Professional Documents
Culture Documents
3HUWXUED@LLAQFLUFXLWHOHDQDORJLFH>LGLJLWDOH
5HDOL]DUHDFRPSDWLELOLW?@LLHOHFWURPDJQHWLFHAQFLUFXLWH
DQDORJLFH
&LUFXLWHOHDQDORJLFHDXFkWHYDSDUWLFXODULW?@LGLQSXQFWGHYHGHUH(0&
QLYHOHOH GH WHQVLXQH ILLQG PDL PLFL WUHEXLH OXDWH P?VXUL VSHFLDOH GH HFUDQDUH ORFXO GH
FXSODUH DO HFUDQXOXL SHQWUX HYLWDUHD FXSODMHORU JDOYDQLFH FDSDFLWLYH >L LQGXFWLYH SDUD]LWDUHD
OHJ?WXULLGHPDV?>LSHQHWUDUHDSHUWXUED@LLORUSULQXQGHHOHFWURPDJQHWLFH
AQJHQHUDOJDPDGHIUHFYHQ@HGHOXFUXAQFLUFXLWHOHDQDORJLFHHVWHPDLUHVWUkQV?GHFkWOD
FHOHGLJLWDOHGHDFHHDVHSRWDSOLFDP?VXULGHILOWUDUH
&LUFXLWHOHDQDORJLFHVXQWVXSXVHODWUHLWLSXULGHHIHFWHSDUD]LWH
=JRPRWHOHSURSULLDOHFLUFXLWXOXLDFHVWWLSGHHIHFWQXFRQWHD]?ODFLUFXLWHOHGLJLWDOH
3HUWXUED@LLORFDOHFXSODWHAQ]RQDGLVSR]LWLYXOXLDQDORJLF
3HUWXUED@LLSHQHWUDWHSHF?LOHGHWUDQVPLVLHDOHVHPQDOHORUDQDORJLFH
=JRPRWHSURSULL
D =JRPRWXO -RKQVRQ WHUPLF JHQHUDW GH DJLWD@LD HOHFWURQLF? GLQ HOHPHQWHOH UH]LVWLYH
0?ULPHDOXLHVWHSURSRU@LRQDO?FXWHPSHUDWXUDDEVROXW?UH]LVWHQ@D>LEDQGDGHIUHFYHQ@?
E =JRPRWXO 6FKRWWN\ GH DOLFH JHQHUDW GH WUHFHUHD FXUHQWXOXL SULQ MRQF@LXQHD
WUDQ]LVWRUXOXLSURSRU@LRQDOFXYDORDUHDFXUHQWXOXL>LFXEDQGDGHIUHFYHQ@?
F =JRPRWXO GH OLF?ULUH )/,&.(5 ]JRPRW I DSDUH OD IUHFYHQ@H MRDVH GDWRUDW
VXSUDIH@HORULQWHUQHDOHHOHPHQWHORUVHPLFRQGXFWRDUH
G=JRPRWXOGHWLSIORULFHOHGHSRUXPESRSFRUQGDWRUDWYDULD@LLORUGHDPSOLILFDUH
2EVHUYD@LH =JRPRWXO SURSULX WRWDO VH SRDWH FDOFXOD FD PHGLH S?WUDWLF? GDF? QX VXQW
FRUHODWHAQWUHHOHFXUHOD@LD
( ( ( ( Q
0?VXULOHDQWLSHUWXUEDWLYHFRQVWDXAQ
PLF>RUDUHDEHQ]LLGHWUHFHUH
PLF>RUDUHDLPSHGDQ@HORU
VHOHFWDUHDFRPSRQHQWHORUGXS?]JRPRWXOPLQLP
2EVHUYD@LH 6D GHPRQVWUDW UHFHQW F? ]JRPRWXO LQWHUQ DO FRPSRQHQWHORU G? R P?VXU? D
GXUDWHL GH IXQF@LRQDUH D FRPSRQHQWHORU UHVSHFWLYH 7HVWXO ILQDO DO SURGXF?WRUXOXL SRDWH LQFOXGH
P?VXU?UL LQGLYLGXDOH DOH ]JRPRWXOXL LQWHUQ SHQWUX HOLPLQDUHD FRPSRQHQWHORU QHILDELOH AQ DSOLFD@LL
GHRVHELWHVSD@LDOHPLOLWDUHHWF
'HSODV?ULOHPHFDQLFH>LYLEUDUHDFRPSRQHQWHORUSRWJHQHUDSHUWXUED@LLHOHFWULFH
YDULD@LDFDSDFLW?@LLGLQWUHFRPSRQHQWHSRDWHJHQHUDYDULD@LLGHFXUHQW
YDULD@LDFRQGXFWRULORUAQFAPSPDJQHWLFSRDWHJHQHUDYDULD@LLGHWHQVLXQH
'HDFHHDAQVFRSDQWLSHUWXUEDWLYDQXPLWH]RQHGHFLUFXLWHDQDORJLFHWUHEXLHULJLGL]DWHSULQ
DSOLFDUHDGHOLDQ@LVROLGLILFDELOL>LQHFRQGXFWLYL)LUPD7HFKQLFV DGH]YROWDWPHWRGHGHULJLGL]DUHD
DPSOLILFDWRDUHORUILQDOH>LDSUHDPSOLILFDWRDUHORUSHQWUXDUHGXFHYLEUD@LLOH7+&%7HFKQLFV+\EULG
&RQVWUXFWLRQ%DVH7(&
&RPSRUWDUHD(0&DDPSOLILFDWRDUHORUFXUHFHS@LHXQLSRODU?>LGLIHUHQ@LDO?
3XWHP OXD FD H[HPSOX SHQWUX UHFHS@LD XQLSRODU? XQ DPSOLILFDWRU FX XQ WUDQ]LVRU PRGHODW
SULQ FHO PDL VLPSOX PRGHO ILJXUD OD FDUH VH SRDWH GHWHUPLQD LQIOXHQ@D VXUVHL GH WHQVLXQH
SHUWXUEDWRDUHGHODLQWUDUHODLH>LUH
9&& L% L&
5&
YL
U%( 5& YR
YR
YLH H
)LJXUD
aQDEVHQ@DVXUVHLGHSHUWXUED@LL
E 5& Y L
YR E L % 5&
U%(
7HQVLXQHDSHUWXUEDWRDUHGHODLQWUDUHHHVWHDPSOLILFDW?FD>LWHQVLXQHDXWLO?
E 5& YL H
YR
U%(
/D DFHOD>L PRQWDM FRPSOHWDW FX R UHDF@LH QHJDWLY? ILJXUD FX DMXWRUXO WHRUHPHORU OXL
0LOOHU 0,5 VH SRDWH YHGHD F? WHQVLXQHD SHUWXUEDWRDUH GH OD LQWUDUH HVWH UHMHFWDW? QXPDL AQ
P?VXUDPLF>RU?ULLDPSOLILF?ULL
9&& L% L&
5
5&
YL
5 U%( 5 5&
YR YR
YLH H
)LJXUD
5 5 5 U%(
5
$Y E 5& U%( U%( E 5&
5 $Y 5 5& E
5
$Y U%( E 5&
aQDEVHQ@DVXUVHLGHSHUWXUED@LL
E YL 5& ,,5
YR
U%(
&XWHQVLXQHDSHUWXUEDWRDUHDSOLFDW?ODLQWUDUH
EYL H 5& ,,5
YR
U%(
6HSRDWHGHPRQVWUDF?UHFHS@LDGLIHUHQ@LDO?HVWHPDLIDYRUDELO?DQWLSHUWXUEDWLY8QPRQWDM
FXWUDQ]LVWRULGHPRQVWUHD]?DFHDVW?DILUPD@LHILJXUD
9&&
YL
5& 5& H
Y
H
YR
YL YL YL
YL YL
U%( 5& Y 5& U%(
YR
)LJXUD
5U 5U
5L 5L
(6 YR (6 YR
(0& (0& 5L 50
)LJXUD
/DUHFHS@LDVLPSO?
5U
YR ( 6 ( 0&
5L
/DUHFHS@LDGLIHUHQ@LDO?AQLSRWH]DF?50 5U
5U 5 50 5
YR ( 6 ( 0& U ( 0& | U ( 6
5L 5L 5 0 5L 5L
0?VXULGHUHGXFHUHDSHUWXUED@LLORUODDPSOLILFDWRUXOGLIHUHQ@LDO
UHDOL]DUHDHJDOLW?@LLLPSHGDQ@HORUGHLQWUDUH=LFDUHVHSRDWHUHDOL]DFXRFRQILJXUD@LHGH
DPSOLILFDWRUGHLQVWUXPHQWD@LH
UHDOL]DUHDHJDOLW?@LLUH]LVWHQ@HORUVHULHSHLQWU?UL>LDWUDVHHORU5L
VLPHWULDVHQ]RUXOXL
VF?GHUHDUH]LVWHQ@HL5V DVXUVHLGHVHPQDOAQUDSRUWFX5L
3HQWUXVHPQDOHDOWHUQDWLYHGHLQWUDUHFRQGL@LLOHGHPDLVXVVHSRWUHDOL]D>LFXDPSOLILFDWRU
FXUHFHS@LHVLQJXODU?GDUFXWUDQVIRUPDWRUGLIHUHQ@LDOILJXUD
5U
5L
,QWUDUH
GLIHUHQ@LDO? YR
)LJXUD
$YDQWDMXODFHVWHLVROX@LLHVWHF?VHDVLJXU?>LGHFXSODUHDJDOYDQLF?
2VFLOD@LLODDPSOLILFDWRDUH
$PSOLILFDUHD PDUH >L LPSHGDQ@D GH LQWUDUH PDUH D $2 SRDWH GHFODQ>D LQWUDUHD ORU AQ
RVFLOD@LHODPRGLILFDUHDVDUFLQLLDWHPSHUDWXULLVDXDWHQVLXQLORUGHDOLPHQWDUH
6HSRWDSOLFDFkWHYDP?VXULDQWLSHUWXUEDWLYHAQRUGLQHDLPSRUWDQ@HLP?VXUDDHVWHFHDPDL
LPSRUWDQW?
DFRPSHQVDUHDAQIUHFYHQ@?FXUH@HOHVSHFLILFDWHGHFRQVWUXFWRU
EGHFXSODUHDWHQVLXQLORUGHDOLPHQWDUH>LDSURSLHUHDVXUVHLGHDPSOLILFDWRU
FUHGXFHUHDEHQ]LLGHIUHFYHQ@?SULQUHF@LHQHJDWLY?FDSDFLWLY?GHH[
GUHGXFHUHDDPSOLILF?ULL
H UHGXFHUHD UHDUDQMDUHD >L GLVWDQ@DUHD WUDVHHORU GHMD PDL PXOW GH FP SRDWH IL
SHUWXUEDWRU
IVHSDUDUHD>LHFUDQDUHD]RQHORUGLQWUHLQWUDUHD>LLH>LUHDDPSOLILFDWRUXOXL
JLQWURGXFHUHDXQRULQHOHGHIHULW?SHWUDVHHOHGHLQWUDUH
K FkQG LQIRUPD@LD HVWH WUDQVPLV? SH FDEOXUL OXQJL VH UHFRPDQG? IRORVLUHD XQXL HWDM
VXSOLPHQWDUUHSHWRU
3HUWXUED@LLSULQFXSODMHJDOYDQLFH
6XQWGDWRUDWHVXUVHLGHDOLPHQWDUH>LWUDVHXOXLGHPDV?
6H GHILQH>WH 3655 FD UDSRUWXO GH UHMHF@LH D WHQVLXQLL GH DOLPHQWDUH 3RZHU 6XSSO\
5HMHFWLRQ5DWLRVDX69556XSSO\9ROWDJH5HMHFWLRQ5DWLR
'YLHVLUH
3655
'Y D OLP $FF
XQGH$FF HVWHDPSOLILFDUHDAQFXUHQWFRQWLQXX
&DSURFHGXULDQWLSHUWXUEDWLYHVHUHFRPDQG?
GHFXSODUHDSHQWUXILHFDUHDPSOLILFDWRULQGLYLGXDOFXJUXSXUL/&/5&VDX 5& AQ FDUH &
HVWHIRUPDWGLQGRLFRQGHQVDWRULFA@LYDPLFURIDUD]LAQSDUDOHOFXQ)'HFXSODUHDHVWHHVHQ@LDO?
AQHOLPLQDUHDRVFLOD@LLORUSDUD]LWH
FRQHFWDUHDUHDOL]DW?GXS?UHJXODSDUDOHORJUDPXOXLSHQWUXHYLWDUHDEXFOHORUSHUWXUEDWLYH
HFUDQDUHDDPSOLILFDWRDUHORU
VHPQDOXO GH LQWUDUH WUHEXLH FRQHFWDW FkW PDL DSURDSH GH LQWU?ULOH DPSOLILFDWRUXOXL FD AQ
ILJXUD
5U 5U
5L 5L
9$/, 9$/,
(6 YR YR
(6
56 56
D E
FRUHFW JUH>LW
)LJXUD
AQ FHHD FH SULYH>WH VXUVHOH GH DOLPHQWDUH SHQWUX HFKLSDPHQWH FRPSOH[H VH UHFRPDQG?
IRORVLUHD GH VWDELOL]DWRDUH ORFDOH 6/ SHQWUX D PLF>RUD WUDVHHOH VXVFHSWLELOH GH D IL SHUWXUEDWH
JDOYDQLFFDAQILJXUD
$OLPHQWDUHGHSXWHUH 6/
6/
)LJXUD
ODUHDOL]DUHDXQHLVXUVHWHQVLXQHDGHUHDF@LHFDUHDVLJXU?UHJODUHDWHQVLXQLLGHLH>LUHVH
FXOHJH GH SH VDUFLQ? >L QX GH OD LH>LUHD VXUVHL SHQWUX D HYLWD F?GHUHD GH WHQVLXQH SH ILUHOH GH
DOLPHQWDUHFDAQILJXUD
8S
5HJXODWRU 8WLOL]DWRU
)LJXUD
SHQWUX DSOLFD@LLOH DXGLR GH AQDOW? ILGHOLWDWH HVWH QHYRLH GH P?VXUL VXSOLPHQWDUH SHQWUX
APSLHGLFDUHD SHUWXUED@LHL GH +] V? SHQHWUH]H $VWIHO ILUPD 7HFKQLFV D LQWURGXV EDWHULD YLUWXDO?
9LUWXDO%DWWHU\2SHUDWLRQ7(&FDUHGHIDSWHVWHXQVWDELOL]DWRUODFDUHWUDQ]LVWRUXOUHJXODWRU
HVWHGHWLS026)(7ILJXUD
7UDVHX
7UDVHX
]JRPRW
]JRPRW
)LJXUD
7UDQ]LVWRUXO 026)(7 AQWUHUXSH WUDVHXO GH SHQHWUDUH D SHUWXUED@LLORU FDUH AQ PRQWDMXO FX
WUDQ]LVWRUXOELSRODUVHAQFKLGHSULQED]DWUDQ]LVWRUXOXL0DLPXOWSHQWUXDSOLFD@LL>LPDLSUHWHQ@LRDVH
DSDUDWHOHSRWILDOLPHQWDWHGHODEDWHULLaQWLPSFHDSDUDWXOIXQF@LRQHD]?HQHUJLDHVWHIXUQL]DW?GH
EDWHULL DXWRQRPLH GH FFD RUH LDU FkQG DSDUDWXO HVWH RSULW EDWHULLOH VH AQFDUF? GH OD UH@HD
WLPS GH AQF?UFDUH RUH $FHVW PRG GH RSHUDUH HVWH QXPLW GH 7HFKQLFV %DWWHU\ 'ULYH 3RZHU
6XSSO\7(&
VXUVHOH AQ FRPXWD@LH JHQHUHD]? WHQVLXQL SHUWXUEDWRDUH PDL PDUL GHFkW VXUVHOH OLQLDUH GLQ
FDX]D RVFLODWRUXOXL LQWHUQ GH IUHFYHQ@? GH RUGLQXO N+] 3HQWUX UHJODUHD WHQVLXQLL GH LH>LUH VH
IRORVHVF GRX? SULQFLSLL PRGLILFDUHD IUHFYHQ@HL >L PRGLILFDUHD IDFWRUXOXL GH XPSOHUH 6H SRDWH
VLPXODAQ0$7+&$'XQVHPQDOGUHSWXQJKLXODUODFDUHYDULD]?IUHFYHQ@D>LVHSRDWHULGLFDVSHFWUXO
GHIUHFYHQ@?ILJXUD
UM
VL
D
L M
)LJXUD
/D IHO VH SRDWH JHQHUD XQ VHPQDO GUHSWXQJKLXODU OD FDUH YDULD]? IDFWRUXO GH XPSOHUH FX
DFHOD>LIDFWRUGHYDULD@LHILJXUD
I
M
ZL
D
L M
)LJXUD
$UPRQLFLOH JHQHUDWH VXQW FRPSDUDELOH 6H FRQVLGHU? WRWX>L F? VXUVHOH FDUH IRORVHVF
PRGXODUHD IDFWRUXOXL GH XPSOHUH GH H[HPSOX FX FLUFXLWXO VSHFLDOL]DW 7'$ VXQW PDL SX@LQ
SHUWXUEDWRDUH>LVHSRWDSOLFDFXVXFFHVPHWRGHGHILOWUDUHSHIUHFYHQ@D>LUXOXLGHLPSXOVXUL
/D WUHFHUHD ILUHORU FDUH FRQGXF WHQVLXQLOH GH DOLPHQWDUH SULQ FDUFDVH SRW DSDUH FXSODMH >L
SHUWXUE?UL 6H SRW IRORVL AQ DFHVWH FD]XUL ILOWUH GH WUHFHUH SHQWUX WHQVLXQLOH GH DOLPHQWDUH FX
FRQGHQVDWRDUHGHWUHFHUH&>LLQHOHGHIHULW?/FDAQILJXUD
/ &/ &
)LJXUD
,QHOXOGHIHULW?DUHXQHIHFWDVHP?Q?WRUFXFHODOXQHLAQI?>XU?ULSHLQHOGHIHULW?FDUHVH
YDGHWDOLDAQFDSILJXUD
&RQILJXUD@LLVSHFLDOHFXLPXQLWDWHP?ULW?ODSHUWXUED@LL
)LJXUD
$PSOLILFDWRUXO L]RODWRU DUH SHUIRUPDQ@H GHRVHELWH AQ ORFXUL AQ FDUH HVWH QHFHVDU?
AQWUHUXSHUHD XQHL EXFOH SHUWXUEDWLYH ,]RODUHD JDOYDQLF? AQWUH LQWUDUH >L LH>LUH UHMHFWHD]?
SHUWXUED@LLOHFXSODWHJDOYDQLF8QSDUDPHWUXFDUDFWHULVWLFHVWH,055DSRUWXOUHMHF@LHLPRGXOXLGH
L]RODUHFDUHHYDOXHD]?P?VXUDAQFDUHL]RODUHDFRQWULEXLHODUHMHF@LDSHUWXUED@LLORUGHPRGFRPXQ
8QDPSOLILFDWRUL]RODWRUFXPRGXODUHGHPRGXODUHHVWHGDWAQILJXUDVXUVD$QDORJ'HYLFHV
([LVW?GRX?YDULDQWHGHGHFXSODUH
WUDQVIRUPDWRUDVLJXU?OLQLDULWDWH>LSUHFL]LHEXQ?
RSWLFDVLJXU?RYLWH]?>LREDQG?GHIUHFYHQ@?PDUH
aQLQWHULRUXODPSOLILFDWRUXOXLVHF@LXQHDGHLQWUDUHHVWHDOLPHQWDW?SULQWUXQFRQYHUWRUFFFF
L]RODW
3HQWUX D HYLWD SHUWXUED@LLOH GDWRULW? FRQYHUWRUXOXL FFFF >L DOH PRGXODWRUXOXL
GHPRGXODWRUXOXLWUHEXLHFDWRDWHFLUFXLWHOHV?ILHVLQFURQL]DWHVHHYLW?IHQRPHQXOGHE?W?L
YR
YL 0RGXODWRU 'HPRGXODWRU
9 9
'&$& $&'&
)LJXUD
7UDQVPLVLLDQDORJLFHGLIHUHQ@LDOHVHSRWIDFHGHH[HPSOXFXRSHUHFKHGHFLUFXLWH660
VXUVD$QDORJ'HYLFHVILJXUD$YDQWDMHOHWUDQVPLVLHLGLIHUHQ@LDOHDXIRVWH[SXVH
ODAQFHSXWXOFDSLWROXOXL
660 $2 660
,1 287
[$2
$2
)LJXUD
3UREOHPHGH(0&ODFRQYHUWRDUHOHDQDORJQXPHULFH$1>LQXPHULFDQDORJLFH1$
3UHFL]LD DWLQV? GH FRQYHUWRDUH GH /6% GH H[HPSOX AQVHDPQ? R SUHFL]LH GH RUGLQXO
]HFLORUGHPLFURYRO@L6HLPSXQGHFLP?VXULVSHFLDOHDQWLSHUWXUEDWLYH
&RQGHQVDWRDUHGHGHFXSODUHSHFLUFXLWGHFFDP)>LQ)AQSDUDOHO
(FUDQ?ULWRUVDG?ULWUDQVPLVLHFXFDEOXWRUVDGDWAPSUHXQ?FXUHWXUXOGXEOXHFUDQDW
(OLPLQDUHD YkUIXULORU GH WHQVLXQH SURSULL FRQYHUVLHL 1$ GHJOLFL]DUHD /D WUDQ]L@LD
OD SRW DSDUH YkUIXUL GH WHQVLXQH OD LH>LUH 3HQWUX FRQYHUWRDUHOH OHQWH VH SRW
SXQHILOWUHWUHFHMRV3HQWUXFRQYHUWRDUHOHUDSLGHHVWHQHYRLHGHHOHPHQWHGHPHPRUDUHDQDORJLFH
SHWLPSXOFRPXW?ULLLQWU?ULORU
8QHOH FRQYHUWRDUH DX LPXQLWDWH PDUH OD SHUWXUED@LL GDWRULW? SULQFLSLXOXL GH IXQF@LRQDUH
'H H[HPSOX FRQYHUWRUXO FX LQWHJUDUH FX GXEO? SDQW? SRDWH HYDOXD VHPQDOXO GH LQWUDUH SH R
SHULRDG? GH WLPS HJDO? FX SHULRDGD VHPQDOXOXL SHUWXUEDWRU GH H[HPSOX PV SHQWUX IUHFYHQ@D
UH@HOHLGH+]6HDQXOHD]?SUDFWLFAQDFHVWPRGHIHFWXOSHUWXUEDWRUDOWHQVLXQLLUH@HOHL
3HQWUX DSOLFD@LL SUHWHQ@LRDVH VH SRW XWLOL]D FLUFXLWH GH FRQGL@LRQDUH GH VHPQDO $FHVWHD
VXQW FLUFXLWH FDUH UHDOL]HD]? XQ VHW GH IXQF@LL FXP DU IL DGDSWDUHD UHFHS@LD GLIHUHQ@LDO? L]RODUHD
JDOYDQLF? VLPHWUL]DUHD PDQDJHPHQWXO HFUDQXOXL >L DO PDVHORU ILOWUDUH HWF GH H[HPSOX 40;
DOILUPHL$1$/2*'(9,&(6
&RQHFWDUHD PDVHL DQDORJLFH FX FHD GLJLWDO? VH UHDOL]HD]? AQ LPHGLDWD DSURSLHUH D
HOHPHQWXOXL FRQYHUWRU SHQWUX FD WHQVLXQLOH FH DSDU SH PDVD GLJLWDO? V? QX DSDU? OD LQWUDUHD
DQDORJLF?$OLPHQWDUHDFLUFXLWHORUVHIDFHUDGLDOFXUHWXUPDV?SURSULHILJXUD
6XUVDSHQWUX 6XUVDSHQWUX
FLUFXLWHOHDQDORJLFH FLUFXLWHOHGLJLWDOH
$PSOLILFDWRUGH
'HFXSODUH
LQVWUXPHQWD@LH
RSWLF?
)LJXUD
5HDOL]DUHDFRPSDWLELOLW?@LLHOHFWURPDJQHWLFHAQFLUFXLWHOH
GLJLWDOH
3UREOHPHOH(0&VSHFLILFHFLUFXLWHORUGLJLWDOHVHSRWJUXSDAQGRX?FDWHJRULL
FRPSDUD@LDGLQSXQFWGHYHGHUH(0&DGLIHULWHORUIDPLOLLORJLFHAQFRQGL@LLOHDSDUL@LHLXQRU
QRLIDPLOLLORJLFH
SUREOHPH(0&DOHSO?FLORUHFKLSDWHFXFLUFXLWHGLJLWDOH
aQ DQDOL]D GLQ SXQFW GH YHGHUH (0& D GLIHULWHORU WLSXUL GH IDPLOLL ORJLFH LQWHUYLQ FkWHYD
FDUDFWHULVWLFL
,PSHGDQ@DGHLQWUDUHFDUHGLQSXQFWGHYHGHUH(0&VHGRUH>WHPLF?GDUFDUHWUHEXLH
V?ILHPDUHSHQWUXDILFRPDQGDELOHFkWPDLPXOWHFLUFXLWH
,PSHGDQ@DGHLH>LUHFDUHWUHEXLHV?ILHFkWPDLPLF?SHQWUXDPLF>RUDWHQVLXQLOHSDUD]LWH
FXSODWHFDSDFLWLY
0DUJLQLOHVWDWLFHGHLPXQLWDWHODSHUWXUED@LLFDUHSRWILPDUJLQLWLSLFH>LPDUJLQLJDUDQWDWH
FDUHVHGRUHVFDILFkWPDLPDUL
1LYHOHOHWHQVLXQLORUGHDOLPHQWDUH
&DUDFWHULVWLFLOHGHWUDQVIHU>LDPSOLILFDUHDAQ]RQDGHWUDQVIHU
7LPSLLGHFRPXWDUH
aQ JHQHUDO WRDWH IDPLOLLOH GH FLUFXLWH GLJLWDOH DX SHUIRUPDQ@H EXQH AQ GRPHQLXO (0& PDL
EXQHGHFkWGHH[HPSOXFHOHDOHFLUFXLWHORUDQDORJLFHaQJHQHUDORLPXQLWDWHULGLFDW?VHRE@LQHOD
YLWH]HUHGXVHGHRSHUDUHPLFURVHFXQGH
&RQGL@LLOH FD R SHUWXUED@LH GH OD LQWUDUHD XQXL FLUFXLW GLJLWDO V? VH WUDQVPLW? OD LH>LUHD OXL
VXQW
V?DVLJXUHXQDQXPLWQLYHOGHWHQVLXQHODLQWUDUHDFLUFXLWXOXLPDLPDUHGHFkWPDUJLQHD
GHLPXQLWDWHVWDWLF?FHHDFHHVWHGLILFLOGDWRULW?LPSHGDQ@HORUPLFLGLQFLUFXLW
GXUDWDSHUWXUED@LHLFXQLYHOXOFDUHGHS?>H>WHPDUJLQHDGHLPXQLWDWHVWDWLF?WUHEXLHV?ILH
PDLPDUHGHFkWWLPSXOGHWUDQVIHUDOFLUFXLWXOXL
2EVHUYD@LD )URQWXULOH UDSLGH DOH VHPQDOHORU GH FRPDQG? VXQW IDYRUDELOH GLQ SXQFW GH
YHGHUH DQWLSHUWXUEDWLY HOH DVLJXUkQG IXQF@LRQDUHD VLJXU? D XQRU FLUFXLWH GLJLWDOH VHFYHQ@LDOH
ELVWDELOLQXP?U?WRDUHODFDUHQXSRWDSDUHEDVFXO?ULIDOVH8QIURQWUDSLGPLQLPL]HD]?WLPSXOAQ
FDUHFLUFXLWXOHVWHAQ]RQDDFWLY?FXDPSOLILFDUHPDUHWLPSAQFDUHFLUFXLWXODUHRLPXQLWDWHUHGXV?
ODSHUWXUED@LL
2EVHUYD@LD(YDOXDUHDUHDOLVW?DXQHLIDPLOLLORJLFHVHIDFH AQ FD]XO FHO PDL GHIDYRUDELO
ZRUVWFDVHFDAQF?UFDUHODLH>LUHGRPHQLXOWHQVLXQLLGHDOLPHQWDUHHWF
2EVHUYD@LD &RPSRUWDUHD OD SHUWXUED@LL GLQDPLFH HVWH UHIOHFWDW? WRW GH FRPSRUWDUHD OD
SHUWXUED@LLVWDWLFHGHRDUHFHSHQWUXFDRSHUWXUED@LHV?ILHGHUDQMDQW?WUHEXLHFDHDV?GHS?>HDVF?
SUDJXOGHPDUJLQHVWDWLF?>LV?DLE?RGXUDW?PDLPDUHGHFkWGXUDWDGHU?VSXQVDFLUFXLWXOXL
&DX]HOHDSDUL@LHLSHUWXUED@LLORUSHSODFKHWHOHFXFLUFXLWHGLJLWDOHVXQW)25
SHUWXUED@LLUDGLDWHGHSLQLLFLUFXLWHORUGLJLWDOHOHJD@LODWUDVHHOHGHFDEODMFDUHVHFRPSRUW?
FDDQWHQH
SHUWXUED@LLUDGLDWHGHRVFLODWRUSHIUHFYHQ@DIXQGDPHQWDO?>LSHDUPRQLFL
SHUWXUED@LLFRQGXVHGHOD>LVSUHVXUVDGHDOLPHQWDUHSULQWUDVHHOHGHDOLPHQWDUH
(0, QHFHVLW? R VXUV? GH H[HPSOX FRPSRQHQWHOH DFWLYH FLUFXLWH RVFLODWRDUH R FDOH GH
SURSDJDUH GH H[HPSOX WUDVHHOH SULQ UDGLD@LH FXSODM VDX JDOYDQLF >L XQ UHFHSWRU GH H[HPSOX
LQWU?ULGHFLUFXLWHGLJLWDOHUHFHSWRDUHUDGLRDSURSLDWHHWF
)DPLOLLORJLFH>LFDUDFWHULVWLFL(0&
0DUJLQHD GH ]JRPRW UHSUH]LQW? GLIHUHQ@D AQWUH YDORULOH WHQVLXQLORU JDUDQWDWH SHQWUX VW?ULOH
ORJLFHDOHXQXLFLUFXLWORJLFFDUHFRPDQG?>LYDORULOHWHQVLXQLORUSHUPLVHDOHXQXLFLUFXLWGHDFHOD>L
WLSFRPDQGDW3HQWUXQLYHOHOH+>L/VHGHILQHVF
0+ 92+PLQ 9,+PLQ
0/ 92/PD[ 9,/PD[
6HSRDWHGHILQL>LRPDUJLQHGH]JRPRWPHGLHWLSLF?
0RPHQWXODFWXDOVHFDUDFWHUL]HD]?SULQDSDUL@LDPXOWRUWHKQRORJLLQRL>LLPSOLFLWDQRLIDPLOLL
GH FLUFXLWH ORJLFH FXP DU IL /6 /RZ 3RZHU 6FKRWWN\ ELSRODU $/6 $GYDQFHG /6 ELSRODU )
)DVW ELSRODU $6 $GYDQFHG 6FKRWWN\ ELSRODU +&7 +LJK 6SHHG &02677/ )&7 )DVW
&02677/ $&7 $GYDQFHG +LJK 6SHHG &02677/ $%7 $GYDQFHG +LJK 6SHHG %L&026
77//97/RZ9ROWDJH77/%L&0269HWF
7DEHOXODUDW?SULQFLSDOHOHFDUDFWHULVWLFL(0&DOHDFHVWRUIDPLOLLQRL
7DEHOXO
)DPLOLD 'XUDWD GH 1LYHO 1LYHO 0DUJLQH PDUJLQH 5H]LVWHQ@D 'LVWDQ@D GH
SURSDJDUH /2: +,*+ JDUDQWDW?/ JDUDQWDW?+ GHLH>LUH WUDQVPLWHUH
/6 QV 9 !9 9 9 : FP
$/6 QV 9 !9 9 9 : FP
) QV 9 !9 9 9 : FP
$6 QV 9 !9 9 9 : FP
+&7 QV 9 !9 9 9 : FP
$&7 QV 9 !9 9 9 : FP
$%7 QV 9 !9 9 9
/97 QV 9 !9 9 9 : FP
([LVW? VLWXD@LL AQ FDUH VH PLF>RUHD]? PDUJLQHD GH VLJXUDQ@? SULQ SURLHFWDUHD LQFRUHFW? D
VFKHPHORU $VWIHO FRQHFWDUHD XQHL GLRGH OD LQWUDUHD XQHL SRU@L 77/ SHQWUX VHSDUDUHD XQRU
PLFURAQWUHUXS?WRDUH GH H[HPSOX GHSUHFLD]? PDUJLQHD GH VLJXUDQ@? FX 9 &D UHPHGLX VH
SRDWHIRORVLRVXUV?GH9SHQWUXDFRPSHQVDF?GHUHDGHWHQVLXQHSHGLRG?
8Q DOW H[HPSOX GH PLF>RUDUH D PDUJLQLL GH VLJXUDQ@? HVWH OD LQWHUFRQHFWDUHD AQWUH GRX?
IDPLOLL ORJLFH GH H[HPSOX LH>LUHD XQHL SRU@L 77/ OD LQWUDUHD XQHL SRU@L &026 /D QLYHO +,*+ OD
LH>LUH WHQVLXQHD WLSLF? HVWH 9 LDU 9 DFFHSWDW GH &026 DUDW? H[LVWHQ@D XQXL HFDUW GH
VLJXUDQ@?GHGRDU9GHFLGLQWUXQHFDUWQRUPDO
6XVFHSWLELOLWDWHD OD SHUWXUED@LL GLQDPLFH VH SRDWH SXQH AQ HYLGHQ@? SULQ GLDJUDPHOH
DPSOLWXGLQLL LPSXOVXOXL SHUWXUEDWRU AQ IXQF@LH GH GXUDWD LPSXOVXOXL OD OLPLWD GH SHUWXUEDUH SHQWUX
GLIHULWHIDPLOLLORJLFHLPSXOVSHUWXUEDWRUVXSUDSXVSHVWHQLYHOXO+ODLQWUDUHILJXUD
9,19
+//9
&0269
&0269
77/
&0269
WQV
)LJXUD
6H SRW WUDVD GLDJUDPH DVHP?Q?WRDUH SHQWUX SHUWXUED@LH VXSUDSXV? SH QLYHOXO /2: GH OD
LQWUDUHaQJHQHUDOVXVFHSWLELOLWDWHDVHSRDWHGLVFXWDSHQWUXQLYHOXOORJLF/2:>LQLYHOXOORJLF+,*+
UH]XOWDWHOHILLQGAQJHQHUDOGLIHULWH
2EVHUYD@LH &KLDU GDF? PDUJLQHD GH LPXQLWDWH VWDWLF? HVWH PDL PDUH OD XQ QLYHO ORJLF
WUHEXLH DYXW AQ YHGHUH >L LPSHGDQ@D GH LH>LUH AQ DFHDVW? VLWXD@LH SHQWUX D RE@LQH R HYDOXDUH D
VXVFHSWLELOLW?@LL
2 VROX@LH SHQWUX SURLHFWDUHD XQRU DSDUDWH FDUH OXFUHD]? AQ PHGLX LQGXVWULDO SXWHUQLF
SHUWXUEDW HVWH XWLOL]DUHD XQRU IDPLOLL ORJLFH FX LPXQLWDWH ULGLFDW? OD SHUWXUED@LL +LJK /HYHO /RJLF
+//FXXUP?WRDUHOHFDUDFWHULVWLFLSULQFLSDOH
PDUJLQHGHLPXQLWDWHVWDWLF?P?ULW?
SULQFRQHFWDUHDXQHLFDSDFLW?@LFDUHDF@LHQHJDWLY?VDAPEXQ?W?@LWLPXQLWDWHDODSHUWXUED@LL
GLQDPLFHILJXUD
DOLPHQWDUHDVHIDFHODWHQVLXQHPDLPDUHWLSLF9
3ODFKHWHFXFLUFXLWHGLJLWDOH>LFDUDFWHULVWLFL(0&
3ULQFLSDOHOHSHUWXUED@LLVXQW
YkUIXULOH GH FXUHQW FDUH DSDU SULQ FXSODM JDOYDQLF FkQG GRX? VDX PDL PXOWH FLUFXLWH DX
DFHHD>LPDV?VDXVXQWDOLPHQWDWHGHODDFHHD>LVXUV?GHDOLPHQWDUH
GLDIRQLDFURVVWDONFDUHDSDUHSULQFXSODMFDSDFLWLY>LVDXLQGXFWLY
UHIOH[LL
SHUWXUED@LLOHSULQUDGLD@LH
9kUIXULOHGHFXUHQW
aQPRPHQWXOFRPXWD@LHLFLUFXLWHOHORJLFHDEVRUEXQFXUHQWPDLPDUHFDUHDUHWUHLFDX]H
DPEHOHWUDQ]LVWRDUHGHODLH>LUHDSRU@LORUVXQWSHQWUXXQVFXUWWLPSAQFRQGXF@LH
AQF?UFDUHDVDUFLQLLFDSDFLWLYH
GLIHUHQ@DAQWUHFXUHQWXODEVRUELWAQVWDUH/2:>L+,*+
9kUIXULOH GH FXUHQW FUHVF FX FUH>WHUHD IUHFYHQ@HL GH FRPXWD@LH 9kUIXULOH GH FXUHQW
JHQHUHD]?FUH>WHULDOHWHQVLXQLLGDWRULW?LQGXFWLYLW?@LLOLQLLORUGHDOLPHQWDUH
9 /GLGW
6LWXD@LDHVWHJUDY?ODPHPRULLFDUHH[WUDJFLUFDP$SHIURQWXULOHFLFOXOXLGHPHPRULH
/DXQUkQGGHFLUFXLWH@LQkQGFRQWF?FPGHWUDVHXLPSULPDWDUHP+Q+P+
'9 /GLGW P9
9kUIXULGHWHQVLXQHGHP9FPSRWILXQHRULLQDFFHSWDELOH6ROX@LDHVWHFRQHFWDUHDSH
ILHFDUHFLUFXLWDXQXLJUXSGHFRQGHQVDWRDUHSHQWUXDDEVRUELFXUHQWXOWUDQ]LWRULX
3HQWUXXQ'9DFFHSWDELOGHP9ODIURQWXULGHQVUH]XOW?RFDSDFLWDWHPLQLP?
& LGWG9 P)SUDFWLFP)SHQWUXVLJXUDQ@?
/DLQWUDUHDGHDOLPHQWDUHDSO?FLLWUHEXLHFRQHFWDWHFDSDFLW?@LGHILOWUDUHGH RUGLQXO ]HFLORU
GHP)aQ6&+VHUHFRPDQG?XUP?WRDUHOHYDORULSHQWUXFRQGHQVDWRULLGHGHFXSODUH
P)ODLH>LUHDGLQVXUVDGHDOLPHQWDUH
P)ODLQWUDUHDGHDOLPHQWDUHDSO?FLL
P)ODILHFDUHFPGHWUDVHX
Q)SHILHFDUHFLUFXLWLQWHJUDW
&RQGHQVDWRDUHOHVHFXSOHD]?FDAQILJXUD
Q+FP
$FHDVW?GHFXSODUHQXHVWHFHDPDL 2GHFXSODUHIRDUWHEXQ?VHSRDWHUHDOL]D
EXQ?GLQFDX]DLQGXFWLYLW?@LLWUDVHXOXL FXFRQGHQVDWRULAQWHKQRORJLH60'
)LJXUD
'LDIRQLD &URVVWDON
'LDIRQLDVHGDWRUHD]?FXSODMHORUFDSDFLWLYH>LLQGXFWLYHFDUHDSDUAQWUHWUDVHHOHFLUFXLWXOXL
LPSULPDW VDX AQWUH ILUHOH GH WUDQVPLVLH D VHPQDOHORU /D FXSODMHOH FDSDFLWLYH WHQVLXQHD
SHUWXUEDWRDUH VH DSOLF? AQ SDUDOHO FX WHQVLXQHD XWLO? LDU OD FHOH LQGXFWLYH AQVHULDW? GHD OXQJXO
FLUFXLWXOXL
=&
9
9 = = 9
= =& =
9
)LJXUD
6HSRWHVWLPDFkWHYDYDORULDOHGLDIRQLHLSHQWUXGLIHULWHFRQILJXUD@LLDOHFDEODMHORU)25
ILJXUD
WUDVHHGHVHPQDODSURSLDWH
= :=& :'
WUDVHHGHVHPQDOSHRSDUWH>L
SODQGHPDV?SHFHDODOW?SDUWH
= :=& :'
WUDVHHGHVHPQDOFXWUDVHXGH
VHSDUDUHGHPDV?
= :=& :'
VHUHFRPDQG?FDWUDVHHOHGHSH
FHOHGRX?S?U@LDOHFDEODMXOXLV?
ILHSHUSHQGLFXODUHFHHDFH
P?UH>WHLPSHGDQ@DGHFXSODM
)LJXUD
7UDVHHOH VHSDUDWH FX WUDVHX GH PDV? DVLJXU? SHUIRUPDQ@H VXILFLHQWH AQ WRDWH FD]XULOH
X]XDOH
&RPSRUWDUHDODGLDIRQLHDGLIHULWHORUIDPLOLLORJLFHVHSRDWHVWXGLDSULQVLPXODUHDAQ63,&(
D SRU@LORU IXQGDPHQWDOH VDX SULQ UHDOL]DUHD XQXL PRQWDM H[SHULPHQWDO FD AQ ILJXUD &kWHYD
UH]XOWDWHH[SHULPHQWDOHVXQWGDWHAQ)25
GDF? OLQLLOH DX DFHOD>L VHQV I?U? WUDVHX GH VHSDUDUH >L OLQLD UHFHSWRDUH HVWH AQ +,*+ VH
FRQVWDW?F?WUDQVPLVLDQXHVWHFULWLF?ODIDPLOLLOHELSRODU%L&026WHQVLXQHUHGXV?GDUHVWHFULWLF?
ODIDPLOLD$&7
GDF? OLQLLOH DX VHQV FRQWUDU I?U? WUDVHX GH VHSDUDUH >L OLQLD UHFHSWRDUH HVWH AQ +,*+ VH
FRQVWDW?F?DSDUHFHOPDLGH]DYDQWDMRVFD]GHGLDIRQLH&XIDPLOLD$&7DSDUHURULGHWUDQVPLVLH
5HIOH[LL
/DLQFLGHQ@DVHPQDOXOXLHOHFWULFFXXQ SXQFWGHGLVFRQWLQXLWDWHDYDORULLLPSHGDQ@HLWUDVHXOXL
GH WUDQVPLVLH R SDUWH GLQ HQHUJLD VHPQDOXOXL VH UHIOHFW? AQDSRL VSUH VXUVD GH VHPQDO 8QGD
UHIOHFWDW? PRGLILF? >L IURQWXO GH HPLVLH 5HIOH[LLOH UHGXF VLJXUDQ@D GH IXQF@LRQDUH FRQVWLWXLQG
SHUWXUED@LLVDXDGXQkQGXVHFXSHUWXUED@LLOHH[LVWHQWH'DF?WUDVHXOHVWHDGDSWDWDGLF?ODFDS?WXO
ILUXOXL LPSHGDQ@D = HVWH HJDO? FX LPSHGDQ@D FDUDFWHULVWLF? D FDEOXOXL DWXQFL QX DSDU UHIOH[LL aQ
JHQHUDO WUDQVPLVLD AQWUH GRX? SRU@L QX HVWH DGDSWDW? GHRDUHFH LPSHGDQ@D GH LH>LUH HVWH GH ]HFL
GHRKPLLDULPSHGDQ@DGHLQWUDUHGHRUGLQXO0HJDRKPLORU6XEFPQXDSDUUHIOH[LL
)LHROLQLHFXLPSHGDQ@DFDUDFWHULVWLF?= >LUH]LVWHQ@DGHODFDS?W57HQVLXQHDLQFLGHQW?
HVWH9 IRUPDW?GLQ9= >L95 ILJXUD
9= 9=
9 = 9
5 95 = 5 95
)LJXUD
7HQVLXQHDUHIOHFWDW?HVWH9 >LHVWH
5 =
9 9 5 9= 9
5 =
5 =
6HSRDWHGHILQLXQFRHILFLHQWGHUHIOH[LH U
5 =
6?SUHVXSXQHPXQJHQHUDWRUFXWHQVLXQHD9* ROLQLHGHWUDQVPLVLHFXFDUDFWHULVWLFLOH=
LPSHGDQ@DFDUDFWHULVWLF?>LW WLPSXOGHSURSDJDUHILJXUD
$ %
5* =W
5
9*
)LJXUD
3UHVXSXQHP DSOLFDUHD XQXL VHPQDO WUHDSW? /D PRPHQWXO W XQGD LQFLGHQW? DUH
DPSOLWXGLQHD
=
9 $ | 9*
= 5*
&kQG XQGD FH DFHDVW? DPSOLWXGLQH DMXQJH OD UH]LVWHQ@D 5 R SDUWH GLQ HQHUJLD HL HVWH
UHIOHFWDW?DPSOLWXGLQHDXQGHLUHIOHFWDWHILLQG
5 =
9U% U$ u 9 $ XQGH U$
5 =
8QGDUHIOHFWDW?DMXQJHAQSXQFWXO$XQGHDUHORFRQRX?UHIOH[LHFXFRHILFLHQWXOGHUHIOH[LH
U %
5* =
9U$ U% u 9U% XQGH U%
5* =
3URFHVXO GH UHIOH[LL VH UHSHW? SkQ? FkQG HQHUJLD XQGHL HVWH DEVRUELW? GH SLHUGHULOH GLQ
FLUFXLW6WDGLXOILQDOGXS?OLQL>WLUHDRVFLOD@LLORUHVWH
5
9% 9*
5* 5
([LVW? PHWRGH GH FDOFXO D UHIOH[LLORU GLQWUH FDUH VH FLWHD]? AQ )25 PHWRGD ODWLFHL >L
PHWRGD%HUJHURQ
&kWHYDIRUPHGHXQG?VXQWULGLFDWHH[SHULPHQWDO>LFRPSDUDWHFXFHOHVLPXODWHAQFDSLWROXO
GHGLFDWOLQLLORUOXQJLILJXUD
3HQWUXDVHHVWLPDHIHFWXOUHIOH[LLORUWUHEXLHFXQRVFXW?LPSHGDQ@DFDUDFWHULVWLF?DPHGLXOXL
GHWUDQVPLVLH&kWHYDYDORULX]XDOHVXQW
FDEOXFRD[LDO:
FDEOXWRUVDGDW:
FDEOXSODW:
FDEOXSODWFXWUDVHXGHVHSDUDUHODPDV?:
FRQGXFWRULQGHSHQGHQWODGLVWDQ@?GHSODQXOGHPDV?:
OLQLHGHPDJLVWUDO?:
(IHFWHOH FXPXODWH DOH GLDIRQLHL >L UHIOH[LLORU SRW IL HVWLPDWH SULQ VLPXODUHD AQ 63,&( D
SRU@LORU ORJLFH DOH GLIHULWHORU IDPLOLL ORJLFH >L FRQHFWDUHD ORU FX OLQLL OXQJL AQWUH FDUH VH SRW VWDELOL
GLIHULWHWLSXULGHFXSODMH2*5
5H]XOWDWHOH RE@LQXWH SHQWUX FXSODMXO FDSDFLWLY AQ WHKQRORJLH 77/ DUDW? DSDUL@LD OD LQWUDUHD
SRU@LL SHUWXUEDWH D XQHL WHQVLXQL GH 9 SHQWUX XQ LQWHUYDO GH RUGLQXO QV LQWUDUHD HVWH OD
ORJLFGHFLQXDSDUHRFRPXWDUHIDOV?>LDXQHLWHQVLXQLGH9LQWUDUHDHVWHODORJLF
/DFLUFXLWHOHAQWHKQRORJLH&026VHFRQVXP?SXWHULPXOWPDLPLFL:UH]LVWHQ@D
GHLQWDUHHVWHPDLPDUH>LUH]LVWHQ@DGHLH>LUHHVWHPDLPDUH RKPL8OWLPDFDUDFWHULVWLF?
HVWH GHIDYRUDELO? GLQ SXQFW GH YHGHUH (0& GDU HVWH FRPSHQVDW? GH R PDUJLQH VWDWLF? GH
LPXQLWDWHPDLPDUH$SDUH>LAQDFHVWFD]LQWUDUHDODORJLFXQPD[LPGHWHQVLXQHGH9>L
XQPLQLPGH9ODLH>LUHDSRU@LLSHUWXUEDWHDSDUHXQULSOXAQWUH9>L9GDUYDORULOHORJLFH
FRUHFWHQXVXQWPRGLILFDWH3HQWUXLQWUDUHODQLYHOORJLFDSDUHXQYkUIGHWHQVLXQHGH9FDUH
GHS?>H>WH WHQVLXQHD PD[LP? DGPLV? SHQWUX ORJLF GDU SRDUWD SHUWXUEDW? QX FRPXW? GLQ FDX]D
GXUDWHL IRDUWH PLFL D DFHVWXL LPSXOV LH>LUHD SRU@LL DYkQG GRDU PLFL YDULD@LL AQ MXUXO YDORULL GH 9
AQWUH9>L9
5H]XOWDWHDVHP?Q?WRDUHVHRE@LQ>LODFXSODMHLQGXFWLYH
'LQDFHVWHFRQVLGHUD@LLUH]XOW?GLUHFWFkWHYDP?VXULDQWLSHUWXUEDWLYHVLPSOH
OLPLWDUHDOXQJLPLLWUDVHHORU
LQWURGXFHUHDAQWUHLH>LUHDXQHLSRU@L>LLQWUDUHDOHJDW?ODDFHDLH>LUHDXQHLUH]LVWHQ@HVHULH
HJDO?FXLPSHGDQ@DFDUDFWHULVWLF?DOLQLHLFLUFXLWHOHGULYHUDXRDVHPHQHDUH]LVWHQ@?LQWHJUDW?
WUDQVPLVLD FX SRU@L FX FROHFWURUXO AQ JRO >L FXSODUHD GH UH]LVWHQ@H FDUH V? @LQ? OLQLD GH
WUDQVPLVLHAQORJLFSXOOXSVDXAQORJLFSXOOGRZQ
FXSODUHDGHGLRGHSHQWUXW?LHUHDYkUIXULORUGHWHQVLXQHPDLPDULGH9>LQHJDWLYHILJXUD
9&
,1
)LJXUD
3HUWXUED@LLUDGLDWH
)LJXUD
'LQILJXU?VHYHGHF?XQSODQGHPDV?VXEFLUFXLWOLPLWHD]?SHUWXUED@LLOHUDGLDWH
3HQWUX D PLF>RUD UDGLD@LD JHQHUDW? HVWH LPSRUWDQW? DOHJHUHD SRWULYLW? D WUDVHHORU GH
DOLPHQWDUH PDV? >L VHPQDO HYLGHQW F? R DOHJHUH FRUHFW? D WUDVHHORU PLQLPL]HD]? >L FHOHODOWH
SHUWXUED@LL PDL DOHV GLDIRQLD 0DVD HVWH AQ FHOH PDL PXOWH FD]XUL R FDOH GH AQWRDUFHUH D
FXUHQWXOXL0DVDWUHEXLHV?DLE?RLPSHGDQ@?FkWPDLPLF?8QSODQGHPDV?AQGHSOLQH>WHFHOPDL
ELQH DFHDVW? FRQGL@LH >L UHDOL]DUHD HVWH SRVLELO? OD FDEODMHOH PXOWLVWUDW ILJXUD 7UDVHHOH GH
DOLPHQWDUHGXVHGHDVXSUDVXEOLQLLORUGHPDV?DVLJXU?SHUWXUED@LLPLQLPH(VWHSRVLELO?XWLOL]DUHD
GH ILOWUH GH DOLPHQWDUH FX FRQGHQVDWRUL >L ERELQH SHQWUX PLF>RUDUHD ]JRPRWXOXL SH OLQLLOH GH
DOLPHQWDUH
'DF? QX HVWH SRVLELO XQ VWUDW GH PDV? HVWH DFFHSWDELO? >L VROX@LD XQHL JULOH GH PDV? >L
DOLPHQWDUH*ULGGLQJILJXUD
9
3ODQGHPDV?
*ULO?GHDOLPHQWDUH
$>H]DUHWLSSLHSWHQH
)LJXUD
'DF? QLFL JULOD GH DOLPHQWDUH QX HVWH SRVLELO? WUDVHHOH GH DOLPHQWDUH VH SRW SR]L@LRQD WLS
SLHSWHQHILJXUD
/DWUDQVPLVLDVHPQDOHORUAQWUHSO?FLSULQILUHVHUHFRPDQG?WUDQVPLWHUHDFXFDEOXSODWFX
WUDVHX GH VHSDUDUH OD PDV? OD IUHFYHQ@H PLFL HVWH VXILFLHQW XQ WUDVHX GH VHSDUDUH OD
VHPQDOH/DIUHFYHQ@HPDULVHUHFRPDQG?FDILUXODFWLYV?ILHWRUVDGDWFXILUXOGHPDV?&RQHFWRULL
VH UHFRPDQG? V? ILH GH FDOLWDWH FX FRQWDFW GH PDV? IHUP aQ FRQHFWRUL VH LQWHJUHD]? GHVHRUL
FRPSRQHQWHDQWLSHUWXUEDWLYH
(31
2 VROX@LH SHQWUX PLF>RUDUHD WXWXURU WLSXULORU GH SHUWXUED@LL HVWH GLYL]DUHD SO?FLL AQ ]RQH
%RDUG=RQLQJ3URLHFWDUHDSH]RQHHVWHSULPXOSDVAQSURLHFWDUHD(0&'HH[HPSOXFLUFXLWHOH
GH YLWH]? PDUH VH SODVHD]? DSURDSH GH VXUV? FLUFXLWHOH OHQWH PDL GHSDUWH LDU FHOH DQDORJLFH >L
PDL GHSDUWH aQ DFHVW IHO FRPSRQHQWHOH GH AQDOW? IUHFYHQ@? QX SHUWXUE? FHOHODOWH VHPQDOH
2VFLODWRDUHOH WUHEXLH SODVDWH FkW PDL GHSDUWH GH FRPSRQHQWHOH OHQWH )LOWUHOH GH LQWUDUH
FRPSRQHQWHOH GH GHSDUD]LWDUH VHSDUDUH JDOYDQLF? >L SUHOXFU?UL DQDORJLFH WUHEXLH SODVDWH OD
LQWUDUHDAQSODF?HWFILJXUD
&RQHFWRULSHQWUXPDJLVWUDO?
)LJXUD
,QIOXHQ@D(0&DFDSVXOHL
3H R SODF? QLYHOH GH ]JRPRW GHSLQG GH LQGXFWLYLW?@LOH FDSVXOHL >L GH YLWH]D GH YDULD@LH D
IURQWXULORUGYGW6OHZ5DWH7HQVLXQLSDUD]LWHYRUILFXSODWHGHODXQSLQGHLH>LUHODXQDOWSLQDO
FDSVXOHL
7UHLIDFWRULGHWHUPLQ?FDUDFWHULVWLFLOHHOHFWULFHDOHFDSVXOHL
FDSDFLWDWHDSLQXOXLID@?GHPDV?
LQGXFWLYLWDWHDSLQXOXL
IDFWRUXOGHFXSODUHGHODXQSLQODDOWXO
&kWHYDGDWHFDUDFWHULVWLFHSHQWUXWLSXULGHFDSVXOHVXQWGDWHAQWDEHOXO
7DEHOXO
',3 623 6623
&DSDFLWDWHDS)
,QGXFWLYLWDWHDQ+
)DFWRUGHFXSODUH
&DSVXOD ',3 HVWH LQIHULRDU? (0& ID@? GH FDUFDVHOH 623 >L 6623 GLQ FDX]D OHJ?WXULORU
LQWHUQHPDLOXQJL
8QQRXWLSGHFDSVXO?RDXFLUFXLWHOH:,'(%86ODQVDWHGH7H[DV,QVWUXPHQWV)25
SUHY?]XW? FX PDL PXO@L SLQL GH PDV? >L DOLPHQWDUH LQWHUFDOD@L FX SLQLL GH VHPQDO $FHVW WLS GH
FDSVXO?DUHFDUDFWHULVWLFLGH]JRPRWVXSHULRDUH
9LWH]D GH YDULD@LH D IURQWXULORU SRDWH IL FRQWURODW? SULQ FRPXWDUHD SH UkQG D PDL PXOWRU
WUDQ]LVWRULILQDOLGLQSRDUW?FRQHFWD@LAQSDUDOHO$FHVWSURFHGHXQXPLWGH7,2XWSXW(GJH&RQWURO
DVLJXU?XQFRQVXPGHFXUHQWGLQWUDQ]LVWRULLILQDOLLQGHSHQGHQWGHVDUFLQ?&DHIHFWHVHFXQGDUHVH
SRDWHDPLQWLVF?GHUHD]JRPRWXOXLJHQHUDWSULQSLQLLGHODFDSVXO?>LWUDVHHOHGHVHPQDO
5HDOL]DUHDFRPSDWLELOLW?@LLHOHFWURPDJQHWLFHAQWUDQVPLVLL
GLJLWDOH
aQ JHQHUDO OD VHPQDOHOH DQDORJLFH P?VXULOH DQWLSHUWXUEDWLYH VXQW AQGUHSWDWH DWkW VSUH
DWULEXLUHD XQRU FDOLW?@L VHPQDOXOXL XWLO FDUH V? AO IDF? PDL SX@LQ YXOQHUDELO OD DJUHVLXQHD
SHUWXUED@LLORU FkW >L VSUH ULGLFDUHD LPXQLW?@LL OD SHUWXUED@LL D FDQDOXOXL GH WUDQVPLVLH 6XSRUWXO
VHPQDOXOXLXWLOSRDWHILPRGLILFDWVSUHIRUPHPDLSX@LQVHQVLELOHODSHUWXUED@LLFXPDUILWUDQVPLVLD
SULQFDEOXRSWLF&kWHYDP?VXULDQWLSHUWXUEDWLYHHYLGHQWHVXQW
FRQYHUVLDDQDORJQXPHULF?>LWUDQVPLVLLGLJLWDOH
WUDQVPLVLDAQFXUHQW
UHDOL]DUHDWUDQVPLVLHLGXS?FRQYHUVLDVHPQDOXOXLGLQWHQVLXQHAQIUHFYHQ@?
P?ULUHDQLYHOXOXLGHWHQVLXQHVDXDSXWHULLVHPQDOXOXLXWLO
WUDQVPLVLDVHPQDOXOXLXWLOPRGXODWFXRIUHFYHQ@?SXUW?WRDUHILOWUDELO?ODUHFHS@LH
7UDQVPLVLLOHGLJLWDOHGHGDWHSRWILSDUDOHOHSHQWUXGLVWDQ@HPLFLVDXVHULDOH3UREOHPHOH
(0&SRWILFODVLILFDWH
SHQWUXWUDQVPLVLLSDUDOHOHAQWUHPRGXOHVDXAQWUHHFKLSDPHQWHDSURSLDWHVHIDFODQLYHOHOH
WHQVLXQLLGHDOLPHQWDUHGHOXFUX77/
SHQWUXWUDQVPLVLLVHULDOHODDOWHQLYHOHGHWHQVLXQHVDXAQEXFO?GHFXUHQW
SHQWUX WUDQVPLVLL VHULDOH AQ PHGLL SXWHUQLF SHUWXUEDWH SULQ WUDQVPLVLH AQ LQIUDUR>X SULQ DHU
VDXSULQFDEOXRSWLF
7HRULD OLQLLORU GH WUDQVPLVLH VH DSOLF? GDF? WLPSXO GH FUH>WHUH DO VHPQDOXOXL HVWH PDL PLF
GHFkW GXEOXO WLPSXOXL GH SURSDJDUH 'H H[HPSOX OD XQ FDEOX WRUVDGDW W QVP WU QV
/ [ PLDUODROLQLHGHPDJLVWUDO?W QVPWU QV/ [ P
7UDQVPLVLLSDUDOHOH
7UDQVPLVLLOHSDUDOHOHVH AQWkOQHVF AQ VSHFLDO OD PDJLVWUDOH GLVWDQ@H PLFL GHELWH PDUL GDU
VXQW>LLQWHUIH@HSDUDOHOHSXQFWFXSXQFWH[HPSOX&(17521,&6VDXPXOWLSXQFWH[HPSOX6&6,
SHQWUXGLVWDQ@HPDLPDUL>LGHELWHPDLPLFL
7UDQVPLVLLOH SDUDOHOH SRW IL &026 VDX 77/ 3HQWUX OHJDUHD VHPQDOHORU OD OLQLLOH GH
WUDQVPLVLH VH IRORVHVF FLUFXLWH GULYHU D>D FXP VXQW GH H[HPSOX +&[[[ VDX $+&[[[ SHQWUX
&026>L$%7[[[SHQWUX77/$FHVWHFLUFXLWHVHSRWIRORVLI?U?WHUPLQDWRUGHOLQLHSHQWUXF?DXR
LPSHGDQ@? DSURSLDW? GH LPSHGDQ@D FDUDFWHULVWLF? D OLQLHL GDU VH SRW IRORVL FX R GLRG? SHQWUX
HOLPLQDUHD YkUIXULORU QHJDWLYH VDX >L FX XQ GLYL]RU UH]LVWLY : : OD PDV? ILJXUD
&LUFXLWHOHGULYHUVHSRWFRQHFWDODXQFDS?WDOPDJLVWUDOHLVDXAQPLMORFaQILJXUD VH DUDW? R
FXSODUHODPLMORF
9 9
: :
)LJXUD
6HYHGHF?FLUFXLWXOGULYHUGLQILJXUDDUHFDVDUFLQ?OLQLLGH: AQSDUDOHOFHHDFH
HVWHRVDUFLQ?PDUH(VWHSRVLELOFDFLUFXLWXOV?QXSRDW?DVLJXUDQLYHOHOHORJLFHFRUHFWH/DIDPLOLD
,:6,QFLGHQW:DYH6ZLWFKLQJGHH[HPSOX61$%7[[[HVWHDVLJXUDW?RLPSHGDQ@?GHLH>LUH
GHVXE: >LFXUHQ@L,2+ P$ ,2/ P$ FHHD FH DVLJXU? QLYHOHOH FRUHFWH >L AQ FD]XO ILJXULL
8QHOHPDJLVWUDOHPRGHUQHFXPDUILQRXDPDJLVWUDO?90(WUHEXLHV?SHUPLW?FXSODUHD
VXEDQVDPEOHORU SH PDJLVWUDO? AQ WLPSXO IXQF@LRQ?ULL &DSDFLW?@LOH FDUH DSDU OD ILHFDUH SLQ AQ
PRPHQWXO FRQHFW?ULL PRGLILF? QLYHOHOH ORJLFH )DPLOLD (7/ (QKDQFHG 7UDQVFHLYHU /RJLF GH
H[HPSOX 61$%7([[[[[ UHPHGLD]? DFHVW LQFRQYHQLHQW DVLJXUkQG XQ SRWHQ@LDO GHWHUPLQDW >L R
FDSDFLWDWHIL[?ILHF?UXLSLQQHFRQHFWDW
2DOW?VROX@LHSHQWUXWUDQVPLVLDSHOLQLLOXQJLHVWHIRORVLUHDFLUFXLWHORUGULYHUFXFROHFWRUXOAQ
JROGHH[HPSOX61%&7[[[$FHDVW?VROX@LHQXDVLJXU?YLWH]HPDULGHWUDQVIHU
3HQWUX WUDQVPLVLL OD GLVWDQ@H PDUL GH H[HPSOX &(17521,&6 OLQLLOH GH GDWH SRW IL
SUHY?]XWHFXILOWUH&XILOWUXO%GHOD6LHPHQVILJXUDVHSRWUHDOL]DDWkWFRQILJXUD@LLGH
ILOWUDUHSHQWUXWUDQVPLVLLID@?GHPDV?FkW>LWUDQVPLVLLGLIHUHQ@LDOH
P+ P+
,1 287
Q) ,1 Q) 287
GLIHUHQ@LDO
P+
Q)
)LJXUD
'$7(
6752%
)LJXUD
/DWUDQVPLVLDVHPQDOHORUVHLDXP?VXULOHJHQHUDOHGH(0&FXPDUILWRUVDGDUHHFUDQDUH
HWF aQ %86 VH DUDW? F? D IRVW WHVWDW? HPLVLD SHUWXUEDWRDUH D FDEOXULORU &(17521,&6 >L F?
DFHDVWDGHS?>HDFXPXOWYDORULOHDGPLVLELOHRGLIHUHQ@?GHG%AQJDPD0+]&DX]DHUD
FRQWDFWXOAQWUHHFUDQ>LSLQXOFRQHFWRUXOXL3UREOHPDVDUH]ROYDWSXQkQGXQLQHOGHFXSUXAQMXUXO
HFUDQXOXL>LFRQHFWkQGLQHOXOODFRQHFWRU
7UDQVPLVLLVHULDOH
([LVW?RPDUHGLYHUVLWDWHDWUDQVPLVLLORUVHULDOH2FODVLILFDUHAPSDUWHWUDQVPLVLLOHVHULDOHAQ
WUDQVPLVLLSHXQILUID@?GHPDV?QHVLPHWULFH
WUDQVPLVLLGLIHUHQ@LDOH
2DOW?FODVLILFDUHHVWH
WUDQVPLVLLSXQFWFXSXQFWAQFDUHVHOHDJ?HFKLSDPHQWH
WUDQVPLVLLPXOWLSXQFWAQFDUHVHSRWOHJDPDLPXOWHHFKLSDPHQWH
'$7$ '$7$
,1 287
)LJXUD
7UDQVPLVLD VH IDFH OD DOWH QLYHOH GH WHQVLXQH FHHD FH P?UH>WH HFDUWXO GH VLJXUDQ@?
PDUJLQHDGHLPXQLWDWH6HSRWIDFHWUDQVIHUXULFXPD[LPXPNESVODGLVWDQ@HGHRUGLQXOP
&kWHYDDP?QXQWHGHVSUHPRGXOGHFRQHFWDUHDFLUFXLWHORUGHLQWHUID@?VHULDO?VXQWGDWHAQ
2*5E
7,$(,$$SULPDUHYL]LH56HVWHRWUDQVPLVLHSHXQILUSXQFWFXSXQFWILJXUD
'$7$
,1 '$7$
287
)LJXUD
/D UHFHS@LH HVWH QHYRLH GH XQ FLUFXLW FX LPSHGDQ@? PDUH GH LQWUDUH FDUH UHDOL]HD]? R
UHFHS@LHGLIHUHQ@LDO?5DWDGHWUDQVIHUPD[LP?HVWHGHNESVP>LNESVP1LYHOHOH
ORJLFHVXQWORJLFAQWUH9>L9LDUORJLFAQWUH9>L9
7,$(,$$ 56 HVWH R WUDQVPLVLH GLIHUHQ@LDO? FX SDUWDMDUHD OLQLHL GHFL VH SRDWH
FRQHFWDXQHPL@?WRU>LPDLPXOWHUHFHSWRDUHILJXUD
'$7$
,1 '$7$
287
)LJXUD
5DWD GH WUDQVIHU SRDWH DMXQJH OD 0ESV OD P >L NESV P /D OLQLH VH SRW
FRQHFWDPD[LPXPUHFHSWRDUH1LYHOHOHGHWHQVLXQHSHOLQLHVXQWAQWUH9>L9UHVSHFWLY9>L
9
7,$(,$56HVWHRWUDQVPLVLHGLIHUHQ@LDO?PXOWLSXQFWFDUHDGPLWHPD[LPXP
GHHPL@?WRDUH>LGHUHFHSWRDUHSHROLQLHILJXUD
: 5 ( 5 ( :
)LJXUD
&LUFXLWHOH HPL@?WRU GULYHU >L UHFHSWRU DX SRVLELOLWDWHD GH 75, 67$7( 5DWD GH WUDQVIHU
PD[LP?HVWHGH0ESV>LGLVWDQ@DPD[LP?HVWHGHP
7UDQVPLVLH/9'6/RZ9ROWDJH'LIIHUHQWLDO6LJQDOLQJVWDQGDUG,(((3SHUPLWH
UDWH PDUL GH WUDQVIHU IUHFYHQ@H GH FRPXWD@LH GH PD[ 0+] >L SXWHUH GLVLSDW? IRDUWH PLF?
&LUFXLWHOH /9'6 DGPLW OD LQWUDUH QLYHOH 77/ VDX &026 >L IDF R WUDQVOD@LH AQ QLYHOH GH MRDV?
WHQVLXQHP9GLIHUHQ@LDOH&LUFXLWHOHSHUPLW75,67$7(SHQWUXWUDQVPLVLLPXOWLSXQFW
7UDQVPLVLD VHULDO? AQ EXFO? GH FXUHQW 77< DVLJXU? R UDW? GH WUDQVIHU GH PD[LPXP
ESVODRGLVWDQ@?GHPD[LPXPP',1ILJXUD
9
9
:
'$7$,1
. '$7$
287
)LJXUD
&X R EXFO? GH FXUHQW QLYHOHOH GH WHQVLXQH VXQW FRQYHUWLWH AQ FXUHQ@L AQWUR EXFO? AQFKLV?
&LUFXLWHOHDXAQDFHVWFD]RLPSHGDQ@?PLF?FHHDFHHVWHIDYRUDELOGLQSXQFWGHYHGHUH(0&'H
DVHPHQHD HVWH IDYRUDELO? L]RODUHD JDOYDQLF? AQWUH VLVWHPH SULQ LQWHUPHGLXO RSWRFXSORDUHORU
'LVWDQ@DHVWHOLPLWDW?GHUH]LVWHQ@DILUHORUEXFOHLGHFXUHQW 9DULDQWD GLQ ILJXUD VH QXPH>WH FX
HPL@?WRUDFWLYGHRDUHFHDOLPHQWDUHDOLQLHLVHIDFHGHODHPL@?WRU3RWH[LVWDYDULDQWHFXDOLPHQWDUH
GH OD UHFHSWRU 3URWRFROXO GH WUDQVPLVLH 77< HVWH FD >L FHO 56 $FHVW PRG GH WUDQVIHU HVWH
SXQFWFXSXQFW
86% 8QLYHUVDO 6HULDO %XV D IRVW UHDOL]DW? GH ,17(O >L 0,&5262)7 AQ >L D IRVW
DGRSWDWGH&RPSDT'(&,%01(&7RDWHSO?FLOHGHED]?AQFHSkQGFXFHOHGH>L3(17,80
VXQWHFKLSDWHFXDFHDVW?LQWHUID@?86%HVWHRLQWHUID@?PXOWLSXQFW
7UDQVPLVLLRSWLFH
aQPHGLLSXWHUQLFSHUWXUEDWHVHIRORVHVFWUDQVPLVLLRSWLFHSULQFDEOXRSWLFVDXAQLQIUDUR>X
SULQDHU$FHVWHWUDQVPLVLLQXUDGLD]?HQHUJLHHOHFWURPDJQHWLF?>LQXSRWILSHUWXUEDWH
7UDQVFHLYHURSWLFSHQWUX56ILJXUD
7[' 5['
)LEUDRSWLF?
5[' 7['
)LEUDRSWLF?
)LJXUD
$FHVWWLSGHWUDQVFHLYHUVHJ?VH>WHVXEIRUPDXQXLPRGXOFDUHVHFRQHFWHD]?ODLQWHUID@D
56 D XQXL FDOFXODWRU >L VH FRQHFWHD]? SULQ FDEOX RSWLF OD XQ DOW WUDQVFHLYHU FXSODW OD XQ DOW
FDOFXODWRU
6WDQGDUGXO ,U'$ ,QIUDUHG 'DWH $VVRFLDWLRQ HVWH XQ VWDQGDUG SHQWUX WUDQVIHUXO GDWHORU
VHULDODVLQFURQAQLQIUDUR>XOXQJLPHGHXQG?GHFFDQPSULQDHU6LVWHPHOHOHJDWHSULQ,U'$
WUHEXLHV?DLE?YL]LELOLWDWHGLUHFW?>LRGLVWDQ@?AQWUHHOHGHRUGLQXOPHWULORUODXQXQJKLGHPD[LPXP
JUDGH 3URWRFROXO GH WUDQVPLVLH HVWH XQ SURWRFRO DVLQFURQ FD >L 56 KDOIGXSOH[ AQ FDUH
FRGLILFDUHDGDWHORUVHIDFHFX5=,5HWXUQWR=HURaQDFHDVW?FRGLILFDUHVHDWD>HD]?XQXLELWGH
XQXO VDX PDL PXOWH LPSXOVXUL VFXUWH PV IXQF@LH GH GXUDWD ELWXOXL LDU XQXL ELW GH QX L VH
DWD>HD]? QLFL XQ LPSXOV 9LWH]D PD[LP? GH WUDQVIHU HVWH NESV 6FKHPD EORF D WUDQVPLVLHL
,U'$ILJXUD
&RGLILFDWRU 'HFRGLILFDWRU
7[' ,5 ,5 5['
&/. &/.
'HFRGLILFDWRU &RGLILFDWRU
,5 ,5 7['
5['
)LJXUD
&LUFXLWHOH PRGHUQH GH ,2 GLVSXQ GH SLQL SHQWUX FRPDQGD ,U'$ D HOHPHQWXOXL HPLVLY 2
LQWHUID@?,U'$HVWHUHDOL]DELO?FRQVWUXFWLYAQYDULDQWH
SH SO?FLOH GH ED]? PRGHUQH AQFHSkQG FX 3(17,80 H[LVW? XQ FRQHFWRU ,U'$ OD FDUH VH
SRDWHOHJDGLUHFWHOHPHQWXOHPLVLY
VHFRVWUXLHVFSO?FLGHLQWHUID@?SH,6$VDX3&,FDUHFRQ@LQWRDWHFLUFXLWHOHGLQILJXUD
9DULDQWDDGRXDHVWHSUHIHUDW?FKLDUGDF?HVWHPDLVFXPS?7RDWH1RWHERRNXULOHGLVSXQ
GH LQWHUID@? ,U'$ $FHVW WLS GH LQWHUID@? HVWH LPSRUWDQW? >L AQ PHGLL SXWHUQLF SROXDWH
HOHFWURPDJQHWLF FXP VXQW FHQWUDOHOH QXFOHDUH 6H FRQVWUXLHVF VLVWHPH 3& $7 AQ FDUH WRDWH
LQWHUIH@HOHVXQWUHDOL]DWHFXWUDQVIHUAQLQIUDUR>XFXWDVWDWXUDFXLPSULPDQWDFXPRXVHXOFXKDUG
GLVFXOHWF
([HPSOXVFKHPD(0&DXQXLFDOFXODWRUFRPSDWLELO3&$7
6FKHPD VLPSOLILFDW? FX P?VXULOH GH (0& SHQWUX WUDQVIHUXUL GH GDWH OD XQ FDOFXODWRU
FRPSDWLELO3&$7HVWHGDW?AQILJXUD
&DEOXHFUDQDWSHQWUXWUDQVPLVLDGDWHORUGHODWDVWDWXU?SHOLQLLWDFWGDWH9PDV?
/LQLLOH QX VXQW WUDQVPLVH FX UHWXU SURSULX 0DVD HVWH WUDQVPLV? SULQ ILU GLVWLQFW LDU HFUDQXO HVWH
OHJDWODPDV?SHSODFDGHED]?
aPS?PkQWDUHREOLJDWRULH
&DEOX GH OHJ?WXU? FX 0286(XO QHHFUDQDW QHWRUVDGDW SULQ WUDQVPLVLH 9 QLYHOH
9PDUJLQHGH]JRPRW9
&DEOXGHOHJ?WXU?FXPRQLWRUXOHFUDQDWFXILUHWRUVDGDWHFXUHWXUSURSULX
&DEOXGHOHJ?WXU?SHQWUXLQWHUID@DGHUH@HDFRD[LDO:WUDQVPLVLHL]RODW?JDOYDQLF
&DEOXGHOHJ?WXU?SHQWUX56QLYHOH9PDUJLQHGH]JRPRW9
&DUFDVDVXUVHLODFDUFDVDFDOFXODWRUXOXLSULQ>XUXEXUL
&DUFDVDPHWDOLF?OHJDW?ODAPS?PkQWDUH
&XSODUHOD
UH@HD
)LJXUD