You are on page 1of 428

&ODVD*/.

0DQXDOGHXWLOL]DUH
6LPEROXUL
ÌQSUH]HQWXO0DQXDOGHXWLOL]DUHYHĠLJăVL
XUPăWRDUHOHVLPEROXUL
$9(57,60(17
1RWHOHGHDYHUWL]DUHYăDWUDJDWHQĠLDODSHUL
FROHFDUHYDUSXWHDSHULFOLWDVăQăWDWHDVDX
YLDĠDSUHFXPúLVăQăWDWHDVDXYLDĠDDOWRUD

1RWăSULYLQGSURWHFĠLDPHGLXOXL
1RWHOHSULYLQGSURWHFĠLDPHGLXOXLYăRIHUă
LQIRUPDĠLLSULYLQGDFĠLXQLOHGHHOLPLQDUHHFR
ORJLFă

 1RWHOHSULYLQGGHWHULRUDUHDPDWHULDOHORU
YăDWUDJDWHQĠLDDVXSUDSHULFROHORUFDUHDU
SXWHDGXFHODGHWHULRUDUHDDXWRYHKLFXOXOXL
GXPQHDYRDVWUă
G $FHVWVLPEROLQGLFăLQVWUXFĠLXQLXWLOHVDX
LQIRUPDĠLLVXSOLPHQWDUHFDUHDUSXWHDVăYă
DMXWH
 $FHVWVLPEROGHVHPQHD]ăR
LQVWUXFĠLXQHSHFDUHWUHEXLHVăR
UHVSHFWDĠL
 0DLPXOWHVLPEROXULFRQVHFXWLYH
LQGLFăRLQVWUXFĠLXQHFXPDLPXOĠL
SDúL
SDJLQD $FHVWVLPEROYăLQGLFăXQGH
SXWHĠLJăVLLQIRUPDĠLLVXSOLPHQ
WDUHSULYLQGXQDQXPLWVXELHFW
 $FHVWVLPEROLQGLFăXQDYHUWLV
PHQWVDXRLQVWUXFĠLXQHFDUHVH
FRQWLQXăSHSDJLQDXUPăWRDUH
'LVSOD\ $FHVWWH[WLQGLFăXQPHVDMGHSH
DILúDMXOPXOWLIXQFĠLRQDO
&20$1'
3ăUĠLDOHVRIWZDUHXOXLGLQDXWRYHKLFXOVXQW
SURWHMDWHSULQFRS\ULJKW‹
7KH)UHH7\SH3URMHFW
KWWSZZZIUHHW\SHRUJ7RDWHGUHSWXULOH
UH]HUYDWH
%LQHDĠLYHQLWvQOXPHD0HUFHGHV%HQ] G 3XWHĠLFXQRDúWHFDUDFWHULVWLFLOHLPSRU
ÌQDLQWHGHDSOHFDvQFăOăWRULHFLWLĠLFXDWHQĠLH WDQWHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWUă
DFHVW0DQXDOGHXWLOL]DUHúLIDPLOLDUL]DĠLYăFX GLQ0DQXDOXOGHXWLOL]DUHLQWHUDFWLYGHSH
DXWRYHKLFXOXOGXPQHDYRDVWUă3HQWUXVLJX LQWHUQHWODDGUHVD
UDQĠDGXPQHDYRDVWUăúLSHQWUXDSUHOXQJL KWWSZZZPHUFHGHVEHQ]GH
GXUDWDGHYLDĠăDDXWRYHKLFXOXOXLUHVSHFWDĠL EHWULHEVDQOHLWXQJ
LQVWUXFĠLXQLOHúLQRWHOHGHDYHUWL]DUHGLQDFHVW (FKLSDGHUHGDFWDUHDGRFXPHQWDĠLHLWHKQLFH
PDQXDO1HUHVSHFWDUHDORUSRDWHGXFHOD 'DLPOHU$*YăGRUHúWHFRQGXFHUHSOăFXWăúL
GHWHULRUDUHDDXWRYHKLFXOXOXLVDXODUăQLUHD vQVLJXUDQĠă
GXPQHDYRDVWUă
(FKLSDPHQWXOVDXGHQXPLUHDPRGHOXOXLDXWR
YHKLFXOXOXLGXPQHDYRDVWUăSRWYDULDvQIXQF
ĠLHGH
=PRGHO
=FRPDQGă
=PRGHOGHĠDUă
=GLVSRQLELOLWDWH

,OXVWUDĠLLOHGLQDFHVWPDQXDOSUH]LQWăXQDXWR
YHKLFXOFXYRODQXOSHSDUWHDVWkQJă/DDXWR
YHKLFXOHOHFXYRODQXOSHSDUWHDGUHDSWăGLV
SXQHUHDFRPSRQHQWHORUúLFRPHQ]LORUGLIHUă
vQFRQVHFLQĠă
0HUFHGHV%HQ]DFWXDOL]HD]ăSHUPDQHQW
DXWRYHKLFXOHOHSURGXVHODFHOHPDLQRLVWDQ
GDUGHvQGRPHQLX
3ULQXUPDUH0HUFHGHV%HQ]vúLUH]HUYăGUHS
WXOGHDHIHFWXDvQRULFHPRPHQWPRGLILFăULvQ
PDWHULHGH
=PRGHO
=GRWăUL
=FDUDFWHULVWLFLWHKQLFH

3ULQXUPDUHHFKLSDPHQWXOGLQDXWRYHKLFXOXO
GXPQHDYRDVWUăDUSXWHDVăGLIHUHGHFHOSUH
]HQWDWvQGHVFULHULúLLOXVWUDĠLL
8UPăWRDUHOHFRQVWLWXLHFRPSRQHQWHLQWH
JUDQWHGLQDXWRYHKLFXO
=0DQXDOGHXWLOL]DUH
=%URúXUăGHVHUYLFH
=$FFHVRULLED]DWHSHHFKLSDUH

3ăVWUDĠLvQWRWGHDXQDFRSLLWLSăULWHDOHGRFX
PHQWHORUvQDXWRYHKLFXOÌQFD]XOvQFDUHYLQ
GHĠLDXWRYHKLFXOXOWUDQVIHUDĠLvQWRWGHDXQD
GRFXPHQWHOHQRXOXLSURSULHWDU

q1st

&XSULQV 

,QGH[  3UH]HQWDUHJHQHUDOă 

,QWURGXFHUH  6LJXUDQĠă 

'HVFKLGHUHDúLvQFKLGHUHD 

6FDXQHYRODQúLRJOLQ]L 

/XPLQLúLúWHUJăWRDUHGHSDUEUL] 

&RQWUROFOLPDWL]DUH 

&RQGXFHUHDúLSDUFDUHD 

&DOFXODWRUGHERUGúLGLVSOD\XUL 

'HSR]LWDUHúLFDUDFWHULVWLFL 

ÌQWUHĠLQHUHúLvQJULMLUH 

$VLVWHQĠăvQFD]GHSDQă 

5RĠLúLSQHXUL 

'DWHWHKQLFH 
 ,QGH[

 $ILúDM(&2
&DOFXODWRUGHERUG YRODQPXOWL
(76 IXQFĠLRQDOFXEXWRDQH  
YH]L(76(76 6LVWHPXOGHWUDF )XQFĠLHQRWH 
ĠLXQHHOHFWURQLFă  $ILúDMPXOWLIXQFĠLRQDO
0$7,& WUDFĠLXQHLQWHJUDOăSHU 9RODQPXOWLIXQFĠLRQDOFXEXWRDQH 
PDQHQWă   $ILúDMXOPXOWLIXQFĠLRQDO
$ILúDMSHUPDQHQW YRODQXOPXOWL
$ IXQFĠLRQDOFXEXWRDQH  
$%6 VLVWHPDQWLEORFDUHODIUk 9RODQXOPXOWLIXQFĠLRQDOFX
QDUH EXWRDQH 
)XQFĠLHQRWH  $ILúDMXOSR]LĠLHLWUDQVPLVLHL
$%6 6LVWHPDQWLEORFDUHODIUk PDQHWă',5(&76(/(&7  
QDUH $LUEDJODWHUDO 
/DPSDGHDYHUWL]DUH  $LUEDJXOSHQWUXJHQXQFKL 
0HVDMGHSHGLVSOD\ YRODQPXOWL $LUEDJXOWLSFRUWLQă
IXQFĠLRQDOFXEXWRDQH   8WLOL]DUH 
$%6 6LVWHPGHDQWLEORFDUHODIUk $LUEDJXUL
QDUH $LUEDJIURQWDO úRIHUSDVDJHUXO
0HVDMXOGHSHGLVSOD\ YRODQXO IDĠă  
PXOWLIXQFĠLRQDOFXEXWRDQH   $LUEDJODWHUDO 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  $LUEDJSHQWUXED]LQ 
$FWLYDUHDGH]DFWLYDUHDIUkQHL $LUEDJWLSFRUWLQă 
35(6$)(Š  $LUEDJXOSHQWUXJHQXQFKL 
$FWLYDUHDGH]DFWLYDUHDPRGXOXL 'HFODQúDUH 
GHUHFLUFXODUHDDHUXOXL  ,QGLFDĠLLLPSRUWDQWHSULYLQGVLJX
$FWLYDUHDGH]DFWLYDUHDUăFLULLFX UDQĠD 
GH]XPLGLILFDUHDDHUXOXL  $LUEDJXULWLSFRUWLQă
$FYDSODQDUH  0HVDMGHSHGLVSOD\ YRODQPXOWL
$G%OXHŠ IXQFĠLRQDOFXEXWRDQH  
&DSDFLWDWHGHXPSOHUH  0HVDMXOGHSHGLVSOD\ YRODQXO
,QGLFDWRUXOGHUHYL]LLWHKQLFH  PXOWLIXQFĠLRQDOFXEXWRDQH  
0HVDMGHSHGLVSOD\ YRODQPXOWL $,5)/2: 
IXQFĠLRQDOFXEXWRDQH   $ODUPăGHSDQLFă 
0HVDMGHSHGLVSOD\ YRODQPXOWL $OLPHQWDUHDFXFDUEXUDQW
IXQFĠLRQDOFXEXWRDQH   3URFHVXOGHDOLPHQWDUHFXFDUEX
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  UDQW 
$GLWLYL XOHLGHPRWRU   $OLPHQWDUHFXFDUEXUDQW
$GXFHUHDVFKLPEăWRUXOXLvQSR]LĠLD ,QGLFDWRUQLYHOGHFDUEXUDQW 
QHXWUă WUDQVPLVLHPDQXDOă   1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
$HUDWRDUH YH]L&DUEXUDQW
YH]L&RQWUROXOFOLPDWL]ăULL $VLVWDUHSHQWUXOLPLWDUHDYLWH]HL
$ILúDMGLVWDQĠă FDOFXODWRUGHERUG $FWLYDUHDGH]DFWLYDUHDIXQFĠLHL
YRODQXOPXOWLIXQFĠLRQDOFX GHDYHUWL]DUH 
EXWRDQH   $ILúDUH 
0HVDMGHSHGLVSOD\ YRODQXOPXO
WLIXQFĠLRQDOFXEXWRDQH  
,QGH[ 

0HVDMXOGHSHGLVSOD\GLQDILúDMXO $VLVWHQĠăODSDUFDUH
PXOWLIXQFĠLRQDO  YH]L2JOLQ]LH[WHULRDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  YH]L3$5.7521,&
$6,67(170(1ğ,1(5($7(1ğ,( $VLVWHQĠăODSRUQLUHDvQSDQWă 
$FWLYDUHDGH]DFWLYDUHD  $VLVWHQĠăODXQJKLXOPRUW
)XQFĠLHQRWH  0HVDMGHSHGLVSOD\ YRODQXOPXO
0HVDMGHSHGLVSOD\ YRODQXOPXO WLIXQFĠLRQDOFXEXWRDQH  
WLIXQFĠLRQDOFXEXWRDQH   $VLVWHQĠăSHQWUXID]ăOXQJăDGDS
$VLVWHQĠDDFWLYăODSDUFDUH WLYă
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  )XQFĠLHQRWH 
$VLVWHQĠDDFWLYăODXQJKLXOPRUW 0HVDMGHSHGLVSOD\ YRODQXOPXO
$FWLYDUHDGH]DFWLYDUHD FDOFXOD WLIXQFĠLRQDOFXEXWRDQH  
WRUGHERUGYRODQXOPXOWLIXQFĠLR $VLVWHQĠăSHQWUXPHQĠLQHUHDEHQ
QDOFXEXWRDQH   ]LLGHPHUV
)XQFĠLHQRWH  0HVDMGHSHGLVSOD\ YRODQXOPXO
7UDFWDUHDXQHLUHPRUFL  WLIXQFĠLRQDOFXEXWRDQH  
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQH $66<673/86
UHDEHQ]LLGHPHUV $ILúDUHDXQXLPHVDMGHVHUYLFH 
)XQFĠLHQRWH  $VFXQGHUHDXQXLPHVDMGHVHUYLFH 
3RUQLUHDRSULUHD FDOFXODWRUGH &HULQĠHGHVHUYLFHVSHFLDOH 
ERUGYRODQXOPXOWLIXQFĠLRQDOFX 0HVDMGHVHUYLFH 
EXWRDQH   1RWH 
7UDFWDUHDXQHLUHPRUFL  5HVHWDUHDILúDMLQWHUYDOGHVHUYL
$VLVWHQĠDODSDUFDUH VDUH 
YH]L3$5.7521,& $7$ 6LVWHPGHDODUPăDQWLIXUW
$VLVWHQĠDODXQJKLXOPRUW $FWLYDUHDGH]DFWLYDUHD 
$FWLYDUHDGH]DFWLYDUHD  'H]DFWLYDUHDDODUPHL 
1RWHIXQFĠLH  $7$ VLVWHPXOGHDODUPăDQWLIXUW
7UDFWDUHDUHPRUFLL  3URWHFĠLDODWUDFWDUH 
$VLVWHQĠDSHQWUXID]DOXQJăDGDS 6HQ]RUXOGHPLúFDUHvQLQWHULRU 
WLYă $7$ 6LVWHPXOGHDODUPăDQWLIXUW
$FWLYDUHDGH]DFWLYDUHD FDOFXOD )XQFĠLRQDUH 
WRUGHERUG   $WHOLHUGHVHUYLFH
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
]LLGHPHUV $WHOLHUGHVHUYLFHDXWRUL]DW
$FWLYDUHDGH]DFWLYDUHD  YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
)XQFĠLHLQIRUPDĠLL  $WHOLHUGHVSHFLDOLWDWH 
$VLVWHQĠăDFWLYăODSDUFDUH $WHOLHUGHVSHFLDOLWDWHDXWRUL]DW 
$QXODUH  $XGLR'9' YRODQXOPXOWLIXQFĠLR
'HWHFWDUHVSDĠLLGHSDUFDUH  QDOFXEXWRDQH  
,HúLUHGLQWUXQVSDĠLXGHSDUFDUH  $XWRQRPLH FDUEXUDQW
0HVDMGHSHGLVSOD\  $ILúDUH YRODQPXOWLIXQFĠLRQDOFX
3DUFDUH  EXWRDQH  
$VLVWHQĠăDFWLYăSHQWUXPHQĠLQH $ILúDUH YRODQXOPXOWLIXQFĠLRQDOFX
UHDEHQ]LLGHPHUV EXWRDQH  
0HVDMGHSHGLVSOD\ YRODQXOPXO
WLIXQFĠLRQDOFXEXWRDQH  
 ,QGH[

$XWRYHKLFXO %DWHULH FKHLH


$VLJXUDUHDvPSRWULYDSXQHULLvQ ÌQORFXLUH 
PLúFDUH  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
&RERUkUH  9HULILFDUH 
'HVFXLHUH vQFD]GHXUJHQĠă   %HFXULOH
'HVFXLHUHGHXUJHQĠă  YH]L6FKLPEDUHDEHFXULORU
(FKLSDPHQW  %HQ]LQă 
ÌQFXLHUH vQFD]GHXUJHQĠă   %OLQG6SRW$VVLVW $VLVWHQĠDOD
ÌQUHJLVWUDUH  XQJKLXOPRUW
3RUQLUHDSULQWUDFWDUH  YH]L$FWLYH%OLQG6SRW$VVLVW $VLV
5LGLFDUH  WHQĠDDFWLYăODXQJKLXOPRUW 
7UDFWDUH  %OXH7(& $G%OXHŠ  
YH]L$XWRYHKLFXO %ULFKHWD 
$XWRYHKLFXOXO %XWRQGHVHOHFWDUHDSURJUDPXOXL 
'DWHSULYLQGDXWRYHKLFXOXO 
'HVFXLHUH FKHLH   &
*DUDQĠLDLPSOLFLWă 
ÌQFXLHUH FKHLH   &DOăGHURDWă 
/ăVDUHDDXWRYHKLFXOXOXLSDUFDW  &DOFXODWRUGHERUG
3RUQLUHDGHSHORF  6XEPHQLX/XPLQL 
3UHOXDUHDGDWHORU  8WLOL]DUHDWHOHYL]RUXOXL 
6HWăULLQGLYLGXDOH  &DOFXODWRUGHERUG YRODQPXOWL
6LVWHPHOHHOHFWURQLFHDOHDXWRYH IXQFĠLRQDOFXEXWRDQH
KLFXOXOXL  6XEPHQLXDXWRYHKLFXO 
7UDQVSRUWDUH  6XEPHQLX&RQIRUW 
8WLOL]DUHFRUHFWă  6XEPHQLXÌQFăO]LUH 
$YHUWLVPHQWSULYLQGSLHUGHUHDSUH 6XEPHQLX/XPLQL 
VLXQLLvQSQHXUL &DOFXODWRUGHERUG YRODQPXOWL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  IXQFĠLRQDOFXEXWRDQH
$YHUWL]DUHSULYLQGSLHUGHUHDSUH $FWLYDUHDGH]DFWLYDUHDPRGXOXL
VLXQLLvQSQHXUL GHIXQFĠLRQDUHSHWLPSGH]LDIDUX
5HSRUQLUH  ULORU 
$ILúDMVWDQGDUG 
% $XWRQRPLH 
&DOFXODWRUGHSDUFXUV 
%$6 6LVWHPXOGHIUkQDUHDVLVWDWă   3UH]HQWDUHGHDQVDPEOXDPHQLXOXL 
%$63/86 6LVWHPGHDVLVWDUHOD 6HWăULLQGLYLGXDOHDOHDXWRYHKLFX
IUkQDUH3OXV   OXOXL 
%DWHULH DXWRYHKLFXO 8WLOL]DUH 
ÌQFăUFDUH  &DOFXODWRUGHERUG YRODQXOPXOWL
0HVDMGHSHGLVSOD\ YRODQPXOWL IXQFĠLRQDOFXEXWRDQH
IXQFĠLRQDOFXEXWRDQH   $ILúDUHDPHVDMHORUGHVHUYLFH 
0HVDMGHSHGLVSOD\ YRODQPXOWL $XWRQRPLH 
IXQFĠLRQDOFXEXWRDQH   0HPRULDGHPHVDMH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  0HQLXODXGLR 
3RUQLUHIRUĠDWă  0HQLXOGHQDYLJDĠLH 
0HQLXOGHUXODMSDUĠLDO 
0HQLXOGHVHUYLFH 
,QGH[ 

1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  &DUDFWHULVWLFD($6<(;,7 ,(ù,5(


3UH]HQWDUHGHDQVDPEOXDPHQLXOXL  8ù2$5Ă
6XEPHQLXGHGLVSOD\VWDQGDUG  &XUHDFĠLHODFROL]LXQL 
8WLOL]DUH  )XQFĠLHQRWH 
8WLOL]DUHDYLGHR'9'  &DUDFWHULVWLFăGHGHVFKLGHUHDVLV
&DOFXODWRUGHERUG YRODQXOPXOWL WDWă 
IXQFĠLRQDOFXEXWRDQH &DUDFWHULVWLFăGHvQFKLGHUHSH
$ILúDUHDPHVDMHORUGHVHUYLFH  WLPSGHSORDLH WUDSăJOLVDQWă
0HPRULDGHPHVDMH  SDQRUDPLFă  
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  &DUDFWHULVWLFăGHUHWUDJHUH
&DOFXODWRUGHSDUFXUV *HDPXULODWHUDOH 
&DOFXODWRUGHERUG YRODQPXOWL 7UDSăJOLVDQWăSDQRUDPLFă 
IXQFĠLRQDOFXEXWRDQH   &DUEXUDQW
&DOFXODWRUGHERUG YRODQXOPXOWL $GLWLYL 
IXQFĠLRQDOFXEXWRDQH   $ILúDMFRQĠLQXWUH]HUYRU YRODQ
&DPHUDGHPHUVvQDSRL PXOWLIXQFĠLRQDOFXEXWRDQH  
)XQFĠLHQRWH  $ILúDMFRQĠLQXWUH]HUYRU YRODQ
,QVWUXFĠLXQLGHFXUăĠDUH  PXOWLIXQFĠLRQDOFXEXWRDQH  
&DPHUăƒ $ILúDUHDXWRQRPLH YRODQPXOWL
)XQFĠLHQRWH  IXQFĠLRQDOFXEXWRDQH  
&DPHUăGHPHUVvQDSRL $ILúDUHDXWRQRPLH YRODQXOPXOWL
3RUQLUHRSULUH  IXQFĠLRQDOFXEXWRDQH  
&DSDF $OLPHQWDUHFXFDUEXUDQW 
YH]L&ODSHWDJXULLGHXPSOHUHFX &DOLWDWH EHQ]LQă  
FDUEXUDQW &DOLWDWH GLHVHO  
&DSDFSRUWEDJDM  ,QIRUPDĠLLSULYLQGFRQVXPXO 
&DSRWD 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
'HVFKLGHUH  3UREOHPă GHIHFĠLXQH  
ÌQFKLGHUH  &DUEXUDQWGHUH]HUYă
&DSRWă /DPSăGHDYHUWL]DUH 
0HVDMGHSHGLVSOD\ YRODQPXOWL 0HVDMGHSHGLVSOD\ YRODQPXOWL
IXQFĠLRQDOFXEXWRDQH   IXQFĠLRQDOFXEXWRDQH  
0HVDMGHSHGLVSOD\ YRODQXOPXO 0HVDMGHSHGLVSOD\ YRODQPXOWL
WLIXQFĠLRQDOFXEXWRDQH   IXQFĠLRQDOFXEXWRDQH  
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  &DUGGHPHPRULH DXGLR  
&DUDFWHULVWLFDGHVXSUDUHJODUH &kUOLJGHJHDQWă 
*HDPXULOHODWHUDOHVSDWH  &kUOLJGHUHPRUFDUH
&DUDFWHULVWLFD($6<(175< 3ăVWUDUH 
$FWLYDUHDGH]DFWLYDUHD YRODQXO &kUOLJHSHQWUXKDLQH 
PXOWLIXQFĠLRQDOFXEXWRDQH   &kUOLJXOGHUHPRUFDUH
&DUDFWHULVWLFD($6<(175< 0RQWDUHD 
,175$5(8ù2$5Ă &ăOGXUăUH]LGXDOă FRQWUROXOFOLPD
)XQFĠLHQRWH  WL]ăULL  
&DUDFWHULVWLFD($6<(;,7 &ăSWXúHDOăSDYLOLRQúLPRFKHWH
$FWLYDUHDGH]DFWLYDUHD YRODQXO LQVWUXFĠLXQLGHFXUăĠDUH  
PXOWLIXQFĠLRQDOFXEXWRDQH   &'SOD\HUPDJD]LHGH&'XUL YROD
QXOPXOWLIXQFĠLRQDOFXEXWRDQH  
 ,QGH[

&HDV &KHLH
6HWDUH YRODQXOPXOWLIXQFĠLRQDOFX &DUDFWHULVWLFăGHGHVFKLGHUHDVLV
EXWRDQH   WDWă 
&HQWUXGH6HUYLFH (HPHQWXOFKHLHGHXUJHQĠă 
YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW )XQFĠLDGHvQFKLGHUHGHFRQIRUW 
&HQWUXGH6HUYLFH0HUFHGHV%HQ] ÌQFKLGHUHDGHVFKLGHUHDFHQWUDOL
YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW ]DWăDSRUWLHUHORU 
&HQWXUDGHVLJXUDQĠă 0HVDMGHSHGLVSOD\ YRODQPXOWL
$FWLYDUHDGH]DFWLYDUHDUHJOăULL IXQFĠLRQDOFXEXWRDQH  
FHQWXULLGHVLJXUDQĠă YRODQXOPXO 0RGLILFDUHDSURJUDPăULL 
WLIXQFĠLRQDOFXEXWRDQH   1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
(OLEHUDUH  3LHUGHUH 
/DPSăGHDYHUWL]DUH  3UREOHPă GHIHFĠLXQH  
0HVDMXOGHSHGLVSOD\ YRODQXO 9HULILFDUHDEDWHULHL 
PXOWLIXQFĠLRQDOFXEXWRDQH   &KLQJăVXSHULRDUă 
3ULQGHUHD  &ODSHWDJXULLGHXPSOHUHFXFDUEX
5HJODUHDFHQWXULLGHVLJXUDQĠă UDQW
SHQWUXVFDXQXOúRIHUXOXLúLVFDX 'HVFKLGHUHDvQFKLGHUHD 
QXOSDVDJHUXOXLIDĠă  &OLPDWL]DUH
&HQWXUă 3RUQLUHRSULUH 
YH]L&HQWXUDGHVLJXUDQĠă 5ăFLUHFXGH]XPLGLILFDUH 
&HQWXUăGHVLJXUDQĠă 5HJODUHDGHELWXOXLGHDHU 
&XUăĠDUH  5HJODUHDGLVWULEXĠLHLDHUXOXL 
,QGLFDWRUXOGHVWDUHDFHQWXULLGH 5HJODUHDRULILFLLORUGHYHQWLODĠLH 
VLJXUDQĠăVSDWH  5HJODUHDWHPSHUDWXULL 
,QVWUXFĠLXQLLPSRUWDQWHSULYLQG &RGXOGHYRSVHD 
VLJXUDQĠD  &20$1'2QOLQH
/DPSăGHDYHUWL]DUH IXQFĠLH   YH]L,QVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
0HVDMGHSHGLVSOD\ YRODQPXOWL &RPSDUWLPHQWHGHGHSR]LWDUH
IXQFĠLRQDOFXEXWRDQH   &RQVROăFHQWUDOă 
6FDXQXOFHQWUDOGLQ]RQDGLQVSDWH &RWLHUă GHGHVXEW  
DKDELWDFOXOXL  6SDWH 
&HQWXULOHGHVLJXUDQĠă 6XSRUWXOSHQWUXSDKDU 
'LVSR]LWLYGHSUHWHQVLRQDUHDFHQ &RPSDUWLPHQWHOHGHGHSR]LWDUH
WXULORU  ,QIRUPDĠLLLPSRUWDQWHSULYLQGVLJX
/LPLWDWRUGHIRUĠăSHQWUXFHQWXUL  UDQĠD 
5HJODUHDSHvQăOĠLPH  7RUSHGR 
&KHL &RPSDUWLPHQWVSDWH
0HVDMXOGHSHGLVSOD\ YRODQXO 6HWDUHDFXUHQWXOXLGHDHU 
PXOWLIXQFĠLRQDOFXEXWRDQH   6HWDUHDRULILFLLORUGHYHQWLODĠLH 
&KHLD &RPSDUWLPHQWXOGHGHSR]LWDUH
3RUQLUHDPRWRUXOXL  'HVXEVFDXQXOúRIHUXOXLVFDXQXO
3R]LĠLL FRPXWDWRUXOGHFRQWDFW   SDVDJHUXOXLIDĠă 
VFKLPEDUHDEDWHULHL  &RPSRQHQWHRUQDPHQWDOH
&KHLDGHXUJHQĠă LQVWUXFĠLXQLGHFXUăĠDUH  
'HVFXLHUHDSRUWLHUHLúRIHUXOXL  &RPSXWHUGHERUG YRODQPXOWL
IXQFĠLRQDOFXEXWRDQH
0HQLXO$VVLVW 
,QGH[ 

&RPSXWHUGHERUG YRODQPXOWL &RQWRUGHUXODMSDUĠLDO


IXQFĠLRQDOFXEXWRDQH $ILúDM YRODQXOPXOWLIXQFĠLRQDOFX
0HVDMHDILúDWH  EXWRDQH  
&RPSXWHUGHERUG YRODQPXOWL $ILúDUHUHVHWDUH YRODQPXOWL
IXQFĠLRQDOFXEXWRDQH 0HQLXO IXQFĠLRQDOFXEXWRDQH  
6HWăUL  5HVHWDUH YRODQXOPXOWLIXQFĠLRQDO
&RPSXWHUGHERUG YRODQPXOWL FXEXWRDQH  
IXQFĠLRQDOFXEXWRQ &RQWRUGHUXODMWRWDO
0HQLXO7HOHIRQ  $ILúDUH YRODQPXOWLIXQFĠLRQDOFX
&RPSXWHUGHERUG YRODQPXOWL EXWRDQH  
IXQFĠLRQDOFXEXWRDQH $ILúDUH YRODQXOPXOWLIXQFĠLRQDOFX
0HVDMHDILúDWH  EXWRDQH  
2UăGDWă  &RQWUROFOLPDWL]DUH
&RPXWDWRUFRPELQDW  $FWLYDUHDGH]DFWLYDUHDIXQFĠLHL
&RPXWDWRUXOGHFRQWDFW =21( 
YH]L3R]LĠLLOHFKHLL &RQWURODXWRPDWDOFOLPDWL]ăULL
&RQGXFHUHDvQVWUăLQăWDWH 7+(5027521,& WUL]RQă  
)D]DVFXUWăVLPHWULFă  'HVFKLGHUHDvQFKLGHUHDDVLVWDWă
6HUYLFHK  PRGXOGHUHFLUFXODUHDDHUXOXL  
&RQGXFHUHDSHGUXPXULPRQWDQH ÌQFăO]LUHDYHQWLODĠLDDX[LOLDUă 
8QJKLGHDWDFGHJDMDUH  1RWHSULYLQGXWLOL]DUHDFRQWUROXOXL
&RQGXFHUHDÄRIIURDG´ DXWRPDWDOFOLPDWL]ăULL7+(502
,QIRUPDĠLLJHQHUDOH  7521,& 
/LVWăGHYHULILFDUHGXSăFRQGXFH 3DQRXGHFRPDQGăGLQVSDWH 
UHDÄRIIURDG´  3RUQLUHDRSULUHDvQFăO]LULLOXQHWHL  
&RQGXFHUHRIIURDG 3UH]HQWDUHJHQHUDOăDVLVWHPHORU  
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  3UREOHPăODvQFăO]LUHDOXQHWHL 
YH]L&RQGXFHUHRIIURDG 5HJODUHDFXUHQWXOXLGHDHU $,5
&RQGXFHUHÄRIIURDG´ )/2:  
/LVWăGHYHULILFDUHvQDLQWHGHFRQ &RQWUROFURD]LHUă
GXFHUHDÄRIIURDG´  'H]DFWLYDUH 
5XODUHDvQSDQWă  0HPRUDUHúLPHQĠLQHUHYLWH]ă
&RQH[LXQHGLDJQRVWLFDUH  FXUHQWă 
&RQVRODFHQWUDOă 0HVDMGHSHGLVSOD\ YRODQPXOWL
6HFĠLXQHDLQIHULRDUă  IXQFĠLRQDOFXEXWRDQH  
6HFĠLXQHDVXSHULRDUă  0HVDMGHSHGLVSOD\ YRODQXOPXO
&RQVXPXOGHFDUEXUDQW WLIXQFĠLRQDOFXEXWRDQH  
&XUHQW YRODQXOPXOWLIXQFĠLRQDOFX 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
EXWRDQH   &RQWUROXOFOLPDWL]ăULL
&RQWRUGHGLVWDQĠă $FWLYDUHDGH]DFWLYDUHDFăOGXULL
9RODQXOPXOWLIXQFĠLRQDOFX UH]LGXDOH 
EXWRDQH  &RQWUROXODXWRPDWDOFOLPDWL]ăULL
7+(50$7,& EL]RQă  
'H]DEXULUHDJHDPXULORU 
'H]DEXULUHDSDUEUL]XOXL 
/DPSăLQGLFDWRDUH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
 ,QGH[

1RWHSULYLQGXWLOL]DUHDFRQWUROXOXL 3QHXULMDQWH 


DXWRPDWDOFOLPDWL]ăULL7+(50$7,&  5RDWăGHUH]HUYăGHX]WHPSRUDU 
3RUQLUHDRSULUHDPRGXOXLGH 6DUFLQLOHUHPRUFLL 
UHFLUFXODUHDDHUXOXL  'HEORFDUHGHXUJHQĠă
3UREOHPHODUăFLUHDFXGH]XPLGL +D\RQ 
ILFDUHDDHUXOXL  'HFODUDĠLLGHFRQIRUPLWDWH 
&RQWUROXOFURD]LHUHL 'HPDUDUH
/DPSDLQGLFDWRDUH/,0  7UDQVPLVLHPDQXDOă 
0DQHWDSHQWUXFRQWUROXOFURD]LHUHL  'HPRQWDUHDFkUOLJXOXLGHUHPRU
6HOHFWDUH  FDUH 
6HWDUHDXQHLYLWH]H  'HVFKLGHUHDúLvQFKLGHUHDSDQRX
6LVWHPGHDVLVWDUHDFRQGXFHULL  ULORURUQDPHQWDOHODWHUDOH 
&RQĠLQXWUH]HUYRU 'HVFKLGHUHSHQWUXYDUă
$ILúDUHDXWRQRPLH YRODQPXOWL YH]L&DUDFWHULVWLFDGHGHVFKLGHUH
IXQFĠLRQDOFXEXWRDQH   DVLVWDWă
$ILúDUHDXWRQRPLH YRODQXOPXOWL 'HVFXLHUH
IXQFĠLRQDOFXEXWRDQH   'HVFXLHUHDGHXUJHQĠă 
,QGLFDWRUQLYHOGHFDUEXUDQW YRODQ 'HVFXLHUHD
PXOWLIXQFĠLRQDOFXEXWRDQH   'LQLQWHULRUXODXWRYHKLFXOXOXL
,QGLFDWRUQLYHOGHFDUEXUDQW YRODQ EXWRQXOGHGHVFKLGHUHFHQWUDOL
PXOWLIXQFĠLRQDOFXEXWRDQH   ]DWă  
&RSLL 'HVFXLHUHGHXUJHQĠă
6LVWHPHGHUHWHQĠLH  $XWRYHKLFXO 
&RYRUDú  'H]DFWLYDUHDDODUPHL $7$  
&ULF 'LHVHO 
/RFGHGHSR]LWDUH  'LPHQVLXQLDXWRYHKLFXO 
8WLOL]DUH  'LUHFĠLH
&XSOăUHPRUFă 0HVDMGHSHGLVSOD\ YRODQPXOWL
YH]L7UDFWDUHDXQHLUHPRUFL IXQFĠLRQDOFXEXWRDQH  
&XSOXOGHVWUkQJHUHDOúXUXEXULORU 0HVDMGHSHGLVSOD\ YRODQXOPXO
GHURDWă  WLIXQFĠLRQDOFXEXWRDQH  
&XUăĠDUH 'LVSOD\ LQVWUXFĠLXQLGHFXUăĠDUH  
&kUOLJGHWUDFWDUHDUHPRUFLL  'LVSOD\XOSHQWUXSR]LĠLDWUDQVPLVLHL 
6HPQDOL]DWRUGHGLUHFĠLHGLQ 'LVSR]LWLYHGHFXUăĠDUHODSUHVLXQH
RJOLQGă  vQDOWă 
',67521,&3/86
' $ILúDMHGLQDILúDMXOPXOWLIXQFĠLRQDO 
'DWă &RQGLĠLLGHDFWLYDUH 
'H]DFWLYDUHD 
6HWDUH YRODQXOPXOWLIXQFĠLRQDOFX
)XQFĠLHQRWH 
EXWRDQH  
/DPSDGHDYHUWL]DUH 
'DWH
0HVDMGHSHGLVSOD\ YRODQXOPXO
YH]L'DWHWHKQLFH
WLIXQFĠLRQDOFXEXWRDQH  
'DWHSULYLQGDXWRYHKLFXOXO 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
'DWHWHKQLFH
6HOHFWDUH 
&DSDFLWăĠL 
'DWHSULYLQGDXWRYHKLFXOXO 
,QIRUPDĠLL 
,QGH[ 

6HWDUHDGLVWDQĠHLPLQLPHVSHFLIL )
FDWH 
6IDWXULSULYLQGFRQGXFHUHD  )DU
'65 5HJODUHDYLWH]HLODFRERUkUHD 6LVWHPFXUăĠDUH QRWH  
vQSDQWă 6LVWHPXOGHFXUăĠDUH IXQFĠLH  
)XQFĠLHQRWH  )DUXUL
0HVDMGHSHGLVSOD\ YRODQXOPXO $EXULUH 
WLIXQFĠLRQDOFXEXWRDQH   &RPSOHWDUHDVLVWHPXOXLGH
FXUăĠDUH 
( YH]L0RGXOIXQFĠLRQDUHDXWRPDWă
DIDUXULORU
(%' GLVWULEXĠLDHOHFWURQLFăDIRU )DUXULOHSHQWUXID]ăOXQJă
ĠHLGHIUkQDUH 0HVDMGHSHGLVSOD\ YRODQXOPXO
)XQFĠLHQRWH  WLIXQFĠLRQDOFXEXWRDQH  
(%' 'LVWULEXĠLHHOHFWURQLFăDIRU 3RUQLUHDRSULUHDDVLVWăULLSHQWUX
ĠHLGHIUkQDUH ID]ăOXQJăDGDSWLYă 
0HVDMGHSHGLVSOD\ YRODQPXOWL )DUXULOHSHQWUXID]ăVFXUWă
IXQFĠLRQDOFXEXWRDQH   0HVDMGHSHGLVSOD\ YRODQXOPXO
0HVDMXOGHSHGLVSOD\ YRODQXO WLIXQFĠLRQDOFXEXWRDQH  
PXOWLIXQFĠLRQDOFXEXWRDQH   )DUXULSHQWUXID]ăOXQJă
(OHPHQWXOFKHLHGHXUJHQĠă 3RUQLUHRSULUH 
)XQFĠLHQRWH  6FKLPEDUHDEHFXULORU 
ÌQFXLHUHDDXWRYHKLFXOXOXL  )DUXULSHQWUXID]ăVFXUWă
(OLEHUDUHDGHXUJHQĠă 3RUQLUHRSULUH 
3RUWLHUDúRIHUXOXL  6FKLPEDUHDEHFXULORU 
(63Š 3URJUDPGHVWDELOLWDWHHOHF 6HWDUHDSHQWUXFRQGXFHUHDvQ
WURQLFă VWUăLQăWDWH VLPHWULFă  
'H]DFWLYDUHDFWLYDUH  6HWDUHSHQWUXFRQGXFHUHDSH
'H]DFWLYDUHDFWLYDUH DXWRYHKL GUHDSWDVWkQJD 
FXOHOH$0*   )D]ăOXQJă
(76(76  0HVDMGHSHGLVSOD\ YRODQPXOWL
)XQFĠLHQRWH  IXQFĠLRQDOFXEXWRDQH  
,QGLFDĠLLLPSRUWDQWHSULYLQGVLJX )D]ăVFXUWă
UDQĠD  0HVDMGHSHGLVSOD\ YRODQPXOWL
/DPSăGHDYHUWL]DUH  IXQFĠLRQDOFXEXWRDQH  
0HVDMGHSHGLVSOD\ YRODQPXOWL )LOWUXGHDHU
IXQFĠLRQDOFXEXWRDQH   0HVDMGHSHGLVSOD\ YRODQPXOWL
0HVDMXOGHSHGLVSOD\ YRODQXO IXQFĠLRQDOFXEXWRDQH  
PXOWLIXQFĠLRQDOFXEXWRDQH   0HVDMGHSHGLVSOD\ YRODQPXOWL
6WDELOL]DUHUHPRUFă  IXQFĠLRQDOFXEXWRDQH  
(76(76 $VLVWDUHHOHFWURQLFăD )LOWUXGHFDUEXUDQW
WUDFĠLXQLL   0HVDMGHSHGLVSOD\ YRODQPXOWL
([WLQFWRU  IXQFĠLRQDOFXEXWRDQH  
0HVDMGHSHGLVSOD\ YRODQPXOWL
IXQFĠLRQDOFXEXWRDQH  
)LQLVDMXOPDW LQVWUXFĠLXQLGH
FXUăĠDUH  
 ,QGH[

)UkQDGHSDUFDUH  )XQFĠLHGHSRUQLUHRSULUH


0HVDMXOGHSHGLVSOD\ YRODQXO YH]L)XQFĠLHGHSRUQLUHRSULUH(&2
PXOWLIXQFĠLRQDOFXEXWRDQH   )XQFĠLHGHSRUQLUHRSULUH(&2
1RWHIXQFĠLH  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
)UkQD35(6$)(Š 2SULUHDXWRPDWăDPRWRUXOXL 
/DPSăGHDYHUWL]DUH  3RUQLUHDXWRPDWăDPRWRUXOXL 
0HVDMGHSHGLVSOD\ YRODQPXOWL )XQFĠLHGHUHWUDJHUH
IXQFĠLRQDOFXEXWRDQH   -DOX]HOH 
)UkQăGHPkQă )XQFĠLH+2/'
YH]L)UkQăGHSDUFDUH 'H]DFWLYDUH 
)UkQăGHSDUFDUH )XQFĠLHQRWH 
0HVDMGHSHGLVSOD\ YRODQPXOWL 0HVDMGHSHGLVSOD\ YRODQXOPXO
IXQFĠLRQDOFXEXWRDQH   WLIXQFĠLRQDOFXEXWRDQH  
)UkQH )XQFĠLHVWDUWVWRS(&2
$%6  'H]DFWLYDUHDFWLYDUH 
%$63/86  )XQFĠLRQDUHDSHWLPSGHLDUQă
)UkQDGHSDUFDUH  /DQĠXULOHGH]ăSDGă 
/LFKLGGHIUkQă QRWH   1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
0HVDMGHSHGLVSOD\ YRODQPXOWL 6XSUDIHĠHFDURVDELOHDOXQHFRDVH 
IXQFĠLRQDOFXEXWRDQH   )XQFĠLRQDUHSHWLPSGHLDUQă
0HVDMXOGHSHGLVSOD\ YRODQXO 0DVFăUDGLDWRU 
PXOWLIXQFĠLRQDOFXEXWRDQH  
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  *
6IDWXULSULYLQGFRQGXFHUHD 
*HDPXUL
)UkQHOH
&XUăĠDUH 
%$6 
YH]L*HDPXULODWHUDOH
/DPSDGHDYHUWL]DUH 
*HDPXULHOHFWULFH
)UHFYHQĠH
YH]L*HDPXULODWHUDOH
6WDĠLHUDGLRELGLUHFĠLRQDOă 
*HDPXULODWHUDOH
7HOHIRQPRELO 
'HVFKLGHUHvQFKLGHUH 
)XQFĠLDGHvQFKLGHUHGHFRQIRUW 
'HVFKLGHUHDVLVWDWă 
)XQFĠLD+2/'
ÌQFKLGHUHGHFRQIRUW 
0HVDMGHSHGLVSOD\ YRODQPXOWL
5HVHWDUH 
IXQFĠLRQDOFXEXWRDQH  
*HDPXULOHODWHUDOH
)XQFĠLDOXPLQăDFWLYă 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
)XQFĠLDVWDUWVWRS(&2
3UREOHPă GHIHFĠLXQH  
,QIRUPDĠLLJHQHUDOH 
*KLGDUHDSHWUDVHX QDYLJDĠLH  
)XQFĠLHQRWHSULYLQGIUkQD35(
*UHXWăĠLDXWRYHKLFXO 
6$)(Š 
)XQFĠLHGHLOXPLQDUHVXSOLPHQWDUă
+
vQYLUDMH
0HVDMGHSHGLVSOD\ YRODQPXOWL +D\RQ
IXQFĠLRQDOFXEXWRDQH   'HEORFDUHGHXUJHQĠă 
0HVDMGHSHGLVSOD\ YRODQXOPXO 'LPHQVLXQLGHGHVFKLGHUH 
WLIXQFĠLRQDOFXEXWRDQH   /LPLWDUHDXQJKLXOXLGHGHVFKLGHUH 
)XQFĠLHGHPHPRUDUH 
,QGH[ 

0HVDMGHSHGLVSOD\ YRODQPXOWL ,PRELOL]DWRU 


IXQFĠLRQDOFXEXWRDQH   ,QGLFDWRUL
0HVDMGHSHGLVSOD\ YRODQXOPXO YH]L6HPQDOL]DWRDUHGHGLUHFĠLH
WLIXQFĠLRQDOFXEXWRDQH   ,QGLFDWRUXOGHUHYL]LLWHKQLFHSHQ
+D\RQXO WUX$G%OXHŠ 
'HVFKLGHUHDvQFKLGHUHD DXWR ,QGLFDWRUXOGHVWDUHDFHQWXULLGH
PDWăGLQH[WHULRU   VLJXUDQĠăGLQFRPSDUWLPHQWXOVSDWH 
'HVFKLGHUHDvQFKLGHUHD DXWR ,QVWUXFĠLXQLJHQHUDOHUHIHULWRDUHOD
PDWăGLQLQWHULRU   vQFăUFDUH 
'HVFKLGHUHDvQFKLGHUHD GLQ ,QYRFDUHDXQHLGHIHFĠLXQL
H[WHULRU   YH]L0HVDMHOHGHSHGLVSOD\
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
Ì
,
ÌQFăO]LUH
,OXPLQDUH YH]L&RQWUROFOLPDWL]DUH
YH]L/XPLQL ÌQFăO]LUHDDX[LOLDUă
,OXPLQDUHDLQWHULRDUă )L[DUHDRUHLGHSOHFDUH 
&RQWUROXOPDQXDO  3UREOHPă PHVDMXOGHSHGLVSOD\   
,OXPLQDUHDGHXUJHQĠă  6HWDUH FDOFXODWRUGHERUGYRODQXO
/DPSDGHOHFWXUă  PXOWLIXQFĠLRQDOFXEXWRDQH  
2SULUHWHPSRUL]DWă YRODQXOPXOWL 7HOHFRPDQGD 
IXQFĠLRQDOFXEXWRDQH   ÌQFăO]LUHDOXQHWHL
3UH]HQWDUHJHQHUDOă  3RUQLUH2SULUH 
6HWDUHDOXPLQR]LWăĠLLSHQWUXGLV ÌQFăO]LUHDX[LOLDUă
SOD\FRPXWDWRDUH FDOFXODWRUGH $FWLYDUHGH]DFWLYDUH 
ERUG   $FWLYDUHGH]DFWLYDUH GHSHFRQ
6LVWHPXOGHFRQWURODXWRPDW  VRODFHQWUDOă  
,OXPLQDUHDPELHQWDOă YRODQXOPXO 0HVDMGHSHGLVSOD\ YRODQPXOWL
WLIXQFĠLRQDOFXEXWRDQH   IXQFĠLRQDOFXEXWRDQH  
,OXPLQDUHDVXSOLPHQWDUăvQYLUDMH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
)XQFĠLHQRWH  ÌQFăO]LUHOXQHWă
,OXPLQDUHGHXUJHQĠăFXUHDFĠLLOD 3UREOHPă GHIHFĠLXQH  
FROL]LXQL  ÌQFKLGHUHD
,OXPLQDUHH[WHULRDUă YH]LÌQFKLGHUHDFHQWUDOL]DWă
2SĠLXQLGHVHWDUH  ÌQFKLGHUHDGHVFKLGHUHDDVLVWDWă
YH]L/XPLQL PRGXOGHUHFLUFXODUHDDHUXOXL  
,OXPLQDUHLQWHULRDUă  ÌQFKLGHUHDFHQWUDOL]DWă
,OXPLQDUHSDQRXGHLQVWUXPHQWH  ÌQFXLHUHDXWRPDWă FDOFXODWRUGH
9RODQPXOWLIXQFĠLRQDOFXEXWRDQH  ERUG  
,OXPLQDUHSODQúăGHERUG ÌQFKLGHUHFHQWUDOL]DWă
YH]L,OXPLQDUHSDQRXGHLQVWUXPHQWH 'HVFXLHUHvQFXLHUH FKHLH  
,OXPLQDUHSOăFXĠăGHvQPDWULFX ÌQFXLHUH SRUWLHUH
ODUH $XWRPDWă 
0HVDMGHSHGLVSOD\ YRODQPXOWL ÌQFXLHUHGHXUJHQĠă 
IXQFĠLRQDOFXEXWRDQH   ÌQFXLHUHD SRUWLHUHOH
0HVDMGHSHGLVSOD\ YRODQXOPXO 'LQLQWHULRU EXWRQXOGHvQFKLGHUH
WLIXQFĠLRQDOFXEXWRDQH   FHQWUDOL]DWă  
 ,QGH[

ÌQFXLHUHDFHQWUDOL]DWă -
YH]LÌQFKLGHUHDFHQWUDOL]DWă
ÌQFXLHUHDGHXUJHQĠăDDXWRYHKLFX -DOX]HOH
OXOXL  'HVFKLGHUHvQFKLGHUH 
ÌQFXLHWRULOHFHQXSHUPLWDFFHVXO 7UDSăJOLVDQWăSDQRUDPLFă 
FRSLLORU YH]L-DOX]HOH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  -DQWH
3RUWLHUHOHVSDWH  'LPHQVLXQHMDQWHGLPHQVLXQH
ÌQJULMLUH SQHXUL 
&DPHUDGHPHUVvQDSRL 
&ăSWXúHDOăSDYLOLRQ  .
&HQWXUDGHVLJXUDQĠă  .(</(66*2
&RPSRQHQWHRUQDPHQWDOH  %XWRQXO6WDUW6WRS 
'LVSR]LWLYGHFXUăĠDUHODSUHVLXQH 'HVFXLHUH 
vQDOWă  ÌQFKLGHUHDVLVWDWă 
*HDPXUL  ÌQFXLHUH 
+XVDGHVFDXQ  0HVDMGHSHGLVSOD\ YRODQPXOWL
,QWHULRU  IXQFĠLRQDOFXEXWRDQH  
/DPHOHúWHUJăWRDUHORU  0HVDMXOGHSHGLVSOD\ DILúDMXO
0RFKHWH  PXOWLIXQFĠLRQDOFXEXWRDQH  
1RWH  3RUQLUHDPRWRUXOXL 
2UQDPHQWGLQOHPQ  .LORPHWUDM
2UQDPHQWGLQSODVWLF  9RODQPXOWLIXQFĠLRQDOFXEXWRDQH 
5RĠL  YH]L&RQWRUGHUXODMSDUĠLDO
6FKLPEăWRUGHYLWH]HVDXPDQHWă YH]L&RQWRUXOGHGLVWDQĠăWRWDOă
VHOHFWRDUH 
6HQ]RULL  /
6SăODUHPDQXDOă 
6SăOăWRULHDXWRPDWă  /DPHOHúWHUJăWRDUHORU
ğHYLGHHúDSDPHQW  &XUăĠDUHD 
9RODQ  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
9RSVHD  /DPHúWHUJăWRDUH
9RSVHDPDWă  ÌQORFXLUH ODOXQHWă  
ÌQORFXLUHDEDWHULHL WHOHFRPDQGă ÌQORFXLUH SDUEUL]  
GHvQFăO]LUHDX[LOLDUă   /DPSDGHDYHUWL]DUH3$66(1*(5
ÌQWLQ]ăWRUGHFHQWXUă $,5%$*2)) DLUEDJSDVDJHUGH]DF
$FWLYDUH  WLYDW  
)XQFĠLH  /DPSDLQGLFDWRDUH/,0
ÌQWUHĠLQHUH &RQWUROXOFURD]LHUHL 
'LVSOD\  ',67521,&3/86 
/XPLQLH[WHULRDUH  63(('7521,&YDULDELO 
YH]L$66<673/86 /DPSăGHFHDĠăVSDWH
0HVDMGHSHGLVSOD\ YRODQPXOWL
IXQFĠLRQDOFXEXWRDQH  
0HVDMGHSHGLVSOD\ YRODQXOPXO
WLIXQFĠLRQDOFXEXWRDQH  
3RUQLUHRSULUH 
,QGH[ 

/DPSăGHIUkQă /ăPSLOHGHDYHUWL]DUHúLLQGLFD
0HVDMGHSHGLVSOD\ YRODQPXOWL WRDUH
IXQFĠLRQDOFXEXWRDQH   $%6 
0HVDMGHSHGLVSOD\ YRODQXOPXO ',67521,&3/86 
WLIXQFĠLRQDOFXEXWRDQH   (63Š 
/DPSăGHOHFWXUă  (63Š2)) 
/DPSăGHPHUVvQDSRL /,0 FRQWUROXOFURD]LHUHL  
0HVDMGHSHGLVSOD\ YRODQPXOWL /,0 ',67521,&3/86  
IXQFĠLRQDOFXEXWRDQH   /,0 63(('7521,&YDULDELO  
0HVDMGHSHGLVSOD\ YRODQXOPXO 3$66(1*(5$,5%$*2)) $,5
WLIXQFĠLRQDOFXEXWRDQH   %$*3$6$*(5235,7  
6FKLPEDUHDEHFXULORU  6HPQDOXOGHDYHUWL]DUHSULYLQGGLV
/DPSăGHSR]LĠLH WDQĠD 
0HVDMGHSHGLVSOD\ YRODQPXOWL 656 
IXQFĠLRQDOFXEXWRDQH   /ăPSLOHLQGLFDWRDUH
0HVDMGHSHGLVSOD\ YRODQXOPXO YH]L/ăPSLOHGHDYHUWL]DUHúLLQGLFDWRDUH
WLIXQFĠLRQDOFXEXWRDQH   /ăPSLOHLQGLFDWRDUHúLOăPSLOHGH
/DPSăVSDWH DYHUWL]DUH
0HVDMGHSHGLVSOD\ YRODQPXOWL 'LDJQRVWLFDUHDPRWRUXOXL 
IXQFĠLRQDOFXEXWRDQH   /LFKLGGHIUkQă
0HVDMGHSHGLVSOD\ YRODQXOPXO 0HVDMGHSHGLVSOD\ YRODQPXOWL
WLIXQFĠLRQDOFXEXWRDQH   IXQFĠLRQDOFXEXWRDQH  
/DQĠXULOHDQWLGHUDSDQWH  0HVDMGHSHGLVSOD\ YRODQXOPXO
/ăPSL WLIXQFĠLRQDOFXEXWRDQH  
YH]L/ăPSLOHGHDYHUWL]DUHúLLQGLFDWRDUH 1RWH 
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUH /LFKLGGHUăFLUH PRWRU
&DUEXUDQWGHUH]HUYă  ,QGLFDWRUGHWHPSHUDWXUă YRODQ
&HQWXUDGHVLJXUDQĠă  PXOWLIXQFĠLRQDOFXEXWRDQH  
)UkQHOH  ,QGLFDWRUGHWHPSHUDWXUă YRODQXO
/LFKLGGHUăFLUH  PXOWLIXQFĠLRQDOFXEXWRDQH  
5H]HUYRUGHFDUEXUDQW  /DPSăGHDYHUWL]DUH 
/ăPSLGHLOXPLQDUHVXSOLPHQWDUă 0HVDMGHSHGLVSOD\ YRODQPXOWL
vQYLUDMH IXQFĠLRQDOFXEXWRDQH  
6FKLPEDUHDEHFXULORU  0HVDMGHSHGLVSOD\ YRODQXOPXO
/ăPSLGHSR]LĠLH WLIXQFĠLRQDOFXEXWRDQH  
3RUQLUHRSULUH  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
6FKLPEDUHDEHFXULORU  9HULILFDUHDQLYHOXOXL 
/ăPSLLQGLFDWRDUHúLGHDYHUWL]DUH /LFKLGGHVSăODUH
3UH]HQWDUHJHQHUDOă YRODQPXOWL 0HVDMGHSHGLVSOD\ YRODQPXOWL
IXQFĠLRQDOFXEXWRDQH   IXQFĠLRQDOFXEXWRDQH  
3UH]HQWDUHJHQHUDOă YRODQPXOWL 0HVDMGHSHGLVSOD\ YRODQXOPXO
IXQFĠLRQDOFXEXWRDQH   WLIXQFĠLRQDOFXEXWRDQH  
/ăPSLODWHUDOHGHSR]LĠLH /LFKLGVSăOăWRUGHSDUEUL]
3RUQLUHRSULUH  YH]L6LVWHPVSăOăWRUGHSDUEUL]
6FKLPEDUHEHFXUL  /LPLWDUHDYLWH]HL
YH]L63(('7521,&
 ,QGH[

/LPLWDWRDUHGHIRUĠăSHQWUXFHQ 6HPQDOL]DWRDUHGHDYDULH 


WXUă DFWLYDUH   6HPQDOL]DWRDUHGHGLUHFĠLH 
/RFúRIHU 6HWDUHDOXPLQR]LWăĠLLSHQWUXGLV
YH]L3DQRXGHLQVWUXPHQWH SOD\FRPXWDWRDUH FDOFXODWRUGH
/XPLQL ERUG  
$FWLYDUHGH]DFWLYDUHLOXPLQDUH YH]L,OXPLQDUHDLQWHULRDUă
DPELHQWDOă YRODQXOPXOWLIXQFĠLR YH]L6FKLPEDUHDEHFXULORU
QDOFXEXWRDQH   /XPLQL$872
$FWLYDUHGH]DFWLYDUHRSULUHWHP 0HVDMGHSHGLVSOD\ YRODQPXOWL
SRUL]DWăDLOXPLQăULLH[WHULRDUH IXQFĠLRQDOFXEXWRDQH  
YRODQXOPXOWLIXQFĠLRQDOFX 0HVDMGHSHGLVSOD\ YRODQXOPXO
EXWRDQH   WLIXQFĠLRQDOFXEXWRDQH  
$FWLYDUHGH]DFWLYDUHRSULUHWHP YH]L/XPLQL
SRUL]DWăDLOXPLQăULLLQWHULRDUH /XPLQLGHIUkQă
YRODQXOPXOWLIXQFĠLRQDOFX $GDSWLYH 
EXWRDQH   /XPLQLOHGHIUkQăDGDSWLYH 
$FWLYDUHDGH]DFWLYDUHD$VLVWHQ /XPLQLRIIURDG 
ĠHLSHQWUXID]DOXQJăDGDSWLYă 
$FWLYDUHDGH]DFWLYDUHDPRGXOXL 0
GHIXQFĠLRQDUHSHWLPSGH]LDIDUX
0DQHWD',5(&76(/(&7
ULORU YRODQPXOWLIXQFĠLRQDOFX
EXWRDQH   YH]L7UDQVPLVLHDXWRPDWă
0DQHWăGHVFKLPEDUHDYLWH]HORU
$FWLYDUHDGH]DFWLYDUHDPRGXOXL
GHIXQFĠLRQDUHSHWLPSGH]LDIDUX VLWXDWăSHYRODQ 
ULORU YRODQPXOWLIXQFĠLRQDOFX 0DVăSURSULH ODJRO  
EXWRDQH   0DVFăDQWLLQVHFWHGHSHUDGLDWRU 
&OD[RQXORSWLFIODVK  0DVFăUDGLDWRU 
&RPXWDWRUXOGHOXPLQL  0HPRULDGHPHVDMH
&RQGXFHUHDvQVWUăLQăWDWH  9RODQXOPXOWLIXQFĠLRQDOFX
)DUXULOHSHQWUXID]ăOXQJă  EXWRDQH 
)DUXULOHSHQWUXID]ăVFXUWă  9RODQXOPXOWLIXQFĠLRQDOFX
)XQFĠLDGHLOXPLQDUHVXSOLPHQWDUă EXWRDQH 
vQYLUDMH  0HQLXODXGLR FDOFXODWRUGHERUG
)XQFĠLDOXPLQăDFWLYă  YRODQXOPXOWLIXQFĠLRQDOFX
ÌQăOĠLPHIDUXUL  EXWRDQH  
/DPSDGHFHDĠăVSDWH  0HQLXODXGLR FDOFXODWRUGHERUG  
/ăPSLOHGHSR]LĠLH  0HQLXOGHVHUYLFH YRODQXOPXOWL
/XPLQLODWHUDOH  IXQFĠLRQDOFXEXWRDQH  
/XPLQLRIIURDG  0HVDMGHHURDUH
0RGXODXWRVWUDGă  YH]L0HVDMHGHSHGLVSOD\
0RGXOGHIXQFĠLRQDUHDXWRPDWăD 0HVDMGHSHGLVSOD\ YRODQPXOWL
IDUXULORU  IXQFĠLRQDOFXEXWRDQH
3RUQLUHDRSULUHDPRGXOXLGH $66<673/86 
IXQFĠLRQDUHSHWLPSGH]LDIDUXUL 0RWRU 
ORU FRPXWDWRU   0HVDMGHSHGLVSOD\ YRODQPXOWL
3URLHFWRDUHGHFHDĠă  IXQFĠLRQDOFXEXWRDQH
3URLHFWRDUHOHGHFHDĠă UD]ă $66<673/86 
H[WLQVă   $XWRYHKLFXO 
,QGH[ 

&KHLH  0RGLILFDUHDSURJUDPăULL FKHLH  


.(</(66*2  0RGXOGHPDQHYUDELOLWDWH63257
/XPLQL  $FWLYDUHDGH]DFWLYDUHD DXWRYH
0RWRU  KLFXOHOH$0*  
3QHXUL  0RGXOGHUXODUHGHXUJHQĠăSHQWUX
6LVWHPHGHDVLVWDUHDFRQGXFHULL  WUDQVPLVLDDXWRPDWă 
6LVWHPHGHVLJXUDQĠă  0RQWDUHDURĠLORU
0HVDMGHSHGLVSOD\ YRODQXOPXOWL &RERUkUHDDXWRYHKLFXOXOXL 
IXQFĠLRQDOFXEXWRDQH 0RQWDUHDXQHLURĠL 
$SHODUH  5LGLFDUHDDXWRYHKLFXOXOXL 
$VFXQGHUH  0RQWDUHDXQHLURĠL
$XWRYHKLFXO  'HPRQWDUHDXQHLURĠL 
/XPLQL  0RQWDUHURĠL
1RWHJHQHUDOH  $VLJXUDUHDDXWRYHKLFXOXOXLvPSR
3QHXUL  WULYDSXQHULLvQPLúFDUH 
6LVWHPHGHDVLVWDUHDFRQGXFHULL  3UHJăWLUHDDXWRYHKLFXOXOXL 
0HVDMGHSHGLVSOD\ YRODQXOPXOWL 0RWRU
IXQFĠLRQDOFXEXWRDQH )XQFĠLDVWDUWVWRS(&2 
$SHODUH  2SULUH 
$VFXQGHUH  3RUQLUHDFX.(</(66*2 
1RWHJHQHUDOH  3RUQLUHIRUĠDWă 
0HVDMH 3RUQLUHSULQWUDFWDUH DXWRYHKLFXO  
YH]L0HVDMHGHSHGLVSOD\ 6HULDPRWRUXOXL 
0HVDMXOGHSHGLVSOD\ YRODQXOPXO 0RWRUXO
WLIXQFĠLRQDOFXEXWRDQH )XQFĠLRQDUHQHUHJXODWă 
&KHLD  /DPSDGHDYHUWL]DUH GLDJQRVWLFD
.(</(66*2  UHDPRWRUXOXL  
6LVWHPHGHVLJXUDQĠă  3RUQLUHDFXFKHLD 
0RGDXWRVWUDGă  3UREOHPHODSRUQLUH 
0RGGHIXQFĠLRQDUHDXWRPDWăD 03
IDUXULORU  8WLOL]DUH 
0RGGHIXQFĠLRQDUHFRQVWDQWăD YH]L,QVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
IDUXULORU
YH]L0RGGHIXQFĠLRQDUHSHWLPS 1
GH]LDIDUXULORU
0RGGHIXQFĠLRQDUHSHWLPSGH]LD 1DYLJDĠLH
IDUXULORU &DOFXODWRUGHERUG YRODQXOPXOWL
$FWLYDUHGH]DFWLYDUH FDOFXODWRU IXQFĠLRQDOFXEXWRDQH  
GHERUGYRODQPXOWLIXQFĠLRQDOFX 0HQLX FDOFXODWRUXOGHERUG  
EXWRDQH   YH]LLQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
1RWHSULYLQGURGDUHDXQXLQRX
$FWLYDUHDGH]DFWLYDUHD FDOFXOD
WRUGHERUGYRODQPXOWLIXQFĠLRQDO DXWRYHKLFXO 
FXEXWRDQH   1XPăUXOGHLGHQWLILFDUHDYHKLFX
0HVDMGHSHGLVSOD\ YRODQPXOWL OXOXL
IXQFĠLRQDOFXEXWRDQH   YH]L9,1
0HVDMGHSHGLVSOD\ YRODQXOPXO
WLIXQFĠLRQDOFXEXWRDQH  
3RUQLUHDRSULUHD FRPXWDWRU  
 ,QGH[

2 2UQDPHQWGLQSODVWLF LQVWUXFĠLXQL
GHFXUăĠDUH  
2FKLXULGHDQFRUDUH 
2JOLQGDGHPDFKLDM GLQSDUDVRODU  
3
2JOLQGă
YH]L2JOLQGDGHPDFKLDM vQSDUDVRODU  3DFKHWGHVLVWHPHSHQWUXDVLVWD
2JOLQGăUHWURYL]RDUH UHDDFWLYăDFRQGXFHULL 
)XQFĠLH]LQRDSWH PDQXDO   3DFKHWXOGHVLVWHPHGHDVLVWDUH
0RGDQWLRUELUH DXWRPDW   SHQWUXPHQĠLQHUHDEHQ]LLGHFLUFX
2JOLQ]L ODĠLH 
YH]L2JOLQGăUHWURYL]RDUH 3DQă
YH]L2JOLQ]LH[WHULRDUH YH]L3DQăGHSQHX
2JOLQ]LH[WHULRDUH YH]L7UDFWDUHSRUQLUHSULQWUDFWDUH
ÌQDIDUDSR]LĠLHL UHPHGLHUHD 3DQăGHFDXFLXF
GHIHFĠLXQLORU   YH]L5RDWăGHUH]HUYă
0RGDQWLRUELUH DXWRPDW   3DQăGHSQHX
3R]LĠLHGHSDUFDUH  3UHJăWLUHDDXWRYHKLFXOXOXL 
5DEDWDUHH[WLQGHUH DXWRPDWă   3DQRXGHFRPDQGăVLWXDWSHSODIRQ  
5DEDWDUHH[WLQGHUH HOHFWULFă   3DQRXGHLQVWUXPHQWH YRODQPXO
5HJODUH  WLIXQFĠLRQDOFXEXWRDQH
5HVHWDUH  /ăPSLLQGLFDWRDUHúLGHDYHUWL]DUH 
6HWăULGHPHPRUDUH IXQFĠLDGH 3UH]HQWDUHJHQHUDOă 
PHPRUDUH   6HWăUL 
2JOLQ]LOHH[WHULRDUH 3DQRXGHLQVWUXPHQWH YRODQPXO
5DEDWDUHDvQLQWHULRU YRODQXOPXO WLIXQFĠLRQDOFXEXWRDQH
WLIXQFĠLRQDOFXEXWRDQH   /ăPSLLQGLFDWRDUHúLGHDYHUWL]DUH 
2SULUHDDXWRPDWăDPRWRUXOXL 3UH]HQWDUHJHQHUDOă 
IXQFĠLDVWDUWVWRS(&2   3DUEUL]
2SULUHWHPSRUL]DWă 'H]DEXULUH 
,OXPLQDUHH[WHULRDUă YRODQXOPXO YH]L3DUEUL]
WLIXQFĠLRQDOFXEXWRDQH   3DUFDUH 
,OXPLQDUHLQWHULRDUă YRODQXOPXO &DPHUDGHPHUVvQDSRL 
WLIXQFĠLRQDOFXEXWRDQH   )UkQDGHSDUFDUH 
2Uă 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
6HWDUHDFHDVXOXL YRODQXOPXOWL 3R]LĠLDRJOLQ]LLH[WHULRDUHSDUWHD
IXQFĠLRQDOFXEXWRDQH   SDVDJHUXOXLIDĠă 
2ULILFLLGHYHQWLODĠLH YH]L3$5.7521,&
)L[DUHDRULILFLLORUGHYHQWLODĠLH 3$5.7521,&
ODWHUDOH  'H]DFWLYDUHDDFWLYDUHD 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  )XQFĠLRQDUHUHFRPDQGăUL 
5HJODUHDRULILFLLORUGHYHQWLODĠLH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
FHQWUDOH  3UREOHPă GHIHFĠLXQH  
6SDWH  5D]DGHDFĠLXQHDVHQ]RULORU 
7RUSHGR  6LVWHPGHDVLVWDUHDFRQGXFHULL 
2ULILFLLOHGHYHQWLODĠLH 7UDFWDUHDUHPRUFLL 
6HWDUH  3HOLFXODDQWLRUELUH 
2UQDPHQWGLQOHPQ LQVWUXFĠLXQLGH 3LHVH0HUFHGHV%HQ]DXWHQWLFH 
FXUăĠDUH  
,QGH[ 

3ODQúHXSRUWEDJDM 3RUQLUHDIRUĠDWăDPRWRUXOXL
GHVFKLGHUHvQFKLGHUH  YH]L3RUQLUHDIRUĠDWă PRWRU 
VSDĠLXGHGHSR]LWDUHGHGHVXEW  3RUQLUHDSULQWUDFWDUH
3ODVăGHGHSR]LWDUH  0RQWDUHDRFKLXOXLGHWUDFWDUH 
3ODVăGHVLJXUDQĠă 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
,QIRUPDĠLLLPSRUWDQWHSULYLQGVLJX 3RUQLUHDGHXUJHQĠăDPRWRUXOXL 
UDQĠD  6FRDWHUHDRFKLXOXLGHWUDFWDUH 
3ULQGHUH  3RUWEDJDMXOGHDFRSHULú 
3OăFXĠDGHLGHQWLILFDUHWLS 3RUWLHUă
YH]L3OăFXĠDGHLGHQWLILFDUHDDXWR 'HVFKLGHUHD GLQLQWHULRU  
YHKLFXOXOXL 'HVFXLHUHDGHXUJHQĠă 
3OăFXĠăGHLGHQWLILFDUHDDXWRYHKL )XQFĠLDGHvQFXLHUHDXWRPDWăD
FXOXOXL  SRUWLHUHORU FDOFXODWRUXOGHERUG
3QHXGH]XPIODW YRODQXOPXOWLIXQFĠLRQDOFX
7UXVă7,5(),7  EXWRDQH  
3QHXUL ÌQFKLGHUHDGHVFKLGHUHDFHQWUDOL
'LPHQVLXQHSQHXUL GDWH   ]DWă FKHLH  
ÌQORFXLUH  ÌQFXLHUHDXWRPDWă FRPXWDWRU  
0HVDMGHSHGLVSOD\ YRODQPXOWL ÌQFXLHUHGHXUJHQĠă 
IXQFĠLRQDOFXEXWRDQH   0HVDMGHSHGLVSOD\ YRODQPXOWL
0HVDMGHSHGLVSOD\ YRODQXOPXO IXQFĠLRQDOFXEXWRDQH  
WLIXQFĠLRQDOFXEXWRDQH   0HVDMGHSHGLVSOD\ YRODQXOPXO
3QHXULGHYDUă  WLIXQFĠLRQDOFXEXWRDQH  
3QHXUL06  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
6FKLPEDUHDXQHLURĠL  3DQRXGHFRPDQGă 
6HQVXOGHURWDĠLH  3RUWLHUăúRIHU
6XSUDIDĠDGHUXODUHDSQHXOXL  YH]L3RUWLHUă
9LDĠăXWLOă  3RVWXOGHFRQGXFHUH
YH]L3DQăGHSQHX 3UH]HQWDUHJHQHUDOă 
3QHXULGHLDUQă 3R]LĠLLOHFKHLL
/LPLWDUHDYLWH]HL FDOFXODWRUXOGH &KHLD 
ERUG   .(</(66*2 
3QHXUL06  35(6$)(Š SURWHFĠLDSUHYHQWLYăD
3QHXULOH SDVDJHULORU
'HSR]LWDUHD  0HVDMXOGHSHGLVSOD\ YRODQXO
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  PXOWLIXQFĠLRQDOFXEXWRDQH  
9HULILFDUH  35(6$)(Š SURWHFĠLHSUHYHQWLYăD
3QHXULOHGHYDUă  SDVDJHULORU
3QHXUL06  0HVDMGHSHGLVSOD\ YRODQPXOWL
3RUQLUH PRWRU   IXQFĠLRQDOFXEXWRDQH  
3RUQLUHDDXWRPDWăDPRWRUXOXL 35(6$)(Š VLVWHPGHVLJXUDQĠă
IXQFĠLDVWDUWVWRS(&2   SUHYHQWLYăDSDVDJHULORU
3RUQLUHDFX 8WLOL]DUH 
WUDQVPLVLHPDQXDOă  3UHVLXQHDHU
3RUQLUHDGHSHORF YH]L3UHVLXQHDvQSQHXUL
7UDQVPLVLHDXWRPDWă 
3RUQLUHDIRUĠDWă PRWRU  
 ,QGH[

3UHVLXQHDvQSQHXUL 3URLHFWRUGHFHDĠăIDĠă
$YHUWL]DUHDVXSUDSLHUGHULLGHSUH 0HVDMGHSHGLVSOD\ YRODQXOPXO
VLXQHGLQSQHXUL  WLIXQFĠLRQDOFXEXWRDQH  
1HDWLQVă 7,5(),7   3URWHFĠLHFRQWUDVRDUHOXL 
5HFRPDQGDWă  3URWHFĠLHODWUDFWDUH 
3UHVLXQHvQSQHXUL 3URWHFĠLHPHGLXvQFRQMXUăWRU
$WLQVă 7,5(),7   1RWHJHQHUDOH 
0HVDMGHSHGLVSOD\ YRODQPXOWL 3URWHMDUHDPHGLXOXLvQFRQMXUăWRU
IXQFĠLRQDOFXEXWRDQH   5HWXUQDUHDDXWRYHKLFXOHORUSHQ
0HVDMGHSHGLVSOD\ YRODQXOPXO WUXVFRDWHUHDGLQX] 
WLIXQFĠLRQDOFXEXWRDQH  
3UH]HQĠD 5
&RSLLORUODERUG 
5DEDWDUHDvQDLQWHvQDSRLDEDQ
3UL]DGH9
FKHWHLGLQVSDWH 
YH]L3UL]H
3UL]ă 5DGLR
&RPSDUWLPHQWXOVSDWH  6HOHFWDUHDXQXLSRVW YRODQXOPXO
&RQVRODFHQWUDOă  WLIXQFĠLRQDOFXEXWRDQH  
3RUWEDJDM  YH]LLQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
3UL]H 5ăFLUH
1RWHJHQHUDOH  YH]L&RQWUROFOLPDWL]DUH
5HFRPDQGăULSULYLQGFRQGXFHUHD
3URGXVHGHVHUYLFH
DXWRYHKLFXOXOXL
$GLWLYLVSHFLDOL$G%OXHŠ 
&RQGXFHUHDSHQLVLS 
/LFKLGGHVSăODUH 
7UHFHUHDSHVWHREVWDFROH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
5HJODUHDYLWH]HLODFRERUkUHDvQ
3URGXVHOHGHVHUYLFH
SDQWă
&DUEXUDQW 
YH]L'65 5HJODUHDYLWH]HLODFRER
/LFKLGGHIUkQă 
UkUHDvQSDQWă 
/LFKLGXOGHUăFLUH PRWRU  
5HJODUHvQăOĠLPHIDUXUL 
8OHLXOGHPRWRU 
5HPRUFDUH
3URJUDPGHFRQGXFHUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
'LVSOD\ 
5HWURJUDGDUHDIRUĠDWă
0DQXDO 
3URJUDPXOGHFRQGXFHUHvQUHJLP
3URJUDPGHFRQGXFHUHRIIURDG 
PDQXDO 
3URJUDPGHVWDELOLWDWHHOHFWURQLFă
6IDWXULSULYLQGFRQGXFHUHD 
YH]L(63Š 3URJUDPGHVWDELOLWDWH 5H]HUYDGHFDUEXUDQW
HOHFWURQLFă 
YH]L&DUEXUDQW
3URJUDPXOGHFRQGXFHUH
5H]HUYă UH]HUYRUXOGHFDUEXUDQW
$XWRPDW 
YH]L&DUEXUDQW
'LVSOD\ PDQHWD',5(&76(/(&7   
5H]HUYRU
3URLHFWRDUHGHFHDĠă
&RQĠLQXWUH]HUYRUFDUEXUDQWXOGH
3RUQLUHRSULUH 
UH]HUYă 
3URLHFWRDUHGHFHDĠăIDĠă
YH]L5H]HUYRUGHFDUEXUDQW
0HVDMGHSHGLVSOD\ YRODQPXOWL 5H]HUYRUGHFDUEXUDQW
IXQFĠLRQDOFXEXWRDQH  
&DSDFLWDWHD 
3URLHFWRDUHOHGHFHDĠă
3UREOHPă GHIHFĠLXQH  
5D]ăH[WLQVă 
,QGH[ 

5RDWDGHUH]HUYă 5HJODUH PDQXDOăúLHOHFWULFă  


'HSR]LWDUH  5HJODUHDVXSRUWXOXLORPEDUSH
5RDWDGHUH]HUYăGHX]WHPSRUDU GLUHFĠLL 
'HSR]LWDUH  5HJODUHDWHWLHUHL 
YH]L5RDWDGHUH]HUYă 5HJODUHVXSRUWORPEDU 
5RDWăGHUH]HUYă 6HWăULGHPHPRUDUH IXQFĠLDGH
/RFGHGHSR]LWDUH  PHPRUDUH  
8PIODUHDURĠLLGHUH]HUYăGHX] 6FDXQHOH
WHPSRUDU  3RUQLUHDRSULUHDYHQWLOăULLVFDX
5RDWăGHUH]HUYăGHX]WHPSRUDU QXOXL 
'DWHWHKQLFH  6FDXQSHQWUXFRSLL
1RWHJHQHUDOH  5HFRPDQGăUL 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  6FDXQSHQWUXFRSLO
5RĠL 3HVFDXQXOSDVDJHUXOXLIDĠă 
&XSOXGHVWUkQJHUH  6FDXQXOSHQWUXFRSLL
&XUăĠDUH  3R]LĠLLDGHFYDWH 
&XUăĠDUH DYHUWLVPHQW   6LVWHPGHUHFXQRDúWHUHDXWRPDWă 
5RDWăGHUH]HUYăGHX]WHPSRUDU  6LVWHPXO,62),; 
6FKLPEDUHDXQHLURĠL  6FDXQXOSHQWUXFRSLO
5RĠLOH 3UREOHPă GHIHFĠLXQH  
'HSR]LWDUHD  6FKLPEDUHDEHFXULORU
0RQWDUHDXQHLURĠL  )DUXULSHQWUXID]ăOXQJă 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  )DUXULSHQWUXID]ăVFXUWă 
6FKLPEDUHvQORFXLUH  )XQFĠLDGHLOXPLQDUHVXSOLPHQWDUă
6FRDWHUHDXQHLURĠL  vQYLUDMH 
9HULILFDUH  /ăPSLGHPHUVvQDSRL 
5XODUHDvQSDQWă /ăPSLGHRSULUH 
&DSDFLWDWHPD[LPăGHXUFDUHvQ /ăPSLGHSR]LĠLH IDĠă  
SDQWă  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
3UH]HQWDUHJHQHUDOăDWLSXULORUGH
6 EHFXUL 
6HPQDOL]DWRDUHGHGLUHFĠLH IDĠă  
6DUFLQDPD[LPăSHDFRSHULú 
6HPQDOL]DWRDUHGHGLUHFĠLH VSDWH  
6FDXQ 6FKLPEăWRUGHYLWH]HVDXPDQHWă
5DEDWDUHDVSăWDUXOXL FRPSDUWL VHOHFWRDUH LQVWUXFĠLXQLGH
PHQWVSDWH vQDLQWHvQDSRL  FXUăĠDUH  
6FDXQH 6FUXPLHUD 
&XUăĠDUHDKXVHL  6HPQDOL]DWRDUHGHDYDULH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
6HPQDOL]DWRDUHGHGLUHFĠLH
3RUQLUHDRSULUHDvQFăO]LULLVFDX
3RUQLUHRSULUH 
QXOXL 
6FKLPEDUHDEHFXULORU IDĠă  
3R]LĠLDFRUHFWăDVFDXQXOXLúRIH
6FKLPEDUHDEHFXULORU VSDWH  
UXOXL 
6HPQDOL]DWRUGHGLUHFĠLH
3UREOHPăODvQFăO]LUHDVFDXQXOXL 
0HVDMGHSHGLVSOD\ YRODQPXOWL
3UREOHPăODYHQWLODUHDVFDXQXOXL 
IXQFĠLRQDOFXEXWRDQH  
5DEDWDUHDvQDLQWHvQDSRLDEDQ
0HVDMGHSHGLVSOD\ YRODQXOPXO
FKHWHLGLQVSDWH 
WLIXQFĠLRQDOFXEXWRDQH  
5HJODUH HOHFWULFă  
 ,QGH[

6HPQDOXOGHDYHUWL]DUHSULYLQGGLV 6LJXUDQĠDRFXSDQĠLORU
WDQĠD ODPSăGHDYHUWL]DUH   3UH]HQĠDFRSLLORUODERUG 
6HPQDOXOGHYHULILFDUHDvQFXLHULL 6LJXUDQĠDSDVDJHULORU
FDOFXODWRUGHERUG   1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
6HQ]RUGHOXPLQă 6LJXUDQĠă
0HVDMGHSHGLVSOD\ YRODQPXOWL 3UH]HQĠDFRSLLORUODERUG 
IXQFĠLRQDOFXEXWRDQH   6LVWHPHGHUHWHQĠLHSHQWUXFRSLL 
0HVDMGHSHGLVSOD\ YRODQXOPXO 6LJXUDQĠH
WLIXQFĠLRQDOFXEXWRDQH   &XWLDFXVLJXUDQĠHGLQFRPSDUWL
6HQ]RUGHPLúFDUHvQLQWHULRU  PHQWXOPRWRUXOXL 
6HQ]RULL LQVWUXFĠLXQLGHFXUăĠDUH   &XWLHFXVLJXUDQĠHGLQSRUWEDJDM 
6HQ]RULUDGDU &XWLHGHVLJXUDQĠHSODQúăGHERUG 
3UH]HQWDUHJHQHUDOă  ÌQDLQWHGHVFKLPEDUH 
6HUYLFH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
YH]L$66<673/86 7DEHOXOGHDORFDUHDVLJXUDQĠHORU 
6HWDUHDFXUHQWXOXLGHDHU  6LJXUDQĠHHOHFWULFH
6HWDUHDGLVWULEXĠLHLDHUXOXL  YH]L6LJXUDQĠH
6HWăUL 6LVWHPDQWLEORFDUHODIUkQDUH
&DOFXODWRUXOGHERUG YRODQXOPXO YH]L$%6 VLVWHPDQWLEORFDUHODIUkQDUH 
WLIXQFĠLRQDOFXEXWRDQH   6LVWHPGHDHUFRQGLĠLRQDW
)DEULFă YRODQXOPXOWLIXQFĠLRQDO YH]L&RQWUROFOLPDWL]DUH
FXEXWRDQH   6LVWHPGHDODUPă
6IDWXULSULYLQGFRQGXFHUHD YH]L$7$ 6LVWHPXOGHDODUPăDQWLIXUW 
$FYDSODQDUHD  6LVWHPGHDODUPăDQWLIXUW
&RQGXFHUHDvQSDQWăDVFHQGHQWă   YH]L$7$ 6LVWHPXOGHDODUPăDQWLIXUW 
&RQGXFHUHDvQVWUăLQăWDWH  6LVWHPGHDVLVWDUHDFRQGXFHULL
&RQGXFHUHDSHGUXPXULLQXQGDWH   $VLVWHQĠDDFWLYăSHQWUXPHQĠLQH
&RQGXFHUHDSHGUXPXULXPHGH  UHDEHQ]LLGHPHUV 
&RQGXFHUHDSHWLPSGHLDUQă  &DPHUăƒ 
&RQGXFHUHDÄRIIURDG´  0HVDMGHSHGLVSOD\ YRODQXOPXO
',67521,&3/86  WLIXQFĠLRQDOFXEXWRDQH  
(ILFLHQĠăOLPLWDWăODIUkQDUHSHGUX 6LVWHPGHDVLVWDUHODIUkQDUH
PXULFXVDUHUXWLHUă  YH]L%$6 6LVWHPXOGHIUkQDUHDVLVWDWă 
)D]DVFXUWăVLPHWULFă  6LVWHPGHFOLPDWL]DUH
)UkQHOH  0RGDXWRPDW 
*HQHUDOLWăĠL  6LVWHPGHOXPLQLLQWHOLJHQWH
/DQĠXULOHGH]ăSDGă  3UH]HQWDUHJHQHUDOă 
3DQWăGHVFHQGHQWă  6LVWHPGHRSHUDUH
3OăFXĠHOHGHIUkQăJDUQLWXULOHGH YH]L&DOFXODWRUGHERUG
IUkQăQRL  6LVWHPGHUHWHQĠLH
6IDWXULSULYLQGURGDMXO  YH]L656 6LVWHPXO6XSOLPHQWDUGH
6XSUDIHĠHFDURVDELOHFXSROHL  5HWHQĠLH 
6XSUDIHĠHGHGUXPXPHGH  6LVWHPGHVHQ]RUUDGDU
ùDQĠXULGHSQHX  0HVDMGHSHGLVSOD\ YRODQXOPXO
7UDFWDUHDUHPRUFLL  WLIXQFĠLRQDOFXEXWRDQH  
7UDQVPLVLDDXWRPDWă  6LVWHPGHVLJXUDQĠă
7UHFHUHDYDGXULORUÄRIIURDG´  YH]L6LVWHPGHVLJXUDQĠăODFRQGXFHUH
,QGH[ 

6LVWHPGHVLJXUDQĠăODFRQGXFHUH 6LVWHPSHQWUXVLJXUDQĠDFRQGXFH
%$63/86 6LVWHPGHDVLVWDUHOD ULL
IUkQDUH3OXV   (63Š 3URJUDPXOHOHFWURQLFGH
'LVWULEXĠLDHOHFWURQLFăDIRUĠHLGH FRQWURODOVWDELOLWăĠLL  
IUkQDUH  6LVWHPVSăOăWRUGHSDUEUL] 
,QGLFDĠLLLPSRUWDQWHSULYLQGVLJX 1RWH 
UDQĠD  6LVWHPWHPSRPDW
6LVWHPHGHDVLVWDUHDFRQGXFHULL )XQFĠLRQDUHUHFRPDQGăUL 
$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL  6LVWHPXODQWLIXUW
$6,67(170(1ğ,1(5($7(1ğ,(  $7$ 6LVWHPGHDODUPăDQWLIXUW  
$VLVWHQĠDODXQJKLXOPRUW  6LVWHPXOGHLPRELOL]DUH 
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ 6LVWHPXOGHDVLVWDUHDFRQGXFHULL
]LLGHPHUV  6LVWHPXOGHDVLVWDUHDFWLYăODSDU
&DPHUăYLGHRSHQWUXPHUVvQDSRL  FDUH 
'LVWURQLF3OXV  6LVWHPXOGHDVLVWDUHDFWLYăODSDU
)XQFĠLH+2/'  FDUH
0HVDMGHSHGLVSOD\ YRODQPXOWL 7UDFWDUHDXQHLUHPRUFL 
IXQFĠLRQDOFXEXWRDQH   6LVWHPXOGHDVLVWDUHODSDUFDUH
3DFKHWGHVLVWHPHSHQWUXDVLVWD 6LVWHPXOGHDVLVWDUHDFWLYăODSDU
UHDDFWLYăDFRQGXFHULL  FDUH 
3DFKHWXOGHVLVWHPHGHDVLVWDUH 6LVWHPXOGHIL[DUHDVFDXQXOXLSHQ
SHQWUXPHQĠLQHUHDEHQ]LLGHFLU WUXFRSLO,62),; 
FXODĠLH  6LVWHPXOGHOXPLQLLQWHOLJHQWH
3DUNWURQLF  $FWLYDUHDGH]DFWLYDUHD YRODQXO
6LVWHPHGHVLJXUDQĠăODFRQGX PXOWLIXQFĠLRQDOFXEXWRDQH  
FHUH 0HVDMGHSHGLVSOD\ YRODQXOPXO
$%6 6LVWHPGHDQWLEORFDUHODIUk WLIXQFĠLRQDOFXEXWRDQH  
QDUH   6HWDUHDIDUXULORUSHQWUXID]ă
%$6 6LVWHPXOGHIUkQDUHDVLVWDWă    VFXUWăSHQWUXFRQGXFHUHDSH
)UkQă35(6$)(Š  GUHDSWDVWkQJD 
3UH]HQWDUHJHQHUDOă  6LVWHPXOGHVHQ]RULUDGDU
6LVWHPHOHGHDVLVWDUHDFRQGXFH $FWLYDUHDGH]DFWLYDUHD 
ULL 6LVWHPXOGHVLJXUDQĠăODFRQGX
6SHHGWURQLF  FHUH
7HPSRPDW  (76(76 6LVWHPXOGHWUDFĠLXQH
6LVWHPHOHHOHFWURQLFHDOHPRWRUX HOHFWURQLFă  
OXL 6LVWHPXOGHWUDQVPLVLH
1RWH  $VLVWHQĠDDFWLYăODXQJKLXOPRUW 
3UREOHPă GHIHFĠLXQH   6LVWHPXO3$5.7521,&
6LVWHPHSHQWUXVLJXUDQĠDFRQGX ,QGLFDWRUGHDYHUWL]DUH 
FHULL 6LVWHPXOVXSOLPHQWDUGHUHWHQĠLH
/XPLQLGHIUkQăDGDSWLYH  YH]L656 6LVWHPXO6XSOLPHQWDUGH
6LVWHPRIIURDG 5HWHQĠLH 
3URJUDPGHFRQGXFHUHRIIURDG  6LVWHPXOÄRIIURDG´
6LVWHP2IIURDG (63ŠÄRIIURDG´ 
$%6ÄRIIURDG´ 
 ,QGH[

6LVWHPÄRIIURDG´ 6XEPHQLXOFDOFXODWRUGHERUG
0$7,&  YRODQPXOWLIXQFĠLRQDOFX
'65  EXWRDQH
6SDĠLXGHGHSR]LWDUH 6HWDUHGLQIDEULFă 
3ODVăGHGHSR]LWDUH  6XEPHQLXOSDQRXGHLQVWUXPHQWH  
6SăOăWRULHDXWR vQJULMLUH   6XSOLPHQWDUHDFDSDFLWăĠLLFRPSDU
63(('7521,& WLPHQWXOXLSHQWUXEDJDMH 
)XQFĠLRQDUHUHFRPDQGăUL  6XSRUWORPEDU
/DPSDLQGLFDWRDUH/,0  5HJODUH 
0HPRUDUHDYLWH]HLFXUHQWH  5HJODUHVXSRUWORPEDUFXGLUHFĠLL 
0HVDMGHSHGLVSOD\ YRODQPXOWL 6XSRUWSHQWUXSDKDU
IXQFĠLRQDOFXEXWRDQH   YH]L6XSRUWXOSHQWUXSDKDU
0HVDMGHSHGLVSOD\ YRODQXOPXO 6XSRUWXOSHQWUXSDKDU
WLIXQFĠLRQDOFXEXWRDQH   &RPSDUWLPHQWXOVSDWH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  &RQVRODFHQWUDOă 
3HUPDQHQW  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
6HOHFWDUH 
9DULDELO  ù
YDULDELO'H]DFWLYDUH 
ùWHUJăWRDUHGHSDUEUL]
63(('7521,&YDULDELO
ÌQORFXLUHDODPHORUúWHUJăWRDUHORU
YH]L63(('7521,&
656 6LVWHP6XSOLPHQWDUGH5HWHQ GHSDUEUL] 
3RUQLUH2SULUH 
ĠLH
3UREOHPă GHIHFĠLXQH  
0HVDMGHSHGLVSOD\ YRODQPXOWL
ùWHUJăWRUGHOXQHWă 
IXQFĠLRQDOFXEXWRDQH  
ùWHUJăWRUGHOXQHWă
656 6LVWHPXOVXSOLPHQWDUGH
$FWLYDUHDGH]DFWLYDUHD 
UHWHQĠLH
ÌQORFXLUHDODPHLúWHUJăWRUXOXL 
/DPSDGHDYHUWL]DUH IXQFĠLH  
656 6LVWHPXO6XSOLPHQWDUGH
5HWHQĠLH 7
,QWURGXFHUH  7DEHOGHDORFDUHDVLJXUDQĠHORU
/DPSDGHDYHUWL]DUH  WUXVDGHVFXOHDDXWRYHKLFXOXOXL  
0HVDMXOGHSHGLVSOD\ YRODQXO 7HOHFRPDQGD
PXOWLIXQFĠLRQDOFXEXWRDQH   ÌQFăO]LUHDYHQWLODĠLDDX[LOLDUă 
6WDWLVWLFLGHFRQVXP 7HOHFRPDQGă
&DOFXODWRUGHERUG YRODQPXOWL ÌQORFXLUHDEDWHULLORU vQFăO]LUH
IXQFĠLRQDOFXEXWRDQH   DX[LOLDUă  
&DOFXODWRUGHERUG YRODQXOPXOWL 7HOHIRQ
IXQFĠLRQDOFXEXWRDQH   $FFHSWDUHDXQXLDSHO 
6WDĠLHGHHPLVLHUHFHSĠLH &RPSDUWLPHQWXOWHOHIRQXOXL 
,QVWDODUH  0HQLX FRPSXWHUGHERUG  
6WDĠLHUDGLRELGLUHFĠLRQDOă 0HVDMGHSHGLVSOD\ YRODQXOPXO
)UHFYHQĠH  WLIXQFĠLRQDOFXEXWRDQH  
3XWHUHGHWUDQVPLVLH PD[LPă   5HDSHODUH 
7HOHIRQPRELO
)UHFYHQĠH 
,QVWDODUH 
,QGH[ 

0HQLX FRPSXWHUGHERUG   7UDFWDUHD


3XWHUHGHWUDQVPLVLH PD[LPă   &XSXQWHDVSDWHULGLFDWă 
7HOHIRQXO 7UDFWDUHDUHPRUFLL
1XPăUXOGLQDJHQGDWHOHIRQLFă  $VLVWHQĠDODXQJKLXOPRUW 
5HIX]DUHDvQFKHLHUHDXQHLFRQ 'LPHQVLXQLGHPRQWDUH 
YRUELUL  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
7HOHIRQXOPRELO 3DUNWURQLF 
&RQVRODSUHLQVWDODWă  6DUFLQLOHUHPRUFLL 
1RWHIL[DUHDvQFRQVROă  6IDWXULSULYLQGFRQGXFHUHD 
7HPSHUDWXUD 7UHDSWDGHYLWH]ă 
7HPSHUDWXUDH[WHULRDUă YRODQXO 7UDFWDUHDXQHLUHPRUFL
PXOWLIXQFĠLRQDOFXEXWRDQH   $VLVWHQĠDDFWLYăODXQJKLXOPRUW 
7HPSHUDWXUDH[WHULRDUă $VLVWHQĠDDFWLYăSHQWUXPHQĠLQH
'LVSOD\ YRODQXOPXOWLIXQFĠLRQDO UHDEHQ]LLGHPHUV 
FXEXWRDQH   0HVDMGHSHGLVSOD\SULYLQGOXPL
7HPSHUDWXUă QLOH YRODQPXOWLIXQFĠLRQDOFX
/LFKLGGHUăFLUH YRODQPXOWLIXQF EXWRDQH  
ĠLRQDOFXEXWRDQH   0HVDMGHSHGLVSOD\SULYLQGOXPL
/LFKLGGHUăFLUH YRODQXOPXOWL QLOH YRODQXOPXOWLIXQFĠLRQDOFX
IXQFĠLRQDOFXEXWRDQH   EXWRDQH  
6HWDUH FRQWUROXOFOLPDWL]ăULL   6LVWHPXOGHDVLVWDUHDFWLYăODSDU
7HPSHUDWXUăH[WHULRDUă YRODQ FDUH 
PXOWLIXQFĠLRQDOFXEXWRDQH   7UDFWDUHUHPRUFă
7HPSHUDWXUăH[WHULRDUă $OLPHQWDUHHOHFWULFă 
'LVSOD\ YRODQPXOWLIXQFĠLRQDOFX &RQHFWRUFXSLQL 
EXWRDQH   &XSODUHDXQHLUHPRUFL 
7HWLHUH &XUăĠDUHFkUOLJGHWUDFWDUHD
0RQWDUHDVFRDWHUHD VSDWH   UHPRUFLL 
5HJODUH  'HFXSODUHDXQHLUHPRUFL 
5HJODUH HOHFWULFă   'HPRQWDUHFXSOăVIHULFă 
5HJODUH PDQXDOă   'HSR]LWDUHFXSOăVIHULFă 
5HJODUH VSDWH   0RQWDUHFXSOăVIHULFă 
YH]L7HWLHUHOH1(&.352WHWLH 7UDQVPLVLDDXWRPDWă
UHOHGHOX[1(&.352 &XSODUHDDXWRPDWăDSR]LĠLHLSHQ
7HWLHUHGHOX[1(&.352 WUXSDUFDUH 
)XQFĠLRQDUH  0RGXOGHUXODUHGHXUJHQĠă 
7HWLHUHOHOX[1(&.352 3R]LĠLDSHGDOHLGHDFFHOHUDĠLH 
5HVHWDUHGXSăGHFODQúDUH  3UREOHPă GHIHFĠLXQH  
7HWLHUH1(&.352 5HFRPDQGăULSULYLQGFRQGXFHUHD
)XQFĠLRQDUH  DXWRYHKLFXOXOXL 
5HVHWDUHGXSăGHFODQúDUH  7UDFWDUHDUHPRUFLL 
7LPS 7UDQVPLVLDPDQXDOă
YH]L0DQXDOGHXWLOL]DUHVHSDUDW &XSODUHDWUHSWHLSHQWUXPHUVXO
7RUSHGRXO  vQDSRL 
7UDFWDUH ,QGLFDWRUGHVFKLPEDUHDWUHSWHORU
&XDPEHOHSXQĠLODVRO  GHYLWH]ă 
0RQWDUHDRFKLXOXLGHWUDFWDUH 
6FRDWHUHDRFKLXOXLGHWUDFWDUH 
 ,QGH[

7UDQVPLVLH 7UDVHX QDYLJDĠLH


YH]L7UDQVPLVLHDXWRPDWă YH]L*KLGDUHSHWUDVHX QDYLJDĠLH 
YH]L7UDQVPLVLHPDQXDOă 7UHDSWăGHPHUVvQDSRL
7UDQVPLVLHDXWRPDWă &XSODUH WUDQVPLVLHPDQXDOă  
$ILúDMXOSR]LĠLHLWUDQVPLVLHL  7UHFHUHDYDGXULORU
%XWRQXOGHVHOHFWDUHDSURJUDPXOXL  3HGUXPXULLQXQGDWH 
&XSODUHDSR]LĠLHLQHXWUă  Ä2IIURDG´ 
&XSODUHDSR]LĠLHLSHQWUXSDUFDUH  7ULXQJKLXOUHIOHFWRUL]DQW 
&XSODUHDWUHSWHLGHPHUVvQDSRL  7UXVăGHSULPDMXWRU 
&XSODUHSR]LĠLHGHFRQGXFHUH  7UXVăGHVFXOHDDXWRYHKLFXOXOXL 
0DQHWD',5(&76(/(&7  7UXVă7,5(),7 
0DQHWHGHVFKLPEDUHDYLWH]HORU 7XURPHWUX
VLWXDWăSHYRODQ  9RODQPXOWLIXQFĠLRQDOFX
0HVDMGHSHGLVSOD\ YRODQPXOWL EXWRDQH 
IXQFĠLRQDOFXEXWRDQH   9RODQPXOWLIXQFĠLRQDOFXEXWRDQH 
3RUQLUHDGHSHORF  79
3RUQLUHDPRWRUXOXL  8WLOL]DUH FDOFXODWRUGHERUG  
3R]LĠLLWUDQVPLVLH  YH]L,QVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
3UH]HQWDUHJHQHUDOă 
3URJUDPGHFRQGXFHUHvQUHJLP ğ
PDQXDO 
3URJUDPXOGHFRQGXFHUHvQUHJLP ğHDYDGHHúDSDPHQW LQVWUXFĠLXQL
DXWRPDW  GHFXUăĠDUH  
5HWURJUDGDUHDIRUĠDWă 
6FKLPEDUHDWUHSWHLGHYLWH]ă  8
7UHSWHGHYLWH]ă  8OHL
7UDQVPLVLHPDQXDOă YH]L8OHLGHPRWRU
$GXFHUHDVFKLPEăWRUXOXLvQSR]L 8OHLGHPRWRU
ĠLDQHXWUă  $GLWLYL 
0DQHWăVFKLPEăWRUGHYLWH]H  &DSDFLWDWHGHXPSOHUH 
3RUQLUHDPRWRUXOXL  0HVDMGHSHGLVSOD\ YRODQPXOWL
7UDQVPLVLLDXWRPDWH IXQFĠLRQDOFXEXWRDQH  
0HVDMGHSHGLVSOD\ YRODQXOPXO 0HVDMGHSHGLVSOD\ YRODQPXOWL
WLIXQFĠLRQDOFXEXWRDQH   IXQFĠLRQDOFXEXWRDQH  
7UDQVSRUWDUHDDXWRYHKLFXOXOXL  1RWHSULYLQGFDOLWăĠLOHXOHLXOXL 
7UDSDJOLVDQWăSDQRUDPLFă 9kVFR]LWDWH 
,QIRUPDĠLLLPSRUWDQWHSULYLQGVLJX 8OHLXOGHPRWRU
UDQĠD  &RPSOHWDUHD 
3UREOHPă GHIHFĠLXQH   1RWHSULYLQGQLYHOXOFRQVXPXOGH
7UDSăJOLVDQWă XOHL 
YH]L7UDSăJOLVDQWăSDQRUDPLFă 9HULILFDUHDQLYHOXOXLGHXOHL 
7UDSăJOLVDQWăSDQRUDPLFă 9HULILFDUHDQLYHOXOXLGHXOHLFXDMX
&DUDFWHULVWLFăGHvQFKLGHUHSH WRUXOMRMHL 
WLPSGHSORDLH  8QJKLXOGHDWDFGHJDMDUH 
'HVFKLGHUHvQFKLGHUH  8UFDUHDvQUDPSă
'HVFKLGHUHDvQFKLGHUHDMDOX]HOHORU  &RERUkUHDvQSDQWă 
5HVHWDUH  9kUIXOUDPSHL 
,QGH[ 

9 9RODQPXOWLIXQFĠLRQDOFX
EXWRDQH
9HQWLODĠLDDX[LOLDUă 8WLOL]DUHFDOFXODWRUGHERUG 
3UREOHPă PHVDMXOGHSHGLVSOD\    9RODQPXOWLIXQFĠLRQDOFX
7HOHFRPDQGD  EXWRDQH
9HQWLODĠLHDX[LOLDUă 8WLOL]DUHFDOFXODWRUGHERUG 
$FWLYDUHGH]DFWLYDUH  9RODQPXOWLIXQFĠLRQDOGHOX[
$FWLYDUHGH]DFWLYDUH GHSHFRQ YH]L&DOFXODWRUGHERUG YRODQXO
VRODFHQWUDOă   PXOWLIXQFĠLRQDOFXEXWRDQH 
9LGHR '9'   9RODQXO
9LGHR'9' YRODQXOPXOWLIXQFĠLR 0DQHWHGHVFKLPEDUHDYLWH]HORU 
QDOFXEXWRDQH   9RODQXOPXOWLIXQFĠLRQDOFX
9,1  EXWRDQH
9LWH]ăFRQWUROXO 3UH]HQWDUHJHQHUDOă 
YH]L&RQWUROXOFURD]LHUHL 9RODQXOPXOWLIXQFĠLRQDOFX
9LWH]RPHWUX EXWRDQH
$FWLYDUHGH]DFWLYDUHYLWH]RPHWUX 3UH]HQWDUHJHQHUDOă 
VXSOLPHQWDU  9RSVHDXD LQVWUXFĠLXQLGHFXUăĠDUH  
'LJLWDO 
ÌQSDQRXOGHLQVWUXPHQWH YRODQ
=
PXOWLIXQFĠLRQDOFXEXWRDQH  
ÌQSDQRXOGHLQVWUXPHQWH YRODQ =RQHGHGHSR]LWDUH 
PXOWLIXQFĠLRQDOFXEXWRDQH  
6HJPHQWH 
6HOHFWDUHDXQLWăĠLLGHPăVXUă 
9LWH]RPHWUXO
YH]L3DQRXOGHLQVWUXPHQWH
9LWH]RPHWUXOGLJLWDO 
9LWH]RPHWUXVXSOLPHQWDU 
9RODQ
%XWRDQH YRODQPXOWLIXQFĠLRQDOFX
EXWRDQH  
%XWRDQH YRODQXOPXOWLIXQFĠLRQDO
FXEXWRDQH  
&XUăĠDUH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
5HJODUH HOHFWULFă  
5HJODUH PDQXDOă  
6HWăULGHPHPRUDUH IXQFĠLDGH
PHPRUDUH  
9RODQPXOWLIXQFĠLRQDO 
EXWRDQH
YH]L&DOFXODWRUGHERUG YRODQXO
PXOWLIXQFĠLRQDOFXEXWRDQH 
9RODQPXOWLIXQFĠLRQDO EXWRDQH
YH]L&DOFXODWRUGHERUG YRODQPXO
WLIXQFĠLRQDOFXEXWRDQH 
 ,QWURGXFHUH

3URWHFĠLDPHGLXOXLvQFRQMXUăWRU =HYLWDĠLHIHFWXDUHDIUHFYHQWăDPDQHYUHORU
EUXúWHGHDFFHOHUDUHúLIUkQDUH
1RWHJHQHUDOH =VFKLPEDĠLWUHSWHOHGHYLWH]ăODWLPSúLIROR
1RWăSULYLQGSURWHFĠLDPHGLXOXL VLĠLILHFDUHWUHDSWăQXPDLSkQăODÃGLQ
3ROLWLFDGHFODUDWăD'DLPOHUHVWHGHSURWHMDUH WXUDĠLDPD[LPăDPRWRUXOXL
LQWHJUDWăDPHGLXOXLvQFRQMXUăWRU =RSULĠLPRWRUXOFkQGVWDĠLRQDĠLvQWUDILF

2ELHFWLYHOHQRDVWUHYL]HD]ăXWLOL]DUHDUHVXU =PRQLWRUL]DĠLFRQVXPXOGHFDUEXUDQWDODXWR
VHORUQDWXUDOHFDUHIRUPHD]ăED]DH[LVWHQĠHL YHKLFXOXOXL
QRDVWUHvQWURPDQLHUăFDUHVăLDvQFRQVLGH
UDUHDWkWQHFHVLWăĠLOHQDWXULLFkWúLSHFHOHDOH
XPDQLWăĠLL 5HWXUQDUHDDXWRYHKLFXOHORUSHQWUX
ùLGXPQHDYRDVWUăSXWHĠLFRQWULEXLODSURWHMD VFRDWHUHDGLQX]
UHDPHGLXOXLSULQXWLOL]DUHDDXWRYHKLFXOXOXL
1XPDLSHQWUXĠăULOH8(
GXPQHDYRDVWUăvQWURPDQLHUăUHVSRQVDELOă
IDĠăGHPHGLX 0HUFHGHV%HQ]YDDFFHSWDDXWRYHKLFXOXO
GXPQHDYRDVWUăYHFKLSHQWUXDOHOLPLQDvQWU
&RQVXPXOGHFDUEXUDQWúLUDWDGHX]XUăD
RPDQLHUăHFRORJLFăvQFRQIRUPLWDWHFX
PRWRUXOXLDWUDQVPLVLHLDIUkQHORUúLDSQHX
'LUHFWLYD8QLXQLL(XURSHQH 8( SULYLQGVFRD
ULORUGHSLQGGHXUPăWRULLIDFWRUL
WHUHDGLQX]DDXWRYHKLFXOHORU
=FRQGLĠLLOHGHXWLOL]DUHDDXWRYHKLFXOXOXL
/DGLVSR]LĠLDGXPQHDYRDVWUăVHDIOăRUHĠHD
=VWLOXOSHUVRQDOGHFRQGXFHUH GHSXQFWHGHVFRDWHUHGLQX]DDXWRYHKLFXOH
3XWHĠLFRQWURODDPELLIDFWRUL3ULQXUPDUHYă ORUúLGHXQLWăĠLGHGH]DVDPEODUH9ăSXWHĠL
UXJăPVăUHĠLQHĠLXUPăWRDUHOH DGXFHDXWRYHKLFXOXOODDFHVWHXQLWăĠLvQPRG
&RQGLĠLLGHXWLOL]DUH JUDWXLW$FHDVWDUHSUH]LQWăRFRQWULEXĠLHYDOR
URDVăODSURFHVXOGHUHFLFODUHúLODFRQVHUYD
=HYLWDĠLFăOăWRULLOHVFXUWHvQWUXFkWHOHFUHVF
UHDUHVXUVHORU
FRQVXPXOGHFDUEXUDQW
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGUHFL
=UHVSHFWDĠLSUHVLXQHDFRUHFWăvQSQHXUL
FODUHDDXWRYHKLFXOHORUYHFKLUHFXSHUDUHD
=QXWUDQVSRUWDĠLVDUFLQLJUHOHLQXWLOHvQDXWR WHUPHQLLúLSROLWLFDYL]LWDĠLSDJLQDSULQFLSDOă
YHKLFXO 0HUFHGHV%HQ]
=VFRDWHĠLVXSRUWXOGHSDYLOLRQFkQGQXPDL
DYHĠLQHYRLHGHHO
=HIHFWXDUHDSHULRGLFăDOXFUăULORUGHVHUYLFH 3LHVH0HUFHGHV%HQ]DXWHQWLFH
ODDXWRYHKLFXOYDFRQWULEXLODSURWHMDUHD
PHGLXOXLvQFRQMXUăWRU3ULQXUPDUHWUHEXLH 1RWăSULYLQGSURWHFĠLDPHGLXOXL
VăUHVSHFWDĠLLQWHUYDOHOHGHVHUYLFH 'DLPOHU$*IXUQL]HD]ăGHDVHPHQHDSLHVHúL
=HIHFWXDĠLWRDWHLQWHUYHQĠLLOHGHvQWUHĠLQHUHOD DQVDPEOXULUHFRQGLĠLRQDWHFDUHDXDFHHDúL
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW FDOLWDWHFDúLFRPSRQHQWHOHQRL3HQWUXDFHV
6WLOXOSHUVRQDOGHFRQGXFHUH WHDVHRIHUăDFHHDúLJDUDQĠLHFDúLSHQWUXSLH
VHOHQRL
=QXDSăVDĠLSHGDODGHDFFHOHUDĠLHFkQGSRU
QLĠLPRWRUXO
=QXvQFăO]LĠLPRWRUXOvQWLPSXOVWDĠLRQăULL
DXWRYHKLFXOXOXL
=FRQGXFHĠLFXDWHQĠLHúLPHQĠLQHĠLRGLVWDQĠă
GHVLJXUDQĠăIDĠăGHDXWRYHKLFXOXOGLQIDĠă
,QWURGXFHUH 

 $LUEDJXULOHúLvQWLQ]ăWRDUHOHFHQWXULORUGH FRQGLĠLLOHGHDSUREDUH8WLOL]DUHDXQRUSLHVH
VLJXUDQĠăSUHFXPúLXQLWăĠLOHGHFRPDQGă QHDSUREDWHSRDWHGXFHODDQXODUHDFHUWLILFD
úLVHQ]RULLSHQWUXDFHVWHVLVWHPHGHUHWHQ WXOXLGHvQPDWULFXODUHDDXWRYHKLFXOXOXL
ĠLHDUSXWHDILLQVWDODWHvQXUPăWRDUHOH]RQH $FHDVWăLQGLFDĠLHHVWHYDODELOă
DOHDXWRYHKLFXOXOXLGXPQHDYRDVWUă =GDFăDFHVWHDSURYRDFăRVFKLPEDUHDWLSX
=SRUWLHUH OXLDXWRYHKLFXOXOXLGHODFHOSHQWUXFDUHFHU
=VWkOSLLSRUWLHUHORU WLILFDWXOGHvQPDWULFXODUHDDXWRYHKLFXOXOXL
=SUDJXULOHSRUWLHUHORU DIRVWDFRUGDW
=VFDXQH =GDFăDOĠLSDUWLFLSDQĠLODWUDILFDUSXWHDILSXúL

=SODQúDGHERUG vQSHULFRO
=GDFăQLYHOXULOHGHHPLVLLVDX]JRPRWVXQW
=SDQRXGHLQVWUXPHQWH
DIHFWDWHQHJDWLY
=FRQVRODFHQWUDOă
3UHFL]DĠLvQWRWGHDXQDQXPăUXOGHLGHQWLILFDUH
1XLQVWDODĠLDFFHVRULLSUHFXPVLVWHPH DYHKLFXOXOXL 9,1  3DJLQD úLVHULD
DXGLRvQDFHVWH]RQH1XHIHFWXDĠLUHSDUDĠLL PRWRUXOXL 3DJLQD FkQGFRPDQGDĠL
VDXVXGXUL3XWHĠLDIHFWDHILFLHQĠDvQXWLOL SLHVH0HUFHGHV%HQ]DXWHQWLFH
]DUHDVLVWHPHORUGHUHWHQĠLH
6ROLFLWDĠLPRGHUQL]DUHDDFFHVRULLORUODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW 0DQXDOGHXWLOL]DUH
'DFăXWLOL]DĠLSLHVHSQHXULúLURĠLSUHFXPúL
1RWHJHQHUDOH
DFFHVRULLOHJDWHGHVLJXUDQĠăFDUHQXVXQW
DSUREDWHGH0HUFHGHVVLJXUDQĠDGHIXQFĠLR ÌQDLQWHGHDSOHFDvQFăOăWRULHFLWLĠLFXDWHQĠLH
QDUHDDXWRYHKLFXOXOXLSRDWHILSHULFOLWDWă DFHVW0DQXDOGHXWLOL]DUHúLIDPLOLDUL]DĠLYăFX
$FHDVWDSRDWHGXFHODGHIHFĠLXQLODQLYHOXO DXWRYHKLFXOXOGXPQHDYRDVWUă
VLVWHPHORUFXUROvQVLJXUDQĠăGHH[VLVWHPXO 3HQWUXVLJXUDQĠDGXPQHDYRDVWUăúLSHQWUXD
GHIUkQDUH8WLOL]DĠLQXPDLSLHVH0HUFHGHV SUHOXQJLGXUDWDGHYLDĠăDDXWRYHKLFXOXOXL
%HQ]DXWHQWLFHVDXSLHVHGHDFHHDúLFDOLWDWH UHVSHFWDĠLLQVWUXFĠLXQLOHúLQRWHOHGHDYHUWL
8WLOL]DĠLQXPDLSQHXULURĠLúLDFFHVRULLFDUHDX ]DUHGLQDFHVWPDQXDO1HUHVSHFWDUHDORU
IRVWDSUREDWHVSHFLDOSHQWUXDXWRYHKLFXOXO SRDWHGXFHODGHWHULRUDUHDDXWRYHKLFXOXOXL
GXPQHDYRDVWUă VDXODUăQLUHDGXPQHDYRDVWUă
0HUFHGHV%HQ]WHVWHD]ăSLHVHOHDXWHQWLFHúL
SLHVHOHGHVFKLPEúLDFFHVRULLOHFDUHDXIRVW
DSUREDWHVSHFLDOSHQWUXDXWRYHKLFXOXOGXP (FKLSDUHDXWRYHKLFXO
QHDYRDVWUăSHQWUXILDELOLWDWHDVLJXUDQĠDúL $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWHPRGH
SRWULYLUHDORU'HúLVHHIHFWXHD]ăVWXGLLFRQ OHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUGúLRSĠLR
WLQXHGHSLDĠă0HUFHGHV%HQ]QXSRDWHHYD QDOHGLVSRQLELOHSHQWUXDXWRYHKLFXOXOGXP
OXDDOWHSLHVH0HUFHGHV%HQ]QXvúLDVXPă QHDYRDVWUăODGDWDSXEOLFăULLPDQXDOXOXLGH
UăVSXQGHUHDSULYLQGXWLOL]DUHDXQRUDVWIHOGH IDĠă(VWHSRVLELOVăH[LVWHGLIHUHQĠHvQIXQFĠLH
SLHVHvQDXWRYHKLFXOHOH0HUFHGHV%HQ]FKLDU GHĠDUă5HĠLQHĠLFăHVWHSRVLELOFDDXWRYHKL
úLGDFăDXIRVWDSUREDWHLQGHSHQGHQWVDXRIL FXOXOGXPQHDYRDVWUăVăQXDLEăvQGRWDUH
FLDO WRDWHFDUDFWHULVWLFLOHGHVFULVH$FHVWOXFUX
ÌQ*HUPDQLDDQXPLWHSLHVHVXQWDSUREDWHRIL HVWHYDODELOúLSHQWUXVLVWHPHOHúLIXQFĠLLOH
FLDOSHQWUXLQVWDODUHVDXPRGLILFDUHQXPDL UHIHULWRDUHODVLJXUDQĠă3ULQXUPDUHHFKLSD
GDFăUHVSHFWăFHULQĠHOHOHJDOH$FHDVWDVH PHQWXOGLQDXWRYHKLFXOXOGXPQHDYRDVWUăDU
DSOLFăGHDVHPHQHDvQDOWHFkWHYDĠăUL7RDWH SXWHDVăGLIHUHGHFHOSUH]HQWDWvQGHVFULHULúL
SLHVHOH0HUFHGHV%HQ]DXWHQWLFHvQWUXQHVF LOXVWUDĠLL


 ,QWURGXFHUH

'RFXPHQWDĠLDRULJLQDOăFHvQVRĠHúWHFRQWUDF KLFXOXOXL([LVWăSHULFROULGLFDWGHDFFLGHQWúL
WXOGHFXPSăUDUHSHQWUXDXWRYHKLFXOXOGXP UăQLUH
QHDYRDVWUăFRQĠLQHROLVWăFXWRDWHVLVWHPHOH 1XHIHFWXDĠLLQWHUYHQĠLLDVXSUDFDEODMHORUúL
GLQDXWRYHKLFXOXOGXPQHDYRDVWUă QLFLDVXSUDFRPSRQHQWHORUHOHFWURQLFHVDXD
3HQWUXRULFHvQWUHEăULUHIHULWRDUHODHFKLSD VRIWZDUHXOXLDFHVWRUD/ăVDĠLvQWRWGHDXQD
PHQWHúLIXQFĠLRQDUHYăUXJăPVăYăDGUHVDĠL HIHFWXDUHDOXFUăULORUODFRPSRQHQWHOHHOHF
XQXL&HQWUXGH6HUYLFH0HUFHGHV%HQ] WULFHúLHOHFWURQLFHvQVHDPDXQXLDWHOLHUGH
0DQXDOXOGHXWLOL]DUHúLEURúXUDGHVHUYLFH VHUYLFHGHVSHFLDOLWDWHDXWRUL]DW
VXQWGRFXPHQWHLPSRUWDQWHúLWUHEXLH
SăVWUDWHvQDXWRYHKLFXO ([LVWăULVFXODYDULHULLDXWRYHKLFXOXOXLGDFă
=DXWRYHKLFXOXOVHvPSRWPROHúWHGHH[SHR
ERUGXUăvQDOWăVDXSHXQGUXPQHDVIDOWDW
6LJXUDQĠăvQIXQFĠLRQDUH =GDFăFRQGXFHĠLSUHDUHSHGHSHVWHXQ

1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD REVWDFROGHH[SHVWHRERUGXUăVDXSHVWH
RJURDSăGLQGUXP
$9(57,=$5( =XQRELHFWJUHXORYHúWHSDUWHDLQIHULRDUăD
'DFăQXGLVSXQHĠLHIHFWXDUHDOXFUăULORU FDURVHULHLVDXSLHVHDOHúDVLXOXL
SUHYă]XWHGHVHUYLFHUHYL]LHVDXDUHSDUDĠLLORU ÌQDVWIHOGHVLWXDĠLLFDURVHULDSDUWHDLQIH
QHFHVDUHSRWDSDUHSHUWXUEăULvQIXQFĠLRQDUH ULRDUăDFDURVHULHLSLHVHOHúDVLXOXLURĠLOHVDX
VDXGHIHFWăULDOHVLVWHPHORU([LVWăSHULFROXO SQHXULOHDUSXWHDILGHWHULRUDWHIăUăFDDYDULLOH
GHDFFLGHQW VăILHYL]LELOH&RPSRQHQWHOHGHWHULRUDWHvQ
'LVSXQHĠLvQWRWGHDXQDH[HFXWDUHDOXFUăULORU DFHVWIHODUSXWHDFHGDSHQHDúWHSWDWHVDXvQ
SUHYă]XWHGHVHUYLFHUHYL]LHSUHFXPúLD FD]XOSURGXFHULLXQXLDFFLGHQWDUSXWHDVăQX
UHSDUDĠLLORUQHFHVDUHvQWUXQDWHOLHUGHVSH PDLDLEăSXWHUHDGHVXVĠLQHUHSHQWUXFDUHDX
FLDOLWDWHFDOLILFDW IRVWSURLHFWDWH
'DFăSDQRXULOHVFXWXOXLSHQWUXFDURVHULHVXQW
$9(57,60(17 GHWHULRUDWHPDWHULDOHLQIODPDELOHSUHFXP
'DFăGHFXSODĠLFRQWDFWXOvQWLPSXOFRQGXFHULL IUXQ]HLDUEăVDXUăPXUHOHVHSRWVWUkQJH
IXQFĠLLOHUHIHULWRDUHODVLJXUDQĠăVXQWGLVSRQL vQWUHVFXWXOSHQWUXFDURVHULHúLSDQRXULOHVFX
ELOHFXOLPLWăULVDXQXVXQWGLVSRQLELOHGHORF WXOXLSHQWUXFDURVHULH'DFăDFHVWHPDWHULDOH
$FHVWOXFUXDUSXWHDDIHFWDGHH[HPSOXVHU LQWUăvQFRQWDFWFXSLHVHOHILHUELQĠLDOHVLVWH
YRGLUHFĠLDúLHIHFWXOGHDPSOLILFDUHDIUkQHL PXOXLGHHYDFXDUHSHRSHULRDGăvQGHOXQJDWă
0DQHYUDUHDúLIUkQDUHDYRUQHFHVLWDXQHIRUW GHWLPSDFHVWHDVDUSXWHDDSULQGH
FRQVLGHUDELOPDLPDUH([LVWăXQSHULFROGH 6ROLFLWDĠLLPHGLDWYHULILFDUHDúLUHSDUDUHD
DFFLGHQW DXWRYHKLFXOXOXLODXQDWHOLHUGHVSHFLDOLWDWH
1XGHFXSODĠLFRQWDFWXOvQWLPSXOFRQGXFHULL DXWRUL]DW'DFăSHSDUFXUVXOFăOăWRULHLREVHU
YDĠLFăVLJXUDQĠDODFRQGXFHUHHVWHDIHFWDWă
$9(57,=$5( WUDJHĠLLPHGLDWSHGUHDSWDúLRSULĠLDXWRYHKL
3ULQPRGLILFăULDGXVHFRPSRQHQWHORUHOHFWUR FXOXOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLWUD
QLFHVRIWZDUHXOXLDFHVWRUDSUHFXPúLFDEOD ILFÌQDVHPHQHDFD]XULPHUJHĠLODXQDWHOLHU
MHORUSRDWHILSUHMXGLFLDWăIXQFĠLRQDUHDDFHV GHVSHFLDOLWDWHDXWRUL]DW
WRUDúLVDXIXQFĠLRQDUHDDOWRUFRPSRQHQWH
GLQUHĠHDÌQVSHFLDOSRWILDIHFWDWHúLVLVWHPHOH
UHOHYDQWHSHQWUXVLJXUDQĠă$VWIHODFHVWHDQX
PDLSRWIXQFĠLRQDFRQIRUPGHVWLQDĠLHLúLVDX
SRWSHULFOLWDVLJXUDQĠDvQH[SORDWDUHDDXWRYH
,QWURGXFHUH 

'HFODUDĠLLGHFRQIRUPLWDWH FRYRUDúHOHúLSRWULYLWVSHFLILFDĠLLORUSHQWUXD
DVLJXUDJDUGăVXILFLHQWăSHQWUXSHGDOH1X
&RPSRQHQWHIăUăILUDOHDXWRYHKLFXOXOXL XWLOL]DĠLFRYRUDúHFDUHQXVXQWIL[DWH
8UPăWRDUHOHLQIRUPDĠLLVHDSOLFăWXWXURUFRP
SRQHQWHORUDFHVWXLDXWRYHKLFXOúLVLVWHPXOXL  'DFăPRWRUXOHVWHRSULWúLVHXWLOL]HD]ă
&20$1'FDUHSULPHVFúLVDXWUDQVPLWXQGH HFKLSDPHQWXOFRQH[LXQLLGLDJQRVWLFăULL
UDGLR EDWHULDGHSRUQLUHVHSRDWHGHVFăUFD
&RPSRQHQWHOHDFHVWXLDXWRYHKLFXOFDUHSUL &RQHFWDUHDHFKLSDPHQWXOXLODFRQH[LXQHD
PHVFúLVDXWUDQVPLWXQGHUDGLRUHVSHFWă GLDJQRVWLFăULLSRDWHGXFHGHH[HPSOXOD
FHULQĠHOHSULQFLSDOHúLWRDWHFHOHODOWHGLVSR]LĠLL UHVHWDUHDLQIRUPDĠLLORUGHPRQLWRUL]DUHDHPL
UHOHYDQWHDOH'LUHFWLYHL(&3XWHĠL VLLORU$VWIHOHVWHSRVLELOFDDXWRYHKLFXOXOVă
REĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHODRULFH QXvQGHSOLQHDVFăFHULQĠHOHODXUPăWRUXOWHVW
&HQWUXGH6HUYLFH0HUFHGHV%HQ] GHHPLVLLGLQWLPSXOUHYL]LHLJHQHUDOH

&RPSDWLELOLWDWHHOHFWURPDJQHWLFă
$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&RPSDWLELOLWDWHDHOHFWURPDJQHWLFăDFRPSR
QHQWHORUDXWRYHKLFXOXOXLDIRVWYHULILFDWăúL 8QDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGLVSXQHGH
FHUWLILFDWăSRWULYLWFXYHUVLXQHDvQYLJRDUHD FXQRúWLQĠHOHVFXOHOHúLFDOLILFăULOHVSHFLDOH
'LUHFWLYHL((&VDX'LUHFWLYHL(&( FDUHVXQWQHFHVDUHSHQWUXDHIHFWXDFRUHFW
(&(5HFKLYDOHQWă OXFUăULOHQHFHVDUHDVXSUDDXWRYHKLFXOXOXL
GXPQHDYRDVWUă$FHDVWDVHDSOLFăvQVSHFLDO
OXFUăULORUOHJDWHGHVLJXUDQĠă
&RQH[LXQHGLDJQRVWLFDUH 5HVSHFWDĠLQRWHOHGLQEURúXUDGHVHUYLFH
&RQH[LXQHDGLDJQRVWLFăULLHVWHGHVWLQDWă 6ROLFLWDĠLvQWRWGHDXQDHIHFWXDUHDLQWHUYHQĠLL
QXPDLFRQHFWăULLHFKLSDPHQWXOXLGHGLDJQRV ORUXUPăWRDUHODXQDWHOLHUGHVSHFLDOLWDWH
WLFDUHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW DXWRUL]DW
=LQWHUYHQĠLLOHJDWHGHVLJXUDQĠă
$9(57,=$5(
=LQWHUYHQĠLLGHVHUYLFHúLGHvQWUHĠLQHUH
$WXQFLFkQGUDFRUGDĠLDSDUDWHODFXSODMXOGH
=UHSDUDĠLL
GLDJQR]ăDODXWRYHKLFXOXOXLVHSRDWHDMXQJH
ODSUHMXGLFLHULIXQFĠLRQDOHDOHVLVWHPHORUDXWR =PRGLILFăULLQVWDOăULúLFRQYHUVLL

YHKLFXOXOXL$VWIHOSRDWHILSUHMXGLFLDWăVLJX =LQWHUYHQĠLLODFRPSRQHQWHOHHOHFWURQLFH
UDQĠDvQH[SORDWDUHDDXWRYHKLFXOXOXL([LVWă 0HUFHGHV%HQ]YăUHFRPDQGăVăXWLOL]DĠLXQ
SHULFROGHDFFLGHQW &HQWUXGH6HUYLFH0HUFHGHV%HQ]
1XUDFRUGDĠLQLFLXQDSDUDWODFXSODMXOGHGLD
JRQ]ăDODXWRYHKLFXOXOXL
ÌQUHJLVWUDUHDXWRYHKLFXO
$9(57,60(17 0HUFHGHV%HQ]OHSRDWHVROLFLWD&HQWUHORU
2ELHFWHOHDIODWHvQVSDĠLXOSHQWUXSLFLRDUHDO VDOHGH6HUYLFHVăHIHFWXH]HLQVSHFĠLLWHKQLFH
úRIHUXOXLSRWOLPLWDFXUVDSHGDOHLVDXREVWUXF DVXSUDDQXPLWRUDXWRYHKLFXOHÌQXUPD
ĠLRQDRSHGDOăDSăVDWă6LJXUDQĠDvQIXQFĠLR LQVSHFĠLHLFDOLWDWHDVDXVLJXUDQĠDDXWRYHKL
QDUHúLVLJXUDQĠDUXWLHUăDDXWRYHKLFXOXOXL FXOXOXLHVWHvPEXQăWăĠLWă
VXQWSHULFOLWDWH([LVWăXQSHULFROGHDFFLGHQW
0HUFHGHV%HQ]YăSRDWHRIHULLQIRUPDĠLLSUL
$VLJXUDĠLYăFăWRDWHRELHFWHOHGLQDXWRYHKL YLQGYHULILFăULOHDXWRYHKLFXOXOXLGRDUGDFăGLV
FXOVXQWGHSR]LWDWHFRUHFWúLFăQXSăWUXQGvQ SXQHGHGDWHOHGXPQHDYRDVWUăGHvQUHJLV
VSDĠLXOSHQWUXSLFLRDUHDOúRIHUXOXL)L[DĠLELQH WUDUH

 ,QWURGXFHUH

(VWHSRVLELOFDDXWRYHKLFXOXOGXPQHDYRDVWUă 'DWHPHPRUDWHvQDXWRYHKLFXO
VăQXILHvQUHJLVWUDWSHQXPHOHGXPQHD
YRDVWUăOD0HUFHGHV%HQ]vQXUPăWRDUHOH 8QQXPăUGHFRPSRQHQWHHOHFWURQLFHGLQ
FD]XUL DXWRYHKLFXOXOGXPQHDYRDVWUăFRQĠLQPHPRULL
=GDFăDXWRYHKLFXOXOGXPQHDYRDVWUăQXD GHGDWH
IRVWDFKL]LĠLRQDWGHODRUHSUH]HQWDQĠăDXWR $FHVWHPHPRULLGHGDWHVWRFKHD]ăWHPSRUDU
UL]DWăúLVSHFLDOL]DWă VDXSHUPDQHQWLQIRUPDĠLLWHKQLFHGHVSUH
=GDFăDXWRYHKLFXOXOGXPQHDYRDVWUăQXD =VWDUHDGHIXQFĠLRQDUHDDXWRYHKLFXOXOXL
IRVWvQFăH[DPLQDWODXQ&HQWUXGH6HUYLFH =HYHQLPHQWH
0HUFHGHV%HQ] =GHIHFWH
6HUHFRPDQGăVăYăvQUHJLVWUDĠLODXQ&HQWUX
$FHVWHLQIRUPDĠLLWHKQLFHvQJHQHUDOFRQILUPă
GH6HUYLFH0HUFHGHV%HQ]
VWDUHDXQHLFRPSRQHQWHXQXLPRGXOXQXL
,QIRUPDĠL0HUFHGHV%HQ]FkWPDLFXUkQG VLVWHPVDXDXQXLPHGLX
SRVLELOGHVSUHRULFHPRGLILFDUHDDGUHVHLVDX
$FHVWHDVXQWGHH[HPSOX
DSURSULHWDUXOXL
=FRQGLĠLLOHGHIXQFĠLRQDUHDOHFRPSRQHQWH
ORUVLVWHPXOXL$FHVWHDLQFOXGGHH[QLYH
8WLOL]DUHFRUHFWă OXULOHGHOLFKLG
=PHVDMHGHVWDUHGLQDXWRYHKLFXOúLGHOD
'DFăVFRDWHĠLHWLFKHWHOHDXWRFRODQWHGHDYHU
WLVPHQWGXPQHDYRDVWUăVDXDOWHSHUVRDQH FRPSRQHQWHOHLQGLYLGXDOHDOHDXWRYHKLFX
SXWHĠLVăQXUHFXQRDúWHĠLDQXPLWHSHULFROH OXOXL$FHVWHDLQFOXGGHH[QXPăUXOGH
/ăVDĠLHWLFKHWHOHDXWRFRODQWHGHDYHUWLVPHQW URWDĠLLDOHYLWH]DURĠLORUGHFHOHUDUHDDFFH
ODORFXULOHORU OHUDUHDODWHUDOă
=GHIHFĠLXQLúLGHIHFWHODFRPSRQHQWHOH
5HVSHFWDĠLXUPăWRDUHOHLQIRUPDĠLLFkQGFRQ
GXFHĠLDXWRYHKLFXOXOGXPQHDYRDVWUă LPSRUWDQWHDOHVLVWHPXOXL$FHVWHDLQFOXG
GHH[OXPLQLOHIUkQHOH
=QRWHOHSULYLQGVLJXUDQĠDGLQDFHVWPDQXDO
=UHDFĠLLOHDXWRYHKLFXOXOXLvQVLWXDĠLLVSHFLDOH
=GDWHOHWHKQLFHGLQDFHVWPDQXDO
GHFRQGXFHUH$FHVWHDLQFOXGGHH[
=UHJXOLúLUHJOHPHQWăULGHWUDILF GHFODQúDUHDXQXLDLUEDJLQWHUYHQĠLDVLVWH
=OHJLúLVWDQGDUGHGHVLJXUDQĠăUHIHULWRDUHOD PHORUGHFRQWURODOVWDELOLWăĠLL
DXWRYHKLFXOH =FRQGLĠLLGHPHGLX$FHVWHDLQFOXGGHH[
WHPSHUDWXUDH[WHULRDUă
$FHVWHGDWHVXQWH[FOXVLYGHQDWXUăWHKQLFă
*DUDQĠLHLPSOLFLWă úLVXQWXWLOL]DWHSHQWUX
 8UPDĠLLQVWUXFĠLXQLOHGLQDFHVWPDQXDO =DDMXWDODGHWHFWDUHDúLUHPHGLHUHDGHIHF
UHIHULWRDUHODXWLOL]DUHDFRUHVSXQ]ăWRDUHD ĠLXQLORUúLGHIHFWHORU
DXWRYHKLFXOXOXLGXPQHDYRDVWUăSUHFXPúL =DRSWLPL]DIXQFĠLLOHDXWRYHKLFXOXOXL
ODSRVLELODGHWHULRUDUHDDXWRYHKLFXOXOXL
'DWHOHQXSRWILXWLOL]DWHSHQWUXDXUPăUL
'HWHULRUDUHDDXWRYHKLFXOXOXLGXPQHD
PLúFăULOHDXWRYHKLFXOXOXLSHGLVWDQĠHOHSDU
YRDVWUăFDUHUH]XOWăGLQvQFăOFDUHDGLQ
FXUVH
FXOSăDDFHVWRULQVWUXFĠLXQLQXHVWHDFRSH
ULWăQLFLGHJDUDQĠLDLPSOLFLWă0HUFHGHV &kQGDXWRYHKLFXOXOGXPQHDYRDVWUăHVWH
%HQ]QLFLGH*DUDQĠLDSHQWUXDXWRYHKLFXOH GHSDQDWDFHVWHLQIRUPDĠLLWHKQLFHSRWILFLWLWH
QRLVDXUXODWH GLQPHPRULDGHHYHQLPHQWHúLGHIHFWH
,QWURGXFHUH 

6HUYLFLLOHLQFOXG
=UHSDUDĠLL
=SURFHVHGHVHUYLVDUH
=GUHSWXULGHJDUDQĠLH
=DVLJXUDUHFDOLWDWH

,QIRUPDĠLLOHVXQWFLWLWHGHDQJDMDĠLLDXWRUL]DĠL
DLUHĠHOHLGHVHUYLFH LQFOXVLYSURGXFăWRULL FX
DMXWRUXOXQRUGLVSR]LWLYHGHGLDJQRVWLFDUH
VSHFLDOH3XWHĠLJăVLPDLPXOWHLQIRUPDĠLL
DFRORGDFăHVWHQHFHVDU
'XSăUHPHGLHUHDXQHLGHIHFĠLXQLLQIRUPDĠLLOH
GLQPHPRULDGHGHIHFWHVXQWúWHUVHVDX
VXSUDVFULVHvQPRGFRQVHFXWLY
ÌQFRQGLĠLLQRUPDOHGHXWLOL]DUHDDXWRYHKLFX
OXOXLSRWVăDSDUăVLWXDĠLLvQFDUHGDWHOHWHK
QLFHSRWGHYHQLGHQDWXUăSHUVRQDOăvQDVR
FLHUHFXDOWHLQIRUPDĠLLúLGDFăHVWHQHFHVDU
vQFD]XOFRQVXOWăULLXQXLRPRORJRILFLDO
([HPSOHOHLQFOXG
=UDSRDUWHGHDFFLGHQWH
=GHWHULRUDUHDDXWRYHKLFXOXOXL
=PăUWXULLOHPDUWRULORU

&DUDFWHULVWLFLOHVXSOLPHQWDUHFDUHVXQWVWDEL
OLWHSULQFRQWUDFWFXFOLHQWXOSHUPLWREĠLQHUHD
DQXPLWRUGDWHSULYLQGDXWRYHKLFXOXOGHOD
DXWRYHKLFXO$FHVWHFDUDFWHULVWLFLVXSOLPHQ
WDUHLQFOXGORFDOL]DUHDDXWRYHKLFXOXOXLvQFD]XO
XQHLXUJHQĠHGHH[HPSOX

,QIRUPDĠLLGHVSUHFRS\ULJKW
1RWHJHQHUDOH
3XWHĠLJăVLLQIRUPDĠLLSULYLQGOLFHQĠHOHSHQWUX
VRIWZDUHXOOLEHUúLFXVXUVăGHVFKLVăXWLOL]DW
vQDXWRYHKLFXOXOGXPQHDYRDVWUăúLFRPSR
QHQWHOHVDOHHOHFWURQLFHSHXUPăWRUXOVLWH
ZHE
KWWSZZZPHUFHGHVEHQ]FRP
RSHQVRXUFH





3RVWXOGHFRQGXFHUH 
7DEORXGHERUG YRODQFXEXWRDQH  

3UH]HQWDUHJHQHUDOă
7DEORXGHERUG YRODQFX
EXWRDQH  
9RODQPXOWLIXQFĠLRQDO 
&RQVROăFHQWUDOă 
3DQRXGHFRPDQGăVLWXDWSHSODIRQ 
3DQRXGHFRPDQGăVLWXDWSHSRU
WLHUă 
 3RVWXOGHFRQGXFHUH

3RVWXOGHFRQGXFHUH
3UH]HQWDUHJHQHUDOă

)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD


C 7UDQVPLVLHDXWRPDWă l &RPXWDWRUGHFRQWDFW 
PDQHWăGHVFKLPEDUHD %XWRQ3RUQLUH2SULUH 
YLWH]HORUVLWXDWăSHYRODQ 
m 5HJOHD]ăYRODQXOPDQXDO 
D &RPXWDWRUPL[W 
n 5HJOHD]ăYRODQXOHOHFWULF 
‡ 7DEORXGHERUG YRODQFX
EXWRDQH  o 0DQHWăSHQWUXFRQWUROXO
7DEORXGHERUG YRODQFX FURD]LHUHL 
EXWRDQH  p )UkQăGHSDUFDUH 
… &OD[RQ q &RQH[LXQHGLDJQRVWLFDUH 
ƒ $ILúDMGHDYHUWL]DUH3$5. r 'HVFKLGHFDSRWDPRWRUXOXL 
7521,& 
s (OLEHUHD]ăIUkQDGHSDUFDUH 
„ 3DQRXGHFRPDQGăVLWXDW
SHSODIRQ  t &RPXWDWRUGHOXPLQL 

k 8WLOL]HD]ăVLVWHPXOGHFRQ
WURODOFOLPDWL]ăULL 
7DEORXGHERUG YRODQFXEXWRDQH 

7DEORXGHERUG YRODQFXEXWRDQH
$ILúDMHúLFRPHQ]L

3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C ,QGLFDWRUQLYHOGHFDUEXUDQW „ $ILúDMPXOWLIXQFĠLRQDO 
D 7HPSHUDWXUăOLFKLGGH l ,OXPLQDUHWDEORXGHERUG 
UăFLUH 
‡ 9LWH]RPHWUX
… 7XURPHWUX 
ƒ )XQFĠLHGHSRUQLUHRSULUH
(&2 
ùWHUJăWRUGHOXQHWă 
7UDQVPLVLHDXWRPDWă
3R]LĠLHWUDQVPLVLHúLSUR
JUDPGHFRQGXFHUH 
 7DEORXGHERUG YRODQFXEXWRDQH

/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUH
3UH]HQWDUHJHQHUDOă

)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD


C 0RWRUGLHVHOSUHvQFăO]LUH m (63Š 
FXEXMLHLQFDQGHVFHQWă 
n /DPSăGHFHDĠăVSDWH 
D &DUEXUDQWGHUH]HUYă 
o /ăPSLODWHUDOHGHSR]LĠLH 
‡ /LFKLGGHUăFLUH 
p )DUXULSHQWUXID]ăVFXUWă 
… &HQWXULGHVLJXUDQĠă 
q )DUXULSHQWUXID]ăOXQJă 
ƒ 6HPQDOL]DWRDUHGHGLUHFĠLH 
r )UkQH 
„ 656 
s $%6 
k 'LDJQRVWLFDUHPRWRU 
l 3URLHFWRDUHGHFHDĠă 
7DEORXGHERUG YRODQFXEXWRDQH 

7DEORXGHERUG YRODQFXEXWRDQH
$ILúDMHúLFRPHQ]L

3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C ,QGLFDWRUQLYHOGHFDUEXUDQW … $ILúDMPXOWLIXQFĠLRQDO 
D 7HPSHUDWXUDOLFKLGXOXLGH ƒ 7XURPHWUX 
UăFLUH 
‡ 9LWH]RPHWUXFXVHJPHQWH 

G 6HWDUHDLOXPLQăULLWDEORXOXLGHERUGSULQ
LQWHUPHGLXOFDOFXODWRUXOXLGHERUG
3DJLQD 
 7DEORXGHERUG YRODQFXEXWRDQH

/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUH
3UH]HQWDUHJHQHUDOă

)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD


C å(63Š  o ¬/LFKLGGHUăFLUH 
D º$YHUWL]DUHSULYLQGGLV p W)DUXULSHQWUXID]ă
WDQĠD  OXQJă 
‡ »(63Š'(=$&7,9$7  q X)DUXULSHQWUXID]ă
VFXUWă 
… M)UkQH 
r `/ăPSLODWHUDOHGH
ƒ >=6HPQDOL]DWRDUH SR]LĠLH 
GHGLUHFĠLH 
s ^/DPSăGHFHDĠăVSDWH 
„ %$%6 
t Z3URLHFWRDUHGHFHDĠă 
k u656 
u ¶&DUEXUDQWGHUH]HUYă 
l ¹'LDJQRVWLFDUHPRWRU 
m é&HQWXUăGHVLJXUDQĠă 
n (0RWRUGLHVHOSUH
vQFăO]LUHFXEXMLHLQFDQGHV
FHQWă 
9RODQPXOWLIXQFĠLRQDO 

9RODQPXOWLIXQFĠLRQDO
9RODQXOPXOWLIXQFĠLRQDOFXEXWRDQH

3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C $ILúDMPXOWLIXQFĠLRQDO  „ €
D $ILúDMXODXGLRFRQVXOWDĠL $SăVDĠLVFXUW
LQVWUXFĠLXQLOHGHXWLOL]DUH 6HOHFWHD]ăXQPHQLX
VHSDUDWH $SăVDĠLúLPHQĠLQHĠL
DSăVDW
‡ 
6HOHFWHD]ăDILúDMXOVWDQ
0ăUHúWHYROXPXO GDUG
… ‚
$WHQXHD]ăYROXPXO
ƒ F
'HUXOHD]ăOLVWHOH
5HVHWHD]ăYDORULOH
$VFXQGHPHVDMHOHGHSH
GLVSOD\
 9RODQPXOWLIXQFĠLRQDO

9RODQXOPXOWLIXQFĠLRQDOFXEXWRDQH
3UH]HQWDUHJHQHUDOă

)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD


C $ILúDMPXOWLIXQFĠLRQDO  ƒ Ye
D $ILúDMDXGLR&20$1' 6HOHFWHD]ăXQPHQLX 
FRQVXOWDĠLLQVWUXFĠLXQLOHGH cd
XWLOL]DUHVHSDUDWH 6HOHFWHD]ăXQVXEPHQLX
VDXGHUXOHD]ăOLVWHOH 
‡ Y
v
$FWLYHD]ă/,1*8$7521,&
&RQILUPăVHOHFĠLD 
FRQVXOWDĠLLQVWUXFĠLXQLOHGH
XWLOL]DUHVHSDUDWH $VFXQGHPHVDMHOHGHSH
GLVSOD\ 
… v
„ 8
5HVSLQJHVDXvQFKHLHXQ
DSHO  ÌQDSRL 
6HLHVHGLQDJHQGDWHOHIR 'H]DFWLYHD]ă/,1*8$752
QLFăPHPRULDGHUHDSHODUH 1,&FRQVXOWDĠLLQVWUXFĠLX
a QLOHGHXWLOL]DUHVHSDUDWH
6HHIHFWXHD]ăVDXVH
DFFHSWăXQDSHO
6HFRPXWăSHPHPRULDGH
UHDSHODUH
‚
5HJOHD]ăYROXPXO
c
6XUGLQă
&RQVROăFHQWUDOă 

&RQVROăFHQWUDOă
&RQVRODFHQWUDOăVHFĠLXQHDVXSHULRDUă

3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C /6HPQDOL]DWRDUHGH „ rÌQFăO]LUHVFDXQ 
DYDULH 
k §)XQFĠLDVWDUWVWRS
D /DPSDLQGLFDWRDUH$7$  (&2 
‡ s/DPSăLQGLFDWRDUH l Ê3URJUDPRIIURDG 
$,5%$*3$6$*(5235,7 
m Æ5HJODUHDYLWH]HLOD
… »(63Š  FRERUkUHDvQSDQWă 
ƒ 6LVWHPXODXGLR&20$1' n 3$5.7521,& 
2QOLQHFRQVXOWDĠLLQVWUXF
o ;ÌQFăO]LUHDX[LOLDUă 
ĠLXQLOHGHXWLOL]DUHVHSDUDWH
 &RQVROăFHQWUDOă

&RQVRODFHQWUDOăVHFĠLXQHDLQIHULRDUă
3UH]HQWDUHJHQHUDOă

)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD


C &RPSDUWLPHQWGHGHSR]L ‡ &RPSDUWLPHQWGHGHSR]L
WDUH  WDUH 
6FUXPLHUă  … &RQWUROHUVLVWHPDXGLR
%ULFKHWă  &20$1'FRQVXOWDĠL
3UL]ăHOHFWULFă  LQVWUXFĠLXQLOHGHXWLOL]DUH
VHSDUDWH
D 6XSRUWXULSHQWUXSDKDU 
3DQRXGHFRPDQGăVLWXDWSHSODIRQ 

3DQRXGHFRPDQGăVLWXDWSHSODIRQ

3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C B$SULQGHVWLQJHLOXPL „ 2JOLQGăUHWURYL]RDUH 
QDUHDLQWHULRDUăVSDWH 
k Ç'H]DFWLYHD]ăVHQ]R
D 3$SULQGHVWLQJH UXOGHPLúFDUHvQLQWHULRU 
FRPDQGDGHLOXPLQDUHLQWH
l =$SULQGHVWLQJH
ULRDUăDXWRPDWă 
ODPSDGHOHFWXUăGHSHSDU
‡ =$SULQGHVWLQJH WHDVWkQJă 
ODPSDGHOHFWXUăGHSHSDU
m J$SULQGHVWLQJHLOXPL
WHDGUHDSWă 
QDUHDLQWHULRDUăGLQIDĠă 
… È'H]DFWLYHD]ăSURWHF
ĠLDODWUDFWDUH 
ƒ W'HVFKLGHvQFKLGH
WUDSDJOLVDQWăSDQRUDPLFă
FXMDOX]HOH 
 3DQRXGHFRPDQGăVLWXDWSHSRUWLHUă

3DQRXGHFRPDQGăVLWXDWSHSRUWLHUă
3UH]HQWDUHJHQHUDOă

)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD


C 'HVFKLGHSRUWLHUD  l b5HJOHD]ăRJOLQ]LOH
H[WHULRDUH 
D 67'HVFXLHvQFXLH
DXWRYHKLFXOXO  m b'HVFKLGHvQFKLGH
JHDPXULOHODWHUDOHIDĠă 
‡ 5HJOHD]ăHOHFWULFVFDXQHOH 
n b'HVFKLGHvQFKLGH
… 78@
JHDPXULOHODWHUDOHVSDWH 
0HPRUHD]ăVHWăULOHSHQWUX
VFDXQRJOLQ]LOHH[WHULRDUH o ‰$FWLYHD]ăGH]DFWL
úLYRODQ  YHD]ăFDUDFWHULVWLFDGH
ƒ VXSUDUHJODUHSHQWUXJHD
p6HOHFWHD]ăRJOLQGD
PXULOHODWHUDOHGLQFRPSDU
H[WHULRDUăGLQVWkQJD 
WLPHQWXOGLQVSDWH 
„ õ5DEDWHD]ăH[WLQGH
p Œ'HVFKLGHvQFKLGH
RJOLQ]LOHH[WHULRDUH 
KD\RQXO 
k q6HOHFWHD]ăRJOLQGD
H[WHULRDUăGLQGUHDSWD 


,QIRUPDĠLLXWLOH 
$ODUPăGHSDQLFă 
6LJXUDQĠDRFXSDQĠLORU 
3UH]HQĠDFRSLLORUODERUG 

6LJXUDQĠă
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH 
6LVWHPHDQWLIXUW 
 6LJXUDQĠDRFXSDQĠLORU

,QIRUPDĠLLXWLOH 6LJXUDQĠDRFXSDQĠLORU

G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
PRGHOHOHVHULLOHúLHFKLSDPHQWXORSĠLRQDO &HQWXULOHGHVLJXUDQĠăvPSUHXQăFX656 6LV
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUăFDUH WHPXO6XSOLPHQWDUGH5HWHQĠLH VXQWVLVWHPH
6LJXUDQĠă

HUDXGLVSRQLELOHvQPRPHQWXOWLSăULULL GHUHWHQĠLHFRPSOHPHQWDUHúLFRRUGRQDWH
PDQXDOXOXL6XQWSRVLELOHYDULDĠLLQDĠLRQDOH 3DJLQD $FHVWHDUHGXFSHULFROXOGH
5HĠLQHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOVă UăQLUHvQWLSXULVSHFLILFHúLSUHGHILQLWHGHDFFL
QXILHHFKLSDWFXWRDWHIXQFĠLLOHGHVFULVH GHQWHFUHVFkQGvQFRQVHFLQĠăVLJXUDQĠDRFX
$FHVWOXFUXHVWHYDODELOúLSHQWUXVLVWHPHOH SDQĠLORU&XWRDWHDFHVWHDFHQWXULOHGHVLJX
úLIXQFĠLLOHUHIHULWRDUHODVLJXUDQĠă UDQĠăúLDLUEDJXULOHQXSRWvQJHQHUDOSUHYHQL
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH UăQLUHDFDX]DWăGHRELHFWHOHFDUHSăWUXQGvQ
DXWRYHKLFXOGLQH[WHULRU
FLDOLWDWHDXWRUL]DWH 3DJLQD 
3HQWUXDYăDVLJXUDFăVLVWHPHOHGHVLJXUDQĠă
SRWDVLJXUDIXQFĠLDORUGHSURWHFĠLHSRWHQĠLDOă
$ODUPăGHSDQLFă FRPSOHWăDVLJXUDĠLYăFă
=VFDXQXOúLWHWLHUDVXQWUHJODWHFRUHV
SXQ]ăWRU 3DJLQD
=FHQWXUDGHVLJXUDQĠăDIRVWFXSODWăFRUHV
SXQ]ăWRU 3DJLQD
=DLUEDJXULOHVHSRWXPIODvQPRGFRUHV
SXQ]ăWRUFkQGVHGHFODQúHD]ă
3DJLQD
=YRODQXOHVWHUHJODWFRUHVSXQ]ăWRU
3DJLQD
=VLVWHPHOHGHUHWHQĠLHQXDXIRVWPRGLILFDWH

G 8QDLUEDJFUHúWHQLYHOXOGHSURWHFĠLHD
 3HQWUXDDFWLYDDSăVDĠLEXWR SDVDJHULORUDXWRYHKLFXOXOXLFDUHSRDUWăR
QXO3CFHOSXĠLQRVHFXQGă FHQWXUăGHVLJXUDQĠă7RWXúLDLUEDJXULOH
6HHPLWHRDODUPăLDULOXPLQDUHDH[WHULRDUă VXQWGRDUXQVLVWHPGHUHWHQĠLHVXSOLPHQ
FOLSHúWH WDUFDUHFRPSOHWHD]ăGDUQXvQORFXLHúWH
 3HQWUXDGH]DFWLYDDSăVDĠLEXWR FHQWXUDGHVLJXUDQĠă7RĠLSDVDJHULLDXWR
QXO3CGLQQRX YHKLFXOXOXLWUHEXLHVăvúLSRDUWHvQWRW
VDX GHDXQDFRUHFWFHQWXUDGHVLJXUDQĠăFKLDU
 ,QWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQ úLGDFăDXWRYHKLFXOXOHVWHGRWDWFXDLUED
WDFW JXUL$LUEDJXULOHQXVXQWGHFODQúDWHvQWRDWH
WLSXULOHGHDFFLGHQWH'HH[HPSOXvQFD]XO
VDX
vQFDUHFDSDFLWDWHDGHSURWHFĠLHRIHULWăGH
 $SăVDĠLEXWRQXO6WDUW6WRSDO.(</(66
FHQWXULOHGHVLJXUDQĠăFXSODWHFRUHV
*2 SXQ]ăWRUQXFUHúWHSULQGHFODQúDUHDDLUED
&KHLD.(</(66*2WUHEXLHVăVHDIOHvQ JXULORUDLUEDJXULOHQXVHGHFODQúHD]ă
DXWRYHKLFXO 'HFODQúDUHDDLUEDJXULORUDVLJXUăRSURWHF
ĠLHFUHVFXWăQXPDLGDFăFHQWXUDGHVLJX
G )XQFĠLDDODUPăGHSDQLFăHVWHGLVSRQLELOă UDQĠăHVWHSXUWDWăFRUHFWGHRDUHFH
QXPDLvQ0H[LF
6LJXUDQĠDRFXSDQĠLORU 

=FHQWXUDGHVLJXUDQĠăFRQWULEXLHODPHQ 1XHIHFWXDĠLQLFLRGDWăPRGLILFăULODVLVWHPHOH
ĠLQHUHDSDVDJHUXOXLDXWRYHKLFXOXOXLvQ HOHFWURQLFHVDXODVRIWZDUHXODVRFLDWDFHV
SR]LĠLHRSWLPăvQUDSRUWFXDLUEDJXO WRUD
=vQWURFROL]LXQHIURQWDOăGHH[HPSOX
FHQWXUDGHVLJXUDQĠăSUHYLQHSURLHFWDUHD

6LJXUDQĠă
SDVDJHUXOXLDXWRYHKLFXOXOXLFăWUHSXQF 656 6LVWHPXO6XSOLPHQWDUGH5HWHQ
WXOGHLPSDFW$VWIHOVHSRDWHUHGXFH ĠLH
SHULFROXOGHUăQLUH
ÌQDFFLGHQWHOHvQFDUHXQDLUEDJHVWH ,QWURGXFHUH
GHFODQúDWHORIHUăRSURWHFĠLHFUHVFXWă 656FRQVWăGLQ
QXPDLGDFăFHQWXUDGHVLJXUDQĠăHVWHSXU =ODPSDGHDYHUWL]DUHu656
WDWăFRUHFW
=DLUEDJXUL
$9(57,60(17 =XQLWDWHDGHFRPDQGăDDLUEDJXULORU FXVHQ
'DFăLQWHUYHQĠLLOHGHVHUYLFHQXVXQWHIHF ]RULGHLPSDFW
WXDWHFRUHFWVLJXUDQĠDvQIXQFĠLRQDUHDDXWR =vQWLQ]ăWRDUHOHFHQWXULORU
YHKLFXOXOXLSRDWHILDIHFWDWă$VWIHOSXWHĠL
=OLPLWDWRDUHOHGHIRUĠăSHQWUXFHQWXUă
SLHUGHFRQWUROXODXWRYHKLFXOXOXLúLSXWHĠLSUR
YRFDXQDFFLGHQW0DLPXOWVLVWHPHOHGHVLJX 656UHGXFHULVFXOFRQWDFWXOXLGLQWUHSDVDJHUL
UDQĠăQXYăPDLSRWSURWHMDSHGXPQHDYRDVWUă úLLQWHULRUXODXWRYHKLFXOXOXLvQFD]GHDFFL
VDXSHDOĠLLFRQIRUPVFRSXOXLSUHYă]XW GHQW3RDWHGHDVHPHQHDUHGXFHIRUĠHOHOD
6ROLFLWDĠLvQWRWGHDXQDHIHFWXDUHDLQWHUYHQĠLL
FDUHSDVDJHULLVXQWVXSXúLvQWLPSXOXQXLDFFL
ORUGHVHUYLFHODXQDWHOLHUGHVSHFLDOLWDWH
GHQW
DXWRUL]DW
/DPSăGHDYHUWL]DUH656
3HULFROGHUăQLUH )XQFĠLLOH656VXQWYHULILFDWHUHJXODWFkQG
0RGLILFăULOHúLOXFUăULOHHIHFWXDWHLQFRUHFW FXSODĠLFRQWDFWXOúLFkQGPRWRUXOIXQFĠLR
DVXSUDXUPăWRDUHORUHOHPHQWHSRWREVWUXF QHD]ă3ULQXUPDUHGHIHFĠLXQLOHSRWILGHWHF
ĠLRQDIXQFĠLRQDUHDFRUHVSXQ]ăWRDUHDVLVWH WDWHvQWLPSXWLO
PHORUGHUHWHQĠLH /DPSDGHDYHUWL]DUHu656GLQWDEORXOGH
=VLVWHPXOGHUHWHQĠLHDOFăWXLWGLQFHQWXULOH ERUGVHDSULQGHFkQGFRQWDFWXOHVWHFXSODW
GHVLJXUDQĠăúLSXQFWHOHGHDQFRUDUHDOH $FHDVWDVHVWLQJHODQXPDLWkU]LXGHFkWHYD
DFHVWRUDGLVSR]LWLYHOHGHSUHWHQVLRQDUH VHFXQGHGXSăFHPRWRUXOHVWHSRUQLW
OLPLWDWRDUHOHGHIRUĠăúLDLUEDJXULOH
$9(57,60(17
=FDEOXULOHHOHFWULFH
'DFă656XOHVWHGHIHFWVLVWHPHOHLQGLYL
=VLVWHPHOHHOHFWURQLFHLQWHUFRQHFWDWH
GXDOHDUSXWHDILGHFODQúDWHQHLQWHQĠLRQDWVDX
(VWHSRVLELOFDDLUEDJXULOHVDXGLVSR]LWLYHOHGH DUSXWHDVăQXILHGHFODQúDWHvQFD]XOXQXL
SUHWHQVLRQDUHDFHQWXULORUVăQXILHGHFODQ DFFLGHQWFXRUDWăGHGHFHOHUDUHDDXWRYHKL
úDWHvQFD]GHDFFLGHQWvQVLWXDĠLLvQFDUH FXOXOXLULGLFDWă
GHFHOHUDUHDDUILVXILFLHQWăSHQWUXDGHFODQúD
vQPRGQRUPDODFHVWHVLVWHPHVDXHVWHSRVL
ELOFDVLVWHPHOHVăILHGHFODQúDWHFkQGQXHVWH
FD]XO'LQDFHVWPRWLYVLVWHPHOHGHUHWHQĠLH
QXWUHEXLHQLFLRGDWăPRGLILFDWH


 6LJXUDQĠDRFXSDQĠLORU

$VXUYHQLWRGHIHFĠLXQHGDFă 3UDJXULOHvQWLQ]ăWRUXOXLFHQWXULLúLDOH
=ODPSDGHDYHUWL]DUHu656QXVH
GHFODQúăULLDLUEDJXOXLVXQWYDULDELOHúLVXQW
DGDSWDWHODYLWH]DGHGHFHOHUDUHVDXDFFHOH
DSULQGHFkQGFRQWDFWXOHVWHFXSODW
UDUHDDXWRYHKLFXOXOXL$FHVWSURFHVHVWHGH
=PRWRUXOIXQFĠLRQHD]ăúLODPSDGHDYHUWL
QDWXUăSUHYHQWLYă3URFHVXOGHGHFODQúDUH
]DUHu656QXVHVWLQJHGXSăFkWHYD WUHEXLHVăVHHIHFWXH]HvQWLPSXWLOODvQFHSX
6LJXUDQĠă

VHFXQGH WXOFROL]LXQLL
=PRWRUXOIXQFĠLRQHD]ăúLODPSDGHDYHUWL]DUH
G $LUEDJXULOHQXVXQWGHFODQúDWHvQWRDWH
u656VHDSULQGHGLQQRX
WLSXULOHGHDFFLGHQWH'HDVHPHQHDQX
ÌQDFHVWFD]VROLFLWDĠLLPHGLDWYHULILFDUHD656 WRDWHDLUEDJXULOHVXQWGHFODQúDWHvPSUHXQă
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW ODXQDFFLGHQW6LVWHPHOHGHDLUEDJXULGLIH
ULWHIXQFĠLRQHD]ăLQGHSHQGHQWXQXOGH
'HFODQúDUHDvQWLQ]ăWRDUHORUFHQWXULORU FHOăODOW
OLPLWDWRDUHORUGHIRUĠăSHQWUXFHQWXULúL 0RGXOGHIXQFĠLRQDUHDOVLVWHPXOXLGHDLU
DLUEDJXULORU EDJXULHVWHGHWHUPLQDWGHJUDYLWDWHDFROL
ÌQSULPDID]ăDXQHLFROL]LXQLXQLWDWHDGH ]LXQLLGHWHFWDWHPDLDOHVGHGHFHOHUDUHD
FRPDQGăDDLUEDJXULORUHYDOXHD]ăGDWHIL]LFH VDXDFFHOHUDUHDDXWRYHKLFXOXOXLúLGHWLSXO
LPSRUWDQWHSULYLQGGHFHOHUDUHDVDXDFFHOHUD DSDUHQWGHDFFLGHQW
UHDDXWRYHKLFXOXOXLSUHFXP =FROL]LXQHIURQWDOă

=GXUDWă =LPSDFWODWHUDO

=GLUHFĠLH =UăVWXUQDUH

=DPSORDUH 9LWH]DGHGHFHOHUDUHVDXDFFHOHUDUHDDXWR
ÌQIXQFĠLHGHHYDOXDUHDDFHVWRUGDWHXQLWDWHD YHKLFXOXOXLúLGLUHFĠLDIRUĠHLVXQWvQSULQFLSLX
GHFRPDQGăDDLUEDJXULORUGHFODQúHD]ăSUH GHWHUPLQDWHGH
YHQWLYvQWLQ]ăWRDUHOHGHFHQWXUăvQSULPDID]ă =GLVWULEXĠLDIRUĠHORUvQWLPSXOFROL]LXQLL

G ÌQWLQ]ăWRDUHOHGHFHQWXUăIDĠăSRWIL =XQJKLXOFROL]LXQLL
GHFODQúDWHGRDUGDFăOLPELOHFHQWXULORUGH =FDUDFWHULVWLFLOHGHGHIRUPDUHDOHDXWRYHKL
VLJXUDQĠăGLQVFDXQHOHIDĠăVXQWFXSODWH FXOXOXL
FRUHFWvQFDWDUDPHOHGHEORFDUHDOHFHQWX =FDUDFWHULVWLFLOHRELHFWXOXLFXFDUHDLQWUDWvQ
ULORUGHVLJXUDQĠă FROL]LXQHDXWRYHKLFXOXO
'DFăH[LVWăRGHFHOHUDUHVDXDFFHOHUDUHD )DFWRULLFDUHSRWGRDUILYă]XĠLúLPăVXUDĠL
DXWRYHKLFXOXOXLúLPDLPDUHvQGLUHFĠLHORQJL GXSăVXUYHQLUHDXQHLFROL]LXQLQXDXXQURO
WXGLQDOăDLUEDJXULOHIURQWDOHVXQWGHDVHPH GHFLVLYvQGHFODQúDUHDDLUEDJXOXLúLQXRIHUăR
QHDGHFODQúDWH LQGLFDĠLHSULYLQGGHFODQúDUHDDLUEDJXOXL
$XWRYHKLFXOXOGXPQHDYRDVWUăGLVSXQHGHDLU $XWRYHKLFXOXOSRDWHVXIHULGHIRUPăULVHPQL
EDJXULIURQWDOHDGDSWLYHvQGRXăID]H8QLWD ILFDWLYHGHH[ODFDSRWăVDXODDULSăIăUăFD
WHDGHFRPDQGăDDLUEDJXULORUHYDOXHD]ă XQDLUEDJVăILHGHFODQúDW$FHDVWăVLWXDĠLH
GHFHOHUDUHDVDXDFFHOHUDUHDDXWRYHKLFXOXOXL DSDUHGDFăQXPDLSăUĠLOHUHODWLYXúRUGHIRU
vQFD]GHFROL]LXQHÌQSULPDID]ăGHGHFODQ PDELOHVXQWDIHFWDWHúLYLWH]DGHGHFHOHUDUH
úDUHDLUEDJXOIURQWDOHVWHXPSOXWFXGHVWXO QXHVWHPDUH3HGHDOWăSDUWHDLUEDJXULOHSRW
JD]SURSXOVRUSHQWUXDUHGXFHSHULFROXOGH ILGHFODQúDWHúLGDFăDXWRYHKLFXOXOVXIHUă
UăQLUH$LUEDJXOIURQWDOHVWHFRPSOHWGHFODQ QXPDLGHIRUPăULPLQRUH/XFUXULOHVWDXDVWIHO
úDWGDFăXQDOGRLOHDSUDJGHGHFODQúDUHHVWH vQFD]XOvQFDUHGHH[HPSOXSăUĠLOHIRDUWH
GHSăúLWvQGHFXUVGHFkWHYDPLOLVHFXQGH ULJLGHDOHDXWRYHKLFXOXOXLFXPDUILHOHPHQWH
ORQJLWXGLQDOHDOHFDURVHULHLVXQWORYLWHLDU
6LJXUDQĠDRFXSDQĠLORU 

GHFHOHUDUHDVXUYHQLWăGUHSWXUPDUHHVWHVXIL LPSRUWDQWăPDLDOHVGDFăDĠLDVLJXUDWXQ
FLHQWă FRSLOvQVLVWHPXOGHUHWHQĠLHSHQWUXFRSLLGH
SHVFDXQXOSDVDJHUXOXLGLQIDĠă
=SDVDJHULLDXWRYHKLFXOXOXL±úLPDLDOHVFRSLLL
$LUEDJXUL ±QXWUHEXLHVăúLĠLQăFDSHWHOHvQ]RQDJHD

6LJXUDQĠă
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD PXOXLvQFDUHVHGHFODQúHD]ăDLUEDJXOODWH
UDODLUEDJXOWLSFRUWLQă
'HFODQúDUHDDLUEDJXOXLvQFHWLQHúWHúLOLPL =VLVWHPHOHGHUHWHQĠLHSHQWUXFRSLLRULHQWDWH
WHD]ăGHSODVDUHDSDVDJHUXOXLDXWRYHKLFXOX VSUHVSDWHQXWUHEXLHVăILHIL[DWHSHVFDX
OXL QXOSDVDJHUXOXLGLQIDĠăGHFkWGDFăDLUEDJXO
'DFăDLUEDJXULOHVXQWGHFODQúDWHYHĠLDX]LR SHQWUXSDVDJHUXOGLQIDĠăDIRVWGH]DFWLYDW
H[SOR]LHúLHVWHSRVLELOVăVHGHJDMH]HúLR /DVFDXQXOSDVDJHUXOXLGLQIDĠăDLUEDJXO
PLFăFDQWLWDWHGHSXOEHUH=JRPRWXOGHH[SOR SDVDJHUXOXLGLQIDĠăHVWHGH]DFWLYDWGDFăXQ
]LHDIHFWHD]ăDX]XOGRDUvQVLWXDĠLLUDUH'H VLVWHPGHUHWHQĠLHSHQWUXFRSLLFXXQWUDQV
UHJXOăSXOEHUHDGHJDMDWăQXFRQVWLWXLHXQ SRQGHUSHQWUXUHFXQRDúWHUHDDXWRPDWăD
SHULFROSHQWUXVăQăWDWH/DPSDGHDYHUWL]DUH VFDXQXOXLSHQWUXFRSLOHVWHPRQWDWSHVFDX
656uVHDSULQGH QXOSDVDJHUXOXLGLQIDĠăvQWUXQDXWRYHKLFXO
3XQFWHOHGHLQVWDODUHDDLUEDJXULORUVXQWLGHQ GRWDWFXUHFXQRDúWHUHDDXWRPDWăDVFDX
WLILFDWHSULQVLPEROXO$,5%$* QXOXLSHQWUXFRSLO/DPSDLQGLFDWRDUH
s3$66(1*(5$,5%$*2)) $,5%$*
$9(57,60(17 3$6$*(5235,7 WUHEXLHVăILHFRQVWDQW
$LUEDJXULOHRIHUăXQJUDGVXSOLPHQWDUGHSUR DSULQVă
WHFĠLHDFHVWHDQXVXQWFXWRDWHDFHVWHDXQ
'DFăVFDXQXOSDVDJHUXOXLGLQIDĠăGLQDXWR
vQORFXLWRUSHQWUXFHQWXULOHGHVLJXUDQĠă
YHKLFXOXOGXPQHDYRDVWUăQXGLVSXQHGH
5HVSHFWDĠLXUPăWRDUHOHQRWHSHQWUXDUHGXFH UHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQ
ULVFXOGHUăQLJUDYHVDXFKLDUIDWDOHSURYRFDWH WUXFRSLOVDXGDFăVLVWHPXOGXPQHDYRDVWUă
GHGHFODQúDUHDDLUEDJXOXL GHUHWHQĠLHSHQWUXFRSLLRULHQWDWVSUHVSDWH
=WRĠLSDVDJHULLDXWRYHKLFXOXOXL±vQVSHFLDO QXGLVSXQHGHXQWUDQVSRQGHUSHQWUXUHFX
IHPHLOHvQVăUFLQDWH±WUHEXLHVăSRDUWH QRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUX
vQWRWGHDXQDFRUHFWFHQWXUDGHVLJXUDQĠăúL FRSLOFRSLLLWUHEXLHVăILHIL[DĠLvQWUXQVLV
VăVHVSULMLQHGHVSăWDUFDUHWUHEXLHSR]L WHPGHUHWHQĠLHSHQWUXFRSLLSHXQVFDXQ
ĠLRQDWFkWPDLDSURDSHGHYHUWLFDOă&DSXO DGHFYDWvQVSDWH'DFăIL[DĠLXQVLVWHPGH
WUHEXLHVăVHSRDWăVSULMLQLSHWHWLHUăDSUR UHWHQĠLHSHQWUXFRSLLRULHQWDWVSUHIDĠăvQ
[LPDWLYODQLYHOXORFKLORU VFDXQXOSDVDJHUXOXLGLQIDĠăWUHEXLHVă
=DVLJXUDĠLPHUHXFRSLLLVXEPvQăOĠLPH GHSODVDĠLVFDXQXOSDVDJHUXOXLGLQIDĠăFkW
VDXVXEDQLvQVLVWHPHGHUHWHQĠLHSHQWUX PDLPXOWvQVSDWHSRVLELO
FRSLLSRWULYLWH =DVLJXUDĠLYăFăQXDYHĠLQLFLXQRELHFWJUHX
=WRĠLSDVDJHULLDXWRYHKLFXOXOXLWUHEXLHVă VDXDVFXĠLWvQEX]XQDUHOHKDLQHORU
VHOHFWH]HRSR]LĠLHDVFDXQXOXLFkWPDL =QXYăDSOHFDĠLvQIDĠăGHH[SHVWHFDSDFXO
vQGHSăUWDWăGHDLUEDJSRVLELO3R]LĠLDVFDX DLUEDJXOXLIURQWDODOúRIHUXOXLSDVDJHUXOXL
QXOXLúRIHUXOXLWUHEXLHVăSHUPLWăFRQGXFH GLQIDĠăPDLDOHVFkQGDXWRYHKLFXOXOHVWH
UHDDXWRYHKLFXOXOXLvQVLJXUDQĠă3LHSWXO vQPLúFDUH
úRIHUXOXLWUHEXLHVăILHFkWPDLGHSDUWHSRVL =QXYăSXQHĠLSLFLRDUHOHSHSODQúDGHERUG
ELOGHFHQWUXOFDSDFXOXLDLUEDJXOXLúRIHUXOXL =PDQHYUDĠLYRODQXOQXPDLGHH[WHULRU$VWIHO
=GHSODVDĠLVFDXQXOSDVDJHUXOXLGLQIDĠăFkW SHUPLWHĠLGHVIăúXUDUHDFRPSOHWăDDLUEDJX
PDLvQDSRLSRVLELO$FHDVWăDILUPDĠLHHVWH OXL(VWHSRVLELOVăVXIHULĠLUăQLGDFăDLUEDJXO


 6LJXUDQĠDRFXSDQĠLORU

HVWHGHFODQúDWúLGXPQHDYRDVWUăĠLQHĠL $9(57,60(17
YRODQXOGHLQWHULRU &RPSRQHQWHOHDLUEDJXOXLVHvQFLQJGXSăFH
=QXYăVSULMLQLĠLGHSRUWLHUHFkQGYăDIODĠLvQ DLUEDJXODIRVWGHFODQúDW(YLWDĠLDWLQJHUHD
LQWHULRUXODXWRYHKLFXOXOXL DFHVWRUDvQFD]FRQWUDUHVWHSRVLELOVăVXIHULĠL
=DVLJXUDĠLYăFăQXH[LVWăQLFLRSHUVRDQă DUVXUL
6LJXUDQĠă

DQLPDOVDXRELHFWvQWUHSDVDJHULLDXWRYHKL 6ROLFLWDĠLvQORFXLUHDDLUEDJXULORUODXQDWHOLHU
FXOXOXLúL]RQDvQFDUHVHGHFODQúHD]ăDLU GHVSHFLDOLWDWHDXWRUL]DWÌQFD]FRQWUDUSDVD
EDJXULOH JHULLQXVXQWSURWHMDĠLGHDLUEDJXULvQHYHQWXD
=QXDPSODVDĠLRELHFWHvQWUHVSăWDUXOVFDX OLWDWHDSURGXFHULLXQXLQRXDFFLGHQW
QXOXLúLSRUWLHUă
=QXVXVSHQGDĠLRELHFWHGXUHGHH[XPH $LUEDJXULIURQWDOH
UDúHGHPkQHUHOHGHVXVĠLQHUHVDXGHFkU
$LUEDJXULOHIURQWDOHPăUHVFSURWHFĠLDFDSXOXL
OLJHOHSHQWUXKDLQH
úLSLHSWXOXLúRIHUXOXLúLSDVDJHUXOXLGLQIDĠă
=QXSXQHĠLDFFHVRULLGHH[VXSRUWXULSHQWUX
SDKDUHSHSRUWLHUH
1XVHSRDWHHOLPLQDvQWRWDOLWDWHSHULFROXOGH
UăQLUHSURYRFDWGHDLUEDJXULGLQFDX]DYLWH]HL
ULGLFDWHODFDUHDLUEDJXOWUHEXLHVăILHGHFODQ
úDW

$9(57,=$5(
'DFăPRGLILFDĠLFDSDFHOHDLUEDJXULORUVDX
DSOLFDĠLRELHFWHFDGHH[FXHWLFKHWHDXWRFR
ODQWHDLUEDJXULOHQXPDLSRWIXQFĠLRQDUHJX
ODPHQWDU3HULFROFUHVFXWGHUăQLUH $LUEDJXOúRIHUXOXLCVHGHFODQúHD]ăvQIDĠD
1XPRGLILFDĠLúLQXDSOLFDĠLRELHFWHSHFDSD YRODQXOXLDLUEDJXOIURQWDODOSDVDJHUXOXLGLQ
FHOHDLUEDJXULORU IDĠăDVHGHFODQúHD]ăvQIDĠDúLGHDVXSUDWRU
SHGRXOXL
$9(57,60(17 $FHVWHDVXQWGHFODQúDWH
ÌQWLPSXOXPIOăULLXQXLDLUEDJHVWHHOLEHUDWăR
=ODvQFHSXWXOXQXLDFFLGHQWFXRYLWH]ăGH
FDQWLWDWHPLFăGHSUDI3UDIXOGHJDMDWSRDWH
FDX]DGLILFXOWăĠLWHPSRUDUHGHUHVSLUDĠLHSHU
GHFHOHUDUHVDXDFFHOHUDUHDDXWRYHKLFXOX
VRDQHORUFDUHVXIHUăGHDVWPVDXGHDOWHEROL
OXLULGLFDWăSHGLUHFĠLHORQJLWXGLQDOă
=GDFăVLVWHPXOVWDELOHúWHFăGHFODQúDUHD
DOHDSDUDWXOXLUHVSLUDWRU
3HQWUXDSUHYHQLSRVLELOHOHGLILFXOWăĠLGHUHV
DLUEDJXOXLSRDWHRIHULRSURWHFĠLHVXSOLPHQ
SLUDĠLHSăUăVLĠLDXWRYHKLFXOXOLPHGLDWFHDFHVW
WDUăIDĠăGHFHDRIHULWăGHFHQWXUDGHVLJX
OXFUXVHSRDWHUHDOL]DvQFRQGLĠLLGHVLJXUDQĠă
UDQĠă
=GDFăFHQWXUDGHVLJXUDQĠăHVWHSULQVă
'HDVHPHQHDSXWHĠLGHVFKLGHJHDPXOSHQWUX
DSHUPLWHSăWUXQGHUHDDHUXOXLSURDVSăWGLQ =LQGHSHQGHQWGHDOWHDLUEDJXULGLQDXWRYH
H[WHULRU3UDIXOQXHVWHvQJHQHUDOSHULFXORV KLFXO
SHQWUXVăQăWDWHúLQXLQGLFăSUH]HQĠDXQXL 'DFăDXWRYHKLFXOXOVHUăVWRDUQăDLUEDJXULOH
LQFHQGLXvQDXWRYHKLFXO IURQWDOHvQJHQHUDOQXVXQWGHFODQúDWH'DFă
VLVWHPXOGHWHFWHD]ăRGHFHOHUDUHSXWHUQLFăD
DXWRYHKLFXOXOXLvQGLUHFĠLHORQJLWXGLQDOăDLU
EDJXULOHIURQWDOHVXQWGHFODQúDWH
6LJXUDQĠDRFXSDQĠLORU 

$XWRYHKLFXOHFXUHFXQRDúWHUHDDXWRPDWă $LUEDJXOSHQWUXJHQXQFKLLúRIHUXOXLCHVWH
DVFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVD vQWRWGHDXQDGHFODQúDWRGDWăFXDLUEDJXOúRIH
JHUXOXLIDĠăDLUEDJXOSDVDJHUXOXLGLQIDĠă UXOXLúLVHXPIOăVXEFRORDQDGHGLUHFĠLH
HVWHDFWLYDWQXPDLGDFăVLVWHPXOVWDELOHúWH
FăVFDXQXOSDVDJHUXOXLIDĠăHVWHRFXSDW $LUEDJXULODWHUDOH
/DPSDLQGLFDWRDUH$,5%$*3$6$*(5235,7

6LJXUDQĠă
GHSHFRQVRODFHQWUDOăQXVHDSULQGH $9(57,60(17
3DJLQD  'DFăGRULĠLVăXWLOL]DĠLKXVHOHGHVFDXQ0HU
'DFăHVWHPRQWDWXQVLVWHPGHUHWHQĠLHSHQ FHGHV%HQ]YăUHFRPDQGăFDGLQPRWLYHGH
WUXFRSLLSHVFDXQXOSDVDJHUXOXLIDĠăúLODPSD VLJXUDQĠăVăXWLOL]DĠLQXPDLKXVHGHVFDXQ
LQGLFDWRDUH$,5%$*3$6$*(5235,7GHSH DSUREDWHSHQWUXDXWRYHKLFXOHOH0HUFHGHV
FRQVRODFHQWUDOăQXHVWHDSULQVă %HQ]
=DIRVWPRQWDWXQVLVWHPGHUHWHQĠLHIăUăXQ +XVHOHVFDXQHORUWUHEXLHVăGLVSXQăGHR
WUDQVSRQGHUSHQWUXFRSLLSHQWUXUHFXQRDú FXVăWXUăGHUXSHUHVSHFLDOăSHQWUXDLUEDJX
WHUHDDXWRPDWăDVFDXQXOXLSHQWUXFRSLO ULOHODWHUDOHSHQWUXED]LQÌQFD]FRQWUDUDLU
VDX EDJXULOHODWHUDOHSHQWUXED]LQQXVHSRW
=DIRVWPRQWDWLQFRUHFWXQVLVWHPGHUHWHQ
GHFODQúDFRUHFWúLQXYRURIHULJUDGXOGHSUR
WHFĠLHSUHYă]XWvQFD]GHDFFLGHQW+XVHOH
ĠLHFXXQWUDQVSRQGHUSHQWUXFRSLL
FRUHVSXQ]ăWRDUHDOHVFDXQHORUSRWILREĠLQXWH
 1XDúH]DĠLRELHFWHJUHOHSHVFDXQXOSDVD GHH[HPSOXGHODXQ&HQWUXGHVHUYLFH0HU
JHUXOXLIDĠă6LVWHPXOSRDWHGHWHFWDDVWIHO FHGHV%HQ]
GDFăVFDXQXOHVWHRFXSDWúLGDFăH[LVWăXQ
DFFLGHQWVLVWHPHOHGHUHWHQĠLHGHSHSDU &kQGVXQWGHFODQúDWHDLUEDJXULOHODWHUDOH
WHDSDVDJHUXOXLIDĠăDUSXWHDILGHFODQúDWH RIHUăRSURWHFĠLHVXSOLPHQWDUăDWRUDFHOXL
6ROLFLWDĠLvQORFXLUHDVLVWHPHORUGHVLJXUDQĠă SDVDJHULORUDXWRYHKLFXOXOXLGHSHSDUWHDDXWR
GHFODQúDWH YHKLFXOXOXLXQGHVXUYLQHLPSDFWXO&XWRDWH
DFHVWHDHOHQXSURWHMHD]ă
$LUEDJSHQWUXJHQXQFKLLúRIHUXOXL =FDSXO
=JkWXO
G $LUEDJXOSHQWUXJHQXQFKLLúRIHUXOXLHVWH
GLVSRQLELOQXPDLvQDQXPLWHĠăUL =EUDĠHOH

$LUEDJXOSHQWUXJHQXQFKLLúRIHUXOXLFUHúWH
SURWHFĠLDúRIHUXOXLFRQWUD
=UăQLORUODJHQXQFKL
=UăQLORUODFRDSVă
=UăQLORUODSDUWHDLQIHULRDUăDSLFLRUXOXL

$LUEDJXULOHODWHUDOHIURQWDOHCúLDLUEDJXULOH
ODWHUDOHVSDWHDVHGHFODQúHD]ăOkQJăSHU
QHOHVFDXQHORUH[WHULRDUH


 6LJXUDQĠDRFXSDQĠLORU

$LUEDJXULOHODWHUDOHVXQWGHFODQúDWH
=SHODWHUDODSHFDUHVXUYLQHXQLPSDFW
=ODvQFHSXWXOXQXLDFFLGHQWFXRUDWăULGLFDWă
GHGHFHOHUDUHVDXDFFHOHUDUHODWHUDOăD
DXWRYHKLFXOXOXLGHH[vQWUXQLPSDFWODWH
6LJXUDQĠă

UDO
=LQGHSHQGHQWGHIRORVLUHDFHQWXULLGHVLJX
UDQĠă
=LQGHSHQGHQWGHDLUEDJXULOHIURQWDOH
=LQGHSHQGHQWGHvQWLQ]ăWRDUHOHGHFHQWXUă

'DFăDXWRYHKLFXOXOVHUăVWRDUQăDLUEDJXULOH $LUEDJXULOHSHQWUXED]LQCVHGHFODQúHD]ă
ODWHUDOHvQJHQHUDOQXVXQWGHFODQúDWH([FHS OkQJăúLVXESHUQHOHVFDXQHORUH[WHULRDUH
ĠLHGDFăVLVWHPXOGHWHFWHD]ăRGHFHOHUDUH $FHVWHDVXQWGHFODQúDWH
VDXRDFFHOHUDUHULGLFDWăDDXWRYHKLFXOXOXL =SHODWHUDODSHFDUHVXUYLQHXQLPSDFW
vQWURGLUHFĠLHODWHUDOăúLVWDELOHúWHGDFă =ODvQFHSXWXOXQXLDFFLGHQWFXRUDWăULGLFDWă
GHFODQúDUHDSRDWHRIHULRSURWHFĠLHVXSOLPHQ GHGHFHOHUDUHVDXDFFHOHUDUHODWHUDOăD
WDUăSHOkQJăFHDRIHULWăGHFHQWXUDGHVLJX DXWRYHKLFXOXOXLGHH[vQWUXQLPSDFWODWH
UDQĠă UDO
=LQGHSHQGHQWGHIRORVLUHDFHQWXULLGHVLJX
$LUEDJXULSHQWUXED]LQ UDQĠă
G $LUEDJXULOHSHQWUXED]LQVXQWGLVSRQLELOH =LQGHSHQGHQWGHDLUEDJXULOHIURQWDOH

QXPDLvQDQXPLWHĠăUL =LQGHSHQGHQWGHvQWLQ]ăWRDUHOHGHFHQWXUă

$9(57,60(17 'DFăDXWRYHKLFXOXOVHUăVWRDUQăDLUEDJXULOH
SHQWUXED]LQvQJHQHUDOQXVXQWGHFODQúDWH
'DFăGRULĠLVăXWLOL]DĠLKXVHOHGHVFDXQ0HU
([FHSĠLHGDFăVLVWHPXOGHWHFWHD]ăRGHFHOH
FHGHV%HQ]YăUHFRPDQGăFDGLQPRWLYHGH
UDUHVDXRDFFHOHUDUHULGLFDWăDDXWRYHKLFX
VLJXUDQĠăVăXWLOL]DĠLQXPDLKXVHGHVFDXQ
OXOXLvQWURGLUHFĠLHODWHUDOăúLVWDELOHúWHGDFă
DSUREDWHSHQWUXDXWRYHKLFXOHOH0HUFHGHV
GHFODQúDUHDSRDWHRIHULRSURWHFĠLHVXSOLPHQ
%HQ]
WDUăSHOkQJăFHDRIHULWăGHFHQWXUDGHVLJX
+XVHOHVFDXQHORUWUHEXLHVăGLVSXQăGHR UDQĠă
FXVăWXUăGHUXSHUHVSHFLDOăSHQWUXDLUEDJX
ULOHODWHUDOHSHQWUXED]LQÌQFD]FRQWUDUDLU $LUEDJXULWLSFRUWLQă
EDJXULOHODWHUDOHSHQWUXED]LQQXVHSRW
GHFODQúDFRUHFWúLQXYRURIHULJUDGXOGHSUR $LUEDJXULOHWLSFRUWLQăVSRUHVFQLYHOXOGHSUR
WHFĠLHSUHYă]XWvQFD]GHDFFLGHQW+XVHOH WHFĠLHSHQWUXFDS GDUQXúLSHQWUXSLHSWVDX
FRUHVSXQ]ăWRDUHDOHVFDXQHORUSRWILREĠLQXWH EUDĠH vQIRORVXOSDVDJHULORUDXWRYHKLFXOXOXL
GHH[HPSOXGHODXQ&HQWUXGHVHUYLFH0HU SHSDUWHDODWHUDOăDDXWRYHKLFXOXOXLSHFDUH
FHGHV%HQ] DUHORFLPSDFWXO
$LUEDJXULOHWLSFRUWLQăVXQWLQWHJUDWHvQSDUWHD
'HFODQúDUHDDLUEDJXULORUSHQWUXED]LQFUHúWH ODWHUDOăDFDGUXOXLSDYLOLRQXOXLúLVHGHFODQ
QLYHOXOGHSURWHFĠLHDOSDVDJHULORUDXWRYHKL úHD]ăvQ]RQDGLQWUHVWkOSXO$úLVWkOSXO&
FXOXOXLSHSDUWHDDXWRYHKLFXOXOXLSHFDUHVXU
YLQHLPSDFWXO
6LJXUDQĠDRFXSDQĠLORU 

'DFăFRQGXFHĠLFXRYLWH]ăPDLPDUHGHDSUR
[LPDWLYNPK35(6$)(ŠSRDWHOXD
XUPăWRDUHOHPăVXULvQDFHVWHVLWXDĠLL
=FHQWXULOHGHVLJXUDQĠăGLQIDĠăVXQWSUHWHQ
VLRQDWH

6LJXUDQĠă
=DXWRYHKLFXOHOHFXIXQFĠLHGHPHPRUDUH
VFDXQXOSDVDJHUXOXLGLQIDĠăHVWHUHJODW
GDFăVHDIOăvQWURSR]LĠLHQHIDYRUDELOă
=GDFăDXWRYHKLFXOXOGHUDSHD]ăWUDSDJOL
VDQWăSDQRUDPLFăúLJHDPXULOHODWHUDOHVH
$LUEDJXULOHWLSFRUWLQăCVXQWGHFODQúDWH vQFKLGPHQĠLQkQGXVHGRDURPLFăvQWUH
GHVFKLGHUH
=SHODWHUDODSHFDUHVXUYLQHXQLPSDFW
'DFăVLWXDĠLDSHULFXORDVăWUHFHIăUăVăVHSUR
=ODvQFHSXWXOXQXLDFFLGHQWFXRUDWăULGLFDWă
GXFăXQDFFLGHQW35(6$)(ŠVOăEHúWHSUH
GHGHFHOHUDUHVDXDFFHOHUDUHODWHUDOăD
WHQVLRQDUHDFHQWXULL7RDWHVHWăULOHIăFXWHGH
DXWRYHKLFXOXOXLGHH[vQWUXQLPSDFWODWH
35(6$)(ŠSRWILDSRLLQYHUVDWH
UDO
=LQGLIHUHQWGDFăVFDXQXOSDVDJHUXOXLIDĠă 'DFăFHQWXULOHGHVLJXUDQĠăQXVXQWHOLEHUDWH
HVWHRFXSDWVDXQX  0XWDĠLVSăWDUXOVDXVFDXQXOXúRUvQVSDWH
=LQGHSHQGHQWGHIRORVLUHDFHQWXULLGHVLJX GDUQXPDLFkQGDXWRYHKLFXOXOVWDĠLRQHD]ă
UDQĠă 3UHWHQVLRQDUHDFHQWXULLGHVLJXUDQĠăHVWH
=GDFăDXWRYHKLFXOXOVHUăVWRDUQăLDUVLVWH UHGXVăLDUPHFDQLVPXOGHEORFDUHHVWHHOL
PXOVWDELOHúWHFăGHFODQúDUHDDLUEDJXULORU EHUDW
WLSFRUWLQăSRDWHRIHULRSURWHFĠLHVXSOLPHQ $9(57,60(17
WDUăIDĠăGHFHDDVLJXUDWăGHFHQWXUDGH
&kQGUHJODĠLVFDXQXODVLJXUDĠLYăFăQXSRDWH
VLJXUDQĠă
UăPkQHQLPHQLSULQVvQWUHHOHPHQWH
=LQGHSHQGHQWGHDLUEDJXULOHIURQWDOH

 $VLJXUDĠLYăFăQXVHDIOăRELHFWHvQVSD
ĠLXOSHQWUXSLFLRDUHVDXvQVSDWHOHVFDXQHORU
35(6$)(Š SURWHFĠLHDQWLFLSDWLYăD FkQGGHSODVDĠLVFDXQXOvQDSRL([LVWăULVFXO
SDVDJHULORU FDVFDXQHOHúLVDXRELHFWHOHVăVXIHUH
35(6$)(ŠLDPăVXULSUHYHQWLYHSHQWUXDSUR GHWHULRUăUL
WHMDSDVDJHULLvQDQXPLWHVLWXDĠLLSHULFXORDVH 0DLPXOWHLQIRUPDĠLLGHVSUHUHJODUHDFHQWXULL
35(6$)(ŠLQWHUYLQH GHVLJXUDQĠăRIXQFĠLHGHFRQIRUWLQWHJUDWăvQ
35(6$)(ŠSRWILJăVLWHvQVHFĠLXQHD
=FkQG%$63/86LQWHUYLQHvQIRUĠăODDXWR
Ä5HJODUHFHQWXUăGHVLJXUDQĠă
YHKLFXOHOHFX',67521,&3/86
3DJLQD 
=GDFăODDXWRYHKLFXOHFX',67521,&3/86
VLVWHPXOGHVHQ]RULUDGDUGHWHFWHD]ăXQ
SHULFROLPLQHQWGHFROL]LXQHvQDQXPLWH 7HWLHUH1(&.3527HWLHUHOX[1(&.
VLWXDĠLL 352
=vQVLWXDĠLLGHFRQGXFHUHFULWLFHGHH[FkQG
7HWLHUHOH1(&.352WHWLHUHOHGHOX[1(&.
VXQWGHSăúLWHOLPLWHOHIL]LFHLDUDXWRYHKL
352FUHVFSURWHFĠLDFDSXOXLúLJkWXOXLúRIHUX
FXOXOVXEYLUHD]ăVDXVXSUDYLUHD]ăSXWHUQLF
OXLúLSDVDJHUXOXLGLQIDĠăÌQFD]XOXQHLFROL
]LXQLGLQVSDWHGHRDQXPLWăJUDYLWDWHWHWLH


 6LJXUDQĠDRFXSDQĠLORU

UHOH1(&.352WHWLHUHOHGHOX[1(&.352 GHVSHFLDOLWDWHDXWRUL]DWGHH[ODXQ&HQ
GHSHVFDXQHOHúRIHUXOXLúLSDVDJHUXOXLGLQ WUXGHVHUYLFH0HUFHGHV%HQ]
IDĠăVXQWGHSODVDWHvQDLQWHúLvQVXV$VWIHOVH
DVLJXUăRVXVĠLQHUHPDLEXQăDFDSXOXL
$9(57,60(17
6LJXUDQĠă

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‡
VFDXQXOSDVDJHUXOXLIDĠă 3DJLQD ÌQ 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
HIHFWXDUHDDFHVWHLLQWHUYHQĠLLODXQDWHOLHU
6LJXUDQĠDRFXSDQĠLORU 

 6FRDWHĠLXQHDOWDGHUHVHWDUHCGLQSRUW YRDVWUă±vQQLFLXQFD]SHVWHJkWVDXSHVXE
GRFXPHQWXODXWRYHKLFXOXOXLGXPQHD EUDĠ±úLWUHEXLHWUDVăVWUkQVSHVWHSDUWHD
YRDVWUă VXSHULRDUăDFRUSXOXL3RUĠLXQHDSHQWUX
 &XOLVDĠLXQHDOWDGHUHVHWDUHCvQJKL ED]LQWUHEXLHVăWUHDFăSHVWHúROGXULFkW
GDMDvQWUHWHWLHUD1(&.352OX[úLFDSDFXO PDLMRVSRVLELOUHVSHFWLYSHVWHDUWLFXODĠLLOH

6LJXUDQĠă
VSDWHDOWHWLHUHL úROGXULORUúLQXSHVWHDEGRPHQ'DFăHVWH
 ÌPSLQJHĠLXQHDOWDGHUHVHWDUHCvQMRV
QHFHVDUvPSLQJHĠLFHQWXUDGHVLJXUDQĠă
XúRUvQMRVúLDSRLUHJODĠLRWUăJkQGvQGLUHF
SkQăFHDX]LĠLFăVHDQJUHQHD]ăPHFDQLV
ĠLDvQFDUHVHUHWUDJH
PXOGHGHFODQúDUHDWHWLHUHL
=1XWUHFHĠLFKLQJDFHQWXULLGHVLJXUDQĠă
 6FRDWHĠLXQHDOWDGHUHVHWDUHC
SHVWHRELHFWHIUDJLOHVDXDVFXĠLWH9ă
 $SăVDĠLIHUPSHUQDWHWLHUHLGHOX[1(&. UXJăPVăYăDVLJXUDĠLFăQXDYHĠLDVWIHOGH
352vQDSRL‡SkQăFHVHDQJUHQHD]ă RELHFWHSHVDXvQvPEUăFăPLQWHDGXPQHD
 5HSHWDĠLDFHDVWăSURFHGXUăúLODDGRXD YRDVWUăGHH[RFKHODULLQVWUXPHQWHGH
WHWLHUă1(&.352OX[ VFULVFKHLHWF&KLQJDFHQWXULLGHVLJXUDQĠă
 3XQHĠLXQHDOWDGHUHVHWDUHCvQDSRLvQ VDUSXWHDGHWHULRUDúLUXSHvQFD]XOXQXL
SRUWGRFXPHQWXODXWRYHKLFXOXOXLGXPQHD DFFLGHQWLDUGXPQHDYRDVWUăVDXDOĠLSDVD
YRDVWUă JHULDĠLSXWHDILUăQLĠL
=&HQWXUDGHVLJXUDQĠăWUHEXLHSXUWDWăQXPDL
GHRVLQJXUăSHUVRDQăODXQPRPHQWGDW
&HQWXULGHVLJXUDQĠă &RSLLLQXWUHEXLHVăFăOăWRUHDVFăQLFLRGDWă
vQEUDĠHOHDOWXLSDVDJHU&RSLOXOQXYDILSUR
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD WHMDWvQFD]GHDFFLGHQWIUkQăSXWHUQLFăVDX
VFKLPEDUHEUXVFăGHGLUHFĠLH$FHVWOXFUX
&HQWXULOHGHVLJXUDQĠăVXQWFHOHPDLHILFLHQWH
DUSXWHDGXFHODDFFLGHQWDUHDJUDYăVDX
PLMORDFHGHOLPLWDUHDGHSODVăULLSDVDJHULORU
FKLDUPRUWDOăDFRSLOXOXLVDXDDOWRUSDVD
vQHYHQWXDOLWDWHDXQXLDFFLGHQW$FHVWOXFUX
JHUL
UHGXFHULVFXOFDSDVDJHULLGLQDXWRYHKLFXOVă
=3HUVRDQHOHFDUHDXVXEPvQăOĠLPHQX
VHORYHDVFăGHSăUĠLOHDIODWHvQLQWHULRUXODXWR
YHKLFXOXOXL SRWSXUWDFRUHFWFHQWXULOHGHVLJXUDQĠă'LQ
DFHVWPRWLYDVLJXUDĠLSHUVRDQHOHFDUHDX
$9(57,60(17 VXEPvQăOĠLPHvQVLVWHPHGHUHWHQĠLH
2FHQWXUăGHVLJXUDQĠăSXUWDWăQHFRUHV FRUHVSXQ]ăWRDUHVSHFLDOFRQFHSXWH
SXQ]ăWRUVDXIL[DWăLQFRUHFWvQFDWDUDPDGH =&RSLLLVXEPvQăOĠLPHúLVXEDQLQX
EORFDUHQXvúLSRDWHvQGHSOLQLIXQFĠLDGHSUR SRWSXUWDFHQWXULOHGHVLJXUDQĠăFRUHFW'LQ
WHFĠLHSHQWUXFDUHDIRVWSURLHFWDWăÌQDQX DFHVWPRWLYDVLJXUDĠLLvQVLVWHPHGHUHWHQ
PLWHVLWXDĠLLDFHDVWDDUSXWHDFDX]DUăQLUL ĠLHSHQWUXFRSLLVSHFLDOHLQVWDODWHSHXQ
JUDYHVDXFKLDUGHFHVXOvQFD]GHDFFLGHQW VFDXQFRUHVSXQ]ăWRU,QIRUPDĠLLVXSOLPHQ
3ULQXUPDUHDVLJXUDĠLYăFăWRĠLSDVDJHULL² WDUHSRWILJăVLWHvQ,QVWUXFĠLXQLOHGHXWLOL
vQVSHFLDOIHPHLOHvQVăUFLQDWH²SRDUWăFRUHFW ]DUHODFDSLWROXO6LJXUDQĠă3UH]HQĠD
FHQWXULOHGHVLJXUDQĠăvQRULFHPRPHQW FRSLLORUODERUG5HVSHFWDĠLLQVWUXFĠLXQLOH
=&HQWXUDGHVLJXUDQĠăWUHEXLHVăILHIL[DWă GHLQVWDODUHDOHSURGXFăWRUXOXLVLVWHPXOXL
GHUHWHQĠLHSHQWUXFRSLL
IRDUWHDSURDSHGHFRUSúLQXWUHEXLHVăILH
=1XIL[DĠLQLFLRGDWăRELHFWHFXDMXWRUXOFHQ
UăVXFLWă3ULQXUPDUHHYLWDĠLVăSXUWDĠL
KDLQHYROXPLQRDVHGHH[XQSDOWRQ3RU WXULLGHVLJXUDQĠăGDFăDFHDVWDHVWHXWLOL
ĠLXQHDGHXPăUDFHQWXULLWUHEXLHVăILHWUH ]DWăGHXQXOGLQWUHSDVDJHULLDXWRYHKLFXOX
FXWăSHVWHPLMORFXOXPăUXOXLGXPQHD OXL


 6LJXUDQĠDRFXSDQĠLORU

$9(57,60(17  5HJODĠLVFDXQXOúLGHSODVDĠLVSăWDUXOvQSR]L
ÌQFD]XOvQFDUHVSăWDUXOQXHVWHvQSR]LĠLH ĠLHDSURDSHYHUWLFDOă 3DJLQD 
DSURDSHYHUWLFDOăFHQWXUDGHVLJXUDQĠăQX  7UDJHĠLFHQWXUDGHVLJXUDQĠăXQLIRUPSULQ
RIHUăQLYHOXOGHSURWHFĠLHFRUHVSXQ]ăWRUÌQ JKLGDMXOFHQWXULLC
DQXPLWHVLWXDĠLLDFHDVWDDUSXWHDFDX]DUăQLUL  )ăUăDRUăVXFLJKLGDĠLVHFĠLXQHDGHXPăU
6LJXUDQĠă

JUDYHVDXFKLDUGHFHVXOvQFD]GHDFFLGHQW DFHQWXULLGHVLJXUDQĠăSHVWHPLMORFXO
ÌQDLQWHGHvQFHSHUHDFăOăWRULHLDVLJXUDĠLYăFă XPăUXOXLúLVHFĠLXQHDYHQWUDOăSHVWHúRO
VFDXQXOHVWHUHJODWFRUHVSXQ]ăWRULDU GXUL
VSăWDUXOVHDIOăvQSR]LĠLHDSURDSHYHUWLFDOă  )L[DĠLOLPEDFHQWXULLDvQFDWDUDPDGHEOR
FDUH‡
$9(57,60(17 5HJODUHDFHQWXULLGHVLJXUDQĠăGDFăHVWH
2FHQWXUăGHVLJXUDQĠăPXUGDUăVDXGHWHULR QHFHVDUFHQWXULOHGHVLJXUDQĠăDOHVFDXQX
UDWăVDXXQDFDUHDIRVWPRGLILFDWăVDXVXSXVă OXLúRIHUXOXLúLSDVDJHUXOXLGLQIDĠăVH
XQHLVDUFLQLvQWUXQDFFLGHQWQXPDLRIHUăQLYH UHJOHD]ăDXWRPDWODSDUWHDVXSHULRDUăD
OXOGHSURWHFĠLHSHQWUXFDUHDIRVWSURLHFWDWă FRUSXOXL 3DJLQD 
ÌQDQXPLWHVLWXDĠLLDFHDVWDDUSXWHDFDX]D  'DFăVLWXDĠLDRFHUHUHJODĠLFHQWXUDGH
UăQLULJUDYHVDXFKLDUGHFHVXOvQFD]GHDFFL VLJXUDQĠăODvQăOĠLPHDFRUHVSXQ]ăWRDUH
GHQW 3DJLQD 
'LQDFHVWPRWLYYHULILFDĠLSHULRGLFGDFăFHQ  'DFăVLWXDĠLDRFHUHWUDJHĠLvQVXVGHVHF
WXULOHGHVLJXUDQĠăVXQWGHWHULRUDWH ĠLXQHDSHQWUXXPăUDFHQWXULLGHVLJXUDQĠă
&HQWXULOHGHVLJXUDQĠăGHWHULRUDWHVDXFDUHDX SHQWUXDVWUkQJHFHQWXUDSHFRUS
IRVWVROLFLWDWHLQWHQVvQWUXQDFFLGHQWWUHEXLH
3HQWUXPDLPXOWHLQIRUPDĠLLSULYLQGHOLEHUDUHD
vQORFXLWHGHXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
FHQWXULLGHVLJXUDQĠăFXEXWRQXOGHHOLEH
]DW
UDUH…FRQVXOWDĠLÄ(OLEHUDUHDFHQWXULORUGH
'LQUDĠLXQLGHVLJXUDQĠă0HUFHGHV%HQ]Yă VLJXUDQĠă´ 3DJLQD 
UHFRPDQGăVăXWLOL]DĠLQXPDLFHQWXULFDUHDX
IRVWVSHFLDORPRORJDWHSHQWUXDXWRYHKLFXOXO
5HJODUHDFHQWXULORUGHVLJXUDQĠă
GXPQHDYRDVWUăGHFăWUH0HUFHGHV%HQ]
)XQFĠLDGHUHJODUHDFHQWXULLGHVLJXUDQĠă
&XSODUHFHQWXULGHVLJXUDQĠă UHJOHD]ăFHQWXUDGHVLJXUDQĠăDúRIHUXOXLúLD
SDVDJHUXOXLGLQIDĠăvQSDUWHDVXSHULRDUăD
FRUSXOXL
&KLQJDFHQWXULLHVWHXúRUVWUkQVăFkQG
=FXSODĠLOLPEDFHQWXULLvQFDWDUDPDGHEOR
FDUHDFHQWXULLúLDSRLURWLĠLFKHLDvQSR]LĠLD
vQFRPXWDWRUXOGHFRQWDFW
=FKHLDVHDIOăvQSR]LĠLDvQFRPXWDWRUXOGH
FRQWDFWúLDSRLFXSODĠLOLPEDFHQWXULLvQ
FDWDUDPDGHEORFDUH
5HJODUHDFHQWXULLHVWHRSDUWHLQWHJUDQWăD
IXQFĠLHLGHDVLVWDUH35(6$)(Š0DLPXOWH
LQIRUPDĠLLGHVSUH35(6$)(ŠVHUHJăVHVFvQ
VHFĠLXQHDÄ35(6$)(Š SURWHFĠLHSUHYHQWLYă
DSDVDJHULORU ´ 3DJLQD 
6LJXUDQĠDRFXSDQĠLORU 

5HJODUHDvQăOĠLPLLFHQWXULL (OLEHUDUHFHQWXULGHVLJXUDQĠă
3XWHĠLUHJODvQăOĠLPHDFHQWXULLGHVLJXUDQĠăSH  $SăVDĠLEXWRQXOGHHOLEH
VFDXQXOúRIHUXOXLúLVFDXQXOSDVDJHUXOXLGLQ UDUH… 3DJLQD úLJKLGDĠLOLPEDFHQ
IDĠă WXULLDvQDSRLFăWUHJKLGDMXOFHQWXULLC

6LJXUDQĠă
 $VLJXUDĠLYăFăFHQWXUDGHVLJXUDQĠăHVWH
vQIăúXUDWăFRPSOHWÌQFD]FRQWUDUFHQWXUD
GHVLJXUDQĠăVDXOLPEDFHQWXULLVHYRU
SULQGHvQSRUWLHUăVDXvQPHFDQLVPXOVFDX
QXOXL$VWIHOHVWHSRVLELOVăVHGHWHULRUH]H
SRUWLHUDSDQRXOSRUWLHUHLúLFHQWXUDGH
VLJXUDQĠă&HQWXULOHGHVLJXUDQĠăGHWHULR
UDWHQXvúLPDLSRWDVLJXUDIXQFĠLDGHSUR
WHFĠLHúLQHFHVLWăvQORFXLUH$SHODĠLODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
5HJODĠLvQăOĠLPHDDVWIHOvQFkWSDUWHDVXSH
ULRDUăDFHQWXULLGHVLJXUDQĠăVăILHGLULMDWă $YHUWLVPHQWSULYLQGFHQWXUDGHVLJX
SULQFHQWUXOXPăUXOXLGXPQHDYRDVWUă UDQĠăSHQWUXúRIHUúLSDVDJHUXOIDĠă
 3HQWUXDULGLFDFXOLVDĠLJKLGDMXOFHQWXULLvQ /DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJX
VXV UDQĠăvGLQWDEORXOGHERUGOHDPLQWHúWH
*KLGDMXOFHQWXULLVHFXSOHD]ăvQGLYHUVH WXWXURUSDVDJHULORUVăvúLFXSOH]HFHQWXULOHGH
SR]LĠLL VLJXUDQĠă$FHDVWDVHSRDWHDSULQGHFRQWLQXX
 3HQWUXDFRERUvDSăVDĠLúLPHQĠLQHĠL VDXSRDWHFOLSLÌQSOXVDUSXWHDILHPLVXQ
DSăVDWHOLEHUDUHDJKLGDMXOXLFHQWXULLC VXQHWGHDYHUWL]DUH
 &XOLVDĠLJKLGDMXOFHQWXULLvQMRV /DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJX
UDQĠăvVHVWLQJHúLVXQHWXOGHDYHUWL]DUH
 (OLEHUDĠLJKLGDMXOFHQWXULLCúLDVLJXUDĠLYă
vQFHWHD]ăFkQGúRIHUXOúLSDVDJHUXOGLQIDĠă
FăJKLGDMXOFHQWXULLVDFXSODW úLDXFXSODWFHQWXUDGHVLJXUDQĠă
1XPDLvQDQXPLWHĠăULLQGLIHUHQWGDFăúRIHUXO
3XUWDUHDFHQWXULLVFDXQXOXLFHQWUDOGLQ úLSDVDJHUXOGLQIDĠăúLDXIL[DWVDXQXFHQWX
VSDWH ULOHGHVLJXUDQĠăODPSDGHDYHUWL]DUHDFHQ
'DFăVSăWDUXOVFDXQXOXLGLQVSDWHGHSHSDU WXULLGHVLJXUDQĠăvVHDSULQGHSkQăOD
WHDVWkQJăHVWHUDEDWDWvQMRVLDUDSRLvQDSRL úDVHVHFXQGHGXSăSRUQLUHDPRWRUXOXL
vQVXVFHQWXUDVFDXQXOXLFHQWUDOGLQVSDWHV $FHDVWDVHVWLQJHDSRLGDFăúRIHUXOúLSDVD
DUSXWHDEORFDÌQDFHVWFD]FHQWXUDGHVLJX JHUXOGLQIDĠăúLDXFXSODWFHQWXULOHGHVLJX
UDQĠăQXPDLSRDWHILVFRDVă UDQĠă
 3HQWUXDHOLEHUDFHQWXUDVFDXQXOXLFHQ G 3HQWUXPDLPXOWHLQIRUPDĠLLSULYLQGODPSD
WUDOGLQVSDWHWUDJHĠLFHQWXUDGHVLJXUDQĠă GHDYHUWL]DUHDFHQWXULLGHVLJXUDQĠăv
FXDSUR[LPDWLYPPGLQLHúLUHDGHSH FRQVXOWDĠLÄ/ăPSLGHDYHUWL]DUHúLLQGLFD
VSăWDUDFHQWXULLúLDSRLHOLEHUDĠLRGLQQRX WRDUHGLQWDEORXOGHERUGFHQWXUăGHVLJX
&HQWXUDGHVLJXUDQĠăHVWHUHWUDVăúLHOLEH UDQĠă´ 3DJLQD 
UDWă


 6LJXUDQĠDRFXSDQĠLORU

,QGLFDWRUXOGHVWDUHDOFHQWXULLGHVLJX ÌQWLQ]ăWRDUHOHGHFHQWXUăVWUkQJFHQWXULOHGH
UDQĠăGLQVSDWH VLJXUDQĠăvQFD]GHDFFLGHQWWUăJkQGXOH
VWUkQVSHFRUS
ÌQWLQ]ăWRDUHOHGHFHQWXUăQXFRUHFWHD]ăSR]L
ĠLLOHLQFRUHFWHDOHVFDXQHORUVDXFHQWXULOHGH
6LJXUDQĠă

VLJXUDQĠăVWUkQVHLQFRUHFW
ÌQWLQ]ăWRDUHOHGHFHQWXUăQXWUDJSDVDJHULL
DXWRYHKLFXOXOXLvQDSRLFăWUHVSăWDU
'DFăFHQWXUDGHVLJXUDQĠăHVWHGHDVHPHQHD
,QGLFDWRUXOGHVWDUHDFHQWXULLGHVLJXUDQĠăGLQ SUHYă]XWăFXXQOLPLWDWRUGHIRUĠăSHQWUXFHQ
VSDWH LOXVWUDĠLHH[HPSOLILFDWLYăDXWRYHKLFXOFX WXUăúLDFHVWDHVWHGHFODQúDWIRUĠDH[HUFLWDWă
YRODQPXOWLIXQFĠLRQDOFXEXWRDQH
GHFHQWXUDGHVLJXUDQĠăDVXSUDSDVDJHULORU
,QGLFDWRUXOGHVWDUHDFHQWXULLGHVLJXUDQĠăGLQ DXWRYHKLFXOXOXLHVWHUHGXVă
FRPSDUWLPHQWXOGLQVSDWHYăLQGLFăGDFă /LPLWDWRDUHOHGHIRUĠăSHQWUXFHQWXUăGHSH
SDVDJHULLGLQVSDWHDXFHQWXULOHGHVLJXUDQĠă VFDXQHOHIDĠăVXQWVLQFURQL]DWHFXDLUEDJXULOH
FXSODWH,QGLFDWRUXOGHVWDUHDFHQWXULLGH IURQWDOH$FHVWHDDXUROXOORUvQIRUĠDGHGHFH
VLJXUDQĠăGLQFRPSDUWLPHQWXOGLQVSDWH OHUDUHDVLJXUkQGGLVWULEXLUHDIRUĠHLH[HUFLWDWH
LQGLFăVFDXQXOGLQVSDWHODFDUHHVWHFXSODWă DVXSUDSDVDJHUXOXLSHRVXSUDIDĠăPDLPDUH
FHQWXUDÌQH[HPSOXSDVDJHULLVFDXQHORUGLQ
VWkQJDúLGUHDSWDVSDWHDXFHQWXULOHGHVLJX ÌQWLQ]ăWRDUHOHGHFHQWXUăSRWILDFWLYDWH
UDQĠăFXSODWH QXPDLFkQG
=FRQWDFWXOHVWHFXSODW
,QGLFDWRUXOGHVWDUHDOFHQWXULLGHVLJXUDQĠă
GLQFRPSDUWLPHQWXOGLQVSDWHDSDUHSHDILúD =VLVWHPHOHGHUHWHQĠLHVXQWIXQFĠLRQDOHFRQ
MXOPXOWLIXQFĠLRQDOFLUFDGHVHFXQGHGDFă VXOWDĠLÄ/DPSăGHDYHUWL]DUH656
=SOHFDĠLGHSHORFúLDWLQJHĠLRYLWH]ăGHFLUFD 3DJLQD 
=OLPEDFHQWXULLHVWHFXSODWăvQFDWDUDPDGH
NPK
=SDVDJHULLGLQVSDWHvúLFXSOHD]ăVDXGHFX EORFDUHODILHFDUHGLQWUHFHQWXULOHGHVLJX
SOHD]ăFHQWXULOHGHVLJXUDQĠăFkWDXWRYHKL UDQĠăvQWUHLSXQFWHGLQIDĠă
FXOXOHVWHvQPLúFDUH ÌQWLQ]ăWRDUHOHFHQWXULORUGHSHVFDXQHOHH[WH
=FLQHYDLQWUăVDXLHVHGLQDXWRYHKLFXOúL ULRDUHGLQFRPSDUWLPHQWXOGLQVSDWHVXQW
DXWRYHKLFXOXOSOHDFăGLQQRX GHFODQúDWHLQGHSHQGHQWGHVWDUHDGHEORFDUH
DFHQWXULORUGHVLJXUDQĠă
3XWHĠLGHDVHPHQHDDQXODLPHGLDWLQGLFDWRUXO
GHVWDUHDFHQWXULLGHVLJXUDQĠăGLQVSDWH ÌQWLQ]ăWRDUHOHGHFHQWXUăVXQWGHFODQúDWHvQ
3DJLQD  IXQFĠLHGHWLSXOúLJUDYLWDWHDXQXLDFFLGHQW
=vQDQXPLWHVLWXDĠLLvQFDUHDXWRYHKLFXOXOVH
G ,QGLFDWRUXOGHVWDUHSHQWUXFHQWXULOHGH
UăVWRDUQăúLVLVWHPXOVWDELOHúWHFăSRDWH
VLJXUDQĠăGLQFRPSDUWLPHQWXOGLQVSDWH
DVLJXUDRSURWHFĠLHVXSOLPHQWDUă
HVWHGLVSRQLELOQXPDLvQDQXPLWHĠăUL
=GDFăvQFD]XOXQHLFROL]LXQLIURQWDOHVDXGLQ
VSDWHDXWRYHKLFXOXOGHFHOHUHD]ăVDXDFFH
ÌQWLQ]ăWRDUHOHFHQWXULORUOLPLWDWRDUHOH
OHUHD]ăUDSLGvQVHQVORQJLWXGLQDOvQSULPHOH
GHIRUĠăSHQWUXFHQWXUă
ID]HDOHLPSDFWXOXL
&HQWXULOHGHVLJXUDQĠăIDĠăúLFHQWXULOHGH =GDFăvQFD]GHLPSDFWODWHUDOSHSDUWHD
VLJXUDQĠăDOHVFDXQHORUH[WHULRDUHGLQVSDWH RSXVăLPSDFWXOXLDXWRYHKLFXOXOGHFHOH
VXQWSUHYă]XWHFXvQWLQ]ăWRDUHGHFHQWXUă UHD]ăVDXDFFHOHUHD]ăUDSLGvQWURGLUHFĠLH
ODWHUDOă
3UH]HQĠDFRSLLORUODERUG 

'DFăDLUEDJXULOHVXQWGHFODQúDWHYHĠLDX]LR RULHQWDWVSUHVSDWHSHVFDXQXOSDVDJHUXOXL
H[SOR]LHúLHVWHSRVLELOVăVHGHJDMH]HúLR GLQIDĠă([FHSĠLHGDFăDXWRYHKLFXOXOHVWH
PLFăFDQWLWDWHGHSXOEHUH=JRPRWXOGHH[SOR GRWDWFXXQVLVWHPDXWRPDWGHUHFXQRDú
]LHDIHFWHD]ăDX]XOGRDUvQVLWXDĠLLUDUH'H WHUHDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO
UHJXOăSXOEHUHDGHJDMDWăQXFRQVWLWXLHXQ SDVDJHUXOXLGLQIDĠăLDUFRSLOXOHVWHDVLJXUDW
SHULFROSHQWUXVăQăWDWH/DPSDGHDYHUWL]DUH

6LJXUDQĠă
vQWUXQVLVWHPGHUHWHQĠLHSHQWUXFRSLLFX
656uVHDSULQGH WUDQVSRQGHUHSHQWUXUHFXQRDúWHUHDDXWR
PDWăDVFDXQXOXLSHQWUXFRSLO
$9(57,60(17
=GDFăIL[DĠLXQVLVWHPGHUHWHQĠLHSHQWUX
'DFăvQWLQ]ăWRDUHOHFHQWXULLGHVLJXUDQĠăDX
FRSLLRULHQWDWVSUHIDĠăvQVFDXQXOSDVDJH
IRVWGHFODQúDWHHOHQXRIHUăSURWHFĠLHVXSOL
UXOXLGLQIDĠăWUHEXLHVăGHSODVDĠLVFDXQXO
PHQWDUăvQFD]XOXQXLDOWDFFLGHQW3ULQ
SDVDJHUXOXLGLQIDĠăFkWPDLPXOWvQVSDWH
XUPDUHVROLFLWDĠLvQORFXLUHDvQWLQ]ăWRDUHORUGH
SRVLELO
FHQWXUăGHFODQúDWHODXQDWHOLHUGHVSHFLDOL
=FRSLLLQXWUHEXLHVăFăOăWRUHDVFăQLFLRGDWă
WDWHDXWRUL]DW
vQEUDĠHOHDOWXLSDVDJHU'LQFDX]DIRUĠHORU
5HVSHFWDĠLQRUPHOHGHVLJXUDQĠăFkQGHOLPL
FDUHDSDUvQFD]GHVFKLPEDUHEUXVFăGH
QDĠLvQWLQ]ăWRDUHOHGHFHQWXUă2ULFH&HQWUX
GLUHFĠLHIUkQDUHSXWHUQLFăVDXDFFLGHQW
GHVHUYLFH0HUFHGHV%HQ]YăSRDWHIXUQL]D
UHĠLQHUHDFRSLOXOXLQXYDILSRVLELOă&RSLOXO
GHWDOLLSULYLQGDFHVWHUHJOHPHQWăUL
DUSXWHDILSURLHFWDWFăWUHXQHOHFRPSR
 'DFăVFDXQXOSDVDJHUXOXLIDĠăQXHVWH QHQWHGLQLQWHULRUXODXWRYHKLFXOXOXLVXIH
RFXSDWQXFXSODĠLOLPEDFHQWXULLGHVLJX ULQGUăQLJUDYHVDXFKLDUIDWDOH
UDQĠăvQFDWDUDPDGHEORFDUHGHSHVFDXQXO
SDVDJHUXOXLIDĠăÌQFD]FRQWUDUvQWLQ]ăWRUXO $9(57,60(17
FHQWXULLSRDWHILGHFODQúDWvQFD]GHDFFL 6LVWHPXOGHUHWHQĠLHSHQWUXFRSLLQXvúLSRDWH
GHQW DVLJXUDIXQFĠLDGHSURWHFĠLHGDFăQXHVWH
PRQWDWFRUHFWSHXQVFDXQGHDXWRYHKLFXO
DGHFYDW&RSLOXOQXSRDWHILUHĠLQXWvQFD]GH
3UH]HQĠDFRSLLORUODERUG DFFLGHQWIUkQDUHSXWHUQLFăVDXVFKLPEăUL
EUXúWHGHGLUHFĠLH&RSLOXOSRDWHVXIHULUăQL
6LVWHPHGHUHWHQĠLHSHQWUXFRSLL JUDYHVDXFKLDUIDWDOH'LQDFHVWPRWLYFkQG
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD IL[DĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLLUHV
SHFWDĠLLQVWUXFĠLXQLOHGHLQVWDODUHDOHSUR
$9(57,60(17 GXFăWRUXOXLúLGHXWLOL]DUHFRUHFWăDVLVWHPXOXL
3HQWUXDUHGXFHULVFXOGHUăQLJUDYHVDXFKLDU GHUHWHQĠLHSHQWUXFRSLL
IDWDOHVXIHULWHGHFRSLOvQFD]GHVFKLPEDUH 6LVWHPXOGHUHWHQĠLHSHQWUXFRSLLWUHEXLHVă
UDSLGăDGLUHFĠLHLGHGHSODVDUHIUkQDUHVDXGH ILHPRQWDWSHVFDXQHOHVSDWH&RSLLLVXQWGH
DFFLGHQW UHJXOăSURWHMDĠLPDLELQHDFROR
=FRSLLLFDUHDXVXEPvQăOĠLPHúLVXE %D]DVLVWHPXOXLGHUHWHQĠLHSHQWUXFRSLLWUH
GRLVSUH]HFHDQLWUHEXLHVăILHDVLJXUDĠL EXLHvQWRWGHDXQDVăILHDúH]DWăvQvQWUHJLPH
vQWRWGHDXQDvQVLVWHPHVSHFLDOHGHUHWHQĠLH SHSHUQDVFDXQXOXL3ULQXUPDUHQXSXQHĠL
SHQWUXFRSLLSHXQVFDXQFRUHVSXQ]ăWRUDO QLFLRGDWăRELHFWHGHH[RSHUQăVXEVLVWHPXO
DXWRYHKLFXOXOXL$FHDVWăSUHFDXĠLHHVWH GHUHWHQĠLHSHQWUXFRSLL
QHFHVDUăGHRDUHFHFHQWXULOHGHVLJXUDQĠă 8WLOL]DĠLVLVWHPHOHGHUHWHQĠLHSHQWUXFRSLL
QXVXQWFRQFHSXWHSHQWUXFRSLL QXPDLFXKXVDRULJLQDOăFRQFHSXWăSHQWUX
=1XFRQGXFHĠLQLFLRGDWăFXXQFRSLODVLJXUDW DFHúWLDÌQORFXLĠLKXVHOHGHWHULRUDWHQXPDLFX
vQWUXQVLVWHPGHUHWHQĠLHSHQWUXFRSLL KXVHRULJLQDOH0HUFHGHV%HQ]


 3UH]HQĠDFRSLLORUODERUG

9ăUHFRPDQGăPVăXWLOL]DĠLVLVWHPHGHUHWHQ $9(57,60(17
ĠLHSHQWUXFRSLLDSUREDWHSHQWUXDXWRYHKLFX 6DUFLQLOHQHIL[DWHVDXSR]LĠLRQDWHLQFRUHFW
OHOH0HUFHGHV%HQ] FUHVFSHULFROXOGHUăQLUHSHQWUXFRSLLúLWRĠL
FHLODOĠLSDVDJHULvQFD]GH
'DFăvQDXWRYHKLFXOXOGXPQHDYRDVWUă
=DFFLGHQW
FăOăWRUHúWHXQFRSLODVLJXUDĠLFRSLOXOFXDMX
6LJXUDQĠă

WRUXOXQXLVLVWHPGHUHWHQĠLHSHQWUXFRSLL =RPDQHYUăGHIUkQDUH
FRUHVSXQ]ăWRUPăULPLLYkUVWHLúLJUHXWăĠLL =RVFKLPEDUHEUXVFăDGLUHFĠLHL
FRSLOXOXLúLFDUHHVWHUHFRPDQGDWSHQWUX 1XWUDQVSRUWDĠLRELHFWHJUHOHVDXGXUHvQLQWH
DXWRYHKLFXOH0HUFHGHV%HQ](VWHGHSUHIH ULRUXODXWRYHKLFXOXOXLGHFkWGDFăDXIRVWELQH
UDWVăPRQWDĠLVLVWHPXOGHUHWHQĠLHvQWUXQ IL[DWH9HĠLJăVLLQIRUPDĠLLVXSOLPHQWDUHvQ
VFDXQVSDWHDGHFYDW$VLJXUDĠLYăFăDIRVW LQGH[ODFDSLWROXOÄ/LQLLGLUHFWRDUHSULYLQG
DVLJXUDWFRSLOXOvQWUXQVLVWHPGHUHWHQĠLH vQFăUFDUHD
SHQWUXFRSLLSHSDUFXUVXOFăOăWRULHL
0HUFHGHV%HQ]YăUHFRPDQGăVăXWLOL]DĠL 6FDXQSHQWUXFRSLOSHVFDXQXOSDVDJH
QXPDLVLVWHPHOHGHUHWHQĠLHSHQWUXFRSLLLQGL UXOXLIDĠă
FDWHOD 3DJLQD 
3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHVSUH
VLVWHPXOFRUHFWGHUHWHQĠLHSHQWUXFRSLLGHOD
RULFH&HQWUXGH6HUYLFH0HUFHGHV%HQ]
G 6HUHFRPDQGăVăXWLOL]DĠLSURGXVHGH
vQJULMLUH0HUFHGHV%HQ]SHQWUXDFXUăĠDVLV
WHPHOHGHUHWHQĠLHSHQWUXFRSLL3XWHĠL
REĠLQHLQIRUPDĠLLGHVSUHDFHVWVXELHFWGHOD
RULFH&HQWUXGH6HUYLFH0HUFHGHV%HQ]
$9(57,60(17
1XOăVDĠLFRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKL $YHUWLVPHQWSHSDUDVRODUXOSDVDJHUXOXLGLQIDĠă
FXOFKLDUGDFăVXQWIL[DĠLvQWUXQVLVWHPGH
UHWHQĠLHSHQWUXFRSLL$FHúWLDVDUSXWHDUăQL
vQDQXPLWHSăUĠLDOHDXWRYHKLFXOXOXL'HDVH
PHQHDHLDUSXWHDVXIHULUăQLJUDYHVDXFKLDU
IDWDOHvQXUPDXQHLH[SXQHULSUHOXQJLWHOD
FăOGXUăVDXIULJH[WUHP
1XH[SXQHĠLVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
OXPLQLLGLUHFWHDVRDUHOXL$QXPLWHSăUĠLGLQ
VLVWHPXOGHUHWHQĠLHSHQWUXFRSLLVDUSXWHD
vQFăO]LLDUFRSLOXOVDUSXWHDDUGHvQHOH
ÌQFD]XOvQFDUHXQFRSLOGHVFKLGHRSRUWLHUă
FRSLOXOVDXDOWHSHUVRDQHDUSXWHDGUHSW 6LPEROGHDYHUWLVPHQWSHQWUXXQVLVWHPGHUHWHQĠLH
XUPDUHVăILHUăQLWH$FHúWLDDUSXWHDLHúL SHQWUXFRSLLRULHQWDWVSUHVSDWH
UăQLQGXVHVDXILLQGUăQLĠLGHXQDXWRYHKLFXO $9(57,60(17
DIODWvQWUHFHUH 'DFăDLUEDJXOSDVDJHUXOXLIDĠăQXHVWHGH]DF
5HVSHFWDĠLGHDVHPHQHDQRWHOHSULYLQG+2/' WLYDW
,QIRUPDĠLLOHUHOHYDQWHVHUHJăVHVFvQLQGH[
=XQFRSLOIL[DWvQWUXQVLVWHPGHUHWHQĠLHSHQ
WUXFRSLLSHVFDXQXOSDVDJHUXOXLIDĠăDU
3UH]HQĠDFRSLLORUODERUG 

SXWHDILUăQLWJUDYVDXFKLDUIDWDOvQXUPD 1XXWLOL]DĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLL
GHFODQúăULLDLUEDJXOXLSDVDJHUXOXLIDĠă RULHQWDWVSUHVSDWHSHQWUXXQFRSLODúH]DWSH
$FHDVWăVLWXDĠLHFRQVWLWXLHXQULVFPDLDOHV XQVFDXQFDUHHVWHGHMDSURWHMDWGHXQDLUEDJ
GDFăFRSLOXOVHDIOăvQLPHGLDWDDSURSLHUHD
DLUEDJXOXLSDVDJHUXOXLIDĠăFkQGDFHVWDVH 5HFXQRDúWHUHDXWRPDWăDVFDXQXOXL

6LJXUDQĠă
GHFODQúHD]ă SHQWUXFRSLOSHVFDXQXOSDVDJHUXOXL
=QXIL[DĠLQLFLRGDWăXQFRSLOSHVFDXQXOSDVD IDĠă
JHUXOXLIDĠăvQWUXQVLVWHPGHUHWHQĠLHSHQ
WUXFRSLLRULHQWDWVSUHVSDWH0RQWDĠLXQ
VLVWHPGHUHWHQĠLHSHQWUXFRSLLRULHQWDW
VSUHVSDWHQXPDLSHXQVFDXQVSDWHDGHF
YDW
=GHSODVDĠLvQWRWGHDXQDVFDXQXOSDVDJHUXOXL
IDĠăvQSR]LĠLDGLQFDSăWVSDWHGDFăIL[DĠLXQ
FRSLOvQWUXQVLVWHPGHUHWHQĠLHSHQWUXFRSLL
RULHQWDWVSUHIDĠăSHVFDXQXOSDVDJHUXOXL
IDĠă
$LUEDJXOSDVDJHUXOXLIDĠăQXHVWHGH]DFWLYDW
=ODDXWRYHKLFXOHOHIăUăUHFXQRDúWHUHDDXWR
'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăQXGLV
SXQHGHUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXL
PDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO
SHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLGLQIDĠă
SDVDJHUXOXLIDĠă
DFHVWOXFUXHVWHLQGLFDWGHRHWLFKHWăDXWRFR
=ODDXWRYHKLFXOHOHFXUHFXQRDúWHUHDDXWR
ODQWăVSHFLDOă(WLFKHWDDXWRFRODQWăHVWH
PDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO OLSLWăSHSDUWHDODWHUDOăDSODQúHLGHERUGGH
SDVDJHUXOXLIDĠăGDFăQLFLXQVLVWHPGH SHSDUWHDSDVDJHUXOXLGLQIDĠă(WLFKHWDDXWR
UHWHQĠLHSHQWUXFRSLLVSHFLDOFXWUDQVSRQ FRODQWăHVWHYL]LELOăFkQGGHVFKLGHĠLSRUWLHUD
GHUHSHQWUXUHFXQRDúWHUHDDXWRPDWăD SDVDJHUXOXLGLQIDĠă
VFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJH
UXOXLIDĠăQXDIRVWPRQWDW
=ODDXWRYHKLFXOHOHFXUHFXQRDúWHUHDDXWR
PDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO
SDVDJHUXOXLIDĠăGDFăODPSDLQGLFDWRDUH
3$66(1*(5$,5%$*2)) $,5%$*3$6$
*(5235,7 sQXHVWHDSULQVă
3HQWUXFDGXPQHDYRDVWUăVăFRQúWLHQWL]DĠL
DFHVWSHULFROVDIL[DWRHWLFKHWăDXWRFRODQWă
GHDYHUWL]DUHSHSODQúDGHERUGúLSHDPEHOH
SăUĠLDOHSDUDVRODUXOXLGHSHSDUWHDSDVDJH
UXOXLIDĠă 6LVWHPXOFXVHQ]RUDOVFDXQXOXLSDVDJHUXOXL
,QIRUPDĠLLOHSULYLQGVLVWHPHOHGHUHWHQĠLHSHQ GLQIDĠăSHQWUXVLVWHPHGHUHWHQĠLHSHQWUX
WUXFRSLLUHFRPDQGDWHVXQWGLVSRQLELOHOD FRSLLGHWHFWHD]ăGDFăDIRVWPRQWDWXQVFDXQ
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ] VSHFLDOSHQWUXFRSLOPDUFD0HUFHGHV%HQ]
SUHYă]XWFXXQWUDQVSRQGHUSHQWUXUHFXQRDú
 $XWRYHKLFXOHIăUăUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLGLQIDĠăGDFă
URWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGHSRUQLUHODPSDLQGLFDWRDUHs3$66(1*(5$,5%$*2)) $,5%$*
3$6$*(5235,7 VHDSULQGHVFXUWvQVăIăUăDDYHDQLFLRIXQFĠLH(DQXLQGLFăIDSWXOFăH[LVWăUHFXQRDúWHUH
DXWRPDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLGLQIDĠă

 3UH]HQĠDFRSLLORUODERUG

WHUHDDXWRPDWăDVFDXQXOXLSHQWUXFRSLOÌQ G 'DFăDLUEDJXOIURQWDODOSDVDJHUXOXLGLQ
DFHVWFD]ODPSDLQGLFDWRDUHs IDĠăHVWHGH]DFWLYDWGHUHFXQRDúWHUHDDXWR
3$66(1*(5$,5%$*2)) PDWăDVFDXQXOXLSHQWUXFRSLOXUPăWRDUHOH
$,5%$*3$6$*(5235,7 CVHDSULQGH$LU UăPkQDFWLYDWHSHSDUWHDSDVDJHUXOXLGLQ
EDJXOIURQWDODOSDVDJHUXOXLGLQIDĠăHVWH IDĠă
6LJXUDQĠă

GH]DFWLYDW =DLUEDJXOODWHUDO

$9(57,60(17 =DLUEDJXOSHQWUXED]LQ

'DFăsODPSDLQGLFDWRDUH3$66(1*(5 =DLUEDJXULOHWLSFRUWLQă
$,5%$*2)) $,5%$*3$6$*(5235,7 QXVH =vQWLQ]ăWRUXOFHQWXULL
DSULQGHFkQGVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
HVWHPRQWDWDLUEDJXOSDVDJHUXOXLIDĠăQXD $9(57,60(17
IRVWGH]DFWLYDW'DFăDLUEDJXOSDVDJHUXOXL 1XSODVDĠLGLVSR]LWLYHHOHFWURQLFHSHVFDXQXO
IDĠăVHGHFODQúHD]ăFRSLOXODUSXWHDVXIHUL SDVDJHUXOXLIDĠăGHH[
UăQLJUDYHVDXFKLDUIDWDOH =ODSWRSXULGDFăVXQWSRUQLWH
3URFHGDĠLGXSăFXPXUPHD]ă =WHOHIRDQHPRELOH
=QXXWLOL]DĠLXQVLVWHPGHUHWHQĠLHSHQWUX =FDUGXULFXWUDQVSRQGHUHGHH[FDUGXULGH
FRSLLRULHQWDWVSUHVSDWHSHVFDXQXOSDVD WUHFHUHSHQWUXVFKLVDXFDUWHOHGHDFFHV
JHUXOXLIDĠă 6HPQDOHOHGHODHFKLSDPHQWHOHHOHFWURQLFH
=PRQWDĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLL SRWSURYRFDLQWHUIHUHQĠHODQLYHOXOVLVWHPXOXL
RULHQWDWVSUHVSDWHSHXQVFDXQVSDWHDGHF GHUHFXQRDúWHUHDXWRPDWăDVFDXQXOXLSHQWUX
YDW FRSLO$FHDVWDSRDWHSURYRFDRGHIHFĠLXQHvQ
VDX VLVWHP$FHDVWDSRDWHIDFHFDsODPSD
=XWLOL]DĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLL LQGLFDWRDUH3$66(1*(5$,5%$*2)) $,5
RULHQWDWVSUHIDĠăQXPDLSHVFDXQXOSDVD %$*3$6$*(5235,7 VăVHDSULQGăIăUăVă
JHUXOXLIDĠăúLGHSODVDĠLVFDXQXOSDVDJHUXOXL H[LVWHXQVFDXQSHQWUXFRSLOFXWUDQVSRQGHUH
IDĠăvQSR]LĠLDGLQFDSăWVSDWH SHQWUXUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXL
SHQWUXFRSLOPRQWDW$VWIHODLUEDJXOSDVDJH
=VROLFLWDĠLYHULILFDUHDUHFXQRDúWHULLDXWR
UXOXLIDĠăQXVHYDGHVIăúXUDvQFD]GHDFFL
PDWHDVFDXQXOXLSHQWUXFRSLOODXQDWHOLHU
GHQW(VWHGHDVHPHQHDSRVLELOFDu
GHVSHFLDOLWDWHDXWRUL]DW
ODPSDGHDYHUWL]DUH656VăVHDSULQGăúLVDX
3HQWUXDYăDVLJXUDFăUHFXQRDúWHUHDDXWR sODPSDLQGLFDWRDUH3$66(1*(5$,5%$*
PDWăDVFDXQXOXLSHQWUXFRSLOGHSHVFDXQXO 2)) $,5%$*3$6$*(5235,7 VăQXVH
SDVDJHUXOXLIDĠăIXQFĠLRQHD]ăFRPXQLFă DSULQGăVFXUWFkQGURWLĠLFKHLDvQFRPXWDWRUXO
FRUHFWQXSODVDĠLQLFLRGDWăRELHFWHGHH[R GHFRQWDFWvQSR]LĠLD
SHUQăVXEVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
%D]DVLVWHPXOXLGHUHWHQĠLHSHQWUXFRSLLWUH
EXLHvQWRWGHDXQDVăILHDúH]DWăvQvQWUHJLPH 6LVWHPXO,62),;GHIL[DUHDVFDXQXOXL
SHSHUQDVFDXQXOXL8QVLVWHPGHUHWHQĠLH SHQWUXFRSLOSHQWUXVFDXQHOHGLQVSDWH
SHQWUXFRSLLPRQWDWLQFRUHFWQXvúLSRDWHUHD ,62),;HVWHXQVLVWHPGHIL[DUHVWDQGDUGL]DW
OL]DIXQFĠLDGHSURWHFĠLHvQFD]GHDFFLGHQWúL SHQWUXVLVWHPHOHGHUHWHQĠLHSHQWUXFRSLLFRQ
SRDWHSURYRFDUăQLUHD FHSXWHVSHFLDOSHVFDXQHOHGLQVSDWH6XQW
SUHYă]XWHLQHOHGHIL[DUHSHQWUXGRXăVLVWHPH
,62),;GHUHWHQĠLHSHQWUXFRSLLSHVWkQJDúL
GUHDSWDVFDXQHORUGLQVSDWH
3UH]HQĠDFRSLLORUODERUG 

$9(57,60(17 $9(57,60(17
8QVLVWHPGHUHWHQĠLHSHQWUXFRSLLIL[DWGH 9ăUXJăPVăUHĠLQHĠLFăvQFD]XOvQFDUHVLVWH
VLVWHPXOGHIL[DUHDVFDXQXOXLSHQWUXFRSLO PHOHGHUHWHQĠLHSHQWUXFRSLLVDXVLVWHPHOH
,62),;QXRIHUăVXILFLHQWăSURWHFĠLHSHQWUX GHIL[DUHDOHDFHVWRUDVHGHWHULRUHD]ăVDX
FRSLLLFXJUHXWDWHDGHSHVWHNJ'LQDFHVW VXQWVXSXVHXQHLWHQVLXQLvQWLPSXOXQXLDFFL

6LJXUDQĠă
PRWLYQXDVLJXUDĠLFRSLLLFXJUHXWDWHDGH GHQWHVWHSRVLELOFDDFHVWHDVăQXvúLPDL
SHVWHNJvQWUXQVLVWHPGHUHWHQĠLHSHQWUX SRDWăvQGHSOLQLIXQFĠLDGHSURWHFĠLH$VWIHO
FRSLLIL[DWGHVLVWHPXOGHIL[DUHDVFDXQXOXL FRSLOXODVLJXUDWDUSXWHDVXIHULUăQLJUDYHVDX
SHQWUXFRSLO,62),;'DFăFRSLOXODUHSHVWH FKLDUPRUWDOHvQFD]GHDFFLGHQWIUkQDUH
NJIL[DĠLVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL EUXVFăVDXVFKLPEDUHEUXVFăDGLUHFĠLHL
úLFXDMXWRUXOFHQWXULLGHVLJXUDQĠăDDXWRYH 'LQDFHVWPRWLYOXDĠLPăVXULFDVLVWHPHOHGH
KLFXOXOXLÌQSOXVFkQGIL[DĠLXQVLVWHPGH UHWHQĠLHSHQWUXFRSLLúLVLVWHPHOHORUGHIL[DUH
UHWHQĠLHSHQWUXFRSLLDYHĠLJULMăVăUHVSHFWDĠL FDUHDXIRVWGHWHULRUDWHVDXVXSXVHXQHLWHQ
LQVWUXFĠLXQLOHGHLQVWDODUHDOHSURGXFăWRUXOXL VLXQLvQWLPSXOXQXLDFFLGHQWVăILHYHULILFDWH
úLLQVWUXFĠLXQLOHGHXWLOL]DUHFRUHFWăDVLVWH LPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
PXOXLGHUHWHQĠLHSHQWUXFRSLL
 &kQGPRQWDĠLVLVWHPXOGHUHWHQĠLHSHQWUX
$9(57,60(17 FRSLLDVLJXUDĠLYăFăFHQWXUDGHVLJXUDQĠă
6LVWHPXOGHUHWHQĠLHSHQWUXFRSLLQXvúLSRDWH SHQWUXVFDXQXOFHQWUDOQXUăPkQHSULQVă
DVLJXUDIXQFĠLDGHSURWHFĠLHGDFăQXHVWH ÌQFD]FRQWUDUFHQWXUDGHVLJXUDQĠăSRDWH
PRQWDWFRUHFWSHXQVFDXQGHDXWRYHKLFXO VXIHULGHWHULRUăUL
DGHFYDW&RSLOXOQXSRDWHILUHĠLQXWvQFD]GH
DFFLGHQWIUkQDUHSXWHUQLFăVDXVFKLPEăUL
EUXúWHGHGLUHFĠLH&RSLOXOSRDWHVXIHULUăQL
JUDYHVDXFKLDUIDWDOH'LQDFHVWPRWLYFkQG
IL[DĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLLDYHĠL
JULMăVăUHVSHFWDĠLLQVWUXFĠLXQLOHGHLQVWDODUH
DOHSURGXFăWRUXOXLúLLQVWUXFĠLXQLOHGHXWLOL]DUH
FRUHFWăDVLVWHPXOXLGHUHWHQĠLHSHQWUXFRSLL
'LQPRWLYHGHVLJXUDQĠăFkQGLQVWDODĠLVLV
WHPHGHUHWHQĠLHSHQWUXFRSLLSHVFDXQHOHGLQ
VSDWHXWLOL]DĠLQXPDLVLVWHPHGHUHWHQĠLHSHQ
WUXFRSLLFXXQVLVWHPGHIL[DUHDVFDXQXOXL ,QGLFDWRUXOGHLQVWDODUHCLQGLFăSXQFWXOGH
SHQWUXFRSLO,62),;FDUHVXQWWHVWDWHúLDSUR LQVWDODUHSHQWUXLQHOHOHGHIL[DUH
EDWHVSHFLDOSHQWUXDXWRYHKLFXOH0HUFHGHV  ,QVWDODĠLVLVWHPXO,62),;GHUHWHQĠLHSHQWUX
%HQ]
FRSLL5HVSHFWDĠLLQVWUXFĠLXQLOHSUR
8QVLVWHPGHUHWHQĠLHSHQWUXFRSLLPRQWDW GXFăWRUXOXLFkQGLQVWDODĠLVLVWHPXO,62),;
LQFRUHFWVDUSXWHDGHVSULQGHUăQLQGJUDYVDX GHUHWHQĠLHSHQWUXFRSLL
FKLDUIDWDOFRSLOXOVDXDOĠLSDVDJHULDLDXWRYH
KLFXOXOXL&kQGPRQWDĠLVLVWHPXOGHUHWHQĠLH
&KLQJăVXSHULRDUă
SHQWUXFRSLLDVLJXUDĠLYăvQWRWGHDXQDFăHVWH
FXSODWFRUHFWvQLQHOHOHGHIL[DUHGHSHDPEHOH &KLQJDVXSHULRDUăDVLJXUăRFRQH[LXQHVXSOL
SăUĠL PHQWDUăvQWUHVLVWHPXOGHUHWHQĠLHSHQWUX
FRSLLIL[DWFX,62),;úLVFDXQXOGLQVSDWH
$FHDVWDDMXWăODRUHGXFHUHVXSOLPHQWDUăD
ULVFXOXLGHUăQLUH


 3UH]HQĠDFRSLLORUODERUG

3XQFWHOHGHDQFRUDUHSHQWUXFKLQJDVXSH =&HQWXUDFKLQJLLVXSHULRDUH„HVWHGLUL
ULRDUăVHDIOăSHSDUWHDGLQVSDWHDVSăWDUHORU MDWăvQWUHVSăWDUXOVFDXQXOXLGLQ
VFDXQHORUGLQVSDWH VSDWHDúLFDSDFXOSRUWEDJDMXOXLCvQ
FD]XOvQFDUHFDSDFXOSRUWEDJDMXOXLC
HVWHPRQWDW
6LJXUDQĠă

=&HQWXUDFKLQJLLVXSHULRDUH„HVWHGLUL
MDWăvQWUHVSăWDUXOVFDXQXOXLGLQ
VSDWHDúLSODVDGHVLJXUDQĠăGDFăSODVD
GHVLJXUDQĠăHVWHPRQWDWă
 'HSODVDĠLXúRUWHWLHUD‡vQDSRLvQMRVGLQ
QRXGDFăVLWXDĠLDRFHUH 3DJLQD 
$VLJXUDĠLYăFăQXLQWHUIHUDĠLGLULMDUHD
FRUHFWăDFHQWXULLFKLQJLLVXSHULRDUH„

 'HSODVDĠLWHWLHUD‡vQVXV
 0RQWDĠLVLVWHPXO,62),;GHUHWHQĠLHSHQWUX
FRSLLFXFKLQJăVXSHULRDUă5HVSHFWDĠL
LQVWUXFĠLXQLOHGHPRQWDUHDOHSURGXFăWRUX
OXLvQWLPSXOPRQWDMXOXL
 'LULMDĠLFHQWXUDFKLQJLLVXSHULRDUH„VXE
WHWLHUă‡vQWUHFHOHGRXăEDUHDOHWHWLHUHL
 'LULMDĠLFHQWXUDFKLQJLLVXSHULRDUH„vQMRV
vQWUHFDSDFXOSRUWEDJDMXOXLCúLVSăWDUXO
VFDXQXOXLVSDWHD
 3ULQGHĠLFkUOLJXOFKLQJLLVXSHULRDUHƒDO
FHQWXULLFKLQJLLVXSHULRDUH„vQSXQFWXOGH
DQFRUDUHSHQWUXFKLQJDVXSHULRDUă…
$VLJXUDĠLYăFă
=&kUOLJXOFKLQJLLVXSHULRDUHƒHVWHSULQV
vQSXQFWXOGHDQFRUDUHSHQWUXFKLQJD
VXSHULRDUă…GXSăFXPHVWHLQGLFDWvQ
ILJXUă
=&HQWXUDFKLQJLLVXSHULRDUH„QXHVWH
UăVXFLWă
3UH]HQĠDFRSLLORUODERUG 

3UREOHPHODUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUXFRSLO

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
/DPSDLQGLFDWRDUH 8QVFDXQVSHFLDOSHQWUXFRSLO0HUFHGHV%HQ]SUHYă]XWFXWUDQV
s3$66(1*(5$,5 SRQGHUSHQWUXUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUXFRSLO

6LJXUDQĠă
%$*2)) $,5%$* DIRVWPRQWDWSHVFDXQXOSDVDJHUXOXLGLQIDĠă$LUEDJXOIURQWDODO
3$6$*(5235,7 GHSH SDVDJHUXOXLGLQIDĠăDIRVWSULQXUPDUHGH]DFWLYDWGXSăFXPVD
FRQVRODFHQWUDOăHVWH VROLFLWDW
DSULQVă
$9(57,60(17
1XH[LVWăQLFLXQVFDXQSHQWUXFRSLOPRQWDWSHVFDXQXOSDVDJHUXOXL
GLQIDĠă5HFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUXFRSLOHVWH
GHIHFWă
'HDVHPHQHDHVWHSRVLELOFDODPSDGHDYHUWL]DUH656uVăVH
DSULQGăúLVDXODPSDLQGLFDWRDUHs3$66(1*(5$,5%$*2))
$,5%$*3$6$*(5235,7 VăQXVHDSULQGăVFXUWFkQGFXSODĠL
FRQWDFWXO
([LVWăXQULVFGHDFFLGHQW
 6FRDWHĠLHFKLSDPHQWXOHOHFWURQLFGHODVFDXQXOSDVDJHUXOXLGLQ
IDĠăGHH[
=ODSWRS
=WHOHIRQPRELO
=FDUGXULOHFXWUDQVSRQGHUHFXPDUILFDUGXULOHGHWUHFHUHSHQ
WUXVNLVDXFDUWHOHOHGHDFFHV
'DFăODPSDLQGLFDWRDUHs3$66(1*(5$,5%$*2)) $,5%$*
3$6$*(5235,7 FRQWLQXăVăILHDSULQVă
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3R]LĠLRQDUHDDGHFYDWăDVLVWHPHORUGHUHWHQĠLHSHQWUXFRSLL
/HJHQGDOLWHUHORUXWLOL]DWHvQWDEHO
[ 6FDXQXOFDUHHVWHLQDGHFYDWSHQWUXFRSLLGLQDFHDVWăFDWHJRULHGHJUHXWDWH
8 $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXFRSLLGLQFDWHJRULDÄ8QLYHUVDO´FDUHVXQWDSUR
EDWHSHQWUXXWLOL]DUHvQDFHDVWăFDWHJRULHGHJUHXWDWH
8) $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXFRSLLRULHQWDWHVSUHIDĠăFDUHVHvQFDGUHD]ăvQ
FDWHJRULDÄ8QLYHUVDO´úLVXQWDSUREDWHSHQWUXXWLOL]DUHvQDFHDVWăFDWHJRULHGHJUHXWDWH
/ $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXFRSLLFRQIRUPUHFRPDQGăULORUFRQVXOWDĠL
XUPăWRUXOWDEHOFXÄ6LVWHPHGHUHWHQĠLHSHQWUXFRSLLUHFRPDQGDWH´ 3DJLQD 


 3UH]HQĠDFRSLLORUODERUG

3R]LĠLLOHVFDXQHORU
&DWHJRULLGH 6FDXQSDVDJHUGLQIDĠă 6FDXQXOVSDWH
JUHXWDWH
$LUEDJXOSDVD $LUEDJXOSDVD 6WkQJD &HQWUX
JHUXOXLGLQ JHUXOXLGLQ GUHDSWD
6LJXUDQĠă

IDĠăQXHVWH IDĠăHVWH
GH]DFWLYDW GH]DFWLYDW
&DWHJRULD [ 8/ 8/ /
SkQăODNJ
*UXSD [ 8/ 8/ /
SkQăODNJ
&DWHJRULD, 8/ 8/ 8/ 8/
SkQăODNJ
&DWHJRULD,, 8/ 8/ 8/ 8/
SkQăOD
NJ
*UXSD,,, 8/ 8/ 8/ 8/
SkQăODNJ

6LVWHPHOHGHUHWHQĠLHSHQWUXFRSLLGLQFDWHJRULDÄXQLYHUVDOă´SRWILUHFXQRVFXWHGXSăHWLFKHWD
ORUGHRPRORJDUHSRUWRFDOLH

([HPSOXHWLFKHWăGHRPRORJDUHSHVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL

 $XWRYHKLFXOHFXUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLGLQIDĠăXQVLVWHP
GHUHWHQĠLHSHQWUXFRSLLGLQFDWHJRULDÄ8QLYHUVDO´FXXQWUDQVSRQGHUSHQWUXUHFXQRDúWHUHDDXWRPDWăDVFDX
QXOXLSHQWUXFRSLOWUHEXLHVăILHPRQWDW/DPSDLQGLFDWRDUHs3$66(1*(5$,5%$*2)) $,5%$*3$6$*(5
235,7 WUHEXLHVăILHDSULQVă
 5HJODĠLVFDXQXOSDVDJHUXOXLGLQIDĠăvQSR]LĠLHGHFDSăWVSDWHúLvQăOĠLPHDGHLHúLUHDFHQWXULLvQSR]LĠLDLQIH
ULRDUăPD[LPă
 7RDWHDXWRYHKLFXOHOHFXH[FHSĠLD$0*
3UH]HQĠDFRSLLORUODERUG 

/HJHQGDOLWHUHORUXWLOL]DWHvQWDEHO
[ 3R]LĠLD,62),;FDUHQXHVWHDGHFYDWăSHQWUXVLVWHPHOH,62),;GHUHWHQĠLHSHQWUXFRSLL
GLQDFHDVWăFDWHJRULHGHJUHXWDWHúLVDXFDWHJRULHGHPăULPH
,8) $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXFRSLL,62),;RULHQWDWHVSUHIDĠăFDUHVHvQFD
GUHD]ăvQFDWHJRULDÄ8QLYHUVDO´úLVXQWDSUREDWHSHQWUXXWLOL]DUHvQDFHDVWăFDWHJRULHGH

6LJXUDQĠă
JUHXWDWH
,/ $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLH,62),;SHQWUXFRSLLFRQIRUPUHFRPDQGăULORUFRQ
VXOWDĠLXUPăWRUXOWDEHOFXÄ6LVWHPHGHUHWHQĠLHSHQWUXFRSLLUHFRPDQGDWH´
3DJLQD 
3RWULYLUHVFDXQHGLQVSDWHSHQWUXSULQGHUHDVLVWHPHORUGHUHWHQĠLHSHQWUXFRSLL,62),;

&DWHJRULLGHJUHXWDWH &DWHJRULHGH 'RWDUH 6FDXQXOVSDWH


PăULPH VWkQJDúLGUHDSWD
&RúGHEHEHOXú ) ,62/ [
* ,62/ [
SkQăODNJ ( ,625 ,/
SkQăODDSUR[LPDWLY
OXQL
SkQăODNJ ( ,625 ,/
SkQăODDSUR[LPDWLY ' ,625 ,/
OXQL
& ,625 ,/
,SkQăODNJ ' ,625 ,/
vQWUHFLUFDOXQLúL & ,625 ,/
DQL
% ,62) ,8)
% ,62); ,8)
$ ,62) ,8)

6LVWHPHGHUHWHQĠLHSHQWUXFRSLLUHFRPDQGDWH
/DLQVWDODUHDXQXLVLVWHPGHUHWHQĠLHSHQWUXFRSLLIăUăXQWUDQVSRQGHUSHQWUXUHFXQRDúWHUHD
DXWRPDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLGLQIDĠă
 'HSODVDĠLVFDXQXOSDVDJHUXOXLGLQIDĠăvQSR]LĠLDVDGHFDSăWVSDWH


 3UH]HQĠDFRSLLORUODERUG

&DWHJRULLGH 3UR 7LS 1XPăURPR 1XPăU 5HFXQRDúWH


JUHXWDWH GXFăWRU ORJDUH ( FRPDQGă UHDDXWR
$ PDWăDVFDX
QXOXLSHQWUX
FRSLO
6LJXUDQĠă

&DWHJRULD %ULWD[ %$%<   'D


SkQăODNJ 5|PHU 6$)( 
SkQăODDSUR[L 3/86
PDWLYOXQL
*UXSDSkQă %ULWD[ %$%<   'D
ODNJ 5|PHU 6$)( 
SkQăODDSUR[L 3/86
PDWLYOXQL
&DWHJRULD, %ULWD[ '82   'D
SkQăODNJ 5|PHU 3/86   1X
vQWUHDSUR[LPD
WLYOXQLúL
DQL
*UXSDD,,DD %ULWD[  'D
,,,DSkQăOD 5|PHU
NJ  1X
vQWUHDSUR[LPD
WLYúLDQL

6LVWHPGHUHWHQĠLH,62),;SHQWUXFRSLLSURSXVGLQFDWHJRULD8QLYHUVDOă

&DWHJRULL &DWHJRULH 3UR 7LS 1XPăU 1XPăU 5HFX


GHJUHX GH GXFăWRU RPROR FRPDQGă QRDúWH
WDWH PăULPH JDUH UHDDXWR
( PDWăD
VFDXQXOXL
SHQWUX
FRSLO
&RúGH ) ± ± ± ± ±
EHEHOXú
* ± ± ± ± ±
*UXSD ( ± ± ± ± ±
SkQăOD
NJ

 'HSODVDĠLVFDXQXOSDVDJHUXOXLGLQIDĠăvQSR]LĠLDVDGHFDSăWVSDWHúLFHDPDLULGLFDWă
3UH]HQĠDFRSLLORUODERUG 

&DWHJRULL &DWHJRULH 3UR 7LS 1XPăU 1XPăU 5HFX


GHJUHX GH GXFăWRU RPROR FRPDQGă QRDúWH
WDWH PăULPH JDUH UHDDXWR
( PDWăD
VFDXQXOXL

6LJXUDQĠă
SHQWUX
FRSLO
*UXSD ( %ULWD[ %$%<6$)(  % 1X
SkQăOD 5|PHU ,62),; 
NJ 3/86
' ± ± ± ± ±
& ± ± ± ± ±
*UXSD, ' ± ± ± ± ±
GHOD & ± ± ± ± ±
SkQăOD
NJ % ± ± ± ± ±
% %ULWD[ '823/86  $ 'D
5|PHU  
$ ± ± ± ± ±

ÌQFXLHWRULGHSURWHFĠLHSHQWUXFRSLL 1XH[SXQHĠLVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
OXPLQLLGLUHFWHDVRDUHOXL$QXPLWHSăUĠLGLQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD VLVWHPXOGHUHWHQĠLHSHQWUXFRSLLVDUSXWHD
$9(57,60(17 vQFăO]LLDUFRSLOXOVDUSXWHDDUGHvQHOH
$FWLYDĠLvQFXLHWRULOHFHQXSHUPLWDFFHVXO ÌQFD]XOvQFDUHXQFRSLOGHVFKLGHRSRUWLHUă
FRSLLORUSHQWUXSRUWLHUHOHVSDWHúLFRPXWDWRUXO FRSLOXOVDXDOWHSHUVRDQHDUSXWHDGUHSW
GHVXSUDUHJODUHSHQWUXJHDPXULOHVSDWHFkQG XUPDUHVăILHUăQLWH$FHúWLDDUSXWHDLHúL
FRSLLLFăOăWRUHVFvQDXWRYHKLFXOÌQFD]FRQ UăQLQGXVHVDXILLQGUăQLĠLGHXQDXWRYHKLFXO
WUDUFRSLLLDUSXWHDGHVFKLGHSRUWLHUHVDXJHD DIODWvQWUHFHUH
PXULODWHUDOHFkQGDXWRYHKLFXOXOHVWHvQPLú 5HVSHFWDĠLGHDVHPHQHDQRWHOHSULYLQG+2/'
FDUHúLDUSXWHDVXIHULUăQLVDXLDUSXWHDUăQL ,QIRUPDĠLLOHUHOHYDQWHVHUHJăVHVFvQLQGH[
SHDOĠLL
ÌQFXLHWRULGHSURWHFĠLHSHQWUXFRSLLSHQ
$9(57,60(17 WUXSRUWLHUHOHGLQVSDWH
1XOăVDĠLFRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKL
$VLJXUDĠLILHFDUHSRUWLHUăLQGLYLGXDOFXvQFXLH
FXOFKLDUGDFăVXQWIL[DĠLvQWUXQVLVWHPGH
WRULOHFHQXSHUPLWDFFHVXOFRSLLORUGHSHSRU
UHWHQĠLHSHQWUXFRSLL$FHúWLDVDUSXWHDUăQL
WLHUHOHVSDWH2SRUWLHUăDVLJXUDWăFXRvQFXLH
vQDQXPLWHSăUĠLDOHDXWRYHKLFXOXOXL'HDVH
WRDUHFHQXSHUPLWHDFFHVXOFRSLLORUQXSRDWH
PHQHDHLDUSXWHDVXIHULUăQLJUDYHVDXFKLDU
ILGHVFKLVăGLQDXWRYHKLFXO&kQGDXWRYHKLFX
IDWDOHvQXUPDXQHLH[SXQHULSUHOXQJLWHOD
OXOHVWHGHVFXLDWSRUWLHUDSRDWHILGHVFKLVă
FăOGXUăVDXIULJH[WUHP
GLQH[WHULRU


 6LVWHPHGHVLJXUDQĠăODFRQGXFHUH

6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
3UH]HQWDUHJHQHUDOăDVLVWHPHORUGH
VLJXUDQĠăODFRQGXFHUH
ÌQDFHDVWăVHFĠLXQHYHĠLJăVLLQIRUPDĠLLGHV
6LJXUDQĠă

SUHXUPăWRDUHOHVLVWHPHGHVLJXUDQĠăODFRQ
GXFHUH
=$%6 $QWLORFN%UDNLQJ6\VWHP  VLVWHP
DQWLEORFDUHODIUkQDUH
=%$6 %UDNH$VVLVW6\VWHP  VLVWHPGHDVLV
 3HQWUXDDFWLYDDSăVDĠLPDQHWDvQFXLHWRULL WDUHODIUkQDUH
FHQXSHUPLWHDFFHVXOFRSLLORUvQVXVvQ =%$63/86 6LVWHPGHDVLVWDUHOD)UkQDUH
GLUHFĠLDLQGLFDWăGHVăJHDWDC 3OXV
 $VLJXUDĠLYăFăvQFXLHWRULOHFHQXSHUPLW =/ăPSLGHIUkQăDGDSWLYH
DFFHVXOFRSLLORUIXQFĠLRQHD]ăFRUHV =(63Š (OHFWURQLF6WDELOLW\3URJUDP  3UR
SXQ]ăWRU JUDPGHVWDELOLWDWHHOHFWURQLFă
 3HQWUXDGH]DFWLYDDSăVDĠLPDQHWD =(%' HOHFWURQLFEUDNHIRUFHGLVWULEXWLRQ
vQFXLHWRULLFHQXSHUPLWHDFFHVXOFRSLLORUvQ GLVWULEXĠLDHOHFWURQLFăDIRUĠHLGHIUkQDUH
MRVGLUHFĠLDLQGLFDWăGHVăJHDWDD =)UkQă35(6$)(Š

&DUDFWHULVWLFDGHVXSUDUHJODUHSHQWUX
JHDPXULOHODWHUDOHVSDWH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
'DFăQXYăDGDSWDĠLVWLOXOGHFRQGXFHUHVDX
YăHVWHGLVWUDVăDWHQĠLDVLVWHPHOHGHVLJX
UDQĠăODFRQGXFHUHQXSRWQLFLUHGXFHULVFXO
GHDFFLGHQWQLFLQXVHSRWVXVWUDJHOHJLORU
IL]LFLL6LVWHPHOHGHVLJXUDQĠăODFRQGXFHUH
VXQWGRDUVLVWHPHGHDVLVWDUHFDUHYăDMXWă
FkQGFRQGXFHĠL'XPQHDYRDVWUăVXQWHĠLUHV
SRQVDELOGHGLVWDQĠDIDĠăGHDXWRYHKLFXOXOGLQ
IDĠăGHYLWH]DDXWRYHKLFXOXOXLúLGHIUkQDUHD
vQWLPSXWLO$GDSWDĠLYăvQWRWGHDXQDVWLOXOGH
FRQGXFHUHvQIXQFĠLHGHFRQGLĠLLOHGHGUXPúL
 3HQWUXDDFWLYDGH]DFWLYDDSăVDĠLEXWR PHWHRSUHGRPLQDQWHúLSăVWUDĠLRGLVWDQĠăGH
QXOD VLJXUDQĠăGLQIDĠăGHDXWRYHKLFXOXOGLQIDĠă
'DFăODPSDLQGLFDWRDUHCHVWHDSULQVă &RQGXFHĠLFXDWHQĠLH
DFĠLRQDUHDJHDPXULORUODWHUDOHVSDWHHVWH G 6LVWHPHOHGHVLJXUDQĠăODFRQGXFHUHGHV
GH]DFWLYDWă8WLOL]DUHDHVWHSRVLELOăGRDUFX
FULVHIXQFĠLRQHD]ăODHILFLHQĠăPD[LPă
DMXWRUXOFRPXWDWRDUHORUGLQSRUWLHUDúRIH
QXPDLGDFăH[LVWăXQFRQWDFWDGHFYDWvQWUH
UXOXL'DFăODPSDLQGLFDWRDUHCHVWH
SQHXULúLVXSUDIDĠDGUXPXOXL9ăUXJăPVă
VWLQVăDFĠLRQDUHDHVWHSRVLELOăFXDMXWRUXO DFRUGDĠLRDWHQĠLHVSHFLDOăQRWHORUSULYLQG
FRPXWDWRDUHORUGLQFRPSDUWLPHQWXOGLQ SQHXULOHDGkQFLPLOHPLQLPHUHFRPDQGDWH
VSDWH DOHEHQ]LLGHUXODUHDSQHXOXLHWF
3DJLQD 
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH 

ÌQFRQGLĠLLGHFRQGXFHUHSHWLPSGHLDUQă )UkQDUH
XWLOL]DĠLvQWRWGHDXQDSQHXULGHLDUQă
 'DFă$%6LQWHUYLQHFRQWLQXDĠLVăDSăVDĠL
SQHXUL06 úLGDFăVLWXDĠLDRFHUHODQĠXUL
SHGDODGHIUkQăFXIRUĠăSkQăFkQGVLWXDĠLD
GH]ăSDGă1XPDLDVWIHOYRUIXQFĠLRQDVLV
FDUHDLPSXVIUkQDUHDLDVIkUúLW
WHPHOHGHVLJXUDQĠăODFRQGXFHUHGHVFULVH
 3HQWUXDDFĠLRQDSkQăODFDSăWIUkQD
vQDFHDVWăVHFĠLXQHODHILFLHQĠăPD[LPă

6LJXUDQĠă
DSăVDĠLSHGDODGHIUkQăFXIRUĠăPD[LPă
'DFă$%6LQWHUYLQHFkQGIUkQDĠLYHĠLVLPĠL
$%6 VLVWHPDQWLEORFDUHODIUkQDUH SHGDODGHIUkQăSXOVkQG
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 3HGDODGHIUkQăFDUHSXOVHD]ăSRDWHLQGLFDR
VWDUHSHULFXORDVăDGUXPXOXLúLDUHUROXOGHD
G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH YăDPLQWLVăPDQLIHVWDĠLRSUHFDXĠLHGHRVH
SULYLQGVLJXUDQĠD´ 3DJLQD  ELWăFkQGFRQGXFHĠL
$9(57,60(17
$%6RIIURDG DXWRYHKLFXOHFXSDFKHWGH
'DFă$%6IXQFĠLRQHD]ăGHIHFWXRVURĠLOHVH
WHKQRORJLH2II5RDG
SRWEORFDFkQGIUkQDĠL&DUDFWHULVWLFLOHGH
PDQHYUDELOLWDWHúLGHIUkQDUHDUSXWHDILJUDY 8QVLVWHP$%6VSHFLDODGDSWDWODWHUHQXORII
DIHFWDWHÌQSOXVVXQWGH]DFWLYDWHúLDOWHVLV URDGHVWHDFWLYDWDXWRPDWRGDWăFHVHDFWL
WHPHGHVLJXUDQĠăODFRQGXFHUH([LVWăXQ YHD]ăSURJUDPXOGHFRQGXFHUHRIIURDG
SHULFROVSRULWGHGHUDSDUHúLGHDFFLGHQWH 3DJLQD 
&RQGXFHĠLFXDWHQĠLH6ROLFLWDĠLLPHGLDWYHULIL /DYLWH]HVXENPKURĠLOHGLQIDĠăVHEOR
FDUHD$%6ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL FKHD]ăFLFOLFODIUkQDUH(IHFWXOGHDGkQFLUH
]DW REĠLQXWDVWIHOUHGXFHGLVWDQĠDGHRSULUHSH
WHUHQRIIURDG$VWIHOVHOLPLWHD]ăFDSDFLWD
'DFă$%6HVWHGHIHFWDOWHVLVWHPHLQFOXVLY WHDGHPDQHYUDUH
VLVWHPHOHGHVLJXUDQĠăODFRQGXFHUHYRU
GHYHQLGHDVHPHQHDQHIXQFĠLRQDOH5HVSHF
WDĠLLQIRUPDĠLLOHGHVSUHODPSDGHDYHUWL]DUH %$6 6LVWHPGHDVLVWDUHODIUkQDUH
$%6 3DJLQD úLPHVDMHOHGHSHGLVSOD\
FDUHDUSXWHDILDILúDWHvQWDEORXOGHERUG
G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH
3DJLQD VDX 3DJLQD  SULYLQGVLJXUDQĠD³ 3DJLQD 
$%6UHJOHD]ăSUHVLXQHDGHIUkQDUHDVWIHO $9(57,60(17
vQFkWURĠLOHVăQXVHEORFKH]HFkQGIUkQDĠL 'DFă%$6HVWHGHIHFWGLVWDQĠDGHIUkQDUH
$FHDVWDYăSHUPLWHVăFRQWLQXDĠLVăPDQH vQWURVLWXDĠLHGHIUkQDUHGHXUJHQĠăFUHúWH
YUDĠLDXWRYHKLFXOXOFkQGIUkQDĠL ([LVWăXQSHULFROGHDFFLGHQW
$%6IXQFĠLRQHD]ăGHODRYLWH]ăGHFLUFD ÌQWURVLWXDĠLHGHIUkQDUHGHXUJHQĠăDSăVDĠL
NPKvQVXVLQGLIHUHQWGHFRQGLĠLLOHVXSUD SHGDODGHIUkQăFXWRDWăIRUĠD$%6XOSUHYLQH
IHĠHLGUXPXOXL$%6IXQFĠLRQHD]ăSHVXSUD EORFDUHDURĠLORU
IHĠHDOXQHFRDVHFKLDUúLGDFăIUkQDĠLXúRU
/DPSDGHDYHUWL]DUHJDOEHQă$%6%GLQ %$6VHDFĠLRQHD]ăvQVLWXDĠLLGHIUkQDUHGH
WDEORXOGHERUGVHDSULQGHFkQGFRQWDFWXO XUJHQĠă'DFăDSăVDĠLUDSLGSHGDODGHIUkQă
HVWHFXSODW6HVWLQJHFkQGPRWRUXOHVWHvQ %$6RIHUăDXWRPDWXQLPSXOVGHIRUĠăGHIUk
IXQFĠLXQH QDUHUHGXFkQGDVWIHOGLVWDQĠDGHRSULUH


 6LVWHPHGHVLJXUDQĠăODFRQGXFHUH

 0HQĠLQHĠLSHGDODGHIUkQăIHUPDSăVDWă WHOHVWDĠLRQDUH([HPSOHGHRELHFWHVWDĠLR
SkQăFkQGVLWXDĠLDFDUHDLPSXVIUkQDUHDGH QDUHVXQWDXWRYHKLFXOHOHRSULWHVDXSDUFDWH
XUJHQĠăDOXDWVIkUúLW 3HQWUXDSUHYHQLRFROL]LXQHFXDXWRYHKLFXOXO
$%6XOSUHYLQHEORFDUHDURĠLORU GLQIDĠă%$63/86FDOFXOHD]ăIRUĠDGHIUkQDUH
)UkQHOHYRUIXQFĠLRQDFDGHRELFHLFkQGHOL QHFHVDUăGDFă
6LJXUDQĠă

EHUDĠLSHGDODGHIUkQă%$6XOHVWHGH]DFWL =YăDSURSLDĠLGHXQREVWDFROLDU
YDW =%$63/86DGHWHFWDWXQULVFGHFROL]LXQH

&kQGFRQGXFHĠLODRYLWH]ăGHVXE
NPKGDFăDSăVDĠLSHGDODGHIUkQă%$6
%$63/86 6LVWHPGHDVLVWDUHODIUk
QDUH3OXV 3/86HVWHDFWLYDW)UkQDUHDVHYDHIHFWXDvQ
XOWLPXOPRPHQWSRVLELO
G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH &kQGFRQGXFHĠLODRYLWH]ăGHSHVWH
SULYLQGVLJXUDQĠD´ 3DJLQD  NPKGDFăDSăVDĠLSHGDODGHIUkQă
%$63/86HVWHGLVSRQLELOQXPDLODDXWRYHKL EUXVF%$63/86FUHúWHDXWRPDWSUHVLXQHD
FXOHOHFX',67521,&3/86 GLQFLUFXLWXOGHIUkQDUHODRYDORDUHDGDSWDWă
3HQWUXFD%$63/86VăYăDVLVWHVLVWHPXOGH ODVLWXDĠLDGLQWUDILF
VHQ]RULUDGDUWUHEXLHVăILH 'DFă%$63/86QHFHVLWăRIRUĠăGHIUkQDUH
=DFWLYDW 3DJLQD
GHRVHELWGHULGLFDWăPăVXULOHGHSURWHFĠLH
SUHYHQWLYăDSDVDJHULORU 35(6$)(Š VXQW
=IXQFĠLRQDO
DFWLYDWHVLPXOWDQ
$XWRYHKLFXOHFX&20$1'úLXQVLVWHPGH
 0HQĠLQHĠLSHGDODGHIUkQăDSăVDWăSkQăFH
QDYLJDĠLHVLVWHPXOGHVHQ]RULUDGDUHVWHRSULW
VLWXDĠLDFDUHDLPSXVIUkQDUHDGHXUJHQĠăD
DXWRPDWvQDSURSLHUHDXQLWăĠLORUUDGLRWHOHV
OXDWVIkUúLW
FRS 3DJLQD 
$%6XOSUHYLQHEORFDUHDURĠLORU
$XWRYHKLFXOHIăUă&20$1'úLXQVLVWHPGH
QDYLJDĠLHúLDXWRYHKLFXOHSHQWUX$XVWUDOLD %$63/86HVWHGH]DFWLYDWLDUIUkQHOHIXQF
VLVWHPXOGHVHQ]RULUDGDUúLFDOFXODWRUXOGH ĠLRQHD]ăFDGHRELFHLGDFă
ERUGWUHEXLHVăILHRSULWHvQDSURSLHUHD =HOLEHUDĠLSHGDODGHIUkQă
XQLWăĠLORUUDGLRWHOHVFRS 3DJLQD  =QXPDLH[LVWăSHULFROXOXQHLFROL]LXQL

G 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG =QXHVWHGHWHFWDWQLFLXQREVWDFROvQIDĠD
VLVWHPXOGHVHQ]RULUDGDUFRQVXOWDĠL DXWRYHKLFXOXOXLGXPQHDYRDVWUă
3DJLQD 
$9(57,60(17
&XDMXWRUXOVLVWHPXOXLGHVHQ]RUUDGDU%$6 %$63/86QXSRDWHLGHQWLILFDvQWRWGHDXQD
3/86SRDWHGHWHFWDREVWDFROHDIODWHSHWUD FODURELHFWHOHúLVLWXDĠLLOHFRPSOH[HGLQWUDILF
VHXODXWRYHKLFXOXOXLGXPQHDYRDVWUăSHR %$63/86QXSRDWHLQWHUYHQLvQDFHVWHFD]XUL
SHULRDGăvQGHOXQJDWăGHWLPS ([LVWăXQULVFGHDFFLGHQW
'DFăVLVWHPXOGHVHQ]RULUDGDUHVWHGHIHFW $FRUGDĠLvQWRWGHDXQDRDWHQĠLHGHRVHELWă
%$63/86QXYDILGLVSRQLELO6LVWHPXOGHIUk VLWXDĠLHLGLQWUDILFúLILĠLJDWDVăIUkQDĠL
QDUHHVWHGLVSRQLELOvQFRQWLQXDUHFXXQHIHFW
GHDPSOLILFDUHFRPSOHWăDIUkQHLúL%$6 'HWHFWDUHDREVWDFROHORUSRDWHILGLPLQXDWă
%$63/86RIHUăDVLVWHQĠăODIUkQDUHvQVLWXDĠLL PDLDOHVGDFăH[LVWă
SHULFXORDVHODYLWH]HPDLPDULGHNPK =LPSXULWăĠLSHVHQ]RULVDXRULFHDOWHPDWHULL
/DYLWH]HGHSkQăODDSUR[LPDWLYNPK VWUăLQHSHVHQ]RUL
%$63/86SRDWHGHWHFWDGHDVHPHQHDRELHF =]ăSDGăVDXSORDLHDEXQGHQWă
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH 

=LQWHUIHUHQĠHFXDOWHVXUVHUDGDU DYDULHFXDMXWRUXOEXWRQXOXLGHDYDULH
=SRVLELOLWDWHGHUHIOH[LLUDGDUSXWHUQLFHGH 3DJLQD 
H[HPSOXvQSDUFăULHWDMDWH
=XQDXWRYHKLFXOvQJXVWFDUHUXOHD]ăvQIDĠă
GHH[RPRWRFLFOHWă (63Š 3URJUDPGHVWDELOLWDWHHOHFWUR

6LJXUDQĠă
=XQDXWRYHKLFXOFDUHUXOHD]ăvQIDĠăSHR
QLFă
EDQGăGLIHULWă 1RWHJHQHUDOH
$9(57,60(17 G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH
%$63/86QXUHDFĠLRQHD]ă SULYLQGVLJXUDQĠD´ 3DJLQD 
=ODSHUVRDQHVDXODDQLPDOH (63ŠPRQLWRUL]HD]ăVWDELOLWDWHDvQFRQGXFHUH
=ODDXWRYHKLFXOHOHFDUHYLQGLQVHQVRSXV úLWUDFĠLXQHDGHH[WUDQVPLVLDSXWHULLGLQWUH
=ODDXWRYHKLFXOHOHFDUHYăWDLHFDOHD SQHXULúLVXSUDIDĠDGUXPXOXL
=vQYLUDMH 'DFă(63ŠGHWHFWHD]ăIDSWXOFăDXWRYHKLFXOXO
'UHSWXUPDUHHVWHSRVLELOFD%$63/86VăQX GHYLD]ăGHODGLUHFĠLDGRULWăGHúRIHUVHIUk
LQWHUYLQăvQVLWXDĠLLFULWLFH([LVWăXQSHULFROGH QHD]ăSHXQDVDXPDLPXOWHURĠLSHQWUXDVWD
DFFLGHQW ELOL]DDXWRYHKLFXOXO3XWHUHDPRWRUXOXLHVWH
GHDVHPHQHDPRGLILFDWăSHQWUXDPHQĠLQH
$FRUGDĠLvQWRWGHDXQDRDWHQĠLHGHRVHELWă
DXWRYHKLFXOXOSHWUDVHXOGRULWvQIXQFĠLHGH
VLWXDĠLHLGLQWUDILFúLILĠLJDWDVăIUkQDĠL
OLPLWHOHIL]LFH(63ŠvODVLVWăSHúRIHUODSRU
ÌQXUPDDYDULHULLSăUĠLLIURQWDOHDDXWRYHKLFX QLUHDGHSHORFSHGUXPXULXPHGHVDXDOXQH
OXOXLVROLFLWDĠLYHULILFDUHDFRQILJXUăULLúLIXQF FRDVH(63ŠSRDWHGHDVHPHQHDVăVWDELOL
ĠLRQăULLVHQ]RULORUUDGDUODXQDWHOLHUGHVSH ]H]HDXWRYHKLFXOXOODIUkQDUH
FLDOLWDWHDXWRUL]DW$FHDVWăLQGLFDĠLHHVWH
YDODELOăúLvQFD]XOFROL]LXQLORUODYLWH]ăPLFă (76(76 $VLVWDUHHOHFWURQLFăDWUDF
DWXQFLFkQGQXH[LVWăDYDULLYL]LELOHSHSDUWHD ĠLXQLL
IURQWDOăDDXWRYHKLFXOXOXL G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH
SULYLQGVLJXUDQĠD´ 3DJLQD 
/ăPSLGHIUkQăDGDSWLYH &RQWUROXOWUDFĠLXQLL(76(76IDFHSDUWHGLQ
(63Š
G /ăPSLOHGHIUkQăDGDSWLYHVXQWGLVSRQL
&RQWUROXOWUDFĠLXQLLIUkQHD]ăURĠLOHPRWULFH
ELOHQXPDLvQDQXPLWHĠăUL
LQGLYLGXDOGDFăSDWLQHD]ă$VWIHOSXWHĠLSRUQL
'DFăIUkQDĠLSXWHUQLFGHODRYLWH]ăGHSHVWH GHSHORFúLDFFHOHUDSHVXSUDIHĠHDOXQHFRDVH
NPKVDXGDFăIUkQDUHDHVWHDVLVWDWăGH GHH[HPSOXGDFăVXSUDIDĠDGUXPXOXLHVWHDOX
%$6VDX%$63/86OăPSLOHGHIUkQăFOLSHVF QHFRDVăSHRSDUWHÌQSOXVXQFXSOXGHWUDF
UDSLG$VWIHOSDUWLFLSDQĠLLODWUDILFGLQVSDWHOH ĠLXQHPDLPDUHHVWHWUDQVIHUDWODURDWDVDX
GXPQHDYRDVWUăVXQWDYHUWL]DĠLvQWUXQPRGúL URĠLOHFXWUDFĠLXQH
PDLHYLGHQW &RQWUROXOWUDFĠLXQLLUăPkQHDFWLYGDFăGH]DF
'DFăIUkQDĠLEUXVFODRYLWH]ăGHSHVWH WLYDĠL(63Š
NPKSkQăODSXQFWXOGHRSULUHOăPSLOH
GHDYDULHVXQWDFWLYDWHDXWRPDW'DFăIUkQHOH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
VXQWDFĠLRQDWHGLQQRXOăPSLOHGHIUkQăVH
DSULQGFRQWLQXX/ăPSLOHGHDYDULHVHRSUHVF G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH
DXWRPDWGDFăUXODĠLFXSHVWHNPK3XWHĠL SULYLQGVLJXUDQĠD´ 3DJLQD 
GHDVHPHQHDVăRSULĠLVHPQDOL]DWRDUHOHGH


 6LVWHPHGHVLJXUDQĠăODFRQGXFHUH

$9(57,60(17 'DFă(63ŠLQWHUYLQH
'DFă(63ŠHVWHGHIHFW(63ŠQXSRDWHVWDEL  1XGH]DFWLYDĠL(63ŠVXEQLFLRIRUPă
OL]DDXWRYHKLFXOXOÌQSOXVDOWHVLVWHPHGH  &kQGSRUQLĠLGHSHORFDSăVDĠLSHGDODGH
VLJXUDQĠăODFRQGXFHUHVXQWRSULWH$VWIHO DFFHOHUDĠLHQXPDLFkWGHWDUHHVWHQHFHVDU
FUHúWHSHULFROXOGHGHUDSDUHúLDFFLGHQW  DGDSWDĠLYăVWLOXOGHFRQGXFHUHODFRQGLĠLLOH
6LJXUDQĠă

&RQGXFHĠLFXDWHQĠLH6ROLFLWDĠLYHULILFDUHD GHGUXPúLPHWHRSUHGRPLQDQWH
(63ŠODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$XWRYHKLFXOHFXIXQFĠLDVWDUWVWRS(&2
 &kQGWHVWDĠLIUkQDHOHFWULFăGHSDUFDUHSH )XQFĠLDVWDUWVWRS(&2RSUHúWHDXWRPDW
XQGLQDPRPHWUXSHQWUXIUkQDUHGHFXSODĠL PRWRUXOGDFăDXWRYHKLFXOXOVHRSUHúWHGLQ
FRQWDFWXO$FĠLRQDUHDIUkQHORUSULQ(63Š PLúFDUH&kQGSRUQLĠLGLQQRXGHSHORFPRWR
SRDWHGLVWUXJHvQFD]FRQWUDUVLVWHPXOGH UXOSRUQHúWHDXWRPDW(63ŠUăPkQHvQVWDUHD
IUkQDUH VHOHFWDWăDQWHULRU([HPSOXGDFă(63ŠD
$XWRYHKLFXOHOHIăUă0$7,&FkQGWUDFWDĠL IRVWGH]DFWLYDWvQDLQWHGHRSULUHDPRWRUXOXL
DXWRYHKLFXOXOGXPQHDYRDVWUăFXSXQWHDGLQ (63ŠUăPkQHGH]DFWLYDWFkQGPRWRUXOHVWH
VSDWHULGLFDWăHVWHLPSRUWDQWVăUHVSHFWDĠL UHSRUQLW
QRWHOHSULYLQG(63Š 3DJLQD 
(63ŠHVWHGH]DFWLYDWGDFăODPSDGHDYHUWL 'H]DFWLYDUHDDFWLYDUHD(63Š
]DUH»GLQWDEORXOGHERUGVHDSULQGHFRQ
WLQXXFkQGPRWRUXOHVWHvQIXQFĠLXQH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
'DFăODPSDGHDYHUWL]DUHåúLODPSDGH 3XWHĠLVHOHFWDGLQWUHXUPăWRDUHOHVWăULDOH
DYHUWL]DUH»VXQWDSULQVHFRQWLQXX(63Š (63
HVWHLQGLVSRQLELOGLQFDX]DXQHLGHIHFĠLXQL =(63ŠHVWHDFWLYDW

5HVSHFWDĠLLQIRUPDĠLLOHGHVSUHOăPSLOHGH =(63ŠHVWHGH]DFWLYDW
DYHUWL]DUH 3DJLQD úLPHVDMHOHGHSH
GLVSOD\FDUHDUSXWHDILDILúDWHvQWDEORXOGH $9(57,60(17
ERUG 3DJLQD VDX 3DJLQD  'DFăGH]DFWLYDĠL(63Š(63ŠQXPDLVWDELOL
]HD]ăDXWRYHKLFXOXO([LVWăXQSHULFROVSRULW
G 8WLOL]DĠLQXPDLURĠLFXPăULPLOHGHSQHX GHGHUDSDUHúLGHDFFLGHQW
UHFRPDQGDWH1XPDLDWXQFLYDIXQFĠLRQD
'H]DFWLYDĠL(63ŠQXPDLvQVLWXDĠLLOHGHVFULVH
(63ŠFRUHVSXQ]ăWRU
vQFRQWLQXDUH
&DUDFWHULVWLFL(63 &HOPDLELQHDUILVăGH]DFWLYDĠL(63ŠvQ
XUPăWRDUHOHVLWXDĠLL
1RWHJHQHUDOH
=FkQGXWLOL]DĠLODQĠXULGH]ăSDGă
(63ŠHVWHDFWLYDWDXWRPDWODSRUQLUHDPRWR
UXOXL =SH]ăSDGăPDUH
=SHQLVLSVDXSLHWULú
'DFă(63ŠLQWHUYLQHODPSDGHDYHUWL]DUH
(63ŠåGLQWDEORXOGHERUGFOLSHúWH G $FWLYDĠL(63ŠLPHGLDWFHVLWXDĠLLOHGHV
FULVHDQWHULRUQXPDLVXQWYDODELOHÌQFD]
FRQWUDU(63ŠQXYDSXWHDVWDELOL]DDXWRYH
KLFXOXOGDFăDXWRYHKLFXOXOvQFHSHVăGHUD
SH]HVDXRURDWăvQFHSHVăSDWLQH]H
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH 

'H]DFWLYDUHDDFWLYDUHD(63Š 'H]DFWLYDUHDDFWLYDUHD(63Š
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
3XWHĠLVHOHFWDGLQWUHXUPăWRDUHOHVWăULDOH
(63

6LJXUDQĠă
=(63ŠHVWHDFWLYDW
=0RGXOGHPDQHYUDELOLWDWH63257HVWHDFWL
YDW
=(63ŠHVWHGH]DFWLYDW

$9(57,60(17
&kQGHVWHDFWLYDWPRGXOGHPDQHYUDELOLWDWH
 3HQWUXDRSULDSăVDĠLEXWRQXOC 63257H[LVWăXQSHULFROVSRULWGHGHUDSDUHúL
/DPSDGHDYHUWL]DUH»(63Š2))GLQ GHDFFLGHQW
WDEORXOGHERUGVHDSULQGH $FWLYDĠLPRGXOGHPDQHYUDELOLWDWH63257vQ
 3HQWUXDSRUQLDSăVDĠLEXWRQXOC VLWXDĠLLOHGHVFULVHvQFRQWLQXDUH
/DPSDGHDYHUWL]DUH»(63Š2))GLQ
WDEORXOGHERUGVHVWLQJH $9(57,60(17
'DFăGH]DFWLYDĠL(63Š(63ŠQXPDLVWDELOL
&DUDFWHULVWLFLFkQG(63ŠHVWHGH]DFWLYDW ]HD]ăDXWRYHKLFXOXO([LVWăXQSHULFROVSRULW
'DFă(63ŠHVWHGH]DFWLYDWúLXQDVDXPDL GHGHUDSDUHúLGHDFFLGHQW
PXOWHURĠLvQFHSVăSDWLQH]HODPSDGHDYHU 'H]DFWLYDĠL(63ŠQXPDLvQVLWXDĠLLOHGHVFULVH
WL]DUH(63ŠåGLQWDEORXOGHERUGFOLSHúWH vQFRQWLQXDUH
ÌQDVWIHOGHVLWXDĠLL(63ŠQXYDVWDELOL]DDXWR
ÌQXUPăWRDUHOHVLWXDĠLLDUILPDLELQHVăDFWL
YHKLFXOXO
YDĠLPRGXOGHPDQHYUDELOLWDWH63257VDXVă
'DFăGH]DFWLYDĠL(63Š GH]DFWLYDĠL(63Š
=(63ŠQXPDLvPEXQăWăĠHúWHVWDELOLWDWHDOD
=FkQGXWLOL]DĠLODQĠXULGH]ăSDGă
FRQGXFHUH =SH]ăSDGăPDUH
=FXSOXOPRWRUXOXLQXPDLHVWHOLPLWDWúLURĠLOH
=SHQLVLSVDXSLHWULú
PRWULFHSRWSDWLQD3DWLQDUHDURĠLORUGXFH
=SHGUXPXULGHGLFDWHVSHFLDOFkQGHVWH
ODRDFĠLXQHGHSăWUXQGHUHFHHDFHRIHUăR
PDLEXQăDGHUHQĠă GRULWăXWLOL]DUHDFDUDFWHULVWLFLORUGHVXSUD
=FRQWUROXOWUDFĠLXQLLHVWHvQFRQWLQXDUHDFWL
YLUDMúLVXEYLUDMDOHDXWRYHKLFXOXOXL
YDW &RQGXFHUHDvQPRGXOGHPDQHYUDELOLWDWH
=(63ŠRIHUăvQFRQWLQXDUHDVLVWHQĠăFkQG
63257VDXIăUă(63ŠQHFHVLWăXQúRIHUFDOL
ILFDWúLFXIRDUWHPXOWăH[SHULHQĠă
IUkQDĠL
G $FWLYDĠL(63ŠLPHGLDWFHVLWXDĠLLOHGHV
FULVHDQWHULRUQXPDLVXQWYDODELOHÌQFD]
FRQWUDU(63ŠQXYDSXWHDVWDELOL]DDXWRYH
KLFXOXOGDFăDXWRYHKLFXOXOvQFHSHVăGHUD
SH]HVDXRURDWăvQFHSHVăSDWLQH]H


 6LVWHPHGHVLJXUDQĠăODFRQGXFHUH

'H]DFWLYDUHDDFWLYDUHD(63Š DFĠLXQHGHSăWUXQGHUHFHHDFHRIHUăRPDL
 3HQWUXDDFWLYDPRGXOGHPDQHYUDELOL EXQăDGHUHQĠă
WDWH63257DSăVDĠLVFXUWEXWRQXOC =(63ŠRIHUăvQFRQWLQXDUHDVLVWHQĠăFkQG

/DPSDGHDYHUWL]DUHtSULYLQGPRGXOGH IUkQDĠL
PDQHYUDELOLWDWHVHDSULQGHSHWDEORXOGH
&DUDFWHULVWLFLFkQG(63ŠHVWHGH]DFWLYDW
6LJXUDQĠă

ERUG0HVDMXO63257KDQGOLQJPRGH
PRGGHPDQHYUDELOLWDWH63257 'DFă(63ŠHVWHGH]DFWLYDWúLXQDVDXPDL
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO PXOWHURĠLvQFHSVăSDWLQH]HODPSDGHDYHU
WL]DUH(63ŠåGLQWDEORXOGHERUGQXFOL
 3HQWUXDGH]DFWLYDPRGXOGHPDQHYUD
SHúWHÌQDVWIHOGHVLWXDĠLL(63ŠQXYDVWDELOL]D
ELOLWDWH63257DSăVDĠLVFXUWEXWRQXOC
DXWRYHKLFXOXO
/DPSDGHDYHUWL]DUHtSULYLQGPRGXOGH
PDQHYUDELOLWDWHGLQWDEORXOGHERUGVH 'DFăGH]DFWLYDĠL(63Š
VWLQJH =(63ŠQXPDLvPEXQăWăĠHúWHVWDELOLWDWHDOD

 3HQWUXDGH]DFWLYD(63ŠDSăVDĠLEXWR FRQGXFHUH
=FXSOXOPRWRUXOXLQXPDLHVWHOLPLWDWúLURĠLOH
QXOCSkQăFkQGODPSDGHDYHUWL]DUH
»(63Š2)) 235,7 VHDSULQGHvQ PRWULFHSRWSDWLQDIăUăUHVWULFĠLH3DWLQDUHD
URĠLORUGXFHODRDFĠLXQHGHSăWUXQGHUH
WDEORXOGHERUG
FHHDFHRIHUăRPDLEXQăDGHUHQĠă
0HVDMXOå2)) 235,7 DSDUHSHDILúD
=FRQWUROXOWUDFĠLXQLLHVWHvQFRQWLQXDUHDFWL
MXOPXOWLIXQFĠLRQDO
YDW
 3HQWUXDDFWLYD(63ŠDSăVDĠLVFXUWEXWR =)UkQD35(6$)(ŠQXPDLHVWHGLVSRQLELOă
QXOC DFHDVWDQXHVWHQLFLDFWLYDWăGDFăIUkQDĠL
/DPSDGHDYHUWL]DUH»(63Š2))GLQ FXDMXWRUXO(63Š
WDEORXOGHERUGVHVWLQJH0HVDMXOå =(63ŠRIHUăvQFRQWLQXDUHDVLVWHQĠăFkQG
(63Š21 3251,7 DSDUHSHDILúDMXOPXOWL IUkQDĠL
IXQFĠLRQDO

&DUDFWHULVWLFLPRGGHPDQHYUDELOLWDWH (63ŠRIIURDG DXWRYHKLFXOHFXSDFKHW


63257DFWLYDW GHWHKQRORJLHRIIURDG
'DFăPRGXOGHPDQHYUDELOLWDWH63257HVWH 8QVLVWHP(63ŠVSHFLDODGDSWDWODWHUHQXORII
DFWLYDWúLXQDVDXPDLPXOWHURĠLvQFHSVăSDWL URDGHVWHDFWLYDWDXWRPDWRGDWăFHVHDFWL
QH]HODPSDGHDYHUWL]DUH(63ŠåGLQ YHD]ăSURJUDPXOGHFRQGXFHUHRII
WDEORXOGHERUGFOLSHúWH(63ŠVWDELOL]HD]ă URDG 3DJLQD (63ŠRIIURDGLQWHUYLQH
DXWRYHKLFXOXOQXPDLvQWURPăVXUăOLPLWDWă FXRRDUHFDUHvQWkU]LHUHGDFăDUHORFXQVXSUD
&kQGPRGXOGHPDQHYUDELOLWDWH63257HVWH YLUDMVDXXQVXEYLUDMvPEXQăWăĠLQGDVWIHOWUDF
DFWLYDW ĠLXQHD
=(63ŠvPEXQăWăĠHúWHVWDELOLWDWHDODFRQGX
FHUHQXPDLvQWURPăVXUăOLPLWDWă 6WDELOL]DUHDUHPRUFLLFX(63Š
=FRQWUROXOWUDFĠLXQLLHVWHvQFRQWLQXDUHDFWL $9(57,60(17
YDW ÌQFD]XOvQFDUHFRQGLĠLLOHGHGUXPúLPHWHR
=FXSOXOPRWRUXOXLHVWHUHVWULFĠLRQDWvQWUR VXQWUHOHVWDELOL]DUHDUHPRUFLLQXYDSXWHD
PăVXUăOLPLWDWăúLURĠLOHPRWULFHSRWSDWLQD SUHYHQLGHYLHUHDFRPELQDĠLHLDXWRYHKLFXO
FRQWURODW3DWLQDUHDURĠLORUGXFHODR UHPRUFă5HPRUFLOHFXXQFHQWUXGHJUHXWDWH
vQDOWVHSRWUăVWXUQDvQDLQWHFD(63ŠVăGHWHF
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH 

WH]HWHQGLQĠDGHUăVWXUQDUH([LVWăXQSHULFRO (%'PRQLWRUL]HD]ăúLFRQWUROHD]ăSUHVLXQHD
GHDFFLGHQW GHIUkQDUHSHURĠLOHVSDWHSHQWUXDvPEXQăWăĠL
$GDSWDĠLYăvQWRWGHDXQDVWLOXOGHFRQGXFHUHOD VWDELOLWDWHDvQFRQGXFHUHvQWLPSXOIUkQăULL
FRQGLĠLLOHUXWLHUHúLPHWHRSUHGRPLQDQWH

)UkQă35(6$)(Š

6LJXUDQĠă
'DFăFRPELQDĠLDGXPQHDYRDVWUăDXWRYHKL
FXOUHPRUFăvQFHSHVăVHvQFOLQHSXWHĠLVWD G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH
ELOL]DFRPELQDĠLDDXWRYHKLFXOUHPRUFă SULYLQGVLJXUDQĠD´ 3DJLQD 
QXPDLSULQDSăVDUHDIHUPăDIUkQHL
ÌQDFHDVWăVLWXDĠLH(63ŠYăDVLVWăúLSRDWH )UkQD35(6$)(ŠHVWHGLVSRQLELOăQXPDLOD
GHWHFWDGDFăFRPELQDĠLDDXWRYHKLFXO DXWRYHKLFXOHOHFX',67521,&3/86
UHPRUFăvQFHSHVăVHvQFOLQH(63ŠvQFHWL 3HQWUXFDIUkQD35(6$)(ŠVăYăDVLVWHvQ
QHúWHDXWRYHKLFXOXOSULQIUkQDUHúLOLPLWDUHD WLPSXOFRQGXFHULLVLVWHPXOGHVHQ]RULUDGDU
SXWHULLPRWRUXOXLSkQăFkQGFRPELQDĠLDDXWR WUHEXLHVăILH
YHKLFXOUHPRUFăVDVWDELOL]DW =DFWLYDW 3DJLQD
6WDELOL]DUHDUHPRUFLLHVWHDFWLYăODYLWH]HGH =IXQFĠLRQDO
SHVWHDSUR[LPDWLYNPK $XWRYHKLFXOHFX&20$1'úLXQVLVWHPGH
6WDELOL]DUHDUHPRUFLLQXIXQFĠLRQHD]ăGDFă QDYLJDĠLHVLVWHPXOGHVHQ]RULUDGDUHVWHRSULW
(63ŠHVWHGH]DFWLYDWVDXRSULWGLQFDX]DXQHL DXWRPDWvQDSURSLHUHDXQLWăĠLORUUDGLRWHOHV
GHIHFĠLXQL FRS 3DJLQD 
$XWRYHKLFXOHIăUă&20$1'úLXQVLVWHPGH
QDYLJDĠLHúLDXWRYHKLFXOHSHQWUX$XVWUDOLD
(%' GLVWULEXĠLDHOHFWURQLFăDIRUĠHLGH VLVWHPXOGHVHQ]RULUDGDUúLFDOFXODWRUXOGH
IUkQDUH ERUGWUHEXLHVăILHRSULWHvQDSURSLHUHD
G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH XQLWăĠLORUUDGLRWHOHVFRS 3DJLQD 
SULYLQGVLJXUDQĠD´ 3DJLQD  G 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG
$9(57,60(17 VLVWHPXOGHVHQ]RULUDGDUFRQVXOWDĠL
3DJLQD 
'DFă(%'VDGHIHFWDWURĠLOHGLQVSDWHVHSRW
EORFDvQFRQWLQXDUHGHH[ODIUkQDUHPD[LPă &XDMXWRUXOVLVWHPXOXLGHVHQ]RUUDGDUIUkQD
$VWIHOFUHúWHSHULFROXOGHGHUDSDUHúLDFFL 35(6$)(ŠSRDWHGHWHFWDREVWDFROHDIODWHvQ
GHQW IDĠDDXWRYHKLFXOXOXLGXPQHDYRDVWUăSHR
3ULQXUPDUHWUHEXLHVăYăDGDSWDĠLVWLOXOGH SHULRDGăvQGHOXQJDWăGHWLPS
FRQGXFHUHODFDUDFWHULVWLFLOHGHPDQHYUDELOL )UkQD35(6$)(ŠYăSRDWHDMXWDVăUHGXFHĠL
WDWHGLIHULWH6ROLFLWDĠLYHULILFDUHDVLVWHPXOXL ULVFXOGHFROL]LXQHFXXQDXWRYHKLFXOGLQIDĠă
GHIUkQDUHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL VDXVăGLPLQXDĠLHIHFWHOHXQHLDVWIHOGHFROL
]DW ]LXQL'DFăIUkQD35(6$)(ŠDGHWHFWDWXQ
ULVFGHFROL]LXQHYHĠLSULPLDYHUWLVPHQWH
5HVSHFWDĠLQRWHOHSULYLQGOăPSLOHGHDYHUWL YL]XDOHúLDFXVWLFHDXWRYHKLFXOXOIUkQkQG
]DUHúLLQGLFDWRDUH 3DJLQD SUHFXPúL DXWRPDW)UkQD35(6$)(ŠQXSRDWHSUHYHQL
PHVDMHOHGHSHGLVSOD\ 3DJLQD  YROD RFROL]LXQHIăUăLQWHUYHQĠLDGXPQHDYRDVWUă
QXOPXOWLIXQFĠLRQDOFXEXWRDQH úL
$FHDVWăIXQFĠLHYDHPLWHXQDYHUWLVPHQW
3DJLQD  YRODQXOPXOWLIXQFĠLRQDOFX
GDFă
EXWRDQH 
=ODYLWH]HvQMXUGHNPKVDXPDLPDULSH
SDUFXUVXOFkWRUYDVHFXQGHGLVWDQĠDPHQ


 6LVWHPHGHVLJXUDQĠăODFRQGXFHUH

ĠLQXWăIDĠăGHDXWRYHKLFXOXOFDUHUXOHD]ăvQ PXOYăYDDOHUWDDWkWYL]XDOFkWúLDFXVWLF
IDĠăHVWHLQVXILFLHQWă 'DFăQXIUkQDĠLVDXQXOXDĠLPăVXULGHHYLWDUH
/DPSDGHDYHUWL]DUHSULYLQGGLVWDQĠDº VLVWHPXOYăYDDYHUWL]DSULQIUkQDUHDXúRDUă
VHDSULQGHDSRLSHWDEORXOGHERUG úLDXWRPDWăDDXWRYHKLFXOXOXL'DFăH[LVWăXQ
=ODRYLWH]ăGHDSUR[LPDWLYNPKVDXPDL ULVFGHFROL]LXQHFUHVFXWVHDFWLYHD]ă
PăVXULOHSUHYHQWLYHGHSURWHFĠLHDSDVDJHUL
6LJXUDQĠă

PDUHYăDSURSLDĠLIRDUWHUDSLGGHDXWRYH
KLFXOXOGLQIDĠă ORU 35(6$)(Š  3DJLQD 'DFăODYLWH]H
GHSHVWHNPKULVFXOGHFROL]LXQHSHUVLVWă
6HYDHPLWHDSRLXQVXQHWGHDYHUWL]DUH
úLGXPQHDYRDVWUăQXIUkQDĠLQXHIHFWXDĠL
LQWHUPLWHQWúLODPSDGHDYHUWL]DUHSULYLQG
PDQHYUHGHHYLWDUHúLQXDFFHOHUDĠLVHPQLIL
GLVWDQĠDºVHYDDSULQGHSHWDEORXOGH
FDWLYHVWHSRVLELOVăVHHIHFWXH]HIUkQDUHD
ERUG
DXWRPDWăSkQăODQLYHOXOGHIUkQDUHDXWRPDWă
 )UkQDĠLLPHGLDWSHQWUXDFUHúWHGLVWDQĠD GHXUJHQĠă)UkQDUHDDXWRPDWăGHXUJHQĠăQX
IDĠăGHDXWRYHKLFXOXOGLQIDĠă HVWHHIHFWXDWăGHFkWLPHGLDWvQDLQWHDXQXL
VDX DFFLGHQWFDUHQXPDLSRDWHILHYLWDW
 (IHFWXDĠLPDQHYUHGHHYLWDUHGDFăVLWXDĠLD 'DFăODYLWH]HGHSHVWHNPKULVFXOGH
YăSHUPLWHHIHFWXDUHDORUvQVLJXUDQĠă FROL]LXQHSHUVLVWăúLGXPQHDYRDVWUăQXIUk
ÌQFHSkQGFXRYLWH]ăGHDSUR[LPDWLYNPK QDĠLQXHIHFWXDĠLPDQHYUHGHHYLWDUHúLQX
GDFăúRIHUXOúLSDVDJHUXOGLQIDĠăúLDXFXSODW DFFHOHUDĠLVHPQLILFDWLYHVWHSRVLELOFDIUkQD
UHDDXWRPDWăVăILHHIHFWXDWăSkQăLPHGLDW
FHQWXULOHGHVLJXUDQĠăIUkQD35(6$)(Š
vQDLQWHDXQXLDFFLGHQWFDUHQXPDLSRDWHIL
SRDWHIUkQDDXWRPDWDXWRYHKLFXOXOODYLWH]H
HYLWDW)UkQDUHDDXWRPDWăGHXUJHQĠăQXHVWH
GHSkQăODDSUR[LPDWLYNPK
HIHFWXDWăGHFkWLPHGLDWvQDLQWHDXQXLDFFL
1DWXUDVLVWHPXOXLIDFHFDvQFRQGLĠLLGHRVHELW GHQWFDUHQXPDLSRDWHILHYLWDW
GHFRPSOLFDWHGHFRQGXFHUHVăVHHPLWă
DYHUWLVPHQWHLQXWLOHVDXFDIUkQD35(6$)(Š $9(57,60(17
VăLQWHUYLQăIăUăVăILHQHFHVDU )UkQD35(6$)(ŠYDIUkQDLQLĠLDODXWRYHKLFX
3XWHĠLSUHYHQLLQWHUYHQĠLDIUkQHL35(6$)(ŠvQ OXOSULQDFĠLRQDUHDSDUĠLDOăDIUkQHORUGDFăVH
RULFHPRPHQWGDFă GHWHFWHD]ăXQSHULFROGHFROL]LXQH6HSRDWH
SURGXFHRFROL]LXQHvQFD]XOvQFDUHQXIUkQDĠL
=DSăVDĠLPDLPXOWSHGDODGHDFFHOHUDĠLH
)UkQDUHDDXWRPDWăGHXUJHQĠăQXSRDWHSUH
=DFWLYDĠLUHWURJUDGDUHDIRUĠDWă
YHQLSURGXFHUHDXQHLFROL]LXQL([LVWăXQSHUL
=HOLEHUDĠLSHGDODGHIUkQă FROGHDFFLGHQW
$FĠLXQHDGHIUkQDUHDIUkQHL35(6$)(ŠHVWH $FĠLRQDĠLFKLDUGXPQHDYRDVWUăIUkQHOHúL
vQFKHLDWăDXWRPDWGDFă vQFHUFDĠLVăHIHFWXDĠLPDQHYUHGHHYLWDUH
=HIHFWXDĠLPDQHYUHSHQWUXDHYLWDREVWDFROXO
=QXPDLH[LVWăSHULFROXOXQHLFROL]LXQL
$9(57,60(17
=QXVHPDLGHWHFWHD]ăXQREVWDFROvQIDĠD
)UkQD35(6$)(ŠQXSRDWHvQWRWGHDXQDLGHQ
WLILFDIăUăSUREOHPHRELHFWHOHúLVLWXDĠLLOH
DXWRYHKLFXOXOXLGXPQHDYRDVWUă
FRPSOH[HGLQWUDILF
/DYLWH]HGHSkQăODDSUR[LPDWLYNPK
ÌQDFHVWHFD]XULIUkQD35(6$)(ŠSRDWHVă
IUkQD35(6$)(ŠSRDWHGHWHFWDGHDVHPH
QHDRELHFWHOHFDUHVWDĠLRQHD]ă([HPSOHGH =HPLWăXQDYHUWLVPHQWLQXWLOIUkQkQGDSRL
RELHFWHVWDĠLRQDUHVXQWDXWRYHKLFXOHOHRSULWH DXWRYHKLFXOXO
VDXSDUFDWH =VăQXHPLWăQLFLXQDYHUWLVPHQWúLQLFLVăQX
'DFăYăDSURSLDĠLGHXQREVWDFROúLIUkQD35( LQWHUYLQă
6$)(ŠGHWHFWHD]ăXQULVFGHFROL]LXQHVLVWH ([LVWăXQSHULFROGHDFFLGHQW
6LVWHPHDQWLIXUW 

$FRUGDĠLvQWRWGHDXQDRDWHQĠLHGHRVHELWăFRQ HVWHFXSODWVDXFkQGFRQGXFHĠLFXYLWH]H
GLĠLLORUGHWUDILFúLILĠLJDWDVăIUkQDĠLPDLDOHV PDLPDULGHNPK
GDFăIUkQD35(6$)(ŠYăDYHUWL]HD]ăvQDFHVW ÌQXUPDDYDULHULLSăUĠLLIURQWDOHDDXWRYHKLFX
VHQV3XQHĠLFDSăWLQWHUYHQĠLHLvQWURVLWXDĠLH OXOXLVROLFLWDĠLYHULILFDUHDFRQILJXUăULLúLIXQF
GHFRQGXFHUHQHSHULFXORDVă ĠLRQăULLVHQ]RULORUUDGDUODXQDWHOLHUGHVSH

6LJXUDQĠă
FLDOLWDWHDXWRUL]DW$FHDVWăLQGLFDĠLHHVWH
'HWHFWDUHDREVWDFROHORUSRDWHILGLPLQXDWă YDODELOăúLvQFD]XOFROL]LXQLORUODYLWH]ăPLFă
PDLDOHVGDFăH[LVWă DWXQFLFkQGQXH[LVWăDYDULLYL]LELOHSHSDUWHD
=LPSXULWăĠLSHVHQ]RULVDXRULFHDOWHPDWHULL IURQWDOăDDXWRYHKLFXOXOXL
VWUăLQHSHVHQ]RUL
=]ăSDGăVDXSORDLHDEXQGHQWă
=LQWHUIHUHQĠHFXDOWHVXUVHUDGDU
6LVWHPHDQWLIXUW
=SRVLELOLWDWHGHUHIOH[LLUDGDUSXWHUQLFHGH ,PRELOL]DWRU
H[HPSOXvQSDUFăULHWDMDWH
,PRELOL]DWRUXOSUHYLQHSRUQLUHDDXWRYHKLFXOX
=XQDXWRYHKLFXOvQJXVWFDUHUXOHD]ăvQIDĠă
OXLGXPQHDYRDVWUăIăUăFKHLDFRUHFWă
GHH[RPRWRFLFOHWă
 3HQWUXDDFWLYDFXFKHLDVFRDWHĠLFKHLD
=XQDXWRYHKLFXOFDUHUXOHD]ăvQIDĠăSHR
GLQFRPXWDWRUXOGHSRUQLUH
EDQGăGLIHULWă
 3HQWUXDDFWLYDFX.(</(66*2GHFX
$9(57,60(17 SODĠLFRQWDFWXOúLGHVFKLGHĠLSRUWLHUDúRIH
)UkQD35(6$)(ŠQXUHDFĠLRQHD]ă UXOXL
 3HQWUXDGH]DFWLYDFXSODĠLFRQWDFWXO
=ODSHUVRDQHVDXODDQLPDOH
=ODDXWRYHKLFXOHOHFDUHYLQGLQVHQVRSXV G ,PRELOL]DWRUXOHVWHvQWRWGHDXQDGH]DFWL
=ODDXWRYHKLFXOHOHFDUHYăWDLHFDOHD YDWFkQGSRUQLĠLPRWRUXO
=vQYLUDMH

'UHSWXUPDUHHVWHSRVLELOFDIUkQD35(
$7$ 6LVWHPGHDODUPăDQWLIXUW
6$)(ŠVăQXHPLWăDYHUWLVPHQWHúLQLFLVăQX
LQWHUYLQăvQWRDWHVLWXDĠLLOHFULWLFH([LVWăXQ 2DODUPăYL]XDOăúLDFXVWLFăHVWHGHFODQúDWă
SHULFROGHDFFLGHQW GDFăVLVWHPXOGHDODUPăHVWHDPRUVDWúLGXP
$FRUGDĠLvQWRWGHDXQDRDWHQĠLHGHRVHELWă QHDYRDVWUăGHVFKLGHĠL
VLWXDĠLHLGLQWUDILFúLILĠLJDWDVăIUkQDĠL =RSRUWLHUă
=DXWRYHKLFXOXOFXHOHPHQWXOFKHLHGH
3HQWUXDPHQĠLQHRGLVWDQĠăFRUHVSXQ]ăWRDUH
XUJHQĠă
IDĠăGHDXWRYHKLFXOXOGLQIDĠăSUHYHQLQGDVW
=KD\RQXO
IHORFROL]LXQHWUHEXLHVăDFĠLRQDĠLFKLDUGXP
QHDYRDVWUăIUkQHOH =FDSRWD

 3HQWUXDDFWLYDGH]DFWLYDDFWLYDĠLVDX $ODUPDQXHVWHRSULWăFKLDUúLGDFăvQFKLGHĠL
GH]DFWLYDĠLIUkQD35(6$)(ŠGLQFDOFXODWR SRUWLHUDGHVFKLVăFDUHDGHFODQúDWRGH
UXOGHERUG 3DJLQD  H[HPSOX
&kQGIUkQD35(6$)(ŠHVWHDFWLYDWăVLP
EROXOÇDSDUHSHDILúDMXOPXOWLIXQFĠLR
QDODWkWWLPSFkWIXQFĠLD+2/'HVWHGH]DF
WLYDWă 3DJLQD 
/DDXWRYHKLFXOHOHFXDVLVWDUHDSDUFăULL
VLPEROXOÇHVWHDILúDWDWXQFLFkQG3

 6LVWHPHDQWLIXUW

 3HQWUXDDQFODQúDvQFXLDĠLDXWRYHKLFXOXO
FXFKHLDVDX.(</(66*2
3URWHFĠLDODWUDFWDUHHVWHDQFODQúDWăGXSă
DSUR[LPDWLYGHVHFXQGH
 3HQWUXDRSULGHVFXLDĠLDXWRYHKLFXOXOFX
6LJXUDQĠă

FKHLDVDX.(</(66*2
3URWHFĠLDODWUDFWDUHHVWHRSULWăDXWRPDW
3HQWUXDSUHYHQLRDODUPăIDOVăGH]DFWLYDĠL
SURWHFĠLDODWUDFWDUHPDQXDOGDFăDXWRYHKL
FXOXOGXPQHDYRDVWUă
 3HQWUXDDPRUVDvQFXLDĠLDXWRYHKLFXOXOFX =HVWHWUDQVSRUWDW
FKHLDVDX.(</(66*2 =HVWHvQFăUFDWSHXQIHULERWVDXSHRSODW
/DPSDLQGLFDWRDUHCFOLSHúWH6LVWHPXOGH IRUPăGHWUDQVSRUWDXWRGHH[HPSOX
DODUPăHVWHDPRUVDWGXSăDSUR[LPDWLY =HVWHSDUFDWSHRVXSUDIDĠăPRELOăGHH[
VHFXQGH vQWURSDUFDUHHWDMDWă
 3HQWUXDRSULGHVFXLDĠLDXWRYHKLFXOXOFX
'H]DFWLYDUHD
FKHLDVDX.(</(66*2
 6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHSRUQLUH
 3HQWUXDRSULDODUPDFXDMXWRUXOFKHLL
LQWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQ
WDFW
$ODUPDHVWHRSULWă
VDX
 $SăVDĠLEXWRQXO6VDX7GHSH
FKHLH
$ODUPDHVWHRSULWă
 3HQWUXDRSULDODUPDFXDMXWRUXO.(<
/(66*2SULQGHĠLPkQHUXOH[WHULRUDOSRU
WLHUHL&KHLDWUHEXLHVăVHDIOHvQDIDUDDXWR
YHKLFXOXOXL  $SăVDĠLEXWRQXOC
$ODUPDHVWHRSULWă /DPSDLQGLFDWRDUHDVHDSULQGHVFXUW
VDX  ÌQFXLDĠLDXWRYHKLFXOXOFXFKHLDVDX.(<
 $SăVDĠLEXWRQXO6WDUW6WRSGHSHSODQúDGH /(66*2
ERUG&KHLDWUHEXLHVăVHDIOHvQLQWHULRUXO 3URWHFĠLDODWUDFWDUHHVWHGH]DFWLYDWă
DXWRYHKLFXOXOXL
3URWHFĠLDODWUDFWDUHUăPkQHGH]DFWLYDWăSkQă
$ODUPDHVWHRSULWă
FkQG
=DXWRYHKLFXOXOHVWHGHVFXLDWGLQQRX

3URWHFĠLHODWUDFWDUH =RSRUWLHUăHVWHGHVFKLVăúLvQFKLVăGLQQRX
=DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX
6HGHFODQúHD]ăRDODUPăDFXVWLFăúLYL]XDOă
GDFăXQJKLXOGHvQFOLQDUHDODXWRYHKLFXOXOXL
GXPQHDYRDVWUăHVWHPRGLILFDWvQWLPSFHSUR
WHFĠLDODWUDFWDUHHVWHDQFODQúDWă$FHDVWD 6HQ]RUGHPLúFDUHvQLQWHULRU
VXUYLQHGDFăDXWRYHKLFXOXOHVWHULGLFDWSHFULF &kQGVHQ]RUXOGHPLúFDUHvQLQWHULRUHVWH
vQWURSDUWHGHH[HPSOX DPRUVDWVHGHFODQúHD]ăRDODUPăYL]XDOăúL
6LVWHPHDQWLIXUW 

DFXVWLFăGDFăVHGHWHFWHD]ăPLúFDUHvQLQWH  $SăVDĠLEXWRQXOC
ULRUXODXWRYHKLFXOXOXL$FHDVWăRSHUDĠLHVH /DPSDLQGLFDWRDUHDFOLSHúWHVFXUW
UHDOL]HD]ăGDFăFLQHYDVHvQWLQGHvQLQWHULRUXO
DXWRYHKLFXOXOXLGHH[HPSOX  ÌQFXLDĠLDXWRYHKLFXOXOFXFKHLDVDX.(<
/(66*2
3HQWUXDDPRUVD 6HQ]RUXOGHPLúFDUHvQLQWHULRUHVWHGH]DF

6LJXUDQĠă
 $VLJXUDĠLYăFă WLYDW
=JHDPXULOHODWHUDOHVXQWvQFKLVH 6HQ]RUXOGHPLúFDUHvQLQWHULRUUăPkQHGH]DF
=WUDSDJOLVDQWăSDQRUDPLFăHVWHvQFKLVă WLYDWSkQăFkQG
=QXH[LVWăRELHFWHGHH[PDVFRWHDWkU =DXWRYHKLFXOXOHVWHGHVFXLDWGLQQRX
QDWHGHRJOLQGDUHWURYL]RDUHVDXGH =RSRUWLHUăHVWHGHVFKLVăúLvQFKLVăGLQQRX
PkQHUHOHGHSULQGHUHGHSHFDSLWRQDMXO =DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX
SDYLOLRQXOXL
$VWIHOYHĠLSUHYHQLDODUPHOHIDOVH G 1XPDLSHQWUX5HJDWXO8QLWDXWRYHKL
 ÌQFXLDĠLDXWRYHKLFXOXOFXFKHLDVDX.(< FXOXOGXPQHDYRDVWUăHVWHGRWDWFXRIXQF
/(66*2 ĠLHGHGXEOăvQFXLHUH3RUWLHUHOHQXSRWIL
6HQ]RUXOGHPLúFDUHvQLQWHULRUHVWHDQFODQ GHVFKLVHGLQLQWHULRUGDFăDXWRYHKLFXOXOD
úDWGXSăDSUR[LPDWLYGHVHFXQGH IRVWvQFXLDWFXFKHLD 3DJLQD 
'H]DFWLYDĠLVHQ]RUXOGHPLúFDUHvQLQWHULRU
3HQWUXDGH]DFWLYD
vQDLQWHGHDvQFXLDDXWRYHKLFXOXOFXFKHLD
 'HVFXLDĠLDXWRYHKLFXOXOFXFKHLDVDX.(< 3RUWLHUHOHSRWILGHVFKLVHGLQLQWHULRUGXSă
/(66*2 FHDXWRYHKLFXOXODIRVWvQFXLDWGLQH[WHULRU
6HQ]RUXOGHPLúFDUHvQLQWHULRUHVWHGH]DF FXFKHLD5HVSHFWDĠLPHQĠLXQLOHGLQVHFĠLX
WLYDWDXWRPDW QHDÄ1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD´
3HQWUXDSUHYHQLRDODUPăIDOVăGH]DFWLYDĠL 3DJLQD 
VHQ]RUXOGHPLúFDUHvQLQWHULRUGDFăvQFXLDĠL
DXWRYHKLFXOXOúL
=UăPkQSHUVRDQHVDXDQLPDOHvQDXWRYHKL
FXO
=JHDPXULOHODWHUDOHUăPkQGHVFKLVH
=WUDSDJOLVDQWăSDQRUDPLFăUăPkQHGHV
FKLVă
3HQWUXDGH]DFWLYD
 6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW





,QIRUPDĠLLXWLOH 
&KHLH 
3RUWLHUH 
3RUWEDJDM 
*HDPXULODWHUDOH 
7UDSăJOLVDQWă 

'HVFKLGHUHDúLvQFKLGHUHD
 &KHLH

,QIRUPDĠLLXWLOH SURGXFHULLGHUăQLVDXFKLDUSHULFROGHPRDUWH
1XOăVDĠLSHUVRDQH±úLvQVSHFLDOFRSLL±QHVX
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH SUDYHJKHDWHvQYHKLFXO
PRGHOHOHVHULLOHúLHFKLSDPHQWXORSĠLRQDO
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUăFDUH $9(57,60(17
HUDXGLVSRQLELOHvQPRPHQWXOWLSăULULL 'DFăDWDúDĠLRELHFWHJUHOHVDXPDULODFKHLH
PDQXDOXOXL6XQWSRVLELOHYDULDĠLLQDĠLRQDOH DFHDVWDVHSRDWHURWLLQYROXQWDUvQFRPXWDWR
5HĠLQHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOVă UXOGHSRUQLUH&DXUPDUHPRWRUXODUSXWHDIL
'HVFKLGHUHDúLvQFKLGHUHD

QXILHHFKLSDWFXWRDWHIXQFĠLLOHGHVFULVH RSULW([LVWăXQULVFGHDFFLGHQW
$FHVWOXFUXHVWHYDODELOúLSHQWUXVLVWHPHOH 1XDWDúDĠLRELHFWHJUHOHVDXPDULODFKHLH
úLIXQFĠLLOHUHIHULWRDUHODVLJXUDQĠă 6FRDWHĠLEUHORFXULOHYROXPLQRDVHvQDLQWHGHD
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH LQWURGXFHFKHLDvQFRPXWDWRUXOGHSRUQLUH
FLDOLWDWHDXWRUL]DWH 3DJLQD 
 1XĠLQHĠLFKHLDvQDSURSLHUHDXQRUFkPSXUL
PDJQHWLFHSXWHUQLFHÌQFD]FRQWUDUIXQF
&KHLH ĠLDGHWHOHFRPDQGăDUSXWHDILDIHFWDWă
6HSRWIRUPDFkPSXULPDJQHWLFHSXWHUQLFH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD vQDSURSLHUHDLQVWDODĠLLORUHOHFWULFHSXWHU
QLFH
$9(57,60(17
=1XĠLQHĠLFKHLD.(</(66*2
'DFăFRSLLLVXQWOăVDĠLQHVXSUDYHJKHDĠLvQ
DXWRYHKLFXODFHúWLDDUSXWHD  FXGLVSR]LWLYHHOHFWURQLFHGHH[XQWHOH

=GHVFKLGHSRUWLHUHOHSXQkQGDVWIHOvQSHUL IRQPRELOVDXDOWăFKHLH
FRODOWHSHUVRDQHVDXSDUWLFLSDQĠLLODWUDILF  FXRELHFWHPHWDOLFHGHH[PRQHGHVDX

=LHúLúLSHUWXUEDWUDILFXO IROLLPHWDOLFH
 vQLQWHULRUXOXQRURELHFWHPHWDOLFHGHH[
=DFĠLRQDHFKLSDPHQWXODXWRYHKLFXOXOXL
RFDVHWăGLQPHWDO
ÌQSOXVFRSLLLDUSXWHDSXQHDXWRYHKLFXOXOvQ
PLúFDUHGHH[HPSOXDFHúWLDDUSXWHD $FHVWOXFUXSRDWHDIHFWDIXQFĠLRQDOLWDWHD
FKHLL
=HOLEHUDIUkQDGHSDUFDUH
=VFRDWHWUDQVPLVLDDXWRPDWăGLQSR]LĠLDGH
SDUFDUH3 )XQFĠLLFKHLH
=FXSODĠLWUDQVPLVLDPDQXDOăvQSR]LĠLD
&KHLDvQFXLHGHVFXLHFHQWUDOL]DW
QHXWUă
=SRUWLHUHOH
=SRUQLPRWRUXO
=KD\RQXO
([LVWăXQSHULFROGHDFFLGHQWúLUăQLUH
=FODSHWDJXULLGHXPSOHUHFXFDUEXUDQW
&kQGLHúLĠLGLQDXWRYHKLFXOOXDĠLvQWRWGHDXQD
FKHLDFXGXPQHDYRDVWUăúLvQFXLDĠLDXWRYHKL
FXOXO1XOăVDĠLQLFLRGDWăFRSLLLVDXDQLPDOHOH
QHVXSUDYHJKHDWHvQDXWRYHKLFXO1XOăVDĠL
QLFLRGDWăFKHLDODvQGHPkQDFRSLLORU

$9(57,=$5(
'DFăSHUVRDQHOH±úLvQVSHFLDOFRSLLL±VXQW
H[SXVHODFăOGXUăULGLFDWăVDXODIULJSHQWUXR
SHULRDGăGHWLPSPDLOXQJăDSDUHSHULFROXO
&KHLH 

ÌQFXLHUHúLGHVFXLHUHFHQWUDOL]DWă
3XWHĠLSRUQLvQFXLDVDXGHVFXLDDXWRYHKLFXOXO
FXDMXWRUXO.(</(66*2ÌQDFHVWVFRSWUH
EXLHGRDUVăDYHĠLFKHLDODGXPQHDYRDVWUă
3XWHĠLFRPELQDIXQFĠLLOH.(</(66*2FXFHOH
DOHXQHLFKHLFRQYHQĠLRQDOH'HVFXLDĠLDXWR
YHKLFXOXOFXDMXWRUXO.(</(66*2GHH[HP
SOXúLvQFXLDĠLOIRORVLQGEXWRQXO7GHSH

'HVFKLGHUHDúLvQFKLGHUHD
FKHLH
&kQGvQFXLDĠLVDXGHVFXLDĠLFX.(</(66*2
C 73HQWUXDvQFXLDDXWRYHKLFXOXO GLVWDQĠDGLQWUHFKHLHúLPkQHUXOSRUWLHUHL
D T3HQWUXDGHVFKLGHvQFKLGHKD\RQXO FRUHVSXQ]ăWRDUHQXWUHEXLHVăGHSăúHDVFă
‡ 63HQWUXDGHVFXLDDXWRYHKLFXOXO P
.(</(66*2YHULILFăGDFăvQDXWRYHKLFXOVH
&kQGGHVFXLDĠLVHPQDOL]DWRDUHOHGHGLUHFĠLH DIOăRFKHLHYDOLGăVWDELOLQGSHULRGLFRFRQH
FOLSHVFRGDWă&kQGvQFXLDĠLHOHFOLSHVFGH [LXQHUDGLRvQWUHDXWRYHKLFXOúLFKHLH$FHVW
WUHLRUL OXFUXVHvQWkPSOă
3HvQWXQHULFLOXPLQDUHDDPELHQWDOăVH =DWXQFLFkQGVHDWLQJPkQHUHOHH[WHUQHDOH
DSULQGHGHDVHPHQHDGDFăHVWHDFWLYDWăvQ
SRUWLHUHL
FDOFXODWRUXOGHERUG 3DJLQD 
=ODSRUQLUHDPRWRUXOXL
3XWHĠLGHDVHPHQHDVăVHWDĠLXQVHPQDODXGL
=FkQGDXWRYHKLFXOXOHVWHvQPLúFDUH
ELOSULQFDUHVăYLVHFRQILUPHFăDXWRYHKLFXOXO
DIRVWvQFXLDW6HPQDOXODFXVWLFSRDWHILDFWL
YDWúLGH]DFWLYDWFXDMXWRUXOFDOFXODWRUXOXLGH
ERUG 3DJLQD 
 3HQWUXGHVFXLHUHFHQWUDOL]DWăDSăVDĠL
EXWRQXO6
'DFăQXGHVFKLGHĠLDXWRYHKLFXOXOvQGHFXUVGH
DSUR[LPDWLYGHVHFXQGHGHODGHVFXLHUH
=DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX
=VLVWHPXODQWLIXUWHVWHGLQQRXDPRUVDW

 3HQWUXDvQFXLDFHQWUDOL]DWDSăVDĠLEXWR  3HQWUXDGHVFXLDDXWRYHKLFXOXODWLQJHĠL
QXO7 VXSUDIDĠDLQWHULRDUăDPkQHUXOXLSRUWLHUHL
 3HQWUXDvQFXLDDXWRYHKLFXOXODWLQJHĠL
VXSUDIDĠDVHQ]RUXOXLC
.(</(66*2
 &DUDFWHULVWLFăGHvQFKLGHUHDVLVWDWă
1RWHJHQHUDOH DWLQJHĠLVXSUDIDĠDVHQ]RUXOXLDGkQFLWD
PDLPXOWWLPS
5HĠLQHĠLIDSWXOFăPRWRUXOSRDWHILSRUQLWGH
RULFDUHGLQWUHSDVDJHULGDFăH[LVWăRFKHLH 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGFDUDF
.(</(66*2vQDXWRYHKLFXO WHULVWLFDGHvQFKLGHUHDVLVWDWă
3DJLQD 
'DFăWUDJHĠLGHPkQHUXOKD\RQXOXLQXPDL
SRUWEDJDMXODXWRYHKLFXOXOXLHVWHGHVFXLDW


 &KHLH

6FKLPEDUHDVHWăULORUVLVWHPXOXLGH 6úL7VLPXOWDQDSUR[LPDWLYúDVH
vQFKLGHUH VHFXQGHSkQăFkQGODPSDGHYHULILFDUHD
EDWHULHLFOLSHúWHGHGRXăRUL
3XWHĠLVFKLPEDVHWăULOHVLVWHPXOXLGHvQFKL
GHUH$FHDVWDvQVHDPQăFăQXPDLSRUWLHUD
úRIHUXOXLúLFODSHWDJXULLGHXPSOHUHFXFDU
EXUDQWVXQWGHVFXLDWHFkQGDXWRYHKLFXOXO (OHPHQWFKHLHGHXUJHQĠă
HVWHGHVFXLDW$FHDVWăFDUDFWHULVWLFăHVWH 1RWHJHQHUDOH
'HVFKLGHUHDúLvQFKLGHUHD

XWLOăvQFD]XOvQFDUHFăOăWRULĠLIUHFYHQWSHFRQW
SURSULX 'DFăDXWRYHKLFXOXOQXPDLSRDWHILvQFXLDWVDX
GHVFXLDWFXFKHLDVDXFXFKHLD.(</(66*2
 3HQWUXDVFKLPEDVHWDUHDDSăVDĠLúL
XWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠă
PHQĠLQHĠLDSăVDWHEXWRDQHOH6úL
7VLPXOWDQWLPSGHDSUR[LPDWLYúDVH 'DFăXWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠăSHQ
WUXDGHVFXLDúLGHVFKLGHSRUWLHUDúRIHUXOXL
VHFXQGHSkQăFkQGODPSDGHYHULILFDUHD
VLVWHPXOGHDODUPăDQWLIXUWYDILGHFODQúDW
EDWHULHL 3DJLQD FOLSHúWHGHGRXă
3DJLQD 
RUL
 3HQWUXDRSULDODUPDLQWURGXFHĠLFKHLDvQ
G 'DFăVHWDUHDVLVWHPXOXLGHvQFXLHUHHVWH FRPXWDWRUXOGHFRQWDFW
VFKLPEDWăvQUD]DGHUHFHSĠLHDVHPQDOXOXL G &X.(</(66*2VFRDWHĠLPDLvQWkLEXWR
DXWRYHKLFXOXOXLDSăVkQGEXWRQXO7VDX QXO6WDUW6WRSGLQFRPXWDWRUXOGHFRQWDFW
6
'DFăGHVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXOHOH
=vQFXLDĠLVDX PHQWXOXLFKHLHGHXUJHQĠăFODSHWDJXULLGH
=GHVFXLDĠLDXWRYHKLFXOXO XPSOHUHFXFDUEXUDQWQXYDILGHVFXLDWăDXWR
PDW
&KHLDIXQFĠLRQHD]ăDFXPGXSăFXPXUPHD]ă
 3HQWUXDGHVFXLDSRUWLHUDúRIHUXOXL 6FRDWHUHDHOHPHQWXOXLFKHLHGHXUJHQĠă
DSăVDĠLEXWRQXO6RGDWă
 3HQWUXDGHVFXLDFHQWUDOL]DWDSăVDĠL
EXWRQXO6GHGRXăRUL
 3HQWUXDvQFXLDFHQWUDOL]DWDSăVDĠLEXWR
QXO7
)XQFĠLD.(</(66*2HVWHPRGLILFDWăGXSă
FXPXUPHD]ă
 3HQWUXDGHVFXLDSRUWLHUDúRIHUXOXLDWLQ
JHĠLVXSUDIDĠDLQWHULRDUăDPkQHUXOXLSRU
WLHUHLGHSHSRUWLHUDúRIHUXOXL
 3HQWUXDGHVFXLDFHQWUDOL]DWDWLQJHĠL  ÌPSLQJHĠLSLHGLFDGHHOLEHUDUHCvQGLUHFĠLD
VXSUDIDĠDLQWHULRDUăDPkQHUXOXLSRUWLHUHL VăJHĠLLúLVLPXOWDQVFRDWHĠLHOHPHQWXO
GHSHSRUWLHUDSDVDJHUXOXLGLQIDĠăVDXSRU FKHLHGHXUJHQĠăDGLQFKHLH
WLHUDGLQVSDWH
 3HQWUXDvQFXLDFHQWUDOL]DWDWLQJHĠL
VXSUDIDĠDH[WHULRDUăDVHQ]RUXOXLGHSH
XQXOGLQWUHPkQHUHOHSRUWLHUHORU
3DJLQD 
 3HQWUXDUHYHQLODVHWăULOHGLQIDEULFă
DSăVDĠLúLPHQĠLQHĠLDSăVDWHEXWRDQHOH
&KHLH 

%DWHULDFKHLL  $SăVDĠLEXWRQXO7VDX6
%DWHULDIXQFĠLRQHD]ăFRUHVSXQ]ăWRUGDFă
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD ODPSDGHYHULILFDUHDEDWHULHLCVHDSULQGH
0HUFHGHV%HQ]YăUHFRPDQGăVăvQORFXLĠL VFXUW
EDWHULLOHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW 'DFăODPSDGHYHULILFDUHDEDWHULHLCQX
VHDSULQGHVFXUWvQWLPSXOWHVWXOXLEDWHULD
$9(57,60(17
HVWHGHVFăUFDWă
%DWHULLOHFRQĠLQVXEVWDQĠHWR[LFHúLFRUR]LYH

'HVFKLGHUHDúLvQFKLGHUHD
'DFăEDWHULLOHVXQWvQJKLĠLWHDFHVWOXFUXSRDWH G 'DFăEDWHULDFKHLLHVWHYHULILFDWăvQUD]D
GXFHODSUREOHPHJUDYHGHVăQăWDWH([LVWăXQ GHUHFHSĠLHDVHPQDOXOXLDXWRYHKLFXOXOXL
ULVFGHDFFLGHQWIDWDO DSăVkQGEXWRQXO7VDX6
%DWHULLOHQXWUHEXLHOăVDWHODvQGHPkQDFRSLL =vQFXLDĠLVDX
ORU'DFăREDWHULHHVWHvQJKLĠLWăFHUHĠLLPH =GHVFXLDĠLDXWRYHKLFXOXO
GLDWDMXWRUXOPHGLFXOXL
 ÌQORFXLĠLEDWHULD 3DJLQD 
1RWăSULYLQGSURWHFĠLDPHGLXOXL
G 3XWHĠLDFKL]LĠLRQDREDWHULHGHODXQDWHOLHU
%DWHULLOHFRQĠLQDJHQĠL GHVSHFLDOLWDWHDXWRUL]DW
SROXDQĠL(VWHLOHJDOVăOH
DUXQFDĠLvPSUHXQăFX
ÌQORFXLUHDEDWHULHL
JXQRLXOPHQDMHU$FHVWHD
WUHEXLHFROHFWDWHVHSDUDWúL $YHĠLQHYRLHGHREDWHULHWLSFHOXOă&5
DUXQFDWHSRWULYLWXQXLVLVWHP 9
GHUHFLFODUHUHVSRQVDELOIDĠă  6FRDWHĠLHOHPHQWXOFKHLLGHXUJHQĠăGLQ
GHPHGLXOvQFRQMXUăWRU FKHLH 3DJLQD 
$UXQFDĠLEDWHULLOHvQWUR
PDQLHUăUHVSRQVDELOăIDĠăGH
PHGLXOvQFRQMXUăWRU'XFHĠL
EDWHULLOHGHVFăUFDWHODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL
]DWVDXODXQFHQWUXGHFROHF
WDUHSHQWUXEDWHULLX]DWH

9HULILFDUHDEDWHULHL

 $SăVDĠLHOHPHQWXOFKHLLGHXUJHQĠăDvQ
GHVFKL]ăWXUDGLQFKHLHvQGLUHFĠLDVăJHĠLL
SkQăFkQGFDSDFXOFRPSDUWLPHQWXOXLEDWH
ULHLCVHGHVFKLGHÌQWLPSFHHIHFWXDĠL
DFHDVWăRSHUDĠLHQXĠLQHĠLvQFKLVFDSDFXO
FRPSDUWLPHQWXOXLEDWHULHLC
 6FRDWHĠLFDSDFXOFRPSDUWLPHQWXOXLEDWH
ULHLC



'HVFKLGHUHDúLvQFKLGHUHD &KHLH

 %DWHĠLvQPRGUHSHWDWFKHLDFRQWUDSDOPHL
SkQăFkQGEDWHULD‡FDGH
 ,QWURGXFHĠLQRXDEDWHULHFXERUQDSR]LWLYă
RULHQWDWăvQVXV8WLOL]DĠLRODYHWăIăUă
VFDPHvQDFHVWVFRS
 $VLJXUDĠLYăFăVXSUDIDĠDEDWHULHLQXFRQ
ĠLQHVFDPHXQVRDUHúLWRDWHFHOHODOWH
IRUPHGHFRQWDPLQDUH
 ,QWURGXFHĠLXUHFKLOHGLQIDĠăDOHFDSDFXOXL
FRPSDUWLPHQWXOXLEDWHULHLCvQFDUFDVăúL
DSRLDSăVDĠLSHQWUXDRvQFKLGH
 ,QWURGXFHĠLHOHPHQWXOFKHLLGHXUJHQĠăD
vQFKHLH
 9HULILFDĠLIXQFĠLRQDUHDWXWXURUEXWRDQHORU
LPSRUWDQWHDOHDXWRYHKLFXOXOXL
&KHLH 

3UREOHPHODFKHLH

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
1XSXWHĠLvQFXLDVDX %DWHULDFKHLLHVWHGHVFăUFDWăVDXDSURDSHGHVFăUFDWă
GHVFXLDDXWRYHKLFXOXO  ÌQFHUFDĠLGLQQRXVăvQFXLDĠLGHVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXO
FXDMXWRUXOFKHLL IXQFĠLHLGHWHOHFRPDQGăDFKHLL2ULHQWDĠLYkUIXOFKHLLFăWUH
PkQHUXOSRUWLHUHLúRIHUXOXLGHODGLVWDQĠăPLFăúLDSăVDĠLEXWRQXO

'HVFKLGHUHDúLvQFKLGHUHD
67
'DFăQXIXQFĠLRQHD]ă
 9HULILFDĠLEDWHULDFKHLL 3DJLQD úLvQORFXLĠLRGDFăHVWH
QHFHVDU 3DJLQD 
 ÌQFXLDĠL 3DJLQD VDXGHVFXLDĠL 3DJLQD DXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLLGHXUJHQĠă

&KHLDHVWHGHIHFWă
 ÌQFXLDĠL 3DJLQD VDXGHVFXLDĠL 3DJLQD DXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLLGHXUJHQĠă
 6ROLFLWDĠLYHULILFDUHDFKHLLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

1XPDLSXWHĠLvQFXLD .(</(66*2HVWHvQPRGGHDúWHSWDUHGHRDUHFHDXWRYHKLFXOXOQX
VDXGHVFXLDDXWRYHKL DIRVWGHVFXLDWSHRSHULRDGăSUHOXQJLWă
FXOXOFXDMXWRUXO.(<  7UDJHĠLPkQHUXOSRUWLHUHLúLDSRLURWLĠLFKHLDvQSR]LĠLDvQFRPX
/(66*2 WDWRUXOGHSRUQLUH

([LVWăLQWHUIHUHQĠHGHODRVXUVăSXWHUQLFăGHXQGHUDGLR
 ÌQFXLDĠLGHVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXOIXQFĠLHLGHWHOHFR
PDQGăDFKHLL2ULHQWDĠLYkUIXOFKHLLFăWUHPkQHUXOSRUWLHUHL
úRIHUXOXLGHODGLVWDQĠăUHGXVăúLDSăVDĠLEXWRQXO67

([LVWăRGHIHFĠLXQHOD.(</(66*2
 ÌQFXLDĠLGHVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXOIXQFĠLHLGHWHOHFR
PDQGăDFKHLL2ULHQWDĠLYkUIXOFKHLLFăWUHPkQHUXOSRUWLHUHL
úRIHUXOXLGHODGLVWDQĠăUHGXVăúLDSăVDĠLEXWRQXO67
 6ROLFLWDĠLYHULILFDUHD.(</(66*2ODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
'DFăQXIXQFĠLRQHD]ă
 9HULILFDĠLEDWHULDFKHLL 3DJLQD úLvQORFXLĠLRGDFăHVWH
QHFHVDU 3DJLQD 
 ÌQFXLDĠL 3DJLQD VDXGHVFXLDĠL 3DJLQD DXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLLGHXUJHQĠă


 3RUWLHUH

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
$ĠLSLHUGXWRFKHLH  6ROLFLWDĠLGH]DFWLYDUHDFKHLLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW
 5DSRUWDĠLLPHGLDWSLHUGHUHDFăWUHDVLJXUDWRULLDXWRYHKLFXOXOXL
 'DFăHVWHQHFHVDUvQORFXLĠLúLvQFXLHWRULOH

$ĠLSLHUGXWHOHPHQWXO  5DSRUWDĠLLPHGLDWSLHUGHUHDFăWUHDVLJXUDWRULLDXWRYHKLFXOXOXL
'HVFKLGHUHDúLvQFKLGHUHD

FKHLLGHXUJHQĠă  'DFăHVWHQHFHVDUvQORFXLĠLúLvQFXLHWRULOH

0RWRUXOQXSRDWHILSRU 7HQVLXQHDGHODERUGHVWHSUHDVFă]XWă
QLWFXDMXWRUXOFKHLL  2SULĠLFRQVXPDWRULLQHHVHQĠLDOLGHH[vQFăO]LUHDVFDXQXOXLVDX
LOXPLQDUHDLQWHULRDUăúLvQFHUFDĠLVăSRUQLĠLPRWRUXOGLQQRX
'DFăQXIXQFĠLRQHD]ă
 9HULILFDĠLEDWHULDGHSRUQLUHúLvQFăUFDĠLRGDFăHVWHQHFHVDU
3DJLQD 
VDX
 3RUQLĠLIRUĠDWDXWRYHKLFXOXO 3DJLQD 
VDX
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

0RWRUXOQXSRDWHILSRU 2SRUWLHUăHVWHGHVFKLVă3ULQXUPDUHFKHLDQXSRDWHILGHWHFWDWă
QLWFX.(</(66*2 ODIHOGHXúRU
&KHLDHVWHvQDXWRYHKL  ÌQFKLGHĠLSRUWLHUDúLvQFHUFDĠLGLQQRXVăSRUQLĠLDXWRYHKLFXOXO
FXO
([LVWăLQWHUIHUHQĠHGHODRVXUVăSXWHUQLFăGHXQGHUDGLR
 3RUQLĠLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHSRUQLUH

3RUWLHUH ÌQSOXVFRSLLLDUSXWHDSXQHDXWRYHKLFXOXOvQ
PLúFDUHGHH[HPSOXDFHúWLDDUSXWHD
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
=HOLEHUDIUkQDGHSDUFDUH
$9(57,60(17 =VFRDWHWUDQVPLVLDDXWRPDWăGLQSR]LĠLDGH
'DFăFRSLLLVXQWOăVDĠLQHVXSUDYHJKHDĠLvQ SDUFDUH3
DXWRYHKLFXODFHúWLDDUSXWHD =FXSODĠLWUDQVPLVLDPDQXDOăvQSR]LĠLD
=GHVFKLGHSRUWLHUHOHSXQkQGDVWIHOvQSHUL QHXWUă
FRODOWHSHUVRDQHVDXSDUWLFLSDQĠLLODWUDILF =SRUQLPRWRUXO
=LHúLúLSHUWXUEDWUDILFXO ([LVWăXQSHULFROGHDFFLGHQWúLUăQLUH
=DFĠLRQDHFKLSDPHQWXODXWRYHKLFXOXOXL &kQGLHúLĠLGLQDXWRYHKLFXOOXDĠLvQWRWGHDXQD
FKHLDFXGXPQHDYRDVWUăúLvQFXLDĠLDXWRYHKL
FXOXO1XOăVDĠLQLFLRGDWăFRSLLLVDXDQLPDOHOH
QHVXSUDYHJKHDWHvQDXWRYHKLFXO1XOăVDĠL
QLFLRGDWăFKHLDODvQGHPkQDFRSLLORU
3RUWLHUH 

$9(57,=$5(
'DFăSHUVRDQHOH±úLvQVSHFLDOFRSLLL±VXQW
H[SXVHODFăOGXUăULGLFDWăVDXODIULJSHQWUXR
SHULRDGăGHWLPSPDLOXQJăDSDUHSHULFROXO
SURGXFHULLGHUăQLVDXFKLDUSHULFROGHPRDUWH
1XOăVDĠLSHUVRDQH±úLvQVSHFLDOFRSLL±QHVX
SUDYHJKHDWHvQYHKLFXO

'HVFKLGHUHDúLvQFKLGHUHD
'HVFXLHUHDúLGHVFKLGHUHDSRUWLHUHORU
GLQLQWHULRU  3HQWUXDGHVFXLDDSăVDĠLEXWRQXOC
3XWHĠLGHVFKLGHRSRUWLHUăGLQLQWHULRUXODXWR  3HQWUXDvQFXLDDSăVDĠLEXWRQXOD
YHKLFXOXOXLFKLDUúLGDFăDIRVWvQFXLDWă 'DFăSRUWLHUDSDVDJHUXOXLGLQIDĠăHVWH
3XWHĠLGHVFKLGHSRUWLHUHOHGLQVSDWHQXPDLGLQ vQFKLVăDXWRYHKLFXOXOVHvQFXLH
LQWHULRUXODXWRYHKLFXOXOXLGDFăQXVXQWDVLJX
$FHDVWDQXvQFXLHVDXGHVFXLHFODSHWDJXULL
UDWHGHvQFXLHWRULOHGHSURWHFĠLHSHQWUXFRSLL
GHXPSOHUHFXFDUEXUDQW
3DJLQD 
3XWHĠLGHVFKLGHRSRUWLHUăGLQLQWHULRUXODXWR
YHKLFXOXOXLFKLDUúLGDFăDIRVWvQFXLDWă
3XWHĠLGHVFKLGHSRUWLHUHOHGLQVSDWHGLQLQWH
ULRUXODXWRYHKLFXOXOXLQXPDLGDFăQXVXQWDVL
JXUDWHGHvQFXLHWRULOHGHSURWHFĠLHSHQWUX
FRSLL 3DJLQD 
1XPDLSHQWUX5HJDWXO8QLWGDFăDXWRYHKL
FXOXODIRVWvQFXLDWFXFKHLDGLQH[WHULRUIXQF
ĠLDGHGXEOăvQFXLHUHHVWHDFWLYDWăFDIXQFĠLH
VWDQGDUGÌQDFHVWFD]QXHVWHSRVLELOăGHV
FKLGHUHDSRUWLHUHORUGLQLQWHULRUXODXWRYHKL
 7UDJHĠLPkQHUXOSRUWLHUHLD FXOXOXL3XWHĠLGH]DFWLYDIXQFĠLDGHGXEOă
'DFăSRUWLHUDHVWHvQFXLDWăEXWRQXOGH vQFXLHUHGH]DFWLYkQGVHQ]RUXOGHPLúFDUHvQ
vQFXLHUHCVHULGLFă3RUWLHUDHVWHGHV LQWHULRU 3DJLQD 3RUWLHUHOHSRWILDSRL
GHVFKLVHGLQLQWHULRUGXSăFHDXWRYHKLFXOXOD
FXLDWăúLSRDWHILGHVFKLVă
IRVWvQFXLDWGLQH[WHULRU6LVWHPXOGHDODUPă
DQWLIXUWVHGHFODQúHD]ăGDFăVHGHVFKLGHR
SRUWLHUăGLQLQWHULRU2SULĠLDODUPD
ÌQFKLGHUHDúLGHVFKLGHUHDFHQWUDOL 3DJLQD 
]DWăDDXWRYHKLFXOXOXLGLQLQWHULRU
'DFăDXWRYHKLFXOXODIRVWvQFXLDWFXEXWRQXO
3XWHĠLvQFXLDVDXGHVFXLDFHQWUDOL]DWDXWRYH GHvQFXLHUHSHQWUXvQFXLHUHFHQWUDOL]DWăVDXV
KLFXOXOGLQLQWHULRU DvQFXLDWDXWRPDWLDURSRUWLHUăHVWHGHVFKLVă
1XSXWHĠLGHVFKLGHDXWRYHKLFXOXOFHQWUDOL]DW GLQLQWHULRU
GLQLQWHULRUGDFăDXWRYHKLFXOXODIRVWvQFXLDW =DXWRYHKLFXOXOYDILFRPSOHWGHVFXLDWGDFă
FXFKHLDVDXFX.(</(66*2 DQWHULRUIXVHVHFRPSOHWGHVFXLDW
=QXPDLSRUWLHUDFDUHDIRVWGHVFKLVăGLQ
LQWHULRUHVWHGHVFXLDWăGDFăGRDUSRUWLHUD
úRIHUXOXLIXVHVHDQWHULRUGHVFXLDWă


 3RUWLHUH

&DUDFWHULVWLFăGHvQFXLHUHDXWRPDWă  6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠăGLQ
FKHLH 3DJLQD 
$XWRYHKLFXOXOHVWHvQFXLDWDXWRPDWFkQGFRQ
 ,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
WDFWXOHVWHFXSODWúLURĠLOHVHURWHVF
vQFXLHWRDUHDGHODSRUWLHUDúRIHUXOXLSkQăOD
3ULQXUPDUHYDĠLSXWHDvQFXLDSHGLQDIDUă FDSăW
GDFă
=DXWRYHKLFXOXOHVWHvPSLQV
=DXWRYHKLFXOXOHVWHWUDFWDW
'HVFKLGHUHDúLvQFKLGHUHD

=DXWRYHKLFXOXOHVWHWHVWDWFXXQGLQDPRPH
WUX

5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQVHQV
DQWLRUDUvQSR]LĠLDG
3RUWLHUDHVWHGHVFXLDWă
G /DDXWRYHKLFXOHOHFXYRODQXOSHSDUWHD
GUHDSWăURWLĠLHOHPHQWXOFKHLHGHXUJHQĠă
 3HQWUXDGH]DFWLYDDSăVDĠLúLPHQĠLQHĠL vQVHQVRUDU
DSăVDWEXWRQXOCWLPSGHDSUR[LPDWLY  5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQDSRLúL
FLQFLVHFXQGHSkQăFkQGVHHPLWHXQWRQ VFRDWHĠLO
 3HQWUXDDFWLYDDSăVDĠLúLPHQĠLQHĠL
 ,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
DSăVDWEXWRQXODWLPSGHDSUR[LPDWLY FKHLH
FLQFLVHFXQGHSkQăFkQGVHHPLWHXQWRQ
G 'DFăDSăVDĠLXQXOGLQWUHFHOHGRXă
EXWRDQHúLQXDX]LĠLXQVXQHWVHWDUHDUHOH ÌQFXLHUHDDXWRYHKLFXOXOXL HOHPHQW
YDQWăDIRVWGHMDVHOHFWDWă FKHLHGHXUJHQĠă
/DDXWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOGH 'DFăDXWRYHKLFXOXOQXPDLSRDWHILvQFXLDWFX
OX[SXWHĠLGHDVHPHQHDDFWLYDúLGH]DFWLYD FKHLDXWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠă
vQFXLHUHDDXWRPDWăSULQLQWHUPHGLXOFDOFXOD  'HVFKLGHĠLSRUWLHUDúRIHUXOXL
WRUXOXLGHERUG 3DJLQD   ÌQFKLGHĠLSRUWLHUDSDVDJHUXOXLGLQIDĠăSRU
WLHUHOHGLQVSDWHúLKD\RQXO
 $SăVDĠLEXWRQXOGHvQFXLHUH 3DJLQD 
'HVFXLHUHDSRUWLHUHLúRIHUXOXL HOH
 9HULILFDĠLGDFăEXWRDQHOHGHvQFXLHUHGHSH
PHQWFKHLHGHXUJHQĠă
SRUWLHUDSDVDJHUXOXLGLQIDĠăúLGHSHSRU
'DFăDXWRYHKLFXOXOQXPDLSRDWHILGHVFXLDW WLHUHOHGLQVSDWHVXQWvQFăYL]LELOH$SăVDĠL
FXFKHLDXWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠă EXWRDQHOHGHEORFDUHPDQXDOGDFăHVWH
'DFăXWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠăSHQ QHFHVDU 3DJLQD 
WUXDGHVFXLDúLGHVFKLGHSRUWLHUDúRIHUXOXL  ÌQFKLGHĠLSRUWLHUDúRIHUXOXL
VLVWHPXOGHDODUPăDQWLIXUWYDILGHFODQúDW
3DJLQD 
3RUWEDJDM 

 6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠăGLQ $9(57,60(17
FKHLH 3DJLQD  0RWRDUHOHFXFRPEXVWLHHPLWJD]HGHHúDSD
 ,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ PHQWWR[LFHSUHFXPPRQR[LGGHFDUERQ'DFă
vQFXLHWRDUHDGHODSRUWLHUDúRIHUXOXLSkQăOD KD\RQXOHVWHGHVFKLVDWXQFLFkQGPRWRUXO
FDSăW HVWHvQIXQFĠLXQHPDLDOHVGDFăDXWRYHKLFXOXO
VHGHSODVHD]ăJD]HOHGHHúDSDPHQWSRW
SăWUXQGHvQFRPSDUWLPHQWXOSDVDJHULORU
([LVWăXQULVFGHLQWR[LFDUH

'HVFKLGHUHDúLvQFKLGHUHD
2SULĠLPRWRUXOvQDLQWHGHDGHVFKLGHKD\RQXO
1XFRQGXFHĠLQLFLRGDWăFXKD\RQXOGHVFKLV

 +D\RQXOVHURWHúWHvQVXVúLvQVSDWHFkQG
HVWHGHVFKLV3ULQXUPDUHDVLJXUDĠLYăFă
H[LVWăXQVSDĠLXOLEHUVXILFLHQWGHDVXSUDúL
vQVSDWHOHKD\RQXOXL
G 'LPHQVLXQLGHGHVFKLGHUHDOHKD\RQXOXL
 5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQVHQV 3DJLQD
RUDUSkQăODFDSăWVSUHSR]LĠLDG
'HSR]LWDĠLEDJDMHOHVDXvQFăUFăWXULOHGHSUH
G /DDXWRYHKLFXOHOHFXYRODQXOSHSDUWHD IHULQĠăvQSRUWEDJDM5HVSHFWDĠLLQVWUXFĠLXQLOH
GUHDSWăURWLĠLHOHPHQWXOFKHLHGHXUJHQĠă GHvQFăUFDUH 3DJLQD 
vQVHQVDQWLRUDU
1XOăVDĠLFKHLDvQSRUWEDJDMÌQFD]FRQWUDUY
 5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQDSRLúL DĠLSXWHDvQFXLDSHGLQDIDUă
VFRDWHĠLO $XWRYHKLFXOHIăUăKD\RQXO($6<3$&.
 $VLJXUDĠLYăFăSRUWLHUHOHúLKD\RQXOVXQW KD\RQXOSRDWHIL
vQFXLDWH =GHVFKLVăúLvQFKLVăPDQXDOGLQH[WHULRU
 ,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
=GHVFXLDWăGLQLQWHULRUFXHOHPHQWXOFKHLH
FKHLH
GHXUJHQĠă
G 'DFăvQFXLDĠLDXWRYHKLFXOXOFRQIRUPGHV /DDXWRYHKLFXOHOHFXKD\RQ($6<3$&.
FULHULLGHPDLVXVFODSHWDJXULLGHXPSOHUH SXWHĠL
FXFDUEXUDQWQXHVWHvQFXLDWă6LVWHPXOGH =GHVFKLGHúLvQFKLGHPDQXDOKD\RQXOGLQ
DODUPăDQWLIXUWQXHVWHDPRUVDW H[WHULRU
=GHVFKLGHúLvQFKLGHDXWRPDWKD\RQXOGLQ
H[WHULRU
3RUWEDJDM
=GHVFKLGHúLvQFKLGHDXWRPDWKD\RQXOGLQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD LQWHULRU
=OLPLWDXQJKLXOGHGHVFKLGHUHDKD\RQXOXL
$9(57,=$5(
=GHVFXLDKD\RQXOGLQLQWHULRUFXHOHPHQWXO
'DFăSHUVRDQHOH±úLvQVSHFLDOFRSLLL±VXQW
H[SXVHODFăOGXUăULGLFDWăVDXODIULJSHQWUXR FKHLHGHXUJHQĠă
SHULRDGăGHWLPSPDLOXQJăDSDUHSHULFROXO
SURGXFHULLGHUăQLVDXFKLDUSHULFROGHPRDUWH
1XOăVDĠLSHUVRDQH±úLvQVSHFLDOFRSLL±QHVX
SUDYHJKHDWHvQYHKLFXO


 3RUWEDJDM

'HVFKLGHUHvQFKLGHUHGLQH[WHULRU 'HVFKLGHUHDvQFKLGHUHDDXWRPDWă
GLQH[WHULRU
'HVFKLGHUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $SăVDĠLEXWRQXO6GHSHFKHLH
$9(57,60(17
3ăUĠLDOHFRUSXOXLSRWILSULQVHvQWLPSXOvQFKL
GHULLDXWRPDWHDKD\RQXOXLÌQSOXVvQWLPSXO
'HVFKLGHUHDúLvQFKLGHUHD

SURFHVXOXLGHvQFKLGHUHvQ]RQDGHvQFKLGHUH
VDUSXWHDDIODVDXDUSXWHDLQWUDSHUVRDQHGH
H[FRSLL([LVWăXQULVFGHDFFLGHQW
$VLJXUDĠLYăFăvQWLPSXOSURFHVXOXLGHvQFKL
GHUHQXVHDIOăQLPHQLvQDSURSLHUHD]RQHLGH
vQFKLGHUH
8WLOL]DĠLXQDGLQWUHXUPăWRDUHOHRSĠLXQLSHQWUX
DRSULSURFHVXOGHvQFKLGHUH
 7UDJHĠLGHPkQHUC =DSăVDĠLEXWRQXOTGHSHFKHLH
 5LGLFDĠLKD\RQXO
=DSăVDĠLFRPXWDWRUXOGHDFĠLRQDUHGHODGLV
$XWRYHKLFXOHFXKD\RQ($6<3$&.GDFă WDQĠăGHSHSRUWLHUDúRIHUXOXL
WUDJHĠLPkQHUXOCúLvOPHQĠLQHĠLvQDFHDVWă =DSăVDĠLEXWRQXOGHvQFKLGHUHVDXGH
SR]LĠLHSXWHĠLGHVFKLGHPDQXDOKD\RQXO vQFXLHUHGHSHKD\RQ
'DFăHOLEHUDĠLPkQHUXOKD\RQXOVHGHVFKLGH =WUDJHĠLGHPkQHUXOGHSHKD\RQ
DXWRPDW
 +D\RQXOVHURWHúWHvQVXVúLvQVSDWHFkQG
ÌQFKLGHUH HVWHGHVFKLV3ULQXUPDUHDVLJXUDĠLYăFă
H[LVWăXQVSDĠLXOLEHUVXILFLHQWGHDVXSUDúL
vQVSDWHOHKD\RQXOXL
G 'LPHQVLXQLGHGHVFKLGHUHDKD\RQXOXL
3DJLQD

'HVFKLGHUH
3XWHĠLGHVFKLGHKD\RQXODXWRPDWFXFKHLDVDX
FXPkQHUXOGLQKD\RQ
'HVFKLGHĠLVDXvQFKLGHĠLFRPSOHWKD\RQXOFX
DMXWRUXOIXQFĠLHLDXWRPDWHDSRUWLHUHLGDFăDĠL
 7UDJHĠLKD\RQXOvQMRVFXDMXWRUXOORFDúX RSULWKD\RQXOvQSR]LĠLHLQWHUPHGLDUă
OXLC  $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOT
 ÌQFKLGHĠLSULQvPSLQJHUHKD\RQXOGLQH[WH GHSHFKHLHSkQăFkQGKD\RQXOVHGHV
ULRUXODXWRYHKLFXOXOXL FKLGH
 'DFăHVWHQHFHVDUvQFXLDĠLDXWRYHKLFXOXO VDX
FXEXWRQXO7GHSHFKHLH  &kQGKD\RQXOHVWHGHVFXLDWWUDJHĠLPkQH
3DJLQD VDXFX.(</(66*2 UXOúLHOLEHUDĠLOGLQQRXLPHGLDW
3DJLQD 
G 'DFăRFKHLH.(</(66*2HVWHGHWHFWDWă G 3XWHĠLGHDVHPHQHDvQFKLGHPDQXDO
vQSRUWEDJDMKD\RQXOQXVHYDvQFXLD KD\RQXOGDFăHVWHFRPSOHWGHVFKLV
3RUWEDJDM 

 'DFăDĠLGHVFKLVKD\RQXODXWRPDWWUH 'HVFKLGHUHDvQFKLGHUHDDXWRPDWă
EXLHVăDúWHSWDĠLRFOLSăvQDLQWHGHDvQFKLGH GLQLQWHULRU
KD\RQXOPDQXDO
$9(57,60(17
ÌQFKLGHUH 3ăUĠLDOHFRUSXOXLSRWILSULQVHvQWLPSXOvQFKL
GHULLDXWRPDWHDKD\RQXOXLÌQSOXVvQWLPSXO
3XWHĠLvQFKLGHDXWRPDWKD\RQXOFXDMXWRUXO SURFHVXOXLGHvQFKLGHUHvQ]RQDGHvQFKLGHUH
FKHLLEXWRQXOXLGHvQFKLGHUHVDXEXWRQXOXL VDUSXWHDDIODVDXDUSXWHDLQWUDSHUVRDQHGH

'HVFKLGHUHDúLvQFKLGHUHD
GHvQFXLHUH H[FRSLL([LVWăXQULVFGHDFFLGHQW
$VLJXUDĠLYăFăvQWLPSXOSURFHVXOXLGHvQFKL
GHUHQXVHDIOăQLPHQLvQDSURSLHUHD]RQHLGH
vQFKLGHUH
8WLOL]DĠLXQDGLQWUHXUPăWRDUHOHRSĠLXQLSHQWUX
DRSULSURFHVXOGHvQFKLGHUH
=DSăVDĠLEXWRQXOTGHSHFKHLH
=DSăVDĠLFRPXWDWRUXOGHDFĠLRQDUHGHODGLV
WDQĠăGHSHSRUWLHUDúRIHUXOXL
=DSăVDĠLEXWRQXOGHvQFKLGHUHVDXGH
vQFXLHUHGHSHKD\RQ
%XWRQXOGHvQFKLGHUHúLEXWRQXOGHvQFXLHUH H[HP =WUDJHĠLGHPkQHUXOGHSHKD\RQ
SOXDXWRYHKLFXOFXKD\RQ($6<3$&.úL.(</(66
*2
$9(57,60(17
 3HQWUXDvQFKLGHDSăVDĠLEXWRQXOGHvQFKL
GHUHCGHSHKD\RQ 0RWRDUHOHFXFRPEXVWLHHPLWJD]HGHHúDSD
PHQWWR[LFHSUHFXPPRQR[LGGHFDUERQ'DFă
VDX KD\RQXOHVWHGHVFKLVDWXQFLFkQGPRWRUXO
 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOT HVWHvQIXQFĠLXQHPDLDOHVGDFăDXWRYHKLFXOXO
GHSHFKHLHSkQăFkQGKD\RQXOVHvQFKLGH VHGHSODVHD]ăJD]HOHGHHúDSDPHQWSRW
 3HQWUXDvQFKLGHúLvQFXLDVLPXOWDQ SăWUXQGHvQFRPSDUWLPHQWXOSDVDJHULORU
$SăVDĠLEXWRQXOGHvQFXLHUHDGHSH ([LVWăXQULVFGHLQWR[LFDUH
KD\RQ 2SULĠLPRWRUXOvQDLQWHGHDGHVFKLGHKD\RQXO
1XFRQGXFHĠLQLFLRGDWăFXKD\RQXOGHVFKLV
G +D\RQXOSRDWHILGHVFKLVúLvQFKLVFXFKHLD
QXPDLGDFăQXVHDIOăQLFLRFKHLHvQFRPX  +D\RQXOVHURWHúWHvQVXVúLvQVSDWHFkQG
WDWRUXOGHFRQWDFW HVWHGHVFKLV3ULQXUPDUHDVLJXUDĠLYăFă
'DFăKD\RQXODWLQJHXQRELHFWvQWLPSXO H[LVWăXQVSDĠLXOLEHUVXILFLHQWGHDVXSUDúL
vQFKLGHULLSURFHGXUDGHvQFKLGHUHHVWH vQVSDWHOHKD\RQXOXL
vQWUHUXSWăúLKD\RQXOVHUHGHVFKLGH G 'LPHQVLXQLGHGHVFKLGHUHDOHKD\RQXOXL
G 'DFăOăVDĠLRFKHLH.(</(66*2vQSRUW 3DJLQD
EDJDMKD\RQXOQXVHYDvQFXLD 3XWHĠLGHVFKLGHúLvQFKLGHKD\RQXOGHODVFDX
+D\RQXOQXHVWHvQFKLVGHFkWGDFăVH QXOúRIHUXOXLFkQGDXWRYHKLFXOXOVWDĠLRQHD]ă
GHWHFWHD]ăRFKHLH.(</(66*2 úLHVWHGHVFXLDW

 1XPDLSHQWUXDXWRYHKLFXOHOHFXKD\RQ($6<3$&.
 1XPDLSHQWUXDXWRYHKLFXOHOHFXKD\RQ($6<3$&.úL.(</(66*2


 3RUWEDJDM

GHUH 3DJLQD DOKD\RQXOXLVDXWUDJHĠL


PDQHWDGHSHH[WHULRUXOKD\RQXOXLGLQQRX
 3HQWUXDPHPRUDSR]LĠLDDSăVDĠLúLPHQ
ĠLQHĠLDSăVDWEXWRQXOGHvQFKLGHUHDKD\R
QXOXLSkQăFkQGDX]LĠLXQVFXUWVHPQDO
VRQRU
/LPLWDWRUXOXQJKLXOXLGHGHVFKLGHUHHVWH
DFWLYDW$SRLFkQGHVWHGHVFKLVKD\RQXOVH
'HVFKLGHUHDúLvQFKLGHUHD

RSUHúWHvQSR]LĠLDPHPRUDWă
G 3HQWUXDGHVFKLGHFRPSOHWKD\RQXOWUD
JHĠLvQH[WHULRUPDQHWDKD\RQXOXLGLQQRX
 3HQWUXDGHVFKLGHWUDJHĠLFRPXWDWRUXOGH
GXSăFHVDRSULWDXWRPDW$FHDVWDQXYD
DFĠLRQDUHGHODGLVWDQĠăCDIHUHQWKD\R
GXFHODúWHUJHUHDSR]LĠLHLPHPRUDWH
QXOXLSkQăFkQGKD\RQXOVHGHVFKLGH
 3HQWUXDvQFKLGHURWLĠLFKHLDvQSR]LĠLD 'H]DFWLYDUH
VDXvQFRPXWDWRUXOGHFRQWDFW
 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOGH
 $SăVDĠLFRPXWDWRUXOGHDFĠLRQDUHGHODGLV
vQFKLGHUH 3DJLQD GLQKD\RQSkQă
WDQĠăDKD\RQXOXLCSkQăFHKD\RQXOHVWH FkQGDX]LĠLGRXăVHPQDOHVRQRUHVFXUWH
vQFKLV

(OLEHUDUHGHXUJHQĠăKD\RQ
/LPLWDUHDXQJKLXOXLGHGHVFKLGHUHD
KD\RQXOXL 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  +D\RQXOVHURWHúWHvQVXVúLvQVSDWHFkQG
HVWHGHVFKLV3ULQXUPDUHDVLJXUDĠLYăFă
3XWHĠLOLPLWDXQJKLXOGHGHVFKLGHUHDOKD\R H[LVWăXQVSDĠLXOLEHUVXILFLHQWGHDVXSUDúL
QXOXL$FHDVWDVHSRDWHUHDOL]DvQMXPăWDWHD vQVSDWHOHKD\RQXOXL
VXSHULRDUăDUD]HLVDOHGHGHVFKLGHUHSkQăOD
DSUR[LPDWLYFPvQDLQWHGHRSULWRU 'DFăKD\RQXOQXPDLSRDWHILGHVFKLVGLQ
H[WHULRUXODXWRYHKLFXOXOXLXWLOL]DĠLHOLEHUDUHD
$FHDVWăRSHUDĠLHSRDWHILXWLOăGDFăGHH[HP
GHXUJHQĠăGLQLQWHULRUXOKD\RQXOXL
SOXVSDĠLXOGHGHDVXSUDKD\RQXOXLHVWHLQVX
ILFLHQW G 'LPHQVLXQLGHGHVFKLGHUHKD\RQ
3DJLQD 
 $VLJXUDĠLYăFăH[LVWăGHVWXOVSDĠLXOLEHU
SHQWUXDGHVFKLGHKD\RQXOFRPSOHWFkQG
UHJODĠLXQJKLXOGHGHVFKLGHUH+D\RQXO
'HVFKLGHUH
SRDWHVXIHULGHWHULRUăULvQFD]FRQWUDU(VWH
GHSUHIHUDWVăUHJODĠLXQJKLXOGHGHVFKLGHUH
vQH[WHULRU

$FWLYDUH
 3HQWUXDGHVFKLGHKD\RQXOWUDJHĠL
PDQHWDGHSHKD\RQ
 3HQWUXDRSULSURFHGXUDGHGHVFKLGHUH
vQSR]LĠLDGRULWăDSăVDĠLEXWRQXOGHvQFKL
*HDPXULODWHUDOH 

 6FRDWHĠLHOHPHQWXOFKHLLGHXUJHQĠăGLQ $9(57,60(17
FKHLH 3DJLQD  'DFăFRSLLLVXQWOăVDĠLQHVXSUDYHJKHDĠLvQ
 ,QWURGXFHĠLHOHPHQWXOFKHLLGHXUJHQĠăD DXWRYHKLFXODFHúWLDDUSXWHD
vQGHVFKL]ăWXUDGLQRUQDPHQWC =GHVFKLGHSRUWLHUHOHSXQkQGDVWIHOvQSHUL
 5RWLĠLHOHPHQWXOFKHLLGHXUJHQĠăDFX FRODOWHSHUVRDQHVDXSDUWLFLSDQĠLLODWUDILF
ƒvQVHQVRUDU =LHúLúLSHUWXUEDWUDILFXO
 ÌPSLQJHĠLHOHPHQWXOFKHLLGHXUJHQĠăDvQ =DFĠLRQDHFKLSDPHQWXODXWRYHKLFXOXOXL

'HVFKLGHUHDúLvQFKLGHUHD
GLUHFĠLDVăJHĠLLúLGHVFKLGHĠLKD\RQXO ÌQSOXVFRSLLLDUSXWHDSXQHDXWRYHKLFXOXOvQ
PLúFDUHGHH[HPSOXDFHúWLDDUSXWHD
=HOLEHUDIUkQDGHSDUFDUH
*HDPXULODWHUDOH
=VFRDWHWUDQVPLVLDDXWRPDWăGLQSR]LĠLDGH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD SDUFDUH3
=FXSODĠLWUDQVPLVLDPDQXDOăvQSR]LĠLD
$9(57,=$5(
QHXWUă
/DGHVFKLGHUHDXQXLJHDPODWHUDOSRWILDQWUH
=SRUQLPRWRUXO
QDWHVDXEORFDWHSăUĠLDOHFRUSXOXLvQWUHJHD
PXOODWHUDOúLFDGUXOJHDPXOXL([LVWăSHULFRO ([LVWăXQSHULFROGHDFFLGHQWúLUăQLUH
GHUăQLUH &kQGLHúLĠLGLQDXWRYHKLFXOOXDĠLvQWRWGHDXQD
/DGHVFKLGHUHDVLJXUDĠLYăGHIDSWXOFăQX FKHLDFXGXPQHDYRDVWUăúLvQFXLDĠLDXWRYHKL
DWLQJHQLPHQLJHDPXOODWHUDO'DFăHVWH FXOXO1XOăVDĠLQLFLRGDWăFRSLLLVDXDQLPDOHOH
DJăĠDWFLQHYDHOLEHUDĠLLPHGLDWWDVWDVDXWUD QHVXSUDYHJKHDWHvQDXWRYHKLFXO1XOăVDĠL
JHĠLGHWDVWăSHQWUXDvQFKLGHGLQQRXJHDPXO QLFLRGDWăFKHLDODvQGHPkQDFRSLLORU
ODWHUDO

$9(57,=$5( &DUDFWHULVWLFăGHUHWUDJHUHDJHDPX
/DvQFKLGHUHDXQXLJHDPODWHUDOvQ]RQDGH ULORUODWHUDOH
vQFKLGHUHSRWILEORFDWHSăUĠLDOHFRUSXOXL3HUL *HDPXULOHODWHUDOHVXQWGRWDWHFXRIXQFĠLHGH
FROGHUăQLUH UHWUDJHUHDXWRPDWă'DFăXQRELHFWVROLGEOR
/DvQFKLGHUHDVLJXUDĠLYăGHIDSWXOFăvQ]RQD FKHD]ăVDXUHVWULFĠLRQHD]ăXQJHDPODWHUDOvQ
GHvQFKLGHUHQXVHJăVHVFSăUĠLDOHFRUSXOXL WLPSXOSURFHVXOXLGHvQFKLGHUHJHDPXOODWHUDO
'DFăJHDPXOSULQGHSHFLQHYDHOLEHUDĠLLPH VHGHVFKLGHGLQQRXvQPRGDXWRPDW)XQFĠLD
GLDWWDVWDVDXDSăVDĠLWDVWDvQSDUWHDGHMRV GHUHWUDJHUHDXWRPDWăHVWHWRWXúLGRDUXQ
SHQWUXDUHGHVFKLGHJHDPXOODWHUDO DMXWRUúLQXSRDWHvQORFXLDWHQĠLDGXPQHD
YRDVWUăODvQFKLGHUHDXQXLJHDPODWHUDO
$9(57,60(17
$9(57,60(17
'DFăJHDPXULOHODWHUDOHVXQWDFĠLRQDWHGH
FRSLLDFHúWLDSRWILSULQúLPDLDOHVGDFăVXQW )XQFĠLDGHPHUVvQDSRLQXUHDFĠLRQHD]ă
OăVDĠLQHVXSUDYHJKHDĠL([LVWăXQULVFGHDFFL =ODRELHFWHPRLXúRDUHúLVXEĠLULGHH[
GHQW GHJHWHPLFL
$FWLYDĠLFDUDFWHULVWLFDGHVXSUDUHJODUHSHQWUX =SHXOWLPLLPPDLPLúFăULLGHvQFKLGHUH
JHDPXULOHODWHUDOHVSDWH&kQGLHúLĠLGLQDXWR =vQWLPSXOUHVHWăULL
YHKLFXOOXDĠLvQWRWGHDXQDFKHLDFXGXPQHD =FkQGUHvQFKLGHĠLPDQXDOJHDPXOODWHUDO
YRDVWUăúLvQFXLDĠLDXWRYHKLFXOXO1XOăVDĠL LPHGLDWGXSăIXQFĠLDLQYHUVDUHVHQVDXWR
QLFLRGDWăFRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKL PDWă
FXO


 *HDPXULODWHUDOH

$FHDVWDvQVHDPQăFăIXQFĠLDGHPHUVvQDSRL GHGHVFKLGHUHvQFKLGHUHDXWRPDWvQGLUHF
QXSRDWHSUHYHQLSHULFROXOGHSULQGHUHvQ ĠLDFRUHVSXQ]ăWRDUH3XWHĠLRSULIXQFĠLRQD
DFHVWHVLWXDĠLL([LVWăXQULVFGHDFFLGHQW UHDDXWRPDWăDSăVkQGGLQQRX
/DvQFKLGHUHDVLJXUDĠLYăFăQXH[LVWăSăUĠLDOH G 3XWHĠLFRQWLQXDVăDFĠLRQDĠLJHDPXULOH
FRUSXOXLvQ]RQDGHvQFKLGHUH'DFăFLQHYD ODWHUDOHGXSăRSULUHDPRWRUXOXLVDXVFRD
UăPkQHSULQVDSăVDĠLFRPXWDWRUXOSHQWUXD WHUHDFKHLL$FHDVWăIXQFĠLHUăPkQHDFWLYă
UHGHVFKLGHJHDPXOODWHUDO WLPSGHFLQFLPLQXWHVDXSkQăFkQGSRUWLHUD
úRIHUXOXLVDXSDVDJHUXOXLGLQIDĠăHVWHGHV
'HVFKLGHUHDúLvQFKLGHUHD

FKLVă
'HVFKLGHUHDúLvQFKLGHUHDJHDPXULORU
ODWHUDOH
&DUDFWHULVWLFăGHGHVFKLGHUHDVLVWDWă
3XWHĠLYHQWLODDXWRYHKLFXOXOvQDLQWHGHD
vQFHSHVăFRQGXFHĠLÌQDFHVWVFRSFKHLDHVWH
XWLOL]DWăSHQWUXDH[HFXWDVLPXOWDQXUPăWRD
UHOHIXQFĠLL
=GHVFXLHUHDDXWRYHKLFXOXOXL
=GHVFKLGHUHDJHDPXULORUODWHUDOH
=GHVFKLGHUHDWUDSHLJOLVDQWHSDQRUDPLFHúL
DMDOX]HOHORU
G &DUDFWHULVWLFDGHGHVFKLGHUHDVLVWDWă
C )DĠăVWkQJD
SRDWHILDFĠLRQDWăQXPDLFXDMXWRUXOFKHLL
D )DĠăGUHDSWD &KHLDWUHEXLHVăILHDSURSLDWăGHPkQHUXO
‡ 6SDWHGUHDSWD SRUWLHUHLúRIHUXOXL
… 6SDWHVWkQJD  2ULHQWDĠLYkUIXOFKHLLFăWUHPkQHUXOSRUWLH

&RPXWDWRDUHOHDIHUHQWHWXWXURUJHDPXULORU UHLúRIHUXOXL
ODWHUDOHVXQWVLWXDWHSHSRUWLHUDúRIHUXOXL  $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO6
([LVWăGHDVHPHQHDXQFRPXWDWRUSHILHFDUH SkQăFkQGJHDPXULOHODWHUDOHúLWUDSDJOL
SRUWLHUăSHQWUXJHDPXOODWHUDOFRUHVSXQ]ăWRU VDQWăSDQRUDPLFăVHDIOăvQSR]LĠLDGRULWă
&RPXWDWRDUHOHGHSHSRUWLHUDúRIHUXOXLDX 'DFăMDOX]HOHOHSDUDVRODUDOHWUDSHLJOLVDQWH
SULRULWDWH SDQRUDPLFHVXQWvQFKLVHMDOX]HOHVXQWGHV
G *HDPXULOHODWHUDOHQXSRWILDFĠLRQDWHGLQ FKLVHSULPHOH
VSDWHFkQGFDUDFWHULVWLFDGHVXSUDUHJODUH  $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO6
SHQWUXJHDPXULOHODWHUDOHHVWHDFWLYDWă GLQQRXSkQăFkQGWUDSDJOLVDQWăSDQRUD
3DJLQD  PLFăVHDIOăvQSR]LĠLDGRULWă
 5RWLĠLFKHLDvQSR]LĠLDVDXvQFRPXWDWRUXO  3HQWUXDvQWUHUXSHGHVFKLGHUHDDVLV
GHSRUQLUH WDWăHOLEHUDĠLEXWRQXO6
 3HQWUXDGHVFKLGHDSăVDĠLFRPXWDWRUXO
DIHUHQW
 3HQWUXDvQFKLGHWUDJHĠLGHFRPXWDWRUXO
DIHUHQW
G 'DFăDSăVDĠLFRPXWDWRUXOGLQFRORGH
SXQFWXOGHUH]LVWHQĠăVHvQFHSHXQSURFHV
*HDPXULODWHUDOH 

&DUDFWHULVWLFăGHvQFKLGHUHDVLVWDWă  2ULHQWDĠLYkUIXOFKHLLFăWUHPkQHUXOSRUWLH
UHLúRIHUXOXL
1RWHJHQHUDOH  $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO7
&kQGvQFXLDĠLDXWRYHKLFXOXOSXWHĠLVLPXOWDQ SkQăFkQGJHDPXULOHODWHUDOHúLWUDSDJOL
Vă VDQWăSDQRUDPLFăVXQWFRPSOHWvQFKLVH
=vQFKLGHĠLJHDPXULOHODWHUDOH  $VLJXUDĠLYăFăWRDWHJHDPXULOHODWHUDOHúL

=vQFKLGHĠLWUDSDJOLVDQWăSDQRUDPLFă
WUDSDJOLVDQWăSDQRUDPLFăVXQWvQFKLVH

'HVFKLGHUHDúLvQFKLGHUHD
/DDXWRYHKLFXOHOHFXWUDSăJOLVDQWăSDQRUD /DDXWRYHKLFXOHFXWUDSăJOLVDQWăSDQRUD
PLFăSXWHĠLDSRLVăvQFKLGHĠLMDOX]HOHOH PLFă

$9(57,60(17
 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO7
GLQQRXSkQăFkQGMDOX]HOHOHGLQWUDSDJOL
&kQGHVWHXWLOL]DWăFDUDFWHULVWLFDGHvQFKLGHUH
VDQWăSDQRUDPLFăVHvQFKLG
DVLVWDWăSRWILSULQVHSăUĠLDOHFRUSXOXLvQ]RQD
GHvQFKLGHUHDJHDPXOXLODWHUDOúLDWUDSHLJOL  3HQWUXDvQWUHUXSHvQFKLGHUHDDVLVWDWă
VDQWH([LVWăXQULVFGHDFFLGHQW HOLEHUDĠLEXWRQXO7
5HVSHFWDĠLSURFHGXUDGHvQFKLGHUHFRPSOHWă
FkQGHVWHXWLOL]DWăFDUDFWHULVWLFDGHvQFKLGHUH 8WLOL]DUHD.(</(66*2
DVLVWDWă/DvQFKLGHUHDVLJXUDĠLYăFăQX
H[LVWăSăUĠLDOHFRUSXOXLvQ]RQDGHvQFKLGHUH &KHLD.(</(66*2WUHEXLHVăVHDIOHvQDIDUD
DXWRYHKLFXOXOXL7RDWHSRUWLHUHOHWUHEXLHVă
3URFHGDĠLvQPRGXOXUPăWRUGDFăFLQHYD ILHvQFKLVH
UăPkQHSULQV
&XFKHLD
=(OLEHUDĠLEXWRQXO7
=DSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO6
SkQăFHJHDPXULOHODWHUDOHúLWUDSDJOLVDQWă
VDXWUDSDJOLVDQWăSDQRUDPLFăVHUHGHV
FKLG
&X.(</(66*2
=HOLEHUDĠLVXSUDIDĠDVHQ]RUXOXLGHSHPkQH
UXOSRUWLHUHL
=WUDJHĠLPkQHUXOSRUWLHUHLLPHGLDWúLPHQĠL
$WLQJHĠLVXSUDIDĠDVHQ]RUXOXLDGkQFLWCGH
QHĠLO SHPkQHUXOSRUWLHUHLSkQăFkQGJHDPXULOH
ODWHUDOHúLWUDSDJOLVDQWăSDQRUDPLFăVXQW
*HDPXULOHODWHUDOHúLWUDSDJOLVDQWăVDX
FRPSOHWvQFKLVH
WUDSDJOLVDQWăSDQRUDPLFăVHGHVFKLG
G $VLJXUDĠLYăFăDWLQJHĠLQXPDLVXSUDIDĠD
8WLOL]DUHDFKHLL VHQ]RUXOXLFXGHJDMDUHC
 $VLJXUDĠLYăFăWRDWHJHDPXULOHODWHUDOHúL
G &KHLDWUHEXLHVăILHDSURSLDWăGHPkQHUXO
WUDSDJOLVDQWăSDQRUDPLFăVXQWvQFKLVH
SRUWLHUHLúRIHUXOXL
/DDXWRYHKLFXOHFXWUDSăJOLVDQWăSDQRUD
PLFă
 $WLQJHĠLVXSUDIDĠDVHQ]RUXOXLDGkQFLWCGH
SHPkQHUXOSRUWLHUHLGLQQRXSkQăFkQG


 7UDSăJOLVDQWă

MDOX]HOHOHúLWUDSDJOLVDQWăSDQRUDPLFăVH ODWHUDOVHvQFKLGHFXIRUĠăULGLFDWăVDX
vQFKLG PD[LPă)XQFĠLDGHUHYHUVDUHQXHVWHDFWLYă
 3HQWUXDvQWUHUXSHvQFKLGHUHDDVLVWDWă vQDFHVWFRQWH[W$VWIHOSRWILDJăĠDWHSăUĠLDOH
HOLEHUDĠLVXSUDIDĠDVHQ]RUXOXLFXGHJD FRUSXOXLvQ]RQDGHvQFKLGHUH([LVWăSHULFRO
MDUHCGHSHPkQHUXOSRUWLHUHL ULGLFDWGHUăQLUHúLFKLDUSHULFROGHPRDUWH
$YHĠLJULMăFDQLFLRSDUWHDFRUSXOXLVăQXVH
JăVHDVFăvQ]RQDGHvQFKLGHUH3HQWUXDvQWUH
UXSHXQSURFHVGHvQFKLGHUHHOLEHUDĠLWDVWD
'HVFKLGHUHDúLvQFKLGHUHD

5HVHWDUHDJHDPXULORUODWHUDOH
VDXDSăVDĠLGLQQRXSHWDVWăSHQWUXDGHV
7UHEXLHVăUHVHWDĠLILHFDUHJHDPODWHUDOGDFă FKLGHGLQQRXJHDPXOODWHUDO
XQJHDPODWHUDOQXPDLSRDWHILFRPSOHW
vQFKLV 'DFăXQJHDPODWHUDOHVWHREVWUXFĠLRQDWvQ
 ÌQFKLGHĠLWRDWHSRUWLHUHOH WLPSXOvQFKLGHULLúLVHUHGHVFKLGHGLQQRX
 5RWLĠLFKHLDvQSR]LĠLDVDXvQFRPXWDWRUXO
XúRU
GHSRUQLUH  ,PHGLDWGXSăFHJHDPXOVHEORFKHD]ăWUD
 7UDJHĠLFRPXWDWRUXODIHUHQWGHSHSDQRXO JHĠLGHFRPXWDWRUXOFRUHVSRQGHQWGLQQRX
GHFRPDQGăVLWXDWSHSRUWLHUăSkQăFkQG SkQăFHJHDPXOODWHUDOVDvQFKLV
JHDPXOODWHUDOHVWHFRPSOHWvQFKLV *HDPXOODWHUDOHVWHvQFKLVFXIRUĠăPDL
3DJLQD  PDUH
 0HQĠLQHĠLFRPXWDWRUXOvQFăRVHFXQGă 'DFăXQJHDPODWHUDOHVWHREVWUXFĠLRQDWGLQ
QRXvQWLPSXOvQFKLGHULLúLVHUHGHVFKLGHGLQ
'DFăJHDPXOODWHUDOVHGHVFKLGHGLQQRXXúRU
QRXXúRU
 7UDJHĠLLPHGLDWFRPXWDWRUXODIHUHQWGHSH
 ,PHGLDWGXSăFHJHDPXOVHEORFKHD]ăWUD
SDQRXOGHFRPDQGăVLWXDWSHSRUWLHUăSkQă
JHĠLGHFRPXWDWRUXOFRUHVSRQGHQWGLQQRX
FkQGJHDPXOODWHUDOHVWHFRPSOHWvQFKLV
SkQăFHJHDPXOODWHUDOVDvQFKLV
3DJLQD 
*HDPXOODWHUDOHVWHvQFKLVIăUăSURWHFĠLD
 0HQĠLQHĠLFRPXWDWRUXOvQFăRVHFXQGă
DQWLSULQGHUH
 'DFăJHDPXOODWHUDODIHUHQWUăPkQHvQFKLV
GXSăFHEXWRQXODIRVWHOLEHUDWJHDPXO
ODWHUDOVDUHVHWDWFRUHFW'DFăQXVHUHGHV 7UDSăJOLVDQWă
FKLGUHSHWDĠLSDúLLGHPDLVXVGLQQRX
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
ÌQXUPăWRDUHDVHFĠLXQHWHUPHQXOÄWUDSăJOL
3UREOHPHODJHDPXULOHODWHUDOH VDQWă´VHUHIHUăODWUDSDJOLVDQWăSDQRUDPLFă
3UREOHPăXQJHDPODWHUDOQXSRDWHIL $9(57,60(17
vQFKLVGHRDUHFHHVWHEORFDWGHRELHFWHGH
ÌQWLPSFHGHVFKLGHĠLúLvQFKLGHĠLWUDSDJOL
H[IUXQ]HvQJKLGDMXOJHDPXOXL
VDQWăSăUĠLDOHFRUSXOXLGLQLPHGLDWDDSUR
 6FRDWHĠLRELHFWHOH SLHUHDUSXWHDILSULQVH([LVWăXQULVFGHDFFL
 ÌQFKLGHĠLJHDPXOODWHUDO GHQW
3UREOHPăXQJHDPODWHUDOQXSRDWHIL $VLJXUDĠLYăFăQLFLRSDUWHDFRUSXOXLQXVHDIOă
vQFKLVúLQXSXWHĠLYHGHDFDX]D vQLPHGLDWDDSURSLHUHvQWLPSXOSURFHGXULORU
GHGHVFKLGHUHúLvQFKLGHUH
$9(57,=$5(
/DvQFKLGHUHDGLQQRXDXQXLJHDPODWHUDO
LPHGLDWGXSăEORFDUHVDXDMXVWDUHJHDPXO
7UDSăJOLVDQWă 

'DFăRSHUVRDQăHVWHSULQVă $9(57,60(17
=HOLEHUDĠLLPHGLDWFRPXWDWRUXOVDX )XQFĠLDGHPHUVvQDSRLQXUHDFĠLRQHD]ă
=vQWLPSXOIXQFĠLRQăULLDXWRPDWHDSăVDĠL =ODRELHFWHPRLXúRDUHúLVXEĠLULGHH[
VFXUWFRPXWDWRUXOvQRULFHGLUHFĠLH GHJHWHPLFL
3URFHGXUDGHGHVFKLGHUHVDXvQFKLGHUHVHYD =SHXOWLPLLPPDLPLúFăULLGHvQFKLGHUH
RSUL =vQWLPSXOUHVHWăULL
=FkQGUHvQFKLGHĠLPDQXDOWUDSDJOLVDQWăLPH

'HVFKLGHUHDúLvQFKLGHUHD
$9(57,60(17 GLDWGXSăIXQFĠLDLQYHUVDUHVHQVDXWRPDWă
'DFăWUDSDJOLVDQWăHVWHDFĠLRQDWăGHFRSLL $FHDVWDvQVHDPQăFăIXQFĠLDGHPHUVvQDSRL
DFHúWLDSRWILSULQúLPDLDOHVGDFăVXQWOăVDĠL QXSRDWHSUHYHQLSHULFROXOGHSULQGHUHvQ
QHVXSUDYHJKHDĠL([LVWăXQULVFGHDFFLGHQW DFHVWHVLWXDĠLL([LVWăXQULVFGHDFFLGHQW
&kQGLHúLĠLGLQDXWRYHKLFXOOXDĠLvQWRWGHDXQD /DvQFKLGHUHDVLJXUDĠLYăFăQXH[LVWăSăUĠLDOH
FKHLDFXGXPQHDYRDVWUăúLvQFXLDĠLDXWRYHKL FRUSXOXLvQ]RQDGHvQFKLGHUH
FXOXO1XOăVDĠLQLFLRGDWăFRSLLLQHVXSUDYH
'DFăFLQHYDHVWHSULQV
JKHDĠLvQDXWRYHKLFXO
=HOLEHUDĠLLPHGLDWFRPXWDWRUXOVDX
 'HVFKLGHĠLWUDSDJOLVDQWăSDQRUDPLFă =DSăVDĠLFRPXWDWRUXOvQRULFHGLUHFĠLHvQWLP
QXPDLGDFăQXHVWHDFRSHULWăGH]ăSDGăúL SXOSURFHVXOXLGHvQFKLGHUHDXWRPDWă
JKHDĠăÌQFD]FRQWUDUVXQWSRVLELOHGHIHF 3URFHVXOGHvQFKLGHUHHVWHRSULW
ĠLXQL
1XOăVDĠLVăLDVăQLPLFGLQWUDSDJOLVDQWăÌQ
FD]FRQWUDUFKHGHUHOHSRWVXIHULGHWH $FĠLRQDUHDWUDSHLJOLVDQWH
ULRUăUL
G 3HOkQJă]JRPRWHOHWLSLFHFXUHQĠLORUGH 'HVFKLGHUHDúLvQFKLGHUHD
DHUSRWDSăUHD]JRPRWHGHUH]RQDQĠăFkQG
WUDSDJOLVDQWăHVWHGHVFKLVă$FHVWHDVXQW
SURYRFDWHGHIOXFWXDĠLLVODEHDOHSUHVLXQLL
GLQLQWHULRUXODXWRYHKLFXOXOXL6FKLPEDĠL
SR]LĠLDWUDSHLJOLVDQWHVDXvQWUHGHVFKLGHĠL
XQJHDPODWHUDOSHQWUXDUHGXFHVDXHOLPLQD
DFHVWH]JRPRWH

&DUDFWHULVWLFăGHUHWUDJHUHDWUDSHL
JOLVDQWH
3DQRXGHFRPDQGăVLWXDWSHSODIRQ
7UDSDJOLVDQWăHVWHGRWDWăFXRIXQFĠLHGH C 3HQWUXDULGLFD
UHWUDJHUHDXWRPDWă'DFăXQRELHFWEOR
D 3HQWUXDGHVFKLGH
FKHD]ăVDXUHVWULFĠLRQHD]ăWUDSDJOLVDQWăvQ
WLPSXOSURFHVXOXLGHvQFKLGHUHWUDSDJOLVDQW㠇 3HQWUXDvQFKLGHFRERUv
VHGHVFKLGHGLQQRXDXWRPDW)XQFĠLDGH  5RWLĠLFKHLDvQSR]LĠLDVDXvQFRPXWDWRUXO
UHWUDJHUHDXWRPDWăHVWHWRWXúLGRDUXQDMX GHFRQWDFW
WRUúLQXSRDWHvQORFXLDWHQĠLDGXPQHDYRDVWUă  $SăVDĠLVDXWUDJHĠLFRPXWDWRUXOWvQ
ODvQFKLGHUHDSDYLOLRQXOXLJOLVDQW
GLUHFĠLDFRUHVSXQ]ăWRDUH
G 'DFăDSăVDĠLFRPXWDWRUXOWGLQFROR
GHSXQFWXOGHUH]LVWHQĠăVHvQFHSHXQSUR

 7UDSăJOLVDQWă

FHVGHGHVFKLGHUHvQFKLGHUHDXWRPDWvQ $9(57,60(17
GLUHFĠLDFRUHVSXQ]ăWRDUH3XWHĠLRSULIXQF &kQGGHVFKLGHĠLVDXvQFKLGHĠLMDOX]HOHOHSRW
ĠLRQDUHDDXWRPDWăDSăVkQGGLQQRX ILSULQVHSăUĠLDOHFRUSXOXLvQWUHMDOX]HOHúL
FDGUXOVDXWUDSDJOLVDQWă([LVWăXQULVFGH
&DUDFWHULVWLFDGHvQFKLGHUHODSORDLH DFFLGHQW
&DUDFWHULVWLFDGHvQFKLGHUHODSORDLHHVWHGLV &kQGGHVFKLGHĠLVDXvQFKLGHĠLDVLJXUDĠLYăFă
SRQLELOăQXPDLODDXWRYHKLFXOHFXXQVHQ]RU QXH[LVWăSăUĠLDOHFRUSXOXLvQFDOHDMDOX]HOHORU
vQPLúFDUH
'HVFKLGHUHDúLvQFKLGHUHD

GHSORDLH
&kQGFKHLDVHDIOăvQSR]LĠLDGLQFRPXWDWRUXO 'DFăFLQHYDHVWHSULQV
GHFRQWDFWVDXHVWHVFRDVăWUDSDJOLVDQWăVH =HOLEHUDĠLLPHGLDWFRPXWDWRUXOVDX
vQFKLGHDXWRPDW =DSăVDĠLFRPXWDWRUXOvQRULFHGLUHFĠLHvQWLP
=GDFăvQFHSHVăSORXă
SXOSURFHVXOXLGHGHVFKLGHUHvQFKLGHUH
=ODWHPSHUDWXULH[WHULRDUHH[WUHPH DXWRPDWă
=GXSăúDVHRUH 3URFHVXOGHGHVFKLGHUHvQFKLGHUHHVWHRSULW
=GDFăH[LVWăRGHIHFĠLXQHvQDOLPHQWDUHD
HOHFWULFă )XQFĠLHGHUHWUDJHUHMDOX]HOH
7UDSDJOLVDQWăUăPkQHULGLFDWăvQVSDWHSHQWUX
-DOX]HOHOHVXQWGRWDWHFXRIXQFĠLHGHUHWUD
DSHUPLWHYHQWLODUHDLQWHULRUXOXLDXWRYHKLFX
JHUHDXWRPDWă'DFăXQRELHFWEORFKHD]ăVDX
OXOXL
UHVWULFĠLRQHD]ăMDOX]HOHOHvQWLPSXOSURFHVXOXL
G 'DFăWUDSDJOLVDQWăHVWHREVWUXFĠLRQDWă GHvQFKLGHUHMDOX]HOHOHVHGHVFKLGGLQQRX
FkQGHVWHvQFKLVăGHFDUDFWHULVWLFDGH DXWRPDW)XQFĠLDGHUHWUDJHUHDXWRPDWăHVWH
vQFKLGHUHSHWLPSGHSORDLHHDVHvQWUHGHV WRWXúLGRDUXQDMXWRUúLQXSRDWHvQORFXLDWHQ
FKLGHGLQQRX&DUDFWHULVWLFDGHvQFKLGHUH ĠLDGXPQHDYRDVWUăODvQFKLGHUHDMDOX]HOHORU
ODSORDLHHVWHDSRLGH]DFWLYDWă
$9(57,60(17
7UDSDJOLVDQWăQXVHvQFKLGHGDFă )XQFĠLDGHPHUVvQDSRLQXUHDFĠLRQHD]ă
=HVWHULGLFDWăGLQVSDWH
=ODRELHFWHPRLXúRDUHúLVXEĠLULGHH[
=HVWHvQFXLDWă
GHJHWHPLFL
=QXFDGHQLFLXQVWURSGHSORDLHSHVXSUDIDĠD =FkQGUHvQFKLGHĠLPDQXDOMDOX]HOHOHLPHGLDW
GHSDUEUL]PRQLWRUL]DWăGHVHQ]RUXOGH GXSăIXQFĠLDLQYHUVDUHVHQVDXWRPDWă
SORDLHGHH[GHRDUHFHDXWRYHKLFXOXOHVWH $FHDVWDvQVHDPQăFăIXQFĠLDGHPHUVvQDSRL
VXEXQSRG QXSRDWHSUHYHQLSHULFROXOGHSULQGHUHvQ
DFHVWHVLWXDĠLL([LVWăXQULVFGHDFFLGHQW
&kQGvQFKLGHĠLDVLJXUDĠLYăFăQXH[LVWăSăUĠL
8WLOL]DUHDMDOX]HOHORUSHQWUXWUDSDJOL
DOHFRUSXOXLvQFDOHDMDOX]HOHORUvQPLúFDUH
VDQWă
'DFăFLQHYDHVWHSULQV
1RWHJHQHUDOH =HOLEHUDĠLLPHGLDWFRPXWDWRUXOVDX
-DOX]HOHOHSURWHMHD]ăLQWHULRUXODXWRYHKLFXOX =DSăVDĠLFRPXWDWRUXOvQRULFHGLUHFĠLHvQWLP
OXLGHOXPLQDVRODUă&HOHGRXăMDOX]HOHSRWIL SXOSURFHVXOXLGHGHVFKLGHUHvQFKLGHUH
GHVFKLVHúLvQFKLVHVLPXOWDQQXPDLFkQGWUDSD DXWRPDWă
JOLVDQWăHVWHvQFKLVă 3URFHVXOGHvQFKLGHUHHVWHRSULW
7UDSăJOLVDQWă 

'HVFKLGHUHDúLvQFKLGHUHD VăJHDWDDSkQăFkQGMDOX]HOHOHVXQWGHV
FKLVHFXDSUR[LPDWLYFP
 7UDJHĠLFRPXWDWRUXOWvQPRGUHSHWDW
SkQăODSXQFWXOGHUH]LVWHQĠăvQGLUHFĠLD
LQGLFDWăGHVăJHDWD‡SkQăFkQGMDOX]HOHOH
VXQWFRPSOHWvQFKLVH
 0HQĠLQHĠLFRPXWDWRUXOWWUDVvQFăR

'HVFKLGHUHDúLvQFKLGHUHD
VHFXQGă
 $VLJXUDĠLYăFăWUDSDJOLVDQWăúLMDOX]HOHOH
SRWILFRPSOHWUHGHVFKLVHúLUHvQFKLVH
3DJLQD 
3DQRXGHFRPDQGăVLWXDWSHSODIRQ  'DFăQXVHUHGHVFKLGUHSHWDĠLSDúLLGHPDL

C 3HQWUXDGHVFKLGH VXVGLQQRX
D 3HQWUXDGHVFKLGH  'DFăWUDSDJOLVDQWăúLMDOX]HOHOHQXSRWIL
‡ 3HQWUXDvQFKLGH GHVFKLVHVDXvQFKLVHFRPSOHWGXSăUHVH
WDUHFRQWDFWDĠLXQDWHOLHUGHVSHFLDOLWDWH
 5RWLĠLFKHLDvQSR]LĠLDVDXvQFRPXWDWRUXO
DXWRUL]DW
GHFRQWDFW
 $SăVDĠLVDXWUDJHĠLFRPXWDWRUXOWvQ
GLUHFĠLDFRUHVSXQ]ăWRDUH 3UREOHPHODWUDSDJOLVDQWă
G 'DFăDSăVDĠLFRPXWDWRUXOWGLQFROR
3UREOHPăWUDSDQXSRDWHILvQFKLVăúLQX
GHSXQFWXOGHUH]LVWHQĠăVHvQFHSHXQSUR SXWHĠLYHGHDFDX]D
FHVGHGHVFKLGHUHvQFKLGHUHDXWRPDWvQ
GLUHFĠLDFRUHVSXQ]ăWRDUH3XWHĠLRSULIXQF $9(57,60(17
ĠLRQDUHDDXWRPDWăDSăVkQGGLQQRX 'DFăvQFKLGHĠLWUDSDJOLVDQWăGLQQRXLPHGLDW
GXSăFHDIRVWEORFDWăVDXUHVHWDWăWUDSDJOL
5HVHWDUHDWUDSHLJOLVDQWHúLDMDOX]HOHORU VDQWăVHvQFKLGHFXIRUĠăPDLPDUHVDXFX
IRUĠăPD[LPăÌQDFHVWFD]IXQFĠLDGHPHUV
5HVHWDĠLWUDSDJOLVDQWăúLMDOX]HOHOHGDFăWUDSD
vQDSRLQXHVWHDFWLYă3ăUĠLDOHFRUSXOXLDU
JOLVDQWăVDXMDOX]HOHOHQXVHPLúFăXQLIRUP
SXWHDILSULQVHvQ]RQDGHvQFKLGHUHvQWLPSXO
 5RWLĠLFKHLDvQSR]LĠLDVDXvQFRPXWDWRUXO DFHVWXLSURFHV$FHDVWDFUHúWHULVFXOGHDFFL
GHFRQWDFW GHQWVDXFKLDUGHUăQLUHIDWDOă
 $SăVDĠLEXWRQXOWSkQăODSXQFWXOGH $VLJXUDĠLYăFăQXVHDIOăQLFLRSDUWHDFRUSXOXL
UH]LVWHQĠăvQGLUHFĠLDLQGLFDWăGH vQ]RQDGHvQFKLGHUH
VăJHDWDDSkQăFkQGWUDSDJOLVDQWăHVWH 'DFăFLQHYDUăPkQHSULQV
GHVFKLVăFXDSUR[LPDWLYFP
=HOLEHUDĠLLPHGLDWFRPXWDWRUXOVDX
 7UDJHĠLFRPXWDWRUXOWvQPRGUHSHWDW
=DSăVDĠLFRPXWDWRUXOvQRULFHGLUHFĠLHvQWLP
SkQăODSXQFWXOGHUH]LVWHQĠăvQGLUHFĠLD
LQGLFDWăGHVăJHDWD‡SkQăFkQGWUDSDJOL SXOSURFHVXOXLGHGHVFKLGHUHvQFKLGHUH
DXWRPDWă
VDQWăHVWHFRPSOHWvQFKLVă
3URFHVXOGHvQFKLGHUHHVWHRSULW
 0HQĠLQHĠLFRPXWDWRUXOWWUDVvQFăR
VHFXQGă 'DFăWUDSDJOLVDQWăHVWHREVWUXFĠLRQDWăvQ
 $SăVDĠLEXWRQXOWSkQăODSXQFWXOGH WLPSXOvQFKLGHULLúLVHUHGHVFKLGHXúRU
UH]LVWHQĠăvQGLUHFĠLDLQGLFDWăGH  ,PHGLDWGXSăFHWUDSDJOLVDQWăVHEOR
FKHD]ăWUDJHĠLFRPXWDWRUXOWGLQ

 7UDSăJOLVDQWă

SDQRXOGHFRPDQGăVLWXDWSHSODIRQvQMRV
SkQăODSXQFWXOGHUH]LVWHQĠăúLĠLQHĠLOSkQă
FkQGWUDSDJOLVDQWăHVWHvQFKLVă
7UDSDJOLVDQWăHVWHvQFKLVăFXIRUĠăPDL
PDUH
'DFăWUDSDJOLVDQWăHVWHREVWUXFĠLRQDWăGLQ
QRXvQWLPSXOvQFKLGHULLúLVHUHGHVFKLGHXúRU
'HVFKLGHUHDúLvQFKLGHUHD

 ,PHGLDWGXSăFHWUDSDJOLVDQWăVHEOR
FKHD]ăWUDJHĠLFRPXWDWRUXOWGLQ
SDQRXOGHFRPDQGăVLWXDWSHSODIRQvQMRV
SkQăODSXQFWXOGHUH]LVWHQĠăúLĠLQHĠLOSkQă
FkQGWUDSDJOLVDQWăHVWHvQFKLVă
7UDSDJOLVDQWăHVWHvQFKLVăIăUăSURWHFĠLD
DQWLSULQGHUH


,QIRUPDĠLLXWLOH 
3R]LĠLDFRUHFWăDVFDXQXOXLúRIHUX
OXL 
6FDXQH 
9RODQ 
2JOLQ]L 
)XQFĠLHGHPHPRUDUH 

6FDXQHYRODQúLRJOLQ]L
 3R]LĠLDFRUHFWăDVFDXQXOXLúRIHUXOXL

,QIRUPDĠLLXWLOH &kQGUHJODĠLVFDXQXODVLJXUDĠLYăFă
=YăDIODĠLFkWPDLGHSDUWHSRVLELOGHDLUEDJXO
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH úRIHUXOXL
PRGHOHOHVHULLOHúLHFKLSDPHQWXORSĠLRQDO =VWDĠLvQWURSR]LĠLHYHUWLFDOăQRUPDOă
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUăFDUH =SXWHĠLFXSODFRUHVSXQ]ăWRUFHQWXUDGHVLJX
HUDXGLVSRQLELOHvQPRPHQWXOWLSăULULL
UDQĠă
PDQXDOXOXL6XQWSRVLELOHYDULDĠLLQDĠLRQDOH
=DĠLGHSODVDWVSăWDUXOvQWURSR]LĠLHDSURDSH
5HĠLQHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOVă
QXILHHFKLSDWFXWRDWHIXQFĠLLOHGHVFULVH YHUWLFDOă
$FHVWOXFUXHVWHYDODELOúLSHQWUXVLVWHPHOH =DĠLUHJODWXQJKLXOVFDXQXOXLDúDvQFkWFRDS
VHOHGXPQHDYRDVWUăVăILHVXVĠLQXWHXúRU
6FDXQHYRODQúLRJOLQ]L

úLIXQFĠLLOHUHIHULWRDUHODVLJXUDQĠă
=SXWHĠLDSăVDSHGDOHOHFRUHVSXQ]ăWRU
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH 3DJLQD   9HULILFDĠLGDFăWHWLHUDHVWHUHJODWăFRUHV
SXQ]ăWRU
&kQGIDFHĠLDFHVWOXFUXDVLJXUDĠLYăFăDĠL
3R]LĠLDFRUHFWăDVFDXQXOXLúRIHUXOXL UHJODWWHWLHUHOHDúDvQFkWFHDIDVăYăILH
VSULMLQLWăODQLYHOXORFKLORUGHSDUWHDFHQ
WUDOăDWHWLHUHL
 5HVSHFWDĠLLQGLFDĠLLOHGHVLJXUDQĠăSULYLQG
UHJODUHDYRODQXOXL 3DJLQD 
 $VLJXUDĠLYăFăYRODQXOCHVWHUHJODW
FRUHVSXQ]ăWRU
5HJODUHDPDQXDOăDYRODQX
OXL 3DJLQD
5HJODUHHOHFWULFăDYRODQXOXL
3DJLQD
&kQGUHJODĠLYRODQXODVLJXUDĠLYăFă
=SXWHĠLĠLQHYRODQXOFXEUDĠHOHXúRUvQGRLWH
=YăSXWHĠLPLúFDSLFLRDUHOHOLEHU
=SXWHĠLYHGHDFODUWRDWHDILúDMHOHGLQWDEORXO
GHERUG
 5HVSHFWDĠLLQGLFDĠLLOHGHVLJXUDQĠăSULYLQG
FHQWXULOHGHVLJXUDQĠă 3DJLQD 
 9HULILFDĠLGDFăDĠLFXSODWFHQWXUDGHVLJX
 5HVSHFWDĠLLQGLFDĠLLOHGHVLJXUDQĠăSULYLQG UDQĠăDFRUHVSXQ]ăWRU 3DJLQD 
UHJODUHDVFDXQXOXL 3DJLQD 
&HQWXUDGHVLJXUDQĠăWUHEXLH
 $VLJXUDĠLYăFăVFDXQXO‡HVWHUHJODW
=VăVHvQWLQGăELQHSHFRUS
FRUHVSXQ]ăWRU
=VăILHGLULMDWăSHVWHPLMORFXOXPăUXOXLGXP
5HJODUHDPDQXDOăúLHOHFWULFăDVFDXQXOXL
3DJLQD QHDYRDVWUă
=VăILHGLULMDWăvQ]RQDGXPQHDYRDVWUăSHO
5HJODUHDHOHFWULFăDVFDXQXOXL
3DJLQD YLDQăSHVWHDUWLFXODĠLLOHúROGXULORU
 ÌQDLQWHGHDSRUQLUHJODĠLRJOLQGDUHWURYL
]RDUHúLRJOLQ]LOHH[WHULRDUHDVWIHOvQFkWVă
6FDXQH 

DYHĠLRYHGHUHEXQăDVXSUDFRQGLĠLLORUGH 5HVSHFWDĠLQRWHOHSULYLQGDLUEDJXULOH
GUXPúLWUDILF 3DJLQD  )L[DĠLFRSLLLFRQIRUPUHFRPDQGăULORUFRQVXO
 $XWRYHKLFXOHFXRIXQFĠLHGHPHPR WDĠLVHFĠLXQHD3UH]HQĠDFRSLLORUODERUG
UDUHVDOYDĠLVHWăULOHVFDXQXOXLYRODQXOXLúL
RJOLQ]LLH[WHULRDUHFXIXQFĠLDGHPHPRUDUH $9(57,60(17
3DJLQD  $VLJXUDĠLYăFăFHDIDYăHVWHVSULMLQLWăODQLYH
OXORFKLORUGH]RQDFHQWUDOăDWHWLHUHL'DFăQX
YăHVWHVSULMLQLWFRUHFWFDSXOGHWHWLHUăSXWHĠL
6FDXQH VXIHULROH]LXQHFHUYLFDOăJUDYăvQFD]GHDFFL
GHQW1XFRQGXFHĠLQLFLRGDWăGDFăWHWLHUHOH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD

6FDXQHYRODQúLRJOLQ]L
QXVXQWvPELQDWHúLIL[DWHFRUHFW
$9(57,60(17
6FDXQHOHSRWILvQFRQWLQXDUHUHJODWHúLFkQG $9(57,60(17
FKHLDQXVHDIOăvQFRPXWDWRUXOGHFRQWDFW'LQ 2FHQWXUăGHVLJXUDQĠăSRDWHRIHULJUDGXOVăX
DFHVWPRWLYFRSLLLQXWUHEXLHVăILHOăVDĠL SUHYă]XWGHSURWHFĠLHQXPDLFkQGVSăWDUXO
QHVXSUDYHJKHDĠLvQDXWRYHKLFXO$FHúWLDDU HVWHDSURDSHYHUWLFDOúLSDVDJHUXOVWăGUHSW
SXWHDUHJODVFDXQHOHDMXQJkQGSULQúLvQWUH (YLWDĠLSR]LĠLLOHVFDXQXOXLFDUHQXSHUPLWWUH
HOHPHQWH FHUHDFRUHFWăDFHQWXULLGHVLJXUDQĠă5HJODĠL
VSăWDUXODVWIHOvQFkWVăILHFkWPDLGUHSWSRVL
$9(57,60(17 ELO1XFăOăWRULĠLQLFLRGDWăFXVSăWDUXOvQFOLQDW
5HJODĠLVFDXQXOúRIHUXOXLQXPDLFkQGDXWRYH SUHDPXOWvQDSRLÌQFD]FRQWUDUSXWHĠLVXIHUL
KLFXOXOVWDĠLRQHD]ăÌQFD]FRQWUDUYLVHYD UăQLJUDYHVDXFKLDUIDWDOHvQFD]GHDFFLGHQW
GLVWUDJHDWHQĠLDGHODFRQGLĠLLOHUXWLHUHúL VDXIUkQDUHEUXVFă
SXWHĠLSLHUGHFRQWUROXODVXSUDDXWRYHKLFXOXOXL
 3HQWUXDHYLWDGHWHULRUDUHDVFDXQHORUúLD
vQXUPDGHSODVăULLVFDXQXOXL$VWIHOSXWHĠL
SURYRFDXQDFFLGHQW vQFăO]LULLVFDXQXOXLUHVSHFWDĠLXUPăWRDUHOH
LQIRUPDĠLL
$9(57,60(17 =QXYăUVDĠLOLFKLGHSHVFDXQH'DFăVDX

'DFăQXDFRUGDĠLDWHQĠLHUHJOăULLvQăOĠLPLL YăUVDWOLFKLGHSHVFDXQHXVFDĠLOHFkW
VFDXQXOXLGXPQHDYRDVWUăVDXDOWHSHUVRDQH PDLFXUkQGSRVLELO
DĠLSXWHDILSULQVHvQWUHHOHPHQWHVXIHULQG ='DFăKXVHOHVFDXQHORUVXQWXPHGHVDX
UăQL0DLDOHVFRSLLLDUSXWHDDSăVDQHLQWHQ XGHQXDFWLYDĠLvQFăO]LUHDVFDXQXOXL
ĠLRQDWEXWRDQHOHSHQWUXDUHJODHOHFWULFVFDX ÌQFăO]LUHDVFDXQXOXLQXWUHEXLHVăILHXWL
QHOHUăPkQkQGSULQúLvQWUHHOHPHQWH OL]DWăSHQWUXDXVFDVFDXQHOH
$FRUGDĠLDWHQĠLHXUPăWRDUHORUSXQFWH =FXUăĠDĠLKXVHOHVFDXQHORUFRQIRUPUHFR

=FkQGGHSODVDĠLVFDXQHOHPkLQLOHGXPQHD PDQGăULORUFRQVXOWDĠLVHFĠLXQHDÄÌQJULML
YRDVWUăQXWUHEXLHVăLQWUHVXEDQVDPEOXO UHDLQWHULRUXOXL³
=QXWUDQVSRUWDĠLVDUFLQLJUHOHSHVFDXQH
FXPDQHWăDOVLVWHPXOXLGHUHJODUHDVFDX
QXOXL 1XDúH]DĠLRELHFWHDVFXĠLWHSHSHUQHOH
=FRSLLLGHODERUGQXWUHEXLHVăúLLQWURGXFă VFDXQXOXLGHH[FXĠLWHFXLHVDXXQHOWH
PkLQLOHVXEPDQHWH 6FDXQHOHWUHEXLHVăILHRFXSDWHQXPDLGH
SDVDJHULGDFăHVWHSRVLELO
=FkQGvQFăO]LUHDVFDXQXOXLHVWHvQIXQF
$9(57,60(17
$VLJXUDĠLYăFăQXVHSRDWHSULQGHQLPHQL ĠLXQHQXDFRSHULĠLVFDXQHOHFXPDWHULDOH
vQWUHHOHPHQWHFkQGUHJODĠLVFDXQHOH L]RODWRDUHGHH[SăWXULKDLQHSXQJL


 6FDXQH

KXVHGHVFDXQVFDXQHSHQWUXFRSLLVDX 8QJKLSHUQăVFDXQ
VFDXQHGHvQăOĠDUH
 5RWLĠLURDWDGHUHJODUH‡vQGLUHFĠLDGRULWă
 $VLJXUDĠLYăFăQXVHDIOăRELHFWHvQVSD
ĠLXOSHQWUXSLFLRDUHVDXvQVSDWHOHVFDXQHORU
FkQGGHSODVDĠLVFDXQXOvQDSRL([LVWăULVFXO 5HJODUHDHOHFWULFăDVFDXQHORU
FDVFDXQHOHúLVDXRELHFWHOHVăVXIHUH
GHWHULRUăUL
G 7HWLHUHOHGLQFRPSDUWLPHQWXOGLQVSDWH
SRWILVFRDVH 3DJLQD 
6FDXQHYRODQúLRJOLQ]L

3HQWUXPDLPXOWHLQIRUPDĠLLFRQWDFWDĠLXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
G $OWHVXELHFWHDVRFLDWH
=0ăULUHDSRUWEDJDMXOXL UDEDWDUHDEDQ
FKHWHLVSDWHvQDLQWH  3DJLQD

C ÌQăOĠLPHDWHWLHUHL
5HJODUHDPDQXDOăúLHOHFWULFăDVFDX D 8QJKLSHUQăVFDXQ
QHORU ‡ ÌQăOĠLPHVFDXQ
… 5HJODUHIDĠăVSDWHDVFDXQXOXL
ƒ 8QJKLVSăWDU

G $XWRYHKLFXOHFXIXQFĠLHGHPHPRUDUH
GDFă35(6$)(ŠDIRVWGHFODQúDWăVFDXQXO
SDVDJHUXOXLGLQIDĠăYDILGHSODVDWvQWUR
SR]LĠLHPDLEXQăGDFăVHDIODvQDLQWHvQWUR
SR]LĠLHQHIDYRUDELOă
G 3XWHĠLPHPRUDVHWăULOHVFDXQXOXLFXDMX
WRUXOIXQFĠLHLGHPHPRUDUH
C 8QJKLVSăWDU 3DJLQD 
D ÌQăOĠLPHVFDXQ
‡ 8QJKLSHUQăVFDXQ
… 5HJODUHIDĠăVSDWHDVFDXQXOXL

G 5HJODĠLXQJKLXOSHUQHLVFDXQXOXLvQDúDIHO
vQFkWFRDSVHOHYăILHVXVĠLQXWHXúRU

5HJODUHIDĠăVSDWHDVFDXQXOXL
 5LGLFDĠLPDQHWD…úLFXOLVDĠLVFDXQXO
vQDLQWHVDXvQDSRL
 (OLEHUDĠLGLQQRXPDQHWD…
$VLJXUDĠLYăFăDX]LĠLFXPVFDXQXOVH
vPELQăvQSR]LĠLH
6FDXQH 

5HJODUHDWHWLHUHORU 7HWLHUHVFDXQVSDWH

5HJODUHDPDQXDOăDWHWLHUHORU 5HJODUHvQăOĠLPHWHWLHUăVFDXQGLQVSDWH

5HJODUHDvQăOĠLPLLWHWLHUHL

6FDXQHYRODQúLRJOLQ]L
2GDWăFHWHWLHUDHVWHFRERUkWăFRPSOHW
DSăVDĠLSLHGLFDGHHOLEHUDUHC
 3HQWUXDULGLFDWUDJHĠLWHWLHUDvQVXVvQ
 3HQWUXDULGLFDWUDJHĠLWHWLHUDvQVXVvQ
SR]LĠLDGRULWă
SR]LĠLDGRULWă
 3HQWUXDFRERUvDSăVDĠLSLHGLFDGHHOLEH
UDUHCvQGLUHFĠLDLQGLFDWăGHVăJHDWăúL  3HQWUXDFRERUvDSăVDĠLSLHGLFDGHHOLEH
vPSLQJHĠLWHWLHUDvQMRVvQSR]LĠLDGRULWă UDUHCúLvPSLQJHĠLWHWLHUDvQMRVSkQăFkQG
LQWUăvQSR]LĠLDGRULWă
5HJODUHDXQJKLXOXLWHWLHUHORU
5HJODUHXQJKLWHWLHUăVFDXQVSDWH
5HJODĠLWHWLHUHOHDVWIHOvQFkWVăILHFkWPDL
DSURDSHSRVLELOGHFDSXOGXPQHDYRDVWUă
3XWHĠLUHJODQXPDLFHOHGRXăWHWLHUHH[WH
ULRDUH

 ÌPSLQJHĠLVDXWUDJHĠLPDUJLQHDLQIHULRDUăD
WHWLHUHLvQGLUHFĠLDVăJHĠLL

5HJODUHDHOHFWULFăDWHWLHUHORU
 3HQWUXDUHJODvQăOĠLPHDWHWLHUHLFXOLVDĠL  7UDJHĠLVDXvPSLQJHĠLSDUWHDVXSHULRDUăD
FRPXWDWRUXOSHQWUXUHJODUHDWHWLHUHL WHWLHUHLSkQăFkQGLQWUăvQSR]LĠLDGRULWă
3DJLQD vQVXVVDXvQMRVvQGLUHFĠLD
VăJHĠLL 0RQWDUHGHPRQWDUHWHWLHUHVFDXQHGLQ
VSDWH
$9(57,60(17
3DVDJHULLWUHEXLHVăFăOăWRUHDVFăQXPDLDúH
]DĠLSHVFDXQHFDUHDXIL[DWHWHWLHUH$FHDVWD


 6FDXQH

UHGXFHULVFXOGHUăQLUHDSDVDJHUXOXLvQFD]XO 5HJODUHDVXSRUWXOXLORPEDUSH
XQXLDFFLGHQW GLUHFĠLL
3XWHĠLUHJODFRQWXUXOVSăWDUHORUVFDXQHORUGLQ
IDĠăLQGLYLGXDOSHQWUXDDVLJXUDRVXVĠLQHUH
RSWLPăDVSDWHOXLGXPQHDYRDVWUă
6FDXQHYRODQúLRJOLQ]L

 3HQWUXDVFRDWHWUDJHĠLWHWLHUDvQVXVSkQă
ODRSULWRU
 $SăVDĠLSLHGLFDGHHOLEHUDUHCúLWUDJHĠL
C 3HQWUXDULGLFDFRQWXUXOVSăWDUXOXL
WHWLHUDGLQJKLGDMH
D 3HQWUXDDWHQXDFRQWXUXOVSăWDUXOXL
 3HQWUXDPRQWDODORFLQWURGXFHĠLWHWLHUD
DVWIHOvQFkWFUHVWăWXULOHGHSHEDUăVăILHSH ‡ 3HQWUXDFRERUvFRQWXUXOVSăWDUXOXL
VWkQJDFkQGVXQWSULYLWHvQGLUHFĠLDGHPHUV … 3HQWUXDULJLGL]DFRQWXUXOVSăWDUXOXL
 ÌPSLQJHĠLWHWLHUDvQMRVSkQăFkQGRDX]LĠL
FăVHFXSOHD]ăvQSR]LĠLH
3RUQLUHDRSULUHDvQFăO]LULLVFDXQXOXL
3RUQLUHRSULUH
5HJODUHDVXSRUWXOXLORPEDU
3XWHĠLUHJODFRQWXUXOVFDXQXOXLúRIHUXOXLSHQ 3HULFROGHUăQLUH
WUXDDVLJXUDRVXVĠLQHUHRSWLPăDVSDWHOXL 6HWDUHDUHSHWDWăDVLVWHPXOXLGHvQFăO]LUHD
GXPQHDYRDVWUă VFDXQHORUODWUHDSWDSRDWHDYHDGUHSWUH]XO
WDWWHPSHUDWXULH[FHVLYHDOHVFDXQHORU
6ăQăWDWHDSDVDJHULORUFDUHDXRVHQVLELOLWDWH
OLPLWDWăODWHPSHUDWXUăVDXRDELOLWDWHOLPLWDWă
GHDUHDFĠLRQDODWHPSHUDWXULH[FHVLYGHvQDOWH
SRDWHILDIHFWDWăVDXDFHúWLDSRWFKLDUSUH
]HQWDOH]LXQLVLPLODUHDUVXULORU$úDGDUQXXWL
OL]DĠLvQPRGUHSHWDWWUHDSWDGHWHPSHUDWXUă
SHQWUXVFDXQH

&HOHWUHLOăPSLLQGLFDWRDUHURúLLGLQEXWRQ
LQGLFăQLYHOXOGHvQFăO]LUHVHOHFWDWGHGXP
QHDYRDVWUă
 'HSODVDĠLPDQHWDGHUHJODUHCvQGLUHFĠLD
VăJHĠLLSkQăFkQGFRQWXUXOVSăWDUXOXLGRULW G 'DFăWHQVLXQHDEDWHULHLHVWHSUHD
HVWHREĠLQXW VFă]XWăvQFăO]LUHDVFDXQXOXLVHSRDWH
GH]DFWLYD
6FDXQH 

G 'DFăWHQVLXQHDEDWHULHLHVWHSUHD
VFă]XWăYHQWLODUHDVFDXQXOXLVHSRDWH
GH]DFWLYD

6FDXQHYRODQúLRJOLQ]L
6FDXQúRIHUúLSDVDJHUGLQIDĠă
6LVWHPXOFRPXWăDXWRPDWGHODQLYHOXOOD
QLYHOXOGXSăDSUR[LPDWLYRSWPLQXWH
6LVWHPXOFRPXWăDXWRPDWGHODQLYHOXOOD  $VLJXUDĠLYăFăvQFRPXWDWRUXOGHSRUQLUH
QLYHOXOGXSăDSUR[LPDWLY]HFHPLQXWH FKHLDVHDIOăvQSR]LĠLDVDX
6LVWHPXOVHRSUHúWHDXWRPDWODDSUR[LPDWLY  3HQWUXDSRUQLDSăVDĠLEXWRQXOCUHSHWDW
GHPLQXWHGXSăFHHVWHVHWDWODQLYHOXO SkQăFkQGQLYHOXOGHYHQWLODUHGRULWHVWH
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHSRUQLUH VHWDW
FKHLDVHDIOăvQSR]LĠLDVDX
G 3XWHĠLGHVFKLGHJHDPXULOHODWHUDOHúL
 3HQWUXDSRUQLDSăVDĠLEXWRQXOCvQPRG
WUDSDJOLVDQWăFXDMXWRUXOIXQFĠLHLÄ'HVFKL
UHSHWDWSkQăFkQGQLYHOXOGHvQFăO]LUHGRULW GHUHDVLVWDWă´ 3DJLQD 9HQWLODUHD
HVWHVHWDW VFDXQXOXLSHQWUXVFDXQXOúRIHUXOXLFRPXWă
 3HQWUXDRSULDSăVDĠLEXWRQXOCvQPRG DXWRPDWODFHOPDLvQDOWQLYHO
UHSHWDWSkQăFkQGWRDWHOăPSLOHLQGLFD  3HQWUXDRSULDSăVDĠLEXWRQXOCUHSHWDW
WRDUHVHVWLQJ
SkQăFkQGWRDWHOăPSLOHLQGLFDWRDUHVH
VWLQJ
3UREOHPHODvQFăO]LUHDVFDXQXOXL
ÌQFăO]LUHDVFDXQXOXLVDGH]DFWLYDWSUHPDWXU 3UREOHPHODYHQWLODUHDVFDXQXOXL
VDXQXSRDWHILDFWLYDWă7HQVLXQHDGLQVLVWH
9HQWLODUHDVFDXQXOXLVDGH]DFWLYDWSUHPDWXU
PXOHOHFWULFDODXWRYHKLFXOXOXLHVWHSUHD
VDXQXSRDWHILDFWLYDWă7HQVLXQHDGLQVLVWH
VFă]XWăGHRDUHFHVXQWDFWLYDĠLSUHDPXOĠL
PXOHOHFWULFDODXWRYHKLFXOXOXLHVWHSUHD
FRQVXPDWRULHOHFWULFL
VFă]XWăGHRDUHFHVXQWDFWLYDĠLSUHDPXOĠL
 2SULĠLFRQVXPDWRULLHOHFWULFLGHFDUHQX FRQVXPDWRULHOHFWULFL
DYHĠLQHYRLHFXPDUILvQFăO]LUHDOXQHWHLVDX  2SULĠLFRQVXPDWRULLHOHFWULFLGHFDUHQX
LOXPLQDUHDLQWHULRDUă
DYHĠLQHYRLHFXPDUILvQFăO]LUHDOXQHWHLVDX
LOXPLQDUHDLQWHULRDUă
3RUQLUHDRSULUHDYHQWLOăULLVFDXQXOXL
3RUQLUHRSULUH
&HOHWUHLOăPSLLQGLFDWRDUHDOEDVWUHGLQ
EXWRDQHLQGLFăQLYHOXOGHYHQWLODĠLHVHOHFWDW
GHGXPQHDYRDVWUă


 9RODQ

9RODQ 5HJODUHDHOHFWULFăDYRODQXOXL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$9(57,60(17
1XUHJODĠLYRODQXOvQWLPSXOFRQGXFHULL5HJOD
UHDYRODQXOXLvQWLPSXOFRQGXFHULLVDXFRQGX
FHUHDIăUăDDYHDIXQFĠLDGHUHJODUHDYRODQXOXL
EORFDWăSRDWHGXFHODSLHUGHUHDFRQWUROXOXL
DVXSUDDXWRYHKLFXOXOXLGHFăWUHúRIHU
)XQFĠLDGHUHJODUHHOHFWULFăDYRODQXOXLSRDWH
6FDXQHYRODQúLRJOLQ]L

ILDFĠLRQDWăvQRULFHPRPHQW3ULQXUPDUHQX
OăVDĠLFRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKLFXOúL
C 3HQWUXDUHJODvQăOĠLPHDYRODQXOXL
QXOHSHUPLWHĠLDFFHVXOODXQDXWRYHKLFXOGHV
FXLDW$FFHVXOQHVXSUDYHJKHDWDOFRSLLORUOD D 3HQWUXDUHJODSR]LĠLDYRODQXOXL UHJODUH
DXWRYHKLFXOSRDWHSURYRFDXQDFFLGHQWúLVDX IDĠăúLVSDWH
UăQLSHUVRQDOHJUDYH G $OWHVXELHFWHDVRFLDWH
=&DUDFWHULVWLFD($6<(175<(;,7
3DJLQD
5HJODUHDPDQXDOăDYRODQXOXL
=6HWăULGHPHPRUDUH 3DJLQD

&DUDFWHULVWLFD($6<(175<(;,7
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$9(57,60(17
$VLJXUDĠLYăFăQXVHSRDWHSULQGHQLPHQL
vQWUHHOHPHQWHFkQGDFWLYDĠLFDUDFWHULVWLFD
($6<(175<(;,7
'DFăH[LVWăULVFXOFDFLQHYDVăUăPkQăSULQV
C 0DQHWăGHHOLEHUDUH vQWUHUXSHĠLSURFHGXUDGHUHJODUH3HQWUXDRSUL
D 3HQWUXDUHJODvQăOĠLPHDYRODQXOXL SURFHGXUD
‡ 3HQWUXDUHJODSR]LĠLDYRODQXOXL UHJODUH =DSăVDĠLEXWRQXOGHUHJODUHDFRORDQHLGH
IDĠăúLVSDWH GLUHFĠLH
 ÌPSLQJHĠLPDQHWDGHHOLEHUDUHCFRPSOHW =DSăVDĠLVFXUWXQXOGLQWUHEXWRDQHOHGHSR]L

vQMRV ĠLHDOHIXQFĠLHLGHPHPRUDUH
&RORDQDGHGLUHFĠLHHVWHGHEORFDWă &RORDQDGHGLUHFĠLHVHRSUHúWHLPHGLDWGLQ
 5HJODĠLYRODQXOvQSR]LĠLDGRULWă GHSODVDUH
 ÌPSLQJHĠLPDQHWDGHHOLEHUDUHCFRPSOHW 1XPHQĠLQHĠLEXWRQXOGHSR]LĠLHDOIXQFĠLHLGH
vQVXV PHPRUDUHDSăVDWvQFD]FRQWUDUIXQFĠLDGH
&RORDQDGHGLUHFĠLHHVWHEORFDWă PHPRUDUHVHYDODQVDúLYRODQXOúLVFDXQXOYRU
 9HULILFDĠLGDFăFRORDQDGHGLUHFĠLHHVWHEOR
vQFHSHVăVHPLúWH
FDWă&kQGHIHFWXDĠLYHULILFDUHDvQFHUFDĠL 1XOăVDĠLQLFLRGDWăFRSLLLQHVXSUDYHJKHDĠLvQ
VăvPSLQJHĠLYRODQXOvQVXVVDXvQMRVVDX DXWRYHKLFXO$FHúWLDDUSXWHDGHVFKLGHSRU
vQFHUFDĠLVăOPLúFDĠLvQDLQWHúLvQDSRL WLHUDúRIHUXOXLDFWLYkQGvQFRQVHFLQĠăQHLQ
2JOLQ]L 

WHQĠLRQDWFDUDFWHULVWLFD($6<(175<úL GHVFKLVă$FHDVWDVXUYLQHLQGLIHUHQWGHSR]L
UăPkQkQGSULQúLvQWUHHOHPHQWH ĠLDFKHLLvQFRPXWDWRUXOGHSRUQLUH$VWIHO
LHúLUHDGLQDXWRYHKLFXOúLVDOYDUHDSDVDJHULORU
&DUDFWHULVWLFD($6<(175<(;,7VLPSOLILFă HVWHPDLXúRDUă
LQWUDUHDúLLHúLUHDGLQDXWRYHKLFXO &DUDFWHULVWLFD($6<(;,7 ,(ù,5(8ù2$5Ă
3XWHĠLDFWLYDúLGH]DFWLYDFDUDFWHULVWLFD($6< FXUHDFĠLLODFROL]LXQLHVWHIXQFĠLRQDOăGRDU
(175<(;,7 ,175$5(,(ù,5(8ù2$5Ă vQ GDFăFDUDFWHULVWLFD($6<(;,7(175<
FDOFXODWRUXOGHERUG 3DJLQD  ,175$5(,(ù,5(8ù2$5Ă HVWHDFWLYDWăvQ
FDOFXODWRUXOGHERUG
3R]LĠLDYRODQXOXLFkQGFDUDFWHULVWLFD

6FDXQHYRODQúLRJOLQ]L
($6<(175<(;,7HVWHDFWLYă
2JOLQ]L
9RODQXOVHvQFOLQăvQVXVGDFă
=VFRDWHĠLFKHLDGLQFRPXWDWRUXOGHSRUQLUH 2JOLQGăUHWURYL]RDUH
=GHVFKLGHĠLSRUWLHUDúRIHUXOXLúL.(</(66
*2HVWHvQSR]LĠLD
=GHVFKLGHĠLSRUWLHUDúRIHUXOXLúLFKHLDHVWH
vQSR]LĠLDVDXvQFRPXWDWRUXOGHSRUQLUH
G 9RODQXOVHGHSODVHD]ăQXPDLvQVXVGDFă
QXDDWLQVGHMDRSULWRUXOGHFDSăWVXSHULRU

3R]LĠLDYRODQXOXLSHQWUXFRQGXFHUH
9RODQXOHVWHGHSODVDWvQSR]LĠLDVHWDWăDQWH
ULRUGDFă
 0RGDQWLRUELUHGHSODVDĠLFRPXWDWRUXO
=SRUWLHUDúRIHUXOXLHVWHvQFKLVăúL
DQWLRUELUHCvQDLQWHVDXvQDSRL
=LQWURGXFHĠLFKHLDvQFRPXWDWRUXOGHSRUQLUH

VDX
=DSăVDĠLEXWRQXOGH3RUQLUH2SULUHRGDWăOD 2JOLQ]LH[WHULRDUH
DXWRYHKLFXOHOHFX.(</(66*2
5HJODUHDRJOLQ]LORUH[WHULRDUH
'DFăvQFKLGHĠLSRUWLHUDúRIHUXOXLFXFKHLD
LQWURGXVăvQFRPXWDWRUXOGHSRUQLUHYRODQXO $9(57,60(17
HVWHGHDVHPHQHDGHSODVDWDXWRPDWvQSR]LĠLD 2JOLQ]LOHH[WHULRDUHUHGXFPăULPHDLPDJLQLL
VHWDWăDQWHULRU 2ELHFWHOHVXQWGHIDSWPDLDSURSLDWHGHFkW
8OWLPDSR]LĠLHDYRODQXOXLHVWHPHPRUDWă SDU(VWHSRVLELOVăDSUHFLDĠLLQFRUHFWGLVWDQĠD
GXSăFHGHFXSODĠLFRQWDFWXOVDXFkQGPHPR IDĠăGHDXWRYHKLFXOHOHGLQVSDWHúLVăSURYR
UDĠLVHWDUHDFXIXQFĠLDGHPHPRUDUH FDĠLXQDFFLGHQWGHH[ODVFKLPEDUHDEHQ]LL
3DJLQD  'LQDFHVWPRWLYDVLJXUDĠLYăSULYLQGGLVWDQĠD
UHDOăIDĠăGHDXWRYHKLFXOXOGLQVSDWHDUXQFkQG
&DUDFWHULVWLFă($6<(;,7 ,(ù,5( RSULYLUHUDSLGăSHVWHXPăU
8ù2$5Ă FXUHDFĠLLODFROL]LXQL
2JOLQ]LOHH[WHULRDUHFRQYH[HRIHUăXQFkPS
'DFăVHGHFODQúHD]ăFDUDFWHULVWLFD($6< GHYL]LELOLWDWHPDLODUJ
(;,7 ,(ù,5(8ù2$5Ă FXUHDFĠLLODFROL]LXQLvQ
2JOLQ]LOHH[WHULRDUHVXQWvQFăO]LWHDXWRPDW
FD]GHDFFLGHQWFRORDQDGHGLUHFĠLHVHYD
GXSăSRUQLUHDDXWRYHKLFXOXOXLGDFăvQFăO]LUHD
GHSODVDvQVXVFkQGSRUWLHUDúRIHUXOXLHVWH
OXQHWHLHVWHSRUQLWăúLWHPSHUDWXUDH[WHULRDUă

 2JOLQ]L

HVWHVFă]XWăÌQFăO]LUHDOXQHWHLGXUHD]ăSkQă 5DEDWDUHDVDXH[WLQGHUHDHOHFWULFăD
ODPLQXWH RJOLQ]LORUH[WHULRDUH
G 3XWHĠLGHDVHPHQHDVăvQFăO]LĠLPDQXDO
RJOLQ]LOHH[WHULRDUHSULQSRUQLUHDvQFăO]LULL
OXQHWHL
6FDXQHYRODQúLRJOLQ]L

 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHSRUQLUH
FKHLDVHDIOăvQSR]LĠLDVDX
 $SăVDĠLVFXUWEXWRQXOC
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHSRUQLUH $PEHOHRJOLQ]LH[WHULRDUHVHUDEDWHD]ăVDX
FKHLDVHDIOăvQSR]LĠLDVDX VHH[WLQG
 $SăVDĠLEXWRQXOCSHQWUXRJOLQGDH[WH
G $VLJXUDĠLYăFăRJOLQ]LOHH[WHULRDUHVXQW
ULRDUăGHSHSDUWHDVWkQJăVDXEXWRQXOD vQWRWGHDXQDH[WLQVHFRPSOHWvQWLPSXOFRQ
SHQWUXRJOLQGDH[WHULRDUăGHSHSDUWHD GXFHULLÌQFD]FRQWUDUDUSXWHDVăYLEUH]H
GUHDSWă
/DPSDLQGLFDWRDUHGLQEXWRQXODIHUHQWVH 6HWDUHDRJOLQ]LORUH[WHULRDUH
DSULQGHvQURúX
/DPSDLQGLFDWRDUHVHVWLQJHGLQQRXGXSă 'DFăEDWHULDDIRVWGHFRQHFWDWăVDXFRPSOHW
FkWYDWLPS3XWHĠLUHJODRJOLQGDVHOHFWDWă GHVFăUFDWăRJOLQ]LOHH[WHULRDUHWUHEXLHVăILH
FXDMXWRUXOEXWRQXOXLGHUHJODUH‡FkW UHVHWDWHÌQFD]FRQWUDURJOLQ]LOHH[WHULRDUH
ODPSDLQGLFDWRDUHHVWHDSULQVă QXVHYRUUDEDWDFkQGVHOHFWDĠLIXQFĠLDÄ5DED
WDUHRJOLQ]LODvQFXLHUH´GLQFDOFXODWRUXOGH
 $SăVDĠLEXWRQXOGHUHJODUH‡vQVXVvQMRV
ERUG 3DJLQD 
VDXODVWkQJDRULODGUHDSWDSkQăFkQGDĠL
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHSRUQLUH
UHJODWRJOLQGDH[WHULRDUăvQSR]LĠLDFRUHFWă
7UHEXLHVăDYHĠLRYL]LELOLWDWHEXQăDFRQGL FKHLDVHDIOăvQSR]LĠLD
ĠLLORUGLQWUDILF  $SăVDĠLVFXUWEXWRQXOC

5DEDWDUHH[WLQGHUHDXWRPDWăDRJOLQ]L
ORUH[WHULRDUH
'DFăIXQFĠLDÄ5DEDWDUHRJOLQ]LODvQFXLHUH´
HVWHDFWLYDWăvQFDOFXODWRUXOGHERUG
3DJLQD 
=RJOLQ]LOHH[WHULRDUHVHUDEDWHD]ăDXWRPDW
LPHGLDWFHvQFXLDĠLDXWRYHKLFXOXOGLQH[WH
ULRU
=RJOLQ]LOHH[WHULRDUHVHH[WLQGGLQQRXDXWR
PDWLPHGLDWFHGHVFXLDĠLDXWRYHKLFXOXOúL
2JOLQ]L 

DSRLGHVFKLGHĠLSRUWLHUDúRIHUXOXLVDXFHDD 3R]LĠLDGHSDUFDUHSHQWUXRJOLQGD
SDVDJHUXOXLGLQIDĠă H[WHULRDUăSHSDUWHDSDVDJHUXOXLGLQ
G 'DFăRJOLQ]LOHH[WHULRDUHDXIRVWUDEDWDWH IDĠă
PDQXDOHOHQXVHYRUH[WLQGH 6HWDUHDúLPHPRUDUHDSR]LĠLHLGHSDU
FDUH
2JOLQGăH[WHULRDUăGHUHJODWăGLQSR]LĠLH
8WLOL]DUHWUHDSWăGHPHUVvQDSRL
'DFăRRJOLQGăH[WHULRDUăDIRVWVFRDVăGLQ
SR]LĠLDVDSURFHGDĠLGXSăFXPXUPHD]ă 3XWHĠLUHJODRJOLQGDH[WHULRDUăGHSHSDUWHD
SDVDJHUXOXLGLQIDĠăDVWIHOvQFkWVăYHGHĠL
 $XWRYHKLFXOHIăUăRJOLQ]LH[WHULRDUHFX
URDWDGLQVSDWHGHSHSDUWHDUHVSHFWLYăLPH

6FDXQHYRODQúLRJOLQ]L
UDEDWDUHHOHFWULFăGHSODVDĠLRJOLQGDH[WH GLDWFHFXSODĠLWUHDSWDGHPHUVvQDSRL3XWHĠL
ULRDUăvQSR]LĠLDFRUHFWăPDQXDO PHPRUDDFHDVWăSR]LĠLH
 $XWRYHKLFXOHFXRJOLQ]LH[WHULRDUHFX
UDEDWDUHHOHFWULFăSkQăFkQGDX]LĠLXQ
FOLFLDUDSRLRJOLQGDVHFXSOHD]ăvQSR]LĠLH
3DJLQD
&DUFDVDRJOLQ]LLHVWHGLQQRXvPELQDWăúL
SXWHĠLUHJODRJOLQ]LOHH[WHULRDUHGXSăFXP
HVWHQRUPDO 3DJLQD 

2JOLQ]LDQWLRUELUHDXWRPDWH
$9(57,60(17
 $VLJXUDĠLYăFăDXWRYHKLFXOXOVWDĠLRQHD]ăúL
'DFăOXPLQDLQFLGHQWăSURYHQLWăGHODIDUXUL
FăDĠLDGXVFKHLDvQSR]LĠLDvQFRPXWDWRUXO
HVWHvPSLHGLFDWăVăDMXQJăODVHQ]RUXOGLQ
GHSRUQLUH
RJOLQGDUHWURYL]RDUHGHEDJDMHOHDUDQMDWH
 $SăVDĠLEXWRQXODSHQWUXRJOLQGDH[WH
SUHDVXVvQDXWRYHKLFXOGHH[HPSOXIXQFĠLD
DXWRPDWăDQWLRUELUHDRJOLQ]LLQXYDIXQF ULRDUăSHSDUWHDSDVDJHUXOXLGLQIDĠă
ĠLRQD  &XSODĠLWUHDSWDGHPHUVvQDSRL
/XPLQDLQFLGHQWăYDUSXWHDDVWIHORUEL(DYă 2JOLQGDH[WHULRDUăGHSHSDUWHDSDVDJHUX
SRDWHGLVWUDJHDWHQĠLDGHODFRQGLĠLLOHGHWUDILF OXLGLQIDĠăLQWUăvQSR]LĠLDGHSDUFDUHSUH
úLGUHSWXUPDUHSXWHĠLSURYRFDXQDFFLGHQW VHWDWă
 8WLOL]DĠLEXWRQXOGHUHJODUH‡SHQWUXD
2JOLQGDUHWURYL]RDUHúLRJOLQGDH[WHULRDUăGH UHJODRJOLQGDH[WHULRDUăvQWURSR]LĠLHFDUH
SHSDUWHDúRIHUXOXLLQWUăDXWRPDWvQPRGXO VăYăSHUPLWăVăYHGHĠLURDWDGLQVSDWHúL
DQWLRUELUHGDFăXUPăWRDUHOHFRQGLĠLLVXQW ERUGXUD
vQGHSOLQLWHVLPXOWDQ 3R]LĠLDGHSDUFDUHHVWHPHPRUDWă
=FRQWDFWXOHVWHFXSODWúL G &kQGFXSODĠLWUDQVPLVLDvQDOWăSR]LĠLH
=OXPLQDLQFLGHQWăGHODIDUXULDMXQJHODVHQ RJOLQGDH[WHULRDUăGHSHSDUWHDSDVDJHUXOXL
]RUXOGLQRJOLQGDUHWURYL]RDUH GLQIDĠăUHYLQHODSR]LĠLDGHFRQGXFHUH
2JOLQ]LOHQXLQWUăvQPRGXODQWLRUELUHGDFă 8WLOL]DUHEXWRQGHPHPRUDUH
WUHDSWDGHPHUVvQDSRLHVWHFXSODWăVDXGDFă
3XWHĠLUHJODRJOLQGDH[WHULRDUăGHSHSDUWHD
LOXPLQDUHDLQWHULRDUăHVWHSRUQLWă
SDVDJHUXOXLGLQIDĠăDVWIHOvQFkWVăYHGHĠL
URDWDGLQVSDWHGHSHSDUWHDUHVSHFWLYăLPH
GLDWFHFXSODĠLWUHDSWDGHPHUVvQDSRL6HWD


 )XQFĠLHGHPHPRUDUH

UHDSRDWHILPHPRUDWăFXDMXWRUXOEXWRQXOXL $9(57,60(17
GHPHPRUDUH0… )XQFĠLDGHPHPRUDUHSRDWHILXWLOL]DWăvQFRQ
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHSRUQLUH WLQXDUHúLGXSăFHFKHLDDIRVWVFRDVă'LQ
FKHLDVHDIOăvQSR]LĠLD DFHVWPRWLYFRSLLLQXWUHEXLHVăILHOăVDĠL
 &XRJOLQGDH[WHULRDUăGHSHSDUWHDSDVDJH QHVXSUDYHJKHDĠLvQDXWRYHKLFXOÌQFD]FRQ
UXOXLGLQIDĠăDFWLYDWăXWLOL]DĠLEXWRQXOGH WUDUDFHúWLDDUSXWHDUăPkQHSULQúLvQWUHHOH
UHJODUH‡SHQWUXDUHJODRJOLQGDH[WH PHQWHFkQGUHJOHD]ăVFDXQXOVDXYRODQXO
ULRDUă5RDWDGLQVSDWHúLERUGXUDDUWUHEXL
&XIXQFĠLDGHPHPRUDUHSXWHĠLVWRFDSkQăOD
VăILHYL]LELOHvQRJOLQGDH[WHULRDUă
WUHLVHWăULGLIHULWHGHH[SHQWUXWUHLSHUVRDQH
 $SăVDĠLEXWRQXOGHPHPRUDUH0…úLXQD
6FDXQHYRODQúLRJOLQ]L

GLIHULWH
GLQWUHVăJHĠLOHGHSHEXWRQXOGHUHJODUH
8UPăWRDUHOHVHWăULVXQWVWRFDWHFDXQDQVDP
‡vQGHFXUVGHWUHLVHFXQGH
EOXSUHVHWDWvQPHPRULHXQLF
3R]LĠLDGHSDUFDUHHVWHPHPRUDWăGDFă =SR]LĠLDVFDXQXOXLVSăWDUXOXLúLWHWLHUHL
RJOLQGDH[WHULRDUăQXVHGHSODVHD]ă
=SHSDUWHDúRIHUXOXLSR]LĠLDYRODQXOXL
 'DFăRJOLQGDLHVHGLQSR]LĠLHUHSHWDĠLSDúLL
=SHSDUWHDúRIHUXOXLSR]LĠLDRJOLQ]LORUH[WH
ULRDUHSHSDUWHDúRIHUXOXLúLDSDVDJHUXOXL
$SHODUHDXQHLVHWăULGHSR]LĠLHGHSDU GLQIDĠă
FDUHPHPRUDWH
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
SRUQLUH
 5HJODĠLRJOLQGDH[WHULRDUăSHSDUWHDSDVD
JHUXOXLGLQIDĠăGHODEXWRQXOD
 &XSODĠLWUHDSWDGHPHUVvQDSRL
2JOLQGDH[WHULRDUăGHSHSDUWHDSDVDJHUX
OXLGLQIDĠăLQWUăvQSR]LĠLDGHSDUFDUHPHPR
UDWă
2JOLQGDH[WHULRDUăGHSHSDUWHDSDVDJHUXOXL
GLQIDĠăUHYLQHvQSR]LĠLDVDLQLĠLDOă  5HJODĠLVFDXQXO 3DJLQD 
=LPHGLDWFHGHSăúLĠLRYLWH]ăGHNPK  3HSDUWHDúRIHUXOXLUHJODĠLYRODQXO
=GDFăDSăVDĠLEXWRQXOCSHQWUXRJOLQGD 3DJLQD úLRJOLQ]LOHH[WHULRDUH
H[WHULRDUăSHSDUWHDúRIHUXOXL 3DJLQD 
 $SăVDĠLVFXUWEXWRQXOGHPHPRUDUH0úL
DSRLDSăVDĠLEXWRQXOSR]LĠLHLGHPHPRUDUH
)XQFĠLHGHPHPRUDUH VDXvQLQWHUYDOGHWUHLVHFXQGH
6HWăULOHVXQWPHPRUDWHvQSR]LĠLDSUHVHWDWă
6HWăULGHPHPRUDUH
VHOHFWDWă6HHPLWHXQVHPQDOVRQRUFkQG
$9(57,60(17 VHWăULOHDXIRVWILQDOL]DWH
8WLOL]DĠLIXQFĠLDGHPHPRUDUHGHSHSDUWHD
úRIHUXOXLQXPDLFkQGDXWRYHKLFXOXOVWDĠLR
QHD]ăÌQFD]FRQWUDUHVWHSRVLELOFDSXQHUHD $SHODUHDXQHLVHWăULPHPRUDWH
vQPLúFDUHDYRODQXOXLúLDVFDXQXOXLVăYăGLV  'DFăGRULĠLVăGHSODVDĠLVFDXQXOGLQSR]L
WUDJăDWHQĠLDGHODFRQGLĠLLOHGLQWUDILFSXWkQG ĠLDGHvQFOLQDUHFRPSOHWăvQSR]LĠLDVWRFDWă
SURYRFDXQDFFLGHQWvQFRQVHFLQĠă DVFDXQXOXLULGLFDĠLPDLvQWkLVSăWDUXO
)XQFĠLHGHPHPRUDUH 

6FDXQXOSRDWHVXIHULGHWHULRUăULvQFD]FRQ
WUDU
 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOGHSR]L
ĠLHGHPHPRUDUHUHOHYDQWVDXSkQă
FkQGVFDXQXOYRODQXOúLRJOLQ]LOHH[WHULRDUH
LQWUăvQSR]LĠLDPHPRUDWă
G 3URFHGXUDGHVHWDUHHVWHvQWUHUXSWăLPH
GLDWFHHOLEHUDĠLEXWRQXOGHSR]LĠLHGH
PHPRUDUH

6FDXQHYRODQúLRJOLQ]L





,QIRUPDĠLLXWLOH 
,OXPLQDUHH[WHULRDUă 
,OXPLQDUHLQWHULRDUă 
ÌQORFXLUHDEHFXULORU 
ùWHUJăWRDUHGHSDUEUL] 

/XPLQLúLúWHUJăWRDUHGHSDUEUL]
 ,OXPLQDUHH[WHULRDUă

,QIRUPDĠLLXWLOH $XWRYHKLFXOHFXIDUXULFXKDORJHQ

G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHVHULLOHúLHFKLSDPHQWXORSĠLRQDO
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUăFDUH
HUDXGLVSRQLELOHvQPRPHQWXOWLSăULULL
PDQXDOXOXL6XQWSRVLELOHYDULDĠLLQDĠLRQDOH
5HĠLQHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOVă
QXILHHFKLSDWFXWRDWHIXQFĠLLOHGHVFULVH
$FHVWOXFUXHVWHYDODELOúLSHQWUXVLVWHPHOH
úLIXQFĠLLOHUHIHULWRDUHODVLJXUDQĠă
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH 3DJLQD   5HJODUHID]ăVFXUWăVLPHWULFă5RWLĠL
/XPLQLúLúWHUJăWRDUHGHSDUEUL]

úXUXEXOGHUHJODUHFXƒvQVHQVDQWLRUDU
vQORFDúC
,OXPLQDUHH[WHULRDUă &RQYHUWLĠLIDUXULOHvQDSRLODID]ăVFXUWăDVLPH
1RWHJHQHUDOH WULFăFkWPDLFXUkQGSRVLELOGXSăFHWUHFHĠL
JUDQLĠDODvQWRDUFHUH
'LQPRWLYHGHVLJXUDQĠă0HUFHGHV%HQ]Yă  5RWLĠLúXUXEXOGHUHJODUHFXƒvQVHQV
UHFRPDQGăVăFRQGXFHĠLFXOXPLQLOHSRUQLWH RUDUvQDSRLODSR]LĠLDLQLĠLDOăvQORFDúC
FKLDUúLSHWLPSGH]LÌQDQXPLWHĠăULXWLOL]DUHD
IDUXULORUYDULD]ăvQIXQFĠLHGHFHULQĠHOHOHJDOH
úLGHREOLJDĠLLOHDXWRLPSXVH $XWRYHKLFXOHFXIDUXULEL[HQRQ
 ÌQDLQWHGHDWUHFHJUDQLĠDVHWDĠLIDUXULOHSH
ID]ăVFXUWăVLPHWULFăLDUODvQWRDUFHUHSH
1RWHSULYLQGFRQGXFHUHDvQ ID]ăVFXUWăDVLPHWULFăFXDMXWRUXOIXQFĠLHL
VWUăLQăWDWH Ä)DUXULSHQWUXID]ăVFXUWăSHQWUXFRQGX
1RWHJHQHUDOH FHUHSHGUHDSWDVDXSHVWkQJD´GLQFDOFX
ODWRUXOGHERUG
'DFăSHSDUFXUVXOFăOăWRULHLDMXQJHĠLvQĠăULvQ
'DFăIDUXULOHVXQWFRQYHUWLWHSHID]ăVFXUWă
FDUHDXWRYHKLFXOHOHVXQWFRQGXVHSHSDUWHD
VLPHWULFăIXQFĠLLOHÄPRGDXWRVWUDGă´úLÄSUR
RSXVăDGUXPXOXLIDĠăGHĠDUDvQFDUHHVWH
LHFWRDUHGHFHDĠăFXEăWDLHH[WLQVă´QXVXQW
vQUHJLVWUDWDXWRYHKLFXOXOIDUXULOHGXPQHD
GLVSRQLELOH
YRDVWUăWUHEXLHVăILHFRPXWDWHSHID]DVFXUWă
VLPHWULFăFkWPDLUHSHGHSRVLELOGXSăWUHFH
UHDJUDQLĠHL$FHDVWDvPSLHGLFăRUELUHDSDUWL
6HWDUHDLOXPLQăULLH[WHULRDUH
FLSDQĠLORUODWUDILFFDUHVHGHSODVHD]ăGLQVHQV
RSXV/XPLQLOHVLPHWULFHQXLOXPLQHD]ăRSRU 2SĠLXQLGHVHWDUH
ĠLXQHDWkWGHPDUHGHSHPDUJLQHDFDURVDEL
OXOXL ,OXPLQDUHDH[WHULRDUăSRDWHILVHWDWăFXDMX
WRUXO
=FRPXWDWRUXOXLGHOXPLQL
=FRQWUROXOXLvQăOĠLPLLIDUXULORU QXPDLDXWR
YHKLFXOHOHFXIDUXULFXKDORJHQ
3DJLQD
,OXPLQDUHH[WHULRDUă 

=FRPXWDWRUXOXLPL[W 3DJLQD 0RGGHIXQFĠLRQDUHDXWRPDWăDIDUXULORU


=FDOFXODWRUXOXLGHERUG 3DJLQD
$9(57,60(17
DXWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOFX &kQGFRPXWDWRUXOGHOXPLQLHVWHVHWDWOD
EXWRDQH VDX 3DJLQD  DXWRYHKL XIDUXULOHSHQWUXID]ăVFXUWăDUSXWHDVă
FXOHOHFXYRODQPXOWLIXQFĠLRQDOFX QXILHDSULQVHDXWRPDWGDFăHVWHFHDĠă
EXWRDQH ]ăSDGăVDXvQFD]XODOWRUFRQGLĠLLPHWHRGH
UHVWULFĠLRQDUHDYL]LELOLWăĠLLFXPDUILEXUQLĠD
&RPXWDWRUGHOXPLQL ([LVWăXQULVFGHDFFLGHQW
8WLOL]DUH ÌQDVHPHQHDVLWXDĠLLURWLĠLFRPXWDWRUXOGH
OXPLQLvQSR]LĠLDX

)XQFĠLDIDUXULORUDXWRPDWHHVWHGRDUXQPLMORF
GHDVLVWDUHDúRIHUXOXLùRIHUXOHVWHUHVSRQ

/XPLQLúLúWHUJăWRDUHGHSDUEUL]
VDELOvQRULFHPRPHQWGHLOXPLQDUHDDXWRYH
KLFXOXOXL
XHVWHVHWDUHDLGHDOăSHQWUXFRPXWDWRUXO
GHOXPLQL6HWDUHDOXPLQLLHVWHVHOHFWDWăDXWR
PDWvQIXQFĠLHGHLQWHQVLWDWHDOXPLQLLDPELHQ
WDOH H[FHSĠLHYL]LELOLWDWHDUHGXVăGDWRUDWă
FRQGLĠLLORUPHWHRFXPDUILFHDĠD]ăSDGDVDX
Gc /ăPSLGHSR]LĠLHGHSHSDUWHDVWkQJă EXUQLĠD 
=&KHLDvQSR]LĠLDvQFRPXWDWRUXOGHFRQ
Hd /ăPSLGHSR]LĠLHGHSHSDUWHD
GUHDSWă WDFWOăPSLOHODWHUDOHGHSR]LĠLHVXQWDSULQVH
I` /ăPSLODWHUDOHGHSR]LĠLHLOXPLQDUHD
VDXVWLQVHDXWRPDWvQIXQFĠLHGHLQWHQVLWD
WHDOXPLQLLDPELHQWDOH
SOăFXĠHLGHvQPDWULFXODUHúLDWDEORX
=&XPRWRUXOSRUQLWGDFăDĠLDFWLYDWIXQFĠLD
OXLGHERUG
JX 0RGXOIXQFĠLRQDUHDXWRPDWăDIDUX PRGGHIXQFĠLRQDUHSHWLPSGH]LDIDUXULORU
ULORUFRQWURODWGHVHQ]RUXOGHOXPLQă SULQLQWHUPHGLXOFDOFXODWRUXOXLGHERUG
PRGXOGHIXQFĠLRQDUHSHWLPSGH]LDIDUX
KX )DUXULSHQWUXID]ăVFXUWăOXQJă
ULORUVDXOăPSLOHODWHUDOHGHSR]LĠLHúLIDUX
„^ /DPSăGHFHDĠăVSDWH ULOHSHQWUXID]ăVFXUWăVXQWDSULQVHVDX
kZ 3URLHFWRUGHFHDĠă QXPDLDXWRYHKL VWLQVHDXWRPDWvQIXQFĠLHGHLQWHQVLWDWHD
FXOHOHFXSURLHFWRDUHGHFHDĠăIDĠă OXPLQLLDPELHQWDOH
'DFăDX]LĠLXQVXQHWGHDYHUWL]DUHFkQGLHúLĠL  3HQWUXDSRUQLPRGXOGHIXQFĠLRQDUH
GLQDXWRYHKLFXOHVWHSRVLELOFDOXPLQLOHVăIL DXWRPDWăDIDUXULORUURWLĠLFRPXWDWRUXO
UăPDVDSULQVH GHOXPLQLvQSR]LĠLDX
 5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD 0RGXOGHIXQFĠLRQDUHSHWLPSGH]LDIDUXULORU
X vPEXQăWăĠHúWHGHWHFWDELOLWDWHDDXWRYHKLFXOX
,OXPLQDUHDH[WHULRDUă FXH[FHSĠLDOăPSLORU OXLGXPQHDYRDVWUăvQWLPSXO]LOHL)XQFĠLD
ODWHUDOHGHSR]LĠLHOăPSLORUGHSR]LĠLH VH ÄPRGGHIXQFĠLRQDUHSHWLPSGH]LDIDUXULORU´
RSUHúWHDXWRPDWGDFă WUHEXLHVăILHDFWLYDWăSULQLQWHUPHGLXOFDOFX
ODWRUXOXLGHERUG 3DJLQD  DXWRYHKL
=VFRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
FXOHOHFXYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
=GHVFKLGHĠLSRUWLHUDúRIHUXOXLFXFKHLDvQ VDX 3DJLQD  DXWRYHKLFXOHOHFXYRODQ
SR]LĠLD PXOWLIXQFĠLRQDOFXEXWRDQH 


 ,OXPLQDUHH[WHULRDUă

&kQGIDUXULOHSHQWUXID]ăVFXUWăVXQWSRUQLWH  $SăVDĠLEXWRQXOZ
ODPSDLQGLFDWRDUHXGLQWDEORXOGHERUG /DPSDLQGLFDWRDUHYHUGHZGLQWDEORXO
VHDSULQGHLDUPRGXOGHIXQFĠLRQDUHSHWLPS GHERUGVHDSULQGH
GH]LDIDUXULORUVHRSUHúWH  3HQWUXDGH]DFWLYDSURLHFWRDUHOHGH

)DUXULSHQWUXID]ăVFXUWă FHDĠăIDĠăDSăVDĠLEXWRQXOZ
/DPSDLQGLFDWRDUHYHUGHZGLQWDEORXO
$9(57,60(17 GHERUGVHVWLQJH
&kQGFRPXWDWRUXOGHOXPLQLHVWHVHWDWOD
1XPDLDXWRYHKLFXOHOHFXOăPSLGHFHDĠăIDĠă
XIDUXULOHSHQWUXID]ăVFXUWăDUSXWHDVă
VXQWGRWDWHFXIXQFĠLDÄ/DPSăGHFHDĠă´SHQ
QXILHDSULQVHDXWRPDWGDFăHVWHFHDĠă
WUXPRGXOGHXWLOL]DUHDOăPSLORUGHFHDĠăOD
]ăSDGăVDXvQFD]XODOWRUFRQGLĠLLPHWHRGH
DXWRYHKLFXOHOHFX6LVWHPXOGHOXPLQLLQWHOL
UHVWULFĠLRQDUHDYL]LELOLWăĠLLFXPDUILEXUQLĠD
JHQWH 3DJLQD 
([LVWăXQULVFGHDFFLGHQW
/XPLQLúLúWHUJăWRDUHGHSDUEUL]

ÌQDVHPHQHDVLWXDĠLLURWLĠLFRPXWDWRUXOGH /DPSăGHFHDĠăVSDWH
OXPLQLvQSR]LĠLDX /DPSDGHFHDĠăGLQVSDWHvPEXQăWăĠHúWHYL]L
ELOLWDWHDDXWRYHKLFXOXOXLGXPQHDYRDVWUăSHQ
&kQGFRQWDFWXOHVWHFXSODWúLFRPXWDWRUXOGH WUXSDUWLFLSDQĠLLODWUDILFFDUHYLQGLQVSDWHvQ
OXPLQLHVWHvQSR]LĠLDXOăPSLOHODWHUDOHGH FRQGLĠLLGHFHDĠăGHQVă5HVSHFWDĠLOHJLVODĠLD
SR]LĠLHúLIDUXULOHSHQWUXID]ăVFXUWăVXQW QDĠLRQDOăVSHFLILFăSULYLQGXWLOL]DUHDOăPSLORU
DSULQVHFKLDUGDFăVHQ]RUXOGHOXPLQăQXVHVL GHFHDĠăGLQVSDWH
]HD]ăFRQGLĠLLOHGHLOXPLQDUHDPELHQWDOă  3HQWUXDSRUQLODPSDGHFHDĠăGLQ
UHGXVă$FHVWOXFUXHVWHDYDQWDMRVvQFRQGLĠLL
VSDWHURWLĠLFKHLDvQFRPXWDWRUXOGHFRQ
GHFHDĠăVDXSORDLH
WDFWvQSR]LĠLDVDXSRUQLĠLPRWRUXO
 3HQWUXDSRUQLIDUXULOHSHQWUXID]ă
 5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
VFXUWăURWLĠLFKHLDvQFRPXWDWRUXOGHFRQ XVDXX
WDFWvQSR]LĠLDVDXSRUQLĠLPRWRUXO
 $SăVDĠLEXWRQXO^
 5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
/DPSDLQGLFDWRDUHJDOEHQă^GLQ
X
WDEORXOGHERUGVHDSULQGH
/DPSDLQGLFDWRDUHYHUGHXGLQWDEORXO
 3HQWUXDVWLQJHODPSDGHFHDĠăGLQ
GHERUGVHDSULQGH
VSDWHDSăVDĠLEXWRQXO^
3URLHFWRDUHGHFHDĠă /DPSDLQGLFDWRDUHJDOEHQă^GLQ
ÌQFRQGLĠLLGHYL]LELOLWDWHUHGXVăGDWRUDWăFHĠLL WDEORXOGHERUGVHVWLQJH
]ăSH]LLVDXSORLLOăPSLOHGHFHDĠă
/ăPSLODWHUDOHGHSR]LĠLH
vPEXQăWăĠHVFYL]LELOLWDWHDúLOHRIHUăFHORUODOĠL
SDUWLFLSDQĠLODWUDILFRSRVLELOLWDWHPDLPDUH  'DFăEDWHULDDIRVWGHVFăUFDWăH[FHVLY
GHDYăYHGHD$FHVWHDSRWILXWLOL]DWH OXPLQLOHGHSR]LĠLHODWHUDOHVDXOăPSLOHGH
vPSUHXQăFXOăPSLOHODWHUDOHGHSR]LĠLHVDX SR]LĠLHVXQWDXWRPDWRSULWHSHQWUXDSHU
vPSUHXQăFXOăPSLOHODWHUDOHGHSR]LĠLHúLIDUX PLWHXUPăWRDUHDSRUQLUHDPRWRUXOXL3DU
ULOHSHQWUXID]ăVFXUWă FDĠLvQWRWGHDXQDDXWRYHKLFXOXOGXPQHD
YRDVWUăODORFVLJXUúLVXILFLHQWLOXPLQDWvQ
 3HQWUXDDFWLYDOăPSLOHGHFHDĠăURWLĠL
IXQFĠLHGHVWDQGDUGHOHOHJDOH(YLWDĠLXWLOL
FKHLDvQFRPXWDWRUXOGHFRQWDFWvQSR]LĠLD
]DUHDFRQWLQXăDOXPLQLORUGHSR]LĠLHODWH
VDXSRUQLĠLPRWRUXO
UDOH`WLPSGHFkWHYDRUH'DFăHVWH
 5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
SRVLELOSRUQLĠLODPSDGHSR]LĠLHd
XVDXX GUHDSWDVDXcVWkQJD
,OXPLQDUHH[WHULRDUă 

 3HQWUXDDSULQGHURWLĠLFRPXWDWRUXOGH  3RUQLĠLPRWRUXO
OXPLQLvQSR]LĠLD`  5RWLĠLFRPDQGDGHvQăOĠLPHIDUXULvQSR]LĠLD
ÌQIXQFĠLHGHQLYHOXOGHGRWDUHODPSDLQGL FDUHFRUHVSXQGHVDUFLQLLGLQDXWRYHKLFXO
FDWRDUHYHUGHVDXLOXPLQDUHDVFDOHLGLQ
WDEORXOGHERUGVHDSULQGH
&RPXWDWRUPL[W
/ăPSLGHSR]LĠLH
$SULQGHUHDOăPSLORUGHSR]LĠLHDVLJXUăLOXPL 6HPQDOL]DWRDUHGHGLUHFĠLH
QDUHDODWXULLDIHUHQWHDDXWRYHKLFXOXOXL
 3HQWUXDSRUQLOăPSLOHGHSR]LĠLHFKHLD
QXHVWHvQFRPXWDWRUXOGHFRQWDFWVDXHVWH
vQSR]LĠLD
 5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD

/XPLQLúLúWHUJăWRDUHGHSDUEUL]
c SDUWHDVWkQJăDDXWRYHKLFXOXOXL VDX
d SDUWHDGUHDSWăDDXWRYHKLFXOXOXL 

5HJODUHDvQăOĠLPLLIDUXULORU IDUXULFX
KDORJHQ
&RQWUROXOvQăOĠLPLLIDUXULORUYăSHUPLWHVă C )DUXULSHQWUXID]ăOXQJă
UHJODĠLFRQXOGHOXPLQăHPLVGHIDUXULvQIXQF D 6HPQDOL]DWRUGHGLUHFĠLHGUHDSWD
ĠLHGHQLYHOXOGHvQFăUFDUHDODXWRYHKLFXOXOXL ‡ &OD[RQRSWLFIODVK
… 6HPQDOL]DWRUGHGLUHFĠLHVWkQJD
 3HQWUXDVHPQDOL]DVFXUWDSăVDĠLVFXUW
FRPXWDWRUXOPL[WODSXQFWXOGHSUHVLXQHvQ
GLUHFĠLDLQGLFDWăGHVăJHDWDDVDX…
6HPQDOL]DWRUXOGHGLUHFĠLHFRUHVSXQ]ăWRU
FOLSHúWHGHWUHLRUL
 3HQWUXDVHPQDOL]DDSăVDĠLFRPXWDWRUXO
PL[WGLQFRORGHSXQFWXOGHSUHVLXQHvQ
GLUHFĠLDLQGLFDWăGHVăJHDWDDVDX…

&RPDQGăvQăOĠLPHIDUXUL
)DUXULSHQWUXID]ăOXQJă
Z 6FDXQXOúRIHUXOXLúLVFDXQXOSDVDJHUXOXL
IDĠăRFXSDWH  3HQWUXDSRUQLIDUXULOHSHQWUXID]D
G 6FDXQXOúRIHUXOXLVFDXQXOSDVDJHUXOXL OXQJăURWLĠLFKHLDvQFRPXWDWRUXOGHSRU
IDĠăúLVFDXQHOHGLQVSDWHRFXSDWHSRUW QLUHvQSR]LĠLDVDXSRUQLĠLPRWRUXO
EDJDMXOvQFăUFDW  5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
H 6FDXQXOúRIHUXOXLúLVFDXQXOSDVDJHUXOXL XVDXX
IDĠăRFXSDWHúLVDUFLQDPD[LPăDGPLVăSH  $SăVDĠLFRPXWDWRUXOPL[WGLQFRORGHSXQF
SXQWHDGLQVSDWHXWLOL]DWăGHH[ODWUDF WXOGHSUHVLXQHvQGLUHFĠLDLQGLFDWăGH
WDUHDXQHLUHPRUFL VăJHDWDC
I 1XHVWHFD]XO ÌQSR]LĠLDXIDUXULOHSHQWUXID]ăOXQJă
VXQWSRUQLWHQXPDLFkQGHVWHvQWXQHULFLDU
PRWRUXOHVWHvQIXQFĠLXQH


 ,OXPLQDUHH[WHULRDUă

/DPSDLQGLFDWRDUHWGLQWDEORXOGHERUG /ăPSLOHGHDYDULHVHRSUHVFDXWRPDWGDFă
VHDSULQGHFkQGVXQWDSULQVHIDUXULOHSHQWUX DXWRYHKLFXOXODWLQJHGLQQRXRYLWH]ăGHSHVWH
ID]ăOXQJă NPKGXSăRDFĠLRQDUHWRWDOăDIUkQHL
 3HQWUXDVWLQJHIDUXULOHSHQWUXID]ă G 6HPQDOL]DWRDUHOHGHDYDULHSRWFRQWLQXD
OXQJăGHSODVDĠLFRPXWDWRUXOPL[WvQDSRLvQ VăIXQFĠLRQH]HGDFăDĠLGHFXSODWFRQWDFWXO
SR]LĠLDOXLQRUPDOă
/DPSDLQGLFDWRDUHWGLQWDEORXOGHERUG
VHVWLQJH 6LVWHPFXUăĠDUHIDUXUL
)DUXULOHVXQWFXUăĠDWHDXWRPDWGDFăIXQFĠLD
&OD[RQRSWLFIODVK ÄùWHUJHUHFXOLFKLGGHVSăODUH´HVWHDFĠLRQDWă
 3HQWUXDSRUQLURWLĠLFKHLDvQFRPXWDWRUXO GHFLQFLRULvQWLPSFHOXPLQLOHVXQWDSULQVH
GHSRUQLUHvQSR]LĠLDVDXVDXSRUQLĠL LDUPRWRUXOHVWHvQIXQFĠLXQH 3DJLQD 
/XPLQLúLúWHUJăWRDUHGHSDUEUL]

PRWRUXO &kQGGHFXSODĠLFRQWDFWXOVLVWHPXOGH
 7UDJHĠLFRPXWDWRUXOPL[WvQGLUHFĠLDLQGL FXUăĠDUHDXWRPDWăDIDUXULORUHVWHUHVHWDWúL
FDWăGHVăJHDWD‡ QXPăUăWRDUHDHVWHUHOXDWăGHOD

6LVWHPGHOXPLQLLQWHOLJHQWH
6HPQDOL]DWRDUHGHDYDULH
1RWHJHQHUDOH
6LVWHPXOGHOXPLQLLQWHOLJHQWHHVWHXQVLVWHP
FDUHUHJOHD]ăDXWRPDWIDUXULOHSHQWUXDVH
SRWULYLFRQGLĠLLORUGHFRQGXFHUHúLPHWHRSUH
GRPLQDQWH2IHUăIXQFĠLLDYDQVDWHSHQWUXLOX
PLQDUHvPEXQăWăĠLWăDVXSUDIHĠHLGUXPXOXLGH
H[vQIXQFĠLHGHYLWH]DDXWRYHKLFXOXOXLVDXGH
FRQGLĠLLOHPHWHR6LVWHPXOLQFOXGHIXQFĠLD
OXPLQăDFWLYăLOXPLQDUHDVXSOLPHQWDUăvQ
YLUDMHPRGXODXWRVWUDGăúLSURLHFWRDUHGH
FHDĠăFXUD]ăH[WLQVă6LVWHPXOHVWHDFWLY
/ăPSLOHGHDYDULHVHDSULQGDXWRPDWGDFă GRDUFkQGHVWHvQWXQHULF
=XQDLUEDJHVWHGHFODQúDWVDX 3XWHĠLDFWLYDVDXGH]DFWLYDIXQFĠLDÄ6LVWHPGH
=DXWRYHKLFXOXOGHFHOHUHD]ăUDSLGGHODR OXPLQLLQWHOLJHQWH´FXDMXWRUXOFDOFXODWRUXOXL
YLWH]ăGHSHVWHNPKúLVHRSUHúWH GHERUG 3DJLQD 
 3HQWUXDSRUQLVHPQDOL]DWRDUHOHGHDYD
ULHDSăVDĠLEXWRQXOC
7RDWHVHPQDOL]DWRDUHOHGHGLUHFĠLHFOLSHVF
'DFăDFXPSRUQLĠLXQVHPQDOL]DWRUGH
GLUHFĠLHFXDMXWRUXOFRPXWDWRUXOXLPL[W
QXPDLODPSDVHPQDOL]DWRUXOXLGHGLUHFĠLH
GHSHSDUWHDDIHUHQWăDDXWRYHKLFXOXOXLYD
FOLSL
 3HQWUXDRSULVHPQDOL]DWRDUHOHGHDYD
ULHDSăVDĠLEXWRQXOC
,OXPLQDUHH[WHULRDUă 

)XQFĠLDOXPLQăDFWLYă ,QDFWLYGDFăFRQGXFHĠLFXYLWH]HGHSHVWH
NPKVDXRSULĠLVHPQDOL]DWRUXOGHGLUHFĠLH
RULURWLĠLYRODQXOvQSR]LĠLHGUHSWvQDLQWH
/DPSDSHQWUXLOXPLQDUHvQYLUDMHSRDWH
UăPkQHDSULQVăVFXUWWLPSvQVăHVWHDXWRPDW
RSULWăGXSăQXPDLPXOWGHWUHLPLQXWH

0RGDXWRVWUDGă

)XQFĠLDOXPLQăDFWLYăHVWHXQVLVWHPFDUH

/XPLQLúLúWHUJăWRDUHGHSDUEUL]
PLúFăIDUXULOHSRWULYLWPLúFăULORUGHGLUHFĠLH
DOHURĠLORUGLQIDĠăÌQDFHVWIHO]RQHOHUHOH
YDQWHUăPkQLOXPLQDWHFkQGFRQGXFHĠL
$FHDVWDYăSHUPLWHVăUHFXQRDúWHĠLSLHWRQLL
ELFLFOLúWLLúLDQLPDOHOH
$FWLYFkQGOXPLQLOHVXQWSRUQLWH
0RGXODXWRVWUDGăFUHúWHEăWDLDID]HL
,OXPLQDUHVXSOLPHQWDUăvQYLUDMH $FWLY
=GDFăYăGHSODVDĠLFXSHVWHNPKúLQX
HIHFWXDĠLPLúFăULDPSOHGHGLUHFĠLHSHSDU
FXUVXODP
=vQFD]XOvQFDUHFRQGXFHĠLFXSHVWH
NPK
,QDFWLYGDFăFRQGXFHĠLFXYLWH]HVXE
NPKGXSăDFWLYDUH

3URLHFWRDUHGHFHDĠăFXUD]ăH[WLQVă

)XQFĠLDGHLOXPLQDUHvQYLUDMvPEXQăWăĠHúWH
LOXPLQDUHDGUXPXOXLSHXQXQJKLODUJvQGLUHF
ĠLDvQFDUHYLUDĠLSHUPLĠkQGRYL]LELOLWDWHPDL
EXQăvQYLUDMHVWUkQVHGHH[HPSOX)XQFĠLDGH
LOXPLQDUHvQYLUDMSRDWHILDFWLYDWăQXPDLFkQG
IDUXULOHSHQWUXID]ăVFXUWăVXQWDSULQVH
$FWLY
=GDFăFRQGXFHĠLFXYLWH]HVXENPKúL
VHPQDOL]DWRUXOGHGLUHFĠLHHVWHDFWLYDWVDX
HVWHURWLWYRODQXO
3URLHFWRDUHOHGHFHDĠăFXEăWDLHH[WLQVă
=GDFăFRQGXFHĠLFXYLWH]HvQWUHNPKúL
UHGXFVWUăOXFLUHDRUELWRDUHUHVLPĠLWăGHúRIHU
NPKúLURWLĠLYRODQXO úLvPEXQăWăĠHVFLOXPLQDUHDPDUJLQLLFDURVD
ELOXOXL


 ,OXPLQDUHH[WHULRDUă

$FWLYvQFD]XOvQFDUHFRQGXFHĠLFXRYLWH]ă FXOHOHFXOXPLQLOHORUDSULQVHFDUHILHVHDSUR
GHVXENPKúLSRUQLĠLODPSDGHFHDĠăGLQ SLHGLQGLUHFĠLDRSXVăILHUXOHD]ăvQIDĠDDXWR
VSDWH YHKLFXOXOXLGXPQHDYRDVWUăúLvQFRQVHFLQĠă
,QDFWLYvQFD]XOvQFDUHGXSăDFWLYDUHFRQ FRPXWăIDUXULOHGLQID]ăOXQJăvQID]ăVFXUWă
GXFHĠLFXRYLWH]ăGHSHVWHNPKVDX 6LVWHPXODGDSWHD]ăDXWRPDWUD]DIDUXOXLSHQ
RSULĠLODPSDGHFHDĠăGLQVSDWH WUXID]ăVFXUWăvQIXQFĠLHGHGLVWDQĠDIDĠăGH
FHOăODOWDXWRYHKLFXO'XSăFHVLVWHPXOQXPDL
/XPLQLRIIURDG GHWHFWHD]ăQLFLXQDOWDXWRYHKLFXOHOUHDFWL
YHD]ăIDUXULOHSHQWUXID]ăOXQJă
/XPLQLOHRIIURDGIDFLOLWHD]ăUHFXQRDúWHUHD
6HQ]RUXORSWLFDOVLVWHPXOXLVHDIOăvQVSDWHOH
WLPSXULHDRELHFWHORUREVWDFROHORUFkQGFRQ
SDUEUL]XOXLvQDSURSLHUHGHSDQRXOGH
GXFHĠLRIIURDGGDWRULWăXQHLGLVWULEXĠLLVLPH
FRPDQGăVLWXDWSHSODIRQ
WULFHPDLDPSOHúLPDLSXWHUQLFHDOXPLQLLGH
/XPLQLúLúWHUJăWRDUHGHSDUEUL]

ODIDUXULOHSHQWUXID]ăVFXUWă
$FWLYFkQGFRQGXFHĠLODYLWH]HVXE
NPKúLSURJUDPXORIIURDGHVWHDFWLYDW
3DJLQD 
,QDFWLYFkQGFRQGXFHĠLODYLWH]HGHSHVWH
NPK
&kQGOXPLQLOHRIIURDGVXQWDSULQVHIXQFĠLD
OXPLQăDFWLYăHVWHGH]DFWLYDWăLDUUHJODUHD
vQăOĠLPLLIDUXULORUHVWHVHWDWăSHPRGXOVWDWLF

$VLVWHQĠăSHQWUXID]DOXQJăDGDSWLYă
$9(57,60(17
$VLVWHQĠDSHQWUXID]DOXQJăDGDSWLYăQXUHFX
QRDúWHSDUWLFLSDQĠLLODWUDILF
 3HQWUXDDFWLYDDFWLYDĠLIXQFĠLDGHDVLV
=IăUăOXPLQLGHH[SLHWRQLL
WHQĠăSHQWUXID]ăOXQJăDGDSWLYăFXDMXWRUXO
=FXLOXPLQDUHUHGXVăGHH[ELFLFOLúWLL FDOFXODWRUXOXLGHERUG 3DJLQD 
=DFăURULOXPLQDUHHVWHEORFDWăGHH[GHR  5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
EDULHUă X
ÌQFD]XULIRDUWHUDUH$VLVWHQĠDSHQWUXID]D  $SăVDĠLFRPXWDWRUXOPL[WGLQFRORGHSXQF
OXQJăDGDSWLYăUHFXQRDúWHSDUWLFLSDQĠLLODWUD WXOGHSUHVLXQHvQGLUHFĠLDLQGLFDWăGH
ILFSUHDWkU]LXVDXQXvLUHFXQRDúWHGHORFÌQ VăJHDWDC 3DJLQD 
VLWXDĠLDDFHDVWDVDXvQVLWXDĠLLVLPLODUHIDUX 'DFăHVWHvQWXQHULFúLVHQ]RUXOGHOXPLQă
ULOHDXWRPDWHSHQWUXID]ăOXQJăQXYRUIL DFWLYHD]ăIDUXULOHSHQWUXID]ăVFXUWăODPSD
GH]DFWLYDWHVDXDFWLYDWH([LVWăXQULVFGH LQGLFDWRDUHÎGLQWDEORXOGHERUGVH
DFFLGHQW DSULQGH
2EVHUYDĠLvQWRWGHDXQDFXDWHQĠLHFRQGLĠLLOH ÌQFD]XOvQFDUHFRQGXFHĠLODYLWH]HGHSHVWH
GLQWUDILFúLVWLQJHĠLIDUXULOHSHQWUXID]ăOXQJă NPK
vQWLPSXWLO
ÌQăOĠLPHDIDUXULORUHVWHVHWDWăDXWRPDWvQ
3XWHĠLXWLOL]DDFHDVWăIXQFĠLHSHQWUXDVHWD IXQFĠLHGHGLVWDQĠDGLQWUHDXWRYHKLFXOúLDOĠL
IDUXULOHVăVFKLPEHDXWRPDWvQWUHID]ăVFXUWă SDUWLFLSDQĠLODWUDILF
úLID]ăOXQJă6LVWHPXOUHFXQRDúWHDXWRYHKL
,OXPLQDUHLQWHULRDUă 

ÌQFD]XOvQFDUHFRQGXFHĠLODYLWH]HGHSHVWH ,OXPLQDUHLQWHULRDUă
NPKúLQXPDLHVWHUHFXQRVFXWQLFLXQ
DOWSDUWLFLSDQWODWUDILF 3UH]HQWDUHJHQHUDOăDLOXPLQăULLLQWH
)DUXULOHSHQWUXID]ăOXQJăVXQWDSULQVH ULRDUH
DXWRPDW'HDVHPHQHDVHDSULQGHODPSD
LQGLFDWRDUHWGLQWDEORXOGHERUG
ÌQFD]XOvQFDUHFRQGXFHĠLODYLWH]HGHVXE
NPKVDXVXQWUHFXQRVFXĠLúLDOĠLSDUWL
FLSDQĠLODWUDILFRULGUXPXULOHVXQWLOXPLQDWH
DGHFYDW
)DUXULOHSHQWUXID]ăOXQJăVXQWVWLQVHDXWR
PDW/DPSDLQGLFDWRDUHWGLQWDEORXOGH
ERUGVHVWLQJH/DPSDLQGLFDWRDUHÎGLQ

/XPLQLúLúWHUJăWRDUHGHSDUEUL]
WDEORXOGHERUGUăPkQHDSULQVă
 3HQWUXDGH]DFWLYDGHSODVDĠLFRPXWDWRUXO 3DQRXOGHFRPDQGăVLWXDWSHSODIRQIDĠă
PL[WvQDSRLvQSR]LĠLDOXLQRUPDOă C B$SULQGHVWLQJHLOXPLQDUHDLQWH
/DPSDLQGLFDWRDUHÎGLQWDEORXOGHERUG ULRDUăVSDWH
VHVWLQJH D 3$SULQGHVWLQJHFRPDQGDGHLOXPL
QDUHLQWHULRDUăDXWRPDWă
‡ =$SULQGHVWLQJHODPSDGHOHFWXUăGH
)DUXULDEXULWHSHLQWHULRU SHSDUWHDGUHDSWăGLQIDĠă
)DUXULOHVHSRWDEXULSHLQWHULRUGDFăH[LVWăR … J$SULQGHVWLQJHLOXPLQDUHDLQWH
XPLGLWDWHULGLFDWăvQDWPRVIHUă ULRDUăGLQIDĠă
 3RUQLĠLOXPLQLOHúLSOHFDĠLGHSHORF ƒ =$SULQGHVWLQJHODPSDGHOHFWXUăGH
1LYHOXOGHXPLGLWDWHVFDGHvQIXQFĠLHGH SHSDUWHDVWkQJăGLQIDĠă
GXUDWDFăOăWRULHLúLGHFRQGLĠLLOHPHWHR
XPLGLWDWHúLWHPSHUDWXUă 
'DFăQLYHOXOGHXPLGLWDWHQXVFDGH
 6ROLFLWDĠLYHULILFDUHDIDUXULORUODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW

3DQRXGHFRPDQGăVLWXDWSHSODIRQvQFRPSDUWL
PHQWXOGLQVSDWH
C =$SULQGHVWLQJHODPSDGHOHFWXUăGH
SHSDUWHDGUHDSWă
D =$SULQGHVWLQJHODPSDGHOHFWXUăGH
SHSDUWHDVWkQJă


 ÌQORFXLUHDEHFXULORU

&RPDQGăLOXPLQDUHLQWHULRDUă ,OXPLQDUHGHXUJHQĠăFXUHDFĠLLODFROL
]LXQL
1RWHJHQHUDOH
,OXPLQDUHDLQWHULRDUăHVWHDFWLYDWăDXWRPDW
3HQWUXDSUHYHQLGHVFăUFDUHDEDWHULHLDXWR GDFăDXWRYHKLFXOXOHVWHLPSOLFDWvQWUXQDFFL
YHKLFXOXOXLIXQFĠLLOHLOXPLQăULLLQWHULRDUHVXQW GHQW
GH]DFWLYDWHDXWRPDWGXSăFkWYDWLPSFX
H[FHSĠLDFD]XOXLFkQGFKHLDVHDIOăvQSR]LĠLD  3HQWUXDRSULLOXPLQDUHDGHXUJHQĠăFX
vQFRPXWDWRUXOGHFRQWDFW UHDFĠLLODFROL]LXQLDSăVDĠLEXWRQXOVHP
QDOL]DWRDUHORUGHDYDULH
&RQWUROXOLOXPLQăULLLQWHULRDUHDXWR VDX
PDWH  ÌQFXLDĠLúLDSRLGHVFXLDĠLDXWRYHKLFXOXOFX
DMXWRUXOFKHLL
 3HQWUXDSRUQLRSULDSăVDĠLEXWRQXO
/XPLQLúLúWHUJăWRDUHGHSDUEUL]

3
&kQGFRQWUROXOLOXPLQăULLLQWHULRDUHDXWR
ÌQORFXLUHDEHFXULORU
PDWHHVWHDFWLYDWEXWRQXOHVWHODQLYHOFX
SDQRXOGHFRPDQGăVLWXDWSHSODIRQ 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
,OXPLQDUHDLQWHULRDUăVHDFWLYHD]ăDXWRPDW
%HFXULFX[HQRQ
GDFă
=GHVFXLDĠLDXWRYHKLFXOXO 3(5,&2/
=GHVFKLGHĠLRSRUWLHUă %HFXULOHFX[HQRQVXQWVXEvQDOWăWHQVLXQH9ă
=VFRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW SXWHĠLHOHFWURFXWDGDFăVFRDWHĠLFDSDFXO
EHFXOXLFX[HQRQúLGDFăDWLQJHĠLFRQWDFWHOH
,OXPLQDUHDLQWHULRDUăHVWHDFWLYDWăSHQWUX HOHFWULFH([LVWăXQULVFGHDFFLGHQWIDWDO
VFXUWWLPSFkQGFKHLDHVWHVFRDVăGLQFRPX
1XDWLQJHĠLSLHVHOHVDXFRQWDFWHOHHOHFWULFH
WDWRUXOGHFRQWDFW3XWHĠLDFWLYDDFHDVWă
DOHEHFXOXLFX[HQRQ6ROLFLWDĠLvQWRWGHDXQD
RSULUHWHPSRUL]DWăFXDMXWRUXOFDOFXODWRUXOXL
HIHFWXDUHDOXFUăULORUODEHFXULOHFX[HQRQOD
GHERUG 3DJLQD 
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&RQWUROXOPDQXDODOLOXPLQăULLLQWH 'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăHVWH
ULRDUH GRWDWFXEHFXULFX[HQRQSXWHĠLUHFXQRDúWH
 3HQWUXDDFWLYDGH]DFWLYDLOXPLQDUHD DFHDVWăGRWDUHGXSăXUPăWRDUHOHUD]DGH
LQWHULRDUăIURQWDOăDSăVDĠLEXWRQXOJ OXPLQăGHODEHFXULOHFX[HQRQVHGHSODVHD]ă
 3HQWUXDDFWLYDGH]DFWLYDLOXPLQDUHD
GLQSDUWHDVXSHULRDUăvQFHDLQIHULRDUăúL
LQWHULRDUăVSDWHDSăVDĠLEXWRQXOB LQYHUVFkQGSRUQLĠLPRWRUXO3HQWUXDREVHUYD
DFHDVWăGHSODVDUHOXPLQLOHWUHEXLHVăILHDFWL
 3HQWUXDDFWLYDGH]DFWLYDOăPSLOHGH
YDWHvQDLQWHGHSRUQLUHDPRWRUXOXL
OHFWXUăDSăVDĠLEXWRQXO=
%HFXULOHúLOăPSLOHVXQWXQDVSHFWLPSRUWDQW
DOVLJXUDQĠHLDXWRYHKLFXOXOXL3ULQXUPDUHWUH
EXLHVăYăDVLJXUDĠLFăDFHVWHDIXQFĠLRQHD]ă
FRUHFWvQWRWGHDXQD6ROLFLWDĠLYHULILFDUHD
UHJODMXOXLIDUXULORUUHJXODW
ÌQORFXLUHDEHFXULORU 

$OWHEHFXUL
$9(57,=$5(
%HFXULOHOăPSLOHúLFRQHFWRULLVHSRWvQFăO]L
IRDUWHWDUHvQWLPSXOIXQFĠLRQăULL/DvQORFXLUHD
XQXLEHFFRPSRQHQWHOHDFHVWXLDSRWSURGXFH
DUVXUL3HULFROGHUăQLUH
ÌQDLQWHGHDvQORFXLEHFXOOăVDĠLFRPSRQHQ
WHOHVăVHUăFHDVFă

([LVWăúLDOWHEHFXULvQDIDUDFHORUFX[HQRQSH
FDUHQXOHSXWHĠLvQORFXLÌQORFXLĠLQXPDLEHFX )DUXULFXKDORJHQ
ULOHLQGLFDWH 3DJLQD 6ROLFLWDĠLvQOR C )DUXOSHQWUXID]ăVFXUWă+:

/XPLQLúLúWHUJăWRDUHGHSDUEUL]
FXLUHDEHFXULORUSHFDUHQXOHSXWHĠLvQORFXLSH D )DUXOSHQWUXID]ăOXQJăODPSDODWHUDOăGH
FRQWSURSULXODXQDWHOLHUGHVSHFLDOLWDWHDXWR SR]LĠLHODPSDGHSR]LĠLH+::
UL]DW ‡ /DPSăVHPQDOL]DWRUGHGLUHFĠLH
'DFăDYHĠLQHYRLHGHDVLVWHQĠăFkQGvQORFXLĠL 3:<:
EHFXULOHFRQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
1XDWLQJHĠLFXPkLQLOHJRDOHWXEXOGHVWLFOăDO
EHFXULORUQRL&KLDUúLFRQWDPLQDUHDPLQRUă
VHSRDWHLPSULPDvQVXSUDIDĠDGHVWLFOăUHGX
FkQGYLDĠDXWLOăDEHFXULORU8WLOL]DĠLvQWRW
GHDXQDRODYHWăIăUăVFDPHVDXDWLQJHĠL
QXPDLED]DEHFXOXLODPRQWDUH
8WLOL]DĠLvQWRWGHDXQDEHFXULGHWLSXOFRUHFW
'DFăQRXOEHFFRQWLQXăVăQXVHDSULQGă
FRQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$XWRYHKLFXOHFXVLVWHPGHOXPLQLLQWHOLJHQWH
%HFXULOHúLOăPSLOHVXQWXQDVSHFWLPSRUWDQW
C /DPSăSHQWUXLOXPLQDUHvQYLUDMH+:
DOVLJXUDQĠHLDXWRYHKLFXOXOXL3ULQXUPDUHWUH
EXLHVăYăDVLJXUDĠLFăDFHVWHDIXQFĠLRQHD]ă
FRUHFWvQWRWGHDXQD6ROLFLWDĠLYHULILFDUHD
UHJODMXOXLIDUXULORUUHJXODW

3UH]HQWDUHJHQHUDOăDvQORFXLULLEHFX
ULORU±EHFXUL
3XWHĠLvQORFXLXUPăWRDUHOHEHFXUL'HWDOLLOH
DIHUHQWHWLSXOXLGHEHFVHUHJăVHVFvQ
OHJHQGă
/ăPSLVSDWH
C /DPSăGHPHUVvQDSRL::
D /DPSăVHPQDOL]DWRUGHGLUHFĠLH3<:


 ÌQORFXLUHDEHFXULORU

ÌQORFXLUHDEHFXULORUGLQIDĠă /DvQORFXLUHVHSRDWHVSDUJHGDFă
=HVWHvQFăILHUELQWH
)DUXULSHQWUXID]ăVFXUWă IDUXULFXKDOR
JHQ =VHDWLQJHGHFHYDFkQGHVWHVFRV
=FDGH
$9(57,=$5(
3HULFROGHUăQLUH
$FHVWEHFHVWHVXESUHVLXQH
/DvQORFXLUHDEHFXOXLSXUWDĠLRFKHODULGHSUR
/DvQORFXLUHVHSRDWHVSDUJHGDFă WHFĠLHúLPăQXúL'DFăHVWHQHFHVDUvQORFXLĠL
=HVWHvQFăILHUELQWH EHFXOvQWUXQDWHOLHUGHVHUYLFHGHVSHFLDOLWDWH
=VHDWLQJHGHFHYDFkQGHVWHVFRV DXWRUL]DW
=FDGH

3HULFROGHUăQLUH
/XPLQLúLúWHUJăWRDUHGHSDUEUL]

/DvQORFXLUHDEHFXOXLSXUWDĠLRFKHODULGHSUR
WHFĠLHúLPăQXúL'DFăHVWHQHFHVDUvQORFXLĠL
EHFXOvQWUXQDWHOLHUGHVHUYLFHGHVSHFLDOLWDWH
DXWRUL]DW

 2SULĠLOXPLQLOH
 'HVFKLGHĠLFDSRWD
 5RWLĠLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU
úLWUDJHĠLODIDUă
 5RWLĠLEHFXOvQVHQVDQWLRUDUúLWUDJHĠLO
DIDUă
 2SULĠLOXPLQLOH  ,QWURGXFHĠLQRXOEHFvQIDVXQJXODúLURWLĠL
 'HVFKLGHĠLFDSRWD OvQVHQVRUDU
 5RWLĠLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU  $OLQLDĠLFDSDFXOFDUFDVHLCúLURWLĠLOvQVHQV
úLWUDJHĠLODIDUă RUDUSkQăFHVHFXSOHD]ă
 'HSHIDVXQJvPSLQJHĠLEHFXOvQVXVGHFR
QHFWDĠLOúLWUDJHĠLODIDUăGLQIDVXQJD /DPSăVHPQDOL]DWRUGHGLUHFĠLH IDUXUL
 ,QWURGXFHĠLQRXOEHFvQIDVXQJXODvPSLQ FXKDORJHQ
JHĠLOvQMRVúLIL[DĠLOvQORFDú
 )L[DĠLFDSDFXOFDUFDVHLCúLURWLĠLOvQVHQV
RUDUSkQăFHVHDQJUHQHD]ă

)DUXULSHQWUXID]ăOXQJăúLOăPSLGHSR]L
ĠLHOăPSLODWHUDOHGHSR]LĠLH IDUXULFX
KDORJHQ
$9(57,=$5(
$FHVWEHFHVWHVXESUHVLXQH
ÌQORFXLUHDEHFXULORU 

 2SULĠLOXPLQLOH
 'HVFKLGHĠLFDSRWD
 5RWLĠLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU
úLWUDJHĠLODIDUă
 3ULQGHĠLSDUWHDGLQVSDWHDH[WHQVLHLPDQH
WHLDúLWUDJHĠLRvQSR]LĠLHGUHDSWă
 6FRDWHĠLEHFXOGLQH[WHQVLDPDQHWHLD
 ,QWURGXFHĠLQRXOEHFvQH[WHQVLDPDQH
WHLD
 2SULĠLOXPLQLOH
 'HVFKLGHĠLFDSRWD

/XPLQLúLúWHUJăWRDUHGHSDUEUL]
 5RWLĠLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU
úLWUDJHĠLODIDUă
 ÌPSLQJHĠLPkQHUXOIDVXQJXOXLDvQVXV
SkQăFkQGIDVXQJXODHVWHHOLEHUDW
 7UDJHĠLIDVXQJXODDIDUă
 6FRDWHĠLEHFXOGLQIDVXQJXOD
 ,QWURGXFHĠLQRXOEHFvQIDVXQJXOD

 5HLQWURGXFHĠLH[WHQVLDPDQHWHLDvQMRV  ,QWURGXFHĠLIDVXQJXODvQSDUWHDGHVXVúL
SURHPLQHQĠă FXúLQDGHJKLGDUH‡ vPSLQJHĠLSkQăFHVHFXSOHD]ă
 $OLQLDĠLFDSDFXOFDUFDVHLCúLURWLĠLOvQVHQV
/ăPSLGHLOXPLQDUHVXSOLPHQWDUăvQ RUDUSkQăFHVHFXSOHD]ă
YLUDMH 6LVWHPGHOXPLQLLQWHOLJHQWH
$9(57,=$5( ÌQORFXLUHDEHFXULORUGLQVSDWH
$FHVWEHFHVWHVXESUHVLXQH
/DvQORFXLUHVHSRDWHVSDUJHGDFă 'HVFKLGHUHDúLvQFKLGHUHDSDQRXULORU
RUQDPHQWDOHODWHUDOH
=HVWHvQFăILHUELQWH
=VHDWLQJHGHFHYDFkQGHVWHVFRV 7UHEXLHVăGHVFKLGHĠLSDQRXORUQDPHQWDOODWH
=FDGH
UDOGLQSRUWEDJDMvQDLQWHGHDSXWHDvQORFXL
EHFXULOHGLQOăPSLOHGLQVSDWH
3HULFROGHUăQLUH
/DvQORFXLUHDEHFXOXLSXUWDĠLRFKHODULGHSUR
WHFĠLHúLPăQXúL'DFăHVWHQHFHVDUvQORFXLĠL
EHFXOvQWUXQDWHOLHUGHVHUYLFHGHVSHFLDOLWDWH
DXWRUL]DW

3DQRXRUQDPHQWDOODWHUDOGHSHSDUWHDVWkQJă


 ùWHUJăWRDUHGHSDUEUL]

3DQRXRUQDPHQWDOODWHUDOGHSHSDUWHDGUHDSWă  /DPSDVHPQDOL]DWRUXOXLGHGLUHF
 3HQWUXDGHVFKLGHURWLĠLEXWRQXOGHHOLEH ĠLHCDSăVDĠLXúRUEHFXOvQIDVXQJURWLĠL
/XPLQLúLúWHUJăWRDUHGHSDUEUL]

UDUHCODƒvQGLUHFĠLDVăJHĠLLúLVFRDWHĠL OvQVHQVDQWLRUDUúLVFRDWHĠLOGLQIDVXQJ
SDQRXORUQDPHQWDOODWHUDOD  ,QWURGXFHĠLQRXOEHFvQIDVXQJúLURWLĠLOvQ
 3HQWUXDvQFKLGHLQWURGXFHĠLSDQRXORUQD VHQVRUDU
PHQWDOODWHUDODúLURWLĠLEXWRQXOGHHOLEH  /DPSDGHPHUVvQDSRLDVFRDWHĠLEHFXO
UDUHCODƒvQGLUHFĠLDRSXVăVăJHĠLL GLQIDVXQJ
 ,QWURGXFHĠLQRXOEHFvQIDVXQJ
/ăPSLVSDWH  ,QWURGXFHĠLGLQQRXIDVXQJXO
 5RWLĠLSLXOLĠDIOXWXUHFXƒvQVHQVRUDU
 2SULĠLOXPLQLOH
 ,QWURGXFHĠLFRQHFWRUXO
 'HVFKLGHĠLSRUWEDJDMXO
 ÌQFKLGHĠLSDQRXORUQDPHQWDOODWHUDO
 'HVFKLGHĠLSDQRXORUQDPHQWDOODWHUDO
3DJLQD  3DJLQD 

ùWHUJăWRDUHGHSDUEUL]
3RUQLUHDRSULUHDúWHUJăWRDUHORUGH
SDUEUL]
 1XDFĠLRQDĠLúWHUJăWRDUHOHGHSDUEUL]
FkQGSDUEUL]XOHVWHXVFDWGHRDUHFHHVWH
SRVLELOVăGHWHULRUDĠLODPHOHúWHUJăWRDUHORU
ÌQSOXVSUDIXODGXQDWSHSDUEUL]SRDWH]Jk
ULDVWLFODGDFăúWHUJHUHDVHHIHFWXHD]ăFkW
SDUEUL]XOHVWHXVFDW
 7UDJHĠLFRQHFWRUXOC
 5RWLĠLSLXOLĠDIOXWXUHDFXƒvQVHQV  'DFăúWHUJăWRDUHOHGHSDUEUL]ODVăXUPH
DQWLRUDUúLVFRDWHĠLIDVXQJXO SHSDUEUL]GXSăFHDXWRYHKLFXOXODIRVW
VSăODWvQWURVSăOăWRULHDXWRPDWăDFHVW
IHQRPHQSRDWHILSURYRFDWGHFHDUăVDX
DOWHUH]LGXXUL&XUăĠDĠLSDUEUL]XOFXOLFKLGGH
VSăODUHGXSăVSăODUHDODVSăOăWRULHDXWR
PDWă
ùWHUJăWRDUHGHSDUEUL] 

$FWLYDUHDGH]DFWLYDUHDúWHUJăWRUXOXL
GHOXQHWă

&RPXWDWRUPL[W
G ?ùWHUJăWRDUHGHSDUEUL]RSULWH

/XPLQLúLúWHUJăWRDUHGHSDUEUL]
H bùWHUJHUHLQWHUPLWHQWăVFă]XW &RPXWDWRUPL[W
I cùWHUJHUHLQWHUPLWHQWăULGLFDW C Å&RPXWDWRU
J ªùWHUJHUHFRQWLQXăOHQW H â3HQWUXúWHUJHUHFXOLFKLGGHVSăODUH
K ©ùWHUJHUHFRQWLQXăUDSLG I ,3HQWUXDDFWLYDúWHUJHUHDLQWHUPLWHQWă
„ ÓùWHUJHUHXQLFăÔSHQWUXD J 3HQWUXDGH]DFWLYDúWHUJHUHDLQWHUPL
úWHUJHSDUEUL]XOFXOLFKLGGHVSăODUH WHQWă
 5RWLĠLFKHLDvQSR]LĠLDVDXvQFRPXWDWRUXO K â3HQWUXúWHUJHUHFXOLFKLGGHVSăODUH
GHFRQWDFW  5RWLĠLFKHLDvQSR]LĠLDVDXvQFRPXWDWRUXO
 5RWLĠLFRPXWDWRUXOPL[WvQSR]LĠLDFRUHV GHSRUQLUH
SXQ]ăWRDUH  5RWLĠLFRPXWDWRUXOCGHSHFRPXWDWRUXO

 $XWRYHKLFXOHFXVHQ]RUGHSORDLHGDFă PL[WvQSR]LĠLDFRUHVSXQ]ăWRDUH
SDUEUL]XOGHYLQHPXUGDUvQFRQGLĠLLGH &kQGúWHUJăWRUXOGHOXQHWăHVWHSRUQLWVLP
YUHPHXVFDWăHVWHSRVLELOFDúWHUJăWRDUHOH EROXODSDUHSHWDEORXOGHERUG
GHSDUEUL]VăVHDFWLYH]HDFFLGHQWDO(VWH
SRVLELOFDDVWIHOVăVHGHWHULRUH]HODPHOH
úWHUJăWRDUHORUGHSDUEUL]VDXVăVH]JkULH ÌQORFXLUHDODPHORUúWHUJăWRDUHORU
SDUEUL]XO
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
'LQDFHVWPRWLYWUHEXLHVăGH]DFWLYDĠL
vQWRWGHDXQDúWHUJăWRDUHOHGHSDUEUL]SH $9(57,=$5(
YUHPHXVFDWă 'DFăúWHUJăWRDUHOHGHSDUEUL]VHSXQvQPLú
'DFăODPHOHúWHUJăWRDUHORUVXQWX]DWHSDU FDUHODvQORFXLUHDODPHOHORUúWHUJăWRDUHORU
EUL]XOQXYDPDLILúWHUVFRUHVSXQ]ăWRU$FHVW SXWHĠLVăYăEORFDĠLGHEUDĠXOúWHUJăWRUXOXL
OXFUXYDUSXWHDvPSLHGLFDVăUHVSHFWDĠLFRQ ([LVWăSHULFROGHUăQLUH
GLĠLLOHGHWUDILFÌQORFXLĠLODPHOHúWHUJăWRDUHORU 'HFXSODĠLvQWRWGHDXQDúWHUJăWRDUHOHGHSDU
GHGRXăRULSHDQGHSUHIHUDWSULPăYDUDúL EUL]úLOXDĠLvQWRWGHDXQDFRQWDFWXOvQDLQWHGH
WRDPQD DvQORFXLODPHOHOHúWHUJăWRDUHORU

 1XGHVFKLGHĠLQLFLRGDWăFDSRWDKD\RQXO
GDFăXQEUDĠGHúWHUJăWRUHVWHH[WLQVúL
vQGHSăUWDWGHSDUEUL]OXQHWă
 6HQ]RUGHSORDLHVHWDWSHVHQ]LWLYLWDWHVFă]XWă
 6HQ]RUGHSORDLHVHWDWSHVHQ]LWLYLWDWHULGLFDWă


 ùWHUJăWRDUHGHSDUEUL]

1XUHDGXFHĠLQLFLRGDWăXQEUDĠGHúWHUJăWRU  $SăVDĠLEXWRQXOGH3RUQLUH2SULUHvQPRG
IăUăODPăvQDSRLSHSDUEUL]OXQHWă UHSHWDWSkQăFkQGúWHUJăWRDUHOHGHSDUEUL]
ğLQHĠLIHUPEUDĠXOúWHUJăWRUXOXLGHSDUEUL] SRUQHVF
FkQGVFKLPEDĠLODPDúWHUJăWRUXOXL'DFă  &kQGEUDĠHOHúWHUJăWRDUHORUGHSDUEUL]DX
HOLEHUDĠLEUDĠXOúWHUJăWRUXOXLGHSDUEUL]IăUă LQWUDWvQWURSR]LĠLHYHUWLFDOăDSăVDĠLEXWR
ODPDúWHUJăWRUXOXLúLDFHVWDFDGHSHSDU QXOGH3RUQLUH2SULUH
EUL]OXQHWăSDUEUL]XOOXQHWDSRDWHILGHWH
ULRUDWăvQXUPDIRUĠHLLPSDFWXOXL 6FRDWHUHDODPHORUúWHUJăWRDUHORU
0HUFHGHV%HQ]YăUHFRPDQGăVăVFKLP  ÌQGHSăUWDĠLEUDĠXOúWHUJăWRUXOXLGHSDUEUL]
EDĠLODPHOHúWHUJăWRDUHORUODXQDWHOLHUGH SkQăFkQGVHDQJUHQHD]ă
VSHFLDOLWDWHDXWRUL]DW  )L[DĠLODPDúWHUJăWRUXOXLvQXQJKLXULGUHSWH
IDĠăGHEUDĠXOúWHUJăWRUXOXL
 3HQWUXDHYLWDGHWHULRUDUHDODPHORU
/XPLQLúLúWHUJăWRDUHGHSDUEUL]

úWHUJăWRDUHORUGHSDUEUL]DVLJXUDĠLYăFă
DWLQJHĠLQXPDLEUDĠXOúWHUJăWRUXOXLGLQ
úWHUJăWRUXOGHSDUEUL]

ÌQORFXLUHDODPHORUúWHUJăWRDUHORUGH
SDUEUL]
'HSODVDUHDODPHORUúWHUJăWRDUHORUvQSR]L
ĠLHYHUWLFDOă
 ÌQDLQWHGHDVFKLPEDODPHOHúWHUJăWRDUH
ORUVHWDĠLvQWRWGHDXQDEUDĠHOHúWHUJăWRDUH
ORUGHSDUEUL]vQSR]LĠLHYHUWLFDOăFXDMXWRUXO  6FRDWHĠLODPDúWHUJăWRUXOXLGLQúWLIWXOGH
FRPXWDWRUXOXLPL[WÌQFD]FRQWUDUH[LVWă IL[DUHGHSHEUDĠXOúWHUJăWRUXOXLvQGLUHFĠLD
ULVFXODYDULHULLFDSRWHL VăJHĠLL

$XWRYHKLFXOHIăUă.(</(66*2 0RQWDUHDODPHORUúWHUJăWRDUHORU
 5RWLĠLFKHLDvQSR]LĠLDVDXvQFRPXWDWRUXO  ÌPSLQJHĠLQRXDODPăDúWHUJăWRUXOXLSHúWLI
GHSRUQLUH WXOGHIL[DUHGLQEUDĠXOúWHUJăWRUXOXLvQGLUHF
 )L[DĠLúWHUJăWRDUHOHGHSDUEUL]vQSR]L ĠLDRSXVăVăJHĠLL
ĠLDª $VLJXUDĠLYăFăODPDúWHUJăWRUXOXLFXOLVHD]ă
 &kQGEUDĠHOHúWHUJăWRDUHORUGHSDUEUL]DX FRPSOHWSHúWLIWXOGHIL[DUHGHSHEUDĠXO
LQWUDWvQWURSR]LĠLHYHUWLFDOăURWLĠLFKHLDvQ úWHUJăWRUXOXL
SR]LĠLDúLVFRDWHĠLRGLQFRPXWDWRUXOGH  5RWLĠLODPDúWHUJăWRUXOXLvQSDUDOHOFXEUDĠXO
SRUQLUH úWHUJăWRUXOXL
 3OLDĠLEUDĠXOúWHUJăWRUXOXLvQDSRLSHSDUEUL]
$XWRYHKLFXOHFX.(</(66*2
 2SULĠLPRWRUXO
 5LGLFDĠLSLFLRUXOGHSHSHGDODGHIUkQă
 )L[DĠLúWHUJăWRDUHOHGHSDUEUL]vQSR]L
ĠLDª
ùWHUJăWRDUHGHSDUEUL] 

ÌQORFXLUHDODPHORUúWHUJăWRUXOXLGH
OXQHWă
6FRDWHUHDODPHLúWHUJăWRUXOXL

/XPLQLúLúWHUJăWRDUHGHSDUEUL]
 6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
 ÌQGHSăUWDĠLEUDĠXOúWHUJăWRUXOXLCIDĠăGH
OXQHWăSkQăFkQGVHFXSOHD]ă
 3R]LĠLRQDĠLODPDúWHUJăWRUXOXLDvQXQJKL
GUHSWIDĠăGHEUDĠXOúWHUJăWRUXOXLC
 ğLQHĠLEUDĠXOúWHUJăWRUXOXLCúLDSăVDĠL
ODPDúWHUJăWRUXOXLDvQGLUHFĠLDVăJHĠLL
SkQăFkQGVHHOLEHUHD]ă
 6FRDWHĠLODPDúWHUJăWRUXOXLD

0RQWDUHDODPHLúWHUJăWRUXOXL
 $úH]DĠLQRXDODPăDúWHUJăWRUXOXLDSH
EUDĠXOúWHUJăWRUXOXLC
 ğLQHĠLEUDĠXOúWHUJăWRUXOXLCúLDSăVDĠL
ODPDúWHUJăWRUXOXLDvQGLUHFĠLDRSXVă
VăJHĠLLSkQăFkQGVHFXSOHD]ă
 $VLJXUDĠLYăFăODPDúWHUJăWRUXOXLDHVWH
IL[DWăFRUHFW
 3R]LĠLRQDĠLODPDúWHUJăWRUXOXLDvQSDUDOHO
FXEUDĠXOúWHUJăWRUXOXLC
 3OLDĠLEUDĠXOúWHUJăWRUXOXLCvQDSRLSH
OXQHWă


 ùWHUJăWRDUHGHSDUEUL]

3UREOHPHODúWHUJăWRDUHOHGHSDUEUL]

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
ùWHUJăWRDUHOHGHSDU (VWHSRVLELOFDIUXQ]HOHVDX]ăSDGDGHH[HPSOXVăvPSLHGLFH
EUL]VXQWvQĠHSHQLWH GHSODVDUHDúWHUJăWRDUHORUGHSDUEUL]0RWRUXOúWHUJăWRUXOXLDIRVW
GH]DFWLYDW
 'LQPRWLYHGHVLJXUDQĠăWUHEXLHVăVFRDWHĠLFKHLDGLQFRPXWD
WRUXOGHFRQWDFW
VDX
 2SULĠLPRWRUXOFXDMXWRUXOEXWRQXOXL6WDUW6WRSúLGHVFKLGHĠL
SRUWLHUDúRIHUXOXL
 ÌQGHSăUWDĠLFDX]DREVWUXFĠLRQăULL
/XPLQLúLúWHUJăWRDUHGHSDUEUL]

 5HSRUQLĠLúWHUJăWRDUHOHGHSDUEUL]

ùWHUJăWRDUHOHGHSDU 0RWRUXOúWHUJăWRDUHORUGHSDUEUL]HVWHGHIHFW
EUL]QXPDLIXQFĠLR  6HOHFWDĠLRDOWăYLWH]ăDúWHUJăWRUXOXLGLQFRPXWDWRUXOPL[W
QHD]ă  6ROLFLWDĠLYHULILFDUHDúWHUJăWRDUHORUGHSDUEUL]ODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW

'X]HOHGHSXOYHUL]DUH /LFKLGXOVSăOăWRUGHSDUEUL]GLQGX]HOHGHSXOYHUL]DUHQXPDLDWLQJH
VXQWDOLQLDWHLQFRUHFW FHQWUXOSDUEUL]XOXL'X]HOHGHSXOYHUL]DUHVXQWDOLQLDWHLQFRUHFW
 6ROLFLWDĠLUHJODUHDGX]HORUGHSXOYHUL]DUHODXQDWHOLHUGHVSHFLD
OLWDWHDXWRUL]DW


,QIRUPDĠLLXWLOH 
3UH]HQWDUHJHQHUDOăDVLVWHPHORU
GHFRQWUROFOLPDWL]DUH 
8WLOL]DUHDVLVWHPXOXLGHFRQWURODO
FOLPDWL]ăULL 
5HJODUHDDHUDWRDUHORU 

&RQWUROFOLPDWL]DUH
 3UH]HQWDUHJHQHUDOăDVLVWHPHORUGHFRQWUROFOLPDWL]DUH

,QIRUPDĠLLXWLOH VXOGHUăFLUHúLWHPSHUDWXUDGRULWăGLQLQWH
ULRUXODXWRYHKLFXOXOXLYDILDWLQVăPDLUDSLG
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH G )LOWUXOLQWHJUDWSRDWHHOLPLQDPDMRULWDWHD
PRGHOHOHVHULLOHúLHFKLSDPHQWXORSĠLRQDO SDUWLFXOHORUGHSUDIúLILOWUHD]ăvQvQWUHJLPH
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUăFDUH SROHQXO8QILOWUXDQFUDVDWUHGXFHFDQWLWD
HUDXGLVSRQLELOHvQPRPHQWXOWLSăULULL WHDGHDHUGHELWDWăvQLQWHULRUXODXWRYHKL
PDQXDOXOXL6XQWSRVLELOHYDULDĠLLQDĠLRQDOH FXOXOXL'LQDFHVWPRWLYWUHEXLHVăUHVSHF
5HĠLQHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOVă WDĠLvQWRWGHDXQDLQWHUYDOXOGHvQORFXLUHDILO
QXILHHFKLSDWFXWRDWHIXQFĠLLOHGHVFULVH WUXOXLVSHFLILFDWvQ%URúXUDGHVHUYLFH
$FHVWOXFUXHVWHYDODELOúLSHQWUXVLVWHPHOH 'HRDUHFHGHSLQGHGHFRQGLĠLLOHDPELDQWH
úLIXQFĠLLOHUHIHULWRDUHODVLJXUDQĠă GHH[XQDHUSXWHUQLFSROXDWLQWHUYDOXO
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH SRDWHILPDLVFXUWGHFkWFHOVSHFLILFDWvQ
FLDOLWDWHDXWRUL]DWH 3DJLQD  %URúXUDGHVHUYLFH
G (VWHSRVLELOFDIXQFĠLDGHFăOGXUăUH]L
GXDOăVăILHDFWLYDWăDXWRPDWODRRUăGXSă
&RQWUROFOLPDWL]DUH

3UH]HQWDUHJHQHUDOăDVLVWHPHORUGH VFRDWHUHDFKHLLSHQWUXXVFDUHDVLVWHPXOXL
FRQWUROFOLPDWL]DUH GHDHUFRQGLĠLRQDW$XWRYHKLFXOXOHVWHYHQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD WLODWWLPSGHGHPLQXWH

5HVSHFWDĠLVHWăULOHUHFRPDQGDWHSHXUPăWRD
UHOHSDJLQLÌQFD]FRQWUDUJHDPXULOHVDU
SXWHDDEXUL
3HQWUXDSUHYHQLDEXULUHDJHDPXULORU
=GH]DFWLYDĠLFRQWUROXOFOLPDWL]ăULLQXPDL
SHQWUXVFXUWWLPS
=DFWLYDĠLPRGXOGHUHFLUFXODUHDDHUXOXL
QXPDLSHQWUXVFXUWWLPS
=DFWLYDĠLIXQFĠLDÄ5ăFLUHDFXGH]XPLGLILFDUH
DDHUXOXL´
=DFWLYDĠLIXQFĠLDGHGHJLYUDUHDSDUEUL]XOXL
SHQWUXVFXUWWLPSGDFăHVWHQHFHVDU
&RQWUROXOFOLPDWL]ăULLUHJOHD]ăWHPSHUDWXUDúL
XPLGLWDWHDGLQLQWHULRUXODXWRYHKLFXOXOXLúLILO
WUHD]ăVXEVWDQĠHOHQHGRULWHGLQDHU
&RQWUROXOFOLPDWL]ăULLSRDWHILDFĠLRQDWQXPDL
FkQGPRWRUXOIXQFĠLRQHD]ă)XQFĠLRQDUHD
RSWLPăVHREĠLQHQXPDLvQFD]XOvQFDUHJHD
PXULOHODWHUDOHúLSDYLOLRQXOVXQWvQFKLVH
)XQFĠLDGHFăOGXUăUH]LGXDOăSRDWHILDFWLYDWă
VDXGH]DFWLYDWăQXPDLFXFRQWDFWXOGHFXSODW
3DJLQD 
G 9HQWLODĠLDXWRYHKLFXOXOSHQWUXVFXUWWLPS
FkQGYUHPHDHVWHFDOGăGHH[FXDMXWRUXO
FDUDFWHULVWLFLLGHGHVFKLGHUHDVLVWDWă
3DJLQD $VWIHOYHĠLDFFHOHUDSURFH
3UH]HQWDUHJHQHUDOăDVLVWHPHORUGHFRQWUROFOLPDWL]DUH 

3DQRXGHFRPDQGăSHQWUXFRQWUROXODXWRPDWDOFOLPDWL]ăULL7+(50$7,& EL]RQă

&RQWUROFOLPDWL]DUH
C 3HQWUXDVHWDWHPSHUDWXUDVWkQJD 3DJLQD
D 3HQWUXDGH]DEXULSDUEUL]XO 3DJLQD
‡ 3HQWUXDDFWLYDGH]DFWLYDIXQFĠLD=21( 3DJLQD
… 3HQWUXDDFWLYDGH]DFWLYDUăFLUHDFXGH]XPLGLILFDUHDDHUXOXL 3DJLQD
ƒ 3HQWUXDSRUQLRSULvQFăO]LUHDOXQHWHL 3DJLQD
„ 3HQWUXDVHWDWHPSHUDWXUDGUHDSWD 3DJLQD
k 3HQWUXDDFWLYDGH]DFWLYDPRGXOGHUHFLUFXODUHDDHUXOXL 3DJLQD
l 3HQWUXDVHWDGLVWULEXĠLDDHUXOXL 3DJLQD
m 3HQWUXDFUHúWHFXUHQWXOGHDHU 3DJLQD
n 3HQWUXDUHGXFHFXUHQWXOGHDHU 3DJLQD
o 3HQWUXDSRUQLRSULFRQWUROXOFOLPDWL]ăULL 3DJLQD
p 3HQWUXDVHWDFRQWUROXOFOLPDWL]ăULLSHPRGXODXWRPDW 3DJLQD

1RWHSULYLQGXWLOL]DUHDFRQWUROXODXWR =8WLOL]DĠLIXQFĠLDÄGH]DEXULUHSDUEUL]´GRDU

PDWDOFOLPDWL]ăULL7+(50$7,& SHQWUXVFXUWWLPSSkQăFkQGSDUEUL]XO
UHGHYLQHWUDQVSDUHQW
&RQWUROXODXWRPDWDOFOLPDWL]ăULL =8WLOL]DĠLPRGXOGHUHFLUFXODUHDDHUXOXL

ÌQXUPăWRDUHOHJăVLĠLQRWHúLUHFRPDQGăULSUL QXPDLWHPSRUDUGHH[GDFăH[LVWăPLUR
YLQGXWLOL]DUHDRSWLPăDFRQWUROXOXLDXWRPDWDO VXULH[WHULRDUHQHSOăFXWHVDXFkQGYăDIODĠL
FOLPDWL]ăULL7+(50$7,& vQWUXQWXQHOÌQFD]FRQWUDUJHDPXULOHVDU
=$FWLYDĠLFRQWUROXOFOLPDWL]ăULLFXDMXWRUXO SXWHDDEXULGHRDUHFHvQPRGXOGHUHFLUFX
EXWRDQHORUXúLZ/ăPSLOHLQGLFD ODUHDDHUXOXLQXLQWUăGHORFDHUSURDVSăWvQ
WRDUHGLQEXWRDQHOHXúLZVHDSULQG DXWRYHKLFXO
=8WLOL]DĠLIXQFĠLD=21(SHQWUXDDGRSWD
=6HWDĠLWHPSHUDWXUDOD‚
VHWăULOHGHWHPSHUDWXUăGHSHSDUWHDúRIH
UXOXLúLSHQWUXSDUWHDSDVDJHUXOXLGLQIDĠă
 3UH]HQWDUHJHQHUDOăDVLVWHPHORUGHFRQWUROFOLPDWL]DUH

/DPSDLQGLFDWRDUHGLQEXWRQXOÖVH
VWLQJH

)XQFĠLDVWDUWVWRS(&2
ÌQWLPSXORSULULLDXWRPDWHDPRWRUXOXLvQIXQF
ĠLDVWDUWVWRS(&2VLVWHPXOGHFRQWURODOFOL
PDWL]ăULLIXQFĠLRQHD]ăGRDUODRFDSDFLWDWH
UHGXVă'DFăDYHĠLQHYRLHGHFRQWUROXOFOLPD
WL]ăULLODFDSDFLWDWHPD[LPăSXWHĠLGH]DFWLYD
IXQFĠLDVWDUWVWRS(&2SULQDSăVDUHDEXWR
QXOXL(&2 3DJLQD 
&RQWUROFOLPDWL]DUH
3UH]HQWDUHJHQHUDOăDVLVWHPHORUGHFRQWUROFOLPDWL]DUH 

3DQRXGHFRPDQGăSHQWUXFRQWUROXODXWRPDWDOFOLPDWL]ăULL7+(5027521,& WUL
]RQă

&RQWUROFOLPDWL]DUH
3DQRXGHFRPDQGăGLQIDĠă
C 3HQWUXDVHWDWHPSHUDWXUDVWkQJD 3DJLQD
D 3HQWUXDGH]DEXULSDUEUL]XO 3DJLQD
‡ 3HQWUXDDFWLYDGH]DFWLYDIXQFĠLDGHFăOGXUăUH]LGXDOă 3DJLQD
… 3HQWUXDDFWLYDGH]DFWLYDUăFLUHDFXGH]XPLGLILFDUHDDHUXOXL 3DJLQD
ƒ 3HQWUXDSRUQLRSULvQFăO]LUHDOXQHWHL 3DJLQD
„ 3HQWUXDVHWDWHPSHUDWXUDGUHDSWD 3DJLQD
k 3HQWUXDDFWLYDGH]DFWLYDIXQFĠLD=21( 3DJLQD
l 3HQWUXDSRUQLRSULFRQWUROXOFOLPDWL]ăULL 3DJLQD
m 3HQWUXDVHWDGLVWULEXĠLDDHUXOXL 3DJLQD
n 3HQWUXDFUHúWHFXUHQWXOGHDHU 3DJLQD
o 3HQWUXDUHGXFHFXUHQWXOGHDHU 3DJLQD
p 3HQWUXDUHJODFXUHQWXOGHDHU 3DJLQD
q 3HQWUXDDFWLYDGH]DFWLYDPRGXOGHUHFLUFXODUHDDHUXOXL 3DJLQD
r 3HQWUXDVHWDFRQWUROXOFOLPDWL]ăULLSHPRGXODXWRPDW 3DJLQD

3DQRXGHFRPDQGăGLQVSDWH
s 3HQWUXDFUHúWHFXUHQWXOGHDHU 3DJLQD
t 3HQWUXDUHGXFHFXUHQWXOGHDHU 3DJLQD
u 'LVSOD\
v 3HQWUXDUHGXFHWHPSHUDWXUD 3DJLQD
w 3HQWUXDFUHúWHWHPSHUDWXUD 3DJLQD
 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL

1RWHSULYLQGXWLOL]DUHDFRQWUROXODXWR IXQFĠLDVWDUWVWRS(&2SULQDSăVDUHDEXWR
PDWDOFOLPDWL]ăULL7+(5027521,& QXOXL(&2 3DJLQD 

&RQWUROXODXWRPDWDOFOLPDWL]ăULL
ÌQFRQWLQXDUHVXQWSUH]HQWDWHLQVWUXFĠLXQLúL 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOL
UHFRPDQGăULFDUHYăDMXWăVăSURILWDĠLGLQSOLQ PDWL]ăULL
GHVLVWHPXOGXPQHDYRDVWUăGHFRQWURODXWR
PDWFOLPDWL]DUH7+(5027521,& 3RUQLUHDRSULUHDFRQWUROXOXLFOLPD
=$FWLYDĠLFRQWUROXOFOLPDWL]ăULLFXDMXWRUXO
WL]ăULL
EXWRDQHORUXúLZ/ăPSLOHLQGLFD 3XQFWHGHUHVSHFWDWvQDLQWHGHXWLOL]DUH
WRDUHGLQEXWRDQHOHXúLZVHDSULQG
=ÌQPRGXODXWRPDWSXWHĠLGHDVHPHQHDXWL
&kQGFRQWUROXOFOLPDWL]ăULLHVWHGH]DFWLYDW
GLVWULEXĠLDDHUXOXLúLFLUFXODUHDDHUXOXLVXQW
OL]DEXWRQXOðSHQWUXDUHJODFXUHQWXOGH
GH]DFWLYDWHGHDVHPHQHD8WLOL]DĠLDFHDVWă
DHU )2&860(',80',))86( &21 VHWDUHGRDUSHQWUXVFXUWWLPSÌQFD]FRQWUDU
&(175$70(',85Ă63Æ1',7 6HUHFR JHDPXULOHVDUSXWHDDEXUL'H]DFWLYDĠLFRQ
&RQWUROFOLPDWL]DUH

PDQGăQLYHOXO0(',8 WUROXOFOLPDWL]ăULLQXPDLSHQWUXVFXUWWLPS
=6HWDĠLWHPSHUDWXUDOD‚
SHQWUXDSUHYHQLDEXULUHDJHDPXULORU
=8WLOL]DĠLIXQFĠLDÄGH]DEXULUHSDUEUL]´GRDU
G $FWLYDĠLFRQWUROXOFOLPDWL]ăULLvQVSHFLDOFX
SHQWUXVFXUWWLPSSkQăFkQGSDUEUL]XO
DMXWRUXOEXWRQXOXLX 3DJLQD 
UHGHYLQHWUDQVSDUHQW
=8WLOL]DĠLPRGXOGHUHFLUFXODUHDDHUXOXL
3RUQLUHRSULUH
QXPDLWHPSRUDUGHH[GDFăH[LVWăPLUR
VXULH[WHULRDUHQHSOăFXWHVDXFkQGYăDIODĠL  5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
vQWUXQWXQHOÌQFD]FRQWUDUJHDPXULOHVDU FRQWDFW 3DJLQD 
SXWHDDEXULGHRDUHFHvQPRGXOGHUHFLUFX  3HQWUXDSRUQLDSăVDĠLEXWRQXOX
ODUHDDHUXOXLQXLQWUăGHORFDHUSURDVSăWvQ /DPSDLQGLFDWRDUHGLQEXWRQXOXVH
DXWRYHKLFXO DSULQGH&XUHQWXOGHDHUúLGLVWULEXĠLDDHUX
=8WLOL]DĠLIXQFĠLD=21(SHQWUXDDGRSWD OXLVXQWVHWDWHSHPRGXODXWRPDW
VHWăULOHGHWHPSHUDWXUăGHSHSDUWHDúRIH VDX
UXOXLSHQWUXSDUWHDSDVDJHUXOXLGLQIDĠăúL  $SăVDĠLEXWRQXOx
FRPSDUWLPHQWXOGLQVSDWH/DPSDLQGLFD
/DPSDLQGLFDWRDUHGLQEXWRQXOxVH
WRDUHGLQEXWRQXOÖVHVWLQJH
VWLQJH6HWăULOHDQWHULRDUHVXQWUHDFWLYDWH
=8WLOL]DĠLIXQFĠLDGHFăOGXUăUH]LGXDOăGDFă
 3HQWUXDRSULDSăVDĠLEXWRQXOx
GRULĠLVăvQFăO]LĠLVDXVăYHQWLODĠLLQWHULRUXO
DXWRYHKLFXOXOXLFkQGFRQWDFWXOHVWHGHFX /DPSDLQGLFDWRDUHGLQEXWRQXOxVH
SODW)XQFĠLDGHFăOGXUăUH]LGXDOăSRDWHIL DSULQGH
DFWLYDWăVDXGH]DFWLYDWăQXPDLFXFRQWDF
WXOGHFXSODW
$FWLYDUHDGH]DFWLYDUHDIXQFĠLHLGH
)XQFĠLDVWDUWVWRS(&2 UăFLUHFXGH]XPLGLILFDUHDDHUXOXL
ÌQWLPSXORSULULLDXWRPDWHDPRWRUXOXLvQIXQF 3XQFWHGHUHVSHFWDWvQDLQWHGHXWLOL]DUH
ĠLDVWDUWVWRS(&2VLVWHPXOGHFRQWURODOFOL
'DFăIXQFĠLDÄ5ăFLUHDFXGH]XPLGLILFDUHD
PDWL]ăULLIXQFĠLRQHD]ăGRDUODRFDSDFLWDWH
DHUXOXL´HVWHGH]DFWLYDWăDHUXOGLQLQWHULRUXO
UHGXVă'DFăDYHĠLQHYRLHGHFRQWUROXOFOLPD
DXWRYHKLFXOXOXLQXYDILUăFLW FkQGYUHPHD
WL]ăULLODFDSDFLWDWHPD[LPăSXWHĠLGH]DFWLYD
HVWHFDOGă VDXGH]XPLGLILFDW*HDPXULOHVH
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL 

SRWDEXULPDLUDSLG'H]DFWLYDĠLIXQFĠLD WHPXOUHJOHD]ăDXWRPDWWHPSHUDWXUDDHUXOXL
Ä5ăFLUHDFXGH]XPLGLILFDUHDDHUXOXL´QXPDL GHELWDWFXUHQWXOGHDHUúLGLVWULEXĠLDDHUXOXL
SHQWUXRVFXUWăSHULRDGăSHQWUXDSUHYHQL 0RGXODXWRPDWIXQFĠLRQHD]ăRSWLPFkQG
DEXULUHDJHDPXULORU IXQFĠLDÄ5ăFLUHDFXGH]XPLGLILFDUHDDHUXOXL´
)XQFĠLDÄ5ăFLUHDFXGH]XPLGLILFDUHDDHUXOXL´ HVWHDFWLYDWă'DFăVHGRUHúWHUăFLUHDFX
HVWHGLVSRQLELOăGRDUFkQGPRWRUXOIXQFĠLR GH]XPLGLILFDUHDDHUXOXLSRDWHILGH]DFWLYDWă
QHD]ă$HUXOGLQDXWRYHKLFXOHVWHUăFLWúL 'DFăIXQFĠLDÄ5ăFLUHDFXGH]XPLGLILFDUHD
GH]XPLGLILFDWvQIXQFĠLHGHWHPSHUDWXUD DHUXOXL´HVWHGH]DFWLYDWăDHUXOGLQLQWHULRUXO
VHOHFWDWă DXWRYHKLFXOXOXLQXYDILUăFLW FkQGYUHPHD
&kQGPRGXOGHUăFLUHHVWHDFWLYHVWHSRVLELO HVWHFDOGă VDXGH]XPLGLILFDW*HDPXULOHVH
VăSLFXUHFRQGHQVSHVXESDUWHDLQIHULRDUăD SRWDEXULPDLUDSLG'H]DFWLYDĠLIXQFĠLD
DXWRYHKLFXOXOXL$FHVWDHVWHIHQRPHQQRU Ä5ăFLUHDFXGH]XPLGLILFDUHDDHUXOXL´QXPDL
PDOQHLQGLFkQGRGHIHFĠLXQH SHQWUXRVFXUWăSHULRDGăSHQWUXDSUHYHQL
DEXULUHDJHDPXULORU
3RUQLUHRSULUH  5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH

&RQWUROFOLPDWL]DUH
3HQWUXDDFWLYDDSăVDĠLEXWRQXOZ FRQWDFW 3DJLQD 
/DPSDLQGLFDWRDUHGLQEXWRQXOZVH  6HWDĠLWHPSHUDWXUDGRULWă

DSULQGH  3HQWUXDDFWLYDDSăVDĠLEXWRQXOX

G &kQGHVWHDFWLYDWăIXQFĠLDÄ5ăFLUHDFX /DPSDLQGLFDWRDUHGLQEXWRQXOXVH
GH]XPLGLILFDUHDDHUXOXL´XQDGLQWUH DSULQGH&XUHQWXOGHDHUúLGLVWULEXĠLDDXWR
OăPSLOHLQGLFDWRDUHGHSHEXWRQXOSHQWUX PDWăDDHUXOXLVXQWDFWLYDWH
vQFăO]LUHDDX[LOLDUăVHYDDSULQGHODDXWRYH &RQWUROXODXWRPDWDOFOLPDWL]ăULL7+(502
KLFXOHOHFXvQFăO]LUHDX[LOLDUă 7521,&FkQGPRGXODXWRPDWHVWHDFWLYDW
 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO SXWHĠLUHJODFXUHQWXOGHDHU 3DJLQD 
Z  3HQWUXDVHOHFWDPDQXDODSăVDĠLEXWRQXO
/DPSDLQGLFDWRDUHGLQEXWRQXOZVH 
VWLQJH)XQFĠLDÄ5ăFLUHDFXGH]XPLGLILFDUH VDX
DDHUXOXL´GLVSXQHGHRFDUDFWHULVWLFăGH  $SăVDĠLEXWRQXO—VDX•
RSULUHWHPSRUL]DWă
/DPSDLQGLFDWRDUHGLQEXWRQXOXVH
VWLQJH&XUHQWXOGHDHUúLGLVWULEXĠLDDXWR
3UREOHPHODIXQFĠLDÄ5ăFLUHDFXGH]X PDWăDDHUXOXLVXQWGH]DFWLYDWH
PLGLILFDUHDDHUXOXL´
&kQGDSăVDĠLEXWRQXOZODPSDLQGLFD
WRDUHGLQEXWRQFOLSHúWHGHWUHLRULVDXUăPkQH 5HJODUHDFXUHQWXOXLGHDHU
VWLQVă1XPDLSXWHĠLDFWLYDIXQFĠLDÄ5ăFLUHD $FHDVWăIXQFĠLHHVWHGLVSRQLELOăGRDUFXFRQ
FXGH]XPLGLILFDUHDDHUXOXL´ WUROXODXWRPDWDOFOLPDWL]ăULL7+(502752
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL 1,&
]DW ÌQPRGXODXWRPDWSXWHĠLVHOHFWDXUPăWRDUHOH
VHWăULSHQWUXFXUHQWXOGHDHU
)2&86 FXUHQWGHDHUULGLFDWFDUHGHYLQH
6HWDUHDFRQWUROXOXLFOLPDWL]ăULLSH &21 SXĠLQPDLUHFH
PRGXODXWRPDW
ÌQPRGXODXWRPDWWHPSHUDWXUDVHWDWăHVWH
PHQĠLQXWăDXWRPDWODXQQLYHOFRQVWDQW6LV
 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL

&(1 3XWHĠLVHOHFWDVHWăULGHWHPSHUDWXUăGLIHULWH
75$7 SHQWUXSDUWHDúRIHUXOXLúLDSDVDJHUXOXLGLQ
0(',80 FXUHQWGHDHUPHGLXVHWDUHVWDQ IDĠăSUHFXPúLSHQWUXFRPSDUWLPHQWXOGLQ
0(',8 GDUG VSDWH
',))86( FXUHQWGHDHUVFă]XWFDUHHVWH  5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
',63(5 SXĠLQPDLFDOGúLFXXQGHELWPDL FRQWDFW 3DJLQD 
6$7 VFă]XWDOFXUHQWXOXLGHDHU  3HQWUXDFUHúWHUHGXFHWHPSHUDWXUDvQ
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH IDĠăURWLĠLFRPHQ]LOHCúL„vQVHQVRUDU
FRQWDFW 3DJLQD  VDXDQWLRUDU 3DJLQD
 $SăVDĠLEXWRQXOX 6FKLPEDĠLVHWDUHDWHPSHUDWXULLQXPDLvQ
 $SăVDĠLvQPRGUHSHWDWEXWRQXOðSkQă
WUHSWHPLFL3RUQLĠLOD‚
 3HQWUXDFUHúWHUHGXFHWHPSHUDWXUD
FkQGVHWDUHDGRULWăSHQWUXFXUHQWXOGHDHU
DSDUHSHDILúDM GLQFRPSDUWLPHQWXOGLQVSDWHFXDMXWR
UXOSDQRXOXLGHFRPDQGăGLQIDĠă
DSăVDĠLEXWRQXOÖ
&RQWUROFOLPDWL]DUH

6HWDUHDWHPSHUDWXULL /DPSDLQGLFDWRDUHGLQEXWRQXOÖVH
VWLQJH
&RQWUROXODXWRPDWDOFOLPDWL]ăULL7+(5  5RWLĠLFRPDQGDCvQVHQVRUDUVDXDQWLRUDU
0$7,& 3DJLQD 
6HSRWVHWDWHPSHUDWXULGLIHULWHSHQWUXSDUWHD 6FKLPEDĠLVHWDUHDWHPSHUDWXULLQXPDLvQ
úRIHUXOXLúLSDUWHDSDVDJHUXOXLGLQIDĠă WUHSWHPLFL3RUQLĠLOD‚
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH  3HQWUXDFUHúWHUHGXFHWHPSHUDWXUD

FRQWDFW 3DJLQD  GLQFRPSDUWLPHQWXOVSDWHFXDMXWRUXO


 3HQWUXDFUHúWHUHGXFHURWLĠLFRPHQ
SDQRXOXLGHFRPDQGăVSDWHDSăVDĠL
EXWRQXOcVDXdGHSHSDQRXOGH
]LOHCVDX„vQVHQVRUDUVDXvQVHQV
FRPDQGăVSDWH
DQWLRUDU 3DJLQD 
6FKLPEDĠLVHWDUHDWHPSHUDWXULLQXPDLvQ
6FKLPEDĠLVHWDUHDWHPSHUDWXULLQXPDLvQ
WUHSWHPLFL3RUQLĠLOD‚
WUHSWHPLFL3RUQLĠLOD‚
G 'DFăOăVDĠLDXWRYHKLFXOXOSDUFDWWLPSGH
&RQWURODXWRPDWDOFOLPDWL]ăULL7+(5 SHVWHGHPLQXWHVHWDUHDGHWHPSHUD
027521,& WXUăSHQWUXFRPSDUWLPHQWXOGLQVSDWH
UHYLQHOD‚

6HWDUHDGLVWULEXĠLHLDHUXOXL
6HWăULGLVWULEXĠLHDHU
&RQWUROXODXWRPDWDOFOLPDWL]ăULL7+(50$7,&
GLVWULEXĠLDDHUXOXLSRDWHILVHWDWăLQGLYLGXDO
SHQWUXSDUWHDúRIHUXOXLúLSDUWHDSDVDJHUXOXL
IDĠă

=RQHOHFRQWUROXOXLFOLPDWL]ăULLDXWRPDW7+(502
7521,&
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL 

a 'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH UDWFXUHQWXOGHDHUvQFRPSDUWLPHQWXOGLQ
GHGH]DEXULUH VSDWH
œ 'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH 'DFăEDWHULDQXHVWHvQFăUFDWăVXILFLHQW
GHYHQWLODĠLHFHQWUDOHúLODWHUDOH SXWHUHDYHQWLODWRUXOXLDUSXWHDILUHGXVă,PH
› 'LULMHD]ăFXUHQWXOGHDHUSULQDHUDWRD GLDWFHEDWHULDHVWHvQFăUFDWăVXILFLHQWSXWH
UHOHGHODVSDĠLXOSHQWUXSLFLRDUH UHDPD[LPăDYHQWLODWRUXOXLHVWHGLVSRQLELOă
Ÿ 'LULMHD]ăFXUHQWXOGHDHUSULQDHUDWRD
UHOHFHQWUDOHODWHUDOHúLGHODVSDĠLXO
SHQWUXSLFLRDUH
3RUQLUHDRSULUHDIXQFĠLHL=21(
 'LULMHD]ăFXUHQWXOGHDHUvQvQWUHJXO  3HQWUXDSRUQLDSăVDĠLEXWRQXOÖ
LQWHULRUDODXWRYHKLFXOXOXL /DPSDLQGLFDWRDUHGLQEXWRQXOÖVH
‡ 'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH DSULQGH
GHYHQWLODĠLHFHQWUDOHúLODWHUDOHGDUúL &RQWURODXWRPDWDOFOLPDWL]ăULL7+(50$7,&
SULQRULILFLLOHGHGH]DEXULUH VHWDUHDGHWHPSHUDWXUăSHQWUXSDUWHDúRIH
† 'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH UXOXLQXHVWHDGRSWDWăSHQWUXSDUWHDSDVD

&RQWUROFOLPDWL]DUH
DHUXOXLGHODVSDĠLXOSHQWUXSLFLRDUHúL JHUXOXLGLQIDĠă
FHOHGHGH]DEXULUH &RQWURODXWRPDWDOFOLPDWL]ăULL7+(502
7521,&VHWDUHDGHWHPSHUDWXUăSHQWUX
G ,QGLIHUHQWGHVHWDUHDGLVWULEXĠLHLDHUXOXL SDUWHDúRIHUXOXLQXHVWHDGRSWDWăSHQWUX
FXUHQWXOGHDHUHVWHGLULMDWvQWRWGHDXQDSULQ SDUWHDSDVDJHUXOXLGLQIDĠăúLFRPSDUWL
RULILFLLOHGHYHQWLODĠLHODWHUDOH2ULILFLLOHGH PHQWXOGLQVSDWH
YHQWLODĠLHODWHUDOHSRWILvQFKLVHQXPDLFkQG
&kQGEXWRDQHOHSHQWUXWHPSHUDWXUăFXUHQWXO
FRPHQ]LOHGHSHRULILFLLOHGHYHQWLODĠLHODWH
GHDHUVDXGLVWULEXĠLDDHUXOXLVXQWDFWLYDWH
UDOHVXQWURWLWHvQMRV
VHWDUHDGHWHPSHUDWXUăGHSHSDUWHDúRIHUX
OXLQXHVWHDGRSWDWăúLSHQWUXFHOHODOWH]RQH
5HJODUH GHFRQWURODOFOLPDWL]ăULL
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH  3HQWUXDRSULDSăVDĠLEXWRQXOÖ
FRQWDFW 3DJLQD  /DPSDLQGLFDWRDUHGLQEXWRQXOÖVH
 $SăVDĠLUHSHWDWEXWRQXOSkQăFHVLP VWLQJH
EROXOGRULWDSDUHSHDILúDM &RQWURODXWRPDWDOFOLPDWL]ăULL7+(50$7,&
/DPSDLQGLFDWRDUHGLQEXWRQXOXVH VHWDUHDGHWHPSHUDWXUăSHQWUXSDUWHDúRIH
VWLQJH&RQWUROXODXWRPDWHVWHGH]DFWLYDWúL UXOXLHVWHDGRSWDWăSHQWUXSDUWHDSDVDJH
GLVWULEXĠLDDHUXOXLHVWHFRQWURODWăvQIXQFĠLH UXOXLGLQIDĠă
GHVHWDUHDVHOHFWDWă &RQWURODXWRPDWDOFOLPDWL]ăULL7+(502
7521,&VHWDUHDGHWHPSHUDWXUăSHQWUX
SDUWHDúRIHUXOXLHVWHDGRSWDWăSHQWUXSDU
6HWDUHDFXUHQWXOXLGHDHU WHDSDVDJHUXOXLGLQIDĠăúLFRPSDUWLPHQWXO
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH GLQVSDWH
FRQWDFW 3DJLQD 
 3HQWUXDFUHúWHUHGXFHDSăVDĠLEXWRQXO
—VDX•
G 3XWHĠLXWLOL]DFRQWUROXODXWRPDWDOFOLPD
WL]ăULL7+(5027521,&SHQWUXDVHWDVHSD

 1XPDLSHQWUXDQXPLWHĠăUL
 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL

'H]DEXULUHDSDUEUL]XOXL 'H]DEXULUHDJHDPXULORU
3XWHĠLXWLOL]DDFHDVWăIXQFĠLHSHQWUXDGHJLYUD *HDPXULDEXULWHSHLQWHULRU
SDUEUL]XOVDXSHQWUXDGH]DEXULLQWHULRUXOSDU
EUL]XOXLúLJHDPXULOHODWHUDOH  $FWLYDĠLIXQFĠLDZÄ5ăFLUHDFXGH]XPL
GLILFDUHDDHUXOXL´
G 6HOHFWDĠLIXQFĠLDÄGH]DEXULUHSDUEUL]´  $FWLYDĠLPRGXODXWRPDWX
GRDUSkQăFHSDUEUL]XOUHGHYLQHWUDQVSD
 5HJODĠLRULILFLLOHGHYHQWLODĠLHODWHUDOHDVWIHO
UHQW
vQFkWDHUXOvQFăO]LWVăILHGLUHFĠLRQDWFăWUH
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
JHDPXULOHODWHUDOH
FRQWDFW 3DJLQD   'DFăJHDPXULOHFRQWLQXăVăVHDEXUHDVFă
 3HQWUXDDFWLYDDSăVDĠLEXWRQXOd
DFWLYDĠLIXQFĠLDÄGH]DEXULUHSDUEUL]´
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH 3DJLQD 
DSULQGH
6LVWHPXOGHFRQWURODOFOLPDWL]ăULLFRPXWă G 6HOHFWDĠLDFHDVWăVHWDUHGRDUSkQăFHSDU
SHXUPăWRDUHOHIXQFĠLL EUL]XOUHGHYLQHWUDQVSDUHQW
&RQWUROFOLPDWL]DUH

=FXUHQWGHDHUSXWHUQLF
*HDPXULDEXULWHSHH[WHULRU
=WHPSHUDWXUăULGLFDWă
=GLVWULEXĠLDDHUXOXLODSDUEUL]úLJHDPXULOH
 $FWLYDĠLúWHUJăWRDUHOHGHSDUEUL]
ODWHUDOHGLQIDĠă  $SăVDĠLUHSHWDWEXWRQXOSkQăFkQG
=PRGXOGHUHFLUFXODUHDDHUXOXLHVWHRSULW VLPEROXO›VDXœDSDUHSHDILúDM
 5HJODĠLRULILFLLOHGHYHQWLODĠLHODWHUDOHDVWIHO
'DFăEDWHULDQXHVWHvQFăUFDWăVXILFLHQW
vQFkWDHUXOVăQXILHGLUHFĠLRQDWFăWUHJHD
SXWHUHDYHQWLODWRUXOXLDUSXWHDILUHGXVă,PH
PXULOHODWHUDOH
GLDWFHEDWHULDHVWHvQFăUFDWăVXILFLHQWSXWH
UHDPD[LPăDYHQWLODWRUXOXLHVWHGLVSRQLELOă
 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO
ÌQFăO]LUHDOXQHWHL
d
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH 3RUQLUHRSULUH
VWLQJH6HWăULOHDQWHULRDUHVXQWUHDFWLYDWH
ÌQFăO]LUHDOXQHWHLDUHXQFRQVXPGHFXUHQW
0RGXOGHUHFLUFXODUHDDHUXOXLUăPkQH
ULGLFDW3ULQXUPDUHWUHEXLHVăRRSULĠLLPHGLDW
GH]DFWLYDW
FHJHDPXOUHGHYLQHWUDQVSDUHQWÌQFD]FRQ
VDX WUDUVHRSUHúWHDXWRPDWGXSăFkWHYDPLQXWH
 $SăVDĠLEXWRQXOX
'DFăWHQVLXQHDEDWHULHLHVWHSUHDVFă]XWă
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH vQFăO]LUHDOXQHWHLVHSRDWHGH]DFWLYD
VWLQJH&XUHQWXOGHDHUúLGLVWULEXĠLDDHUXOXL  5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
VXQWVHWDWHSHPRGXODXWRPDW
FRQWDFW 3DJLQD 
VDX  $SăVDĠLEXWRQXOl
 5RWLĠLFRQWUROXOWHPSHUDWXULLCVDX„vQ
/DPSDLQGLFDWRDUHGLQEXWRQXOlVH
VHQVRUDUVDXDQWLRUDU 3DJLQD  DSULQGHVDXVHVWLQJH
3DJLQD 
VDX
 $SăVDĠLEXWRQXO—VDX•
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL 

3UREOHPHODvQFăO]LUHDOXQHWHL

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
ÌQFăO]LUHDOXQHWHLVD %DWHULDQXDIRVWvQFăUFDWăVXILFLHQW
GH]DFWLYDWSUHPDWXU  'H]DFWLYDĠLRULFHFRQVXPDWRULLQXWLOLGHH[OăPSLOHGHOHFWXUă
VDXQXSRDWHILDFWLYDWă LOXPLQDUHDLQWHULRDUăVDXvQFăO]LUHDVFDXQXOXL
&kQGEDWHULDHVWHVXILFLHQWGHvQFăUFDWăvQFăO]LUHDOXQHWHLSRDWH
ILGLQQRXDFWLYDWă

$FWLYDUHDGH]DFWLYDUHDPRGXOXLGH G 0RGXOGHUHFLUFXODUHDDHUXOXLVHGH]DFWL
UHFLUFXODUHDDHUXOXL YHD]ăDXWRPDW
=GXSăDSUR[LPDWLYFLQFLPLQXWHODWHPSH
'DFăDFWLYDĠLPRGXOGHUHFLUFXODUHDDHUXOXL
JHDPXULOHVHSRWDEXULPDLUDSLGPDLDOHVOD UDWXULH[WHULRDUHVXEDSUR[LPDWLY‚

&RQWUROFOLPDWL]DUH
WHPSHUDWXULVFă]XWH8WLOL]DĠLPRGXOGHUHFLU =GXSăDSUR[LPDWLYFLQFLPLQXWHGDFă
FXODUHDDHUXOXLQXPDLSHQWUXVFXUWWLPSSHQ UăFLUHDFXGH]XPLGLILFDUHDDHUXOXLHVWH
WUXDSUHYHQLDEXULUHDJHDPXULORU GH]DFWLYDWă
3XWHĠLGH]DFWLYDIOX[XOGHDHUSURDVSăWGDFă =GXSăDSUR[LPDWLYGHPLQXWHODWHP
vQDXWRYHKLFXOLQWUăPLURVXULQHSOăFXWHGLQ SHUDWXULH[WHULRDUHGHSHVWHDSUR[LPDWLY
H[WHULRU$HUXOGLQDXWRYHKLFXOYDILDVWIHO ‚GDFăIXQFĠLDÄ5ăFLUHDFXGH]XPLGL
UHFLUFXODW ILFDUHDDHUXOXL´HVWHDFWLYDWă
8WLOL]DUHDPRGXOXLGHUHFLUFXODUHDDHUXOXL
HVWHVLPLODUăODWRDWHSDQRXULOHGHFRPDQGă
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
'HVFKLGHUHDvQFKLGHUHDDVLVWDWăFX
DMXWRUXOEXWRQXOXLGHUHFLUFXODUHD
FRQWDFW 3DJLQD 
DHUXOXL
 3HQWUXDDFWLYDDSăVDĠLEXWRQXOr
/DPSDLQGLFDWRDUHGLQEXWRQXOrVH $9(57,60(17
DSULQGH &kQGHVWHXWLOL]DWăFDUDFWHULVWLFDGHvQFKLGHUH
DVLVWDWăSRWILSULQVHSăUĠLDOHFRUSXOXLvQ]RQD
G ÌQFD]XOXQRUQLYHOXULGHSROXDUHULGL GHvQFKLGHUHDJHDPXOXLODWHUDOúLDWUDSHLJOL
FDWHVDXODWHPSHUDWXULH[WHULRDUHULGL VDQWH([LVWăXQULVFGHDFFLGHQW
FDWHPRGXOGHUHFLUFXODUHDDHUXOXLHVWH
5HVSHFWDĠLSURFHGXUDGHvQFKLGHUHFRPSOHWă
DFWLYDWDXWRPDW&kQGPRGXOGHUHFLUFXODUH
FkQGHVWHXWLOL]DWăFDUDFWHULVWLFDGHvQFKLGHUH
DDHUXOXLHVWHDFWLYDWDXWRPDWODPSDLQGL
DVLVWDWă/DvQFKLGHUHDVLJXUDĠLYăFăQX
FDWRDUHGLQEXWRQXOrQXHVWHDSULQVă
H[LVWăSăUĠLDOHFRUSXOXLvQ]RQDGHvQFKLGHUH
$HUXOH[WHULRUHVWHDGăXJDWGXSăDSUR[L
PDWLYGHPLQXWH $9(57,60(17
 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO ÌQWLPSXOGHVFKLGHULLDVLVWDWHSăUĠLDOHFRUSX
r OXLSRWILWUDVHvQăXQWUXVDXSRWILSULQVHvQWUH
/DPSDLQGLFDWRDUHGLQEXWRQXOrVH JHDPXOODWHUDOúLUDPDJHDPXOXL([LVWăXQULVF
VWLQJH GHDFFLGHQW
ÌQWLPSXOIXQFĠLRQăULLDVLJXUDĠLYăFăQLPHQL
QXDWLQJHJHDPXOODWHUDO'DFăFLQHYDUăPkQH

 1XPDLFRQWUROXODXWRPDWDOFOLPDWL]ăULL7+(5027521,&


 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL

SULQVDSăVDĠLLPHGLDWFRPXWDWRUXObSHQ FkQGVXQWGHVFKLVHSULQFDUDFWHULVWLFDGH
WUXDGHVFKLGHvQFKLGHJHDPXOODWHUDODOSRU GHVFKLGHUHDVLVWDWă
WLHUHL*HDPXOODWHUDOVHRSUHúWH3HQWUXD
FRQWLQXDvQFKLGHUHDJHDPXOXLODWHUDOWUDJHĠL
GHFRPXWDWRUXOb $FWLYDUHDGH]DFWLYDUHDIXQFĠLHLGH
FăOGXUăUH]LGXDOă
 &DUDFWHULVWLFDGHvQFKLGHUHDVLVWDWă )XQFĠLDGHFăOGXUăUH]LGXDOăHVWHGLVSRQLELOă
DSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOr GRDUFXFRQWUROXODXWRPDWDOFOLPDWL]ăULL
SkQăFHJHDPXULOHODWHUDOHúLWUDSDJOLVDQWă 7+(5027521,&
SDQRUDPLFăVDXvQFKLV
(VWHSRVLELOVăXWLOL]DĠLFăOGXUDUH]LGXDOăD
/DPSDLQGLFDWRDUHGLQEXWRQXOrVH
PRWRUXOXLSHQWUXDFRQWLQXDvQFăO]LUHDDXWR
DSULQGH0RGXOGHUHFLUFXODUHDDHUXOXLHVWH YHKLFXOXOXLWLPSGHDSUR[LPDWLYGHPLQXWH
DFWLYDW GXSăFHPRWRUXODIRVWRSULW'XUDWDGH
'DFăvQWLPSXOvQFKLGHULLDVLVWDWHSăUĠLDOHFRU vQFăO]LUHGHSLQGHGHWHPSHUDWXUDFDUHDIRVW
SXOXLVHDIOăvQ]RQDGHvQFKLGHUHSURFHGDĠL VHWDWăSHQWUXLQWHULRUXODXWRYHKLFXOXOXL
&RQWUROFOLPDWL]DUH

GXSăFXPXUPHD]ă G 9HQWLODWRUXOYDIXQFĠLRQDODWXUDĠLHUHGXVă
 $SăVDĠLEXWRQXObSHQWUXGHVFKLGHUHD LQGLIHUHQWGHVHWDUHDFXUHQWXOXLGHDHU
vQFKLGHUHDJHDPXULORUODWHUDOH
G 'DFăDFWLYDĠLIXQFĠLDGHFăOGXUăUH]LGXDOă
*HDPXOODWHUDOVHRSUHúWH
ODWHPSHUDWXULvQDOWHVHYDDFWLYDGRDUYHQ
 3HQWUXDGHVFKLGHDSRLJHDPXOODWHUDO
WLODĠLD9HQWLODWRUXOUXOHD]ăODWXUDĠLHPHGLH
DSăVDĠLGLQQRXEXWRQXOb
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
 $SăVDĠLEXWRQXOWSHQWUXGHVFKLGHUHD
FRQWDFWVDXVFRDWHĠLR 3DJLQD 
vQFKLGHUHDWUDSHLJOLVDQWHSDQRUDPLFH
 3HQWUXDDFWLYDDSăVDĠLEXWRQXOK
7UDSDJOLVDQWăSDQRUDPLFăQXVHPDLPLúFă
/DPSDLQGLFDWRDUHGLQEXWRQXOKVH
 3HQWUXDGHVFKLGHDSRLWUDSDJOLVDQWăSDQR
DSULQGH
UDPLFăDSăVDĠLGLQQRXEXWRQXOW
G 'DFăIXQFĠLDGHFăOGXUăUH]LGXDOăHVWH
G 1RWHSULYLQGIXQFĠLDGHLQYHUVDUHDXWR
DFWLYDWăJHDPXULOHVHSRWDEXULvQLQWHULRU
PDWăDVHQVXOXLSHQWUX
=JHDPXOODWHUDO 3DJLQD
 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO
K
=WUDSDJOLVDQWăSDQRUDPLFă
/DPSDLQGLFDWRDUHGLQEXWRQXOKVH
3DJLQD VWLQJH
 &DUDFWHULVWLFDGHGHVFKLGHUHDVLVWDWă
DSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOr G &ăOGXUDUH]LGXDOăHVWHGH]DFWLYDWăDXWR
SkQăFHJHDPXULOHODWHUDOHúLWUDSDJOLVDQWă PDW
SDQRUDPLFăVDXGHVFKLV*HDPXULOHODWH =GXSăFLUFDGHPLQXWH
UDOHúLWUDSDJOLVDQWăSDQRUDPLFăUHYLQvQ =FkQGFRQWDFWXOHVWHSXV
SR]LĠLDORULQLĠLDOă =GDFăWHQVLXQHDEDWHULHLVFDGH
/DPSDLQGLFDWRDUHGLQEXWRQXOrVH
=FkQGvQFăO]LUHDDX[LOLDUăHVWHDFWLYDWă
VWLQJH0RGXOGHUHFLUFXODUHDDHUXOXLHVWH
GH]DFWLYDW
G 'DFăGHVFKLGHĠLJHDPXULOHODWHUDOHVDX
WUDSDJOLVDQWăSDQRUDPLFăPDQXDOGXSăFH
OHvQFKLGHĠLSULQFDUDFWHULVWLFDGHvQFKLGHUH
DVLVWDWăHOHYRUUăPkQHvQDFHDVWăSR]LĠLH
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL 

ÌQFăO]LUHDX[LOLDUă PRWRUXOXLDIODWvQIXQFĠLXQHÌQFăO]LUHDDX[L
OLDUăHVWHDFĠLRQDWăGLUHFWSULQLQWHUPHGLXO
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD FDUEXUDQWXOXLDXWRYHKLFXOXOXL'LQDFHVW
PRWLYFRQĠLQXWXOUH]HUYRUXOXLWUHEXLHVăILH
3(5,&2/ FHOSXĠLQODQLYHOXOGHFDUEXUDQWGHUH]HUYă
'DFăĠHDYDGHHúDSDPHQWHVWHEORFDWăVDXQX SHQWUXDVHDVLJXUDIXQFĠLRQDUHDvQFăO]LULL
HVWHSRVLELOăRYHQWLODUHVXILFLHQWăvQDXWRYH DX[LOLDUH
KLFXOSRWSăWUXQGHJD]HGHHúDSDPHQWWR[LFH
ÌQFăO]LUHDYHQWLODĠLDDX[LOLDUăVHDGDSWHD]ă
vQVSHFLDOPRQR[LGGHFDUERQ$FHDVWăVLWXD
DXWRPDWODPRGLILFăULGHWHPSHUDWXUăúLFRQ
ĠLHDSDUHGHH[vQVSDĠLLvQFKLVHVDXGDFă
GLĠLLPHWHR'LQDFHVWPRWLYvQFăO]LUHDDX[L
DXWRYHKLFXOXOHVWHvPSRWPROLWvQ]ăSDGă
OLDUăDUSXWHDFRPXWDGLQPRGXOGHYHQWLODĠLH
([LVWăULVFXOSURGXFHULLGHUăQLIDWDOH
vQFHOGHvQFăO]LUHVDXGLQPRGXOGHvQFăO]LUH
$UWUHEXLVăRSULĠLvQFăO]LUHDDX[LOLDUăvQVSD vQFHOGHYHQWLODĠLH
ĠLLOHvQFKLVHFDUHQXDXXQVLVWHPGHH[WUDFĠLH
ÌQFăO]LUHDDX[LOLDUăVHGH]DFWLYHD]ăDXWRPDW
GHH[vQWUXQJDUDM'DFăDXWRYHKLFXOXOHVWH
GXSăGHPLQXWH$FHDVWăOLPLWăGHWLPS
vPSRWPROLWvQ]ăSDGăúLWUHEXLHVăOăVDĠL

&RQWUROFOLPDWL]DUH
SRDWHILPRGLILFDWăÌQDFHVWVFRSDSHODĠLOD
vQFăO]LUHDDX[LOLDUăvQIXQFĠLXQHPHQĠLQHĠL
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ĠHDYDGHHúDSDPHQWúL]RQDGLQMXUXODXWRYH
KLFXOXOXLFXUăĠDWHGH]ăSDGă3HQWUXDDVLJXUD 1XSXWHĠLXWLOL]DYHQWLODĠLDDX[LOLDUăSHQWUXD
RYHQWLODUHVXILFLHQWăFXDHUSURDVSăWGHVFKL UăFLLQWHULRUXODXWRYHKLFXOXOXLODRWHPSHUD
GHĠLXQJHDPGHSHSDUWHDDXWRYHKLFXOXOXL WXUăPDLMRDVăGHFkWWHPSHUDWXUDH[WHULRDUă
QHRULHQWDWăFăWUHYkQW
ÌQDLQWHGHDFWLYDUH
$9(57,60(17  5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
&kQGvQFăO]LUHDDX[LOLDUăHVWHDFWLYDWăDQX FRQWDFW 3DJLQD 
PLWHSLHVHDOHDXWRYHKLFXOXOXLVHSRWvQFLQJH  6HWDĠLWHPSHUDWXUDGRULWă 3DJLQD 
IRDUWHWDUH0DWHULDOHLQIODPDELOHSUHFXP
IUXQ]HLDUEăVDXUăPXUHOHVDUSXWHDDSULQGH ÌQFăO]LUHDYHQWLODĠLDDX[LOLDUăSRDWHILDFWL
GDFăLQWUăvQFRQWDFWSHSHULRDGHSUHOXQJLWH YDWăFKLDUúLDWXQFLFkQGFRQWUROXOFOLPDWL]ăULL
FXSLHVHvQFLQVHDOHVLVWHPXOXLGHHYDFXDUH HVWHVHWDWSHPDQXDO6HSRDWHREĠLQHXQ
([LVWăULVFGHLQFHQGLX FRQIRUWRSWLPFkQGVLVWHPXOHVWHVHWDWSH
PRGXODXWRPDW6HWDĠLWHPSHUDWXUDOD‚
&kQGvQFăO]LUHDDX[LOLDUăHVWHDFWLYDWăDVLJX
UDĠLYăFăQLFLXQPDWHULDOLQIODPDELOQXSRDWH ÌQFăO]LUHDYHQWLODĠLDDX[LOLDUăSRDWHILDFWL
LQWUDvQFRQWDFWFXFRPSRQHQWHOHILHUELQĠLDOH YDWăVDXGH]DFWLYDWăFXDMXWRUXOWHOHFRPHQ]LL
DXWRYHKLFXOXOXL VDXDOEXWRQXOXLGLQFRQVRODFHQWUDOă
&DOFXODWRUXOGHERUGSRDWHILXWLOL]DWSHQWUXD
 8WLOL]DUHDvQFăO]LULLYHQWLODĠLHLDX[LOLDUH VSHFLILFDSkQăODWUHLRUHGHSOHFDUHGLQWUH
FRQVXPăEDWHULDDXWRYHKLFXOXOXL'XSăFH FDUHXQDSRDWHILSUHVHOHFWDWă
DĠLvQFăO]LWVDXYHQWLODWDXWRYHKLFXOXOGH 3DJLQD 
PD[LPXPGRXăRULFRQGXFHĠLRGLVWDQĠă
PDLPDUH
G 3RUQLĠLvQFăO]LUHDDX[LOLDUăUHJXODWFHO
SXĠLQRGDWăSHOXQăWLPSGHDSUR[LPDWLY
]HFHPLQXWH
ÌQFăO]LUHDDX[LOLDUăvQFăO]HúWHDHUXOGLQLQWH
ULRUXODXWRYHKLFXOXOXLODWHPSHUDWXUDVHWDWă
$FHDVWDVHvQWkPSOăIăUăXWLOL]DUHDFăOGXULL

 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL

$FWLYDUHDGH]DFWLYDUHDvQFăO]LULLYHQ 7HOHFRPDQGDDUHRUD]ăPD[LPăGHDSUR[L
WLODĠLHLDX[LOLDUHFXDMXWRUXOEXWRQXOXL PDWLYGHPHWUL$FHDVWăUD]ăHVWHUHGXVă
GLQFRQVRODFHQWUDOă GH
=VXUVHOHGHLQWHUIHUHQĠăUDGLR
=RELHFWHOHVROLGHGLQWUHWHOHFRPDQGăúL
DXWRYHKLFXO
=VLWXDUHDWHOHFRPHQ]LLvQWURSR]LĠLHQHIDYR
UDELOăIDĠăGHDXWRYHKLFXO
=WUDQVPLWHUHDGLQWUXQVSDĠLXvQFKLV

G 5D]DRSWLPăSRDWHILREĠLQXWăGDFăĠLQHĠL
WHOHFRPDQGDSHYHUWLFDOăRULHQWDWăvQVXV
FkQGDSăVDĠLXQXOGLQWUHEXWRDQH
G 8QVLPEROGHEDWHULHDSDUHSHDILúDMFkQG
&XORULOHOăPSLORULQGLFDWRDUHGHSHEXWRQDX
EDWHULDWHOHFRPHQ]LLHVWHDSURDSHHSXL
&RQWUROFOLPDWL]DUH

XUPăWRDUHOHVHPQLILFDĠLL
]DWăÌQORFXLĠLEDWHULDWHOHFRPHQ]LL
$OEDVWUX 9HQWLODĠLDDX[LOLDUăDFWLYDWă 3DJLQD 
5RúX ÌQFăO]LUHDDX[LOLDUăDFWLYDWă
3RUQLUHRSULUHvQFăO]LUHYHQWLODĠLHDX[L
*DOEHQ 2UăGHSOHFDUHSUHVHOHFWDWă OLDUă
3DJLQD

$FWLYDUHDvQFăO]LULLYHQWLODĠLHLDX[LOLDUH
 $SăVDĠLEXWRQXOC
/DPSDLQGLFDWRDUHURúLHVDXDOEDVWUăGLQ
EXWRQXOCVHDSULQGH

'H]DFWLYDUHDvQFăO]LULLYHQWLODĠLHLDX[L
OLDUH
 $SăVDĠLEXWRQXOC
/DPSDLQGLFDWRDUHURúLHVDXDOEDVWUăGLQ
EXWRQXOCVHVWLQJH 7HOHFRPDQGă
C 'LVSOD\
$FWLYDUHDGH]DFWLYDUHDvQFăO]LULLYHQ D f3HQWUXDYHULILFDVWDUHDIL[DRUDGH
WLODĠLHLDX[LOLDUHFXDMXWRUXOWHOHFRPHQ SOHFDUH
]LL ‡ x3HQWUXDGH]DFWLYDvQFăO]LUHDYHQWL
3XQFWHGHUHVSHFWDWvQDLQWHGHXWLOL]DUH ODĠLDDX[LOLDUă
… ‹3HQWUXDDFWLYDvQFăO]LUHDYHQWLODĠLD
$XWRYHKLFXOXOGXPQHDYRDVWUăHVWHSUHYă]XW
FXRWHOHFRPDQGă3XWHĠLXWLOL]DGRXăWHOHFR DX[LOLDUă
PHQ]LVXSOLPHQWDUHSHQWUXDXWRYHKLFXOXO ƒ j3HQWUXDYHULILFDVWDUHDIL[DRUDGH
GXPQHDYRDVWUă3HQWUXPDLPXOWHLQIRUPDĠLL SOHFDUH
FRQWDFWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL 

 3HQWUXDDFWLYDDSăVDĠLEXWRQXO‹ 6HWDUHDRUHLGHSOHFDUH
21 3251,7 DSDUHSHDILúDMXOWHOHFRPHQ  $SăVDĠLEXWRQXOjVDXfvQPRG
]LL UHSHWDWSkQăFkQGRUDGHPRGLILFDWDSDUH
 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO SHDILúDM
x  $SăVDĠLVLPXOWDQEXWRDQHOH‹úLx
2)) 235,7 DSDUHSHDILúDMXOWHOHFRPHQ 6LPEROXOMGHSHDILúDMXOWHOHFRPHQ]LLFOL
]LL SHúWH
 $SăVDĠLEXWRQXOjVDXfSHQWUXD
9HULILFDUHDVWăULLvQFăO]LULLYHQWLODĠLHL
DX[LOLDUH VHWDRUDGHSOHFDUHGRULWă
 $SăVDĠLEXWRQXOjVDXf G &XFkWĠLQHĠLPDLPXOWDSăVDWSHEXWR
8UPăWRDUHOHPHVDMHSRWDSăUHDSHDILúDM QXOjVDXfFXDWkWVHúLVFKLPEă
PDLUDSLGRUD
'LVSOD\ 6HPQLILFDĠLH  $SăVDĠLVLPXOWDQEXWRDQHOH‹úLx

ÌQFăO]LUHDYHQWLODĠLD 1RXDRUăGHSOHFDUHHVWHVWRFDWă

&RQWUROFOLPDWL]DUH
DX[LOLDUăHVWHGH]DFWL
YDWă $FWLYDUHDRUHLGHSOHFDUHIL[DWH
 $SăVDĠLEXWRQXOjVDXfvQPRG
9HQWLODĠLDDX[LOLDUăHVWH UHSHWDWSkQăFkQGRUDGHSOHFDUHGRULWă
DFWLYDWă1XPăUXOGHSH DSDUHSHDILúDM
DILúDMLQGLFăGXUDWD
 $SăVDĠLEXWRQXO‹
UăPDVă vQPLQXWH SHQ
WUXYHQWLODĠLDDX[LOLDUă 6LPEROXOLúLRUDGHSOHFDUHDSDUSHDIL
úDM
ÌQFăO]LUHDDX[LOLDUăHVWH
DFWLYDWă1XPăUXOGHSH 'H]DFWLYDUHDXQHLRUHGHSOHFDUHIL[DWH
DILúDMLQGLFăGXUDWD  $SăVDĠLEXWRQXOjVDXf
UăPDVă vQPLQXWH SHQ 6WDUHDvQFăO]LULLDX[LOLDUHHVWHLQGLFDWăSH
WUXvQFăO]LUHDDX[LOLDUă DILúDM
 $SăVDĠLEXWRQXOf
6DDFWLYDWRRUăGHSOH
FDUH2UDGHSOHFDUH 3ULPDRUăGHSOHFDUHPHPRUDWăDSDUHSH
DSDUHSHGLVSOD\ DILúDM
 $SăVDĠLEXWRQXOx
6DDFWLYDWRRUăGHSOH
2)) 235,7 DSDUHSHDILúDMXOWHOHFRPHQ
FDUH9HQWLODĠLDDX[LOLDUă
]LL
HVWHDFWLYDWăvQPRG
FXUHQW2UDGHSOHFDUH
DSDUHSHGLVSOD\ ÌQORFXLUHDEDWHULHLWHOHFRPHQ]LL

6DDFWLYDWRRUăGHSOH $9(57,60(17
FDUHÌQFăO]LUHDDX[LOLDUă %DWHULLOHFRQĠLQVXEVWDQĠHWR[LFHúLFRUR]LYH
HVWHDFWLYDWăvQPRG 'DFăEDWHULLOHVXQWvQJKLĠLWHDFHVWOXFUXSRDWH
FXUHQW2UDGHSOHFDUH GXFHODSUREOHPHJUDYHGHVăQăWDWH([LVWăXQ
DSDUHSHGLVSOD\ ULVFGHDFFLGHQWIDWDO
%DWHULLOHQXWUHEXLHOăVDWHODvQGHPkQDFRSLL
ORU'DFăREDWHULHHVWHvQJKLĠLWăFHUHĠLLPH
GLDWDMXWRUXOPHGLFXOXL


 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL

1RWăSULYLQGSURWHFĠLDPHGLXOXL
%DWHULLOHFRQĠLQDJHQĠL
SROXDQĠL(VWHLOHJDOVăOH
DUXQFDĠLvPSUHXQăFX
JXQRLXOPHQDMHU$FHVWHD
WUHEXLHFROHFWDWHVHSDUDWúL
DUXQFDWHSRWULYLWXQXLVLVWHP
GHUHFLFODUHUHVSRQVDELOIDĠă
GHPHGLXOvQFRQMXUăWRU
$UXQFDĠLEDWHULLOHvQWUR
PDQLHUăUHVSRQVDELOăIDĠăGH
PHGLXOvQFRQMXUăWRU'XFHĠL
EDWHULLOHGHVFăUFDWHODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL
]DWVDXODXQFHQWUXGHFROHF
&RQWUROFOLPDWL]DUH

WDUHSHQWUXEDWHULLX]DWH

(VWHQHFHVDUăREDWHULHFXSLQGH9GHWLS
&5

 'HVIDFHĠLEUDĠHOHODWHUDOHDOHFDSDFXOXL
EDWHULHLDúLVFRDWHĠLFDSDFXOEDWHULHLD
 6FRDWHĠLYHFKHDEDWHULHC
 ,QWURGXFHĠLQRXDEDWHULH5HVSHFWDĠLvQVHP
QHOHGHSRODULWDWHGHSHVSDWHOHWHOHFRPHQ
]LLvQWLPSXORSHUDĠLHL
 &XOLVDĠLFDSDFXOEDWHULHLDvQDSRLSHWHOH
FRPDQGă
 8WLOL]DĠLWHOHFRPDQGDSHQWUXDYHULILFDIXQF
ĠLLOHGHvQFăO]LUHDX[LOLDUăDOHDXWRYHKLFXOX
OXL
5HJODUHDDHUDWRDUHORU 

3UREOHPHODvQFăO]LUHDYHQWLODĠLDDX[LOLDUă

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

)$,/ '()(&7 %DWHULDGHPDURUXOXLQXHVWHvQFăUFDWăVXILFLHQWVDXVLVWHPXOIXQF


ĠLRQHD]ăGHIHFWXRV
 ÌQFăUFDĠLEDWHULDGHPDURUXOXL
 ÌQFHUFDĠLGLQQRXVăDFWLYDĠLvQFăO]LUHDDX[LOLDUăFXDMXWRUXOWHOH
FRPHQ]LL
 6ROLFLWDĠLYHULILFDUHDvQFăO]LULLDX[LOLDUHODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW

B 7UDQVPLVLDGHVHPQDOGLQWUHWUDQVPLĠăWRUúLDXWRYHKLFXOHVWH
GHIHFWXRDVă
)$,/ '()(&7
 6FKLPEDĠLYăSR]LĠLDvQUDSRUWFXDXWRYHKLFXOXODSURSLLQGXYă
GHHOGDFăVLWXDĠLDRFHUH

&RQWUROFOLPDWL]DUH
 ÌQFHUFDĠLGLQQRXVăDFWLYDĠLVDXVăGH]DFWLYDĠLvQFăO]LUHDDX[L
OLDUăFXDMXWRUXOWHOHFRPHQ]LL

g (VWHRFDQWLWDWHLQVXILFLHQWăGHFDUEXUDQWvQUH]HUYRUXOGHFDUEX
UDQW3ULQXUPDUHFRQĠLQXWXOUH]HUYRUXOXLHVWHVXEQLYHOXOFDUEX
)$,/ '()(&7 UDQWXOXLGHUH]HUYă
 $OLPHQWDĠLODFHDPDLDSURSLDWăEHQ]LQăULH
 ÌQFHUFDĠLGLQQRXVăDFWLYDĠLvQFăO]LUHDDX[LOLDUăFXDMXWRUXOWHOH
FRPHQ]LL

ÌQFăO]LUHDDX[LOLDUăHVWHGHIHFWă
 6ROLFLWDĠLYHULILFDUHDvQFăO]LULLDX[LOLDUHODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW

5HJODUHDDHUDWRDUHORU 3HQWUXDDVLJXUDXQGHELWGHDHUSURDVSăW
GLUHFWSULQDHUDWRDUHvQLQWHULRUXODXWRYHKLFX
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD OXOXLUHVSHFWDĠLXUPăWRDUHOHQRWH
$9(57,=$5( =DVLJXUDĠLYăFăDGPLVLDDHUXOXLGLQWUHSDU

'LQGX]HOHGHYHQWLODUHSRDWHLHúLDHUIRDUWH EUL]úLFDSRWăQXHVWHEORFDWăGHH[HPSOX
ILHUELQWHVDXIRDUWHUHFH&DXUPDUHvQLPH FXJKHDĠă]ăSDGăVDXIUXQ]H
GLDWHDSURSLHUHDGX]HORUGHYHQWLODUHVHSRW =QXDFRSHULĠLQLFLRGDWăRULILFLLOHVDXJULODMHOH
SURGXFHDUVXULVDXvQJKHĠDUHDSLHOLL3HULFROXO GHYHQWLODĠLHGLQLQWHULRUXODXWRYHKLFXOXOXL
GHOH]LXQL G 3HQWUXRYHQWLODUHSUDFWLFOLSVLWăGH
$VLJXUDĠLYăFăWRĠLSDVDJHULLYHKLFXOXOXLVH FXUHQĠLGHDHUUHJODĠLFXUVRDUHOHDHUDWRD
JăVHVFODRGLVWDQĠăVLJXUăIDĠăGHGX]HOHGH UHORUvQSR]LĠLHFHQWUDOă
YHQWLODUH'DFăHVWHQHFHVDUGLULMDĠLFXUHQWXO
GHDHUVSUHRDOWă]RQăDKDELWDFOXOXLYHKLFX
OXOXL


 5HJODUHDDHUDWRDUHORU

6HWDUHDRULILFLLORUGHYHQWLODĠLHFHQ 5HJODUHDRULILFLXOXLGHYHQWLODĠLHDOWRU
WUDOH SHGRXOXL
&kQGFRQWUROXODXWRPDWDOFOLPDWL]ăULLHVWH
DFWLYDWWRUSHGRXOSRDWHILDHULVLWGHH[HPSOX
SHQWUXDLUăFLFRQĠLQXWXO1LYHOXOFXUHQWXOXL
GHDHUGHSLQGHGHVHWăULOHGHFXUHQWGHDHUúL
GLVWULEXĠLHDDHUXOXL
 ÌQFKLGHĠLRULILFLXOGHYHQWLODĠLHFkQG
vQFăO]LĠLDXWRYHKLFXOXO
/DWHPSHUDWXULH[WHULRDUHvQDOWHGHVFKLGHĠL
RULILFLXOGHYHQWLODĠLHúLDFWLYDĠLIXQFĠLD
ÄUăFLUHDFXGH]XPLGLILFDUHDDHUXOXL´ÌQFD]
 3HQWUXDGHVFKLGHDHUDWRUXOFHQWUDO FRQWUDUHOHPHQWHOHWHUPRVHQVLELOHGHSR]L
URWLĠLGLVSR]LWLYXOGHUHJODUHGLQXQXOGLQWUH WDWHvQWRUSHGRSRWVXIHULGHWHULRUăUL
&RQWUROFOLPDWL]DUH

DHUDWRDUHOHFHQWUDOHCvQVHQVDQWLRUDU
 3HQWUXDvQFKLGHDHUDWRUXOFHQWUDOURWLĠL
GLVSR]LWLYXOGHUHJODUHGLQXQXOGLQWUHDHUD
WRDUHOHFHQWUDOHCvQVHQVRUDUSkQăFkQG
FXSOHD]ă

6HWDUHDRULILFLLORUGHYHQWLODĠLHODWH
UDOH

C %XWRQGHUHJODMSHQWUXDHUDWRU
D 2ULILFLXGHYHQWLODĠLH
 3HQWUXDGHVFKLGHvQFKLGHURWLĠLEXWRQXO
GHUHJODMCvQVHQVRUDUVDXDQWLRUDU

C 2ULILFLXSHQWUXGH]DEXULUHDJHDPXOXLODWH
UDO
D 2ULILFLXGHYHQWLODĠLHODWHUDO

 3HQWUXDGHVFKLGHXQRULILFLXGHYHQWL
ODĠLHODWHUDOURWLĠLGLVSR]LWLYXOGHUHJODUH
GLQDHUDWRUXOODWHUDODvQVHQVDQWLRUDU
 3HQWUXDvQFKLGHXQRULILFLXGHYHQWLODĠLH
ODWHUDOURWLĠLGLVSR]LWLYXOGHUHJODUHGLQ
DHUDWRUXOODWHUDODvQVHQVRUDUSkQăFkQG
VHDQJUHQHD]ă
5HJODUHDDHUDWRDUHORU 

6HWDUHDDHUDWRDUHORUGLQFRPSDUWL
PHQWXOGLQVSDWH

C %XWRQXOGHUHJODMSHQWUXDHUDWRUXOGLQ
FRPSDUWLPHQWXOGLQVSDWH

&RQWUROFOLPDWL]DUH
D $HUDWRUGLQFRPSDUWLPHQWXOGLQVSDWH
GUHDSWD
‡ 3DQRXGHFRPDQGăGLQVSDWHQXPDLFX
FRQWUROXODXWRPDWDOFOLPDWL]ăULL7+(502
7521,&
… $HUDWRUGLQFRPSDUWLPHQWXOGLQVSDWH
VWkQJD
 3HQWUXDGHVFKLGHvQFKLGHURWLĠLEXWRQXO
GHUHJODMCvQVXVVDXvQMRV





,QIRUPDĠLLXWLOH 
1RWHSULYLQGURGDMXO 
&RQGXFHUH 

&RQGXFHUHDúLSDUFDUHD
7UDQVPLVLHPDQXDOă 
7UDQVPLVLHDXWRPDWă 
$OLPHQWDUHFXFDUEXUDQW 
3DUFDUH 
6IDWXULSULYLQGFRQGXFHUHD 
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
6LVWHPHGHDVLVWDUHDFRQGXFHULL
RIIURDG 
7UDFWDUHDXQHLUHPRUFL 
 &RQGXFHUH

,QIRUPDĠLLXWLOH $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
='DFăHVWHSRVLELOQXDSăVDĠLSHGDODGH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH DFFHOHUDĠLHGLQFRORGHSXQFWXOGHUH]LV
&RQGXFHUHDúLSDUFDUHD

PRGHOHOHVHULLOHúLHFKLSDPHQWXORSĠLRQDO WHQĠă UHWURJUDGDUHIRUĠDWă 


SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUăFDUH =7UHDSWDGHYLWH]HVDXDUWUHEXL
HUDXGLVSRQLELOHvQPRPHQWXOWLSăULULL FXSODWăQXPDLDWXQFLFkQGFRQGXFHĠLOHQW
PDQXDOXOXL6XQWSRVLELOHYDULDĠLLQDĠLRQDOH GHH[FkQGFRQGXFHĠLSHWHUHQPRQWDQ
5HĠLQHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOVă
'XSăNPSXWHĠLDFFHOHUDWUHSWDWDXWR
QXILHHFKLSDWFXWRDWHIXQFĠLLOHGHVFULVH
YHKLFXOXOSkQăODYLWH]HPD[LPHSHGUXPúL
$FHVWOXFUXHVWHYDODELOúLSHQWUXVLVWHPHOH
WXUDĠLLPD[LPHGHPRWRU
úLIXQFĠLLOHUHIHULWRDUHODVLJXUDQĠă
G 7UHEXLHGHDVHPHQHDVăUHVSHFWDĠL
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
DFHVWHQRWHSULYLQGURGDMXOGDFăPRWRUXO
FLDOLWDWHDXWRUL]DWH 3DJLQD 
VDXSLHVHDOHWUHQXOXLGHWUDQVPLVLHGHOD
DXWRYHKLFXOXOGXPQHDYRDVWUăDXIRVWvQOR
FXLWH
1RWHSULYLQGURGDMXO
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
&RQGXFHUH
1RLOHSOăFXĠHGHIUkQăJDUQLWXULGHIUkQăúL
GLVFXULFDUHDXIRVWvQORFXLWHRIHUăXQHIHFWGH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
IUkQDUHRSWLPGRDUGXSăFkWHYDVXWHGHNLOR
PHWULGHFRQGXFHUH&RPSHQVDĠLUHGXFHUHD $9(57,60(17
HIHFWXOXLUHGXVGHIUkQDUHSULQDSăVăULPDL 2ELHFWHOHDIODWHvQVSDĠLXOSHQWUXSLFLRDUHDO
IHUPHSHSHGDODGHIUkQă úRIHUXOXLSRWOLPLWDFXUVDSHGDOHLVDXREVWUXF
ĠLRQDRSHGDOăDSăVDWă6LJXUDQĠDvQIXQFĠLR
QDUHúLVLJXUDQĠDUXWLHUăDDXWRYHKLFXOXOXL
3ULPLLNP VXQWSHULFOLWDWH([LVWăXQSHULFROGHDFFLGHQW
$VLJXUDĠLYăFăWRDWHRELHFWHOHGLQDXWRYHKL
'DFăDFRUGDĠLRJULMăVXILFLHQWăSHQWUXPRWRU
FXOVXQWGHSR]LWDWHFRUHFWúLFăQXSăWUXQGvQ
vQFăGHODvQFHSXWYHĠLILUăVSOăWLWFXSHUIRU
VSDĠLXOSHQWUXSLFLRDUHDOúRIHUXOXL)L[DĠLELQH
PDQĠăH[FHOHQWăSHQWUXWRWUHVWXOYLHĠLLPRWR
FRYRUDúHOHúLSRWULYLWVSHFLILFDĠLLORUSHQWUXD
UXOXL
DVLJXUDJDUGăVXILFLHQWăSHQWUXSHGDOH1X
=&RQGXFHĠLODYLWH]HDOHDXWRYHKLFXOXOXLúL
XWLOL]DĠLFRYRUDúHFDUHQXVXQWIL[DWH
WXUDĠLLGHPRWRUYDULDWHSULPLLNP
=(YLWDĠLVăVXSUDVROLFLWDĠLDXWRYHKLFXOXOvQ $9(57,60(17
DFHDVWăSHULRDGăGHH[SULQFRQGXFHUHOD 2vQFăOĠăPLQWHQHFRUHVSXQ]ăWRDUHSRDWH
DFFHOHUDĠLHPD[LPă vPSLHGLFDXWLOL]DUHDFRUHFWăDSHGDOHORUGH
=6FKLPEDĠLWUHDSWDGHYLWH]HvQWLPSXWLO H[
vQDLQWHFDDFXOWXURPHWUXOXLVăILHODÃGLQ =SDQWRILFXWăOSLJURDVH
GLVWDQĠDSkQăOD]RQDURúLHGLQDILúDMXOWXUR =SDQWRILFXWRFvQDOW
PHWUXOXL
=SDSXFLGHFDVă
=1XFXSODĠLPDQXDOvQWURWUHDSWăLQIHULRDUă
SHQWUXDIUkQD ([LVWăXQSHULFROGHDFFLGHQW
3XUWDĠLRvQFăOĠăPLQWHDGHFYDWăSHQWUXDDVL
JXUDXWLOL]DUHDFRUHFWăDSHGDOHORU
&RQGXFHUH 

$9(57,60(17 3R]LĠLLFKHLH
'DFăGHFXSODĠLFRQWDFWXOvQWLPSXOFRQGXFHULL
&KHLH
IXQFĠLLOHUHIHULWRDUHODVLJXUDQĠăVXQWGLVSRQL

&RQGXFHUHDúLSDUFDUHD
ELOHFXOLPLWăULVDXQXVXQWGLVSRQLELOHGHORF
$FHVWOXFUXDUSXWHDDIHFWDGHH[HPSOXVHU
YRGLUHFĠLDúLHIHFWXOGHDPSOLILFDUHDIUkQHL
0DQHYUDUHDúLIUkQDUHDYRUQHFHVLWDXQHIRUW
FRQVLGHUDELOPDLPDUH([LVWăXQSHULFROGH
DFFLGHQW
1XGHFXSODĠLFRQWDFWXOvQWLPSXOFRQGXFHULL

$9(57,60(17
'DFăIUkQDGHSDUFDUHQXDIRVWHOLEHUDWăFRP
SOHWFkQGFRQGXFHĠLIUkQDGHSDUFDUHDU Z 3HQWUXDVFRDWHFKHLD
SXWHD
G $OLPHQWDUHDHOHFWULFăSHQWUXDQXPLĠLFRQ
=VăVHVXSUDvQFăO]HDVFăúLVăSURYRDFHXQ VXPDWRULSUHFXPúWHUJăWRDUHOHGHSDU
LQFHQGLX EUL]
=VăúLSLDUGăIXQFĠLDGHPHQĠLQHUH H &RQWDFWXO DOLPHQWDUHDHOHFWULFăSHQWUX
([LVWăXQULVFGHLQFHQGLXúLGHDFFLGHQW(OL WRĠLFRQVXPDWRULL úLSR]LĠLDGHFRQGXFHUH
EHUDĠLFRPSOHWIUkQDGHSDUFDUHvQDLQWHGHD I 3HQWUXDSRUQLPRWRUXO
FRQGXFH
9RODQXOHVWHEORFDWFkQGFKHLDHVWHVFRDVă
 ÌQFăO]LĠLUDSLGPRWRUXO1XXWLOL]DĠLSHUIRU GLQFRPXWDWRUXOGHSRUQLUH
PDQĠHOHFRPSOHWHDOHPRWRUXOXLSkQăQXD G &KLDUGDFăFKHLDQXDSDUĠLQHDXWRYHKLFX
DWLQVWHPSHUDWXUDGHIXQFĠLRQDUH OXOXLHDSRDWHILURWLWăvQFRPXWDWRUXOGH
6HWDĠLWUDQVPLVLDDXWRPDWăODSR]LĠLLOHGH SRUQLUH7RWXúLFRQWDFWXOQXYDILFXSODW
FRQGXFHUHUHVSHFWLYHQXPDLFkQGDXWRYH 0RWRUXOQXSRDWHILSRUQLW
KLFXOXOVWDĠLRQHD]ă
'DFăHVWHSRVLELOHYLWDĠLSDWLQDUHDURĠLORU .(</(66*2
PRWULFHFkQGSRUQLĠLGHSHORFSHGUXPXUL
DOXQHFRDVHÌQFD]FRQWUDUDĠLSXWHDGHWH 1RWHJHQHUDOH
ULRUDWUHQXOGHWUDQVPLVLH =1XĠLQHĠLFKHLD.(</(66*2
 FXGLVSR]LWLYHHOHFWURQLFHGHH[XQWHOH
IRQPRELOVDXDOWăFKHLH
 FXRELHFWHPHWDOLFHGHH[PRQHGHVDX
IROLLPHWDOLFH
 vQLQWHULRUXOXQRURELHFWHPHWDOLFHGHH[
RFDVHWăGLQPHWDO
$FHVWOXFUXSRDWHDIHFWDIXQFĠLRQDOLWDWHD
FKHLLFX.(</(66*2
$XWRYHKLFXOHOHFX.(</(66*2VXQWGRWDWH
FXRFKHLHSUHYă]XWăFXRIXQFĠLH.(</(66
*2LQWHJUDWăúLXQEXWRQ6WDUW6WRSGHWDúD
ELO


 &RQGXFHUH

%XWRQXO6WDUW6WRSWUHEXLHVăILHLQWURGXVvQ G 1XWUHEXLHVăVFRDWHĠLEXWRQXO6WDUW6WRS
FRPXWDWRUXOGHFRQWDFWLDUFKHLDWUHEXLHVă GLQFRPXWDWRUXOGHFRQWDFWFkQGSăUăVLĠL
VHDIOHvQDXWRYHKLFXO DXWRYHKLFXOXO
&RQGXFHUHDúLSDUFDUHD

$SăVDUHDEXWRQXOXL6WDUW6WRSGHPDLPXOWH
RULODUkQGFRUHVSXQGHGLIHULWHORUSR]LĠLLDOH
FKHLLvQFRPXWDWRUXOGHFRQWDFW$FHDVWă
VLWXDĠLHDSDUHGRDUGDFăQXDSăVDĠLSHGDODGH
IUkQă
'DFăDSăVDĠLSHGDODGHIUkQăúLEXWRQXO
6WDUW6WRSPRWRUXOSRUQHúWHLPHGLDW

 6FRDWHĠLEXWRQXO6WDUW6WRSCGLQFRPX
WDWRUXOGHFRQWDFWD
G &kQGLQWURGXFHĠLEXWRQXO6WDUW6WRSC
vQFRPXWDWRUXOGHFRQWDFWDVLVWHPXO
QHFHVLWăXQWLPSGHUHFXQRDúWHUHGHDSUR
[LPDWLYGRXăVHFXQGH$SRLSXWHĠLXWLOL]D
 3R]LĠLDGDFăEXWRQXO6WDUW6WRSCQXD EXWRQXO6WDUW6WRSC
IRVWvQFăDSăVDWDFHDVWDFRUHVSXQGHVFRD
WHULLFKHLLGLQFRQWDFW
 3R]LĠLDDSăVDĠLEXWRQXO6WDUW6WRSC
3RUQLUHDPRWRUXOXL
$FXPSXWHĠLDFWLYDúWHUJăWRDUHOHGHSDU 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
EUL]GHH[HPSOX
$9(57,60(17
G 'DFăGHVFKLGHĠLDSRLSRUWLHUDúRIHUXOXLvQ 'DFăFRSLLLVXQWOăVDĠLQHVXSUDYHJKHDĠLvQ
DFHDVWăSR]LĠLHDOLPHQWDUHDHOHFWULFăHVWH DXWRYHKLFXODFHúWLDDUSXWHD
GH]DFWLYDWă
=GHVFKLGHSRUWLHUHOHSXQkQGDVWIHOvQSHUL
 3R]LĠLD FRQWDFW DSăVDĠLEXWRQXO6WDUW
FRODOWHSHUVRDQHVDXSDUWLFLSDQĠLLODWUDILF
6WRSCGHGRXăRUL =LHúLúLSHUWXUEDWUDILFXO

G $OLPHQWDUHDHOHFWULFăHVWHvQWUHUXSWăGLQ =DFĠLRQDHFKLSDPHQWXODXWRYHKLFXOXOXL
QRXGDFă ÌQSOXVFRSLLLDUSXWHDSXQHDXWRYHKLFXOXOvQ
=SRUWLHUDúRIHUXOXLHVWHGHVFKLVăúL PLúFDUHGHH[HPSOXDFHúWLDDUSXWHD
=DSăVDĠLEXWRQXOGH3RUQLUH2SULUHCR =HOLEHUDIUkQDGHSDUFDUH

GDWăvQDFHDVWăSR]LĠLH =VFRDWHWUDQVPLVLDDXWRPDWăGLQSR]LĠLDGH
SDUFDUH3
6FRDWHUHDEXWRQXOXL6WDUW6WRS =FXSODĠLWUDQVPLVLDPDQXDOăvQSR]LĠLD
3XWHĠLVFRDWHEXWRQXO6WDUW6WRSGLQFRPX QHXWUă
WDWRUXOGHFRQWDFWúLSRUQLDXWRYHKLFXOXOvQ =SRUQLPRWRUXO
PRGQRUPDOFXDMXWRUXOFKHLL
([LVWăXQSHULFROGHDFFLGHQWúLUăQLUH
&RQGXFHUH 

&kQGLHúLĠLGLQDXWRYHKLFXOOXDĠLvQWRWGHDXQD 7UDQVPLVLHDXWRPDWă
FKHLDFXGXPQHDYRDVWUăúLvQFXLDĠLDXWRYHKL  &XSODĠLWUDQVPLVLDvQSR]LĠLD3
FXOXO1XOăVDĠLQLFLRGDWăFRSLLLVDXDQLPDOHOH $ILúDMXOSR]LĠLHLWUDQVPLVLHLGLQDILúDMXOPXO

&RQGXFHUHDúLSDUFDUHD
QHVXSUDYHJKHDWHvQDXWRYHKLFXO1XOăVDĠL WLIXQFĠLRQDOLQGLFă3
QLFLRGDWăFKHLDODvQGHPkQDFRSLLORU
G 3XWHĠLGHDVHPHQHDVăSRUQLĠLPRWRUXO
$9(57,60(17 FkQGWUDQVPLVLDVHDIOăvQSR]LĠLD1
0RWRDUHOHFXFRPEXVWLHHPLWJD]HGHHúDSD
PHQWWR[LFHSUHFXPPRQR[LGGHFDUERQ,QKD 3URFHGXUDGHSRUQLUHFXFKHLD
ODUHDDFHVWRUJD]HGHHúDSDPHQWGXFHODLQWR
G 3HQWUXDSRUQLPRWRUXOFXDMXWRUXOFKHLLvQ
[LFDUH([LVWăXQULVFGHDFFLGHQWIDWDO1X
ORFGH.(</(66*2WUDJHĠLEXWRQXO6WDUW
OăVDĠLQLFLRGDWăPRWRUXOSRUQLWvQVSDĠLLvQFKLVH
6WRSGLQFRPXWDWRUXOGHFRQWDFW
IăUăYHQWLODUHVXILFLHQWă
 3HQWUXDSRUQLXQPRWRUSHEHQ]LQă
$9(57,60(17 URWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
0DWHULDOHOHLQIODPDELOHLQWURGXVHSULQ FRQWDFW 3DJLQD úLHOLEHUDĠLLPHGLDW
LQIOXHQĠăGHPHGLXVDXGHDQLPDOHVHSRW FHPRWRUXODSRUQLW
DSULQGHGDFăLQWUăvQFRQWDFWFXVLVWHPXOGH  3HQWUXDSRUQLXQPRWRUGLHVHOURWLĠL
HYDFXDUHVDXFXSLHVHDOHPRWRUXOXLFDUHVH FKHLDvQSR]LĠLDvQFRPXWDWRUXOGHFRQWDFW
vQFăO]HVF([LVWăULVFGHLQFHQGLX 3DJLQD 
(IHFWXDĠLYHULILFăULFXUHJXODULWDWHSHQWUXDYă /DPSDLQGLFDWRDUHDSUHvQFăO]LULLFXEXMLH
DVLJXUDFăQXH[LVWăQLFLXQPDWHULDOLQIODPDELO LQFDQGHVFHQWă(GLQWDEORXOGHERUGVH
VWUăLQvQFRPSDUWLPHQWXOPRWRUXOXLVDXvQVLV DSULQGH
WHPXOGHHYDFXDUH  &kQGODPSDLQGLFDWRDUHDSUHvQFăO]LULLFX
EXMLHLQFDQGHVFHQWă(VHVWLQJHURWLĠL
 1XDSăVDĠLSHGDODGHDFFHOHUDĠLHODSRU FKHLDvQSR]LĠLD 3DJLQD úLHOLEHUDĠL
QLUHDPRWRUXOXL LPHGLDWFHPRWRUXODSRUQLW
G 3XWHĠLSRUQLPRWRUXOIăUăSUHvQFăO]LUHFX
1RWHJHQHUDOH EXMLHLQFDQGHVFHQWăGDFăPRWRUXOHVWH
G $XWRYHKLFXOHFXPRWRUSHEHQ]LQă FDOG
FRQYHUWRUXOFDWDOLWLFHVWHSUHvQFăO]LWSkQă
ODDSUR[LPDWLYGHVHFXQGHGXSăRSRU 8WLOL]DUHD.(</(66*2SHQWUXDSRUQL
QLUHODUHFH6XQHWXOPRWRUXOXLSRDWHVXIHUL PRWRUXO
PRGLILFăULvQDFHVWLQWHUYDO 3XWHĠLVăSRUQLĠLPRWRUXOGDFăvQDXWRYHKLFXO
VHDIOăRFKHLHYDOLGăFXIXQFĠLDLQWHJUDWă.(<
7UDQVPLVLHPDQXDOă /(66*2/XDĠLvQWRWGHDXQDFKHLDFXGXP
 $SăVDĠLSHGDODGHIUkQăúLPHQĠLQHĠLR QHDYRDVWUăFkQGLHúLĠLGLQDXWRYHKLFXOFKLDU
DSăVDWă úLGDFăSOHFDĠLQXPDLSHQWUXVFXUWWLPS$FRU
 $SăVDĠLFRPSOHWSHGDODGHDPEUHLDM
GDĠLDWHQĠLHQRWHORULPSRUWDQWHSULYLQGVLJX
UDQĠD
 $GXFHĠLVFKLPEăWRUXOvQSR]LĠLDQHXWUă1
G %XWRQXO6WDUW6WRSSRDWHILXWLOL]DWSHQWUX
G 3XWHĠLVăSRUQLĠLPRWRUXOQXPDLFkQG DSRUQLDXWRYHKLFXOXOPDQXDOIăUăDLQWUR
SHGDODGHDPEUHLDMHVWHFRPSOHWDSăVDWă GXFHFKHLDvQFRPXWDWRUXOGHFRQWDFW
&KHLDWUHEXLHVăVHDIOHvQDXWRYHKLFXOLDU
EXWRQXO6WDUW6WRSWUHEXLHVăILHLQWURGXV
vQFRPXWDWRUXOGHFRQWDFW$FHVWPRGGH

 &RQGXFHUH

SRUQLUHDPRWRUXOXLIXQFĠLRQHD]ăLQGHSHQ 7UDQVPLVLHDXWRPDWă
GHQWGHIXQFĠLDVWDUWVWRS(&2GHSRUQLUH
DXWRPDWăDPRWRUXOXL $9(57,60(17
&RQGXFHUHDúLSDUFDUHD

'DFăWXUDĠLDPRWRUXOXLHVWHSHVWHWXUDĠLDGH
 $SăVDĠLSHGDODGHIUkQăúLPHQĠLQHĠLR
UDODQWLúLFXSODĠLSR]LĠLDWUDQVPLVLHL'VDX5
DSăVDWă
DXWRYHKLFXOXODUSXWHDSRUQLGHSHORFEUXVF
 3HQWUXDSRUQLXQPRWRUSHEHQ]LQă
([LVWăXQSHULFROGHDFFLGHQW
DSăVDĠLEXWRQXO6WDUW6WRSRGDWă
&kQGFXSODĠLSR]LĠLDWUDQVPLVLHL'VDX5
3DJLQD 
DSăVDĠLvQWRWGHDXQDIHUPSHGDODGHIUkQăúL
0RWRUXOSRUQHúWH
QXDFFHOHUDĠLVLPXOWDQ
 3HQWUXDSRUQLXQPRWRUGLHVHODSăVDĠL
EXWRQXO6WDUW6WRSRGDWă 3DJLQD  G 7UDQVPLVLDSRDWHILFXSODWăGLQSR]LĠLD3
3UHvQFăO]LUHDFXEXMLHLQFDQGHVFHQWăHVWH vQSR]LĠLDGRULWăGRDUGDFăDSăVDĠLSHGDOD
DFWLYDWăúLPRWRUXOSRUQHúWH GHIUkQă1XPDLDWXQFLHVWHHOLEHUDWăEOR
FDUHDODSDUFDUH'DFăSHGDODGHIUkQăQX
HVWHDSăVDWăPDQHWD',5(&76(/(&7
3RUQLUHGHSHORF SRDWHILGHSODVDWăvQFRQWLQXDUHvQVăEOR
FDUHDODSDUFDUHUăPkQHFXSODWă
7UDQVPLVLHPDQXDOă
 $SăVDĠLSHGDODGHIUkQăúLPHQĠLQHĠLR
 $SăVDĠLSHGDODGHIUkQăúLPHQĠLQHĠLR DSăVDWă
DSăVDWă  &XSODĠLWUDQVPLVLDSHSR]LĠLD'VDX5
 $SăVDĠLFRPSOHWSHGDODGHDPEUHLDM
 (OLEHUDĠLIUkQDGHSDUFDUH 3DJLQD 
 &XSODĠLILHSULPDWUHDSWăGHYLWH]HILH
 (OLEHUDĠLSHGDODGHIUkQă
WUHDSWDGHPHUVvQDSRL5
 $SăVDĠLFXDWHQĠLHSHGDODGHDFFHOHUDĠLH
 (OLEHUDĠLIUkQDGHSDUFDUH 3DJLQD 
 (OLEHUDĠLSHGDODGHIUkQă G $XWRYHKLFXOXOVHvQFXLHFHQWUDOL]DWRGDWă
 (OLEHUDĠLOHQWSHGDODGHDPEUHLDMúLDSăVDĠL FHDĠLGHPDUDW%XWRDQHOHGHvQFXLHUHGLQ
XúRUSHGDODGHDFFHOHUDĠLH SRUWLHUHFRERDUă
3XWHĠLGHVFKLGHRULFkQGSRUWLHUHOHGLQLQWH
 6FKLPEDĠLWUHDSWDGHYLWH]ăvQWLPSXWLOúL ULRU
HYLWDĠLSDWLQDUHDURĠLORUÌQFD]FRQWUDUDĠL
'HDVHPHQHDSXWHĠLGH]DFWLYDFDUDFWHULV
SXWHDDYDULDDXWRYHKLFXOXO
WLFDGHvQFXLHUHDXWRPDWă 3DJLQD 
G 5HVSHFWDĠLUHFRPDQGăULOHSULYLQGVFKLP G &XSOăULOHvQWUHDSWăVXSHULRDUăVHHIHF
EDUHDYLWH]HLGLQDILúDMXOPXOWLIXQFĠLRQDO
WXHD]ăODWXUDĠLLPDLPDULDOHPRWRUXOXL
SHQWUXDREĠLQHXQVWLOGHFRQGXFHUHHFR
GXSăRSRUQLUHODUHFH$VWIHOFRQYHUWRUXO
QRPLF 3DJLQD 
FDWDOLWLFSRDWHDWLQJHWHPSHUDWXUDVDGH
G $XWRYHKLFXOXOVHvQFXLHFHQWUDOL]DWRGDWă IXQFĠLRQDUHPDLUDSLG
FHDĠLGHPDUDW%XWRDQHOHGHvQFXLHUHGLQ
SRUWLHUHFRERDUă $VLVWHQĠăODSRUQLUHDvQSDQWă
3XWHĠLGHVFKLGHRULFkQGSRUWLHUHOHGLQLQWH $VLVWHQĠDODSRUQLUHDvQSDQWăYăDVLVWăFkQG
ULRU SRUQLĠLGHSHORFvQDLQWHVDXvQDSRLvQSDQWă
'HDVHPHQHDSXWHĠLGH]DFWLYDvQFXLHUHD DVFHQGHQWă$FHDVWDPHQĠLQHDXWRYHKLFXOXO
DXWRPDWăDSRUWLHUHORU 3DJLQD  vQORFRVFXUWăSHULRDGăGXSăFHDĠLULGLFDW
SLFLRUXOGHSHSHGDODGHIUkQă$VWIHODYHĠL
VXILFLHQWWLPSVăYăWUHFHĠLSLFLRUXOGHSH
&RQGXFHUH 

SHGDODGHIUkQăSHSHGDODGHDFFHOHUDĠLHúLVă &kQGSRUQLĠLGLQQRXGHSHORFPRWRUXOSRU
RDSăVDĠLvQDLQWHFDDXWRYHKLFXOXOVăVHSXQă QHúWHDXWRPDW)XQFĠLDVWDUWVWRS(&2Yă
vQPLúFDUHVXEDFĠLXQHDJUDYLWDĠLHL DMXWăvQFRQVHFLQĠăVăUHGXFHĠLFRQVXPXOGH

&RQGXFHUHDúLSDUFDUHD
FDUEXUDQWúLHPLVLLOHDXWRYHKLFXOXOXLGXPQHD
$9(57,60(17 YRDVWUă
ÌQVFXUWWLPSDVLVWHQĠDODSRUQLUHDvQSDQWăQX
'HILHFDUHGDWăFkQGSRUQLĠLPRWRUXOFXDMX
YDPDLIUkQDDXWRYHKLFXOXOLDUDFHVWDVDU
WRUXOFKHLLVDXDOEXWRQXOXLGH6WDUW6WRS
SXWHDSXQHvQPLúFDUH([LVWăXQSHULFROGH
IXQFĠLDGHVWDUWVWRS(&2HVWHDFWLYDWă
DFFLGHQWúLUăQLUH
'DFăIXQFĠLDVWDUWVWRS(&2DIRVWGH]DFWL
3ULQXUPDUHWUHFHĠLUHSHGHSLFLRUXOGHSH
YDWăPDQXDO 3DJLQD VDXRGHIHFĠLXQH
SHGDODGHIUkQăSHSHGDODGHDFFHOHUDĠLH1X
DGHWHUPLQDWGH]DFWLYDUHDVLVWHPXOXLVLPER
SăUăVLĠLQLFLRGDWăDXWRYHKLFXOXOFkQGHVWH
OXO§QXHVWHDILúDW
PHQĠLQXWGHDVLVWHQĠDODSRUQLUHDvQSDQWă

 /XDĠLSLFLRUXOGHSHSHGDODGHIUkQă 2SULUHDDXWRPDWăDPRWRUXOXL
$XWRYHKLFXOXOHVWHDSRLĠLQXWFLUFDR
1RWHJHQHUDOH
VHFXQGă
 3RUQLĠLGHSHORF
)XQFĠLDVWDUWVWRS(&2HVWHIXQFĠLRQDOăúL
VLPEROXO§HVWHDILúDWvQYHUGHSHDILúDMXO
$VLVWHQĠDODSRUQLUHDvQSDQWăQXYDIXQFĠLRQD PXOWLIXQFĠLRQDOGDFă
GDFă
=ODPSDLQGLFDWRDUHGLQEXWRQXO(&2HVWH
=SRUQLĠLGHSHORFSHXQGUXPSODQVDXSHR
DSULQVăvQYHUGH
SDQWăGHVFHQGHQWă =WHPSHUDWXUDH[WHULRDUăVHDIOăvQLQWHUYDOXO
=ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
GHFRQIRUW
WUDQVPLVLDVHDIOăvQSR]LĠLD1 =PRWRUXOVHDIOăODWHPSHUDWXUDQRUPDOăGH
=IUkQDGHSDUFDUHHVWHFXSODWă
IXQFĠLRQDUH
=(63ŠHVWHGHIHFW =WHPSHUDWXUDVHWDWăSHQWUXLQWHULRUXODXWR
YHKLFXOXOXLDIRVWDWLQVă
=EDWHULDHVWHvQFăUFDWăVXILFLHQW
)XQFĠLDVWDUWVWRS(&2 =VLVWHPXOGHWHFWHD]ăIDSWXOFăSDUEUL]XOQX
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD HVWHDEXULWFkQGVLVWHPXOGHDHUFRQGLĠLR
QDWHVWHDFWLYDW
$9(57,60(17 =FDSRWDHVWHvQFKLVă
'DFăPRWRUXOHVWHRSULWDXWRPDWúLLHúLĠLGLQ =SRUWLHUDúRIHUXOXLHVWHvQFKLVăúLFHQWXUDGH
DXWRYHKLFXOPRWRUXOHVWHUHSRUQLWDXWRPDW VLJXUDQĠăDúRIHUXOXLHVWHFXSODWă
$XWRYHKLFXOXOVHSRDWHSXQHvQPLúFDUH
'DFăQXVHUHXQHVFWRDWHFRQGLĠLLOHSHQWUX
([LVWăXQULVFGHDFFLGHQWúLUăQLUH
RSULUHDDXWRPDWăDPRWRUXOXLVLPEROXO
'DFăGRULĠLVăSăUăVLĠLDXWRYHKLFXOXOGHFX §HVWHDILúDWvQJDOEHQ
SODĠLvQWRWGHDXQDFRQWDFWXOúLDVLJXUDĠLDXWR
YHKLFXOXOFRQWUDSXQHULLvQPLúFDUH G 7RDWHVLVWHPHOHDXWRYHKLFXOXOXLUăPkQ
DFWLYHFkQGPRWRUXOHVWHRSULWDXWRPDW
1RWHJHQHUDOH G 0RWRUXOSRDWHILRSULWDXWRPDWGHPD[LP
'DFăVLPEROXO§HVWHDILúDWvQYHUGHSH SDWUXRUL RSULUHDLQLĠLDOăDSRLWUHLRSULUL
DILúDMXOPXOWLIXQFĠLRQDOIXQFĠLDVWDUWVWRS XOWHULRDUH VXFFHVLY6LPEROXO§DSDUH
(&2RSUHúWHDXWRPDWPRWRUXOGDFăDXWRYH vQJDOEHQSHDILúDMXOPXOWLIXQFĠLRQDOGXSă
KLFXOXOQXVHPDLGHSODVHD]ă FHPRWRUXODIRVWSRUQLWDXWRPDWDSDWUD


 &RQGXFHUH

RDUă&kQGVLPEROXO§HVWHDILúDWvQ =VLVWHPXOGHIUkQDUHQHFHVLWăDFHVWOXFUX
YHUGHSHDILúDMXOPXOWLIXQFĠLRQDORSULUHD =WHPSHUDWXUDGLQLQWHULRUXODXWRYHKLFXOXOXL
DXWRPDWăDPRWRUXOXLUHGHYLQHSRVLELOă VHDEDWHGHODLQWHUYDOXOVHWDW
&RQGXFHUHDúLSDUFDUHD

=VLVWHPXOGHWHFWHD]ăXPH]HDOăSHSDUEUL]
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
FkQGVLVWHPXOGHDHUFRQGLĠLRQDWHVWHDFWL
)XQFĠLDVWDUWVWRS(&2RSUHúWHDXWRPDW
YDW
PRWRUXOODYLWH]HPLFL
=VWDGLXOGHvQFăUFDUHDEDWHULHLHVWHSUHD
VFă]XW
=FHQWXUDGHVLJXUDQĠăDúRIHUXOXLHVWHHOLEH
UDWăVDXSRUWLHUDúRIHUXOXLHVWHGHVFKLVă
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
 &XSODĠLWUHDSWDGHYLWH]ăQXPDLFkQG
SHGDODGHDPEUHLDMHVWHDSăVDWă
0RWRUXOHVWHSRUQLWDXWRPDWGDFă
=DSăVDĠLFRPSOHWSHGDODGHDPEUHLDM
=DSăVDĠLSHGDODGHDFFHOHUDĠLH
 )UkQDĠLDXWRYHKLFXOXO
 &XSODĠLSR]LĠLDQHXWUă1 3DJLQD $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
UHVSHFWDĠLLQVWUXFĠLXQHDGHVFKLPEDUHD 0RWRUXOHVWHSRUQLWDXWRPDWGDFă
YLWH]HLCSHQWUXDFXSODSR]LĠLDQHXWUă1 =HOLEHUDĠLSHGDODGHIUkQăFkQGIXQFĠLD+2/'
GDFăHVWHFD]XO  QXHVWHDFWLYDWăúLWUDQVPLVLDHVWHvQSR]LĠLD
 (OLEHUDĠLSHGDODGHDPEUHLDM 'VDX1
0RWRUXOHVWHRSULWDXWRPDW =DSăVDĠLSHGDODGHDFFHOHUDĠLH
=VFRDWHĠLWUDQVPLVLDGLQSR]LĠLD3
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
'DFăDXWRYHKLFXOXOHVWHIUkQDWSkQăODRSULUH G &XSODUHDWUDQVPLVLHLvQSR]LĠLD3QXGXFH
vQ'VDX1IXQFĠLDGHVWDUWVWRS(&2RSUHúWH ODSRUQLUHDPRWRUXOXL
DXWRPDWPRWRUXO G 'DFăFXSODĠLWUDQVPLVLDGLQ5vQ'IXQFĠLD
G )XQFĠLD+2/'SRDWHILDFWLYDWăGDFă GHVWDUWVWRS(&2HVWHGLVSRQLELOăGLQQRX
PRWRUXODIRVWRSULWDXWRPDW$SRLQXPDL RGDWăFHVLPEROXO§UHDSDUHvQYHUGHSH
HVWHQHYRLHVăFRQWLQXDĠLVăDFĠLRQDĠLIUkQD DILúDMXOPXOWLIXQFĠLRQDO
vQWLPSXOID]HLGHRSULUHDXWRPDWă&kQG
DSăVDĠLSHGDODGHDFFHOHUDĠLHPRWRUXOSRU
QHúWHDXWRPDWúLHIHFWXOGHIUkQDUHDOIXQF
ĠLHL+2/'HVWHGH]DFWLYDW

3RUQLUHDDXWRPDWăDPRWRUXOXL
1RWHJHQHUDOH
0RWRUXOHVWHSRUQLWDXWRPDWGDFă
=RSULĠLIXQFĠLDVWDUWVWRS(&2SULQDSăVDUHD
EXWRQXOXL(&2
=FXSODĠLWUHDSWDGHPHUVvQDSRL5
=DXWRYHKLFXOXOVHSXQHvQPLúFDUH
&RQGXFHUH 

'H]DFWLYDUHDDFWLYDUHDIXQFĠLHLVWDUW
VWRS(&2

&RQGXFHUHDúLSDUFDUHD
%XWRQ(&2
 3HQWUXDRSULDSăVDĠLEXWRQXOC
/DPSDLQGLFDWRDUHDGHSHEXWRQXOCúL
VLPEROXO§GLQDILúDMXOPXOWLIXQFĠLRQDO
VHVWLQJ
 3HQWUXDSRUQLDSăVDĠLEXWRQXOC
/DPSDLQGLFDWRDUHDVHDSULQGH
'DFăVHUHXQHVFWRDWHFRQGLĠLLOHSHQWUX
RSULUHDDXWRPDWăDPRWRUXOXL
3DJLQD VLPEROXO§DSDUHvQ
YHUGHSHDILúDMXOPXOWLIXQFĠLRQDO
'DFăQXVHUHXQHVFWRDWHFRQGLĠLLOHSHQWUX
RSULUHDDXWRPDWăDPRWRUX
OXL 3DJLQD VLPEROXO§DSDUHvQ
JDOEHQSHDILúDMXOPXOWLIXQFĠLRQDOÌQ
DFHDVWăVLWXDĠLHIXQFĠLDVWDUWVWRS(&2
HVWHLQGLVSRQLELOă
G 'DFăODPSDLQGLFDWRDUHDHVWHGH]DFWL
YDWăIXQFĠLDVWDUWVWRS(&2DIRVWGH]DF
WLYDWăPDQXDOVDXvQXUPDXQHLGHIHFĠLXQL
0RWRUXOQXYDILRSULWDXWRPDWFkQGDXWR
YHKLFXOXOVHRSUHúWH


 &RQGXFHUH

3UREOHPHODPRWRU

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&RQGXFHUHDúLSDUFDUHD

0RWRUXOQXSRUQHúWH )XQFĠLD+2/'VDX',67521,&3/86HVWHDFWLYDWă
 'H]DFWLYDĠLIXQFĠLD+2/' 3DJLQD VDX',67521,&3/86
3DJLQD 
 ÌQFHUFDĠLVăUHSRUQLĠLPRWRUXO

0RWRUXOQXSRUQHúWH =([LVWăRGHIHFĠLXQHvQVLVWHPHOHHOHFWURQLFHDOHPRWRUXOXL
6HSRDWHDX]LGHPDUR =([LVWăRGHIHFĠLXQHODDOLPHQWDUHDFXFDUEXUDQW
UXO  5RWLĠLFKHLDvQDSRLvQSR]LĠLDvQFRPXWDWRUXOGHFRQWDFWvQDLQWH
GHDvQFHUFDVăSRUQLĠLPRWRUXOGLQQRX
VDX
 $SăVDĠLEXWRQXOGH3RUQLUH2SULUHvQPRGUHSHWDWSkQăFkQG
WRDWHOăPSLOHLQGLFDWRDUHGLQWDEORXOGHERUGVHVWLQJ
 ÌQFHUFDĠLVăUHSRUQLĠLPRWRUXO 3DJLQD (YLWDĠLvQFHUFăULOH
H[FHVLYGHOXQJLúLIUHFYHQWHGHDSRUQLPRWRUXOvQWUXFkWDFHVWHD
YRUGHVFăUFDEDWHULD
'DFăPRWRUXOQXSRUQHúWHGXSăFkWHYDvQFHUFăUL
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

0RWRUXOQXSRUQHúWH 5H]HUYRUXOGHFDUEXUDQWHVWHJRO
6HSRDWHDX]LGHPDUR  $OLPHQWDĠLDXWRYHKLFXOXO
UXO/DPSDGHDYHUWL
]DUHDFDUEXUDQWXOXLGH
UH]HUYăHVWHDSULQVă
LDUDILúDMXOLQGLFDWRUXOXL
QLYHOXOXLGHFDUEXUDQW
DUDWă
0RWRUXOQXSRUQHúWH 7HQVLXQHDGHODERUGHVWHSUHDVFă]XWăGHRDUHFHEDWHULDHVWHSUHD
1XSXWHĠLDX]LGHPDUR VODEăVDXGHVFăUFDWă
UXO  3RUQLĠLIRUĠDWDXWRYHKLFXOXO 3DJLQD 

'DFăPRWRUXOQXSRUQHúWHvQFLXGDvQFHUFăULORUGHSRUQLUHIRUĠDWă
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

'HPDURUXODIRVWH[SXVODRVDUFLQăWHUPLFăSUHDPDUH
 /ăVDĠLGHPDURUXOVăVHUăFHDVFăDSUR[LPDWLYGRXăPLQXWH
 ÌQFHUFDĠLVăUHSRUQLĠLPRWRUXO

'DFăPRWRUXOvQFăQXSRUQHúWH
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
7UDQVPLVLHPDQXDOă 

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
$XWRYHKLFXOHFXPRWRU ([LVWăRGHIHFĠLXQHvQVLVWHPHOHHOHFWURQLFHDOHPRWRUXOXLVDXOD

&RQGXFHUHDúLSDUFDUHD
SHEHQ]LQă FRPSRQHQWDPHFDQLFăDVLVWHPXOXLGHPDQDJHPHQWDOPRWRUXOXL
0RWRUXOQXIXQFĠLR  $SăVDĠLGRDUXúRUSHGDODGHDFFHOHUDĠLH
QHD]ăOLQúLGăUDWHXUL ÌQFD]FRQWUDUFDUEXUDQWXOQHDUVDUSXWHDLQWUDvQFRQYHUWRUXO
FDWDOLWLFúLODUSXWHDGHWHULRUD
 6ROLFLWDĠLLPHGLDWUHPHGLHUHDSUREOHPHLODXQDWHOLHUGHVSHFLD
OLWDWHDXWRUL]DW

$ILúDMXOWHPSHUDWXULL 1LYHOXOOLFKLGXOXLGHUăFLUHHVWHSUHDVFă]XW/LFKLGXOGHUăFLUHHVWH
OLFKLGXOXLGHUăFLUHDIL SUHDILHUELQWHLDUPRWRUXOQXPDLHVWHUăFLWVXILFLHQW
úHD]ăSHVWH‚  2SULĠLFkWPDLUHSHGHSRVLELOúLOăVDĠLPRWRUXOúLOLFKLGXOGHUăFLUH
/DPSDGHDYHUWL]DUHD VăVHUăFHDVFă
OLFKLGXOXLGHUăFLUHDU  9HULILFDĠLQLYHOXOOLFKLGXOXLGHUăFLUH 3DJLQD 5HVSHFWDĠL
SXWHDILGHDVHPHQHD
QRWHOHGHDYHUWLVPHQWvQWLPSXOYHULILFăULLúLFRPSOHWDĠLFXOLFKLG
DSULQVăúLVDUSXWHD
GHUăFLUHGDFăHVWHQHFHVDU
HPLWHXQVXQHWGHDYHU
WL]DUH 'DFăQLYHOXOGHOLFKLGGHUăFLUHHVWHFRUHFWYHQWLODWRUXOUDGLDWR
UXOXLPRWRUXOXLDUSXWHDILGHIHFW/LFKLGXOGHUăFLUHHVWHSUHDILHU
ELQWHLDUPRWRUXOQXPDLHVWHUăFLWVXILFLHQW
 'DFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXE‚SXWHĠL
FRQWLQXDVăFRQGXFHĠLSkQăODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDĠLVDUFLQLOHJUHOHDVXSUDPRWRUXOXLFkQGIDFHĠLDFHVWOXFUX
GHH[FRQGXFHĠLSHWHUHQPRQWDQúLvQWUDILFFXRSULULúLSRUQLUL
IUHFYHQWH

7UDQVPLVLHPDQXDOă  &XSODĠLWUHDSWDGHYLWH]ăQXPDLFkQG
SHGDODGHDPEUHLDMHVWHDSăVDWă
0DQHWăVFKLPEăWRUGHYLWH]H
 &kQGFXSODĠLvQWUHYLWH]DDDúLDD
vPSLQJHĠLvQWRWGHDXQDPDQHWD
VFKLPEăWRUXOXLGHYLWH]HSkQăODFDSăWOD
GUHDSWDÌQFD]FRQWUDUHVWHSRVLELOVă
FXSODĠLQHLQWHQĠLRQDWvQYLWH]DDDVDXD
DGHWHULRUkQGWUDQVPLVLD
'DFăFXSODĠLvQWURWUHDSWăGHYLWH]ăSUHD
PDUH IUkQDUHWUDQVPLVLH PRWRUXOVH
SRDWHVXSUDWXUDSURYRFkQGXVHDYDULHUHD
DFHVWXLD
1XXWLOL]DĠLSXQFWXOGHSDWLQDUHDODPEUHLD
0DQHWăVFKLPEăWRUGHYLWH]H MXOXLSHQWUXDPHQĠLQHDXWRYHKLFXOXOVWDĠLR
^ 7UHDSWăGHPHUVvQDSRL QDUvQSDQWHDVFHQGHQWHÌQFD]FRQWUDU
GL 7UHSWHGHPHUVvQDLQWH H[LVWăULVFXODYDULHULLDPEUHLDMXOXL


 7UDQVPLVLHDXWRPDWă

 ÌQSDQWHOHGHVFHQGHQWHOXQJLúLDEUXSWH 5HFRPDQGDUHGHVFKLPEDUHDYLWH]HL
PDLDOHVGDFăDXWRYHKLFXOXOHVWHvQFăUFDW
VDXGDFăWUDFWDĠLRUHPRUFăWUHEXLHVă 5HFRPDQGăULOHGHVFKLPEDUHDYLWH]HLYă
DMXWăVăDGRSWDĠLXQVWLOGHFRQGXFHUHHFRQR
&RQGXFHUHDúLSDUFDUHD

FXSODĠLWUHDSWDVDXvQWLPSXWLO$VWIHO
XWLOL]DĠLHIHFWXOGHIUkQDUHDOPRWRUXOXL$VW PLF7UHDSWDGHYLWH]ăUHFRPDQGDWăDSDUHSH
IHOVHYDHOLPLQDVDUFLQDODFDUHHVWHVXSXV DILúDMXOPXOWLIXQFĠLRQDO
VLVWHPXOGHIUkQDUHúLVHSUHYLQH
VXSUDvQFăO]LUHDúLX]XUDSUHPDWXUăDIUkQH
ORU

$GXFHUHVFKLPEăWRUvQSR]LĠLDQHXWUă
1

 &XSODĠLWUHDSWDGHYLWH]ăvQIXQFĠLHGHUHFR
PDQGDUHDGHVFKLPEDUHDYLWH]HLCFkQG
DFHDVWDHVWHLQGLFDWăSHDILúDMXOPXOWLIXQF
ĠLRQDOGLQWDEORXOGHERUG

7UDQVPLVLHDXWRPDWă
 $SăVDĠLFRPSOHWSHGDODGHDPEUHLDM 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 'HSODVDĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]H
vQSR]LĠLD1C $9(57,60(17
'DFăWXUDĠLDPRWRUXOXLHVWHSHVWHWXUDĠLDGH
UDODQWLúLFXSODĠLSR]LĠLDWUDQVPLVLHL'VDX5
&XSODUHDWUHSWHLGHPHUVvQDSRL DXWRYHKLFXOXODUSXWHDSRUQLGHSHORFEUXVF
([LVWăXQSHULFROGHDFFLGHQW
 &XSODĠLWUHDSWDGHPHUVvQDSRL5QXPDL
&kQGFXSODĠLSR]LĠLDWUDQVPLVLHL'VDX5
FkQGDXWRYHKLFXOXOVWDĠLRQHD]ăÌQFD]FRQ
DSăVDĠLvQWRWGHDXQDIHUPSHGDODGHIUkQăúL
WUDUSXWHĠLDYDULDWUDQVPLVLD
QXDFFHOHUDĠLVLPXOWDQ
G )XQFĠLDVWDUWVWRS(&2HVWHLQGLVSRQLELOă
FkQGWUHDSWDGHPHUVvQDSRLHVWHFXSODWă $9(57,60(17
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG 7UDQVPLVLDDXWRPDWăFXSOHD]ăvQSR]LĠLD
IXQFĠLDVWDUWVWRS(&2FRQVXOWDĠL QHXWUă1FkQGRSULĠLPRWRUXO$XWRYHKLFXOV
3DJLQD  DUSXWHDSXQHvQPLúFDUH([LVWăXQSHULFROGH
DFFLGHQW
 'HSODVDĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]H
IHUPODVWkQJDGLQFRORGHSXQFWXOGHUH]LV 'XSăRSULUHDPRWRUXOXLFXSODĠLvQWRWGHDXQD
WHQĠăúLDSRLvQDLQWH vQSR]LĠLDGHSDUFDUH3$FĠLRQDĠLIUkQDGHSDU
FDUHSHQWUXDQXSHUPLWHDXWRYHKLFXOXOXLSDU
FDWVăVHSXQăvQPLúFDUH
7UDQVPLVLHDXWRPDWă 

0DQHWD',5(&76(/(&7 SXWHĠLVFKLPEDFXDMXWRUXOPDQHWHL',5(&7
6(/(&7
3UH]HQWDUHJHQHUDOăDSR]LĠLLORUWUDQV
 'DFăDILúDMXOSR]LĠLHLWUDQVPLVLHLGLQDIL

&RQGXFHUHDúLSDUFDUHD
PLVLHL
úDMXOPXOWLIXQFĠLRQDOQXIXQFĠLRQHD]ăWUH
0DQHWD',5(&76(/(&7VHDIOăSHGUHDSWD EXLHVăGHPDUDĠLFXDWHQĠLHSHQWUXDYHUL
FRORDQHLGHGLUHFĠLH ILFDGDFăSR]LĠLDGRULWăDWUDQVPLVLHLHVWH
FXSODWăÌQPRGLGHDOWUHEXLHVăVHOHFWDĠL
SR]LĠLDWUDQVPLVLHL'úLSURJUDPXOGHFRQ
GXFHUH&VDX61XUHVWULFĠLRQDĠLWUHDSWDGH
YLWH]ă
3R]LĠLDFXUHQWăDWUDQVPLVLHLúLSURJUDPXOGH
FRQGXFHUHDSDUSHDILúDMXOPXOWLIXQFĠLRQDO

&XSODUHDSR]LĠLHLSHQWUXSDUFDUH3
 ÌPSLQJHĠLPDQHWD',5(&76(/(&7vQGLUHF
ĠLDLQGLFDWăGHVăJHDWD3
] 3R]LĠLHSHQWUXSDUFDUHFXEORFDUHDODSDU
FDUH G 7UDQVPLVLDDXWRPDWăFXSOHD]ăDXWRPDWvQ
^ 7UHDSWăGHPHUVvQDSRL SR]LĠLDSHQWUXSDUFDUH3
\ 3R]LĠLHQHXWUă =GDFăGHVFKLGHĠLSRUWLHUDúRIHUXOXLvQWLPS

[ 0HUVvQDLQWH FHDXWRYHKLFXOXOVWDĠLRQHD]ăvQSR]LĠLD
WUDQVPLVLHL'VDX5
G 0DQHWD',5(&76(/(&7UHYLQHvQWRW =GDFăGHVFKLGHĠLSRUWLHUDvQWLPSFHYă
GHDXQDvQSR]LĠLDVDLQLĠLDOă3R]LĠLDFXUHQWă GHSODVDĠLFXYLWH]HIRDUWHPLFLvQSR]LĠLD
DWUDQVPLVLHL351VDX'DSDUHSHDILúDMXO WUDQVPLVLHL'VDX5
SR]LĠLHLWUDQVPLVLHL 3DJLQD GLQDIL
úDMXOPXOWLIXQFĠLRQDO G 3ULQDSăVDUHDIUkQHLúLvPSLQJHUHDPDQH
WHL',5(&76(/(&7vQVXVVDXvQMRVVH
3R]LĠLDWUDQVPLVLHLúLDILúDMXOSURJUDPX GHFXSOHD]ăEORFDUHDODSDUFDUH7UDQVPLVLD
OXLGHFRQGXFHUH VHDIOăvQSR]LĠLDQHXWUă1
3HQWUXDFXSODGLQSR]LĠLDSHQWUXSDUFDUH
3GLUHFWvQ5VDX'
=DSăVDĠLSHGDODGHIUkQăúL
=vPSLQJHĠLPDQHWD',5(&76(/(&7vQVXV
VDXvQMRVGLQFRORGHSULPXOSXQFWGH
UH]LVWHQĠă
 'DFăWXUDĠLDPRWRUXOXLHVWHSUHDULGLFDWă
QXFXSODĠLWUDQVPLVLDDXWRPDWăGLUHFWGLQ
'vQ5GLQ5vQ'VDXGLUHFWvQ3ÌQFD]
FRQWUDUWUDQVPLVLDDXWRPDWăSRDWHVXIHUL
C $ILúDMXOSR]LĠLHLWUDQVPLVLHL GHWHULRUăUL
D $ILúDMXOSURJUDPXOXLGHFRQGXFHUH

G 6ăJHĠLOHGLQDILúDMXOSR]LĠLHLWUDQVPLVLHL
DUDWăFXPúLvQFHSR]LĠLLDOHWUDQVPLVLHL


 7UDQVPLVLHDXWRPDWă

&XSODUHDDXWRPDWăDSR]LĠLHLSHQWUX 3R]LĠLLWUDQVPLVLH
SDUFDUH3
E 3R]LĠLHSHQWUXSDUFDUH
3R]LĠLDSHQWUXSDUFDUH3HVWHFXSODWăDXWRPDW
&RQGXFHUHDúLSDUFDUHD

GDFă $FHDVWDvPSLHGLFăDXWRYHKLFXOXOVă
=RSULĠLPRWRUXOFXDMXWRUXOFKHLLúLVFRDWHĠL
VHSXQăvQPLúFDUHFkQGHVWHRSULW
1XFXSODĠLWUDQVPLVLDvQSR]LĠLD3
FKHLD
3DJLQD GHFkWGDFăDXWR
=RSULĠLPRWRUXOFXDMXWRUXOEXWRQXOXL6WDUW
YHKLFXOXOVWDĠLRQHD]ă
6WRSúLGHVFKLGHĠLXQDGLQWUHSRUWLHUHOHGLQ
7UDQVPLVLDDXWRPDWăVHFXSOHD]ă
IDĠă
vQSR]LĠLD3DXWRPDWGDFă
=IXQFĠLD+2/' 3DJLQD VDX',6752
=VFRDWHĠLFKHLD
1,&3/86 3DJLQD YăIUkQHD]ăDXWR
YHKLFXOXOSkQăFkQGDFHVWDVWDĠLRQHD]ăúL =RSULĠLPRWRUXOvQSR]LĠLD5VDX'
VHvQGHSOLQHúWHFHOSXĠLQXQDGLQWUH úLGHVFKLGHĠLXQDGLQWUHSRUWLH
XUPăWRDUHOHFRQGLĠLL UHOHGLQIDĠă
 H[LVWăRGHIHFĠLXQHvQVLVWHP
F 7UHDSWăGHPHUVvQDSRL
 DXWRYHKLFXOXOVHDIOăSHRSDQWăDEUXSWă
&XSODĠLWUDQVPLVLDvQSR]LĠLD5
DVFHQGHQWăVDXGHVFHQGHQWă3ULQ QXPDLFkQGDXWRYHKLFXOXOVWDĠLR
XUPDUHIUkQDHOHFWULFăGHSDUFDUHHVWH QHD]ă
GHDVHPHQHDFXSODWă
D 3R]LĠLHQHXWUă
&XSODUHDWUHSWHLGHPHUVvQDSRL5 1XFXSODĠLWUDQVPLVLDvQSR]LĠLD1vQ
WLPSXOFRQGXFHULLÌQFD]FRQWUDU
 &XSODĠLWUDQVPLVLDDXWRPDWăvQSR]LĠLD5
WUDQVPLVLDDXWRPDWăSRDWHVXIHUL
QXPDLFkQGDXWRYHKLFXOXOVWDĠLRQHD]ă
GHWHULRUăUL
 ÌPSLQJHĠLPDQHWD',5(&76(/(&7vQVXV (OLEHUDUHDIUkQHORUYăYDSHUPLWHVă
GLQFRORGHSULPXOSXQFWGHUH]LVWHQĠă GHSODVDĠLOLEHUDXWRYHKLFXOXOGHH[
VăvOvPSLQJHĠLVDXVăvOWUDFWDĠL
$GXFHUHVFKLPEăWRUvQSR]LĠLDQHXWUă 'DFă(63ŠHVWHGH]DFWLYDWVDX
1 GHIHFWFXSODĠLWUDQVPLVLDQXPDLvQ
 ÌPSLQJHĠLPDQHWD',5(&76(/(&7vQVXV SR]LĠLD1GDFăDXWRYHKLFXOXOHVWHvQ
VDXvQMRVODSULPXOSXQFWGHUH]LVWHQĠă SHULFROGHGHUDSDUHGHH[SHGUX
PXULFXSROHL
&XSODUHDSR]LĠLHLGHFRQGXFHUH'  'DFăUXODĠLvQSR]LĠLDQHXWUă1
SXWHĠLGHWHULRUDWUDQVPLVLD
 ÌPSLQJHĠLPDQHWD',5(&76(/(&7vQMRV
GLQFRORGHSULPXOSXQFWGHUH]LVWHQĠă : 0HUVvQDLQWH
7UDQVPLVLDDXWRPDWăVFKLPEă
WUHSWHOHGHYLWH]ăDXWRPDW6XQW
GLVSRQLELOHWRDWHWUHSWHOHGHYLWH]ă
GHPHUVvQDLQWH
7UDQVPLVLHDXWRPDWă 

6FKLPEDUHDWUHSWHLGHYLWH]ă FRQWUROXOFURD]LHUHLVDX63(('7521,&
HVWHDFWLYDW
7UDQVPLVLDDXWRPDWăFXSOHD]ăDXWRPDWvQ
WUHSWHOHGHYLWH]ăVSHFLILFHFkQGVHDIOăvQ

&RQGXFHUHDúLSDUFDUHD
SR]LĠLDGHWUDQVPLVLH'6FKLPEDUHDWUHSWHL
%XWRQGHVHOHFWDUHDSURJUDPXOXL
GHYLWH]HHVWHGHWHUPLQDWăGH
=ROLPLWDUHDWUHSWHLGHYLWH]ăGDFăHVWH 1RWHJHQHUDOH
VHOHFWDWă %XWRQXOGHVHOHFWDUHDSURJUDPXOXLYăSHU
=SURJUDPXOGHFRQGXFHUHVHOHFWDW PLWHVăDOHJHĠLvQWUHFDUDFWHULVWLFLGHFRQGX
(6(60VDX0 3DJLQD FHUHGLIHULWH
=SR]LĠLDSHGDOHLGHDFFHOHUDĠLH
=YLWH]DGHUXODUH

6IDWXULSULYLQGFRQGXFHUHD
3R]LĠLDSHGDOHLGHDFFHOHUDĠLH
6WLOXOGXPQHDYRDVWUăGHFRQGXFHUHLQIOXHQ
ĠHD]ăPRGXOvQFDUHWUDQVPLVLDDXWRPDWă
FXSOHD]ăWUHSWHOHGHYLWH]ă
=DFFHOHUDĠLHUHGXVăFXSODUHPDLUDSLGăvQ %XWRQGHVHOHFWDUHDSURJUDPXOXL
WUHDSWăVXSHULRDUă
=DFFHOHUDĠLHPDLPDUHFXSODUHvQWkU]LDWăvQ
WUHDSWăVXSHULRDUă

5HWURJUDGDUHIRUĠDWă
8WLOL]DĠLUHWURJUDGDUHDIRUĠDWăSHQWUXDFFHOH
UDĠLHPD[LPă
 $SăVDĠLSHGDODGHDFFHOHUDĠLHGLQFRORGH
SXQFWXOGHSUHVLXQH
7UDQVPLVLDFXSOHD]ăvQWURWUHDSWăGHYLWH]ă
LQIHULRDUăvQIXQFĠLHGHWXUDĠLDPRWRUXOXL %XWRQGHVHOHFWDUHDSURJUDPXOXLODDXWRYHKLFXOHOH
 /ăVDĠLSHGDODGHDFFHOHUDĠLHRGDWăFHDĠL IăUăÄSDFKHWGHPDQHYUDELOLWDWHGLQDPLFăFXPRG
VSRUWLY´
DWLQVYLWH]DGRULWă
7UDQVPLVLDDXWRPDWăFXSOHD]ăGLQQRXvQWU
RWUHDSWăVXSHULRDUă

7UDFWDUHDXQHLUHPRUFL
 &RQGXFHĠLvQPLMORFXOLQWHUYDOXOXLGHWXUDĠLH
DPRWRUXOXLvQSDQWHDVFHQGHQWH
 &XSODĠLvQMRVSkQăODWUHDSWDGHYLWH]ă
VDX 3DJLQD vQIXQFĠLHGHSDQWD
DVFHQGHQWăVDXGHVFHQGHQWăFKLDUGDFă


 7UDQVPLVLHDXWRPDWă

0DQHWăGHVFKLPEDUHDYLWH]HORU
VLWXDWăSHYRODQ
&RQGXFHUHDúLSDUFDUHD

%XWRQGHVHOHFWDUHDSURJUDPXOXLODDXWRYHKLFXOHOH
FXÄSDFKHWGHPDQHYUDELOLWDWHGLQDPLFăFXPRG
VSRUWLY´
C 0DQHWDVFKLPEăWRUXOXLGHYLWH]HGHSH
((FRQRPLH &RQGXFHUHFRQIRUWDELOă YRODQGHSHSDUWHDVWkQJă
HFRQRPLFă D 0DQHWDVFKLPEăWRUXOXLGHYLWH]HGHSH
66SRUW 6WLOGHFRQGXFHUHVSRUWLY YRODQGHSHSDUWHDGUHDSWă

00DQXDO 6FKLPEDUHPDQXDOăDYLWH ÌQSURJUDPXOGHFRQGXFHUHDXWRPDWSXWHĠL


]HORU UHVWUkQJHVDXH[WLQGHWUHDSWDGHYLWH]HFX
DMXWRUXOPDQHWHORUGHVFKLPEDUHDYLWH]HORU
VLWXDWHSHYRODQ 3DJLQD 
G 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG
ÌQSURJUDPXOGHFRQGXFHUHvQUHJLPPDQXDO
SURJUDPXOGHFRQGXFHUHvQUHJLPDXWRPDW
SXWHĠLVFKLPEDWUHDSWDGHYLWH]HVLQJXUFX
FRQVXOWDĠL 3DJLQD 
DMXWRUXOPDQHWHORUGHVFKLPEDUHDYLWH]HORU
 $SăVDĠLEXWRQXOGHVHOHFWDUHDSURJUDPX VLWXDWHSHYRODQ 3DJLQD 
OXLCvQPRGUHSHWDWSkQăFHOLWHUDDIHUHQWă
G 3XWHĠLVFKLPEDWUHDSWDGHYLWH]HFXPDQH
SURJUDPXOXLGRULWGHVFKLPEDUHDYLWH]HORU
WHOHGHVFKLPEDUHDYLWH]HORUVLWXDWHSH
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
YRODQFkQGWUDQVPLVLDVHDIOăvQSR]LĠLD'
G 7UDQVPLVLDDXWRPDWăFRPXWăSHSURJUD
PXOGHFRQGXFHUHvQUHJLPDXWRPDW(GH
ILHFDUHGDWăFkQGPRWRUXOHVWHSRUQLW 3URJUDPGHFRQGXFHUHvQUHJLPDXWR
PDW
3URJUDPXOGHFRQGXFHUH(VHFDUDFWHUL]HD]ă
SULQXUPăWRDUHOH
=VHWăULDOHPRWRUXOXLúLWUDQVPLVLHLDXWRPDWH
RULHQWDWHSHFRQIRUW
=FRQVXPRSWLPGHFDUEXUDQWGHRDUHFH
WUDQVPLVLDDXWRPDWăFXSOHD]ăPDL
GHYUHPHvQWURWUHDSWăVXSHULRDUă
=SRUQLUHGHSHORFPDLOLQăDDXWRYHKLFXOXOXL
vQWUHSWHOHGHPHUVvQDLQWHúLvQDSRLGDFă
SHGDODGHDFFHOHUDĠLHQXHVWHDSăVDWăFRP
SOHW
=VHQVLELOLWDWHVSRULWă$VWIHOVH
vPEXQăWăĠHúWHVWDELOLWDWHDvQFRQGXFHUHSH
7UDQVPLVLHDXWRPDWă 

VXSUDIHĠHGHGUXPDOXQHFRDVHGHH[HP /LPLWDUHDWUHSWHLGHYLWH]ă
SOX
 7UDJHĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]HGH
=WUDQVPLVLDDXWRPDWăFXSOHD]ăPDLUDSLG
SHSDUWHDVWkQJăDYRODQXOXL

&RQGXFHUHDúLSDUFDUHD
vQWURWUHDSWăVXSHULRDUă$FHDVWDIDFHFD 7UDQVPLVLDDXWRPDWăFXSOHD]ăvQWUR
DXWRYHKLFXOXOVăILHFRQGXVODWXUDĠLLGH WUHDSWăGHYLWH]HLQIHULRDUăúLOLPLWHD]ă
PRWRUPDLPLFLúLVHUHGXFHSRVLELOLWDWHDFD WUHDSWDGHYLWH]HODWUHDSWDGHYLWH]HUHOH
URĠLOHVăSDWLQH]H YDQWă
3URJUDPXOGHFRQGXFHUH6VHFDUDFWHUL]HD]ă
SULQXUPăWRDUHOH G 'DFăPRWRUXOGHSăúHúWHWXUDĠLDPD[LPă
=VHWăULVSRUWLYHDOHPRWRUXOXLúLWUDQVPLVLHL
FkQGFXSODĠLvQWURWUHDSWăLQIHULRDUăWUDQV
PLVLDDXWRPDWăQXFXSOHD]ăvQWURWUHDSWă
DXWRPDWH
LQIHULRDUăSURWHMkQGDVWIHOPRWRUXOvPSR
=DXWRYHKLFXOXOSRUQHúWHGHSHORFvQSULPD
WULYDGHWHULRUăULL
WUHDSWăGHYLWH]ă
=WUDQVPLVLDDXWRPDWăFXSOHD]ăvQWUR
G 'DFăWXUDĠLDPD[LPăDPRWRUXOXLSHQWUX
WUHDSWăVXSHULRDUăPDLWkU]LX WUHDSWDGHYLWH]HHVWHDWLQVăúLFRQWLQXDĠL
VăDFFHOHUDĠLWUDQVPLVLDDXWRPDWă
=FDXUPDUHDSXQFWHORUGHFXSODUHPDLWkU]LL
FXSOHD]ăvQWURWUHDSWăGHYLWH]HVXSH
DOHWUDQVPLVLHLDXWRPDWHFRQVXPXOGHFDU ULRDUăFKLDUGDFăWUHDSWDGHYLWH]HHVWH
EXUDQWDUSXWHDILPDLPDUH OLPLWDWă$VWIHOPRWRUXOQXYDILVXSUDWXUDW

([WLQGHUHWUHDSWăGHYLWH]ă
7UHSWHGHYLWH]ă
 7UDJHĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]HGH
,QWURGXFHUH SHSDUWHDGUHDSWăDYRODQXOXL
&kQGWUDQVPLVLDDXWRPDWăVHDIOăvQSR]LĠLD /LPLWDUHDWUHSWHLGHYLWH]HHVWHHOLPLQDWă
'SXWHĠLOLPLWDVDXH[WLQGHWUHDSWDGHYLWH]H
3DJLQD  ùWHUJHUHDOLPLWăULLWUHSWHLGHYLWH]H
7UHDSWDGHYLWH]HVHOHFWDWăDSDUHSHDILúDMXO  7UDJHĠLúLPHQĠLQHĠLPDQHWDVFKLPEăWRUXOXL
PXOWLIXQFĠLRQDO7UDQVPLVLDDXWRPDWă
GHYLWH]HGHSHSDUWHDGUHDSWăDYRODQXOXL
FXSOHD]ăQXPDLSkQăODWUHDSWDGHYLWH]H
SkQăFkQG'DSDUHGLQQRXSHDILúDMXOPXO
VHOHFWDWă
WLIXQFĠLRQDO
7UHDSWDGHYLWH]H 7UDQVPLVLDDXWRPDWăFXSOHD]ăGLQWUHDSWD
@ GHYLWH]HFXUHQWăGLUHFWvQ'
3HQWUXDXWLOL]DHIHFWXOGHIUkQDUHDO
PRWRUXOXL
6HOHFWDUHDWUHSWHLGHYLWH]HLGHDOH
8 3HQWUXDXWLOL]DHIHFWXOGHIUkQDUHDO
PRWRUXOXLSHSDQWHGHVFHQGHQWHúL  7UDJHĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]HGH
SHQWUXFRQGXFHUH SHSDUWHDVWkQJăDYRODQXOXLúLĠLQHĠLRvQ
SR]LĠLH
=SHGUXPXULPRQWDQHDEUXSWH
7UDQVPLVLDDXWRPDWăFXSOHD]ăvQWUHDSWD
=SHWHUHQPXQWRV
GHYLWH]ăFDUHSHUPLWHRDFFHOHUDUHúLR
=vQFRQGLĠLLVROLFLWDQWH GHFHOHUDUHRSWLPHÌQDFHVWVFRSWUDQVPL
VLDDXWRPDWăFXSOHD]ăvQXQDVDXPDLPXOWH
7 3HQWUXDXWLOL]DHIHFWXOGHIUkQDUHDO
WUHSWHLQIHULRDUH
PRWRUXOXLSHSDQWHGHVFHQGHQWH
H[WUHPGHDEUXSWHúLSHSRUĠLXQL
GHVFHQGHQWHOXQJL


 7UDQVPLVLHDXWRPDWă

3URJUDPGHFRQGXFHUHvQUHJLP 'H]DFWLYDUHDSURJUDPXOXLGHFRQGX
PDQXDO FHUHvQUHJLPPDQXDO
 $XWRYHKLFXOHOHIăUăSDFKHWXOGHPDQH
&RQGXFHUHDúLSDUFDUHD

$FWLYDUHDSURJUDPXOXLGHFRQGXFHUHvQ
UHJLPPDQXDO YUDELOLWDWHGLQDPLFăFXPRGVSRUWLY
DSăVDĠLEXWRQXOGHVHOHFWDUHDSURJUDPXOXL
3URJUDPXOGHFRQGXFHUHvQUHJLPPDQXDO0 3DJLQD vQPRGUHSHWDWSkQăFkQG
SRDWHILVHOHFWDWFXDMXWRUXOEXWRQXOXLGH (VDX6DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
VHOHFWDUHDSURJUDPXOXLÌQSURJUDPXOGHFRQ  $XWRYHKLFXOHOHFXSDFKHWXOGHPDQH
GXFHUHvQUHJLPPDQXDO0SXWHĠLVFKLPED YUDELOLWDWHGLQDPLFăFXPRGVSRUWLY
WUHDSWDGHYLWH]HFXPDQHWHOHGHVFKLPEDUH DSăVDĠLEXWRQXOGHVHOHFWDUHDSURJUDPXOXL
DYLWH]HORUVLWXDWHSHYRODQGDFăWUDQVPLVLD 3DJLQD 0QXPDLHVWHLQGLFDWSH
VHDIOăvQSR]LĠLD'7UHDSWDGHYLWH]ăVHOHFWDWă DILúDMXOPXOWLIXQFĠLRQDO
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
 $SăVDĠLEXWRQXOGHVHOHFWDUHDSURJUDPXOXL
3DJLQD vQPRGUHSHWDWSkQăFkQG
0DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO

&XSODUHvQWURWUHDSWăVXSHULRDUă
 7UDJHĠLPDQHWDGLQSDUWHDGUHDSWă
3DJLQD 
7UDQVPLVLDDXWRPDWăFXSOHD]ăODXUPăWRD
UHDWUHDSWăGHYLWH]HVXSHULRDUă

5HWURJUDGDUH
 7UDJHĠLPDQHWDGLQSDUWHDVWkQJă
3DJLQD 
7UDQVPLVLDDXWRPDWăFXSOHD]ăvQXUPăWRD
UHDWUHDSWăGHYLWH]ăLQIHULRDUă
G 3HQWUXDFFHOHUDUHPD[LPăWUDJHĠL
PDQHWDGHVFKLPEDUHDYLWH]HORUVLWXDWăSH
SDUWHDVWkQJăDYRODQXOXLSkQăFkQGWUDQV
PLVLDVHOHFWHD]ăWUHDSWDRSWLPăSHQWUX
YLWH]DFXUHQWă

5HWURJUDGDUHIRUĠDWă
3XWHĠLGHDVHPHQHDVăUHWURJUDGDĠLIRUĠDW
SHQWUXDFFHOHUDUHPD[LPăvQSURJUDPXOGH
FRQGXFHUHvQUHJLPPDQXDO0
 $SăVDĠLSHGDODGHDFFHOHUDĠLHGLQFRORGH
SXQFWXOGHSUHVLXQH
7UDQVPLVLDFXSOHD]ăvQWURWUHDSWăGHYLWH]ă
LQIHULRDUăvQIXQFĠLHGHWXUDĠLDPRWRUXOXL
$OLPHQWDUHFXFDUEXUDQW 

3UREOHPHODWUDQVPLVLH

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&RQGXFHUHDúLSDUFDUHD
7UDQVPLVLDDUHSUR 7UDQVPLVLDSLHUGHXOHL
EOHPHODVFKLPEDUHD  6ROLFLWDĠLLPHGLDWYHULILFDUHDWUDQVPLVLHLODXQDWHOLHUGHVSHFLD
WUHSWHORUGHYLWH]H OLWDWHDXWRUL]DW

&DSDFLWDWHDGHDFFHOH 7UDQVPLVLDVHDIOăvQPRGXOGHXUJHQĠă
UDUHVFDGH 6HSRDWHFXSODQXPDLDGRXDWUHDSWăGHYLWH]HúLWUHDSWDGHPHUV
7UDQVPLVLDQXPDL vQDSRL
VFKLPEăWUHSWHOHGH  6WRS
YLWH]ă  &XSODĠLWUDQVPLVLDvQSR]LĠLD3
 2SULĠLPRWRUXO
 $úWHSWDĠLFHOSXĠLQ]HFHVHFXQGHvQDLQWHGHDUHSRUQLPRWRUXO
 &XSODĠLWUDQVPLVLDSHSR]LĠLD'VDX5
'DFă'HVWHVHOHFWDWWUDQVPLVLDFXSOHD]ăvQDGRXDWUHDSWăGH
YLWH]HGDFă5HVWHVHOHFWDWWUDQVPLVLDFXSOHD]ăvQWUHDSWDGH
PHUVvQDSRL
 6ROLFLWDĠLLPHGLDWYHULILFDUHDWUDQVPLVLHLODXQDWHOLHUGHVSHFLD
OLWDWHDXWRUL]DW

$OLPHQWDUHFXFDUEXUDQW 'DFăGXPQHDYRDVWUăVDXDOWHSHUVRDQHLQWUă
vQFRQWDFWFXFDUEXUDQWXOUHVSHFWDĠLXUPăWRD
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD UHOH
$9(57,60(17 =ÌQGHSăUWDĠLLPHGLDWSULQVSăODUHFXDSăúL
&DUEXUDQWXOHVWHH[WUHPGHLQIODPDELO'DFă VăSXQFDUEXUDQWXOGHSHVXSUDIHĠHOHGH
PDQLSXODĠLFDUEXUDQWXOvQPRGLQFRUHFWH[LVWă SLHOHDIHFWDWH
XQULVFGHLQFHQGLXúLH[SOR]LH =ÌQFD]XOFRQWDFWXOXLFDUEXUDQWXOXLFXRFKLL
7UHEXLHVăHYLWDĠLIRFXOIOăFăULOHGHVFKLVH FOăWLĠLLPHGLDWFXDSăFXUDWăGLQDEXQGHQĠă
FUHDUHDGHVFkQWHLúLIXPDWXO2SULĠLPRWRUXO $GUHVDĠLYăLPHGLDWPHGLFXOXL
úLGDFăHVWHFD]XOvQFăO]LUHDDX[LOLDUăvQDLQWH ='DFăvQJKLĠLĠLFDUEXUDQWDGUHVDĠLYăLPH
GHDOLPHQWDUHDFXFDUEXUDQW GLDWPHGLFXOXL1XLQGXFHĠLYRPD
=ÌQGHSăUWDĠLLPHGLDWRULFHvPEUăFăPLQWH
$9(57,60(17 FDUHDLQWUDWvQFRQWDFWFXFDUEXUDQWXO
&DUEXUDQĠLLVXQWWR[LFLúLSHULFXORúLSHQWUX
VăQăWDWH([LVWăXQSHULFROGHUăQLUH $9(57,60(17
1XvQJKLĠLĠLFDUEXUDQWúLQXSHUPLWHĠLFRQWDFWXO 6DUFLQDHOHFWURVWDWLFăSRWJHQHUDVFkQWHL
DFHVWXLDFXSLHOHDRFKLLVDXvPEUăFăPLQWHD FDX]kQGDVWIHODSULQGHUHDYDSRULORUGHFDUEX
1XLQKDODĠLYDSRULGHFDUEXUDQW&DUEXUDQĠLL UDQW([LVWăXQULVFGHLQFHQGLXúLH[SOR]LH
QXWUHEXLHOăVDĠLODvQGHPkQDFRSLLORU $WLQJHĠLvQWRWGHDXQDFDURVHULDDXWRYHKLFXOX
OXLvQDLQWHGHDGHVFKLGHFODSHWDJXULLGH
XPSOHUHFXFDUEXUDQWVDXvQDLQWHGHDDWLQJH
GX]DSRPSHLGHFDUEXUDQW$VWIHOVHGHVFDUFă


 $OLPHQWDUHFXFDUEXUDQW

RULFHVDUFLQăHOHFWURVWDWLFăFDUHVDUILSXWXW 'DFăVXSUDDOLPHQWDĠLUH]HUYRUXOGHFDUEX
DFXPXOD UDQWRDQXPLWăFDQWLWDWHGHFDUEXUDQWDU
SXWHDILSXOYHUL]DWăFkQGVFRDWHĠLGX]DSRP
&RQGXFHUHDúLSDUFDUHD

$9(57,60(17 SHLGHFDUEXUDQW
$XWRYHKLFXOHFXPRWRUGLHVHO 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGFDUEX
'DFăDPHVWHFDĠLPRWRULQDFXEHQ]LQăWHP UDQWXOúLFDOLWDWHDFDUEXUDQWXOXL
SHUDWXUDGHDSULQGHUHDDFHVWXLDPHVWHFGH 3DJLQD 
FDUEXUDQWHVWHPDLPLFăGHFkWFHDDPRWRUL
QHLSXUH&kQGPRWRUXOHVWHvQIXQFĠLXQH
FRPSRQHQWHOHVLVWHPXOXLGHHYDFXDUHVDU $OLPHQWDUHFXFDUEXUDQW
SXWHDVXSUDvQFăO]LvQPRGQHDúWHSWDW([LVWă 'HVFKLGHUHvQFKLGHUHFODSHWăJXUăGH
XQULVFGHLQFHQGLX XPSOHUHFXFDUEXUDQW
1XUHDOLPHQWDĠLQLFLRGDWăFXEHQ]LQă1X
DGăXJDĠLQLFLRGDWăEHQ]LQăvQPRWRULQă

 1XXWLOL]DĠLEHQ]LQăSHQWUXDOLPHQWDUHD
DXWRYHKLFXOHORUFXPRWRUGLHVHO1XXWLOL]DĠL
PRWRULQăSHQWUXDOLPHQWDUHDDXWRYHKLFXOH
ORUFXPRWRUSHEHQ]LQă1XSXQHĠLFRQWDF
WXOGDFăDĠLDOLPHQWDWGLQJUHúHDOăFXFDU
EXUDQWLQFRUHFWÌQFD]FRQWUDUFDUEXUDQWXO
YDSăWUXQGHvQVLVWHPXOGHDOLPHQWDUHFX
FDUEXUDQW&KLDUúLFDQWLWăĠLOHPLFLGHFDU
EXUDQWLQDGHFYDWGXFODGHWHULRUDUHDVLVWH
C 3HQWUXDGHVFKLGHFODSHWDJXULLGH
PXOXLGHDOLPHQWDUHFXFDUEXUDQWúLDPRWR
XPSOHUHFXFDUEXUDQW
UXOXL&RVWXULOHGHUHSDUDUHVXQWULGLFDWH
D 3HQWUXDLQWURGXFHFDSDFXOJXULLGH
ÌQúWLLQĠDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DWúLVROLFLWDĠLJROLUHDFRPSOHWăDUH]HUYR XPSOHUHFXFDUEXUDQW
UXOXLGHFDUEXUDQWúLDFRQGXFWHORUGHFDU ‡ 7DEHOXOFXSUHVLXQLOHvQSQHXUL
EXUDQW … 7LSFDUEXUDQWFXFDUHWUHEXLHDOLPHQWDW
 ÌQFD]XOVXSUDDOLPHQWăULLUH]HUYRUXOXLGH &ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWHVWH
FDUEXUDQWVLVWHPXOGHDOLPHQWDUHFXFDU GHVFXLDWăVDXvQFXLDWăDXWRPDWFkQGGHVFKL
EXUDQWDUSXWHDVXIHULGHWHULRUăUL GHĠLVDXvQFKLGHĠLDXWRYHKLFXOXOFXFKHLDVDX
FXDMXWRUXO.(</(66*2
 $YHĠLJULMăVăQXYăUVDĠLQLFLXQSLFGHFDU
EXUDQWSHVXSUDIHĠHOHYRSVLWHÌQFD]FRQ 3R]LĠLDFDSDFXOXLJXULLGHXPSOHUHFXFDUEX
WUDUSXWHĠLGHWHULRUDYRSVHDXD UDQW¶HVWHDILúDWăSHWDEORXOGHERUG
6ăJHDWDGHOkQJăSRPSDGHFDUEXUDQWLQGLFă
 8WLOL]DĠLXQILOWUXFkQGDGăXJDĠLFDUEXUDQW ODWXUDDXWRYHKLFXOXOXL
GLQWURFDQLVWUăGHFDUEXUDQWÌQFD]FRQ
WUDUFRQGXFWHOHGHFDUEXUDQWúLVDXVLVWH 'HVFKLGHUH
PXOGHLQMHFĠLHGLHVHODUSXWHDILFROPDWDWH
GHSDUWLFXOHOHGLQFDQLVWUDGHFDUEXUDQW  2SULĠLPRWRUXO
 6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
1XUHLQWUDĠLvQDXWRYHKLFXOvQWLPSXOSURFHVX
 .(</(66*2GHVFKLGHĠLSRUWLHUDúRIHUXOXL
OXLGHDOLPHQWDUHFXFDUEXUDQWÌQFD]FRQWUDU
VDUSXWHDDFXPXODGLQQRXRVDUFLQăHOHF $FHDVWDFRUHVSXQGHSR]LĠLHLFKHLLÄFKHLH
WURVWDWLFă VFRDVă´
$OLPHQWDUHFXFDUEXUDQW 

3RUWLHUDúRIHUXOXLSRDWHILvQFKLVăGLQQRX
 $SăVDĠLFODSHWDJXULLGHXPSOHUHFXFDUEX
UDQWvQGLUHFĠLDLQGLFDWăGHVăJHDWDC

&RQGXFHUHDúLSDUFDUHD
&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWVH
GHVFKLGHXúRU
 'HVFKLGHĠLFRPSOHWFODSHWDJXULLGH
XPSOHUHFXFDUEXUDQW
 5RWLĠLFODSHWDJXULLGHXPSOHUHFXFDUEXUDQW
vQVHQVDQWLRUDUúLVFRDWHĠLR
 ,QWURGXFHĠLFDSDFXOJXULLGHXPSOHUHFXFDU
EXUDQWvQFRQVRODGHVXVĠLQHUHGLQLQWHULRUXO
FODSHWHLJXULLGHXPSOHUHD
 ,QWURGXFHĠLFRPSOHWJkWXOGHXPSOHUHDO
GX]HLSRPSHLGHFDUEXUDQWvQUH]HUYRUSULQ
GHĠLOvQORFDúúLDOLPHQWDĠL
 8PSOHĠLUH]HUYRUXOQXPDLSkQăFkQGGX]D
SRPSHLVHRSUHúWH
G 1XPDLDGăXJDĠLGHORFFDUEXUDQWGXSăFH
SRPSDRSUHúWHDOLPHQWDUHDSULPDRDUăÌQ
FD]FRQWUDUDUSXWHDVăVHVFXUJăFDUEX
UDQW

ÌQFKLGHUH
 3XQHĠLODORFFDSDFXOSHJkWXOGHXPSOHUH
úLURWLĠLvQVHQVRUDUSkQăFkQGVHFXSOHD]ă
VRQRU
 ÌQFKLGHĠLFODSHWDJXULLGHXPSOHUHFXFDU
EXUDQW
G ÌQFKLGHĠLFODSHWDJXULLGHXPSOHUHFXFDU
EXUDQWvQDLQWHGHDvQFXLDDXWRYHKLFXOXO


 $OLPHQWDUHFXFDUEXUDQW

3UREOHPHFXFDUEXUDQWXOúLUH]HUYRUXOGHFDUEXUDQW

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&RQGXFHUHDúLSDUFDUHD

&DUEXUDQWXOVHVFXUJH &RQGXFWDGHFDUEXUDQWVDXUH]HUYRUXOGHFDUEXUDQWHVWHGHIHFW
GLQDXWRYHKLFXO ă
$9(57,60(17
([LVWăXQULVFGHLQFHQGLXVDXH[SOR]LH
 5RWLĠLLPHGLDWFKHLDvQSR]LĠLDvQFRPXWDWRUXOGHFRQWDFWúL
VFRDWHĠLR 3DJLQD 
 1XUHSRUQLĠLVXEQLFLRIRUPăPRWRUXO
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

0RWRUXOQXSRUQHúWH 5H]HUYRUXOGHFDUEXUDQWDOXQXLDXWRYHKLFXOFXPRWRUGLHVHODIRVW
JROLWFRPSOHW
 5HDOLPHQWDĠLDXWRYHKLFXOXOFXFHOSXĠLQOLWULGHPRWRULQă
 &XSODĠLFRQWDFWXOWLPSGHDSUR[LPDWLY]HFHVHFXQGH
3DJLQD 
 3RUQLĠLPRWRUXOvQFRQWLQXXSHQWUXPD[LP]HFHVHFXQGHSkQă
FkQGIXQFĠLRQHD]ăOLQ
'DFăPRWRUXOQXSRUQHúWH
 &XSODĠLFRQWDFWXOGLQQRXWLPSGHPD[LPXP]HFHVHFXQGH
3DJLQD 
 3RUQLĠLPRWRUXOGLQQRXvQFRQWLQXXSHQWUXPD[LP]HFH
VHFXQGHSkQăFkQGIXQFĠLRQHD]ăOLQ
'DFăPRWRUXOQXSRUQHúWHGXSăWUHLvQFHUFăUL
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

&ODSHWDJXULLGH &ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWQXHVWHGHVFXLDWă
XPSOHUHFXFDUEXUDQW VDX
QXSRDWHILGHVFKLVă %DWHULDFKHLLHVWHGHVFăUFDWă
 'HVFXLDĠLDXWRYHKLFXOXO 3DJLQD 
VDX
 'HVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQĠă
3DJLQD 

&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWHVWHGHVFXLDWăGDUPHFD
QLVPXOGHGHVFKLGHUHHVWHEORFDW
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
3DUFDUH 

3DUFDUH  $VLJXUDĠLvQWRWGHDXQDvQPRGFRUHFWDXWR
YHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUHÌQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD FD]FRQWUDUDXWRYHKLFXOXOVDXWUHQXOGH

&RQGXFHUHDúLSDUFDUHD
WUDQVPLVLHDODFHVWXLDDUSXWHDVXIHULGHWH
$9(57,60(17
ULRUăUL
'DFăPDWHULDOHLQIODPDELOHSUHFXPIUXQ]H
LDUEăVDXUăPXUHOHVXQWH[SXVHODFRQWDFW 3HQWUXDJDUDQWDIDSWXOFăDXWRYHKLFXOXOHVWH
SUHOXQJLWFXSăUĠLDOHVLVWHPXOXLGHHYDFXDUH DVLJXUDWvPSRWULYDSXQHULLvQPLúFDUHQHLQWHQ
FDUHVHvQFăO]HVFHOHVDUSXWHDDSULQGH ĠLRQDWH
([LVWăULVFGHLQFHQGLX =IUkQDGHSDUFDUHWUHEXLHVăILHDFĠLRQDWă
3DUFDĠLDXWRYHKLFXOXODúDvQFkWQLFLXQPDWHULDO =ODDXWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
LQIODPDELOVăQXYLQăvQFRQWDFWFXSăUĠLDOH FXSODĠLvQSULPDWUHDSWăGHYLWH]ăVDXvQ
DXWRYHKLFXOXOXLFDUHVXQWILHUELQĠL$YHĠLJULMă WUHDSWDGHPHUVvQDSRL
PDLDOHVVăQXSDUFDĠLSHLDUEăXVFDWăVDX =ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
PLULúWL WUDQVPLVLDWUHEXLHVăVHDIOHvQSR]LĠLD3úL
FKHLDWUHEXLHVăILHVFRDVăGLQFRPXWDWRUXO
$9(57,60(17 GHFRQWDFW
'DFăGHFXSODĠLFRQWDFWXOvQWLPSXOFRQGXFHULL =vQSDQWHDVFHQGHQWHVDXGHVFHQGHQWH
IXQFĠLLOHUHIHULWRDUHODVLJXUDQĠăVXQWGLVSRQL URĠLOHGLQIDĠăWUHEXLHEUDFDWHFăWUHERU
ELOHFXOLPLWăULVDXQXVXQWGLVSRQLELOHGHORF GXUă
$FHVWOXFUXDUSXWHDDIHFWDGHH[HPSOXVHU
YRGLUHFĠLDúLHIHFWXOGHDPSOLILFDUHDIUkQHL
0DQHYUDUHDúLIUkQDUHDYRUQHFHVLWDXQHIRUW 2SULUHDPRWRUXOXL
FRQVLGHUDELOPDLPDUH([LVWăXQSHULFROGH
DFFLGHQW 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
1XGHFXSODĠLFRQWDFWXOvQWLPSXOFRQGXFHULL
$9(57,60(17
$9(57,60(17 7UDQVPLVLDDXWRPDWăFXSOHD]ăvQSR]LĠLD
QHXWUă1FkQGRSULĠLPRWRUXO$XWRYHKLFXOV
'DFăOăVDĠLFRSLLLQHVXSUDYHJKHDĠLvQDXWRYH
DUSXWHDSXQHvQPLúFDUH([LVWăXQSHULFROGH
KLFXOHLODUSXWHDSXQHvQPLúFDUHGHH[HP
DFFLGHQW
SOX
'XSăRSULUHDPRWRUXOXLFXSODĠLvQWRWGHDXQD
=HOLEHUkQGIUkQDGHSDUFDUH
vQSR]LĠLDGHSDUFDUH3$FĠLRQDĠLIUkQDGHSDU
=VFRĠkQGRWUDQVPLVLHDXWRPDWăGLQSR]LĠLD FDUHSHQWUXDQXSHUPLWHDXWRYHKLFXOXOXLSDU
GHSDUFDUH3 FDWVăVHSXQăvQPLúFDUH
=FXSOkQGRWUDQVPLVLHPDQXDOăSHSR]LĠLD
QHXWUă $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
=SRUQLQGPRWRUXO
 &XSODĠLILHSULPDWUHDSWăGHYLWH]ăILH
'HDVHPHQHDHLDUSXWHDDFĠLRQDHFKLSDPHQ WUHDSWDGHPHUVvQDSRL5
WXODXWRYHKLFXOXOXL([LVWăXQSHULFROGHDFFL
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
GHQWúLUăQLUH
FRQWDFWúLVFRDWHĠLR
&kQGLHúLĠLGLQDXWRYHKLFXOOXDĠLvQWRWGHDXQD
,PRELOL]DWRUXOHVWHDFWLYDW
FKHLDFXGXPQHDYRDVWUăúLvQFXLDĠLDXWRYHKL
 $SăVDĠLIHUPIUkQDGHSDUFDUH
FXOXO1XOăVDĠLQLFLRGDWăFRSLLLQHVXSUDYH
JKHDĠLvQDXWRYHKLFXO


 3DUFDUH

$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă $9(57,60(17
 $SăVDĠLIHUPIUkQDGHSDUFDUH 'DFăOăVDĠLFRSLLLQHVXSUDYHJKHDĠLvQDXWRYH
KLFXOHLODUSXWHDSXQHvQPLúFDUHGHH[HP
&RQGXFHUHDúLSDUFDUHD

 &XSODĠLWUDQVPLVLDvQSR]LĠLD3
SOX
8WLOL]DUHDFKHLL
=HOLEHUkQGIUkQDGHSDUFDUH
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH =VFRĠkQGRWUDQVPLVLHDXWRPDWăGLQSR]LĠLD
FRQWDFWúLVFRDWHĠLR GHSDUFDUH3
,PRELOL]DWRUXOHVWHDFWLYDW
=FXSOkQGRWUDQVPLVLHPDQXDOăSHSR]LĠLD
G &KHLDSRDWHILVFRDVăQXPDLGDFăWUDQV QHXWUă
PLVLDHVWHvQSR]LĠLD3 =SRUQLQGPRWRUXO

8WLOL]DUHD.(</(66*2 'HDVHPHQHDHLDUSXWHDDFĠLRQDHFKLSDPHQ
WXODXWRYHKLFXOXOXL([LVWăXQSHULFROGHDFFL
$SăVDĠLEXWRQXO6WDUW6WRS
GHQWúLUăQLUH
3DJLQD 
0RWRUXOVHRSUHúWHúLWRDWHOăPSLOHLQGLFD &kQGLHúLĠLGLQDXWRYHKLFXOOXDĠLvQWRWGHDXQD
WRDUHGLQWDEORXOGHERUGVHVWLQJ FKHLDFXGXPQHDYRDVWUăúLvQFXLDĠLDXWRYHKL
FXOXO1XOăVDĠLQLFLRGDWăFRSLLLQHVXSUDYH
G &kQGSRUWLHUDúRIHUXOXLHVWHvQFKLVă
JKHDĠLvQDXWRYHKLFXO
DFHDVWDFRUHVSXQGHSR]LĠLHLDFKHLL&kQG
SRUWLHUDúRIHUXOXLHVWHGHVFKLVăDFHDVWD /XPLQLOHGHIUkQDUHQXVHDSULQGFkQGIUkQDĠL
FRUHVSXQGHSR]LĠLHLDFKHLLÄFKHLH DXWRYHKLFXOXOFXIUkQDGHSDUFDUH
VFRDVă´
G 0RWRUXOSRDWHILRSULWFkQGDXWRYHKLFXOXO
HVWHvQPLúFDUHGDFăDSăVDĠLúLPHQĠLQHĠL
DSăVDWEXWRQXO6WDUW6WRSFLUFDWUHL
VHFXQGH$FHDVWăIXQFĠLHRSHUHD]ăLQGH
SHQGHQWGHIXQFĠLDGHRSULUHDXWRPDWă
VWDUWVWRS(&2DPRWRUXOXL

)UkQăGHSDUFDUH
$9(57,60(17  3HQWUXDDFĠLRQDDSăVDĠLIUkQDGHSDU
'DFăWUHEXLHVăIUkQDĠLDXWRYHKLFXOXOFXIUkQD FDUHDIHUP
GHSDUFDUHGLVWDQĠDGHIUkQDUHHVWHFRQVLGH /DPSDLQGLFDWRDUHMVHDSULQGHvQ
UDELOPDLPDUHLDUURĠLOHVDUSXWHDEORFD$VW WDEORXOGHERUGGDFăPRWRUXOIXQFĠLRQHD]ă
IHOFUHúWHSHULFROXOGHGHUDSDUHúLDFFLGHQW
 3HQWUXDHOLEHUDDSăVDĠLSHGDODGHIUkQă
8WLOL]DĠLIUkQDGHSDUFDUHSHQWUXDIUkQDDXWR
úLPHQĠLQHĠLRDSăVDWă
YHKLFXOXOQXPDLFkQGIUkQDGHVHUYLFLXHVWH
 7UDJHĠLPDQHWDGHHOLEHUDUHC
GHIHFWă1XDFĠLRQDĠLSUHDWDUHIUkQDGHSDU
FDUH'DFăURĠLOHVHEORFKHD]ăHOLEHUDĠLIUkQD /DPSDLQGLFDWRDUHMGLQWDEORXOGHERUG
GHSDUFDUHSkQăFkQGURĠLOHvQFHSGLQQRXVă VHVWLQJH
VHURWHDVFă
6IDWXULSULYLQGFRQGXFHUHD 

3DUFDUHDDXWRYHKLFXOXOXL
'DFăOăVDĠLDXWRYHKLFXOXOSDUFDWPDLPXOWGH
SDWUXVăSWăPkQLEDWHULDVDUSXWHDGHWHULRUD

&RQGXFHUHDúLSDUFDUHD
SULQGHVFăUFDUHFRPSOHWă
 'HFRQHFWDĠLEDWHULDVDXFRQHFWDĠLRODXQ
vQFăUFăWRULQWHUPLWHQW
G 3XWHĠLREĠLQHLQIRUPDĠLLGHVSUH ([HPSOXDILúDM(&2
vQFăUFăWRDUHLQWHUPLWHQWHGHODXQDWHOLHU $ILúDMXO(&2FRQVWăGLQWUHLEDUH
GHVSHFLDOLWDWHDXWRUL]DW =$FFHOHUDWLRQ $FFHOHUDUH
'DFăOăVDĠLDXWRYHKLFXOXOSDUFDWWLPSGH =&RQVWDQW
SHVWHúDVHVăSWăPkQLDXWRYHKLFXOXOSRDWH
=&RDVWLQJ 0HUVGLQLQHUĆLH
VXIHULGHWHULRUăULvQXUPDQHIRORVLULL
1XPăUXOSURFHQWXDOUHSUH]LQWăYDORDUHD
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
PHGLHDFHORUWUHLYDORULDOHEDUHORU&HOHWUHL
]DWúLVROLFLWDĠLvQGUXPăUL
EDUHúLYDORDUHDPHGLHSRUQHVFGHODRYDORDUH
GH8QQXPăUSURFHQWXDOPDLULGLFDW
LQGLFăXQVWLOGHFRQGXFHUHPDLHFRQRPLF
6IDWXULSULYLQGFRQGXFHUHD
$ILúDMXO(&2QXLQGLFăFRQVXPXOUHDOGHFDU
6IDWXULJHQHUDOHSULYLQGFRQGXFHUHD EXUDQWúLXQQXPăUSURFHQWXDOIL[SHDILúDMXO
(&2QXLQGLFăRFLIUăIL[ăSULYLQGFRQVXPXO
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 3HOkQJăVWLOXOGHFRQGXFHUHFRQVXPXOHVWH
$9(57,60(17 LQIOXHQĠDWGHPXOĠLDOĠLIDFWRULSUHFXP
'DFăGHFXSODĠLFRQWDFWXOvQWLPSXOFRQGXFHULL =VDUFLQă
IXQFĠLLOHUHIHULWRDUHODVLJXUDQĠăVXQWGLVSRQL =SUHVLXQHDvQSQHXUL
ELOHFXOLPLWăULVDXQXVXQWGLVSRQLELOHGHORF =SRUQLUHDODUHFH
$FHVWOXFUXDUSXWHDDIHFWDGHH[HPSOXVHU =DOHJHUHDWUDVHXOXL
YRGLUHFĠLDúLHIHFWXOGHDPSOLILFDUHDIUkQHL
=XWLOL]DUHDFRQVXPDWRULORUHOHFWULFL
0DQHYUDUHDúLIUkQDUHDYRUQHFHVLWDXQHIRUW
FRQVLGHUDELOPDLPDUH([LVWăXQSHULFROGH $FHúWLIDFWRULQXIDFSDUWHGLQDILúDMXO(&2
DFFLGHQW (YDOXDUHDVWLOXOXLGXPQHDYRDVWUăGHFRQGX
1XGHFXSODĠLFRQWDFWXOvQWLPSXOFRQGXFHULL FHUHĠLQHFRQWGHXUPăWRDUHOHWUHLFDWHJRULL

$ILúDM(&2
$ILúDMXO(&2RIHUăXQUăVSXQVGHVSUHFkWGH
HFRQRPLFHVXQWFDUDFWHULVWLFLOHGXPQHD
YRDVWUăGHFRQGXFHUH$ILúDMXO(&2YăDMXWă
VăREĠLQHĠLFHOPDLHFRQRPLFVWLOGHFRQGX
FHUHSHQWUXVHWăULOHVHOHFWDWHúLFRQGLĠLLOH
H[LVWHQWH&RQVXPXOSRDWHILLQIOXHQĠDWVHP
QLILFDWLYGHVWLOXOGXPQHDYRDVWUăGHFRQGX
FHUH


 6IDWXULSULYLQGFRQGXFHUHD

=$FFHOHUDWLRQ $FFHOHUDUH  HYDOXDUHD )UkQDUH


WXWXURUSURFHVHORUGHDFFHOHUDUH 
 %DUDVHXPSOHDFFHOHUDUHPRGHUDWăvQ 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
&RQGXFHUHDúLSDUFDUHD

VSHFLDOODYLWH]HULGLFDWH $9(57,60(17
 %DUDVHJROHúWHDFFHOHUDUHVSRUWLYă
ÌQFD]XOvQFDUHFXSODĠLvQWURWUHDSWăLQIHULRDUă
=&RQVWDQW HYDOXDUHDSHUPDQHQWăDFRP SHRVXSUDIDĠăGHGUXPDOXQHFRVvQvQFHUFDUHD
SRUWDPHQWXOXLGHFRQGXFHUH  GHDPăULHIHFWXOGHIUkQDUHDOPRWRUXOXLURĠLOH
 %DUDVHXPSOHYLWH]ăFRQVWDQWăúLHYLWD PRWULFHúLDUSXWHDSLHUGHDGHUHQĠD$VWIHO
UHDDFFHOHUăULLúLGHFHOHUăULLLQXWLOH FUHúWHULVFXOGHGHUDSDUHúLDFFLGHQW
 %DUDVHJROHúWHIOXFWXDĠLLGHYLWH]ă 1XUHWURJUDGDĠLSHQWUXXQHIHFWGHIUkQăGH
=&RDVWLQJ 0HUVGLQLQHUĆLH  HYDOXD PRWRUVXSOLPHQWDUSHVXSUDIHĠHGHGUXPDOX
UHDWXWXURUSURFHVHORUGHGHFHOHUDUH  QHFRDVH
 %DUDVHXPSOHFRQGXFHUHDQWLFLSDWLYă
SULQSăVWUDUHDGLVWDQĠHLúLHOLEHUDUHD 3DQWHGHVFHQGHQWH
UDSLGăDSHGDOHLGHDFFHOHUDĠLH$XWRYH ÌQSDQWHOHGHVFHQGHQWHOXQJLúLDEUXSWHWUH
KLFXOXOSRDWHPHUJHGLQLQHUĠLHIăUăXWLOL EXLH
]DUHDIUkQHORU
=VăFXSODĠLvQWLPSXWLORWUHDSWăGHYLWH]ă
 %DUDVHJROHúWHIUkQDUHIUHFYHQWă
LQIHULRDUăVDX
G 8QVWLOGHFRQGXFHUHHFRQRPLFSUHVX =ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
SXQHFRQGXFHUHDFXRWXUDĠLHPRGHUDWăD VăVHOHFWDĠLWUHDSWDGHYLWH]HVDX
PRWRUXOXL 5HVSHFWDĠLDFHVWOXFUXvQVSHFLDOFkQGFRQ
3HQWUXDREĠLQHRYDORDUHPDLULGLFDWăvQ GXFHĠLXQDXWRYHKLFXOvQFăUFDWúLODWUDFWDUHD
FDWHJRULLOH$FFHOHUDWLRQ $FFHOHUDUH XQHLUHPRUFL
úL&RQVWDQW
=UHVSHFWDĠLUHFRPDQGăULOHGHVFKLPEDUHD
G $FHDVWăDILUPDĠLHHVWHYDODELOăúLGDFăDĠL
DFWLYDWFRQWUROXOFURD]LHUHL63(('7521,&
YLWH]HL
VDX',67521,&3/86
=FRQGXFHĠLDXWRYHKLFXOXOvQSURJUDPXOGH
FRQGXFHUH( DXWRYHKLFXOHFXWUDQVPLVLH $FHDVWDYDXWLOL]DHIHFWXOGHIUkQDUHDOPRWR
DXWRPDWă  UXOXLDVWIHOvQFkWYDILQHFHVDUăRIUkQDUHPDL
UHGXVăSHQWUXDvPSLHGLFDDXWRYHKLFXOXOVă
G ÌQFD]XOFăOăWRULLORUOXQJLODRYLWH]ăFRQ SULQGăYLWH]ă$VWIHOVHYDHOLPLQDVDUFLQDOD
VWDQWăGHH[SHDXWRVWUDGăVHYDPRGLILFD FDUHHVWHVXSXVVLVWHPXOGHIUkQDUHúLVHSUH
QXPDLEDUDSHQWUX&RQVWDQW YLQHVXSUDvQFăO]LUHDúLX]XUDSUHPDWXUăDIUk
G $ILúDMXO(&2SUH]LQWăFDUDFWHULVWLFLOHGH QHORU
FRQGXFHUHGHODvQFHSHUHDFăOăWRULHLSkQă
ODILQDOL]DUHDDFHVWHLD3ULQXUPDUHEDUHOH 6DUFLQLJUHOHúLXúRDUH
VXSRUWăPRGLILFăULGLQDPLFHODvQFHSHUHD
$9(57,60(17
FăOăWRULHL3HSDUFXUVXOXQXLWLPSGHFRQ
GXFHUHvQGHOXQJDWDFHVWHPRGLILFăULVXQW 6LVWHPXOGHIUkQDUHVHSRDWHVXSUDvQFăO]L
UHGXVH3HQWUXPRGLILFăULPDLGLQDPLFH GDFăOăVDĠLSLFLRUXOSHSHGDODGHIUkQăvQWLP
HIHFWXDĠLRUHVHWDUHPDQXDOă SXOFRQGXFHULL$FHDVWDPăUHúWHGLVWDQĠDGH
IUkQDUHúLSRDWHGXFHFKLDUODGHIHFWDUHDVLV
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGDILúD WHPXOXLGHIUkQDUH([LVWăXQSHULFROGHDFFL
MXO(&2FRQVXOWDĠL 3DJLQD  GHQW
6IDWXULSULYLQGFRQGXFHUHD 

1XXWLOL]DĠLQLFLRGDWăSHGDODGHIUkQăSHSRVW QXLSXQHĠLvQSHULFROSHDOĠLSDUWLFLSDQĠLOD
GHUH]HPăWRDUHGHSLFLRU1XDSăVDĠLVLPXOWDQ WUDILFFkQGIDFHĠLDFHVWOXFUX
SHGDODGHIUkQăúLSHGDODGHDFFHOHUDĠLHvQ =$SăVDĠLSHGDODGHIUkQăFXJULMăODVIkUúLWXO

&RQGXFHUHDúLSDUFDUHD
WLPSXOFRQGXFHULL FăOăWRULHLúLFkQGSOHFDĠLvQXUPăWRDUHD
FXUVă
 $SăVDUHDFRQVWDQWăDSHGDOHLGHIUkQă =0HQĠLQHĠLRGLVWDQĠăPXOWPDLPDUHIDĠăGH
GXFHODX]XUDH[FHVLYăúLSUHPDWXUăD DXWRYHKLFXOXOGLQIDĠă
SOăFXĠHORUGHIUkQă
'DFăIUkQHOHVXQWVROLFLWDWHLQWHQVQXSDUFDĠL 3OăFXĠHGHIUkQăJDUQLWXULGHIUkQăQRL
DXWRYHKLFXOXOLPHGLDW0DLFRQGXFHĠLR
1RLOHSOăFXĠHGHIUkQăSOăFXĠHGHIUkQăúL
EXFDWăGHGUXP$VWIHOFXUHQWXOGHDHUYD
GLVFXULFDUHDXIRVWvQORFXLWHRIHUăXQHIHFW
SXWHDUăFLIUkQHOHPDLUDSLG
IUkQDUHRSWLPGRDUGXSăFkWHYDVXWHGHNLOR
'DFăIUkQHOHDXIRVWXWLOL]DWHPRGHUDWWHVWDĠL PHWULGHFRQGXFHUH&RPSHQVDĠLUHGXFHUHD
OHGLQFkQGvQFkQGHILFLHQĠDÌQDFHVWVFRS HIHFWXOXLUHGXVGHIUkQDUHSULQDSăVăULPDL
IUkQDĠLPDLIHUPGHODYLWH]ăPDLPDUH$VWIHO IHUPHSHSHGDODGHIUkQă
vPEXQăWăĠLĠLDGHUHQĠDIUkQHORU
'LQPRWLYHGHVLJXUDQĠă0HUFHGHV%HQ]Yă
UHFRPDQGăVăPRQWDĠLSOăFXĠHGHIUkQăJDU
6XSUDIHĠHFDURVDELOHXPHGH
QLWXULGHIUkQăODDXWRYHKLFXOXOGXPQHD
ÌQFD]XOvQFDUHDĠLFRQGXVPXOWWLPSSHSORDLH YRDVWUăGRDUGDFăDXIRVWDSUREDWHSHQWUX
DEXQGHQWăIăUăVăIUkQDĠLHVWHSRVLELOFDIUk DXWRYHKLFXOHOH0HUFHGHV%HQ]VDXFDUH
QHOHVăUHDFĠLRQH]HvQWkU]LDWFkQGIUkQDĠLSHQ FRUHVSXQGXQXLVWDQGDUGGHFDOLWDWHHFKLYD
WUXSULPDGDWă$FHDVWăvQWkU]LHUHSRDWH OHQW3OăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQă
DSăUHDúLGDFăDXWRYHKLFXOXODIRVWVSăODW QHDSUREDWHSHQWUXDXWRYHKLFXOHOH0HUFHGHV
7UHEXLHVăDSăVDĠLSHGDODGHIUkQăPDLIHUP %HQ]VDXFDUHQXVXQWGHFDOLWDWHHFKLYDOHQWă
0HQĠLQHĠLRGLVWDQĠăPDLPDUHIDĠăGHDXWR DUSXWHDDIHFWDVLJXUDQĠDvQIXQFĠLRQDUHD
YHKLFXOXOGLQIDĠă DXWRYHKLFXOXOXLGXPQHDYRDVWUă
'XSăFRQGXFHUHDSHFDURVDELOXPHGVDX
GXSăFHDĠLVSăODWDXWRYHKLFXOXOIUkQDĠLIHUP )UkQăGHSDUFDUH
DFRUGkQGDWHQĠLHFRQGLĠLLORUGLQWUDILF$VWIHO $9(57,60(17
VHYRUvQFăO]LGLVFXULOHGHIUkQăDFHVWHD
'DFăWUHEXLHVăIUkQDĠLDXWRYHKLFXOXOFXIUkQD
XVFkQGXVHvQFRQVHFLQĠăPDLUDSLGúLILLQG
GHSDUFDUHGLVWDQĠDGHIUkQDUHHVWHFRQVLGH
SURWHMDWHFRQWUDFRUR]LXQLL
UDELOPDLPDUHLDUURĠLOHVDUSXWHDEORFD$VW
IHOFUHúWHSHULFROXOGHGHUDSDUHúLDFFLGHQW
3HUIRUPDQĠăOLPLWDWăODIUkQDUHSHGUX
PXULFXVDUHDQWLGHUDSDQWă 8WLOL]DĠLIUkQDGHSDUFDUHSHQWUXDIUkQDDXWR
YHKLFXOXOQXPDLFkQGIUkQDGHVHUYLFLXHVWH
'DFăUXODĠLSHGUXPXULFXVDUHDQWLGHUDSDQWă GHIHFWă1XDFĠLRQDĠLSUHDWDUHIUkQDGHSDU
VDUSXWHDIRUPDXQVWUDWGHVDUHSHGLVFXULOH FDUH'DFăURĠLOHVHEORFKHD]ăHOLEHUDĠLIUkQD
GHIUkQăúLSHSOăFXĠHOHGHIUkQă$FHDVWDDU GHSDUFDUHSkQăFkQGURĠLOHvQFHSGLQQRXVă
SXWHDGXFHODRFUHúWHUHFRQVLGHUDELOăDGLV VHURWHDVFă
WDQĠHLGHIUkQDUH
=)UkQDĠLRFD]LRQDOSHQWUXDvQOăWXUDRULFH 'DFăIUkQDĠLDXWRYHKLFXOXOFXDMXWRUXOIUkQHL
SRVLELOHUăPăúLĠHGHVDUH$VLJXUDĠLYăFă GHSDUFDUHOăPSLOHGHIUkQăQXVHDSULQG
ÌQFD]XOvQFDUHFRQGXFHĠLSHGUXPXULXPHGH
VDXSHVXSUDIHĠHDFRSHULWHGHPXUGăULH


 6IDWXULSULYLQGFRQGXFHUHD

VDUHDGHSHGUXPúLVDXPXUGăULDDUSXWHD 7UHFHUHDYDGXULORURIIURDG
SăWUXQGHODIUkQDGHSDUFDUH
3HQWUXDSUHYHQLFRUR]LXQHDúLRUHGXFHUHD
&RQGXFHUHDúLSDUFDUHD

SXWHULLGHIUkQDUHDIUkQHLGHSDUFDUHUHVSHF
WDĠLXUPăWRDUHOH
=$SăVDĠLXúRUIUkQDGHSDUFDUHGLQFkQGvQ
FkQGvQDLQWHGHDvQFHSHFăOăWRULD
=&RQGXFHĠLDSUR[LPDWLYPFXRYLWH]ă
PD[LPăGHNPK

&RQGXFHUHDSHGUXPXULXPHGH
$GkQFLPHDGHWUHFHUHDYDGXULORUCQXWUH
$FYDSODQDUH EXLHVăGHSăúHDVFăFPFkQGDXWRYHKLFXOXO
'DFăVDDFXPXODWDSăSkQăODRDQXPLWă HVWHvQFăUFDWúLJDWDGHFRQGXFHUH
DGkQFLPHSHVXSUDIDĠDGUXPXOXLH[LVWăSHUL ÌQFăUFDWúLJDWDGHFRQGXFHUHvQVHDPQă
FROXOGHDFYDSODQDUHFKLDUGDFă UH]HUYRUSOLQFRPSOHWDWFXWRDWHOLFKLGHOHúL
=FRQGXFHĠLODYLWH]HPLFL
úRIHUXOVHDIOăvQDXWRYHKLFXO
=SQHXULOHDXRDGkQFLPHDGHFYDWăDVXSUD  $GkQFLPHDDSHLQXWUHEXLHVă
IHĠHLGHUXODUH GHSăúHDVFăFP5HĠLQHĠLFăDGkQFLPHD
'LQDFHVWPRWLYQXFRQGXFHĠLvQúDQĠXULGH GHWUHFHUHDYDGXULORUVFDGHvQDSHOH
SQHXúLIUkQDĠLFXDWHQĠLH FXUJăWRDUH
=6WDELOLĠLFkWGHDGkQFăHVWHDSDSUHFXPúL
&RQGXFHUHDSHGUXPXULLQXQGDWH FDUDFWHULVWLFLOHDSHLvQDLQWHGHDWUHFH
YDGXO
'DFăWUHEXLHVăFRQGXFHĠLSHSRUĠLXQLGH
=/LPLWDĠLWUHDSWDGHYLWH]HODVDX
GUXPSHFDUHVDDGXQDWDSăUHĠLQHĠLFă
=(YLWDĠLWXUDĠLLOHULGLFDWHDOHPRWRUXOXL
=DGkQFLPHDPD[LPăDGPLVăGHWUHFHUHD
=,QWUDĠLúLLHúLĠLGLQDSăvQWUXQORFSODQúLvQ
YDGXULORUvQDSHOHVWăWăWRDUHHVWHGH
FP ULWPFRQVWDQWGHPHUVSHMRV
=QXFRQGXFHĠLODRYLWH]ăPDLPDUHGHFkWFHD  1XDFFHOHUDĠLVXEQLFLRIRUPăvQDLQWHGHD
GHPHUVSHMRV LQWUDvQDSă9DOXOIRUPDWvQIDĠăDUSXWHD
IDFHFDDSDVăSăWUXQGăúLVăGHWHULRUH]H
 5HĠLQHĠLFăDXWRYHKLFXOHOHFDUHUXOHD]ăvQ PRWRUXOúLDQVDPEOXULOHGLQMXU
IDĠăVDXvQGLUHFĠLDRSXVăFUHHD]ăYDOXUL
=&RQGXFHĠLSULQDSăOHQWODYLWH]ăFRQ
$FHDVWDSRDWHGXFHODGHSăúLUHDDGkQFLPLL
PD[LPHSHUPLVHDDSHL VWDQWă
=1XYăRSULĠL
$FHVWHQRWHWUHEXLHVăILHUHVSHFWDWHvQ
WRDWHVLWXDĠLLOHÌQFD]FRQWUDUSXWHĠLGHWH  1XGHVFKLGHĠLSRUWLHUHOHDXWRYHKLFXOXOXL
ULRUDPRWRUXOVLVWHPHOHHOHFWURQLFHVDX vQWLPSXOWUHFHULLYDGXULORUÌQFD]FRQWUDU
WUDQVPLVLD DSDDUSXWHDSăWUXQGHvQLQWHULRUXODXWRYH
KLFXOXOXLGHWHULRUkQGVLVWHPHOHHOHFWUR
QLFHDOHDXWRYHKLFXOXOXLúLHFKLSDPHQWXO
LQWHULRU
=$SDRSXQHPXOWăUH]LVWHQĠăIXQGXODSHL
HVWHDOXQHFRVúLvQDQXPLWHFD]XULLQVWDELO
6IDWXULSULYLQGFRQGXFHUHD 

3ULQXUPDUHHVWHGLILFLOúLSHULFXORVVăSRU &RQGXFHUHFXSQHXULGHYDUă
QLĠLGHSHORFvQDSă
5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ)XQFĠLRQDUH
=$VLJXUDĠLYăFăQXVHIRUPHD]ăXQYDOvQIDĠă
SHWLPSGHLDUQă´ 3DJLQD 

&RQGXFHUHDúLSDUFDUHD
SHPăVXUăFHFRQGXFHĠL
=&XUăĠDĠLQRURLXOGHSHVXSUDIDĠDGHUXODUHD
6XSUDIHĠHFDURVDELOHDOXQHFRDVH
SQHXULORUGXSăWUHFHUHDYDGXULORU
=$FĠLRQDĠLIUkQHOHSHQWUXDOHXVFDGXSăWUH $9(57,60(17
FHUHDYDGXULORU ÌQFD]XOvQFDUHFXSODĠLvQWURWUHDSWăLQIHULRDUă
SHRVXSUDIDĠăGHGUXPDOXQHFRVvQvQFHUFDUHD
GHDPăULHIHFWXOGHIUkQDUHDOPRWRUXOXLURĠLOH
&RQGXFHUHSHWLPSGHLDUQă PRWULFHúLDUSXWHDSLHUGHDGHUHQĠD$VWIHO
FUHúWHULVFXOGHGHUDSDUHúLDFFLGHQW
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
1XUHWURJUDGDĠLSHQWUXXQHIHFWGHIUkQăGH
$9(57,60(17 PRWRUVXSOLPHQWDUSHVXSUDIHĠHGHGUXPDOX
ÌQFD]XOvQFDUHFXSODĠLvQWURWUHDSWăLQIHULRDUă QHFRDVH
SHRVXSUDIDĠăGHGUXPDOXQHFRVvQvQFHUFDUHD
&RQGXFHĠLFXGHRVHELWăDWHQĠLHSHVXSUDIHĠH
GHDPăULHIHFWXOGHIUkQDUHDOPRWRUXOXLURĠLOH
GHGUXPDOXQHFRDVH(YLWDĠLPDQHYUHOHEUXúWH
PRWULFHúLDUSXWHDSLHUGHDGHUHQĠD$VWIHO
GHDFFHOHUDUHGLUHFĠLHúLIUkQDUH
FUHúWHULVFXOGHGHUDSDUHúLDFFLGHQW
'DFăDXWRYHKLFXOXOvQFHSHVăGHUDSH]HVDX
1XUHWURJUDGDĠLSHQWUXXQHIHFWGHIUkQăGH
QXSRDWHILRSULWFkQGYăGHSODVDĠLODYLWH]ă
PRWRUVXSOLPHQWDUSHVXSUDIHĠHGHGUXPDOX
UHGXVă
QHFRDVH
 $XWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
3(5,&2/ DGXFHĠLVFKLPEăWRUXOvQSR]LĠLDQHXWUă
'DFăĠHDYDGHHúDSDPHQWHVWHEORFDWăVDXQX  $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
HVWHSRVLELOăYHQWLODUHDDGHFYDWăJD]HWR[LFH FXSODĠLWUDQVPLVLDvQSR]LĠLD1
SUHFXPPRQR[LGXOGHFDUERQ &2 DUSXWHD  ÌQFHUFDĠLVăUHGREkQGLĠLFRQWUROXODVXSUD
SăWUXQGHvQDXWRYHKLFXO/XFUXULOHVWDXDVWIHO DXWRYHKLFXOXOXLFXDMXWRUXOPDQHYUHORU
GHH[FkQGDXWRYHKLFXOXOUăPkQHLPRELOL]DW FRUHFWLYHFXGLUHFĠLD
vQ]ăSDGă([LVWăXQULVFGHDFFLGHQWIDWDO
G 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG
'DFăLHúLĠLGLQDXWRYHKLFXOVDXGDFăvQFăO]LUHD
DX[LOLDUăIXQFĠLRQHD]ăDVLJXUDĠLYăFăĠHDYD FRQGXFHUHDFXODQĠXULGH]ăSDGăFRQVXO
GHHúDSDPHQWúL]RQDGLQMXUXODXWRYHKLFXOXOXL WDĠL 3DJLQD 
QXVXQWDFRSHULWHGH]ăSDGă3HQWUXDDVLJXUD ,QGLFDWRUXOGHWHPSHUDWXUăH[WHULRDUăQXHVWH
RFDQWLWDWHDGHFYDWăGHDHUSURDVSăWGHVFKL FRQFHSXWVăIXQFĠLRQH]HFDGLVSR]LWLYGH
GHĠLXQJHDPGHSHSDUWHDDXWRYHKLFXOXOXL DYHUWL]DUHSULYLQGSROHLXOILLQGSULQXUPDUH
FDUHQXHVWHRULHQWDWăFăWUHYkQW LQDGHFYDWDFHVWXLVFRS6FKLPEăULOHWHPSH
UDWXULLH[WHULRDUHVXQWDILúDWHGXSăRVFXUWă
/DvQFHSXWXOLHUQLLVROLFLWDĠLSUHJăWLUHDDXWR vQWkU]LHUH
YHKLFXOXOXLSHQWUXLDUQăODXQDWHOLHUGHVSH 7HPSHUDWXULOHLQGLFDWHDIODWHLPHGLDWGHDVX
FLDOLWDWHDXWRUL]DW SUDSXQFWXOXLGHvQJKHĠQXJDUDQWHD]ăFă
5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ)XQFĠLRQDUH VXSUDIDĠDGUXPXOXLQXFRQĠLQHSROHL(VWH
SHWLPSGHLDUQă´ 3DJLQD  SRVLELOFDGUXPXOVăDLEăSROHLPDLDOHVvQ
]RQHOHvPSăGXULWHVDXSHSRGXUL$XWRYHKLFX
OXOSRDWHGHUDSDGDFăQXYăDGDSWDĠLVWLOXOGH


 6IDWXULSULYLQGFRQGXFHUHD

FRQGXFHUH$GDSWDĠLYăvQWRWGHDXQDVWLOXOGH 1RWHJHQHUDOH
FRQGXFHUHODFRQGLĠLLOHPHWHRSUHGRPLQDQWH
7UHEXLHVăDFRUGDĠLRDWHQĠLHVSHFLDOăFRQGL
1RWăSULYLQGSURWHFĠLDPHGLXOXL
&RQGXFHUHDúLSDUFDUHD

ĠLLORUGHGUXPFkQGWHPSHUDWXULOHVHDIOăvQ 3URWHFĠLDPHGLXOXLDUHRLPSRUWDQĠăSULPRU
MXUXOSXQFWXOXLGHvQJKHĠ GLDOă5HVSHFWDĠLQDWXUD5HVSHFWDĠLWRDWH
VHPQHOHÄLQWHU]LV´

&LWLĠLDFHDVWăVHFĠLXQHvQDLQWHVăFRQGXFHĠL
&RQGXFHUHRIIURDG
YHKLFXOXOSHWHUHQRIIURDG0DLvQWkLH[HUVDĠL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD FRQGXFkQGPDLOHQWSHWHUHQRIIURDG
&RQGXFHUHDRIIURDGHVWHSRVLELOăQXPDLFX
$9(57,=$5( SDFKHWXOGHWHKQRORJLH2II5RDG
'DFăFRQGXFHĠLvQSDQWăDVFHQGHQWăVDXGHV 3DJLQD 
FHQGHQWăYHKLFXOXOSRDWHDOXQHFDvQWUR 8UPăWRDUHOHVLVWHPHGHDVLVWDUHDFRQGXFHULL
SDUWHVHSRDWHvQFOLQDúLUăVWXUQD([LVWăSHUL VXQWVSHFLDODGDSWDWHFRQGXFHULLRIIURDG
FROGHDFFLGHQW
=3URJUDPGHFRQGXFHUHRIIURDG
'HSODVDĠLYăSHRSDQWăvQWRWGHDXQDvQOLQLD
3DJLQD
SDQWHL OLQLDUvQVXVVDXvQMRV úLQXYăvQFOLQDĠL
=$%6RIIURDG 3DJLQD
&kQGFRQGXFHĠLRIIURDGVXEVWDQĠHSUHFXP =(76RIIURDG 3DJLQD
QLVLSXOQRURLXOúLDSDVDXDSDDPHVWHFDWăFX =(63ŠRIIURDG 3DJLQD
XOHLDUSXWHDSăWUXQGHODIUkQHÌQXUPDXQHL ='65 5HJODUHDYLWH]HLODFRERUkUHDvQ
X]XULVSRULWHDFHDVWDDUSXWHDFDX]DRUHGX
SDQWă  3DJLQD
FHUHDSHUIRUPDQĠHLGHIUkQDUHVDXRGHIHF
WDUHWRWDOăDIUkQHORU&DUDFWHULVWLFLOHGHIUk ğLQHĠLFRQWGHXUPăWRDUHOHQRWH
QDUHYRUYDULDvQIXQFĠLHGHVXEVWDQĠHOHFDUH =2SULĠLDXWRYHKLFXOXOúLGDFăHVWHQHFHVDU
SăWUXQGODIUkQH&XUăĠDĠLIUkQHOHGXSăFH VHOHFWDĠLSURJUDPXOGHFRQGXFHUHRIIURDG
FRQGXFHĠLRIIURDG'DFăUHPDUFDĠLVFUkúQHWH 3DJLQD vQDLQWHGHDFRQGXFHRII
VDXRUHGXFHUHDSHUIRUPDQĠHLGHIUkQDUH URDG
VROLFLWDĠLLPHGLDWYHULILFDUHDVLVWHPXOXLGHIUk =3HQWUXDHYLWDGHWHULRUDUHDDXWRYHKLFXOXOXL
QDUHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW DVLJXUDĠLYăFăH[LVWăvQWRWGHDXQDJDUGăOD
$GDSWDĠLYăVWLOXOGHFRQGXFHUHODFDUDFWHULV VROVXILFLHQWă
WLFLOHGHIUkQDUHPRGLILFDWH =9HULILFDĠLGDFăEDJDMHOHúLVDUFLQLOHVXQW
&RQGXFHUHDRIIURDGVSRUHúWHSRVLELOLWDWHD GHSR]LWDWHvQVLJXUDQĠăúLVXQWELQHDVLJX
GHGHWHULRUDUHDDXWRYHKLFXOXOXLFHHDFHDU UDWH 3DJLQD 
SXWHDGXFHODGHIHFWDUHDDQVDPEOXULORUVDX =0HQĠLQHĠLvQWRWGHDXQDPRWRUXOSRUQLWúLvQ
VLVWHPHORU$GDSWDĠLYăVWLOXOGHFRQGXFHUHOD
YLWH]ăDWXQFLFkQGFRQGXFHĠLSHRSDQWă
FRQGLĠLLOHGLQWHUHQ&RQGXFHĠLFXDWHQĠLH
GHVFHQGHQWă$FWLYDĠL'65
6ROLFLWDĠLLPHGLDWUHPHGLHUHDGHWHULRUăULORU
3DJLQD 
DXWRYHKLFXOXOXLODXQDWHOLHUGHVSHFLDOLWDWH
=&RQGXFHĠLvQFHWúLFXYLWH]ăFRQVWDQWă
DXWRUL]DW
GDFăHVWHQHFHVDUvQULWPGHPHUVSHMRV
1XFXSODĠLWUDQVPLVLDvQSR]LĠLD1FkQGFRQ
=$VLJXUDĠLYăFăURĠLOHVXQWvQSHUPDQHQĠăvQ
GXFHĠLRIIURDG$ĠLSXWHDSLHUGHFRQWUROXO
DXWRYHKLFXOXOXLGDFăvQFHUFDĠLVăIUkQDĠLDXWR FRQWDFWFXVROXO
=$WXQFLFkQGFRQGXFHĠLSHGUXPXULRIIURDG
YHKLFXOXOFXDMXWRUXOIUkQHLGHVHUYLFLX'DFă
SDQWDHVWHSUHDDEUXSWăSHQWUXDXWRYHKLFXOXO QHFXQRVFXWHFXYL]LELOLWDWHUHGXVăFRQGX
GXPQHDYRDVWUăFRQGXFHĠLFXWUHDSWDGH FHĠLFXH[WUHPGHPXOWăSUXGHQĠă'LQ
PHUVvQDSRL
6IDWXULSULYLQGFRQGXFHUHD 

PRWLYHGHVLJXUDQĠăFRERUkĠLGLQDXWRYHKL  'H]DFWLYDĠL'65 3DJLQD 


FXOPDLvQWkLúLFHUFHWDĠLGUXPXORIIURDG  &XUăĠDĠLIDUXULOHúLOXPLQLOHVSDWHúLYHULIL
=9HULILFDĠLDGkQFLPHDDSHLvQDLQWHGHDWUD FDĠLGHSRVLELOHGHIHFĠLXQL

&RQGXFHUHDúLSDUFDUHD
YHUVDUkXULVDXFXUVXULGHDSă  &XUăĠDĠLSOăFXĠHOHGHvQPDWULFXODUHGLQIDĠă
=$YHĠLJULMăODREVWDFROHSUHFXPSLHWUH úLGLQVSDWH
JăXULEXWXUXJLúLúDQĠXUL  &XUăĠDĠLURĠLOHSQHXULOHFXMHWGHDSăúL
=ÌQWLPSXOFăOăWRULHLPHQĠLQHĠLvQWRWGHDXQD vQGHSăUWDĠLRULFHRELHFWHVWUăLQH
vQFKLVHJHDPXULOHODWHUDOHúLWUDSDJOLVDQWă  &XUăĠDĠLURĠLOHSDVDMHOHGHURDWăúLSDUWHD
SDQRUDPLFă GHGHGHVXEWDDXWRYHKLFXOXOXLFXXQMHWGH
=1XYăDEDWHĠLGHODGUXPXULOHúLGLUHFĠLLOH DSăYHULILFDĠLGHRULFHRELHFWHVWUăLQHúL
PDUFDWH GHIHFĠLXQL
 9HULILFDĠLGDFăVDXSULQVUDPXULVDXDOWH
G ,QIRUPDĠLLSULYLQGPRGHUQL]DUHDSQHXULORU
VSHFLDOHSHQWUXRULFHWHUHQVXQWGLVSRQLELOH SăUĠLGHSODQWH$FHVWHDFUHVFULVFXOGH
ODRULFHDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW LQFHQGLXúLSRWGHWHULRUDFRQGXFWHOHGHFDU
EXUDQWIXUWXQXULOHIUkQHLVDXEXUGXIXULOH
/LVWăGHYHULILFDUHvQDLQWHGHFRQGXFH GLQFDXFLXFDOHDUWLFXODĠLLORUSXQĠLLúLDUER
UHDRIIURDG UHOHFDUGDQLF
 'XSăFăOăWRULHH[DPLQDĠLFXDWHQĠLHvQWUHJ
 1LYHOXOHLGHPRWRUYHULILFDĠLXOHLXOGH SDUWHDLQIHULRDUăDFDURVHULHLURĠLOHSQHX
PRWRUúLFRPSOHWDĠLGDFăHVWHQHFHVDU ULOHIUkQHOHVWUXFWXUDFDURVHULHLGLUHFĠLD
 7UXVăGHVFXOHSHQWUXVFKLPEDUHDSQHX úDVLXOúLVLVWHPXOGHHYDFXDUHGHSRVLELOH
ULORUYHULILFDĠLGDFăFULFXOIXQFĠLRQHD]ăúL GHIHFĠLXQL
DVLJXUDĠLYăFăDYHĠLFKHLDWXEXODUăGH  'XSăFHFRQGXFHĠLSULQQLVLSQRURLSLHWULú
URDWăRúXIăVROLGăúLRORSDWăSOLDELOăvQ DSăVDXvQFRQGLĠLLVLPLODUHGHPXUGăULH
DXWRYHKLFXO VROLFLWDĠLYHULILFDUHDúLFXUăĠDUHDXUPăWRD
 5RĠLúLSQHXULYHULILFDĠLDGkQFLPHDVXSUD UHORUFRPSRQHQWH
IHĠHLGHUXODUHDSQHXOXLúLSUHVLXQHDvQ =GLVFXULGHIUkQă
SQHXUL =URĠL
 9HULILFDĠLGHSRVLELOHGHWHULRUăULúL
=SOăFXĠHGHIUkQă
vQGHSăUWDĠLRULFHRELHFWHVWUăLQHGHH[SLH
=DUWLFXODĠLLOHGHSXQWH
WUHPLFLGLQURĠLSQHXUL
 'DFăDĠLGHWHFWDWYLEUDĠLLSXWHUQLFHGXSă
 ÌQORFXLĠLFăSăFHOHOHGHYDOYăFDUHOLSVHVF
FRQGXFHUHDRIIURDGYHULILFDĠLSUH]HQĠD
 ÌQORFXLĠLURĠLOHORYLWHVDXGHWHULRUDWH
XQRUHYHQWXDOHRELHFWHVWUăLQHvQURĠLúLvQ
WUHQXOGHWUDQVPLVLHúLvQGHSăUWDĠLOHGDFă
/LVWăGHYHULILFDUHGXSăFRQGXFHUHDRII HVWHQHFHVDU2ELHFWHOHVWUăLQHSRWDIHFWD
URDG HFKLOLEUXOúLSRWFDX]DYLEUDĠLL
&RQGXFkQGSHWHUHQDFFLGHQWDWDXWRYHKLFX
OXOGXPQHDYRDVWUăHVWHVROLFLWDWPDLPXOW &RQGXFHUHDSHQLVLS
GHFkWGDFăFRQGXFHĠLSHGUXPXULQRUPDOH ğLQHĠLFRQWGHXUPăWRDUHOHUHJXOLDWXQFLFkQG
'XSăFRQGXFHUHDRIIURDGYHULILFDĠLDXWRYH FRQGXFHĠLSHQLVLS
KLFXOXOGXPQHDYRDVWUă$FHVWOXFUXYăSHU
=VHOHFWDĠLRWUHDSWăGHYLWH]HDGHFYDWăWHUH
PLWHVăGHWHFWDĠLLPHGLDWGHIHFĠLXQLOHúLVă
UHGXFHĠLULVFXOXQXLDFFLGHQWSHQWUXGXPQHD QXOXL
YRDVWUăúLSHQWUXFHLODOĠLSDUWLFLSDQĠLODWUDILF =FRQGXFHĠLFXYLWH]ăSHQWUXDvQYLQJHUH]LV
WHQĠDODUXODUHÌQFD]FRQWUDUURĠLOHDXWR


 6IDWXULSULYLQGFRQGXFHUHD

YHKLFXOXOXLVDUSXWHDvPSRWPROLvQVROXO =&RQGXFHĠLIRDUWHvQFHW
DIkQDW =ÌQFHUFDĠLVăFRQGXFHĠLGUHSWGHDVXSUDFHQ
=FRQGXFHĠLSHXUPHOHDOWRUDXWRYHKLFXOH WUXOXLREVWDFROHORUPDLvQWkLURDWDGLQIDĠă
&RQGXFHUHDúLSDUFDUHD

GDFăHVWHSRVLELO$VLJXUDĠLYăFă DSRLURDWDGLQVSDWH
 úDQĠXULOHGHSQHXQXVXQWSUHDDGkQFL
 QLVLSXOHVWHVXILFLHQWGHIHUP
5XODUHDvQSDQWă
 JDUGDODVRODDXWRYHKLFXOXOXLHVWHVXIL
FLHQWă 8QJKLGHDSURSLHUHGHSăUWDUH

ùDQĠXULGHSQHXúLGUXPXULFXSLHWULú $9(57,=$5(
'DFăFRQGXFHĠLvQSDQWăDVFHQGHQWăVDXGHV
ğLQHĠLFRQWGHXUPăWRDUHOHUHJXOLDWXQFLFkQG FHQGHQWăYHKLFXOXOSRDWHDOXQHFDvQWUR
FRQGXFHĠLSHWHUHQRIIURDGFXúDQĠXULVDXSH SDUWHVHSRDWHvQFOLQDúLUăVWXUQD([LVWăSHUL
GUXPXULFXSLHWULú FROGHDFFLGHQW
 $VLJXUDĠLYăFăXUPHOHFUHDWHGHURĠLOH 'HSODVDĠLYăSHRSDQWăvQWRWGHDXQDvQOLQLD
DOWRUDXWRYHKLFXOHQXVXQWSUHDDGkQFLúLFă SDQWHL OLQLDUvQVXVVDXvQMRV úLQXYăvQFOLQDĠL
DXWRYHKLFXOXODUHVXILFLHQWăJDUGăODVROÌQ
FD]FRQWUDUDXWRYHKLFXOXODUSXWHDILGHWH
ULRUDWVDXVDUSXWHDEORFD
=6HOHFWDĠLSURJUDPXOGHFRQGXFHUHRIIURDG
3DJLQD 
=(YLWDĠLWXUDĠLLOHULGLFDWHDOHPRWRUXOXL
=/LPLWDĠLWUHDSWDGHYLWH]HOD
=&RQGXFHĠLvQFHW
='DFăúDQĠXULOHVXQWSUHDDGkQFLFRQGXFHĠL
FXURĠLOHSHRSDUWHDVHFĠLXQLLGLQPLMORFD
VROXOXLGDFăHVWHSRVLELO
8QJKLXOGHDSURSLHUHGHSăUWDUHGLQIDĠăC
&RQGXFHUHSHVWHREVWDFROH HVWHGHPD[LPƒúLXQJKLXOGHDSURSLHUH
GHSăUWDUHGLQVSDWHDHVWHGHPD[LP
 2EVWDFROHOHDUSXWHDGHWHULRUDSRGHDXD ƒFkQGDXWRYHKLFXOXOHVWHvQFăUFDWúLJDWD
DXWRYHKLFXOXOXLVDXFRPSRQHQWHOHúDVLXOXL GHFRQGXFHUH
5XJDĠLSDVDJHULLVăYăJKLGH]HODWUHFHUHD ÌQFăUFDWúLJDWDGHFRQGXFHUHvQVHDPQă
SHVWHREVWDFROHGHGLPHQVLXQLPDUL2ULFH UH]HUYRUSOLQFRPSOHWDWFXWRDWHOLFKLGHOHúL
GHWHULRUDUHDDXWRYHKLFXOXOXLFUHúWHSHUL úRIHUXOVHDIOăvQDXWRYHKLFXO
FROXOGHDFFLGHQW
=8UPăULĠLOLQLDGHvQFOLQDUHDWXQFLFkQGFRQ
5HVSHFWDĠLXUPăWRDUHOHUHJXOLDWXQFLFkQG GXFHĠLSHSDQWHúLSRUĠLXQLDEUXSWH
FRQGXFHĠLSHVWHEXWXUXJLSLHWUHPDULúLDOWH =ÌQDLQWHGHDFRQGXFHSHSDQWHDVFHQGHQWH
REVWDFROH VDXGHVFHQGHQWHDEUXSWHVHOHFWDĠLSURJUD
=$FWLYDUHDSURJUDPXOXLRII
PXOGHFRQGXFHUHRIIURDG
URDG 3DJLQD  3DJLQD 
=(YLWDĠLWXUDĠLLOHULGLFDWHDOHPRWRUXOXL =5HVSHFWDĠLDYHUWLVPHQWHOHSHQWUXFRQGX
=/LPLWDĠLWUHDSWDGHYLWH]HOD FHUHDRIIURDG 3DJLQD 
=&RQGXFHĠLvQFHW
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

=$FFHOHUDĠLXúRUúLDVLJXUDĠLYăFăURĠLOHDX &RQGXFHUHDvQSDQWă
DGHUHQĠăVXILFLHQWă =&RQGXFHĠLvQFHW
=(YLWDĠLWXUDĠLLOHPDULGHPRWRUFXH[FHSĠLD

&RQGXFHUHDúLSDUFDUHD
=1XFRQGXFHĠLvQXQJKLSHSDQWHOHDEUXSWH
VLWXDĠLLORUvQFDUHFRQGXFHĠLSHGUXPXULFX
GHVFHQGHQWH9LUDĠLvQGLUHFĠLDGHvQFOLQDUH
QLVLSVDXQRURLFXUH]LVWHQĠăULGLFDWăOD
úLFRQGXFHĠLFXURĠLOHGLQIDĠăvQSR]LĠLD
FRQGXFHUH
GUHSWvQDLQWHÌQFD]FRQWUDUDXWRYHKLFXOXO
=6HOHFWDĠLRWUHDSWăGHYLWH]HDGHFYDWăSDQ
DUSXWHDVăDOXQHFHvQODWHUDOVăVHvQFOLQH
WHL úLVăVHUăVWRDUQH
=ÌQDLQWHGHDUXODSHSDQWHGHVFHQGHQWH
=ÌQDLQWHGHDUXODSHSDQWHGHVFHQGHQWH
DEUXSWHVHOHFWDĠLWUHDSWDGHYLWH]H DEUXSWHVHOHFWDĠLWUHDSWDGHYLWH]H
1XFXSODĠLWUDQVPLVLDvQSR]LĠLD1FkQGFRQ =$FWLYDĠL'65'DFăQXHVWHVXILFLHQWIUkQDĠL
GXFHĠLRIIURDG$ĠLSXWHDSLHUGHFRQWUROXO XúRU&kQGSURFHGDĠLDVWIHODVLJXUDĠLYăFă
DXWRYHKLFXOXOXLGDFăvQFHUFDĠLVăIUkQDĠLDXWR DXWRYHKLFXOXOHVWHRULHQWDWvQGLUHFĠLDGH
YHKLFXOXOFXDMXWRUXOIUkQHLGHVHUYLFLX'DFă vQFOLQDUH
SDQWDHVWHSUHDDEUXSWăSHQWUXDXWRYHKLFXOXO =9HULILFDĠLGDFăIUkQHOHIXQFĠLRQHD]ăQRUPDO
GXPQHDYRDVWUăFRQGXFHĠLFXWUHDSWDGH
GXSăRSRUĠLXQHGHVFHQGHQWăOXQJă
PHUVvQDSRL
G $%6RIIURDGHVWHDFWLYDWFkQGSURJUDPXO
&DSDFLWDWHPD[LPăGHXUFDUHvQSDQWă GHFRQGXFHUHRIIURDGHVWHVHOHFWDW
3HVXSUDIHĠHGHGUXPEXQHFDSDFLWDWHD /DYLWH]HVXENPKURĠLOHGLQIDĠăVH
PD[LPăGHXUFDUHvQSDQWăHVWHGLVSRQLELOăvQ EORFKHD]ăFLFOLFODIUkQDUH(IHFWXOGHDGkQ
SURSRUĠLHGH FLUHREĠLQXWDVWIHOUHGXFHGLVWDQĠDGHRSULUH
SHWHUHQRIIURDG0DQHYUDELOLWDWHDDXWRYH
G 'DFăVDUFLQDGHSHSXQWHDIDĠăHVWH KLFXOXOXLHVWHUHGXVăFRQVLGHUDELOGDFă
UHGXVăDWXQFLFkQGSRUQLĠLGHSHORFSHR URĠLOHVHEORFKHD]ă
SDQWăDVFHQGHQWăDEUXSWăURĠLOHGLQIDĠă
SRWSDWLQD(76UHFXQRDúWHDFHDVWDúLIUk
QHD]ăURĠLOHvQFRQVHFLQĠă&XSOXOURĠLORUGLQ 6LVWHPHGHDVLVWDUHDFRQGXFHULL
VSDWHHVWHPăULWúLHVWHPDLXúRUVăSRUQLĠL
GHSHORF &RQWUROFURD]LHUă
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
9kUIXULOHSDQWHORU
&RQWUROXOFURD]LHUHLPHQĠLQHRYLWH]ăGH
$WXQFLFkQGFRQGXFHĠLvQSDQWăUHGXFHĠLXúRU UXODUHFRQVWDQWăvQORFXOGXPQHDYRDVWUă
GLQDSăVDUHDSHSHGDODGHDFFHOHUDĠLHLPHGLDW $FHVWDIUkQHD]ăDXWRPDWSHQWUXDHYLWD
GXSăDWLQJHUHDSDQWHLGHDOXOXL)RORVLĠLIRUĠD GHSăúLUHDYLWH]HLVHWDWH7UHEXLHVăVHOHFWDĠL
GLQDPLFăDDXWRYHKLFXOXOXLSHQWUXDUXODvQ RWUHDSWăGHYLWH]ăLQIHULRDUăvQWLPSXWLOvQ
SDQWă SDQWHGHVFHQGHQWHOXQJLúLDEUXSWHPDLDOHV
$FHVWVWLOGHFRQGXFHUHHYLWă GDFăDXWRYHKLFXOXOHVWHvQFăUFDWVDXGDFă
=ULGLFDUHDDXWRYHKLFXOXOXLGHSHVRODWXQFL WUDFWDĠLRUHPRUFă/DDXWRYHKLFXOHOHFX
FkQGVHDIOăvQSDQWă WUDQVPLVLHDXWRPDWăVHOHFWDĠLWUHDSWDGH
=UXODUHDSUHDUDSLGăDDXWRYHKLFXOXOXLvQ
YLWH]HVDX$VWIHOYHĠLUHFXUJHODHIHFWXO
GHIUkQăGHPRWRU$VWIHOVHYDHOLPLQDVDU
SDQWă
FLQDODFDUHHVWHVXSXVVLVWHPXOGHIUkQDUHúL
VHSUHYLQHVXSUDvQFăO]LUHDúLX]XUDSUHPDWXUă
DIUkQHORU


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

8WLOL]DĠLFRQWUROXOFURD]LHUHLQXPDLGDFăFRQ
GLĠLLOHUXWLHUHYăSHUPLWVăPHQĠLQHĠLRYLWH]ă
FRQVWDQWăSHRSHULRDGăSUHOXQJLWă3XWHĠL
&RQGXFHUHDúLSDUFDUHD

VWRFDRULFHYLWH]ăGHUXODUHGHSHVWH
NPK
'DFăQXYăDGDSWDĠLVWLOXOGHFRQGXFHUHFRQ
WUROXOFURD]LHUHLQXSRDWHQLFLUHGXFHULVFXOGH
SURGXFHUHDXQXLDFFLGHQWQLFLQXVHSRDWH
VXVWUDJHOHJLORUIL]LFLL&RQWUROXOFURD]LHUHLQX
SRDWHĠLQHFRQWGHFRQGLĠLLOHGHGUXPYUHPH
VDXWUDILF&RQWUROXOFURD]LHUHLHVWHGRDUXQ
C 3HQWUXDDFWLYDVDXDPăULYLWH]D
DMXWRU'XPQHDYRDVWUăVXQWHĠLUHVSRQVDELO
GHGLVWDQĠDIDĠăGHDXWRYHKLFXOXOGLQIDĠăGH D /DPSDLQGLFDWRDUH/,0
YLWH]DDXWRYHKLFXOXOXLGHIUkQDUHDvQWLPSXWLO ‡ 3HQWUXDDFWLYDODYLWH]DFXUHQWăXOWLPD
úLGHSăVWUDUHDEHQ]LLGHUXODUH YLWH]ăPHPRUDWă
1XXWLOL]DĠLFRQWUROXOFURD]LHUHL … 3HQWUXDDFWLYDVDXDUHGXFHYLWH]D
=vQFRQGLĠLLGHGUXPúLGHWUDILFFDUHQXY㠃 3HQWUXDFRPXWDvQWUHFRQWUROXOFURD]LHUHL
SHUPLWVăPHQĠLQHĠLRYLWH]ăFRQVWDQWă GH úL63(('7521,&YDULDELO
H[vQWUDILFDJORPHUDWVDXSHGUXPXULúHU „ 3HQWUXDGH]DFWLYDFRQWUROXOFURD]LHUHL
SXLWH &kQGDFWLYDĠLFRQWUROXOFURD]LHUHLYLWH]D
=SHGUXPXULQHWHGHVDXDOXQHFRDVH)UkQD PHPRUDWăDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
UHDVDXDFFHOHUDUHDSRDWHGHWHUPLQDSLHU WLPSGHFLQFLVHFXQGH$XWRYHKLFXOHOHFX
GHUHDWUDFĠLXQLLODURĠLOHPRWULFHLDUDXWR YRODQPXOWLIXQFĠLRQDOFXEXWRDQHYLWH]D
YHKLFXOXODUSXWHDGHUDSD PHPRUDWăHVWHDSRLSHUPDQHQWDILúDWăSH
=FkQGH[LVWăRYL]LELOLWDWHVFă]XWăGHH[GLQ LQGLFDWRUXOGHVWDUHRGDWăFXVLPEROXO²
FDX]DFHĠLLSORLLDEXQGHQWHVDX]ăSH]LL $XWRYHKLFXOHOHFXYRODQXOPXOWLIXQFĠLRQDOFX
'DFăVHVFKLPEăúRIHULLLQIRUPDĠLOSHQRXO EXWRDQHVHJPHQWHOHGLQYLWH]DPHPRUDWă
úRIHUSULYLQGYLWH]DPHPRUDWă SkQăODYLWH]DPD[LPăVHDSULQGSHDILúDMXO
PXOWLIXQFĠLRQDO
0DQHWăSHQWUXFRQWUROXOFURD]LHUHL
6HOHFWDUHDFRQWUROXOXLFURD]LHUHL
3XWHĠLDFĠLRQDFRQWUROXOFURD]LHUHLúL63(('
7521,&YDULDELOFXPDQHWDSHQWUXFRQWUROXO  9HULILFDĠLGDFăODPSDLQGLFDWRDUH/,0D
FURD]LHUHL HVWHRSULWă
/DPSDLQGLFDWRDUH/,0GHSHPDQHWDSHQWUX 'DFăHVWHGH]DFWLYDWăFRQWUROXOFURD]LHUHL
FRQWUROXOFURD]LHUHLLQGLFăFHVLVWHPDĠLVHOHF HVWHGHMDVHOHFWDW
WDW 'DFăQXDSăVDĠLPDQHWDSHQWUXFRQWUROXO
=/DPSDLQGLFDWRDUH/,0VWLQVăVDVHOHF FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
WDWFRQWUROXOFURD]LHUHL ƒ
=/DPSDLQGLFDWRDUH/,0DSULQVăVD /DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
VHOHFWDW63(('7521,&YDULDELO WUXFRQWUROXOFURD]LHUHLVHVWLQJH&RQWUROXO
FURD]LHUHLHVWHVHOHFWDW
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

0HPRUDUHDúLPHQĠLQHUHDYLWH]HL  7UDJHĠLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
FXUHQWH ]LHUHLVSUHGXPQHDYRDVWUă‡
3XWHĠLPHPRUDYLWH]DFXUHQWăGDFăUXODĠLOD  5LGLFDĠLSLFLRUXOGHSHSHGDODGHDFFHOHUD

&RQGXFHUHDúLSDUFDUHD
YLWH]HGHSHVWHNPK ĠLH
3ULPDGDWăFkQGHVWHDFWLYDWFRQWUROXOFURD
 $FFHOHUDĠLDXWRYHKLFXOXOSkQăFHDWLQJHĠL
]LHUHLDFHVWDPHPRUHD]ăYLWH]DFXUHQWă
YLWH]DGRULWă
VDXUHJOHD]ăYLWH]DDXWRYHKLFXOXOXLODYLWH]D
 $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
PHPRUDWăDQWHULRU
FURD]LHUHLvQVXVCVDXvQMRV…
 5LGLFDĠLSLFLRUXOGHSHSHGDODGHDFFHOHUD
6HWDUHDXQHLYLWH]H
ĠLH
&RQWUROFURD]LHUHLHVWHDFWLYDW$XWRYHKL 5HĠLQHĠLFăYDGXUDSXĠLQSkQăFHDXWRYHKLFX
FXOXOPHQĠLQHDXWRPDWYLWH]D OXODFFHOHUHD]ăVDXIUkQHD]ăODYLWH]DVHWDWă
 $SăVDĠLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
G (VWHSRVLELOFDVLVWHPXOGHFRQWURODOFURD
vQVXVCSHQWUXRYLWH]ăPDLULGLFDWăVDX
]LHUHLVăQXSRDWăPHQĠLQHYLWH]DPHPRUDWă
vQMRV…SHQWUXRYLWH]ăUHGXVă
vQSDQWHDVFHQGHQWH6HUHYLQHODYLWH]D
PHPRUDWăFkQGDMXQJHĠLODRVXSUDIDĠă  0HQĠLQHĠLPDQHWDSHQWUXFRQWUROXOFURD]LH

SODQă&RQWUROXOFURD]LHUHLPHQĠLQHYLWH]D UHLDSăVDWăSkQăFHDWLQJHĠLYLWH]DGRULWă
PHPRUDWăvQSDQWHGHVFHQGHQWHIUkQkQG  (OLEHUDĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
DXWRPDWDXWRYHKLFXOXO UHL
1RXDYLWH]ăHVWHPHPRUDWă
G $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
 3HQWUXDUHJODYLWH]DVHWDWăvQLQFUH
=FRQGXFHĠLvQWRWGHDXQDODWXUDĠLLDOH
PHQWHGHNPKDSăVDĠLVFXUWPDQHWD
PRWRUXOXLDGHFYDWHGDUQXH[FHVLYH SHQWUXFRQWUROXOFURD]LHUHLvQVXVCVDXvQ
=VFKLPEDĠLYLWH]DvQWLPSXWLO MRV…SkQăODSXQFWXOGHSUHVLXQH
=GDFăHVWHSRVLELOQXUHWURJUDGDĠLFXPDL 8OWLPDYLWH]ăPHPRUDWăFUHúWHVDXGHV
PXOWHWUHSWHGHYLWH]ăRGDWă FUHúWHvQLQFUHPHQWHGHNPK
 3HQWUXDUHJODYLWH]DVHWDWăvQLQFUH
0HPRUDUHYLWH]ăFXUHQWăúLDSHODUH PHQWHGHNPKDSăVDĠLVFXUWPDQHWD
XOWLPDYLWH]ăPHPRUDWă SHQWUXFRQWUROXOFURD]LHUHLvQVXVCVDXvQ
MRV…GLQFRORGHSXQFWXOGHSUHVLXQH
$9(57,60(17
8OWLPDYLWH]ăPHPRUDWăFUHúWHVDXGHV
'DFăDSHODĠLRYLWH]ăPHPRUDWăLDUDFHDVWD
FUHúWHvQLQFUHPHQWHGHNPK
HVWHGLIHULWăGHYLWH]DFXUHQWăDXWRYHKLFXOXO
DFFHOHUHD]ăVDXIUkQHD]ă'DFăQXúWLĠLFDUH G &RQWUROXOFURD]LHUHLQXHVWHGH]DFWLYDW
HVWHYLWH]DPHPRUDWăDXWRYHKLFXOXODUSXWHD GDFăDSăVDĠLSHGDODGHDFFHOHUDĠLH'H
VăDFFHOHUH]HVDXVăIUkQH]HSHQHDúWHSWDWH H[HPSOXGDFăDFFHOHUDĠLVFXUWSHQWUXD
([LVWăXQULVFGHDFFLGHQW GHSăúLFRQWUROXOFURD]LHUHLUHJOHD]ăYLWH]D
ğLQHĠLFRQWGHFRQGLĠLLOHGHWUDILFvQDLQWHGHD DXWRYHKLFXOXOXLODXOWLPDYLWH]ăPHPRUDWă
DSHODYLWH]DPHPRUDWă'DFăQXúWLĠLFDUHHVWH GXSăFHDĠLILQDOL]DWGHSăúLUHD
YLWH]DPHPRUDWăPHPRUDĠLGLQQRXYLWH]D
GRULWă


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

'H]DFWLYDUHDFRQWUROXOXLFURD]LHUHL 63(('7521,&
([LVWăPDLPXOWHPRGXULGHDGH]DFWLYDFRQ 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
WUROXOFURD]LHUHL
&RQGXFHUHDúLSDUFDUHD

63(('7521,&IUkQHD]ăDXWRPDWSHQWUXFD
 $SăVDĠLVFXUWSHPDQHWDSHQWUXFRQWUROXO
úRIHUXOVăQXGHSăúHDVFăYLWH]DVHWDWăÌQ
FURD]LHUHL„vQDLQWH
SDQWHOHGHVFHQGHQWHOXQJLúLDEUXSWHPDL
VDX DOHVGDFăDXWRYHKLFXOXOHVWHvQFăUFDWVDX
 )UkQă GDFăWUDFWDĠLRUHPRUFăWUHEXLHVăVHOHFWDĠL
VDX WUHDSWDGHYLWH]HVDXvQWLPSXWLO$VWIHO
 $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO YHĠLUHFXUJHODHIHFWXOGHIUkQăGHPRWRU$VW
FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD IHOVHYDHOLPLQDVDUFLQDODFDUHHVWHVXSXV
ƒ VLVWHPXOGHIUkQDUHúLVHSUHYLQHVXSUDvQFăO]L
UHDúLX]XUDSUHPDWXUăDIUkQHORU'DFăHVWH
63(('7521,&YDULDELOHVWHVHOHFWDW
QHFHVDUăRIUkQDUHVXSOLPHQWDUăDSăVDĠL
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
SHGDODGHIUkQăUHSHWDWúLQXFRQWLQXX
WUXFRQWUROXOFURD]LHUHLVHDSULQGH
'DFăQXYăDGDSWDĠLVWLOXOGHFRQGXFHUH
&RQWUROXOFURD]LHUHLHVWHGH]DFWLYDWDXWRPDW 63(('7521,&QXSRDWHQLFLUHGXFHULVFXO
GDFă SURGXFHULLXQXLDFFLGHQWQLFLQXVHSRDWHVXV
=DSăVDĠLIUkQDGHSDUFDUH WUDJHOHJLORUIL]LFLL63(('7521,&QXSRDWH
=FRQGXFHĠLFXPDLSXĠLQGHNPK ĠLQHFRQWGHFRQGLĠLLOHGHGUXPPHWHRVDXGH
=(63ŠLQWHUYLQHVDXGH]DFWLYDĠL(63Š WUDILF63(('7521,&HVWHGRDUXQDMXWRU
'XPQHDYRDVWUăVXQWHĠLUHVSRQVDELOGHGLV
=FXSODĠLSR]LĠLDQHXWUăODXQDXWRYHKLFXOFX
WDQĠDIDĠăGHDXWRYHKLFXOXOGLQIDĠăGHYLWH]D
WUDQVPLVLHPDQXDOăvQWLPSXOFRQGXFHULL DXWRYHKLFXOXOXLGHIUkQDUHDvQWLPSXWLOúLGH
VDXDSăVDĠLSHGDODGHDPEUHLDMPDLPXOWGH SăVWUDUHDEHQ]LLGHUXODUH
úDVHVHFXQGH
'DFăVHVFKLPEăúRIHULLLQIRUPDĠLOSHQRXO
=ODDXWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
úRIHUSULYLQGYLWH]DPHPRUDWă
FXSODĠLvQWURWUHDSWăGHYLWH]HFDUHHVWH
3XWHĠLVHWDROLPLWăGHYLWH]ăYDULDELOăVDXSHU
SUHDULGLFDWăúLGUHSWXUPDUHWXUDĠLDPRWR
PDQHQWă
UXOXLHVWHSUHDVFă]XWă
=YDULDELOăSHQWUXOLPLWHGHYLWH]ăGHH[vQ
=ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
FXSODĠLvQSR]LĠLD1vQWLPSXOFRQGXFHULL ]RQHFXFOăGLUL
=SHUPDQHQWăSHQWUXUHVWULFĠLLSHWHUPHQ
ÌQFD]XOvQFDUHFRQWUROXOFURD]LHUHLHVWH
GH]DFWLYDWYHĠLDX]LXQVXQHWGHDYHUWL]DUH OXQJGHH[FkQGFRQGXFHĠLHFKLSDWFX
9HĠLYHGHDPHVDMXO&UXLVHFRQWURORII SQHXULGHLDUQă 3DJLQD
&RQWUROXOFURD]LHUHLGH]DFWLYDW SH G 9LWH]DLQGLFDWăSHYLWH]RPHWUXSRDWH
DILúDMXOPXOWLIXQFĠLRQDOWLPSGHDSUR[LPDWLY GLIHULXúRUGHOLPLWDGHYLWH]ăPHPRUDWă
FLQFLVHFXQGH
G 8OWLPDYLWH]ăPHPRUDWăHVWHúWHDUVă 63(('7521,&YDULDELO
FkQGRSULĠLPRWRUXO
1RWHJHQHUDOH
&XPDQHWDSHQWUXFRQWUROXOFURD]LHUHLSXWHĠL
DFĠLRQDFRQWUROXOFURD]LHUHLVDX',67521,&
3/86úL63(('7521,&YDULDELO
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

/DPSDLQGLFDWRDUH/,0GHSHPDQHWDSHQWUX 0HPRUDUHDYLWH]HLFXUHQWH
FRQWUROXOFURD]LHUHLLQGLFăFHVLVWHPDĠLVHOHF 3XWHĠLXWLOL]DPDQHWDSHQWUXFRQWUROXOFURD
WDW ]LHUHLSHQWUXDOLPLWDYLWH]DODRULFHYLWH]ăGH

&RQGXFHUHDúLSDUFDUHD
=/DPSDLQGLFDWRDUH/,0VWLQVăVDVHOHF SHVWHNPKvQWLPSFHPRWRUXOHVWHvQ
WDWFRQWUROXOFURD]LHUHLVDX',67521,& IXQFĠLXQH
3/86  $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
=/DPSăLQGLFDWRDUH/,0DSULQVăVD FURD]LHUHLODSXQFWXOGHSUHVLXQHvQ
VHOHFWDW63(('7521,&YDULDELO VXVCVDXvQMRV…
3XWHĠLXWLOL]DPDQHWDSHQWUXFRQWUROXOFURD 9LWH]DFXUHQWăHVWHPHPRUDWă7LPSGH
]LHUHLSHQWUXDOLPLWDYLWH]DODRULFHQLYHOPDL FLQFLVHFXQGHDILúDMXOPXOWLIXQFĠLRQDO
PDUHGHNPKFkWPRWRUXOIXQFĠLRQHD]ă DUDWăYLWH]DPHPRUDWăGHH[/LPLW
/LPLWÆ NPK
$XWRYHKLFXOHFXYRODQPXOWLIXQFĠLRQDOFX
EXWRDQHYLWH]DPHPRUDWăHVWHDILúDWăSHU
PDQHQWSHLQGLFDWRUXOGHVWDUHGHH[/,0
NPK
$XWRYHKLFXOHFXYRODQPXOWLIXQFĠLRQDOFX
EXWRDQHSHYLWH]RPHWUXVHJPHQWHOHGH
ODvQFHSXWXOVFDOHLSkQăODYLWH]DPHPRUDWă
VXQWDSULQVH

0HPRUDUHYLWH]ăFXUHQWăúLDSHODUH
C 3HQWUXDPHPRUDYLWH]DFXUHQWăVDXR XOWLPDYLWH]ăPHPRUDWă
YLWH]ăPDLPDUH $9(57,60(17
D /DPSăLQGLFDWRDUH/,0 'DFăDSHODĠLYLWH]DPHPRUDWăLDUDFHDVWD
‡ 3HQWUXDPHPRUDYLWH]DFXUHQWăúLDDSHOD HVWHPDLPLFăGHFkWYLWH]DFXUHQWăDXWRYHKL
XOWLPDYLWH]ăPHPRUDWă FXOXOGHFHOHUHD]ă'DFăQXúWLĠLFDUHHVWH
… 3HQWUXDPHPRUDYLWH]DFXUHQWăVDXR YLWH]DPHPRUDWăDXWRYHKLFXOXODUSXWHD
YLWH]ăPDLPLFă GHFHOHUDvQPRGQHDúWHSWDW([LVWăXQULVFGH
ƒ 3HQWUXDFRPXWDvQWUHFRQWUROXOFURD]LHUHL DFFLGHQW
úL63(('7521,&YDULDELO $FRUGDĠLDWHQĠLHFRQGLĠLLORUGHGUXPúLWUDILF
„ 3HQWUXDGH]DFWLYD63(('7521,&YDULDELO vQDLQWHGHDDSHODYLWH]DPHPRUDWă'DFăQX
úWLĠLFDUHHVWHYLWH]DPHPRUDWăPHPRUDĠLGLQ
6HOHFWDUHD63(('7521,&YDULDELO QRXYLWH]DGRULWă
 9HULILFDĠLGDFăODPSDLQGLFDWRDUH/,0D
HVWHDFWLYDWă  7UDJHĠLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
]LHUHLVSUHGXPQHDYRDVWUă‡
'DFăHVWHDFWLYDW63(('7521,&YDULDELO
HVWHGHMDVHOHFWDW
5HDOL]DUHDUHJODMHORUvQLQFUHPHQWHGH
'DFăQXDSăVDĠLPDQHWDSHQWUXFRQWUROXO NPK
FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD  $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
ƒ
FURD]LHUHLODSXQFWXOGHSUHVLXQHvQ
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHDSULQGH63(('
7521,&YDULDELOHVWHVHOHFWDW


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

VXVCSHQWUXRYLWH]ăPDLPDUHVDXvQ YRDVWUăFXUHQWăQXGLIHUăFXSHVWH
MRV…SHQWUXRYLWH]ăPDLUHGXVă NPKIDĠăGHYLWH]DPHPRUDWă9HĠLDX]L
VDX XQVXQHWGHDYHUWL]DUHGDFăHVWHFD]XO
&RQGXFHUHDúLSDUFDUHD

=ODDXWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
 0HQĠLQHĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
UHLDSăVDWăSkQăODSXQFWXOGHSUHVLXQH GDFăFXSODĠLvQWURWUHDSWăGHYLWH]HVXSH
SkQăFkQGVHVHWHD]ăYLWH]DGRULWă$SăVDĠL ULRDUăúLGUHSWXUPDUHWXUDĠLDPRWRUXOXL
PDQHWDSHQWUXFRQWUROXOFURD]LHUHLvQ HVWHSUHDVFă]XWă
VXVCSHQWUXRYLWH]ăPDLPDUHVDXvQ G 8OWLPDYLWH]ăPHPRUDWăHVWHúWHDUVă
MRV…SHQWUXRYLWH]ăPDLPLFă FkQGRSULĠLPRWRUXO

5HDOL]DUHDUHJODMHORUvQLQFUHPHQWHGH 63(('7521,&SHUPDQHQW
NPK 3XWHĠLXWLOL]DFDOFXODWRUXOGHERUGSHQWUXD
 $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO OLPLWDSHUPDQHQWYLWH]DODRYDORDUHFXSULQVă
FURD]LHUHLGLQFRORGHSXQFWXOGHSUHVLXQH vQWUHNPK GHH[SHQWUXFRQGXFHUHDFX
vQVXVCSHQWUXRYLWH]ăPDLPDUHVDXvQ SQHXULGHLDUQă úLYLWH]DPD[LPă
MRV…SHQWUXRYLWH]ăPDLPLFă 3DJLQD 
VDX ,PHGLDWvQDLQWHGHDDWLQJHYLWH]DPHPRUDWă
DFHDVWDDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
 0HQĠLQHĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
UHLDSăVDWăGLQFRORGHSXQFWXOGHSUHVLXQH 63(('7521,&SHUPDQHQWUăPkQHDFWLY
SkQăFkQGVHVHWHD]ăYLWH]DGRULWă$SăVDĠL FKLDUúLGDFă63(('7521,&YDULDELOHVWH
PDQHWDSHQWUXFRQWUROXOFURD]LHUHLvQ GH]DFWLYDW
VXVCSHQWUXRYLWH]ăPDLPDUHVDXvQ 1XSXWHĠLGHSăúLOLPLWDGHYLWH]ăPHPRUDWă
MRV…SHQWUXRYLWH]ăPDLPLFă FKLDUúLGDFăDSăVDĠLSHGDODGHDFFHOHUDĠLH
GLQFRORGHSXQFWXOGHSUHVLXQH UHWURJUDGD
'H]DFWLYDUH63(('7521,&YDULDELO UHDIRUĠDWă 
1XHVWHSRVLELOVăGH]DFWLYDĠL6SHHGWURQLF
YDULDELOSULQIUkQDUH
',67521,&3/86
([LVWăPDLPXOWHPRGXULGHDGH]DFWLYD
63(('7521,&YDULDELO 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $SăVDĠLVFXUWSHPDQHWDSHQWUXFRQWUROXO ',67521,&3/86UHJOHD]ăYLWH]DúLYăDMXWă
FURD]LHUHL„vQDLQWH DXWRPDWVăPHQĠLQHĠLGLVWDQĠDIDĠăGHDXWR
VDX YHKLFXOXOGHWHFWDWvQIDĠă',67521,&3/86
IUkQHD]ăDXWRPDWDVWIHOvQFkWYLWH]DVHWDWă
 $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO QXHVWHGHSăúLWă
FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
ƒ ÌQSDQWHOHGHVFHQGHQWHOXQJLúLDEUXSWHPDL
DOHVGDFăDXWRYHKLFXOXOHVWHvQFăUFDWVDX
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
GDFăWUDFWDĠLRUHPRUFăWUHEXLHVăVHOHFWDĠL
WUXFRQWUROXOFURD]LHUHLVHVWLQJH63((' WUHDSWDGHYLWH]HVDXvQWLPSXWLO$VWIHO
7521,&YDULDELOHVWHGH]DFWLYDW YHĠLUHFXUJHODHIHFWXOGHIUkQăGHPRWRU$VW
&RQWUROXOFURD]LHUHLHVWHVHOHFWDW IHOVHYDHOLPLQDVDUFLQDODFDUHHVWHVXSXV
63(('7521,&YDULDELOHVWHGH]DFWLYDWDXWR VLVWHPXOGHIUkQDUHúLVHSUHYLQHVXSUDvQFăO]L
PDWGDFă UHDúLX]XUDSUHPDWXUăDIUkQHORU
=DSăVDĠLSHGDODGHDFFHOHUDĠLHGLQFRORGH 'DFă',67521,&3/86GHWHFWHD]ăvQIDĠăXQ
SXQFWXOGHSUHVLXQH UHWURJUDGDUHDIRU DXWRYHKLFXOFDUHVHGHSODVHD]ăFXRYLWH]ă
ĠDWă GDUQXPDLGDFăYLWH]DGXPQHD PDLPLFăDXWRYHKLFXOXOGXPQHDYRDVWUăHVWH
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

IUkQDWSHQWUXDPHQĠLQHGLVWDQĠDSUHVHWDWă  'DFăVDDFWLYDW',67521,&3/86VDX
IDĠăGHDXWRYHKLFXOXOGLQIDĠă IXQFĠLD+2/'DXWRYHKLFXOXOIUkQHD]ăDXWR
PDWvQDQXPLWHVLWXDĠLL3HQWUXDSUHYHQL
$9(57,60(17

&RQGXFHUHDúLSDUFDUHD
GHWHULRUDUHDDXWRYHKLFXOXOXLGH]DFWLYDĠL
',67521,&3/86QXUHDFĠLRQHD]ăOD ',67521,&3/86úLIXQFĠLD+2/'vQ
=SHUVRDQHVDXODDQLPDOH XUPăWRDUHOHVLWXDĠLLVDXvQDOWHVLWXDĠLLVLPL
=REVWDFROHVWDĠLRQDUHGHSHGUXPGHH[ ODUH
DXWRYHKLFXOHRSULWHVDXSDUFDWH =FkQGDXWRYHKLFXOXOHVWHWUDFWDW
=WUDILFXOGHSHFRQWUDVHQVúLFHOFXFDUHYă =vQVSăOăWRULDDXWR
LQWHUVHFWDĠL
'DFăQXYăDGDSWDĠLVWLOXOGHFRQGXFHUH',6
'UHSWXUPDUHHVWHSRVLELOFD',67521,& 7521,&3/86QXSRDWHQLFLUHGXFHULVFXOSUR
3/86VăQXRIHUHDYHUWLVPHQWHúLVăQXLQWHU GXFHULLXQXLDFFLGHQWQLFLQXVHSRDWHVXV
YLQăvQDVHPHQHDVLWXDĠLL([LVWăXQULVFGH WUDJHOHJLORUIL]LFLL',67521,&3/86QXSRDWH
DFFLGHQW ĠLQHFRQWGHFRQGLĠLLOHGHGUXPúLPHWHRVDX
$FRUGDĠLvQWRWGHDXQDRDWHQĠLHGHRVHELWă GHFRQGLĠLLOHGHWUDILF',67521,&3/86HVWH
VLWXDĠLHLGLQWUDILFúLILĠLJDWDVăIUkQDĠL GRDUXQDMXWRU'XPQHDYRDVWUăVXQWHĠLUHV
SRQVDELOGHGLVWDQĠDIDĠăGHDXWRYHKLFXOXOGLQ
$9(57,60(17 IDĠăGHYLWH]DDXWRYHKLFXOXOXLGHIUkQDUHDvQ
',67521,&3/86QXSRDWHLGHQWLILFDvQWRW WLPSXWLOúLGHSăVWUDUHDEHQ]LLGHUXODUH
GHDXQDvQPRGFRUHFWDOĠLSDUWLFLSDQĠLODWUDILF 1XXWLOL]DĠL',67521,&3/86
úLVLWXDĠLLOHFRPSOH[HGLQWUDILF =vQFRQGLĠLLGHGUXPúLGHWUDILFFDUHQXYă
ÌQDVWIHOGHFD]XUL',67521,&3/86SRDWH SHUPLWVăPHQĠLQHĠLRYLWH]ăFRQVWDQWă GH
=VăHPLWăXQDYHUWLVPHQWLQXWLOIUkQkQGDSRL H[vQWUDILFDJORPHUDWVDXSHGUXPXULúHU
DXWRYHKLFXOXO SXLWH
=VăQXHPLWăQLFLXQDYHUWLVPHQWúLQLFLVăQX =SHGUXPXULQHWHGHVDXDOXQHFRDVH)UkQD
LQWHUYLQă UHDVDXDFFHOHUDUHDSRDWHGHWHUPLQDSLHU
=VăDFFHOHUH]HvQPRGQHDúWHSWDW GHUHDWUDFĠLXQLLODURĠLOHPRWULFHLDUDXWR
([LVWăXQULVFGHDFFLGHQW YHKLFXOXODUSXWHDGHUDSD
=FkQGH[LVWăRYL]LELOLWDWHVFă]XWăGHH[GLQ
&RQWLQXDĠLVăFRQGXFHĠLFXJULMăúLILĠLSUHJăWLW
VăIUkQDĠLvQVSHFLDOFkQG',67521,&3/86 FDX]DFHĠLLSORLLDEXQGHQWHVDX]ăSH]LL
YăDYHUWL]HD]ăVăIDFHĠLDFHVWOXFUX (VWHSRVLELOFD',67521,&3/86VăQXUHFX
QRDVFăDXWRYHKLFXOHOHvQJXVWHGLQIDĠăGHH[
$9(57,60(17 PRWRFLFOHWHOHúLDXWRYHKLFXOHOHFDUHFRQGXF
',67521,&3/86YăIUkQHD]ăDXWRYHKLFXOXO SHDOWăWUDLHFWRULH
FXSkQăODGLQIRUĠDPD[LPăGHIUkQDUH 'HWHFWDUHDREVWDFROHORUSRDWHILGLPLQXDWă
'DFăIRUĠDGHIUkQDUHHVWHLQVXILFLHQWă',6 PDLDOHVGDFăH[LVWă
7521,&3/86YăDYHUWL]HD]ăYL]XDOúLDFXVWLF =LPSXULWăĠLSHVHQ]RULVDXRULFHDOWHPDWHULL
([LVWăXQULVFGHDFFLGHQW VWUăLQHSHVHQ]RUL
ÌQDVHPHQHDFD]XULDFĠLRQDĠLFKLDUGXPQHD =]ăSDGăVDXSORDLHDEXQGHQWă
YRDVWUăIUkQHOHúLvQFHUFDĠLVăHIHFWXDĠLPDQH =LQWHUIHUHQĠHFXDOWHVXUVHUDGDU
YUHGHHYLWDUH =SRVLELOLWDWHGHUHIOH[LLUDGDUSXWHUQLFHGH
H[HPSOXvQSDUFăULHWDMDWH


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

'DFă',67521,&3/86QXPDLGHWHFWHD]ă /DPSDLQGLFDWRDUH/,0GHSHPDQHWDSHQWUX
QLFLXQDXWRYHKLFXOvQIDĠăDUSXWHDDFFHOHUD FRQWUROXOFURD]LHUHLLQGLFăFHVLVWHPDĠLVHOHF
QHDúWHSWDWODYLWH]DPHPRUDWă WDW
&RQGXFHUHDúLSDUFDUHD

$FHDVWăYLWH]ăSRDWHIL =/DPSDLQGLFDWRDUH/,0GH]DFWLYDWă',6
=SUHDPDUHSHQWUXREDQGăGHDORFDUHDWUD 7521,&3/86HVWHVHOHFWDW
ILFXOXLvQFXUEHVDXXQGUXPDOXQHFRV =/DPSDLQGLFDWRDUH/,0DSULQVăVD
=DWkWGHPDUHSHEDQGDGUHDSWăvQFkWVă VHOHFWDW63(('7521,&YDULDELO
GHSăúLĠLDXWRYHKLFXOHOHFDUHFRQGXFSHSDU
WHDVWkQJă
=DWkWGHPDUHSHEDQGDVWkQJăvQFkWVă
GHSăúLĠLDXWRYHKLFXOHOHFDUHFRQGXFSHSDU
WHDGUHDSWă
'DFăVHVFKLPEăúRIHULLLQIRUPDĠLOSHQRXO
úRIHUSULYLQGYLWH]DPHPRUDWă
6LVWHPXOGHVHQ]RUUDGDUHVWHGH]DFWLYDW
DXWRPDWvQDSURSLHUHDXQLWăĠLORUUDGLRWHOHV
FRS 3DJLQD 
3HQWUXFD',67521,&3/86VăYăDVLVWHvQ C 3HQWUXDPHPRUDYLWH]DFXUHQWăVDXR
WLPSXOFRQGXFHULLVLVWHPXOGHVHQ]RULUDGDU YLWH]ăPDLULGLFDWă
WUHEXLHVăILH D 3HQWUXDVHWDGLVWDQĠDPLQLPăVSHFLILFDWă
=DFWLYDW 3DJLQD ‡ /DPSDLQGLFDWRDUH/,0
=IXQFĠLRQDO
… 3HQWUXPHPRUDUHDYLWH]HLFXUHQWHúLDSH
G ÌQXQHOHĠăULWUHEXLHVăGH]DFWLYDĠLVLVWH ODUHDXOWLPHLYLWH]HPHPRUDWH
PXOGHVHQ]RULUDGDU 3DJLQD  ƒ 3HQWUXDPHPRUDYLWH]DFXUHQWăVDXR
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGVLV YLWH]ăPDLVFă]XWă
WHPXOGHVHQ]RULUDGDUFRQVXOWDĠL „ 3HQWUXDFRPXWDvQWUH',67521,&3/86úL
3DJLQD  63(('7521,&YDULDELO
k 3HQWUXDGH]DFWLYD',67521,&3/86
'DFăQXVHDIOăQLFLXQDXWRYHKLFXOvQIDĠă
',67521,&3/86VHFRPSRUWăODIHOFDúL
FRQWUROXOFURD]LHUHLvQLQWHUYDOXOGHYLWH]ăGLQ 6HOHFWDUHD',67521,&3/86
WUHNPKúLNPK'DFăXQDXWRYHKL  9HULILFDĠLGDFăODPSDLQGLFDWRDUH/,0‡
FXOUXOHD]ăvQIDĠDGXPQHDYRDVWUă',6752 HVWHRSULWă
1,&3/86DFĠLRQHD]ăvQLQWHUYDOXOGHYLWH]ă
'DFăHVWHVWLQVă',67521,&3/86HVWH
GLQWUHNPKúLNPK
GHMDVHOHFWDW
1XXWLOL]DĠL',67521,&3/86SHGUXPXULFX
'DFăQXDSăVDĠLPDQHWDSHQWUXFRQWUROXO
SDQWHDEUXSWH
FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
„
0DQHWăSHQWUXFRQWUROXOFURD]LHUHL
/DPSDLQGLFDWRDUH/,0‡GLQPDQHWDSHQ
&XPDQHWDSHQWUXFRQWUROXOFURD]LHUHLSXWHĠL WUXFRQWUROXOFURD]LHUHLVHVWLQJH',6752
DFĠLRQD',67521,&3/86úL63(('7521,& 1,&3/86HVWHVHOHFWDW
YDULDELO
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

$FWLYDUHD',67521,&3/86PHPRUDUHD G 'DFăQXDĠLHOLEHUDWFRPSOHWSHGDODGH
úLPHQĠLQHUHDYLWH]HLFXUHQWH DFFHOHUDĠLHPHVDMXO',67521,&3/86
LQDFWLYH ',67521,&3/86LQDFWLY

&RQGXFHUHDúLSDUFDUHD
&RQGLĠLLGHDFWLYDUH DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO'LVWDQĠD
3HQWUXDDFWLYD',67521,&3/86WUHEXLHVă VHWDWăIDĠăGHXQDXWRYHKLFXOPDLOHQWGLQ
ILHvQGHSOLQLWHXUPăWRDUHOHFRQGLĠLL IDĠăQXYDILDSRLPHQĠLQXWă9HĠLFRQGXFH
=PRWRUXOWUHEXLHVăILHvQIXQFĠLXQH(VWH ODYLWH]DVWDELOLWăSULQSR]LĠLDSHGDOHLGH
SRVLELOVăILHQHFHVDUHGRXăPLQXWHGHFRQ DFFHOHUDĠLH
GXFHUHvQDLQWHFD',67521,&3/86VăILH $FWLYDUHDvQWLPSXOFRQGXFHULLFăWUHDXWR
JDWDGHXWLOL]DUH YHKLFXOXOVWDĠLRQDW
=IUkQDGHSDUFDUHWUHEXLHVăILHHOLEHUDWă
'DFăDXWRYHKLFXOXOGLQIDĠăVWDĠLRQHD]ă
=(63ŠWUHEXLHVăILHSRUQLWvQVăVăQXLQWHU SXWHĠLDFWLYD',67521,&3/86QXPDLRGDWă
YLQă FHúLDXWRYHKLFXOXOGXPQHDYRDVWUăVWDĠLR
=$VLVWHQĠDDFWLYăODSDUFDUHQXWUHEXLHVăILH QHD]ă
DFWLYDWă  7UDJHĠLXúRUPDQHWDSHQWUXFRQWUROXOFURD
=WUDQVPLVLDWUHEXLHVăILHvQSR]LĠLD' ]LHUHLVSUHGXPQHDYRDVWUă…VDXDSăVDĠL
=FDSRWDWUHEXLHVăILHvQFKLVă RvQVXVCVDXvQMRVƒ
=SRUWLHUDúRIHUXOXLWUHEXLHVăILHvQFKLVă ',67521,&3/86HVWHDFWLYDW
FkQGFXSODĠLGLQSR]LĠLD3vQ'VDXFHQWXUD
G ',67521,&3/86SRDWHILDFWLYDWQXPDL
GXPQHDYRDVWUăGHVLJXUDQĠăWUHEXLH
ODVXENPKGDFăDIRVWGHWHFWDWXQ
FXSODWă
DXWRYHKLFXOGLQIDĠă3ULQXUPDUHDILúDMXO
=SRUWLHUDSDVDJHUXOXLGLQIDĠăúLSRUWLHUHOH
GHGLVWDQĠă',67521,&3/86GLQWDEORXOGH
GLQVSDWHWUHEXLHVăILHvQFKLVH ERUGWUHEXLHVăILHDFWLYDW 3DJLQD 
=DXWRYHKLFXOXOQXWUHEXLHVăGHUDSH]H
 0HQĠLQHĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
$FWLYDUHDvQWLPSXOFRQGXFHULL UHLDSăVDWăvQVXVCVDXvQMRVƒSkQă
&kQGFRQGXFHĠLFXYLWH]ăVXENPKSXWHĠL FkQGVHWDĠLYLWH]DGRULWă
DFWLYD',67521,&3/86QXPDLGDFăDXWRYH G 3XWHĠLXWLOL]DPDQHWDSHQWUXFRQWUROXO
KLFXOXOGLQIDĠăDIRVWGHWHFWDWúLDSDUHSHDIL
FURD]LHUHLSHQWUXDVHWDYLWH]DPHPRUDWăúL
úDMXOPXOWLIXQFĠLRQDO'DFăDXWRYHKLFXOXOGLQ
FRPDQGDGHSHPDQHWDSHQWUXFRQWUROXO
IDĠăQXPDLHVWHGHWHFWDWúLDILúDW',67521,&
FURD]LHUHLSHQWUXDVHWDGLVWDQĠDPLQLPă
3/86HVWHRSULWúLVHHPLWHXQVXQHW
VSHFLILFDWă 3DJLQD 
 7UDJHĠLXúRUPDQHWDSHQWUXFRQWUROXOFURD
]LHUHLVSUHGXPQHDYRDVWUă…VDXDSăVDĠL 3RUQLUHGHSHORF
RvQVXVCVDXvQMRVƒ  'DFăDXWRYHKLFXOXOGLQIDĠăSRUQHúWHGH
',67521,&3/86HVWHDFWLYDW SHORFOXDĠLSLFLRUXOGHSHSHGDODGHIUkQă
 0HQĠLQHĠLPDQHWDSHQWUXFRQWUROXOFURD]LH  7UDJHĠLVFXUWGHPDQHWDSHQWUXFRQWUROXO
UHLDSăVDWăvQVXVCVDXvQMRVƒSkQă FURD]LHUHLFăWUHGXPQHDYRDVWUă…
FkQGHVWHVHWDWăYLWH]DGRULWă VDX
 5LGLFDĠLSLFLRUXOGHSHSHGDODGHDFFHOHUD  $FFHOHUDĠLVFXUW
ĠLH $XWRYHKLFXOXOGXPQHDYRDVWUăSRUQHúWHGH
$XWRYHKLFXOXOGXPQHDYRDVWUăvúLDGDS SHORFúLvúLDGDSWHD]ăYLWH]DIDĠăGHFHDD
WHD]ăYLWH]DIDĠăGHFHDDDXWRYHKLFXOXOXL DXWRYHKLFXOXOXLGLQIDĠă
GLQIDĠăvQVăQXPDLSkQăODYLWH]DPHPR
UDWăGRULWă


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUH ',67521,&3/86XWLOL]HD]ăLQIRUPDĠLLVXSOL
'DFăQXVHDIOăQLFLXQDXWRYHKLFXOvQIDĠă PHQWDUHGHODVLVWHPXOGXPQHDYRDVWUăGH
',67521,&3/86IXQFĠLRQHD]ăSUHFXPFRQ QDYLJDĠLHDVWIHOvQFkWVăVHDGDSWH]HODDQX
&RQGXFHUHDúLSDUFDUHD

WUROXOFURD]LHUHL PLWHVLWXDĠLLGLQWUDILF$FHDVWăVLWXDĠLHDSDUH
'DFă',67521,&3/86GHWHFWHD]ăFăDXWR GDFăvQWLPSFHXUPDĠLXQDXWRYHKLFXO',6
YHKLFXOXOGLQIDĠăDvQFHWLQLWDFHVWDYăIUk 7521,&3/86HVWHDFWLYúLGXPQHDYRDVWUă
QHD]ăDXWRYHKLFXOXOÌQDFHVWPRGHVWHPHQ =YăDSURSLDĠLVDXWUHFHĠLSULQWUXQVHQVJLUD
ĠLQXWăGLVWDQĠDSHFDUHDĠLVHOHFWDWR WRULX
'DFăGHWHFWHD]ăFăDXWRYHKLFXOXOGLQIDĠă =YăDSURSLDĠLGHRLQWHUVHFĠLHvQ7
UXOHD]ăPDLUHSHGH',67521,&3/86DFFH =RSULĠLODRLHúLUHGHSHDXWRVWUDGă
OHUHD]ăDXWRYHKLFXOXOGXPQHDYRDVWUăGDU &KLDUúLGDFăDXWRYHKLFXOXOGLQIDĠăLHVHGLQ
QXPDLSkQăODYLWH]DSHFDUHDĠLPHPRUDWR UD]DGHGHWHFWDUH',67521,&3/86PHQĠLQH
6FKLPEDUHDEHQ]LL WHPSRUDUYLWH]DGHFRQGXFHUHFXUHQWăúLQX
DFFHOHUHD]ă$FHVWDVHED]HD]ăSHGDWHOH
'DFăWUHFHĠLSHEDQGDGHGHSăúLUH',6752
FXUHQWHDOHKăUĠLORUGLQVLVWHPXOGHQDYLJDĠLH
1,&3/86YăRIHUăDVLVWHQĠăGDFă
=FRQGXFHĠLFXSHVWHNPK
=',67521,&3/86PHQĠLQHGLVWDQĠDIDĠăGH
DXWRYHKLFXOXOGLQIDĠă
=DFWLYDĠLVHPQDOL]DWRDUHOHGHGLUHFĠLHFRUHV
SXQ]ăWRDUH
=',67521,&3/86QXGHWHFWHD]ăXQSHULFRO
GHFROL]LXQH
'DFăVHvQGHSOLQHVFDFHVWHFRQGLĠLLDXWRYH
KLFXOXOGXPQHDYRDVWUăDFFHOHUHD]ă$FFHOH
UDUHDYDILvQWUHUXSWăGDFăVFKLPEDUHDEHQ]L
([HPSOXVHQVJLUDWRULX
ORUGXUHD]ăSUHDPXOWVDXGDFăGLVWDQĠDGLQWUH
DXWRYHKLFXOXOGXPQHDYRDVWUăúLDXWRYHKLFX 9LWH]DFXUHQWăHVWHPHQĠLQXWă
OXOGLQIDĠăVHUHGXFHSUHDPXOW =DSUR[LPDWLYVHFXQGHvQDLQWHGHVHQVXO

G /DVFKLPEDUHDEHQ]LORU',67521,&3/86 JLUDWRULXLQWHUVHFĠLDvQ7úLWLPSGHDSUR[L
PRQLWRUL]HD]ăEDQGDVWkQJăSHQWUXDXWR PDWLYVHFXQGHFkQGFRQGXFHĠLSULQVHQ
YHKLFXOHOHFXYRODQXOSHSDUWHDVWkQJăúL VXOJLUDWRULX
EDQGDGUHDSWăSHQWUXDXWRYHKLFXOHOHFX =DSUR[LPDWLYVHFXQGHvQDLQWHGHDDMXQJH
YRODQXOSHSDUWHDGUHDSWă ODLHúLUHDGHSHDXWRVWUDGăúLDSUR[LPDWLY
VHFXQGHGXSăLHúLUHDGHSHDXWRVWUDGă
$XWRYHKLFXOHFX&20$1'2QOLQH
$SRLDXWRYHKLFXOXODFFHOHUHD]ăvQDSRLOD
G 8UPăWRDUHDIXQFĠLHQXHVWHDFWLYăvQWRDWH YLWH]DVHWDWăVSHFLILFDWăGHGXPQHDYRDVWUă
ĠăULOH
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

2SULUH =FDSRWDHVWHGHVFKLVă
=VXUYLQHRGHIHFĠLXQHvQVLVWHP
$9(57,60(17
&kQGLHúLĠLGLQDXWRYHKLFXOFKLDUGDFăHVWH =DOLPHQWDUHDHOHFWULFăHVWHLQVXILFLHQWă

&RQGXFHUHDúLSDUFDUHD
SDUFDWQXPDLGHFăWUH',67521,&3/86
DFHVWDVDUSXWHDSXQHvQPLúFDUHGDFă 6HWDUHDXQHLYLWH]H
=H[LVWăRGHIHFĠLXQHvQVLVWHPVDXODWHQVLX  $SăVDĠLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
QHDGHDOLPHQWDUH vQVXVCSHQWUXRYLWH]ăPDLULGLFDWăVDX
=',67521,&3/86DIRVWGH]DFWLYDWFX vQMRVƒSHQWUXRYLWH]ăUHGXVă
PDQHWDSHQWUXFRQWUROXOFURD]LHUHLGHH[  0HQĠLQHĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
GHFăWUHXQSDVDJHUGLQDXWRYHKLFXOVDXGLQ UHLDSăVDWăSkQăFHDWLQJHĠLYLWH]DGRULWă
DIDUDDXWRYHKLFXOXOXL  (OLEHUDĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
=VDLQWHUYHQLWQHDXWRUL]DWODVLVWHPXOHOHF
UHL
WULFGLQFRPSDUWLPHQWXOPRWRUXOXLODEDWH 1RXDYLWH]ăHVWHPHPRUDWă',67521,&
ULHVDXODVLJXUDQĠH 3/86HVWHDFWLYDWúLUHJOHD]ăYLWH]DDXWR
=EDWHULDHVWHGHFRQHFWDWă YHKLFXOXOXLODQRXDYLWH]ăPHPRUDWă
=DIRVWDSăVDWăSHGDODGHDFFHOHUDĠLHGHH[  3HQWUXDUHJODYLWH]DVHWDWăvQLQFUH
GHFăWUHXQSDVDJHUGLQDXWRYHKLFXO PHQWHGHNPKDSăVDĠLVFXUWPDQHWD
([LVWăXQULVFGHDFFLGHQW SHQWUXFRQWUROXOFURD]LHUHLvQVXVCVDXvQ
'DFăGRULĠLVăSăUăVLĠLDXWRYHKLFXOXORSULĠL MRVDVSUHSXQFWXOGHSUHVLXQH
vQWRWGHDXQD',67521,&3/86úLDVLJXUDĠL 8OWLPDYLWH]ăPHPRUDWăFUHúWHVDXGHV
DXWRYHKLFXOXOFRQWUDSXQHULLvQPLúFDUH FUHúWHvQLQFUHPHQWHGHNPK
 3HQWUXDUHJODYLWH]DVHWDWăvQLQFUH
'H]DFWLYDĠL',67521,&3/86 PHQWHGHNPKDSăVDĠLVFXUWPDQHWD
3DJLQD  SHQWUXFRQWUROXOFURD]LHUHLvQVXVCVDXvQ
'DFă',67521,&3/86GHWHFWHD]ăFăDXWR MRVDGLQFRORGHSXQFWXOGHSUHVLXQH
YHKLFXOXOGLQIDĠăVHRSUHúWHDFHVWDIUkQHD]ă 8OWLPDYLWH]ăPHPRUDWăFUHúWHVDXGHV
DXWRYHKLFXOXOGXPQHDYRDVWUăSkQăFHVWDĠLR FUHúWHvQLQFUHPHQWHGHNPK
QHD]ă
2GDWăFHDXWRYHKLFXOXOGXPQHDYRDVWUăVWD G ',67521,&3/86QXHVWHGH]DFWLYDWGDFă
ĠLRQHD]ăDFHVWDUăPkQHVWDĠLRQDWQHILLQG DSăVDĠLSHGDODGHDFFHOHUDĠLH'DFăDFFH
QHFHVDUăDSăVDUHDIUkQHL OHUDĠLSHQWUXDGHSăúL',67521,&3/86
UHJOHD]ăYLWH]DDXWRYHKLFXOXOXLODXOWLPD
G ÌQIXQFĠLHGHGLVWDQĠDPLQLPăVSHFLILFDWă YLWH]ăPHPRUDWăGXSăFHDĠLHIHFWXDW
DXWRYHKLFXOXOGXPQHDYRDVWUăYDIUkQD GHSăúLUHD
SkQăODRSULUHODRGLVWDQĠăVXILFLHQWăIDĠă
GHDXWRYHKLFXOXOGLQIDĠă'LVWDQĠDPLQLPă 0HPRUDUHDYLWH]HLFXUHQWHVDXDFWLYD
VSHFLILFDWăHVWHVHWDWăFXDMXWRUXOFRPHQ]LL UHDYLWH]HPHPRUDWH
GHSHPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
 7UDJHĠLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
&kQG',67521,&3/86HVWHDFWLYDWWUDQVPL
]LHUHLVSUHGXPQHDYRDVWUă…
VLDHVWHFXSODWăDXWRPDWvQSR]LĠLD3GDFă
 5LGLFDĠLSLFLRUXOGHSHSHGDODGHDFFHOHUD
=SRUWLHUDúRIHUXOXLHVWHGHVFKLVăúLFHQWXUD
ĠLH
GHVLJXUDQĠăDúRIHUXOXLQXHVWHFXSODWă ',67521,&3/86HVWHDFWLYDW/DSULPDVD
=PRWRUXOHVWHRSULWFXH[FHSĠLDFD]XOXLvQ
DFWLYDUHYLWH]DFXUHQWăHVWHPHPRUDWăÌQ
FDUHHVWHRSULWDXWRPDWGHIXQFĠLDVWDUW FD]FRQWUDUYLWH]DGHFURD]LHUăDDXWRYHKL
VWRS(&2


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

FXOXOXLHVWHVHWDWăODYDORDUHDPHPRUDWă $ILúDUHD',67521,&3/86vQYLWH]RPH
DQWHULRU WUX
&RQGXFHUHDúLSDUFDUHD

6HWDUHDGLVWDQĠHLPLQLPHVSHFLILFDWH
3XWHĠLVHWDGLVWDQĠDPLQLPăVSHFLILFDWăSHQ
WUX',67521,&3/86SULQYDULHUHDLQWHUYDOXOXL
GHWLPSvQWUHXQDúLGRXăVHFXQGH&XDFHDVWă
IXQFĠLHSXWHĠLVHWDGLVWDQĠDPLQLPăSăVWUDWă
GH',67521,&3/86IDĠăGHDXWRYHKLFXOXOGLQ
IDĠăvQIXQFĠLHGHYLWH]DDXWRYHKLFXOXOXL
3XWHĠLYHGHDDFHDVWăGLVWDQĠăSHDILúDMXOPXO
WLIXQFĠLRQDO 3DJLQD 
G $VLJXUDĠLYăFăPHQĠLQHĠLRGLVWDQĠăVXIL ([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
FLHQWăIDĠăGHDXWRYHKLFXOXOGLQIDĠăúLFă &kQG',67521,&3/86HVWHDFWLYDWXQXOVDX
UHVSHFWDĠLGLVWDQĠDPLQLPăSUHYă]XWăGH GRXăVHJPHQWHDGLQWUHDSWDGHYLWH]H
OHJH5HJODĠLGLVWDQĠDIDĠăGHDXWRYHKLFXOXO VHWDWăVHDSULQG
GLQIDĠăGDFăVLWXDĠLDRFHUH
G 'LQPRWLYHVWUXFWXUDOHYLWH]DDILúDWăSH
YLWH]RPHWUXSRDWHGLIHULXúRUIDĠăGHYLWH]D
VHWDWăSHQWUX',67521,&3/86
'DFă',67521,&3/86GHWHFWHD]ăXQDXWR
YHKLFXOvQIDĠăVHJPHQWHOHDGLQWUHYLWH]D
DXWRYHKLFXOXOXLGLQIDĠăCúLYLWH]DPHPR
UDWă‡VHDSULQG

$ILúDUHD',67521,&3/86vQDILúDMXO
PXOWLIXQFĠLRQDO
 3HQWUXDFUHúWHURWLĠLFRPDQGD‡vQ 1RWHJHQHUDOH
GLUHFĠLDD ÌQ0HQLXO$VLVWHQĠă 3DJLQD DOFDOFX
',67521,&3/86SăVWUHD]ăDVWIHORGLV ODWRUXOXLGHERUGSXWHĠLVHOHFWDDILúDMXOGH
WDQĠăPDLPDUHvQWUHDXWRYHKLFXOXOGXP GLVWDQĠă
QHDYRDVWUăúLDXWRYHKLFXOXOGLQIDĠă
'LVSOD\FkQG',67521,&3/86HVWHGH]DF
 3HQWUXDUHGXFHURWLĠLFRPDQGD‡vQ
WLYDW
GLUHFĠLDC
 6HOHFWDĠLIXQFĠLD'LVWDQFHGLVSOD\
',67521,&3/86SăVWUHD]ăDVWIHORGLV
$ILĂDMGLVWDQĆÆ FXDMXWRUXOFDOFXODWR
WDQĠăPDLPLFăvQWUHDXWRYHKLFXOXOGXPQHD
UXOXLGHERUG 3DJLQD 
YRDVWUăúLDXWRYHKLFXOXOGLQIDĠă
&kQG',67521,&3/86HVWHGH]DFWLYDWYHĠL
YHGHDXUPăWRDUHOHSHDILúDMXOPXOWLIXQFĠLR
QDO
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

‡ 'LVWDQĠDPLQLPăVSHFLILFDWăIDĠăGHDXWR
YHKLFXOXOGLQIDĠăUHJODELOă
… $XWRYHKLFXOXOGLQIDĠăGDFăDIRVWGHWHF

&RQGXFHUHDúLSDUFDUHD
WDW

'H]DFWLYDUHD',67521,&3/86

([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
C 6LPEROSHQWUXIUkQD35(6$)(ŠDFWLYDWă
D $XWRYHKLFXOXOGLQIDĠăGDFăDIRVWGHWHF
WDW
‡ ,QGLFDWRUXOGHGLVWDQĠăGLVWDQĠDFXUHQWă
IDĠăGHDXWRYHKLFXOXOGLQIDĠă
… 'LVWDQĠDPLQLPăVSHFLILFDWăIDĠăGHDXWR
([LVWăPDLPXOWHPRGXULGHDGH]DFWLYD',6
YHKLFXOXOGLQIDĠăUHJODELOă
7521,&3/86
ƒ $XWRYHKLFXOXOSURSULX
 $SăVDĠLVFXUWSHPDQHWDSHQWUXFRQWUROXO
'LVSOD\FkQG',67521,&3/86HVWHDFWL FURD]LHUHLCvQDLQWH
YDW VDX
 6HOHFWDĠLIXQFĠLD'LVWDQFHGLVSOD\  )UkQDĠLFXH[FHSĠLDFD]XOXLvQFDUHDXWRYH
$ILĂDMGLVWDQĆÆ FXDMXWRUXOFDOFXODWR KLFXOXOVWDĠLRQHD]ă
UXOXLGHERUG 3DJLQD 
VDX
9HĠLYHGHDYLWH]DPHPRUDWăWLPSGHDSUR[L  $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
PDWLYFLQFLVHFXQGHFkQGDFWLYDĠL',67521,& FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
3/86'XSăDFHVWLQWHUYDOYHĠLYHGHD ‡
XUPăWRDUHOHSHDILúDMXOPXOWLIXQFĠLRQDOFkQG 63(('7521,&YDULDELOHVWHVHOHFWDW
',67521,&3/86HVWHDFWLYDW /DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHDSULQGH
&kQGGH]DFWLYDĠL',67521,&3/86YHĠL
YHGHDSHDILúDMXOPXOWLIXQFĠLRQDOPHVDMXO
',67521,&3/86RII ',67521,&3/86
GH]DFWLYDW WLPSFHDSUR[LPDWLYFLQFL
VHFXQGH
G 8OWLPDYLWH]ăPHPRUDWăUăPkQHPHPR
UDWăSkQăFkQGRSULĠLPRWRUXO
',67521,&3/86HVWHDXWRPDWGH]DFWLYDW
C ',67521,&3/86DFWLYDW GDFă
=DFĠLRQDĠLIUkQDGHSDUFDUH
D $XWRYHKLFXOXOSURSULX
=FRQGXFHĠLFXRYLWH]ăVXENPKúLQX
DYHĠLQLFLXQDXWRYHKLFXOvQIDĠăVDXGDFă
DXWRYHKLFXOXOGLQIDĠăQXPDLHVWHGHWHFWDW

 6LVWHPHGHDVLVWDUHDFRQGXFHULL

=(63ŠLQWHUYLQHVDXGH]DFWLYDĠL(63Š 9LUDMHLQWUDUHDúLLHúLUHDGLQFXUEă
=WUDQVPLVLDHVWHvQSR]LĠLD35VDX1
=DXWRYHKLFXOXOHVWHOkQJăRXQLWDWHUDGLRWH
&RQGXFHUHDúLSDUFDUHD

OHVFRS 3DJLQD
=RSULĠLVLVWHPXOGHVHQ]RULUDGDU
3DJLQD
=WUDJHĠLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
FăWUHGXPQHDYRDVWUăSHQWUXDSRUQLGHSH
ORFúLSRUWLHUDSDVDJHUXOXLGLQIDĠăVDXXQD
GLQWUHSRUWLHUHOHGLQVSDWHHVWHGHVFKLVă
=DXWRYHKLFXOXODGHUDSDW

ÌQFD]XOvQFDUH',67521,&3/86HVWHGH]DF &DSDFLWDWHD',67521,&3/86GHDGHWHFWD
WLYDWYHĠLDX]LXQVXQHWGHDYHUWL]DUH9HĠL DXWRYHKLFXOHvQYLUDMHHVWHOLPLWDWă$XWRYHKL
YHGHDPHVDMXO',67521,&3/86RII ',6њ FXOXOGXPQHDYRDVWUăSRDWHIUkQDQHDúWHSWDW
7521,&3/86GH]DFWLYDW SHDILúDMXOPXO VDXWDUGLY
WLIXQFĠLRQDOWLPSGHDSUR[LPDWLYFLQFL
VHFXQGH $XWRYHKLFXOHFDUHQXUXOHD]ăvQPLMORFXO
EHQ]LLORU
'DFăDXWRYHKLFXOXODIRVWRSULWGH',67521,&
3/86úLVXUYLQHRGHIHFĠLXQHODVLVWHPPHVD
MXO%UDNHLPPHGLDWHO\ )U¥QDĆLLPHњ
GLDW DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
$SăVDĠLSHGDODGHIUkQăLPHGLDWSHQWUXDQX
SHUPLWHDXWRYHKLFXOXOXLVăVHSXQăvQPLú
FDUH',67521,&3/86HVWHDSRLGH]DFWLYDW
LDUPHVDMXOGLVSDUH

5HFRPDQGăULSHQWUXFRQGXFHUHDFX
',67521,&3/86
1RWHJHQHUDOH ',67521,&3/86DUSXWHDVăQXGHWHFWH]H
ÌQXUPăWRDUHOHJăVLĠLGHVFULHULDOHXQRUDQX DXWRYHKLFXOHOHFDUHQXUXOHD]ăvQPLMORFXO
PLWHFRQGLĠLLGHGUXPúLWUDILFFăURUDWUHEXLH EHQ]LLORU'LVWDQĠDIDĠăGHDXWRYHKLFXOXOGLQ
VăOHDFRUGDĠLRDWHQĠLHGHRVHELWăÌQDVWIHOGH IDĠăYDILSUHDVFXUWă
VLWXDĠLLIUkQDĠLGDFăVLWXDĠLDRFHUH',6752 $OWHDXWRYHKLFXOHFDUHVFKLPEăEDQGD
1,&3/86HVWHDSRLGH]DFWLYDW
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

',67521,&3/86QXDGHWHFWDWvQFăDXWRYH $XWRYHKLFXOHOHFDUHYăWDLHFDOHD
KLFXOXOFDUHDLQWUDWvQIDĠDGXPQHDYRDVWUă
'LVWDQĠDIDĠăGHDFHVWDXWRYHKLFXOYDILSUHD

&RQGXFHUHDúLSDUFDUHD
VFXUWă
$XWRYHKLFXOHvQJXVWH

',67521,&3/86SRDWHGHWHFWDGLQJUHúHDOă
DXWRYHKLFXOHFDUHYăWUDYHUVHD]ăEDQGD$FWL
YDUHD',67521,&3/86ODVHPDIRDUHFXDXWR
YHKLFXOHFDUHYăWDLHFDOHDGHH[HPSOXSRDWH
IDFHFDDXWRYHKLFXOXOGXPQHDYRDVWUăVăSRU
',67521,&3/86QXDGHWHFWDWvQFăDXWRYH QHDVFăGHSHORFQHLQWHQĠLRQDW
KLFXOXOGLQIDĠDPDUJLQLLSăUĠLLFDURVDELOHGLQ
FDX]DOăĠLPLLVDOHPLFL'LVWDQĠDIDĠăGHDXWR
YHKLFXOXOGLQIDĠăYDILSUHDVFXUWă )XQFĠLD+2/'
2EVWDFROHúLDXWRYHKLFXOHVWDĠLRQDWH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$9(57,60(17
&kQGSăUăVLĠLDXWRYHKLFXOXODFHVWDWRWVH
SRDWHSXQHvQPLúFDUHFKLDUGDFăHVWHIUkQDW
GHIXQFĠLD+2/'GDFă
=H[LVWăRGHIHFĠLXQHvQVLVWHPVDXODWHQVLX
QHDGHDOLPHQWDUH
=IXQFĠLD+2/'HVWHGH]DFWLYDWăSULQ
DSăVDUHDSHGDOHLGHDFFHOHUDĠLHGHH[GH
FăWUHXQSDVDJHUGLQDXWRYHKLFXO
=VHLQWHUYLQHQHDXWRUL]DWODVLVWHPXOHOHFWULF
',67521,&3/86QXIUkQHD]ăODREVWDFROH
VDXDXWRYHKLFXOHVWDĠLRQDWH'DFăGHH[HP GLQFRPSDUWLPHQWXOPRWRUXOXLODEDWHULH
SOXDXWRYHKLFXOXOGHWHFWDWYLUHD]ăúLvQIDĠD VDXODVLJXUDQĠH
VDDSDUHXQREVWDFROVDXXQDXWRYHKLFXOVWD =EDWHULDHVWHGHFRQHFWDWă

ĠLRQDW',67521,&3/86QXYDIUkQDFkQGVH ([LVWăXQULVFGHDFFLGHQW
DSURSLHGHDFHVWHD ÌQDLQWHGHDSăUăVLDXWRYHKLFXOXOGH]DFWLYDĠL
vQWRWGHDXQDIXQFĠLD+2/'úLDVLJXUDĠLDXWR
YHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

 'DFăVDDFWLYDW',67521,&3/86VDX $FWLYDUHDIXQFĠLHL+2/'
IXQFĠLD+2/'DXWRYHKLFXOXOIUkQHD]ăDXWR  $VLJXUDĠLYăFăVDXvQGHSOLQLWFRQGLĠLLOHGH
PDWvQDQXPLWHVLWXDĠLL3HQWUXDSUHYHQL
DFWLYDUH
&RQGXFHUHDúLSDUFDUHD

GHWHULRUDUHDDXWRYHKLFXOXOXLGH]DFWLYDĠL
 $SăVDĠLSHGDODGHIUkQă
',67521,&3/86úLIXQFĠLD+2/'vQ
XUPăWRDUHOHVLWXDĠLLVDXvQDOWHVLWXDĠLLVLPL  $SăVDĠLUDSLGSHGDODGHIUkQăvQFRQWLQXDUH
ODUH SkQăFkQGÙDSDUHSHDILúDMXOPXOWL
=FkQGDXWRYHKLFXOXOHVWHWUDFWDW
IXQFĠLRQDO
)XQFĠLD+2/'HVWHDFWLYDWă3XWHĠLHOLEHUD
=vQVSăOăWRULDDXWR
SHGDODGHIUkQă
'H]DFWLYDĠLIXQFĠLD+2/' 3DJLQD 
G 'DFăODSULPDDSăVDUHDSHGDOHLGHIUkQă
QXVHDFWLYHD]ăIXQFĠLD+2/'DúWHSWDĠL
1RWHJHQHUDOH
SXĠLQúLDSRLvQFHUFDĠLGLQQRX
)XQFĠLD+2/'SRDWHDVLVWDúRIHUXOvQ
XUPăWRDUHOHVLWXDĠLL 'H]DFWLYDUHDIXQFĠLHL+2/'
=FkQGGHPDUHD]ăPDLDOHVSHSDQWHDEUXSWH
)XQFĠLD+2/'HVWHGH]DFWLYDWăDXWRPDW
=FkQGPDQHYUHD]ăSHSDQWHDEUXSWH GDFă
=FkQGDúWHDSWăvQWUDILF =DFFHOHUDĠL/DDXWRYHKLFXOHFXWUDQVPLVLH
$XWRYHKLFXOXOHVWHPHQĠLQXWvQORFIăUăFD DXWRPDWăQXPDLFkQGWUDQVPLVLDVHDIOăvQ
úRIHUXOVăWUHEXLDVFăVăDSHVHSHGDODGH SR]LĠLD'VDX5
IUkQă =WUDQVPLVLDHVWHvQSR]LĠLD3ODDXWRYHKLFXOH
(IHFWXOGHIUkQDUHHVWHDQXODWúLIXQFĠLD+2/' FXWUDQVPLVLHDXWRPDWă
HVWHGH]DFWLYDWăFkQGDSăVDĠLSHGDODGHDFFH =DSăVDĠLSHGDODGHIUkQăGLQQRXFXRRDUH
OHUDĠLHSHQWUXDGHPDUD FDUHSUHVLXQHSkQăFkQGÙGLVSDUHGH
G 1XXWLOL]DĠLIXQFĠLD+2/'FkQGFRQGXFHĠL SHDILúDMXOPXOWLIXQFĠLRQDO
RIIURDGvQSDQWăVDXvQUDPSăDEUXSWăVDX =DFWLYDĠL',67521,&3/86
SHVXSUDIHĠHGHGUXPDOXQHFRDVHVDXDIk &kQGIXQFĠLD+2/'HVWHDFWLYDWăODDXWRYHKL
QDWH)XQFĠLD+2/'QXSRDWHPHQĠLQHDXWR FXOHOHFXWUDQVPLVLHDXWRPDWăWUDQVPLVLD
YHKLFXOXOSHDVHPHQHDVXSUDIHĠH HVWHFXSODWăDXWRPDWvQSR]LĠLD3GDFă
=SRUWLHUDúRIHUXOXLHVWHGHVFKLVăúLFHQWXUD
&RQGLĠLLGHDFWLYDUH
GHVLJXUDQĠăDúRIHUXOXLQXHVWHFXSODWă
3XWHĠLDFWLYDIXQFĠLD+2/'GDFă =PRWRUXOHVWHRSULWFXH[FHSĠLDFD]XOXLvQ
=DXWRYHKLFXOXOHVWHRSULW FDUHHVWHRSULWDXWRPDWGHIXQFĠLDVWDUW
=PRWRUXOIXQFĠLRQHD]ăVDXGDFăDIRVWRSULW VWRS(&2
=FDSRWDHVWHGHVFKLVă
DXWRPDWGHIXQFĠLDVWDUWVWRS(&2
=SRUWLHUDúRIHUXOXLHVWHvQFKLVăVDXFHQWXUD =VXUYLQHRGHIHFĠLXQHvQVLVWHP

GXPQHDYRDVWUăGHVLJXUDQĠăHVWHFXSODWă =DOLPHQWDUHDHOHFWULFăHVWHLQVXILFLHQWă
=IUkQDGHSDUFDUHHVWHHOLEHUDWă /DDXWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOăSH
=FDSRWDHVWHvQFKLVă DILúDMXOPXOWLIXQFĠLRQDOYDDSăUHDXQPHVDMGH
=PDQHWDVHOHFWRDUHVHDIOăvQSR]LĠLD'5 DYHUWL]DUHGDFăIXQFĠLD+2/'HVWHDFWLYDWăúL
VDX1ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWR
PDWă
=',67521,&3/86HVWHGH]DFWLYDW
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

=SRUWLHUDúRIHUXOXLHVWHGHVFKLVăúLFHQWXUD 3$5.7521,&HVWHGRDUXQDMXWRU$FHDVWDQX
GHVLJXUDQĠăDúRIHUXOXLQXHVWHFXSODWă SRDWHvQORFXLDWHQĠLDGXPQHDYRDVWUăSHQWUX
=PRWRUXOHVWHRSULWFXH[FHSĠLDFD]XOXLvQ vPSUHMXUăULOHLPHGLDWH5ăVSXQGHUHDSHQWUX

&RQGXFHUHDúLSDUFDUHD
FDUHHVWHRSULWDXWRPDWGHIXQFĠLDVWDUW PDQHYUDUHDúLSDUFDUHDvQVLJXUDQĠăYăDSDU
VWRS(&2 ĠLQH$VLJXUDĠLYăFăQXVHDIOăSHUVRDQHDQL
=FDSRWDHVWHGHVFKLVă PDOHVDXRELHFWHvQUD]DGXPQHDYRDVWUăGH
DFĠLXQHDWXQFLFkQGHIHFWXDĠLPDQHYUHúLSDU
%UDNHLPPHGLDWHO\ )U¥QDĆLLPHGLDW
FDĠL
 $SăVDĠLSHGDODGHIUkQăIHUPúLLPHGLDW
SkQăFkQGPHVDMXOGHDYHUWLVPHQWGLQDIL  &kQGSDUFDĠLDFRUGDĠLRDWHQĠLHGHRVHELWă
úDMXOPXOWLIXQFĠLRQDOVHVWLQJH$VWIHOVH RELHFWHORUGHGHDVXSUDVDXGHVXEVHQ]RUL
GH]DFWLYHD]ăIXQFĠLD+2/' FXPDUILJKLYHFHOHGHIORULVDXEDUHOHGH
WUDFWDUHSHQWUXUHPRUFL3$5.7521,&QX
'HDVHPHQHDFOD[RQXOVHYDDFĠLRQDODLQWHU GHWHFWHD]ăDVWIHOGHRELHFWHFkQGVHDIOăvQ
YDOHUHJXODWHGDFăIXQFĠLD+2/'HVWHDFWLYDWă LPHGLDWDDSURSLHUHDDXWRYHKLFXOXOXL
úLGXPQHDYRDVWUă 3XWHĠLGHWHULRUDDXWRYHKLFXOXOVDXRELHF
=RSULĠLPRWRUXOGHVFKLGHĠLSRUWLHUDúRIHUXOXL WHOH
úLYăVFRDWHĠLFHQWXUDGHVLJXUDQĠă (VWHSRVLELOFDVHQ]RULLVăQXGHWHFWH]H
=GHVFKLGHĠLFDSRWD ]ăSDGăúLRELHFWHFHDEVRUEVXUVHOHGH
&OD[RQXODFWLYDWYăDYHUWL]HD]ăDVXSUDIDSWX XOWUDVXQHWH
OXLFăDXWRYHKLFXOXODIRVWSDUFDWFkQGIXQFĠLD 6XUVHOHGHXOWUDVXQHWHSUHFXPR
+2/'HVWHvQFRQWLQXDUHDFWLYDWă'DFăvQFHU VSăOăWRULHDXWRPDWăIUkQHOHFXDHUFRP
FDĠLVăvQFXLDĠLDXWRYHKLFXOXOWRQXOGHYLQH SULPDWDOHXQXLFDPLRQVDXXQSLFDPăUDU
PDLSXWHUQLF$XWRYHKLFXOXOQXHVWHvQFXLDW SXWHDIDFHFD3$5.7521,&VăIXQFĠLRQH]H
SkQăFkQGIXQFĠLD+2/'QXHVWHGH]DFWLYDWă GHIHFWXRV
G 'DFăPRWRUXODIRVWRSULWDFHVWDQXSRDWH (VWHSRVLELOFD3$5.7521,&VăQXIXQFĠLR
ILUHSRUQLWSkQăFkQGIXQFĠLD+2/'QXDIRVW QH]HFRUHFWSHWHUHQQHXQLIRUP
GH]DFWLYDWă 3$5.7521,&HVWHDFWLYDWDXWRPDWGDFă
'DFăH[LVWăRGHIHFĠLXQHvQVLVWHPVDXvQDOL =SXQHĠLFRQWDFWXO
PHQWDUHDHOHFWULFăFkWIXQFĠLD+2/'HVWH =FXSODĠLvQSR]LĠLD'5VDX1ODDXWRYHKLFX
DFWLYDWăPHVDMXO%UDNHLPPHGLDWHO\ OHOHFXWUDQVPLVLHDXWRPDWă
)U¥QDĆLLPHGLDW DSDUHSHDILúDMXOPXOWL =HOLEHUDĠLIUkQDGHSDUFDUH
IXQFĠLRQDO$SăVDĠLIUkQDIHUPúLLPHGLDWSkQă
3$5.7521,&HVWHGH]DFWLYDWODYLWH]HGH
FkQGPHVDMXOGHDYHUWLVPHQWGLQDILúDMXOPXO
SHVWHNPK/DYLWH]HPDLPLFLDFHVWDVH
WLIXQFĠLRQDOVHVWLQJH
UHDFWLYHD]ă
/DDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
3$5.7521,&PRQLWRUL]HD]ă]RQDGLQMXUXO
SXWHĠLGHDVHPHQHDFXSODvQSR]LĠLD3$VWIHO
DXWRYHKLFXOXOXLGXPQHDYRDVWUăFXDMXWRUXOD
VHGH]DFWLYHD]ăIXQFĠLD+2/'
úDVHVHQ]RULGLQIDĠăúLDSDWUXVHQ]RULGLQ
VSDWH
3$5.7521,&
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
3$5.7521,&HVWHXQVLVWHPGHDVLVWHQĠăOD
SDUFDUHHOHFWURQLFFXVHQ]RULFXXOWUDVXQHWH
$FHVWDLQGLFăYL]XDOúLDXGLWLYGLVWDQĠDGLQWUH
DXWRYHKLFXOXOGXPQHDYRDVWUăúLXQRELHFW


&RQGXFHUHDúLSDUFDUHD 6LVWHPHGHDVLVWDUHDFRQGXFHULL

C ([HPSOXVHQ]RULLGLQEDUDGHSURWHFĠLH 9HGHUHGHVXV
IDĠăGHSHSDUWHDVWkQJă
6HQ]RULIDĠă
5D]DVHQ]RULORU &HQWUX $SUR[FP
1RWHJHQHUDOH &ROĠXUL $SUR[FP
3$5.7521,&QXLDvQFRQVLGHUDUHREVWDFR
6HQ]RULVSDWH
OHOHDIODWH
=VXEUD]DGHGHWHFWDUHGHH[SHUVRDQH &HQWUX $SUR[FP
DQLPDOHVDXRELHFWH &ROĠXUL $SUR[FP
=SHVWHUD]DGHGHWHFWDUHGHH[vQFăUFăWXUL
LHúLWHvQDIDUăVHFĠLXQLSRVWHULRDUHVDX 'LVWDQĠDPLQLPă
UDPSHGHvQFăUFDUHFXEXQXULúLDXWRYHKL
&HQWUX $SUR[FP
FXOH
6HQ]RULLWUHEXLHVăILHOLSVLĠLGHPXUGăULH &ROĠXUL $SUR[FP
JKHDĠăúLODSRYLĠă$OWIHOVDUSXWHDVăQX
IXQFĠLRQH]HFRUHFW&XUăĠDĠLVHQ]RULLUHJXODW 'DFăXQREVWDFROVHDIOăvQDFHVWLQWHUYDODIL
DYkQGJULMăVăQXvL]JkULDĠLVDXVăvLGHWHULRUDĠL úDMHOHGHDYHUWL]DUHUHOHYDQWHVHDSULQGúLVH
3DJLQD  HPLWHXQVXQHWGHDYHUWL]DUH'DFăGLVWDQĠD
VFDGHVXEPLQLPHVWHSRVLELOFDGLVWDQĠDVă
QXVHPDLDILúH]H

$ILúDMHGHDYHUWL]DUH
$ILúDMHOHGHDYHUWL]DUHLQGLFăGLVWDQĠDGLQWUH
VHQ]RULúLREVWDFRO$ILúDMXOGHDYHUWL]DUHSHQ
WUX]RQDIURQWDOăHVWHDPSODVDWSHSODQúDGH
ERUGGHDVXSUDRULILFLLORUGHYHQWLODĠLHFHQ
WUDOH$ILúDMXOGHDYHUWL]DUHSHQWUX]RQDSRV
WHULRDUăHVWHDPSODVDWSHFăSWXúHDODSDYLOLR
9HGHUHGLQODWHUDO QXOXLGLQFRPSDUWLPHQWXOGLQVSDWH
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

7UDQVPLVLHDXWRPDWă

3R]LĠLHWUDQVPLVLH $ILúDMGHDYHUWL]DUH

&RQGXFHUHDúLSDUFDUHD
' =RQăIURQWDOăDFWL
YDWă
51VDXDXWRYHKL =RQHOHSRVWHULRDUăúL
FXOXOVDSXVvQPLú IURQWDOăDFWLYDWH
FDUHvQDSRL
3 1LFLR]RQăDFWLYDWă
$ILúDMGHDYHUWL]DUHSHQWUX]RQDIURQWDOă
C 6HJPHQWHGHSHSDUWHDVWkQJăDDXWRYH 8QXOVDXPDLPXOWHVHJPHQWHVHDSULQGSH
KLFXOXOXL PăVXUăFHDXWRYHKLFXOXOVHDSURSLHGHXQ
D 6HJPHQWHGHSHSDUWHDGUHDSWăDDXWRYH REVWDFROvQIXQFĠLHGHGLVWDQĠDDXWRYHKLFXOX
KLFXOXOXL OXLIDĠăGHREVWDFRO
‡ 6HJPHQWHFDUHLQGLFăGLVSRQLELOLWDWHDGH 'HOD
IXQFĠLRQDUH =vQFHSkQGFXDOúDVHOHDVHJPHQWYHĠLDX]L
$ILúDMXOGHDYHUWL]DUHSHQWUXILHFDUHSDUWHD XQVXQHWGHDYHUWL]DUHLQWHUPLWHQWWLPSGH
DXWRYHKLFXOXOXLHVWHvPSăUĠLWvQFLQFLVHJ DSUR[LPDWLYGRXăVHFXQGH
PHQWHJDOEHQHúLGRXăURúLL3$5.7521,& =vQFHSkQGFXDOúDSWHOHDVHJPHQWYHĠLDX]L
HVWHIXQFĠLRQDOGDFăVHJPHQWHOHJDOEHQH XQVXQHWGHDYHUWL]DUHWLPSGHDSUR[LPDWLY
FDUHLQGLFăGLVSRQLELOLWDWHDODIXQFĠLRQDUH GRXăVHFXQGH$FHDVWDLQGLFăIDSWXOFăDĠL
‡VHDSULQG DWLQVGLVWDQĠDPLQLPă
3R]LĠLDPDQHWHLVFKLPEăWRUXOXLGHYLWH]HVDX
SR]LĠLDWUDQVPLVLHLGLQWUDQVPLVLDDXWRPDWăúL 'H]DFWLYDUHDDFWLYDUHD3$5.7521,&
GLUHFĠLDGHUXODUHDDXWRYHKLFXOXOXLGHWHUPLQă
FHDILúDMGHDYHUWL]DUHHVWHDFWLYFkQGPRWRUXO
IXQFĠLRQHD]ă
7UDQVPLVLHPDQXDOă

3R]LĠLHPDQHWă $ILúDMGHDYHUWL]DUH
VFKLPEăWRUGH
YLWH]H
7UHDSWăGHPHUV =RQăIURQWDOăDFWL
vQDLQWH YDWă
VDX C 3HQWUXDGH]DFWLYDDFWLYD3$5.7521,&
3R]LĠLHQHXWUă
D /DPSăLQGLFDWRDUH
7UHDSWDGHPHUV =RQHOHSRVWHULRDUăúL 'DFăODPSDLQGLFDWRDUHDVHDSULQGH3$5.
vQDSRLVDXDXWRYH IURQWDOăDFWLYDWH 7521,&HVWHGH]DFWLYDW
KLFXOXOVDSXVvQ
PLúFDUHvQDSRL G 3$5.7521,&HVWHDFWLYDWDXWRPDWFkQG
URWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
FRQWDFW


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

7UDFWDUHDXQHLUHPRUFL
 5DEDWDĠLvQLQWHULRUFXSODVIHULFăvQFD]XO
vQFDUHFkUOLJXOGHWUDFWDUHDUHPRUFLLQX
&RQGXFHUHDúLSDUFDUHD

HVWHQHFHVDU3$5.7521,&PăVRDUăUD]D
PLQLPăGHGHWHFWDUHGLQWUHXQREVWDFROúL
EDUDGHSURWHFĠLHQXFXSODVIHULFă
3$5.7521,&HVWHGH]DFWLYDWSHQWUX]RQDGLQ
VSDWHFkQGVWDELOLĠLRFRQH[LXQHHOHFWULFă
vQWUHDXWRYHKLFXOXOGXPQHDYRDVWUăúLR
UHPRUFă
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

3UREOHPHFX3$5.7521,&

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&RQGXFHUHDúLSDUFDUHD
1XPDLVHJPHQWHOHURúLL 3$5.7521,&VDGHIHFWDWúLVDGH]DFWLYDW
GLQDILúDMHOHGHDYHUWL  'DFăSUREOHPHOHSHUVLVWăVROLFLWDĠLYHULILFDUHD3$5.7521,&OD
]DUH3$5.7521,&VXQW XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
DSULQVH'HDVHPHQHD
YHĠLDX]LXQVXQHWGH
DYHUWL]DUHWLPSGHDSUR
[LPDWLYGRXăVHFXQGH
3$5.7521,&HVWH
GH]DFWLYDWGXSăDSUR[L
PDWLYFLQFLVHFXQGHLDU
ODPSDLQGLFDWRDUHGLQ
EXWRQXO3$5.7521,&
VHDSULQGH
1XPDLVHJPHQWHOHURúLL 6HQ]RULL3$5.7521,&VXQWPXUGDULVDXH[LVWăLQWHUIHUHQĠH
GLQDILúDMHOHGHDYHUWL  &XUăĠDĠLVHQ]RULL3$5.7521,& 3DJLQD 
]DUH3$5.7521,&VXQW 
3XQHĠLGLQQRXFRQWDFWXO
DSULQVH3$5.7521,&
HVWHGH]DFWLYDWGXSă 3UREOHPDSRDWHILSURYRFDWăGHRVXUVăUDGLRH[WHUQăVDXGHXOWUD
DSUR[LPDWLYFLQFL VXQHWH
VHFXQGH
 9HGHĠLGDFă3$5.7521,&IXQFĠLRQHD]ăvQDOWORF

$VLVWHQĠăDFWLYăODSDUFDUH LQWUDvQFROL]LXQHFXDOĠLSDUWLFLSDQĠLODWUDILF
([LVWăXQULVFGHDFFLGHQW
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
&kQGSDUFDĠLDFRUGDĠLDWHQĠLHFHORUODOĠLSDUWL
$VLVWHQĠDDFWLYăODSDUFDUHHVWHXQVLVWHP FLSDQĠLODWUDILF2SULĠLDXWRYHKLFXOXOGDFăHVWH
HOHFWURQLFGHDVLVWHQĠăODSDUFDUHFXXOWUDVX QHFHVDUVDXDQXODĠLSURFHGXUDGHSDUFDUHFX
QHWH8OWUDVXQHWHOHVXQWXWLOL]DWHSHQWUXD DVLVWHQĠDDFWLYăODSDUFDUH
PăVXUDGUXPXOSHDPEHOHSăUĠLDOHDXWRYHKL
FXOXOXL8QVSDĠLXGHSDUFDUHDGHFYDWHVWH  'DFăQXDYHĠLDOWHVROXĠLLSXWHĠLFRQGXFH
LQGLFDWGHVLPEROXOGHSDUFDUH,QWHUYHQĠLD SHVWHREVWDFROHSUHFXPWURWXDUHOHOHQWúL
DFWLYăDVXSUDGLUHFĠLHLYăSRDWHDMXWDvQWLPSXO QXvQWUXQXQJKLDVFXĠLWÌQFD]FRQWUDU
SDUFăULL3XWHĠLGHDVHPHQHDVăXWLOL]DĠL SXWHĠLGHWHULRUDURĠLOHVDXSQHXULOH
3$5.7521,& 3DJLQD &kQG3$5. $VLVWHQĠDDFWLYăODSDUFDUHHVWHGRDUXQDMX
7521,&HVWHRSULWDVLVWHQĠDDFWLYăODSDUFDUH WRU$FHDVWDQXSRDWHvQORFXLDWHQĠLDGXP
HVWHGHDVHPHQHDLQGLVSRQLELOă QHDYRDVWUăSHQWUXvPSUHMXUăULOHLPHGLDWH
$9(57,60(17 5ăVSXQGHUHDSHQWUXPDQHYUDUHDúLSDUFDUHD
vQVLJXUDQĠăYăDSDUĠLQH$VLJXUDĠLYăFăQXVH
$XWRYHKLFXOXOYDYLUDFkQGSDUFDĠLúLYăSRDWH
DIOăSHUVRDQHDQLPDOHVDXRELHFWHvQUD]D
GXFHGHDVHPHQHDVSUHVHFĠLXQLDOHEHQ]LL
GXPQHDYRDVWUăGHDFĠLXQHDWXQFLFkQGHIHF
GHSHVHQVXORSXVÌQFRQVHFLQĠăDĠLSXWHD
WXDĠLPDQHYUHúLSDUFDĠL


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

8WLOL]DĠLDVLVWHQĠDDFWLYăODSDUFDUHSHQWUX $9(57,60(17
VSDĠLLOHGHSDUFDUH 'DFăVXQWDPSODVDWHRELHFWHGLQFRORGHUD]D
=FDUHVXQWSDUDOHOHFXGLUHFĠLDGHPHUV GHGHWHFWDUH$VLVWHQĠDDFWLYăODSDUFDUH
&RQGXFHUHDúLSDUFDUHD

=FDUHVHDIOăSHGUXPXULGUHSWHúLQXvQFXUEH SRDWHvQFHSHVăYLUH]HvQVSDĠLXOGHSDUFDUH
=FDUHVHDIOăODDFHODúLQLYHOFDGUXPXOGH SUHDGHYUHPH'UHSWXUPDUHDĠLSXWHDSUR
H[QXSHWURWXDU YRFDRFROL]LXQH([LVWăXQULVFGHDFFLGHQW
5HFRPDQGăULSULYLQGSDUFDUHD 'DFăVXQWDPSODVDWHRELHFWHSHVWHUD]DGH
GHWHFWDUHRSULĠLDXWRYHKLFXOXOúLGH]DFWLYDĠL
=SHGUXPXULOHvQJXVWHFRQGXFHĠLFkWPDL
$VLVWHQĠDDFWLYăODSDUFDUH
DSURDSHSHOkQJăVSDĠLXOGHSDUFDUH
=VSDĠLLOHGHSDUFDUHFXJXQRLLDUEăVDXSDU $VLVWHQĠDDFWLYăODSDUFDUHHVWHDFWLYDWăDXWR
ĠLDORFXSDWHGHEDUHGHWUDFWDUHDUHPRUFLL PDWFkQGFRQGXFHĠLvQDLQWH6LVWHPXOHVWH
SRWILLGHQWLILFDWHLQFRUHFWVDXGHORF IXQFĠLRQDOODYLWH]HGHSkQăODDSUR[LPDWLY
=]ăSDGDVDXSORDLDDEXQGHQWăSRWGXFHOD NPKÌQWLPSXOIXQFĠLRQăULLVLVWHPXO
PăVXUDUHDLQFRUHFWăDXQXLVSDĠLXGHSDU UHSHUHD]ăúLPăVRDUăLQGHSHQGHQWVSDĠLLOHGH
FDUH SDUFDUHGHSHDPEHOHODWXULDOHDXWRYHKLFX
=DFRUGDĠLDWHQĠLHPHVDMHORUGHDYHUWL]DUH
OXOXL&kQGFRQGXFHĠLFXYLWH]HGHVXE
NPKYHĠLYHGHDVLPEROXOGHSDUFDUHFD
3$5.7521,& 3DJLQD vQWLPSXOSUR
LQGLFDWRUGHVWDUHSHWDEORXOGHERUG$VLV
FHGXULLGHSDUFDUH
WHQĠDDFWLYăODSDUFDUHDILúHD]ăQXPDLVSDĠLLOH
=SXWHĠLLQWHUYHQLRULFkQGDVXSUDSURFHGXULL
GHSDUFDUHGHSHSDUWHDSDVDJHUXOXLGLQIDĠă
GHYLUDUHSHQWUXDRFRUHFWD$VLVWHQĠD vQUHJLPVWDQGDUG6SDĠLLOHGHSDUFDUHGHSH
DFWLYăODSDUFDUHYDILDSRLDQXODWă SDUWHDúRIHUXOXLVXQWDILúDWHLPHGLDWFHVHP
=FkQGWUDQVSRUWDĠLRVDUFLQăFHGHSăúHúWH QDOL]DWRUXOGHGLUHFĠLHGHSHSDUWHDúRIHUXOXL
JDEDULWXODXWRYHKLFXOXOXLQXWUHEXLHVăXWL HVWHDFWLYDW3HQWUXDSDUFDSHSDUWHDúRIH
OL]DĠL$VLVWHQĠDDFWLYăODSDUFDUH UXOXLWUHEXLHVăOăVDĠLVHPQDOL]DWRUXOGH
=FkQGVXQWPRQWDWHODQĠXULOHGH]ăSDGăVDX GLUHFĠLHGHSHSDUWHDúRIHUXOXLSRUQLW$FHVWD
RURDWăGHUH]HUYăGHX]WHPSRUDUQXWUH WUHEXLHVăUăPkQăDFWLYDWSkQăFkQGFRQILU
EXLHVăXWLOL]DĠLQLFLDVLVWHQĠDDFWLYăODSDU PDĠLXWLOL]DUHD$VLVWHQĠHLDFWLYHODSDUFDUH
FDUH DSăVkQGEXWRQXOvGHSHYRODQXOPXOWL
=DVLJXUDĠLYăFăSUHVLXQHDvQSQHXULDUH IXQFĠLRQDO
vQWRWGHDXQDYDORDUHDFRUHFWă$FHVWHD &kQGVSDĠLXOGHSDUFDUHDIRVWGHWHFWDWDSDUH
LQIOXHQĠHD]ăGLUHFWFRPSRUWDPHQWXODXWR úLRVăJHDWăFăWUHGUHDSWDVDXFăWUHVWkQJD
YHKLFXOXOXLODSDUFDUH

'HWHFWDUHDVSDĠLLORUGHSDUFDUH
2ELHFWHOHVLWXDWHGHDVXSUDUD]HLGHDFĠLXQHD
DVLVWăULLDFWLYHODSDUFDUHQXYRUILGHWHFWDWH
FkQGVSDĠLXOGHSDUFDUHHVWHPăVXUDW'H
DFHVWHDQXVHĠLQHFRQWFkQGVHFDOFXOHD]ă
SURFHGXUDGHSDUFDUHGHH[OXQJLPLvQFRQ ([HPSOXVSDĠLXGHSDUFDUHGHWHFWDW
VROăVHFĠLXQLSRVWHULRDUHVDXUDPSHGH C 6SDĠLXGHSDUFDUHGHWHFWDWSHVWkQJD
vQFăUFDUHFXEXQXULúLDXWRYHKLFXOHÌQDQX D 6LPEROGHSDUFDUH
PLWHFLUFXPVWDQĠHDVLVWHQĠDDFWLYăODSDUFDUH ‡ 6SDĠLXGHSDUFDUHGHWHFWDWSHGUHDSWD
SRDWHSULQXUPDUHVăYăJKLGH]HvQVSDĠLXOGH
SDUFDUHSUHDGHYUHPH
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

$VLVWHQĠDDFWLYăODSDUFDUHYDGHWHFWDQXPDL 'D2.1X 8DSDUHSHDILúDMXOPXOWL


VSDĠLLOHGHSDUFDUH IXQFĠLRQDO
=FDUHVXQWSDUDOHOHFXGLUHFĠLDGHPHUV  3HQWUXDDQXODSURFHGXUDDSăVDĠLEXWR

&RQGXFHUHDúLSDUFDUHD
=FDUHDXROăĠLPHGHFHOSXĠLQP QXO8GHSHYRODQXOPXOWLIXQFĠLRQDOVDX
=FDUHVXQWFXFHOSXĠLQPPDLOXQJLGHFkW GHPDUDĠL
DXWRYHKLFXOXOGXPQHDYRDVWUă VDX
8QVSDĠLXGHSDUFDUHHVWHDILúDWFkQGFRQGX  3HQWUXDSDUFDFXDVLVWHQĠDDFWLYăOD
FHĠLSHOkQJăHOúLSkQăFkQGYDĠLvQGHSăUWDW SDUFDUHDSăVDĠLEXWRQXOvGHSHYROD
FXDSUR[LPDWLYPGHDFHVWD QXOPXOWLIXQFĠLRQDO
0HVDMXO3DUN$VVLVWDFWLYH$FFHOHњ
3DUFDUH UDWHDQGEUDNH2EVHUYHVXUURXQњ
GLQJV $VLVWHQĆÆDFWLYÆODSDUFDUH
$9(57,60(17 $FFHOHUDĆLĂLIU¥QDĆL2EVHUYDĆL
$VLVWHQĠDDFWLYăODSDUFDUHYăDMXWăGRDUSULQ ±PSUHMXULPLOH DSDUHSHDILúDMXOPXOWL
LQWHUYHQLUHDDFWLYăDVXSUDGLUHFĠLHL([LVWăXQ IXQFĠLRQDO
ULVFGHDFFLGHQWGDFăQXDFĠLRQDĠLGXPQHD (OLEHUDĠLYRODQXOPXOWLIXQFĠLRQDO
YRDVWUăIUkQHOH
ÌQFHSHĠLVăPHUJHĠLvQDSRLILLQGWRWWLPSXO
$FĠLRQDĠLvQWRWGHDXQDGXPQHDYRDVWUăIUkQHOH JDWDVăIUkQDĠL&kQGPHUJHĠLvQDSRLFRQ
FkQGSDUFDĠLúLHIHFWXDĠLPDQHYUH GXFHĠLFXRYLWH]ăVXEDSUR[LPDWLY
G &kQG3$5.7521,&GHWHFWHD]ăREVWD NPKÌQFD]FRQWUDU$VLVWHQĠDDFWLYăOD
SDUFDUHYDILDQXODWă
FROH$VLVWHQĠDDFWLYăODSDUFDUHIUkQHD]ă
DXWRPDWvQWLPSXOSURFHVXOXLGHSDUFDUH G ÌQVSDĠLLGHSDUFDUHUHVWUkQVHYHĠLREĠLQH
'XPQHDYRDVWUăVXQWHĠLUHVSRQVDELOGHIUk UH]XOWDWHRSWLPHODSDUFDUHPHUJkQGvQDSRL
QDUHDvQWLPSXWLO FkWPDLGHSDUWH3HSDUFXUVXODFHVWHL
PDQHYUHXUPăULĠLúLPHVDMHOH3$5.752
$VLVWHQĠDDFWLYăODSDUFDUHQXYăVXVĠLQHvQ 1,&
FD]XOVSDĠLLORUGHSDUFDUHSDUDOHOHFXGLUHFĠLD
GHPHUVGDFă  2SULĠLYăLPHGLDWFH3$5.7521,&HPLWH
VXQHWXOGHDYHUWL]DUHFRQWLQXXGDFăQX
=VSDĠLXOGHSDUFDUHVHDIOăSHRSLDWUăGH
FKLDUvQDLQWH
ERUGXUă (VWHSRVLELOVăILHQHFHVDUHPDQHYUHvQVSD
=VSDĠLXOGHSDUFDUHHVWHDSDUHQWEORFDWGH
ĠLLGHSDUFDUHVWUkQVH
H[HPSOXGHSDYHOHSHQWUXJD]RQ
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOăPHVDMXO
=UD]DGHPLúFDUHHVWHSUHDPLFă
3DUN$VVLVWDFWLYH(QJDJHIRUZDUG
=VSDĠLXOGHSDUFDUHHVWHOLPLWDWGHXQREVWD
JHDU2EVHUYHVXUURXQGLQJV $VLVњ
FROFDUHQXHVWHELQHGHILQLWFXPDUILXQ WHQĆDDFWLYÆODSDUFDUH&XSODĆL
FRSDFVDXRUHPRUFă WUHDSWDGHPHUV±QDLQWH2EVHUYDĆL
 2SULĠLDXWRYHKLFXOXOFkQGVLPEROXOGHSDU ±PSUHMXULPLOH DSDUHSHDILúDMXOPXOWLIXQF
FDUHSUH]LQWăVSDĠLXOGHSDUFDUHGRULWvQ ĠLRQDO
WDEORXOGHERUG $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWăPHVD
 $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă MXO3DUN$VVLVWDFWLYH6HOHFW'
FXSODĠLvQWUHDSWDGHPHUVvQDSRL 2EVHUYHVXUURXQGLQJV $VLVWHQĆD
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă DFWLYÆODSDUFDUH6HOHFWDĆL'2EVHUњ
FXSODĠLvQSR]LĠLD5 YDĆL±PSUHMXULPLOH DSDUHSHDILúDMXOPXO
0HVDMXO6WDUW3DUN$VVLVW"<HV2. WLIXQFĠLRQDO
1R 3RUQLĆL$VLVWHQĆÆ3DUFDUH"


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOăvQ  0DQHYUDĠLGDFăVLWXDĠLDRFHUH
WLPSFHDXWRYHKLFXOXOVWDĠLRQHD]ăFXSODĠL  5HVSHFWDĠLvQWRWGHDXQDPHVDMHOHGHDYHU
vQSULPDWUHDSWăGHYLWH]ă WL]DUHDILúDWHGH3$5.7521,&
&RQGXFHUHDúLSDUFDUHD

$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă 3DJLQD 
VHOHFWDĠLSR]LĠLDGHWUDQVPLVLH'vQWLPSFH 5HFRPDQGăULSULYLQGSDUFDUHD
DXWRYHKLFXOXOVWDĠLRQHD]ă
=PRGXOvQFDUHDXWRYHKLFXOXOGXPQHD
$VLVWHQĠDDFWLYăODSDUFDUHYLUHD]ăLPHGLDW
vQGLUHFĠLDFHDODOWă YRDVWUăHVWHSR]LĠLRQDWvQVSDĠLXOGHSDUFDUH
GXSăSDUFDUHGHSLQGHGHGLYHUúLIDFWRUL
0HVDMXO3DUN$VVLVWDFWLYH$FFHOHњ
3ULQWUHDFHúWLDVHQXPăUăSR]LĠLDúLIRUPD
UDWHDQGEUDNH2EVHUYHVXUURXQњ
DXWRYHKLFXOHORUSDUFDWHvQIDĠDúLvQVSDWHOH
GLQJV $VLVWHQĆÆDFWLYÆODSDUFDUH
VăXúLVWDUHDORFXOXLUHVSHFWLYÌQDQXPLWH
$FFHOHUDĆLĂLIU¥QDĆL2EVHUYDĆL
FD]XULDVLVWHQĠDDFWLYăODSDUFDUHYăJKL
±PSUHMXULPLOH DSDUHSHDILúDMXOPXOWL
GHD]ăSUHDGHSDUWHvQWUXQVSDĠLXGHSDU
IXQFĠLRQDO
FDUHVDXLQVXILFLHQWGHGHSDUWHvQDFHVWD
G 9HĠLREĠLQHFHOHPDLEXQHUH]XOWDWHGDFă ÌQDOWHOHHDYDUSXWHDJKLGDvQWUXQWURWXDU
DúWHSWDĠLFDSURFHGXUDGHGLUHFĠLHVăVH VDXSHVWHHO'DFăHVWHQHFHVDUWUHEXLHVă
vQFKHLHvQDLQWHGHDSRUQLGHSHORF DQXODĠLSURFHGXUDGHSDUFDUHFX$VLVWHQĠD
 &RQGXFHĠLvQDLQWHúLILĠLWRWWLPSXOJDWDVă DFWLYăODSDUFDUH
IUkQDĠL =SXWHĠLGHDVHPHQHDVăFXSODĠLWUHDSWDGH
 2SULĠLYăLPHGLDWFH3$5.7521,&HPLWH PHUVvQDLQWHSUHPDWXU$XWRYHKLFXOXOvúL
VXQHWXOGHDYHUWL]DUHFRQWLQXXGDFăQX VFKLPEăGLUHFĠLDúLLQWUăVXILFLHQWGH
FKLDUvQDLQWH GHSDUWHvQVSDĠLXOGHSDUFDUHÌQFD]XOvQ
FDUHRWUHDSWăGHYLWH]HHVWHVFKLPEDWă
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOăPHVDMXO
SUHDGHYUHPHSURFHGXUDGHSDUFDUHYDIL
3DUN$VVLVWDFWLYH(QJDJHUHYHUVH
DQXODWă2SR]LĠLHGHSDUFDUHDFFHSWDELOă
JHDU2EVHUYHVXUURXQGLQJV $VLVњ
QXPDLSRDWHILREĠLQXWăGLQDFHDVWăSR]LĠLH
WHQĆDDFWLYÆODSDUFDUH&XSODĆL±Q
WUHDSWDGHPHUV±QDSRL2EVHUYDĆL
±PSUHMXULPLOH DSDUHSHDILúDMXOPXOWLIXQF ,HúLUHDGLQWUXQVSDĠLXGHSDUFDUH
ĠLRQDO 3HQWUXFD$VLVWHQĠDDFWLYăODSDUFDUHVăYă
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWăPHVD SRDWăDMXWDFkQGLHúLĠLGLQVSDĠLXOGHSDUFDUH
MXO3DUN$VVLVWDFWLYH6HOHFW5 =ERUGXUDVSDĠLXOXLGHSDUFDUHQXWUHEXLHVă
2EVHUYHVXUURXQGLQJV $VLVWHQĆD ILHSUHDMRDVă
DFWLYÆODSDUFDUH6HOHFWDĆL52EVHUњ =ERUGXUDVSDĠLXOXLGHSDUFDUHQXWUHEXLHVă
YDĆL±PSUHMXULPLOH DSDUHSHDILúDMXOPXO
ILHSUHDODWă6LVWHPXOPDQHYUHD]ăDXWRYH
WLIXQFĠLRQDO
KLFXOXOvQWURSR]LĠLHGHPD[LPƒIDĠăGH
 (VWHSRVLELOVăPDLILHQHFHVDUăFXSODUHD SR]LĠLDGHSRUQLUHvQVSDĠLXOGHSDUFDUH
WUDQVPLVLHL =RGLVWDQĠăGHPDQHYUăGHFHOSXĠLQ
,PHGLDWFHSURFHGXUDGHSDUFDUHVDvQFKHLDW PWUHEXLHVăILHGLVSRQLELOă
PHVDMXO3DUN$VVLVWVZLWFKHGRII $VLVWHQĠDDFWLYăODSDUFDUHYăSRDWHvQGUXPD
$VLVWHQĆDODSDUFDUHRSULWÆ DSDUHSH QXPDLODLHúLUHDGLQWUXQVSDĠLXGHSDUFDUH
DILúDMXOPXOWLIXQFĠLRQDO3$5.7521,& GDFăDĠLSDUFDWDXWRYHKLFXOXOFXDMXWRUXODVLV
UăPkQHGLVSRQLELO WHQĠHLDFWLYHODSDUFDUH
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

 3RUQLĠLPRWRUXO QHFHVDUvQWLPSFHDXWRYHKLFXOXOVWDĠLR
 3RUQLĠLVHPQDOL]DWRUXOGHGLUHFĠLHGHSHSDU QHD]ă
WHDGLQVSUHVWUDGă $VLVWHQĠDDFWLYăODSDUFDUHYLUHD]ăLPHGLDW

&RQGXFHUHDúLSDUFDUHD
 $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă vQGLUHFĠLDFHDODOWă0HVDMXO3DUN$VVLVW
FXSODĠLvQSULPDWUHDSWăGHYLWH]ăVDXvQ DFWLYH$FFHOHUDWHDQGEUDNH
WUHDSWDGHPHUVvQDSRL 2EVHUYHVXUURXQGLQJV $VLVWHQĆÆ
DFWLYÆODSDUFDUH$FFHOHUDĆLĂL
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
IU¥QDĆL2EVHUYDĆL±PSUHMXULPLOH
FXSODĠLWUDQVPLVLDvQSR]LĠLD'VDX5
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
0HVDMXO6WDUW3DUN$VVLVW"<HV2.
1R 3RUQLĆL$VLVWHQĆÆ3DUFDUH" G 9HĠLREĠLQHFHOHPDLEXQHUH]XOWDWHGDFă
'D2.1X 8DSDUHSHDILúDMXOPXOWL DúWHSWDĠLFDSURFHGXUDGHGLUHFĠLHVăVH
IXQFĠLRQDO vQFKHLHvQDLQWHGHDSRUQLGHSHORF
 3HQWUXDDQXODSURFHGXUDDSăVDĠLEXWR
'DFăPHUJHĠLvQDSRLGXSăDFWLYDUHYRODQXO
QXO8GHSHYRODQXOPXOWLIXQFĠLRQDOVDX HVWHGHSODVDWvQSR]LĠLDGUHSWvQDLQWH
GHPDUDĠL  ÌQFHSHĠLVăPHUJHĠLvQDLQWHVDXvQDSRLILLQG
VDX WRWWLPSXOJDWDVăIUkQDĠL
 3HQWUXDLHúLGLQWUXQVSDĠLXGHSDUFDUH  2SULĠLYăLPHGLDWFH3$5.7521,&HPLWH

FXDMXWRUXO$VLVWHQĠHLDFWLYHODSDUFDUH VXQHWXOGHDYHUWL]DUHFRQWLQXXGDFăQX
DSăVDĠLEXWRQXOvGHSHYRODQXOPXOWL FKLDUvQDLQWH
IXQFĠLRQDO  &RQGXFHĠLvQDLQWHúLvQDSRLFRQIRUPLQGLFD

0HVDMXO3DUN$VVLVWDFWLYH$FFHOHњ ĠLLORUGHSHDILúDMHOHGHDYHUWL]DUH3$5.
UDWHDQGEUDNH2EVHUYHVXUURXQњ 7521,&GHPDLPXOWHRULGDFăHVWHQHFH
GLQJV $VLVWHQĆÆDFWLYÆODSDUFDUH VDU
$FFHOHUDĆLĂLIU¥QDĆL2EVHUYDĆL 2GDWăFHDĠLLHúLWFRPSOHWGLQVSDĠLXOGHSDU
±PSUHMXULPLOH DSDUHSHDILúDMXOPXOWL FDUHYRODQXOHVWHGHSODVDWvQSR]LĠLDGUHSW
IXQFĠLRQDO vQDLQWH$X]LĠLXQWRQúLPHVDMXO3DUN
 (OLEHUDĠLYRODQXOPXOWLIXQFĠLRQDO $VVLVWVZLWFKHGRII $VLVWHQĆÆOD
 ÌQFHSHĠLVăPHUJHĠLvQDSRLVDXvQDLQWHILLQG SDUFDUHRSULWÆ DSDUHSHDILúDMXOPXOWL
WRWWLPSXOJDWDVăIUkQDĠL1XGHSăúLĠLR IXQFĠLRQDO$SRLYDWUHEXLVăYLUDĠLúLVăLQWUDĠL
YLWH]ăPD[LPăGHDSUR[LPDWLYNPK vQWUDILFSHFRQWSURSULX3$5.7521,&HVWH
FkQGLHúLĠLGLQWUXQVSDĠLXGHSDUFDUHÌQFD] vQFăGLVSRQLELOă
FRQWUDU$VLVWHQĠDDFWLYăODSDUFDUHYDIL
DQXODWă $QXODUHD$VLVWHQĠHLDFWLYHODSDUFDUH
 2SULĠLYăFkQG3$5.7521,&HPLWHVXQHWXO 3XWHĠLDQXODRULFkQGDVLVWHQĠDDFWLYăODSDU
GHDYHUWL]DUHFRQWLQXXGDFăQXFKLDU FDUH
vQDLQWH
 2SULĠLGHSODVDUHDYRODQXOXLPXOWLIXQFĠLRQDO
 $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
VDXPDQHYUDĠLVLQJXU
FXSODĠLvQSULPDWUHDSWăGHYLWH]ăVDXvQ $VLVWHQĠDDFWLYăODSDUFDUHYDILDQXODWă
WUHDSWDGHPHUVvQDSRLGXSăFXPHVWH LPHGLDW0HVDMXO3DUN$VVLVWFDQFHOњ
QHFHVDUvQWLPSFHDXWRYHKLFXOXOVWDĠLR
QHD]ă
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
FXSODĠLvQSR]LĠLD'VDX5GXSăFXPHVWH


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

OHG $VLVWHQĆDODSDUFDUHDQXODWÆ &DPHUăGHPHUVvQDSRL


DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
VDX 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
&RQGXFHUHDúLSDUFDUHD

 $SăVDĠLEXWRQXO3$5.7521,&GHSHFRQ &DPHUDGHPHUVvQDSRLHVWHGRDUXQDMXWRU
VRODFHQWUDOă 3DJLQD  $FHDVWDQXSRDWHvQORFXLDWHQĠLDGXPQHD
3$5.7521,&HVWHRSULWúLDVLVWHQĠDDFWLYă YRDVWUăSHQWUXvPSUHMXUăULOHLPHGLDWH
ODSDUFDUHHVWHLPHGLDWDQXODWă0HVDMXO 5ăVSXQGHUHDSHQWUXPDQHYUDUHDúLSDUFDUHD
3DUN$VVLVWFDQFHOOHG $VLVWHQĆD vQVLJXUDQĠăYăDSDUĠLQH$VLJXUDĠLYăFăQXVH
ODSDUFDUHDQXODWÆ DSDUHSHDILúDMXO DIOăSHUVRDQHDQLPDOHVDXRELHFWHvQUD]D
PXOWLIXQFĠLRQDO GXPQHDYRDVWUăGHDFĠLXQHDWXQFLFkQGHIHF
$VLVWHQĠDDFWLYăODSDUFDUHHVWHDQXODWăDXWR WXDĠLPDQHYUHúLSDUFDĠL
PDWGDFă ÌQXUPăWRDUHOHVLWXDĠLLFDPHUDGHPHUVvQDSRL
QXYDIXQFĠLRQDVDXYDIXQFĠLRQDvQWUXQPRG
=FXSODĠLIUkQDHOHFWULFăGHSDUFDUH
OLPLWDW
=SDUFDUHDFXDMXWRUXO$VLVWHQĠHLDFWLYHOD
=GDFăKD\RQXOHVWHGHVFKLV
SDUFDUHQXPDLHVWHSRVLELOă
=SHSORDLHDEXQGHQWă]ăSDGăVDXFHDĠă
=FRQGXFHĠLFXSHVWHNPK
=QRDSWHDVDXvQORFXULIRDUWHvQWXQHFDWH
=RURDWăSDWLQHD]ăúL(63ŠLQWHUYLQHVDXVH
=vQFD]XOvQFDUHFDPHUDHVWHH[SXVăXQHL
GHIHFWHD]ă/DPSDGHDYHUWL]DUHåVH
DSULQGHvQWDEORXOGHERUG OXPLQLLQWHQVH
=GDFă]RQDHVWHLOXPLQDWăGHROXPLQăIOXR
6HHPLWHXQVXQHWGHDYHUWL]DUH6LPEROXO
SHQWUXVSDĠLXOGHSDUFDUHGLVSDUHLDUSHDIL UHVFHQWăVDXFX/('XUL DILúDMXODUSXWHD
úDMXOPXOWLIXQFĠLRQDODSDUHPHVDMXO3DUN SkOSkL
$VVLVWFDQFHOOHG $VLVWHQĆDODSDUњ =GDFăH[LVWăRPRGLILFDUHEUXVFăDWHPSH

FDUHDQXODWÆ  UDWXULLGHH[FkQGLQWUDĠLvQWUXQJDUDM
&kQGDVLVWHQĠDDFWLYăODSDUFDUHHVWHDQXODWă vQFăO]LWSHWLPSGHLDUQă
WUHEXLHVăPDQHYUDĠLGLQQRXVLQJXU =GDFăOHQWLODFDPHUHLHVWHPXUGDUăVDX

'DFăVXUYLQHRGHIHFĠLXQHvQVLVWHPDXWRYH REVWUXFĠLRQDWă
KLFXOXOHVWHIUkQDWSkQăODRSULUH3HQWUXD =GDFăVSDWHOHDXWRYHKLFXOXOXLGXPQHD

FRQWLQXDVăFRQGXFHĠLDSăVDĠLSHGDODGH YRDVWUăHVWHGHWHULRUDWÌQDFHVWFD]VROL
DFFHOHUDĠLHGLQQRX FLWDĠLYHULILFDUHDSR]LĠLHLúLVHWăULORUFDPH
UHLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
7UDFWDUHDXQHLUHPRUFL
1RWHJHQHUDOH
/DDXWRYHKLFXOHOHFXXQFkUOLJGHWUDFWDUHD
UHPRUFLLOXQJLPHDPLQLPăDVSDĠLLORUGHSDU
FDUHFUHúWHXúRU
'DFăDĠLIL[DWRUHPRUFăODDXWRYHKLFXOXOGXP
QHDYRDVWUăQXWUHEXLHVăXWLOL]DĠL$VLVWHQĠD
DFWLYăODSDUFDUH'XSăUHDOL]DUHDFRQH[LXQLL
HOHFWULFHvQWUHDXWRYHKLFXOXOGXPQHDYRDVWUă
úLUHPRUFă$VLVWHQĠDDFWLYăODSDUFDUHQXPDL
HVWHGLVSRQLELOă3$5.7521,&HVWHGH]DFWL
YDWSHQWUX]RQDSRVWHULRDUă

C &DPHUăGHPHUVvQDSRL
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

&DPHUDGHPHUVvQDSRLCVHDIOăvQEDQGD IXQFĠLDÄ3DUFDUHFXVSDWHOH´VDXVLPER
PkQHUXOXLGHODKD\RQ OXODSHQWUXÄ&XSODUHDXQHLUHPRUFL´ FRQ
&DPHUDGHPHUVvQDSRLCHVWHXQVLVWHPGH VXOWDĠLLQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH

&RQGXFHUHDúLSDUFDUHD
DVLVWHQĠăRSWLFODSDUFDUHúLPDQHYUDUH(D SHQWUX&20$1'2QOLQH 
XWLOL]HD]ăOLQLLGHJKLGDUHSHQWUXDSUH]HQWD 6LPEROXOIXQFĠLHLVHOHFWDWHHVWHHYLGHQĠLDW
]RQDGLQVSDWHOHDXWRYHKLFXOXOXLGXPQHD 3HQWUXDGH]DFWLYDFDPHUDGHPHUVvQDSRL
YRDVWUăSHDILúDMXO$XGLR&20$1' HVWHGH]DFWLYDWăGDFă
=RQDGLQVSDWHOHDXWRYHKLFXOXOXLHVWHDILúDWă =FXSODĠLWUDQVPLVLDvQSR]LĠLD3
FDRLPDJLQHvQRJOLQGăFDvQRJOLQGDUHWURYL =FRQGXFHĠLvQDLQWHP
]RDUH
=FXSODĠLWUDQVPLVLDGLQSR]LĠLD5vQWURDOWă
G 7H[WXOPHVDMHORUSUH]HQWDWHSHDILúDMXO SR]LĠLHGXSăVHFXQGH
&20$1'GHSLQGHGHVHWDUHDOLPELL0DL =FRQGXFHĠLvQDLQWHFXRYLWH]ăGHSHVWH
MRVVXQWSUH]HQWDWHH[HPSOHGHPHVDMHSUL NPK
YLQGFDPHUDGHPHUVvQDSRLSHDILúDMXO
&20$1'
$ILúDMHSHDILúDMXO$XGLR&20$1'
$FWLYDUHDGH]DFWLYDUHDFDPHUHLGH &DPHUDGHPHUVvQDSRLSRDWHSUH]HQWDREVWD
PHUVvQDSRL FROHOHvQWUXQPRGGHIRUPDWLQFRUHFWVDX
SRDWHVăQXOHDILúH]HGHORF2EVWDFROHOHQX
VXQWSUH]HQWDWHGHFDPHUDGHPHUVvQDSRLvQ
XUPăWRDUHOHORFXUL
=IRDUWHDSURDSHGHEDUDGHSURWHFĠLHGLQ
VSDWH
=GHVXEEDUDGHSURWHFĠLHGLQVSDWH
=vQ]RQDLPHGLDWGHDVXSUDPkQHUXOXLKD\R
QXOXL
 2ELHFWHOHQHDIODWHODQLYHOXOVROXOXLSRW
SăUHDPDLvQGHSăUWDWHGHFkWVXQWvQUHDOL
 3HQWUXDDFWLYDDVLJXUDĠLYăFăvQFRPX WDWHGHH[
WDWRUXOGHFRQWDFWFKHLDVHDIOăvQSR]L =EDUDGHSURWHFĠLHDXQXLDXWRYHKLFXOSDU
ĠLD FDW
 $VLJXUDĠLYăFăVHWDUHDÄ$FWLYDWLRQE\5 =EDUDGHWUDFWDUHDXQHLUHPRUFL
JHDU´ $FWLYDUHFXWUHDSWD5 HVWHDFWLYăvQ =FXSODVIHULFăDXQXLFkUOLJGHWUDFWDUHD
&20$1'2QOLQHFRQVXOWDĠLLQVWUXFĠLXQLOH UHPRUFLL
GHXWLOL]DUHVHSDUDWHSHQWUX&20$1' =VHFĠLXQHDGLQVSDWHDXQXL+*9
2QOLQH =XQVWkOSvQFOLQDW
 &XSODĠLWUHDSWDGHPHUVvQDSRL
8WLOL]DĠLOLQLLOHGLUHFWRDUHQXPDLvQVFRS
=RQDGLQVSDWHOHDXWRYHKLFXOXOXLHVWHSUH
RULHQWDWLY1XYăDSURSLDĠLGHRELHFWHPDL
]HQWDWăSHDILúDMXO&20$1'FXOLQLLGHJKL
PXOWGHFkWSHUPLWHFHDPDLMRDVăOLQLH
GDUH
GLUHFWRDUH
 3HQWUXDVFKLPEDPRGXOGHIXQFĠLRQDUH
SHQWUXDXWRYHKLFXOHOHFXFkUOLJGHWUDF
WDUHDUHPRUFLLFXDMXWRUXOFRQWUROHUXOXL
&20$1'VHOHFWDĠLVLPEROXOCSHQWUX


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

6SHFLILFDĠLLOHSULYLQGGLVWDQĠDVHDSOLFăQXPDL
ODRELHFWHOHFDUHVXQWODQLYHOXOVROXOXL
&RQGXFHUHDúLSDUFDUHD

C /LQLHGHJKLGDUHDOEăIăUăURWLUHDYRODQX
OXLOăĠLPHDDXWRYHKLFXOXOXLLQFOXVLYRJOLQ
]LOHH[WHULRDUH VWDWLF 0HVDMHVXSOLPHQWDUHSHQWUXDXWRYHKLFXOHFX
D /LQLHGHJKLGDUHJDOEHQăODRGLVWDQĠăGH 3$5.7521,&
DSUR[LPDWLYPGHSDUWHDGLQVSDWHD C $ILúDMGHDYHUWL]DUHIDĠă
DXWRYHKLFXOXOXL D ,QGLFDWRUVXSOLPHQWDUSULYLQGGLVSRQLELOL
‡ /LQLHGHJKLGDUHJDOEHQăSHQWUXOăĠLPHD WDWHDODIXQFĠLRQDUH3$5.7521,&
DXWRYHKLFXOXOXLLQFOXVLYRJOLQ]LOHH[WH ‡ $ILúDMGHDYHUWL]DUHVSDWH
ULRDUHSHQWUXXQJKLXOFXUHQWDOYRODQXOXL
GLQDPLF $XWRYHKLFXOHFX3$5.7521,&FkQG3$5.
… %DQGăJDOEHQăFDUHLQGLFăWUDVHXOXUPDW 7521,&HVWHIXQFĠLRQDO 3DJLQD LQGL
GHSQHXULODXQJKLXOFXUHQWDOYRODQXOXL FDWRUXOVXSOLPHQWDUSULYLQGGLVSRQLELOLWDWHDOD
GLQDPLF IXQFĠLRQDUHDDSDUHSHDILúDMXO&20$1'
'DFăDILúDMHOHGHDYHUWL]DUH3$5.7521,&
VXQWDFWLYHVDXVHDSULQGDILúDMHOHGHDYHUWL
]DUHCúL‡VXQWGHDVHPHQHDDFWLYHVDXVH
DSULQGvQPRGFRUHVSXQ]ăWRUSHDILúDMXO
&20$1'

)XQFĠLHGHSDUFDUHFXPHUVvQDSRL
 $VLJXUDĠLYăFăHVWHDFWLYDWăFDPHUDGH
PHUVvQDSRLúLHVWHVHOHFWDWăIXQFĠLDÄ3DU
FDUHFXPHUVvQDSRLFRQVXOWDĠLLQVWUXFĠLX
QLOHGHXWLOL]DUHVHSDUDWHSHQWUXVLVWHPXO
ƒ /LQLHGHJKLGDUHJDOEHQăODRGLVWDQĠăGH
DXGLR&20$1'2QOLQH
DSUR[LPDWLYPGHSDUWHDGLQVSDWHD 6XQWDILúDWHEDQGDúLOLQLLOHGHJKLGDUH
DXWRYHKLFXOXOXL
„ 3XQWHFHQWUDOăDXWRYHKLFXO DVLVWHQĠă
PDUFDM
k %DUDGHSURWHFĠLH
l /LQLHGHJKLGDUHURúLHODRGLVWDQĠăGH
DSUR[LPDWLYPGHSDUWHDGLQVSDWHD
DXWRYHKLFXOXOXL
/LQLLOHGHJKLGDUHVXQWLQGLFDWHDWXQFLFkQG
WUDQVPLVLDVHDIOăvQSR]LĠLD5
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

0HUVvQDSRLvQWUXQVSDĠLXGHSDUFDUHIăUă 3DUFDUHSHUSHQGLFXODUăFXPHUVvQDSRLFX
URWLUHDYRODQXOXL YRODQXOODXQXQJKL

&RQGXFHUHDúLSDUFDUHD
C /LQLHGHJKLGDUHDOEăIăUăURWLUHDYRODQX 5RWLUHDYRODQXOXL
OXLOăĠLPHDDXWRYHKLFXOXOXLLQFOXVLYRJOLQ C /LQLHGHJKLGDUHJDOEHQăSHQWUXOăĠLPHD
]LOHH[WHULRDUH VWDWLF DXWRYHKLFXOXOXLLQFOXVLYRJOLQ]LOHH[WH
D /LQLHGHJKLGDUHJDOEHQăSHQWUXOăĠLPHD ULRDUHSHQWUXXQJKLXOFXUHQWDOYRODQXOXL
DXWRYHKLFXOXOXLLQFOXVLYRJOLQ]LOHH[WH GLQDPLF
ULRDUHSHQWUXXQJKLXOFXUHQWDOYRODQXOXL D 0DUFDMVSDĠLXGHSDUFDUH
GLQDPLF
 $VLJXUDĠLYăFDPHUDGHPHUVvQDSRLVăILH
‡ /LQLHGHJKLGDUHJDOEHQăODRGLVWDQĠăGH
SRUQLWă 3DJLQD 
DSUR[LPDWLYPGHSDUWHDGLQVSDWHD 6XQWDILúDWHEDQGDúLOLQLLOHGHJKLGDUH
DXWRYHKLFXOXOXL
 7UHFHĠLGHVSDĠLXOGHSDUFDUHúLRSULĠLDXWR
… /LQLHGHJKLGDUHURúLHODRGLVWDQĠăGH
YHKLFXOXO
DSUR[LPDWLYPGHSDUWHDGLQVSDWHD
 ÌQWLPSFHDXWRYHKLFXOXOHVWHRSULWURWLĠL
DXWRYHKLFXOXOXL
YRODQXOvQGLUHFĠLDVSDĠLXOXLGHSDUFDUHSkQă
 $VLJXUDĠLYăFDPHUDGHPHUVvQDSRLVăILH FkQGOLQLDGHJKLGDUHJDOEHQăCDWLQJH
SRUQLWă 3DJLQD  PDUFDMXOVSDĠLXOXLGHSDUFDUHD
6XQWDILúDWHEDQGDúLOLQLLOHGHJKLGDUH
 0HQĠLQHĠLYRODQXOvQDFHDSR]LĠLHúLGDĠLFX
 &XDMXWRUXOOLQLHLGHJKLGDUHDOEHCYHULIL
VSDWHOHFXDWHQĠLH
FDĠLGDFăDXWRYHKLFXOXOYDvQFăSHDvQVSD
ĠLXOGHSDUFDUH
 &XDMXWRUXOEHQ]LLDOEHCFDJKLGPHUJHĠL
vQDSRLFXDWHQĠLHSkQăDWLQJHĠLSR]LĠLDGH
FDSăW
/LQLDGHJKLGDUHURúLH…HVWHDSRLOD
FDSăWXOVSDĠLXOXLGHSDUFDUH$XWRYHKLFXOXO
HVWHDSURDSHSDUDOHOFXVSDĠLXOGHSDUFDUH

0HUVvQDSRLFXYRODQXOURWLW
C /LQLHGHJKLGDUHJDOEHQăSHQWUXOăĠLPHD
DXWRYHKLFXOXOXLLQFOXVLYRJOLQ]LOHH[WH
ULRDUHSHQWUXXQJKLXOFXUHQWDOYRODQXOXL
GLQDPLF


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

 2SULĠLDXWRYHKLFXOXOFkQGHVWHDSURDSH )XQFĠLDÄ&XSODUHDXQHLUHPRUFL´
H[DFWvQIDĠDVSDĠLXOXLGHSDUFDUH
$FHDVWăIXQFĠLHHVWHGLVSRQLELOăQXPDLOD
%DQGDDOEăWUHEXLHVăILHSHFkWSRVLELO
DXWRYHKLFXOHFXXQFkUOLJGHWUDFWDUHDUHPRU
&RQGXFHUHDúLSDUFDUHD

SDUDOHOăFXVSDĠLXOGHSDUFDUH
FLLúL&20$1'2QOLQH

&RQGXFHUHSkQăvQSR]LĠLDILQDOă C 3XQFWFHQWUDODODXWRYHKLFXOXOXLSHOLQLDGH
C /LQLHGHJKLGDUHDOEăODXQJKLXOFXUHQWDO JKLGDUHJDOEHQăODRGLVWDQĠăGHDSUR[L
YRODQXOXL PDWLYPGHSDUWHDGLQVSDWHDDXWR
D 0DUFDMVSDĠLXGHSDUFDUH YHKLFXOXOXL
 5RWLĠLYRODQXOvQSR]LĠLDFHQWUDOăvQWLPSFH D %DUăGHWUDFWDUHUHPRUFă
DXWRYHKLFXOXOVWDĠLRQHD]ă ‡ &XSOăVIHULFă
$FHDVWăIXQFĠLHHVWHGLVSRQLELOăQXPDLOD
DXWRYHKLFXOHOHFXFkUOLJGHWUDFWDUHDUHPRU
FLL
 6HWDĠLvQăOĠLPHDEDUHLGHWUDFWDUHDUHPRU
FLLDDúDvQFkWVăILHSXĠLQPDLVXVGHFkW
FXSODVIHULFă‡
 3R]LĠLRQDĠLDXWRYHKLFXOXOFHQWUDOvQIDĠD
EDUHLGHWUDFWDUHDUHPRUFLLD

C /LQLHGHJKLGDUHURúLHODRGLVWDQĠăGH
DSUR[LPDWLYPGHSDUWHDGLQVSDWHD
DXWRYHKLFXOXOXL
D /LQLHGHJKLGDUHDOEăIăUăURWLUHDYRODQXOXL
‡ &DSăWXOVSDĠLXOXLGHSDUFDUH
 'DĠLFXVSDWHOHFXDWHQĠLHSkQăFkQGDĠL
DMXQVODSR]LĠLDGHFDSăW
/LQLDGHJKLGDUHURúLHCHVWHDSRLOD
FDSăWXOVSDĠLXOXLGHSDUFDUH‡$XWRYHKL C &XSOăVIHULFă
FXOXOHVWHDSURDSHSDUDOHOFXVSDĠLXOGHSDU D /LQLHGHJKLGDUHURúLHODRGLVWDQĠăGH
FDUH DSUR[LPDWLYPGHFXSODVIHULFă
‡ $MXWRUSHQWUXIL[DUHDEDUHLGHWUDFWDUHD
UHPRUFLL
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

… %DUăGHWUDFWDUHUHPRUFă 6XQWHĠLvQWRWGHDXQDUHVSRQVDELOSHQWUXVLJX
ƒ 6LPEROSHQWUXIXQFĠLDÄ&XSODUHDXQHL UDQĠăúLWUHEXLHVăDFRUGDĠLvQWRWGHDXQDDWHQ
UHPRUFL´ ĠLHvPSUHMXUăULORULPHGLDWHFkQGSDUFDĠLúL

&RQGXFHUHDúLSDUFDUHD
PDQHYUDĠL$FHVWOXFUXHVWHYDODELOSHQWUX
 6HOHFWDĠLVLPEROXOƒFXDMXWRUXOFRQWUROH ]RQHOHGLQVSDWHOHGLQIDĠDúLGHOkQJăDXWR
UXOXL&20$1'FRQVXOWDĠL&20$1' YHKLFXOÌQFD]FRQWUDUDĠLSXWHDSXQHvQSHUL
2QOLQH FROVLJXUDQĠDGXPQHDYRDVWUăúLDDOWRUSHU
)XQFĠLDÄ&XSODUHDXQHLUHPRUFL´HVWHVHOHF VRDQH
WDWă6SHFLILFDĠLLOHSULYLQGGLVWDQĠDVHDSOLFă &DPHUDƒQXYDIXQFĠLRQDVDXYDIXQF
DFXPQXPDLODRELHFWHOHFDUHVXQWODDFH ĠLRQDQXPDLvQWUXQPRGOLPLWDW
ODúLQLYHOFXFXSODVIHULFă
=GDFăSRUWLHUHOHVXQWGHVFKLVH
 'DĠLFXVSDWHOHFXDWHQĠLHDVLJXUkQGXYăFă
=GDFăRJOLQ]LOHH[WHULRDUHVXQWUDEDWDWHvQ
DMXWRUXOSHQWUXIL[DUHDEDUHLGHWUDFWDUHD
UHPRUFLL‡LQGLFăDSUR[LPDWLYGLUHFĠLD LQWHULRU
EDUHLGHWUDFWDUHDUHPRUFLL… =GDFăKD\RQXOHVWHGHVFKLV
=SHSORDLHDEXQGHQWă]ăSDGăVDXFHDĠă
 'DĠLFXVSDWHOHFXDWHQĠLHSkQăFkQGEDUD
GHWUDFWDUH…DWLQJHOLQLDGHJKLGDUH =QRDSWHDVDXvQORFXULIRDUWHvQWXQHFDWH

URúLHD =vQFD]XOvQFDUHFDPHUHOHVXQWH[SXVHXQHL

 &XSODĠLUHPRUFD 3DJLQD  OXPLQLLQWHQVH


=GDFă]RQDHVWHLOXPLQDWăGHROXPLQăIOXR
UHVFHQWăVDXFX/('XUL DILúDMXODUSXWHD
&DPHUăƒ SkOSkL
=GDFăFRQGXFHĠLvQWUXQJDUDMvQFăO]LWSH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD WLPSGHLDUQăúLWHPSHUDWXUDVHPRGLILFă
&DPHUDƒHVWHGRDUXQDMXWRU$FHDVWDQX IRDUWHUDSLG
SRDWHvQORFXLDWHQĠLDGXPQHDYRDVWUăSHQWUX =vQFD]XOvQFDUHOHQWLOHOHFDPHUHLVXQWPXU
vPSUHMXUăULOHLPHGLDWH5ăVSXQGHUHDSHQWUX GDUHVDXDFRSHULWH
PDQHYUDUHDúLSDUFDUHDvQVLJXUDQĠăYăDSDU =vQFD]XOvQFDUHFRPSRQHQWHOHDXWRYHKLFX
ĠLQH$VLJXUDĠLYăFăQXVHDIOăSHUVRDQHDQL OXOXLvQFDUHVXQWPRQWDWHFDPHUHOHVXQW
PDOHVDXRELHFWHvQUD]DGXPQHDYRDVWUăGH GHWHULRUDWHÌQDFHVWFD]VROLFLWDĠLYHULILFD
DFĠLXQHDWXQFLFkQGHIHFWXDĠLPDQHYUHúLSDU UHDSR]LĠLHLúLVHWăULORUFDPHUHLODXQDWHOLHU
FDĠL GHVSHFLDOLWDWHDXWRUL]DW
&DPHUDƒSRDWHSUH]HQWDREVWDFROHOH 1XXWLOL]DĠLFDPHUDƒvQDFHVWFD]ÌQFD]
vQWUXQPRGGHIRUPDWLQFRUHFWVDXSRDWHVă FRQWUDUDĠLSXWHDSURYRFDUăQLUHDDOWRUSHU
QXOHDILúH]HGHORF$FHDVWDQXSRDWHSUH VRDQHVDXGHWHULRUDUHDRELHFWHORUFkQGSDU
]HQWDRELHFWHOHGLQXUPăWRDUHOH]RQH FDĠLDXWRYHKLFXOXO
=GHVXEEDUDGHSURWHFĠLHIDĠă
=IRDUWHDSURDSHGHEDUDGHSURWHFĠLHIDĠă 1RWHJHQHUDOH
=IRDUWHDSURDSHGHEDUDGHSURWHFĠLHGLQ
&DPHUDƒHVWHXQVLVWHPIRUPDWGLQSDWUX
VSDWH FDPHUH
=GHVXEEDUDGHSURWHFĠLHGLQVSDWH
6LVWHPXOHYDOXHD]ăLPDJLQLOHSURYHQLWHGHOD
=DIODWHODRGLVWDQĠăPLFăGHDVXSUDPkQHUX XUPăWRDUHOHFDPHUH
OXLFDSRWHLSRUWEDJDMXOXL =&DPHUăGHPHUVvQDSRL
=IRDUWHDSURDSHGHRJOLQ]LOHH[WHULRDUH
=&DPHUDIURQWDOă
='RXăFDPHUHvQRJOLQ]LOHH[WHULRDUH


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

&DPHUHOHVXUSULQGLPDJLQLGLQLPHGLDWDDSUR &RQGLĠLLGHDFWLYDUH
SLHUHDDXWRYHKLFXOXOXL6LVWHPXOYăDVLVWăGH
,PDJLQHDFDPHUHLƒSRDWHILDILúDWăGDFă
H[HPSOXFkQGSDUFDĠLVDXODLHúLULOHFXYL]LEL
&RQGXFHUHDúLSDUFDUHD

OLWDWHUHGXVă =DXWRYHKLFXOXOGXPQHDYRDVWUăHVWHGRWDWFX

3XWHĠLYL]XDOL]DLPDJLQLOHGHODFDPHUDƒ RFDPHUăƒ
vQPRGXOGHHFUDQFRPSOHWVDXvQWURYL]XDOL =&20$1'2QOLQHHVWHDFWLYDWFRQVXOWDĠL
]DUHGHHFUDQvPSăUĠLWvQúDSWHSăUĠLSHDILúD LQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWHSHQWUX
MXO&20$1'2YL]XDOL]DUHvQHFUDQvPSăUĠLW &20$1'2QOLQH
LQFOXGHGHDVHPHQHDRYHGHUHGHVXVDDXWR =IXQFĠLDsFDPHUD &DPHUÆs HVWH
YHKLFXOXOXL$FHDVWăYL]XDOL]DUHHVWHFDOFXODWă DFWLYDWă
GHODGDWHOHIXUQL]DWHGHFăWUHFDPHUHOHLQVWD
ODWH FDPHUăYLUWXDOă  $FWLYDUHDFDPHUHLƒFXDMXWRUXO
&HOHúDSWHYL]XDOL]ăULDOHHFUDQXOXLvPSăUĠLW EXWRQXOXL6<6 6LVWHP
VXQW
 ğLQHĠLDSăVDWEXWRQXOfPDLPXOWGH
=YHGHUHGHVXVúLLPDJLQHGHODFDPHUDGH
VHFXQGHFRQVXOWDĠLLQVWUXFĠLXQLOHGHXWL
PHUVvQDSRL XQJKLGHYL]XDOL]DUHGHƒ OL]DUHVHSDUDWHSHQWUX&20$1'2QOLQH
=YHGHUHGHVXVúLLPDJLQHGHODFDPHUDIURQ
8UPăWRDUHOHDSDUGDFăHVWHVHOHFWDWăSR]L
WDOă IăUăDILúDUHDXQJKLXOXLPD[LPDOYROD ĠLD'VDX5DWUDQVPLVLHL
QXOXL =YL]XDOL]DUHvQHFUDQFRPSOHWFXLPDJLQH
=YHGHUHGHVXVúLYHGHUHvQDSRLPăULWă
GHODFDPHUDIURQWDOă
=YHGHUHGHVXVúLYHGHUHvQDLQWHPăULWă =YL]XDOL]DUHvQHFUDQFRPSOHWFXLPDJLQH
=YHGHUHGHVXVúLYHGHUHGHODUHPRUFă GHODFDPHUDGHPHUVvQDSRL
DXWRYHKLFXOHFXFkUOLJGHWUDFWDUHDUHPRU
FLL $FWLYDUHDFDPHUHLƒFXDMXWRUXO
=YHGHUHGHVXVúLLPDJLQLGHODFDPHUHOHGH &20$1'2QOLQH
ODRJOLQ]LRULHQWDWHvQVSUHvQDSRL YHGHUH
URDWăVSDWH  $SăVDĠLEXWRQXOfFRQVXOWDĠLLQVWUXF
=YHGHUHGHVXVúLLPDJLQLGHODFDPHUHOHGH
ĠLXQLOHGHXWLOL]DUHVHSDUDWHSHQWUX
&20$1'2QOLQH
ODRJOLQ]LRULHQWDWHvQVSUHvQDLQWH YHGHUH
 6HOHFWDĠL6\VWHP 6LVWHP URWLQGyRz
URDWăIDĠă
FRQWUROHUXO&20$1'úLDSăVDĠL˜SHQWUX
G 9HGHUHDGHVXVúLYHGHUHDGHODUHPRUFă DFRQILUPD
VXQWGLVSRQLELOHSHQWUXDXWRYHKLFXOHOH
 6HOHFWDĠLsFDPHUD &DPHUÆs úL
GRWDWHFXXQFkUOLJGHWUDFWDUHDUHPRUFLL
DSăVDĠL˜SHQWUXDFRQILUPD
&kQGIXQFĠLDHVWHDFWLYăúLFXSODĠLWUDQVPLVLD 8UPăWRDUHOHDSDUGDFăHVWHVHOHFWDWăSR]L
GLQSR]LĠLD'VDX5vQSR]LĠLD1YHGHĠLYL]XD ĠLD'VDX5DWUDQVPLVLHL
OL]DUHDDQWHULRDUăSHDILúDMXO&20$1' =XQHFUDQvPSăUĠLWFXYHGHUHGHVXVúL
,QVWUXFĠLXQLOHGLQDPLFHVXQWDVFXQVH
LPDJLQHGHODFDPHUDIURQWDOăVDX
&kQGVFKLPEDĠLvQWUHSR]LĠLLOH'úL5DOHWUDQV =XQHFUDQvPSăUĠLWFXYHGHUHGHVXVúL
PLVLHLYHGHĠLYL]XDOL]DUHDGLQIDĠăVDXGLQ
LPDJLQHGHODFDPHUDGHPHUVvQDSRL
VSDWHVHOHFWDWăDQWHULRU
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGFRQ
WUROHUXO&20$1'FRQVXOWDĠLLQVWUXFĠLXQLOHGH
XWLOL]DUHVHSDUDWHSHQWUX&20$1'2QOLQH
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

$FWLYDUHDFDPHUHLƒFXDMXWRUXO =FXSODVIHULFăDXQXLFkUOLJGHWUDFWDUHD
WUHSWHLGHPHUVvQDSRL UHPRUFLL
=VHFĠLXQHDGLQVSDWHDXQXL+*9
3XWHĠLDILúDLPDJLQLGHODFDPHUDƒDXWR

&RQGXFHUHDúLSDUFDUHD
PDWSULQFXSODUHDWUHSWHLGHPHUVvQDSRL =XQVWkOSvQFOLQDW

 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW 8WLOL]DĠLOLQLLOHGLUHFWRDUHQXPDLvQVFRS
FKHLDVHDIOăvQSR]LĠLD RULHQWDWLY1XYăDSURSLDĠLGHRELHFWHPDL
 $VLJXUDĠLYăFăVHWDUHD$FWLYDWLRQE\5
PXOWGHFkWSHUPLWHFHDPDLMRDVăOLQLH
GLUHFWRDUH
JHDU $FWLYDUHFXWUHDSWD5 HVWH
DFWLYăvQ&20$1'2QOLQHFRQVXOWDĠL 9HGHUHGHVXVFXLPDJLQHGHODFDPHUDGH
LQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWHSHQWUX PHUVvQDSRL
&20$1'2QOLQH
 3HQWUXDDILúDLPDJLQHDGHODFDPHUD
ƒFXSODĠLWUHDSWDGHPHUVvQDSRL
=RQDGLQVSDWHOHDXWRYHKLFXOXOXLHVWHSUH
]HQWDWăSHDILúDMXO&20$1'vQPRGXOGH
HFUDQvPSăUĠLW
=DXWRYHKLFXOFXOLQLLGHJKLGDUH
=YHGHUHGHVXVDDXWRYHKLFXOXOXL

6HOHFWDUHDDILúDMXOXLvQHFUDQvPSăUĠLWúL
DILúDMXOXLvQHFUDQFRPSOHW C 6LPEROSHQWUXVHWDUHDHFUDQXOXLvPSăUĠLW
 3HQWUXDFRPXWDvQWUHYL]XDOL]ăULOHGH FXYHGHUHGHVXVúLLPDJLQHGHODFDPHUD
HFUDQvPSăUĠLWFRPXWDĠLODOLQLDFXSLFWR GHPHUVvQDSRL
JUDPHOHDXWRYHKLFXOXOXLFXOLVkQG—RFRQ D /LQLHGHJKLGDUHJDOEHQăODRGLVWDQĠăGH
WUROHUXO&20$1' DSUR[LPDWLYPGHSDUWHDGLQVSDWHD
 5RWLĠLyRzFRQWUROHUXO&20$1'úLVHOHF DXWRYHKLFXOXOXL
WDĠLXQDGLQWUHSLFWRJUDPHOHDXWRYHKLFXOX ‡ /LQLHGHJKLGDUHJDOEHQăSHQWUXOăĠLPHD
OXL DXWRYHKLFXOXOXLLQFOXVLYRJOLQ]LOHH[WH
ULRDUHSHQWUXXQJKLXOFXUHQWDOYRODQXOXL
 3HQWUXDFRPXWDODPRGXOGHHFUDQ GLQDPLF
FRPSOHWVHOHFWDĠL)XOOVFUHHQ (FUDQ
… %DQGăJDOEHQăFDUHLQGLFăWUDVHXOXUPDW
FRPSOHW URWLQGyRzFRQWUROHUXO
GHSQHXULODXQJKLXOFXUHQWDOYRODQXOXL
&20$1'úLDSăVDĠL˜SHQWUXDFRQILUPD GLQDPLF

$ILúDMHSHDILúDMXO&20$1'
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 2ELHFWHOHQHDIODWHODQLYHOXOVROXOXLSRW
SăUHDPDLvQGHSăUWDWHGHFkWVXQWvQUHDOL
WDWHGHH[
=EDUDGHSURWHFĠLHDXQXLDXWRYHKLFXOSDU
FDW
=EDUDGHWUDFWDUHDXQHLUHPRUFL


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

‡ /LQLHGHJKLGDUHJDOEHQăSHQWUXOăĠLPHD
DXWRYHKLFXOXOXLLQFOXVLYRJOLQ]LOHH[WH
ULRDUHSHQWUXXQJKLXOFXUHQWDOYRODQXOXL
&RQGXFHUHDúLSDUFDUHD

GLQDPLF
… %DQGăJDOEHQăFDUHLQGLFăWUDVHXOXUPDW
GHSQHXULODXQJKLXOFXUHQWDOYRODQXOXL
GLQDPLF
ƒ /LQLHGHJKLGDUHJDOEHQăODRGLVWDQĠăGH
DSUR[LPDWLYPGHSDUWHDIURQWDOăD
DXWRYHKLFXOXOXL
ƒ /LQLHGHJKLGDUHJDOEHQăODRGLVWDQĠăGH „ /LQLHGHJKLGDUHURúLHODRGLVWDQĠăGH
DSUR[LPDWLYPGHSDUWHDGLQVSDWHD DSUR[LPDWLYPGHSDUWHDIURQWDOăD
DXWRYHKLFXOXOXL DXWRYHKLFXOXOXL
„ 3XQWHFHQWUDOăDXWRYHKLFXO DVLVWHQĠă 9HGHUHGHVXVúLYHGHUHvQDSRLPăULWă
PDUFDM
k /LQLHGHJKLGDUHURúLHODRGLVWDQĠăGH
DSUR[LPDWLYPGHSDUWHDGLQVSDWHD
DXWRYHKLFXOXOXL
l %DUDGHSURWHFĠLH
/LQLLOHGHJKLGDUHVXQWLQGLFDWHDWXQFLFkQG
WUDQVPLVLDVHDIOăvQSR]LĠLD5
6SHFLILFDĠLLOHSULYLQGGLVWDQĠDVHDSOLFăQXPDL
ODRELHFWHOHFDUHVXQWODQLYHOXOVROXOXL
9HGHUHGHVXVFXLPDJLQHGHODFDPHUD
IURQWDOă C 6LPEROSHQWUXVHWDUHDHFUDQXOXLvPSăUĠLW
FXYHGHUHGHVXVúLLPDJLQHPăULWăGHOD
FDPHUDGHPHUVvQDSRL
D /LQLHGHJKLGDUHURúLHODRGLVWDQĠăGH
DSUR[LPDWLYPGHSDUWHDGLQVSDWHD
DXWRYHKLFXOXOXL
$FHDVWăYL]XDOL]DUHYăDMXWăVăHVWLPDĠLGLV
WDQĠDIDĠăGHDXWRYHKLFXOXOGLQVSDWHOHGXP
QHDYRDVWUă
G $FHDVWăVHWDUHSRDWHILGHDVHPHQHD
VHOHFWDWăFDYHGHUHvQDLQWHPăULWă
C 6LPEROSHQWUXVHWDUHDHFUDQXOXLvPSăUĠLW
FXYHGHUHGHVXVúLLPDJLQHGHODFDPHUD
IURQWDOă
D /LQLHGHJKLGDUHJDOEHQăODRGLVWDQĠăGH
DSUR[LPDWLYPGHSDUWHDIURQWDOăD
DXWRYHKLFXOXOXL
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

9HGHUHGHVXVFXLPDJLQHGHODFDPHUHOH ,PDJLQLDILúDWHFXDILúDMXO3$5.7521,&
GHODRJOLQ]L

&RQGXFHUHDúLSDUFDUHD
([HPSOXYL]XDOL]DUHvQHFUDQFRPSOHWFXDILúDMXO
C 6LPEROSHQWUXVHWDUHDFDPHUHORUGHOD 3$5.7521,&
RJOLQ]LGHYHGHUHGHVXVúLvQDLQWH C 6LPEROSHQWUXVHWDUHDHFUDQXOXLFRPSOHW
D /LQLHGHJKLGDUHJDOEHQăSHQWUXOăĠLPHD FXLPDJLQHGHODFDPHUDGHPHUVvQDSRL
DXWRYHKLFXOXOXLLQFOXVLYRJOLQGDH[WH 'DFăDXWRYHKLFXOXOHVWHGRWDWFX3$5.752
ULRDUă SDUWHDGUHDSWăDDXWRYHKLFXOXOXL 1,&úLIXQFĠLDHVWHDFWLYDWă 3DJLQD 
‡ /LQLHGHJKLGDUHJDOEHQăSHQWUXOăĠLPHD DILúDMHOHGHDYHUWL]DUHDGHSHDILúDMXO
DXWRYHKLFXOXOXLLQFOXVLYRJOLQGDH[WH &20$1'VXQWGHDVHPHQHDDFWLYHVDXVH
ULRDUă SDUWHDVWkQJăDDXWRYHKLFXOXOXL DSULQGvQFRQVHFLQĠă
9HGHUHGHVXVFXYHGHUHGHODUHPRUFă 3$5.7521,&VHSUH]LQWăvQIHOXOXUPăWRU
=VXEIRUPăGHFDGUHURúLLVDXJDOEHQHvQ
MXUXOVLPEROXOXLDXWRYHKLFXOXOXLvQYHGHUHD
GHVXVvQPRGXOGHHFUDQvPSăUĠLWVDX
=vQSDUWHDGUHDSWăMRVVXEIRUPăGHFDGUH
URúLLVDXJDOEHQHvQMXUXOVLPEROXOXLDXWR
YHKLFXOXOXLvQPRGXOGHHFUDQFRPSOHW
G 0RGXOGHHFUDQFRPSOHWSRDWHILGHDVH
PHQHDVHOHFWDWFDYHGHUHvQDLQWH

2SULUHDDILúDMXOXLFDPHUHLƒ
C 6LPEROSHQWUXVHWDUHDYHGHULLGHOD
,PHGLDWFHDXWRYHKLFXOXOGXPQHDYRDVWUă
UHPRUFă GHSăúHúWHRYLWH]ăGHNPKFXIXQFĠLD
D $MXWRUSHQWUXIL[DUHDEDUHLGHWUDFWDUHD DFWLYDWăIXQFĠLDVHGH]DFWLYHD]ă$ILúDMXO
UHPRUFLL DQWHULRUDSDUHSHDILúDMXO&20$1''HDVH
‡ /LQLHGHJKLGDUHURúLHODRGLVWDQĠăGH PHQHDSXWHĠLVăFRPXWDĠLDILúDMXOVHOHFWkQG
DSUR[LPDWLYPGHFXSODVIHULFă VLPEROXO9GHSHDILúDMúLDSăVkQG˜FRQ
WUROHUXO&20$1'SHQWUXDFRQILUPD


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

$VLVWHQWGHPHQĠLQHUHDWHQĠLH 0HVDMHOHGHDYHUWLVPHQWúLGHSHGLV
SOD\SHDILúDMXOPXOWLIXQFĠLRQDO
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
&RQGXFHUHDúLSDUFDUHD

$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHLHVWHGRDU
XQDMXWRU1XSRDWHGHWHFWDvQWRWGHDXQDRER
VHDODVDXVFăGHUHDFRQFHQWUăULLGHFkWFkQG
HVWHSUHDWkU]LXVDXGHORF6LVWHPXOQXSRDWH
ĠLQHORFXOXQXLúRIHUELQHRGLKQLWúLDWHQW
$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHLYăDMXWăSH
SDUFXUVXOFăOăWRULLORUOXQJLPRQRWRQHFXPDU ([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
ILFHOHGHSHDXWRVWUă]LúLGUXPXULSULQFLSDOH  $FWLYDĠL$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHL
(VWHDFWLYvQLQWHUYDOXOGLQWUHNPKúL FXDMXWRUXOFDOFXODWRUXOXLGHERUG
NPK 3DJLQD 
'DFă$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHL 6LPEROXOCDSDUHSHDILúDMXOPXOWLIXQFĠLR
GHWHFWHD]ăVHPQHWLSLFHGHRERVHDOăVDXR QDO
VFăGHUHWRWPDLPDUHDFRQFHQWUăULLúRIHUXOXL
'DFă$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHLHVWH
DFHVWDYăYDVXJHUDVăOXDĠLRSDX]ă
DFWLYYHĠLSULPLXQDYHUWLVPHQWQXPDL
$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHLYăHYD GHYUHPHGHGHPLQXWHGXSăFHYDĠLvQFH
OXHD]ăQLYHOXOGHRERVHDOăVDXVFăGHUHDFRQ SXWFăOăWRULD9HĠLDX]LDSRLGHGRXăRULXQ
FHQWUăULLĠLQkQGFRQWGHXUPăWRDUHOHFULWHULL VXQHWGHDYHUWL]DUHLQWHUPLWHQWLDUSHDILúDMXO
=VWLOXOGXPQHDYRDVWUăGHFRQGXFHUHGHH[ PXOWLIXQFĠLRQDOYDDSăUHDPHVDMXO$WWHQњ
FDUDFWHULVWLFLOHGHGLUHFĠLH WLRQ$VVLVW'URZVLQHVVGHWHFWHG
=SDUDPHWULLUHIHULWRULODFăOăWRULHGHH[ $VLVWHQWGHPHQĆLQHUHDWHQĆLH6RPњ
SHULRDGDGLQ]LOXQJLPHDFăOăWRULHL QROHQĆÆGHWHFWDWÆ 
$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHLDUHRXWLOL  'DFăVLWXDĠLDRFHUHIDFHĠLRSDX]ă
WDWHOLPLWDWăLDUDYHUWLVPHQWHOHSRWILGHFD  $SăVDĠLEXWRQXOvSHQWUXDFRQILUPD
ODWHVDXSRWVăQXILHHPLVHGHORF PHVDMXO
=GDFăVWDUHDGUXPXOXLHVWHSUHFDUăGHH[ &kQGIDFHĠLGUXPXULOXQJLIDFHĠLFXUHJXODUL
GDFăVXSUDIDĠDHVWHQHXQLIRUPăVDXGDFă WDWHSDX]HvQWLPSXWLOSHQWUXDYăRGLKQL
H[LVWăJURSL FRUHVSXQ]ăWRU'DFăQXIDFHĠLRSDX]ăYHĠLIL
=GDFăEDWHXQYkQWSXWHUQLFGLQODWHUDO DYHUWL]DWGLQQRXGXSăFHOSXĠLQPLQXWH
=GDFăDĠLDGRSWDWXQVWLOGHFRQGXFHUHVSRU $FHDVWDVHvQWkPSOăQXPDLGDFă$VLVWHQWXOGH
WLYFXYLWH]HPDULvQYLUDMHVDXFXUDWHULGL PHQĠLQHUHDDWHQĠLHLGHWHFWHD]ăvQFRQWLQXDUH
FDWHGHDFFHOHUDUH VHPQHWLSLFHGHRERVHDOăVDXRVFăGHUHWRW
=GDFăFRQGXFHĠLSUHGRPLQDQWFXPDLSXĠLQ
PDLPDUHDFRQFHQWUăULL
GHNPKVDXFXSHVWHNPK $VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHLHVWHUHVH
=GDFăXWLOL]DĠLvQPRGFXUHQW&20$1'
WDWúLvQFHSHVăYăHYDOXH]HJUDGXOGHRER
VHDOăGLQQRXFkQGYăFRQWLQXDĠLFăOăWRULD
2QOLQHVDXHIHFWXDĠLXQDSHOWHOHIRQLFFX
GDFă
&20$1'2QOLQH
=GDFăRUDDIRVWVHWDWăLQFRUHFW =RSULĠLPRWRUXO

=vQVLWXDĠLLGHFRQGXFHUHDFWLYHGHH[HPSOX =YăVFRDWHĠLFHQWXUDGHVLJXUDQĠăúLGHVFKL

FkQGVFKLPEDĠLEHQ]LOHVDXVFKLPEDĠL GHĠLSRUWLHUDúRIHUXOXLGHH[SHQWUXRvQOR
YLWH]D FXLUHDúRIHUXOXLVDXSHQWUXDOXDRSDX]ă
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL =VHPQHOHGHFLUFXODĠLHVXQWDFRSHULWHGH
H[HPSOXGHPL]HULH]ăSDGăVDXFRSDFL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD =VHPQHOHGHFLUFXODĠLHVXQWVODELOXPLQDWH

&RQGXFHUHDúLSDUFDUHD
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLYăLQGLFăSH =H[LVWăVHPQHGHFLUFXODĠLHDPELJXHGH
DILúDMXOPXOWLIXQFĠLRQDOOLPLWHOHGHYLWH]ă H[HPSOXOkQJăOXFUăULOHUXWLHUHVDXSHGUX
GHWHFWDWH'DWHOHGLQVLVWHPXOGHQDYLJDĠLH PXULOHFXPDLPXOWHEHQ]L
VXQWGHDVHPHQHDXWLOL]DWHvQDFHVWVFRS
'DFăHVWHGHWHFWDWXQVHPQGHFLUFXODĠLHFDUH ,QIRUPDĠLLGHSHDILúDMXOPXOWLIXQFĠLRQDO
LQGLFăROLPLWăGHYLWH]ăVDXVIkUúLWXOXQHL
OLPLWHGHYLWH]HDFHVWDHVWHLQGLFDWSHDILúDMXO
PXOWLIXQFĠLRQDO'DFăDVLVWDUHDSHQWUXOLPLWD
UHDYLWH]HLQXGHWHFWHD]ăVHPQHGHFLUFXODĠLH
VHSUHLDOLPLWDGHYLWH]ăGHSHKDUWDUXWLHUă
GLJLWDOăDFHVWDILLQGLQGLFDWăSHDILúDM
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLGHWHFWHD]ă
VHPQHGHFLUFXODĠLHFXRFDPHUăIL[DWăvQVSD
WHOHSăUĠLLVXSHULRDUHDSDUEUL]XOXL

([HPSOXDXWRYHKLFXOHOHFDUHGLVSXQGHWUDQVPLVLH
DXWRPDWăFXRPDQHWăVHOHFWRDUH
C 6HPQXOGHFLUFXODĠLHFDUHLQGLFăROLPLWă
GHYLWH]ăVDXVIkUúLWXOXQHLOLPLWHGHYLWH]ă
H[HPSOX
D $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLV
SRQLELOăúLIXQFĠLDGHDYHUWLVPHQWHVWH
SRUQLWăvQFDOFXODWRUXOGHERUG
‡ 8QLWăĠLXWLOL]DWHvQVHPQXOGHFLUFXODĠLHDIL
C &DPHUDGHDVLVWDUHSHQWUXOLPLWDUHDYLWH úDW
]HL
$ILúDUHDVFXUWăDVHPQHORUGHFLUFXODĠLH
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGRDUXQ GHWHFWDWHSHDILúDMXOPXOWLIXQFĠLRQDO
DMXWRUúLQXGHWHFWHD]ăvQWRWGHDXQDVHPQHOH
GHFLUFXODĠLHFDUHVSHFLILFăYLWH]DPD[LPă  $FWLYDĠLIXQFĠLDGHDYHUWLVPHQWDDVLVWăULL
SHUPLVă6HPQHOHGHFLUFXODĠLHDXvQWRW SHQWUXOLPLWDUHDYLWH]HLFXDMXWRUXOFDOFXOD
GHDXQDSULRULWDWHIDĠăGHDILúDMXODVLVWăULLSHQ WRUXOXLGHERUG 3DJLQD 
WUXOLPLWDUHDYLWH]HL 6LPEROXODDSDUH
6LVWHPXOSRDWHDYHDRIXQFĠLRQDUHUHGXVăVDX 8QVHPQGHFLUFXODĠLHFDUHLQGLFăROLPLWDUH
DEVHQWăGDFă GHYLWH]ăVDXVIkUúLWXOXQHLOLPLWăULGH
YLWH]ăCDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
=H[LVWăRYL]LELOLWDWHVFă]XWăGHH[GLQFDX]D
FLUFDFLQFLVHFXQGHLPHGLDWGXSăGHWHFWD
]ăSH]LLSORLLFHĠLLVDXEXUQLĠHL
UHDOXL2ULFHDOWHLQIRUPDĠLLGHSHDILúDMXO
=H[LVWăUHIOH[LLGHH[GHODVRDUHVDXGHOD
PXOWLIXQFĠLRQDOVXQWDVFXQVHvQDFHDVWă
WUDILFXOGHSHFRQWUDVHQV SHULRDGă
=SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW
GHH[HPSOXFXRHWLFKHWăDXWRFRODQWăvQ
DSURSLHUHDFDPHUHL


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

$ILúDUHDSHUPDQHQWăDVHPQHORUGHFLUFX YHKLFXOHOHGHWHFWDWHvQ]RQDPRQLWRUL]DWă
ODĠLHGHWHFWDWHSHDILúDMXOPXOWLIXQFĠLRQDO 'DFăDFWLYDĠLDSRLVHPQDOL]DWRUXOGHGLUHFĠLH
 $ILúDUHDDVLVWăULLSHQWUXOLPLWDUHDYLWH]HLFX DIHUHQWSHQWUXDVFKLPEDEDQGDVHYDHPLWH
&RQGXFHUHDúLSDUFDUHD

DMXWRUXOFDOFXODWRUXOXLGHERUG GHDVHPHQHDXQDYHUWLVPHQWRSWLFúLVRQRU
3DJLQD  SULYLQGFROL]LXQHD3HQWUXPRQLWRUL]DUHDVLV
8QVHPQGHFLUFXODĠLHFDUHLQGLFăROLPLWDUH WHQĠDDFWLYăODXQJKLXOPRUWXWLOL]HD]ăVHQ]RUL
GHYLWH]ăVDXVIkUúLWXOXQHLOLPLWăULGH GLQEDUDGHSURWHFĠLHVSDWH
YLWH]ăCDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO 6LVWHPXOGHVHQ]RUUDGDUHVWHGH]DFWLYDW
LPHGLDWGXSăGHWHFWDUHDOXL DXWRPDWvQDSURSLHUHDXQLWăĠLORUUDGLRWHOHV
FRS 3DJLQD 
6HPQXOGHFLUFXODĠLHFDUHLQGLFăROLPLWDUH
GHYLWH]ăCHVWHDILúDWvQJHQHUDOSkQă 3HQWUXFD$VLVWHQĠDODXQJKLXOPRUWVăYă
FkQG DVLVWHvQWLPSXOFRQGXFHULLVLVWHPXOGHVHQ
]RULUDGDUWUHEXLHVăILH
=HVWHGHWHFWDWXQVHPQGHFLUFXODĠLHFDUH
=DFWLYDW 3DJLQD
SUH]LQWăVIkUúLWXOOLPLWHLGHYLWH]ă
=IXQFĠLRQDO
=YLUDĠL
=SăUăVLĠLVDXLQWUDĠLvQWUXQRUDú G ÌQXQHOHĠăULWUHEXLHVăGH]DFWLYDĠLVLVWH
=WLSXOGHGUXPVHVFKLPEă GHH[DXWRV PXOGHVHQ]RULUDGDU 3DJLQD 
WUDGăGUXPGHĠDUă  3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGVLV
=DĠLSDUFXUVRDQXPLWăGLVWDQĠăPLQLPă WHPXOGHVHQ]RULUDGDUFRQVXOWDĠL
IăUăFDVHPQXOGHFLUFXODĠLHVăVHUHSHWH 3DJLQD 
VDXVăILHGHWHFWDWGLQQRX 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
G 3XWHĠLGHDVHPHQHDVăDFWLYDĠLDVLVWDUHD $VLVWHQĠDODXQJKLXOPRUWHVWHGRDUXQDMXWRU
SHQWUXOLPLWDUHDYLWH]HLFXDMXWRUXO (VWHSRVLELOFDDFHDVWDVăQXGHWHFWH]HDQX
&20$1'2QOLQH9LWH]DPD[LPăDGPLVă PLWHDXWRYHKLFXOHQHFRQVWLWXLQGXQVXEVWLWXW
DSDUHSHDILúDMXO&20$1'FRQVXOWDĠL SHQWUXFRQGXFHUHDDWHQWă$VLJXUDĠLYăvQWRW
LQVWUXFĠLXQLOHGHXWLOL]DUH&20$1'2QOLQH GHDXQDFăH[LVWăRGLVWDQĠăVXILFLHQWăvQODWH
UDOSHQWUXDOĠLSDUWLFLSDQĠLODWUDILFúLSHQWUX
REVWDFROH
3DFKHWXOGHXUPăULUHDEHQ]LLGHPHUV
$9(57,60(17
1RWHJHQHUDOH $VLVWHQĠDODXQJKLXOPRUWQXUHDFĠLRQHD]ăOD
3DFKHWXOGHXUPăULUHDEHQ]LLGHPHUVFRQVWă =DXWRYHKLFXOHOHGHSăúLWHSUHDDSURDSHvQ

GLQDVLVWHQĠDODXQJKLXOPRUW 3DJLQD SDUWHDODWHUDOăDFHVWHDWUHFkQGvQ]RQD


úLDVLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV XQJKLXOXLPRUW
3DJLQD  =GDFăOHGHSăúLĠLFXRGLIHUHQĠăGHYLWH]ăGH
SHVWHNPK
$VLVWHQĠDODXQJKLXOPRUW =VDXGDFăVHDSURSLHFXRYLWH]ăUHODWLYă
FRQVLGHUDELOăúLYăGHSăúHVF
1RWHJHQHUDOH
ÌQFRQVHFLQĠă$VLVWHQĠDODXQJKLXOPRUWQX
$VLVWHQĠDODXQJKLXOPRUWXWLOL]HD]ăXQVLVWHP SRDWHDYHUWL]DúRIHULLvQDFHVWHVLWXDĠLL([LVWă
GHVHQ]RULUDGDUSHQWUXDPRQLWRUL]D]RQHOH XQULVFGHDFFLGHQW
GHSHDPEHOHSăUĠLODWHUDOHDOHDXWRYHKLFXOX
$FRUGDĠLvQWRWGHDXQDRDWHQĠLHGHRVHELWă
OXLGXPQHDYRDVWUă(DYăDVLVWăvQFHSkQGFX
VLWXDĠLHLGLQWUDILFúLSăVWUDĠLRGLVWDQĠăGH
YLWH]HGHNPK8QDILúDMGHDYHUWL]DUHGLQ
VLJXUDQĠăvQSDUWHDODWHUDOăDDXWRYHKLFXOXOXL
RJOLQ]LOHH[WHULRDUHYăDWUDJHDWHQĠLDODDXWR
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

5D]DGHPRQLWRUL]DUHDVHQ]RULORU 'LQFDX]DQDWXULLVLVWHPXOXL
'HWHFWDUHDREVWDFROHORUSRDWHILGLPLQXDWă =VHSRWHPLWHDYHUWLVPHQWHIDOVHFkQGFRQ
PDLDOHVGDFăH[LVWă GXFHĠLDSURDSHGHEDULHUHGHSURWHFĠLHVDX

&RQGXFHUHDúLSDUFDUHD
=LPSXULWăĠLSHVHQ]RULVDXRULFHDOWHPDWHULL GHPDUJLQLVROLGHVLPLODUHDOHEHQ]LORU
VWUăLQHSHVHQ]RUL =DYHUWLVPHQWHOHSRWILvQWUHUXSWHFkQGUXODĠL
=RYL]LELOLWDWHVFă]XWăGHH[GLQFDX]DFHĠLL vQSDUDOHOFXDXWRYHKLFXOHIRDUWHOXQJLGH
SORLLDEXQGHQWH]ăSH]LLVDXEXUQLĠHL H[HPSOXFDPLRDQHPDLPXOWWLPS
=DXWRYHKLFXOHvQJXVWHGHH[PRWRFLFOHWH &HLGRLVHQ]RULUDGDUSHQWUXDVLVWHQĠDOD
VDXELFLFOHWH XQJKLXOPRUWVXQWLQWHJUDĠLvQSăUĠLOHODWHUDOH
=EHQ]LIRDUWHODUJL DOHEDUHLGHSURWHFĠLHVSDWH$VLJXUDĠLYăFă
=EHQ]LvQJXVWH
EDUDGHSURWHFĠLHQXDUHLPSXULWăĠLJKHDĠă
VDXODSRYLĠăvQDSURSLHUHDVHQ]RULORU6HQ]RULL
=DXWRYHKLFXOHFDUHQXVXQWFRQGXVHSHPLM
QXWUHEXLHVăILHDFRSHULĠLGHH[HPSOXFX
ORFXOEHQ]LLORU VXSRUWXULSHQWUXELFLFOHWăVDXVDUFLQLvQFRQ
=EDULHUHVDXDOWHOLPLWHGHGUXP VROăÌQXUPDXQXLLPSDFWSXWHUQLFVDXvQFD]XO
$XWRYHKLFXOHOHGLQUD]DGHPRQLWRUL]DUHQX GHWHULRUăULLEDUHORUGHSURWHFĠLHVROLFLWDĠL
YRUILDVWIHOLQGLFDWH YHULILFDUHDIXQFĠLRQăULLVHQ]RULORUODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DWÌQFD]FRQWUDUHVWH
SRVLELOFD$VLVWHQĠDODXQJKLXOPRUWVăQX
IXQFĠLRQH]HFRUHVSXQ]ăWRU
,QGLFDWRUúLDILúDMGHDYHUWL]DUH
$VLVWHQĠDODXQJKLXOPRUWQXHVWHDFWLYăOD
YLWH]HVXEDSUR[LPDWLYNPK$XWRYHKLFX
OHOHGLQUD]DGHPRQLWRUL]DUHQXYRUILDVWIHO
LQGLFDWH

$VLVWHQĠDODXQJKLXOPRUWPRQLWRUL]HD]ăR
]RQăGHSkQăODPvQVSDWHOHDXWRYHKLFX
OXOXLGXPQHDYRDVWUăúLLPHGLDWOkQJăDXWRYH
KLFXOXOGXPQHDYRDVWUăGXSăFXPHVWHLQGL C /DPSăLQGLFDWRDUHJDOEHQăODPSăGH
FDWvQILJXUă DYHUWL]DUHURúLH
'DFăEHQ]LOHVXQWvQJXVWHSRWILVHPQDODWH
'DFăDVLVWHQĠDODXQJKLXOPRUWHVWHSRUQLWă
DXWRYHKLFXOHOHFDUHUXOHD]ăGLQFRORGHEDQGD
ODPSDLQGLFDWRDUHCGLQRJOLQ]LOHH[WHULRDUH
DIODWăOkQJăDXWRYHKLFXOXOGXPQHDYRDVWUă
PDLDOHVGDFăDXWRYHKLFXOHOHQXUXOHD]ăvQ VHDSULQGHvQJDOEHQSkQăODRYLWH]ăGH
PLMORFXOEHQ]LLORU$FHDVWăVLWXDĠLHSRDWHVXU NPK/DYLWH]HGHSHVWHNPKODPSD
YHQLGDFăH[LVWăDXWRYHKLFXOHODFHDPDLDSUR LQGLFDWRDUHVHVWLQJHúL$VLVWHQĠDODXQJKLXO
SLDWăPDUJLQHDEHQ]LLIDĠăGHDXWRYHKLFXOXO PRUWHVWHIXQFĠLRQDOă
GXPQHDYRDVWUă


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

'DFăVHGHWHFWHD]ăXQDXWRYHKLFXOvQFDGUXO ODEOH6HH2ZQHU
V0DQXDO $VLVWHQĆD
UD]HLGHPRQLWRUL]DUHD$VLVWHQĠHLODXQJKLXO ODXQJKLXOPRUWPRPHQWDQLQGLVSRQLњ
PRUWODYLWH]HGHSHVWHNPKODPSDGH ELOÆ&RQVXOWDĆL0DQXDOXOGHXWLOLњ
&RQGXFHUHDúLSDUFDUHD

DYHUWL]DUHCGHSHSDUWHDFRUHVSXQ]ăWRDUH ]DUH DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO


VHDSULQGHvQURúX$FHVWDYHUWLVPHQWDSDUH G 3XWHĠLGH]DFWLYDOăPSLOHLQGLFDWRDUHGLQ
vQWRWGHDXQDFkQGDXWRYHKLFXOXOLQWUăvQUD]D RJOLQ]LOHH[WHULRDUH
GHPRQLWRUL]DUHDXQJKLXOXLPRUWGLQVSDWH
VDXGLQODWHUDO&kQGGHSăúLĠLXQDXWRYHKLFXO ÌQDFHVWVFRSRSULĠL$VLVWHQĠDODXQJKLXO
DYHUWLVPHQWXOVHHPLWHGRDUGDFăGLIHUHQĠD PRUWGDFă
GHYLWH]ăHVWHVXENPK =FKHLDVHDIOăvQSR]LĠLDvQFRPXWDWRUXO

/DPSDLQGLFDWRDUHJDOEHQăVHVWLQJHGDFă GHFRQWDFW
WUHDSWDGHPHUVvQDSRLHVWHFXSODWă$VLV =PRWRUXOQXHVWHSRUQLW
WHQĠDODXQJKLXOPRUWHVWHDWXQFLGH]DFWLYDWă =FRQH[LXQHDHOHFWULFăODUHPRUFăDIRVW
/XPLQR]LWDWHDOăPSLORULQGLFDWRDUHGHDYHU UHDOL]DWă
WL]DUHHVWHUHJODWăDXWRPDWvQIXQFĠLHGH
OXPLQDDPELHQWDOă $VLVWHQĠăSHQWUXPHQĠLQHUHDEHQ]LLGH
PHUV
$YHUWLVPHQWSULYLQGFROL]LXQHD
'DFăXQDXWRYHKLFXOHVWHGHWHFWDWvQUD]DGH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
PRQLWRUL]DUHDDVLVWHQĠHLODXQJKLXOPRUWúL 'DFăQXYăDGDSWDĠLVWLOXOGHFRQGXFHUH$VLV
SRUQLĠLVHPQDOL]DWRUXOGHGLUHFĠLHFRUHV WHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUVQX
SXQ]ăWRUVHHPLWHXQVXQHWGHDYHUWL]DUH SRDWHQLFLUHGXFHULVFXOGHDFFLGHQWQLFLQX
GXEOX/DPSDGHDYHUWL]DUHURúLHCFOLSHúWH VHSRDWHVXVWUDJHOHJLORUIL]LFLL$VLVWHQĠDSHQ
'DFăVHPQDOL]DWRUXOGHGLUHFĠLHUăPkQHSRU WUXPHQĠLQHUHDEHQ]LLGHPHUVQXSRDWHĠLQH
QLWDXWRYHKLFXOHOHGHWHFWDWHVXQWLQGLFDWH FRQWGHFRQGLĠLLOHGHGUXPPHWHRVDXGHWUD
SULQFOLSLUHDOăPSLLGHDYHUWL]DUHURúLLC1X ILF$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGH
VHPDLHPLWVXQHWHGHDYHUWL]DUH PHUVHVWHGRDUXQDMXWRU'XPQHDYRDVWUă
VXQWHĠLUHVSRQVDELOGHGLVWDQĠDIDĠăGHDXWR
$FWLYDUHDDVLVWHQĠHLODXQJKLXOPRUW YHKLFXOXOGLQIDĠăGHYLWH]DDXWRYHKLFXOXOXL
 $VLJXUDĠLYăFăVLVWHPXOGHVHQ]RULUDGDU GHIUkQDUHDvQWLPSXWLOúLGHSăVWUDUHDEHQ]LL
3DJLQD úLDVLVWHQĠDODXQJKLXOPRUW GHUXODUH
3DJLQD VXQWDFWLYDWHvQFDOFXODWRUXO
GHERUG $9(57,=$5(
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH $VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV
FRQWDFW QXSRDWHGHWHFWDvQWRWGHDXQDFODUPDUFDMHOH
/ăPSLOHGHDYHUWL]DUHCGLQRJOLQ]LOHH[WH SHQWUXGHOLPLWDUHDEHQ]LL
ULRDUHVHDSULQGvQURúXDSUR[LPDWLY ÌQDFHVWHFD]XULDVLVWHQĠDSHQWUXPHQĠLQHUHD
VHFXQGHúLDSRLVHIDFJDOEHQH EHQ]LLGHPHUVSRDWH
=DYHUWL]DQHPRWLYDW
7UDFWDUHDXQHLUHPRUFL
=RPLWHDYHUWL]DUHD
'DFăIL[DĠLRUHPRUFăDVLJXUDĠLYăFăDĠLUHD
([LVWăSHULFROGHDFFLGHQW
OL]DWFRUHFWFRQH[LXQHDHOHFWULFă3XWHĠLHIHF
WXDDFHVWOXFUXYHULILFkQGLOXPLQDUHDUHPRU 2EVHUYDĠLvQWRWGHDXQDFXDWHQĠLHVLWXDĠLDWUD
FLL$VLVWHQĠDODXQJKLXOPRUWHVWHDWXQFL ILFXOXLúLPHQĠLQHĠLEDQGDGHPHUVvQVSHFLDO
GH]DFWLYDWă/DPSDLQGLFDWRDUHVHDSULQGHvQ DWXQFLFkQGYăDYHUWL]HD]ăDVLVWHQĠDSHQWUX
JDOEHQvQRJOLQ]LOHH[WHULRDUHúLPHVDMXO PHQĠLQHUHDEHQ]LLGHPHUV
%OLQG6SRW$VVLVWFXUUHQWO\XQDYDLњ
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

$9(57,60(17 OXL$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGH
$YHUWLVPHQWXO$VLVWHQĠHLSHQWUXPHQĠLQHUHD PHUVGHWHFWHD]ăPDUFDMHOHGHEDQGăGHSH
EHQ]LLGHPHUVQXUHDGXFHDXWRYHKLFXOXOSH GUXPúLYăDYHUWL]HD]ăvQDLQWHVăSăUăVLĠLQHLQ

&RQGXFHUHDúLSDUFDUHD
EDQGDLQLĠLDOă([LVWăXQULVFGHDFFLGHQW WHQĠLRQDWEDQGDSHFDUHYăDIODĠL
9LUDĠLDSOLFDĠLIUkQHOHVDXDFFHOHUDĠLvQWRW
GHDXQDVLQJXUDXWRYHKLFXOXOPDLDOHVGDFă
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV
YăDYHUWL]HD]ăvQDFHVWVHQV

$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV
QXPHQĠLQHDXWRYHKLFXOXOGXPQHDYRDVWUăSH
EDQGDVD
6LVWHPXOSRDWHDYHDRIXQFĠLRQDUHUHGXVăVDX
DEVHQWăGDFă
=YL]LELOLWDWHDHVWHUHGXVăGHH[GLQFDX]D C &DPHUDDVLVWHQĠHLDFWLYHSHQWUXPHQĠLQH
LOXPLQăULLLQVXILFLHQWHDGUXPXOXLVDXGLQ UHDEHQ]LLGHPHUV
FDX]D]ăSH]LLSORLLFHĠLLVDXEXUQLĠHL
'DFăVHOHFWDĠLNPSHFDOFXODWRUXOGHERUGOD
=H[LVWăOXPLQLRUELWRDUHGHH[GHODWUDILFXO
IXQFĠLD'LVSOD\XQLW6SHHGRGRPHWHU
GLQVHQVRSXVVRDUHVDXUHIOH[LLOHGHODDOWH 8QLWDWHDILĂDM9LWH]RPHWUXNLORPHњ
DXWRYHKLFXOH GHH[GDFăVXSUDIDĠDGUX WUDM  3DJLQD $VLVWHQĠDSHQWUXPHQ
PXOXLHVWHXPHGă ĠLQHUHDEHQ]LLGHPHUVHVWHDFWLYăGHODR
=SDUEUL]XOHVWHPXUGDUDEXULWGHWHULRUDW
YLWH]ăGHNPK'DFăHVWHVHOHFWDWăXQL
VDXDFRSHULWGHH[HPSOXFXRHWLFKHWă WDWHDGHDILúDUHPLOHV PLOH LQWHUYDOXOGH
DXWRFRODQWăvQDSURSLHUHDFDPHUHL DVLVWHQĠăvQFHSHODPSK
=QXH[LVWăPDUFDMHGHEDQGăVDXH[LVWăPDL
(VWHSRVLELOVăVHHPLWăXQDYHUWLVPHQWGDFă
PXOWHPDUFDMHGHEDQGăDPELJXHSHQWUXR RURDWăGLQIDĠăWUHFHSHVWHXQPDUFDMGH
EDQGăGHH[SHXQúDQWLHU EDQGă(DYăYDDYHUWL]DSULQWURYLEUDĠLHLQWHU
=PDUFDMHOHGHEDQGăVXQWX]DWHvQWXQHFDWH PLWHQWăvQYRODQWLPSGHSkQăOD
VDXDFRSHULWHGHH[FXPXUGăULHVDX VHFXQGH
]ăSDGă
=GLVWDQĠDIDĠăGHDXWRYHKLFXOXOGLQIDĠăHVWH
$FWLYDUHDDVLVWHQĠHLSHQWUXPHQĠLQHUHD
EHQ]LLGHPHUV
SUHDPLFăúLPDUFDMHOHGHEDQGăQXSRWIL
DVWIHOGHWHFWDWH
=PDUFDMHOHGHEDQGăVHPRGLILFăUDSLGGH
H[EHQ]LOHVHELIXUFăVHLQWHUVHFWHD]ăVDX
VHXQHVF
=GUXPXOHVWHvQJXVWúLVLQXRV
=VXQWFRQGLĠLLIRDUWHYDULDELOHGHXPEUăSH
FDURVDELO ([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
1RWHJHQHUDOH  3RUQLĠL$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHD
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV EHQ]LLGHPHUVFXDMXWRUXOFDOFXODWRUXOXLGH
PRQLWRUL]HD]ă]RQDGLQIDĠDDXWRYHKLFXOXOXL ERUGvQDFHVWVFRSVHOHFWDĠL6WDQGDUGVDX
GXPQHDYRDVWUăSULQLQWHUPHGLXOXQHL $GDSWLYH $GDSWLY 3DJLQD 
FDPHUHCGLQSDUWHDVXSHULRDUăDSDUEUL]X 6LPEROXOCDSDUHSHDILúDMXOPXOWLIXQFĠLR
QDO

 6LVWHPHGHDVLVWDUHDFRQGXFHULL

ÌQFD]XOvQFDUHFRQGXFHĠLFXYLWH]HGHSHVWH 9LEUDĠLDGHDYHUWL]DUHDSDUHPDLWkU]LXGDFă
NPKúLPDUFDMHOHGHEDQGăVXQWGHWHF =GUXPXODUHEHQ]LvQJXVWH
WDWHVLPEROXOCHVWHDILúDWvQYHUGH$VLV =WăLDĠLGUXPXOvQWURFXUEă
&RQGXFHUHDúLSDUFDUHD

WHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV
HVWHJDWDGHXWLOL]DUH 7UDFWDUHDXQHLUHPRUFL
'DFăIL[DĠLRUHPRUFăDVLJXUDĠLYăFăDĠLUHD
6WDQGDUG
OL]DWFRUHFWFRQH[LXQHDHOHFWULFă3XWHĠLHIHF
'DFăVHVHOHFWHD]ă6WDQGDUGQXDSDUYLEUDĠLL WXDDFHVWOXFUXYHULILFkQGLOXPLQDUHDUHPRU
GHDYHUWL]DUHGDFă FLL
=DĠLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFĠLHÌQ
DFHVWFD]DYHUWLVPHQWHOHVXQWVXVSHQGDWH
SHQWUXRDQXPLWăSHULRDGăGHWLPS 3DFKHWXOGH$VLVWHQĠăSHQWUXFRQGX
=XQVLVWHPGHVLJXUDQĠăODFRQGXFHUHLQWHU FHUHDDFWLYă
YLQHSUHFXP$%6%$6VDX(63Š
1RWHJHQHUDOH
$GDSWLY 3DFKHWXOGH$VLVWHQĠăSHQWUXFRQGXFHUHD
'DFăVHVHOHFWHD]ă$GDSWLYH $GDSWLY  DFWLYăFRQVWăGLQ',67521,&3/86
QXDSDUYLEUDĠLLGHDYHUWL]DUHGDFă 3DJLQD DVLVWHQĠDDFWLYăODXQJKLXO
=DĠLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFĠLHÌQ PRUW 3DJLQD úLDVLVWHQĠDDFWLYăSHQ
DFHVWFD]DYHUWLVPHQWHOHVXQWVXVSHQGDWH WUXPHQĠLQHUHDEHQ]LLGHPHUV
SHQWUXRDQXPLWăSHULRDGăGHWLPS 3DJLQD 
=XQVLVWHPGHVLJXUDQĠăODFRQGXFHUHLQWHU
YLQHSUHFXP$%6%$6VDX(63Š $VLVWHQĠăDFWLYăODXQJKLXOPRUW
=DFFHOHUDĠLSXWHUQLFGHH[SULQUHWURJUD
1RWHJHQHUDOH
GDUHIRUĠDWă
$VLVWHQĠDDFWLYăODXQJKLXOPRUWXWLOL]HD]ăXQ
=IUkQDĠLSXWHUQLF
VLVWHPGHVHQ]RULUDGDUSHQWUXDPRQLWRUL]D
=YLUDĠLDFWLYGHH[WUDJHĠLGHYRODQSHQWUXD
]RQHOHODWHUDOHDOHDXWRYHKLFXOXOXLGXPQHD
HYLWDXQREVWDFROVDXVFKLPEDĠLUDSLG YRDVWUăFDUHVXQWvQVSDWHOHúRIHUXOXL8QDIL
EDQGD úDMGHDYHUWL]DUHGLQRJOLQ]LOHH[WHULRDUHYă
=WăLDĠLGUXPXOvQWURFXUEăDVFXĠLWă DWUDJHDWHQĠLDODDXWRYHKLFXOHOHGHWHFWDWHvQ
3HQWUXDILDYHUWL]DWQXPDLFkQGHVWHQHFHVDU ]RQDPRQLWRUL]DWă'DFăDFWLYDĠLDSRLVHPQD
úLvQWLPSXWLOGDFăGHSăúLĠLXQPDUFDMGH OL]DWRUXOGHGLUHFĠLHDIHUHQWSHQWUXDVFKLPED
EDQGăVLVWHPXOUHFXQRDúWHDQXPLWHFRQGLĠLL EHQ]LOHVHYDHPLWHGHDVHPHQHDXQDYHUWLV
úLYăDYHUWL]HD]ăvQFRQVHFLQĠă PHQWRSWLFúLVRQRUSULYLQGFROL]LXQHD'DFă
9LEUDĠLDGHDYHUWL]DUHDSDUHPDLGHYUHPH VHGHWHFWHD]ăXQULVFGHFROL]LXQHODWHUDOă
GDFă IUkQDUHDFRUHFWLYăYăSRDWHDMXWDVăHYLWDĠLR
FROL]LXQH3HQWUXDFRQWULEXLODDFĠLRQDUHDIUk
=YăDSURSLDĠLGHPDUFDMXOGHEDQGăH[WHULRU
QHORUvQVFRSXOFRUHFWăULLWUDLHFWRULHL$VLV
vQWURFXUEă WHQĠDDFWLYăODXQJKLXOPRUWXWLOL]HD]ăGHDVH
=GUXPXODUHEHQ]LIRDUWHODUJLGHH[SH PHQHDVLVWHPXOGHVHQ]RULUDGDURULHQWDW
DXWRVWUDGă IURQWDO6SDĠLXOOLEHUHVWHDVWIHOHYDOXDWvQ
=VLVWHPXOUHFXQRDúWHPDUFDMHOHGHEDQGă GLUHFĠLDGHPHUVúLvQODWHUDOvQDLQWHGHDIL
VROLGH DFĠLRQDWHIUkQHOHvQVFRSXOFRUHFWăULLWUDLHF
WRULHL
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

$VLVWHQĠDDFWLYăODXQJKLXOPRUWYăDVLVWă 5D]DGHPRQLWRUL]DUHDVHQ]RULORU
vQFHSkQGFXRYLWH]ăGHDSUR[LPDWLY $9(57,60(17
NPK
$VLVWHQĠDDFWLYăODXQJKLXOPRUWQXGHWHFWHD]ă

&RQGXFHUHDúLSDUFDUHD
6LVWHPXOGHVHQ]RUUDGDUHVWHGH]DFWLYDW WRDWHFRQGLĠLLOHUXWLHUHúLWRĠLSDUWLFLSDQĠLLOD
DXWRPDWvQDSURSLHUHDXQLWăĠLORUUDGLRWHOHV WUDILF([LVWăXQULVFGHDFFLGHQW
FRS 3DJLQD 
$VLJXUDĠLYăvQWRWGHDXQDFăH[LVWăRGLVWDQĠă
3HQWUXFD$VLVWHQĠDDFWLYăODXQJKLXOPRUWVă VXILFLHQWăvQODWHUDOSHQWUXDOĠLSDUWLFLSDQĠLOD
YăDVLVWHvQWLPSXOFRQGXFHULLVLVWHPXOGH WUDILFVDXSHQWUXREVWDFROH
VHQ]RULUDGDUWUHEXLHVăILH
=DFWLYDW 3DJLQD 'HWHFWDUHDREVWDFROHORUSRDWHILGLPLQXDWă
=IXQFĠLRQDO PDLDOHVGDFăH[LVWă
=LPSXULWăĠLSHVHQ]RULVDXRULFHDOWHPDWHULL
G ÌQXQHOHĠăULWUHEXLHVăGH]DFWLYDĠLVLVWH
VWUăLQHSHVHQ]RUL
PXOGHVHQ]RULUDGDU 3DJLQD 
=YL]LELOLWDWHVFă]XWăGHH[GLQFDX]DSORLL
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGVLV
]ăSH]LLVDXEXUQLĠHL
WHPXOGHVHQ]RULUDGDUFRQVXOWDĠL
3DJLQD  $XWRYHKLFXOHOHGLQUD]DGHPRQLWRUL]DUHQX
YRUILDVWIHOLQGLFDWH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD (VWHSRVLELOFD$VLVWHQĠDDFWLYăODXQJKLXO
$VLVWHQĠDDFWLYăODXQJKLXOPRUWHVWHGRDUXQ PRUWVăQXGHWHFWH]HDXWRYHKLFXOHvQJXVWH
DMXWRU$FHDVWDQXGHWHFWHD]ăWRDWHVLWXDĠLLOH SUHFXPPRWRFLFOHWHVDXELFLFOHWHVDXVăOH
GLQWUDILFúLWRĠLSDUWLFLSDQĠLLODWUDILFQHFRQV GHWHFWH]HSUHDWkU]LX
WLWXLQGXQVXEVWLWXWSHQWUXFRQGXFHUHD
DWHQWă$VLJXUDĠLYăvQWRWGHDXQDFăH[LVWăR
GLVWDQĠăVXILFLHQWăvQODWHUDOSHQWUXDOĠLSDUWL
FLSDQĠLODWUDILFúLSHQWUXREVWDFROH
$9(57,60(17
$VLVWHQĠDDFWLYăODXQJKLXOPRUWQXUHDFĠLR
QHD]ăOD
=DXWRYHKLFXOHOHGHSăúLWHSUHDDSURDSHvQ
SDUWHDODWHUDOăDFHVWHDWUHFkQGvQ]RQD
XQJKLXOXLPRUW
=DXWRYHKLFXOHOHGHSăúLWHFXRGLIHUHQĠăGH
YLWH]ăGHSHVWHNPK
=DXWRYHKLFXOHOHFDUHVHDSURSLHFXRGLIH
UHQĠăGHYLWH]ăSUHDPDUHLDUDSRL
GHSăúHVFDXWRYHKLFXOXOGXPQHDYRDVWUă
ÌQFRQVHFLQĠă$VLVWHQĠDDFWLYăODXQJKLXOPRUW $VLVWHQĠDDFWLYăODXQJKLXOPRUWPRQLWRUL
DUSXWHDILHVăQXHPLWăDYHUWLVPHQWHILHVă ]HD]ăR]RQăGHSkQăODWUHLPHWULvQVSDWHOH
QXLQWHUYLQăvQDVHPHQHDVLWXDĠLL([LVWăXQ DXWRYHKLFXOXOXLGXPQHDYRDVWUăúLLPHGLDW
ULVFGHDFFLGHQW OkQJăDXWRYHKLFXOXOGXPQHDYRDVWUăGXSă
$FRUGDĠLvQWRWGHDXQDRDWHQĠLHGHRVHELWă FXPHVWHLQGLFDWvQILJXUăÌQDFHVWVFRS$VLV
VLWXDĠLHLGLQWUDILFúLSăVWUDĠLRGLVWDQĠăGH WHQĠDDFWLYăODXQJKLXOPRUWXWLOL]HD]ăVHQ]RUL
VLJXUDQĠăvQSDUWHDODWHUDOăDDXWRYHKLFXOXOXL UDGDUGLQEDUDGHSURWHFĠLHGLQVSDWH
'DFăEHQ]LOHVXQWvQJXVWHSRWILVHPQDODWH
DXWRYHKLFXOHOHFDUHUXOHD]ăGLQFRORGHEDQGD

 6LVWHPHGHDVLVWDUHDFRQGXFHULL

DIODWăOkQJăDXWRYHKLFXOXOGXPQHDYRDVWUă &kQG$VLVWHQĠDDFWLYăODXQJKLXOPRUWHVWH
PDLDOHVGDFăDXWRYHKLFXOHOHQXUXOHD]ăvQ DFWLYDWăODPSDLQGLFDWRDUHCGLQRJOLQ]LOH
PLMORFXOEHQ]LLORU$FHDVWăVLWXDĠLHSRDWHVXU H[WHULRDUHVHDSULQGHvQJDOEHQODYLWH]HGH
&RQGXFHUHDúLSDUFDUHD

YHQLGDFăH[LVWăDXWRYHKLFXOHODFHDPDLDSUR SkQăODNPK/DYLWH]HGHSHVWH
SLDWăPDUJLQHDEHQ]LLIDĠăGHDXWRYHKLFXOXO NPKODPSDLQGLFDWRDUHVHVWLQJHúL$VLV
GXPQHDYRDVWUă WHQĠDDFWLYăODXQJKLXOPRUWHVWHIXQFĠLRQDOă
'LQFDX]DQDWXULLVLVWHPXOXL 'DFăVHGHWHFWHD]ăXQDXWRYHKLFXOvQFDGUXO
=VHSRWHPLWHDYHUWLVPHQWHIDOVHFkQGFRQ UD]HLGHPRQLWRUL]DUHD$VLVWHQĠHLODXQJKLXO
GXFHĠLDSURDSHGHEDULHUHGHSURWHFĠLHVDX PRUWODYLWH]HGHSHVWHNPKODPSDGH
GHPDUJLQLVROLGHVLPLODUHDOHEHQ]LORU DYHUWL]DUHCGHSHSDUWHDDIHUHQWăVH
=DYHUWLVPHQWHOHSRWILvQWUHUXSWHFkQGUXODĠL DSULQGHvQURúX$FHVWDYHUWLVPHQWDSDUH
vQSDUDOHOFXDXWRYHKLFXOHIRDUWHOXQJLGH vQWRWGHDXQDFkQGDXWRYHKLFXOXOLQWUăvQUD]D
H[HPSOXFDPLRDQHPDLPXOWWLPS GHPRQLWRUL]DUHDXQJKLXOXLPRUWGLQVSDWH
VDXGLQODWHUDO&kQGGHSăúLĠLXQDXWRYHKLFXO
'RLVHQ]RULUDGDUDLDVLVWHQĠHLDFWLYHOD
DYHUWLVPHQWXOVHHPLWHGRDUGDFăGLIHUHQĠD
XQJKLXOPRUWVXQWLQWHJUDĠLvQEDUHOHGHSUR
GHYLWH]ăHVWHVXENPK
WHFĠLHGLQIDĠăúLGLQVSDWHUHVSHFWLY8QVHQ
]RUUDGDUVXSOLPHQWDUVHDIOăvQVSDWHOHFDSD /DPSDLQGLFDWRDUHJDOEHQăVHVWLQJHGDFă
FXOXLGLQPDVFDUDGLDWRUXOXL$VLJXUDĠLYăFă WUHDSWDGHPHUVvQDSRLHVWHFXSODWă$VLV
VHQ]RULLúL]RQHOHGLQMXUXOORUQXFRQĠLQPL]H WHQĠDDFWLYăODXQJKLXOPRUWQXPDLHVWH
ULHJKHDĠăVDXODSRYLĠă6HQ]RULLVSDWHQXWUH DFWLYă
EXLHVăILHDFRSHULĠLGHH[FXVXSRUWXULGH /XPLQR]LWDWHDOăPSLORULQGLFDWRDUHGHDYHU
ELFLFOHWăVDXVDUFLQLvQFRQVROăÌQXUPDXQXL WL]DUHHVWHUHJODWăDXWRPDWvQIXQFĠLHGH
LPSDFWSXWHUQLFVDXvQFD]XOGHWHULRUăULLEDUH OXPLQDDPELHQWDOă
ORUGHSURWHFĠLHVROLFLWDĠLYHULILFDUHDIXQF
$YHUWLVPHQWYL]XDOúLDFXVWLFSULYLQGFROL
ĠLRQăULLVHQ]RULORUODXQDWHOLHUGHVSHFLDOLWDWH
]LXQHD
DXWRUL]DWÌQFD]FRQWUDUHVWHSRVLELOFD$VLV
WHQĠDODXQJKLXOPRUWVăQXIXQFĠLRQH]HFRUHV &kQGSRUQLĠLVHPQDOL]DWRDUHOHGHGLUHFĠLH
SXQ]ăWRU SHQWUXDVFKLPEDEHQ]LOHúLXQDXWRYHKLFXO
HVWHGHWHFWDWvQUD]DGHPRQLWRUL]DUHODWHUDOă
,QGLFDWRUúLDILúDMGHDYHUWL]DUH YLVHWUDQVPLWHXQDYHUWLVPHQWYL]XDOúLDFXV
$VLVWHQĠDDFWLYăODXQJKLXOPRUWQXHVWHDFWLYă WLFSULYLQGFROL]LXQHD$X]LĠLDWXQFLXQVXQHW
ODYLWH]HVXEDSUR[LPDWLYNPK$XWRYHKL GHDYHUWL]DUHGXEOXúLODPSDGHDYHUWL]DUH
FXOHOHGLQUD]DGHPRQLWRUL]DUHQXYRUILDVWIHO URúLHCFOLSHúWH'DFăVHPQDOL]DWRUXOGH
LQGLFDWH GLUHFĠLHUăPkQHSRUQLWDXWRYHKLFXOHOHGHWHF
WDWHVXQWLQGLFDWHSULQDSULQGHUHDLQWHUPL
WHQWăDOăPSLLGHDYHUWL]DUHURúLLC1XVHPDL
HPLWVXQHWHGHDYHUWL]DUH
$FĠLRQDUHDIUkQHORUSHQWUXFRUHFWDUHD
WUDLHFWRULHL
$9(57,60(17
2DFĠLRQDUHDIUkQHLSHQWUXFRUHFWDUHDWUDLHF
WRULHLQXSRDWHSUHYHQLvQWRWGHDXQDRFROL
]LXQH([LVWăXQULVFGHDFFLGHQW
ÌQWRWGHDXQDYLUDĠLIUkQDĠLVDXDFFHOHUDĠLVLQ
C /DPSăLQGLFDWRDUHJDOEHQăODPSăGH JXUvQVSHFLDOGDFăDVLVWHQĠDDFWLYăODXQJKLXO
DYHUWL]DUHURúLH
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

PRUWYăDYHUWL]HD]ăVDXDFĠLRQHD]ăIUkQDSHQ =SURJUDPXO2IIURDGHVWHDFWLYDW

WUXFRUHFWDUHDWUDLHFWRULHL0HQĠLQHĠLvQWRW =VHGHWHFWHD]ăRSLHUGHUHGHSUHVLXQHvQ
GHDXQDRGLVWDQĠăGHVLJXUDQĠăSHSăUĠLOHODWH SQHXULVDXXQSQHXGHIHFW

&RQGXFHUHDúLSDUFDUHD
UDOH
$FWLYDUHDDVLVWHQĠHLDFWLYHODXQJKLXO
ÌQFD]XULIRDUWHUDUHVLVWHPXOSRDWHHIHFWXD PRUW
RDFĠLRQDUHLQDGHFYDWăDIUkQHL2DFĠLRQDUH  $VLJXUDĠLYăFăVLVWHPXOGHVHQ]RULUDGDU
LQDGHFYDWăDIUkQHLSRDWHILvQWUHUXSWăRULFkQG 3DJLQD úL$VLVWHQĠDDFWLYăOD
GDFăYLUDĠLXúRUvQGLUHFĠLDRSXVăVDXGDFă XQJKLXOPRUW 3DJLQD VXQWDFWLYDWH
DFFHOHUDĠL vQFDOFXODWRUXOGHERUG
'DFă$VLVWHQĠDDFWLYăODXQJKLXOPRUWGHWHF  5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
WHD]ăXQULVFGHFROL]LXQHODWHUDOăvQUD]DGH FRQWDFW
PRQLWRUL]DUHVHHIHFWXHD]ăDFĠLRQDUHDIUkQH /ăPSLOHGHDYHUWL]DUHCGLQRJOLQ]LOHH[WH
ORUvQVFRSXOFRUHFWăULLWUDLHFWRULHL$FHDVWDYă ULRDUHVHDSULQGvQURúXDSUR[LPDWLY
SRDWHDMXWDVăHYLWDĠLRFROL]LXQH VHFXQGHúLDSRLVHIDFJDOEHQH
$FĠLRQDUHDIUkQHLSHQWUXFRUHFWDUHDWUDLHFWR
ULHLHVWHGLVSRQLELOăvQLQWHUYDOXOGLQWUH 7UDFWDUHDXQHLUHPRUFL
NPKúLNPK 'DFăIL[DĠLRUHPRUFăDVLJXUDĠLYăFăDĠLUHD
'DFăVHHIHFWXHD]ăRDFĠLRQDUHDIUkQHORUvQ OL]DWFRUHFWFRQH[LXQHDHOHFWULFă3XWHĠLHIHF
VFRSXOFRUHFWăULLWUDLHFWRULHLODPSDGHDYHU WXDDFHVWOXFUXYHULILFkQGLOXPLQDUHDUHPRU
WL]DUHURúLHCFOLSHúWHvQRJOLQGDH[WHULRDUă FLL$VLVWHQĠDDFWLYăODXQJKLXOPRUWHVWHDSRL
úLXUPăWRDUHOHDSDUSHDILúDMXOPXOWLIXQFĠLR GH]DFWLYDWă/DPSDLQGLFDWRDUHVHDSULQGHvQ
QDOGHH[HPSOX JDOEHQvQRJOLQ]LOHH[WHULRDUHúLPHVDMXO
$FWLYH%OLQG6SRW$VVLVWFXUUHQWO\
XQDYDLODEOH6HH2ZQHU
V0DQXDO
$VLVWHQĆDDFWLYÆODXQJKLXOPRUW
PRPHQWDQLQGLVSRQLELOÆ&RQVXOWDĆL
0DQXDOXOGHXWLOL]DUH DSDUHSHDILúDMXO
PXOWLIXQFĠLRQDO

$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHD
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
EHQ]LLGHPHUV
6HSRDWHUHDOL]DRDFĠLRQDUHIRDUWHUHGXVăD
IUkQHORUvQVFRSXOFRUHFWăULLWUDLHFWRULHLVDX 1RWHJHQHUDOH
FKLDUGHORFGDFă $VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
=H[LVWăDXWRYHKLFXOHVDXREVWDFROHGHH[ PHUVPRQLWRUL]HD]ă]RQDGLQIDĠDDXWRYHKL
EDULHUHGHSURWHFĠLHSHDPEHOHSăUĠLODWH FXOXOXLGXPQHDYRDVWUăSULQLQWHUPHGLXOXQHL
UDOHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWUă FDPHUHCPRQWDWHvQSDUWHDVXSHULRDUăD
=XQDXWRYHKLFXOVHDSURSLHSUHDPXOWSHR SDUEUL]XOXL$VLVWHQĠDDFWLYăSHQWUXPHQĠLQH
SDUWHODWHUDOă UHDEHQ]LLGHPHUVGHWHFWHD]ăPDUFDMHOHGH
=DĠLDGRSWDWXQVWLOGHFRQGXFHUHVSRUWLYFX
EDQGăGHSHGUXPúLYăDYHUWL]HD]ăvQDLQWHVă
SăUăVLĠLQHLQWHQĠLRQDWEDQGDSHFDUHYăDIODĠL
YLWH]HPDULvQYLUDMH
'DFăQXUHDFĠLRQDĠLODDYHUWLVPHQWRDFĠLR
=IUkQDĠLVDXDFFHOHUDĠLSXWHUQLF
QDUHDIUkQHORUSHQWUXFRUHFWDUHDEHQ]LLSRDWH
=XQVLVWHPGHVLJXUDQĠăODFRQGXFHUHLQWHU DGXFHDXWRYHKLFXOXOvQDSRLSHEDQGDLQLĠLDOă
YLQHSUHFXP(63ŠVDXIUkQD35(6$)(Š
=(63ŠHVWHGH]DFWLYDW


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

ÌQDVHPHQHDFD]XUL$VLVWHQĠDDFWLYăSHQWUX
PHQĠLQHUHDEHQ]LLGHPHUVSRDWH
=VăHPLWăXQDYHUWLVPHQWLQXWLOúLDSRLVă
&RQGXFHUHDúLSDUFDUHD

UHDOL]H]HRDFĠLRQDUHDIUkQHLSHQWUXFRUHF
WDUHDWUDLHFWRULHLDXWRYHKLFXOXOXL
=VăQXHPLWăQLFLXQDYHUWLVPHQWúLQLFLVăQX
LQWHUYLQă
([LVWăXQULVFGHDFFLGHQW
)LĠLvQWRWGHDXQDIRDUWHDWHQWODVLWXDĠLLOHGLQ
WUDILFúLUăPkQHĠLSHEDQGDGXPQHDYRDVWUăvQ
C &DPHUDDVLVWHQĠHLDFWLYHSHQWUXPHQĠLQH
VSHFLDOGDFă$VLVWHQĠDDFWLYăSHQWUXPHQĠL
UHDEHQ]LLGHPHUV QHUHDEHQ]LLGHPHUVYăDYHUWL]HD]ă3XQHĠL
'DFăVHOHFWDĠLNPSHFDOFXODWRUXOGHERUGOD FDSăWLQWHUYHQĠLHLvQWURVLWXDĠLHGHFRQGXFHUH
IXQFĠLD'LVSOD\XQLW6SHHGRGRPHWHU QHSHULFXORDVă
8QLWDWHDILĂDM9LWH]RPHWUXNLORPHњ
WUDM  3DJLQD $VLVWHQĠDDFWLYăSHQ 6LVWHPXOSRDWHDYHDRIXQFĠLRQDUHUHGXVăVDX
WUXPHQĠLQHUHDEHQ]LLGHPHUVHVWHSRUQLWăGH DEVHQWăGDFă
ODRYLWH]ăGHNPK'DFăHVWHVHOHFWDWă =YL]LELOLWDWHDHVWHUHGXVăGHH[GLQFDX]D
XQLWDWHDGHDILúDUHPLOHLQWHUYDOXOGHDVLV LOXPLQăULLLQVXILFLHQWHDGUXPXOXLVDXGLQ
WHQĠăvQFHSHODPSK FDX]D]ăSH]LLSORLLFHĠLLVDXEXUQLĠHL
=H[LVWăOXPLQLRUELWRDUHGHH[GHODWUDILFXO
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
GLQVHQVRSXVVRDUHVDXUHIOH[LLOHGHODDOWH
'DFăQXYăDGDSWDĠLVWLOXOGHFRQGXFHUH$VLV
DXWRYHKLFXOH GHH[GDFăVXSUDIDĠDGUX
WHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
PXOXLHVWHXPHGă
PHUVQXSRDWHQLFLUHGXFHULVFXOXQXLDFFL
=SDUEUL]XOHVWHPXUGDUDEXULWGHWHULRUDW
GHQWQLFLQXVHSRDWHVXVWUDJHOHJLORUIL]LFLL
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV VDXDFRSHULWGHH[HPSOXFXRHWLFKHWă
QXSRDWHĠLQHFRQWGHFRQGLĠLLOHGHGUXP DXWRFRODQWăvQDSURSLHUHDFDPHUHL
PHWHRVDXGHWUDILF$VLVWHQĠDSHQWUXPHQĠL =QXH[LVWăPDUFDMHGHEDQGăVDXH[LVWăPDL
QHUHDEHQ]LLGHPHUVHVWHGRDUXQDMXWRU PXOWHPDUFDMHGHEDQGăDPELJXHSHQWUXR
'XPQHDYRDVWUăVXQWHĠLUHVSRQVDELOGHGLV EDQGăGHH[SHXQúDQWLHU
WDQĠDIDĠăGHDXWRYHKLFXOXOGLQIDĠăGHYLWH]D =PDUFDMHOHGHEDQGăVXQWX]DWHvQWXQHFDWH
DXWRYHKLFXOXOXLGHIUkQDUHDvQWLPSXWLOúLGH VDXDFRSHULWHGHH[FXPXUGăULHVDX
SăVWUDUHDEHQ]LLGHUXODUH ]ăSDGă
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH =GLVWDQĠDIDĠăGHDXWRYHKLFXOXOGLQIDĠăHVWH
PHUVQXSRDWHPHQĠLQHDXWRYHKLFXOXOGXP SUHDPLFăúLPDUFDMHOHGHEDQGăQXSRWIL
QHDYRDVWUăSHEDQGDVDvQPRGFRQWLQXX DVWIHOGHWHFWDWH
=PDUFDMHOHGHEDQGăVHPRGLILFăUDSLGGH
$9(57,60(17
H[EHQ]LOHVHELIXUFăVHLQWHUVHFWHD]ăVDX
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
VHXQHVF
PHUVQXSRDWHGHWHFWDvQWRWGHDXQDFRUHFW
=GUXPXOHVWHvQJXVWúLVLQXRV
PDUFDMHOHGHEDQGă
=VXQWFRQGLĠLLIRDUWHYDULDELOHGHXPEUăSH
FDURVDELO
=QXHVWHGHWHFWDWQLFLXQDXWRYHKLFXOSH
EDQGDDGLDFHQWăúLH[LVWăPDUFDMHGH
EDQGăvQWUHUXSWH
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

9LEUDĠLLGHDYHUWL]DUHvQYRODQ RSXVă$VLJXUDĠLYăvQWRWGHDXQDFăSăVWUDĠLR
(VWHSRVLELOVăVHHPLWăXQDYHUWLVPHQWGDFă GLVWDQĠăODWHUDOăVXILFLHQWăSHQWUXDOĠLSDUWLFL
RURDWăGLQIDĠăWUHFHSHVWHXQPDUFDMGH SDQĠLODWUDILFVDXREVWDFROH

&RQGXFHUHDúLSDUFDUHD
EDQGă(DYăYDDYHUWL]DSULQWURYLEUDĠLHLQWHU
PLWHQWăvQYRODQWLPSGHSkQăOD 'DFăSăUăVLĠLEDQGDvQDQXPLWHVLWXDĠLLDXWR
VHFXQGH YHKLFXOXOYDIUkQDVFXUWSHRSDUWH$FHDVWă
3HQWUXDILDYHUWL]DWQXPDLFkQGHVWHQHFHVDU IUkQDUHDUHFDVFRSUHDGXFHUHDDXWRYHKLFX
úLvQWLPSXWLOGDFăGHSăúLĠLXQPDUFDMGH OXOXLSHEDQGDLQLĠLDOă
EDQGăVLVWHPXOUHFXQRDúWHDQXPLWHFRQGLĠLL $FHDVWăIXQFĠLHHVWHGLVSRQLELOăvQLQWHUYDOXO
úLYăDYHUWL]HD]ăvQFRQVHFLQĠă GLQWUHNPKúLNPK
9LEUDĠLDGHDYHUWL]DUHDSDUHPDLGHYUHPH 2DFĠLRQDUHDIUkQHORUSHQWUXFRUHFWDUHDEHQ
GDFă ]LLVHSRDWHUHDOL]DGRDUGXSăFRQGXFHUHD
=YăDSURSLDĠLGHPDUFDMXOGHEDQGăH[WHULRU
SHVWHXQPDUFDMGHEDQGăVROLGúLGHWHFWDELO
ÌQDLQWHGHDFĠLRQDUHWUHEXLHVăVHHPLWăXQ
vQWURFXUEă
DYHUWLVPHQWSULQWURYLEUDĠLHLQWHUPLWHQWăvQ
=GUXPXODUHEHQ]LIRDUWHODUJLGHH[SH
YRODQÌQSOXVREDQGăFXPDUFDMHGHEDQGă
DXWRVWUDGă SHDPEHOHODWXULWUHEXLHVăILHUHFXQRVFXWă
=VLVWHPXOUHFXQRDúWHPDUFDMHOHGHEDQGă $FĠLRQDUHDIUkQHORUUHGXFHGHDVHPHQHDXúRU
VROLGH YLWH]DGHFRQGXFHUH
9LEUDĠLDGHDYHUWL]DUHDSDUHPDLWkU]LXGDFă 'DFăVXUYLQHRDFĠLRQDUHDIUkQHORUSHQWUX
=GUXPXODUHEHQ]LvQJXVWH FRUHFWDUHDEHQ]LLXUPăWRDUHOHDSDUSHDILúD
=WăLDĠLGUXPXOvQWURFXUEă
MXOPXOWLIXQFĠLRQDO

$FĠLRQDUHDIUkQHLSHQWUXFRUHFWDUHD
WUDLHFWRULHLSHEDQGă
$9(57,60(17
2DFĠLRQDUHDIUkQHLSHQWUXFRUHFWDUHDWUDLHF
WRULHLSHEDQGăQXSRDWHDGXFHDXWRYHKLFXOXO
vQWRWGHDXQDvQDSRLSHEDQGDLQLĠLDOă([LVWăXQ
ULVFGHDFFLGHQW ([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă

ÌQWRWGHDXQDYLUDĠLIUkQDĠLVDXDFFHOHUDĠLVLQ G 2QRXăDFĠLRQDUHDIUkQHLSHQWUXFRUHFWD
JXUvQVSHFLDOGDFă$VLVWHQĠDDFWLYăSHQWUX UHDWUDLHFWRULHLSHEDQGăSRDWHVXUYHQL
PHQĠLQHUHDEHQ]LLGHPHUVYăDYHUWL]HD]ăVDX GRDUGXSăFHDXWRYHKLFXOXOGXPQHDYRDVWUă
DFĠLRQHD]ăIUkQDSHQWUXFRUHFWDUHDWUDLHFWR DUHYHQLWSHEDQGDLQLĠLDOă
ULHLSHEDQGă 1XVHUHDOL]HD]ăDFĠLRQDUHDIUkQHLSHQWUX
FRUHFWDUHDWUDLHFWRULHLSHEDQGăGDFă
$9(57,60(17 =YLUDĠLIUkQDĠLVDXDFFHOHUDĠLVHVL]DELOúL
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
DFWLY
PHUVQXGHWHFWHD]ăFRQGLĠLLOHGLQWUDILFVDX
=WăLDĠLGUXPXOvQWURFXUEăDVFXĠLWă
SDUWLFLSDQĠLLODWUDILFÌQFD]XULIRDUWHUDUHVLV
=DĠLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFĠLH
WHPXOSRDWHHIHFWXDRDFĠLRQDUHLQDGHFYDWăD
IUkQHORUGHH[GXSăFRQGXFHUHDQHLQWHQĠLR =XQVLVWHPGHVLJXUDQĠăODFRQGXFHUHLQWHU
QDWăSHVWHXQPDUFDMGHEDQGăVROLG([LVWă YLQHSUHFXP(63ŠIUkQD35(6$)(ŠVDX
XQULVFGHDFFLGHQW $VLVWHQĠDDFWLYăODXQJKLXOPRUW
2DFĠLRQDUHLQDGHFYDWăDIUkQHORUSRDWHIL
vQWUHUXSWăRULFkQGGDFăYLUDĠLXúRUvQGLUHFĠLD


 6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG

=DĠLDGRSWDWXQVWLOGHFRQGXFHUHVSRUWLYFX WDWHVLPEROXOCHVWHDILúDWvQYHUGH$VLV
YLWH]HPDULvQYLUDMHVDXDFFHOHUăULSXWHU WHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
QLFH PHUVHVWHJDWDGHXWLOL]DUH
&RQGXFHUHDúLSDUFDUHD

=ODDXWRYHKLFXOHOHFXXQFkUOLJGHWUDFWDUHD 'DFăVDVHOHFWDW6WDQGDUGQXDSDUYLEUD
UHPRUFLLFRQH[LXQHDHOHFWULFăODUHPRUFăD ĠLLGHDYHUWL]DUHGDFă
IRVWUHDOL]DWăFRUHFW =DĠLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFĠLHÌQ
=(63ŠHVWHGH]DFWLYDW DFHVWFD]DYHUWLVPHQWHOHVXQWVXVSHQ
=WUDQVPLVLDQXHVWHvQSR]LĠLD' GDWHSHQWUXRDQXPLWăSHULRDGăGHWLPS
=SURJUDPXO2IIURDGHVWHDFWLYDW =XQVLVWHPGHVLJXUDQĠăODFRQGXFHUH

=VDGHWHFWDWúLVDDILúDWSLHUGHUHDSUHVLXQLL LQWHUYLQHSUHFXP$%6%$6VDX(63Š
vQSQHXULVDXXQSQHXGHIHFW 'DFăVDVHOHFWDW$GDSWLYH $GDSWLY 
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH QXDSDUYLEUDĠLLGHDYHUWL]DUHGDFă
PHUVQXGHWHFWHD]ăFRQGLĠLLOHGHGUXPúLWUD =DĠLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFĠLHÌQ
ILF2DFĠLRQDUHLQDGHFYDWăDIUkQHORUSRDWHIL DFHVWFD]DYHUWLVPHQWHOHVXQWVXVSHQ
vQWUHUXSWăRULFkQGGDFă GDWHSHQWUXRDQXPLWăSHULRDGăGHWLPS
=YLUDĠLXúRUvQGLUHFĠLDRSXVă =XQVLVWHPGHVLJXUDQĠăODFRQGXFHUH

=XWLOL]DĠLXQVHPQDOL]DWRUGHGLUHFĠLH LQWHUYLQHSUHFXP$%6%$6VDX(63Š
=DFFHOHUDĠLSXWHUQLFGHH[SULQUHWURJUD
=IUkQDĠLVDXDFFHOHUDĠLVHVL]DELO
GDUHIRUĠDWă
2DFĠLRQDUHDIUkQHORUSHQWUXFRUHFWDUHDEHQ
=IUkQDĠLSXWHUQLF
]LLHVWHvQWUHUXSWăDXWRPDWGDFă
=YLUDĠLDFWLYGHH[WUDJHĠLGHYRODQSHQWUX
=XQVLVWHPGHVLJXUDQĠăODFRQGXFHUHLQWHU
DHYLWDXQREVWDFROVDXVFKLPEDĠLUDSLG
YLQHSUHFXP(63ŠIUkQD35(6$)(ŠVDX EDQGD
$VLVWHQĠDDFWLYăODXQJKLXOPRUW
=WăLDĠLGUXPXOvQWURFXUEăDVFXĠLWă
=PDUFDMHOHGHEDQGăQXPDLSRWILUHFXQRV
FXWH 7UDFWDUHDXQHLUHPRUFL
$FWLYDUHDDVLVWHQĠHLDFWLYHSHQWUXPHQĠL 'DFăIL[DĠLRUHPRUFăDVLJXUDĠLYăFăDĠLUHD
QHUHDEHQ]LLGHPHUV OL]DWFRUHFWFRQH[LXQHDHOHFWULFă3XWHĠLHIHF
WXDDFHVWOXFUXYHULILFkQGLOXPLQDUHDUHPRU
FLL

6LVWHPHGHDVLVWDUHDFRQGXFHULLRII
URDG
0$7,& WUDFĠLXQHLQWHJUDOăSHUPD
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă QHQWă
 $FWLYDĠL$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHD 'DFăQXYăDGDSWDĠLVWLOXOGHFRQGXFHUH
EHQ]LLGHPHUVFXDMXWRUXOFDOFXODWRUXOXLGH 0$7,&QXSRDWHQLFLUHGXFHULVFXOGHDFFL
ERUGvQDFHVWVFRSVHOHFWDĠL6WDQGDUGVDX GHQWQLFLQXVHSRDWHVXVWUDJHOHJLORUIL]LFLL
$GDSWLYH $GDSWLY 3DJLQD  0$7,&QXSRDWHĠLQHFRQWGHFRQGLĠLLOHGH
6LPEROXOCDSDUHSHDILúDMXOPXOWLIXQFĠLR GUXPPHWHRúLGHWUDILF0$7,&HVWHGRDU
QDO XQDMXWRU'XPQHDYRDVWUăVXQWHĠLUHVSRQVD
ÌQFD]XOvQFDUHFRQGXFHĠLFXYLWH]HGHSHVWH ELOGHGLVWDQĠDIDĠăGHDXWRYHKLFXOXOGLQIDĠă
NPKúLPDUFDMHOHGHEDQGăVXQWGHWHF GHYLWH]DDXWRYHKLFXOXOXLGHIUkQDUHDvQWLPS
XWLOúLGHSăVWUDUHDEHQ]LLGHUXODUH
6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG 

'DFăRURDWăPRWULFHSDWLQHD]ăGLQFDX]DXQHL '65 5HJODUHDYLWH]HLODFRERUkUHDvQ


DGHUHQĠHLQVXILFLHQWH SDQWă
=FkQGSRUQLĠLGHSHORFDSăVDĠLSHGDODGH

&RQGXFHUHDúLSDUFDUHD
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
DFFHOHUDĠLHQXPDLFkWGHWDUHHVWHQHFHVDU
=DFFHOHUDĠLPDLSXĠLQFkQGFRQGXFHĠL G '65 5HJODUHDYLWH]HLODFRERUkUHDvQ
SDQWă HVWHGLVSRQLELOăQXPDLSHQWUXDXWR
 1XWUDFWDĠLQLFLRGDWăDXWRYHKLFXOXOFXR YHKLFXOHOHFXSDFKHWXOGHWHKQRORJLH2II
SXQWHULGLFDWă$VWIHOSXWHĠLGHWHULRUDFXWLD 5RDG
GHWUDQVIHU'HWHULRUăULOHGHDFHVWJHQQX
VXQWDFRSHULWHGHJDUDQĠLDLPSOLFLWă0HUFH '65HVWHXQVLVWHPGHDVLVWHQĠăFRQFHSXWVă
GHV%HQ]7RDWHURĠLOHWUHEXLHVăUăPkQăILH YăDMXWHDWXQFLFkQGFRQGXFHĠLvQSDQWă
SHVROILHVăILHFRPSOHWULGLFDWH5HVSHF $FHVWDPHQĠLQHYLWH]DGHUXODUHODYLWH]D
WDĠLLQVWUXFĠLXQLOHGHWUDFWDUHDXQXLDXWR VHOHFWDWăSHFDOFXODWRUXOGHERUG&XFkW
YHKLFXOFXWRDWHURĠLOHDYkQGFRQWDFWFRP SDQWDGHVFHQGHQWăHVWHPDLDEUXSWăFXDWkW
SOHWFXVROXO HIHFWXOGHIUkQDUH'65DODXWRYHKLFXOXOXLHVWH
PDLPDUH$WXQFLFkQGFRQGXFHĠLSHSRUĠLXQL
0$7,&DVLJXUăDQWUHQDUHDSHUPDQHQWăD GHGUXPSODQHVDXSHRSDQWăDVFHQGHQWă
WXWXURUFHORUSDWUXURĠLÌPSUHXQăFX(63ŠúL HIHFWXOGHIUkQDUH'65HVWHPLQLPVDXLQH
(76HOvPEXQăWăĠHúWHWUDFĠLXQHDDXWRYHKLFX [LVWHQW
OXOXLGXPQHDYRDVWUăFkQGRURDWăPRWULFH
'65FRQWUROHD]ăFkQGHVWHDFWLYDWYLWH]D
SDWLQHD]ăGLQFDX]DXQHLDGHUHQĠHLQVXIL
DXWRYHKLFXOXOXLLDUWUDQVPLVLDVHDIOăvQSR]L
FLHQWH
ĠLD'5VDX13ULQDFFHOHUDUHVDXIUkQDUH
G ÌQFRQGLĠLLGHFRQGXFHUHSHWLPSGHLDUQă SXWHĠLvQWRWGHDXQDVăFRQGXFHĠLFXRYLWH]ă
HIHFWXOPD[LP0$7,&SRDWHILREĠLQXWGRDU PDLULGLFDWăVDXPDLUHGXVăGHFkWFHDVHWDWă
GDFăXWLOL]DĠLSQHXULGHLDUQă 3QHXUL06  SHFDOFXODWRUXOGHERUG
FXODQĠXULGH]ăSDGăGDFăVLWXDĠLDRFHUH 'DFăQXYăDGDSWDĠLVWLOXOGHFRQGXFHUH'65
 &kQGWHVWDĠLIUkQDGHSDUFDUHDFĠLRQDĠL QXSRDWHQLFLUHGXFHULVFXOGHDFFLGHQWQLFL
QXPDLVFXUWWLPSDXWRYHKLFXOXO WLPSGH QXVHSRDWHVXVWUDJHOHJLORUIL]LFLL'65QX
PD[LPXP]HFHVHFXQGH SHGLQDPRPHWUXO SRDWHĠLQHFRQWGHFRQGLĠLLOHGHGUXPPHWHR
GHWHVWDUHDIUkQHORUÌQDFHVWLQWHUYDOURWLĠL úLGHWUDILF'65HVWHGRDUXQDMXWRU'XP
FKHLDvQSR]LĠLDVDXGLQFRQWDFW1HUHV QHDYRDVWUăVXQWHĠLUHVSRQVDELOGHGLVWDQĠD
SHFWDUHDDFHVWHLLQGLFDĠLLSRDWHGXFHOD IDĠăGHDXWRYHKLFXOXOGLQIDĠăGHYLWH]DDXWR
GHWHULRUDUHDWUHQXOXLGHWUDQVPLVLHVDXD YHKLFXOXOXLGHIUkQDUHDvQWLPSXWLOúLGH
VLVWHPXOXLGHIUkQDUH SăVWUDUHDEHQ]LLGHUXODUH
6XQWHĠLvQWRWGHDXQDUHVSRQVDELOSHQWUXPHQ
 7HVWHOHGHIXQFĠLRQDUHVDXSHUIRUPDQĠă ĠLQHUHDFRQWUROXOXLDXWRYHKLFXOXOXLúLSHQWUX
WUHEXLHHIHFWXDWHQXPDLSHXQGLQDPRPH HYDOXDUHDFDSDFLWăĠLLGHUXODUHSHRSDQWă
WUXSHQWUXSXQĠLÌQDLQWHGHDXWLOL]DDXWR GHVFHQGHQWă(VWHSRVLELOFD'65VăQXSRDWă
YHKLFXOXOSHXQDVWIHOGHGLQDPRPHWUXYă ILFDSDELOvQWRWGHDXQDVăUHVSHFWHYLWH]D
UXJăPVăFRQVXOWDĠLXQDWHOLHUGHVHUYLFH VHWDWăvQIXQFĠLHGHVXSUDIDĠDGUXPXOXLúLGH
DXWRUL]DWÌQFD]FRQWUDUSXWHĠLDYDULDWUH FRQGLĠLLOHSQHXOXL6HOHFWDĠLRYLWH]ăVHWDWă
QXOGHWUDQVPLVLHVDXVLVWHPXOGHIUkQDUH DGHFYDWăSHQWUXFRQGLĠLLOHSUHGRPLQDQWHúL
3HQWUXLQIRUPDĠLLSULYLQGÄ&RQGXFHUHDRII DFRORXQGHHVWHQHFHVDUDFĠLRQDĠLIUkQHOH
URDG´FRQVXOWDĠL 3DJLQD  PDQXDO


 6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG

$9(57,60(17 VWDUHGLQSDUWHDVWkQJăGHH['65
'DFăYLWH]DGHUXODUHúLYLWH]DVHWDWăGHYLD]ă NPK
úLDFWLYDĠL'65SHRVXSUDIDĠăGHGUXPDOXQH $XWRYHKLFXOHFXYRODQPXOWLIXQFĠLRQDOGHOX[
&RQGXFHUHDúLSDUFDUHD

FRDVăURĠLOHvúLSRWSLHUGHWUDFĠLXQHD'DFă EXWRDQH GHH[HPSOXDILúDMXO'65SRDWH


URĠLOHvúLSLHUGWUDFĠLXQHDQXYHĠLPDLSXWHD VăDSDUăSHDILúDMXOPXOWLIXQFĠLRQDO
PDQHYUDDXWRYHKLFXOXO$VWIHOFUHúWHULVFXOGH
GHUDSDUHúLDFFLGHQW
1XDFWLYDĠLQLFLRGDWă'65SHVXSUDIHĠHDOXQH
FRDVHGHGUXP

3HQWUXLQIRUPDĠLLGHVSUHFRQGXFHUHDRII
URDGFRQVXOWDĠL 3DJLQD 
'DFăYLWH]DFXUHQWăDDXWRYHKLFXOXOXLHVWH
$FWLYDUHDGH]DFWLYDUHD'65 SUHDPDUHSLFWRJUDPD'65DSDUHSHDILúDMXO
$9(57,60(17 PXOWLIXQFĠLRQDOÌQSOXVODDXWRYHKLFXOHOHFX
YRODQPXOWLIXQFĠLRQDO EXWRDQH HVWHDILúDW
'DFăFRQGXFHĠLFXRYLWH]ăPDLPDUHGHFkW
PHVDMXOPD[VSHHG YLWH]ÆPD[ 
YLWH]DVHWDWăúLDFWLYDĠL'65DXWRYHKLFXOXOYD
NPKLDUODDXWRYHKLFXOHOHFXYRODQPXO
GHFHOHUDSHSDQWHOHGHVFHQGHQWH'DFăQX
WLIXQFĠLRQDOGHOX[ EXWRDQH HVWHDILúDW
úWLĠLFDUHHVWHYLWH]DVHWDWăDXWRYHKLFXOXODU
PHVDMXO0D[VSHHG 9LWH]ÆPD[ 
SXWHDGHFHOHUDvQPRGQHDúWHSWDW([LVWăXQ
ULVFGHDFFLGHQW
NPK
'HFHOHUDĠLDXWRYHKLFXOXOSkQăODYLWH]DVHWDWă 'H]DFWLYDUH
vQDLQWHGHDDFWLYD'65'DFăQXúWLĠLFDUHHVWH  $SăVDĠLEXWRQXOC
YLWH]DVHWDWăPHPRUDWăVWRFDĠLGLQQRXYLWH]D /DPSDLQGLFDWRDUHDVHVWLQJH
VHWDWăGRULWă
6LPEROXO'65DSDUHSHDILúDMXOPXOWLIXQF
$FWLYDUH ĠLRQDOvPSUHXQăFXPHVDMXORII GH]DFњ
3XWHĠLDFWLYD'65QXPDLDWXQFLFkQGFRQGX WLYDW 
FHĠLFXYLWH]HVXENPK '65HVWHGH]DFWLYDWDXWRPDWGDFăUXODĠLFXR
YLWH]ăPDLPDUHGHNPK6LPEROXO'65
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOvPSUHXQăFX
PHVDMXO2II 'H]DFWLYDW 6HHPLWHúLXQ
VXQHWGHDYHUWL]DUH

6FKLPEDUHDYLWH]HLVHWDWHvQWLPSFH
DXWRYHKLFXOXOHVWHvQPLúFDUH
&kQG'65HVWHDFWLYDWSXWHĠLPRGLILFDYLWH]D
VHWDWăODRYDORDUHFXSULQVăvQWUHNPKúL
NPKvQWLPSFHDXWRYHKLFXOXOHVWHvQPLú
FDUH
 $SăVDĠLEXWRQXOC
/DPSDLQGLFDWRDUHDVHDSULQGH
$XWRYHKLFXOHFXYRODQPXOWLIXQFĠLRQDOFX
EXWRDQHDSDUHXQPHVDMSHLQGLFDWRUXOGH
6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG 

JUDPHOH$%6(63ŠúL(76VSHFLDODGDSWDWH
FRQGXFHULLRIIURDGVXQWGHDVHPHQHDDFWL
YDWH

&RQGXFHUHDúLSDUFDUHD
1XXWLOL]DĠLSURJUDPXOGHFRQGXFHUHRIIURDG
SHGUXPXULDFRSHULWHFX]ăSDGăVDXFXJKHDĠă
VDXGDFăSQHXULOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUăVXQWSUHYă]XWHFXODQĠXULGH]ăSDGă
3HQWUXLQIRUPDĠLLGHVSUHFRQGXFHUHDRII
URDGFRQVXOWDĠL 3DJLQD 

 3HQWUXDFUHúWHVDXUHGXFHYLWH]D
VHWDWăvQLQFUHPHQWHGHNPKDSăVDĠL
VFXUWPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
VSUHSXQFWXOGHSUHVLXQHvQVXVCSHQWUX
RYLWH]ăVHWDWăPDLPDUHVDXvQMRVDSHQ
WUXRYLWH]ăVHWDWăPDLPLFă
/DDXWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDO
FXEXWRDQHYDORDUHDVHWDWăDSDUHSH
LQGLFDWRUXOGHVWDUHGHSHSDUWHDVWkQJă/D
DXWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOGH
OX[ EXWRDQH YDORDUHDVHWDWăDSDUHSH
 3HQWUXDSRUQLDSăVDĠLEXWRQXOC
DILúDMXOPXOWLIXQFĠLRQDO /DPSDLQGLFDWRDUHDVHDSULQGH
 3HQWUXDFUHúWHVDXUHGXFHYLWH]D /DDXWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOGH
VHWDWăvQLQFUHPHQWHGHNPKDSăVDĠL OX[ EXWRDQH SHDILúDMXOPXOWLIXQFĠLRQDO
VFXUWPDQHWDSHQWUXFRQWUROXOFURD]LHUHL YHGHĠLVLPEROXORIIURDG
GLQFRORGHSXQFWXOGHSUHVLXQHvQVXVC
SHQWUXRYLWH]ăVHWDWăPDLPDUHVDXvQ
MRVDSHQWUXRYLWH]ăVHWDWăPDLPLFă
/DDXWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDO
FXEXWRDQHYDORDUHDVHWDWăDSDUHSH
LQGLFDWRUXOGHVWDUHGHSHSDUWHDVWkQJă/D
DXWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOGH
OX[ EXWRDQH YDORDUHDVHWDWăDSDUHSH  3HQWUXDRSULDSăVDĠLEXWRQXOC
DILúDMXOPXOWLIXQFĠLRQDO /DPSDLQGLFDWRDUHDVHVWLQJH/DDXWR
YHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOGHOX[
EXWRDQH VLPEROXORIIURDGVHVWLQJHGH
3URJUDPGHFRQGXFHUHRIIURDG DVHPHQHD
G 3URJUDPXOGHFRQGXFHUHRIIURDGHVWH
GLVSRQLELOQXPDLODDXWRYHKLFXOHOHFX
SDFKHWXOGHWHKQRORJLH2II5RDG
3URJUDPXOGHFRQGXFHUHRIIURDGRIHUăDVLV
WHQĠăvQFRQGXFHUHDRIIURDG&DUDFWHULVWLFLOH
GHSHUIRUPDQĠăDPRWRUXOXLúLFDUDFWHULVWLFLOH
VFKLPEăWRUXOXLGHYLWH]HDOWUDQVPLVLHLDXWR
PDWHVXQWDGDSWDWHSHQWUXDFHVWVFRS3UR


 7UDFWDUHDXQHLUHPRUFL

7UDFWDUHDXQHLUHPRUFL =FXSODVIHULFă
=FkUOLJXOGHWUDFWDUHDUHPRUFLL
1RWHSULYLQGWUDFWDUHDXQHLUHPRUFL
&RPELQDĠLDDXWRYHKLFXOUHPRUFăDUSXWHD
&RQGXFHUHDúLSDUFDUHD

1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD VăúLSLDUGăVWDELOLWDWHD
'DFăVDUFLQDYHUWLFDOăXWLOL]DWăHVWHPDLPLFă
$9(57,60(17 GHFkWVDUFLQDYHUWLFDOăPLQLPăSHUPLVăFRP
6LVWHPXOGHIUkQDUHVHSRDWHVXSUDvQFăO]L ELQDĠLDDXWRYHKLFXOUHPRUFăDUSXWHDGHYHQL
GDFăOăVDĠLSLFLRUXOSHSHGDODGHIUkQăvQWLP LQVWDELOăGHDVHPHQHD
SXOFRQGXFHULL$FHDVWDPăUHúWHGLVWDQĠDGH 3HQWUXDHYLWDVLWXDĠLLOHSHULFXORDVH
IUkQDUHúLSRDWHGXFHFKLDUODGHIHFWDUHDVLV
=DVLJXUDĠLYăFăYHULILFDĠLVDUFLQDYHUWLFDOă
WHPXOXLGHIUkQDUH([LVWăXQSHULFROGHDFFL
GHQW vQDLQWHGHILHFDUHFăOăWRULH
=XWLOL]DĠLSHEDUDGHWUDFWDUHRVDUFLQăYHUWL
1XXWLOL]DĠLQLFLRGDWăSHGDODGHIUkQăSHSRVW
GHUH]HPăWRDUHGHSLFLRU1XDSăVDĠLVLPXOWDQ FDOăFkWPDLDSURSLDWăSRVLELOGHVDUFLQD
SHGDODGHIUkQăúLSHGDODGHDFFHOHUDĠLHvQ YHUWLFDOăPD[LPă
WLPSXOFRQGXFHULL =QXGHSăúLĠLVDUFLQDYHUWLFDOăPD[LPă
DGPLVă
$9(57,60(17 =QXXWLOL]DĠLRVDUFLQăYHUWLFDOăVXEVDUFLQD
$ĠLSXWHDSLHUGHFRQWUROXOFRPELQDĠLHLDXWR YHUWLFDOăPLQLPăDGPLVăSHEDUDGHWUDF
YHKLFXOUHPRUFăGDFăvQFHSHVăGHUDSH]H WDUHDUHPRUFLL
&RPELQDĠLDDXWRYHKLFXOUHPRUFăVDUSXWHD 3XWHĠLXWLOL]DVLVWHPHSXUWăWRDUHGHH[
UăVWXUQD([LVWăXQSHULFROGHDFFLGHQW VXSRUWXULGHELFLFOHWăVDXDFFHVRULLSRUWDQWH
ÌQQLFLXQFD]QXDUWUHEXLVăvQFHUFDĠLVă SHFXSODVIHULFă6DUFLQDYHUWLFDOăPD[LPăGH
vQGUHSWDĠLFRPELQDĠLDDXWRYHKLFXOUHPRUFă NJVHDSOLFăDWXQFLFkQGXWLOL]DĠLVLVWHPH
SULQPăULUHDYLWH]HL5HGXFHĠLYLWH]DúLQXFRQ SXUWăWRDUHSHFXSODVIHULFă
WUDYLUDĠL)UkQDĠLGDFăVLWXDĠLDRFHUH &kQGXWLOL]DĠLXQFXSODMGHUHPRUFăGHWDúDELO
DVLJXUDĠLYăFăUHVSHFWDĠLLQVWUXFĠLXQLOHGHXWL
$9(57,60(17 OL]DUHDOHSURGXFăWRUXOXLSULYLQGFXSODMXO
'DFăGHSăúLĠLVDUFLQDYHUWLFDOăPD[LPăFkQG UHPRUFLL
WUDQVSRUWDĠLRvQFăUFăWXUăVLVWHPXOSXUWăWRU &kQGDXWRYHKLFXOXOPHUJHvQDSRLFăWUH
VDUSXWHDGHVSULQGHGHDXWRYHKLFXOúLDU UHPRUFăDVLJXUDĠLYăFăQXVHDIOăQLPHQL
SXWHDFăGHDSHGUXP([LVWăXQSHULFROGH vQWUHUHPRUFăúLDXWRYHKLFXO
DFFLGHQWúLUăQLUH &XSODĠLúLGHFXSODĠLUHPRUFDFXDWHQĠLH'DFă
5HVSHFWDĠLvQWRWGHDXQDVDUFLQDYHUWLFDOă QXFXSODĠLFRUHFWUHPRUFDODDXWRYHKLFXOXO
DGPLVăFkQGWUDQVSRUWDĠLVDUFLQL WUDFWDQWUHPRUFDVHSRDWHGHVSULQGH
$VLJXUDĠLYăFăQXVHGHSăúHVFXUPăWRDUHOH
 $SăVDUHDFRQVWDQWăDSHGDOHLGHIUkQă
YDORUL
GXFHODX]XUDH[FHVLYăúLSUHPDWXUăD
=VDUFLQDYHUWLFDOăSHEDUDGHWUDFWDUHD
SOăFXĠHORUGHIUkQă
UHPRUFLL
'DFăGHSăúLĠLVDUFLQDYHUWLFDOăPD[LPă
=VDUFLQDDGPLVăDUHPRUFLL
DGPLVăDEDUHLGHWUDFWDUHSHFXSODVIHULFă
=VDUFLQDDGPLVăSHSXQWHDGLQVSDWHDDXWR
XUPăWRDUHOHDUSXWHDVXIHULGHWHULRUăUL
YHKLFXOXOXLWUDFWDQW
=DXWRYHKLFXOXOGXPQHDYRDVWUă
=PDVDWRWDOăPD[LPăDGPLVăDWkWDDXWRYH
=UHPRUFD
KLFXOXOXLWUDFWDQWFkWúLDUHPRUFLL
7UDFWDUHDXQHLUHPRUFL 

9DORULOHDSOLFDELOHDGPLVHFDUHQXWUHEXLH 9HĠLJăVLGLPHQVLXQLOHGHPRQWDUHúLVDUFLQLOH
GHSăúLWHSRWILJăVLWH vQVHFĠLXQHDÄ'DWHWHKQLFH´ 3DJLQD 
=vQGRFXPHQWHOHDXWRYHKLFXOXOXL 6DUFLQDYHUWLFDOăPD[LPăSHEDUDGHWUDFWDUH

&RQGXFHUHDúLSDUFDUHD
=SHSOăFXĠHOHGHLGHQWLILFDUHGHSHFkUOLJXO DUHPRUFLLGHSHFXSODVIHULFăHVWHGH
GHWUDFWDUHDUHPRUFLLUHPRUFăúLDXWRYH NJ&XWRDWHDFHVWHDVDUFLQDYHUWLFDOă
KLFXO UHDOăQXWUHEXLHVăGHSăúHDVFăYDORDUHDLQGL
FDWăSHFkUOLJXOGHWUDFWDUHDUHPRUFLLVDXSH
'DFăYDORULOHGLIHUăVHDSOLFăYDORDUHDFHD
SOăFXĠHOHGHLGHQWLILFDUHDUHPRUFLL(VWHYDOD
PDLPLFă
ELOăFHDPDLVFă]XWăVDUFLQă
9HĠLJăVLYDORULOHDSUREDWHGHSURGXFăWRUSH
SOăFXĠHOHGHLGHQWLILFDUHDDXWRYHKLFXOXOXLúL  8WLOL]DĠLRVDUFLQăYHUWLFDOăSHEDUDGH
FHOHSHQWUXDXWRYHKLFXOXOWUDFWDQWODÄ'DWH WUDFWDUHFkWPDLDSURDSHSRVLELOGHVDUFLQD
WHKQLFH´ YHUWLFDOăPD[LPDGPLVă1XXWLOL]DĠLRVDU
/DWUDFWDUHDXQHLUHPRUFLDXWRYHKLFXOXOGXP FLQăYHUWLFDOăGHVXENJGHRDUHFHvQFD]
QHDYRDVWUăYDPDQLIHVWDFDUDFWHULVWLFLGH FRQWUDUUHPRUFDVDUSXWHDGH]OHJD
PDQHYUDELOLWDWHGLIHULWHIDĠăGHVLWXDĠLLOHvQ 5HĠLQHĠLFăVDUFLQDúLVDUFLQDSHSXQWHDGLQ
FDUHFRQGXFHĠLIăUăUHPRUFă VSDWHVXQWUHGXVHGHVDUFLQDUHDOă
&RPELQDĠLDDXWRYHKLFXOUHPRUFă G ÌQăOĠLPHDFXSOHLVIHULFHVHPRGLILFăRGDWă
=HVWHPDLJUHD FXVDUFLQDGHvQFăUFDUHDDXWRYHKLFXOXOXL
=DUHFDSDFLWăĠLGHDFFHOHUDUHúLGHXUFDUHvQ 'DFăVLWXDĠLDRFHUHXWLOL]DĠLRUHPRUFăFX
SDQWăUHGXVH EDUăGHWUDFWDUHUHJODELOăSHvQăOĠLPH
=DUHRGLVWDQĠăGHIUkQDUHVSRULWă
6IDWXULSULYLQGFRQGXFHUHD
=HVWHDIHFWDWăPDLWDUHGHYkQWXOODWHUDO
SXWHUQLF G 5HVSHFWDĠLQRWHOHSULYLQGVWDELOL]DUHD
=QHFHVLWăRPDQHYUDUHPDLVHQVLELOă UHPRUFLLFX(63Š 3DJLQD 
=DUHXQFHUFGHURWDĠLHPDLPDUH 9LWH]DPD[LPăDGPLVăSHQWUXFRPELQDĠLLOH
$FHDVWDSRDWHDIHFWDFDUDFWHULVWLFLOHGH DXWRYHKLFXOUHPRUFăGHSLQGHGHWLSXOGH
PDQHYUDELOLWDWHDOHDXWRYHKLFXOXOXL$GDSWDĠL UHPRUFăÌQDLQWHGHDSRUQLODGUXPYHULILFDĠL
YăVWLOXOGHFRQGXFHUHvQFRQVHFLQĠă3ăVWUDĠL GRFXPHQWDĠLDUHPRUFLLSHQWUXDYHGHDFDUH
RGLVWDQĠăGHVLJXUDQĠă&RQGXFHĠLFXDWHQĠLH HVWHYLWH]DPD[LPăSHUPLVă5HVSHFWDĠL
&kQGWUDFWDĠLRUHPRUFăDGDSWDĠLYăvQWRW YLWH]DPD[LPăSUHYă]XWăGHOHJHvQĠDUDUHV
GHDXQDYLWH]DODFRQGLĠLLOHFXUHQWHGHGUXPúL SHFWLYă
PHWHR1XGHSăúLĠLYLWH]DPD[LPDGPLVăSHQ /DDQXPLWHDXWRYHKLFXOH0HUFHGHV%HQ]VDU
WUXFRPELQDĠLDGXPQHDYRDVWUăDXWRYHKLFXO FLQDPD[LPăSHUPLVăSHSXQWHDGLQVSDWH
UHPRUFă FUHúWHODWUDFWDUHDXQHLUHPRUFL&RQVXOWDĠL
VHFĠLXQHDÄ'DWHWHKQLFH³SHQWUXDDIODGDFă
1RWHJHQHUDOH DFHDVWăVLWXDĠLHHVWHYDODELOăúLSHQWUXDXWR
YHKLFXOXOGXPQHDYRDVWUă
G /DWUDFWDUHDXQHLUHPRUFLUHJODĠLSUHVLX 'DFăXWLOL]DĠLRULFHVDUFLQăPD[LPăDGăXJDWă
QHDvQSQHXULSHSXQWHDGLQVSDWHDDXWR SHSXQWHDGLQVSDWHODWUDFWDUHDXQHLUHPRUFL
YHKLFXOXOXLWUDFWDQWSHQWUXRvQFăUFăWXUă FRPELQDĠLDDXWRYHKLFXOUHPRUFăVDUSXWHD
PD[LPăFRQVXOWDĠLWDEHOXOFXSUHVLXQLOHvQ VăQXGHSăúHDVFăRYLWH]ăPD[LPăGH
SQHXULGHSHFODSHWDJXULLGHXPSOHUHFX NPKGLQPRWLYHFHĠLQGHFHUWLILFDWXOGH
FDUEXUDQW 3DJLQD 
 */.&',%OXH()),&,(1&<úL*/.&',%OXH()),&,(1&<NJ
 */.&',0$7,&NJ


 7UDFWDUHDXQHLUHPRUFL

vQPDWULFXODUH$FHDVWDVHDSOLFăúLvQĠăULOHvQ 'DFăUHPRUFDRVFLOHD]ăGLQWURSDUWHvQFHD
FDUHYLWH]DPD[LPăDGPLVăSHQWUXFRPELQD ODOWă
ĠLLOHDXWRYHKLFXOUHPRUFăGHSăúHúWH  1XDFFHOHUDĠL
&RQGXFHUHDúLSDUFDUHD

NPK
 1XFRQWUDYLUDĠL
/DWUDFWDUHDXQHLUHPRUFLDXWRYHKLFXOXOGXP
 )UkQDĠLGDFăVLWXDĠLDRFHUH
QHDYRDVWUăYDPDQLIHVWDFDUDFWHULVWLFLGH
PDQHYUDELOLWDWHGLIHULWHIDĠăGHVLWXDĠLLOHvQ
FDUHFRQGXFHĠLIăUăUHPRUFăúLYDFRQVXPD
PDLPXOWFDUEXUDQW 0RQWDUHFXSOăVIHULFă
6FKLPEDĠLvQWURWUHDSWăGHYLWH]ăLQIHULRDUă  1RWDĠLYăQXPăUXOFKHLHDOFXSOHLVIHULFH
vQWLPSXWLOSHSDQWHOHGHVFHQGHQWHOXQJLúL
DEUXSWH/DDXWRYHKLFXOHOHFXWUDQVPLVLH G 3XWHĠLXWLOL]DDFHVWQXPăUSHQWUXDREĠLQH
DXWRPDWăWUHEXLHVăVHOHFWDĠLWUHDSWDGH RFKHLHGHVFKLPEGHODXQ&HQWUXGH6HU
YLWH]HVDX YLFH0HUFHGHV%HQ]

G $FHDVWăDILUPDĠLHHVWHYDODELOăúLGDFăDĠL $9(57,60(17
DFWLYDWFRQWUROXOFURD]LHUHLVDX63(('752 ÌQFD]XOFDUHFXSODVIHULFăQXHVWHFXSODWă
1,& FRUHFWHDVDUSXWHDGHVSULQGHvQWLPSXOFRQ
GXFHULLúLDUSXWHDFăGHDSHGUXP([LVWăXQ
$FHDVWDYDXWLOL]DHIHFWXOGHIUkQDUHDOPRWR
SHULFROGHDFFLGHQWúLUăQLUH
UXOXLDVWIHOvQFkWYDILQHFHVDUăRIUkQDUHPDL
UHGXVăSHQWUXDvPSLHGLFDDXWRYHKLFXOXOVă &XSODĠLFXSODVIHULFăSRWULYLWGHVFULHULL
SULQGăYLWH]ă$VWIHOVHYDHOLPLQDVDUFLQDOD
FDUHHVWHVXSXVVLVWHPXOGHIUkQDUHúLVHSUH $9(57,60(17
YLQHVXSUDvQFăO]LUHDúLX]XUDSUHPDWXUăDIUk ÌQFD]XOvQFDUHFXSODVIHULFăQXHVWHFXSODWă
QHORU'DFăHVWHQHFHVDUăRIUkQDUHVXSOL FRUHFWUHPRUFDVDUSXWHDGHVSULQGH([LVWă
PHQWDUăDSăVDĠLSHGDODGHIUkQăUHSHWDWúL XQSHULFROGHDFFLGHQW
QXFRQWLQXX &XSODĠLvQWRWGHDXQDFXSODVIHULFăSRWULYLWGHV
FULHULL
6IDWXULSULYLQGFRQGXFHUHD
=3ăVWUDĠLRGLVWDQĠăPDLPDUHIDĠăGHDXWR
$9(57,60(17
YHKLFXOXOGLQIDĠăGHFkWDWXQFLFkQGFRQGX 'DFăHOLEHUDĠLFXSODVIHULFăVDXGDFăQXVH
FHĠLIăUăUHPRUFă FXSOHD]ăFRUHFWFkQGRUDEDWDĠLvQLQWHULRUHD
VHYDUDEDWDÌQUD]DGHSLYRWDUHDFXSOHLVIH
=(YLWDĠLVăIUkQDĠLEUXVF'DFăHVWHSRVLELO
ULFHH[LVWăSHULFROVSRULWGHDFFLGHQWúLUăQLUH
IUkQDĠLXúRUPDLvQWkLSHQWUXDLSHUPLWH
UHPRUFLLVăvQYLQJăLQHUĠLD$SRLFUHúWHĠL (OLEHUDĠLFXSODVIHULFăQXPDLGDFăUD]DGH
UDSLGIRUĠDGHIUkQDUH SLYRWDUHQXHVWHREVWUXFĠLRQDWă$VLJXUDĠLYă
vQWRWGHDXQDFăFXSODVIHULFăVHFXSOHD]ăOD
=9DORULOHGDWHSHQWUXFDSDFLWăĠLOHGHXUFDUH
UDEDWDUH
vQSDQWăGHSHORFDXFDUHIHULQĠăQLYHOXO
PăULL&kQGFRQGXFHĠLvQ]RQHPRQWDQH &XSODVIHULFăGHWDúDELOăHVWHDPSODVDWăvQ
UHĠLQHĠLFăSXWHUHDXWLOăDPRWRUXOXLúLFDSD VSDĠLXOGHGHSR]LWDUHGHVXESODQúHXOSRUWED
FLWDWHDGHXUFDUHvQSDQWăDDXWRYHKLFXOXOXL JDMXOXL 3DJLQD 
vQFRQVHFLQĠăVFDGRGDWăFXFUHúWHUHDDOWL
 'HVFKLGHĠLSODQúHXOSRUWEDJDMXOXL
WXGLQLL
3DJLQD 
7UDFWDUHDXQHLUHPRUFL 

&RQGXFHUHDúLSDUFDUHD
$XWRYHKLFXOHIăUăIXQFĠLDVWDUWVWRS(&2 $XWRYHKLFXOHFXIXQFĠLDVWDUWVWRS(&2
 /XDĠLFXSODVIHULFăCFXFKHLDGLQFRPSDU
WLPHQWXOGHGHSR]LWDUHDFXSOHLVIHULFHD

$XWRYHKLFXOHFXIXQFĠLDVWDUWVWRS(&2
 7UDJHĠLFDSDFXOCGHSHORFDúXOFXSOHLVIH
ULFHvQVXVvQGLUHFĠLDLQGLFDWăGHVăJHDWăúL
 7UDJHĠLFDSDFXOGHSURWHFĠLHCvQMRVvQ
VFRDWHĠLO
GLUHFĠLDLQGLFDWăGHVăJHDWăGLQORFDúXO
FXSOHLVIHULFH
 $úH]DĠLFDSDFXOGHSURWHFĠLHCvQORFDúXO
FXSOHLVIHULFH

$XWRYHKLFXOHIăUăIXQFĠLDVWDUWVWRS(&2


 7UDFWDUHDXQHLUHPRUFL

 6FRDWHĠLFDSDFXOGHSURWHFĠLHDGHSH  3HQWUXDvQFXLDURWLĠLFKHLDCSkQăODRSUL
vQFXLHWRDUHDGLQURDWDGHUHJODUH WRUvQGLUHFĠLDLQGLFDWăGHVăJHDWă
 ,QWURGXFHĠLFKHLDCvQFRPXWDWRUXOGHFRQ  6FRDWHĠLFKHLDC
&RQGXFHUHDúLSDUFDUHD

WDFW  $SăVDĠLFDSDFXOGHSURWHFĠLHDSHvQFXLH
0DUFDMXOURúXGHSHURDWDGHUHJODUHWUH WRDUH
EXLHVăILHDOLQLDWFX]RQDYHUGHGHSHFXSOD
VIHULFă SR]LĠLHGHPRQWDUH 'DFăDFHVW G 3XWHĠLGHSR]LWDFKHLDvQORFDúXOFXSOHLVIH
OXFUXQXVHvQWkPSOă ULFHvQSRUWEDJDM
 5RWLĠLFKHLDCvQGLUHFĠLDLQGLFDWăGH  $WDúDĠLúLFXSODĠLFDSDFXOSHQWUXORFDúXO
VăJHDWă FXSOHLVIHULFHvQVSDĠLXOGHGHSR]LWDUHGH
&KHLDHVWHHOLEHUDWă VXESODQúHXOSRUWEDJDMXOXL

 7UDJHĠLURDWDGHUHJODUH…GLQFXSODVIHULFă  5DEDWDĠLvQMRVSUL]DGHDOLPHQWDUHDUHPRU
úLURWLĠLvQVHQVRUDUSkQăFHVHFXSOHD]ă FLLC
=RQDYHUGHGHSHFXSODVIHULFăHVWHDOLQLDWă
FXPDUFDMXOURúXGHSHURDWDGHUHJODUH
 ,QWURGXFHĠLFXSODVIHULFăSHYHUWLFDOăvQ &XSODUHDXQHLUHPRUFL
GLUHFĠLDLQGLFDWăGHVăJHDWăvQORFDúXO
FXSOHLVIHULFH‡SkQăFHVHFXSOHD]ă $9(57,60(17
5RDWDGHUHJODUH…VHURWHúWHvQWLPSXO 'DFăGHFXSODĠLRUHPRUFăFXRIUkQăGHVXSUD
DFHVWXLSURFHV0DUFDMXOYHUGHƒGHSH VROLFLWDUHFXSODWăYDĠLSXWHDSULQGHPkQD
vQWUHDXWRYHKLFXOúLEDUDGHWUDFWDUHDUHPRU
URDWDGHUHJODUHHVWHDOLQLDWFX]RQDYHUGH
FLL$FHVWOXFUXSUH]LQWăXQULVFGHDFFLGHQW
GHSHFXSODVIHULFă„
1XGHFXSODĠLRUHPRUFăFXRIUkQăGHVXSUD
VROLFLWDUHFXSODWă

 $VLJXUDĠLYăFăWUDQVPLVLDVHDIOăvQSR]LĠLD
3
 $FĠLRQDĠLIUkQDGHSDUFDUH
 3R]LĠLRQDĠLUHPRUFDODQLYHOvQVSDWHOHDXWR
YHKLFXOXOXL
 &XSODĠLUHPRUFD
7UDFWDUHDXQHLUHPRUFL 

 6WDELOLĠLFRQH[LXQHDHOHFWULFăvQWUHDXWRYH  7UDJHĠLFXSODVIHULFăvQMRVSHQWUXDVFRDWH
KLFXOúLUHPRUFă  &XUăĠDĠLFXSODVIHULFăGDFăHVWHPXUGDUă
 9HULILFDĠLGDFăVLVWHPXOGHLOXPLQDUHDO
,QIRUPDĠLLSULYLQGFXUăĠDUHDúLvQJULMLUHDFkUOL

&RQGXFHUHDúLSDUFDUHD
UHPRUFLLIXQFĠLRQHD]ă JXOXLGHWUDFWDUHDUHPRUFLLVHJăVHVFOD
3DJLQD 

'HFXSODUHDXQHLUHPRUFL
'HSR]LWDUHFXSOăVIHULFă
$9(57,60(17
$XWRYHKLFXOHFXFRQWUROQLYHO 3HULFROGHDFFLGHQW
'DFăGHFRQHFWDĠLFDEOXOUHPRUFLLDXWRYHKL 1XWUDQVSRUWDĠLQLFLRGDWăvQLQWHULRUXODXWRYH
FXOXOHVWHFRERUkW'LQDFHDVWăFDX]ăGXP KLFXOXOXLXQFkUOLJGHUHPRUFDUHQHIL[DW
QHDYRDVWUăVDXDOĠLLDĠLSXWHDILSULQúLvQWUH ÌQFD]FRQWUDUSDVDJHULLDXWRYHKLFXOXOXLSRWIL
FDURVHULDDXWRYHKLFXOXOXLúLSQHXULVDXVXE UăQLĠLGDFăDFHVWDHVWHSURLHFWDWvQFD]GH
DXWRYHKLFXO$FHVWOXFUXSUH]LQWăXQULVFGH =IUkQDUHEUXVFă
DFFLGHQW
=PRGLILFDUHEUXVFăDGLUHFĠLHL
$VLJXUDĠLYăFăQXVHDIOăQLPHQLvQLPHGLDWD
=DFFLGHQW
DSURSLHUHDSDVDMXOXLGHURDWăVDXVXEDXWR
YHKLFXOFkQGGHFRQHFWDĠLFDEOXOUHPRUFLL  'HVFKLGHĠLVSDĠLXOGHGHSR]LWDUHGHVXE
SODQúHXOSRUWEDJDMXOXL
 1XFXSODĠLRUHPRUFăSUHYă]XWăFXIUkQă
 6FRDWHĠLFDSDFXOGLQORFDúXOFXSOHLVIHULFH
LQHUĠLDOăDWXQFLFkQGIUkQDUHVSHFWLYăHVWH
DFĠLRQDWăGHRDUHFHSULQGHEORFDUHDIUkQHL  6FRDWHĠLFDSDFXOGHSURWHFĠLHGLQORFDúXO
LQHUĠLDOHVHSRDWHSURGXFHGHWHULRUDUHD FXSOHLVIHULFH
DXWRYHKLFXOXOXLGXPQHDYRDVWUă  $SăVDĠLFDSDFXOGHSURWHFĠLHvQORFDúXO

 $VLJXUDĠLYăFăWUDQVPLVLDVHDIOăvQSR]LĠLD FXSOHLVIHULFHSkQăFHVHFXSOHD]ă
3  &DSDFXOGHSURWHFĠLHWUHEXLHVăILHELQH

 $FĠLRQDĠLIUkQDGHSDUFDUH IL[DW
 'HSR]LWDĠLFXSODVIHULFăFXFKHLDLQWURGXVă
 $VLJXUDĠLUHPRUFDFRQWUDSXQHULLVDOHvQ
PLúFDUH vQORFDúXOFXSOHLVIHULFH
 3XQHĠLODORFFDSDFXOGLQORFDúXOFXSOHLVIH
 6FRDWHĠLFDEOXOUHPRUFLLúLGHFXSODĠL
UHPRUFD ULFHúLvPELQDĠLO
 5DEDWDĠLvQVXVSUL]DGHDOLPHQWDUHDUHPRU
FLL
'HPRQWDUHFXSOăVIHULFă
 6FRDWHĠLFDSDFXOGHSURWHFĠLHGHSHvQFXLH $OLPHQWDUHHOHFWULFăDUHPRUFLL
WRDUHDGLQURDWDGHUHJODUH
 8WLOL]DĠLFKHLDSHQWUXDGHVFXLDvQFXLHWRD /DLHúLUHDGLQIDEULFăSUL]DUHPRUFLLDXWRYH
UHDGLQURDWDGHUHJODUH KLFXOXOXLGXPQHDYRDVWUăHVWHSUHYă]XWăFXR
DOLPHQWDUHHOHFWULFăSHUPDQHQWăúLFXRDOL
 ğLQHĠLFXSODVIHULFă7UDJHĠLURDWDGHUHJODUH
PHQWDUHHOHFWULFăSRUQLWăSULQFRPXWDWRUXOGH
GLQFXSODVIHULFăúLURWLĠLvQVHQVRUDUSkQă
SRUQLUH
FHVHFXSOHD]ă
=RQDYHUGHGHSHFXSODVIHULFăHVWHDOLQLDWă $OLPHQWDUHDHOHFWULFăSHUPDQHQWăHVWHDVL
FXPDUFDMXOURúXGHSHURDWDGHUHJODUH JXUDWăSULQSLQXODOSUL]HLUHPRUFLL


 7UDFWDUHDXQHLUHPRUFL

$OLPHQWDUHDHOHFWULFăSRUQLWăSULQFRPXWDWR  'HVFKLGHĠLFDSDFXOSUL]HL
UXOGHSRUQLUHHVWHDVLJXUDWăSULQSLQXODO  ,QWURGXFHĠLFRQHFWRUXOFXILúăFXXUH
SUL]HLUHPRUFLL FKHDCvQFDQDOXODGHSHSUL]ă5RWLĠL
&RQGXFHUHDúLSDUFDUHD

 3XWHĠLFRQHFWDDFFHVRULLFXRSXWHUH FRQHFWRUXOvQVHQVRUDUFkWGHPXOWSRVLELO
QRPLQDOăGHSkQăOD:ODDOLPHQWDUHD  /ăVDĠLFDSDFXOVăVHDQJUHQH]H
HOHFWULFăSHUPDQHQWăúLFXRSXWHUHQRPL  'DFăXWLOL]DĠLXQFDEOXDGDSWRUIL[DĠLFDEOXO
QDOăGHSkQăOD:ODDOLPHQWDUHDHOHF ODUHPRUFăFXFROLHUHGHFDEOX
WULFăFDUHHVWHDFWLYDWăSULQFRPXWDWRUXOGH
FRQWDFW  $VLJXUDĠLVXILFLHQWăOLEHUWDWHGHPLúFDUH
(VWHSRVLELOFDEDWHULDUHPRUFLLVăQXILH FDEOXOXLSHQWUXDQXVHGHVSULQGHODHIHF
vQFăUFDWăGHODDOLPHQWDUHDHOHFWULFă WXDUHDYLUDMHORU

$OLPHQWDUHDHOHFWULFăSHUPDQHQWăDUHPRUFLL
HVWHGH]DFWLYDWăvQFD]XOXQHLWHQVLXQL
VFă]XWHGHDOLPHQWDUHDDXWRYHKLFXOXOXLúL
GXSăFHOWkU]LXúDVHRUH
3XWHĠLJăVLLQIRUPDĠLLVXSOLPHQWDUHGHVSUH
LQVWDODUHDVLVWHPHORUHOHFWULFHDOHUHPRUFLLOD
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 3HQWUXDSRUQLVDXRSULDOLPHQWDUHD
HOHFWULFăURWLĠLFKHLDvQFRPXWDWRUXOGH
SRUQLUHvQSR]LĠLDVDXUHVSHFWLY

5HPRUFăFXFRQHFWRUFXSLQL
1RWHJHQHUDOH
5HPRUFăFXFRQHFWRUFXSLQLSXWHĠLUHD
OL]DRFRQH[LXQHODSUL]DFXSLQLGHSHFXSOD
VIHULFăFXDMXWRUXOXQXLDGDSWRUVDXGDFă
HVWHQHFHVDUFXXQFDEOXDGDSWRU$PEHOH
SRWILREĠLQXWHGHODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW

0RQWDUHDDGDSWRUXOXL


,QIRUPDĠLLXWLOH 

&DOFXODWRUGHERUGúLGLVSOD\XUL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
$ILúDMHúLXWLOL]DUH YRODQPXOWL
IXQFĠLRQDOFXEXWRDQH  
$ILúDMHúLXWLOL]DUH YRODQPXOWL
IXQFĠLRQDOFXEXWRDQH  
0HVDMHGHSHGLVSOD\ 
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUH
GLQWDEORXOGHERUG 
 $ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

,QIRUPDĠLLXWLOH &DOFXODWRUXOGHERUGSUH]LQWăQXPDLPHVDMH
VDXDYHUWLVPHQWHGHODDQXPLWHVLVWHPHGLQ
&DOFXODWRUGHERUGúLGLVSOD\XUL

G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH DILúDMXOPXOWLIXQFĠLRQDO3ULQXUPDUHWUHEXLH
PRGHOHOHVHULLOHúLHFKLSDPHQWXORSĠLRQDO VăYăDVLJXUDĠLFăDXWRYHKLFXOXOGXPQHD
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUăFDUH YRDVWUăIXQFĠLRQHD]ăWRWWLPSXOvQVLJXUDQĠă
HUDXGLVSRQLELOHvQPRPHQWXOWLSăULULL ÌQFD]FRQWUDUXQDXWRYHKLFXOFDUHQXIXQF
PDQXDOXOXL6XQWSRVLELOHYDULDĠLLQDĠLRQDOH ĠLRQHD]ăvQVLJXUDQĠăSRDWHSURYRFDXQDFFL
5HĠLQHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOVă GHQW
QXILHHFKLSDWFXWRDWHIXQFĠLLOHGHVFULVH 3HQWUXRSUH]HQWDUHJHQHUDOăFRQVXOWDĠLLOXV
$FHVWOXFUXHVWHYDODELOúLSHQWUXVLVWHPHOH WUDĠLDWDEORXOXLGHERUGSHQWUXDXWRYHKLFXOHOH
úLIXQFĠLLOHUHIHULWRDUHODVLJXUDQĠă FX
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH =9RODQPXOWLIXQFĠLRQDOFXEXWRDQH

FLDOLWDWHDXWRUL]DWH 3DJLQD  3DJLQD


=9RODQPXOWLIXQFĠLRQDOFXEXWRDQH
3DJLQD
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD

$9(57,=$5( $ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLR


'DFăIRORVLĠLVLVWHPHLQIRUPDWLFHúLDSDUDWH QDOFXEXWRDQH
GHFRPXQLFDĠLHLQWHJUDWHvQDXWRYHKLFXOvQ ,OXPLQDUHDWDEORXOXLGHERUG
WLPSXOGHSODVăULLDFHVWXLDDFHVWHDYăSRWGLV
WUDJHDWHQĠLDGHODHYHQLPHQWHOHGLQWUDILFÌQ ,OXPLQDUHDGLQWDEORXOGHERUGDILúDMHOHúL
DIDUăGHDFHDVWDSXWHĠLSLHUGHFRQWUROXODVX FRPHQ]LOHGLQLQWHULRUXODXWRYHKLFXOXOXLSRWIL
SUDDXWRYHKLFXOXOXL([LVWăSHULFROGHDFFL UHJODWHFXDMXWRUXOEXWRQXOXLGHFRPDQGăD
GHQW LQWHQVLWăĠLL
)RORVLĠLDFHVWHDSDUDWHQXPDLDWXQFLFkQG %XWRQXOGHFRPDQGăDLQWHQVLWăĠLLVHDIOăvQ
VLWXDĠLDGLQWUDILFRSHUPLWH'DFăQXVXQWHĠL SDUWHDLQIHULRDUăVWkQJăDWDEORXOXLGHERUG
VLJXUGHDFHVWOXFUXRSULĠLDXWRYHKLFXOXOvQ 3DJLQD 
FRQGLĠLLGHVLJXUDQĠăúLHIHFWXDĠLRSHUDĠLLOH  5RWLĠLEXWRQXOGHFRPDQGăDLQWHQVLWăĠLLvQ
QHFHVDUHFXDXWRYHKLFXOXOVWDĠLRQDW VHQVRUDUVDXDQWLRUDU
'DFăFRPXWDWRUXOGHOXPLQLHVWHSXVSH
$9(57,60(17 X`VDXXOXPLQR]LWDWHDHVWH
7DEORXOGHERUGVDGHIHFWDWVDXQXIXQFĠLR GHSHQGHQWăGHLQWHQVLWDWHDOXPLQLLDPELHQ
QHD]ăFRUHFWHVWHSRVLELOVăQXUHFXQRDúWHĠL WDOH
UHVWULFĠLLOHGHIXQFĠLRQDOLWDWHUHIHULWRDUHOD
G 6HQ]RUXOGHOXPLQăGLQWDEORXOGHERUG
VLJXUDQĠă6LJXUDQĠDvQIXQFĠLRQDUHDDXWRYH
FRPDQGăDXWRPDWOXPLQR]LWDWHDDILúDMXOXL
KLFXOXOXLSRDWHILDIHFWDWă([LVWăXQULVFGH
PXOWLIXQFĠLRQDO
DFFLGHQW
3HWLPSGH]LDILúDMHOHGLQWDEORXOGHERUG
&RQGXFHĠLFXDWHQĠLH6ROLFLWDĠLYHULILFDUHD
QXVXQWOXPLQDWH
LPHGLDWăDDXWRYHKLFXOXOXLODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW

7UHEXLHVăUHVSHFWDĠLFHULQĠHOHOHJDOHGLQĠDUD
vQFDUHFRQGXFHĠLvQPRGFXUHQWFkQGXWLOL]DĠL
FDOFXODWRUXOGHERUG
$ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

,QGLFDWRUXOGHWHPSHUDWXUăDOLFKLGX ([HPSOH

&DOFXODWRUGHERUGúLGLVSOD\XUL
OXLGHUăFLUH =vQFXLHUHDXWRPDWăSRUWLHUH

,QGLFDWRUXOGHWHPSHUDWXUăDOLFKLGXOXLGH =OLPLWăGHYLWH]ăSHQWUXSQHXULOHGHLDUQă
UăFLUHVHDIOăvQWDEORXOGHERUGSHSDUWHD 3XWHĠLREĠLQHLQIRUPDĠLLGHVSUHDFHVW
VWkQJă VXELHFWGHODRULFH&HQWUXGH6HUYLFH0HU
ÌQFRQGLĠLLGHXWLOL]DUHQRUPDOăúLODQLYHOXOGH FHGHV%HQ]
OLFKLGGHUăFLUHVSHFLILFDWWHPSHUDWXUDOLFKL 3XWHĠLFRQWURODDILúDMXOPXOWLIXQFĠLRQDOúL
GXOXLGHUăFLUHSRDWHXUFDSkQăOD‚ VHWăULOHvQFDOFXODWRUXOGHERUGFXDMXWRUXO
/DWHPSHUDWXULH[WHULRDUHULGLFDWHúLFkQG EXWRDQHORUGHSHYRODQXOPXOWLIXQFĠLRQDO
FRQGXFHĠLvQSDQWăDVFHQGHQWăWHPSHUDWXUD
OLFKLGXOXLGHUăFLUHSRDWHDWLQJHFDSăWXOVFD
OHL

7XURPHWUX
%DQGDURúLHGLQWXURPHWUXLQGLFăLQWHUYDOXOGH
VXSUDWXUDUHDOPRWRUXOXL
 1XFRQGXFHĠLDXWRYHKLFXOXOFXPRWRUXO
VXSUDWXUDWÌQFD]FRQWUDUPRWRUXOYDIL
GHWHULRUDW
$OLPHQWDUHDFXFDUEXUDQWHVWHvQWUHUXSWă
SHQWUXDSURWHMDPRWRUXOFkQGVHLQWUăvQ
EDQGDURúLH

$ILúDMWHPSHUDWXUăH[WHULRDUă
7UHEXLHVăDFRUGDĠLRDWHQĠLHVSHFLDOăFRQGL C $ILúDMPXOWLIXQFĠLRQDO
ĠLLORUGHGUXPFkQGWHPSHUDWXULOHVHDIOăvQ D $PSOLILFăYROXPXO
MXUXOSXQFWXOXLGHvQJKHĠ
‡ ‚$WHQXHD]ăYROXPXO
'LVSOD\XOSHQWUXWHPSHUDWXUăH[WHULRDUăVH
… F3DUFXUJHOLVWHUHJOHD]ăYDORULFRQ
DIOăvQWDEORXOGHERUG 3DJLQD 
ILUPăPHVDMHOHGHSHGLVSOD\
6FKLPEăULOHWHPSHUDWXULLH[WHULRDUHVXQWDIL
ƒ €6HOHFWHD]ăXQPHQLX
úDWHGXSăRVFXUWăvQWkU]LHUH
G 'DFăDSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO
€DSDUHDILúDMXOVWDQGDUG
8WLOL]DUHDFDOFXODWRUXOXLGHERUG
G 'LQPHQLXO'D\GULYOLJKWV 0RG
&DOFXODWRUXOGHERUGHVWHDFWLYDWLPHGLDWFH IFĆWLPS]LIDUXUL SXWHĠLXWLOL]D
URWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH EXWRQXOVDX‚SHQWUXDWUHFHIXQF
SRUQLUH3XWHĠLXWLOL]DFDOFXODWRUXOGHERUG ĠLDvQSR]LĠLDRQ SRUQLW VDXRII
SHQWUXDDFWLYDLQIRUPDĠLLSULYLQGDXWRYHKLFX RSULW 1XSXWHĠLUHJODYROXPXOFkQGYă
OXOúLSHQWUXDUHJODVHWăULOH DIODĠLvQPHQLXO'D\GULYOLJKWV
G 3XWHĠLVROLFLWDVHWDUHDDQXPLWRUIXQFĠLLOD )DUXULWLPS]L 
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[
XQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]

 $ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

$ILúDMPXOWLIXQFĠLRQDO $ILúDMVWDQGDUG
&DOFXODWRUGHERUGúLGLVSOD\XUL

3HQWUXDDFWLYDDILúDMXOPXOWLIXQFĠLRQDO
=SXQHĠLFRQWDFWXO
=SRUQLĠLOXPLQLOH
=GHVFKLGHĠLSRUWLHUDúRIHUXOXL

 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO€
GHSHYRODQSkQăFkQGDSDUHDILúDMXOVWDQ
GDUGFXFRQWRUXOGHUXODMSDUĠLDOCúLFRQ
WRUXOGHUXODMWRWDOD
 3HQWUXDUHVHWDFRQWRUXOGHUXODMSDU
ĠLDODSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO
€SkQăFkQGDSDUHDILúDMXOVWDQGDUG
 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOF

9DORULOHúLVHWăULOHSUHFXPúLPHVDMHOHGHSH SkQăFkQGYDORDUHDVDUHVHWDW
GLVSOD\VXQWLQGLFDWHSHDILúDMXOPXOWLIXQFĠLR
QDOC
&DOFXODWRUGHSDUFXUV
 $SăVDĠLEXWRQXO€GHSHYRODQvQPRG
3UH]HQWDUHJHQHUDOăDPHQLXOXL UHSHWDWSkQăFkQGDSDUHFDOFXODWRUXOGH
8WLOL]DUHFDOFXODWRUGHERUG 3DJLQD SDUFXUV
=$ILúDMVWDQGDUG 3DJLQD
=&DOFXODWRUGHSDUFXUV 3DJLQD
=,QWHUYDO 3DJLQD
=&RQVXPXOFXUHQWGHFDUEXUDQW
=9LWH]RPHWUXGLJLWDO
=0HPRULHGHPHVDMH 3DJLQD
=6HUYLFH 3DJLQD C 'LVWDQĠă
=6LVWHPGHDYHUWL]DUHSULYLQGSLHUGHUHDSUH D 9LWH]ăPHGLH
VLXQLLGLQSQHXUL 3DJLQD ‡ 2Uă
=0RGGHIXQFĠLRQDUHSHWLPSGH]LDIDUXUL
… &RQVXPPHGLXGHFDUEXUDQW
ORU 3DJLQD
=2Uă 3DJLQD
 3HQWUXDUHVHWDFDOFXODWRUXOGHSDU
FXUVDSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO
FGHSHYRODQSkQăFkQGYDORULOHDXIRVW
UHVHWDWH
$ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

$FWLYDUHDLQWHUYDOXOXL OXLDXGLR&20$1'FRQVXOWDĠLLQVWUXFĠLX
QLOHGHXWLOL]DUHVHSDUDWH

&DOFXODWRUGHERUGúLGLVSOD\XUL
 $SăVDĠLEXWRQXO€GHSHYRODQvQPRG
UHSHWDWSkQăFkQGDSDUHDXWRQRPLDDSUR  $SăVDĠLEXWRQXO€GHSHYRODQvQPRG
[LPDWLYă UHSHWDWSkQăFkQGDSDUHPHQLXOÄ2Uă
GDWă´
$XWRQRPLDDSUR[LPDWLYăFHSRDWHILDFRSHULWă
 3HQWUXDVHWDXWLOL]DĠLEXWRQXOFSHQ
GHSLQGHGHQLYHOXOGHFDUEXUDQWúLVWLOXOGXP
QHDYRDVWUăGHFRQGXFHUHFXUHQW'DFăH[LVWă WUXDVHOHFWDDILúDMXOSHFDUHGRULĠLVDvO
GRDURFDQWLWDWHPLFăGHFDUEXUDQWUăPDVăvQ VFKLPEDĠLRUăPLQXWH]LOXQăDQ
UH]HUYRUXOGHFDUEXUDQWDILúDMXOSUH]LQWăXQ  $SăVDĠLVDX‚SHQWUXDVHWDDIL

DXWRYHKLFXOFDUHHVWHUHDOLPHQWDW¨vQORF úDMXOVHOHFWDW
GHDXWRQRPLH  3HQWUXDVDOYDDSăVDĠLEXWRQXOF
(VWHVHOHFWDWXUPăWRUXODILúDM

$FWLYDUHGH]DFWLYDUHPRGGHIXQFĠLR
QDUHSHWLPSGH]LDIDUXULORU $ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLR
'DFăDĠLDFWLYDWIXQFĠLD'D\GULY QDOFXEXWRDQH
OLJKWV 0RGIFĆWLPS]LIDUXUL  ,QGLFDWRUXOGHWHPSHUDWXUăDOLFKLGX
LDUFRPXWDWRUXOGHOXPLQLHVWHvQSR]LĠLD OXLGHUăFLUH
XPRGXOGHIXQFĠLRQDUHSHWLPSGH]LD
IDUXULORUHVWHSRUQLWDXWRPDWFkQGPRWRUXO $9(57,60(17
IXQFĠLRQHD]ă3HvQWXQHULFOXPLQLOHGHSR]LĠLH 'DFăGHVFKLGHĠLFDSRWDvQWLPSFHPRWRUXOVH
ODWHUDOHúLIDUXULOHSHQWUXID]ăVFXUWăVXQWGH VXSUDvQFăO]HúWHVDXvQFD]XOL]EXFQLULLXQXL
DVHPHQHDDFWLYDWHDXWRPDW LQFHQGLXvQFRPSDUWLPHQWXOPRWRUXOXLSXWHĠL
/DDXWRYHKLFXOHOHFXIDUXULFXIXQFĠLRQDUHSH LQWUDvQFRQWDFWFXJD]HILHUELQĠLVDXFXDOWH
WLPSGH]LVHWDUHDGLQIDEULFăHVWHRQ DFWLњ SURGXVHGHVHUYLFHVFXUVH([LVWăXQSHULFRO
YDW  GHUăQLUH
'DFăGRULĠLVăVFKLPEDĠLVHWDUHDSHQWUXIXQF /ăVDĠLPRWRUXOVXSUDvQFăO]LWVăVHUăFHDVFă
ĠLD'D\GULYOLJKWV 0RGIFĆWLPS vQDLQWHGHDGHVFKLGHFDSRWD'DFăDL]EXFQLW
]LIDUXUL WUHEXLHVăURWLĠLFKHLDvQFRPX XQXLLQFHQGLXvQFRPSDUWLPHQWXOPRWRUXOXL
WDWRUXOGHSRUQLUHvQSR]LĠLD OăVDĠLFDSRWDvQFKLVăúLvQúWLLQĠDĠLGHWDúDPHQ
 $SăVDĠLEXWRQXO€GHSHYRODQvQPRG
WXOGHSRPSLHUL
UHSHWDWSkQăFkQGDSDUHPHQLXO'D\ ,QGLFDWRUXOGHWHPSHUDWXUăDOLFKLGXOXLGH
GULYOLJKWV 0RGIFĆWLPS]L UăFLUHVHDIOăvQWDEORXOGHERUGSHSDUWHD
IDUXUL  VWkQJă
9HĠLYHGHDVHWDUHDVHOHFWDWăRQ SRUњ
ÌQFRQGLĠLLGHXWLOL]DUHQRUPDOăúLODQLYHOXOGH
QLW VDXRII RSULW 
OLFKLGGHUăFLUHVSHFLILFDWWHPSHUDWXUDOLFKL
 $SăVDĠLEXWRQXOVDX‚SHQWUXD
GXOXLGHUăFLUHSRDWHXUFDSkQăOD‚
VFKLPEDVHWDUHD /DWHPSHUDWXULH[WHULRDUHULGLFDWHúLFkQG
FRQGXFHĠLvQSDQWăDVFHQGHQWăWHPSHUDWXUD
OLFKLGXOXLGHUăFLUHSRDWHDWLQJHFDSăWXOVFD
2UăGDWă OHL
G ÌQIXQFĠLHGHHFKLSDUHDDXWRYHKLFXOXOXL
GXPQHDYRDVWUăRUDSRDWHILVHWDWăFXDMX
WRUXOFDOFXODWRUXOXLGHERUGVDXDOVLVWHPX


 $ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

7XURPHWUX 8WLOL]DUHDFDOFXODWRUXOXLGHERUG
&DOFXODWRUGHERUGúLGLVSOD\XUL

%DQGDURúLHGLQWXURPHWUXLQGLFăLQWHUYDOXOGH 3UH]HQWDUHJHQHUDOă
VXSUDWXUDUHDOPRWRUXOXL
&DOFXODWRUXOGHERUGHVWHDFWLYDWLPHGLDWFH
 1XFRQGXFHĠLDXWRYHKLFXOXOFXPRWRUXO URWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
VXSUDWXUDWÌQFD]FRQWUDUPRWRUXOYDIL FRQWDFW
GHWHULRUDW 3XWHĠLFRQWURODDILúDMXOPXOWLIXQFĠLRQDOúL
$OLPHQWDUHDFXFDUEXUDQWHVWHvQWUHUXSWă VHWăULOHvQFDOFXODWRUXOGHERUGFXDMXWRUXO
SHQWUXDSURWHMDPRWRUXOFkQGVHLQWUăvQ EXWRDQHORUGHSHYRODQXOPXOWLIXQFĠLRQDO
EDQGDURúLH

$ILúDMWHPSHUDWXUăH[WHULRDUă
7UHEXLHVăDFRUGDĠLRDWHQĠLHVSHFLDOăFRQGL
ĠLLORUGHGUXPFkQGWHPSHUDWXULOHVHDIOăvQ
MXUXOSXQFWXOXLGHvQJKHĠ
$ILúDMXOGHWHPSHUDWXUăH[WHULRDUăVHDIOăvQ
DILúDMXOPXOWLIXQFĠLRQDO 3DJLQD 
6FKLPEăULOHWHPSHUDWXULLH[WHULRDUHVXQWDIL
úDWHGXSăRVFXUWăvQWkU]LHUH

9LWH]RPHWUXFXVHJPHQWH
6HJPHQWHOHGLQYLWH]RPHWUXLQGLFăFHWUHDSWă
GHYLWH]HHVWHGLVSRQLELOă
=&RQWUROFURD]LHUăDFWLYDW 3DJLQD 

6HJPHQWHOHVHDSULQGGHODYLWH]DPHPR C $ILúDMPXOWLIXQFĠLRQDO
UDWăODYLWH]DPD[LPă D $FWLYHD]ă/,1*8$7521,&FRQVXOWDĠL
=63(('7521,&YDULDELODFWLYDW LQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
3DJLQD  ‡ 3DQRXOGHFRPDQGăGUHDSWD
6HJPHQWHOHVHDSULQGGHODvQFHSXWXOVFDOHL … 3DQRXOGHFRPDQGăVWkQJD
SkQăODOLPLWDGHYLWH]ăVHOHFWDWă
ƒ %XWRQXOGHUHYHQLUH
=',67521,&3/86DFWLYDW 3DJLQD 

8QXOVDXGRXăVHJPHQWHGLQWUHDSWDGH
YLWH]HVHWDWăVHDSULQG
=',67521,&3/86GHWHFWHD]ăXQDXWRYHKL
FXOvQIDĠă
6HJPHQWHOHGLQWUHYLWH]DDXWRYHKLFXOXOXL
GLQIDĠăúLYLWH]DPHPRUDWăVHDSULQG
$ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

3DQRXOGHFRPDQGăVWkQJD  =5HJOHD]ăYROXPXO

&DOFXODWRUGHERUGúLGLVSOD\XUL
‚
Y =$SHOHD]ăPHQLXOúLEDUDGH
e PHQLX c =6XUGLQă

c $SăVDĠLVFXUW
%XWRQXOGHUHYHQLUH
d ='HUXOHD]ăOLVWHOH
=6HOHFWHD]ăXQVXEPHQLXVDXR 8 $SăVDĠLVFXUW
IXQFĠLH =ÌQDSRL
=ÌQPHQLXO$XGLRVHOHFWHD]ăXQ ='H]DFWLYHD]ă/,1*8$7521,&
SRVWPHPRUDWRSLVWăDXGLRVDX FRQVXOWDĠLLQVWUXFĠLXQLOHGHXWLOL
XQFOLSYLGHR ]DUHVHSDUDWH
=ÌQPHQLXO7HO WHOHIRQ FRPXWă =$VFXQGHPHVDMHOHGHSHGLV
ODDJHQGDWHOHIRQLFăúLVHOHF SOD\DSHOHD]ăXOWLPDIXQFĠLHXWL
WHD]ăXQQXPHVDXXQQXPăUGH OL]DWăGLQPHQLXO7ULS 3DUњ
WHOHIRQ FXUV
c $SăVDĠLúLPHQĠLQHĠLDSăVDW =6HLHVHGLQDJHQGDWHOHIRQLFă

d =ÌQPHQLXO$XGLRVHOHFWHD]ăSRV
PHPRULDGHUHDSHODUH
WXODQWHULRUXUPăWRUVDXVHOHF 8 $SăVDĠLúLPHQĠLQHĠLDSăVDW
WHD]ăRSLVWăDXGLRVDXXQFOLS =$SHOHD]ăDILúDMXOVWDQGDUGvQ
YLGHRFXDMXWRUXOGHUXOăULLUDSLGH
PHQLXO7ULS 3DUFXUV
=ÌQPHQLXO7HO WHOHIRQ SRUQHúWH
GHUXODUHDUDSLGăDDJHQGHLWHOH
IRQLFHGDFăHVWHGHVFKLVă $ILúDMPXOWLIXQFĠLRQDO
v =&RQILUPăVHOHFĠLDPHVDMXOGHSH
9DORULOHúLVHWăULOHSUHFXPúLPHVDMHOHGHSH
GLVSOD\ GLVSOD\VXQWLQGLFDWHSHDILúDMXOPXOWLIXQFĠLR
=ÌQPHQLXO7HO WHOHIRQ FRPXWă QDO
ODDJHQGDWHOHIRQLFăúLvQFHSHVă
DSHOH]HQXPăUXOVHOHFWDW
=ÌQPHQLXO$XGLRRSUHúWHIXQFĠLD
GHFăXWDUHDSRVWXULORUODSRVWXO
GRULW

3DQRXOGHFRPDQGăGUHDSWD

v =5HVSLQJHVDXvQFKHLHXQDSHO
=6HLHVHGLQDJHQGDWHOHIRQLFă
PHPRULDGHUHDSHODUH
([HPSOXDILúDMPXOWLIXQFĠLRQDODOWUDQVPLVLHLDXWR
a =6HHIHFWXHD]ăVDXVHDFFHSWăXQ PDWHFX',5(&76(/(&7
DSHO C &kPSGHVFULHUH
=6HFRPXWăSHPHPRULDGHUHD D %DUDGHPHQLX
SHODUH ‡ 3URJUDPGHFRQGXFHUH 3DJLQD
… 3R]LĠLHWUDQVPLVLH 3DJLQD


 $ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

ƒ 2U㠒'65 '65 3DJLQD


&DOFXODWRUGHERUGúLGLVSOD\XUL

„ $ILúDMSHUPDQHQWWHPSHUDWXUăH[WHULRDUă NPK 9LWH]DPD[LPăDGPLVăGHSăúLWă


VDXYLWH]ă 3DJLQD QXPDLvQDQXPLWHĠăUL
 3HQWUXDDILúDEDUDGHPHQLXDDSăVDĠL
EXWRQXOYVDXeGHSHYRODQ
3UH]HQWDUHJHQHUDOăDPHQLXOXL
%DUDGHPHQLXDGLVSDUHGXSăFkWHYD
8WLOL]DUHDFDOFXODWRUXOXLGHERUG
VHFXQGH
3DJLQD 
&kPSXOWH[WCDILúHD]ăPHQLXOVDXVXEPH
ÌQIXQFĠLHGHHFKLSDPHQWXOFXFDUHHVWH
QLXOVHOHFWDWSUHFXPúLPHVDMHOHGHSHGLV
SUHYă]XWDXWRYHKLFXOXOSXWHĠLDFFHVD
SOD\
XUPăWRDUHOHPHQLXUL
G 3XWHĠLVHWDWLPSXOFXDMXWRUXOVLVWHPXOXL =0HQLXO7ULS 3DUFXUV  3DJLQD
DXGLRVDX&20$1'2QOLQHFRQVXOWDĠL =0HQLXO1DYL 1DY  LQVWUXFĠLXQLGHQDYL
LQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
JDĠLH  3DJLQD
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOăLQGL =0HQLXO$XGLR 3DJLQD
FDWRULLGLQSDUWHDLQIHULRDUăDDILúDMXOXLPXOWL =0HQLXO7HO WHOHIRQ  3DJLQD
IXQFĠLRQDOGLIHUăIDĠăGHFHLGHSHDILúDMXOSUH
=0HQLXO$VVLVW $VLVW  DVLVWHQĠă
]HQWDWDLFL
=0HQLXO6HUYLFH 3DJLQD
8UPăWRDUHOHPHVDMHSRWDSăUHDSHDILúDMXO
PXOWLIXQFĠLRQDO =0HQLXO6HWWLQJV 6HWÆUL  VHWăUL

— 5HFRPDQGDUHGHVFKLPEDUHD 3DJLQD
YLWH]HL 3DJLQD 0HQLXULOH$XGLR1DYL 1DY úL7HOGLIHUă
² &RQWUROFURD]LHUă XúRUODDXWRYHKLFXOHOHFXVLVWHPDXGLRúLOD
3DJLQD DXWRYHKLFXOHOHFX&20$1'2QOLQH([HP
SOHOHGDWHvQDFHVW0DQXDOGHXWLOL]DUHVH
Ë 63(('7521,& 3DJLQD
DSOLFăDXWRYHKLFXOHORUGRWDWHFX&20$1'
Å ùWHUJăWRUGHOXQHWă 2QOLQH
3DJLQD
Î $VLVWHQĠăSHQWUXID]DOXQJă
DGDSWLYă 3DJLQD 0HQLXSDUFXUV
­ $77(17,21$66,67 $VLVWHQWGH
$ILúDMVWDQGDUG
PHQĠLQHUHDWHQĠLH
3DJLQD
§ )XQFĠLDVWDUWVWRS(&2
3DJLQD
¸ $VLVWDUHSHQWUXOLPLWDUHDYLWH]HL
3DJLQD
° $VLVWHQĠDSHQWUXPHQĠLQHUHD
EHQ]LLGHPHUV 3DJLQD
VDXDVLVWHQĠDDFWLYăSHQWUXPHQ
 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO8
ĠLQHUHDEHQ]LLGHPHUV GHSHYRODQSkQăFkQGHVWHDILúDWPHQLXO
3DJLQD 7ULS 3DUFXUV FXFRQWRUGHUXODMSDU
ĠLDOCúLFRQWRUGHUXODMWRWDOD
Ù )XQFĠLD+2/' 3DJLQD
Ç )UkQă35(6$)(Š 3DJLQD
$ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

&DOFXODWRUGHSDUFXUVÄ'HODSRUQLUH´ $ILúDUHDLQWHUYDOXOXLúLFRQVXPXOXLGH
VDXÄ'HODUHVHWDUH´ FDUEXUDQWFXUHQW

&DOFXODWRUGHERUGúLGLVSOD\XUL
([HPSOXFDOFXODWRUXOGHSDUFXUVÄ'HODSRUQLUH´  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
C 'LVWDQĠă SHQWUXDVHOHFWDPHQLXO7ULS 3DUFXUV 
D 2Uă  $SăVDĠLEXWRQXOcVDXdSHQWUXD
‡ 9LWH]ăPHGLH VHOHFWDFRQVXPXOFXUHQWGHFDUEXUDQWúL
… &RQVXPPHGLXGHFDUEXUDQW DXWRQRPLDDSUR[LPDWLYă
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ $XWRQRPLDDSUR[LPDWLYăFHSRDWHILDFRSHULWă
SHQWUXDVHOHFWDPHQLXO7ULS 3DUFXUV  GHSLQGHGHQLYHOXOGHFDUEXUDQWúLVWLOXOGXP
QHDYRDVWUăGHFRQGXFHUHFXUHQW'DFăH[LVWă
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
GRDURFDQWLWDWHPLFăGHFDUEXUDQWUăPDVăvQ
VHOHFWD)URPVWDUW 'HODSRUQLUH UH]HUYRUXOGHFDUEXUDQWDILúDMXOSUH]LQWăXQ
VDX)URPUHVHW 'HODUHVHWDUH  DXWRYHKLFXOFDUHHVWHDOLPHQWDW¨vQORF
9DORULOHGHODVXEPHQLXO)URPVWDUW 'H GHDXWRQRPLH
ODSRUQLUH VHFDOFXOHD]ăGHODvQFHSXWXO
XQHLFăOăWRULLvQYUHPHFHYDORULOHGHODVXE $ILúDM(&2
PHQLXO)URPUHVHW 'HODUHVHWDUH VH
FDOFXOHD]ăGHODGDWDXOWLPHLUHVHWăULDVXE
PHQLXOXL 3DJLQD 
&DOFXODWRUXOGHSDUFXUV)URPVWDUW 'HOD
SRUQLUH HVWHUHVHWDWDXWRPDWGDFă
=FRQWDFWXODIRVWGHFXSODWWLPSGHSHVWH
SDWUXRUH
=6DXGHSăúLWGHRUH ([HPSOXDILúDM(&2
=6DXGHSăúLWGHNLORPHWUL  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
&DOFXODWRUXOGHSDUFXUV)URPUHVHW 'HOD SHQWUXDVHOHFWDPHQLXO7ULS 3DUFXUV 
UHVHWDUH HVWHUHVHWDWDXWRPDWGDFăYDORD  $SăVDĠLcVDXdSHQWUXDVHOHFWD
UHDGHSăúHúWHGHRUHVDX (&2GLVSOD\ $ILĂDM(&2 
GHNLORPHWUL
ÌQFD]XOvQFDUHFRQWDFWXOUăPkQHGHFXSODW
WLPSGHPDLPXOWGHSDWUXRUHDILúDMXO(&2
YDILUHVHWDWDXWRPDW
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGDILúD
MXO(&2FRQVXOWDĠL 3DJLQD 


 $ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

9LWH]RPHWUXGLJLWDO 3XWHĠLUHVHWDYDORULOHXUPăWRDUHORUIXQFĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

=FRQWRUGHUXODMSDUĠLDO
=FDOFXODWRUGHSDUFXUVÄ'HODSRUQLUH´
=FDOFXODWRUGHSDUFXUVÄ'HODUHVHWDUH´
=$ILúDM(&2

C 5HFRPDQGDUHGHVFKLPEDUHDYLWH
0HQLXGHQDYLJDĠLH
]HL 3DJLQD $ILúDUHDLQVWUXFĠLXQLORUGHQDYLJDĠLH
D 9LWH]RPHWUXGLJLWDO
ÌQPHQLXO1DYLDILúDMXOPXOWLIXQFĠLRQDOSUH
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ ]LQWăLQVWUXFĠLXQLOHGHQDYLJDĠLH3HQWUXLQIRU
SHQWUXDVHOHFWDPHQLXO7ULS 3DUFXUV  PDĠLLVXSOLPHQWDUHFRQVXOWDĠLLQVWUXFĠLXQLOH
 $SăVDĠLEXWRQXOcVDXdSHQWUXD GHXWLOL]DUHVHSDUDWH
VHOHFWDYLWH]RPHWUXOGLJLWDO  3RUQLĠLVLVWHPXODXGLRFX%HFNHUŠ0$3
3,/27VDX&20$1'2QOLQHFRQVXOWDĠL
G 'DFăUHFRPDQGDUHDGHVFKLPEDUHDYLWH
LQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
]HLHVWHDILúDWăvQSDUWHDGHVXVDDILúDMXOXL
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
PXOWLIXQFĠLRQDODFHDVWDQXPDLHVWHDILúDWă
vQSDUWHDGHMRVDDILúDMXOXLPXOWLIXQFĠLRQDO SHQWUXDVHOHFWDPHQLXO1DYL 1DY 
,QIRUPDĠLLVXSOLPHQWDUHSULYLQGUHFR
PDQGăULOHGHVFKLPEDUHDYLWH]HL *KLGDUHDSHWUDVHXLQDFWLYă
3DJLQD 

5HVHWDUHYDORUL

C 6HQVXOGHPHUV
D 6WUDGDFXUHQWă

([HPSOXUHVHWDUHDFDOFXODWRUXOXLGHSDUFXUVÄ'H $FWLYDUHDJKLGăULLSHWUDVHX
ODSRUQLUH´
1XVDDQXQĠDWQLFLRPRGLILFDUHGHGLUHF
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
ĠLH
SHQWUXDVHOHFWDPHQLXO7ULS 3DUFXUV 
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
VHOHFWDIXQFĠLDSHFDUHGRULĠLVăRUHVHWDĠL
 $SăVDĠLEXWRQXOv
 $SăVDĠLEXWRQXOdSHQWUXDVHOHFWD<HV
'D úLDSăVDĠLEXWRQXOvSHQWUXDFRQ
ILUPD
C 'LVWDQĠDSkQăODGHVWLQDĠLH
D 'LVWDQĠDSkQăODXUPăWRDUHDVFKLPEDUHD
GLUHFĠLHL
$ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

‡ 6WUDGDFXUHQWă 3HGUXPXULOHFXPDLPXOWHEHQ]LVLVWHPXO
SRDWHDILúDUHFRPDQGDUHDSULYLQGEDQGDƒ

&DOFXODWRUGHERUGúLGLVSOD\XUL
… 6LPEROFDUHLQGLFăÄXUPDĠLWUDVHXOGUXPX
OXL´ SHQWUXXUPăWRDUHDVFKLPEDUHGHGLUHFĠLHÌQ
WLPSXOVFKLPEăULLGLUHFĠLHLVHSRWDILúDEHQ]L
6FKLPEDUHGHGLUHFĠLHDQXQĠDWăIăUăR VXSOLPHQWDUH
UHFRPDQGDUHGHEDQGă 5HFRPDQGăULOHSULYLQGEDQGDVXQWDILúDWH
QXPDLGDFăGDWHOHUHOHYDQWHVXQWGLVSRQLELOH
SHKDUWDGLJLWDOă

$OĠLLQGLFDWRULGHVWDUHDLVLVWHPXOXLGH
QDYLJDĠLH
=KDĠLDMXQVODGHVWLQDĠLHVDXODRGHVWLQD

C 'UXPXOODFDUHGXFHVFKLPEDUHDGHGLUHF ĠLHLQWHUPHGLDUă
ĠLH =1HZURXWH 7UDVHXQRX VDX&DOњ

D 'LVWDQĠDSkQăODVFKLPEDUHDGLUHFĠLHLúL FXODWLQJURXWH &DOFXODUHWUDVHX 


DILúDMXOYL]XDODOGLVWDQĠHL FDOFXOHD]ăXQQRXWUDVHX
‡ 6LPEROSHQWUXVFKLPEDUHDGLUHFĠLHL =2IIPDS ‘QDIDUDKÆUĆLL VDX2II
URDGSR]LĠLDDXWRYHKLFXOXOXLHVWHvQDIDUD
&kQGVHDQXQĠăRVFKLPEDUHGHGLUHFĠLHYHĠL
]RQHLGHSHKDUWDGLJLWDOă SR]LĠLHvQDIDUD
YHGHDVLPEROXO‡SHQWUXVFKLPEDUHDGLUHF
KăUĠLL 
ĠLHLúLJUDILFXOGLVWDQĠHLD$FHVWDVHVFXU =1RURXWH 1LFLXQWUDVHX QXSRDWHIL
WHD]ăvQDLQWkQGvQVSUHSDUWHDVXSHULRDUăD
FDOFXODWQLFLXQWUDVHXVSUHGHVWLQDĠLDVHOHF
DILúDMXOXLSHPăVXUăFHYăDSURSLDĠLGHSXQF
WDWă
WXOVFKLPEăULLDQXQĠDWHDGLUHFĠLHL
6FKLPEDUHGHGLUHFĠLHDQXQĠDWăFXRUHFR
PDQGDUHGHEDQGă 0HQLXDXGLR
6HOHFWDUHDXQXLSRVWGHUDGLR
G 3HQWUXLQIRUPDĠLLGHVSUHVFKLPEDUHDEHQ
]LORUGHIUHFYHQĠHúLPHPRUDUHDSRVWXULORU
FRQVXOWDĠLLQVWUXFĠLXQLOHGHXWLOL]DUHVHSD
UDWH
 3RUQLĠLVLVWHPXODXGLRVDX&20$1'2QOLQH
C 'UXPXOODFDUHGXFHVFKLPEDUHDGHGLUHF úLVHOHFWDĠL5DGLR FRQVXOWDĠLLQVWUXFĠLXQLOH
ĠLH GHXWLOL]DUHVHSDUDWH 
D 'LVWDQĠDSkQăODVFKLPEDUHDGLUHFĠLHLúL  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
DILúDMXOYL]XDODOGLVWDQĠHL SHQWUXDVHOHFWDPHQLXO$XGLR
‡ %DQGăQRXăvQWLPSXOXQHLVFKLPEăULGH
GLUHFĠLH
… %DQGDFRQWLQXăSHSDUFXUVXOVFKLPEăULL
GHGLUHFĠLH
ƒ %DQGDUHFRPDQGDWă
„ 6LPEROSHQWUXVFKLPEDUHDGLUHFĠLHL


 $ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

 3HQWUXDVHOHFWDSLHVDXUPăWRDUHDQWH
ULRDUăDSăVDĠLVFXUWEXWRQXOc
&DOFXODWRUGHERUGúLGLVSOD\XUL

VDXd
 3HQWUXDVHOHFWDRPHORGLHGLQWUROLVWă
GHSLVWH GHUXODUHUDSLGă DSăVDĠLúLPHQ
ĠLQHĠLDSăVDWEXWRQXOcVDXdSkQă
C %DQGăGHIUHFYHQĠă
FkQGDMXQJHĠLODSLVWDGRULWă
D )UHFYHQĠăSRVWFXSR]LĠLDPHPRULHL 'DFăDSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO
cVDXdYLWH]DGHGHUXODUHUDSLGăHVWH
 3HQWUXDVHOHFWDXQSRVWPHPRUDW FUHVFXWă1XWRDWHGLVSR]LWLYHOHDXGLRVDX
DSăVDĠLVFXUWEXWRQXOcVDXd PHGLDDFFHSWăDFHDVWăIXQFĠLH
 3HQWUXDVHOHFWDXQSRVWGLQOLVWDGH 'DFăLQIRUPDĠLLOHSULYLQGSLHVDVXQWPHPR
SRVWXULDSăVDĠLúLPHQĠLQHĠLDSăVDWSXĠLQ UDWHSHGLVSR]LWLYXODXGLRVDXPHGLDDILúDMXO
EXWRQXOcVDXd PXOWLIXQFĠLRQDOYDLQGLFDQXPăUXOúLGHQXPL
'DFăQXHVWHSULPLWăQLFLROLVWăGHSRVWXUL UHDSLHVHL3LHVDFXUHQWăQXDSDUHvQPRGXO
 3HQWUXDVHOHFWDXQSRVWFXDMXWRUXO DXGLR$8; PRGXODXGLR$X[LOLDUVXUVDDXGLR
FăXWăULLSRVWXULORUDSăVDĠLúLĠLQHĠLDSăVDW H[WHUQăFRQHFWDWă 
SXĠLQEXWRQXOcVDXd
8WLOL]DUHDWHOHYL]RUXOXL
G 0RGXOUDGLR'$% 'LJLWDO$XGLR%URDGFDV
WLQJ'LIX]DUHDXGLRGLJLWDOă FRQVXOWDĠL
LQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH

8WLOL]DUHDSOD\HUXOXLDXGLRVDXDPLMORD
FHORUGHUHGDUHDXGLR
6HSRWUHGDGDWHDXGLRGHODGLYHUVHGLVSR]L
WLYHDXGLRVDXGLVSR]LWLYHPHGLDvQIXQFĠLHGH C &DQDOXOFXUHQW
HFKLSDPHQWXOFXFDUHHVWHSUHYă]XWDXWRYH G 3R]LĠLDPHPRULHLHVWHDILúDWăRGDWăFX
KLFXOXO SRVWXOCQXPDLGDFăDFHVWDDIRVWPHPR
 $FWLYDĠLVLVWHPXODXGLRVDX&20$1' UDW
2QOLQHúLVHOHFWDĠLSOD\HUXODXGLRVDXGLV
 3RUQLĠL&20$1'2QOLQHúLVHOHFWDĠL79
SR]LWLYXOPHGLDFRQVXOWDĠLLQVWUXFĠLXQLOHGH
FRQVXOWDĠLLQVWUXFĠLXQLOHGHXWLOL]DUHVHSD
XWLOL]DUHVHSDUDWH
UDWH
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO$XGLR
SHQWUXDVHOHFWDPHQLXO$XGLR
 3HQWUXDVHOHFWDXQSRVWPHPRUDW
DSăVDĠLVFXUWSHEXWRQXOcVDXd
 3HQWUXDVHOHFWDXQSRVWGLQOLVWDGH
SRVWXULDSăVDĠLúLĠLQHĠLDSăVDWSXĠLQEXWR
QXOcVDXd
G 0HPRUDUHDXQXLFDQDO79FRQVXOWDĠL
([HPSOXDILúDMPDJD]LHGH&'XUL'9'XUL LQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
C 3LHVăFXUHQWă
$ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

G ÌQIXQFĠLHGHIXUQL]RUXOGHWHOHYL]LXQHGLJL FRQGLĠLLGHVLJXUDQĠăúLHIHFWXDĠLRSHUDĠLLOH

&DOFXODWRUGHERUGúLGLVSOD\XUL
WDOăVHSRWUHFHSĠLRQDúLSRVWXULGHUDGLR QHFHVDUHFXDXWRYHKLFXOXOVWDĠLRQDW
$ILúDMXOPXOWLIXQFĠLRQDOLQGLFă79
5DGLR  &kQGWHOHIRQDĠLWUHEXLHVăUHVSHFWDĠLFHULQ
ĠHOHOHJDOHGLQĠDUDvQFDUHFRQGXFHĠLvQPRG
8WLOL]DUHD'9'XULORUYLGHR FXUHQW
 3RUQLĠLWHOHIRQXOGXPQHDYRDVWUăPRELOúL
 3RUQLĠL&20$1'2QOLQHúLVHOHFWDĠL'9'
YLGHRFRQVXOWDĠLLQVWUXFĠLXQLOHGHXWLOL]DUH VLVWHPXODXGLRVDX&20$1'2QOLQHFRQ
VHSDUDWH VXOWDĠLLQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
 3XQHĠLXQWHOHIRQPRELOvQFRQVRODSHQWUX
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
WHOHIRQXOPRELO 3DJLQD VDXVWDELOLĠL
SHQWUXDVHOHFWDPHQLXO$XGLR
RFRQH[LXQH%OXHWRRWKŠFXVLVWHPXODXGLR
VDXFX&20$1'2QOLQH FRQVXOWDĠLLQVWUXF
ĠLXQLOHGHXWLOL]DUHVHSDUDWH 
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7HO
9HĠLYHGHDXQXOGLQWUHXUPăWRDUHOHPHVDMHGH
SHGLVSOD\SHDILúDMXOPXOWLIXQFĠLRQDO
([HPSOXDILúDMPDJD]LHGH&'XUL'9'XUL =3OHDVHHQWHU3,1 9ÆUXJÆPVÆ
C 6FHQDFXUHQWă LQWURGXFHĆL3,1XO WHOHIRQXOPRELOD
 3HQWUXDVHOHFWDVFHQDXUPăWRDUHVDX IRVWSXVvQFRQVRODSHQWUXWHOHIRQPRELOLDU
DQWHULRDUăDSăVDĠLVFXUWEXWRQXOc 3,1XOQXDIRVWLQWURGXV
VDXd &kQGLQWURGXFHĠL3,1XOGXPQHDYRDVWUă
 3HQWUXDVHOHFWDXQFOLSGLQOLVWDGHFOL
SULQWHOHIRQXOPRELO/,1*8$7521,&VLV
WHPXODXGLRVDX&20$1'2QOLQHWHOHIRQXO
SXUL GHUXODUHUDSLGă DSăVDĠLúLĠLQHĠL
PRELOFDXWăRUHĠHD
DSăVDWEXWRQXOcVDXdSkQăFkQG
=7HOHSKRQHUHDG\ 7HOHIRQSUHJÆWLW
DĠLDMXQVODFOLSXOGRULW
VDXGHQXPLUHDIXUQL]RUXOXLGHVHUYLFLLGH
WHOHIRQLHPRELOăWHOHIRQXOPRELODJăVLWR
UHĠHDúLHVWHSUHJăWLWVăSULPHDVFă
0HQLXOWHOHIRQXOXL
=7HOHSKRQH1RVHUYLFH )ÆUÆVHUYLњ
,QWURGXFHUH FLXGHWHOHIRQLH QXHVWHGLVSRQLELOă
QLFLRUHĠHDVDXWHOHIRQXOPRELOFDXWăR
$9(57,=$5( UHĠHD
'DFăIRORVLĠLVLVWHPHLQIRUPDWLFHúLDSDUDWH
GHFRPXQLFDĠLHLQWHJUDWHvQDXWRYHKLFXOvQ
G 3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHV
WLPSXOGHSODVăULLDFHVWXLDDFHVWHDYăSRWGLV SUHWHOHIRDQHOHPRELOHDGHFYDWHúLFRQHF
WUDJHDWHQĠLDGHODHYHQLPHQWHOHGLQWUDILFÌQ WDUHDWHOHIRDQHORUPRELOHSULQ%OXHWRRWKŠ
DIDUăGHDFHDVWDSXWHĠLSLHUGHFRQWUROXODVX =GHODRULFH&HQWUXGH6HUYLFH0HUFHGHV
SUDDXWRYHKLFXOXOXL([LVWăSHULFROGHDFFL %HQ]
GHQW =GHSHLQWHUQHWODDGUHVDKWWS
)RORVLĠLDFHVWHDSDUDWHQXPDLDWXQFLFkQG ZZZPHUFHGHVEHQ]FRPFRQQHFW
VLWXDĠLDGLQWUDILFRSHUPLWH'DFăQXVXQWHĠL
VLJXUGHDFHVWOXFUXRSULĠLDXWRYHKLFXOXOvQ


 $ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

$FFHSWDUHDXQXLDSHO  'DFăH[LVWăPDLPXOWGHXQQXPăUSHQ
WUXXQQXPHVSHFLILFDSăVDĠLEXWRQXO
&DOFXODWRUGHERUGúLGLVSOD\XUL

'DFăYăDSHOHD]ăFLQHYDDWXQFLFkQGYăDIODĠL
aVDXvSHQWUXDDILúDQXPHUHOH
vQPHQLXO7HOXQPHVDMGHSHGLVSOD\DSDUH
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
SHDILúDMXOPXOWLIXQFĠLRQDOGHH[HPSOX
VHOHFWDQXPăUXOSHFDUHGRULĠLVăvODSHODĠL
 $SăVDĠLEXWRQXOaVDXvSHQWUXD
vQFHSHVăIRUPDĠL
VDX
 3HQWUXDLHúLGLQDJHQGDWHOHIRQLFă
DSăVDĠLEXWRQXOvVDX8

 $SăVDĠLEXWRQXOaGHSHYRODQSHQWUXD 5HDSHODUH
DFFHSWDXQDSHOSULPLW
&DOFXODWRUXOGHERUGVDOYHD]ăXOWLPHOHQXPH
3XWHĠLDFFHSWDXQDSHOFKLDUGDFăQXVXQWHĠL VDXQXPHUHDSHODWHvQPHPRULDGHUHDSHODUH
vQPHQLXO7HO
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ

5HVSLQJHUHDVDXvQFKHLHUHDXQHLFRQ SHQWUXDVHOHFWDPHQLXO7HO
YRUELUL  $SăVDĠLEXWRQXOaSHQWUXDFRPXWDSH
PHPRULDGHUHDSHODUH
 $SăVDĠLEXWRQXOvGHSHYRODQ
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
3XWHĠLSXQHWHUPLQDVDXUHVSLQJHXQDSHO VHOHFWDQXPHOHVDXQXPăUXOGRULW
FKLDUGDFăQXVXQWHĠLvQPHQLXO7HO 7HOHњ  $SăVDĠLEXWRQXOaVDXvSHQWUXD
IRQ  vQFHSHVăIRUPDĠL
VDX
)RUPDUHDXQXLQXPăUGLQDJHQGDWHOH
 'DFăQXGRULĠLVăHIHFWXDĠLXQDSHO
IRQLFă
DSăVDĠLEXWRQXOvVDX8
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7HO
 $SăVDĠLEXWRQXOcdVDXvSHQ 0HQLX$VLVWHQĠă
WUXDFRPXWDSHDJHQGDWHOHIRQLFă
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
,QWURGXFHUH
VHOHFWDQXPHOHGRULW
VDX
 3HQWUXDvQFHSHGHUXODUHDUDSLGă
DSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOc
VDXdSHQWUXPDLPXOWGHRVHFXQGă
'HUXODUHDUDSLGăVHvQFKHLHFkQGHOLEHUDĠL
EXWRQXOVDXDMXQJHĠLODFDSăWXOOLVWHL
ÌQPHQLXO$VVLVW $VLVWHQĆÆ DYHĠL
 'DFăHVWHPHPRUDWQXPDLXQQXPăUGH
XUPăWRDUHOHRSĠLXQL
WHOHIRQSHQWUXXQQXPHDSăVDĠLEXWRQXO
=$ILúDUHD$VLVWăULLSHQWUXOLPLWDUHDYLWH]HLúL
aVDXvSHQWUXDvQFHSHVăIRUPDĠL
DFWLYDUHDGH]DFWLYDUHDIXQFĠLHLGHPHVDMH
VDX 3DJLQD
=3UH]HQWDUHDDILúDMXOXLGLVWDQĠHL
3DJLQD
$ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

=$FWLYDUHDGH]DFWLYDUHDIUkQHL35( VHFXQGHÌQDFHVWWLPSQXPDLVXQWDILúDWH
6$)(Š 3DJLQD DOWHHOHPHQWHSHDILúDMXOPXOWLIXQFĠLRQDO

&DOFXODWRUGHERUGúLGLVSOD\XUL
=$FWLYDUHDGH]DFWLYDUHD$VLVWHQWXOXLGH 'DFăDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWH
PHQĠLQHUHDDWHQĠLHL 3DJLQD IXQFĠLRQDOăúLIXQFĠLDGHPHVDMHVWHDFWLYDWă
=$FWLYDUHDGH]DFWLYDUHD$VLVWHQĠHLOD DILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăVLPEROXO
XQJKLXOPRUWVDX$VLVWHQĠHLDFWLYHOD ¸FkQGFRQWDFWXOHVWHFXSODW
XQJKLXOPRUW 3DJLQD
=$FWLYDUHDGH]DFWLYDUHD$VLVWHQĠHLSHQWUX 3UH]HQWDUHDDILúDMXOXLGLVWDQĠHL
PHQĠLQHUHDEHQ]LLGHPHUVVDX$VLVWHQĠHL $FHDVWăIXQFĠLHHVWHGLVSRQLELOăGRDUFX',6
DFWLYHSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV 7521,&3/86
3DJLQD
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ

$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL SHQWUXDVHOHFWDPHQLXO$VVLVW $VLVњ


WHQĆÆ 
$ILúDUHDDVLVWăULLSHQWUXOLPLWDUHDYLWH]HL  $SăVDĠLEXWRQXOcVDXdSHQWUXD
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ VHOHFWD'LVWDQFHGLVSOD\ $ILĂDM
SHQWUXDVHOHFWDPHQLXO$VVLVW $VLVњ GLVWDQĆÆ 
WHQĆÆ   $SăVDĠLEXWRQXOv
 $SăVDĠLEXWRQXOcVDXdSHQWUXD $ILúDMXOGLVWDQĠHL',67521,&3/86
VHOHFWD6SHHG/LP$VVW $VLVWDUH 3DJLQD DSDUHSHDILúDMXOPXOWLIXQF
SHQWUXOLPLWDUHDYLWH]HL  ĠLRQDO
 $SăVDĠLEXWRQXOv 'DFăDSDUHPHVDMXO6HQVRUVGHDFWLYDWHG
ÌQDQXPLWHFRQGLĠLLOLPLWăULOHGHYLWH]ă 6HQ]RULGH]DFWLYDĆL VLVWHPXOGHVHQ
GHWHFWDWHVXQWDILúDWHSHDILúDMXOPXOWLIXQF ]RULUDGDUHVWHGH]DFWLYDW
ĠLRQDO 3DJLQD   $FWLYDĠLVLVWHPXOGHVHQ]RULUDGDU
3DJLQD 
$FWLYDUHDGH]DFWLYDUHDIXQFĠLHLGHPHVDM
GHDVLVWDUHSHQWUXOLPLWDUHDYLWH]HL
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
$FWLYDUHDGH]DFWLYDUHDIUkQHL35(
SHQWUXDVHOHFWDPHQLXO$VVLVW $VLVњ
6$)(Š
WHQĆÆ  )UkQD35(6$)(ŠHVWHGLVSRQLELOăQXPDLOD
 $SăVDĠLEXWRQXOcVDXdSHQWUXD DXWRYHKLFXOHOHFX',67521,&3/86
VHOHFWD6SHHG/LP$VVW $VLVWDUH  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXOLPLWDUHDYLWH]HL  SHQWUXDVHOHFWDPHQLXO$VVLVW $VLVњ
 $SăVDĠLEXWRQXOv WHQĆÆ 
$ILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăDVLVWDUHD  $SăVDĠLEXWRQXOcVDXdSHQWUXD
SHQWUXOLPLWDUHDYLWH]HL VHOHFWD35(6$)(%UDNH IU¥QD35(
 $SăVDĠLEXWRQXOd 6$)( 
6HOHFĠLDFXUHQWăHVWHDILúDWă  $SăVDĠLEXWRQXOv
 3HQWUXDDFWLYDVDXGH]DFWLYDDSăVDĠL 6HOHFĠLDFXUHQWăHVWHDILúDWă
v  3HQWUXDDFWLYDGH]DFWLYDDSăVDĠLEXWR
'DFăIXQFĠLDPHVDM$VLVWDUHSHQWUXOLPLWD QXOvGLQQRX
UHDYLWH]HLHVWHDFWLYDWăROLPLWDUHGHYLWH]ă
GHWHFWDWăHVWHDXWRPDWDILúDWăFLQFL &kQGIUkQD35(6$)(Š 3DJLQD HVWH
DFWLYDWăDILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăVLP


 $ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

EROXOÇDWkWDWLPSFkWIXQFĠLD+2/'QX $FWLYDUHDGH]DFWLYDUHD$VLVWHQĠHLOD
XQJKLXOPRUW
&DOFXODWRUGHERUGúLGLVSOD\XUL

HVWHDFWLYDWă 3DJLQD 
$XWRYHKLFXOHFX$VLVWDUHDSDUFăULLGDFă  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
3$5.7521,&HVWHDFWLYDWúLFRQGXFHĠLFXR SHQWUXDVHOHFWDPHQLXO$VVLVW $VLVњ
YLWH]ăVXENPKVLPEROXO]SHQWUX$VLV WHQĆÆ 
WDUHDSDUFăULLHVWHSUH]HQWDWvQORFXOVLPER  $SăVDĠLEXWRQXOcVDXdSHQWUXD
OXOXLÇ
VHOHFWD%OLQG6SRW$VVLVW $VLVњ
'DFăDSDUHPHVDMXO35(6$)(%UDNH6HQњ WHQĆDODXQJKLXOPRUW 
VRUVGHDFWLYDWHG )U¥QÆ35(6$)(  $SăVDĠLEXWRQXOv
6HQ]RULGH]DFWLYDĆL VLVWHPXOGHVHQ]RUL
6HOHFĠLDFXUHQWăHVWHDILúDWă
UDGDUHVWHGH]DFWLYDW
 3HQWUXDDFWLYDGH]DFWLYDDSăVDĠLEXWR
 $FWLYDĠLVLVWHPXOGHVHQ]RULUDGDU
QXOvGLQQRX
3DJLQD 
'DFăDSDUHPHVDMXO%OLQG6SRW$VVLVW
3HQWUXPDLPXOWHLQIRUPDĠLLSULYLQGIUkQD
6HQVRUVGHDFWLYDWHG 6HQ]RULDVLVњ
35(6$)(ŠFRQVXOWDĠL 3DJLQD 
WHQĆÆODXQJKLXOPRUWGH]DFWLYDĆL
VDX$FW%6SRW$VVLVW6HQVRUVGHDFњ
$FWLYDUHDGH]DFWLYDUHD$VLVWHQWXOXLGH WLYDWHG 6HQ]RULDVLVWHQĆÆDFW
PHQĠLQHUHDDWHQĠLHL XQJKLPRUWGH]DFWLYDĆL VLVWHPXOGH
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ VHQ]RULUDGDUHVWHGH]DFWLYDW
SHQWUXDVHOHFWDPHQLXO$VVLVW $VLVњ  9HULILFDĠLGDFăVLVWHPXOGHVHQ]RULUDGDU
WHQĆÆ  SRDWHVDXQXVăILHDFWLYDW
 $SăVDĠLEXWRQXOcVDXdSHQWUXD 3DJLQD 
VHOHFWD$WWHQWLRQ$VVLVW $VLVW  $FWLYDĠLVLVWHPXOGHVHQ]RULUDGDU
DWHQĆLH  3DJLQD 
 $SăVDĠLEXWRQXOv 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHGHVSUHDVLV
6HOHFĠLDFXUHQWăHVWHDILúDWă WHQĠDODXQJKLXOPRUWFRQVXOWDĠL
 3HQWUXDDFWLYDGH]DFWLYDDSăVDĠLEXWR 3DJLQD 
QXOvGLQQRX 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHGHVSUH$VLV
&kQG$6,67(178/'(0(1ğ,1(5($7(1ğ,( WHQĠDDFWLYăODXQJKLXOPRUWFRQVXOWDĠL
3DJLQD HVWHDFWLYDWVLPEROXO­ 3DJLQD 
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOFkQGFRQ
WDFWXOHVWHFXSODW $FWLYDUHDGH]DFWLYDUHD$VLVWHQĠHLSHQ
WUXPHQĠLQHUHDEHQ]LLGHPHUV
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHGHVSUH$6,6
7(178/'(0(1ğ,1(5($7(1ğ,(FRQVXOWDĠL  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
3DJLQD  SHQWUXDVHOHFWDPHQLXO$VVLVW $VLVњ
WHQĆÆ 
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
VHOHFWD/DQH.HHS$VVLVW $VLVW
SHQWUXPHQĆLQHUHDEHQ]LLGHPHUV
 $SăVDĠLEXWRQXOv
6HOHFĠLDFXUHQWăHVWHDILúDWă
 $SăVDĠLvSHQWUXDFRQILUPD
$ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

 $SăVDĠLEXWRQXOdVDXcSHQWUXD ÌQPHQLXO6HWWLQJV 6HWÆUL DYHĠL


XUPăWRDUHOHRSĠLXQL

&DOFXODWRUGHERUGúLGLVSOD\XUL
VHWDSH2II 2SULW 6WDQGDUGVDX
$GDSWLYH $GDSWLY  =6FKLPEDUHDVHWăULORUGLQWDEORXOGHERUG
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD 3DJLQD
UHD =6FKLPEDUHDVHWăULORUGHOXPLQă

&kQGDVLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGH 3DJLQD
PHUVVDXDVLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHD =6FKLPEDUHDVHWăULORUDXWRYHKLFXOXOXL

EHQ]LLGHPHUVHVWHDFWLYDWăVLPEROXO° 3DJLQD
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOFkQGFRQ =6FKLPEDUHDVHWăULORUGHvQFăO]LUHDX[LOLDUă
WDFWXOHVWHFXSODW 3DJLQD
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG$VLV =6FKLPEDUHDVHWăULORUGHFRQIRUW
WHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUVFRQ 3DJLQD
VXOWDĠL 3DJLQD  =5HYHQLUHDODVHWăULOHGLQ
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG$VLV IDEULFă 3DJLQD
WHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
PHUVFRQVXOWDĠL 3DJLQD  7DEORXGHERUG
6HOHFWDUHDXQLWăĠLLGHPăVXUăSHQWUXGLV
0HQLX6HUYLFH WDQĠă
)XQFĠLD'LVSOD\XQLW6SHHGRGRPHWHU
8QLWDWHDILĂDM9LWH]RPHWUXNLORPHњ
WUDM YăSHUPLWHVăDOHJHĠLGDFăDQXPLWH
DILúDMHVăDSDUăvQNLORPHWULVDXvQPLOHSH
DILúDMXOPXOWLIXQFĠLRQDO
3XWHĠLDOHJHGDFăDILúDMXOPXOWLIXQFĠLRQDOVă
DILúH]HDQXPLWHPHVDMHvQPLOHVDXvQNLORPH
ÌQPHQLXO6HUYLFHDYHĠLXUPăWRDUHOHRSĠLXQL WUL
=$SHODUHDPHVDMHORUGHSHGLVSOD\  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
3DJLQD SHQWUXDVHOHFWDPHQLXO6HWWLQJV
=5HSRUQLUHDVLVWHPXOXLGHDYHUWL]DUHSULYLQG 6HWÆUL 
SLHUGHUHDSUHVLXQLLvQ  $SăVDĠLEXWRQXOdVDXcSHQWUXD
SQHXUL 3DJLQD VHOHFWDVXEPHQLXO,QVWUXPHQWFOXVWHU
=$SHODUHDGDWHLVFDGHQWHSHQWUXVHUYLFH 7DEORXGHERUG 
3DJLQD  $SăVDĠLvSHQWUXDFRQILUPD
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFĠLD'LVSOD\XQLW6SHHG
0HQLX6HWăUL
RGRPHWHU 8QLWDWHDILĂDMYLWH]RPHњ
,QWURGXFHUH WUXNLORPHWUDM 
9HĠLYHGHDVHWDUHDVHOHFWDWăNPVDX
PLOHV PLOH 
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
UHD


 $ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

8QLWDWHDGHPăVXUăVHOHFWDWăSHQWUXGLVWDQĠă 6HOHFWDUHDIXQFĠLHLGHDILúDMSHUPDQHQW
HVWHYDODELOăSHQWUX
&DOFXODWRUGHERUGúLGLVSOD\XUL

$XWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWăDX
=9LWH]RPHWUXOGLJLWDOGLQPHQLXO7ULS 3DUњ DFHDVWăIXQFĠLH
FXUV G $XWRYHKLFXOHSHQWUX5HJDWXO8QLW
=&RQWRUXOGHUXODMWRWDOúLFRQWRUXOGHUXODM DFHDVWăIXQFĠLHHVWHLQGLVSRQLELOă
SDUĠLDO
3XWHĠLGHFLGHGDFăDILúDMXOPXOWLIXQFĠLRQDOVă
=&DOFXODWRUGHSDUFXUV
DILúH]HVDXQXSHUPDQHQWYLWH]DGXPQHD
=&RQVXPXOFXUHQWúLDXWRQRPLD YRDVWUăVDXWHPSHUDWXUDH[WHULRDUă
=,QVWUXFĠLXQLOHGHQDYLJDĠLHGLQPHQLXO1DYL
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
1DY SHQWUXDVHOHFWDPHQLXO6HWWLQJV
=&RQWUROFURD]LHUă
6HWÆUL 
=63(('7521,&  $SăVDĠLEXWRQXOdVDXcSHQWUXD
=',67521,&3/86 VHOHFWDVXEPHQLXO,QVWUXPHQWFOXVWHU
=$ILúDMLQWHUYDOGHVHUYLFH$66<673/86 7DEORXGHERUG 
 $SăVDĠLvSHQWUXDFRQILUPD
$FWLYDUHDGH]DFWLYDUHDYLWH]RPHWUXOXL
VXSOLPHQWDU  $SăVDĠLEXWRQXOdVDXcSHQWUXD

1XPDLDXWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă VHOHFWDIXQFĠLD3HUPDQHQWGLVSOD\
DXDFHDVWăIXQFĠLH $ILĂDMSHUPDQHQW 
9HĠLYHGHDVHWDUHDVHOHFWDWăRXWVLGH
)XQFĠLD$GGLW6SHHGR>PSK@ 9LWH]RP
WHPSHUDWXUH WHPSHUDWXUÆH[WHњ
VXSO>PSK@ YăSHUPLWHVăDOHJHĠLGDFă
ULRDUÆ VDX'LJVSHHGR>PSK@ 9LWHњ
]RQDGHVWDUHGLQDILúDMXOPXOWLIXQFĠLRQDO
]RPGLJ>PSK@ 
DUDWăvQWRWGHDXQDYLWH]DvQPSKvQORFXOWHP
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
SHUDWXULLH[WHULRDUH
UHD
3XWHĠLGHFLGHGDFăDILúDMXOPXOWLIXQFĠLRQDOVă
DILúH]HVDXQXSHUPDQHQWYLWH]DGXPQHD G 9LWH]DHVWHDILúDWăvQPSK
YRDVWUăVDXWHPSHUDWXUDH[WHULRDUă
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ /XPLQL
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
$FWLYDUHGH]DFWLYDUHPRGGHIXQFĠLRQDUH
6HWÆUL 
SHWLPSGH]LDIDUXULORU
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
)XQFĠLD'D\WLPHGULYLQJOLJKWV 0RG
VHOHFWDVXEPHQLXO,QVWFOXVWHU
GHIXQFĆLRQDUHSHWLPSGH]LDIDUXњ
3DQRXLQVWU 
ULORU SRDWHILDFWLYDWăQXPDLFXPRWRUXO
 $SăVDĠLvSHQWUXDFRQILUPD
RSULW
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
VHOHFWDIXQFĠLD$GGLWVSHHGR PSK  SHQWUXDVHOHFWDPHQLXO6HWWLQJV
9LWH]RPVXSO PSK  6HWÆUL 
9HĠLYHGHDVHWDUHDVHOHFWDWăRQ SRUњ
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
QLW VDXRII RSULW 
VHOHFWDVXEPHQLXO/LJKW /XPLQÆ 
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
 $SăVDĠLvSHQWUXDFRQILUPD
UHD
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
G $XWRYHKLFXOHSHQWUX5HJDWXO8QLW VHOHFWDIXQFĠLD'D\WLPHGULYLQJ
DFHDVWăIXQFĠLHHVWHLQGLVSRQLELOă
$ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

OLJKWV 0RGGHIXQFĆLRQDUHSHWLPS  $SăVDĠLEXWRQXOdVDXcSHQWUXD


GH]LDIDUXULORU 

&DOFXODWRUGHERUGúLGLVSOD\XUL
VHOHFWDIXQFĠLD,QWHOO/LJKW6\VWHP
'DFăIXQFĠLD'D\WLPHGULYLQJOLJKWV 6LVWHPGHOXPLQLLQWHO 
0RGGHIXQFĆLRQDUHSHWLPSGH]L 'DFăIXQFĠLD,QWHOO/LJKW6\VWHP
DIDUXULORU DIRVWSRUQLWăFRQXOGH 6LVWHPGHOXPLQLLQWHO DIRVWDFWL
OXPLQăúLVLPEROXO†GHSHDILúDMXOPXO YDWăFRQXOGHOXPLQăúLVLPEROXOXGLQ
WLIXQFĠLRQDODSDUvQURúX DILúDMXOPXOWLIXQFĠLRQDODSDUvQURúX
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD  $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
UHD UHD
,QIRUPDĠLLVXSOLPHQWDUHSULYLQGPRGXOGH &kQGDFWLYDĠL,QWHOO/LJKW6\VWHP
IXQFĠLRQDUHSHWLPSGH]LDIDUXULORU 6LVWHPXOGHOXPLQLLQWHO DFWLYDĠL
3DJLQD  XUPăWRDUHOHIXQFĠLL
=0RGDXWRVWUDGă
6HWDUHDOXPLQR]LWăĠLLSHQWUXGLVSOD\
FRPXWDWRDUH =)XQFĠLDOXPLQăDFWLYă

 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ =,OXPLQDUHVXSOLPHQWDUăvQYLUDMH

SHQWUXDVHOHFWDPHQLXO6HWWLQJV =3URLHFWRDUHGHFHDĠăFXUD]ăH[WLQVă
6HWÆUL  'DFăVHWDĠLIDUXULOHSHQWUXID]ăVFXUWăSHQWUX
 $SăVDĠLEXWRQXOdVDXcSHQWUXD FRQGXFHUHDSHGUHDSWDVWkQJDDILúDMXOPXO
VHOHFWDVXEPHQLXO/LJKW /XPLQÆ  WLIXQFĠLRQDOSUH]LQWăPHVDMXO,QWHOO
 $SăVDĠLvSHQWUXDFRQILUPD /LJKW6\VWHP6\VWHPLQRSHUDWLYH
,QDFWLYHIRUOHIWVLGHWUDIILF 6LVњ
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
WHPGHOXPLQLLQWHO6LVWHP
VHOHFWDIXQFĠLD%ULJKWQHVV'LVSOD\ QHIXQFĆLRQDOLQDFWLYSHQWUXWUDILњ
6ZLWFKHV /XPLQR]LWDWHGLVSOD\ FXOGHSHVW¥QJD VDX,QWHOO/LJKW
FRPXWDWRDUH  6\VWHP6\VWHPLQRSHUDWLYH,QDFWLYH
9HĠLYHGHDVHWDUHDVHOHFWDWă IRUULJKWVLGHWUDIILF 6LVWHPGH
 $SăVDĠLvSHQWUXDFRQILUPD OXPLQLLQWHO6LVWHPQHIXQFĆLRQDO
 $SăVDĠLEXWRQXOdVDXcSHQWUXD LQDFWLYSHQWUXWUDILFXOGHSH
UHJODLQWHQVLWDWHDODRULFHQLYHOGHOD/HYHO GUHDSWD vQORFGHIXQFĠLD,QWHOO/LJKW
 1LYHO OD/HYHO 1LYHO  6\VWHP 6LVWHPOXPLQLLQWHO vQVXE
 $SăVDĠLEXWRQXOvVDX8SHQWUXD PHQLXO/LJKW /XPLQL 
VDOYDVHWDUHD ,QIRUPDĠLLVXSOLPHQWDUHSULYLQG6LVWHPXOGH
OXPLQLLQWHOLJHQWH 3DJLQD 
$FWLYDUHDGH]DFWLYDUHD6LVWHPXOXLGH
OXPLQLLQWHOLJHQWH 6HWDUHDIDUXULORUSHQWUXID]ăVFXUWăSHQ
WUXFRQGXFHUHSHVWkQJDGUHDSWD
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWÆUL  SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWÆUL 
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO/LJKW /XPLQÆ 
VHOHFWDVXEPHQLXO/LJKW /XPLQÆ 
 $SăVDĠLvSHQWUXDFRQILUPD
 $SăVDĠLvSHQWUXDFRQILUPD
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFĠLD'LSSHGEHDPV6HWWLQJ


 $ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

IRU 6HWDUHIDUXULID]ÆVFXUWÆSHQњ $FWLYDUHDGH]DFWLYDUHDLOXPLQăULL


WUX  DPELHQWDOHúLRSULUHDWHPSRUL]DWăDLOX
&DOFXODWRUGHERUGúLGLVSOD\XUL

9HĠLYHGHDVHWDUHDVHOHFWDWă5LJKWVLGH PLQăULLH[WHULRDUH
WUDIILF 7UDILFSHSDUWHDGUHDSWÆ  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
VDX/HIWVLGHWUDIILF 7UDILFSH SHQWUXDVHOHFWDPHQLXO6HWWLQJV
SDUWHDVW¥QJÆ  6HWÆUL 
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD  $SăVDĠLEXWRQXOdVDXcSHQWUXD
UHD VHOHFWDVXEPHQLXO/LJKW /XPLQÆ 
'DFăVFKLPEDĠLVHWDUHDFRQYHUVLDQXDUH  $SăVDĠLvSHQWUXDFRQILUPD
ORFSkQăGDWDYLLWRDUHFkQGDXWRYHKLFXOXO
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
VWDĠLRQHD]ă
VHOHFWDIXQFĠLD6XUURXQGOLJKWLQJ
$FHDVWăIXQFĠLHHVWHGLVSRQLELOăQXPDLOD ,OXPLQDUHDPELHQWDOÆ 
DXWRYHKLFXOHFXVLVWHPXOLQWHOLJHQWGHLOXPL &kQGIXQFĠLD6XUURXQGOLJKWLQJ ,OXњ
QDUH
PLQDUHDPELHQWDOÆ HVWHDFWLYDWăUD]D
3XWHĠLXWLOL]DDFHDVWăIXQFĠLHSHQWUXDFRPXWD GHOXPLQăúL]RQDGLQMXUXODXWRYHKLFXOXOXL
vQWUHID]DVFXUWăVLPHWULFăúLDVLPHWULFă VXQWDILúDWHvQURúXSHDILúDMXOPXOWLIXQF
3DJLQD  ĠLRQDO
'DFăVHWDĠLIDUXULOHSHQWUXID]ăVFXUWăSHQWUX  $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
FRQGXFHUHDSHGUHDSWDVWkQJDDWXQFLPRGXO UHD
GHDXWRVWUDGăúLSURLHFWRDUHOHGHFHDĠăFX
EăWDLHH[WLQVăVXQWLQGLVSRQLELOH 'H]DFWLYDUHDWHPSRUDUăDRSULULLWHPSRUL]DWH
/DXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWIDUXULOH DLOXPLQăULLH[WHULRDUH
SHQWUXID]ăVFXUWăSRWILVHWDWHSHQWUXFRQ  ÌQDLQWHGHDSăUăVLDXWRYHKLFXOXOURWLĠL
GXFHUHDSHGUHDSWDVDXVWkQJD FKHLDvQSR]LĠLDvQFRPXWDWRUXOGHFRQ
WDFW
$FWLYDUHDGH]DFWLYDUHD$VLVWHQĠHLSHQWUX
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
ID]DOXQJăDGDSWLYă
FRQWDFW
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
2SULUHDWHPSRUL]DWăDLOXPLQăULLH[WHULRDUH
SHQWUXDVHOHFWDPHQLXO6HWWLQJV HVWHGH]DFWLYDWă
6HWÆUL 
2SULUHDWHPSRUL]DWăDLOXPLQăULLH[WHULRDUH
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
HVWHUHDFWLYDWăODXUPăWRDUHDSRUQLUHDPRWR
VHOHFWDVXEPHQLXO/LJKW /XPLQÆ  UXOXL
 $SăVDĠLvSHQWUXDFRQILUPD
'DFăDĠLDFWLYDWIXQFĠLD6XUURXQGOLJKњ
 $SăVDĠLEXWRQXOdVDXcSHQWUXD WLQJ ,OXPLQDUHDPELHQWDOÆ úLFRPX
VHOHFWDIXQFĠLD$GDSWPDLQEHDP WDWRUXOGHOXPLQLHVWHVHWDWSHXVHDFWL
)D]ÆOXQJÆDGDSW  YHD]ăXUPăWRDUHOHIXQFĠLLFkQGHVWHvQWXQHULF
'DFăIXQFĠLD$GDSWPDLQEHDP )D]Æ =LOXPLQDUHDPELHQWDOăLOXPLQDUHDH[WH
OXQJÆDGDSW DIRVWSRUQLWăFRQXOGH ULRDUăUăPkQHDSULQVăWLPSGH
OXPLQăúLVLPEROXOÎGLQDILúDMXOPXOWL GHVHFXQGHGXSăGHVFXLHUHDFXFKHLD
IXQFĠLRQDOVXSHULRUDSDUvQURúX 'DFăSRUQLĠLPRWRUXOLOXPLQDUHDDPELHQ
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD WDOăHVWHGH]DFWLYDWăúLPRGXOGHIXQFĠLR
UHD QDUHDXWRPDWăDIDUXULORUHVWHDFWLYDW
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHGHVSUH$VLV 3DJLQD 
=RSULUHDWHPSRUL]DWăDLOXPLQăULLH[WH
WHQĠDSHQWUXID]ăOXQJăDGDSWLYăFRQVXOWDĠL
3DJLQD  ULRDUHLOXPLQDUHDH[WHULRDUăUăPkQH
$ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

DSULQVăWLPSGHGHVHFXQGHGXSăFH $XWRYHKLFXO
PRWRUXODIRVWRSULW'DFăDĠLvQFKLVWRDWH

&DOFXODWRUGHERUGúLGLVSOD\XUL
SRUWLHUHOHúLKD\RQXOLOXPLQDUHDH[WHULRDUă 6HWDUHD63(('7521,&SHUPDQHQW
VHVWLQJHGXSăVHFXQGH  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ

G ÌQIXQFĠLHGHHFKLSDUHDDXWRYHKLFXOXOXL SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWÆUL 
GXPQHDYRDVWUăFkQGLOXPLQDUHDDPELHQ
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
WDOăúLLOXPLQDUHDH[WHULRDUăFXRSULUHWHP
SRUL]DWăVXQWDFWLYDWHVHDSULQGXUPăWRD VHOHFWDVXEPHQLXO9HKLFOH $XWRYHKLњ
UHOH FXO 
=/ăPSLODWHUDOHGHSR]LĠLH  $SăVDĠLvSHQWUXDFRQILUPD

=3URLHFWRDUHGHFHDĠă  $SăVDĠLdVDXcSHQWUXDVHOHFWD

=)DUXULSHQWUXID]ăVFXUWă IXQFĠLD/LPLWVSHHG ZLQWHUW\UHV 


=0RGGHIXQFĠLRQDUHSHWLPSGH]LDIDUX
/LPLWDUHYLWH]Æ SQHXULGH
LDUQÆ 
ULORU
9HĠLYHGHDVHWDUHDFXUHQWă
=,OXPLQDUHDDPELHQWDOăGLQRJOLQ]LOHH[WH
 $SăVDĠLvSHQWUXDFRQILUPD
ULRDUH
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
$FWLYDUHDGH]DFWLYDUHDRSULULLWHPSRUL UHJOD63(('7521,&SHUPDQHQWvQLQWHU
]DWHDLOXPLQăULLLQWHULRDUH YDOHGH]HFH NPKODNPK 6HWD
'DFăDFWLYDĠLIXQFĠLD/LJKWGHOD\ 7HPS UHD2II 2SULW RSUHúWH63(('7521,&
OXPLQL LOXPLQDUHDLQWHULRDUăUăPkQHSRU SHUPDQHQW
QLWăWLPSGHGHVHFXQGHGXSăFHVFRDWHĠL  $SăVDĠLEXWRQXOvSHQWUXDPHPRUD
FKHLDGLQFRPXWDWRUXOGHFRQWDFW LQWUDUHD
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG
SHQWUXDVHOHFWDPHQLXO6HWWLQJV 63(('7521,&SHUPDQHQW 3DJLQD 
6HWÆUL 
 $SăVDĠLEXWRQXOdVDXcSHQWUXD 3RUQLUHDRSULUHDFDUDFWHULVWLFLLGH
vQFXLHUHDXWRPDWă
VHOHFWDVXEPHQLXO/LJKW /XPLQÆ 
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
 $SăVDĠLvSHQWUXDFRQILUPD
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
6HWÆUL 
VHOHFWDIXQFĠLD/LJKWGHOD\ 7HPS
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
OXPLQL 
&kQGIXQFĠLD/LJKWGHOD\ 7HPS VHOHFWDVXEPHQLXO9HKLFOH $XWRYHKLњ
OXPLQL HVWHDFWLYDWăLQWHULRUXODXWRYHKL FXO 
FXOXOXLHVWHDILúDWvQURúXSHDILúDMXOPXOWL  $SăVDĠLvSHQWUXDFRQILUPD

IXQFĠLRQDO  $SăVDĠLEXWRQXOdVDXcSHQWUXD
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD VHOHFWDIXQFĠLD$XWRGRRUORFNV
UHD ‘QFXLHWRULDXWRSRUWLHUH 
&kQGIXQFĠLD$XWRGRRUORFNV
‘QFXLHUHDXWRSRUWLHUH HVWHDFWL
YDWăSRUWLHUHOHDXWRYHKLFXOXOXLVXQWDILúDWH
vQURúXSHDILúDMXOPXOWLIXQFĠLRQDO
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
UHD


 $ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

'DFăDFWLYDĠLIXQFĠLD$XWRGRRUORFNV 0DQ  6HQ]RUUDGDU &RQVXOWDĆL


0DQXWLOL] 
&DOFXODWRUGHERUGúLGLVSOD\XUL

‘QFXLHWRULDXWRSRUWLHUH DXWRYHKL
FXOXOHVWHvQFXLDWFHQWUDOL]DWODRYLWH]ăGH 9HĠLYHGHDVHWDUHDVHOHFWDWă$FWLYDWHG
SHVWHFLUFDNPK $FWLYDW VDX'HDFWLYDWHG 'H]DFWLњ
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGFDUDF YDW 
WHULVWLFDGHvQFXLHUHDXWRPDWăFRQVXOWDĠL  $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
3DJLQD  UHD
$FWLYDUHDGH]DFWLYDUHDFRQILUPăULLDFXV G 7UHEXLHVăGH]DFWLYDĠLVLVWHPXOGHVHQ]RUL
WLFHDvQFXLHULL UDGDUvQDQXPLWHĠăULúLOkQJăXQLWăĠLOHUDGLR
'DFăDFWLYDĠLIXQFĠLD$FRXVWLF/RFN WHOHVFRS3HQWUXLQIRUPDĠLLVXSOLPHQWDUH
‘QFXLHUHDFXVWLFÆ VHHPLWHXQVHPQDO FRQVXOWDĠL 3DJLQD 
DFXVWLFFkQGvQFXLDĠLDXWRYHKLFXOXO &kQGVXQWHĠLDSURDSHGHXQLWăĠLUDGLRWHOHV
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ FRSVLVWHPXOGHVHQ]RULUDGDUYDILGH]DFWLYDW
SHQWUXDVHOHFWDPHQLXO6HWWLQJV DXWRPDW
6HWÆUL  8UPăWRDUHOHVLVWHPHVXQWRSULWHFkQGVLVWH
 $SăVDĠLEXWRQXOdVDXcSHQWUXD PXOGHVHQ]RULUDGDUHVWHGH]DFWLYDW
VHOHFWDVXEPHQLXO9HKLFOH $XWRYHKLњ =',67521,&3/86 3DJLQD
FXO  =%$63/86 3DJLQD
 $SăVDĠLvSHQWUXDFRQILUPD =)UkQă35(6$)(Š 3DJLQD
 $SăVDĠLEXWRQXOdVDXcSHQWUXD =$VLVWHQĠDODXQJKLXOPRUW
VHOHFWDIXQFĠLD$FRXVWLF/RFN 3DJLQD VDX$VLVWHQĠDDFWLYăOD
‘QFXLHUHDFXVWLFÆ  XQJKLXOPRUW 3DJLQD
'DFăIXQFĠLD$FRXVWLF/RFN ‘QFXLHUH
DFXVWLFÆ HVWHDFWLYDWăVLPEROXO7GH ÌQFăO]LUH
SHDILúDMXOPXOWLIXQFĠLRQDOVHDSULQGHvQ
URúX 2UăGHSOHFDUHSHQWUXvQFăO]LUHDDX[LOLDUă
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD 1XPDLDXWRYHKLFXOHOHFXvQFăO]LUHDX[LOLDUă
UHD 3DJLQD DXDFHDVWăIXQFĠLH
'LQVXEPHQLXO+HDWLQJ ‘QFÆO]LUH 
$FWLYDUHDGH]DFWLYDUHDVLVWHPXOXLGH SXWHĠLVHOHFWDRRUăGHSOHFDUHPHPRUDWăVDX
VHQ]RULUDGDU VFKLPEDRRUăGHSOHFDUH
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
)XQFĠLDWHPSRUL]DWRUXOXLGHvQFăO]LUHDX[LOLDUă
SHQWUXDVHOHFWDPHQLXO6HWWLQJV FDOFXOHD]ăRUDGHDFWLYDUHvQIXQFĠLHGHWHP
6HWÆUL  SHUDWXUDH[WHULRDUăDVWIHOvQFkWDXWRYHKLFXOXO
 $SăVDĠLEXWRQXOdVDXcSHQWUXD VăILHSUHvQFăO]LWSkQăODRUDGHSOHFDUH&kQG
VHOHFWDVXEPHQLXO9HKLFOH $XWRYHKLњ VDDWLQVRUDGHSOHFDUHvQFăO]LUHDDX[LOLDUă
FXO  FRQWLQXăVăvQFăO]HDVFăWLPSGHvQFăFLQFL
 $SăVDĠLvSHQWUXDFRQILUPD PLQXWHúLDSRLVHGH]DFWLYHD]ăÌQFăO]LUHD
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
DX[LOLDUăDGRSWăVHWDUHDGHWHPSHUDWXUă
7+(50$7,&VDX7+(5027521,&
VHOHFWD5DGDUVHQVRU 6HH2ZQHU
V
3XWHĠLGH]DFWLYDvQFăO]LUHDDX[LOLDUăFXDMXWR
UXOWHOHFRPHQ]LLVDXFXEXWRQXOSHQWUXvQFăO]L
UHDDX[LOLDUăGHSHFRQVRODFHQWUDOă
$ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

3(5,&2/ 6HOHFWDUHDRUHLGHSOHFDUHVDXGH]DFWLYD
UHDXQHLRUHGHSOHFDUHVHOHFWDWH

&DOFXODWRUGHERUGúLGLVSOD\XUL
'DFăĠHDYDGHHúDSDPHQWHVWHEORFDWăVDXQX
HVWHSRVLELOăRYHQWLODUHVXILFLHQWăvQDXWRYH  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
KLFXOSRWSăWUXQGHJD]HGHHúDSDPHQWWR[LFH SHQWUXDVHOHFWDPHQLXO6HWWLQJV
vQVSHFLDOPRQR[LGGHFDUERQ$FHDVWăVLWXD 6HWÆUL 
ĠLHDSDUHGHH[vQVSDĠLLvQFKLVHVDXGDFă  $SăVDĠLEXWRQXOdVDXcSHQWUXD
DXWRYHKLFXOXOHVWHvPSRWPROLWvQ]ăSDGă VHOHFWDVXEPHQLXO+HDWLQJ
([LVWăULVFXOSURGXFHULLGHUăQLIDWDOH ‘QFÆO]LUH 
$UWUHEXLVăRSULĠLvQFăO]LUHDDX[LOLDUăvQVSD  $SăVDĠLvSHQWUXDFRQILUPD
ĠLLOHvQFKLVHFDUHQXDXXQVLVWHPGHH[WUDFĠLH 9HĠLYHGHDVHWDUHDVHOHFWDWă
GHH[vQWUXQJDUDM'DFăDXWRYHKLFXOXOHVWH  $SăVDĠLvSHQWUXDFRQILUPD
vPSRWPROLWvQ]ăSDGăúLWUHEXLHVăOăVDĠL
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
vQFăO]LUHDDX[LOLDUăvQIXQFĠLXQHPHQĠLQHĠL
ĠHDYDGHHúDSDPHQWúL]RQDGLQMXUXODXWRYH VHOHFWDXQDGLQFHOHWUHLRUHGHSOHFDUHVDX
KLFXOXOXLFXUăĠDWHGH]ăSDGă3HQWUXDDVLJXUD 7LPHURII 7HPSRUL]DWRUGH]DFWLњ
RYHQWLODUHVXILFLHQWăFXDHUSURDVSăWGHVFKL YDW  QLFLXQWHPSRUL]DWRUDFWLY 
GHĠLXQJHDPGHSHSDUWHDDXWRYHKLFXOXOXL  $SăVDĠLvSHQWUXDFRQILUPD
QHRULHQWDWăFăWUHYkQW 'DFăHVWHVHOHFWDWăRRUăGHSOHFDUHODPSD
LQGLFDWRDUHJDOEHQăVHDSULQGHvQEXWRQXO
$9(57,60(17 SHQWUXvQFăO]LUHDDX[LOLDUă
&kQGvQFăO]LUHDDX[LOLDUăHVWHDFWLYDWăDQX
PLWHSLHVHDOHDXWRYHKLFXOXOXLVHSRWvQFLQJH 6FKLPEDUHDRUHLGHSOHFDUH
IRDUWHWDUH0DWHULDOHLQIODPDELOHSUHFXP  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
IUXQ]HLDUEăVDXUăPXUHOHVDUSXWHDDSULQGH SHQWUXDVHOHFWDPHQLXO6HWWLQJV
GDFăLQWUăvQFRQWDFWSHSHULRDGHSUHOXQJLWH 6HWÆUL 
FXSLHVHvQFLQVHDOHVLVWHPXOXLGHHYDFXDUH  $SăVDĠLEXWRQXOdVDXcSHQWUXD
([LVWăULVFGHLQFHQGLX VHOHFWDVXEPHQLXO+HDWLQJ
&kQGvQFăO]LUHDDX[LOLDUăHVWHDFWLYDWăDVLJX ‘QFÆO]LUH 
UDĠLYăFăQLFLXQPDWHULDOLQIODPDELOQXSRDWH  $SăVDĠLvSHQWUXDFRQILUPD
LQWUDvQFRQWDFWFXFRPSRQHQWHOHILHUELQĠLDOH 9HĠLYHGHDVHWDUHDVHOHFWDWă
DXWRYHKLFXOXOXL
 $SăVDĠLvSHQWUXDFRQILUPD

 8WLOL]DUHDvQFăO]LULLYHQWLODĠLHLDX[LOLDUH  $SăVDĠLEXWRQXOdVDXcSHQWUXD
FRQVXPăEDWHULDDXWRYHKLFXOXOXL'XSăFH VHOHFWD$%VDX6FKLPEÆ&
DĠLvQFăO]LWVDXYHQWLODWDXWRYHKLFXOXOGH  $SăVDĠLvSHQWUXDFRQILUPD
PD[LPXPGRXăRULFRQGXFHĠLRGLVWDQĠă $FXPSXWHĠLVFKLPEDRUDGHSOHFDUH
PDLPDUH  $SăVDĠLEXWRQXOYVDXeSHQWUXD
G 3RUQLĠLvQFăO]LUHDDX[LOLDUăUHJXODWFHO VHOHFWDDILúDMXOGHPRGLILFDWRUHPLQXWH
SXĠLQRGDWăSHOXQăWLPSGHDSUR[LPDWLY  $SăVDĠLEXWRQXOdVDXcSHQWUXD
]HFHPLQXWH VHWDDILúDMXOVHOHFWDW
 $SăVDĠLEXWRQXOvSHQWUXDPHPRUD
LQWUDUHD
/DPSDLQGLFDWRDUHJDOEHQăGHSHEXWRQXO
SHQWUXvQFăO]LUHDDX[LOLDUăVHDSULQGH


 $ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

&RQIRUW $FWLYDUHDGH]DFWLYDUHDUHJOăULLFHQWXULL
&DOFXODWRUGHERUGúLGLVSOD\XUL

 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
$FWLYDUHDGH]DFWLYDUHDFDUDFWHULVWLFLL
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
($6<(175<(;,7
6HWÆUL 
$9(57,60(17  $SăVDĠLEXWRQXOdVDXcSHQWUXD
&kQGFDUDFWHULVWLFD($6<(175<(;,7 VHOHFWDVXEPHQLXO&RQYHQLHQFH $VLVњ
,175$5(,(ù,5(8ù2$5Ă UHJOHD]ăYRODQXO WDUH 
úLVFDXQXOúRIHUXOXLGXPQHDYRDVWUăúLFHLODOĠL  $SăVDĠLvSHQWUXDFRQILUPD
SDVDJHULDLDXWRYHKLFXOXOXL±vQVSHFLDOFRSLLL
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
±DĠLSXWHDUăPkQHEORFDĠL([LVWăXQULVFGH
DFFLGHQW VHOHFWDIXQFĠLD%HOWDGMXVWPHQW
ÌQWLPSFHFDUDFWHULVWLFD($6<(175<(;,7
5HJODUHDFHQWXULL 
,175$5(,(ù,5(8ù2$5Ă UHDOL]HD]ăUHJOăUL &kQGIXQFĠLD%HOWDGMXVWPHQW 5HJODњ
DVLJXUDĠLYăFăPHPEUHOHQLFLXQXLSDVDJHUQX UHDFHQWXULL HVWHDFWLYDWăFHQWXUDGH
VHDIOăvQUD]DGHDFĠLXQHDVFDXQXOXLúLDYROD VLJXUDQĠăDDXWRYHKLFXOXOXLHVWHDILúDWăvQ
QXOXL URúXSHDILúDMXOPXOWLIXQFĠLRQDO
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
'DFăFLQHYDUăPkQHSULQV
UHD
=DSăVDĠLXQXOGLQWUHEXWRDQHOHGHSR]LĠLHDOH
IXQFĠLHLGHPHPRUDUHVDX 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGUHJOD
=GHSODVDĠLFRPXWDWRUXOSHQWUXUHJODUHDYROD
UHDFHQWXULLFRQVXOWDĠL 3DJLQD 
QXOXLvQGLUHFĠLDRSXVăIDĠăGHFHDvQFDUH $FWLYDUHDGH]DFWLYDUHDIXQFĠLHLGHUDED
VHPLúFăYRODQXO WDUHDRJOLQ]LORUODvQFXLHUH
3URFHVXOGHUHJODUHHVWHRSULW $FHDVWăIXQFĠLHHVWHGLVSRQLELOăQXPDLOD
DXWRYHKLFXOHFXIXQFĠLHGHPHPRUDUH
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ 3DJLQD 
SHQWUXDVHOHFWDPHQLXO6HWWLQJV &kQGDFWLYDĠLIXQFĠLD$XWRIROGLQ
6HWÆUL  5DEDWDUHDXWR±QLQWHULRU RJOLQ]LOH
 $SăVDĠLEXWRQXOdVDXcSHQWUXD H[WHULRDUHVXQWUDEDWDWHvQLQWHULRUFkQGDXWR
VHOHFWDVXEPHQLXO&RQYHQLHQFH $VLVњ YHKLFXOXOHVWHvQFXLDW&kQGGHVFXLDĠLDXWRYH
WDUH  KLFXOXOúLDSRLGHVFKLGHĠLRSRUWLHUăRJOLQ]LOH
 $SăVDĠLvSHQWUXDFRQILUPD H[WHULRDUHVHH[WLQGGLQQRX
 $SăVDĠLEXWRQXOdVDXcSHQWUXD  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
VHOHFWDIXQFĠLD(DV\(QWU\([LW SHQWUXDVHOHFWDPHQLXO6HWWLQJV
,QWUDUH,HĂLUHXĂRDUÆ  6HWÆUL 
'DFăIXQFĠLD(DV\(QWU\([LW  $SăVDĠLEXWRQXOdVDXcSHQWUXD
,QWUDUH,HĂLUHXĂRDUÆ HVWHDFWLYDWă VHOHFWDVXEPHQLXO&RQYHQLHQFH $VLVњ
YRODQXODXWRYHKLFXOXOXLHVWHDILúDWvQURúX WDUH 
SHDILúDMXOPXOWLIXQFĠLRQDO  $SăVDĠLvSHQWUXDFRQILUPD
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
UHD
VHOHFWDIXQFĠLD$XWRIROGLQ 5DEDњ
,QIRUPDĠLLVXSOLPHQWDUHSULYLQGFDUDFWHULVWLFD WDUHDXWR±QLQWHULRU 
($6<(175<(;,7 ,175$5(,(ù,5( 'DFăIXQFĠLD$XWRIROGLQ 5DEDWDUH
8ù2$5Ă 3DJLQD  DXWR±QLQWHULRU HVWHDFWLYDWă
$ILúDMHúLXWLOL]DUH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

RJOLQGDH[WHULRDUăDDXWRYHKLFXOXOXLHVWH
DILúDWăvQURúXvQDILúDMXOPXOWLIXQFĠLRQDO

&DOFXODWRUGHERUGúLGLVSOD\XUL
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
UHD
'DFăDĠLDFWLYDWIXQFĠLD$XWRIROGLQ
5DEDWDUHDXWR±QLQWHULRU úLUDEDWDĠL
vQLQWHULRURJOLQ]LOHH[WHULRDUHFXDMXWRUXO
EXWRQXOXLGHSHSRUWLHUă 3DJLQD HOH
QXVHYRUH[WLQGHDXWRPDW2JOLQ]LOHH[WH
ULRDUHSRWILDSRLH[WLQVHGRDUFXDMXWRUXO
EXWRQXOXLGHSHSRUWLHUă

5HVHWDUHODVHWăULOHGLQIDEULFă
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWÆUL 
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO)DFWRU\VHWWLQJV
6HWÆULGLQIDEULFÆ 
 $SăVDĠLvSHQWUXDFRQILUPD
0HVDMXO5HVHWDOOVHWWLQJV" 5HVHњ
WDĆLWRDWHVHWÆULOH" DSDUH
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
VHOHFWD1R 1X VDX<HV 'D 
 $SăVDĠLEXWRQXOvSHQWUXDFRQILUPD
VHOHFĠLD
'DFăDĠLVHOHFWDW<HV 'D DILúDMXOPXOWL
IXQFĠLRQDOSUH]LQWăXQPHVDMGHFRQILUPDUH
'LQPRWLYHGHVLJXUDQĠăQXWRDWHIXQFĠLLOH
VXQWUHVHWDWHIXQFĠLD/LPLWVSHHG ZLQњ
WHUW\UHV  /LPLWÆGHYLWH]Æ SQHXUL
GHLDUQÆ GLQ63(('7521,&SHUPDQHQW
SRDWHILVHWDWăQXPDLvQVXEPHQLXO9HKLFOH
$XWRYHKLFXO 'DFăGRULĠLVăUHVHWDĠL'D\њ
WLPHGULYLQJOLJKWV 0RGGHIXQFĆLRњ
QDUHSHWLPSGH]LDIDUXULORU GLQ
VXEPHQLXO/LJKW /XPLQÆ WUHEXLHVăURWLĠL
FKHLDvQFRPXWDWRUXOGHFRQWDFWvQSR]LĠLD


 0HVDMHGHSHGLVSOD\

0HVDMHGHSHGLVSOD\
&DOFXODWRUGHERUGúLGLVSOD\XUL

1RWHJHQHUDOH
0HVDMHOHGHSHGLVSOD\DSDUSHDILúDMXOPXOWLIXQFĠLRQDO
0HVDMHOHGHSHGLVSOD\FXVLPEROXULJUDILFHVXQWVLPSOLILFDWHvQ0DQXDOXOGHXWLOL]DUHúLDUSXWHD
VăGLIHUHGHVLPEROXULOHGLQDILúDMXOPXOWLIXQFĠLRQDO
5ăVSXQGHĠLvQFRQIRUPLWDWHFXPHVDMHOHGHSHGLVSOD\úLUHVSHFWDĠLQRWHOHVXSOLPHQWDUHGLQ
0DQXDOXOGHXWLOL]DUH
$QXPLWHPHVDMHGHSHGLVSOD\VXQWvQVRĠLWHGHXQVXQHWGHDYHUWL]DUHVDXGHXQVXQHWFRQWLQXX
&kQGFRQWDFWXOHVWHGHFXSODWWRDWHPHVDMHOHGHSHGLVSOD\VXQWúWHUVHFXH[FHSĠLDXQRU
PHVDMHGHSHGLVSOD\GHPD[LPăSULRULWDWH,PHGLDWFHFDX]HOHPHVDMHORUGHSHGLVSOD\GH
PD[LPăSULRULWDWHDXIRVWUHPHGLDWHPHVDMHOHGHSHGLVSOD\FRUHVSRQGHQWHVXQWúLHOHúWHUVH
&kQGRSULĠLúLSDUFDĠLDXWRYHKLFXOXOUHVSHFWDĠLQRWHOHSULYLQGIXQFĠLD+ROG 3DJLQD úL
SDUFDUH 3DJLQD 

$VFXQGHUHDPHVDMHORUGHSHGLVSOD\
 $XWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOFXEXWRDQHDSăVDĠLFSHYRODQSHQWUXD
úWHUJHPHVDMXOGHSHGLVSOD\
0HVDMXOGHSHGLVSOD\HVWHúWHUV
 $XWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOFXEXWRDQHDSăVDĠLvVDX8SHYRODQ
SHQWUXDúWHUJHPHVDMXOGHSHGLVSOD\
0HVDMXOGHSHGLVSOD\HVWHúWHUV
$ILúDMXOPXOWLIXQFĠLRQDODUDWăvQURúXPHVDMHOHGHSHDILúDMGHPD[LPăSULRULWDWH8QHOHPHVDMH
GHSHDILúDMGHPD[LPăSULRULWDWHQXSRWILDVFXQVH
$ILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăDFHVWHPHVDMHFRQWLQXXSkQăFHFDX]DPHVDMHORUDIRVW
UHPHGLDWă

0HPRULHGHPHVDMH
$XWRYHKLFXOHFXYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUXOGHERUGVDOYHD]ăDQXPLWHPHVDMHGHSHGLVSOD\3XWHĠLDSHODDFHVWHPHVDMHGH
SHGLVSOD\vQPHPRULDGHPHVDMH
 $SăVDĠLEXWRQXO€GHSHYRODQvQPRGUHSHWDWSkQăFkQGDSDUHPHPRULDGHPHVDMH
'DFăQXH[LVWăPHVDMHSHGLVSOD\YHĠLYHGHD1RPHVVDJHV 1LFLXQPHVDM 'DFăH[LVWă
PHVDMHSHGLVSOD\DILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăPHVVDJHV PHVDMH GHH[HPSOX
 &XDMXWRUXOEXWRQXOXLFSDUFXUJHĠLPHVDMHOHGHSHGLVSOD\

ÌQFD]XODQXPLWRUPHVDMHGHSHGLVSOD\VLPEROXO‘DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO9HĠL
JăVLLQIRUPDĠLLGHWDOLDWHGHVSUHDFHVWHPHVDMHGHSHGLVSOD\vQVHFĠLXQHDFDUHXUPHD]ă
0HVDMHGHSHGLVSOD\ 

$XWRYHKLFXOHFXYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

&DOFXODWRUGHERUGúLGLVSOD\XUL
&DOFXODWRUXOGHERUGVDOYHD]ăDQXPLWHPHVDMHGHSHGLVSOD\3XWHĠLDSHODPHVDMHOHGHSH
GLVSOD\vQPHPRULDGHPHVDMH
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQSHQWUXDVHOHFWDPHQLXO6HUYLFH
'DFăH[LVWăPHVDMHSHGLVSOD\DILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăPHVVDJHV PHVDMH 
GHH[HPSOX
 $SăVDĠLEXWRQXOcVDXdSHQWUXDVHOHFWDLQWUDUHDGHH[PHVVDJHV 
PHVDMH 
 $SăVDĠLvSHQWUXDFRQILUPD
 $SăVDĠLEXWRQXOcVDXdSHQWUXDSDUFXUJHPHVDMHOHGHSHGLVSOD\


 0HVDMHGHSHGLVSOD\

6LVWHPHGHVLJXUDQĠă YRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
$%6 $%6 VLVWHPDQWLEORFDUHODIUkQDUH (63Š 3URJUDPGHVWDELOLWDWH
FXUUXQDYDLO HOHFWURQLFă %$6 6LVWHPGHDVLVWDUHODIUkQDUH 35(6$)(ŠDVLV
PRPHQWDQLQGLVS WHQĠDODSRUQLUHDvQSDQWăúLVWDELOL]DUHDUHPRUFLLFX(63ŠVXQW
WHPSRUDULQGLVSRQLELOH
(VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYăVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHº»úL%VHDSULQGSH
WDEORXOGHERUG
&DX]HSRVLELOH
=DXWRGLDJQRVWLFDUHDQXHVWHvQFăILQDOL]DWă
=WHQVLXQHDGHODERUGDUSXWHDILLQVXILFLHQWă

$9(57,60(17
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
&DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHúLGHIUkQDUHDUSXWHDILJUDY
DIHFWDWH'LVWDQĠDGHIUkQDUHvQWURVLWXDĠLHGHIUkQDUHGHXUJHQĠă
DUSXWHDFUHúWH
'DFă(63ŠQXHVWHIXQFĠLRQDO(63ŠQXSRDWHVWDELOL]DDXWRYHKL
FXOXO
3HULFROXOGHGHUDSDUHúLDFFLGHQWFUHúWH
 &RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHGHGUXPDGHFYDWăDFĠLRQkQG
GLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
'DFăPHVDMXOGHSHGLVSOD\GLVSDUHIXQFĠLLOHPHQĠLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 &RQGXFHĠLFXDWHQĠLH
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

'DFăDSDUHPHVDMXOGHSHGLVSOD\úLODPSDGHDYHUWL]DUHº
FOLSHúWHvQDFHODúLWLPSDVLVWDUHDHOHFWURQLFăDWUDFĠLXQLLHVWH
GH]DFWLYDWăÌQFD]FRQWUDUIUkQHOHGHODURĠLOHPRWULFHVHSRW
VXSUDvQFăO]L
 /ăVDĠLIUkQHOHVăVHUăFHDVFăSkQăFkQGGLVSDUHPHVDMXOGHSH
GLVSOD\úLODPSDGHDYHUWL]DUHºVHVWLQJH
$VLVWDUHDHOHFWURQLFăDWUDFĠLXQLLHVWHDFWLYăGLQQRX
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
$%6 $%6(63Š%$635(6$)(ŠDVLVWHQĠDODSRUQLUHDvQSDQWăúLVWD
LQRSHUDWLYH $%6 ELOL]DUHDUHPRUFLLFX(63ŠVXQWLQGLVSRQLELOHGLQFDX]DXQHLGHIHF
QHIXQFĆLRQDO ĠLXQL
(VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYăVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHº»%úLMVHDSULQG
SHWDEORXOGHERUG
$9(57,60(17
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
&DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHúLGHIUkQDUHDUSXWHDILJUDY
DIHFWDWH'LVWDQĠDGHIUkQDUHvQWURVLWXDĠLHGHIUkQDUHGHXUJHQĠă
DUSXWHDFUHúWH
'DFă(63ŠQXHVWHIXQFĠLRQDO(63ŠQXSRDWHVWDELOL]DDXWRYHKL
FXOXO
3HULFROXOGHGHUDSDUHúLDFFLGHQWFUHúWH
 &RQGXFHĠLFXDWHQĠLH
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

(%'DQG$%6 (%' GLVWULEXĠLHHOHFWURQLFăDIRUĠHLGHIUkQDUH $%6(63Š%$6


LQRSHUDWLYH (%' 35(6$)(ŠIXQFĠLD+2/'DVLVWHQĠDODSRUQLUHDvQSDQWăúLVWDEL
ĂL$%6QHIXQFĆLRњ OL]DUHDUHPRUFLLFX(63ŠVXQWLQGLVSRQLELOHGLQFDX]DXQHLGHIHF
QDOH ĠLXQL
(VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYăVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHº»úL%VHDSULQGSH
WDEORXOGHERUGúLVHHPLWHXQVXQHWGHDYHUWL]DUH
$9(57,60(17
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHGLQIDĠăúLVSDWHVH
SRWEORFDGDFăIUkQDĠLWDUHGHH[HPSOX
&DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHúLGHIUkQDUHDUSXWHDILJUDY
DIHFWDWH'LVWDQĠDGHIUkQDUHvQWURVLWXDĠLHGHIUkQDUHGHXUJHQĠă
DUSXWHDFUHúWH
'DFă(63ŠQXHVWHIXQFĠLRQDO(63ŠQXSRDWHVWDELOL]DDXWRYHKL
FXOXO
3HULFROXOGHGHUDSDUHúLDFFLGHQWFUHúWH
 &RQGXFHĠLFXDWHQĠLH
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

M 6DGHWHFWDWFRQGXFHUHDFXIUkQDGHSDUFDUHDFĠLRQDWă6HHPLWH
úLXQVXQHWGHDYHUWL]DUH
5HOHDVHSDUNLQJ  (OLEHUDĠLIUkQDGHSDUFDUH
EUDNH (OLEHUDĆL
IU¥QDGHSDUFDUH

M &XIXQFĠLD+2/'DFWLYDWăDĠL
=GHVFKLVSRUWLHUDúRIHUXOXLúLHOLEHUDWFHQWXUDGHVLJXUDQĠăVDX
%UDNHLPPHGLDWHO\
=RSULWPRWRUXOVDX
)U¥QDĆLLPHGLDW
=GHVFKLVFDSRWD

(VWHSRVLELOVăVHHPLWăXQWRQODLQWHUYDOHUHJXODWH'DFăvQFHUFDĠL
VăvQFXLDĠLDXWRYHKLFXOXOWRQXOGHYLQHPDLSXWHUQLF
1XSXWHĠLSRUQLPRWRUXO
 ğLQkQGFRQWGHVLWXDĠLDGLQWUDILFDSăVDĠLSHGDODGHIUkQăLPHGLDW
úLIHUPúLĠLQHĠLRDSăVDWăSkQăFkQGGLVSDUHPHVDMXOGHSHGLV
SOD\
 8WLOL]DĠLFDODGHURDWăSOLDQWă 3DJLQD GLQWUXVDGHVFXOH
DDXWRYHKLFXOXOXLSHQWUXDDVLJXUDDXWRYHKLFXOXOFRQWUDSXQHULL
VDOHvQPLúFDUH
3XWHĠLUHSRUQLPRWRUXO

M 5H]HUYRUXOSHQWUXOLFKLGGHIUkQăFRQĠLQHLQVXILFLHQWOLFKLGGH
IUkQă
&KHFNEUDNHIOXLG ÌQSOXVODPSDGHDYHUWL]DUHURúLHMVHDSULQGHSHWDEORXOGH
OHYHO 9HULILFDĆL
ERUGúLVHHPLWHXQVXQHWGHDYHUWL]DUH
QLYHOXOOLFKLGXOXL
GHIU¥QÆ $9(57,60(17
(ILFLHQĠDIUkQăULLDUSXWHDILDIHFWDWă
([LVWăXQULVFGHDFFLGHQW
 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF1X
FRQWLQXDĠLVXEQLFLRIRUPăVăFRQGXFHĠL
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 1XFRPSOHWDĠLFXOLFKLGGHIUkQă$VWIHOQXVHHOLPLQăHURDUHD

& 3OăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăDXDWLQVOLPLWDGHX]XUă
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&KHFNEUDNHZHDU
9HULILFDĆLX]XUD
IU¥QHORU
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
35(6$)( $9(57,60(17
LQRSHUDWLYH 35( )XQFĠLLOHLPSRUWDQWHDOH35(6$)(ŠVDXGHIHFWDW7RDWHFHOHODOWH
6$)(QHIXQFĆLRњ VLVWHPHGHVLJXUDQĠăDSDVDJHULORUGHH[DLUEDJXULOHUăPkQGLV
QDOÆ SRQLELOH
$FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

é 'DFăVLPEROXODSDUHSHDILúDMXOPXOWLIXQFĠLRQDOROLPEăDFHQWXULL
GHVLJXUDQĠăDIRVWLQWURGXVăvQWURFDWDUDPăGHEORFDUHDFHQWXULL
VFDXQXOXLGLQVSDWH
,QIRUPDĠLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUXFHQWX
ULOHGHVLJXUDQĠăDOHVFDXQHORUGLQVSDWH 3DJLQD 

ê 'DFăVLPEROXODSDUHSHDILúDMXOPXOWLIXQFĠLRQDOROLPEăDFHQWXULL
GHVLJXUDQĠăQXDIRVWLQWURGXVăvQWURFDWDUDPăGHEORFDUHDFHQ
WXULLVFDXQXOXLGLQVSDWH
$9(57,60(17
2FHQWXUăGHVLJXUDQĠăSXUWDWăQHFRUHVSXQ]ăWRUVDXIL[DWăLQFR
UHFWvQFDWDUDPDGHEORFDUHQXvúLSRDWHvQGHSOLQLIXQFĠLDGHSUR
WHFĠLHSHQWUXFDUHDIRVWSURLHFWDWă
$FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
 'DFăHVWHQHFHVDUUXJDĠLSDVDJHULLGLQVSDWHVăúLFXSOH]HFHQ
WXULOHGHVLJXUDQĠă 3DJLQD 
,QIRUPDĠLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUXFHQWX
ULOHGHVLJXUDQĠăDOHVFDXQHORUGLQVSDWH 3DJLQD 

u ([LVWăRGHIHFĠLXQHOD656 6LVWHPXO6XSOLPHQWDUGH5HWHQĠLH 'H


DVHPHQHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQWDEORXOGH
0DOIXQFWLRQ ERUG
:RUNVKRS 'HIHFњ
ĆLXQH$WHOLHUVHUњ $9(57,60(17
YLFH  $LUEDJXULOHVDXvQWLQ]ăWRDUHOHFHQWXULORUSRWILHVăVHGHFODQúH]H
LQYROXQWDUILHvQFD]GHDFFLGHQWVăQXVHGHFODQúH]H
$FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG6LVWHPXO6XSOLPHQWDUGH
5HWHQĠLHFRQVXOWDĠL 3DJLQD 


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

u 656VDGHIHFWDWSHIDĠăVWkQJDVDXIDĠăGUHDSWD'HDVHPHQHD
VHDSULQGHODPSDGHDYHUWL]DUHuGLQWDEORXOGHERUG
)/PDOIXQF:RUNVњ
KRS 'HIHF)6 $9(57,60(17
$WHOLHUVHUYLFH ‫ ڋ‬$LUEDJXULOHVDXvQWLQ]ăWRDUHOHFHQWXULORUSRWILHVăVHGHFODQúH]H
VDX‫)ڋ‬5PDOIXQF LQYROXQWDUILHvQFD]GHDFFLGHQWVăQXVHGHFODQúH]H
:RUNVKRS 'HIHF $FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
)'$WHOLHUVHUњ
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
YLFH

u $9(57,60(17
5/PDOIXQF:RUNVњ $LUEDJXULOHVDXvQWLQ]ăWRDUHOHFHQWXULORUSRWILHVăVHGHFODQúH]H
KRS 'HIHF66 LQYROXQWDUILHvQFD]GHDFFLGHQWVăQXVHGHFODQúH]H
$WHOLHUVHUYLFH ‫ڋ‬ $FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
VDX‫ڋ‬55PDOIXQF 656VDGHIHFWDWSHVSDWHVWkQJDVDXVSDWHGUHDSWD'HDVHPH
:RUNVKRS 'HIHF QHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQWDEORXOGHERUG
6'$WHOLHUVHUњ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
YLFH

u $9(57,60(17
5FHQWPDOI $LUEDJXULOHVDXvQWLQ]ăWRDUHOHFHQWXULORUSRWILHVăVHGHFODQúH]H
:RUNVKRS 'HIHF LQYROXQWDUILHvQFD]GHDFFLGHQWVăQXVHGHFODQúH]H
FHQW6$WHOLHU $FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
VHUYLFH  656VDGHIHFWDWSHFHQWUXVSDWH'HDVHPHQHDVHDSULQGHODPSD
GHDYHUWL]DUHuSHWDEORXOGHERUG
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

/HIWZLQGRZEDJPDOњ ([LVWăRGHIHFĠLXQHODDLUEDJXOWLSFRUWLQăGHSHSDUWHDVWkQJăúL
IXQFWLRQZNVKS VDXGHSHSDUWHDGUHDSWă
'HIHFDLUEDJFRUњ 'HDVHPHQHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQWDEORXOGH
WLQÆVW¥QJDDWHњ ERUG
OLHU ‫ڋ‬VDX‫ڋ‬5LJKW
ZLQGRZEDJPDOIXQFњ $9(57,60(17
WLRQZNVKS 'HIHF $LUEDJXULOHWLSFRUWLQăVWkQJDVDXGUHDSWDSRWILHVăVHGHFODQúH]H
DLUEDJFRUWLQÆ LQYROXQWDUVDXvQFD]GHDFFLGHQWVăQXVHGHFODQúH]H
GUHDSWDDWHOLHU $FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\ 

6LVWHPHGHVLJXUDQĠă YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

%å $%6 VLVWHPDQWLEORFDUHODIUkQDUH (63Š 3URJUDPGHVWDELOLWDWH


HOHFWURQLFă %$6 6LVWHPGHDVLVWDUHODIUkQDUH 35(6$)(Š
FXUUHQWO\XQDYDLњ IXQFĠLD+2/'$VLVWHQĠDODSRUQLUHDvQSDQWăúL6WDELOL]DUHDUHPRU
ODEOH6HH2ZQHU
V FLLFX(63ŠVXQWWHPSRUDULQGLVSRQLELOH
0DQXDO PRPHQWDQ
LQGLVSRQLELO&RQњ (VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
VXOWDĆL0DQXDOXO 35(6$)(ŠVăVHILGHIHFWDW
GHXWLOL]DUH ÌQSOXVOăPSLOHGHDYHUWL]DUHå»úL%VHDSULQGSH
WDEORXOGHERUG
$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHLHVWHGH]DFWLYDW
&DX]HSRVLELOH
=DXWRGLDJQRVWLFDUHDQXHVWHvQFăILQDOL]DWă
=WHQVLXQHDGHODERUGDUSXWHDILLQVXILFLHQWă

$9(57,60(17
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
&DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHúLGHIUkQDUHDUSXWHDILJUDY
DIHFWDWH'LVWDQĠDGHIUkQDUHDUSXWHDFUHúWHvQWURVLWXDĠLHGHIUk
QDUHGHXUJHQĠă
'DFă(63ŠQXHVWHIXQFĠLRQDO(63ŠQXSRDWHVWDELOL]DDXWRYHKL
FXOXO
([LVWăXQSHULFROVSRULWGHGHUDSDUHúLULVFXOSURGXFHULLXQXLDFFL
GHQW
 &RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHGHGUXPDGHFYDWăDFĠLRQkQG
GLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
'DFăPHVDMXOGHSHGLVSOD\GLVSDUHIXQFĠLLOHPHQĠLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 &RQGXFHĠLFXDWHQĠLH
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

å (63Š%$635(6$)(ŠIXQFĠLD+2/'DVLVWHQĠDODSRUQLUHDvQ
SDQWăúLVWDELOL]DUHDUHPRUFLLFX(63ŠVXQWLQGLVSRQLELOHGLQFDX]D
,QRSHUDWLYH6HH XQHLGHIHFĠLXQL
2ZQHU
V0DQXDO
(VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
1HIXQFĆLRQDO&RQњ
VXOWDĆL0DQXDOXO 35(6$)(ŠVăVHILGHIHFWDW
GHXWLOL]DUH ÌQSOXVOăPSLOHGHDYHUWL]DUHåúL»VHDSULQGSHWDEORXOGH
ERUG


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

)XQFĠLDGHDXWRGLDJQRVWLFDUHGHH[HPSOXDUSXWHDVăQXILHILQD
OL]DWă
$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHLHVWHGH]DFWLYDW
$9(57,60(17
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRU
$VWIHOGLVWDQĠDGHIUkQDUHvQWURVLWXDĠLHGHIUkQDUHGHXUJHQĠăDU
SXWHDFUHúWH
'DFă(63ŠQXHVWHIXQFĠLRQDO(63ŠQXSRDWHVWDELOL]DDXWRYHKL
FXOXO
([LVWăXQSHULFROVSRULWGHGHUDSDUHúLULVFXOSURGXFHULLXQXLDFFL
GHQW
 &RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHGHGUXPDGHFYDWăDFĠLRQkQG
GLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
'DFăPHVDMXOGHSHGLVSOD\GLVSDUHIXQFĠLLOHPHQĠLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 &RQGXFHĠLFXDWHQĠLH
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
z% (%' GLVWULEXĠLDHOHFWURQLFăDIRUĠHLGHIUkQDUH $%6(63Š%$6
35(6$)(ŠIXQFĠLD+2/'$VLVWHQĠDODSRUQLUHDvQSDQWăúL6WDEL
å OL]DUHDUHPRUFLLFX(63ŠVXQWLQGLVSRQLELOHGLQFDX]DXQHLGHIHF
LQRSHUDWLYH6HH ĠLXQL
2ZQHU
V0DQXDO (VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
QHIXQFĆLRQDO&RQњ 35(6$)(ŠVăVHILGHIHFWDW
VXOWDĆL0DQXDOXO ÌQSOXVOăPSLOHGHDYHUWL]DUHå»úL%VHDSULQGSH
GHXWLOL]DUH WDEORXOGHERUGúLVHHPLWHXQVXQHWGHDYHUWL]DUH
$9(57,60(17
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHGLQIDĠăúLVSDWHVH
SRWEORFDGDFăIUkQDĠLWDUHGHH[HPSOX
&DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHúLGHIUkQDUHDUSXWHDILJUDY
DIHFWDWH'LVWDQĠDGHIUkQDUHDUSXWHDFUHúWHvQWURVLWXDĠLHGHIUk
QDUHGHXUJHQĠă
'DFă(63ŠQXHVWHIXQFĠLRQDO(63ŠQXSRDWHVWDELOL]DDXWRYHKL
FXOXO
([LVWăXQSHULFROVSRULWGHGHUDSDUHúLULVFXOSURGXFHULLXQXLDFFL
GHQW
 &RQGXFHĠLFXDWHQĠLH
 0HUJHĠLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

M &RQGXFHĠLFXIUkQDGHSDUFDUHDFĠLRQDWă6HHPLWHúLXQVXQHWGH
DYHUWL]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
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOăFXIXQFĠLD+2/'DFWLYDWă
DĠL
=GHVFKLVSRUWLHUDúRIHUXOXLúLHOLEHUDWFHQWXUDGHVLJXUDQĠăVDX
=RSULWPRWRUXOVDX
=GHVFKLVFDSRWD

(VWHSRVLELOVăVHHPLWăXQWRQODLQWHUYDOHUHJXODWH'DFăvQFHUFDĠL
VăvQFXLDĠLDXWRYHKLFXOXOWRQXOGHYLQHPDLSXWHUQLF
1XSXWHĠLSRUQLPRWRUXO
 ğLQkQGFRQWGHVLWXDĠLDGLQWUDILFDSăVDĠLSHGDODGHIUkQăLPHGLDW
úLIHUPúLĠLQHĠLRDSăVDWăSkQăFkQGGLVSDUHPHVDMXOGHSHGLV
SOD\
 8WLOL]DĠLFDODGHURDWăSOLDQWă 3DJLQD GLQWUXVDGHVFXOH
DDXWRYHKLFXOXOXLSHQWUXDDVLJXUDDXWRYHKLFXOXOFRQWUDSXQHULL
VDOHvQPLúFDUH
3XWHĠLUHSRUQLPRWRUXO

M 5H]HUYRUXOSHQWUXOLFKLGGHIUkQăFRQĠLQHLQVXILFLHQWOLFKLGGH
IUkQă
&KHFNEUDNHIOXLG ÌQSOXVODPSDGHDYHUWL]DUHURúLHMVHDSULQGHSHWDEORXOGH
OHYHO 9HULILFDĆL
ERUGúLVHHPLWHXQVXQHWGHDYHUWL]DUH
QLYHOXOOLFKLGXOXL
GHIU¥QÆ $9(57,60(17
(ILFLHQĠDIUkQăULLDUSXWHDILDIHFWDWă
([LVWăXQULVFGHDFFLGHQW
 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF1X
FRQWLQXDĠLVXEQLFLRIRUPăVăFRQGXFHĠL
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 1XFRPSOHWDĠLFXOLFKLGGHIUkQă$VWIHOQXVHHOLPLQăGHIHFĠLX
QHD

& 3OăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăDXDWLQVOLPLWDGHX]XUă
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&KHFNEUDNHZHDU
9HULILFDĆLX]XUD
IU¥QHL
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
35(6$)( )XQFĠLLOHLPSRUWDQWHDOH35(6$)(ŠVDXGHIHFWDW7RDWHFHOHODOWH
LQRSHUDWLYH6HH VLVWHPHGHVLJXUDQĠăDSDVDJHULORUGHH[DLUEDJXULOHUăPkQGLV
2ZQHU
V0DQXDO SRQLELOH
QHIXQFĆLRQDO&RQњ  0HUJHĠLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VXOWDĆL0DQXDOXO
GHXWLOL]DUH
35(6$)( )UkQă35(6$)(ŠWHPSRUDUQHIXQFĠLRQDOă&DX]HSRVLELOH
)XQFWLRQVFXUњ =IXQFĠLRQDUHDHVWHGLPLQXDWăGHSORDLDVDX]ăSDGDDEXQGHQWă
UHQWO\OLPLWHG6HH =VHQ]RULLGLQRUQDPHQWXOUDGLDWRUXOXLúLGLQEDUHOHGHSURWHFĠLH
2ZQHU
V0DQXDO VXQWPXUGDUL
)XQFĆLLPRPHQWDQ
=VLVWHPXOGHVHQ]RULUDGDUHVWHWHPSRUDUQHIXQFĠLRQDOGHH[GLQ
OLPLWDWH&RQVXOњ
WDĆL0DQXDOXOGH FDX]DUDGLDĠLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
XWLOL]DUH UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDĠLLHOHFWURPDJQH
WLFH
=VLVWHPXOQXVHDIOăvQLQWHUYDOXOGHWHPSHUDWXUăGHIXQFĠLRQDUH
=WHQVLXQHDGHODERUGHVWHSUHDVFă]XWă

2GDWăFHFDX]HOHPHQĠLRQDWHPDLVXVQXVHPDLDSOLFăPHVDMXO
GHSHGLVSOD\GLVSDUH
)UkQD35(6$)(ŠHVWHIXQFĠLRQDOăGLQQRX
'DFăPHVDMXOGHSHGLVSOD\QXGLVSDUH
 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 &XUăĠDĠLVHQ]RULLGLQPDVFDUDGLDWRUXOXLúLGLQEDUDGHSURWHFĠLH
3DJLQD 
 5HSRUQLĠLPRWRUXO

35(6$)( )UkQD35(6$)(ŠHVWHQHIXQFĠLRQDOăGLQFDX]DXQXLGHIHFW%$6
)XQFWLRQVOLPLWHG 3/86VDXVHPQDOXOGHDYHUWL]DUHSULYLQGGLVWDQĠDSRWVăVHIL
6HH2ZQHU
V0DQXDO GHIHFWDWGHDVHPHQHD
)XQFĆLLOLPLWDWH  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&RQVXOWDĆL0DQXDњ
OXOGHXWLOL]DUH

é 'DFăVLPEROXODSDUHSHDILúDMXOPXOWLIXQFĠLRQDOROLPEăDFHQWXULL
GHVLJXUDQĠăDIRVWLQWURGXVăvQWURFDWDUDPăGHEORFDUHDFHQWXULL
VFDXQXOXLGLQVSDWH
,QIRUPDĠLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUXFHQWX
ULOHVFDXQHORUGLQVSDWH 3DJLQD 


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

ê 'DFăVLPEROXODSDUHSHDILúDMXOPXOWLIXQFĠLRQDOROLPEăDFHQWXULL
GHVLJXUDQĠăQXDIRVWLQWURGXVăvQWURFDWDUDPăGHEORFDUHDFHQ
WXULLVFDXQXOXLGLQVSDWH
$9(57,60(17
2FHQWXUăGHVLJXUDQĠăSXUWDWăQHFRUHVSXQ]ăWRUVDXIL[DWăLQFR
UHFWvQFDWDUDPDGHEORFDUHQXvúLSRDWHvQGHSOLQLIXQFĠLDGHSUR
WHFĠLHSHQWUXFDUHDIRVWSURLHFWDWă
$FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
 'DFăHVWHQHFHVDUUXJDĠLSDVDJHULLGLQVSDWHVăúLFXSOH]HFHQ
WXULOHGHVLJXUDQĠă 3DJLQD 
,QIRUPDĠLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUXFHQWX
ULOHVFDXQHORUGLQVSDWH 3DJLQD 

u ([LVWăRGHIHFĠLXQHOD656 6LVWHPXO6XSOLPHQWDUGH5HWHQĠLH 'H


DVHPHQHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQWDEORXOGH
5HVWUDLQWV\VPDOњ ERUG
IXQFWLRQ&RQVXOW
ZRUNVKRS 'HIHFњ $9(57,60(17
ĆLXQHVLVUHWHQњ $LUEDJXULOHVDXvQWLQ]ăWRDUHOHFHQWXULORUSRWILHVăVHGHFODQúH]H
ĆLH&RQVXOWDĆLDWHњ LQYROXQWDUILHvQFD]GHDFFLGHQWVăQXVHGHFODQúH]H
OLHUXOGHVHUYLFH $FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG6LVWHPXO6XSOLPHQWDUGH
5HWHQĠLHFRQVXOWDĠL 3DJLQD 

u 656VDGHIHFWDWSHIDĠăVWkQJDVDXIDĠăGUHDSWD'HDVHPHQHD
VHDSULQGHODPSDGHDYHUWL]DUHuGLQWDEORXOGHERUG
)URQWOHIWPDOIXQFњ
WLRQ&RQVXOWZRUNVњ $9(57,60(17
KRS 'HIHFĆLXQH $LUEDJXULOHVDXvQWLQ]ăWRDUHOHFHQWXULORUSRWILHVăVHGHFODQúH]H
IDĆÆVW¥QJD&RQVXOњ LQYROXQWDUILHvQFD]GHDFFLGHQWVăQXVHGHFODQúH]H
WDĆLDWHOLHUXOGH $FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
VHUYLFH ‫ڋ‬VDX‫ڋ‬
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
)URQWULJKWPDOњ
IXQFWLRQ&RQVXOW
ZRUNVKRS 'HIHFњ
ĆLXQHIDĆÆGUHDSWD
&RQVXOWDĆLDWHOLHњ
UXOGHVHUYLFH
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
u $9(57,60(17
5HDUOHIWPDOIXQFњ $LUEDJXULOHVDXvQWLQ]ăWRDUHOHFHQWXULORUSRWILHVăVHGHFODQúH]H
WLRQ&RQVXOWZRUNVњ LQYROXQWDUILHvQFD]GHDFFLGHQWVăQXVHGHFODQúH]H
KRS 'HIHFĆLXQH $FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
VSDWHVW¥QJD&RQњ 656VDGHIHFWDWSHVSDWHVWkQJDVDXVSDWHGUHDSWD'HDVHPH
VXOWDĆLDWHOLHUXO QHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQWDEORXOGHERUG
GHVHUYLFH ‫ڋ‬VDX‫ڋ‬  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
5HDUULJKWPDOIXQFњ
WLRQ&RQVXOWZRUNVњ
KRS 'HIHFĆLXQH
VSDWHGUHDSWD&RQњ
VXOWDĆLDWHOLHUXO
GHVHUYLFH

u $9(57,60(17
5HDUFHQWUHPDOњ $LUEDJXULOHVDXvQWLQ]ăWRDUHOHFHQWXULORUSRWILHVăVHGHFODQúH]H
IXQFWLRQ&RQVXOW LQYROXQWDUILHvQFD]GHDFFLGHQWVăQXVHGHFODQúH]H
ZRUNVKRS 'HIHFњ $FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
ĆLXQHFHQWUDOÆ 656VDGHIHFWDWSHFHQWUXVSDWH'HDVHPHQHDVHDSULQGHODPSD
VSDWH&RQVXOWDĆL GHDYHUWL]DUHuGLQWDEORXOGHERUG
DWHOLHUXOGHVHUњ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
YLFH

u ([LVWăRGHIHFĠLXQHODDLUEDJXOWLSFRUWLQăGHSHSDUWHDVWkQJăúL
VDXGHSHSDUWHDGUHDSWă
/HIWZLQGRZEDJPDOњ 'HDVHPHQHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQWDEORXOGH
IXQFWLRQ&RQVXOW
ERUG
ZRUNVKRS 'HIHFњ
ĆLXQHDLUEDJXUL $9(57,60(17
WLSFRUWLQÆVW¥QJD $LUEDJXULOHWLSFRUWLQăVWkQJDVDXGUHDSWDSRWILHVăVHGHFODQúH]H
&RQVXOWDĆLDWHOLHњ LQYROXQWDUVDXvQFD]GHDFFLGHQWVăQXVHGHFODQúH]H
UXOGHVHUYLFH ‫ڋ‬
$FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
VDX‫ڋ‬5LJKWZLQGRZњ
EDJPDOIXQFWLRQ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

&RQVXOWZRUNVKRS
'HIHFĆLXQHDLUEDњ
JXULWLSFRUWLQÆ
GUHDSWD&RQVXOWDĆL
DWHOLHUXOGHVHUњ
YLFH

/XPLQL YRODQPXOWLIXQFĠLRQDOFXEXWRDQH
G 0HVDMHGHSHGLVSOD\SULYLQG/('XULOH


 0HVDMHGHSHGLVSOD\

$FHVWPHVDMGHSHGLVSOD\YDDSăUHDQXPDLGDFăWRDWH/('XULOHVDXGHIHFWDW
&DOFXODWRUGHERUGúLGLVSOD\XUL

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

I ,OXPLQDUHDVXSOLPHQWDUăvQYLUDMHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ă
GHIHFWXRV
/HIWFRUQHULQJ  9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
OLJKW ,OXPLQDUH
3DJLQD 
VXSOLPHQWDUƱQ
YLUDMHVW¥QJD ‫ڋ‬ VDX
VDX‫ڋ‬5LJKWFRUQHњ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ULQJOLJKW ,OXPLњ
QDUHVXSOLPHQWDUÆ
±QYLUDMHGUHDSWD

I )DUXOSHQWUXID]ăVFXUWăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWGLSSHGEHDP  9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
)D]ÆVFXUWÆ
3DJLQD 
VW¥QJD ‫ڋ‬VDX‫ڋ‬5LJKW
GLSSHGEHDP )D]Æ VDX
VFXUWÆGUHDSWD  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDVSDWHDUHPRUFLLVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
7UDLOHUOHIWWDLO  9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
ODPS /DPSÆVSDWH
VW¥QJDUHPRUFÆ ‫ڋ‬ VDX
VDX‫ڋ‬7UDLOHUULJKW  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WDLOODPS /DPSÆ
VSDWHGUHDSWD
UHPRUFÆ

I 6HPQDOL]DWRUXOGHGLUHFĠLHVWkQJDVDXGUHDSWDDOUHPRUFLLIXQFĠLR
QHD]ăGHIHFWXRV
7UDLOHUOHIW  9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
LQGLF 6HPQDOL]Dњ
WRUVW¥QJD VDX
UHPRUFÆ ‫ڋ‬VDX‫ڋ‬7UDLњ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OHUULJKWLQGLF
6HPQDOL]DWRU
GUHDSWDUHPRUFÆ

I /DPSDGHIUkQăDUHPRUFLLIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
7UDLOHUEUDNHODPS
/DPSÆGHIU¥QÆ VDX
UHPRUFÆ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
I 6HPQDOL]DWRUXOVSDWHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
5HDUOHIWLQGLFDњ
3DJLQD 
WRU 6HPQDOL]DWRU
VSDWHVW¥QJD ‫ڋ‬VDX‫ڋ‬ VDX
5HDUULJKWLQGLFDњ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WRU 6HPQDOL]DWRU
VSDWHGUHDSWD

I 6HPQDOL]DWRUXOGHGLUHFĠLHIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ă
GHIHFWXRV
)URQWOHIWLQGLFDњ 
9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
WRU 6HPQDOL]DWRU
3DJLQD 
IDĆÆVW¥QJD ‫ڋ‬VDX‫ڋ‬
)URQWULJKWLQGLFDњ VDX
WRU 6HPQDOL]DWRU  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
IDĆÆGUHDSWD

I 6HPQDOL]DWRUXOGHGLUHFĠLHGLQRJOLQGDH[WHULRDUăGHSHSDUWHD
VWkQJăVDXGHSHSDUWHDGUHDSWăIXQFĠLRQHD]ăGHIHFWXRV
/HIWPLUURULQGLFDњ 
9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
WRU 6HPQDOL]DWRU
3DJLQD 
RJOLQGÆVW¥QJD ‫ڋ‬
VDX‫ڋ‬5LJKWPLUURU VDX
LQGLFDWRU 6HPQDњ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OL]DWRURJOLQGÆ
GUHDSWD

I $WUHLDODPSăGHIUkQăHVWHGHIHFWă
 9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
7KLUGEUDNHODPS
3DJLQD 
$WUHLDODPSÆGH
IU¥QÆ VDX
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDVSDWHGHIUkQăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
7DLOEUDNHODPS  9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
OHIW /DPSDVSDWH
3DJLQD 
GHIU¥QÆVW¥QJD ‫ڋ‬
VDX‫ڋ‬7DLOEUDNH VDX
ODPSULJKW /DPSD  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VSDWHGHIU¥QÆ
GUHDSWD


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

I )DUXOSHQWUXID]ăOXQJăVWkQJDVDXGUHDSWDHVWHGHIHFW
 9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
/HIWPDLQEHDP
3DJLQD 
)D]ÆOXQJÆ
VW¥QJD VDX5LJKW VDX
PDLQEHDP )D]Æ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OXQJÆGUHDSWD

I /DPSDSHQWUXSOăFXĠDGHvQPDWULFXODUHVWkQJDVDXGUHDSWDHVWH
GHIHFWă
/HIWOLFHQFHSODWH 
9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
ODPS /DPSÆSHQWUX
3DJLQD 
SOÆFXĆDGH±QPDWULњ
FXODUHGLQ VDX
VW¥QJD VDX5LJKW  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OLFHQFHSODWHODPS
/DPSÆSHQWUX
SOÆFXĆDGH±QPDWULњ
FXODUHGLQGUHDSWD

I 3URLHFWRUXOGHFHDĠăIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWIRJODPS 3URњ 
9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
LHFWRUGHFHDĆÆ
3DJLQD 
VW¥QJD ‫ڋ‬VDX‫ڋ‬5LJKW
IRJODPS 3URLHFњ VDX
WRUGHFHDĆÆ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GUHDSWD

I /DPSDGHFHDĠăVSDWHHVWHGHIHFWă
 9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
5HDUIRJODPS
3DJLQD 
/DPSÆGHFHDĆÆ
VSDWH VDX
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDGHSR]LĠLHIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
)URQWOHIWSDUNLQJ
3DJLQD 
ODPS /DPSÆGH
SR]LĆLHVW¥QJD VDX
IDĆÆ ‫ڋ‬VDX‫)ڋ‬URQW  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ULJKWSDUNLQJODPS
/DPSÆGHSR]LĆLH
GUHDSWDIDĆÆ
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
I /DPSDGHPHUVvQDSRLIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
/HIWUHYHUVODPS
3DJLQD 
/DPSÆGHPHUV±QDњ
SRL VDX
VW¥QJD VDX5LJKW  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
UHYHUVODPS
/DPSÆGHPHUV±QDњ
SRLGUHDSWD

I /DPSDGHFRQGXFHUHSHWLPSGH]LSDUWHDVWkQJăVDXGUHDSWă
IXQFĠLRQHD]ăGHIHFWXRV
/HIWGD\WLPHGULњ  9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
YLQJODPS /DPSÆ
3DJLQD 
GHFRQGXFHUHSH
WLPSGH]LVW¥QJD ‫ڋ‬ VDX
VDX‫ڋ‬5LJKWGD\WLPH  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GULYLQJODPS
/DPSÆGHFRQGXњ
FHUHSHWLPSGH]L
GUHDSWD

I ,OXPLQDUHDH[WHULRDUăIXQFĠLRQHD]ăGHIHFWXRV
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0DOIXQFWLRQ
'HIHFĆLXQH $XWRYHKLFXOHFXFkUOLJGHWUDFWDUHDUHPRUFLLHVWHSRVLELOVăVHIL
DUVRVLJXUDQĠă
 9HULILFDĠLVLJXUDQĠHOH 3DJLQD 
 'DFăHVWHQHFHVDUvQORFXLĠLVLJXUDQĠDDUVă5HVSHFWDĠLQRWHOH
GHDYHUWLVPHQWDWXQFLFkQGIDFHĠLDFHVWOXFUX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I 6HQ]RUXOGHOXPLQăHVWHGHIHFW
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$872OLJKWVLQRSHњ
UDWLYH )DUXUL
$872QHIXQFĆLRњ
QDOH

I /XPLQLOHUăPkQDFWLYDWHFkQGSăUăVLĠLDXWRYHKLFXOXO6HHPLWHúL
XQVXQHWGHDYHUWL]DUH
6ZLWFKRIIOLJKWV  5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLDX
'H]DFWLYDĆLOXPLњ
QLOH


 0HVDMHGHSHGLVSOD\

/XPLQL YRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL

G 0HVDMHGHSHGLVSOD\SULYLQG/('XULOH
$FHVWPHVDMGHSHGLVSOD\YDDSăUHDQXPDLGDFăWRDWH/('XULOHVDXGHIHFWDW

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

I ,OXPLQDUHDVXSOLPHQWDUăvQYLUDMHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ă
GHIHFWXRV
/HIWFRUQHULQJ  9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
OLJKW ,OXPLQDUH
3DJLQD 
VXSOLPHQWDUƱQ
YLUDMHVW¥QJD ‫ڋ‬ VDX
VDX‫ڋ‬5LJKWFRUQHњ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ULQJOLJKW ,OXPLњ
QDUHVXSOLPHQWDUÆ
±QYLUDMHGUHDSWD

I )DUXOSHQWUXID]ăVFXUWăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWGLSSHGEHDP  9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
)D]ÆVFXUWÆ
3DJLQD 
VW¥QJD ‫ڋ‬VDX‫ڋ‬5LJKW
GLSSHGEHDP )D]Æ VDX
VFXUWÆGUHDSWD  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDVSDWHDUHPRUFLLVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
7UDLOHUOHIWWDLO  9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
ODPS /DPSÆVSDWH
VW¥QJDUHPRUFÆ ‫ڋ‬ VDX
VDX‫ڋ‬7UDLOHUULJKW  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WDLOODPS /DPSÆ
VSDWHGUHDSWD
UHPRUFÆ

I 6HPQDOL]DWRUXOGHGLUHFĠLHVWkQJDVDXGUHDSWDDOUHPRUFLLIXQFĠLR
QHD]ăGHIHFWXRV
7UDLOHUOHIWWXUQ  9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
VLJQDO 6HPQDOL]Dњ
WRUGHGLUHFĆLH VDX
VW¥QJDDOUHPRUњ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
FLL ‫ڋ‬VDX‫ڋ‬7UDLOHU
ULJKWWXUQVLJQDO
6HPQDOL]DWRUGH
GLUHFĆLHGUHDSWD
DOUHPRUFLL
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
I /DPSDGHIUkQăDUHPRUFLLIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
7UDLOHUEUDNHODPS
/DPSÆGHIU¥QÆ VDX
UHPRUFÆ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I 6HPQDOL]DWRUXOVSDWHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
5HDUOHIWLQGLFDњ
3DJLQD 
WRU 6HPQDOL]DWRU
VSDWHVW¥QJD ‫ڋ‬VDX‫ڋ‬ VDX
5HDUULJKWLQGLFDњ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WRU 6HPQDOL]DWRU
VSDWHGUHDSWD

I 6HPQDOL]DWRUXOGHGLUHFĠLHIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ă
GHIHFWXRV
)URQWOHIWLQGLFDњ 
9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
WRU 6HPQDOL]DWRU
3DJLQD 
IDĆÆVW¥QJD ‫ڋ‬VDX‫ڋ‬
)URQWULJKWLQGLFDњ VDX
WRU 6HPQDOL]DWRU  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
IDĆÆGUHDSWD

I 6HPQDOL]DWRUXOGHGLUHFĠLHGLQRJOLQGDH[WHULRDUăGHSHSDUWHD
VWkQJăVDXGHSHSDUWHDGUHDSWăIXQFĠLRQHD]ăGHIHFWXRV
/HIWPLUURULQGLFDњ 
9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
WRU 6HPQDOL]DWRU
3DJLQD 
RJOLQGÆVW¥QJD ‫ڋ‬
VDX‫ڋ‬5LJKWPLUURU VDX
LQGLFDWRU 6HPQDњ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OL]DWRURJOLQGÆ
GUHDSWD

I $WUHLDODPSăGHIUkQăHVWHGHIHFWă
 9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
7KLUGEUDNHODPS
3DJLQD 
$WUHLDODPSÆGH
IU¥QÆ VDX
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

I /DPSDVSDWHGHIUkQăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWKDQGWDLO  9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
ODPSEUDNHODPS
3DJLQD 
/DPSÆVSDWHODPSÆ
GHIU¥QÆVW¥QJD ‫ڋ‬ VDX
VDX‫ڋ‬5LJKWKDQG  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WDLOODPSEUDNH
ODPS /DPSÆVSDWH
ODPSÆGHIU¥QÆ
GUHDSWD

I )DUXOSHQWUXID]ăOXQJăVWkQJDVDXGUHDSWDHVWHGHIHFW
 9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
/HIWPDLQEHDP
3DJLQD 
)D]ÆOXQJÆ
VW¥QJD VDX5LJKW VDX
PDLQEHDP )D]Æ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OXQJÆGUHDSWD

I /DPSDSHQWUXSOăFXĠDGHvQPDWULFXODUHVWkQJDVDXGUHDSWDHVWH
GHIHFWă
/LFHQFHSODWH  9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
ODPSOHIW /DPSÆ
3DJLQD 
SHQWUXSOÆFXĆDGH
±QPDWULFXODUH VDX
VW¥QJD VDX/LFHQFH  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
SODWHODPSULJKW
/DPSÆSHQWUX
SOÆFXĆDGH±QPDWULњ
FXODUHGUHDSWD

I 3URLHFWRUXOGHFHDĠăIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWIRJODPS 3URњ 
9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
LHFWRUGHFHDĆÆ
3DJLQD 
VW¥QJD VDX5LJKW
IRJODPS 3URLHFњ VDX
WRUGHFHDĆÆ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GUHDSWD

I /DPSDGHFHDĠăVSDWHHVWHGHIHFWă
 9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
5HDUIRJODPS
3DJLQD 
/DPSÆGHFHDĆÆ
VSDWH VDX
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
I /DPSDGHSR]LĠLHIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
)URQWOHIWSDUNLQJ
3DJLQD 
ODPS /DPSÆGH
SR]LĆLHVW¥QJD VDX
IDĆÆ ‫ڋ‬VDX‫)ڋ‬URQW  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ULJKWSDUNLQJODPS
/DPSÆGHSR]LĆLH
GUHDSWDIDĆÆ

I /DPSDGHPHUVvQDSRLVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
/HIWUHYHUVODPS
3DJLQD 
/DPSÆGHPHUV±QDњ
SRLVW¥QJD ‫ڋ‬VDX‫ڋ‬ VDX
5LJKWUHYHUVODPS  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/DPSÆGHPHUV±QDњ
SRLGUHDSWD

I /DPSDGHFRQGXFHUHSHWLPSGH]LSDUWHDVWkQJăVDXGUHDSWă
IXQFĠLRQHD]ăGHIHFWXRV
/HIWGD\WLPHGULњ  9HULILFDĠLGDFăDYHĠLSHUPLVLXQHDGHDvQORFXLVLQJXUEHFXO
YLQJODPS /DPSÆ
3DJLQD 
GHFRQGXFHUHSH
WLPSGH]LVW¥QJD ‫ڋ‬ VDX
VDX‫ڋ‬5LJKWGD\WLPH  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GULYLQJODPS
/DPSÆGHFRQGXњ
FHUHSHWLPSGH]L
GUHDSWD

I 6LVWHPXOGHOXPLQLLQWHOLJHQWHHVWHGHIHFW/XPLQLOHUăPkQGLVSR
QLELOHIăUă6LVWHPXOGHOXPLQLLQWHOLJHQWH
,QWHOO/LJKW6\Vњ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WHPLQRSHUDWLYH
6LVWHPGHOXPLQL
LQWHOQHIXQFĆLRњ
QDO

I ,OXPLQDUHDH[WHULRDUăIXQFĠLRQHD]ăGHIHFWXRV
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0DOIXQFWLRQ6HH
2ZQHU
V0DQXDO
'HIHFĆLXQH&RQњ
VXOWDĆL0DQXDOXO
GHXWLOL]DUH


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

$XWRYHKLFXOHFXFkUOLJGHWUDFWDUHDUHPRUFLLHVWHSRVLELOVăVHIL
DUVRVLJXUDQĠă
 9HULILFDĠLVLJXUDQĠHOH 3DJLQD 
 'DFăHVWHQHFHVDUvQORFXLĠLVLJXUDQĠDDUVă5HVSHFWDĠLQRWHOH
GHDYHUWLVPHQWDWXQFLFkQGIDFHĠLDFHVWOXFUX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I 6HQ]RUXOGHOXPLQăHVWHGHIHFW
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$872OLJKWVLQRSHњ
UDWLYH )DUXUL
$872QHIXQFĆLRњ
QDOH

I /XPLQLOHUăPkQDFWLYDWHFkQGSăUăVLĠLDXWRYHKLFXOXO6HHPLWHúL
XQVXQHWGHDYHUWL]DUH
6ZLWFKRIIOLJKWV  5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLDX
'H]DFWLYDĆLOXPLњ
QLOH
$GDSWLYH0DLQEHDP $VLVWHQĠDSHQWUXID]ăOXQJăDGDSWLYăIXQFĠLRQHD]ăGHIHFWXRV
$VVLVWLQRSHUDWLYH  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$VLVWHQĆDSHQWUX
ID]ÆOXQJÆDGDSњ
WLYÆQHIXQFĆLRњ
QDOÆ

$GDSWLYH0DLQEHDP $VLVWHQĠăSHQWUXID]ăOXQJăDGDSWLYăHVWHGH]DFWLYDWăúLWHPSRUDU
$VVLVWFXUUHQWO\ QHIXQFĠLRQDOă&DX]HSRVLELOH
XQDYDLODEOH6HH =SDUEUL]XOHVWHPXUGDUvQFkPSXOGHYL]LELOLWDWHDOFDPHUHL
2ZQHU
V0DQXDO =YL]LELOLWDWHDHVWHDIHFWDWăGLQFDX]DSORLL]ăSH]LLVDXFHĠLLDEXQ
$VLVWHQĆDSHQWUX
GHQWH
ID]ÆOXQJÆDGDSњ
WLYÆPRPHQWDQ  &XUăĠDĠLSDUEUL]XO
LQGLVSRQLELOÆ 'DFăVLVWHPXOGHWHFWHD]ăFăHVWHGLQQRXIXQFĠLRQDOăFDPHUDVH
&RQVXOWDĆL0DQXDњ DILúHD]ăPHVDMXO$GDSWLYH0DLQEHDP$VVLVWDYDLODEOH
OXOGHXWLOL]DUH DJDLQ $VLVWHQĆDSHQWUXID]ÆOXQJÆDGDSWLYÆGLVSRQLњ
ELOÆGLQQRX 
$VLVWHQĠăSHQWUXID]ăOXQJăDGDSWLYăHVWHIXQFĠLRQDOăGLQQRX
0HVDMHGHSHGLVSOD\ 

0RWRU YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&RRODQW 1LYHOXOOLFKLGXOXLGHUăFLUHHVWHSUHDVFă]XW
ZDVKHUIOXLG  &RPSOHWDĠLFXOLFKLGGHUăFLUHUHVSHFWkQGWRWRGDWăQRWHOHGH
/LFKLGGHUÆFLUH DYHUWL]DUH 3DJLQD 
/LFKLGGHVSÆODUH  ÌQFD]XOvQFDUHHVWHQHFHVDUVăFRPSOHWDĠLFXOLFKLGGHUăFLUH
PDLIUHFYHQWGHFkWGHRELFHLVROLFLWDĠLYHULILFDUHDVLVWHPXOXLGH
OLFKLGGHUăFLUHDPRWRUXOXLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

¬ 0RWRUXOYHQWLODWRUXOXLHVWHGHIHFW
 'DFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXE‚SXWHĠL
FRQWLQXDVăFRQGXFHĠLSkQăODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDĠLVDUFLQLOHJUHOHDVXSUDPRWRUXOXLFkQGIDFHĠLDFHVWOXFUX
GHH[FRQGXFHĠLSHWHUHQPRQWDQúLvQWUDILFFXRSULULúLSRUQLUL
IUHFYHQWH

¬ /LFKLGXOGHUăFLUHVDvQFLQV
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
6WRSYHKLFOH6Z
HQJ2II 2SULĆL $9(57,60(17
DXWRYHKLFXOXO 1XFRQGXFHĠLQLFLRGDWăFXPRWRUXOVXSUDvQFăO]LW&RQGXFHUHDFX
2SULĆLPRWRUXO XQPRWRUVXSUDvQFăO]LWSRDWHGXFHODDSULQGHUHDXQRUOLFKLGHFHV
DXVFXUVvQFRPSDUWLPHQWXOPRWRUXOXL
$EXUXOGHODXQPRWRUVXSUDvQFăO]LWSRDWHSURYRFDDUVXULJUDYHFH
SRWVXUYHQLSULQVLPSODGHVFKLGHUHDFDSRWHL
([LVWăXQULVFGHDFFLGHQW
 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
úLWUDILFúLRSULĠLPRWRUXO
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 $úWHSWDĠLSkQăFHPRWRUXOVDUăFLW
 $VLJXUDĠLYăFăDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
HVWHEORFDWăGHH[GHODSRYLĠăvQJKHĠDWă
 1XUHSRUQLĠLPRWRUXOGHFkWGXSăFHPHVDMXOGHSHGLVSOD\GLV
SDUHLDUWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXE‚ÌQFD]
FRQWUDUPRWRUXODUSXWHDILGHWHULRUDW
 $FRUGDĠLDWHQĠLHDILúDMXOXLWHPSHUDWXULLOLFKLGXOXLGHUăFLUH
 'DFăWHPSHUDWXUDFUHúWHGLQQRXPHUJHĠLLPHGLDWODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW
ÌQFRQGLĠLLGHXWLOL]DUHQRUPDOăúLODQLYHOXOGHOLFKLGGHUăFLUHVSH
FLILFDWWHPSHUDWXUDOLFKLGXOXLGHUăFLUHSRDWHXUFDSkQăOD
‚


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

= %DWHULDQXHVWHvQFăUFDWă
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
&DX]HSRVLELOH
=DOWHUQDWRUGHIHFW
=FXUHDWUDSH]RLGDOăUXSWă
=RGHIHFĠLXQHODVLVWHPHOHHOHFWURQLFH

 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
úLWUDILFúLRSULĠLPRWRUXO
 'HVFKLGHĠLFDSRWD
 9HULILFDĠLGDFăHVWHUXSWăFXUHDXDWUDSH]RLGDOă

ÌQFD]XOvQFDUHFXUHDXDWUDSH]RLGDOăHVWHUXSWă
 1XFRQWLQXDĠLVăFRQGXFHĠLÌQFD]FRQWUDUPRWRUXOVHSRDWH
VXSUDvQFăO]L
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ÌQFD]XOvQFDUHFXUHDXDWUDSH]RLGDOăHVWHLQWDFWă
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

² 1LYHOXOXOHLXOXLGHPRWRUDVFă]XWODQLYHOXOPLQLP
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
&KHFNLQJWKH
 9HULILFDĠLQLYHOXOGHXOHLFHOPDLWkU]LXODXUPăWRDUHDDOLPHQWDUH
HQJLQHRLOOHYHO
9HULILFDUHDQLYHњ FXFDUEXUDQW 3DJLQD 
OXOXLXOHLXOXLGH  'DFăVLWXDĠLDRFHUHFRPSOHWDĠLFXXOHLGHPRWRU
PRWRU 3DJLQD 
 6ROLFLWDĠLYHULILFDUHDPRWRUXOXLODXQDWHOLHUGHVSHFLDOLWDWHDXWR
UL]DWvQFD]XOvQFDUHFRPSOHWăULOHFXXOHLGHPRWRUVXQWQHFHVDUH
PDLIUHFYHQWGHFkWGHRELFHL

¶ 1LYHOXOGHFDUEXUDQWDVFă]XWSkQăOD]RQDGHUH]HUYă
)XQFĠLRQDUHDvQFăO]LULLDX[LOLDUHHVWHGH]DFWLYDWăGDFăQLYHOXOGH
5HVHUYHIXHOOHYHO FDUEXUDQWLQWUăvQ]RQDGHUH]HUYă
1LYHOFDUEXUDQW
 $OLPHQWDĠLODFHDPDLDSURSLDWăEHQ]LQăULH
GHUH]HUYÆ

¨ (VWHIRDUWHSXĠLQFDUEXUDQWvQUH]HUYRUXOGHFDUEXUDQW
ÌQFăO]LUHDDX[LOLDUăQXSRDWHILDFĠLRQDWă
 $OLPHQWDĠLREOLJDWRULXODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH

ž $XWRYHKLFXOHFXPRWRUGLHVHOILOWUXOGHDHUDOPRWRUXOXLHVWHPXU
GDUúLWUHEXLHvQORFXLW
5HSODFHDLUFOHDњ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QHU ‘QORFXLĆLILOњ
WUXOGHDHU
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
: $XWRYHKLFXOHFXPRWRUGLHVHOH[LVWăDSăvQILOWUXOGHFDUEXUDQW
$SDWUHEXLHVăILHGUHQDWă
&OHDQWKHIXHOILOњ 
0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WHU &XUÆĆDĆLILOњ
WUXOGHFDUEXUDQW
7RSXS$G%OXH 1LYHOXO$G%OXHŠDVFă]XWVXELQWHUYDOXOGHUH]HUYă6HHPLWHúLXQ
:RUNVKRS 6ROLњ VXQHWGHDYHUWL]DUH
FLWDĆLFRPSOHWDUHD  6ROLFLWDĠLFRPSOHWDUHDFX$G%OXHŠFkWPDLFXUkQGSRVLELOODXQ
FX$G%OXH$WHOLHU DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GHVHUYLFH
7RSXS$G%OXH 1LYHOXO$G%OXHŠYăYDDMXQJHGRDUSHGLVWDQĠDLQGLFDWă6HHPLWH
1RVWDUWNP úLXQVXQHWGHDYHUWL]DUH
&RPSOHWDĆLFX  6ROLFLWDĠLFRPSOHWDUHDFX$G%OXHŠFkWPDLFXUkQGSRVLELOODXQ
$G%OXH3RUQLUH DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LPSRVLELOƱQ
NP
7RSXS$G%OXH 5H]HUYRUXO$G%OXHŠHVWHJRO6HHPLWHúLXQVXQHWGHDYHUWL]DUH
(QJLQHVWDUWQRW 1XPDLSXWHĠLSRUQLPRWRUXO
SRVV &RPSOHWDĆL  &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
FX$G%OXH3RUQLUH
PRWRULPSRV
&KHFN 9HULILFDĆL 6LVWHPXO$G%OXHŠHVWHGHIHFW6HHPLWHúLXQVXQHWGHDYHUWL]DUH
$G%OXH  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

$G%OXH1RVWDUW 6LVWHPXO$G%OXHŠHVWHGHIHFW6HHPLWHúLXQVXQHWGHDYHUWL]DUH
LQNP $G%OXH  0HUJHĠLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
3RUQLUHLPSRVLELOÆ
±QNP
$G%OXH 6LVWHPXO$G%OXHŠHVWHGHIHFW6HHPLWHúLXQVXQHWGHDYHUWL]DUH
(QJLQHVWDUWQRW 1XPDLSXWHĠLSRUQLPRWRUXO
SRVVLEOH 3RUQLUH  &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
PRWRULPSRVLELOÆ


 0HVDMHGHSHGLVSOD\

0RWRU YRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

½ 1LYHOXOOLFKLGXOXLGHUăFLUHHVWHSUHDVFă]XW

7RSXSFRRODQW  (YLWDĠLVăIDFHĠLFăOăWRULLOXQJLFXSUHDSXĠLQOLFKLGGHUăFLUHvQ
6HH2ZQHU
V0DQXDO VLVWHPXOGHUăFLUHDPRWRUXOXLÌQFD]FRQWUDUPRWRUXOYDILDYD
&RPSOHWDĆLFX ULDW
OLFKLGGHUÆFLUH  &RPSOHWDĠLFXOLFKLGGHUăFLUHUHVSHFWkQGWRWRGDWăQRWHOHGH
&RQVXOWDĆL0DQXDњ DYHUWL]DUH 3DJLQD 
OXOGHXWLOL]DUH  ÌQFD]XOvQFDUHHVWHQHFHVDUVăFRPSOHWDĠLFXOLFKLGGHUăFLUH
PDLIUHFYHQWGHFkWGHRELFHLVROLFLWDĠLYHULILFDUHDVLVWHPXOXLGH
OLFKLGGHUăFLUHDPRWRUXOXLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

¬ 0RWRUXOYHQWLODWRUXOXLHVWHGHIHFW
 'DFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXE‚SXWHĠL
FRQWLQXDVăFRQGXFHĠLSkQăODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDĠLVDUFLQLOHJUHOHDVXSUDPRWRUXOXLFkQGIDFHĠLDFHVWOXFUX
GHH[FRQGXFHĠLSHWHUHQPRQWDQúLvQWUDILFFXRSULULúLSRUQLUL
IUHFYHQWH
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
¬ /LFKLGXOGHUăFLUHVDvQFLQV
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
&RRODQW6WRSYHKLњ
FOH6ZLWFKHQJLQH $9(57,60(17
RII /LFKLGGH 1XFRQGXFHĠLQLFLRGDWăFXPRWRUXOVXSUDvQFăO]LW&RQGXFHUHDFX
UÆFLUH2SULĆLDXWRњ XQPRWRUVXSUDvQFăO]LWSRDWHGXFHODDSULQGHUHDXQRUOLFKLGHFHV
YHKLFXOXO2SULĆL DXVFXUVvQFRPSDUWLPHQWXOPRWRUXOXL
PRWRUXO
$EXUXOGHODXQPRWRUVXSUDvQFăO]LWSRDWHSURYRFDDUVXULJUDYHFH
SRWVXUYHQLSULQVLPSODGHVFKLGHUHDFDSRWHL
([LVWăXQULVFGHDFFLGHQW
 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
úLWUDILFúLRSULĠLPRWRUXO
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 $úWHSWDĠLSkQăFHPRWRUXOVDUăFLW
 $VLJXUDĠLYăFăDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
HVWHEORFDWăGHH[GHODSRYLĠăvQJKHĠDWă
 1XUHSRUQLĠLPRWRUXOGHFkWGXSăFHPHVDMXOGHSHGLVSOD\GLV
SDUHLDUWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXE‚ÌQFD]
FRQWUDUPRWRUXODUSXWHDILGHWHULRUDW
 $FRUGDĠLDWHQĠLHDILúDMXOXLWHPSHUDWXULLOLFKLGXOXLGHUăFLUH
 'DFăWHPSHUDWXUDFUHúWHGLQQRXPHUJHĠLLPHGLDWODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW
ÌQFRQGLĠLLGHXWLOL]DUHQRUPDOăúLODQLYHOXOGHOLFKLGGHUăFLUHVSH
FLILFDWWHPSHUDWXUDOLFKLGXOXLGHUăFLUHSRDWHXUFDSkQăOD
‚


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

= %DWHULDQXHVWHvQFăUFDWă
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
&DX]HSRVLELOH
=DOWHUQDWRUGHIHFW
=FXUHDWUDSH]RLGDOăUXSWă
=RGHIHFĠLXQHODVLVWHPHOHHOHFWURQLFH

 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
úLWUDILFúLRSULĠLPRWRUXO
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 'HVFKLGHĠLFDSRWD
 9HULILFDĠLGDFăHVWHUXSWăFXUHDXDWUDSH]RLGDOă

ÌQFD]XOvQFDUHFXUHDXDWUDSH]RLGDOăHVWHUXSWă
 1XFRQWLQXDĠLVăFRQGXFHĠLÌQFD]FRQWUDUPRWRUXOVHSRDWH
VXSUDvQFăO]L
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ÌQFD]XOvQFDUHFXUHDXDWUDSH]RLGDOăHVWHLQWDFWă
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

² 1LYHOXOXOHLXOXLGHPRWRUDVFă]XWODQLYHOXOPLQLP
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
&KHFNHQJRLO
 9HULILFDĠLQLYHOXOGHXOHLFHOPDLWkU]LXODXUPăWRDUHDDOLPHQWDUH
OHYZKHQQH[W
UHIXHOOLQJ 9HULњ FXFDUEXUDQW 3DJLQD 
ILFDĆLQLYXOHL  'DFăVLWXDĠLDRFHUHFRPSOHWDĠLFXXOHLGHPRWRU
PRWODXUPÆWRDUHD 3DJLQD 
DOLPHQWDUHFXFDUњ  6ROLFLWDĠLYHULILFDUHDPRWRUXOXLODXQDWHOLHUGHVSHFLDOLWDWHDXWR
EXUDQW UL]DWvQFD]XOvQFDUHFRPSOHWăULOHFXXOHLGHPRWRUVXQWQHFHVDUH
PDLIUHFYHQWGHFkWGHRELFHL
3XWHĠLREĠLQHLQIRUPDĠLLGHVSUHXOHLXULOHGHPRWRUDSUREDWHGHOD
RULFHDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWVDXGHSH,QWHUQHWODDGUHVD
KWWSEHYRPHUFHGHVEHQ]FRP

¶ 1LYHOXOGHFDUEXUDQWDVFă]XWSkQăOD]RQDGHUH]HUYă
)XQFĠLRQDUHDvQFăO]LULLDX[LOLDUHHVWHGH]DFWLYDWăGDFăQLYHOXOGH
5HVHUYHIXHOOHYHO FDUEXUDQWLQWUăvQ]RQDGHUH]HUYă
1LYHOFDUEXUDQW
 $OLPHQWDĠLODFHDPDLDSURSLDWăEHQ]LQăULH
GHUH]HUYÆ

¨ (VWHIRDUWHSXĠLQFDUEXUDQWvQUH]HUYRUXOGHFDUEXUDQW
ÌQFăO]LUHDDX[LOLDUăQXSRDWHILDFĠLRQDWă
 $OLPHQWDĠLREOLJDWRULXODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
ž $XWRYHKLFXOHFXPRWRUGLHVHOILOWUXOGHDHUDOPRWRUXOXLHVWHPXU
GDUúLWUHEXLHvQORFXLW
5HSODFHDLUFOHDњ  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QHU ‘QORFXLĆLILOњ
WUXOGHDHU

: $XWRYHKLFXOHFXPRWRUGLHVHOH[LVWăDSăvQILOWUXOGHFDUEXUDQW
$SDWUHEXLHVăILHGUHQDWă
&OHDQWKHIXHOILOњ 
0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WHU &XUÆĆDĆLILOњ
WUXOGHFDUEXUDQW

™ 1LYHOXO$G%OXHŠDVFă]XWVXELQWHUYDOXOGHUH]HUYă6HHPLWHúLXQ
VXQHWGHDYHUWL]DUH
5HILOO$G%OXHDW
ZRUNVKRS6HH
 6ROLFLWDĠLFRPSOHWDUHDFX$G%OXHŠFkWPDLFXUkQGSRVLELOODXQ
2ZQHU
V0DQXDO DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
6ROLFLWDĆLFRPњ
SOHWDUHDFX$G%OXH
ODXQDWHOLHUGH
VHUYLFH&RQVXOWDĆL
0DQXDOXOGHXWLOLњ
]DUH

™ 1LYHOXO$G%OXHŠYăYDDMXQJHGRDUSHGLVWDQĠDLQGLFDWă6HHPLWH
úLXQVXQHWGHDYHUWL]DUH
5HILOO$G%OXHDW
ZRUNVKRS1RVWDUW
 6ROLFLWDĠLFRPSOHWDUHDFX$G%OXHŠFkWPDLFXUkQGSRVLELOODXQ
LQNP 6ROLFLњ DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WDĆLFRPSOHWDUHD
FX$G%OXHODXQ
DWHOLHUGHVHUYLFH
3RUQLUHLPSRVLELOÆ
±QNP

™ 5H]HUYRUXO$G%OXHŠHVWHJRO6HHPLWHúLXQVXQHWGHDYHUWL]DUH
1XPDLSXWHĠLSRUQLPRWRUXO
5HILOO$G%OXHDW
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
ZRUNVKRS(QJ
VWDUWQRWSRVVLEOH
6ROLFLWDĆLFRPњ
SOHWDUHDFX$G%OXH
ODXQDWHOLHUGH
VHUYLFH3RUQLUH
PRWLPSRVLELOÆ


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

™ 6LVWHPXO$G%OXHŠHVWHGHIHFW6HHPLWHúLXQVXQHWGHDYHUWL]DUH
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&KHFN$G%OXH6HH
2ZQHU
V0DQXDO
9HULILFDĆL$G%OXH
&RQVXOWDĆL0DQXDњ
OXOGHXWLOL]DUH

™ 6LVWHPXO$G%OXHŠHVWHGHIHFW6HHPLWHúLXQVXQHWGHDYHUWL]DUH
 0HUJHĠLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
(QJVWDUWQRWSRVњ
VLEOHLQNP 3RUњ
QLUHPRWLPSRVLњ
ELOƱQNP

™ 6LVWHPXO$G%OXHŠHVWHGHIHFW6HHPLWHúLXQVXQHWGHDYHUWL]DUH
1XPDLSXWHĠLSRUQLPRWRUXO
(QJLQHVWDUWQRW
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
SRVVLEOH 3RUQLUH
PRWRULPSRVLELOÆ

6LVWHPHGHDVLVWDUHDFRQGXFHULL YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

Ù )XQFĠLD+2/'HVWHGH]DFWLYDWă$XWRYHKLFXOXOGHUDSHD]ă
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
2II 2SULW
 5HDFWLYDĠLIXQFĠLD+2/'PDLWkU]LX 3DJLQD 

)XQFĠLD+2/'HVWHGH]DFWLYDWă&kQGSHGDODGHIUkQăHVWHDSăVDWă
IHUPQXVDvQGHSOLQLWRFRQGLĠLHGHDFWLYDUH
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
 9HULILFDĠLFRQGLĠLLOHGHDFWLYDUHDIXQFĠLHL+2/' 3DJLQD 

&UXLVHFWUO/,0 63(('7521,&úLFRQWUROXOFURD]LHUHLIXQFĠLRQHD]ăGHIHFWXRV
&WUOFURD]LHUÆ 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
/,0  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
,QRSHUDWLYH
1HIXQFĆLRQDO
/LPLW /LPLWÆ &kQGDSăVDĠLSHGDODGHDFFHOHUDĠLHGLQFRORGHSXQFWXOGHSUHVLXQH
NPK UHWURJUDGDUHIRUĠDWă 63(('7521,&QXSRDWHILDFWLYDW
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
&UXLVHFRQWURO 1XVDvQGHSOLQLWRFRQGLĠLHGHDFWLYDUHDFRQWUROXOXLFURD]LHUHL
&RQWUROFURDњ $ĠLvQFHUFDWVăPHPRUDĠLRYLWH]ăVXENPKGHH[HPSOX
]LHUÆ  ÌQFD]XOvQFDUHFRQGLĠLLOHRSHUPLWFRQGXFHĠLFXRYLWH]ăGHSHVWH
²NPK NPKúLPHPRUDĠLYLWH]D
 9HULILFDĠLFRQGLĠLLOHGHDFWLYDUHSHQWUXFRQWUROXOFURD]LHUHL
3DJLQD 

NPK 1XPDLvQDQXPLWHĠăULYLWH]DPD[LPăDIRVWGHSăúLWă
NPK  &RQGXFHĠLPDLOHQW

6LVWHPHGHDVLVWDUHDFRQGXFHULL YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

­ 3HED]DDQXPLWRUFULWHULL$6,67(178/'(0(1ğ,1(5($7(1ğ,(D
GHWHFWDWRERVHDOăúLOLSVăGHFRQFHQWUDUHODúRIHU6HHPLWHúLXQ
$WWHQWLRQ$VVLVW VXQHWGHDYHUWL]DUH
7DNHDEUHDN  'DFăVLWXDĠLDRFHUHIDFHĠLRSDX]ă
$VLVWHQWGHPHQĆLњ
QHUHDWHQĆLH ÌQWLPSXOFăOăWRULLORUOXQJLIDFHĠLSDX]HUHJXODWHvQWLPSXWLOSHQWUX
)DFHĆLRSDX]Æ DYăRGLKQLVXILFLHQW

­ $6,67(178/'(0(1ğ,1(5($7(1ğ,(HVWHQHIXQFĠLRQDO
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$WWHQWLRQ$VVLVW
,QRSHUDWLYH $VLVњ
WHQWGHPHQĆLQHUH
DWHQĆLHQHIXQFĆLRњ
QDO

Æ '65 5HJODUHDYLWH]HLODFRERUkUHDvQSDQWă HVWHGH]DFWLYDWăGLQ


FDX]DXQHLGHIHFĠLXQL
LQRSHUDWLYH  6ROLFLWDĠLYHULILFDUHD'65ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QHIXQFĆLRQDO


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

6SHHG/LPLW$VVLVW $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGH]DFWLYDWăúLWHPSRUDU
FXUUHQWO\XQDYDLњ QHIXQFĠLRQDOă&DX]HSRVLELOH
ODEOH6HH2ZQHU
V =SDUEUL]XOHVWHPXUGDUvQFkPSXOGHYL]LELOLWDWHDOFDPHUHL
0DQXDO $VLVWDUH =YL]LELOLWDWHDHVWHDIHFWDWăGLQFDX]DSORLL]ăSH]LLVDXFHĠLLDEXQ
SHQWUXOLPLWDUHD
GHQWH
YLWH]HLPRPHQWDQ
LQGLVSRQLELOÆ&RQњ 'DFăPHVDMXOGHSHGLVSOD\QXGLVSDUH
VXOWDĆL0DQXDOXO  7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
GHXWLOL]DUH FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 &XUăĠDĠLSDUEUL]XO

'DFăVLVWHPXOGHWHFWHD]ăFăHVWHFRPSOHWIXQFĠLRQDOăFDPHUD
PHVDMXOGHSHGLVSOD\GLVSDUH
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHIXQFĠLRQDOăGLQQRX

6SHHG/LPLW $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLVSRQLELOăQXPDLvQDQX
$VVLVW8QDYDLODњ PLWHĠăUL
EOHLQWKLVFRXQњ  &RQWLQXDĠLVăFRQGXFHĠL
WU\ $VLVWDUHSHQњ $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLVSRQLELOăGLQQRXFkQG
WUXOLPLWDUHDYLWHњ FRQGXFHĠLvQWURĠDUăvQFDUHXWLOL]DUHDVDHVWHDSUREDWă
]HL,QGLVSRQLELOÆ
±QDFHDVWÆĆDUÆ

6SHHG/LPLW$VVLVW $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLIXQFĠLRQHD]ăGHIHFWXRV
$VLVWDUHSHQWUX  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OLPLWDUHDYLWH]HL
QHIXQFĆLRQDOÆ

Ù )XQFĠLD+2/'HVWHGH]DFWLYDWă$XWRYHKLFXOXOGHUDSHD]ă
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
2II 2SULW
 5HDFWLYDĠLIXQFĠLD+2/'PDLWkU]LX 3DJLQD 

)XQFĠLD+2/'HVWHGH]DFWLYDWă&kQGSHGDODGHIUkQăHVWHDSăVDWă
IHUPQXVDvQGHSOLQLWRFRQGLĠLHGHDFWLYDUH
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
 9HULILFDĠLFRQGLĠLLOHGHDFWLYDUHDIXQFĠLHL+2/' 3DJLQD 
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
5DGDUVHQVRUGHDFњ 6LVWHPXOGHVHQ]RULUDGDUHVWHGH]DFWLYDW
WLYDWHG6HH  9HULILFDĠLGDFăVLVWHPXOGHVHQ]RULUDGDUSRDWHVDXQXVăILH
2ZQHU
V0DQXDO DFWLYDW 3DJLQD 
6HQ]RUUDGDU  $FWLYDĠLVLVWHPXOGHVHQ]RULUDGDU 3DJLQD 
GH]DFWLYDW&RQVXOњ
WDĆL0DQXDOXOGH
XWLOL]DUH

5DGDUVHQVRUGHDFњ $XWRYHKLFXOHFXXQVLVWHPGHQDYLJDĠLHDXWRYHKLFXOXOHVWH
WLYDWHGDXWRP6HH DSURDSHGHRXQLWDWHUDGLRWHOHVFRSQHILLQGXLDVWIHOSHUPLVăWUDQV
2ZQHU
V0DQXDO PLWHUHDVHPQDOHORUUDGDU6LVWHPXOGHVHQ]RUUDGDUVDGH]DFWLYDW
6HQ]RUUDGDU DXWRPDW 3DJLQD 
GH]DFWLYDWDXWRP 'DFă',67521,&3/86DIRVWDFWLYDWQXPDLHVWHGLVSRQLELO6H
&RQVXOWDĆL0DQXDњ HPLWHúLXQVXQHWGHDYHUWL]DUH
OXOGHXWLOL]DUH 'DFăDIRVWDFWLYDWă$VLVWHQĠDODXQJKLXOPRUWVDX$VLVWHQĠDDFWLYă
ODXQJKLXOPRUWQXPDLHVWHGLVSRQLELOă/ăPSLOHLQGLFDWRDUH
cJDOEHQHVHDSULQGGHDVHPHQHDvQRJOLQ]LOHH[WHULRDUH
%$63/86 6LVWHPGHDVLVWDUHODIUkQDUH3/86 úLIUkQD
35(6$)(ŠVXQWDSRLGHDVHPHQHDLQGLVSRQLELOH
 &RQWLQXDĠLVăFRQGXFHĠL
2GDWăFHYDĠLvQGHSăUWDWVXILFLHQWGHUDGLRWHOHVFRSIXQFĠLLOHGH
PDLVXVVXQWGLVSRQLELOHGLQQRX

$XWRYHKLFXOHFX%HFNHUŠ0$33,/27GDFă%HFNHUŠ0$33,/27
QXHVWHFRQHFWDWVLVWHPXOGHVHQ]RULUDGDUHVWHGH]DFWLYDWDXWR
PDW
%$63/86',67521,&3/86$VLVWHQĠDODXQJKLXOPRUWVDX$VLV
WHQĠDDFWLYăODXQJKLXOPRUWúLIUkQD35(6$)(Š%UDNHVXQWLQGLV
SRQLELOH
 &RQHFWDĠL%HFNHUŠ0$33,/27FRQVXOWDĠLLQVWUXFĠLXQLOHGHXWL
OL]DUHVHSDUDWH


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

/DQH.HHSLQJ $VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUVVDX$VLVWHQĠDDFWLYă
$VVLVWFXUUHQWO\ SHQWUXPHQĠLQHUHDEHQ]LLGHPHUVHVWHGH]DFWLYDWăúLWHPSRUDU
XQDYDLODEOH6HH QHIXQFĠLRQDOă&DX]HSRVLELOH
2ZQHU
V0DQXDO =SDUEUL]XOHVWHPXUGDUvQFkPSXOGHYL]LELOLWDWHDOFDPHUHL
$VLVWHQĆDSHQWUX =YL]LELOLWDWHDHVWHDIHFWDWăGLQFDX]DSORLL]ăSH]LLVDXFHĠLLDEXQ
PHQĆLQHUHDEHQ]LL
GHQWH
GHPHUVPRPHQWDQ
=QXH[LVWăPDUFDMHGHEDQGăSHGLVWDQĠHPDLPDUL
LQGLVSRQLELOÆ&RQњ
VXOWDĆL0DQXDOXO =PDUFDMHOHGHEDQGăVXQWX]DWHvQWXQHFDWHVDXDFRSHULWHGHH[
GHXWLOL]DUH ‫ڋ‬VDX‫ڋ‬ FXQRURLVDX]ăSDGă
$FWLYH/DQH.HHњ 2GDWăFHFDX]HOHPHQĠLRQDWHPDLVXVQXVHPDLDSOLFăPHVDMXO
SLQJ$VVLVWFXUњ GHSHGLVSOD\GLVSDUH
UHQWO\XQDYDLODEOH $VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUVVDX$VLVWHQĠDDFWLYă
6HH2ZQHU
V0DQXDO SHQWUXPHQĠLQHUHDEHQ]LLGHPHUVHVWHIXQFĠLRQDOăGLQQRX
$VLVWHQĆDDFWLYÆ
'DFăPHVDMXOGHSHGLVSOD\QXGLVSDUH
SHQWUXPHQĆLQHUHD
EHQ]LLGHPHUV  7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
PRPHQWDQLQGLVSRњ FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF
QLELOÆ&RQVXOWDĆL  $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
0DQXDOXOGHXWLOLњ 3DJLQD 
]DUH  &XUăĠDĠLSDUEUL]XO

/DQH.HHSLQJ $VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUVVDX$VLVWHQĠDDFWLYă
$VVLVWLQRSHUDWLYH SHQWUXPHQĠLQHUHDEHQ]LLGHPHUVIXQFĠLRQHD]ăGHIHFWXRV
$VLVWHQĆDSHQWUX  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
PHQĆLQHUHDEHQ]LL
GHPHUVQHIXQFĆLRњ
QDOÆ ‫ڋ‬VDX‫ڋ‬$FWLYH
/DQH.HHSLQJ
$VVLVWLQRSHUDWLYH
$VLVWHQĆDDFWLYÆ
SHQWUXPHQĆLQHUHD
EHQ]LLGHPHUV
QHIXQFĆLRQDOÆ

%OLQG6SRW$VVLVW $VLVWHQĠDODXQJKLXOPRUWVDX$VLVWHQĠDDFWLYăODXQJKLXOPRUWHVWH
FXUUHQWO\XQDYDLњ WHPSRUDUQHIXQFĠLRQDOă
ODEOH6HH2ZQHU
V $ĠLVWDELOLWFRQH[LXQHDHOHFWULFăGLQWUHUHPRUFăúLDXWRYHKLFXOXO
0DQXDO $VLVWHQĆD GXPQHDYRDVWUă
ODXQJKLXOPRUW  $SăVDĠLvGHSHYRODQXOPXOWLIXQFĠLRQDOSHQWUXDFRQILUPD
PRPHQWDQLQGLVSRњ
PHVDMXOGHSHDILúDM
QLELOÆ&RQVXOWDĆL
0DQXDOXOGHXWLOLњ $VLVWHQĠDODXQJKLXOPRUWVDXDVLVWHQĠDDFWLYăODXQJKLXOPRUWHVWH
]DUH ‫ڋ‬VDX‫ڋ‬$FWLYH GH]DFWLYDWăvQWLPSFHWUDFWDĠLRUHPRUFă
%OLQG6SRW$VVLVW
FXUUHQWO\XQDYDLњ
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
ODEOH6HH2ZQHU
V $VLVWHQĠDODXQJKLXOPRUWVDX$VLVWHQĠDDFWLYăODXQJKLXOPRUWHVWH
0DQXDO $VLVWHQĆD WHPSRUDUQHIXQFĠLRQDOă&DX]HSRVLELOH
DFWLYÆODXQJKLXO
=VHQ]RULLVXQWPXUGDUL
PRUWPRPHQWDQ
LQGLVSRQLELOÆ&RQњ =IXQFĠLRQDUHDHVWHGLPLQXDWăGHSORDLDVDX]ăSDGDDEXQGHQWă
VXOWDĆL0DQXDOXO =VLVWHPXOGHVHQ]RULUDGDUQXVHDIOăvQLQWHUYDOXOGHWHPSHUDWXUă
GHXWLOL]DUH GHIXQFĠLRQDUH
=VLVWHPXOGHVHQ]RULUDGDUHVWHWHPSRUDUQHIXQFĠLRQDOGHH[GLQ
FDX]DUDGLDĠLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDĠLLHOHFWURPDJQH
WLFH
/ăPSLOHLQGLFDWRDUHcJDOEHQHVHDSULQGGHDVHPHQHDvQRJOLQ
]LOHH[WHULRDUH
2GDWăFHFDX]HOHPHQĠLRQDWHPDLVXVQXVHPDLDSOLFăPHVDMXO
GHSHGLVSOD\GLVSDUH
$VLVWHQĠDODXQJKLXOPRUWVDX$VLVWHQĠDDFWLYăODXQJKLXOPRUWHVWH
IXQFĠLRQDOăGLQQRX
'DFăPHVDMXOGHSHGLVSOD\QXGLVSDUH
 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 &XUăĠDĠLVHQ]RULL 3DJLQD 
 5HSRUQLĠLPRWRUXO

%OLQG6SRW$VVLVW $VLVWHQĠDODXQJKLXOPRUWVDX$VLVWHQĠDDFWLYăODXQJKLXOPRUW
LQRSHUDWLYH $VLVњ IXQFĠLRQHD]ăGHIHFWXRV
WHQĆDODXQJKLXO /ăPSLOHLQGLFDWRDUHcJDOEHQHVHDSULQGGHDVHPHQHDvQRJOLQ
PRUWQHIXQFĆLRњ ]LOHH[WHULRDUH
QDOÆ ‫ڋ‬VDX‫ڋ‬$FWLYH
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
%OLQG6SRW$VVLVW
LQRSHUDWLYH $VLVњ
WHQĆDDFWLYÆOD
XQJKLXOPRUW
QHIXQFĆLRQDOÆ

3DUN$VVLVWFDQFHOњ 3RUWLHUDúRIHUXOXLHVWHGHVFKLVăúLFHQWXUDGHVLJXUDQĠăDúRIHUXOXL
OHG $VLVWHQĆÆOD QXDIRVWFXSODWă
SDUFDUHDQXODWÆ  5HSHWDĠLSURFHVXOGHSDUFDUHFXFHQWXUDGHVLJXUDQĠăFXSODWăúL
SRUWLHUDúRIHUXOXLvQFKLVă


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

$ĠLDWLQVDFFLGHQWDOYRODQXOPXOWLIXQFĠLRQDOvQWLPSFHLQWHUYHQĠLD
DVXSUDGLUHFĠLHLHUDDFWLYă
 ÌQWLPSFHLQWHUYHQĠLDDVXSUDGLUHFĠLHLHVWHDFWLYăDVLJXUDĠLYă
FăQXDWLQJHĠLYRODQXOPXOWLIXQFĠLRQDO

$XWRYHKLFXOXODvQFHSXWVăGHUDSH]HúL(63ŠDLQWHUYHQLW
 8WLOL]DĠL$VLVWHQĠDDFWLYăODSDUFDUHGLQQRXPDLWkU]LX
3DJLQD 

3DUN$VVLVWLQRSHњ 7RFPDLDĠLHIHFWXDWXQQXPăUPDUHGHPDQHYUHGHYLUDUHVDXSDU
UDWLYH $VLVWHQĆÆ FDUH
ODSDUFDUHQHIXQFњ $VLVWHQĠDDFWLYăODSDUFDUHYDGHYHQLGLVSRQLELOăGLQQRXGXSă
ĆLRQDOÆ DSUR[LPDWLY]HFHPLQXWH 3DJLQD 
 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF
 2SULĠLúLUHSRUQLĠLPRWRUXO

'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3$5.7521,&HVWHGHIHFW
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3DUNLQJ*XLGDQFH $XWRYHKLFXOXOHVWHSDUFDW6HHPLWHúLXQVXQHWGHDYHUWL]DUH
VZLWFKHGRII $VLVњ 0HVDMXOGHSHGLVSOD\GLVSDUHDXWRPDW
WDUHDSDUFÆULL
GH]DFWLYDWÆ

',67521,&3/86RII ',67521,&3/86DIRVWGH]DFWLYDW 3DJLQD 'DFăDIRVW


',67521,&3/86 GH]DFWLYDWDXWRPDWVHHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
RSULW

',67521,&3/86 ',67521,&3/86HVWHIXQFĠLRQDOGLQQRXGXSăFHDIRVWWHPSRUDU
DYDLODEOHDJDLQ LQGLVSRQLELO$FXPSXWHĠLUHDFWLYD',67521,&3/86
',67521,&3/86 3DJLQD 
GLVSRQLELOGLQQRX
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
',67521,&3/86FXUњ ',67521,&3/86HVWHPRPHQWDQQHIXQFĠLRQDO&DX]HSRVLELOH
UHQWO\XQDYDLODEOH =IXQFĠLRQDUHDHVWHGLPLQXDWăGHSORDLDVDX]ăSDGDDEXQGHQWă
6HH2ZQHU
V0DQXDO =
VHQ]RULLGLQRUQDPHQWXOUDGLDWRUXOXLúLGLQEDUHOHGHSURWHFĠLH
',67521,&3/86
VXQWPXUGDUL
PRPHQWDQLQGLVSRњ
=VLVWHPXOGHVHQ]RULUDGDUHVWHWHPSRUDUQHIXQFĠLRQDOGHH[GLQ
QLELO&RQVXOWDĆL
0DQXDOXOGHXWLOLњ FDX]DUDGLDĠLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
]DUH UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDĠLLHOHFWURPDJQH
WLFH
=VLVWHPXOQXVHDIOăvQLQWHUYDOXOGHWHPSHUDWXUăGHIXQFĠLRQDUH
=WHQVLXQHDGHODERUGHVWHSUHDVFă]XWă

6HHPLWHúLXQVXQHWGHDYHUWL]DUH
2GDWăFHFDX]HOHPHQĠLRQDWHPDLVXVQXVHPDLDSOLFăPHVDMXO
GHSHGLVSOD\GLVSDUH
',67521,&HVWHGLQQRXIXQFĠLRQDO
'DFăPHVDMXOGHSHGLVSOD\QXGLVSDUH
 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 &XUăĠDĠLVHQ]RULLGLQPDVFDUDGLDWRUXOXLúLGLQEDUDGHSURWHFĠLH
3DJLQD 
 5HSRUQLĠLPRWRUXO

',67521,&3/86LQRњ ',67521,&3/86IXQFĠLRQHD]ăGHIHFWXRV(VWHSRVLELOFDúL%$6
SHUDWLYH ',6752њ 3/86úLIUkQD35(6$)(ŠVăVHILGHIHFWDW
1,&3/86QHIXQFĆLRњ 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
QDO
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

',67521,&3/86 $ĠLDSăVDWSHGDODGHDFFHOHUDĠLH',67521,&3/86QXPDLFRQ
LQDFWLYH ',6752њ WUROHD]ăYLWH]DDXWRYHKLFXOXOXL
1,&3/86LQDFWLY  5LGLFDĠLSLFLRUXOGHSHSHGDODGHDFFHOHUDĠLH

',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  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
63(('7521,&


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

&UXLVHFRQWURODQG 63(('7521,&úLFRQWUROXOFURD]LHUHLIXQFĠLRQHD]ăGHIHFWXRV
63(('7521,&LQRSHњ 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
UDWLYH &RQWUROXO 
0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
FURD]LHUHLĂL
63(('7521,&
QHIXQFĆLRQDO

/LPLW /LPLWÆ &kQGDSăVDĠLSHGDODGHDFFHOHUDĠLHGLQFRORGHSXQFWXOGHSUHVLXQH


NPK UHWURJUDGDUHIRUĠDWă 63(('7521,&QXSRDWHILDFWLYDW

&UXLVHFRQWURO 1XVDvQGHSOLQLWRFRQGLĠLHGHDFWLYDUHDFRQWUROXOXLFURD]LHUHL
&RQWUROFURDњ $ĠLvQFHUFDWVăPHPRUDĠLRYLWH]ăVXENPKGHH[HPSOX
]LHUÆ  ÌQFD]XOvQFDUHFRQGLĠLLOHRSHUPLWFRQGXFHĠLFXRYLWH]ăGHSHVWH
NPK NPKúLPHPRUDĠLYLWH]D
 9HULILFDĠLFRQGLĠLLOHGHDFWLYDUHSHQWUXFRQWUROXOFURD]LHUHL
3DJLQD 

NPK 1XPDLvQDQXPLWHĠăULYLWH]DPD[LPăDIRVWGHSăúLWă
0D[LPXPVSHHG ÌQSOXVDILúDMXOPXOWLIXQFĠLRQDOLQGLFăNPK
H[FHHGHG 9LWH]D  &RQGXFHĠLPDLOHQW
PD[LPÆGHSÆĂLWÆ
0HVDMHGHSHGLVSOD\ 

3QHXUL YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&KHFN 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULD
W\UHV 9HULILFDĆL GHWHFWDWRSLHUGHUHVHPQLILFDWLYăGHSUHVLXQH
SQHXULOH 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
$9(57,60(17
'DFăSUHVLXQHDvQSQHXULHVWHSUHDPLFăH[LVWăXUPăWRDUHOHULV
FXUL
=SQHXULOHDUSXWHDVăH[SORGH]HPDLDOHVFkQGVDUFLQDúLYLWH]D
DXWRYHKLFXOXOXLFUHVF
=SQHXULOHDUSXWHDVăVHX]H]HH[FHVLYúLVDXQHXQLIRUPFHHD
FHDUSXWHDDIHFWDFRQVLGHUDELOWUDFĠLXQHDSQHXOXL
=FDUDFWHULVWLFLOHGHFRQGXFHUHSUHFXPúLGLUHFĠLDúLIUkQDUHDDU
SXWHDILFRQVLGHUDELODIHFWDWH
([LVWăXQULVFGHDFFLGHQW
 2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
HIHFWXDĠLRSULUHD
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 9HULILFDĠLSQHXULOHúLGDFăHVWHQHFHVDUXUPDĠLLQVWUXFĠLXQLOH
SULYLQGSDQDGHSQHX 3DJLQD 
 9HULILFDĠLSUHVLXQHDvQSQHXULúLGDFăVLWXDĠLDRFHUHFRUHFWDĠL
SUHVLXQHDvQSQHXUL
 5HSRUQLĠLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXULFkQGSUHVLXQHDvQSQHXULHVWHFRUHFWă 3DJLQD 

&KHFNW\UHV 9HULњ 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDJHQH


ILFDĆLSQHXULOH UDWXQPHVDMSHGLVSOD\úLQXDPDLIRVWUHSRUQLWGHDWXQFL
5HVWDUWV\VWHP  5HJODĠLWRDWHFHOHSDWUXSQHXULODSUHVLXQHDFRUHFWă
5HSRUQLĆLVLVWHњ  5HSRUQLĠLVLVWHPXOGHDYHUWLVPHQWSULYLQGSLHUGHUHDSUHVLXQLLvQ
PXO SQHXUL 3DJLQD 

5XQ)ODW,QGLFDWRU 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULIXQF
LQRSHUDWLYH ,QGLњ ĠLRQHD]ăGHIHFWXRV
FDWRUGHUXODUHFX  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
SDQÆQHIXQFĆLRQDO


 0HVDMHGHSHGLVSOD\

3QHXUL YRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
7\UHSUHVVXUH 3UHњ 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULD
VLXQH±QSQHXUL GHWHFWDWRSLHUGHUHVHPQLILFDWLYăGHSUHVLXQH
&KHFNW\UHV 9HULњ 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
ILFDĆLSQHXULOH
$9(57,60(17
'DFăSUHVLXQHDvQSQHXULHVWHSUHDPLFăH[LVWăXUPăWRDUHOHULV
FXUL
=SQHXULOHDUSXWHDVăH[SORGH]HPDLDOHVFkQGVDUFLQDúLYLWH]D
DXWRYHKLFXOXOXLFUHVF
=SQHXULOHDUSXWHDVăVHX]H]HH[FHVLYúLVDXQHXQLIRUPFHHD
FHDUSXWHDDIHFWDFRQVLGHUDELOWUDFĠLXQHDSQHXOXL
=FDUDFWHULVWLFLOHGHFRQGXFHUHSUHFXPúLGLUHFĠLDúLIUkQDUHDDU
SXWHDILFRQVLGHUDELODIHFWDWH
([LVWăXQULVFGHDFFLGHQW
 2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
HIHFWXDĠLRSULUHD
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 9HULILFDĠLSQHXULOHúLGDFăHVWHQHFHVDUXUPDĠLLQVWUXFĠLXQLOH
SULYLQGSDQDGHSQHX 3DJLQD 
 9HULILFDĠLSUHVLXQHDvQSQHXULúLGDFăVLWXDĠLDRFHUHFRUHFWDĠL
SUHVLXQHDvQSQHXUL
 5HSRUQLĠLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXULFkQGSUHVLXQHDvQSQHXULHVWHFRUHFWă 3DJLQD 

5XQ)ODW,QGLFDWRU 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDJHQH
,QGLFDWRUGH UDWXQPHVDMSHGLVSOD\úLQXDPDLIRVWUHSRUQLWGHDWXQFL
UXODUHFXSDQÆ  5HJODĠLWRDWHFHOHSDWUXSQHXULODSUHVLXQHDFRUHFWă
WKHQUHVWDUW5XQ  5HSRUQLĠLVLVWHPXOGHDYHUWLVPHQWSULYLQGSLHUGHUHDSUHVLXQLLvQ
)ODW,QGLFDWRU SQHXUL 3DJLQD 
DSRLUHSRUQLĆL
LQGLFDWRUXOGH
UXODUH±QFD]GH
SDQÆ
5XQ)ODW,QGLFDWRU 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULIXQF
LQRSHUDWLYH ,QGLњ ĠLRQHD]ăGHIHFWXRV
FDWRUGHUXODUHFX  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
SDQÆQHIXQFĆLRQDO
0HVDMHGHSHGLVSOD\ 

$XWRYHKLFXO YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
7RVWDUWHQJLQH $ĠLvQFHUFDWVăSRUQLĠLPRWRUXOFXWUDQVPLVLDvQSR]LĠLD5VDX'
3HQWUXDSRUQL  &XSODĠLWUDQVPLVLDvQSR]LĠLD3VDX1
PRWRUXO
VKLIWWR3RU1
FXSODĆL±Q3VDX
1
3 $ĠLRSULWPRWRUXOFXEXWRQXO6WDUW6WRSúLDĠLGHVFKLVSRUWLHUD
6HOHFW3DUN 3  úRIHUXOXL
6HOHFWDĆL3DUN $ĠLGRULWVăvQFXLDĠLDXWRYHKLFXOXO
3 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
VDX
$ĠLRSULWPRWRUXOFXEXWRQXO6WDUW6WRSúLDĠLGHVFKLVSRUWLHUD
úRIHUXOXLFXWUDQVPLVLDvQSR]LĠLD1
 &XSODĠLWUDQVPLVLDvQSR]LĠLD3

e +D\RQXOHVWHGHVFKLV
$9(57,60(17
&kQGPRWRUXOHVWHvQIXQFĠLXQHJD]HOHGHHúDSDPHQWSRWLQWUDvQ
LQWHULRUXODXWRYHKLFXOXOXLGDFăKD\RQXOHVWHGHVFKLV
([LVWăXQULVFGHLQWR[LFDUH
 ÌQFKLGHĠLKD\RQXO

f $XWRYHKLFXOHOHFXVLVWHPGHDODUPăDQWLIXUWFDSRWDHVWHGHVFKLVă
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
$9(57,60(17
ÌQDFHVWFD]FDSRWDGHVFKLVăYăSRDWHvPSLHGLFDYL]LELOLWDWHDFkQG
DXWRYHKLFXOXOHVWHvQPLúFDUH
([LVWăXQULVFGHDFFLGHQW
 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 ÌQFKLGHĠLFDSRWD

Q &HOSXĠLQRSRUWLHUăHVWHGHVFKLVă6HHPLWHúLXQVXQHWGHDYHU
WL]DUH
 ÌQFKLGHĠLWRDWHSRUWLHUHOH


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

3ZUVWHHULQJ 6HUњ 'LUHFĠLDDVLVWDWăIXQFĠLRQHD]ăGHIHFWXRV


YRGLUHFĆLH 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
0DOIXQFWLRQ
'HIHFĆLXQH
$9(57,60(17
9DWUHEXLVăXWLOL]DĠLPDLPXOWăIRUĠăSHQWUXDGLULMDDXWRYHKLFXOXO
([LVWăXQULVFGHDFFLGHQW
 9HULILFDĠLGDFăSXWHĠLH[HUFLWDIRUĠDVXSOLPHQWDUăQHFHVDUă
 'DFăSXWHĠLGLULMDDXWRYHKLFXOXOvQVLJXUDQĠăFRQGXFHĠLFX
DWHQĠLHSkQăODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 'DFăQXSXWHĠLGLULMDDXWRYHKLFXOXOvQVLJXUDQĠăQXFRQWL
QXDĠLVăFRQGXFHĠL/XDĠLOHJăWXUDFXFHOPDLDSURSLDWDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW

7RSXS 1LYHOXOOLFKLGXOXLGHVSăODUHGLQUH]HUYRUXOSHQWUXOLFKLGGHVSăODUH
ZDVKHUIOXLG &RPњ DVFă]XWVXEPLQLP
SOHWDĆLFXOLFKLG  &RPSOHWDĠLFXOLFKLGGHVSăODUH 3DJLQD 
GHVSÆODUH

$XWRYHKLFXO YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
7RVWDUWHQJLQH $ĠLvQFHUFDWVăSRUQLĠLPRWRUXOFXWUDQVPLVLDvQSR]LĠLD5VDX'
3HQWUXDSRUQL  &XSODĠLWUDQVPLVLDvQSR]LĠLD3VDX1
PRWRUXO
VKLIWWRHLWKHU3
RU1 FXSODĆLILH
SH3ILHSH1
3 $ĠLRSULWPRWRUXOFXEXWRQXO6WDUW6WRSúLDĠLGHVFKLVSRUWLHUD
6HOHFW3DUN 3  úRIHUXOXL
6HOHFWDĆL3DUN $ĠLGRULWVăvQFXLDĠLDXWRYHKLFXOXO
3 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
VDX
$ĠLRSULWPRWRUXOFXEXWRQXO6WDUW6WRSúLDĠLGHVFKLVSRUWLHUD
úRIHUXOXLFXWUDQVPLVLDvQSR]LĠLD1
 &XSODĠLWUDQVPLVLDvQSR]LĠLD3
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
e +D\RQXOHVWHGHVFKLV
$9(57,60(17
&kQGPRWRUXOHVWHvQIXQFĠLXQHJD]HOHGHHúDSDPHQWSRWLQWUDvQ
LQWHULRUXODXWRYHKLFXOXOXLGDFăKD\RQXOHVWHGHVFKLV
([LVWăXQULVFGHLQWR[LFDUH
 ÌQFKLGHĠLKD\RQXO

f $XWRYHKLFXOHOHFXVLVWHPGHDODUPăDQWLIXUWFDSRWDHVWHGHVFKLVă
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
$9(57,60(17
ÌQDFHVWFD]FDSRWDGHVFKLVăYăSRDWHvPSLHGLFDYL]LELOLWDWHDFkQG
DXWRYHKLFXOXOHVWHvQPLúFDUH
([LVWăXQULVFGHDFFLGHQW
 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 ÌQFKLGHĠLFDSRWD

Q &HOSXĠLQRSRUWLHUăHVWHGHVFKLVă6HHPLWHúLXQVXQHWGHDYHU
WL]DUH
 ÌQFKLGHĠLWRDWHSRUWLHUHOH

; 7HQVLXQHDGHODERUGHVWHSUHDVFă]XWăÌQFăO]LUHDDX[LOLDUăVD
GH]DFWLYDWVDXQXSRDWHILDFWLYDWă 3DJLQD 
LQRSHUDWLYH%DWњ  &RQGXFHĠLSHRGLVWDQĠăPDLPDUH
WHU\ZHDN QHIXQFњ
%DWHULDHVWHvQFXUVGHvQFăUFDUHÌQFăO]LUHDDX[LOLDUăUHGHYLQH
ĆLRQDO%DWHULH
IXQFĠLRQDOăLPHGLDWFHWHQVLXQHDVLVWHPXOXLHOHFWULFGHODERUG
VODEÆ
HVWHVXILFLHQWă

; (VWHSUHDSXĠLQFDUEXUDQWvQUH]HUYRUXOGHFDUEXUDQWÌQFăO]LUHD
DX[LOLDUăQXSRDWHILDFWLYDWă 3DJLQD 
LQRSHUDWLYH5HIXHO 
$OLPHQWDĠLODFHDPDLDSURSLDWăEHQ]LQăULH
YHKLFOH QHIXQFњ
ĆLRQDO$OLPHQWDĆL
DXWRYHKLFXOXO


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

; ÌQFăO]LUHDDX[LOLDUăSUH]LQWăRGHIHFĠLXQHWHPSRUDUăVDXIXQFĠLR
QHD]ăGHIHFWXRV
LQRSHUDWLYH6HH  &kQGDXWRYHKLFXOXOVHDIOăSHRVXSUDIDĠăSODQăúLPRWRUXOVD
2ZQHU
V0DQ
UăFLWHIHFWXDĠLSkQăODSDWUXvQFHUFăULGHDDFWLYDvQFăO]LUHD
QHIXQFĆLRQDO&RQњ
DX[LOLDUăDúWHSWkQGFkWHYDPLQXWHvQWUHILHFDUHvQFHUFDUH
VXOWDĆL0DQGH
3DJLQD 
XWLOL]DUH
 'DFăvQFăO]LUHDDX[LOLDUăQXVHDFWLYHD]ăFRQVXOWDĠLXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW

Ì 'LUHFĠLDDVLVWDWăIXQFĠLRQHD]ăGHIHFWXRV
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
3RZHUVWHHULQJPDOњ
IXQFWLRQ6HH $9(57,60(17
2ZQHU
V0DQXDO 9DWUHEXLVăXWLOL]DĠLPDLPXOWăIRUĠăSHQWUXDGLULMDDXWRYHKLFXOXO
'HIHFĆLXQHODVHUњ
([LVWăXQULVFGHDFFLGHQW
YRGLUHFĆLH&RQVXOњ
WDĆL0DQXDOXOGH  9HULILFDĠLGDFăSXWHĠLH[HUFLWDIRUĠDVXSOLPHQWDUăQHFHVDUă

XWLOL]DUH  'DFăSXWHĠLGLULMDDXWRYHKLFXOXOvQVLJXUDQĠăFRQGXFHĠLFX
DWHQĠLHSkQăODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 'DFăQXSXWHĠLGLULMDDXWRYHKLFXOXOvQVLJXUDQĠăQXFRQWL
QXDĠLVăFRQGXFHĠL/XDĠLOHJăWXUDFXFHOPDLDSURSLDWDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW

7HOHSKRQH1RVHUњ $XWRYHKLFXOXOGXPQHDYRDVWUăQXVHDIOăUD]DGHDFRSHULUHDUHOHX
YLFH )ÆUÆVHUYLњ OXLGHWUDQVPLVLHUHFHSĠLHDIXUQL]RUXOXLGXPQHDYRDVWUăGHVHUYLFLL
FLXGHWHOHIRQLH GHWHOHIRQLHPRELOă
 $úWHSWDĠLFDVLPEROXOGHGLVSRQLELOLWDWHIXQFĠLRQDOăDWHOHIRQXOXL
PRELOVăDSDUăSHDILúDMXOPXOWLIXQFĠLRQDO

² 1LYHOXOOLFKLGXOXLGHVSăODUHGLQUH]HUYRUXOSHQWUXOLFKLGGHVSăODUH
DVFă]XWVXEPLQLP
7RSXSZDVKHU  &RPSOHWDĠLFXOLFKLGGHVSăODUH 3DJLQD 
IOXLG &RPSOHWDĆL
FXOLFKLGGH
VSÆODUH
0HVDMHGHSHGLVSOD\ 

&KHLH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
.H\GRHVQRW $ĠLLQWURGXVFKHLDLQFRUHFWăvQFRPXWDWRUXOGHSRUQLUH
EHORQJWRYHKLFOH  8WLOL]DĠLFKHLDFRUHFWă
&KHLDQXDSDUĆLQH
DXWRYHKLFXOXOXL

9 &KHLDWUHEXLHvQORFXLWă
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
<RXQHHGDQHZNH\
9ÆWUHEXLHRQRXÆ
FKHLH

9 %DWHULLOHFKHLL.(</(66*2VXQWGHVFăUFDWH
 6FKLPEDĠLEDWHULLOH 3DJLQD 
&KDQJHEDWWHU\
6FKLPEDĆLEDWHњ
ULD
.H\QRWGHWHFWHG &KHLD.(</(66*2QXVHDIOăvQDXWRYHKLFXO
&KHLHQHGHWHFњ 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
WDWÆ 'DFăPRWRUXOHVWHRSULWQXPDLSXWHĠLEORFDDXWRYHKLFXOXOFHQ
0HVDMGHSHGLVSOD\ WUDOL]DWVDXSRUQLPRWRUXO
URúX  7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 5HSHUDĠLFKHLD.(</(66*2

&KHLD.(</(66*2QXHVWHGHWHFWDWăFkQGPRWRUXOIXQFĠLRQHD]ă
GHRDUHFHH[LVWăLQWHUIHUHQĠHGHODRVXUVăSXWHUQLFăGHXQGHUDGLR
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 $FĠLRQDĠLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHSRUQLUHGDFă
VLWXDĠLDRFHUH


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

.H\QRWGHWHFWHG &KHLD.(</(66*2QXSRDWHILGHWHFWDWăPRPHQWDQ
&KHLHQHGHWHFњ  6FKLPEDĠLORFXOFKHLLFXIXQFĠLLOH.(</(66*2GLQDXWRYHKLFXO
WDWÆ
'DFăFKHLD.(</(66*2QXHVWHvQFRQWLQXDUHGHWHFWDWă
0HVDMGHSHGLVSOD\
DOE  6FKLPEDĠLORFXOFKHLLFXIXQFĠLLOH.(</(66*2GLQDXWRYHKLFXO
 $FĠLRQDĠLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHSRUQLUHGDFă
VLWXDĠLDRFHUH

9 &KHLD.(</(66*2DIRVWGHWHFWDWăvQLQWHULRUXODXWRYHKLFXOXOXLvQ
WLPSXOEORFăULL
.H\VWLOOLQYHKLњ  6FRDWHĠLFKHLD.(</(66*2GLQDXWRYHKLFXO
FOH &KHLDVHDIOÆ
±QFƱQDXWRYHKLњ
FXO

9 .(</(66*2IXQFĠLRQHD]ăWHPSRUDUGHIHFWXRVVDXHVWHGHIHFW
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
,QVHUWNH\ ,QWURњ  ,QWURGXFHĠLFKHLDvQFRPXWDWRUXOGHSRUQLUHúLURWLĠLRvQSR]LĠLD
GXFHĆLFKHLD
GRULWă
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

&ORVHGRRUV ‘QFKLњ &HOSXĠLQRSRUWLHUăHVWHGHVFKLVă6HHPLWHúLXQVXQHWGHDYHU


GHĆLSRUWLHUHOH WL]DUH
WRORFNYHK SHQњ  ÌQFKLGHĠLWRDWHSRUWLHUHOHúLvQFXLDĠLDXWRYHKLFXOXOGLQQRX
WUXDEORFDDXWRњ
YHK

&KHLH YRODQPXOWLIXQFĠLRQDOFXEXWRDQH

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

¯ $ĠLLQWURGXVFKHLDQHSRWULYLWăvQFRPXWDWRUXOGHFRQWDFW
 8WLOL]DĠLFKHLDFRUHFWă
.H\GRHVQRW
EHORQJWRYHKLFOH
&KHLDQXDSDUĆLQH
DXWRYHKLFXOXOXL

¯ &KHLDWUHEXLHvQORFXLWă
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
5HSODFHNH\ ‘QORњ
FXLĆLFKHLD
0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
¯ %DWHULLOHFKHLL.(</(66*2VXQWGHVFăUFDWH
 6FKLPEDĠLEDWHULLOH 3DJLQD 
&KDQJHNH\EDWWHњ
ULHV 6FKLPEDĆL
EDWHULLOHFKHLL

¯ &KHLD.(</(66*2QXVHDIOăvQDXWRYHKLFXO
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
.H\QRWGHWHFWHG
&KHLHQHGHWHFњ 'DFăPRWRUXOHVWHRSULWQXPDLSXWHĠLEORFDDXWRYHKLFXOXOFHQ
WDWÆ ‫ ڋ‬PHVDMGHSH WUDOL]DWVDXSRUQLPRWRUXO
GLVSOD\URúX  7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD
3DJLQD 
 5HSHUDĠLFKHLD.(</(66*2

&KHLD.(</(66*2QXHVWHGHWHFWDWăFkQGPRWRUXOIXQFĠLRQHD]ă
GHRDUHFHH[LVWăLQWHUIHUHQĠHGHODRVXUVăSXWHUQLFăGHXQGHUDGLR
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 $FĠLRQDĠLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFWGDFă
VLWXDĠLDRFHUH

¯ &KHLD.(</(66*2QXSRDWHILGHWHFWDWăPRPHQWDQ
 6FKLPEDĠLORFXOFKHLLFXIXQFĠLLOH.(</(66*2GLQDXWRYHKLFXO
.H\QRWGHWHFWHG
&KHLHQHGHWHFњ 'DFăFKHLD.(</(66*2QXHVWHvQFRQWLQXDUHGHWHFWDWă
WDWÆ ‫ ڋ‬PHVDMGHSH  $FĠLRQDĠLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFWGDFă
GLVSOD\DOE VLWXDĠLDRFHUH

¯ &KHLD.(</(66*2DIRVWGHWHFWDWăvQLQWHULRUXODXWRYHKLFXOXOXLvQ
WLPSXOEORFăULL
.H\VWLOOLQYHKLњ  6FRDWHĠLFKHLD.(</(66*2GLQDXWRYHKLFXO
FOH &KHLDVHDIOÆ
±QFƱQDXWRYHKLњ
FXO


 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQWDEORXOGHERUG

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

¯ &KHLD.(</(66*2QXHVWHGHWHFWDWăFRQWLQXX
.(</(66*2IXQFĠLRQHD]ăWHPSRUDUGHIHFWXRVVDXHVWHGHIHFW
5HPRYHVWDUWLQJ 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
EXWWRQWKHQ
 ,QWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQWDFWúLURWLĠLRvQSR]LĠLD
LQVHUWNH\ 6FRDњ
WHĆLEXWRQXOGH GRULWă
SRUQLUHDSRL  0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LQWURGXFHĆLFKHLD

¯ &HOSXĠLQRSRUWLHUăHVWHGHVFKLVă6HHPLWHúLXQVXQHWGHDYHU
WL]DUH
&ORVHGRRUVWR  ÌQFKLGHĠLWRDWHSRUWLHUHOHúLvQFXLDĠLDXWRYHKLFXOXOGLQQRX
ORFNYHKLFOH
‘QFKLGHĆLSRUWLHњ
UHOHSHQWUXD
±QFXLDDXWRYHKLFXњ
OXO

/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQWDEORXOGHERUG
&HQWXULGHVLJXUDQĠă

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
é /DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJXUDQĠăOHDPLQWHúWH
1XPDLvQDQXPLWHĠăUL úRIHUXOXLúLSDVDJHUXOXLGLQIDĠăVăvúLSULQGăFHQWXULOHGHVLJXUDQĠă
ODPSDGHDYHUWL]DUH  6WUkQJHĠLYăFHQWXUDGXPQHDYRDVWUăGHVLJXUDQĠă
URúLHSULYLQGFHQWXUDGH 3DJLQD 
VLJXUDQĠăVHDSULQGH
WLPSGHúDVHVHFXQGH
GXSăSRUQLUHDPRWRUX
OXL
é &HQWXUDGHVLJXUDQĠăDúRIHUXOXLQXHVWHFXSODWă
1XPDLvQDQXPLWHĠăUL  6WUkQJHĠLYăFHQWXUDGXPQHDYRDVWUăGHVLJXUDQĠă
ODPSDGHDYHUWL]DUH 3DJLQD 
URúLHSULYLQGFHQWXUDGH 6XQHWXOGHDYHUWL]DUHVHvQWUHUXSH
VLJXUDQĠăVHDSULQGH
GXSăSRUQLUHDPRWRUX
OXLÌQSOXVVHHPLWHXQ
VXQHWGHDYHUWL]DUH
WLPSGHSkQăOD
úDVHVHFXQGH
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQWDEORXOGHERUG 

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
é ùRIHUXOVDXSDVDJHUXOQXúLDFXSODWFHQWXUDGHVLJXUDQĠă
/DPSDGHDYHUWL]DUH  6WUkQJHĠLYăFHQWXUDGXPQHDYRDVWUăGHVLJXUDQĠă
URúLHSULYLQGFHQWXUDGH 3DJLQD 
VLJXUDQĠăVHDSULQGH /DPSDGHDYHUWL]DUHVHVWLQJH
GXSăSRUQLUHDPRWRUX
OXLLPHGLDWFHSRUWLHUD 6HDIOăRELHFWHSHVFDXQXOSDVDJHUXOXLGLQIDĠă
úRIHUXOXLVDXDSDVDJH  6FRDWHĠLRELHFWHOHGHSHVFDXQXOSDVDJHUXOXLGLQIDĠăúLGHSR
UXOXLGLQIDĠăHVWH ]LWDĠLOHODORFVLJXU
vQFKLVă /DPSDGHDYHUWL]DUHVHVWLQJH
é ùRIHUXOVDXSDVDJHUXOQXúLDFXSODWFHQWXUDGHVLJXUDQĠăÌQDFH
/DPSDGHDYHUWL]DUH ODúLWLPSPDúLQDUXOHD]ăFXSHVWHNPKVDXDUXODWSHQWUXVFXUW
URúLHSULYLQGFHQWXUDGH WLPSFXSHVWHNPK
VLJXUDQĠăFOLSHúWHúLVH  6WUkQJHĠLYăFHQWXUDGXPQHDYRDVWUăGHVLJXUDQĠă
HPLWHXQDYHUWLVPHQW 3DJLQD 
DXGLELOLQWHUPLWHQW /DPSDGHDYHUWL]DUHVHVWLQJHúLVXQHWXOLQWHUPLWHQWGHDYHUWL
]DUHVHvQWUHUXSH

6HDIOăRELHFWHSHVFDXQXOSDVDJHUXOXLGLQIDĠăÌQDFHODúLWLPS
PDúLQDUXOHD]ăFXSHVWHNPKVDXDUXODWSHQWUXVFXUWWLPSFX
SHVWHNPK
 6FRDWHĠLRELHFWHOHGHSHVFDXQXOSDVDJHUXOXLGLQIDĠăúLGHSR
]LWDĠLOHODORFVLJXU
/DPSDGHDYHUWL]DUHVHVWLQJHúLVXQHWXOLQWHUPLWHQWGHDYHUWL
]DUHVHvQWUHUXSH


 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQWDEORXOGHERUG

6LVWHPHOHGHVLJXUDQĠă
&DOFXODWRUGHERUGúLGLVSOD\XUL

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
M 5H]HUYRUXOSHQWUXOLFKLGGHIUkQăFRQĠLQHLQVXILFLHQWOLFKLGGH
/DPSDGHDYHUWL]DUH IUkQă
URúLHDVLVWHPXOXLGH $9(57,60(17
IUkQDUHVHDSULQGHvQ
WLPSFHPRWRUXOHVWHvQ (ILFLHQĠDIUkQăULLDUSXWHDILDIHFWDWă
IXQFĠLXQH6HHPLWHúL ([LVWăXQULVFGHDFFLGHQW
XQVXQHWGHDYHUWL]DUH  7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOvQVLJXUDQĠăFkWPDL
FXUkQGSRVLELOĠLQkQGFRQWGHFRQGLĠLLOHGHGUXPúLGHWUDILF1X
FRQWLQXDĠLVXEQLFLRIRUPăVăFRQGXFHĠL
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 1XFRPSOHWDĠLFXOLFKLGGHIUkQă3ULQFRPSOHWDUHQXVHYDUHPH
GLDGHIHFWXO
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
% $%6 VLVWHPDQWLEORFDUHODIUkQDUH VDGH]DFWLYDWGLQFDX]DXQXL
/DPSDGHDYHUWL]DUH GHIHFW'LQDFHVWPRWLY%$6 6LVWHPGHDVLVWDUHODIUkQDUH %$6
JDOEHQă$%6HVWH 3/86(63Š 3URJUDPGHVWDELOLWDWHHOHFWURQLFă 35(6$)(Š
DSULQVăFkWPRWRUXO IUkQD35(6$)(ŠIXQFĠLD+2/'DVLVWHQĠDODSRUQLUHDvQSDQWă
IXQFĠLRQHD]ă OăPSLOHGHIUkQDUHDGDSWLYăúLVWDELOL]DUHDUHPRUFLLFX(63ŠVXQW
GHDVHPHQHDGH]DFWLYDWHGHH[HPSOX
$6,67(178/'(0(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
$9(57,60(17
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
&DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHúLGHIUkQDUHDUSXWHDILJUDY
DIHFWDWH'LVWDQĠDGHIUkQDUHvQWURVLWXDĠLHGHIUkQDUHGHXUJHQĠă
DUSXWHDFUHúWH
'DFă(63ŠQXHVWHIXQFĠLRQDO(63ŠQXSRDWHVWDELOL]DDXWRYHKL
FXOXO
3HULFROXOGHGHUDSDUHúLDFFLGHQWFUHúWH
 ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 &RQGXFHĠLFXDWHQĠLH
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQWDEORXOGHERUG 

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
'DFăXQLWDWHDGHFRPDQGă$%6HVWHGHIHFWăHVWHSRVLELOFDQLFL
DOWHVLVWHPHFXPDUILVLVWHPXOGHQDYLJDĠLHVDXWUDQVPLVLDDXWR
PDWăVăQXILHGLVSRQLELOH
% $%6HVWHWHPSRUDULQGLVSRQLELO3ULQXUPDUH%$6%$63/86
/DPSDGHDYHUWL]DUH (63Š(%' GLVWULEXĠLHHOHFWURQLFăDIRUĠHLGHIUkQDUH 
JDOEHQă$%6HVWH 35(6$)(ŠIUkQD35(6$)(ŠIXQFĠLD+2/'DVLVWHQĠDODSRUQLUHD
DSULQVăFkWPRWRUXO vQSDQWăOăPSLOHGHIUkQDUHDGDSWLYăúLVWDELOL]DUHDUHPRUFLLFX
IXQFĠLRQHD]ă (63ŠGHH[HPSOXVXQWGHDVHPHQHDGH]DFWLYDWH
&DX]HSRVLELOH
=DXWRGLDJQRVWLFDUHDQXHVWHvQFăILQDOL]DWă
=WHQVLXQHDGHODERUGDUSXWHDILLQVXILFLHQWă

$6,67(178/'(0(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
$9(57,60(17
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHGLQIDĠăúLVSDWHVH
SRWEORFDGDFăIUkQDĠLWDUHGHH[HPSOX
&DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHúLGHIUkQDUHDUSXWHDILJUDY
DIHFWDWH'LVWDQĠDGHIUkQDUHvQWURVLWXDĠLHGHIUkQDUHGHXUJHQĠă
DUSXWHDFUHúWH
'DFă(63ŠQXHVWHIXQFĠLRQDO(63ŠQXSRDWHVWDELOL]DDXWRYHKL
FXOXO
([LVWăXQULVFGHDFFLGHQW
 &RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHGHGUXPDGHFYDWăDFĠLRQkQG
GLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
)XQFĠLLOHPHQĠLRQDWHPDLVXVVXQWGLVSRQLELOHGLQQRXFkQG
ODPSDGHDYHUWL]DUHVHVWLQJH
'DFăODPSDGHDYHUWL]DUHUăPkQHDSULQVă
 ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 &RQGXFHĠLFXDWHQĠLH
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQWDEORXOGHERUG

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

% (%'HVWHLQGLVSRQLELOGLQFDX]DXQHLGHIHFĠLXQL3ULQXUPDUH$%6
/DPSDGHDYHUWL]DUH %$6%$63/86(63Š35(6$)(ŠIUkQD35(6$)(ŠIXQFĠLD
JDOEHQă$%6HVWH +2/'DVLVWHQĠDODSRUQLUHDvQSDQWăOăPSLOHGHIUkQDUHDGDSWLYă
DSULQVăFkWPRWRUXO úLVWDELOL]DUHDUHPRUFLLFX(63ŠGHH[HPSOXVXQWGHDVHPHQHD
IXQFĠLRQHD]ă6HHPLWH LQGLVSRQLELOH
úLXQVXQHWGHDYHUWL $6,67(178/'(0(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
]DUH
$9(57,60(17
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHGLQIDĠăúLVSDWHVH
SRWEORFDGDFăIUkQDĠLWDUHGHH[HPSOX
&DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHúLGHIUkQDUHDUSXWHDILJUDY
DIHFWDWH'LVWDQĠDGHIUkQDUHvQWURVLWXDĠLHGHIUkQDUHGHXUJHQĠă
DUSXWHDFUHúWH
'DFă(63ŠQXHVWHIXQFĠLRQDO(63ŠQXSRDWHVWDELOL]DDXWRYHKL
FXOXO
3HULFROXOGHGHUDSDUHúLDFFLGHQWFUHúWH
 ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 &RQGXFHĠLFXDWHQĠLH
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQWDEORXOGHERUG 

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
Må»% $%6úL(63ŠVXQWLQGLVSRQLELOHGLQFDX]DXQHLGHIHFĠLXQL3ULQ
/DPSDGHDYHUWL]DUH XUPDUH%$6%$63/86(%'35(6$)(ŠIUkQD35(6$)(ŠIXQF
URúLHSHQWUXIUkQă ĠLD+2/'DVLVWHQĠDODSRUQLUHDvQSDQWăOăPSLOHGHIUkQDUHDGDS
OăPSLOHGHDYHUWL]DUH WLYăúLVWDELOL]DUHDUHPRUFLLFX(63ŠGHH[HPSOXVXQWGHDVHPH
JDOEHQH(63ŠúL(63Š QHDLQGLVSRQLELOH
2))úLODPSDGHDYHUWL $6,67(178/'(0(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
]DUHJDOEHQă$%6VXQW
DSULQVHvQWLPSFH $9(57,60(17
PRWRUXOHVWHvQIXQF 6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
ĠLXQH IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHGLQIDĠăúLVSDWHVH
SRWEORFDGDFăIUkQDĠLWDUHGHH[HPSOX
&DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHúLGHIUkQDUHDUSXWHDILJUDY
DIHFWDWH'LVWDQĠDGHIUkQDUHvQWURVLWXDĠLHGHIUkQDUHGHXUJHQĠă
DUSXWHDFUHúWH
'DFă(63ŠQXHVWHIXQFĠLRQDO(63ŠQXSRDWHVWDELOL]DDXWRYHKL
FXOXO
3HULFROXOGHGHUDSDUHúLDFFLGHQWFUHúWH
 ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 &RQGXFHĠLFXDWHQĠLH
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

åº (63ŠVDXFRQWUROXOWUDFĠLXQLLDLQWHUYHQLWGHRDUHFHH[LVWăULVFXOGH
/DPSDGHDYHUWL]DUH GHUDSDUHVDXGHRDUHFHFHOSXĠLQRURDWăDvQFHSXWVăSDWLQH]H
JDOEHQă(63ŠFOLSHúWH &RQWUROXOFURD]LHUHLVDX',67521,&3/86HVWHGH]DFWLYDW
vQWLPSFHDXWRYHKLFXOXO  $SăVDĠLSHGDODGHDFFHOHUDĠLHQXPDLDWkWFkWHVWHQHFHVDUFkQG
HVWHvQPLúFDUH SRUQLĠLGHSHORF
 $FFHOHUDĠLPDLXúRUFkQGDXWRYHKLFXOXOHVWHvQPLúFDUH
 $GDSWDĠLYăVWLOXOGHFRQGXFHUHvQIXQFĠLHGHFRQGLĠLLOHGHGUXP
úLPHWHR
 1XGH]DFWLYDĠL(63Š

([FHSĠLL 3DJLQD


 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQWDEORXOGHERUG

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

» (63ŠHVWHGH]DFWLYDW
/DPSDGHDYHUWL]DUH
$9(57,60(17
JDOEHQă(63Š2))VH
Š Š
DSULQGHFkWWLPSPRWR 'DFă(63 HVWHRSULW(63 QXSRDWHVWDELOL]DDXWRYHKLFXOXO
UXOHVWHvQIXQFĠLXQH 3HULFROXOGHGHUDSDUHúLDFFLGHQWFUHúWH
 5HDFWLYDĠL(63Š
([FHSĠLL 3DJLQD
 $GDSWDĠLYăVWLOXOGHFRQGXFHUHvQIXQFĠLHGHFRQGLĠLLOHGHGUXP
úLPHWHR
'DFă(63ŠQXSRDWHILDFWLYDW
 &RQGXFHĠLFXDWHQĠLH
 6ROLFLWDĠLYHULILFDUHD(63ŠODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

庻 (63Š%$6%$63/8635(6$)(ŠIUkQD35(6$)(ŠIXQFĠLD
/ăPSLOHGHDYHUWL]DUH +2/'DVLVWHQĠDODSRUQLUHDvQSDQWăOăPSLOHGHIUkQDUHDGDSWLYă
JDOEHQH(63ŠúL(63Š úLVWDELOL]DUHDUHPRUFLLFX(63ŠVXQWLQGLVSRQLELOHGLQFDX]DXQHL
2))VXQWDSULQVHvQ GHIHFĠLXQL
WLPSFHPRWRUXOHVWHvQ $6,67(178/'(0(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
IXQFĠLXQH
$9(57,60(17
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRU
$VWIHOGLVWDQĠDGHIUkQDUHvQWURVLWXDĠLHGHIUkQDUHGHXUJHQĠăDU
SXWHDFUHúWH
'DFă(63ŠQXHVWHIXQFĠLRQDO(63ŠQXSRDWHVWDELOL]DDXWRYHKL
FXOXO
3HULFROXOGHGHUDSDUHúLDFFLGHQWFUHúWH
 ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 &RQGXFHĠLFXDWHQĠLH
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQWDEORXOGHERUG 

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
å» (63Š%$635(6$)(ŠIXQFĠLD+2/'DVLVWHQĠDODSRUQLUHDvQ
/ăPSLOHGHDYHUWL]DUH SDQWăúLVWDELOL]DUHDUHPRUFLLFX(63ŠVXQWWHPSRUDULQGLVSRQLELOH
JDOEHQH(63ŠúL(63Š (VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
2))VXQWDSULQVHvQ 35(6$)(ŠVăVHILGHIHFWDW
WLPSFHPRWRUXOHVWHvQ $6,67(178/'(0(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
IXQFĠLXQH
$XWRGLDJQRVWLFDUHDQXHVWHvQFăILQDOL]DWă
$9(57,60(17
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRU
$VWIHOGLVWDQĠDGHIUkQDUHvQWURVLWXDĠLHGHIUkQDUHGHXUJHQĠăDU
SXWHDFUHúWH
'DFă(63ŠQXHVWHIXQFĠLRQDO(63ŠQXSRDWHVWDELOL]DDXWRYHKL
FXOXO
3HULFROXOGHGHUDSDUHúLDFFLGHQWFUHúWH
 &RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHGHGUXPDGHFYDWăDFĠLRQkQG
GLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
)XQFĠLLOHPHQĠLRQDWHPDLVXVVXQWGLVSRQLELOHGLQQRXFkQG
ODPSDGHDYHUWL]DUHVHVWLQJH
'DFăODPSDGHDYHUWL]DUHUăPkQHDSULQVă
 ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 &RQGXFHĠLFXDWHQĠLH
 0HUJHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

u ([LVWăRGHIHFĠLXQHOD656 6LVWHPXO6XSOLPHQWDUGH5HWHQĠLH 
/DPSDGHDYHUWL]DUH $9(57,60(17
URúLH656VHDSULQGH
FkQGPRWRUXOHVWHvQ $LUEDJXULOHVDXvQWLQ]ăWRDUHOHFHQWXULORUSRWILHVăVHGHFODQúH]H
IXQFĠLXQH LQYROXQWDUILHvQFD]GHDFFLGHQWVăQXVHGHFODQúH]H
$FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
 &RQGXFHĠLFXDWHQĠLH
 6ROLFLWDĠLLPHGLDWYHULILFDUHD656ODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG6LVWHPXO6XSOLPHQWDUGH
5HWHQĠLHFRQVXOWDĠL 3DJLQD 


 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQWDEORXOGHERUG

0RWRU
&DOFXODWRUGHERUGúLGLVSOD\XUL

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
¹ (VWHSRVLELOVăH[LVWHRGHIHFĠLXQHGHH[HPSOX
/DPSDJDOEHQăGHDYHU =ODPDQDJHPHQWXOPRWRUXOXL
WL]DUHSULYLQGGLDJQRVWL =vQVLVWHPXOGHLQMHFĠLHDFDUEXUDQWXOXL
FDUHDPRWRUXOXLVH =vQVLVWHPXOGHHYDFXDUH
DSULQGHFkWPRWRUXO
=vQVLVWHPXOGHDSULQGHUH SHQWUXDXWRYHKLFXOHOHFXPRWRDUHSH
IXQFĠLRQHD]ă
EHQ]LQă
=vQVLVWHPXOGHDOLPHQWDUHFXFDUEXUDQW

9DORULOHOLPLWăGHHPLVLLSRWILGHSăúLWHLDUPRWRUXOSRDWHvQFHSH
VăIXQFĠLRQH]HvQPRGXOGHXUJHQĠă
 6ROLFLWDĠLYHULILFDUHDDXWRYHKLFXOXOXLFkWPDLFXUkQGSRVLELOODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

$XWRYHKLFXOHFXPRWRUGLHVHOUH]HUYRUXOGHFDUEXUDQWVDJROLW
3DJLQD 
 3RUQLĠLPRWRUXOGHWUHLSkQăODSDWUXRULGXSăDOLPHQWDUHDFX
FDUEXUDQW
'DFăODPSDGHDYHUWL]DUHJDOEHQăSULYLQGGLDJQRVWLFDUHDPRWR
UXOXLVHVWLQJHPRGXOGHIXQFĠLRQDUHGHXUJHQĠăHVWHDQXODW
$XWRYHKLFXOXOQXQHFHVLWăYHULILFDUH
¶ 1LYHOXOGHFDUEXUDQWDVFă]XWSkQăOD]RQDGHUH]HUYă
/DPSDGHDYHUWL]DUH )XQFĠLRQDUHDvQFăO]LULLDX[LOLDUHHVWHGH]DFWLYDWăGDFăQLYHOXOGH
JDOEHQăSULYLQGFDUEX FDUEXUDQWLQWUăvQ]RQDGHUH]HUYă
UDQWXOGHUH]HUYăVH  $OLPHQWDĠLODFHDPDLDSURSLDWăEHQ]LQăULH
DSULQGHFkWPRWRUXO
HVWHvQIXQFĠLXQH
¬ 6HQ]RUXOGHWHPSHUDWXUăSHQWUXLQGLFDWRUXOGHWHPSHUDWXUăD
/DPSDGHDYHUWL]DUH OLFKLGXOXLGHUăFLUHIXQFĠLRQHD]ăGHIHFWXRV
URúLHSULYLQGOLFKLGXOGH 7HPSHUDWXUDOLFKLGXOXLGHUăFLUHQXPDLHVWHPRQLWRUL]DWă([LVWă
UăFLUHVHDSULQGHFkW ULVFXOGHWHULRUăULLPRWRUXOXLGDFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUH
PRWRUXOIXQFĠLRQHD]ăúL HVWHSUHDULGLFDWă
LQGLFDWRUXOGHWHPSHUD  2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
WXUăDOLFKLGXOXLGH úLWUDILFúLRSULĠLPRWRUXO1XFRQWLQXDĠLVXEQLFLRIRUPăVăFRQ
UăFLUHVHDIOăODvQFHSX GXFHĠL
WXOVFDOHL  $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQWDEORXOGHERUG 

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
¬ 1LYHOXOOLFKLGXOXLGHUăFLUHHVWHSUHDVFă]XW
/DPSDGHDYHUWL]DUH 'DFăQLYHOXOOLFKLGXOXLGHUăFLUHHVWHFHOFRUHFWFXUHQWXOGHDHUOD
URúLHSULYLQGOLFKLGXOGH UDGLDWRUXOPRWRUXOXLSRDWHILEORFDWVDXYHQWLODWRUXOHOHFWULFDO
UăFLUHVHDSULQGHFkW UDGLDWRUXOXLPRWRUXOXLSRDWHVăIXQFĠLRQH]HGHIHFWXRV
PRWRUXOIXQFĠLRQHD]ă /LFKLGXOGHUăFLUHHVWHSUHDILHUELQWHLDUPRWRUXOQXPDLHVWHUăFLW
VXILFLHQW
 ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
úLWUDILFúLRSULĠLPRWRUXO
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 $úWHSWDĠLSkQăFHPRWRUXOVDUăFLW
 $VLJXUDĠLYăFăDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
HVWHEORFDWăGHH[GHODSRYLĠăvQJKHĠDWă
 9HULILFDĠLQLYHOXOOLFKLGXOXLGHUăFLUHúLFRPSOHWDĠLFXOLFKLGGH
UăFLUH 3DJLQD 5HVSHFWDĠLQRWHOHGHDYHUWLVPHQWDWXQFL
FkQGIDFHĠLDFHVWOXFUX
 'DFăWUHEXLHVăFRPSOHWDĠLIUHFYHQWFXOLFKLGGHUăFLUHVROLFLWDĠL
YHULILFDUHDVLVWHPXOXLGHUăFLUHDPRWRUXOXL
 'DFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXE‚SXWHĠL
FRQWLQXDVăFRQGXFHĠLSkQăODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDĠLVDUFLQLOHJUHOHDVXSUDPRWRUXOXLFkQGIDFHĠLDFHVWOXFUX
GHH[FRQGXFHĠLSHWHUHQPRQWDQúLvQWUDILFFXRSULULúLSRUQLUL
IUHFYHQWH
¬ 7HPSHUDWXUDOLFKLGXOXLGHUăFLUHDGHSăúLW‚&XUHQWXOGHDHU
/DPSDGHDYHUWL]DUH ODUDGLDWRUXOPRWRUXOXLSRDWHILEORFDWVDXQLYHOXOOLFKLGXOXLGH
URúLHSULYLQGOLFKLGXOGH UăFLUHSRDWHILSUHDVFă]XW
UăFLUHVHDSULQGHFkW $9(57,60(17
PRWRUXOIXQFĠLRQHD]ă
6HHPLWHúLXQVXQHWGH 0RWRUXOQXHVWHUăFLWVXILFLHQWúLSRDWHVXIHULGHWHULRUăUL
DYHUWL]DUH 1XFRQGXFHĠLQLFLRGDWăFXPRWRUXOVXSUDvQFăO]LW&RQGXFHUHDFX
XQPRWRUVXSUDvQFăO]LWSRDWHGXFHODDSULQGHUHDXQRUOLFKLGHFHV
DXVFXUVvQFRPSDUWLPHQWXOPRWRUXOXL
$EXUXOGHODXQPRWRUVXSUDvQFăO]LWSRDWHSURYRFDDUVXULJUDYHFH
SRWVXUYHQLSULQVLPSODGHVFKLGHUHDFDSRWHL
([LVWăXQULVFGHDFFLGHQW
 ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
úLWUDILFúLRSULĠLPRWRUXO


 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQWDEORXOGHERUG

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
3DJLQD 
 $úWHSWDĠLSkQăFHPRWRUXOVDUăFLW
 $VLJXUDĠLYăFăDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
HVWHEORFDWăGHH[GHODSRYLĠăvQJKHĠDWă
 9HULILFDĠLQLYHOXOOLFKLGXOXLGHUăFLUHúLFRPSOHWDĠLFXOLFKLGGH
UăFLUH 3DJLQD 5HVSHFWDĠLQRWHOHGHDYHUWLVPHQWDWXQFL
FkQGIDFHĠLDFHVWOXFUX
 'DFăWUHEXLHVăFRPSOHWDĠLIUHFYHQWFXOLFKLGGHUăFLUHVROLFLWDĠL
YHULILFDUHDVLVWHPXOXLGHUăFLUHDPRWRUXOXL
 'DFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXE‚SXWHĠL
FRQWLQXDVăFRQGXFHĠLSkQăODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDĠLVDUFLQLOHJUHOHDVXSUDPRWRUXOXLFkQGIDFHĠLDFHVWOXFUX
GHH[FRQGXFHĠLSHWHUHQPRQWDQúLvQWUDILFFXRSULULúLSRUQLUL
IUHFYHQWH

6LVWHPHGHDVLVWDUHDFRQGXFHULL

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
º $9(57,60(17
/DPSDURúLHGHDYHUWL 'LVWDQĠDSkQăODDXWRYHKLFXOXOGLQIDĠăHVWHSUHDPLFăSHQWUX
]DUHSULYLQGGLVWDQĠDVH YLWH]DVHOHFWDWă
DSULQGHFkWYHKLFXOXO
([LVWăXQULVFGHDFFLGHQW
HVWHvQPLúFDUH
 &UHúWHĠLGLVWDQĠD

º $9(57,60(17
/DPSDURúLHGHDYHUWL 9ăDSURSLDĠLFXRYLWH]ăSUHDPDUHGHXQDXWRYHKLFXOVDXGHXQ
]DUHSULYLQGGLVWDQĠDVH REVWDFROVWDĠLRQDWSHEDQGDGXPQHDYRDVWUăGHUXODUH
DSULQGHFkWYHKLFXOXO
([LVWăXQULVFGHDFFLGHQW
HVWHvQPLúFDUH6H
HPLWHúLXQVXQHWGH  )LĠLJDWDVăIUkQDĠLLPHGLDW
DYHUWL]DUH  $FRUGDĠLRDWHQĠLHDSDUWHVLWXDĠLHLGLQWUDILF(VWHSRVLELOVăWUH
EXLDVFăVăIUkQDĠLVDXVăHIHFWXDĠLPDQHYUHGHHYLWDUH
,QIRUPDĠLLVXSOLPHQWDUHGHVSUH',67521,&3/86 3DJLQD
úLIUkQD35(6$)(Š 3DJLQD 


,QIRUPDĠLLXWLOH 
,QGLFDĠLLSULYLQGvQFăUFDUHD 
=RQHGHGHSR]LWDUH 
&DUDFWHULVWLFL 

'HSR]LWDUHúLFDUDFWHULVWLFL
 ,QGLFDĠLLSULYLQGvQFăUFDUHD

,QIRUPDĠLLXWLOH &DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHDOHXQXL
DXWRYHKLFXOvQFăUFDWGHSLQGGHGLVWULEXLUHD
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH vQFăUFăWXULLvQDXWRYHKLFXO'LQDFHVWPRWLY
PRGHOHOHVHULLOHúLHFKLSDPHQWXORSĠLRQDO WUHEXLHVăUHVSHFWDĠLXUPăWRDUHOHQRWHFkQG
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUăFDUH WUDQVSRUWDĠLRvQFăUFăWXUă
HUDXGLVSRQLELOHvQPRPHQWXOWLSăULULL =FkQGWUDQVSRUWDĠLRvQFăUFăWXUăQXGHSăúLĠL
'HSR]LWDUHúLFDUDFWHULVWLFL

PDQXDOXOXL6XQWSRVLELOHYDULDĠLLQDĠLRQDOH QLFLRGDWăPDVDWRWDOăPD[LPăDGPLVăD
5HĠLQHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOVă DXWRYHKLFXOXOXLVDXVDUFLQLOHSHSXQWH
QXILHHFKLSDWFXWRDWHIXQFĠLLOHGHVFULVH DGPLVHSHQWUXDXWRYHKLFXO LQFOXVLYSDVD
$FHVWOXFUXHVWHYDODELOúLSHQWUXVLVWHPHOH JHULL 
úLIXQFĠLLOHUHIHULWRDUHODVLJXUDQĠă =SRUWEDJDMXOHVWHORFXOLGHDOSHQWUXWUDQV
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH SRUWDUHDRELHFWHORU
FLDOLWDWHDXWRUL]DWH 3DJLQD  =SR]LĠLRQDĠLVDUFLQLOHJUHOHFkWPDLvQDLQWH
SRVLELOúLFkWPDLMRVSRVLELOvQFRPSDUWL
PHQWXOGHvQFăUFDUH
,QGLFDĠLLSULYLQGvQFăUFDUHD =vQFăUFăWXUDQXWUHEXLHVăLDVăvQDIDUăSHVWH
PDUJLQHDVXSHULRDUăDVSăWDUHORUVFDXQH
$9(57,=$5( ORU
'DFăH[LVWăRELHFWHEDJDMHVDXPDUIăQHDVL =VSULMLQLĠLvQWRWGHDXQDvQFăUFăWXUDGH
JXUDWHVDXDVLJXUDWHLQVXILFLHQWDFHVWHDSRW VSăWDUHOHVFDXQHORUGLQVSDWHVDXGLQIDĠă
DOXQHFDVHSRWUăVWXUQDVDXSRWILSURLHFWDWH $VLJXUDĠLYăFăVSăWDUHOHVFDXQHORUVXQW
úLSRWORYLDVWIHOSDVDJHULL3HULFROGHOH]LXQL IL[DWHIHUPvQORFDú
vQVSHFLDOODIUkQDUHVDXVFKLPEDUHEUXVFăD =SXQHĠLvQWRWGHDXQDvQFăUFăWXUDvQVSDWHOH
GLUHFĠLHL VFDXQHORUQHRFXSDWHGDFăHVWHSRVLELO
'HSR]LWDĠLRELHFWHOHDVWIHOvQFkWVăQXSRDWă =XWLOL]DĠLRFKLXULOHGHDQFRUDUHúLSODVHOHGH
ILSXVHvQPLúFDUHÌQDLQWHGHDSOHFDvQFXUVă EDJDMHSHQWUXDWUDQVSRUWDvQFăUFăWXULOHúL
DVLJXUDĠLRELHFWHOHEDJDMHOHúLPDUIDvPSR EDJDMHOH
WULYDDOXQHFăULLúLUăVWXUQăULL =XWLOL]DĠLQXPDLRFKLXULGHDQFRUDUHúLFRP
SRQHQWHGHIL[DUHDGHFYDWHSHQWUXJUHXWD
$9(57,60(17 WHDúLPăULPHDVDUFLQLL
0RWRDUHOHFXFRPEXVWLHHPLWJD]HGHHúDSD =DJăĠDĠLSODVDGHVLJXUDQĠăGDFăHVWHGLV
PHQWWR[LFHSUHFXPPRQR[LGGHFDUERQ'DFă SRQLELOăFkQGWUDQVSRUWDĠLRvQFăUFăWXUă
KD\RQXOHVWHGHVFKLVDWXQFLFkQGPRWRUXO
=DVLJXUDĠLvQFăUFăWXUDFXPDWHULDOHGHIL[DUH
HVWHvQIXQFĠLXQHPDLDOHVGDFăDXWRYHKLFXOXO
VXILFLHQWGHVROLGHúLUH]LVWHQWHODX]XUă&D
VHGHSODVHD]ăJD]HOHGHHúDSDPHQWSRW
PăVXUăGHSURWHFĠLHFăSWXúLĠLPDUJLQLOH
SăWUXQGHvQFRPSDUWLPHQWXOSDVDJHULORU
DVFXĠLWH
([LVWăXQULVFGHLQWR[LFDUH
2SULĠLPRWRUXOvQDLQWHGHDGHVFKLGHKD\RQXO G 5HWHQĠLLOHGHvQFăUFăWXUăVXQWGLVSRQLELOH
1XFRQGXFHĠLQLFLRGDWăFXKD\RQXOGHVFKLV ODRULFHDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGH
H[XQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]
=RQHGHGHSR]LWDUH 

=RQHGHGHSR]LWDUH 7RUSHGRXOSRDWHILvQFXLDWúLGHVFXLDWQXPDL
FXDMXWRUXOHOHPHQWXOXLFKHLLGHXUJHQĠă
&RPSDUWLPHQWHGHGHSR]LWDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$9(57,=$5(

'HSR]LWDUHúLFDUDFWHULVWLFL
'DFăGHSR]LWDĠLQHDGHFYDWRELHFWHvQKDELWD
FOXODXWRYHKLFXOXOXLDFHVWHDSRWDOXQHFDVDX
SRWILSURLHFWDWHúLSRWDVWIHOORYLSDVDJHULL
([LVWăSHULFROGHUăQLUHvQVSHFLDOODPDQHYUH
GHIUkQDUHVDXODVFKLPEăULEUXúWHGHGLUHFĠLH
='HSR]LWDĠLvQWRWGHDXQDRELHFWHOHvQDúDIHO
vQFkWDFHVWHDVăQXSRDWăILSURLHFWDWHvQ
DVWIHOGHVLWXDĠLLVDXvQVLWXDĠLLVLPLODUH  3HQWUXDvQFXLDLQWURGXFHĠLHOHPHQWXO
=$VLJXUDĠLYăvQWRWGHDXQDGHIDSWXOFăRELHF FKHLLGHXUJHQĠăvQvQFXLHWRDUHúLURWLĠLOOD
WHOHQXLHVDIDUăGLQVSDĠLLOHGHGHSR]LWDUH ƒvQVHQVRUDUvQSR]LĠLDH
SODVHOHSHQWUXEDJDMHVDXSODVHOHGHGHSR  3HQWUXDGHVFXLDLQWURGXFHĠLHOHPHQWXO
]LWDUH FKHLLGHXUJHQĠăvQvQFXLHWRDUHúLURWLĠLOOD
=ÌQWLPSXOGHSODVăULLvQFKLGHĠLvQWRWGHDXQD ƒvQVHQVDQWLRUDUvQSR]LĠLDG
VSDĠLLOHGHGHSR]LWDUHFDUHSRWILvQFKLVH
G 7RUSHGRXOSRDWHILYHQWLODW
='HSR]LWDĠLúLDVLJXUDĠLvQWRWGHDXQDvQSRUW
3DJLQD 
EDJDMRELHFWHOHJUHOHGXUHDVFXĠLWH
WăLRDVHFDVDQWHVDXSUHDPDUL &RPSDUWLPHQWGHGHSR]LWDUHvQFRQVROD
FHQWUDOă
5HVSHFWDĠLLQVWUXFĠLXQLOHGHvQFăUFDUH
3DJLQD 

&RPSDUWLPHQWHGHGHSR]LWDUHIDĠă
7RUSHGR

 3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOCvQ
GLUHFĠLDVăJHĠLL

 3HQWUXDGHVFKLGHWUDJHĠLGHPkQH
UXOCúLGHVFKLGHĠLXúLĠDWRUSHGRXOXLD
 3HQWUXDvQFKLGHULGLFDĠLXúLĠDWRUSHGRX
OXLDSkQăFkQGVHFXSOHD]ă


 =RQHGHGHSR]LWDUH

&RPSDUWLPHQWGHGHSR]LWDUHFRPSDUWL 'HSR]LWDĠLúLDVLJXUDĠLvQSRUWEDJDMRELHFWHOH
PHQWSHQWUXWHOHIRQVXEFRWLHUă JUHOH

6DUFLQDPD[LPăDGPLVăSHQWUXFRPSDUWLPHQ
WXOGHGHSR]LWDUHHVWHGHNJ
'HSR]LWDUHúLFDUDFWHULVWLFL

 3HQWUXDGHVFKLGHDSăVDĠLEXWRQXOGHSH
SDUWHDVWkQJăDVDXEXWRQXOGHSHSDUWHD
GUHDSWăC
&RPSDUWLPHQWXOGHGHSR]LWDUHVHGHV  3HQWUXDGHVFKLGHWUDJHĠLPkQHUXOCvQ
FKLGH VXVúLUDEDWDĠLFDSDFXODvQDLQWH

G ÌQIXQFĠLHGHJUDGXOGHGRWDUHDDXWRYHKL
FXOXOXLXQSRUW86%úLRPXIăMDFN$8;,1 &RPSDUWLPHQWHGHGHSR]LWDUHVSDWH
VDXRLQWHUIDĠă0HGLDVXQWLQVWDODWHvQFRP &RPSDUWLPHQWGHGHSR]LWDUHGLQFRPSDU
SDUWLPHQWXOGHGHSR]LWDUH2LQWHUIDĠă WLPHQWXOVSDWH
PHGLDHVWHRLQWHUIDĠăXQLYHUVDOăSHQWUX
HFKLSDPHQWXODXGLRSRUWDELOGHH[SHQWUX
XQL3RGŠVDXXQSOD\HUGH03XUL FRQVXO
WDĠLLQVWUXFĠLXQLOHGHXWLOL]DUH$XGLRVDX
&20$1'2QOLQH 
ÌQDLQWHGHDXWLOL]DDFHVWHFRQH[LXQLWUH
EXLHVăvQGHSăUWDĠLFRQVRODWHOHIRQXOXL
PRELO FRQVXOWDĠLLQVWUXFĠLXQLOHGHLQVWDODUH
VHSDUDWH úLVăUDEDWDĠLVXSRUWXOSUHLQVWDODW
SHQWUXWHOHIRQXOPRELO 3DJLQD 
&RPSDUWLPHQWGHGHSR]LWDUHGHVXEVFDX
QHOHIDĠă  3HQWUXDGHVFKLGHUDEDWDĠLvQMRVFRWLHUD
VFDXQXOXLD
$9(57,60(17
 5DEDWDĠLFDSDFXOCDOFRWLHUHLvQVXV
'DFăHVWHGHSăúLWăVDUFLQDPD[LPăDGPLVăvQ
FRPSDUWLPHQWXOGHGHSR]LWDUHFDSDFXOQX
PDLSRDWHUHĠLQHRELHFWHOH2ELHFWHOHDUSXWHD
VăILHDUXQFDWHDIDUăGLQFRPSDUWLPHQWXOGH 3ODVăGHGHSR]LWDUH
GHSR]LWDUHúLVăLORYHDVFăvQFRQVHFLQĠăSH 3ODVHOHGHGHSR]LWDUHVHDIOăvQVSDĠLXOSHQWUX
SDVDJHULLGLQDXWRYHKLFXO([LVWăXQULVFGH SLFLRDUHDOSDVDJHUXOXLGLQIDĠăúLSHSDUWHD
UăQLUHvQVSHFLDOvQFD]XOIUkQăULLEUXúWHVDXD VWkQJăvQSRUWEDJDM
XQHLVFKLPEăULEUXúWHDGLUHFĠLHL
5HVSHFWDĠLLQVWUXFĠLXQLOHGHvQFăUFDUH
5HVSHFWDĠLvQWRWGHDXQDVDUFLQDPD[LPă 3DJLQD úLQRWHOHSULYLQGVLJXUDQĠD
DGPLVăvQFRPSDUWLPHQWXOGHGHSR]LWDUH SHQWUXVSDĠLLOHGHGHSR]LWDUH 3DJLQD 
=RQHGHGHSR]LWDUH 

/ăUJLUHDSRUWEDJDMXOXL 5DEDWDUHDvQDLQWHDVSăWDUXOXLVFDXQX
OXLVSDWH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$9(57,60(17
'DFăEDQFKHWDGLQVSDWHVFDXQXOGLQVSDWH
úLVSăWDUXOVFDXQXOXLQXVXQWFXSODWHDFHVWHD

'HSR]LWDUHúLFDUDFWHULVWLFL
VDUSXWHDUDEDWDvQDLQWHGHH[FkQGIUkQDĠL
EUXVFVDXvQFD]XOSURGXFHULLXQXLDFFLGHQW
=ÌQFRQVHFLQĠăEDQFKHWDGLQVSDWHVFDXQXO
GLQVSDWHVDXVSăWDUXOVFDXQXOXLYDvPSLQJH
SDVDJHUXOFăWUHFHQWXUDGHVLJXUDQĠă&HQ
WXUDGHVLJXUDQĠăQXPDLSRDWHRIHULQLYHOXO
GHSURWHFĠLHSHQWUXFDUHDIRVWFRQFHSXWă
LDUDFHDVWDDUSXWHDGXFHODRUăQLUHúLPDL
 ,QWURGXFHĠLFRPSOHWWHWLHUHOHvQVSăWDU
JUDYă 3DJLQD 
 'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO
=2ELHFWHOHVDXVDUFLQLOHGLQSRUWEDJDMQXSRW
ILUHĠLQXWHGHFăWUHVSăWDUXOVFDXQXOXL SDVDJHUXOXLGLQIDĠăvQDLQWHGDFăVLWXDĠLDR
FHUH
$FHVWOXFUXSUH]LQWăULVFVSRULWGHDFFLGHQW
 7UDJHĠLvQDLQWHPDQHWDGHHOLEHUDUHGHSH
ÌQDLQWHGHILHFDUHFăOăWRULHDVLJXUDĠLYăFă
SDUWHDVWkQJăVDXGHSHSDUWHD
VSăWDUHOHVFDXQHORUúLEDQFKHWDGLQVSDWH
GUHDSWăDGLQVSăWDUXOVFDXQXOXL
VFDXQXOGLQVSDWHVXQWFXSODWH
6SăWDUXOVFDXQXOXLDIHUHQWCHVWHHOLEHUDW
 ÌQDLQWHGHDUDEDWDVSăWDUXOVFDXQXOXL  5DEDWDĠLVSăWDUXOCvQDLQWH
VSDWHvQDLQWHDVLJXUDĠLYăFăWHWLHUHOHVXQW  'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO
vPSLQVHvQLQWHULRU ODSLHGLFDLQIHULRDUă ÌQ SDVDJHUXOXLGLQIDĠăvQDSRLGDFăVLWXDĠLDR
FD]FRQWUDUVFDXQHOHIDĠăFRWLHUHOHúL6LV FHUH
WHPXOGHGLYHUWLVPHQWSHQWUXEDQFKHWDGLQ
VSDWHSRWVXIHULGHWHULRUăUL
5DEDWDUHDvQDSRLDVSăWDUXOXLVFDXQXOXL
5HVSHFWDĠLLQVWUXFĠLXQLOHGHvQFăUFDUH VSDWH
3DJLQD 
6SăWDUHOHVFDXQHORUGLQVSDWHGHSHSDUWHD
VWkQJăúLGHSHSDUWHDGUHDSWăSRWILUDEDWDWH
vQDLQWHVHSDUDWSHQWUXDFUHúWHFDSDFLWDWHD
SRUWEDJDMXOXL

C 6SăWDU
D ,QGLFDWRUGHYHULILFDUHDEORFăULL
‡ 0DQHWDGHHOLEHUDUHDVSăWDUXOXL
 'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO
SDVDJHUXOXLIDĠăvQDLQWHGDFăHVWHQHFHVDU


 =RQHGHGHSR]LWDUH

 $VLJXUDĠLYăFăFHQWXUDGHVLJXUDQĠăQXVH =1XGLULMDĠLHFKLSDPHQWHOHGHIL[DUHSHVWH
SULQGHvQWUHHOHPHQWHFkQGUDEDWDĠL PDUJLQLVDXFROĠXULDVFXĠLWH
VSăWDUXOVFDXQXOXLVSDWHvQDSRLÌQFD]FRQ =&DPăVXUăGHSURWHFĠLHFăSWXúLĠLPDUJLQLOH
WUDUSRDWHVXIHULGHWHULRUăUL DVFXĠLWH
 5DEDWDĠLVSăWDUXOVFDXQXOXLCvQDSRLSkQă ([LVWăSDWUXRFKLXULGHDQFRUDUHvQSRUWEDJDM
FHVHFXSOHD]ă úLGRXăvQVSDĠLLOHSHQWUXSLFLRDUHGLQFRP
'HSR]LWDUHúLFDUDFWHULVWLFL

,QGLFDWRUXOGHVWDUHURúXDOEORFăULLDQX SDUWLPHQWXOGLQVSDWH
PDLHVWHYL]LELO
 5HJODĠLWHWLHUHOHGDFăVLWXDĠLDRFHUH
3DJLQD 
 'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO
SDVDJHUXOXLIDĠăvQDSRLGDFăHVWHQHFHVDU

$VLJXUDUHDXQHLvQFăUFăWXUL
2FKLXULGHDQFRUDUH
$9(57,60(17 C 2FKLXULGHDQFRUDUHvQFRPSDUWLPHQWXOGH
vQFăUFDUH
3XQFWHOHGHDQFRUDUHSHQWUXFKLQJDVXSH
ULRDUăQXSRWIL[DRvQFăUFăWXUă'DFăIL[DĠLR
vQFăUFăWXUăFXSXQFWHOHGHDQFRUDUHSHQWUX
FKLQJDVXSHULRDUăDFHVWHDDUSXWHDILWUDVHvQ
DIDUăvQWLPSXOIUkQăULLVFKLPEăULORUEUXúWHDOH
GLUHFĠLHLVDXvQFD]XOSURGXFHULLXQXLDFFLGHQW
ÌQFăUFăWXUDDUSXWHDVăDOXQHFHVăVH
UăVWRDUQHVDXVăILHSURLHFWDWăvQLQWHULRUXO
DXWRYHKLFXOXOXLORYLQGXLDVWIHOSHSDVDJHULL
GLQDXWRYHKLFXO([LVWăXQULVFGHDFFLGHQW
8WLOL]DĠLRFKLXULOHGHDQFRUDUHQXPDLFkQG
IL[DĠLRvQFăUFăWXUă C 2FKLXULGHDQFRUDUHvQVSDĠLXOSHQWUX
5HVSHFWDĠLXUPăWRDUHOHQRWHSULYLQGDVLJXUD SLFLRDUHGLQFRPSDUWLPHQWXOVSDWH
UHDRELHFWHORU
&kUOLJGHJHDQWă
=5HVSHFWDĠLLQVWUXFĠLXQLOHGHvQFăUFDUH
3DJLQD  $9(57,60(17
=$VLJXUDĠLRELHFWXOFXDMXWRUXORFKLXULORUGH &kUOLJHOHGHJHDQWăQXSRWUHĠLQHRELHFWHVDX
DQFRUDUH EDJDMHJUHOH2ELHFWHOHVDXEDJDMHOHDUSXWHD
='LVWULEXLĠLVDUFLQDXQLIRUPSHRFKLXULOHGH ILSURLHFWDWHvQLQWHULRUXODXWRYHKLFXOXOXL
DQFRUDUH SXWkQGDVWIHOVăvLORYHDVFăSHSDVDJHULLDXWR
=1XXWLOL]DĠLFKLQJLOHVDXSODVHOHHODVWLFH YHKLFXOXOXLvQFD]GHIUkQDUHVDXGHVFKLPEDUH
SHQWUXDIL[DXQRELHFWvQWUXFkWDFHVWHDDX EUXVFăDGLUHFĠLHL([LVWăXQULVFGHDFFLGHQW
UROGRDUGHSURWHFĠLHDQWLDOXQHFDUHSHQWUX 6XVSHQGDĠLQXPDLRELHFWHXúRDUHGHFkUOLJHOH
RELHFWHOHXúRDUH GHJHDQWă1XDWkUQDĠLQLFLRGDWăRELHFWHGXUH
FXPDUJLQLDVFXĠLWHVDXRELHFWHIUDJLOHGHFkU
OLJHOHGHJHDQWă
=RQHGHGHSR]LWDUH 

 &kUOLJXOGHJHDQWăSRDWHUH]LVWDODRVDU &DSDFXOSRUWEDJDMXOXLVHDIOăvQVSDWHOH
FLQăPD[LPăGHNJ1XvOXWLOL]DĠLSHQWUX VSăWDUXOXLEDQFKHWHLVSDWH
DIL[DRVDUFLQă G 3XWHĠLUDEDWDvQVXVVHFĠLXQHDVROLGăD
([LVWăXQFkUOLJGHJHDQWăSHSHUHWHOHODWHUDO FDSDFXOXLSRUWEDJDMXOXLODDSUR[LPDWLYƒ
VWkQJDvQSRUWEDJDMúLH[LVWăGRXăFkUOLJHSH SHQWUXDIDFLOLWDvQFăUFDUHDSRUWEDJDMXOXL
GUHDSWDúLSHVWkQJDRUQDPHQWXOXLVWkOSXOXL'

'HSR]LWDUHúLFDUDFWHULVWLFL
LQIHULRU ([WLQGHUHDúLUHWUDJHUHDFDSDFXOXLSRUW
EDJDMXOXL

&DSDFSRUWEDJDM  3HQWUXDH[WLQGHWUDJHĠLFDSDFXOSRUWED
JDMXOXLCvQDSRLúLSULQGHĠLOvQGLVSR]LWLYHOH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD GHSULQGHUHGLQVWkQJDúLGLQGUHDSWD
$9(57,60(17  3HQWUXDUHWUDJHGHVSULQGHĠLFDSDFXO
&DSDFXOSRUWEDJDMXOXLQXSRDWHDVLJXUDVDX SRUWEDJDMXOXLCGLQGLVSR]LWLYHOHGHSULQ
UHĠLQHvQPRGLQGLYLGXDORELHFWHJUHOHEDJDMH GHUHGLQVWkQJDúLGLQGUHDSWDúLJKLGDĠLO
úLVDUFLQLJUHOH$ĠLSXWHDILORYLWGHR vQDLQWHFXPkQHUXOGHSULQGHUHSkQăFkQG
vQFăUFăWXUăQHDVLJXUDWăvQWLPSXOXQHL HVWHFRPSOHWUHWUDV
VFKLPEăULEUXúWHGHGLUHFĠLHvQWLPSXOXQHL
IUkQăULVDXvQFD]XOXQXLDFFLGHQW([LVWăXQ 0RQWDUHDGHPRQWDUHDFDSDFXOXLSRUW
ULVFFUHVFXWGHDFFLGHQWVDXFKLDUGHUăQLUH EDJDMXOXL
IDWDOă
'HSR]LWDĠLvQWRWGHDXQDRELHFWHOHDVWIHOvQFkW
VăQXSRDWăILSURLHFWDWHvQLQWHULRUXODXWRYH
KLFXOXOXL$VLJXUDĠLRELHFWHOHEDJDMHOHVDX
VDUFLQLOHvPSRWULYDDOXQHFăULLVDXUăVWXUQăULL
GHH[FXDMXWRUXOXQXLHFKLSDPHQWGHIL[DUH
FKLDUGDFăXWLOL]DĠLFDSDFXOSRUWEDJDMXOXL

 &kQGvQFăUFDĠLDXWRYHKLFXOXODVLJXUDĠLYă
FăQXVXSUDSXQHĠLVDUFLQDvQSRUWEDJDMOD
XQQLYHOFDUHVăGHSăúHDVFăPDUJLQHDLQIH
ULRDUăDJHDPXULORUODWHUDOH1XDúH]DĠL
RELHFWHJUHOHGHDVXSUDFDSDFXOXLSRUWED
JDMXOXL


 =RQHGHGHSR]LWDUH

 3HQWUXDGHPRQWDDVLJXUDĠLYăGHUXODUHD
FDSDFXOXLSRUWEDJDMXOXLC
 $SăVDĠLPkQHUXODGLQSDUWHDGHGHGHVXEW
GUHDSWDVSUHVWkQJD
 ÌQGHSăUWDĠLFDSDFXOSRUWEDJDMXOXLC

3HQWUXDPRQWDIL[DĠLFDSDFXOSRUWEDJD
'HSR]LWDUHúLFDUDFWHULVWLFL


MXOXLCODGHVFKLGHUHDGLQSDUWHDVWkQJă
 $SăVDĠLPkQHUXODvQVSUHVWkQJD
 3HUPLWHĠLvPELQDUHDFDSDFXOXLSRUWEDJDMX
OXLCvQORFDúXODGHFYDW =&RQVROHOHGLQVSDWHOHVWkOSXOXL%CVXQW
QHFHVDUHSHQWUXOăUJLUHDSRUWEDJDMXOXL
3DJLQD 
3ODVăGHVLJXUDQĠă 2FKLXULOHGHDQFRUDUHFRUHVSXQ]ăWRDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD SHQWUXVWUkQJHUHDSODVHLVHDIOăvQVSDĠLXO
SHQWUXSLFLRDUHDOEDQFKHWHLGLQVSDWH
$9(57,60(17 3DJLQD 
3ODVDGHVLJXUDQĠăQXSRDWHDVLJXUDVDXUHĠLQH =&RQVROHOHGLQVSDWHOHVWkOSXOXL&DVXQW
vQPRGLQGLYLGXDORELHFWHJUHOHEDJDMHúLVDU QHFHVDUHSHQWUXSRUWEDJDMXOGLQVSDWHOH
FLQLJUHOH$ĠLSXWHDILORYLWGHRvQFăUFăWXUă EDQFKHWHLGLQVSDWH
QHDVLJXUDWăvQWLPSXOXQHLVFKLPEăULEUXúWH 2FKLXULOHGHDQFRUDUHFRUHVSXQ]ăWRDUH
GHGLUHFĠLHvQWLPSXOXQHLIUkQăULVDXvQFD]XO SHQWUXWHQVLRQDUHDSODVHLVXQWDPSODVDWH
XQXLDFFLGHQW([LVWăXQULVFFUHVFXWGHDFFL vQSRUWEDJDM 3DJLQD 
GHQWVDXFKLDUGHUăQLUHIDWDOă
3ODVDGHVLJXUDQĠăVHDIOăvQWDYDGHvQFăUFDUH
'HSR]LWDĠLvQWRWGHDXQDRELHFWHOHDVWIHOvQFkW GLQVSDĠLXOGHGHSR]LWDUHGHVXESODQúHXOSRUW
VăQXSRDWăILSURLHFWDWHvQLQWHULRUXODXWRYH EDJDMXOXL 3DJLQD 
KLFXOXOXL$VLJXUDĠLRELHFWHOHEDJDMHOHVDX
 'HVFKLGHĠLDPEHOHHOHPHQWHGHSULQGHUH
VDUFLQLOHvPSRWULYDDOXQHFăULLVDXUăVWXUQăULL
FXEDQGăFXVFDLúLVFRDWHĠLSODVDGHVLJX
GHH[FXDMXWRUXOXQXLHFKLSDPHQWGHIL[DUH
UDQĠă
FKLDUGDFăXWLOL]DĠLSODVDGHVLJXUDQĠă
 'HVIăúXUDĠLúLH[WLQGHĠLSODVDGHVLJXUDQĠă
(VWHLPSRUWDQWVăXWLOL]DĠLRSODVăGHVLJXUDQĠă 7LMHOHGHJKLGDUHVXSHULRDUHúLLQIHULRDUH
GDFăvQFăUFDĠLDXWRYHKLFXOXOFXRELHFWHPLFL WUHEXLHVăVHFXSOH]HVRQRU
SHVWHVSăWDUHOHVFDXQXOXL'LQPRWLYHGH
VLJXUDQĠăXWLOL]DĠLvQWRWGHDXQDRSODVăGH
VLJXUDQĠăFkQGWUDQVSRUWDĠLRvQFăUFăWXUă

3UHJăWLUHSODVăGHVLJXUDQĠă
3ODVDGHVLJXUDQĠăSRDWHILXWLOL]DWăvQGRXă
SR]LĠLLGLIHULWH vQVSDWHOHVWkOSXOXL%VDXVWkO
SXOXL& 
=RQHGHGHSR]LWDUH 

)L[DUHDSODVHLGHVLJXUDQĠă (OLEHUDUHSODVăGHVLJXUDQĠă

'HSR]LWDUHúLFDUDFWHULVWLFL
3ODVăGHVLJXUDQĠăLQVWDODWăvQVSDWHOHVWkOSXOXL& 6XSRUWUXORXGHFHQWXUăGHVLJXUDQĠăvQVSDWHOH
VFDXQHORUGLQIDĠă
 ,QWURGXFHĠLWLMDGHJKLGDUHDvQGLVSR]LWLYXO
GHSULQGHUHCvQGLUHFĠLDLQGLFDWăGH  7UDJHĠLGLVSR]LWLYXOGHUHJODUHDOFHQWXULLGH
VăJHDWă VLJXUDQĠăCvQVXVvQGLUHFĠLDLQGLFDWăGH
 *OLVDĠLWLMDGHJKLGDUHDvQDLQWHvQGLVSR]L
VăJHDWăSHQWUXDUHGXFHWHQVLRQDUHDFKLQ
JLLGHWHQVLRQDUH
WLYXOGHSULQGHUHCvQGLUHFĠLDLQGLFDWăGH
 'HVSULQGHĠLFkUOLJXOGHFHQWXUăDGLQ
VăJHDWă
RFKLXOGHDQFRUDUH‡
6WUkQJHUHSODVăGHVLJXUDQĠă
'HVSULQGHUHúLGHSR]LWDUHSODVăGHVLJX
UDQĠă
 'HVSULQGHĠLWLMDGHJKLGDUHDGLQFDGUXC
3DJLQD 
 $SăVDĠLEXWRQXOURúXGHSHWLMHOHGHJKLGDUH
VXSHULRDUHúLLQIHULRDUH
 3OLDĠLSODVDGHVLJXUDQĠăúLUXODĠLRvQVXV
3HQWUXDSUHYHQL]JRPRWXOUXODĠLGLVSR]LWL
YXOGHUHJODUHDFHQWXULLúLFkUOLJXOGHFHQ
WXUăvQSODVDGHVLJXUDQĠă
 $PSODVDĠLSODVDGHVLJXUDQĠăvQWDYDGH
6XSRUWUXORXGHFHQWXUăGHVLJXUDQĠăvQVSDWHOH
VFDXQHORUGLQIDĠă vQFăUFDUHGLQVSDĠLXOGHGHSR]LWDUHGHVXE
SODQúHXOSRUWEDJDMXOXL
 ,QWURGXFHĠLFkUOLJXOGHFHQWXUăCvQRFKLXO
GHDQFRUDUHDvQGLUHFĠLDLQGLFDWăGH
VăJHDWă
 7UDJHĠLFKLQJDGHWHQVLRQDUH‡GHFDSăWXO
QHIL[DWvQGLUHFĠLDLQGLFDWăGHVăJHDWă
SkQăFkQGSODVDGHVLJXUDQĠăHVWHVWUkQVă
 'XSăFHDĠLFRQGXVSHRGLVWDQĠăPLFă
YHULILFDĠLWHQVLRQDUHDSODVHLGHVLJXUDQĠăúL
VWUkQJHĠLGLQQRXGDFăHVWHQHFHVDU


 =RQHGHGHSR]LWDUH

 7UDJHĠLDPEHOHHOHPHQWHGHSULQGHUHFX  3HQWUXDGHVFKLGHGHVFKLGHĠLKD\RQXO
VFDLDSULQIDQWHOH‡GLQWDYDGH  ğLQkQGGHQHUYXULDSăVDĠLPkQHUXOCvQ
vQFăUFDUHCúLIL[DĠLSODVDGHVLJXUDQĠă MRVD
0kQHUXOCVHUDEDWHD]ăvQVXV
 5RWLĠLSODQúHXOSRUWEDJDMXOXLvQVXVFXDMX
&kUOLJHSHQWUXKDLQHSHKD\RQ WRUXOPkQHUXOXLCSkQăFkQGVHUHD]HPă
'HSR]LWDUHúLFDUDFWHULVWLFL

GHFDSDFXOSRUWEDJDMXOXL

C &kUOLJSHQWUXKDLQH

 (OLEHUDĠLFkUOLJXO‡GLQFDGUXOGHSHSDUWHD
6SDĠLXOGHGHSR]LWDUHGHVXESODQúHXO LQIHULRDUăDSODQúHXOXLSRUWEDJDMXOXL
SRUWEDJDMXOXL
$9(57,60(17
ÌQFD]XOvQFDUHFRQGXFHĠLFkQGSODQúHXOSRUW
EDJDMXOXLHVWHGHVFKLVRELHFWHOHDUSXWHDIL
SURLHFWDWHvQLQWHULRUXODXWRYHKLFXOXOXL
ORYLQGXLDVWIHOSHSDVDJHULLGLQDXWRYHKLFXO
([LVWăXQULVFGHUăQLUHvQVSHFLDOFkQGIUkQDĠL
VDXVFKLPEDĠLEUXVFGLUHFĠLD
ÌQFKLGHĠLvQWRWGHDXQDSODQúHXOSRUWEDJDMXOXL
vQDLQWHDvQFHSHULLXQHLFăOăWRULL
 3ULQGHĠLFkUOLJXO‡vQMJKHDEXOGHVFXUJHUH
3ODVDGHVLJXUDQĠăFXSODVIHULFăURDWDGH
SHQWUXDSDGHSORDLH…
UH]HUYăGHX]WHPSRUDUHWFVXQWGHSR]LWDWH
GLQFRORGHSODQúHXOSRUWEDJDMXOXL G &RPSDUWLPHQWHOHGHGHSR]LWDUHƒúL„
SRWILXWLOL]DWHSHQWUXDGHSR]LWDRELHFWH
PLFLXúRDUHúLSODWH
 ÌQDLQWHGHDvQFKLGHKD\RQXOGHVSULQGHĠL
FkUOLJXOGLQMJKHDEXOGHVFXUJHUHúLUDEDWDĠL
SODQúHXOSRUWEDJDMXOXLvQMRV
 3HQWUXDvQFKLGHGHVSULQGHĠLFkUOLJXO‡
GLQMJKHDEXOGHVFXUJHUH…
 3ULQGHĠLFkUOLJXO‡ODFDGUXOGHSHSDUWHD
LQIHULRDUăDSODQúHXOXLSRUWEDJDMXOXL
&DUDFWHULVWLFL 

 5DEDWDĠLSODQúHXOSRUWEDJDMXOXLvQMRV &DUDFWHULVWLFL
 $SăVDĠLSODQúHXOSRUWEDJDMXOXLvQMRVSkQă
FHVHFXSOHD]ă 6XSRUWXULSHQWUXSDKDU
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD

6XSRUWGHSDYLOLRQ  8WLOL]DĠLVXSRUWXULOHSHQWUXSDKDUHQXPDL
SHQWUXUHFLSLHQWHGHPăULPHDFRUHFWă

'HSR]LWDUHúLFDUDFWHULVWLFL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD SUHYă]XWHFXFDSDFHÌQFD]FRQWUDUOLFKL
GHOHVHSRWYăUVD
$9(57,60(17
&kQGHVWHWUDQVSRUWDWăRVDUFLQăSHSDYLOLRQ 6XSRUWSHQWUXSDKDUvQFRQVRODFHQWUDOă
FHQWUXOGHJUHXWDWHDODXWRYHKLFXOXOXLFUHúWH GLQIDĠă
LDUPDQHYUDELOLWDWHDVHPRGLILFă'DFăVH
GHSăúHúWHVDUFLQDPD[LPăSHSDYLOLRQFDUDF
WHULVWLFLOHGHPDQHYUDELOLWDWHSUHFXPúLGLUHF
ĠLDúLIUkQDUHDVXQWJUDYDIHFWDWH([LVWăXQ
ULVFGHDFFLGHQW
5HVSHFWDĠLvQWRWGHDXQDVDUFLQDPD[LPăSH
SDYLOLRQúLDGDSWDĠLYăVWLOXOGHFRQGXFHUH

 0HUFHGHV%HQ]YăUHFRPDQGăVăXWLOL]DĠL
QXPDLVXSRUWXULGHSDYLOLRQFDUHDXIRVW
WHVWDWHúLDSUREDWHSHQWUXDXWRYHKLFXOH
0HUFHGHV%HQ]$VWIHOSUHYHQLĠLDYDULHUHD C 6XSRUWXULSHQWUXSDKDU
DXWRYHKLFXOXOXL
3R]LĠLRQDĠLVDUFLQDSHVXSRUWXOGHSDYLOLRQ 6XSRUWXOSHQWUXSDKDUGLQFRWLHUDVFDX
DVWIHOvQFkWDXWRYHKLFXOXOVăQXVXIHUHDYD QXOXLGLQVSDWH
ULLFKLDUúLGDFăVHDIOăvQPLúFDUH
$VLJXUDĠLYăFăvQIXQFĠLHGHJUDGXOGH  1XVWDĠLSHúLQXYăVSULMLQLĠLJUHXWDWHD
GRWDUHDODXWRYHKLFXOXOXLSXWHĠLULGLFDFRP FRUSXOXLSHFRWLHUDVFDXQXOXLVSDWHFkQG
SOHWWUDSDJOLVDQWăSDQRUDPLFăúLFăSXWHĠL HVWHUDEDWDWGHRDUHFHODĠLSXWHDGHWHULRUD
GHVFKLGHFRPSOHWKD\RQXOFkQGVXSRUWXO vQFD]FRQWUDU
GHSDYLOLRQHVWHPRQWDW  ÌQFKLGHĠLVXSRUWXOSHQWUXSDKDUvQDLQWHGH
6DUFLQDPD[LPăSHSDYLOLRQHVWHGHNJ DUDEDWDFRWLHUDVFDXQXOXLVSDWHvQVXVÌQ
8QVXSRUWGHSDYLOLRQVDXRVDUFLQăSHSDYLOLRQ FD]FRQWUDUVXSRUWXOSHQWUXSDKDUSRDWH
LQFRUHFWIL[DWHVDUSXWHDGHVSULQGHGHSH VXIHULGHWHULRUăUL
DXWRYHKLFXO3ULQXUPDUHWUHEXLHVăYăDVLJX
UDĠLFăUHVSHFWDĠLLQVWUXFĠLXQLOHGHLQVWDODUH
DOHSURGXFăWRUXOXLVXSRUWXOXLGHSDYLOLRQ

3ULQGHUHDVXSRUWXOXLGHSDYLOLRQ
 3ULQGHĠLVXSRUWXOGHSDYLOLRQSHEDUHOHGH
SRUWEDJDMGHSDYLOLRQORQJLWXGLQDOH
 5HVSHFWDĠLLQVWUXFĠLXQLOHGHLQVWDODUHDOH
SURGXFăWRUXOXL


 &DUDFWHULVWLFL

 5DEDWDĠLvQMRVFRWLHUDVFDXQXOXLGLQVSDWH 5HIOH[LHGLQWURSDUWH
 3HQWUXDGHVFKLGHULGLFDĠLFDSDFXOFRWLH
 3OLDĠLvQMRVSDUDVRODUXO
UHLVFDXQXOXLGLQVSDWH
 7UDJHĠLSDUDVRODUXOGLQGLVSR]LWLYXOGHSULQ
 $SăVDĠLSLHGLFDGHHOLEHUDUHC
GHUHD
6XSRUWXOSHQWUXSDKDUDVHH[WLQGH
 5RWLĠLSDUDVRODUXOvQODWHUDO
vQDLQWH
'HSR]LWDUHúLFDUDFWHULVWLFL

 5DEDWDĠLFDSDFXOFRWLHUHLVFDXQXOXLGLQ
VSDWHvQDSRLvQMRVGLQQRXGDFăHVWHQHFH 6FUXPLHUă
VDU
 3HQWUXDvQFKLGHULGLFDĠLFDSDFXOFRWLHUHL 6FUXPLHUăIDĠă
VFDXQXOXLGLQVSDWH  6SDĠLXOGHGHSR]LWDUHGHVXEVFUXPLHUăQX
5RWLĠLVXSRUWXOSHQWUXSDKDUDvQDSRLSkQă HVWHWHUPRUH]LVWHQWÌQDLQWHGHDSXQH
FkQGVHFXSOHD]ă ĠLJăULDSULQVHvQVFUXPLHUăDVLJXUDĠLYăFă
VFUXPLHUDHVWHFXSODWăFRUHVSXQ]ăWRUÌQ
FD]FRQWUDUVSDĠLXOGHGHSR]LWDUHSRDWH
3DUDVRODUH VXIHULGHWHULRUăUL
3UH]HQWDUHJHQHUDOă $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă

C /XPLQDGLQRJOLQGă G 3XWHĠLVăVFRDWHĠLVFUXPLHUDúLVăXWLOL]DĠL
D &RQVROD FRPSDUWLPHQWXODVWIHOREĠLQXWSHQWUXGHSR
‡ &OHPăGHIL[DUHGHH[SHQWUXXQWLFKHW ]LWDUH
GHSDUFDUH  3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC
… 2JOLQGăGHPDFKLDM vQDLQWHSkQăFkQGVHFXSOHD]ă
ƒ &DSDFXORJOLQ]LL  3HQWUXDVFRDWHLQVHUĠLDĠLQHĠLLQVHUĠLD
‡GHQHUYXULOHGLQODWHUDOHúLULGLFDĠLRvQ
2JOLQGDGHPDFKLDMGLQSDUDVRODU VXVDúLvQDIDUă
/XPLQDGLQRJOLQGăCIXQFĠLRQHD]ăQXPDL  3HQWUXDIL[DODORFLQVHUĠLDDSăVDĠLLQVHU
GDFăSDUDVRODUXOHVWHSULQVvQGLVSR]LWLYXOGH ĠLD‡vQVXSRUWSkQăFkQGVHFXSOHD]ă
SULQGHUHDúLFDSDFXORJOLQ]LLƒDIRVWSOLDW  3HQWUXDvQFKLGHDSăVDĠLVFXUWFDSD
vQVXV FXOCvQIDĠă
&DSDFXOVHGHSODVHD]ăvQDSRL
&DUDFWHULVWLFL 

$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă %ULFKHWă
$9(57,60(17
9DĠLSXWHDDUGHGDFăDWLQJHĠLHOHPHQWXOGH
vQFăO]LUHILHUELQWHVDXSUL]DEULFKHWHL
ÌQSOXVPDWHULDOHOHLQIODPDELOHVHSRWDSULQGH

'HSR]LWDUHúLFDUDFWHULVWLFL
GDFă
=EULFKHWDILHUELQWHFDGH
=XQFRSLOĠLQHEULFKHWDILHUELQWHOkQJă
RELHFWHGHH[HPSOX
([LVWăXQULVFGHLQFHQGLXúLUăQLUH
 3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC ğLQHĠLvQWRWGHDXQDEULFKHWDQXPDLGHED]ă
vQDLQWH $VLJXUDĠLYăvQWRWGHDXQDFăEULFKHWDQXVH
DIOăODvQGHPkQDFRSLLORU1XOăVDĠLQLFLRGDWă
 3HQWUXDVFRDWHGHVFKLGHĠLFDSDFXOVFUX
FRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKLFXO
PLHUHL‡
 ğLQHĠLVFUXPLHUD‡GHSăUĠLOHODWHUDOHúL $WHQĠLDGXPQHDYRDVWUăWUHEXLHVăILHIRFDOL
ULGLFDĠLRvQVXVDúLvQDIDUă ]DWăvQWRWGHDXQDDVXSUDFRQGLĠLLORUGLQWUDILF
 3HQWUXDPRQWDODORFDSăVDĠLVFUXPLHUD 8WLOL]DĠLEULFKHWDQXPDLFkQGFRQGLĠLLOHUXWLHUH
‡vQVXSRUWSkQăFkQGVHFXSOHD]ă SHUPLWDFHVWOXFUX
 ÌQFKLGHĠLFDSDFXOVFUXPLHUHL‡
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
 3HQWUXDvQFKLGHWUDJHĠLFDSDFXOCvQD
SRL

6FUXPLHUăvQFRPSDUWLPHQWXOGLQVSDWH

 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
FRQWDFW 3DJLQD 
 3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC
vQDLQWHSkQăFkQGVHFXSOHD]ă
 3HQWUXDGHVFKLGHWUDJHĠLFDSDFXOD  $SăVDĠLEULFKHWDD
DIDUăGHPDUJLQHDGHVXV %ULFKHWDDYDLHúLDXWRPDWFkQGHOHPHQWXO
 3HQWUXDVFRDWHLQVHUĠLDDSăVDĠLEXWRQXO GHvQFăO]LUHHVWHLQFDQGHVFHQW
GHHOLEHUDUH‡úLULGLFDĠLLQVHUĠLDvQVXVúL  3HQWUXDvQFKLGHDSăVDĠLVFXUWFDSD
vQDIDUă FXOCvQIDĠă
 3HQWUXDIL[DLQVHUĠLDIL[DĠLLQVHUĠLDCGH &DSDFXOVHGHSODVHD]ăvQDSRL
GHDVXSUDvQVXSRUWúLDSăVDĠLvQVXSRUWSkQă
FkQGVHFXSOHD]ă


 &DUDFWHULVWLFL

$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă 3UL]ăSHFRQVRODFHQWUDOăGLQIDĠă
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
'HSR]LWDUHúLFDUDFWHULVWLFL

 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
FRQWDFW 3DJLQD 
 3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC
 3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC
vQDLQWHSkQăFkQGVHFXSOHD]ă
vQDLQWH
 5LGLFDĠLFDSDFXOSUL]HLD
 $SăVDĠLEULFKHWDD
 3HQWUXDvQFKLGHDSăVDĠLVFXUWFDSD
%ULFKHWDDYDLHúLDXWRPDWFkQGHOHPHQWXO
FXOCvQIDĠă
GHvQFăO]LUHHVWHLQFDQGHVFHQW
&DSDFXOVHGHSODVHD]ăvQDSRL
 3HQWUXDvQFKLGHWUDJHĠLFDSDFXOCvQD
SRL $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă

3UL]HGH9
1RWHJHQHUDOH
3UL]HOHSRWILXWLOL]DWHSHQWUXDFFHVRULLFXXQ
FRQVXPPD[LPGH: $ 3ULQWUHDFFH
VRULLVHQXPăUăOăPSLVDXvQFăUFăWRDUHSHQWUX
WHOHIRDQHPRELOH
'DFăXWLOL]DĠLSUL]HOHSHQWUXSHULRDGHOXQJL
FkQGPRWRUXOHVWHRSULWEDWHULDVDUSXWHD
GHVFăUFD  3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH vQDLQWH
SRUQLUH 3DJLQD   5LGLFDĠLFDSDFXOSUL]HLD
 3HQWUXDvQFKLGHWUDJHĠLFDSDFXOCvQD
G 8QGLVSR]LWLYGHvQWUHUXSHUHGHXUJHQĠă
DVLJXUăIDSWXOFăWHQVLXQHDGHODERUGQX SRL
VFDGHSUHDPXOW'DFăWHQVLXQHDGHODERUG
HVWHSUHDPLFăFXUHQWXOHOHFWULFGHODSUL]H 3UL]ăvQFRQVRODFHQWUDOăDFRPSDUWL
HVWHvQWUHUXSWDXWRPDW$VWIHOVHDVLJXUă PHQWXOXLGLQVSDWH
VXILFLHQWFXUHQWHOHFWULFSHQWUXSRUQLUHD 2SUL]ăHVWHPRQWDWăvQFRQVRODFHQWUDOăGLQ
PRWRUXOXL FRPSDUWLPHQWXOGLQVSDWHODDXWRYHKLFXOHOH
FXRVFUXPLHUăúLREULFKHWă
&DUDFWHULVWLFL 

'DFăOHJHDSHUPLWHXWLOL]DUHDHFKLSDPHQ
WXOXLGHFRPXQLFDĠLHFkWDXWRYHKLFXOXOHVWH
vQPLúFDUHWUHEXLHVăvOXWLOL]DĠLQXPDLFkQG
FRQGLĠLLOHGHWUDILFSHUPLWDFHVWOXFUXÌQFD]
FRQWUDUHVWHSRVLELOVăYLVHGLVWUDJăDWHQ
ĠLDGHODFRQGLĠLLOHGHWUDILFVăSURYRFDĠLXQ
DFFLGHQWúLVăYăUăQLĠLSHGXPQHDYRDVWUă

'HSR]LWDUHúLFDUDFWHULVWLFL
úLDOWHSHUVRDQH
1LYHOXULOHH[FHVLYHGHUDGLDĠLLHOHFWURPDJQH
WLFHYăSRWDIHFWDVăQăWDWHDDWkWDGXPQHD
YRDVWUăFkWúLDFHORUODOĠLÌQXWLOL]DUHDXQHL
 7UDJHĠLFDSDFXODDIDUăGHPDUJLQHDGH DQWHQHH[WHULRDUHWUHEXLHĠLQXWFRQWúLGHGH]
VXV EDWHULOHúWLLQĠLILFHSULYLQGHYHQWXDOHOHULVFXUL
 5LGLFDĠLFDSDFXOSUL]HLC SHFDUHFkPSXULOHHOHFWURPDJQHWLFHOHFRP
SRUWăODDGUHVDVăQăWăĠLL
3UL]ăvQSRUWEDJDM 0HUFHGHV%HQ]YăUHFRPDQGăXWLOL]DUHDXQHL
DQWHQHH[WHULRDUHDSUREDWH$FHDVWDDVLJXUă
=RFDOLWDWHRSWLPăDUHFHSĠLHLODWHOHIRQXO
PRELOvQDXWRYHKLFXO
=LQIOXHQĠHOHUHFLSURFHGLQWUHVLVWHPHOHHOHF
WURQLFHDOHDXWRYHKLFXOXOXLúLWHOHIRDQHOH
PRELOHVXQWPLQLPL]DWH
2DQWHQăH[WHULRDUăDUHXUPăWRDUHOHDYDQ
WDMH
=FRQGXFHVSUHH[WHULRUFkPSXULOHHOHFWUR
PDJQHWLFHJHQHUDWHGHXQGLVSR]LWLYIăUă
 5LGLFDĠLFDSDFXOSUL]HLC ILU
=SXWHUHDFkPSXOXLvQLQWHULRUXODXWRYHKLFX
OXOXLHVWHPDLPLFăGHFkWvQWUXQDXWRYHKL
FXOFDUHQXDUHRDQWHQăH[WHULRDUă
7HOHIRQPRELO
,QIRUPDĠLLGHVSUHPRGHUQL]DUHDFXVWDĠLLUDGLR
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD ELGLUHFĠLRQDOHúLWHOHIRDQHPRELOH WUDQV
PLĠăWRDUH5)  3DJLQD 
$9(57,60(17
8WLOL]DUHDHFKLSDPHQWXOXLPRELOGHFRPXQL 1RWHJHQHUDOH
FDĠLLvQWLPSFHFRQGXFHĠLYăGLVWUDJHDWHQĠLD
GHODFRQGLĠLLOHGLQWUDILF$VWIHODĠLSXWHD ([LVWăGLIHULWHFRQVROHGHWHOHIRQPRELOFDUH
SLHUGHFRQWUROXODXWRYHKLFXOXOXL([LVWăXQULVF SRWILPRQWDWHvQDXWRYHKLFXOXOGXPQHD
GHDFFLGHQW YRDVWUăvQDQXPLWHFD]XULDFHVWHDVXQWVSH
8WLOL]DĠLDFHVWGLVSR]LWLYQXPDLFkQGDXWRYH FLILFHĠăULL
KLFXOXOVWDĠLRQHD]ă 3XWHĠLFRQHFWDXQWHOHIRQPRELOFRPSDWLELOFX
%OXHWRRWKŠFX$XGLRVDX&20$1'2QOLQH
G 7UHEXLHVăUHVSHFWDĠLFHULQĠHOHOHJDOHSHQ SULQLQWHUIDĠD%OXHWRRWKŠ$FHVWOXFUXHVWH
WUXĠDUDvQFDUHFRQGXFHĠLODPRPHQWXOUHV YDODELOúLGDFăDXWRYHKLFXOXOGXPQHDYRDVWUă
SHFWLYFkQGXWLOL]DĠLHFKLSDPHQWXOPRELOGH HVWHGRWDWFXWHOHIRQLHFRQIRUW
FRPXQLFDĠLLGLQDXWRYHKLFXO


 &DUDFWHULVWLFL

,QIRUPDĠLLVXSOLPHQWDUHSULYLQGWHOHIRDQHOH PRELOSULQLQWHUPHGLXOFDOFXODWRUXOXLGHERUG
PRELOHSRWULYLWHFRQVROHOHGHWHOHIRQPRELOúL 3DJLQD 
FRQHFWDUHDWHOHIRDQHORUPRELOHFRPSDWLELOH $WXQFLFkQGVFRDWHĠLFKHLDGLQFRPXWDWRUXOGH
%OXHWRRWKŠFX$XGLRVDX&20$1'2QOLQH FRQWDFWWHOHIRQXOPRELOUăPkQHSRUQLW
SRWILREĠLQXWH 7RWXúLQXPDLSXWHĠLXWLOL]DVLVWHPXOKDQGV
=OD&HQWUXOGXPQHDYRDVWUăGH6HUYLFH0HU IUHH
'HSR]LWDUHúLFDUDFWHULVWLFL

FHGHV%HQ] 'DFăDYHĠLXQDSHODFWLYúLDĠLGRULVăVFRDWHĠL
=GHSHLQWHUQHWODDGUHVDKWWS FKHLDGLQFRPXWDWRUXOGHFRQWDFWVFRDWHĠL
ZZZPHUFHGHVEHQ]FRPFRQQHFW PDLvQWkLWHOHIRQXOPRELOGLQFRQVROă
G )XQFĠLLOHúLVHUYLFLLOHGLVSRQLELOHFkQGXWL G 'DFăXWLOL]DĠLRFRQVROăGHWHOHIRQPRELO
OL]DĠLWHOHIRQXOGHSLQGGHPRGHOXOWHOHIRQX FDUHHVWHFRQHFWDWăODWHOHIRQXOGXPQHD
OXLGXPQHDYRDVWUăPRELOúLGHIXUQL]RUXOGH YRDVWUăPRELOSULQ%OXHWRRWKŠúLGRULĠLVă
VHUYLFLL FRQWLQXDĠLXQDSHOGHSHWHOHIRQXOGXPQHD
YRDVWUăPRELO
8WLOL]DUHDXQXLWHOHIRQPRELO 7UHEXLHVăFRPXWDĠLSHÄ0RGXOSULYDW´
vQDLQWHGHDVFRDWHFKHLDGLQFRPXWDWRUXO
'DFăWHOHIRQXOPRELOHVWHLQWURGXVvQFRQVROD GHFRQWDFWÌQFD]FRQWUDUYDGXUDSkQăOD
WHOHIRQXOXLPRELOSXWHĠLYRUELFXLQWHUORFXWR GHVHFXQGHSkQăFkQGWHOHIRQXOPRELO
UXOGXPQHDYRDVWUăFXDMXWRUXOVLVWHPXOXL VHYDGHFRQHFWDGHODVLVWHP1XPDLDWXQFL
KDQGVIUHH YăSXWHĠLFRQWLQXDDSHOXOGHSHWHOHIRQXO
 'HVFKLGHĠLFRPSDUWLPHQWXOSHQWUXWHOHIRQ GXPQHDYRDVWUăPRELO
3DJLQD  1RWHSULYLQGSDúLLQHFHVDULSHQWUXVHWDUHD
 3XQHĠLFRQVRODGHWHOHIRQPRELOvQVXSRUWXO Ä0RGXOXLSULYDW´SRWILJăVLWHvQLQVWUXFĠLX
SUHLQVWDODW FRQVXOWDĠLLQVWUXFĠLXQLOHGH QLOHVHSDUDWHGHXWLOL]DUHDOHWHOHIRQXOXL
LQVWDODUHVHSDUDWHDOHVXSRUWXOXLGHWHOHIRQ PRELO
PRELO 
G 1XWRDWHWHOHIRDQHOHPRELOHVXSRUWă
 ,QWURGXFHĠLWHOHIRQXOPRELOvQFRQVRODGH
Ä0RGXOSULYDW´
WHOHIRQPRELO FRQVXOWDĠLLQVWUXFĠLXQLOHGH
LQVWDODUHVHSDUDWHDOHVXSRUWXOXLGHWHOHIRQ
&RQVRODWHOHIRQXOXLPRELOGLQVSDĠLXOGH
PRELO 
GHSR]LWDUH
G /DXQHOHFRQVROHGHWHOHIRQPRELOWUHEXLH 3XWHĠLUDEDWDvQVXVFRQVRODSUHLQVWDODWăSHQ
PDLvQWkLVăFRQHFWDĠLWHOHIRQXOPRELOSULQ WUXDvPEXQăWăĠLDFFHVXOODVSDĠLXOGHGHSR]L
%OXHWRRWKŠODFRQVRODGHWHOHIRQPRELO WDUHGHVXEDFHDVWDÌQIXQFĠLHGHJUDGXOGH
FRQVXOWDĠLLQVWUXFĠLXQLOHGHXWLOL]DUHVHSD GRWDUHDODXWRYHKLFXOXOXLRFRQH[LXQH86%úL
UDWHSHQWUXFRQVRODGHWHOHIRQPRELO  RFRQH[LXQH$8;,1R,QWHUIDĠă0HGLDVXQW
'DFăHVWHFD]XOWHOHIRQXOPRELOQXWUHEXLH PRQWDWHvQFRPSDUWLPHQWXOGHGHSR]LWDUH
VăILHLQWURGXVvQFRQVROăSHQWUXFDGXP 3DJLQD 
QHDYRDVWUăVăSXWHĠLXWLOL]DIXQFĠLLOHWHOHIR
QXOXL7RWXúLIXQFĠLDGHvQFăUFDUHúLIXQFĠLD
DQWHQăQXVXQWGLVSRQLELOH

8WLOL]DUHDWHOHIRQXOXLPRELO
3XWHĠLXWLOL]DWHOHIRQXOFXDMXWRUXOEXWRDQHORU
aúLvGHSHYRODQXOPXOWLIXQFĠLRQDOGH
OX[3XWHĠLDFĠLRQDúLDOWHIXQFĠLLDOHWHOHIRQXOXL
&DUDFWHULVWLFL 

 $SăVDĠLFDSVHOHCSHGLVSR]LWLYHOHGHSULQ
GHUHD
 3HQWUXDVFRDWHWUDJHĠLFRYRUDúXOGLQGLV
SR]LWLYHOHGHSULQGHUHD
 6FRDWHĠLFRYRUDúHOH

'HSR]LWDUHúLFDUDFWHULVWLFL
3HOLFXOăDQWLRUELUHPRGHUQL]DWă
3HOLFXODDQWLRUELUHPRGHUQL]DWăGHSHLQWHULR
UXOJHDPXULORUSRDWHLQWHUIHUDFXUHFHSĠLD
 3HQWUXDUDEDWDvQVXVFRQVRODDSăVDĠL UDGLRWHOHIRQXOXLPRELO$FHDVWăDILUPDĠLH
EXWRQXOC HVWHYDODELOăPDLDOHVvQFD]XOSHOLFXOHORUFRQ
 3HQWUXDUDEDWDvQMRVFRQVRODDSăVDĠL GXFWRDUHVDXFXVWUDWPHWDOLF3XWHĠLREĠLQH
FRQVRODvQMRVúLOăVDĠLRVăVHFXSOH]H LQIRUPDĠLLGHVSUHSHOLFXODDQWLRUELUHGHODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

&RYRUDúSHSDUWHDúRIHUXOXL
$9(57,60(17
2ELHFWHOHDIODWHvQVSDĠLXOSHQWUXSLFLRDUHDO
úRIHUXOXLSRWOLPLWDFXUVDSHGDOHLVDXREVWUXF
ĠLRQDRSHGDOăDSăVDWă6LJXUDQĠDvQIXQFĠLR
QDUHúLVLJXUDQĠDUXWLHUăDDXWRYHKLFXOXOXL
VXQWSHULFOLWDWH([LVWăXQSHULFROGHDFFLGHQW
$VLJXUDĠLYăFăWRDWHRELHFWHOHGLQDXWRYHKL
FXOVXQWGHSR]LWDWHFRUHFWúLFăQXSăWUXQGvQ
VSDĠLXOSHQWUXSLFLRDUHDOúRIHUXOXL)L[DĠLELQH
FRYRUDúHOHúLSRWULYLWVSHFLILFDĠLLORUSHQWUXD
DVLJXUDJDUGăVXILFLHQWăSHQWUXSHGDOH1X
XWLOL]DĠLFRYRUDúHFDUHQXVXQWIL[DWH

 &XOLVDĠLVFDXQXOvQDSRL
 3HQWUXDDúH]DvQWLQGHĠLFRYRUDúXOvQVSD
ĠLXOSHQWUXSLFLRDUH





,QIRUPDĠLLXWLOH 
6HUYLFH 
&RPSDUWLPHQWPRWRU 
ÌQJULMLUH 

ÌQWUHĠLQHUHúLvQJULMLUH
 6HUYLFH

,QIRUPDĠLLXWLOH /LWHUDLQGLFăPRPHQWXOvQFDUHYL]LWDvQVHU
YLFHHVWHVFDGHQWă$LQGLFăRQHFHVLWDWHGH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH VHUYLFHPLQRUăLDU%RQHFHVLWDWHGHVHUYLFH
PRGHOHOHVHULLOHúLHFKLSDPHQWXORSĠLRQDO PDMRUă(VWHSRVLELOVăVHDILúH]HXQQXPăU
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUăFDUH VDXRDOWăOLWHUăGXSăOLWHUDUHVSHFWLYă$FHVW
HUDXGLVSRQLELOHvQPRPHQWXOWLSăULULL FDUDFWHULQGLFăRULFHRSHUDĠLLGHvQWUHĠLQHUH
PDQXDOXOXL6XQWSRVLELOHYDULDĠLLQDĠLRQDOH VXSOLPHQWDUHFHWUHEXLHH[HFXWDWH
5HĠLQHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOVă 'DFăvQúWLLQĠDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWR
QXILHHFKLSDWFXWRDWHIXQFĠLLOHGHVFULVH UL]DWFXSULYLUHODDFHVWDILúDMYHĠLSULPLRQRWă
$FHVWOXFUXHVWHYDODELOúLSHQWUXVLVWHPHOH FXSULYLUHODFRVWXULOHDVRFLDWH
úLIXQFĠLLOHUHIHULWRDUHODVLJXUDQĠă $ILúDMXOLQWHUYDOXOXLGHVHUYLFH$66<673/86
QXĠLQHFRQWGHSHULRDGHOHGHWLPSvQFDUH
ÌQWUHĠLQHUHúLvQJULMLUH

G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH 3DJLQD  EDWHULDHVWHGHFRQHFWDWă
0HQĠLQHUHDSURJUDPXOXLGHVHUYLFHFRQGLĠLR
QDWWHPSRUDO
6HUYLFH  &RQVHPQDĠLGDWDVFDGHQWăSHQWUXVHUYLFH
$66<673/86 DILúDWăSHDILúDMXOPXOWLIXQFĠLRQDOvQDLQWH
GHDGHFRQHFWDEDWHULD
0HVDMHGHVHUYLFH VDX
$ILúDMXOLQWHUYDOXOXLGHVHUYLFH$66<673/86  'XSăUHFRQHFWDUHDEDWHULHLVFăGHĠLSHULRD
YăLQIRUPHD]ăFXSULYLUHODXUPăWRDUHDGDWă GHOHGHGHFRQHFWDUHDEDWHULHLGLQGDWDGH
VFDGHQWăSHQWUXVHUYLFH VHUYLFHSUH]HQWDWăSHDILúDM
,QIRUPDĠLLGHVSUHWLSXOGHVHUYLVDUHúLLQWHU
YDOHOHGHVHUYLVDUH FRQVXOWDĠL%URúXUDGHVHU $VFXQGHUHDXQXLPHVDMGHVHUYLFH
YLFHVHSDUDWă   9RODQPXOWLIXQFĠLRQDOFXEXWRDQH
3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHODXQ DSăVDĠLEXWRQXOF
&HQWUXGH6HUYLFH0HUFHGHV%HQ]
 9RODQPXOWLIXQFĠLRQDOFXEXWRDQH
G $ILúDMXOLQWHUYDOXOXLGHVHUYLFH$66<67 DSăVDĠLEXWRQXO8VDXv
3/86QXSUH]LQWăLQIRUPDĠLLSULYLQGQLYHOXO
XOHLXOXLGHPRWRU5HVSHFWDĠLQRWHOHSULYLQG $ILúDUHDPHVDMHORUGHVHUYLFH
QLYHOXOXOHLXOXLGHPRWRU 3DJLQD 
 &XSODĠLFRQWDFWXO
$ILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăFkWHYD
VHFXQGHXQPHVDMGHVHUYLFHGHH[ 9RODQPXOWLIXQFĠLRQDOFXEXWRDQH
=1H[WVHUYLFH$GXHLQGD\V  8WLOL]DĠLEXWRQXO€SHQWUXDVHOHFWD
8UPÆWRDUHDUHYL]LH$VFDGHQWÆ PHQLXO6HUYLFH
±Q]LOH 'DWDVFDGHQWăSHQWUXVHUYLFHDSDUHSHDIL
=6HUYLFH$GXH 6HUYLFH$VFDGHQW úDMXOPXOWLIXQFĠLRQDO
=6HUYLFH$RYHUGXHE\GD\V 5HYLњ
]LH$GHSÆĂLWÆFX]LOH
ÌQIXQFĠLHGHFRQGLĠLLOHGHIXQFĠLRQDUHDDXWR
YHKLFXOXOXLVHDILúHD]ăWLPSXOVDXGLVWDQĠD
FDUHDUăPDVSkQăODXUPăWRDUHDGDWăVFD
GHQWăSHQWUXVHUYLFH
6HUYLFH 

9RODQXOPXOWLIXQFĠLRQDOFXEXWRDQH ÌQFRQGLĠLLOHDFHVWHDVDXvQFRQGLĠLLGHIXQF
 $SăVDĠLEXWRQXOYVDXeSHQWUXD ĠLRQDUHVLPLODUHVROLFLWDĠLPDLIUHFYHQWvQOR
VHOHFWDPHQLXO6HUY FXLUHDILOWUXOXLGHDHUDXOHLXOXLGHPRWRUúLD
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
ILOWUXOXLGHXOHLGHH[HPSOX3QHXULOHWUHEXLH
VăILHYHULILFDWHPDLGHVGDFăDXWRYHKLFXOXO
VHOHFWDVXEPHQLXO$66<673/86úLFRQILU
HVWHXWLOL]DWFXVDUFLQLPDUL,QIRUPDĠLLVXSOL
PDĠLDSăVkQGEXWRQXOv
PHQWDUHSRWILREĠLQXWHGHODXQDWHOLHUGH
'DWDVFDGHQWăSHQWUXVHUYLFHDSDUHSHDIL VSHFLDOLWDWHDXWRUL]DWGHH[GHODXQ&HQWUX
úDMXOPXOWLIXQFĠLRQDO GH6HUYLFH0HUFHGHV%HQ]

,QIRUPDĠLLGHVSUH6HUYLFH &RQGXFHUHDvQVWUăLQăWDWH
2YDVWăUHĠHD0HUFHGHV%HQ]6HUYLFHHVWHGH

ÌQWUHĠLQHUHúLvQJULMLUH
5HVHWDUHDDILúDMXOXLLQWHUYDOXOXLGHVHU DVHPHQHDGLVSRQLELOăvQDOWHĠăUL1XPHUHOH
YLFH$66<673/86 GHWHOHIRQFXUHQWH+RWOLQHSHQWUX6HUYLFHSH
 'DFăDILúDMXOGHLQWHUYDOGHVHUYLFH FDUHOHSXWHĠLIRORVLFkQGVXQWHĠLvQVWUăLQăWDWH
$66<673/86DIRVWUHVHWDWGLQJUHúHDOă VHJăVHVFvQVHFĠLXQHDÄ6HUYLFHK0HUFH
VHWDUHDSRDWHILFRUHFWDWăODXQDWHOLHUGH GHV%HQ]´D%URúXULLGHVHUYLFH
VSHFLDOLWDWHDXWRUL]DW
6ROLFLWDĠLHIHFWXDUHDLQWHUYHQĠLLORUGHVHU
YLFHSRWULYLWGHVFULHULLGLQ%URúXUDGHVHU $ILúDMGHVHUYLFH$G%OXHŠ
YLFHÌQFD]FRQWUDUDFHDVWDDUSXWHDGXFH G 1XPDLSHQWUXDXWRYHKLFXOH%OXH7(&
ODRX]XUăúLRGHWHULRUDUHFUHVFXWăD
DQVDPEOXULORUSULQFLSDOHVDXDDXWRYHKLFX 3HQWUXDIXQFĠLRQDFRUHFWWUDWDUHDXOWHULRDUă
OXOXL DJD]HORUGHHúDSDPHQW%OXH7(&WUHEXLHUHD
OL]DWăFXDJHQWXOUHGXFWRU$G%OXHŠ$G%OXHŠ
8QDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ HVWHFRPSOHWDWFDSDUWHGLQVHUYLFHÌQFRQ
&HQWUXGH6HUYLFH0HUFHGHV%HQ]YDUHVHWD GLĠLLQRUPDOHGHIXQFĠLRQDUHXQUH]HUYRUSOLQ
DILúDMXOLQWHUYDOXOXLGHVHUYLFH$66<673/86
FX$G%OXHŠDUWUHEXLVăILHVXILFLHQWSkQăOD
GXSăHIHFWXDUHDLQWHUYHQĠLLORUvQVHUYLFH
XUPăWRDUHDGDWăVFDGHQWăSHQWUXVHUYLFH
3XWHĠLGHDVHPHQHDVăREĠLQHĠLLQIRUPDĠLL
VXSOLPHQWDUHSULYLQGOXFUăULOHGHvQWUHĠLQHUH ÌQIXQFĠLHGHORFXOúLPRGXOvQFDUHHVWHXWLOL]DW
GHH[HPSOX DXWRYHKLFXOXOSRDWHH[LVWDRFUHúWHUHDFRQ
VXPXOXLGH$G%OXHŠGHWHUPLQkQGRGHFDODUH
&HULQĠHGHVHUYLFHVSHFLDOH DXUPăWRDUHLGDWHVFDGHQWHSHQWUXVHUYLFH
,QWHUYDOXOGHVHUYLFHSUHVFULVLDvQFRQVLGHUDUH $QXPLWHPHVDMHGHSHGLVSOD\LQGLFăIDSWXOFă
IXQFĠLRQDUHDQRUPDOăDDXWRYHKLFXOXOXL,QWHU $G%OXHŠWUHEXLHFRPSOHWDWGHH[
YHQĠLLOHvQVHUYLFHYRUWUHEXLHIHFWXDWHPDLGHV 5HILOO$G%OXHDWZRUNVKRS6HH
GDFăDXWRYHKLFXOXOHVWHXWLOL]DWvQFRQGLĠLLVROL 2ZQHU
V0DQXDO 6ROLFLWDĆLFRPSOHWDњ
FLWDQWHVDXFXVDUFLQLPDULGHH[HPSOX UHDFX$G%OXHODXQDWHOLHUGHVHUњ
=FRQGXFHUHDUHJXODWăvQRUDúFXRSULULLQWHU YLFH&RQVXOWDĆL0DQXDOXOGHXWLOLњ
PHGLDUHIUHFYHQWH ]DUH
=GDFăDXWRYHKLFXOXOHVWHXWLOL]DWvQSULQFLSDO 5HILOO$G%OXHDWZRUNVKRS1RVWDUW
SHQWUXFăOăWRULLOHSHGLVWDQĠHVFXUWH LQNP 6ROLFLWDĆLFRPSOHWDUHDFX
=SHQWUXXWLOL]DUHDIUHFYHQWăSHWHUHQPXQWRV $G%OXHODXQDWHOLHUGHVHUYLFH3RUњ
VDXSHVXSUDIHĠHGHGUXPGHFDOLWDWHLQIH QLUHLPSRVLELOƱQNP
ULRDUă 6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL
=GDFăPRWRUXOHVWHDGHVHDOăVDWODWXUDĠLD ]DUH
GHUDODQWLSHSHULRDGHOXQJL
 &RPSDUWLPHQWPRWRU

1XPDLSXWHĠLSRUQLPRWRUXOGDFăUH]HUYDGH $9(57,60(17
$G%OXHŠDIRVWHSXL]DWă $QXPLWHFRPSRQHQWHGLQFRPSDUWLPHQWXO
=9RODQPXOWLIXQFĠLRQDOFXEXWRDQH PRWRUXOXLDUSXWHDILIRDUWHILHUELQĠLGHH[
3DJLQD PRWRUXOUDGLDWRUXOúLSLHVHDOHVLVWHPXOXLGH
=9RODQPXOWLIXQFĠLRQDOFXEXWRDQH HYDFXDUH([LVWăXQULVFGHUăQLUHODDFFHVDUHD
3DJLQD FRPSDUWLPHQWXOXLPRWRUXOXL
3HFkWSRVLELOOăVDĠLPRWRUXOVăVHUăFHDVFă
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWR
úLDWLQJHĠLQXPDLFRPSRQHQWHOHXUPăWRDUH
UL]DWSHQWUXXPSOHUHDUH]HUYRUXOXLGHDJHQW
GHUHGXFHUH$G%OXHŠÌQFD]FRQWUDUDXWR $9(57,60(17
YHKLFXOXOVHSRDWHGHWHULRUDVDXPXUGăUL
'DFăGHVFKLGHĠLFDSRWDvQWLPSFHPRWRUXOVH
ÌQWUHĠLQHUHúLvQJULMLUH

ÌQDLQWHGHDFăOăWRULFXDXWRYHKLFXOXOGXP VXSUDvQFăO]HúWHVDXvQFD]XOL]EXFQLULLXQXL
QHDYRDVWUăvQDIDUD(XURSHLYHULILFDĠLUH]HU LQFHQGLXvQFRPSDUWLPHQWXOPRWRUXOXLSXWHĠL
YHOHGH$G%OXHŠODXQDWHOLHUGHVSHFLDOLWDWH LQWUDvQFRQWDFWFXJD]HILHUELQĠLVDXFXDOWH
DXWRUL]DW'DFăHVWHQHFHVDUFRPSOHWDĠLFX SURGXVHGHVHUYLFHVFXUVH([LVWăXQSHULFRO
$G%OXHŠÌQDLQWHGHRúHGHUHPDLOXQJăvQ GHUăQLUH
DIDUD(XURSHLFRQVXOWDĠLXQDWHOLHUGHVSHFLD /ăVDĠLPRWRUXOVXSUDvQFăO]LWVăVHUăFHDVFă
OLWDWHDXWRUL]DW vQDLQWHGHDGHVFKLGHFDSRWD'DFăDL]EXFQLW
5HVSHFWDĠLQRWHOHSULYLQG XQXLLQFHQGLXvQFRPSDUWLPHQWXOPRWRUXOXL
$G%OXHŠ 3DJLQD  OăVDĠLFDSRWDvQFKLVăúLvQúWLLQĠDĠLGHWDúDPHQ
0DLPXOWHLQIRUPDĠLLSULYLQGWUDWDUHDXOWH WXOGHSRPSLHUL
ULRDUăDJD]HORUGHHúDSDPHQW%OXH7(&úLSUL
YLQG$G%OXHŠSXWHĠLREĠLQHGHODXQ&HQWUXGH $9(57,60(17
6HUYLFH0HUFHGHV%HQ] ÌQFRPSDUWLPHQWXOPRWRUXOXLH[LVWăSLHVHFDUH
VHPLúFă$QXPLWHFRPSRQHQWHSRWFRQWLQXD
VăIXQFĠLRQH]HFKLDUGDFăFRQWDFWXOHVWH
&RPSDUWLPHQWPRWRU GHFXSODWVDXDUSXWHDUHSRUQLEUXVFGHH[
YHQWLODWRUXOUDGLDWRUXOXL([LVWăXQSHULFROGH
&DSRWă UăQLUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 'DFăWUHEXLHVăDFFHVDĠLFRPSDUWLPHQWXO
PRWRUXOXL
$9(57,60(17 =GHFXSODĠLFRQWDFWXO
2FDSRWăGHEORFDWăVHSRDWHGHVFKLGHvQWLP =QXLQWUDĠLQLFLRGDWăvQFRQWDFWFX]RQDGH
SXOFRQGXFHULLúLYăSRDWHvPSLHGLFDYL]LELOLWD
SHULFRODFRPSRQHQWHORUPRELOHGHH[
WHD([LVWăXQULVFGHDFFLGHQW
]RQDGHURWLUHDYHQWLODWRUXOXL
1XGHEORFDĠLQLFLRGDWăFDSRWDvQWLPSFHFRQ =PHQĠLQHĠLDUWLFROHOHYHVWLPHQWDUHODGLV
GXFHĠL
WDQĠăGHSLHVHOHPRELOH
$9(57,60(17 $9(57,60(17
&kQGHVWHGHVFKLVăúLvQFKLVăFDSRWDSRDWH
6LVWHPXOGHDSULQGHUHúLVLVWHPXOGHLQMHFĠLH
FăGHDEUXVFvQSR]LĠLDGHFDSăW([LVWăXQULVF
DFDUEXUDQWXOXLIXQFĠLRQHD]ăODWHQVLXQH
GHDFFLGHQWSHQWUXSHUVRDQHOHFDUHVHDIOăvQ
vQDOWă'DFăDWLQJHĠLFRPSRQHQWHOHDIODWHVXE
UD]DGHPLúFDUHDFDSRWHL
WHQVLXQHYDĠLSXWHDHOHFWURFXWD([LVWăXQ
'HVFKLGHĠLGLQQRXFDSRWDúLvQFKLGHĠLRQXPDL SHULFROGHUăQLUH
FkQGQXVHDIOăQLPHQLvQUD]DGHPLúFDUH
&RPSDUWLPHQWPRWRU 

1XDWLQJHĠLQLFLRGDWăFRPSRQHQWHOHVLVWHPX
OXLGHDSULQGHUHVDXSHFHOHDOHVLVWHPXOXLGH
LQMHFĠLHDFDUEXUDQWXOXLFkQGFRQWDFWXOHVWH
FXSODW

'HVFKLGHUHDFDSRWHL
$9(57,60(17
ùWHUJăWRDUHOHGHSDUEUL]úLPHFDQLVPXODUWL
FXODWDOúWHUJăWRUXOXLVHSRWSXQHvQPLúFDUH
&kQGFDSRWDHVWHGHVFKLVăGXPQHDYRDVWUă  ÌQWLQGHĠLYăvQVSDĠLXOOLEHUWUDJHĠLPkQHUXO
VDXDOWHSHUVRDQHSXWHĠLILUăQLĠLGHPHFDQLV

ÌQWUHĠLQHUHúLvQJULMLUH
SLHGLFLLFDSRWHLDvQVXVúLULGLFDĠLFDSRWD
PXODUWLFXODWDOúWHUJăWRUXOXL
'DFăULGLFDĠLFDSRWDDSUR[LPDWLYFP
$VLJXUDĠLYăFăúWHUJăWRDUHOHGHSDUEUL]VXQW
FDSRWDHVWHGHVFKLVăúLPHQĠLQXWăGHV
RSULWH6FRDWHĠLFKHLDVDXDVLJXUDĠLYăFăQX
FKLVăDXWRPDWGHDPRUWL]RUXOFXJD]
VDVHOHFWDWQLFLRSR]LĠLHGLQFRQWDFWFX.(<
/(66*27RDWHOăPSLOHLQGLFDWRDUHWUHEXLHVă
ILHVWLQVHvQSDQRXOGHLQVWUXPHQWH ÌQFKLGHUHDFDSRWHL
 &RERUkĠLFDSRWDúLOăVDĠLRVăFDGăGHODR
 $VLJXUDĠLYăFăúWHUJăWRDUHOHGHSDUEUL]
vQăOĠLPHGHDSUR[LPDWLYFP
QXVXQWULGLFDWHÌQFD]FRQWUDUúWHUJăWRD
 9HULILFDĠLGDFăFDSRWDVDDQJUHQDWFRUHV
UHOHVDXFDSRWDPRWRUXOXLSRWILGHWHULRUDWH
SXQ]ăWRU
 $VLJXUDĠLYăFăúWHUJăWRDUHOHGHSDUEUL]
'DFăFDSRWDSRDWHILULGLFDWăXúRUHDQX
VXQWRSULWH HVWHFXSODWăFRUHVSXQ]ăWRU5HGHVFKLGHĠL
RúLvQFKLGHĠLRFXSXĠLQPDLPXOWăIRUĠă

5DGLDWRU
$XWRYHKLFXOHFXPRWRUGLHVHOQXDFRSHULĠL
UDGLDWRUXO1XXWLOL]DĠLL]RODĠLLWHUPLFHPăúWL
GHSURWHFĠLHDQWLLQVHFWHVDXDOWHDUWLFROHVLPL
ODUH$VWIHOSXWHĠLIDFHFDVLVWHPXOGHGLDJ
QRVWLFDUHGHODERUGVăDILúH]HYDORULLQFR
UHFWH8QHOHGLQWUHDFHVWHYDORULVXQWLPSXVH
SULQOHJHúLWUHEXLHvQWRWGHDXQDVăILHFRUHFWH
 7UDJHĠLPDQHWDGHHOLEHUDUHCGHSH
FDSRWă
&DSRWDHVWHHOLEHUDWă 8OHLGHPRWRU
1RWHJHQHUDOHSULYLQGQLYHOXOGHXOHL
ÌQIXQFĠLHGHVWLOXOGXPQHDYRDVWUăGHFRQGX
FHUHDXWRYHKLFXOXOFRQVXPăSkQăODOGH
XOHLODNP&RQVXPXOGHXOHLSRDWHIL
PDLULGLFDWGHFkWDFHDVWăYDORDUHGDFăDXWR
YHKLFXOXOHVWHQRXVDXGDFăFRQGXFHĠLIUHF
YHQWODWXUDĠLLPDULDOHPRWRUXOXL

 &RPSDUWLPHQWPRWRU

ÌQIXQFĠLHGHPRWRUMRMDGHXOHLSRDWHILLQVWD RSULĠLPRWRUXOúLDúWHSWDĠLWLPSGHDSUR[L
ODWăvQWUXQORFGLIHULW PDWLYFLQFLPLQXWH
&kQGYHULILFDĠLQLYHOXOGHXOHL  6FRDWHĠLMRMDGHXOHLCGLQWXEXOMRMHLGH

=SDUFDĠLDXWRYHKLFXOXOSHRVXSUDIDĠăSODQă XOHL
=PRWRUXOWUHEXLHVăILHRSULWDSUR[LPDWLY  ùWHUJHĠLMRMDGHXOHLC

FLQFLPLQXWHGDFăPRWRUXOHVWHODWHPSH  &XOLVDĠLOHQWMRMDGHXOHLCvQWXEXOGHJKL
UDWXUDQRUPDOăGHIXQFĠLRQDUH GDUHSkQăODRSULWRUúLVFRDWHĠLRGLQQRX
=GDFăPRWRUXOQXHVWHODWHPSHUDWXUDQRU 'DFăQLYHOXOVHvQFDGUHD]ăvQWUHPDUFDMXO
PDOăGHIXQFĠLRQDUHGHH[GDFăPRWRUXOD 0,1‡úLPDUFDMXO0$;DQLYHOXOGHXOHL
IRVWSRUQLWGRDUSHQWUXVFXUWWLPSDúWHSWDĠL HVWHFRUHFW
FLUFDGHPLQXWHvQDLQWHGHDHIHFWXD  'DFăQLYHOXOGHXOHLDVFă]XWODQLYHOXOPDU
ÌQWUHĠLQHUHúLvQJULMLUH

PăVXUDUHD FDMXOXL0,1‡VDXVXEDFHVWDFRPSOHWDĠL
FXOLWUXGHXOHLGHPRWRU
9HULILFDUHDQLYHOXOXLGHXOHLFXDMXWRUXO
MRMHLGHXOHL $GăXJDUHDGHXOHLGHPRWRU
$9(57,60(17
'DFăXOHLXOGHPRWRULQWUăvQFRQWDFWFXFRP
SRQHQWHOHvQFLQVHGLQFRPSDUWLPHQWXOPRWR
UXOXLDFHVWDVHSRDWHDSULQGH([LVWăXQULVF
GHLQFHQGLXúLUăQLUH
$VLJXUDĠLYăFăXOHLXOGHPRWRUQXVHUHYDUVă
SHVWHJkWXOGHXPSOHUH/ăVDĠLPRWRUXOVăVH
UăFHDVFăúLvQDLQWHGHDOSRUQLFXUăĠDĠL
WHPHLQLFFRPSRQHQWHOHFDUHDXLQWUDWvQFRQ
WDFWFXXOHLXOGHPRWRU
([HPSOXDXWRYHKLFXOHFXPRWRUSHEHQ]LQă
1RWăSULYLQGSURWHFĠLDPHGLXOXL
&kQGFRPSOHWDĠLFXXOHLDYHĠLJULMăVăQXvO
YăUVDĠL'DFăXOHLXOSăWUXQGHvQVROVDXvQDSă
DFHVWDFRQVWLWXLHXQSHULFROSHQWUXPHGLX

 8WLOL]DĠLQXPDLXOHLXULGHPRWRUúLILOWUHGH
XOHLFDUHVXQWDSUREDWHSHQWUXDXWRYHKL
FXOHFXXQVLVWHPGHVHUYLFH3XWHĠLREĠLQH
ROLVWăDXOHLXULORUGHPRWRUúLDILOWUHORUGH
XOHLWHVWDWHúLDSUREDWHvQFRQIRUPLWDWHFX
VSHFLILFDĠLLOH0HUFHGHV%HQ]SHQWUXSUR
([HPSOXDXWRYHKLFXOHFXPRWRUGLHVHO GXVHGHVHUYLFHGHODRULFH&HQWUXGH6HU
 3DUFDĠLDXWRYHKLFXOXOSHRVXSUDIDĠăSODQă YLFH0HUFHGHV%HQ]
3HQWUXDYHULILFDQLYHOXOGHXOHLFXPRWRUXO
ODWHPSHUDWXUăQRUPDOăGHIXQFĠLRQDUH
&RPSDUWLPHQWPRWRU 

'HWHULRUDUHDPRWRUXOXLVDXDVLVWHPXOXLGH 9HULILFDUHDúLDGăXJDUHDDOWRUSUR
HYDFXDUHHVWHFDX]DWăGHXUPăWRDUHOH GXVHGHVHUYLFH
=XWLOL]DUHDGHXOHLXULGHPRWRUúLILOWUHGH
9HULILFDUHDQLYHOXOXLOLFKLGXOXLGHUăFLUH
XOHLFDUHQXDXIRVWDSUREDWHVSHFLDOSHQ
WUXVLVWHPXOGHVHUYLFH $9(57,60(17
=vQORFXLUHDXOHLXOXLGHPRWRUúLILOWUXOXLGH 6LVWHPXOGHUăFLUHDPRWRUXOXLVHDIOăVXESUH
XOHLGXSăH[SLUDUHDLQWHUYDOXOXLGH VLXQHPDLDOHVGDFăPRWRUXOHVWHFDOG9DĠL
VFKLPEFHUXWGHVLVWHPXOGHVHUYLFH SXWHDRSăULFXOLFKLGXOGHUăFLUHILHUELQWHSXO
=XWLOL]DUHDDGLWLYLORUGHXOHLGHPRWRU YHUL]DWODGHVFKLGHUHDFDSDFXOXL([LVWăXQ
SHULFROGHUăQLUH
 1XDGăXJDĠLSUHDPXOWXOHL'DFăQLYHOXO
XOHLXOXLGHSăúHúWHPDUFDMXOPD[GHSH /ăVDĠLPRWRUXOVăVHUăFHDVFăvQDLQWHGHD

ÌQWUHĠLQHUHúLvQJULMLUH
MRMăVDDGăXJDSUHDPXOWXOHL$FHDVWD GHVFKLGHFDSDFXO3XUWDĠLPăQXúLúLRFKHODUL
SRDWHGXFHODGHWHULRUDUHDPRWRUXOXLVDXD GHSURWHFĠLHFkQGGHVFKLGHĠL5RWLĠLvQFHW
FRQYHUWRUXOXLFDWDOLWLF6ROLFLWDĠLJROLUHD FDSDFXORMXPăWDWHGHURWDĠLHSHQWUXDSHU
VXUSOXVXOXLGHXOHL PLWHSUHVLXQLLVăLDVă

9HULILFDĠLQLYHOXOOLFKLGXOXLGHUăFLUHQXPDL
GDFăDXWRYHKLFXOXOVHDIOăSHRVXSUDIDĠă
SODQăúLPRWRUXOVDUăFLW
 5RWLĠLFKHLDvQSR]LĠLD 3DJLQD vQ
FRPXWDWRUXOGHFRQWDFW
/DDXWRYHKLFXOHOHFX.(</(66*2DSăVDĠL
EXWRQXO6WDUW6WRS 3DJLQD GHGRXă
RUL
 9HULILFDĠLDILúDMXOWHPSHUDWXULLOLFKLGXOXLGH
UăFLUHGLQWDEORXOGHERUG
([HPSOXFDSDFGHXPSOHUHFXXOHLGHPRWRU 7HPSHUDWXUDOLFKLGXOXLGHUăFLUHWUHEXLHVă
 5RWLĠLFDSDFXOCvQVHQVDQWLRUDUúLVFRD VHDIOHVXE‚
WHĠLO
 &RPSOHWDĠLFXXOHLGHPRWRU
'DFăQLYHOXOGHXOHLHVWHODVDXVXEPDUFDMXO
0,1SHMRMDGHXOHLFRPSOHWDĠLFXOLWUX
GHXOHLGHPRWRU
 3XQHĠLODORFEXúRQXOCSHJkWXOGH
XPSOHUHúLURWLĠLvQVHQVRUDU
$VLJXUDĠLYăFăEXúRQXOVHIL[HD]ăIHUPvQ
ORFDú
 9HULILFDĠLGLQQRXQLYHOXOXOHLXOXLFXMRMDGH
XOHL 3DJLQD 
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGXOHLXO
GHPRWRUFRQVXOWDĠL 3DJLQD 


 ÌQJULMLUH

 5RWLĠLOHQWFDSDFXOCFXMXPăWDWHGHURWD
ĠLHvQVHQVDQWLRUDUúLOăVDĠLVXUSOXVXOGH
SUHVLXQHVăVFDSH
 5RWLĠLEXúRQXOCPDLGHSDUWHvQVHQVDQWLR
UDUúLVFRDWHĠLO
'DFăOLFKLGXOGHUăFLUHVHDIOăODQLYHOFX
EDUDGHJUDGDĠLH‡vQJkWXOGHXPSOHUH
FkQGHVWHUHFHYDVXOGHH[SDQVLXQHDOOLFKL
GXOXLGHUăFLUHDFRQĠLQHVXILFLHQWOLFKLG
GHUăFLUH
'DFăQLYHOXOOLFKLGXOXLGHUăFLUHHVWHOD  3HQWUXDGHVFKLGHWUDJHĠLFDSDFXOCvQ
ÌQWUHĠLQHUHúLvQJULMLUH

DSUR[LPDWLYFPGHDVXSUDEDUHLGHJUD VXVGHSURHPLQHQĠă
GDĠLH‡GLQJkWXOGHXPSOHUHFkQGHVWH
 &RPSOHWDĠLFXOLFKLGGHVSăODUHSUHDPHV
FDOGYDVXOGHH[SDQVLXQHDOLFKLGXOXLGH WHFDW
UăFLUHFRQĠLQHVXILFLHQWOLFKLGGHUăFLUHD
 3HQWUXDvQFKLGHDSăVDĠLFDSDFXOCSH
 'DFăVLWXDĠLDRFHUHFRPSOHWDĠLFXOLFKLGGH
JkWXOGHXPSOHUHSkQăFkQGVHFXSOHD]ă
UăFLUHFDUHDIRVWWHVWDWúLDSUREDWGH0HU
FHGHV%HQ] 5H]HUYRUXOGHOLFKLGGHVSăODUHHVWHXWLOL]DWúL
 3XQHĠLODORFFDSDFXOCúLURWLĠLOvQVHQV
SHQWUXVLVWHPXOVSăOăWRUGHSDUEUL]úLSHQWUX
VLVWHPXOGHFXUăĠDUHDIDUXULORU
RUDUSkQăODFDSăW
&DQWLWDWHDPLQLPăUHFRPDQGDWăODFRPSOH
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGOLFKL WDUHHVWHGHOLWUX'DFăOLFKLGXOGHVSăODUH
GXOGHUăFLUHFRQVXOWDĠL 3DJLQD  VFDGHVXEDFHVWQLYHOSHDILúDMXOPXOWLIXQF
ĠLRQDODSDUHXQPHVDMFDUHYăVROLFLWăVă
&RPSOHWDUHDVLVWHPXOXLVSăOăWRUXOXLGH XPSOHĠLUH]HUYRUXOOLFKLGXOXLGHVSăODUH
SDUEUL]VLVWHPXOXLGHFXUăĠDUHDIDUXUL 3DJLQD  DXWRYHKLFXOHFXYRODQPXOWL
ORU IXQFĠLRQDOFXEXWRDQH VDX 3DJLQD
DXWRYHKLFXOHFXYRODQPXOWLIXQFĠLRQDOFX
$9(57,60(17
EXWRDQH 
&RQFHQWUDWXOSHQWUXVSăOăWRUXOGHSDUEUL]
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGOLFKL
HVWHH[WUHPGHLQIODPDELO'DFăLQWUăvQFRQ
GXOVSăOăWRUXOXLGHSDUEUL]DQWLJHO
WDFWFXFRPSRQHQWHOHILHUELQĠLDOHPRWRUXOXL
3DJLQD 
VDXFXVLVWHPXOGHHYDFXDUHDFHVWDVHSRDWH
DSULQGH([LVWăXQULVFGHLQFHQGLXúLUăQLUH
$VLJXUDĠLYăFăQXVDVFXUVFRQFHQWUDWSHQWUX ÌQJULMLUH
VSăOăWRUGHSDUEUL]SHOkQJăJkWXOGHXPSOHUH
1RWHJHQHUDOH
 3HQWUXDYăFXUăĠDDXWRYHKLFXOXOQXXWLOL
]DĠLQLFLXQDGLQWUHXUPăWRDUHOH
=FkUSHXVFDWHDEUD]LYHVDXGXUH
=DJHQĠLGHFXUăĠDUHDEUD]LYL
=VROYHQĠLL
=DJHQĠLGHFXUăĠDUHFXVROYHQĠL

1XIUHFDĠL
ÌQJULMLUH 

1XDWLQJHĠLVXSUDIHĠHOHSHOLFXOHORUGHSUR  'DFăVDDFWLYDW',67521,&3/86VDX
WHFĠLHFXRELHFWHGXUHGHH[RUDFOHWăVDX IXQFĠLD+2/'DXWRYHKLFXOXOIUkQHD]ăDXWR
XQLQHOÌQFD]FRQWUDUDĠLSXWHD]JkULDVDX PDWvQDQXPLWHVLWXDĠLL3HQWUXDSUHYHQL
GHWHULRUDVXSUDIHĠHOHúLSHOLFXODGHSURWHF GHWHULRUDUHDDXWRYHKLFXOXOXLGH]DFWLYDĠL
ĠLH ',67521,&3/86úLIXQFĠLD+2/'vQ
XUPăWRDUHOHVLWXDĠLLVDXvQDOWHVLWXDĠLLVLPL
1RWăSULYLQGSURWHFĠLDPHGLXOXL
ODUH
(OLPLQDĠLDPEDODMHOHJRDOHúLFkUSHOHGH
=FkQGDXWRYHKLFXOXOHVWHWUDFWDW
FXUăĠDUHvQWUXQPRGHFRORJLF
=vQVSăOăWRULDDXWR
 1XSDUFDĠLDXWRYHKLFXOXORSHULRDGăSUH
 $VLJXUDĠLYăFăWUDQVPLVLDDXWRPDWăVH
OXQJLWăGXSăFHODĠLFXUăĠDWPDLDOHVGXSă
DIOăvQSR]LĠLD1FkQGYăVSăODĠLDXWRYHKL

ÌQWUHĠLQHUHúLvQJULMLUH
FHDĠLFXUăĠDWURĠLOHFXDJHQWGHFXUăĠDUH
FXOXOvQWURVSăOăWRULHDXWRFXSXQWH
SHQWUXURĠL$JHQĠLLGHFXUăĠDUHDURĠLORUSRW
UXODQWă$XWRYHKLFXOXOSRDWHVXIHULGHWH
SURYRFDRFRURGDUHPDLLQWHQVăDGLVFXULORU
ULRUăULGDFăWUDQVPLVLDVHDIOăvQDOWăSR]L
GHIUkQăúLDSOăFXĠHORUGHIUkQăJDUQLWXUL
ĠLH
ORUGHIUkQă'LQDFHVWPRWLYWUHEXLHVă
FRQGXFHĠLWLPSGHFkWHYDPLQXWHGXSă  $VLJXUDĠLYăFă
FXUăĠDUH3ULQIUkQDUHGLVFXULOHGHIUkQăúL =JHDPXULOHODWHUDOHúLWUDSDJOLVDQWăVXQW
SOăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăVH vQFKLVHFRPSOHW
vQFLQJXVFkQGXVH$XWRYHKLFXOXOSRDWHIL =YHQWLODWRUXOSHQWUXYHQWLODUHvQFăO]LUH
DSRLSDUFDW HVWHRSULW EXWRQXO2))HVWHDSăVDW 
2vQJULMLUHUHJXODWăDDXWRYHKLFXOXOXLGXPQHD =FRPXWDWRUXOúWHUJăWRDUHORUGHSDUEUL]VH
YRDVWUăHVWHFRQGLĠLDSăVWUăULLFDOLWăĠLLSHWHU DIOăvQSR]LĠLD
PHQOXQJ 9HKLFXOXOSRDWHVXIHULGHWHULRUăULvQFD]
8WLOL]DĠLSURGXVHGHvQJULMLUHúLDJHQĠLGH FRQWUDU
FXUăĠDUHUHFRPDQGDĠLúLDSUREDĠLGH0HUFH
GHV%HQ] 3XWHĠLVSăODDXWRYHKLFXOXOvQWURVSăOăWRULH
DXWRPDWăvQFăGHODEXQvQFHSXW
ÌQGHSăUWDĠLSULQVSăODUHH[FHVXOGHPXUGăULH
ÌQJULMLUHDH[WHULRUXOXL vQDLQWHGHDFXUăĠDDXWRYHKLFXOXOODR
VSăOăWRULHDXWRPDWă
6SăOăWRULHDXWRPDWă 'XSăFHXWLOL]DĠLRVSăOăWRULHDXWRPDWăúWHU
JHĠLFHDUDGHSHSDUEUL]úLGHSHODPHOH
$9(57,60(17
úWHUJăWRDUHORU$VWIHOYHĠLSUHYHQLDSDULĠLD
(ILFLHQĠDODIUkQDUHHVWHUHGXVăGXSăVSăODUHD
XUPHORUúLYHĠLUHGXFH]JRPRWHOHODúWHUJHUH
DXWRYHKLFXOXOXL([LVWăXQULVFGHDFFLGHQW
SURYRFDWHGHUH]LGXXULOHGHSHSDUEUL]
'XSăVSăODUHDDXWRYHKLFXOXOXLIUkQDĠLFXSUX
GHQĠăvQWLPSFHDFRUGDĠLDWHQĠLHFRQGLĠLLORU 6SăODUHPDQXDOă
GLQWUDILFSHQWUXDUHVWDELOLHILFLHQĠDWRWDOăD
IUkQăULL ÌQDQXPLWHĠăULVSăODUHDPDQXDOăHVWHSHU
PLVăQXPDLvQDQXPLWHVSDĠLLGHVSăODUHVSH
FLDOSUHYă]XWH5HVSHFWDĠLFHULQĠHOHOHJDOH
SHQWUXILHFDUHĠDUăvQSDUWH
 1XXWLOL]DĠLDSăILHUELQWHúLQXVSăODĠLDXWR
YHKLFXOXOvQOXPLQDGLUHFWăDVRDUHOXL
 8WLOL]DĠLXQEXUHWHPRDOHSHQWUXFXUăĠDUH


 ÌQJULMLUH

 8WLOL]DĠLXQDJHQWGHFXUăĠDUHQHDJUHVLY 1XRRULHQWDĠLGLUHFWFăWUHXUPăWRDUHOH
FXPDUILXQúDPSRQDXWRDSUREDWGH0HU =SQHXUL
FHGHV%HQ] =VSDĠLLLQWHUPHGLDUHDOHSRUWLHUHORUSDYL
 6SăODĠLELQHDXWRYHKLFXOXOFXXQMHWXúRUGH
OLRQXOXLvPELQăULHWF
DSăGHODIXUWXQ =FRPSRQHQWHOHHOHFWULFH
 1XRULHQWDĠLMHWXOGHDSăFăWUHDGPLVLDDHUX
=EDWHULH
OXL
=FRQHFWRUL
 8WLOL]DĠLDSăGLQDEXQGHQĠăúLFOăWLĠLIUHF
=OXPLQL
YHQWEXUHWHOH
=JDUQLWXUL
 &OăWLĠLDXWRYHKLFXOXOFXDSăFXUDWăúLXVFDĠL
OWHPHLQLFFXREXFDWăGHSLHOH =HOHPHQWHRUQDPHQWDOH
ÌQWUHĠLQHUHúLvQJULMLUH

 1XOăVDĠLDJHQWXOGHFXUăĠDUHVăVHXVXFH =IDQWHGHYHQWLODĠLH
SHYRSVHD *DUQLWXULOHVDXFRPSRQHQWHOHHOHFWULFH
&kQGXWLOL]DĠLDXWRYHKLFXOXOLDUQDvQGHSăUWDĠL GHWHULRUDWHSRWGXFHODVFăSăULVDXGHIHF
WRDWHXUPHOHGHGHSXQHULGHVDUHDQWLGHUD ĠLXQL
SDQWăFXDWHQĠLHúLFkWPDLFXUkQGSRVLELO
&XUăĠDUHDURĠLORU
(FKLSDPHQWGHFXUăĠDUHFXSUHVLXQH  1XXWLOL]DĠLSURGXVHDFLGHSHQWUX
vQDOWă FXUăĠDUHDURĠLORUSHQWUXDHOLPLQDSUDIXOGH
IUkQă$VWIHOSXWHĠLGHWHULRUDúXUXEXULOHGH
$9(57,60(17
URDWăúLFRPSRQHQWHOHGHIUkQDUH
-HWXOGHDSăDOGX]HORUFXMHWFLUFXODUSRDWH
FDX]DGHWHULRUăULFDUHQXVXQWYL]LELOHGLQH[WH  1XSDUFDĠLDXWRYHKLFXOXORSHULRDGăSUH
ULRUODQLYHOXOSQHXULORUVDXFRPSRQHQWHORU OXQJLWăGXSăFHODĠLFXUăĠDWPDLDOHVGXSă
úDVLXOXL&RPSRQHQWHOHGHWHULRUDWHvQDFHVW FHDĠLFXUăĠDWURĠLOHFXDJHQWGHFXUăĠDUH
IHODUSXWHDFHGDSHQHDúWHSWDWH([LVWăXQ SHQWUXURĠL$JHQĠLLGHFXUăĠDUHDURĠLORUSRW
SHULFROGHDFFLGHQW SURYRFDRFRURGDUHPDLLQWHQVăDGLVFXULORU
1XXWLOL]DĠLGLVSR]LWLYHGHFXUăĠDUHODSUHVLXQH GHIUkQăúLDSOăFXĠHORUGHIUkQăJDUQLWXUL
vQDOWăFXGX]HFXMHWFLUFXODUSHQWUXDFXUăĠD ORUGHIUkQă'LQDFHVWPRWLYWUHEXLHVă
DXWRYHKLFXOXO6ROLFLWDĠLLPHGLDWvQORFXLUHD FRQGXFHĠLWLPSGHFkWHYDPLQXWHGXSă
SQHXULORUVDXFRPSRQHQWHORUúDVLXOXLGHWHULR FXUăĠDUH3ULQIUkQDUHGLVFXULOHGHIUkQăúL
UDWH SOăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăVH
vQFLQJXVFkQGXVH$XWRYHKLFXOXOSRDWHIL
 3ăVWUDĠLvQWRWGHDXQDRGLVWDQĠăGHFHO DSRLSDUFDW
SXĠLQFPvQWUHDXWRYHKLFXOúLGX]DGLV
SR]LWLYXOXLGHFXUăĠDUHODSUHVLXQHvQDOWă &XUăĠDUHDYRSVHOHL
,QIRUPDĠLLOHSULYLQGGLVWDQĠDFRUHFWăVXQW
=JkULHWXULOHGHSXQHULOHFRUR]LYH]RQHOHDIHF
GLVSRQLELOHGHODSURGXFăWRUXOHFKLSDPHQ
WDWHGHFRUR]LXQHúLGHWHULRUăULOHSURYRFDWH
WXOXL
SULQvQJULMLUHLQFRUHFWăQXSRWILvQWRWGHDXQD
'HSODVDĠLGX]DGLVSR]LWLYXOXLGHFXUăĠDUHOD UHPHGLDWHFRPSOHWÌQDVHPHQHDFD]XULPHU
SUHVLXQHvQDOWăvQWLPSFHFXUăĠDĠLDXWRYH JHĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
KLFXOXOGXPQHDYRDVWUă
ÌQJULMLUH 

 (OLPLQDĠLLPHGLDWLPSXULWăĠLOHGDFăHVWH  1XXWLOL]DĠLDJHQWGHFXUăĠDUHSHQWUXYRS
SRVLELOHYLWkQGVăIUHFDĠLSUHDSXWHUQLF VHDSURGXVHGHOXVWUXLUHVDXSROLúDUHVDX
 ÌPELEDĠLUHVWXULOHGHLQVHFWHFXDJHQWGH DJHQWGHSăVWUDUHDDVSHFWXOXLOXFLRVGH
HOLPLQDUHDLQVHFWHORUúLFOăWLĠL]RQHOHWUD H[FHDUă$FHVWHSURGXVHVXQWDGHFYDWH
WDWHXOWHULRU QXPDLSHQWUXVXSUDIHĠHIRDUWHOXFLRDVH
 ÌPELEDĠLGHMHFĠLLOHGHODSăVăULFXDSăúL 8WLOL]DUHDORUODDXWRYHKLFXOHOHFXILQLVDM
FOăWLĠL]RQHOHWUDWDWHXOWHULRU PDWGXFHODGHWHULRUDUHDVHPQLILFDWLYăD
VXSUDIHĠHL ]RQHFXSHWHOXFLRDVH 
 ÌQGHSăUWDĠLOLFKLGXOGHUăFLUHOLFKLGXOGH
IUkQăUăúLQDGHFRSDFXOHLXULOHFDUEXUDQĠLL 6ROLFLWDĠLvQWRWGHDXQDHIHFWXDUHDUHSDUDĠLL
úLXQVRULOHIUHFkQGXúRUFXRFkUSăvPELEDWă ORUSULYLQGYRSVHDXDODXQDWHOLHUGHVSH
vQHWHUGHSHWUROVDXOLFKLGGHvQFăUFDWEUL FLDOLWDWHDXWRUL]DW
FKHWD

ÌQWUHĠLQHUHúLvQJULMLUH
 1XXWLOL]DĠLVXEQLFLRIRUPăSURJUDPHGH
 8WLOL]DĠLDJHQWGHHOLPLQDUHDJXGURQXOXL VSăODUHFXWUDWDPHQWFXFHDUăILHUELQWH
SHQWUXDVFRDWHSHWHOHGHJXGURQ
G (VWHGHSUHIHUDWFDDXWRYHKLFXOXOVăILH
 8WLOL]DĠLDJHQWGHHOLPLQDUHDVLOLFRQXOXL
VSăODWPDQXDOFXDMXWRUXOXQXLEXUHWH
SHQWUXDVFRDWHFHDUD PRDOHDXQXLúDPSRQDXWRúLDSăGLQDEXQ
 1XOLSLĠL GHQĠă
=HWLFKHWHDXWRFRODQWH G 8WLOL]DĠLQXPDLDJHQĠLGHvQGHSăUWDUHD
=SHOLFXOH LQVHFWHORUúLúDPSRQDXWRGLQJDPDGHSUR
GXVHGHvQJULMLUHUHFRPDQGDWHúLDSUREDWH
=SOăFLPDJQHWLFHVDXHOHPHQWHVLPLODUH
GH0HUFHGHV%HQ]
SHVXSUDIHĠHOHYRSVLWHÌQFD]FRQWUDU
SXWHĠLGHWHULRUDYRSVHDXD &XUăĠDUHDJHDPXULORU
ÌQJULMLUHDúLWUDWDUHDYRSVHOHLPDWH $9(57,60(17
'DFăúWHUJăWRDUHOHGHSDUEUL]VXQWSXVHvQ
'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăDUHXQ
PLúFDUHFkQGFXUăĠDĠLSDUEUL]XOVDXODPHOH
ILQLVDMPDWUHVSHFWDĠLXUPăWRDUHOHLQVWUXF
úWHUJăWRDUHORUDĠLSXWHDUăPkQHSULQV([LVWă
ĠLXQLSHQWUXDHYLWDGHWHULRUDUHDYRSVHOHLvQ
XQSHULFROGHUăQLUH
XUPDXQHLvQJULMLULLQFRUHFWH
2SULĠLvQWRWGHDXQDúWHUJăWRDUHOHGHSDUEUL]úL
$FHVWHQRWHVHDSOLFăúLODURĠLOHGLQDOLDMXúRU
GHFXSODĠLFRQWDFWXOvQDLQWHGHDFXUăĠDSDU
FXXQILQLVDMPDWFODU
EUL]XOVDXODPHOHúWHUJăWRDUHORU
 1XSROLúDĠLQLFLRGDWăDXWRYHKLFXOXOVDX
MDQWHOHGLQDOLDMXúRU3ROLúDUHDYDIDFHFD  ([WLQGHĠLúWHUJăWRDUHOHGHSDUEUL]IDĠăGH
YRSVHDXDVăVWUăOXFHDVFă SDUEUL]GRDUFkQGVXQWYHUWLFDOHÌQFD]FRQ
WUDUYHĠLGHWHULRUDFDSRWD
 8UPăWRDUHOHSRWIDFHFDYRSVHDXDVă
VWUăOXFHDVFăUHGXFkQGHIHFWXOGHPDWL  1XXWLOL]DĠLFkUSHXVFDWHSURGXVHDEUD
VDUH ]LYHVDXDJHQĠLGHFXUăĠDUHFDUHFRQĠLQVRO
=)UHFDUHDSXWHUQLFăFXPDWHULDOHLQDGHF YHQĠLSHQWUXDFXUăĠDLQWHULRUXOJHDPXULORU
YDWH 1XDWLQJHĠLLQWHULRUXOJHDPXULORUFXRELHFWH
GXUHGHH[RUDFOHWăVDXXQLQHOÌQFD]
=8WLOL]DUHDIUHFYHQWăDVSăOăWRULLORUDXWR
FRQWUDUH[LVWăULVFXOGHWHULRUăULLJHDPXUL
=6SăODUHDDXWRYHKLFXOXOXLvQOXPLQăVRODUă
ORU
GLUHFWă
 &XUăĠDĠLFDQDOHOHGHVFXUJHUHDDSHLGLQ
SDUEUL]úLOXQHWăODLQWHUYDOHUHJXODWH'HSX


 ÌQJULMLUH

QHULOHGHIUXQ]HSHWDOHúLSROHQSRWvQDQX &XUăĠDUHDLOXPLQăULLH[WHULRDUH
PLWHVLWXDĠLLVăvPSLHGLFHVFXUJHUHDDSHL
 8WLOL]DĠLGRDUDJHQĠLGHFXUăĠDUHVDXODYHWH
$FHDVWDSRDWHGXFHODFRURGDUHDúLGHWH
DGHFYDWHSHQWUXOHQWLOHGLQSODVWLF3URGX
ULRUDUHDFRPSRQHQWHORUHOHFWURQLFH
VHOHQHSRWULYLWHSRW]JkULDVDXGHWHULRUD
 &XUăĠDĠLLQWHULRUXOúLH[WHULRUXOJHDPXULORU OHQWLOHOHGLQSODVWLFDOHOXPLQLORUH[WHULRDUH
FXRFkUSăXPHGăúLFXXQDJHQWGH
 &XUăĠDĠLOHQWLOHOHGLQSODVWLFDOHLOXPLQăULL
FXUăĠDUHUHFRPDQGDWúLDSUREDWGH0HUFH
H[WHULRDUHFXXQEXUHWHXPHGúLFXXQDJHQW
GHV%HQ]
GHFXUăĠDUHQHDJUHVLYGHH[úDPSRQDXWR
0HUFHGHV%HQ]6DXFXUăĠDĠLLOXPLQDUHD
&XUăĠDUHDODPHORUúWHUJăWRDUHORU H[WHULRDUăFXODYHWHGHFXUăĠDUH
$9(57,60(17
ÌQWUHĠLQHUHúLvQJULMLUH

'DFăúWHUJăWRDUHOHGHSDUEUL]VXQWSXVHvQ &XUăĠDUHVHPQDOL]DWRUGHGLUHFĠLHSH
PLúFDUHFkQGFXUăĠDĠLSDUEUL]XOVDXODPHOH RJOLQGă
úWHUJăWRDUHORUDĠLSXWHDUăPkQHSULQV([LVWă  8WLOL]DĠLQXPDLDJHQĠLGHFXUăĠDUHVDX
XQSHULFROGHUăQLUH ODYHWHGHFXUăĠDUHFDUHVXQWFRUHV
2SULĠLvQWRWGHDXQDúWHUJăWRDUHOHGHSDUEUL]úL SXQ]ăWRDUHSHQWUXOHQWLOHGLQSODVWLF$JHQ
GHFXSODĠLFRQWDFWXOvQDLQWHGHDFXUăĠDSDU ĠLLGHFXUăĠDUHVDXODYHWHOHGHFXUăĠDUHFDUH
EUL]XOVDXODPHOHúWHUJăWRDUHORU VXQWQHFRUHVSXQ]ăWRDUHDUSXWHD]JkULD
VDXGHWHULRUDOHQWLOHOHGLQSODVWLFDOHVHP
 ([WLQGHĠLúWHUJăWRDUHOHGHSDUEUL]IDĠăGH QDOL]DWRDUHORUGHGLUHFĠLHDOHRJOLQ]LL
SDUEUL]GRDUFkQGVXQWYHUWLFDOHÌQFD]FRQ
 &XUăĠDĠLOHQWLOHOHGLQSODVWLFDOHVHPQDOL]D
WUDUYHĠLGHWHULRUDFDSRWD
WRDUHORUGHGLUHFĠLHGLQRJOLQGăFXDMXWRUXO
 1XWUDJHĠLGHODPDúWHUJăWRUXOXLÌQFD] XQXLEXUHWHXPHGúLDOXQXODJHQWGH
FRQWUDUODPDúWHUJăWRUXOXLSRDWHVXIHUL FXUăĠDUHQHDJUHVLYGHH[úDPSRQDXWR
GHWHULRUăUL 0HUFHGHV%HQ]'HDVHPHQHDSXWHĠLXWL
 1XFXUăĠDĠLODPHOHúWHUJăWRDUHORUSUHD OL]DODYHWHGHFXUăĠDUH
GHVúLQXOHIUHFDĠLSUHDSXWHUQLFÌQFD]
FRQWUDUVWUDWXOGHJUDILWSRDWHVXIHULGHWH &XUăĠDUHDVHQ]RULORU
ULRUăUL$FHDVWDSRDWHGXFHODDSDULĠLDXQRU  ÌQFD]XOvQFDUHFXUăĠDĠLVHQ]RULLFXXQGLV
]JRPRWHGHODúWHUJăWRDUH SR]LWLYGHFXUăĠDUHODSUHVLXQHvQDOWăDVL
 ğLQHĠLEUDĠXOúWHUJăWRUXOXLIHUPFkQGvO JXUDĠLYăFăPHQĠLQHĠLRGLVWDQĠăGHFHO
UDEDWDĠLvQDSRL3DUEUL]XOSRDWHVXIHULGHWH SXĠLQFPvQWUHDXWRYHKLFXOúLGX]DGLV
ULRUăULGDFăEUDĠXOúWHUJăWRUXOXLVHORYHúWH SR]LWLYXOXLGHFXUăĠDUHODSUHVLXQHvQDOWă
EUXVFGHHO ,QIRUPDĠLLOHSULYLQGGLVWDQĠDFRUHFWăVXQW
 ([WLQGHĠLúLvQGHSăUWDĠLGHSHSDUEUL]EUDĠHOH
GLVSRQLELOHGHODSURGXFăWRUXOHFKLSDPHQ
WXOXL
úWHUJăWRDUHORUGHSDUEUL]
 &XUăĠDĠLODPHOHúWHUJăWRDUHORUFXDWHQĠLH
FXDMXWRUXOXQHLFkUSHXPHGH
 5DEDWDĠLúWHUJăWRDUHOHGHSDUEUL]vQDSRLGLQ
QRXvQDLQWHGHDFXSODFRQWDFWXO
ÌQJULMLUH 

VXSUDIDĠDVăUXJLQHDVFăvQSXQFWHÌLSXWHĠL
UHGDOXFLXOLQLĠLDOĠHYLLGHHúDSDPHQWGDFăR
FXUăĠDĠLUHJXODWPDLDOHVLDUQDúLGXSă
VSăODUH
 &XUăĠDĠLĠHYLOHGHHúDSDPHQWFXXQSURGXV
GHvQJULMLUHDFURPXOXLWHVWDWúLDSUREDWGH
0HUFHGHV%HQ]

&XUăĠDUHDFkUOLJXOXLGHWUDFWDUHD
UHPRUFLL
1RWăSULYLQGSURWHFĠLDPHGLXOXL

ÌQWUHĠLQHUHúLvQJULMLUH
(OLPLQDĠLKDLQHOHXOHLRDVHúLFXXQVRDUHvQWU
XQPRGHFRORJLF

 1XFXUăĠDĠLFXSODVIHULFăFXXQGLVSR]LWLY
 &XUăĠDĠLVHQ]RULLCVLVWHPXOXLGHDVLVWDUH GHFXUăĠDUHODSUHVLXQHvQDOWă1XXWLOL]DĠL
DFRQGXFHULLFXDSăúDPSRQDXWRúLRFkUSă VROYHQĠL
PRDOH
 5HVSHFWDĠLQRWDSULYLQGvQJULMLUHDRIHULWă
GHSURGXFăWRUXOUHPRUFLL
&XUăĠDUHFDPHUăGHPHUVvQDSRL
&XSODVIHULFăWUHEXLHVăILHFXUăĠDWăGDFăVH
 1XFXUăĠDĠLOHQWLODFDPHUHLúL]RQDGLQ PXUGăUHúWHVDXVHFRURGHD]ă
MXUXOFDPHUHLGHPHUVvQDSRLFXXQGLVSR  ÌQGHSăUWDĠLUXJLQDGHSHELODFXSOHLVIHULFH
]LWLYGHFXUăĠDUHODSUHVLXQHvQDOWă GHH[FXRSHULHGHVkUPă
 ÌQGHSăUWDĠLPXUGăULDFXRODYHWăFXUDWă
IăUăVFDPHVDXFXRSHULH

 8WLOL]DĠLDSăFXUDWăúLRODYHWăPRDOHSHQWUX
DFXUăĠDOHQWLODFDPHUHLC
C &XSOăVIHULFă
&XUăĠDUHDĠHYLORUGHHúDSDPHQW D %LOHGHEORFDUH
 1XFXUăĠDĠLĠHDYDGHHúDSDPHQWFXDJHQĠL ‡ ùWLIWGHJKLGDUH
GHFXUăĠDUHSHED]ăGHDFLGFXPDUILVROX … )HĠHGHJKLGDUH
ĠLLOHGHFXUăĠDUHVDQLWDUHVDXVROXĠLLOHGH ƒ 0DQHWăGHHOLEHUDUH
FXUăĠDUHURĠL
„ 5RDWDGHUHJODUH
,PSXULWăĠLOHvQFRPELQDĠLHFXHIHFWHOHSLHWUL
úXOXLúLIDFWRULDPELDQĠLFRUR]LYLSRWIDFHFD


 ÌQJULMLUH

 8QJHĠLXúRUFXXOHLVDXXQVRDUHSR]L 1XXWLOL]DĠLSURGXVHGHvQJULMLUHúLDJHQĠLGH
ĠLLOHCSkQăOD„úLORFDúXOFXSOHLVIHULFH FXUăĠDUHFDUHFRQĠLQVROYHQĠLSHQWUXDFXUăĠD
DDXWRYHKLFXOXOXLGXSăFXUăĠDUH ORFXOúRIHUXOXL
 7UDWDĠLvQFXLHWRDUHDGLQURDWDGHUHJODUH
„FXXQXOHLIăUăDFLGúLIăUăUăúLQL  1XSULQGHĠLXUPăWRDUHOHSHVXSUDIHĠHOH
GLQSODVWLF
 9HULILFDĠLGDFăFkUOLJXOGHWUDFWDUHDUHPRU
FLLDXWRYHKLFXOXOXLIXQFĠLRQHD]ăFRUHV =HWLFKHWHDXWRFRODQWH
SXQ]ăWRU =SHOLFXOH
=UHFLSLHQWHFXXOHLDURPDWLFVDXDUWLFROH
G 3XWHĠLGHDVHPHQHDVăVROLFLWDĠLHIHFWXD
VLPLODUH
UHDRSHUDĠLLORUGHvQWUHĠLQHUHDVXSUDFXSOHL
VIHULFHúLDVXSUDFkUOLJXOXLGHWUDFWDUHD ÌQFD]FRQWUDUSXWHĠLGHWHULRUDSODVWLFXO
ÌQWUHĠLQHUHúLvQJULMLUH

UHPRUFLLODXQDWHOLHUGHVSHFLDOLWDWHDXWR  1XSHUPLWHĠLFRVPHWLFHORUVROXĠLLORU
UL]DW DQWLLQVHFWHVDXORĠLXQLORUVRODUHVăLQWUHvQ
FRQWDFWFXRUQDPHQWXOGLQSODVWLF$FHVWD
PHQĠLQHDVSHFWXOGHvQDOWăFDOLWDWHDOVXSUD
ÌQJULMLUHLQWHULRU IHĠHORU
&XUăĠDUHDGLVSOD\XOXL  ùWHUJHĠLRUQDPHQWXOGLQSODVWLFFXRODYHWă
IăUăVFDPHXPH]LWăGHH[FXRODYHWăGLQ
 1XFXUăĠDĠLQLFLRGDWăGLVSOD\XOFXSUR PLFURILEUH
GXVHSUHFXP
 0XUGăULHDEXQGHQWăXWLOL]DĠLSURGXVHGH
=GLOXDQĠLFDUHFRQĠLQDOFRROVDXEHQ]LQă
vQJULMLUHúLFXUăĠDUHDXWRUHFRPDQGDWHúL
=DJHQĠLGHFXUăĠDUHDEUD]LYL DSUREDWHGH0HUFHGHV%HQ]
=GHWHUJHQĠLFDVQLFLGLVSRQLELOLvQFRPHUĠ 6XSUDIDĠDvúLSRDWHPRGLILFDFXORDUHDWHP
$FHúWLDSRWGHWHULRUDVXSUDIDĠDGLVSOD\ SRUDU$úWHSWDĠLFDVXSUDIDĠDVăVHXVXFH
XOXL1XDSăVDĠLSHVXSUDIDĠDGLVSOD\XOXLvQ GLQQRX
WLPSFHvOFXUăĠDĠLÌQFD]FRQWUDUGLVSOD\XO
SRDWHILGHWHULRUDWvQPRGLUHPHGLDELO &XUăĠDUHDYRODQXOXLúLVFKLPEăWRUXOXL
 ÌQDLQWHGHFXUăĠDUHDDILúDMXOXLDVLJXUDĠLYă
VDXPDQHWHLVHOHFWRDUHGHYLWH]H
FăHVWHRSULWúLFăVDUăFLW  ùWHUJHĠLELQHFXRODYHWăXPHGăVDXXWLOL]DĠL
 &XUăĠDĠLVXSUDIDĠDDILúDMXOXLFXODYHWăGLQ DJHQĠLGHvQJULMLUHDSLHOLLFDUHDXIRVWUHFR
PLFURILEUHGLVSRQLELOăvQPDJD]LQHúLFXR PDQGDĠLúLDSUREDĠLGH0HUFHGHV%HQ]
VROXĠLHGHFXUăĠDWDILúDMH7)7/&'
 8VFDĠLVXSUDIDĠDDILúDMXOXLFXRODYHWă &XUăĠDUHDRUQDPHQWHORUGHOHPQúLD
XVFDWăGLQPLFURILEUH HOHPHQWHORURUQDPHQWDOH
 1XXWLOL]DĠLDJHQĠLGHFXUăĠDUHSHED]ăGH
&XUăĠDUHDRUQDPHQWXOXLGLQSODVWLF VROYHQĠLSUHFXPDJHQĠLLGHHOLPLQDUHD
$9(57,60(17 JXGURQXOXLDJHQĠLLGHFXUăĠDUHDURĠLORU
VXEVWDQĠHGHSROLúDWVDXFHDUăÌQFD]FRQ
3URGXVHOHGHvQJULMLUHúLDJHQĠLLGHFXUăĠDUH
WUDUH[LVWăULVFXOGHWHULRUăULLVXSUDIHĠHL
FDUHFRQĠLQVROYHQĠLSRWIDFHFDVXSUDIHĠHOHGH
SHORFXOúRIHUXOXLVăGHYLQăSRURDVH$FHDVWD
SRDWHGXFHODGHVSULQGHUHDSLHVHORUGLQSODV
WLFRGDWăFXGHFODQúDUHDDLUEDJXULORU([LVWă
XQSHULFROGHUăQLUH
ÌQJULMLUH 

 ùWHUJHĠLRUQDPHQWXOGHOHPQúLHOHPHQWHOH +XVHGHVFDXQHGLQDOWHPDWHULDOH
RUQDPHQWDOHFXRODYHWăIăUăVFDPHXPH  5HVSHFWDĠLXUPăWRDUHOHODFXUăĠDUH
]LWăGHH[FXRODYHWăGLQPLFURILEUH
=&XUăĠDĠLKXVHOHGLQSLHOHDUWLILFLDOăFXR
 0XUGăULHDEXQGHQWăXWLOL]DĠLSURGXVHGH
ODYHWăXPH]LWăFXRVROXĠLHFHFRQĠLQH
vQJULMLUHúLFXUăĠDUHDXWRUHFRPDQGDWHúL GHWHUJHQW GHH[OLFKLGGHVSăODUH 
DSUREDWHGH0HUFHGHV%HQ]
=&XUăĠDĠLKXVHOHGLQĠHVăWXUăFXRODYHWă
GLQPLFURILEUHXPH]LWăFXRVROXĠLHFH
&XUăĠDUHDKXVHORUVFDXQHORU FRQĠLQHGHWHUJHQW GHH[OLFKLGGH
VSăODUH )UHFDĠLFXDWHQĠLHúLúWHUJHĠL
1RWHJHQHUDOH
vQWRWGHDXQDVHFĠLXQLvQWUHJLDOHVFDXQXOXL
 1XXWLOL]DĠLODYHWHFXPLFURILEUHSHQWUXD SHQWUXDHYLWDVăOăVDĠLXUPHYL]LELOH
FXUăĠDSLHOHDQDWXUDOăFHDDUWLILFLDOăVDX

ÌQWUHĠLQHUHúLvQJULMLUH
/ăVDĠLVFDXQXOVăVHXVXFHDSRL5H]XO
KXVHOH$OFDQWDUDŠ'DFăOHXWLOL]DĠLIUHF WDWHOHFXUăĠăULLGHSLQGGHWLSXOGHLPSX
YHQWDFHVWHDSRWGHWHULRUDWDSLĠHULD ULWăĠLúLGHFkWWLPSDXUăPDVvQORFXOUHV
G 5HĠLQHĠLFăvQJULMLUHDUHJXODWăHVWHHVHQ SHFWLY
ĠLDOăSHQWUXDYăDVLJXUDFăDVSHFWXOúLFRQ =&XUăĠDĠLKXVHOH$OFDQWDUDŠFXRODYHWă
IRUWXOKXVHORUVXQWPHQĠLQXWHvQWLPS XPHGă$VLJXUDĠLYăFăúWHUJHĠLSHVWHWRW
VHFĠLXQLOHGHVFDXQSHQWUXDQXOăVDOLQLL
+XVHGHVFDXQHGLQSLHOHQDWXUDOă YL]LELOH
3LHOHDHVWHXQSURGXVQDWXUDO
6XSUDIDĠDVDDUHSURSULHWăĠLQDWXUDOHGHH[ &XUăĠDUHDFHQWXULORUGHVLJXUDQĠă
=VWUXFWXUăQHXQLIRUPă
=XUPHFDX]DWHGHFUHúWHUHúLUăQLUH
$9(57,60(17
&HQWXULOHGHVLJXUDQĠăSRWILVOăELWHPXOWGDFă
=GLIHUHQĠHVXEWLOHGHFXORDUH
VXQWGHFRORUDWHVDXFRORUDWH$FHDVWDSRDWH
$FHVWHDVXQWFDUDFWHULVWLFLDOHSLHOLLúLQX GXFHGHH[HPSOXODUXSHUHDVDXFHGDUHD
UHSUH]LQWăGHIHFWHGHPDWHULDO FHQWXULORUGHVLJXUDQĠăvQWUXQDFFLGHQW
 3HQWUXDSăVWUDDVSHFWXOQDWXUDODOSLHOLL ([LVWăXQULVFFUHVFXWGHUăQLUHFKLDUúLIDWDOă
UHVSHFWDĠLXUPăWRDUHOHLQVWUXFĠLXQLGH 1XGHFRORUDĠLVDXFRORUDĠLQLFLRGDWăFHQWXULOH
FXUăĠDUH GHVLJXUDQĠă
=&XUăĠDĠLFXJULMăKXVHOHGLQSLHOHQDWXUDOă
 1XFXUăĠDĠLFHQWXULOHGHVLJXUDQĠăFXDMX
FXRODYHWăXPHGăúLDSRLúWHUJHĠLKXVHOH WRUXODJHQĠLORUGHFXUăĠDUHFKLPLFL1X
FXRODYHWăXVFDWă XVFDĠLFHQWXULOHGHVLJXUDQĠăODWHPSHUDWXUL
=$VLJXUDĠLYăFăSLHOHDQXVHvPELEăFX
GHSHVWH‚VDXSULQH[SXQHUHGLUHFWăOD
DSăÌQFD]FRQWUDUDFHDVWDVHYDvQWăUL VRDUH
úLVHYDUXSH
 8WLOL]DĠLDSăFXUDWăFăOGXĠăúLVROXĠLHFX
=8WLOL]DĠLGRDUDJHQĠLGHFXUăĠDUHDSLHOLL
VăSXQ
FDUHDXIRVWWHVWDĠLúLDSUREDĠLGH0HUFH
GHV%HQ]3XWHĠLVăDFKL]LĠLRQDĠLDFHVWH
SURGXVHGHODXQDWHOLHUGHVSHFLDOLWDWH &XUăĠDUHDFăSWXúHOLLSDYLOLRQXOXLúLD
DXWRUL]DW PRFKHWHORU
 &ăSWXúHDOăSDYLOLRQGDFăHVWHIRDUWH
PXUGDUăIRORVLĠLRSHULHPRDOHVDXXQ
DJHQWGHFXUăĠDUHUHFRPDQGDWúLDSUREDW
GH0HUFHGHV%HQ]


 ÌQJULMLUH

 0RFKHWHXWLOL]DĠLDJHQĠLLGHFXUăĠDUHSHQ
WUXPRFKHWHúLWH[WLOHUHFRPDQGDĠLúLDSUR
EDĠLGH0HUFHGHV%HQ]
ÌQWUHĠLQHUHúLvQJULMLUH


,QIRUPDĠLLXWLOH 
8QGHJăVHVF" 
3DQăGHSQHX 
%DWHULH DXWRYHKLFXO  
3RUQLUHIRUĠDWă 
7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH 
6LJXUDQĠHHOHFWULFH 

$VLVWHQĠăvQFD]GHSDQă
 8QGHJăVHVF"

,QIRUPDĠLLXWLOH  6FRDWHĠLWULXQJKLXOGHDYHUWL]DUHD

G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH 0RQWDUHDWULXQJKLXOXLGHDYHUWL]DUH
PRGHOHOHVHULLOHúLHFKLSDPHQWXORSĠLRQDO
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUăFDUH
HUDXGLVSRQLELOHvQPRPHQWXOWLSăULULL
PDQXDOXOXL6XQWSRVLELOHYDULDĠLLQDĠLRQDOH
5HĠLQHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOVă
QXILHHFKLSDWFXWRDWHIXQFĠLLOHGHVFULVH
$FHVWOXFUXHVWHYDODELOúLSHQWUXVLVWHPHOH
úLIXQFĠLLOHUHIHULWRDUHODVLJXUDQĠă
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
$VLVWHQĠăvQFD]GHSDQă

FLDOLWDWHDXWRUL]DWH 3DJLQD 

 3OLDĠLSLFLRDUHOH‡vQMRVúLvQODWHUDO
8QGHJăVHVF"  7UDJHĠLODWXULOHUHIOHFWRUL]DQWHDvQVXV

7ULXQJKLGHDYHUWL]DUH SHQWUXDIRUPDXQWULXQJKLúLEORFDĠLOHvQ
SDUWHDVXSHULRDUăFXDMXWRUXOFDSVHLC
6FRDWHUHDWULXQJKLXOXLGHDYHUWL]DUH
 'HVFKLGHĠLKD\RQXO
7UXVăGHSULPDMXWRU
 'HVFKLGHĠLKD\RQXO

 5RWLĠLEXWRQXOURWDWLYODCƒvQGLUHFĠLD
VăJHĠLLúLUDEDWDĠLSDQRXORUQDPHQWDOODWH
UDOvQMRV  6FRDWHĠLWUXVDGHSULPDMXWRUCGLQSODVD
GHGHSR]LWDUH
G 9HULILFDĠLGDWDGHH[SLUDUHGHSHWUXVDGH
SULPDMXWRUFHOSXĠLQRGDWăSHDQÌQORFXLĠL
FRQĠLQXWXOGDFăHVWHQHFHVDUúLRULFHHOH
PHQWFDUHOLSVHúWH

6WLQJăWRU
([WLQFWRUXOVHDIOăVXESDUWHDGLQIDĠăDVFDX
QXOXLúRIHUXOXL
8QGHJăVHVF" 

 3HQWUXDVFRDWHWăYLĠDGHGHSR]LWDUH
FDSDFXOGLQSRUWEDJDMULGLFDĠLSODQúHXO
SRUWEDJDMXOXL 3DJLQD 

 7UDJHĠLSOăFXĠDCvQVXV
 6FRDWHĠLH[WLQFWRUXOD

$VLVWHQĠăvQFD]GHSDQă
G 6ROLFLWDĠLXPSOHUHDH[WLQFWRUXOXLGXSăILH ([HPSOXDXWRYHKLFXOIăUăIXQFĠLHVWDUWVWRS(&2
FDUHXWLOL]DUHúLYHULILFDUHDVDRGDWăODXQX
VDXGRLDQLÌQFD]FRQWUDUDFHVWDVHSRDWH
 6FRDWHĠLWăYLĠDGHGHSR]LWDUHCvQGLUHFĠLD
GHIHFWDODXUJHQĠH VăJHĠLL DXWRYHKLFXOIăUăIXQFĠLDVWDUWVWRS
(&2 
5HVSHFWDĠLFHULQĠHOHOHJDOHSHQWUXILHFDUH
 6FRDWHĠLFDSDFXODvQGLUHFĠLDVăJHĠLL
ĠDUăvQSDUWH
 $XWRYHKLFXOHFXRWUXVă7,5(),7ULGLFDĠL
SODQúHXOSRUWEDJDMXOXL 3DJLQD 
7UXVăGHVFXOHDDXWRYHKLFXOXOXL  ÌQGHSăUWDĠLWăYLĠDGHGHSR]LWDUHC DXWR
7UXVDGHVFXOHDDXWRYHKLFXOXOXLVHJăVHúWHvQ YHKLFXOIăUăIXQFĠLDVWDUWVWRS(&2 úL
VSDĠLXOGHGHSR]LWDUHGHVXESODQúHXOSRUWED FDSDFXOD
JDMXOXL
 8WLOL]DĠLWUXVD7,5(),7 3DJLQD 
G ([FHSWkQGXQHOHYDULDQWHVSHFLILFHXQRU
ĠăULDXWRYHKLFXOHOHQXDXvQGRWDUHVFXOHGH
VFKLPEDUHDSQHXOXL$QXPLWHVFXOHSHQWUX
VFKLPEDUHDXQHLURĠLVXQWVSHFLILFHDXWR
YHKLFXOXOXL3HQWUXLQIRUPDĠLLVXSOLPHQWDUH
SULYLQGVFXOHOHFDUHVXQWQHFHVDUHSHQWUXD
VFKLPEDRURDWăODDXWRYHKLFXOXOGXPQHD
YRDVWUăFRQVXOWDĠLXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW
3ULQWUHVFXOHOHQHFHVDUHSHQWUXVFKLPED
UHDXQXLSQHXVDUSXWHDQXPăUDGHH[HP
SOX ‡ &DOăGHURDWăSOLDQWă
=&ULF … &KHLHGHURDWă
=&DOăGHURDW㠃 2FKLGHWUDFWDUH
=&KHLHGHURDW㠄 &ULF
=&KHLHLQHODUăFXFOLFKHW k 7DEHOGHDORFDUHDVLJXUDQĠHORU
=ùWLIWGHFHQWUDUH l 2SHUHFKHGHPăQXúL
m &KHLHLQHODUăFXFOLFKHW
 3DQăGHSQHX

n &RPSUHVRUGHXPIODUHDSQHXULORU  2SULĠLDXWRYHKLFXOXOFkWPDLGHSDUWHSRVLELO
o 5HFLSLHQWXOFXSDVWăGHHWDQúDUHSHQWUX GHWUDILFSHWHUHQVROLGQHDOXQHFRVúLQLYH
SQHXUL vQVSDWHOHSDQRXOXLRUQDPHQWDO ODW
ODWHUDOGHSHSDUWHDVWkQJă  $SULQGHĠLOăPSLOHGHDYDULH
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOH
 $XWRYHKLFXOHFXRURDWăGHUH]HUYăGH
X]WHPSRUDUULGLFDĠLvQVXVSODQúHXOSRUW vQPLúFDUH 3DJLQD 
EDJDMXOXL 3DJLQD   'DFăHVWHSRVLELODGXFHĠLURĠLOHGLQIDĠăvQ

 ÌQGHSăUWDĠLWăYLĠDGHGHSR]LWDUHC DXWR SR]LĠLDGUHSWvQDLQWH


 2SULĠLPRWRUXO
YHKLFXOIăUăIXQFĠLDVWDUWVWRS(&2 úL
FDSDFXOD  $XWRYHKLFXOHIăUă.(</(66*2VFRDWHĠL
FKHLDGLQFRPXWDWRUXOGHFRQWDFW
 $XWRYHKLFXOHFX.(</(66*2GHVFKL
$VLVWHQĠăvQFD]GHSDQă

GHĠLSRUWLHUDúRIHUXOXL
6LVWHPHOHHOHFWURQLFHGHODERUGDXVWDUHD
FHHDFHHVWHVLPLODUFXVFRDWHUHDFKHLL
 $XWRYHKLFXOHFX.(</(66*2VFRDWHĠL
EXWRQXO6WDUW6WRSGLQFRPXWDWRUXOGH
FRQWDFW 3DJLQD 
 7RĠLSDVDJHULLWUHEXLHVăLDVăGLQDXWRYHKL
FXO$VLJXUDĠLYăFăQXHVWHSXVăvQSHULFRO
‡ &KHLHGHURDWă VLJXUDQĠDQLFLXQXLD
 $VLJXUDĠLYăFăQLPHQLQXVHDIOăOkQJă]RQD
… 2FKLGHWUDFWDUH
GHSHULFROvQWLPSXOVFKLPEăULLXQHLURĠL
ƒ &ULF
&LQHQXDVLVWăGLUHFWODVFKLPEDUHDURĠLL
„ 7DEHOGHDORFDUHDVLJXUDQĠHORU WUHEXLHGHH[HPSOXVăVWHDvQVSDWHOH
k ùXUXEXULGHURDWă EDULHUHL
l 2SHUHFKHGHPăQXúL  ,HúLĠLGLQDXWRYHKLFXO$FRUGDĠLDWHQĠLHFRQ
m &KHLHLQHODUăFXFOLFKHW GLĠLLORUGHWUDILFFkQGLHúLĠL
n &RPSUHVRUGHXPIODUHDSQHXULORU  ÌQFKLGHĠLSRUWLHUDúRIHUXOXL
 $úH]DĠLWULXQJKLXOGHDYHUWL]DUH
o ([WUDFWRUGHYHQWLO
3DJLQD ODRGLVWDQĠăDGHFYDWă5HV
p &DOăGHURDWăSOLDQWă
SHFWDĠLQRUPHOHOHJDOH

3DQăGHSQHX
7UXVă7,5(),7
3UHJăWLUHDDXWRYHKLFXOXOXL
8WLOL]DUHDWUXVHL7,5(),7
$XWRYHKLFXOXOGXPQHDYRDVWUăSRDWHILGRWDW
FX 7,5(),7HVWHRSDVWăGHHWDQúDUHSHQWUX
SQHXUL
=RWUXVă7,5(),7 3DJLQD
3XWHĠLXWLOL]D7,5(),7SHQWUXDHWDQúD
=RURDWăGHUH]HUYăGHX]WHPSRUDU QXPDL
vQĠHSăWXULGHSkQăODPPvQVSHFLDOFHOHGH
vQXQHOHĠăUL 3DJLQD SHVXSUDIDĠDGHUXODUHDSQHXOXL3XWHĠLXWLOL]D
,QIRUPDĠLLGHVSUHvQORFXLUHDPRQWDUHDXQHL 7,5(),7ODWHPSHUDWXULH[WHULRDUHGHSkQăOD
URĠL 3DJLQD  PLQLPXPü‚
3DQăGHSQHX 

$9(57,60(17 'DFăLQWUDĠLvQFRQWDFWFXSDVWDGHHWDQúDUH
ÌQXUPăWRDUHOHVLWXDĠLLSDVWDGHHWDQúDUHSHQ SHQWUXSQHXULUHVSHFWDĠLXUPăWRDUHOH
WUXSQHXULQXSRDWHIXUQL]DVXILFLHQWăDVLV =&OăWLĠLLPHGLDWFXDSăSHQWUXDvQGHSăUWD
WHQĠăvQFD]GHSDQăvQWUXFkWQXSRDWHHWDQúD SDVWDGHHWDQúDUHSHQWUXSQHXULGHSHSLH
FRUHVSXQ]ăWRUSQHXO OHDGXPQHDYRDVWUă
=H[LVWăWăLHWXULVDXJăXULvQFDXFLXFPDLPDUL ='DFăSDVWDGHHWDQúDUHSHQWUXSQHXULYă
GHFkWFHOHPHQĠLRQDWHPDLVXV LQWUăvQRFKLFOăWLĠLYăLPHGLDWELQHRFKLLFX
=MDQWDSQHXOXLHVWHGHWHULRUDWă DSăFXUDWă
=DĠLFRQGXVODSUHVLXQLIRDUWHVFă]XWHvQ ='DFăvQJKLĠLĠLSDVWăGHHWDQúDUHSHQWUX

SQHXULVDXFXRSDQăGHSQHX SQHXULFOăWLĠLLPHGLDWELQHJXUDúLEHĠL
([LVWăXQSHULFROGHDFFLGHQW PXOWăDSă1XYăSURYRFDĠLYRPDFLDGUH
VDĠLYăLPHGLDWPHGLFXOXL
1XFRQGXFHĠLvQFRQWLQXDUH&RQWDFWDĠLXQ

$VLVWHQĠăvQFD]GHSDQă
=6FKLPEDĠLYăLPHGLDWGHKDLQHOHFDUHDX
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LQWUDWvQFRQWDFWFXSDVWDGHHWDQúDUHSHQ
WUXSQHXUL
='DFăDUHORFRUHDFĠLHDOHUJLFăDGUHVDĠLYă
LPHGLDWPHGLFXOXL

 1XVFRDWHĠLRELHFWHVWUăLQHFDUHDXSHUIRUDW
SQHXOGHH[úXUXEXULVDXFXLH
 6FRDWHĠLUHFLSLHQWXOFXSDVWăGHHWDQúDUH
SHQWUXSQHXULHWLFKHWDvQVRĠLWRDUHÄPD[
NPK³úLFRPSUHVRUXOGHXPIODUHD  7UDJHĠLEXúRQXO…FXFDEOXOúLIXUWXQXO
SQHXULORUGLQVSDĠLXOGHGHSR]LWDUHGHVXE ƒGLQFDUFDVă
SODQúHXOSRUWEDJDMXOXL 3DJLQD   ÌQILOHWDĠLIXUWXQXOƒSHIODQúD„DUHFL

 )L[DĠLSDUWHDCDHWLFKHWHLDXWRFRODQWHvQ SLHQWXOXLFXSDVWăGHHWDQúDUHSHQWUX
SQHXULC
FkPSXOGHYL]LELOLWDWHDOúRIHUXOXL
 $úH]DĠLUHFLSLHQWXOFXSDVWăGHHWDQúDUH
 )L[DĠLSDUWHDDDHWLFKHWHLDXWRFRODQWH
SHQWUXSQHXULCFXFDSXOvQMRVvQGHJDMD
OkQJăVXSDSDGHSHURDWăFXSQHXOGHIHFW
UHDDFRPSUHVRUXOXLGHXPIODUHDSQHXUL
$9(57,60(17 ORU
3DVWDGHHWDQúDUHSHQWUXSQHXULHVWHQRFLYă
úLFDX]HD]ăLULWDĠLL1XWUHEXLHVăYLQăvQFRQ
WDFWFXSLHOHDRFKLLVDXvPEUăFăPLQWHDGXP
QHDYRDVWUăúLQXWUHEXLHvQJKLĠLWă1XLQKDODĠL
YDSRUL7,5(),71XOăVDĠLSDVWDGHHWDQúDUH
SHQWUXSQHXULODvQGHPkQDFRSLLORU([LVWăXQ
ULVFGHDFFLGHQW


 3DQăGHSQHX

'DFăQXVDDWLQVRSUHVLXQHGHN3D
EDULSVL GXSăFLQFLPLQXWHFRQVXO
WDĠL 3DJLQD 
G 'DFăSDVWDGHHWDQúDUHSHQWUXSQHXUL
FXUJHOăVDĠLRVăVHXVXFH$FHVWDSRDWHIL
DSRLvQGHSăUWDWFDRSHOLFXOăVXEĠLUH
'DFăDMXQJHSDVWăGHHWDQúDUHSHQWUX
SQHXULSHKDLQHOHGXPQHDYRDVWUăVROLFLWDĠL
FXUăĠDUHDVDFkWPDLFXUkQGSRVLELOFXSHU
FORUHWLOHQă
 6FRDWHĠLFDSDFXOGHSHYDOYDkGHSHSQHXO
GHIHFW 3UHVLXQHvQSQHXULQHDWLQVă
$VLVWHQĠăvQFD]GHSDQă

 ÌQILOHWDĠLIXUWXQXOGHXPSOHUHlSHYDOYD 'DFăQXVDDWLQVRSUHVLXQHGHN3D
k EDULSVL GXSăFLQFLPLQXWH
 ,QWURGXFHĠLPXID…vQSUL]DEULFKHWHL  2SULĠLFRPSUHVRUXOGHXPIODUHDSQHXOXL
3DJLQD VDXvQWURSUL]ăGH9GLQ  'HVILOHWDĠLIXUWXQXOGHXPSOHUHGLQYHQWLOXO
DXWRYHKLFXOXOGXPQHDYRDVWUă SQHXOXLGHIHFW
3DJLQD  &RQGXFHĠLIRDUWHOHQWvQDLQWHVDXvQDSRL
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH DSUR[LPDWLYP
FRQWDFW 3DJLQD   3RPSDĠLGLQQRXSUHVLXQHvQSQHX
 $SăVDĠLFRPXWDWRUXOGHFRQWDFWRSULUH‡
'XSăPD[LPFLQFLPLQXWHSUHVLXQHDvQ
GHSHFRPSUHVRUXOGHXPIODUHDSQHXULORU SQHXULWUHEXLHVăILHGHFHOSXĠLQN3D
vQSR]LĠLD, EDULSVL 
&RPSUHVRUXOGHXPIODUHDSQHXOXLHVWH
DFWLYDW3QHXOHVWHXPIODW $9(57,60(17
G 0DLvQWkLSDVWDGHHWDQúDUHSHQWUXSQHXUL 'DFăSUHVLXQHDvQSQHXULQHFHVDUăQXHVWH
HVWHSRPSDWăvQSQHX3UHVLXQHDSRDWHVă DWLQVăGXSăRSHULRDGăVSHFLILFDWăSQHXOHVWH
FUHDVFăWHPSRUDUODDSUR[LPDWLYN3D GHWHULRUDWSUHDWDUHÌQDFHVWFD]SDVWDGH
EDULSVL  HWDQúDUHSHQWUXSQHXULQXSRDWHUHSDUDSQHXO
1XGH]DFWLYDĠLFRPSUHVRUXOGHXPIODUH 3QHXULOHGHWHULRUDWHúLRSUHVLXQHvQSQHXUL
DSQHXOXLvQDFHDVWăID]ă SUHDPLFăSRWDIHFWDVHPQLILFDWLYFDUDFWHULV
WLFLOHGHFRQGXFHUHúLGHIUkQDUHDOHDXWRYH
 /ăVDĠLFRPSUHVRUXOGHXPIODUHDSQHXULORU KLFXOXOXL([LVWăXQSHULFROGHDFFLGHQW
VăIXQFĠLRQH]HWLPSGHFLQFLPLQXWH3QHXO
1XFRQWLQXDĠLVăFRQGXFHĠL&RQWDFWDĠLXQDWH
WUHEXLHVăILDWLQVRSUHVLXQHGHFHOSXĠLQ
OLHUGHVSHFLDOLWDWHDXWRUL]DW
N3D EDULSVL 
 1XDFĠLRQDĠLFRPSUHVRUXOGHXPIODUHD 3UHVLXQHDvQSQHXULDWLQVă
SQHXULORUvQUHSUL]HGHSHVWHRSWPLQXWH
IăUăvQWUHUXSHUHÌQFD]FRQWUDUVHSRDWH  'H]DFWLYDĠLFRPSUHVRUXOGHXPIODUHD
VXSUDvQFăO]L SQHXOXL
 'HVILOHWDĠLIXUWXQXOGHXPSOHUHGLQYHQWLOXO
&RPSUHVRUXOGHXPIODUHDSQHXULORUSRDWH
ILDFĠLRQDWGLQQRXRGDWăFHVDUăFLW SQHXOXLGHIHFW
'DFăVDDWLQVRSUHVLXQHGHN3D  'XSăXWLOL]DUHSDVWDGHHWDQúDUHSHQWUX
EDULSVL GXSăFLQFLPLQXWHFRQVXO SQHXULvQH[FHVDUSXWHDVăFXUJăGLQIXU
WDĠL 3DJLQD  WXQXOGHXPSOHUH$FHDVWDDUSXWHDSăWD
3DQăGHSQHX 

3ULQXUPDUHSXQHĠLIXUWXQXOGHXPSOHUHvQ  &RUHFWDĠLSUHVLXQHDvQSQHXULGDFăHVWHvQ
SXQJDGLQSODVWLFvQFDUHVHDIODWUXVD7,5( FRQWLQXDUHGHFHOSXĠLQN3D EDUL
),7 SVL  SHQWUXYDORULFRQVXOWDĠLFODSHWD
 'HSR]LWDĠLUHFLSLHQWXOFXSDVWăGHHWDQúDUH JXULLGHXPSOHUHFXFDUEXUDQW 
SHQWUXSQHXULFRPSUHVRUXOGHXPIODUHD  3HQWUXDFUHúWHSUHVLXQHDvQSQHXULDFWL
SQHXOXLúLWULXQJKLXOGHDYHUWL]DUH YDĠLFRPSUHVRUXOGHXPIODUHDSQHXOXL
 'HPDUDĠLLPHGLDW

$9(57,60(17
8QSQHXHWDQúDWWHPSRUDUFXSDVWăGHHWDQ
úDUHSHQWUXSQHXULDIHFWHD]ăFDUDFWHULVWLFLOH
GHFRQGXFHUHúLQXHVWHDGHFYDWSHQWUXYLWH]H
PDLPDUL([LVWăXQSHULFROGHDFFLGHQW

$VLVWHQĠăvQFD]GHSDQă
$ĠLSXWHDSULQXUPDUHVăYăDGDSWDĠLVWLOXOGH
FRQGXFHUHvQFRQVHFLQĠăúLVăFRQGXFHĠLFX
DWHQĠLH1XGHSăúLĠLYLWH]DPD[LPăVSHFLILFDWă
FXXQSQHXFDUHDIRVWUHSDUDWFXDMXWRUXO
SDVWHLGHHWDQúDUHSHQWUXSQHXUL  3HQWUXDUHGXFHSUHVLXQHDvQSQHXUL
DSăVDĠLEXWRQXOGHHOLEHUDUHDSUHVLXQLLm
9LWH]DPD[LPăSHQWUXXQSQHXHWDQúDWFX
SDVWăGHHWDQúDUHSHQWUXSQHXULHVWHGH GHOkQJăPDQRPHWUXn
NPK(WLFKHWDDXWRFRODQWăÄPD[NP  'HSR]LWDĠLUHFLSLHQWXOFXSDVWăGHHWDQúDUH
K´WUHEXLHIL[DWăSHWDEORXOGHERUGvQFkPSXO SHQWUXSQHXULFRPSUHVRUXOGHXPIODUHD
GHYL]LELOLWDWHDOúRIHUXOXL SQHXOXLúLWULXQJKLXOGHDYHUWL]DUH
 2SULĠLYăGLQFRQGXVGXSăDSUR[LPDWLY]HFH  &RQGXFHĠLSkQăODFHOPDLDSURSLDWDWHOLHU
PLQXWHúLYHULILFDĠLSUHVLXQHDvQSQHXULFX GHVSHFLDOLWDWHDXWRUL]DWúLVROLFLWDĠLvQOR
FRPSUHVRUXOGHXPIODUHDSQHXOXL FXLUHDSQHXOXL
3UHVLXQHDvQSQHXULWUHEXLHVăILHDFXPGH  6ROLFLWDĠLFkWPDLFXUkQGSRVLELOvQORFXLUHD
FHOSXĠLQN3D EDULSVL  UHFLSLHQWXOXLFXSDVWăGHHWDQúDUHSHQWUX
SQHXULODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
$9(57,60(17
]DW
'DFăSUHVLXQHDvQSQHXULQHFHVDUăQXHVWH
DWLQVăGXSăFHDĠLFRQGXVRVFXUWăSHULRDGă 1RWăSULYLQGSURWHFĠLDPHGLXOXL
SQHXOHVWHGHWHULRUDWSUHDWDUHÌQDFHVWFD] 6ROLFLWDĠLDUXQFDUHDSURIHVLRQDOăDUHFLSLHQ
SDVWDGHHWDQúDUHSHQWUXSQHXULQXSRDWH WXOXLX]DWFXSDVWăGHHWDQúDUHSHQWUXSQHXUL
UHSDUDSQHXO3QHXULOHGHWHULRUDWHúLRSUH GHH[ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VLXQHvQSQHXULSUHDPLFăSRWDIHFWDVHPQLIL
FDWLYFDUDFWHULVWLFLOHGHFRQGXFHUHúLGHIUk  2GDWăODSDWUXDQLVROLFLWDĠLvQORFXLUHDUHFL
QDUHDOHDXWRYHKLFXOXOXL([LVWăXQSHULFROGH SLHQWXOXLFXSDVWăGHHWDQúDUHSHQWUX
DFFLGHQW SQHXULODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
1XFRQWLQXDĠLVăFRQGXFHĠL&RQWDFWDĠLXQDWH ]DW
OLHUGHVSHFLDOLWDWHDXWRUL]DW

G ÌQDXWRYHKLFXOXOGXPQHDYRDVWUăYHĠLJăVL
RHWLFKHWăDXWRFRODQWăFXQXPăUXOGHWHOH
IRQ0HUFHGHV%HQ]6HUYLFHKGHH[SH
VWkOSXO%GHSHSDUWHDúRIHUXOXL


 %DWHULH DXWRYHKLFXO

%DWHULH DXWRYHKLFXO $VLJXUDĠLYăvQWRWGHDXQDFăQLFLGXPQHD


YRDVWUăúLQLFLEDWHULDQXYDĠLvQFăUFDWHOHF
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD WURVWDWLF6DUFLQDHOHFWURVWDWLFăVHFUHHD]ă
/XFUăULOHODEDWHULHGHH[GHPRQWDUHDVDX GHH[HPSOX
LQVWDODUHDQHFHVLWăFXQRúWLQĠHGHVSHFLDOL =GDWRULWăSXUWăULLGHvPEUăFăPLQWHVLQWHWLFă
WDWHúLXWLOL]DUHDXQRUVFXOHVSHFLDOH3ULQ =GDWRULWăIULFĠLXQLLGLQWUHvPEUăFăPLQWHúL
XUPDUHHIHFWXDĠLvQWRWGHDXQDOXFUăULOHOD VFDXQ
EDWHULHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW =FkQGWUDJHĠLVDXvPSLQJHĠLEDWHULDSHVWH
$9(57,60(17 PRFKHWăVDXDOWHPDWHULDOHVLQWHWLFH
'DFăLQWHUYHQĠLDDVXSUDEDWHULHLHVWHHIHF =FkQGúWHUJHĠLEDWHULDFXRODYHWă
WXDWăLQFRUHFWHVWHSRVLELOGHH[HPSOXVăVH
$9(57,60(17
SURGXFăXQVFXUWFLUFXLWúLVăILHGHWHULRUDWVLV
$VLVWHQĠăvQFD]GHSDQă

WHPXOHOHFWURQLFDODXWRYHKLFXOXOXLGXPQHD $FLGXOGLQEDWHULHHVWHFDXVWLF([LVWăXQULVF
YRDVWUă$FHDVWDSRDWHSHUWXUEDVLVWHPHOHGH GHDFFLGHQW
VLJXUDQĠăODFRQGXFHUHSUHFXP$%6 VLVWHP (YLWDĠLFRQWDFWXOFXSLHOHDRFKLLVDX
DQWLEORFDUHODIUkQDUH VDX(63Š SURJUDPGH vPEUăFăPLQWHD1XLQKDODĠLJD]HGHODEDWHULH
VWDELOLWDWHHOHFWURQLFă  1XYăDSOHFDĠLGHDVXSUDEDWHULHL1XOăVDĠL
='DFă$%6XOHVWHGHIHFWURĠLOHVHSRWEORFD
EDWHULLOHODvQGHPkQDFRSLLORU6SăODĠLLPHGLDW
DFLGXOGLQEDWHULHFXDSăúLDGUHVDĠLYăPHGL
vQWLPSXOIUkQăULL$VWIHOVHOLPLWHD]ăPDQH
FXOXL
YUDELOLWDWHDDXWRYHKLFXOXOXLFkQGIUkQDĠLúL
GLVWDQĠDGHIUkQDUHSRDWHFUHúWH([LVWăXQ
SHULFROGHDFFLGHQW $9(57,60(17
='DFă(63ŠHVWHGHIHFWDXWRYHKLFXOXOQXVH
ÌQWLPSXOSURFHVXOXLGHvQFăUFDUHEDWHULDSUR
GXFHKLGURJHQJD]RV'DFăDUHORFXQVFXUW
YDVWDELOL]DGDFăvQFHSHVăGHUDSH]HVDX
FLUFXLWVDXVHFUHHD]ăVFkQWHLKLGURJHQJD]RV
GDFăRURDWăvQFHSHVăSDWLQH]H([LVWăXQ
VHSRDWHDSULQGH([LVWăXQULVFGHH[SOR]LH
SHULFROGHDFFLGHQW
=$VLJXUDĠLYăFăERUQDSR]LWLYăDXQHLEDWHULL
3ULQXUPDUHDUWUHEXLVăHIHFWXDĠLWRDWHLQWHU
FRQHFWDWHQXLQWUăvQFRQWDFWFXSăUĠLOH
YHQĠLLOHDVXSUDEDWHULHLODXQDWHOLHUGHVSH
DXWRYHKLFXOXOXL
FLDOLWDWHDXWRUL]DW
=1XSODVDĠLQLFLRGDWăRELHFWHVDXVFXOH

$9(57,60(17 PHWDOLFHSHREDWHULH
=(VWHLPSRUWDQWVăUHVSHFWDĠLRUGLQHDGHV
$FXPXODUHDHOHFWURVWDWLFăSRDWHFRQGXFHOD
SURGXFHUHDGHVFkQWHLFDUHSRWDSULQGH FULVăDERUQHORUEDWHULHLDWXQFLFkQGFRQHF
JD]HOHH[WUHPGHH[SOR]LYHDOHXQHLEDWHULL WDĠLúLGHFRQHFWDĠLREDWHULH
([LVWăXQULVFGHH[SOR]LH =/DSRUQLUHDIRUĠDWăDVLJXUDĠLYăFăVXQW

ÌQDLQWHGHDPDQHYUDEDWHULDDWLQJHĠLFDURVH FRQHFWDĠLSROLLEDWHULHLFXSRODULWDWHLGHQ
ULDDXWRYHKLFXOXOXLSHQWUXDHOLPLQDRULFHDFX WLFă
PXODUHHOHFWURVWDWLFăH[LVWHQWă =(VWHLPSRUWDQWVăUHVSHFWDĠLRUGLQHDGHV
FULVăvQVSHFLDODWXQFLFkQGFRQHFWDĠLúL
$PHVWHFXOJD]RVH[WUHPGHLQIODPDELOHVWH GHFRQHFWDĠLFDEOXULOHGHDOLPHQWDUHGHOD
FUHDWvQWLPSFHEDWHULDVHvQFDUFăúLvQGHFXU EDWHULDDOWXLYHKLFXO
VXOSRUQLULLIRUĠDWH =1XFRQHFWDĠLVDXQXGHFRQHFWDĠLQLFLRGDWă
ERUQHOHEDWHULHLvQWLPSXOIXQFĠLRQăULLPRWR
UXOXL
%DWHULH DXWRYHKLFXO 

$9(57,60(17 FRPSRQHQWHOHHOHFWURQLFHSUHFXPDOWHU
ÌQWLPSXOvQFăUFăULLúLSRUQLULLIRUĠDWHJD]HOH QDWRUXODUSXWHDILGHWHULRUDWH
H[SOR]LYHSRWLHúLGLQEDWHULH([LVWăXQULVFGH =VFRDWHĠLPDLvQWkLFOHPDERUQHLQHJDWLYH

H[SOR]LH úLDSRLFOHPDERUQHLSR]LWLYH1XSHU
(YLWDĠLvQVSHFLDOIRFXOIOăFăULOHGHVFKLVH PXWDĠLQLFLRGDWăFOHPHOHGHERUQăÌQFD]
FUHDUHDGHVFkQWHLúLIXPDWXO$VLJXUDĠLYăFă FRQWUDUVLVWHPXOHOHFWURQLFDODXWRYHKL
H[LVWăYHQWLODUHVXILFLHQWăvQWLPSXOvQFăUFăULL FXOXOXLDUSXWHDILGHWHULRUDW
úLSRUQLULLIRUĠDWH1XYăDSOHFDĠLGHDVXSUD =ODDXWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă

EDWHULHL WUDQVPLVLDHVWHEORFDWăvQSR]LĠLD3GXSă
GHFRQHFWDUHDEDWHULHL$XWRYHKLFXOXO
1RWăSULYLQGSURWHFĠLDPHGLXOXL HVWHDVLJXUDWvPSRWULYDSXQHULLvQPLú
%DWHULLOHFRQĠLQDJHQĠL FDUH$SRLQXPDLSXWHĠLVăGHSODVDĠL
DXWRYHKLFXOXO

$VLVWHQĠăvQFD]GHSDQă
SROXDQĠL(VWHLOHJDOVăOH
DUXQFDĠLvPSUHXQăFX %DWHULDúLFDSDFXOFOHPHLERUQHLSR]LWLYH
JXQRLXOPHQDMHU$FHVWHD WUHEXLHIL[DWHELQHvQWLPSXOIXQFĠLRQăULL
WUHEXLHFROHFWDWHVHSDUDWúL 5HVSHFWDĠLLQVWUXFĠLXQLOHGHVLJXUDQĠăúLOXDĠL
DUXQFDWHSRWULYLWXQXLVLVWHP PăVXULGHSURWHFĠLHFkQGPDQLSXODĠLEDWHULL
GHUHFLFODUHUHVSRQVDELOIDĠă $9(57,60(17
GHPHGLXOvQFRQMXUăWRU
$UXQFDĠLEDWHULLOHvQWUR
PDQLHUăUHVSRQVDELOăIDĠăGH
PHGLXOvQFRQMXUăWRU'XFHĠL )RFXOIOăFăULOHGHVFKLVHúLIXPDWXO
EDWHULLOHGHVFăUFDWHODXQ VXQWLQWHU]LVHFkQGPDQLSXODĠL
DWHOLHUGHVSHFLDOLWDWHDXWRUL EDWHULD(YLWDĠLFUHDUHDGHVFkQWHL
]DWVDXODXQFHQWUXGHFROHF $FLGXOGLQEDWHULHHVWHFDXVWLF(YL
WDUHSHQWUXEDWHULLX]DWH WDĠLFRQWDFWXOFXSLHOHDRFKLLVDX
vPEUăFăPLQWHD
 6ROLFLWDĠLFXUHJXODULWDWHYHULILFDUHDEDWH
3XUWDĠLvPEUăFăPLQWHGHSURWHFĠLH
ULHLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
DGHFYDWăvQVSHFLDOPăQXúLXQ
5HVSHFWDĠLLQWHUYDOHOHGHVHUYLFHPHQĠLR úRUĠúLRPDVFăWLSYL]LHUă
QDWHvQ%URúXUDGHVHUYLFHVDXFRQWDFWDĠL
&OăWLĠLLPHGLDWDFLGXOvPSURúFDWFX
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUX
DSăFXUDWă&RQVXOWDĠLXQGRFWRU
PDLPXOWHLQIRUPDĠLL
GDFăHVWHQHFHVDU
 $UWUHEXLVăHIHFWXDĠLWRDWHLQWHUYHQĠLLOH 3XUWDĠLSURWHFĠLHRFXODUă
DVXSUDEDWHULHLODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DWÌQFD]XOH[FHSĠLRQDOvQFDUHHVWH
QHFHVDUVăGHFRQHFWDĠLVLQJXUEDWHULDDVL
JXUDĠLYăFă ğLQHĠLFRSLLLODGLVWDQĠă
=RSULĠLPRWRUXOúLVFRDWHĠLFKHLD/DDXWR
YHKLFXOHFX.(</(66*2DVLJXUDĠLYăFă
FRQWDFWXOHVWHGHFXSODW9HULILFDĠLGDFă 5HVSHFWDĠLLQGLFDĠLLOHGLQDFHVW
WRDWHOăPSLOHLQGLFDWRDUHGLQSDQRXOGH 0DQXDOGHXWLOL]DUH
LQVWUXPHQWHVDXVWLQVÌQFD]FRQWUDU


 %DWHULH DXWRYHKLFXO

3HQWUXFDEDWHULDVăRIHUHRGXUDWăGHYLDĠă (YLWDĠLvQVSHFLDOIRFXOIOăFăULOHGHVFKLVH
XWLOăPD[LPăHDWUHEXLHVăILHvQWRWGHDXQD FUHDUHDGHVFkQWHLúLIXPDWXO$VLJXUDĠLYăFă
vQFăUFDWăVXILFLHQW H[LVWăYHQWLODUHVXILFLHQWăvQWLPSXOvQFăUFăULL
6ROLFLWDĠLYHULILFDUHDVDUFLQLLEDWHULHLPDLIUHF úLSRUQLULLIRUĠDWH1XYăDSOHFDĠLGHDVXSUD
YHQWGDFăXWLOL]DĠLDXWRYHKLFXOXOvQVSHFLDO EDWHULHL
SHQWUXFăOăWRULLVFXUWHVDXGDFăQXvOXWLOL]DĠL
SHSHULRDGHvQGHOXQJDWH&RQWDFWDĠLXQDWH $9(57,60(17
OLHUGHVSHFLDOLWDWHDXWRUL]DWGDFăGRULĠLVă $FLGXOGLQEDWHULHHVWHFDXVWLF([LVWăXQULVF
OăVDĠLDXWRYHKLFXOXOSDUFDWPDLPXOWWLPS GHDFFLGHQW
$VHPHQHDDOWRUEDWHULLEDWHULDDXWRYHKLFXOX (YLWDĠLFRQWDFWXOFXSLHOHDRFKLLVDX
OXLVDUSXWHDGHVFăUFDGXSăXQWLPSGDFăQX vPEUăFăPLQWHD1XLQKDODĠLJD]HGHODEDWHULH
XWLOL]DĠLDXWRYHKLFXOXOÌQDFHVWFD]VROLFLWDĠL 1XYăDSOHFDĠLGHDVXSUDEDWHULHL1XOăVDĠL
GHFRQHFWDUHDEDWHULHLODXQDWHOLHUGHVSHFLD EDWHULLOHODvQGHPkQDFRSLLORU6SăODĠLLPHGLDW
$VLVWHQĠăvQFD]GHSDQă

OLWDWHDXWRUL]DW3XWHĠLGHDVHPHQHDvQFăUFD DFLGXOGLQEDWHULHFXDSăúLDGUHVDĠLYăPHGL
EDWHULDFXXQvQFăUFăWRUUHFRPDQGDWGH0HU FXOXL
FHGHV%HQ]3HQWUXPDLPXOWHLQIRUPDĠLLFRQ
WDFWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW $9(57,60(17
G &kQGSDUFDĠLDXWRYHKLFXOXOVFRDWHĠLFKHLD 2EDWHULHGHVFăUFDWăSRDWHvQJKHĠDODWHPSH
GDFăQXDYHĠLQHYRLHGHFRQVXPDWRULHOHF UDWXULVXESXQFWXOGHvQJKHĠ/DSRUQLUHDIRU
WULFL$XWRYHKLFXOXOYDFRQVXPDDVWIHO ĠDWăDDXWRYHKLFXOXOXLVDXODvQFăUFDUHDEDWH
IRDUWHSXĠLQăHQHUJLHFRQVHUYkQGDOLPHQ ULHLSRWLHúLJD]HGLQEDWHULH([LVWăXQULVFGH
WDUHDGHODEDWHULH H[SOR]LH
/ăVDĠLEDWHULDvQJKHĠDWăVăVHGH]JKHĠH
G 'DFăDOLPHQWDUHDHOHFWULFăDIRVWvQWUH
vQDLQWHGHDRvQFăUFDVDXGHDRSRUQLIRUĠDW
UXSWăGHH[GDFăEDWHULDVDGHVFăUFDWYD
WUHEXLVă  ÌQFăUFDĠLEDWHULDLQVWDODWăQXPDLFXXQ
=VHWDĠLFHDVXOFRQVXOWDĠLLQVWUXFĠLXQLOHGH vQFăUFăWRUGHEDWHULHWHVWDWúLDSUREDWGH
XWLOL]DUHVHSDUDWH 0HUFHGHV%HQ]$FHVWHvQFăUFăWRDUHGH
$XWRYHKLFXOHFX$XGLRúLFXXQYRODQ EDWHULHSHUPLWEDWHULHLVăVHvQFDUFHvQWLPS
PXOWLIXQFĠLRQDOFXEXWRDQHFRQVXOWDĠL FHHVWHvQFăLQVWDODWăvQDXWRYHKLFXO
Ä&HDV'DWă´ 3DJLQD   8WLOL]DĠLQXPDLvQFăUFăWRDUHGHEDWHULHFX
=UHVHWDĠLWUDSDJOLVDQWăSDQRUDPLFă RWHQVLXQHPD[LPăGHvQFăUFDUHGH9
3DJLQD
=UHVHWDĠLIXQFĠLDSHQWUXUDEDWDUHDXWR
 ÌQFăUFDĠLEDWHULDQXPDLFXDMXWRUXOSXQF
WXOXLGHFRQH[LXQHSHQWUXSRUQLUHIRUĠDWă
PDWăDRJOLQ]LORUH[WHULRDUHvQăXQWUXvQ
DIDUăUDEDWkQGRJOLQ]LOHvQDIDUăRGDWă 3XQFWXOGHFRQH[LXQHSHQWUXSRUQLUHDIRUĠDWă
3DJLQD VHDIOăvQFRPSDUWLPHQWXOPRWRUXOXL
3DJLQD 
 'HVFKLGHĠLFDSRWD 3DJLQD 
ÌQFăUFDUHDEDWHULHL  &RQHFWDĠLvQFăUFăWRUXOEDWHULHLODERUQD

$9(57,60(17 SR]LWLYăúLSXQFWXOGHPDVăvQDFHHDúL
RUGLQHFDDWXQFLFkQGFRQHFWDĠLEDWHULD
ÌQWLPSXOvQFăUFăULLúLSRUQLULLIRUĠDWHJD]HOH
GRQDWRDUHvQSURFHGXUDGHSRUQLUHIRUĠDWă
H[SOR]LYHSRWLHúLGLQEDWHULH([LVWăXQULVFGH
3DJLQD 
H[SOR]LH
%DWHULH DXWRYHKLFXO 

 &LWLĠLLQVWUXFĠLXQLOHGHXWLOL]DUHDOH
vQFăUFăWRUXOXLEDWHULHLvQDLQWHGHDvQFăUFD
EDWHULD

$VLVWHQĠăvQFD]GHSDQă


 3RUQLUHIRUĠDWă

3RUQLUHIRUĠDWă

3HQWUXSURFHGXUDGHSRUQLUHIRUĠDWăXWLOL]DĠLQXPDLSXQFWXOGHFRQHFWDUHSHQWUXSRUQLUHIRU
ĠDWăFDUHFRQVWăGLQWURERUQăSR]LWLYăúLXQSXQFWGHPDVăGLQFRPSDUWLPHQWXOPRWRUXOXL
$9(57,60(17
$FLGXOGLQEDWHULHHVWHFDXVWLF([LVWăXQULVFGHDFFLGHQW
(YLWDĠLFRQWDFWXOFXSLHOHDRFKLLVDXvPEUăFăPLQWHD1XLQKDODĠLJD]HGHODEDWHULH1XYăDSOHFDĠL
GHDVXSUDEDWHULHL1XOăVDĠLEDWHULLOHODvQGHPkQDFRSLLORU6SăODĠLLPHGLDWDFLGXOGLQEDWHULHFX
DSăúLDGUHVDĠLYăPHGLFXOXL

$9(57,60(17
ÌQWLPSXOvQFăUFăULLúLSRUQLULLIRUĠDWHJD]HOHH[SOR]LYHSRWLHúLGLQEDWHULH([LVWăXQULVFGHH[SOR
$VLVWHQĠăvQFD]GHSDQă

]LH
(YLWDĠLvQVSHFLDOIRFXOIOăFăULOHGHVFKLVHFUHDUHDGHVFkQWHLúLIXPDWXO$VLJXUDĠLYăFăH[LVWă
YHQWLODUHVXILFLHQWăvQWLPSXOvQFăUFăULLúLSRUQLULLIRUĠDWH1XYăDSOHFDĠLGHDVXSUDEDWHULHL

$9(57,60(17
ÌQWLPSXOSURFHVXOXLGHvQFăUFDUHEDWHULDSURGXFHKLGURJHQJD]RV'DFăDUHORFXQVFXUWFLUFXLW
VDXVHFUHHD]ăVFkQWHLKLGURJHQJD]RVVHSRDWHDSULQGH([LVWăXQULVFGHH[SOR]LH
=$VLJXUDĠLYăFăERUQDSR]LWLYăDXQHLEDWHULLFRQHFWDWHQXLQWUăvQFRQWDFWFXSăUĠLOHDXWRYHKL
FXOXOXL
=1XSODVDĠLQLFLRGDWăRELHFWHVDXVFXOHPHWDOLFHSHREDWHULH
=(VWHLPSRUWDQWVăUHVSHFWDĠLRUGLQHDGHVFULVăDERUQHORUEDWHULHLDWXQFLFkQGFRQHFWDĠLúL
GHFRQHFWDĠLREDWHULH
=/DSRUQLUHDIRUĠDWăDVLJXUDĠLYăFăVXQWFRQHFWDĠLSROLLEDWHULHLFXSRODULWDWHLGHQWLFă
=(VWHLPSRUWDQWVăUHVSHFWDĠLRUGLQHDGHVFULVăvQVSHFLDODWXQFLFkQGFRQHFWDĠLúLGHFRQHFWDĠL
FDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXO
=1XFRQHFWDĠLVDXQXGHFRQHFWDĠLQLFLRGDWăERUQHOHEDWHULHLvQWLPSXOIXQFĠLRQăULLPRWRUXOXL

$9(57,60(17
&DUEXUDQWXOQHDUVVHSRDWHDGXQDvQVLVWHPXOGHHYDFXDUHúLSRDWHOXDIRF([LVWăULVFGHLQFHQGLX
(YLWDĠLvQFHUFăULOHUHSHWDWHúLSUHOXQJLWHGHSRUQLUH

 $XWRYHKLFXOHFXXQPRWRUSHEHQ]LQăHYLWDĠLvQFHUFăULOHOXQJLúLUHSHWDWHGHSRUQLUHÌQ
FD]FRQWUDUFDUEXUDQWXOQHDUVDUSXWHDDUSXWHDGHWHULRUDFRQYHUWRUXOFDWDOLWLF
1XXWLOL]DĠLXQGLVSR]LWLYGHvQFăUFDUHUDSLGăSHQWUXDSRUQLDXWRYHKLFXOXO'DFăEDWHULDDXWR
YHKLFXOXOXLGXPQHDYRDVWUăHVWHGHVFăUFDWăPRWRUXOSRDWHILSRUQLWIRUĠDWGHODXQDOWDXWR
YHKLFXOVDXGHODRDGRXDEDWHULHFXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXO
5HVSHFWDĠLLQGLFDĠLLOHGHPDLMRV
=%DWHULDQXHVWHDFFHVLELOăODWRDWHDXWRYHKLFXOHOH'DFăEDWHULDDOWXLDXWRYHKLFXOHVWHLQDF
FHVLELOăSRUQLĠLIRUĠDWDXWRYHKLFXOXOFXDMXWRUXOXQHLDGRXDEDWHULLVDXDOXQXLGLVSR]LWLYGH
SRUQLUHIRUĠDWă
=$XWRYHKLFXOHFXXQPRWRUSHEHQ]LQăSRUQLĠLIRUĠDWDXWRYHKLFXOXOQXPDLFkQGPRWRUXOúL
VLVWHPXOGHHYDFXDUHVXQWUHFL
3RUQLUHIRUĠDWă 

=1XSRUQLĠLPRWRUXOGDFăEDWHULDHVWHvQJKHĠDWă/ăVDĠLEDWHULDVăVHGH]JKHĠHPDLvQWkL
=3RUQLUHDIRUĠDWăSRDWHILHIHFWXDWăQXPDLGHODEDWHULLFXRWHQVLXQHQRPLQDOăGH9
=8WLOL]DĠLQXPDLFDEOXULGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOFDUHDXVXILFLHQWăVHFĠLXQH
WUDQVYHUVDOăúLFOHPHGHERUQHL]RODWH
='DFăEDWHULDHVWHFRPSOHWGHVFăUFDWăOăVDĠLEDWHULDXWLOL]DWăODSRUQLUHDIRUĠDWăFRQHFWDWă
WLPSGHFkWHYDPLQXWHvQDLQWHGHDvQFHUFDVăSRUQLĠL$VWIHOEDWHULDHSXL]DWăVHvQFDUFă
SXĠLQ
=$VLJXUDĠLYăFăFHOHGRXăDXWRYHKLFXOHQXVHDWLQJ

$VLJXUDĠLYăFă
=FDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLDXWRYHKLFXOQXVXQWGHWHULRUDWH
=SăUĠLOHQHL]RODWHDOHFOHPHLERUQHLQXLQWUăvQFRQWDFWFXDOWHSLHVHPHWDOLFHvQWLPSFH
FDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOVXQWFRQHFWDWHODEDWHULH

$VLVWHQĠăvQFD]GHSDQă
=FDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLDXWRYHKLFXOQXSRWLQWUDvQFRQWDFWFXSLHVHFXP
DUILIXOLDFXUHOHLWUDSH]RLGDOHVDXYHQWLODWRUXO$FHVWHFRPSRQHQWHLQWUăvQPLúFDUHFkQG
PRWRUXOHVWHSRUQLWúLFkWHVWHvQIXQFĠLXQH
 $SăVDĠLIHUPIUkQDGHSDUFDUH
 7UDQVPLVLHPDQXDOăFXSODĠLvQSR]LĠLDQHXWUă
 7UDQVPLVLHDXWRPDWăFXSODĠLWUDQVPLVLDDXWRPDWăvQSR]LĠLD3
 'H]DFWLYDĠLWRĠLFRQVXPDWRULLHOHFWULFL GHH[UDGLRYHQWLODWRUHWF 
 'HVFKLGHĠLFDSRWD 3DJLQD 

1XPăUXOGHSR]LĠLH„LGHQWLILFăEDWHULDvQFăUFDWăDFHOXLODOWDXWRYHKLFXOVDXXQGLVSR]LWLYGH
SRUQLUHIRUĠDWăHFKLYDOHQW


 7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH

 &XOLVDĠLFDSDFXOCGHSHERUQDSR]LWLYăDvQGLUHFĠLDVăJHĠLL
 &RQHFWDĠLERUQDSR]LWLYăDODDXWRYHKLFXOXOGXPQHDYRDVWUăODERUQDSR]LWLYă‡DEDWHULHL
GRQDWRDUH„FXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOvQFHSkQGFX
SURSULDEDWHULH
 3RUQLĠLPRWRUXODXWRYHKLFXOXOXLGRQDWRUúLOăVDĠLOVăUXOH]HODWXUDĠLDGHUDODQWL
 &RQHFWDĠLERUQDQHJDWLYă…DEDWHULHLGRQDWRDUH„ODSXQFWXOGHPDVăƒDODXWRYHKLFX
OXOXLGXPQHDYRDVWUăFXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOFRQHF
WkQGFDEOXOGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOODEDWHULDGRQDWRDUH„PDLvQWkL
 3RUQLĠLPRWRUXO
 ÌQDLQWHGHDGHFRQHFWDFDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOOăVDĠLPRWRDUHOH
VăPHDUJăFkWHYDPLQXWH
 0DLvQWkLVFRDWHĠLFDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLDXWRYHKLFXOGHODSXQFWXOGH
$VLVWHQĠăvQFD]GHSDQă

PDVăƒúLERUQDQHJDWLYă…DSRLGHODFOHúWHOHGHERUQăSR]LWLYăDúLERUQDSR]LWLYă
‡ÌQFHSHĠLGHILHFDUHGDWăFXFRQWDFWHOHGHODSURSULXODXWRYHKLFXO
 ÌQFKLGHĠLFDSDFXOCGHODFOHúWHOHGHERUQăSR]LWLYăDGXSăFHDĠLVFRVFDEOXULOHGHDOL
PHQWDUHGHODEDWHULDDOWXLDXWRYHKLFXO
 6ROLFLWDĠLYHULILFDUHDEDWHULHLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

G 3RUQLUHDIRUĠDWăQXHVWHFRQVLGHUDWăRVWDUHGHIXQFĠLRQDUHQRUPDOă
G &DEOXULSHQWUXSRUQLUHIRUĠDWăúLLQIRUPDĠLLVXSOLPHQWDUHGHVSUHSRUQLUHDIRUĠDWăSRWIL
REĠLQXWHGHODRULFHDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH ([LVWăXQULVFGHDFFLGHQW
'DFăWUDFWDĠLVDXSRUQLĠLSULQWUDFWDUHXQDOW
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
DXWRYHKLFXOJUHXWDWHDVDQXWUHEXLHVă
&kQGWUDFWDĠLúLSRUQLĠLSULQWUDFWDUHUHVSHF GHSăúHDVFăPDVDWRWDOăPD[LPăDGPLVăD
WDĠLFHULQĠHOHOHJDOHSHQWUXĠăULOHUHVSHFWLYH DXWRYHKLFXOXOXLGXPQHDYRDVWUă
$9(57,60(17 ,QIRUPDĠLLSULYLQGPDVDWRWDOăDDXWRYHKLFX
'DFăEORFDUHDYRODQXOXLHVWHFXSODWăDXWRYH OXOXLGXPQHDYRDVWUăVHJăVHVFSHSOăFXĠDGH
KLFXOXOQXPDLSRDWHILPDQHYUDW([LVWăXQULVF LGHQWLILFDUHDDXWRYHKLFXOXOXL
GHDFFLGHQW 3DJLQD 
&XSODĠLvQWRWGHDXQDFRQWDFWXOFkQGWUDFWDĠLFX
 'DFăVDDFWLYDW',67521,&3/86VDX
RúXIăGHWUDFWDUHVDXFXREDUăGHWUDFWDUH
IXQFĠLD+2/'DXWRYHKLFXOXOIUkQHD]ăDXWR
PDWvQDQXPLWHVLWXDĠLL3HQWUXDSUHYHQL
$9(57,60(17
GHWHULRUDUHDDXWRYHKLFXOXOXLGH]DFWLYDĠL
'DFăJUHXWDWHDDXWRYHKLFXOXOXLFDUHWUHEXLH ',67521,&3/86úLIXQFĠLD+2/'vQ
WUDFWDWVDXSRUQLWSULQWUDFWDUHHVWHPDLPDUH XUPăWRDUHOHVLWXDĠLLVDXvQDOWHVLWXDĠLLVLPL
GHFkWPDVDWRWDOăPD[LPăDGPLVăDDXWRYH ODUH
KLFXOXOXL
=FkQGDXWRYHKLFXOXOHVWHWUDFWDW
=RFKLXOGHWUDFWDUHVHSRDWHGHVSULQGH
=vQVSăOăWRULDDXWR
=FRPELQDĠLDDXWRYHKLFXOUHPRUFăVDU
SXWHDUăVWXUQD
7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH 

 3XWHĠLWUDFWDDXWRYHKLFXOXOPD[LPXP 0RQWDUHDVFRDWHUHDRFKLXOXLGHWUDF
NP1XGHSăúLĠLYLWH]DGHWUDFWDUHGH WDUH
NPK
ÌQFD]XOGLVWDQĠHORUGHWUDFWDUHGHSHVWH 0RQWDUHDRFKLXOXLGHWUDFWDUH
NPvQWUHJXODXWRYHKLFXOWUHEXLHVăILH $9(57,60(17
ULGLFDWúLWUDQVSRUWDW
ğHDYDGHHúDSDPHQWSRDWHILH[WUHPGHILHU
 $VLJXUDĠLúXIDGHWUDFWDUHVDXEDUDGH ELQWH([LVWăULVFXOSURGXFHULLGHDUVXULOD
WUDFWDUHQXPDLODRFKLXULOHGHWUDFWDUHÌQ VFRDWHUHDFDSDFXOXLGLQVSDWH
FD]FRQWUDUDXWRYHKLFXOXOSRDWHVXIHUL 1XDWLQJHĠLĠHDYDGHHúDSDPHQW)LĠLH[WUHP
GHWHULRUăUL GHDWHQWFkQGVFRDWHĠLFDSDFXOGLQVSDWH
 1XXWLOL]DĠLRFKLXULOHGHWUDFWDUHvQVFRSXUL
$XWRYHKLFXOHFXXQFkUOLJGHWUDFWDUHDUHPRU
GHUHFXSHUDUHGHRDUHFHDVWIHOSXWHĠLDYD

$VLVWHQĠăvQFD]GHSDQă
FLLGDFăLQWHQĠLRQDĠLVăXWLOL]DĠLDXWRYHKLFXOXO
ULDDXWRYHKLFXOXO'DFăDYHĠLGXELLUHFXSH
SHQWUXWUDFWDUHPRQWDĠLFXSODVIHULFăúL
UDĠLDXWRYHKLFXOXOFXRPDFDUD
FRQHFWDĠLEDUDGHWUDFWDUHODHD
 'HPDUDĠLXúRUFkQGWUDFWDĠLVDXFkQGSRU 3DJLQD 
QLĠLSULQWUDFWDUHXQDXWRYHKLFXO'DFăSXWH  6FRDWHĠLRFKLXOGHWUDFWDUHGLQWUXVDGH
UHDGHWUDFĠLXQHHVWHSUHDULGLFDWăDXWRYH VFXOHDDXWRYHKLFXOXOXL 3DJLQD
KLFXOXOSRDWHVXIHULGHWHULRUăUL
&RQVROHOHSHQWUXRFKLXULOHGHWUDFWDUHvQILOH
 /DDXWRYHKLFXOHOHFX.(</(66*2XWLOL WDWHVHDIOăvQEDUHOHGHSURWHFĠLH$FHVWHDVH
]DĠLFKHLDvQORFGHEXWRQXO6WDUW6WRS DIOăVXEFDSDFHvQSDUWHDGLQIDĠăúLGLQVSDWH
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH DDXWRYHKLFXOHORUIăUăXQFXSODMGHUHPRUFă
FRQWDFWúLFXSODĠLWUDQVPLVLDDXWRPDWăvQ /DDXWRYHKLFXOHOHFXXQFXSODMGHUHPRUFă
SR]LĠLD1$SRLURWLĠLFKHLDvQDSRLvQúL FRQVRODVHDIOăvQSDUWHDGLQIDĠăVXEFDSDF
OăVDĠLRvQFRPXWDWRUXOGHFRQWDFW
(VWHGHSUHIHUDWVăWUDQVSRUWDĠLDXWRYHKLFXOXO
vQORFVăvOWUDFWDĠL
&kQGWUDFWDĠLXQDXWRYHKLFXOFXWUDQVPLVLH
DXWRPDWăWUDQVPLVLDWUHEXLHVăVHDIOHvQ
SR]LĠLD1
%DWHULDWUHEXLHVăILHFRQHFWDWăúLvQFăUFDWă
ÌQFD]FRQWUDU
=QXSXWHĠLURWLFKHLDvQFRPXWDWRUXOGHFRQ
WDFWvQSR]LĠLD
=QXSXWHĠLFXSODWUDQVPLVLDvQSR]LĠLD1OD
DXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
G 'H]DFWLYDĠLIXQFĠLDGHvQFXLHUHDXWRPDWă
3DJLQD ÌQFD]FRQWUDUYDĠLSXWHD
vQFXLDSHGLQDIDUăFkQGvPSLQJHĠLVDXWUDF
$XWRYHKLFXOHIăUăSDFKHWXOVSRUWLY$0*
WDĠLDXWRYHKLFXOXO
'H]DFWLYDĠLSURWHFĠLDODWUDFWDUH
3DJLQD vQDLQWHFDDXWRYHKLFXOXOVăILH
WUDFWDW


 7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH

 $FWLYDĠLOăPSLOHGHDYDULH 3DJLQD 
 5RWLĠLFKHLDvQFRPXWDWRUXOGHFRQWDFWvQ
SR]LĠLDúLVFRDWHĠLFKHLDGLQFRPXWDWRUXO
GHFRQWDFW
 &kQGLHúLĠLGLQDXWRYHKLFXOOXDĠLFKHLDVDX
FKHLD.(</(66*2FXGXPQHDYRDVWUă

7UDFWDUHDDXWRYHKLFXOXOXLFXDPEHOH
SXQĠLSHVRO
$XWRYHKLFXOHFXSDFKHWXOVSRUWLY$0* (VWHLPSRUWDQWVăUHVSHFWDĠLLQVWUXFĠLXQLOHGH
 $SăVDĠLPDUFDMXOGHSHFDSDFCvQLQWHULRU VLJXUDQĠăFkQGWUDFWDĠLDXWRYHKLFXOXOGXP
$VLVWHQĠăvQFD]GHSDQă

vQGLUHFĠLDVăJHĠLL QHDYRDVWUă 3DJLQD 


%DUHOHGHSURWHFĠLHGLQVSDWHDOHDXWRYHKL  $SULQGHĠLOăPSLOHGHDYDULH 3DJLQD 
FXOHORUFXSDFKHWXOVSRUWLY$0*LQWURGX G &kQGUHPRUFDĠLFXVHPQDOL]DWRDUHOHGH
FHĠLGHJHWXOvQGHJDMDUHDURWXQGăDFDSD DYDULHDFWLYDWHXWLOL]DĠLFRPXWDWRUXOPL[W
FXOXLCúLWUDJHĠLFDSDFXOGLQEDUDGHSUR FDGHRELFHLSHQWUXDVHPQDODRVFKLPEDUH
WHFĠLH GHGLUHFĠLHÌQDFHVWFD]QXPDLVHPQDOL]D
 6FRDWHĠLFDSDFXOCGLQFDYLWDWH WRDUHOHGHGLUHFĠLHSHQWUXGLUHFĠLDGRULWă
FOLSHVF&kQGUHVHWDĠLFRPXWDWRUXOPL[W
 ÌQILOHWDĠLRFKLXOGHWUDFWDUHvQVHQVRUDU VHPQDOL]DWRDUHOHGHDYDULHvQFHSVăFOL
SkQăODRSULWRUúLVWUkQJHĠLO SHDVFăGLQQRX
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
'HPRQWDUHDRFKLXOXLGHWUDFWDUH
FRQWDFW
 6OăELĠLRFKLXOGHWUDFWDUHúLGHVILOHWDĠLO  &kQGDXWRYHKLFXOXOVWDĠLRQHD]ăDSăVDĠL

 $WDúDĠLFDSDFXOCODEDUDGHSURWHFĠLHúL SHGDODGHIUkQăúLPHQĠLQHĠLRDSăVDWă
DSăVDĠLOSkQăFHVHvPELQă  $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă

 $úH]DĠLRFKLXOGHWUDFWDUHvQWUXVDGHVFXOH
DSăVDĠLSHGDODGHDPEUHLDM
DDXWRYHKLFXOXOXL  &XSODĠLvQSR]LĠLDQHXWUă
VDX
 $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
7UDFWDUHDDXWRYHKLFXOXOXLFXSXQWHD FXSODĠLWUDQVPLVLDDXWRPDWăvQSR]LĠLD1
GLQVSDWHULGLFDWă  (OLEHUDĠLSHGDODGHIUkQă

3RVLELOăQXPDLODDXWRYHKLFXOHOHIăUă  (OLEHUDĠLIUkQDGHSDUFDUH
0$7,&
&kQGWUDFWDĠLDXWRYHKLFXOXOGXPQHDYRDVWUă
FXSXQWHDGLQVSDWHULGLFDWăHVWHLPSRUWDQW 7UDQVSRUWDUHDDXWRYHKLFXOXOXL
VăUHVSHFWDĠLLQVWUXFĠLXQLOHGHVLJXUDQĠă 2FKLXULOHGHWUDFWDUHVDXFkUOLJXOGHWUDFWDUH
3DJLQD  DUHPRUFLLSRWILXWLOL]DWHSHQWUXDWUDJHDXWR
 &RQWDFWXOWUHEXLHVăILHGHFXSODWGDFăYă YHKLFXOXOSHUHPRUFăVDXDXWRSODWIRUPăGDFă
WUDFWDĠLDXWRYHKLFXOXOFXSXQWHDVSDWHULGL GRULĠLVăOWUDQVSRUWDĠL
FDWă,QWHUYHQĠLLOHGLQSDUWHD(63ŠDUSXWHD
vQFD]FRQWUDUVăGHWHULRUH]HVLVWHPXOGH
IUkQDUH
7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH 

 $XWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă 5HFXSHUDUHDXQXLDXWRYHKLFXOFDUHV
DGXFHĠLVFKLPEăWRUXOvQSR]LĠLDQHXWUă DvPSRWPROLW
 $XWRYHKLFXOHOHFXWUDQVPLVLHDXWR
 /DUHFXSHUDUHDXQXLDXWRYHKLFXOLPRELOL
PDWăURWLĠLFKHLDvQSR]LĠLDGLQFRPXWD
]DWQXvOWUDJHĠLFXVPXFLWXULVDXvQXQJKL
WRUXOGHFRQWDFW
'DFăIRUĠDGHWUDFĠLXQHHVWHSUHDPDUH
 &XSODĠLWUDQVPLVLDDXWRPDWăvQSR]LĠLD1
DXWRYHKLFXOHOHSRWVXIHULGHWHULRUăUL
,PHGLDWFHDXWRYHKLFXOXOHVWHvQFăUFDW 'DFăURĠLOHPRWULFHVHvPSRWPROHVFSHWHUHQ
 1XSHUPLWHĠLDXWRYHKLFXOXOXLVăVHSXQăvQ DIkQDWVDXQRURLRVUHFXSHUDĠLDXWRYHKLFXOXO
PLúFDUHSULQDFĠLRQDUHDIUkQHLGHSDUFDUH FXPD[LPăDWHQĠLHPDLDOHVGDFăDXWRYHKL
 $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă FXOXOHVWHvQFăUFDW
FXSODĠLvQSULPDWUHDSWăGHYLWH]ăVDXvQ 1XvQFHUFDĠLQLFLRGDWăVăUHFXSHUDĠLXQDXWR
WUHDSWDGHPHUVvQDSRL YHKLFXOFXRUHPRUFăDWDúDWă

$VLVWHQĠăvQFD]GHSDQă
 $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă 7UDJHĠLDIDUăDXWRYHKLFXOXOvQVSDWHGDFăHVWH
FXSODĠLWUDQVPLVLDDXWRPDWăvQSR]LĠLD3 SRVLELOSHXUPHOHIăFXWHFkQGVDvPSRWPROLW
 5RWLĠLFKHLDvQFRPXWDWRUXOGHFRQWDFWvQ
SR]LĠLDúLVFRDWHĠLFKHLDGLQFRPXWDWRUXO
GHFRQWDFW 3RUQLUHDSULQWUDFWDUH SRUQLUHDGH
XUJHQĠăDPRWRUXOXL
 $VLJXUDĠLDXWRYHKLFXOXO
&kQGSRUQLĠLSULQWUDFWDUHHVWHLPSRUWDQWVă
 $QFRUDĠLDXWRYHKLFXOXOQXPDLGHURĠLVDX UHVSHFWDĠLLQVWUXFĠLXQLOHGHVLJXUDQĠă
MDQWHQXGHSăUĠLDOHDXWRYHKLFXOXOXLSUH 3DJLQD úLFHULQĠHOHOHJDOHvQILHFDUH
FXPSXQWHDVDXFRPSRQHQWHOHGLUHFĠLHL ĠDUă
9HKLFXOXOSRDWHVXIHULGHWHULRUăULvQFD]
FRQWUDU  $XWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
QXWUHEXLHVăILHSRUQLWHSULQWUDFWDUHÌQFD]
FRQWUDUWUDQVPLVLDSRDWHVXIHULGHWHULRUăUL
1RWHSHQWUXDXWRYHKLFXOH0$7,& 3XWHĠLDIODLQIRUPDĠLLGHVSUHÄ3RUQLUHDIRU
 $XWRYHKLFXOHOHFX0$7,&QXWUHEXLHVă ĠDWă´OD 3DJLQD 
ILHWUDFWDWHFXSXQWHDIDĠăVDXVSDWHULGL ÌQDLQWHGHSRUQLUHDSULQWUDFWDUHWUHEXLHVă
FDWăvQFD]FRQWUDUWUDQVPLVLDSRDWHVXIHUL VHUHXQHDVFăXUPăWRDUHOHFRQGLĠLL
GHWHULRUăUL =EDWHULDHVWHFRQHFWDWă

'DFăDXWRYHKLFXOXOSUH]LQWăGHWHULRUăULOD =PRWRUXOVDUăFLW
WUDQVPLVLHVDXGHWHULRUăULODSXQWHDGLQIDĠă =VLVWHPXOGHHYDFXDUHVDUăFLW
VDXVSDWHVROLFLWDĠLWUDQVSRUWDUHDVDSHR  $FWLYDĠLVHPQDOL]DWRDUHOHGHDYDULH
DXWRSODWIRUPăVDXSHRUHPRUFă 3DJLQD 
ÌQFD]XOGHGHWHULRUăULODVLVWHPXOHOHFWULF  0RQWDĠLRFKLXOGHWUDFWDUH 3DJLQD 
'DFăEDWHULDHVWHGHIHFWăWUDQVPLVLDDXWR  $VLJXUDĠLEDUDGHUHPRUFDUHULJLGăVDXúXID
PDWăYDILEORFDWăvQSR]LĠLD33HQWUXDFXSOD
 $SăVDĠLúLĠLQHĠLDSăVDWăSHGDODGHIUkQă
WUDQVPLVLDDXWRPDWăvQSR]LĠLD1WUHEXLHVă
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
SXQHĠLVXEWHQVLXQHVLVWHPXOHOHFWULFDODXWR
YHKLFXOXOXLvQDFHODúLPRGvQFDUHHIHFWXDĠL SRUQLUH
SRUQLUHDIRUĠDWă 3DJLQD   $SăVDĠLSHGDODGHDPEUHLDMúLPHQĠLQHĠLR

6ROLFLWDĠLWUDQVSRUWDUHDDXWRYHKLFXOXOXLSHR DSăVDWă
DXWRSODWIRUPăVDXSHRUHPRUFă  &XSODĠLvQSR]LĠLDQHXWUă


 6LJXUDQĠHHOHFWULFH

 (OLEHUDĠLSHGDODGHIUkQă FDX]HLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 3RUQLĠLDXWRYHKLFXOXOSULQWUDFWDUH GHH[ODXQ&HQWUXGH6HUYLFH0HUFHGHV
 &XSODĠLWUHDSWDDGRXD %HQ]
 (OLEHUDĠLSHGDODGHDPEUHLDMOHQWQX
DSăVDĠLSHGDODGHDFFHOHUDĠLHvQWUHWLPS
ÌQDLQWHGHvQORFXLUHDVLJXUDQĠHL
0RWRUXOHVWHSRUQLW
 $SăVDĠLSHGDODGHDPEUHLDMúLDGXFHĠL  $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLvQ
VFKLPEăWRUXOvQSR]LĠLDQHXWUă PLúFDUH 3DJLQD 
 2SULĠLYăvQWUXQORFDGHFYDW  ÌQWUHUXSHĠLWRĠLFRQVXPDWRULLHOHFWULFL

 $SăVDĠLIUkQDGHSDUFDUH  5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH

 6FRDWHĠLEDUDGHUHPRUFDUHULJLGăVDXúXID
SRUQLUHúLVFRDWHĠLR 3DJLQD 
 6FRDWHĠLRFKLXOGHWUDFWDUH 3DJLQD 
VDX
$VLVWHQĠăvQFD]GHSDQă

 /DDXWRYHKLFXOHFX.(</(66*2DVLJXUDĠL
 2SULĠLVHPQDOL]DWRDUHOHGHDYDULH
YăFăFRQWDFWXOHVWHGHFXSODW
3DJLQD 
6LJXUDQĠHHOHFWULFH 7RDWHOăPSLOHLQGLFDWRDUHGLQWDEORXOGHERUG
WUHEXLHVăILHVWLQVH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 6LJXUDQĠHOHVHDIOăvQGLYHUVHFXWLLFXVLJX
$9(57,=$5( UDQĠH
$WXQFLFkQGPDQLSXODĠLRVLJXUDQĠăGHIHFWă =FXWLDFXVLJXUDQĠHGHSHSDUWHDúRIHUXOXLD

FkQGRúXQWDĠLVDXFkQGRvQORFXLĠLFXRVLJX SODQúHLGHERUG
UDQĠăFXXQDPSHUDMVXSHULRUSRWILVXSUDVR =FXWLDFXVLJXUDQĠHGLQFRPSDUWLPHQWXO
OLFLWDĠLFRQGXFWRULLHOHFWULFL$VWIHOVHSRDWH PRWRUXOXLGHSHSDUWHDVWkQJăDDXWRYHKL
DMXQJHODXQLQFHQGLX([LVWăSHULFROGHDFFL FXOXOXLSULYLQGvQGLUHFĠLDGHPHUV
GHQWúLUăQLUH =FXWLDFXVLJXUDQĠHGLQVSDĠLXOGHGHSR]LWDUH
ÌQORFXLĠLvQWRWGHDXQDVLJXUDQĠHOHGHIHFWHFX GHVXESODQúHXOSRUWEDJDMXOXLGHSHSDUWHD
VLJXUDQĠHVSHFLILFDWHQRLGHDPSHUDMFRUHFW GUHDSWăDDXWRYHKLFXOXOXLSULYLQGvQGLUHF
ĠLDGHPHUV
 8WLOL]DĠLQXPDLVLJXUDQĠHFDUHDXIRVW 7DEHOXOGHDORFDUHDVLJXUDQĠHORUVHDIOăvQ
DSUREDWHSHQWUXDXWRYHKLFXOH0HUFHGHV WUXVDGHVFXOHDDXWRYHKLFXOXOXLvQFRPSDUWL
%HQ]úLFDUHDXDPSHUDMXOFRUHFWSHQWUX PHQWXOGHGHSR]LWDUHGHVXESODQúHXOSRUW
VLVWHPXOYL]DWÌQFD]FRQWUDUFRPSRQHQ EDJDMXOXL 3DJLQD 
WHOHVDXVLVWHPHOHSRWVXIHULGHWHULRUăUL
6LJXUDQĠHOHGLQDXWRYHKLFXOXOGXPQHDYRDVWUă
DXUROXOGHDGHFRQHFWDFLUFXLWHOHGHIHFWH &XWLHGHVLJXUDQĠHSODQúăGHERUG
'DFăRVLJXUDQĠăVHDUGHWRDWHFRPSRQHQ  1XXWLOL]DĠLXQRELHFWDVFXĠLWFXPDUILR
WHOHGLQFLUFXLWúLIXQFĠLLOHORUYRUvQFHWDVă
úXUXEHOQLĠăSHQWUXDGHVFKLGHFDSDFXOGLQ
IXQFĠLRQH]H
SODQúDGHERUG3XWHĠLGHWHULRUDSODQúDGH
6LJXUDQĠHOHDUVHWUHEXLHVăILHvQORFXLWHFX ERUGVDXFDSDFXO
VLJXUDQĠHFXDFHODúLDPSHUDMFHSRWILUHFX
QRVFXWHSHED]DFXORULLúLDDPSHUDMXOXL9DOR  $VLJXUDĠLYăFăQXSRDWHSăWUXQGHXPLGL
ULOHVLJXUDQĠHORUVXQWLQGLFDWHvQWDEHOXOGH WDWHvQFXWLDFXVLJXUDQĠHFkQGFDSDFXOHVWH
DORFDUHDVLJXUDQĠHORU GHVFKLV
'DFăVLJXUDQĠDUHFHQWLQWURGXVăVHDUGHOD  &kQGvQFKLGHĠLFDSDFXODVLJXUDĠLYăFăVH
UkQGXOHLVROLFLWDĠLLGHQWLILFDUHDúLUHPHGLHUHD DúD]ăFRUHFWSHFXWLDFXVLJXUDQĠHÌQFD]
6LJXUDQĠHHOHFWULFH 

FRQWUDUXPH]HDODLQILOWUDWăVDXPXUGăULDDU  $VLJXUDĠLYăFăúWHUJăWRDUHOHGHSDUEUL]
SXWHDDIHFWDIXQFĠLRQDUHDVLJXUDQĠHORU VXQWRSULWH
 'HVFKLGHĠLFDSRWD

$VLVWHQĠăvQFD]GHSDQă
 3HQWUXDGHVFKLGHWUDJHĠLFDSDFXOvQ
DIDUăCXúRUGLQSDUWHDLQIHULRDUăvQGLUHF  ÌQGHSăUWDĠLRULFHXUPHGHXPH]HDOăGLQ
ĠLDLQGLFDWăGHVăJHDWD‡ FXWLDFXVLJXUDQĠHFXDMXWRUXOXQHLFkUSH
 7UDJHĠLFDSDFXOCvQDIDUăvQGLUHFĠLDLQGL XVFDWH
FDWăGHVăJHDWDDúLVFRDWHĠLO  3HQWUXDGHVFKLGHVFRDWHĠLOLQLLOHDGLQ

 3HQWUXDvQFKLGHSULQGHĠLFDSDFXOCSH JKLGDMH
 'HVFKLGHĠLFOHPHOHC
SDUWHDIURQWDOăDSODQúHLGHERUG
 5DEDWDĠLFDSDFXOCvQLQWHULRUSkQăFkQG  6FRDWHĠLFDSDFXOFXWLHLGHVLJXUDQĠHvQIDĠă

VHFXSOHD]ă  3HQWUXDvQFKLGHYHULILFDĠLGDFăJDUQLWXUD
GHFDXFLXFHVWHIL[DWăFRUHFWvQFDSDF
 ,QWURGXFHĠLFDSDFXOvQVSDWHOHFXWLHLFX
&XWLHFXVLJXUDQĠHvQFRPSDUWLPHQWXO VLJXUDQĠHvQGLVSR]LWLYXOGHSULQGHUH
PRWRUXOXL  5DEDWDĠLvQMRVFDSDFXOúLvQFKLGHĠLFOH

$9(57,60(17 PHOHC
&kQGFDSRWDHVWHGHVFKLVăLDUúWHUJăWRDUHOH  3ULQGHĠLOLQLLOHDvQJKLGDMH
GHSDUEUL]VXQWSXVHvQPLúFDUHDĠLSXWHDIL  ÌQFKLGHĠLFDSRWD
UăQLWGHPHFDQLVPXODUWLFXODWDOúWHUJăWRUXOXL
([LVWăXQULVFGHDFFLGHQW
2SULĠLvQWRWGHDXQDúWHUJăWRDUHOHGHSDUEUL]úL &XWLHFXVLJXUDQĠHvQSRUWEDJDM
GHFXSODĠLFRQWDFWXOvQDLQWHGHDGHVFKLGH
FDSRWD  $VLJXUDĠLYăFăQXSRDWHSăWUXQGHXPLGL
WDWHvQFXWLDFXVLJXUDQĠHFkQGFDSDFXOHVWH
 $VLJXUDĠLYăFăQXSRDWHSăWUXQGHXPLGL GHVFKLV
WDWHvQFXWLDFXVLJXUDQĠHFkQGFDSDFXOHVWH
 &kQGvQFKLGHĠLFDSDFXODVLJXUDĠLYăFăVH
GHVFKLV
DúD]ăFRUHFWSHFXWLDFXVLJXUDQĠHÌQFD]
 &kQGvQFKLGHĠLFDSDFXODVLJXUDĠLYăFăVH FRQWUDUXPH]HDODLQILOWUDWăVDXPXUGăULDDU
DúD]ăFRUHFWSHFXWLDFXVLJXUDQĠHÌQFD] SXWHDDIHFWDIXQFĠLRQDUHDVLJXUDQĠHORU
FRQWUDUXPH]HDODLQILOWUDWăVDXPXUGăULDDU  'HVFKLGHĠLKD\RQXO
SXWHDDIHFWDIXQFĠLRQDUHDVLJXUDQĠHORU


 6LJXUDQĠHHOHFWULFH

 3HQWUXDGHVFKLGHULGLFDĠLSODQúHXOSRUW
EDJDMXOXLD 3DJLQD 
$VLVWHQĠăvQFD]GHSDQă

 6FRDWHĠLFRPSDUWLPHQWXOGHGHSR]L
WDUHC
 'HVFKLGHĠLvQMRVFDSDFXO‡FXWLHLFXVLJX
UDQĠH


,QIRUPDĠLLXWLOH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
8WLOL]DUH 
)XQFĠLRQDUHDSHWLPSGHLDUQă 
3UHVLXQHvQSQHXUL 
6FKLPEDUHDXQHLURĠL 
0RQWDUHDXQHLURĠL 
&RPELQDĠLLGHURDWăúLSQHX 
5RDWăGHUH]HUYăGHX]WHPSRUDU 

5RĠLúLSQHXUL
 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD

,QIRUPDĠLLXWLOH UH]HUYăRULDSHODĠLODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH 3QHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]GH
PRGHOHOHVHULLOHúLHFKLSDPHQWXORSĠLRQDO SDQă
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUăFDUH =ILĠLDWHQĠLODQRWHOHGHDYHUWL]DUHúLGHLQIRU
HUDXGLVSRQLELOHvQPRPHQWXOWLSăULULL
PDUHGHSHSQHXULOH02([WHQGHG SQHXUL
PDQXDOXOXL6XQWSRVLELOHYDULDĠLLQDĠLRQDOH
FXFDUDFWHULVWLFLGHUXODUHvQFD]GHSDQă 
5HĠLQHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOVă
QXILHHFKLSDWFXWRDWHIXQFĠLLOHGHVFULVH $FFHVRULLOHFDUHQXVXQWDSUREDWHGH0HUFH
$FHVWOXFUXHVWHYDODELOúLSHQWUXVLVWHPHOH GHV%HQ]SHQWUXDXWRYHKLFXOXOGXPQHD
úLIXQFĠLLOHUHIHULWRDUHODVLJXUDQĠă YRDVWUăVDXFDUHQXVXQWXWLOL]DWHFRUHFWSRW
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH DIHFWDVLJXUDQĠDGHXWLOL]DUH
FLDOLWDWHDXWRUL]DWH 3DJLQD  ÌQDLQWHGHDDFKL]LĠLRQDVDXvQDLQWHGHDXWLOL]D
DFFHVRULLQHDSUREDWHPHUJHĠLODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DWúLLQWHUHVDĠLYăGHVSUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD =SRWULYLUH
=QRUPHOHOHJDOH
$9(57,60(17 =UHFRPDQGăULOHSURGXFăWRUXOXL
'HDVHPHQHDGDFăVHXWLOL]HD]ăURĠLúLSQHXUL
,QIRUPDĠLLSULYLQGGLPHQVLXQLOHúLWLSXULOHGH
GHPăULPLLQFRUHFWHIUkQHOHGHURDWăVDX
URĠLúLSQHXULSHQWUXDXWRYHKLFXOXOGXPQHD
5RĠLúLSQHXUL

FRPSRQHQWHOHVXVSHQVLHLSRWILGHWHULRUDWH
YRDVWUăSRWILJăVLWHvQVHFĠLXQHDÄ&RPELQDĠLL
([LVWăXQULVFGHDFFLGHQW
URDWăSQHX´ 3DJLQD 
ÌQORFXLĠLvQWRWGHDXQDURĠLOHúLSQHXULOHFXFHOH
,QIRUPDĠLLSULYLQGSUHVLXQHDDHUXOXLSHQWUX
FDUHUHVSHFWăVSHFLILFDĠLLOHSLHVHLRULJLQDOH
SQHXULOHDXWRYHKLFXOXOXLGXPQHDYRDVWUăSRW
&kQGvQORFXLĠLURĠLOHDVLJXUDĠLYăFăPRQWDĠL ILJăVLWH
URĠLFX
=SHHWLFKHWDGHSUHVLXQHvQSQHXULGHSHFOD
=GHQXPLUHDFRUHFWă
SHWDJXULLGHXPSOHUHFXFDUEXUDQW
=WLSXOFRUHFW
=vQVHFĠLXQHDÄ3UHVLXQHvQSQHXUL´
&kQGvQORFXLĠLSQHXULOHDVLJXUDĠLYăFăPRQ 1XHVWHSHUPLVăDGXFHUHDGHPRGLILFăULVLV
WDĠLSQHXULFX WHPXOXLGHIUkQDUHúLURĠLORUGDUQLFLXWLOL]DUHD
=GHQXPLUHDFRUHFWă SOăFLORUGHGLVWDQĠDUHVDXDVFXWXULORUDQWLSUDI
=SURGXFăWRUXOFRUHFW SHQWUXIUkQH$VWIHOVHDQXOHD]ăFHUWLILFDWXO
=WLSXOFRUHFW GHvQPDWULFXODUHDDXWRYHKLFXOXOXL
/XFUăULOHGHPRGLILFDUHODVLVWHPXOGHIUkQDUH
$9(57,60(17 úLURĠLQXVXQWSHUPLVH1XHVWHSHUPLVăXWL
2SDQăGHSQHXDIHFWHD]ăJUDYFDUDFWHULVWLFLOH OL]DUHDGHGLVWDQĠLHUHGHURĠLVDXDSăUăWRDUH
GHFRQGXFHUHGHGLUHFĠLHúLGHIUkQDUHDOH GHSUDIODIUkQă$VWIHOVHDQXOHD]ăFHUWLILFD
DXWRYHKLFXOXOXL([LVWăXQSHULFROGHDFFLGHQW WXOGHvQPDWULFXODUHDDXWRYHKLFXOXOXL
3QHXULIăUăFDUDFWHULVWLFLGHUXODUHvQFD]GH G 3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHSUL
SDQă YLQGURĠLOHúLSQHXULOHGHODRULFHDWHOLHUGH
=QXFRQGXFHĠLFXSDQăGHSQHX VSHFLDOLWDWHDXWRUL]DW
=vQORFXLĠLLPHGLDWSDQDGHSQHXFXURDWDGH
UH]HUYăGHX]WHPSRUDUVDXFXURDWDGH
8WLOL]DUH 

8WLOL]DUH SQHXUL)LĠLDWHQĠLPDLDOHVODGHWHULRUăUL
SUHFXP
,QIRUPDĠLLGHVSUHFRQGXFHUH  WăLHWXULvQSQHXUL
=ÌQWLPSFHFRQGXFHĠLILĠLDWHQWODYLEUDĠLL  JăXUL
]JRPRWHúLFDUDFWHULVWLFLGHPDQHYUDELOL  VPXOJHULGLQSQHXUL
WDWHQHRELúQXLWHGHH[DXWRYHKLFXOXOWUDJH  XPIOăWXULSHSQHXUL
vQWURSDUWH$FHDVWDDUSXWHDLQGLFDIDSWXO
 GHIRUPDUHVDXFRUR]LXQHVHYHUăSHURĠL
FăURĠLOHVDXSQHXULOHVXQWGHWHULRUDWH
'DFăEăQXLĠLFăXQSQHXHVWHGHIHFWUHGX =9HULILFDĠLUHJXODWDGkQFLPHDVXSUDIHĠHLGH

FHĠLLPHGLDWYLWH]D2SULĠLDXWRYHKLFXOXOFkW UXODUHDSQHXOXLúLVWDUHDVXSUDIHĠHLGH
PDLFXUkQGSRVLELOSHQWUXDYHULILFDGDFă UXODUHSHvQWUHDJDOăĠLPHDSQHXOXL
URĠLOHúLSQHXULOHVXQWGHWHULRUDWHùLGHWH 3DJLQD 'DFăHVWHQHFHVDUURWLĠL
ULRUăULOHDVFXQVHDOHSQHXOXLSRWILFDX]D URĠLOHGLQIDĠăSkQăODEORFDUHFRPSOHWă
FDUDFWHULVWLFLORUGHPDQHYUDELOLWDWHQHRELú SHQWUXDYHULILFDSDUWHDLQWHULRDUăDVXSUD
QXLWH'DFăQXJăVLĠLVHPQHGHGHWHULRUăUL IHĠHLSQHXOXL
VROLFLWDĠLYHULILFDUHDURĠLORUúLDSQHXULORUOD =7RDWHURĠLOHWUHEXLHVăDLEăXQFăSăFHOGH
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW YDOYăFDUHVăSURWHMH]HYDOYDvPSRWULYD
=&kQGSDUFDĠLDXWRYHKLFXOXODVLJXUDĠLYăFă PXUGăULHLúLXPH]HOLL1XPRQWDĠLQLPLFDOW
SQHXULOHQXVXQWGHIRUPDWHGHERUGXUăVDX FHYDSHYDOYăGHFkWFăSăFHOXOGHYDOYă
GHDOWHREVWDFROH'DFăHVWHQHFHVDUVă VWDQGDUGVDXDOWHFăSăFHOHGHYDOYăDSUR
WUHFHĠLSHVWHERUGXULSUDJXULSHQWUXUHGX EDWHGH0HUFHGHV%HQ]SHQWUXDXWRYHKLFX

5RĠLúLSQHXUL
FHUHDYLWH]HLVDXDOWHULGLFăWXUL OXOGXPQHDYRDVWUă1XPRQWDĠLQLFLXQDOW
DVHPăQăWRDUHvQFHUFDĠLVăIDFHĠLDFHVW FăSăFHOGHYDOYăVDXVLVWHPGHH[VLVWHPH
OXFUXODXQXQJKLREWX]ÌQFD]FRQWUDU GHPRQLWRUL]DUHDSUHVLXQLLvQSQHXUL
SQHXULOHvQVSHFLDOIODQFXULOHVHSRWGHWH =9HULILFDĠLUHJXODWSUHVLXQHDvQWRDWHSQHX
ULRUD ULOHLQFOXVLYvQURDWDGHUH]HUYăGHX]WHP
SRUDUVDXvQURDWDGHUH]HUYăPDLDOHV
vQDLQWHDGUXPXULORUOXQJLúLFRUHFWDĠLSUH
9HULILFDUHUHJXODWăDURĠLORUúLSQHXUL VLXQHDGDFăHVWHQHFHVDU 3DJLQD 
ORU
$9(57,60(17 6XSUDIDĠDGHUXODUHDSQHXOXL
3QHXULOHGHWHULRUDWHSRWGXFHODSLHUGHUHD
SUHVLXQLLGHXPIODUHDSQHXULORU&DXUPDUH $9(57,60(17
DĠLSXWHDSLHUGHFRQWUROXODXWRYHKLFXOXOXL 6XSUDIDĠDGHUXODUHDSQHXOXLLQVXILFLHQWăYD
([LVWăXQSHULFROGHDFFLGHQW UHGXFHWUDFĠLXQHDSQHXOXL3QHXOQXYDPDL
9HULILFDĠLFXUHJXODULWDWHGDFăH[LVWăVHPQH SXWHDGLVLSDDSD$FHDVWDvQVHDPQăFăSH
GHGHWHULRUDUHODQLYHOXOSQHXULORUúLvQORFXLĠL VXSUDIHĠHFDURVDELOHXPHGHULVFXOGHDFYD
LPHGLDWSQHXULOHGHWHULRUDWH SODQDUHFUHúWHPDLDOHVFkQGYLWH]DQXHVWH
DGDSWDWăODFRQGLĠLLOHGHFRQGXFHUH([LVWăXQ
=9HULILFDĠLFXUHJXODULWDWHURĠLOHúLSQHXULOH SHULFROGHDFFLGHQW
DXWRYHKLFXOXOXLGXPQHDYRDVWUăSHQWUX 'DFăSUHVLXQHDvQSQHXULHVWHSUHDULGLFDWă
HYHQWXDOHGHWHULRUăULFHOSXĠLQRGDWăSH VDXSUHDVFă]XWăSQHXULOHSRWSUH]HQWDGLIH
OXQăSUHFXPúLGXSăFRQGXFHUHRIIURDG ULWHQLYHOXULGHX]XUăvQGLIHULWHORFXULGHSH
VDXSHGUXPXULDFFLGHQWDWH5RĠLOHGHWHULR VXSUDIDĠDGHUXODUHDSQHXOXL3ULQXUPDUH
UDWHSRWSURYRFDRSLHUGHUHDSUHVLXQLLvQ WUHEXLHVăYHULILFDĠLFXUHJXODULWDWHDGkQFLPHD
VXSUDIHĠHLGHUXODUHúLVWDUHDVXSUDIHĠHLGH


 )XQFĠLRQDUHDSHWLPSGHLDUQă

UXODUHGHDOXQJXOvQWUHJLLOăĠLPLDWXWXURU &RQGXFHUHFXSQHXULGHYDUă
SQHXULORU
/DWHPSHUDWXULGHVXE‚SQHXULOHGHYDUă
$GkQFLPHDPLQLPăDVXSUDIHĠHLGHUXODUHD vúLSLHUGHODVWLFLWDWHDúLSULQXUPDUHWUDFĠLX
SQHXOXLSHQWUX QHDúLSXWHUHDGHIUkQDUH6FKLPEDĠLSQHXULOH
=SQHXULGHYDUăPP GHODDXWRYHKLFXOXOGXPQHDYRDVWUăFX
=SQHXUL06PP SQHXUL068WLOL]DUHDSQHXULORUGHYDUăOD
WHPSHUDWXULIRDUWHUHGXVHSRDWHGXFHODIRU
'LQPRWLYHGHVLJXUDQĠăvQORFXLĠLSQHXULOH
PDUHDUXSWXULORUGHWHULRUkQGvQFRQVHFLQĠă
vQDLQWHGHDVHDWLQJHOLPLWDVWDELOLWăOHJDO
SHUPDQHQWSQHXULOH0HUFHGHV%HQ]QXvúL
SHQWUXDGkQFLPHDPLQLPăDVXSUDIHĠHLGH
DVXPăUăVSXQGHUHDSHQWUXDFHVWWLSGHGHWH
UXODUH
ULRUăUL

6HOHFWDUHPRQWDUHúLvQORFXLUHSQHXUL 3QHXUL06
=0RQWDĠLQXPDLSQHXULúLURĠLGHDFHODúLWLS
úLPDUFă $9(57,60(17
=0RQWDĠLSHURĠLQXPDLSQHXULGHPăULPH
3QHXULOH06FXRDGkQFLPHDVXSUDIHĠHLGH
UXODUHPDLPLFăGHPPQXVXQWFRUHV
FRUHFWă
SXQ]ăWRDUHSHQWUXXWLOL]DUHSHWLPSGHLDUQă
='XSăFHDĠLPRQWDWSQHXULQRLURGDĠLOHOD
vQWUXFkWQXRIHUăVXILFLHQWăWUDFĠLXQH([LVWă
YLWH]HPRGHUDWHvQSULPLLNPGHRDUHFH XQSHULFROGHDFFLGHQW
5RĠLúLSQHXUL

HOHDWLQJSHUIRUPDQĠHPD[LPHGRDUGXSă
3QHXULOH06FXRDGkQFLPHDVXSUDIHĠHL
DFHDVWăGLVWDQĠă
GHUXODUHPDLPLFăGHPPWUHEXLHvQORFXLWH
=1XFRQGXFHĠLFXSQHXULFDUHDXDGkQFLPHD
VXSUDIHĠHLGHUXODUHSUHDPLFăGHRDUHFH /DWHPSHUDWXULGHVXE‚XWLOL]DĠLSQHXUL
DFHVWOXFUXUHGXFHGUDVWLFWUDFĠLXQHDSH GHLDUQăVDXSQHXULSHQWUXWRDWHDQRWLPSXULOH
GUXPXULXPHGH DFYDSODQDUH  $PEHOHWLSXULGHSQHXVXQWLGHQWLILFDWHSULQ
=ÌQORFXLĠLSQHXULOHGXSăFHOPXOWúDVHDQL PDUFDMXO06
LQGLIHUHQWGHJUDGXOGHX]XUă$FHDVWăLQGL 1XPDLSQHXULOHGHLDUQăSUHYă]XWHFXVLPER
FDĠLHHVWHYDODELOăúLODURDWDGHUH]HUYăGH OXOIXOJXOXLGH]ăSDGăMúLFXPDUFDMXO
X]WHPSRUDUURDWDGHUH]HUYă 06RIHUăDGHUHQĠăPD[LPăSHGUXPXULFX
9LDĠDXWLOăDSQHXULORUGHSLQGHGHPDLPXOĠL ]ăSDGă1XPDLDFHVWHSQHXULYRUSHUPLWHVLV
IDFWRULSULQWUHFDUH WHPHORUGHVLJXUDQĠăODFRQGXFHUHSUHFXP
=VWLOXOGHFRQGXFHUH $%6úL(63ŠVăIXQFĠLRQH]HRSWLPSHWLPSGH
=SUHVLXQHDvQSQHXUL LDUQă$FHVWHSQHXULDXIRVWFUHDWHVSHFLDO
SHQWUXFRQGXFHUHDSH]ăSDGă
=NLORPHWUDMXOSQHXOXL
8WLOL]DĠLSQHXUL06FXDFHHDúLPDUFăúL
VXSUDIDĠăGHUXODUHODWRDWHURĠLOHSHQWUXD
)XQFĠLRQDUHDSHWLPSGHLDUQă REĠLQHFDUDFWHULVWLFLGHPDQHYUDELOLWDWH
VLJXUH
$VSHFWHGHUHĠLQXW 5HVSHFWDĠLvQWRWGHDXQDYLWH]DPD[LPăSHU
/DvQFHSXWXOLHUQLLVROLFLWDĠLSUHJăWLUHDDXWR PLVăVSHFLILFDWăSHQWUXSQHXULOH06PRQ
YHKLFXOXOXLSHQWUXLDUQăODXQDWHOLHUGHVSH WDWH
FLDOLWDWHDXWRUL]DW 'DFăPRQWDĠLSQHXUL06FXRYLWH]ăPD[LPă
5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ6FKLPEDUHD SHUPLVăPDLPLFăGHFkWFHDDDXWRYHKLFXOX
XQHLURĠL´ 3DJLQD  OXLIL[DĠLXQVHPQGHDYHUWLVPHQWFRUHV
3UHVLXQHvQSQHXUL 

SXQ]ăWRUvQFkPSXOGHYL]LELOLWDWHDOúRIHUXOXL 'DFăGRULĠLVăPRQWDĠLODQĠXULGH]ăSDGăUHĠL
$FHDVWDSRDWHILREĠLQXWăGHODXQDWHOLHUGH QHĠLXUPăWRDUHOH
VSHFLDOLWDWHDXWRUL]DW =ODQĠXULOHGH]ăSDGăQXSRWILPRQWDWHOD
ÌQDFHDVWăVLWXDĠLHWUHEXLHGHDVHPHQHDVă WRDWHFRPELQDĠLLOHURDWăSQHX&RPELQDĠLL
OLPLWDĠLYLWH]DPD[LPăDDXWRYHKLFXOXOXLFX URDWăSQHXDGPLVH 3DJLQD 
DMXWRUXOVLVWHPXOXL63(('7521,&SHUPDQHQW =XWLOL]DĠLODQĠXULGH]ăSDGăQXPDLGDFă
DVWIHOvQFkWVăQXGHSăúHDVFăYLWH]DPD[LPă VXSUDIDĠDGUXPXOXLHVWHFRPSOHWDFRSHULWă
SHUPLVăSHQWUXSQHXULOH06 3DJLQD  GH]ăSDGă6FRDWHĠLODQĠXULOHGH]ăSDGăFkW
'DFăDĠLPRQWDWSQHXUL06 PDLUHSHGHSRVLELOFkQGDMXQJHĠLSHXQ
 9HULILFDĠLSUHVLXQLOHvQSQHXUL GUXPFDUHQXHVWHDFRSHULWGH]ăSDGă
3DJLQD  =UHJOHPHQWăULOHORFDOHDUSXWHDOLPLWDXWLOL

 5HSRUQLĠLVLVWHPXOGHDYHUWLVPHQWSULYLQG ]DUHDODQĠXULORUGH]ăSDGă5HVSHFWDĠL
SLHUGHUHDSUHVLXQLLvQSQHXUL UHJOHPHQWăULOHFRUHVSXQ]ăWRDUHGDFăGRULĠL
3DJLQD  VăPRQWDĠLODQĠXULGH]ăSDGă
=QXGHSăúLĠLYLWH]DPD[LPăSHUPLVăGH
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGFRQ
NPK
GXFHUHDFXURDWDGHUH]HUYăGHX]WHPSRUDU
FRQVXOWDĠL 3DJLQD  G (VWHSRVLELOVăGRULĠLVăGH]DFWLYDĠL(63Š
3DJLQD FkQGGHPDUDĠLFXODQĠXULGH
]ăSDGăPRQWDWH$VWIHOYHĠLSXWHDSHUPLWH
/DQĠXULGH]ăSDGă URĠLORUVăSDWLQH]HFRQWURODWREĠLQkQGR

5RĠLúLSQHXUL
IRUĠăGHWUDFĠLXQHVSRULWă DFĠLXQHGH
$9(57,60(17 SăWUXQGHUH 
'DFăDĠLPRQWDWODQĠXULGH]ăSDGăSHURĠLOHGLQ
IDĠăDFHVWHDDUSXWHD]JkULDFDURVHULDDXWR 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGFRQ
YHKLFXOXOXLVDXFRPSRQHQWHOHúDVLXOXL$VWIHO GXFHUHDFXURDWDGHUH]HUYăGHX]WHPSRUDU
DXWRYHKLFXOXOVDXSQHXULOHDUSXWHDVXIHUL FRQVXOWDĠL 3DJLQD 
GHWHULRUăUL([LVWăXQSHULFROGHDFFLGHQW
3HQWUXDHYLWDVLWXDĠLLOHSHULFXORDVH
3UHVLXQHvQSQHXUL
=QXPRQWDĠLQLFLRGDWăODQĠXULGH]ăSDGăSH
URĠLOHGLQIDĠă 6SHFLILFDĠLLSULYLQGSUHVLXQHDvQ
=PRQWDĠLODQĠXULGH]ăSDGăSHURĠLOHGLQVSDWH
SQHXUL
vQSHUHFKL $9(57,60(17
3QHXULOHLQVXILFLHQWXPIODWHVDXXPIODWHSUHD
 $XWRYHKLFXOHOHFXMDQWHGHRĠHOGDFă
PXOWFRPSRUWăXUPăWRDUHOHULVFXUL
GRULĠLVăPRQWDĠLODQĠXULGH]ăSDGăSHMDQ
WHOHGHRĠHOQXRPLWHĠLVăVFRDWHĠLFDSDFHOH =SQHXULOHDUSXWHDVăH[SORGH]HPDLDOHV

GHURDWăGHODURĠLOHUHVSHFWLYHPDLvQWkLÌQ FkQGVDUFLQDúLYLWH]DDXWRYHKLFXOXOXL
FD]FRQWUDUFDSDFHOHGHURDWăSRWVXIHUL FUHVF
GHWHULRUăUL =SQHXULOHDUSXWHDVăVHX]H]HH[FHVLYúL

'LQPRWLYHGHVLJXUDQĠă0HUFHGHV%HQ]Yă VDXQHXQLIRUPFHHDFHDUSXWHDDIHFWDFRQ
UHFRPDQGăVăXWLOL]DĠLQXPDLODQĠXULGH VLGHUDELOWUDFĠLXQHDSQHXOXL
]ăSDGăDSUREDWHVSHFLDOSHQWUXDXWRYHKLFXOXO =FDUDFWHULVWLFLOHGHFRQGXFHUHSUHFXPúL

GXPQHDYRDVWUăGH0HUFHGHV%HQ]VDXFDUH GLUHFĠLDúLIUkQDUHDDUSXWHDILFRQVLGHUDELO
UHVSHFWăXQVWDQGDUGFRUHVSXQ]ăWRUGHFDOL DIHFWDWH
WDWH ([LVWăXQULVFGHDFFLGHQW


 3UHVLXQHvQSQHXUL

5HVSHFWDĠLSUHVLXQHDvQSQHXULUHFRPDQGDWă 'DFăRPăULPHDSQHXOXLSUHFHGăRSUHVLXQH
úLYHULILFDĠLSUHVLXQHDGLQWRDWHSQHXULOHLQFOX vQSQHXULXUPăWRDUHOHLQIRUPDĠLLSULYLQGSUH
VLYGLQURDWDGHUH]HUYă VLXQHDvQSQHXULVXQWYDODELOHQXPDLSHQWUX
=FHOSXĠLQRGDWăODGRXăVăSWăPkQL
DFHDPăULPHDSQHXOXL
=FkQGVDUFLQDVHPRGLILFă
8WLOL]DĠLXQPDQRPHWUXDGHFYDWSHQWUXDYHUL
ILFDSUHVLXQHDvQSQHXUL$VSHFWXOH[WHULRUDO
=vQDLQWHGHDSRUQLvQWURFăOăWRULHOXQJă
XQXLSQHXQXSHUPLWHREĠLQHUHDXQRUFRQFOX]LL
=SHQWUXFRQGLĠLLGHIXQFĠLRQDUHPRGLILFDWH FRUHFWHSULYLQGSUHVLXQHDvQSQHXUL3XWHĠL
GHH[FRQGXFHUHDRIIURDG YHULILFDGHDVHPHQHDSUHVLXQHDvQSQHXULFX
'DFăHVWHQHFHVDUFRUHFWDĠLSUHVLXQHDvQ DMXWRUXOFDOFXODWRUXOXLGHERUG
SQHXUL
$9(57,60(17
9HĠLJăVLXQWDEHOFXSUHVLXQLvQSQHXULSHQWUX 'DFăPRQWDĠLDFFHVRULLQHFRUHVSXQ]ăWRDUH
GLYHUVHVLWXDĠLLGHXWLOL]DUHSHSDUWHDLQWH SHYDOYHOHSQHXULORUYDOYHOHSQHXULORUDUSXWHD
ULRDUăDFODSHWHLJXULLGHXPSOHUHFXFDUEX ILVXSUDVROLFLWDWHúLVDUSXWHDGHIHFWDFHHD
UDQWDDXWRYHKLFXOXOXLGXPQHDYRDVWUă FHSRDWHFDX]DSLHUGHUHGHSUHVLXQHvQSQHXUL
)XQFĠLRQDUHDFXRURDWăGHUH]HUYăGHX] 'DWRULWăVWUXFWXULLORUPRQLWRUL]DWRDUHOHSUH
WHPSRUDU 3DJLQD  VLXQLLvQSQHXULPRGHUQL]DWHSăVWUHD]ăGHV
FKLVăYDOYDSQHXOXLùLDFHDVWDSRDWHGXFHOD
8WLOL]DUHDFXRUHPRUFăYDORDUHDDSOLFDELOă SLHUGHUHGHSUHVLXQHvQSQHXUL([LVWăXQSHUL
SHQWUXSQHXULOHGLQVSDWHHVWHYDORDUHD FROGHDFFLGHQW
PD[LPăDSUHVLXQLLvQSQHXULLQGLFDWăvQWDEH
5RĠLúLSQHXUL

OXOGLQLQWHULRUXOFODSHWHLJXULLGHXPSOHUHFX ÌQILOHWDĠLODYDOYDSQHXOXLQXPDLFăSăFHOHGH
FDUEXUDQW YDOYăVWDQGDUGVDXFăSăFHOHGHYDOYăIXUQL
]DWHVSHFLDOGH0HUFHGHV%HQ]SHQWUXDXWR
7DEHOXOGLQFODSHWDJXULLGHXPSOHUHFXFDU YHKLFXOXOGXPQHDYRDVWUă
EXUDQWSRDWHLQGLFDSUHVLXQLOHvQSQHXULSHQ
WUXGLIHULWHVLWXDĠLLGHVDUFLQă$FHVWHDVXQW
$9(57,60(17
GHILQLWHvQWDEHOFDQXPHUHGHSDVDJHULúL
YROXPHGHEDJDMGLIHULWH1XPăUXOFRQFUHWGH 'DFăSUHVLXQHDvQSQHXULVFDGHvQPRGUHSH
VFDXQHSRDWHYDULDSHQWUXPDLPXOWHLQIRU WDWHVWHSRVLELOFDURDWDYDOYDVDXSQHXOVă
PDĠLLFRQVXOWDĠLGRFXPHQWHOHGHvQUHJLVWUDUH ILHGHWHULRUDWH2SUHVLXQHvQSQHXULSUHD
DOHDXWRYHKLFXOXOXL VFă]XWăSRDWHGXFHODH[SORGDUHDSQHXOXL
([LVWăXQSHULFROGHDFFLGHQW
3UHVLXQLOHvQSQHXULVSHFLILFDWHSHFODSHWD
=9HULILFDĠLSUH]HQĠDGHRELHFWHVWUăLQHOD
JXULLGHXPSOHUHFXFDUEXUDQWVXQWYDODELOH
SHQWUXWRDWHSQHXULOHDSUREDWHSHQWUXDFHVW QLYHOXOSQHXOXL
=9HULILFDĠLGDFăURDWDSLHUGHDHUVDXGDFă
DXWRYHKLFXOFXH[FHSĠLDFD]XULORUXQGHH[LVWă
SUHFL]ăULFRQWUDUH YDOYDDUHVFăSăUL
'DFăQXSXWHĠLUHPHGLDSUREOHPDFRQWDFWDĠL
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

'DFăHVWHSRVLELOFRUHFWDĠLSUHVLXQLOHvQ
SQHXULQXPDLFkQGSQHXULOHVXQWUHFL
3UHVLXQHvQSQHXUL 

3QHXULOHVXQWUHFL $FHDVWăLQIRUPDĠLHQXHVWHYDODELOăSHQWUX
=GDFăDXWRYHKLFXOXODIRVWSDUFDWFXSQHXULOH DXWRYHKLFXOHFDUHWUDFWHD]ăRUHPRUFă
QHDIODWHvQEăWDLDGLUHFWăDVRDUHOXLWLPSGH $VWIHOVHvPEXQăWăĠHúWHFRQIRUWXOODUXODUH
FHOSXĠLQWUHLRUHúL RIHULWGHDXWRYHKLFXOXOGXPQHDYRDVWUăFX
=GDFăDXWRYHKLFXOXOQXDIRVWFRQGXVPDL WRDWHDFHVWHDFRQVXPXOGHFDUEXUDQWSRDWH
PXOWGHNP FUHúWHXúRU
ÌQIXQFĠLHGHWHPSHUDWXUDDPELHQWDOăYLWH]D 1RWăSULYLQGSURWHFĠLDPHGLXOXL
FXFDUHFRQGXFHĠLúLVDUFLQDDVXSUDSQHXULORU 9HULILFDĠLFXUHJXODULWDWHSUHVLXQHDvQSQHXUL
WHPSHUDWXUDSQHXOXLúLFDXUPDUHúLSUHVLX FHOSXĠLQODILHFDUH]LOH
QHDvQSQHXULVDUSXWHDVFKLPEDFXDSUR[L
PDWLYN3DSHU‚ EDULSVL 
ğLQHĠLFRQWGHDFHVWOXFUXFkQGYHULILFDĠLSUH 6LVWHPGHDYHUWLVPHQWSULYLQGSLHUGH
VLXQHDvQSQHXULOHFDOGHúLFRUHFWDĠLRQXPDL UHDSUHVLXQLLvQSQHXUL
GDFăHVWHSUHDVFă]XWăSHQWUXFRQGLĠLLOHGH
IXQFĠLRQDUHFXUHQWH 1RWHJHQHUDOH
&RQGXFHUHDFXRSUHVLXQHvQSQHXULSUHDULGL &kQGDXWRYHKLFXOXOHVWHvQPLúFDUHVLVWHPXO
FDWăVDXSUHDVFă]XWăSRDWH GHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
=UHGXFHYLDĠDXWLOăDSQHXULORU SQHXULPRQLWRUL]HD]ăSUHVLXQHDvQSQHXUL
=SURYRFDGHWHULRUăULFUHVFXWHDOHSQHXULORU VHWDWăFXDMXWRUXOYLWH]HLGHURWDĠLHDURĠLORU
=DYHDXQHIHFWQHJDWLYDVXSUDFDUDFWHULVWL $FHDVWDSHUPLWHVLVWHPXOXLVăGHWHFWH]HR

5RĠLúLSQHXUL
FLORUGHPDQHYUDELOLWDWHúLDVWIHODVXSUD SLHUGHUHVHPQLILFDWLYăGHSUHVLXQHvQWUXQ
VLJXUDQĠHLvQFRQGXFHUH GHH[DFYDSOD SQHX'DFăYLWH]DGHURWDĠLHDXQHLURĠLVH
QDUH PRGLILFăvQXUPDXQHLSLHUGHULGHSUHVLXQHYD
DSăUHDXQPHVDMGHDYHUWL]DUHFRUHVSXQ]ăWRU
G 9DORULOHGHSUHVLXQHvQSQHXULGDWHSHQWUX SHDILúDMXOPXOWLIXQFĠLRQDO
VDUFLQLUHGXVHVXQWYDORULPLQLPHFDUHYă 3XWHĠLUHFXQRDúWHDYHUWLVPHQWXOSULYLQGSLHU
RIHUăFDUDFWHULVWLFLEXQHGHFRQIRUWvQ GHUHDSUHVLXQLLvQSQHXULSULQPHVDMXO5XQ
UXODUH )ODW,QGLFDWRUDFWLYH5HVWDUWZLWK
&XWRDWHDFHVWHDSXWHĠLXWLOL]DúLYDORULOH 2. ,QGLFDWRUGHUXODUHFXSDQÆ
GDWHSHQWUXVDUFLQLPDUL$FHVWHDVXQW DFWLY5HSRUQLĆLFX2. FDUHDSDUHvQ
YDORULDGPLVHúLQXYRUDIHFWDQHJDWLYUXOD PHQLXO6HUYLFHDODILúDMXOXLPXOWLIXQFĠLRQDO
UHDDXWRYHKLFXOXOXL ,QIRUPDĠLLVXSOLPHQWDUHSULYLQGDILúDUHD
9DORULOHGHSHHWLFKHWDFXLQIRUPDĠLLSULYLQG PHVDMXOXLVHUHJăVHVFvQVHFĠLXQHDÄ5HSRUQL
SUHVLXQHDvQSQHXUL FODSHWDJXULLGHXPSOHUH UHDVLVWHPXOXLGHDYHUWLVPHQWSULYLQGSLHUGH
FXFDUEXUDQW SHQWUXDXWRYHKLFXOvQFRQGLĠLLOH UHDSUHVLXQLLvQSQHXUL´ 3DJLQD 
ÄSDUĠLDOvQFăUFDW´úLÄFRPSOHWvQFăUFDW´VXQW
YDODELOHFkQGFRQGXFHĠLFXYLWH]ăPD[LPăÌQ 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
FLXGDYDORULORULQGLFDWHSHHWLFKHWDFXLQIRU 6LVWHPXOGHDYHUWLVPHQWSULYLQGSLHUGHUHD
PDĠLLSULYLQGSUHVLXQHDvQSQHXULvQFD]XOXQXL SUHVLXQLLvQSQHXULQXYăDYHUWL]HD]ăSULYLQGR
DXWRYHKLFXOvQVLWXDĠLDÄSDUĠLDOvQFăUFDW SUHVLXQHvQSQHXULVHWDWăLQFRUHFW5HVSHFWDĠL
SkQăODNPK³YDORULOHSRWILUHGXVH QRWHOHSULYLQGSUHVLXQHDvQSQHXULUHFRPDQ
GXSăFXPXUPHD]ăIăUăSLHUGHULODFDSLWROXO GDWă 3DJLQD 
VLJXUDQĠă
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUH
=üN3D üEDULüSVL SHQWUXWRDWH VLXQLLvQSQHXULQXVHSRDWHVXEVWLWXLQHFH
PRGHOHOH VLWăĠLLGHYHULILFDUHUHJXODWăDSUHVLXQLORUvQ


 3UHVLXQHvQSQHXUL

SQHXULSHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUă VHUHJOHD]ăRSUHVLXQHvQSQHXULLQFRUHFWă
GHRDUHFHRSLHUGHUHHJDOăGHSUHVLXQHODPDL DFHVWHYDORULLQFRUHFWHYRUILPRQLWRUL]DWH
PXOWHSQHXULVLPXOWDQQXSRDWHILGHWHFWDWă  5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDSULYLQGSUH
GHVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHD VLXQLOHvQSQHXUL 3DJLQD 
SUHVLXQLLvQSQHXUL
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXYăSRDWH 5HSRUQLUHDFXDMXWRUXOYRODQXOXLPXOWL
DYHUWL]DSULYLQGRSLHUGHUHEUXVFăDSUHVLXQLL IXQFĠLRQDOFXEXWRDQH
GHH[GDFăSQHXODIRVWSHUIRUDWGHXQRELHFW  $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
VWUăLQÌQFD]XOXQHLSLHUGHULEUXúWHGHSUH FKHLDVHDIOăvQSR]LĠLD
VLXQHRSULĠLDXWRYHKLFXOXOIUkQkQGFXDWHQĠLH  $SăVDĠLEXWRQXO€SHQWUXDVHOHFWD
(YLWDĠLPDQHYUHOHEUXúWHGHGLUHFĠLH 7\UHSUHVVXUH0HQX5 0HQLXSUHњ
)XQFĠLRQDUHDVLVWHPXOXLGHDYHUWL]DUHSULYLQG VLXQH±QSQHXUL5 
SLHUGHUHDSUHVLXQLLvQSQHXULHVWHOLPLWDWăVDX  $SăVDĠLEXWRQXOF
vQWkU]LDWăGDFă 0HVDMXO5),DFWLYH5HVWDUW5 5),
=SQHXULOHDXWRYHKLFXOXOXLGXPQHDYRDVWUă DFWLY5HSRUQLUH5 DSDUHSHDILúDMXO
VXQWSUHYă]XWHFXODQĠXULGH]ăSDGă PXOWLIXQFĠLRQDO
=FLUFXODĠLSHXQGUXPvQFRQGLĠLLGHLDUQă  $SăVDĠLEXWRQXOF
=FRQGXFHĠLSHQLVLSVDXSLHWULú 0HVDMXO7\UHSUHVV2." 3UHV±Q
=DGRSWDĠLXQVWLOGHFRQGXFHUHIRDUWHVSRUWLY SQHXUL2." DSDUHSHDILúDMXOPXOWLIXQF
YLUDMHODYLWH]HPDULVDXFRQGXFHUHDFX ĠLRQDO
5RĠLúLSQHXUL

DFFHOHUDUHSXWHUQLFă  'DFăGRULĠLVăFRQILUPDĠLUHSRUQLUHD
=WUDFWDĠLRUHPRUFăIRDUWHJUHDVDXPDUH
 $SăVDĠLEXWRQXO
=FRQGXFHĠLFXRVDUFLQăJUHD vQDXWRYHKLFXO
0HVDMXO5XQ)ODW,QGLFDWRUUHVWDUњ
VDXSHSDYLOLRQ  WHG ,QGLFDWRUGHUXODUHFXSDQÆ
UHSRUQLW DSDUHSHDILúDMXOPXOWLIXQFĠLR
5HSRUQLUHDVLVWHPXOXLGHDYHUWL]DUHSUL QDO
YLQGSLHUGHUHDSUHVLXQLLvQSQHXUL 'XSăRSHULRDGăGHSURJUDPDUHVLVWHPXO
5HSRUQLĠLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHU GHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
GHUHDSUHVLXQLLvQSQHXULGDFăDĠL SQHXULYDPRQLWRUL]DSUHVLXQLOHvQSQHXUL
=VFKLPEDWSUHVLXQHDvQSQHXUL
VHWDWHODWRDWHFHOHSDWUXSQHXUL
=VFKLPEDWURĠLOHVDXSQHXULOH VDX
=PRQWDWURĠLVDXSQHXULQRL 'DFăGRULĠLVăDQXODĠLUHSRUQLUHD
 ÌQDLQWHGHUHSRUQLUHFRQVXOWDĠLWDEHOXOFX  $SăVDĠLEXWRQXO‚
SUHVLXQLvQSQHXULGHSHLQWHULRUXOFODSHWHL 9DORULOHGHSUHVLXQHvQSQHXULPHPRUDWHOD
JXULLGHXPSOHUHFXFDUEXUDQWSHQWUXDYă XOWLPDUHSRUQLUHYRUILPRQLWRUL]DWHvQFRQ
DVLJXUDFăSUHVLXQHDvQWRDWHFHOHSDWUX WLQXDUH
SQHXULHVWHUHJODWăFRUHFWSHQWUXFRQGLĠLLOH
GHXWLOL]DUHUHVSHFWLYH 5HSRUQLUHDFXDMXWRUXOYRODQXOXLPXOWL
IXQFĠLRQDOFXEXWRDQH
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHD
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
SUHVLXQLLvQSQHXULSRDWHRIHULDYHUWLVPHQWH
SHFDUHVăYăSXWHĠLED]DGRDUGDFăDĠL FKHLDVHDIOăvQSR]LĠLD
UHJODWSQHXULOHODSUHVLXQHDFRUHFWă'DFă  $SăVDĠLEXWRQXOYVDXeSHQWUXD
VHOHFWDPHQLXO6HUYLFH
6FKLPEDUHDXQHLURĠL 

 $SăVDĠLEXWRQXOcVDXdSHQWUXD $XWRYHKLFXOHFXRURDWăGHUH]HUYăGHX]
VHOHFWD7\UHSUHVVXUH 3UHVLXQHD±Q WHPSRUDUvQFD]GHSDQăGHSQHXURDWDGH
SQHXUL  UH]HUYăGHX]WHPSRUDUVHPRQWHD]ăSRWULYLW
 $SăVDĠLEXWRQXOv GHVFULHULLGHODÄ0RQWDUHDXQHLURĠL
0HVDMXO5XQ)ODW,QGLFDWRUDFWLYH 3DJLQD 
5HVWDUWZLWK2. ,QGLFDWRUGH
UXODUHFXSDQÆDFWLY5HSRUQLĆLFX
2. DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO 3HUPXWDUHDURĠLORU

'DFăGRULĠLVăFRQILUPDĠLUHSRUQLUHD $9(57,60(17
 $SăVDĠLEXWRQXOv 3HUPXWDUHDURĠLORUGLQIDĠăúLGLQVSDWHDU
SXWHDDIHFWDJUDYFDUDFWHULVWLFLOHGHFRQGX
0HVDMXO7\UHSUHVVXUHQRZ2." 3UHњ
FHUHGDFăURĠLOHVDXSQHXULOHDXGLPHQVLXQL
VLXQH±QSQHXULDFXP2." DSDUHSH
GLIHULWH)UkQHOHURĠLLVDXFRPSRQHQWHOHVXV
DILúDMXOPXOWLIXQFĠLRQDO
SHQVLHLSRWILGHDVHPHQHDGHWHULRUDWH
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
([LVWăXQSHULFROGHDFFLGHQW
VHOHFWD<HV 'D 
3HUPXWDĠLURĠLOHGLQIDĠăúLGLQVSDWHQXPDL
 $SăVDĠLEXWRQXOv GDFăURĠLOHúLSQHXULOHDXDFHOHDúLGLPHQVLXQL
0HVDMXO5XQ)ODW,QGLFDWRUUHVWDUњ
WHG ,QGLFDWRUGHUXODUHFXSDQÆ 3HUPXWDUHDURĠLORUGLQIDĠăúLGLQVSDWHFDUH
UHSRUQLW DSDUHSHDILúDMXOPXOWLIXQFĠLR DXGLPHQVLXQLGLIHULWHSRDWHGXFHODDQXODUHD
QDO FHUWLILFDWXOXLGHvQPDWULFXODUHDDXWRYHKLFX

5RĠLúLSQHXUL
'XSăRSHULRDGăGHSURJUDPDUHVLVWHPXO OXOXL
GHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ 5HVSHFWDĠLLQVWUXFĠLXQLOHúLQRWHOHSULYLQG
SQHXULYDPRQLWRUL]DSUHVLXQLOHvQSQHXUL VLJXUDQĠDGLQVHFĠLXQHDÄ0RQWDUHDXQHLURĠL´
VHWDWHODWRDWHFHOHSDWUXSQHXUL 3DJLQD 
VDX 0RGHOHOHGHX]XUăGHSHSQHXULOHIDĠăúLVSDWH
GLIHUăvQIXQFĠLHGHFRQGLĠLLOHGHXWLOL]DUH3HU
'DFăGRULĠLVăDQXODĠLUHSRUQLUHD
PXWDĠLURĠLOHvQDLQWHVăVHIRUPH]HXQPRGHO
 $SăVDĠLEXWRQXO8 GHX]XUăHYLGHQWSHSQHXUL3QHXULOHGLQIDĠă
VDX VHX]HD]ăGHUHJXOăPDLPXOWSHPDUJLQLLDU
 'DFăDSDUHPHVDMXO7\UHSUHVVXUHQRZ SQHXULOHGLQVSDWHvQFHQWUX
2." 3UHVLXQH±QSQHXULDFXP2."  /DDXWRYHKLFXOHOHFXDFHHDúLPăULPHODURĠLOH
XWLOL]DĠLEXWRQXOcVDXdSHQWUXD GLQIDĠăúLVSDWHSXWHĠLSHUPXWDURĠLOHODILH
VHOHFWD&DQFHO $QXODUH  FDUHNPNPvQIXQFĠLHGHJUD
 $SăVDĠLEXWRQXOv GXOGHX]XUăDSQHXULORU0HQĠLQHĠLGLUHFĠLDGH
URWDĠLHDSQHXOXL
9DORULOHGHSUHVLXQHvQSQHXULPHPRUDWHOD
XOWLPDUHSRUQLUHYRUILPRQLWRUL]DWHvQFRQ &XUăĠDĠLWHPHLQLFVXSUDIHĠHOHGHFRQWDFWDOH
WLQXDUH URĠLLúLGLVFXOGHIUkQăGHILHFDUHGDWăFkQG
SHUPXWDĠLRURDWă9HULILFDĠLSUHVLXQHDvQ
SQHXULúLGDFăHVWHQHFHVDUUHSRUQLĠLVLVWH
6FKLPEDUHDXQHLURĠL PXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLL
vQSQHXUL
3DQăGHSQHX
3XWHĠLJăVLLQIRUPDĠLLGHVSUHFHHDFHSXWHĠL
IDFHvQFD]XOXQHLSHQHGHSQHXvQVHFĠLXQHD
Ä3DQăGHSQHX 3DJLQD 

 0RQWDUHDXQHLURĠL

6HQVXOGHURWDĠLH  $XWRYHKLFXOHIăUă.(</(66*2VFRDWHĠL
FKHLDGLQFRPXWDWRUXOGHFRQWDFW
3QHXULOHFXXQVHQVVSHFLILFDWGHURWDĠLHDX
 $XWRYHKLFXOHFX.(</(66*2GHVFKL
DYDQWDMHVXSOLPHQWDUHGHH[GDFăH[LVWă
SHULFROXOGHDFYDSODQDUH9HĠLEHQHILFLDGH GHĠLSRUWLHUDúRIHUXOXL
DFHVWHDYDQWDMHQXPDLGDFăVHUHVSHFWăVHQ 6LVWHPHOHHOHFWURQLFHGHODERUGDXVWDUHD
VXOGHURWDĠLHFRUHFW FHHDFHHVWHVLPLODUFXVFRDWHUHDFKHLL
 $XWRYHKLFXOHFX.(</(66*2VFRDWHĠL
2VăJHDWăGHSHIODQFXOSQHXOXLLQGLFăVHQVXO
GHURWDĠLHFRUHFW EXWRQXO6WDUW6WRSGLQFRPXWDWRUXOGH
FRQWDFW 3DJLQD 
 'DFăRUHPRUFăHVWHFXSODWăODDXWRYHKL
'HSR]LWDUHDURĠLORU FXOGHFXSODĠLR
 'DFăHVWHLQFOXVăvQHFKLSDUHDDXWRYHKLFX
'HSR]LWDĠLURĠLOHvQWUXQORFUăFRURVXVFDWúL
OXOXLVFRDWHĠLGLQDXWRYHKLFXOWUXVDGH
GHSUHIHUDWvQWXQHFDWGDFăQXVXQWXWLOL]DWH
VFXOHSHQWUXVFKLPEDUHDSQHXOXL
3URWHMDĠLSQHXULOHFRQWUDXOHLXOXLXQVRULLEHQ
]LQHLúLPRWRULQHL  $VLJXUDĠLDXWRYHKLFXOXOSHQWUXDSUHYHQL
SXQHUHDVDvQPLúFDUH

&XUăĠDUHDURĠLORU G ([FHSWkQGXQHOHYDULDQWHVSHFLILFHXQRU
ĠăULDXWRYHKLFXOHOHQXDXvQGRWDUHVFXOHGH
$9(57,60(17 VFKLPEDUHDSQHXOXL$QXPLWHVFXOHSHQWUX
5RĠLúLSQHXUL

-HWXOGHDSăDOGX]HORUFXMHWFLUFXODUSRDWH VFKLPEDUHDXQHLURĠLVXQWVSHFLILFHDXWR
FDX]DGHWHULRUăULFDUHQXVXQWYL]LELOHGLQH[WH YHKLFXOXOXL3HQWUXLQIRUPDĠLLVXSOLPHQWDUH
ULRUODQLYHOXOSQHXULORUVDXFRPSRQHQWHORU SULYLQGVFXOHOHFDUHVXQWQHFHVDUHSHQWUXD
úDVLXOXL&RPSRQHQWHOHGHWHULRUDWHvQDFHVW VFKLPEDRURDWăODDXWRYHKLFXOXOGXPQHD
IHODUSXWHDFHGDSHQHDúWHSWDWH([LVWăXQ YRDVWUăFRQVXOWDĠLXQDWHOLHUGHVSHFLDOL
SHULFROGHDFFLGHQW WDWHDXWRUL]DW
1XXWLOL]DĠLGLVSR]LWLYHGHFXUăĠDUHODSUHVLXQH 3ULQWUHVFXOHOHQHFHVDUHSHQWUXVFKLPED
vQDOWăFXGX]HFXMHWFLUFXODUSHQWUXDFXUăĠD UHDXQHLURĠLVDUSXWHDQXPăUDGHH[HP
DXWRYHKLFXOXO6ROLFLWDĠLLPHGLDWvQORFXLUHD SOX
SQHXULORUVDXFRPSRQHQWHORUúDVLXOXLGHWHULR =&ULF
UDWH =&DOăGHURDWă
=&KHLHGHURDWă
=ùWLIWGHFHQWUDUH
0RQWDUHDXQHLURĠL
3UHJăWLUHDDXWRYHKLFXOXOXL
 2SULĠLDXWRYHKLFXOXOSHWHUHQVROLGQHDOX
QHFRVúLSODQ
 $FĠLRQDĠLIUkQDGHSDUFDUH
 $GXFHĠLURĠLOHGLQIDĠăvQSR]LĠLDGUHSW
vQDLQWH
 $VLJXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLVDOH
vQPLúFDUH 3DJLQD 
 2SULĠLPRWRUXO
0RQWDUHDXQHLURĠL 

$VLJXUDUHDXWRYHKLFXOFRQWUDSXQHULL
vQPLúFDUH

$VLJXUDUHDDXWRYHKLFXOXOXLSHSDQWHGHVFHQGHQWH
XúRDUH
 3HSDQWHGHVFHQGHQWHXúRDUHDúH]DĠL
'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăHVWH FDOHVDXDOWHDUWLFROHFRUHVSXQ]ăWRDUHvQ
GRWDWFXRFDOăGHURDWăDFHDVWDVHJăVHúWH IDĠDURĠLORUGHSHSXQWHDGLQIDĠăúLVSDWH
vQWUXVDGHVFXOHSHQWUXVFKLPEDUHDSQHXOXL
3DJLQD 
&DODGHURDWăSOLDQWăHVWHRPăVXUăGHVLJX 5LGLFDUHDDXWRYHKLFXOXOXL
UDQĠăVXSOLPHQWDUăFDUHSUHYLQHSXQHUHDvQ
PLúFDUHDDXWRYHKLFXOXOXLGHH[HPSOXFkQG $9(57,60(17
VFKLPEDĠLRURDWă

5RĠLúLSQHXUL
'DFăQXDúH]DĠLFRUHFWFULFXOODSXQFWXODGHF
 3OLDĠLDPEHOHSOăFLvQVXVC YDWGHULGLFDUHFXFULFXODODXWRYHKLFXOXOXLFUL
 3OLDĠLvQDIDUDSODFDLQIHULRDUăD
FXOVHSRDWHUăVWXUQDFXDXWRYHKLFXOXOULGLFDW
([LVWăXQULVFGHDFFLGHQW
 *KLGDĠLXUHFKLOHGHSHSODFDLQIHULRDUăSkQă
$úH]DĠLFULFXOGRDUODSXQFWXODGHFYDWGHULGL
ODFDSăWvQGHVFKL]ăWXULOHGLQSODFDGHVXV
FDUHFXFULFXODODXWRYHKLFXOXOXL%D]DFULFXOXL
ĠLQHUH‡
WUHEXLHVăILHSR]LĠLRQDWăYHUWLFDOGLUHFWVXE
SXQFWXOGHULGLFDUHFXFULFXODODXWRYHKLFXOX
OXL

$WXQFLFkQGULGLFDĠLDXWRYHKLFXOXOWUHEXLHVă
ĠLQHĠLFRQWGHXUPăWRDUHOH
=SHQWUXDULGLFDDXWRYHKLFXOXOXWLOL]DĠLQXPDL
FULFXOVSHFLILFSHQWUXDXWRYHKLFXOHFDUHD
IRVWWHVWDWúLDSUREDWGH0HUFHGHV%HQ]
'DFăHVWHXWLOL]DWLQFRUHFWFULFXODUSXWHD
VăVHUăVWRDUQHvQWLPSFHDXWRYHKLFXOXO
HVWHULGLFDW
$VLJXUDUHDDXWRYHKLFXOXOXLSHWHUHQSODQ =FULFXOHVWHSURLHFWDWVăULGLFHúLVăPHQĠLQă
 3HWHUHQSODQDúH]DĠLFDOHOHVDXDOWHDUWL ULGLFDWDXWRYHKLFXOXOQXPDLSHQWUXSXĠLQ
FROHFRUHVSXQ]ăWRDUHVXEURDWDIDĠăúL WLPSvQWLPSXOvQORFXLULLXQHLURĠL(OQXHVWH
VSDWHGLDJRQDORSXVăFHOHLSHFDUHGRULĠLVă GHVWLQDWHIHFWXăULLRSHUDĠLLORUGHvQWUHĠLQHUH
RVFKLPEDĠL VXEDXWRYHKLFXO
=HYLWDĠLvQORFXLUHDXQHLURĠLSHSDQWHDVFHQ
GHQWHVDXGHVFHQGHQWH


 0RQWDUHDXQHLURĠL

=vQDLQWHGHULGLFDUHDDXWRYHKLFXOXOXLDVLJX
UDĠLOFRQWUDSXQHULLvQPLúFDUHDFĠLRQkQG
IUkQDGHSDUFDUHúLSR]LĠLRQkQGFDOHGH
URDWă1XHOLEHUDĠLQLFLRGDWăIUkQDGHSDU
FDUHFkWWLPSDXWRYHKLFXOXOHVWHULGLFDW
=FULFXOWUHEXLHVăILHDúH]DWSHRVXSUDIDĠă
VROLGăSODQăúLQHDOXQHFRDVă3HRVXSUD
IDĠăDIkQDWăWUHEXLHXWLOL]DWăRSODFăSRU
WDQWăODWă3HRVXSUDIDĠăDOXQHFRDVăWUH
EXLHXWLOL]DWXQVXSRUWQHDOXQHFRVGHH[
FRYRUDúHGLQFDXFLXF
=QXXWLOL]DĠLFDOHGLQOHPQVDXRELHFWHVLPL
ODUHFDSODFăGHED]ăSHQWUXFULFÌQFD]
FRQWUDUFULFXOQXYDSXWHDDWLQJHFDSDFLWD
WHDGHUH]LVWHQĠăODVDUFLQăGLQFDX]DvQăOĠL
PLLUHVWULFĠLRQDWH
=DVLJXUDĠLYăFăGLVWDQĠDGLQWUHSDUWHDLQIH
ULRDUăDSQHXULORUúLVROQXGHSăúHúWH
FP
=QXSXQHĠLQLFLRGDWăPkLQLOHVDXSLFLRDUHOH
VXEXQDXWRYHKLFXOULGLFDW
5RĠLúLSQHXUL

=QXYăvQWLQGHĠLQLFLRGDWăVXEDXWRYHKLFXOXO  &XDMXWRUXOFKHLLGHURDWăCVOăELĠLúXUX
ULGLFDW EXULOHGHSHURDWDSHFDUHGRULĠLVăRVFKLP
=QXSRUQLĠLQLFLRGDWăPRWRUXOFkQGDXWRYH EDĠLFXDSUR[LPDWLYRURWDĠLHFRPSOHWă1X
KLFXOXOHVWHULGLFDW GHVILOHWDĠLFRPSOHWúXUXEXULOH
=QXGHVFKLGHĠLúLQXvQFKLGHĠLQLFLRGDWăR
SRUWLHUăVDXKD\RQXOFkQGDXWRYHKLFXOXO
HVWHULGLFDW
=DVLJXUDĠLYăFăQLPHQLQXVHDIOăvQDXWRYH
KLFXOFkQGDXWRYHKLFXOXOHVWHULGLFDW

3XQFWHOHGHULGLFDUHFXFULFXOVXQWDPSODVDWH
LPHGLDWvQVSDWHOHSDVDMHORUURĠLORUIDĠăúLLPH
GLDWvQIDĠDSDVDMHORUURĠLORUVSDWH VăJHĠL 
 6FRDWHĠLFKHLDLQHODUăFXFOLFKHWGLQWUXVD
GHVFXOHDDXWRYHKLFXOXOXLúLDúH]DĠLRSH
SLXOLĠDKH[DJRQDOăGLQFULFDVWIHOvQFkWOLWH
UHOH$8)VăILHYL]LELOH
0RQWDUHDXQHLURĠL 

0RQWDUHDXQHLURĠLQRL
$9(57,60(17
ùXUXEXULOHGHURDWăOXEULILDWHVDXJUHVDWHVDX
úXUXEXULOHGHURDWăILOHWHOHEXWXFXOXLGHWHULR
UDWHSRWIDFHFDúXUXEXULOHGHURDWăVăVH
VOăEHDVFă&DXUPDUHDĠLSXWHDSLHUGHRURDWă
vQWLPSFHFRQGXFHĠL([LVWăXQSHULFROGH
DFFLGHQW
1XXQJHĠLQLFLRGDWăFXXOHLVDXXQVRDUHúXUX
EXULOHGHURDWăÌQFD]GHGHWHULRUDUHDILOHWH
 3R]LĠLRQDĠLFULFXO‡ODSXQFWXOGHULGLFDUH ORUOXDĠLOHJăWXUDLPHGLDWFXXQDWHOLHUGHVSH
FXFULFXOD FLDOLWDWHDXWRUL]DWÌQORFXLĠLUHvQQRLĠLúXUXEX
ULOHGHURDWăVDXILOHWHOHEXWXFXOXLGHWHULRUDWH
1XFRQWLQXDĠLVăFRQGXFHĠL

$9(57,60(17
'DFăVWUkQJHĠLúXUXEXULOHGHURDWăVDXSLXOL
ĠHOHGHURDWăFkQGDXWRYHKLFXOXOHVWHULGLFDW
FULFXOVDUSXWHDUăVWXUQD([LVWăXQULVFGH
DFFLGHQW

5RĠLúLSQHXUL
6WUkQJHĠLúXUXEXULOHGHURDWăVDXSLXOLĠHOHGH
URDWăQXPDLFkQGDXWRYHKLFXOXOHVWHSHVRO

 5RWLĠLFKHLDLQHODUăFXFOLFKHW…SkQăFkQG 5HVSHFWDĠLvQWRWGHDXQDLQVWUXFĠLXQLOHúLLQIRU
FULFXO‡HVWHDúH]DWFRPSOHWSHSXQFWXOGH PDĠLLOHGHVLJXUDQĠăGLQÄ6FKLPEDUHDXQHL
URĠL´ 3DJLQD 
ULGLFDUHFXFULFXODúLED]DFULFXOXLVWăXQL
IRUPSHVRO 8WLOL]DĠLQXPDLúXUXEXULOHGHURDWăFRQFHSXWH
SHQWUXURDWăúLDXWRYHKLFXO'LQUDĠLXQLGH
 5RWLĠLFKHLDLQHODUăFXFOLFKHW…SkQăFkQG
VLJXUDQĠă0HUFHGHV%HQ]YăUHFRPDQGăVă
SQHXOHVWHULGLFDWODPD[LPXPFPIDĠăGH XWLOL]DĠLQXPDLúXUXEXULGHURDWăFDUHDXIRVW
VRO RPRORJDWHVSHFLDOSHQWUXDXWRYHKLFXOHOH
0HUFHGHV%HQ]úLURDWDORUUHVSHFWLYă

'HPRQWDUHDXQHLURĠL
 1XDúH]DĠLúXUXEXULOHvQQLVLSVDXSH
VXSUDIHĠHPXUGDUHÌQFD]FRQWUDUILOHWXO
úXUXEXULORUURĠLORUúLEXWXFXOURĠLLDUSXWHDIL
GHWHULRUDWHvQWLPSXOvQúXUXEăULL
 'HVILOHWDĠLúXUXEXULOHGHURDWă
 6FRDWHĠLURDWD


 0RQWDUHDXQHLURĠL

&RERUkUHDDXWRYHKLFXOXOXL
$9(57,60(17
5RĠLOHDUSXWHDVăPHDUJăVOăELWHGDFăSLXOL
ĠHOHúLúXUXEXULOHGHURDWăQXVXQWVWUkQVHOD
FXSOXOGHVWUkQJHUHVSHFLILFDW([LVWăXQSHUL
FROGHDFFLGHQW
6ROLFLWDĠLLPHGLDWYHULILFDUHDFXSOXOXLGHVWUkQ
JHUHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GXSăFHURDWDDIRVWVFKLPEDWă
C ùXUXEXULOHGHURDWăSHQWUXWRDWHURĠLOHIXU  8PIODĠLURDWDGHUH]HUYăFRPSDFWăGHX]
QL]DWHGLQIDEULFă WHPSRUDUIRORVLQGFRPSUHVRUXOGHXPIODUH
D ùXUXEXULOHGHURDWăSHQWUXURDWDGH DSQHXULORUvQDLQWHGHFRERUkUHDDXWRYHKL
UH]HUYăGHX]WHPSRUDUÄ0LQLVSDUH´ FXOXOXL-DQWDURĠLLSRDWHVXIHULGHWHULRUăULvQ
 8WLOL]DĠLvQWRWGHDXQDúXUXEXULGH FD]FRQWUDU
URDWăDSHQWUXDPRQWDURDWDGHUH]HUYă
FRPSDFWăGHX]WHPSRUDU8WLOL]DUHDDOWRU
úXUXEXULGHURDWăSHQWUXDPRQWDURDWDGH
UH]HUYăFRPSDFWăGHX]WHPSRUDUSRDWH
GXFHODDYDULHUHDVLVWHPXOXLGHIUkQDUH
5RĠLúLSQHXUL

1XRPLWHĠLVăXWLOL]DĠLúXUXEXULOHGHURDWăGH
OXQJLPHRULJLQDOăFkQGPRQWDĠLODORFURDWD
RULJLQDOăGXSăFHDIRVWUHSDUDWă

 $úH]DĠLFKHLHLQHODUăFXFOLFKHWSHSLXOLĠD
KH[DJRQDOăDFULFXOXLDVWIHOvQFkWVăILHYL]L
ELOHOLWHUHOH$%
 5RWLĠLFKHLDLQHODUăFXFOLFKHWSkQăFHDXWR
YHKLFXOXOVWăGLQQRXIHUPSHVRO
 $úH]DĠLFULFXOGHRSDUWH

 6WUkQJHĠLúXUXEXULOHGHURDWăXQLIRUP
XUPkQGXQPRGHOGHVWUkQJHUHvQFUXFHvQ
 &XUăĠDĠLVXSUDIHĠHOHGHFRQWDFWDOHURĠLLúL VHFYHQĠDLQGLFDWă CSkQăODƒ &XSOXO
EXWXFXOXLGHURDWă GHVWUkQJHUHWUHEXLHVăILHGH1P
 3XQHĠLURDWDQRXăSHEXWXFXOGHURDWăúL
 5RWLĠLFULFXOvQDSRLvQSR]LĠLDVDLQLĠLDOăúL
vPSLQJHĠLRGHDVXSUD
GHSR]LWDĠLORGDWăFXUHVWXOVFXOHORUGLQ
 6WUkQJHĠLúXUXEXULOHGHURDWăSkQăFkQG
WUXVDGHVFXOHSHQWUXVFKLPEDUHDSQHXULORU
VXQWVWUkQVHODSUHVLXQHPDQXDOă vQSRUWEDJDM
 8PIODĠLURDWDGHUH]HUYăFRPSDFWăGHX]  7UDQVSRUWDĠLURDWDGHIHFWăvQSRUWEDJDM
WHPSRUDU 3DJLQD   9HULILFDĠLSUHVLXQHDDHUXOXLGLQURDWDQRX
1XPDLvQDFHVWHFRQGLĠLLSXWHĠLFRERUvDXWR PRQWDWăúLUHJODĠLFRUHVSXQ]ăWRU
YHKLFXOXO
&RPELQDĠLLGHURDWăúLSQHX 

5HVSHFWDĠLSUHVLXQHDvQSQHXULUHFRPDQ  3QHXULOHUHúDSDWHQXVXQWQLFLWHVWDWHQLFL
GDWă 3DJLQD  UHFRPDQGDWHGH0HUFHGHV%HQ]GHRDUHFH
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGGHSR GHWHULRUăULOHDQWHULRDUHQXSRWILvQWRW
]LWDUHDURĠLLGHUH]HUYăGHX]WHPSRUDUFRQ GHDXQDGHWHFWDWHvQFD]XOSQHXULORUUHúD
VXOWDĠL 3DJLQD  SDWH'UHSWXUPDUH0HUFHGHV%HQ]QX
SRDWHJDUDQWDVLJXUDQĠDDXWRYHKLFXOXOXL
GDFăVHPRQWHD]ăSQHXULUHúDSDWH1X
&RPELQDĠLLGHURDWăúLSQHX PRQWDĠLSQHXULGHMDXWLOL]DWHGDFăQXGHĠL
QHĠLLQIRUPDĠLLSULYLQGXWLOL]DUHDORUDQWH
1RWHJHQHUDOH ULRDUă
 'LQUDĠLXQLGHVLJXUDQĠă0HUFHGHV%HQ]  5RĠLPDULFXFkWOăĠLPHDVHFĠLXQLLXQHL
YăUHFRPDQGăVăXWLOL]DĠLQXPDLSQHXULúL DQXPLWHPăULPLGHURDWăHVWHPDLVFă]XWă
URĠLFDUHDXIRVWRPRORJDWHVSHFLDOSHQWUX FXDWkWVFDGHúLFRQIRUWXOODUXODUHSHVXSUD
DXWRYHKLFXOXOGXPQHDYRDVWUăGHFăWUH IHĠHGHGUXPGHFDOLWDWHVODEă&RQIRUWXOOD
0HUFHGHV%HQ] UXODUHúLFRQIRUWXORIHULWGHVXVSHQVLHVXQW
$FHVWHDVXQWVSHFLDODGDSWDWHODVLVWHPHOH UHGXVHLDUULVFXOGHGHWHULRUDUHDURĠLORUúL
GHFRQWUROFXPDUIL$%6VDX(63ŠúLVXQW SQHXULORUvQXUPDFRQGXFHULLSHVWHREVWD
PDUFDWHGXSăFXPXUPHD]ă FROHFUHúWH
=02 0HUFHGHV%HQ]2ULJLQDO G 9HĠLJăVLXQWDEHOFXSUHVLXQLvQSQHXULSH
=02( 0HUFHGHV%HQ]2ULJLQDO([WHQGHG SDUWHDLQWHULRDUăDFODSHWHLJXULLGH

5RĠLúLSQHXUL
SQHXULFXFDUDFWHULVWLFLGHUXODUHvQFD] XPSOHUHFXFDUEXUDQWDDXWRYHKLFXOXOXL
GHSDQă GXPQHDYRDVWUă3HQWUXLQIRUPDĠLLVXSOL
=02 0HUFHGHV%HQ]2ULJLQDO QXPDL PHQWDUHSULYLQGSUHVLXQHDvQSQHXULFRQ
VXOWDĠL 3DJLQD 9HULILFDĠLFXUHJXOD
DQXPLWHSQHXUL$0*
ULWDWHSUHVLXQLOHvQSQHXULúLQXPDLFkQG
3QHXULOH0HUFHGHV%HQ]2ULJLQDO([WHQGHG SQHXULOHVXQWUHFL
SRWILXWLOL]DWHQXPDLFXURĠLFDUHDXIRVW
DSUREDWHVSHFLDOGH0HUFHGHV%HQ] G 1RWHSULYLQGHFKLSDUHDDXWRYHKLFXOXOXL±
8WLOL]DĠLQXPDLSQHXULURĠLVDXDFFHVRULL vQWRWGHDXQDPRQWDĠLvQDXWRYHKLFXO
WHVWDWHúLDSUREDWHGH0HUFHGHV%HQ]ÌQ =SQHXULGHDFHHDúLPăULPHSHRSXQWH
FD]FRQWUDUDQXPLWHFDUDFWHULVWLFLGHH[ DQXPH VWkQJDGUHDSWD
PDQHYUDELOLWDWHDHPLVLLOHGH]JRPRWDOH =SQHXULGHDFHODúLWLSvQPRPHQWHOHVSH
DXWRYHKLFXOXOXLVDXFRQVXPXOGHFDUEX FLILFHGLQDQ SQHXULGHYDUăSQHXULGH
UDQWSRWILDIHFWDWHQHJDWLYÌQSOXVFkQG LDUQăSQHXUL02([WHQGHG
FRQGXFHĠLVXEVDUFLQăYDULDĠLLOHGLPHQVLX
QLORUSQHXULORUSRWIDFHFDSQHXULOHVăLQWUH G 3UH]HQWDUHJHQHUDOăDDEUHYLHULORUXWLOL
vQFRQWDFWFXFRPSRQHQWHOHFDURVHULHLúL ]DWHvQXUPăWRDUHOHWDEHOHGHSQHXUL
SXQĠLL$VWIHOSQHXULOHVDXDXWRYHKLFXOXODU =%$DPEHOHSXQĠL
SXWHDVXIHULGHWHULRUăUL =)$SXQWHIDĠă
0HUFHGHV%HQ]QXDFFHSWăQLFLRUăVSXQ =5$SXQWHVSDWH
GHUHSHQWUXGDXQHFHGHFXUJGLQXWLOL]DUHD
DOWRUSQHXULURĠLVDXDFFHVRULLvQDIDUDFHORU
WHVWDWHúLDSUREDWH
,QIRUPDĠLLVXSOLPHQWDUHGHVSUHURĠLSQHXUL
úLFRPELQDĠLLOHDSUREDWHSRWILREĠLQXWHGH
ODRULFHDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 &RPELQDĠLLGHURDWăúLSQHX

ÌQXUPăWRUXOWDEHOFRPELQDĠLLOHURDWăSQHX
VXQWDWULEXLWHPRGHOHORUGHDXWRYHKLFXOSH
ED]DYHUVLXQLORUGHH[99HWF

9 */.&',*/.%OXH7(&
0$7,&*/.&',*/.&',
0$7,&*/.%OXH7(&0$7,&
*/.0$7,&*/.
0$7,&*/.0$7,&
*/.&',0$7,&

G 1XWRDWHFRPELQDĠLLOHGHURDWăSQHXSRW
ILPRQWDWHGLQIDEULFăvQWRDWHĠăULOH
5RĠLúLSQHXUL

 %OXH()),&,(1&<
5RDWăGHUH]HUYăGHX]WHPSRUDU 

3QHXUL

3QHXULGHYDUă 5RĠLGLQDOLDMXúRU 9
%$ 59 -[+(7 ;
)$ 59 -[+(7 ;
5$ 59 -[+(7
)$ 5:;/ -[+(7 ;
5$ 5:;/ -[+(7

3QHXULSHQWUXRULFHFRQGLĠLLPHWHR 5RĠLGLQDOLDMXúRU 9
%$ 5906 -[+(7 ;
)$ 5906 -[+(7 ;
5$ 5906 -[+(7
%$ 5906 -[+(7 ;

3QHXULSHQWUXRULFHWHUHQ 5RĠLGLQDOLDMXúRU 9

5RĠLúLSQHXUL
%$ 5+06 -[+(7 ;

3QHXULGHLDUQă 5RĠLGLQDOLDMXúRU 9
%$ 5+06M -[+(7 ;

%$ 5+06M -[+(7 ;

5RDWăGHUH]HUYăGHX]WHPSRUDU 3HQWUXDSUHYHQLVLWXDĠLLOHSHULFXORDVH
=$GDSWDĠLYăVWLOXOGHFRQGXFHUHvQPRG
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
FRUHVSXQ]ăWRUúLFRQGXFHĠLFXDWHQĠLH
$9(57,60(17 =1XPRQWDĠLQLFLRGDWăPDLPXOWGHRURDWă
'LPHQVLXQLOHURĠLLSQHXOXLúLWLSXOGHSQHXDO GHUH]HUYăURDWăGHUH]HUYăGHX]WHPSRUDU
URĠLLGHUH]HUYăURĠLLGHUH]HUYăGHX]WHPSR GDFăGLPHQVLXQLOHVXQWGLIHULWHGHFHOHDOH
UDUúLURDWDFDUHWUHEXLHvQORFXLWăDUSXWHDVă URĠLLFDUHHVWHvQORFXLWă
GLIHUH0RQWDUHDXQHLURĠLGHUH]HUYăURĠLGH =8WLOL]DĠLQXPDLSHQWUXVFXUWWLPSRURDWăGH
UH]HUYăGHX]WHPSRUDUDUSXWHDDIHFWDJUDY UH]HUYăURDWăGHUH]HUYăGHX]WHPSRUDU
FDUDFWHULVWLFLOHGHFRQGXFHUH([LVWăXQSHUL GDFăGLPHQVLXQLOHVXQWGLIHULWHGHFHOHDOH
FROGHDFFLGHQW URĠLLFDUHHVWHvQORFXLWă

 1XHVWHSHUPLVăXWLOL]DUHDGHODQĠXULGH]ăSDGă5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ/DQĠXULGH]ăSDGă³


 5RDWăGHUH]HUYăGHX]WHPSRUDU

=1XGH]DFWLYDĠL(63Š 5RDWăGHUH]HUYăFRPSDFWăGHX]WHP
=6ROLFLWDĠLvQORFXLUHDURĠLLGHUH]HUYăURĠLLGH SRUDU
UH]HUYăGHX]WHPSRUDUvQGLVFXĠLHODFHOPDL 6FRDWHUHDURĠLLGHUH]HUYăGHX]WHPSR
DSURSLDWDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW UDU
$VLJXUDĠLYăFăGLPHQVLXQLOHURĠLLSQHXOXL
úLWLSXOGHSQHXVXQWFRUHFWH 5RDWDGHUH]HUYăGHX]WHPSRUDUVHJăVHúWH
vQVSDĠLXOGHGHSR]LWDUHGHVXESODQúHXOSRUW
&kQGXWLOL]DĠLRURDWăGHUH]HUYăGHX]WHP EDJDMXOXL
SRUDUVDXRURDWăGHUH]HUYăGHDOWăPăULPH  5LGLFDĠLSODQúHXOSRUWEDJDMXOXLvQVXV
QXWUHEXLHVăGHSăúLĠLYLWH]DPD[LPăGH 3DJLQD 
NPK
1XWUHEXLHPRQWDWHODQĠXULGH]ăSDGăODURĠLOH
GHUH]HUYăGHX]WHPSRUDU

1RWHJHQHUDOH
7UHEXLHVăYHULILFDĠLUHJXODWSUHVLXQHDvQWRDWH
SQHXULOHLQFOXVLYvQURDWDGHUH]HUYăGHX]
WHPSRUDUPDLDOHVvQDLQWHDGUXPXULORUOXQJL
úLVăFRUHFWDĠLSUHVLXQHDGDFăHVWHQHFHVDU
5RĠLúLSQHXUL

3DJLQD 9DORDUHDDSOLFDELOăVH
JăVHúWHSHURDWăVDXODÄ'DWHWHKQLFH´ ([HPSOXDXWRYHKLFXOIăUăIXQFĠLHVWDUWVWRS(&2
3DJLQD   6FRDWHĠLWăYLĠDGHGHSR]LWDUHC DXWRYHKL
G 'DFăFRQGXFHĠLFXURDWDGHUH]HUYăGHX] FXOIăUăIXQFĠLDVWDUWVWRS(&2
WHPSRUDUPRQWDWăVLVWHPXOGHDYHUWLV 3DJLQD 
PHQWSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXUL  5RWLĠLúXUXEXOGHIL[DUHDvQVHQVDQWLRUDU
QXSRDWHIXQFĠLRQDILDELO5HSRUQLĠLVLVWH úLVFRDWHĠLO
PXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLX  6FRDWHĠLURDWDGHUH]HUYăGHX]WHPSRUDU
QLLvQSQHXULQXPDLFkQGURDWDGHIHFWăDIRVW ‡
vQORFXLWăFXXQDQRXă
 6FRDWHĠLúXUXEXULOHGHURDWăSHQWUXURDWD
2URDWăGHUH]HUYăGHX]WHPSRUDUSRDWHIL GHUH]HUYăGHX]WHPSRUDUGLQWUXVDGH
PRQWDWăúLFRQWUDVHQVXOXLGHURWDĠLH5HV VFXOHDDXWRYHKLFXOXOXL
SHFWDĠLUHVWULFĠLDGHWLPSvQSULYLQĠDXWLOL]ăULL
SUHFXPúLOLPLWDUHDGHYLWH]ăVSHFLILFDWăSH 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGVFKLP
URDWDGHUH]HUYăGHX]WHPSRUDU EDUHDURĠLLúLPRQWDUHDURĠLLGHUH]HUYăFRQ
VXOWDĠL 3DJLQD 
ÌQORFXLĠLSQHXULOHGXSăFHOPXOWúDVHDQLLQGL
IHUHQWGHJUDGXOGHX]XUă$FHDVWDVHDSOLFă
8PIODUHDURĠLLGHUH]HUYăGHX]WHPSR
úLODURDWăGHUH]HUYăGHX]WHPSRUDU
UDU
 8PIODĠLURDWDGHUH]HUYăFRPSDFWăGHX]
WHPSRUDUIRORVLQGFRPSUHVRUXOGHXPIODUH
DSQHXULORUvQDLQWHGHFRERUkUHDDXWRYHKL
FXOXOXL-DQWDURĠLLSRDWHVXIHULGHWHULRUăULvQ
FD]FRQWUDU
5RDWăGHUH]HUYăGHX]WHPSRUDU 

RSULUHƒGHSHSRPSDHOHFWULFăGHDHUvQ
SR]LĠLD
&RPSUHVRUXOGHXPIODUHDSQHXOXLHVWH
RSULW
 5RWLĠLFKHLDvQSR]LĠLDvQFRPXWDWRUXOGH
FRQWDFW
 'DFăSUHVLXQHDvQSQHXULGHSăúHúWHSUH
VLXQHDVSHFLILFDWăDSăVDĠLEXWRQXOYDOYHL
GHHOLEHUDUHDSUHVLXQLLDSkQăFHVDDWLQV
SUHVLXQHDvQSQHXULFRUHFWă
 7UDJHĠLFRQHFWRUXO…úLIXUWXQXOGHDHUGLQ  'HVILOHWDĠLSLXOLĠDGHvPELQDUHCGHSHIXU

FDUFDVă WXQXOGHDHUGLQYDOYă
 6FRDWHĠLFDSDFXOGHODYHQWLOXOURĠLLGH  ÌQILOHWDĠLFDSDFXOGHYHQWLOSHYHQWLOXOURĠLL
UH]HUYăGHX]WHPSRUDU GHUH]HUYăGHX]WHPSRUDUGLQQRX
 ÌQILOHWDĠLSLXOLĠDGHvPELQDUHCGHSHIXU  'HSR]LWDĠLEXúRQXO…úLIXUWXQXOGHDHUvQ

WXQXOGHDHUSHYDOYă VHFĠLXQHDLQIHULRDUăDFDUFDVHLYHQWLODWRUX
 $VLJXUDĠLYăFăHVWHIL[DWFRPXWDWRUXOGH OXL
FRQWDFWRSULUHƒDOFRPSUHVRUXOXLGH  'HSR]LWDĠLFRPSUHVRUXOGHXPIODUHDSQHX

XPIODUHDSQHXULORUSH ULORUvQDXWRYHKLFXO

5RĠLúLSQHXUL
 ,QWURGXFHĠLFRQHFWRUXO…vQSUL]DEULFKHWHL
3DJLQD VDXvQWURSUL]ăGH9 'HSR]LWDUHDXQHLURĠLGHUH]HUYăGHX]
3DJLQD GLQDXWRYHKLFXOXOGXPQHD WHPSRUDUXWLOL]DWH
YRDVWUă /XDĠLXUPăWRDUHOHPăVXULSHQWUXDGHSR]LWDR
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW URDWăGHUH]HUYăFRPSDFWăGHX]WHPSRUDU
FKHLDVHDIOăvQSR]LĠLD 3DJLQD  GHMDXWLOL]DWăÌQFD]FRQWUDUURDWDGHUH]HUYă
 $SăVDĠLFRPXWDWRUXOGHFRQWDFWRSULUHƒ FRPSDFWăGHX]WHPSRUDUQXVHYDSRWULYLvQ
GHSHFRPSUHVRUXOGHXPIODUHDSQHXULORU VSDĠLXOSHQWUXURDWDGHUH]HUYă0HUFHGHV
vQSR]LĠLD, %HQ]YăUHFRPDQGăVăVROLFLWDĠLHIHFWXDUHD
&RPSUHVRUXOGHXPIODUHDSQHXOXLHVWH DFHVWHLOXFUăULODXQDWHOLHUGHVSHFLDOLWDWH
DFWLYDW3QHXOHVWHXPIODW3UHVLXQHDvQ DXWRUL]DW
SQHXULHVWHLQGLFDWăSHPDQRPHWUXO‡  $úH]DĠLURDWDGHUH]HUYăFRPSDFWăGHX]
WHPSRUDUvQDXWRYHKLFXOGRDUFkQGHVWH
 1XDFĠLRQDĠLFRPSUHVRUXOGHXPIODUHD
XVFDWăÌQFD]FRQWUDUXPLGLWDWHDDUSXWHD
SQHXULORUvQUHSUL]HGHSHVWHRSWPLQXWH
SăWUXQGHvQDXWRYHKLFXO
IăUăvQWUHUXSHUHÌQFD]FRQWUDUVHSRDWH
VXSUDvQFăO]L  6FRDWHĠLH[WUDFWRUXOGHYDOYăGLQWUXVDGH

&RPSUHVRUXOGHXPIODUHDSQHXULORUSRDWH VFXOHDDXWRYHKLFXOXOXL
ILDFĠLRQDWGLQQRXRGDWăFHVDUăFLW  'HVILOHWDĠLFDSDFXOYDOYHLGLQYDOYă
 'HVILOHWDĠLYHQWLOXOGLQYDOYăúLHOLEHUDĠL
 8PIODĠLSQHXOODSUHVLXQHDVSHFLILFDWă
DHUXO
3UHVLXQHDvQSQHXULVSHFLILFDWăHVWHLPSUL
PDWăSHHWLFKHWDJDOEHQăGHSHURDWDGH G 'H]XPIODUHDFRPSOHWăDSQHXOXLSRDWH
UH]HUYă GXUDFkWHYDPLQXWH
 &kQGSUHVLXQHDvQSQHXULVSHFLILFDWăDIRVW  ÌQILOHWDĠLYHQWLOXOODORFSHYDOYă
DWLQVăDSăVDĠLFRPXWDWRUXOGHFRQWDFW


 5RDWăGHUH]HUYăGHX]WHPSRUDU

 ÌQILOHWDĠLFDSDFXOGHYDOYăvQDSRLODORFXO
VăX
 $úH]DĠLH[WUDFWRUXOGHYDOYăvQDSRLvQWUXVD
GHVFXOHDDXWRYHKLFXOXOXL
 'HSR]LWDĠLURDWDGHUH]HUYăFRPSDFWăGHX]
WHPSRUDUvQVSDĠLXOSHQWUXURDWDGHUH]HUYă
GHX]WHPSRUDUGHVXESRUWEDJDMúLSULQGHĠL
RvQORFDú
5RĠLúLSQHXUL
5RDWăGHUH]HUYăGHX]WHPSRUDU 

'DWHWHKQLFH

5RDWăGHUH]HUYăFRPSDFWăGHX]WHPSRUDU
3QHXUL 5RĠL 9
±3 %[+(7 ;
3UHVLXQHvQSQHXULN3D EDULSVL

ÌQIXQFĠLHGHĠDUăPRWRUXOúLURĠLOHPRQWDWHDXWRYHKLFXOXOGXPQHDYRDVWUăSRDWHILGRWDWFX
7,5(),7VDXRURDWăGHUH]HUYăGHX]WHPSRUDU
G 3UHVLXQHDvQSQHXULVSHFLILFDWăHVWHLPSULPDWăvQJDOEHQSHURDWDGHUH]HUYăGHX]WHP
SRUDU

5RĠLúLSQHXUL

 1XHVWHSHUPLVăXWLOL]DUHDGHODQĠXULGH]ăSDGă5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ/DQĠXULGH]ăSDGă³





,QIRUPDĠLLXWLOH 
,QIRUPDĠLLSULYLQGGDWHOHWHKQLFH 
6LVWHPHOHHOHFWURQLFHDOHDXWRYH
KLFXOXOXL 
3OăFXĠHGHLGHQWLILFDUH 
3URGXVHGHVHUYLFHúLFDSDFLWăĠL 
'DWHSULYLQGDXWRYHKLFXOXO 
&kUOLJXOGHWUDFWDUHDUHPRUFLL 
6LVWHPXOGHVHQ]RULUDGDUGH
*+] SUH]HQWDUHJHQHUDOăSHĠăUL  

'DWHWHKQLFH
 6LVWHPHOHHOHFWURQLFHDOHDXWRYHKLFXOXOXL

,QIRUPDĠLLXWLOH 0RGHUQL]DUHDFXVWDĠLLUDGLRELGLUHF
ĠLRQDOHúLWHOHIRDQHPRELOH WUDQV
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH PLĠăWRDUH5)
PRGHOHOHVHULLOHúLHFKLSDPHQWXORSĠLRQDO
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUăFDUH $9(57,60(17
HUDXGLVSRQLELOHvQPRPHQWXOWLSăULULL 'DFăVHLQWHUYLQHODWUDQVPLĠăWRDUHOH5)VDX
PDQXDOXOXL6XQWSRVLELOHYDULDĠLLQDĠLRQDOH GDFăDFHVWHDQXVXQWPRGHUQL]DWHFRUHFW
5HĠLQHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOVă UDGLDĠLLOHHOHFWURPDJQHWLFHHPLVHGHDFHVWHD
QXILHHFKLSDWFXWRDWHIXQFĠLLOHGHVFULVH SRWLQWHUIHUDFXVLVWHPHOHHOHFWURQLFHDOH
$FHVWOXFUXHVWHYDODELOúLSHQWUXVLVWHPHOH DXWRYHKLFXOXOXL$FHDVWDSRDWHSHULFOLWDVLJX
úLIXQFĠLLOHUHIHULWRDUHODVLJXUDQĠă UDQĠDvQIXQFĠLRQDUHDDXWRYHKLFXOXOXL([LVWă
XQULVFGHDFFLGHQW
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
$UWUHEXLVăHIHFWXDĠLWRDWHLQWHUYHQĠLLOHDVX
FLDOLWDWHDXWRUL]DWH 3DJLQD 
SUDFRPSRQHQWHORUHOHFWULFHúLHOHFWURQLFHOD
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
,QIRUPDĠLLSULYLQGGDWHOHWHKQLFH
$9(57,=$5(
3XWHĠLJăVLGDWHWHKQLFHFXUHQWHSHLQWHUQHW 'DFăvQDXWRYHKLFXORSHUDĠLQHFRUHVSXQ]ăWRU
ODDGUHVDKWWSZZZPHUFHGHVEHQ]FRP HPLĠăWRDUH5)HPLVLLOHHOHFWURPDJQHWLFHDOH
DFHVWRUDSRWSHUWXUEDVLVWHPXOHOHFWURQLFDO
G 'DWHOHWHKQLFHDXIRVWVWDELOLWHvQFRQIRU YHKLFXOXOXLGHH[FkQG
PLWDWHFX'LUHFWLYHOH&(7RDWHGDWHOHVH =HPLĠăWRUXO5)QXHVWHFRQHFWDWODDQWHQD
DSOLFăODHFKLSDPHQWXOVWDQGDUGDODXWRYH
H[WHUQă
KLFXOXOXL3ULQXUPDUHGDWHOHSRWVăGLIHUH
'DWHWHKQLFH

=DQWHQHOHH[WHUQHVXQWPRQWDWHJUHúLWVDX
ODDXWRYHKLFXOHOHFXHFKLSDPHQWRSĠLRQDO
3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHOD QXDXUHIOH[LLUHGXVH
XQ&HQWUXGH6HUYLFH0HUFHGHV%HQ] $VWIHOSXWHĠLSHULFOLWDVLJXUDQĠDGHIXQFĠLRQDUH
DDXWRYHKLFXOXOXLGXPQHDYRDVWUă([LVWăSHUL
FROXOGHDFFLGHQW
6LVWHPHOHHOHFWURQLFHDOHDXWRYHKLFX 0RQWDĠLDQWHQDH[WHUQăvQWUXQDWHOLHUGHVHU
OXOXL YLFHGHVSHFLDOLWDWHDXWRUL]DW&RQHFWDĠL
HPLĠăWRUXO5)vQWRWGHDXQDODDQWHQDH[WHUQă
,QWHUYHQĠLLQHDXWRUL]DWHODVLVWHPHOH FXUHIOH[LLUHGXVHvQWLPSXORSHUăULLvQDXWRYH
HOHFWURQLFHDOHPRWRUXOXL KLFXO
 (IHFWXDĠLLQWHUYHQĠLLOHDVXSUDVLVWHPHORU
HOHFWURQLFHDOHPRWRUXOXLúLDVXSUDSăUĠLORU  &HUWLILFDWXOGHvQPDWULFXODUHSRDWHILDQX
FRPSRQHQWHFXPDUILXQLWăĠLGHFRQWURO ODWGDFăQXVXQWUHVSHFWDWHLQVWUXFĠLXQLOH
VHQ]RULúLFDEOXULGHFRQHFWRULQXPDLODXQ GHLQVWDODUHúLXWLOL]DUHDWUDQVPLĠăWRDUHORU
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWÌQFD]FRQ 5)
WUDUFRPSRQHQWHOHDXWRYHKLFXOXOXLVDU 7UHEXLHUHVSHFWDWHPDLDOHVXUPăWRDUHOH
SXWHDX]DPDLUDSLGúLFHUWLILFDWXOGHvQPD FRQGLĠLL
WULFXODUHDDXWRYHKLFXOXOXLSRDWHILDQXODW =SRWILXWLOL]DWHQXPDLEHQ]LGHIUHFYHQĠă
DSUREDWH
=UHVSHFWDĠLLHúLUHDPD[LPăDGPLVăvQ
DFHVWHEHQ]LGHIUHFYHQĠă
=SRWILXWLOL]DWHQXPDLSR]LĠLLOHDSUREDWH
DOHDQWHQHL
6LVWHPHOHHOHFWURQLFHDOHDXWRYHKLFXOXOXL 

5HVSHFWDĠLQRWHOHSULYLQGXWLOL]DUHDWHOHIRDQH 3XWHUHDGHWUDQVPLVLHPD[LPă 3($. ODED]D


ORUPRELOH 3DJLQD  DQWHQHLQXWUHEXLHVăGHSăúHDVFăXUPăWRD
8UPăWRDUHOHSR]LĠLLDOHDQWHQHLSRWILXWLOL]DWH UHOHYDORUL
SHQWUXLQVWDODUHDFRUHFWăDWUDQVPLĠăWRDUHORU
%DQGăGHIUHFYHQĠă 3XWHUHGH
5)
WUDQVPLVLH
PD[LPă
8QGHVFXUWH :
0+]
%DQGăGHIUHFYHQĠăGH :
P
0+]
%DQGăGHIUHFYHQĠăGH :
P
3R]LĠLLDSUREDWHDOHDQWHQHL 0+]
C =RQDIURQWDOăDSDYLOLRQXOXL 5HĠHDGHUDGLR7UXQ :
D =RQDVSDWHDSDYLOLRQXOXL NLQJ7HWUD
‡ $ULSăVSDWH 0+]
G /DDXWRYHKLFXOHOHFXRWUDSăJOLVDQWă %DQGăGHIUHFYHQĠH :
SDQRUDPLFăQXHVWHSHUPLVăPRQWDUHD FP
XQHLDQWHQHSH]RQDIURQWDOăVDXGLQVSDWH 0+]

'DWHWHKQLFH
DSDYLOLRQXOXL
3HDULSDGLQVSDWHVHUHFRPDQGăVăSR]L *60'&63&6 :
ĠLRQDĠLDQWHQDSHSDUWHDDXWRYHKLFXOXOXL 
FHDPDLDSURSLDWăGHFHQWUXOGUXPXOXL 8076/7( :
8WLOL]DĠLVSHFLILFDĠLLOHWHKQLFH,6276
$XWRYHKLFXOHUXWLHUHÄ,QVWUXFĠLXQLOH(0& 8UPăWRDUHOHSRWILXWLOL]DWHvQDXWRYHKLFXOIăUă
SHQWUXLQVWDODUHDHFKLSDPHQWXOXLGHWUDQVPL UHVWULFĠLL
VLHSULQUDGLRIUHFYHQĠă´ ODPRGHUQL]DUHD
=WUDQVPLĠăWRDUH5)FXRSXWHUHGHWUDQVPL
WUDQVPLĠăWRDUHORU5) UDGLRIUHFYHQĠă 5HV
SHFWDĠLFHULQĠHOHOHJDOHSHQWUXDQVDPEOHúL VLHPD[LPăGHSkQăODP:
VXEDQVDPEOH =WHOHIRDQHPRELOH *60'&63&6

'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăGLVSXQH 8076/7(
GHVXSRUWXULSHQWUXHFKLSDPHQWWLSVWDĠLH 1XH[LVWăUHVWULFĠLLODSR]LĠLRQDUHDDQWHQHLvQ
UDGLRELGLUHFĠLRQDOăXWLOL]DĠLDOLPHQWDUHDHOHF H[WHULRUXODXWRYHKLFXOXOXLSHQWUXXUPăWRDUHOH
WULFăVDXFRQH[LXQLOHGHDQWHQăGHVWLQDWHXWL EHQ]LGHIUHFYHQĠH
OL]ăULLFXFDEODMXOGHED]ă$VLJXUDĠLYăFăUHV =5HĠHDGHUDGLR7UXQNLQJ7HWUD
SHFWDĠLLQVWUXFĠLXQLOHVXSOLPHQWDUHDOHSUR =%DQGăGHIUHFYHQĠHFP
GXFăWRUXOXLODLQVWDODUH
=*60'&63&6
'HFDODMHOHFXSULYLUHODEHQ]LOHGHIUHFYHQĠH
=8076/7(
SXWHULOHGHWUDQVPLVLHPD[LPHVDXSR]LĠLLOH
DQWHQHLWUHEXLHDSUREDWHGH0HUFHGHV%HQ]


 3URGXVHGHVHUYLFHúLFDSDFLWăĠL

3OăFXĠHGHLGHQWLILFDUH G 'DWHOHDILúDWHSHSOăFXĠDGHLGHQWLILFDUH
VXQWH[HPSOH$FHVWHGDWHYDULD]ăGHOD
3OăFXĠăGHLGHQWLILFDUHDDXWRYHKLFX DXWRYHKLFXOODDXWRYHKLFXOúLSRWVăGLIHUH
OXOXLFXQXPăUXOGHLGHQWLILFDUHD GHGDWHOHSUH]HQWDWHDLFL3XWHĠLJăVLGDWH
DXWRYHKLFXOXOXL 9,1 FDUHVHDSOLFăDXWRYHKLFXOXOXLGXPQHD
YRDVWUăSHSOăFXĠDGHLGHQWLILFDUHDDXWR
YHKLFXOXOXL

9,1

 'HVFKLGHĠLSRUWLHUDGLQGUHDSWDIDĠă
9HĠLYHGHDSOăFXĠDGHLGHQWLILFDUHDDXWR
YHKLFXOXOXLC

 &XOLVDĠLVFDXQXOIDĠăGHSHSDUWHDGUHDSWă
vQSR]LĠLDVDGHFDSăWVSDWH
 5DEDWDĠLvPEUăFăPLQWHDSODQúHXOXLCvQ
'DWHWHKQLFH

VXV
9HĠLYHGHD9,1XO QXPăUXOGHLGHQWLILFDUH
DDXWRYHKLFXOXOXL D
9,1XOSRDWHILJăVLWúLSHSOăFXĠDGHLGHQWLIL
FDUHDDXWRYHKLFXOXOXL 3DJLQD 
([HPSOXSOăFXĠăGHLGHQWLILFDUHDDXWRYHKLFXOXOXL
C 3OăFXĠăGHLGHQWLILFDUHDDXWRYHKLFXOXOXL
6HULDPRWRUXOXL
D 3URGXFăWRUDXWRYHKLFXO 'DLPOHU$*
6HULDPRWRUXOXLHVWHúWDQĠDWăSHFDUWHU3XWHĠL
‡ 1XPăUXOGHRPRORJDUH8( QXPDLSHQWUX
REĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHODRULFHDWH
DQXPLWHĠăUL
OLHUGHVSHFLDOLWDWHDXWRUL]DW
… 9,1
ƒ 0DVDWRWDOăPD[LPăDGPLVăDDXWRYHKL
FXOXOXL NJ 3URGXVHGHVHUYLFHúLFDSDFLWăĠL
„ 0DVDPD[LPăDGPLVăDFRPELQDĠLHLDXWR
YHKLFXOUHPRUFă NJ 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
k 6DUFLQăPD[LPăDGPLVăSHSXQWHDGLQ $9(57,60(17
IDĠă NJ 3URGXVXOGHVHUYLFHSRDWHILWR[LFúLGăXQăWRU
l 6DUFLQDPD[LPăDGPLVăSHSXQWHDGLQ VăQăWăĠLL([LVWăXQULVFGHDFFLGHQW
VSDWH NJ 5HVSHFWDĠLLQVWUXFĠLXQLOHSULYLQGUHFLSLHQWXO
m &RGGHYRSVHD RULJLQDOFkQGXWLOL]DĠLGHSR]LWDĠLúLHOLPLQDĠL
3URGXVHGHVHUYLFHúLFDSDFLWăĠL 

SURGXVHOHGHVHUYLFH'HSR]LWDĠLvQWRWGHDXQD GHSHLQWHUQHWODDGUHVD
SURGXVHOHGHVHUYLFHvQUHFLSLHQWXORULJLQDO KWWSEHYRPHUFHGHVEHQ]FRP
VLJLODW1XOăVDĠLQLFLRGDWăSURGXVHOHGHVHU
YLFHODvQGHPkQDFRSLLORU
&DUEXUDQW
,QGLFDĠLHSULYLQGPHGLXODPELDQW 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
6FRDWHĠLGLQX]GHúHXULOHúLPDWHULDOHOHFRQ
VXPDELOHĠLQkQGFRQWGHPHGLX $9(57,60(17
&DUEXUDQWXOHVWHH[WUHPGHLQIODPDELO'DFă
3ULQWUHSURGXVHOHGHVHUYLFHVHQXPăUă PDQLSXODĠLFDUEXUDQWXOvQPRGLQFRUHFWH[LVWă
XUPăWRDUHOH XQULVFGHLQFHQGLXúLH[SOR]LH
=&DUEXUDQĠL GHH[EHQ]LQăPRWRULQă 7UHEXLHVăHYLWDĠLIRFXOIOăFăULOHGHVFKLVH
=$GLWLYLGHWUDWDUHXOWHULRDUăDJD]HORUGH FUHDUHDGHVFkQWHLúLIXPDWXO2SULĠLPRWRUXO
HúDSDPHQWGHH[$G%OXHŠ úLGDFăHVWHFD]XOvQFăO]LUHDDX[LOLDUăvQDLQWH
=/XEULILDQĠL GHH[XOHLGHPRWRUXOHLGH GHDOLPHQWDUHDFXFDUEXUDQW
WUDQVPLVLH
=/LFKLGGHUăFLUH $9(57,60(17
=/LFKLGGHIUkQă
&DUEXUDQĠLLVXQWWR[LFLúLSHULFXORúLSHQWUX
VăQăWDWH([LVWăXQSHULFROGHUăQLUH
=/LFKLGVSăOăWRUGHSDUEUL]
1XvQJKLĠLĠLFDUEXUDQWúLQXSHUPLWHĠLFRQWDFWXO
=5HIULJHUHQWSHQWUXVLVWHPXOGHFRQWURODO
DFHVWXLDFXSLHOHDRFKLLVDXvPEUăFăPLQWHD
FOLPDWL]ăULL 1XLQKDODĠLYDSRULGHFDUEXUDQW&DUEXUDQĠLL
&kQGPDQHYUDĠLGHSR]LWDĠLúLHOLPLQDĠLSUR QXWUHEXLHOăVDĠLODvQGHPkQDFRSLLORU

'DWHWHKQLFH
GXVHGHVHUYLFHYăUXJăPVăUHVSHFWDĠLGLUHF 'DFăGXPQHDYRDVWUăVDXDOWHSHUVRDQHLQWUă
WLYHOHUHOHYDQWH vQFRQWDFWFXFDUEXUDQWXOUHVSHFWDĠLXUPăWRD
&RPSRQHQWHOHúLSURGXVHOHGHVHUYLFHWUH UHOH
EXLHVăFRUHVSXQGă0HUFHGHV%HQ]YăUHFR =ÌQGHSăUWDĠLLPHGLDWSULQVSăODUHFXDSăúL
PDQGăVăXWLOL]DĠLSURGXVHWHVWDWHúLDSUREDWH
VăSXQFDUEXUDQWXOGHSHVXSUDIHĠHOHGH
GH0HUFHGHV%HQ]$FHVWHDVXQWLQGLFDWHvQ
SLHOHDIHFWDWH
0DQXDOXOGHXWLOL]DUH0HUFHGHV%HQ]vQVHF
=ÌQFD]XOFRQWDFWXOXLFDUEXUDQWXOXLFXRFKLL
ĠLXQHDFRUHVSXQ]ăWRDUH
FOăWLĠLLPHGLDWFXDSăFXUDWăGLQDEXQGHQĠă
3XWHĠLLGHQWLILFDSURGXVHOHGHVHUYLFHDSUR
$GUHVDĠLYăLPHGLDWPHGLFXOXL
EDWHGH0HUFHGHV%HQ]GXSăXUPăWRDUHOH
='DFăvQJKLĠLĠLFDUEXUDQWDGUHVDĠLYăLPH
LQVFULSĠLLGHSHUHFLSLHQW
GLDWPHGLFXOXL1XLQGXFHĠLYRPD
=2PRORJDUH0% GHH[2PRORJDUH0%
=ÌQGHSăUWDĠLLPHGLDWRULFHvPEUăFăPLQWH

FDUHDLQWUDWvQFRQWDFWFXFDUEXUDQWXO
=2PRORJDUH0% GHH[2PRORJDUH0%

$OWHGHQXPLULVDXUHFRPDQGăULLQGLFăXQQLYHO
GHFDOLWDWHVDXRVSHFLILFDĠLHvQFRQIRUPLWDWH
FXQXPăUXOGH)Lúă0% GHH[0% 
$FHVWHDQXDXIRVWQHDSăUDWDSUREDWHGH0HU
FHGHV%HQ]
,QIRUPDĠLLVXSOLPHQWDUHSRWILREĠLQXWHGHOD
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]VDX


 3URGXVHGHVHUYLFHúLFDSDFLWăĠL

&DSDFLWDWHUH]HUYRU &DUEXUDQWXOFXDFHDVWăVSHFLILFDĠLHDU
SXWHDFRQĠLQHSkQăODHWDQRO
&DSDFLWDWHDWRWDOăDUH]HUYRUXOXLGHFDUEX
UDQWSRDWHYDULDvQIXQFĠLHGHHFKLSDUHDDXWR  1XXWLOL]DĠLXUPăWRDUHOH
YHKLFXOXOXL =( EHQ]LQăFXHWDQRO
=( HWDQRO
0RGHO &DSDFLWDWH
WRWDOă =0 EHQ]LQăFXPHWDQRO
=0 EHQ]LQăFXPHWDQRO
*/.0$7,& O
=0 PHWDQRO
*/.0$7,&%OXH()
=%HQ]LQăFXDGLWLYLPHWDOLFL
),&,(1&<
='LHVHO
*/.0$7,&%OXH()
),&,(1&< 1XDPHVWHFDĠLDFHúWLFDUEXUDQĠLFXEHQ
*/.&',0$7,& ]LQăúLQXXWLOL]DĠLDGLWLYLÌQFD]FRQWUDU
DFHVWOXFUXSRDWHGXFHODGHWHULRUDUHD
7RDWHFHOHODOWHPRGHOH O PRWRUXOXL([FHSĠLDRFRQVWLWXLHDGLWLYLLGH
VDX FXUăĠDUHSHQWUXHOLPLQDUHDúLSUHYHQLUHD
O DFXPXOăULORUGHUH]LGXXUL'RDUDGLWLYLGH
FXUăĠDUHUHFRPDQGDĠLGH0HUFHGHV%HQ]
SRWILDGăXJDĠLvQEHQ]LQăFRQVXOWDĠLÄ$GL
0RGHO 'LQFDUH WLYL´3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUH
FDUEXUDQW GHODRULFH&HQWUXGH6HUYLFH0HUFHGHV
GHUH]HUYă %HQ]
7RDWHPRGHOHOH $SUR[O ÌQJHQHUDOYHĠLJăVLLQIRUPDĠLLGHVSUHFDOLWD
'DWHWHKQLFH

WHDFDUEXUDQWXOXLSHSRPSă'DFăQXJăVLĠL
%HQ]LQă (1(',1 HWLFKHWDSHSRPSDGHEHQ]LQăvQWUHEDĠLSHU
VRQDOXOEHQ]LQăULHL
&DOLWDWHDFDUEXUDQWXOXL G &DUEXUDQWXO(FRQĠLQHSkQăOD
 1XXWLOL]DĠLPRWRULQăSHQWUXDOLPHQWDUHD ELRHWDQRO$XWRYHKLFXOXOGXPQHDYRDVWUă
DXWRYHKLFXOHORUFXPRWRUSHEHQ]LQă1X HVWHDGHFYDWSHQWUXXWLOL]DUHDFXFDUEXUDQW
SXQHĠLFRQWDFWXOGDFăDĠLDOLPHQWDWGLQJUH (9ăSXWHĠLDOLPHQWDDXWRYHKLFXOXOIROR
úHDOăFXFDUEXUDQWLQFRUHFWÌQFD]FRQWUDU VLQGFDUEXUDQW(
FDUEXUDQWXOYDSăWUXQGHvQVLVWHPXOGHDOL
G &DPăVXUăWHPSRUDUăvQFD]XOvQFDUH
PHQWDUHFXFDUEXUDQW&KLDUúLFDQWLWăĠLOH
PLFLGHFDUEXUDQWLQDGHFYDWGXFODGHWHULR FDUEXUDQWXOUHFRPDQGDWQXHVWHGLVSRQLELO
UDUHDVLVWHPXOXLGHDOLPHQWDUHFXFDUEX SXWHĠLXWLOL]DGHDVHPHQHDEHQ]LQăIăUă
UDQWúLDPRWRUXOXL&RVWXULOHGHUHSDUDUH SOXPEFXRFLIUăRFWDQLFăGH521
VXQWULGLFDWHÌQúWLLQĠDĠLXQDWHOLHUGHVSH 021$FHDVWDSRDWHUHGXFHSHUIRU
FLDOLWDWHDXWRUL]DWúLVROLFLWDĠLJROLUHDFRP PDQĠDPRWRUXOXLúLSRDWHFUHúWHFRQVXPXO
SOHWăDUH]HUYRUXOXLGHFDUEXUDQWúLDFRQ GHFDUEXUDQW(YLWDĠLVăFRQGXFHĠLODDFFH
GXFWHORUGHFDUEXUDQW OHUDĠLHPD[LPă
,QIRUPDĠLLSULYLQGDOLPHQWDUHDFXFDUEXUDQW
 $OLPHQWDĠLQXPDLFXEHQ]LQăIăUăSOXPE
3DJLQD 
FXFHOSXĠLQ521021FDUHHVWHvQ
FRQIRUPLWDWHFXVWDQGDUGXOHXURSHDQ
(1VDX(',1VDXRVSHFLIL
FDĠLHHFKLYDOHQWă
3URGXVHGHVHUYLFHúLFDSDFLWăĠL 

*/.0$7,&%OXH()),&,(1&< $FHVWOXFUXDUSXWHDFDX]DSUREOHPHGHIXQF
 $OLPHQWDĠLQXPDLFXEHQ]LQăSUHPLXP ĠLRQDUHDPRWRUXOXLGHH[
IăUăSOXPEúLIăUăVXOIFXFLIUăRFWDQLFăGH =RSHULRDGăGHvQFăO]LUHDPRWRUXOXLPDL
FHOSXĠLQ521021FRQIRUPăFX vQGHOXQJDWă
VWDQGDUGXOHXURSHDQ(1VDXGHVSHFL =UDODQWLQHXQLIRUP
ILFDĠLHHFKLYDOHQWă =]JRPRWODPRWRU
ÌQFD]FRQWUDUHVWHSRVLELOVăUHGXFHĠLSXWH =UDWHXUL
UHDXWLOăDPRWRUXOXLVDXVăGHWHULRUDĠLVLV
=SLHUGHUHGHSXWHUH
WHPXOGHFRQWURODOHPLVLLORU
ÌQ]RQHOHvQFDUHEHQ]LQDFXDGLWLYLLQHFHVDUL
G ÌQDQXPLWHĠăULHVWHSRVLELOFDEHQ]LQD QXHVWHGLVSRQLELOăVHSRWIRUPDGHSXQHULGH
GLVSRQLELOăVăQXDLEăXQFRQĠLQXWGHVXOI FDODPLQăÌQDFHVWFD]0HUFHGHV%HQ]UHFR
VXILFLHQWGHVFă]XW$FHVWFDUEXUDQWSRDWH PDQGăXWLOL]DUHDDGLWLYLORUFDUHDXIRVWDSUR
HPDQDWHPSRUDUPLURVXULQHSOăFXWHPDL EDĠLSHQWUXDXWRYHKLFXOHOH0HUFHGHV%HQ]
DOHVvQFăOăWRULLVFXUWH,PHGLDWFHFDUEX FRQVXOWDĠLKWWSEHYRPHUFHGHVEHQ]FRP
UDQWXOIăUăVXOI FRQFHQWUDĠLDGHVXOI
&DOLWDWHDFDUEXUDQWXOXLGLVSRQLELOvQDQXPLWH
SSP HVWHXWLOL]DWSHQWUXDOLPHQWDUHD
ĠăULSRDWHILLQVXILFLHQWă3ULQXUPDUHVDU
FXFDUEXUDQWPLURVXULOHVXQWUHGXVH
SXWHDDFXPXODUH]LGXXULÌQDVWIHOGHFD]XULúL
$GLWLYL GXSăFHDĠLFRQVXOWDWXQ&HQWUXGH6HUYLFH
 )XQFĠLRQDUHDPRWRUXOXLFXDGLWLYLGHFDU 0HUFHGHV%HQ]EHQ]LQDSRDWHILDPHVWHFDWă
EXUDQWSRDWHSURYRFDX]XUDSRPSHLGHFDU FXDGLWLYXOUHFRPDQGDWGH0HUFHGHV%HQ]
EXUDQWFXSUHVLXQHvQDOWăúLFRQWDPLQDUHD QUSLHVă$ 7UHEXLHVăUHV
vQWUHJXOXLVLVWHPGHDOLPHQWDUHFXFDUEX SHFWDĠLQRWHOHúLSURFHQWHOHGHDPHVWHFDUH
VSHFLILFDWHSHUHFLSLHQW

'DWHWHKQLFH
UDQW&RVWXULOHGHUHSDUDUHVXQWULGLFDWH
([FHSĠLDRFRQVWLWXLHDGLWLYLLSHQWUXHOLPL &RQVXOWDĠLXQ&HQWUXGH6HUYLFH0HUFHGHV
QDUHDúLSUHYHQLUHDDFXPXOăULORUGHUH]L %HQ]SHQWUXDYHGHDROLVWăGHSURGXVHDSUR
GXXUL%HQ]LQDWUHEXLHVăILHDPHVWHFDWă EDWH5HVSHFWDĠLLQVWUXFĠLXQLOHSHQWUXXWLOL
QXPDLFXDGLWLYLUHFRPDQGDĠLGH0HUFHGHV ]DUHGLQGHVFULHUHDSURGXVXOXL
%HQ],QIRUPDĠLLVXSOLPHQWDUHGHVSUHDGLWL 1XDPHVWHFDĠLDOĠLDGLWLYLGHFDUEXUDQWFXFDU
YLLUHFRPDQGDĠLSRWILREĠLQXWHGHODRULFH EXUDQW$FHVWOXFUXSUHVXSXQHFRVWXULLQXWLOH
&HQWUXGH6HUYLFH0HUFHGHV%HQ] úLDUSXWHDGHWHULRUDPRWRUXO
8QDGLQWUHSUREOHPHOHPDMRUHvQFHHDFHSUL
YHúWHFDUEXUDQWXOGHFDOLWDWHLQIHULRDUăHVWH 'LHVHO (1
FUHDUHDGHSXQHULORUGHFDODPLQăvQWLPSXO
&DOLWDWHDFDUEXUDQWXOXL
SURFHVXOXLGHDUGHUHDFDUEXUDQWXOXL0HUFH
GHV%HQ]YăUHFRPDQGăVăXWLOL]DĠLPăUFLGH $9(57,60(17
FDUEXUDQWFDUHDXDGLWLYL 'DFăDPHVWHFDĠLPRWRULQăFXEHQ]LQăSXQF
'DFăXWLOL]DĠLFDUEXUDQĠLIăUăDFHúWLDGLWLYL WXOGHDSULQGHUHDODPHVWHFXOXLGHFDUEXUDQĠL
SHQWUXRSHULRDGăPDLOXQJăGHWLPSVHSRW HVWHPDLPLFGHFkWFHODOPRWRULQHLSXUH'DFă
IRUPDGHSXQHULGHFDODPLQă$FHVWHDVHYRU PRWRUXOHVWHvQIXQFĠLXQHFRPSRQHQWHOHVLV
IRUPDPDLDOHVSHVXSDSHOHGHDGPLVLHúLvQ WHPXOXLGHHYDFXDUHVHSRWVXSUDvQFăO]LQHRE
FDPHUDGHFRPEXVWLH VHUYDW([LVWăXQULVFGHLQFHQGLX
1XUHDOLPHQWDĠLQLFLRGDWăFXEHQ]LQă1X
DGăXJDĠLQLFLRGDWăEHQ]LQăvQPRWRULQă


 3URGXVHGHVHUYLFHúLFDSDFLWăĠL

 /DDOLPHQWDUHDFXFDUEXUDQWXWLOL]DĠL FDWHJRULLGHWHPSHUDWXUăFDUHGHSLQGGHFOL
QXPDLPRWRULQăFRQIRUPFXVWDQGDUGXO PDW'HIHFĠLXQLOHSRWILHYLWDWHSULQDOLPHQWD
HXURSHDQ(1VDXXQXOGHFDOLWDWHHFKL UHDFXPRWRULQăFDUHFRUHVSXQGHVSHFLILFD
YDOHQWă&DUEXUDQWXOFDUHQXHVWHFRQIRUP ĠLLORUFOLPDWLFHVWDELOLWHGH(1/DWHPSH
FX(1SRDWHGXFHODX]XUăVSRULWăSUH UDWXULH[WHULRDUHQHRELúQXLWGHVFă]XWH
FXPúLODGHWHULRUDUHDPRWRUXOXLúLDVLVWH FDUDFWHULVWLFLOHGHFXUJHUHDOHPRWRULQHLSRW
PXOXLGHHYDFXDUH ILLQVXILFLHQWH3ULQXUPDUHPRWRULQDGLQ
]RQHOHPDLFDOGHSRDWHVăQXILHDGHFYDWăXWL
 1XXWLOL]DĠLXUPăWRDUHOH
OL]ăULLvQFRQGLĠLLGHFOLPăPDLUHFH
=PRWRULQăPDULQă
G 3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHSUL
=XOHLGHvQFăO]LUH
YLQGSURSULHWăĠLOHFDUEXUDQWXOXLVSHFLILFH
=ELRGLHVHO
ILHFăUHLĠăULGHODFRPSDQLLOHSHWUROLHUHGH
=XOHLYHJHWDO H[GHODEHQ]LQăULL
=EHQ]LQă
=SDUDILQă ,QIRUPDĠLLSULYLQGFRQVXPXOGHFDUEX
=NHURVHQ UDQW
1XDPHVWHFDĠLDVWIHOGHFDUEXUDQĠLFX 1RWăSULYLQGSURWHFĠLDPHGLXOXL
PRWRULQăúLQXXWLOL]DĠLQLFLXQDGLWLYVSHFLDO &2 ELR[LGXOGHFDODPLQă HVWHFRQVLGHUDWGH
ÌQFD]FRQWUDUDFHVWOXFUXSRDWHGXFHOD RDPHQLLGHúWLLQĠăSULQFLSDOXOJD]UHVSRQVDELO
GHWHULRUDUHDPRWRUXOXL SHQWUXvQFăO]LUHDJOREDOă HIHFWXOGHVHUă 
 $XWRYHKLFXOHFXXQILOWUXGHSDUWLFXOH (PLVLLOHGH&2DOHDXWRYHKLFXOXOXLGXPQHD
GLHVHOvQĠăULOHGLQDIDUD8(DOLPHQWDĠL YRDVWUăDXGLUHFWăOHJăWXUăFXFRQVXPXOGH
QXPDLFXPRWRULQă(XURFXRFRQFHQWUDĠLH FDUEXUDQWúLSULQXUPDUHGHSLQGGH
'DWHWHKQLFH

VFă]XWăGHVXOIVXESSPvQFD]FRQWUDU =XWLOL]DUHDHILFLHQWăDFDUEXUDQWXOXLGHFăWUH
VLVWHPXOGHFRQWURODOHPLVLLORUDUSXWHDIL PRWRU
GHWHULRUDW =VWLOXOGHFRQGXFHUH
 $XWRYHKLFXOHIăUăXQILOWUXGHSDUWL =DOĠLIDFWRULQRQWHKQLFLFXPDUILLQIOXHQĠHOH
FXOHGLHVHOvQĠăULOHvQFDUHHVWHGLVSRQLELO GHPHGLXVDXFRQGLĠLLOHGHGUXP
QXPDLPRWRULQăFXFRQFHQWUDĠLHULGLFDWăGH 3XWHĠLPLQLPL]DHPLVLLOHGH&2DOHDXWRYHKL
VXOIYDWUHEXLVăHIHFWXDĠLVFKLPEXOGHXOHL FXOXOXLGXPQHDYRDVWUăFRQGXFkQGFXDWHQĠLH
DODXWRYHKLFXOXOXLODLQWHUYDOHPDLVFXUWH úLHIHFWXkQGFXUHJXODULWDWHOXFUăULOHGHVHU
,QIRUPDĠLLVXSOLPHQWDUHGHVSUHLQWHUYDOXO YLFH
GHVFKLPEDUHDXOHLXOXLVHSRWREĠLQHGHOD
RULFHDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW $XWRYHKLFXOXOYDFRQVXPDPDLPXOWFDUEXUDQW
ÌQJHQHUDOYHĠLJăVLLQIRUPDĠLLGHVSUHFDOLWD GHFkWGHRELFHLvQXUPăWRDUHOHVLWXDĠLL
WHDFDUEXUDQWXOXLSHSRPSă'DFăQXJăVLĠL =ODWHPSHUDWXULH[WHULRDUHIRDUWHVFă]XWH
HWLFKHWDSHSRPSDGHEHQ]LQăvQWUHEDĠLSHU =vQWUDILFXUEDQ
VRQDOXOEHQ]LQăULHL =ODFăOăWRULLVFXUWH
,QIRUPDĠLLSULYLQGDOLPHQWDUHDFXFDUEXUDQW =SHWHUHQPXQWRV
3DJLQD 
=ODWUDFWDUHDXQHLUHPRUFL
7HPSHUDWXULH[WHULRDUHVFă]XWH
G 1XPDLvQDQXPLWHĠăULSXWHĠLJăVLYDORULOH
ÌQOXQLOHGHLDUQăHVWHGLVSRQLELOăPRWRULQDFX SULYLQGFRQVXPXOFXUHQWúLYDORULOHGHHPLVLL
SURSULHWăĠLRSWLPL]DWHGHFXUJHUHODUHFHÌQ DOHDXWRYHKLFXOXOXLGXPQHDYRDVWUăvQGRFX
(XURSDVWDQGDUGXO(1GHILQHúWHGLIHULWH PHQWHOH&2& &(57,),&$78('(&21)25
3URGXVHGHVHUYLFHúLFDSDFLWăĠL 

0,7$7( $FHVWHGRFXPHQWHvQVRĠHVFDXWR IDEULFăFXXQVLVWHPGHSUHvQFăO]LUH$G%OXHŠ


YHKLFXOXOODOLYUDUH 3ULQXUPDUHIXQFĠLRQDUHDSHWLPSGHLDUQă
&LIUHOHSULYLQGFRQVXPXODXIRVWED]DWHvQ SRDWHILJDUDQWDWăFKLDUúLODWHPSHUDWXULVXE
ILHFDUHFD]SHYHUVLXQHDDSOLFDELOăFXUHQW ‚
=SHQWUXDXWRYHKLFXOHFDUHUHVSHFWăVWDQ
GDUGHOHSkQăODúLLQFOXVLY(852vQ $GLWLYL
FRQIRUPLWDWHFX'LUHFWLYD8(  8WLOL]DĠL$G%OXHŠQXPDLFRQIRUP,62
((&
1XXWLOL]DĠLDGLWLYLFX$G%OXHŠúLQX
=SHQWUXDXWRYHKLFXOHOHFDUHUHVSHFWăVDX
GLOXDĠL$G%OXHŠFXDSă$OWIHOSXWHĠLGLV
GHSăúHVFVWDQGDUGXO(852vQFRQIRU WUXJHVLVWHPXOGHWUDWDUHXOWHULRDUăDJD]H
PLWDWHFX5HJOHPHQWDUHD &( 1U ORUGHHúDSDPHQW%OXH7HF

$EDWHULGHODDFHVWHYDORULSRWDSăUHDvQ 3XULWDWH
FRQGLĠLLGHXWLOL]DUHQRUPDOă
 ,PSXULWăĠLOHGLQ$G%OXHŠ GHH[GDWRUDWH
DOWRUSURGXVHGHVHUYLFHDJHQĠLORUGH
$G%OXHŠ FXUăĠDUHVDXSUDIXOXL GXFOD
=YDORULGHHPLVLHFUHVFXWH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
=DYDULLODFRQYHUWRUXOFDWDOLWLF
5HVSHFWDĠLQRWHOHLPSRUWDQWHSULYLQGVLJX =DYDULLODPRWRU
UDQĠDSHQWUXSURGXVHOHGHVHUYLFHFkQGPDQL =GHIHFĠLXQLvQVLVWHPXOGHWUDWDUHXOWH
SXODĠL$G%OXHŠ 3DJLQD 
ULRDUăDJD]HORUGHHúDSDPHQW%OXH7HFŠ
$G%OXHŠHVWHXQOLFKLGVROXELOvQDSăSHQWUX

'DWHWHKQLFH
WUDWDUHDXOWHULRDUăDJD]HORUGHHúDSDPHQWD $VLJXUDUHDSXULWăĠLL$G%OXHŠHVWHGHRVHELWGH
PRWRDUHORUGLHVHO$FHVWDHVWH LPSRUWDQWăvQFHHDFHSULYHúWHHYLWDUHDGHIHF
ĠLXQLORUODVLVWHPXOGHWUDWDUHXOWHULRDUăD
=QHWR[LF
JD]HORUGHHúDSDPHQW%OXH7(&
=LQFRORUúLLQRGRU
'DFă$G%OXHŠHVWHSRPSDWGLQUH]HUYRUXO
=QHLQIODPDELO
$G%OXHŠGHH[vQWLPSXOUHSDUDĠLLORUQXXWL
'DFăGHVFKLGHĠLUH]HUYRUXO$G%OXHŠHVWH OL]DĠLDFHVWOLFKLGSHQWUXDXPSOHUH]HUYRUXO
SRVLELOVăVHGHJDMH]HFDQWLWăĠLPLFLGHYDSRUL ÌQFD]FRQWUDUSXULWDWHDOLFKLGXOXLQXPDL
GHDPRQLDF SRDWHILJDUDQWDWă
9DSRULLGHDPRQLDFDXXQPLURVvQĠHSăWRUúL
VXQWLULWDQĠLPDLDOHVSHQWUXSLHOHPHPEUD &DSDFLWăĠL
QHOHPXFRDVHúLRFKL9DSRULLSRWSURYRFDR
VHQ]DĠLHGHDUVXUăvQRFKLQDVúLJkW$FHúWLD 0RGHO &DSDFLWDWH
SRWSURYRFDGHDVHPHQHDLULWDUHDJkWXOXLúL WRWDOă
OăFULPDUHD
*/.%OXH7(& O
1XLQKDODĠLGHORFYDSRULLGHDPRQLDFFDUHV 0$7,&
DUSXWHDHOLEHUD8PSOHĠLUH]HUYRUXOGH
*/.%OXH7(&
$G%OXHŠQXPDLvQVSDĠLLELQHYHQWLODWH 0$7,&
7HPSHUDWXULH[WHULRDUHVFă]XWH
$G%OXHŠvQJKHDĠăODRWHPSHUDWXUăGHDSUR
[LPDWLY‚$XWRYHKLFXOXOHVWHGRWDWGLQ


 3URGXVHGHVHUYLFHúLFDSDFLWăĠL

8OHLGHPRWRU 0RWRDUHGLHVHOFXILOWUX 2PRORJDUH0%


GHSDUWLFXOHGLHVHO
1RWHJHQHUDOH
/DPDQHYUDUHDXOHLXOXLGHPRWRUUHVSHFWDĠL */.&',%OXH()), 
QRWHOHLPSRUWDQWHSULYLQGVLJXUDQĠDSHQWUX &,(1&< 
SURGXVHOHGHVHUYLFH 3DJLQD  */.%OXH7(&
&DOLWDWHDXOHLXOXLGHPRWRUHVWHXQIDFWRU 0$7,&
KRWăUkWRUvQIXQFĠLRQDUHDúLYLDĠDXWLOăDXQXL */.&',%OXH()),
PRWRU'XSăWHVWHDSURIXQGDWH0HUFHGHV &,(1&<
%HQ]DSUREăXOHLXULOHGHPRWRUFDUHFRUHV */.&',0$7,&
SXQGVWDQGDUGXOXLWHKQLFFXUHQW %OXH()),&,(1&<
3ULQXUPDUHSHQWUXPRWRDUHOH0HUFHGHV */.%OXH7(&
%HQ]HVWHSHUPLVăQXPDLXWLOL]DUHDXOHLXULORU 0$7,&
GHPRWRUDSUREDWHGH0HUFHGHV%HQ] */.&',0$7,&
,QIRUPDĠLLVXSOLPHQWDUHSULYLQGXOHLXULOHGH
PRWRUWHVWDWHúLDSUREDWHSRWILREĠLQXWHGHOD G 'DFăXOHLXULOHGHPRWRULQGLFDWHvQWDEHO
RULFH&HQWUXGH6HUYLFH0HUFHGHV%HQ]0HU QXVXQWGLVSRQLELOHSXWHĠLDGăXJDXUPăWRD
FHGHV%HQ]YăUHFRPDQGăVăVROLFLWDĠLHIHF UHOHXOHLXULGHPRWRUSkQăODXUPăWRUXO
WXDUHDVFKLPEXOXLGHXOHLODXQDWHOLHUGHVSH VFKLPEGHXOHL
FLDOLWDWHDXWRUL]DW2PRORJDUHD0HUFHGHV
=DXWRYHKLFXOHFXPRWRUSHEHQ]LQă2PR
%HQ]HVWHLQGLFDWăSHUHFLSLHQWXOGHXOHLSULQ
LQVFULSĠLDÄ0%$SSURYDO 2PRORJDUH0% ´úL ORJDUH0%VDX$&($$
LQGLFHOHFRUHVSRQGHQWGHH[2PRORJDUH0% =PRWRDUHGLHVHO$SUREDUH0%
'DWHWHKQLFH

 VDX$&($&
3XWHĠLDFFHVDRSUH]HQWDUHJHQHUDOăDXOHLX $FHVWDWUHEXLHDGăXJDWGRDURGDWăúLFDQ
ULORUGHPRWRUDSUREDWHSHLQWHUQHWODDGUHVD WLWDWHDQXWUHEXLHVăILHPDLPDUHGHO
KWWSEHYRPHUFHGHVEHQ]FRPSULQLQWUR
GXFHUHDGHQXPLULLGHH[ &DSDFLWăĠL
7DEHOXOSUH]LQWăXOHLXULOHGHPRWRUDSUREDWH 8UPăWRDUHOHYDORULYL]HD]ăVFKLPEXOGHXOHL
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUă LQFOXVLYILOWUXOGHXOHL
0RWRDUHSHEHQ]LQă 2PRORJDUH0% 0RGHO &DQWLWDWHvQOR
*/.0$7,&  FXLWă

*/.0$7,&  */.0$7,& O


%OXH()),&,(1&< */.&',0$7,& O
*/.0$7,&
%OXH()),&,(1&< 7RDWHFHOHODOWHPRGHOH O

$GLWLYL
 1XXWLOL]DĠLQLFLXQIHOGHDGLWLYvQXOHLXOGH
PRWRU$VWIHOSXWHĠLGHWHULRUDPRWRUXO
3URGXVHGHVHUYLFHúLFDSDFLWăĠL 

9kVFR]LWDWHXOHLGHPRWRU /DPDQHYUDUHDOLFKLGXOXLGHIUkQăUHVSHFWDĠL
QRWHOHLPSRUWDQWHSULYLQGVLJXUDQĠDSHQWUX
SURGXVHOHGHVHUYLFH 3DJLQD 
,QWHUYDOHOHGHVFKLPEDUHDOLFKLGXOXLGHIUkQă
VHJăVHVFvQ%URúXUDGHVHUYLFH
8WLOL]DĠLQXPDLOLFKLGGHIUkQăDSUREDWGH0HU
FHGHV%HQ]SRWULYLWFX2PRORJDUHD0%

,QIRUPDĠLLGHVSUHOLFKLGXOGHIUkQăDSUREDWSRW
ILREĠLQXWHGHODRULFHDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DWVDXGHSHLQWHUQHWOD
KWWSEHYRPHUFHGHVEHQ]FRP
9kVFR]LWDWHDGHVFULHFDUDFWHULVWLFLOHGHFXU
G 6ROLFLWDĠLFXUHJXODULWDWHvQORFXLUHDOLFKL
JHUHDOHXQXLIOXLG'DFăXQXOHLGHPRWRUDUH
RFLIUăGHYkVFR]LWDWHPDUHDFHVWDFXUJHOHQW GXOXLGHIUkQăODXQDWHOLHUGHVSHFLDOLWDWH
FXFkWYkVFR]LWDWHDVFDGHFXDWkWFXUJHPDL DXWRUL]DWúLFRQILUPDUHDvQORFXLULLvQ%UR
UDSLG úXUDGHVHUYLFH
6HOHFĠLDXOHLXULORUGHPRWRUHVWHED]DWăSH
WHPSHUDWXULOHH[WHULRDUHUHVSHFWLYHúLHVWHvQ /LFKLGGHUăFLUH
FRQIRUPLWDWHFXFODVLILFDUHD6$( YkVFR]L
WDWH 7DEHOXOYăSUH]LQWăFHFODVLILFăUL6$(VH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
YRUXWLOL]D3URSULHWăĠLOHGHMRDVăWHPSHUDWXUă
DOHXOHLXULORUGHPRWRUSRWILDIHFWDWHVHPQL $9(57,60(17
ILFDWLYvQWLPSXOIXQFĠLRQăULLGLQFDX]DX]XULLúL 'DFăDQWLJHOXOLQWUăvQFRQWDFWFXHOHPHQWHOH

'DWHWHKQLFH
IXQLQJLQLLúLGHDFXPXODUHDGHFDUEXUDQWGH vQFLQVHGLQFRPSDUWLPHQWXOPRWRUXOXLDFHVWD
H[HPSOX3ULQXUPDUHVHUHFRPDQGăFXLQVLV VHSRDWHDSULQGH([LVWăXQULVFGHLQFHQGLXúL
WHQĠăVăUHVSHFWDĠLVFKLPEXULOHGHXOHLUHJX UăQLUH
ODWHIRORVLQGXQXOHLGHPRWRUFXLQGLFHOHGH /ăVDĠLPRWRUXOVăVHUăFHDVFăvQDLQWHGHD
FODVLILFDUH6$(FRUHVSXQ]ăWRU FRPSOHWDFXDQWLJHO$VLJXUDĠLYăFăDQWLJHOXO
QXVDVFXUVSHOkQJăJkWXOGHXPSOHUH
&XUăĠDĠLWHPHLQLFDQWLJHOXOGHSHFRPSRQHQWH
/LFKLGGHIUkQă vQDLQWHGHSRUQLUHDPRWRUXOXL
$9(57,60(17  $GăXJDĠLQXPDLOLFKLGGHUăFLUHFDUHDIRVW
/LFKLGXOGHIUkQăDEVRDUEHvQPRGFRQWLQXX DPHVWHFDWvQSUHDODELOFXSURWHFĠLDGHDQWL
XPH]HDODGLQDHU$FHDVWDGXFHODVFăGHUHD JHOGRULWăÌQFD]FRQWUDUSXWHĠLGHWHULRUD
SXQFWXOXLGHILHUEHUHDOLFKLGXOXLGHIUkQă PRWRUXO
'DFăSXQFWXOGHILHUEHUHDOLFKLGXOXLGHIUkQă ,QIRUPDĠLLVXSOLPHQWDUHSULYLQGOLFKLGHOHGH
HVWHSUHDVFă]XWHVWHSRVLELOVăVHIRUPH]H UăFLUHSRWILJăVLWHvQVSHFLILFDĠLLOH0HUFH
SXQJLGHYDSRULFkQGIUkQHOHVXQWVXSXVHXQHL GHV%HQ]SULYLQGSURGXVHOHGHVHUYLFHVSH
VDUFLQLULGLFDWH$FHVWOXFUXDUDIHFWDHILFLHQĠD FLILFDĠLLOH0%SHQWUXSURGXVHGHVHUYLFH
IUkQăULL([LVWăXQULVFGHDFFLGHQW GHH[SHLQWHUQHWODDGUHVD
6ROLFLWDĠLvQQRLUHDOLFKLGXOXLGHIUkQăODLQWHU KWWSEHYRPHUFHGHVEHQ]FRP6DX
YDOHOHSUHVFULVH FRQWDFWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW


 3URGXVHGHVHUYLFHúLFDSDFLWăĠL

 8WLOL]DĠLvQWRWGHDXQDXQDPHVWHFDGHFYDW FDUHDVLJXUăSURWHFĠLHDGHFYDWăDQWLJHOúL
GHOLFKLGGHUăFLUHFKLDUúLvQĠăULOHFXWHP DQWLFRUR]LXQH
SHUDWXULSUHGRPLQDQWvQDOWH
ÌQFD]FRQWUDUVLVWHPXOGHUăFLUHDPRWR
UXOXLQXHVWHVXILFLHQWSURWHMDWFRQWUDFRUR 6LVWHPVSăOăWRUGHSDUEUL]úLVLVWHP
]LXQLLúLVXSUDvQFăO]LULL FXUăĠDUHIDUXUL
 6LVWHPXOGHUăFLUHDPRWRUXOXLHVWH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
XPSOXWFXOLFKLGGHUăFLUHFDUHWUHEXLHUHvQ
QRLWGXSăDQLVDXGXSăFHOPXOW $9(57,60(17
GHNLORPHWUL &RQFHQWUDWXOSHQWUXVSăOăWRUXOGHSDUEUL]
HVWHH[WUHPGHLQIODPDELO'DFăLQWUăvQFRQ
/DPDQHYUDUHDOLFKLGXOXLGHUăFLUHUHVSHFWDĠL WDFWFXFRPSRQHQWHOHILHUELQĠLDOHPRWRUXOXL
QRWHOHLPSRUWDQWHSULYLQGVLJXUDQĠDSHQWUX VDXFXVLVWHPXOGHHYDFXDUHDFHVWDVHSRDWH
SURGXVHOHGHVHUYLFH 3DJLQD  DSULQGH([LVWăXQULVFGHLQFHQGLXúLUăQLUH
/LFKLGXOGHUăFLUHHVWHXQDPHVWHFGHDSăúL $VLJXUDĠLYăFăQXVDVFXUVFRQFHQWUDWSHQWUX
DQWLJHOLQKLELWRUGHFRUR]LXQH(OvQGHSOL VSăOăWRUGHSDUEUL]SHOkQJăJkWXOGHXPSOHUH
QHúWHXUPăWRDUHOHIXQFĠLL
=SURWHFĠLHDQWLFRUR]LXQH  8WLOL]DĠLQXPDLOLFKLGGHVSăODUHFDUHHVWH
=SURWHFĠLHDQWLJHO SRWULYLWSHQWUXOHQWLOHOHGLQSODVWLFDOH
=FUHúWHUHDSXQFWXOXLGHILHUEHUH OăPSLLGHH[0%6XPPHU)LWVDX0%:LQ
WHU)LW/LFKLGXOGHVSăODUHQHFRUHVSXQ]ăWRU
'DFăDQWLJHOXOLQKLELWRUXOGHFRUR]LXQHHVWH DUSXWHDGHWHULRUDOHQWLOHOHGLQSODVWLFDOH
SUH]HQWvQFRQFHQWUDĠLDFRUHFWăSXQFWXOGH IDUXULORU
ILHUEHUHDOLFKLGXOXLGHUăFLUHGLQWLPSXOIXQF
'DWHWHKQLFH

ĠLRQăULLYDILGHDSUR[LPDWLY‚  1XXWLOL]DĠLDSăGLVWLODWăVDXGHLRQL]DWăvQ
&RQFHQWUDĠLDGHDQWLJHOLQKLELWRUGHFRUR UH]HUYRUXOGHOLFKLGGHVSăODUHÌQFD]FRQ
]LXQHGLQVLVWHPXOGHUăFLUHDPRWRUXOXLWUH WUDUVHQ]RUXOGHQLYHOSRDWHVXIHULGHWH
EXLH ULRUăUL
=VăILHGHFHOSXĠLQ$VWIHOVLVWHPXOGH  1XPDLOLFKLGHOHGHVSăODUH6XPPHU)LWúL
UăFLUHDPRWRUXOXLYDILSURWHMDWGHvQJKHĠ :LQWHU)LWSRWILDPHVWHFDWHÌQFD]FRQWUDU
SkQăODFLUFD‚ GX]HOHGHSXOYHUL]DUHVDUSXWHDEORFD
=VăQXGHSăúHDVFă SURWHFĠLHDQWLJHO &kQGPDQLSXODĠLOLFKLGGHVSăODUHUHVSHFWDĠL
SkQăOD‚ ÌQFD]FRQWUDUFăOGXUDQX QRWHOHLPSRUWDQWHSULYLQGVLJXUDQĠDGHSHSUR
VHYDGLVLSDODIHOGHHILFLHQW GXVHOHGHVHUYLFH 3DJLQD 
'DFăDXWRYHKLFXOXODSLHUGXWOLFKLGGHUăFLUH /DWHPSHUDWXULSHVWHSXQFWXOGHvQJKHĠ
FRPSOHWDĠLFXFDQWLWăĠLHJDOHGHDSăúLDQWL  8PSOHĠLUH]HUYRUXOOLFKLGXOXLGHVSăODUHFX
JHOLQKLELWRUGHFRUR]LXQH
XQDPHVWHFGHDSăúLOLFKLGGHVSăODUHGH
0HUFHGHV%HQ]UHFRPDQGăXQFRQFHQWUDWGH H[0%6XPPHU)LW
DQWLJHOLQKLELWRUGHFRUR]LXQHFRQIRUPFX  $PHVWHFDĠLSDUWH0%6XPPHU)LWFX
6SHFLILFDĠLLOH0%SHQWUXSURGXVHGHVHUYLFH
GHSăUĠLGHDSă

/LFKLGXOGHUăFLUHHVWHYHULILFDWFXILHFDUH /DWHPSHUDWXULVXESXQFWXOGHvQJKHĠ
LQWHUYDOGHvQWUHĠLQHUHODXQDWHOLHUGHVSHFLD  8PSOHĠLUH]HUYRUXOGHOLFKLGGHVSăODUHFX
OLWDWHDXWRUL]DW XQDPHVWHFGHDSăúLOLFKLGGHVSăODUHGH
G /DSULPDOLYUDUHDXWRYHKLFXOXOHVWH H[0%:LQWHU)LW
XPSOXWFXXQDPHVWHFGHOLFKLGGHUăFLUH
'DWHSULYLQGDXWRYHKLFXOXO 

$GDSWDĠLSURFHQWXOGHDPHVWHFDUHODWHPSH LGHQWLILFDUHDDXWRYHKLFXOXOXL
UDWXUDH[WHULRDUă 3DJLQD 
=3kQăODü‚DPHVWHFDĠLSDUWH0%:LQ =QXPDLSHQWUXDQXPLWHĠăULSXWHĠLJăVL

WHU)LWFXSăUĠLDSă GDWHOHVSHFLILFHSULYLQGDXWRYHKLFXOXOvQ
=3kQăODü‚DPHVWHFDĠLSDUWH0%:LQ
GRFXPHQWXO&2& &(57,),&$7'(&21
)250,7$7( $FHVWHGRFXPHQWHvQVRĠHVF
WHU)LWFXSDUWHDSă
DXWRYHKLFXOXOODOLYUDUH
=3kQăODü‚DPHVWHFDĠLSăUĠL0%:LQ
WHU)LWFXSDUWHDSă
G $GăXJDĠLFRQFHQWUDWGHOLFKLGGHVSăODUH 'LPHQVLXQLúLJUHXWăĠL
GHH[0%6XPPHU)LWVDX0%:LQWHU)LWOD
OLFKLGXOGHVSăODUHSHWRWSDUFXUVXODQXOXL

'DWHSULYLQGDXWRYHKLFXOXO
1RWHJHQHUDOH
3HQWUXGDWHOHVSHFLILFDWHSULYLQGDXWRYHKLFX
OXOUHĠLQHĠLFă
=vQăOĠLPLOHVSHFLILFDWHSRWYDULDvQIXQFĠLHGH
 SQHXUL
0RGHO C D
 VDUFLQă
ÌQăOĠLPH ÌQăOĠLPH
 VWDUHDVXVSHQVLHL

'DWHWHKQLFH
GHGHVFKL GHJDEDULW
 HFKLSDPHQWXORSĠLRQDO
GHUH PD[LPă
=JDUGDODVROLQGLFDWăVHUHIHUăODDXWRYHKL
FXOXOvQFăUFDWúLJDWDGHFRQGXFHUHLQFOX 7RDWHPRGH PP PP
]kQG OHOH
 úRIHUXO NJ
 WRDWHOLFKLGHOH UH]HUYRUGHFDUEXUDQW 9DORULOHOLSVăHUDXLQGLVSRQLELOHODPRPHQWXO
SOLQ WULPLWHULLODWLSDU
=DUWLFROHOHGLQHFKLSDUHDRSĠLRQDOăFUHVF
7RDWHPRGHOHOH
PDVDSURSULH ODJRO úLUHGXFVDUFLQD
PD[LPă0DVDSURSULH ODJRO HVWHVSHFLIL /XQJLPHDDXWRYHKLFXOX PP
FDWăvQFRQIRUPLWDWHFX'LUHFWLYD&(úL OXL
LQFOXGH
 úRIHUXO NJ
/ăĠLPHDDXWRYHKLFXOXOXL PP
LQFOXVLYRJOLQ]LOHH[WH
 EDJDMXO NJ
ULRDUH
 WRDWHOLFKLGHOH UH]HUYRUGHFDUEXUDQW
SOLQ /ăĠLPHDXWRYHKLFXOIăUă PP
=LQIRUPDĠLLOHSULYLQGJUHXWDWHDVSHFLILFH RJOLQ]LH[WHULRDUH
DXWRYHKLFXOXOXLVHUHJăVHVFSHSOăFXĠDGH ÌQăOĠLPHDDXWRYHKLFXOXOXL PP


 &kUOLJXOGHWUDFWDUHDUHPRUFLL

7RDWHPRGHOHOH */.%OXH7(&0$7,&
$PSDWDPHQW PP */.%OXH7(&0$7,&
*/.&',0$7,&
6DUFLQDPD[LPăSHSDYL NJ
OLRQ 0DVăIăUăvQFăUFăWXUă NJ
*DUGDODVRO PP
*/.0$7,&
*/.0$7,&%OXH()
),&,(1&< &kUOLJXOGHWUDFWDUHDUHPRUFLL

0DVăIăUăvQFăUFăWXUă 'LPHQVLXQLGHPRQWDUH

*DUGDODVRO PP  'DFăVROLFLWDĠLPRGHUQL]DUHDXQXLFkUOLJ


GHWUDFWDUHDUHPRUFLLHVWHSRVLELOVăILH
QHFHVDUHPRGLILFăULODVLVWHPXOGHUăFLUHvQ
*/.0$7,&%OXH() IXQFĠLHGHWLSXODXWRYHKLFXOXOXL
),&,(1&< 'DFăVROLFLWDĠLPRGHUQL]DUHDXQXLFkUOLJGH
0DVăIăUăvQFăUFăWXUă NJ WUDFWDUHDUHPRUFLLUHVSHFWDĠLSXQFWHOHGH
DQFRUDUHGHSHFDGUXOúDVLXOXL
*DUGDODVRO PP

*/.&',%OXH()),
&,(1&<
'DWHWHKQLFH

*/.&',%OXH()),
&,(1&<
0DVăSURSULH ODJRO  NJ
WUDQVPLVLHPDQXDOă
0DVăSURSULH ODJRO  NJ
WUDQVPLVLHDXWRPDWă
*DUGDODVRO PP

*/.0$7,&%OXH()
),&,(1&<
0DVăIăUăvQFăUFăWXUă NJ
([HPSOXSXQFWHGHDQFRUDUHSHQWUXFkUOLJXOGH
*DUGDODVRO PP WUDFWDUHDUHPRUFLL
C 3XQFWHGHDQFRUDUH
D /XQJLPHvQFRQVROă
‡ /LQLHPHGLDQăSXQWHVSDWH
3HQWUXFkUOLJHOHGHWUDFWDUHDUHPRUFLLPRQ
WDWHGLQIDEULFăOXQJLPHDvQFRQVROăLQFOXVLY
FDSDFXOGHSURWHFĠLHHVWHGHPP
&kUOLJXOGHWUDFWDUHDUHPRUFLL 

6DUFLQLUHPRUFă

 7RDWH
PRGHOHOH
6DUFLQăDGPLVăUHPRUFă NJ
QHIUkQDWă
6DUFLQăDGPLVăUHPRUFă NJ
IUkQDWă
6DUFLQăYHUWLFDOăPD[LPă NJ
SHEDUDGHWUDFWDUH
6DUFLQăDGPLVăSHSXQ NJ
WHDGLQVSDWHODWUDFWDUHD
XQHLUHPRUFL

'DWHWHKQLFH

 /DRFDSDFLWDWHPLQLPăGHXUFDUHvQSDQWăGHGHSHORF
 */.&',%OXH()),&,(1&<úL*/.&',%OXH()),&,(1&<NJ
 6DUFLQDYHUWLFDOăSHEDUDGHWUDFWDUHQXHVWHLQFOXVăvQVDUFLQDUHPRUFLL
 */.&',%OXH()),&,(1&<úL*/.&',%OXH()),&,(1&<NJ
 */.&',0$7,&NJ
 9DORULOHOLSVăSHQWUXPRGHOXO*/.0$7,&QXHUDXGLVSRQLELOHODPRPHQWXOWULPLWHULLODWLSDU


 6LVWHPXOGHVHQ]RULUDGDUGH*+] SUH]HQWDUHJHQHUDOăSHĠăUL

6LVWHPXOGHVHQ]RULUDGDUGH*+] SUH]HQWDUHJHQHUDOăSHĠăUL

6LVWHPXOGHVHQ]RULUDGDUGH*+]QHFHVLWăDSUREDUHVHSDUDWăSHQWUXILHFDUHĠDUă&kQG
FRQGXFHĠLvQWURĠDUăvQFDUHVLVWHPXOGHVHQ]RULUDGDUQXHVWHDSUREDWWUHEXLHVăGH]DFWLYDĠL
VLVWHPXOFXDMXWRUXOFDOFXODWRUXOXLGHERUG 3DJLQD 
3UH]HQWDUHDJHQHUDOăSHĠDUDFXUHQWăSRDWHILREĠLQXWăGHODXQ&HQWUXGH6HUYLFH0HUFHGHV
%HQ]VDXGHSH,QWHUQHWODDGUHVDKWWSZZZPHUFHGHVEHQ]GHEHWULHEVDQOHLWXQJ
6LVWHPHOHDFWLYHPRPHQWDQVXQWGH]DFWLYDWHDXWRPDW
=',67521,&3/86 3DJLQD
=%$63/86 3DJLQD
=)UkQă35(6$)(Š 3DJLQD
=$VLVWHQĠDODXQJKLXOPRUW 3DJLQD
=$VLVWHQĠăDFWLYăODXQJKLXOPRUW 3DJLQD

$XWRYHKLFXOHOHFXXQVLVWHPGHQDYLJDĠLHVLVWHPXOGHVHQ]RULUDGDUHVWHGH]DFWLYDWDXWR
PDWOkQJăXQLWăĠLUDGLRWHOHVFRS8QPHVDMGHSHGLVSOD\DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOSHQ
WUXDYăLQIRUPDFăVLVWHPXOGHVHQ]RULUDGDUHVWHvQFXUVGHGH]DFWLYDUH 3DJLQD 
'DFăGH]DFWLYDUHDQXVXUYLQHDXWRPDWWUHEXLHVăGH]DFWLYDĠLVLVWHPXOGHVHQ]RULUDGDUFX
DMXWRUXOFDOFXODWRUXOXLGHERUG 3DJLQD 
$XWRYHKLFXOHIăUăQDYLJDĠLHúLDXWRYHKLFXOHSHQWUX$XVWUDOLDWUHEXLHVăGH]DFWLYDĠLVLV
WHPXOGHVHQ]RULUDGDUFXDMXWRUXOFDOFXODWRUXOXLGHERUGFkQGYăDIODĠLOkQJăRXQLWDWHUDGLR
WHOHVFRS 3DJLQD 
'DWHWHKQLFH
'HWDOLLOHSXEOLFDĠLHL
,QWHUQHW

,QIRUPDĠLLVXSOLPHQWDUHGHVSUHDXWRYHKLFX
OHOH0HUFHGHV%HQ]úLGHVSUH'DLPOHU$*VH
UHJăVHVFSHXUPăWRDUHOHVLWHXUL
KWWSZZZPHUFHGHVEHQ]FRP
KWWSZZZGDLPOHUFRP

%LURXOUHGDFĠLHL

(FKLSDGHUHGDFWRULWHKQLFLDúWHDSWăFX
SOăFHUHRULFHvQWUHEăULVDXVXJHVWLLDĠLDYHD
SULYLQGDFHVW0DQXDOGHXWLOL]DUHODXUPăWRD
UHDDGUHVă
'DLPOHU$*+3&&$&$VLVWHQĠăFOLHQĠL
6WXWWJDUW*HUPDQLD
‹'DLPOHU$*VHLQWHU]LFHUHWLSăULUHDWUDGX

FHUHDVDXUHSURGXFHUHDVXERULFHDOWăIRUPă
LQWHJUDOVDXSDUĠLDOIăUăSHUPLVLXQHDVFULVă
GHOD'DLPOHU$*

'DWDHGLĠLHL
q1st


1UGHFRPDQGă 1USLHVă (GLĠLDD

You might also like