRQYHUWLĠLIDUXULOHODID]ă IHOVHSUHYLQHGHVFăUFDUHDEDWHULHL
VFXUWăDVLPHWULFăFkWPDLFXUkQGSRVLELOGXSă
1XPDLDXWRYHKLFXOHOHFXSURLHFWRDUHGHFHDĠăIDĠăDXIXQFĠLDÄ3URLHFWRDUHGHFHDĠă
,OXPLQDUHH[WHULRDUă
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
DXWRPDW
)DUXULSHQWUXID]ăVFXUWă
&kQGIDUXULOHSHQWUXID]ăVFXUWăVXQWSRU
3HQWUXDDFWLYDIDUXULOHSHQWUXID]ă QLWHODPSDLQGLFDWRDUHXGLQSDQRXOGH
VFXUWăURWLĠLFKHLDvQFRPXWDWRUXOGHFRQ LQVWUXPHQWHVHDSULQGH
WDFWvQSR]LĠLDVDXSRUQLĠLPRWRUXO
5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD 3HULFROGHDFFLGHQW
X &kQGFRPXWDWRUXOGHOXPLQLHVWHVHWDWvQSR]L
/DPSDLQGLFDWRDUHXGLQSDQRXOGH ĠLDXID]DVFXUWăDIDUXULORUQXVHDSULQGH
LQVWUXPHQWHVHDSULQGH DXWRPDWvQFRQGLĠLLGHFHDĠă$FHVWOXFUXYă
SRDWHSXQHvQSHULFRODWkWSHGXPQHDYRDVWUă
FkWúLSHDOWHSHUVRDQH'HDFHHDvQFRQGLĠLL
0RGGHIXQFĠLRQDUHSHWLPSGH]LDIDUX
GHFHDĠăURWLĠLFRPXWDWRUXOGHOXPLQLvQSR]L
ULORU
ĠLDX
3XWHĠLDFWLYDVDXGH]DFWLYDPRGXOGHIXQFĠLR 0RGXOGHIXQFĠLRQDUHDXWRPDWăDIDUXULORU
QDUHSHWLPSGH]LDIDUXULORUFXDMXWRUXOFDO HVWHRIHULWGRDUFDIDFLOLWDWHùRIHUXOHVWH
FXODWRUXOXLGHERUG3DJLQD vQWRWGHDXQDSHGHSOLQUHVSRQVDELOGHLOXPL
3HQWUXDDFWLYDPRGXOGHIXQFĠLRQDUH QDUHDDXWRYHKLFXOXOXL
SHWLPSGH]LDIDUXULORUSXWHĠLDFWLYD
PRGXOGHIXQFĠLRQDUHSHWLPSGH]LDIDUX 3URLHFWRDUHGHFHDĠă
ULORUFXDMXWRUXOFDOFXODWRUXOXLGHERUG
DXWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOFX 1XPDLDXWRYHKLFXOHFXSURLHFWRDUHGHFHDĠă
EXWRDQH IDĠăDXIXQFĠLDÄSURLHFWRDUHGHFHDĠă´
5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD $9(57,60(17
X 'DFăVXVSHFWDĠLFăYHĠLvQWkPSLQDFHDĠăSH
&kQGPRWRUXOHVWHSRUQLWvQIXQFĠLHGHFRQ SDUFXUVURWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
GLĠLLOHGHOXPLQăDPELDQWăPRGXOGHIXQF XvQDLQWHGHDSRUQLvQFăOăWRULHÌQFD]
ĠLRQDUHSHWLPSGH]LDIDUXULORUVDXGH FRQWUDUHVWHSRVLELOFDDXWRYHKLFXOXOGXP
DSULQGHUHDOXPLQLORUGHSR]LĠLHVDXDOHIDUX QHDYRDVWUăVăQXILHYL]LELOúLSXWHĠLSXQHvQ
ULORUSHQWUXID]ăVFXUWă SHULFROVLJXUDQĠDGXPQHDYRDVWUăúLDDOWRU
&kQGIDUXULOHSHQWUXID]ăVFXUWăVXQWSRU SHUVRDQH
QLWHODPSDLQGLFDWRDUHXGLQSDQRXOGH
LQVWUXPHQWHVHDSULQGH
1XPDLGDFăPRGXOGHIXQFĠLRQDUHSHWLPSGH]LDIDUXULORUDIRVWDFWLYDWSULQFDOFXODWRUXOGHERUG
,OXPLQDUHH[WHULRDUă
3HQWUXDDFWLYDSURLHFWRDUHOHGHFHDĠă
URWLĠLFKHLDvQFRPXWDWRUXOGHFRQWDFWvQ
SR]LĠLDVDXSRUQLĠLPRWRUXO
5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
`XVDXX
$SăVDĠLEXWRQXOZ
/DPSDLQGLFDWRDUHZYHUGHGLQSDQRXO
GHLQVWUXPHQWHVHDSULQGH
3HQWUXDGH]DFWLYDSURLHFWRDUHOHGH
FHDĠăIDĠăDSăVDĠLEXWRQXOZ
/DPSDLQGLFDWRDUHZYHUGHGLQSDQRXO &RQWUROvQăOĠLPHIDUXUL
GHLQVWUXPHQWHVHVWLQJH Z 6FDXQXOúRIHUXOXLúLVFDXQXOSDVDJHUXOXL
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
IDĠăRFXSDWH
/DPSăGHFHDĠăVSDWH G 6FDXQXOúRIHUXOXLVFDXQXOSDVDJHUXOXL
IDĠăúLVFDXQHOHVSDWHRFXSDWH
3HQWUXDDSULQGHOăPSLOHGHFHDĠă
H 6FDXQXOúRIHUXOXLVFDXQXOSDVDJHUXOXL
VSDWHURWLĠLFKHLDvQFRPXWDWRUXOGHFRQ
IDĠăúLVFDXQHOHVSDWHRFXSDWHSRUWEDJD
WDFWvQSR]LĠLDVDXSRUQLĠLPRWRUXO
MXOvQFăUFDW
5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
I 6FDXQHOHúRIHUXOXLúLSDVDJHUXOXLIDĠă
XVDXX RFXSDWHúLVDUFLQDPD[LPăDGPLVăSH
$SăVDĠLEXWRQXO^ SXQWHDVSDWHXWLOL]DWăGHH[ODWUDFWDUHD
6HDSULQGHODPSDLQGLFDWRDUH^JDOEHQă XQHLUHPRUFL
GLQSDQRXOGHLQVWUXPHQWH 3RUQLĠLPRWRUXO
3HQWUXDGH]DFWLYDOăPSLOHGHFHDĠă
5RWLĠLFRQWUROXOvQăOĠLPLLIDUXULORUvQSR]LĠLD
VSDWHDSăVDĠLEXWRQXO^
FDUHFRUHVSXQGHVDUFLQLLGLQDXWRYHKLFXOXO
/DPSDLQGLFDWRDUHJDOEHQă^GLQ GXPQHDYRDVWUă
SDQRXOGHLQVWUXPHQWHVHVWLQJH
$XWRYHKLFXOHOHFXSURLHFWRDUHGHFHDĠăIDĠă 6LVWHPGHFXUăĠDUHIDUXUL
FkQGFRPXWDWRUXOGHOXPLQLVHDIOăvQSR]LĠLD
`ODPSDGHFHDĠăVSDWHSRDWHILDFWLYDWă )DUXULOHVXQWFXUăĠDWHDXWRPDWGDFăIXQFĠLD
QXPDLGDFăSURLHFWRDUHOHGHFHDĠăIăUăIDUXUL ÄùWHUJHUHFXOLFKLGGHVSăODUHHVWHDFĠLRQDWă
SHQWUXID]ăVFXUWăVXQWDSULQVH GH]HFHRULFkQGOXPLQLOHVXQWDSULQVHúLPRWR
UXOIXQFĠLRQHD]ă3DJLQD
5HJODUHDvQăOĠLPLLIDUXULORUIDUXULFX
KDORJHQ
&RQWUROXOvQăOĠLPLLIDUXULORUYăSHUPLWHVă
UHJODĠLUD]DGHOXPLQăHPLVăGHIDUXULvQIXQF
ĠLHGHQLYHOXOGHvQFăUFDUHDODXWRYHKLFXOXOXL
,OXPLQDUHH[WHULRDUă
&RPXWDWRUPL[W /DPSDLQGLFDWRDUHWGLQSDQRXOGH
LQVWUXPHQWHVHDSULQGHFkQGIDUXULOHSHQWUX
6HPQDOL]DWRDUHGHGLUHFĠLH ID]ăOXQJăVXQWDSULQVH
3HQWUXDGH]DFWLYDIDUXULOHSHQWUXID]ă
OXQJăDGXFHĠLFRPXWDWRUXOPL[WvQDSRLvQ
SR]LĠLDQRUPDOă
/DPSDLQGLFDWRDUHWGLQSDQRXOGH
LQVWUXPHQWHVHVWLQJH
&OD[RQRSWLFIODVK
3HQWUXDDFWLYDURWLĠLFKHLDvQFRPXWDWRUXO
GHFRQWDFWvQSR]LĠLDVDXVDXSRUQLĠL
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
PRWRUXO
C )DUXULSHQWUXID]ăOXQJă 7UDJHĠLFRPXWDWRUXOPL[WvQGLUHFĠLDLQGL
D 6HPQDOL]DWRUGHGLUHFĠLHGUHDSWD FDWăGHVăJHDWD
&OD[RQXORSWLFIODVK
6HPQDOL]DWRUGHGLUHFĠLHVWkQJD
6HPQDOL]DWRDUHGHDYDULH
3HQWUXDVHPQDOL]DVFXUWDSăVDĠLVFXUW
FRPXWDWRUXOPL[WODSXQFWXOGHSUHVLXQHvQ
GLUHFĠLDLQGLFDWăGHVăJHDWDDVDX
6HPQDOL]DWRUXOGHGLUHFĠLHDIHUHQWOXPL
QHD]ăLQWHUPLWHQWGHWUHLRUL
3HQWUXDVHPQDOL]DDSăVDĠLFRPXWDWRUXO
PL[WGLQFRORGHSXQFWXOGHSUHVLXQHvQ
GLUHFĠLDLQGLFDWăGHVăJHDWDDVDX
)DUXULSHQWUXID]ăOXQJă
3HQWUXDDFWLYDIDUXULOHSHQWUXID]ă
OXQJăURWLĠLFKHLDvQFRPXWDWRUXOGHFRQ 6HPQDOL]DWRDUHOHGHDYDULHVHDSULQGDXWRPDW
WDFWvQSR]LĠLDVDXSRUQLĠLPRWRUXO GDFă
5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD =XQDLUEDJHVWHGHFODQúDW
XVDXX =DXWRYHKLFXOXOGHFHOHUHD]ăUDSLGGHODR
$SăVDĠLFRPXWDWRUXOPL[WGLQFRORGHSXQF YLWH]ăGHSHVWHNPKúLVHRSUHúWH
WXOGHSUHVLXQHvQGLUHFĠLDLQGLFDWăGH 3HQWUXDSRUQLVHPQDOL]DWRDUHOHGHDYD
VăJHDWDC ULHDSăVDĠLEXWRQXOC
ÌQSR]LĠLDXIDUXULOHSHQWUXID]ăOXQJă 7RDWHVHPQDOL]DWRDUHOHGHGLUHFĠLHFOLSHVF
VXQWDSULQVHQXPDLFkQGHVWHvQWXQHULFúL 'DFăDFXPSRUQLĠLXQVHPQDOL]DWRUGH
PRWRUXOIXQFĠLRQHD]ă GLUHFĠLHFXDMXWRUXOFRPXWDWRUXOXLPL[W
QXPDLODPSDVHPQDOL]DWRUXOXLGHGLUHFĠLH
GHSHSDUWHDDIHUHQWăDDXWRYHKLFXOXOXLYD
OXPLQDLQWHUPLWHQW
3HQWUXDRSULVHPQDOL]DWRDUHOHGHDYD
ULHDSăVDĠLEXWRQXOC
,OXPLQDUHH[WHULRDUă
6HPQDOL]DWRDUHOHGHDYDULHVHRSUHVFDXWR H[HPSOX(DSRDWHILDFWLYDWăQXPDLFkQG
PDWGDFăDXWRYHKLFXOXODWLQJHRYLWH]ăGH IDUXULOHSHQWUXID]ăVFXUWăVXQWDFWLYDWH
SHVWHNPKGLQQRXGXSăDFĠLRQDUHDFRP $FWLY
SOHWăDIUkQHORU =GDFăFRQGXFHĠLODYLWH]HVXENPKLOX
G 6HPQDOL]DWRDUHOHGHDYDULHSRWFRQWLQXD PLQDUHDVXSOLPHQWDUăvQYLUDMHHVWHDFWL
VăIXQFĠLRQH]HGDFăDĠLGHFXSODWFRQWDFWXO YDWăILHGHVHPQDOL]DWRDUHOHGHGLUHFĠLHILH
SULQURWLUHDYRODQXOXL
=GDFăFRQGXFHĠLODYLWH]HvQWUHNPKúL
6LVWHPGHOXPLQLLQWHOLJHQWH NPKLOXPLQDUHDVXSOLPHQWDUăvQYLUDMH
)XQFĠLHGHOXPLQăDFWLYă HVWHDFWLYDWăSULQURWLUHDYRODQXOXL
,QDFWLYGDFăFRQGXFHĠLODYLWH]HGHSHVWH
NPKVDXRSULĠLVHPQDOL]DWRUXOGHGLUHFĠLH
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
VDXURWLĠLYRODQXOODSR]LĠLDGUHSWvQDLQWH
,OXPLQDUHDVXSOLPHQWDUăvQYLUDMHSRDWH
UăPkQHDSULQVăVFXUWWLPSvQVăHVWHDXWRPDW
RSULWăGXSăQXPDLPXOWGHWUHLPLQXWH
0RGDXWRVWUDGă
)XQFĠLDOXPLQăDFWLYăHVWHXQVLVWHPFDUH
GHSODVHD]ăIDUXULOHvQIXQFĠLHGHPLúFăULOH
URĠLORUIDĠă$VWIHO]RQHOHUHOHYDQWHUăPkQLOX
PLQDWHvQWLPSXOFRQGXFHULL$FHDVWDYăSHU
PLWHVăUHFXQRDúWHĠLSLHWRQLELFLFOLúWLúLDQL
PDOH
$FWLYFkQGOXPLQLOHVXQWSRUQLWH
,OXPLQDUHVXSOLPHQWDUăvQYLUDMH 0RGXODXWRVWUDGăFUHúWHUD]DID]HLIDUXULORU
$FWLY
=GDFăFRQGXFHĠLODYLWH]HGHSHVWH
NPKúLQXHIHFWXDĠLPLúFăULDPSOHGH
GLUHFĠLHSHSDUFXUVXODP
=GDFăFRQGXFHĠLFXSHVWHNPK
,QDFWLYGDFăFRQGXFHĠLODYLWH]HVXE
NPKGXSăDFWLYDUH
,OXPLQDUHDVXSOLPHQWDUăvQYLUDMH
vPEXQăWăĠHúWHLOXPLQDUHDGUXPXOXLSHXQ
XQJKLODUJvQGLUHFĠLDvQFDUHYLUDĠLSHUPLĠkQG
RYL]LELOLWDWHPDLEXQăvQYLUDMHVWUkQVHGH
,OXPLQDUHH[WHULRDUă
3URLHFWRDUHGHFHDĠăFXUD]ăH[WLQVă
3URLHFWRDUHOHGHFHDĠăFXUD]ăH[WLQVăUHGXF
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
VHQ]DĠLDGHRUELUHUHVLPĠLWăGHúRIHUúL
vPEXQăWăĠHVFLOXPLQDUHDODPDUJLQHDGUXPX
OXL
3HQWUXDDFWLYDDFWLYDĠLIXQFĠLDGHDVLV
$FWLYGDFăFRQGXFHĠLODYLWH]HVXE
WHQĠăSHQWUXID]ăOXQJăDGDSWLYăFXDMXWRUXO
NPKúLDFWLYDĠLODPSDGHFHDĠăVSDWH
FDOFXODWRUXOXLGHERUG3DJLQD
,QDFWLYGDFăFRQGXFHĠLODYLWH]HGHSHVWH 5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
NPKVDXGDFăGH]DFWLYDĠLODPSDGH
X
FHDĠăVSDWHGXSăDFWLYDUH
$SăVDĠLFRPXWDWRUXOPL[WGLQFRORGHSXQF
WXOGHSUHVLXQHvQGLUHFĠLDLQGLFDWăGH
$VLVWHQĠăSHQWUXID]DOXQJăDGDSWLYă VăJHDWDC3DJLQD
'DFăHVWHvQWXQHULFúLVHQ]RUXOGHOXPLQă
3XWHĠLXWLOL]DDFHDVWăIXQFĠLHSHQWUXDVHWD DFWLYHD]ăIDUXULOHSHQWUXID]ăVFXUWăODPSD
IDUXULOHVăFRPXWHvQWUHID]ăVFXUWăúLID]D LQGLFDWRDUHÎGLQSDQRXOGHLQVWUX
OXQJăDXWRPDW6LVWHPXOUHFXQRDúWHDXWRYH PHQWHVHDSULQGH
KLFXOHOHFXIDUXULOHDSULQVHILHFHOHFDUHYLQ
'DFăFRQGXFHĠLFXSHVWHNPK
GLQVHQVXORSXVILHFHOHFDUHUXOHD]ăvQIDĠD
DXWRYHKLFXOXOXLGXPQHDYRDVWUăFRPXWkQGvQ vQăOĠLPHDIDUXULORUHVWHVHWDWăDXWRPDWvQ
FRQVHFLQĠăIDUXULOHGHSHID]ăOXQJăSHID]ă IXQFĠLHGHGLVWDQĠDGLQWUHDXWRYHKLFXOúLDOĠL
VFXUWă SDUWLFLSDQĠLODWUDILF
6LVWHPXODGDSWHD]ăDXWRPDWEăWDLDIDUXOXL 'DFăFRQGXFHĠLODYLWH]HGHSHVWH
SHQWUXID]ăVFXUWăvQIXQFĠLHGHGLVWDQĠDIDĠă NPKúLQXVHUHFXQRVFDOĠLSDUWLFLSDQĠL
GHFHOăODOWDXWRYHKLFXO2GDWăFHVLVWHPXOQX ODWUDILF
PDLGHWHFWHD]ăDOWHDXWRYHKLFXOHDFHVWD IDUXULOHSHQWUXID]ăOXQJăVXQWDSULQVHDXWR
UHDFWLYHD]ăIDUXULOHSHQWUXID]ăOXQJă PDW'HDVHPHQHDVHDSULQGHODPSDLQGL
6HQ]RUXORSWLFDOVLVWHPXOXLVHDIOăvQVSDWHOH FDWRDUHWGLQSDQRXOGHLQVWUXPHQWH
SDUEUL]XOXLOkQJăSDQRXOGHFRPDQGăVLWXDW 'DFăFRQGXFHĠLODYLWH]HVXENPKVDX
SHSODIRQ DOĠLSDUWLFLSDQĠLODWUDILFVXQWUHFXQRVFXĠL
VDXGUXPXOHVWHLOXPLQDWFRUHVSXQ]ăWRU
IDUXULOHSHQWUXID]ăOXQJăVXQWGH]DFWLYDWH
DXWRPDW/DPSDLQGLFDWRDUHWGLQ
SDQRXOGHLQVWUXPHQWHVHVWLQJH/DPSD
,OXPLQDUHLQWHULRDUă
LQGLFDWRDUHÎGLQSDQRXOGHLQVWUX )DUXULDEXULWHSHLQWHULRU
PHQWHUăPkQHDSULQVă
)DUXULOHVHSRWDEXULSHLQWHULRUGDFăH[LVWăR
3HQWUXDGH]DFWLYDDGXFHĠLFRPXWDWRUXO
XPLGLWDWHULGLFDWăvQDWPRVIHUă
PL[WvQDSRLvQSR]LĠLDQRUPDOă
&RQGXFHĠLFXIDUXULOHDFWLYDWH
/DPSDLQGLFDWRDUHÎGLQSDQRXOGH
LQVWUXPHQWHVHVWLQJH 1LYHOXOGHXPLGLWDWHVFDGHvQIXQFĠLHGH
GXUDWDFăOăWRULHLúLGHFRQGLĠLLOHPHWHR
$9(57,60(17 XPLGLWDWHúLWHPSHUDWXUă
$VLVWHQĠăSHQWUXID]ăOXQJăDGDSWLYăHVWH 'DFăQLYHOXOGHXPLGLWDWHQXVFDGH
QXPDLXQVLVWHPGHDVLVWHQĠăFDUHYăDMXWă 6ROLFLWDĠLYHULILFDUHDIDUXULORUODXQDWHOLHUGH
FkQGFRQGXFHĠLùRIHUXOSRDUWăUăVSXQGHUHD VSHFLDOLWDWHDXWRUL]DW
UHJOăULLLOXPLQăULLDXWRYHKLFXOXOXLvQIXQFĠLHGH
FRQGLĠLLOHSUHGRPLQDQWHGHLOXPLQDUHYL]LELOL
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
WDWHúLUXWLHUH
,OXPLQDUHLQWHULRDUă
6LVWHPXOSRDWHIXQFĠLRQDODFDSDFLWDWHUHGXVă
VDXSRDWHILGH]DFWLYDW 3UH]HQWDUHJHQHUDOăDLOXPLQăULLLQWH
=GDFăH[LVWăRYL]LELOLWDWHVFă]XWăGHH[GLQ ULRDUH
FDX]D]ăSH]LLSORLLFHĠLLVDXDSHLSXOYHUL
]DWH
=GDFă]RQDSDUEUL]XOXLGLQMXUXOVHQ]RUXOXL
RSWLFHVWHPXUGDUăDEXULWăVDXDFRSHULWă
GHH[FXRHWLFKHWăDXWRFRODQWă
6LVWHPXOSRDWHVăQXUHFXQRDVFăXUPăWRULL
SDUWLFLSDQĠLODWUDILF
=SDUWLFLSDQĠLLODWUDILFIăUăLOXPLQDUHGHH[
SLHWRQLL
=SDUWLFLSDQĠLLODWUDILFFXLOXPLQDUHUHGXVă
GHH[ELFLFOLúWLL 3DQRXOGHFRPDQGăVLWXDWSHSODIRQIDĠă
=SDUWLFLSDQĠLLODWUDILFFX,OXPLQDUHFHQXHVWH C B3HQWUXDDSULQGHVWLQJHLOXPLQDUHD
FODUYL]LELOăGHH[SDUWLFLSDQĠLLODWUDILFGLQ LQWHULRDUăVSDWH
VSDWHOHXQHLEDULHUHGHFROL]LXQH D 33HQWUXDSRUQLRSULFRPDQGDGHLOX
=vQXQHOHFD]XULUDUHSDUWLFLSDQĠLLODWUDILFFX PLQDUHLQWHULRDUăDXWRPDWă
OXPLQLSRWVăILHUHFXQRVFXĠLWDUGLYVDX =3HQWUXDDSULQGHVWLQJHODPSDGH
GHORF OHFWXUăIDĠăGHSHSDUWHDGUHDSWă
)DUXULOHDXWRPDWHSHQWUXID]ăOXQJăQXYRUIL
J3HQWUXDDSULQGHVWLQJHLOXPLQDUHD
GH]DFWLYDWHVDXSRWILDFWLYDWHFKLDUGDFă LQWHULRDUăIDĠă
H[LVWăSDUWLFLSDQĠLODWUDILFvQIDĠăVDXFDUHVH =3HQWUXDDSULQGHVWLQJHODPSDGH
DSURSLHGHDXWRYHKLFXO OHFWXUăIDĠăGHSHSDUWHDVWkQJă
$VWIHOSXWHĠLSURYRFDXQDFFLGHQWUăQLQGXYă
SHGXPQHDYRDVWUăúLDOWHSHUVRDQHğLQHĠL
vQWRWGHDXQDFRQWGHFRQGLĠLLOHGLQWUDILFúL
GDFăVLWXDĠLDRFHUHWUHFHĠLPDQXDOIDUXULOHSH
ID]ăVFXUWă
6FKLPEDUHDEHFXULORU
&RQWUROXOPDQXDODOLOXPLQăULLLQWH
ULRDUH
3HQWUXDDFWLYDGH]DFWLYDLOXPLQDUHD
LQWHULRDUăIURQWDOăDSăVDĠLEXWRQXOJ
3HQWUXDDFWLYDGH]DFWLYDLOXPLQDUHD
LQWHULRDUăVSDWHDSăVDĠLEXWRQXOB
3HQWUXDDFWLYDGH]DFWLYDOăPSLOHGH
OHFWXUăDSăVDĠLEXWRQXO=
3DQRXGHFRPDQGăVLWXDWSHSODIRQvQFRPSDUWL
PHQWXOVSDWH ,OXPLQDUHGHXUJHQĠăFXUHDFĠLLODFROL
C =3HQWUXDDSULQGHVWLQJHODPSDGH
]LXQL
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
OHFWXUăGHSHSDUWHDGUHDSWă ,OXPLQDUHDLQWHULRDUăHVWHDFWLYDWăDXWRPDW
D =3HQWUXDDSULQGHVWLQJHODPSDGH GDFăDXWRYHKLFXOXOHVWHLPSOLFDWvQWUXQDFFL
OHFWXUăGHSHSDUWHDVWkQJă GHQW
3HQWUXDRSULLOXPLQDUHDGHXUJHQĠăFX
UHDFĠLLODFROL]LXQLDSăVDĠLEXWRQXOVHP
&RQWUROXOLOXPLQăULLLQWHULRDUH QDOL]DWRDUHORUGHDYDULH
1RWHLPSRUWDQWH VDX
ÌQFXLDĠLúLDSRLGHVFXLDĠLDXWRYHKLFXOXOFX
3HQWUXDSUHYHQLGHVFăUFDUHDEDWHULHLDXWR DMXWRUXOFKHLL
YHKLFXOXOXLIXQFĠLLOHLOXPLQăULLLQWHULRDUHVXQW
GH]DFWLYDWHDXWRPDWGXSăFkWYDWLPSFX
H[FHSĠLDFD]XOXLFkQGFKHLDVHDIOăvQSR]LĠLD
6FKLPEDUHDEHFXULORU
vQFRPXWDWRUXOGHFRQWDFW
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
&RQWUROXOLOXPLQăULLLQWHULRDUHDXWR
PDWH %HFXULFX[HQRQ
3HQWUXDDFWLYDGH]DFWLYDDSăVDĠLEXWR 'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăHVWH
QXO3 GRWDWFXEHFXULFX[HQRQSXWHĠLUHFXQRDúWH
&kQGFRQWUROXOLOXPLQăULLLQWHULRDUHDXWR DFHDVWăGRWDUHGXSăXUPăWRDUHOHUD]DGH
PDWHHVWHDFWLYDWEXWRQXOHVWHODQLYHOFX OXPLQăGHODEHFXULOHFX[HQRQVHGHSODVHD]ă
SDQRXOGHFRPDQGăVLWXDWSHSODIRQ GLQSDUWHDVXSHULRDUăvQFHDLQIHULRDUăúL
LQYHUVFkQGSRUQLĠLPRWRUXO3HQWUXDREVHUYD
,OXPLQDUHDLQWHULRDUăVHDFWLYHD]ăDXWRPDW DFHDVWăGHSODVDUHOXPLQLOHWUHEXLHVăILHDFWL
GDFă YDWHvQDLQWHGHSRUQLUHDPRWRUXOXL
=GHVFXLHUHDDXWRYHKLFXOXOXL
3(5,&2/
=GHVFKLGHĠLRSRUWLHUă
%HFXULOHFX[HQRQVXQWVXERWHQVLXQHULGL
=VFRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
FDWă9ăSXWHĠLHOHFWURFXWDúLSXWHĠLVXIHULUăQL
/XPLQDLQWHULRDUăHVWHDFWLYDWăVFXUWWLPS JUDYHVDXFKLDUIDWDOHGDFăDWLQJHĠLFRQWDFWHOH
FkQGFKHLDHVWHVFRDVăGLQFRPXWDWRUXOGH HOHFWULFHGHSHEHFXULOHFX[HQRQ3ULQ
FRQWDFW3XWHĠLDFWLYDDFHDVWăRSULUHWHPSR XUPDUHQXVFRDWHĠLQLFLRGDWăFDSDFXOGHOD
UL]DWăFXDMXWRUXOFDOFXODWRUXOXLGHERUG EHFXULOHFX[HQRQ
3DJLQD
6FKLPEDUHDEHFXULORU
1XVFKLPEDĠLEHFXULOHFX[HQRQSHFRQWSUR FRUHFWvQWRWGHDXQD6ROLFLWDĠLYHULILFDUHD
SULXFLVROLFLWDĠLvQORFXLUHDORUODXQDWHOLHUGH UHJODMXOXLIDUXULORUUHJXODW
VSHFLDOLWDWHDXWRUL]DWFHGLVSXQHGHFXQRúWLQ
$9(57,60(17
ĠHOHGHVSHFLDOLWDWHúLLQVWUXPHQWHOHQHFHVDUH
%HFXULOHúLIDUXULOHVHSRWvQFLQJHSXWHUQLF'LQ
SHQWUXDHIHFWXDLQWHUYHQĠLDVROLFLWDWă
DFHVWPRWLYOăVDĠLOHVăVHUăFHDVFăvQDLQWH
0HUFHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ GHDOHVFKLPEDÌQFD]FRQWUDUYăSXWHĠLDUGH
&HQWUXGH6HUYLFH0HUFHGHV%HQ]vQDFHVW FkQGOHDWLQJHĠL
VFRSÌQVSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLV
%HFXULOHQXWUHEXLHOăVDWHODvQGHPkQDFRSLL
WHPHORUGHVLJXUDQĠăVDXFRUHODWHFXVLJX
ORUÌQFD]FRQWUDUHLOHDUSXWHDGHWHULRUDGH
UDQĠDVHYRUHIHFWXDODXQDWHOLHUGHVSHFLDOL
H[HPSOXúLVDUSXWHDUăQL
WDWHDXWRUL]DW
1XXWLOL]DĠLQLFLRGDWăXQEHFFDUHDIRVWVFăSDW
%HFXULOHúLOăPSLOHVXQWXQDVSHFWLPSRUWDQW SHMRV8QDVWIHOGHEHFSRDWHH[SORGD
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
DOVLJXUDQĠHLDXWRYHKLFXOXOXL3ULQXUPDUHWUH UăQLQGXYă
EXLHVăYăDVLJXUDĠLFăDFHVWHDIXQFĠLRQHD]ă %HFXULOHFXKDORJHQVXQWSUHVXUL]DWHúLDU
FRUHFWvQWRWGHDXQD6ROLFLWDĠLYHULILFDUHD SXWHDH[SORGDFkQGOHVFKLPEDĠLPDLDOHV
UHJODMXOXLIDUXULORUUHJXODW GDFăVDXvQFLQV3ULQXUPDUHWUHEXLHVăSXU
WDĠLSURWHFĠLHRFXODUăúLPăQXúLFkQGOHVFKLP
$OWHEHFXUL EDĠL
([LVWăúLDOWHEHFXULvQDIDUDFHORUFX[HQRQSH
FDUHQXOHSXWHĠLvQORFXLÌQORFXLĠLQXPDLEHFX
ULOHLQGLFDWH3DJLQD6ROLFLWDĠLVFKLP 3UH]HQWDUHJHQHUDOăDvQORFXLULLEHFX
EDUHDEHFXULORUSHFDUHQXOHSXWHĠLvQORFXLSH ULORU±EHFXULOH
FRQWSURSULXODXQDWHOLHUGHVSHFLDOLWDWHDXWR 3XWHĠLvQORFXLXUPăWRDUHOHEHFXUL'HWDOLLOH
UL]DW DIHUHQWHWLSXOXLGHEHFVHUHJăVHVFvQ
0HUFHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ OHJHQGă
&HQWUXGH6HUYLFH0HUFHGHV%HQ]vQDFHVW
VFRSÌQVSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLV
WHPHORUGHVLJXUDQĠăVDXFRUHODWHFXVLJX
UDQĠDVHYRUHIHFWXDODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW
'DFăDYHĠLQHYRLHGHDVLVWHQĠăFkQGvQORFXLĠL
EHFXULOHFRQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
1XDWLQJHĠLWXEXOGHVWLFOăDOEHFXULORUQRLFX
PkLQLOHJRDOH&KLDUúLFRQWDPLQDUHDPLQRUă
VHSRDWHLPSULPDvQVXSUDIDĠDGHVWLFOăUHGX
FkQGYLDĠDXWLOăDEHFXULORU8WLOL]DĠLvQWRW )DUXULFXKDORJHQ
GHDXQDRODYHWăIăUăVFDPHVDXDWLQJHĠL C /XPLQLGHSR]LĠLHODWHUDOHODPSăGHSR]L
QXPDLED]DEHFXOXLODPRQWDUH ĠLH::
8WLOL]DĠLvQWRWGHDXQDEHFXULGHWLSXOFRUHFW D )DUXOSHQWUXID]ăOXQJă+:
'DFăQRXOEHFFRQWLQXăVăQXVHDSULQGă )DUXOSHQWUXID]ăVFXUWă+:
FRQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
%HFXULOHúLOăPSLOHVXQWXQDVSHFWLPSRUWDQW
DOVLJXUDQĠHLDXWRYHKLFXOXOXL3ULQXUPDUHWUH
EXLHVăYăDVLJXUDĠLFăDFHVWHDIXQFĠLRQHD]ă
6FKLPEDUHDEHFXULORU
2SULĠLOXPLQLOH
'HVFKLGHĠLFDSRWD
5RWLĠLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU
úLWUDJHĠLODIDUă
5RWLĠLIDVXQJXODvQVHQVDQWLRUDUúLWUDJHĠL
ODIDUă
6FRDWHĠLEHFXOGLQIDVXQJXOD
,QWURGXFHĠLQRXOEHFvQIDVXQJXOD
,QWURGXFHĠLIDVXQJXODvQODPSăúLURWLĠLO
)DUXULEL[HQRQ vQVHQVRUDU
C /DPSăSHQWUXLOXPLQDUHvQYLUDMH+: $OLQLDĠLFDSDFXOFDUFDVHLCúLURWLĠLOvQVHQV
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
RUDUSkQăFHVHDQJUHQHD]ă
)DUXULSHQWUXID]ăOXQJăIDUXULFXKDOR
JHQ
/ăPSLVSDWH
C /DPSăGHPHUVvQDSRL3:
D /DPSăGHIUkQă3:
/DPSăGHIUkQăOXPLQăGHSR]LĠLHODWH
UDOă3: 2SULĠLOXPLQLOH
'HVFKLGHĠLFDSRWD
5RWLĠLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU
6FKLPEDUHDEHFXULORUIDĠă
úLWUDJHĠLODIDUă
)DUXULSHQWUXID]ăVFXUWăIDUXULFXKDOR 5RWLĠLIDVXQJXODvQVHQVDQWLRUDUúLWUDJHĠL
JHQ ODIDUă
6FRDWHĠLEHFXOGLQIDVXQJXOD
,QWURGXFHĠLQRXOEHFvQIDVXQJXOD
,QWURGXFHĠLIDVXQJXODvQODPSăúLURWLĠLO
vQVHQVRUDU
$OLQLDĠLFDSDFXOFDUFDVHLCúLURWLĠLOvQVHQV
RUDUSkQăFHVHDQJUHQHD]ă
6FKLPEDUHDEHFXULORU
/XPLQLGHSR]LĠLHODWHUDOHOăPSLGH 6FRDWHĠLEHFXOGLQIDVXQJXOD
SR]LĠLHIDUXULFXKDORJHQ ,QWURGXFHĠLQRXOEHFvQIDVXQJXOD
,QWURGXFHĠLIDVXQJXODvQODPSăúLURWLĠLO
vQVHQVRUDU
$OLQLDĠLFDSDFXOFDUFDVHLCúLURWLĠLOvQVHQV
RUDUSkQăFHVHDQJUHQHD]ă
6FKLPEDUHDEHFXULORUVSDWH
'HVFKLGHUHDúLvQFKLGHUHDSDQRXULORU
RUQDPHQWDOHODWHUDOH
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
2SULĠLOXPLQLOH 7UHEXLHVăGHVFKLGHĠLSDQRXORUQDPHQWDOODWH
'HVFKLGHĠLFDSRWD
UDOGLQSRUWEDJDMúLVăVFRDWHĠLWUXVDGHSULP
DMXWRUvQDLQWHGHDSXWHDVFKLPEDEHFXULOHGLQ
5RWLĠLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU
OăPSLOHVSDWH
úLWUDJHĠLODIDUă
7UDJHĠLIDVXQJXODDIDUă 6HGDQ
6FRDWHĠLEHFXOGLQIDVXQJXOD
,QWURGXFHĠLQRXOEHFvQIDVXQJXOD
,QWURGXFHĠLIDVXQJXOD
$OLQLDĠLFDSDFXOFDUFDVHLCúLURWLĠLOvQVHQV
RUDUSkQăFHVHDQJUHQHD]ă
,OXPLQDUHVXSOLPHQWDUăvQYLUDMH6LV
WHPGHOXPLQLLQWHOLJHQWH
3DQRXRUQDPHQWDOODWHUDOGHSHSDUWHDVWkQJă
2SULĠLOXPLQLOH
'HVFKLGHĠLFDSRWD
5RWLĠLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU 3DQRXRUQDPHQWDOODWHUDOGHSHSDUWHDGUHDSWă
úLWUDJHĠLODIDUă
5RWLĠLIDVXQJXODvQVHQVDQWLRUDUúLWUDJHĠL
ODIDUă
6FKLPEDUHDEHFXULORU
3HQWUXDGHVFKLGHURWLĠLSLHGLFDURWD
WLYăCODvQGLUHFĠLDVăJHĠLLúLVFRDWHĠL
SDQRXORUQDPHQWDOODWHUDOD
3HQWUXDvQFKLGHLQWURGXFHĠLSDQRXORUQD
PHQWDOODWHUDODúLURWLĠLEXWRQXOGHHOLEH
UDUHCODvQGLUHFĠLDRSXVăVăJHĠLL
%UHDN
6HGDQ
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
3DQRXRUQDPHQWDOODWHUDOGHSHSDUWHDVWkQJă
%UHDN
6FRDWHĠLFRQHFWRUXOOăPSLLVSDWH
$SăVDĠLVLPXOWDQXUHFKLOHGHSULQGHUHCvQ
GLUHFĠLDVăJHĠLLúLWUDJHĠLXúRUIDVXQJXOvQ
DIDUăFXEHFXULOH
6FRDWHĠLFRQHFWRUXOSHQWUXIXQFĠLLOHOXPLQLL
FX/('GLQSDUWHDVXSHULRDUăDIDVXQJXOXL
6FRDWHĠLIDVXQJXORGDWăFXEHFXULOH
3DQRXRUQDPHQWDOODWHUDOGHSHSDUWHDGUHDSWă
3HQWUXDGHVFKLGHURWLĠLEXWRQXOGHHOLEH
UDUHCvQGLUHFĠLDVăJHĠLLúLVFRDWHĠLSDQRXO
RUQDPHQWDOODWHUDOD
3HQWUXDvQFKLGHLQWURGXFHĠLSDQRXORUQD
PHQWDOODWHUDODúLDSăVDĠLOIHUPvQMRV
SkQăFHVHDQJUHQHD]ăvQORFDú
/ăPSLVSDWH
2SULĠLOXPLQLOH
'HVFKLGHĠLSRUWEDJDMXO 6HGDQ
'HVFKLGHĠLSDQRXORUQDPHQWDOODWHUDO
C ODPSăGHPHUVvQDSRL
3DJLQD D ODPSăGHIUkQă
/XPLQăGHSR]LĠLHODWHUDOăODPSăGHIUkQă
ùWHUJăWRDUHGHSDUEUL]
SRVLELOVăGHWHULRUDĠLODPHOHúWHUJăWRDUHORU
ÌQSOXVSUDIXODGXQDWSHSDUEUL]SRDWH]Jk
ULDVWLFODGDFăúWHUJHUHDVHHIHFWXHD]ăFkW
SDUEUL]XOHVWHXVFDW
'DFăúWHUJăWRDUHOHGHSDUEUL]ODVăXUPH
SHSDUEUL]GXSăFHDXWRYHKLFXOXODIRVW
VSăODWvQWURVSăOăWRULHDXWRPDWăDFHVW
IHQRPHQSRDWHILSURYRFDWGHFHDUăVDX
DOWHUH]LGXXUL&XUăĠDĠLSDUEUL]XOFXOLFKLGGH
VSăODUHGXSăVSăODUHDODVSăOăWRULHDXWR
%UHDN PDWă
C ODPSăGHPHUVvQDSRL
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
D ODPSăGHIUkQă
/XPLQăGHSR]LĠLHODWHUDOăODPSăGHIUkQă
$SăVDĠLEHFXOUHVSHFWLYCDVDXvQD
SRLúLURWLĠLOvQVHQVDQWLRUDUSHQWUXDO
VFRDWHGLQIDVXQJ
,QWURGXFHĠLQRXOEHFvQIDVXQJúLURWLĠLOvQ
VHQVRUDU
5HLQWURGXFHĠLFRQHFWRUXOSHQWUXIXQFĠLLOH
OXPLQLLFX/('vQIDVXQJ
&RPXWDWRUPL[W
,QWURGXFHĠLIDVXQJXOGLQQRXúLEORFDĠLOvQ
G ?ùWHUJăWRDUHGHSDUEUL]RSULWH
ORFDú
H bùWHUJHUHLQWHUPLWHQWăVFă]XW
,QWURGXFHĠLFRQHFWRUXOOăPSLLVSDWH
I cùWHUJHUHLQWHUPLWHQWăULGLFDW
ÌQFKLGHĠLSDQRXORUQDPHQWDOODWHUDO
3DJLQD J ªùWHUJHUHFRQWLQXăOHQW
K ©ùWHUJHUHFRQWLQXăUDSLG
ÓùWHUJHUHXQLFăÔ3HQWUXD
ùWHUJăWRDUHGHSDUEUL] úWHUJHSDUEUL]XOFXDMXWRUXOOLFKLGXOXLGH
VSăODUH
3RUQLUHDRSULUHDúWHUJăWRDUHORUGH
SDUEUL] 5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
$9(57,60(17 5RWLĠLFRPXWDWRUXOPL[WvQSR]LĠLDFRUHV
3DUEUL]XOQXYDPDLILúWHUVFRUHVSXQ]ăWRU SXQ]ăWRDUH
GDFăODPHOHúWHUJăWRDUHORUVXQWX]DWH$VWIHO
HVWHSRVLELOVăQXREVHUYDĠLFRQGLĠLLOHGLQWUDILF ùWHUJHUHLQWHUPLWHQWăFXVHQ]RUGH
úLVăSURYRFDĠLvQFRQVHFLQĠăXQDFFLGHQWÌQOR SORDLHGLQFDX]DHIHFWHORURSWLFHúLD
FXLĠLODPHOHúWHUJăWRDUHORUGHGRXăRULSHDQ PXUGăULULLSDUEUL]XOXLSHYUHPHXVFDWăHVWH
GHSUHIHUDWSULPăYDUDúLWRDPQD SRVLELOFDúWHUJăWRDUHOHGHSDUEUL]VăVH
DFWLYH]HQHLQWHQĠLRQDW(VWHSRVLELOFDDVW
1XDFĠLRQDĠLúWHUJăWRDUHOHGHSDUEUL] IHOVăVHGHWHULRUH]HODPHOHúWHUJăWRDUHORU
FkQGSDUEUL]XOHVWHXVFDWGHRDUHFHHVWH GHSDUEUL]VDXVăVH]JkULHSDUEUL]XO
6HQ]RUGHSORDLHVHWDWSHVHQ]LWLYLWDWHVFă]XWă
6HQ]RUGHSORDLHVHWDWSHVHQ]LWLYLWDWHULGLFDWă
ùWHUJăWRDUHGHSDUEUL]
'LQDFHVWPRWLYWUHEXLHVăGH]DFWLYDĠL ÌQORFXLUHDODPHORUúWHUJăWRDUHORU
vQWRWGHDXQDúWHUJăWRDUHOHGHSDUEUL]SH
YUHPHXVFDWă 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
ÌQSR]LĠLDbVDXcIUHFYHQĠDGHúWHU $9(57,60(17
JHUHFRUHVSXQ]ăWRDUHHVWHVHWDWăDXWRPDWvQ %UDĠHOHúWHUJăWRDUHORUGHSDUEUL]VHSRWSXQH
IXQFĠLHGHLQWHQVLWDWHDSORLLÌQSR]LĠLDc vQPLúFDUHSURYRFkQGUăQLUHDGDFăOăVDĠL
VHQ]RUXOGHSORDLHHVWHPDLVHQVLELOGHFkWvQ úWHUJăWRDUHOHGHSDUEUL]DFWLYDWH
SR]LĠLDbIăFkQGFDúWHUJăWRUXOGHSDUEUL] 6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
VăúWHDUJăPDLIUHFYHQW vQDLQWHGHDvQORFXLODPHOHúWHUJăWRDUHORU
3HQWUXDHYLWDGHWHULRUDUHDODPHORU
$FWLYDUHDGH]DFWLYDUHDúWHUJăWRUXOXL úWHUJăWRDUHORUGHSDUEUL]DVLJXUDĠLYăFă
GHOXQHWă DWLQJHĠLQXPDLEUDĠXOúWHUJăWRUXOXLGLQ
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
úWHUJăWRUXOGHSDUEUL]
1XGHVFKLGHĠLQLFLRGDWăFDSRWDGDFăXQ
EUDĠGHúWHUJăWRUGHSDUEUL]DIRVWH[WLQVúL
vQGHSăUWDWGHSDUEUL]
1XUHDGXFHĠLQLFLRGDWăXQEUDĠGHúWHUJăWRU
IăUăODPăvQDSRLSHSDUEUL]OXQHWă
ğLQHĠLIHUPEUDĠXOúWHUJăWRUXOXLGHSDUEUL]
FkQGVFKLPEDĠLODPDúWHUJăWRUXOXL'DFă
HOLEHUDĠLEUDĠXOúWHUJăWRUXOXLGHSDUEUL]IăUă
ODPDúWHUJăWRUXOXLúLDFHVWDFDGHSHSDU
&RPXWDWRUPL[W EUL]SDUEUL]XOSRDWHILGHWHULRUDWvQXUPD
C Å&RPXWDWRU IRUĠHLLPSDFWXOXL
H â3HQWUXúWHUJHUHFXOLFKLGGHVSăODUH 0HUFHGHV%HQ]YăUHFRPDQGăVăVROLFLWDĠL
vQORFXLUHDODPHORUúWHUJăWRDUHORUODXQDWH
I ,3HQWUXDDFWLYDúWHUJHUHDLQWHUPLWHQWă
OLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[ODXQ
J 3HQWUXDGH]DFWLYDúWHUJHUHDLQWHUPL &HQWUXGH6HUYLFH0HUFHGHV%HQ]
WHQWă
K â3HQWUXúWHUJHUHFXOLFKLGGHVSăODUH ÌQORFXLUHDODPHORUúWHUJăWRDUHORUGH
5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD SDUEUL]
WRUXOGHFRQWDFW
6FRDWHUHDODPHORUúWHUJăWRDUHORU
5RWLĠLFRPXWDWRUXOCGHSHFRPXWDWRUXO
6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
PL[WvQSR]LĠLDFRUHVSXQ]ăWRDUH
VDXURWLĠLFKHLDvQSR]LĠLD.(</(66*2
&kQGúWHUJăWRUXOGHOXQHWăHVWHDFWLYDW
ÌQGHSăUWDĠLEUDĠXOúWHUJăWRUXOXLGHSDUEUL]
SLFWRJUDPDDSDUHSHSDQRXOGHLQVWUX
PHQWH SkQăFHVHDQJUHQHD]ă
)L[DĠLODPDúWHUJăWRUXOXLvQXQJKLXULGUHSWH
IDĠăGHEUDĠXOúWHUJăWRUXOXL
ùWHUJăWRDUHGHSDUEUL]
6FRDWHUHDODPHLúWHUJăWRUXOXL
6FRDWHĠLODPDúWHUJăWRUXOXLGLQúWLIWXOGH
IL[DUHGHSHEUDĠXOúWHUJăWRUXOXLvQGLUHFĠLD 6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
VăJHĠLL
ÌQGHSăUWDĠLEUDĠXOúWHUJăWRUXOXLCIDĠăGH
0RQWDUHDODPHORUúWHUJăWRDUHORU OXQHWăSkQăFHVHDQJUHQHD]ă
ÌPSLQJHĠLQRXDODPăDúWHUJăWRUXOXLSHúWLI 3R]LĠLRQDĠLODPDúWHUJăWRUXOXLDvQXQJKL
WXOGHIL[DUHGLQEUDĠXOúWHUJăWRUXOXLvQGLUHF GUHSWIDĠăGHEUDĠXOúWHUJăWRUXOXLC
ĠLDRSXVăVăJHĠLL ğLQHĠLEUDĠXOúWHUJăWRUXOXLCúLDSăVDĠL
$VLJXUDĠLYăFăODPDúWHUJăWRUXOXLFXOLVHD]ă ODPDúWHUJăWRUXOXLDvQGLUHFĠLDVăJHĠLL
FRPSOHWSHúWLIWXOGHIL[DUHGHSHEUDĠXO SkQăFHVHHOLEHUHD]ă
úWHUJăWRUXOXL 6FRDWHĠLODPDúWHUJăWRUXOXLD
5RWLĠLODPDúWHUJăWRUXOXLvQSDUDOHOFXEUDĠXO
úWHUJăWRUXOXL 0RQWDUHDODPHLúWHUJăWRUXOXL
3OLDĠLEUDĠXOúWHUJăWRUXOXLvQDSRLSHSDUEUL] $úH]DĠLQRXDODPăDúWHUJăWRUXOXLDSH
EUDĠXOúWHUJăWRUXOXLC
ÌQORFXLUHDODPHORUúWHUJăWRUXOXLGH ğLQHĠLEUDĠXOúWHUJăWRUXOXLCúLDSăVDĠL
OXQHWă ODPDúWHUJăWRUXOXLDvQGLUHFĠLDRSXVă
$9(57,60(17 VăJHĠLLSkQăFHVHDQJUHQHD]ă
$VLJXUDĠLYăFăODPDúWHUJăWRUXOXLDHVWH
%UDĠXOúWHUJăWRUXOXLVHSRDWHSXQHvQPLúFDUH
úLYăSRDWHUăQLGDFăúWHUJăWRDUHOHGHSDUEUL] IL[DWăFRUHFW
VXQWDFWLYDWH 3R]LĠLRQDĠLODPDúWHUJăWRUXOXLDvQSDUDOHO
6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW FXEUDĠXOúWHUJăWRUXOXLC
vQDLQWHGHDvQORFXLODPDúWHUJăWRUXOXL 3OLDĠLEUDĠXOúWHUJăWRUXOXLCvQDSRLSH
OXQHWă
3UREOHPHODúWHUJăWRDUHOHGHSDUEUL]
ùWHUJăWRDUHOHGHSDUEUL]VXQWREVWUXF
ĠLRQDWH
(VWHSRVLELOFDIUXQ]HOHVDX]ăSDGDGHH[HP
SOXVăvPSLHGLFHGHSODVDUHDúWHUJăWRDUHORU
GHSDUEUL]0RWRUXOúWHUJăWRUXOXLDIRVWGH]DF
WLYDW
ùWHUJăWRDUHGHSDUEUL]
'LQPRWLYHGHVLJXUDQĠăWUHEXLHVăVFRDWHĠL
FKHLDGLQFRPXWDWRUXOGHFRQWDFW
VDX
2SULĠLPRWRUXOFXDMXWRUXOEXWRQXOXL6WDUW
6WRSúLGHVFKLGHĠLSRUWLHUDúRIHUXOXL
ÌQGHSăUWDĠLFDX]DREVWUXFĠLRQăULL
5HSRUQLĠLúWHUJăWRDUHOHGHSDUEUL]
ùWHUJăWRDUHOHGHSDUEUL]VXQWQHIXQF
ĠLRQDOH
0RWRUXOúWHUJăWRDUHORUGHSDUEUL]HVWHGHIHFW
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
6HOHFWDĠLRDOWăYLWH]ăDúWHUJăWRUXOXLGHSH
FRPXWDWRUXOPL[W
6ROLFLWDĠLYHULILFDUHDLPHGLDWăDúWHUJăWRD
UHORUGHSDUEUL]ODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
'X]HOHGHSXOYHUL]DUHVXQWDOLQLDWHLQFR
UHFW
/LFKLGXOVSăOăWRUGHSDUEUL]GLQGX]HOHGHSXO
YHUL]DUHQXPDLDWLQJHFHQWUXOSDUEUL]XOXL
'X]HOHGHSXOYHUL]DUHVXQWDOLQLDWHLQFRUHFW
6ROLFLWDĠLUHJODUHDGX]HORUGHSXOYHUL]DUHOD
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
,QIRUPDĠLLXWLOH
3UH]HQWDUHJHQHUDOăDVLVWHPHORU
GHFRQWUROFOLPDWL]DUH
8WLOL]DUHDVLVWHPXOXLGHFRQWURODO
FOLPDWL]ăULL
5HJODUHDRULILFLXOXLGHYHQWLODĠLH
&OLPDWL]DUH
3UH]HQWDUHJHQHUDOăDVLVWHPHORUGHFRQWUROFOLPDWL]DUH
,QIRUPDĠLLXWLOH LQWHULRUXODXWRYHKLFXOXOXLYDILDWLQVăPDL
UDSLG
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH G )LOWUXOLQWHJUDWSRDWHHOLPLQDPDMRULWDWHD
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG SDUWLFXOHORUGHSUDIúLHOLPLQăFRPSOHWSROH
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD QXO8QILOWUXDQFUDVDWUHGXFHFDQWLWDWHDGH
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL DHUGHELWDWăvQLQWHULRUXODXWRYHKLFXOXOXL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH 'LQDFHVWPRWLYWUHEXLHVăUHVSHFWDĠLvQWRW
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL GHDXQDLQWHUYDOXOGHvQORFXLUHDILOWUXOXL
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP VSHFLILFDWvQ%URúXUDGHVHUYLFH'HRDUHFH
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF GHSLQGHGHFRQGLĠLLOHDPELDQWHGHH[XQ
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO DHUSXWHUQLFSROXDWLQWHUYDOXOSRDWHILPDL
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH VFXUWGHFkWFHOVSHFLILFDWvQ%URúXUDGHVHU
ULWRDUHODVLJXUDQĠă YLFH
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH G (VWHSRVLELOFDIXQFĠLDGHFăOGXUăUH]L
FLDOLWDWHDXWRUL]DWH3DJLQD GXDOăVăILHDFWLYDWăDXWRPDWODRRUăGXSă
&OLPDWL]DUH
VFRDWHUHDFKHLL$XWRYHKLFXOXOHVWHDSRL
DHULVLWWLPSGHGHPLQXWHSHQWUXDXVFD
3UH]HQWDUHJHQHUDOăDVLVWHPHORUGH VLVWHPXOGHDHUFRQGLĠLRQDW
FRQWUROFOLPDWL]DUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
3HULFROGHDFFLGHQW
5HVSHFWDĠLVHWăULOHUHFRPDQGDWHvQSDJLQLOH
XUPăWRDUHÌQFD]FRQWUDUIHUHVWUHOHVDU
SXWHDDEXUL&DXUPDUHHVWHSRVLELOVăQX
SXWHĠLXUPăULFRQGLĠLLOHGHWUDILFúLVăSURYR
FDĠLXQDFFLGHQW
&RQWUROXODXWRPDWDOFOLPDWL]ăULL7+(50$
7,&7+(5027521,&FRQWUROHD]ăWHPSHUD
WXUDúLXPLGLWDWHDGLQLQWHULRUXODXWRYHKLFXOX
OXLúLHOLPLQăSULQILOWUDUHVXEVWDQĠHOHQHGRULWH
GLQDHU
&RQWUROXODXWRPDWDOFOLPDWL]ăULL7+(50$
7,&7+(5027521,&HVWHIXQFĠLRQDOQXPDL
FkQGPRWRUXOIXQFĠLRQHD]ă)XQFĠLRQDUHD
RSWLPăHVWHREĠLQXWăQXPDLFkQGFRQGXFHĠL
FXJHDPXULOHODWHUDOHúLWUDSDJOLVDQWăWUDSD
JOLVDQWăSDQRUDPLFăvQFKLVH
G 9HQWLODĠLDXWRYHKLFXOXOSHRSHULRDGă
VFXUWăGHWLPSSHYUHPHFDOGăGHH[FX
DMXWRUXOFDUDFWHULVWLFLLGHGHVFKLGHUHDVLV
WDWă3DJLQD$VWIHOYHĠLDFFHOHUD
SURFHVXOGHUăFLUHúLWHPSHUDWXUDGRULWăvQ
&RQWUROXODXWRPDWDOFOLPDWL]ăULL7+(5027521,&IXQFĠLDGHFăOGXUăUH]LGXDOăSRDWHILDFWLYDWăGH]DFWLYDWă
QXPDLFkQGFRQWDFWXOHVWHGHFXSODW
3UH]HQWDUHJHQHUDOăDVLVWHPHORUGHFRQWUROFOLPDWL]DUH
3DQRXGHFRPDQGăSHQWUXFRQWUROXODXWRPDWDOFOLPDWL]ăULL7+(50$7,&EL]RQă
&OLPDWL]DUH
C 6HWHD]ăWHPSHUDWXUDVWkQJD3DJLQD
D 'H]DEXUHúWHSDUEUL]XO3DJLQD
$FWLYHD]ăGH]DFWLYHD]ăIXQFĠLD=21(3DJLQD
$FWLYHD]ăGH]DFWLYHD]ăUăFLUHDFXGH]XPLGLILFDUHDDHUXOXL3DJLQD
$FWLYHD]ăGH]DFWLYHD]ăvQFăO]LUHDOXQHWHL3DJLQD
6HWHD]ăWHPSHUDWXUDGUHDSWD3DJLQD
k $FWLYHD]ăGH]DFWLYHD]ăPRGXOGHUHFLUFXODUHDDHUXOXL3DJLQD
l 6HWHD]ăGLVWULEXĠLDDHUXOXL3DJLQD
m &UHúWHFXUHQWXOGHDHU3DJLQD
n 5HGXFHFXUHQWXOGHDHU3DJLQD
o $FWLYHD]ăGH]DFWLYHD]ăFRQWUROXOFOLPDWL]ăULL3DJLQD
p 6HWHD]ăFRQWUROXOFOLPDWL]ăULLSHPRGXODXWRPDW3DJLQD
1RWHSULYLQGXWLOL]DUHDFRQWUROXODXWR =8WLOL]DĠLPRGXOGHUHFLUFXODUHDDHUXOXL
PDWDOFOLPDWL]ăULL7+(50$7,& QXPDLWHPSRUDUGHH[GDFăH[LVWăPLUR
VXULH[WHULRDUHQHSOăFXWHVDXFkQGYăDIODĠL
ÌQXUPăWRDUHOHJăVLĠLQRWHúLUHFRPDQGăULSUL vQWUXQWXQHOÌQFD]FRQWUDUJHDPXULOHVH
YLQGXWLOL]DUHDRSWLPăDFRQWUROXOXLDXWRPDWDO SRWDEXULFDvQPRGXOGHUHFLUFXODUHDDHUX
FOLPDWL]ăULL7+(50$7,& OXLIăUăDVHDVSLUDDHUSURDVSăWvQDXWRYH
=$FWLYDĠLFRQWUROXOFOLPDWL]ăULLFXDMXWRUXO KLFXO
EXWRDQHORUXúLZ/ăPSLOHLQGLFD =8WLOL]DĠLIXQFĠLD=21(SHQWUXDDGRSWD
WRDUHGLQEXWRDQHOHXúLZVHDSULQG VHWăULOHGHWHPSHUDWXUăGHSHSDUWHDúRIH
=6HWDĠLWHPSHUDWXUDSH UXOXLúLSHQWUXSDUWHDSDVDJHUXOXLIDĠă
=8WLOL]DĠLIXQFĠLDGHGH]DEXULUHQXPDLWHP /DPSDLQGLFDWRDUHGLQEXWRQXOÖVH
SRUDUSkQăFHSDUEUL]XOUHGHYLQHWUDQVSD VWLQJH
UHQW
3UH]HQWDUHJHQHUDOăDVLVWHPHORUGHFRQWUROFOLPDWL]DUH
3DQRXGHFRPDQGăSHQWUXFRQWUROXODXWRPDWDOFOLPDWL]ăULL7+(5027521,&WUL
]RQă
&OLPDWL]DUH
3DQRXGHFRPDQGăIDĠă
C 6HWHD]ăWHPSHUDWXUDVWkQJD3DJLQD
D 'H]DEXUHúWHSDUEUL]XO3DJLQD
$FWLYHD]ăGH]DFWLYHD]ăIXQFĠLDGHFăOGXUăUH]LGXDOă3DJLQD
$FWLYHD]ăGH]DFWLYHD]ăUăFLUHDFXGH]XPLGLILFDUHDDHUXOXL3DJLQD
$FWLYHD]ăGH]DFWLYHD]ăvQFăO]LUHDOXQHWHL3DJLQD
6HWHD]ăWHPSHUDWXUDGUHDSWD3DJLQD
k $FWLYHD]ăGH]DFWLYHD]ăIXQFĠLD=21(3DJLQD
l $FWLYHD]ăGH]DFWLYHD]ăFRQWUROXOFOLPDWL]ăULL3DJLQD
m 6HWHD]ăGLVWULEXĠLDDHUXOXL3DJLQD
n &UHúWHFXUHQWXOGHDHU3DJLQD
o 5HGXFHFXUHQWXOGHDHU3DJLQD
p 6HWHD]ăPRGXOGHFOLPDWL]DUH3DJLQD
q $FWLYHD]ăGH]DFWLYHD]ăPRGXOGHUHFLUFXODUHDDHUXOXL3DJLQD
r 6HWHD]ăFRQWUROXOFOLPDWL]ăULLSHPRGXODXWRPDW3DJLQD
3DQRXGHFRPDQGăVSDWH
s &UHúWHFXUHQWXOGHDHU3DJLQD
t 5HGXFHFXUHQWXOGHDHU3DJLQD
u 'LVSOD\
v 5HGXFHWHPSHUDWXUD3DJLQD
w &UHúWHWHPSHUDWXUD3DJLQD
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
1RWHSULYLQGXWLOL]DUHDFRQWUROXODXWR 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOL
PDWDOFOLPDWL]ăULL7+(5027521,& PDWL]ăULL
'HGHVXEWSXWHĠLJăVLRVHULHGHQRWHúLUHFR 3RUQLUHDRSULUHDFRQWUROXOXLFOLPD
PDQGăULSHQWUXRXWLOL]DUHRSWLPăDFRQWUROX WL]ăULL
OXLDXWRPDWDOFOLPDWL]ăULL7+(5027521,&
=3RUQLĠLFRQWUROXOFOLPDWL]ăULLFXDMXWRUXO ,QIRUPDĠLLLPSRUWDQWH
EXWRDQHORUXúLZ/ăPSLOHLQGLFD G &kQGFRQWUROXOFOLPDWL]ăULLHVWHGH]DFWL
WRDUHGLQEXWRDQHOHXúLZVHDSULQG YDWGLVWULEXĠLDDHUXOXLúLFLUFXODUHDDHUXOXL
=ÌQPRGXODXWRPDWSXWHĠLGHDVHPHQHDXWL VXQWGH]DFWLYDWH6HOHFWDĠLWHPSRUDU
OL]DEXWRQXOðSHQWUXDVHWDXQPRGGH DFHDVWăVHWDUHÌQFD]FRQWUDUJHDPXULOHVH
FOLPDWL]DUH)2&86&21&(175$7 SRWDEXUL
0(',800(',8',))86(',63(56$7 G $FWLYDĠLFRQWUROXOFOLPDWL]ăULLvQVSHFLDOFX
6HUHFRPDQGăQLYHOXO0(',8 DMXWRUXOEXWRQXOXLX3DJLQD
=6HWDĠLWHPSHUDWXUDSH
&OLPDWL]DUH
=8WLOL]DĠLIXQFĠLDGHGH]DEXULUHQXPDLWHP $FWLYDUHGH]DFWLYDUH
SRUDUSkQăFHSDUEUL]XOUHGHYLQHWUDQVSD
UHQW 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
=8WLOL]DĠLPRGXOGHUHFLUFXODUHDDHUXOXL
FRQWDFW
3HQWUXDDFWLYDDSăVDĠLEXWRQXOX
QXPDLWHPSRUDUGHH[GDFăH[LVWăPLUR
VXULH[WHULRDUHQHSOăFXWHVDXFkQGYăDIODĠL /DPSDLQGLFDWRDUHGLQEXWRQXOXVH
vQWUXQWXQHOÌQFD]FRQWUDUJHDPXULOHVH DSULQGH&XUHQWXOGHDHUúLGLVWULEXĠLDDHUX
SRWDEXULFDvQPRGXOGHUHFLUFXODUHDDHUX OXLVXQWVHWDWHSHPRGXODXWRPDW
OXLIăUăDVHDVSLUDDHUSURDVSăWvQDXWRYH VDX
KLFXO $SăVDĠLEXWRQXOx
=8WLOL]DĠLIXQFĠLD=21(SHQWUXDDGRSWD /DPSDLQGLFDWRDUHGLQEXWRQXOxVH
VHWăULOHGHWHPSHUDWXUăGHSHSDUWHDúRIH VWLQJH6HWăULOHVHOHFWDWHDQWHULRUVXQWGLQ
UXOXLSHQWUXSDUWHDSDVDJHUXOXLIDĠăúLFRP QRXYDODELOH
SDUWLPHQWXOVSDWH/DPSDLQGLFDWRDUHGLQ 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO
EXWRQXOÖVHVWLQJH x
=8WLOL]DĠLIXQFĠLDGHFăOGXUăUH]LGXDOăGDFă /DPSDLQGLFDWRDUHGLQEXWRQXOxVH
GRULĠLVăvQFăO]LĠLVDXVăYHQWLODĠLLQWHULRUXO DSULQGH
DXWRYHKLFXOXOXLFkQGFRQWDFWXOHVWHGHFX
SODW)XQFĠLDGHFăOGXUăUH]LGXDOăSRDWHIL
DFWLYDWăVDXGH]DFWLYDWăFXFRQWDFWXOGHFX $FWLYDUHDGH]DFWLYDUHDIXQFĠLHLGH
SODW UăFLUHFXGH]XPLGLILFDUHDDHUXOXL
,QIRUPDĠLLLPSRUWDQWH
)XQFĠLDGHUăFLUHFXGH]XPLGLILFDUHDDHUXOXL
HVWHGLVSRQLELOăGRDUFkQGPRWRUXOIXQFĠLR
QHD]ă$HUXOGLQDXWRYHKLFXOHVWHUăFLWúL
GH]XPLGLILFDWvQIXQFĠLHGHWHPSHUDWXUD
VHOHFWDWă
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
3HULFROGHDFFLGHQW 6HWDUHDFRQWUROXOXLFOLPDWL]ăULLSH
'DFăGH]DFWLYDĠLIXQFĠLDGHUăFLUHFXGH]XPL PRGXODXWRPDW
GLILFDUHDDHUXOXLvQFRQGLĠLLGHWHPSHUDWXUL ÌQPRGXODXWRPDWWHPSHUDWXUDVHWDWăHVWH
H[WHULRDUHULGLFDWHDXWRYHKLFXOXOQXYDILUăFLW PHQĠLQXWăDXWRPDWODXQQLYHOFRQVWDQW6LV
LDUDHUXOQXYDILGH]XPLGLILFDW(VWHSRVLELOFD WHPXOUHJOHD]ăDXWRPDWWHPSHUDWXUDDHUXOXL
JHDPXULOHVăVHDEXUHDVFăPDLUDSLG$FHVW GHELWDWFXUHQWXOGHDHUúLGLVWULEXĠLDDHUXOXL
IDSWSRDWHGLPLQXDYL]LELOLWDWHDDVXSUDWUDIL
0RGXODXWRPDWYDRIHULRIXQFĠLRQDUHRSWLPă
FXOXLúLvQFRQVHFLQĠăSRDWHILFDX]DXQXL
GDFăúLUăFLUHDFXGH]XPLGLILFDUHDDHUXOXL
DFFLGHQW
HVWHODUkQGXOVăXDFWLYDWă'DFăVHGRUHúWH
(VWHSRVLELOFDGLQSDUWHDGHGHGHVXEWD UăFLUHDFXGH]XPLGLILFDUHDDHUXOXLSRDWHIL
DXWRYHKLFXOXOXLVăFXUJăFRQGHQVFkQG GH]DFWLYDWă
7+(5027521,&HVWHvQPRGXOGHUăFLUH 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
$FHVWDHVWHIHQRPHQQRUPDOQHLQGLFkQGR FRQWDFW
GHIHFĠLXQH 6HWDĠLWHPSHUDWXUDGRULWă
&OLPDWL]DUH
G )XQFĠLDGHUăFLUHFXGH]XPLGLILFDUHD 3HQWUXDDFWLYDDSăVDĠLEXWRQXOX
DHUXOXLXWLOL]HD]ăUHIULJHUHQW5D$FHVW /DPSDLQGLFDWRDUHGLQEXWRQXOXVH
OLFKLGGHUăFLUHQXFRQĠLQHFORURIOXRURFDU DSULQGH&XUHQWXOGHDHUúLGLVWULEXĠLDDXWR
EXULQHDIHFWkQGSULQXUPDUHVWUDWXOGH PDWăDDHUXOXLVXQWDFWLYDWH
R]RQ
G &RQWUROXODXWRPDWDOFOLPDWL]ăULL7+(5
027521,&FkQGPRGXODXWRPDWHVWHDFWL
$FWLYDUHGH]DFWLYDUH
YDWSXWHĠLVHOHFWDRVHWDUHDPRGXOXLGH
3HQWUXDDFWLYDDSăVDĠLEXWRQXOZ FOLPDWL]DUH3DJLQD
/DPSDLQGLFDWRDUHGLQEXWRQXOZVH 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO
DSULQGH
3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO
VDX
Z $SăVDĠLEXWRQXOVDX
/DPSDLQGLFDWRDUHGLQEXWRQXOZVH
/DPSDLQGLFDWRDUHGLQEXWRQXOXVH
VWLQJH)XQFĠLDGHUăFLUHFXGH]XPLGLILFDUH
VWLQJH&XUHQWXOGHDHUúLGLVWULEXĠLDDXWR
DDHUXOXLGLVSXQHGHRFDUDFWHULVWLFăGH
PDWăDDHUXOXLVXQWGH]DFWLYDWH
RSULUHWHPSRUL]DWă
3UREOHPHODIXQFĠLDGHUăFLUHFXGH]X 6HWDUHDPRGXOXLGHFOLPDWL]DUH
PLGLILFDUHDDHUXOXL
$FHDVWăIXQFĠLHHVWHGLVSRQLELOăGRDUFXFRQ
&kQGDSăVDĠLEXWRQXOZODPSDLQGLFD WUROXODXWRPDWDOFOLPDWL]ăULL7+(502752
WRDUHGLQEXWRQFOLSHúWHGHWUHLRULVDXUăPkQH 1,&
VWLQVă1XPDLSXWHĠLDFWLYDIXQFĠLDGHUăFLUH 6HWăULOHFRQWUROXOXLFOLPDWL]ăULLVXQWHILFLHQWH
FXGH]XPLGLILFDUHDDHUXOXL PDLDOHVODWHPSHUDWXULvQDOWH
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL 3XWHĠLVHOHFWDXUPăWRDUHOHVHWăULDOHFRQWUR
]DW OXOXLFOLPDWL]ăULLvQPRGXODXWRPDW
)2&86 FXUHQWGHDHUULGLFDWFDUHGHYLQH
&21 SXĠLQPDLUHFH
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
&(1 3XWHĠLVHOHFWDVHWăULGHWHPSHUDWXUăGLIHULWH
75$7 SHSDUWHDúRIHUXOXLúLDSDVDJHUXOXLIDĠăSUH
0(',80 FXUHQWGHDHUPHGLXVHWDUHVWDQ FXPúLSHQWUXFRPSDUWLPHQWXOVSDWH
0(',8 GDUG 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
',))86( FXUHQWGHDHUVFă]XWFDUHHVWH FRQWDFW
',63(5 SXĠLQPDLFDOGúLFXXQGHELWPDL 3HQWUXDFUHúWHUHGXFHWHPSHUDWXUDvQ
6$7 VFă]XWDOFXUHQWXOXLGHDHU IDĠăURWLĠLFRPHQ]LOHCúLvQVHQVRUDU
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH VDXDQWLRUDU3DJLQD
FRQWDFW 6FKLPEDĠLVHWDUHDWHPSHUDWXULLQXPDLvQ
$SăVDĠLEXWRQXOX WUHSWHPLFLÌQFHSHĠLGHOD
$SăVDĠLUHSHWDWEXWRQXOðSkQăFH 3HQWUXDFUHúWHUHGXFHWHPSHUDWXUD
PRGXOGHFOLPDWL]DUHGRULWDSDUHSHGLVSOD\ GLQFRPSDUWLPHQWXOVSDWHFXDMXWRUXO
SDQRXOXLGHFRPDQGăIDĠăDSăVDĠLEXWR
QXOÖ
/DPSDLQGLFDWRDUHGLQEXWRQXOÖVH
&OLPDWL]DUH
6HWDUHDWHPSHUDWXULL
VWLQJH
&RQWUROXODXWRPDWDOFOLPDWL]ăULL7+(5 5RWLĠLFRPDQGDCvQVHQVRUDUVDXDQWLRUDU
0$7,& 3DJLQD
6HSRWVHWDWHPSHUDWXULGLIHULWHSHQWUXSDUWHD 6FKLPEDĠLVHWDUHDWHPSHUDWXULLQXPDLvQ
úRIHUXOXLúLSDUWHDSDVDJHUXOXLIDĠă WUHSWHPLFLÌQFHSHĠLGHOD
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH 3HQWUXDFUHúWHUHGXFHWHPSHUDWXUD
FRQWDFW GLQFRPSDUWLPHQWXOVSDWHFXDMXWRUXO
3HQWUXDFUHúWHUHGXFHURWLĠLFRPHQ
SDQRXOXLGHFRPDQGăVSDWHDSăVDĠL
]LOHCúLvQVHQVRUDUVDXDQWLRUDU EXWRQXO}VDX~GHSHSDQRXOGH
FRPDQGăVSDWH
3DJLQD
6FKLPEDĠLVHWDUHDWHPSHUDWXULLQXPDLvQ
6FKLPEDĠLVHWDUHDWHPSHUDWXULLQXPDLvQ
WUHSWHPLFLÌQFHSHĠLGHOD
WUHSWHPLFLÌQFHSHĠLGHOD
G 'DFăOăVDĠLDXWRYHKLFXOXOSDUFDWWLPSGH
&RQWUROXOFOLPDWL]ăULLDXWRPDW7+(5 SHVWHGHPLQXWHVHWDUHDGHWHPSHUD
027521,& WXUăSHQWUXFRPSDUWLPHQWXOVSDWHUHYLQH
DSRLOD
6HWDUHDGLVWULEXĠLHLDHUXOXL
6HWăULGLVWULEXĠLHDHU
'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODĠLHFHQWUDOHúLODWHUDOH
'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODĠLHGHODVSDĠLXOSHQWUX
SLFLRDUH
=RQHOHFRQWUROXOXLFOLPDWL]ăULLDXWRPDW7+(502 'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH
7521,& GHYHQWLODĠLHFHQWUDOHúLODWHUDOHúLRUL
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
ILFLLOHGHYHQWLODĠLHGHODVSDĠLXOSHQWUX $FWLYDUHDGH]DFWLYDUHDIXQFĠLHL
SLFLRDUH =21(
a 'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH 3HQWUXDDFWLYDDSăVDĠLEXWRQXOÖ
GHGH]DEXULUH
/DPSDLQGLFDWRDUHGLQEXWRQXOÖVH
'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH DSULQGH
GHYHQWLODĠLHFHQWUDOHúLODWHUDOHGDUúL
&RQWUROXODXWRPDWDOFOLPDWL]ăULL7+(50$
SULQRULILFLLOHGHGH]DEXULUH
7,&VHWDUHDGHWHPSHUDWXUăSHQWUXSDUWHD
'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH úRIHUXOXLQXHVWHDGRSWDWăSHQWUXSDUWHD
GHYHQWLODĠLHGHODVSDĠLXOSHQWUX SDVDJHUXOXLIDĠă
SLFLRDUHúLFHOHGHGH]DEXULUH
&RQWUROXODXWRPDWDOFOLPDWL]ăULL7+(502
'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH 7521,&VHWDUHDGHWHPSHUDWXUăSHQWUX
GHGH]DEXULUHRULILFLLOHGHYHQWLODĠLH SDUWHDúRIHUXOXLQXHVWHDGRSWDWăSHQWUX
FHQWUDOHúLODWHUDOHSUHFXPúLSULQRUL SDUWHDSDVDJHUXOXLIDĠăúLFRPSDUWLPHQWXO
ILFLLOHGHODVSDĠLXOSHQWUXSLFLRDUH VSDWH
G ,QGLIHUHQWFDUHHVHWDUHDGLVWULEXĠLHLDHUX
&OLPDWL]DUH
&kQGEXWRDQHOHSHQWUXWHPSHUDWXUăFXUHQWXO
OXLFXUHQWXOGHDHUHVWHvQWRWGHDXQDGLULMDW GHDHUVDXGLVWULEXĠLDDHUXOXLVXQWDFWLYDWH
SULQRULILFLLOHGHYHQWLODĠLHODWHUDOH2ULILFLLOH VHWDUHDGHWHPSHUDWXUăSHQWUXSDUWHDúRIH
GHYHQWLODĠLHODWHUDOHSRWILvQFKLVHQXPDL UXOXLQXHVWHDGRSWDWăúLSHQWUXFHOHODOWH]RQH
FkQGFRPHQ]LOHGHSHRULILFLLOHGHYHQWLODĠLH GHFRQWURODOFOLPDWL]ăULL
ODWHUDOHVXQWURWLWHvQMRV 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH Ö
FRQWDFW /DPSDLQGLFDWRDUHGLQEXWRQXOÖVH
$SăVDĠLUHSHWDWEXWRQXOSkQăFHVLP VWLQJH
EROXOGRULWDSDUHSHDILúDM &RQWUROXODXWRPDWDOFOLPDWL]ăULL7+(50$
/DPSDLQGLFDWRDUHGLQEXWRQXOXVH 7,&VHWDUHDGHWHPSHUDWXUăSHQWUXSDUWHD
VWLQJH&RQWUROXODXWRPDWHVWHGH]DFWLYDWúL úRIHUXOXLHVWHDGRSWDWăSHQWUXSDUWHDSDVD
GLVWULEXĠLDDHUXOXLHVWHFRQWURODWăvQIXQFĠLH JHUXOXLIDĠă
GHVHWDUHDVHOHFWDWă &RQWUROXODXWRPDWDOFOLPDWL]ăULL7+(502
7521,&VHWDUHDGHWHPSHUDWXUăSHQWUX
SDUWHDúRIHUXOXLHVWHDGRSWDWăSHQWUXSDU
6HWDUHDFXUHQWXOXLGHDHU WHDSDVDJHUXOXLIDĠăúLFRPSDUWLPHQWXO
VSDWH
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
3HQWUXDFUHúWHUHGXFHDSăVDĠLEXWRQXO
'H]DEXULUHDSDUEUL]XOXL
VDX
G 3XWHĠLXWLOL]DFRQWUROXODXWRPDWDOFOLPD 3XWHĠLXWLOL]DDFHDVWăIXQFĠLHSHQWUXDGHJLYUD
WL]ăULL7+(5027521,&SHQWUXDVHWD SDUEUL]XOVDXSHQWUXDGH]DEXULLQWHULRUXOSDU
FXUHQWXOGHDHUvQFRPSDUWLPHQWXOVSDWH EUL]XOXLúLJHDPXULOHODWHUDOH
VHSDUDW G 6HOHFWDĠLIXQFĠLDGHGH]DEXULUHSkQăFH
SDUEUL]XOUHGHYLQHWUDQVSDUHQW
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH 'H]DEXULUHDJHDPXULORU
FRQWDFW
3HQWUXDDFWLYDDSăVDĠLEXWRQXOd *HDPXULDEXULWHSHLQWHULRU
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH $FWLYDĠLIXQFĠLDGHUăFLUHFXGH]XPLGLILFDUH
DSULQGH DDHUXOXLZ
6LVWHPXOGHFRQWURODOFOLPDWL]ăULLFRPXWă $FWLYDĠLPRGXODXWRPDWX
SHXUPăWRDUHOHIXQFĠLL 'DFăJHDPXULOHFRQWLQXăVăVHDEXUHDVFă
=UăFLUHDFXGH]XPLGLILFDUHDDHUXOXLDFWL DFWLYDĠLIXQFĠLDGHGH]DEXULUH
YDWă 3DJLQD
=FXUHQWGHDHUULGLFDW
G 6HOHFWDĠLDFHDVWăVHWDUHGRDUSkQăFHSDU
=WHPSHUDWXUăULGLFDWă
EUL]XOUHGHYLQHWUDQVSDUHQW
=GLVWULEXĠLDDHUXOXLFăWUHSDUEUL]úLJHD
PXULOHODWHUDOHIDĠă *HDPXULDEXULWHSHH[WHULRU
=PRGXOGHUHFLUFXODUHDDHUXOXLGH]DFWLYDW
$FWLYDĠLúWHUJăWRDUHOHGHSDUEUL]
&OLPDWL]DUH
3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO $SăVDĠLUHSHWDWEXWRQXOSkQăFHVLP
d EROXOVDXDSDUHSHDILúDM
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH G 6HOHFWDĠLDFHDVWăVHWDUHGRDUSkQăFHSDU
VWLQJH6HWăULOHVHOHFWDWHDQWHULRUVXQWGLQ EUL]XOUHGHYLQHWUDQVSDUHQW
QRXYDODELOH)XQFĠLDGHUăFLUHFXGH]XPL
GLILFDUHDDHUXOXLUăPkQHDFWLYDWă0RGXO
GHUHFLUFXODUHDDHUXOXLUăPkQHGH]DFWLYDW ÌQFăO]LUHDOXQHWHL
VDX
$SăVDĠLEXWRQXOX
$FWLYDUHGH]DFWLYDUH
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH 3HULFROGHDFFLGHQW
VWLQJH&XUHQWXOGHDHUúLGLVWULEXĠLDDHUXOXL &XUăĠDĠLWRDWHJHDPXULOHGHJKHDĠăVDX
VXQWVHWDWHSHPRGXODXWRPDW ]ăSDGăvQDLQWHGHSRUQLUHDvQFăOăWRULH'LPL
VDX QXDUHDYL]LELOLWăĠLLSRDWHFUHDVLWXDĠLLSHULFX
5RWLĠLFRQWUROXOWHPSHUDWXULLCVDXvQ ORDVHSHQWUXGXPQHDYRDVWUăVDXSHQWUXDOWH
VHQVRUDUVDXDQWLRUDU3DJLQD SHUVRDQH
3DJLQD
ÌQFăO]LUHDOXQHWHLDUHXQFRQVXPGHFXUHQW
VDX
ULGLFDW3ULQXUPDUHGH]DFWLYDĠLRLPHGLDWFH
$SăVDĠLEXWRQXOVDX
OXQHWDHVWHLDUWUDQVSDUHQWăGHRDUHFHvQFăO]L
UHDOXQHWHLVHGH]DFWLYHD]ăDXWRPDWQXPDL
GXSăFkWHYDPLQXWH
'DFăWHQVLXQHDEDWHULHLHVWHSUHDVFă]XWă
vQFăO]LUHDOXQHWHLVHSRDWHGH]DFWLYD
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
$SăVDĠLEXWRQXOl
/DPSDLQGLFDWRDUHGLQEXWRQXOlVH
DSULQGHVDXVHVWLQJH
ÌQIXQFĠLHGHWHPSHUDWXUDH[WHULRDUă
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
3UREOHPHODvQFăO]LUHDOXQHWHL 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO
r
ÌQFăO]LUHDOXQHWHLVDGH]DFWLYDWSUHPDWXUVDX
/DPSDLQGLFDWRDUHGLQEXWRQXOrVH
QXSRDWHILDFWLYDWă
VWLQJH
'H]DFWLYDĠLRULFHFRQVXPDWRULLQXWLOLGHH[
OăPSLOHGHOHFWXUăVDXLOXPLQDUHDLQWH G 0RGXOGHUHFLUFXODUHDDHUXOXLVHGH]DFWL
ULRDUă YHD]ăDXWRPDW
&kQGEDWHULDHVWHVXILFLHQWGHvQFăUFDWă =GXSăDSUR[LPDWLYFLQFLPLQXWHODWHPSH
vQFăO]LUHDOXQHWHLHVWHDFWLYDWăGLQQRX UDWXULH[WHULRDUHVXEDSUR[LPDWLY
DXWRPDW
=GXSăDSUR[LPDWLYFLQFLPLQXWHGDFă
UăFLUHDFXGH]XPLGLILFDUHDDHUXOXLHVWH
GH]DFWLYDWă
$FWLYDUHDGH]DFWLYDUHDPRGXOXLGH =GXSăDSUR[LPDWLYGHPLQXWHODWHP
UHFLUFXODUHDDHUXOXL
SHUDWXULH[WHULRDUHGHSHVWHDSUR[LPDWLY
3XWHĠLGH]DFWLYDIOX[XOGHDHUSURDVSăWGDFă
&OLPDWL]DUH
vQDXWRYHKLFXOSăWUXQGPLURVXULQHSOăFXWHGH
DIDUă$HUXOGLQDXWRYHKLFXOYDILDVWIHOUHFLU
FXODW 'HVFKLGHUHDvQFKLGHUHDDVLVWDWăFX
8WLOL]DUHDPRGXOXLGHUHFLUFXODUHDDHUXOXL DMXWRUXOEXWRQXOXLGHUHFLUFXODUHD
HVWHVLPLODUăODWRDWHSDQRXULOHGHFRPDQGă DHUXOXL
$9(57,60(17 $9(57,60(17
/DWHPSHUDWXULH[WHULRDUHMRDVHFRPXWDĠLSH $VLJXUDĠLYăFăQXYDILSULQVQLPHQLvQWUHJHD
PRGXOGHUHFLUFXODUHDDHUXOXLQXPDLWHPSR PXOODWHUDOúLFDGUXOSRUWLHUHLFkQGJHDPXULOH
UDUÌQFD]FRQWUDUHVWHSRVLELOFDJHDPXULOH ODWHUDOHVXQWGHVFKLVHúLvQFKLVH$VLJXUDĠLYă
VăVHDEXUHDVFăDIHFWkQGDVWIHOYL]LELOLWDWHD FăWRDWHRELHFWHOHúLSăUĠLOHFRUSXOXLVXQWOD
úLSHULFOLWkQGVLJXUDQĠDGXPQHDYRDVWUăúLD GLVWDQĠăGHJHDPXULOHODWHUDOHFkQGDFHVWHD
FHORUODOĠL$VWIHOHVWHSRVLELOVăQXREVHUYDĠL VXQWGHVFKLVHVDXvQFKLVH'XPQHDYRDVWUă
FRQGLĠLLOHGLQWUDILFúLVăSURYRFDĠLvQFRQVH VDXRELHFWHOHSXWHĠLILWUDúLVDXSULQúLvQWUH
FLQĠăXQDFFLGHQW JHDPXOODWHUDOúLFDGUXOSRUWLHUHLSHPăVXUă
FHJHDPXOVHGHSODVHD]ă'DFăH[LVWăSHULFR
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH OXOGHSULQGHUHDFĠLRQDĠLFRPXWDWRUXOb
FRQWDFW SHQWUXDGHSODVDJHDPXOODWHUDOvQVHQVXO
3HQWUXDDFWLYDDSăVDĠLEXWRQXOr RSXV
/DPSDLQGLFDWRDUHGLQEXWRQXOrVH $VLJXUDĠLYăFăQXVHSRDWHSULQGHQLPHQL
DSULQGH vQWUHHOHPHQWHFkQGWUDSDJOLVDQWăWUDSDJOL
VDQWăSDQRUDPLFăHVWHGHVFKLVăúLvQFKLVă
G ÌQFD]XOXQRUQLYHOXULGHSROXDUHULGL
'DFăH[LVWăSHULFROXOGHSULQGHUHDFĠLRQDĠL
FDWHVDXODWHPSHUDWXULH[WHULRDUHULGL FRPXWDWRUXOWSHQWUXDGHSODVDWUDSDJOL
FDWHPRGXOGHUHFLUFXODUHDDHUXOXLHVWH VDQWăWUDSDJOLVDQWăSDQRUDPLFăvQVHQVXO
DFWLYDWDXWRPDW&kQGPRGXOGHUHFLUFXODUH RSXV
DDHUXOXLHVWHDFWLYDWDXWRPDWODPSDLQGL
FDWRDUHGLQEXWRQXOrQXHVWHDSULQVă &DUDFWHULVWLFDGHvQFKLGHUHDVLVWDWă
$HUXOH[WHULRUHVWHDGăXJDWGXSăDSUR[L DSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOr
PDWLYGHPLQXWH SkQăFHJHDPXULOHODWHUDOHúLWUDSDJOL
1XPDLFRQWUROXODXWRPDWDOFOLPDWL]ăULL7+(5027521,&
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
VDQWăWUDSDJOLVDQWăSDQRUDPLFăVDX 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO
vQFKLV K
/DPSDLQGLFDWRDUHGLQEXWRQXOrVH /DPSDLQGLFDWRDUHGLQEXWRQXOKVH
DSULQGH0RGXOGHUHFLUFXODUHDDHUXOXLHVWH VWLQJH
DFWLYDW
G &ăOGXUDUH]LGXDOăHVWHGH]DFWLYDWăDXWR
&DUDFWHULVWLFDGHGHVFKLGHUHDVLVWDWă PDW
DSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOr
=GXSăDSUR[LPDWLYGHPLQXWH
SkQăFHJHDPXULOHODWHUDOHúLWUDSDJOL
=FkQGFRQWDFWXOHVWHSXV
VDQWăWUDSDJOLVDQWăSDQRUDPLFăVDXGHV
FKLV*HDPXULOHODWHUDOHúLWUDSDJOLVDQWă =GDFăWHQVLXQHDEDWHULHLVFDGH
WUDSDJOLVDQWăSDQRUDPLFăUHYLQvQSR]LĠLD =GDFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUH
ORULQLĠLDOă HVWHSUHDVFă]XWă
/DPSDLQGLFDWRDUHGLQEXWRQXOrVH
VWLQJH0RGXOGHUHFLUFXODUHDDHUXOXLHVWH
GH]DFWLYDW ÌQFăO]LUHDX[LOLDUă
&OLPDWL]DUH
G 'DFăGHVFKLGHĠLJHDPXULOHODWHUDOHVDX 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
WUDSDJOLVDQWăWUDSDJOLVDQWăSDQRUDPLFă
PDQXDOGXSăFHOHvQFKLGHĠLSULQFDUDFWH $9(57,60(17
ULVWLFDGHvQFKLGHUHDVLVWDWăHOHYRUUăPkQH 6HSURGXFJD]HGHHúDSDPHQWFkQGvQFăO]LUHD
vQDFHDVWăSR]LĠLHFkQGVXQWGHVFKLVHSULQ DX[LOLDUăHVWHvQIXQFĠLXQH,QKDODUHDDFHVWRU
FDUDFWHULVWLFDGHGHVFKLGHUHDVLVWDWă JD]HGHHúDSDPHQWYăSRDWHILQRFLYă3ULQ
XUPDUHDUWUHEXLVăGH]DFWLYDĠLvQFăO]LUHD
DX[LOLDUăvQVSDĠLLvQFKLVHIăUăXQVLVWHPGH
$FWLYDUHDGH]DFWLYDUHDIXQFĠLHLGH YHQWLODUHSULQDVSLUDĠLHGHH[vQWUXQJDUDM
FăOGXUăUH]LGXDOă
$9(57,60(17
)XQFĠLDGHFăOGXUăUH]LGXDOăHVWHGLVSRQLELOă
GRDUFXFRQWUROXODXWRPDWDOFOLPDWL]ăULL &kQGXWLOL]DĠLvQFăO]LUHDDX[LOLDUăDQXPLWH
7+(5027521,& SăUĠLDOHDXWRYHKLFXOXOXLVHSRWvQFLQJHSXWHU
QLFLDUPDWHULDOHOHSXWHUQLFLQIODPDELOHSUH
(VWHSRVLELOVăXWLOL]DĠLFăOGXUDUH]LGXDOăD
FXPFDUEXUDQĠLLVHSRWDSULQGH8WLOL]DUHD
PRWRUXOXLSHQWUXDFRQWLQXDVăvQFăO]LĠLDXWR
vQFăO]LULLDX[LOLDUHHVWHGLQDFHVWPRWLYLQWHU
YHKLFXOXOVWDĠLRQDWWLPSGHSkQăODGH
]LVăvQEHQ]LQăULLVDXFkQGDXWRYHKLFXOXOGXP
PLQXWHGXSăFHPRWRUXODIRVWRSULW'XUDWD
QHDYRDVWUăHVWHDOLPHQWDWFXFDUEXUDQW3ULQ
GHvQFăO]LUHGHSLQGHGHWHPSHUDWXUDFDUHD
XUPDUHWUHEXLHVăGH]DFWLYDĠLvQFăO]LUHDDX[L
IRVWVHWDWă
OLDUăvQEHQ]LQăULL
G 9HQWLODWRUXOYDIXQFĠLRQDODWXUDĠLHUHGXVă
LQGLIHUHQWGHVHWDUHDFXUHQWXOXLGHDHU 8WLOL]DUHDvQFăO]LULLYHQWLODĠLHLDX[LOLDUH
FRQVXPăEDWHULDDXWRYHKLFXOXOXL'XSăFH
G 'DFăDFWLYDĠLIXQFĠLDGHFăOGXUăUH]LGXDOă DĠLvQFăO]LWVDXYHQWLODWDXWRYHKLFXOXOGH
ODWHPSHUDWXULvQDOWHVHYDDFWLYDGRDUYHQ PD[LPXPGRXăRULFRQGXFHĠLRGLVWDQĠă
WLODĠLD9HQWLODWRUXOUXOHD]ăODWXUDĠLHPHGLH PDLPDUH
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
G $FWLYDĠLvQFăO]LUHDDX[LOLDUăUHJXODWGHH[
FRQWDFWVDXVFRDWHĠLR
WLPSGHDSUR[LPDWLY]HFHPLQXWHvQILHFDUH
3HQWUXDDFWLYDDSăVDĠLEXWRQXOK
OXQă
/DPSDLQGLFDWRDUHGLQEXWRQXOKVH
DSULQGH ÌQFăO]LUHDDX[LOLDUăvQFăO]HúWHDHUXOGLQLQWH
ULRUXODXWRYHKLFXOXOXLODWHPSHUDWXUDVHWDWă
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
IăUăDVHIRORVLGHFăOGXUDPRWRUXOXLvQIXQF $FWLYDUHDGH]DFWLYDUHDvQFăO]LULLYHQ
ĠLXQHÌQFăO]LUHDDX[LOLDUăHVWHDFĠLRQDWă WLODĠLHLDX[LOLDUHFXDMXWRUXOEXWRQXOXL
GLUHFWSULQLQWHUPHGLXOFDUEXUDQWXOXLDXWRYH GLQFRQVRODFHQWUDOă
KLFXOXOXL'LQDFHVWPRWLYFRQĠLQXWXOUH]HUYR
UXOXLWUHEXLHVăILHFHOSXĠLQODQLYHOXOGHFDU
EXUDQWGHUH]HUYăSHQWUXDVHDVLJXUDIXQF
ĠLRQDUHDvQFăO]LULLDX[LOLDUH
ÌQFăO]LUHDYHQWLODĠLDDX[LOLDUăVHDGDSWHD]ă
DXWRPDWODPRGLILFăULGHWHPSHUDWXUăúLFRQ
GLĠLLPHWHR'LQDFHVWPRWLYvQFăO]LUHDDX[L
OLDUăDUSXWHDFRPXWDGLQPRGXOGHYHQWLODĠLH
vQFHOGHvQFăO]LUHVDXGLQPRGXOGHvQFăO]LUH
vQFHOGHYHQWLODĠLH
ÌQFăO]LUHDDX[LOLDUăVHGH]DFWLYHD]ăDXWRPDW
GXSăGHPLQXWH$FHDVWăOLPLWăGHWLPS %XWRQGHSHFRQVRODFHQWUDOă
&OLPDWL]DUH
SRDWHILPRGLILFDWăÌQDFHVWVFRSDSHODĠLOD &XORULOHOăPSLORULQGLFDWRDUHGHSHEXWRQDX
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ XUPăWRDUHOHVHPQLILFDĠLL
&HQWUXGH6HUYLFH0HUFHGHV%HQ]
$OEDVWUX 9HQWLODĠLDDX[LOLDUăDFWLYDWă
1XSXWHĠLXWLOL]DYHQWLODĠLDDX[LOLDUăSHQWUXD
5RúX ÌQFăO]LUHDDX[LOLDUăDFWLYDWă
UăFLLQWHULRUXODXWRYHKLFXOXOXLODRWHPSHUD
WXUăPDLMRDVăGHFkWWHPSHUDWXUDH[WHULRDUă *DOEHQ 2UăGHSOHFDUHSUHVHOHFWDWă
3DJLQD
ÌQDLQWHGHDFWLYDUH $FWLYDUHDvQFăO]LULLYHQWLODĠLHLDX[LOLDUH
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH $SăVDĠLEXWRQXOC
FRQWDFW /DPSDLQGLFDWRDUHURúLHVDXDOEDVWUăGLQ
6HWDĠLWHPSHUDWXUD EXWRQXOCVHDSULQGH
ÌQFăO]LUHDYHQWLODĠLDDX[LOLDUăSRDWHILDFWL
'H]DFWLYDUHDvQFăO]LULLYHQWLODĠLHLDX[L
YDWăFkQGFRQWUROXOFOLPDWL]ăULLHVWHFRQWURODW
OLDUH
PDQXDO6HSRDWHREĠLQHXQFRQIRUWRSWLP
FkQGVLVWHPXOHVWHVHWDWSHPRGXODXWRPDW $SăVDĠLEXWRQXOC
6HWDĠLWHPSHUDWXUDSH /DPSDLQGLFDWRDUHURúLHVDXDOEDVWUăGLQ
ÌQFăO]LUHDYHQWLODĠLDDX[LOLDUăSRDWHILDFWL EXWRQXOCVHVWLQJH
YDWăVDXGH]DFWLYDWăFXDMXWRUXOWHOHFRPHQ]LL
VDXDOEXWRQXOXLGLQFRQVRODFHQWUDOă $FWLYDUHDGH]DFWLYDUHDvQFăO]LULLYHQ
&DOFXODWRUXOGHERUGSRDWHILXWLOL]DWSHQWUXD WLODĠLHLDX[LOLDUHFXDMXWRUXOWHOHFRPHQ
VSHFLILFDSkQăODWUHLRUHGHSOHFDUHGLQWUH ]LL
FDUHXQDSRDWHILSUHVHOHFWDWă $XWRYHKLFXOXOGXPQHDYRDVWUăHVWHSUHYă]XW
3DJLQD FXRWHOHFRPDQGă3XWHĠLXWLOL]DGRXăWHOHFR
PHQ]LVXSOLPHQWDUHSHQWUXDXWRYHKLFXOXO
GXPQHDYRDVWUă3HQWUXLQIRUPDĠLLVXSOLPHQ
WDUHOXDĠLOHJăWXUDFXXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DWGHH[XQ&HQWUXGHVHUYLFH
0HUFHGHV%HQ]
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
7HOHFRPDQGDDUHRUD]ăPD[LPăGHDSUR[L 'H]DFWLYDUHDvQFăO]LULLYHQWLODĠLHLDX[L
PDWLYGHPHWUL$FHDVWăUD]ăHVWHUHGXVă OLDUH
GH $SăVDĠLEXWRQXOx
=VXUVHOHGHLQWHUIHUHQĠăUDGLR 2))GH]DFWLYDWDSDUHSHDILúDMXOWHOH
=RELHFWHOHVROLGHGLQWUHWHOHFRPDQGăúL FRPHQ]LL
DXWRYHKLFXO
9HULILFDUHDVWăULLvQFăO]LULLYHQWLODĠLHL
=VLWXDUHDWHOHFRPHQ]LLvQWURSR]LĠLHQHIDYR
DX[LOLDUH
UDELOăIDĠăGHDXWRYHKLFXO
$SăVDĠLEXWRQXOjVDXf
=WUDQVPLWHUHDGLQWUXQVSDĠLXvQFKLV
8UPăWRDUHOHPHVDMHSRWDSăUHDSHDILúDM
G 5D]DRSWLPăSRDWHILREĠLQXWăGDFăĠLQHĠL
WHOHFRPDQGDSHYHUWLFDOăRULHQWDWăvQVXV 'LVSOD\ 6HPQLILFDĠLH
FkQGDSăVDĠLXQXOGLQWUHEXWRDQH
ÌQFăO]LUHDYHQWLODĠLD
G 8QVLPEROGHEDWHULHDSDUHSHGLVSOD\ DX[LOLDUăHVWHGH]DFWL
FkQGEDWHULDWHOHFRPHQ]LLHVWHDSURDSH YDWă
&OLPDWL]DUH
HSXL]DWăÌQORFXLĠLEDWHULDWHOHFRPHQ]LL
3DJLQD 9HQWLODĠLDDX[LOLDUăHVWH
DFWLYDWă1XPăUXOGHSH
DILúDMLQGLFăGXUDWD
UăPDVăvQPLQXWHSHQ
WUXYHQWLODĠLDDX[LOLDUă
ÌQFăO]LUHDDX[LOLDUăHVWH
DFWLYDWă1XPăUXOGHSH
DILúDMLQGLFăGXUDWD
UăPDVăvQPLQXWHSHQ
WUXvQFăO]LUHDDX[LOLDUă
6DDFWLYDWRRUăGHSOH
7HOHFRPDQGăGHvQFăO]LUHDX[LOLDUă FDUH2UDGHSOHFDUH
C 'LVSOD\ DSDUHSHGLVSOD\
D f3HQWUXDYHULILFDVWDUHDIL[DRUDGH 6DDFWLYDWRRUăGHSOH
SOHFDUH FDUH9HQWLODĠLDDX[LOLDUă
x3HQWUXDGH]DFWLYDvQFăO]LUHDYHQWL HVWHVHOHFWDWăODPRPHQ
ODĠLDDX[LOLDUă WXOUHVSHFWLY2UDGHSOH
3HQWUXDDFWLYDvQFăO]LUHDYHQWLODĠLD FDUHDSDUHSHGLVSOD\
DX[LOLDUă 6DDFWLYDWRRUăGHSOH
j3HQWUXDYHULILFDVWDUHDIL[DRUDGH FDUHÌQFăO]LUHDDX[LOLDUă
SOHFDUH HVWHVHOHFWDWăODPRPHQ
WXOUHVSHFWLY2UDGHSOH
$FWLYDUHDvQFăO]LULLYHQWLODĠLHLDX[LOLDUH FDUHDSDUHSHGLVSOD\
$SăVDĠLEXWRQXO
21DFWLYDWDSDUHSHGLVSOD\XOWHOHFR
PHQ]LL
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
)L[DUHDXQHLRUHGHSOHFDUH
$SăVDĠLEXWRQXOjVDXfvQPRG
UHSHWDWSkQăFkQGRUDGHPRGLILFDWDSDUH
SHGLVSOD\
$SăVDĠLVLPXOWDQEXWRDQHOHúLx
6LPEROXOMGHSHGLVSOD\XOWHOHFRPHQ]LL
FOLSHúWH
$SăVDĠLEXWRQXOjVDXfSHQWUXD
VHWDRUDGHSOHFDUHGRULWă
G &XFkWĠLQHĠLPDLPXOWDSăVDWSHEXWR
'HVIDFHĠLEUDĠHOHODWHUDOHDOHFDSDFXOXL
QXOjVDXfFXDWkWVHúLVFKLPEă
EDWHULHLDúLVFRDWHĠLFDSDFXOEDWHULHLD
PDLUDSLGRUD
6FRDWHĠLYHFKHDEDWHULHC
$SăVDĠLVLPXOWDQEXWRDQHOHúLx
,QWURGXFHĠLQRXDEDWHULH5HVSHFWDĠLvQVHP
1RXDRUăGHSOHFDUHHVWHVWRFDWă
&OLPDWL]DUH
QHOHGHSRODULWDWHGHSHVSDWHOHWHOHFRPHQ
$FWLYDUHDRUHLGHSOHFDUHIL[DWH ]LLvQWLPSXORSHUDĠLHL
$SăVDĠLEXWRQXOjVDXfvQPRG &XOLVDĠLFDSDFXOEDWHULHLDvQDSRLSHWHOH
UHSHWDWSkQăFkQGRUDGHSOHFDUHGRULWă FRPDQGă
DSDUHSHGLVSOD\ 8WLOL]DĠLWHOHFRPDQGDSHQWUXDYHULILFDIXQF
$SăVDĠLEXWRQXO ĠLLOHGHvQFăO]LUHDX[LOLDUăDOHDXWRYHKLFXOX
6LPEROXOLúLRUDGHSOHFDUHDSDUSHGLV OXL
SOD\
'H]DFWLYDUHDXQHLRUHGHSOHFDUHIL[DWH
$SăVDĠLEXWRQXOjVDXf
6WDUHDvQFăO]LULLDX[LOLDUHHVWHLQGLFDWăSH
GLVSOD\
$SăVDĠLEXWRQXOf
3ULPDRUăGHSOHFDUHPHPRUDWăDSDUHSH
GLVSOD\
$SăVDĠLEXWRQXOx
0HVDMXOGHSHGLVSOD\2))DSDUHSHGLVSOD\
ÌQORFXLUHDEDWHULHLWHOHFRPHQ]LL
(VWHQHFHVDUăREDWHULHFXSLQGH9GHWLS
&5
5HJODUHDRULILFLXOXLGHYHQWLODĠLH
3UREOHPHODvQFăO]LUHDYHQWLODĠLDDX[LOLDUă
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
B 7UDQVPLVLDGHVHPQDOGLQWUHWUDQVPLĠăWRUúLDXWRYHKLFXOHVWH
GHIHFWXRDVă
)$,/'()(&7
6FKLPEDĠLYăSR]LĠLDvQUDSRUWFXDXWRYHKLFXOXODSURSLLQGXYă
GHHOGDFăVLWXDĠLDRFHUH
&OLPDWL]DUH
ÌQFHUFDĠLGLQQRXVăDFWLYDĠLVDXVăGH]DFWLYDĠLvQFăO]LUHDDX[L
OLDUăFXDMXWRUXOWHOHFRPHQ]LL
g 1XH[LVWăVXILFLHQWFDUEXUDQWvQUH]HUYRUXOGHFDUEXUDQWVDXvQFăO]L
UHDDX[LOLDUăIXQFĠLRQHD]ăGHIHFWXRV
)$,/'()(&7
$OLPHQWDĠLODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH
ÌQFHUFDĠLGLQQRXVăDFWLYDĠLvQFăO]LUHDDX[LOLDUăFXDMXWRUXOWHOH
FRPHQ]LL
6ROLFLWDĠLYHULILFDUHDvQFăO]LULLDX[LOLDUHODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW
5HJODUHDRULILFLXOXLGHYHQWLODĠLH 3HQWUXDDVLJXUDXQGHELWGHDHUSURDVSăW
GLUHFWSULQRULILFLLOHGHYHQWLODĠLHvQLQWHULRUXO
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD DXWRYHKLFXOXOXLUHVSHFWDĠLXUPăWRDUHOHQRWH
$9(57,60(17 =HOLPLQDĠLREVWUXFĠLRQăULSUHFXPJKHDĠD
2ULILFLLOHGHYHQWLODĠLHSRWGHELWDXQDHUvQFLQV ]ăSDGDVDXIUXQ]HOHGLQDGPLVLDDHUXOXLGLQ
VDXIRDUWHUHFH$VWIHOSLHOHDQHDFRSHULWăGLQ WUHSDUEUL]úLFDSRWă
LPHGLDWDDSURSLHUHDRULILFLLORUSRDWHVXIHUL =QXDFRSHULĠLQLFLRGDWăRULILFLLOHGHYHQWLODĠLH
DUVXULVDXGHJHUăWXULğLQHĠLSLHOHDQHDFRSH VDXDGPLVLLOHGHDHUGLQLQWHULRUXODXWRYH
ULWăODGLVWDQĠăGHDFHVWHRULILFLL'DFăVLWXDĠLD KLFXOXOXL
RFHUHRULHQWDĠLFXUHQWXOGHDHUVSUHRDOWă G 3HQWUXRYHQWLODUHSUDFWLFOLSVLWăGH
]RQăGLQLQWHULRUXODXWRYHKLFXOXOXL
FXUHQĠLGHDHUUHJODĠLJOLVRDUHOHRULILFLLORU
GHYHQWLODĠLHvQSR]LĠLHFHQWUDOă
5HJODUHDRULILFLXOXLGHYHQWLODĠLH
)L[DUHDRULILFLLORUGHYHQWLODĠLHFHQ 5HJODUHDRULILFLXOXLGHYHQWLODĠLHDOWRU
WUDOH SHGRXOXL
&kQGFRQWUROXODXWRPDWDOFOLPDWL]ăULLHVWH
DFWLYDWWRUSHGRXOSRDWHILDHULVLWGHH[HPSOX
SHQWUXDLUăFLFRQĠLQXWXO1LYHOXOFXUHQWXOXL
GHDHUGHSLQGHGHVHWăULOHGHFXUHQWGHDHUúL
GLVWULEXĠLHDDHUXOXL
ÌQFKLGHĠLRULILFLXOGHYHQWLODĠLHFkQG
vQFăO]LĠLDXWRYHKLFXOXO
/DWHPSHUDWXULH[WHULRDUHvQDOWHGHVFKLGHĠL
RULILFLXOGHYHQWLODĠLHúLDFWLYDĠLIXQFĠLD
ÄUăFLUHDFXGH]XPLGLILFDUHDDHUXOXL´ÌQFD]
C 2ULILFLXOGHYHQWLODĠLHFHQWUDOVWkQJD FRQWUDUHOHPHQWHOHWHUPRVHQVLELOHGHSR]L
D 2ULILFLXOGHYHQWLODĠLHFHQWUDOGUHDSWD WDWHvQWRUSHGRSRWVXIHULGHWHULRUăUL
&OLPDWL]DUH
%XWRQGHUHJODMSHQWUXRULILFLXOGHYHQWLOD
ĠLHFHQWUDOGUHDSWD
%XWRQGHUHJODMSHQWUXRULILFLXOGHYHQWLOD
ĠLHFHQWUDOVWkQJD
3HQWUXDGHVFKLGHvQFKLGHURWLĠLEXWRD
QHOHGHUHJODMúL
vQVXVVDXvQMRV
)L[DUHDRULILFLLORUGHYHQWLODĠLHODWHUDOH
C %XWRQGHUHJODMSHQWUXRULILFLXOGHYHQWLOD
ĠLH
D 2ULILFLXGHYHQWLODĠLH
3HQWUXDGHVFKLGHvQFKLGHURWLĠLEXWRQXO
GHUHJODMCvQVHQVRUDUVDXDQWLRUDU
3HQWUXDGHVFKLGHvQFKLGHURWLĠLEXWRQXO
GHUHJODMODVWkQJDVDXODGUHDSWD
G 2ULILFLXOGHGH]DEXULUHSHQWUXJHDPXO
ODWHUDOCQXHVWHQLFLRGDWăFRPSOHWvQFKLV
FKLDUúLGDFăRULILFLXOGHYHQWLODĠLHODWH
UDODHVWHvQFKLV
5HJODUHDRULILFLXOXLGHYHQWLODĠLH
5HJODUHDRULILFLLORUGHYHQWLODĠLHGLQ
FRPSDUWLPHQWXOVSDWH
6HWDUHDRULILFLLORUGHYHQWLODĠLHFHQWUDOH
GLQFRPSDUWLPHQWXOVSDWH
&OLPDWL]DUH
C %XWRQXOGHUHJODMSHQWUXRULILFLXOGHYHQ
WLODĠLHGLQFRPSDUWLPHQWXOVSDWH
D 2ULILFLXGHYHQWLODĠLHGLQFRPSDUWLPHQWXO
VSDWHGUHDSWD
3DQRXGHFRPDQGăVSDWHSHQWUXFRQWUROXO
DXWRPDWDOFOLPDWL]ăULL7+(5027521,&
2ULILFLXGHYHQWLODĠLHGLQFRPSDUWLPHQWXO
VSDWHVWkQJD
3HQWUXDGHVFKLGHvQFKLGHURWLĠLEXWRQXO
GHUHJODMCvQVXVVDXvQMRV
,QIRUPDĠLLXWLOH
1RWHSULYLQGURGDMXO
&RQGXFHUH
&RQGXFHUHúLSDUFDUH
7UDQVPLVLHPDQXDOă
7UDQVPLVLHDXWRPDWă
$OLPHQWDUHFXFDUEXUDQW
3DUFDUH
6IDWXULSULYLQGFRQGXFHUHD
6LVWHPHGHDVLVWDUHDFRQGXFHULL
7UDFWDUHDXQHLUHPRUFL
1RWHSULYLQGURGDMXO
,QIRUPDĠLLXWLOH GLVWDQĠăSkQăOD]RQDURúLHGLQDILúDMXO
WXURPHWUXOXL
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH =1XFXSODĠLPDQXDORWUHDSWăGHYLWH]ăLQIH
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG ULRDUăSHQWUXDIUkQDDXWRYHKLFXOXO
&RQGXFHUHúLSDUFDUH
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
='DFăHVWHSRVLELOQXDSăVDĠLSHGDODGH
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL DFFHOHUDĠLHGLQFRORGHSXQFWXOGHUH]LV
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP WHQĠăUHWURJUDGDUHDIRUĠDWă
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF =6HOHFWDĠLQXPDLWUHSWHOHGHYLWH]ăVDX
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO FkQGFRQGXFHĠLOHQWGHH[SHWHUHQPRQ
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH WDQ
ULWRDUHODVLJXUDQĠă 'XSăNPSXWHĠLDGXFHWUHSWDWDXWRYH
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH KLFXOXOODYLWH]HGHUXODUHúLWXUDĠLLDOHPRWR
FLDOLWDWHDXWRUL]DWH3DJLQD UXOXLFRPSOHWH
1RWHVXSOLPHQWDUHSULYLQGURGDMXOSHQWUX
DXWRYHKLFXOHOH$0*
1RWHSULYLQGURGDMXO =QXFRQGXFHĠLODYLWH]HGHSHVWHNPK
vQSULPLLNP
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
=OăVDĠLPRWRUXOVăDWLQJăWXUDĠLDPD[LPăD
$9(57,60(17 PRWRUXOXLGHURWPLQQXPDLSHQWUX
3OăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăQRL VFXUWWLPS
RIHUăSHUIRUPDQĠHRSWLPHODIUkQDUHQXPDL G 7UHEXLHGHDVHPHQHDVăUHVSHFWDĠL
GXSăFkWHYDVXWHGHNLORPHWUL3kQăDWXQFL DFHVWHQRWHSULYLQGURGDMXOGDFăPRWRUXO
FRPSHQVDĠLUHGXFHUHDIRUĠHLGHIUkQDUHSULQ VDXFRPSRQHQWHDOHWUHQXOXLGHWUDQVPLVLH
DSăVăULPDLIHUPHSHSHGDODGHIUkQă$FHDVWă GHODDXWRYHKLFXOXOGXPQHDYRDVWUăDXIRVW
LQGLFDĠLHHVWHYDODELOăúLFkQGSOăFXĠHOHGH vQORFXLWH
IUkQăJDUQLWXULOHGHIUkQăVDXGLVFXULOHGH
IUkQăDXIRVWVFKLPEDWH
$XWRYHKLFXOHOH$0*FXGLIHUHQĠLDOGH
EORFDUHSHSXQWHDVSDWH
ÌQSULPLLNP
$XWRYHKLFXOXOGXPQHDYRDVWUăHVWHSUHYă]XW
&XFkWYăvQJULMLĠLPRWRUXOPDLELQHFkQGHVWH FXXQGLIHUHQĠLDOFXDXWREORFDUHSHSXQWHD
QRXFXDWkWPDLVDWLVIăFXWYHĠLILGHSHUIRU VSDWH6FKLPEDĠLXOHLXOGXSăSHULRDGDGH
PDQĠHOHVDOHYLLWRDUH URGDMGHNPSHQWUXDvPEXQăWăĠLSUR
=3ULQXUPDUHFRQGXFHĠLODYLWH]HúLWXUDĠLLDOH WHFĠLDGLIHUHQĠLDOXOXLSXQĠLLVSDWH$FHVW
PRWRUXOXLYDULDWHvQSULPLLNP VFKLPEGHXOHLSUHOXQJHúWHGXUDWDGHYLDĠă
=(YLWDĠLVăVXSXQHĠLPRWRUXOXQRUVDUFLQL XWLOăDGLIHUHQĠLDOXOXL6ROLFLWDĠLHIHFWXDUHD
PDULvQDFHDVWăSHULRDGăGHH[SULQFRQ VFKLPEXOXLGHXOHLODXQDWHOLHUGHVSHFLDOLWDWH
GXFHUHDODDFFHOHUDĠLHPD[LPă DXWRUL]DW0HUFHGHV%HQ]UHFRPDQGăVăXWL
=6FKLPEDĠLWUHDSWDGHYLWH]ăvQWLPSXWLOFHO
OL]DĠLXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]vQ
DFHVWVFRS
PDLWkU]LXFkQGDFXOWXURPHWUXOXLHVWHOD
&RQGXFHUH
&RQGXFHUH 3R]LĠLLFKHLH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD &KHLH
3HULFROGHDFFLGHQW
&RQGXFHUHúLSDUFDUH
1XDPSODVDĠLRELHFWHvQVSDĠLXOGHVWLQDW
SLFLRDUHORUúRIHUXOXL'DFăDFHVWVSDĠLXHVWH
DFRSHULWFXPRFKHWHVDXFRYRUDúHDVLJXUDĠL
YăFăDFHVWHDVXQWIL[DWHFRUHVSXQ]ăWRUúLFă
QXREVWUXFĠLRQHD]ăFXUVDSHGDOHORU
1XVXSUDSXQHĠLPDLPXOWHFRYRUDúH
ÌQFD]FRQWUDURELHFWHOHQHIL[DWHFRUHV
SXQ]ăWRUVDXFRYRUDúHOHSRWILSULQVHvQWUH
SHGDOHODDFFHOHUDUHDVDXIUkQDUHDEUXVFăD
DXWRYHKLFXOXOXL1XYDILSRVLELOăIUkQDUHD Z 3HQWUXDVFRDWHFKHLD
DPEUHLHUHDVDXDFFHOHUDUHDDXWRYHKLFXOXOXL G $OLPHQWDUHDHOHFWULFăSHQWUXDQXPLĠLFRQ
FRQIRUPLQWHQĠLLORUúRIHUXOXL$VWIHOGHVLWXDĠLL VXPDWRULSUHFXPúWHUJăWRDUHOHGHSDU
SRWFDX]DDFFLGHQWHúLUăQLUL EUL]
H &RQWDFWXODOLPHQWDUHDHOHFWULFăSHQWUX
$9(57,60(17 WRĠLFRQVXPDWRULLúLSR]LĠLDGHFRQGXFHUH
1XUHWURJUDGDĠLSHQWUXXQHIHFWGHIUkQăGH I 3HQWUXDSRUQLPRWRUXO
PRWRUVXSOLPHQWDUSHVXSUDIHĠHGHGUXPDOX
QHFRDVH$VWIHOURĠLOHPRWULFHúLDUSXWHD 'DFăFKHLDVHDIOăvQSR]LĠLDGLQFRPXWDWRUXO
SLHUGHDGHUHQĠDLDUDXWRYHKLFXOXODUSXWHD GHFRQWDFWSHRSHULRDGăPDLvQGHOXQJDWăHD
GHUDSD$VWIHOSXWHĠLSLHUGHFRQWUROXODXWRYH QXPDLSRDWHILURWLWăvQFRPXWDWRUXOGHFRQ
KLFXOXOXLúLSXWHĠLSURYRFDXQDFFLGHQW WDFW'LUHFĠLDHVWHDSRLEORFDWă3HQWUXDR
GHEORFDVFRDWHĠLFKHLDúLUHLQWURGXFHĠLRvQ
ÌQFăO]LĠLUDSLGPRWRUXO1XXWLOL]DĠLSHUIRU FRPXWDWRUXOGHFRQWDFW
PDQĠHOHFRPSOHWHDOHPRWRUXOXLSkQăQXD 9RODQXOHVWHEORFDWFkQGFKHLDHVWHVFRDVă
DWLQVWHPSHUDWXUDGHIXQFĠLRQDUH GLQFRPXWDWRUXOGHFRQWDFW
6HWDĠLWUDQVPLVLDDXWRPDWăODSR]LĠLLOHGH G 'DFăFKHLDQXDSDUĠLQHDXWRYHKLFXOXOXL
FRQGXFHUHUHVSHFWLYHQXPDLFkQGDXWRYH
HDSRDWHWRWXúLILURWLWăvQFRPXWDWRUXOGH
KLFXOXOVWDĠLRQHD]ă
FRQWDFW&XWRDWHDFHVWHDFRQWDFWXOQXYD
'DFăHVWHSRVLELOHYLWDĠLSDWLQDUHDURĠLORU ILFXSODW0RWRUXOQXSRDWHILSRUQLW
PRWULFHFkQGSRUQLĠLGHSHORFSHGUXPXUL
DOXQHFRDVHÌQFD]FRQWUDUDĠLSXWHDGHWH .(</(66*2
ULRUDWUHQXOGHWUDQVPLVLH
$XWRYHKLFXOHOH$0*ODWHPSHUDWXUL 1RWHJHQHUDOH
VFă]XWHDOHXOHLXOXLGHPRWRUVXE $XWRYHKLFXOHOHFX.(</(66*2VXQWGRWDWH
WXUDĠLDPD[LPăDPRWRUXOXLHVWHOLPLWDWă FXRFKHLHSUHYă]XWăFXRIXQFĠLH.(</(66
SHQWUXDSURWHMDPRWRUXO3HQWUXDSURWHMD *2LQWHJUDWăúLXQEXWRQ6WDUW6WRSGHWDúD
PRWRUXOúLDPHQĠLQHIXQFĠLRQDUHDOLQăD ELO
PRWRUXOXLHYLWDĠLVăFRQGXFHĠLODDFFHOHUD %XWRQXO6WDUW6WRSWUHEXLHVăILHLQWURGXVvQ
ĠLHPD[LPăFkWPRWRUXOHVWHUHFH FRPXWDWRUXOGHFRQWDFWúLFKHLDWUHEXLHVăVH
DIOHvQDXWRYHKLFXO
$SăVDUHDEXWRQXOXL6WDUW6WRSGHPDLPXOWH
RULODUkQGFRUHVSXQGHGLIHULWHORUSR]LĠLLDOH
&RQGXFHUH
FKHLLvQFRPXWDWRUXOGHFRQWDFW$FHDVWă
VLWXDĠLHDSDUHGRDUGDFăQXDSăVDĠLSHGDODGH
IUkQă
'DFăDSăVDĠLSHGDODGHIUkQăúLDSăVDĠLEXWR
&RQGXFHUHúLSDUFDUH
QXO6WDUW6WRSPRWRUXOSRUQHúWHLPHGLDW
6FRDWHĠLEXWRQXO6WDUW6WRSCGLQFRPX
WDWRUXOGHFRQWDFWD
G &kQGLQWURGXFHĠLEXWRQXO6WDUW6WRSC
vQFRPXWDWRUXOGHFRQWDFWDVLVWHPXO
QHFHVLWăXQLQWHUYDOGHUHFXQRDúWHUHGH
3R]LĠLDGDFăEXWRQXO6WDUW6WRSCQXD
DSUR[LPDWLYGRXăVHFXQGHvQDLQWHFDGXP
IRVWvQFăDSăVDWDFHDVWDFRUHVSXQGHVFRD QHDYRDVWUăVăSXWHĠLXWLOL]DEXWRQXO6WDUW
WHULLFKHLLGLQFRQWDFW 6WRSC
3R]LĠLDDSăVDĠLEXWRQXO6WDUW6WRSC
$FXPSXWHĠLDFWLYDúWHUJăWRDUHOHGHSDU
EUL]GHH[HPSOX 3RUQLUHDPRWRUXOXL
G 'DFăGHVFKLGHĠLDSRLSRUWLHUDúRIHUXOXLvQ 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
DFHDVWăSR]LĠLHDOLPHQWDUHDHOHFWULFăHVWH
GH]DFWLYDWă 3HULFROGHLQWR[LFDUH
3R]LĠLDFRQWDFWDSăVDĠLEXWRQXO6WDUW 1XOăVDĠLQLFLRGDWăPRWRUXOvQIXQFĠLXQHvQ
6WRSCGHGRXăRUL VSDĠLLvQFKLVH*D]HOHGHHúDSDPHQWFRQĠLQ
PRQR[LGGHFDUERQ,QKDODUHDJD]HORUGHHúD
G 'DFăDSăVDĠLEXWRQXO6WDUW6WRSCR SDPHQWSUH]LQWăXQULVFSHQWUXVăQăWDWHúL
GDWăvQDFHDVWăSR]LĠLHúLSRUWLHUDúRIHUXOXL SRDWHFDX]DSLHUGHUHDFXQRúWLQĠHLVDXFKLDU
HVWHGHVFKLVăDOLPHQWDUHDHOHFWULFăHVWH GHFHVXO
GH]DFWLYDWăGLQQRX
1XDSăVDĠLSHGDODGHDFFHOHUDĠLHODSRU
6FRDWHUHDEXWRQXOXL6WDUW6WRS QLUHDPRWRUXOXL
3XWHĠLVFRDWHEXWRQXO6WDUW6WRSGLQFRPX G $XWRYHKLFXOHOHFXPRWRUSHEHQ]LQă
WDWRUXOGHFRQWDFWúLSRUQLDXWRYHKLFXOXOvQ FRQYHUWRUXOFDWDOLWLFHVWHSUHvQFăO]LWWLPS
PRGQRUPDOFXDMXWRUXOFKHLL GHSkQăODGHVHFXQGHGXSăRSRUQLUHOD
G 1XWUHEXLHVăVFRDWHĠLEXWRQXO6WDUW6WRS UHFH6XQHWXOPRWRUXOXLSRDWHVXIHULPRGL
GLQFRPXWDWRUXOGHFRQWDFWFkQGSăUăVLĠL ILFăULvQDFHVWLQWHUYDO
DXWRYHKLFXOXO
7UDQVPLVLHPDQXDOă
$SăVDĠLSHGDODGHIUkQăúLPHQĠLQHĠLR
DSăVDWă
$SăVDĠLFRPSOHWSHGDODGHDPEUHLDM
$GXFHĠLVFKLPEăWRUXOvQSR]LĠLDQHXWUă1
&RQGXFHUH
G 3XWHĠLSRUQLPRWRUXOQXPDLFkQGSHGDOD 8WLOL]DUHD.(</(66*2SHQWUXDSRUQL
GHDPEUHLDMHVWHFRPSOHWDSăVDWă PRWRUXO
7UDQVPLVLHDXWRPDWă $9(57,60(17
&RQGXFHUHúLSDUFDUH
$XWRYHKLFXOXOGXPQHDYRDVWUăSRDWHILSRUQLW
&XSODĠLWUDQVPLVLDvQSR]LĠLD3 QXPDLFXDMXWRUXOXQHLFKHL.(</(66*2
$ILúDMXOSR]LĠLHLWUDQVPLVLHLGLQDILúDMXOPXO YDOLGH'LQDFHVWPRWLYFRSLLLQXWUHEXLHVăILH
WLIXQFĠLRQDOLQGLFă3 OăVDĠLQHVXSUDYHJKHDĠLvQDXWRYHKLFXO/XDĠL
vQWRWGHDXQDFKHLDFXGXPQHDYRDVWUăFkQG
G 3XWHĠLGHDVHPHQHDVăSRUQLĠLPRWRUXO
LHúLĠLGLQDXWRYHKLFXOFKLDUúLGDFăvOSăUăVLĠL
FkQGWUDQVPLVLDVHDIOăvQSR]LĠLD1
QXPDLSHQWUXVFXUWWLPS
3URFHGXUDGHSRUQLUHFXFKHLD G %XWRQXO6WDUW6WRSSRDWHILXWLOL]DWSHQWUX
G 3HQWUXDSRUQLPRWRUXOFXDMXWRUXOFKHLLvQ DSRUQLPRWRUXOPDQXDOIăUăDLQWURGXFH
ORFGH.(</(66*2WUDJHĠLEXWRQXO6WDUW FKHLDvQFRPXWDWRUXOGHFRQWDFW&KHLDWUH
6WRSGLQFRPXWDWRUXOGHFRQWDFW EXLHVăVHDIOHvQDXWRYHKLFXOLDUEXWRQXO
6WDUW6WRSWUHEXLHVăILHDSăVDWvQFRPX
3HQWUXDSRUQLXQPRWRUSHEHQ]LQă
WDWRUXOGHFRQWDFW$FHVWPRGGHSRUQLUHD
URWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH PRWRUXOXLIXQFĠLRQHD]ăLQGHSHQGHQWGH
FRQWDFW3DJLQDúLHOLEHUDĠLRLPH IXQFĠLDGHSRUQLUHDXWRPDWăDPRWRUXOXL
GLDWFHPRWRUXOIXQFĠLRQHD]ă (&2VWDUWVWRS
3HQWUXDSRUQLXQPRWRUSHEHQ]LQă
$SăVDĠLSHGDODGHIUkQăúLPHQĠLQHĠLR
URWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
DSăVDWă
FRQWDFW3DJLQD
3HQWUXDSRUQLXQPRWRUSHEHQ]LQă
6HDSULQGHODPSDLQGLFDWRDUH(JDOEHQă
GHSUHvQFăO]LUHFXEXMLHLQFDQGHVFHQWăGLQ DSăVDĠLEXWRQXO6WDUW6WRS
SDQRXOGHLQVWUXPHQWH 3DJLQDRGDWă
0RWRUXOSRUQHúWH
&kQGODPSDLQGLFDWRDUHJDOEHQăGHSUH
3HQWUXDSRUQLXQPRWRUGLHVHODSăVDĠL
vQFăO]LUHFXEXMLHLQFDQGHVFHQWă(VH
VWLQJHURWLĠLFKHLDvQSR]LĠLD EXWRQXO6WDUW6WRS3DJLQDRGDWă
3DJLQDúLHOLEHUDĠLRLPHGLDWFH 3UHvQFăO]LUHDFXEXMLHLQFDQGHVFHQWăHVWH
PRWRUXOIXQFĠLRQHD]ă DFWLYDWăúLPRWRUXOSRUQHúWH
G 3XWHĠLSRUQLPRWRUXOIăUăSUHvQFăO]LUHFX
EXMLHLQFDQGHVFHQWăGDFăPRWRUXOHVWH 3RUQLUHGHSHORF
FDOG
7UDQVPLVLHPDQXDOă
G $XWRYHKLFXOHOHFXWUDQVPLVLHDXWR
PDWăSXWHĠLGHDVHPHQHDXWLOL]DIXQFĠLD $SăVDĠLSHGDODGHIUkQăúLPHQĠLQHĠLR
ÄWRXFKVWDUW´ÌQDFHVWVFRSURWLĠLFKHLDvQ DSăVDWă
SR]LĠLD3DJLQDúLHOLEHUDĠLRLPH $SăVDĠLFRPSOHWSHGDODGHDPEUHLDM
GLDW0RWRUXOSRUQHúWHDSRLDXWRPDW &XSODĠLILHSULPDWUHDSWăGHYLWH]ăILH
WUHDSWDGHPHUVvQDSRL5
(OLEHUDĠLIUkQDGHSDUFDUH3DJLQD
(OLEHUDĠLSHGDODGHIUkQă
(OLEHUDĠLOHQWSHGDODGHDPEUHLDMúLDSăVDĠL
XúRUSHGDODGHDFFHOHUDĠLH
&RQGXFHUH
6FKLPEDĠLWUHDSWDGHYLWH]ăvQWLPSXWLOúL DVFHQGHQWă$FHDVWDPHQĠLQHDXWRYHKLFXOXO
HYLWDĠLSDWLQDUHDURĠLORUÌQFD]FRQWUDUDĠL vQORFRVFXUWăSHULRDGăGXSăFHDĠLULGLFDW
SXWHDDYDULDDXWRYHKLFXOXO SLFLRUXOGHSHSHGDODGHIUkQă$VWIHODYHĠL
VXILFLHQWWLPSVăYăWUHFHĠLSLFLRUXOGHSH
G 5HVSHFWDĠLUHFRPDQGăULOHSULYLQGVFKLP
&RQGXFHUHúLSDUFDUH
SHGDODGHIUkQăSHSHGDODGHDFFHOHUDĠLHúLVă
EDUHDYLWH]HLGLQDILúDMXOPXOWLIXQFĠLRQDO
RDSăVDĠLvQDLQWHFDDXWRYHKLFXOXOVăVHSXQă
SHQWUXDREĠLQHXQVWLOGHFRQGXFHUHHFR
vQPLúFDUHVXEDFĠLXQHDJUDYLWDĠLHL
QRPLF3DJLQD
G $XWRYHKLFXOXOVHvQFXLHFHQWUDOL]DWRGDWă $9(57,60(17
FHDĠLGHPDUDW%XWRDQHOHGHvQFXLHUHGLQ 1XSăUăVLĠLQLFLRGDWăDXWRYHKLFXOXOFkQGHVWH
SRUWLHUHFRERDUă PHQĠLQXWGHDVLVWHQĠDODSRUQLUHDvQSDQWă
'XSăDSUR[LPDWLYRVHFXQGăDVLVWHQĠDODSRU
3XWHĠLGHVFKLGHRULFkQGSRUWLHUHOHGLQLQWH
QLUHDvQSDQWăQXYDPDLIUkQDDXWRYHKLFXOXO
ULRU
LDUDFHVWDVHSRDWHSXQHvQPLúFDUH
'HDVHPHQHDSXWHĠLGH]DFWLYDFDUDFWHULV
WLFDGHvQFXLHUHDXWRPDWă3DJLQD /XDĠLSLFLRUXOGHSHSHGDODGHIUkQă
G 2GDWăFHDĠLULGLFDWSLFLRUXOGHSHSHGDOD
7UDQVPLVLHDXWRPDWă GHIUkQăDXWRYHKLFXOXOHVWHPHQĠLQXWWLPS
G 7UDQVPLVLDSRDWHILFXSODWăGLQSR]LĠLD3 GHDSUR[LPDWLYRVHFXQGă
vQSR]LĠLDGRULWăGRDUGDFăDSăVDĠLSHGDOD 3RUQLĠLGHSHORF
GHIUkQă1XPDLDWXQFLHVWHHOLEHUDWăEOR $VLVWHQĠDODSRUQLUHDvQSDQWăQXYDIXQFĠLRQD
FDUHDPDQHWHLVHOHFWRDUH GDFă
$SăVDĠLSHGDODGHIUkQăúLPHQĠLQHĠLR
=SRUQLĠLGHSHORFSHXQGUXPSODQVDXSHR
DSăVDWă SDQWăGHVFHQGHQWă
&XSODĠLWUDQVPLVLDSHSR]LĠLD'VDX5
=ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
(OLEHUDĠLIUkQDGHSDUFDUH3DJLQD WUDQVPLVLDVHDIOăvQSR]LĠLD1
(OLEHUDĠLSHGDODGHIUkQă =IUkQDGHSDUFDUHHVWHDFĠLRQDWă
$SăVDĠLFXDWHQĠLHSHGDODGHDFFHOHUDĠLH =(63HVWHGHIHFW
G $XWRYHKLFXOXOVHvQFXLHFHQWUDOL]DWRGDWă
FHDĠLGHPDUDW%XWRDQHOHGHvQFXLHUHGLQ
SRUWLHUHFRERDUă )XQFĠLDVWDUWVWRS(&2
3XWHĠLGHVFKLGHRULFkQGSRUWLHUHOHGLQLQWH 1RWHJHQHUDOH
ULRU
)XQFĠLDVWDUWVWRS(&2RSUHúWHDXWRPDW
'HDVHPHQHDSXWHĠLGH]DFWLYDFDUDFWHULV PRWRUXOGDFăDXWRYHKLFXOXOVHRSUHúWHGLQ
WLFDGHvQFXLHUHDXWRPDWă3DJLQD PLúFDUH
G &XSOăULOHvQWUHDSWăVXSHULRDUăVHHIHF 0RWRUXOSRUQHúWHDXWRPDWFkQGGHPDUDĠLGLQ
WXHD]ăODWXUDĠLLPDLPDULDOHPRWRUXOXL QRX)XQFĠLDVWDUWVWRS(&2YăDMXWăvQFRQ
GXSăRSRUQLUHODUHFH$VWIHOFRQYHUWRUXO VHFLQĠăVăUHGXFHĠLFRQVXPXOGHFDUEXUDQWúL
FDWDOLWLFSRDWHDWLQJHWHPSHUDWXUDVDGH HPLVLLOHDXWRYHKLFXOXOXLGXPQHDYRDVWUă
IXQFĠLRQDUHPDLUDSLG )XQFĠLDVWDUWVWRS(&2HVWHDFWLYDWăGHILH
FDUHGDWăFkQGPRWRUXOHVWHSRUQLW'DFăVH
$VLVWHQĠăODSRUQLUHDvQSDQWă UHXQHVFWRDWHFRQGLĠLLOHSHQWUXRSULUHDDXWR
$VLVWHQĠDODSRUQLUHDvQSDQWăYăDVLVWăFkQG PDWăDPRWRUXOXL3DJLQDVLPEROXO
SRUQLĠLGHSHORFvQDLQWHVDXvQDSRLvQSDQWă (&2§DSDUHvQYHUGHSHDILúDMXOPXOWL
IXQFĠLRQDO
&RQGXFHUH
&RQGXFHUHúLSDUFDUH
DILúDW GLQQRXFkQGVLPEROXO(&2§DSDUHvQ
YHUGHSHDILúDMXOPXOWLIXQFĠLRQDO
$9(57,60(17
'DFăPRWRUXOHVWHRSULWúLVLPEROXO(&2DSDUH
G ÌQWLPSXORSULULLDXWRPDWHDPRWRUXOXLVLV
vQYHUGHSHDILúDMXOPXOWLIXQFĠLRQDOPRWRUXOD WHPXOGHFRQWURODOFOLPDWL]ăULLIXQFĠLR
IRVWRSULWDXWRPDW7RDWHVLVWHPHOHDXWRYHKL QHD]ăGRDUODRFDSDFLWDWHUHGXVă'DFă
FXOXOXLUăPkQDFWLYH'DFăGHVFKLGHĠLSRU DYHĠLQHYRLHGHFRQWUROXOFOLPDWL]ăULLOD
WLHUDYăGHVIDFHĠLFHQWXUDGHVLJXUDQĠăVDX FDSDFLWDWHPD[LPăIXQFĠLDVWDUWVWRS(&2
ULGLFDĠLSLFLRUXOGHSHSHGDODGHIUkQăPRWRUXO SRDWHILGH]DFWLYDWăSULQDSăVDUHDEXWRQX
YDSRUQLDXWRPDW$XWRYHKLFXOXOVHSRDWH OXL(&23DJLQD
SXQHvQPLúFDUH3XWHĠLVXIHULUăQLJUDYHVDX $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
FKLDUIDWDOHVDXSXWHĠLSURYRFDXQDFFLGHQW
FDUHVăUH]XOWHvQUăQLUHVDXGHFHV
1XSăUăVLĠLQLFLRGDWăDXWRYHKLFXOXOFkQGVLP
EROXO(&2GHSHDILúDMXOPXOWLIXQFĠLRQDODSDUH
vQYHUGHVDXvQJDOEHQ$VLJXUDĠLvQWRWGHDXQD
DXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
vQDLQWHGHDOSăUăVL
'HFXSODĠLvQWRWGHDXQDFRQWDFWXOúLOXDĠL
FKHLDFXGXPQHDYRDVWUăFkQGSăUăVLĠL
DXWRYHKLFXOXO
)XQFĠLDVWDUWVWRS(&2RSUHúWHDXWRPDW
2SULUHDDXWRPDWăDPRWRUXOXL PRWRUXOODYLWH]HPLFL
0RWRUXOHVWHRSULWQXPDLGDFă )UkQDĠLDXWRYHKLFXOXOSkQăFHVHRSUHúWH
=WHPSHUDWXUDH[WHULRDUăVHvQFDGUHD]ăvQ &XSODĠLSR]LĠLDQHXWUă13DJLQD
LQWHUYDOXODGHFYDWSHQWUXVLVWHP UHVSHFWDĠLLQVWUXFĠLXQHDGHVFKLPEDUHD
=PRWRUXOVHDIOăODWHPSHUDWXUDGHIXQFĠLR YLWH]HLCSHQWUXDFXSODSR]LĠLDQHXWUă1
QDUHQRUPDOă GDFăHVWHFD]XO
=WHPSHUDWXUDVHWDWăSHQWUXLQWHULRUXODXWR (OLEHUDĠLSHGDODGHDPEUHLDM
YHKLFXOXOXLDIRVWDWLQVă 0RWRUXOHVWHRSULWDXWRPDW
=EDWHULDHVWHvQFăUFDWăVXILFLHQW
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
=VLVWHPXOGHWHFWHD]ăIDSWXOFăSDUEUL]XOQX
HVWHDEXULWFkQGVLVWHPXOGHDHUFRQGLĠLR )XQFĠLDVWDUWVWRS(&2RSUHúWHPRWRUXO
QDWHVWHDFWLYDW DXWRPDWGDFăDXWRYHKLFXOXOHVWHIUkQDWSkQă
ODRSULUHúLIUkQDUăPkQHDSăVDWăFXWUDQVPL
=FDSRWDHVWHvQFKLVă
VLDvQSR]LĠLD'VDX1
=DXWRYHKLFXOXOQXHVWHPDQHYUDW
=SRUWLHUDúRIHUXOXLHVWHvQFKLVăúLFHQWXUDGH
G 3XWHĠLDFWLYDvQFRQWLQXDUHIXQFĠLD+2/'
VLJXUDQĠăHVWHFXSODWă FkQGDXWRYHKLFXOXOVWDĠLRQHD]ăFKLDUúL
GDFăPRWRUXODIRVWRSULWDXWRPDW$SRLQX
G 0RWRUXOSRDWHILRSULWDXWRPDWGHPD[L PDLHVWHQHYRLHVăFRQWLQXDĠLVăDFĠLRQDĠL
PXPSDWUXRULSULPDRSULUHúLWUHLRSULUL IUkQDvQWLPSXOID]HLGHRSULUHDXWRPDWă
&RQGXFHUH
&kQGDSăVDĠLSHGDODGHDFFHOHUDĠLHPRWR 'H]DFWLYDUHDDFWLYDUHDIXQFĠLHLVWDUW
UXOSRUQHúWHDXWRPDWúLHIHFWXOGHIUkQDUH VWRS(&2
DOIXQFĠLHL+2/'HVWHGH]DFWLYDW$SăVDĠL
SHGDODGHDFFHOHUDĠLHFXDWHQĠLHGHRDUHFH
&RQGXFHUHúLSDUFDUH
WUHEXLHVăSRUQLĠLPRWRUXOPDLvQWkL
3RUQLUHDDXWRPDWăDPRWRUXOXL
0RWRUXOHVWHSRUQLWDXWRPDWGDFă
=IXQFĠLDVWDUWVWRS(&2HVWHGH]DFWLYDWă
SULQDSăVDUHDEXWRQXOXL(&2
=DXWRYHKLFXOXOVHSXQHvQPLúFDUH
=VLVWHPXOGHIUkQDUHQHFHVLWăDFHVWOXFUX
=VWDGLXOGHvQFăUFDUHDOEDWHULHLHVWHSUHD 'H]DFWLYDUH
VFă]XW $SăVDĠLEXWRQXOC
=FHQWXUDGHVLJXUDQĠăDúRIHUXOXLQXHVWH
/DPSDLQGLFDWRDUHDGHSHEXWRQXOCúL
FXSODWăúLSRUWLHUDúRIHUXOXLHVWHGHVFKLVă VLPEROXO(&2§GLQDILúDMXOPXOWLIXQF
=FDSRWDHVWHGHVFKLVă ĠLRQDOVHVWLQJ
=FXSODĠLWUDQVPLVLDGLQSR]LĠLD'vQ5
$FWLYDUH
=PDQHYUDĠLDXWRYHKLFXOXO
$SăVDĠLEXWRQXOC
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă /DPSDLQGLFDWRDUHDVHDSULQGH'DFă
0RWRUXOHVWHSRUQLWDXWRPDWGDFă VXQWUHXQLWHWRDWHFRQGLĠLLOHVLPEROXO(&2
=DSăVDĠLSHGDODGHDPEUHLDM §DSDUHvQYHUGHSHDILúDMXOPXOWLIXQF
=DSăVDĠLSHGDODGHDFFHOHUDĠLH
ĠLRQDO
'DFăQXVXQWUHXQLWHWRDWHFRQGLĠLLOHVLP
&XSODĠLWUHDSWDGHYLWH]ăQXPDLFkQG EROXO(&2§DSDUHvQJDOEHQSHDILúDMXO
SHGDODGHDPEUHLDMHVWHDSăVDWă PXOWLIXQFĠLRQDOÌQDFHDVWăVLWXDĠLHIXQFĠLD
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă VWDUWVWRS(&2HVWHLQGLVSRQLELOă
0RWRUXOHVWHSRUQLWDXWRPDWGDFă 'DFăODPSDLQGLFDWRDUHDHVWHGH]DFWLYDWă
=HOLEHUDĠLIUkQHOHFkQGSR]LĠLDWUDQVPLVLHL
IXQFĠLDVWDUWVWRS(&2DIRVWGH]DFWLYDWă
PDQXDOVDXvQXUPDXQHLGHIHFĠLXQL0RWRUXO
HVWH'VDX1FXH[FHSĠLDFD]XOXLvQFDUH
QXYDILRSULWDXWRPDWFkQGDXWRYHKLFXOXOVH
IXQFĠLD+2/'HVWHDFWLYDWăVDX
RSUHúWH
=FXSODĠLWUHDSWDGHPHUVvQDSRL5VDX
=DSăVDĠLSHGDODGHDFFHOHUDĠLH
G )XQFĠLDVWDUWVWRS(&2HVWHDFWLYDWăGH
ILHFDUHGDWăFkQGPRWRUXOHVWHSRUQLW
G &XSODUHDWUDQVPLVLHLvQSR]LĠLD3QXGXFH
ODSRUQLUHDPRWRUXOXL
&RQGXFHUH
3UREOHPHODPRWRU
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
0RWRUXOQXSRUQHúWH )XQFĠLD+2/'VDX',67521,&3/86HVWHDFWLYDWă
&RQGXFHUHúLSDUFDUH
'H]DFWLYDĠLIXQFĠLD+2/'3DJLQDVDX',67521,&3/86
3DJLQD
ÌQFHUFDĠLVăSRUQLĠLPRWRUXOGLQQRX
0RWRUXOQXSRUQHúWH =([LVWăRGHIHFĠLXQHODVLVWHPHOHHOHFWURQLFHDOHPRWRUXOXL
6HSRDWHDX]LGHPDUR =([LVWăRGHIHFĠLXQHODDOLPHQWDUHDFXFDUEXUDQW
UXO ÌQDLQWHGHDvQFHUFDVăSRUQLĠLPRWRUXOGLQQRXURWLĠLFKHLDvQ
FRPXWDWRUXOGHFRQWDFWvQDSRLvQSR]LĠLDVDXDSăVDĠLEXWRQXO
6WDUW6WRSvQPRGUHSHWDWSkQăFHWRDWHOăPSLOHLQGLFDWRDUHGLQ
SDQRXOGHLQVWUXPHQWHVHVWLQJ
ÌQFHUFDĠLVăSRUQLĠLPRWRUXOGLQQRX3DJLQD(YLWDĠL
vQFHUFăULOHH[FHVLYGHOXQJLúLIUHFYHQWHGHDSRUQLPRWRUXO
GHRDUHFHDVWIHOYHĠLGHVFăUFDEDWHULD
'DFăPRWRUXOQXSRUQHúWHGXSăPDLPXOWHvQFHUFăUL
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ&HQWUX
GHVHUYLFH0HUFHGHV%HQ]
0RWRUXOQXSRUQHúWH 5H]HUYRUXOGHFDUEXUDQWHVWHJRO
6HSRDWHDX]LGHPDUR $OLPHQWDĠLDXWRYHKLFXOXO
UXO/DPSDGHDYHUWL
]DUHSULYLQGFDUEXUDQ
WXOGHUH]HUYăHVWH
DSULQVăúLDILúDMXOLQGL
FDWRUXOXLGHQLYHODOFDU
EXUDQWXOXLLQGLFă
0RWRUXOQXSRUQHúWH 7HQVLXQHDGHODERUGHVWHSUHDVFă]XWăGHRDUHFHEDWHULDHVWHSUHD
1XSXWHĠLDX]LGHPDUR VODEăVDXGHVFăUFDWă
UXO 3RUQLĠLIRUĠDWDXWRYHKLFXOXO3DJLQD
'DFăPRWRUXOQXSRUQHúWHvQFLXGDvQFHUFăULORUGHDOSRUQLIRUĠDW
DFHVWD
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ&HQWUX
GHVHUYLFH0HUFHGHV%HQ]
7UDQVPLVLHPDQXDOă
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
'HPDURUXODIRVWH[SXVXQHLVDUFLQLWHUPLFHSUHDULGLFDWH
/ăVDĠLGHPDURUXOVăVHUăFHDVFăWLPSGHDSUR[LPDWLYGRXă
&RQGXFHUHúLSDUFDUH
PLQXWH
ÌQFHUFDĠLVăSRUQLĠLPRWRUXOGLQQRX
'DFăPRWRUXOFRQWLQXăVăUHIX]HVăSRUQHDVFă
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ&HQWUX
GHVHUYLFH0HUFHGHV%HQ]
$XWRYHKLFXOHOHFX ([LVWăRGHIHFĠLXQHODVLVWHPHOHHOHFWURQLFHDOHPRWRUXOXLVDXODR
PRWRUSHEHQ]LQă FRPSRQHQWăPHFDQLFăDVLVWHPXOXLGHPDQDJHPHQWDOPRWRUXOXL
0RWRUXOQXIXQFĠLR $SăVDĠLGRDUXúRUSHGDODGHDFFHOHUDĠLH
QHD]ăURWXQGúLGă 6ROLFLWDĠLUHPHGLHUHDLPHGLDWăDFDX]HLODXQDWHOLHUGHVSHFLD
UDWHXUL OLWDWHDXWRUL]DWGHH[ODXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
ÌQFD]FRQWUDUFDUEXUDQWXOQHDUVSRDWHSăWUXQGHvQFRQYHUWRUXO
FDWDOLWLFGHWHULRUkQGXO
$ILúDMXOWHPSHUDWXULL 1LYHOXOOLFKLGXOXLGHUăFLUHHVWHSUHDVFă]XW/LFKLGXOGHUăFLUHVD
OLFKLGXOXLGHUăFLUHDIL vQFLQVLDUPRWRUXOQXPDLHVWHUăFLWVXILFLHQW
úHD]ăPDLPXOWGH 2SULĠLFkWPDLFXUkQGSRVLELOúLOăVDĠLPRWRUXOúLOLFKLGXOGHUăFLUH
/DPSDGHDYHU VăVHUăFHDVFă
WL]DUHSULYLQGOLFKLGXOGH
9HULILFDĠLQLYHOXOOLFKLGXOXLGHUăFLUH3DJLQD5HVSHFWDĠL
UăFLUHSRDWHILGHDVH
QRWHOHGHDYHUWL]DUHvQWLPSXOYHULILFăULLúLFRPSOHWDĠLFXOLFKLG
PHQHDDSULQVăHPL
GHUăFLUHGDFăHVWHQHFHVDU
ĠkQGXVHúLXQVXQHWGH
DYHUWL]DUH 'DFăQLYHOXOOLFKLGXOXLGHUăFLUHHVWHFHOFRUHFWYHQWLODWRUXOUDGLD
WRUXOXLPRWRUXOXLSRDWHILGHIHFW/LFKLGXOGHUăFLUHVDvQFLQVLDU
PRWRUXOQXPDLHVWHUăFLWVXILFLHQW
/DWHPSHUDWXULDOHOLFKLGXOXLGHUăFLUHGHVXEFRQGXFHĠL
SkQăODFHOPDLDSURSLDWDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[
ODXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
(YLWDĠLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULPRQWDQWHúLvQWUDILFFXRSULULúL
SRUQLULIUHFYHQWH
7UDQVPLVLHPDQXDOă VXQWELQHIL[DWHúLFăSHGDOHOHDXVXILFLHQW
VSDĠLXGHFXUVă
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
1XDúH]DĠLPDLPXOWHFRYRUDúHXQXOGHDVXSUD
$9(57,60(17 FHOXLODOW
'HSODVDUHDSHGDOHORUQXWUHEXLHVăILH
REVWUXFĠLRQDWăVXEQLFLRIRUPă1XĠLQHĠL $9(57,60(17
RELHFWHvQVSDĠLXOSHQWUXSLFLRDUHDOúRIHUXOXL 1XUHWURJUDGDĠLSHQWUXXQHIHFWGHIUkQăGH
$VLJXUDĠLYăFăPRFKHWHOHVDXFRYRUDúHOH PRWRUVXSOLPHQWDUSHVXSUDIHĠHGHGUXPDOX
7UDQVPLVLHPDQXDOă
QHFRDVH$VWIHOURĠLOHPRWULFHúLDUSXWHD $GXFHUHDVFKLPEăWRUXOXLvQSR]LĠLD
SLHUGHDGHUHQĠDLDUDXWRYHKLFXOXODUSXWHD QHXWUă1
GHUDSD$VWIHOSXWHĠLSLHUGHFRQWUROXODXWRYH
KLFXOXOXLúLSXWHĠLSURYRFDXQDFFLGHQW
&RQGXFHUHúLSDUFDUH
0DQHWăVFKLPEăWRUGHYLWH]H
$SăVDĠLFRPSOHWSHGDODGHDPEUHLDM
'HSODVDĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]H
vQSR]LĠLD1C
0DQHWăVFKLPEăWRUGHYLWH]H
3R]LĠLDQHXWUă1FXIXQFĠLHVWDUWVWRS
&XSODĠLWUHDSWDGHYLWH]ăQXPDLFkQG (&2DFWLYDWă
SHGDODGHDPEUHLDMHVWHDSăVDWă
ÌQSR]LĠLDQHXWUă1PRWRUXOHVWHRSULWGDFă
&kQGFXSODĠLvQWUHYLWH]DDDúLDD YLWH]DDXWRYHKLFXOXOXLVFDGHVXEXQDQXPLW
vPSLQJHĠLvQWRWGHDXQDPDQHWD SUDJúLSHGDODGHDPEUHLDMQXHVWHDSăVDWă
VFKLPEăWRUXOXLGHYLWH]HSkQăODFDSăWOD 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGIXQFĠLD
GUHDSWDÌQFD]FRQWUDUHVWHSRVLELOVă VWDUWVWRS(&2FRQVXOWDĠL3DJLQD
FXSODĠLQHLQWHQĠLRQDWvQYLWH]DDDVDXD
DGHWHULRUkQGWUDQVPLVLD
'DFăFXSODĠLvQWURWUHDSWăGHYLWH]ăSUHD &XSODUHDWUHSWHLGHPHUVvQDSRL
PDUHIUkQDUHWUDQVPLVLHPRWRUXOVH &XSODĠLWUHDSWDGHPHUVvQDSRL5QXPDL
SRDWHVXSUDWXUDSURYRFkQGXVHDYDULHUHD
FkQGDXWRYHKLFXOXOVWDĠLRQHD]ăÌQFD]FRQ
DFHVWXLD
WUDUSXWHĠLDYDULDWUDQVPLVLD
1XXWLOL]DĠLSXQFWXOGHSDWLQDUHDODPEUHLD
MXOXLSHQWUXDPHQĠLQHDXWRYHKLFXOXOVWDĠLR G )XQFĠLDVWDUWVWRS(&2HVWHLQGLVSRQLELOă
QDUvQSDQWHDVFHQGHQWHÌQFD]FRQWUDU FkQGWUHDSWDGHPHUVvQDSRLHVWHFXSODWă
H[LVWăULVFXODYDULHULLDPEUHLDMXOXL 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG
IXQFĠLDVWDUWVWRS(&2FRQVXOWDĠL
ÌQSDQWHOHGHVFHQGHQWHOXQJLúLDEUXSWH
3DJLQD
PDLDOHVGDFăDXWRYHKLFXOXOHVWHvQFăUFDW
VDXGDFăWUDFWDĠLRUHPRUFăWUHEXLHVă 'HSODVDĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]H
FXSODĠLWUHDSWDVDXvQWLPSXWLO$VWIHO IHUPODVWkQJDGLQFRORGHSXQFWXOGHUH]LV
XWLOL]DĠLHIHFWXOGHIUkQDUHDOPRWRUXOXL$VW WHQĠăúLDSRLvQDLQWH
IHOVHYDHOLPLQDVDUFLQDODFDUHHVWHVXSXV
VLVWHPXOGHIUkQDUHúLVHSUHYLQH
VXSUDvQFăO]LUHDúLX]XUDSUHPDWXUăDIUkQH
ORU
7UDQVPLVLHDXWRPDWă
5HFRPDQGDUHSULYLQGVFKLPEDUHD PRWRUXOHVWHRSULW3ULQXUPDUHSHQWUXD
YLWH]HORU SUHYHQLSXQHUHDvQPLúFDUHDDXWRYHKLFX
OXOXLFXSODĠLWUDQVPLVLDDXWRPDWăvQSR]LĠLD
5HFRPDQGăULOHGHVFKLPEDUHDYLWH]HLYă 3úLDFĠLRQDĠLIUkQDGHSDUFDUHFkQGPRWRUXO
DMXWăVăDGRSWDĠLXQVWLOGHFRQGXFHUHHFRQR
&RQGXFHUHúLSDUFDUH
HVWHRSULWúLDXWRYHKLFXOXOVWDĠLRQHD]ă
PLF7UHDSWDGHYLWH]ăUHFRPDQGDWăDSDUHSH
DILúDMXOPXOWLIXQFĠLRQDO
0DQHWDVHOHFWRDUH
3UH]HQWDUHJHQHUDOăDSR]LĠLLORUWUDQV
PLVLHL
&XSODĠLWUHDSWDGHYLWH]ăvQIXQFĠLHGHUHFR
PDQGDUHDGHVFKLPEDUHDYLWH]HLCLQGL
FDWăSHDILúDMXOPXOWLIXQFĠLRQDOGLQSDQRXO
GHLQVWUXPHQWH
0DQHWDVHOHFWRDUHH[HPSOX
3 3R]LĠLHSHQWUXSDUFDUHFXEORFDUHDPDQHWHL
7UDQVPLVLHDXWRPDWă VHOHFWRDUH
5 7UHDSWDGHPHUVvQDSRL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 1 3R]LĠLHQHXWUă
$9(57,60(17 ' 0HUVXOvQDLQWH
'HSODVDUHDSHGDOHORUQXWUHEXLHVăILH
REVWUXFĠLRQDWăVXEQLFLRIRUPă1XĠLQHĠL 3R]LĠLDWUDQVPLVLHLúLDILúDMXOSURJUDPX
RELHFWHvQVSDĠLXOSHQWUXSLFLRDUHDOúRIHUXOXL OXLGHFRQGXFHUH
$VLJXUDĠLYăFăPRFKHWHOHVDXFRYRUDúHOH
VXQWELQHIL[DWHúLFăSHGDOHOHDXVXILFLHQW
VSDĠLXGHFXUVă
1XDúH]DĠLPDLPXOWHFRYRUDúHXQXOGHDVXSUD
FHOXLODOW
$9(57,60(17
1XUHWURJUDGDĠLSHQWUXXQHIHFWGHIUkQăGH
PRWRUVXSOLPHQWDUSHVXSUDIHĠHGHGUXPDOX
QHFRDVH$VWIHOURĠLOHPRWULFHúLDUSXWHD
SLHUGHDGHUHQĠDLDUDXWRYHKLFXOXODUSXWHD
GHUDSD$VWIHOSXWHĠLSLHUGHFRQWUROXODXWRYH C $ILúDMXOSR]LĠLHLWUDQVPLVLHL
KLFXOXOXLúLSXWHĠLSURYRFDXQDFFLGHQW D $ILúDMXOSURJUDPXOXLGHFRQGXFHUH
3R]LĠLDFXUHQWăDWUDQVPLVLHLúLSURJUDPXOGH
G 5HĠLQHĠLFăWUDQVPLWHUHDSXWHULLGLQWUH
FRQGXFHUHDSDUSHDILúDMXOPXOWLIXQFĠLRQDO
PRWRUúLWUDQVPLVLHHVWHvQWUHUXSWăFkQG
7UDQVPLVLHDXWRPDWă
3R]LĠLLWUDQVPLVLH 6FKLPEDUHDWUHSWHLGHYLWH]ă
E 3R]LĠLHSHQWUXSDUFDUH 7UDQVPLVLDDXWRPDWăFXSOHD]ăDXWRPDWvQ
WUHSWHOHGHYLWH]ăVSHFLILFHFkQGVHDIOăvQ
3UHYLQHSXQHUHDDXWRYHKLFXOXOXLvQ
SR]LĠLDGHWUDQVPLVLH'&RPSRUWDPHQWXO
&RQGXFHUHúLSDUFDUH
PLúFDUHFkQGHVWHRSULW1XFXSODĠL
VFKLPEăULLDXWRPDWHDYLWH]HORUHVWHGHWHU
WUDQVPLVLDvQSR]LĠLD3
PLQDWGH
3DJLQDGHFkWGDFăDXWR
=ROLPLWDUHDWUHSWHLGHYLWH]ăGDFăHVWH
YHKLFXOXOVWDĠLRQHD]ă
&KHLDSRDWHILVFRDVăQXPDLGDFă VHOHFWDWă
=SURJUDPXOGHFRQGXFHUHVHOHFWDW
WUDQVPLVLDHVWHvQSR]LĠLD3'DFă
VHVFRDWHFKHLDGLQFRPXWDWRUXOGH 3DJLQD
FRQWDFWPDQHWDVHOHFWRDUHHVWH =SR]LĠLDSHGDOHLGHDFFHOHUDĠLH
EORFDWă =YLWH]DGHUXODUH
F 7UHDSWăGHPHUVvQDSRL
&XSODĠLWUDQVPLVLDvQSR]LĠLD5 6IDWXULSULYLQGFRQGXFHUHD
QXPDLFkQGDXWRYHKLFXOXOVWDĠLR
QHD]ă SR]LĠLDSHGDOHLGHDFFHOHUDĠLH
D 3R]LĠLHQHXWUă 6WLOXOGXPQHDYRDVWUăGHFRQGXFHUHLQIOXHQ
1XFXSODĠLWUDQVPLVLDvQSR]LĠLD1vQ ĠHD]ăPRGXOvQFDUHWUDQVPLVLDDXWRPDWă
WLPSXOFRQGXFHULLÌQFD]FRQWUDU FXSOHD]ăWUHSWHOHGHYLWH]ă
WUDQVPLVLDDXWRPDWăSRDWHVXIHUL =DFFHOHUDĠLHUHGXVăFXSODUHDPDLUDSLGăvQ
GHWHULRUăUL WUHDSWăVXSHULRUDUă
(OLEHUDUHDIUkQHORUYăYDSHUPLWHVă =DFFHOHUDĠLHPDLPDUHFXSODUHDvQWkU]LDWăvQ
GHSODVDĠLOLEHUDXWRYHKLFXOXOGHH[ WUHDSWăVXSHULRUDUă
VăvOvPSLQJHĠLVDXVăvOWUDFWDĠL
'DFă(63HVWHGH]DFWLYDWVDX $XWRYHKLFXOH$0*
GHIHFWFXSODĠLWUDQVPLVLDQXPDLvQ
&kQGVFKLPEDĠLvQWURWUHDSWăLQIHULRDUăIXQF
SR]LĠLD1GDFăDXWRYHKLFXOXOHVWHvQ
ĠLDGHGXEOXDPEUHLDMHVWHDFWLYăLQGLIHUHQWGH
SHULFROGHGHUDSDUHGHH[SHGUX
SURJUDPXOGHFRQGXFHUHVHOHFWDWODPRPHQ
PXULFXSROHL
WXOUHVSHFWLY)XQFĠLDGHGXEOXDPEUHLDM
'DFăUXODĠLvQSR]LĠLDQHXWUă1 UHGXFHUHDFĠLLOHODVFKLPEDUHDVDUFLQLLúLVWă
SXWHĠLGHWHULRUDWUDQVPLVLD ODED]DXQXLVWLOGHFRQGXFHUHVSRUWLY6XQHWXO
JHQHUDWGHIXQFĠLDGHGXEOXDPEUHLDMGHSLQGH
: 0HUVvQDLQWH GHSURJUDPXOGHFRQGXFHUHVHOHFWDW
7UDQVPLVLDDXWRPDWăVFKLPEă
WUHSWHOHGHYLWH]ăDXWRPDW6XQW
GLVSRQLELOHWRDWHWUHSWHOHGHYLWH]ă
GHPHUVvQDLQWH
7UDQVPLVLHDXWRPDWă
$SăVDĠLSHGDODGHDFFHOHUDĠLHGLQFRORGH
SXQFWXOGHSUHVLXQH 00DQXDO 6FKLPEăWRUXOGHYLWH]H
7UDQVPLVLDVHFXSOHD]ăvQWURWUHDSWăGH PDQXDO
YLWH]ăLQIHULRDUăvQIXQFĠLHGHWXUDĠLDPRWR
UXOXL G 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG
/ăVDĠLSHGDODGHDFFHOHUDĠLHRGDWăFHDĠL SURJUDPXOGHFRQGXFHUHvQUHJLPDXWRPDW
DWLQVYLWH]DGRULWă FRQVXOWDĠL3DJLQD
7UDQVPLVLDDXWRPDWăFXSOHD]ăGLQQRXvQWU $SăVDĠLEXWRQXOGHVHOHFWDUHDSURJUDPX
RWUHDSWăVXSHULRDUă OXLCvQPRGUHSHWDWSkQăFHOLWHUDDIHUHQWă
SURJUDPXOXLGRULWGHVFKLPEDUHDYLWH]HORU
7UDFWDUHDUHPRUFLL DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
&RQGXFHĠLvQPLMORFXOLQWHUYDOXOXLGHWXUDĠLH G 7UDQVPLVLDDXWRPDWăFRPXWăSHSURJUD
DPRWRUXOXLvQSDQWHDVFHQGHQWH PXOGHFRQGXFHUHvQUHJLPDXWRPDW(GH
&XSODĠLvQMRVSkQăODWUHDSWDGHYLWH]ă ILHFDUHGDWăFkQGPRWRUXOHVWHSRUQLW
VDX3DJLQDvQIXQFĠLHGHSDQWD
DVFHQGHQWăVDXGHVFHQGHQWăFKLDUGDFă $XWRYHKLFXOH$0*
FRQWUROXOFURD]LHUHLVDX63(('7521,&
HVWHDFWLYDW
%XWRQGHVHOHFWDUHDSURJUDPXOXL
1RWHJHQHUDOH
%XWRQXOGHVHOHFWDUHDSURJUDPXOXLYăSHU
PLWHVăDOHJHĠLvQWUHFDUDFWHULVWLFLGHFRQGX
FHUHGLIHULWH
6HOHFWRUXOSURJUDPXOXLGHFRQGXFHUHFXSURJUDP
GHFRQGXFHUHvQUHJLPPDQXDO
&(ILFLHQĠă &RQGXFHUHFRQIRUWDELOă
FRQWURODWă HFRQRPLFă
66SRUW 6WLOGHFRQGXFHUHVSRUWLY
66SRUW3OXV 6WLOGHFRQGXFHUHH[WUHP
GHVSRUWLY
00DQXDO 6FKLPEăWRUXOGHYLWH]H
([HPSOXEXWRQGHVHOHFWDUHDSURJUDPXOXL PDQXDO
565$&( $FFHOHUDĠLHRSWLPăDDXWR
67$57 YHKLFXOXOXLvQGHPDUDUH
7UDQVPLVLHDXWRPDWă
G 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG G 3XWHĠLVFKLPEDWUHDSWDGHYLWH]ăFX
SURJUDPXOGHFRQGXFHUHvQUHJLPDXWRPDW PDQHWDGHVFKLPEDUHDYLWH]HORUVLWXDWăSH
FRQVXOWDĠL3DJLQD YRODQFkQGWUDQVPLVLDVHDIOăvQSR]LĠLD'
5RWLĠLVHOHFWRUXOSURJUDPXOXLGHFRQGX
&RQGXFHUHúLSDUFDUH
FHUHCSkQăFHSURJUDPXOGHFRQGXFHUH
3URJUDPGHFRQGXFHUHvQUHJLPDXWR
GRULWDSDUHSHDILúDMXOPXOWLIXQFĠLRQDOGLQ
PDW
YLWH]RPHWUX
,QGLFDWRUXOSURJUDPXOXLGHFRQGXFHUHGLQ 3URJUDPXOGHFRQGXFHUH(SURJUDPXOGH
VHOHFWRUXOSURJUDPXOXLGHFRQGXFHUHCVH FRQGXFHUH&ODDXWRYHKLFXOHOH$0*HVWH
DSULQGHvQURúX FDUDFWHUL]DWGHXUPăWRDUHOH
=VHWăULDOHPRWRUXOXLúLWUDQVPLVLHLDXWRPDWH
G 7UDQVPLVLDDXWRPDWăFRPXWăSHSURJUD
D[DWHSHFRQIRUW
PXOGHFRQGXFHUHvQUHJLPDXWRPDW&GH
=FRQVXPGHFDUEXUDQWRSWLPFHGHFXUJHGLQ
ILHFDUHGDWăFkQGPRWRUXOHVWHSRUQLW
FXSODUHDPDLUDSLGăDXQHLWUHSWHGHYLWH]ă
G 56QXSRDWHILVHOHFWDWvQWLPSXOFRQGX VXSHULRDUHODWUDQVPLVLDDXWRPDWă
FHULLQRUPDOH3HQWUXLQIRUPDĠLLVXSOLPHQ =DXWRYHKLFXOXOGHPDUHD]ăPDLXúRUvQWUHS
WDUHSULYLQG5$&(67$573DJLQD WHOHGHPHUVvQDLQWHúLvQDSRLFXH[FHSĠLD
FD]XOXLvQFDUHSHGDODGHDFFHOHUDĠLHHVWH
DSăVDWăFRPSOHW
0DQHWăGHVFKLPEDUHDYLWH]HORU =VHQ]LWLYLWDWHFUHVFXWă$VWIHOVH
VLWXDWăSHYRODQ
vPEXQăWăĠHúWHVWDELOLWDWHDvQFRQGXFHUHSH
VXSUDIHĠHGHGUXPDOXQHFRDVHGHH[HP
SOX
=WUDQVPLVLDDXWRPDWăFXSOHD]ăvQWUR
WUHDSWăVXSHULRDUăPDLUDSLG$VWIHODXWR
YHKLFXOXOHVWHFRQGXVODWXUDĠLLPDLUHGXVH
DOHPRWRUXOXLúLSRVLELOLWDWHDGHSDWLQDUHD
URĠLORUVFDGH
3URJUDPXOGHFRQGXFHUH6VDXvQFD]XODXWR
YHKLFXOHORU$0*SURJUDPHOHGHFRQGXFHUH
6úL6VXQWFDUDFWHUL]DWHGHXUPăWRDUHOH
C 0DQHWDVFKLPEăWRUXOXLGHYLWH]HGHSH =VHWăULVSRUWLYHDOHPRWRUXOXLúLWUDQVPLVLHL
YRODQGHSHSDUWHDVWkQJă DXWRPDWH
D 0DQHWDVFKLPEăWRUXOXLGHYLWH]HGHSH =DXWRYHKLFXOXOGHPDUHD]ăvQSULPDWUHDSWă
YRODQGHSHSDUWHDGUHDSWă GHYLWH]ă
ÌQSURJUDPXOGHFRQGXFHUHvQUHJLPDXWRPDW =WUDQVPLVLDDXWRPDWăFXSOHD]ăvQWUR
SXWHĠLOLPLWDVDXH[WLQGHWUHDSWDGHYLWH]ăFX WUHDSWăVXSHULRDUăPDLWkU]LX
DMXWRUXOPDQHWHORUGHVFKLPEDUHDYLWH]HORU =GDWRULWăSXQFWHORUGHFXSODUHGHFDODWHDOH
VLWXDWHSHYRODQVDXFXPDQHWDVHOHFWRDUH WUDQVPLVLHLDXWRPDWHFRQVXPXOGHFDUEX
3DJLQD UDQWHVWHSRVLELOPDLULGLFDW
ÌQSURJUDPXOGHFRQGXFHUHvQUHJLPPDQXDO
SXWHĠLVFKLPEDWUHDSWDGHYLWH]ăFXDMXWRUXO
PDQHWHLGHVFKLPEDUHDYLWH]HORUVLWXDWăSH
YRODQVDXFXPDQHWDVHOHFWRDUH
3DJLQD
7UDQVPLVLHDXWRPDWă
*DPăGHYLWH]H VăDFFHOHUDĠLWUDQVPLVLDDXWRPDWă
FXSOHD]ăvQVXVSHQWUXDSUHYHQLPRWRUXOVă
,QWURGXFHUH VXSUDWXUH]HFKLDUGDFăWUHDSWDGHYLWH]ă
&kQGWUDQVPLVLDDXWRPDWăVHDIOăvQSR]LĠLD HVWHOLPLWDWă
&RQGXFHUHúLSDUFDUH
'SXWHĠLOLPLWDVDXH[WLQGHWUHDSWDGHYLWH]ă
3DJLQD (OLPLQDUHDOLPLWăULLWUHSWHLGHYLWH]ă
7UHDSWDGHYLWH]ăVHOHFWDWăDSDUHSHDILúDMXO $SăVDĠLVFXUWPDQHWDVHOHFWRDUHODGUHDSWD
PXOWLIXQFĠLRQDO7UDQVPLVLDDXWRPDWă FăWUH'
FXSOHD]ăQXPDLSkQăODWUHDSWDGHYLWH]ă
VDX
VHOHFWDWă
7UDJHĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]HGH
7UHDSWDGHYLWH]ă SHYRODQGHSHSDUWHDGUHDSWă
@ 3HQWUXDXWLOL]DHIHFWXOGHIUkQăGH /LPLWDUHDWUHSWHLGHYLWH]ăHVWHHOLPLQDWă
PRWRU
ùWHUJHUHDOLPLWăULLWUHSWHLGHYLWH]ă
8 3HQWUXDXWLOL]DHIHFWXOGHIUkQDUHDO
PRWRUXOXLvQSDQWHGHVFHQGHQWHúL $SăVDĠLúLPHQĠLQHĠLDSăVDWPDQHWDVHOHF
SHQWUXFRQGXFHUHD WRDUHFăWUH'SkQăFH'DSDUHvQFăRGDWă
SHDILúDMXOPXOWLIXQFĠLRQDO
=SHGUXPXULPRQWDQHDEUXSWH
=SHWHUHQPRQWDQ VDX
=vQFRQGLĠLLVROLFLWDQWH 7UDJHĠLúLĠLQHĠLPDQHWDVFKLPEăWRUXOXLGH
YLWH]HGHSHYRODQGHSHSDUWHDGUHDSWă
7 3HQWUXDXWLOL]DHIHFWXOGHIUkQDUHDO SkQăFH'DSDUHGLQQRXSHDILúDMXOPXOWL
PRWRUXOXLvQSDQWHGHVFHQGHQWH IXQFĠLRQDO
DEUXSWHúLSHSRUĠLXQLGHVFHQGHQWH 7UDQVPLVLDDXWRPDWăFXSOHD]ăGLQWUHDSWD
OXQJL GHYLWH]ăFXUHQWăGLUHFWvQ'
/LPLWDUHDWUHSWHLGHYLWH]ă 6HOHFWDUHDWUHSWHLGHYLWH]ăLGHDOH
$SăVDĠLPDQHWDVHOHFWRDUHODVWkQJDFăWUH $SăVDĠLPDQHWDVHOHFWRDUHODVWkQJDFăWUH
'± '±úLĠLQHĠLRvQSR]LĠLH
VDX VDX
7UDJHĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]HGH 7UDJHĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]HGH
SHYRODQGHSHSDUWHDVWkQJă SHYRODQGHSHSDUWHDVWkQJăúLĠLQHĠLRvQ
7UDQVPLVLDDXWRPDWăFXSOHD]ăvQWUR SR]LĠLH
WUHDSWăGHYLWH]ăLQIHULRDUăúLOLPLWHD]ă 7UDQVPLVLDDXWRPDWăFXSOHD]ăvQWUHDSWD
WUHDSWDGHYLWH]ăODWUHDSWDGHYLWH]ăUHOH GHYLWH]ăFDUHSHUPLWHRDFFHOHUDUHúLR
YDQWă GHFHOHUDUHRSWLPHÌQDFHVWVFRSWUDQVPL
VLDDXWRPDWăUHWURJUDGHD]ăFXRWUHDSWă
G 'DFăPRWRUXOGHSăúHúWHWXUDĠLDPD[LPă
VDXGRXăWUHSWH
DPRWRUXOXLFkQGFXSODĠLRWUHDSWăLQIH
ULRDUăWUDQVPLVLDDXWRPDWăSURWHMHD]ă
PRWRUXOFRQWUDGHWHULRUăULLQHHIHFWXkQG
FXSODUHDvQWUHDSWăLQIHULRDUă
G 'DFăWXUDĠLDPD[LPăDPRWRUXOXLSHQWUX
WUHDSWDGHYLWH]ăHVWHDWLQVăúLFRQWLQXDĠL
7UDQVPLVLHDXWRPDWă
3URJUDPGHFRQGXFHUHvQUHJLP 7UHEXLHVăYăDVLJXUDĠLFăWXUDĠLDPRWRUXOXL
PDQXDO QXDWLQJH]RQDURúLHDWXURPHWUXOXLÌQFD]
FRQWUDUH[LVWăULVFXODYDULHULLPRWRUXOXL
$FWLYDUHDSURJUDPXOXLGHFRQGXFHUHvQ
&XSODĠLvQWURWUHDSWăVXSHULRDUăGDFă
UHJLPPDQXDO
&RQGXFHUHúLSDUFDUH
FXORDUHDGHSHDILúDMXOPXOWLIXQFĠLRQDOGLQ
3URJUDPXOGHFRQGXFHUHvQUHJLPPDQXDO0 YLWH]RPHWUXVHVFKLPEăvQURúXúLPHVDMXO
SRDWHILVHOHFWDWFXDMXWRUXOVHOHFWRUXOXLGH GHSHGLVSOD\83686HVWHDILúDW
SURJUDPVDXFXEXWRQXOVHOHFWRUDOSURJUD
PXOXLGHFRQGXFHUH3XWHĠLVFKLPEDWUHDSWD 5HWURJUDGDUHD
GHYLWH]ăFXPDQHWDGHVFKLPEDUHDYLWH]HORU
VLWXDWăSHYRODQVDXFXPDQHWDVHOHFWRDUHvQ $SăVDĠLVFXUWPDQHWDVHOHFWRDUHODVWkQJD
SURJUDPXOGHFRQGXFHUHvQUHJLPPDQXDO0 FăWUH'
GDFăWUDQVPLVLDVHDIOăvQSR]LĠLD' VDX
$SăVDĠLEXWRQXOGHVHOHFWDUHDSURJUDPXOXL 7UDJHĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]HGH
3DJLQDvQPRGUHSHWDWSkQăFH0 SHYRODQGHSHSDUWHDVWkQJă
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO 3DJLQD
$XWRYHKLFXOHOH$0*URWLĠLVHOHFWRUXOSUR 7UDQVPLVLDDXWRPDWăFXSOHD]ăODXUPăWRD
JUDPXOXLGHFRQGXFHUH3DJLQD UHDWUHDSWăGHYLWH]ăLQIHULRDUă
SkQăFH0DSDUHSHDILúDMXOPXOWLIXQFĠLR G 'DFăvQFHWLQLĠLVDXYăRSULĠLIăUăDVFKLPED
QDO vQWUHDSWDLQIHULRDUăWUDQVPLVLDDXWRPDWă
,QGLFDWRUXO0GLQVHOHFWRUXOSURJUDPXOXLGH VFKLPEăDXWRPDWvQWURWUHDSWăLQIHULRDUă
FRQGXFHUHVHDSULQGHvQURúX
G 'DFăGRULĠLDFFHOHUDĠLHPD[LPăvPSLQJHĠL
6FKLPEDUHDvQWURWUHDSWăVXSHULRDUă PDQHWDVHOHFWRDUHODVWkQJDVDXWUDJHĠLúL
ĠLQHĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]HGH
$SăVDĠLVFXUWPDQHWDVHOHFWRDUHODGUHDSWD SHYRODQGHSHSDUWHDVWkQJăSkQăFkQG
FăWUH' WUDQVPLVLDFXSOHD]ăvQWUHDSWDGHYLWH]ă
VDX RSWLPăDIHUHQWăYLWH]HLFXUHQWH
7UDJHĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]HGH
5HWURJUDGDUHDIRUĠDWă
SHYRODQGHSHSDUWHDGUHDSWă
3DJLQD G $XWRYHKLFXOHOHFXPRWRU$0*QXVH
7UDQVPLVLDDXWRPDWăFXSOHD]ăODXUPăWRD SRDWHXWLOL]DUHWURJUDGDUHDIRUĠDWăvQSUR
UHDWUHDSWăGHYLWH]ăVXSHULRDUă JUDPXOGHFRQGXFHUHvQUHJLPPDQXDO0
6FKLPEDĠLvQWURWUHDSWăVXSHULRDUăFkQG 3XWHĠLXWLOL]DGHDVHPHQHDUHWURJUDGDUHDIRU
VLPEROXODIHUHQWADSDUHSHDILúDMvQORFGH ĠDWăSHQWUXDFFHOHUDĠLHPD[LPăvQSURJUDPXO
0 GHFRQGXFHUHvQUHJLPPDQXDO0
$XWRYHKLFXOHOHFXPRWRDUH$0* $SăVDĠLSHGDODGHDFFHOHUDĠLHGLQFRORGH
SXQFWXOGHSUHVLXQH
ÌQSURJUDPXOGHVFKLPEDUHPDQXDOăD
7UDQVPLVLDVHFXSOHD]ăvQWURWUHDSWăGH
YLWH]HORU0WUDQVPLVLDDXWRPDWăQX
YLWH]ăLQIHULRDUăvQIXQFĠLHGHWXUDĠLDPRWR
FXSOHD]ăRWUHDSWăVXSHULRDUăDXWRPDW
UXOXL
FKLDUúLFkQGOLPLWDGHWXUDĠLHDPRWRUXOXL
SHQWUXWUHDSWDFXUHQWăHVWHDWLQVă&kQG
OLPLWDGHWXUDĠLHDPRWRUXOXLHVWHDWLQVă
DOLPHQWDUHDFXFDUEXUDQWHVWHvQWUHUXSWă
SHQWUXDSUHYHQLVXSUDWXUDUHDPRWRUXOXL
7UDQVPLVLHDXWRPDWă
'H]DFWLYDUHDSURJUDPXOXLGHFRQGX
FHUHvQUHJLPPDQXDO
$XWRYHKLFXOHOHIăUăSDFKHWXOGHPDQH
YUDELOLWDWHGLQDPLFăFXPRGVSRUWLY
&RQGXFHUHúLSDUFDUH
DSăVDĠLEXWRQXOGHVHOHFWDUHDSURJUDPXOXL
3DJLQDvQPRGUHSHWDWSkQăFkQG
(VDX6DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
$XWRYHKLFXOHOHFXSDFKHWXOGHPDQH
YUDELOLWDWHGLQDPLFăFXPRGVSRUWLY
DSăVDĠLEXWRQXOGHVHOHFWDUHDSURJUDPXOXL
3DJLQD0QXPDLHVWHLQGLFDWSH
DILúDMXOPXOWLIXQFĠLRQDO
$XWRYHKLFXOHOH$0*URWLĠLVHOHFWRUXOSUR
JUDPXOXLGHFRQGXFHUH3DJLQD
SkQăFkQG&6VDX6DSDUHSHDILúDMXO
PXOWLIXQFĠLRQDO
$OLPHQWDUHFXFDUEXUDQW
3UREOHPHODWUDQVPLVLH
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
7UDQVPLVLDDUHSUR 7UDQVPLVLDSLHUGHXOHL
&RQGXFHUHúLSDUFDUH
EOHPHODVFKLPEDUHD 6ROLFLWDĠLLPHGLDWYHULILFDUHDWUDQVPLVLHLODXQDWHOLHUGHVSHFLD
WUHSWHORUGHYLWH]ă OLWDWHDXWRUL]DWGHH[XQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
&DSDFLWDWHDGHDFFHOH 7UDQVPLVLDVHDIOăvQPRGXOGHXUJHQĠă
UDUHVFDGH 6HSRDWHFXSODQXPDLDGRXDWUHDSWăGHYLWH]ăúLWUHDSWDGHPHUV
7UDQVPLVLDQXPDL vQDSRL
VFKLPEăWUHSWHOHGH 2SULĠLDXWRYHKLFXOXO
YLWH]ă &XSODĠLWUDQVPLVLDvQSR]LĠLD3
2SULĠLPRWRUXO
$úWHSWDĠLFHOSXĠLQVHFXQGHvQDLQWHGHDUHSRUQLPRWRUXO
&XSODĠLWUDQVPLVLDSHSR]LĠLD'VDX5
'DFă'HVWHVHOHFWDWWUDQVPLVLDFXSOHD]ăvQDGRXDWUHDSWăGH
YLWH]ăGDFă5HVWHVHOHFWDWWUDQVPLVLDFXSOHD]ăvQWUHDSWDGH
PHUVvQDSRL
6ROLFLWDĠLLPHGLDWYHULILFDUHDWUDQVPLVLHLODXQDWHOLHUGHVSHFLD
OLWDWHDXWRUL]DWGHH[XQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
(OLEHUDUHDPDQXDOăDEORFăULLSHQWUX $FĠLRQDĠLIUkQDGHSDUFDUH
SDUFDUH 'HVSULQGHĠLEXUGXIXOPDQHWHLVHOHF
WRDUHCFXXQRELHFWSODWúLERQWGHH[R
ÌQFD]GHGHIHFĠLXQHHOHFWULFăHVWHSRVLELOVă
HOLEHUDĠLPDQXDOEORFDUHDPDQHWHLVHOHFWRDUH úXUXEHOQLĠăvQIăúXUDWăvQWURODYHWăGLQ
SHQWUXDRVFRDWHGLQSR]LĠLD3GHH[GDFă PDUJLQHDGHSHSDUWHDGUHDSWăWUăJkQGXO
GRULĠLVăWUDFWDĠLDXWRYHKLFXOXO vQVXVúLvQDIDUă
$SăVDĠLEXWRQXOGHHOLEHUDUHDvQMRVúL
GHSODVDĠLVLPXOWDQPDQHWDVHOHFWRDUHGLQ
SR]LĠLD3
0DQHWDVHOHFWRDUHSRDWHILGHSODVDWăOLEHU
SkQăFHUHYLQHvQSR]LĠLD3
$OLPHQWDUHFXFDUEXUDQW
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$9(57,60(17
1XXWLOL]DĠLRELHFWHFXPDUJLQLDVFXĠLWH &DUEXUDQWXOHVWHSXWHUQLFLQIODPDELO)RFXO
SHQWUXDVFRDWHEXUGXIXOPDQHWHLVHOHF IOăFăULOHGHVFKLVHúLIXPDWXOVXQWSULQXUPDUH
WRDUHGLQFRQVRODFHQWUDOă$VWIHOSXWHĠL LQWHU]LVHFkQGPDQLSXODĠLFDUEXUDQĠL
GHWHULRUDEXUGXIXOPDQHWHLVHOHFWRDUH 2SULĠLPRWRUXOúLvQFăO]LUHDDX[LOLDUăvQDLQWHGH
DOLPHQWDUHDFXFDUEXUDQW
$OLPHQWDUHFXFDUEXUDQW
=%HQ]LQăFXDGLWLYLPHWDOLFL
3HULFROGHUăQLUH
1XDWLQJHĠLFDUEXUDQWXO ='LHVHO
&RQWDFWXOGLUHFWDOFDUEXUDQWXOXLFXSLHOHDVDX 1XDPHVWHFDĠLFDUEXUDQĠLSUHFXPDFHVWD
LQKDODUHDYDSRULORUGăXQHD]ăVăQăWăĠLL FXEHQ]LQDúLQXXWLOL]DĠLQLFLXQDGLWLY$VW
&RQGXFHUHúLSDUFDUH
IHOSXWHĠLDYDULDPRWRUXO([FHSĠLDRFRQ
3HULFROGHLQFHQGLX VWLWXLHDGLWLYLLSHQWUXHOLPLQDUHDúLSUHYHQL
1XXWLOL]DĠLEHQ]LQăSHQWUXDOLPHQWDUHDDXWR UHDDFXPXOăULORUGHUH]LGXXUL%HQ]LQDWUH
YHKLFXOHORUFXPRWRUGLHVHO1XDPHVWHFDĠL EXLHVăILHDPHVWHFDWăQXPDLFXDGLWLYL
FDUEXUDQWGLHVHOFXEHQ]LQă$FHVWOXFUXGHWH UHFRPDQGDĠLGH0HUFHGHV%HQ],QIRUPD
ULRUHD]ăVLVWHPXOGHDOLPHQWDUHFXFDUEXUDQW ĠLLOHVXSOLPHQWDUHSULYLQGDGLWLYLLUHFRPDQ
úLPRWRUXOH[LVWkQGúLSRVLELOLWDWHDDSDULĠLHL GDĠLSRWILREĠLQXWHGHODRULFH&HQWUXGH
XQXLLQFHQGLX VHUYLFH0HUFHGHV%HQ]
8WLOL]DĠLXQILOWUXFkQGDGăXJDĠLFDUEXUDQW
1XXWLOL]DĠLEHQ]LQăSHQWUXDOLPHQWDUHD GLQWURFDQLVWUăGHFDUEXUDQWÌQFD]FRQ
DXWRYHKLFXOHORUFXPRWRUGLHVHO1XXWLOL]DĠL WUDUFRQGXFWHOHGHFDUEXUDQWúLVDXVLVWH
PRWRULQăSHQWUXDOLPHQWDUHDDXWRYHKLFXOH PXOGHLQMHFĠLHGLHVHODUSXWHDILFROPDWDWH
ORUFXPRWRUSHEHQ]LQă&KLDUúLFDQWLWăĠLOH GHSDUWLFXOHOHGLQFDQLVWUDGHFDUEXUDQW
PLFLGHFDUEXUDQWLQDGHFYDWGXFODGHWHULR
UDUHDVLVWHPXOXLGHFDUEXUDQWúLDPRWRUX G &DUEXUDQWXO(FRQĠLQHSkQăOD
OXL ELRHWDQRO$XWRYHKLFXOXOGXPQHDYRDVWUă
HVWHFRPSDWLELOFX(9ăSXWHĠLDOLPHQWD
1XSXQHĠLFRQWDFWXOGDFăDĠLDOLPHQWDWGLQ DXWRYHKLFXOXOIRORVLQGEHQ]LQăSUHPLXP
JUHúHDOăFXFDUEXUDQWLQFRUHFWÌQFD]FRQ (
WUDUFDUEXUDQWXOYDSăWUXQGHvQFRQGXFWHOH
GHFRPEXVWLELOÌQúWLLQĠDĠLXQDWHOLHUGHVSH G 'DFăQXHVWHGLVSRQLELOFDUEXUDQWXOUHFR
FLDOLWDWHDXWRUL]DWúLVROLFLWDĠLJROLUHDFRP PDQGDWúLQXPDLFDPăVXUDWHPSRUDUă
SOHWăDUH]HUYRUXOXLGHFDUEXUDQWúLDFRQ SXWHĠLXWLOL]DúLEHQ]LQăIăUăSOXPERELú
GXFWHORUGHFDUEXUDQW QXLWă521021$FHDVWDSRDWH
UHGXFHSHUIRUPDQĠDPRWRUXOXLúLSRDWH
FUHúWHFRQVXPXOGHFDUEXUDQW(YLWDĠLVă
%HQ]LQă(1',1 FRQGXFHĠLODDFFHOHUDĠLHPD[LPă
ÌQDQXPLWHĠăULFDOLWDWHDGHFDUEXUDQWGLV
&DOLWDWHDFDUEXUDQWXOXL SRQLELOăSRDWHVăQXILHFRUHVSXQ]ăWRDUH
$OLPHQWDĠLQXPDLFXEHQ]LQăSUHPLXP GXFkQGODIRUPDUHDGHUH]LGXXUL&RQVXO
IăUăSOXPEFXFLIUăRFWDQLFăGHFHOSXĠLQ WkQGXYăFXXQ&HQWUXGH6HUYLFH0HUFH
521021FRQIRUPăFXVWDQGDUGXO GHV%HQ]DFHDVWăEHQ]LQăSRDWHILDPHV
HXURSHDQ(1VDXGHVSHFLILFDĠLHHFKL WHFDWăFXDGLWLYXOUHFRPDQGDWGH0HUFH
YDOHQWă GHV%HQ]QUSLHVă$7UH
EXLHVăUHVSHFWDĠLQRWHOHúLSURFHQWHOHGH
1XXWLOL]DĠLXUPăWRDUHOH DPHVWHFDUHVSHFLILFDWHSHUHFLSLHQW
=(EHQ]LQăFXHWDQRO
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGÄ&DU
=(HWDQRO EXUDQWXO´FRQVXOWDĠL3DJLQD
=0EHQ]LQăFXPHWDQRO
=0EHQ]LQăFXPHWDQRO $XWRYHKLFXOH$0*
=0PHWDQRO $OLPHQWDĠLQXPDLFXEHQ]LQăVXSHUIăUă
SOXPEFXFLIUăRFWDQLFăGHFHOSXĠLQ
$OLPHQWDUHFXFDUEXUDQW
&RQGXFHUHúLSDUFDUH
'LHVHO(1
G 'DFăQXHVWHGLVSRQLELOFDUEXUDQWXOUHFR
PDQGDWúLQXPDLFDPăVXUDWHPSRUDUă &DOLWDWHDFDUEXUDQWXOXL
SXWHĠLXWLOL]DúLEHQ]LQăIăUăSOXPESUH
/DDOLPHQWDUHDFXFDUEXUDQWXWLOL]DĠL
PLXP521021$FHDVWDSRDWH
QXPDLPRWRULQăFRQIRUPFXVWDQGDUGXO
UHGXFHSHUIRUPDQĠDPRWRUXOXLúLSRDWH
HXURSHDQ(1VDXXQXOGHFDOLWDWHHFKL
FUHúWHFRQVXPXOGHFDUEXUDQW(YLWDĠLVă
YDOHQWăÌQFD]FRQWUDUHVWHSRVLELOVăUHGX
FRQGXFHĠLODDFFHOHUDĠLHPD[LPă
FHĠLSXWHUHDPRWRUXOXLVDXVăGHWHULRUDĠL
ÌQVLWXDĠLLGHXUJHQĠăúLQXPDLGDFăQX PRWRUXO
HVWHGLVSRQLELOFDUEXUDQWXOUHFRPDQGDW
$XWRYHKLFXOHOHFXILOWUXGHSDUWLFXOH
SXWHĠLXWLOL]DúLEHQ]LQăIăUăSOXPEVWDQ
GLHVHOvQĠăULOHGLQLQWHULRUXO8(XWLOL]DĠL
GDUG521021
QXPDL(XURGLHVHOFXFRQĠLQXWUHGXVGHVXOI
&XWRDWHDFHVWHDXWLOL]DUHDDFHVWXLFDUEX FXRFRQFHQWUDĠLHGHVXOIVXESSPÌQ
UDQWUH]XOWăvQWUXQFRQVXPGHEHQ]LQăPDL FD]FRQWUDUVLVWHPXOGHFRQWURODOHPLVLLORU
ULGLFDWúLRSHUIRUPDQĠăVHPQLILFDWLYPDL SRDWHVXIHULGHWHULRUăUL
UHGXVăDPRWRUXOXL(YLWDĠLVăFRQGXFHĠLOD
DFFHOHUDĠLHPD[LPă $XWRYHKLFXOHIăUăILOWUXGHSDUWLFXOH
'DFăQXHVWHGLVSRQLELOSHUPDQHQWXQDOW GLHVHOvQĠăULOHvQFDUHVXQWGLVSRQLELOLGRDU
FDUEXUDQWFXH[FHSĠLDEHQ]LQHLRELúQXLWHFX PRWRULQăFXRFRQFHQWUDĠLHGHVXOIPDLULGL
521021VDXGHFDOLWDWHLQIH FDWăLQWHUYDOHOHSHQWUXVFKLPEXOGHXOHLDO
ULRDUăDGDSWDĠLDXWRYHKLFXOXODVWIHOvQFkW DXWRYHKLFXOXOXLVHUHGXF,QIRUPDĠLLOHVXSOL
VăUXOH]HFXDFHVWFDUEXUDQWvQWUXQDWHOLHU PHQWDUHSULYLQGLQWHUYDOHOHGHVFKLPEDUHD
GHVSHFLDOLWDWHDXWRUL]DW0HUFHGHV%HQ] XOHLXOXLSRWILREĠLQXWHGHODRULFH&HQWUXGH
UHFRPDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH VHUYLFH0HUFHGHV%HQ]
0HUFHGHV%HQ]vQDFHVWVFRS 8WLOL]DĠLQXPDLFDUEXUDQWFDUHUHVSHFWă
VWDQGDUGXOHXURSHDQ(1&DUEXUDQWXO
&%OXH()),&,(1&<úL&0$7,& FDUHQXUHVSHFWă(1SRDWHGXFHODR
%OXH()),&,(1&< X]XUăFUHVFXWăODGHWHULRUDUHDPRWRUXOXLúL
$OLPHQWDĠLQXPDLFXEHQ]LQăSUHPLXP ODGHWHULRUDUHDVLVWHPXOXLGHHYDFXDUH
IăUăSOXPEúLIăUăVXOIFXFLIUăRFWDQLFăGH 1XXWLOL]DĠLXUPăWRDUHOH
FHOSXĠLQ521021FRQIRUPăFX =0RWRULQăPDULQă
VWDQGDUGXOHXURSHDQ(1VDXGHVSHFL =XOHLGHvQFăO]LUH
ILFDĠLHHFKLYDOHQWă =ELRGLHVHO
ÌQFD]FRQWUDUHVWHSRVLELOVăUHGXFHĠLSXWH =XOHLYHJHWDO
UHDXWLOăDPRWRUXOXLVDXVăGHWHULRUDĠLVLV
=%HQ]LQă
WHPXOGHFRQWURODOHPLVLLORU
=SDUDILQă
G ÌQDQXPLWHĠăULHVWHSRVLELOFDEHQ]LQD =NHURVHQ
GLVSRQLELOăVăQXDLEăXQFRQĠLQXWGHVXOI
VXILFLHQWGHVFă]XW$FHVWFDUEXUDQWSRDWH 1XDPHVWHFDĠLDFHúWLFDUEXUDQĠLFXPRWR
HPDQDWHPSRUDUPLURVXULQHSOăFXWHPDL ULQăúLQXXWLOL]DĠLQLFLXQDGLWLYVSHFLDOÌQ
DOHVvQFăOăWRULLVFXUWH,PHGLDWFHFDUEX FD]FRQWUDUSXWHĠLSURYRFDGHWHULRUDUHD
UDQWXOIăUăVXOIFRQFHQWUDĠLDGHVXOI PRWRUXOXL6HH[FOXGDJHQĠLLGHRSWLPL]DUH
$OLPHQWDUHFXFDUEXUDQW
DGHELWXOXLFRQVXOWDĠLÄ7HPSHUDWXULH[WH VFă]XWH5HVSHFWDĠLLQVWUXFĠLXQLOHGHGR]DUH
ULRDUHVFă]XWH DOHSURGXFăWRUXOXL
8WLOL]DĠLXQILOWUXFkQGDGăXJDĠLFDUEXUDQW $PHVWHFDĠLDGLWLYXOFXGLHVHOvQWLPSXWLO
GLQWURFDQLVWUăGHFDUEXUDQWÌQFD]FRQ vQDLQWHFDSURSULHWăĠLOHGHGHELWDOHFDUEXUDQ
&RQGXFHUHúLSDUFDUH
WUDUFRQGXFWHOHGHFDUEXUDQWúLVDXVLVWH WXOXLGLHVHOVăGHYLQăQHFRUHVSXQ]ăWRDUHÌQ
PXOGHLQMHFĠLHGLHVHODUSXWHDILFROPDWDWH FD]FRQWUDUGHIHFĠLXQLOHSRWILUHPHGLDWHGRDU
GHSDUWLFXOHOHGLQFDQLVWUDGHFDUEXUDQW SULQvQFăO]LUHDvQWUHJXOXLVLVWHPGHFDUEXUDQW
GHH[SULQSDUFDUHDDXWRYHKLFXOXOXLvQWUXQ
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGÄ&DU JDUDMvQFăO]LW
EXUDQWXO´FRQVXOWDĠL3DJLQD
5HVSHFWDĠLLQIRUPDĠLLOHIXUQL]DWHGHSUR
GXFăWRUFkQGXWLOL]DĠLXQDJHQWGHRSWLPL]DUH
7HPSHUDWXULH[WHULRDUHVFă]XWH DGHELWXOXL8WLOL]DĠLGRDUDJHQĠLGHRSWLPL]DUH
ÌQOXQLOHGHLDUQăVXQWGLVSRQLELOHWLSXULGH DGHELWXOXLFDUHDXIRVWWHVWDĠLúLDSUREDĠLGH
FDUEXUDQWGLHVHOFXIOXLGLWDWHVXSHULRDUăSHQ 0HUFHGHV%HQ]3XWHĠLREĠLQHLQIRUPDĠLL
WUXFRQGLĠLLWHUPLFHVFă]XWHÌQ(XURSDGLIH VXSOLPHQWDUHGHODRULFH&HQWUXGH6HUYLFH
ULWHOHFODVHGHFDUEXUDQWGLHVHOSHQWUXWHP 0HUFHGHV%HQ]
SHUDWXULVFă]XWHVXQWVSHFLILFDWHvQVWDQGDU
GXO(13HQWUXDHYLWDSUREOHPHOHGH
IXQFĠLRQDUHXWLOL]DĠLFDUEXUDQWGLHVHOFDUH $OLPHQWDUHFXFDUEXUDQW
UHVSHFWăVSHFLILFDĠLLOHFOLPDWLFHSUHYă]XWHGH
&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQW
VWDQGDUGXO(1/DWHPSHUDWXULH[WUHPGH
VFă]XWHHVWHSRVLELOFDIOXLGLWDWHDFDUEXUDQ &ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWHVWH
WXOXLVăILHQHFRUHVSXQ]ăWRDUH$FHVWOXFUX GHEORFDWăVDXEORFDWăDXWRPDWFkQGGHVFKL
HVWHYDODELOúLSHQWUXFDUEXUDQWXOFDUHQXD GHĠLVDXvQFKLGHĠLDXWRYHKLFXOXOFXFKHLDVDX
IRVWDGDSWDWFRQGLĠLLORUFOLPDWLFHGHH[HPSOX FX.(</(66*2
FDUEXUDQWGLHVHOXWLOL]DWvQUHJLXQLFXWHPSH 3R]LĠLDFDSDFXOXLJXULLGHXPSOHUHFXFDUEX
UDWXULPDLULGLFDWH UDQWHVWHDILúDWăSHSDQRXOGHLQVWUXPHQWH
G 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHUHIHUL ¶6ăJHDWDGHOkQJăSRPSDGHFDUEXUDQW
WRDUHODSURSULHWăĠLOHVSHFLILFHDOHFDUEX LQGLFăODWXUDDXWRYHKLFXOXOXL
UDQWXOXLXWLOL]DWvQGLIHULWHĠăULDSHODĠLOD
FRPSDQLLOHSHWUROLHUHGHH[HPSOXVWDĠLLOH
GHEHQ]LQă
$JHQWGHRSWLPL]DUHDGHELWXOXL
$JHQĠLLGHRSWLPL]DUHDGHELWXOXLSRWIL
DGăXJDĠLSHQWUXDvPEXQăWăĠLUH]LVWHQĠDODIULJ
DFDUEXUDQWXOXLGLHVHO(ILFLHQĠDXQXLDJHQWGH
RSWLPL]DUHDGHELWXOXLQXHVWHJDUDQWDWăvQ
FD]XOILHFăUXLFDUEXUDQWGLHVHO
2GR]DUHFRUHFWăúLRDPHVWHFDUHWHPHLQLFă 6HGDQH[HPSOX
VXQWIDFWRULLGHFLVLYLvQDVLJXUDUHD C 3HQWUXDGHVFKLGHFODSHWDJXULLGH
vPEXQăWăĠLULLUH]LVWHQĠHLODWHPSHUDWXUL XPSOHUHFXFDUEXUDQW
VFă]XWH(YLWDĠLGR]DUHDH[FHVLYăÌQDQXPLWH D 3HQWUXDLQWURGXFHFDSDFXOJXULLGH
FLUFXPVWDQĠHRGR]DUHH[FHVLYăDUSXWHD XPSOHUHFXFDUEXUDQW
FKLDUVăVFDGăUH]LVWHQĠDODWHPSHUDWXUL
$OLPHQWDUHFXFDUEXUDQW
7DEHOXOFXSUHVLXQLOHvQSQHXUL (OLEHUDUHDGHXUJHQĠăDFODSHWHLJXULL
7LSFDUEXUDQW GHXPSOHUHFXFDUEXUDQW
$9(57,60(17
'HVFKLGHUH
&RQGXFHUHúLSDUFDUH
0DUJLQLOHGLQLQWHULRUXOFDURVHULHLDXWRYHKLFX
2SULĠLPRWRUXO OXOXLSRWILDVFXĠLWH9ăSXWHĠLUăQLFkQGXWLOL]DĠL
HOLEHUDUHDGHXUJHQĠăDFODSHWHLJXULLGH
6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
XPSOHUHFXFDUEXUDQW(YLWDĠLFRQWDFWXOFX
.(</(66*2GHVFKLGHĠLSRUWLHUDúRIHUXOXL PDUJLQLOHGLQLQWHULRUXOFDURVHULHLDXWRYHKLFX
$VWIHOFRQWDFWXOHVWHDGXVvQSR]LĠLD OXOXL
FHHDFHFRUHVSXQGHVFRDWHULLFKHLL3RU
WLHUDúRIHUXOXLSRDWHILvQFKLVăGLQQRX (OLEHUDUHDGHXUJHQĠăVHDIOăvQSRUWEDJDMvQ
$SăVDĠLFODSHWDJXULLGHXPSOHUHFXFDUEX VSDWHOHRUQDPHQWXOXLODWHUDOGHSHSDUWHD
UDQWvQGLUHFĠLDLQGLFDWăGHVăJHDWDC GUHDSWăSULYLQGvQVHQVXOGHPHUV
&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWVH 'HVFKLGHĠLFDSRWDSRUWEDJDMXOXLKD\RQXO
GHVFKLGHXúRU 6HGDQGHVFKLGHĠLSDQRXORUQDPHQWDOODWH
'HVFKLGHĠLFODSHWDJXULLGHXPSOHUHFXFDU UDOGHSHSDUWHDGUHDSWă3DJLQD
EXUDQW %UHDNGHVFKLGHĠLSDQRXORUQDPHQWDOODWH
5RWLĠLFDSDFXOJXULLGHXPSOHUHPDLGHSDUWH UDOGHSHSDUWHDGUHDSWă3DJLQD
vQVHQVDQWLRUDUúLVFRDWHĠLO
,QWURGXFHĠLFDSDFXOJXULLGHXPSOHUHFXFDU
EXUDQWvQFRQVRODGHVXVĠLQHUHGLQLQWHULRUXO
FODSHWHLJXULLGHXPSOHUHFXFDUEXUDQWD
,QWURGXFHĠLFRPSOHWGX]DSRPSHLvQJkWXO
GHXPSOHUHúLDOLPHQWDĠL
8PSOHĠLUH]HUYRUXOQXPDLSkQăFHGX]D
SRPSHLVHRSUHúWH
ÌQFD]XOVXSUDDOLPHQWăULLUH]HUYRUXOXLGH
FDUEXUDQWVLVWHPXOGHDOLPHQWDUHFXFDU
EXUDQWDUSXWHDVXIHULGHWHULRUăUL ([HPSOX6HGDQ
7UDJHĠLHOLEHUDUHDGHXUJHQĠăCvQGLUHFĠLD
ÌQFKLGHUH LQGLFDWăGHVăJHDWă
3XQHĠLODORFFDSDFXOJXULLGHXPSOHUHFX &ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWHVWH
FDUEXUDQWúLURWLĠLvQVHQVRUDU&DSDFXOJXULL HOLEHUDWă
GHXPSOHUHFXFDUEXUDQWVHDQJUHQHD]ă 'HVFKLGHĠLFODSHWDJXULLGHXPSOHUHFXFDU
VRQRU EXUDQW
ÌQFKLGHĠLFODSHWDJXULLGHXPSOHUHFXFDU
EXUDQW
G ÌQFKLGHĠLFODSHWDJXULLGHXPSOHUHFXFDU
EXUDQWvQDLQWHGHDvQFXLDDXWRYHKLFXOXOÌQ
FD]FRQWUDUXQúWLIWGHEORFDUHSUHYLQH
vQFKLGHUHDFODSHWHLJXULLGHXPSOHUHFXFDU
EXUDQWGXSăFHDXWRYHKLFXOXODIRVWvQFXLDW
$OLPHQWDUHFXFDUEXUDQW
3UREOHPHODFDUEXUDQWúLODUH]HUYRUXOGHFDUEXUDQW
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DUEXUDQWXOVHVFXUJH 5LVFGHH[SOR]LHVDXLQFHQGLX
&RQGXFHUHúLSDUFDUH
GLQDXWRYHKLFXO
&RQGXFWDGHFDUEXUDQWVDXUH]HUYRUXOGHFDUEXUDQWVXQWGHIHFWH
5RWLĠLLPHGLDWFKHLDvQSR]LĠLD3DJLQDGLQFRPXWDWRUXO
GHFRQWDFWúLVFRDWHĠLR
1XUHSRUQLĠLPRWRUXOVXEQLFLRIRUPă
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0RWRUXOQXSRUQHúWH 5H]HUYRUXOGHFDUEXUDQWDODXWRYHKLFXOXOXLFXPRWRUGLHVHODIRVW
FRPSOHWHSXL]DW
5HDOLPHQWDĠLDXWRYHKLFXOXOFXFHOSXĠLQFLQFLOLWULGHPRWRULQă
&XSODĠLFRQWDFWXOWLPSGHFHOSXĠLQVHFXQGH3DJLQD
3RUQLĠLPRWRUXOFRQWLQXXWLPSGHSkQăODVHFXQGHSkQăFH
IXQFĠLRQHD]ăXQLIRUP
'DFăPRWRUXOUHIX]ăVăSRUQHDVFă
&XSODĠLFRQWDFWXOGLQQRXWLPSGHDSUR[LPDWLYVHFXQGH
3DJLQD
3RUQLĠLPRWRUXOGLQQRXFRQWLQXXWLPSGHSkQăODVHFXQGH
SkQăFHIXQFĠLRQHD]ăXQLIRUP
'DFăPRWRUXOQXSRUQHúWHGXSăWUHLvQFHUFăUL
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&ODSHWDJXULLGH &ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWQXHVWHGHVFXLDWă
XPSOHUHFXFDUEXUDQW VDX
QXSRDWHILGHVFKLVă %DWHULDFKHLLHVWHGHVFăUFDWă
'HVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQĠă
3DJLQD
'HVFKLGHĠLFDSRWDSRUWEDJDMXOXLVDXKD\RQXO
'HVFXLDĠLPDQXDOFODSHWDJXULLGHXPSOHUHFXFDUEXUDQWFXDMX
WRUXOHOLEHUăULLGHXUJHQĠă3DJLQD
&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWHVWHGHVFXLDWăvQVăPHFD
QLVPXOGHGHVFKLGHUHHVWHvQĠHSHQLW
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
3DUFDUH
3DUFDUH QHFHVLWăDVWIHOXQHIRUWVHPQLILFDWLYPDL
PDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
'UHSWXUPDUHSXWHĠLSLHUGHFRQWUROXODVXSUD
$9(57,60(17 DXWRYHKLFXOXOXLSURYRFkQGXQDFFLGHQWúLYă
&RQGXFHUHúLSDUFDUH
6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW SXWHĠLUăQLSHGXPQHDYRDVWUăúLDOWHSHU
QXPDLFkQGDXWRYHKLFXOXOVWDĠLRQHD]ăGHRD VRDQH
UHFHQXSXWHĠLPDQHYUDDXWRYHKLFXOXOFkQG 3ULQXUPDUHQXRSULĠLPRWRUXOFkQGFRQGXFHĠL
FKHLDHVWHVFRDVă
1XOăVDĠLQLFLRGDWăFRSLLLQHVXSUDYHJKHDĠLvQ $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
DXWRYHKLFXO$FHúWLDDUSXWHDHOLEHUDIUkQDGH
&XSODĠLILHSULPDWUHDSWăGHYLWH]ăILH
SDUFDUH$FHDVWDSRDWHSURYRFDXQDFFLGHQW
WUHDSWDGHPHUVvQDSRL5
JUDYVDXIDWDO
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
$9(57,60(17 FRQWDFWúLVFRDWHĠLR
,PRELOL]DWRUXOHVWHDFWLYDW
6LVWHPXOGHHYDFXDUHQXWUHEXLHVXEQLFLR
$FĠLRQDĠLIHUPIUkQDGHSDUFDUH
IRUPăVăLQWUHvQFRQWDFWFXPDWHULDOHLQIOD
PDELOHSUHFXPLDUEDXVFDWăVDXEHQ]LQDGH
H[HPSOX1XSDUFDĠLDXWRYHKLFXOXOSHLDUEă $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
XVFDWăVDXPLULúWL6LVWHPXOGHHYDFXDUH
$FĠLRQDĠLIHUPIUkQDGHSDUFDUH
vQFLQVDUSXWHDvQFD]FRQWUDUDSULQGHPDWH
ULDOXOLQIODPDELOLDUDXWRYHKLFXOXODUSXWHDOXD &XSODĠLWUDQVPLVLDvQSR]LĠLD3
IRF
8WLOL]DUHDFKHLL
3HQWUXDYăDVLJXUDFăDXWRYHKLFXOXOHVWHDVL 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
JXUDWFRQWUDSXQHULLVDOHvQPLúFDUHQHLQWHQ FRQWDFWúLVFRDWHĠLR
ĠLRQDWH ,PRELOL]DWRUXOHVWHDFWLYDW
=IUkQDGHSDUFDUHWUHEXLHVăILHDFĠLRQDWă
G &KHLDSRDWHILVFRDVăQXPDLGDFăWUDQV
=ODDXWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă PLVLDHVWHvQSR]LĠLD3
FXSODĠLSULPDWUHDSWăGHYLWH]ăVDXWUHDSWD
8WLOL]DUHD.(</(66*2
GHPHUVvQDSRL
=ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă $SăVDĠLEXWRQXO6WDUW6WRS
WUDQVPLVLDWUHEXLHVăVHDIOHvQSR]LĠLD3úL 3DJLQD
FKHLDWUHEXLHVăILHVFRDVăGLQFRPXWDWRUXO 0RWRUXOVHRSUHúWHúLWRDWHOăPSLOHLQGLFD
GHFRQWDFW WRDUHGLQSDQRXOGHLQVWUXPHQWHVHVWLQJ
=vQSDQWHDVFHQGHQWHVDXGHVFHQGHQWH G &kQGSRUWLHUDúRIHUXOXLHVWHvQFKLVă
DEUXSWHEUDFDĠLURĠLHIDĠăFăWUHERUGXUă DFHDVWDFRUHVSXQGHSR]LĠLHLDFKHLL&kQG
SRUWLHUDúRIHUXOXLHVWHGHVFKLVăDFHDVWD
FRUHVSXQGHSR]LĠLHLDFKHLLPDLH[DFW
2SULUHDPRWRUXOXL FKHLLVFRDVH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD G 0RWRUXOSRDWHILRSULWFkQGDXWRYHKLFXOXO
HVWHvQPLúFDUHGDFăDSăVDĠLúLPHQĠLQHĠL
$9(57,60(17 DSăVDWEXWRQXO6WDUW6WRSWLPSGHWUHL
'DFăPRWRUXOQXUXOHD]ăGLUHFĠLDúLIUkQHOHQX VHFXQGH$FHDVWăIXQFĠLHRSHUHD]ăLQGH
VXQWDVLVWDWHHOHFWULF0DQHYUDUHDúLIUkQDUHD SHQGHQWGHIXQFĠLDGHRSULUHDXWRPDWăD
PRWRUXOXL(&2VWDUWVWRS
6IDWXULSULYLQGFRQGXFHUHD
)UkQăGHSDUFDUH 6IDWXULSULYLQGFRQGXFHUHD
6IDWXULJHQHUDOHSULYLQGFRQGXFHUHD
5XODUHDFXPRWRUXORSULW
&RQGXFHUHúLSDUFDUH
$9(57,60(17
1XRSULĠLQLFLRGDWăPRWRUXOFkWWLPSYHKLFXOXO
HVWHvQPLúFDUH
1XYHĠLGLVSXQHGHVHUYRGLUHFĠLHúLQLFLGH
VHUYRIUkQăFkWWLPSPRWRUXOQXIXQFĠLRQHD]ă
0DQHYUDUHDúLIUkQDUHDYRUQHFHVLWDXQHIRUW
FRQVLGHUDELOPDLPDUHSULQXUPDUHSXWHĠL
3HQWUXDDFĠLRQDDSăVDĠLIUkQDGHSDU SLHUGHFRQWUROXODVXSUDDXWRYHKLFXOXOXLúL
FDUHDIHUP SXWHĠLSURYRFDXQDFFLGHQW
/DPSDLQGLFDWRDUHMVHDSULQGHvQ
SDQRXOGHLQVWUXPHQWHGDFăPRWRUXOIXQF
ĠLRQHD]ă 8OHLGHPRWRU
3HQWUXDHOLEHUDDSăVDĠLSHGDODGHIUkQă
$XWRYHKLFXOHOHFXILOWUXGHSDUWLFXOH
úLPHQĠLQHĠLRDSăVDWă
GLHVHO
7UDJHĠLPkQHUXOGHHOLEHUDUHC
'DFăDXWRYHKLFXOXOHVWHFRQGXVvQEXQă
/DPSDLQGLFDWRDUHMGLQSDQRXOGH SDUWHSHGLVWDQĠHVFXUWHHVWHSRVLELOFD
LQVWUXPHQWHVHVWLQJH GHIHFĠLXQLOHVăVXUYLQăvQWLPSXOFXUăĠăULL
DXWRPDWHDILOWUXOXLGHSDUWLFXOHGLHVHO$VW
IHOSXWHĠLSURYRFDGHWHULRUDUHDPRWRUXOXL
3DUFDUHDXWRYHKLFXO 3ULQXUPDUHGDFăSDUFXUJHĠLIUHFYHQWGLV
'DFăOăVDĠLDXWRYHKLFXOXOSDUFDWWLPSGH WDQĠHVFXUWHQXRPLWHĠLVăFRQGXFHĠLSH
SHVWHSDWUXVăSWăPkQLEDWHULDSRDWHILGHWH DXWRVWUă]LVDXGUXPXULGHĠDUăWLPSGHFHO
ULRUDWăSULQGHVFăUFDUHDVD SXĠLQGHPLQXWHODFHOSXĠLQILHFDUH
NP
'HFRQHFWDĠLEDWHULD3DJLQDVDX
FRQHFWDĠLRODXQvQFăUFăWRULQWHUPLWHQW
G 3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHSUL )UkQH
YLQGvQFăUFăWRDUHOHLQWHUPLWHQWHGHODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
&HQWUXGHVHUYLFH0HUFHGHV%HQ]
3HULFROGHDFFLGHQW
'DFăOăVDĠLDXWRYHKLFXOXOSDUFDWWLPSGH
1XFRPXWDĠLvQWURWUHDSWăGHYLWH]ăLQIHULRDUă
SHVWHúDVHVăSWăPkQLDXWRYHKLFXOXOSRDWH
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
VXIHULGHWHULRUăULvQXUPDQHIRORVLULL
IHĠHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
9L]LWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW GHUHDDGHUHQĠHLURĠLORUPRWULFHúLDXWRYHKLFX
úLVROLFLWDĠLvQGUXPăUL OXOSRDWHGHUDSD
$9(57,60(17
$VLJXUDĠLYăFăDOĠLSDUWLFLSDQĠLODWUDILFQX
VXQWSXúLvQSHULFROvQXUPDIUkQăULL
6IDWXULSULYLQGFRQGXFHUHD
3DQWHGHVFHQGHQWH 7UHEXLHVăDSăVDĠLSHGDODGHIUkQăPDLIHUP
0HQĠLQHĠLRGLVWDQĠăPDLPDUHIDĠăGHDXWR
ÌQSDQWHOHGHVFHQGHQWHOXQJLúLDEUXSWHPDL
YHKLFXOXOGLQIDĠă
DOHVGDFăDXWRYHKLFXOXOHVWHvQFăUFDWVDX
GDFăWUDFWDĠLRUHPRUFăWUHEXLHVăFXSODĠLR 'XSăFRQGXFHUHDSHFDURVDELOXPHGVDX
&RQGXFHUHúLSDUFDUH
WUHDSWăGHYLWH]ăLQIHULRDUăvQWLPSXWLOVDXOD GXSăFHDĠLVSăODWDXWRYHKLFXOXOIUkQDĠLIHUP
DXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWăVă DFRUGkQGDWHQĠLHFRQGLĠLLORUGLQWUDILF$VWIHO
VHOHFWDĠLWUHDSWDGHYLWH]ăVDX VHYRUvQFăO]LGLVFXULOHGHIUkQăDFHVWHD
XVFkQGXVHvQFRQVHFLQĠăPDLUDSLGúLILLQG
G $FHDVWăDILUPDĠLHHVWHYDODELOăúLGDFăDĠL SURWHMDWHFRQWUDFRUR]LXQLL
DFWLYDWFRQWUROXOFURD]LHUHL63(('7521,&
VDX',67521,&3/86 3HUIRUPDQĠăOLPLWDWăODIUkQDUHSHGUX
$VWIHOYHĠLXWLOL]DHIHFWXOGHIUkQDUHDOPRWR PXULFXVDUHDQWLGHUDSDQWă
UXOXLILLQGQHFHVDUăRIUkQDUHPDLUHGXVăSHQ
WUXDPHQĠLQHYLWH]D$VWIHOVHYDHOLPLQDVDU $9(57,60(17
FLQDODFDUHHVWHVXSXVVLVWHPXOGHIUkQDUHúL 6WUDWXOGHVDUHGHSHGLVFXULOHGHIUkQăúL
VHSUHYLQHVXSUDvQFăO]LUHDúLX]XUDSUHPDWXUă SOăFXĠHOHGHIUkQăJDUQLWXULGHIUkQăSRDWH
DIUkQHORU GXFHODvQWkU]LHUHDHIHFWXOXLGHIUkQDUH
FUHkQGRGLVWDQĠăGHIUkQDUHVHPQLILFDWLY
6DUFLQLJUHOHúLXúRDUH FUHVFXWăSXWkQGXVHSURYRFDDVWIHOXQDFFL
GHQW
3HULFROGHDFFLGHQW 3HQWUXDHYLWDDFHVWSHULFROWUHEXLHVă
1XDSăVDĠLQLFLRGDWăFRQWLQXXSHGDODGHIUkQă =IUkQDĠLFXDWHQĠLHGLQFkQGvQFkQGIăUăDvL
vQWLPSXOGHSODVăULLDXWRYHKLFXOXOXLGHH[HP SXQHvQSHULFROSHDOĠLSDUWLFLSDQĠLODWUDILF
SOXQXX]DĠLIUkQHOHSULQDSOLFDUHDFRQVWDQWă FkQGFRQGXFHĠLSHGUXPXULFXVDUHUXWLHUă
úLXúRDUăGHSUHVLXQHDVXSUDSHGDOHL$FHVW $VWIHOYHĠLSXWHDHOLPLQDVDUHDFDUHDvQFH
IDSWSURYRDFăVXSUDvQFăO]LUHDVLVWHPXOXLGH SXWVăVHDFXPXOH]HSHGLVFXULOHGHIUkQă
IUkQDUHPăUHúWHGLVWDQĠDGHIUkQDUHúLSRDWH úLSHSOăFXĠHOHGHIUkQăJDUQLWXULGHIUkQă
FRQGXFHODGHWHULRUDUHDFRPSOHWăDIUkQHORU =SăVWUDĠLRGLVWDQĠăPDLPDUHIDĠăGHDXWR
YHKLFXOXOGLQIDĠăúLVăFRQGXFHĠLFXGHRVH
'DFăIUkQHOHDXIRVWVXSXVHXQHLVDUFLQLULGL
ELWăSUXGHQĠă
FDWHQXRSULĠLDXWRYHKLFXOXOLPHGLDWFLFRQ
=DFĠLRQDĠLFXDWHQĠLHIUkQHOHODFDSăWXOXQHL
WLQXDĠLVăFRQGXFHĠLvQFăSXĠLQWLPS$VWIHO
FXUHQWXOGHDHUYDSXWHDUăFLIUkQHOHPDL FăOăWRULLúLLPHGLDWGXSăFHDĠLvQFHSXWXQD
UDSLG QRXăDVWIHOvQFkWUH]LGXXULOHGHVDUHVăILH
HOLPLQDWHGHSHGLVFXULOHGHIUkQă
'DFăIUkQHOHDXIRVWXWLOL]DWHPRGHUDWWHVWDĠL
OHGLQFkQGvQFkQGHILFLHQĠDÌQDFHVWVFRS
IUkQDĠLPDLIHUPGHODYLWH]ăPDLPDUH$VWIHO 3OăFXĠHJDUQLWXULGHIUkQăQRL
vPEXQăWăĠLĠLDGHUHQĠDIUkQHORU
$9(57,60(17
3OăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăQRL
6XSUDIDĠăFDURVDELOăXPHGă
REĠLQHIHFWXOORUGHIUkQDUHPD[LPQXPDLGXSă
ÌQFD]XOFRQGXFHULLSHSORDLHDEXQGHQWăIăUă FHDĠLFRQGXVFkWHYDVXWHGHNLORPHWULÌQDLQWH
VăIUkQDĠLHVWHSRVLELOFDIUkQHOHVăUHDFĠLR GHDREĠLQHDFHVWHIHFWGHIUkQDUHRSWLPWUH
QH]HvQWkU]LDWFkQGIUkQDĠLSHQWUXSULPDGDWă EXLHVăFRPSHQVDĠLUHGXFHUHDHIHFWXOXLGH
$FHDVWăvQWkU]LHUHSRDWHDSăUHDúLGDFăDXWR IUkQDUHDSăVkQGPDLWDUHvQWLPSXOIUkQăULL
YHKLFXOXODIRVWVSăODW $FHDVWăLQGLFDĠLHHVWHYDODELOăGXSăFHGLVFX
6IDWXULSULYLQGFRQGXFHUHD
ULOHGHIUkQăVDXSOăFXĠHOHGHIUkQăJDUQLWXULOH VLJXUDQĠăUXWLHUăÌQFD]FRQWUDUSXWHĠLSUR
GHIUkQăDXIRVWvQORFXLWH YRFDXQDFFLGHQW
$FRUGDĠLRDWHQĠLHGHRVHELWăVWăULLGUXPXOXLOD
'LQPRWLYHGHVLJXUDQĠă0HUFHGHV%HQ]Yă WHPSHUDWXULVLWXDWHvQMXUXOSXQFWXOXLGH
&RQGXFHUHúLSDUFDUH
UHFRPDQGăVăPRQWDĠLSOăFXĠHGHIUkQăJDU vQJKHĠ
QLWXULGHIUkQăODDXWRYHKLFXOXOGXPQHD
'DFăVDIRUPDWSROHLSHVXSUDIDĠDGUXPXOXL
YRDVWUăGRDUGDFăDXIRVWDSUREDWHSHQWUX
GHH[GLQFDX]DFHĠLLSHSROHLVHIRUPHD]ă
DXWRYHKLFXOHOH0HUFHGHV%HQ]VDXFDUH
RSHOLFXOăVXEĠLUHGHDSăFkQGIUkQDĠLUHGX
FRUHVSXQGXQXLVWDQGDUGGHFDOLWDWHHFKLYD
FkQGFRQVLGHUDELOWUDFĠLXQHDSQHXULORU&RQ
OHQW3OăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQă
GXFHĠLFXGHRVHELWăSUXGHQĠăvQDVWIHOGH
QHDSUREDWHSHQWUXDXWRYHKLFXOHOH0HUFHGHV
VLWXDĠLLPHWHR
%HQ]VDXFDUHQXVXQWGHFDOLWDWHHFKLYDOHQWă
DUSXWHDDIHFWDVLJXUDQĠDvQIXQFĠLRQDUHD
DXWRYHKLFXOXOXLGXPQHDYRDVWUă
&RQGXFHUHSHGUXPXULXPHGH
6LVWHPGHIUkQDUHGHvQDOWăSHUIRUPDQĠă $FYDSODQDUH
SHQWUXDXWRYHKLFXOH$0*
'DFăVDDFXPXODWDSăSkQăODRDQXPLWă
6LVWHPXOGHIUkQDUHGHvQDOWăSHUIRUPDQĠă DGkQFLPHSHVXSUDIDĠDGUXPXOXLH[LVWăSHUL
HVWHFRQFHSXWSHQWUXVDUFLQLJUHOH$FHVWD FROXOGHDFYDSODQDUHFKLDUGDFă
SRDWHJHQHUD]JRPRWHvQWLPSXOIUkQăULL
=FRQGXFHĠLODYLWH]HVFă]XWH
$FHVWHDYRUGHSLQGHGH
=SQHXULOHDXRDGkQFLPHDGHFYDWăDVXSUD
=YLWH]ă
IHĠHLGHUXODUH
=IRUĠDGHIUkQDUH
'LQDFHVWPRWLYQXFRQGXFHĠLvQúDQĠXULGH
=FRQGLĠLLOHGHPHGLXSUHFXPWHPSHUDWXUDúL
SQHXúLIUkQDĠLFXDWHQĠLH
XPLGLWDWHD
8]XUDFRPSRQHQWHORULQGLYLGXDOHDOHVLVWH &RQGXFHUHDSHGUXPXULLQXQGDWH
PXOXLGHIUkQDUHFXPDUILSOăFXĠHOHGHIUkQă
JDUQLWXULOHGHIUkQăVDXGLVFXULOHGHIUkQă 'DFăWUHEXLHVăFRQGXFHĠLSHSRUĠLXQLGH
GHSLQGHGHVWLOXOGHFRQGXFHUHúLGHFRQGLĠLLOH GUXPSHFDUHVDDGXQDWDSăUHĠLQHĠLFă
GHXWLOL]DUH =DGkQFLPHDPD[LPăSHUPLVăDDSHL
'LQDFHVWPRWLYHVWHLPSRVLELOVăVHLQGLFH VWăWăWRDUHHVWHGHFP
XQNLORPHWUDMFDUHVăILHYDODELOvQWRDWHVLWXD =QXFRQGXFHĠLODRYLWH]ăPDLPDUHGHFkWFHD
ĠLLOH8QVWLOGHFRQGXFHUHDJUHVLYYDGXFHOD GHPHUVSHMRV
RX]XUăULGLFDWă3XWHĠLREĠLQHLQIRUPDĠLLVXSOL
5HĠLQHĠLFăDXWRYHKLFXOHOHFDUHUXOHD]ăvQ
PHQWDUHSHDFHVWVXELHFWGHOD&HQWUXOGH
IDĠăVDXvQGLUHFĠLDRSXVăFUHHD]ăYDOXUL
6HUYLFH0HUFHGHV%HQ]
$FHDVWDSRDWHGXFHODGHSăúLUHDDGkQFLPLL
PD[LPHSHUPLVHDDSHL
7UDFĠLXQHSQHXUL $FHVWHQRWHWUHEXLHVăILHUHVSHFWDWHvQ
WRDWHVLWXDĠLLOHÌQFD]FRQWUDUSXWHĠLGHWH
$9(57,60(17 ULRUDPRWRUXOVLVWHPHOHHOHFWURQLFHVDX
'HúLDXWRYHKLFXOXOSRDWHILFRQWURODWvQvQWUH WUDQVPLVLD
JLPHODDQXPLWHYLWH]HSHGUXPXULXVFDWHWUH
EXLHVăYăUHGXFHĠLYLWH]DSHGUXPXULXPHGH
VDXFXSROHLSHQWUXDREĠLQHDFHODúLQLYHOGH
6LVWHPHGHDVLVWDUHDFRQGXFHULL
&RQGXFHUHSHWLPSGHLDUQă 'DFăDXWRYHKLFXOXOvQFHSHVăGHUDSH]HVDX
QXSRDWHILRSULWFkQGYăGHSODVDĠLODYLWH]ă
1RWHJHQHUDOH UHGXVă
$9(57,60(17 $XWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
&RQGXFHUHúLSDUFDUH
'DFăDXWRYHKLFXOXOUăPkQHLPRELOL]DWvQ DGXFHĠLVFKLPEăWRUXOvQSR]LĠLDQHXWUă
]ăSDGăDVLJXUDĠLYăFă]ăSDGDHVWHĠLQXWăOD $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
GLVWDQĠăGHĠHDYDGHHúDSDPHQWúLGLQMXUXO FXSODĠLWUDQVPLVLDvQSR]LĠLD1
DXWRYHKLFXOXOXLDWkWDWLPSFkWPRWRUXOIXQF ÌQFHUFDĠLVăUHGREkQGLĠLFRQWUROXODVXSUD
ĠLRQHD]ăÌQFD]FRQWUDUPRQR[LGXOGHFDUERQ DXWRYHKLFXOXOXLFXDMXWRUXOPDQHYUHORU
WR[LF&2SRDWHSăWUXQGHvQDXWRYHKLFXOSUR FRUHFWLYHFXGLUHFĠLD
YRFkQGSLHUGHUHDFXQRúWLQĠHLúLFKLDUPRDU
WHD G 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG
FRQGXFHUHDFXODQĠXULGH]ăSDGăFRQVXO
3HQWUXDDVLJXUDRYHQWLODUHVXILFLHQWăFXDHU
WDĠL3DJLQD
SURDVSăWGHVFKLGHĠLXúRUXQJHDPGHSHSDU
WHDDXWRYHKLFXOXOXLQHRULHQWDWăFăWUHYkQW
/DvQFHSXWXOLHUQLLVROLFLWDĠLSUHJăWLUHDDXWR 6LVWHPHGHDVLVWDUHDFRQGXFHULL
YHKLFXOXOXLSHQWUXLDUQăODXQDWHOLHUGHVSH &RQWUROFURD]LHUă
FLDOLWDWHDXWRUL]DWGHH[ODXQ&HQWUXGHVHU
YLFH0HUFHGHV%HQ] 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ)XQFĠLRQD &RQWUROXOFURD]LHUHLPHQĠLQHRYLWH]ăGH
UHDSHWLPSGHLDUQă3DJLQD UXODUHFRQVWDQWăvQORFXOGXPQHDYRDVWUă
$FHVWDIUkQHD]ăDXWRPDWSHQWUXDHYLWD
&RQGXFHUHFXSQHXULGHYDUă GHSăúLUHDYLWH]HLVHWDWH7UHEXLHVăVHOHFWDĠL
5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ)XQFĠLRQD RWUHDSWăGHYLWH]ăLQIHULRDUăvQWLPSXWLOvQ
UHDSHWLPSGHLDUQă3DJLQD SDQWHGHVFHQGHQWHOXQJLúLDEUXSWHPDLDOHV
GDFăDXWRYHKLFXOXOHVWHvQFăUFDWVDXGDFă
6XSUDIHĠHFDURVDELOHDOXQHFRDVH WUDFWDĠLRUHPRUFă/DDXWRYHKLFXOHOHFX
WUDQVPLVLHDXWRPDWăVHOHFWDĠLJDPDGH
$9(57,60(17 YLWH]HVDX$VWIHOYHĠLUHFXUJHODHIHFWXO
1XUHWURJUDGDĠLSHQWUXXQHIHFWGHIUkQăGH GHIUkQăGHPRWRU$VWIHOVHYDHOLPLQDVDU
PRWRUVXSOLPHQWDUSHVXSUDIHĠHGHGUXPDOX FLQDODFDUHHVWHVXSXVVLVWHPXOGHIUkQDUHúL
QHFRDVH$VWIHOURĠLOHPRWULFHúLDUSXWHD VHSUHYLQHVXSUDvQFăO]LUHDúLX]XUDSUHPDWXUă
SLHUGHDGHUHQĠDLDUDXWRYHKLFXOXODUSXWHD DIUkQHORU
GHUDSD 3HULFROGHDFFLGHQW
&RQGXFHĠLFXGHRVHELWăDWHQĠLHSHVXSUDIHĠH 1XFRPXWDĠLvQWURWUHDSWăGHYLWH]ăLQIHULRDUă
GHGUXPDOXQHFRDVH(YLWDĠLPDQHYUHOHEUXúWH SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
GHDFFHOHUDUHGLUHFĠLHúLIUkQDUH IHĠHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
GHUHDDGHUHQĠHLURĠLORUPRWULFHúLDXWRYHKLFX
OXOSRDWHGHUDSD
8WLOL]DĠLFRQWUROXOFURD]LHUHLQXPDLGDFăFRQ
GLĠLLOHUXWLHUHYăSHUPLWVăPHQĠLQHĠLRYLWH]ă
FRQVWDQWăSHRSHULRDGăSUHOXQJLWă3XWHĠL
VWRFDRULFHYLWH]ăGHUXODUHGHSHVWH
NPK
6LVWHPHGHDVLVWDUHDFRQGXFHULL
$9(57,60(17
&RQWUROXOFURD]LHUHLQXSRDWHĠLQHFRQWGH
FRQGLĠLLOHGHGUXPúLGHWUDILF
$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ
&RQGXFHUHúLSDUFDUH
WUDILFFKLDUúLFkQGFRQWUROXOFURD]LHUHLHVWH
DFWLYDW
&RQWUROXOFURD]LHUHLHVWHQXPDLXQVLVWHPGH
DVLVWHQĠăFDUHYăDMXWăFkQGFRQGXFHĠL'XP
QHDYRDVWUăVXQWHĠLVLQJXUXOUHVSRQVDELOGH
YLWH]DYHKLFXOXOXLúLGHIUkQDUHDvQWLPSXWLO
C 3HQWUXDDFWLYDVDXSHQWUXDFUHúWHYLWH]D
$9(57,60(17 D /DPSDLQGLFDWRDUH/,0
1XXWLOL]DĠLFRQWUROXOFURD]LHUHL 3HQWUXDDFWLYDFXYLWH]DFXUHQWăVDXFX
=vQFRQGLĠLLUXWLHUHFDUHQXYăSHUPLWVăFRQ XOWLPDYLWH]ăPHPRUDWă
GXFHĠLODYLWH]ăFRQVWDQWăGHH[WUDILFDJOR
3HQWUXDDFWLYDVDXSHQWUXDUHGXFHYLWH]D
PHUDWVDXGUXPXULúHUSXLWHÌQFD]FRQWUDU 3HQWUXDFRPXWDvQWUHFRQWUROXOFURD]LHUHL
SXWHĠLSURYRFDXQDFFLGHQW úL63(('7521,&YDULDELO
=SHGUXPXULDOXQHFRDVH5RĠLOHPRWULFHSRW 3HQWUXDGH]DFWLYDFRQWUROXOFURD]LHUHL
SLHUGHDGHUHQĠăFkQGIUkQDĠLVDXDFFHOHUDĠL
úLDXWRYHKLFXOXOSRDWHGHUDSD &kQGDFWLYDĠLFRQWUROXOFURD]LHUHLYLWH]D
=FkQGH[LVWăRYL]LELOLWDWHVFă]XWăGHH[GLQ
PHPRUDWăDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
WLPSGHFLQFLVHFXQGH$XWRYHKLFXOHOHFX
FDX]DFHĠLLSORLLDEXQGHQWHVDX]ăSH]LL
YRODQXOPXOWLIXQFĠLRQDOFXEXWRDQHYLWH]D
PHPRUDWăHVWHDSRLSHUPDQHQWDILúDWăSH
0DQHWăSHQWUXFRQWUROXOFURD]LHUHL LQGLFDWRUXOGHVWDUHRGDWăFXVLPEROXO²
3XWHĠLDFĠLRQDFRQWUROXOFURD]LHUHLúL63((' $XWRYHKLFXOHOHFXYRODQXOPXOWLIXQFĠLRQDOFX
7521,&YDULDELOFXPDQHWDSHQWUXFRQWUROXO EXWRDQHVHJPHQWHOHGLQYLWH]DPHPRUDWă
FURD]LHUHL SkQăODYLWH]DPD[LPăVHDSULQGSHDILúDMXO
PXOWLIXQFĠLRQDO
/DPSDLQGLFDWRDUH/,0GHSHPDQHWDSHQWUX
FRQWUROXOFURD]LHUHLLQGLFăFHVLVWHPDĠLVHOHF
WDW 6HOHFWDUHDFRQWUROXOXLFURD]LHUHL
=/DPSDLQGLFDWRDUH/,0VWLQVăVDVHOHF 9HULILFDĠLGDFăODPSDLQGLFDWRDUH/,0D
WDWFRQWUROXOFURD]LHUHL HVWHRSULWă
=/DPSDLQGLFDWRDUH/,0DSULQVăVD 'DFăHVWHGH]DFWLYDWăFRQWUROXOFURD]LHUHL
VHOHFWDW63(('7521,&YDULDELO HVWHGHMDVHOHFWDW
'DFăQXDSăVDĠLPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHVWLQJH&RQWUROXO
FURD]LHUHLHVWHVHOHFWDW
6LVWHPHGHDVLVWDUHDFRQGXFHULL
0HPRUDUHDúLPHQĠLQHUHDYLWH]HL UHJOHD]ăYLWH]DDXWRYHKLFXOXOXLvQIXQFĠLHGH
FXUHQWH XOWLPDYDORDUHPHPRUDWă
3XWHĠLPHPRUDYLWH]DFXUHQWăGDFăUXODĠLOD
YLWH]HGHSHVWHNPK 6HWDUHDXQHLYLWH]H
&RQGXFHUHúLSDUFDUH
$FFHOHUDĠLDXWRYHKLFXOXOSkQăFHDWLQJHĠL $SăVDĠLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
YLWH]DGRULWă vQVXVCSHQWUXRYLWH]ăPDLULGLFDWăVDX
$SăVDĠLVFXUWSHPDQHWDSHQWUXFRQWUROXO vQMRV
SHQWUXRYLWH]ăUHGXVă
FURD]LHUHLvQVXVCVDXvQMRV
0HQĠLQHĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
5LGLFDĠLSLFLRUXOGHSHSHGDODGHDFFHOHUD UHLDSăVDWăSkQăFHDWLQJHĠLYLWH]DGRULWă
ĠLH (OLEHUDĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
&RQWUROFURD]LHUHLHVWHDFWLYDW$XWRYHKL UHL
FXOXOPHQĠLQHDXWRPDWYLWH]D 1RXDYLWH]ăHVWHPHPRUDWă
G (VWHSRVLELOFDVLVWHPXOGHFRQWURODOFURD G &RQWUROXOFURD]LHUHLQXHVWHGH]DFWLYDW
]LHUHLVăQXSRDWăPHQĠLQHYLWH]DPHPRUDWă GDFăDSăVDĠLSHGDODGHDFFHOHUDĠLH'H
vQSDQWHDVFHQGHQWH6HUHYLQHODYLWH]D H[HPSOXGDFăDFFHOHUDĠLVFXUWSHQWUXD
PHPRUDWăFkQGDMXQJHĠLODRVXSUDIDĠă GHSăúLFRQWUROXOFURD]LHUHLUHJOHD]ăYLWH]D
SODQă&RQWUROXOFURD]LHUHLPHQĠLQHYLWH]D DXWRYHKLFXOXOXLODXOWLPDYLWH]ăPHPRUDWă
PHPRUDWăvQSDQWHGHVFHQGHQWHDFĠLRQkQG GXSăFHDĠLILQDOL]DWGHSăúLUHD
DXWRPDWIUkQHOH
G $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă 5HDOL]DUHDUHJODMHORUvQWUHSWHGH
NPK
=&RQGXFHĠLvQWRWGHDXQDODWXUDĠLLDOH
PRWRUXOXLDGHFYDWHGDUQXH[FHVLYH $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
=6FKLPEDĠLYLWH]DvQWLPSXWLO FURD]LHUHLODSXQFWXOGHSUHVLXQHvQ
='DFăHVWHSRVLELOQXUHWURJUDGDĠLFXPDL
VXVCSHQWUXRYLWH]ăPDLPDUHVDXvQ
MRV
SHQWUXRYLWH]ăPDLUHGXVă
PXOWHWUHSWHGHYLWH]ăRGDWă
8OWLPDYLWH]ăPHPRUDWăHVWHFUHVFXWăVDX
UHGXVă
0HPRUDUHDYLWH]HLFXUHQWHVDXDFWLYD
UHDXOWLPHLYLWH]HPHPRUDWH
5HDOL]DUHDUHJODMHORUvQWUHSWHGH
3HULFROGHDFFLGHQW NPK
6HOHFWDĠLXQDGLQWUHYLWH]HOHPHPRUDWHGRDU
$SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
GDFăYDORDUHDYLWH]HLUHVSHFWLYHYăHVWH
FURD]LHUHLGLQFRORGHSXQFWXOGHSUHVLXQH
FXQRVFXWăúLGDFăDFHDVWDHVWHDGHFYDWăSHQ
vQVXVCSHQWUXRYLWH]ăPDLULGLFDWăVDX
WUXFRQGLĠLLOHFXUHQWHGHGUXPúLWUDILFÌQFD]
vQMRV
SHQWUXRYLWH]ăPDLUHGXVă
FRQWUDUDFFHOHUDUHDVDXIUkQDUHDEUXVFă
SRDWHFUHDVLWXDĠLLSHULFXORDVHSHQWUXGXP 8OWLPDYLWH]ăPHPRUDWăHVWHFUHVFXWăVDX
QHDYRDVWUăVDXSHQWUXDOWHSHUVRDQH UHGXVă
GHSODVDĠLVFXUWPDQHWDVLVWHPXOXLWHPSR
PDWvQVSUHGXPQHDYRDVWUă
(OLEHUDĠLSHGDODGHDFFHOHUDĠLH
/DSULPDDFWLYDUHDVLVWHPXOXL7(0320$7
DFHVWDPHPRUHD]ăYLWH]DFXUHQWăVDX
6LVWHPHGHDVLVWDUHDFRQGXFHULL
'H]DFWLYDUHDFRQWUROXOXLFURD]LHUHL 63(('7521,&
([LVWăPDLPXOWHPRGXULGHDGH]DFWLYDFRQ 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
WUROXOFURD]LHUHL
63(('7521,&IUkQHD]ăDXWRPDWSHQWUXFD
&RQGXFHUHúLSDUFDUH
$SăVDĠLVFXUWSHPDQHWDSHQWUXFRQWUROXO
úRIHUXOVăQXGHSăúHDVFăYLWH]DVHWDWăÌQ
FURD]LHUHLvQDLQWH
SDQWHOHGHVFHQGHQWHOXQJLúLDEUXSWHPDL
VDX DOHVGDFăDXWRYHKLFXOXOHVWHvQFăUFDWVDX
)UkQă GDFăWUDFWDĠLRUHPRUFăWUHEXLHVăFXSODĠLR
VDX WUHDSWăGHYLWH]ăLQIHULRDUăvQWLPSXWLOVDXOD
$SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO DXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWăVă
FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD VHOHFWDĠLWUHDSWDGHYLWH]ăVDX$VWIHO
YHĠLXWLOL]DIUkQDGHPRWRUFDUHHOLEHUHD]ă
VLVWHPXOGHIUkQDUHGHVXEVDUFLQăúLSUHYLQH
63(('7521,&YDULDELOHVWHVHOHFWDW
VXSUDvQFăO]LUHDúLX]XUDSUHPDWXUăDIUkQHORU
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
'DFăHVWHQHFHVDUăRIUkQDUHVXSOLPHQWDUă
WUXFRQWUROXOFURD]LHUHLVHDSULQGH
DSăVDĠLSHGDODGHIUkQăUHSHWDWúLQXFRQWL
&RQWUROXOFURD]LHUHLHVWHGH]DFWLYDWDXWRPDW QXX
GDFă
3HULFROGHDFFLGHQW
=DSăVDĠLIUkQDGHSDUFDUH
1XDSăVDĠLQLFLRGDWăFRQWLQXXSHGDODGHIUkQă
=FRQGXFHĠLFXPDLSXĠLQGHNPK
vQWLPSXOGHSODVăULLDXWRYHKLFXOXOXLGHH[HP
=(63LQWHUYLQHVDXGDFăGH]DFWLYDĠL(63 SOXQXX]DĠLIUkQHOHSULQDSOLFDUHDFRQVWDQWă
=FXSODĠLSR]LĠLDQHXWUăODXQDXWRYHKLFXOFX úLXúRDUăGHSUHVLXQHDVXSUDSHGDOHL$FHVW
WUDQVPLVLHPDQXDOăvQWLPSXOFRQGXFHULL IDSWSURYRDFăVXSUDvQFăO]LUHDVLVWHPXOXLGH
VDXDSăVDĠLSHGDODGHDPEUHLDMPDLPXOWGH IUkQDUHPăUHúWHGLVWDQĠDGHIUkQDUHúLSRDWH
úDVHVHFXQGH FRQGXFHODGHWHULRUDUHDFRPSOHWăDIUkQHORU
=ODDXWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
FXSODĠLvQWURWUHDSWăGHYLWH]ăFDUHHVWH 3HULFROGHDFFLGHQW
SUHDULGLFDWăúLGUHSWXUPDUHWXUDĠLDPRWR 1XFRPXWDĠLvQWURWUHDSWăGHYLWH]ăLQIHULRDUă
UXOXLHVWHSUHDVFă]XWă SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
=ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă IHĠHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
FXSODĠLvQSR]LĠLD1vQWLPSXOFRQGXFHULL GHUHDDGHUHQĠHLURĠLORUPRWULFHúLDXWRYHKLFX
OXOSRDWHGHUDSD
ÌQFD]XOvQFDUHFRQWUROXOFURD]LHUHLHVWH
GH]DFWLYDWYHĠLDX]LXQVXQHWGHDYHUWL]DUH 3XWHĠLVHWDROLPLWăGHYLWH]ăYDULDELOăVDXSHU
9HĠLYHGHDPHVDMXO&UXLVHFRQWURORII PDQHQWă
&RQWUROXOFURD]LHUHLGH]DFWLYDWSH
=YDULDELOăSHQWUXOLPLWHGHYLWH]ăGHH[vQ
DILúDMXOPXOWLIXQFĠLRQDOWLPSGHDSUR[LPDWLY
FLQFLVHFXQGH ]RQHFXFOăGLUL
=SHUPDQHQWăSHQWUXUHVWULFĠLLSHWHUPHQ
G 8OWLPDYLWH]ăPHPRUDWăHVWHúWHDUVă OXQJGHH[FkQGFRQGXFHĠLHFKLSDWFX
FkQGRSULĠLPRWRUXO SQHXULGHLDUQă3DJLQD
3HULFROGHDFFLGHQW
6LVWHPXO6SHHGWURQLFHVWHFRQFHSXWGRDUFD
XQVLVWHPGHDVLVWDUHDFRQGXFHULL6XQWHĠLSH
GHSOLQUHVSRQVDELOGHVWDELOLUHDYLWH]HLDXWR
YHKLFXOXOXLúLGHIUkQDUHDvQWLPSXWLO
6LVWHPHGHDVLVWDUHDFRQGXFHULL
G 9LWH]DLQGLFDWăSHYLWH]RPHWUXSRDWH 'DFăHVWHDFWLYDW63(('7521,&YDULDELO
GLIHULXúRUGHOLPLWDGHYLWH]ăPHPRUDWă HVWHGHMDVHOHFWDW
'DFăQXDSăVDĠLPDQHWDSHQWUXFRQWUROXO
63(('7521,&YDULDELO FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
&RQGXFHUHúLSDUFDUH
1RWHJHQHUDOH /DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
&XPDQHWDSHQWUXFRQWUROXOFURD]LHUHLSXWHĠL WUXFRQWUROXOFURD]LHUHLVHDSULQGH63(('
DFĠLRQDFRQWUROXOFURD]LHUHLVDX',67521,& 7521,&YDULDELOHVWHVHOHFWDW
3/86úL63(('7521,&YDULDELO
/DPSDLQGLFDWRDUH/,0GHSHPDQHWDSHQWUX $9(57,60(17
FRQWUROXOFURD]LHUHLLQGLFăFHVLVWHPDĠLVHOHF 'DFăVHVFKLPEăúRIHULLLQIRUPDĠLOSHQRXO
WDW úRIHUSULYLQGOLPLWDGHYLWH]ăPHPRUDWă
=/DPSDLQGLFDWRDUH/,0VWLQVăVDVHOHF 8WLOL]DĠL63(('7521,&YDULDELOQXPDLGDFăQX
WDWFRQWUROXOFURD]LHUHLVDX',67521,& YDWUHEXLVăDFFHOHUDĠLEUXVFSkQăODRYLWH]ă
3/86 FHRGHSăúHúWHSHFHDPHPRUDWăGUHSWOLPLWă
=/DPSDLQGLFDWRDUH/,0DSULQVăVD GHYLWH]ăÌQFD]FRQWUDUSXWHĠLSURYRFDXQ
DFFLGHQW
VHOHFWDW63(('7521,&YDULDELO
3XWHĠLGHSăúLOLPLWDGHYLWH]ăPHPRUDWăGDFă
3XWHĠLXWLOL]DPDQHWDSHQWUXFRQWUROXOFURD
GH]DFWLYDĠL63(('7521,&YDULDELO
]LHUHLSHQWUXDOLPLWDYLWH]DODRULFHQLYHOPDL
PDUHGHNPKFkWPRWRUXOIXQFĠLRQHD]ă =FXDMXWRUXOPDQHWHLSHQWUXFRQWUROXOFURD
]LHUHL
=SULQDSăVDUHDSHGDOHLGHDFFHOHUDĠLHGLQ
FRORGHSXQFWXOGHSUHVLXQHUHWURJUDGDUHD
IRUĠDWă
1XHVWHSRVLELOVăGH]DFWLYDĠL6SHHGWURQLF
YDULDELOSULQIUkQDUH
0HPRUDUHDYLWH]HLFXUHQWH
3XWHĠLXWLOL]DPDQHWDSHQWUXFRQWUROXOFURD
]LHUHLSHQWUXDOLPLWDYLWH]DODRULFHQLYHOPDL
PDUHGHNPKFkWPRWRUXOIXQFĠLRQHD]ă
C 3HQWUXDPHPRUDYLWH]DFXUHQWăVDXR
$SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
YLWH]ăPDLULGLFDWă
FURD]LHUHLODSXQFWXOGHSUHVLXQHvQ
D /DPSDLQGLFDWRDUH/,0
VXVCVDXvQMRV
3HQWUXDPHPRUDYLWH]DFXUHQWăVDXSHQ 9LWH]DFXUHQWăHVWHPHPRUDWă7LPSGH
WUXDDFWLYDXOWLPDYLWH]ăPHPRUDWă FLQFLVHFXQGHDILúDMXOPXOWLIXQFĠLRQDOSUH
3HQWUXDPHPRUDYLWH]DFXUHQWăVDXR ]LQWăYLWH]DPHPRUDWăGHH[/LPLW
YLWH]ăPDLVFă]XWă /LPLWÆNPK
3HQWUXDFRPXWDvQWUHFRQWUROXOFURD]LHUHL $XWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOFX
úL63(('7521,&YDULDELO EXWRDQHYLWH]DPHPRUDWăHVWHDILúDWă
3HQWUXDGH]DFWLYD63(('7521,&YDULDELO SHUPDQHQWSHLQGLFDWRUXOGHVWDUHGHH[
/,0NPK
6HOHFWDUHD63(('7521,&YDULDELO
$XWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOFX
9HULILFDĠLGDFăODPSDLQGLFDWRDUH/,0D
EXWRDQHSHYLWH]RPHWUXVHJPHQWHOHGH
HVWHDFWLYDWă
6LVWHPHGHDVLVWDUHDFRQGXFHULL
ODvQFHSXWXOVFDOHLSkQăODYLWH]DPHPRUDWă 'H]DFWLYDUHD63(('7521,&YDULDELO
VXQWDSULQVH ([LVWăPDLPXOWHPRGXULGHDGH]DFWLYD
63(('7521,&YDULDELO
0HPRUDUHDYLWH]HLFXUHQWHVDXDFWLYDUHD
XOWLPHLYLWH]HPHPRUDWH $SăVDĠLVFXUWSHPDQHWDSHQWUXFRQWUROXO
&RQGXFHUHúLSDUFDUH
FURD]LHUHLvQDLQWH
$9(57,60(17
6HOHFWDĠLRYLWH]ăPHPRUDWăGDFăúWLĠLFDUHH VDX
YLWH]DúLGDFăHVWHDGHFYDWăSHQWUXVLWXDĠLD $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
FXUHQWăGHFRQGXFHUHúLGLQWUDILFÌQFD]FRQ FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
WUDURIUkQDUHEUXVFăYDUSXWHDSXQHvQSHUL
FROSHGXPQHDYRDVWUăúLSHDOĠLL /DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHVWLQJH63(('
7UDJHĠLVFXUWGHPDQHWDSHQWUXFRQWUROXO 7521,&YDULDELOHVWHGH]DFWLYDW
FURD]LHUHLFăWUHGXPQHDYRDVWUă
&RQWUROXOFURD]LHUHLHVWHVHOHFWDW
5HDOL]DUHDUHJODMHORUvQWUHSWHGHNPK 63(('7521,&YDULDELOHVWHGH]DFWLYDWDXWR
$SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO PDW
FURD]LHUHLODSXQFWXOGHSUHVLXQHvQ =GDFăDSăVDĠLSHGDODGHDFFHOHUDĠLHGLQFROR
VXVCSHQWUXRYLWH]ăPDLPDUHVDXvQ GHSXQFWXOGHSUHVLXQHUHWURJUDGDUHDIRU
MRV
SHQWUXRYLWH]ăPDLUHGXVă ĠDWăGDUQXPDLGDFăYLWH]DGXPQHD
VDX YRDVWUăFXUHQWăQXGLIHUăFXSHVWH
0HQĠLQHĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
NPKIDĠăGHYLWH]DPHPRUDWă9HĠLDX]L
XQVXQHWGHDYHUWL]DUHGDFăHVWHFD]XO
UHLDSăVDWăSkQăODSXQFWXOGHSUHVLXQH
=ODDXWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
SkQăFHVHVHWHD]ăYLWH]DGRULWă$SăVDĠL
PDQHWDSHQWUXFRQWUROXOFURD]LHUHLvQ GDFăFXSODĠLvQWURWUHDSWăGHYLWH]ăVXSH
VXVCSHQWUXRYLWH]ăPDLULGLFDWăVDXvQ ULRDUăúLGUHSWXUPDUHWXUDĠLDPRWRUXOXL
MRV
SHQWUXRYLWH]ăUHGXVă HVWHSUHDVFă]XWă
$9(57,60(17
5HDOL]DUHDUHJODMHORUvQWUHSWHGH
1XHVWHSRVLELOVăGH]DFWLYDĠL6SHHGWURQLF
NPK
YDULDELOSULQIUkQDUH
$SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLGLQFRORGHSXQFWXOGHSUHVLXQH G 8OWLPDYLWH]ăPHPRUDWăHVWHúWHDUVă
vQVXVCSHQWUXRYLWH]ăPDLPDUHVDXvQ FkQGRSULĠLPRWRUXO
MRV
SHQWUXRYLWH]ăPDLUHGXVă
VDX 63(('7521,&SHUPDQHQW
0HQĠLQHĠLPDQHWDSHQWUXFRQWUROXOFURD]LH 3XWHĠLXWLOL]DFDOFXODWRUXOGHERUGSHQWUXD
UHLDSăVDWăGLQFRORGHSXQFWXOGHSUHVLXQH OLPLWDYLWH]DSHUPDQHQWODRYDORDUHFXSULQVă
SkQăFHVHVHWHD]ăYLWH]DGRULWă$SăVDĠL vQWUHNPKGHH[SHQWUXFRQGXFHUHDFX
PDQHWDSHQWUXFRQWUROXOFURD]LHUHLvQ SQHXULGHLDUQăúLYLWH]DPD[LPă
VXVCSHQWUXRYLWH]ăPDLULGLFDWăVDXvQ 3DJLQD
MRV
SHQWUXRYLWH]ăUHGXVă ,PHGLDWvQDLQWHGHDDWLQJHYLWH]DPHPRUDWă
DFHDVWDDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
63(('7521,&SHUPDQHQWUăPkQHDFWLY
FKLDUúLGDFă63(('7521,&YDULDELOHVWH
GH]DFWLYDW
6LVWHPHGHDVLVWDUHDFRQGXFHULL
1XSXWHĠLGHSăúLOLPLWDGHYLWH]ăPHPRUDWă ',67521,&3/86QXUHDFĠLRQHD]ăPDLDOHVOD
FKLDUúLGDFăDSăVDĠLSHGDODGHDFFHOHUDĠLH =SLHWRQL
GLQFRORGHSXQFWXOGHSUHVLXQHUHWURJUDGD
=REVWDFROHVWDĠLRQDUHGHSHGUXPGHH[
UHDIRUĠDWă
DXWRYHKLFXOHRSULWHVDXSDUFDWH
&RQGXFHUHúLSDUFDUH
=WUDILFXOGHSHFRQWUDVHQVúLFHOFXFDUHYă
',67521,&3/86 LQWHUVHFWDĠL
(VWHSRVLELOFD',67521,&3/86VăQXUHFX
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD QRDVFăDXWRYHKLFXOHOHvQJXVWHGLQIDĠăGHH[
',67521,&3/86UHJOHD]ăYLWH]DúLYăDMXWă PRWRFLFOHWHOHúLDXWRYHKLFXOHOHFDUHFRQGXF
DXWRPDWVăPHQĠLQHĠLGLVWDQĠDIDĠăGHDXWR SHDOWăWUDLHFWRULH3ULQXUPDUHDFRUGDĠLvQWRW
YHKLFXOXOGHWHFWDWvQIDĠă$FHVWDIUkQHD]ă GHDXQDDWHQĠLHFRQGLĠLLORUGLQWUDILFFKLDUúL
DXWRPDWSHQWUXDHYLWDGHSăúLUHDYLWH]HL FkQG',67521,&3/86HVWHDFWLYDWÌQFD]
VHWDWH FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠLSHUL
ÌQSDQWHOHGHVFHQGHQWHOXQJLúLDEUXSWHPDL FROHOHODWLPSSURYRFkQGXQDFFLGHQWúL
DOHVGDFăDXWRYHKLFXOXOHVWHvQFăUFDWVDX UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH
GDFăWUDFWDĠLRUHPRUFăWUHEXLHVăVHOHFWDĠL
JDPDGHYLWH]HVDXvQWLPSXWLO$VWIHO $9(57,60(17
YHĠLUHFXUJHODHIHFWXOGHIUkQăGHPRWRU$VW ',67521,&3/86QXSRDWHĠLQHFRQWGHFRQ
IHOVHYDHOLPLQDVDUFLQDODFDUHHVWHVXSXV GLĠLLOHGHGUXPúLGHWUDILF'DFă',67521,&
VLVWHPXOGHIUkQDUHúLVHSUHYLQHVXSUDvQFăO]L QXUHFXQRDúWHVDXQXPDLUHFXQRDúWHDXWR
UHDúLX]XUDSUHPDWXUăDIUkQHORU YHKLFXOXOGLQIDĠăQXDFWLYDĠL',67521,&VDX
'DFăVHGHWHFWHD]ăXQDXWRYHKLFXOPDLOHQW GDFăHVWHGHMDDFWLYGH]DFWLYDĠLO$FHDVWă
vQIDĠă',67521,&3/86IDFHFDDXWRYHKLFX LQGLFDĠLHHVWHYDODELOăPDLDOHV
OXOGXPQHDYRDVWUăVăIUkQH]HúLVăPHQĠLQă =vQDLQWHGHYLUDMH
GLVWDQĠDSUHVHWDWăIDĠăGHDXWRYHKLFXOXOGLQ =SHEHQ]LGHDORFDUHDWUDILFXOXLvQFXUEH
IDĠă =FkQGWUHFHĠLSHREDQGăFXWUDILFPDLUDSLG
3HULFROGHDFFLGHQW =vQVLWXDĠLLFRPSOH[HGHFRQGXFHUHVDXFkQG
1XFRPXWDĠLvQWURWUHDSWăGHYLWH]ăLQIHULRDUă H[LVWăEHQ]LRFROLWRDUHGHH[SHDXWRVWUă]L
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD vQOXFUX
IHĠHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU ÌQFD]FRQWUDU',67521,&3/86PHQĠLQH
GHUHDDGHUHQĠHLURĠLORUPRWULFHúLDXWRYHKLFX YLWH]DFXUHQWăVHWDWăGHGXPQHDYRDVWUăVDX
OXOSRDWHGHUDSD DFFHOHUHD]ăSkQăODYLWH]DVHWDWă
',67521,&3/86QXSRDWHĠLQHFRQWGHFRQ
$9(57,60(17 GLĠLLOHPHWHR'H]DFWLYDĠLVDXQXDFWLYDĠL',6
',67521,&3/86HVWHQXPDLXQVLVWHPGH 7521,&3/86
DVLVWHQĠăFDUHYăDMXWăFkQGFRQGXFHĠLùRIH =GDFăGUXPXULOHVXQWDOXQHFRDVHDFRSHULWH
UXOSRDUWăvQWUHDJDUHVSRQVDELOLWDWHSHQWUX
FX]ăSDGăVDXFXJKHDĠă5RĠLOHvúLSRW
GLVWDQĠDDXWRYHKLFXOXOXLIDĠăGHDOWHDXWRYH
SLHUGHDGHUHQĠDFkQGIUkQDĠLVDXDFFHOHUDĠL
KLFXOHYLWH]DDXWRYHKLFXOXOXLúLSHQWUXIUkQD
$XWRYHKLFXOXOSRDWHvQFHSHVăGHUDSH]H
UHDvQWLPSXWLO
=GDFăVHQ]RULLVXQWPXUGDULVDXFkQGYL]LEL
OLWDWHDHVWHVODEăGHH[GLQFDX]D]ăSH]LL
SORLLVDXFHĠLL&RQWUROXOGLVWDQĠHLSRDWHIL
DIHFWDW
6LVWHPHGHDVLVWDUHDFRQGXFHULL
$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ /DPSDLQGLFDWRDUH/,0GHSHPDQHWDSHQWUX
WUDILFFKLDUúLFkQG',67521,&3/86HVWH FRQWUROXOFURD]LHUHLLQGLFăFHVLVWHPDĠLVHOHF
DFWLYDWÌQFD]FRQWUDUHVWHSRVLELOVăQXUHFX WDW
QRDúWHĠLSHULFROHOHODWLPSSURYRFkQGXQDFFL =/DPSDLQGLFDWRDUH/,0GH]DFWLYDWă',6
&RQGXFHUHúLSDUFDUH
GHQWúLUăQLUHDGXPQHDYRDVWUăúLDDOWRUSHU 7521,&3/86HVWHVHOHFWDW
VRDQH =/DPSDLQGLFDWRDUH/,0DSULQVăVD
6LVWHPXOGHVHQ]RUUDGDUHVWHDXWRPDWGH]DF VHOHFWDW63(('7521,&YDULDELO
WLYDWOkQJăXQLWăĠLOHUDGLRWHOHVFRS
3DJLQD
'DFăGRULĠLFD',67521,&3/86VăYăDVLVWH
VLVWHPXOGHVHQ]RUUDGDUWUHEXLHVăILHDFWLYDW
3DJLQDúLIXQFĠLRQDO
'DFăQXVHDIOăQLFLXQDXWRYHKLFXOvQIDĠă
',67521,&3/86VHFRPSRUWăODIHOFDúL
FRQWUROXOFURD]LHUHLvQLQWHUYDOXOGHYLWH]ăGLQ
WUHNPKúLNPK'DFăXQDXWRYHKL
FXOUXOHD]ăvQIDĠDGXPQHDYRDVWUă',6752
1,&DFĠLRQHD]ăvQLQWHUYDOXOGHYLWH]ăGLQWUH C 3HQWUXDPHPRUDYLWH]DFXUHQWăVDXR
NPKúLNPK YLWH]ăPDLULGLFDWă
1XXWLOL]DĠL',67521,&3/86vQWLPSXOFRQ D 3HQWUXDVHWDGLVWDQĠDPLQLPăVSHFLILFDWă
GXFHULLSHGUXPXULFXSDQWHDEUXSWH
/DPSDLQGLFDWRDUH/,0
$9(57,60(17
3HQWUXDPHPRUDYLWH]DFXUHQWăVDXSHQ
',67521,&3/86IUkQHD]ăDXWRYHKLFXOXO WUXDDFWLYDXOWLPDYLWH]ăPHPRUDWă
GXPQHDYRDVWUăFXSkQăODPD[LPXPPV 3HQWUXDPHPRUDYLWH]DFXUHQWăVDXR
vQIXQFĠLHGHYLWH]DVD$FHDVWDFRUHVSXQGH YLWH]ăPDLVFă]XWă
XQXLSURFHQWGHDSUR[LPDWLYGLQSXWHUHD 3HQWUXDFRPXWDvQWUH',67521,&3/86úL
GHIUkQDUHPD[LPăDDXWRYHKLFXOXOXLGXPQHD 63(('7521,&YDULDELO
YRDVWUă(VWHQHFHVDUFDúLGXPQHDYRDVWUăVă k 3HQWUXDGH]DFWLYD',67521,&3/86
DFĠLRQDĠLVLQJXUIUkQHOHGDFăDFHDVWăSXWHUH
GHIUkQDUHHVWHLQVXILFLHQWă
6HOHFWDUHD',67521,&3/86
'DFă',67521,&3/86GHWHFWHD]ăXQULVFGH
FROL]LXQHFXXQDXWRYHKLFXOGLQIDĠăVHHPLWH 9HULILFDĠLGDFăODPSDLQGLFDWRDUH/,0
XQVXQHWGHDYHUWL]DUHLQWHUPLWHQWÌQSOXV HVWHVWLQVă
ODPSDGHDYHUWL]DUHSULYLQGGLVWDQĠDºGLQ 'DFăHVWHVWLQVă',67521,&3/86HVWH
SDQRXOGHLQVWUXPHQWHVHDSULQGH)UkQDĠL GHMDVHOHFWDW
SHQWUXDHYLWDRFROL]LXQH 'DFăQXDSăVDĠLPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
0DQHWăSHQWUXFRQWUROXOFURD]LHUHL
/DPSDLQGLFDWRDUH/,0GLQPDQHWDSHQ
&XPDQHWDSHQWUXFRQWUROXOFURD]LHUHLSXWHĠL
DFĠLRQD',67521,&3/86úL63(('7521,& WUXFRQWUROXOFURD]LHUHLVHVWLQJH',6752
YDULDELO 1,&3/86HVWHVHOHFWDW
6LVWHPHGHDVLVWDUHDFRQGXFHULL
$FWLYDUHD',67521,&3/86PHPRUDUHD 7UDJHĠLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
YLWH]HLFXUHQWHúLPHQĠLQHUHDVD ]LHUHLFăWUHGXPQHDYRDVWUă
VDXDSăVDĠL
VFXUWvQVXVCVDXvQMRV
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD ',67521,&3/86HVWHVHOHFWDW
&RQGXFHUHúLSDUFDUH
$9(57,60(17 0HQĠLQHĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
$XWRYHKLFXOXOSRDWHILIUkQDWFkQG',67521,& UHLDSăVDWăvQVXVCVDXvQMRVSkQăFH
3/86HVWHDFWLYDW'LQDFHVWPRWLYGH]DFWL VHWDĠLYLWH]DGRULWă
YDĠLIXQFĠLD',67521,&3/86GDFăDXWRYHKL 5LGLFDĠLSLFLRUXOGHSHSHGDODGHDFFHOHUD
FXOXOYDILSXVvQPLúFDUHSULQDOWHPLMORDFHGH ĠLH
H[vQWURVSăOăWRULHDXWRVDXSULQWUDFWDUH $XWRYHKLFXOXOGXPQHDYRDVWUăvúLDGDS
WHD]ăYLWH]DIDĠăGHFHDDDXWRYHKLFXOXOXL
3HQWUXDDFWLYD',67521,&3/86WUHEXLHVă
GLQIDĠăvQVăQXPDLSkQăODYLWH]DPHPR
ILHvQGHSOLQLWHXUPăWRDUHOHFRQGLĠLL
UDWăGRULWă
=SHQWUXDXWRYHKLFXOHOHQHGRWDWHFXVLVWHP
GHQDYLJDĠLH%HFNHU0$33,/27WUHEXLH G 'DFăQXHOLEHUDĠLSHGDODGHDFFHOHUDĠLH
VăILHFRQHFWDW&RQVXOWDĠLLQVWUXFĠLXQLOHGH SkQăODFDSăWPHVDMXO',67521,&3/86
XWLOL]DUH$XGLRVHSDUDWH VXVSHQGHG',67521,&3/86VXVSHQњ
=PRWRUXOWUHEXLHVăILHvQIXQFĠLXQH(VWH GDWDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO'LV
SRVLELOVăILHQHFHVDUHGRXăPLQXWHGHFRQ WDQĠDVHWDWăIDĠăGHXQDXWRYHKLFXOPDLOHQW
GXFHUHvQDLQWHFD',67521,&3/86VăILH GLQIDĠăQXYDILDSRLPHQĠLQXWă9HĠLFRQ
JDWDGHXWLOL]DUH GXFHODYLWH]DVWDELOLWăSULQSR]LĠLDSHGDOHL
GHDFFHOHUDĠLH
=IUkQDGHSDUFDUHQXWUHEXLHVăILHDFĠLRQDWă
=(63WUHEXLHVăILHDFWLYDWvQVăVăQXLQWHU $FWLYDUHDvQWLPSXOFRQGXFHULLFăWUHDXWR
YLQă YHKLFXOXOVWDĠLRQDW
=WUDQVPLVLDWUHEXLHVăILHvQSR]LĠLD' 'DFăDXWRYHKLFXOXOGLQIDĠăVWDĠLRQHD]ă
=FDSRWDWUHEXLHVăILHvQFKLVă SXWHĠLDFWLYD',67521,&3/86QXPDLRGDWă
FHúLDXWRYHKLFXOXOGXPQHDYRDVWUăVWDĠLR
=SRUWLHUDúRIHUXOXLWUHEXLHVăILHvQFKLVă
QHD]ă
FkQGFXSODĠLGLQ3vQ'VDXFHQWXUDGHVLJX
7UDJHĠLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
UDQĠăWUHEXLHVăILHFXSODWă
=SRUWLHUDSDVDJHUXOXLIDĠăúLSRUWLHUHOHVSDWH
]LHUHLFăWUHGXPQHDYRDVWUă
VDXDSăVDĠL
VFXUWvQVXVCVDXvQMRV
WUHEXLHVăILHvQFKLVH
=DXWRYHKLFXOXOQXWUHEXLHVăGHUDSH]H
',67521,&3/86HVWHVHOHFWDW
G ',67521,&3/86SRDWHILDFWLYDWODVXE
$FWLYDUHDvQWLPSXOFRQGXFHULL
NPKGDFăXQDXWRYHKLFXOGLQIDĠăDIRVW
&kQGFRQGXFHĠLODYLWH]HVXENPKSXWHĠL GHWHFWDW3ULQXUPDUHDILúDMXOGHGLVWDQĠă
DFWLYD',67521,&3/86QXPDLGDFăDXWRYH ',67521,&3/86GLQSDQRXOGHLQVWUX
KLFXOXOGLQIDĠăDIRVWGHWHFWDWúLDSDUHSHDIL PHQWHWUHEXLHVăILHDFWLYDW
úDMXOPXOWLIXQFĠLRQDO'DFăDXWRYHKLFXOXOGLQ 3DJLQD
IDĠăQXPDLHVWHGHWHFWDWúLDILúDW',67521,&
3/86HVWHGH]DFWLYDWúLVHHPLWHXQVXQHWGH 0HQĠLQHĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
DYHUWL]DUH UHLDSăVDWăvQVXVCVDXvQMRVSkQăFH
VHWDĠLYLWH]DGRULWă
G 3XWHĠLXWLOL]DPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLSHQWUXDVHWDYLWH]DPHPRUDWăúL
FRPDQGDGHSHPDQHWDSHQWUXFRQWUROXO
6LVWHPHGHDVLVWDUHDFRQGXFHULL
FURD]LHUHLSHQWUXDVHWDGLVWDQĠDPLQLPă 6FKLPEDUHDEHQ]LL
VSHFLILFDWă3DJLQD 'DFăGRULĠLVăWUHFHĠLSHEDQGDGHGHSăúLUH
vQĠăULOHFXWUDILFSHGUHDSWDEDQGDGH
3RUQLUHGHSHORF
GHSăúLUHHVWHFHDGHSHSDUWHDVWkQJă',6
'DFăDXWRYHKLFXOXOGLQIDĠăSOHDFăGH
&RQGXFHUHúLSDUFDUH
7521,&3/86YăDVLVWăGDFă
SHORFOXDĠLSLFLRUXOGHSHSHGDODGHIUkQă
=FRQGXFHĠLFXSHVWHNPK
7UDJHĠLVFXUWGHPDQHWDSHQWUXFRQWUROXO =',67521,&3/86PHQĠLQHGLVWDQĠDIDĠăGH
FURD]LHUHLFăWUHGXPQHDYRDVWUă
DXWRYHKLFXOXOGLQIDĠă
VDX =DFWLYDĠLVHPQDOL]DWRDUHOHGHGLUHFĠLHFRUHV
$FFHOHUDĠLVFXUW SXQ]ăWRDUH
$XWRYHKLFXOXOGXPQHDYRDVWUăSOHDFăGHSH =',67521,&3/86QXGHWHFWHD]ăXQSHULFRO
ORFúLvúLDGDSWHD]ăYLWH]DIDĠăGHFHDD GHFROL]LXQH
DXWRYHKLFXOXOXLGLQIDĠă
'DFăVHvQGHSOLQHVFDFHVWHFRQGLĠLLDXWRYH
&RQGXFHUH KLFXOXOGXPQHDYRDVWUăDFFHOHUHD]ă$FFHOH
UDUHDYDILvQWUHUXSWăGDFăVFKLPEDUHDEHQ]L
'DFăQXVHDIOăQLFLXQDXWRYHKLFXOvQIDĠă
ORUGXUHD]ăSUHDPXOWVDXGDFăGLVWDQĠDGLQWUH
',67521,&3/86IXQFĠLRQHD]ăSUHFXPFRQ
DXWRYHKLFXOXOGXPQHDYRDVWUăúLDXWRYHKLFX
WUROXOFURD]LHUHL
OXOGLQIDĠăVHUHGXFHSUHDPXOW
'DFăVHGHWHFWHD]ăXQDXWRYHKLFXOPDLOHQW
vQIDĠă',67521,&IDFHFDDXWRYHKLFXOXO $9(57,60(17
GXPQHDYRDVWUăVăIUkQH]H$VWIHOVHPHQĠLQH ',67521,&3/86úLDVLVWHQĠDDFWLYăODXQJKLXO
GLVWDQĠDSUHVHWDWăIDĠăGHDXWRYHKLFXOXOGLQ PRUWVXQWGRDUVLVWHPHGHDVLVWDUHDFRQGX
IDĠă FHULL
'DFă',67521,&3/86GHWHFWHD]ăXQDXWR $FHVWHDQXYăDEVROYăGHUăVSXQGHUHDGHD
YHKLFXOPDLUDSLGvQIDĠăDFHVWDFUHúWHYLWH]D PDQLIHVWDRDWHQĠLHGHRVHELWăùRIHUXOSRDUWă
GHUXODUHDDXWRYHKLFXOXOXLGXPQHDYRDVWUă vQWUHDJDUHVSRQVDELOLWDWHSHQWUXGLVWDQĠD
GDUQXPDLSkQăODYLWH]DPHPRUDWăGRULWă DXWRYHKLFXOXOXLIDĠăGHDOWHDXWRYHKLFXOH
YLWH]DDXWRYHKLFXOXOXLúLSHQWUXIUkQDUHDvQ
$9(57,60(17
WLPSXWLO$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGL
'DFăDSăVDĠLIUkQD',67521,&3/86HVWH ĠLLORUGLQWUDILFúLvPSUHMXULPLORUGXPQHD
GH]DFWLYDWFXH[FHSĠLDFD]XOXLvQFDUHDXWRYH YRDVWUăÌQFD]FRQWUDUHVWHSRVLELOVăQX
KLFXOXOGXPQHDYRDVWUăVWDĠLRQHD]ă',6752 UHFXQRDúWHĠLSHULFROHOHODWLPSSURYRFkQGXQ
1,&3/86QXPDLIUkQHD]ăDSRLDXWRYHKLFXOXO DFFLGHQWúLUăQLUHDGXPQHDYRDVWUăúLDDOWRU
ÌQDVWIHOGHVLWXDĠLLFRQWURODĠLGLVWDQĠDIDĠăGH SHUVRDQH
DXWRYHKLFXOHOHGLQIDĠăQXPDLFXIUkQDÌQFD]
FRQWUDUSXWHĠLSURYRFDXQDFFLGHQWUăQLQGX $XWRYHKLFXOHOHFX&20$1'2QOLQH
YăvQFRQVHFLQĠăSHGXPQHDYRDVWUăúLDOWH G 8UPăWRDUHDIXQFĠLHQXHVWHDFWLYăvQWRDWH
SHUVRDQHùRIHUXOSRDUWăvQWUHDJDUHVSRQVD
ĠăULOH
ELOLWDWHSHQWUXGLVWDQĠDDXWRYHKLFXOXOXLIDĠăGH
DOWHDXWRYHKLFXOHYLWH]DODFDUHFRQGXFHúL
SHQWUXIUkQDUHDvQWLPSXWLO
6LVWHPHGHDVLVWDUHDFRQGXFHULL
',67521,&3/86XWLOL]HD]ăLQIRUPDĠLLVXSOL GHXQSDVDJHUVDXGLQH[WHULRUXODXWRYHKLFX
PHQWDUHGHODVLVWHPXOGXPQHDYRDVWUăGH OXOXL
QDYLJDĠLHDVWIHOvQFkWVăUHDFĠLRQH]HFRUHV ',67521,&3/86QXvQORFXLHúWHIUkQDGHSDU
SXQ]ăWRUODDQXPLWHVLWXDĠLLGLQWUDILF$FHDVWă FDUHúLQXWUHEXLHVăILHXWLOL]DWăSHQWUXSDU
&RQGXFHUHúLSDUFDUH
VLWXDĠLHDSDUHGDFăvQWLPSFHXUPDĠLXQDXWR FDUH
YHKLFXO',67521,&3/86HVWHDFWLYúLGXP
(IHFWXOGHIUkQDUHRIHULWGH',67521,&3/86
QHDYRDVWUă
HVWHDQXODWúLDXWRYHKLFXOXOVHSRDWHSXQHvQ
=YăDSURSLDĠLVDXWUHFHĠLSULQWUXQVHQVJLUD PLúFDUHGDFă
WRULX =',67521,&3/86HVWHGH]DFWLYDWFXDMXWR
=YăDSURSLDĠLGHRLQWHUVHFĠLHvQ7
UXOPDQHWHLSHQWUXFRQWUROXOFURD]LHUHL
=LHúLĠLODRLHúLUHGHSHDXWRVWUDGă
=DFFHOHUDĠL
&KLDUúLGDFăDXWRYHKLFXOXOGLQIDĠăLHVHGLQ =H[LVWăRGHIHFĠLXQHvQVLVWHPVDXRvQWUHUX
UD]DGHGHWHFWDUH',67521,&3/86PHQĠLQH SHUHvQDOLPHQWDUHDHOHFWULFăGHH[R
WHPSRUDUYLWH]DGHFRQGXFHUHFXUHQWăúLQX GHIHFĠLXQHODEDWHULH
DFFHOHUHD]ă$FHVWDVHED]HD]ăSHGDWHOH =VHLQWHUYLQHQHDXWRUL]DWODVLVWHPXOHOHFWULF
FXUHQWHDOHKăUĠLORUGLQVLVWHPXOGHQDYLJDĠLH
GLQFRPSDUWLPHQWXOPRWRUXOXLODEDWHULH
VDXODVLJXUDQĠH
=EDWHULDHVWHGHFRQHFWDWă
'DFăGRULĠLVăSăUăVLĠLDXWRYHKLFXOXOVDXVăvO
SDUFDĠLGH]DFWLYDĠL',67521,&3/86úLDVL
JXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLvQPLúFDUH
'DFă',67521,&3/86GHWHFWHD]ăFăDXWR
YHKLFXOXOGLQIDĠăVHRSUHúWHDFHVWDIUkQHD]ă
DXWRYHKLFXOXOGXPQHDYRDVWUăSkQăFHVWDĠLR
QHD]ă
([HPSOXVHQVJLUDWRULX 2GDWăFHDXWRYHKLFXOXOGXPQHDYRDVWUăVWD
ĠLRQHD]ăDFHVWDUăPkQHVWDĠLRQDWQHILLQG
9LWH]DFXUHQWăHVWHPHQĠLQXWă
QHFHVDUăDSăVDUHDIUkQHL
=DSUR[LPDWLYVHFXQGHvQDLQWHGHVHQVXO
JLUDWRULXLQWHUVHFĠLDvQ7úLWLPSGHDSUR[L G ÌQIXQFĠLHGHGLVWDQĠDPLQLPăVSHFLILFDWă
PDWLYVHFXQGHFkQGFRQGXFHĠLSULQVHQ DXWRYHKLFXOXOGXPQHDYRDVWUăYDIUkQD
VXOJLUDWRULX SkQăODRSULUHODRGLVWDQĠăVXILFLHQWăIDĠă
=DSUR[LPDWLYVHFXQGHvQDLQWHGHDDMXQJH
GHDXWRYHKLFXOXOGLQIDĠă'LVWDQĠDPLQLPă
VSHFLILFDWăHVWHVHWDWăFXDMXWRUXOFRPHQ]LL
ODLHúLUHDGHSHDXWRVWUDGăúLDSUR[LPDWLY
GHSHPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
VHFXQGHGXSăLHúLUHDGHSHDXWRVWUDGă
$SRLDXWRYHKLFXOXODFFHOHUHD]ăvQDSRLOD 9HĠLYHGHDXQPHVDMGHDYHUWL]DUHvQDILúDMXO
YLWH]DVHWDWăVSHFLILFDWăGHGXPQHDYRDVWUă PXOWLIXQFĠLRQDOGDFă',67521,&3/86HVWH
DFWLYDWúL
2SULUH =SRUWLHUDúRIHUXOXLHVWHGHVFKLVăúLFHQWXUD
$9(57,60(17 GHVLJXUDQĠăDúRIHUXOXLQXHVWHFXSODWă
1XLHúLĠLQLFLRGDWăGLQDXWRYHKLFXOFkQG',6 =PRWRUXOHVWHRSULWFXH[FHSĠLDFD]XOXLvQ
7521,&3/86HVWHDFWLYDW FDUHHVWHRSULWDXWRPDWGHIXQFĠLDVWDUW
',67521,&3/86QXWUHEXLHGHDVHPHQHDVă VWRS(&2
ILHQLFLRGDWăDFĠLRQDWDFWLYDWVDXGH]DFWLYDW =FDSRWDHVWHGHVFKLVă
6LVWHPHGHDVLVWDUHDFRQGXFHULL
',67521,&3/86HVWHGH]DFWLYDW0HVDMXO VXVCSHQWUXRYLWH]ăPDLPDUHVDXvQMRV
GHDYHUWL]DUHGLQDILúDMXOPXOWLIXQFĠLRQDO SHQWUXRYLWH]ăPDLUHGXVă
GLVSDUH 8OWLPDYLWH]ăPHPRUDWăHVWHFUHVFXWăVDX
'HDVHPHQHDFOD[RQXOVHYDDFĠLRQDODLQWHU UHGXVă
YDOHUHJXODWHGDFă',67521,&3/86HVWH
DFWLYDWúLGXPQHDYRDVWUă 5HDOL]DUHDUHJODMHORUvQWUHSWHGH
=RSULĠLPRWRUXOGHVFKLGHĠLSRUWLHUDúRIHUXOXL NPK
úLYăVFRDWHĠLFHQWXUDGHVLJXUDQĠă $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
=GHVFKLGHĠLFDSRWD
FURD]LHUHLGLQFRORGHSXQFWXOGHSUHVLXQH
&OD[RQXODFWLYDWYăDYHUWL]HD]ăDVXSUDIDSWX vQVXVCSHQWUXRYLWH]ăPDLPDUHVDXvQ
OXLFăDXWRYHKLFXOXODIRVWSDUFDWFkQG',6 MRVSHQWUXRYLWH]ăPDLUHGXVă
7521,&3/86HVWHvQFRQWLQXDUHDFWLYDW 8OWLPDYLWH]ăPHPRUDWăHVWHFUHVFXWăVDX
6XQHWXOGHYLQHPDLSXWHUQLFGDFăvQFHUFDĠLVă UHGXVă
vQFXLDĠLDXWRYHKLFXOXO$XWRYHKLFXOXOQXHVWH
vQFXLDWSkQăFH',67521,&3/86QXHVWH
GH]DFWLYDW
0HPRUDUHDYLWH]HLFXUHQWHVDXDFWLYD
UHDYLWH]HPHPRUDWH
G 'DFăPRWRUXODIRVWRSULWDFHVWDQXSRDWH
ILUHSRUQLWSkQăFH',67521,&3/86QXD 3HULFROGHDFFLGHQW
IRVWGH]DFWLYDW 6HOHFWDĠLXQDGLQWUHYLWH]HOHPHPRUDWHGRDU
GDFăYDORDUHDYLWH]HLUHVSHFWLYHYăHVWH
'DFă',67521,&3/86HVWHDFWLYDWúLVXUYLQH
FXQRVFXWăúLGDFăDFHDVWDHVWHDGHFYDWăSHQ
RGHIHFĠLXQHvQVLVWHPVDXGDFăDOLPHQWDUHD
WUXFRQGLĠLLOHFXUHQWHGHGUXPúLWUDILFÌQFD]
HOHFWULFăHVWHvQWUHUXSWăPHVDMXO%UDNH
FRQWUDUDFFHOHUDUHDVDXIUkQDUHDEUXVFă
LPPHGLDWHO\)U¥QDĆLLPHGLDWDSDUHSH
SRDWHFUHDVLWXDĠLLSHULFXORDVHSHQWUXGXP
DILúDMXOPXOWLIXQFĠLRQDO$SăVDĠLLPHGLDWIUkQD
QHDYRDVWUăVDXSHQWUXDOWHSHUVRDQH
IHUPSkQăFHPHVDMXOGHDYHUWL]DUHGHSHDIL
úDMXOPXOWLIXQFĠLRQDOVHVWLQJHVDXFXSODĠL 7UDJHĠLVFXUWGHPDQHWDSHQWUXFRQWUROXO
WUDQVPLVLDvQSR]LĠLD3',67521,&3/86HVWH FURD]LHUHLFăWUHGXPQHDYRDVWUă
GH]DFWLYDW
5LGLFDĠLSLFLRUXOGHSHSHGDODGHDFFHOHUD
ĠLH
6HWDUHDXQHLYLWH]H
',67521,&3/86HVWHDFWLYDW/DSULPDVD
$SăVDĠLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL DFWLYDUHYLWH]DFXUHQWăHVWHPHPRUDWăÌQ
vQVXVCSHQWUXRYLWH]ăPDLULGLFDWăVDX FD]FRQWUDUYLWH]DGHFURD]LHUăDDXWRYHKL
vQMRVSHQWUXRYLWH]ăUHGXVă FXOXOXLHVWHVHWDWăODYDORDUHDPHPRUDWă
0HQĠLQHĠLPDQHWDSHQWUXFRQWUROXOFURD]LH DQWHULRU
UHLDSăVDWăSkQăFHDWLQJHĠLYLWH]DGRULWă
(OLEHUDĠLPDQHWDSHQWUXFRQWUROXOFURD]LH 6HWDUHDGLVWDQĠHLPLQLPHVSHFLILFDWH
UHL 3XWHĠLVHWDGLVWDQĠDPLQLPăVSHFLILFDWăSHQ
1RXDYLWH]ăHVWHPHPRUDWă',67521,& WUX',67521,&3/86SULQYDULHUHDLQWHUYDOXOXL
3/86HVWHDFWLYDWúLUHJOHD]ăYLWH]DDXWR GHWLPSvQWUHXQDúLGRXăVHFXQGH&XDFHDVWă
YHKLFXOXOXLODQRXDYLWH]ăPHPRUDWă IXQFĠLHSXWHĠLVHWDGLVWDQĠDPLQLPăSăVWUDWă
6LVWHPHGHDVLVWDUHDFRQGXFHULL
GH',67521,&3/86IDĠăGHDXWRYHKLFXOXOGLQ &kQG',67521,&3/86HVWHDFWLYDWXQXOVDX
IDĠăvQIXQFĠLHGHYLWH]DDXWRYHKLFXOXOXL GRXăVHJPHQWHDGLQWUHDSWDGHYLWH]ă
3XWHĠLYHGHDDFHDVWăGLVWDQĠăSHDILúDMXOPXO VHWDWăVHDSULQG
WLIXQFĠLRQDO3DJLQD
G 'LQPRWLYHVWUXFWXUDOHYLWH]DDILúDWăSH
&RQGXFHUHúLSDUFDUH
YLWH]RPHWUXSRDWHGLIHULXúRUIDĠăGHYLWH]D
VHWDWăSHQWUX',67521,&3/86
'DFă',67521,&3/86GHWHFWHD]ăXQDXWR
YHKLFXOvQIDĠăVHJPHQWHOHDGLQWUHYLWH]D
DXWRYHKLFXOXOXLGLQIDĠăCúLYLWH]DPHPR
UDWăVHDSULQG
$ILúDUHD',67521,&3/86vQDILúDMXO
PXOWLIXQFĠLRQDO
3HQWUXDFUHúWHURWLĠLFRPDQGDDvQ 1RWHJHQHUDOH
GLUHFĠLD ÌQ0HQLXODVLVWHQĠă3DJLQDDOFDOFX
',67521,&3/86SăVWUHD]ăDVWIHORGLV ODWRUXOXLGHERUGSXWHĠLVHOHFWDDILúDMXOGH
WDQĠăPDLPDUHvQWUHDXWRYHKLFXOXOGXP GLVWDQĠă
QHDYRDVWUăúLDXWRYHKLFXOXOGLQIDĠă 'LVSOD\FkQG',67521,&3/86HVWHGH]DF
3HQWUXDUHGXFHURWLĠLFRPDQGDDvQ WLYDW
GLUHFĠLDC 6HOHFWDĠLIXQFĠLD'LVWDQFHGLVSOD\
',67521,&3/86SăVWUHD]ăDVWIHORGLV $ILĂDMGLVWDQĆÆFXDMXWRUXOFDOFXODWR
WDQĠăPDLPLFăvQWUHDXWRYHKLFXOXOGXPQHD UXOXLGHERUG3DJLQD
YRDVWUăúLDXWRYHKLFXOXOGLQIDĠă
&kQG',67521,&3/86HVWHGH]DFWLYDWYHĠL
G $VLJXUDĠLYăFăPHQĠLQHĠLRGLVWDQĠăVXIL YHGHDXUPăWRDUHOHSHDILúDMXOPXOWLIXQFĠLR
FLHQWăúLVLJXUăIDĠăGHDXWRYHKLFXOXOGLQ QDO
IDĠă5HJODĠLGLVWDQĠDIDĠăGHDXWRYHKLFXOXO
GLQIDĠăGDFăVLWXDĠLDRFHUH
$ILúDUHD',67521,&3/86vQYLWH]RPH
WUX
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
C 6LPEROSHQWUXIUkQD35(6$)(DFWLYDWă
D $XWRYHKLFXOXOGLQIDĠăGDFăDIRVWGHWHF
WDW
,QGLFDWRUXOGHGLVWDQĠăGLVWDQĠDFXUHQWă
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă IDĠăGHDXWRYHKLFXOXOGLQIDĠă
6LVWHPHGHDVLVWDUHDFRQGXFHULL
'LVWDQĠDPLQLPăVSHFLILFDWăIDĠăGHDXWR ([LVWăPDLPXOWHPRGXULGHDGH]DFWLYD',6
YHKLFXOXOGLQIDĠăUHJODELOă 7521,&3/86
$XWRYHKLFXOXOSURSULX $SăVDĠLVFXUWSHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLCvQDLQWH
&RQGXFHUHúLSDUFDUH
'LVSOD\FkQG',67521,&3/86HVWHDFWL
YDW VDX
)UkQDĠLFXH[FHSĠLDFD]XOXLvQFDUHDXWRYH
6HOHFWDĠLIXQFĠLD'LVWDQFHGLVSOD\
$ILĂDMGLVWDQĆÆFXDMXWRUXOFDOFXODWR KLFXOXOVWDĠLRQHD]ă
UXOXLGHERUG3DJLQD VDX
$SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
9HĠLYHGHDYLWH]DPHPRUDWăWLPSGHDSUR[L
PDWLYFLQFLVHFXQGHFkQGDFWLYDĠL',67521,& FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
3/86'XSăDFHVWLQWHUYDOYHĠLYHGHD
XUPăWRDUHOHvQDILúDMXOPXOWLIXQFĠLRQDOFkQG 63(('7521,&YDULDELOHVWHVHOHFWDW
',67521,&3/86HVWHDFWLYDW /DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHDSULQGH
&kQGGH]DFWLYDĠL',67521,&3/86PHVDMXO
',67521,&3/86RII',67521,&3/86
RSULWDSDUHSHDILúDMXOPXOWLIXQFĠLRQDOWLPS
GHDSUR[LPDWLYFLQFLVHFXQGH
G 8OWLPDYLWH]ăPHPRUDWăUăPkQHPHPR
UDWăFkQGRSULĠLPRWRUXO
G ',67521,&3/86QXHVWHGH]DFWLYDWGDFă
DSăVDĠLSHGDODGHDFFHOHUDĠLH'DFăDFFH
OHUDĠLSHQWUXDGHSăúL',67521,&3/86
C ',67521,&3/86DFWLYDW UHJOHD]ăYLWH]DDXWRYHKLFXOXOXLODXOWLPD
D $XWRYHKLFXOXOSURSULX YLWH]ăPHPRUDWăGXSăFHDĠLILQDOL]DW
'LVWDQĠDPLQLPăVSHFLILFDWăIDĠăGHDXWR GHSăúLUHD
YHKLFXOXOGLQIDĠăUHJODELOă ',67521,&3/86HVWHDXWRPDWGH]DFWLYDW
$XWRYHKLFXOXOGLQIDĠăGDFăDIRVWGHWHF GDFă
WDW =DFĠLRQDĠLIUkQDGHSDUFDUH
=FRQGXFHĠLODRYLWH]ăVXENPKúLQX
'H]DFWLYDUHD',67521,&3/86 DYHĠLQLFLXQDXWRYHKLFXOvQIDĠăVDXGDFă
DXWRYHKLFXOXOGLQIDĠăQXPDLHVWHGHWHFWDW
=(63LQWHUYLQHVDXGDFăGH]DFWLYDĠL(63
=WUDQVPLVLDHVWHvQSR]LĠLD35VDX1
=DXWRYHKLFXOXOHVWHOkQJăRXQLWDWHUDGLRWH
OHVFRS3DJLQD
=GH]DFWLYDĠLVLVWHPXOGHVHQ]RULUDGDU
3DJLQD
=WUDJHĠLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
FăWUHGXPQHDYRDVWUăSHQWUXDSRUQLGHSH
ORFúLSRUWLHUDSDVDJHUXOXLIDĠăVDXXQDGLQ
WUHSRUWLHUHOHVSDWHHVWHGHVFKLVă
=DXWRYHKLFXOXODGHUDSDW
6LVWHPHGHDVLVWDUHDFRQGXFHULL
ÌQFD]XOvQFDUH',67521,&3/86HVWHGH]DF $XWRYHKLFXOHOHFDUHFLUFXOăSHREDQGă
WLYDWYHĠLDX]LXQVXQHWGHDYHUWL]DUH0HVDMXO GLIHULWă
',67521,&3/86RII',67521,&3/86
RSULWDSDUHSHDILúDMXOPXOWLIXQFĠLRQDOWLPS
&RQGXFHUHúLSDUFDUH
GHDSUR[LPDWLYFLQFLVHFXQGH
'DFăDXWRYHKLFXOXODIRVWRSULWGH',67521,&
3/86úLVXUYLQHRGHIHFĠLXQHODVLVWHPPHVD
MXO%UDNHLPPHGLDWHO\)U¥QDĆLLPHњ
GLDWDSDUHSHDILúDM$SăVDĠLSHGDODGH
IUkQăLPHGLDWSHQWUXDQXSHUPLWHDXWRYHKL
FXOXOXLVăVHSXQăvQPLúFDUH',67521,&
3/86HVWHDSRLGH]DFWLYDWLDUPHVDMXOGLV
SDUH
',67521,&3/86SRDWHVăQXGHWHFWH]HDXWR
5HFRPDQGăULSHQWUXFRQGXFHUHDFX YHKLFXOHOHFDUHXUPHD]ăREDQGăGLIHULWă'LV
',67521,&3/86 WDQĠDIDĠăGHDXWRYHKLFXOXOGLQIDĠăYDILSUHD
VFXUWă
1RWHJHQHUDOH
ÌQXUPăWRDUHOHJăVLĠLGHVFULHULDOHXQRUDQX $OWHDXWRYHKLFXOHFDUHVFKLPEăEDQGD
PLWHFRQGLĠLLGHGUXPúLWUDILFFăURUDWUHEXLH
VăOHDFRUGDĠLRDWHQĠLHGHRVHELWăÌQDVWIHOGH
VLWXDĠLLIUkQDĠLGDFăVLWXDĠLDRFHUH',6752
1,&3/86HVWHDSRLGH]DFWLYDW
9LUDMHLQWUDUHDúLLHúLUHDGLQFXUEă
',67521,&3/86QXDGHWHFWDWvQFăDXWRYH
KLFXOXOFDUHDLQWUDWvQIDĠDGXPQHDYRDVWUă
'LVWDQĠDIDĠăGHDFHVWDXWRYHKLFXOYDILSUHD
VFXUWă
$XWRYHKLFXOHvQJXVWH
&DSDFLWDWHD',67521,&3/86GHDGHWHFWD
DXWRYHKLFXOHvQYLUDMHHVWHOLPLWDWă$XWRYHKL
FXOXOGXPQHDYRDVWUăSRDWHIUkQDQHDúWHSWDW
VDXWDUGLY
6LVWHPHGHDVLVWDUHDFRQGXFHULL
',67521,&3/86QXDGHWHFWDWvQFăDXWRYH 3DFKHWGHPDQHYUDELOLWDWHGLQDPLFă
KLFXOXOGLQIDĠDPDUJLQLLSăUĠLLFDURVDELOHGLQ FXPRGVSRUWLY
FDX]DOăĠLPLLVDOHPLFL'LVWDQĠDIDĠăGHDXWR
YHKLFXOXOGLQIDĠăYDILSUHDVFXUWă 1RWHJHQHUDOH
&RQGXFHUHúLSDUFDUH
2EVWDFROHúLDXWRYHKLFXOHVWDĠLRQDWH &HDPDLLPSRUWDQWăSDUWHDSDFKHWXOXLGH
PDQHYUDELOLWDWHGLQDPLFăFXPRGVSRUWLYHVWH
VLVWHPXOGHVXVSHQVLHUHJODELO$FHVWDFRQ
WUROHD]ăúLDGDSWHD]ăDXWRPDWVXVSHQVLDOD
VLWXDĠLDGHFRQGXFHUHUHVSHFWLYă
&DOLEUDUHDVXVSHQVLHLGHSLQGHGH
=VWLOXOGXPQHDYRDVWUăGHFRQGXFHUH
=FRQGLĠLLOHVXSUDIHĠHLFDURVDELOH
=VHOHFĠLDGXPQHDYRDVWUăLQGLYLGXDOăFRQ
VXOWDĠLXUPăWRDUHDGHVFULHUH
'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăHVWH
GRWDWFXWUDQVPLVLHDXWRPDWăSDFKHWXOGH
',67521,&3/86QXIUkQHD]ăODREVWDFROH
PDQHYUDELOLWDWHGLQDPLFăFXPRGVSRUWLY
VDXDXWRYHKLFXOHVWDĠLRQDWH'DFăGHH[HP
LQFOXGHúLPDQHWDGHVFKLPEDUHDYLWH]HORU
SOXDXWRYHKLFXOXOGHWHFWDWYLUHD]ăúLvQIDĠD
VLWXDWăSHYRODQ3DJLQDFXXQSURJUDP
VDDSDUHXQREVWDFROVDXXQDXWRYHKLFXOVWD
GHFRQGXFHUHvQUHJLPPDQXDO
ĠLRQDW',67521,&3/86QXYDIUkQDFkQGVH
3DJLQD
DSURSLHGHDFHVWHD
$XWRYHKLFXOHOHFDUHYăWDLHFDOHD
([HPSOXSR]LĠLDSDFKHWXOXLGHPDQHYUDELOLWDWH
GLQDPLFăFXEXWRQGHPRGVSRUWLY
',67521,&3/86SRDWHGHWHFWDGLQJUHúHDOă 3RUQLĠLPRWRUXO
DXWRYHKLFXOHFDUHYăWUDYHUVHD]ăEDQGD$FWL
YDUHD',67521,&3/86ODVHPDIRDUHFXDXWR 5HJODMVSRUW
YHKLFXOHFDUHYăWDLHFDOHDGHH[HPSOXSRDWH
2IL[DUHPDLULJLGăDVXVSHQVLHLvQPRGXOVSRUW
IDFHFDDXWRYHKLFXOXOGXPQHDYRDVWUăVăSRU
DVLJXUăRDGHUHQĠăúLPDLEXQăODúRVHD
QHDVFăGHSHORFQHLQWHQĠLRQDW
6HOHFWDĠLDFHVWPRGFkQGUHFXUJHĠLODXQVWLO
GHFRQGXFHUHVSRUWLYGHH[SHGUXPXULGH
ĠDUăúHUSXLWH
6HOHFĠLDGXPQHDYRDVWUăUăPkQHPHPRUDWă
SkQăFHRSULĠLPRWRUXO
6LVWHPHGHDVLVWDUHDFRQGXFHULL
$SăVDĠLEXWRQXOD =SRUWLHUDúRIHUXOXLHVWHvQFKLVăVDXFHQWXUD
/DPSDLQGLFDWRDUHCVHDSULQGH(VWH GXPQHDYRDVWUăGHVLJXUDQĠăHVWHFXSODWă
VHOHFWDWUHJODMXOVSRUWLYDOVXVSHQVLHLÌQ =IUkQDGHSDUFDUHQXHVWHDFĠLRQDWă
IXQFĠLHGHSXWHUHDPRWRUXOXLSHGDODGH =FDSRWDHVWHvQFKLVă
&RQGXFHUHúLSDUFDUH
DFFHOHUDĠLHUăVSXQGHPDLUDSLG/DDXWRYH =PDQHWDVHOHFWRDUHVHDIOăvQSR]LĠLD'5
KLFXOHOHFXWUDQVPLVLHDXWRPDWăSURJUD VDX1ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWR
PXOGHFRQGXFHUH6HVWHVHOHFWDW PDWă
=',67521,&3/86HVWHGH]DFWLYDW
5HJODMFRQIRUW
ÌQPRGXOFRQIRUWFDUDFWHULVWLFLOHGHFRQGX $FWLYDUHDIXQFĠLHL+2/'
FHUHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWUăVXQW $VLJXUDĠLYăFăVDXvQGHSOLQLWFRQGLĠLLOHGH
PDLFRQIRUWDELOH6HOHFWDĠLDFHVWPRGGDFă DFWLYDUH
SUHIHUDĠLXQVWLOGHFRQGXFHUHPDLFRQIRUWDELO
$SăVDĠLSHGDODGHIUkQă
GDUúLFkQGFRQGXFHĠLUDSLGSHGUXPXUL
GUHSWHGHH[DXWRVWUă]L
$SăVDĠLEXWRQXOD
/DPSDLQGLFDWRDUHCVHVWLQJH(VWHVHOHF
WDWUHJODMXOFRQIRUWDELODOVXVSHQVLHL/D
DXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
SURJUDPXOGHFRQGXFHUH(HVWHVHOHFWDW
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
)XQFĠLH+2/' $SăVDĠLUDSLGSHGDODGHIUkQăPDLWDUHSkQă
FHGLVSOD\XO+2/'CDSDUHSHDILúDMXOPXO
1RWHJHQHUDOH WLIXQFĠLRQDO
)XQFĠLD+2/'SRDWHDVLVWDúRIHUXOvQ )XQFĠLD+2/'HVWHDFWLYDWă3XWHĠLHOLEHUD
XUPăWRDUHOHVLWXDĠLL SHGDODGHIUkQă
=FkQGGHPDUHD]ăPDLDOHVSHSDQWHDEUXSWH G 'DFăODSULPDDSăVDUHDSHGDOHLGHIUkQă
=FkQGPDQHYUHD]ăSHSDQWHDEUXSWH QXVHDFWLYHD]ăIXQFĠLD+2/'DúWHSWDĠL
=FkQGDúWHDSWăvQWUDILF
SXĠLQúLDSRLvQFHUFDĠLGLQQRX
$XWRYHKLFXOXOHVWHPHQĠLQXWvQORFIăUăFD $9(57,60(17
úRIHUXOVăWUHEXLDVFăVăDSHVHSHGDODGH )UkQHOHDXWRYHKLFXOXOXLVXQWDFĠLRQDWHFkQG
IUkQă IXQFĠLD+2/'HVWHDFWLYDWă'LQDFHVWPRWLY
(IHFWXOGHIUkQDUHHVWHDQXODWúLIXQFĠLD+2/' GH]DFWLYDĠLIXQFĠLD+2/'GDFăDXWRYHKLFXOXO
HVWHGH]DFWLYDWăFkQGDSăVDĠLSHGDODGHDFFH YDILSXVvQPLúFDUHSULQDOWHPLMORDFHGHH[
OHUDĠLHSHQWUXDGHPDUD vQWURVSăOăWRULHDXWRVDXSULQWUDFWDUH
&RQGLĠLLGHDFWLYDUH
3XWHĠLDFWLYDIXQFĠLD+2/'GDFă
=DXWRYHKLFXOXOHVWHRSULW
=PRWRUXOIXQFĠLRQHD]ăVDXGDFăDIRVWRSULW
DXWRPDWGHIXQFĠLDVWDUWVWRS(&2
6LVWHPHGHDVLVWDUHDFRQGXFHULL
'H]DFWLYDUHDIXQFĠLHL+2/' 9HĠLYHGHDXQPHVDMGHDYHUWL]DUHvQDILúDMXO
PXOWLIXQFĠLRQDOGDFăIXQFĠLD+2/'HVWHDFWL
)XQFĠLD+2/'HVWHGH]DFWLYDWăDXWRPDW
YDWăúL
GDFă
=SRUWLHUDúRIHUXOXLHVWHGHVFKLVăúLFHQWXUD
&RQGXFHUHúLSDUFDUH
=DFFHOHUDĠL/DDXWRYHKLFXOHFXWUDQVPLVLH
GHVLJXUDQĠăDúRIHUXOXLQXHVWHFXSODWă
DXWRPDWăQXPDLFkQGWUDQVPLVLDVHDIOăvQ
=PRWRUXOHVWHRSULWFXH[FHSĠLDFD]XOXLvQ
SR]LĠLD'VDX5
=vQFD]XOvQFDUHFXSODĠLWUDQVPLVLDvQSR]LĠLD
FDUHHVWHRSULWDXWRPDWGHIXQFĠLDVWDUW
VWRS(&2
3ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWR
=FDSRWDHVWHGHVFKLVă
PDWă
=DFĠLRQDĠLIUkQHOHGLQQRXDSăVkQGSkQăOD 3HQWUXDXWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
XQDQXPLWQLYHOSkQăFkQG+2/'GLVSDUHGH %UDNHLPPHGLDWHO\)U¥QDĆLLPHGLDW
SHDILúDMXOPXOWLIXQFĠLRQDO $SăVDĠLSHGDODGHIUkQăIHUPúLLPHGLDW
=DFWLYDĠL',67521,&3/86 SkQăFHPHVDMXOGHDYHUWL]DUHGLQDILúDMXO
PXOWLIXQFĠLRQDOVHVWLQJH$VWIHOVHGH]DF
$9(57,60(17 WLYHD]ăIXQFĠLD+2/'
1XLHúLĠLQLFLRGDWăGLQDXWRYHKLFXOFkQGIXQF /DDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
ĠLD+2/'HVWHDFWLYDWă 6HOHFW3DUN36HOHFWDĆL3DUN3
)XQFĠLD+2/'QXWUHEXLHVăILHQLFLRGDWă 'HSODVDĠLPDQHWDVHOHFWRDUHvQSR]LĠLD3
DFĠLRQDWăVDXGH]DFWLYDWăGHXQSDVDJHUVDX
SHQWUXDSUHYHQLSXQHUHDvQPLúFDUHDDXWR
GLQDIDUDDXWRYHKLFXOXOXL
YHKLFXOXOXL
)XQFĠLD+2/'QXvQORFXLHúWHIUkQDGHSDUFDUH )XQFĠLD+2/'HVWHGH]DFWLYDWă0HVDMXOGH
úLQXWUHEXLHVăILHXWLOL]DWăSHQWUXSDUFDUH DYHUWL]DUHGLQDILúDMXOPXOWLIXQFĠLRQDOGLV
(IHFWXOGHIUkQDUHDOIXQFĠLHL+2/'HVWHDQXODW SDUH
úLDXWRYHKLFXOXOVHSRDWHSXQHvQPLúFDUH
'HDVHPHQHDFOD[RQXOVHYDDFĠLRQDODLQWHU
GDFă
YDOHUHJXODWHGDFăIXQFĠLD+2/'HVWHDFWLYDWă
=IXQFĠLD+2/'HVWHGH]DFWLYDWăSULQ úLGXPQHDYRDVWUă
DSăVDUHDSHGDOHLGHDFFHOHUDĠLHVDXDSHGD =RSULĠLPRWRUXOGHVFKLGHĠLSRUWLHUDúRIHUXOXL
OHLGHIUkQă
úLYăVFRDWHĠLFHQWXUDGHVLJXUDQĠă
=H[LVWăRGHIHFĠLXQHvQVLVWHPVDXRvQWUHUX
=GHVFKLGHĠLFDSRWD
SHUHvQDOLPHQWDUHDHOHFWULFăGHH[R
GHIHFĠLXQHODEDWHULH &OD[RQXODFWLYDWYăDYHUWL]HD]ăDVXSUDIDSWX
=VHLQWHUYLQHQHDXWRUL]DWODVLVWHPXOHOHFWULF
OXLFăDXWRYHKLFXOXODIRVWSDUFDWFkQGIXQFĠLD
+2/'HVWHvQFRQWLQXDUHDFWLYDWă'DFăvQFHU
GLQFRPSDUWLPHQWXOPRWRUXOXLODEDWHULH
FDĠLVăvQFXLDĠLDXWRYHKLFXOXOWRQXOGHYLQH
VDXODVLJXUDQĠH
PDLSXWHUQLF$XWRYHKLFXOXOQXHVWHvQFXLDW
=EDWHULDHVWHGHFRQHFWDWă
SkQăFHIXQFĠLD+2/'QXHVWHGH]DFWLYDWă
'DFăSăUăVLĠLDXWRYHKLFXOXOVDXvOSDUFDĠL
GH]DFWLYDĠLIXQFĠLD+2/'úLDVLJXUDĠLDXWRYH
G 'DFăPRWRUXODIRVWRSULWDFHVWDQXSRDWH
KLFXOXOFRQWUDSXQHULLvQPLúFDUH ILUHSRUQLWSkQăFHIXQFĠLD+2/'QXDIRVW
GH]DFWLYDWă
'DFăH[LVWăRGHIHFĠLXQHvQVLVWHPVDXvQDOL
PHQWDUHDHOHFWULFăFkWIXQFĠLD+2/'HVWH
DFWLYDWăPHVDMXO%UDNHLPPHGLDWHO\
)U¥QDĆLLPHGLDWDSDUHSHDILúDMXOPXOWL
IXQFĠLRQDO$SăVDĠLIUkQDIHUPúLLPHGLDWSkQă
6LVWHPHGHDVLVWDUHDFRQGXFHULL
FHPHVDMXOGHDYHUWL]DUHGLQDILúDMXOPXOWL =DXWRYHKLFXOXOVWDĠLRQHD]ăúLSHGDODGH
IXQFĠLRQDOVHVWLQJH IUkQăHVWHDSăVDWăSLFLRUXOVWkQJ
/DDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă =WUDQVPLVLDHVWHvQSR]LĠLD'
SXWHĠLGHDVHPHQHDFXSODvQSR]LĠLD3$VWIHO
&RQGXFHUHúLSDUFDUH
VHGH]DFWLYHD]ăIXQFĠLD+2/' $FWLYDUHD5$&(67$57
$SăVDĠLSHGDODGHIUkQăFXSLFLRUXOVWkQJúL
5$&(67$57 PHQĠLQHĠLRDSăVDWă
5RWLĠLVHOHFWRUXOSURJUDPXOXLGHFRQGXFHUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD vQVHQVRUDU3DJLQDSkQăFHODPSD
G 5$&(67$57HVWHGLVSRQLELOQXPDLvQ 56VHDSULQGH
DXWRYHKLFXOHOH$0* $ILúDMXOPXOWLIXQFĠLRQDOLQGLFăPHVDMXO
5$&(67$57&RQILUP3DGGOH83&DQњ
5$&(67$57SHUPLWHRDFFHOHUDUHRSWLPă FHO3DGGOH'2:15$&(67$57&RQњ
FkQGSRUQLĠLGHSHORF3UHPLVDDFHVWHLDFFH ILUPDUH0DQHWÆ686$QXODUH
OHUăULHVWHRVXSUDIDĠăDGUXPXOXLDGHFYDWă 0DQHWÆ-26
GHvQDOWăDGHUHQĠă G 'DFăQXVHPDLvQWUXQHVFFRQGLĠLLOH
$9(57,60(17 DFWLYăULL5$&(67$57HVWHDQXODW$ILúDMXO
5$&(67$57HVWHGLVSRQLELOGRDUFkQGPRGXO PXOWLIXQFĠLRQDOSUH]LQWăPHVDMXO5$&(
GHPDQHYUDUH63257HVWHDFWLYDW0RGXOGH 67$57FDQFHOOHG5$&(67$57DQXњ
PDQHYUDUH63257YDSXWHDVWDELOL]DDXWRYH ODW
KLFXOXOQXPDLvQWURDQXPLWăPăVXUăGDFă 3HQWUXDQXODUHWUDJHĠLPDQHWDGHVFKLP
DXWRYHKLFXOXOvQFHSHVăGHUDSH]HVDXRURDWă EDUHDYLWH]HLVWkQJDGHSHYRODQ
vQFHSHVăSDWLQH]H$XWRYHKLFXOXOHVWHSULQ 3DJLQD
XUPDUHPDLJUHXGHFRQWURODWvQLQWHUYDOXOGH VDX
SUDJ(VWHSRVLELOVăSLHUGHĠLFRQWUROXODXWR
3HQWUXFRQILUPDUHWUDJHĠLPDQHWDGH
YHKLFXOXOXLúLVăSURYRFDĠLXQDFFLGHQW
VFKLPEDUHDYLWH]HLGUHDSWDGHSHYRODQ
5$&(67$57WUHEXLHVăILHXWLOL]DWGRDUSHFLU 3DJLQD
FXLWHvQFKLVH$GDSWDĠLYăvQWRWGHDXQDVWLOXO $ILúDMXOPXOWLIXQFĠLRQDOLQGLFăPHVDMXO
GHFRQGXFHUHvQIXQFĠLHGHFRQGLĠLLOHGHGUXP 5$&(67$57DYDLODEOH'HSUHVVDFFHњ
úLPHWHRSUHGRPLQDQWH OHUDWRU5$&(67$57GLVSRQLELO
$SÆVDĆLSHGDODGHDFFHOHUDĆLH
&RQGLĠLLGHDFWLYDUH G 'DFăQXDSăVDĠLSHGDODGHDFFHOHUDĠLH
5$&(67$57SRDWHILDFWLYDWFkQG SkQăODFDSăWvQGHFXUVGHGRXăVHFXQGH
5$&(67$57HVWHDQXODW$ILúDMXOPXOWL
=SRUWLHUHOHVXQWvQFKLVH
IXQFĠLRQDOLQGLFăPHVDMXO5$&(67$57
=PRWRUXOIXQFĠLRQHD]ăúLDDWLQVRWHPSHUD
QRWSRVVLEOH6HH2ZQHU
V0DQXDO
WXUăGHIXQFĠLRQDUHGHDSUR[LPDWLY 5$&(67$57LPSRVLELO&RQVXOWDĆL
$FHDVWăVLWXDĠLHDSDUHFkQGWHPSHUDWXUD 0DQXDOXOGHXWLOL]DUH
XOHLXOXLGHPRWRUGHSHDILúDMXOPXOWLIXQF
ĠLRQDOQXPDLOXPLQHD]ăLQWHUPLWHQW
$SăVDĠLSHGDODGHDFFHOHUDĠLHSkQăOD
=0RGXOGHPDQHYUDUH63257HVWHDFWLYDW
FDSăW
7XUDĠLDPRWRUXOXLFUHúWHSkQăODDSUR[LPD
3DJLQD
WLYURWPLQ
=YRODQXOVHDIOăvQSR]LĠLHGUHSWvQDLQWH
$ILúDMXOPXOWLIXQFĠLRQDOLQGLFăPHVDMXO
5$&(67$575HOHDVHEUDNHWRVWDUW
6LVWHPHGHDVLVWDUHDFRQGXFHULL
5$&(67$57(OLEHUDĆLIU¥QDSHQWUX 'DFăRURDWăPRWULFHSDWLQHD]ăGLQFDX]DXQHL
DSRUQL DGHUHQĠHLQVXILFLHQWH
G 'DFăQXHOLEHUDĠLSHGDODGHIUkQăvQ =DSăVDĠLSHGDODGHDFFHOHUDĠLHQXPDLFkWGH
GHFXUVGHúDSWHVHFXQGH5$&(67$57 WDUHHVWHQHFHVDUODGHPDUDUH
&RQGXFHUHúLSDUFDUH
HVWHDQXODW$ILúDMXOPXOWLIXQFĠLRQDOSUH =DFFHOHUDĠLPDLSXĠLQFkQGFRQGXFHĠL
]LQWăPHVDMXO5$&(67$57FDQFHOOHG =DGDSWDĠLYăVWLOXOGHFRQGXFHUHvQIXQFĠLHGH
5$&(67$57DQXODW
FRQGLĠLLOHGHGUXPúLWUDILF
/XDĠLSLFLRUXOGHSHIUkQăvQVăĠLQHĠLSHGDOD
GHDFFHOHUDĠLHDSăVDWă 1XWUDFWDĠLQLFLRGDWăDXWRYHKLFXOXOFXR
$XWRYHKLFXOXOSRUQHúWHGHSHORFFXDFFH SXQWHULGLFDWă$VWIHOSXWHĠLGHWHULRUDFXWLD
OHUDĠLHPD[LPă GHWUDQVIHU'HWHULRUăULOHGHDFHVWJHQQX
$ILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăPHVDMXO VXQWDFRSHULWHGHJDUDQĠLDLPSOLFLWă0HUFH
5$&(67$57DFWLYH5$&(67$57 GHV%HQ]7RDWHURĠLOHWUHEXLHVăUăPkQăILH
DFWLY SHVROILHVăILHFRPSOHWULGLFDWH5HVSHF
WDĠLLQVWUXFĠLXQLOHGHWUDFWDUHDXQXLDXWR
5$&(67$57HVWHGH]DFWLYDWFkQGDXWRYHKL YHKLFXOFXWRDWHURĠLOHDYkQGFRQWDFWFRP
FXOXODWLQJHRYLWH]ăGHDSUR[LPDWLY SOHWFXVROXO
NPK3URJUDPXOGHFRQGXFHUH6HVWH
DFWLYDW0RGXOGHPDQHYUDUH63257UăPkQH G ÌQFRQGLĠLLGHFRQGXFHUHSHWLPSGHLDUQă
DFWLYDW HIHFWXOPD[LP0$7,&SRDWHILREĠLQXWGRDU
5$&(67$57HVWHGH]DFWLYDWLPHGLDWFHHOL GDFăXWLOL]DĠLSQHXULGHLDUQă3QHXUL06
EHUDĠLSHGDODGHDFFHOHUDĠLHvQWLPSXO5$&( FXODQĠXULGH]ăSDGăGDFăVLWXDĠLDRFHUH
67$57VDXGDFăQXVHPDLvQGHSOLQHúWHRUL
FDUHGLQWUHFRQGLĠLLOHGHDFWLYDUH$ILúDMXOPXO
WLIXQFĠLRQDOLQGLFăPHVDMXO5$&(67$57QRW 3$5.7521,&
SRVVLEOH6HH2ZQHU
V0DQXDO5$&( 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
67$57LPSRVLELO&RQVXOWDĆL0DQXDOXO
GHXWLOL]DUH $9(57,60(17
G 'DFă5$&(67$57HVWHXWLOL]DWvQPRG 3$5.7521,&HVWHGRDUXQVLVWHPGHDVLV
UHSHWDWvQWURSHULRDGăVFXUWăGHWLPS WHQĠăúLHVWHSRVLELOVăQXGHWHFWH]HWRDWH
DFHVWDUHGHYLQHGLVSRQLELOGXSăFHDĠLFRQ REVWDFROHOH$FHVWDQXSRDWHVXEVWLWXLRFRQ
GXVDXWRYHKLFXOXOSHRDQXPLWăGLVWDQĠă GXFHUHDWHQWă
6XQWHĠLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQĠă
úLWUHEXLHVăFRQWLQXDĠLVăDFRUGDĠLDWHQĠLH
0$7,&WUDFĠLXQHLQWHJUDOăSHUPD vPSUHMXUăULORULPHGLDWHFkQGSDUFDĠLúLPDQH
QHQWă YUDĠLÌQFD]FRQWUDUSXWHĠLSXQHvQSHULFRO
VLJXUDQĠDGXPQHDYRDVWUăúLDFHORUODOĠL
0$7,&DVLJXUăDQWUHQDUHDSHUPDQHQWăD
WXWXURUFHORUSDWUXURĠLÌPSUHXQăFX(63HO 3HULFROGHUăQLUH
vPEXQăWăĠHúWHWUDFĠLXQHDDXWRYHKLFXOXOXL
$VLJXUDĠLYăFăvQVSDĠLXOGHPDQHYUăDODXWR
GXPQHDYRDVWUăFkQGRURDWăPRWULFHSDWL
YHKLFXOXOXLQXVHDIOăSHUVRDQHVDXDQLPDOH
QHD]ăGLQFDX]DXQHLDGHUHQĠHLQVXILFLHQWH
ÌQFD]FRQWUDUDFHVWHDSRWILUăQLWH
$9(57,60(17
0$7,&QXSRDWHUHGXFHSHULFROXOGHDFFL 3$5.7521,&HVWHXQVLVWHPGHDVLVWHQĠăOD
GHQWvQFD]XOvQFDUHFRQGXFHĠLSUHDUDSLG SDUFDUHHOHFWURQLFFXVHQ]RULFXXOWUDVXQHWH
$FHVWDLQGLFăYL]XDOúLDXGLWLYGLVWDQĠDGLQWUH
DXWRYHKLFXOXOGXPQHDYRDVWUăúLXQRELHFW
6LVWHPHGHDVLVWDUHDFRQGXFHULL
3$5.7521,&HVWHDFWLYDWDXWRPDWGDFă
=SXQHĠLFRQWDFWXO
=FXSODĠLvQSR]LĠLD'5VDX1ODDXWRYHKLFX
OHOHFXWUDQVPLVLHDXWRPDWă
&RQGXFHUHúLSDUFDUH
=HOLEHUDĠLIUkQDGHSDUFDUH
3$5.7521,&HVWHGH]DFWLYDWODYLWH]HGH
SHVWHNPK/DYLWH]HPDLPLFLDFHVWDVH
UHDFWLYHD]ă
3$5.7521,&PRQLWRUL]HD]ă]RQDGLQMXUXO
DXWRYHKLFXOXOXLGXPQHDYRDVWUăFXDMXWRUXOD
úDVHVHQ]RULGLQEDUDGHSURWHFĠLHIDĠăúLD ([HPSOXYHGHUHGHVXV6HGDQ
SDWUXVHQ]RULGLQEDUDGHSURWHFĠLHVSDWH 6HQ]RULIDĠă
&HQWUX DSUR[LPDWLYFP
&ROĠXUL DSUR[LPDWLYFP
6HQ]RULVSDWH
&HQWUX DSUR[LPDWLYFP
&ROĠXUL DSUR[LPDWLYFP
&kQGSDUFDĠLDFRUGDĠLRDWHQĠLHGHRVHELWă
C ([HPSOXVHQ]RULLGLQEDUDGHSURWHFĠLH
RELHFWHORUGHGHDVXSUDVDXGHVXEVHQ]RUL
IDĠăGHSHSDUWHDVWkQJă FXPDUILJKLYHFHOHGHIORULVDXEDUHOHGH
WUDFWDUHSHQWUXUHPRUFL3$5.7521,&QX
GHWHFWHD]ăDVWIHOGHRELHFWHFkQGVHDIOăvQ
5D]ăVHQ]RUL
LPHGLDWDDSURSLHUHDDXWRYHKLFXOXOXL
1RWHJHQHUDOH 3XWHĠLGHWHULRUDDXWRYHKLFXOXOVDXRELHF
WHOH
6HQ]RULLQXWUHEXLHVăILHDFRSHULĠLGHPL]HULH
JKHDĠăúLODSRYLĠăvQFD]FRQWUDUHVWHSRVLELO (VWHSRVLELOFDVHQ]RULLVăQXGHWHFWH]H
VăQXIXQFĠLRQH]HFRUHFW&XUăĠDĠLVHQ]RULL ]ăSDGăúLRELHFWHFHDEVRUEVXUVHOHGH
UHJXODWDYkQGJULMăVăQXvL]JkULDĠLVDXVăvL XOWUDVXQHWH
GHWHULRUDĠL3DJLQD 6XUVHOHGHXOWUDVXQHWHSUHFXPR
VSăOăWRULHDXWRPDWăIUkQHOHFXDHUFRP
SULPDWDOHXQXLFDPLRQVDXXQSLFDPăUDU
SXWHDIDFHFD3$5.7521,&VăIXQFĠLRQH]H
GHIHFWXRV
(VWHSRVLELOFD3$5.7521,&VăQXIXQFĠLR
QH]HFRUHFWSHWHUHQQHXQLIRUP
'LVWDQĠDPLQLPă
&HQWUX DSUR[LPDWLYFP
&ROĠXUL DSUR[LPDWLYFP
([HPSOXYHGHUHGLQODWHUDO6HGDQ
6LVWHPHGHDVLVWDUHDFRQGXFHULL
'DFăXQREVWDFROVHDIOăvQDFHVWLQWHUYDODIL 7UDQVPLVLHPDQXDOă
úDMHOHGHDYHUWL]DUHUHOHYDQWHVHDSULQGúLVH
HPLWHXQVXQHWGHDYHUWL]DUH'DFăGLVWDQĠD 3R]LĠLHPDQHWă $ILúDMGHDYHUWL]DUH
VFDGHVXEPLQLPHVWHSRVLELOFDGLVWDQĠDVă VFKLPEăWRUGH
YLWH]H
&RQGXFHUHúLSDUFDUH
QXVHPDLDILúH]H
7UHDSWăGHPHUV =RQăIURQWDOăDFWL
$ILúDMHGHDYHUWL]DUH vQDLQWH YDWă
$ILúDMHOHGHDYHUWL]DUHLQGLFăGLVWDQĠDGLQWUH VDX
VHQ]RULúLREVWDFRO$ILúDMXOGHDYHUWL]DUHSHQ 3R]LĠLHQHXWUă
WUX]RQDIURQWDOăHVWHDPSODVDWSHSODQúDGH
ERUGGHDVXSUDRULILFLLORUGHYHQWLODĠLHFHQ 7UHDSWDGHPHUV =RQHOHSRVWHULRDUăúL
WUDOH$ILúDMXOGHDYHUWL]DUHSHQWUX]RQDSRV vQDSRLVDXDXWRYH IURQWDOăDFWLYDWH
WHULRDUăHVWHDPSODVDWSHFăSWXúHDODSDYLOLR KLFXOXOVDSXVvQ
QXOXLGLQFRPSDUWLPHQWXOVSDWH PLúFDUHvQDSRL
7UDQVPLVLHDXWRPDWă
3R]LĠLHWUDQVPLVLH $ILúDMGHDYHUWL]DUH
' =RQăIURQWDOăDFWL
YDWă
51VDXDXWRYHKL =RQHOHSRVWHULRDUăúL
FXOXOVDSXVvQPLú IURQWDOăDFWLYDWH
FDUHvQDSRL
3 1LFLR]RQăDFWLYDWă
$ILúDMGHDYHUWL]DUHSHQWUX]RQDIURQWDOă
C 6HJPHQWHGHSHSDUWHDVWkQJăDDXWRYH
KLFXOXOXL 8QXOVDXPDLPXOWHVHJPHQWHVHDSULQGSH
PăVXUăFHDXWRYHKLFXOXOVHDSURSLHGHXQ
D 6HJPHQWHGHSHSDUWHDGUHDSWăDDXWRYH
REVWDFROvQIXQFĠLHGHGLVWDQĠDDXWRYHKLFXOX
KLFXOXOXL
OXLIDĠăGHREVWDFRO
6HJPHQWHFDUHLQGLFăGLVSRQLELOLWDWHDGH
'HOD
IXQFĠLRQDUH
=vQFHSkQGFXDOúDVHOHDVHJPHQWYHĠLDX]L
$ILúDMXOGHDYHUWL]DUHSHQWUXILHFDUHSDUWHD
XQVXQHWGHDYHUWL]DUHLQWHUPLWHQWWLPSGH
DXWRYHKLFXOXOXLHVWHvPSăUĠLWvQFLQFLVHJ
DSUR[LPDWLYGRXăVHFXQGH
PHQWHJDOEHQHúLGRXăURúLL3$5.7521,&
=vQFHSkQGFXDOúDSWHOHDVHJPHQWYHĠLDX]L
HVWHIXQFĠLRQDOGDFăVHJPHQWHOHJDOEHQH
FDUHLQGLFăGLVSRQLELOLWDWHDODIXQFĠLRQDUH XQVXQHWGHDYHUWL]DUHWLPSGHDSUR[LPDWLY
VHDSULQG GRXăVHFXQGH$FHDVWDLQGLFăIDSWXOFăDĠL
DWLQVGLVWDQĠDPLQLPă
3R]LĠLDPDQHWHLVFKLPEăWRUXOXLGHYLWH]HVDX
SR]LĠLDWUDQVPLVLHLODWUDQVPLVLDDXWRPDWă
VWDELOHVFFDUHDILúDMGHDYHUWL]DUHHVWHDFWLY
FkQGPRWRUXOIXQFĠLRQHD]ă
6LVWHPHGHDVLVWDUHDFRQGXFHULL
'H]DFWLYDUHDDFWLYDUHD3$5.7521,&
&RQGXFHUHúLSDUFDUH
C /DPSăLQGLFDWRDUH
D 3HQWUXDGH]DFWLYDDFWLYD3$5.7521,&
'DFăODPSDLQGLFDWRDUHCVHDSULQGH3$5.
7521,&HVWHGH]DFWLYDW$VLVWDUHDSDUFăULL
HVWHGHDVHPHQHDGH]DFWLYDWă
G 3$5.7521,&HVWHDFWLYDWDXWRPDWFkQG
URWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
7UDFWDUHDXQHLUHPRUFL
3$5.7521,&HVWHGH]DFWLYDWSHQWUX]RQDGLQ
VSDWHFkQGVWDELOLĠLRFRQH[LXQHHOHFWULFă
vQWUHDXWRYHKLFXOXOGXPQHDYRDVWUăúLR
UHPRUFă
5DEDWDĠLvQLQWHULRUFXSODVIHULFăvQFD]XO
vQFDUHFkUOLJXOGHWUDFWDUHDUHPRUFLLQX
HVWHQHFHVDU3$5.7521,&PăVRDUăUD]D
PLQLPăGHGHWHFWDUHGLQWUHXQREVWDFROúL
EDUDGHSURWHFĠLHQXFXSODVIHULFă
6LVWHPHGHDVLVWDUHDFRQGXFHULL
3UREOHPHFX3$5.7521,&
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
1XPDLVHJPHQWHOHURúLL 3$5.7521,&VDGHIHFWDWúLVDGH]DFWLYDW
&RQGXFHUHúLSDUFDUH
GLQGLVSOD\XULOHGH 'DFăSUREOHPHOHSHUVLVWăVROLFLWDĠLYHULILFDUHD3$5.7521,&OD
DYHUWL]DUH3$5.752 XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
1,&VXQWDSULQVH'H
DVHPHQHDYHĠLDX]LXQ
VXQHWGHDYHUWL]DUH
WLPSGHDSUR[LPDWLY
GRXăVHFXQGH
3$5.7521,&HVWH
GH]DFWLYDWGXSăDSUR[L
PDWLYGHVHFXQGH
LDUODPSDLQGLFDWRDUH
GLQEXWRQXO3$5.752
1,&VHDSULQGH
1XPDLVHJPHQWHOHURúLL 6HQ]RULL3$5.7521,&VXQWPXUGDULVDXH[LVWăLQWHUIHUHQĠH
GLQGLVSOD\XULOHGH &XUăĠDĠLVHQ]RULL3$5.7521,&3DJLQD
DYHUWL]DUH3$5.752 3XQHĠLGLQQRXFRQWDFWXO
1,&VXQWDSULQVH
3$5.7521,&HVWH 3UREOHPDSRDWHILSURYRFDWăGHRVXUVăUDGLRH[WHUQăVDXGHXOWUD
GH]DFWLYDWGXSăDSUR[L VXQHWH
PDWLYGHVHFXQGH
9HGHĠLGDFă3$5.7521,&IXQFĠLRQHD]ăvQDOWORF
$VLVWDUHDSDUFăULL $VLVWDUHDSDUFăULLPăVRDUăVSDĠLXOGHSDUFDUH
FkQGFRQGXFHĠLSHOkQJăHO1XVHĠLQHFRQW
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD GHQLFLRPRGLILFDUHXOWHULRDUăDGXVăVSDĠLXOXL
$VLVWDUHDSDUFăULLHVWHXQVLVWHPHOHFWURQLF GHSDUFDUH'HH[HPSOXDFHDVWăVLWXDĠLH
GHDVLVWHQĠăODSDUFDUHFXXOWUDVXQHWH8OWUD SRDWHVXUYHQLFkQGDXWRYHKLFXOXOSDUFDWvQ
VXQHWHOHVXQWXWLOL]DWHSHQWUXDPăVXUDGUX IDĠDVDXvQVSDWHOHVSDĠLXOXLvúLPRGLILFăSR]L
PXOSHDPEHOHSăUĠLDOHDXWRYHKLFXOXOXL8Q ĠLDVDXFkQGVHDGXFHXQREVWDFROvQVSDĠLXO
VSDĠLXGHSDUFDUHDGHFYDWHVWHLQGLFDWGH GHSDUFDUH
VLPEROXOGHSDUFDUH3ULPLĠLLQVWUXFĠLXQLGH $VLVWDUHDSDUFăULLQXYăDEVROYăGHUăVSXQGH
GLULMDUHFkQGSDUFDĠL3XWHĠLGHDVHPHQHDVă UHDGHDUăPkQHDOHUW'DFăYăED]DĠLQXPDL
XWLOL]DĠL3$5.7521,&3DJLQD SH$VLVWDUHDSDUFăULLSXWHĠLVăSURYRFDĠLXQ
DFFLGHQWúLUăQLUHDGXPQHDYRDVWUăúLDDOWRU
$9(57,60(17 SHUVRDQH
$VLVWDUHDSDUFăULLHVWHXQVLPSOXVLVWHPGH
6XQWHĠLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQĠă
DVLVWHQĠăúLSRDWHUHFRPDQGDVSDĠLLGHSDU
úLWUHEXLHVăFRQWLQXDĠLVăDFRUGDĠLDWHQĠLH
FDUHLQDGHFYDWHSHQWUXSDUFDUH'HH[HPSOX
vPSUHMXUăULORULPHGLDWHFkQGSDUFDĠLúLPDQH
DFHVWHDDUSXWHDILVSDĠLLXQGHSDUFDUHDHVWH
YUDĠL
LQWHU]LVăDOHLVXSUDIHĠHLQDGHFYDWHHWF
6LVWHPHGHDVLVWDUHDFRQGXFHULL
=QXXWLOL]DĠLQLFLRGDWă$VLVWDUHDSDUFăULL
$9(57,60(17
2ELHFWHOHVLWXDWHGHDVXSUDUD]HLGHDFĠLXQHD FkQGDYHĠLODQĠXULGH]ăSDGăVDXRURDWăGH
$VLVWăULLSDUFăULLQXYRUILGHWHFWDWHFkQGVSD UH]HUYăPRQWDWH
ĠLXOGHSDUFDUHHVWHPăVXUDW'HDFHVWHDQX =DVLJXUDĠLYăFăSUHVLXQHDvQSQHXULDUH
&RQGXFHUHúLSDUFDUH
VHĠLQHFRQWFkQGVHFDOFXOHD]ăSURFHGXUDGH vQWRWGHDXQDYDORDUHDFRUHFWă$FHDVWDDUH
SDUFDUHGHH[OXQJLPLvQFRQVROăVHFĠLXQL XQHIHFWGLUHFWDVXSUDLQVWUXFĠLXQLORUGH
SRVWHULRDUHVDXUDPSHGHvQFăUFDUHFXEXQXUL GLULMDUH
úLDXWRYHKLFXOHÌQDQXPLWHVLWXDĠLL$VLVWDUHD =PRGXOvQFDUHDXWRYHKLFXOXOGXPQHD
SDUFăULLDUSXWHDSULQXUPDUHVăJHQHUH]HSUH YRDVWUăHVWHSR]LĠLRQDWvQVSDĠLXOGHSDUFDUH
PDWXULQVWUXFĠLXQLGHGLULMDUH$VWIHOVDU GXSăSDUFDUHGHSLQGHGHGLYHUúLIDFWRUL
SXWHDSURYRFDRFROL]LXQH'LQDFHVWPRWLY 3ULQWUHDFHúWLDVHQXPăUăSR]LĠLDúLIRUPD
HYLWDĠLVăXWLOL]DĠL$VLVWDUHDSDUFăULLvQDVWIHO DXWRYHKLFXOHORUSDUFDWHvQIDĠDúLvQVSDWHOH
GHVLWXDĠLL VăXúLVWDUHDORFXOXLUHVSHFWLYÌQDQXPLWH
FD]XUL$VLVWDUHDSDUFăULLSRDWHVăYăJKL
3HULFROGHUăQLUH GH]HSUHDGHSDUWHVDXLQVXILFLHQWGH
$VLJXUDĠLYăFăvQVSDĠLXOGHPDQHYUăDODXWR GHSDUWHvQWUXQVSDĠLXGHSDUFDUHÌQDOWHOH
YHKLFXOXOXLQXVHDIOăSHUVRDQHVDXDQLPDOH HDYDUSXWHDJKLGDvQWUXQWURWXDUVDX
ÌQFD]FRQWUDUDFHVWHDSRWILUăQLWH SHVWHHO'DFăVLWXDĠLDRFHUHDQXODĠLSUR
FHGXUDGHSDUFDUHFX$VLVWDUHDSDUFăULL
&kQG3$5.7521,&HVWHGH]DFWLYDW$VLVWDUHD
'DFăQXDYHĠLDOWHVROXĠLLSXWHĠLFRQGXFH
SDUFăULLHVWHGHDVHPHQHDLQGLVSRQLELOă
SHVWHREVWDFROHSUHFXPWURWXDUHOHOHQWúL
8WLOL]DĠL$VLVWDUHDSDUFăULLSHQWUXVSDĠLLOHGH QXvQWUXQXQJKLDVFXĠLWÌQFD]FRQWUDU
SDUFDUH SXWHĠLGHWHULRUDURĠLOHVDXSQHXULOH
=FDUHVXQWSDUDOHOHFXVHQVXOGHPHUV
=FDUHVHDIOăSHGUXPXULGUHSWHúLQXvQFXUEH 'HWHFWDUHDVSDĠLLORUGHSDUFDUH
=FDUHVHDIOăSHDFHODúLQLYHOFDGUXPXOPDL
H[DFWQXSHWURWXDUGHH[HPSOX(VWHSRVL
ELOFD$VLVWDUHDSDUFăULLVăQXGHWHFWH]H
ERUGXUL
5HFRPDQGăULSULYLQGSDUFDUHD
=SHGUXPXULOHvQJXVWHFRQGXFHĠLFkWPDL
DSURDSHSHOkQJăVSDĠLXOGHSDUFDUH
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
=VSDĠLLOHGHSDUFDUHFXJXQRLLDUEăVDXSDU
C 6SDĠLXGHSDUFDUHGHWHFWDWSHVWkQJD
ĠLDORFXSDWHGHEDUHGHWUDFWDUHDUHPRUFLL
D 6LPEROGHSDUFDUH
SRWILLGHQWLILFDWHLQFRUHFWVDXGHORF
=]ăSDGDVDXSORDLDDEXQGHQWăSRWGXFHOD 6SDĠLXGHSDUFDUHGHWHFWDWSHGUHDSWD
PăVXUDUHDLQFRUHFWăDXQXLVSDĠLXGHSDU $VLVWDUHDSDUFăULLHVWHDFWLYDWăDXWRPDWFkQG
FDUH FRQGXFHĠLvQDLQWH6LVWHPXOHVWHIXQFĠLRQDOOD
=DFRUGDĠLDWHQĠLHPHVDMHORUGHDYHUWL]DUH YLWH]HGHSkQăODDSUR[LPDWLYNPKÌQ
3$5.7521,&3DJLQDvQWLPSXOSUR WLPSXOIXQFĠLRQăULLVLVWHPXOUHSHUHD]ăúL
FHGXULLGHSDUFDUH PăVRDUăLQGHSHQGHQWVSDĠLLOHGHSDUFDUHGH
=FkQGWUDQVSRUWDĠLRVDUFLQăFHGHSăúHúWH SHDPEHOHODWXULDOHDXWRYHKLFXOXOXL&kQG
JDEDULWXODXWRYHKLFXOXOXLQXWUHEXLHVăXWL FRQGXFHĠLODYLWH]HGHVXENPKYHĠL
OL]DĠL$VLVWDUHDSDUFăULL YHGHDVLPEROXOGHSDUFDUHDFDLQGLFDWRUGH
VWDUHSHSDQRXOGHLQVWUXPHQWH
6LVWHPHGHDVLVWDUHDFRQGXFHULL
&kQGVSDĠLXOGHSDUFDUHDIRVWGHWHFWDWDSDUH VSDĆLXOGLQMXUXODXWRYHKLFXOXOXL
úLRVăJHDWăFăWUHGUHDSWDVDXFăWUH &RQILUPDĆLSULQ2.
VWkQJDC$VLVWDUHDSDUFăULLDILúHD]ăQXPDL $SăVDĠLEXWRQXOvGHSHYRODQXOPXOWL
VSDĠLLOHGHSDUFDUHGHSHSDUWHDSDVDJHUXOXL IXQFĠLRQDOSHQWUXDFRQILUPD
&RQGXFHUHúLSDUFDUH
IDĠăvQUHJLPVWDQGDUG6SDĠLLOHGHSDUFDUHGH $ILúDMXOPXOWLIXQFĠLRQDOFRPXWăSH$VLVWD
SHSDUWHDúRIHUXOXLVXQWDILúDWHLPHGLDWFH UHDSDUFăULL
VHPQDOL]DWRUXOGHGLUHFĠLHGHSHSDUWHDúRIH ÌQIXQFĠLHGHGLVWDQĠDGXPQHDYRDVWUăIDĠă
UXOXLHVWHDFWLYDW3HQWUXDSDUFDSHSDUWHD GHVSDĠLXOGHSDUFDUHDSDUHPHVDMXO
úRIHUXOXLWUHEXLHVăOăVDĠLVHPQDOL]DWRUXOGH 3OHDVHGULYHEDFNZDUGV&RQGXFHĆL
GLUHFĠLHGHSHSDUWHDúRIHUXOXLDFWLYDWSkQăFH ±QDSRLSHDILúDMXOPXOWLIXQFĠLRQDO
DĠLFXSODWWUHDSWDGHPHUVvQDSRL
$VLVWDUHDSDUFăULLYDGHWHFWDGRDUVSDĠLLOHGH
SDUFDUH
=FDUHVXQWSDUDOHOHFXVHQVXOGHPHUV
=FDUHDXROăĠLPHGHFHOSXĠLQP
=FDUHVXQWFXFHOSXĠLQPPDLOXQJLGHFkW
DXWRYHKLFXOXOGXPQHDYRDVWUă
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
8QVSDĠLXGHSDUFDUHHVWHDILúDWFkQGFRQGX
FHĠLSHOkQJăHOúLSkQăFHYDĠLvQGHSăUWDWFX 'DFăVLWXDĠLDRFHUHPHUJHĠLFXVSDWHOH
DSUR[LPDWLYPGHDFHVWD FăWUHVSDĠLXOGHSDUFDUH$FHVWOXFUXYă
HVWHLQGLFDWGHRVăJHDWăRULHQWDWăvQDSRL
3DUFDUH &RQWLQXDĠLVăPHUJHĠLvQDSRLSkQăFHDX]LĠL
XQVHPQDOVRQRU2SULĠLYă±DĠLDMXQVvQ
$9(57,60(17 SR]LĠLDGHSDUFDUH6ăJHDWDHVWHDOEă
3$5.7521,&úL$VLVWDUHDSDUFăULLVXQWQXPDL 0HVDMXO3OHDVHVWHHUWRWKHULJKW
VLVWHPHGHDMXWDUHDúRIHUXOXLODSDUFDUHILLQG 9LUDĆLODGUHDSWDVDX3OHDVH
SRVLELOVăQXGHWHFWH]HWRDWHREVWDFROHOH VWHHUWRWKHOHIW9LUDĆLOD
$FHVWHDQXYăDEVROYăGHUăVSXQGHUHDGHD VW¥QJDDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
PDQLIHVWDRDWHQĠLHGHRVHELWă
6XQWHĠLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQĠă
úLWUHEXLHVăFRQWLQXDĠLVăDFRUGDĠLDWHQĠLH
vPSUHMXUăULORULPHGLDWHFkQGSDUFDĠLúLPDQH
YUDĠLÌQFD]FRQWUDUDĠLSXWHDSXQHvQSHULFRO
VLJXUDQĠDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH
2SULĠLDXWRYHKLFXOXOFkQGVLPEROXOVSDĠLXOXL
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
GHSDUFDUHSUH]LQWăVSDĠLXOGHSDUFDUHGRULW
vQSDQRXOGHLQVWUXPHQWH &kQGDXWRYHKLFXOXOVWDĠLRQHD]ăURWLĠLYROD
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă QXOvQGLUHFĠLDVSHFLILFDWăSkQăFHVăJHDWD
FXSODĠLvQWUHDSWDGHPHUVvQDSRL HVWHDOEăúLDX]LĠLXQVXQHWGHDYHUWL]DUH
3HQWUXDLQWUDFXVSDWHOHvQVSDĠLXOGH
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
FXSODĠLvQSR]LĠLD5 SDUFDUHPHQĠLQHĠLXQJKLXOYRODQXOXLúLGDĠL
$SDUHXUPăWRUXOPHVDMSHDILúDMXOPXOWL FXVSDWHOHFXDWHQĠLH
IXQFĠLRQDO&KHFNYHKLFOHVXUURXQњ
GLQJV&RQILUPZLWK2.9HULILFDĆL
6LVWHPHGHDVLVWDUHDFRQGXFHULL
2SULĠLYăLPHGLDWFHDX]LĠLXQVXQHWGHDYHU 7UDFWDUHDXQHLUHPRUFL
WL]DUH
/DDXWRYHKLFXOHOHFXXQFkUOLJGHWUDFWDUHD
$XWRYHKLFXOXODLQWUDWvQSR]LĠLDvQFDUHWUH
UHPRUFLLOXQJLPHDPLQLPăDVSDĠLLORUGHSDU
EXLHVăFRQWUDYLUDĠLURĠLOH
FDUHFUHúWHXúRU
&RQGXFHUHúLSDUFDUH
0HVDMXO3OHDVHVWHHUWRWKHOHIW
'DFăDĠLIL[DWRUHPRUFăODDXWRYHKLFXOXOGXP
9LUDĆLODVW¥QJDVDX3OHDVHVWHHU
QHDYRDVWUăQXWUHEXLHVăXWLOL]DĠL$VLVWDUHD
WRWKHULJKW9LUDĆLODGUHDSWD
SDUFăULL&kQGVDUHDOL]DWFRQH[LXQHDHOHF
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
WULFăvQWUHDXWRYHKLFXOXOGXPQHDYRDVWUăúL
&RQWUDYLUDUHFkQGDXWRYHKLFXOXOVWDĠLR
UHPRUFă$VLVWDUHDSDUFăULLQXPDLHVWHGLV
QHD]ăURWLĠLYRODQXOvQGLUHFĠLDVSHFLILFDWă SRQLELOă3$5.7521,&HVWHGH]DFWLYDWSHQWUX
SkQăFHVăJHDWDHVWHDOEăúLDX]LĠLXQVXQHW ]RQDSRVWHULRDUă
GHDYHUWL]DUH
3HQWUXDLQWUDFXVSDWHOHvQVSDĠLXOGH
SDUFDUHPHQĠLQHĠLXQJKLXOYRODQXOXLúLGDĠL &DPHUăGHPHUVvQDSRL
FXVSDWHOHFXDWHQĠLH
2SULĠLYăLPHGLDWFHDX]LĠLXQVXQHWGHDYHU
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
WL]DUHFHOPDLWkU]LXFkQG3$5.7521,& &DPHUDGHPHUVvQDSRLHVWHXQVLVWHPRSWLF
HPLWHXQVXQHWGHDYHUWL]DUHFRQWLQXX GHDVLVWHQĠăODSDUFDUH$FHDVWDSUH]LQWă
0HVDMXO3DUNLQJ*XLGDQFHILQLVKHG ]RQDGLQVSDWHOHDXWRYHKLFXOXOXLGXPQHD
$VLVWDUHSDUFDUHILQDOL]DWÆDSDUH YRDVWUăSHDILúDMXO&20$1'2QOLQH
SHDILúDMXOPXOWLIXQFĠLRQDOúLVHHPLWHXQ
VXQHWGHDYHUWL]DUH(VWHSRVLELOVăYLVH 3HULFROGHUăQLUH
FHDUăVăYLUDĠLvQWURDOWăGLUHFĠLHúLDSRLVă $VLJXUDĠLYăFăvQVSDĠLXOGHPDQHYUăDODXWR
VFKLPEDĠLWUHDSWDGHYLWH]ăÌQDFHVWFD] YHKLFXOXOXLQXVHDIOăSHUVRDQHVDXDQLPDOH
DOWHDILúDMHGLQDILúDMXOPXOWLIXQFĠLRQDOYă ÌQFD]FRQWUDUDFHVWHDSRWILUăQLWH
YRUvQGUXPDVSUHSR]LĠLDILQDOă
&DPHUDGHPHUVvQDSRLVHDIOăvQPkQHUXO
0DQHYUDĠLGDFăVLWXDĠLDRFHUH FDSRWHLSRUWEDJDMXOXLKD\RQXOXL
5HVSHFWDĠLvQWRWGHDXQDPHVDMHOHGHDYHU
WL]DUHDILúDWHGH3$5.7521,&
3DJLQD
$QXODUHD$VLVWăULLSDUFăULL
$SăVDĠLEXWRQXO3$5.7521,&GHSHFRQ
VRODFHQWUDOă3DJLQD
$VLVWDUHDSDUFăULLHVWHDQXODWăLPHGLDWúL
3$5.7521,&HVWHGH]DFWLYDW
$VLVWDUHDSDUFăULLHVWHDQXODWăDXWRPDWGDFă
QXPDLSXWHĠLILJKLGDWvQVSDĠLXOGHSDUFDUH C &DPHUăGHPHUVvQDSRL
VDXGDFăVXUYLQHRGHIHFĠLXQH
6LPEROXOVSDĠLXOXLGHSDUFDUHVHVWLQJHúLVH 9HGHUHSULQFDPHUă
HPLWHXQVXQHWGHDYHUWL]DUH0HVDMXO3DUњ =RQDGLQVSDWHOHDXWRYHKLFXOXOXLHVWHDILúDWă
NLQJ*XLGDQFHFDQFHOOHG$VLVWDUHD FDRLPDJLQHvQRJOLQGăODIHOFDvQRJOLQGD
SDUFÆULLDQXODWÆDSDUHSHDILúDMXOPXOWL UHWURYL]RDUH
IXQFĠLRQDO
6LVWHPHGHDVLVWDUHDFRQGXFHULL
$9(57,60(17 WUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
&DPHUDGHPHUVvQDSRLHVWHGRDUXQVLVWHP VFRS
GHDVLVWHQĠăúLSRDWHDILúDREVWDFROHOHvQWUXQ 1XXWLOL]DĠLFDPHUDGHPHUVvQDSRLvQDFHVW
PRGGHIRUPDWVDXLQFRUHFWVDXSRDWHVăQXOH JHQGHVLWXDĠLLÌQFD]FRQWUDUHVWHSRVLELOVă
&RQGXFHUHúLSDUFDUH
DILúH]HGHORF&DPHUDGHPHUVvQDSRLQXYă SURYRFDĠLUăQLUHDDOWRUSHUVRDQHGDUúLGHWH
DEVROYăGHUăVSXQGHUHDGHDILDWHQW&DPHUD ULRUDUHDRELHFWHORUúLDDXWRYHKLFXOXOXLGXP
QXSRDWHDILúDRELHFWH QHDYRDVWUăvQWLPSFHSDUFDĠL
=IRDUWHDSURSLDWHGHEDUDGHSURWHFĠLHVSDWH
=VXEEDUDGHSURWHFĠLHVSDWH $FWLYDUHDFDPHUHLGHPHUVvQDSRL
=vQ]RQDLPHGLDWGHDVXSUDPkQHUXOXLFDSRWHL $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
SRUWEDJDMXOXLORFDúXOXLPkQHUXOXLKD\RQX FKHLDVHDIOăvQSR]LĠLD
OXL $VLJXUDĠLYăFăIXQFĠLDÄ&DPHUDGHPHUV
6XQWHĠLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQĠă vQDSRLHVWHVHOHFWDWăvQ&20$1'2QOLQH
úLWUHEXLHVăFRQWLQXDĠLVăDFRUGDĠLDWHQĠLH FRQVXOWDĠLLQVWUXFĠLXQLOHGHXWLOL]DUHVHSD
vPSUHMXUăULORULPHGLDWHFkQGSDUFDĠLúLPDQH UDWHSHQWUX&20$1'2QOLQH
YUDĠL$FHDVWăDILUPDĠLHHVWHYDODELOăSHQWUX &XSODĠLWUHDSWDGHPHUVvQDSRL
]RQHOHGLQVSDWHOHGLQIDĠDúLGHOkQJăDXWR
=RQDGLQVSDWHOHDXWRYHKLFXOXOXLHVWHSUH
YHKLFXOÌQFD]FRQWUDUSXWHĠLSXQHvQSHULFRO
]HQWDWăSHDILúDMXO&20$1'2QOLQH
VLJXUDQĠDGXPQHDYRDVWUăúLDFHORUODOĠL
$9(57,60(17 $6,67(170(1ğ,1(5($7(1ğ,(
ÌQXUPăWRDUHOHVLWXDĠLLFDPHUDGHPHUVvQDSRL
QXYDIXQFĠLRQDVDXYDIXQFĠLRQDvQWUXQPRG 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
OLPLWDW
$6,67(178/'(0(1ğ,1(5($$7(1ğ,(,Yă
=GDFăFDSRWDSRUWEDJDMXOXLKD\RQXOVXQW DMXWăODFăOăWRULLOHOXQJLúLPRQRWRQHFXPDU
GHVFKLVH ILFHOHSHDXWRVWUDGăúLGUXPXULQDĠLRQDOH
=SHSORDLH]ăSDGăVDXFHDĠăDEXQGHQWă $FHVWDHVWHDFWLYvQLQWHUYDOXONPKSkQă
=QRDSWHDVDXvQORFXULIRDUWHvQWXQHFDWH ODNPK
=vQFD]XOvQFDUHFDPHUDDIRVWH[SXVăXQHL 'DFă$6,67(178/'(0(1ğ,1(5($$7(1
OXPLQLLQWHQVH ğ,(,GHWHFWHD]ăVHPQHWLSLFHGHRERVHDOăVDX
=GDFă]RQDHVWHLOXPLQDWăGHROXPLQăIOXR
SLHUGHULGLQFHvQFHPDLOXQJLDOHFRQFHQWUăULL
GLQSDUWHDúRIHUXOXLDFHVWDvLVXJHUHD]ăVă
UHVFHQWăHVWHSRVLELOFDDILúDMXOVăDLEăXQ
IDFăRSDX]ă
SkOSkLW
=GDFăH[LVWăRPRGLILFDUHEUXVFăDWHPSH $9(57,60(17
UDWXULLGHH[FkQGLQWUDĠLvQWUXQJDUDM $6,67(178/'(0(1ğ,1(5($$7(1ğ,(,HVWH
vQFăO]LWSHWLPSGHLDUQă QXPDLXQVLVWHPGHDVLVWHQĠăúLHVWHSRVLELO
=GDFăOHQWLODFDPHUHLHVWHPXUGDUăVDX VăYăGHWHFWH]HRERVHDODVDXSLHUGHUHDFRQ
REVWUXFĠLRQDWă FHQWUăULLSUHDWkU]LXVDXGHORF$FHVWDQX
=GDFăVSDWHOHDXWRYHKLFXOXOXLGXPQHD SRDWHĠLQHORFXOXQXLúRIHUELQHRGLKQLWúL
YRDVWUăHVWHGHWHULRUDWÌQDFHVWFD]VROLFL DWHQW
WDĠLYHULILFDUHDSR]LĠLHLúLVHWăULORUFDPHUHL 2ERVHDODYăSRDWHIDFHVăUHFXQRDúWHĠLWDUGLY
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW0HU VLWXDĠLLOHSHULFXORDVHVăOHHYDOXDĠLLQFRUHFW
FHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ&HQ VDXVăUHDFĠLRQDĠLPDLOHQW'LQDFHVWPRWLY
DVLJXUDĠLYăFăYăVLPĠLĠLELQHRGLKQLWvQDLQWH
GHDvQFHSHVăFRQGXFHĠLúLvQWLPSXO
6LVWHPHGHDVLVWDUHDFRQGXFHULL
FăOăWRULHL)DFHĠLvQWRWGHDXQDSDX]HvQWLPS $FWLYDĠL$6,67(178/'(0(1ğ,1(5($
XWLOúLUHJXODWPDLDOHVODFăOăWRULLOHOXQJLÌQ $7(1ğ,(,FXDMXWRUXOFDOFXODWRUXOXLGHERUG
FD]FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠL 3DJLQD
SHULFROHOHODWLPSSURYRFkQGXQDFFLGHQWúL 6LPEROXOCDSDUHSHDILúDMXOPXOWLIXQFĠLR
&RQGXFHUHúLSDUFDUH
UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH QDO
'DFă$6,67(178/'(0(1ğ,1(5($$7(1
$6,67(178/'(0(1ğ,1(5($$7(1ğ,(,HYD
ğ,(,HVWHDFWLYYHĠLSULPLXQDYHUWLVPHQWQX
OXHD]ăQLYHOXOGXPQHDYRDVWUăGHRERVHDOă
PDLGHYUHPHGHGHPLQXWHGXSăFHYDĠL
VDXSLHUGHUHDFRQFHQWUăULLĠLQkQGFRQWGH
vQFHSXWFăOăWRULD9HĠLDX]LDSRLXQVXQHWGH
XUPăWRDUHOHFULWHULL
DYHUWL]DUHLQWHUPLWHQWGHGRXăRULLDUPHVDMXO
=VWLOXOGHFRQGXFHUHSHUVRQDOGHH[FDUDF $WWHQWLRQ$VVLVW'URZVLQHVVGHWHFњ
WHULVWLFLOHGLUHFĠLHL WHG$VLVWHQWXOGHPHQĆLQHUHDDWHQњ
=FRQGLĠLLOHGHFRQGXFHUHGHH[RUDWLPSXO ĆLHLVRPQROHQĆÆGHWHFWDWÆDSDUHSH
GHFRQGXFHUH DILúDMXOPXOWLIXQFĠLRQDO
$6,67(178/'(0(1ğ,1(5($$7(1ğ,(,DUH 'DFăVLWXDĠLDRFHUHIDFHĠLRSDX]ă
RXWLOLWDWHOLPLWDWăLDUDYHUWLVPHQWHOHSRWIL $SăVDĠLEXWRQXOvSHQWUXDFRQILUPD
GHFDODWHVDXSRWVDQXILHHPLVHGHORF PHVDMXO
=GDFăGUXPXOVHDIOăvQWURVWDUHSURDVWăGH
ÌQFD]XOFăOăWRULLORUvQGHOXQJDWHIDFHĠLSDX]H
H[GDFăVXSUDIDĠDHVWHQHXQLIRUPăVDX UHJXODWHvQWLPSXWLOSHQWUXDSXWHDVăYăRGLK
GDFăH[LVWăJURSL QLĠLFRUHVSXQ]ăWRU'DFăQXIDFHĠLRSDX]ăúL
=GDFăEDWHXQYkQWSXWHUQLFGLQODWHUDO $6,67(178/'(0(1ğ,1(5($$7(1ğ,(,FRQ
=GDFăDĠLDGRSWDWXQVWLOGHFRQGXFHUHVSRU WLQXăVăGHWHFWH]HLQGLFDWRULWLSLFLGHRER
WLYFXYLWH]HPDULvQYLUDMHVDXDFFHOHUăUL VHDOăVDXSLHUGHULDOHFRQFHQWUăULLVSRULWH
SXWHUQLFH YHĠLSULPLGLQQRXXQDYHUWLVPHQWFHOPDL
=GDFăFRQGXFHĠLvQEXQăSDUWHODYLWH]HVXE GHYUHPHGXSăPLQXWH
NPKVDXPDLPDULGHNPK $VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHLHVWHUHVH
=GDFăPRPHQWDQXWLOL]DĠL&20$1'2QOLQH WDWúLvQFHSHVăYăHYDOXH]HJUDGXOGHRER
VDXGDĠLXQWHOHIRQSULQHO VHDOăGLQQRXFkQGYăFRQWLQXDĠLFăOăWRULD
=GDFăRUDDIRVWUHJODWăLQFRUHFW
GDFă
=vQVLWXDĠLLOHGHFRQGXFHUHDFWLYăSUHFXP =RSULĠLPRWRUXO
FHOHvQFDUHVFKLPEDĠLEHQ]LOHVDXYăPRGL =YăVFRDWHĠLFHQWXUDGHVLJXUDQĠăúLGHVFKL
ILFDĠLYLWH]D GHĠLSRUWLHUDúRIHUXOXLGHH[SHQWUXD
VFKLPEDúRIHULLVDXSHQWUXDIDFHRSDX]ă
0HVDMHOHGHDYHUWL]DUHúLGHSHGLVSOD\
GLQDILúDMXOPXOWLIXQFĠLRQDO
$VLVWHQĠăSHQWUXOLPLWDUHDYLWH]HL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLYăLQGLFă
OLPLWHOHGHYLWH]ăGHWHFWDWHSHDILúDMXOPXOWL
IXQFĠLRQDO'DWHOHGLQVLVWHPXOGHQDYLJDĠLH
VXQWGHDVHPHQHDXWLOL]DWHvQDFHVWVFRS$IL
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
úDMXODSDUHGDFăVHGHWHFWHD]ăXQVHPQGH
FLUFXODĠLHFXROLPLWăGHYLWH]ăVDXVIkUúLWXO
XQHLOLPLWHGHYLWH]ă'DFăDVLVWDUHDSHQWUX
6LVWHPHGHDVLVWDUHDFRQGXFHULL
OLPLWDUHDYLWH]HLQXGHWHFWHD]ăVHPQHGHFLU FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠLSHUL
FXODĠLHVHSUHLDOLPLWDGHYLWH]ăGHSHKDUWD FROHOHODWLPSSURYRFkQGXQDFFLGHQWúL
UXWLHUăGLJLWDOăDFHVWDILLQGLQGLFDWăSHDILúDM UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLGHWHFWHD]ă
&RQGXFHUHúLSDUFDUH
VHPQHGHFLUFXODĠLHFXRFDPHUăIL[DWăvQVSD ,QIRUPDĠLLGHSHDILúDMXOPXOWLIXQFĠLRQDO
WHOHSăUĠLLVXSHULRDUHDSDUEUL]XOXL
([HPSOXDXWRYHKLFXOHOHFDUHGLVSXQGHWUDQVPLVLH
C &DPHUDGHDVLVWDUHSHQWUXOLPLWDUHDYLWH DXWRPDWăFXRPDQHWăVHOHFWRDUH
]HL C 6HPQXOGHFLUFXODĠLHFDUHLQGLFăROLPLWă
$9(57,60(17 GHYLWH]ăVDXVIkUúLWXOOLPLWHLGHYLWH]ă
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGRDUXQ D $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLV
VLVWHPGHDVLVWHQĠăHDSXWkQGVăGHWHFWH]H SRQLELOăúLIXQFĠLDGHDYHUWLVPHQWHVWH
OLPLWHOHGHYLWH]ăLQFRUHFWVDXFKLDUGHORF SRUQLWăvQFDOFXODWRUXOGHERUG
6LVWHPXOSRDWHDYHDRIXQFĠLRQDUHUHGXVăVDX 8QLWăĠLXWLOL]DWHvQVHPQXOGHFLUFXODĠLHDIL
DEVHQWăGDFă úDW
=H[LVWăRYL]LELOLWDWHVFă]XWăGHH[GLQFDX]D $ILúDUHDVFXUWăDVHPQHORUGHFLUFXODĠLH
]ăSH]LLSORLLFHĠLLVDXDSHLSXOYHUL]DWH GHWHFWDWHSHDILúDMXOPXOWLIXQFĠLRQDO
=H[LVWăUHIOH[LLGHH[GHODVRDUHVDXGHOD &kQGDFWLYDĠLIXQFĠLDGHDYHUWL]DUHvQDVLVWD
WUDILFXOGHSHFRQWUDVHQV UHDSHQWUXOLPLWDUHDYLWH]HLXQVHPQGHFLU
=SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW FXODĠLHFDUHSUH]LQWăOLPLWDGHYLWH]ăVDXVIkU
GHH[HPSOXFXRHWLFKHWăDXWRFRODQWăvQ úLWXO]RQHLGHOLPLWDUHDYLWH]HLCSRDWH
DSURSLHUHDFDPHUHL DSăUHDSHDILúDMXOPXOWLIXQFĠLRQDO6HPQXOGH
=VHPQHOHGHFLUFXODĠLHVXQWDFRSHULWHGH FLUFXODĠLHDSDUHWLPSGHDSUR[LPDWLYFLQFL
H[HPSOXGHPL]HULH]ăSDGăVDXFRSDFL VHFXQGHLPHGLDWFHHVWHGHWHFWDW$OWHHOH
=VHPQHOHGHFLUFXODĠLHVXQWVODELOXPLQDWH
PHQWHGHSHDILúDMXOPXOWLIXQFĠLRQDOVXQWHOL
PLQDWHvQDFHVWLQWHUYDO
=H[LVWăVHPQHGHFLUFXODĠLHDPELJXHGH
$FWLYDĠLIXQFĠLDGHDYHUWL]DUHDDVLVWăULLSHQ
H[HPSOXOkQJăOXFUăULOHGHSHGUXPVDXSH
GUXPXULOHFXPDLPXOWHEHQ]L WUXOLPLWDUHDYLWH]HLFXDMXWRUXOFDOFXODWRUX
OXLGHERUG3DJLQD
6HPQHOHGHFLUFXODĠLHDXvQWRWGHDXQDSULRUL
6LPEROXODDSDUH
WDWHIDĠăGHDILúDMXODVLVWăULLSHQWUXOLPLWDUHD
YLWH]HL$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLQX $ILúDUHDSHUPDQHQWăDVHPQHORUGHFLUFX
SRDWHGHWHFWDFRQGLĠLLOHGHWUDILF$FHVWDQX ODĠLHGHWHFWDWHSHDILúDMXOPXOWLIXQFĠLRQDO
SRDWHVXEVWLWXLRFRQGXFHUHDWHQWă
'DFăDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWH
$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ VHOHFWDWăvQFDOFXODWRUXOGHERUGXQVHPQGH
WUDILFúLvPSUHMXULPLORUGXPQHDYRDVWUăÌQFD] FLUFXODĠLHFDUHSUH]LQWăOLPLWDGHYLWH]ăVDX
6LVWHPHGHDVLVWDUHDFRQGXFHULL
FDSăWXOXQHL]RQHFXOLPLWDGHYLWH]ăCDSDUH YLQGFROL]LXQHD3HQWUXPRQLWRUL]DUHDVLV
SHDILúDMXOPXOWLIXQFĠLRQDOLPHGLDWFHHVWH WHQĠDDFWLYăODXQJKLXOPRUWXWLOL]HD]ăVHQ]RUL
GHWHFWDW GLQEDUDGHSURWHFĠLHVSDWH
6HPQXOGHFLUFXODĠLHFDUHSUH]LQWăROLPLWăGH $9(57,60(17
&RQGXFHUHúLSDUFDUH
YLWH]ăCHVWHGHUHJXOăDILúDWSkQăFkQG
$VLVWHQĠDODXQJKLXOPRUWHVWHQXPDLXQVLV
=XQVHPQGHFLUFXODĠLHFDUHSUH]LQWăVIkUúLWXO WHPGHDVLVWHQĠăFDUHYăDMXWăFkQGFRQGX
OLPLWHLGHYLWH]ăHVWHGHWHFWDW FHĠL$FHDVWDSRDWHVăQXGHWHFWH]HDQXPLWH
=YLUDĠL DXWRYHKLFXOHQHFRQVWLWXLQGXQVXEVWLWXWSHQ
=SăUăVLĠLVDXLQWUDĠLvQWUXQRUDú WUXFRQGXFHUHDDWHQWă
=WLSXOGHGUXPVHVFKLPEăGHH[DXWRV $VLVWHQĠDODXQJKLXOPRUWQXSRDWHGHWHFWD
WUDGăGUXPGHĠDUă FRQGLĠLLOHGHGUXPúLWUDILF(VWHSRVLELOFD
DFHDVWDVăQXGHWHFWH]HDXWRYHKLFXOH
=DĠLSDUFXUVRDQXPLWăGLVWDQĠăPLQLPăIăUă
vQJXVWHSUHFXPPRWRFLFOHWHVDXELFLFOHWHVDX
FDVHPQXOGHFLUFXODĠLHVăVHUHSHWHVDXVă
OHSRDWHGHWHFWDSUHDWkU]LX
ILHGHWHFWDWGLQQRX
0RQLWRUL]DUHSRDWHILDIHFWDWăGHVHQ]RULLPXU
$ILúDUHDDVLVWăULLSHQWUXOLPLWDUHDYLWH]HLFX
GDULDSDSXOYHUL]DWăGHQVăVDXYL]LELOLWDWHD
DMXWRUXOFDOFXODWRUXOXLGHERUG VFă]XWăSURYRFDWăGH]ăSDGăSORDLHVDX
3DJLQD FHDĠăGHH[HPSOXÌQDFHVWFD]DXWRYHKLFX
G 3XWHĠLGHDVHPHQHDVăDFWLYDĠLDVLVWDUHD OHOHVXQWGHWHFWDWHWDUGLYVDXGHORF
SHQWUXOLPLWDUHDYLWH]HLFXDMXWRUXO $FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ
&20$1'2QOLQH9LWH]DPD[LPăSHUPLVă WUDILFúLvPSUHMXULPLORUGXPQHDYRDVWUăÌQFD]
DSDUHSHDILúDMXO&20$1'FRQVXOWDĠL FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠLSHUL
LQVWUXFĠLXQLOHGHXWLOL]DUH&20$1' FROHOHODWLPSSURYRFkQGXQDFFLGHQWúL
UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH
3DFKHWXOGHXUPăULUHDEHQ]LLGHPHUV 6LVWHPXOGHVHQ]RUUDGDUHVWHDXWRPDWGH]DF
WLYDWOkQJăXQLWăĠLOHUDGLRWHOHVFRS
1RWHJHQHUDOH 3DJLQD
3DFKHWXOGHXUPăULUHDEHQ]LLGHPHUVFRQVWă 3HQWUXFDDVLVWHQĠDODXQJKLXOPRUWVăYă
GLQDVLVWHQĠDODXQJKLXOPRUW3DJLQD DVLVWHFkQGFRQGXFHĠLVLVWHPXOGHVHQ]RUL
úLDVLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV UDGDUWUHEXLHVăILHDFWLYDW3DJLQDúL
3DJLQD VăILHIXQFĠLRQDO
5D]DGHPRQLWRUL]DUHDVHQ]RULORU
$VLVWHQĠăODXQJKLXOPRUW $VLVWHQĠDODXQJKLXOPRUWPRQLWRUL]HD]ăR
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD ]RQăGHSkQăODWUHLPHWULGLQVSDWHDXWRYH
KLFXOXOXLGXPQHDYRDVWUăúLLPHGLDWOkQJă
$VLVWHQĠDODXQJKLXOPRUWXWLOL]HD]ăXQVLVWHP
DXWRYHKLFXOXOGXPQHDYRDVWUăGXSăFXPHVWH
GHVHQ]RULUDGDUSHQWUXDPRQLWRUL]D]RQHOH
LQGLFDWvQVFKHPă
GHSHDPEHOHODWXULDOHDXWRYHKLFXOXOXLGXP
QHDYRDVWUă(DYăDVLVWăvQFHSkQGFXYLWH]H
GHNPK8QDILúDMGHDYHUWL]DUHGLQRJOLQ
]LOHH[WHULRDUHYăDWUDJHDWHQĠLDODDXWRYHKL
FXOHOHGHWHFWDWHvQ]RQDPRQLWRUL]DWă'DFă
DFWLYDĠLDSRLVHPQDOL]DWRUXOGHGLUHFĠLHDIH
UHQWSHQWUXDVFKLPEDEDQGDVHYDHPLWHGH
DVHPHQHDXQDYHUWLVPHQWRSWLFúLVRQRUSUL
6LVWHPHGHDVLVWDUHDFRQGXFHULL
'LQFDX]DQDWXULLVLVWHPXOXL
=VHSRWHPLWHDYHUWLVPHQWHIDOVHFkQGFRQ
GXFHĠLDSURDSHGHEDULHUHGHSURWHFĠLHVDX
GHPDUJLQLVROLGHVLPLODUHDOHEHQ]LORU
&RQGXFHUHúLSDUFDUH
=DYHUWLVPHQWHOHVHSRWvQWUHUXSHFkQGFRQ
GXFHĠLOkQJăDXWRYHKLFXOHOXQJLSUHFXP
FDPLRDQHSHRSHULRDGăvQGHOXQJDWă
&HLGRLVHQ]RULSHQWUXDVLVWHQĠDODXQJKLXO
PRUWVXQWLQWHJUDĠLvQODWHUDOHOHEDUHLGHSUR
WHFĠLHVSDWH$VLJXUDĠLYăFăEDUDGHSURWHFĠLH
QXDUHLPSXULWăĠLJKHDĠăVDXODSRYLĠăvQDSUR
SLHUHDVHQ]RULORU6HQ]RULLUDGDUQXWUHEXLHVă
ILHDFRSHULĠLGHH[HPSOXFXVXSRUWXULSHQWUX
ELFLFOHWăVDXVDUFLQLvQFRQVROăÌQXUPDXQXL
LPSDFWSXWHUQLFVDXvQFD]XOGHWHULRUăULLEDUH
([HPSOX6HGDQ ORUGHSURWHFĠLHVROLFLWDĠLYHULILFDUHDIXQF
ĠLRQăULLVHQ]RULORUUDGDUODXQDWHOLHUGHVSH
$9(57,60(17 FLDOLWDWHDXWRUL]DWGHH[ODXQ&HQWUXGHVHU
$VLVWHQĠDODXQJKLXOPRUWPRQLWRUL]HD]ăDQX YLFH0HUFHGHV%HQ]ÌQFD]FRQWUDUHVWHSRVL
PLWH]RQHGLQLPHGLDWDDSURSLHUHDDXWRYHKL ELOFDDVLVWHQĠDODXQJKLXOPRUWVăQXIXQFĠLR
FXOXOXLGXPQHDYRDVWUă$XWRYHKLFXOHOHFDUH QH]HFRUHVSXQ]ăWRU
VHDSURSLHúLYăGHSăúHVFODYLWH]HPDULQX
VXQWGHWHFWDWH1XH[LVWăQLFLXQGLVSOD\úL ,QGLFDWRUúLDILúDMGHDYHUWL]DUH
QLFLXQDYHUWLVPHQW
'DFăEHQ]LOHVXQWIRDUWHODUJLHVWHSRVLELOVă
QXVHSRDWăPRQLWRUL]DOăĠLPHDFRPSOHWăD
EHQ]LLGLQDSURSLHUH'LQDFHVWPRWLYDXWRYH
KLFXOHOHGLQEDQGDGHDOăWXULSRWVăQXILH
GHWHFWDWHPDLDOHVGDFăUXOHD]ăvQIRUPDĠLH
HúDORQDWăSHEHQ]LGLIHULWH$FHDVWăVLWXDĠLH
SRDWHDSăUHDGDFăDXWRYHKLFXOHOHFRQGXFOD
PDUJLQHDEHQ]LLFHOHPDLvQGHSăUWDWHGHDXWR
YHKLFXOXOGXPQHDYRDVWUă
$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ
C /DPSăLQGLFDWRDUHJDOEHQăODPSăGH
WUDILFúLvPSUHMXULPLORUGXPQHDYRDVWUăÌQFD]
DYHUWL]DUHURúLH
FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠLSHUL
FROHOHODWLPSSURYRFkQGXQDFFLGHQWúL 'DFăDVLVWHQĠDODXQJKLXOPRUWHVWHSRUQLWă
UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH ODPSDLQGLFDWRDUHCGLQRJOLQ]LOHH[WHULRDUH
VHDSULQGHvQJDOEHQSkQăODRYLWH]ăGH
'DFăEHQ]LOHVXQWvQJXVWHSRWILVHPQDODWH NPK/DYLWH]HGHSHVWHNPKODPSD
DXWRYHKLFXOHOHFDUHUXOHD]ăGLQFRORGHEDQGD LQGLFDWRDUHVHVWLQJHúLDVLVWHQĠDODXQJKLXO
DIODWăOkQJăDXWRYHKLFXOXOGXPQHDYRDVWUă PRUWHVWHIXQFĠLRQDOă
PDLDOHVGDFăDXWRYHKLFXOHOHQXUXOHD]ăvQ 'DFăVHGHWHFWHD]ăXQDXWRYHKLFXOvQFDGUXO
PLMORFXOEHQ]LLORU$FHDVWăVLWXDĠLHSRDWH UD]HLGHPRQLWRUL]DUHDDVLVWHQĠHLODXQJKLXO
DSăUHDGDFăDXWRYHKLFXOHOHFRQGXFSHSDUWHD PRUWODYLWH]HGHSHVWHNPKODPSDGH
LQWHULRDUăDEHQ]LLORU DYHUWL]DUHCGHSHSDUWHDDIHUHQWăVH
DSULQGHvQURúX$FHVWDYHUWLVPHQWHVWHvQWRW
6LVWHPHGHDVLVWDUHDFRQGXFHULL
&RQGXFHUHúLSDUFDUH
GHYLWH]ăHVWHVXENPK /ăPSLOHGHDYHUWL]DUHCVHDSULQGvQURúX
/DPSDLQGLFDWRDUHJDOEHQăVHVWLQJHGDFă vQRJOLQ]LOHH[WHULRDUHWLPSGHDSUR[LPDWLY
WUHDSWDGHPHUVvQDSRLHVWHFXSODWă$VLV VHFXQGHúLDSRLGHYLQJDOEHQH
WHQĠDODXQJKLXOPRUWHVWHDWXQFLGH]DFWLYDWă
/XPLQR]LWDWHDOăPSLORUGHVHPQDOL]DUHGH 7UDFWDUHDUHPRUFLL
DYHUWL]DUHHVWHUHJODWăDXWRPDWvQIXQFĠLHGH 'DFăIL[DĠLRUHPRUFăDVLJXUDĠLYăFăDĠLUHD
OXPLQDDPELDQWă OL]DWFRUHFWFRQH[LXQHDHOHFWULFă3XWHĠLHIHF
WXDDFHVWOXFUXYHULILFkQGLOXPLQDUHDUHPRU
$9(57,60(17 FLL$VLVWHQĠDODXQJKLXOPRUWHVWHDWXQFL
$VLVWHQĠDODXQJKLXOPRUWQXHVWHDFWLYăOD GH]DFWLYDWă/DPSDLQGLFDWRDUHGLQRJOLQ]LOH
YLWH]HVXENPKLDUOăPSLOHLQGLFDWRDUH H[WHULRDUHVHDSULQGHvQJDOEHQLDUPHVDMXO
GLQRJOLQ]LOHH[WHULRDUHVXQWJDOEHQH$XWRYH %OLQG6SRW$VVLVWFXUUHQWO\XQDYDLњ
KLFXOHOHGLQUD]DGHPRQLWRUL]DUHQXYRUILDVW ODEOH6HH2ZQHU
V0DQXDO$VLVWHQĆD
IHOLQGLFDWH ODXQJKLXOPRUWPRPHQWDQLQGLVSRQLњ
$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ ELOÆ&RQVXOWDĆL0DQXDOXOGHXWLOLњ
WUDILFúLvPSUHMXULPLORUGXPQHDYRDVWUăÌQFD] ]DUHDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠLSHUL
G 3XWHĠLGH]DFWLYDOăPSLOHLQGLFDWRDUHGLQ
FROHOHODWLPSSURYRFkQGXQDFFLGHQWúL
RJOLQ]LOHH[WHULRDUH
UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH
ÌQDFHVWVFRSRSULĠLDVLVWHQĠDODXQJKLXO
$YHUWLVPHQWXOSULYLQGFROL]LXQHD PRUWGDFă
'DFăXQDXWRYHKLFXOHVWHGHWHFWDWvQUD]DGH =FKHLDVHDIOăvQSR]LĠLDGLQFRPXWDWRUXO
PRQLWRUL]DUHDDVLVWHQĠHLODXQJKLXOPRUWúL GHFRQWDFW
DFWLYDĠLVHPQDOL]DWRUXOGHGLUHFĠLHVHHPLWH =PRWRUXOQXHVWHSRUQLW
XQVXQHWGHDYHUWL]DUHGXEOX/DPSDGHDYHU =FRQH[LXQHDHOHFWULFăODUHPRUFăDIRVW
WL]DUHURúLHCOXPLQHD]ăLQWHUPLWHQW'DFă
UHDOL]DWă
VHPQDOL]DWRUXOGHGLUHFĠLHUăPkQHDFWLYDXWR
YHKLFXOHOHGHWHFWDWHVXQWLQGLFDWHSULQDSULQ
$VLVWHQĠăSHQWUXPHQĠLQHUHDEHQ]LLGH
GHUHDLQWHUPLWHQWăDOăPSLLGHDYHUWL]DUH
PHUV
URúLLC1XVHPDLHPLWVXQHWHGHDYHUWL]DUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$FWLYDUHDDVLVWHQĠHLODXQJKLXOPRUW
/DDXWRYHKLFXOHOHIăUăVLVWHPGHQDYLJDĠLH
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV
PRQLWRUL]HD]ă]RQDGLQIDĠDDXWRYHKLFXOXOXL
DVLJXUDĠLYăFă%HFNHU0$33,/27HVWH
GXPQHDYRDVWUăSULQLQWHUPHGLXOXQHLFDPHUH
FRQHFWDWFRQVXOWDĠLLQVWUXFĠLXQLOHGHXWLOL
GLQSDUWHDVXSHULRDUăDSDUEUL]XOXL$VLVWHQĠD
]DUHVHSDUDWHSHQWUX$XGLR
SHQWUXPHQĠLQHUHDEHQ]LLGHPHUVGHWHFWHD]ă
$VLJXUDĠLYăFăVLVWHPXOGHVHQ]RULUDGDU
PDUFDMHOHGHEDQGăGHSHGUXPúLYăDYHUWL
3DJLQDúLDVLVWHQĠDODXQJKLXOPRUW ]HD]ăvQDLQWHVăSăUăVLĠLQHLQWHQĠLRQDWEDQGD
SHFDUHYăDIODĠL
6LVWHPHGHDVLVWDUHDFRQGXFHULL
=GLVWDQĠDIDĠăGHDXWRYHKLFXOXOGLQIDĠăHVWH
SUHDPLFăúLPDUFDMHOHGHEDQGăQXSRWIL
DVWIHOGHWHFWDWH
=PDUFDMHOHGHEDQGăGHSHGUXPVXQW
&RQGXFHUHúLSDUFDUH
QHFODUHGHH[OkQJăOXFUăULOHUXWLHUH
=PDUFDMHOHGHEDQGăVHPRGLILFăUDSLGGH
H[EHQ]LOHVHELIXUFăVHLQWHUVHFWHD]ăVDX
VHXQHVF
=GUXPXOHVWHvQJXVWúLVLQXRV
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV
C &DPHUDSHQWUXDVLVWHQĠDSHQWUXPHQĠLQH QXSRDWHGHWHFWDFRQGLĠLLOHUXWLHUH$FHVWDQX
UHDEHQ]LLGHPHUV SRDWHVXEVWLWXLRFRQGXFHUHDWHQWă'YVSXU
'DFăDĠLDOHVIXQFĠLD'LVSOD\XQLW6SHHG WDĠLUăVSXQGHUHDYLWH]HLDXWRYHKLFXOXOXLD
RGRPHWHU9LWH]ÆNLORPHWUDMFDXQLњ IUkQăULLvQWLPSXWLOúLDYLUăULLFRUHFWH$GDS
WDWHGHDILĂDUH3DJLQDSHFDOFX WDĠLYăvQWRWGHDXQDVWLOXOGHFRQGXFHUHvQ
ODWRUXOGHERUGúLDĠLVHOHFWDWNPFDXQLWDWHGH IXQFĠLHGHFRQGLĠLLOHGHGUXPúLPHWHRSUHGR
PăVXUăDVLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHD PLQDQWH$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGL
EHQ]LLGHPHUVHVWHDFWLYăvQFHSkQGFXYLWH]H ĠLLORUGLQWUDILFúLvPSUHMXULPLORUGXPQHD
GHNPK'DFăVHVHOHFWHD]ăXQLWDWHDGH YRDVWUăÌQFD]FRQWUDUHVWHSRVLELOVăQX
DILúDUHPLOHVLQWHUYDOXOGHDVLVWHQĠăvQFHSH UHFXQRDúWHĠLSHULFROHOHODWLPSSURYRFkQGXQ
ODPSK DFFLGHQWúLUăQLUHDGXPQHDYRDVWUăúLDDOWRU
SHUVRDQH
$9(57,60(17
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV (VWHSRVLELOVăVHHPLWăXQDYHUWLVPHQWGDFă
QXPHQĠLQHDXWRYHKLFXOXOGXPQHDYRDVWUăSH RURDWăGLQIDĠăWUHFHSHVWHXQPDUFDMGH
EDQGDVD(VWHGRDUXQVLVWHPGHDVLVWHQĠăúL EDQGă(DYăYDDYHUWL]DSULQWURYLEUDĠLHLQWHU
HVWHSRVLELOVăGHWHFWH]HLQFRUHFWVDXGHORF PLWHQWăvQYRODQWLPSGHSkQăODVHFXQGH
PDUFDMHOHGHEDQGă 3HQWUXDILDYHUWL]DWQXPDLFkQGHVWHFD]XOúL
6LVWHPXOSRDWHDYHDRIXQFĠLRQDUHUHGXVăVDX vQWLPSXWLOGDFăGHSăúLĠLXQPDUFDMGHEDQGă
DEVHQWăGDFă VLVWHPXOUHFXQRDúWHDQXPLWHFRQGLĠLLúLYă
=YL]LELOLWDWHDHVWHUHGXVăGHH[GLQFDX]D
DYHUWL]HD]ăvQFRQVHFLQĠă
LOXPLQăULLLQVXILFLHQWHDGUXPXOXLVDXGLQ 9LEUDĠLLOHGHDYHUWLVPHQWDSDUPDLGHYUHPH
FDX]D]ăSH]LLSORLLFHĠLLVDXDSHLSXOYHUL GDFă
]DWH =YăDSURSLDĠLGHPDUFDMXOGHEDQGăH[WHULRU
=H[LVWăOXPLQLRUELWRDUHGHH[GHODWUDILFXO vQWURFXUEă
GLQVHQVRSXVVRDUHVDXUHIOH[LLOHGHODDOWH =GUXPXODUHEHQ]LIRDUWHODUJLGHH[SH
DXWRYHKLFXOH DXWRVWUDGă
=SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW =VLVWHPXOUHFXQRDúWHPDUFDMHOHGHEDQGă
GHH[HPSOXFXRHWLFKHWăDXWRFRODQWăvQ VROLGH
DSURSLHUHDFDPHUHL 9LEUDĠLLOHGHDYHUWLVPHQWDSDUPDLWkU]LXGDFă
=VXQWSUH]HQWHPDLPXOWHPDUFDMHGHEDQGă
=GUXPXODUHEHQ]LvQJXVWH
VDXQLFLXQXOODRVLQJXUăEDQGă
=WăLDĠLFXUEDFkQGYLUDĠLSHREDQGă
=PDUFDMHOHGHEDQGăVXQWX]DWHvQWXQHFDWH
VDXDFRSHULWHGHH[FXQRURLVDX]ăSDGă
6LVWHPHGHDVLVWDUHDFRQGXFHULL
1XVHHPLWYLEUDĠLLGHDYHUWLVPHQWGDFă $VLVWHQĠăDFWLYăODXQJKLXOPRUW
=YLUDĠLIUkQDĠLVDXDFFHOHUDĠLVHVL]DELOúL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
DFWLY
$VLVWHQĠDDFWLYăODXQJKLXOPRUWXWLOL]HD]ăXQ
=WăLDĠLRFXUEăDVFXĠLWăFkQGYLUDĠL
&RQGXFHUHúLSDUFDUH
VLVWHPGHVHQ]RULUDGDUSHQWUXDPRQLWRUL]D
=XQVLVWHPGHVLJXUDQĠăODFRQGXFHUHLQWHU
]RQHOHODWHUDOHDOHDXWRYHKLFXOXOXLGXPQHD
YLQHSUHFXP$%6%$6VDX(63 YRDVWUăDIODWHvQVSDWHOHúRIHUXOXL8QDILúDM
=DĠLDFWLYDWVHPQDOL]DWRDUHOHGHGLUHFĠLHÌQ GHDYHUWL]DUHGLQRJOLQ]LOHH[WHULRDUHYăDWUDJH
DFHVWFD]DYHUWLVPHQWHOHVXQWDQXODWHSH DWHQĠLDODDXWRYHKLFXOHOHGHWHFWDWHvQ]RQD
RDQXPLWăSHULRDGăGHWLPS PRQLWRUL]DWă'DFăDFWLYDĠLDSRLVHPQDOL]DWR
UXOGHGLUHFĠLHDIHUHQWSHQWUXDVFKLPED
$FWLYDUHDDVLVWHQĠHLSHQWUXPHQĠLQHUHD EDQGDVHYDHPLWHGHDVHPHQHDXQDYHUWLV
EHQ]LLGHPHUV PHQWRSWLFúLVRQRUSULYLQGFROL]LXQHD'DFă
VHGHWHFWHD]ăXQULVFGHFROL]LXQHODWHUDOă
IUkQDUHDFRUHFWLYăYăSRDWHDMXWDVăHYLWDĠLR
FROL]LXQH3HQWUXDFRQWULEXLODDFĠLRQDUHDIUk
QHORUvQVFRSXOFRUHFWăULLWUDLHFWRULHLDVLV
WHQĠDDFWLYăODXQJKLXOPRUWXWLOL]HD]ăGHDVH
PHQHDVLVWHPXOGHVHQ]RULUDGDURULHQWDW
IURQWDO$VLVWHQĠDDFWLYăODXQJKLXOPRUWYă
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă DVLVWăvQFHSkQGFXRYLWH]ăGHDSUR[LPDWLY
$FWLYDĠLDVLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LL NPK
GHPHUVFXDMXWRUXOFDOFXODWRUXOXLGHERUG $9(57,60(17
3DJLQD
$VLVWHQĠDDFWLYăODXQJKLXOPRUWHVWHGRDUXQ
6LPEROXOCDSDUHSHDILúDMXOPXOWLIXQFĠLR
VLVWHPGHDVLVWHQĠăúLSRDWHVăGHWHFWH]H
QDO
DXWRYHKLFXOHOHREVWDFROHOHLQFRUHFWVDX
'DFăFRQGXFHĠLODYLWH]HGHSHVWH FKLDUGHORF
NPKúLPDUFDMHOHGHEDQGăVXQWGHWHF
6LVWHPXOSRDWHDYHDRIXQFĠLRQDUHUHGXVăVDX
WDWHVLPEROXOCHVWHDILúDWvQYHUGH$VLV
DEVHQWăGDFă
WHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV
=H[LVWăRYL]LELOLWDWHVFă]XWăGHH[GLQFDX]D
HVWHJDWDGHXWLOL]DUH
]ăSH]LLSORLLFHĠLLVDXDSHLSXOYHUL]DWH
=VHQ]RULLVSDWHúLVDXIDĠăVXQWPXUGDUL
3DFKHWXOGH$VLVWHQĠăSHQWUXFRQGX $VLVWHQĠDDFWLYăODXQJKLXOPRUWQXSRDWH
FHUHDDFWLYă GHWHFWDDXWRYHKLFXOHvQJXVWHSUHFXPPRWR
FLFOHWHVDXELFLFOHWHVDXSRDWHVăOHGHWHFWH]H
1RWHJHQHUDOH SUHDWkU]LX(DQXSRDWHGHWHFWDDXWRYHKLFX
3DFKHWXOGH$VLVWHQĠăSHQWUXFRQGXFHUHD OHOHFDUHVXQWGHSăúLWHODGLVWDQĠăPLFăúLDSRL
DFWLYăFRQVWăGLQ',67521,&3/86 LQWUăvQ]RQDGHSXQFWPRUW
3DJLQDDVLVWHQĠDDFWLYăODXQJKLXO $VLVWHQĠDDFWLYăODXQJKLXOPRUWQXSRDWH
PRUW3DJLQDúLDVLVWHQĠDDFWLYăSHQ GHWHFWDFRQGLĠLLOHGHGUXPúLWUDILF$FHVWDQX
WUXPHQĠLQHUHDEHQ]LLGHPHUV SRDWHVXEVWLWXLRFRQGXFHUHDWHQWă'YVSXU
3DJLQD WDĠLUăVSXQGHUHDYLWH]HLDXWRYHKLFXOXOXLD
IUkQăULLvQWLPSXWLOúLDYLUăULLFRUHFWH$GDS
WDĠLYăvQWRWGHDXQDVWLOXOGHFRQGXFHUHvQ
IXQFĠLHGHFRQGLĠLLOHGHGUXPúLPHWHRSUHGR
PLQDQWH$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGL
6LVWHPHGHDVLVWDUHDFRQGXFHULL
ĠLLORUGLQWUDILFúLvPSUHMXULPLORUGXPQHD YL]XDOHVDXDXGLWLYHLDUVLVWHPXOQXIUkQHD]ă
YRDVWUăÌQFD]FRQWUDUHVWHSRVLELOVăQX DXWRYHKLFXOXOSHQWUXDYăFRUHFWDWUDLHFWRULD
UHFXQRDúWHĠLSHULFROHOHODWLPSSURYRFkQGXQ 'DFăEHQ]LOHVXQWIRDUWHODUJLHVWHSRVLELOVă
DFFLGHQWúLUăQLUHDGXPQHDYRDVWUăúLDDOWRU QXVHSRDWăPRQLWRUL]DOăĠLPHDFRPSOHWăD
&RQGXFHUHúLSDUFDUH
SHUVRDQH EHQ]LLGLQDSURSLHUH'LQDFHVWPRWLYDXWRYH
KLFXOHOHGLQEDQGDGHDOăWXULSRWVăQXILH
6LVWHPXOGHVHQ]RUUDGDUHVWHDXWRPDWGH]DF GHWHFWDWHPDLDOHVGDFăUXOHD]ăvQIRUPDĠLH
WLYDWOkQJăXQLWăĠLOHUDGLRWHOHVFRS HúDORQDWă$FHDVWăVLWXDĠLHSRDWHDSăUHD
3DJLQD GDFăDXWRYHKLFXOHOHFRQGXFODPDUJLQHDEHQ
3HQWUXFDDVLVWHQĠDDFWLYăODXQJKLXOPRUWVă ]LLFHOHPDLvQGHSăUWDWHGHDXWRYHKLFXOXOGXP
YăDVLVWHFkQGFRQGXFHĠLVLVWHPXOGHVHQ]RUL QHDYRDVWUă
UDGDUWUHEXLHVăILHDFWLYDW3DJLQDúL $FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ
VăILHIXQFĠLRQDO WUDILFúLvPSUHMXULPLORUGXPQHDYRDVWUăÌQFD]
5D]DGHPRQLWRUL]DUH FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠLSHUL
FROHOHODWLPSSURYRFkQGXQDFFLGHQWúL
$VLVWHQĠDDFWLYăODXQJKLXOPRUWPRQLWRUL
UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH
]HD]ăR]RQăGHSkQăODWUHLPHWULGLQVSDWH
DXWRYHKLFXOXOXLGXPQHDYRDVWUăúLLPHGLDW 'DFăEHQ]LOHVXQWvQJXVWHSRWILVHPQDODWH
OkQJăDXWRYHKLFXOXOGXPQHDYRDVWUăGXSă DXWRYHKLFXOHOHFDUHUXOHD]ăGLQFRORGHEDQGD
FXPHVWHLQGLFDWvQVFKHPăÌQDFHVWVFRS DIODWăOkQJăDXWRYHKLFXOXOGXPQHDYRDVWUă
DVLVWHQĠDDFWLYăODXQJKLXOPRUWXWLOL]HD]ăVHQ PDLDOHVGDFăDXWRYHKLFXOHOHQXUXOHD]ăvQ
]RULUDGDUGLQEDUDGHSURWHFĠLHVSDWH PLMORFXOEHQ]LLORU$FHDVWăVLWXDĠLHSRDWHVXU
YHQLGDFăH[LVWăDXWRYHKLFXOHODFHDPDLDSUR
SLDWăPDUJLQHDEHQ]LLIDĠăGHDXWRYHKLFXOXO
GXPQHDYRDVWUă
'LQFDX]DQDWXULLVLVWHPXOXL
=VHSRWHPLWHDYHUWLVPHQWHIDOVHFkQGFRQ
GXFHĠLDSURDSHGHEDULHUHGHSURWHFĠLHVDX
GHPDUJLQLVROLGHVLPLODUHDOHEHQ]LORU
=DYHUWLVPHQWHOHVHSRWvQWUHUXSHFkQGFRQ
GXFHĠLOkQJăDXWRYHKLFXOHOXQJLSUHFXP
FDPLRDQHSHRSHULRDGăvQGHOXQJDWă
'RLVHQ]RULUDGDUDLDVLVWăULLDFWLYHODXQJKLXO
PRUWVXQWLQWHJUDĠLvQEDUHOHGHSURWHFĠLHIDĠă
úLVSDWHUHVSHFWLY8QVHQ]RUUDGDUVXSOLPHQ
WDUVHDIOăvQVSDWHOHFDSDFXOXLGLQPDVFD
UDGLDWRUXOXL$VLJXUDĠLYăFăEDUHOHGHSURWHF
([HPSOX6HGDQ ĠLHQXFRQĠLQPL]HULHJKHDĠăVDXODSRYLĠăvQ
MXUXOVHQ]RULORU6HQ]RULLVSDWHQXWUHEXLHVă
$9(57,60(17
ILHDFRSHULĠLGHH[FXVXSRUWXULGHELFLFOHWă
$VLVWHQĠDDFWLYăODXQJKLXOPRUWPRQLWRUL]HD]ă VDXVDUFLQLvQFRQVROăÌQXUPDXQXLLPSDFW
DQXPLWH]RQHGLQLPHGLDWDDSURSLHUHDDXWR SXWHUQLFVDXvQFD]XOGHWHULRUăULLEDUHORUGH
YHKLFXOXOXLGXPQHDYRDVWUă$XWRYHKLFXOHOH SURWHFĠLHVROLFLWDĠLYHULILFDUHDIXQFĠLRQăULL
FDUHVHDSURSLHúLYăGHSăúHVFODYLWH]HPDUL VHQ]RULORUUDGDUODXQDWHOLHUGHVSHFLDOLWDWH
QXVXQWGHWHFWDWH1XVHHPLWDYHUWLVPHQWH DXWRUL]DWÌQFD]FRQWUDUHVWHSRVLELOFDDVLV
6LVWHPHGHDVLVWDUHDFRQGXFHULL
WHQĠDODXQJKLXOPRUWVăQXIXQFĠLRQH]HFRUHV $FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ
SXQ]ăWRU WUDILFúLvPSUHMXULPLORUGXPQHDYRDVWUăÌQFD]
FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠLSHUL
,QGLFDWRUúLDILúDMGHDYHUWL]DUH
FROHOHODWLPSSURYRFkQGXQDFFLGHQWúL
&RQGXFHUHúLSDUFDUH
UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH
$YHUWLVPHQWHYL]XDOHúLDFXVWLFHSULYLQG
FROL]LXQHD
'DFăDFWLYDĠLVHPQDOL]DWRDUHOHGHGLUHFĠLH
FRUHVSXQ]ăWRDUHúLXQDXWRYHKLFXOHVWH
GHWHFWDWvQUD]DGHPRQLWRUL]DUHODWHUDOăYLVH
YDWUDQVPLWHXQDYHUWLVPHQWYL]XDOúLDFXVWLF
SULYLQGFROL]LXQHD9HĠLDX]LXQVXQHWGHDYHU
WL]DUHGXEOXúLODPSDGHDYHUWL]DUHURúLHC
C /DPSăLQGLFDWRDUHJDOEHQăODPSăGH
OXPLQHD]ăLQWHUPLWHQW'DFăVHPQDOL]DWRUXO
GHGLUHFĠLHUăPkQHDFWLYDXWRYHKLFXOHOH
DYHUWL]DUHURúLH
GHWHFWDWHVXQWLQGLFDWHSULQDSULQGHUHDLQWHU
&kQGDVLVWHQĠDDFWLYăODXQJKLXOPRUWHVWH PLWHQWăDOăPSLLGHDYHUWL]DUHURúLLC1XVH
DFWLYDWăODPSDLQGLFDWRDUHCGLQRJOLQ]LOH PDLHPLWVXQHWHGHDYHUWL]DUH
H[WHULRDUHVHDSULQGHvQJDOEHQODYLWH]HGH
SkQăODNPK/DYLWH]HGHSHVWH $FĠLRQDUHDIUkQHORUSHQWUXFRUHFWDUHD
NPKODPSDLQGLFDWRDUHVHVWLQJHúLDVLV WUDLHFWRULHL
WHQĠDDFWLYăODXQJKLXOPRUWHVWHIXQFĠLRQDOă 'DFăDVLVWHQĠDDFWLYăODXQJKLXOPRUWGHWHF
'DFăVHGHWHFWHD]ăXQDXWRYHKLFXOvQFDGUXO WHD]ăXQULVFGHFROL]LXQHODWHUDOăvQUD]DGH
UD]HLGHPRQLWRUL]DUHDDVLVWHQĠHLODXQJKLXO PRQLWRUL]DUHVHHIHFWXHD]ăDFĠLRQDUHDIUkQH
PRUWODYLWH]HGHSHVWHNPKODPSDGH ORUvQVFRSXOFRUHFWăULLWUDLHFWRULHL$FHDVWă
DYHUWL]DUHCGHSHSDUWHDDIHUHQWăVH RSHUDĠLHYăSRDWHDMXWDVăHYLWDĠLRFROL]LXQH
DSULQGHvQURúX$FHVWDYHUWLVPHQWHVWHvQWRW $FĠLRQDUHDIUkQHORUvQVFRSXOFRUHFWăULL
GHDXQDHPLVFkQGXQDXWRYHKLFXOLQWUăvQUD]D WUDLHFWRULHLHVWHGLVSRQLELOăvQLQWHUYDOXOGLQ
GHPRQLWRUL]DUHODXQJKLPRUWGLQVSDWHVDX WUHNPKúLNPK
GLQODWHUDO&kQGGHSăúLĠLXQDXWRYHKLFXO 'DFăVHHIHFWXHD]ăRDFĠLRQDUHDIUkQHORUvQ
DYHUWLVPHQWXOVHHPLWHGRDUGDFăGLIHUHQĠD VFRSXOFRUHFWăULLWUDLHFWRULHLODPSDGHDYHU
GHYLWH]ăHVWHVXENPK WL]DUHURúLHCOXPLQHD]ăLQWHUPLWHQWvQ
/DPSDLQGLFDWRDUHJDOEHQăVHVWLQJHGDFă RJOLQGDH[WHULRDUăúLXUPăWRDUHOHDSDUSHDIL
WUHDSWDGHPHUVvQDSRLHVWHFXSODWă$VLV úDMXOPXOWLIXQFĠLRQDOGHH[HPSOX
WHQĠDDFWLYăODXQJKLXOPRUWQXPDLHVWH
DFWLYă
/XPLQR]LWDWHDOăPSLORUGHVHPQDOL]DUHGH
DYHUWL]DUHHVWHUHJODWăDXWRPDWvQIXQFĠLHGH
OXPLQDDPELDQWă
$9(57,60(17
$VLVWHQĠDDFWLYăODXQJKLXOPRUWQXHVWHDFWLYă ([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
ODYLWH]HVXENPK/ăPSLOHLQGLFDWRDUH
GLQRJOLQ]LOHH[WHULRDUHVXQWJDOEHQH$XWRYH $9(57,60(17
KLFXOHOHGLQUD]DGHPRQLWRUL]DUHQXYRUILDVW $VLVWHQĠDDFWLYăODXQJKLXOPRUWHVWHQXPDLXQ
IHOLQGLFDWH VLVWHPGHDVLVWHQĠăFDUHYăDMXWăFkQGFRQ
6LVWHPHGHDVLVWDUHDFRQGXFHULL
GXFHĠL$FHVWDQXSRDWHVXEVWLWXLRFRQGXFHUH $FWLYDUHDDVLVWHQĠHLDFWLYHODXQJKLXO
DWHQWă(VWHSRVLELOFDIUkQDUHDDXWRPDWă PRUW
HIHFWXDWăGHVLVWHPVăQXILHvQWRWGHDXQDVXIL /DDXWRYHKLFXOHOHIăUăVLVWHPGHQDYLJDĠLH
FLHQWăSHQWUXDHYLWDRFROL]LXQHÌQDVWIHOGH DVLJXUDĠLYăFă%HFNHU0$33,/27HVWH
&RQGXFHUHúLSDUFDUH
FD]XULWUHEXLHVăYLUDĠLVăIUkQDĠLVDXVăDFFH FRQHFWDWFRQVXOWDĠLLQVWUXFĠLXQLOHGHXWLOL
OHUDĠLVLQJXU ]DUHVHSDUDWHSHQWUX$XGLR
ÌQFD]XULIRDUWHUDUHVLVWHPXOSRDWHGHWHFWD $VLJXUDĠLYăFăVLVWHPXOGHVHQ]RULUDGDU
XQULVFGHFROL]LXQHFkQGDFHVWDQXH[LVWă 3DJLQDúLDVLVWHQĠDDFWLYăOD
IUkQkQGHURQDWOkQJăEDULHUHGHSURWHFĠLHVDX XQJKLXOPRUW3DJLQDVXQWDFWLYDWH
DOWHDVWIHOGHOLPLWHUXWLHUH$VLVWHQĠDDFWLYăOD vQFDOFXODWRUXOGHERUG
XQJKLXOPRUWQXSRDWHGHWHFWDWRDWHFRQGLĠLLOH 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
UXWLHUHúLSDUWLFLSDQĠLLODWUDILF$VLJXUDĠLYă FRQWDFW
FRQVWDQWFăH[LVWăRGLVWDQĠăODWHUDOăVXIL /ăPSLOHGHDYHUWL]DUHCVHDSULQGvQURúX
FLHQWăvQWUHGXPQHDYRDVWUăúLDOĠLSDUWLFLSDQĠL vQRJOLQ]LOHH[WHULRDUHWLPSGHDSUR[LPDWLY
ODWUDILFVDXREVWDFROH3XWHĠLGHH[HPSOX VHFXQGHúLDSRLGHYLQJDOEHQH
FRQWUDYLUDXúRUVDXDSăVDSHGDODGHDFFHOH
UDĠLHRULFkQGSHQWUXDDQXODRIUkQDUHLQDGHF 7UDFWDUHDUHPRUFLL
YDWă 'DFăIL[DĠLRUHPRUFăDVLJXUDĠLYăFăDĠLUHD
'XPQHDYRDVWUăSXUWDĠLUăVSXQGHUHDYLWH]HL OL]DWFRUHFWFRQH[LXQHDHOHFWULFă3XWHĠLHIHF
DXWRYHKLFXOXOXLDYLUăULLFRUHFWHúLDIUkQăULLvQ WXDDFHVWOXFUXYHULILFkQGLOXPLQDUHDUHPRU
WLPSXWLO$GDSWDĠLYăvQWRWGHDXQDVWLOXOGH FLL$VLVWHQĠDDFWLYăODXQJKLXOPRUWHVWHDSRL
FRQGXFHUHvQIXQFĠLHGHFRQGLĠLLOHGHGUXPúL GH]DFWLYDWă/DPSDLQGLFDWRDUHGLQRJOLQ]LOH
PHWHRSUHGRPLQDQWH$FRUGDĠLvQWRWGHDXQD H[WHULRDUHVHDSULQGHvQJDOEHQLDUPHVDMXO
DWHQĠLHFRQGLĠLLORUGLQWUDILFúLvPSUHMXULPLORU $FWLYH%OLQG6SRW$VVLVWFXUUHQWO\
GXPQHDYRDVWUăÌQFD]FRQWUDUHVWHSRVLELOVă XQDYDLODEOH6HH2ZQHU
V0DQXDO
QXUHFXQRDúWHĠLSHULFROHOHODWLPSSURYRFkQG $VLVWHQĆDDFWLYÆDXQJKLXOPRUW
XQDFFLGHQWúLUăQLUHDGXPQHDYRDVWUăúLD PRPHQWDQLQGLVSRQLELOÆ&RQVXOWDĆL
DOWRUSHUVRDQH 0DQXDOXOGHXWLOL]DUHDSDUHSHDILúDMXO
PXOWLIXQFĠLRQDO
6HSRDWHUHDOL]DRDFĠLRQDUHDIUkQHORUvQVFR
SXOFRUHFWăULLWUDLHFWRULHLIRDUWHUHGXVăVDX
$VLVWHQĠăDFWLYăSHQWUXPHQĠLQHUHD
FKLDUGHORFGDFă
EHQ]LLGHPHUV
=H[LVWăDXWRYHKLFXOHVDXREVWDFROHGHH[
EDULHUHGHSURWHFĠLHSHDPEHOHODWXULDOH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
DXWRYHKLFXOXOXLGXPQHDYRDVWUă $VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
=XQDXWRYHKLFXOVHDSURSLHSUHDPXOWSHR PHUVPRQLWRUL]HD]ă]RQDGLQIDĠDDXWRYHKL
ODWXUă FXOXOXLGXPQHDYRDVWUăSULQLQWHUPHGLXOXQHL
=DĠLDGRSWDWXQVWLOGHFRQGXFHUHVSRUWLYFX FDPHUHGLQSDUWHDVXSHULRDUăDSDUEUL]XOXL
YLWH]HPDULvQYLUDMH $VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
=IUkQDĠLVDXDFFHOHUDĠLSXWHUQLF
PHUVGHWHFWHD]ăPDUFDMHOHGHEDQGăGHSH
FDURVDELOúLYăDYHUWL]HD]ăvQDLQWHVăSăUăVLĠL
=XQVLVWHPGHVLJXUDQĠăODFRQGXFHUHLQWHU
QHLQWHQĠLRQDWEDQGDSHFDUHYăDIODĠL'DFăQX
YLQHSUHFXP(63VDXIUkQD35(6$)( UHDFĠLRQDĠLODDYHUWLVPHQWRDFĠLRQDUHDIUk
=(63HVWHGH]DFWLYDW QHORUSHQWUXFRUHFWDUHDEHQ]LLSRDWHDGXFH
=VHGHWHFWHD]ăRSLHUGHUHDSUHVLXQLLvQ DXWRYHKLFXOXOvQDSRLvQEDQGDLQLĠLDOă
SQHXULVDXXQSQHXGHIHFW
6LVWHPHGHDVLVWDUHDFRQGXFHULL
=GLVWDQĠDIDĠăGHDXWRYHKLFXOXOGLQIDĠăHVWH
SUHDPLFăúLPDUFDMHOHGHEDQGăQXSRWIL
DVWIHOGHWHFWDWH
=PDUFDMHOHGHEDQGăGHSHGUXPVXQW
&RQGXFHUHúLSDUFDUH
QHFODUHGHH[OkQJăOXFUăULOHUXWLHUH
=PDUFDMHOHGHEDQGăVHPRGLILFăUDSLGGH
H[EHQ]LOHVHELIXUFăVHLQWHUVHFWHD]ăVDX
VHXQHVF
=GUXPXOHVWHvQJXVWúLVLQXRV
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
C &DPHUDDVLVWHQĠHLDFWLYHSHQWUXPHQĠLQH PHUVQXSRDWHGHWHFWDFRQGLĠLLOHGHGUXPúL
UHDEHQ]LLGHPHUV WUDILF$FHVWDQXSRDWHVXEVWLWXLRFRQGXFHUH
'DFăDĠLVHOHFWDWIXQFĠLD'LVSOD\XQLW DWHQWă'YVSXUWDĠLUăVSXQGHUHDYLWH]HLDXWR
6SHHGRGRPHWHU9LWH]ÆNLORPHWUDM YHKLFXOXOXLDIUkQăULLvQWLPSXWLOúLDYLUăULL
FDXQLWDWHGHDILĂDUH3DJLQDSH FRUHFWH$GDSWDĠLYăvQWRWGHDXQDVWLOXOGH
FDOFXODWRUXOGHERUGúLDĠLVHOHFWDWNPFDXQL FRQGXFHUHvQIXQFĠLHGHFRQGLĠLLOHGHGUXPúL
WDWHGHPăVXUăDVLVWHQĠDDFWLYăSHQWUXPHQ PHWHRSUHGRPLQDQWH$FRUGDĠLvQWRWGHDXQD
ĠLQHUHDEHQ]LLGHPHUVHVWHDFWLYăvQFHSkQG DWHQĠLHFRQGLĠLLORUGLQWUDILFúLvPSUHMXULPLORU
FXYLWH]HGHNPK'DFăVHVHOHFWHD]ă GXPQHDYRDVWUăÌQFD]FRQWUDUHVWHSRVLELOVă
XQLWDWHDGHDILúDUHPLOHVPLOHLQWHUYDOXO QXUHFXQRDúWHĠLSHULFROHOHODWLPSSURYRFkQG
GHDVLVWHQĠăvQFHSHODPSK XQDFFLGHQWúLUăQLUHDGXPQHDYRDVWUăúLD
DOWRUSHUVRDQH
$9(57,60(17
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH 9LEUDĠLLGHDYHUWL]DUHGLQYRODQ
PHUVQXPHQĠLQHDXWRYHKLFXOXOGXPQHD (VWHSRVLELOVăVHHPLWăXQDYHUWLVPHQWGDFă
YRDVWUăSHEDQGDVD(VWHGRDUXQVLVWHPGH RURDWăGLQIDĠăWUHFHSHVWHXQPDUFDMGH
DVLVWHQĠăúLHVWHSRVLELOVăGHWHFWH]HLQFRUHFW EDQGă9HĠLILDSRLDYHUWL]DWSULQWURYLEUDĠLH
VDXGHORFPDUFDMHOHGHEDQGă LQWHUPLWHQWăvQYRODQWLPSGHSkQăOD
6LVWHPXOSRDWHDYHDRIXQFĠLRQDUHUHGXVăVDX VHFXQGH
DEVHQWăGDFă 3HQWUXDILDYHUWL]DWQXPDLFkQGHVWHFD]XOúL
=VXQWSUH]HQWHPDLPXOWHPDUFDMHGHEDQGă vQWLPSXWLOGDFăGHSăúLĠLXQPDUFDMGHEDQGă
VDXQLFLXQXOODRVLQJXUăEDQGă VLVWHPXOUHFXQRDúWHDQXPLWHFRQGLĠLLúLYă
=YL]LELOLWDWHDHVWHUHGXVăGHH[GLQFDX]D
DYHUWL]HD]ăvQFRQVHFLQĠă
LOXPLQăULLLQVXILFLHQWHDGUXPXOXLVDXGLQ 9LEUDĠLLOHGHDYHUWLVPHQWDSDUPDLGHYUHPH
FDX]D]ăSH]LLSORLLFHĠLLVDXDSHLSXOYHUL GDFă
]DWH =YăDSURSLDĠLGHPDUFDMXOGHEDQGăH[WHULRU
=H[LVWăOXPLQLRUELWRDUHGHH[GHODWUDILFXO vQWURFXUEă
GLQVHQVRSXVVRDUHVDXUHIOH[LLOHGHODDOWH =GUXPXODUHEHQ]LIRDUWHODUJLGHH[SH
DXWRYHKLFXOH DXWRVWUDGă
=SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW =VLVWHPXOUHFXQRDúWHPDUFDMHOHGHEDQGă
GHH[HPSOXFXRHWLFKHWăDXWRFRODQWăvQ VROLGH
DSURSLHUHDFDPHUHL 9LEUDĠLLOHGHDYHUWLVPHQWDSDUPDLWkU]LXGDFă
=PDUFDMHOHGHEDQGăVXQWX]DWHvQWXQHFDWH
=GUXPXODUHEHQ]LvQJXVWH
VDXDFRSHULWHGHH[FXQRURLVDX]ăSDGă
=WăLDĠLFXUEDFkQGYLUDĠLSHREDQGă
6LVWHPHGHDVLVWDUHDFRQGXFHULL
1XVHHPLWYLEUDĠLLGHDYHUWLVPHQWGDFă YRDVWUăSHEDQGDVD$FHDVWDHVWHQXPDLXQ
=YLUDĠLIUkQDĠLVDXDFFHOHUDĠLVHVL]DELOúL VLVWHPGHDVLVWHQĠăFDUHYăDMXWăFkQGFRQ
DFWLY GXFHĠL$FHVWDQXSRDWHVXEVWLWXLRFRQGXFHUH
=WăLDĠLRFXUEăDVFXĠLWăFkQGYLUDĠL DWHQWă)UkQDUHDFRUHFWLYăSRDWHVăQXILH
&RQGXFHUHúLSDUFDUH
vQWRWGHDXQDVXILFLHQWăSHQWUXDUHDGXFHDXWR
=XQVLVWHPGHVLJXUDQĠăODFRQGXFHUHLQWHU
YHKLFXOXOGXPQHDYRDVWUăSHEDQGDVDLQLĠLDOă
YLQHSUHFXP$%6%$6VDX(63 ÌQDQXPLWHFD]XULWUHEXLHVăGLULMDĠLDXWRYHKL
=DĠLDFWLYDWVHPQDOL]DWRDUHOHGHGLUHFĠLHÌQ FXOXOVLQJXUSHQWUXDYăDVLJXUDFăQX
DFHVWFD]DYHUWLVPHQWHOHVXQWDQXODWHSH SăUăVHúWHEDQGD
RDQXPLWăSHULRDGăGHWLPS $VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
$FĠLRQDUHDIUkQHORUSHQWUXFRUHFWDUHD PHUVQXSRDWHGHWHFWDVLWXDĠLDFXUHQWăGLQ
EHQ]LL WUDILFVDXDOĠLSDUWLFLSDQĠLODWUDILF$VLJXUDĠL
YăFRQVWDQWFăH[LVWăRGLVWDQĠăODWHUDOăVXIL
'DFăSăUăVLĠLEDQGDvQDQXPLWHVLWXDĠLLDXWR
FLHQWăvQWUHGXPQHDYRDVWUăúLDOĠLSDUWLFLSDQĠL
YHKLFXOXOYDIUkQDVFXUWSHRSDUWH$FHDVWă
ODWUDILFVDXREVWDFROHÌQVLWXDĠLLUDUHVLVWH
IUkQDUHDUHFDVFRSUHDGXFHUHDDXWRYHKLFX
PXOSRDWHGHWHFWDOLQLLvQWUHUXSWHVDXDQXPLWH
OXOXLSHEDQGDLQLĠLDOă
VWUXFWXULGHSHVXSUDIDĠDGUXPXOXLFDPDUFDMH
$FHDVWăIXQFĠLHHVWHGLVSRQLELOăvQLQWHUYDOXO GHEDQGăVROLGH3XWHĠLGHH[HPSOXVăFRQ
GLQWUHNPKúLNPK WUDYLUDĠLRULFkQGXúRUSHQWUXDDQXODDFĠLRQD
2DFĠLRQDUHDIUkQHORUSHQWUXFRUHFWDUHDEHQ UHDLQDGHFYDWăDIUkQHORUGHH[GDFăWUDYHU
]LLVHSRDWHUHDOL]DGRDUGXSăFRQGXFHUHD VDĠLLQWHQĠLRQDWXQPDUFDMGHEDQGăVROLG
SHVWHXQPDUFDMGHEDQGăVROLGúLGHWHFWDELO $VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
ÌQDLQWHGHDFĠLRQDUHWUHEXLHVăVHHPLWăXQ PHUVQXSRDWHĠLQHFRQWGHFRQGLĠLLOHPHWHR
DYHUWLVPHQWSULQWURYLEUDĠLHLQWHUPLWHQWăGLQ
'XPQHDYRDVWUăSXUWDĠLUăVSXQGHUHDYLWH]HL
YRODQÌQSOXVREDQGăFXPDUFDMHGHEDQGă
DXWRYHKLFXOXOXLDYLUăULLFRUHFWHúLDIUkQăULLvQ
SHDPEHOHODWXULWUHEXLHVăILHUHFXQRVFXWă
WLPSXWLO$GDSWDĠLYăvQWRWGHDXQDVWLOXOGH
$FĠLRQDUHDIUkQHORUUHGXFHGHDVHPHQHDXúRU
FRQGXFHUHvQIXQFĠLHGHFRQGLĠLLOHGHGUXPúL
YLWH]DGHFRQGXFHUH
PHWHRSUHGRPLQDQWH$FRUGDĠLvQWRWGHDXQD
'DFăVXUYLQHRDFĠLRQDUHDIUkQHORUSHQWUX DWHQĠLHFRQGLĠLLORUGLQWUDILFúLvPSUHMXULPLORU
FRUHFWDUHDEHQ]LLXUPăWRDUHOHDSDUSHDILúD GXPQHDYRDVWUăÌQFD]FRQWUDUHVWHSRVLELOVă
MXOPXOWLIXQFĠLRQDO QXUHFXQRDúWHĠLSHULFROHOHODWLPSSURYRFkQG
XQDFFLGHQWúLUăQLUHDGXPQHDYRDVWUăúLD
DOWRUSHUVRDQH
1XVHUHDOL]HD]ăDFĠLRQDUHDIUkQHORUSHQWUX
FRUHFWDUHDEHQ]LLGDFă
=YLUDĠLIUkQDĠLVDXDFFHOHUDĠLVHVL]DELOúL
DFWLY
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă =WăLDĠLRFXUEăDVFXĠLWăFkQGYLUDĠL
G 2QRXăDFĠLRQDUHDIUkQHORUSHQWUXFRUHF =DĠLDFWLYDWVHPQDOL]DWRDUHOHGHGLUHFĠLH
WDUHDEHQ]LLSRDWHVXUYHQLGRDUGXSăFH =XQVLVWHPGHVLJXUDQĠăODFRQGXFHUHLQWHU
DXWRYHKLFXOXOGXPQHDYRDVWUăDUHYHQLWSH
YLQHSUHFXP(63IUkQD35(6$)(VDX
EDQGDLQLĠLDOă
$VLVWHQĠDDFWLYăODXQJKLXOPRUW
$9(57,60(17 =DĠLDGRSWDWXQVWLOGHFRQGXFHUHVSRUWLYFX
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH YLWH]HPDULvQYLUDMHVDXDFFHOHUăULSXWHU
PHUVQXPHQĠLQHDXWRYHKLFXOXOGXPQHD QLFH
7UDFWDUHDXQHLUHPRUFL
=ODDXWRYHKLFXOHOHFXXQFkUOLJGHWUDFWDUHD 7UDFWDUHDUHPRUFLL
UHPRUFLLFRQH[LXQHDHOHFWULFăODUHPRUFăD 'DFăIL[DĠLRUHPRUFăDVLJXUDĠLYăFăDĠLUHD
IRVWUHDOL]DWăFRUHFW OL]DWFRUHFWFRQH[LXQHDHOHFWULFă3XWHĠLHIHF
=(63HVWHGH]DFWLYDW WXDDFHVWOXFUXYHULILFkQGLOXPLQDUHDUHPRU
&RQGXFHUHúLSDUFDUH
=WUDQVPLVLDQXHVWHvQSR]LĠLD' FLL
=VDGHWHFWDWúLVDDILúDWSLHUGHUHDSUHVLXQLL
vQSQHXULVDXXQSQHXGHIHFW
7UDFWDUHDXQHLUHPRUFL
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
PHUVQXGHWHFWHD]ăFRQGLĠLLOHGHGUXPúLWUD 1RWHSULYLQGWUDFWDUHDXQHLUHPRUFL
ILF2DFĠLRQDUHLQDGHFYDWăDIUkQHORUSRDWHIL
vQWUHUXSWăRULFkQGGDFă 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
=YLUDĠLXúRUvQGLUHFĠLDRSXVă $9(57,60(17
=XWLOL]DĠLXQVHPQDOL]DWRUGHGLUHFĠLH &kQGDXWRYHKLFXOXOPHUJHvQDSRLFăWUH
=IUkQDĠLVDXDFFHOHUDĠLVHVL]DELO UHPRUFăDVLJXUDĠLYăFăQXVHDIOăQLPHQL
2DFĠLRQDUHDIUkQHORUSHQWUXFRUHFWDUHDEHQ vQWUHUHPRUFăúLDXWRYHKLFXO
]LLHVWHvQWUHUXSWăDXWRPDWGDFă &XSODĠLúLGHFXSODĠLUHPRUFDFXDWHQĠLH'DFă
QXFXSODĠLFRUHFWUHPRUFDODDXWRYHKLFXOXO
=XQVLVWHPGHVLJXUDQĠăODFRQGXFHUHLQWHU
WUDFWDQWUHPRUFDVHSRDWHGHVSULQGH
YLQHSUHFXP(63IUkQD35(6$)(VDX
$VLJXUDĠLYăFăQXVHGHSăúHVFXUPăWRDUHOH
$VLVWHQĠDDFWLYăODXQJKLXOPRUW
YDORUL
=PDUFDMHOHGHEDQGăQXPDLSRWILUHFXQRV
=VDUFLQDYHUWLFDOăSHEDUDGHWUDFWDUHD
FXWH
UHPRUFLL
$FWLYDUHDDVLVWHQĠHLDFWLYHSHQWUXPHQĠL =VDUFLQDDGPLVăDUHPRUFLL
QHUHDEHQ]LLGHPHUV =VDUFLQDDGPLVăSHSXQWHDVSDWHDDXWRYH
KLFXOXOXLWUDFWDQW
=PDVDWRWDOăPD[LPăDGPLVăDWkWDDXWRYH
KLFXOXOXLWUDFWDQWFkWúLDUHPRUFLL
9HĠLJăVLYDORULOHDGPLVHDSOLFDELOHFDUHQX
WUHEXLHVăILHGHSăúLWHvQGRFXPHQWDĠLDDXWR
YHKLFXOXOXL
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă 9HĠLJăVLYDORULOHDSUREDWHGHSURGXFăWRUSH
SOăFXĠHOHGHLGHQWLILFDUHDDXWRYHKLFXOXOXLúL
$FWLYDĠLDVLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHD
FHOHSHQWUXDXWRYHKLFXOXOWUDFWDQWvQVHFĠLX
EHQ]LLGHPHUVFXDMXWRUXOFDOFXODWRUXOXLGH
QHDÄ'DWHWHKQLFH´
ERUG3DJLQD
6LPEROXOCDSDUHSHDILúDMXOPXOWLIXQFĠLR
$9(57,60(17
QDO
'DFăDSDUHPHVDMXO&KHFNWUDLOHUKLWFK
'DFăFRQGXFHĠLODYLWH]HGHSHVWH ORFNLQJPHFKDQLVP9HULILFDĆLPHFDњ
NPKúLPDUFDMHOHGHEDQGăVXQWGHWHF QLVPXOGHEORFDUHDF¥UOLJXOXLUHPRUњ
WDWHVLPEROXOCHVWHDILúDWvQYHUGH$VLV FLLSHDILúDMXOPXOWLIXQFĠLRQDOFkWWLPSDXWR
WHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH YHKLFXOXOHVWHvQPLúFDUHWUDJHĠLLPHGLDWSH
PHUVHVWHJDWDGHXWLOL]DUH GUHDSWDúLYHULILFDĠLGDFăFXSODVIHULFăHVWH
vPELQDWăFRUHFW
7UDFWDUHDXQHLUHPRUFL
$9(57,60(17 FRQVXOWDĠLWDEHOXOFXSUHVLXQLOHvQSQHXULGH
5HVSHFWDĠLvQWRWGHDXQDYLWH]DPD[LPăSHU SHFODSHWDJXULLGHXPSOHUHFXFDUEXUDQW
PLVăvQ*HUPDQLDSHQWUXFRPELQDĠLLOHDXWRYH 3DJLQD
KLFXOUHPRUFăFKLDUúLvQĠăULvQFDUHVXQW 9HĠLJăVLGLPHQVLXQLOHGHPRQWDUHúLVDUFLQLOH
&RQGXFHUHúLSDUFDUH
SHUPLVHYLWH]HPDLPDUL$VWIHOUHGXFHĠLSHUL GLQVHFĠLXQHDÄ'DWHWHKQLFH´
FROXOGHDFFLGHQW 3DJLQD
6DUFLQDYHUWLFDOăPD[LPăDGPLVăFXEDUDGH
3HULFROGHDFFLGHQW WUDFWDUHDUHPRUFLLSHFXSODVIHULFăHVWH
1XDSăVDĠLQLFLRGDWăFRQWLQXXSHGDODGHIUkQă NJ&XWRDWHDFHVWHDVDUFLQDYHUWLFDOă
vQWLPSXOGHSODVăULLDXWRYHKLFXOXOXLGHH[HP UHDOăQXWUHEXLHVăGHSăúHDVFăYDORDUHDLQGL
SOXQXX]DĠLIUkQHOHSULQDSOLFDUHDFRQVWDQWă FDWăSHFkUOLJXOGHWUDFWDUHDUHPRUFLLúLSH
úLXúRDUăGHSUHVLXQHDVXSUDSHGDOHL$FHVW SOăFXĠHOHGHLGHQWLILFDUHDUHPRUFLL(VWHYDOD
IDSWSURYRDFăVXSUDvQFăO]LUHDVLVWHPXOXLGH ELOăFHDPDLVFă]XWăVDUFLQă
IUkQDUHPăUHúWHGLVWDQĠDGHIUkQDUHúLSRDWH
8WLOL]DĠLRVDUFLQăYHUWLFDOăFkWPDLDSUR
FRQGXFHODGHWHULRUDUHDFRPSOHWăDIUkQHORU
SLDWăSRVLELOGHVDUFLQDYHUWLFDOăPD[LPă
DGPLVă1XXWLOL]DĠLRVDUFLQăYHUWLFDOăGH
3HULFROGHDFFLGHQW
PDLSXĠLQGHNJvQFD]FRQWUDUHVWHSRVL
1XvQFHUFDĠLvQQLFLXQFD]VăUHHFKLOLEUDĠL ELOFDUHPRUFDVăVHGHVSULQGă
DQVDPEOXODXWRYHKLFXOUHPRUFăPăULQGYLWH]D
5HĠLQHĠLFăVDUFLQDGHvQFăUFDUHúLVDUFLQD
GHGHSODVDUH
GHSHSXQWHDVSDWHVXQWUHGXVHGHVDUFLQD
YHUWLFDOăUHDOă
$9(57,60(17
'DFăGHSăúLĠLVDUFLQDYHUWLFDOăPD[LPăFkQG 1XRPLWHĠLIDSWXOFăODWUDFWDUHDXQHLUHPRUFL
XWLOL]DĠLXQVLVWHPSXUWăWRUSHFXSODVIHULFă 3$5.7521,&3DJLQDDVLVWDUHD
=HVWHSRVLELOFDVLVWHPXOSXUWăWRUVăILHDUXQ
SDUFăULL3DJLQDúL$VLVWHQĠDODXQJKLXO
PRUW3DJLQDVXQWGLVSRQLELOHQXPDLvQ
FDWvQODWHUDO
UHJLPOLPLWDWVDXFKLDUGHORF
=FXSODVIHULFăúLVLVWHPXOSXUWăWRUVHSRW
GHVSULQGHGLQDXWRYHKLFXO G ÌQăOĠLPHDFXSOHLVIHULFHVHPRGLILFăRGDWă
'UHSWXUPDUHHVWHSRVLELOVăLUăQLĠLSHFHLODOĠL FXVDUFLQDGHvQFăUFDUHDDXWRYHKLFXOXOXL
VDXVăSURYRFDĠLXQDFFLGHQW 'DFăVLWXDĠLDRFHUHXWLOL]DĠLRUHPRUFăFX
EDUăGHWUDFWDUHUHJODELOăSHvQăOĠLPH
1XGHSăúLĠLVDUFLQDYHUWLFDOăPD[LPă&kQG
FRQGXFHĠLFXXQVLVWHPSXUWăWRUVXEVDUFLQă
DGDSWDĠLYăvQWRWGHDXQDVWLOXOGHFRQGXFHUHOD
6IDWXULSULYLQGFRQGXFHUHD
FRQGLĠLLOHUXWLHUHGHWUDILFúLPHWHRFRQGX G 5HVSHFWDĠLQRWHOHSULYLQGVWDELOL]DUHD
FkQGFXRDWHQĠLHGHRVHELWă UHPRUFLLFX(633DJLQD
3XWHĠLXWLOL]DVLVWHPHSXUWăWRDUHGHH[ ÌQ*HUPDQLDYLWH]DPD[LPăSHUPLVăSHQWUX
VXSRUWXULGHELFLFOHWăVDXHOHPHQWHSRUWDQWH FRPELQDĠLLOHDXWRYHKLFXOUHPRUFăGHSLQGH
SHFXSODVIHULFă6DUFLQDYHUWLFDOăPD[LPăGH GHWLSXOGHUHPRUFăúLHVWHILHGHNPKILH
NJHVWHYDODELOăFkQGXWLOL]DĠLVLVWHPH GHNPKÌQDQXPLWHĠăULVXQWSHUPLVH
SXUWăWRDUHSHFXSODVIHULFă YLWH]HPD[LPHPDLPDULSHQWUXFRPELQDĠLLOH
DXWRYHKLFXOUHPRUFăÌQDLQWHGHDSRUQLOD
,QIRUPDĠLLJHQHUDOH GUXPYHULILFDĠLGRFXPHQWDĠLDUHPRUFLLSHQWUX
DYHGHDFDUHHVWHYLWH]DPD[LPăSHUPLVă
G /DWUDFWDUHDXQHLUHPRUFLUHJODĠLSUHVLX /DDQXPLWHDXWRYHKLFXOH0HUFHGHV%HQ]VDU
QHDvQSQHXULSHSXQWHDVSDWHDDXWRYHKL FLQDPD[LPăSHUPLVăSHSXQWHDVSDWHFUHúWH
FXOXOXLWUDFWDQWSHQWUXRVDUFLQăPD[LPă
7UDFWDUHDXQHLUHPRUFL
ODWUDFWDUHDXQHLUHPRUFL&RQVXOWDĠLVHFĠLX 6IDWXULSULYLQGFRQGXFHUHD
QHDÄ'DWHWHKQLFH³SHQWUXDDIODGDFăDFHDVWă =3ăVWUDĠLRGLVWDQĠăPDLPDUHIDĠăGHDXWR
VLWXDĠLHHVWHYDODELOăúLSHQWUXDXWRYHKLFXOXO
YHKLFXOXOGLQIDĠăGHFkWDWXQFLFkQGFRQGX
GXPQHDYRDVWUă'DFăXWLOL]DĠLRULFDUHGLQWUH
FHĠLIăUăUHPRUFă
&RQGXFHUHúLSDUFDUH
VDUFLQLOHPD[LPHDGăXJDWHSHSXQWHDVSDWH
=(YLWDĠLVăIUkQDĠLEUXVF'DFăHVWHSRVLELO
ODWUDFWDUHDXQHLUHPRUFLFRPELQDĠLDDXWRYH
KLFXOUHPRUFăQXWUHEXLHVăGHSăúHDVFăR IUkQDĠLXúRUPDLvQWkLSHQWUXDLSHUPLWH
YLWH]ăPD[LPăGHNPKGLQPRWLYHFH UHPRUFLLVăvQYLQJăLQHUĠLD$SRLFUHúWHĠL
YL]HD]ăDXWRUL]DĠLDGHIXQFĠLRQDUH$FHDVWă UDSLGIRUĠDGHIUkQDUH
DILUPDĠLHHVWHGHDVHPHQHDYDODELOăvQĠăULOH =9DORULOHGDWHSHQWUXFDSDFLWăĠLOHGHXUFDUH
vQFDUHYLWH]DPD[LPăSHUPLVăSHQWUXFRPEL vQSDQWăGHSHORFDXFDUHIHULQĠăQLYHOXO
QDĠLLOHDXWRYHKLFXOUHPRUFăGHSăúHúWH PăULL&kQGFRQGXFHĠLvQ]RQHPRQWDQH
NPK UHĠLQHĠLFăSXWHUHDXWLOăDPRWRUXOXLúLFDSD
/DWUDFWDUHDXQHLUHPRUFLDXWRYHKLFXOXOGXP FLWDWHDGHXUFDUHvQSDQWăDDXWRYHKLFXOXOXL
QHDYRDVWUăYDPDQLIHVWDFDUDFWHULVWLFLGH vQFRQVHFLQĠăVFDGRGDWăFXFUHúWHUHDDOWL
PDQHYUDELOLWDWHGLIHULWHIDĠăGHVLWXDĠLLOHvQ WXGLQLL
FDUHFRQGXFHĠLIăUăUHPRUFă 'DFăUHPRUFDRVFLOHD]ăGLQWURSDUWHvQFHD
&RPELQDĠLDDXWRYHKLFXOUHPRUFă ODOWă
=HVWHPDLJUHD 1XDFFHOHUDĠL
=DUHFDSDFLWăĠLGHDFFHOHUDUHúLGHXUFDUHvQ 1XFRQWUDYLUDĠL
SDQWăUHGXVH )UkQDĠLGDFăVLWXDĠLDRFHUH
=DUHRGLVWDQĠăGHIUkQDUHVSRULWă
=HVWHDIHFWDWăPDLWDUHGHYkQWXOODWHUDO
SXWHUQLF ([WLQGHUHDFXSOHLVIHULFH
=QHFHVLWăRPDQHYUDUHPDLVHQVLELOă ÌQDLQWHGHDSXWHDWUDFWDRUHPRUFăFXDXWR
=FRQVXPăPDLPXOWFDUEXUDQW YHKLFXOXOGXPQHDYRDVWUăWUHEXLHVăH[WLQGHĠL
ÌQSDQWHOHGHVFHQGHQWHOXQJLúLDEUXSWHWUH FXSODVIHULFă
EXLHVăFXSODĠLRWUHDSWăGHYLWH]ăLQIHULRDUă 5RWLĠDGHHOLEHUDUHHVWHDPSODVDWăvQVSDWHOH
vQWLPSXWLOVDXODDXWRYHKLFXOHOHFXWUDQVPL SDQRXOXLRUQDPHQWDOODWHUDOGHSHSDUWHD
VLHDXWRPDWăVăVHOHFWDĠLJDPDGHYLWH]H VWkQJăvQSRUWEDJDM
VDX
$9(57,60(17
G $FHDVWăDILUPDĠLHHVWHYDODELOăúLGDFăDĠL $VLJXUDĠLYăFăVDIL[DWFXSODVIHULFăILHvQ
DFWLYDWFRQWUROXOFURD]LHUHL63(('7521,& SR]LĠLHH[WLQVăILHvQSR]LĠLHUHWUDFWDWăúLYHUL
VDX',67521,&3/86 ILFDĠLGDFăODPSDLQGLFDWRDUHVDVWLQV
$VWIHOYHĠLXWLOL]DHIHFWXOGHIUkQDUHDOPRWR 1XvQYkUWLĠLURWLĠDGHHOLEHUDUHFkQGDYHĠL
UXOXLILLQGQHFHVDUăRIUkQDUHPDLUHGXVăSHQ FXSODWăRUHPRUFăÌQFD]FRQWUDUUHPRUFDVH
WUXDPHQĠLQHYLWH]D$VWIHOVHYDHOLPLQDVDU SRDWHGHVSULQGH
FLQDODFDUHHVWHVXSXVVLVWHPXOGHIUkQDUHúL
VHSUHYLQHVXSUDvQFăO]LUHDúLX]XUDSUHPDWXUă
DIUkQHORU'DFăHVWHQHFHVDUăRIUkQDUHVXSOL
PHQWDUăDSăVDĠLSHGDODGHIUkQăUHSHWDWúL
QXFRQWLQXX
&RQGXFHUHúLSDUFDUH 7UDFWDUHDXQHLUHPRUFL
6HGDQ 7UDJHĠLFXSODVIHULFăvQGLUHFĠLDVăJHĠLLSkQă
FHVHDQJUHQHD]ăvQSR]LĠLHYHUWLFDOă
0DUWRUXOLQGLFDWRU
VHVWLQJH3UL]DHOHF
WULFăVHUDEDWHD]ăvQMRVDXWRPDW
$XWRYHKLFXOHFXXQYRODQPXOWLIXQFĠLR
QDOFXEXWRDQHPHVDMXO7UDLOHU
KLWFK&KHFNORFNPHFK&¥UOLJ
UHPRUFÆ9HULILFDĆLPHFEORF
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOSkQăFH
FXSODVIHULFăDIRVWFXSODWă
$XWRYHKLFXOHFXXQYRODQPXOWLIXQFĠLR
%UHDN QDOFXEXWRDQHPHVDMXO7UDLOHU
KLWFK&KHFNORFNPHFK&¥UOLJ
3HQWUXDGHVFKLGHFDSDFXO6HGDQURWLĠL UHPRUFÆ9HULILFDĆLPHFEORF
PkQHUXOCvQVHQVDQWLRUDUúLUDEDWDĠL DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOSkQăFH
FDSDFXOvQMRVD FXSODVIHULFăDIRVWFXSODWă
3HQWUXDGHVFKLGHFDSDFXO%UHDNWUD 6FRDWHĠLFDSDFXOGHSURWHFĠLHGLQFXSODVIH
JHĠLPkQHUXOCvQGLUHFĠLDVăJHĠLLúLUDED ULFăúLGHSR]LWDĠLOvQWUXQORFVLJXU
WDĠLFDSDFXOvQMRVD $VLJXUDĠLYăFăELODGLQFXSODVIHULFăHVWH
FXUDWăúLFăvQIXQFĠLHGHVSHFLILFDĠLD
UHPRUFLLHVWHXQVăVDXXVFDWăIăUă
XQVRDUHFkQGRXWLOL]DĠL
&XSODUHDXQHLUHPRUFL
$9(57,60(17
1XGHFRQHFWDĠLRUHPRUFăFXRIUkQăGHVXSUD
VROLFLWDUHFXSODWăÌQFD]FRQWUDUPkQDGXP
QHDYRDVWUăDUSXWHDUăPkQHSULQVăvQWUHEDUD
7UDJHĠLvQDIDUăURWLĠDGHHOLEHUDUH GHSURWHFĠLHúLEDUDGHWUDFWDUHDUHPRUFLL
ÌQYkUWLĠLURWLĠDGHHOLEHUDUHvQVHQVDQWLR $VLJXUDĠLYăFăWUDQVPLVLDVHDIOăvQSR]LĠLD
UDUSkQăFHFXSODVIHULFăVHHOLEHUHD]ăúLVH 3
H[WLQGHvQDIDUăGHVXEEDUDGHSURWHFĠLH $FĠLRQDĠLIUkQDGHSDUFDUH
VSDWH/DPSDLQGLFDWRDUH
FOLSHúWH
7UDFWDUHDXQHLUHPRUFL
3R]LĠLRQDĠLUHPRUFDODQLYHOvQVSDWHOHDXWR 5DEDWDUHDFXSOHLVIHULFH
YHKLFXOXOXL
G 5DEDWDĠLvQăXQWUXFXSODVIHULFăGDFăQX
&XSODĠLUHPRUFD
XWLOL]DĠLFkUOLJXOGHWUDFWDUHDUHPRUFLL
6WDELOLĠLFRQH[LXQHDHOHFWULFăvQWUHDXWRYH
&RQGXFHUHúLSDUFDUH
KLFXOúLUHPRUFă $9(57,60(17
9HULILFDĠLGDFăVLVWHPXOGHLOXPLQDUHDO $VLJXUDĠLYăFăQXVHDIOăSHUVRDQHVDXDQL
UHPRUFLLIXQFĠLRQHD]ă PDOHvQUD]DGHSLYRWDUHDFXSOHLVIHULFHÌQFD]
FRQWUDUDFHVWHDSRWVXIHULUăQL
$úH]DĠLFDSDFXOGHSURWHFĠLHSHFXSODVIH
'HFXSODUHDXQHLUHPRUFL
ULFă
$9(57,60(17 5RWLĠDGHHOLEHUDUHHVWHDPSODVDWăvQVSDWHOH
,PHGLDWFHULGLFDĠLEDUDGHWUDFWDUHDUHPRUFLL SDQRXOXLRUQDPHQWDOODWHUDOGHSHSDUWHD
DXWRYHKLFXOXOGHVFăUFDWVHULGLFăXúRU$XWR VWkQJăvQSRUWEDJDM
YHKLFXOXOFRERDUăDSRLODQLYHOXOGHFRQGXFHUH
$VLJXUDĠLYăFăQXVHDIOăQLPHQLvQDSURSLHUHD
SDVDMXOXLGHURDWăVDXDVFXWXOXLSHQWUXFDUR
VHULHÌQFD]FRQWUDUGXPQHDYRDVWUăVDXDOWH
SHUVRDQHSXWHĠLUăPkQHSULQVHvQWUHHOH
PHQWH
$9(57,60(17
$XWRYHKLFXOXOHVWHFRERUkWLPHGLDWFHGHFR
QHFWDĠLFDEOXOGHUHPRUFă$VLJXUDĠLYăFăQX
VHDIOăQLPHQLvQDSURSLHUHDSDVDMXOXLGHURDWă
VDXDVFXWXOXLSHQWUXFDURVHULHÌQFD]FRQWUDU 6HGDQ
GXPQHDYRDVWUăVDXDOWHSHUVRDQHSXWHĠL
UăPkQHSULQVHvQWUHHOHPHQWH
,PHGLDWFHGHFXSODĠLUHPRUFDDXWRYHKLFXOXO
GHVFăUFDWVHULGLFăXúRU$VLJXUDĠLYăFăGXP
QHDYRDVWUăVDXDOWHSHUVRDQHQXVXIHULĠLUăQL
SHSDUFXUVXOSURFHVXOXL
1XFXSODĠLRUHPRUFăSUHYă]XWăFXIUkQă
LQHUĠLDOăDWXQFLFkQGIUkQDUHVSHFWLYăHVWH
DFĠLRQDWăGHRDUHFHSULQGHEORFDUHDIUkQHL
LQHUĠLDOHVHSRDWHSURGXFHGHWHULRUDUHD
DXWRYHKLFXOXOXLGXPQHDYRDVWUă %UHDN
$VLJXUDĠLYăFăWUDQVPLVLDVHDIOăvQSR]LĠLD 3HQWUXDGHVFKLGHFDSDFXO6HGDQURWLĠL
3 PkQHUXOCvQVHQVDQWLRUDUúLUDEDWDĠLvQ
$FĠLRQDĠLIUkQDGHSDUFDUH
MRVFDSDFXOD
$VLJXUDĠLUHPRUFDFRQWUDSXQHULLVDOHvQ 3HQWUXDGHVFKLGHFDSDFXO%UHDNWUD
PLúFDUH JHĠLPkQHUXOCvQGLUHFĠLDVăJHĠLLúLUDED
6FRDWHĠLFDEOXOUHPRUFLLúLGHFXSODĠL WDĠLvQMRVFDSDFXOD
UHPRUFD
7UDFWDUHDXQHLUHPRUFL
3XWHĠLFRQHFWDFRQVXPDWRULFXRSXWHUH
QRPLQDOăGH:ODDOLPHQWDUHDHOHFWULFă
SHUPDQHQWăúLGHSkQăOD:ODDOLPHQ
WDUHDHOHFWULFăDFWLYDWăSULQFRPXWDWRUXOGH
&RQGXFHUHúLSDUFDUH
FRQWDFW
1XWUHEXLHVăvQFăUFDĠLREDWHULHGH
UHPRUFăFXDMXWRUXODOLPHQWăULLHOHFWULFH
$OLPHQWDUHDHOHFWULFăSHUPDQHQWăDUHPRUFLL
HVWHGH]DFWLYDWăvQFD]XOXQHLWHQVLXQL
VFă]XWHGHDOLPHQWDUHDDXWRYHKLFXOXOXLúL
7UDJHĠLvQDIDUăURWLĠDGHHOLEHUDUH GXSăFHOWkU]LXúDVHRUH
3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHSULYLQG
ÌQYkUWLĠLURWLĠDGHHOLEHUDUHvQVHQVDQWLR
LQVWDODUHDVLVWHPHORUHOHFWULFHDOHUHPRUFLLGH
UDU
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[
&XSODVIHULFăVHGHEORFKHD]ăúLFRERDUă
XQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]
/DPSDLQGLFDWRDUH
FOLSHúWH
3HQWUXDDFWLYDVDXGH]DFWLYDDOLPHQWD
UHDHOHFWULFăURWLĠLFKHLDvQFRPXWDWRUXOGH
FRQWDFWvQSR]LĠLDVDXUHVSHFWLY
,QGLFDWRUXOGHGHIHFWDUHDEHFXOXL
SHQWUXOăPSLOHFX/('
G 'DFăUHPRUFDHVWHSUHYă]XWăFXOăPSLFX
/('HVWHSRVLELOVăDSDUăXQPHVDMGH
HURDUHvQDILúDMXOPXOWLIXQFĠLRQDOFKLDU
GDFăQXH[LVWăQLFLRGHIHFĠLXQH0RWLYXO
$SăVDĠLFXSODVIHULFăvQGLUHFĠLDVăJHĠLL DSDULĠLHLPHVDMXOXLGHHURDUHSRDWHIL
SkQăFHVHDQJUHQHD]ăvQVSDWHOHEDUHLGH VFăGHUHDFXUHQWXOXLVXESUDJXOPLQLPGH
SURWHFĠLH PLOLDPSHULP$
/DPSDLQGLFDWRDUH
VHVWLQJHúLPHVDMXO 3HQWUXDDVLJXUDRIXQFĠLRQDUHILDELOăDLQGL
GHSHDILúDMXOPXOWLIXQFĠLRQDOGLVSDUH FDWRUXOXLGHGHIHFĠLXQHDEHFXOXLILHFDUHODQĠ
GH/('XULGLQLOXPLQDUHDUHPRUFLLWUHEXLHVă
DLEăXQFXUHQWPLQLPJDUDQWDWGHP$
$OLPHQWDUHHOHFWULFăDUHPRUFLL
/DLHúLUHDGLQIDEULFăSUL]DUHPRUFLLDXWRYH
5HPRUFăFXFRQHFWRUFXSLQL
KLFXOXOXLGXPQHDYRDVWUăHVWHSUHYă]XWăFXR
DOLPHQWDUHHOHFWULFăSHUPDQHQWăúLFXRDOL ,QIRUPDĠLLJHQHUDOH
PHQWDUHHOHFWULFăDFWLYDWăSULQFRPXWDWRUXO
GHFRQWDFW 'DFăUHPRUFDGXPQHDYRDVWUăGLVSXQHGHXQ
FRQHFWRUFXSLQLRSXWHĠLFRQHFWDODPXID
$OLPHQWDUHDHOHFWULFăSHUPDQHQWăHVWHDVL
FXSLQLGHSHFXSODVIHULFăFXDMXWRUXOXQXL
JXUDWăSULQSLQXODOSUL]HLUHPRUFLL
DGDSWRUVDXGDFăVLWXDĠLDRFHUHFXXQFDEOX
$OLPHQWDUHDHOHFWULFăDFWLYDWăSULQFRPXWD DGDSWRU$PEHOHSRWILREĠLQXWHGHODXQDWH
WRUXOGHFRQWDFWHVWHDVLJXUDWăSULQSLQXO OLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[GHODXQ
DOSUL]HLUHPRUFLL &HQWUXGH6HUYLFH0HUFHGHV%HQ]
7UDFWDUHDXQHLUHPRUFL
0RQWDUHDDGDSWRUXOXL
&RQGXFHUHúLSDUFDUH
'HVFKLGHĠLFDSDFXOSUL]HL
,QWURGXFHĠLFRQHFWRUXOFXXUHFKHDCvQ
úDQĠXODGHSHSUL]ăúLURWLĠLFRQHFWRUXOvQ
VHQVRUDUSkQăODRSULWRU
/ăVDĠLFDSDFXOVăVHDQJUHQH]H
'DFăXWLOL]DĠLXQFDEOXDGDSWRUIL[DĠLFDEOXO
ODUHPRUFăFXFROLHUHGHFDEOX
$VLJXUDĠLVXILFLHQWăOLEHUWDWHGHPLúFDUH
FDEOXOXLSHQWUXDQXVHGHVSULQGHODHIHF
WXDUHDYLUDMHORU
,QIRUPDĠLLXWLOH
&DOFXODWRUGHERUGúLGLVSOD\XUL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$ILúDMHúLXWLOL]DUHYRODQPXOWL
IXQFĠLRQDOFXEXWRDQH
$ILúDMHúLXWLOL]DUHYRODQPXOWL
IXQFĠLRQDOFXEXWRDQH
0HVDMHGHSHGLVSOD\
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUH
GLQSDQRXOGHLQVWUXPHQWH
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
,QIRUPDĠLLXWLOH 3HULFROGHDFFLGHQW
&DOFXODWRUGHERUGúLGLVSOD\XUL
&RPSXWHUXOGHERUGvQUHJLVWUHD]ăúLDILúHD]ă
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH QXPDLPHVDMHGHHURDUHúLDYHUWLVPHQWHSUR
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG YHQLWHGHODDQXPLWHVLVWHPH'LQDFHVWPRWLY
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD WUHEXLHVăYăDVLJXUDĠLSHUVRQDOFăDXWRYHKL
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL FXOXOSUH]LQWăVLJXUDQĠăvQXWLOL]DUHÌQFD]FRQ
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH WUDUHVWHSRVLELOăSURGXFHUHDXQXLDFFLGHQW
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL GDWRULWăFRQGXFHULLXQXLDXWRYHKLFXOQHVLJXU
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF $9(57,60(17
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO 6LJXUDQĠDvQIXQFĠLRQDUHDDXWRYHKLFXOXOXL
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH GXPQHDYRDVWUăSRDWHILGLPLQXDWăGDFăRSH
ULWRDUHODVLJXUDQĠă UDĠLLOHGHvQWUHĠLQHUHVXQWHIHFWXDWHLQFRUHFW
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH $VWIHOSXWHĠLSLHUGHFRQWUROXODXWRYHKLFXOXOXL
FLDOLWDWHDXWRUL]DWH3DJLQD úLSXWHĠLSURYRFDXQDFFLGHQW0DLPXOWVLV
WHPHOHGHVLJXUDQĠăQXYăPDLSRWSURWHMDSH
GXPQHDYRDVWUăVDXSHDOĠLLFRQIRUPVFRSXOXL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD SUHYă]XW
6ROLFLWDĠLvQWRWGHDXQDHIHFWXDUHDLQWHUYHQĠLL
9HĠLJăVLRLOXVWUDĠLHDSDQRXOXLGHLQVWUX ORUGHVHUYLFHODXQDWHOLHUGHVSHFLDOLWDWH
PHQWHvQVHFĠLXQHDÄ3UH]HQWDUHJHQHUDOă DXWRUL]DW
3DJLQD
3HULFROGHDFFLGHQW
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLR
8WLOL]DĠLFRPSXWHUXOGHERUGQXPDLFkQGFRQ
QDOFXEXWRDQH
GLĠLLOHGHGUXPúLGHWUDILFRSHUPLWÌQFD]
FRQWUDUDWHQĠLDGXPQHDYRDVWUăYDILGLVWUDVă ,QGLFDWRUGHWHPSHUDWXUăDOLFKLGXOXL
úLQXYăYHĠLPDLSXWHDFRQFHQWUDvQPRG GHUăFLUH
FRUHVSXQ]ăWRUDVXSUDFRQGXFHULLSURYRFkQG
,QGLFDWRUXOGHWHPSHUDWXUăDOLFKLGXOXLGH
DVWIHOXQDFFLGHQW
UăFLUHVHDIOăvQSDQRXOGHLQVWUXPHQWHSH
SDUWHDVWkQJă
$9(57,60(17
ÌQFRQGLĠLLGHXWLOL]DUHQRUPDOăúLODQLYHOXOGH
1XVHYRUDILúDPHVDMHGDFăSDQRXOGHLQVWUX
OLFKLGGHUăFLUHVSHFLILFDWWHPSHUDWXUDOLFKL
PHQWHVDXDILúDMXOPXOWLIXQFĠLRQDOVXQW
GXOXLGHUăFLUHSRDWHXUFDSkQăOD
QHIXQFĠLRQDOH
7HPSHUDWXUDOLFKLGXOXLGHUăFLUHSRDWHXUFD
'UHSWXUPDUHQXYHĠLSXWHDVăYHGHĠLLQIRU
SkQăODSDUWHDVXSHULRDUăDVFDOHLODWHPSH
PDĠLLSULYLQGFRQGLĠLLOHvQFDUHFRQGXFHĠLFXP
UDWXULH[WHULRDUHvQDOWHúLSHSRUĠLXQLOXQJLGH
DUILYLWH]DWHPSHUDWXUDH[WHULRDUăOăPSLOHGH
GUXPvQSDQWăDVFHQGHQWă
DYHUWL]DUHúLLQGLFDWRDUHPHVDMHOHGHSHGLV
SOD\VDXGHIHFĠLXQLOHGLQVLVWHP&DUDFWHULVWL
FLOHGHFRQGXFHUHSRWILDIHFWDWH$GDSWDĠLYă
7XURPHWUX
VWLOXOGHFRQGXFHUHúLYLWH]DYHKLFXOXOXLvQFRQ
VHFLQĠă %DQGDURúLHGLQWXURPHWUXLQGLFăLQWHUYDOXOGH
&RQWDFWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW VXSUDWXUDUHDOPRWRUXOXL
LPHGLDW
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
1XFRQGXFHĠLDXWRYHKLFXOXOFXPRWRUXO
&DOFXODWRUGHERUGúLGLVSOD\XUL
VXSUDWXUDWÌQFD]FRQWUDUPRWRUXOYDIL
GHWHULRUDW
$OLPHQWDUHDFXFDUEXUDQWHVWHvQWUHUXSWă
SHQWUXDSURWHMDPRWRUXOFkQGVHLQWUăvQ
EDQGDURúLH
'LVSOD\WHPSHUDWXUăH[WHULRDUă
'LVSOD\XOSHQWUXWHPSHUDWXUăH[WHULRDUăVH
DIOăvQSDQRXOGHLQVWUXPHQWH3DJLQD
$9(57,=$5(
/DWHPSHUDWXULXúRUSHVWHSXQFWXOGHvQJKHĠ
úRVHDXDSRDWHILvQJKHĠDWăPDLDOHVvQ]RQHOH
GHSăGXUHVDXSHSRGXULÌQFD]XOXQXLPRGGH C $ILúDMPXOWLIXQFĠLRQDO
FRQGXFHUHQHDGDSWDWFRQGLĠLLORUGHGUXP
D $PSOLILFăYROXPXO
DXWRYHKLFXOXOSRDWHLQWUDvQGHUDSDM'LQ
DFHDVWăFDX]ăWUHEXLHVăYăDGDSWDĠLvQWRW $WHQXHD]ăYROXPXO
GHDXQDPRGXOGHFRQGXFHUHúLYLWH]DODFRQ
F3DUFXUJHOLVWHUHJOHD]ăYDORULFRQ
GLĠLLOHPHWHR ILUPăPHVDMHOHGHSHGLVSOD\
6HOHFWHD]ăXQPHQLX
6FKLPEăULOHWHPSHUDWXULLH[WHULRDUHVXQWDIL
úDWHGXSăRVFXUWăvQWkU]LHUH G 'DFăDSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO
DSDUHDILúDMXOVWDQGDUG
G 'LQPHQLXO'D\GULYOLJKWV
8WLOL]DUHDFDOFXODWRUXOXLGHERUG
)DUXULWLPS]LSXWHĠLXWLOL]DEXWRQXO
&DOFXODWRUXOGHERUGHVWHDFWLYDWLPHGLDWFH VDXSHQWUXDDFWLYDVDX
URWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH GH]DFWLYDIXQFĠLD1XSXWHĠLUHJODYROXPXO
FRQWDFW3XWHĠLXWLOL]DFDOFXODWRUXOGHERUG FkQGYăDIODĠLvQPHQLXO'D\GULY
SHQWUXDDFWLYDLQIRUPDĠLLSULYLQGDXWRYHKLFX OLJKWV)DUXULWLPS]L
OXOúLSHQWUXDUHJODVHWăULOH
G 3XWHĠLVROLFLWDVHWDUHDDQXPLWRUIXQFĠLLOD
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[ $ILúDMPXOWLIXQFĠLRQDO
XQ&HQWUXGH6HUYLFH0HUFHGHV%HQ] 3HQWUXDDFWLYDDILúDMXOPXOWLIXQFĠLRQDO
([HPSOX =SXQHĠLFRQWDFWXO
=vQFXLHUHDXWRPDWăDSRUWLHUHORU =SRUQLĠLOXPLQLOH
=OLPLWăGHYLWH]ăSHQWUXSQHXULOHGHLDUQă =GHVFKLGHĠLSRUWLHUDúRIHUXOXL
3XWHĠLREĠLQHLQIRUPDĠLLSHDFHVWVXELHFWGH
ODRULFH&HQWUXGH6HUYLFH0HUFHGHV%HQ]
3XWHĠLFRQWURODDILúDMXOPXOWLIXQFĠLRQDOúL
VHWăULOHvQFDOFXODWRUXOGHERUGFXDMXWRUXO
EXWRDQHORUGHSHYRODQXOPXOWLIXQFĠLRQDO
&DOFXODWRUGHERUGúLGLVSOD\XUL $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
9DORULOHúLVHWăULOHSUHFXPúLPHVDMHOHGHSH
GLVSOD\VXQWLQGLFDWHSHDILúDMXOPXOWLIXQFĠLR
QDOC
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
3UH]HQWDUHJHQHUDOăDPHQLXOXL
&DOFXODWRUGHERUGúLGLVSOD\XUL
)XQFĠLH
C $ILúDMVWDQGDUG3DJLQD
3UH]LQWăDILúDMXOVWDQGDUGVDXUHVHWHD]ăFRQWRUXOGHUXODMSDUĠLDO
D &DOFXODWRUGHSDUFXUV3DJLQD
$ILúHD]ăVDXUHVHWHD]ăFDOFXODWRUXOGHSDUFXUV
,QWHUYDO3DJLQD
&RQVXPXOFXUHQWGHFDUEXUDQW
9LWH]RPHWUXGLJLWDO
0HPRULHGHPHVDMH3DJLQD
k 6HUYLFH3DJLQD
$FWLYHD]ăGDWDVFDGHQWăSHQWUXVHUYLFH
l 6LVWHPGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXUL3DJLQD
m 0RGGHIXQFĠLRQDUHSHWLPSGH]LDIDUXULORU3DJLQD
$ILúDMVWDQGDUG $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO
GHSHYRODQSkQăFHDSDUHDILúDMXOVWDQGDUG
FXFRQWRUGHUXODMSDUĠLDOCúLFRQWRUXOGH
UXODMWRWDOD
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
3HQWUXDUHVHWDFRQWRUXOGHUXODMSDU $FWLYDUHDGH]DFWLYDUHDPRGXOXLGH
ĠLDODSăVDĠLúLPHQĠLQHĠLDSăVDWSkQă
&DOFXODWRUGHERUGúLGLVSOD\XUL
IXQFĠLRQDUHSHWLPSGH]LDIDUXULORU
FHDSDUHDILúDMXOVWDQGDUG
'DFăDĠLDFWLYDWIXQFĠLD'D\GULYOLJKWV
$SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOF
0RGIFĆWLPS]LIDUXULúLFRPXWD
SkQăFHYDORDUHDVDUHVHWDW WRUXOGHOXPLQLHVWHvQSR]LĠLDXPRGXOGH
IXQFĠLRQDUHSHWLPSGH]LDIDUXULORUHVWHDFWL
YDWDXWRPDWSHWLPSGH]LFkQGPRWRUXOIXQF
&DOFXODWRUGHSDUFXUV ĠLRQHD]ă3HvQWXQHULFOXPLQLOHGHSR]LĠLHODWH
$SăVDĠLEXWRQXOGHSHYRODQvQPRG UDOHúLIDUXULOHSHQWUXID]ăVFXUWăVXQWGHDVH
UHSHWDWSkQăFHDSDUHFDOFXODWRUXOGHSDU PHQHDDFWLYDWHDXWRPDW
FXUV /DDXWRYHKLFXOHOHFXIDUXULFXIXQFĠLRQDUHSH
WLPSGH]LVHWDUHDGLQIDEULFăHVWHRQDFWLњ
YDW
'DFăGRULĠLVăVFKLPEDĠLVHWDUHDSHQWUXIXQF
ĠLD'D\GULYOLJKWV0RGIFĆWLPS
]LIDUXULWUHEXLHVăURWLĠLFKHLDvQFRPX
WDWRUXOGHFRQWDFWvQSR]LĠLD
$SăVDĠLEXWRQXOGHSHYRODQvQPRG
C 'LVWDQĠă UHSHWDWSkQăFHDSDUHPHQLXO'D\GULY
D 9LWH]ăPHGLH OLJKWV0RGIFĆWLPS]LIDUXUL
2Uă 9HĠLYHGHDVHWDUHDVHOHFWDWăRQSRUњ
QLWVDXRIIRSULW
&RQVXPPHGLXGHFDUEXUDQW
$SăVDĠLEXWRQXOVDXSHQWUXD
3HQWUXDUHVHWDFDOFXODWRUXOGHSDU VFKLPEDVHWDUHD
FXUVDSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO
FGHSHYRODQSkQăFkQGYDORULOHDXIRVW
UHVHWDWH $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLR
QDOFXEXWRDQH
$FWLYDUHDLQWHUYDOXOXL ,QGLFDWRUGHWHPSHUDWXUăDOLFKLGXOXL
GHUăFLUH
$SăVDĠLEXWRQXOGHSHYRODQvQPRG
UHSHWDWSkQăFHDSDUHDXWRQRPLDDSUR[L ,QGLFDWRUXOGHWHPSHUDWXUăDOLFKLGXOXLGH
PDWLYă UăFLUHVHDIOăvQSDQRXOGHLQVWUXPHQWHSH
SDUWHDVWkQJă
$XWRQRPLDDSUR[LPDWLYăFHSRDWHILDFRSHULWă
GHSLQGHGHQLYHOXOGHFDUEXUDQWúLVWLOXOGXP ÌQFRQGLĠLLGHXWLOL]DUHQRUPDOăúLODQLYHOXOGH
QHDYRDVWUăGHFRQGXFHUHFXUHQW'DFăH[LVWă OLFKLGGHUăFLUHVSHFLILFDWWHPSHUDWXUDOLFKL
GRDURFDQWLWDWHVFă]XWăGHFDUEXUDQWUăPDVă GXOXLGHUăFLUHSRDWHXUFDSkQăOD
vQUH]HUYRUXOGHFDUEXUDQWDILúDMXOSUH]LQWăXQ /DWHPSHUDWXULH[WHULRDUHULGLFDWHúLFkQG
DXWRYHKLFXOFDUHHVWHDOLPHQWDW¨vQORF FRQGXFHĠLvQSDQWăDVFHQGHQWăWHPSHUDWXUD
GHDXWRQRPLH OLFKLGXOXLGHUăFLUHSRDWHDWLQJHFDSăWXOVFD
OHL
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
7XURPHWUX 6HJPHQWHOHGLQWUHYLWH]DDXWRYHKLFXOXOXLGLQ
IDĠăúLYLWH]DPHPRUDWăVHDSULQG
&DOFXODWRUGHERUGúLGLVSOD\XUL
%DQGDURúLHGLQWXURPHWUXLQGLFăLQWHUYDOXOGH
VXSUDWXUDUHDOPRWRUXOXL
1XFRQGXFHĠLDXWRYHKLFXOXOFXPRWRUXO 8WLOL]DUHDFDOFXODWRUXOXLGHERUG
VXSUDWXUDWÌQFD]FRQWUDUPRWRUXOYDIL
3UH]HQWDUHJHQHUDOă
GHWHULRUDW
$OLPHQWDUHDFXFDUEXUDQWHVWHvQWUHUXSWă &DOFXODWRUXOGHERUGHVWHDFWLYDWLPHGLDWFH
SHQWUXDSURWHMDPRWRUXOFkQGVHLQWUăvQ URWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
EDQGDURúLH FRQWDFW
3XWHĠLFRQWURODDILúDMXOPXOWLIXQFĠLRQDOúL
VHWăULOHvQFDOFXODWRUXOGHERUGFXDMXWRUXO
'LVSOD\WHPSHUDWXUăH[WHULRDUă EXWRDQHORUGHSHYRODQXOPXOWLIXQFĠLRQDO
$ILúDMXOGHWHPSHUDWXUăH[WHULRDUăVHDIOăvQ
DILúDMXOPXOWLIXQFĠLRQDO3DJLQD
$9(57,=$5(
/DWHPSHUDWXULXúRUSHVWHSXQFWXOGHvQJKHĠ
úRVHDXDSRDWHILvQJKHĠDWăPDLDOHVvQ]RQHOH
GHSăGXUHVDXSHSRGXULÌQFD]XOXQXLPRGGH
FRQGXFHUHQHDGDSWDWFRQGLĠLLORUGHGUXP
DXWRYHKLFXOXOSRDWHLQWUDvQGHUDSDM'LQ
DFHDVWăFDX]ăWUHEXLHVăYăDGDSWDĠLvQWRW
GHDXQDPRGXOGHFRQGXFHUHúLYLWH]DODFRQ
GLĠLLOHPHWHR
6FKLPEăULOHWHPSHUDWXULLH[WHULRDUHVXQWDIL
úDWHGXSăRVFXUWăvQWkU]LHUH
C $ILúDMPXOWLIXQFĠLRQDO
9LWH]RPHWUXFXVHJPHQWH D $FWLYHD]ă/,1*8$7521,&FRQVXOWDĠL
6HJPHQWHOHGLQYLWH]RPHWUXLQGLFăFHWUHDSWD LQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
GHYLWH]ăHVWHGLVSRQLELOă 3DQRXOGHFRPDQGăGUHDSWD
&RQWUROXOFURD]LHUHL3DJLQDDFWLYDW
3DQRXOGHFRPDQGăVWkQJD
6HJPHQWHOHVHDSULQGGHODYLWH]DPHPRUDWă %XWRQXOGHUHYHQLUH
ODYLWH]DPD[LPă
63(('7521,&YDULDELO3DJLQDDFWL
YDW
6HJPHQWHOHVHDSULQGGHODvQFHSXWXOVFDOHL
SkQăODOLPLWDGHYLWH]ăVHOHFWDWă
',67521,&3/863DJLQDDFWLYDW
8QXOVDXGRXăVHJPHQWHGLQWUHDSWDGHYLWH]ă
VHWDWăVHDSULQG
',67521,&3/86GHWHFWHD]ăXQDXWRYHKLFXO
vQIDĠă
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
3DQRXOGHFRPDQGăVWkQJD =5HJOHD]ăYROXPXO
&DOFXODWRUGHERUGúLGLVSOD\XUL
Y =$SHOHD]ăPHQLXOúLEDUDGH
e PHQLX l =6XUGLQă
c $SăVDĠLVFXUW
%XWRQXOGHUHYHQLUH
d ='HUXOHD]ăOLVWHOH
=6HOHFWHD]ăXQVXEPHQLXVDXR A $SăVDĠLVFXUW
IXQFĠLH =ÌQDSRL
=ÌQPHQLXO$XGLRVHOHFWHD]ăXQ =2SUHúWH/,1*8$7521,&
SRVWPHPRUDWRSLVWăDXGLRVDX =$VFXQGHPHVDMHOHGHSHGLVSOD\
XQFOLSYLGHR
VDXDSHOHD]ăXOWLPDIXQFĠLHGLQ
=ÌQPHQLXO7HOWHOHSKRQHWHOHIRQ
PHQLXO7ULS3DUFXUVXWLOL
FRPXWăODDJHQGDWHOHIRQLFăúL ]DWă
VHOHFWHD]ăXQQXPHVDXXQ =6HLHVHGLQDJHQGDWHOHIRQLFă
QXPăUGHWHOHIRQ
PHPRULDGHUHDSHODUH
c $SăVDĠLúLPHQĠLQHĠLDSăVDW A $SăVDĠLúLPHQĠLQHĠLDSăVDW
d =ÌQPHQLXO$XGLRVHOHFWHD]ăSRV
=$SHOHD]ăDILúDMXOVWDQGDUGvQ
WXODQWHULRUXUPăWRUVDXVHOHF
PHQLXO7ULS3DUFXUV
WHD]ăRSLVWăDXGLRVDXXQFOLS
YLGHRFXDMXWRUXOGHUXOăULLUDSLGH
=ÌQPHQLXO7HOWHOHSKRQHWHOHIRQ
$ILúDMPXOWLIXQFĠLRQDO
ODQVHD]ăGHUXODUHDUDSLGăSULQ
DJHQGDWHOHIRQLFă 9DORULOHúLVHWăULOHSUHFXPúLPHVDMHOHGHSH
GLVSOD\VXQWLQGLFDWHSHDILúDMXOPXOWLIXQFĠLR
v =&RQILUPăVHOHFĠLDPHVDMXOGHSH
QDO
GLVSOD\
=ÌQPHQLXO7HOWHOHSKRQHWHOHIRQ
FRPXWăODDJHQGDWHOHIRQLFăúL
vQFHSHVăDSHOH]HQXPăUXOVHOHF
WDW
=ÌQPHQLXO$XGLRRSUHúWHIXQFĠLD
GHFăXWDUHDSRVWXULORUODSRVWXO
GRULW
3DQRXOGHFRPDQGăGUHDSWD
=5HVSLQJHVDXvQFKHLHXQDSHO C &kPSGHVFULHUH
=6HLHVHGLQDJHQGDWHOHIRQLFă D %DUDGHPHQLX
PHPRULDGHUHDSHODUH SURJUDPXOGHFRQGXFHUH
j =6HHIHFWXHD]ăVDXVHDFFHSWăXQ
7HPSHUDWXUDH[WHULRDUăVDXYLWH]D
DSHO 3DJLQD
=6HFRPXWăSHPHPRULDGHUHD 3R]LĠLHWUDQVPLVLH
SHODUH
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
3HQWUXDDILúDEDUDGHPHQLXDDSăVDĠL
&DOFXODWRUGHERUGúLGLVSOD\XUL
EXWRQXOYVDXeGHSHYRODQ
$XWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
LQGLFDWRULLGLQSDUWHDLQIHULRDUăDDILúDMXOXL
PXOWLIXQFĠLRQDOGLIHUăIDĠăGHFHLGHSHDILúD
MXOSUH]HQWDWDLFL
8UPăWRDUHOHPHVDMHSRWDSăUHDSHDILúDMXO
PXOWLIXQFĠLRQDO
5HFRPDQGDUHSULYLQGVFKLPEDUHD
YLWH]HORU3DJLQD
] $VLVWDUHDSDUFăULL3DJLQD
Å ùWHUJăWRUOXQHWă3DJLQD
Î $VLVWHQĠăSHQWUXID]DOXQJăDGDS
WLYă3DJLQD
$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHL
3DJLQD
§ )XQFĠLDVWDUWVWRS
(&23DJLQD
¸ $VLVWHQĠăODOLPLWDUHDYLWH
]HL3DJLQD
° $VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ
]LLGHPHUV3DJLQDVDX
DVLVWHQĠDDFWLYăSHQWUXPHQĠLQH
UHDEHQ]LLGHPHUV
3DJLQD
+2/' )XQFĠLH+2/'3DJLQD
Ç )UkQă35(6$)(3DJLQD
NPK 9LWH]DPD[LPăSHUPLVăGHSăúLWă
QXPDLvQDQXPLWHĠăUL
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
3UH]HQWDUHJHQHUDOăDPHQLXOXL
&DOFXODWRUGHERUGúLGLVSOD\XUL
1XPăUXOGHPHQLXULLQGLFDWGHSLQGHGHHFKLSDUHDRSĠLRQDOăGLQDXWRYHKLFXO
)XQFĠLH
C 0HQLXO3DUFXUV3DJLQD
D 0HQLXO1DYLGHWDOLLGHQDYLJDĠLH3DJLQD
0HQLXO$XGLR3DJLQD
0HQLXO7HOWHOHIRQ3DJLQD
0HQLXO$VVLVWDVLVWHQĠă3DJLQD
0HQLXO6HUY6HUYLFH3DJLQD
=DSHOHD]ăPHVDMHOHGHSHGLVSOD\3DJLQD
=DYHUWLVPHQWSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXUL3DJLQD
=0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL3DJLQD
=$ILúDMLQWHUYDOGHVHUYLFH$66<673/863DJLQD
k 0HQLXO6HWÆUL3DJLQD
l 0HQLX$0*ODDXWRYHKLFXOH$0*3DJLQD
0HQLXULOH$XGLR1DYLúL7HOGLIHUăXúRUODDXWRYHKLFXOHOHFXVLVWHPDXGLRúLODDXWRYHKLFXOHOH
FX&20$1'2QOLQH([HPSOHOHGDWHvQDFHVW0DQXDOGHXWLOL]DUHVXQWYDODELOHODDXWRYHKLFXOHOH
GRWDWHFX&20$1'2QOLQH
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
0HQLXSDUFXUV =FRQWDFWXODIRVWGHFXSODWWLPSGHSHVWH
SDWUXRUH
&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúDMVWDQGDUG =$XWUHFXWGHRUH
=$XWUHFXWGHNLORPHWUL
&DOFXODWRUXOGHERUG)URPUHVHW'HOD
UHVHWDUHHVWHUHVHWDWvQFD]XOvQFDUH
FăOăWRULDGHSăúHúWHGHRUHVDX
GHNLORPHWUL
$ILúDUHDLQWHUYDOXOXLúLFRQVXPXOXLGH
$SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOA FDUEXUDQWFXUHQW
GHSHYRODQSkQăFHPHQLXO7ULS5XODM
SDUĆLDOFXFRQWRUXOGHGLVWDQĠă $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
WRWDOăCúLFRQWRUXOGHUXODMSDUĠLDODHVWH SHQWUXDVHOHFWDPHQLXO7ULS3DUFXUV
SUH]HQWDW $SăVDĠLcVDXdSHQWUXDVHOHFWD
FRQVXPXOFXUHQWGHFDUEXUDQWúLDXWRQR
&DOFXODWRUXOGHSDUFXUVÄ'HODSRUQLUH³ PLDDSUR[LPDWLYă
VDXÄ'HODUHVHWDUH³
9DORULOHGLQVXEPHQLXO)URPVWDUW'HOD
SRUQLUHVXQWFDOFXODWHGHODvQFHSXWXO
FăOăWRULHLLDUYDORULOHGLQVXEPHQLXO)URP
UHVHW'HODUHVHWDUHVXQWFDOFXODWH
vQFHSkQGFXXOWLPDUHVHWDUHDVXEPHQLXOXL
3DJLQD
$XWRQRPLDDSUR[LPDWLYăFHSRDWHILDFRSHULWă
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ
GHSLQGHGHQLYHOXOGHFDUEXUDQWúLVWLOXOGXP
SHQWUXDVHOHFWDPHQLXO7ULS3DUFXUV QHDYRDVWUăGHFRQGXFHUHFXUHQW'DFăH[LVWă
$SăVDĠLcVDXdSHQWUXDVHOHFWD GRDURFDQWLWDWHVFă]XWăGHFDUEXUDQWUăPDVă
)URPVWDUW'HODSRUQLUHVDX)URP vQUH]HUYRUXOGHFDUEXUDQWDILúDMXOSUH]LQWăXQ
UHVHW'HODUHVHWDUH DXWRYHKLFXODOLPHQWDW¨vQORFGHDXWRQR
PLH
9LWH]RPHWUXGLJLWDO
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7ULS3DUFXUV
$SăVDĠLEXWRQXOcVDXdSHQWUXD
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
0HQLXGHQDYLJDĠLH
&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúDUHDLQVWUXFĠLXQLORUGHQDYLJDĠLH
ÌQPHQLXO1DYLDILúDMXOPXOWLIXQFĠLRQDOSUH
]LQWăLQVWUXFĠLXQLOHGHQDYLJDĠLH3HQWUXLQIRU
PDĠLLVXSOLPHQWDUHFRQVXOWDĠLLQVWUXFĠLXQLOH
GHXWLOL]DUHVHSDUDWH
C 5HFRPDQGDUHSULYLQGVFKLPEDUHDYLWH]H
ORU 3RUQLĠLVLVWHPXODXGLRFX%HFNHU0$3
D 9LWH]RPHWUXGLJLWDO 3,/27VDX&20$1'2QOLQHFRQVXOWDĠL
LQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
G 'DFăUHFRPDQGDUHDGHVFKLPEDUHDYLWH $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
]HLDSDUHSHDILúDMXOPXOWLIXQFĠLRQDOHDQX SHQWUXDVHOHFWDPHQLXO1DYL
DSDUHSHEDUDGHVWDUH
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGUHFR *KLGDUHDSHWUDVHXLQDFWLYă
PDQGăULOHGHVFKLPEDUHDYLWH]HLFRQVXOWDĠL
3DJLQD
5HVHWDUH
3XWHĠLUHVHWDYDORULOHXUPăWRDUHORUIXQFĠLL
=&RQWRUGHUXODMSDUĠLDO
=FDOFXODWRUGHSDUFXUVÄ'HODSRUQLUH
C 6HQVXOGHPHUV
=FDOFXODWRUGHSDUFXUVÄ'HODUHVHWDUH
D 6WUDGDFXUHQWă
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7ULS3DUFXUV *KLGDUHDSHWUDVHXDFWLYDWă
$SăVDĠLEXWRQXOcVDXdSHQWUXD
VHOHFWDIXQFĠLDSHFDUHGRULĠLVăRUHVHWDĠL 1XVDDQXQĠDWQLFLRPRGLILFDUHGHGLUHF
$SăVDĠLv ĠLH
C 'LVWDQĠDSkQăODGHVWLQDĠLH
5HVHWDUHDFDOFXODWRUXOXLGHSDUFXUVÄ'HODSRUQLUH
H[HPSOX D 'LVWDQĠDSkQăODXUPăWRDUHDVFKLPEDUHD
GLUHFĠLHL
$SăVDĠLdSHQWUXDVHOHFWD<HV'DúL
6WUDGDFXUHQWă
DSăVDĠLvSHQWUXDFRQILUPD
6LPEROSHQWUXÄXUPDĠLWUDVHXOGUXPXOXL
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
6FKLPEDUHGHGLUHFĠLHDQXQĠDWăIăUăR
UHFRPDQGDUHGHEDQGă
&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúDMXOFXUHFRPDQGDUHDSULYLQGEDQGDH[HPSOX
C %DQGDFRQWLQXăSHSDUFXUVXOVFKLPEăULL
C 'UXPXOODFDUHGXFHVFKLPEDUHDGHGLUHF GHGLUHFĠLH
ĠLH D %DQGăQRXăvQWLPSXOXQHLVFKLPEăULGH
D 'LVWDQĠDSkQăODVFKLPEDUHDGLUHFĠLHLúL GLUHFĠLH
DILúDMXOYL]XDODOGLVWDQĠHL
6WUDGDFXUHQWă $OĠLLQGLFDWRULGHVWDUHDLVLVWHPXOXLGH
QDYLJDĠLH
3LFWRJUDPăGHVFKLPEDUHDGLUHFĠLHL
=TDĠLDMXQVODGHVWLQDĠLHVDXODRGHVWLQD
&kQGVDDQXQĠDWRVFKLPEDUHGHGLUHFĠLHYHĠL
YHGHDDILúDMXOYL]XDOGHGLVWDQĠăDOkQJăVLP ĠLHLQWHUPHGLDUă
=1HZURXWH7UDVHXQRXVDX
EROXOSHQWUXVFKLPEDUHDGLUHFĠLHL
$FHVWD
VHPLFúRUHD]ăSHPăVXUăFHYăDSURSLDĠLGH &DOFXODWLQJURXWH6HFDOFXOHD]Æ
VFKLPEDUHDGHGLUHFĠLHDQXQĠDWă WUDVHXOVHFDOFXOHD]ăXQQRXWUDVHX
=2IIPDSQDIDUDKÆUĆLLVDX2II
6FKLPEDUHGHGLUHFĠLHDQXQĠDWăFXRUHFR URDGQDIDUDGUXPXOXLSR]LĠLDDXWR
PDQGDUHGHEDQGă YHKLFXOXOXLVHUHJăVHúWHvQDIDUD]RQHLKăUĠLL
5HFRPDQGăULOHSULYLQGEDQGDVXQWDILúDWH GLJLWDOHSR]LĠLDvQDIDUDKăUĠLL
QXPDLGDFăGDWHOHUHOHYDQWHVXQWGLVSRQLELOH =1RURXWH)ÆUÆWUDVHXQXVDSXWXW
SHKDUWDGLJLWDOă FDOFXODQLFLXQWUDVHXSkQăODGHVWLQDĠLD
VHOHFWDWă
0HQLXDXGLR
6HOHFWDUHDXQXLSRVWGHUDGLR
3XWHĠLVFKLPEDEDQGDGHIUHFYHQĠăúLPHPRUD
C 'UXPXOODFDUHGXFHVFKLPEDUHDGHGLUHF SRVWXULQRLQXPDLFXDMXWRUXOVLVWHPXOXLDXGLR
ĠLH VDX&20$1'2QOLQH
D 'LVWDQĠDSkQăODVFKLPEDUHDGLUHFĠLHLúL 3RUQLĠLVLVWHPXODXGLRVDX&20$1'2QOLQH
DILúDMXOYL]XDODOGLVWDQĠHL úLVHOHFWDĠL5DGLRFRQVXOWDĠLLQVWUXFĠLXQLOH
%DQGDUHFRPDQGDWă GHXWLOL]DUHVHSDUDWH
3LFWRJUDPăGHVFKLPEDUHDGLUHFĠLHL $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
3HGUXPXULOHFXPDLPXOWHEHQ]LUHFRPDQ SHQWUXDVHOHFWDPHQLXO$XGLR
GDUHDSULYLQGEDQGDSRDWHDSăUHDOD
XUPăWRUXOVFKLPEGHGLUHFĠLHÌQWLPSXO
VFKLPEăULLGLUHFĠLHLVHSRWDILúDEHQ]LVXSOL
PHQWDUH
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
3HQWUXDVHOHFWDSLHVDXUPăWRDUHDQWH
ULRDUăDSăVDĠLVFXUWEXWRQXOc
&DOFXODWRUGHERUGúLGLVSOD\XUL
VDXd
3HQWUXDVHOHFWDRSLHVăGLQOLVWDGH
SLHVHGHUXODUHUDSLGăDSăVDĠLúLPHQĠL
QHĠLDSăVDWEXWRQXOcVDXdSkQăFH
C %DQGăGHIUHFYHQĠă
DĠLDMXQVODSLHVDGRULWă
D 3RVW 'DFăDSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO
cVDXdYLWH]DGHGHUXODUHUDSLGăHVWH
3HQWUXDVHOHFWDXQSRVWPHPRUDW FUHVFXWă1XWRDWHGLVSR]LWLYHOHDXGLRVDX
DSăVDĠLVFXUWSHEXWRQXOcVDXd PHGLDDFFHSWăDFHDVWăIXQFĠLH
3HQWUXDVHOHFWDXQSRVWGLQOLVWDGH 'DFăLQIRUPDĠLLOHSULYLQGSLHVDVXQWPHPR
SRVWXULDSăVDĠLúLPHQĠLQHĠLDSăVDWVFXUW UDWHSHGLVSR]LWLYXODXGLRVDXPHGLDDILúDMXO
EXWRQXOcVDXd PXOWLIXQFĠLRQDOYDLQGLFDQXPăUXOúLGHQXPL
3HQWUXDVHOHFWDXQSRVWFXDMXWRUXO UHDSLHVHL3LHVDFXUHQWăQXDSDUHvQPRGXO
FăXWăULLSRVWXULORUDSăVDĠLúLĠLQHĠL DXGLR$8;PRGXODXGLR$X[LOLDUVXUVDDXGLR
DSăVDWVFXUWEXWRQXOcVDXd H[WHUQăFRQHFWDWă
'DFăVDPHPRUDWSRVWXOVHYDDILúDúLSR]LĠLDGLQPHPRULH
1XPDLGDFăQXHVWHSULPLWăQLFLROLVWăGHSRVWXUL
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
0HQLXWHOHIRQ ,QWURGXFHĠL3,1XOFXDMXWRUXOWHOHIRQXOXL
PRELO/,1*8$7521,&VLVWHPXOXLDXGLR
&DOFXODWRUGHERUGúLGLVSOD\XUL
,QWURGXFHUH VDX&20$1'2QOLQH
)XQFĠLLOHúLGLVSOD\XULOHGHSLQGGHHFKLSDUHD 7HOHIRQXOPRELOYDFăXWDRUHĠHD
RSĠLRQDOăLQVWDODWăvQDXWRYHKLFXOXOGXPQHD =7HOHSKRQHUHDG\7HOHIRQSUHJÆWLW
YRDVWUă VDXQXPHOHUHĠHOHLWHOHIRQXOPRELODJăVLW
9ăSXWHĠLSODVDWHOHIRQXOPRELOvQFRQVRODGH RUHĠHDúLHVWHJDWDVăSULPHDVFăVHPQDO
WHOHIRQPRELO3DJLQDVDXSXWHĠLUHD =7HOHSKRQH1R6HUYLFH7HOHIRQIÆUÆ
OL]DRFRQH[LXQH%OXHWRRWKODVLVWHPXODXGLR VHPQDOQLFLRUHĠHDQXHVWHGLVSRQLELOă
VDX&20$1'2QOLQHFRQVXOWDĠLLQVWUXFĠLX VDXWHOHIRQXOPRELOFDXWăRUHĠHD
QLOHGHXWLOL]DUHVHSDUDWH
G 3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHV $FFHSWDUHDXQXLDSHO
SUHWHOHIRDQHOHPRELOHDGHFYDWHúLFRQHF 'DFăYăDSHOHD]ăFLQHYDDWXQFLFkQGYăDIODĠL
WDUHDWHOHIRDQHORUPRELOHSULQ%OXHWRRWK vQPHQLXO7HO7HOXQPHVDMGHSHGLVSOD\
=ODRULFH&HQWUXGHVHUYLFH0HUFHGHV DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOGHH[HPSOX
%HQ]
=GHSHLQWHUQHWODDGUHVDKWWS
ZZZPHUFHGHVEHQ]FRPFRQQHFW
3HULFROGHDFFLGHQW
5HVSHFWDĠLQRUPHOHOHJDOHFXSULYLUHODXWLOL]D
UHDWHOHIRQXOXLPRELOvQDXWRYHKLFXOvQYLJRDUH
vQĠDUDGXPQHDYRDVWUă $SăVDĠLEXWRQXOjGHSHYRODQSHQWUXD
ÌQFD]XOvQFDUHXWLOL]DUHDWHOHIRQXOXLPRELOvQ DFFHSWDXQDSHOSULPLW
WLPSXOGHSODVăULLDXWRYHKLFXOXOXLHVWHSHUPLVă
'DFăQXYăDIODĠLvQPHQLXO7HO7HOSXWHĠL
GHOHJLVODĠLDORFDOăDFHVWDWUHEXLHXWLOL]DW
WRWXúLVăSUHOXDĠLXQDSHO
QXPDLFkQGFRQGLĠLLOHGHGUXPúLWUDILFVXQW
IDYRUDELOHÌQFD]FRQWUDUH[LVWăSHULFROXOGLV
WUDJHULLDWHQĠLHLGHODFRQGLĠLLOHGHWUDILFúLSUR
5HVSLQJHUHDVDXvQFKHLHUHDXQHLFRQ
GXFHULLXQXLDFFLGHQWFXXUPăULDVXSUDGXP
YRUELUL
QHDYRDVWUăúLDDOWRUSHUVRDQH $SăVDĠLEXWRQXOGHSHYRODQ
3RUQLĠLWHOHIRQXOPRELOVDXVLVWHPXODXGLR 'DFăQXYăDIODĠLvQPHQLXO7HO7HOSXWHĠL
VDX&20$1'2QOLQHFRQVXOWDĠLLQVWUXFĠLX WRWXúLVăUHIX]DĠLVDXVăvQFKHLDĠLRFRQYRU
QLOHGHXWLOL]DUHVHSDUDWH ELUH
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ
)RUPDUHDXQXLQXPăUGLQDJHQGDWHOH
SHQWUXDVHOHFWDPHQLXO7HO
IRQLFă
9HĠLYHGHDXQXOGLQWUHXUPăWRDUHOHPHVDMHGH
SHGLVSOD\SHDILúDMXOPXOWLIXQFĠLRQDO 'DFăWHOHIRQXOGXPQHDYRDVWUăPRELOSRDWH
=3OHDVHHQWHU3,1,QWURGXFHĆL3,1
SULPLDSHOXULSXWHĠLFăXWDúLIRUPDXQQXPăU
GLQDJHQGDWHOHIRQLFăvQVLVWHPXODXGLRVDX
WHOHIRQXOPRELODIRVWSODVDWvQFRQVRODGH
&20$1'2QOLQHRULFkQG
WHOHIRQPRELOúL3,1XOQXDIRVWLQWURGXV
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ 0HQLX$VLVWHQĠă
&DOFXODWRUGHERUGúLGLVSOD\XUL
SHQWUXDVHOHFWDPHQLXO7HO
$SăVDĠLEXWRQXOcdVDXvSHQ
,QWURGXFHUH
WUXDDSHODDJHQGDWHOHIRQLFă
$SăVDĠLEXWRQXOcVDXdSHQWUXD
VHOHFWDQXPHOHGRULW
3HQWUXDvQFHSHVăGHUXODĠLUDSLGDSăVDĠLúL
PHQĠLQHĠLDSăVDWEXWRQXOcVDXd
WLPSGHSHVWHRVHFXQGă'XSăVFXUWWLPS
GHUXODUHDUDSLGăVHDFFHOHUHD]ă
'HUXODUHDUDSLGăVHvQFKHLHFkQGHOLEHUDĠL 'LQPHQLXO$VVLVW$VLVWDUHSXWHĠL
=DILúDDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HLúL
EXWRQXOVDXDMXQJHĠLODFDSăWXOOLVWHL
'DFăHVWHPHPRUDWQXPDLXQQXPăUGH
DFWLYDGH]DFWLYDIXQFĠLDGHPHVDMHD
WHOHIRQSHQWUXXQQXPHDSăVDĠLEXWRQXO DVLVWăULLSHQWUXOLPLWDUHDYLWH]HL
=SUH]HQWDDILúDMXOGLVWDQĠHL
jVDXvSHQWUXDvQFHSHVăIRUPDĠL
=DFWLYDGH]DFWLYD(63
VDX
'DFăH[LVWăPDLPXOWGHXQQXPăUSHQ =DFWLYDGH]DFWLYDIUkQD35(6$)(
WUXXQQXPHVSHFLILFDSăVDĠLEXWRQXO =DFWLYDGH]DFWLYD$6,67(170(1ğ,1(5(
jVDXvSHQWUXDDILúDQXPHUHOH $7(1ğ,(
$SăVDĠLEXWRQXOcVDXdSHQWUXD =DFWLYDGH]DFWLYDDVLVWHQĠDODXQJKLXOPRUW
VHOHFWDQXPăUXOSHFDUHGRULĠLVăvODSHODĠL VDXDVLVWHQĠDDFWLYăODXQJKLXOPRUW
$SăVDĠLEXWRQXOjVDXvSHQWUXD =DFWLYDGH]DFWLYDDVLVWHQĠDSHQWUXPHQĠL
vQFHSHVăIRUPDĠL QHUHDEHQ]LLGHPHUVVDXDVLVWHQĠDDFWLYă
VDX SHQWUXPHQĠLQHUHDEHQ]LLGHPHUV
'DFăQXGRULĠLVăHIHFWXDĠLXQDSHO
$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL
DSăVDĠLEXWRQXOVDXA
$ILúDUHDDVLVWăULLSHQWUXOLPLWDUHDYLWH]HL
5HDSHODUH ÌQIXQFĠLD6SHHG/LP$VVW$VLVWSW
&DOFXODWRUXOGHERUGVDOYHD]ăXOWLPHOHQXPH OLPYLWH]HLROLPLWDGHYLWH]ăGHWHFWDWă
VDXQXPHUHDSHODWHvQPHPRULDGHUHDSHODUH HVWHDILúDWăvQDQXPLWHFRQGLĠLL
3DJLQD
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ
$SăVDĠLYVDXeGHSHYRODQSHQWUX
SHQWUXDVHOHFWDPHQLXO7HO
DVHOHFWDPHQLXO$VVLVW$VLVњ
$SăVDĠLEXWRQXOjSHQWUXDFRPXWDSH
WHQĆÆ$VVLVWDQFH$VLVWHQĠă
PHPRULDGHUHDSHODUH
$SăVDĠLcVDXdSHQWUXDVHOHFWD
$SăVDĠLEXWRQXOcVDXdSHQWUXD
6SHHG/LP$VVW$VLVWSWOLP
VHOHFWDQXPHOHVDXQXPăUXOGRULW
YLWH]HL
$SăVDĠLEXWRQXOjVDXvSHQWUXD
$SăVDĠLv
vQFHSHVăIRUPDĠL
$ILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăDVLVWDUHD
VDX SHQWUXOLPLWDUHDYLWH]HL
'DFăQXGRULĠLVăHIHFWXDĠLXQDSHO
DSăVDĠLEXWRQXOVDXA
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
$FWLYDUHDGH]DFWLYDUHDIXQFĠLHLGHPHVDM 'H]DFWLYDUHDDFWLYDUHD(63
GHDVLVWDUHSHQWUXOLPLWDUHDYLWH]HL
&DOFXODWRUGHERUGúLGLVSOD\XUL
3XWHĠLVHWDDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HL $9(57,60(17
3DJLQDVăDILúH]HROLPLWăGHYLWH]ă 'DFăODPSDGHDYHUWL]DUHåGLQSDQRXOGH
GHWHFWDWăDXWRPDWWLPSGHFLQFLVHFXQGH LQVWUXPHQWHFOLSHúWHSURFHGDĠLGXSăFXP
&HOHODOWHPHVDMHGLQDILúDMXOPXOWLIXQFĠLRQDO XUPHD]ă
YRUILDWHQXDWHvQDFHVWLQWHUYDO =1XGH]DFWLYDĠL(63VXEQLFLRIRUPă
$SăVDĠLYVDXeGHSHYRODQSHQWUX =/DGHPDUDUHDSăVDĠLSHGDODGHDFFHOHUDĠLH
DVHOHFWDPHQLXO$VVLVW$VLVњ QXPDLFkWGHWDUHHVWHQHFHVDU
WHQĆÆ$VVLVWDQFH$VLVWHQĠă =$GDSWDĠLYăVWLOXOGHFRQGXFHUHODFRQGLĠLLOH
$SăVDĠLcVDXdSHQWUXDVHOHFWD GHGUXPúLPHWHRSUHGRPLQDQWH
6SHHG/LP$VVW$VLVWSWOLP ÌQFD]FRQWUDUDXWRYHKLFXOXODUSXWHDGHUDSD
YLWH]HL ÌQFD]XOvQFDUHFRQGXFHĠLSUHDUDSLG(63QX
$SăVDĠLv SRDWHUHGXFHSHULFROXOGHDFFLGHQW(63QX
$ILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăDVLVWDUHD VHSRDWHVXVWUDJHOHJLORUIL]LFLL
SHQWUXOLPLWDUHDYLWH]HL
$SăVDĠLd $FWLYDUHDGH]DFWLYDUHD(63ODDXWRYHKLFX
6HOHFĠLDFXUHQWăHVWHDILúDWă OHOH$0*3DJLQD
3HQWUXDDFWLYDVDXGH]DFWLYDDSăVDĠL 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHGHVSUH(63
v FRQVXOWDĠL3DJLQD
3RUQLĠLPRWRUXO
'DFăDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWH
IXQFĠLRQDOăúLIXQFĠLDGHPHVDMHVWHDFWLYDWă $SăVDĠLYVDXeGHSHYRODQSHQWUX
$FHDVWăIXQFĠLHHVWHGLVSRQLELOăGRDUFX',6 3HQWUXDGH]DFWLYDDSăVDĠLvGLQQRX
7521,&3/86 /DPSDGHDYHUWL]DUH»GLQSDQRXOGH
$SăVDĠLYVDXeGHSHYRODQSHQWUX LQVWUXPHQWHVHDSULQGH
DVHOHFWDPHQLXO$VVLVW$VLVњ $9(57,60(17
WHQĆÆ$VVLVWDQFH$VLVWHQĠă
'DFăODPSDGHDYHUWL]DUH»GLQSDQRXOGH
$SăVDĠLEXWRQXOcVDXdSHQWUXD
LQVWUXPHQWHVHDSULQGHFkQGPRWRUXOIXQFĠLR
VHOHFWD'LVWDQFHGLVSOD\$ILĂDM QHD]ă(63HVWHGH]DFWLYDWVDXHVWHLQGLV
GLVWDQĆÆ SRQLELOGLQFDX]DXQHLGHIHFĠLXQL5LVFXOFD
$SăVDĠLv DXWRYHKLFXOXOGXPQHDYRDVWUăVăvQFHDSăVă
$ILúDMXOGLVWDQĠHL',67521,&3/86 GHUDSH]HFUHúWHvQDQXPLWHVLWXDĠLL
3DJLQDDSDUHSHDILúDMXOPXOWLIXQF $GDSWDĠLYăvQWRWGHDXQDVWLOXOGHFRQGXFHUHOD
ĠLRQDO FRQGLĠLLOHGHGUXPúLPHWHRSUHGRPLQDQWH
3HQWUXDDFWLYDDSăVDĠLvGLQQRX
/DPSDGHDYHUWL]DUH»GLQSDQRXOGH
LQVWUXPHQWHVHVWLQJH
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
$FWLYDUHDGH]DFWLYDUHDIUkQHL35( $FWLYDUHDGH]DFWLYDUHD$VLVWHQĠHLOD
6$)( XQJKLXOPRUW
&DOFXODWRUGHERUGúLGLVSOD\XUL
)UkQD35(6$)(HVWHGLVSRQLELOăQXPDLOD 3XWHĠLXWLOL]DIXQFĠLD%OLQG6SRW$VVW
DXWRYHKLFXOHOHFX',67521,&3/86 $VLVWODXQJKLPRUWSHQWUXDDFWLYD
$SăVDĠLYVDXeGHSHYRODQSHQWUX
VDXGH]DFWLYDDVLVWHQĠDODXQJKLPRUW
3DJLQDVDXDVLVWHQĠDDFWLYăODXQJKLXO
DVHOHFWDPHQLXO$VVLVW$VLVњ
PRUW3DJLQD
WHQĆÆ$VVLVWDQFH$VLVWHQĠă
$SăVDĠLYVDXeGHSHYRODQSHQWUX
$SăVDĠLcVDXdSHQWUXDVHOHFWD
3UH6DIH%UDNH)U¥QD3UH6DIH DVHOHFWDPHQLXO$VVLVW$VLVњ
WHQĆÆ$VVLVWDQFH$VLVWHQĠă
$SăVDĠLEXWRQXOv
$SăVDĠLcVDXdSHQWUXDVHOHFWD
6HOHFĠLDFXUHQWăHVWHDILúDWă
%OLQG6SRW$VVW$VLVWODXQJKL
3HQWUXDDFWLYDGH]DFWLYDDSăVDĠLv
PRUW
GLQQRX
$SăVDĠLv
&kQGIUkQD35(6$)(3DJLQDHVWH 'DFăIXQFĠLDHVWHDFWLYDWă]RQHOHPRQLWR
DFWLYDWăDILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăVLP UL]DWHGHSHDILúDMXOPXOWLIXQFĠLRQDOVH
EROXOÇDWkWDWLPSFkWIXQFĠLD+2/'QX DSULQGvQURúX
HVWHDFWLYDWă3DJLQD 3HQWUXDDFWLYDGH]DFWLYDDSăVDĠLv
$XWRYHKLFXOHOHFXDVLVWDUHDSDUFăULLGDFă GLQQRX
3$5.7521,&HVWHDFWLYDWúLFRQGXFHĠLODR
YLWH]ăVXENPKVLPEROXO]SHQWUXDVLV
$FWLYDUHDGH]DFWLYDUHD$VLVWHQĠHLSHQ
WDUHDSDUFăULLHVWHSUH]HQWDWvQORFXOVLPER WUXPHQĠLQHUHDEHQ]LLGHPHUV
OXOXLÇ
3XWHĠLXWLOL]DIXQFĠLD/DQH.HHS$VVW
$FWLYDUHDGH]DFWLYDUHD$VLVWHQWXOXL $VLVWHQĆDSHQWUXPHQĆLQHUHDEHQ]LL
PHQĠLQHUHDWHQĠLH GHPHUVSHQWUXDDFWLYDGH]DFWLYD$VLV
WHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV
$SăVDĠLYVDXeGHSHYRODQSHQWUX 3DJLQDVDXDVLVWHQĠDDFWLYăSHQWUX
DVHOHFWDPHQLXO$VVLVW$VLVњ PHQĠLQHUHDEHQ]LLGHPHUV3DJLQD
WHQĆÆ$VVLVWDQFH$VLVWHQĠă $SăVDĠLYVDXeGHSHYRODQSHQWUX
$SăVDĠLEXWRQXOcVDXdSHQWUXD
DVHOHFWDPHQLXO$VVLVW$VLVњ
VHOHFWD$WWHQWLRQ$VVW$VWPHQĆ WHQĆÆ$VVLVWDQFH$VLVWHQĠă
DWHQĆLH $SăVDĠLcVDXdSHQWUXDVHOHFWD
$SăVDĠLv
/DQH.HHS$VVW$VLVWHQĆDSHQWUX
6HOHFĠLDFXUHQWăHVWHDILúDWă PHQĆLQHUHDEHQ]LLGHPHUV
3HQWUXDDFWLYDGH]DFWLYDDSăVDĠLv $SăVDĠLv
GLQQRX 'DFăIXQFĠLDHVWHDFWLYDWăVLPEROXOPDU
&kQG$6,67(178/3(17580(1ğ,1(5($ FDMXOXLGHEDQGăGHSHDILúDMXOPXOWLIXQF
$7(1ğ,(,3DJLQDHVWHDFWLYDWVLPEROXO ĠLRQDOVHDSULQGHvQURúX
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOFkQG 3HQWUXDDFWLYDGH]DFWLYDDSăVDĠLv
FRQWDFWXOHVWHFXSODW GLQQRX
&kQGDVLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGH
PHUVVDXDVLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHD
EHQ]LLGHPHUVHVWHDFWLYDWăVLPEROXO°
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOFkQGFRQ 3DQRXGHLQVWUXPHQWH
WDFWXOHVWHFXSODW
&DOFXODWRUGHERUGúLGLVSOD\XUL
6HOHFWDUHDXQLWăĠLLGHPăVXUăSHQWUXGLV
WDQĠă
0HQLX6HUYLFH )XQFĠLD'LVSOD\XQLW6SHHGRGRPHWHU
8QLWDWHGHDILĂDM9LWH]RPHWUX.LORњ
PHWUDMYăSHUPLWHVăDOHJHĠLGDFăDQX
PLWHGLVSOD\XULDSDUvQNLORPHWULVDXvQPLOH
8QLWDWHDGHPăVXUăVHOHFWDWăSHQWUXGLVWDQĠă
HVWHYDODELOăSHQWUX
=YLWH]RPHWUXOGLJLWDOGLQPHQLXO7ULS3DUњ
FXUV
ÌQPHQLXO6HUYLFHSXWHĠL =FRQWRUXOGHGLVWDQĠăWRWDOăúLFRQWRUXOGH
=DSHODPHVDMHOHGHSHGLVSOD\ UXODMSDUĠLDO
3DJLQD =FDOFXODWRUXOGHSDUFXUV
=UHVHWDVLVWHPXOGHDYHUWL]DUHSULYLQGSLHU =FRQVXPXOFXUHQWúLDXWRQRPLD
GHUHDSUHVLXQLLvQSQHXUL3DJLQD =LQVWUXFĠLXQHGHQDYLJDĠLHGLQPHQLXO1DYL
VDXYHULILFDSUHVLXQHDvQSQHXULHOHFWURQLF 1DYLJDĆLH
3DJLQD
=FRQWUROXOFURD]LHUHL
=DSHODGDWDVFDGHQWăSHQWUXVHUYLFH
=63(('7521,&
3DJLQD
=',67521,&3/86
=$ILúDMLQWHUYDOGHVHUYLFH$66<673/86
0HQLX6HWăUL $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
,QWURGXFHUH SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWÆUL6HWWLQJV6HWăUL
$SăVDĠLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO,QVWFOXVWHU
3DQRXLQVWU
$SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
$SăVDĠLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFĠLD'LVSOD\XQLW6SHHG
0HQLXO6HWWLQJV6HWÆULSRDWHILXWLOL]DW RGRPHWHU8QLWDWHGHDILĂDM9LWHњ
SHQWUX ]RPHWUXNLORPHWUDM
=VFKLPEDUHDVHWăULORUGLQSDQRXOGHLQVWUX 9HĠLYHGHDVHWDUHDVHOHFWDWăNPVDXPLOH
PHQWH $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
=VFKLPEDUHDVHWăULORUGHOXPLQă UHD
=VFKLPEDUHDVHWăULORUDXWRYHKLFXOXOXL
$FWLYDUHDGH]DFWLYDUHDYLWH]RPHWUXOXL
=VFKLPEDUHDVHWăULORUGHvQFăO]LUHDX[LOLDUă
VXSOLPHQWDU
=VFKLPEDUHDVHWăULORUGHFRQIRUW
1XPDLDXWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
=5HYHQLUHDODVHWăULOHGLQIDEULFă DXDFHDVWăIXQFĠLH
G $XWRYHKLFXOHSHQWUX5HJDWXO8QLW
DFHDVWăIXQFĠLHHVWHLQGLVSRQLELOă
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
PHWUXGLJ>PSK@YăSHUPLWHVăDOHJHĠL
GDFă]RQDGHVWDUHDDILúDMXOXLPXOWLIXQFĠLRQDO $FWLYDUHDGH]DFWLYDUHDPRGXOXLGHIXQF
LQGLFăvQWRWGHDXQDYLWH]DvQPSKvQORFXOWHP ĠLRQDUHSHWLPSGH]LDIDUXULORU
SHUDWXULLH[WHULRDUH 'DFăDĠLDFWLYDWIXQFĠLD'D\OLJKWV
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ )DUXULGH]LúLFRPXWDWRUXOGHOXPLQL
SHQWUXDVHOHFWDPHQLXO6HWWLQJV HVWHVHWDWSHXPRGXOGHIXQFĠLRQDUHSH
6HWÆUL6HWWLQJV6HWăUL WLPSGH]LDIDUXULORUHVWHDFWLYDWDXWRPDWSH
WLPSGH]LFkQGPRWRUXOIXQFĠLRQHD]ă3HvQWX
$SăVDĠLEXWRQXOdVDXcSHQWUXD
QHULFOXPLQLOHGHSR]LĠLHODWHUDOHúLIDUXULOH
VHOHFWDVXEPHQLXO,QVWFOXVWHU SHQWUXID]ăVFXUWăVXQWGHDVHPHQHDDFWLYDWH
3DQRXLQVWU DXWRPDW
$SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
2SULĠLPRWRUXO
$SăVDĠLdVDXcSHQWUXDVHOHFWD
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ
IXQFĠLD'LJVSHHGR>PSK@ SHQWUXDVHOHFWDPHQLXO6HWWLQJV
9HĠLYHGHDVHWDUHDVHOHFWDWăRQSRUњ 6HWÆUL6HWWLQJV6HWăUL
QLWVDXRIIRSULW
$SăVDĠLEXWRQXOdVDXcSHQWUXD
$SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
VHOHFWDVXEPHQLXO/LJKW/XPLQÆ
UHD
$SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
6HOHFWDUHDIXQFĠLHLGHDILúDMSHUPDQHQW $SăVDĠLEXWRQXOdVDXcSHQWUXD
$XWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWăDX VHOHFWDIXQFĠLD'D\OLJKWV)DUXULGH
DFHDVWăIXQFĠLH ]L
'DFă'D\OLJKWV)DUXULGH]LDIRVW
G $XWRYHKLFXOHSHQWUX5HJDWXO8QLW
DFWLYDWăUD]DGHOXPLQăúLVLPEROXOGH
DFHDVWăIXQFĠLHHVWHLQGLVSRQLELOă
SHDILúDMXOPXOWLIXQFĠLRQDODSDUvQURúX
)XQFĠLD3HUPDQHQWGLVSOD\'LVSOD\ $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
SHUPDQHQWYăSHUPLWHVăDOHJHĠLGDFăDIL UHD
úDMXOPXOWLIXQFĠLRQDOSUH]LQWăvQWRWGHDXQD
WHPSHUDWXUDH[WHULRDUăVDXYLWH]DvQPSK $FWLYDUHDGH]DFWLYDUHD6LVWHPXOXLGH
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ OXPLQLLQWHOLJHQWH
SHQWUXDVHOHFWDPHQLXO6HWWLQJV 'DFăDFWLYDĠLIXQFĠLD,QWHOO/LJKW6\V
6HWÆUL 6LVWHPGHOXPLQLLQWHODFWLYDĠLúL
$SăVDĠLEXWRQXOdVDXcSHQWUXD XUPăWRDUHOHIXQFĠLL
VHOHFWDVXEPHQLXO,QVWFOXVWHU =0RGDXWRVWUDGă
3DQRXLQVWU =IXQFĠLDGHOXPLQăDFWLYă
$SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH =,OXPLQDUHVXSOLPHQWDUăvQYLUDMH
$SăVDĠLdVDXcSHQWUXDVHOHFWD =3URLHFWRDUHGHFHDĠăFXUD]ăH[WLQVă
IXQFĠLD3HUPDQHQWGLVSOD\'LVSOD\ $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHUPDQHQW SHQWUXDVHOHFWDPHQLXO6HWWLQJV
9HĠLYHGHDVHWDUHDVHOHFWDWăRXWVLGH 6HWÆUL6HWWLQJV6HWăUL
WHPSHUDWXUHWHPSHUDWXUDH[WHњ $SăVDĠLEXWRQXOdVDXcSHQWUXD
ULRDUÆVDX'LJVSHHGRP>PSK@
VHOHFWDVXEPHQLXO/LJKW/XPLQÆ
$SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
$SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
UHD
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL
IXQFĠLD,QWHOO/LJKW6\V6LVWGH
OXPLQLLQWHO $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
'DFăIXQFĠLD,QWHOO/LJKW6\V6LVњ UHD
WHPGHOXPLQLLQWHODIRVWDFWLYDWă &kQGVFKLPEDĠLVHWDUHDFRQYHUVLDQXDUH
FRQXOGHOXPLQăúLVLPEROXOXGLQDILúD ORFSkQăGDWDYLLWRDUHFkQGDXWRYHKLFXOXO
MXOPXOWLIXQFĠLRQDODSDUvQURúX VWDĠLRQHD]ă
$SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
3XWHĠLVHWDGHDVHPHQHDIDUXULOHSHQWUXID]ă
UHD VFXUWăSHQWUXFRQGXFHUHDSHGUHDSWDVDX
'DFăVHWDĠLIDUXULOHSHQWUXID]ăVFXUWăSHQWUX VWkQJDODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
FRQGXFHUHDSHGUHDSWDVWkQJD
$FWLYDUHDGH]DFWLYDUHD$VLVWHQĠHLSHQWUX
3DJLQDDILúDMXOPXOWLIXQFĠLRQDOSUH
ID]DOXQJăDGDSWLYă
]LQWăPHVDMXO6\VWHPLQRSHUDWLYH6LVњ
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ
WHPQHIXQFĆLRQDOVXELPDJLQHDDXWRYHKL
FXOXOXLSHQWUXIXQFĠLD,QWHOO/LJKW6\V SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6LVWOXPLQLLQWHOvQVXEPHQLXO 6HWÆUL
/LJKW/XPLQL $SăVDĠLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO/LJKW/XPLQÆ
6HWDUHDIDUXULORUSHQWUXID]ăVFXUWăSHQ
$SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
WUXFRQGXFHUHSHVWkQJDGUHDSWD
$SăVDĠLEXWRQXOdVDXcSHQWUXD
$FHDVWăIXQFĠLHHVWHGLVSRQLELOăQXPDLOD
DXWRYHKLFXOHFXVLVWHPXOGHOXPLQLLQWHOL VHOHFWDIXQFĠLD$GDSWPDLQEHDP
JHQWH )D]ÆOXQJÆDGDSW
'DFăIXQFĠLD$GDSWPDLQEHDP)D]Æ
3XWHĠLXWLOL]DDFHDVWăIXQFĠLHSHQWUXDFRPXWD
OXQJÆDGDSWDIRVWDFWLYDWăUD]DGH
vQWUHID]DVLPHWULFăúLID]DVFXUWăDVLPHWULFă
OXPLQăúLVLPEROXOÎGLQDILúDMXOPXOWL
3DJLQD
IXQFĠLRQDODSDUvQURúX
'DFăVHWDĠLIDUXULOHSHQWUXID]ăVFXUWăSHQWUX
$SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
FRQGXFHUHDSHGUHDSWDVWkQJDDWXQFLPRGXO
GHDXWRVWUDGăúLSURLHFWRDUHOHGHFHDĠăFX UHD
UD]ăH[WLQVăVXQWLQGLVSRQLELOH $FWLYDUHDGH]DFWLYDUHDLOXPLQăULL
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ DPELHQWDOHúLRSULUHDWHPSRUL]DWăDLOX
SHQWUXDVHOHFWDPHQLXO6HWWLQJV PLQăULLH[WHULRDUH
6HWÆUL 'DFăDĠLDFWLYDWIXQFĠLD6XUURXQGOLJKњ
$SăVDĠLEXWRQXOdVDXcSHQWUXD WLQJ,OXPLQDUHDPELHQWDOÆúLFRPXWD
VHOHFWDVXEPHQLXO/LJKW/XPLQÆ WRUXOGHOXPLQLHVWHVHWDWSHXVHDFWL
$SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH YHD]ăXUPăWRDUHOHIXQFĠLLFkQGHVWHvQWXQHULF
$SăVDĠLdVDXcSHQWUXDVHOHFWD =,OXPLQDUHDPELHQWDOăLOXPLQDUHDH[WH
IXQFĠLD'LSSHGEHDPV6HWWLQJIRU ULRDUăUăPkQHDSULQVăWLPSGHGH
6HWDUHIDUXULID]ÆVFXUWÆSHQWUX VHFXQGHGXSăGHVFXLHUHDFXFKHLD,OXPL
9HĠLYHGHDVHWDUHDVHOHFWDWă5LJKWVLGH QDUHDH[WHULRDUăVHGH]DFWLYHD]ăFkQGGHV
WUDIILF7UDILFSHGUHDSWDVDX FKLGHĠLSRUWLHUDúRIHUXOXL
=2SULUHWHPSRUL]DWăDLOXPLQăULLH[WH
ULRDUHLOXPLQDUHDH[WHULRDUăUăPkQH
DSULQVăWLPSGHGHVHFXQGHGXSăFH
PRWRUXODIRVWRSULW'DFăvQFKLGHĠLWRDWH
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
SRUWLHUHOHLOXPLQDUHDH[WHULRDUăVHVWLQJH $FWLYDUHDGH]DFWLYDUHDRSULULLWHPSRUL
GXSăVHFXQGH ]DWHDLOXPLQăULLLQWHULRDUH
&DOFXODWRUGHERUGúLGLVSOD\XUL
&DOFXODWRUGHERUGúLGLVSOD\XUL
2II'H]DFWLYDWGH]DFWLYHD]ă63((' SHQWUXDVHOHFWDPHQLXO6HWWLQJV
7521,&SHUPDQHQW 6HWÆUL6HWWLQJV6HWăUL
$SăVDĠLEXWRQXOvSHQWUXDPHPRUD $SăVDĠLEXWRQXOdVDXcSHQWUXD
LQWUDUHD VHOHFWDVXEPHQLXO9HKLFOH$XWRYHKLњ
FXO
$FWLYDUHDGH]DFWLYDUHDFDUDFWHULVWLFLLGH $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
vQFKLGHUHDXWRPDWă
$SăVDĠLEXWRQXOdVDXcSHQWUXD
'DFăVHOHFWDĠLIXQFĠLD$XWRPDWLFGRRU
ORFNQFXLHUHDXWRPDWÆSRUWLHUH VHOHFWDIXQFĠLD$FRXVWLF/RFN
DXWRYHKLFXOXOHVWHvQFXLDWFHQWUDOL]DWODR QFXLHUHDFXVWLFÆ
YLWH]ăGHSHVWHDSUR[LPDWLYNPK 'DFăIXQFĠLD$FRXVWLF/RFNQFXLHUH
DFXVWLFÆHVWHDFWLYDWăVLPEROXO7GH
G 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG SHDILúDMXOPXOWLIXQFĠLRQDOVHDSULQGHvQ
FDUDFWHULVWLFDGHvQFXLHUHDXWRPDWăFRQ URúX
VXOWDĠL3DJLQD $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ UHD
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWÆUL $FWLYDUHDGH]DFWLYDUHDVLVWHPXOXLGH
$SăVDĠLEXWRQXOdVDXcSHQWUXD
VHQ]RUUDGDU
VHOHFWDVXEPHQLXO9HKLFOH$XWRYHKLњ G 7UHEXLHVăGH]DFWLYDĠLVLVWHPXOGHVHQ]RUL
FXO UDGDUvQDQXPLWHĠăULúLOkQJăXQLWăĠLOHUDGLR
$SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
WHOHVFRS3HQWUXLQIRUPDĠLLVXSOLPHQWDUH
FRQVXOWDĠL3DJLQD
$SăVDĠLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFĠLD$XWRPDWLFGRRUORFN &kQGVXQWHĠLDSURDSHGHXQLWăĠLUDGLRWHOHV
QFXLHUHDXWRPDWÆSRUWLHUH FRSVLVWHPXOGHVHQ]RULUDGDUYDILGH]DFWLYDW
&kQGIXQFĠLD$XWRPDWLFGRRUORFNV DXWRPDW
QFXLHWRULDXWRPDWHSRUWLHUHHVWH 8UPăWRDUHOHVLVWHPHVXQWRSULWHFkQGVLVWH
DFWLYDWăSRUWLHUHOHDXWRYHKLFXOXOXLVXQWDIL PXOGHVHQ]RULUDGDUHVWHGH]DFWLYDW
úDWHvQURúXSHDILúDMXOPXOWLIXQFĠLRQDO =',67521,&3/863DJLQD
$SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD =%$63/863DJLQD
UHD =)UkQă35(6$)(3DJLQD
=$VLVWHQĠăODXQJKLXOPRUW3DJLQD
$FWLYDUHDGH]DFWLYDUHDFRQILUPăULLDFXV
WLFHDvQFXLHULL =$VLVWHQĠăDFWLYăODXQJKLXO
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
YDW
9HĠLYHGHDVHWDUHDVHOHFWDWăRQSRUњ 8WLOL]DUHDvQFăO]LULLDX[LOLDUHHVWHGLQDFHVW
QLWVDXRIIRSULW PRWLYLQWHU]LVăvQEHQ]LQăULLVDXFkQGDXWRYH
$SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD KLFXOXOGXPQHDYRDVWUăHVWHDOLPHQWDWFXFDU
UHD EXUDQW3ULQXUPDUHWUHEXLHVăGH]DFWLYDĠL
vQFăO]LUHDDX[LOLDUăvQEHQ]LQăULL
0HQLXGHvQFăO]LUH
8WLOL]DUHDvQFăO]LULLYHQWLODĠLHLDX[LOLDUH
2UăGHSOHFDUHSHQWUXvQFăO]LUHDDX[LOLDUă FRQVXPăEDWHULDDXWRYHKLFXOXOXL'XSăFH
$FHDVWăIXQFĠLHHVWHGLVSRQLELOăQXPDLOD DĠLvQFăO]LWVDXYHQWLODWDXWRYHKLFXOXOGH
DXWRYHKLFXOHOHFXvQFăO]LUHDX[LOLDUă PD[LPXPGRXăRULFRQGXFHĠLRGLVWDQĠă
3DJLQD PDLPDUH
'LQVXEPHQLXO+HDWLQJQFÆO]LUH G 3RUQLĠLvQFăO]LUHDDX[LOLDUăUHJXODWFHO
SXWHĠLVHOHFWDRRUăGHSOHFDUHPHPRUDWăVDX SXĠLQRGDWăSHOXQăWLPSGHDSUR[LPDWLY
VFKLPEDRRUăGHSOHFDUH PLQXWH
)XQFĠLDWHPSRUL]DWRUXOXLGHvQFăO]LUHDX[LOLDUă 6HOHFWDUHDRUHLGHSOHFDUHVDXGH]DFWLYD
FDOFXOHD]ăRUDGHDFWLYDUHvQIXQFĠLHGHWHP UHDXQHLRUHGHSOHFDUHVHOHFWDWH
SHUDWXUDH[WHULRDUăDVWIHOvQFkWDXWRYHKLFXOXO
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ
VăILHSUHvQFăO]LWSkQăODRUDGHSOHFDUH&kQG
VDDWLQVRUDGHSOHFDUHvQFăO]LUHDDX[LOLDUă SHQWUXDVHOHFWDPHQLXO6HWWLQJV
FRQWLQXăVăvQFăO]HDVFăWLPSGHvQFăFLQFL 6HWÆUL
PLQXWHúLDSRLVHGH]DFWLYHD]ăÌQFăO]LUHD $SăVDĠLEXWRQXOdVDXcSHQWUXD
DX[LOLDUăDGRSWăVHWDUHDGHWHPSHUDWXUă VHOHFWDVXEPHQLXO+HDWLQJ
7+(50$7,&VDX7+(5027521,& QFÆO]LUH
3XWHĠLGH]DFWLYDvQFăO]LUHDDX[LOLDUăFXDMXWR $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
UXOWHOHFRPHQ]LLVDXFXEXWRQXOSHQWUXvQFăO]L 9HĠLYHGHDVHWDUHDVHOHFWDWă
UHDDX[LOLDUăGHSHFRQVRODFHQWUDOă $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
$9(57,60(17 $SăVDĠLEXWRQXOdVDXcSHQWUXD
6HSURGXFJD]HGHHúDSDPHQWFkQGvQFăO]LUHD VHOHFWDXQDGLQFHOHWUHLRUHGHSOHFDUHVDX
DX[LOLDUăHVWHvQIXQFĠLXQH,QKDODUHDDFHVWRU 7LPHURII7HPSRUL]DWRUGH]DFWLњ
JD]HGHHúDSDPHQWYăSRDWHILQRFLYă3ULQ YDWQLFLXQWHPSRUL]DWRUDFWLY
XUPDUHDUWUHEXLVăGH]DFWLYDĠLvQFăO]LUHD $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
DX[LOLDUăvQVSDĠLLvQFKLVHIăUăXQVLVWHPGH &kQGHVWHVHOHFWDWăRRUăGHSOHFDUHODPSD
YHQWLODUHSULQDVSLUDĠLHGHH[vQWUXQJDUDM LQGLFDWRDUHJDOEHQăVHDSULQGHvQEXWRQXO
SHQWUXvQFăO]LUHDDX[LOLDUă
$9(57,60(17
&kQGXWLOL]DĠLvQFăO]LUHDDX[LOLDUăDQXPLWHSăUĠL 6FKLPEDUHDRUHLGHSOHFDUH
DOHDXWRYHKLFXOXOXLVHSRWvQFLQJHSXWHUQLF $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
$VLJXUDĠLYăFăVLVWHPXOGHHYDFXDUHQXLQWUă SHQWUXDVHOHFWDPHQLXO6HWWLQJV
VXEQLFLRIRUPăvQFRQWDFWFXPDWHULDOHOHXúRU 6HWÆUL
LQIODPDELOHSUHFXPLDUEDXVFDWăVDXFDUEX $SăVDĠLEXWRQXOdVDXcSHQWUXD
UDQĠLL0DWHULDOHOHVDUSXWHDvQFD]FRQWUDU VHOHFWDVXEPHQLXO+HDWLQJ
DSULQGHLDUIRFXOVDUUăVSkQGLODDXWRYHKLFXO QFÆO]LUH
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
$SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
&DOFXODWRUGHERUGúLGLVSOD\XUL
9HĠLYHGHDVHWDUHDVHOHFWDWă $SăVDĠLEXWRQXOdVDXcSHQWUXD
$SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH VHOHFWDIXQFĠLD(DV\(QWU\([LW
$SăVDĠLEXWRQXOdVDXcSHQWUXD ,QWUDUH,HĂLUHXĂRDUÆ
VHOHFWD&KDQJH$6FKLPEÆ$%VDX& 'DFăIXQFĠLD(DV\(QWU\([LW
$SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
,QWUDUH,HĂLUHXĂRDUÆHVWHDFWLYDWă
YRODQXODXWRYHKLFXOXOXLHVWHDILúDWvQURúX
$FXPSXWHĠLVFKLPEDRUDGHSOHFDUH
SHDILúDMXOPXOWLIXQFĠLRQDO
$SăVDĠLEXWRQXOYVDXeSHQWUXD
$SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
VHOHFWDDILúDMXOGHPRGLILFDWRUHPLQXWH
UHD
$SăVDĠLEXWRQXOdVDXcSHQWUXD
VHWDDILúDMXOVHOHFWDW $FWLYDUHDGH]DFWLYDUHDUHJOăULLFHQWXULL
$SăVDĠLEXWRQXOvSHQWUXDPHPRUD 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGUHJOD
LQWUDUHD UHDFHQWXULLFRQVXOWDĠL3DJLQD
/DPSDLQGLFDWRDUHJDOEHQăGHSHEXWRQXO $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXvQFăO]LUHDDX[LOLDUăVHDSULQGH SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWÆUL6HWWLQJV6HWăUL
&RQIRUW $SăVDĠLEXWRQXOdVDXcSHQWUXD
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ 0HQLX$0*ODDXWRYHKLFXOH$0*
&DOFXODWRUGHERUGúLGLVSOD\XUL
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWÆUL $ILúDMH$0*
$SăVDĠLEXWRQXOdVDXcSHQWUXD $SăVDĠLYVDXeGHSHYRODQSHQWUX
VHOHFWDVXEPHQLXO&RQYHQLHQFH$VLVњ DVHOHFWDPHQLXO$0*
WDUH
$SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
$SăVDĠLdVDXcSHQWUXDVHOHFWD
IXQFĠLD$XWRIROGLQ5DEDWDUH
DXWR±QLQWHULRU
'DFăIXQFĠLD$XWRIROGLQ5DEDWDUH
DXWR±QLQWHULRUHVWHDFWLYDWă
RJOLQGDH[WHULRDUăDDXWRYHKLFXOXOXLHVWH C 9LWH]RPHWUXGLJLWDO
DILúDWăvQURúXvQDILúDMXOPXOWLIXQFĠLRQDO D ,QGLFDWRUWUHDSWăGHYLWH]ă
$SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD ,QGLFDWRUGHVFKLPEDUHODWUHDSWDVXSH
UHD ULRDUă
7HPSHUDWXUDXOHLXOXLGHPRWRU
5HYHQLUHDODVHWăULOHGLQIDEULFă 7HPSHUDWXUDOLFKLGXOXLGHUăFLUH
'LQPRWLYHGHVLJXUDQĠăQXWRDWHIXQFĠLLOH ,QGLFDWRUXOGHVFKLPEDUHvQWUHDSWăVXSH
VXQWUHVHWDWHIXQFĠLD/LPLW6SHHGZLQњ ULRDUă83686LQGLFăIDSWXOFăPRWRUXO
WHUW\UHV/LPLWÆYLWH]ÆSQHXUL DLQWUDWvQLQWHUYDOXOGHVXSUDWXUDUHFkQGVH
LDUQÆGLQ63(('7521,&SHUPDQHQWSRDWH DIOăvQSURJUDPXOGHVFKLPEDUHPDQXDOăD
ILVHWDWăGRDUvQVXEPHQLXO9HKLFOH$XWRњ YLWH]HORU,QGLFDWRUXOGHVFKLPEDUHvQWUHDSWă
YHKLFXO'DFăGRULĠLVăUHVHWDĠLIXQFĠLD VXSHULRDUă83686VXSULPăSURJUHVLY
'D\WLPHGULYLQJOLJKWV0RGGHIXQFњ DOWHPHVDMHSkQăFHDĠLVFKLPEDWvQWUHDSWD
ĆLRQDUHSHWLPSGH]LDIDUXULORUGLQ VXSHULRDUă
VXEPHQLXO/LJKW/XPLQÆWUHEXLHVăURWLĠL &kQGWHPSHUDWXUDXOHLXOXLGHPRWRUHVWHVXE
FKHLDvQFRPXWDWRUXOGHFRQWDFWvQSR]LĠLD LQGLFDWRUXOGHWHPSHUDWXUăDXOHLXOXL
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ HVWHDILúDWvQDOEDVWUX(YLWDĠLFRQGXFHUHDOD
SHQWUXDVHOHFWDPHQLXO6HWWLQJV SXWHUHDPRWRUXOXLPD[LPăvQDFHVWLQWHUYDO
6HWÆUL
$SăVDĠLEXWRQXOdVDXcSHQWUXD 6(783
VHOHFWDVXEPHQLXO)DFWRU\VHWWLQJ 6(783SUH]LQWăSURJUDPXOGHFRQGXFHUH
6HWDUHGLQIDEULFÆ PRGXO(633URJUDPGHVWDELOLWDWHHOHFWUR
$SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH QLFăúLPRGXOGHPDQHYUDUH63257
0HVDMXO5HVHWDOOVHWWLQJV"5HVHњ $SăVDĠLYVDXeGHSHYRODQSHQWUX
WDĆLWRDWHVHWÆULOH"DSDUH
DVHOHFWDPHQLXO$0*
$SăVDĠLEXWRQXOdVDXcSHQWUXD
$SăVDĠLEXWRQXOcvQPRGUHSHWDWSkQă
VHOHFWD1R1XVDX<HV'D
6(783HVWHDILúDW
$SăVDĠLEXWRQXOvSHQWUXDFRQILUPD
VHOHFĠLD
'DFăVHOHFWDĠL<HV'DDILúDMXOPXOWL
IXQFĠLRQDOSUH]LQWăXQPHVDMGHFRQILUPDUH
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
$ILúDUHDWLPSXOXLLQWHUPHGLDU
&DOFXODWRUGHERUGúLGLVSOD\XUL
C 3URJUDPXOGHFRQGXFHUH&660
D 0RGXO(63212))VDXPRGXOGH $SăVDĠLYVDXeSHQWUXDVHOHFWD
PDQHYUDUH6325763257 ,QWHUP7LPH7LPSLQWHUP
$SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
5$&(7,0(5
7LPSXOLQWHUPHGLDUHVWHDILúDWWLPSGHFLQFL
$ILúDUHDúLSRUQLUHD5$&(7,0(5 VHFXQGH
3XWHĠLXWLOL]D5$&(7,0(5SHQWUXDVWRFDWLP ÌQFHSHUHDXQXLQRXWXU
SLLGHWXU
6HSRWPHPRUDPD[LPXPúDLVSUH]HFHWXUXUL
$SăVDĠLYVDXeGHSHYRODQSHQWUX
$SăVDĠLvSHQWUXDFRQILUPD1HZ/DS
DVHOHFWDPHQLXO$0*
7XUQRX
$SăVDĠLEXWRQXOcvQPRGUHSHWDWSkQă
FHHVWHDILúDW5$&(7,0(5
G 'DFă5$&(7,0(5HVWHVHOHFWDWEDUDGH
PHQLXQXSRDWHILLQYRFDWăFXEXWRDQHOH
YúLe
C 5$&(7,0(5
D &HOPDLUDSLGWLPSSHWXUFHOPDLEXQWXU
7XU
2SULUHD5$&(7,0(5
C 7XU $SăVDĠLEXWRQXOAGHSHYRODQ
D 5$&(7,0(5
3XWHĠLSRUQL5$&(7,0(5FkQGPRWRUXOIXQF
ĠLRQHD]ăVDXGDFăFKHLDVHDIOăvQSR]LĠLDvQ
FRPXWDWRUXOGHFRQWDFW
3HQWUXDSRUQLDSăVDĠLEXWRQXOvSHQ
WUXDSRUQL5$&(7,0(5
$SăVDĠLvSHQWUXDFRQILUPD<(6
5$&(7,0(5vQWUHUXSHFURQRPHWUDUHDFkQG
RSULĠLDXWRYHKLFXOXOúLURWLĠLFKHLDvQSR]LĠLD
GLQFRPXWDWRUXOGHFRQWDFW&kQGURWLĠLFKHLD
vQSR]LĠLDVDXúLDSRLDSăVDĠLvSHQWUX
DFRQILUPD6WDUWFURQRPHWUDUHDFRQWLQXă
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
5HVHWDUHDWXUXOXLFXUHQW
&DOFXODWRUGHERUGúLGLVSOD\XUL
2SULĠL5$&(7,0(5
$SăVDĠLYVDXeSHQWUXDVHOHFWD
5HVHW/DS
$SăVDĠLvSHQWUXDUHVHWDWLPSXOGHWXU
OD´
C (YDOXDUHJHQHUDOă5$&(7,0(5
ùWHUJHUHDWXWXURUWXUXULORU
D 7LPSWRWDOFRQGXV
'DFăRSULĠLPRWRUXO5$&(7,0(5HVWHUHVHWDW
9LWH]DPHGLH
ODGXSăGHVHFXQGH7RDWHWXUXULOHVXQW
úWHUVH
'LVWDQĠDSDUFXUVă
1XSXWHĠLúWHUJHWXUXULPHPRUDWHLQGLYLGXDO 9LWH]ăPD[LPă
'DFăDĠLRSULWWXUXULWXUXOFXUHQWQXWUHEXLH
VăILHUHVHWDW (YDOXDUHWXU
5HVHWDUHDWXUXOXLFXUHQW
$FHDVWăIXQFĠLHHVWHGLVSRQLELOăQXPDLGDFă
$SăVDĠLvSHQWUXDFRQILUPD5HVHW DĠLPHPRUDWFHOSXĠLQGRXăWXUXULúLDĠLRSULW
5HVHW5DFH7LPHU"DSDUHSHDILúDMXOPXO 5$&(7,0(5
WLIXQFĠLRQDO $SăVDĠLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$0*
$SăVDĠLEXWRQXOcvQPRGUHSHWDWSkQă
FHHVWHDILúDWăHYDOXDUHDWXUXOXL
)LHFDUHWXUDSDUHvQWUXQVXEPHQLXVHSDUDW
&HOPDLUDSLGWXUHVWHLQGLFDWSULQVLPEROXO
LQWHUPLWHQWC
$SăVDĠLEXWRQXOdSHQWUXDVHOHFWD
<HVúLDSăVDĠLEXWRQXOvSHQWUXDFRQ
ILUPD
7RDWHWXUXULOHVXQWúWHUVH
(YDOXDUHJHQHUDOă
C 7XU
$FHDVWăIXQFĠLHHVWHDILúDWăGDFăDĠLPHPRUDW
FHOSXĠLQXQWXUúLDĠLRSULW5$&(7,0(5 D 7LPSSHWXU
$SăVDĠLYVDXeGHSHYRODQSHQWUX 9LWH]ăPHGLHSHWXU
DVHOHFWDPHQLXO$0*
/XQJLPHWXU
$SăVDĠLEXWRQXOcvQPRGUHSHWDWSkQă 9LWH]ăPD[LPăvQWLPSXOWXUXOXL
FHHVWHDILúDWăHYDOXDUHDJHQHUDOă $SăVDĠLEXWRQXOcVDXdSHQWUXD
VHOHFWDRHYDOXDUHGLIHULWăDWXUXOXL
0HVDMHGHSHGLVSOD\
0HVDMHGHSHGLVSOD\
&DOFXODWRUGHERUGúLGLVSOD\XUL
1RWHJHQHUDOH
0HVDMHOHGHSHGLVSOD\DSDUSHDILúDMXOPXOWLIXQFĠLRQDO
0HVDMHOHGHSHGLVSOD\FXGLVSOD\XULJUDILFHSRWDSăUHDvQIRUPăVLPSOLILFDWăvQ0DQXDOXOGH
XWLOL]DUHúLSRWGLIHULGHPHVDMHOHLQGLFDWHSHDILúDMXOPXOWLIXQFĠLRQDO
5ăVSXQGHĠLvQFRQIRUPLWDWHFXPHVDMHOHGHSHGLVSOD\úLUHVSHFWDĠLQRWHOHVXSOLPHQWDUHGLQ
0DQXDOXOGHXWLOL]DUH
$QXPLWHPHVDMHGHSHGLVSOD\VXQWvQVRĠLWHGHXQVXQHWGHDYHUWL]DUHVDXGHXQVXQHWFRQWLQXX
&kQGRSULĠLúLSDUFDĠLDXWRYHKLFXOXOUHVSHFWDĠLQRWHOHSULYLQGIXQFĠLD+ROG3DJLQDúL
SDUFDUH3DJLQD
$VFXQGHUHDPHVDMHORUGHSHGLVSOD\
3XWHĠLDVFXQGHXQHOHPHVDMHGHSHGLVSOD\FXSULRULWDWHVFă]XWă
$XWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOFXEXWRDQHDSăVDĠLFSHYRODQSHQWUXD
úWHUJHPHVDMXOGHSHGLVSOD\
0HVDMXOGHSHGLVSOD\HVWHúWHUV
$XWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOFXEXWRDQHDSăVDĠLvVDXASHYRODQ
SHQWUXDúWHUJHPHVDMXOGHSHGLVSOD\
0HVDMXOGHSHGLVSOD\HVWHúWHUV
0HVDMHOHGHSHGLVSOD\FXSULRULWDWHULGLFDWăDSDUvQURúX
1XSXWHĠLDVFXQGHPHVDMHOHGHSHGLVSOD\FXSULRULWDWHPD[LPă$ILúDMXOPXOWLIXQFĠLRQDOSUH
]LQWăDFHVWHPHVDMHFRQWLQXXSkQăFHFDX]DPHVDMHORUDIRVWUHPHGLDWă
0HPRULHGHPHVDMH
$XWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUXOGHERUGVDOYHD]ăDQXPLWHPHVDMHGHSHGLVSOD\3XWHĠLDSHODDFHVWHPHVDMHGH
SHGLVSOD\vQPHPRULDGHPHVDMH
$SăVDĠLEXWRQXOGHSHYRODQvQPRGUHSHWDWSkQăFHDSDUHPHPRULDGHPHVDMH
'DFăQXH[LVWăPHVDMHSHGLVSOD\YHĠLYHGHD1RPHVVDJHV1LFLXQPHVDM'DFăH[LVWă
PHVDMHSHGLVSOD\DILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăPHVVDJHVPHVDMHGHH[HPSOX
&XDMXWRUXOEXWRQXOXLFSDUFXUJHĠLPHVDMHOHGHSHGLVSOD\
ÌQFD]XODQXPLWRUPHVDMHGHSHGLVSOD\VLPEROXODSDUHSHDILúDMXOPXOWLIXQFĠLRQDO9HĠL
JăVLLQIRUPDĠLLGHWDOLDWHGHVSUHDFHVWHPHVDMHGHSHGLVSOD\vQVHFĠLXQHDFDUHXUPHD]ă
&kQGFRQWDFWXOHVWHGHFXSODWWRDWHPHVDMHOHGHSHGLVSOD\VXQWúWHUVHFXH[FHSĠLDXQRU
PHVDMHGHSHGLVSOD\GHvQDOWăSULRULWDWH2GDWăFHVDXUHPHGLDWFDX]HOHPHVDMHORUGHSH
GLVSOD\GHvQDOWăSULRULWDWHPHVDMHOHDIHUHQWHGHSHGLVSOD\VXQWGHDVHPHQHDúWHUVH
0HVDMHGHSHGLVSOD\
$XWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL
&DOFXODWRUXOGHERUGVDOYHD]ăDQXPLWHPHVDMHGHSHGLVSOD\3XWHĠLDSHODODPHVDMHOHGHSH
GLVSOD\vQPHPRULDGHPHVDMH
$SăVDĠLEXWRQXOYVDXeGHSHYRODQSHQWUXDVHOHFWDPHQLXO7HO
'DFăH[LVWăPHVDMHSHGLVSOD\DILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăPHVVDJHVPHVDMH
GHH[HPSOX
$SăVDĠLEXWRQXOcVDXdSHQWUXDVHOHFWDLQWUDUHDGHH[PHVVDJHV
PHVDMH
&RQILUPDĠLFXv
$SăVDĠLEXWRQXOcVDXdSHQWUXDSDUFXUJHPHVDMHOHGHSHGLVSOD\
&kQGFRQWDFWXOHVWHGHFXSODWWRDWHPHVDMHOHGHSHGLVSOD\VXQWúWHUVHFXH[FHSĠLDXQRU
PHVDMHGHSHGLVSOD\GHvQDOWăSULRULWDWH2GDWăFHVDXUHPHGLDWFDX]HOHPHVDMHORUGHSH
GLVSOD\GHvQDOWăSULRULWDWHPHVDMHOHDIHUHQWHGHSHGLVSOD\VXQWGHDVHPHQHDúWHUVH
0HVDMHGHSHGLVSOD\
6LVWHPHGHVLJXUDQĠăYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
$%6 3HULFROGHDFFLGHQW
FXUUXQDYDLO $%66LVWHPDQWLEORFDUHODIUkQDUH(633URJUDPGHVWDELOLWDWH
PRPHQWDQLQGLVS
HOHFWURQLFă%$66LVWHPGHDVLVWDUHODIUkQDUH35(6$)(
IXQFĠLD+2/'$VLVWHQĠDODSRUQLUHDvQSDQWăúL6WDELOL]DUHDUHPRU
FLLFX(63VXQWWHPSRUDULQGLVSRQLELOH
(VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYăVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHå»úL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWH
(VWHSRVLELOFDIXQFĠLDGHDXWRGLDJQRVWLFDUHVăQXILHILQDOL]DWăGH
H[HPSOX
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
&RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHFDURVDELOăDGHFYDWăDFĠLR
QkQGGLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
'DFăPHVDMXOGHSHGLVSOD\GLVSDUHIXQFĠLLOHPHQĠLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
&RQGXFHĠLFXDWHQĠLH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
3HULFROGHDFFLGHQW
$%6(63%$635(6$)(IXQFĠLD+2/'$VLVWHQĠDODSRUQLUHD
vQSDQWăúL6WDELOL]DUHDUHPRUFLLFX(63VXQWWHPSRUDULQGLVSR
QLELOH
(VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYăVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHå»úL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWH
'HH[HPSOXWHQVLXQHDGHODERUGSRDWHILLQVXILFLHQWă
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
&RQGXFHĠLFXDWHQĠLH
'DFăPHVDMXOGHSHGLVSOD\GLVSDUHIXQFĠLLOHPHQĠLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
&RQGXFHĠLFXDWHQĠLH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
$%6 3HULFROGHDFFLGHQW
LQRSHUDWLYH $%6(63%$635(6$)(IXQFĠLD+2/'$VLVWHQĠDODSRUQLUHD
QHIXQFĆLRQDO
vQSDQWăúL6WDELOL]DUHDUHPRUFLLFX(63VXQWLQGLVSRQLELOHGLQ
FDX]DXQHLGHIHFĠLXQL
(VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYăVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHå»%úLMVHDSULQG
SHSDQRXOGHLQVWUXPHQWH
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
&RQGXFHĠLFXDWHQĠLH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
M 6DGHWHFWDWFRQGXFHUHDFXIUkQDGHSDUFDUHDFĠLRQDWă6HHPLWH
úLXQVXQHWGHDYHUWL]DUH
5HOHDVHSDUNLQJ (OLEHUDĠLIUkQDGHSDUFDUH
EUDNH(OLEHUDĆL
IU¥QDGHSDUFDUH
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
M $VXUYHQLWRGHIHFĠLXQHFkWIXQFĠLD+2/'HUDDFWLYă
VDX
%UDNHLPPHGLDWHO\
)U¥QDĆLLPHGLDW $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOăFXIXQFĠLD+2/'DFWLYDWă
DĠL
=GHVFKLVSRUWLHUDúRIHUXOXLúLHOLEHUDWFHQWXUDGHVLJXUDQĠăVDX
=RSULWPRWRUXOVDX
=GHVFKLVFDSRWD
(VWHSRVLELOVăVHHPLWăXQWRQODLQWHUYDOHUHJXODWH7RQXOGHYLQH
PDLSXWHUQLFGDFăvQFHUFDĠLVăvQFXLDĠLDXWRYHKLFXOXO
1XSXWHĠLSRUQLPRWRUXO
ğLQkQGFRQWGHVLWXDĠLDGLQWUDILFDSăVDĠLSHGDODGHIUkQăLPHGLDW
úLIHUPúLĠLQHĠLRDSăVDWăSkQăFHGLVSDUHPHVDMXOGHSHGLVSOD\
3UHYHQLĠLSXQHUHDvQPLúFDUHDDXWRYHKLFXOXOXLvQDLQWHGHDO
SăUăVL3DJLQD
3XWHĠLUHSRUQLPRWRUXO
M 3HULFROGHDFFLGHQW
&KHFNEUDNHIOXLG 5H]HUYRUXOSHQWUXOLFKLGGHIUkQăFRQĠLQHLQVXILFLHQWOLFKLGGH
OHYHO9HULILFDĆL IUkQăÌQSOXVODPSDGHDYHUWL]DUHURúLHMVHDSULQGHSHSDQRXO
QLYHOXOOLFKLGXOXL GHLQVWUXPHQWHúLVHHPLWHXQVXQHWGHDYHUWL]DUH
GHIU¥QÆ 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOFkWPDLFXUkQGSRVLELO
DFRUGkQGDWHQĠLHFRQGLĠLLORUUXWLHUHvQWLPSFHHIHFWXDĠLRSULUHD
1XFRQWLQXDĠLVXEQLFLRIRUPăVăFRQGXFHĠL
$FĠLRQDĠLIUkQDGHSDUFDUH
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
1XFRPSOHWDĠLFXOLFKLGGHIUkQă$VWIHOQXVHHOLPLQăHURDUHD
& 3OăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăDXDWLQVOLPLWDORUGHX]XUă
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&KHFNEUDNHZHDU
9HULILFDĆLX]XUD
IU¥QHORU
35(6$)( 3HULFROGHUăQLUH
LQRSHUDWLYH )XQFĠLLLPSRUWDQWHDOH35(6$)(VDXGHIHFWDW7RDWHFHOHODOWH
QHIXQFĆLRQDOÆ VLVWHPHGHVLJXUDQĠăDSDVDJHULORUGHH[DLUEDJXULOHUăPkQGLV
SRQLELOH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
é 'DFăVLPEROXODSDUHSHDILúDMXOPXOWLIXQFĠLRQDOROLPEăDXQHL
FHQWXULGHVLJXUDQĠăDIRVWFXSODWăvQWURFDWDUDPăGHEORFDUHD
XQXLVFDXQVSDWH
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUX
FHQWXULOHVFDXQHORUVSDWH3DJLQD
ê 3HULFROGHUăQLUH
'DFăVLPEROXODSDUHSHDILúDMXOPXOWLIXQFĠLRQDOROLPEăDXQHL
FHQWXULGHVLJXUDQĠăQXDIRVWFXSODWăvQWURFDWDUDPăGHEORFDUH
DXQXLVFDXQVSDWH
'DFăVLWXDĠLDRFHUHFHUHĠLOHSDVDJHULORUGLQVSDWHVăúLFXSOH]H
FHQWXULOHGHVLJXUDQĠă
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUX
FHQWXULOHVFDXQHORUVSDWH3DJLQD
&KLOGVHDWSRVLњ 3HULFROGHUăQLUH
WLRQ3R]LĆLH
$XWRYHKLFXOHOHFXUHFXQRDúWHUHDXWRPDWăDVFDXQXOXLSHQWUXFRSLO
VFDXQFRSLO
GHSHVFDXQXOSDVDJHUXOXLIDĠăVFDXQXOSHQWUXFRSLOHVWHSR]LĠLR
QDWLQFRUHFW
0RQWDĠLVFDXQXOSHQWUXFRSLOvQSR]LĠLDFRUHFWă
3HULFROGHUăQLUH
$XWRYHKLFXOHFXUHFXQRDúWHUHDXWRPDWăDVFDXQXOXLSHQWUXFRSLO
GHSHVFDXQXOSDVDJHUXOXLIDĠăVHQ]RUXOGHUHFXQRDúWHUHDXWR
PDWăDVFDXQXOXLSHQWUXFRSLOIXQFĠLRQHD]ăGHIHFWXRV
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
u 3HULFROGHUăQLUH
0DOIXQFWLRQ ([LVWăRGHIHFĠLXQHOD6566LVWHPXO6XSOLPHQWDUGH5HWHQĠLH'H
:RUNVKRS'HIHFњ DVHPHQHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGH
ĆLXQH$WHOLHUVHUњ LQVWUXPHQWH
YLFH $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
u 3HULFROGHUăQLUH
)/PDOIXQF:RUNVњ 656VDGHIHFWDWSHIDĠăVWkQJDVDXIDĠăGUHDSWD'HDVHPHQHD
KRS'HIHF)6 VHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGHLQVWUXPHQWH
$WHOLHUVHUYLFH ڋ$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VDX)ڋ5PDOIXQF
:RUNVKRS'HIHF
)'$WHOLHUVHUњ
YLFH
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
u 3HULFROGHUăQLUH
5/PDOIXQF:RUNVњ 656VDGHIHFWDWSHVSDWHVWkQJDVDXVSDWHGUHDSWD'HDVHPH
KRS'HIHF66 QHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGHLQVWUX
$WHOLHUVHUYLFH ڋPHQWH
VDXڋ55PDOIXQF $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
:RUNVKRS'HIHF
6'$WHOLHUVHUњ
YLFH
u 3HULFROGHUăQLUH
5FHQWPDOI 656VDGHIHFWDWSHFHQWUXVSDWH'HDVHPHQHDVHDSULQGHODPSD
:RUNVKRS'HIHF GHDYHUWL]DUHuGLQSDQRXOGHLQVWUXPHQWH
FHQW6$WHOLHU $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VHUYLFH
/HIWZLQGRZEDJPDOњ 3HULFROGHUăQLUH
IXQFWLRQZNVKS
([LVWăRGHIHFĠLXQHODDLUEDJXOWLSFRUWLQăGHSHSDUWHDVWkQJăúL
'HIHFDLUEDJFRUњ
VDXGHSHSDUWHDGUHDSWă'HDVHPHQHDVHDSULQGHODPSDGH
WLQÆVW¥QJDDWHњ
DYHUWL]DUHuGLQSDQRXOGHLQVWUXPHQWH
OLHU
VDX $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
5LJKWZLQGRZEDJ
PDOIXQFWLRQZNVKS
'HIHFDLUEDJFRUњ
WLQÆGUHDSWDDWHњ
OLHU
0HVDMHGHSHGLVSOD\
6LVWHPHGHVLJXUDQĠăYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
%å 3HULFROGHDFFLGHQW
FXUUHQWO\XQDYDLњ $%66LVWHPGHDQWLEORFDUHODIUkQDUH(633URJUDPGHVWDEL
ODEOH6HH2ZQHU
V OLWDWHHOHFWURQLFă%$6)UkQDUHDVLVWDWă35(6$)(IXQFĠLD
0DQXDOPRPHQWDQ +2/'DVLVWHQĠDODSRUQLUHDvQSDQWăúLVWDELOL]DUHDUHPRUFLLFX
LQGLVSRQLELO&RQњ (63VXQWWHPSRUDULQGLVSRQLELOH
VXOWDĆL0DQXDOXO (VWHSRVLELOFDúLOăPSLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
GHXWLOL]DUH 35(6$)(VăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHå»úL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWH
(VWHSRVLELOFDIXQFĠLDGHDXWRGLDJQRVWLFDUHVăQXILHILQDOL]DWăGH
H[HPSOX
$VLVWHQWXOSHQWUXPHQĠLQHUHDDWHQĠLHLHVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
&RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHFDURVDELOăDGHFYDWăDFĠLR
QkQGGLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
'DFăPHVDMXOGHSHGLVSOD\GLVSDUHIXQFĠLLOHPHQĠLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
&RQGXFHĠLFXDWHQĠLH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
3HULFROGHDFFLGHQW
$%6(63%$635(6$)(IXQFĠLD+2/'DVLVWHQĠDODSRUQLUHD
vQSDQWăúLVWDELOL]DUHDUHPRUFLLFX(63VXQWWHPSRUDULQGLVSR
QLELOH
(VWHSRVLELOFDúLOăPSLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
35(6$)(VăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHå»úL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWH
'HH[HPSOXWHQVLXQHDGHODERUGSRDWHILLQVXILFLHQWă
$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHLHVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
&RQGXFHĠLFXDWHQĠLH
'DFăPHVDMXOGHSHGLVSOD\GLVSDUHIXQFĠLLOHPHQĠLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
&RQGXFHĠLFXDWHQĠLH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
%å 3HULFROGHDFFLGHQW
LQRSHUDWLYH6HH $%6(63%$635(6$)(IXQFĠLD+2/'DVLVWHQĠDODSRUQLUHD
2ZQHU
V0DQXDO vQSDQWăúLVWDELOL]DUHDUHPRUFLLFX(63VXQWLQGLVSRQLELOHGLQ
QHIXQFĆLRQDO&RQњ FDX]DXQHLGHIHFĠLXQL
VXOWDĆL0DQXDOXO (VWHSRVLELOFDúLOăPSLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
GHXWLOL]DUH 35(6$)(VăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHMå»úL%VHDSULQG
SHSDQRXOGHLQVWUXPHQWH
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHLHVWHGH]DFWLYDW
&RQGXFHĠLFXDWHQĠLH
9L]LWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
å 3HULFROGHDFFLGHQW
FXUUHQWO\XQDYDLњ (63%$635(6$)(IXQFĠLD+2/'DVLVWHQĠDODSRUQLUHDvQ
ODEOH6HH2ZQHU
V SDQWăúLVWDELOL]DUHDUHPRUFLLFX(63VXQWWHPSRUDULQGLVSRQLELOH
0DQXDOPRPHQWDQ (VWHSRVLELOFDúLOăPSLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
LQGLVSRQLELO&RQњ 35(6$)(VăVHILGHIHFWDW
VXOWDĆL0DQXDOXO ÌQSOXVOăPSLOHGHDYHUWL]DUHåúL»VHDSULQGSHSDQRXOGH
GHXWLOL]DUH LQVWUXPHQWH
(VWHSRVLELOFDIXQFĠLDGHDXWRGLDJQRVWLFDUHVăQXILHILQDOL]DWăGH
H[HPSOX
$6,67(178/'(0(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRU
&RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHFDURVDELOăDGHFYDWăDFĠLR
QkQGGLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
'DFăPHVDMXOGHSHGLVSOD\GLVSDUHIXQFĠLLOHPHQĠLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
&RQGXFHĠLFXDWHQĠLH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
å 3HULFROGHDFFLGHQW
LQRSHUDWLYH6HH (63%$635(6$)(IXQFĠLD+2/'DVLVWHQĠDODSRUQLUHDvQ
2ZQHU
V0DQXDO SDQWăúLVWDELOL]DUHDUHPRUFLLFX(63VXQWLQGLVSRQLELOHGLQFDX]D
QHIXQFĆLRQDO&RQњ XQHLGHIHFĠLXQL
VXOWDĆL0DQXDOXO (VWHSRVLELOFDúLOăPSLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
GHXWLOL]DUH 35(6$)(VăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHåúL»VHDSULQGSHSDQRXOGH
LQVWUXPHQWH
$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHLHVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRU
&RQGXFHĠLFXDWHQĠLH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
z% 3HULFROGHDFFLGHQW
å (%'GLVWULEXĠLDHOHFWURQLFăDIRUĠHLGHIUkQDUH$%6(63%$6
35(6$)(IXQFĠLD+2/'DVLVWHQĠDODSRUQLUHDvQSDQWăúLVWDEL
LQRSHUDWLYH6HH OL]DUHDUHPRUFLLFX(63VXQWLQGLVSRQLELOHGLQFDX]DXQHLGHIHF
2ZQHU
V0DQXDO ĠLXQL
QHIXQFĆLRQDO&RQњ
(VWHSRVLELOFDúLOăPSLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
VXOWDĆL0DQXDOXO
GHXWLOL]DUH 35(6$)(VăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHå»úL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWHúLVHHPLWHXQVXQHWGHDYHUWL]DUH
$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHLHVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
&RQGXFHĠLFXDWHQĠLH
9L]LWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
M 6DGHWHFWDWFRQGXFHUHDFXIUkQDGHSDUFDUHDFĠLRQDWă6HHPLWH
úLXQVXQHWGHDYHUWL]DUH
5HOHDVHSDUNLQJ (OLEHUDĠLIUkQDGHSDUFDUH
EUDNH(OLEHUDĆL
IU¥QDGHSDUFDUH
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
M $VXUYHQLWRGHIHFĠLXQHFkWIXQFĠLD+2/'VDX',67521,&3/86
HUDDFWLYă
%UDNHLPPHGLDWHO\ VDX
)U¥QDĆLLPHGLDW
$XWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOăFXIXQFĠLD+2/'DFWLYDWă
DĠL
=GHVFKLVSRUWLHUDúRIHUXOXLúLHOLEHUDWFHQWXUDGHVLJXUDQĠăVDX
=RSULWPRWRUXOVDX
=GHVFKLVFDSRWD
(VWHSRVLELOVăVHHPLWăXQWRQODLQWHUYDOHUHJXODWH7RQXOGHYLQH
PDLSXWHUQLFGDFăvQFHUFDĠLVăvQFXLDĠLDXWRYHKLFXOXO
1XSXWHĠLSRUQLPRWRUXO
ğLQkQGFRQWGHVLWXDĠLDGLQWUDILFDSăVDĠLSHGDODGHIUkQăLPHGLDW
úLIHUPúLĠLQHĠLRDSăVDWăSkQăFHGLVSDUHPHVDMXOGHSHGLVSOD\
3UHYHQLĠLSXQHUHDvQPLúFDUHDDXWRYHKLFXOXOXLvQDLQWHGHDvO
SăUăVL3DJLQD
3XWHĠLUHSRUQLPRWRUXO
M 3HULFROGHDFFLGHQW
&KHFNEUDNHIOXLG 5H]HUYRUXOSHQWUXOLFKLGGHIUkQăFRQĠLQHLQVXILFLHQWOLFKLGGH
OHYHO9HULILFDĆL IUkQăÌQSOXVODPSDGHDYHUWL]DUHURúLHMVHDSULQGHSHSDQRXO
QLYHOXOOLFKLGXOXL GHLQVWUXPHQWHúLVHHPLWHXQVXQHWGHDYHUWL]DUH
GHIU¥QÆ 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF1X
FRQWLQXDĠLVXEQLFLRIRUPăVăFRQGXFHĠL
$FĠLRQDĠLIUkQDGHSDUFDUH
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
1XFRPSOHWDĠLFXOLFKLGGHIUkQă$VWIHOQXVHHOLPLQăHURDUHD
& 3OăFXĠHOHGHIUkQăIHURGRXULOHDXDWLQVOLPLWDORUGHX]XUă
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&KHFNEUDNHZHDU
9HULILFDĆLX]XUD
IU¥QHL
35(6$)( 3HULFROGHUăQLUH
LQRSHUDWLYH6HH )XQFĠLLOHLPSRUWDQWHDOH35(6$)(VDXGHIHFWDW7RDWHFHOHODOWH
2ZQHU
V0DQXDO VLVWHPGHVLJXUDQĠăDSDVDJHULORUGHH[DLUEDJXULOHUăPkQGLV
QHIXQFĆLRQDO&RQњ SRQLELOH
VXOWDĆL0DQXDOXO
9L]LWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
GHXWLOL]DUH
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
35(6$)( 3HULFROGHDFFLGHQW
)XQFWLRQVFXUњ )UkQD35(6$)(HVWHWHPSRUDUQHIXQFĠLRQDOăGDFă
UHQWO\OLPLWHG6HH
=FDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXLHVWHPXUGDU
2ZQHU
V0DQXDO
)XQFĆLLPRPHQWDQ =VHQ]RULLGLQEDUDGHSURWHFĠLHVXQWPXUGDUL
OLPLWDWH&RQVXOњ =IXQFĠLRQDUHDVDHVWHGLPLQXDWăGHSORDLDVDX]ăSDGDDEXQGHQWă
WDĆLPDQXDOXOGH =VLVWHPXOGHVHQ]RULUDGDUHVWHWHPSRUDUQHIXQFĠLRQDOGHH[GLQ
XWLOL]DUH FDX]DUDGLDĠLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDĠLLHOHFWURPDJQH
WLFH
=GH]DFWLYDĠL(63QXPDLDXWRYHKLFXOHOH$0*
=VLVWHPXOQXVHDIOăvQLQWHUYDOXOGHWHPSHUDWXUăGHIXQFĠLRQDUH
=7HQVLXQHDGHODERUGHVWHSUHDVFă]XWă
)UkQD35(6$)(HVWHIXQFĠLRQDOăGLQQRXúLPHVDMXOGHSHGLVSOD\
GLVSDUHGDFă
=PL]HULDGHH[ODSRYLĠDFDGHFkWYHKLFXOXOHVWHvQPLúFDUH
=VLVWHPXOGHWHFWHD]ăFăVHQ]RULLVXQWGLQQRXFRPSOHWGLVSRQLELOL
=UHDFWLYDĠL(63QXPDLDXWRYHKLFXOHOH$0*
=VLVWHPXOVHvQFDGUHD]ăvQLQWHUYDOXOGHWHPSHUDWXUăGHIXQFĠLR
QDUH
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
&XUăĠDĠLFDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXL
3DJLQD
&XUăĠDĠLEDUHOHGHSURWHFĠLH3DJLQD
5HSRUQLĠLPRWRUXO
$úWHSWDĠLFDEDWHULDVăVHILvQFăUFDWVXILFLHQW
35(6$)( 3HULFROGHDFFLGHQW
)XQFWLRQVOLPLWHG )UkQD35(6$)(HVWHGHIHFWă%$63/86VDXVHPQDOXOGHDYHU
6HH2ZQHU
V0DQXDO WL]DUHSULYLQGGLVWDQĠDSRWVăVHILGHIHFWDWGHDVHPHQHD
)XQFĆLLOLPLWDWH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&RQVXOWDĆLPDQXDњ
OXOGHXWLOL]DUH
é 'DFăVLPEROXODSDUHSHDILúDMXOPXOWLIXQFĠLRQDOROLPEăDXQHL
FHQWXULGHVLJXUDQĠăDIRVWFXSODWăvQWURFDWDUDPăGHEORFDUHD
XQXLVFDXQVSDWH
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUX
FHQWXULOHVFDXQHORUVSDWH3DJLQD
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
ê 3HULFROGHUăQLUH
'DFăVLPEROXODSDUHSHDILúDMXOPXOWLIXQFĠLRQDOROLPEăDXQHL
FHQWXULGHVLJXUDQĠăQXDIRVWFXSODWăvQWURFDWDUDPăGHEORFDUH
DXQXLVFDXQVSDWH
'DFăVLWXDĠLDRFHUHFHUHĠLOHSDVDJHULORUGLQVSDWHVăvúLSULQGă
FHQWXULOHGHVLJXUDQĠă
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUX
FHQWXULOHVFDXQHORUVSDWH3DJLQD
&KLOGVHDWLQ 3HULFROGHUăQLUH
ZURQJSRVLWLRQ
DXWRYHKLFXOHOHFXUHFXQRDúWHUHDXWRPDWăDVFDXQXOXLSHQWUXFRSLO
6FDXQFRSLO±Q
GHSHVFDXQXOSDVDJHUXOXLIDĠăVFDXQXOSHQWUXFRSLOHVWHSR]LĠLR
SR]LĆLHLQFRUHFWÆ
QDWLQFRUHFW
6HH2ZQHU
V
0RQWDĠLVFDXQXOSHQWUXFRSLOvQSR]LĠLDFRUHFWă
0DQXDO&RQVXOWDĆL
0DQXDOXOGHXWLOLњ
]DUH 3HULFROGHUăQLUH
DXWRYHKLFXOHOHFXUHFXQRDúWHUHDXWRPDWăDVFDXQXOXLSHQWUXFRSLO
GHSHVFDXQXOSDVDJHUXOXLIDĠăVHQ]RUXOGHUHFXQRDúWHUHDXWR
PDWăDVFDXQXOXLSHQWUXFRSLOIXQFĠLRQHD]ăGHIHFWXRV
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
u 3HULFROGHUăQLUH
5HVWUDLQWV\VPDOњ ([LVWăRGHIHFĠLXQHOD6566LVWHPXO6XSOLPHQWDUGH5HWHQĠLH'H
IXQFWLRQ&RQVXOW DVHPHQHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGH
ZRUNVKRS'HIHFњ LQVWUXPHQWH
ĆLXQHVLVUHWHQњ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ĆLH&RQVXOWDĆLDWHњ
OLHUXO
u 3HULFROGHUăQLUH
)URQWOHIWPDOIXQFњ 656VDGHIHFWDWSHIDĠăVWkQJDVDXIDĠăGUHDSWD'HDVHPHQHD
WLRQ&RQVXOWZRUNVњ VHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGHLQVWUXPHQWH
KRS'HIHFĆLXQH $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
IDĆÆVW¥QJD&RQVXOњ
WDĆLDWHOLHњ
UXOVDX)URQWULJKW
PDOIXQFWLRQ&RQњ
VXOWZRUNVKRS
'HIHFĆLXQHIDĆÆ
GUHDSWD&RQVXOWDĆL
DWHOLHUXO
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
u 3HULFROGHUăQLUH
5HDUOHIWPDOIXQFњ 656VDGHIHFWDWSHVSDWHVWkQJDVDXVSDWHGUHDSWD'HDVHPH
WLRQ&RQVXOWZRUNVњ QHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGHLQVWUX
KRS'HIHFĆLXQH PHQWH
VSDWHVW¥QJD&RQњ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VXOWDĆLDWHOLHњ
UXOVDX5HDUULJKW
PDOIXQFWLRQ&RQњ
VXOWZRUNVKRS
'HIHFĆLXQHVSDWH
GUHDSWD&RQVXOWDĆL
DWHOLHUXO
u 3HULFROGHUăQLUH
5HDUFHQWUHPDOњ 656VDGHIHFWDWSHFHQWUXVSDWH'HDVHPHQHDVHDSULQGHODPSD
IXQFWLRQ&RQVXOW GHDYHUWL]DUHuGLQSDQRXOGHLQVWUXPHQWH
ZRUNVKRS'HIHFњ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ĆLXQHFHQWUXVSDWH
&RQVXOWDĆLDWHOLHњ
UXO
u 3HULFROGHUăQLUH
/HIWZLQGRZEDJPDOњ ([LVWăRGHIHFĠLXQHODDLUEDJXOWLSFRUWLQăGHSHSDUWHDVWkQJăúL
IXQFWLRQ&RQVXOW VDXGHSHSDUWHDGUHDSWă'HDVHPHQHDVHDSULQGHODPSDGH
ZRUNVKRS'HIHFњ DYHUWL]DUHuGLQSDQRXOGHLQVWUXPHQWH
ĆLXQHDLUEDJWLS $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
FRUWLQÆVW¥QJD&RQњ
VXOWDĆLDWHOLHњ
UXOVDX5LJKWZLQњ
GRZEDJPDOIXQFWLRQ
&RQVXOWZRUNVKRS
'HIHFĆLXQHDLUEDJ
WLSFRUWLQÆ
GUHDSWD&RQVXOWDĆL
DWHOLHUXO
/XPLQLYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
G 0HVDMHGHSHGLVSOD\SULYLQG/('XULOH
$FHVWPHVDMGHSHGLVSOD\YDDSăUHDQXPDLGDFăWRDWH/('XULOHVDXGHIHFWDW
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
I ,OXPLQDUHDVXSOLPHQWDUăvQYLUDMHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ă
GHIHFWXRV
/HIWFRUQHUOLJKW
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
,OXPVXSOLP±Q
3DJLQD
YLUDMHVW¥QJDڋ
VDXڋ5LJKWFRUQHU VDX
OLJKW,OXP $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VXSOLP±QYLUDMH
GUHDSWD
I )DUXOSHQWUXID]ăVFXUWăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWGLSSHGEHDP 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
)D]ÆVFXUWÆ
3DJLQD
VW¥QJDڋVDXڋ5LJKW
GLSSHGEHDP)D]Æ VDX
VFXUWÆGUHDSWD $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
I /DPSDVSDWHDUHPRUFLLVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
7UDLOHUOHIWWDLO 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHFRQWSURSULXEHFXO
ODPS/DPSÆVSDWH
VW¥QJDUHPRUFÆڋ VDX
VDXڋ7UDLOHUULJKW $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WDLOODPS/DPSÆ
VSDWHGUHDSWD
UHPRUFÆ
I 6HPQDOL]DWRUXOGHGLUHFĠLHVWkQJDVDXGUHDSWDDOUHPRUFLLIXQFĠLR
QHD]ăGHIHFWXRV
7UDLOHUOHIW 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHFRQWSURSULXEHFXO
LQGLF6HPQDOL]Dњ
WRUVW¥QJD VDX
UHPRUFÆڋVDXڋ7UDLњ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OHUULJKWLQGLF
6HPQDOL]DWRU
GUHDSWDUHPRUFÆ
I /DPSDGHIUkQăDUHPRUFLLIXQFĠLRQHD]ăGHIHFWXRV
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHFRQWSURSULXEHFXO
7UDLOHUEUDNHODPS
/DPSÆGHIU¥QÆ VDX
UHPRUFÆ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
I 6HPQDOL]DWRUXOVSDWHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
5HDUOHIWLQGLFDњ
3DJLQD
WRU6HPQDOL]DWRU
VSDWHVW¥QJDڋVDXڋ VDX
5HDUULJKWLQGLFDњ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WRU6HPQDOL]DWRU
VSDWHGUHDSWD
I 6HPQDOL]DWRUXOGHGLUHFĠLHIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ă
GHIHFWXRV
)URQWOHIWLQGLFDњ
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
WRU6HPQDOL]DWRU
3DJLQD
IDĆÆVW¥QJDڋVDXڋ
)URQWULJKWLQGLFDњ VDX
WRU6HPQDOL]DWRU $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
IDĆÆGUHDSWD
I 6HPQDOL]DWRUXOGHGLUHFĠLHGLQRJOLQGDH[WHULRDUăGHSHSDUWHD
VWkQJăVDXGHSHSDUWHDGUHDSWăIXQFĠLRQHD]ăGHIHFWXRV
/HIWPLUURULQGLFDњ
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
WRU6HPQDOL]DWRU
3DJLQD
RJOLQGÆVW¥QJDڋ
VDXڋ5LJKWPLUURU VDX
LQGLFDWRU6HPQDњ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OL]DWRURJOLQGÆ
GUHDSWD
I $WUHLDODPSăGHIUkQăDUHPRUFLLIXQFĠLRQHD]ăGHIHFWXRV
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
7KLUGEUDNHODPS
3DJLQD
$WUHLDODPSÆGH
IU¥QÆ VDX
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
I /DPSDVSDWHGHIUkQăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
7DLOEUDNHODPS 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
OHIW/DPSDVSDWH
3DJLQD
GHIU¥QÆVW¥QJDڋ
VDXڋ7DLOEUDNH VDX
ODPSULJKW/DPSD $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VSDWHGHIU¥QÆ
GUHDSWD
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
I )D]DOXQJăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
/HIWPDLQEHDP
3DJLQD
)D]ÆOXQJÆ
VW¥QJDڋVDXڋ5LJKW VDX
PDLQEHDP)D]Æ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OXQJÆGUHDSWD
I 3URLHFWRUXOGHFHDĠăIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWIRJODPS3URњ
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
LHFWRUGHFHDĆÆ
3DJLQD
VW¥QJDڋVDXڋ5LJKW
IRJODPS3URLHFњ VDX
WRUGHFHDĆÆ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GUHDSWD
I /DPSDGHFHDĠăVSDWHIXQFĠLRQHD]ăGHIHFWXRV
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
5HDUIRJODPS3URњ
3DJLQD
LHFWRUGHFHDĆÆ
VSDWH VDX
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
I /DPSDGHSR]LĠLHIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
)URQWOHIWSDUNLQJ
3DJLQD
ODPS/DPSÆGH
SR]LĆLHVW¥QJD VDX
IDĆÆڋVDX)ڋURQW $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ULJKWSDUNLQJODPS
/DPSÆGHSR]LĆLH
GUHDSWDIDĆÆ
I /DPSDGHPHUVvQDSRLIXQFĠLRQHD]ăGHIHFWXRV
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
5HYHUVLQJOLJKW
3DJLQD
/DPSÆGHPHUV±QDњ
SRL VDX
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
I /DPSDGHJDEDULWVSDWHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
5HDUOHIWPDUNHU 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
ODPS/DPSÆGH
3DJLQD
JDEDULWVSDWH
VW¥QJDڋVDXڋ5HDU VDX
ULJKWPDUNHUODPS $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/DPSÆGHJDEDULW
VSDWHGUHDSWD
I /DPSDGHFRQGXFHUHSHWLPSGH]LVWkQJDVDXGUHDSWDHVWH
GHIHFWă
/HIWGD\WLPHGULњ 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
YLQJODPS/DPSÆ
3DJLQD
GHFRQGXFHUHSH
WLPSGH]LVW¥QJD VDX
VDX $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
5LJKWGD\WGULњ
YLQJODPS/DPSÆ
GHFRQGXFHUHSH
WLPSGH]LGUHDSWD
I ,OXPLQDUHDH[WHULRDUăIXQFĠLRQHD]ăGHIHFWXRV
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0DOIXQFWLRQ
'HIHFĆLXQH $XWRYHKLFXOHFXFkUOLJGHWUDFWDUHDUHPRUFLLHVWHSRVLELOVăVHIL
DUVRVLJXUDQĠă
9HULILFDĠLVLJXUDQĠHOH3DJLQD
'DFăHVWHQHFHVDUvQORFXLĠLVLJXUDQĠDDUVă5HVSHFWDĠLQRWHOH
GHDYHUWLVPHQWDWXQFLFkQGIDFHĠLDFHVWOXFUX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
I 6HQ]RUXOGHOXPLQăHVWHGHIHFW
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$872OLJKWVLQRSHњ
UDWLYH)DUXUL
$872QHIXQFĆLRњ
QDOH
I /XPLQLOHUăPkQDFWLYDWHFkQGSăUăVLĠLDXWRYHKLFXOXO6HHPLWHúL
XQVXQHWGHDYHUWL]DUH
6ZLWFKRIIOLJKWV 5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLDX
'H]DFWLYDĆLOXPLњ
QLOH
0HVDMHGHSHGLVSOD\
/XPLQLYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL
G 0HVDMHGHSHGLVSOD\SULYLQG/('XULOH
$FHVWPHVDMGHSHGLVSOD\YDDSăUHDQXPDLGDFăWRDWH/('XULOHVDXGHIHFWDW
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
I ,OXPLQDUHDVXSOLPHQWDUăvQYLUDMHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ă
GHIHFWXRV
/HIWFRUQHULQJ 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
OLJKW,OXPLQDUH
3DJLQD
±QYLUDMHVW¥QJDڋ
VDXڋ5LJKWFRUQHњ VDX
ULQJOLJKW,OXPLњ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QDUH±QYLUDMH
GUHDSWD
I )DUXOSHQWUXID]ăVFXUWăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWGLSSHGEHDP 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
)D]ÆVFXUWÆ
3DJLQD
VW¥QJÆڋVDXڋ5LJKW
GLSSHGEHDP)D]Æ VDX
VFXUWÆGUHDSWD $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
I /DPSDVSDWHDUHPRUFLLVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
7UDLOHUOHIWWDLO 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
ODPS/DPSÆVSDWH
VW¥QJDUHPRUFÆڋ VDX
VDXڋ7UDLOHUULJKW $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WDLOODPS/DPSÆ
VSDWHGUHDSWD
UHPRUFÆ
I 6HPQDOL]DWRUXOGHGLUHFĠLHVWkQJDVDXGUHDSWDDOUHPRUFLLIXQFĠLR
QHD]ăGHIHFWXRV
7UDLOHUOHIWLQGLњ 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
FDWRU6HPQDOL]Dњ
WRUVW¥QJD VDX
UHPRUFÆڋVDXڋ7UDLњ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OHUULJKWLQGLFDњ
WRU6HPQDOL]DWRU
GUHDSWDUHPRUFÆ
I /DPSDGHIUkQăDUHPRUFLLIXQFĠLRQHD]ăGHIHFWXRV
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
7UDLOHUEUDNHODPS
/DPSÆGHIU¥QÆ VDX
UHPRUFÆ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
I 6HPQDOL]DWRUXOVSDWHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
5HDUOHIWLQGLFDњ
3DJLQD
WRU6HPQDOL]DWRU
VSDWHVW¥QJDڋVDXڋ VDX
5HDUULJKWLQGLFDњ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WRU6HPQDOL]DWRU
VSDWHGUHDSWD
I 6HPQDOL]DWRUXOGHGLUHFĠLHIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ă
GHIHFWXRV
)URQWOHIWLQGLFDњ
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
WRU6HPQDOL]DWRU
3DJLQD
IDĆÆVW¥QJDڋVDXڋ
)URQWULJKWLQGLFDњ VDX
WRU6HPQDOL]DWRU $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
IDĆÆGUHDSWD
I 6HPQDOL]DWRUXOGHGLUHFĠLHGLQRJOLQGDH[WHULRDUăGHSHSDUWHD
VWkQJăVDXGHSHSDUWHDGUHDSWăIXQFĠLRQHD]ăGHIHFWXRV
/HIWPLUURULQGLFDњ
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
WRU6HPQDOL]DWRU
3DJLQD
±QRJOLQGÆVW¥QJDڋ
VDXڋ5LJKWPLUURU VDX
LQGLFDWRU6HPQDњ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OL]DWRURJOLQGÆ
GUHDSWD
I $WUHLDODPSăGHIUkQăDUHPRUFLLIXQFĠLRQHD]ăGHIHFWXRV
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
7KLUGEUDNHODPS
3DJLQD
DWUHLDODPSÆGH
IU¥QÆ VDX
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
I /DPSDVSDWHGHIUkQăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWKDQGWDLO 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
ODPSEUDNHODPS
3DJLQD
/DPSÆVSDWHIU¥QÆ
VW¥QJDڋVDXڋ5LJKW VDX
KDQGWDLOODPS $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
EUDNHODPS/DPSÆ
VSDWHIU¥QÆ
GUHDSWD
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
I )D]DOXQJăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
/HIWPDLQEHDP
3DJLQD
)D]ÆOXQJÆ
VW¥QJDڋVDXڋ5LJKW VDX
PDLQEHDP)D]Æ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OXQJÆGUHDSWD
I 3URLHFWRUXOGHFHDĠăIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWIRJODPS3URњ
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
LHFWRUGHFHDĆÆ
3DJLQD
VW¥QJDڋVDXڋ5LJKW
IRJODPS3URLHFњ VDX
WRUGHFHDĆÆ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GUHDSWD
I /DPSDGHFHDĠăVSDWHIXQFĠLRQHD]ăGHIHFWXRV
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
5HDUIRJODPS
3DJLQD
/DPSÆGHFHDĆÆ
VSDWH VDX
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
I /DPSDGHSR]LĠLHIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
)URQWOHIWSDUNLQJ
3DJLQD
ODPS/DPSÆGH
SR]LĆLHIDĆÆ VDX
VW¥QJDڋRU)ڋURQW $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ULJKWSDUNLQJODPS
/DPSÆGHSR]LĆLH
IDĆÆGUHDSWD
I /DPSDGHPHUVvQDSRLIXQFĠLRQHD]ăGHIHFWXRV
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
5HYHUVLQJOLJKW
3DJLQD
/DPSÆGHPHUV±QDњ
SRL VDX
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
I /DPSDGHJDEDULWVSDWHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
5HDUOHIWVLGHPDUњ
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
NHUODPS/DPSDGH
3DJLQD
JDEDULWODWHUDOÆ
VSDWHVW¥QJDڋVDXڋ VDX
5HDUULJKWVLGH $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
PDUNHUODPS/DPSD
GHJDEDULWODWHњ
UDOÆVSDWHGUHDSWD
I /DPSDGHFRQGXFHUHSHWLPSGH]LVWkQJDVDXGUHDSWDHVWH
GHIHFWă
/HIWGD\WLPHGULњ 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
YLQJODPS/DPSÆ
3DJLQD
GHFRQGXFHUHSH
WLPSGH]LVW¥QJDڋ VDX
VDXڋ5LJKWGD\WLPH $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GULYLQJODPS
/DPSÆGHFRQGXњ
FHUHSHWLPSGH]L
GUHDSWD
I 6LVWHPXOGHOXPLQLLQWHOLJHQWHHVWHGHIHFW/XPLQLOHUăPkQGLVSR
QLELOHIăUăVLVWHPXOGHOXPLQLLQWHOLJHQWH
,QWHOO/LJKW6\Vњ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WHPLQRSHUDWLYH
6LVWHPXOGH
OXPLQLLQWHO
QHIXQFĆLRQDO
I ,OXPLQDUHDH[WHULRDUăIXQFĠLRQHD]ăGHIHFWXRV
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0DOIXQFWLRQ6HH
2ZQHU
V0DQXDO $XWRYHKLFXOHFXFkUOLJGHWUDFWDUHDUHPRUFLLHVWHSRVLELOVăVHIL
'HIHFĆLXQH&RQњ DUVRVLJXUDQĠă
VXOWDĆLPDQXDOXO
9HULILFDĠLVLJXUDQĠHOH3DJLQD
GHXWLOL]DUH
'DFăHVWHQHFHVDUvQORFXLĠLVLJXUDQĠDDUVă5HVSHFWDĠLQRWHOH
GHDYHUWLVPHQWDWXQFLFkQGIDFHĠLDFHVWOXFUX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
I 6HQ]RUXOGHOXPLQăHVWHGHIHFW
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$872OLJKWVLQRSHњ
UDWLYH/XPLQL
$872QHIXQFĆLRњ
QDOH
I /XPLQLOHUăPkQDFWLYDWHFkQGSăUăVLĠLDXWRYHKLFXOXO6HHPLWHúL
XQVXQHWGHDYHUWL]DUH
6ZLWFKRIIOLJKWV 5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLDX
2SULĆLOXPLQLOH
$GDSWLYH0DLQEHDP $VLVWHQĠăSHQWUXID]ăOXQJăDGDSWLYăIXQFĠLRQHD]ăGHIHFWXRV
$VVLVWLQRSHUDWLYH $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$VLVWHQĆÆSHQWUX
ID]ÆOXQJÆDGDSњ
WLYÆQHIXQFĆLRњ
QDOÆ
$GDSWLYH0DLQEHDP $VLVWHQĠăSHQWUXID]ăOXQJăDGDSWLYăHVWHGH]DFWLYDWăúLWHPSRUDU
$VVLVWFXUUHQWO\ QHIXQFĠLRQDOă&DX]HSRVLELOH
XQDYDLODEOH6HH =SDUEUL]XOHVWHPXUGDUvQFkPSXOGHYL]LXQHDOFDPHUHL
2ZQHU
V0DQXDO =YL]LELOLWDWHDHVWHDIHFWDWăGLQFDX]DSORLL]ăSH]LLVDXFHĠLLDEXQ
$VLVWHQĆÆSHQWUX
GHQWH
ID]ÆOXQJÆDGDSњ
WLYÆPRPHQWDQ &XUăĠDĠLSDUEUL]XO
LQGLVSRQLELOÆ&RQњ 'DFăVLVWHPXOGHWHFWHD]ăUHYHQLUHDFDPHUHLODSDUDPHWULGHIXQF
VXOWDĆLPDQXDOXO ĠLRQDUHFRPSOHWăPHVDMXO$GDSWLYH0DLQEHDP$VVLVWDYDLњ
GHXWLOL]DUH ODEOHDJDLQ$VLVWHQĆÆSHQWUXID]ÆOXQJÆDGDSWLYÆ
GLVSRQLELOÆGLQQRXHVWHDILúDW
$VLVWHQĠăSHQWUXID]ăOXQJăDGDSWLYăHVWHIXQFĠLRQDOăGLQQRX
0HVDMHGHSHGLVSOD\
0RWRUYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
7RSXS 1LYHOXOOLFKLGXOXLGHUăFLUHHVWHSUHDVFă]XW
FRRODQW&RPSOHњ &RPSOHWDĠLFXOLFKLGGHUăFLUHUHVSHFWkQGWRWRGDWăQRWHOHGH
WDĆLFXOLFKLGGH DYHUWL]DUH3DJLQD
UÆFLUH 'DFăOLFKLGXOGHUăFLUHWUHEXLHVăILHFRPSOHWDWPDLGHVFDGH
RELFHLVROLFLWDĠLYHULILFDUHDVLVWHPXOXLGHOLFKLGGHUăFLUHDO
PRWRUXOXLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
¬ /LFKLGXOGHUăFLUHVDvQFLQV
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
6WRSYHKLFOH6Z
2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHUXWLHUHúL
HQJ2II2SULĆL
DXWRYHKLFXOXO RSULĠLPRWRUXO
2SULĆLPRWRUXO $VLJXUDĠLYăFăDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
HVWHEORFDWăGHH[GHODSRYLĠăvQJKHĠDWă
6DXDúWHSWDĠLFDPHVDMXOGHSHGLVSOD\VăGLVSDUăvQDLQWHGHD
UHSRUQLPRWRUXOÌQFD]FRQWUDUH[LVWăULVFXODYDULHULLPRWRUXOXL
$FRUGDĠLDWHQĠLHDILúDMXOXLWHPSHUDWXULLOLFKLGXOXLGHUăFLUH
'DFăWHPSHUDWXUDFUHúWHGLQQRXDSHODĠLODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWLPHGLDW
(VWHSRVLELOVăVHILUXSWFXUHDXDWUDSH]RLGDOă
2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHUXWLHUHúL
RSULĠLPRWRUXO
'HVFKLGHĠLFDSRWD
9HULILFDĠLGDFăHVWHUXSWăFXUHDXDWUDSH]RLGDOă
ÌQFD]XOvQFDUHFXUHDXDWUDSH]RLGDOăHVWHUXSWă
1XFRQWLQXDĠLVăFRQGXFHĠLÌQFD]FRQWUDUPRWRUXOVHSRDWH
VXSUDvQFăO]L
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ÌQFD]XOvQFDUHFXUHDXDWUDSH]RLGDOăHVWHLQWDFWă
6DXDúWHSWDĠLFDPHVDMXOGHSHGLVSOD\VăGLVSDUăvQDLQWHGHD
UHSRUQLPRWRUXOÌQFD]FRQWUDUH[LVWăULVFXODYDULHULLPRWRUXOXL
$FRUGDĠLDWHQĠLHDILúDMXOXLWHPSHUDWXULLOLFKLGXOXLGHUăFLUH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
¬ 0RWRUXOYHQWLODWRUXOXLHVWHGHIHFW
'DFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXESXWHĠL
FRQWLQXDVăFRQGXFHĠLSkQăODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
(YLWDĠLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULGHPXQWHúLvQWUDILFFXRSULULúL
SRUQLULIUHFYHQWH
= %DWHULDQXHVWHvQFăUFDWă
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
&DX]HSRVLELOH
=DOWHUQDWRUGHIHFW
=FXUHDXDWUDSH]RLGDOăUXSWă
=RGHIHFĠLXQHODVLVWHPHOHHOHFWURQLFH
2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHUXWLHUHúL
RSULĠLPRWRUXO
'HVFKLGHĠLFDSRWD
9HULILFDĠLGDFăHVWHUXSWăFXUHDXDWUDSH]RLGDOă
ÌQFD]XOvQFDUHFXUHDXDWUDSH]RLGDOăHVWHUXSWă
1XFRQWLQXDĠLVăFRQGXFHĠLÌQFD]FRQWUDUPRWRUXOVHSRDWH
VXSUDvQFăO]L
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ÌQFD]XOvQFDUHFXUHDXDWUDSH]RLGDOăHVWHLQWDFWă
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
² 1LYHOXOXOHLXOXLGHPRWRUDVFă]XWODQLYHOXOPLQLP
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
&KHFNHQJRLO
9HULILFDĠLQLYHOXOGHXOHLFHOPDLWkU]LXODXUPăWRDUHDDOLPHQWDUH
OHYHO9HULILFDĆL
QLYHOXOXOHLXOXL FXFDUEXUDQW3DJLQD
GHPRWRU 'DFăVLWXDĠLDRFHUHFRPSOHWDĠLFXXOHLGHPRWRU
3DJLQD
6ROLFLWDĠLYHULILFDUHDPRWRUXOXLODXQDWHOLHUGHVSHFLDOLWDWHDXWR
UL]DWvQFD]XOvQFDUHFRPSOHWăULOHFXXOHLGHPRWRUVXQWQHFHVDUH
PDLIUHFYHQWGHFkWGHRELFHL
¶ 1LYHOXOGHFDUEXUDQWDVFă]XWSkQăvQLQWHUYDOXOGHUH]HUYă
)XQFĠLRQDUHDvQFăO]LULLDX[LOLDUHHVWHGH]DFWLYDWăFkQGQLYHOXOGH
5HVHUYHIXHOOHYHO FDUEXUDQWLQWUăvQLQWHUYDOXOGHUH]HUYă
1LYHOFDUEXUDQW
$OLPHQWDĠLODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH
GHUH]HUYÆ
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
¨ ÌQUH]HUYRUXOGHFDUEXUDQWVHPDLDIOăGRDURFDQWLWDWHLQILPăGH
FDUEXUDQW
ÌQFăO]LUHDDX[LOLDUăQXSRDWHILDFĠLRQDWă
$OLPHQWDĠLREOLJDWRULXODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH
$XWRYHKLFXOHFXPRWRUGLHVHOILOWUXOGHDHUDOPRWRUXOXLHVWHDQFUD
VDWúLQHFHVLWăvQORFXLUH
5HSODFHDLUFOHDњ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QHUQORFXLĆLILOњ
WUXOGHDHU
I $XWRYHKLFXOHFXPRWRUGLHVHOH[LVWăDSăvQILOWUXOGHFDUEXUDQW
$SDWUHEXLHVăILHGUHQDWă
&OHDQWKHIXHOILOњ
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WHU&XUÆĆDĆLILOњ
WUXOGHFDUEXUDQW
0RWRUYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
½ 1LYHOXOOLFKLGXOXLGHUăFLUHHVWHSUHDVFă]XW
&RPSOHWDĠLFXOLFKLGGHUăFLUHUHVSHFWkQGWRWRGDWăQRWHOHGH
7RSXSFRRODQW6HH
DYHUWL]DUH3DJLQD
2ZQHU
V0DQXDO
'DFăOLFKLGXOGHUăFLUHWUHEXLHVăILHFRPSOHWDWPDLGHVFDGH
&RPSOHWDĆLFX
OLFKLGGHUÆFLUH RELFHLVROLFLWDĠLYHULILFDUHDVLVWHPXOXLGHOLFKLGGHUăFLUHDO
&RQVXOWDĆL0DQXDњ PRWRUXOXLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OXOGHXWLOL]DUH
¬ /LFKLGXOGHUăFLUHVDvQFLQV
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
&RRODQW6WRSYHKLњ
FOH6ZLWFKHQJLQH 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHUXWLHUHúL
RII/LFKLGXOGH RSULĠLPRWRUXO
UÆFLUH2SULĆLDXWRњ $VLJXUDĠLYăFăDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
YHKLFXOXORSULĆL HVWHEORFDWăGHH[GHODSRYLĠăvQJKHĠDWă
PRWRUXO 6DXDúWHSWDĠLFDPHVDMXOGHSHGLVSOD\VăGLVSDUăvQDLQWHGHD
UHSRUQLPRWRUXOÌQFD]FRQWUDUH[LVWăULVFXODYDULHULLPRWRUXOXL
$FRUGDĠLDWHQĠLHDILúDMXOXLWHPSHUDWXULLOLFKLGXOXLGHUăFLUH
'DFăWHPSHUDWXUDFUHúWHGLQQRXYL]LWDĠLXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DWLPHGLDW
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
(VWHSRVLELOVăVHILUXSWFXUHDXDWUDSH]RLGDOă
2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHUXWLHUHúL
RSULĠLPRWRUXO
'HVFKLGHĠLFDSRWD
9HULILFDĠLGDFăHVWHUXSWăFXUHDXDWUDSH]RLGDOă
'DFăHVWHUXSWăFXUHDXDWUDSH]RLGDOă
1XFRQWLQXDĠLVăFRQGXFHĠLÌQFD]FRQWUDUPRWRUXOVHSRDWH
VXSUDvQFăO]L
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
'DFăHVWHLQWDFWăFXUHDXDWUDSH]RLGDOă
6DXDúWHSWDĠLFDPHVDMXOGHSHGLVSOD\VăGLVSDUăvQDLQWHGHD
UHSRUQLPRWRUXOÌQFD]FRQWUDUH[LVWăULVFXODYDULHULLPRWRUXOXL
$FRUGDĠLDWHQĠLHDILúDMXOXLWHPSHUDWXULLOLFKLGXOXLGHUăFLUH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
¬ 0RWRUXOYHQWLODWRUXOXLHVWHGHIHFW
'DFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXESXWHĠL
FRQWLQXDVăFRQGXFHĠLSkQăODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
(YLWDĠLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULPRQWDQWHúLvQWUDILFFXRSULULúL
SRUQLULIUHFYHQWH
= %DWHULDQXHVWHvQFăUFDWă
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
&DX]HSRVLELOH
=DOWHUQDWRUGHIHFW
=FXUHDXDWUDSH]RLGDOăUXSWă
=RGHIHFĠLXQHODVLVWHPHOHHOHFWURQLFH
2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHUXWLHUHúL
RSULĠLPRWRUXO
'HVFKLGHĠLFDSRWD
9HULILFDĠLGDFăHVWHUXSWăFXUHDXDWUDSH]RLGDOă
'DFăHVWHUXSWăFXUHDXDWUDSH]RLGDOă
1XFRQWLQXDĠLVăFRQGXFHĠLÌQFD]FRQWUDUPRWRUXOVHSRDWH
VXSUDvQFăO]L
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
'DFăHVWHLQWDFWăFXUHDXDWUDSH]RLGDOă
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
² 1LYHOXOXOHLXOXLDVFă]XWODQLYHOXOPLQLP
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
&KHFNHQJRLO
9HULILFDĠLQLYHOXOXOHLXOXLFHOPDLWkU]LXODXUPăWRDUHDDOLPHQWDUH
OHYHOZKHQQH[W
UHIXHOOLQJ9HULњ 3DJLQD
ILFDĆLQLYHOXO 'DFăVLWXDĠLDRFHUHFRPSOHWDĠLFXXOHLGHPRWRU
XOHLXOXLGHPRW 3DJLQD
ODXUPÆWRDUHDDOLњ 6ROLFLWDĠLYHULILFDUHDPRWRUXOXLODXQDWHOLHUGHVSHFLDOLWDWHDXWR
PHQWDUHFXFDUEXњ UL]DWvQFD]XOvQFDUHFRPSOHWăULOHFXXOHLGHPRWRUVXQWQHFHVDUH
UDQW PDLIUHFYHQWGHFkWGHRELFHL
¶ &DUEXUDQWXODVFă]XWSkQăvQLQWHUYDOXOGHUH]HUYă
)XQFĠLRQDUHDvQFăO]LULLDX[LOLDUHHVWHGH]DFWLYDWăFkQGQLYHOXOGH
5HVHUYHIXHOOHYHO FDUEXUDQWLQWUăvQLQWHUYDOXOGHUH]HUYă
1LYHOXOFDUEXUDQњ
$OLPHQWDĠLODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH
WXOXLGHUH]HUYÆ
¨ ÌQUH]HUYRUXOGHFDUEXUDQWVHPDLDIOăGRDURFDQWLWDWHLQILPăGH
FDUEXUDQW
ÌQFăO]LUHDDX[LOLDUăQXSRDWHILDFĠLRQDWă
$OLPHQWDĠLREOLJDWRULXODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH
$XWRYHKLFXOHOHFXPRWRUGLHVHOILOWUXOGHDHUDOPRWRUXOXLHVWH
PXUGDUúLQHFHVLWăvQORFXLUH
5HSODFHDLUFOHDњ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QHUQORFXLĆLILOњ
WUXOGHDHU
I $XWRYHKLFXOHOHFXPRWRUGLHVHOILOWUXOGHFDUEXUDQWFRQĠLQHDSă
$SDWUHEXLHVăILHGUHQDWă
&OHDQWKHIXHOILOњ
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WHU&XUÆĆDĆLILOњ
WUXOGHFDUEXUDQW
0HVDMHGHSHGLVSOD\
6LVWHPHGHDVLVWDUHDFRQGXFHULLYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
+2/' )XQFĠLD+2/'HVWHGH]DFWLYDWă$XWRYHKLFXOXOGHUDSHD]ă
2II2SULW 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
5HDFWLYDĠLIXQFĠLD+2/'PDLWkU]LX3DJLQD
)XQFĠLD+2/'HVWHGH]DFWLYDWă&kQGSHGDODGHIUkQăHVWHDSăVDWă
IHUPQXVDvQGHSOLQLWRFRQGLĠLHGHDFWLYDUH
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
9HULILFDĠLFRQGLĠLLOHGHDFWLYDUHDIXQFĠLHL+2/'3DJLQD
&UXLVHFWUO/,0 &RQWUROXOFURD]LHUHLúL63(('7521,&IXQFĠLRQHD]ăGHIHFWXRV
&WUOFURD]LHUÆ 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
/,0 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LQRSHUDWLYH
QHIXQFĆLRQDO
/LPLW/LPLWÆ &kQGDSăVDĠLSHGDODGHDFFHOHUDĠLHGLQFRORGHSXQFWXOGHSUHVLXQH
NPK UHWURJUDGDUHIRUĠDWă63(('7521,&QXSRDWHILDFWLYDW
&UXLVHFRQWURO 1XVDvQGHSOLQLWRFRQGLĠLHGHDFWLYDUHDFRQWUROXOXLFURD]LHUHL
&RQWUROFURDњ $ĠLvQFHUFDWVăVWRFDĠLRYLWH]ăVXENPKGHH[HPSOX
]LHUÆ ÌQFD]XOvQFDUHFRQGLĠLLOHRSHUPLWFRQGXFHĠLFXRYLWH]ăGHSHVWH
NPK NPKúLPHPRUDĠLYLWH]D
9HULILFDĠLFRQGLĠLLOHGHDFWLYDUHSHQWUXFRQWUROXOFURD]LHUHL
3DJLQD
NPK 1XPDLvQDQXPLWHĠăULYLWH]DPD[LPăDIRVWGHSăúLWă
NPK &RQGXFHĠLPDLvQFHW
0HVDMHGHSHGLVSOD\
6LVWHPHGHDVLVWDUHDFRQGXFHULLYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
3HED]DXQRUFULWHULLVSHFLILFH$6,67(178/'(0(1ğ,1(5($7(1
ğ,(DVWDELOLWFăúRIHUXOHVWHRERVLWVDXFăQLYHOXOVăXGHDWHQĠLHD
$WWHQWLRQ$VVLVW VFă]XW6HHPLWHúLXQVXQHWGHDYHUWL]DUH
'URZVLQHVVGHWHFњ 'DFăVLWXDĠLDRFHUHIDFHĠLRSDX]ă
WHG$VLVWHQWPHQњ
ĆLQHUHDWHQĆLH ÌQWLPSXOFăOăWRULLORUOXQJLIDFHĠLSDX]HUHJXODWHvQWLPSXWLOSHQWUX
VRPQROHQĆÆGHWHFњ DYăRGLKQLVXILFLHQW
WDWÆ
$6,67(178/'(0(1ğ,1(5($7(1ğ,(VDGHIHFWDW
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$WWHQWLRQ$VVLVW
LQRSHUDWLYH$VLVњ
WHQWPHQĆLQHUH
DWHQĆLHQHIXQFĆLRњ
QDO
6SHHG/LPLW$VVLVW $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGH]DFWLYDWăúLWHPSRUDU
$VLVWDUHSHQWUX QHIXQFĠLRQDOă&DX]HSRVLELOH
OLPLWDUHDYLWH]HL =SDUEUL]XOHVWHPXUGDUvQUD]DGHILOPDUHDFDPHUHL
FXUUHQWO\XQDYDLњ =YL]LELOLWDWHDHVWHDIHFWDWăGLQFDX]DSORLL]ăSH]LLVDXFHĠLLDEXQ
ODEOH6HH2ZQHU
V GHQWH
0DQXDOPRPHQWDQ
LQGLVSRQLELO&RQњ 'DFăPHVDMXOGHSHGLVSOD\QXGLVSDUH
VXOWDĆL0DQXDOXO 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOFkWPDLFXUkQGSRVLELO
GHXWLOL]DUH DFRUGkQGDWHQĠLHFRQGLĠLLORUUXWLHUHvQWLPSFHHIHFWXDĠLRSULUHD
$FĠLRQDĠLIUkQDGHSDUFDUH
&XUăĠDĠLSDUEUL]XO
'DFăVLVWHPXOGHWHFWHD]ăFăHVWHFRPSOHWIXQFĠLRQDOăFDPHUD
PHVDMXOGHSHGLVSOD\GLVSDUH
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHIXQFĠLRQDOăGLQQRX
6SHHG/LPLW $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLVSRQLELOăQXPDLvQDQX
$VVLVW$VLVWDUH PLWHĠăUL
SHQWUXOLPLWDUHD &RQWLQXDĠLVăFRQGXFHĠL
YLWH]HL $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLVSRQLELOăGLQQRXFkQG
8QDYDLODEOHLQ FRQGXFHĠLvQWURĠDUăvQFDUHXWLOL]DUHDVDHVWHDSUREDWă
WKLVFRXQWU\
,QGLVSRQLELO±Q
DFHDVWÆĆDUÆ
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
6SHHG/LPLW$VVLVW $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLIXQFĠLRQHD]ăGHIHFWXRV
$VLVWDUHSHQWUX $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OLPLWDUHDYLWH]HL
LQRSHUDWLYH
QHIXQFĆLRQDO
+2/' )XQFĠLD+2/'HVWHGH]DFWLYDWă$XWRYHKLFXOXOGHUDSHD]ă
2II'H]DFWLYDW 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
5HDFWLYDĠLIXQFĠLD+2/'PDLWkU]LX3DJLQD
)XQFĠLD+2/'HVWHGH]DFWLYDWă'DFăSHGDODGHIUkQăHVWHDSăVDWă
IHUPQXVHPDLvQGHSOLQHúWHRFRQGLĠLHGHDFWLYDUH
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
9HULILFDĠLFRQGLĠLLOHGHDFWLYDUHDIXQFĠLHL+2/'3DJLQD
5DGDUVHQVRUGHDFњ $XWRYHKLFXOHFXXQVLVWHPGHQDYLJDĠLHDXWRYHKLFXOXOHVWH
WLYDWHGDXWRP6HH DSURDSHGHRXQLWDWHUDGLRWHOHVFRSQHILLQGXLDVWIHOSHUPLVăWUDQV
2ZQHU
V0DQXDO PLWHUHDVHPQDOHORUUDGDU6LVWHPXOGHVHQ]RUUDGDUVDGH]DFWLYDW
6HQ]RUXOUDGDU DXWRPDW3DJLQD
GH]DFWLYDWDXWRP ',67521,&3/863DJLQDHVWHGH]DFWLYDWDXWRPDWGDFă
&RQVXOWDĆL0DQXDњ HVWHDFWLYDW6HHPLWHúLXQVXQHWGHDYHUWL]DUH
OXOGHXWLOL]DUH $VLVWHQĠDODXQJKLXOPRUW3DJLQDVDX$VLVWHQĠDDFWLYăOD
XQJKLXOPRUW3DJLQDHVWHGH]DFWLYDWăDXWRPDWGDFăHVWH
DFWLYDWă/ăPSLOHLQGLFDWRDUHcJDOEHQHVHDSULQGGHDVHPH
QHDvQRJOLQ]LOHH[WHULRDUH
%$63/866LVWHPGHDVLVWDUHODIUkQDUH3/863DJLQDúL
IUkQD35(6$)(3DJLQDVXQWDSRLGHDVHPHQHDLQGLVSR
QLELOH
&RQWLQXDĠLVăFRQGXFHĠL
2GDWăFHYDĠLvQGHSăUWDWVXILFLHQWGHUDGLRWHOHVFRSIXQFĠLLOHGH
PDLVXVVXQWGLVSRQLELOHGLQQRX
$XWRYHKLFXOHFX%HFNHU0$33,/27GDFă%HFNHU0$33,/27
QXHVWHFRQHFWDWVLVWHPXOGHVHQ]RUUDGDUHVWHGH]DFWLYDWDXWR
PDW
%$63/86',67521,&3/86$VLVWHQĠDODXQJKLXOPRUWVDX$VLV
WHQĠDDFWLYăODXQJKLXOPRUWúLIUkQD35(6$)(VXQWLQGLVSRQLELOH
&RQHFWDĠL%HFNHU0$33,/27FRQVXOWDĠLLQVWUXFĠLXQLOHGHXWL
OL]DUHVHSDUDWH
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
/DQH.HHSLQJ $VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUVVDX$VLVWHQĠDDFWLYă
$VVLVWLQRSHUDWLYH SHQWUXPHQĠLQHUHDEHQ]LLGHPHUVIXQFĠLRQHD]ăGHIHFWXRV
$VLVWHQĆDSHQWUX $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
PHQĆLQHUHDEHQ]LL
GHPHUVQHIXQFĆLRњ
QDOÆVDX$FWLYH
/DQH.HHSLQJ
$VVLVWLQRSHUDWLYH
$VLVWHQĆDDFWLYÆ
SHQWUXPHQĆLQHUHD
EHQ]LLGHPHUV
QHIXQFĆLRQDOÆ
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
%OLQG6SRW$VVLVW $VLVWHQĠDODXQJKLXOPRUWVDX$VLVWHQĠDDFWLYăODXQJKLXOPRUWHVWH
FXUUHQWO\XQDYDLњ WHPSRUDUQHIXQFĠLRQDOă&DX]HSRVLELOH
ODEOH6HH2ZQHU
V =DĠLVWDELOLWFRQH[LXQHDHOHFWULFăGLQWUHUHPRUFăúLDXWRYHKLFXOXO
0DQXDO$VLVWHQĆD GXPQHDYRDVWUă
ODXQJKLXOPRUW =VHQ]RULLVXQWPXUGDUL
PRPHQWDQLQGLVSRњ
=IXQFĠLRQDUHDHVWHGLPLQXDWăGHSORDLDVDX]ăSDGDDEXQGHQWă
QLELOÆ&RQVXOWDĆL
PDQXDOXOGHXWLOLњ =VLVWHPXOGHVHQ]RUUDGDUQXVHDIOăvQLQWHUYDOXOGHWHPSHUDWXUă
]DUHVDX$FWLYH GHIXQFĠLRQDUH
%OLQG6SRW$VVLVW =VLVWHPXOGHVHQ]RUUDGDUHVWHWHPSRUDUQHIXQFĠLRQDOGHH[GLQ
FXUUHQWO\XQDYDLњ FDX]DUDGLDĠLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
ODEOH6HH2ZQHU
V UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDĠLLHOHFWURPDJQH
0DQXDO$VLVWHQĆD WLFH
DFWLYÆODXQJKLXO /ăPSLOHLQGLFDWRDUHcJDOEHQHVHDSULQGGHDVHPHQHDvQRJOLQ
PRUWPRPHQWDQ ]LOHH[WHULRDUH
LQGLVSRQLELOÆ&RQњ
&kQGWUDFWDĠLRUHPRUFăFRQILUPDĠLPHVDMXOGHSHGLVSOD\SULQ
VXOWDĆLPDQXDOXO
GHXWLOL]DUH v
'DFăFRQGXFHĠLIăUăRUHPRUFăúLPHVDMXOGHSHGLVSOD\QXGLVSDUH
7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOFkWPDLFXUkQGSRVLELO
DFRUGkQGDWHQĠLHFRQGLĠLLORUUXWLHUHvQWLPSFHHIHFWXDĠLRSULUHD
$FĠLRQDĠLIUkQDGHSDUFDUH
&XUăĠDĠLVHQ]RULL3DJLQD
5HSRUQLĠLPRWRUXO
'DFăVLVWHPXOGHWHFWHD]ăFăVHQ]RULLVXQWFRPSOHWIXQFĠLRQDOL
PHVDMXOGHSHGLVSOD\GLVSDUH
$VLVWHQĠDODXQJKLXOPRUWVDX$VLVWHQĠDDFWLYăODXQJKLXOPRUWHVWH
IXQFĠLRQDOăGLQQRX
%OLQG6SRW$VVLVW $VLVWHQĠDODXQJKLXOPRUWVDX$VLVWHQĠDDFWLYăODXQJKLXOPRUW
LQRSHUDWLYH$VLVњ IXQFĠLRQHD]ăGHIHFWXRV
WHQĆDODXQJKLXO /ăPSLOHLQGLFDWRDUHcJDOEHQHVHDSULQGGHDVHPHQHDvQRJOLQ
PRUWQHIXQFĆLRњ ]LOHH[WHULRDUH
QDOÆVDX$FWLYH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
%OLQG6SRW$VVLVW
LQRSHUDWLYH$VLVњ
WHQĆDDFWLYÆOD
XQJKLXOPRUW
QHIXQFĆLRQDOÆ
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
'DFăVLPEROXOVSDĠLXOXLGHSDUFDUHQXDSDUHSHDILúDMXOPXOWLIXQF
ĠLRQDOODYLWH]HVXENPK
&XUăĠDĠLVHQ]RULL3DJLQD
5HSRUQLĠLPRWRUXO
'DFăVLPEROXOVSDĠLXOXLGHSDUFDUHFRQWLQXăVăQXDSDUăSHDILúDMXO
PXOWLIXQFĠLRQDOODYLWH]HVXENPK
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$VLVWDUHDSDUFăULLDIRVWGH]DFWLYDWăGHRDUHFHQXPDLXUPDĠLWUD
VHXOUHFRPDQGDW
3DUFDĠLGLQQRXúLvQWUHWLPSUHVSHFWDĠLPHVDMHOHGHSHGLVSOD\
GLQDILúDMXOPXOWLIXQFĠLRQDO
3DUNLQJ*XLGDQFH $XWRYHKLFXOXOHVWHSDUFDW6HHPLWHúLXQVXQHWGHDYHUWL]DUH
$VLVWDUHD 0HVDMXOGHSHGLVSOD\GLVSDUHDXWRPDW
SDUFÆULL
ILQLVKHGILQDOLњ
]DWÆ
',67521,&3/86 ',67521,&3/86DIRVWGH]DFWLYDW3DJLQD'DFăDIRVW
RIIGH]DFWLYDW GH]DFWLYDWDXWRPDWVHHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
',67521,&3/86 ',67521,&3/86HVWHIXQFĠLRQDOGLQQRXGXSăFHDIRVWWHPSRUDU
DYDLODEOHDJDLQ LQGLVSRQLELO$FXPSXWHĠLUHDFWLYD',67521,&3/86
GLVSRQLELOGLQ 3DJLQD
QRX
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
',67521,&3/86 ',67521,&HVWHGH]DFWLYDWúLWHPSRUDUQHIXQFĠLRQDO&DX]HSRVL
FXUUHQWO\XQDYDLњ ELOH
ODEOH6HH2ZQHU
V =FDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXLHVWHPXUGDU
0DQXDOPRPHQWDQ =IXQFĠLRQDUHDHVWHGLPLQXDWăGHSORDLDVDX]ăSDGDDEXQGHQWă
LQGLVSRQLELO&RQњ =VHQ]RULLGLQEDUDGHSURWHFĠLHVXQWPXUGDUL
VXOWDĆL0DQXDOXO
=VLVWHPXOGHVHQ]RUUDGDUHVWHWHPSRUDUQHIXQFĠLRQDOGHH[GLQ
GHXWLOL]DUH
FDX]DUDGLDĠLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDĠLLHOHFWURPDJQH
WLFH
=VLVWHPXOQXVHDIOăvQLQWHUYDOXOGHWHPSHUDWXUăGHIXQFĠLRQDUH
=WHQVLXQHDGHODERUGHVWHSUHDVFă]XWă
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
'DFăPHVDMXOGHSHGLVSOD\QXGLVSDUH
7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOFkWPDLFXUkQGSRVLELO
DFRUGkQGDWHQĠLHFRQGLĠLLORUUXWLHUHvQWLPSFHHIHFWXDĠLRSULUHD
&XUăĠDĠLFDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXL
3DJLQD
&XUăĠDĠLEDUHOHGHSURWHFĠLH3DJLQD
5HSRUQLĠLPRWRUXO
'DFăVLVWHPXOGHWHFWHD]ăFăVHQ]RULLVXQWFRPSOHWIXQFĠLRQDOL
PHVDMXOGHSHGLVSOD\GLVSDUH
',67521,&HVWHGLQQRXIXQFĠLRQDO
',67521,&3/86 ',67521,&3/86IXQFĠLRQHD]ăGHIHFWXRV(VWHSRVLELOFDúL%$6
LQRSHUDWLYH 3/86úLIUkQD35(6$)(VăVHILGHIHFWDW
QHIXQFĆLRQDO 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
',67521,&3/86 $ĠLDSăVDWSHGDODGHDFFHOHUDĠLH',67521,&3/86QXPDLFRQ
VXVSHQGHGVXVSHQњ WUROHD]ăYLWH]DDXWRYHKLFXOXOXL
GDW /XDĠLSLFLRUXOGHSHSHGDODGHDFFHOHUDĠLH
',67521,&3/86 1XHVWHvQGHSOLQLWăRFRQGLĠLHGHDFWLYDUHD',67521,&3/86
NPK 9HULILFDĠLFRQGLĠLLOHGHDFWLYDUHDOH',67521,&3/86
3DJLQD
',67521,&3/86DQG ',67521,&3/86úL63(('7521,&IXQFĠLRQHD]ăGHIHFWXRV6H
63(('7521,&',6њ HPLWHúLXQVXQHWGHDYHUWL]DUH
7521,&3/86ĂL $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
63(('7521,&
LQRSHUDWLYH
QHIXQFĆLRQDO
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
&UXLVHFRQWURODQG &RQWUROXOFURD]LHUHLúL63(('7521,&IXQFĠLRQHD]ăGHIHFWXRV
63(('7521,&&RQњ 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
WUROXOFURD]LHUHL
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ĂL63(('7521,&
LQRSHUDWLYH
QHIXQFĆLRQDO
/LPLW/LPLWÆ 63(('7521,&QXSRDWHILDFWLYDWFkWDSăVDĠLSHGDODGHDFFHOHUDĠLH
NPK GLQFRORGHSXQFWXOGHSUHVLXQHUHWURJUDGDUHIRUĠDWă
&UXLVHFRQWURO 1XVDvQGHSOLQLWRFRQGLĠLHGHDFWLYDUHDFRQWUROXOXLFURD]LHUHL
&RQWUROXOFURDњ $ĠLvQFHUFDWVăVWRFDĠLRYLWH]ăVXENPKGHH[HPSOX
]LHUHL ÌQFD]XOvQFDUHFRQGLĠLLOHRSHUPLWFRQGXFHĠLFXRYLWH]ăGHSHVWH
NPK NPKúLPHPRUDĠLYLWH]D
9HULILFDĠLFRQGLĠLLOHGHDFWLYDUHSHQWUXFRQWUROXOFURD]LHUHL
3DJLQD
NPK 1XPDLvQDQXPLWHĠăULYLWH]DPD[LPăDIRVWGHSăúLWă
0D[LPXPVSHHG ÌQSOXVDILúDMXOPXOWLIXQFĠLRQDOLQGLFăNPK
H[FHHGHG9LWH]Æ &RQGXFHĠLPDLvQFHW
PD[LPÆGHSÆĂLWÆ
0HVDMHGHSHGLVSOD\
3QHXULYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&KHFN9HULILFDĆL 3HULFROGHDFFLGHQW
W\UHVSQHXUL 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULD
GHWHFWDWRSLHUGHUHVHPQLILFDWLYăGHSUHVLXQH
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
HIHFWXDĠLRSULUHD
9HULILFDĠLSQHXULOHúLGDFăVLWXDĠLDRFHUHVFKLPEDĠLURDWD
3DJLQD
9HULILFDĠLSUHVLXQHDvQSQHXULúLGDFăVLWXDĠLDRFHUHUHJODĠLROD
SUHVLXQHDvQSQHXULFRUHFWă
5HSRUQLĠLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXULFkQGSUHVLXQHDvQSQHXULHVWHFRUHFWă3DJLQD
5XQ)ODW,QGLFDWRU 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULIXQF
,QGLFDWRUGH ĠLRQHD]ăGHIHFWXRV
UXODUHFXSDQÆ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LQRSHUDWLYH
QHIXQFĆLRQDO
0HVDMHGHSHGLVSOD\
3QHXULYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
7\UHSUHVVXUH3UHњ 3HULFROGHDFFLGHQW
VLXQHSQHXUL
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULD
&KHFNW\UHV9HULњ GHWHFWDWRSLHUGHUHVHPQLILFDWLYăGHSUHVLXQH
ILFDĆLSQHXULOH
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
HIHFWXDĠLRSULUHD
9HULILFDĠLSQHXULOHúLGDFăVLWXDĠLDRFHUHVFKLPEDĠLURDWD
3DJLQD
9HULILFDĠLSUHVLXQHDvQSQHXULúLGDFăVLWXDĠLDRFHUHUHJODĠLROD
SUHVLXQHDvQSQHXULFRUHFWă
5HSRUQLĠLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXULFkQGSUHVLXQHDvQSQHXULHVWHFRUHFWă3DJLQD
&KHFNW\UHSUHVVXњ 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDJHQH
UHV9HULILFDĆL UDWXQPHVDMSHGLVSOD\úLQXDPDLIRVWUHSRUQLWGHDWXQFL
SUHVLXQLOH±Q 5HJODĠLWRDWHFHOHSDWUXSQHXULODSUHVLXQHDFRUHFWă
SQHXUL 5HSRUQLĠLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
WKHQUHVWDUW5XQ SQHXUL3DJLQD
)ODW,QGLFDWRU
DSRLUHSRUQLĆL
LQGLFDWRUXOGH
UXODUHFXSDQÆ
5XQ)ODW,QGLFDWRU 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULIXQF
,QGLFDWRUXOGH ĠLRQHD]ăGHIHFWXRV
UXODUHFXSDQÆ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LQRSHUDWLYH
QHIXQFĆLRQDO
7\UHSUHVVXUHV 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULPăVRDUăSUHVLXQHDvQSQHXUL
3UHVLXQLOH±Q &RQWLQXDĠLVăFRQGXFHĠL
SQHXUL 3UHVLXQLOHvQSQHXULDSDUSHDILúDMXOPXOWLIXQFĠLRQDOGXSăFHDĠL
ZLOOEHGLVSOD\HG FRQGXVWLPSGHFkWHYDPLQXWH
DIWHUDIHZPLQXњ
WHVRIGULYLQJYD
ILDILĂDWÆGXSÆFH
FRQGXFHĆLF¥WHYD
PLQXWH
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
7\UHSUHVVPRQLњ 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULIXQFĠLRQHD]ăGHIHFWXRV
WRU0RQLWRUL]DWRњ $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
UXOSUHV±Q
SQHXUL
LQRSHUDWLYH
QHIXQFĆLRQDO
7\UHSUHVVPRQLњ 5RĠLOHPRQWDWHQXGLVSXQGHXQVHQ]RUGHSUHVLXQHvQSQHXULDGHF
WRU0RQLWRUL]DWRњ YDW0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULHVWHGH]DFWLYDW
UXOSUHV±Q 0RQWDĠLURĠLFXVHQ]RULDGHFYDĠLGHSUHVLXQHvQSQHXUL
SQHXUL 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULHVWHDFWLYDWDXWRPDWGXSăFH
LQRSHUDWLYH1R FRQGXFHĠLFkWHYDPLQXWH
ZKHHOVHQVRUV
QHIXQFĆLRQDO6HQњ
]RULURDWÆDEVHQĆL
&KHFN9HULILFDĆL 3HULFROGHDFFLGHQW
W\UHV 3UHVLXQHDvQXQXOVDXPDLPXOWHSQHXULDVFă]XWVHPQLILFDWLY3R]L
SQHXOXULOH ĠLDURĠLLHVWHDILúDWăSHDILúDMXOPXOWLIXQFĠLRQDO
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
HIHFWXDĠLRSULUHD
&RUHFWDĠLSUHVLXQHDvQSQHXUL3DJLQD
'DFăHVWHQHFHVDUVFKLPEDĠLRURDWă3DJLQD
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
:KHHOVHQVRUV 1XH[LVWăVHPQDOGHODXQVHQ]RUGHSUHVLXQHvQSQHXULGHODXQD
6HQ]RUXOLLGH VDXPDLPXOWHURĠL3UHVLXQHDSQHXOXLYL]DWQXHVWHDILúDWăSHDIL
URDWÆ úDMXOPXOWLIXQFĠLRQDO
PLVVLQJDEVHQW 6ROLFLWDĠLvQORFXLUHDVHQ]RUXOXLGHSUHVLXQHvQSQHXULODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW
7\UHSUHVVPRQLњ 'LQFDX]DXQHLVXUVHGHLQWHUIHUHQĠHUDGLRQXVHSRWSULPLVHPQDOH
WRU0RQLWRUL]DWRњ GHODVHQ]RULLGHURDWă0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULHVWH
UXOSUHV±Q WHPSRUDUGHIHFW
SQHXUL &RQWLQXDĠLVăFRQGXFHĠL
FXUUHQWO\XQDYDLњ 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULUHSRUQHúWHDXWRPDWLPHGLDW
ODEOHPRPHQWDQ FHSUREOHPDDIRVWUH]ROYDWă
LQGLVSRQLELO
w 3HULFROGHDFFLGHQW
7\UHSUHVVXUH&DXњ 3UHVLXQHDvQXQXOVDXPDLPXOWHSQHXULDVFă]XWEUXVF
WLRQW\UHPDOI 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
$WHQĆLHODSUHVLXњ 2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
QHD±QSQHXUL VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
GHIHFWSQHX HIHFWXDĠLRSULUHD
'DFăHVWHQHFHVDUVFKLPEDĠLRURDWă3DJLQD
w 3HULFROGHDFFLGHQW
7\UHSUHVVXUH 3UHVLXQHDvQXQXOVDXPDLPXOWHSQHXULDVFă]XWVHPQLILFDWLY
&KHFNW\UHV3UHњ 2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
VLXQHD±QSQHXUL VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
9HULILFDĆL HIHFWXDĠLRSULUHD
SQHXOULOH 'DFăHVWHQHFHVDUVFKLPEDĠLRURDWă3DJLQD
9HULILFDĠLSUHVLXQHDvQSQHXUL'DFăHVWHQHFHVDUFRUHFWDĠLSUH
VLXQHDvQSQHXUL3DJLQD
w 3UHVLXQHDvQSQHXULHVWHSUHDVFă]XWăvQFHOSXĠLQXQXOGLQWUH
SQHXULVDXGLIHUHQĠDGHSUHVLXQHvQSQHXULGLQWUHURĠLHVWHSUHD
3OHDVHFRUUHFW PDUH
W\UHSUHVVXUH 9HULILFDĠLSUHVLXQHDvQSQHXULFXXUPăWRDUHDRFD]LH'DFăHVWH
&RUHFWDĆLSUHVLXњ
QHFHVDUFRUHFWDĠLSUHVLXQHDvQSQHXUL3DJLQD
QLOH±QSQHXUL
0HVDMHGHSHGLVSOD\
$XWRYHKLFXOYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
7RVWDUWHQJLQH $ĠLvQFHUFDWVăSRUQLĠLPRWRUXOFXWUDQVPLVLDvQSR]LĠLD5VDX'
3HQWUXDSRUQL &XSODĠLWUDQVPLVLDvQSR]LĠLD3VDX1
PRWRUXO
VKLIWWR3RU1
FXSODĆL±Q3VDX
1
3 $ĠLRSULWPRWRUXOFXEXWRQXO6WDUW6WRSúLDĠLGHVFKLVSRUWLHUD
6HOHFW3DUN3 úRIHUXOXL
6HOHFWDĆL3DUN $ĠLGRULWVăvQFXLDĠLDXWRYHKLFXOXO
3 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
VDX
$ĠLRSULWPRWRUXOFXEXWRQXO6WDUW6WRSúLDĠLGHVFKLVSRUWLHUD
úRIHUXOXLFXWUDQVPLVLDvQSR]LĠLD1
&XSODĠLWUDQVPLVLDvQSR]LĠLD3
&XIXQFĠLD+2/'DFWLYDWăDĠL
=GHVFKLVSRUWLHUDúRIHUXOXLúLHOLEHUDWFHQWXUDGHVLJXUDQĠăVDX
=RSULWPRWRUXOVDX
=GHVFKLVFDSRWD
(VWHSRVLELOVăVHHPLWăXQWRQODLQWHUYDOHUHJXODWH7RQXOGHYLQH
PDLSXWHUQLFGDFăvQFHUFDĠLVăvQFXLDĠLDXWRYHKLFXOXO
1XSXWHĠLSRUQLPRWRUXO
&XSODĠLWUDQVPLVLDvQSR]LĠLD3
3XWHĠLUHSRUQLPRWRUXO
6HGDQFDSRWDSRUWEDJDMXOXLHVWHGHVFKLVă
ÌQFKLGHĠLFDSRWDSRUWEDJDMXOXL
e %UHDNKD\RQXOHVWHGHVFKLV
ÌQFKLGHĠLKD\RQXO
VDXf 3HULFROGHDFFLGHQW
$XWRYHKLFXOHOHFXVLVWHPGHDODUPăDQWLIXUWFDSRWDHVWHGHVFKLVă
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOFkWPDLFXUkQGSRVLELO
DFRUGkQGDWHQĠLHFRQGLĠLLORUUXWLHUHvQWLPSFHHIHFWXDĠLRSULUHD
$FĠLRQDĠLIUkQDGHSDUFDUH
ÌQFKLGHĠLFDSRWD
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
Q &HOSXĠLQRSRUWLHUăHVWHGHVFKLVă6HHPLWHúLXQVXQHWGHDYHU
WL]DUH
ÌQFKLGHĠLWRDWHSRUWLHUHOH
5HDUOHIWVHDW 3HULFROGHUăQLUH
EDFNUQRWORFNHG
$XWRYHKLFXOHFXIXQFĠLDGHvQFăUFDUHSULQEDQFKHWDVSDWH
6SÆWDUVFDXQ
VSDWHVW¥QJDQHEORњ 6SăWDUXOGLQVSDWHQXHVWHFXSODWSHSDUWHDVWkQJăúLVDXSDUWHD
FDWڋVDXڋ5HDU GUHDSWă6HHPLWHúLXQVXQHWGHDYHUWL]DUH
ULJKWVHDWEDFNњ ÌPSLQJHĠLVSăWDUXOvQDSRLSkQăFHVHDQJUHQHD]ă
UHVWQRWORFNHG
6SÆWDUVFDXQ
VSDWHGUHDSWD
QHEORFDW
&KHFNWUDLOHU 3HULFROGHDFFLGHQW
KLWFKORFN9HULILњ $XWRYHKLFXOHFXRFXSOăUHPRUFăUHWUDFWDELOă
FDĆLEORFDUHDF¥Uњ
&kUOLJXOGHWUDFWDUHDUHPRUFLLQXHVWHFXSODWFRUHFW
OLJXOXLUHPRUFLL
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHUXWLHUHúL
RSULĠLPRWRUXO
$FĠLRQDĠLIUkQDGHSDUFDUH
3HUPLWHĠLLFXSOHLVIHULFHDFkUOLJXOXLGHWUDFWDUHDUHPRUFLLVăVH
DQJUHQH]HvQSR]LĠLDGHFDSăW3DJLQD
$XWRYHKLFXOYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
7RVWDUWHQJLQH $ĠLvQFHUFDWVăSRUQLĠLPRWRUXOFXWUDQVPLVLDvQSR]LĠLD5VDX'
3HQWUXDSRUQL &XSODĠLWUDQVPLVLDvQSR]LĠLD3VDX1
PRWRUXO
VKLIWWR
HLWKHUSHQWUXD
SRUQLFXSODĆLILH
±Q3RU13ILH
±Q1
3 $ĠLRSULWPRWRUXOFXEXWRQXO6WDUW6WRSúLDĠLGHVFKLVSRUWLHUD
6HOHFW3DUN3 úRIHUXOXL
6HOHFWDĆL3DUN $ĠLGRULWVăvQFXLDĠLDXWRYHKLFXOXO
3 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
VDX
$ĠLRSULWPRWRUXOFXEXWRQXO6WDUW6WRSúLDĠLGHVFKLVSRUWLHUD
úRIHUXOXLFXWUDQVPLVLDvQSR]LĠLD1
&XSODĠLWUDQVPLVLDvQSR]LĠLD3
&kWIXQFĠLD+2/'VDX',67521,&3/86VXQWDFWLYHDĠL
=GHVFKLVSRUWLHUDúRIHUXOXLúLHOLEHUDWFHQWXUDGHVLJXUDQĠăVDX
=RSULWPRWRUXOVDX
=GHVFKLVFDSRWD
(VWHSRVLELOVăVHHPLWăXQWRQODLQWHUYDOHUHJXODWH7RQXOGHYLQH
PDLSXWHUQLFGDFăvQFHUFDĠLVăvQFXLDĠLDXWRYHKLFXOXO
1XSXWHĠLSRUQLPRWRUXO
&XSODĠLWUDQVPLVLDvQSR]LĠLD3
3XWHĠLUHSRUQLPRWRUXO
6HGDQFDSRWDSRUWEDJDMXOXLHVWHGHVFKLVă
ÌQFKLGHĠLFDSRWDSRUWEDJDMXOXL
e %UHDNKD\RQXOHVWHGHVFKLV
ÌQFKLGHĠLKD\RQXO
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
VDXf 3HULFROGHDFFLGHQW
$XWRYHKLFXOHOHFXVLVWHPGHDODUPăDQWLIXUWFDSRWDHVWHGHVFKLVă
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOFkWPDLFXUkQGSRVLELO
DFRUGkQGDWHQĠLHFRQGLĠLLORUUXWLHUHvQWLPSFHHIHFWXDĠLRSULUHD
$FĠLRQDĠLIUkQDGHSDUFDUH
ÌQFKLGHĠLFDSRWD
Q &HOSXĠLQRSRUWLHUăHVWHGHVFKLVă6HHPLWHúLXQVXQHWGHDYHU
WL]DUH
ÌQFKLGHĠLWRDWHSRUWLHUHOH
o 3HULFROGHUăQLUH
5HDUOHIWVHDW 6HGDQFXIXQFĠLDGHvQFăUFDUHSULQEDQFKHWDVSDWH
EDFNUHVWQRWORFњ 6SăWDUXOGLQVSDWHQXHVWHFXSODWSHSDUWHDVWkQJăúLVDXSDUWHD
NHG6SÆWDUVFDXQ GUHDSWă6HHPLWHúLXQVXQHWGHDYHUWL]DUH
VSDWHVW¥QJDQHEORњ ÌPSLQJHĠLVSăWDUXOvQDSRLSkQăFHVHDQJUHQHD]ă
FDWڋVDXڋ5HDU
ULJKWVHDWEDFNњ
UHVWQRWORFNHG
6SÆWDUVFDXQ
VSDWHGUHDSWD
QHEORFDW
x 3HULFROGHDFFLGHQW
&KHFNWUDLOHU &kUOLJXOGHWUDFWDUHDUHPRUFLLQXHVWHFXSODWFRUHFW
KLWFKORFN9HULILњ 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
FDĆLEORFDUHDF¥Uњ 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHUXWLHUHúL
OLJXOXLUHPRUFLL RSULĠLPRWRUXO
$FĠLRQDĠLIUkQDGHSDUFDUH
3HUPLWHĠLLFXSOHLVIHULFHDFkUOLJXOXLGHWUDFWDUHDUHPRUFLLVăVH
DQJUHQH]HvQSR]LĠLDGHFDSăW3DJLQD
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
R 3HULFROGHDFFLGHQW
3RZHUVWHHULQJPDOњ 'LUHFĠLDDVLVWDWăIXQFĠLRQHD]ăGHIHFWXRV
IXQFWLRQ6HH 9DWUHEXLVăXWLOL]DĠLPDLPXOWăIRUĠăSHQWUXDGLULMDDXWRYHKLFXOXO
2ZQHU
V0DQXDO 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
'HIHFĆLXQHODVHUњ 9HULILFDĠLGDFăSXWHĠLH[HUFLWDIRUĠDVXSOLPHQWDUăQHFHVDUă
YRGLUHFĆLH&RQVXOњ
'DFăSXWHĠLGLULMDDXWRYHKLFXOXOvQVLJXUDQĠăFRQGXFHĠLFX
WDĆL0DQXDOXOGH
XWLOL]DUH DWHQĠLHSkQăODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
'DFăQXSXWHĠLGLULMDDXWRYHKLFXOXOvQVLJXUDQĠăQXFRQWL
QXDĠLVăFRQGXFHĠL/XDĠLOHJăWXUDFXFHOPDLDSURSLDWDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW
J 7HQVLXQHDGHODERUGHVWHSUHDVFă]XWăÌQFăO]LUHDDX[LOLDUăVD
GH]DFWLYDWVDXQXSRDWHILDFWLYDWă3DJLQD
LQRSHUDWLYH%DWњ &RQGXFHĠLSHRGLVWDQĠăPDLPDUH
WHU\ORZQHIXQFњ
%DWHULDHVWHvQFXUVGHvQFăUFDUHÌQFăO]LUHDDX[LOLDUăUHGHYLQH
ĆLRQDO%DWHULH
IXQFĠLRQDOăLPHGLDWFHWHQVLXQHDVLVWHPXOXLHOHFWULFGHODERUG
VFÆ]XWÆ
HVWHVXILFLHQWă
J 1LYHOXOGHFDUEXUDQWGLQUH]HUYRUXOGHFDUEXUDQWHVWHSUHDVFă]XW
ÌQFăO]LUHDDX[LOLDUăQXSRDWHILDFWLYDWă3DJLQD
LQRSHUDWLYH5HIXHO
$OLPHQWDĠLODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH
YHKLFOHQHIXQFњ
ĆLRQDO$OLPHQWDĆL
DXWRYHKLFXOXO
J ÌQFăO]LUHDDX[LOLDUăSUH]LQWăRGHIHFĠLXQHWHPSRUDUăVDXIXQFĠLR
QHD]ăGHIHFWXRV
LQRSHUDWLYH6HH &kQGDXWRYHKLFXOXOVHDIOăSHRVXSUDIDĠăSODQăúLPRWRUXOVD
2ZQHU
V0DQXDO
UăFLWHIHFWXDĠLSkQăODSDWUXvQFHUFăULGHDDFWLYDvQFăO]LUHD
QHIXQFĆLRQDO&RQњ
DX[LOLDUăDúWHSWkQGFkWHYDPLQXWHvQWUHILHFDUHvQFHUFDUH
VXOWDĆL0DQXDOXO
3DJLQD
GHXWLOL]DUH
'DFăvQFăO]LUHDDX[LOLDUăQXVHDFWLYHD]ăFRQVXOWDĠLXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
7HOHSKRQH1R6HUњ $XWRYHKLFXOXOGXPQHDYRDVWUăQXVHDIOăUD]DGHDFRSHULUHDUHOHX
YLFH7HOHIRQ)ÆUÆ OXLGHWUDQVPLVLHUHFHSĠLHDIXUQL]RUXOXLGXPQHDYRDVWUăGHVHUYLFLL
VHPQDO GHWHOHIRQLHPRELOă
$úWHSWDĠLFDVLPEROXOGHGLVSRQLELOLWDWHIXQFĠLRQDOăDWHOHIRQXOXL
PRELOVăDSDUăSHDILúDMXOPXOWLIXQFĠLRQDO
² 1LYHOXOOLFKLGXOXLGHVSăODUHGLQUH]HUYRUXOSHQWUXOLFKLGGHVSăODUH
DVFă]XWVXEPLQLP
7RSXSZDVKHU &RPSOHWDĠLFXOLFKLGGHVSăODUH3DJLQD
IOXLG&RPSOHWDĆL
FXOLFKLGGH
VSÆODUH
&KHLHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
.H\GRHVQRW $ĠLLQWURGXVFKHLDLQFRUHFWăvQFRPXWDWRUXOGHFRQWDFW
EHORQJWRYHKLFOH 8WLOL]DĠLFKHLDFRUHFWă
&KHLDQXDSDUњ
ĆLQHDXWRYHKLFXOXњ
OXL
9 &KHLDWUHEXLHvQORFXLWă
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
5HSODFHNH\QORњ
FXLĆLFKHLD
9 %DWHULLOHFKHLL.(</(66*2VXQWGHVFăUFDWH
6FKLPEDĠLEDWHULLOH3DJLQD
&KDQJHEDWWHU\
6FKLPEDĆLEDWHњ
ULD
.H\QRWGHWHFWHG &KHLD.(</(66*2QXVHDIOăvQDXWRYHKLFXO
&KHLHQHGHWHFњ 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
WDWÆ 'DFăPRWRUXOHVWHRSULWQXPDLSXWHĠLEORFDDXWRYHKLFXOXOFHQ
0HVDMGHSHGLVSOD\ WUDOL]DWVDXSRUQLPRWRUXO
URúX 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOFkWPDLFXUkQGSRVLELO
DFRUGkQGDWHQĠLHFRQGLĠLLORUUXWLHUHvQWLPSFHHIHFWXDĠLRSULUHD
$FĠLRQDĠLIUkQDGHSDUFDUH
5HSHUDĠLFKHLD.(</(66*2
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
&KHLD.(</(66*2QXHVWHGHWHFWDWăFkQGPRWRUXOIXQFĠLRQHD]ă
GHRDUHFHH[LVWăLQWHUIHUHQĠHGHODRVXUVăSXWHUQLFăGHXQGHUDGLR
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOFkWPDLFXUkQGSRVLELO
DFRUGkQGDWHQĠLHFRQGLĠLLORUUXWLHUHvQWLPSFHHIHFWXDĠLRSULUHD
$FĠLRQDĠLIUkQDGHSDUFDUH
$FĠLRQDĠLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFWGDFă
VLWXDĠLDRFHUH
.H\QRWGHWHFWHG &KHLD.(</(66*2QXSRDWHILGHWHFWDWăPRPHQWDQ
&KHLHQHGHWHFњ 6FKLPEDĠLORFXOFKHLLFXIXQFĠLLOH.(</(66*2GLQDXWRYHKLFXO
WDWÆ
'DFăFKHLD.(</(66*2QXHVWHvQFRQWLQXDUHGHWHFWDWă
0HVDMGHSHGLVSOD\
DOE 6FKLPEDĠLORFXOFKHLLFXIXQFĠLLOH.(</(66*2GLQDXWRYHKLFXO
$FĠLRQDĠLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFWGDFă
VLWXDĠLDRFHUH
9 &KHLD.(</(66*2DIRVWGHWHFWDWăvQLQWHULRUXODXWRYHKLFXOXOXLvQ
WLPSXOEORFăULL
.H\VWLOOLQYHKLњ 6FRDWHĠLFKHLD.(</(66*2GLQDXWRYHKLFXO
FOH&KHLDVHDIOÆ
±QFƱQDXWRYHKLњ
FXO
9 .(</(66*2IXQFĠLRQHD]ăWHPSRUDUGHIHFWXRVVDXHVWHGHIHFW
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
,QVHUWNH\,QWURњ ,QWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQWDFWúLURWLĠLRvQSR]LĠLD
GXFHĆLFKHLD
GRULWă
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\
&KHLHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
¯ $ĠLLQWURGXVFKHLDLQFRUHFWăvQFRPXWDWRUXOGHFRQWDFW
8WLOL]DĠLFKHLDFRUHFWă
.H\GRHVQRW
EHORQJWRYHKLFOH
&KHLDQXDSDUĆLQH
DXWRYHKLFXOXOXL
¯ &KHLDQHFHVLWăvQORFXLUH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
5HSODFHNH\QORњ
FXLĆLFKHLD
¯ %DWHULLOHFKHLL.(</(66*2VXQWGHVFăUFDWH
6FKLPEDĠLEDWHULLOH3DJLQD
&KDQJHNH\EDWWHњ
ULHV6FKLPEDĆL
EDWHULLOHFKHLL
¯ &KHLD.(</(66*2QXVHDIOăvQDXWRYHKLFXO
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
.H\QRWGHWHFWHG
&KHLHQHGHWHFњ 'DFăPRWRUXOHVWHRSULWQXPDLSXWHĠLEORFDDXWRYHKLFXOXOFHQ
WDWÆPHVDMGHSHGLV WUDOL]DWVDXSRUQLPRWRUXO
SOD\URúX 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF
$FĠLRQDĠLIUkQDGHSDUFDUH
5HSHUDĠLFKHLD.(</(66*2
&KHLD.(</(66*2QXHVWHGHWHFWDWăFkQGPRWRUXOIXQFĠLRQHD]ă
GHRDUHFHH[LVWăLQWHUIHUHQĠHGHODRVXUVăSXWHUQLFăGHXQGHUDGLR
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF
$FĠLRQDĠLIUkQDGHSDUFDUH
$FĠLRQDĠLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFWGDFă
VLWXDĠLDRFHUH
¯ &KHLD.(</(66*2QXSRDWHILGHWHFWDWăPRPHQWDQ
6FKLPEDĠLORFXOFKHLLFXIXQFĠLLOH.(</(66*2GLQDXWRYHKLFXO
.H\QRWGHWHFWHG
&KHLHQHGHWHFњ 'DFăFKHLD.(</(66*2QXHVWHvQFRQWLQXDUHGHWHFWDWă
WDWÆڋPHVDMGHSH $FĠLRQDĠLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFWGDFă
GLVSOD\DOE VLWXDĠLDRFHUH
0HVDMHGHSHGLVSOD\
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
¯ &KHLD.(</(66*2DIRVWGHWHFWDWăvQLQWHULRUXODXWRYHKLFXOXOXLvQ
WLPSXOEORFăULL
.H\VWLOOLQYHKLњ 6FRDWHĠLFKHLD.(</(66*2GLQDXWRYHKLFXO
FOH&KHLH±QFÆVH
DIOƱQDXWRYHKLњ
FXO
¯ .(</(66*2IXQFĠLRQHD]ăWHPSRUDUGHIHFWXRVVDXHVWHGHIHFW
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
5HPRYHVWDUWLQJ ,QWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQWDFWúLURWLĠLRvQSR]LĠLD
EXWWRQWKHQ
GRULWă
LQVHUWNH\6FRDњ
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WHĆLEXWRQXOGH
SRUQLUHDSRLLQWURњ
GXFHĆLFKHLD
¯ &HOSXĠLQRSRUWLHUăHVWHGHVFKLVă6HHPLWHúLXQVXQHWGHDYHU
WL]DUH
&ORVHGRRUVWR ÌQFKLGHĠLWRDWHSRUWLHUHOHúLvQFXLDĠLDXWRYHKLFXOXOGLQQRX
ORFNYHKLFOH
QFKLGHĆLSRUWLHњ
UHOHSHQWUXD
±QFXLDDXWRYHKLFXњ
OXO
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
&DOFXODWRUGHERUGúLGLVSOD\XUL
&HQWXULGHVLJXUDQĠă
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
v /DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJXUDQĠăOHDPLQWHúWH
1XPDLvQDQXPLWHĠăUL úRIHUXOXLúLSDVDJHUXOXLIDĠăVăvúLSULQGăFHQWXULOHGHVLJXUDQĠă
ODPSDGHDYHUWL]DUH 6WUkQJHĠLYăFHQWXUDGXPQHDYRDVWUăGHVLJXUDQĠă
URúLHSULYLQGFHQWXUDGH 3DJLQD
VLJXUDQĠăVHDSULQGH
WLPSGHúDVHVHFXQGH
GXSăSRUQLUHDPRWRUX
OXL
v 3HULFROGHUăQLUH
1XPDLvQDQXPLWHĠăUL FHQWXUDGHVLJXUDQĠăDúRIHUXOXLQXHVWHFXSODWă
ODPSDGHDYHUWL]DUH
URúLHSULYLQGFHQWXUDGH 6WUkQJHĠLYăFHQWXUDGXPQHDYRDVWUăGHVLJXUDQĠă
VLJXUDQĠăVHDSULQGH 3DJLQD
GXSăSRUQLUHDPRWRUX 6XQHWXOGHDYHUWL]DUHVHvQWUHUXSH
OXLÌQSOXVVHDXGHXQ
VXQHWGHDYHUWL]DUH
WLPSGHSkQăODúDVH
VHFXQGH
v 3HULFROGHUăQLUH
/DPSDGHDYHUWL]DUH ùRIHUXOVDXSDVDJHUXOIDĠăQXúLDXFXSODWFHQWXUDGHVLJXUDQĠă
URúLHSULYLQGFHQWXUDGH
6WUkQJHĠLYăFHQWXUDGXPQHDYRDVWUăGHVLJXUDQĠă
VLJXUDQĠăVHDSULQGH
GXSăSRUQLUHDPRWRUX 3DJLQD
OXLLPHGLDWFHSRUWLHUD /DPSDGHDYHUWL]DUHVHVWLQJH
úRIHUXOXLVDXDSDVDJH
UXOXLIDĠăHVWHvQFKLVă 3HULFROGHUăQLUH
6HDIOăRELHFWHSHVFDXQXOSDVDJHUXOXLIDĠă
6FRDWHĠLRELHFWHOHGHSHVFDXQXOSDVDJHUXOXLIDĠăúLGHSR]LWDĠL
OHODORFVLJXU
/DPSDGHDYHUWL]DUHVHVWLQJH
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
v 3HULFROGHUăQLUH
/DPSDGHDYHUWL]DUH ùRIHUXOVDXSDVDJHUXOIDĠăQXúLDXFXSODWFHQWXUDGHVLJXUDQĠăÌQ
URúLHSULYLQGFHQWXUDGH DFHODúLWLPSFRQGXFHĠLFXRYLWH]ăGHSHVWHNPKVDXDĠLFRQ
VLJXUDQĠăOXPLQHD]ă GXVVFXUWWLPSODRYLWH]ăGHSHVWHNPK
LQWHUPLWHQWúLVHHPLWH
XQDYHUWLVPHQWDXGLELO 6WUkQJHĠLYăFHQWXUDGXPQHDYRDVWUăGHVLJXUDQĠă
LQWHUPLWHQW 3DJLQD
/DPSDGHDYHUWL]DUHVHVWLQJHúLVXQHWXOLQWHUPLWHQWGHDYHUWL
]DUHVHvQWUHUXSH
3HULFROGHUăQLUH
6HDIOăRELHFWHSHVFDXQXOSDVDJHUXOXLIDĠăÌQDFHODúLWLPSFRQ
GXFHĠLFXRYLWH]ăGHSHVWHNPKVDXDĠLFRQGXVVFXUWWLPSOD
RYLWH]ăGHSHVWHNPK
6FRDWHĠLRELHFWHOHGHSHVFDXQXOSDVDJHUXOXLIDĠăúLGHSR]LWDĠL
OHODORFVLJXU
/DPSDGHDYHUWL]DUHVHVWLQJHúLVXQHWXOLQWHUPLWHQWGHDYHUWL
]DUHVHvQWUHUXSH
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
6LVWHPHGHVLJXUDQĠă
&DOFXODWRUGHERUGúLGLVSOD\XUL
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
M 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH 5H]HUYRUXOSHQWUXOLFKLGFRQĠLQHLQVXILFLHQWOLFKLGGHIUkQă
URúLHSULYLQGVLVWHPXO
7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
GHIUkQDUHVHDSULQGH
FkWPRWRUXOIXQFĠLR FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF1X
QHD]ă6HHPLWHúLXQ FRQWLQXDĠLVXEQLFLRIRUPăVăFRQGXFHĠL
VXQHWGHDYHUWL]DUH $FĠLRQDĠLIUkQDGHSDUFDUH
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
1XFRPSOHWDĠLFXOLFKLGGHIUkQă$VWIHOQXVHHOLPLQăHURDUHD
% 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH $%66LVWHPXODQWLEORFDUHODIUkQDUHDIRVWGH]DFWLYDWGLQFDX]D
JDOEHQăSULYLQG$%6 XQHLGHIHFĠLXQL'LQDFHVWPRWLY%$66LVWHPGHDVLVWDUHODIUk
HVWHDSULQVăFkWPRWR
QDUH%$63/86(633URJUDPGHVWDELOLWDWHHOHFWURQLFă
UXOIXQFĠLRQHD]ă
35(6$)(IUkQD35(6$)(IXQFĠLD+2/'DVLVWHQĠDODSRUQLUHD
vQSDQWăOăPSLOHGHIUkQDUHDGDSWLYăúLVWDELOL]DUHDUHPRUFLLFX
(63VXQWGHDVHPHQHDGH]DFWLYDWHGHH[HPSOX
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
$6,67(178/3(17580(1ğ,1(5($$7(1ğ,(,HVWHGH]DFWLYDW
ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
&RQGXFHĠLFXDWHQĠLH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
'DFăXQLWDWHDGHFRPDQGă$%6IXQFĠLRQHD]ăGHIHFWXRVH[LVWăGH
DVHPHQHDSRVLELOLWDWHDFDDOWHVLVWHPHSUHFXPVLVWHPXOGHQDYL
JDĠLHVDXWUDQVPLVLDDXWRPDWăVăQXILHGLVSRQLELOH
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
% 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH $%6HVWHWHPSRUDULQGLVSRQLELO3ULQXUPDUH%$6%$63/86
JDOEHQăSULYLQG$%6
(63(%'GLVWULEXĠLDHOHFWURQLFăDIRUĠHLGHIUkQDUH
HVWHDSULQVăFkWPRWR
35(6$)(IUkQD35(6$)(IXQFĠLD+2/'DVLVWHQĠDODSRUQLUHD
UXOIXQFĠLRQHD]ă
vQSDQWăúLOăPSLOHGHIUkQDUHDGDSWLYăúLVWDELOL]DUHDUHPRUFLLFX
(63GHH[HPSOXVXQWGHDVHPHQHDGH]DFWLYDWH
$XWRGLDJQRVWLFDUHDQXHVWHvQFăILQDOL]DWăVDXWHQVLXQHDGHODERUG
SRDWHILLQVXILFLHQWăGHH[HPSOX
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
$6,67(178/'(0(1ğ,1(5($$7(1ğ,(,HVWHGH]DFWLYDW
&RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHFDURVDELOăDGHFYDWăDFĠLR
QkQGGLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
)XQFĠLLOHPHQĠLRQDWHDQWHULRUUHGHYLQGLVSRQLELOHFkQGODPSDGH
DYHUWL]DUHVHVWLQJH
'DFăODPSDGHDYHUWL]DUHUăPkQHDSULQVă
ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
&RQGXFHĠLFXDWHQĠLH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
% 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH (%'IXQFĠLRQHD]ăGHIHFWXRV3ULQXUPDUH$%6%$6%$63/86
JDOEHQăSULYLQG$%6
(6335(6$)(IUkQD35(6$)(IXQFĠLD+2/'DVLVWHQĠDOD
HVWHDSULQVăFkWPRWR
SRUQLUHDvQSDQWăOăPSLOHGHIUkQDUHDGDSWLYăúLVWDELOL]DUHD
UXOIXQFĠLRQHD]ă6H
UHPRUFLLFX(63GHH[HPSOXVXQWGHDVHPHQHDLQGLVSRQLELOH
HPLWHúLXQVXQHWGH
DYHUWL]DUH 6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
$6,67(178/'(0(1ğ,1(5($$7(1ğ,(,HVWHGH]DFWLYDW
ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
&RQGXFHĠLFXDWHQĠLH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
Må»% 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH
$%6úL(63IXQFĠLRQHD]ăGHIHFWXRV3ULQXUPDUH%$6%$63/86
URúLHSULYLQGIUkQDUHD
(%'35(6$)(IUkQD35(6$)(IXQFĠLD+2/'DVLVWHQĠDOD
OăPSLOHGHDYHUWL]DUH
SRUQLUHDvQSDQWăOăPSLOHGHIUkQDUHDGDSWLYăúLVWDELOL]DUHD
JDOEHQH(63úL
UHPRUFLLFX(63GHH[HPSOXVXQWGHDVHPHQHDLQGLVSRQLELOH
(632))úLODPSDJDO
EHQăGHDYHUWL]DUH$%6 6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
VXQWDSULQVHFkWWLPS IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
PRWRUXOIXQFĠLRQHD]ă IUkQDĠLWDUHGHH[HPSOX
$6,67(178/'(0(1ğ,1(5($$7(1ğ,(,HVWHGH]DFWLYDW
ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
&RQGXFHĠLFXDWHQĠLH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
å 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH
(63VDXFRQWUROXOWUDFĠLXQLLDLQWHUYHQLWGHRDUHFHH[LVWăSHULFROXO
JDOEHQă(63OXPL GHGHUDSDUHVDXFHOSXĠLQRURDWăDvQFHSXWVăSDWLQH]H
QHD]ăLQWHUPLWHQWFkQG
&RQWUROXOFURD]LHUHLVDX',67521,&3/86HVWHGH]DFWLYDW
YHKLFXOXOHVWHvQPLú
FDUH DSăVDĠLSHGDODGHDFFHOHUDĠLHQXPDLFkWGHWDUHHVWHQHFHVDUOD
GHPDUDUH
$FFHOHUDĠLPDLXúRUvQWLPSXOFăOăWRULHL
$GDSWDĠLYăVWLOXOGHFRQGXFHUHvQIXQFĠLHGHFRQGLĠLLOHGHGUXP
úLPHWHR
1XPDLDXWRYHKLFXOHOHFXXQYRODQPXOWLIXQFĠLRQDOFX
EXWRDQHQXGH]DFWLYDĠL(63
([FHSĠLL3DJLQD
» 3HULFROGHDFFLGHQW
1XPDLDXWRYHKLFXOHOH
(63úLVWDELOL]DUHDUHPRUFLLFX(63VXQWGH]DFWLYDWH(63QX
FXYRODQPXOWLIXQFĠLR
YDVWDELOL]DDXWRYHKLFXOXOGDFăDFHDVWDGHUDSHD]ăVDXGDFăRURDWă
QDOFXEXWRDQH
vQFHSHVăSDWLQH]H
/DPSDGHDYHUWL]DUH
5HDFWLYDĠL(63
JDOEHQă(632))HVWH
DSULQVăFkWWLPSPRWR 3HQWUXH[FHSĠLLFRQVXOWDĠL3DJLQD
UXOIXQFĠLRQHD]ă $GDSWDĠLYăVWLOXOGHFRQGXFHUHvQIXQFĠLHGHFRQGLĠLLOHGHGUXP
úLPHWHR
'DFă(63QXSRDWHILDFWLYDW
6ROLFLWDĠLYHULILFDUHD(63ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
t 3HULFROGHDFFLGHQW
1XPDLDXWRYHKLFXOHOH
0RGXOGHPDQHYUDUH63257HVWHDFWLYDW(63VWDELOL]HD]ăDXWR
$0*
YHKLFXOXOQXPDLvQVLWXDĠLLH[WUHPH,QWHUYHQĠLD(63SRDWHVăQX
/DPSDGHDYHUWL]DUH RIHUHRDVLVWHQĠăVXILFLHQWăvQDVWIHOGHVLWXDĠLLLDUDXWRYHKLFXOXO
SULYLQGPRGXOGHPDQH SRDWHvQFHSHVăGHUDSH]H
YUDUH63257HVWH
DSULQVăFkWWLPSPRWR
5HDFWLYDĠL(63
UXOIXQFĠLRQHD]ă 3HQWUXH[FHSĠLLFRQVXOWDĠL3DJLQD
'DFă(63QXSRDWHILDFWLYDW
6ROLFLWDĠLYHULILFDUHD(63ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
å» 3HULFROGHDFFLGHQW
/ăPSLOHGHDYHUWL]DUH
%$6%$63/86(6335(6$)(IUkQD35(6$)(IXQFĠLD
(63úL(632))JDO +2/'DVLVWHQĠDODSRUQLUHDvQSDQWăOăPSLOHGHIUkQDUHDGDSWLYă
EHQHVXQWDSULQVHFkW
úLVWDELOL]DUHDUHPRUFLLFX(63VXQWLQGLVSRQLELOHGLQFDX]DXQHL
PRWRUXOIXQFĠLRQHD]ă
GHIHFĠLXQL(63QXYDVWDELOL]DDXWRYHKLFXOXOGDFăDFHDVWDGHUD
SHD]ăVDXGDFăRURDWăvQFHSHVăSDWLQH]H
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRU
$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHLHVWHGH]DFWLYDW
ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
&RQGXFHĠLFXDWHQĠLH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
å» 3HULFROGHDFFLGHQW
/ăPSLOHGHDYHUWL]DUH
(63%$635(6$)(IXQFĠLD+2/'DVLVWHQĠDODSRUQLUHDvQ
(63úL(632))JDO
SDQWăúLVWDELOL]DUHDUHPRUFLLFX(63VXQWWHPSRUDULQGLVSRQLELOH
EHQHVXQWDSULQVHFkW
PRWRUXOIXQFĠLRQHD]ă (VWHSRVLELOFDúLOăPSLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
35(6$)(VăVHILGHIHFWDW
(63QXYDVWDELOL]DDXWRYHKLFXOXOGDFăDFHDVWDGHUDSHD]ăVDX
GDFăRURDWăvQFHSHVăSDWLQH]H
$XWRGLDJQRVWLFDUHDQXHVWHvQFăILQDOL]DWă
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
$6,67(178/'(0(1ğ,1(5($$7(1ğ,(,HVWHGH]DFWLYDW
&RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHFDURVDELOăDGHFYDWăDFĠLR
QkQGGLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
)XQFĠLLOHPHQĠLRQDWHDQWHULRUUHGHYLQGLVSRQLELOHFkQGODPSDGH
DYHUWL]DUHVHVWLQJH
'DFăODPSDGHDYHUWL]DUHUăPkQHDSULQVă
ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
&RQGXFHĠLFXDWHQĠLH
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
M 6DGHWHFWDWFRQGXFHUHDFXIUkQDGHSDUFDUHDFĠLRQDWă
/DPSDGHDYHUWL]DUH (OLEHUDĠLIUkQDGHSDUFDUH
URúLHSULYLQGVLVWHPXO /DPSDGHDYHUWL]DUHVHVWLQJHúLVXQHWXOGHDYHUWL]DUHVHvQWUH
GHIUkQDUHVHDSULQGH UXSH
FkWDXWRYHKLFXOXOVH
GHSODVHD]ă6HHPLWHúL
XQVXQHWGHDYHUWL]DUH
u 3HULFROGHUăQLUH
/DPSDGHDYHUWL]DUH 6LVWHPHOHGHUHWHQĠLHIXQFĠLRQHD]ăGHIHFWXRV$LUEDJXULOHVDX
URúLHSULYLQG656HVWH vQWLQ]ăWRDUHOHGHFHQWXUăSRWILGHFODQúDWHILHQHLQWHQĠLRQDWILHvQ
DSULQVăFkWWLPSPRWR FD]GHDFFLGHQWSRWVăQXVHGHFODQúH]HGHORF
UXOIXQFĠLRQHD]ă
&RQGXFHĠLFXDWHQĠLH
9L]LWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
0RWRU
&DOFXODWRUGHERUGúLGLVSOD\XUL
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
¹ (VWHSRVLELOVăH[LVWHRGHIHFĠLXQHGHH[HPSOX
/DPSDJDOEHQăGHDYHU =ODPDQDJHPHQWXOPRWRUXOXL
WL]DUHSULYLQGGLDJQRVWL =vQVLVWHPXOGHLQMHFĠLHDFDUEXUDQWXOXL
FDUHDPRWRUXOXLVH =vQVLVWHPXOGHHYDFXDUH
DSULQGHFkWPRWRUXO
=vQVLVWHPXOGHDSULQGHUHSHQWUXDXWRYHKLFXOHOHFXPRWRUSH
IXQFĠLRQHD]ă
EHQ]LQă
=vQVLVWHPXOGHDOLPHQWDUHFXFDUEXUDQW
9DORULOHOLPLWăGHHPLVLLSRWILGHSăúLWHLDUPRWRUXOSRDWHvQFHSH
VăIXQFĠLRQH]HvQPRGXOGHXUJHQĠă
6ROLFLWDĠLYHULILFDUHDDXWRYHKLFXOXOXLFkWPDLFXUkQGSRVLELOODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$XWRYHKLFXOHOHFXPRWRUGLHVHOUH]HUYRUXOGHFDUEXUDQWDIRVW
VROLFLWDWÄXVFDW´3DJLQD
3RUQLĠLPRWRUXOGHWUHLSkQăODSDWUXRULGXSăDOLPHQWDUHDFX
FDUEXUDQW
'DFăODPSDGHDYHUWL]DUHSULYLQGGLDJQRVWLFDUHDPRWRUXOXLVH
VWLQJHPRGXOGHUXODUHGHXUJHQĠăHVWHDQXODW$XWRYHKLFXOXOQX
QHFHVLWăYHULILFDUH
¶ &DUEXUDQWXODVFă]XWSkQăvQLQWHUYDOXOGHUH]HUYă
/DPSDGHDYHUWL]DUH )XQFĠLRQDUHDvQFăO]LULLDX[LOLDUHHVWHGH]DFWLYDWăFkQGQLYHOXOGH
SULYLQGFDUEXUDQWXOGH FDUEXUDQWLQWUăvQLQWHUYDOXOGHUH]HUYă
UH]HUYăVHDSULQGHFkW $OLPHQWDĠLODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH
PRWRUXOIXQFĠLRQHD]ă
¬ 6HQ]RUXOGHWHPSHUDWXUăSHQWUXLQGLFDWRUXOGHWHPSHUDWXUăD
/DPSDGHDYHUWL]DUH OLFKLGXOXLGHUăFLUHIXQFĠLRQHD]ăGHIHFWXRV
URúLHSULYLQGOLFKLGXOGH 7HPSHUDWXUDOLFKLGXOXLGHUăFLUHQXPDLHVWHPRQLWRUL]DWă([LVWă
UăFLUHVHDSULQGHFkW SHULFROXOGHWHULRUăULLPRWRUXOXLGDFăWHPSHUDWXUDOLFKLGXOXLGH
PRWRUXOIXQFĠLRQHD]ăúL UăFLUHHVWHSUHDULGLFDWă
LQGLFDWRUXOGHWHPSHUD 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHUXWLHUHúL
WXUăDOLFKLGXOXLGH RSULĠLPRWRUXO1XFRQWLQXDĠLVXEQLFLRIRUPăVăFRQGXFHĠL
UăFLUHVHDIOăODvQFHSX $FĠLRQDĠLIUkQDGHSDUFDUH
WXOVFDOHL
&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
¬ 1LYHOXOOLFKLGXOXLGHUăFLUHHVWHSUHDVFă]XW
/DPSDGHDYHUWL]DUH 'DFăQLYHOXOOLFKLGXOXLGHUăFLUHHVWHFHOFRUHFWFXUHQWXOGHDHUOD
URúLHSULYLQGOLFKLGXOGH UDGLDWRUXOPRWRUXOXLSRDWHILEORFDWVDXYHQWLODWRUXOUDGLDWRUXOXL
UăFLUHVHDSULQGHFkW PRWRUXOXLHOHFWULFSRDWHVăIXQFĠLRQH]HGHIHFWXRV
PRWRUXOIXQFĠLRQHD]ă /LFKLGXOGHUăFLUHVDvQFLQVLDUPRWRUXOQXPDLHVWHUăFLWVXILFLHQW
ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHUXWLHUHúL
RSULĠLPRWRUXO
/ăVDĠLPRWRUXOúLOLFKLGXOGHUăFLUHVăVHUăFHDVFă
9HULILFDĠLQLYHOXOOLFKLGXOXLGHUăFLUHúLFRPSOHWDĠLFXOLFKLGGH
UăFLUH3DJLQD5HVSHFWDĠLQRWHOHGHDYHUWLVPHQWDWXQFL
FkQGIDFHĠLDFHVWOXFUX
'DFăWUHEXLHVăFRPSOHWDĠLIUHFYHQWFXOLFKLGGHUăFLUHVROLFLWDĠL
YHULILFDUHDVLVWHPXOXLGHUăFLUHDPRWRUXOXL
$VLJXUDĠLYăFăDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
HVWHEORFDWăGHH[GHODSRYLĠăvQJKHĠDWă
'DFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXESXWHĠL
FRQWLQXDVăFRQGXFHĠLSkQăODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
(YLWDĠLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULPRQWDQWHúLvQWUDILFFXRSULULúL
SRUQLULIUHFYHQWH
¬ 7HPSHUDWXUDOLFKLGXOXLGHUăFLUHDGHSăúLW&XUHQWXOGHDHU
/DPSDGHDYHUWL]DUH ODUDGLDWRUXOPRWRUXOXLSRDWHILREVWUXFĠLRQDWVDXQLYHOXOOLFKLGXOXL
URúLHSULYLQGOLFKLGXOGH GHUăFLUHSRDWHILSUHDVFă]XW
UăFLUHVHDSULQGHFkW 0RWRUXOQXHVWHUăFLWVXILFLHQWúLSRDWHVXIHULGHWHULRUăUL
PRWRUXOIXQFĠLRQHD]ă ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
6HHPLWHúLXQVXQHWGH PXOWLIXQFĠLRQDO
DYHUWL]DUH 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHUXWLHUHúL
RSULĠLPRWRUXO
/ăVDĠLPRWRUXOúLOLFKLGXOGHUăFLUHVăVHUăFHDVFă
9HULILFDĠLQLYHOXOOLFKLGXOXLGHUăFLUHúLFRPSOHWDĠLFXOLFKLGGH
UăFLUH3DJLQD5HVSHFWDĠLQRWHOHGHDYHUWLVPHQWDWXQFL
FkQGIDFHĠLDFHVWOXFUX
'DFăWUHEXLHVăFRPSOHWDĠLIUHFYHQWFXOLFKLGGHUăFLUHVROLFLWDĠL
YHULILFDUHDVLVWHPXOXLGHUăFLUHDPRWRUXOXL
$VLJXUDĠLYăFăDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
HVWHEORFDWăGHH[GHODSRYLĠăvQJKHĠDWă
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL
'DFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXESXWHĠL
FRQWLQXDVăFRQGXFHĠLSkQăODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
(YLWDĠLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULPRQWDQWHúLvQWUDILFFXRSULULúL
SRUQLULIUHFYHQWH
6LVWHPHGHDVLVWDUHDFRQGXFHULL
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
º 3HULFROGHDFFLGHQW
/DPSDURúLHGHDYHUWL 'LVWDQĠDSkQăODDXWRYHKLFXOXOGLQIDĠăHVWHSUHDPLFăSHQWUX
]DUHSULYLQGGLVWDQĠDVH YLWH]DVHOHFWDWă
DSULQGHFkWYHKLFXOXO
&UHúWHĠLGLVWDQĠD
HVWHvQPLúFDUH
º 3HULFROGHDFFLGHQW
/DPSDURúLHGHDYHUWL $YHUWLVPHQWXOHVWHHPLVGDFăYăDSURSLDĠLGHXQDXWRYHKLFXOVWD
]DUHSULYLQGGLVWDQĠDVH ĠLRQDWVDXGHXQDXWRYHKLFXOFDUHFRQGXFHvQIDĠăODRYLWH]ăSUHD
DSULQGHFkWYHKLFXOXO PDUH
HVWHvQPLúFDUH6H
)LĠLJDWDVăIUkQDĠLLPHGLDW
HPLWHúLXQVXQHWGH
DYHUWL]DUH $FRUGDĠLRDWHQĠLHDSDUWHVLWXDĠLHLGLQWUDILF(VWHSRVLELOVăWUH
EXLDVFăVăIUkQDĠLVDXVăHIHFWXDĠLPDQHYUHGHHYLWDUH
,QIRUPDĠLLVXSOLPHQWDUHGHVSUH',67521,&3/863DJLQD
úLIUkQD35(6$)(3DJLQD
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
3QHXUL
&DOFXODWRUGHERUGúLGLVSOD\XUL
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
w 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULDGHWHFWDWRSLHUGHUHGHSUH
JDOEHQăSULYLQGPRQLWR VLXQHvQFHOSXĠLQXQXOGLQWUHSQHXUL
UL]DWRUXOSUHVLXQLLvQ
2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
SQHXULHVWHDSULQVă
VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
HIHFWXDĠLRSULUHD
ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
9HULILFDĠLSUHVLXQHDvQSQHXUL'DFăHVWHQHFHVDUFRUHFWDĠLSUH
VLXQHDvQSQHXUL3DJLQD
'DFăHVWHQHFHVDUVFKLPEDĠLRURDWă3DJLQD
,QIRUPDĠLLXWLOH
,QGLFDĠLLSULYLQGvQFăUFDUHD
=RQHGHGHSR]LWDUH
&DUDFWHULVWLFL
'HSR]LWDUHúLFDUDFWHULVWLFL
=RQHGHGHSR]LWDUH
,QIRUPDĠLLXWLOH DXWRYHKLFXOXOXLVDXVDUFLQLOHDGPLVHSH
SXQWHSHQWUXDXWRYHKLFXOXOUHVSHFWLY
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH LQFOXVLYSDVDJHULL
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG =SR]LĠLRQDĠLVDUFLQLOHJUHOHFkWPDLvQDLQWH
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD SRVLELOúLFkWPDLMRVvQSRUWEDJDMSRVLELO
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL =vQFăUFăWXUDQXWUHEXLHVăGHSăúHDVFăPDU
'HSR]LWDUHúLFDUDFWHULVWLFL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH JLQHDVXSHULRDUăDVSăWDUHORUVFDXQHORU
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL =SODVDĠLvQWRWGHDXQDvQFăUFăWXUDFRQWUD
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP VSăWDUHORUVFDXQHORUIDĠăúLVSDWH$VLJX
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF UDĠLYăFăVSăWDUHOHVFDXQHORUVXQWEORFDWH
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO IHUPvQORFDú
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH =SODVDĠLvQWRWGHDXQDvQFăUFăWXUDvQVSDWHOH
ULWRDUHODVLJXUDQĠă
VFDXQHORUQHRFXSDWHGDFăHVWHSRVLELO
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH =DVLJXUDĠLvQFăUFăWXUDFXPDWHULDOHGHIL[DUH
FLDOLWDWHDXWRUL]DWH3DJLQD VXILFLHQWGHVROLGHúLUH]LVWHQWHODX]XUă
&ăSWXúLĠLPDUJLQLOHDVFXĠLWHSHQWUXSURWHF
ĠLH
,QGLFDĠLLSULYLQGvQFăUFDUHD
G 2UJDQHOHGHSULQGHUHDvQFăUFăWXULLVXQW
GLVSRQLELOHODRULFHDWHOLHUGHVSHFLDOLWDWH
$9(57,60(17
DXWRUL]DWGHH[XQ&HQWUXGHVHUYLFH0HU
$VLJXUDĠLúLSR]LĠLRQDĠLvQFăUFăWXUDFRQIRUP FHGHV%HQ]
LQGLFDĠLLORUGHvQFăUFDUH
ÌQFD]FRQWUDUSDVDJHULLDXWRYHKLFXOXOXLDU
SXWHDILUăQLĠLGHvQFăUFăWXUDSURLHFWDWăSULQ =RQHGHGHSR]LWDUH
DXWRYHKLFXOvQFD]GHIUkQDUHEUXVFăVFKLP
EDUHEUXVFăDGLUHFĠLHLVDXGHDFFLGHQW &RPSDUWLPHQWHGHGHSR]LWDUH
9HĠLJăVLLQIRUPDĠLLVXSOLPHQWDUHvQVHFĠLXQHD 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
Ä$VLJXUDUHDXQHLvQFăUFăWXUL
&KLDUúLGDFăXUPDĠLWRDWHLQGLFDĠLLOHGH $9(57,60(17
vQFăUFDUHvQFăUFăWXUDYDFUHúWHSHULFROXOGH &RPSDUWLPHQWHOHGHGHSR]LWDUHWUHEXLHVăILH
UăQLUHvQFD]GHDFFLGHQW vQFKLVHFkQGVHGHSR]LWHD]ăDUWLFROHvQDFHV
WHD3ODVHOHSHQWUXEDJDMHQXVXQWFRQFHSXWH
$9(57,60(17 VăVXVĠLQăEDJDMHJUHOH
0HQĠLQHĠLFDSRWDSRUWEDJDMXOXLKD\RQXO 'XPQHDYRDVWUăVDXDOĠLSDVDJHULDLDXWRYHKL
vQFKLVăFkQGDXWRYHKLFXOXOHVWHvQIXQFĠLXQH FXOXOXLDUSXWHDILUăQLĠLGHRELHFWHSURLHFWDWH
ÌQFD]FRQWUDUJD]HOHGHHúDSDPHQWDUSXWHD vQFDELQăGDFă
SăWUXQGHvQLQWHULRUXODXWRYHKLFXOXOXLúLYDU =IUkQDĠLSXWHUQLF
SXWHDLQWR[LFD =VFKLPEDĠLEUXVFGLUHFĠLD
=VXQWHĠLLPSOLFDWvQWUXQDFFLGHQW
&DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHDOHXQXL
DXWRYHKLFXOvQFăUFDWGHSLQGGHGLVWULEXĠLD 1XDúH]DĠLRELHFWHFXPDUJLQLDVFXĠLWHúLIUD
vQFăUFăWXULLvQLQWHULRUXODXWRYHKLFXOXOXL'LQ JLOHvQSODVDSHQWUXEDJDMH
DFHVWPRWLYWUHEXLHVăUHVSHFWDĠLXUPăWRD 1XSODVDĠLRELHFWHGXUHvQEX]XQDUHOHSRU
UHOHLQGLFDĠLLFkQGWUDQVSRUWDĠLRvQFăUFăWXUă WKDUWă2ELHFWHOHQXWUHEXLHVăLDVăGLQEX]X
=FkQGWUDQVSRUWDĠLRvQFăUFăWXUăQXGHSăúLĠL QDUHOHSRUWKDUWă
QLFLRGDWăPDVDWRWDOăPD[LPăDGPLVăD
=RQHGHGHSR]LWDUH
&RPSDUWLPHQWHGHGHSR]LWDUHIDĠă
7RUSHGR
G 7RUSHGRXOSRDWHILUăFLW3DJLQD
'HSR]LWDUHúLFDUDFWHULVWLFL
3HQWUXDGHVFKLGHWUDJHĠLFRPSDUWLPHQ
WXOSHQWUXRFKHODULvQMRVCGHPkQHU
&RPSDUWLPHQWGHGHSR]LWDUHGLQFRQVROD
FHQWUDOă
3HQWUXDGHVFKLGHWUDJHĠLPkQHUXOCúL
GHVFKLGHĠLFODSHWDWRUSHGRXOXLD
3HQWUXDvQFKLGHUDEDWDĠLFODSHWDWRUSH
GRXOXLDvQVXVSkQăFHVHDQJUHQHD]ă
7RUSHGRXOSRDWHILvQFXLDWúLGHVFXLDWQXPDL
FXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQĠă
3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC
vQDSRL
&RPSDUWLPHQWGHGHSR]LWDUHFRPSDUWL
PHQWSHQWUXWHOHIRQGHVXEFRWLHUă
G ÌQIXQFĠLHGHJUDGXOGHGRWDUHDODXWRYH
3HQWUXDvQFXLDLQWURGXFHĠLHOHPHQWXO KLFXOXOXLXQSRUW86%úLRPXIăMDFN$8;
FKHLHGHXUJHQĠăvQvQFXLHWRDUHúLURWLĠLOOD ,1VDXR,QWHUIDĠă0HGLDVXQWLQVWDODWHvQ
vQVHQVRUDUvQSR]LĠLDH FRPSDUWLPHQWXOGHGHSR]LWDUH2LQWHUIDĠă
3HQWUXDGHVFXLDLQWURGXFHĠLHOHPHQWXO
PHGLDHVWHRLQWHUIDĠăXQLYHUVDOăSHQWUX
HFKLSDPHQWXODXGLRSRUWDELOGHH[SHQWUX
FKHLHGHXUJHQĠăvQvQFXLHWRDUHúLURWLĠLOOD
vQVHQVDQWLRUDUvQSR]LĠLDG XQL3RGVDXXQSOD\HUGH03XULFRQVXO
WDĠLLQVWUXFĠLXQLOHGHXWLOL]DUH$XGLRVDX
&RPSDUWLPHQWSHQWUXRFKHODUL &20$1'
ÌQFăSWXúHDODSDYLOLRQXOXLGHSHSDUWHDúRIH
UXOXLVHDIOăXQFRPSDUWLPHQWGHVWLQDWGHSR
]LWăULLRFKHODULORU
=RQHGHGHSR]LWDUH
&RPSDUWLPHQWHGHGHSR]LWDUHVSDWH
&RPSDUWLPHQWGHGHSR]LWDUHGLQFRPSDU
WLPHQWXOVSDWH
'HSR]LWDUHúLFDUDFWHULVWLFL
3HQWUXDGHVFKLGHDSăVDĠLEXWRQXOGHSH
SDUWHDVWkQJăDVDXEXWRQXOGHSHSDUWHD
GUHDSWăC
&RPSDUWLPHQWXOGHGHSR]LWDUHVHGHV
FKLGH 3HQWUXDGHVFKLGHUDEDWDĠLvQMRVFRWLHUD
VFDXQXOXLD
&RPSDUWLPHQWGHGHSR]LWDUHGHVXEVFDX 5DEDWDĠLFDSDFXOCDOFRWLHUHLvQVXV
QHOHIDĠă
$9(57,60(17
ÌQFăUFDĠLFRPSDUWLPHQWXOGHGHSR]LWDUH 3ODVHSHQWUXEDJDMH
QXPDLFXVDUFLQDPD[LPăSHUPLVăGHNJ
ÌQFD]FRQWUDUvQFăUFăWXUDWUDQVSRUWDWăDU $9(57,60(17
SXWHDGHH[HPSOXVăILHSURLHFWDWăGLQFRP $úH]DĠLQXPDLRELHFWHXúRDUHvQSODVDSHQWUX
SDUWLPHQWXOGHGHSR]LWDUHGDFăVFKLPEDĠL EDJDMH1XRXWLOL]DĠLODWUDQVSRUWXOGHRELHFWH
EUXVFGLUHFĠLDVDXIUkQDĠLSXWHUQLFLDUGXP JUHOHFXPDUJLQLDVFXĠLWHVDXIUDJLOH3ODVD
QHDYRDVWUăúLDOWHSHUVRDQHSXWHĠLVXIHULUăQL SHQWUXEDJDMHQXSRDWHIL[DRELHFWHOHVXIL
FLHQWvQFD]GHDFFLGHQW
G /DDXWRYHKLFXOHOHFXH[WLQFWRUvQORFGH
FRPSDUWLPHQWGHGHSR]LWDUHH[WLQFWRUXO 3ODVHOHSHQWUXEDJDMHVHDIOăvQVSDĠLXOSHQWUX
HVWHLQVWDODWVXEVFDXQXOúRIHUXOXL SLFLRDUHOHSDVDJHULORUIDĠăSHVSDWHOH
VSăWDUHORUVFDXQHORUúRIHUXOXLúLSDVDJHUXOXL
IDĠăúLSHSDUWHDVWkQJăvQSRUWEDJDM6HGDQ
VDXSHSDUWHDVWkQJăúLSHSDUWHDGUHDSWăD
SRUWEDJDMXOXL%UHDN
8QLWDWHGHvQFăUFDUHSULQEDQFKHWD
VSDWH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$9(57,60(17
3HQWUXDGHVFKLGHWUDJHĠLPkQHUXOCvQ 1XWUDQVSRUWDĠLRELHFWHJUHOHVDXGXUHvQDXWR
VXVúLUDEDWDĠLFDSDFXODvQDLQWH YHKLFXOVDXvQSRUWEDJDMGDFăQXVXQWELQH
IL[DWH
ÌQFD]FRQWUDUGXPQHDYRDVWUăúLFHLODOĠLSDVD
JHULDLDXWRYHKLFXOXOXLDĠLSXWHDILUăQLĠLGH
=RQHGHGHSR]LWDUH
RELHFWHOHSURLHFWDWHSULQDXWRYHKLFXOvQFD]GH
IUkQDUHSXWHUQLFăGHVFKLPEDUHEUXVFăD
GLUHFĠLHLVDXGHDFFLGHQW
$9(57,60(17
&RQGXFHĠLvQWRWGHDXQDFXFDSRWDSRUWEDJDMX
'HSR]LWDUHúLFDUDFWHULVWLFL
OXLvQFKLVăÌQFD]FRQWUDUHVWHSRVLELOFD
JD]HOHGHHúDSDPHQWVăSăWUXQGăvQLQWHULRUXO
DXWRYHKLFXOXOXL
6SăWDUHOHVFDXQHORUVSDWHGHSHSDUWHD
VWkQJăúLGHSHSDUWHDGUHDSWăSRWILUDEDWDWH 5DEDWDĠLVSăWDUXOVFDXQXOXLVSDWHD
vQMRVVHSDUDWSHQWUXDFUHúWHFDSDFLWDWHD vQDLQWH
SRUWEDJDMXOXL 'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO
SDVDJHUXOXLIDĠăvQDSRLGDFăVLWXDĠLDRFHUH
5DEDWDUHDvQDLQWHDVSăWDUXOXLVFDXQX
OXL 5DEDWDUHDvQDSRLDVSăWDUXOXLVFDXQXOXL
ÌQDLQWHGHDUDEDWDvQMRVVSăWDUXOVFDX 'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO
QXOXLVSDWHVFRDWHĠLWHWLHUDODWHUDOăSHQWUX SDVDJHUXOXLIDĠăvQDLQWHGDFăVLWXDĠLDR
VFDXQXOSHQWUXFRSLOLQWHJUDWFRQVXOWDĠL FHUH
VHFĠLXQHDÄ7HWLHUHODWHUDOHSHQWUXVFDXQXO
SHQWUXFRSLOLQWHJUDW³7HWLHUHOHODWHUDOHDU $VLJXUDĠLYăFăFHQWXUDGHVLJXUDQĠăQXVH
SXWHDVXIHULGHWHULRUăULvQFD]FRQWUDU SULQGHvQWUHHOHPHQWHFkQGUDEDWDĠL
VSăWDUXOVFDXQXOXLVSDWHvQDSRLÌQFD]FRQ
'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO
WUDUSRDWHVXIHULGHWHULRUăUL
SDVDJHUXOXLIDĠăvQDLQWHGDFăVLWXDĠLDR
FHUH 5DEDWDĠLvQDSRLVSăWDUXOVFDXQXOXL
'HVFKLGHĠLSRUWEDJDMXO
VSDWHCSkQăFHVHDQJUHQHD]ă
7UDJHĠLPDQHWDGHHOLEHUDUHDVSăWDUXOXL $9(57,60(17
VFDXQXOXLVSDWHGHSHSDUWHDVWkQJăVDXGH $VLJXUDĠLYăFăVSăWDUXOVFDXQXOXLVSDWHHVWH
SHSDUWHDGUHDSWăC DQJUHQDWFRUHFWÌQFD]FRQWUDUSDVDJHULL
6SăWDUXOVFDXQXOXLVSDWHDIHUHQWHVWHHOL DXWRYHKLFXOXOXLDUSXWHDILUăQLĠLGHRELHFWH
EHUDW SURLHFWDWHvQFDELQăGDFă
,QWURGXFHĠLFRPSOHWWHWLHUHOHvQVSăWDUXO
VFDXQXOXLVSDWH
=RQHGHGHSR]LWDUH
=IUkQDĠLSXWHUQLF VHFĠLXQHDÄ7HWLHUHODWHUDOHSHQWUXVFDXQXO
=VFKLPEDĠLEUXVFGLUHFĠLD SHQWUXFRSLOLQWHJUDW³7HWLHUHOHODWHUDOHDU
=VXQWHĠLLPSOLFDWvQWUXQDFFLGHQW
SXWHDVXIHULGHWHULRUăULvQFD]FRQWUDU
'DFăVSăWDUXOVFDXQXOXLVSDWHQXHVWHFXSODW 6SăWDUHOHVFDXQHORUVSDWHGHSHSDUWHD
DFHVWOXFUXYDILLQGLFDWSHDILúDMXOPXOWLIXQF VWkQJăúLGHSHSDUWHDGUHDSWăSRWILUDEDWDWH
ĠLRQDOGLQSDQRXOGHLQVWUXPHQWH vQDLQWHVHSDUDWSHQWUXDFUHúWHFDSDFLWDWHD
'HSR]LWDUHúLFDUDFWHULVWLFL
SRUWEDJDMXOXL
G 7UHEXLHVăFXSODĠLvQWRWGHDXQDVSăWDUXO
VFDXQXOXLVSDWHGDFăQXYăHVWHQHFHVDUă 5DEDWDUHDvQDLQWHDVSăWDUXOXLVFDXQX
FDUDFWHULVWLFDGHvQFăUFDUHSULQEDQFKHWă OXLVSDWH
$VWIHOYHĠLSUHYHQLDFFHVXOQHDYL]DWODSRUW ÌQFD]XOvQFDUHFDSDFXOúLSODVDGHEDJDMH
EDJDMGLQLQWHULRUXODXWRYHKLFXOXOXL FRPELQDWHVXQWSUHYă]XWHFXFDSDFSHQWUX
5HJODĠLWHWLHUHOHGDFăVLWXDĠLDRFHUH SRUWEDJDMúLSODVăGHVLJXUDQĠăDPEHOH
3DJLQD VSăWDUHDOHVFDXQXOXLVSDWHSRWILUDEDWDWH
'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO vQDLQWHQXPDLGDFăUDEDWDĠLPDLvQWkLVSăWDUXO
SDVDJHUXOXLIDĠăvQDSRLGDFăVLWXDĠLDRFHUH VFDXQXOXLGHSHSDUWHDGUHDSWăvQDLQWHÌQFD]
FRQWUDUQXPDLVSăWDUXOGHSHSDUWHDGUHDSWă
YDSXWHDILUDEDWDWvQDLQWHLQGLYLGXDO
([WLQGHUHDSRUWEDJDMXOXL%UHDN
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$9(57,60(17
1XWUDQVSRUWDĠLRELHFWHJUHOHVDXGXUHvQDXWR
YHKLFXOVDXvQSRUWEDJDMGDFăQXVXQWELQH
IL[DWH
ÌQFD]FRQWUDUGXPQHDYRDVWUăúLFHLODOĠLSDVD
JHULDLDXWRYHKLFXOXOXLDĠLSXWHDILUăQLĠLGH
RELHFWHOHSURLHFWDWHSULQDXWRYHKLFXOvQFD]GH
IUkQDUHSXWHUQLFăGHVFKLPEDUHEUXVFăD ,QWURGXFHĠLFRPSOHWWHWLHUHOHvQVSăWDU
GLUHFĠLHLVDXGHDFFLGHQW 3DJLQD
&kQGXWLOL]DĠLSRUWEDJDMXOPăULWSULQGHĠLvQWRW 'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO
GHDXQDSODVDGHVLJXUDQĠă SDVDJHUXOXLIDĠăvQDLQWHGDFăVLWXDĠLDR
&kQGWUDQVSRUWDĠLRELHFWHvQSRUWEDJDMFDSD FHUH
FXOFRPELQDWGHEDJDMHúLSODVDFDSDFXOSRUW 7UDJHĠLvQDLQWHPDQHWDGHHOLEHUDUHGHSH
EDJDMXOXLúLSODVDGHVLJXUDQĠăWUHEXLHVăILH SDUWHDVWkQJăVDXGHSHSDUWHD
IL[DWHODVSăWDUXOVFDXQXOXLVSDWH GUHDSWăDGLQVSăWDUXOVFDXQXOXL
6SăWDUXOVFDXQXOXLDIHUHQWCHVWHHOLEHUDW
$9(57,60(17
5DEDWDĠLVSăWDUXOVFDXQXOXLCvQDLQWH
&RQGXFHĠLvQWRWGHDXQDFXKD\RQXOvQFKLVÌQ
'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO
FD]FRQWUDUHVWHSRVLELOFDJD]HOHGHHúDSD
PHQWVăSăWUXQGăvQLQWHULRUXODXWRYHKLFXOXOXL SDVDJHUXOXLIDĠăvQDSRLGDFăVLWXDĠLDRFHUH
ÌQDLQWHGHDUDEDWDvQMRVVSăWDUXOVFDX
QXOXLVSDWHVFRDWHĠLWHWLHUDODWHUDOăSHQWUX
VFDXQXOSHQWUXFRSLOLQWHJUDWFRQVXOWDĠL
=RQHGHGHSR]LWDUH
5DEDWDUHDvQDSRLDVSăWDUXOXLVFDXQXOXL $VLJXUDUHDXQHLvQFăUFăWXUL
VSDWH
2FKLXULGHDQFRUDUH
$9(57,=$5(
ÌQFăUFDĠLXQLIRUPLQHOHOHGHSULQGHUH
ÌQFD]FRQWUDUGYVVDXDOWHSHUVRDQHSXWHĠLIL
'HSR]LWDUHúLFDUDFWHULVWLFL
UăQLĠLGHvQFăUFăWXUDFDUHVHGHSODVHD]ă
QHFRQWURODWvQFD]XULOHvQFDUH
=IUkQDĠLEUXVF
=VFKLPEDĠLUDSLGGLUHFĠLD
=VXQWHĠLLPSOLFDWvQWUXQDFFLGHQW
ÌQOHJăWXUăFXDFHDVWDDYHĠLvQYHGHUHLQVWUXF
'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO ĠLXQLOHGHvQFăUFDUH
SDVDJHUXOXLIDĠăvQDLQWHGDFăVLWXDĠLDR
FHUH 5HVSHFWDĠLXUPăWRDUHOHQRWHSULYLQGDVLJXUD
UHDvQFăUFăWXULORU
$VLJXUDĠLYăFăFHQWXUDGHVLJXUDQĠăQXVH
SULQGHvQWUHHOHPHQWHFkQGUDEDWDĠL =DVLJXUDĠLvQFăUFăWXUDFXDMXWRUXORFKLXULORU
VSăWDUXOVFDXQXOXLVSDWHvQDSRLÌQFD]FRQ GHDQFRUDUH
WUDUSRDWHVXIHULGHWHULRUăUL =QXXWLOL]DĠLFKLQJLHODVWLFHVDXSODVHSHQWUX
5DEDWDĠLVSăWDUXOVFDXQXOXLCvQDSRLSkQă DIL[DRvQFăUFăWXUăGHRDUHFHDFHVWHDDX
GRDUUROXOGHSURWHFĠLHFRQWUDDOXQHFăULL
FHVHDQJUHQHD]ă
SHQWUXRELHFWHXúRDUH
,QGLFDWRUXOGHVWDUHURúXDOEORFăULLDQX
=QXGLULMDĠLPDWHULDOHOHGHIL[DUHSHVWHPDU
PDLHVWHYL]LELO
JLQLVDXFROĠXULDVFXĠLWH
$9(57,60(17 =FăSWXúLĠLPDUJLQLOHDVFXĠLWHSHQWUXSURWHF
$VLJXUDĠLYăFăVSăWDUXOVFDXQXOXLHVWHDQJUH ĠLH
QDWFRUHFW,QGLFDWRULLGHYHULILFDUHDEORFăULL 6HDIOăSDWUXRFKLXULGHDQFRUDUHvQSRUWEDJDM
URúLLGHSHSDUWHDVWkQJăúLGUHDSWăWUHEXLHVă
QXPDLILHYL]LELOL'DFăVXQWYL]LELOLVSăWDUHOH
QXVXQWEORFDWHvQSR]LĠLH
3DVDJHULLDUSXWHDvQFD]FRQWUDUVăVXIHUHUăQL
vQFD]GHDFFLGHQWGHH[VXEDFĠLXQHDRELHF
WHORUDUXQFDWHvQDLQWHSULQLQWHULRUXODXWRYH
KLFXOXOXLGLQSRUWEDJDM
5HJODĠLWHWLHUHOHGDFăVLWXDĠLDRFHUH
3DJLQD
'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO
SDVDJHUXOXLIDĠăvQDSRLGDFăVLWXDĠLDRFHUH 6HGDQFXIXQFĠLDGHvQFăUFDUHSULQEDQFKHWDVSDWH
C 2FKLXULGHDQFRUDUH
=RQHGHGHSR]LWDUH
SXWHDGXFHODDFFLGHQWDUHDGXPQHDYRDVWUă
VDXDDOWRUSHUVRDQH
&kUOLJXOGHJHDQWăSRDWHUH]LVWDODRVDU
FLQăPD[LPăGHNJ1XvOXWLOL]DĠLSHQWUX
DIL[DRVDUFLQă
'HSR]LWDUHúLFDUDFWHULVWLFL
6HGDQ
%UHDNIăUăWUXVDGHDVLJXUDUHDvQFăUFăWXULL($6<
3$&.
C 2FKLXULGHDQFRUDUH
C &kUOLJGHJHDQWă
%UHDN
%UHDNFXWUXVDGHDVLJXUDUHDvQFăUFăWXULL($6<
3$&.
C 2FKLXULGHDQFRUDUH
D (OHPHQWHOHGHPRQWDUH
2FKLXULGHDQFRUDUH
%UHDNFXWUXVDGHDVLJXUDUHD
vQFăUFăWXULL($6<3$&.LQWURGXFHĠLHOH
PHQWHOHGHPRQWDUHDúLFXOLVDĠLOHvQSR]L 3HQWUXDGHVFKLGHDSăVDĠLFkUOLJXOGH
ĠLDGRULWă3DJLQD JHDQWăCVăJHDWD
&kUOLJXOGHJHDQWăCFXOLVHD]ăvQDIDUă
&kUOLJHGHJHDQWăGLQSRUWEDJDM 3HQWUXDvQFKLGHDSăVDĠLFkUOLJXOGH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD JHDQWăCSkQăFHVHDQJUHQHD]ă
$9(57,60(17
6XVSHQGDĠLQXPDLRELHFWHXúRDUHSHVXSRU
&DSDFSRUWEDJDM%UHDN
WXULOHGHJHQĠL1XOHXWLOL]DĠLODWUDQVSRUWXOGH
RELHFWHJUHOHFXPDUJLQLDVFXĠLWHVDXIUDJLOH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
&kQGIUkQDĠLSXWHUQLFVFKLPEDĠLUDSLGGLUHFĠLD
VDXvQFD]GHDFFLGHQWFkUOLJHOHGHJHDQWăQX $9(57,60(17
YRUIL[DVXILFLHQWRELHFWHOH$FHVWOXFUXDU &DSDFXOSRUWEDJDMXOXLQXHVWHXQVLVWHPGH
UHWHQĠLH$VLJXUDĠLVDUFLQDVXEFDSDFXOSRUW
=RQHGHGHSR]LWDUH
EDJDMXOXLSULQPLMORDFHDGHFYDWH$VLJXUDĠLYă
FăDĠLIL[DWELQHFDSDFXOSRUWEDJDMXOXL'DFă
EDJDMHOHQXVXQWDVLJXUDWHVXILFLHQWDFHVWHD
SRWILSURLHFWDWHSHVWHVSăWDUvQFRPSDUWL
PHQWXOSDVDJHULORUGHH[HPSOXvQWLPSXO
IUkQăULLSXWHUQLFHDVFKLPEăULORUEUXúWHGH
'HSR]LWDUHúLFDUDFWHULVWLFL
GLUHFĠLHVDXvQFD]GHDFFLGHQW3XWHĠLSURYRFD
XQDFFLGHQWVDXSXWHĠLVXIHULUăQLDWkWGXP
QHDYRDVWUăFkWúLDOWHSHUVRDQH
&kQGvQFăUFDĠLDXWRYHKLFXOXODVLJXUDĠLYă
FăQXVXSUDSXQHĠLVDUFLQDvQSRUWEDJDMOD 3HQWUXDUHWUDJHDSăVDĠLVFXUWPkQH
XQQLYHOFDUHVăGHSăúHDVFăPDUJLQHDLQIH UXOD
ULRDUăDJHDPXULORUODWHUDOH1XDúH]DĠL &DSDFXOSRUWEDJDMXOXLVHUXOHD]ăDXWRPDW
RELHFWHJUHOHGHDVXSUDFDSDFXOXLSRUWED 'DFăVLWXDĠLDRFHUHSOLDĠLDSăUăWRDUHDC
JDMXOXL vQVXVVDXvQMRVSkQăODSLHGLFă
&DSDFXOSRUWEDJDMXOXLúLSODVDGHVLJXUDQĠă
VXQWIL[DWHODVSăWDUXOEDQFKHWHLVSDWHFDXQ 6FRDWHUHDFDSDFXOXLúLSODVHLGHEDJDMH
DQVDPEOXFRPELQDWGHFDSDFúLSODVăGH FRPELQDWH
EDJDMH
$VLJXUDĠLYăFăSODVDGHVLJXUDQĠăúLFDSD
([WLQGHUHDúLUHWUDJHUHDFDSDFXOXLSRUW FXOSRUWEDJDMXOXLVXQWUXODWH
EDJDMXOXL 5DEDWDĠLVSăWDUXOVFDXQXOXLVWkQJDúL
GUHDSWDVSDWHvQDLQWH3DJLQD
3HQWUXDH[WLQGHSR]LĠLRQDĠLDSăUăWRD
UHDCSHRUL]RQWDOă ÌPSLQJHĠLFDSDFXOúLSODVDSRUWEDJDMXOXL
7UDJHĠLFDSDFXOSRUWEDJDMXOXLvQDSRLFXDMX
FRPELQDWHDODVWkQJDSkQăFHVHLHVGLQ
WRUXOPkQHUXOXLGHSULQGHUHDSkQăFHVH úDQĠXULOHGHJKLGDUHC
DQJUHQHD]ăvQJKLGDMHOHGHSHSDUWHD 6FRDWHĠLFDSDFXOúLSODVDSRUWEDJDMXOXL
VWkQJăúLGHSHSDUWHDGUHDSWă FRPELQDWHD
=RQHGHGHSR]LWDUH
GHDXQDvQFăUFăWXUD
ÌQFD]FRQWUDUGXPQHDYRDVWUăDĠLSXWHDIL
UăQLWGHRELHFWHOHQHDVLJXUDWHVXILFLHQWúLSUR
LHFWDWHSULQDXWRYHKLFXOvQFD]GHIUkQDUH
SXWHUQLFăGHVFKLPEDUHEUXVFăDGLUHFĠLHLVDX
GHDFFLGHQW
5DEDWDĠLVSăWDUXOVFDXQXOXLVWkQJDúL
$9(57,60(17
GUHDSWDVSDWHvQDLQWH3DJLQD
ÌQFD]GHIUkQDUHSXWHUQLFăVFKLPEDUHEUXVFă
*KLGDĠLSODVDGHVLJXUDQĠăvQVXVGH
GHGLUHFĠLHVDXGHDFFLGHQWHVWHSRVLELOFD
RELHFWHOHXúRDUHVăILHDUXQFDWHGLQWURSDUWH SOăFXĠDCúLSULQGHĠLRvQRFKLXULOHD
vQFHDODOWă
$FHVWOXFUXDUSXWHDGXFHODDFFLGHQWDUHD
GXPQHDYRDVWUăVDXDDOWRUSHUVRDQH &kUOLJHSHQWUXKDLQHSHKD\RQ
3ULQXUPDUHGDFăWUDQVSRUWDĠLRELHFWH $9(57,60(17
XúRDUHXWLOL]DĠLSODVDGHVLJXUDQĠă (VWHSRVLELOVăVHvQFKLGăKD\RQXOvQFD]XOvQ
&kQGWUDQVSRUWDĠLRELHFWHvQSRUWEDJDMFDSD FDUHFkUOLJHOHGHKDLQHVXQWVXSXVHXQHLVDU
FXOFRPELQDWGHEDJDMHúLSODVDWUHEXLHVăILH FLQLSUHDPDUL
SULQVHODVSăWDUXOVFDXQXOXLVSDWH $VWIHOGXPQHDYRDVWUăVDXDOWHSHUVRDQH
SXWHĠLILSULQVHvQWUHHOHPHQWHVXIHULQGUăQL
3ODVăGHVLJXUDQĠăIăUăPăULUHDSRUWED 'DFăXWLOL]DĠLFkUOLJHOHGHKDLQHDWkUQDĠL
JDMXOXL QXPDLKDLQHXúRDUHSHDFHVWHD$VLJXUDĠLYă
FăQLPHQLQXSRDWHILSULQVvQWUHHOH
7UDJHĠLSODVDGHVLJXUDQĠăvQVXVGH
FDGUXOCúLSULQGHĠLRvQRFKLXULOHD C &kUOLJHSHQWUXKDLQH
=RQHGHGHSR]LWDUH
7UXVăGHDVLJXUDUHDvQFăUFăWXULL (OLEHUDĠLEXWRQXOGHHOLEHUDUHD
($6<3$&.%UHDN $SăVDĠLEXWRQXOGHEORFDUH
&DGUXOCHVWHEORFDWvQúLQDGH
&RPSRQHQWHúLGHSR]LWDUH
vQFăUFDUH
7UXVDGHDVLJXUDUHDvQFăUFăWXULL($6<3$&. 'DFăVLWXDĠLDRFHUHUDEDWDĠLRFKLXOGH
YăSHUPLWHVăXWLOL]DĠLSRUWEDJDMXOvQGLYHUVH DQFRUDUHvQVXV
'HSR]LWDUHúLFDUDFWHULVWLFL
VFRSXUL$FFHVRULLOHVHDIOăVXESODQúHXOSRUW
EDJDMXOXL $9(57,=$5(
'HVFKLGHĠLSODQúHXOSRUWEDJDMXOXL ÌQFăUFDĠLXQLIRUPLQHOHOHGHSULQGHUH
3DJLQD ÌQFD]FRQWUDUGYVVDXDOWHSHUVRDQHSXWHĠLIL
UăQLĠLGHvQFăUFăWXUDFDUHVHGHSODVHD]ă
QHFRQWURODWvQFD]XULOHvQFDUH
=IUkQDĠLEUXVF
=VFKLPEDĠLUDSLGGLUHFĠLD
=VXQWHĠLLPSOLFDWvQWUXQDFFLGHQW
ÌQOHJăWXUăFXDFHDVWDDYHĠLvQYHGHUHLQVWUXF
ĠLXQLOHGHvQFăUFDUH
6XSRUWGHEDJDMH
$FFHVRULLWUXVăGHDVLJXUDUHDvQFăUFăWXULL($6< 6XSRUWXOGHEDJDMHSRDWHILXWLOL]DWSHQWUXD
3$&. IL[DVDUFLQLXúRDUHFRQWUDSHUHWHOXLODWHUDODO
C &DGUH SRUWEDJDMXOXLSHQWUXDQXOHSHUPLWHVăVH
D 6XSRUWGHEDJDMH PLúWH
7LMăWHOHVFRSLFă 8WLOL]DĠLVXSRUWXOGHEDJDMHQXPDLSHQWUX
DIL[DVDUFLQLFXRJUHXWDWHPD[LPăGHNJ
,QWURGXFHUHDFDGUHORUvQúLQDGH úLFXGLPHQVLXQLFDUHVăSHUPLWăLQFOXGHUHD
vQFăUFDUH vQVLJXUDQĠăvQVXSRUWXOGHEDJDMH
3HQWUXDLQVWDODLQWURGXFHĠLGRXăFDGUH
,QWURGXFHĠLFDGUXOCvQFHQWUXOúLQHLGH
vQúLQDGHvQFăUFDUHGLQVWkQJDVDXGLQ
vQFăUFDUH
GUHDSWD3DJLQD
$SăVDĠLEXWRQXOGHHOLEHUDUHDúLvPSLQJHĠL
$SăVDĠLEXWRQXOGHHOLEHUDUHCDOVXSRUWX
FDGUXOCvQSR]LĠLDGRULWăvQúLQDGH
OXLGHEDJDMHúLWUDJHĠLFKLQJDXúRUvQDIDUă
vQFăUFDUH
=RQHGHGHSR]LWDUH
,QWURGXFHĠLVXSRUWXOGHEDJDMHDvQ GUHDSWDúLFXOLVDĠLOvQSR]LĠLDGRULWă
FDGUHOHúLDSăVDĠLSkQăFHVHvPELQă 3DJLQD
$SăVDĠLEXWRQXOGHHOLEHUDUHCGLQVXSRU ,QWURGXFHĠLWLMDWHOHVFRSLFăCvQ
WXOGHEDJDMHúLWUDJHĠLFKLQJDvQDIDUăvQ FDGUHOHDúLDSăVDĠLvQMRVSkQăFHVH
GLUHFĠLDVăJHĠLL DQJUHQHD]ă
$úH]DĠLVDUFLQDvQWUHFKLQJăúLSHUHWHOHODWH $VLJXUDĠLYăFăEXWRQXOGHEORFDUHGLQ
'HSR]LWDUHúLFDUDFWHULVWLFL
UDODOSRUWEDJDMXOXL FDGUHOHDHVWHDSăVDW
)RORVLQGRVLQJXUăPkQăDSăVDĠLEXWRQXO $VWIHOFDGUHOHDVXQWIL[DWHvQORFDúSH
GHEORFDUHCGLQVXSRUWXOGHEDJDMH úLQDGHvQFăUFDUH
&XFHDODOWăPkQăOăVDĠLFKLQJDVăVH 3HQWUXDVFRDWHDSăVDĠLEXWRQXOGHHOLEH
UHWUDJăXúRUSkQăFHVDUFLQDHVWHIL[DWă UDUH
GLQFDGUXOUHVSHFWLYDúLVFRDWHĠL
$VLJXUDĠLYăFăEXWRQXOGHEORFDUH
GLQ WLMDWHOHVFRSLFăCWUăJkQGRvQVXVúLvQ
FDGUHOHHVWHDSăVDW DIDUă
$VWIHOFDGUHOHVXQWIL[DWHvQORFDúSH
úLQDGHvQFăUFDUH
3HQWUXDVFRDWHDSăVDĠLEXWRQXOGHHOLEH 6SDĠLXGHGHSR]LWDUHGHVXESODQúHXO
UDUHGLQFDGUXOUHVSHFWLYúLVFRDWHĠL SRUWEDJDMXOXL
VXSRUWXOGHEDJDMHDWUăJkQGXOvQVXVúL 7UXVD7,5(),7WUXVDGHVFXOHDDXWRYHKLFXOX
vQDIDUă OXLHWFVHDIOăvQFRPSDUWLPHQWXOGHGHSR]L
WDUH
7LMăWHOHVFRSLFă
7LMDWHOHVFRSLFăSRDWHILXWLOL]DWăSHQWUXDIL[D
VDUFLQDFRQWUDVFDXQHORUVSDWHSHQWUXDSUH
YHQLPLúFDUHDDFHVWHLD
3HQWUXDGHVFKLGHWUDJHĠLPkQHUXOCvQ
VXV
3HQWUXDLQVWDODLQWURGXFHĠLXQFDGUXD
vQúLQHOHGHvQFăUFDUHGLQVWkQJDúLGLQ
=RQHGHGHSR]LWDUH
$JăĠDĠLPkQHUXOCvQMJKHDEXOGH 3HQWUXDvQFKLGHUDEDWDĠLSODQúHXOSRUW
SORDLHD EDJDMXOXLvQMRV
$SăVDĠLSODQúHXOSRUWEDJDMXOXLvQMRVD
6FRDWHĠLPkQHUXOGLQQRXvQDLQWHGHD
SkQăFHVHDQJUHQHD]ă
vQFKLGHFDSRWDSRUWEDJDMXOXLúLIL[DĠLOIHUP
vQLQWHULRUSHQWUXDSUHYHQLLHúLUHDFODSHWHL
PkQHUXOXLvQDIDUăÌQFD]FRQWUDUDĠLSXWHD
'HSR]LWDUHúLFDUDFWHULVWLFL
GHWHULRUDPkQHUXO 6XSRUWGHSDYLOLRQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
6SDĠLXGHGHSR]LWDUHGHVXESODQúHXO $9(57,60(17
SRUWEDJDMXOXL%UHDN 8QVXSRUWGHSDYLOLRQXQVXSRUWSHQWUXVFKLXUL
VDXRVDUFLQăIL[DWHLQFRUHFWVHSRWGHVSULQGH
$9(57,60(17 GHSHDXWRYHKLFXO$FHVWHRELHFWHSRWILSUR
1XFRQGXFHĠLQLFLRGDWăFXSODQúHXOSRUWEDJD LHFWDWHvQH[WHULRUUăQLQGXYăSHGXPQHD
MXOXLGHVFKLV YRDVWUăVDXSHDOĠLLVDXSURYRFkQGXQDFFL
ÌQFD]FRQWUDUGXPQHDYRDVWUăúLFHLODOĠLSDVD GHQW5HVSHFWDĠLLQVWUXFĠLXQLOHGHLQVWDODUHDOH
JHULDLDXWRYHKLFXOXOXLDĠLSXWHDILUăQLĠLGH SURGXFăWRUXOXLVXSRUWXOXLGHSDYLOLRQVXSRU
RELHFWHOHSURLHFWDWHSULQDXWRYHKLFXOvQFD]GH WXOXLSHQWUXVFKLXULúLLQVWUXFĠLXQLOHVSHFLDOH
IUkQDUHSXWHUQLFăGHVFKLPEDUHEUXVFăD GHXWLOL]DUH
GLUHFĠLHLVDXGHDFFLGHQW 6DUFLQDSHSDYLOLRQULGLFăFHQWUXOGHJUHXWDWH
DODXWRYHKLFXOXOXLDIHFWkQGvQFRQVHFLQĠă
2LQVHUĠLHGHWDúDELOăGHVXESODQúHXOSRUWED
PDQHYUDELOLWDWHDDXWRYHKLFXOXOXL7UHEXLHVă
JDMXOXLFRQĠLQHSLHVHOHWUXVHLGHDVLJXUDUHD
UHVSHFWDĠLvQWRWGHDXQDVDUFLQDPD[LPăSH
vQFăUFăWXULL($6<3$&.úLRFXWLHSOLDELOă
SDYLOLRQGHNJ$GDSWDĠLYăvQWRWGHDXQD
7,5(),7WUXVDGHVFXOHDDXWRYHKLFXOXOXLHWF
VWLOXOGHFRQGXFHUHODFRQGLĠLLOHGHGUXPGH
VXQWGHSR]LWDWHGLQFRORGHDFHDVWăLQVHUĠLH
WUDILFúLPHWHRSUHGRPLQDQWHúLFRQGXFHĠLFX
GHRVHELWăSUXGHQĠăGDFăSDYLOLRQXOHVWH
vQFăUFDW
0HUFHGHV%HQ]YăUHFRPDQGăVăXWLOL]DĠL
QXPDLVXSRUWXULGHSDYLOLRQFDUHDXIRVW
WHVWDWHúLDSUREDWHSHQWUXDXWRYHKLFXOH
0HUFHGHV%HQ]$VWIHOSUHYHQLĠLDYDULHUHD
DXWRYHKLFXOXOXL
3R]LĠLRQDĠLVDUFLQDSHVXSRUWXOGHSDYLOLRQ
DVWIHOvQFkWDXWRYHKLFXOXOVăQXVXIHUHDYD
ULLFKLDUúLGDFăVHDIOăvQPLúFDUH
3HQWUXDGHVFKLGHGHVFKLGHĠLKD\RQXO $VLJXUDĠLYăFăVXSRUWXOGHSDYLOLRQHVWH
ğLQkQGGHQHUYXULDSăVDĠLPkQHUXOCvQ PRQWDW
MRVD =WUDSDJOLVDQWăWUDSDJOLVDQWăSDQRUD
0kQHUXOCVHUDEDWHD]ăvQVXV PLFăSRDWHILFRPSOHWULGLFDWăvQIXQFĠLH
5RWLĠLSODQúHXOSRUWEDJDMXOXLvQVXVFXDMX GHJUDGXOGHGRWDUHDODXWRYHKLFXOXOXL
WRUXOPkQHUXOXLCSkQăFHVHUHD]HPăGH =FDSRWDSRUWEDJDMXOXLKD\RQXOSRWIL
FDSDFXOSRUWEDJDMXOXL FRPSOHWGHVFKLVH
=DQWHQDGHSHSDYLOLRQQXDWLQJHVXSRUWXO
GHSDYLOLRQ
&DUDFWHULVWLFL
3HQWUXDHYLWDGHWHULRUDUHDVDX]JkULHUHD =IUkQDĠLSXWHUQLF
FDSDFHORUQXXWLOL]DĠLRELHFWHPHWDOLFHVDX =VFKLPEDĠLEUXVFGLUHFĠLD
GXUHSHQWUXDOHGHVFKLGH =VXQWHĠLLPSOLFDWvQWUXQDFFLGHQW
8WLOL]DĠLVXSRUWXULOHSHQWUXSDKDUHQXPDLSHQ
3ULQGHUHDVXSRUWXOXLGHSDYLOLRQ
WUXUHFLSLHQWHGHPăULPHDDGHFYDWăúLFDUH
6HGDQ
VXQWSUHYă]XWHFXFDSDFHÌQFD]FRQWUDUOLFKL
'HSR]LWDUHúLFDUDFWHULVWLFL
GHOHVHSRWYăUVD
6XSRUWXULOHSHQWUXSDKDUHQXWUHEXLHVăILH
XWLOL]DWHSHQWUXEăXWXULILHUELQĠLÌQFD]FRQ
WUDUHVWHSRVLELOVăYăRSăULĠL
6XSRUWXOSHQWUXSDKDUGLQFRQVRODFHQ
WUDOăIDĠă
'HVFKLGHĠLFDSDFHOHCFXDWHQĠLHvQGLUHF
ĠLDVăJHĠLL
5DEDWDĠLFDSDFHOHCvQVXV
$VLJXUDĠLVXSRUWXOGHSDYLOLRQQXPDLOD
SXQFWHOHGHDQFRUDUHGHVXEFDSDFHOHC
5HVSHFWDĠLLQVWUXFĠLXQLOHGHLQVWDODUHDOH
SURGXFăWRUXOXL
C 6XSRUWXULOHSHQWUXSDKDU
3ULQGHUHDVXSRUWXOXLGHSDYLOLRQ%UHDN D &DSDFXO
)L[DĠLVXSRUWXOSHQWUXSRUWEDJDMSHEDUHOH 3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOD
GHDFRSHULú vQDSRL
5HVSHFWDĠLLQVWUXFĠLXQLOHGHLQVWDODUHIXUQL
]DWHGHSURGXFăWRU 6FRDWHUHDúLPRQWDUHDVXSRUWXOXLSHQWUX
SDKDU
6FRDWHUHD
&DUDFWHULVWLFL
6XSRUWXULSHQWUXSDKDU
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$9(57,60(17
0HQĠLQHĠLVXSRUWXOSHQWUXSDKDUvQFKLVFkW
WLPSYHKLFXOXOHVWHvQPLúFDUHÌQFD]FRQWUDU
SDVDJHULLDXWRYHKLFXOXOXLDUSXWHDILUăQLĠLGH
RELHFWHSURLHFWDWHvQFDELQăGDFă
&DUDFWHULVWLFL
'HVIDFHĠLFXJULMăFDQDOXODGHSHSDUWHD FD]FRQWUDUVXSRUWXOSHQWUXSDKDUSRDWH
SDVDJHUXOXLIDĠăFXDMXWRUXOXQHLVFXOH VXIHULGHWHULRUăUL
DGHFYDWHSkQăFHDSDUHXUHFKHD
7UDJHĠLVXSRUWXOSHQWUXSDKDUvQVXVXúRU
SkQăODRSULWRU
'HVIDFHĠLFDQDOXOFXJULMăCSHSDUWHD
'HSR]LWDUHúLFDUDFWHULVWLFL
úRIHUXOXLFXDMXWRUXOXQHLVFXOHDGHFYDWHÌQ
DFHODúLWLPSWUDJHĠLVXSRUWXOSHQWUXSDKDU
vQVXVXúRUSkQăODRSULWRU
'HVIDFHĠLFDQDOXOGHSHSDUWHDúRIHUX
OXLCúLGHSHSDUWHDSDVDJHUXOXLIDĠăD
DOWHUQDWLY&kQGHIHFWXDĠLDFHDVWăRSHUDĠLH
ULGLFDĠLVXSRUWXOSHQWUXSDKDUvQVXVSkQă 5DEDWDĠLvQMRVFRWLHUDVFDXQXOXLVSDWH
FHSRDWHILVFRV
3HQWUXDGHVFKLGHULGLFDĠLFDSDFXOFRWLH
0RQWDUHD UHLVFDXQXOXLVSDWH
$SăVDĠLSLHGLFDGHHOLEHUDUHC
6XSRUWXOSHQWUXSDKDUDVHH[WLQGH
vQDLQWH
5DEDWDĠLFDSDFXOFRWLHUHLVFDXQXOXLVSDWH
vQDSRLvQMRVGLQQRXGDFăHVWHQHFHVDU
3HQWUXDvQFKLGHULGLFDĠLFDSDFXOFRWLHUHL
VFDXQXOXLVSDWH
5RWLĠLVXSRUWXOSHQWUXSDKDUDvQDSRLSkQă
FHVHDQJUHQHD]ă
,QWURGXFHĠLFDQDOHOHGHSHSDUWHDVWkQJăúL
3DUDVRODU
GHSHSDUWHDGUHDSWăDDOHVXSRUWXOXLSHQ
WUXSDKDUvQDUFXULOHODWHUDOH,QWURGXFHĠL 3UH]HQWDUHJHQHUDOăDSDUDVRODUXOXL
VXSRUWXOSHQWUXSDKDUDVWIHOvQFkWPDUJLQHD
VHFĠLXQLLVXSHULRDUHDVXSRUWXOXLSHQWUX $9(57,60(17
SDKDUCVăILHRULHQWDWăvQDLQWH 0HQĠLQHĠLRJOLQ]LOHGLQSDUDVRODUHDFRSHULWHvQ
$SăVDĠLVXSRUWXOSHQWUXSDKDUvQMRVSkQă
WLPSXOFRQGXFHULLÌQFD]FRQWUDUDĠLSXWHDIL
RUELWQHPDLSXWkQGREVHUYDFRQGLĠLLOHGLQWUD
FHVHDQJUHQHD]ăSHSDUWHDSDVDJHUXOXL
ILFúLSXWkQGSURYRFDXQDFFLGHQWGUHSWFRQ
IDĠă
VHFLQĠă
6XSRUWXOSHQWUXSDKDUGLQFRWLHUDVFDX
QXOXLVSDWH
1XVWDĠLSHúLQXYăVSULMLQLĠLJUHXWDWHD
FRUSXOXLSHFRWLHUDVFDXQXOXLVSDWHFkQG
HVWHUDEDWDWGHRDUHFHODĠLSXWHDGHWHULRUD
vQFD]FRQWUDU
ÌQFKLGHĠLVXSRUWXOSHQWUXSDKDUvQDLQWHGH
DUDEDWDFRWLHUDVFDXQXOXLVSDWHvQVXVÌQ
&DUDFWHULVWLFL
3HQWUXDH[WLQGHWUDJHĠLMDOX]HOHOHvQDIDUă
GHSOăFXĠDCúLIL[DĠLOHSHGLVSR]LWLYHOHGH
SULQGHUHDGLQSDUWHDVXSHULRDUăDJHD
PXOXL
*KLGDĠLvQWRWGHDXQDMDOX]HOHOHFXPkQD
1XSHUPLWHĠLVăVHvQIăúRDUHEUXVFvQDSRL
'HSR]LWDUHúLFDUDFWHULVWLFL
GHRDUHFHDVWIHOYHĠLGHWHULRUDPHFDQLVPXO
GHvQIăúXUDUHDXWRPDW
1XFRQGXFHĠLDXWRYHKLFXOXOFXMDOX]HOHOH
C /XPLQDGLQRJOLQGă SULQVHúLJHDPXULOHODWHUDOHGHVFKLVHVLPXO
WDQ-DOX]HOHOHSRWVăULGLQGLVSR]LWLYHOHGH
D &RQVROD
SULQGHUHúLSRWULFRúDEUXVFODYLWH]HPDUL
&OHPăGHIL[DUHGHH[SHQWUXXQWLFKHW GHH[FkQGFRQGXFHĠLSHDXWRVWUDGă$VW
GHSDUFDUH IHOSXWHĠLDYDULDUHWUDFWRUXOFXPHFDQLVP
2JOLQGăGHPDFKLDM LQHUĠLDO3ULQXUPDUHILHvQFKLGHĠLJHDPXO
&DSDFXORJOLQ]LL ODWHUDOILHUHWUDJHĠLMDOX]HOHOHvQDLQWHGHD
FRQGXFHODYLWH]HPDUL
2JOLQGDGHPDFKLDMGLQSDUDVRODU
/XPLQDGLQRJOLQGăCIXQFĠLRQHD]ăQXPDL -DOX]HOHSHOXQHWă6HGDQ
GDFăSDUDVRODUXOHVWHSULQVvQGLVSR]LWLYXOGH
SULQGHUHDúLFDSDFXORJOLQ]LLDIRVWSOLDW ([WLQGHUHDUHWUDJHUHDMDOX]HOHORU
vQVXV $VLJXUDĠLYăFăMDOX]HOHOHVHSRWGHSODVD
OLEHUÌQFD]FRQWUDUMDOX]HOHOHVDXDOWH
5HIOH[LHGLQWURSDUWH RELHFWHSRWVXIHULGHWHULRUăUL
3OLDĠLvQMRVSDUDVRODUXO
7UDJHĠLSDUDVRODUXOGLQGLVSR]LWLYXOGHSULQ
GHUHD
5RWLĠLSDUDVRODUXOvQODWHUDO
3DUDVRODUHSHJHDPXULOHODWHUDOH
VSDWH
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
3HQWUXDOHH[WLQGHVDXUHWUDJHDSăVDĠL
VFXUWEXWRQXOC
-DOX]HOHOHVHH[WLQGVDXVHUHWUDJFRPSOHW
&DUDFWHULVWLFL
6FUXPLHUă 6FUXPLHUăGLQFRQVRODFHQWUDOăGLQ
FRPSDUWLPHQWXOVSDWH
6FUXPLHUăSHFRQVRODFHQWUDOăIDĠă
G 3XWHĠLVăVFRDWHĠLVFUXPLHUDúLVăXWLOL]DĠL
FRPSDUWLPHQWXODVWIHOREĠLQXWSHQWUXGHSR
]LWDUH
'HSR]LWDUHúLFDUDFWHULVWLFL
6SDĠLXOGHGHSR]LWDUHGHVXEVFUXPLHUăQX
HVWHWHUPRUH]LVWHQWÌQDLQWHGHDSXQH
ĠLJăULDSULQVHvQVFUXPLHUăDVLJXUDĠLYăFă
VFUXPLHUDHVWHFXSODWăFRUHVSXQ]ăWRUÌQ
FD]FRQWUDUVSDĠLXOGHGHSR]LWDUHSRDWH
VXIHULGHWHULRUăUL
3HQWUXDGHVFKLGHWUDJHĠLFDSDFXODvQ
DIDUăGHPDUJLQHDVDVXSHULRDUă
3HQWUXDVFRDWHLQVHUĠLDDSăVDĠLEXWRQXO
GHHOLEHUDUHúLULGLFDĠLLQVHUĠLDvQVXVúL
vQDIDUă
3HQWUXDPRQWDLQVHUĠLDPRQWDĠLLQVHU
ĠLDCGHGHDVXSUDvQVXSRUWúLDSăVDĠLRvQ
MRVvQVXSRUWSkQăFHVHDQJUHQHD]ă
3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC %ULFKHWă
vQDLQWHSkQăFHVHDQJUHQHD]ă
3HQWUXDVFRDWHLQVHUĠLDĠLQHĠLLQVHUĠLD
3HULFROGHUăQLUHúLLQFHQGLX
GHQHUYXULOHGLQODWHUDOHúLULGLFDĠLRvQ 3HQWUXPDQLSXODUHDEULFKHWHLILHUELQĠLXWLOL]DĠL
QXPDLPkQHUXODFHVWHLDÌQFD]FRQWUDUSXWHĠL
VXVDúLvQDIDUă
VXIHULDUVXUL
3HQWUXDPRQWDODORFLQVHUĠLDDSăVDĠL
/XDĠLPăVXULSHQWUXHOLPLQDUHDSHULFROXOXLGH
LQVHUĠLDvQVXSRUWSkQăFHVHDQJUH
DFFLGHQWDUHDFRSLLORUFHFăOăWRUHVFvQDXWR
QHD]ă YHKLFXOSULQDWLQJHUHDEULFKHWHLILHUELQĠLVDX
3HQWUXDvQFKLGHDSăVDĠLVFXUWFDSD GHSURYRFDUHDXQXLLQFHQGLXSULQPDQLSXOD
FXOCvQIDĠă UHDDFHVWHLD
&DSDFXOVHGHSODVHD]ăvQDSRL
&DUDFWHULVWLFL
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH 3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC
FRQWDFW vQDLQWHSkQăFHVHDQJUHQHD]ă
3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC 5LGLFDĠLFDSDFXOSUL]HLD
vQDLQWHSkQăFHVHDQJUHQHD]ă 3HQWUXDvQFKLGHDSăVDĠLVFXUWFDSD
$SăVDĠLEULFKHWDvQăXQWUXD FXOCvQIDĠă
%ULFKHWDDYDVăULDXWRPDWvQDIDUăFkQG &DSDFXOVHGHSODVHD]ăvQDSRL
'HSR]LWDUHúLFDUDFWHULVWLFL
UH]LVWHQĠDHVWHLQFDQGHVFHQWă
3HQWUXDvQFKLGHDSăVDĠLVFXUWFDSD 3UL]ăGLQFRQVRODFHQWUDOăGLQFRPSDU
FXOCvQIDĠă WLPHQWXOVSDWH
&DSDFXOVHGHSODVHD]ăvQDSRL
2SUL]ăHVWHPRQWDWăvQFRQVRODFHQWUDOăGLQ
FRPSDUWLPHQWXOVSDWHODDXWRYHKLFXOHOHFX
VFUXPLHUăúLEULFKHWă
3UL]HGH9
$VSHFWHGHFDUHVHYDĠLQHFRQWvQDLQWH
GHXWLOL]DUH
3UL]HOHSRWILXWLOL]DWHSHQWUXDFFHVRULLFXXQ
FRQVXPGHFXUHQWPD[LPGH:$GH
H[OăPSLVDXvQFăUFăWRDUHSHQWUXWHOHIRDQH
PRELOH
'DFăXWLOL]DĠLSUL]HOHSHSHULRDGHvQGHOXQJDWH
FkQGPRWRUXOHVWHRSULWEDWHULDVHSRDWH
GHVFăUFD
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH 7UDJHĠLFDSDFXODvQDIDUăGHPDUJLQHD
FRQWDFW VXSHULRDUă
5LGLFDĠLFDSDFXOSUL]HLC
G 8QPHFDQLVPGHvQWUHUXSHUHGHXUJHQĠă
DVLJXUăIDSWXOFăWHQVLXQHDGHODERUGQX
VFDGHODXQQLYHOSUHDPLF'DFăWHQVLXQHD 3UL]DGLQSRUWEDJDM%UHDN
GHODERUGHVWHSUHDVFă]XWăDOLPHQWDUHD
ODSUL]HHVWHvQWUHUXSWăDXWRPDW$VWIHOVH
DVLJXUăXQFXUHQWHOHFWULFVXILFLHQWSHQWUX
DSRUQLPRWRUXO
3UL]ăSHFRQVRODFHQWUDOăIDĠă
5LGLFDĠLFDSDFXOSUL]HLC
&DUDFWHULVWLFL
7HOHIRQPRELO 2DQWHQăH[WHULRDUăDUHXUPăWRDUHOHDYDQ
WDMH
1RWHLPSRUWDQWH =FRQGXFHFkPSXULOHHOHFWURPDJQHWLFH
$9(57,60(17 JHQHUDWHGHXQGLVSR]LWLYIăUăILUFăWUHH[WH
5HVSHFWDĠLQRUPHOHOHJDOHGLQĠDUDvQFDUH ULRU
FRQGXFHĠLODPRPHQWXOUHVSHFWLYSULYLQGXWLOL =LQWHQVLWDWHDFkPSXOXLGLQLQWHULRUXODXWRYH
'HSR]LWDUHúLFDUDFWHULVWLFL
]DUHDHFKLSDPHQWXOXLPRELOGHFRPXQLFDĠLL KLFXOXOXLHVWHPDLVFă]XWăFDvQWUXQDXWR
vQWUXQDXWRYHKLFXO YHKLFXOFDUHQXGLVSXQHGHDQWHQăH[WH
'DFăOHJHDSHUPLWHXWLOL]DUHDHFKLSDPHQWXOXL ULRDUă
PRELOGHFRPXQLFDĠLLFkWDXWRYHKLFXOXOHVWHvQ G ([LVWăGLIHULWHFRQVROHGHWHOHIRQPRELO
PLúFDUHWUHEXLHVăvOXWLOL]DĠLQXPDLGDFă FDUHSRWILPRQWDWHvQDXWRYHKLFXOXOGXP
VLWXDĠLDGLQWUDILFRSHUPLWHÌQFD]FRQWUDU QHDYRDVWUăvQDQXPLWHFD]XULDFHVWHDVXQW
DWHQĠLDYDUSXWHDILGLVWUDVăGHODFRQGLĠLLOH VSHFLILFHĠăULL
GLQWUDILFDĠLSXWHDSURYRFDXQDFFLGHQWúL
GXPQHDYRDVWUăúLDOWHSHUVRDQHDĠLSXWHD G &KLDUúLGDFăDXWRYHKLFXOXOGXPQHD
VXIHULUăQL YRDVWUăHVWHGRWDWFXSDFKHWGHWHOHIRQLH
FRQIRUWSXWHĠLFRQHFWDXQWHOHIRQPRELO
6WDĠLLOHELGLUHFĠLRQDOHúLHFKLSDPHQWXOID[XWL
OL]DWHIăUăDQWHQHH[WHULRDUHFXUHIOH[LH
FRPSDWLELOFX%OXHWRRWKOD$XGLRVDX
VFă]XWăSRWSHUWXUEDVLVWHPHOHHOHFWURQLFH
OD&20$1'2QOLQHSULQLQWHUIDĠD%OXH
DOHDXWRYHKLFXOXOXLSHULFOLWkQGvQFRQVHFLQĠă WRRWK
VLJXUDQĠDvQIXQFĠLRQDUHDDXWRYHKLFXOXOXLúL ,QIRUPDĠLLOHVXSOLPHQWDUHSULYLQGWHOHIRDQHOH
VLJXUDQĠDGXPQHDYRDVWUă3ULQXUPDUHWUH PRELOHFRQVROHOHGHWHOHIRQPRELODGHFYDWH
EXLHVăXWLOL]DĠLDFHVWHFKLSDPHQWQXPDLGDFă úLFRQHFWDUHDWHOHIRDQHORUPRELOHFRPSDWL
HVWHFRQHFWDWFRUHFWODRDQWHQăH[WHULRDUă ELOHFX%OXHWRRWKOD$XGLRVDX&20$1'
VHSDUDWăIăUăUHIOH[LH 2QOLQHSRWILREĠLQXWH
=GHOD&HQWUXOGXPQHDYRDVWUăGH6HUYLFH
$9(57,60(17 0HUFHGHV%HQ]
1LYHOXULOHH[FHVLYHGHUDGLDĠLLHOHFWURPDJQH =GHSHLQWHUQHWODDGUHVDKWWS
WLFHYăSRWDIHFWDVăQăWDWHDDWkWDGXPQHD
ZZZPHUFHGHVEHQ]FRPFRQQHFW
YRDVWUăFkWúLDFHORUODOĠL8WLOL]DUHDXQHL
DQWHQHH[WHULRDUHHVWHSHUPLVăGRDUOXkQGX G )XQFĠLLOHúLVHUYLFLLOHGLVSRQLELOHFkQGXWL
VHvQFDOFXOúLGH]EDWHULOHúWLLQĠLILFHFXUHQWH OL]DĠLWHOHIRQXOYDULD]ăvQIXQFĠLHGHPRGHOXO
SULYLQGSRVLELOHOHULVFXULDVXSUDVăQăWăĠLLFRP WHOHIRQXOXLGXPQHDYRDVWUăPRELOúLGHIXU
SRUWDWHGHFkPSXULOHHOHFWURPDJQHWLFH QL]RUXOGHVHUYLFLL
0HUFHGHV%HQ]YăUHFRPDQGăVăXWLOL]DĠLR ,QWURGXFHUHDWHOHIRQXOXLPRELO
DQWHQăH[WHULRDUăDSUREDWă$VWIHODVLJXUDĠL
'HVFKLGHĠLFRPSDUWLPHQWXOWHOHIRQXOXL
=RFDOLWDWHRSWLPăDUHFHSĠLHLODWHOHIRQXO
3DJLQD
PRELOvQDXWRYHKLFXO
3ODVDĠLFRQVRODWHOHIRQXOXLPRELOvQFRQVROD
=UHGXFHUHDODPLQLPXPDLQIOXHQĠHORUUHFL
SUHLQVWDODWăFRQVXOWDĠLLQVWUXFĠLXQLOHGH
SURFHGLQWUHVLVWHPHOHHOHFWURQLFHDOHYHKL LQVWDODUHVHSDUDWHSHQWUXFRQVRODWHOHIRQX
FXOXOXLúLWHOHIRDQHOHPRELOH OXLPRELO
,QWURGXFHĠLWHOHIRQXOPRELOvQFRQVRODWHOH
IRQXOXLPRELOFRQVXOWDĠLLQVWUXFĠLXQLOHGH
&DUDFWHULVWLFL
LQVWDODUHVHSDUDWHSHQWUXFRQVRODWHOHIRQX
OXLPRELO
'DFăWHOHIRQXOPRELOHVWHLQWURGXVvQFRQVROD
WHOHIRQXOXLPRELOSXWHĠLYRUELFXLQWHUORFXWR
UXOGXPQHDYRDVWUăFXDMXWRUXOVLVWHPXOXL
KDQGVIUHH
'HSR]LWDUHúLFDUDFWHULVWLFL
G /DDQXPLWHFRQVROHGHWHOHIRQPRELOWUH
EXLHVăFRQHFWDĠLPDLvQWkLWHOHIRQXOPRELO
SULQ%OXHWRRWKODRFRQVROăGHWHOHIRQ
PRELOFRQVXOWDĠLLQVWUXFĠLXQLOHGHXWLOL]DUH
VHSDUDWHSHQWUXFRQVRODGHWHOHIRQPRELO 3HQWUXDUDEDWDFRQVRODvQVXVDSăVDĠL
/DDFHVWHFRQVROHGHWHOHIRQPRELOWHOHIR EXWRQXOC
QXOPRELOQXWUHEXLHVăILHLQWURGXVvQFRQ 3HQWUXDUDEDWDFRQVRODvQMRVDSăVDĠL
VROăSHQWUXFDGXPQHDYRDVWUăVăSXWHĠLXWL FRQVRODvQMRVúLOăVDĠLRVăVHFXSOH]H
OL]DIXQFĠLLOHWHOHIRQXOXLÌQDFHVWFD]IXQF
ĠLDGHvQFăUFDUHúLIXQFĠLDGHDQWHQăVXQW
LQGLVSRQLELOH &RYRUDúSHSDUWHDúRIHUXOXL
8WLOL]DUHDWHOHIRQXOXLPRELO $9(57,60(17
$VLJXUDĠLYăFăH[LVWăVXILFLHQWVSDĠLXvQMXUXO
3XWHĠLXWLOL]DWHOHIRQXOFXDMXWRUXOEXWRDQHORU
SHGDOHORUGDFăVHXWLOL]HD]ăFRYRUDúHúLFă
júLGHSHYRODQXOPXOWLIXQFĠLRQDOGH
DFHVWHFRYRUDúHVXQWIL[DWHFRUHVSXQ]ăWRU
OX[3XWHĠLXWLOL]DDOWHIXQFĠLLDOHWHOHIRQXOXL
PRELOSULQFDOFXODWRUXOGHERUG &RYRUDúHOHWUHEXLHVăILHvQWRWGHDXQDIL[DWH
3DJLQD FRUHFWFXDMXWRUXOGLVSR]LWLYHORUGHSULQGHUHúL
DOFDSVHORU
'DFăVFRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQ
WDFWWHOHIRQXOPRELOUăPkQHSRUQLWGDUQX ÌQDLQWHGHDSOHFDvQFăOăWRULHYHULILFDĠLFRYR
PDLSXWHĠLXWLOL]DVLVWHPXOKDQGVIUHH UDúHOHúLSULQGHĠLOHGDFăVLWXDĠLDRFHUH8Q
FRYRUDúQHIL[DWFRUHVSXQ]ăWRUSRDWHDOXQHFD
'DFăUHDOL]DĠLXQDSHOúLDĠLGRULVăVFRDWHĠL
úLvQFRQVHFLQĠăSRDWHLQWHUIHUDFXPLúFDUHD
FKHLDGLQFRPXWDWRUXOGHFRQWDFWVFRDWHĠL
SHGDOHORU
PDLvQWkLWHOHIRQXOPRELOGLQFRQVROăÌQFD]
FRQWUDUDSHOXOYDILvQFKHLDW 1XDúH]DĠLFRYRUDúHOHXQXOGHDVXSUDFHOXLODOW
G &kQGRFRQVROăGHWHOHIRQPRELOHVWHXWL
OL]DWăúLFRQHFWDWăODWHOHIRQXOPRELOSULQ
%OXHWRRWKGDFăGRULĠLVăFRQWLQXDĠLXQ
DSHOvQÄ0RGXOSULYDWWUHEXLHVăXUPDĠL
SDúLLQHFHVDULSHWHOHIRQXOPRELOFRQVXOWDĠL
LQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWHSHQWUX
WHOHIRQXOPRELO
3XWHĠLUDEDWDFRQVRODSUHLQVWDODWăvQVXVSHQ
WUXDvPEXQăWăĠLDFFHVXOODVSDĠLXOGHGHSR]L
WDUHGHVXEHDÌQIXQFĠLHGHJUDGXOGHGRWDUH
DODXWRYHKLFXOXOXLRFRQH[LXQH86%úLRFRQH
[LXQH$8;,1R,QWHUIDĠă0HGLDVXQWPRQWDWH
vQFRPSDUWLPHQWXOGHGHSR]LWDUH
3DJLQD
&DUDFWHULVWLFL
&XOLVDĠLVFDXQXOvQDSRL
3HQWUXDPRQWDDúH]DĠLFRYRUDúXOvQVSD
ĠLXOSHQWUXSLFLRDUH
$SăVDĠLFDSVHOHCSHGLVSR]LWLYHOHGHSULQ
GHUHD
3HQWUXDVFRDWHWUDJHĠLFRYRUDúXOGLQGLV
'HSR]LWDUHúLFDUDFWHULVWLFL
SR]LWLYHOHGHSULQGHUHD
6FRDWHĠLFRYRUDúXO
3HOLFXOăDQWLRUELUHPRGHUQL]DWă
3HOLFXODDQWLRUELUHFXFDUHVHPRGHUQL]HD]ă
LQWHULRUXOJHDPXULORUSRDWHSHUWXUEDUHFHSĠLD
UDGLRWHOHIRQPRELO$FHDVWăDILUPDĠLHHVWH
YDODELOăPDLDOHVvQFD]XOSHOLFXOHORUFRQGXF
WRDUHVDXFXVWUDWPHWDOLF,QIRUPDĠLLOHSULYLQG
SHOLFXODDQWLRUELUHSRWILREĠLQXWHGHODRULFH
&HQWUXGHVHUYLFH0HUFHGHV%HQ]
,QIRUPDĠLLXWLOH
&RPSDUWLPHQWPRWRU
ÌQWUHĠLQHUH
ÌQJULMLUH
ÌQWUHĠLQHUHúLvQJULMLUH
&RPSDUWLPHQWPRWRU
,QIRUPDĠLLXWLOH $XWRYHKLFXOHOHFXPRWRUSHEHQ]LQă6LV
WHPXOGHDSULQGHUHHOHFWURQLFXWLOL]HD]ăvQDOWă
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH WHQVLXQH'LQDFHVWPRWLYQXWUHEXLHVăDWLQ
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG JHĠLQLFLRGDWăFRPSRQHQWHOHVLVWHPXOXLGH
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD DSULQGHUHERELQDGHDSULQGHUHFDEOXULOHGH
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL DSULQGHUHFRQHFWRULLEXMLLORUVDXSUL]DGHWHV
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH WDUHFkQG
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL =PRWRUXOHVWHSRUQLW
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP =PRWRUXOHVWHvQFXUVGHSRUQLUH
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
=FRQWDFWXOHVWHFXSODWúLPRWRUXOHVWHDFĠLR
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH QDWFXPkQD
ÌQWUHĠLQHUHúLvQJULMLUH
ULWRDUHODVLJXUDQĠă ÌQFD]FRQWUDUSXWHĠLVXIHULRHOHFWURFXWDUHúL
UăQLJUDYHVDXFKLDUIDWDOH
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
$XWRYHKLFXOHOHFXPRWRUGLHVHO&RQWUROXO
FLDOLWDWHDXWRUL]DWH3DJLQD
HOHFWURQLFDOLQMHFĠLHLXWLOL]HD]ăvQDOWăWHQ
VLXQH'LQDFHVWPRWLYQXWUHEXLHVăDWLQJHĠL
QLFLRGDWăFRPSRQHQWHOHVLVWHPXOXLGHLQMHF
&RPSDUWLPHQWPRWRU
ĠLHFkQG
&DSRWă =PRWRUXOHVWHSRUQLW
'HVFKLGHUHFDSRWă =PRWRUXOHVWHvQFXUVGHSRUQLUH
=FRQWDFWXOHVWHFXSODW
3HULFROGHDFFLGHQW
ÌQFD]FRQWUDUSXWHĠLVXIHULRHOHFWURFXWDUHúL
1XDFĠLRQDĠLFODSHWDGHGHVLJXUDQĠDUHDFDSR UăQLJUDYHVDXFKLDUIDWDOH
WHLPRWRUXOXLvQWLPSXOGHSODVăULLDXWRYHKLFX
OXOXLÌQFD]FRQWUDUFDSRWDVHSRDWHGHVFKLGH $VLJXUDĠLYăFăúWHUJăWRDUHOHGHSDUEUL]
úLYăSRDWHREWXUDYL]LELOLWDWHD VXQWRSULWH
3HULFROGHUăQLUH $9(57,60(17
([LVWăSHULFROXOGHDFFLGHQWDUHFkQGFDSRWD ùWHUJăWRDUHOHGHSDUEUL]úLPHFDQLVPXODUWL
HVWHGHVFKLVăFKLDUGDFăPRWRUXOQXHVWHvQ FXODWDOúWHUJăWRUXOXLVHSRWSXQHvQPLúFDUH
IXQFĠLXQH &kQGFDSRWDHVWHGHVFKLVăGXPQHDYRDVWUă
8QHOHSLHVHDOHPRWRUXOXLVHSRWvQFăO]LH[FH VDXDOWHSHUVRDQHSXWHĠLILUăQLĠLGHPHFDQLV
VLY PXODUWLFXODWDOúWHUJăWRUXOXL
3HQWUXDHYLWDSHULFROXODUVXULORUDWLQJHĠLGRDU $VLJXUDĠLYăFăúWHUJăWRDUHOHGHSDUEUL]VXQW
FRPSRQHQWHOHPRWRUXOXLGHVFULVHvQ0DQXDOXO RSULWH6FRDWHĠLFKHLDVDXDVLJXUDĠLYăFăQX
GHXWLOL]DUHúLUHVSHFWDĠLLQVWUXFĠLXQLOHUHIHUL VDVHOHFWDWQLFLRSR]LĠLHGLQFRQWDFWFX.(<
WRDUHODVLJXUDQĠăvQDFHDVWăSULYLQĠă /(66*27RDWHOăPSLOHLQGLFDWRDUHWUHEXLHVă
ILHVWLQVHvQSDQRXOGHLQVWUXPHQWH
$9(57,60(17
9HQWLODWRUXOUDGLDWRUXOXLGLQWUHUDGLDWRUúL
PRWRUSRDWHSRUQLDXWRPDWFKLDUúLGDFă
FKHLDDIRVWVFRDVăGLQFRPXWDWRUXOGHFRQ
WDFW'LQDFHVWPRWLYQXWUHEXLHVăYăDSUR
SLDĠLGH]RQDGHURWLUHDYHQWLODWRUXOXLÌQFD]
FRQWUDUSXWHĠLVXIHULUăQL
&RPSDUWLPHQWPRWRU
&RERUkĠLFDSRWDúLOăVDĠLRVăFDGăGHODR
vQăOĠLPHGHDSUR[LPDWLYFP
9HULILFDĠLGDFăFDSRWDVDDQJUHQDWFRUHV
SXQ]ăWRU
'DFăFDSRWDSRDWHILULGLFDWăXúRUHDQX
HVWHFXSODWăFRUHVSXQ]ăWRU5HGHVFKLGHĠL
RúLvQFKLGHĠLRFXSXĠLQPDLPXOWăIRUĠă
5DGLDWRU
7UDJHĠLPDQHWDGHHOLEHUDUHCGHSH G $XWRYHKLFXOHFXPRWRUGLHVHOQXDFR
ÌQWUHĠLQHUHúLvQJULMLUH
FDSRWă SHULĠLUDGLDWRUXO1XXWLOL]DĠLL]RODĠLLWHUPLFH
FDSRWDHVWHHOLEHUDWă PăúWLGHSURWHFĠLHDQWLLQVHFWHVDXDOWHDUWL
FROHVLPLODUH$VWIHOSXWHĠLIDFHFDVLVWHPXO
$VLJXUDĠLYăFăúWHUJăWRDUHOHGHSDUEUL] GHGLDJQRVWLFDUHGHODERUGVăDILúH]HYDORUL
QXVXQWULGLFDWHÌQFD]FRQWUDUúWHUJăWRD LQFRUHFWH8QHOHGLQWUHDFHVWHYDORULVXQW
UHOHVDXFDSRWDPRWRUXOXLSRWILGHWHULRUDWH LPSXVHSULQOHJHúLWUHEXLHVăILHFRUHFWH
8OHLGHPRWRU
1RWHSULYLQGQLYHOXOGHXOHL
ÌQIXQFĠLHGHVWLOXOGHFRQGXFHUHDXWRYHKLFX
OXOFRQVXPăPD[LPXPOGHXOHLOD
NP&RQVXPXOGHXOHLSRDWHILPDLULGL
FDWGHFkWDFHDVWăYDORDUHGDFăDXWRYHKLFXOXO
HVWHQRXVDXGDFăFRQGXFHĠLIUHFYHQWODWXUD
ĠLLPDULDOHPRWRUXOXL
ÌQWLQGHĠLYăvQVSDĠLXOOLEHUWUDJHĠLPkQHUXO
SLHGLFLLFDSRWHLDvQVXVúLULGLFDĠLFDSRWD 9HULILFDUHDQLYHOXOXLGHXOHLFXDMXWRUXO
'DFăULGLFDĠLFDSRWDFXDSUR[LPDWLYFP MRMHLGHXOHL
FDSRWDHVWHGHVFKLVăúLPHQĠLQXWăGHV
FKLVăDXWRPDWGHDPRUWL]RUXOFXJD]
ÌQFKLGHUHFDSRWă
3HULFROGHUăQLUH
ÌQFKLGHĠLFDSRWDPRWRUXOXLFXDWHQĠLHSHQWUX
DHYLWDDFFLGHQWDUHDSHUVRDQHORUGLQMXU
([HPSOXDXWRYHKLFXOHFXPRWRUSHEHQ]LQă
&RPSDUWLPHQWPRWRU
FRQYHUWRUXOXLFDWDOLWLF6ROLFLWDĠLJROLUHD
VXUSOXVXOXLGHXOHL
([HPSOXDXWRYHKLFXOHFXPRWRUGLHVHO
ÌQWUHĠLQHUHúLvQJULMLUH
3DUFDĠLDXWRYHKLFXOXOSHRVXSUDIDĠăSODQă
3HQWUXDYHULILFDQLYHOXOGHXOHLFXPRWRUXO ([HPSOXEXúRQXOXOHLXOXLGHPRWRU
ODWHPSHUDWXUăQRUPDOăGHIXQFĠLRQDUH 5RWLĠLEXúRQXOCvQVHQVDQWLRUDUúLVFRD
RSULĠLPRWRUXOúLDúWHSWDĠLWLPSGHDSUR[L WHĠLO
PDWLYFLQFLPLQXWH &RPSOHWDĠLFXXOHLGHPRWRU
6FRDWHĠLMRMDGHXOHLCGLQWXEXOMRMHLGH
'DFăQLYHOXOXOHLXOXLVHDIOăODQLYHOXOPDU
XOHL FDMXOXL0,1GHSHMRMăVDXVXEDFHVWDFRP
ùWHUJHĠLMRMDGHXOHLC SOHWDĠLFXSkQăODOLWUXGHXOHLGH
&XOLVDĠLOHQWMRMDGHXOHLCvQWXEXOGHJKL PRWRU
GDUHSkQăODRSULWRUúLVFRDWHĠLRGLQQRX 3XQHĠLODORFEXúRQXOCSHJkWXOGH
'DFăQLYHOXOVHvQFDGUHD]ăvQWUHPDUFDMXO XPSOHUHúLURWLĠLvQVHQVRUDU
0,1úLPDUFDMXO0$;DQLYHOXOGHXOHL $VLJXUDĠLYăFăEXúRQXOVHIL[HD]ăIHUPvQ
HVWHFRUHFW ORFDú
'DFăQLYHOXOGHXOHLDVFă]XWODPDUFDMXO 9HULILFDĠLGLQQRXQLYHOXOXOHLXOXLFXMRMDGH
0,1VDXVXEHOFRPSOHWDĠLFX XOHL3DJLQD
SkQăODOLWULGHXOHLGHPRWRU ,QIRUPDĠLLVXSOLPHQWDUHSULYLQGXOHLXOGH
PRWRU3DJLQD
$GăXJDUHDGHXOHLGHPRWRU
$9(57,60(17 9HULILFDUHDúLDGăXJDUHDDOWRUSUR
'DFăXOHLXOGHPRWRULQWUăvQFRQWDFWFXSLH GXVHGHVHUYLFH
VHOHvQFLQVHDOHPRWRUXOXLDFHVWDVHSRDWH
DSULQGHDU]kQGXYă1XYăUVDĠLXOHLGHPRWRU 9HULILFDUHDQLYHOXOXLOLFKLGXOXLGHUăFLUH
SHSLHVHOHvQFLQVHDOHPRWRUXOXL 9HULILFDĠLQLYHOXOOLFKLGXOXLGHUăFLUHQXPDL
FkQGDXWRYHKLFXOXOVHDIOăSHRVXSUDIDĠă
1RWăSULYLQGSURWHFĠLDPHGLXOXL SODQăúLPRWRUXOVDUăFLW
&kQGFRPSOHWDĠLFXXOHLDYHĠLJULMăVăQXvO 5RWLĠLFKHLDvQSR]LĠLD3DJLQDGLQ
YăUVDĠL'DFăXOHLXOSăWUXQGHvQVROVDXvQDSă FRPXWDWRUXOGHFRQWDFW
DFHVWDFRQVWLWXLHXQSHULFROSHQWUXPHGLX /DDXWRYHKLFXOHOHFX.(</(66*2DSăVDĠL
1XDGăXJDĠLSUHDPXOWXOHL'DFăQLYHOXO EXWRQXO6WDUW6WRSGHGRXăRUL
3DJLQD
XOHLXOXLGHSăúHúWHPDUFDMXOPD[GHSH
9HULILFDĠLLQGLFDWRUXOGHWHPSHUDWXUăDOLFKL
MRMăVDDGăXJDSUHDPXOWXOHL$FHDVWD
SRDWHGXFHODGHWHULRUDUHDPRWRUXOXLVDXD GXOXLGHUăFLUHGLQSDQRXOGHLQVWUXPHQWH
&RPSDUWLPHQWPRWRU
$9(57,60(17 6LVWHPVSăOăWRUGHSDUEUL]úLVLVWHPGH
6LVWHPXOGHUăFLUHHVWHSUHVXUL]DW3ULQ FXUăĠDUHIDUXUL
XUPDUHGHVILOHWDĠLFDSDFXORGDWăFHPRWRUXO 5H]HUYRUXOGHOLFKLGGHVSăODUHHVWHXWLOL]DWúL
VDUăFLW,QGLFDWRUXOGHWHPSHUDWXUăDOLFKL SHQWUXVLVWHPXOVSăOăWRUGHSDUEUL]úLSHQWUX
GXOXLGHUăFLUHWUHEXLHVăLQGLFHVXEÌQ VLVWHPXOGHFXUăĠDUHDIDUXULORU
FD]FRQWUDUYăSXWHĠLRSăULGDFăH[LVWă
VFăSăULGHOLFKLGGHUăFLUH G &RPSRQHQWHOHúLSURGXVHOHGHVHUYLFH
WUHEXLHVăFRUHVSXQGă0HUFHGHV%HQ]Yă
UHFRPDQGăVăXWLOL]DĠLSURGXVHWHVWDWHúL
DSUREDWHGH0HUFHGHV%HQ]$FHVWHDVXQW
LQGLFDWHvQ0DQXDOXOGHXWLOL]DUH0HUFHGHV
%HQ]vQVHFĠLXQHDFRUHVSXQ]ăWRDUH
ÌQWUHĠLQHUHúLvQJULMLUH
3XWHĠLLGHQWLILFDSURGXVHOHGHVHUYLFHDSUR
EDWHGH0HUFHGHV%HQ]GXSăXUPăWRDUHOH
LQVFULSĠLLGHSHUHFLSLHQW
=$SUREDUH0%GHH[$SUREDUH0%
=$SUREDUH0%GHH[$SUREDUH0%
$OWHHWLFKHWHúLUHFRPDQGăULFDUHYL]HD]ă
5RWLĠLOHQWFDSDFXOCFXMXPăWDWHGHURWD QLYHOXOGHFDOLWDWHVDXVSHFLILFDĠLDvQFRQ
IRUPLWDWHFX)LúD0%QUGHH[0%
ĠLHvQVHQVDQWLRUDUúLOăVDĠLVXUSOXVXOGH
QXVXQWQHDSăUDWDSUREDWHGH0HUFHGHV
SUHVLXQHVăVFDSH
%HQ]
5RWLĠLEXúRQXOCPDLGHSDUWHvQVHQVDQWLR
3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHOD
UDUúLVFRDWHĠLO
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]
'DFăOLFKLGXOGHUăFLUHVHDIOăODQLYHOFX
EDUDGHJUDGDĠLHvQJkWXOGHXPSOHUH $9(57,60(17
FkQGHVWHUHFHYDVXOGHH[SDQVLXQHDOOLFKL /LFKLGXOGHVSăODUHDOSDUEUL]XOXLHVWHH[WUHP
GXOXLGHUăFLUHDFRQĠLQHVXILFLHQWOLFKLG GHLQIODPDELO)RFXOIOăFăULOHGHVFKLVHúL
GHUăFLUH IXPDWXOVXQWLQWHU]LVHFkQGPDQHYUDĠLFRQ
'DFăQLYHOXOOLFKLGXOXLGHUăFLUHHVWHOD FHQWUDWGHOLFKLGGHVSăODUH
DSUR[LPDWLYFPGHDVXSUDEDUHLGHJUD
GDĠLHGLQJkWXOGHXPSOHUHFkQGHVWH 8WLOL]DĠLH[FOXVLYOLFKLGGHVSăODUHDSDU
FDOGYDVXOGHH[SDQVLXQHDOOLFKLGXOXLGH EUL]XOXLDGHFYDWSHQWUXVXSUDIHĠHOHGLQ
UăFLUHDFRQĠLQHVXILFLHQWOLFKLGGHUăFLUH PDWHULDOSODVWLFDOHOHQWLOHORUOăPSLORU
/LFKLGXOGHVSăODUHQHDGHFYDWSRDWHGHWH
'DFăVLWXDĠLDRFHUHFRPSOHWDĠLFXOLFKLGGH
ULRUDOHQWLOHOHGLQSODVWLFDOHIDUXULORU
UăFLUHFDUHDIRVWWHVWDWúLDSUREDWGH0HU
FHGHV%HQ] 1XXWLOL]DĠLDSăGLVWLODWăVDXGHLRQL]DWăvQ
3XQHĠLODORFEXúRQXOCúLURWLĠLOvQVHQV UH]HUYRUXOGHOLFKLGGHVSăODUHÌQFD]FRQ
WUDUVHQ]RUXOGHQLYHOSRDWHVXIHULGHWH
RUDUSkQăODFDSăW
ULRUăUL
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGOLFKL
GXOGHUăFLUHFRQVXOWDĠL3DJLQD G $GăXJDĠLFRQFHQWUDWSHQWUXVSăOăWRUGH
SDUEUL]GHH[0%6XPPHU)LWvQOLFKLGXOGH
VSăODUHSHWRWSDUFXUVXODQXOXL
ÌQWUHĠLQHUH
$ILúDMXOLQWHUYDOXOXLGHVHUYLFH$66<673/86
YăLQIRUPHD]ăFkQGHVWHVFDGHQWăXUPăWRD
UHDYL]LWăvQVHUYLFH
'DFăRGDWăVFDGHQWăSHQWUXVHUYLFHDIRVW
GHSăúLWăYHĠLDX]LúLXQVHPQDODFXVWLF
$ILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăXQPHVDMGH
VHUYLFHWLPSGHFkWHYDVHFXQGHGHH[
1H[WVHUYLFH$GXHLQGD\V
8UPÆWRUXOVHUYLFH$VFDGHQW±Q]LOH
6HUYLFH$GXH6HUYLFH$VFDGHQW
([HPSOXUH]HUYRUXOGHOLFKLGGHVSăODUH 6HUYLFH$RYHUGXHE\
ÌQWUHĠLQHUHúLvQJULMLUH
$VFXQGHUHDXQXLPHVDMGHVHUYLFH RX]XUăVSRULWăúLODDYDULHUHDDQVDPEOXULORU
SULQFLSDOHVDXDDXWRYHKLFXOXOXLvQJHQHUDO
9RODQXOPXOWLIXQFĠLRQDOFXEXWRDQH
DSăVDĠLF &RQGXFHUHDvQVWUăLQăWDWH
9RODQXOPXOWLIXQFĠLRQDOFXEXWRDQH 2YDVWăUHĠHD0HUFHGHV%HQ]6HUYLFHHVWHGH
DSăVDĠLAVDXv DVHPHQHDGLVSRQLELOăvQDOWHĠăUL1XPHUHOH
GHWHOHIRQFXUHQWHDOHOLQLHLGHDVLVWHQĠăWHOH
$ILúDUHDPHVDMHORUGHVHUYLFH IRQLFăSHQWUX6HUYLFHGHVWLQDWHDSHOăULLFkQG
YăDIODĠLvQVWUăLQăWDWHVHUHJăVHVFvQVHFĠLX
SXQHĠLFRQWDFWXO QHD0HUFHGHV%HQ]6HUYLFHKDEURúXULL
GHVHUYLFH
9RODQXOPXOWLIXQFĠLRQDOFXEXWRDQH
ÌQWUHĠLQHUHúLvQJULMLUH
8WLOL]DĠLSHQWUXDVHOHFWDPHQLXO6HU
YLFH ÌQJULMLUH
'DWDVFDGHQWăSHQWUXVHUYLFHDSDUHSHDIL
úDMXOPXOWLIXQFĠLRQDO 1RWHSULYLQGvQJULMLUHD
2vQJULMLUHUHJXODWăDDXWRYHKLFXOXOXLGXPQHD
9RODQXOPXOWLIXQFĠLRQDOFXEXWRDQH YRDVWUăHVWHFRQGLĠLDSăVWUăULLFDOLWăĠLLSHWHU
$SăVDĠLEXWRQXOYVDXeSHQWUXD PHQOXQJ
VHOHFWDPHQLXO6HUYLFH 8WLOL]DĠLSURGXVHGHvQJULMLUHúLDJHQĠLGH
$SăVDĠLEXWRQXOcVDXdSHQWUXD FXUăĠDUHUHFRPDQGDĠLúLDSUREDĠLGH0HUFH
VHOHFWDVXEPHQLXO$66<673/86úLFRQILU GHV%HQ]
PDĠLDSăVkQGEXWRQXOv
3HQWUXDYăFXUăĠDDXWRYHKLFXOXOQXXWLOL
'DWDVFDGHQWăSHQWUXVHUYLFHDSDUHSHDIL
]DĠLQLFLXQDGLQWUHXUPăWRDUHOH
úDMXOPXOWLIXQFĠLRQDO
=FkUSHXVFDWHDEUD]LYHVDXGXUH
=DJHQĠLGHFXUăĠDUHDEUD]LYL
$VSHFWHGHUHĠLQXW
=VROYHQĠLL
5HVHWDUHDDILúDMXOXLLQWHUYDOXOXLGHVHU =DJHQĠLGHFXUăĠDUHFXVROYHQĠL
YLFH$66<673/86
1XIUHFDĠL
8QDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ
1XDWLQJHĠLVXSUDIHĠHOHSHOLFXOHORUGHSUR
&HQWUXGHVHUYLFH0HUFHGHV%HQ]YDUHVHWD
WHFĠLHFXRELHFWHGXUHGHH[RUDFOHWăVDX
DILúDMXOLQWHUYDOXOXLGHVHUYLFH$66<673/86
XQLQHOÌQFD]FRQWUDUDĠLSXWHD]JkULDVDX
GXSăFHVDXHIHFWXDWLQWHUYHQĠLLOHvQVHUYLFH
GHWHULRUDVXSUDIHĠHOHúLSHOLFXODGHSURWHF
QHFHVDUH
ĠLH
3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHH[
SULYLQGLQWHUYHQĠLLOHvQVHUYLFHGHODXQ&HQWUX 1RWăSULYLQGSURWHFĠLDPHGLXOXL
GHVHUYLFH0HUFHGHV%HQ]VDXGLUHFWGHOD (OLPLQDĠLDPEDODMHOHJRDOHúLFkUSHOHGH
0HUFHGHV%HQ] FXUăĠDUHvQWUXQPRGHFRORJLF
'DFăDILúDMXOLQWHUYDOXOXLGHVHUYLFH 1XSDUFDĠLDXWRYHKLFXOXORSHULRDGăSUH
$66<673/86DIRVWUHVHWDWQHLQWHQĠLRQDW OXQJLWăGXSăFHODĠLFXUăĠDWPDLDOHVGXSă
DFHDVWăVHWDUHSRDWHILFRUHFWDWăODXQ&HQ FHDĠLFXUăĠDWURĠLOHFXDJHQWGHFXUăĠDUH
WUXGHVHUYLFH0HUFHGHV%HQ] SHQWUXURĠL$JHQĠLLGHFXUăĠDUHDURĠLORUSRW
6ROLFLWDĠLHIHFWXDUHDLQWHUYHQĠLLORUvQVHU SURYRFDRFRURGDUHPDLLQWHQVăDGLVFXULORU
YLFHFRQIRUPGHVFULHULLGLQEURúXUDGHVHU GHIUkQăúLDSOăFXĠHORUGHIUkQăJDUQLWXUL
YLFHÌQFD]FRQWUDUDFHDVWDSRDWHGXFHOD ORUGHIUkQă'LQDFHVWPRWLYWUHEXLHVă
ÌQJULMLUH
FRQGXFHĠLWLPSGHFkWHYDPLQXWHGXSă 6SăODUHPDQXDOă
FXUăĠDUH3ULQIUkQDUHGLVFXULOHGHIUkQăúL
ÌQDQXPLWHĠăULVSăODUHDPDQXDOăHVWHSHU
SOăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăVH
PLVăQXPDLvQDQXPLWHVSDĠLLGHVSăODUHVSH
vQFLQJXVFkQGXVH$XWRYHKLFXOXOSRDWHIL
FLDOSUHYă]XWH5HVSHFWDĠLFHULQĠHOHOHJDOH
DSRLSDUFDW
SHQWUXILHFDUHĠDUăvQSDUWH
1XXWLOL]DĠLDSăILHUELQWHúLQXVSăODĠLDXWR
ÌQJULMLUHDH[WHULRUXOXL YHKLFXOXOvQOXPLQDGLUHFWăDVRDUHOXL
8WLOL]DĠLXQEXUHWHPRDOHSHQWUXFXUăĠDUH
6SăOăWRULHDXWRPDWă
8WLOL]DĠLXQDJHQWGHFXUăĠDUHQHDJUHVLY
$9(57,60(17 FXPDUILXQúDPSRQDXWRDSUREDWGH0HU
(ILFLHQĠDODIUkQDUHHVWHUHGXVăGXSăVSăODUHD FHGHV%HQ]
ÌQWUHĠLQHUHúLvQJULMLUH
DXWRYHKLFXOXOXL$VWIHOSXWHĠLSURYRFDXQ 6SăODĠLELQHDXWRYHKLFXOXOFXXQMHWXúRUGH
DFFLGHQW'LQDFHVWPRWLYGXSăVSăODUHDOD DSăGHODIXUWXQ
VSăOăWRULHFRQGXFHĠLFXGHRVHELWăSUXGHQĠă 1XRULHQWDĠLMHWXOGHDSăFăWUHDGPLVLDDHUX
SkQăFHIUkQHOHVHXVXFă OXL
8WLOL]DĠLDSăGLQDEXQGHQĠăúLFOăWLĠLIUHF
3XWHĠLVSăODDXWRYHKLFXOXOvQWURVSăOăWRULH YHQWEXUHWHOH
DXWRPDWăvQFăGHODEXQvQFHSXW
&OăWLĠLDXWRYHKLFXOXOFXDSăFXUDWăúLXVFDĠL
'DFăDXWRYHKLFXOXOHVWHIRDUWHPXUGDUDSOL OWHPHLQLFFXREXFDWăGHSLHOH
FDĠLRSUHVSăODUHvQDLQWHGHDOFXUăĠDOD
1XOăVDĠLDJHQWXOGHFXUăĠDUHVăVHXVXFH
VSăOăWRULDDXWRDXWRPDWă
SHYRSVHD
$VLJXUDĠLYăFăWUDQVPLVLDDXWRPDWăVH
&kQGXWLOL]DĠLDXWRYHKLFXOXOLDUQDvQGHSăUWDĠL
DIOăvQSR]LĠLD1FkQGYăVSăODĠLDXWRYHKL WRDWHXUPHOHGHGHSXQHULGHVDUHDQWLGHUD
FXOXOvQWURVSăOăWRULHDXWRFXSXQWH SDQWăFXDWHQĠLHúLFkWPDLFXUkQGSRVLELO
UXODQWă$XWRYHKLFXOXOSRDWHVXIHULGHWH
ULRUăULGDFăWUDQVPLVLDVHDIOăvQDOWăSR]L
(FKLSDPHQWGHFXUăĠDUHFXSUHVLXQH
ĠLH
vQDOWă
$VLJXUDĠLYăFă
=JHDPXULOHODWHUDOHúLWUDSDJOLVDQWăVXQW
$9(57,60(17
vQFKLVHFRPSOHW 1XXWLOL]DĠLGLVSR]LWLYHGHFXUăĠDUHODSUHVLXQH
=YHQWLODWRUXOSHQWUXYHQWLODUHvQFăO]LUH
vQDOWăFXGX]HFXMHWFLUFXODUSHQWUXDYăFXUăĠD
DXWRYHKLFXOXOúLvQVSHFLDOSQHXULOHÌQFD]FRQ
HVWHRSULWEXWRQXO2))HVWHDSăVDW
WUDUSXWHĠLGHWHULRUDSQHXULOHúLSURYRFDXQ
=FRPXWDWRUXOúWHUJăWRDUHORUGHSDUEUL]VH
DFFLGHQW
DIOăvQSR]LĠLD
9HKLFXOXOSRDWHVXIHULGHWHULRUăULvQFD] 3ăVWUDĠLvQWRWGHDXQDRGLVWDQĠăGHFHO
FRQWUDU SXĠLQFPvQWUHDXWRYHKLFXOúLGX]DGLV
'XSăFHXWLOL]DĠLRVSăOăWRULHDXWRPDWăúWHU SR]LWLYXOXLGHFXUăĠDUHODSUHVLXQHvQDOWă
JHĠLFHDUDGHSHSDUEUL]úLGHSHODPHOH ,QIRUPDĠLLOHSULYLQGGLVWDQĠDFRUHFWăVXQW
úWHUJăWRDUHORU$VWIHOYHĠLSUHYHQLDSDULĠLD GLVSRQLELOHGHODSURGXFăWRUXOHFKLSDPHQ
XUPHORUúLYHĠLUHGXFH]JRPRWHOHODúWHUJHUH WXOXL
SURYRFDWHGHUH]LGXXULOHGHSHSDUEUL] 'HSODVDĠLGX]DGLVSR]LWLYXOXLGHFXUăĠDUHOD
SUHVLXQHvQDOWăvQWLPSFHFXUăĠDĠLDXWRYH
KLFXOXOGXPQHDYRDVWUă
ÌQJULMLUH
1XRRULHQWDĠLGLUHFWFăWUHXUPăWRDUHOH (OLPLQDĠLLPHGLDWLPSXULWăĠLOHGDFăHVWH
=SQHXUL SRVLELOHYLWkQGVăIUHFDĠLSUHDSXWHUQLF
=VSDĠLLLQWHUPHGLDUHDOHSRUWLHUHORUSDYL ÌPELEDĠLUHVWXULOHGHLQVHFWHFXDJHQWGH
OLRQXOXLvPELQăULHWF HOLPLQDUHDQWLLQVHFWHúLFOăWLĠL]RQHOHWUD
=FRPSRQHQWHOHHOHFWULFH
WDWHXOWHULRU
ÌPELEDĠLGHMHFĠLLOHGHODSăVăULFXDSăúL
=%DWHULH
FOăWLĠL]RQHOHWUDWDWHXOWHULRU
=FRQHFWRUL
ÌQGHSăUWDĠLOLFKLGXOGHUăFLUHOLFKLGXOGH
=/XPLQL
IUkQăUăúLQDGHFRSDFXOHLXULOHFDUEXUDQĠLL
=JDUQLWXUL úLXQVRULOHIUHFkQGXúRUFXRFkUSăvPELEDWă
=HOHPHQWHRUQDPHQWDOH vQHWHUGHSHWUROVDXOLFKLGGHvQFăUFDWEUL
FKHWD
ÌQWUHĠLQHUHúLvQJULMLUH
=IDQWHGHYHQWLODĠLH
8WLOL]DĠLDJHQWGHHOLPLQDUHDJXGURQXOXL
*DUQLWXULOHVDXFRPSRQHQWHOHHOHFWULFH
GHWHULRUDWHSRWGXFHODVFăSăULVDXGHIHF SHQWUXDVFRDWHSHWHOHGHJXGURQ
ĠLXQL 8WLOL]DĠLDJHQWGHHOLPLQDUHDVLOLFRQXOXL
SHQWUXDVFRDWHFHDUD
&XUăĠDUHURĠL 1XOLSLĠL
1XXWLOL]DĠLSURGXVHDFLGHSHQWUX =(WLFKHWHDXWRFRODQWH
FXUăĠDUHDURĠLORUSHQWUXDHOLPLQDSUDIXOGH =SHOLFXOH
IUkQă$VWIHOSXWHĠLGHWHULRUDúXUXEXULOHGH
=SOăFLPDJQHWLFHVDXHOHPHQWHVLPLODUH
URDWăúLFRPSRQHQWHOHGHIUkQDUH
SHVXSUDIHĠHOHYRSVLWHÌQFD]FRQWUDU
1XSDUFDĠLDXWRYHKLFXOXORSHULRDGăSUH SXWHĠLGHWHULRUDYRSVHDXD
OXQJLWăGXSăFHODĠLFXUăĠDWPDLDOHVGXSă
FHDĠLFXUăĠDWURĠLOHFXDJHQWGHFXUăĠDUH
ÌQJULMLUHDúLWUDWDUHDYRSVHOHLPDWH
SHQWUXURĠL$JHQĠLLGHFXUăĠDUHDURĠLORUSRW
SURYRFDRFRURGDUHPDLLQWHQVăDGLVFXULORU 'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăDUHXQ
GHIUkQăúLDSOăFXĠHORUGHIUkQăJDUQLWXUL ILQLVDMPDWUHVSHFWDĠLXUPăWRDUHOHLQVWUXF
ORUGHIUkQă'LQDFHVWPRWLYWUHEXLHVă ĠLXQLSHQWUXDHYLWDGHWHULRUDUHDYRSVHOHLvQ
FRQGXFHĠLWLPSGHFkWHYDPLQXWHGXSă XUPDXQHLvQJULMLULLQFRUHFWH
FXUăĠDUH3ULQIUkQDUHGLVFXULOHGHIUkQăúL $FHVWHQRWHVXQWGHDVHPHQHDYDODELOHSHQ
SOăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăVH WUXMDQWHOHGLQDOLDMXúRUFXILQLVDMPDW
vQFLQJXVFkQGXVH$XWRYHKLFXOXOSRDWHIL
DSRLSDUFDW 1XSROLúDĠLQLFLRGDWăDXWRYHKLFXOXOVDX
MDQWHOHGLQDOLDMXúRU3ROLúDUHDYDIDFHFD
YRSVHDXDVăVWUăOXFHDVFă
&XUăĠDUHYRSVHD
8UPăWRDUHOHSRWIDFHFDYRSVHDXDVă
=JkULHWXULOHGHSXQHULOHFRUR]LYH]RQHOHDIHF
VWUăOXFHDVFăUHGXFkQGHIHFWXOGHPDWL
WDWHGHFRUR]LXQHúLGHWHULRUăULOHSURYRFDWH
VDUH
SULQvQJULMLUHLQFRUHFWăQXSRWILvQWRWGHDXQD
UHPHGLDWHFRPSOHWÌQDVWIHOGHFD]XULDSHODĠL =)UHFDUHDSXWHUQLFăFXPDWHULDOHLQDGHF
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[ YDWH
XQ&HQWUXGHVHUYLFH0HUFHGHV%HQ] =8WLOL]DUHDIUHFYHQWăDVSăOăWRULLORUDXWR
=6SăODUHDDXWRYHKLFXOXOXLvQOXPLQăVRODUă
GLUHFWă
ÌQJULMLUH
1XXWLOL]DĠLDJHQWGHFXUăĠDUHSHQWUXYRS YHQĠLSHQWUXDFXUăĠDLQWHULRUXOJHDPXULORU
VHDSURGXVHGHOXVWUXLUHVDXSROLúDUHVDX 1XDWLQJHĠLLQWHULRUXOJHDPXULORUFXRELHFWH
DJHQWGHSăVWUDUHDDVSHFWXOXLOXFLRVGH GXUHGHH[RUDFOHWăVDXXQLQHOÌQFD]
H[FHDUă$FHVWHSURGXVHVXQWDGHFYDWH FRQWUDUH[LVWăULVFXOGHWHULRUăULLJHDPXUL
QXPDLSHQWUXVXSUDIHĠHIRDUWHOXFLRDVH ORU
8WLOL]DUHDORUODDXWRYHKLFXOHOHFXILQLVDM &XUăĠDĠLFDQDOHOHGHVFXUJHUHDDSHLGLQ
PDWGXFHODGHWHULRUDUHDVHPQLILFDWLYăD
SDUEUL]úLOXQHWăODLQWHUYDOHUHJXODWH'HSX
VXSUDIHĠHL]RQHFXSHWHOXFLRDVH
QHULOHGHIUXQ]HSHWDOHúLSROHQSRWvQDQX
6ROLFLWDĠLvQWRWGHDXQDHIHFWXDUHDUHSDUDĠLL PLWHVLWXDĠLLVăvPSLHGLFHVFXUJHUHDDSHL
ORUDVXSUDYRSVHOHLODXQDWHOLHUGHVSHFLD $FHDVWDSRDWHGXFHODFRURGDUHDúLGHWH
OLWDWHDXWRUL]DWGHH[ODXQ&HQWUXGHVHU ULRUDUHDFRPSRQHQWHORUHOHFWURQLFH
YLFH0HUFHGHV%HQ]
ÌQWUHĠLQHUHúLvQJULMLUH
1XXWLOL]DĠLVXEQLFLRIRUPăSURJUDPHGH &XUăĠDUHODPHOHúWHUJăWRDUH
VSăODUHFXWUDWDPHQWFXFHDUăILHUELQWH
$9(57,60(17
G (VWHGHSUHIHUDWFDDXWRYHKLFXOXOVăILH 'H]DFWLYDĠLúWHUJăWRDUHOHGHSDUEUL]úLVFRD
VSăODWPDQXDOFXDMXWRUXOXQXLEXUHWH WHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFWvQDLQWH
PRDOHDXQXLúDPSRQDXWRúLDSăGLQDEXQ GHDFXUăĠDSDUEUL]XOVDXODPHOHúWHUJăWRDUH
GHQĠă ORU/DDXWRYHKLFXOHOHFX.(</(66*2
G 8WLOL]DĠLQXPDLDJHQĠLGHvQGHSăUWDUHD DSăVDĠLEXWRQXO6WDUW6WRSvQPRGUHSHWDW
LQVHFWHORUúLúDPSRQDXWRGLQJDPDGHSUR SkQăFHWRDWHOăPSLOHLQGLFDWRDUHGLQSDQRXO
GXVHGHvQJULMLUHUHFRPDQGDWHúLDSUREDWH GHLQVWUXPHQWHVDXVWLQVÌQFD]FRQWUDU
GH0HUFHGHV%HQ] úWHUJăWRDUHOHGHSDUEUL]VDUSXWHDSXQHvQ
PLúFDUHúLYDUUăQL
&XUăĠDUHJHDPXUL
([WLQGHĠLúWHUJăWRDUHOHGHSDUEUL]IDĠăGH
$9(57,60(17 SDUEUL]GRDUFkQGVXQWYHUWLFDOHÌQFD]FRQ
'H]DFWLYDĠLúWHUJăWRDUHOHGHSDUEUL]úLVFRD WUDUYHĠLGHWHULRUDFDSRWD
WHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFWvQDLQWH 1XWUDJHĠLGHODPDúWHUJăWRUXOXLÌQFD]
GHDFXUăĠDSDUEUL]XOVDXODPHOHúWHUJăWRDUH FRQWUDUODPDúWHUJăWRUXOXLSRDWHVXIHUL
ORU/DDXWRYHKLFXOHOHFX.(</(66*2 GHWHULRUăUL
DSăVDĠLEXWRQXO6WDUW6WRSvQPRGUHSHWDW
SkQăFHWRDWHOăPSLOHLQGLFDWRDUHGLQSDQRXO 1XFXUăĠDĠLODPHOHúWHUJăWRDUHORUSUHD
GHLQVWUXPHQWHVDXVWLQVÌQFD]FRQWUDU GHVúLQXOHIUHFDĠLSUHDSXWHUQLFÌQFD]
úWHUJăWRDUHOHGHSDUEUL]VDUSXWHDSXQHvQ FRQWUDUVWUDWXOGHJUDILWSRDWHVXIHULGHWH
PLúFDUHúLYDUUăQL ULRUăUL$FHDVWDSRDWHGXFHODDSDULĠLDXQRU
]JRPRWHGHODúWHUJăWRDUH
([WLQGHĠLúWHUJăWRDUHOHGHSDUEUL]IDĠăGH ([WLQGHĠLúLvQGHSăUWDĠLEUDĠHOHúWHUJăWRDUH
SDUEUL]GRDUFkQGVXQWYHUWLFDOHÌQFD]FRQ ORUGHSDUEUL]GHSDUEUL]
WUDUYHĠLGHWHULRUDFDSRWD &XUăĠDĠLODPHOHúWHUJăWRDUHORUFXDWHQĠLH
&XUăĠDĠLLQWHULRUXOúLH[WHULRUXOJHDPXULORU FXDMXWRUXOXQHLFkUSHXPHGH
FXRFkUSăXPHGăúLFXXQDJHQWGH 5DEDWDĠLúWHUJăWRDUHOHGHSDUEUL]vQDSRLGLQ
FXUăĠDUHUHFRPDQGDWúLDSUREDWGH0HUFH QRXvQDLQWHGHDFXSODFRQWDFWXO
GHV%HQ]
ğLQHĠLEUDĠXOúWHUJăWRUXOXLIHUPFkQGvO
1XXWLOL]DĠLFkUSHXVFDWHSURGXVHDEUD UDEDWDĠLvQDSRL3DUEUL]XOSRDWHVXIHULGHWH
]LYHVDXDJHQĠLGHFXUăĠDUHFDUHFRQĠLQVRO
ÌQJULMLUH
ULRUăULGDFăEUDĠXOúWHUJăWRUXOXLVHORYHúWH &XUăĠDUHFDPHUăGHPHUVvQDSRL
EUXVFGHHO
&XUăĠDUHLOXPLQDUHH[WHULRDUă
&XUăĠDĠLOHQWLOHOHGLQSODVWLFDOHOXPLQLORU
H[WHULRDUHXWLOL]kQGXQEXUHWHXGúLXQ
DJHQWGHFXUăĠDUHQHXWUXGHH[HPSOXúDP
SRQDXWR0HUFHGHV%HQ]VDXODYHWH
8WLOL]DĠLGRDUDJHQĠLGHFXUăĠDUHVDXODYHWH
DGHFYDWHSHQWUXOHQWLOHGLQSODVWLF3URGX
VHOHQHSRWULYLWHSRW]JkULDVDXGHWHULRUD
ÌQWUHĠLQHUHúLvQJULMLUH
OHQWLOHOHGLQSODVWLFDOHOXPLQLORUH[WHULRDUH ([HPSOX6HGDQ
8WLOL]DĠLDSăFXUDWăúLRFkUSăXPHGăSHQWUX
&XUăĠDUHVHQ]RUL DFXUăĠDOHQWLODFDPHUHLC
1XFXUăĠDĠLOHQWLODFDPHUHLúL]RQDGLQ
MXUXOFDPHUHLGHPHUVvQDSRLFXXQGLVSR
]LWLYGHFXUăĠDUHODSUHVLXQHvQDOWă
&XUăĠDUHĠHYLGHHúDSDPHQW
,PSXULWăĠLOHvQFRPELQDĠLHFXHIHFWHOHSLHWUL
úXOXLúLIDFWRULDPELDQĠLFRUR]LYLSRWIDFHFD
VXSUDIDĠDVăUXJLQHDVFăvQSXQFWHÌLSXWHĠL
UHGDOXFLXOLQLĠLDOĠHYLLGHHúDSDPHQWGDFăR
FXUăĠDĠLUHJXODWPDLDOHVLDUQDúLGXSă
VSăODUH
1XFXUăĠDĠLĠHYLOHGHHúDSDPHQWFXDJHQĠL
GHFXUăĠDUHDOFDOLQLSUHFXPVXEVWDQĠHSHQ
WUXFXUăĠDUHDURĠLORU
&XUăĠDĠLVHQ]RULLCVLVWHPXOXLGHDVLVWDUH &XUăĠDĠLĠHYLOHGHHúDSDPHQWFXXQSURGXV
DFRQGXFHULLFXDSăúDPSRQDXWRúLRFkUSă GHvQJULMLUHDFURPXOXLWHVWDWúLDSUREDWGH
PRDOH 0HUFHGHV%HQ]
'DFăFXUăĠDĠLVHQ]RULLFXXQGLVSR]LWLYGH &XUăĠDUHDFkUOLJXOXLGHWUDFWDUHD
FXUăĠDUHODSUHVLXQHvQDOWăQXRPLWHĠLVă UHPRUFLL
OăVDĠLRGLVWDQĠăGHFPvQWUHDXWRYHKLFXO
úLGX]DGLVSR]LWLYXOXLGHFXUăĠDUHODSUH &XSODVIHULFăWUHEXLHVăILHFXUăĠDWăGDFăVH
VLXQHvQDOWă,QIRUPDĠLLOHSULYLQGGLVWDQĠD PXUGăUHúWHVDXVHFRURGHD]ă
FRUHFWăVXQWGLVSRQLELOHGHODSURGXFăWRUXO ÌQGHSăUWDĠLUXJLQDGHH[FXRSHULHGH
HFKLSDPHQWXOXL VkUPă
ÌQGHSăUWDĠLPXUGăULDFXRODYHWăFXUDWă
IăUăVFDPHVDXFXRSHULH
ÌQJULMLUH
1XFXUăĠDĠLFXSODVIHULFăFXXQGLVSR]LWLY 1XFXUăĠDĠLQLFLRGDWăGLVSOD\XOFXSUR
GHFXUăĠDUHODSUHVLXQHvQDOWă1XXWLOL]DĠL GXVHSUHFXP
VROYHQĠL =GLOXDQĠLFDUHFRQĠLQDOFRROVDXEHQ]LQă
=DJHQĠLGHFXUăĠDUHDEUD]LYL
=GHWHUJHQĠLFDVQLFLGLVSRQLELOLvQFRPHUĠ
$FHúWLDSRWGHWHULRUDVXSUDIDĠDGLVSOD\
XOXL1XDSăVDĠLSHVXSUDIDĠDGLVSOD\XOXLvQ
WLPSFHvOFXUăĠDĠLÌQFD]FRQWUDUGLVSOD\XO
SRDWHILGHWHULRUDWvQPRGLUHPHGLDELO
&XUăĠDUHRUQDPHQWHGLQSODVWLF
ÌQWUHĠLQHUHúLvQJULMLUH
3HULFROGHUăQLUH
1XXWLOL]DĠLDJHQĠLGHFXUăĠDUHSHED]ăGHVRO
'XSăFXUăĠDUHXQJHĠLXúRUFXXOHLVDX
YHQĠLVDXSXOYHUL]DWRDUHSHQWUXDFXUăĠD
XQVRDUHFXSODVIHULFăC
SODQúDGHERUGVDXVHFĠLXQHDFDSLWRQDWăD
9HULILFDĠLGDFăFkUOLJXOGHWUDFWDUHDUHPRU
YRODQXOXL$JHQĠLLGHFXUăĠDUHFDUHFRQĠLQVRO
FLLDXWRYHKLFXOXOXLIXQFĠLRQHD]ăFRUHV YHQĠLSRWFRQIHULVXSUDIHĠHLXQDVSHFWSRURV
SXQ]ăWRU FHHDFHSRDWHFRQGXFHODOH]LXQLJUDYHvQFD]XO
5HVSHFWDĠLQRWDSULYLQGvQJULMLUHDRIHULWă GHVSULQGHULLúLSURLHFWăULLvQLQWHULRUDSăUĠLORU
GHSURGXFăWRUXOUHPRUFLL GLQPDWHULDOSODVWLFvQPRPHQWXOGHFODQúăULL
XQXLDLUEDJ
G 3XWHĠLGHDVHPHQHDVăVROLFLWDĠLHIHFWXD
UHDRSHUDĠLLORUGHvQWUHĠLQHUHDVXSUDFXSOHL 1XSULQGHĠLXUPăWRDUHOHSHVXSUDIHĠHOH
VIHULFHúLDVXSUDFkUOLJXOXLGHWUDFWDUHD GLQSODVWLF
UHPRUFLLODXQDWHOLHUGHVSHFLDOLWDWHDXWR =(WLFKHWHDXWRFRODQWH
UL]DW =SHOLFXOH
1RWăSULYLQGSURWHFĠLDPHGLXOXL =UHFLSLHQWHFXXOHLDURPDWLFVDXDUWLFROH
(OLPLQDĠLKDLQHOHXOHLRDVHúLFXXQVRDUHvQWU VLPLODUH
XQPRGHFRORJLF ÌQFD]FRQWUDUSXWHĠLGHWHULRUDSODVWLFXO
1XSHUPLWHĠLFRVPHWLFHORUVROXĠLLORU
DQWLLQVHFWHVDXORĠLXQLORUVRODUHVăLQWUHvQ
ÌQJULMLUHLQWHULRU
FRQWDFWFXRUQDPHQWXOGLQSODVWLF$FHVWD
&XUăĠDUHGLVSOD\ PHQĠLQHDVSHFWXOGHvQDOWăFDOLWDWHDOVXSUD
IHĠHORU
ÌQDLQWHGHFXUăĠDUHDGLVSOD\XOXLDVLJXUDĠL
ùWHUJHĠLRUQDPHQWXOGLQSODVWLFFXRODYHWă
YăFăDFHVWDHVWHVWLQVúLVDUăFLW
&XUăĠDĠLVXSUDIDĠDGLVSOD\XOXLFXRODYHWă
IăUăVFDPHXPH]LWăGHH[FXRODYHWăGLQ
PLFURILEUH
RELúQXLWăGLQPLFURILEUăúLXQDJHQWGH
0XUGăULHDEXQGHQWăXWLOL]DĠLSURGXVHGH
FXUăĠDUHSHQWUXHFUDQH7)7/&'
3HQWUXXVFDUHDVXSUDIHĠHLGLVSOD\XOXLIROR
vQJULMLUHúLFXUăĠDUHDXWRUHFRPDQGDWHúL
DSUREDWHGH0HUFHGHV%HQ]
VLĠLRODYHWăXVFDWăGLQPLFURILEUă
6XSUDIDĠDvúLSRDWHPRGLILFDFXORDUHDWHP
SRUDU$úWHSWDĠLFDVXSUDIDĠDVăVHXVXFH
GLQQRX
ÌQJULMLUH
&XUăĠDUHDYRODQXOXLúLDVFKLPEăWRUXOXL vQWRWGHDXQDVHFĠLXQLvQWUHJLDOHVFDXQXOXL
GHYLWH]HVDXDPDQHWHLVHOHFWRDUH SHQWUXDHYLWDVăOăVDĠLXUPHYL]LELOH
/ăVDĠLVFDXQXOVăVHXVXFHDSRL5H]XO
ùWHUJHĠLvQvQWUHJLPHFXRODYHWăXPHGăVDX
WDWHOHFXUăĠăULLGHSLQGGHWLSXOGHLPSX
XWLOL]DĠLDJHQĠLGHvQJULMLUHDSLHOLLFDUHDX
ULWăĠLúLGHFkWWLPSDXUăPDVvQORFXOUHV
IRVWUHFRPDQGDĠLúLDSUREDĠLGH0HUFHGHV
SHFWLY
%HQ]
=FXUăĠDĠLKXVHOH$OFDQWDUDFXRODYHWă
XPHGă1XRPLWHĠLVăúWHUJHĠLVHFĠLXQL
&XUăĠDUHDRUQDPHQWHORUGHOHPQúLD vQWUHJLDOHVFDXQXOXLSHQWUXDQXOăVD
HOHPHQWHORURUQDPHQWDOH XUPHYL]LELOH
ùWHUJHĠLRUQDPHQWXOGLQOHPQúLFRPSRQHQ G 5HĠLQHĠLFăvQJULMLUHDUHJXODWăHVWHHVHQ
WHOHRUQDPHQWDOHFXRODYHWăIăUăVFDPH
ÌQWUHĠLQHUHúLvQJULMLUH
ĠLDOăSHQWUXDYăDVLJXUDFăDVSHFWXOúLFRQ
XPH]LWăGHH[FXRODYHWăGLQPLFURILEUH IRUWXOKXVHORUHVWHSăVWUDWvQWLPS
0XUGăULHDEXQGHQWăXWLOL]DĠLSURGXVHGH
vQJULMLUHúLFXUăĠDUHDXWRUHFRPDQGDWHúL &XUăĠDUHFHQWXULGHVLJXUDQĠă
DSUREDWHGH0HUFHGHV%HQ]
8WLOL]DĠLDSăFXUDWăFăOGXĠăúLVROXĠLHFX
1XXWLOL]DĠLDJHQĠLGHFXUăĠDUHSHED]ăGH VăSXQ
VROYHQĠLSUHFXPDJHQĠLLGHHOLPLQDUHD
JXGURQXOXLDJHQĠLLGHFXUăĠDUHDURĠLORU 1XFXUăĠDĠLFHQWXULOHGHVLJXUDQĠăFXDMX
VXEVWDQĠHGHSROLúDWVDXFHDUăÌQFD]FRQ WRUXODJHQĠLORUGHFXUăĠDUHFKLPLFL1X
WUDUH[LVWăULVFXOGHWHULRUăULLVXSUDIHĠHL XVFDĠLFHQWXULOHGHVLJXUDQĠăODWHPSHUDWXUL
GHSHVWHVDXSULQH[SXQHUHDORUOD
&XUăĠDUHKXVHVFDXQ OXPLQDVRODUăGLUHFWă
1XXWLOL]DĠLODYHWHFXPLFURILEUHSHQWUXD &XUăĠDUHDFăSWXúHOLLSDYLOLRQXOXLúLD
FXUăĠDSLHOHDQDWXUDOăFHDDUWLILFLDOăVDX PRFKHWHORU
KXVHOH$OFDQWDUD'DFăOHXWLOL]DĠLIUHF
YHQWDFHVWHDSRWGHWHULRUDWDSLĠHULD &ăSWXúHDOăSDYLOLRQXWLOL]DĠLRSHULH
PRDOHVDXXQDJHQWGHFXUăĠDUHUHFRPDQ
5HVSHFWDĠLXUPăWRDUHOHODFXUăĠDUH GDWúLDSUREDWGH0HUFHGHV%HQ]SHQWUXD
=FXUăĠDĠLFXJULMăKXVHOHGLQSLHOHQDWXUDOă VFRDWHSHWHOHUH]LVWHQWH
FXRODYHWăXPHGăúLDSRLúWHUJHĠLKXVHOH 0RFKHWHXWLOL]DĠLDJHQĠLLGHFXUăĠDUHSHQ
FXRODYHWăXVFDWă$VLJXUDĠLYăFăSLHOHD WUXPRFKHWHúLWH[WLOHUHFRPDQGDĠLúLDSUR
QXVHvPELEăFXDSăÌQFD]FRQWUDU EDĠLGH0HUFHGHV%HQ]
DFHDVWDVHYDvQWăULúLVHYDUXSH8WLOL]DĠL
GRDUDJHQĠLGHFXUăĠDUHDSLHOLLFDUHDX
IRVWWHVWDĠLúLDSUREDĠLGH0HUFHGHV
%HQ]ÌLSXWHĠLREĠLQHGHODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DWGHH[XQ&HQWUX
GHVHUYLFH0HUFHGHV%HQ]
=FXUăĠDĠLKXVHOHGLQSLHOHDUWLILFLDOăFXR
ODYHWăvPELEDWăFXRVROXĠLHFDUHFRQĠLQH
GHWHUJHQWGHH[GHWHUJHQWGHYDVH
=FXUăĠDĠLKXVHOHWH[WLOHFXRODYHWăFX
PLFURILEUHvPELEDWăFXRVROXĠLHFDUH
FRQĠLQHGHWHUJHQWGHH[GHWHUJHQW
GHYDVH)UHFDĠLFXDWHQĠLHúLúWHUJHĠL
,QIRUPDĠLLXWLOH
8QGHJăVHVF"
3DQăGHFDXFLXF
%DWHULH
3RUQLUHDDVLVWDWă
7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH
6LJXUDQĠHHOHFWULFH
$VLVWHQĠăvQFD]GHSDQă
8QGHJăVHVF"
,QIRUPDĠLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH 6FRDWHĠLWULXQJKLXOGHDYHUWL]DUHCGLQVSD
ULWRDUHODVLJXUDQĠă ĠLXOGHGHSR]LWDUH
$VLVWHQĠăvQFD]GHSDQă
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD 0RQWDUHDWULXQJKLXOXLGHDYHUWL]DUH
8QGHJăVHVF"
7ULXQJKLGHDYHUWL]DUH
6FRDWHUHDWULXQJKLXOXLGHDYHUWL]DUH
6HGDQWULXQJKLXOGHDYHUWL]DUHHVWHSULQVSH
LQWHULRUXOFDSRWHLSRUWEDJDMXOXL
'HVFKLGHĠLFDSRWDSRUWEDJDMXOXL
3OLDĠLSLFLRDUHOHvQMRVúLvQODWHUDO
7UDJHĠLODWXULOHUHIOHFWRUL]DQWHDvQVXV
SHQWUXDIRUPDXQWULXQJKLúLEORFDĠLOHvQ
SDUWHDVXSHULRDUăFXDMXWRUXOFDSVHLC
7UXVăGHSULPDMXWRU
6HGDQvQIXQFĠLHGHJUDGXOGHGRWDUHDDXWR
YHKLFXOXOXLWUXVDGHSULPDMXWRUVHDIOăILH
$SăVDĠLVXSRUWXOWULXQJKLXOXLGHDYHUWL vQWUXQVSDĠLXGHGHSR]LWDUHGHVFKLVILHvQ
]DUHCvQVXVvQGLUHFĠLDVăJHĠLLGHVFKLGHĠL VSDWHOHSDQRXOXLRUQDPHQWDOODWHUDOGHSH
SDUWHDVWkQJă
OúLVFRDWHĠLWULXQJKLXOGHDYHUWL]DUH
6HGDQGHVFKLGHĠLFDSRWDSRUWEDJDMXOXL
%UHDNWULXQJKLXOGHDYHUWL]DUHHVWHDPSODVDW
vQVSDĠLXOGHGHSR]LWDUHGHVXESODQúHXOSRUW
EDJDMXOXL
'HVFKLGHĠLKD\RQXO
5LGLFDĠLSODQúHXOSRUWEDJDMXOXLvQVXV
3DJLQD
8QGHJăVHVF"
([HPSOXWUXVDGHSULPDMXWRUGLQVSDWHOHSDQRXOXL 6FRDWHĠLWUXVDGHSULPDMXWRU
RUQDPHQWDOODWHUDO
G 9HULILFDĠLGDWDGHH[SLUDUHGHSHWUXVDGH
$VLVWHQĠăvQFD]GHSDQă
3HQWUXDGHVFKLGHFDSDFXOURWLĠLEXWRQXO
URWDWLYCvQGLUHFĠLDVăJHĠLLúLUDEDWDĠL SULPDMXWRUFHOSXĠLQRGDWăSHDQÌQORFXLĠL
FDSDFXODvQMRV FRQĠLQXWXOGDFăHVWHQHFHVDUúLvQORFXLĠL
FRPSRQHQWHOHDEVHQWH
6FRDWHĠLWUXVDGHSULPDMXWRU
([WLQFWRU
([WLQFWRUXOVHDIOăVXESDUWHDGLQIDĠăDVFDX
QXOXLúRIHUXOXL
([HPSOXWUXVDGHSULPDMXWRUvQVSDĠLXOGHGHSR
]LWDUHGHVFKLV
6FRDWHĠLWUXVDGHSULPDMXWRUC
%UHDNGHVFKLGHĠLKD\RQXO
7UDJHĠLSOăFXĠDCvQVXV
6FRDWHĠLH[WLQFWRUXOD
G 6ROLFLWDĠLXPSOHUHDH[WLQFWRUXOXLGXSăILH
FDUHXWLOL]DUHúLYHULILFDUHDVDRGDWăODXQX
VDXGRLDQLÌQFD]FRQWUDUDFHVWDVHSRDWH
GHIHFWDODXUJHQĠH
5HVSHFWDĠLFHULQĠHOHOHJDOHvQWRDWHĠăULOH
YL]DWH
7UDJHĠLPkQHUXOC
5DEDWDĠLFDSDFXODvQMRV
8QGHJăVHVF"
7UXVăGHVFXOHDDXWRYHKLFXOXOXL
7UXVDGHVFXOHDDXWRYHKLFXOXOXLVHJăVHúWHvQ
VSDĠLXOGHGHSR]LWDUHGHVXESODQúHXOSRUWED
JDMXOXL
G $XWRYHKLFXOHOHIăUăRURDWăGHUH]HUYăQX
VXQWGRWDWHFXXQHOWHOHQHFHVDUH
VFKLPEăULLXQHLURĠLODLHúLUHDGLQIDEULFăGH
H[FXXQFULFVDXRFKHLHGHURDWă(VWH
SRVLELOVăH[LVWHGLIHUHQĠHvQIXQFĠLHGHĠDUă
$QXPLWHVFXOHSHQWUXVFKLPEDUHDXQHLURĠL
C 7DYDWUXVHLGHVFXOHDDXWRYHKLFXOXOXL
VXQWVSHFLILFHDXWRYHKLFXOXOXL3HQWUXD
REĠLQHVFXOHOHDSUREDWHSHQWUXDXWRYHKLFX D 6SDĠLXGHGHSR]LWDUH
$VLVWHQĠăvQFD]GHSDQă
OXOGXPQHDYRDVWUăDSHODĠLODXQDWHOLHUGH 5RDWăGHUH]HUYă5RDWăGHUH]HUYăGHX]
VSHFLDOLWDWHDXWRUL]DWGHH[XQ&HQWUXGH WHPSRUDUÄ0LQLVSDUH´
6HUYLFH0HUFHGHV%HQ] 7UXVDGHVFXOHDDXWRYHKLFXOXOXLFRQĠLQH
$XWRYHKLFXOHFXRWUXVă7,5(),7ULGLFDĠL =&DOăGHURDWăSOLDELOă
SODQúHXOSRUWEDJDMXOXL3DJLQDVDX =7DEHOGHDORFDUHDVLJXUDQĠHORU
3DJLQD
=&ULF
=2SHUHFKHGHPăQXúL
=&KHLHGHURDWă
=2FKLGHWUDFWDUH
5RDWăGHUH]HUYă5RDWăGHUH]HUYăGH
X]WHPSRUDUÄ0LQLVSDUH´
5RDWDGHUH]HUYăVDXURDWDGHUH]HUYăÄ0LQLV
SDUH´VHDIOăvQVSDĠLXOGHGHSR]LWDUHGHVXE
SODQúHXOSRUWEDJDMXOXL
C 5HFLSLHQWFXSDVWăGHHWDQúDUHSHQWUX
6HGDQULGLFDĠLSODQúHXOSRUWEDJDMXOXL
SQHXUL
D &RPSUHVRUGHXPIODUHDSQHXULORU 3DJLQD
%UHDNULGLFDĠLSODQúHXOSRUWEDJDMXOXL
2FKLGHWUDFWDUH
3DJLQD
&DOăGHURDWăSOLDQWă
&KHLHGHURDWă
&ULF
k 2SHUHFKHGHPăQXúLvQVSDWHOHFULFXOXL
$XWRYHKLFXOHFXRURDWăGHUH]HUYă
URDWăGHUH]HUYăÄ0LQLVSDUH´ULGLFDĠLvQ
VXVSODQúHXOSRUWEDJDMXOXL3DJLQD
VDX3DJLQD
3DQăGHFDXFLXF
6FRDWHĠLVSDĠLXOGHGHSR]LWDUHC SQHXULGHLDUQă2WUXVă7,5(),7SRDWHREĠL
QXWăGHODXQ&HQWUXGHVHUYLFH0HUFHGHV
%HQ]
2SULĠLDXWRYHKLFXOXOFkWPDLGHSDUWHSRVLELO
GHWUDILFSHWHUHQVROLGQHDOXQHFRVúLQLYH
ODW
$FWLYDĠLVHPQDOL]DWRDUHOHGHDYDULH
$SăVDĠLIHUPIUkQDGHSDUFDUH
$GXFHĠLURĠLOHIDĠăvQSR]LĠLDGUHSWvQDLQWH
$XWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
FXSODĠLSULPDWUHDSWăVDXWUHDSWDGHPHUV
3HQWUXDVFRDWHURDWDGHUH]HUYăVDX vQDSRL
$VLVWHQĠăvQFD]GHSDQă
URDWDGHUH]HUYăÄ0LQLVSDUH´VFRDWHĠL $XWRYHKLFXOHOHFXWUDQVPLVLHDXWR
WDYDWUXVHLGHVFXOHDDXWRYHKLFXOXOXLC PDWăGHSODVDĠLPDQHWDVHOHFWRDUHvQ3
5RWLĠLVSDĠLXOGHGHSR]LWDUHDvQVHQV 2SULĠLPRWRUXO
DQWLRUDUúLVFRDWHĠLO
$XWRYHKLFXOHOHIăUă.(</(66*2VFRD
6FRDWHĠLURDWDGHUH]HUYăVDXURDWDGH
WHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
UH]HUYăÄ0LQLVSDUH´
$XWRYHKLFXOHOHFX.(</(66*2GHVFKL
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGVFKLP GHĠLSRUWLHUDúRIHUXOXL
EDUHDURĠLLúLPRQWDUHDURĠLLGHUH]HUYăFRQ 6LVWHPHOHHOHFWURQLFHGHODERUGDXVWDUHD
VXOWDĠL3DJLQD SUHFXPFKHLDFDUHHVWHVFRDVă
$XWRYHKLFXOHOHFX.(</(66*2VFRDWHĠL
EXWRQXO6WDUW6WRSGLQFRPXWDWRUXOGH
3DQăGHFDXFLXF FRQWDFW3DJLQD
3UHJăWLUHDXWRYHKLFXO 7RĠLSDVDJHULLWUHEXLHVăLDVăGLQDXWRYHKL
$XWRYHKLFXOXOGXPQHDYRDVWUăSRDWHILGRWDW FXO$VLJXUDĠLYăFăQXHVWHSXVăvQSHULFRO
FX VLJXUDQĠDQLFLXQXLD
$VLJXUDĠLYăFăQXVHDIOăQLPHQLOkQJă]RQD
=RWUXVă7,5(),7
SHULFXORDVăFkQGVHVFKLPEăRURDWă&LQH
=RURDWăGHUH]HUYăGHX]WHPSRUDU
QXDVLVWăGLUHFWODVFKLPEDUHDURĠLLWUHEXLH
=RURDWăGHUH]HUYă GHH[HPSOXVăVWHDvQVSDWHOHEDULHUHL
=3QHXUL02([WHQGHGSQHXULFXFDUDFWHULV ,HúLĠLGLQDXWRYHKLFXO$FRUGDĠLDWHQĠLHFRQ
WLFLGHUXODUHvQFD]GHSDQă GLĠLLORUGLQWUDILFFkQGLHúLĠL
3DJLQD ÌQFKLGHĠLSRUWLHUDúRIHUXOXL
G 3UHJăWLUHDDXWRYHKLFXOXOXLQXHVWHQHFH $úH]DĠLWULXQJKLXOGHDYHUWL]DUH
VDUăODDXWRYHKLFXOHOHFXSQHXUL02([WHQ 3DJLQDODRGLVWDQĠăDGHFYDWă5HV
GHG SHFWDĠLQRUPHOHOHJDOH
G DXWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX
VXQWGRWDWHFXRWUXVă7,5(),7GLQIDEULFă
3ULQXUPDUHVHUHFRPDQGăGRWDUHDVXSOL
PHQWDUăDDXWRYHKLFXOXOXLGXPQHDYRDVWUă
FXRWUXVă7,5(),7GDFăPRQWDĠLSQHXULIăUă
SURSULHWăĠLGHUXODUHvQFD]GHSDQăGHH[
3DQăGHFDXFLXF
7UXVă7,5(),7
8WLOL]DUHDWUXVHL7,5(),7
3XWHĠLXWLOL]DWUXVD7,5(),7SHQWUXDHWDQúD
vQĠHSăWXULPLFLPDLDOHVFHOHGLQVXSUDIDĠDGH
UXODUHDSQHXOXL3XWHĠLXWLOL]D7,5(),7ODWHP
SHUDWXULH[WHULRDUHGHSkQăODPLQLPXPü
$9(57,60(17
ÌQXUPăWRDUHOHVLWXDĠLLPDLDOHVVLJXUDQĠD
GXPQHDYRDVWUăHVWHSHULFOLWDWăGHRDUHFH )L[DĠLSDUWHDCDHWLFKHWHLDXWRFRODQWHvQ
SDVWDGHHWDQúDUHDSQHXULORUQXSRDWHRIHUL FkPSXOYL]XDODOúRIHUXOXL
$VLVWHQĠăvQFD]GHSDQă
RDVLVWHQĠăVXILFLHQWăvQFD]GHSDQă )L[DĠLSDUWHDDDHWLFKHWHLDXWRFRODQWH
=H[LVWăWăLHWXULVDXvQĠHSăWXULvQSQHXPDL OkQJăVXSDSDGHSHURDWăFXSQHXOGHIHFW
PDULGHPP
$9(57,60(17
=MDQWDSQHXOXLHVWHGHWHULRUDWă
7,5(),7QXWUHEXLHVăYLQăvQFRQWDFWFXSLHOHD
=DĠLFRQGXVODSUHVLXQLIRDUWHVFă]XWHvQ
RFKLLVDXvPEUăFăPLQWHDGXPQHDYRDVWUă
SQHXULVDXFXRSDQăGHFDXFLXF ='DFă7,5(),7YLQHvQFRQWDFWFXSLHOHDVDX
1XFRQGXFHĠLvQFRQWLQXDUH&RQVXOWDĠLXQDWH FXRFKLLFOăWLĠLLPHGLDWFXDSăFXUDWă
OLHUGHVSHFLDOLWDWHDXWRUL]DWFHGLVSXQHGH =6FKLPEDĠLYăLPHGLDWGHKDLQHOHFDUHDX
FXQRúWLQĠHOHGHVSHFLDOLWDWHúLLQVWUXPHQWHOH
LQWUDWvQFRQWDFWFX7,5(),7
QHFHVDUHSHQWUXDHIHFWXDLQWHUYHQĠLDQHFH
='DFăVXIHULĠLUHDFĠLLDOHUJLFHFRQVXOWDĠL
VDUă
LPHGLDWXQPHGLF
0HUFHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ
&HQWUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW 1XOăVDĠL7,5(),7ODvQGHPkQDFRSLLORU
VFRSÌQVSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLV ='DFăvQJKLĠLĠL7,5(),7FOăWLĠLYăLPHGLDWúL
WHPHORUGHVLJXUDQĠăVDXFRUHODWHFXVLJX ELQHJXUDúLEHĠLDSăGLQDEXQGHQĠă
UDQĠDVHYRUHIHFWXDODXQDWHOLHUGHVSHFLDOL =1XLQGXFHĠLYRPD&RQVXOWDĠLLPHGLDWXQ
WDWHDXWRUL]DW GRFWRU
=1XLQKDODĠLYDSRUL7,5(),7
1XVFRDWHĠLRELHFWHVWUăLQHFDUHDXSHUIRUDW
SQHXOGHH[úXUXEXULVDXFXLH G 'DFăH[LVWăVFXUJHULGH7,5(),7OăVDĠLOVă
6FRDWHĠLUHFLSLHQWXOFXSDVWăGHHWDQúDUH VHXVXFH$FHVWDSRDWHILDSRLvQGHSăUWDW
SHQWUXSQHXULHWLFKHWDvQVRĠLWRDUHÄPD[ FDRSHOLFXOăVXEĠLUH
NPK³úLFRPSUHVRUXOGHXPIODUHD 'DFă7,5(),7DMXQJHSHKDLQHOHGXPQHD
SQHXULORUGLQVSDĠLXOGHGHSR]LWDUHGHVXE YRDVWUăVROLFLWDĠLFXUăĠDUHDVDFkWPDL
SODQúHXOSRUWEDJDMXOXL3DJLQD FXUkQGSRVLELOFXSHUFORUHWLOHQă
$XWRYHKLFXOXOGXPQHDYRDVWUăHVWHSUHYă]XW
FXXQDGLQWUHFHOHGRXăWUXVH7,5(),7GLIHULWH
=9HUVLXQHDFRPSUHVRUXOGHXPIODUHD
SQHXULORUúLUHFLSLHQWXOFXSDVWăGHHWDQ
3DQăGHFDXFLXF
úDUHSHQWUXSQHXULGLVSXQGHIXUWXQXULOHORU ,QWURGXFHĠLPXID
vQSUL]DEULFKHWHL
IL[H 3DJLQDVDXvQWURSUL]ăGH9GLQ
=9HUVLXQHDFRPSUHVRUXOGHXPIODUHD DXWRYHKLFXOXOGXPQHDYRDVWUă
SQHXULORUúLUHFLSLHQWXOFXSDVWăGHHWDQ 3DJLQD
úDUHSHQWUXSQHXULQXVXQWSUHYă]XWHFXXQ 5RWLĠLFKHLDvQSR]LĠLD3DJLQDGLQ
IXUWXQIL[$FHVWDVHDIOăvQFDUFDVDFRP FRPXWDWRUXOGHFRQWDFW
SUHVRUXOXLGHXPIODUHDSQHXULORU $SăVDĠLFRPXWDWRUXOGHSRUQLUHRSULUH
GHSHFRPSUHVRUXOGHXPIODUHDSQHXULORU
7UXVă7,5(),7YHUVLXQHD vQSR]LĠLD,
&RPSUHVRUXOGHXPIODUHDSQHXULORUHVWH
DFWLYDW3QHXOHVWHXPIODW
G 0DLvQWkLVHSRPSHD]ă7,5(),7vQSQHX
$VLVWHQĠăvQFD]GHSDQă
3UHVLXQHDSRDWHVăFUHDVFăWHPSRUDUOD
DSUR[LPDWLYN3DEDULSVL
1XGH]DFWLYDĠLFRPSUHVRUXOGHXPIODUH
DSQHXULORUvQDFHDVWăID]ă
/ăVDĠLFRPSUHVRUXOGHXPIODUHDSQHXULORU
VăIXQFĠLRQH]HWLPSGHFLQFLPLQXWH3QHXO
WUHEXLHVăILDWLQVRSUHVLXQHGHFHOSXĠLQ
7UDJHĠLEXúRQXO
FXFDEOXOúLIXUWXQXO N3DEDULSVL
GLQFDUFDVă 1XDFĠLRQDĠLFRPSUHVRUXOGHXPIODUHD
ÌQILOHWDĠLIXUWXQXOSHIODQúDDUHFL SQHXULORUvQUHSUL]HGHSHVWHúDVHPLQXWH
SLHQWXOXLFXSDVWăGHHWDQúDUHSHQWUX IăUăvQWUHUXSHUHÌQFD]FRQWUDUVHSRDWH
SQHXULC VXSUDvQFăO]L
,QWURGXFHĠLUHFLSLHQWXOFXSDVWăGHHWDQ &RPSUHVRUXOGHXPIODUHDSQHXULORUSRDWH
úDUHSHQWUXSQHXULCFXFDSXOvQMRVvQ ILDFĠLRQDWGLQQRXRGDWăFHVDUăFLW
GHJDMDUHDDFRPSUHVRUXOXLGHXPIODUHD 'DFăVDDWLQVRSUHVLXQHGHN3D
SQHXULORU EDUSVLGXSăFLQFLPLQXWHFRQVXOWDĠL
3DJLQD
'DFăQXVDDWLQVRSUHVLXQHGHN3D
EDUSVLGXSăFLQFLPLQXWHFRQVXOWDĠL
3DJLQD
7UXVă7,5(),7YHUVLXQHD
6FRDWHĠLFDSDFXOGHSHYHQWLOXOkGHSH
SQHXOGHIHFW
ÌQILOHWDĠLIXUWXQXOGHXPSOHUHlSHYHQWLOXO
k
3DQăGHFDXFLXF
6FRDWHĠLIXUWXQXOGHXPSOHUHúLEXúRQXO 1XGH]DFWLYDĠLFRPSUHVRUXOGHXPIODUH
GLQVHFĠLXQHDLQIHULRDUăDFDUFDVHLFRP DSQHXULORUvQDFHDVWăID]ă
SUHVRUXOXLGHXPIODUHDSQHXULORU /ăVDĠLFRPSUHVRUXOGHXPIODUHDSQHXULORU
&XOLVDĠLFRQHFWRUXOJDOEHQDOIXUWXQXOXLGH VăIXQFĠLRQH]HWLPSGHFLQFLPLQXWH3QHXO
XPSOHUHvQHOHPHQWXOGHSHEXúRQXOJDOEHQ WUHEXLHVăILDWLQVRSUHVLXQHGHFHOSXĠLQ
DOUHFLSLHQWXOXLFXSDVWăGHHWDQúDUH N3DEDULSVL
SHQWUXSQHXULCSkQăFHEXúRQXOVHDQJUH
1XDFĠLRQDĠLFRPSUHVRUXOGHXPIODUHD
QHD]ă
SQHXULORUvQUHSUL]HGHSHVWHúDVHPLQXWH
&XLQHOHOHGHHWDQúDUHvQIDĠăFXOLVDĠLEXúR
IăUăvQWUHUXSHUHÌQFD]FRQWUDUVHSRDWH
QXOJDOEHQGLQUHFLSLHQWXOFXSDVWăGH VXSUDvQFăO]L
HWDQúDUHSHQWUXSQHXULCvQHOHPHQWXOGLQ &RPSUHVRUXOGHXPIODUHDSQHXULORUSRDWH
FRPSUHVRUXOGHXPIODUHDSQHXULORUD ILDFĠLRQDWGLQQRXRGDWăFHVDUăFLW
$VLVWHQĠăvQFD]GHSDQă
SkQăFHEXúRQXOúLDPEHOHFkUOLJHVHDQJUH
QHD]ă 'DFăVDDWLQVRSUHVLXQHGHN3D
EDUSVLGXSăFLQFLPLQXWHFRQVXOWDĠL
3DJLQD
'DFăQXVDDWLQVRSUHVLXQHGHN3D
EDUSVLGXSăFLQFLPLQXWHFRQVXOWDĠL
3DJLQD
3UHVLXQHDvQSQHXULGHFHOSXĠLQN3D
EDUSVLQXDIRVWDWLQVă
'DFăGXSăFLQFLPLQXWHQXVDDWLQVRSUH
VLXQHGHN3DEDUSVL
'H]DFWLYDĠLFRPSUHVRUXOGHXPIODUHD
6FRDWHĠLFDSDFXOGHSHYHQWLOXOkGHSH SQHXULORU
SQHXOGHIHFW 'HVILOHWDĠLIXUWXQXOGHXPSOHUHGLQYHQWLOXO
ÌQILOHWDĠLIXUWXQXOGHXPSOHUHlSHYHQWLO SQHXOXLGHIHFW
,QWURGXFHĠLPXIDvQSUL]DEULFKHWHL &RQGXFHĠLIRDUWHOHQWvQDLQWHVDXvQDSRL
3DJLQDVDXvQWURSUL]ăHOHFWULFăGH DSUR[LPDWLYP
9GLQDXWRYHKLFXOXOGXPQHDYRDVWUă 3RPSDĠLGLQQRXSUHVLXQHvQSQHX
3DJLQD
5RWLĠLFKHLDvQSR]LĠLD3DJLQDGLQ $9(57,60(17
FRPXWDWRUXOGHFRQWDFW 'DFăGXSăFLQFLPLQXWHQXVHSRDWHDWLQJHR
$SăVDĠLFRPXWDWRUXOGHSRUQLUHRSULUH
SUHVLXQHGHN3DEDUSVLSQHXO
GHSHFRPSUHVRUXOGHXPIODUHDSQHXULORU DVXIHULWGHWHULRUăULSUHDJUDYH
vQSR]LĠLD21 1XFRQGXFHĠLvQFRQWLQXDUH&RQVXOWDĠLXQDWH
&RPSUHVRUXOGHXPIODUHDSQHXULORUHVWH OLHUGHVSHFLDOLWDWHDXWRUL]DWFHGLVSXQHGH
DFWLYDW3QHXOHVWHXPIODW FXQRúWLQĠHOHGHVSHFLDOLWDWHúLLQVWUXPHQWHOH
G 0DLvQWkLVHSRPSHD]ă7,5(),7vQSQHX QHFHVDUHSHQWUXDHIHFWXDLQWHUYHQĠLDQHFH
VDUă0HUFHGHV%HQ]UHFRPDQGăVăXWLOL]DĠL
3UHVLXQHDSRDWHVăFUHDVFăWHPSRUDUOD
XQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
DSUR[LPDWLYN3DEDULSVL
VFRSÌQVSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLV
WHPHORUGHVLJXUDQĠăVDXFRUHODWHFXVLJX
3DQăGHFDXFLXF
UDQĠDVHYRUHIHFWXDODXQDWHOLHUGHVSHFLDOL &RUHFWDĠLSUHVLXQHDvQSQHXULvQFD]XOvQ
WDWHDXWRUL]DW FDUHFRQWLQXăVăILHGHFHOSXĠLQ
N3DEDUSVLSHQWUXYDORUL
FRQVXOWDĠLFODSHWDJXULLGHXPSOHUHFXFDU
3UHVLXQHDvQSQHXULGHN3D
EXUDQW
EDUSVLDIRVWDWLQVă
3HQWUXDFUHúWHSUHVLXQHDvQSQHXULDFWL
'H]DFWLYDĠLFRPSUHVRUXOGHXPIODUHD
YDĠLFRPSUHVRUXOGHXPIODUHDSQHXULORU
SQHXULORU
'HVILOHWDĠLIXUWXQXOGHXPSOHUHGLQYHQWLOXO
SQHXOXLGHIHFW
'XSăXWLOL]DUHHVWHSRVLELOFDVXUSOXVXOGH
7,5(),7VăVHVFXUJăSULQIXUWXQXOGH
$VLVWHQĠăvQFD]GHSDQă
XPSOHUH$FHVWDSRDWHSăWD
3ULQXUPDUHDúH]DĠLIXUWXQXOGHXPSOHUHvQ
SXQJDGLQSODVWLFvQFDUHVHDIODWUXVD7,5(
),7
'HSR]LWDĠLUHFLSLHQWXOFXSDVWăGHHWDQúDUH
SHQWUXSQHXULFRPSUHVRUXOGHXPIODUHD ([HPSOXWUXVD7,5(),7YHUVLXQHD
SQHXULORUúLWULXQJKLXOGHDYHUWL]DUH
3HQWUXDUHGXFHSUHVLXQHDvQSQHXUL
'HPDUDĠLLPHGLDW
DSăVDĠLEXWRQXOGHHOLEHUDUHDSUHVLXQLLC
3HULFROGHDFFLGHQW GHOkQJăPDQRPHWUXOD
1XGHSăúLĠLYLWH]DPD[LPăGHNPK 7UXVD7,5(),7YHUVLXQHDWUDJHĠLUHFL
$XWRFRODQWXOFXLQVFULSĠLDÄPD[NPK´ SLHQWXOFXSDVWăGHHWDQúDUHSHQWUXSQHXUL
WUHEXLHVăILHDPSODVDWvQFkPSXOYL]XDODO GLQORFDúXOFRPSUHVRUXOXLGHXPIODUHD
úRIHUXOXL SQHXULORU
0DQHYUDELOLWDWHDDXWRYHKLFXOXOXLSRDWHIL 7UXVD7,5(),7YHUVLXQHDGHúXUXEDĠL
DIHFWDWă IXUWXQXOGLQFRPSUHVRUXOGHXPIODUHD
SQHXULORUODIODQúDUHFLSLHQWXOXLFXSDVWăGH
2SULĠLYăGLQFRQGXVGXSăDSUR[LPDWLY]HFH HWDQúDUHSHQWUXSQHXUL
PLQXWHúLYHULILFDĠLSUHVLXQHDvQSQHXULFX
FRPSUHVRUXOGHXPIODUHDSQHXULORU
$9(57,60(17
'DFăSUHVLXQHDvQSQHXULVHVLWXHD]ăVXE
N3DEDUSVLSQHXOHVWHSUHDJUDY
GHWHULRUDW1XFRQGXFHĠLvQFRQWLQXDUH&RQ
VXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWFH
GLVSXQHGHFXQRúWLQĠHOHGHVSHFLDOLWDWHúL
LQVWUXPHQWHOHQHFHVDUHSHQWUXDHIHFWXD
LQWHUYHQĠLDQHFHVDUă0HUFHGHV%HQ]UHFR
PDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH0HU
7UXVă7,5(),7YHUVLXQHD
FHGHV%HQ]vQDFHVWVFRSÌQVSHFLDOWRDWH
LQWHUYHQĠLLOHDVXSUDVLVWHPHORUGHVLJXUDQĠă 7UXVă7,5(),7YHUVLXQHDSHQWUXD
VDXFRUHODWHFXVLJXUDQĠDVHYRUHIHFWXDODXQ VFRDWHUHFLSLHQWXOFXSDVWăGHHWDQúDUH
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW SHQWUXSQHXULGLQFRPSUHVRUXOGHXPIODUH
3DQăGHFDXFLXF
DSQHXULORUDSăVDĠLvPSUHXQăSOăFXĠHOHGH 8WLOL]DĠLRURDWăGHUH]HUYăGHX]WHPSRUDU
EORFDUHGHSHEXúRQXOJDOEHQ URDWăGHUH]HUYăGHPăULPHGLIHULWăQXPDL
7UXVD7,5(),7YHUVLXQHDWUDJHĠLUHFL SHQWUXVFXUWWLPSúLQXGH]DFWLYDĠL(63
SLHQWXOFXSDVWăGHHWDQúDUHSHQWUXSQHXUL &kQGXWLOL]DĠLRURDWăGHUH]HUYăGHX]WHPSR
GLQFRPSUHVRUXOGHXPIODUHDSQHXULORU UDUQXWUHEXLHVăGHSăúLĠLYLWH]DPD[LPăGH
)XUWXQXOGHXPSOHUHUăPkQHSHUHFLSLHQWXO NPK
FXSDVWăGHHWDQúDUHSHQWUXSQHXUL
'HSR]LWDĠLUHFLSLHQWXOFXSDVWăGHHWDQúDUH $9(57,60(17
SHQWUXSQHXULFRPSUHVRUXOGHXPIODUHD 6ROLFLWDĠLvQORFXLUHDURĠLLGHUH]HUYăGHX]WHP
SQHXULORUúLWULXQJKLXOGHDYHUWL]DUH SRUDUURĠLLGHUH]HUYăFXRQRXăURDWăFkWPDL
&RQGXFHĠLODFHOPDLDSURSLDWDWHOLHUGHVHU
FXUkQGSRVLELOODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DWFHGLVSXQHGHFXQRúWLQĠHOHGHVSH
YLFHúLVROLFLWDĠLVFKLPEDUHDSQHXOXLDFROR
FLDOLWDWHúLVFXOHOHQHFHVDUHSHQWUXDHIHFWXD
$VLVWHQĠăvQFD]GHSDQă
6ROLFLWDĠLvQORFXLUHDUHFLSLHQWXOXLFXSDVWă
LQWHUYHQĠLDQHFHVDUă0HUFHGHV%HQ]UHFR
GHHWDQúDUHSHQWUXSQHXULúLDIXUWXQXOXLGH PDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH0HU
XPSOHUHFkWPDLFXUkQGSRVLELOODXQDWHOLHU FHGHV%HQ]vQDFHVWVFRSÌQVSHFLDOWRDWH
GHVSHFLDOLWDWHDXWRUL]DWGHH[ODXQ&HQ LQWHUYHQĠLLOHDVXSUDVLVWHPHORUGHVLJXUDQĠă
WUXGH6HUYLFH0HUFHGHV%HQ] VDXFRUHODWHFXVLJXUDQĠDVHYRUHIHFWXDODXQ
1RWăSULYLQGSURWHFĠLDPHGLXOXL DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
6ROLFLWDĠLHOLPLQDUHDvQPRGSURIHVLRQLVWD G $XWRYHKLFXOHOHIăUăURDWăGHUH]HUYăGHX]
UHFLSLHQWXOXLFXSDVWăGHHWDQúDUHSHQWUX WHPSRUDUURDWăGHUH]HUYăQXVXQWGRWDWH
SQHXULGHH[ODXQ&HQWUXGHVHUYLFH0HUFH FXVFXOHGHVFKLPEDUHDURĠLORUGLQIDEULFă
GHV%HQ] 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGVFX
OHOHQHFHVDUHHIHFWXăULLXQXLVFKLPEGH
6ROLFLWDĠLvQORFXLUHDUHFLSLHQWXOXLFXSDVWă
URDWăODDXWRYHKLFXOXOGXPQHDYRDVWUăGH
GHHWDQúDUHSHQWUXSQHXULGLQSDWUXvQSDWUX
H[FDODGHURDWăFKHLDGHURĠLVDXúWLIWXOGH
DQLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGH
FHQWUDUHFRQVXOWDĠLXQ&HQWUXGHVHUYLFH
H[ODXQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]
0HUFHGHV%HQ]
3UHJăWLĠLDXWRYHKLFXOXOFRQIRUPGHVFULHULL
6FKLPEDUHDXQHLURĠLúLPRQWDUHDURĠLL 3DJLQD
GHUH]HUYă 'DFăRUHPRUFăHVWHFXSODWăODDXWRYHKL
FXOGHFXSODĠLR
3UHJăWLUHDXWRYHKLFXO 6FRDWHĠLXUPăWRDUHOHDUWLFROHvQIXQFĠLHGH
$VLJXUDUHDDXWRYHKLFXOXOXLSHQWUXD
SUHYHQLSXQHUHDVDvQPLúFDUH
'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăHVWH
GRWDWFXFDOăGHURDWăDFHDVWDVHUHJăVHúWH
vQWUXVDGHVFXOHDDXWRYHKLFXOXOXL
3DJLQD
&DODGHURDWăSOLDQWăHVWHRPăVXUăGHVLJX
UDQĠăVXSOLPHQWDUăFDUHSUHYLQHSXQHUHDvQ
PLúFDUHDDXWRYHKLFXOXOXLGHH[HPSOXFkQG
VFKLPEDĠLRURDWă
$VLJXUDUHDDXWRYHKLFXOXOXLSHSDQWHGHVFHQGHQWH
XúRDUHH[HPSOX6HGDQ
$VLVWHQĠăvQFD]GHSDQă
3HSDQWHGHVFHQGHQWHDúH]DĠLFDOHVDX
DOWHDUWLFROHFRUHVSXQ]ăWRDUHvQIDĠDURĠLORU
GHSHSXQWHDIDĠăúLVSDWH
5LGLFDUHDXWRYHKLFXO
$9(57,60(17
&ULFXOHVWHGHVWLQDWQXPDLULGLFăULLDXWRYHKL
FXOXOXLWHPSRUDUSHQWUXVFKLPEXULGHURDWă
3OLDĠLDPEHOHSOăFLvQVXVC $XWRYHKLFXOXOWUHEXLHVăILHIL[DWSHVXSRUWXUL
3OLDĠLvQDIDUDSODFDLQIHULRDUăD GDFăLQWHQĠLRQDĠLVăOXFUDĠLVXEHO
*KLGDĠLXUHFKLOHGHSHSODFDLQIHULRDUăSkQă $VLJXUDĠLYăFăDĠLIL[DWFULFXOSHRVXSUDIDĠă
ODFDSăWvQGHVFKL]ăWXULOHGLQSODFDGHVXV VROLGăSODQăúLFDUHQXSHUPLWHDOXQHFDUHD
ĠLQHUH 1XXWLOL]DĠLFDOHGHOHPQVDXRELHFWHVLPLODUH
SHQWUXDVXVĠLQHFULFXOÌQFD]FRQWUDUDXWR
YHKLFXOXODUSXWHDDOXQHFDGHSHFULFúLYDU
SXWHDUăQLJUDY
1XSRUQLĠLPRWRUXOQLFLRGDWăvQWLPSFHVFKLP
EDĠLURDWD
1XYăvQWLQGHĠLVXEDXWRYHKLFXOFkQGDFHVWD
HVWHVXVĠLQXWGHFULF'DFăQXULGLFDĠLDXWRYH
KLFXOXOFRQIRUPLQVWUXFĠLXQLORUDFHVWDDU
SXWHDDOXQHFDGHSHFULFGHH[GDFăPRWRUXO
HVWHSRUQLWVDXRSRUWLHUăVDXFDSRWDSRUWED
JDMXOXLKD\RQXOHVWHGHVFKLVăVDXvQFKLVă
$VLJXUDUHDDXWRYHKLFXOXOXLSHWHUHQSODQH[HPSOX UăQLQGXYăJUDY
6HGDQ
3HWHUHQSODQDúH]DĠLFDOHOHVDXDOWHDUWL
FROHFRUHVSXQ]ăWRDUHVXEURDWDIDĠăúL
VSDWHGLDJRQDORSXVăFHOHLSHFDUHGRULĠLVă
RVFKLPEDĠL
3DQăGHFDXFLXF
$9(57,60(17
'DFăQXSR]LĠLRQDĠLFULFXOFRUHFWDXWRYHKLFX
OXODUSXWHD
=VăFDGăGHSHFULF
=VăYăUăQHDVFăSHGXPQHDYRDVWUăVDXSH
DOĠLL
=VăVXIHUHDYDULL
3ULQXUPDUHDVLJXUDĠLYăFăHVWHSR]LĠLRQDW
FRUHFWFULFXOvQSXQFWHOHGHULGLFDUHFXFULFXO
UHVSHFWLYHÌQDLQWHGHDSR]LĠLRQDFULFXO
vQGHSăUWDĠLSRWHQĠLDOHOHPDWHULLVWUăLQHFDUHV 3R]LĠLRQDĠLFULFXOODSXQFWXOGHULGLFDUH
DXDGXQDWvQSXQFWHOHGHULGLFDUHFXFULFXO FXFULFXOD
$VLVWHQĠăvQFD]GHSDQă
5HĠLQHĠLFăWUHEXLHVăSR]LĠLRQDĠLFULFXOvQGHV
FKL]ăWXUDSXQFWXOXLGHULGLFDUHFXFULFXO
$VLJXUDĠLYăFăED]DFULFXOXLHVWHSR]LĠLR
QDWăGLUHFWVXESXQFWXOGHULGLFDUHFXFUL
&XDMXWRUXOFKHLLGHURDWăCVOăELĠLúXUX FXO
5RWLĠLPDQLYHOD
vQVHQVRUDUSkQăFHFUL
EXULOHGHSHURDWDSHFDUHGRULĠLVăRVFKLP
EDĠLFXDSUR[LPDWLYRURWDĠLHFRPSOHWă1X FXOHVWHDúH]DWFRPSOHWSHSXQFWXOGH
GHVILOHWDĠLFRPSOHWúXUXEXULOH ULGLFDUHFXFULFXODúLED]DFULFXOXLVWăXQL
3XQFWHOHGHULGLFDUHFXFULFXOVXQWDPSODVDWH IRUPSHVRO
LPHGLDWvQVSDWHOHSDVDMHORUURĠLORUIDĠăúLLPH 5RWLĠLPDQLYHOD
SkQăFHSQHXOHVWHULGL
'HPRQWDUHDXQHLURĠL
'HVILOHWDĠLúXUXEXULOHGHURDWă
1XDúH]DĠLúXUXEXULOHvQQLVLSVDXSH
VXSUDIHĠHPXUGDUHÌQFD]FRQWUDUILOHWXO
úXUXEXULORUURĠLORUúLEXWXFXOURĠLLDUSXWHDIL
GHWHULRUDWHvQWLPSXOvQúXUXEăULL
6FRDWHĠLURDWD
3XQFWHGHULGLFDUHFXFULFXOH[HPSOX6HGDQ
3DQăGHFDXFLXF
0RQWDUHDXQHLQRLURĠL
$9(57,60(17
ÌQORFXLĠLúXUXEXULOHGHURDWăGHWHULRUDWHVDX
FRURGDWH
1XXQJHĠLQLFLRGDWăFXXOHLVDXXQVRDUHúXUX
EXULOHGHURDWă$FHDVWDSRDWHGXFHODVOăELUHD
úXUXEXULORUGLQEXWXFXOGHURDWă
$9(57,=$5(
'DFăXQILOHWGLQEXWXFXOURĠLLHVWHGHWHULRUDW
QXYăGHSODVDĠLPDLGHSDUWH$SHODĠLODXQDWH &XOLVDĠLURDWDGHUH]HUYăGHX]WHPSRUDU
OLHUGHVSHFLDOLWDWHFDOLILFDWFDUHGLVSXQHGH URDWDGHUH]HUYăSHEXWXFXOGHURDWăúL
$VLVWHQĠăvQFD]GHSDQă
FXQRúWLQĠHOHGHVSHFLDOLWDWHúLVFXOHOHSHQWUX vPSLQJHĠLRvQLQWHULRU
UHDOL]DUHDOXFUăULORUQHFHVDUH0HUFHGHV 6WUkQJHĠLúXUXEXULOHGHURDWăSkQăFHVXQW
%HQ]YăUHFRPDQGăSHQWUXDFHDVWDXQSXQFW VWUkQVHODSUHVLXQHPDQXDOă
GHVHUYLFHVDXXQÄ6HUYLFHK³0HUFHGHV
%HQ]([HFXWDUHDvQVSHFLDODOXFUăULORUFH
&RERUkUHDXWRYHKLFXO
DIHFWHD]ăVLJXUDQĠDSUHFXPúLDOXFUăULORUOD
VLVWHPHOHUHOHYDQWHSHQWUXVLJXUDQĠăGHFăWUH 5RWLĠLPDQLYHODFULFXOXLvQVHQVDQWLRUDU
XQDWHOLHUFDOLILFDWGHVSHFLDOLWDWHHVWHREOLJD SkQăFHDXWRYHKLFXOXOVWăGLQQRXIHUPSH
WRULH VRO
$úH]DĠLFULFXOGHRSDUWH
$9(57,60(17
8WLOL]DĠLQXPDLúXUXEXULOHGHURDWăFRQFHSXWH
SHQWUXURDWăúLDXWRYHKLFXO'LQUDĠLXQLGH
VLJXUDQĠă0HUFHGHV%HQ]YăUHFRPDQGăVă
XWLOL]DĠLQXPDLúXUXEXULGHURDWăFDUHDXIRVW
RPRORJDWHVSHFLDOSHQWUXDXWRYHKLFXOHOH0HU
FHGHV%HQ]úLURDWDORUUHVSHFWLYă$OWHúXUX
EXULGHURDWăVDUSXWHDGHVSULQGHúLDUSXWHD
GHWHULRUDVLVWHPXOGHIUkQDUH
1XVWUkQJHĠLúXUXEXULOHGHURDWăFRPSOHWFkQG
DXWRYHKLFXOXOHVWHSHFULF$XWRYHKLFXOXOVDU
SXWHDUăVWXUQDGHSHFULF 6WUkQJHĠLúXUXEXULOHGHURDWăXQLIRUP
XUPkQGXQPRGHOGHVWUkQJHUHvQFUXFHvQ
&XUăĠDĠLVXSUDIHĠHOHGHFRQWDFWDOHURĠLLúL
VHFYHQĠDLQGLFDWăCSkQăOD&XSOXO
EXWXFXOXLGHURDWă
GHVWUkQJHUHWUHEXLHVăILHGH1P
$9(57,60(17
6ROLFLWDĠLYHULILFDUHDFXSOXOXLGHVWUkQJHUH
LPHGLDWFHRURDWăDIRVWVFKLPEDWă5RĠLOHVH
SRWVOăELGDFăQXVXQWVWUkQVHODXQFXSOXGH
1P
5RWLĠLFULFXOvQDSRLvQSR]LĠLDVDLQLĠLDOăúL
GHSR]LWDĠLORGDWăFXUHVWXOVFXOHORUGLQ
3DQăGHFDXFLXF
WUXVDGHVFXOHSHQWUXVFKLPEDUHDSQHXULORU QXPăUDWăGLQPRPHQWXOvQFDUHDYHUWLVPHQWXO
vQSRUWEDJDM SULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDSDUHSH
7UDQVSRUWDĠLURDWDGHIHFWăvQSRUWEDJDM
DILúDMXOPXOWLIXQFĠLRQDO
1XWUHEXLHVăGHSăúLĠLRYLWH]ăPD[LPăGH
VDX
NPK
ÌQIXQFĠLHGHPăULPHDURĠLLHVWHSRVLELOGH
DVHPHQHDVăSXWHĠLVăIL[DĠLURDWDGHIHFWă $9(57,60(17
vQVSDĠLXOSHQWUXURDWDGHUH]HUYăÌQDFHVW &DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHDOHDXWR
FD]YDWUHEXLVăVFRDWHĠLFDUFDVDVSDĠLXOXL YHKLFXOXOXLGXPQHDYRDVWUăVHGLPLQXHD]ăvQ
GHGHSR]LWDUHGLQVSDĠLXOSHQWUXURDWDGH PRGXOGHUXODUHvQFD]GHSDQăGHH[HPSOX
UH]HUYăúLVăRVWRFDĠLSULQ]kQGRIHUPvQ =vQYLUDMH
SRUWEDJDM
=FkQGIUkQDĠL
G &kQGFRQGXFHĠLFXURDWDGHUH]HUYăGHX]
$VLVWHQĠăvQFD]GHSDQă
=FkQGDFFHOHUDĠLUDSLG
WHPSRUDUPRQWDWăVLVWHPXOGHDYHUWL]DUH $GDSWDĠLYăVWLOXOGHFRQGXFHUHvQFRQVHFLQĠă
SULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULVDX úLHYLWDĠLVFKLPEăULOHEUXúWHGHGLUHFĠLHúL
PRQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXSRW DFFHOHUDUHDEUXVFăSUHFXPúLWUHFHUHDSHVWH
IXQFĠLRQDILDELO5HSRUQLĠLVLVWHPXOGHDYHU REVWDFROHFXPDUILERUGXULVDXJURSLúLFRQ
WL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXUL GXFHUHDÄRIIURDG´$FHDVWăDILUPDĠLHHVWH
PRQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXPDL YDODELOăPDLDOHVFkQGDXWRYHKLFXOXOHVWHJUHX
FkQGURDWDGHIHFWăDIRVWvQORFXLWăFXXQD vQFăUFDW
QRXă
'LVWDQĠDPD[LPăSHUPLVăFHSRDWHILSDUFXUVă
$XWRYHKLFXOHFXPRQLWRUL]DWRUXOSUHVLXQLLvQ vQPRGXOGHUXODUHvQFD]GHSDQăGHSLQGHvQ
SQHXULWRDWHURĠLOHPRQWDWHWUHEXLHVăILH PDUHPăVXUăGHVDUFLQLOHODFDUHHVWHVXSXV
GRWDWHFXVHQ]RULIXQFĠLRQDOL5RDWDGHIHFWă DXWRYHKLFXOXO(DVHSRDWHUHGXFHVXE
QXWUHEXLHVăVHPDLDIOHvQDXWRYHKLFXO LQIOXHQĠDYLWH]HORUULGLFDWHDXQHLVDUFLQLPDUL
DVFKLPEăULORUEUXúWHGHGLUHFĠLHDVWăULL
VXSUDIHĠHLGUXPXOXLDWHPSHUDWXULLH[WHULRDUH
3QHXUL02([WHQGHGSQHXULFXFDUDF HWFVDXSRDWHILFUHVFXWăGDFăFRQGXFHĠLFX
WHULVWLFLGHUXODUHvQFD]GHSDQă DWHQĠLHúLSUHYHQWLY
3QHXULOH02([WHQGHGSQHXULFXFDUDFWHULV 1XFRQWLQXDĠLVăUXODĠLvQPRGXOGHUXODUHvQ
WLFLGHUXODUHvQFD]GHSDQăYăSHUPLWVă FD]GHSDQăGDFă
FRQGXFHĠLDXWRYHKLFXOXOFKLDUúLFkQGXQXO =DX]LĠLEăWăL
VDXPXOWHSQHXULSLHUGWRDWăSUHVLXQHDDHUX
=DXWRYHKLFXOXOvQFHSHVăWUHSLGH]H
OXL
=YHGHĠLIXPúLVLPĠLĠLPLURVGHFDXFLXF
3QHXULOH02([WHQGHGSRWILXWLOL]DWHvQFRP
=(63LQWHUYLQHFRQVWDQW
ELQDĠLHFXVLVWHPXOGHDYHUWL]DUHSULYLQGSLHU
GHUHDSUHVLXQLLvQSQHXULDFWLYDWVDXFXPRQL =H[LVWăUXSWXULvQSHUHĠLLODWHUDOLDLSQHXOXL
WRUL]DWRUXOSUHVLXQLLvQSQHXUL 'XSăFRQGXFHUHDvQPRGXOGHUXODUHvQFD]GH
'LVWDQĠDPD[LPăSHUPLVăFDUHSRDWHILSDU SDQăWUHEXLHVăVROLFLWDĠLYHULILFDUHDGHWH
FXUVăvQPRGXOGHUXODUHvQFD]GHSDQă ULRUăULORUODURDWăĠLODXQDWHOLHUGHVSHFLDOL
GHSLQGHGHVDUFLQDGLQLQWHULRUXODXWRYHKLFX WDWHDXWRUL]DWFHGLVSXQHGHFXQRúWLQĠHOHGH
OXOXL(DHVWHNPGDFăDXWRYHKLFXOXOHVWH VSHFLDOLWDWHúLVFXOHOHQHFHVDUHSHQWUXDHIHF
SDUĠLDOvQFăUFDWúLNPGDFăHVWHFRPSOHW WXDLQWHUYHQĠLDQHFHVDUă3QHXOGHIHFWWUHEXLH
vQFăUFDW VăILHvQORFXLWvQILHFDUHVLWXDĠLH
'LVWDQĠDPD[LPăSHUPLVăFHSRDWHILSDUFXUVă 0HUFHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ
vQPRGXOGHUXODUHvQFD]GHSDQăHVWH &HQWUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
%DWHULH
VFRSÌQVSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLV $FLGXOGLQEDWHULHHVWH
WHPHORUGHVLJXUDQĠăVDXFRUHODWHFXVLJX FDXVWLF(YLWDĠLFRQWDFWXOFX
UDQĠDVHYRUHIHFWXDODXQDWHOLHUGHVSHFLDOL SLHOHDRFKLLVDX
WDWHDXWRUL]DW vPEUăFăPLQWHD
3XUWDĠLvPEUăFăPLQWHGH
G &kQGvQORFXLĠLXQXOVDXWRDWHSQHXULOHDVL SURWHFĠLHDGHFYDWăvQVSH
JXUDĠLYăFăXWLOL]DĠLQXPDLSQHXULFXPDU FLDOPăQXúLXQúRUĠúLR
FDMXO02([WHQGHGúLGHPăULPHDVSHFLILFă PDVFăWLSYL]LHUă
SHQWUXDXWRYHKLFXO
&OăWLĠLLPHGLDWDFLGXO
G DXWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX vPSURúFDWFXDSăFXUDWă
VXQWGRWDWHFXRWUXVă7,5(),7GLQIDEULFă &RQVXOWDĠLXQGRFWRUGDFă
3ULQXUPDUHVHUHFRPDQGăGRWDUHDVXSOL HVWHQHFHVDU
PHQWDUăDDXWRYHKLFXOXOXLGXPQHDYRDVWUă
$VLVWHQĠăvQFD]GHSDQă
3XUWDĠLSURWHFĠLHRFXODUă
FXRWUXVă7,5(),7GDFăPRQWDĠLSQHXULIăUă
SURSULHWăĠLGHUXODUHvQFD]GHSDQăGHH[
SQHXULGHLDUQă2WUXVă7,5(),7SRDWHREĠL
QXWăGHODXQ&HQWUXGHVHUYLFH0HUFHGHV ğLQHĠLFRSLLLODGLVWDQĠă
%HQ]
5HVSHFWDĠLLQGLFDĠLLOHGLQ
%DWHULH DFHVW0DQXDOGHXWLOL]DUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
3HQWUXFDEDWHULDVăRIHUHRGXUDWăGHYLDĠă
XWLOăPD[LPăHDWUHEXLHVăILHvQWRWGHDXQD 5HFRPDQGăULSULYLQGSURWHFĠLDPHGLX
vQFăUFDWăVXILFLHQW OXL
6ROLFLWDĠLYHULILFDUHDVDUFLQLLEDWHULHLPDLIUHF %DWHULLOHFRQĠLQVXEVWDQĠH
YHQWGDFăXWLOL]DĠLDXWRYHKLFXOXOvQVSHFLDO SROXDQWH(VWHLQWHU]LVSULQ
SHQWUXFăOăWRULLVFXUWHVDXGDFăQXvOXWLOL]DĠL OHJHFDDFHVWHDVăILHHOLPL
SHSHULRDGHvQGHOXQJDWH QDWHvPSUHXQăFXUHVWXULOH
ÌQORFXLĠLEDWHULDQXPDLFXREDWHULHFDUHDIRVW PHQDMHUH(OHYRUILFROHFWDWH
UHFRPDQGDWăGH0HUFHGHV%HQ] VHSDUDWúLHOLPLQDWHvQPRG
HFRORJLF
&RQVXOWDĠLXQ&HQWUXGHVHUYLFH0HUFHGHV
%HQ]GDFăGRULĠLVăOăVDĠLDXWRYHKLFXOXOGXP (OLPLQDĠLEDWHULLOHvQPRG
QHDYRDVWUăvQSDUFDUHPDLPXOWWLPS HFRORJLFÌQFUHGLQĠDĠLEDWH
ULLOHX]DWHXQXLDWHOLHUGHVSH
$9(57,60(17 FLDOLWDWHDXWRUL]DWGHH[HP
5HVSHFWDĠLLQVWUXFĠLXQLOHGHVLJXUDQĠăúLOXDĠL SOXXQXLFHQWUXDXWRUL]DWGH
PăVXULGHSURWHFĠLHFkQGPDQLSXODĠLEDWHULL YkQ]ăULúLVHUYLFH0HUFHGHV
3HULFROGHH[SOR]LH %HQ]VDXXQXLSXQFWGH
FROHFWDUHVSHFLDOSHQWUX
EDWHULLX]DWH
)RFXOIOăFăULOHGHVFKLVHúL
$9(57,60(17
IXPDWXOVXQWLQWHU]LVHFkQG
'LQUDĠLXQLGHVLJXUDQĠă0HUFHGHV%HQ]Yă
PDQLSXODĠLEDWHULD(YLWDĠL
UHFRPDQGăVăXWLOL]DĠLQXPDLEDWHULLFDUHDX
FUHDUHDGHVFkQWHL
%DWHULH
IRVWVSHFLDOWHVWDWHúLRPRORJDWHSHQWUXDXWR VSHFLDOLWDWHDXWRUL]DWGHH[XQ&HQWUXGH
YHKLFXOXOGXPQHDYRDVWUăGHFăWUH0HUFHGHV VHUYLFH0HUFHGHV%HQ]
%HQ]$FHVWHEDWHULLRIHUăRSURWHFĠLHVSRULWă
ODLPSDFWSHQWUXDvPSLHGLFDSDVDJHULLDXWR
YHKLFXOXOXLVăVXIHUHDUVXULFXDFLGGDFăEDWH /RFGHLQVWDODUHDEDWHULHL
ULDHVWHGHWHULRUDWăvQFD]GHDFFLGHQW $XWRYHKLFXOXOGXPQHDYRDVWUăHVWHGRWDWFXR
3HQWUXDSUHYHQLDUVXULOHFXDFLGUHVSHFWDĠL EDWHULHvQFRPSDUWLPHQWXOPRWRUXOXL(VWH
XUPăWRDUHOHQRWHSULYLQGVLJXUDQĠDFkQG PRQWDWăvQIDĠDSHUHWHOXLGHVSăUĠLWRUIDĠăGH
PDQLSXODĠLEDWHULL SHSDUWHDGUHDSWăDDXWRYHKLFXOXOXLSULYLQGvQ
=QXYăDSOHFDĠLGHDVXSUDEDWHULHL GLUHFĠLDGHPHUV
=QXSODVDĠLRELHFWHPHWDOLFHSHEDWHULHÌQ $XWRYHKLFXOHOH$0*EDWHULDVHDIOăvQSRUW
FD]FRQWUDUDĠLSXWHDSURYRFDXQVFXUWFLU EDJDMvQVSDĠLXOSHQWUXURDWDGHUH]HUYăGHSH
SDUWHDGUHDSWăVXESODQúHXOSRUWEDJDMXOXL
$VLVWHQĠăvQFD]GHSDQă
FXLWLDUDPHVWHFXOJD]RVDOEDWHULHLVDU
SXWHDDSULQGH $FĠLRQDĠLIHUPIUkQDGHSDUFDUHúLODDXWR
=DVLJXUDĠLYăFăQXDĠLFUHDWRVDUFLQăHOHF YHKLFXOHOHFXWUDQVPLVLHDXWRPDWăFXSODĠL
WURVWDWLFăGHH[SXUWkQGvPEUăFăPLQWH WUDQVPLVLDvQSR]LĠLD3
VLQWHWLFăVDXvQXUPDIUHFăULLGHPDWHULDOH 'H]DFWLYDĠLWRĠLFRQVXPDWRULLHOHFWULFLGH
WH[WLOH3ULQXUPDUHQXWUHEXLHVăWUDJHĠL H[UDGLRYHQWLODWRUHWF
VDXVăFXOLVDĠLEDWHULDSHVWHPRFKHWHVDX 5RWLĠLFKHLDvQSR]LĠLD3DJLQDvQ
DOWHPDWHULDOHVLQWHWLFH
FRPXWDWRUXOGHFRQWDFWúLVFRDWHĠLRVDXOD
=QXDWLQJHĠLEDWHULDPDLvQWkL3HQWUXD
DXWRYHKLFXOHOHFX.(</(66*2DVLJXUDĠL
GHVFăUFDRSRVLELOăVDUFLQăHOHFWURVWDWLFă YăFăDIRVWGHFXSODWFRQWDFWXO
LHúLĠLPDLvQWkLGLQDXWRYHKLFXOúLDWLQJHĠL 3DJLQD7RDWHOăPSLOHLQGLFDWRDUH
FDURVHULD GLQSDQRXOGHLQVWUXPHQWHWUHEXLHVăILH
=QXúWHUJHĠLEDWHULDFXDMXWRUXOXQHLFkUSH VWLQVH
%DWHULDSRDWHH[SORGDvQXUPDIRUPăULLVDU
%DWHULDGLQFRPSDUWLPHQWXOPRWRUXOXL
FLQLORUHOHFWURVWDWLFHVDXGLQFDX]DVFkQ
GHVFKLGHĠLFDSRWD3DJLQD
WHLORUSURLHFWDWH
2SULĠLPRWRUXOúLVFRDWHĠLFKHLDvQDLQWHGH
DGHFRQHFWDFOHPHOHGHERUQăGHODEDWHULH
/DDXWRYHKLFXOHOHFX.(</(66*2DVLJX
UDĠLYăFăDĠLGHFXSODWFRQWDFWXO9HULILFDĠL
GDFăWRDWHOăPSLOHLQGLFDWRDUHGLQSDQRXO
GHLQVWUXPHQWHVDXVWLQVÌQFD]FRQWUDU
HVWHSRVLELOVăGLVWUXJHĠLFRPSRQHQWHOH
HOHFWURQLFHSUHFXPDOWHUQDWRUXO
G &kQGSDUFDĠLDXWRYHKLFXOXOVFRDWHĠLFKHLD
GDFăQXDYHĠLQHYRLHGHFRQVXPDWRULHOHF
WULFL$XWRYHKLFXOXOYDFRQVXPDDVWIHO
(OLEHUDĠLFOHPHOHDGHSHFXWLDILOWUX
IRDUWHSXĠLQăHQHUJLHFRQVHUYkQGDOLPHQ OXLCFXDMXWRUXOXQXLRELHFWDGHFYDWFXP
WDUHDGHODEDWHULH DUILRúXUXEHOQLĠă
6FRDWHĠLFXWLDILOWUXOXLC
0HUFHGHV%HQ]YăUHFRPDQGăVăQXHIHFWXDĠL
LQWHUYHQĠLLDVXSUDEDWHULLORUSHFRQWSURSULX $XWRYHKLFXOHOH$0*GHVFKLGHĠLSRUWED
GHH[VFRDWHUHDVDXvQFăUFDUHDORU6ROLFLWDĠL JDMXO3DJLQD
HIHFWXDUHDDFHVWRULQWHUYHQĠLLODXQDWHOLHUGH
%DWHULH
5LGLFDĠLSODQúHXOSRUWEDJDMXOXL 6OăELĠLFOHPDERUQHLSR]LWLYHGHSHEDWH
3DJLQD ULHCúLVFRDWHĠLRGLQERUQDSR]LWLYă
6FRDWHĠLFDSDFXOGLQVSDĠLXOSHQWUXURDWDGH 6FRDWHĠLIXUWXQXOGHDHULVLUH
GLQSDUWHD
UH]HUYă ODWHUDOăDEDWHULHLC
'HFRQHFWDUHDEDWHULHL 6FRDWHUHDPRQWDUHDEDWHULHL
'HFRQHFWDĠLvQWRWGHDXQDEDWHULDvQRUGL 3HQWUXDVFRDWHGHFRQHFWDĠLEDWHULD
QHDGHVFULVăPDLMRV1XSHUPXWDĠLQLFLR 3DJLQD
GDWăFOHPHOHGHERUQăÌQFD]FRQWUDU 6OăELĠLúXUXEXOFDUHPHQĠLQHEDWHULDvQ
SXWHĠLGHWHULRUDVLVWHPHOHHOHFWURQLFHDOH ORFDú
DXWRYHKLFXOXOXL
$XWRYHKLFXOHOH$0*VOăELĠLFKLQJDGH
$VLVWHQĠăvQFD]GHSDQă
/DDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
WHQVLRQDUHFDUHIL[HD]ăGHDVHPHQHDEDWH
WUDQVPLVLDHVWHEORFDWăvQSR]LĠLD3GXSă
ULD
GHFRQHFWDUHDEDWHULHL$XWRYHKLFXOXOHVWH
6FRDWHĠLEDWHULD
SURWHMDWFRQWUDSXQHULLVDOHvQPLúFDUH1X
PDLSXWHĠLGHSODVDDXWRYHKLFXOXO 3HQWUXDPRQWDXUPDĠLSDúLLGHVFULúLvQ
3HQWUXDVFRDWHvQRUGLQHLQYHUVă
5HFRQHFWDUHDEDWHULHL
&RQHFWDĠLvQWRWGHDXQDEDWHULDvQRUGLQHD
GHVFULVăPDLMRV1XSHUPXWDĠLQLFLRGDWă
FOHPHOHGHERUQăÌQFD]FRQWUDUSXWHĠL
GHWHULRUDVLVWHPHOHHOHFWURQLFHDOHDXWRYH
KLFXOXOXL
'H]DFWLYDĠLWRĠLFRQVXPDWRULLHOHFWULFLGH
%DWHULDGLQFRPSDUWLPHQWXOPRWRUXOXL H[UDGLRYHQWLODWRUHWF
&RQHFWDĠLFOHPDGHERUQăSR]LWLYăúLIL[DĠL
FDSDFXO
&RQHFWDĠLFOHPDGHERUQăQHJDWLYă
%DWHULDGLQFRPSDUWLPHQWXOPRWRUXOXL
SXQHĠLFXWLDILOWUDQWăvQDSRLODORFXOVăX
3ULQGHĠLFOHPHOHGHUHĠLQHUHDOHFXWLHLILO
WUDQWHúLvQFKLGHĠLOH
ÌQFKLGHĠLFDSRWD
$XWRYHKLFXOH$0*UDEDWDĠLúLvQFKLGHĠL
SODQúHXOSRUWEDJDMXOXL
$XWRYHKLFXOH$0* ÌQFKLGHĠLSRUWEDJDMXO
6OăELĠLFOHPDERUQHLQHJDWLYHGHSHEDWHULH
úLVFRDWHĠLRGLQERUQDQHJDWLYă
6FRDWHĠLFDSDFXODGHSHFOHPDERUQHL
SR]LWLYH
%DWHULH
G 'DFăDOLPHQWDUHDHOHFWULFăDIRVWvQWUH 3XQFWXOGHFRQH[LXQHSHQWUXSRUQLUHDIRUĠDWă
UXSWăGHH[GDFăUHFRQHFWDĠLEDWHULDYD VHDIOăvQFRPSDUWLPHQWXOPRWRUXOXL
WUHEXLVă 3DJLQD
=VHWDĠLFHDVXOFRQVXOWDĠLLQVWUXFĠLXQLOHGH 'HVFKLGHĠLFDSRWD3DJLQD
XWLOL]DUHVHSDUDWH &RQHFWDĠLvQFăUFăWRUXOEDWHULHLODERUQD
=UHVHWDĠLIXQFĠLDSHQWUXUDEDWDUHDXWR SR]LWLYăúLSXQFWXOGHPDVăvQDFHHDúL
PDWăDRJOLQ]LORUH[WHULRDUHvQăXQWUXvQ RUGLQHFDDWXQFLFkQGFRQHFWDĠLEDWHULD
DIDUăUDEDWkQGRJOLQ]LOHvQDIDUăRGDWă GRQDWRDUHvQSURFHGXUDGHSRUQLUHIRUĠDWă
3DJLQD 3DJLQD
&LWLĠLLQVWUXFĠLXQLOHGHXWLOL]DUHDOH
vQFăUFăWRUXOXLEDWHULHLvQDLQWHGHDvQFăUFD
ÌQFăUFDUHDEDWHULHL EDWHULD
$VLVWHQĠăvQFD]GHSDQă
$9(57,60(17
ÌQFăUFDĠLEDWHULDQXPDLvQ]RQHELQHDHULVLWH
3HPăVXUăFHEDWHULDHVWHvQFăUFDWăVHSRW
HPDQDJD]HSURYRFkQGPLFLH[SOR]LL$FHVWHD
YDUSXWHDUăQLSHGXPQHDYRDVWUăVDXDOWH
SHUVRDQHSURYRFkQGGHWHULRUDUHDYRSVHOHL
VDXFRURGDUHDDXWRYHKLFXOXOXL
3XWHĠLREĠLQHLQIRUPDĠLLGHVSUHvQFăUFăWRDUHOH
GHEDWHULHFDUHSHUPLWvQFăUFDUHDDFHVWHLDvQ
WLPSFHHVWHLQVWDODWăGHODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWGHH[XQ&HQWUXGHVHUYLFH
0HUFHGHV%HQ]
$9(57,60(17
([LVWăSHULFROXOGHDUVXULVXEDFĠLXQHDDFLGXOXL
vQGHFXUVXOSURFHVXOXLGHvQFăUFDUHGLQFDX]D
JD]HORUHPDQDWHGLQEDWHULH1XYăDSOHFDĠL
SHVWHEDWHULHvQGHFXUVXOSURFHVXOXLGH
vQFăUFDUH
$9(57,60(17
$FLGXOGLQEDWHULHHVWHFDXVWLF(YLWDĠLFRQWDF
WXOFXSLHOHDRFKLLVDXvPEUăFăPLQWHD
ÌQFăUFDĠLEDWHULDLQVWDODWăQXPDLFXXQ
vQFăUFăWRUGHEDWHULHWHVWDWúLDSUREDWGH
0HUFHGHV%HQ]$FHVWHvQFăUFăWRDUHGH
EDWHULHvLSHUPLWEDWHULHLVăILHvQFăUFDWăvQ
WLPSFHHVWHLQVWDODWă
8WLOL]DĠLQXPDLvQFăUFăWRDUHGHEDWHULHFX
RWHQVLXQHGHvQFăUFDUHPD[LPăGH9
ÌQFăUFDĠLEDWHULDQXPDLFXDMXWRUXOSXQF
WXOXLGHFRQH[LXQHSHQWUXSRUQLUHIRUĠDWă
3RUQLUHDDVLVWDWă
3RUQLUHDDVLVWDWă
$9(57,60(17
([LVWăSHULFROXOGHDUVXULVXEDFĠLXQHDDFLGXOXLvQGHFXUVXOSRUQLULLIRUĠDWHDDXWRYHKLFXOXOXLGLQ
FDX]DJD]HORUHPDQDWHGLQEDWHULH1XYăDSOHFDĠLGHDVXSUDEDWHULHLFkWWLPSPRWRUXOHVWHSRUQLW
IRUĠDW
$9(57,60(17
*D]HOHHPDQDWHGLQEDWHULHvQWLPSXOSRUQLULLIRUĠDWHSRWSURYRFDPLFLH[SOR]LL(YLWDĠLFUHDUHDGH
VFkQWHLğLQHĠLIOăFăULOHGHVFKLVHGHSDUWHGHEDWHULHúLQXIXPDĠL
5HVSHFWDĠLLQVWUXFĠLXQLOHGHVLJXUDQĠăFkQGPDQLSXODĠLEDWHULLOH$FHVWHDVHUHJăVHVFVXE%DWH
ULHvQLQGH[
$VLVWHQĠăvQFD]GHSDQă
(YLWDĠLvQFHUFăULOHUHSHWDWHúLSUHOXQJLWHGHSRUQLUHÌQFD]FRQWUDUFDUEXUDQWXOFDUHQXD
IRVWVXSXVFRPEXVWLHLSRDWHGHWHULRUDFRQYHUWRUXOFDWDOLWLFúLFUHDSHULFROXOGHLQFHQGLX
1XXWLOL]DĠLXQGLVSR]LWLYGHvQFăUFDUHUDSLGăSHQWUXDSRUQLPRWRUXO
$VLJXUDĠLYăFăQXVXQWGHWHULRUDWHFDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXO
$VLJXUDĠLYăFăQXVHDWLQJFDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOFXDOWHRELHFWH
PHWDOLFHFkQGFDEOXULOHVXQWFRQHFWDWHODEDWHULH
'DFăEDWHULDDXWRYHKLFXOXOXLGXPQHDYRDVWUăHVWHGHVFăUFDWăPRWRUXOSRDWHILSRUQLWIRUĠDW
GHODXQDOWDXWRYHKLFXOVDXGHODRDGRXDEDWHULHFXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHOD
EDWHULDDOWXLYHKLFXO
5HVSHFWDĠLLQGLFDĠLLOHGHPDLMRV
%DWHULDQXHVWHDFFHVLELOăODWRDWHDXWRYHKLFXOHOH'DFăEDWHULDDOWXLDXWRYHKLFXOHVWHLQDF
FHVLELOăSRUQLĠLIRUĠDWDXWRYHKLFXOXOFXDMXWRUXOXQHLDGRXDEDWHULLVDXDOXQXLGLVSR]LWLYGH
SRUQLUHIRUĠDWă
3RUQLĠLIRUĠDWDXWRYHKLFXOXOGRDUFkQGPRWRUXOHVWHUHFHúLFRQYHUWRUXOFDWDOLWLFVDUăFLW
1XSRUQLĠLPRWRUXOGDFăEDWHULDHVWHvQJKHĠDWă/ăVDĠLEDWHULDVăVHGH]JKHĠHPDLvQWkL
3RUQLUHDIRUĠDWăSRDWHILHIHFWXDWăQXPDLGHODEDWHULLFXRWHQVLXQHQRPLQDOăGH9
8WLOL]DĠLQXPDLFDEOXULGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOFXVHFĠLXQHWUDQVYHUVDOă
VXILFLHQWăúLFOHPHGHERUQăL]RODWH
$VLJXUDĠLYăFăQXSRWLQWUDFDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOvQFRQWDFWFX
FRPSRQHQWHSUHFXPSXOLDVDXYHQWLODWRUXO$FHVWHFRPSRQHQWHLQWUăvQPLúFDUHFkQGPRWR
UXOHVWHSRUQLWúLFkWHVWHvQIXQFĠLXQH
'DFăEDWHULDHVWHFRPSOHWGHVFăUFDWăOăVDĠLEDWHULDXWLOL]DWăODSRUQLUHDIRUĠDWăFRQHFWDWă
WLPSGHFkWHYDPLQXWHvQDLQWHGHDvQFHUFDVăSRUQLĠL$VWIHOEDWHULDHSXL]DWăVHvQFDUFă
SXĠLQ
G &DEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOúLLQIRUPDĠLLVXSOLPHQWDUHSULYLQGSRUQLUHD
IRUĠDWăSRWILREĠLQXWHGHODRULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]GHH[HPSOX
$VLJXUDĠLYăFăFHOHGRXăDXWRYHKLFXOHQXVHDWLQJ
$FĠLRQDĠLIHUPIUkQDGHSDUFDUH
1XPDLDXWRYHKLFXOHOHFXPRWRUSHEHQ]LQă
1XPDLDXWRYHKLFXOHOHFXPRWRUSHEHQ]LQă
3RUQLUHDDVLVWDWă
7UDQVPLVLHPDQXDOăFXSODĠLSR]LĠLDQHXWUă
7UDQVPLVLHDXWRPDWăGHSODVDĠLPDQHWDVHOHFWRDUHSH3
'H]DFWLYDĠLWRĠLFRQVXPDWRULLHOHFWULFLGHH[UDGLRYHQWLODWRUHWF
'HVFKLGHĠLFDSRWD3DJLQD
$VLVWHQĠăvQFD]GHSDQă
1XPăUXOGHSR]LĠLHLGHQWLILFăEDWHULDvQFăUFDWăDFHOXLODOWDXWRYHKLFXOVDXXQGLVSR]LWLYGH
SRUQLUHIRUĠDWăHFKLYDOHQW
&XOLVDĠLFDSDFXOCGHSHERUQDSR]LWLYăDvQGLUHFĠLDVăJHĠLL
&RQHFWDĠLERUQDSR]LWLYăDODDXWRYHKLFXOXOGXPQHDYRDVWUăODERUQDSR]LWLYăDEDWHULHL
GRQDWRDUHFXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOvQFHSkQGFX
SURSULDEDWHULH
3RUQLĠLPRWRUXODXWRYHKLFXOXOXLGRQDWRUúLOăVDĠLOVăUXOH]HODWXUDĠLDGHUDODQWL
&RQHFWDĠLERUQDQHJDWLYă
DEDWHULHLGRQDWRDUHODSXQFWXOGHPDVăDODXWRYHKLFX
OXOXLGXPQHDYRDVWUăFXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOFRQHF
WkQGFDEOXOGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOODEDWHULDGRQDWRDUHPDLvQWkL
3RUQLĠLPRWRUXO
/ăVDĠLPRWRUXOVăUXOH]HWLPSGHFkWHYDPLQXWHvQDLQWHGHDGHFRQHFWDFDEOXOGHDOLPHQWDUH
GHODEDWHULDDOWXLYHKLFXO
0DLvQWkLVFRDWHĠLFDEOXOGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOGHODSXQFWXOGHPDVă
úLERUQDQHJDWLYă
DSRLGHODERUQDSR]LWLYăDúLERUQDSR]LWLYăGHFRQHFWkQGGH
ILHFDUHGDWăGHODFRQWDFWHOHGHODSURSULXODXWRYHKLFXOPDLvQWkL
'XSăFHDĠLVFRVFDEOXOGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOvQFKLGHĠLFDSDFXOCGHSH
ERUQDSR]LWLYăD
6ROLFLWDĠLYHULILFDUHDEDWHULHLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ&HQWUXGH
VHUYLFH0HUFHGHV%HQ]3URFHGXUDGHSRUQLUHIRUĠDWăQXHVWHRVWDUHGHIXQFĠLRQDUHVWDQ
GDUGSULQXUPDUHVROLFLWDĠLYHULILFDUHDEDWHULHL
7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH
7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH 1XXWLOL]DĠLRFKLXOGHWUDFWDUHSHQWUXUHFX
SHUDUHGHRDUHFHDVWIHOSXWHĠLDYDULDDXWR
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD YHKLFXOXO'DFăDYHĠLGXELLUHFXSHUDĠLDXWR
5HVSHFWDĠLFHULQĠHOHOHJDOHSHQWUXĠăULOHUHOH YHKLFXOXOFXRPDFDUD
YDQWHODWUDFWDUHúLODSRUQLUHDSULQWUDFWDUH 'HPDUDĠLXúRUFkQGWUDFWDĠLVDXFkQGSRU
$9(57,60(17 QLĠLSULQWUDFWDUHXQDXWRYHKLFXO'DFăSXWH
UHDGHWUDFĠLXQHHVWHSUHDULGLFDWăDXWRYH
'DFăWUDFWDĠLDXWRYHKLFXOXOWUHEXLHVăXWLOL]DĠL
KLFXOXOSRDWHVXIHULGHWHULRUăUL
REDUăGHWUDFWDUHULJLGăGDFă
=PRWRUXOQXHVWHSRUQLW /DDXWRYHKLFXOHOHFX.(</(66*2XWLOL
=H[LVWăRGHIHFĠLXQHODVLVWHPXOGHIUkQDUH ]DĠLFKHLDvQORFGHEXWRQXO6WDUW6WRS
=H[LVWăRGHIHFĠLXQHODDOLPHQWDUHDHOHFWULFă
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFWúLFXSODĠLWUDQVPLVLDDXWRPDWăvQ
VDXODVLVWHPXOHOHFWULFDODXWRYHKLFXOXOXL
$VLVWHQĠăvQFD]GHSDQă
SR]LĠLD1$SRLURWLĠLFKHLDvQDSRLvQúL
$VLVWDUHDHOHFWULFăDGLUHFĠLHLúLVHUYRIUkQDQX OăVDĠLRvQFRPXWDWRUXOGHFRQWDFW
IXQFĠLRQHD]ăFkQGPRWRUXOQXHVWHSRUQLW9D
ILQHFHVDUXQSOXVGHIRUĠăSHQWUXDPDQHYUD &kQGUHPRUFDĠLXQDXWRYHKLFXOFXWUDQVPLVLH
úLIUkQDúLHVWHSRVLELOVăILHQHFHVDUVăDSăVDĠL DXWRPDWăWUDQVPLVLDWUHEXLHVăVHDIOHvQ
SHGDODGHIUkQăFXIRUĠăPD[LPă SR]LĠLD1
ÌQDLQWHGHDvQFHSHWUDFWDUHDDVLJXUDĠLYăFă %DWHULDWUHEXLHVăILHFRQHFWDWăúLvQFăUFDWă
GLUHFĠLDSRDWHILGHSODVDWăúLFăQXHVWHEOR ÌQFD]FRQWUDU
FDWă =QXSXWHĠLURWLFKHLDvQFRPXWDWRUXOGHFRQ
'DFăWUDFWDĠLVDXSRUQLĠLSULQWUDFWDUHXQDOW WDFWvQSR]LĠLD
DXWRYHKLFXOJUHXWDWHDVDQXWUHEXLHVă =QXSXWHĠLFXSODWUDQVPLVLDvQSR]LĠLD1OD
GHSăúHDVFăPDVDWRWDOăPD[LPăDGPLVăD DXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
DXWRYHKLFXOXOXLGXPQHDYRDVWUă $XWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
HOLEHUDĠLEORFDUHDPDQHWHLVHOHFWRDUHPDQXDO
$9(57,60(17 SHQWUXDRVFRDWHGLQSR]LĠLD
$XWRYHKLFXOXOHVWHIUkQDWFkQGIXQFĠLD+2/' 33DJLQD
VDX',67521,&3/86HVWHDFWLYDWă3ULQ
XUPDUHGH]DFWLYDĠL+2/'úL',67521,&3/86
G ÌQDLQWHGHDUHPRUFDDXWRYHKLFXOXO
GDFăDXWRYHKLFXOXOYDILWUDFWDW GH]DFWLYDĠLFDUDFWHULVWLFDGHvQFXLHUHDXWR
PDWă3DJLQDÌQFD]FRQWUDUSXWHĠL
(VWHGHSUHIHUDWVăWUDQVSRUWDĠLDXWRYHKLFXOXO UăPkQHSHGLQDIDUăFkQGvPSLQJHĠLVDX
vQORFVăvOWUDFWDĠL WUDFWDĠLDXWRYHKLFXOXO
'H]DFWLYDĠLSURWHFĠLDODWUDFWDUH
3XWHĠLWUDFWDDXWRYHKLFXOXOPD[LPXP
3DJLQDvQDLQWHGHDUHPRUFDDXWRYH
NP1XGHSăúLĠLYLWH]DGHWUDFWDUHGH
KLFXOXO
NPK
ÌQFD]XOGLVWDQĠHORUGHWUDFWDUHGHSHVWH
NPvQWUHJXODXWRYHKLFXOWUHEXLHVăILH 0RQWDUHDVFRDWHUHDRFKLXOXLGHWUDF
ULGLFDWúLWUDQVSRUWDW WDUH
$VLJXUDĠLúXIDGHWUDFWDUHVDXEDUDGH
0RQWDUHDRFKLXOXLGHWUDFWDUH
WUDFWDUHQXPDLODRFKLXULOHGHWUDFWDUHÌQ
FD]FRQWUDUDXWRYHKLFXOXOSRDWHVXIHUL $XWRYHKLFXOHOHFXFkUOLJXOGHWUDFWDUHD
GHWHULRUăUL UHPRUFLLGDFăLQWHQĠLRQDĠLVăXWLOL]DĠLDXWRYH
KLFXOXOSHQWUXWUDFWDUHH[WLQGHĠLFXSODVIHULFă
7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH
úLFRQHFWDĠLEDUDGHWUDFWDUHODHD 7UDFWDUHDDXWRYHKLFXOXOXLFXSXQWHD
3DJLQD VSDWHULGLFDWă
6FRDWHĠLRFKLXOGHWUDFWDUHGLQWUXVDGH
3RVLELOăQXPDLODDXWRYHKLFXOHOHIăUă
VFXOHDDXWRYHKLFXOXOXL3DJLQD 0$7,&
$9(57,60(17 &kQGWUDFWDĠLDXWRYHKLFXOXOGXPQHDYRDVWUă
ğHDYDGHHúDSDPHQWSRDWHILILHUELQWH9ă FXSXQWHDVSDWHULGLFDWăHVWHLPSRUWDQWVă
SXWHĠLDUGHGDFăDWLQJHĠLĠHDYDGHHúDSDPHQW UHVSHFWDĠLLQVWUXFĠLXQLOHGHVLJXUDQĠă
$FRUGDĠLRDWHQĠLHGHRVHELWăVFRDWHULLFDSD 3DJLQD
FXOXLVSDWH &RQWDFWXOWUHEXLHVăILHGHFXSODWGDFăYă
WUDFWDĠLDXWRYHKLFXOXOFXSXQWHDVSDWHULGL
(OHPHQWHOHGHPRQWDUHSHQWUXRFKLXULOHGH FDWă,QWHUYHQĠLLOHGLQSDUWHD(63DUSXWHD
WUDFWDUHGHWDúDELOHVHDIOăvQEDUHOHGHSUR vQFD]FRQWUDUVăGHWHULRUH]HVLVWHPXOGH
$VLVWHQĠăvQFD]GHSDQă
WHFĠLH$FHVWHDVXQWvQIDĠăúLvQVSDWHVXE IUkQDUH
FDSDFH
$FWLYDĠLVHPQDOL]DWRDUHOHGHDYDULH
3DJLQD
5RWLĠLFKHLDvQFRPXWDWRUXOGHFRQWDFWvQ
SR]LĠLDúLVFRDWHĠLFKHLDGLQFRPXWDWRUXO
GHFRQWDFW
&kQGLHúLĠLGLQDXWRYHKLFXOOXDĠLFKHLDVDX
FKHLD.(</(66*2FXGXPQHDYRDVWUă
7UDFWDUHDDXWRYHKLFXOXOXLFXDPEHOH
SXQĠLODVRO
(VWHLPSRUWDQWVăUHVSHFWDĠLLQVWUXFĠLXQLOHGH
VLJXUDQĠăFkQGWUDFWDĠLDXWRYHKLFXOXOGXP
QHDYRDVWUă3DJLQD
$9(57,60(17
([HPSOX6HGDQ $VLVWDUHDHOHFWULFăDGLUHFĠLHLúLVHUYRIUkQDQX
$SăVDĠLPDUFDMXOGHSHFDSDFCvQLQWHULRU IXQFĠLRQHD]ăFkQGPRWRUXOQXHVWHSRUQLW9D
vQGLUHFĠLDVăJHĠLL ILQHFHVDUXQHIRUWPXOWPDLPDUHSHQWUXD
IUkQDúLDGLULMDDXWRYHKLFXOXO$GDSWDĠLYăVWL
6FRDWHĠLFDSDFXOCGHSHGHVFKL]ăWXUă OXOGHFRQGXFHUHvQFRQVHFLQĠă
ÌQILOHWDĠLRFKLXOGHWUDFWDUHvQVHQVRUDU
SkQăODRSULWRUúLVWUkQJHĠLO $FWLYDĠLVHPQDOL]DWRDUHOHGHDYDULH
3DJLQD
6FRDWHUHDRFKLXOXLGHWUDFWDUH G &kQGUHPRUFDĠLFXVHPQDOL]DWRDUHOHGH
DYDULHDFWLYDWHXWLOL]DĠLFRPXWDWRUXOPL[W
6OăELĠLRFKLXOGHWUDFWDUHúLGHVILOHWDĠLO FDGHRELFHLSHQWUXDVHPQDODRVFKLPEDUH
3ULQGHĠLFDSDFXOCODEDUDGHSURWHFĠLHúL GHGLUHFĠLHÌQDFHVWFD]QXPDLVHPQDOL]D
DSăVDĠLSkQăFHVHDQJUHQHD]ă WRDUHOHGHGLUHFĠLHSHQWUXGLUHFĠLDGRULWă
$úH]DĠLRFKLXOGHWUDFWDUHvQWUXVDGHVFXOH FOLSHVF&kQGFRPXWDWRUXOPL[WHVWHUHVH
DDXWRYHKLFXOXOXL WDWVHPQDOL]DWRDUHOHGHDYDULHvQFHSVăFOL
SHDVFăGLQQRX
7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH 1RWHSHQWUXDXWRYHKLFXOH0$7,&
FRQWDFW
$XWRYHKLFXOHOHFX0$7,&QXWUHEXLHVă
&kQGDXWRYHKLFXOXOVWDĠLRQHD]ăDSăVDĠL
ILHWUDFWDWHFXSXQWHDIDĠăVDXVSDWHULGL
SHGDODGHIUkQăúLPHQĠLQHĠLRDSăVDWă
FDWăvQFD]FRQWUDUWUDQVPLVLDSRDWHVXIHUL
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
GHWHULRUăUL
DSăVDĠLSHGDODGHDPEUHLDM
'DFăDXWRYHKLFXOXOSUH]LQWăGHWHULRUăULOD
&XSODĠLvQSR]LĠLDQHXWUă
WUDQVPLVLHVDXGHWHULRUăULODSXQWHDIDĠăVDX
VDX VSDWHVROLFLWDĠLWUDQVSRUWDUHDVDSHRDXWR
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă SODWIRUPăVDXSHRUHPRUFă
FXSODĠLWUDQVPLVLDDXWRPDWăvQSR]LĠLD1 ÌQFD]XOGHGHWHULRUăULODVLVWHPXOHOHFWULF
(OLEHUDĠLSHGDODGHIUkQă
'DFăEDWHULDHVWHGHIHFWăWUDQVPLVLDDXWR
(OLEHUDĠLIUkQDGHSDUFDUH PDWăYDILEORFDWăvQSR]LĠLD33HQWUXDFXSOD
$VLVWHQĠăvQFD]GHSDQă
WUDQVPLVLDDXWRPDWăvQSR]LĠLD1WUHEXLHVă
SXQHĠLVXEWHQVLXQHVLVWHPXOHOHFWULFDODXWR
7UDQVSRUWDUHDDXWRYHKLFXOXOXL YHKLFXOXOXLvQDFHODúLPRGvQFDUHHIHFWXDĠL
SRUQLUHDIRUĠDWă3DJLQD
2FKLXULOHGHWUDFWDUHVDXFkUOLJXOGHWUDFWDUH
DUHPRUFLLSRWILXWLOL]DWHSHQWUXDWUDJHDXWR 6ROLFLWDĠLWUDQVSRUWDUHDDXWRYHKLFXOXOXLSHR
YHKLFXOXOSHUHPRUFăVDXDXWRSODWIRUPăGDFă DXWRSODWIRUPăVDXSHRUHPRUFă
GRULĠLVăOWUDQVSRUWDĠL
$XWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
3RUQLUHDSULQWUDFWDUHSRUQLUHDGH
DGXFHĠLVFKLPEăWRUXOvQSR]LĠLDQHXWUă XUJHQĠăDPRWRUXOXL
$XWRYHKLFXOHOHFXWUDQVPLVLHDXWR
PDWăURWLĠLFKHLDvQSR]LĠLDGLQFRPXWD &kQGSRUQLĠLSULQWUDFWDUHHVWHLPSRUWDQWVă
WRUXOGHFRQWDFW UHVSHFWDĠLLQVWUXFĠLXQLOHGHVLJXUDQĠă
3DJLQDúLFHULQĠHOHOHJDOHvQILHFDUH
'HSODVDĠLPDQHWDVHOHFWRDUHvQ1
ĠDUă
,PHGLDWFHDXWRYHKLFXOXOHVWHvQFăUFDW
$XWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
1XSHUPLWHĠLDXWRYHKLFXOXOXLVăVHSXQăvQ QXWUHEXLHVăILHSRUQLWHSULQWUDFWDUHÌQFD]
PLúFDUHSULQDFĠLRQDUHDIUkQHLGHSDUFDUH FRQWUDUWUDQVPLVLDSRDWHVXIHULGHWHULRUăUL
$XWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
ÌQDLQWHGHSRUQLUHDSULQWUDFWDUHWUHEXLHVă
FXSODĠLvQSULPDWUHDSWăGHYLWH]ăVDXvQ VHUHXQHDVFăXUPăWRDUHOHFRQGLĠLL
WUHDSWDGHPHUVvQDSRL
=EDWHULDHVWHFRQHFWDWă
$XWRYHKLFXOHOHFXWUDQVPLVLHDXWR
=PRWRUXOVDUăFLW
PDWăGHSODVDĠLPDQHWDVHOHFWRDUHvQ3
=FRQYHUWRDUHOHFDWDOLWLFHVDXUăFLW
5RWLĠLFKHLDvQFRPXWDWRUXOGHFRQWDFWvQ
SR]LĠLDúLVFRDWHĠLFKHLDGLQFRPXWDWRUXO $FWLYDĠLVHPQDOL]DWRDUHOHGHDYDULH
GHFRQWDFW 3DJLQD
$VLJXUDĠLDXWRYHKLFXOXO 0RQWDĠLRFKLXOGHWUDFWDUH3DJLQD
$VLJXUDĠLEDUDGHUHPRUFDUHULJLGăVDXúXID
$QFRUDĠLDXWRYHKLFXOXOQXPDLGHURĠLVDX
$SăVDĠLúLĠLQHĠLDSăVDWăSHGDODGHIUkQă
MDQWHQXGHSăUĠLDOHDXWRYHKLFXOXOXLSUH
FXPSXQWHDVDXFRPSRQHQWHOHGLUHFĠLHL 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
9HKLFXOXOSRDWHVXIHULGHWHULRUăULvQFD] FRQWDFW
FRQWUDU $SăVDĠLSHGDODGHDPEUHLDMúLPHQĠLQHĠLR
DSăVDWă
6LJXUDQĠHHOHFWULFH
$GXFHĠLVFKLPEăWRUXOvQSR]LĠLDQHXWUă FDX]HLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
(OLEHUDĠLSHGDODGHIUkQă GHH[ODXQ&HQWUXGHVHUYLFH0HUFHGHV
3RUQLĠLDXWRYHKLFXOXOSULQWUDFWDUH %HQ]
&XSODĠLWUHDSWDDGRXD 8WLOL]DĠLQXPDLVLJXUDQĠHFDUHDXIRVW
(OLEHUDĠLSHGDODGHDPEUHLDMOHQWQXDFĠLR DSUREDWHSHQWUXDXWRYHKLFXOH0HUFHGHV
QDĠLSHGDODGHDFFHOHUDĠLHvQWUHWLPS %HQ]úLFDUHDXDPSHUDMXOFRUHFWSHQWUX
0RWRUXOHVWHSRUQLW VLVWHPXOYL]DWÌQFD]FRQWUDUFRPSRQHQ
$SăVDĠLSHGDODGHDPEUHLDMúLDGXFHĠL
WHOHVDXVLVWHPHOHSRWVXIHULGHWHULRUăUL
VFKLPEăWRUXOvQSR]LĠLDQHXWUă
2SULĠLYăvQWUXQORFDGHFYDW
ÌQDLQWHGHDVFKLPEDRVLJXUDQĠă
$FĠLRQDĠLIUkQDGHSDUFDUH
3DUFDĠLDXWRYHKLFXOXOúLDFĠLRQDĠLIUkQDGH
6FRDWHĠLEDUDGHUHPRUFDUHULJLGăVDXúXID
$VLVWHQĠăvQFD]GHSDQă
SDUFDUH
6FRDWHĠLRFKLXOGHWUDFWDUH3DJLQD
ÌQWUHUXSHĠLWRĠLFRQVXPDWRULLHOHFWULFL
2SULĠLVHPQDOL]DWRDUHOHGHDYDULH
6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
6LJXUDQĠHOHVHDIOăvQGLYHUVHFXWLLFXVLJX
6LJXUDQĠHHOHFWULFH UDQĠH
=FXWLDFXVLJXUDQĠHGHSHSDUWHDúRIHUXOXLD
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD SODQúHLGHERUG
6LJXUDQĠHOHGLQDXWRYHKLFXOXOGXPQHDYRDVWUă =FXWLDFXVLJXUDQĠHGLQFRPSDUWLPHQWXO
DXUROXOGHDvQFKLGHFLUFXLWHOHGHIHFWH'DFă PRWRUXOXLGHSHSDUWHDVWkQJăDDXWRYHKL
RVLJXUDQĠăVHDUGHWRDWHFRPSRQHQWHOHGLQ FXOXOXLSULYLQGvQGLUHFĠLDGHPHUV
FLUFXLWúLIXQFĠLLOHORUvQFHWHD]ăVăIXQFĠLR =FXWLDFXVLJXUDQĠHGLQSRUWEDJDMGHSHSDU
QH]H WHDGUHDSWăDDXWRYHKLFXOXOXLSULYLQGvQ
3HULFROGHLQFHQGLX GLUHFĠLDGHPHUV
8WLOL]DĠLQXPDLVLJXUDQĠHRPRORJDWHSHQWUX 7DEHOXOGHDORFDUHDVLJXUDQĠHORUVHDIOăvQ
DXWRYHKLFXOHOH0HUFHGHV%HQ]FXDPSHUDMXO WUXVDGHVFXOHDDXWRYHKLFXOXOXL
FRUHVSXQ]ăWRUSHQWUXVLVWHPXOUHVSHFWLY1X 3DJLQDvQFRPSDUWLPHQWXOGHGHSR]L
vQFHUFDĠLUHSDUDUHDVLJXUDQĠHORUGHIHFWHVDX WDUHGHVXESODQúHXOSRUWEDJDMXOXL
vQORFXLUHDDFHVWRUDFXGLVSR]LWLYHDUWL]DQDOH
6XSUDVROLFLWDUHDFLUFXLWXOXLSRDWHFDX]DXQ
LQFHQGLX$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWH &XWLHGHVLJXUDQĠHSODQúăGHERUG
DXWRUL]DWGHH[HPSOXODXQ&HQWUXDXWRUL]DW 1XXWLOL]DĠLXQRELHFWDVFXĠLWFXPDUILR
GHYkQ]ăULúLVHUYLFH0HUFHGHV%HQ]SHQWUX úXUXEHOQLĠăSHQWUXDGHVFKLGHFDSDFXOGLQ
LGHQWLILFDUHDúLUHPHGLHUHDSUREOHPHL SODQúDGHERUG3XWHĠLGHWHULRUDSODQúDGH
ERUGVDXFDSDFXO
6LJXUDQĠHOHDUVHWUHEXLHVăILHvQORFXLWHFX
VLJXUDQĠHFXDFHHDúLSXWHUHFHSRDWHILUHFX
QRVFXWăSHED]DFXORULLúLDYDORULL9DORULOH
VLJXUDQĠHORUVXQWLQGLFDWHvQWDEHOXOGHDOR
FDUHDVLJXUDQĠHORU3HUVRQDOXOGHOD&HQWUHOH
GH6HUYLFH0HUFHGHV%HQ]YăYDRIHULFX
SOăFHUHLQIRUPDĠLL
'DFăVLJXUDQĠDUHFHQWLQWURGXVăVHDUGHOD
UkQGXOHLVROLFLWDĠLLGHQWLILFDUHDúLUHPHGLHUHD
6LJXUDQĠHHOHFWULFH
3HQWUXDGHVFKLGHWUDJHĠLFDSDFXOvQ ÌQGHSăUWDĠLRULFHXUPHGHXPH]HDOăGLQ
DIDUăCXúRUGLQSDUWHDLQIHULRDUăvQGLUHF FXWLDFXVLJXUDQĠHFXDMXWRUXOXQHLFkUSH
$VLVWHQĠăvQFD]GHSDQă
ĠLDLQGLFDWăGHVăJHDWD XVFDWH
7UDJHĠLFDSDFXOCvQDIDUăvQGLUHFĠLDLQGL 6FRDWHĠLOLQLLOHDGLQJKLGDMH
FDWăGHVăJHDWDDúLVFRDWHĠLO 3HQWUXDGHVFKLGHGHVFKLGHĠLFOH
PHOHC
3HQWUXDvQFKLGHSULQGHĠLFDSDFXOCSH
6FRDWHĠLFDSDFXOFXWLHLGHVLJXUDQĠHvQIDĠă
SDUWHDIURQWDOăDSODQúHLGHERUG
5DEDWDĠLFDSDFXOCvQLQWHULRUSkQăFHVH $VLJXUDĠLYăFăQXSRDWHSăWUXQGHXPLGL
DQJUHQHD]ă WDWHvQFXWLDFXVLJXUDQĠHFkQGFDSDFXOHVWH
GHVFKLV
3HQWUXDvQFKLGHYHULILFDĠLGDFăJDUQLWXUD
&XWLHFXVLJXUDQĠHGLQFRPSDUWLPHQ GHFDXFLXFHVWHIL[DWăFRUHFWvQFDSDF
WXOPRWRUXOXL ,QWURGXFHĠLFDSDFXOvQVSDWHOHFXWLHLFX
$VLJXUDĠLYăFăúWHUJăWRDUHOHGHSDUEUL] VLJXUDQĠHvQGLVSR]LWLYXOGHSULQGHUH
VXQWRSULWH 3OLDĠLvQMRVFDSDFXOúLvQFKLGHĠLFOH
PHOHC
$9(57,60(17
3ULQGHĠLOLQLLOHDvQJKLGDMH
$VLJXUDĠLYăFăúWHUJăWRDUHOHGHSDUEUL]VXQW
RSULWHúLFăDĠLVFRVFKHLDGLQFRPXWDWRUXOGH &DSDFXOWUHEXLHVăILHPRQWDWFRUHV
FRQWDFWvQDLQWHGHDGHVFKLGHFDSDFXOFXWLHL SXQ]ăWRUvQFD]FRQWUDUXPLGLWDWHDVDX
FXVLJXUDQĠHÌQFD]FRQWUDUúWHUJăWRDUHOHGH PL]HULDDUSXWHDDIHFWDIXQFĠLRQDUHDVLJX
SDUEUL]úLWLMHOHúWHUJăWRDUHORUGHGHDVXSUD UDQĠHORU
FDSDFXOXLVDUSXWHDSXQHvQPLúFDUH$VWIHO
ÌQFKLGHĠLFDSRWD3DJLQD
GXPQHDYRDVWUăVDXDOWHSHUVRDQHDĠLSXWHD
VXIHULUăQLvQXUPDDFĠLXQLLWLMHORUúWHUJăWRDUH
ORU
&XWLHFXVLJXUDQĠHGLQSRUWEDJDM
'HVFKLGHĠLFDSRWD3DJLQD 6HGDQ
'HVFKLGHĠLFDSRWDSRUWEDJDMXOXL
3DJLQD
6LJXUDQĠHHOHFWULFH
3HQWUXDGHVFKLGHURWLĠLSLHGLFDURWD
WLYăCvQVHQVRUDU
$VLVWHQĠăvQFD]GHSDQă
'HVFKLGHĠLFDSDFXODvQMRVvQGLUHFĠLD
VăJHĠLL
&XWLHFXVLJXUDQĠHGLQSRUWEDJDM
%UHDN
'HVFKLGHĠLKD\RQXO3DJLQD
3HQWUXDGHVFKLGHWUDJHĠLPDQHWDC
'HVFKLGHĠLFDSDFXODvQMRV
,QIRUPDĠLLXWLOH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
)XQFĠLRQDUH
)XQFĠLRQDUHSHWLPSGHLDUQă
3UHVLXQHvQSQHXUL
6FKLPEDUHDXQHLURĠL
&RPELQDĠLLGHURDWăúLSQHX
5RĠLúLSQHXUL
)XQFĠLRQDUH
,QIRUPDĠLLXWLOH PDQHYUDELOLWDWHQHRELúQXLWHGHH[FkQG
DXWRYHKLFXOXOÄWUDJH´vQWURSDUWH$FHDVWD
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH SRDWHLQGLFDGHWHULRUăULODURĠLVDXODSQHXUL
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG 'DFăEăQXLĠLFăXQSQHXHVWHGHIHFWUHGX
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD FHĠLLPHGLDWYLWH]D2SULĠLDXWRYHKLFXOXOFkW
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL PDLFXUkQGSRVLELOSHQWUXDYHULILFDGHWH
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH ULRUăULOHODURĠLúLSQHXULùLGHWHULRUăULOH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL DVFXQVHODSQHXULDUSXWHDILFDX]DFDUDF
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP WHULVWLFLORUGHPDQHYUDELOLWDWHQHRELúQXLWH
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF 'DFăQXJăVLĠLVHPQHGHGHWHULRUăULVROLFL
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO WDĠLH[DPLQDUHDURĠLORUúLSQHXULORUODXQ
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[ODXQ
ULWRDUHODVLJXUDQĠă &HQWUXGHVHUYLFH0HUFHGHV%HQ]
=&kQGSDUFDĠLDXWRYHKLFXOXODVLJXUDĠLYăFă
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
SQHXULOHQXVXQWGHIRUPDWHGHERUGXUăVDX
FLDOLWDWHDXWRUL]DWH3DJLQD
DOWHREVWDFROH'DFăWUHEXLHVăWUHFHĠL
SHVWHERUGXULSUDJXULSHQWUXUHGXFHUHD
YLWH]HLWUDYHUVDĠLOHOHQWúLvQXQJKLREWX]
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
ÌQFD]FRQWUDUSQHXULOHúLPDLDOHVIODQFX
ULOHORUSRWVXIHULGHWHULRUăUL
$9(57,60(17
5RĠLúLSQHXUL
3QHXULOHURĠLOHVDXDFFHVRULLOHFDUHQXDXIRVW
DSUREDWHGH0HUFHGHV%HQ]SHQWUXDXWRYHKL 1RWHSULYLQGH[DPLQDUHDUHJXODWăD
FXOXOGXPQHDYRDVWUăVDXQXVXQWXWLOL]DWH URĠLORUúLSQHXULORU
FRQIRUPVFRSXOXLSUHYă]XWSRWUHGXFHVLJX
=9HULILFDĠLUHJXODWURĠLOHúLSQHXULOHDXWRYH
UDQĠDvQFRQGXFHUH'UHSWXUPDUHDĠLSXWHD
KLFXOXOXLGXPQHDYRDVWUăSHQWUXDGHWHFWD
SURYRFDXQDFFLGHQWÌQDLQWHGHDOHDFKL]L
GHWHULRUăULGHH[WăLHWXULvQĠHSăWXULUXS
ĠLRQDúLXWLOL]DLQWHUHVDĠLYăSULYLQGJUDGXOORU
WXULXPIOăWXULSHSQHXULúLGHIRUPDUHILVXUL
GHDGHFYDUHQRUPHOHOHJDOHúLUHFRPDQGăULOH
VDXFRURGDUHSXWHUQLFăDURĠLORUODFHO
SURGXFăWRUXOXLODXQ&HQWUXGHVHUYLFH0HU
SXĠLQILHFDUH]LOHSUHFXPúLGXSăFHDĠL
FHGHV%HQ]
FRQGXVÄRIIURDG´VDXSHGUXPXULDFFLGHQ
1XHVWHSHUPLVăDGXFHUHDGHPRGLILFăULVLV WDWH5RĠLOHGHWHULRUDWHSRWSURYRFDRSLHU
WHPXOXLGHIUkQDUHúLURĠLORUGDUQLFLXWLOL]DUHD GHUHDSUHVLXQLLvQSQHXUL
SOăFLORUGHGLVWDQĠDUHVDXDVFXWXULORUDQWLSUDI =9HULILFDĠLUHJXODWDGkQFLPHDEHQ]LLGH
SHQWUXIUkQH$VWIHOVHDQXOHD]ăFHUWLILFDWXO UXODUHúLVWDUHDVXSUDIHĠHLGHUXODUHSH
GHvQPDWULFXODUHDDXWRYHKLFXOXOXL vQWUHDJDOăĠLPHDSQHXOXL3DJLQD
'DFăVLWXDĠLDRFHUHEUDFDĠLURĠLOHIDĠăSkQă
G ,QIRUPDĠLLOHVXSOLPHQWDUHSULYLQGSQHXULOH
ODFDSăWSHQWUXDH[DPLQDSDUWHDLQWHULRDUă
úLURĠLOHSRWILREĠLQXWHGHODRULFH&HQWUXGH DVXSUDIHĠHLSQHXOXL
VHUYLFH0HUFHGHV%HQ]
=7RDWHURĠLOHWUHEXLHVăGLVSXQăGHXQ
FăSăFHOGHYDOYăSHQWUXDILSURWHMDWHFRQ
)XQFĠLRQDUH WUDLPSXULWăĠLORUúLXPLGLWăĠLL1XIL[DĠLQLPLF
SHYDOYăSUHFXPVLVWHPHOHGHPRQLWRUL]DUH
1RWHSULYLQGFRQGXFHUHD DSUHVLXQLLvQSQHXULFXH[FHSĠLDFăSăFHOX
=ÌQWLPSXOFRQGXFHULLDFRUGDĠLDWHQĠLHYLEUD
OXLGHYDOYăVWDQGDUGVDXDDOWRUYDOYHDSUR
ĠLLORU]JRPRWHORUúLFDUDFWHULVWLFLORUGH
)XQFĠLRQDUHSHWLPSGHLDUQă
EDWHGH0HUFHGHV%HQ]SHQWUXDXWRYHKLFX =1XFRQGXFHĠLFXSQHXULFDUHDXRDGkQFLPH
OXOGXPQHDYRDVWUă DVXSUDIHĠHLGHUXODUHSUHDPLFăGHRDUHFH
=9HULILFDĠLUHJXODWSUHVLXQHDvQWRDWHSQHX DFHVWHDvúLYRUUHGXFHSXWHUQLFWUDFĠLXQHD
ULOHLQFOXVLYvQURDWDGHUH]HUYăGHX]WHP SHGUXPXULXPHGHDFYDSODQDUH
SRUDUVDXvQURDWDGHUH]HUYăPDLDOHV =ÌQORFXLĠLSQHXULOHFHOWkU]LXGXSăúDVHDQL
vQDLQWHDGUXPXULORUOXQJLúLFRUHFWDĠLSUH LQGLIHUHQWGHJUDGXOGHX]XUă$FHDVWăLQGL
VLXQHDGDFăHVWHQHFHVDU3DJLQD FDĠLHHVWHYDODELOăúLODURDWăGHUH]HUYăGH
X]WHPSRUDUURDWăGHUH]HUYă
6XSUDIDĠDGHUXODUHDSQHXOXL
3QHXUL02([WHQGHGSQHXULFXFDUDF
$9(57,60(17 WHULVWLFLGHUXODUHvQFD]GHSDQă
5HĠLQHĠLFă
3QHXULOH02([WHQGHGSQHXULFXFDUDFWHULV
=DGHUHQĠDSQHXOXLVFDGHUDSLGSHGUXPXUL
WLFLGHUXODUHvQFD]GHSDQăYăSHUPLWVă
XPHGHFkQGDGkQFLPHDVXSUDIHĠHLGH FRQGXFHĠLDXWRYHKLFXOXOFKLDUúLFkQGXQXO
UXODUHHVWHVXEPP3ULQXUPDUHWUHEXLH VDXPXOWHSQHXULSLHUGWRDWăSUHVLXQHDDHUX
VăvQORFXLĠLSQHXULOHFXRVXSUDIDĠăGHUXODUH OXL
LQVXILFLHQWă
3QHXULOH02([WHQGHGSRWILXWLOL]DWHQXPDLvQ
=SQHXULOHGHLDUQăWUHEXLHVăILHvQORFXLWH
FRPELQDĠLHFXVLVWHPXOGHDYHUWL]DUHSULYLQG
FkQGDMXQJODRDGkQFLPHDVXSUDIHĠHLGH SLHUGHUHDSUHVLXQLLvQSQHXULVDXFXPRQLWRUL
UXODUHGHPPVDXPDLSXĠLQGHRDUHFHQX ]DWRUXOSUHVLXQLLvQSQHXULúLFXURĠLOHWHVWDWH
5RĠLúLSQHXUL
DVLJXUăRDGHUHQĠăDGHFYDWă VSHFLDOGH0HUFHGHV%HQ]
=HVWHSRVLELOFDVXSUDIDĠDGHUXODUHDXQXL
SQHXVăQXVHX]H]HXQLIRUP3ULQXUPDUH
G DXWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX
WUHEXLHVăYHULILFDĠLUHJXODWDGkQFLPHD VXQWGRWDWHFXRWUXVă7,5(),7GLQIDEULFă
VXSUDIHĠHLGHUXODUHúLVWDUHDVXSUDIHĠHLGH 3ULQXUPDUHVHUHFRPDQGăGRWDUHDVXSOL
UXODUHSHvQWUHDJDOăĠLPHDWXWXURUSQHXUL PHQWDUăDDXWRYHKLFXOXOXLGXPQHDYRDVWUă
ORU'DFăVLWXDĠLDRFHUHEUDFDĠLURĠLOHIDĠă FXRWUXVă7,5(),7GDFăPRQWDĠLSQHXULIăUă
SkQăODFDSăWSHQWUXDH[DPLQDPDLXúRU SURSULHWăĠLGHUXODUHvQFD]GHSDQăGHH[
VXSUDIDĠDGHUXODUHDSQHXOXL SQHXULGHLDUQă2WUXVă7,5(),7SRDWHREĠL
QXWăGHODXQ&HQWUXGHVHUYLFH0HUFHGHV
ÌQFD]FRQWUDUSXWHĠLSLHUGHFRQWUROXODVXSUD
%HQ]
DXWRYHKLFXOXOXLúLSXWHĠLSURYRFDXQDFFLGHQW
GLQFDX]DDGHUHQĠHLUHGXVHDSQHXULORUSH 1RWHOHSULYLQGFRQGXFHUHDFXSQHXUL02([
GUXP WHQGHGvQFD]XOXQHLSHQHGHSQHXVH
UHJăVHVFvQVHFĠLXQHDÄ$VLVWHQĠăvQFD]GH
SDQă3DJLQD
1RWHSULYLQGVHOHFWDUHDPRQWDUHDúL
vQORFXLUHDSQHXULORU
)XQFĠLRQDUHSHWLPSGHLDUQă
=0RQWDĠLQXPDLSQHXULúLURĠLGHDFHODúLWLS
úLPDUFă $VSHFWHGHUHĠLQXW
=0RQWDĠLQXPDLSQHXULúLURĠLGHPăULPH /DvQFHSXWXOLHUQLLVROLFLWDĠLSUHJăWLUHDDXWR
FRUHFWăSHURĠL YHKLFXOXOXLSHQWUXLDUQăODXQDWHOLHUGHVSH
='XSăFHDĠLPRQWDWSQHXULQRLURGDĠLOHOD FLDOLWDWHDXWRUL]DWGHH[ODXQ&HQWUXGHVHU
YLWH]HPRGHUDWHvQSULPLLNPGHRDUHFH YLFH0HUFHGHV%HQ]
HOHDWLQJSHUIRUPDQĠHPD[LPHGRDUGXSă 5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ6FKLPEDUHD
DFHDVWăGLVWDQĠă XQHLURĠL3DJLQD
)XQFĠLRQDUHSHWLPSGHLDUQă
&RQGXFHUHFXSQHXULGHYDUă DXWRUL]DWGHH[GHODXQ&HQWUXGH6HUYLFH
0HUFHGHV%HQ]
/DWHPSHUDWXULVXESQHXULOHGHYDUăvúL
ÌQDFHDVWăVLWXDĠLHWUHEXLHGHDVHPHQHDVă
SLHUGHODVWLFLWDWHDúLSULQXUPDUHWUDFĠLXQHDúL
OLPLWDĠLYLWH]DPD[LPăDDXWRYHKLFXOXOXLFX
SXWHUHDGHIUkQDUHVFKLPEDĠLSQHXULOHDXWR
DMXWRUXOVLVWHPXOXL63(('7521,&SHUPDQHQW
YHKLFXOXOXLGXPQHDYRDVWUăFXSQHXUL06
DVWIHOvQFkWVăQXGHSăúHDVFăYLWH]DPD[LPă
8WLOL]DUHDSQHXULORUGHYDUăODWHPSHUDWXUL
SHUPLVăSHQWUXSQHXULOH063DJLQD
IRDUWHUHGXVHSRDWHGXFHODIRUPDUHDUXSWX
ULORUGHWHULRUkQGvQFRQVHFLQĠăSHUPDQHQW &kQGDĠLPRQWDWSQHXUL06
SQHXULOH0HUFHGHV%HQ]QXvúLDVXPă 9HULILFDĠLSUHVLXQLOHvQSQHXUL
UăVSXQGHUHDSHQWUXDFHVWWLSGHGHWHULRUăUL 3DJLQD
5HSRUQLĠLVLVWHPXOGHDYHUWL]DUHSULYLQG
SLHUGHUHDSUHVLXQLLvQSQHXUL
3QHXUL06 3DJLQD
/DWHPSHUDWXULVXEXWLOL]DĠLSQHXULGH 5HSRUQLĠLPRQLWRUL]DWRUXOSUHVLXQLLvQ
LDUQăVDXSQHXULLDUQăYDUă$PEHOHWLSXULGH SQHXUL3DJLQD
SQHXVXQWLGHQWLILFDWHSULQPDUFDMXO06
1XPDLSQHXULOHGHLDUQăSUHYă]XWHFXVLPER $9(57,60(17
OXOIXOJXOXLGH]ăSDGăMúLFXPDUFDMXO 'DFăPRQWDĠLURDWDGHUH]HUYăFkQGFRQGXFHĠL
06RIHUăDGHUHQĠăPD[LPăSHGUXPXULFX FXSQHXUL06UHĠLQHĠLFăVWDELOLWDWHDvQUXODUH
]ăSDGă1XPDLDFHVWHSQHXULYRUSHUPLWHVLV YDDYHDGHVXIHULWGLQFDX]DFDUDFWHULVWLFLORU
5RĠLúLSQHXUL
WHPHORUGHVLJXUDQĠăODFRQGXFHUHSUHFXP GHYLUDUHLQFRQVWDQWHDSăUXWHSULQXWLOL]DUHD
$%6úL(63VăIXQFĠLRQH]HRSWLPSHWLPSGH XQRUSQHXULGLIHULWH3ULQXUPDUHWUHEXLHVăYă
LDUQă$FHVWHSQHXULDXIRVWFUHDWHVSHFLDO DGDSWDĠLVWLOXOGHFRQGXFHUHúLVăFRQGXFHĠL
SHQWUXFRQGXFHUHDSH]ăSDGă FXDWHQĠLH
8WLOL]DĠLSQHXUL06FXDFHHDúLPDUFăúL 6ROLFLWDĠLvQORFXLUHDURĠLLGHUH]HUYăODFHOPDL
VXSUDIDĠăGHUXODUHODWRDWHURĠLOHSHQWUXD DSURSLDWDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWFDUH
REĠLQHFDUDFWHULVWLFLGHPDQHYUDELOLWDWH GLVSXQHGHFXQRúWLQĠHOHGHVSHFLDOLWDWHúL
VLJXUH LQVWUXPHQWHOHQHFHVDUHHIHFWXăULLLQWHUYHQĠLL
ORUUHVSHFWLYH0HUFHGHV%HQ]UHFRPDQGăVă
$9(57,60(17 XWLOL]DĠLXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
3QHXULOH06FXRDGkQFLPHDEHQ]LLGHUXODUH vQDFHVWVFRSÌQVSHFLDOWRDWHLQWHUYHQĠLLOH
PDLPLFăGHPPWUHEXLHVăILHvQORFXLWH DVXSUDVLVWHPHORUGHVLJXUDQĠăVDXFRUHODWH
$FHVWHDQXPDLVXQWDGHFYDWHSHQWUXXWLOL]D FXVLJXUDQĠDVHYRUHIHFWXDODXQDWHOLHUGH
UHDSHWLPSGHLDUQăúLQXPDLSRWRIHULRDGH VSHFLDOLWDWHDXWRUL]DW
UHQĠăVXILFLHQWă$VWIHOSXWHĠLSLHUGHFRQWUROXO
DXWRYHKLFXOXOXLúLSXWHĠLSURYRFDXQDFFLGHQW
/DQĠXULGH]ăSDGă
5HVSHFWDĠLvQWRWGHDXQDYLWH]DPD[LPăSHU
PLVăVSHFLILFDWăSHQWUXSQHXULOH06PRQ 'LQPRWLYHGHVLJXUDQĠă0HUFHGHV%HQ]Yă
WDWH UHFRPDQGăVăXWLOL]DĠLQXPDLODQĠXULGH
'DFăPRQWDĠLSQHXUL06FXRYLWH]DPD[LPă ]ăSDGăDSUREDWHVSHFLDOSHQWUXDXWRYHKLFXOXO
SHUPLVăPDLPLFăGHFkWFHDDDXWRYHKLFXOX GXPQHDYRDVWUăGH0HUFHGHV%HQ]VDXFDUH
OXLIL[DĠLXQVHPQGHDYHUWL]DUHFRUHV UHVSHFWăXQVWDQGDUGFRUHVSXQ]ăWRUGHFDOL
SXQ]ăWRUvQFkPSXOYL]XDODOúRIHUXOXL$FHVWD WDWH
SRDWHILREĠLQXWGHODXQDWHOLHUGHVSHFLDOLWDWH
3UHVLXQHvQSQHXUL
'DFăGRULĠLVăPRQWDĠLODQĠXULGH]ăSDGăUHĠL DSUHVLXQLLvQSQHXULLQGLFDWăSHWDEHOXOGLQ
QHĠLXUPăWRDUHOH FODSHWDJXULLGHXPSOHUHFXFDUEXUDQW
=QXHVWHSHUPLVVăVHPRQWH]HODQĠXULGH 7DEHOXOGLQFODSHWDJXULLGHXPSOHUHFXFDU
]ăSDGăODFRPELQDĠLLOHGHURDWăSQHXFRQ EXUDQWSRDWHLQGLFDSUHVLXQLOHvQSQHXULSHQ
VXOWDĠLLQIRUPDĠLLOHGHOD&RPELQDĠLLURDWă WUXGLIHULWHVLWXDĠLLGHVDUFLQă$FHVWHDVXQW
SQHXGLQVHFĠLXQHD5RĠLúLSQHXUL GHILQLWHvQWDEHOFDQXPHUHGHSDVDJHULúL
=ODQĠXULOHGH]ăSDGăQXWUHEXLHVăILHPRQ YROXPHGHEDJDMGLIHULWH1XPăUXOFRQFUHWGH
WDWHSHURĠLOHGHUH]HUYăGHX]WHPSRUDUGH VFDXQHSRDWHYDULD±SHQWUXLQIRUPDĠLLVXSOL
H[RURDWăGHUH]HUYăGHX]WHPSRUDU PHQWDUHFRQVXOWDĠLGRFXPHQWHOHGHvQUHJLV
0LQLVSDUH WUDUHDOHDXWRYHKLFXOXOXL
=PRQWDĠLODQĠXULOHGH]ăSDGăQXPDLvQSHUH 'DFăQXVXQWLQGLFDWHDOWHGDWHSUHVLXQLOHvQ
FKLúLSHURĠLOHVSDWHFKLDUúLODDXWRYHKL SQHXULVSHFLILFDWHSHFODSHWDJXULLGHXPSOHUH
FXOHOHFX0$7,&5HVSHFWDĠLLQVWUXFĠLXQLOH FXFDUEXUDQWVXQWYDODELOHSHQWUXWRDWHSQHX
GHLQVWDODUHDOHSURGXFăWRUXOXL ULOHDSUREDWHSHQWUXDFHVWDXWRYHKLFXO
$XWRYHKLFXOHOHFXMDQWHGHRĠHOGDFă
GRULĠLVăPRQWDĠLODQĠXULGH]ăSDGăSHMDQ
WHOHGHRĠHOQXRPLWHĠLVăVFRDWHĠLFDSDFHOH
GHURDWăGHODURĠLOHUHVSHFWLYHPDLvQWkLÌQ
FD]FRQWUDUFDSDFHOHGHURDWăSRWVXIHUL
GHWHULRUăUL
5RĠLúLSQHXUL
1XGHSăúLĠLYLWH]DPD[LPăDGPLVăGH
NPK
G (VWHSRVLELOVăGRULĠLVăGH]DFWLYDĠL(63
3DJLQDFkQGGHPDUDĠLFXODQĠXULGH
'DFăRGLPHQVLXQHGHSQHXSUHFHGăRSUH
]ăSDGăPRQWDWH$VWIHOYHĠLSXWHDSHUPLWH
VLXQHvQSQHXLQIRUPDĠLLOHXUPăWRDUHSULYLQG
URĠLORUVăSDWLQH]HFRQWURODWREĠLQkQGR
SUHVLXQHDvQSQHXULVXQWYDODELOHQXPDLSHQ
IRUĠăGHWUDFĠLXQHVSRULWăDFĠLXQHGH
WUXDFHDGLPHQVLXQHGHSQHX
SăWUXQGHUH
$9(57,60(17
3UHVLXQHDSUHDPDUHVDXSUHDPLFăvQSQHXUL
3UHVLXQHvQSQHXUL DUHXQHIHFWQHJDWLYDVXSUDVLJXUDQĠHLvQFRQ
6SHFLILFDĠLLSULYLQGSUHVLXQHDvQ GXFHUHDDXWRYHKLFXOXOXLúLYDUSXWHDIDFHVă
SQHXUL SURYRFDĠLXQDFFLGHQW3ULQXUPDUHYHULILFDĠL
UHJXODWSUHVLXQHDvQWRDWHSQHXULOHPDLDOHV
9HĠLJăVLXQWDEHOFXSUHVLXQLvQSQHXULSHQWUX vQDLQWHDXQRUFăOăWRULLOXQJLúLFRUHFWDĠLSUH
GLYHUVHVLWXDĠLLGHXWLOL]DUHSHSDUWHDLQWH VLXQHDvQIXQFĠLHGHVLWXDĠLH
ULRDUăDFODSHWHLJXULLGHXPSOHUHFXFDUEX
UDQWDDXWRYHKLFXOXOXLGXPQHDYRDVWUă 3HQWUXDWHVWDSUHVLXQHDvQSQHXULXWLOL]DĠLXQ
8WLOL]DUHDFXURDWăGHUH]HUYăYDORDUHD PDQRPHWUXDGHFYDW$VSHFWXOH[WHULRUDOXQXL
DSOLFDELOăSHQWUXURDWDGHUH]HUYăHVWHLQGL SQHXQXSHUPLWHREĠLQHUHDXQRUFRQFOX]LL
FDWăSHURDWDGHUH]HUYăúLvQVHFĠLXQHDGH FRUHFWHSULYLQGSUHVLXQHDvQSQHXUL/DDXWR
GDWHWHKQLFH YHKLFXOHOHSUHYă]XWHFXPRQLWRUL]DWRUHOHF
8WLOL]DUHDFXRUHPRUFăYDORDUHDDSOLFDELOă WURQLFDOSUHVLXQLLvQSQHXULSUHVLXQHDvQ
SHQWUXSQHXULOHVSDWHHVWHYDORDUHDPD[LPă SQHXULSRDWHILYHULILFDWăFXDMXWRUXOFDOFXOD
WRUXOXLGHERUG
3UHVLXQHvQSQHXUL
$9(57,60(17 &RQGXFHUHDFXRSUHVLXQHvQSQHXULSUHDULGL
1XPRQWDĠLDOWFHYDSHVXSDSDSQHXOXLvQDIDUă FDWăVDXSUHDVFă]XWăSRDWH
GHFDSDFXOGHVXSDSă0RQLWRUL]DWRDUHOHSUH =UHGXFHYLDĠDXWLOăDSQHXULORU
VLXQLLvQSQHXULPRQWDWHSULQPRGHUQL]DUHFH =SURYRFDGHWHULRUăULFUHVFXWHDOHSQHXULORU
VXQWvQILOHWDWHSHVXSDSăRSRWVXSUDVROLFLWD =DYHDXQHIHFWQHJDWLYDVXSUDFDUDFWHULVWL
GXFkQGODFHGDUHDDFHVWHLD'LQPRWLYHVWUXF FLORUGHPDQHYUDELOLWDWHúLDVWIHODVXSUD
WXUDOHVXSDSDHVWHPHQĠLQXWăFRQWLQXXGHV VLJXUDQĠHLvQFRQGXFHUHGHH[SULQSURYR
FKLVăFHHDFHSRDWHGXFHODSLHUGHUHDDHUXOXL FDUHDDFYDSODQăULL
$9(57,60(17 G 9DORULOHGHSUHVLXQHvQSQHXULGDWHSHQWUX
ÌQFD]XOvQFDUHSUHVLXQHDvQSQHXULVFDGH VDUFLQLUHGXVHVXQWYDORULPLQLPHFDUHYă
UHSHWDW RIHUăFDUDFWHULVWLFLEXQHGHFRQIRUWvQ
UXODUH
=YHULILFDĠLGDFăQXH[LVWăFRUSXULVWUăLQHvQ
&XWRDWHDFHVWHDSXWHĠLXWLOL]DúLYDORULOH
SQHX
GDWHSHQWUXVDUFLQLPDUL$FHVWHDVXQW
=YHULILFDĠLGDFăURDWDDUHSLHUGHULGHDHUVDX
YDORULDGPLVHúLQXYRUDIHFWDQHJDWLYUXOD
GDFăVXSDSDDUHVFăSăUL UHDDXWRYHKLFXOXOXL
=DVLJXUDĠLYăFăVHPRQWHD]ăQXPDLXQ
FDSDFGHVXSDSăDSUREDWGH0HUFHGHV 1RWăSULYLQGSURWHFĠLDPHGLXOXL
%HQ]SHVXSDSDSQHXOXL 9HULILFDĠLUHJXODWSUHVLXQHDvQSQHXULODFkWH
3UHVLXQLOHSUHDVFă]XWHvQSQHXULDXXQHIHFW FHOSXĠLQ]LOH
5RĠLúLSQHXUL
QHJDWLYDVXSUDVLJXUDQĠHLDXWRYHKLFXOXOXL
9HĠLJăVLLQIRUPDĠLLSULYLQGSUHVLXQLOHvQSQHXUL
SXWkQGXYăIDFHVăSURYRFDĠLXQDFFLGHQW
SHQWUXSQHXULOHPRQWDWHGLQIDEULFăDOHDXWR
'DFăHVWHSRVLELOFRUHFWDĠLSUHVLXQLOHvQ YHKLFXOXOXLSHSOăFLOHSUH]HQWDWHDLFL
SQHXULQXPDLFkQGSQHXULOHVXQWUHFL
3QHXULOHVXQWUHFL
6LVWHPGHDYHUWL]DUHSULYLQGSLHUGH
=GDFăDXWRYHKLFXOXODIRVWSDUFDWFXSQHXULOH UHDSUHVLXQLLvQSQHXUL
QHDIODWHvQEăWDLDGLUHFWăDVRDUHOXLWLPSGH
FHOSXĠLQWUHLRUHúL 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
=GDFăDXWRYHKLFXOXOQXDIRVWFRQGXVPDL &kQGDXWRYHKLFXOXOHVWHvQPLúFDUHVLVWHPXO
PXOWGHNP GHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
ÌQIXQFĠLHGHWHPSHUDWXUDDPELDQWăYLWH]DOD SQHXULPRQLWRUL]HD]ăSUHVLXQHDvQSQHXUL
FDUHFRQGXFHĠLúLGHVDUFLQDDVXSUDSQHXULORU VHWDWăFXDMXWRUXOYLWH]HLGHURWDĠLHDURĠLORU
WHPSHUDWXUDSQHXULORUúLSULQXUPDUHúLSUH $FHDVWDSHUPLWHVLVWHPXOXLVăGHWHFWH]HR
VLXQHDvQSQHXULSRWVXIHULPRGLILFăULFXDSUR SLHUGHUHVHPQLILFDWLYăGHSUHVLXQHvQWUXQ
[LPDWLYN3DEDUSVLSHU SQHX'DFăYLWH]DGHURWDĠLHDXQHLURĠLVH
ğLQHĠLFRQWGHDFHDVWăLQIRUPDĠLHFkQGYHULIL PRGLILFăvQXUPDXQHLSLHUGHULGHSUHVLXQHYD
FDĠLSUHVLXQHDvQSQHXULOHFDOGHúLFRUHFWDĠLR DSăUHDXQPHVDMGHDYHUWL]DUHFRUHVSXQ]ăWRU
QXPDLGDFăHVWHSUHDVFă]XWăSHQWUXVLWXD SHDILúDMXOPXOWLIXQFĠLRQDO
ĠLLOHGHXWLOL]DUHGHODPRPHQWXOUHVSHFWLY
$9(57,60(17
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUH
VLXQLLvQSQHXULQXYăDYHUWL]HD]ăSULYLQGRSUH
VLXQHvQSQHXULUHJODWăLQFRUHFW7DEHOXOGLQ
LQWHULRUXOFODSHWHLJXULLGHXPSOHUHFXFDUEX
3UHVLXQHvQSQHXUL
UDQWYăYDDMXWDVăYăKRWăUkĠLGDFăSUHVLXQLOH SQHXULHVWHUHJODWăFRUHFWSHQWUXFRQGLĠLLOH
vQSQHXULWUHEXLHVăILHFRUHFWDWH GHXWLOL]DUHUHVSHFWLYH
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUH 5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDSULYLQGSUH
VLXQLLvQSQHXULQXVHSRDWHVXEVWLWXLQHFH VLXQLOHvQSQHXUL3DJLQD
VLWăĠLLGHYHULILFDUHUHJXODWăDSUHVLXQLORUvQ
SQHXULSHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUă $9(57,60(17
GHRDUHFHRSLHUGHUHHJDOăGHSUHVLXQHODPDL 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUH
PXOWHSQHXULVLPXOWDQQXSRDWHILGHWHFWDWă VLXQLLvQSQHXULSRDWHRIHULDYHUWLVPHQWHSH
GHVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHD FDUHVăYăSXWHĠLED]DGRDUGDFăDĠLUHJODW
SUHVLXQLLvQSQHXUL SQHXULOHODSUHVLXQHDFRUHFWă
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXYăSRDWH 'DFăVHUHJOHD]ăRSUHVLXQHvQSQHXULLQFR
DYHUWL]DSULYLQGRSLHUGHUHEUXVFăDSUHVLXQLL UHFWăDFHVWHYDORULLQFRUHFWHYRUILPRQLWRUL
GHH[GDFăSQHXODIRVWSHUIRUDWGHXQRELHFW ]DWH
VWUăLQ 8QSQHXFXSUHVLXQHLQVXILFLHQWăGHVWDELOL
ÌQFD]XOXQHLSLHUGHULEUXúWHGHSUHVLXQHRSULĠL ]HD]ăDXWRYHKLFXOXOFkQGFRQGXFHĠLFUHVFkQG
DXWRYHKLFXOXOIUkQkQGFXDWHQĠLH1XIDFHĠL SHULFROXOGHDFFLGHQW
PDQHYUHEUXúWHFXGLUHFĠLDvQDFHVWWLPS
5HSRUQLUHDFXDMXWRUXOYRODQXOXLPXOWL
)XQFĠLRQDUHDVLVWHPXOXLGHDYHUWL]DUHSULYLQG IXQFĠLRQDOFXEXWRDQH
SLHUGHUHDSUHVLXQLLvQSQHXULHVWHOLPLWDWăVDX $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
vQWkU]LDWăGDFă FKHLDVHDIOăvQSR]LĠLD
5RĠLúLSQHXUL
=SQHXULOHDXWRYHKLFXOXOXLGXPQHDYRDVWUă $SăVDĠLEXWRQXOSHQWUXDVHOHFWD
=DGRSWDĠLXQVWLOGHFRQGXFHUHIRDUWHVSRUWLY
0HVDMXO5),DFWLYH5HVWDUW55),
DFWLY5HSRUQLUH5DSDUHSHDILúDMXO
YLUDMHODYLWH]HPDULVDXFRQGXFHUHDFX
PXOWLIXQFĠLRQDO
DFFHOHUDUHSXWHUQLFă
$SăVDĠLEXWRQXOF
=WUDFWDĠLRUHPRUFăIRDUWHJUHDVDXPDUH
0HVDMXO7\UHSUHVV2."3UHV±Q
=FRQGXFHĠLFXRVDUFLQăJUHDvQDXWRYHKLFXO
SQHXUL2."DSDUHSHDILúDMXOPXOWLIXQF
VDXSHSDYLOLRQ
ĠLRQDO
5HSRUQLUHDVLVWHPXOXLGHDYHUWL]DUHSUL 'DFăGRULĠLVăFRQILUPDĠLUHSRUQLUHD
YLQGSLHUGHUHDSUHVLXQLLvQSQHXUL $SăVDĠLEXWRQXO
5HSRUQLĠLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHU 0HVDMXO5XQ)ODW,QGLFDWRUUHVWDUњ
GHUHDSUHVLXQLLvQSQHXULGDFăDĠL WHG,QGLFDWRUGHUXODUHFXSDQÆ
UHSRUQLWDSDUHSHDILúDMXOPXOWLIXQFĠLR
=VFKLPEDWSUHVLXQHDvQSQHXUL
QDO
=VFKLPEDWURĠLOHVDXSQHXULOH
'XSăRSHULRDGăGHSURJUDPDUHVLVWHPXO
=PRQWDWURĠLVDXSQHXULQRL
GHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
ÌQDLQWHGHUHSRUQLUHFRQVXOWDĠLWDEHOXOFX SQHXULYDPRQLWRUL]DSUHVLXQLOHvQSQHXUL
SUHVLXQLvQSQHXULGHSHLQWHULRUXOFODSHWHL VHWDWHODWRDWHFHOHSDWUXSQHXUL
JXULLGHXPSOHUHFXFDUEXUDQWSHQWUXDYă VDX
DVLJXUDFăSUHVLXQHDvQWRDWHFHOHSDWUX
3UHVLXQHvQSQHXUL
'DFăGRULĠLVăDQXODĠLUHSRUQLUHD OL]DĠLcVDXdSHQWUXDVHOHFWD&DQњ
$SăVDĠLEXWRQXO FHO$QXODUH
9DORULOHGHSUHVLXQHvQSQHXULPHPRUDWHOD $SăVDĠLEXWRQXOv
XOWLPDUHSRUQLUHYRUILPRQLWRUL]DWHvQFRQ 9DORULOHGHSUHVLXQHvQSQHXULPHPRUDWHOD
WLQXDUH XOWLPDUHSRUQLUHYRUILPRQLWRUL]DWHvQFRQ
WLQXDUH
5HSRUQLUHDFXYRODQXOPXOWLIXQFĠLRQDOFX
EXWRDQH
$VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL
FKHLDVHDIOăvQSR]LĠLD
$SăVDĠLEXWRQXOYVDXeSHQWUXD
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
VHOHFWDPHQLXO6HUYLFH 'DFăHVWHPRQWDWXQPRQLWRUL]DWRUDOSUHVLX
$SăVDĠLEXWRQXOcVDXdSHQWUXD QLLvQSQHXULURĠLOHDXWRYHKLFXOXOXLDXVHQ]RUL
VHOHFWD7\UHSUHVVXUH3UHVLXQHD±Q PRQWDĠLFDUHPRQLWRUL]HD]ăSUHVLXQLOHvQ
SQHXUL SQHXULODWRDWHFHOHSDWUXSQHXUL0RQLWRUL]D
$SăVDĠLEXWRQXOv
WRUXOSUHVLXQLLvQSQHXULYăDYHUWL]HD]ăFkQG
SUHVLXQHDVFDGHvQXQXOVDXPDLPXOWHSQHXUL
0HVDMXO5XQ)ODW,QGLFDWRUDFWLYH 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULIXQFĠLR
5HVWDUWZLWK2.,QGLFDWRUGH QHD]ăGRDUGDFăWRDWHURĠLOHVXQWSUHYă]XWH
UXODUHFXSDQÆDFWLY5HSRUQLĆLFX FXVHQ]RULLFRUHFĠL
2.DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
5RĠLúLSQHXUL
$9(57,60(17
'DFăGRULĠLVăFRQILUPDĠLUHSRUQLUHD
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXYăDYHU
$SăVDĠLEXWRQXOv WL]HD]ăSULYLQGRSUHVLXQHvQSQHXULUHJODWă
0HVDMXO7\UHSUHVVQRZ2."3UHV LQFRUHFW7DEHOXOGLQLQWHULRUXOFODSHWHLJXULL
±QSQHXULDFXP2."DSDUHSHDILúDMXO GHXPSOHUHFXFDUEXUDQWYăYDDMXWDVăYă
PXOWLIXQFĠLRQDO KRWăUkĠLGDFăSUHVLXQLOHvQSQHXULWUHEXLHVă
$SăVDĠLEXWRQXOcVDXdSHQWUXD ILHFRUHFWDWH
VHOHFWD<HV'D 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXYăSRDWH
$SăVDĠLEXWRQXOv DYHUWL]DSULYLQGRSLHUGHUHEUXVFăDSUHVLXQLL
0HVDMXO5XQ)ODW,QGLFDWRUUHVWDUњ GHH[GDFăSQHXODIRVWSHUIRUDWGHXQRELHFW
WHG,QGLFDWRUGHUXODUHFXSDQÆ VWUăLQÌQFD]XOXQHLSLHUGHULEUXúWHGHSUH
UHSRUQLWDSDUHSHDILúDMXOPXOWLIXQFĠLR VLXQHRSULĠLDXWRYHKLFXOXOIUkQkQGFXDWHQĠLH
QDO 1XIDFHĠLPDQHYUHEUXúWHFXGLUHFĠLDvQDFHVW
'XSăRSHULRDGăGHSURJUDPDUHVLVWHPXO WLPS
GHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
,QIRUPDĠLLOHSULYLQGSUHVLXQLOHvQSQHXULVXQW
SQHXULYDPRQLWRUL]DSUHVLXQLOHvQSQHXUL
DILúDWHSHDILúDMXOPXOWLIXQFĠLRQDO'XSă
VHWDWHODWRDWHFHOHSDWUXSQHXUL
FkWHYDPLQXWHGHFRQGXFHUHSUHVLXQHD
VDX FXUHQWăvQSQHXULODILHFDUHSQHXDSDUHSHDIL
'DFăGRULĠLVăDQXODĠLUHSRUQLUHD úDMXOPXOWLIXQFĠLRQDO
$SăVDĠLEXWRQXOA G 9DORULOHSUHVLXQLLvQSQHXULLQGLFDWHGHFDO
VDX FXODWRUXOGHERUGSRWGLIHULGHFHOH
'DFăPHVDMXO7\UHSUHVVQRZ2."
PăVXUDWHODREHQ]LQăULHFXPDQRPHWUX
3UHVLXQLOHvQSQHXULDILúDWHGHFDOFXODWRUXO
3UHV±QSQHXULDFXP2."DSDUHXWL
GHERUGOHDXFDSXQFWGHUHIHULQĠăSHFHOH
PăVXUDWHODQLYHOXOPăULL/DDOWLWXGLQLPDUL
3UHVLXQHvQSQHXUL
YDORULOHSUHVLXQLLvQSQHXULLQGLFDWHGHXQ URDWDGHUH]HUYăURDWDGHUH]HUYăGHX]
PDQRPHWUXVXQWPDLPDULGHFkWFHOHDIL WHPSRUDUHVWHPRQWDWăQXHVWHLGHQWLFăFX
úDWHSHFDOFXODWRUXOGHERUGÌQDFHVWFD] FHDDSUHVLXQLLvQSQHXULFXUHQWHSHQWUX
QXUHGXFHĠLSUHVLXQLOHvQSQHXUL URDWDGHUH]HUYăURDWDGHUH]HUYăGHX]
WHPSRUDU
G )XQFĠLRQDUHDPRQLWRUL]DWRUXOXLSUHVLXQLL
vQSQHXULSRDWHILDIHFWDWăGHLQWHUIHUHQĠH
GHODHFKLSDPHQWGHWUDQVPLVLHUDGLRGH 0HVDMHGHDYHUWL]DUHGHODPRQLWRUL]D
H[FăúWLUDGLRVWDĠLLELGLUHFĠLRQDOHFDUHDU WRUXOSUHVLXQLLvQSQHXUL
SXWHDILXWLOL]DWHvQVDXOkQJăDXWRYHKLFXO 'DFăPRQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL
GHWHFWHD]ăRSLHUGHUHGHSUHVLXQHVHPQLILFD
9HULILFDUHDHOHFWURQLFăDSUHVLXQLLvQ WLYăODXQXOVDXPDLPXOWHSQHXULXQPHVDMGH
SQHXUL DYHUWL]DUHDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
6HHPLWHúLXQVXQHWGHDYHUWL]DUHLDUODPSD
$VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
GHDYHUWL]DUHSULYLQGSUHVLXQHDvQSQHXULVH
FKHLDVHDIOăvQSR]LĠLD3DJLQD
DSULQGHvQSDQRXOGHLQVWUXPHQWH
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ
)LHFDUHSQHXDIHFWDWGHRSLHUGHUHVHPQLIL
SHQWUXDVHOHFWDPHQLXO6HUYLFH FDWLYăGHSUHVLXQHHVWHHYLGHQĠLDWSHDILúDMXO
$SăVDĠLEXWRQXOcVDXdSHQWUXD GHSUHVLXQH
VHOHFWD7\UHSUHVVXUH3UHVLXQH 'DFăPHVDMXO3OHDVHFRUUHFWW\UHSUHVњ
SQHX VXUH5HPHGLDĆLSUHVLXQHD±Q
5RĠLúLSQHXUL
$SăVDĠLEXWRQXOv SQHXULDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
3UHVLXQHDFXUHQWăvQSQHXULSHQWUXILHFDUH 9HULILFDĠLSUHVLXQHDvQSQHXULODWRDWHFHOH
URDWăYDILDILúDWăSHDILúDMXOPXOWLIXQFĠLR SDWUXURĠLúLUHPHGLDĠLRGDFăHVWHQHFHVDU
QDO
'DFăDXWRYHKLFXOXODIRVWSDUFDWWLPSGH G 'DFăSR]LĠLLOHURĠLORUDXWRYHKLFXOXOXLVXQW
SHVWHGHPLQXWHDSDUHPHVDMXO7\UH SHUPXWDWHSUHVLXQLOHvQSQHXULSRWILDIL
SUHVVXUHVZLOOEHGLVSOD\HGDIWHUD úDWHVFXUWWLPSvQSR]LĠLLOHLQFRUHFWH
IHZPLQXWHVRIGULYLQJ3UHVLXQLOH $FHDVWăVLWXDĠLHHVWHUHPHGLDWăGXSă
±QSQHXULYRUILDILĂDWHGXSÆFRQGXњ FkWHYDPLQXWHGHFRQGXFHUHLDUSUHVLXQLOH
FHUHDWLPSGHF¥WHYDPLQXWH vQSQHXULVXQWDILúDWHODSR]LĠLLOHFRUHFWH
'XSăRSHULRDGăGHvQYăĠDUHPRQLWRUL]DWRUXO
SUHVLXQLLvQSQHXULUHFXQRDúWHDXWRPDWQRLOH
5HSRUQLUHDPRQLWRUL]DWRUXOXLSUHVLXQLL
URĠLVDXQRLLVHQ]RUL'DFăQXHVWHSRVLELOăR
vQSQHXUL
DORFDUHFODUăDYDORULORUSUHVLXQLLvQSQHXULOD &kQGUHSRUQLĠLPRQLWRUL]DWRUXOSUHVLXQLLvQ
ILHFDUHURDWăvQSDUWHPHVDMXOGHSHGLVSOD\ SQHXULWRDWHPHVDMHOHGHDYHUWL]DUHH[LVWHQWH
7\UHSUHVVXUHPRQLWRUDFWLYH0RQLњ VXQWúWHUVHLDUOăPSLOHGHDYHUWL]DUHVHVWLQJ
WRUL]DWRUXOSUHVLXQLL±QSQHXUL 0RQLWRUL]DWRUXOXWLOL]HD]ăSUHVLXQLOHvQSQHXUL
DFWLYDSDUHvQORFGHDILúDMXOSUHVLXQLLvQ VHWDWHFXUHQWFDYDORULGHUHIHULQĠăSHQWUX
SQHXUL3UHVLXQLOHvQSQHXULVXQWGHMDPRQLWR PRQLWRUL]DUHÌQPDMRULWDWHDFD]XULORUPRQL
UL]DWH WRUL]DWRUXOSUHVLXQLLvQSQHXULYDGHWHFWDDXWR
G 'DFăHVWHPRQWDWăRURDWăGHUH]HUYăR PDWQRLOHYDORULGHUHIHULQĠăGXSăFHDĠLVFKLP
EDWSUHVLXQHDvQSQHXUL
URDWăGHUH]HUYăGHX]WHPSRUDUVLVWHPXO
SRDWHFRQWLQXDVăLQGLFHSUHVLXQHDvQ G 3HQWUXRSUH]HQWDUHJHQHUDOăDPHQLXUL
SQHXULDURĠLLFDUHDIRVWVFRDVăWLPSGH ORUFRQVXOWDĠL3DJLQD
FkWHYDPLQXWHÌQDFHDVWăVLWXDĠLHUHĠLQHĠL
FăYDORDUHDDILúDWăSHQWUXSR]LĠLDvQFDUH
6FKLPEDUHDXQHLURĠL
'DFăGRULĠLVăGHILQLĠLYDORULOHGHUHIHULQĠăQRL 'DFăGRULĠLVăDQXODĠLUHSRUQLUHD
PDQXDO $SăVDĠLEXWRQXOA
8WLOL]DĠLWDEHOXOGHSHLQWHULRUXOFODSHWHL 9DORULOHGHSUHVLXQHvQSQHXULPHPRUDWHOD
JXULLGHXPSOHUHFXFDUEXUDQWSHQWUXDYă XOWLPDUHSRUQLUHYRUILPRQLWRUL]DWHvQFRQ
DVLJXUDFăSUHVLXQHDvQSQHXULHVWHVHWDWă WLQXDUH
FRUHFWODWRDWHFHOHSDWUXSQHXULSHQWUX
FRQGLĠLLOHGHXWLOL]DUHFXUHQWH 2PRORJDUHDUDGLRSHQWUXPRQLWRUL]DWR
5HVSHFWDĠLGHDVHPHQHDQRWHOHGLQVHFĠLX UXOSUHVLXQLLvQSQHXUL
QHDSULYLQGSUHVLXQLOHvQSQHXUL
3DJLQD ÌQDQXPLWHĠăULHVWHSRVLELOVăILHQHFHVDUăR
RPRORDUHUDGLRSHQWUXPRQLWRUL]DWRUXOSUH
$VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
VLXQLLvQSQHXUL1XPăUXOGHRPRORJDUHUDGLR
FKHLDVHDIOăvQSR]LĠLD
SHQWUXPRQLWRUL]DWRUXOSUHVLXQLLvQSQHXULVH
$SăVDĠLEXWRQXOYVDXeGHSHYRODQ UHJăVHúWHRQOLQHODDGUHVDKWWS
SHQWUXDVHOHFWDPHQLXO6HUYLFH ZZZPHUFHGHVEHQ]GHEHWULHEVDQOHLWXQJ
$SăVDĠLEXWRQXOcVDXdSHQWUXD
VHOHFWD7\UHSUHVVXUH3UHVLXQH
SQHX 6FKLPEDUHDXQHLURĠL
$SăVDĠLEXWRQXOv 3DQăGHFDXFLXF
$ILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăSUHVLXQHD
6HFĠLXQHDÄ$VLVWHQĠăvQFD]GHSDQă
vQSQHXULFXUHQWăODILHFDUHSQHXvQSDUWH
5RĠLúLSQHXUL
3DJLQDFRQĠLQHLQIRUPDĠLLúLQRWHSUL
VDXPHVDMXO7\UHSUHVVXUHVZLOOEH
YLQGPRGXOvQFDUHVăSURFHGDĠLFkQGDYHĠLR
GLVSOD\HGDIWHUDIHZPLQXWHVRI
SDQăGHFDXFLXF(DRIHUăGHDVHPHQHD
GULYLQJ3UHVLXQLOH±QSQHXULYRU
LQVWUXFĠLXQLSULYLQGVFKLPEDUHDXQHLURĠLVDX
ILDILĂDWHGXSÆFRQGXFHUHDWLPSGH
PRQWDUHDURĠLLGHUH]HUYăVDXDURĠLLGH
F¥WHYDPLQXWH
UH]HUYăGHX]WHPSRUDU
$SăVDĠLEXWRQXOd
0HVDMXO8VHFXUUHQWSUHVVXUHVDV
QHZUHIHUHQFHYDOXHV8WLOL]DĆL 3HUPXWDUHDURĠLORU
SUHVLXQLOHFXUHQWHFDQRLYDORUL
GHUHIHULQĆÆDSDUHSHDILúDMXOPXOWL $9(57,60(17
IXQFĠLRQDO 3HUPXWDĠLURĠLOHIDĠăúLVSDWHQXPDLGDFăDX
DFHOHDúLGLPHQVLXQLGHH[HPSOXPăULPHD
'DFăGRULĠLVăFRQILUPDĠLUHSRUQLUHD
GHSODVDUHDHWF
$SăVDĠLEXWRQXOv 'XSăILHFDUHSHUPXWDUHVFKLPEDUHDURĠLORU
0HVDMXO7\UHSUHVVPRQLWRUUHVWDUњ VROLFLWDĠLYHULILFDUHDFXSOXOXLGHVWUkQJHUHOD
WHG0RQLWRUL]DWRUSUHVSQHXUL XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWFDUHGLV
UHSRUQLWDSDUHSHDILúDMXOPXOWLIXQFĠLR SXQHGHFXQRúWLQĠHOHGHVSHFLDOLWDWHúLVFXOHOH
QDO QHFHVDUHHIHFWXăULLLQWHUYHQĠLLORUUHVSHFWLYH
'XSăFHDĠLFRQGXVWLPSGHFkWHYDPLQXWH 0HUFHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ
VLVWHPXOYHULILFăGDFăSUHVLXQLOHFXUHQWHvQ &HQWUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
SQHXULVHvQFDGUHD]ăvQLQWHUYDOXOVSHFLIL VFRSÌQVSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLV
FDW1RLOHSUHVLXQLvQSQHXULVXQWDSRL WHPHORUGHVLJXUDQĠăVDXFRUHODWHFXVLJX
DFFHSWDWHFDYDORULGHUHIHULQĠăúLVXQW UDQĠDVHYRUHIHFWXDODXQDWHOLHUGHVSHFLDOL
PRQLWRUL]DWH WDWHDXWRUL]DW
&RPELQDĠLLGHURDWăúLSQHX
5RĠLOHVHSRWVOăELGDFăQXVXQWVWUkQVHODXQ 3XWHĠLPRQWDRURDWăGHUH]HUYăGHX]WHPSR
FXSOXGH1P UDUURDWăGHUH]HUYăvQVHQVLQYHUVVHQVXOXL
'LQUDĠLXQLGHVLJXUDQĠă0HUFHGHV%HQ]Yă GHURWDĠLH5HVSHFWDĠLOLPLWDUHDWHPSRUDOă
UHFRPDQGăVăXWLOL]DĠLQXPDLúXUXEXULGH DVXSUDXWLOL]ăULLSUHFXPúLOLPLWDUHDGHYLWH]ă
URDWăGHPăULPHFRUHFWăFDUHDXIRVWRPROR VSHFLILFDWăSHURDWDGHUH]HUYăGHX]WHPSR
JDWHVSHFLDOSHQWUXDXWRYHKLFXOHOH0HUFHGHV UDUURDWDGHUH]HUYă
%HQ]
0RGHOHOHGHX]XUăGHSHSQHXULOHIDĠăúLVSDWH 'HSR]LWDUHDURĠLORU
GLIHUăvQIXQFĠLHGHFRQGLĠLLOHGHXWLOL]DUH3HU 'HSR]LWDĠLURĠLOHQHXWLOL]DWHvQWUXQORF
PXWDĠLURĠLOHvQDLQWHVăVHIRUPH]HXQPRGHO UăFRURVXVFDWúLGHSUHIHUDWXVFDW3URWHMDĠL
GHX]XUăHYLGHQWSHSQHXUL3QHXULOHIDĠăVH SQHXULOHFRQWUDXOHLXOXLXQVRULLEHQ]LQHLúL
X]HD]ăGHUHJXOăPDLPXOWSHPDUJLQLLDU PRWRULQHL
SQHXULOHVSDWHvQFHQWUX
/DDXWRYHKLFXOHOHFXDFHHDúLPăULPHODURĠLOH
IDĠăúLVSDWHSXWHĠLSHUPXWDURĠLOHODILHFDUH &XUăĠDUHDURĠLORU
NPSkQăODNPvQIXQFĠLHGH
JUDGXOGHX]XUăDSQHXULORU1XLQYHUVDĠLVHQ $9(57,60(17
VXOGHURWDĠLHDOSQHXULORU 1XXWLOL]DĠLGLVSR]LWLYHGHFXUăĠDUHODSUHVLXQH
&XUăĠDĠLWHPHLQLFVXSUDIHĠHOHGHFRQWDFWDOH vQDOWăFXGX]HFXMHWFLUFXODUSHQWUXDYăFXUăĠD
URĠLLúLGLVFXOGHIUkQăGHILHFDUHGDWăFkQG DXWRYHKLFXOXOúLvQVSHFLDOSQHXULOHÌQFD]FRQ
5RĠLúLSQHXUL
SHUPXWDĠLRURDWă9HULILFDĠLSUHVLXQHDvQ WUDUSXWHĠLGHWHULRUDSQHXULOHúLSURYRFDXQ
SQHXULúLGDFăVLWXDĠLDRFHUHUHSRUQLĠLVLV DFFLGHQW
WHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLX
QLLvQSQHXULVDXPRQLWRUL]DWRUXOSUHVLXQLLvQ
SQHXUL &RPELQDĠLLGHURDWăúLSQHX
/DDXWRYHKLFXOHOHSUHYă]XWHFXPRQLWRUL $VSHFWHGHUHĠLQXW
]DWRUDOSUHVLXQLLvQSQHXULFRPSRQHQWHOH
'LQUDĠLXQLGHVLJXUDQĠă0HUFHGHV%HQ]
HOHFWURQLFHVHDIOăvQURDWă
YăUHFRPDQGăVăXWLOL]DĠLQXPDLSQHXULúL
1XWUHEXLHVăLQWHUYHQLĠLFXVFXOHOHGHPRQ URĠLFDUHDXIRVWRPRORJDWHVSHFLDOSHQWUX
WDUHDSQHXULORUvQ]RQDYDOYHLGHRDUHFH DXWRYHKLFXOXOGXPQHDYRDVWUăGHFăWUH
DVWIHOSXWHĠLGHWHULRUDFRPSRQHQWHOHHOHF 0HUFHGHV%HQ]
WURQLFH
$FHVWHSQHXULDXIRVWDGDSWDWHVSHFLDOSHQ
6ROLFLWDĠLvQWRWGHDXQDVFKLPEDUHDSQHXUL WUXXWLOL]DUHDFXVLVWHPHGHFRQWUROFXPDU
ORUODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGH IL$%6VDX(63ILLQGPDUFDWHGXSăFXP
H[ODXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ] XUPHD]ă
=02 0HUFHGHV%HQ]2ULJLQDO
&RPELQDĠLLGHURDWăúLSQHX
8WLOL]DĠLQXPDLSQHXULURĠLVDXDFFHVRULL G 1RWHSULYLQGHFKLSDUHDDXWRYHKLFXOXOXL±
WHVWDWHúLDSUREDWHGH0HUFHGHV%HQ]ÌQ vQWRWGHDXQDPRQWDĠLvQDXWRYHKLFXO
FD]FRQWUDUDQXPLWHFDUDFWHULVWLFLGHH[ =SQHXULGHDFHHDúLPăULPHSHRSXQWH
PDQHYUDELOLWDWHDHPLVLLOHGH]JRPRWDOH DQXPHVWkQJDGUHDSWD
DXWRYHKLFXOXOXLVDXFRQVXPXOGHFDUEX
=SQHXULGHDFHODúLWLSvQPRPHQWHOHVSH
UDQWSRWILDIHFWDWHQHJDWLYÌQSOXVFkQG
FRQGXFHĠLVXEVDUFLQăYDULDĠLLOHGLPHQVLX FLILFHGLQDQSQHXULGHYDUăSQHXULGH
QLORUSQHXULORUSRWIDFHFDSQHXULOHVăLQWUH LDUQăSQHXUL02([WHQGHG
vQFRQWDFWFXFRPSRQHQWHOHFDURVHULHLúL G $XWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX
SXQĠLL$VWIHOSQHXULOHVDXDXWRYHKLFXOXODU VXQWGRWDWHGLQIDEULFăFXRWUXVă7,5(),7
SXWHDVXIHULGHWHULRUăUL 3ULQXUPDUHVHUHFRPDQGăGRWDUHDVXSOL
0HUFHGHV%HQ]QXDFFHSWăQLFLRUăVSXQ PHQWDUăDDXWRYHKLFXOXOXLGXPQHDYRDVWUă
GHUHSHQWUXGDXQHFHGHFXUJGLQXWLOL]DUHD FXRWUXVă7,5(),7GDFăPRQWDĠLSQHXULIăUă
DOWRUSQHXULURĠLVDXDFFHVRULLvQDIDUDFHORU SURSULHWăĠLGHUXODUHvQFD]GHSDQăGHH[
WHVWDWHúLDSUREDWH SQHXULGHLDUQă2WUXVă7,5(),7SRDWHIL
,QIRUPDĠLLOHVXSOLPHQWDUHSULYLQGSQHXULOH REĠLQXWăGHODXQ&HQWUXGH6HUYLFH0HUFH
URĠLOHúLFRPELQDĠLLOHDSUREDWHSRWILREĠL GHV%HQ]
QXWHGHODRULFH&HQWUXGHVHUYLFH0HUFH G 3UH]HQWDUHJHQHUDOăDDEUHYLHULORUXWLOL
GHV%HQ] ]DWHvQXUPăWRDUHOHWDEHOHGHSQHXUL
3QHXULOHUHúDSDWHQXVXQWQLFLWHVWDWHQLFL =%$DPEHOHSXQĠL
5RĠLúLSQHXUL
UHFRPDQGDWHGH0HUFHGHV%HQ]GHRDUHFH =)$SXQWHDIDĠă
GHWHULRUăULOHDQWHULRDUHQXSRWILvQWRW =5$SXQWHDVSDWH
GHDXQDGHWHFWDWHvQFD]XOSQHXULORUUHúD
SDWH'UHSWXUPDUH0HUFHGHV%HQ]QX ÌQXUPăWRUXOWDEHOFRPELQDĠLLOHURDWăSQHX
SRDWHJDUDQWDVLJXUDQĠDDXWRYHKLFXOXOXL VXQWDWULEXLWHPRGHOHORUGHDXWRYHKLFXOSH
GDFăVHPRQWHD]ăSQHXULUHúDSDWH1X ED]DYHUVLXQLORUGHH[99HWF
PRQWDĠLSQHXULGHMDXWLOL]DWHGDFăQXGHĠL
QHĠLLQIRUPDĠLLSULYLQGXWLOL]DUHDORUDQWH 6HGDQ
ULRDUă 9 &&.2035(6625
5RĠLPDULFXFkWOăĠLPHDVHFĠLXQLLXQHL &&',&&',
DQXPLWHPăULPLGHURDWăHVWHPDLVFă]XWă 9 &&&',&&
FXDWkWVFDGHúLFRQIRUWXOODUXODUHSHVXSUD
&&',&&',
IHĠHGHGUXPGHFDOLWDWHVODEă&RQIRUWXOOD
UXODUHúLFRQIRUWXORIHULWGHVXVSHQVLHVXQW 0$7,&
UHGXVHLDUULVFXOGHGHWHULRUDUHDURĠLORUúL 9 &&0$7,&
SQHXULORUvQXUPDFRQGXFHULLSHVWHREVWD
FROHFUHúWH 9 &&',0$7,&&&
G 9HĠLJăVLXQWDEHOFXSUHVLXQLvQSQHXULSH 0$7,&&&',
SDUWHDLQWHULRDUăDFODSHWHLJXULLGH 9 &$0*
XPSOHUHFXFDUEXUDQWDDXWRYHKLFXOXOXL
GXPQHDYRDVWUă3HQWUXLQIRUPDĠLLVXSOL
PHQWDUHSULYLQGSUHVLXQHDvQSQHXULFRQ
VXOWDĠL3DJLQD
%OXH()),&,(1&<
1XPDLvQDQXPLWHĠăUL
&RPELQDĠLLGHURDWăúLSQHX
%UHDN
9 &&.2035(6625
&&',
9 &&',&&&',
&&&',
&&',0$7,&
9 &&&',0$7,&
&&&',
9 &$0*
G 1XWRDWHFRPELQDĠLLOHGHURDWăSQHXSRW
ILPRQWDWHGLQIDEULFăvQWRDWHĠăULOH
5RĠLúLSQHXUL
%OXH()),&,(1&<
1XPDLvQDQXPLWHĠăUL
&RPELQDĠLLGHURDWăúLSQHX
3QHXUL
6HGDQ
3QHXULGHYDUă 5RĠLGLQDOLDMXúRU 9 9 9 9 9
%$ 59 -[+(7 ; ² ² ² ²
%$ 59 -[+(7 ; ; ² ² ²
%$ 5: -[+(7 ; ; ; ² ²
%$ 59 -[+(7 ; ; ² ² ²
%$ 5: -[+(7 ; ; ; ² ²
%$ 5: -[+(7 ; ; ; ; ²
%$ 5: -[+(7 ; ; ; ; ²
02([WHQGHG
)$ 5: -[+(7 ; ; ; ; ²
5$ 5: -[+(7
)$ 5:02([WHQGHG -[+(7 ; ; ; ; ²
5RĠLúLSQHXUL
5$ 5: -[+(7
02([WHQGHG
%$ 5<;/ -[+(7 ; ; ; ; ²
)$ 5<;/ -[+(7 ; ; ; ; ²
5$ 5<;/ -[+(7
)$ 5<;/ -[+(7 ; ; ; ; ²
5$ 5<;/ -[+(7
)$ =5<;/ -[+(7 ; ; ; ; ²
5$ =5<;/ -[+(7
)$ =5<;/ -[+(7 ² ² ² ² ;
5$ =5<;/ -[+(7
)$ =5;/ -[+(7 ² ² ² ² ;
5$ =5;/ -[+(7
1XvQFRPELQDĠLHFXVXVSHQVLDVSRUWFRGVDXSDFKHWXOGHPDQHYUDELOLWDWHGLQDPLFăFRG
3QHXUL02([WHQGHGSQHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]GHSDQăQXPDLvQFRPELQDĠLHFXXQVLVWHPGH
DYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDFWLYDWVDXXQPRQLWRUL]DWRUDOSUHVLXQLLvQSQHXUL
1XHVWHSHUPLVăXWLOL]DUHDODQĠXULORUGH]ăSDGă5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ/DQĠXULGH]ăSDGă³
5HVSHFWDĠLQRWHOHSULYLQGÄURĠLOHPDUL³vQVHFĠLXQHDÄ&RPELQDĠLLURDWăSQHX³
1XSHQWUXDXWRYHKLFXOHOHFX0$7,&
6XQWQHFHVDUHPăVXULVXSOLPHQWDUHFDSDFHGHURDWăSHSXQWHDVSDWHFRG
&RPELQDĠLLGHURDWăúLSQHX
3QHXULGHLDUQă 5RĠLGLQDOLDMXúRU 9 9 9 9 9
%$ 5+06M -[+(7 ; ² ² ² ²
%$ 5+06M -[+(7 ; ; ² ² ²
%$ 5+06M -[+(7 ; ; ; ² ²
%$ 5+06M -[+(7 ; ; ; ; ²
%$ 5+ -[+(7 ; ; ; ; ²
06M02([WHQGHG
%$ 5+;/06M -[+(7 ; ; ; ; ²
%$ 5+;/06M -[+(7 ; ; ; ; ²
%$ 59;/06M -[+(7 ² ² ² ² ;
%$ 59;/06M -[+(7 ² ² ² ² ;
)$ 59;/06M -[+(7 ² ² ² ² ;
5$ 59;/ -[+(7
06M
5RĠLúLSQHXUL
5RDWăGHUH]HUYăÄ0LQLVSDUH´
3QHXUL 5RĠL 9 9 9 9 9
750 %[+(7 ; ; ; ² ²
3UHVLXQHvQSQHXULN3DEDU
SVL
750 %[+(7 ² ² ; ; ²
3UHVLXQHvQSQHXULN3DEDU
SVL
750 %[+(7 ² ² ² ² ;
3UHVLXQHvQSQHXULN3DEDU
SVL
$XWRYHKLFXOXOGXPQHDYRDVWUăSRDWHILGRWDWFX7,5(),7VDXRURDWăGHUH]HUYăÄ0LQLVSDUH´vQ
IXQFĠLHGHĠDUăPRWRUXOúLURĠLOHPRQWDWH
G 3UHVLXQHDvQSQHXULVSHFLILFDWăHVWHLPSULPDWăvQJDOEHQSHURDWDGHUH]HUYă
&RPELQDĠLLGHURDWăúLSQHX
%UHDN
3QHXULGHYDUă 5RĠLGLQDOLDMXúRU 9 9 9 9
%$ 59 -[+(7 ; ² ² ²
%$ 5: -[+(7 ² ; ² ²
%$ 59 -[+(7 ; ² ² ²
%$ 5: -[+(7 ² ; ² ²
%$ 5: -[+(7 ; ; ² ²
%$ 5:02([WHQGHG -[+(7 ; ; ² ²
%$ 5< -[+(7 ; ; ² ²
%$ 5<02([WHQGHG -[+(7 ; ; ; ²
)$ 5: -[+(7 ; ; ; ²
5$ 5: -[+(7
)$ 5:02([WHQGHG -[+(7 ; ; ² ²
5$ 5: -[+(7
5RĠLúLSQHXUL
02([WHQGHG
)$ 5< -[+(7 ² ² ; ²
5$ 5< -[+(7
)$ 5<02([WHQGHG -[+(7 ² ² ; ²
5$ 5< -[+(7
02([WHQGHG
%$ 5<;/ -[+(7 ; ; ² ²
)$ 5<;/ -[+(7 ; ; ; ²
5$ 5<;/ -[+(7
)$ 5<;/ -[+(7 ; ; ; ²
5$ 5<;/ -[+(7
)$ =5<;/ -[+(7 ² ² ; ²
5$ =5<;/ -[+(7
3QHXULGHYDUă 5RĠLGLQDOLDMXúRU 9 9 9 9
)$ =5<;/ -[+(7 ² ² ² ;
5$ =5<;/ -[+(7
)$ =5;/ -[+(7 ² ² ² ;
5$ =5;/ -[+(7
3QHXULGHLDUQă 5RĠLGLQDOLDMXúRU 9 9 9 9
%$ 5+06M -[+(7 ; ; ² ²
%$ 5+06M -[+(7 ; ; ² ²
%$ 5+06M -[+(7 ; ; ; ²
%$ 5+ -[+(7 ; ; ; ²
06M02([WHQGHG
%$ 5+;/06M -[+(7 ; ; ; ²
%$ 5+;/06M -[+(7 ; ; ; ²
5RĠLúLSQHXUL
%$ 59;/ -[+(7 ² ² ² ;
06M
%$ 59;/06M -[+(7 ² ² ² ;
)$ 59;/06M -[+(7 ² ² ² ;
5$ 59;/ -[+(7
06M
5RDWăGHUH]HUYăÄ0LQLVSDUH´
3QHXUL 5RĠL 9 9 9 9
750 %[+(7 ; ; ² ²
3UHVLXQHvQSQHXULN3DEDUSVL
750 %[+(7 ² ; ; ²
3UHVLXQHvQSQHXULN3DEDUSVL
750 %[+(7 ² ² ² ;
3UHVLXQHvQSQHXULN3DEDUSVL
1XHVWHSHUPLVăXWLOL]DUHDODQĠXULORUGH]ăSDGă5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ/DQĠXULGH]ăSDGă³
5HVSHFWDĠLQRWHOHSULYLQGÄURĠLOHPDUL³vQVHFĠLXQHDÄ&RPELQDĠLLURDWăSQHX³
3QHXUL02([WHQGHGSQHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]GHSDQăQXPDLvQFRPELQDĠLHFXXQVLVWHPGH
DYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDFWLYDWVDXXQPRQLWRUL]DWRUDOSUHVLXQLLvQSQHXUL
9LWH]DPD[LPăSHUPLVăNPK
8WLOL]DĠLQXPDLvQFRPELQDĠLHFXHFKLSDUHDRSĠLRQDOăSDFKHW6SRUW
&RPELQDĠLLGHURDWăúLSQHX
$XWRYHKLFXOXOGXPQHDYRDVWUăSRDWHILGRWDWFX7,5(),7VDXRURDWăGHUH]HUYăÄ0LQLVSDUH´vQ
IXQFĠLHGHĠDUăPRWRUXOúLURĠLOHPRQWDWH
G 3UHVLXQHDvQSQHXULVSHFLILFDWăHVWHLPSULPDWăvQJDOEHQSHURDWDGHUH]HUYă
5RĠLúLSQHXUL
,QIRUPDĠLLXWLOH
1RWHSULYLQGGDWHOHWHKQLFH
3LHVH0HUFHGHV%HQ]DXWHQWLFH
6LVWHPHOHHOHFWURQLFHDOHDXWRYH
KLFXOXOXL
3OăFXĠăGHLGHQWLILFDUHDDXWRYHKL
FXOXOXL
3URGXVHGHVHUYLFHúLFDSDFLWăĠL
'DWHSULYLQGDXWRYHKLFXOXO
'LPHQVLXQLGHGHVFKLGHUHDOH
FDSRWHLSRUWEDJDMXOXLúLKD\RQXOXL
&kUOLJGHWUDFWDUHDUHPRUFLL
6LVWHPXOGHVHQ]RUUDGDUGH
*+]SUH]HQWDUHJHQHUDOăSHĠăUL
'DWHWHKQLFH
3LHVH0HUFHGHV%HQ]DXWHQWLFH
,QIRUPDĠLLXWLOH 7RDWHSLHVHOH0HUFHGHV%HQ]DXWHQWLFH
FRUHVSXQGDFHVWHLFHULQĠH8WLOL]DUHDXQRU
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH SLHVHQHDSUREDWHSRDWHGXFHODDQXODUHDFHU
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG WLILFDWXOGHvQPDWULFXODUHDDXWRYHKLFXOXOXL
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD $FHDVWăLQGLFDĠLHHVWHYDODELOăGDFă
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL =SURYRDFăRVFKLPEDUHDWLSXOXLDXWRYHKLFX
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH OXOXLGHODFHOSHQWUXFDUHFHUWLILFDWXOGH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL vQPDWULFXODUHDDXWRYHKLFXOXOXLDIRVWDFRU
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP GDW
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF =DOĠLSDUWLFLSDQĠLODWUDILFDUSXWHDILSXúLvQ
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO SHULFRO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH =QLYHOXULOHGHHPLVLLVDX]JRPRWVXQWDIHF
ULWRDUHODVLJXUDQĠă WDWHQHJDWLY
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH $9(57,60(17
FLDOLWDWHDXWRUL]DWH3DJLQD
6LJXUDQĠDvQFRQGXFHUHSRDWHILUHGXVăGDFă
VHXWLOL]HD]ăSLHVHSQHXULúLURĠLVDXDFFHVRULL
UHOHYDQWHSHQWUXVLJXUDQĠăFDUHQXVXQWDSUR
1RWHSULYLQGGDWHOHWHKQLFH
EDWH
3XWHĠLJăVLGDWHWHKQLFHSHLQWHUQHWODDGUHVD $FHDVWDSRDWHGXFHODGHIHFĠLXQLODQLYHOXO
KWWSZZZPHUFHGHVEHQ]FRP VLVWHPHORUFXUROvQVLJXUDQĠăGHH[VLVWHPXO
GHIUkQDUH$VWIHOSXWHĠLSLHUGHFRQWUROXO
G 'DWHOHWHKQLFHDXIRVWVWDELOLWHvQFRQIRU DXWRYHKLFXOXOXLúLSXWHĠLSURYRFDXQDFFLGHQW
PLWDWHFX'LUHFWLYHOH&(7RDWHGDWHOH 'LQDFHVWPRWLY0HUFHGHV%HQ]YăUHFR
'DWHWHKQLFH
YL]HD]ăHFKLSDUHDVWDQGDUGDDXWRYHKLFX PDQGăVăXWLOL]DĠLSLHVH0HUFHGHV%HQ]
OXOXL3ULQXUPDUHGDWHOHSRWGLIHULODDXWR DXWHQWLFHVDXSLHVHGHFDOLWDWHHJDOă8WLOL]DĠL
YHKLFXOHOHFXHFKLSDUHRSĠLRQDOă3XWHĠL QXPDLSQHXULURĠLúLDFFHVRULLFDUHDXIRVW
REĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHODXQ DSUREDWHVSHFLDOSHQWUXDXWRYHKLFXOXOGXP
&HQWUXGHVHUYLFH0HUFHGHV%HQ] QHDYRDVWUă
$LUEDJXULOHúLvQWLQ]ăWRDUHOHFHQWXULORUGH
3LHVH0HUFHGHV%HQ]DXWHQWLFH VLJXUDQĠăSUHFXPúLXQLWăĠLOHGHFRQWUROúL
VHQ]RULLSHQWUXDFHVWHVLVWHPHGHUHĠLQHUH
0HUFHGHV%HQ]WHVWHD]ăILDELOLWDWHDVLJX SRWILLQVWDODWHvQXUPăWRDUHOH]RQHDOH
UDQĠDúLDGHFYDUHDSLHVHORUDXWHQWLFHúLDSLH DXWRYHKLFXOXOXLGXPQHDYRDVWUă
VHORUGHFRQYHUVLHúLDFFHVRULLORUDSUREDWH
=3RUWLHUH
VSHFLDOSHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUă
'HúLVHHIHFWXHD]ăVWXGLLFRQWLQXHGHSLDĠă =VWkOSLLSRUWLHUHORU
0HUFHGHV%HQ]QXSRDWHHYDOXDDOWHSLHVH =SUDJXULOHSRUWLHUHORU
3ULQXUPDUH0HUFHGHV%HQ]QXvúLDVXPă =6FDXQH
UăVSXQGHUHDSULYLQGXWLOL]DUHDXQRUDVWIHOGH =SODQúDGHERUG
SLHVHvQDXWRYHKLFXOHOH0HUFHGHV%HQ]FKLDU =3DQRXGHLQVWUXPHQWH
úLGDFăDXIRVWDSUREDWHLQGHSHQGHQWVDXRIL
=FRQVRODFHQWUDOă
FLDO
ÌQ*HUPDQLDúLvQDOWHĠăULDQXPLWHSLHVHVXQW 1XLQVWDODĠLDFFHVRULLSUHFXPVLVWHPH
DSUREDWHRILFLDOSHQWUXLQVWDODUHVDXPRGLIL DXGLRvQDFHVWH]RQH1XHIHFWXDĠLUHSDUDĠLL
FDUHQXPDLGDFăUHVSHFWăQRUPHOHOHJDOH VDXVXGXUL3XWHĠLDIHFWDHILFLHQĠDvQXWLOL
]DUHDVLVWHPHORUGHUHĠLQHUH
6LVWHPHOHHOHFWURQLFHDOHDXWRYHKLFXOXOXL
6ROLFLWDĠLLQVWDODUHDDFFHVRULLORUSRVWYkQ WHOHDXWRYHKLFXOXOXLVDUSXWHDX]DPDL
]DUHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW UDSLGúLFHUWLILFDWXOGHvQPDWULFXODUHDDXWR
0HUFHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ YHKLFXOXOXLSRDWHILDQXODW
&HQWUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
VFRS
0RGHUQL]DUHDFXVWDĠLLUDGLRELGLUHF
1RWăSULYLQGSURWHFĠLDPHGLXOXL ĠLRQDOHúLWHOHIRDQHPRELOHWUDQV
'DLPOHU$*IXUQL]HD]ăGHDVHPHQHDSLHVHúL PLĠăWRDUH5)
DQVDPEOXULUHFRQGLĠLRQDWHFDUHDXDFHHDúL
FDOLWDWHFDúLFRPSRQHQWHOHQRL3HQWUXDFHV &RQVXOWDĠLQRUPHOHGHLPSOHPHQWDUHGLQ6SH
WHDVHRIHUăDFHHDúLJDUDQĠLHFDúLSHQWUXSLH FLILFDĠLDWHKQLFă,6276FkQG
VHOHQRL PRGHUQL]DĠLDXWRYHKLFXOXOFXWUDQVPLĠăWRDUH
5)UDGLRIUHFYHQĠă
3UHFL]DĠLvQWRWGHDXQDQXPăUXOGHLGHQWLILFDUH 'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăGLVSXQH
DYHKLFXOXOXL9,13DJLQDúLVHULD GHVXSRUWXULSHQWUXHFKLSDPHQWWLSVWDĠLH
PRWRUXOXL3DJLQDFkQGFRPDQGDĠL UDGLRELGLUHFĠLRQDOăXWLOL]DĠLDOLPHQWDUHDHOHF
SLHVH0HUFHGHV%HQ]DXWHQWLFH WULFăVDXFRQH[LXQLOHGHDQWHQăGHVWLQDWHXWL
OL]ăULLFXFDEODMXOGHED]ă1XRPLWHĠLVăUHV
SHFWDĠLLQVWUXFĠLXQLOHVXSOLPHQWDUHDOHSUR
6LVWHPHOHHOHFWURQLFHDOHDXWRYHKLFX GXFăWRUXOXLFkQGLQVWDODĠLVXSRUWXULOH
OXOXL
6ROLFLWDĠLLQVWDODUHDHFKLSDPHQWXOXLGH
,QWHUYHQĠLLQHDXWRUL]DWHODVLVWHPHOH WUDQVPLVLHSULQUDGLRIUHFYHQĠăODXQDWHOLHU
HOHFWURQLFHDOHPRWRUXOXL GHVSHFLDOLWDWHDXWRUL]DW0HUFHGHV%HQ]
UHFRPDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH
'DWHWHKQLFH
$9(57,60(17 0HUFHGHV%HQ]vQDFHVWVFRS
6ROLFLWDĠLFDLQWHUYHQĠLLOHDVXSUDVLVWHPHORU
HOHFWURQLFHDOHPRWRUXOXLúLFRPSRQHQWHOH
3XWHUHDGHWUDQVPLVLHGHODED]DDQWHQHLQX
DIHUHQWHVăILHHIHFWXDWHQXPDLODXQDWHOLHU
WUHEXLHVăGHSăúHDVFăYDORULOHPD[LPHGHPDL
GHVSHFLDOLWDWHDXWRUL]DWFHGLVSXQHGHFXQRú
MRV
WLQĠHOHGHVSHFLDOLWDWHúLVFXOHOHQHFHVDUHSHQ %DQGăGHIUHF 3XWHUHGHWUDQVPL
WUXDHIHFWXDLQWHUYHQĠLDQHFHVDUă0HUFHGHV YHQĠă VLHPD[LPă3($.
%HQ]UHFRPDQGăVăXWLOL]DĠLXQ&HQWUXGHVHU
YLFH0HUFHGHV%HQ]vQDFHVWVFRSÌQVSHFLDO 8QGHVFXUWH :
WRDWHLQWHUYHQĠLLOHDVXSUDVLVWHPHORUGHVLJX I0+]
UDQĠăVDXFRUHODWHFXVLJXUDQĠDVHYRUHIHFWXD %DQGăGHIUHFYHQĠă :
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWÌQFD] GHP
FRQWUDUILDELOLWDWHDDXWRYHKLFXOXOXLSRDWHIL
FRPSURPLVă %DQGăGHIUHFYHQĠă :
GHP
6ROLFLWDĠLFDRSHUDĠLLOHGHvQWUHĠLQHUHDVX
SUDVLVWHPHORUHOHFWURQLFHDOHPRWRUXOXLúL 5HĠHDGHUDGLR7UXQ :
SLHVHORUDVRFLDWHSUHFXPXQLWăĠLOHGHFRQ NLQJ7HWUD
WUROVHQ]RULLúLFRQGXFWRULLGHFRQHFWDUHVă %DQGăGHIUHFYHQĠă :
ILHHIHFWXDWHODXQDWHOLHUGHVSHFLDOLWDWH FP
DXWRUL]DWGHH[ODXQ&HQWUXGHVHUYLFH
0HUFHGHV%HQ]ÌQFD]FRQWUDUFRPSRQHQ *60$036 :
,6276±6SHFLILFDĠLDWHKQLFăSHQWUXYHKLFXOHUXWLHUH(0&SHQWUXLQVWDODUHDHFKLSDPHQWXOXLGH
WUDQVPLVLHUDGLRSRVWYkQ]DUH
6LVWHPHOHHOHFWURQLFHDOHDXWRYHKLFXOXOXL
$9(57,60(17
0RGHUQL]DUHDLQFRUHFWăFXWUDQVPLĠăWRDUH5)
SRDWHJHQHUDUDGLDĠLLHOHFWURPDJQHWLFHVSR
ULWHvQLQWHULRUXODXWRYHKLFXOXOXL8WLOL]DUHD
XQHLDQWHQHH[WHULRDUHHVWHSHUPLVăGRDU
OXkQGXVHvQFDOFXOúLGH]EDWHULOHúWLLQĠLILFH
FXUHQWHSULYLQGSRVLELOHOHULVFXULDVXSUD
VăQăWăĠLLFRPSRUWDWHGHFkPSXULOHHOHFWUR
6HGDQ PDJQHWLFH
C =RQDIURQWDOăDSDYLOLRQXOXL 6ROLFLWDĠLLQVWDODUHDHFKLSDPHQWXOXLGHWUDQV
D =RQDVSDWHDSDYLOLRQXOXL PLVLHSULQUDGLRIUHFYHQĠăODXQDWHOLHUGHVSH
'DWHWHKQLFH
FLDOLWDWHDXWRUL]DW0HUFHGHV%HQ]UHFR
$ULSăVSDWH
PDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH0HU
&DSRWDSRUWEDJDMXOXL FHGHV%HQ]vQDFHVWVFRS
$EDWHULOHGHODDPSODVDUHDDQWHQHLSXWHUHD
úLIUHFYHQĠHOHVDOHWUHEXLHVăILHDSUREDWHGH
0HUFHGHV%HQ]
1XH[LVWăUHVWULFĠLLSHQWUXDPSODVDUHDDQWHQHL
vQ]RQDH[WHULRDUăDDXWRYHKLFXOXOXLSHQWUX
DFHVWHEHQ]LGHIUHFYHQĠăUDGLRWUXQNLQJ
7HWUDEDQGDGHIUHFYHQĠăGHFP
*60$036*60úL8076
6HYRUUHVSHFWDSUHYHGHULOHOHJDOHSULYLQG
VXSRUWXULOHGHPRQWDUH
%UHDN
6HSRWXWLOL]DWUDQVPLĠăWRDUH5)FXRSXWHUH
C =RQDIURQWDOăDSDYLOLRQXOXL GHWUDQVPLVLHPD[LPăGHP:3($.vQ
D =RQDVSDWHDSDYLOLRQXOXL DXWRYHKLFXOIăUăUHVWULFĠLL
$ULSăVSDWH
3HUPLVXOGHXWLOL]DUHSRDWHILDQXODWGDFă
LQVWUXFĠLXQLOHSULYLQGLQVWDODUHDúLXWLOL]DUHD
WUDQVPLĠăWRDUHORU5)QXVXQWUHVSHFWDWH
$XWRYHKLFXOHFXWUDSăJOLVDQWăOXDĠLvQFDOFXOUD]DGHGHSODVDUHDSDYLOLRQXOXL
$XWRYHKLFXOHFXWUDSăJOLVDQWăSDQRUDPLFăDFHDVWă]RQăQXHVWHSHUPLVă
3R]LĠLHGHLQVWDODUHUHFRPDQGDWăSHSDUWHDRULHQWDWăVSUHFHQWUXOúRVHOHL
3OăFXĠăGHLGHQWLILFDUHDDXWRYHKLFXOXOXL
GHH[FXPDUILFHOHSULYLQGEHQ]LOHGHIUHF k 6DUFLQăPD[LPăDGPLVăSHSXQWHDIDĠă
YHQĠăSXWHUHDPD[LPăúLDPSODVăULOHDQWH l 6DUFLQăPD[LPăDGPLVăSHSXQWHDVSDWH
QHLSHDXWRYHKLFXO
m &RGXOGHYRSVHD
3OăFXĠăGHLGHQWLILFDUHDDXWRYHKLFX
OXOXL 1XPăUGHLGHQWLILFDUHDDXWRYHKLFX
OXOXL9,1
3OăFXĠDGHLGHQWLILFDUHDDXWRYHKLFX
3HOkQJăIDSWXOFăHVWHúWDQĠDWSHSOăFXĠDGH
OXOXLFXQXPăUXOGHLGHQWLILFDUHD
LGHQWLILFDUHDDXWRYHKLFXOXOXLQXPăUXOGH
DXWRYHKLFXOXOXL9,1úLQXPăUXO
LGHQWLILFDUHDYHKLFXOXOXL9,1HVWHGHDVH
FRGXOXLGHYRSVHD
PHQHDúWDQĠDWSHFDURVHULDDXWRYHKLFXOXOXL
$FHVWDHVWHDPSODVDWăSHSODQúHXvQIDĠD
VFDXQXOXLIDĠăGHSHSDUWHDGUHDSWă
'HVFKLGHĠLSRUWLHUDGLQGUHDSWDIDĠă
'DWHWHKQLFH
9HĠLYHGHDSOăFXĠDGHLGHQWLILFDUHDDXWR
YHKLFXOXOXLC
&XOLVDĠLVFDXQXOIDĠăGHSHSDUWHDGUHDSWă
vQSR]LĠLDVDGHFDSăWVSDWH
5DEDWDĠLDSăUăWRDUHDSODQúHXOXLCvQVXV
9HĠLYHGHDQXPăUXOGHLGHQWLILFDUHDYHKL
FXOXOXL9,1D
6HULHPRWRU
6HULDPRWRUXOXLHVWHúWDQĠDWăvQFDUWHU,QIRU
PDĠLLVXSOLPHQWDUHSRWILREĠLQXWHGHODRULFH
&HQWUXGHVHUYLFH0HUFHGHV%HQ]
3OăFXĠăGHLGHQWLILFDUHDDXWRYHKLFXOXOXLH[HPSOX
C 3OăFXĠăGHLGHQWLILFDUHDDXWRYHKLFXOXOXL
D 3URGXFăWRUXODXWRYHKLFXOXOXL
1XPăUXOGHRPRORJDUH8(
1XPăUXOGHLGHQWLILFDUHDDXWRYHKLFXOXOXL
9,1
0DVDWRWDOăPD[LPăDGPLVăDDXWRYHKL
FXOXOXL
0DVDWRWDOăDGPLVăFRPELQDWă
3URGXVHGHVHUYLFHúLFDSDFLWăĠL
3URGXVHGHVHUYLFHúLFDSDFLWăĠL ,QGLFDĠLHSULYLQGPHGLXODPELDQW
6FRDWHĠLGLQX]GHúHXULOHúLPDWHULDOHOHFRQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
VXPDELOHĠLQkQGFRQWGHPHGLX
3ULQWUHSURGXVHOHGHVHUYLFHVHQXPăUă
XUPăWRDUHOH
=FDUEXUDQĠLLGHH[EHQ]LQăGLHVHO &DUEXUDQW
=OXEULILDQĠLGHH[XOHLXOGHPRWRUXOHLXOGH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
WUDQVPLVLH
=OLFKLGGHUăFLUH $9(57,60(17
=OLFKLGGHIUkQă &DUEXUDQWXOHVWHSXWHUQLFLQIODPDELO)RFXO
=OLFKLGVSăOăWRUGHSDUEUL] IOăFăULOHGHVFKLVHúLIXPDWXOVXQWSULQXUPDUH
LQWHU]LVHFkQGPDQLSXODĠLFDUEXUDQĠL
&RPSRQHQWHOHDXWRYHKLFXOXOXLúLOXEULILDQĠLL
DIHUHQĠLORUWUHEXLHVăFRUHVSXQGă0HUFHGHV 2SULĠLPRWRUXOúLvQFăO]LUHDDX[LOLDUăvQDLQWHGH
%HQ]YăUHFRPDQGăVăXWLOL]DĠLSURGXVHFDUH DOLPHQWDUHDFXFDUEXUDQW
DXIRVWWHVWDWHúLDSUREDWHVSHFLDOGH0HUFH
GHV%HQ]$FHVWHSURGXVHVXQWLQGLFDWHvQ 3HULFROGHUăQLUH
0DQXDOXOGHXWLOL]DUH0HUFHGHV%HQ]vQVHF 1XDWLQJHĠLFDUEXUDQWXO
ĠLXQHDUHOHYDQWă &RQWDFWXOGLUHFWDOFDUEXUDQWXOXLFXSLHOHDVDX
3XWHĠLUHFXQRDúWHSURGXVHOHGHVHUYLFHDSUR LQKDODUHDYDSRULORUGăXQHD]ăVăQăWăĠLL
EDWHGH0HUFHGHV%HQ]GXSăXUPăWRDUHD
LQVFULSĠLHGHSHUHFLSLHQWH &DSDFLWDWHDUH]HUYRUXOXL
=$SUREDUH0%GHH[$SUREDUH0%
'DWHWHKQLFH
'DWHWHKQLFH
0,7$7($FHVWHGRFXPHQWHvQVRĠHVFDXWR 3ULQXUPDUHHVWHSHUPLVăXWLOL]DUHDQXPDLD
YHKLFXOXOODOLYUDUH XOHLXULORUGHPRWRUDSUREDWHGH0HUFHGHV
&LIUHOHSULYLQGFRQVXPXODXIRVWED]DWHvQ %HQ]vQPRWRDUHOH0HUFHGHV%HQ]
ILHFDUHFD]SHYHUVLXQHDDSOLFDELOăFXUHQW ,QIRUPDĠLLVXSOLPHQWDUHSULYLQGXOHLXULOHGH
=SHQWUXDXWRYHKLFXOHOHSkQăODúLLQFOXVLY PRWRUWHVWDWHúLDSUREDWHSRWILREĠLQXWHGHOD
VWDQGDUGXO(852vQFRQIRUPLWDWHFX RULFH&HQWUXGH6HUYLFH0HUFHGHV%HQ]0HU
'LUHFWLYD8((&& FHGHV%HQ]UHFRPDQGăHIHFWXDUHDVFKLPEX
=SHQWUXDXWRYHKLFXOHOHFHGHSăúHVFVWDQ OXLGHXOHLODXQ&HQWUXGH6HUYLFH0HUFHGHV
GDUGXO(852vQFRQIRUPLWDWHFX5HJOH %HQ]$SUREDUHD0HUFHGHV%HQ]HVWHLQGL
PHQWDUHD&(1U FDWăSHUHFLSLHQWXOGHXOHLSULQLQVFULSĠLDÄ0%
$SSURYDO³úLLQGLFHOHFRUHVSXQ]ăWRUGHH[
$EDWHULOHGHODDFHVWHYDORULSRWDSăUHDvQ
0%$SSURYDO
FRQGLĠLLGHXWLOL]DUHQRUPDOă
7DEHOXOSUH]LQWăXOHLXULOHGHPRWRUDSUREDWH
1XXWLOL]DĠLDGLWLYLSHQWUXFRPEXVWLELOL SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUă
GHRDUHFHDFHúWLDSRWFDX]DGHIHFĠLXQLúL
DYDULHUHDPRWRUXOXL
1RWăSULYLQGSURWHFĠLDPHGLXOXL
&2GLR[LGGHFDUERQHVWHJD]XOFRQVLGHUDW
GHFHUFHWăWRULFDSULQFLSDOXODJHQWvQvQFăO]L
3URGXVHGHVHUYLFHúLFDSDFLWăĠL
& EDUH0%VDX$&($$
=DXWRYHKLFXOHFXPRWRUGLHVHO$SUREDUH
&0$7,& 0%VDX$&($&
& 8OHLXOGHPRWRUSRDWHILDGăXJDWGRDURGDWă
úLQXHVWHSHUPLVăIRORVLUHDDPDLPXOWGH
&$0*
O
9DORULOHDEVHQWHHUDXLQGLVSRQLELOHODGDWD &DSDFLWăĠL
GăULLODWLSDU
8UPăWRDUHOHYDORULYL]HD]ăVFKLPEXOGHXOHL
0RWRDUHSHEHQ]LQă 0%$SSURYDO LQFOXVLYILOWUXOGHXOHL
$SUREDUH0%
0RGHO &DSDFL
& WDWH
&0$7,& &.2035(6625 O
& &
'DWHWHKQLFH
&
0RWRDUHGLHVHO 0%$SSURYDO &
$SUREDUH0%
& O
$XWRYHKLFXOHFXILOWUXGHSDUWLFXOHGLH
&0$7,&
VHO
&
&&', &0$7,&
&&',
&&',
&&', &&',
&&', &&',
&&',0$7,& &&',
&&', &&',0$7,&
&&',0$7,&
3XWHĠLDFWLYDRSUH]HQWDUHJHQHUDOăDXOHLXUL
ORUGHPRWRUDSUREDWHSHLQWHUQHWODDGUHVD
%OXH()),&,(1&<
1XPDLvQDQXPLWHĠăUL
5HVWULFĠLHVHSRWXWLOL]DQXPDLXOHLXULGHPRWRU6$(:6$(:
3URGXVHGHVHUYLFHúLFDSDFLWăĠL
'DWHWHKQLFH
WDWH7DEHOXOGHPDLMRVYăSUH]LQWăFHFODVL
ILFăUL6$(VHYRUXWLOL]D3URSULHWăĠLOHGHMRDVă PHQWXOPRWRUXOXLFDUHYăYDDPLQWLFkQG
WHPSHUDWXUăDOHXOHLXULORUGHPRWRUSRWIL WUHEXLHVăUHDOL]DĠLXUPăWRUXOVFKLPEGH
DIHFWDWHVHPQLILFDWLYvQWLPSXOIXQFĠLRQăULLGLQ OLFKLGGHIUkQă
FDX]DX]XULLúLIXQLQJLQLLúLGHDFXPXODUHDGH
FDUEXUDQWGHH[HPSOX3ULQXUPDUHVHUHFR
PDQGăFXLQVLVWHQĠăVăUHVSHFWDĠLVFKLPEX /LFKLGGHUăFLUH
ULOHGHXOHLUHJXODWHIRORVLQGXQXOHLGHPRWRU
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
FXLQGLFHOHGHFODVLILFDUH6$(FRUHVSXQ]ăWRU
/LFKLGXOGHUăFLUHHVWHXQDPHVWHFGHDSăúL
DQWLJHOLQKLELWRUDQWLFRUR]LXQH$FHVWDDVL
JXUăXUPăWRDUHOHVDUFLQL
=3URWHFĠLHDQWLFRUR]LXQH
=SURWHFĠLHDQWLJHO
=FUHúWHUHDSXQFWXOXLGHILHUEHUH
G /DSULPDOXDUHvQSULPLUHDDXWRYHKLFXOX
OXLDFHVWDHVWHXPSOXWFXXQDPHVWHFGH
OLFKLGGHUăFLUHFDUHDVLJXUăSURWHFĠLDDQWL
JHOúLDQWLFRUR]LXQHDGHFYDWă
1XPDLvQDQXPLWHĠăUL
%OXH()),&,(1&<
,QFOXVLYUăFLWRUXOGHXOHLH[WHUQ
'DWHSULYLQGDXWRYHKLFXOXO
$GăXJDĠLQXPDLOLFKLGGHUăFLUHSUHDPHV 'DWHSULYLQGDXWRYHKLFXOXO
WHFDWFXOLFKLGGHSURWHFĠLHDQWLJHOGRULWÌQ
FD]FRQWUDUPRWRUXOSRDWHVXIHULGHWH 3HQWUXGDWHOHVSHFLILFDWHSULYLQGDXWRYHKLFX
ULRUăUL OXOUHĠLQHĠLFă
,QIRUPDĠLLVXSOLPHQWDUHSULYLQGOLFKLGHOHGH =vQăOĠLPLOHVSHFLILFDWHSRWYDULDvQIXQFĠLHGH
UăFLUHúLXPSOHUHDFXDFHVWHDVHUHJăVHVF SQHXUL
vQVSHFLILFDĠLLOH0HUFHGHV%HQ]SHQWUXSUR
GXVHGHVHUYLFHDSUREDUH0%GHH[ VDUFLQă
SHLQWHUQHWOD VWDUHDVXVSHQVLHL
KWWSEHYRPHUFHGHVEHQ]FRP3XWHĠL HFKLSDPHQWXORSĠLRQDO
GHDVHPHQHDFRQVXOWDXQ&HQWUXGHVHUYLFH =DUWLFROHOHGLQHFKLSDUHDRSĠLRQDOăFUHVF
0HUFHGHV%HQ] PDVDSURSULHODJROúLUHGXFVDUFLQD
8WLOL]DĠLvQWRWGHDXQDXQDPHVWHFDGHFYDW PD[LPă0DVDSURSULHODJROHVWHVSHFLIL
GHOLFKLGGHUăFLUHFKLDUúLvQĠăULOHFXWHP FDWăvQFRQIRUPLWDWHFX'LUHFWLYD&(úL
SHUDWXULSUHGRPLQDQWvQDOWH LQFOXGH
úRIHUXONJ
ÌQFD]FRQWUDUVLVWHPXOGHUăFLUHDPRWR
UXOXLQXHVWHVXILFLHQWSURWHMDWFRQWUDFRUR EDJDMXONJ
]LXQLLúLVXSUDvQFăO]LULL WRDWHOLFKLGHOHUH]HUYRUXOGHFDUEXUDQW
'DFăDQWLJHOXOLQKLELWRUXOGHFRUR]LXQHHVWH SOLQ
SUH]HQWvQFRQFHQWUDĠLDFRUHFWăSXQFWXOGH =LQIRUPDĠLLOHSULYLQGJUHXWDWHDVSHFLILFH
ILHUEHUHDOLFKLGXOXLGHUăFLUHvQWLPSXOIXQF DXWRYHKLFXOXOXLVHUHJăVHVFSHSOăFXĠDGH
ĠLRQăULLVHYDVLWXDvQMXUGH LGHQWLILFDUHDDXWRYHKLFXOXOXL
&RQFHQWUDĠLDGHDQWLJHOLQKLELWRUGHFRUR 3DJLQD
'DWHWHKQLFH
]LXQHGLQVLVWHPXOGHUăFLUHDPRWRUXOXLWUH =QXPDLSHQWUXDQXPLWHĠăULSXWHĠLJăVL
EXLH GDWHOHVSHFLILFHSULYLQGDXWRYHKLFXOXOvQ
=VăILHGHFHOSXĠLQ$VWIHOVLVWHPXOGH
GRFXPHQWXO&2&&(57,),&$7'(&21
)250,7$7($FHVWHGRFXPHQWHvQVRĠHVF
UăFLUHDPRWRUXOXLYDILSURWHMDWFRQWUD
DXWRYHKLFXOXOODOLYUDUH
vQJKHĠXOXLODRWHPSHUDWXUăGHSkQăODPLQL
PXP 7RDWHPRGHOHOH
=VăQXGHSăúHDVFăSURWHFĠLHDQWLJHOGH
/XQJLPHDDXWRYHKL PP
SkQăODPLQLPXPvQFD]FRQWUDU
FXOXOXL(&(6HGDQ
FăOGXUDQXVHYDGLVLSDODIHOGHHILFLHQW
'DFăDXWRYHKLFXOXODSLHUGXWOLFKLGGHUăFLUH /XQJLPHDDXWRYHKL PP
FRPSOHWDĠLFXFDQWLWăĠLHJDOHGHDSăúLDQWL FXOXOXL(&(%UHDN
JHOLQKLELWRUGHFRUR]LXQH0HUFHGHV%HQ]
/ăĠLPHDDXWRYHKL PP
YăUHFRPDQGăXQDQWLJHOLQKLELWRUGHFRUR
FXOXOXLLQFOXVLY
]LXQHDSUREDWSHQWUX0HUFHGHV%HQ]
RJOLQ]LOHH[WHULRDUH
6LVWHPXOGHUăFLUHDPRWRUXOXLHVWH
XPSOXWFXOLFKLGGHUăFLUHFHWUHEXLHVăILH /ăĠLPHDDXWRYHKL PP
vQORFXLWGXSăDQLVDXGXSăFHOPXOW FXOXOXLIăUăRJOLQ
NP ]LOHH[WHULRDUH
$PSDWDPHQWXOFX PP
H[FHSĠLDDXWRYHKL
FXOHORU$0*
'DWHSULYLQGDXWRYHKLFXOXO
7RDWHPRGHOHOH &%OXH()),&,(1&<
6DUFLQDPD[LPăSH NJ 7UDQVPLVLHPDQXDOă
SDYLOLRQ
0DVăSURSULHOD NJ
6DUFLQăPD[LPăvQ NJ JRO6HGDQ
SRUWEDJDM
0DVăSURSULHOD NJ
JRO%UHDN
&.2035(6625%OXH()),
7UDQVPLVLHDXWRPDWă
&,(1&<
0DVăSURSULHOD NJ
7UDQVPLVLHPDQXDOă
JRO6HGDQ
0DVăSURSULHOD NJ
0DVăSURSULHOD NJ
JRO6HGDQ
JRO%UHDN
0DVăSURSULHOD NJ
JRO%UHDN
&%OXH()),&,(1&<
7UDQVPLVLHDXWRPDWă
0DVăSURSULHOD NJ
0DVăSURSULHOD NJ JRO6HGDQ
JRO6HGDQ
0DVăSURSULHOD NJ
0DVăSURSULHOD NJ JRO%UHDN
JRO%UHDN
'DWHWHKQLFH
&%OXH()),&,(1&<
&%OXH()),&,(1&<
0DVăSURSULHOD NJ
7UDQVPLVLHPDQXDOă JRO6HGDQ
0DVăSURSULHOD NJ 0DVăSURSULHOD NJ
JRO6HGDQ JRO%UHDN
0DVăSURSULHOD NJ
JRO%UHDN &0$7,&%OXH()),&,(1&<
7UDQVPLVLHDXWRPDWă 0DVăSURSULHOD NJ
JRO6HGDQ
0DVăSURSULHOD NJ
JRO6HGDQ
&&',%OXH()),&,(1&<
0DVăSURSULHOD NJ
JRO%UHDN &&',%OXH()),&,(1&<
7UDQVPLVLHPDQXDOă
0DVăSURSULHOD NJ
JRO6HGDQ
0DVăSURSULHOD NJ
JRO%UHDN
1XPDLvQDQXPLWHĠăUL
'DWHSULYLQGDXWRYHKLFXOXO
&&',%OXH()),&,(1&< &&',0$7,&%OXH()),&,(1&<
&&',%OXH()),&,(1&< 0DVăSURSULHOD NJ
7UDQVPLVLHDXWRPDWă JRO6HGDQ
&$0* G 9DORULOHVSHFLILFDWHSRWGLIHULGHYDORULOH
UHDOHvQIXQFĠLHGHSQHXULVDUFLQăHFKLSD
0DVăSURSULHOD NJ PHQWRSĠLRQDOúLVWDUHDVXVSHQVLHL
JRO%UHDN
$PSDWDPHQW PP
&kUOLJGHWUDFWDUHDUHPRUFLL
9DORULOHDEVHQWHHUDXLQGLVSRQLELOHODGDWD 'LPHQVLXQLGHPRQWDUH
GăULLODWLSDU
$9(57,60(17
& 6ROLFLWDĠLHIHFWXDUHDPRGHUQL]ăULLFXXQFkUOLJ
GHWUDFWDUHDUHPRUFLLQXPDLODXQDWHOLHUGH
&%OXH()),&,(1&<
VSHFLDOLWDWHDXWRUL]DWFDUHGLVSXQHGHFXQRú
&0$7,&%OXH()),&,(1&< WLQĠHOHGHVSHFLDOLWDWHúLLQVWUXPHQWHOHQHFH
VDUHHIHFWXăULLLQWHUYHQĠLLORUUHVSHFWLYH0HU
FHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ&HQWUX
GH6HUYLFH0HUFHGHV%HQ]vQDFHVWVFRSÌQ
'LPHQVLXQLGHGHVFKLGHUHDOHFDSRWHL
VSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLVWHPHORU
SRUWEDJDMXOXLúLKD\RQXOXL
GHVLJXUDQĠăVDXFRUHODWHFXVLJXUDQĠDVHYRU
HIHFWXDODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
'DFăVROLFLWDĠLPRGHUQL]DUHDXQXLFkUOLJ
GHWUDFWDUHDUHPRUFLLHVWHSRVLELOVăILH
QHFHVDUHPRGLILFăULODVLVWHPXOGHUăFLUHvQ
IXQFĠLHGHWLSXODXWRYHKLFXOXOXL
'DWHWHKQLFH
'DFăVROLFLWDĠLPRGHUQL]DUHDXQXLFkUOLJGH
WUDFWDUHDUHPRUFLLUHVSHFWDĠLSXQFWHOHGH
DQFRUDUHGHSHFDGUXOúDVLXOXL
C ÌQăOĠLPHGHGHVFKLGHUH
D ÌQăOĠLPHDGHJDEDULWPD[LPă
C D
6HGDQ ± ²
PP
%UHDN ± ±
PP PP
1XPDLvQDQXPLWHĠăUL
&kUOLJGHWUDFWDUHDUHPRUFLL
6DUFLQLUHPRUFă
7RDWHPRGH
OHOH
6DUFLQăDGPLVă NJ
UHPRUFăQHIUkQDWă
6DUFLQăDGPLVă NJ
UHPRUFăIUkQDWă
6DUFLQăYHUWLFDOă NJ
PD[LPăSHEDUDGHWUDF
WDUH
3XQFWHGHDQFRUDUHSHQWUXFkUOLJXOGHWUDFWDUHD
UHPRUFLLH[HPSOX
C 3XQFWHGHDQFRUDUH
D /XQJLPHvQFRQVROă
/LQLHPHGLDQăSXQWHVSDWH
'DWHWHKQLFH
3HQWUXFkUOLJHOHGHWUDFWDUHDUHPRUFLLPRQ
WDWHGLQIDEULFăOXQJLPHDvQFRQVROăLQFOXVLY
FDSDFXOGHSURWHFĠLHHVWHGHPP
6HGDQIăUăSDFKHWXOVSRUW$0*VDX
PP%UHDNúL6HGDQFXSDFKHWXOVSRUW
$0*
&$0*QXSRDWHILXWLOL]DWODWUDFWDUHDXQHLUHPRUFL
&.2035(6625%OXH()),&,(1&<6HGDQFXWUDQVPLVLHPDQXDOăúL&%OXH()),&,(1&<6HGDQFX
WUDQVPLVLHPDQXDOăNJ
&.2035(6625%OXH()),&,(1&<6HGDQFXWUDQVPLVLHDXWRPDWăúL&%OXH()),&,(1&<6HGDQFX
WUDQVPLVLHDXWRPDWăNJ
&XRFDSDFLWDWHPLQLPăGHXUFDUHvQSDQWăGHGHSHORF
&.2035(6625%OXH()),&,(1&<6HGDQúL%UHDNFXWUDQVPLVLHPDQXDOăNJ
6DUFLQDYHUWLFDOăSHEDUDGHWUDFWDUHQXHVWHLQFOXVăvQVDUFLQDUHPRUFLL
6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOăSHĠăUL
6DUFLQDDGPLVăSHSXQWHDVSDWHODWUDFWDUHDXQHLUHPRUFL
9DORULOHDEVHQWHHUDXLQGLVSRQLELOHODGDWDGăULLODWLSDU
6HGDQ %UHDN
7UDQVPLVLH 7UDQVPLVLH 7UDQVPLVLH 7UDQVPLVLH
PDQXDOă DXWRPDWă PDQXDOă DXWRPDWă
&.2035(6 NJ NJ NJ NJ
625
& NJ NJ NJ NJ
&
&0$7,&
& ± NJ ± NJ
&0$7,& ± NJ ± ±
'DWHWHKQLFH
&&', NJ NJ NJ NJ
6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOăSHĠăUL
6LVWHPXOGHVHQ]RULUDGDUGH*+]QHFHVLWăDSUREDUHVHSDUDWăSHQWUXILHFDUHĠDUă&kQG
FRQGXFHĠLvQWURĠDUăvQFDUHVLVWHPXOGHVHQ]RULUDGDUQXHVWHDSUREDWWUHEXLHVăGH]DFWLYDĠL
VLVWHPXOFXDMXWRUXOFDOFXODWRUXOXLGHERUG3DJLQD3UH]HQWDUHDJHQHUDOăSHĠDUD
FXUHQWăSRDWHILREĠLQXWăGHODXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
$XWRYHKLFXOHOHFXXQVLVWHPGHQDYLJDĠLHVLVWHPXOGHVHQ]RULUDGDUHVWHGH]DFWLYDWDXWR
PDWOkQJăXQLWăĠLUDGLRWHOHVFRS
%OXH()),&,(1&<
3HQWUX&&',%OXH()),&,(1&<FXIXQFĠLHVWDUWVWRS(&2NJ
6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOăSHĠăUL
6LVWHPHOHDFWLYHPRPHQWDQVXQWGH]DFWLYDWHDXWRPDW
=',67521,&3/863DJLQD
=$VLVWHQĠăODXQJKLXOPRUW3DJLQD
=$VLVWHQĠDDFWLYăODSXQFWXOPRUW3DJLQD
=)UkQă35(6$)(3DJLQD
8QPHVDMGHGLVSOD\DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOSHQWUXDYăLQIRUPDFăVLVWHPXOGH
VHQ]RULUDGDUHVWHvQFXUVGHGH]DFWLYDUH3DJLQD
%$63/863DJLQDHVWHDSRLGHDVHPHQHDLQGLVSRQLELO
'DFăGH]DFWLYDUHDQXVXUYLQHDXWRPDWWUHEXLHVăGH]DFWLYDĠLVLVWHPXOGHVHQ]RULUDGDUFX
DMXWRUXOFDOFXODWRUXOXLGHERUG3DJLQD
$XWRYHKLFXOHIăUăQDYLJDĠLHúLDXWRYHKLFXOHSHQWUX$XVWUDOLDWUHEXLHVăGH]DFWLYDĠLVLV
WHPXOGHVHQ]RULUDGDUFXDMXWRUXOFDOFXODWRUXOXLGHERUGFkQGYăDIODĠLOkQJăRXQLWDWHUDGLR
WHOHVFRS3DJLQD
ğDUă 8QLWăĠLUDGLRWH /DWLWXGLQHúLORQJLWXGLQH 'LVWDQĠDGHPHQ
OHVFRS JHRJUDILFă ĠLQXWSkQăODXQL
WDWH
(JLSW ± ± ±
$QGRUD ± ± ±
$XVWUDOLD 3DUNHV
6
( NP
1DUUDEUL
6
( NP
'DWHWHKQLFH
&DQEHUUD
6
( NP
$XVWUDOLDGH9HVW
6
( NP
%DKUHLQ ± ± ±
%HOJLD ± ± ±
%RVQLD+HUĠHJR ± ± ±
YLQD
%XOJDULD ± ± ±
'DQHPDUFD ± ± ±
*HUPDQLD (IIHOVEHUJ
1
( NP
(VWRQLD ± ± ±
)LQODQGD 0HWVlKRYL
1
( NP
7XRUOD
1
( NP
)UDQĠD 3ODWHDXGH%XUH
1
( NP
)ORLUDF
1
: NP
*LEUDOWDU ± ± ±
6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOăSHĠăUL
'DWHWHKQLFH
&DQDGD ± ± ±
4DWDU ± ± ±
&URDĠLD ± ± ±
.XZHLW ± ± ±
/HWRQLD 9HQWVSLOV
1
( NP
/LEDQ ± ± ±
/LWXDQLD ± ± ±
/X[HPEXUJ ± ± ±
0DOD\VLD ± ± ±
0DOWD ± ± ±
0DFHGRQLD ± ± ±
0H[LF ± ± ±
0RQJROLD ± ± ±
1RXD=HHODQGă ± ± ±
2ODQGD ± ± ±
6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOăSHĠăUL
'DWHWHKQLFH
'HWDOLLOHSXEOLFDĠLHL
,QWHUQHW
,QIRUPDĠLLVXSOLPHQWDUHGHVSUHDXWRYHKLFX
OHOH0HUFHGHV%HQ]úLGHVSUH'DLPOHU$*VH
UHJăVHVFSHXUPăWRDUHOHVLWHXUL
KWWSZZZPHUFHGHVEHQ]FRP
KWWSZZZGDLPOHUFRP
%LURXOUHGDFĠLHL
(FKLSDGHUHGDFWRULWHKQLFLDúWHDSWăFX
SOăFHUHRULFHvQWUHEăULVDXVXJHVWLLDĠLDYHD
SULYLQGDFHVW0DQXDOGHXWLOL]DUHODXUPăWRD
UHDDGUHVă
'DLPOHU$*+3&5
'6WXWWJDUW*HUPDQLD
1XHVWHSHUPLVăUHWLSăULUHDWUDGXFHUHDVDX
UHSURGXFHUHDvQRULFHDOWPRGLQWHJUDOăVDX
SDUĠLDOăIăUăSHUPLVLXQHDVFULVăD'DLPOHU
$*
'DWDHGLĠLHL
q1st