Professional Documents
Culture Documents
Cod PR Penală (A) 20 - 07 - 2015
Cod PR Penală (A) 20 - 07 - 2015
/HJHDQU
DFWXDOL]DWODGDWDGHLXOLH
(0,7(17 3$5/$0(178/
3DUODPHQWXO5RPkQLHLDGRSWăSUH]HQWDOHJH
3DUWHD*(1(5$/Ă
7LWOXO,3ULQFLSLLOHúLOLPLWHOHDSOLFăULLOHJLLSURFHVXDOHSHQDOH
$UWLFROXO
1RUPHOHGHSURFHGXUăSHQDOăúLVFRSXODFHVWRUD
1RUPHOHGHSURFHGXUăSHQDOăUHJOHPHQWHD]ăGHVIăúXUDUHDSURFHVXOXLSHQDOúLDDOWRU
SURFHGXULMXGLFLDUHvQOHJăWXUăFXRFDX]ăSHQDOă
1RUPHOHGHSURFHGXUăSHQDOăXUPăUHVFDVLJXUDUHDH[HUFLWăULLHILFLHQWHDDWULEXĠLLORU
RUJDQHORUMXGLFLDUHFXJDUDQWDUHDGUHSWXULORUSăUĠLORUúLDOHFHORUODOĠLSDUWLFLSDQĠLvQ
SURFHVXOSHQDODVWIHOvQFkWVăILHUHVSHFWDWHSUHYHGHULOH&RQVWLWXĠLHLDOHWUDWDWHORU
FRQVWLWXWLYHDOH8QLXQLL(XURSHQHDOHFHORUODOWHUHJOHPHQWăULDOH8QLXQLL(XURSHQHvQ
PDWHULHSURFHVXDOSHQDOăSUHFXPúLDOHSDFWHORUúLWUDWDWHORUSULYLWRDUHODGUHSWXULOH
IXQGDPHQWDOHDOHRPXOXLODFDUH5RPkQLDHVWHSDUWH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
/HJDOLWDWHDSURFHVXOXLSHQDO
3URFHVXOSHQDOVHGHVIăúRDUăSRWULYLWGLVSR]LĠLLORUSUHYă]XWHGHOHJH
$UWLFROXO
6HSDUDUHDIXQFĠLLORUMXGLFLDUH
ÌQSURFHVXOSHQDOVHH[HUFLWăXUPăWRDUHOHIXQFĠLLMXGLFLDUH
D IXQFĠLDGHXUPăULUHSHQDOă
E IXQFĠLDGHGLVSR]LĠLHDVXSUDGUHSWXULORUúLOLEHUWăĠLORUIXQGDPHQWDOHDOHSHUVRDQHLvQ
ID]DGHXUPăULUHSHQDOă
F IXQFĠLDGHYHULILFDUHDOHJDOLWăĠLLWULPLWHULLRULQHWULPLWHULLvQMXGHFDWă
/LWF DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
G IXQFĠLDGHMXGHFDWă
)XQFĠLLOHMXGLFLDUHVHH[HUFLWăGLQRILFLXvQDIDUăGHFD]XOFkQGSULQOHJHVHGLVSXQH
DOWIHO
ÌQGHVIăúXUDUHDDFHOXLDúLSURFHVSHQDOH[HUFLWDUHDXQHLIXQFĠLLMXGLFLDUHHVWH
LQFRPSDWLELOăFXH[HUFLWDUHDXQHLDOWHIXQFĠLLMXGLFLDUHFXH[FHSĠLDFHOHLSUHYă]XWHOD
DOLQ OLWF FDUHHVWHFRPSDWLELOăFXIXQFĠLDGHMXGHFDWă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQH[HUFLWDUHDIXQFĠLHLGHXUPăULUHSHQDOăSURFXURUXOúLRUJDQHOHGHFHUFHWDUHSHQDOă
VWUkQJSUREHOHQHFHVDUHSHQWUXDVHFRQVWDWDGDFăH[LVWăVDXQXWHPHLXULGHWULPLWHUHvQ
MXGHFDWă
$VXSUDDFWHORUúLPăVXULORUGLQFDGUXOXUPăULULLSHQDOHFDUHUHVWUkQJGUHSWXULOHúL
OLEHUWăĠLOHIXQGDPHQWDOHDOHSHUVRDQHLGLVSXQHMXGHFăWRUXOGHVHPQDWFXDWULEXĠLLvQDFHVW
VHQVFXH[FHSĠLDFD]XULORUSUHYă]XWHGHOHJH
$VXSUDOHJDOLWăĠLLDFWXOXLGHWULPLWHUHvQMXGHFDWăúLSUREHORUSHFDUHVHED]HD]ă
DFHVWDSUHFXPúLDVXSUDOHJDOLWăĠLLVROXĠLLORUGHQHWULPLWHUHvQMXGHFDWăVHSURQXQĠă
MXGHFăWRUXOGHFDPHUăSUHOLPLQDUăvQFRQGLĠLLOHOHJLL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
-XGHFDWDVHUHDOL]HD]ăGHFăWUHLQVWDQĠăvQFRPSOHWHOHJDOFRQVWLWXLWH
$UWLFROXO
3UH]XPĠLDGHQHYLQRYăĠLH
2ULFHSHUVRDQăHVWHFRQVLGHUDWăQHYLQRYDWăSkQăODVWDELOLUHDYLQRYăĠLHLVDOHSULQWUR
KRWăUkUHSHQDOăGHILQLWLYă
'XSăDGPLQLVWUDUHDvQWUHJXOXLSUREDWRULXRULFHvQGRLDOăvQIRUPDUHDFRQYLQJHULL
RUJDQHORUMXGLFLDUHVHLQWHUSUHWHD]ăvQIDYRDUHDVXVSHFWXOXLVDXLQFXOSDWXOXL
$UWLFROXO
$IODUHDDGHYăUXOXL
2UJDQHOHMXGLFLDUHDXREOLJDĠLDGHDDVLJXUDSHED]ăGHSUREHDIODUHDDGHYăUXOXLFX
SULYLUHODIDSWHOHúLvPSUHMXUăULOHFDX]HLSUHFXPúLFXSULYLUHODSHUVRDQDVXVSHFWXOXLVDX
LQFXOSDWXOXL
2UJDQHOHGHXUPăULUHSHQDOăDXREOLJDĠLDGHDVWUkQJHúLGHDDGPLQLVWUDSUREHDWkWvQ
IDYRDUHDFkWúLvQGHIDYRDUHDVXVSHFWXOXLVDXLQFXOSDWXOXL5HVSLQJHUHDVDXQHFRQVHPQDUHDFX
UHDFUHGLQĠăDSUREHORUSURSXVHvQIDYRDUHDVXVSHFWXOXLVDXLQFXOSDWXOXLVHVDQFĠLRQHD]ă
FRQIRUPGLVSR]LĠLLORUSUH]HQWXOXLFRG
$UWLFROXO
1HELVLQLGHP
1LFLRSHUVRDQăQXSRDWHILXUPăULWăVDXMXGHFDWăSHQWUXVăYkUúLUHDXQHLLQIUDFĠLXQLDWXQFL
FkQGIDĠăGHDFHDSHUVRDQăVDSURQXQĠDWDQWHULRURKRWăUkUHSHQDOăGHILQLWLYăFXSULYLUHOD
DFHHDúLIDSWăFKLDUúLVXEDOWăvQFDGUDUHMXULGLFă
$UWLFROXO
2EOLJDWLYLWDWHDSXQHULLvQPLúFDUHúLDH[HUFLWăULLDFĠLXQLLSHQDOH
3URFXURUXOHVWHREOLJDWVăSXQăvQPLúFDUHúLVăH[HUFLWHDFĠLXQHDSHQDOăGLQRILFLX
DWXQFLFkQGH[LVWăSUREHGLQFDUHUH]XOWăVăYkUúLUHDXQHLLQIUDFĠLXQLúLQXH[LVWăYUHRFDX]ă
OHJDOăGHvPSLHGLFDUHDOWDGHFkWFHOHSUHYă]XWHODDOLQ úL
ÌQFD]XULOHúLvQFRQGLĠLLOHSUHYă]XWHH[SUHVGHOHJHSURFXURUXOSRDWHUHQXQĠDOD
H[HUFLWDUHDDFĠLXQLLSHQDOHGDFăvQUDSRUWFXHOHPHQWHOHFRQFUHWHDOHFDX]HLQXH[LVWăXQ
LQWHUHVSXEOLFvQUHDOL]DUHDRELHFWXOXLDFHVWHLD
ÌQFD]XULOHSUHYă]XWHH[SUHVGHOHJHSURFXURUXOSXQHvQPLúFDUHúLH[HUFLWăDFĠLXQHD
SHQDOăGXSăLQWURGXFHUHDSOkQJHULLSUHDODELOHDSHUVRDQHLYăWăPDWHVDXGXSăREĠLQHUHD
DXWRUL]ăULLRULVHVL]ăULLRUJDQXOXLFRPSHWHQWVDXGXSăvQGHSOLQLUHDXQHLDOWHFRQGLĠLL
SUHYă]XWăGHOHJH
$UWLFROXO
&DUDFWHUXOHFKLWDELOúLWHUPHQXOUH]RQDELODOSURFHVXOXLSHQDO
2UJDQHOHMXGLFLDUHDXREOLJDĠLDGHDGHVIăúXUDXUPăULUHDSHQDOăúLMXGHFDWDFXUHVSHFWDUHD
JDUDQĠLLORUSURFHVXDOHúLDGUHSWXULORUSăUĠLORUúLDOHVXELHFĠLORUSURFHVXDOLDVWIHOvQFkW
VăILHFRQVWDWDWHODWLPSúLvQPRGFRPSOHWIDSWHOHFDUHFRQVWLWXLHLQIUDFĠLXQLQLFLR
SHUVRDQăQHYLQRYDWăVăQXILHWUDVăODUăVSXQGHUHSHQDOăLDURULFHSHUVRDQăFDUHDVăYkUúLW
RLQIUDFĠLXQHVăILHSHGHSVLWăSRWULYLWOHJLLvQWUXQWHUPHQUH]RQDELO
$UWLFROXO
'UHSWXOODOLEHUWDWHúLVLJXUDQĠă
ÌQFXUVXOSURFHVXOXLSHQDOHVWHJDUDQWDWGUHSWXORULFăUHLSHUVRDQHODOLEHUWDWHúL
VLJXUDQĠă
2ULFHPăVXUăSULYDWLYăVDXUHVWULFWLYăGHOLEHUWDWHVHGLVSXQHvQPRGH[FHSĠLRQDOúLGRDU
vQFD]XULOHúLvQFRQGLĠLLOHSUHYă]XWHGHOHJH
2ULFHSHUVRDQăDUHVWDWăDUHGUHSWXOGHDILLQIRUPDWăvQFHOPDLVFXUWWLPSúLvQWUR
OLPEăSHFDUHRvQĠHOHJHDVXSUDPRWLYHORUDUHVWăULLVDOHúLDUHGUHSWXOGHDIRUPXOD
FRQWHVWDĠLHvPSRWULYDGLVSXQHULLPăVXULL
$WXQFLFkQGVHFRQVWDWăFăRPăVXUăSULYDWLYăVDXUHVWULFWLYăGHOLEHUWDWHDIRVWGLVSXVă
vQPRGQHOHJDORUJDQHOHMXGLFLDUHFRPSHWHQWHDXREOLJDĠLDGHDGLVSXQHUHYRFDUHDPăVXULLúL
GXSăFD]SXQHUHDvQOLEHUWDWHDFHOXLUHĠLQXWVDXDUHVWDW
2ULFHSHUVRDQăIDĠăGHFDUHVDGLVSXVvQPRGQHOHJDOvQFXUVXOSURFHVXOXLSHQDOR
PăVXUăSULYDWLYăGHOLEHUWDWHDUHGUHSWXOODUHSDUDUHDSDJXEHLVXIHULWHvQFRQGLĠLLOH
SUHYă]XWHGHOHJH
$UWLFROXO
'UHSWXOODDSăUDUH
3ăUĠLOHúLVXELHFĠLLSURFHVXDOLSULQFLSDOLDXGUHSWXOGHDVHDSăUDHLvQúLúLVDXGHDIL
DVLVWDĠLGHDYRFDW
3ăUĠLOHVXELHFĠLLSURFHVXDOLSULQFLSDOLúLDYRFDWXODXGUHSWXOVăEHQHILFLH]HGHWLPSXO
úLvQOHVQLULOHQHFHVDUHSUHJăWLULLDSăUăULL
6XVSHFWXODUHGUHSWXOGHDILLQIRUPDWGHvQGDWăúLvQDLQWHGHDILDVFXOWDWGHVSUHIDSWD
SHQWUXFDUHVHHIHFWXHD]ăXUPăULUHDSHQDOăúLvQFDGUDUHDMXULGLFăDDFHVWHLD,QFXOSDWXODUH
GUHSWXOGHDILLQIRUPDWGHvQGDWăGHVSUHIDSWDSHQWUXFDUHVDSXVvQPLúFDUHDFĠLXQHD
SHQDOăvPSRWULYDOXLúLvQFDGUDUHDMXULGLFăDDFHVWHLD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQDLQWHGHDILDVFXOWDĠLVXVSHFWXOXLúLLQFXOSDWXOXLWUHEXLHVăOLVHSXQăvQYHGHUHFă
DXGUHSWXOGHDQXIDFHQLFLRGHFODUDĠLH
2UJDQHOHMXGLFLDUHDXREOLJDĠLDGHDDVLJXUDH[HUFLWDUHDGHSOLQăúLHIHFWLYăDGUHSWXOXL
ODDSăUDUHGHFăWUHSăUĠLúLVXELHFĠLLSURFHVXDOLSULQFLSDOLvQWRWFXUVXOSURFHVXOXLSHQDO
'UHSWXOODDSăUDUHWUHEXLHH[HUFLWDWFXEXQăFUHGLQĠăSRWULYLWVFRSXOXLSHQWUXFDUHD
IRVWUHFXQRVFXWGHOHJH
$UWLFROXO
5HVSHFWDUHDGHPQLWăĠLLXPDQHúLDYLHĠLLSULYDWH
2ULFHSHUVRDQăFDUHVHDIOăvQFXUVGHXUPăULUHSHQDOăVDXGHMXGHFDWăWUHEXLHWUDWDWăFX
UHVSHFWDUHDGHPQLWăĠLLXPDQH
5HVSHFWDUHDYLHĠLLSULYDWHDLQYLRODELOLWăĠLLGRPLFLOLXOXLúLDVHFUHWXOXL
FRUHVSRQGHQĠHLVXQWJDUDQWDWH5HVWUkQJHUHDH[HUFLWăULLDFHVWRUGUHSWXULQXHVWHDGPLVăGHFkW
vQFRQGLĠLLOHOHJLLúLGDFăDFHDVWDHVWHQHFHVDUăvQWURVRFLHWDWHGHPRFUDWLFă
$UWLFROXO
/LPEDRILFLDOăúLGUHSWXOODLQWHUSUHW
/LPEDRILFLDOăvQSURFHVXOSHQDOHVWHOLPEDURPkQă
&HWăĠHQLLURPkQLDSDUĠLQkQGPLQRULWăĠLORUQDĠLRQDOHDXGUHSWXOVăVHH[SULPHvQOLPED
PDWHUQăvQIDĠDLQVWDQĠHORUGHMXGHFDWăDFWHOHSURFHGXUDOHvQWRFPLQGXVHvQOLPEDURPkQă
3ăUĠLORUúLVXELHFĠLORUSURFHVXDOLFDUHQXYRUEHVFVDXQXvQĠHOHJOLPEDURPkQăRULQXVH
SRWH[SULPDOLVHDVLJXUăvQPRGJUDWXLWSRVLELOLWDWHDGHDOXDFXQRúWLQĠăGHSLHVHOH
GRVDUXOXLGHDYRUELSUHFXPúLGHDSXQHFRQFOX]LLvQLQVWDQĠăSULQLQWHUSUHWÌQFD]XULOH
vQFDUHDVLVWHQĠDMXULGLFăHVWHREOLJDWRULHVXVSHFWXOXLVDXLQFXOSDWXOXLLVHDVLJXUăvQPRG
JUDWXLWSRVLELOLWDWHDGHDFRPXQLFDSULQLQWHUSUHWFXDYRFDWXOvQYHGHUHDSUHJăWLULL
DXGLHULLDLQWURGXFHULLXQHLFăLGHDWDFVDXDRULFăUHLDOWHLFHUHULFHĠLQHGHVROXĠLRQDUHD
FDX]HL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFDGUXOSURFHGXULORUMXGLFLDUHVHIRORVHVFLQWHUSUHĠLDXWRUL]DĠLSRWULYLWOHJLL6XQW
LQFOXúLvQFDWHJRULDLQWHUSUHĠLORUúLWUDGXFăWRULLDXWRUL]DĠLSRWULYLWOHJLL
$UWLFROXO
$SOLFDUHDOHJLLSURFHVXDOHSHQDOHvQWLPSúLVSDĠLX
/HJHDSURFHVXDOăSHQDOăVHDSOLFăvQSURFHVXOSHQDODFWHORUHIHFWXDWHúLPăVXULORU
GLVSXVHGHODLQWUDUHDHLvQYLJRDUHúLSkQăvQPRPHQWXOLHúLULLGLQYLJRDUHFXH[FHSĠLD
VLWXDĠLLORUSUHYă]XWHvQGLVSR]LĠLLOHWUDQ]LWRULL
/HJHDSURFHVXDOăSHQDOăURPkQăVHDSOLFăDFWHORUHIHFWXDWHúLPăVXULORUGLVSXVHSH
WHULWRULXO5RPkQLHLFXH[FHSĠLLOHSUHYă]XWHGHOHJH
7LWOXO,,$FĠLXQHDSHQDOăúLDFĠLXQHDFLYLOăvQSURFHVXOSHQDO
&DSLWROXO,$FĠLXQHDSHQDOă
$UWLFROXO
2ELHFWXOúLH[HUFLWDUHDDFĠLXQLLSHQDOH
$FĠLXQHDSHQDOăDUHFDRELHFWWUDJHUHDODUăVSXQGHUHSHQDOăDSHUVRDQHORUFDUHDX
VăYkUúLWLQIUDFĠLXQL
$FĠLXQHDSHQDOăVHSXQHvQPLúFDUHSULQDFWXOGHLQFXOSDUHSUHYă]XWGHOHJH
$FĠLXQHDSHQDOăVHSRDWHH[HUFLWDvQWRWFXUVXOSURFHVXOXLSHQDOvQFRQGLĠLLOHOHJLL
$UWLFROXO
&RQGLĠLLOHGHSXQHUHvQPLúFDUHVDXGHH[HUFLWDUHDDFĠLXQLLSHQDOH
$FĠLXQHDSHQDOăVHSXQHvQPLúFDUHúLVHH[HUFLWăFkQGH[LVWăSUREHGLQFDUHUH]XOWă
SUHVXSXQHUHDUH]RQDELOăFăRSHUVRDQăDVăYkUúLWRLQIUDFĠLXQHúLQXH[LVWăFD]XULFDUH
vPSLHGLFăSXQHUHDvQPLúFDUHVDXH[HUFLWDUHDDFHVWHLD
$UWLFROXO
&D]XULOHFDUHvPSLHGLFăSXQHUHDvQPLúFDUHúLH[HUFLWDUHDDFĠLXQLLSHQDOH
$FĠLXQHDSHQDOăQXSRDWHILSXVăvQPLúFDUHLDUFkQGDIRVWSXVăvQPLúFDUHQXPDLSRDWH
ILH[HUFLWDWăGDFă
D IDSWDQXH[LVWă
E IDSWDQXHVWHSUHYă]XWăGHOHJHDSHQDOăRULQXDIRVWVăYkUúLWăFXYLQRYăĠLDSUHYă]XWăGH
OHJH
F QXH[LVWăSUREHFăRSHUVRDQăDVăYkUúLWLQIUDFĠLXQHD
G H[LVWăRFDX]ăMXVWLILFDWLYăVDXGHQHLPSXWDELOLWDWH
H OLSVHúWHSOkQJHUHDSUHDODELOăDXWRUL]DUHDVDXVHVL]DUHDRUJDQXOXLFRPSHWHQWRULRDOWă
FRQGLĠLHSUHYă]XWăGHOHJHQHFHVDUăSHQWUXSXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOH
I DLQWHUYHQLWDPQLVWLDVDXSUHVFULSĠLDGHFHVXOVXVSHFWXOXLRULDOLQFXOSDWXOXLSHUVRDQă
IL]LFăVDXVDGLVSXVUDGLHUHDVXVSHFWXOXLRULLQFXOSDWXOXLSHUVRDQăMXULGLFă
J DIRVWUHWUDVăSOkQJHUHDSUHDODELOăvQFD]XOLQIUDFĠLXQLORUSHQWUXFDUHUHWUDJHUHD
DFHVWHLDvQOăWXUăUăVSXQGHUHDSHQDOăDLQWHUYHQLWvPSăFDUHDRULDIRVWvQFKHLDWXQDFRUGGH
PHGLHUHvQFRQGLĠLLOHOHJLL
K H[LVWăRFDX]ăGHQHSHGHSVLUHSUHYă]XWăGHOHJH
L H[LVWăDXWRULWDWHGHOXFUXMXGHFDW
M DLQWHUYHQLWXQWUDQVIHUGHSURFHGXULFXXQDOWVWDWSRWULYLWOHJLL
ÌQFD]XULOHSUHYă]XWHODDOLQ OLWH úLM DFĠLXQHDSHQDOăSRDWHILSXVăvQ
PLúFDUHXOWHULRUvQFRQGLĠLLOHSUHYă]XWHGHOHJH
$UWLFROXO
6WLQJHUHDDFĠLXQLLSHQDOH
ÌQFXUVXOXUPăULULLSHQDOHDFĠLXQHDSHQDOăVHVWLQJHSULQFODVDUHVDXSULQUHQXQĠDUHOD
XUPăULUHDSHQDOăvQFRQGLĠLLOHSUHYă]XWHGHOHJH
ÌQFXUVXOMXGHFăĠLLDFĠLXQHDSHQDOăVHVWLQJHSULQUăPkQHUHDGHILQLWLYăDKRWăUkULL
MXGHFăWRUHúWLGHFRQGDPQDUHUHQXQĠDUHODDSOLFDUHDSHGHSVHLDPkQDUHDDSOLFăULLSHGHSVHL
DFKLWDUHVDXvQFHWDUHDSURFHVXOXLSHQDO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RQWLQXDUHDSURFHVXOXLSHQDOODFHUHUHDVXVSHFWXOXLVDXLQFXOSDWXOXL
ÌQFD]GHDPQLVWLHGHSUHVFULSĠLHGHUHWUDJHUHDSOkQJHULLSUHDODELOHGHH[LVWHQĠăDXQHL
FDX]HGHQHSHGHSVLUHVDXGHQHLPSXWDELOLWDWHRULvQFD]XOUHQXQĠăULLODXUPăULUHDSHQDOă
VXVSHFWXOVDXLQFXOSDWXOSRDWHFHUHFRQWLQXDUHDSURFHVXOXLSHQDO
&DSLWROXO,,$FĠLXQHDFLYLOă
$UWLFROXO
2ELHFWXOúLH[HUFLWDUHDDFĠLXQLLFLYLOH
$FĠLXQHDFLYLOăH[HUFLWDWăvQFDGUXOSURFHVXOXLSHQDODUHFDRELHFWWUDJHUHDOD
UăVSXQGHUHFLYLOăGHOLFWXDOăDSHUVRDQHORUUHVSRQVDELOHSRWULYLWOHJLLFLYLOHSHQWUX
SUHMXGLFLXOSURGXVSULQFRPLWHUHDIDSWHLFDUHIDFHRELHFWXODFĠLXQLLSHQDOH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$FĠLXQHDFLYLOăVHH[HUFLWăGHSHUVRDQDYăWăPDWăVDXGHVXFFHVRULLDFHVWHLDFDUHVH
FRQVWLWXLHSDUWHFLYLOăvPSRWULYDLQFXOSDWXOXLúLGXSăFD]DSăUĠLLUHVSRQVDELOH
FLYLOPHQWH
&kQGSHUVRDQDYăWăPDWăHVWHOLSVLWăGHFDSDFLWDWHGHH[HUFLĠLXVDXDUHFDSDFLWDWHGH
H[HUFLĠLXUHVWUkQVăDFĠLXQHDFLYLOăVHH[HUFLWăvQQXPHOHDFHVWHLDGHFăWUHUHSUH]HQWDQWXO
OHJDOVDXGXSăFD]GHFăWUHSURFXURUvQFRQGLĠLLOHDUWDOLQ úL úLDUHFD
RELHFWvQIXQFĠLHGHLQWHUHVHOHSHUVRDQHLSHQWUXFDUHVHH[HUFLWăWUDJHUHDODUăVSXQGHUH
FLYLOăGHOLFWXDOă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$FĠLXQHDFLYLOăVHVROXĠLRQHD]ăvQFDGUXOSURFHVXOXLSHQDOGDFăSULQDFHDVWDQXVH
GHSăúHúWHGXUDWDUH]RQDELOăDSURFHVXOXL
5HSDUDUHDSUHMXGLFLXOXLPDWHULDOúLPRUDOVHIDFHSRWULYLWGLVSR]LĠLLORUOHJLLFLYLOH
$UWLFROXO
&RQVWLWXLUHDFDSDUWHFLYLOă
&RQVWLWXLUHDFDSDUWHFLYLOăVHSRDWHIDFHSkQăODvQFHSHUHDFHUFHWăULLMXGHFăWRUHúWL
2UJDQHOHMXGLFLDUHDXREOLJDĠLDGHDDGXFHODFXQRúWLQĠDSHUVRDQHLYăWăPDWHDFHVWGUHSW
&RQVWLWXLUHDFDSDUWHFLYLOăVHIDFHvQVFULVVDXRUDOFXLQGLFDUHDQDWXULLúLD
vQWLQGHULLSUHWHQĠLLORUDPRWLYHORUúLDSUREHORUSHFDUHDFHVWHDVHvQWHPHLD]ă
ÌQFD]XOvQFDUHFRQVWLWXLUHDFDSDUWHFLYLOăVHIDFHRUDORUJDQHOHMXGLFLDUHDX
REOLJDĠLDGHDFRQVHPQDDFHDVWDvQWUXQSURFHVYHUEDOVDXGXSăFD]vQvQFKHLHUH
ÌQFD]XOQHUHVSHFWăULLYUHXQHLDGLQWUHFRQGLĠLLOHSUHYă]XWHODDOLQ úL SHUVRDQD
YăWăPDWăVDXVXFFHVRULLDFHVWHLDQXVHPDLSRWFRQVWLWXLSDUWHFLYLOăvQFDGUXOSURFHVXOXL
SHQDOSXWkQGLQWURGXFHDFĠLXQHDODLQVWDQĠDFLYLOă
3kQăODWHUPLQDUHDFHUFHWăULLMXGHFăWRUHúWLSDUWHDFLYLOăSRDWH
D vQGUHSWDHURULOHPDWHULDOHGLQFXSULQVXOFHUHULLGHFRQVWLWXLUHFDSDUWHFLYLOă
E PăULVDXPLFúRUDvQWLQGHUHDSUHWHQĠLLORU
F VROLFLWDUHSDUDUHDSUHMXGLFLXOXLPDWHULDOSULQSODWDXQHLGHVSăJXELULEăQHúWLGDFă
UHSDUDUHDvQQDWXUăQXPDLHVWHSRVLELOă
ÌQFD]XOvQFDUHXQQXPăUPDUHGHSHUVRDQHFDUHQXDXLQWHUHVHFRQWUDULLVDXFRQVWLWXLW
SDUWHFLYLOăDFHVWHDSRWGHVHPQDRSHUVRDQăFDUHVăOHUHSUH]LQWHLQWHUHVHOHvQFDGUXO
SURFHVXOXLSHQDOÌQFD]XOvQFDUHSăUĠLOHFLYLOHQXúLDXGHVHPQDWXQUHSUH]HQWDQWFRPXQ
SHQWUXEXQDGHVIăúXUDUHDSURFHVXOXLSHQDOSURFXURUXOVDXLQVWDQĠDGHMXGHFDWăSRDWH
GHVHPQDSULQRUGRQDQĠăUHVSHFWLYSULQvQFKHLHUHPRWLYDWăXQDYRFDWGLQRILFLXSHQWUXDOH
UHSUH]HQWDLQWHUHVHOHÌQFKHLHUHDVDXRUGRQDQĠDYDILFRPXQLFDWăSăUĠLORUFLYLOHFDUH
WUHEXLHVăvQFXQRúWLQĠH]HSURFXURUXOVDXLQVWDQĠDvQFD]XOvQFDUHUHIX]ăVăILHUHSUH]HQWDĠL
SULQDYRFDWXOGHVHPQDWGLQRILFLX7RDWHDFWHOHGHSURFHGXUăFRPXQLFDWHUHSUH]HQWDQWXOXLVDX
GHFDUHUHSUH]HQWDQWXODOXDWFXQRúWLQĠăVXQWSUH]XPDWHDILFXQRVFXWHGHFăWUHSHUVRDQHOH
UHSUH]HQWDWH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'DFăGUHSWXOODUHSDUDUHDSUHMXGLFLXOXLDIRVWWUDQVPLVSHFDOHFRQYHQĠLRQDOăXQHLDOWH
SHUVRDQHDFHDVWDQXSRDWHH[HUFLWDDFĠLXQHDFLYLOăvQFDGUXOSURFHVXOXLSHQDO'DFă
WUDQVPLWHUHDDFHVWXLGUHSWDUHORFGXSăFRQVWLWXLUHDFDSDUWHFLYLOăDFĠLXQHDFLYLOăSRDWH
ILGLVMXQVă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$FĠLXQHDFLYLOăFDUHDUHFDRELHFWWUDJHUHDODUăVSXQGHUHFLYLOăDLQFXOSDWXOXLúLSăUĠLL
UHVSRQVDELOHFLYLOPHQWHH[HUFLWDWăODLQVWDQĠDSHQDOăVDXODLQVWDQĠDFLYLOăHVWHVFXWLWă
GHWD[ăGHWLPEUX
$UWLFROXO
,QWURGXFHUHDvQSURFHVXOSHQDODSăUĠLLUHVSRQVDELOHFLYLOPHQWH
,QWURGXFHUHDvQSURFHVXOSHQDODSăUĠLLUHVSRQVDELOHFLYLOPHQWHSRDWHDYHDORFOD
FHUHUHDSăUĠLLvQGUHSWăĠLWHSRWULYLWOHJLLFLYLOHvQWHUPHQXOSUHYă]XWODDUWDOLQ
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$WXQFLFkQGH[HUFLWăDFĠLXQHDFLYLOăSURFXURUXOHVWHREOLJDWVăFHDUăLQWURGXFHUHDvQ
SURFHVXOSHQDODSăUĠLLUHVSRQVDELOHFLYLOPHQWHvQFRQGLĠLLOHDOLQ
3DUWHDUHVSRQVDELOăFLYLOPHQWHSRDWHLQWHUYHQLvQSURFHVXOSHQDOSkQăODWHUPLQDUHD
FHUFHWăULLMXGHFăWRUHúWLODSULPDLQVWDQĠăGHMXGHFDWăOXkQGSURFHGXUDGLQVWDGLXOvQFDUH
VHDIOăvQPRPHQWXOLQWHUYHQĠLHL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3DUWHDUHVSRQVDELOăFLYLOPHQWHDUHvQFHHDFHSULYHúWHDFĠLXQHDFLYLOăWRDWHGUHSWXULOH
SHFDUHOHJHDOHSUHYHGHSHQWUXLQFXOSDW
$UWLFROXO
5HQXQĠDUHDODSUHWHQĠLLOHFLYLOH
3DUWHDFLYLOăSRDWHUHQXQĠDvQWRWVDXvQSDUWHODSUHWHQĠLLOHFLYLOHIRUPXODWHSkQă
ODWHUPLQDUHDGH]EDWHULORUvQDSHO
5HQXQĠDUHDVHSRDWHIDFHILHSULQFHUHUHVFULVăILHRUDOvQúHGLQĠDGHMXGHFDWă
3DUWHDFLYLOăQXSRDWHUHYHQLDVXSUDUHQXQĠăULLúLQXSRDWHLQWURGXFHDFĠLXQHODLQVWDQĠD
FLYLOăSHQWUXDFHOHDúLSUHWHQĠLL
$UWLFROXO
7UDQ]DFĠLDPHGLHUHDúLUHFXQRDúWHUHDSUHWHQĠLLORUFLYLOH
ÌQFXUVXOSURFHVXOXLSHQDOFXSULYLUHODSUHWHQĠLLOHFLYLOHLQFXOSDWXOSDUWHDFLYLOă
úLSDUWHDUHVSRQVDELOăFLYLOPHQWHSRWvQFKHLDRWUDQ]DFĠLHVDXXQDFRUGGHPHGLHUHSRWULYLW
OHJLL
,QFXOSDWXOFXDFRUGXOSăUĠLLUHVSRQVDELOHFLYLOPHQWHSRDWHUHFXQRDúWHvQWRWVDXvQ
SDUWHSUHWHQĠLLOHSăUĠLLFLYLOH
ÌQFD]XOUHFXQRDúWHULLSUHWHQĠLLORUFLYLOHLQVWDQĠDREOLJăODGHVSăJXELULvQPăVXUD
UHFXQRDúWHULL&XSULYLUHODSUHWHQĠLLOHFLYLOHQHUHFXQRVFXWHSRWILDGPLQLVWUDWHSUREH
$UWLFROXO
([HUFLWDUHDDFĠLXQLLFLYLOHGHFăWUHVDXIDĠăGHVXFFHVRUL
$FĠLXQHDFLYLOăUăPkQHvQFRPSHWHQĠDLQVWDQĠHLSHQDOHvQFD]GHGHFHVUHRUJDQL]DUH
GHVILLQĠDUHVDXGL]ROYDUHDSăUĠLLFLYLOHGDFăPRúWHQLWRULLVDXGXSăFD]VXFFHVRULLvQ
GUHSWXULRULOLFKLGDWRULLDFHVWHLDvúLH[SULPăRSĠLXQHDGHDFRQWLQXDH[HUFLWDUHDDFĠLXQLL
FLYLOHvQWHUPHQGHFHOPXOWGRXăOXQLGHODGDWDGHFHVXOXLVDXDUHRUJDQL]ăULL
GHVILLQĠăULLRULGL]ROYăULL
ÌQFD]GHGHFHVUHRUJDQL]DUHGHVILLQĠDUHVDXGL]ROYDUHDSăUĠLLUHVSRQVDELOH
FLYLOPHQWHDFĠLXQHDFLYLOăUăPkQHvQFRPSHWHQĠDLQVWDQĠHLSHQDOHGDFăSDUWHDFLYLOăLQGLFă
PRúWHQLWRULLVDXGXSăFD]VXFFHVRULLvQGUHSWXULRULOLFKLGDWRULLSăUĠLLUHVSRQVDELOH
FLYLOPHQWHvQWHUPHQGHFHOPXOWGRXăOXQLGHODGDWDODFDUHDOXDWFXQRúWLQĠăGH
vPSUHMXUDUHDUHVSHFWLYă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
5H]ROYDUHDDFĠLXQLLFLYLOHvQSURFHVXOSHQDO
,QVWDQĠDVHSURQXQĠăSULQDFHHDúLKRWăUkUHDWkWDVXSUDDFĠLXQLLSHQDOHFkWúLDVXSUD
DFĠLXQLLFLYLOH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&kQGDFĠLXQHDFLYLOăDUHFDRELHFWUHSDUDUHDSUHMXGLFLXOXLPDWHULDOSULQUHVWLWXLUHD
OXFUXOXLLDUDFHDVWDHVWHSRVLELOăLQVWDQĠDGLVSXQHFDOXFUXOVăILHUHVWLWXLWSăUĠLL
FLYLOH
,QVWDQĠDFKLDUGDFăQXH[LVWăFRQVWLWXLUHGHSDUWHFLYLOăVHSURQXQĠăFXSULYLUHOD
GHVILLQĠDUHDWRWDOăVDXSDUĠLDOăDXQXLvQVFULVVDXODUHVWDELOLUHDVLWXDĠLHLDQWHULRDUH
VăYkUúLULLLQIUDFĠLXQLL
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]GHDFKLWDUHDLQFXOSDWXOXLVDXGHvQFHWDUHDSURFHVXOXLSHQDOvQED]DDUW
DOLQ OLWE WH]DvQWkLOLWH I J L úLM SUHFXPúLvQFD]XOSUHYă]XWGHDUW
DOLQ LQVWDQĠDODVăQHVROXĠLRQDWăDFĠLXQHDFLYLOă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
,QVWDQĠDODVăQHVROXĠLRQDWăDFĠLXQHDFLYLOăúLvQFD]XOvQFDUHPRúWHQLWRULLVDXGXSă
FD]VXFFHVRULLvQGUHSWXULRULOLFKLGDWRULLSăUĠLLFLYLOHQXvúLH[SULPăRSĠLXQHDGHD
FRQWLQXDH[HUFLWDUHDDFĠLXQLLFLYLOHVDXGXSăFD]SDUWHDFLYLOăQXLQGLFăPRúWHQLWRULL
VXFFHVRULLvQGUHSWXULRULOLFKLGDWRULLSăUĠLLUHVSRQVDELOHFLYLOPHQWHvQWHUPHQXOSUHYă]XW
ODDUWDOLQ úL
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
'LVMXQJHUHDDFĠLXQLLFLYLOH
,QVWDQĠDSRDWHGLVSXQHGLVMXQJHUHDDFĠLXQLLFLYLOHFkQGVROXĠLRQDUHDDFHVWHLDGHWHUPLQă
GHSăúLUHDWHUPHQXOXLUH]RQDELOGHVROXĠLRQDUHDDFĠLXQLLSHQDOH6ROXĠLRQDUHDDFĠLXQLLFLYLOH
UăPkQHvQFRPSHWHQĠDLQVWDQĠHLSHQDOH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'LVMXQJHUHDVHGLVSXQHGHFăWUHLQVWDQĠăGLQRILFLXRULODFHUHUHDSURFXURUXOXLVDXD
SăUĠLORU
3UREHOHDGPLQLVWUDWHSkQăODGLVMXQJHUHYRUILIRORVLWHODVROXĠLRQDUHDDFĠLXQLLFLYLOH
GLVMXQVH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFKHLHUHDSULQFDUHVHGLVMXQJHDFĠLXQHDFLYLOăHVWHGHILQLWLYă
$UWLFROXO
&D]XULOHGHVROXĠLRQDUHDDFĠLXQLLFLYLOHODLQVWDQĠDFLYLOă
'DFăQXVDXFRQVWLWXLWSDUWHFLYLOăvQSURFHVXOSHQDOSHUVRDQDYăWăPDWăVDXVXFFHVRULL
DFHVWHLDSRWLQWURGXFHODLQVWDQĠDFLYLOăDFĠLXQHSHQWUXUHSDUDUHDSUHMXGLFLXOXLFDX]DWSULQ
LQIUDFĠLXQH
3HUVRDQDYăWăPDWăVDXVXFFHVRULLDFHVWHLDFDUHVDXFRQVWLWXLWSDUWHFLYLOăvQSURFHVXO
SHQDOSRWLQWURGXFHDFĠLXQHODLQVWDQĠDFLYLOăGDFăSULQKRWăUkUHGHILQLWLYăLQVWDQĠD
SHQDOăDOăVDWQHVROXĠLRQDWăDFĠLXQHDFLYLOă3UREHOHDGPLQLVWUDWHvQFXUVXOSURFHVXOXLSHQDO
SRWILIRORVLWHvQIDĠDLQVWDQĠHLFLYLOH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HUVRDQDYăWăPDWăVDXVXFFHVRULLDFHVWHLDFDUHVDXFRQVWLWXLWSDUWHFLYLOăvQSURFHVXO
SHQDOSRWVăLQWURGXFăDFĠLXQHvQIDĠDLQVWDQĠHLFLYLOHGDFăSURFHVXOSHQDODIRVWVXVSHQGDW
ÌQFD]GHUHOXDUHDSURFHVXOXLSHQDODFĠLXQHDLQWURGXVăODLQVWDQĠDFLYLOăVHVXVSHQGăvQ
FRQGLĠLLOHSUHYă]XWHODDOLQ
3HUVRDQDYăWăPDWăVDXVXFFHVRULLDFHVWHLDFDUHDXSRUQLWDFĠLXQHDvQIDĠDLQVWDQĠHL
FLYLOHSRWVăSăUăVHDVFăDFHDVWăLQVWDQĠăúLVăVHDGUHVH]HRUJDQXOXLGHXUPăULUHSHQDOă
MXGHFăWRUXOXLRULLQVWDQĠHLGDFăSXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHDDYXWORFXOWHULRU
VDXSURFHVXOSHQDODIRVWUHOXDWGXSăVXVSHQGDUH3ăUăVLUHDLQVWDQĠHLFLYLOHQXSRDWHDYHD
ORFGDFăDFHDVWDDSURQXQĠDWRKRWăUkUHFKLDUQHGHILQLWLYă
ÌQFD]XOvQFDUHDFĠLXQHDFLYLOăDIRVWH[HUFLWDWăGHSURFXURUGDFăVHFRQVWDWăGLQ
SUREHQRLFăSUHMXGLFLXOQXDIRVWLQWHJUDODFRSHULWSULQKRWăUkUHDGHILQLWLYăDLQVWDQĠHL
SHQDOHGLIHUHQĠDSRDWHILFHUXWăSHFDOHDXQHLDFĠLXQLODLQVWDQĠDFLYLOă
3HUVRDQDYăWăPDWăVDXVXFFHVRULLDFHVWHLDSRWLQWURGXFHDFĠLXQHODLQVWDQĠDFLYLOă
SHQWUXUHSDUDUHDSUHMXGLFLXOXLQăVFXWRULGHVFRSHULWGXSăFRQVWLWXLUHDFDSDUWHFLYLOă
ÌQFD]XOSUHYă]XWODDOLQ MXGHFDWDvQIDĠDLQVWDQĠHLFLYLOHVHVXVSHQGăGXSă
SXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHúLSkQăODUH]ROYDUHDvQSULPăLQVWDQĠăDFDX]HLSHQDOH
GDUQXPDLPXOWGHXQDQ
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
$XWRULWDWHDKRWăUkULLSHQDOHvQSURFHVXOFLYLOúLHIHFWHOHKRWăUkULLFLYLOHvQSURFHVXOSHQDO
+RWăUkUHDGHILQLWLYăDLQVWDQĠHLSHQDOHDUHDXWRULWDWHGHOXFUXMXGHFDWvQIDĠDLQVWDQĠHL
FLYLOHFDUHMXGHFăDFĠLXQHDFLYLOăFXSULYLUHODH[LVWHQĠDIDSWHLúLDSHUVRDQHLFDUHD
VăYkUúLWR,QVWDQĠDFLYLOăQXHVWHOHJDWăGHKRWăUkUHDGHILQLWLYăGHDFKLWDUHVDXGH
vQFHWDUHDSURFHVXOXLSHQDOvQFHHDFHSULYHúWHH[LVWHQĠDSUHMXGLFLXOXLRULDYLQRYăĠLHL
DXWRUXOXLIDSWHLLOLFLWH
+RWăUkUHDGHILQLWLYăDLQVWDQĠHLFLYLOHSULQFDUHDIRVWVROXĠLRQDWăDFĠLXQHDFLYLOăQX
DUHDXWRULWDWHGHOXFUXMXGHFDWvQIDĠDRUJDQHORUMXGLFLDUHSHQDOHFXSULYLUHODH[LVWHQĠD
IDSWHLSHQDOHDSHUVRDQHLFDUHDVăYkUúLWRúLDYLQRYăĠLHLDFHVWHLD
7LWOXO,,,3DUWLFLSDQĠLLvQSURFHVXOSHQDO
&DSLWROXO,'LVSR]LĠLLJHQHUDOH
$UWLFROXO
3DUWLFLSDQĠLLvQSURFHVXOSHQDO
3DUWLFLSDQĠLLvQSURFHVXOSHQDOVXQWRUJDQHOHMXGLFLDUHDYRFDWXOSăUĠLOHVXELHFĠLL
SURFHVXDOLSULQFLSDOLSUHFXPúLDOĠLVXELHFĠLSURFHVXDOL
$UWLFROXO
2UJDQHOHMXGLFLDUH
2UJDQHOHVSHFLDOL]DWHDOHVWDWXOXLFDUHUHDOL]HD]ăDFWLYLWDWHDMXGLFLDUăVXQW
D RUJDQHOHGHFHUFHWDUHSHQDOă
E SURFXURUXO
F MXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
G MXGHFăWRUXOGHFDPHUăSUHOLPLQDUă
H LQVWDQĠHOHMXGHFăWRUHúWL
$UWLFROXO
$YRFDWXO
$YRFDWXODVLVWăVDXUHSUH]LQWăSăUĠLOHRULVXELHFĠLLSURFHVXDOLvQFRQGLĠLLOHOHJLL
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3ăUĠLOH
3ăUĠLOHVXQWVXELHFĠLLSURFHVXDOLFDUHH[HUFLWăVDXvPSRWULYDFăURUDVHH[HUFLWăR
DFĠLXQHMXGLFLDUă
3ăUĠLOHGLQSURFHVXOSHQDOVXQWLQFXOSDWXOSDUWHDFLYLOăúLSDUWHDUHVSRQVDELOă
FLYLOPHQWH
$UWLFROXO
6XELHFĠLLSURFHVXDOLSULQFLSDOL
6XELHFĠLLSURFHVXDOLSULQFLSDOLVXQWVXVSHFWXOúLSHUVRDQDYăWăPDWă
6XELHFĠLLSURFHVXDOLSULQFLSDOLDXDFHOHDúLGUHSWXULúLREOLJDĠLLFDúLSăUĠLOHFX
H[FHSĠLDFHORUSHFDUHOHJHDOHDFRUGăQXPDLDFHVWRUD
$UWLFROXO
$OĠLVXELHFĠLSURFHVXDOL
ÌQDIDUDSDUWLFLSDQĠLORUSUHYă]XĠLODDUWVXQWVXELHFĠLSURFHVXDOLPDUWRUXOH[SHUWXO
LQWHUSUHWXODJHQWXOSURFHGXUDORUJDQHOHVSHFLDOHGHFRQVWDWDUHSUHFXPúLRULFHDOWH
SHUVRDQHVDXRUJDQHSUHYă]XWHGHOHJHDYkQGDQXPLWHGUHSWXULREOLJDĠLLVDXDWULEXĠLLvQ
SURFHGXULOHMXGLFLDUHSHQDOH
&DSLWROXO,,&RPSHWHQĠDRUJDQHORUMXGLFLDUH
6HFĠLXQHD&RPSHWHQĠDIXQFĠLRQDOăGXSăPDWHULHúLGXSăFDOLWDWHDSHUVRDQHLDLQVWDQĠHORU
MXGHFăWRUHúWL
$UWLFROXO
&RPSHWHQĠDMXGHFăWRULHL
-XGHFăWRULDMXGHFăvQSULPăLQVWDQĠăWRDWHLQIUDFĠLXQLOHFXH[FHSĠLDFHORUGDWHSULQ
OHJHvQFRPSHWHQĠDDOWRULQVWDQĠH
-XGHFăWRULDVROXĠLRQHD]ăúLDOWHFDX]HDQXPHSUHYă]XWHGHOHJH
$UWLFROXO
&RPSHWHQĠDWULEXQDOXOXL
7ULEXQDOXOMXGHFăvQSULPăLQVWDQĠă
D LQIUDFĠLXQLOHSUHYă]XWHGH&RGXOSHQDOODDUWDUWDUW
DUWDUWúLDUW
/LWD DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
E LQIUDFĠLXQLOHVăYkUúLWHFXLQWHQĠLHGHSăúLWăFDUHDXDYXWFDXUPDUHPRDUWHDXQHLSHUVRDQH
/LWE DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
F LQIUDFĠLXQLOHFXSULYLUHODFDUHXUPăULUHDSHQDOăDIRVWHIHFWXDWăGHFăWUH'LUHFĠLDGH
,QYHVWLJDUHD,QIUDFĠLXQLORUGH&ULPLQDOLWDWH2UJDQL]DWăúL7HURULVPVDX'LUHFĠLD1DĠLRQDOă
$QWLFRUXSĠLHGDFăQXVXQWGDWHSULQOHJHvQFRPSHWHQĠDDOWRULQVWDQĠHLHUDUKLFVXSHULRDUH
FA LQIUDFĠLXQLOHGHVSăODUHDEDQLORUúLLQIUDFĠLXQLOHGHHYD]LXQHILVFDOăSUHYă]XWHGH
DUWGLQ/HJHDQU
SHQWUXSUHYHQLUHDúLFRPEDWHUHDHYD]LXQLLILVFDOHFXPRGLILFăULOHXOWHULRDUH
/LWFA DDOLQ DODUWDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
G DOWHLQIUDFĠLXQLGDWHSULQOHJHvQFRPSHWHQĠDVD
7ULEXQDOXOVROXĠLRQHD]ăFRQIOLFWHOHGHFRPSHWHQĠăLYLWHvQWUHMXGHFăWRULLOHGLQ
FLUFXPVFULSĠLDVDSUHFXPúLFRQWHVWDĠLLOHIRUPXODWHvPSRWULYDKRWăUkULORUSURQXQĠDWHGH
MXGHFăWRULHvQFD]XULOHSUHYă]XWHGHOHJH
7ULEXQDOXOVROXĠLRQHD]ăúLDOWHFDX]HDQXPHSUHYă]XWHGHOHJH
$UWLFROXO
&RPSHWHQĠDWULEXQDOXOXLPLOLWDU
7ULEXQDOXOPLOLWDUMXGHFăvQSULPăLQVWDQĠăWRDWHLQIUDFĠLXQLOHFRPLVHGHPLOLWDULSkQă
ODJUDGXOGHFRORQHOLQFOXVLYFXH[FHSĠLDFHORUGDWHSULQOHJHvQFRPSHWHQĠDDOWRULQVWDQĠH
7ULEXQDOXOPLOLWDUVROXĠLRQHD]ăúLDOWHFDX]HDQXPHSUHYă]XWHGHOHJH
$UWLFROXO
&RPSHWHQĠDFXUĠLLGHDSHO
&XUWHDGHDSHOMXGHFăvQSULPăLQVWDQĠă
D LQIUDFĠLXQLOHSUHYă]XWHGH&RGXOSHQDOODDUWúL
E LQIUDFĠLXQLOHSULYLQGVHFXULWDWHDQDĠLRQDOăD5RPkQLHLSUHYă]XWHvQOHJLVSHFLDOH
F LQIUDFĠLXQLOHVăYkUúLWHGHMXGHFăWRULLGHODMXGHFăWRULLWULEXQDOHúLGHSURFXURULLGHOD
SDUFKHWHOHFDUHIXQFĠLRQHD]ăSHOkQJăDFHVWHLQVWDQĠH
G LQIUDFĠLXQLOHVăYkUúLWHGHDYRFDĠLQRWDULSXEOLFLH[HFXWRULMXGHFăWRUHúWLGH
FRQWURORULLILQDQFLDULDL&XUĠLLGH&RQWXULSUHFXPúLDXGLWRULSXEOLFLH[WHUQL
/LWG DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
H LQIUDFĠLXQLOHVăYkUúLWHGHúHILLFXOWHORUUHOLJLRDVHRUJDQL]DWHvQFRQGLĠLLOHOHJLLúLGH
FHLODOĠLPHPEULDLvQDOWXOXLFOHUFDUHDXFHOSXĠLQUDQJXOGHDUKLHUHXVDXHFKLYDOHQWDO
DFHVWXLD
/LWH DDOLQ DODUWDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
I LQIUDFĠLXQLOHVăYkUúLWHGHPDJLVWUDĠLLDVLVWHQĠLGHODÌQDOWD&XUWHGH&DVDĠLHúL
-XVWLĠLHGHMXGHFăWRULLGHODFXUĠLOHGHDSHOúL&XUWHD0LOLWDUăGH$SHOSUHFXPúLGH
SURFXURULLGHODSDUFKHWHOHGHSHOkQJăDFHVWHLQVWDQĠH
/LWI DDOLQ DODUWDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
J LQIUDFĠLXQLOHVăYkUúLWHGHPHPEULL&XUĠLLGH&RQWXULGHSUHúHGLQWHOH&RQVLOLXOXL
/HJLVODWLYGH$YRFDWXO3RSRUXOXLGHDGMXQFĠLL$YRFDWXOXL3RSRUXOXLúLGHFKHVWRUL
/LWJ DDOLQ DODUWDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
K FHUHULOHGHVWUăPXWDUHvQFD]XULOHSUHYă]XWHGHOHJH
/LWK DDOLQ DODUWDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&XUWHDGHDSHOMXGHFăDSHOXULOHvPSRWULYDKRWăUkULORUSHQDOHSURQXQĠDWHvQSULPăLQVWDQĠă
GHMXGHFăWRULLúLGHWULEXQDOH
&XUWHDGHDSHOVROXĠLRQHD]ăFRQIOLFWHOHGHFRPSHWHQĠăLYLWHvQWUHLQVWDQĠHOHGLQ
FLUFXPVFULSĠLDVDDOWHOHGHFkWFHOHSUHYă]XWHODDUWDOLQ SUHFXPúLFRQWHVWDĠLLOH
IRUPXODWHvPSRWULYDKRWăUkULORUSURQXQĠDWHGHWULEXQDOHvQFD]XULOHSUHYă]XWHGHOHJH
&XUWHDGHDSHOVROXĠLRQHD]ăúLDOWHFDX]HDQXPHSUHYă]XWHGHOHJH
$UWLFROXO
&RPSHWHQĠDFXUĠLLPLOLWDUHGHDSHO
&XUWHDPLOLWDUăGHDSHOMXGHFăvQSULPăLQVWDQĠă
D LQIUDFĠLXQLOHSUHYă]XWHGH&RGXOSHQDOODDUWúLVăYkUúLWHGH
PLOLWDUL
E LQIUDFĠLXQLOHSULYLQGVHFXULWDWHDQDĠLRQDOăD5RPkQLHLSUHYă]XWHvQOHJLVSHFLDOH
VăYkUúLWHGHPLOLWDUL
F LQIUDFĠLXQLOHVăYkUúLWHGHMXGHFăWRULLWULEXQDOHORUPLOLWDUHúLGHSURFXURULLPLOLWDULGH
ODSDUFKHWHOHPLOLWDUHFDUHIXQFĠLRQHD]ăSHOkQJăDFHVWHLQVWDQĠH
G LQIUDFĠLXQLOHVăYkUúLWHGHJHQHUDOLPDUHúDOLúLDPLUDOL
/LWG DDOLQ DODUWDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
H FHUHULOHGHVWUăPXWDUHvQFD]XULOHSUHYă]XWHGHOHJH
/LWH DDOLQ DODUWDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&XUWHDPLOLWDUăGHDSHOMXGHFăDSHOXULOHvPSRWULYDKRWăUkULORUSHQDOHSURQXQĠDWHGH
WULEXQDOHOHPLOLWDUH
&XUWHDPLOLWDUăGHDSHOVROXĠLRQHD]ăFRQIOLFWHOHGHFRPSHWHQĠăLYLWHvQWUHWULEXQDOHOH
PLOLWDUHGLQFLUFXPVFULSĠLDVDSUHFXPúLFRQWHVWDĠLLOHIRUPXODWHvPSRWULYDKRWăUkULORU
SURQXQĠDWHGHDFHVWHDvQFD]XULOHSUHYă]XWHGHOHJH
&XUWHDPLOLWDUăGHDSHOVROXĠLRQHD]ăúLDOWHFDX]HDQXPHSUHYă]XWHGHOHJH
$UWLFROXO
&RPSHWHQĠDÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLH
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHMXGHFăvQSULPăLQVWDQĠăLQIUDFĠLXQLOHGHvQDOWă
WUăGDUHLQIUDFĠLXQLOHVăYkUúLWHGHVHQDWRULGHSXWDĠLúLPHPEULGLQ5RPkQLDvQ3DUODPHQWXO
(XURSHDQGHPHPEULL*XYHUQXOXLGHMXGHFăWRULL&XUĠLL&RQVWLWXĠLRQDOHGHPHPEULL
&RQVLOLXOXL6XSHULRUDO0DJLVWUDWXULLGHMXGHFăWRULLÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHúL
GHSURFXURULLGHOD3DUFKHWXOGHSHOkQJăÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHMXGHFăDSHOXULOHvPSRWULYDKRWăUkULORUSHQDOH
SURQXQĠDWHvQSULPăLQVWDQĠăGHFXUĠLOHGHDSHOGHFXUĠLOHPLOLWDUHGHDSHOúLGH6HFĠLD
SHQDOăDÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLH
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHMXGHFăUHFXUVXULOHvQFDVDĠLHvPSRWULYDKRWăUkULORU
SHQDOHGHILQLWLYHSUHFXPúLUHFXUVXULOHvQLQWHUHVXOOHJLL
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHVROXĠLRQHD]ăFRQIOLFWHOHGHFRPSHWHQĠăvQFD]XULOHvQ
FDUHHVWHLQVWDQĠDVXSHULRDUăFRPXQăLQVWDQĠHORUDIODWHvQFRQIOLFWFD]XULOHvQFDUHFXUVXO
MXVWLĠLHLHVWHvQWUHUXSWFHUHULOHGHVWUăPXWDUHvQFD]XULOHSUHYă]XWHGHOHJHSUHFXPúL
FRQWHVWDĠLLOHIRUPXODWHvPSRWULYDKRWăUkULORUSURQXQĠDWHGHFXUĠLOHGHDSHOvQFD]XULOH
SUHYă]XWHGHOHJH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHVROXĠLRQHD]ăúLDOWHFDX]HDQXPHSUHYă]XWHGHOHJH
6HFĠLXQHDDD&RPSHWHQĠDWHULWRULDOăDLQVWDQĠHORUMXGHFăWRUHúWL
$UWLFROXO
&RPSHWHQĠDSHQWUXLQIUDFĠLXQLOHVăYkUúLWHSHWHULWRULXO5RPkQLHL
&RPSHWHQĠDGXSăWHULWRULXHVWHGHWHUPLQDWăvQRUGLQHGH
D ORFXOVăYkUúLULLLQIUDFĠLXQLL
E ORFXOvQFDUHDIRVWSULQVVXVSHFWXOVDXLQFXOSDWXO
F ORFXLQĠDVXVSHFWXOXLVDXLQFXOSDWXOXLSHUVRDQăIL]LFăRULGXSăFD]VHGLXOLQFXOSDWXOXL
SHUVRDQăMXULGLFăODPRPHQWXOODFDUHDVăYkUúLWIDSWD
G ORFXLQĠDVDXGXSăFD]VHGLXOSHUVRDQHLYăWăPDWH
3ULQORFXOVăYkUúLULLLQIUDFĠLXQLLVHvQĠHOHJHORFXOXQGHVDGHVIăúXUDWDFWLYLWDWHD
LQIUDFĠLRQDOăvQWRWXOVDXvQSDUWHRULORFXOXQGHVDSURGXVXUPDUHDDFHVWHLD
ÌQFD]XOvQFDUHSRWULYLWDOLQ RLQIUDFĠLXQHDIRVWVăYkUúLWăvQFLUFXPVFULSĠLD
PDLPXOWRULQVWDQĠHRULFDUHGLQWUHDFHVWHDHVWHFRPSHWHQWăVăRMXGHFH
&kQGQLFLXQXOGLQWUHORFXULOHSUHYă]XWHODDOLQ QXHVWHFXQRVFXWVDXFkQGVXQW
VHVL]DWHVXFFHVLYGRXăVDXPDLPXOWHLQVWDQĠHGLQWUHFHOHSUHYă]XWHODDOLQ FRPSHWHQĠD
UHYLQHLQVWDQĠHLPDLvQWkLVHVL]DWH
2UGLQHDGHSULRULWDWHSUHYă]XWăODDOLQ VHDSOLFăvQFD]XOvQFDUHGRXăVDXPDL
PXOWHLQVWDQĠHVXQWVHVL]DWHVLPXOWDQRULXUPăULUHDSHQDOăVDHIHFWXDWFXQHUHVSHFWDUHD
DFHVWHLRUGLQL
,QIUDFĠLXQHDVăYkUúLWăSHRQDYăVXESDYLOLRQURPkQHVFHVWHGHFRPSHWHQĠDLQVWDQĠHLvQD
FăUHLFLUFXPVFULSĠLHVHDIOăSULPXOSRUWURPkQvQFDUHDQFRUHD]ăQDYDvQDIDUăGHFD]XOvQ
FDUHSULQOHJHVHGLVSXQHDOWIHO
,QIUDFĠLXQHDVăYkUúLWăSHRDHURQDYăvQPDWULFXODWăvQ5RPkQLDHVWHGHFRPSHWHQĠD
LQVWDQĠHLvQDFăUHLFLUFXPVFULSĠLHVHDIOăSULPXOORFGHDWHUL]DUHSHWHULWRULXOURPkQ
'DFăQDYDQXDQFRUHD]ăvQWUXQSRUWURPkQVDXGDFăDHURQDYDQXDWHUL]HD]ăSHWHULWRULXO
URPkQLDUFRPSHWHQĠDQXVHSRDWHGHWHUPLQDSRWULYLWDOLQ FRPSHWHQĠDHVWHFHDSUHYă]XWă
ODDOLQ
$UWLFROXO
&RPSHWHQĠDSHQWUXLQIUDFĠLXQLOHVăYkUúLWHvQDIDUDWHULWRULXOXL5RPkQLHL
,QIUDFĠLXQLOHVăYkUúLWHvQDIDUDWHULWRULXOXL5RPkQLHLVHMXGHFăGHFăWUHLQVWDQĠHOHvQD
FăURUFLUFXPVFULSĠLHVHDIOăORFXLQĠDVXVSHFWXOXLVDXLQFXOSDWXOXLSHUVRDQăIL]LFăRULGXSă
FD]VHGLXOLQFXOSDWXOXLSHUVRDQăMXULGLFă
'DFăLQFXOSDWXOQXORFXLHúWHVDXGXSăFD]QXDUHVHGLXOvQ5RPkQLDLDULQIUDFĠLXQHD
HVWHGHFRPSHWHQĠDMXGHFăWRULHLDFHDVWDVHMXGHFăGH-XGHFăWRULD6HFWRUXOXL%XFXUHúWLLDU
vQFHOHODOWHFD]XULGHLQVWDQĠDFRPSHWHQWăGXSăPDWHULHRULGXSăFDOLWDWHDSHUVRDQHLGLQ
PXQLFLSLXO%XFXUHúWLvQDIDUăGHFD]XOFkQGSULQOHJHVHGLVSXQHDOWIHO
,QIUDFĠLXQHDVăYkUúLWăSHRQDYăHVWHGHFRPSHWHQĠDLQVWDQĠHLvQDFăUHLFLUFXPVFULSĠLH
VHDIOăSULPXOSRUWURPkQvQFDUHDQFRUHD]ăQDYDvQDIDUăGHFD]XOvQFDUHSULQOHJHVH
GLVSXQHDOWIHO
,QIUDFĠLXQHDVăYkUúLWăSHRDHURQDYăHVWHGHFRPSHWHQĠDLQVWDQĠHLvQDFăUHL
FLUFXPVFULSĠLHVHDIOăSULPXOORFGHDWHUL]DUHSHWHULWRULXOURPkQ
'DFăQDYDQXDQFRUHD]ăvQWUXQSRUWURPkQVDXGDFăDHURQDYDQXDWHUL]HD]ăSHWHULWRULXO
URPkQFRPSHWHQĠDHVWHFHDSUHYă]XWăODDOLQ úL vQDIDUăGHFD]XOvQFDUHSULQOHJH
VHGLVSXQHDOWIHO
6HFĠLXQHDDD'LVSR]LĠLLVSHFLDOHSULYLQGFRPSHWHQĠDLQVWDQĠHORUMXGHFăWRUHúWL
$UWLFROXO
5HXQLUHDFDX]HORU
,QVWDQĠDGLVSXQHUHXQLUHDFDX]HORUvQFD]XOLQIUDFĠLXQLLFRQWLQXDWHDOFRQFXUVXOXL
IRUPDOGHLQIUDFĠLXQLVDXvQRULFHDOWHFD]XULFkQGGRXăVDXPDLPXOWHDFWHPDWHULDOH
DOFăWXLHVFRVLQJXUăLQIUDFĠLXQH
,QVWDQĠDSRDWHGLVSXQHUHXQLUHDFDX]HORUGDFăSULQDFHDVWDQXVHvQWkU]LHMXGHFDWDvQ
XUPăWRDUHOHVLWXDĠLL
D FkQGGRXăVDXPDLPXOWHLQIUDFĠLXQLDXIRVWVăYkUúLWHGHDFHHDúLSHUVRDQă
E FkQGODVăYkUúLUHDXQHLLQIUDFĠLXQLDXSDUWLFLSDWGRXăVDXPDLPXOWHSHUVRDQH
F FkQGvQWUHGRXăVDXPDLPXOWHLQIUDFĠLXQLH[LVWăOHJăWXUăúLUHXQLUHDFDX]HORUVHLPSXQH
SHQWUXEXQDvQIăSWXLUHDMXVWLĠLHL
'LVSR]LĠLLOHDOLQ úL VXQWDSOLFDELOHúLvQFD]XULOHvQFDUHvQIDĠDDFHOHLDúL
LQVWDQĠHVXQWPDLPXOWHFDX]HFXDFHODúLRELHFW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RPSHWHQĠDvQFD]GHUHXQLUHDFDX]HORU
ÌQFD]GHUHXQLUHGDFăvQUDSRUWFXGLIHULĠLLIăSWXLWRULRULGLIHULWHOHIDSWH
FRPSHWHQĠDDSDUĠLQHSRWULYLWOHJLLPDLPXOWRULQVWDQĠHGHJUDGHJDOFRPSHWHQĠDGHDMXGHFD
WRDWHIDSWHOHúLSHWRĠLIăSWXLWRULLUHYLQHLQVWDQĠHLPDLvQWkLVHVL]DWHLDUGDFăGXSă
QDWXUDIDSWHORUVDXGXSăFDOLWDWHDSHUVRDQHORUFRPSHWHQĠDDSDUĠLQHXQRULQVWDQĠHGHJUDG
GLIHULWFRPSHWHQĠDGHDMXGHFDWRDWHFDX]HOHUHXQLWHUHYLQHLQVWDQĠHLVXSHULRDUHvQJUDG
&RPSHWHQĠDMXGHFăULLFDX]HORUUHXQLWHUăPkQHGREkQGLWăFKLDUGDFăSHQWUXIDSWDVDXSHQWUX
IăSWXLWRUXOFDUHDGHWHUPLQDWFRPSHWHQĠDXQHLDQXPLWHLQVWDQĠHVDGLVSXVGLVMXQJHUHDVDX
vQFHWDUHDSURFHVXOXLSHQDORULVDSURQXQĠDWDFKLWDUHD
7ăLQXLUHDIDYRUL]DUHDLQIUDFWRUXOXLúLQHGHQXQĠDUHDXQRULQIUDFĠLXQLVXQWGHFRPSHWHQĠD
LQVWDQĠHLFDUHMXGHFăLQIUDFĠLXQHDODFDUHDFHVWHDVHUHIHUăLDUvQFD]XOvQFDUHFRPSHWHQĠD
GXSăFDOLWDWHDSHUVRDQHORUDSDUĠLQHXQRULQVWDQĠHGHJUDGGLIHULWFRPSHWHQĠDGHDMXGHFD
WRDWHFDX]HOHUHXQLWHUHYLQHLQVWDQĠHLVXSHULRDUHvQJUDG
'DFăGLQWUHLQVWDQĠHXQDHVWHFLYLOăLDUDOWDHVWHPLOLWDUăFRPSHWHQĠDUHYLQHLQVWDQĠHL
FLYLOH
'DFăLQVWDQĠDPLOLWDUăHVWHVXSHULRDUăvQJUDGFRPSHWHQĠDUHYLQHLQVWDQĠHLFLYLOH
HFKLYDOHQWHvQJUDGFRPSHWHQWHSRWULYLWDUWúL
$UWLFROXO
3URFHGXUDGHUHXQLUHDFDX]HORU
5HXQLUHDFDX]HORUVHSRDWHGLVSXQHODFHUHUHDSURFXURUXOXLVDXDSăUĠLORUúLGLQRILFLX
GHFăWUHLQVWDQĠDFRPSHWHQWă
&DX]HOHVHSRWUHXQLGDFăHOHVHDIOăvQIDĠDSULPHLLQVWDQĠHFKLDUGXSăGHVILLQĠDUHD
VDXFDVDUHDKRWăUkULLVDXvQIDĠDLQVWDQĠHLGHDSHO
,QVWDQĠDVHSURQXQĠăSULQvQFKHLHUHFDUHSRDWHILDWDFDWăQXPDLRGDWăFXIRQGXO
$UWLFROXO
'LVMXQJHUHDFDX]HORU
3HQWUXPRWLYHWHPHLQLFHSULYLQGPDLEXQDGHVIăúXUDUHDMXGHFăĠLLLQVWDQĠDSRDWHGLVSXQH
GLVMXQJHUHDDFHVWHLDFXSULYLUHODXQLLGLQWUHLQFXOSDĠLVDXODXQHOHGLQWUHLQIUDFĠLXQL
'LVMXQJHUHDFDX]HLVHGLVSXQHGHLQVWDQĠăSULQvQFKHLHUHGLQRILFLXVDXODFHUHUHD
SURFXURUXOXLRULDSăUĠLORU
$UWLFROXO
([FHSĠLLOHGHQHFRPSHWHQĠă
([FHSĠLDGHQHFRPSHWHQĠăPDWHULDOăVDXGXSăFDOLWDWHDSHUVRDQHLDLQVWDQĠHLLQIHULRDUH
FHOHLFRPSHWHQWHSRWULYLWOHJLLSRDWHILLQYRFDWăvQWRWFXUVXOMXGHFăĠLLSkQăOD
SURQXQĠDUHDKRWăUkULLGHILQLWLYH
([FHSĠLDGHQHFRPSHWHQĠăPDWHULDOăVDXGXSăFDOLWDWHDSHUVRDQHLDLQVWDQĠHLVXSHULRDUH
FHOHLFRPSHWHQWHSRWULYLWOHJLLSRDWHILLQYRFDWăSkQăODvQFHSHUHDFHUFHWăULLMXGHFăWRUHúWL
([FHSĠLDGHQHFRPSHWHQĠăWHULWRULDOăSRDWHILLQYRFDWăvQFRQGLĠLLOHDOLQ
([FHSĠLLOHGHQHFRPSHWHQĠăSRWILLQYRFDWHGLQRILFLXGHFăWUHSURFXURUGHFăWUH
SHUVRDQDYăWăPDWăVDXGHFăWUHSăUĠL
$UWLFROXO
&RPSHWHQĠDvQFD]GHVFKLPEDUHDFDOLWăĠLLLQFXOSDWXOXL
&kQGFRPSHWHQĠDLQVWDQĠHLHVWHGHWHUPLQDWăGHFDOLWDWHDLQFXOSDWXOXLLQVWDQĠDUăPkQH
FRPSHWHQWăVăMXGHFHFKLDUGDFăLQFXOSDWXOGXSăVăYkUúLUHDLQIUDFĠLXQLLQXPDLDUHDFHD
FDOLWDWHvQFD]XULOHFkQG
D IDSWDDUHOHJăWXUăFXDWULEXĠLLOHGHVHUYLFLXDOHIăSWXLWRUXOXL
E VDGDWFLWLUHDFWXOXLGHVHVL]DUHDLQVWDQĠHL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'REkQGLUHDFDOLWăĠLLGXSăVăYkUúLUHDLQIUDFĠLXQLLQXGHWHUPLQăVFKLPEDUHDFRPSHWHQĠHLFX
H[FHSĠLDLQIUDFĠLXQLORUVăYkUúLWHGHSHUVRDQHOHSUHYă]XWHODDUWDOLQ
$UWLFROXO
&RPSHWHQĠDvQFD]GHVFKLPEDUHDvQFDGUăULLMXULGLFHVDXDFDOLILFăULLIDSWHL
,QVWDQĠDVHVL]DWăFXMXGHFDUHDXQHLLQIUDFĠLXQLUăPkQHFRPSHWHQWăDRMXGHFDFKLDUGDFă
GXSăVFKLPEDUHDvQFDGUăULLMXULGLFHLQIUDFĠLXQHDHVWHGHFRPSHWHQĠDLQVWDQĠHLLQIHULRDUH
6FKLPEDUHDFDOLILFăULLIDSWHLSULQWUROHJHQRXăLQWHUYHQLWăvQFXUVXOMXGHFăULLFDX]HL
QXDWUDJHQHFRPSHWHQĠDLQVWDQĠHLvQDIDUăGHFD]XOFkQGSULQDFHDOHJHVDUGLVSXQHDOWIHO
$UWLFROXO
'HFOLQDUHDGHFRPSHWHQĠă
,QVWDQĠDFDUHvúLGHFOLQăFRPSHWHQĠDWULPLWHGHvQGDWăGRVDUXOLQVWDQĠHLGHMXGHFDWă
GHVHPQDWHFDILLQGFRPSHWHQWăSULQKRWăUkUHDGHGHFOLQDUH
'DFăGHFOLQDUHDDIRVWGHWHUPLQDWăGHFRPSHWHQĠDPDWHULDOăVDXGXSăFDOLWDWHDSHUVRDQHL
LQVWDQĠDFăUHLDLVDWULPLVFDX]DSRDWHPHQĠLQHPRWLYDWSUREHOHDGPLQLVWUDWHDFWHOH
vQGHSOLQLWHúLPăVXULOHGLVSXVHGHLQVWDQĠDFDUHúLDGHFOLQDWFRPSHWHQĠD
ÌQFD]XOGHFOLQăULLSHQWUXQHFRPSHWHQĠăWHULWRULDOăSUREHOHDGPLQLVWUDWHDFWHOH
vQGHSOLQLWHúLPăVXULOHGLVSXVHVHPHQĠLQ
+RWăUkUHDGHGHFOLQDUHDFRPSHWHQĠHLQXHVWHVXSXVăFăLORUGHDWDF
$UWLFROXO
&RQIOLFWXOGHFRPSHWHQĠă
&kQGGRXăVDXPDLPXOWHLQVWDQĠHVHUHFXQRVFFRPSHWHQWHDMXGHFDDFHHDúLFDX]ăRULvúL
GHFOLQăFRPSHWHQĠDUHFLSURFFRQIOLFWXOSR]LWLYVDXQHJDWLYGHFRPSHWHQĠăVHVROXĠLRQHD]ăGH
LQVWDQĠDLHUDUKLFVXSHULRDUăFRPXQă
,QVWDQĠDLHUDUKLFVXSHULRDUăFRPXQăHVWHVHVL]DWăvQFD]GHFRQIOLFWSR]LWLYGHFăWUH
LQVWDQĠDFDUHVDGHFODUDWFHDGLQXUPăFRPSHWHQWăLDUvQFD]GHFRQIOLFWQHJDWLYGHFăWUH
LQVWDQĠDFDUHúLDGHFOLQDWFHDGLQXUPăFRPSHWHQĠD
6HVL]DUHDLQVWDQĠHLLHUDUKLFVXSHULRDUHFRPXQHVHSRDWHIDFHúLGHSURFXURUVDXGHSăUĠL
3kQăODVROXĠLRQDUHDFRQIOLFWXOXLSR]LWLYGHFRPSHWHQĠăMXGHFDWDVHVXVSHQGă
,QVWDQĠDFDUHúLDGHFOLQDWFRPSHWHQĠDRULFDUHVDGHFODUDWFRPSHWHQWăFHDGLQXUPăLD
PăVXULOHúLHIHFWXHD]ăDFWHOHFHUHFODPăXUJHQĠă
,QVWDQĠDLHUDUKLFVXSHULRDUăFRPXQăVHSURQXQĠăDVXSUDFRQIOLFWXOXLGHFRPSHWHQĠăGH
XUJHQĠăSULQvQFKHLHUHFDUHQXHVWHVXSXVăQLFLXQHLFăLGHDWDF
&kQGLQVWDQĠDVHVL]DWăFXVROXĠLRQDUHDFRQIOLFWXOXLGHFRPSHWHQĠăFRQVWDWăFăDFHDFDX]ă
HVWHGHFRPSHWHQĠDDOWHLLQVWDQĠHGHFkWFHOHvQWUHFDUHDLQWHUYHQLWFRQIOLFWXOúLIDĠăGH
FDUHQXHVWHLQVWDQĠăVXSHULRDUăFRPXQăWULPLWHGRVDUXOLQVWDQĠHLVXSHULRDUHFRPXQH
,QVWDQĠDFăUHLDLVDWULPLVFDX]DSULQKRWăUkUHDGHVWDELOLUHDFRPSHWHQĠHLQXVHPDL
SRDWHGHFODUDQHFRPSHWHQWăFXH[FHSĠLDVLWXDĠLLORUvQFDUHDSDUHOHPHQWHQRLFDUHDWUDJ
FRPSHWHQĠDDOWRULQVWDQĠH
,QVWDQĠDFăUHLDLVDWULPLVFDX]DDSOLFăvQPRGFRUHVSXQ]ăWRUGLVSR]LĠLLOHDUWDOLQ
úL
$UWLFROXO
&KHVWLXQLOHSUHDODELOH
,QVWDQĠDSHQDOăHVWHFRPSHWHQWăVăMXGHFHRULFHFKHVWLXQHSUHDODELOăVROXĠLRQăULLFDX]HL
FKLDUGDFăSULQQDWXUDHLDFHDFKHVWLXQHHVWHGHFRPSHWHQĠDDOWHLLQVWDQĠHFXH[FHSĠLD
VLWXDĠLLORUvQFDUHFRPSHWHQĠDGHVROXĠLRQDUHQXDSDUĠLQHRUJDQHORUMXGLFLDUH
&KHVWLXQHDSUHDODELOăVHMXGHFăGHFăWUHLQVWDQĠDSHQDOăSRWULYLWUHJXOLORUúL
PLMORDFHORUGHSUREăSULYLWRDUHODPDWHULDFăUHLDvLDSDUĠLQHDFHDFKHVWLXQH
+RWăUkULOHGHILQLWLYHDOHDOWRULQVWDQĠHGHFkWFHOHSHQDOHDVXSUDXQHLFKHVWLXQL
SUHDODELOHvQSURFHVXOSHQDODXDXWRULWDWHGHOXFUXMXGHFDWvQIDĠDLQVWDQĠHLSHQDOHFX
H[FHSĠLDvPSUHMXUăULORUFDUHSULYHVFH[LVWHQĠDLQIUDFĠLXQLL
6HFĠLXQHDDD&RPSHWHQĠDMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLúLDMXGHFăWRUXOXLGH
FDPHUăSUHOLPLQDUă
$UWLFROXO
&RPSHWHQĠDMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLHVWHMXGHFăWRUXOFDUHvQFDGUXOLQVWDQĠHLSRWULYLW
FRPSHWHQĠHLDFHVWHLDVROXĠLRQHD]ăvQFXUVXOXUPăULULLSHQDOHFHUHULOHSURSXQHULOH
SOkQJHULOHFRQWHVWDĠLLOHVDXRULFHDOWHVHVL]ăULSULYLQG
D PăVXULOHSUHYHQWLYH
E PăVXULOHDVLJXUăWRULL
F PăVXULOHGHVLJXUDQĠăFXFDUDFWHUSURYL]RULX
G DFWHOHSURFXURUXOXLvQFD]XULOHH[SUHVSUHYă]XWHGHOHJH
H vQFXYLLQĠDUHDSHUFKH]LĠLLORUDIRORVLULLPHWRGHORUúLWHKQLFLORUVSHFLDOHGHVXSUDYHJKHUH
VDXFHUFHWDUHRULDDOWRUSURFHGHHSUREDWRULLSRWULYLWOHJLL
/LWH DDUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
I SURFHGXUDDXGLHULLDQWLFLSDWH
/LWI DDUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
J DOWHVLWXDĠLLH[SUHVSUHYă]XWHGHOHJH
$UWLFROXO
&RPSHWHQĠDMXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUă
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăHVWHMXGHFăWRUXOFDUHvQFDGUXOLQVWDQĠHLSRWULYLW
FRPSHWHQĠHLDFHVWHLD
D YHULILFăOHJDOLWDWHDWULPLWHULLvQMXGHFDWăGLVSXVHGHSURFXURU
E YHULILFăOHJDOLWDWHDDGPLQLVWUăULLSUREHORUúLDHIHFWXăULLDFWHORUSURFHVXDOHGHFăWUH
RUJDQHOHGHXUPăULUHSHQDOă
F VROXĠLRQHD]ăSOkQJHULOHvPSRWULYDVROXĠLLORUGHQHXUPăULUHVDXGHQHWULPLWHUHvQMXGHFDWă
G VROXĠLRQHD]ăDOWHVLWXDĠLLH[SUHVSUHYă]XWHGHOHJH
6HFĠLXQHDDD2UJDQHOHGHXUPăULUHSHQDOăúLFRPSHWHQĠDDFHVWRUD
$UWLFROXO
2UJDQHOHGHXUPăULUHSHQDOă
2UJDQHOHGHXUPăULUHSHQDOăVXQW
D SURFXURUXO
E RUJDQHOHGHFHUFHWDUHSHQDOăDOHSROLĠLHLMXGLFLDUH
F RUJDQHOHGHFHUFHWDUHSHQDOăVSHFLDOH
3URFXURULLVXQWFRQVWLWXLĠLvQSDUFKHWHFDUHIXQFĠLRQHD]ăSHOkQJăLQVWDQĠHOH
MXGHFăWRUHúWLúLvúLH[HUFLWăDWULEXĠLLOHvQFDGUXO0LQLVWHUXOXL3XEOLF
ÌQFDGUXOSURFHVXOXLSHQDOSURFXURUXODUHXUPăWRDUHOHDWULEXĠLL
D VXSUDYHJKHD]ăVDXHIHFWXHD]ăXUPăULUHDSHQDOă
E VHVL]HD]ăMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLúLLQVWDQĠDGHMXGHFDWă
F H[HUFLWăDFĠLXQHDSHQDOă
G H[HUFLWăDFĠLXQHDFLYLOăvQFD]XULOHSUHYă]XWHGHOHJH
H vQFKHLHDFRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLvQFRQGLĠLLOHOHJLL
I IRUPXOHD]ăúLH[HUFLWăFRQWHVWDĠLLOHúLFăLOHGHDWDFSUHYă]XWHGHOHJHvPSRWULYD
KRWăUkULORUMXGHFăWRUHúWL
J vQGHSOLQHúWHRULFHDOWHDWULEXĠLLSUHYă]XWHGHOHJH
$WULEXĠLLOHRUJDQHORUGHFHUFHWDUHSHQDOăDOHSROLĠLHLMXGLFLDUHVXQWvQGHSOLQLWHGH
OXFUăWRULVSHFLDOL]DĠLGLQ0LQLVWHUXO$GPLQLVWUDĠLHLúL,QWHUQHORUDQXPHGHVHPQDĠLvQ
FRQGLĠLLOHOHJLLVSHFLDOHFDUHDXSULPLWDYL]XOFRQIRUPDOSURFXURUXOXLJHQHUDODO
3DUFKHWXOXLGHSHOkQJăÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHRULDYL]XOSURFXURUXOXLGHVHPQDW
vQDFHVWVHQV
$WULEXĠLLOHRUJDQHORUGHFHUFHWDUHSHQDOăVSHFLDOHVXQWvQGHSOLQLWHGHRILĠHULDQXPH
GHVHPQDĠLvQFRQGLĠLLOHOHJLLFDUHDXSULPLWDYL]XOFRQIRUPDOSURFXURUXOXLJHQHUDODO
3DUFKHWXOXLGHSHOkQJăÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLH
2UJDQHOHGHFHUFHWDUHSHQDOăDOHSROLĠLHLMXGLFLDUHúLRUJDQHOHGHFHUFHWDUHSHQDOă
VSHFLDOHvúLGHVIăúRDUăDFWLYLWDWHDGHXUPăULUHSHQDOăVXEFRQGXFHUHDúLVXSUDYHJKHUHD
SURFXURUXOXL
&RPSHWHQĠDSURFXURUXOXL
$UWLFROXO
3URFXURUXOFRQGXFHúLFRQWUROHD]ăQHPLMORFLWDFWLYLWDWHDGHXUPăULUHSHQDOăDSROLĠLHL
MXGLFLDUHúLDRUJDQHORUGHFHUFHWDUHSHQDOăVSHFLDOHSUHYă]XWHGHOHJH'HDVHPHQHD
SURFXURUXOVXSUDYHJKHD]ăFDDFWHOHGHXUPăULUHSHQDOăVăILHHIHFWXDWHFXUHVSHFWDUHD
GLVSR]LĠLLORUOHJDOH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3URFXURUXOSRDWHVăHIHFWXH]HRULFHDFWGHXUPăULUHSHQDOăvQFDX]HOHSHFDUHOHFRQGXFH
úLOHVXSUDYHJKHD]ă
8UPăULUHDSHQDOăVHHIHFWXHD]ăvQPRGREOLJDWRULXGHFăWUHSURFXURU
D vQFD]XOLQIUDFĠLXQLORUSHQWUXFDUHFRPSHWHQĠDGHMXGHFDWăvQSULPăLQVWDQĠăDSDUĠLQH
ÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHVDXFXUĠLLGHDSHO
E vQFD]XOLQIUDFĠLXQLORUSUHYă]XWHODDUWDUWDUWDUWDUW
DUWúLDUWGLQ&RGXOSHQDO
/LWE DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW,,,GLQ25'21$1ğ$'(
85*(1ğĂQUGLQIHEUXDULHSXEOLFDWăvQ021,7258/2),&,$/QUGLQIHEUXDULH
F vQFD]XOLQIUDFĠLXQLORUVăYkUúLWHFXLQWHQĠLHGHSăúLWăFDUHDXDYXWFDXUPDUHPRDUWHD
XQHLSHUVRDQH
G vQFD]XOLQIUDFĠLXQLORUSHQWUXFDUHFRPSHWHQĠDGHDHIHFWXDXUPăULUHDSHQDOăDSDUĠLQH
'LUHFĠLHLGH,QYHVWLJDUHD,QIUDFĠLXQLORUGH&ULPLQDOLWDWH2UJDQL]DWăúL7HURULVPVDX
'LUHFĠLHL1DĠLRQDOH$QWLFRUXSĠLH
H vQDOWHFD]XULSUHYă]XWHGHOHJH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
8UPăULUHDSHQDOăvQFD]XOLQIUDFĠLXQLORUVăYkUúLWHGHPLOLWDULVHHIHFWXHD]ăvQPRG
REOLJDWRULXGHSURFXURUXOPLOLWDU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3URFXURULLPLOLWDULGLQFDGUXOSDUFKHWHORUPLOLWDUHVDXVHFĠLLORUPLOLWDUHDOH
SDUFKHWHORUHIHFWXHD]ăXUPăULUHDSHQDOăSRWULYLWFRPSHWHQĠHLSDUFKHWXOXLGLQFDUHIDFSDUWH
IDĠăGHWRĠLSDUWLFLSDQĠLLODVăYkUúLUHDLQIUDFĠLXQLORUFRPLVHGHPLOLWDULXUPkQGDIL
VHVL]DWăLQVWDQĠDFRPSHWHQWăSRWULYLWDUW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
(VWHFRPSHWHQWVăHIHFWXH]HRULGXSăFD]VăFRQGXFăúLVăVXSUDYHJKH]HXUPăULUHDSHQDOă
SURFXURUXOGHODSDUFKHWXOFRUHVSXQ]ăWRULQVWDQĠHLFDUHSRWULYLWOHJLLMXGHFăvQSULPă
LQVWDQĠăFDX]DFXH[FHSĠLDFD]XULORUvQFDUHOHJHDSUHYHGHDOWIHO
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW,,,GLQ25'21$1ğ$'(85*(1ğĂQUGLQ
IHEUXDULHSXEOLFDWăvQ021,7258/2),&,$/QUGLQIHEUXDULH
$UWLFROXO
&RPSHWHQĠDRUJDQHORUGHFHUFHWDUHSHQDOă
2UJDQHOHGHFHUFHWDUHSHQDOăDOHSROLĠLHLMXGLFLDUHHIHFWXHD]ăXUPăULUHDSHQDOăSHQWUX
RULFHLQIUDFĠLXQHFDUHQXHVWHGDWăSULQOHJHvQFRPSHWHQĠDRUJDQHORUGHFHUFHWDUHSHQDOă
VSHFLDOHVDXSURFXURUXOXLSUHFXPúLvQDOWHFD]XULSUHYă]XWHGHOHJH
2UJDQHOHGHFHUFHWDUHSHQDOăVSHFLDOHHIHFWXHD]ăDFWHGHXUPăULUHSHQDOăQXPDLvQ
FRQGLĠLLOHDUWDOLQ úL FRUHVSXQ]ăWRUVSHFLDOL]ăULLVWUXFWXULLGLQFDUHIDF
SDUWHvQFD]XOVăYkUúLULLLQIUDFĠLXQLORUGHFăWUHPLOLWDULVDXvQFD]XOVăYkUúLULL
LQIUDFĠLXQLORUGHFRUXSĠLHúLGHVHUYLFLXSUHYă]XWHGH&RGXOSHQDOVăYkUúLWHGHFăWUH
SHUVRQDOXOQDYLJDQWDOPDULQHLFLYLOHGDFăIDSWDDSXVVDXDSXWXWSXQHvQSHULFROVLJXUDQĠD
QDYHLVDXQDYLJDĠLHLRULDSHUVRQDOXOXL
$UWLFROXO
9HULILFDUHDFRPSHWHQĠHL
2UJDQXOGHXUPăULUHSHQDOăHVWHGDWRUVăvúLYHULILFHFRPSHWHQĠDLPHGLDWGXSăVHVL]DUH
'DFăSURFXURUXOFRQVWDWăFăQXHVWHFRPSHWHQWVăHIHFWXH]HVDXVăVXSUDYHJKH]HXUPăULUHD
SHQDOăGLVSXQHGHvQGDWăSULQRUGRQDQĠăGHFOLQDUHDGHFRPSHWHQĠăúLWULPLWHFDX]D
SURFXURUXOXLFRPSHWHQW
'DFăRUJDQXOGHFHUFHWDUHSHQDOăFRQVWDWăFăQXHVWHFRPSHWHQWVăHIHFWXH]HXUPăULUHD
SHQDOăWULPLWHGHvQGDWăFDX]DSURFXURUXOXLFDUHH[HUFLWăVXSUDYHJKHUHDvQYHGHUHD
VHVL]ăULLRUJDQXOXLFRPSHWHQW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
([WLQGHUHDFRPSHWHQĠHLWHULWRULDOH
&kQGDQXPLWHDFWHGHXUPăULUHSHQDOăWUHEXLHVăILHHIHFWXDWHvQDIDUDUD]HLWHULWRULDOH
vQFDUHVHIDFHXUPăULUHDSURFXURUXOVDXGXSăFD]RUJDQXOGHFHUFHWDUHSHQDOăSRDWHVăOH
HIHFWXH]HHOvQVXúLRULSURFXURUXOSRDWHGLVSXQHHIHFWXDUHDORUSULQFRPLVLHURJDWRULHVDX
SULQGHOHJDUH
ÌQFXSULQVXODFHOHLDúLORFDOLWăĠLSURFXURUXOVDXRUJDQXOGHFHUFHWDUHSHQDOăGXSăFD]
HIHFWXHD]ăWRDWHDFWHOHGHXUPăULUHFKLDUGDFăXQHOHGLQWUHDFHVWHDWUHEXLHvQGHSOLQLWHvQ
DIDUDUD]HLVDOHWHULWRULDOH
$UWLFROXO
&D]XULOHXUJHQWH
3URFXURUXOVDXRUJDQXOGHFHUFHWDUHSHQDOăGXSăFD]HVWHREOLJDWVăHIHFWXH]HDFWHOHGH
XUPăULUHSHQDOăFDUHQXVXIHUăDPkQDUHFKLDUGDFăDFHVWHDSULYHVFRFDX]ăFDUHQXHVWHGH
FRPSHWHQĠDDFHVWXLD/XFUăULOHHIHFWXDWHvQDVWIHOGHFD]XULVHWULPLWGHvQGDWă
SURFXURUXOXLFRPSHWHQW
$UWLFROXO
$FWHOHvQFKHLDWHGHXQHOHRUJDQHGHFRQVWDWDUH
2ULGHFkWHRULH[LVWăRVXVSLFLXQHUH]RQDELOăFXSULYLUHODVăYkUúLUHDXQHLLQIUDFĠLXQL
VXQWREOLJDWHVăvQWRFPHDVFăXQSURFHVYHUEDOGHVSUHvPSUHMXUăULOHFRQVWDWDWH
D RUJDQHOHLQVSHFĠLLORUGHVWDWDOHDOWRURUJDQHGHVWDWSUHFXPúLDOHDXWRULWăĠLORU
SXEOLFHLQVWLWXĠLLORUSXEOLFHVDXDOHDOWRUSHUVRDQHMXULGLFHGHGUHSWSXEOLFSHQWUX
LQIUDFĠLXQLOHFDUHFRQVWLWXLHvQFăOFăULDOHGLVSR]LĠLLORUúLREOLJDĠLLORUDFăURUUHVSHFWDUH
RFRQWUROHD]ăSRWULYLWOHJLL
E RUJDQHOHGHFRQWUROúLFHOHGHFRQGXFHUHDOHDXWRULWăĠLORUDGPLQLVWUDĠLHLSXEOLFHDOH
DOWRUDXWRULWăĠLSXEOLFHLQVWLWXĠLLSXEOLFHVDXDOHDOWRUSHUVRDQHMXULGLFHGHGUHSWSXEOLF
SHQWUXLQIUDFĠLXQLOHVăYkUúLWHvQOHJăWXUăFXVHUYLFLXOGHFăWUHFHLDIODĠLvQVXERUGLQHDRUL
VXEFRQWUROXOORU
F RUJDQHOHGHRUGLQHSXEOLFăúLVLJXUDQĠăQDĠLRQDOăSHQWUXLQIUDFĠLXQLOHFRQVWDWDWHvQ
WLPSXOH[HUFLWăULLDWULEXĠLLORUSUHYă]XWHGHOHJH
2UJDQHOHSUHYă]XWHODDOLQ DXREOLJDĠLDVăLDPăVXULGHFRQVHUYDUHDORFXOXL
VăYkUúLULLLQIUDFĠLXQLLúLGHULGLFDUHVDXFRQVHUYDUHDPLMORDFHORUPDWHULDOHGHSUREăÌQ
FD]XOLQIUDFĠLXQLORUIODJUDQWHDFHOHDúLRUJDQHDXGUHSWXOGHDIDFHSHUFKH]LĠLLFRUSRUDOH
VDXDOHYHKLFXOHORUGHDOSULQGHSHIăSWXLWRUúLGHDOSUH]HQWDGHvQGDWăRUJDQHORUGH
XUPăULUHSHQDOă
&kQGIăSWXLWRUXOVDXSHUVRDQHOHSUH]HQWHODORFXOFRQVWDWăULLDXGHIăFXWRELHFĠLLRUL
SUHFL]ăULVDXDXGHGDWH[SOLFDĠLLFXSULYLUHODFHOHFRQVHPQDWHvQSURFHVXOYHUEDORUJDQXO
GHFRQVWDWDUHDUHREOLJDĠLDGHDOHFRQVHPQDvQSURFHVXOYHUEDO
$FWHOHvQFKHLDWHvPSUHXQăFXPLMORDFHOHPDWHULDOHGHSUREăVHvQDLQWHD]ăGHvQGDWă
RUJDQHORUGHXUPăULUHSHQDOă
3URFHVXOYHUEDOvQFKHLDWvQFRQIRUPLWDWHFXSUHYHGHULOHDOLQ FRQVWLWXLHDFWGH
VHVL]DUHDRUJDQHORUGHXUPăULUHSHQDOăúLQXSRDWHILVXSXVFRQWUROXOXLSHFDOHD
FRQWHQFLRVXOXLDGPLQLVWUDWLY
$UWLFROXO
$FWHOHvQFKHLDWHGHFRPDQGDQĠLLGHQDYHúLDHURQDYH
&RPDQGDQĠLLGHQDYHúLDHURQDYHVXQWFRPSHWHQĠLVăIDFăSHUFKH]LĠLLFRUSRUDOHVDXDOH
YHKLFXOHORUúLVăYHULILFHOXFUXULOHSHFDUHIăSWXLWRULLOHDXFXVLQHVDXOHIRORVHVFSH
WLPSXOFkWQDYHOHúLDHURQDYHOHSHFDUHOHFRPDQGăVHDIOăvQDIDUDSRUWXULORUVDX
DHURSRUWXULORUúLSHQWUXLQIUDFĠLXQLOHVăYkUúLWHSHDFHVWHQDYHVDXDHURQDYHDYkQGWRWRGDWă
úLREOLJDĠLLOHúLGUHSWXULOHSUHYă]XWHODDUW
$FWHOHvQFKHLDWHvPSUHXQăFXPLMORDFHOHPDWHULDOHGHSUREăVHvQDLQWHD]ăRUJDQHORUGH
XUPăULUHSHQDOăGHvQGDWăFHQDYDVDXDHURQDYDDMXQJHvQSULPXOSRUWVDXDHURSRUWURPkQHVF
ÌQFD]XOLQIUDFĠLXQLORUIODJUDQWHFRPDQGDQĠLLGHQDYHúLDHURQDYHDXGUHSWXOGHDIDFH
SHUFKH]LĠLLFRUSRUDOHVDXDOHYHKLFXOHORUGHDOSULQGHSHIăSWXLWRUúLGHDOSUH]HQWD
RUJDQHORUGHXUPăULUHSHQDOă
3URFHVXOYHUEDOvQFKHLDWvQFRQIRUPLWDWHFXSUHYHGHULOHDOLQ FRQVWLWXLHDFWGH
VHVL]DUHDRUJDQHORUGHXUPăULUHSHQDOăúLQXSRDWHILVXSXVFRQWUROXOXLSHFDOHD
FRQWHQFLRVXOXLDGPLQLVWUDWLY
$UWLFROXO
'LVSR]LĠLLFRPXQH
'LVSR]LĠLLOHSUHYă]XWHODDUWúLVHDSOLFăvQPRGFRUHVSXQ]ăWRUúLvQFXUVXO
XUPăULULLSHQDOH
3UHYHGHULOHDUWDOLQ QXVHDSOLFăvQID]DGHXUPăULUHSHQDOă
8UPăULUHDSHQDOăDLQIUDFĠLXQLORUVăYkUúLWHvQFRQGLĠLLOHSUHYă]XWHODDUWVH
HIHFWXHD]ăGHFăWUHRUJDQXOGHXUPăULUHSHQDOăGLQFLUFXPVFULSĠLDLQVWDQĠHLFRPSHWHQWHVă
MXGHFHFDX]DGDFăOHJHDQXGLVSXQHDOWIHO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&RQIOLFWXOGHFRPSHWHQĠăGLQWUHVDXPDLPXOĠLSURFXURULVHUH]ROYăGHFăWUHSURFXURUXO
LHUDUKLFVXSHULRUFRPXQDFHVWRUD&kQGFRQIOLFWXOVHLYHúWHvQWUHGRXăVDXPDLPXOWHRUJDQH
GHFHUFHWDUHSHQDOăFRPSHWHQĠDVHVWDELOHúWHGHFăWUHSURFXURUXOFDUHH[HUFLWăVXSUDYHJKHUHD
DFWLYLWăĠLLGHFHUFHWDUHSHQDOăDDFHVWRURUJDQHÌQFD]XOvQFDUHSURFXURUXOQXH[HUFLWă
VXSUDYHJKHUHDDFWLYLWăĠLLWXWXURURUJDQHORUGHFHUFHWDUHSHQDOăvQWUHFDUHVDLYLW
FRQIOLFWXOFRPSHWHQĠDVHVWDELOHúWHGHFăWUHSULPSURFXURUXOSDUFKHWXOXLvQFLUFXPVFULSĠLD
FăUXLDVHDIOăRUJDQHOHGHFHUFHWDUHSHQDOă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6HFĠLXQHDDD,QFRPSDWLELOLWDWHDúLVWUăPXWDUHD
6HFĠLXQHDDDDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
,QFRPSDWLELOLWDWHDMXGHFăWRUXOXL
-XGHFăWRUXOHVWHLQFRPSDWLELOGDFă
D DIRVWUHSUH]HQWDQWVDXDYRFDWDOXQHLSăUĠLRULDOXQXLVXELHFWSURFHVXDOSULQFLSDO
FKLDUúLvQDOWăFDX]ă
E HVWHUXGăVDXDILQSkQăODJUDGXODO,9OHDLQFOXVLYRULVHDIOăvQWURDOWăVLWXDĠLH
GLQWUHFHOHSUHYă]XWHODDUWGLQ&RGXOSHQDOFXXQDGLQWUHSăUĠLFXXQVXELHFW
SURFHVXDOSULQFLSDOFXDYRFDWXORULFXUHSUH]HQWDQWXODFHVWRUD
F DIRVWH[SHUWVDXPDUWRUvQFDX]ă
G HVWHWXWRUHVDXFXUDWRUDOXQHLSăUĠLVDXDOXQXLVXELHFWSURFHVXDOSULQFLSDO
H DHIHFWXDWvQFDX]ăDFWHGHXUPăULUHSHQDOăVDXDSDUWLFLSDWvQFDOLWDWHGHSURFXURU
ODRULFHSURFHGXUăGHVIăúXUDWăvQIDĠDXQXLMXGHFăWRUVDXDXQHLLQVWDQĠHGHMXGHFDWă
I H[LVWăRVXVSLFLXQHUH]RQDELOăFăLPSDUĠLDOLWDWHDMXGHFăWRUXOXLHVWHDIHFWDWă
1XSRWIDFHSDUWHGLQDFHODúLFRPSOHWGHMXGHFDWăMXGHFăWRULLFDUHVXQWVRĠLUXGHVDX
DILQLvQWUHHLSkQăODJUDGXODO,9OHDLQFOXVLYRULVHDIOăvQWURDOWăVLWXDĠLHGLQWUH
FHOHSUHYă]XWHODDUWGLQ&RGXOSHQDO
-XGHFăWRUXOFDUHDSDUWLFLSDWODMXGHFDUHDXQHLFDX]HQXPDLSRDWHSDUWLFLSDODMXGHFDUHD
DFHOHLDúLFDX]HvQWURFDOHGHDWDFVDXODUHMXGHFDUHDFDX]HLGXSăGHVILLQĠDUHDRULFDVDUHD
KRWăUkULL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLQXSRDWHSDUWLFLSDvQDFHHDúLFDX]ăODSURFHGXUD
GHFDPHUăSUHOLPLQDUăODMXGHFDWDvQIRQGVDXvQFăLOHGHDWDF
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
-XGHFăWRUXOFDUHDSDUWLFLSDWODVROXĠLRQDUHDSOkQJHULLvPSRWULYDVROXĠLLORUGH
QHXUPăULUHVDXQHWULPLWHUHvQMXGHFDWăQXSRDWHSDUWLFLSDvQDFHHDúLFDX]ăODMXGHFDWDvQ
IRQGVDXvQFăLOHGHDWDF
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
-XGHFăWRUXOFDUHVDSURQXQĠDWFXSULYLUHODRPăVXUăVXSXVăFRQWHVWDĠLHLQXSRDWH
SDUWLFLSDODVROXĠLRQDUHDFRQWHVWDĠLHL
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
,QFRPSDWLELOLWDWHDSURFXURUXOXLDRUJDQXOXLGHFHUFHWDUHSHQDOăDPDJLVWUDWXOXLDVLVWHQWúL
DJUHILHUXOXL
'LVSR]LĠLLOHDUWDOLQ OLWD G úLI VHDSOLFăSURFXURUXOXLúLRUJDQXOXLGH
FHUFHWDUHSHQDOă
'LVSR]LĠLLOHDUWDOLQ VHDSOLFăPDJLVWUDWXOXLDVLVWHQWúLJUHILHUXOXL
'LVSR]LĠLLOHDUWDOLQ VHDSOLFăSURFXURUXOXLúLPDJLVWUDWXOXLDVLVWHQWVDXGXSă
FD]JUHILHUXOXLFkQGFDX]DGHLQFRPSDWLELOLWDWHH[LVWăvQWUHHLVDXvQWUHYUHXQXOGLQWUHHL
úLMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXXQXOGLQWUH
PHPEULLFRPSOHWXOXLGHMXGHFDWă
3URFXURUXOFDUHDSDUWLFLSDWFDMXGHFăWRUvQWURFDX]ăQXSRDWHvQDFHHDúLFDX]ăVă
H[HUFLWHIXQFĠLDGHXUPăULUHSHQDOăVDXVăSXQăFRQFOX]LLODMXGHFDUHDDFHOHLFDX]HvQSULPă
LQVWDQĠăúLvQFăLOHGHDWDF
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
$EĠLQHUHD
3HUVRDQDLQFRPSDWLELOăHVWHREOLJDWăVăGHFODUHGXSăFD]SUHúHGLQWHOXLLQVWDQĠHL
SURFXURUXOXLFDUHVXSUDYHJKHD]ăXUPăULUHDSHQDOăVDXSURFXURUXOXLLHUDUKLFVXSHULRUFăVH
DEĠLQHGHDSDUWLFLSDODSURFHVXOSHQDOFXDUăWDUHDFD]XOXLGHLQFRPSDWLELOLWDWHúLD
WHPHLXULORUGHIDSWFDUHFRQVWLWXLHPRWLYXODEĠLQHULL
'HFODUDĠLDGHDEĠLQHUHVHIDFHGHvQGDWăFHSHUVRDQDREOLJDWăODDFHDVWDDOXDW
FXQRúWLQĠăGHH[LVWHQĠDFD]XOXLGHLQFRPSDWLELOLWDWH
$UWLFROXO
5HFX]DUHD
ÌQFD]XOvQFDUHSHUVRDQDLQFRPSDWLELOăQXDIăFXWGHFODUDĠLHGHDEĠLQHUHSăUĠLOH
VXELHFĠLLSURFHVXDOLSULQFLSDOLVDXSURFXURUXOSRWIDFHFHUHUHGHUHFX]DUHGHvQGDWăFHDX
DIODWGHVSUHH[LVWHQĠDFD]XOXLGHLQFRPSDWLELOLWDWH
&HUHUHDGHUHFX]DUHVHIRUPXOHD]ăGRDUvPSRWULYDSHUVRDQHLGLQFDGUXORUJDQXOXLGH
FHUFHWDUHSHQDOăDSURFXURUXOXLVDXDMXGHFăWRUXOXLFDUHHIHFWXHD]ăDFWLYLWăĠLMXGLFLDUHvQ
FDX]ă(VWHLQDGPLVLELOăUHFX]DUHDMXGHFăWRUXOXLVDXDSURFXURUXOXLFKHPDWVăGHFLGăDVXSUD
UHFX]ăULL
'LVSR]LĠLLOHDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRUvQFD]XOUHFX]ăULLPDJLVWUDWXOXL
DVLVWHQWúLJUHILHUXOXL
&HUHUHDGHUHFX]DUHVHIRUPXOHD]ăRUDOVDXvQVFULVFXDUăWDUHDSHQWUXILHFDUHSHUVRDQă
vQSDUWHDFD]XOXLGHLQFRPSDWLELOLWDWHLQYRFDWúLDWHPHLXULORUGHIDSWFXQRVFXWHOD
PRPHQWXOIRUPXOăULLFHUHULL&HUHUHDGHUHFX]DUHIRUPXODWăRUDOVHFRQVHPQHD]ăvQWUXQ
SURFHVYHUEDOVDXGXSăFD]vQvQFKHLHUHDGHúHGLQĠă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
1HUHVSHFWDUHDFRQGLĠLLORUSUHYă]XWHODDOLQ VDXIRUPXODUHDXQHLFHUHULGH
UHFX]DUHvPSRWULYDDFHOHLDúLSHUVRDQHSHQWUXDFHODúLFD]GHLQFRPSDWLELOLWDWHFXDFHOHDúL
WHPHLXULGHIDSWLQYRFDWHvQWURFHUHUHDQWHULRDUăGHUHFX]DUHFDUHDIRVWUHVSLQVăDWUDJH
LQDGPLVLELOLWDWHDFHUHULLGHUHFX]DUH,QDGPLVLELOLWDWHDVHFRQVWDWăGHSURFXURUXOVDXGH
FRPSOHWXOvQIDĠDFăUXLDVDIRUPXODWFHUHUHDGHUHFX]DUH
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXFRPSOHWXOvQ
IDĠDFăUXLDVDIRUPXODWUHFX]DUHDFXSDUWLFLSDUHDMXGHFăWRUXOXLUHFX]DWVHSURQXQĠăDVXSUD
PăVXULORUSUHYHQWLYH
$UWLFROXO
3URFHGXUDGHVROXĠLRQDUHDDEĠLQHULLVDXUHFX]ăULL
$EĠLQHUHDVDXUHFX]DUHDMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLúLDMXGHFăWRUXOXLGH
FDPHUăSUHOLPLQDUăVHVROXĠLRQHD]ăGHXQMXGHFăWRUGHODDFHHDúLLQVWDQĠă
$EĠLQHUHDVDXUHFX]DUHDMXGHFăWRUXOXLFDUHIDFHSDUWHGLQFRPSOHWXOGHMXGHFDWăVH
VROXĠLRQHD]ăGHXQDOWFRPSOHWGHMXGHFDWă
$EĠLQHUHDVDXUHFX]DUHDPDJLVWUDWXOXLDVLVWHQWVHVROXĠLRQHD]ăGHFRPSOHWXOGHMXGHFDWă
$EĠLQHUHDVDXUHFX]DUHDJUHILHUXOXLVHVROXĠLRQHD]ăGHMXGHFăWRUXOGHGUHSWXULúL
OLEHUWăĠLGHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXGXSăFD]GHFRPSOHWXOGHMXGHFDWă
6ROXĠLRQDUHDDEĠLQHULLVDXUHFX]ăULLVHIDFHvQFHOPXOWGHRUHvQFDPHUDGH
FRQVLOLX'DFăDSUHFLD]ăQHFHVDUSHQWUXVROXĠLRQDUHDFHUHULLMXGHFăWRUXOVDXFRPSOHWXOGH
MXGHFDWăGXSăFD]SRDWHHIHFWXDRULFHYHULILFăULúLSRDWHDVFXOWDSURFXURUXOVXELHFĠLL
SURFHVXDOLSULQFLSDOLSăUĠLOHúLSHUVRDQDFDUHVHDEĠLQHVDXDFăUHLUHFX]DUHVHVROLFLWă
ÌQFD]GHDGPLWHUHDDEĠLQHULLVDXDUHFX]ăULLVHYDVWDELOLvQFHPăVXUăDFWHOH
vQGHSOLQLWHRULPăVXULOHGLVSXVHVHPHQĠLQ
ÌQFKHLHUHDSULQFDUHVHVROXĠLRQHD]ăDEĠLQHUHDRULUHFX]DUHDQXHVWHVXSXVăQLFLXQHLFăL
GHDWDF
&kQGSHQWUXVROXĠLRQDUHDDEĠLQHULLVDXDUHFX]ăULLQXSRDWHILGHVHPQDWXQMXGHFăWRUGLQ
FDGUXODFHOHLDúLLQVWDQĠHFHUHUHDVHVROXĠLRQHD]ăGHXQMXGHFăWRUGHODLQVWDQĠDLHUDUKLF
VXSHULRDUă
ÌQFD]XOvQFDUHVHDGPLWHDEĠLQHUHDVDXUHFX]DUHDúLQXVHSRDWHGHVHPQDXQMXGHFăWRUGH
ODLQVWDQĠDFRPSHWHQWăSHQWUXVROXĠLRQDUHDFDX]HLMXGHFăWRUXOGHODLQVWDQĠDLHUDUKLF
VXSHULRDUăGHVHPQHD]ăRDOWăLQVWDQĠăHJDOăvQJUDGFXLQVWDQĠDvQIDĠDFăUHLDVDIRUPXODW
GHFODUDĠLDGHDEĠLQHUHVDXFHUHUHDGHUHFX]DUHGLQFLUFXPVFULSĠLDDFHOHLDúLFXUĠLGHDSHO
VDXGLQFLUFXPVFULSĠLDXQHLFXUĠLGHDSHOvQYHFLQDWH
'LVSR]LĠLLOHDOLQ úL VHDSOLFăvQPRGFRUHVSXQ]ăWRUúLvQFD]XOVROXĠLRQăULL
DEĠLQHULLVDXUHFX]ăULLMXGHFăWRUXOXLFDUHIDFHSDUWHGLQFRPSOHWXOGHMXGHFDWă
$UWLFROXO
3URFHGXUDGHVROXĠLRQDUHDDEĠLQHULLVDXUHFX]ăULLSHUVRDQHLFDUHHIHFWXHD]ăXUPăULUHDSHQDOă
$VXSUDDEĠLQHULLVDXUHFX]ăULLSHUVRDQHLFDUHHIHFWXHD]ăXUPăULUHDSHQDOăVHSURQXQĠă
SURFXURUXOFDUHVXSUDYHJKHD]ăXUPăULUHDSHQDOă
&HUHUHDGHUHFX]DUHVHDGUHVHD]ăILHSHUVRDQHLUHFX]DWHILHSURFXURUXOXLÌQFD]XOvQ
FDUHFHUHUHDHVWHDGUHVDWăSHUVRDQHLFDUHHIHFWXHD]ăXUPăULUHDSHQDOăDFHDVWDHVWHREOLJDWă
VăRvQDLQWH]HvPSUHXQăFXOăPXULULOHQHFHVDUHvQWHUPHQGHGHRUHSURFXURUXOXLIăUăD
vQWUHUXSHFXUVXOXUPăULULLSHQDOH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3URFXURUXOVROXĠLRQHD]ăDEĠLQHUHDVDXUHFX]DUHDvQFHOPXOWGHRUHSULQRUGRQDQĠă
FDUHQXHVWHVXSXVăQLFLXQHLFăLGHDWDF
ÌQFD]GHDGPLWHUHDDEĠLQHULLVDXDUHFX]ăULLVHYDVWDELOLvQFHPăVXUăDFWHOH
vQGHSOLQLWHRULPăVXULOHGLVSXVHVHPHQĠLQ
$UWLFROXO
3URFHGXUDGHVROXĠLRQDUHDDEĠLQHULLVDXUHFX]ăULLSURFXURUXOXL
ÌQWRWFXUVXOSURFHVXOXLSHQDODVXSUDDEĠLQHULLVDXUHFX]ăULLSURFXURUXOXLVHSURQXQĠă
SURFXURUXOLHUDUKLFVXSHULRU
'HFODUDĠLDGHDEĠLQHUHVDXFHUHUHDGHUHFX]DUHVHDGUHVHD]ăVXEVDQFĠLXQHD
LQDGPLVLELOLWăĠLLSURFXURUXOXLLHUDUKLFVXSHULRU,QDGPLVLELOLWDWHDVHFRQVWDWăGH
SURFXURUXOMXGHFăWRUXOVDXGHFRPSOHWXOvQIDĠDFăUXLDVDIRUPXODWFHUHUHDGHUHFX]DUH
3URFXURUXOLHUDUKLFVXSHULRUVROXĠLRQHD]ăFHUHUHDvQGHRUH
3URFXURUXOLHUDUKLFVXSHULRUVHSURQXQĠăSULQRUGRQDQĠăFDUHQXHVWHVXSXVăQLFLXQHLFăL
GHDWDF
3URFXURUXOUHFX]DWSRDWHSDUWLFLSDODVROXĠLRQDUHDFHUHULLSULYLWRDUHODPăVXUD
SUHYHQWLYăúLSRDWHHIHFWXDDFWHVDXGLVSXQHRULFHPăVXULFDUHMXVWLILFăXUJHQĠD
ÌQFD]GHDGPLWHUHDDEĠLQHULLVDXDUHFX]ăULLVHYDVWDELOLvQFHPăVXUăDFWHOH
vQGHSOLQLWHRULPăVXULOHGLVSXVHVHPHQĠLQ
$UWLFROXO
7HPHLXOVWUăPXWăULL
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHVWUăPXWăMXGHFDUHDXQHLFDX]HGHODFXUWHDGHDSHO
FRPSHWHQWăODRDOWăFXUWHGHDSHOLDUFXUWHDGHDSHOVWUăPXWăMXGHFDUHDXQHLFDX]HGHODXQ
WULEXQDOVDXGXSăFD]GHODRMXGHFăWRULHGLQFLUFXPVFULSĠLDVDODRDOWăLQVWDQĠăGH
DFHODúLJUDGGLQFLUFXPVFULSĠLDVDDWXQFLFkQGH[LVWăRVXVSLFLXQHUH]RQDELOăFă
LPSDUĠLDOLWDWHDMXGHFăWRULORULQVWDQĠHLHVWHDIHFWDWăGDWRULWăvPSUHMXUăULORUFDX]HL
FDOLWăĠLLSăUĠLORURULDWXQFLFkQGH[LVWăSHULFROGHWXOEXUDUHDRUGLQLLSXEOLFH6WUăPXWDUHD
MXGHFăULLXQHLFDX]HGHODRLQVWDQĠăPLOLWDUăFRPSHWHQWăODRDOWăLQVWDQĠăPLOLWDUăGH
DFHODúLJUDGVHGLVSXQHGHFXUWHDPLOLWDUăGHDSHOSUHYHGHULOHSUH]HQWHLVHFĠLXQLSULYLQG
VWUăPXWDUHDMXGHFăULLFDX]HLGHFăWUHFXUWHDGHDSHOFRPSHWHQWăILLQGDSOLFDELOH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&HUHUHDGHVWUăPXWDUHúLHIHFWHOHDFHVWHLD
6WUăPXWDUHDSRDWHILFHUXWăGHSăUĠLVDXGHSURFXURUÌQFXUVXOSURFHGXULLGHFDPHUă
SUHOLPLQDUăQXVHSRDWHIDFHFHUHUHGHVWUăPXWDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&HUHUHDVHGHSXQHODLQVWDQĠDGHXQGHVHVROLFLWăVWUăPXWDUHDúLWUHEXLHVăFXSULQGă
LQGLFDUHDWHPHLXOXLGHVWUăPXWDUHSUHFXPúLPRWLYDUHDvQIDSWúLvQGUHSW
/DFHUHUHVHDQH[HD]ăvQVFULVXULOHSHFDUHDFHDVWDVHvQWHPHLD]ă
ÌQFHUHUHVHIDFHPHQĠLXQHGDFăLQFXOSDWXOHVWHVXSXVXQHLPăVXULSUHYHQWLYH
&HUHUHDVHvQDLQWHD]ăGHvQGDWăÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHVDXFXUĠLLGHDSHO
FRPSHWHQWHvPSUHXQăFXvQVFULVXULOHDQH[DWH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHVDXFXUWHDGHDSHOFRPSHWHQWăSRDWHVROLFLWD
LQIRUPDĠLLGHODSUHúHGLQWHOHLQVWDQĠHLGHXQGHVHVROLFLWăVWUăPXWDUHDVDXGHOD
SUHúHGLQWHOHLQVWDQĠHLLHUDUKLFVXSHULRDUHFHOHLODFDUHVHDIOăFDX]DDFăUHLVWUăPXWDUHVH
FHUHFRPXQLFkQGXLWRWRGDWăWHUPHQXOIL[DWSHQWUXMXGHFDUHDFHUHULLGHVWUăPXWDUH&kQG
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHHVWHLQVWDQĠDLHUDUKLFVXSHULRDUăLQIRUPDĠLLOHVHFHU
SUHúHGLQWHOXLFXUĠLLGHDSHOODFDUHVHDIOăFDX]DDFăUHLVWUăPXWDUHVHFHUH&kQGFXUWHDGH
DSHOFRPSHWHQWăHVWHLQVWDQĠDLHUDUKLFVXSHULRDUăLQIRUPDĠLLOHVHFHUSUHúHGLQWHOXL
WULEXQDOXOXLODFDUHVHDIOăFDX]DDFăUHLVWUăPXWDUHVHFHUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOUHVSLQJHULLFHUHULLGHVWUăPXWDUHvQDFHHDúLFDX]ăQXPDLSRDWHILIRUPXODWăR
QRXăFHUHUHSHQWUXDFHOHDúLPRWLYH
,QWURGXFHUHDXQHLFHUHULGHVWUăPXWDUHQXVXVSHQGăMXGHFDUHDFDX]HL
$UWLFROXO
3URFHGXUDGHVROXĠLRQDUHDFHUHULLGHVWUăPXWDUH
6ROXĠLRQDUHDFHUHULLGHVWUăPXWDUHVHIDFHvQúHGLQĠăSXEOLFăFXSDUWLFLSDUHD
SURFXURUXOXLvQFHOPXOWGH]LOHGHODGDWDvQUHJLVWUăULLFHUHULL
3UHúHGLQWHOHLQVWDQĠHLLHUDUKLFVXSHULRDUHFHOHLODFDUHVHDIOăFDX]DLDPăVXULSHQWUX
vQFXQRúWLQĠDUHDSăUĠLORUGHVSUHLQWURGXFHUHDFHUHULLGHVWUăPXWDUHGHVSUHWHUPHQXOIL[DW
SHQWUXVROXĠLRQDUHDDFHVWHLDFXPHQĠLXQHDFăSăUĠLOHSRWWULPLWHPHPRULLúLVHSRWSUH]HQWD
ODWHUPHQXOIL[DWSHQWUXVROXĠLRQDUHDFHUHULL
ÌQLQIRUPDĠLLOHWULPLVHÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHVDXFXUĠLLGHDSHOVHIDFH
PHQĠLXQHH[SUHVăGHVSUHHIHFWXDUHDvQFXQRúWLQĠăULORUDWDúkQGXVHúLGRYH]LOHGHFRPXQLFDUHD
DFHVWRUD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
1HSUH]HQWDUHDSăUĠLORUQXvPSLHGLFăVROXĠLRQDUHDFHUHULLÌQFD]XOvQFDUHLQFXOSDWXOVH
DIOăvQVWDUHGHDUHVWSUHYHQWLYVDXDUHVWODGRPLFLOLXÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLH
VDXFXUWHDGHDSHOFRPSHWHQWăSRDWHGLVSXQHDGXFHUHDDFHVWXLDODMXGHFDUHDVWUăPXWăULLGDFă
DSUHFLD]ăFăSUH]HQĠDVDHVWHQHFHVDUăSHQWUXVROXĠLRQDUHDFHUHULL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHVDXFXUWHDGHDSHOFRPSHWHQWăDFRUGăFXYkQWXOSăUĠLL
FDUHDIRUPXODWFHUHUHDGHVWUăPXWDUHFHORUODOWHSăUĠLSUH]HQWHSUHFXPúLSURFXURUXOXL
'DFăSURFXURUXODIRUPXODWFHUHUHDDFHVWXLDLVHDFRUGăSULPXOFXYkQWXO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
6ROXĠLRQDUHDFHUHULL
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHVDXFXUWHDGHDSHOFRPSHWHQWăVROXĠLRQHD]ăFHUHUHDGH
VWUăPXWDUHSULQVHQWLQĠă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHJăVHúWHFHUHUHDvQWHPHLDWăÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHGLVSXQH
VWUăPXWDUHDMXGHFăULLFDX]HLODRFXUWHGHDSHOvQYHFLQDWăFXUĠLLGHODFDUHVHVROLFLWă
VWUăPXWDUHDLDUFXUWHDGHDSHOGLVSXQHVWUăPXWDUHDMXGHFăULLFDX]HLODXQDGLQWUHLQVWDQĠHOH
GHDFHODúLJUDGFXLQVWDQĠDGHODFDUHVHVROLFLWăVWUăPXWDUHDGLQFLUFXPVFULSĠLDVD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHVDXFXUWHDGHDSHOFRPSHWHQWăKRWăUăúWHvQFHPăVXUă
VHPHQĠLQDFWHOHvQGHSOLQLWHvQIDĠDLQVWDQĠHLGHODFDUHVDVWUăPXWDWFDX]D
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
,QVWDQĠDGHODFDUHDIRVWVWUăPXWDWăFDX]DSUHFXPúLLQVWDQĠDODFDUHVDVWUăPXWDW
FDX]DYRUILvQúWLLQĠDWHGHvQGDWăGHVSUHDGPLWHUHDFHUHULLGHVWUăPXWDUH
'DFăLQVWDQĠDGHODFDUHDIRVWVWUăPXWDWăFDX]DDSURFHGDWvQWUHWLPSODMXGHFDUHD
FDX]HLKRWăUkUHDSURQXQĠDWăHVWHGHVILLQĠDWăSULQHIHFWXODGPLWHULLFHUHULLGHVWUăPXWDUH
6HQWLQĠDSUHYă]XWăODDOLQ QXHVWHVXSXVăQLFLXQHLFăLGHDWDF
$UWLFROXO
$OWHGLVSR]LĠLL
'XSăVWUăPXWDUHDFDX]HLFRQWHVWDĠLLOHúLFHOHODOWHFăLGHDWDFVHMXGHFăGHLQVWDQĠHOH
FRUHVSXQ]ăWRDUHGLQFLUFXPVFULSĠLDLQVWDQĠHLODFDUHVDVWUăPXWDWFDX]D
3UHYHGHULOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRUúLvQSURFHGXUDGHFDPHUă
SUHOLPLQDUă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHVHGLVSXQHVWUăPXWDUHDvQFXUVXOSURFHGXULLGHFDPHUăSUHOLPLQDUă
MXGHFDUHDFDX]HLVHHIHFWXHD]ăGHLQVWDQĠDODFDUHVDVWUăPXWDWFDX]D
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHVHGLVSXQHVWUăPXWDUHDMXGHFăULLFăLLGHDWDFDDSHOXOXLUHMXGHFDUHD
FDX]HLvQFD]GHGHVILLQĠDUHDVHQWLQĠHLFXWULPLWHUHVSUHUHMXGHFDUHVHYDHIHFWXDGH
FăWUHLQVWDQĠDFRUHVSXQ]ăWRDUHvQJUDGFHOHLFDUHDVROXĠLRQDWIRQGXOGLQFLUFXPVFULSĠLD
FHOHLODFDUHVDVWUăPXWDWFDX]DLQGLFDWăSULQGHFL]LDGHGHVILLQĠDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
'HVHPQDUHDDOWHLLQVWDQĠHSHQWUXMXGHFDUHDFDX]HL
3URFXURUXOFDUHHIHFWXHD]ăVDXVXSUDYHJKHD]ăXUPăULUHDSHQDOăSRDWHFHUHÌQDOWHL&XUĠLGH
&DVDĠLHúL-XVWLĠLHVăGHVHPQH]HRDOWăFXUWHGHDSHOGHFkWFHDFăUHLDLDUUHYHQLFRPSHWHQĠD
VăMXGHFHFDX]DvQSULPăLQVWDQĠăFDUHVăILHVHVL]DWăvQFD]XOvQFDUHVHYDHPLWH
UHFKL]LWRULXO
3URFXURUXOFDUHHIHFWXHD]ăVDXVXSUDYHJKHD]ăXUPăULUHDSHQDOăSRDWHFHUHFXUĠLLGHDSHO
FRPSHWHQWHVăGHVHPQH]HXQDOWWULEXQDOVDXGXSăFD]RDOWăMXGHFăWRULHGHFkWFHDFăUHLDL
DUUHYHQLFRPSHWHQĠDVăMXGHFHFDX]DvQSULPăLQVWDQĠăFDUHVăILHVHVL]DWHvQFD]XOvQFDUH
VHYDHPLWHUHFKL]LWRULXO
'LVSR]LĠLLOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRU
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHVDXFXUWHDGHDSHOFRPSHWHQWăVROXĠLRQHD]ăFHUHUHDvQ
FDPHUDGHFRQVLOLXvQWHUPHQGH]LOH
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHVDXFXUWHDGHDSHOFRPSHWHQWăGLVSXQHSULQvQFKHLHUH
PRWLYDWăILHUHVSLQJHUHDFHUHULLILHDGPLWHUHDFHUHULLúLGHVHPQDUHDXQHLLQVWDQĠHHJDOHvQ
JUDGFXFHDFăUHLDLDUUHYHQLFRPSHWHQĠDVăMXGHFHFDX]DvQSULPăLQVWDQĠăFDUHVăILH
VHVL]DWăvQFD]XOvQFDUHVHYDHPLWHUHFKL]LWRULXO
ÌQFKHLHUHDSULQFDUHÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHVDXFXUWHDGHDSHOFRPSHWHQWă
VROXĠLRQHD]ăFHUHUHDQXHVWHVXSXVăQLFLXQHLFăLGHDWDF
ÌQFD]XOUHVSLQJHULLFHUHULLGHGHVHPQDUHDDOWHLLQVWDQĠHSHQWUXMXGHFDUHDFDX]HL
IRUPXODWHvQDFHHDúLFDX]ăQXPDLSRDWHILIRUPXODWăRQRXăFHUHUHSHQWUXDFHOHDúLPRWLYH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&DSLWROXO,,,6XELHFĠLLSURFHVXDOLSULQFLSDOLúLGUHSWXULOHDFHVWRUD
$UWLFROXO
6XVSHFWXO
3HUVRDQDFXSULYLUHODFDUHGLQGDWHOHúLSUREHOHH[LVWHQWHvQFDX]ăUH]XOWăEăQXLDOD
UH]RQDELOăFăDVăYkUúLWRIDSWăSUHYă]XWăGHOHJHDSHQDOăVHQXPHúWHVXVSHFW
$UWLFROXO
'UHSWXULOHVXVSHFWXOXL
6XVSHFWXODUHGUHSWXULOHSUHYă]XWHGHOHJHSHQWUXLQFXOSDWGDFăOHJHDQXSUHYHGHDOWIHO
$UWLFROXO
3HUVRDQDYăWăPDWă
3HUVRDQDFDUHDVXIHULWRYăWăPDUHIL]LFăPDWHULDOăVDXPRUDOăSULQIDSWDSHQDOăVHQXPHúWH
SHUVRDQăYăWăPDWă
$UWLFROXO
'HVHPQDUHDXQXLUHSUH]HQWDQWDOSHUVRDQHORUYăWăPDWH
ÌQVLWXDĠLDvQFDUHvQFDX]ăH[LVWăXQQXPăUPDUHGHSHUVRDQHYăWăPDWHFDUHQXDX
LQWHUHVHFRQWUDULLDFHVWHDSRWGHVHPQDRSHUVRDQăFDUHVăOHUHSUH]LQWHLQWHUHVHOHvQFDGUXO
SURFHVXOXLSHQDOÌQFD]XOvQFDUHSHUVRDQHOHYăWăPDWHQXúLDXGHVHPQDWXQUHSUH]HQWDQW
FRPXQSHQWUXEXQDGHVIăúXUDUHDSURFHVXOXLSHQDOSURFXURUXOVDXLQVWDQĠDGHMXGHFDWăSRDWH
GHVHPQDSULQRUGRQDQĠăUHVSHFWLYSULQvQFKHLHUHPRWLYDWăXQDYRFDWGLQRILFLXSHQWUXDOH
UHSUH]HQWDLQWHUHVHOHÌQFKHLHUHDVDXRUGRQDQĠDYDILFRPXQLFDWăSHUVRDQHORUYăWăPDWHFDUH
WUHEXLHVăvQFXQRúWLQĠH]HvQWHUPHQGH]LOHGHODSULPLUHDFRPXQLFăULLSURFXURUXOVDX
LQVWDQĠDvQFD]XOvQFDUHUHIX]ăVăILHUHSUH]HQWDĠLSULQDYRFDWXOGHVHPQDWGLQRILFLX7RDWH
DFWHOHGHSURFHGXUăFRPXQLFDWHUHSUH]HQWDQWXOXLVDXGHFDUHUHSUH]HQWDQWXODOXDWFXQRúWLQĠă
VXQWSUH]XPDWHDILFXQRVFXWHGHFăWUHSHUVRDQHOHUHSUH]HQWDWH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
5HSUH]HQWDQWXOSHUVRDQHORUYăWăPDWHH[HUFLWăWRDWHGUHSWXULOHUHFXQRVFXWHGHOHJH
DFHVWRUD
$UWLFROXO
'UHSWXULOHSHUVRDQHLYăWăPDWH
ÌQFDGUXOSURFHVXOXLSHQDOSHUVRDQDYăWăPDWăDUHXUPăWRDUHOHGUHSWXUL
D GUHSWXOGHDILLQIRUPDWăFXSULYLUHODGUHSWXULOHVDOH
E GUHSWXOGHDSURSXQHDGPLQLVWUDUHDGHSUREHGHFăWUHRUJDQHOHMXGLFLDUHGHDULGLFD
H[FHSĠLLúLGHDSXQHFRQFOX]LL
F GUHSWXOGHDIRUPXODRULFHDOWHFHUHULFHĠLQGHVROXĠLRQDUHDODWXULLSHQDOHDFDX]HL
G GUHSWXOGHDILLQIRUPDWăvQWUXQWHUPHQUH]RQDELOFXSULYLUHODVWDGLXOXUPăULULL
SHQDOHODFHUHUHDVDH[SUHVăFXFRQGLĠLDGHDLQGLFDRDGUHVăSHWHULWRULXO5RPkQLHLR
DGUHVăGHSRúWăHOHFWURQLFăVDXPHVDJHULHHOHFWURQLFăODFDUHDFHVWHLQIRUPDĠLLVăvLILH
FRPXQLFDWH
H GUHSWXOGHDFRQVXOWDGRVDUXOvQFRQGLĠLLOHOHJLL
I GUHSWXOGHDILDVFXOWDWă
J GUHSWXOGHDDGUHVDvQWUHEăULLQFXOSDWXOXLPDUWRULORUúLH[SHUĠLORU
JA GUHSWXOGHDEHQHILFLDvQPRGJUDWXLWGHXQLQWHUSUHWDWXQFLFkQGQXvQĠHOHJHQXVH
H[SULPăELQHVDXQXSRDWHFRPXQLFDvQOLPEDURPkQă
/LWJA DDOLQ DODUWDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
K GUHSWXOGHDILDVLVWDWăGHDYRFDWVDXUHSUH]HQWDWă
L GUHSWXOGHDDSHODODXQPHGLDWRUvQFD]XULOHSHUPLVHGHOHJH
M DOWHGUHSWXULSUHYă]XWHGHOHJH
3HUVRDQDFDUHDVXIHULWRYăWăPDUHIL]LFăPDWHULDOăVDXPRUDOăSULQWURIDSWăSHQDOă
SHQWUXFDUHDFĠLXQHDSHQDOăVHSXQHvQPLúFDUHGLQRILFLXúLFDUHQXGRUHúWHVăSDUWLFLSHOD
SURFHVXOSHQDOWUHEXLHVăvQúWLLQĠH]HGHVSUHDFHDVWDRUJDQXOMXGLFLDUFDUHGDFăDSUHFLD]ă
QHFHVDURYDSXWHDDXGLDvQFDOLWDWHGHPDUWRU
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&DSLWROXO,9,QFXOSDWXOúLGUHSWXULOHDFHVWXLD
$UWLFROXO
,QFXOSDWXO
3HUVRDQDvPSRWULYDFăUHLDVDSXVvQPLúFDUHDFĠLXQHDSHQDOăGHYLQHSDUWHvQSURFHVXOSHQDO
úLVHQXPHúWHLQFXOSDW
$UWLFROXO
'UHSWXULOHLQFXOSDWXOXL
ÌQFXUVXOSURFHVXOXLSHQDOLQFXOSDWXODUHXUPăWRDUHOHGUHSWXUL
D GUHSWXOGHDQXGDQLFLRGHFODUDĠLHSHSDUFXUVXOSURFHVXOXLSHQDODWUăJkQGXLVHDWHQĠLD
FăGDFăUHIX]ăVăGHDGHFODUDĠLLQXYDVXIHULQLFLRFRQVHFLQĠăGHIDYRUDELOăLDUGDFăYDGD
GHFODUDĠLLDFHVWHDYRUSXWHDILIRORVLWHFDPLMORDFHGHSUREăvPSRWULYDVD
DA GUHSWXOGHDILLQIRUPDWFXSULYLUHODIDSWDSHQWUXFDUHHVWHFHUFHWDWúLvQFDGUDUHD
MXULGLFăDDFHVWHLD
/LWDA DDUWDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
E GUHSWXOGHDFRQVXOWDGRVDUXOvQFRQGLĠLLOHOHJLL
F GUHSWXOGHDDYHDXQDYRFDWDOHVLDUGDFăQXvúLGHVHPQHD]ăXQXOvQFD]XULOHGH
DVLVWHQĠăREOLJDWRULHGUHSWXOGHDLVHGHVHPQDXQDYRFDWGLQRILFLX
G GUHSWXOGHDSURSXQHDGPLQLVWUDUHDGHSUREHvQFRQGLĠLLOHSUHYă]XWHGHOHJHGHDULGLFD
H[FHSĠLLúLGHDSXQHFRQFOX]LL
H GUHSWXOGHDIRUPXODRULFHDOWHFHUHULFHĠLQGHVROXĠLRQDUHDODWXULLSHQDOHúLFLYLOHD
FDX]HL
I GUHSWXOGHDEHQHILFLDvQPRGJUDWXLWGHXQLQWHUSUHWDWXQFLFkQGQXvQĠHOHJHQXVH
H[SULPăELQHVDXQXSRDWHFRPXQLFDvQOLPEDURPkQă
J GUHSWXOGHDDSHODODXQPHGLDWRUvQFD]XULOHSHUPLVHGHOHJH
JA GUHSWXOGHDILLQIRUPDWFXSULYLUHODGUHSWXULOHVDOH
/LWJA DDUWDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
K DOWHGUHSWXULSUHYă]XWHGHOHJH
&DSLWROXO93DUWHDFLYLOăúLGUHSWXULOHDFHVWHLD
$UWLFROXO
3DUWHDFLYLOă
3HUVRDQDYăWăPDWăFDUHH[HUFLWăDFĠLXQHDFLYLOăvQFDGUXOSURFHVXOXLSHQDOHVWHSDUWHvQ
SURFHVXOSHQDOúLVHQXPHúWHSDUWHFLYLOă
$XFDOLWDWHDGHSDUWHFLYLOăúLVXFFHVRULLSHUVRDQHLSUHMXGLFLDWHGDFăH[HUFLWăDFĠLXQHD
FLYLOăvQFDGUXOSURFHVXOXLSHQDO
$UWLFROXO
'UHSWXULOHSăUĠLLFLYLOH
ÌQFXUVXOSURFHVXOXLSHQDOSDUWHDFLYLOăDUHGUHSWXULOHSUHYă]XWHODDUW
&DOLWDWHDGHSDUWHFLYLOăDSHUVRDQHLFDUHDVXIHULWRYăWăPDUHSULQLQIUDFĠLXQHQX
vQOăWXUăGUHSWXODFHVWHLSHUVRDQHGHDSDUWLFLSDvQFDOLWDWHGHSHUVRDQăYăWăPDWăvQDFHHDúL
FDX]ă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'LVSR]LĠLLOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRUvQFD]XOvQFDUHH[LVWăXQQXPăU
IRDUWHPDUHGHSăUĠLFLYLOH
&DSLWROXO9,3DUWHDUHVSRQVDELOăFLYLOPHQWHúLGUHSWXULOHDFHVWHLD
$UWLFROXO
3DUWHDUHVSRQVDELOăFLYLOPHQWH
3HUVRDQDFDUHSRWULYLWOHJLLFLYLOHDUHREOLJDĠLDOHJDOăVDXFRQYHQĠLRQDOăGHDUHSDUDvQ
vQWUHJLPHVDXvQSDUWHVLQJXUăVDXvQVROLGDUSUHMXGLFLXOFDX]DWSULQLQIUDFĠLXQHúLFDUH
HVWHFKHPDWăVăUăVSXQGăvQSURFHVHVWHSDUWHvQSURFHVXOSHQDOúLVHQXPHúWHSDUWH
UHVSRQVDELOăFLYLOPHQWH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
'UHSWXULOHSăUĠLLUHVSRQVDELOHFLYLOPHQWH
ÌQFXUVXOSURFHVXOXLSHQDOSDUWHDUHVSRQVDELOăFLYLOPHQWHDUHGUHSWXULOHSUHYă]XWHOD
DUW
'UHSWXULOHSăUĠLLUHVSRQVDELOHFLYLOPHQWHVHH[HUFLWăvQOLPLWHOHúLvQVFRSXO
VROXĠLRQăULLDFĠLXQLLFLYLOH
&DSLWROXO9,,$YRFDWXO$VLVWHQĠDMXULGLFăúLUHSUH]HQWDUHD
$UWLFROXO
$YRFDWXO
$YRFDWXODVLVWăVDXUHSUH]LQWăvQSURFHVXOSHQDOSăUĠLOHRULVXELHFĠLLSURFHVXDOL
SULQFLSDOLvQFRQGLĠLLOHOHJLL
1XSRDWHILDYRFDWDOXQHLSăUĠLVDXDOXQXLVXELHFWSURFHVXDOSULQFLSDO
D VRĠXORULUXGDSkQăODJUDGXODO,9OHDFXSURFXURUXOVDXFXMXGHFăWRUXO
E PDUWRUXOFLWDWvQFDX]ă
F FHOFDUHDSDUWLFLSDWvQDFHHDúLFDX]ăvQFDOLWDWHGHMXGHFăWRUVDXGHSURFXURU
G RDOWăSDUWHVDXXQDOWVXELHFWSURFHVXDO
$YRFDWXODOHVVDXGHVHPQDWGLQRILFLXHVWHREOLJDWVăDVLJXUHDVLVWHQĠDMXULGLFăD
SăUĠLORURULDVXELHFĠLORUSURFHVXDOLSULQFLSDOL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3ăUĠLOHVDXVXELHFĠLLSURFHVXDOLSULQFLSDOLFXLQWHUHVHFRQWUDUHQXSRWILDVLVWDĠLVDX
UHSUH]HQWDĠLGHDFHODúLDYRFDW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
$VLVWHQĠDMXULGLFăDVXVSHFWXOXLVDXDLQFXOSDWXOXL
6XVSHFWXOVDXLQFXOSDWXODUHGUHSWXOVăILHDVLVWDWGHXQXORULGHPDLPXOĠLDYRFDĠLvQ
WRWFXUVXOXUPăULULLSHQDOHDOSURFHGXULLGHFDPHUăSUHOLPLQDUăúLDOMXGHFăĠLLLDU
RUJDQHOHMXGLFLDUHVXQWREOLJDWHVăvLDGXFăODFXQRúWLQĠăDFHVWGUHSW$VLVWHQĠDMXULGLFă
HVWHDVLJXUDWăDWXQFLFkQGFHOSXĠLQXQXOGLQWUHDYRFDĠLHVWHSUH]HQW
3HUVRDQDUHĠLQXWăVDXDUHVWDWăDUHGUHSWXOVăLDFRQWDFWFXDYRFDWXODVLJXUkQGXLVH
FRQILGHQĠLDOLWDWHDFRPXQLFăULORUFXUHVSHFWDUHDPăVXULORUQHFHVDUHGHVXSUDYHJKHUHYL]XDOă
GHSD]ăúLVHFXULWDWHIăUăVăILHLQWHUFHSWDWăVDXvQUHJLVWUDWăFRQYRUELUHDGLQWUHHL
3UREHOHREĠLQXWHFXvQFăOFDUHDSUH]HQWXOXLDOLQHDWVHH[FOXG
$UWLFROXO
$VLVWHQĠDMXULGLFăREOLJDWRULHDVXVSHFWXOXLVDXDLQFXOSDWXOXL
$VLVWHQĠDMXULGLFăHVWHREOLJDWRULH
D FkQGVXVSHFWXOVDXLQFXOSDWXOHVWHPLQRULQWHUQDWvQWUXQFHQWUXGHGHWHQĠLHRULvQWUXQ
FHQWUXHGXFDWLYFkQGHVWHUHĠLQXWVDXDUHVWDWFKLDUvQDOWăFDX]ăFkQGIDĠăGHDFHVWDD
IRVWGLVSXVăPăVXUDGHVLJXUDQĠăDLQWHUQăULLPHGLFDOHFKLDUvQDOWăFDX]ăSUHFXPúLvQ
DOWHFD]XULSUHYă]XWHGHOHJH
E vQFD]XOvQFDUHRUJDQXOMXGLFLDUDSUHFLD]ăFăVXVSHFWXORULLQFXOSDWXOQXúLDUSXWHD
IDFHVLQJXUDSăUDUHD
F vQFXUVXOMXGHFăĠLLvQFDX]HOHvQFDUHOHJHDSUHYHGHSHQWUXLQIUDFĠLXQHDVăYkUúLWă
SHGHDSVDGHWHQĠLXQLLSHYLDĠăVDXSHGHDSVDvQFKLVRULLPDLPDUHGHDQL
$UWLFROXO
$YRFDWXOGLQRILFLX
ÌQFD]XULOHSUHYă]XWHvQDUWGDFăVXVSHFWXOVDXLQFXOSDWXOQXúLDDOHVXQDYRFDW
RUJDQXOMXGLFLDULDPăVXULSHQWUXGHVHPQDUHDXQXLDYRFDWGLQRILFLX
ÌQWRWFXUVXOSURFHVXOXLSHQDOFkQGDVLVWHQĠDMXULGLFăHVWHREOLJDWRULHGDFăDYRFDWXO
DOHVOLSVHúWHQHMXVWLILFDWQXDVLJXUăVXEVWLWXLUHDVDXUHIX]ăQHMXVWLILFDWVăH[HUFLWH
DSăUDUHDGHúLDIRVWDVLJXUDWăH[HUFLWDUHDWXWXURUGUHSWXULORUSURFHVXDOHRUJDQXOMXGLFLDU
LDPăVXULSHQWUXGHVHPQDUHDXQXLDYRFDWGLQRILFLXFDUHVăvOvQORFXLDVFăDFRUGkQGXL
DFHVWXLDXQWHUPHQUH]RQDELOúLvQOHVQLULOHQHFHVDUHSHQWUXSUHJăWLUHDXQHLDSăUăULHIHFWLYH
IăFkQGXVHPHQĠLXQHGHVSUHDFHDVWDvQWUXQSURFHVYHUEDORULGXSăFD]vQvQFKHLHUHDGH
úHGLQĠăÌQFXUVXOMXGHFăĠLLFkQGDVLVWHQĠDMXULGLFăHVWHREOLJDWRULHGDFăDYRFDWXODOHV
OLSVHúWHQHMXVWLILFDWODWHUPHQXOGHMXGHFDWăQXDVLJXUăVXEVWLWXLUHDVDXUHIX]ăVă
HIHFWXH]HDSăUDUHDGHúLDIRVWDVLJXUDWăH[HUFLWDUHDWXWXURUGUHSWXULORUSURFHVXDOH
LQVWDQĠDLDPăVXULSHQWUXGHVHPQDUHDXQXLDYRFDWGLQRILFLXFDUHVăvOvQORFXLDVFă
DFRUGkQGXLXQWHUPHQGHPLQLPXP]LOHSHQWUXSUHJăWLUHDDSăUăULL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$YRFDWXOGLQRILFLXGHVHPQDWHVWHREOLJDWVăVHSUH]LQWHRULGHFkWHRULHVWHVROLFLWDW
GHRUJDQXOMXGLFLDUDVLJXUkQGRDSăUDUHFRQFUHWăúLHIHFWLYăvQFDX]ă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'HOHJDĠLDDSăUăWRUXOXLGLQRILFLXvQFHWHD]ăODSUH]HQWDUHDDSăUăWRUXOXLDOHV
'DFăODMXGHFDUHDFDX]HLDYRFDWXOOLSVHúWHúLQXSRDWHILvQORFXLWvQFRQGLĠLLOHDOLQ
FDX]DVHDPkQă
$UWLFROXO
'UHSWXULOHDYRFDWXOXLVXVSHFWXOXLúLLQFXOSDWXOXL
'HQXPLUHDPDUJLQDOăDDUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFXUVXOXUPăULULLSHQDOHDYRFDWXOVXVSHFWXOXLVDXLQFXOSDWXOXLDUHGUHSWXOVăDVLVWH
ODHIHFWXDUHDRULFăUXLDFWGHXUPăULUHSHQDOăFXH[FHSĠLD
D VLWXDĠLHLvQFDUHVHXWLOL]HD]ăPHWRGHOHVSHFLDOHGHVXSUDYHJKHUHRULFHUFHWDUHSUHYă]XWH
vQFDS,9GLQWLWOXO,9
E SHUFKH]LĠLHLFRUSRUDOHVDXDYHKLFXOHORUvQFD]XOLQIUDFĠLXQLORUIODJUDQWH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$YRFDWXOVXVSHFWXOXLVDXLQFXOSDWXOXLSRDWHVROLFLWDVăILHvQFXQRúWLQĠDWGHGDWDúLRUD
HIHFWXăULLDFWXOXLGHXUPăULUHSHQDOăRULDDXGLHULLUHDOL]DWHGHMXGHFăWRUXOGHGUHSWXULúL
OLEHUWăĠLÌQFXQRúWLQĠDUHDVHIDFHSULQQRWLILFDUHWHOHIRQLFăID[HPDLOVDXSULQDOWH
DVHPHQHDPLMORDFHvQFKHLQGXVHvQDFHVWVHQVXQSURFHVYHUEDO
/LSVDDYRFDWXOXLQXvPSLHGLFăHIHFWXDUHDDFWXOXLGHXUPăULUHSHQDOăVDXDDXGLHULLGDFă
H[LVWăGRYDGDFăDFHVWDDIRVWvQFXQRúWLQĠDWvQFRQGLĠLLOHDOLQ
$YRFDWXOVXVSHFWXOXLVDXLQFXOSDWXOXLDUHGHDVHPHQHDGUHSWXOVăSDUWLFLSHODDXGLHUHD
RULFăUHLSHUVRDQHGHFăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVăIRUPXOH]HSOkQJHUL
FHUHULúLPHPRULL
ÌQFD]XOHIHFWXăULLSHUFKH]LĠLHLGRPLFLOLDUHvQFXQRúWLQĠDUHDSUHYă]XWăODDOLQ VH
SRDWHIDFHúLGXSăSUH]HQWDUHDRUJDQXOXLGHXUPăULUHSHQDOăODGRPLFLOLXOSHUVRDQHLFH
XUPHD]ăVăILHSHUFKH]LĠLRQDWă
ÌQFD]XOvQFDUHDYRFDWXOVXVSHFWXOXLVDXDOLQFXOSDWXOXLHVWHSUH]HQWODHIHFWXDUHDXQXL
DFWGHXUPăULUHSHQDOăVHIDFHPHQĠLXQHGHVSUHDFHDVWDúLGHVSUHHYHQWXDOHOHRELHFĠLXQL
IRUPXODWHLDUDFWXOHVWHVHPQDWúLGHDYRFDW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFXUVXOSURFHGXULLGHFDPHUăSUHOLPLQDUăúLvQFXUVXOMXGHFăĠLLDYRFDWXODUHGUHSWXO
VăFRQVXOWHDFWHOHGRVDUXOXLVăvODVLVWHSHLQFXOSDWVăH[HUFLWHGUHSWXULOHSURFHVXDOHDOH
DFHVWXLDVăIRUPXOH]HSOkQJHULFHUHULPHPRULLH[FHSĠLLúLRELHFĠLXQL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$YRFDWXOVXVSHFWXOXLVDXLQFXOSDWXOXLDUHGUHSWXOVăEHQHILFLH]HGHWLPSXOúLvQOHVQLULOH
QHFHVDUHSHQWUXSUHJăWLUHDúLUHDOL]DUHDXQHLDSăUăULHIHFWLYH
$UWLFROXO
$VLVWHQĠDMXULGLFăDSHUVRDQHLYăWăPDWHDSăUĠLLFLYLOHúLDSăUĠLLUHVSRQVDELOHFLYLOPHQWH
ÌQFXUVXOXUPăULULLSHQDOHDYRFDWXOSHUVRDQHLYăWăPDWHDOSăUĠLLFLYLOHVDXDOSăUĠLL
UHVSRQVDELOHFLYLOPHQWHDUHGUHSWXOVăILHvQFXQRúWLQĠDWvQFRQGLĠLLOHDUWDOLQ Vă
DVLVWHODHIHFWXDUHDRULFăUXLDFWGHXUPăULUHSHQDOăvQFRQGLĠLLOHDUWGUHSWXOGHD
FRQVXOWDDFWHOHGRVDUXOXLúLGHDIRUPXODFHUHULúLDGHSXQHPHPRULL'LVSR]LĠLLOHDUW
DOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$YRFDWXOSHUVRDQHLYăWăPDWHDOSăUĠLLFLYLOHVDXDOSăUĠLLUHVSRQVDELOHFLYLOPHQWHDUH
GUHSWXOSUHYă]XWODDUWDOLQ
ÌQFXUVXOMXGHFăĠLLDYRFDWXOSHUVRDQHLYăWăPDWHDOSăUĠLLFLYLOHVDXDOSăUĠLL
UHVSRQVDELOHFLYLOPHQWHH[HUFLWăGUHSWXULOHSHUVRDQHLDVLVWDWHFXH[FHSĠLDFHORUSHFDUH
DFHDVWDOHH[HUFLWăSHUVRQDOúLGUHSWXOGHDFRQVXOWDDFWHOHGRVDUXOXL
$VLVWHQĠDMXULGLFăHVWHREOLJDWRULHFkQGSHUVRDQDYăWăPDWăVDXSDUWHDFLYLOăHVWHR
SHUVRDQăOLSVLWăGHFDSDFLWDWHGHH[HUFLĠLXRULFXFDSDFLWDWHGHH[HUFLĠLXUHVWUkQVă
&kQGRUJDQXOMXGLFLDUDSUHFLD]ăFăGLQDQXPLWHPRWLYHSHUVRDQDYăWăPDWăSDUWHDFLYLOă
VDXSDUWHDUHVSRQVDELOăFLYLOPHQWHQXúLDUSXWHDIDFHVLQJXUăDSăUDUHDGLVSXQHOXDUHD
PăVXULORUSHQWUXGHVHPQDUHDXQXLDYRFDWGLQRILFLX
$UWLFROXO
&RQVXOWDUHDGRVDUXOXL
$YRFDWXOSăUĠLORUúLDOVXELHFĠLORUSURFHVXDOLSULQFLSDOLDUHGUHSWXOGHDVROLFLWD
FRQVXOWDUHDGRVDUXOXLSHWRWSDUFXUVXOSURFHVXOXLSHQDO$FHVWGUHSWQXSRDWHILH[HUFLWDW
QLFLUHVWUkQVvQPRGDEX]LY
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&RQVXOWDUHDGRVDUXOXLSUHVXSXQHGUHSWXOGHDVWXGLDDFWHOHDFHVWXLDGUHSWXOGHDQRWD
GDWHVDXLQIRUPDĠLLGLQGRVDUSUHFXPúLGHDREĠLQHIRWRFRSLLSHFKHOWXLDODFOLHQWXOXL
ÌQFXUVXOXUPăULULLSHQDOHSURFXURUXOVWDELOHúWHGDWDúLGXUDWDFRQVXOWăULLvQWUXQ
WHUPHQUH]RQDELO$FHVWGUHSWSRDWHILGHOHJDWRUJDQXOXLGHFHUFHWDUHSHQDOă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFXUVXOXUPăULULLSHQDOHSURFXURUXOSRDWHUHVWULFĠLRQDPRWLYDWFRQVXOWDUHDGRVDUXOXL
GDFăSULQDFHDVWDVDUSXWHDDGXFHDWLQJHUHEXQHLGHVIăúXUăULDXUPăULULLSHQDOH'XSă
SXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHUHVWULFĠLRQDUHDVHSRDWHGLVSXQHSHQWUXFHOPXOW
]LOH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFXUVXOXUPăULULLSHQDOHDYRFDWXODUHREOLJDĠLDGHDSăVWUDFRQILGHQĠLDOLWDWHDVDX
VHFUHWXOGDWHORUúLDFWHORUGHFDUHDOXDWFXQRúWLQĠăFXRFD]LDFRQVXOWăULLGRVDUXOXL
ÌQWRDWHFD]XULOHDYRFDWXOXLQXvLSRDWHILUHVWULFĠLRQDWGUHSWXOGHDFRQVXOWD
GHFODUDĠLLOHSăUĠLLVDXDOHVXELHFWXOXLSURFHVXDOSULQFLSDOSHFDUHvODVLVWăRULvO
UHSUH]LQWă
ÌQYHGHUHDSUHJăWLULLDSăUăULLDYRFDWXOLQFXOSDWXOXLDUHGUHSWXOGHDOXDFXQRúWLQĠăGH
vQWUHJPDWHULDOXOGRVDUXOXLGHXUPăULUHSHQDOăvQSURFHGXULOHGHVIăúXUDWHvQIDĠD
MXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLSULYLQGPăVXULOHSULYDWLYHVDXUHVWULFWLYHGH
GUHSWXULODFDUHDYRFDWXOSDUWLFLSă
'LVSR]LĠLLOHSUH]HQWXOXLDUWLFROVHDSOLFăvQPRGFRUHVSXQ]ăWRUFXSULYLUHODGUHSWXO
SăUĠLORUúLDOVXELHFĠLORUSURFHVXDOLSULQFLSDOLGHDFRQVXOWDGRVDUXO
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
'UHSWXOGHDIRUPXODSOkQJHUH
$YRFDWXODUHGUHSWXOGHDIRUPXODSOkQJHUHSRWULYLWDUW
ÌQVLWXDĠLLOHSUHYă]XWHODDUWDOLQ DUWDOLQ úLDUWSURFXURUXO
LHUDUKLFVXSHULRUHVWHREOLJDWVăUH]ROYHSOkQJHUHDúLVăFRPXQLFHVROXĠLDSUHFXPúL
PRWLYDUHDDFHVWHLDvQFHOPXOWGHRUH
$UWLFROXO
5HSUH]HQWDUHD
ÌQFXUVXOSURFHVXOXLSHQDOVXVSHFWXOLQFXOSDWXOFHOHODOWHSăUĠLSUHFXPúLSHUVRDQD
YăWăPDWăSRWILUHSUH]HQWDĠLFXH[FHSĠLDFD]XULORUvQFDUHSUH]HQĠDDFHVWRUDHVWH
REOLJDWRULHVDXHVWHDSUHFLDWăFDILLQGQHFHVDUăGHSURFXURUMXGHFăWRUVDXLQVWDQĠDGH
MXGHFDWăGXSăFD]
7LWOXO,93UREHOHPLMORDFHOHGHSUREăúLSURFHGHHOHSUREDWRULL
&DSLWROXO,5HJXOLJHQHUDOH
$UWLFROXO
3UREDúLPLMORDFHOHGHSUREă
&RQVWLWXLHSUREăRULFHHOHPHQWGHIDSWFDUHVHUYHúWHODFRQVWDWDUHDH[LVWHQĠHLVDX
LQH[LVWHQĠHLXQHLLQIUDFĠLXQLODLGHQWLILFDUHDSHUVRDQHLFDUHDVăYkUúLWRúLODFXQRDúWHUHD
vPSUHMXUăULORUQHFHVDUHSHQWUXMXVWDVROXĠLRQDUHDFDX]HLúLFDUHFRQWULEXLHODDIODUHD
DGHYăUXOXLvQSURFHVXOSHQDO
3UREDVHREĠLQHvQSURFHVXOSHQDOSULQXUPăWRDUHOHPLMORDFH
D GHFODUDĠLLOHVXVSHFWXOXLVDXDOHLQFXOSDWXOXL
E GHFODUDĠLLOHSHUVRDQHLYăWăPDWH
F GHFODUDĠLLOHSăUĠLLFLYLOHVDXDOHSăUĠLLUHVSRQVDELOHFLYLOPHQWH
G GHFODUDĠLLOHPDUWRULORU
H vQVFULVXULUDSRDUWHGHH[SHUWL]ăVDXFRQVWDWDUHSURFHVHYHUEDOHIRWRJUDILLPLMORDFH
PDWHULDOHGHSUREă
/LWH DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
I RULFHDOWPLMORFGHSUREăFDUHQXHVWHLQWHU]LVSULQOHJH
3URFHGHXOSUREDWRULXHVWHPRGDOLWDWHDOHJDOăGHREĠLQHUHDPLMORFXOXLGHSUREă
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
2ELHFWXOSUREDĠLXQLL
&RQVWLWXLHRELHFWDOSUREHL
D H[LVWHQĠDLQIUDFĠLXQLLúLVăYkUúLUHDHLGHFăWUHLQFXOSDW
E IDSWHOHSULYLWRDUHODUăVSXQGHUHDFLYLOăDWXQFLFkQGH[LVWăSDUWHFLYLOă
F IDSWHOHúLvPSUHMXUăULOHGHIDSWGHFDUHGHSLQGHDSOLFDUHDOHJLL
G RULFHvPSUHMXUDUHQHFHVDUăSHQWUXMXVWDVROXĠLRQDUHDFDX]HL
$UWLFROXO
6DUFLQDSUREHL
ÌQDFĠLXQHDSHQDOăVDUFLQDSUREHLDSDUĠLQHvQSULQFLSDOSURFXURUXOXLLDUvQDFĠLXQHD
FLYLOăSăUĠLLFLYLOHRULGXSăFD]SURFXURUXOXLFDUHH[HUFLWăDFĠLXQHDFLYLOăvQFD]XOvQ
FDUHSHUVRDQDYăWăPDWăHVWHOLSVLWăGHFDSDFLWDWHGHH[HUFLĠLXVDXDUHFDSDFLWDWHGH
H[HUFLĠLXUHVWUkQVă
6XVSHFWXOVDXLQFXOSDWXOEHQHILFLD]ăGHSUH]XPĠLDGHQHYLQRYăĠLHQHILLQGREOLJDWVăvúL
GRYHGHDVFăQHYLQRYăĠLDúLDUHGUHSWXOGHDQXFRQWULEXLODSURSULDDFX]DUH
ÌQSURFHVXOSHQDOSHUVRDQDYăWăPDWăVXVSHFWXOúLSăUĠLOHDXGUHSWXOGHDSURSXQH
RUJDQHORUMXGLFLDUHDGPLQLVWUDUHDGHSUREH
$UWLFROXO
$GPLQLVWUDUHDSUREHORU
ÌQFXUVXOXUPăULULLSHQDOHRUJDQXOGHXUPăULUHSHQDOăVWUkQJHúLDGPLQLVWUHD]ăSUREH
DWkWvQIDYRDUHDFkWúLvQGHIDYRDUHDVXVSHFWXOXLVDXDLQFXOSDWXOXLGLQRILFLXRULOD
FHUHUH
ÌQFXUVXOMXGHFăĠLLLQVWDQĠDDGPLQLVWUHD]ăSUREHODFHUHUHDSURFXURUXOXLDSHUVRDQHL
YăWăPDWHVDXDSăUĠLORUúLvQPRGVXEVLGLDUGLQRILFLXDWXQFLFkQGFRQVLGHUăQHFHVDU
SHQWUXIRUPDUHDFRQYLQJHULLVDOH
&HUHUHDSULYLWRDUHODDGPLQLVWUDUHDXQRUSUREHIRUPXODWăvQFXUVXOXUPăULULLSHQDOHVDX
vQFXUVXOMXGHFăĠLLVHDGPLWHRULVHUHVSLQJHPRWLYDWGHFăWUHRUJDQHOHMXGLFLDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2UJDQHOHMXGLFLDUHSRWUHVSLQJHRFHUHUHSULYLWRDUHODDGPLQLVWUDUHDXQRUSUREHDWXQFL
FkQG
D SUREDQXHVWHUHOHYDQWăvQUDSRUWFXRELHFWXOSUREDĠLXQLLGLQFDX]ă
E VHDSUHFLD]ăFăSHQWUXGRYHGLUHDHOHPHQWXOXLGHIDSWFDUHFRQVWLWXLHRELHFWXOSUREHLDX
IRVWDGPLQLVWUDWHVXILFLHQWHPLMORDFHGHSUREă
F SUREDQXHVWHQHFHVDUăvQWUXFkWIDSWXOHVWHQRWRULX
G SUREDHVWHLPSRVLELOGHREĠLQXW
H FHUHUHDDIRVWIRUPXODWăGHRSHUVRDQăQHvQGUHSWăĠLWă
I DGPLQLVWUDUHDSUREHLHVWHFRQWUDUăOHJLL
$UWLFROXO
3ULQFLSLXOORLDOLWăĠLLDGPLQLVWUăULLSUREHORU
(VWHRSULWDVHvQWUHEXLQĠDYLROHQĠHDPHQLQĠăULRULDOWHPLMORDFHGHFRQVWUkQJHUH
SUHFXPúLSURPLVLXQLVDXvQGHPQXULvQVFRSXOGHDVHREĠLQHSUREH
1XSRWILIRORVLWHPHWRGHVDXWHKQLFLGHDVFXOWDUHFDUHDIHFWHD]ăFDSDFLWDWHDSHUVRDQHL
GHDúLDPLQWLúLGHDUHODWDvQPRGFRQúWLHQWúLYROXQWDUIDSWHOHFDUHFRQVWLWXLHRELHFWXO
SUREHL,QWHUGLFĠLDVHDSOLFăFKLDUGDFăSHUVRDQDDVFXOWDWăvúLGăFRQVLPĠăPkQWXOOD
XWLOL]DUHDXQHLDVHPHQHDPHWRGHVDXWHKQLFLGHDVFXOWDUH
(VWHLQWHU]LVRUJDQHORUMXGLFLDUHSHQDOHVDXDOWRUSHUVRDQHFDUHDFĠLRQHD]ăSHQWUX
DFHVWHDVăSURYRDFHRSHUVRDQăVăVăYkUúHDVFăRULVăFRQWLQXHVăYkUúLUHDXQHLIDSWHSHQDOH
vQVFRSXOREĠLQHULLXQHLSUREH
$UWLFROXO
([FOXGHUHDSUREHORUREĠLQXWHvQPRGQHOHJDO
3UREHOHREĠLQXWHSULQWRUWXUăSUHFXPúLSUREHOHGHULYDWHGLQDFHVWHDQXSRWILIRORVLWH
vQFDGUXOSURFHVXOXLSHQDO
3UREHOHREĠLQXWHvQPRGQHOHJDOQXSRWILIRORVLWHvQSURFHVXOSHQDO
1XOLWDWHDDFWXOXLSULQFDUHVDGLVSXVVDXDXWRUL]DWDGPLQLVWUDUHDXQHLSUREHRULSULQ
FDUHDFHDVWDDIRVWDGPLQLVWUDWăGHWHUPLQăH[FOXGHUHDSUREHL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3UREHOHGHULYDWHVHH[FOXGGDFăDXIRVWREĠLQXWHvQPRGGLUHFWGLQSUREHOHREĠLQXWHvQ
PRGQHOHJDOúLQXSXWHDXILREĠLQXWHvQDOWPRG
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
$SUHFLHUHDSUREHORU
3UREHOHQXDXRYDORDUHGLQDLQWHVWDELOLWăSULQOHJHúLVXQWVXSXVHOLEHUHLDSUHFLHULD
RUJDQHORUMXGLFLDUHvQXUPDHYDOXăULLWXWXURUSUREHORUDGPLQLVWUDWHvQFDX]ă
ÌQOXDUHDGHFL]LHLDVXSUDH[LVWHQĠHLLQIUDFĠLXQLLúLDYLQRYăĠLHLLQFXOSDWXOXLLQVWDQĠD
KRWăUăúWHPRWLYDWFXWULPLWHUHODWRDWHSUREHOHHYDOXDWH&RQGDPQDUHDVHGLVSXQHGRDUDWXQFL
FkQGLQVWDQĠDDUHFRQYLQJHUHDFăDFX]DĠLDDIRVWGRYHGLWăGLQFRORGHRULFHvQGRLDOă
UH]RQDELOă
+RWăUkUHDGHFRQGDPQDUHGHUHQXQĠDUHODDSOLFDUHDSHGHSVHLVDXGHDPkQDUHDDSOLFăULL
SHGHSVHLQXVHSRDWHvQWHPHLDvQPăVXUăGHWHUPLQDQWăSHGHFODUDĠLLOHLQYHVWLJDWRUXOXLDOH
FRODERUDWRULORURULDOHPDUWRULORUSURWHMDĠL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&DSLWROXO,,$XGLHUHDSHUVRDQHORU
6HFĠLXQHD5HJXOLJHQHUDOHvQPDWHULDDXGLHULLSHUVRDQHORU
$UWLFROXO
3HUVRDQHOHDXGLDWHvQFXUVXOSURFHVXOXLSHQDO
ÌQFXUVXOSURFHVXOXLSHQDOvQFRQGLĠLLOHSUHYă]XWHGHOHJHSRWILDXGLDWHXUPăWRDUHOH
SHUVRDQHVXVSHFWXOLQFXOSDWXOSHUVRDQDYăWăPDWăSDUWHDFLYLOăSDUWHDUHVSRQVDELOă
FLYLOPHQWHPDUWRULLúLH[SHUĠLL
$UWLFROXO
$XGLHUHDSULQLQWHUSUHW
2ULGHFkWHRULSHUVRDQDDXGLDWăQXvQĠHOHJHQXYRUEHúWHVDXQXVHH[SULPăELQHvQOLPED
URPkQăDXGLHUHDVHIDFHSULQLQWHUSUHW,QWHUSUHWXOSRDWHILGHVHPQDWGHRUJDQHOHMXGLFLDUH
VDXDOHVGHSăUĠLRULSHUVRDQDYăWăPDWăGLQWUHLQWHUSUHĠLLDXWRUL]DĠLSRWULYLWOHJLL
ÌQPRGH[FHSĠLRQDOvQVLWXDĠLDvQFDUHVHLPSXQHOXDUHDXUJHQWăDXQHLPăVXULSURFHVXDOH
VDXGDFăQXVHSRDWHDVLJXUDXQLQWHUSUHWDXWRUL]DWDXGLHUHDSRDWHDYHDORFvQSUH]HQĠD
RULFăUHLSHUVRDQHFDUHSRDWHFRPXQLFDFXFHODVFXOWDWRUJDQXOMXGLFLDUDYkQGvQVăREOLJDĠLD
GHDUHOXDDXGLHUHDSULQLQWHUSUHWLPHGLDWFHDFHDVWDHVWHSRVLELOă
'DFăSHUVRDQDDXGLDWăHVWHVXUGăPXWăVDXVXUGRPXWăDXGLHUHDVHIDFHFXSDUWLFLSDUHD
XQHLSHUVRDQHFDUHDUHFDSDFLWDWHDGHDFRPXQLFDSULQOLPEDMXOVSHFLDOÌQDFHDVWăVLWXDĠLH
FRPXQLFDUHDVHSRDWHIDFHúLvQVFULV
ÌQFD]XULH[FHSĠLRQDOHGDFăQXHVWHSUH]HQWăRSHUVRDQăDXWRUL]DWăFDUHSRDWHFRPXQLFD
SULQOLPEDMXOVSHFLDOLDUFRPXQLFDUHDQXVHSRDWHUHDOL]DvQVFULVDXGLHUHDSHUVRDQHORU
SUHYă]XWHODDOLQ VHYDIDFHFXDMXWRUXORULFăUHLSHUVRDQHFDUHDUHDSWLWXGLQLGH
FRPXQLFDUHGLVSR]LĠLLOHDOLQ DSOLFkQGXVHvQPRGFRUHVSXQ]ăWRU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
5HJXOLVSHFLDOHSULYLQGDVFXOWDUHD
'DFăvQWLPSXODXGLHULLXQHLSHUVRDQHDFHDVWDSUH]LQWăVHPQHYL]LELOHGHRERVHDOă
H[FHVLYăVDXVLPSWRPHOHXQHLEROLFDUHvLDIHFWHD]ăFDSDFLWDWHDIL]LFăRULSVLKLFăGHD
SDUWLFLSDODDVFXOWDUHRUJDQXOMXGLFLDUGLVSXQHvQWUHUXSHUHDDVFXOWăULLúLGDFăHVWHFD]XO
LDPăVXULSHQWUXFDSHUVRDQDVăILHFRQVXOWDWăGHXQPHGLF
3HUVRDQDDIODWăvQGHWHQĠLHSRDWHILDXGLDWăODORFXOGHGHĠLQHUHSULQYLGHRFRQIHULQĠă
vQFD]XULH[FHSĠLRQDOHúLGDFăRUJDQXOMXGLFLDUDSUHFLD]ăFăDFHDVWDQXDGXFHDWLQJHUHEXQHL
GHVIăúXUăULDSURFHVXOXLRULGUHSWXULORUúLLQWHUHVHORUSăUĠLORU
ÌQFD]XOSUHYă]XWODDOLQ GDFăSHUVRDQDDXGLDWăVHDIOăvQYUHXQDGLQWUHVLWXDĠLLOH
SUHYă]XWHODDUWDVFXOWDUHDQXSRDWHDYHDORFGHFkWvQSUH]HQĠDDYRFDWXOXLODORFXOGH
GHĠLQHUH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6HFĠLXQHDDD$XGLHUHDVXVSHFWXOXLVDXDLQFXOSDWXOXL
$UWLFROXO
ÌQWUHEăULOHSULYLQGSHUVRDQDVXVSHFWXOXLVDXDLQFXOSDWXOXL
/DvQFHSXWXOSULPHLDXGLHULRUJDQXOMXGLFLDUDGUHVHD]ăvQWUHEăULVXVSHFWXOXLVDX
LQFXOSDWXOXLFXSULYLUHODQXPHSUHQXPHSRUHFOăGDWDúLORFXOQDúWHULLFRGXOQXPHULF
SHUVRQDOQXPHOHúLSUHQXPHOHSăULQĠLORUFHWăĠHQLDVWDUHDFLYLOăVLWXDĠLDPLOLWDUă
VWXGLLOHSURIHVLDRULRFXSDĠLDORFXOGHPXQFăGRPLFLOLXOúLDGUHVDXQGHORFXLHúWHHIHFWLY
úLDGUHVDODFDUHGRUHúWHVăvLILHFRPXQLFDWHDFWHOHGHSURFHGXUăDQWHFHGHQWHOHSHQDOHVDX
GDFăvPSRWULYDVDVHGHVIăúRDUăXQDOWSURFHVSHQDOGDFăVROLFLWăXQLQWHUSUHWvQFD]XOvQ
FDUHQXYRUEHúWHVDXQXvQĠHOHJHOLPEDURPkQăRULQXVHSRDWHH[SULPDSUHFXPúLFXSULYLUH
ODRULFHDOWHGDWHSHQWUXVWDELOLUHDVLWXDĠLHLVDOHSHUVRQDOH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQWUHEăULOHSUHYă]XWHODDOLQ VHUHSHWăODDXGLHULOHXOWHULRDUHGRDUDWXQFLFkQG
RUJDQXOMXGLFLDUFRQVLGHUăQHFHVDU
$UWLFROXO
&RPXQLFDUHDGUHSWXULORUúLDREOLJDĠLLORU
2UJDQXOMXGLFLDUFRPXQLFăVXVSHFWXOXLVDXLQFXOSDWXOXLFDOLWDWHDvQFDUHHVWHDXGLDW
IDSWDSUHYă]XWăGHOHJHDSHQDOăSHQWUXVăYkUúLUHDFăUHLDHVWHVXVSHFWDWVDXSHQWUXFDUHD
IRVWSXVăvQPLúFDUHDFĠLXQHDSHQDOăúLvQFDGUDUHDMXULGLFăDDFHVWHLD
6XVSHFWXOXLVDXLQFXOSDWXOXLLVHDGXFODFXQRúWLQĠăGUHSWXULOHSUHYă]XWHODDUW
SUHFXPúLXUPăWRDUHOHREOLJDĠLL
D REOLJDĠLDGHDVHSUH]HQWDODFKHPăULOHRUJDQHORUMXGLFLDUHDWUăJkQGXLVHDWHQĠLDFăvQ
FD]XOQHvQGHSOLQLULLDFHVWHLREOLJDĠLLVHSRDWHHPLWHPDQGDWGHDGXFHUHvPSRWULYDVDLDUvQ
FD]XOVXVWUDJHULLMXGHFăWRUXOSRDWHGLVSXQHDUHVWDUHDVDSUHYHQWLYă
E REOLJDĠLDGHDFRPXQLFDvQVFULVvQWHUPHQGH]LOHRULFHVFKLPEDUHDDGUHVHL
DWUăJkQGXLVHDWHQĠLDFăvQFD]XOQHvQGHSOLQLULLDFHVWHLREOLJDĠLLFLWDĠLLOHúLRULFHDOWH
DFWHFRPXQLFDWHODSULPDDGUHVăUăPkQYDODELOHúLVHFRQVLGHUăFăOHDOXDWODFXQRúWLQĠă
ÌQFXUVXOXUPăULULLSHQDOHvQDLQWHGHSULPDDXGLHUHDVXVSHFWXOXLVDXLQFXOSDWXOXLLVH
DGXFODFXQRúWLQĠăGUHSWXULOHúLREOLJDĠLLOHSUHYă]XWHODDOLQ $FHVWHGUHSWXULúL
REOLJDĠLLLVHFRPXQLFăúLvQVFULVVXEVHPQăWXUăLDUvQFD]XOvQFDUHQXSRDWHRULUHIX]ă
VăVHPQH]HVHYDvQFKHLDXQSURFHVYHUEDO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2UJDQXOMXGLFLDUWUHEXLHVăDGXFăODFXQRúWLQĠDLQFXOSDWXOXLSRVLELOLWDWHDvQFKHLHULLvQ
FXUVXOXUPăULULLSHQDOHDXQXLDFRUGFDXUPDUHDUHFXQRDúWHULLYLQRYăĠLHLLDUvQFXUVXO
MXGHFăĠLLSRVLELOLWDWHDGHDEHQHILFLDGHUHGXFHUHDSHGHSVHLSUHYă]XWHGHOHJHFDXUPDUHD
UHFXQRDúWHULLvQYLQXLULL
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
0RGXOGHDVFXOWDUH
'XSăvQGHSOLQLUHDGLVSR]LĠLLORUDUWúLVXVSHFWXOVDXLQFXOSDWXOHVWHOăVDWVă
GHFODUHWRWFHHDFHGRUHúWHUHIHULWRUODIDSWDSUHYă]XWăGHOHJHDSHQDOăFDUHLDIRVW
FRPXQLFDWăGXSăFDUHLVHSRWSXQHvQWUHEăUL
6XVSHFWXOVDXLQFXOSDWXODUHGUHSWXOVăVHFRQVXOWHFXDYRFDWXODWkWvQDLQWHFkWúLvQ
FXUVXODXGLHULLLDURUJDQXOMXGLFLDUFkQGFRQVLGHUăQHFHVDUSRDWHSHUPLWHDFHVWXLDVă
XWLOL]H]HvQVHPQăULúLQRWLĠHSURSULL
ÌQFXUVXODXGLHULLVXVSHFWXOVDXLQFXOSDWXOvúLSRDWHH[HUFLWDGUHSWXOODWăFHUHFX
SULYLUHODRULFDUHGLQWUHIDSWHOHRULvPSUHMXUăULOHGHVSUHFDUHHVWHvQWUHEDW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RQVHPQDUHDGHFODUDĠLLORU
'HFODUDĠLLOHVXVSHFWXOXLVDXLQFXOSDWXOXLVHFRQVHPQHD]ăvQVFULVÌQGHFODUDĠLHVH
FRQVHPQHD]ăvQWUHEăULOHDGUHVDWHSHSDUFXUVXODVFXOWăULLPHQĠLRQkQGXVHFLQHOHDIRUPXODW
úLVHPHQĠLRQHD]ăGHILHFDUHGDWăRUDvQFHSHULLúLRUDvQFKHLHULLDVFXOWăULL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'DFăHVWHGHDFRUGFXFRQĠLQXWXOGHFODUDĠLHLVFULVHVXVSHFWXOVDXLQFXOSDWXORVHPQHD]ă
'DFăVXVSHFWXOVDXLQFXOSDWXODUHGHIăFXWFRPSOHWăULUHFWLILFăULRULSUHFL]ăULDFHVWHD
VXQWLQGLFDWHvQILQDOXOGHFODUDĠLHLILLQGXUPDWHGHVHPQăWXUDVXVSHFWXOXLVDXD
LQFXOSDWXOXL
&kQGVXVSHFWXOVDXLQFXOSDWXOQXSRDWHVDXUHIX]ăVăVHPQH]HRUJDQXOMXGLFLDU
FRQVHPQHD]ăDFHVWOXFUXvQGHFODUDĠLDVFULVă
'HFODUDĠLDVFULVăHVWHVHPQDWăúLGHRUJDQXOGHXUPăULUHSHQDOăFDUHDSURFHGDWOD
DXGLHUHDVXVSHFWXOXLVDXDLQFXOSDWXOXLGHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLRULGH
SUHúHGLQWHOHFRPSOHWXOXLGHMXGHFDWăúLGHJUHILHUGHDYRFDWXOVXVSHFWXOXLLQFXOSDWXOXLDO
SHUVRDQHLYăWăPDWHSăUĠLLFLYLOHVDXSăUĠLLUHVSRQVDELOHFLYLOPHQWHGDFăDFHúWLDDXIRVW
SUH]HQĠLSUHFXPúLGHLQWHUSUHWFkQGGHFODUDĠLDDIRVWOXDWăSULQWUXQLQWHUSUHW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFXUVXOXUPăULULLSHQDOHDXGLHUHDVXVSHFWXOXLVDXLQFXOSDWXOXLVHvQUHJLVWUHD]ăFX
PLMORDFHWHKQLFHDXGLRVDXDXGLRYLGHR$WXQFLFkQGvQUHJLVWUDUHDQXHVWHSRVLELOăDFHVW
OXFUXVHFRQVHPQHD]ăvQGHFODUDĠLDVXVSHFWXOXLVDXLQFXOSDWXOXLFXLQGLFDUHDFRQFUHWăD
PRWLYXOXLSHQWUXFDUHvQUHJLVWUDUHDQXDIRVWSRVLELOă
6HFĠLXQHDDD$XGLHUHDSHUVRDQHLYăWăPDWHDSăUĠLLFLYLOHúLDSăUĠLLUHVSRQVDELOH
FLYLOPHQWH
$UWLFROXO
0RGXOGHDXGLHUHDSHUVRDQHLYăWăPDWH
/DvQFHSXWXOSULPHLDXGLHULRUJDQXOMXGLFLDUDGUHVHD]ăSHUVRDQHLYăWăPDWHvQWUHEăULOH
SUHYă]XWHODDUWFDUHVHDSOLFăvQPRGFRUHVSXQ]ăWRU
3HUVRDQHLYăWăPDWHLVHDGXFODFXQRúWLQĠăXUPăWRDUHOHGUHSWXULúLREOLJDĠLL
D GUHSWXOGHDILDVLVWDWăGHDYRFDWLDUvQFD]XULOHGHDVLVWHQĠăREOLJDWRULHGUHSWXOGHD
LVHGHVHPQDXQDYRFDWGLQRILFLX
E GUHSWXOGHDDSHODODXQPHGLDWRUvQFD]XULOHSHUPLVHGHOHJH
F GUHSWXOGHDSURSXQHDGPLQLVWUDUHDGHSUREHGHDULGLFDH[FHSĠLLúLGHDSXQHFRQFOX]LL
vQFRQGLĠLLOHSUHYă]XWHGHOHJH
G GUHSWXOGHDILvQFXQRúWLQĠDWăFXSULYLUHODGHVIăúXUDUHDSURFHGXULLGUHSWXOGHDIRUPXOD
SOkQJHUHSUHDODELOăSUHFXPúLGUHSWXOGHDVHFRQVWLWXLSDUWHFLYLOă
H REOLJDĠLDGHDVHSUH]HQWDODFKHPăULOHRUJDQHORUMXGLFLDUH
I REOLJDĠLDGHDFRPXQLFDRULFHVFKLPEDUHGHDGUHVă
J DEURJDWă
/LWJ DDOLQ DODUWDIRVWDEURJDWăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'LVSR]LĠLLOHDUWDOLQ úL úLDOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRU
ÌQFXUVXOXUPăULULLSHQDOHDXGLHUHDSHUVRDQHLYăWăPDWHVHvQUHJLVWUHD]ăSULQPLMORDFH
WHKQLFHDXGLRVDXDXGLRYLGHRDWXQFLFkQGRUJDQXOGHXUPăULUHSHQDOăFRQVLGHUăQHFHVDUVDX
DWXQFLFkQGSHUVRDQDYăWăPDWăDVROLFLWDWDFHDVWDvQPRGH[SUHVLDUvQUHJLVWUDUHDHVWH
SRVLELOă
3HUVRDQHLYăWăPDWHLVHDGXFHODFXQRúWLQĠăFXRFD]LDSULPHLDXGLHULIDSWXOFăvQFD]XO
vQFDUHLQFXOSDWXOYDILSULYDWGHOLEHUWDWHUHVSHFWLYFRQGDPQDWODRSHGHDSVăSULYDWLYăGH
OLEHUWDWHDFHDVWDSRDWHVăILHLQIRUPDWăFXSULYLUHODSXQHUHDDFHVWXLDvQOLEHUWDWHvQ
RULFHPRG
$UWLFROXO
0RGXOGHDXGLHUHDSăUĠLLFLYLOHúLDSăUĠLLUHVSRQVDELOHFLYLOPHQWH
$XGLHUHDSăUĠLLFLYLOHúLDSăUĠLLUHVSRQVDELOHFLYLOPHQWHVHIDFHSRWULYLWGLVSR]LĠLLORU
DUWDOLQ úL FDUHVHDSOLFăvQPRGFRUHVSXQ]ăWRU
3ăUĠLLFLYLOHSUHFXPúLSăUĠLLUHVSRQVDELOHFLYLOPHQWHOLVHDGXFODFXQRúWLQĠă
XUPăWRDUHOHGUHSWXUL
D GUHSWXOGHDILDVLVWDWHGHDYRFDWLDUvQFD]XULOHGHDVLVWHQĠăREOLJDWRULHGUHSWXOGHD
OLVHGHVHPQDXQDYRFDWGLQRILFLX
E GUHSWXOGHDDSHODODXQPHGLDWRUvQFD]XULOHSHUPLVHGHOHJH
F GUHSWXOGHDSURSXQHDGPLQLVWUDUHDGHSUREHGHDULGLFDH[FHSĠLLúLGHDSXQHFRQFOX]LL
vQOHJăWXUăFXVROXĠLRQDUHDODWXULLFLYLOHDFDX]HLvQFRQGLĠLLOHSUHYă]XWHGHOHJH
$UWLFROXO
3URWHFĠLDSHUVRDQHLYăWăPDWHúLDSăUĠLLFLYLOH
$WXQFLFkQGVXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHGHOHJHUHIHULWRDUHODVWDWXWXOGHPDUWRU
DPHQLQĠDWVDXYXOQHUDELORULSHQWUXSURWHFĠLDYLHĠLLSULYDWHVDXDGHPQLWăĠLLRUJDQXOGH
XUPăULUHSHQDOăSRDWHGLVSXQHIDĠăGHSHUVRDQDYăWăPDWăRULIDĠăGHSDUWHDFLYLOăPăVXULOHGH
SURWHFĠLHSUHYă]XWHODDUWFDUHVHDSOLFăvQPRGFRUHVSXQ]ăWRU
6HFĠLXQHDDD$XGLHUHDPDUWRULORU
$UWLFROXO
3HUVRDQHOHDXGLDWHFDPDUWRU
3RDWHILDXGLDWăvQFDOLWDWHGHPDUWRURULFHSHUVRDQăFDUHDUHFXQRúWLQĠăGHVSUHIDSWH
VDXvPSUHMXUăULGHIDSWFDUHFRQVWLWXLHSUREăvQFDX]DSHQDOă
2ULFHSHUVRDQăFLWDWăvQFDOLWDWHGHPDUWRUDUHXUPăWRDUHOHREOLJDĠLL
D GHDVHSUH]HQWDvQIDĠDRUJDQXOXLMXGLFLDUFDUHDFLWDWRODORFXO]LXDúLRUDDUăWDWH
vQFLWDĠLH
E GHDGHSXQHMXUăPkQWVDXGHFODUDĠLHVROHPQăvQIDĠDLQVWDQĠHL
F GHDVSXQHDGHYăUXO
&DOLWDWHDGHPDUWRUDUHvQWkLHWDWHIDĠăGHFDOLWDWHDGHH[SHUWVDXGHDYRFDWGHPHGLDWRU
RULGHUHSUH]HQWDQWDOXQHLDGLQWUHSăUĠLVDXDOXQXLVXELHFWSURFHVXDOSULQFLSDOFXSULYLUH
ODIDSWHOHúLvPSUHMXUăULOHGHIDSWSHFDUHSHUVRDQDOHDFXQRVFXWvQDLQWHGHDGREkQGL
DFHDVWăFDOLWDWH
3RWILDXGLDWHvQFDOLWDWHGHPDUWRUúLSHUVRDQHOHFDUHDXvQWRFPLWSURFHVHYHUEDOHvQ
WHPHLXODUWúL
$UWLFROXO
&DSDFLWDWHDGHDILPDUWRU
2ULFHSHUVRDQăSRDWHILFLWDWăúLDXGLDWăvQFDOLWDWHGHPDUWRUFXH[FHSĠLDSăUĠLORUúL
DVXELHFĠLORUSURFHVXDOLSULQFLSDOL
3HUVRDQHOHFDUHVHDIOăvQWURVLWXDĠLHFHSXQHODvQGRLDOăvQPRGUH]RQDELO
FDSDFLWDWHDGHDILPDUWRUSRWILDXGLDWHGRDUDWXQFLFkQGRUJDQXOMXGLFLDUFRQVWDWăFă
SHUVRDQDHVWHFDSDELOăVăUHODWH]HvQPRGFRQúWLHQWIDSWHúLvPSUHMXUăULGHIDSWFRQIRUPHFX
UHDOLWDWHD
3HQWUXDGHFLGHFXSULYLUHODFDSDFLWDWHDXQHLSHUVRDQHGHDILPDUWRURUJDQXOMXGLFLDU
GLVSXQHODFHUHUHVDXGLQRILFLXRULFHH[DPLQDUHQHFHVDUăSULQPLMORDFHOHSUHYă]XWHGH
OHJH
$UWLFROXO
2ELHFWXOúLOLPLWHOHGHFODUDĠLHLPDUWRUXOXL
0DUWRUXOHVWHDXGLDWDVXSUDXQRUIDSWHVDXvPSUHMXUăULGHIDSWFDUHFRQVWLWXLHRELHFWXO
SUREDĠLXQLLvQFDX]DvQFDUHDIRVWFLWDW
$XGLHUHDPDUWRUXOXLSRDWHILH[WLQVăDVXSUDWXWXURUvPSUHMXUăULORUQHFHVDUHSHQWUX
YHULILFDUHDFUHGLELOLWăĠLLVDOH
1XSRWIDFHRELHFWXOGHFODUDĠLHLPDUWRUXOXLDFHOHIDSWHVDXvPSUHMXUăULDOFăURUVHFUHW
RULFRQILGHQĠLDOLWDWHSRDWHILRSXVăSULQOHJHRUJDQHORUMXGLFLDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
)DSWHOHVDXvPSUHMXUăULOHSUHYă]XWHODDOLQ SRWIDFHRELHFWXOGHFODUDĠLHLPDUWRUXOXL
DWXQFLFkQGDXWRULWDWHDFRPSHWHQWăVDXSHUVRDQDvQGUHSWăĠLWăvúLH[SULPăDFRUGXOvQDFHVW
VHQVVDXDWXQFLFkQGH[LVWăRDOWăFDX]ăOHJDOăGHvQOăWXUDUHDREOLJDĠLHLGHDSăVWUD
VHFUHWXOVDXFRQILGHQĠLDOLWDWHD
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3HUVRDQHOHFDUHDXGUHSWXOGHDUHIX]DVăGHDGHFODUDĠLLvQFDOLWDWHGHPDUWRU
$XGUHSWXOGHDUHIX]DVăILHDXGLDWHvQFDOLWDWHGHPDUWRUXUPăWRDUHOHSHUVRDQH
D VRĠXODVFHQGHQĠLLúLGHVFHQGHQĠLLvQOLQLHGLUHFWăSUHFXPúLIUDĠLLúLVXURULOH
VXVSHFWXOXLVDXLQFXOSDWXOXL
E SHUVRDQHOHFDUHDXDYXWFDOLWDWHDGHVRĠDOVXVSHFWXOXLVDXDOLQFXOSDWXOXL
'XSăFRPXQLFDUHDGUHSWXULORUúLREOLJDĠLLORUSRWULYLWDUWRUJDQHOHMXGLFLDUH
FRPXQLFăSHUVRDQHORUSUHYă]XWHODDOLQ GUHSWXOGHDQXGDGHFODUDĠLLvQFDOLWDWHGH
PDUWRU
'DFăSHUVRDQHOHSUHYă]XWHODDOLQ VXQWGHDFRUGVăGHDGHFODUDĠLLvQSULYLQĠD
DFHVWRUDVXQWDSOLFDELOHGLVSR]LĠLLOHSULYLWRDUHODGUHSWXULOHúLREOLJDĠLLOHPDUWRULORU
3HUVRDQDFDUHvQGHSOLQHúWHXQDGLQWUHFDOLWăĠLOHSUHYă]XWHODDOLQ vQUDSRUWFXXQXO
GLQWUHVXVSHFĠLVDXLQFXOSDĠLHVWHVFXWLWăGHREOLJDĠLDGHDGHSXQHPăUWXULHúLvPSRWULYD
FHORUODOĠLVXVSHFĠLVDXLQFXOSDĠLvQFD]XOvQFDUHGHFODUDĠLDVDQXSRDWHILOLPLWDWăGRDU
ODDFHúWLDGLQXUPă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
'UHSWXOPDUWRUXOXLGHDQXVHDFX]D
'HFODUDĠLDGHPDUWRUGDWăGHRSHUVRDQăFDUHvQDFHHDúLFDX]ăDQWHULRUGHFODUDĠLHLDDYXW
VDXXOWHULRUDGREkQGLWFDOLWDWHDGHVXVSHFWRULLQFXOSDWQXSRDWHILIRORVLWăvPSRWULYD
VD2UJDQHOHMXGLFLDUHDXREOLJDĠLDVăPHQĠLRQH]HFXRFD]LDFRQVHPQăULLGHFODUDĠLHL
FDOLWDWHDSURFHVXDOăDQWHULRDUă
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
ÌQWUHEăULOHSULYLQGSHUVRDQDPDUWRUXOXL
'LVSR]LĠLLOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRUvQFD]XODXGLHULLPDUWRUXOXL
0DUWRUXOXLLVHFRPXQLFăRELHFWXOFDX]HLúLDSRLHVWHvQWUHEDWGDFăHVWHPHPEUXGH
IDPLOLHVDXIRVWVRĠDOVXVSHFWXOXLLQFXOSDWXOXLSHUVRDQHLYăWăPDWHRULDOFHORUODOWHSăUĠL
GLQSURFHVXOSHQDOGDFăVHDIOăvQUHODĠLLGHSULHWHQLHVDXGHGXúPăQLHFXDFHVWHSHUVRDQH
SUHFXPúLGDFăDVXIHULWYUHRSDJXEăvQXUPDVăYkUúLULLLQIUDFĠLXQLL
0DUWRUXOXLQXLVHDGUHVHD]ăvQWUHEăULOHSULYLQGSHUVRDQDVDDWXQFLFkQGIDĠăGHDFHVWD
VDGLVSXVRPăVXUăGHSURWHFĠLHDGDWHORUGHLGHQWLWDWH
$UWLFROXO
&RPXQLFDUHDGUHSWXULORUúLREOLJDĠLLORU
2UJDQXOMXGLFLDUFRPXQLFăPDUWRUXOXLFDOLWDWHDvQFDUHHVWHDXGLDWúLIDSWHOHVDX
vPSUHMXUăULOHGHIDSWSHQWUXGRYHGLUHDFăURUDDIRVWSURSXVFDPDUWRU
0DUWRUXOXLLVHDGXFDSRLODFXQRúWLQĠăXUPăWRDUHOHGUHSWXULúLREOLJDĠLL
D GUHSWXOGHDILVXSXVPăVXULORUGHSURWHFĠLHúLGHDEHQHILFLDGHUHVWLWXLUHD
FKHOWXLHOLORUSULOHMXLWHGHFKHPDUHDvQIDĠDRUJDQHORUMXGLFLDUHDWXQFLFkQGVXQW
vQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHGHOHJH
E REOLJDĠLDGHDVHSUH]HQWDODFKHPăULOHRUJDQHORUMXGLFLDUHDWUăJkQGXLVHDWHQĠLDFăvQ
FD]XOQHvQGHSOLQLULLDFHVWHLREOLJDĠLLVHSRDWHHPLWHPDQGDWGHDGXFHUHvPSRWULYDVD
F REOLJDĠLDGHDFRPXQLFDvQVFULVvQWHUPHQGH]LOHRULFHVFKLPEDUHDDGUHVHLODFDUH
HVWHFLWDWDWUăJkQGXLVHDWHQĠLDFăvQFD]XOQHvQGHSOLQLULLDFHVWHLREOLJDĠLLVHSRDWH
GLVSXQHvPSRWULYDVDVDQFĠLXQHDSUHYă]XWăGHDUWDOLQ
G REOLJDĠLDGHDGDGHFODUDĠLLFRQIRUPHFXUHDOLWDWHDDWUăJkQGXLVHDWHQĠLDFăOHJHD
SHGHSVHúWHLQIUDFĠLXQHDGHPăUWXULHPLQFLQRDVă
$UWLFROXO
-XUăPkQWXOúLGHFODUDĠLDVROHPQăDPDUWRUXOXL
ÌQFXUVXOXUPăULULLSHQDOHúLMXGHFăĠLLGXSăvQGHSOLQLUHDGLVSR]LĠLLORUDUWúL
RUJDQXOGHXUPăULUHSHQDOăúLSUHúHGLQWHOHFRPSOHWXOXLVROLFLWăPDUWRUXOXLGHSXQHUHD
MXUăPkQWXOXLVDXDGHFODUDĠLHLVROHPQH
2UJDQXOGHXUPăULUHSHQDOăúLSUHúHGLQWHOHFRPSOHWXOXLvOvQWUHDEăSHPDUWRUGDFăGRUHúWH
VăGHSXQăMXUăPkQWUHOLJLRVVDXGHFODUDĠLHVROHPQă
7H[WXOMXUăPkQWXOXLHVWHXUPăWRUXO-XUFăYRLVSXQHDGHYăUXOúLQXYRLDVFXQGHQLPLF
GLQFHHDFHúWLX$úDVăPLDMXWH'XPQH]HX5HIHULUHDODGLYLQLWDWHGLQIRUPXOD
MXUăPkQWXOXLVHVFKLPEăvQIXQFĠLHGHFUHGLQĠDUHOLJLRDVăDPDUWRUXOXL
ÌQWLPSXOGHSXQHULLMXUăPkQWXOXLFXH[FHSĠLLOHLPSXVHGHFUHGLQĠDUHOLJLRDVăPDUWRUXO
ĠLQHPkQDGUHDSWăSHFUXFHVDXSH%LEOLH
ÌQFD]XOvQFDUHPDUWRUXODOHJHVăIDFăRGHFODUDĠLHVROHPQăWH[WXODFHVWHLDHVWH
XUPăWRUXO0ăREOLJFăYRLVSXQHDGHYăUXOúLQXYRLDVFXQGHQLPLFGLQFHHDFHúWLX
'LVSR]LĠLLOHDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRUvQSURFHGXUDDXGLHULL
DQWLFLSDWHvQIDĠDMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
0RGXOGHDXGLHUHDPDUWRUXOXL
)LHFDUHPDUWRUHVWHDXGLDWVHSDUDWúLIăUăSUH]HQĠDDOWRUPDUWRUL
0DUWRUXOHVWHOăVDWVăGHFODUHWRWFHHDFHúWLHvQOHJăWXUăFXIDSWHOHVDXvPSUHMXUăULOH
GHIDSWSHQWUXGRYHGLUHDFăURUDDIRVWSURSXVDSRLLVHSRWDGUHVDvQWUHEăUL
0DUWRUXOXLQXLVHSRWDGUHVDvQWUHEăULSULYLQGRSĠLXQLOHSROLWLFHLGHRORJLFHVDX
UHOLJLRDVHRULDOWHFLUFXPVWDQĠHSHUVRQDOHúLGHIDPLOLHFXH[FHSĠLDFD]XOXLvQFDUHDFHVWHD
VXQWVWULFWQHFHVDUHSHQWUXDIODUHDDGHYăUXOXLvQFDX]ăVDXSHQWUXYHULILFDUHDFUHGLELOLWăĠLL
PDUWRUXOXL
$UWLFROXO
&RQVHPQDUHDGHFODUDĠLLORU
&RQVHPQDUHDGHFODUDĠLLORUVHIDFHSRWULYLWGLVSR]LĠLLORUDUWFDUHVHDSOLFăvQPRG
FRUHVSXQ]ăWRU
ÌQFXUVXOXUPăULULLSHQDOHDXGLHUHDPDUWRUXOXLVHvQUHJLVWUHD]ăSULQPLMORDFHWHKQLFH
DXGLRVDXDXGLRYLGHRGDFăRUJDQXOGHXUPăULUHSHQDOăFRQVLGHUăQHFHVDUVDXGDFăPDUWRUXO
VROLFLWăH[SUHVDFHDVWDúLvQUHJLVWUDUHDHVWHSRVLELOă
$UWLFROXO
&D]XULOHVSHFLDOHGHDXGLHUHDPDUWRUXOXL
$XGLHUHDPDUWRUXOXLPLQRUvQYkUVWăGHSkQăODDQLDUHORFvQSUH]HQĠDXQXLDGLQWUH
SăULQĠLDWXWRUHOXLVDXDSHUVRDQHLRULDUHSUH]HQWDQWXOXLLQVWLWXĠLHLFăUHLDvLHVWH
vQFUHGLQĠDWPLQRUXOVSUHFUHúWHUHúLHGXFDUH
'DFăSHUVRDQHOHDUăWDWHODDOLQ QXSRWILSUH]HQWHVDXDXFDOLWDWHDGHVXVSHFW
LQFXOSDWSHUVRDQăYăWăPDWăSDUWHFLYLOăSDUWHUHVSRQVDELOăFLYLOPHQWHRULPDUWRUvQFDX]ă
RULH[LVWăVXVSLFLXQHDUH]RQDELOăFăSRWLQIOXHQĠDGHFODUDĠLDPLQRUXOXLDXGLHUHDDFHVWXLD
DUHORFvQSUH]HQĠDXQXLUHSUH]HQWDQWDODXWRULWăĠLLWXWHODUHVDXDXQHLUXGHFXFDSDFLWDWH
GHSOLQăGHH[HUFLĠLXVWDELOLWHGHRUJDQXOMXGLFLDU
'DFăVHFRQVLGHUăQHFHVDUODFHUHUHVDXGLQRILFLXRUJDQXOGHXUPăULUHSHQDOăVDX
LQVWDQĠDGLVSXQHFDODDXGLHUHDPDUWRUXOXLPLQRUVăDVLVWHXQSVLKRORJ
$XGLHUHDPDUWRUXOXLPLQRUWUHEXLHVăHYLWHSURGXFHUHDRULFăUXLHIHFWQHJDWLYDVXSUD
VWăULLSVLKLFHDDFHVWXLD
0DUWRUXOXLPLQRUFDUHODGDWDDXGLHULLQXDvPSOLQLWYkUVWDGHDQLQXLVHFRPXQLFă
REOLJDĠLLOHSUHYă]XWHODDUWDOLQ OLWG GDULVHDWUDJHDWHQĠLDVăVSXQă
DGHYăUXO
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6HFĠLXQHDDD3URWHFĠLDPDUWRULORU
3URWHFĠLDPDUWRULORUDPHQLQĠDĠL
$UWLFROXO
0DUWRUXODPHQLQĠDW
ÌQFD]XOvQFDUHH[LVWăRVXVSLFLXQHUH]RQDELOăFăYLDĠDLQWHJULWDWHDFRUSRUDOăOLEHUWDWHD
EXQXULOHVDXDFWLYLWDWHDSURIHVLRQDOăDPDUWRUXOXLRULDXQXLPHPEUXGHIDPLOLHDODFHVWXLD
DUSXWHDILSXVHvQSHULFROFDXUPDUHDGDWHORUSHFDUHOHIXUQL]HD]ăRUJDQHORUMXGLFLDUHVDX
DGHFODUDĠLLORUVDOHRUJDQXOMXGLFLDUFRPSHWHQWDFRUGăDFHVWXLDVWDWXWXOGHPDUWRUDPHQLQĠDW
úLGLVSXQHXQDRULPDLPXOWHGLQWUHPăVXULOHGHSURWHFĠLHSUHYă]XWHODDUWVDXGXSă
FD]
$UWLFROXO
0ăVXULOHGHSURWHFĠLHGLVSXVHvQFXUVXOXUPăULULLSHQDOH
ÌQFXUVXOXUPăULULLSHQDOHRGDWăFXDFRUGDUHDVWDWXWXOXLGHPDUWRUDPHQLQĠDWSURFXURUXO
GLVSXQHDSOLFDUHDXQHLDVDXDPDLPXOWRUDGLQWUHXUPăWRDUHOHPăVXUL
D VXSUDYHJKHUHDúLSD]DORFXLQĠHLPDUWRUXOXLVDXDVLJXUDUHDXQHLORFXLQĠHWHPSRUDUH
E vQVRĠLUHDúLDVLJXUDUHDSURWHFĠLHLPDUWRUXOXLVDXDPHPEULORUGHIDPLOLHDLDFHVWXLDvQ
FXUVXOGHSODVăULORU
F SURWHFĠLDGDWHORUGHLGHQWLWDWHSULQDFRUGDUHDXQXLSVHXGRQLPFXFDUHPDUWRUXOYDVHPQD
GHFODUDĠLDVD
G DXGLHUHDPDUWRUXOXLIăUăFDDFHVWDVăILHSUH]HQWSULQLQWHUPHGLXOPLMORDFHORUDXGLRYLGHR
GHWUDQVPLWHUHFXYRFHDúLLPDJLQHDGLVWRUVLRQDWHDWXQFLFkQGFHOHODOWHPăVXULQXVXQW
VXILFLHQWH
3URFXURUXOGLVSXQHDSOLFDUHDXQHLPăVXULGHSURWHFĠLHGLQRILFLXVDXODFHUHUHD
PDUWRUXOXLDXQHLDGLQWUHSăUĠLVDXDXQXLVXELHFWSURFHVXDOSULQFLSDO
ÌQFD]XODSOLFăULLPăVXULORUGHSURWHFĠLHSUHYă]XWHODDOLQ OLWF úLG
GHFODUDĠLDPDUWRUXOXLQXYDFXSULQGHDGUHVDUHDOăVDXGDWHOHVDOHGHLGHQWLWDWHDFHVWHD
ILLQGFRQVHPQDWHvQWUXQUHJLVWUXVSHFLDOODFDUHYRUDYHDDFFHVGRDURUJDQXOGHXUPăULUH
SHQDOăMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠD
vQFRQGLĠLLGHFRQILGHQĠLDOLWDWH
3URFXURUXOGLVSXQHDFRUGDUHDVWDWXWXOXLGHPDUWRUDPHQLQĠDWúLDSOLFDUHDPăVXULORUGH
SURWHFĠLHSULQRUGRQDQĠăPRWLYDWăFDUHVHSăVWUHD]ăvQFRQGLĠLLGHFRQILGHQĠLDOLWDWH
3URFXURUXOYHULILFăODLQWHUYDOHGHWLPSUH]RQDELOHGDFăVHPHQĠLQFRQGLĠLLOHFDUHDX
GHWHUPLQDWOXDUHDPăVXULORUGHSURWHFĠLHLDUvQFD]FRQWUDUGLVSXQHSULQRUGRQDQĠă
PRWLYDWăvQFHWDUHDDFHVWRUD
0ăVXULOHSUHYă]XWHODDOLQ VHPHQĠLQSHWRWSDUFXUVXOSURFHVXOXLSHQDOGDFăVWDUHD
GHSHULFROQXDvQFHWDW
'DFăVWDUHDGHSHULFRODDSăUXWvQFXUVXOSURFHGXULLGHFDPHUăSUHOLPLQDUăMXGHFăWRUXO
GHFDPHUăSUHOLPLQDUăGLQRILFLXVDXODVHVL]DUHDSURFXURUXOXLGLVSXQHPăVXULOHGH
SURWHFĠLHSUHYă]XWHODDUW'LVSR]LĠLLOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRU
0ăVXULOHGHSURWHFĠLHSUHYă]XWHODDOLQ OLWD úLE VHFRPXQLFăDXWRULWăĠLL
GHVHPQDWHFXSXQHUHDvQH[HFXWDUHDPăVXULL
$UWLFROXO
0ăVXULOHGHSURWHFĠLHGLVSXVHvQFXUVXOMXGHFăĠLL
ÌQFXUVXOMXGHFăĠLLRGDWăFXDFRUGDUHDVWDWXWXOXLGHPDUWRUDPHQLQĠDWLQVWDQĠDGLVSXQH
DSOLFDUHDXQHLDVDXDPDLPXOWRUDGLQWUHXUPăWRDUHOHPăVXUL
D VXSUDYHJKHUHDúLSD]DORFXLQĠHLPDUWRUXOXLVDXDVLJXUDUHDXQHLORFXLQĠHWHPSRUDUH
E vQVRĠLUHDúLDVLJXUDUHDSURWHFĠLHLPDUWRUXOXLVDXDPHPEULORUGHIDPLOLHDLDFHVWXLDvQ
FXUVXOGHSODVăULORU
F QHSXEOLFLWDWHDúHGLQĠHLGHMXGHFDWăSHGXUDWDDVFXOWăULLPDUWRUXOXL
G DVFXOWDUHDPDUWRUXOXLIăUăFDDFHVWDVăILHSUH]HQWvQVDODGHMXGHFDWăSULQLQWHUPHGLXO
PLMORDFHORUDXGLRYLGHRGHWUDQVPLWHUHFXYRFHDúLLPDJLQHDGLVWRUVLRQDWHDWXQFLFkQG
FHOHODOWHPăVXULQXVXQWVXILFLHQWH
H SURWHFĠLDGDWHORUGHLGHQWLWDWHDOHPDUWRUXOXLúLDFRUGDUHDXQXLSVHXGRQLPVXEFDUHDFHVWD
YDGHSXQHPăUWXULH
$UWLFROXO
'LVSXQHUHDPăVXULLSURWHFĠLHLPDUWRUXOXLvQFXUVXOMXGHFăĠLL
,QVWDQĠDGLVSXQHDSOLFDUHDXQHLPăVXULGHSURWHFĠLHGLQRILFLXODFHUHUHDSURFXURUXOXL
DPDUWRUXOXLDSăUĠLORUVDXDSHUVRDQHLYăWăPDWH
3URSXQHUHDIRUPXODWăGHSURFXURUFXSULQGH
D QXPHOHPDUWRUXOXLFDUHXUPHD]ăDILDVFXOWDWvQID]DGHMXGHFDWăúLIDĠăGHFDUHVH
GRUHúWHGLVSXQHUHDPăVXULLGHSURWHFĠLH
E PRWLYDUHDFRQFUHWăDJUDYLWăĠLLSHULFROXOXLúLDQHFHVLWăĠLLPăVXULL
$WXQFLFkQGFHUHUHDHVWHIRUPXODWăGHFHOHODOWHSHUVRDQHSUHYă]XWHODDOLQ LQVWDQĠD
SRDWHGLVSXQHFDSURFXURUXOVăHIHFWXH]HGHXUJHQĠăYHULILFăULFXSULYLUHODWHPHLQLFLD
FHUHULLGHSURWHFĠLH
&HUHUHDVHVROXĠLRQHD]ăvQFDPHUDGHFRQVLOLXIăUăSDUWLFLSDUHDSHUVRDQHLFDUHD
IRUPXODWFHUHUHD
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
,QVWDQĠDVHSURQXQĠăSULQvQFKHLHUHPRWLYDWăFDUHQXHVWHVXSXVăFăLORUGHDWDF
ÌQFKHLHUHDSULQFDUHVHGLVSXQHPăVXUDGHSURWHFĠLHVHSăVWUHD]ăvQFRQGLĠLLGH
FRQILGHQĠLDOLWDWH'DFăSURWHFĠLDPDUWRUXOXLHVWHQHFHVDUăúLGXSăUăPkQHUHDGHILQLWLYăD
KRWăUkULLVXQWDSOLFDELOHGLVSR]LĠLLOHOHJLLVSHFLDOH
0ăVXULOHGHSURWHFĠLHSUHYă]XWHODDUWOLWD úLE VHFRPXQLFăDXWRULWăĠLL
GHVHPQDWHGHOHJHFXSXQHUHDvQH[HFXWDUHDPăVXULORU
$UWLFROXO
$XGLHUHDPDUWRUXOXLSURWHMDW
ÌQVLWXDĠLLOHSUHYă]XWHODDUWDOLQ OLWG úLDUWOLWG DXGLHUHD
PDUWRUXOXLVHSRDWHHIHFWXDSULQLQWHUPHGLXOPLMORDFHORUDXGLRYLGHRIăUăFDPDUWRUXOVăILH
SUH]HQWIL]LFvQORFXOXQGHVHDIOăRUJDQXOMXGLFLDU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6XELHFĠLLSURFHVXDOLSULQFLSDOLSăUĠLOHúLDYRFDĠLLDFHVWRUDSRWDGUHVDvQWUHEăUL
PDUWRUXOXLDXGLDWvQFRQGLĠLLOHDOLQ 2UJDQXOMXGLFLDUUHVSLQJHvQWUHEăULOHFDUHDU
SXWHDFRQGXFHODLGHQWLILFDUHDPDUWRUXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'HFODUDĠLDPDUWRUXOXLSURWHMDWVHvQUHJLVWUHD]ăSULQPLMORDFHWHKQLFHYLGHRúLDXGLRúL
VHUHGăLQWHJUDOvQIRUPăVFULVă
ÌQFXUVXOXUPăULULLSHQDOHGHFODUDĠLDVHVHPQHD]ăGHRUJDQXOGHXUPăULUHSHQDOăRULGXSă
FD]GHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLúLGHSURFXURUXOFDUHDIRVWSUH]HQWODDXGLHUHD
PDUWRUXOXLúLVHGHSXQHODGRVDUXOFDX]HL'HFODUDĠLDPDUWRUXOXLWUDQVFULVăYDILVHPQDWă
úLGHDFHVWDúLYDILSăVWUDWăvQGRVDUXOGHSXVODSDUFKHWvQWUXQORFVSHFLDOvQFRQGLĠLL
GHFRQILGHQĠLDOLWDWH
ÌQFXUVXOMXGHFăĠLLGHFODUDĠLDPDUWRUXOXLVHVHPQHD]ăGHSUHúHGLQWHOHFRPSOHWXOXLGH
MXGHFDWă
6XSRUWXOSHFDUHDIRVWvQUHJLVWUDWăGHFODUDĠLDPDUWRUXOXLvQRULJLQDOVLJLODWFX
VLJLOLXOSDUFKHWXOXLVDXGXSăFD]DOLQVWDQĠHLGHMXGHFDWăvQIDĠDFăUHLDVDIăFXW
GHFODUDĠLDVHSăVWUHD]ăvQFRQGLĠLLGHFRQILGHQĠLDOLWDWH6XSRUWXOFDUHFRQĠLQH
vQUHJLVWUăULOHHIHFWXDWHvQFXUVXOXUPăULULLSHQDOHHVWHvQDLQWDWODWHUPLQDUHDXUPăULULL
SHQDOHLQVWDQĠHLFRPSHWHQWHvPSUHXQăFXGRVDUXOFDX]HLúLHVWHSăVWUDWvQDFHOHDúLFRQGLĠLL
SULYLQGFRQILGHQĠLDOLWDWHD
3URWHFĠLDPDUWRULORUYXOQHUDELOL
$UWLFROXO
0DUWRUXOYXOQHUDELO
3URFXURUXOVDXGXSăFD]LQVWDQĠDSRDWHGHFLGHDFRUGDUHDVWDWXWXOXLGHPDUWRUYXOQHUDELO
XUPăWRDUHORUFDWHJRULLGHSHUVRDQH
D PDUWRUXOXLFDUHDVXIHULWRWUDXPăFDXUPDUHDVăYkUúLULLLQIUDFĠLXQLLRULFDXUPDUHD
FRPSRUWDPHQWXOXLXOWHULRUDOVXVSHFWXOXLVDXLQFXOSDWXOXL
E PDUWRUXOXLPLQRU
2GDWăFXDFRUGDUHDVWDWXWXOXLGHPDUWRUYXOQHUDELOSURFXURUXOúLLQVWDQĠDSRWGLVSXQH
PăVXULOHGHSURWHFĠLHSUHYă]XWHODDUWDOLQ OLWE úLG VDXGXSăFD]DUW
OLWE H FDUHVHDSOLFăvQPRGFRUHVSXQ]ăWRU'LVWRUVLRQDUHDYRFLLúLDLPDJLQLLQXHVWH
REOLJDWRULH
'LVSR]LĠLLOHDUWúLVHDSOLFăvQPRGFRUHVSXQ]ăWRU
6HFĠLXQHDDD&RQIUXQWDUHD
$UWLFROXO
&RQIUXQWDUHD
&kQGVHFRQVWDWăFăH[LVWăFRQWUD]LFHULvQWUHGHFODUDĠLLOHSHUVRDQHORUDXGLDWHvQDFHHDúL
FDX]ăVHSURFHGHD]ăODFRQIUXQWDUHDORUGDFăDFHDVWDHVWHQHFHVDUăSHQWUXOăPXULUHDFDX]HL
3HUVRDQHOHFRQIUXQWDWHVXQWDXGLDWHFXSULYLUHODIDSWHOHúLvPSUHMXUăULOHvQSULYLQĠD
FăURUDGHFODUDĠLLOHGDWHDQWHULRUVHFRQWUD]LF
2UJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăSRDWHvQFXYLLQĠDFDSHUVRDQHOH
FRQIUXQWDWHVăvúLSXQăUHFLSURFvQWUHEăUL
ÌQWUHEăULOHúLUăVSXQVXULOHVHFRQVHPQHD]ăvQWUXQSURFHVYHUEDO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&DSLWROXO,,,,GHQWLILFDUHDSHUVRDQHORUúLDRELHFWHORU
$UWLFROXO
6FRSXOúLRELHFWXOPăVXULL
,GHQWLILFDUHDSHUVRDQHORUVDXRELHFWHORUVHSRDWHGLVSXQHGDFăHVWHQHFHVDUăvQVFRSXO
FODULILFăULLvPSUHMXUăULORUFDX]HL
,GHQWLILFDUHDSHUVRDQHORUVDXRELHFWHORUSRDWHILGLVSXVăGHSURFXURURULGHRUJDQHOHGH
FHUFHWDUHSHQDOăvQFXUVXOXUPăULULLSHQDOHVDXGHLQVWDQĠăvQFXUVXOMXGHFăĠLL
$UWLFROXO
$XGLHUHDSUHDODELOăDSHUVRDQHLFDUHIDFHLGHQWLILFDUHD
'XSăGLVSXQHUHDPăVXULLúLvQDLQWHFDLGHQWLILFDUHDVăILHUHDOL]DWăSHUVRDQDFDUHIDFH
LGHQWLILFDUHDWUHEXLHDXGLDWăFXSULYLUHODSHUVRDQDVDXRELHFWXOSHFDUHXUPHD]ăVăvO
LGHQWLILFH
$XGLHUHDFRQVWăvQGHVFULHUHDWXWXURUFDUDFWHULVWLFLORUSHUVRDQHLVDXDOHRELHFWXOXL
SUHFXPúLDvPSUHMXUăULORUvQFDUHDXIRVWYă]XWH3HUVRDQDFDUHIDFHLGHQWLILFDUHDHVWH
vQWUHEDWăGDFăDPDLSDUWLFLSDWDQWHULRUODRDOWăSURFHGXUăGHLGHQWLILFDUHSULYLQGDFHHDúL
SHUVRDQăVDXDFHODúLRELHFWRULGDFăSHUVRDQDVDXRELHFWXOGHLGHQWLILFDWLDXIRVWLQGLFDWH
RULGHVFULVHDQWHULRU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
,GHQWLILFDUHDSHUVRDQHORU
3HUVRDQDFDUHXUPHD]ăVăILHLGHQWLILFDWăHVWHSUH]HQWDWăvPSUHXQăFXDOWHSHUVRDQH
QHFXQRVFXWHFXWUăVăWXULDVHPăQăWRDUHFHORUGHVFULVHGHSHUVRDQDFDUHIDFHLGHQWLILFDUHD
'LVSR]LĠLLOHDOLQ VXQWDSOLFDELOHvQPRGFRUHVSXQ]ăWRUúLvQVLWXDĠLDLGHQWLILFăULL
SHUVRDQHORUGXSăIRWRJUDILL
,GHQWLILFDUHDVHGHVIăúRDUăDVWIHOvQFkWSHUVRDQHOHFDUHXUPHD]ăVăILHLGHQWLILFDWHVă
QXRYDGăSHFHDFDUHOHLGHQWLILFă
'HVIăúXUDUHDDFWLYLWăĠLLGHLGHQWLILFDUHDSHUVRDQHORUSUHFXPúLGHFODUDĠLLOHSHUVRDQHL
FDUHIDFHLGHQWLILFDUHDVXQWFRQVHPQDWHvQWUXQSURFHVYHUEDO
3URFHVXOYHUEDOWUHEXLHVăFXSULQGăSHOkQJăPHQĠLXQLOHSUHYă]XWHODDUWDOLQ
QXPHOHSUHQXPHOHúLDGUHVDSHUVRDQHORUFDUHDXIRVWLQWURGXVHvQJUXSXOGHLGHQWLILFDUHVDX
DOHFăURUIRWRJUDILLDXIRVWSUH]HQWDWHSHUVRDQHLFDUHIDFHLGHQWLILFDUHDQXPHOHúL
SUHQXPHOHSHUVRDQHLLGHQWLILFDWHSUHFXPúLRUGRQDQĠDVDXvQFKHLHUHDSULQFDUHVDGLVSXV
HIHFWXDUHDLGHQWLILFăULLGHSHUVRDQH
ÌQFXUVXOXUPăULULLSHQDOHvQVLWXDĠLDvQFDUHRUJDQXOGHXUPăULUHSHQDOăFRQVLGHUă
QHFHVDUDFWLYLWDWHDGHLGHQWLILFDUHHVWHvQUHJLVWUDWăDXGLRYLGHRÌQUHJLVWUDUHD
LGHQWLILFăULLHVWHDQH[DWăSURFHVXOXLYHUEDOFDSDUWHLQWHJUDQWăDDFHVWXLDúLSRDWHIL
IRORVLWăFDPLMORFGHSUREă
$UWLFROXO
,GHQWLILFDUHDRELHFWHORU
2ELHFWHOHGHVSUHFDUHVHSUHVXSXQHFăSRWFRQWULEXLODDIODUHDDGHYăUXOXLvQOHJăWXUăFX
VăYkUúLUHDXQHLLQIUDFĠLXQLVXQWSUH]HQWDWHvQYHGHUHDLGHQWLILFăULLGXSăFHSHUVRDQDFDUH
IDFHLGHQWLILFDUHDOHDGHVFULVvQSUHDODELO'DFăDFHVWHRELHFWHQXSRWILDGXVHSHQWUXDIL
SUH]HQWDWHSHUVRDQDFDUHIDFHLGHQWLILFDUHDSRDWHILFRQGXVăODORFXOXQGHVHDIOă
RELHFWHOH
'HVIăúXUDUHDDFWLYLWăĠLLGHLGHQWLILFDUHDRELHFWHORUSUHFXPúLGHFODUDĠLLOHSHUVRDQHL
FDUHIDFHLGHQWLILFDUHDVXQWFRQVHPQDWHvQWUXQSURFHVYHUEDOFHWUHEXLHVăFXSULQGăPHQĠLXQL
FXSULYLUHODRUGRQDQĠDVDXvQFKHLHUHDSULQFDUHVDGLVSXVPăVXUDORFXOXQGHDIRVW
vQFKHLDWGDWDRUDODFDUHDvQFHSXWúLRUDODFDUHVDWHUPLQDWDFWLYLWDWHDFXPHQĠLRQDUHD
RULFăUXLPRPHQWGHvQWUHUXSHUHQXPHOHSUHQXPHOHSHUVRDQHORUSUH]HQWHúLFDOLWDWHDvQFDUH
DFHVWHDSDUWLFLSăQXPHOHúLSUHQXPHOHSHUVRDQHLFDUHIDFHLGHQWLILFDUHDGHVFULHUHD
DPăQXQĠLWăDRELHFWHORULGHQWLILFDWH
ÌQFXUVXOXUPăULULLSHQDOHvQVLWXDĠLDvQFDUHRUJDQXOGHXUPăULUHFRQVLGHUăQHFHVDU
DFWLYLWDWHDGHLGHQWLILFDUHúLGHFODUDĠLDSHUVRDQHLFDUHIDFHLGHQWLILFDUHDVXQWvQUHJLVWUDWH
DXGLRYLGHRÌQUHJLVWUDUHDLGHQWLILFăULLHVWHDQH[DWăSURFHVXOXLYHUEDOFDSDUWHLQWHJUDQWăD
DFHVWXLDúLSRDWHILIRORVLWăFDPLMORFGHSUREă
$UWLFROXO
$OWHLGHQWLILFăUL
,GHQWLILFDUHDYRFLORUVXQHWHORUVDXDDOWRUHOHPHQWHFHIDFRELHFWXOSHUFHSĠLHLVHQ]RULDOH
VHGLVSXQHúLVHHIHFWXHD]ăFXUHVSHFWDUHDSURFHGXULLSUHYă]XWHODDUW
$UWLFROXO
3OXUDOLWDWHDGHLGHQWLILFăUL
ÌQFD]XOvQFDUHPDLPXOWHSHUVRDQHVXQWFKHPDWHVăLGHQWLILFHDFHHDúLSHUVRDQăVDX
DFHODúLRELHFWRUJDQHOHMXGLFLDUHFRPSHWHQWHLDXPăVXULSULQFDUHVăILHHYLWDWăFRPXQLFDUHD
vQWUHFHLFDUHDXIăFXWLGHQWLILFDUHDúLFHLFDUHXUPHD]ăVăRHIHFWXH]H
'DFăDFHHDúLSHUVRDQăXUPHD]ăVăSDUWLFLSHODPDLPXOWHSURFHGXULGHLGHQWLILFDUHDXQRU
SHUVRDQHVDXDXQRURELHFWHRUJDQHOHMXGLFLDUHFRPSHWHQWHLDXPăVXULFDSHUVRDQDVXSXVă
LGHQWLILFăULLVăILHVLWXDWăvQWUHSHUVRDQHGLIHULWHGHFHOHFHDXSDUWLFLSDWODSURFHGXULOH
DQWHULRDUHUHVSHFWLYRELHFWXOVXSXVLGHQWLILFăULLVăILHSODVDWSULQWUHRELHFWHGLIHULWHGH
FHOHXWLOL]DWHDQWHULRU
&DSLWROXO,9
0HWRGHVSHFLDOHGHVXSUDYHJKHUHVDXFHUFHWDUH
'HQXPLUHD&DS,9GLQ7LWOXO,9DO3ăUĠLLJHQHUDOHDIRVWPRGLILFDWăGHSFWDODUW
7LWOXO,,,GLQ/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQ
DXJXVW
$UWLFROXO
'LVSR]LĠLLJHQHUDOH
&RQVWLWXLHPHWRGHVSHFLDOHGHVXSUDYHJKHUHVDXFHUFHWDUHXUPăWRDUHOH
D LQWHUFHSWDUHDFRPXQLFDĠLLORURULDRULFăUXLWLSGHFRPXQLFDUHODGLVWDQĠă
E DFFHVXOODXQVLVWHPLQIRUPDWLF
F VXSUDYHJKHUHDYLGHRDXGLRVDXSULQIRWRJUDILHUH
G ORFDOL]DUHDVDXXUPăULUHDSULQPLMORDFHWHKQLFH
H REĠLQHUHDGDWHORUSULYLQGWUDQ]DFĠLLOHILQDQFLDUHDOHXQHLSHUVRDQH
I UHĠLQHUHDSUHGDUHDVDXSHUFKH]LĠLRQDUHDWULPLWHULORUSRúWDOH
J XWLOL]DUHDLQYHVWLJDWRULORUVXEDFRSHULUHúLDFRODERUDWRULORU
K SDUWLFLSDUHDDXWRUL]DWăODDQXPLWHDFWLYLWăĠL
L OLYUDUHDVXSUDYHJKHDWă
M REĠLQHUHDGDWHORUJHQHUDWHVDXSUHOXFUDWHGHFăWUHIXUQL]RULLGHUHĠHOHSXEOLFHGH
FRPXQLFDĠLLHOHFWURQLFHRULIXUQL]RULLGHVHUYLFLLGHFRPXQLFDĠLLHOHFWURQLFHGHVWLQDWH
SXEOLFXOXLDOWHOHGHFkWFRQĠLQXWXOFRPXQLFDĠLLORUUHĠLQXWHGHFăWUHDFHúWLDvQWHPHLXO
OHJLLVSHFLDOHSULYLQGUHĠLQHUHDGDWHORUJHQHUDWHVDXSUHOXFUDWHGHIXUQL]RULLGHUHĠHOH
SXEOLFHGHFRPXQLFDĠLLHOHFWURQLFHúLGHIXUQL]RULLGHVHUYLFLLGHFRPXQLFDĠLLHOHFWURQLFH
GHVWLQDWHSXEOLFXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3ULQLQWHUFHSWDUHDFRPXQLFDĠLLORURULDRULFăUXLWLSGHFRPXQLFDUHVHvQĠHOHJH
LQWHUFHSWDUHDDFFHVXOPRQLWRUL]DUHDFROHFWDUHDVDXvQUHJLVWUDUHDFRPXQLFăULORUHIHFWXDWH
SULQWHOHIRQVLVWHPLQIRUPDWLFRULSULQRULFHDOWPLMORFGHFRPXQLFDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3ULQDFFHVODXQVLVWHPLQIRUPDWLFVHvQĠHOHJHSăWUXQGHUHDvQWUXQVLVWHPLQIRUPDWLFVDX
PLMORFGHVWRFDUHDGDWHORULQIRUPDWLFHILHGLUHFWILHGHODGLVWDQĠăSULQLQWHUPHGLXOXQRU
SURJUDPHVSHFLDOL]DWHRULSULQLQWHUPHGLXOXQHLUHĠHOHvQVFRSXOGHDLGHQWLILFDSUREH
3ULQVLVWHPLQIRUPDWLFVHvQĠHOHJHRULFHGLVSR]LWLYVDXDQVDPEOXGHGLVSR]LWLYH
LQWHUFRQHFWDWHRULDIODWHvQUHODĠLHIXQFĠLRQDOăGLQWUHFDUHXQXOVDXPDLPXOWHDVLJXUă
SUHOXFUDUHDDXWRPDWăDGDWHORUFXDMXWRUXOXQXLSURJUDPLQIRUPDWLF
3ULQGDWHLQIRUPDWLFHVHvQĠHOHJHRULFHUHSUH]HQWDUHGHIDSWHLQIRUPDĠLLVDXFRQFHSWH
VXERIRUPăDGHFYDWăSUHOXFUăULLvQWUXQVLVWHPLQIRUPDWLFLQFOXVLYXQSURJUDPFDSDELOVă
GHWHUPLQHH[HFXWDUHDXQHLIXQFĠLLGHFăWUHXQVLVWHPLQIRUPDWLF
3ULQVXSUDYHJKHUHYLGHRDXGLRVDXSULQIRWRJUDILHUHVHvQĠHOHJHIRWRJUDILHUHD
SHUVRDQHORUREVHUYDUHDVDXvQUHJLVWUDUHDFRQYHUVDĠLLORUPLúFăULORURULDDOWRUDFWLYLWăĠL
DOHDFHVWRUD
3ULQORFDOL]DUHVDXXUPăULUHSULQPLMORDFHWHKQLFHVHvQĠHOHJHIRORVLUHDXQRUGLVSR]LWLYH
FDUHGHWHUPLQăORFXOXQGHVHDIOăSHUVRDQDVDXRELHFWXOODFDUHVXQWDWDúDWH
3ULQSHUFKH]LĠLRQDUHDWULPLWHULORUSRúWDOHVHvQĠHOHJHYHULILFDUHDSULQPLMORDFHIL]LFH
VDXWHKQLFHDVFULVRULORUDDOWRUWULPLWHULSRúWDOHVDXDRELHFWHORUWUDQVPLVHSULQRULFH
DOWPLMORF
3ULQREĠLQHUHDGDWHORUSULYLQGWUDQ]DFĠLLOHILQDQFLDUHDOHXQHLSHUVRDQHVHvQĠHOHJH
RSHUDĠLXQLOHSULQFDUHVHDVLJXUăFXQRDúWHUHDFRQĠLQXWXOXLWUDQ]DFĠLLORUILQDQFLDUHúLDO
DOWRURSHUDĠLXQLHIHFWXDWHVDXFDUHXUPHD]ăVăILHHIHFWXDWHSULQLQWHUPHGLXOXQHLLQVWLWXĠLL
GHFUHGLWRULDODOWHLHQWLWăĠLILQDQFLDUHSUHFXPúLREĠLQHUHDGHODRLQVWLWXĠLHGHFUHGLW
VDXGHODDOWăHQWLWDWHILQDQFLDUăGHvQVFULVXULRULLQIRUPDĠLLDIODWHvQSRVHVLDDFHVWHLD
UHIHULWRDUHODWUDQ]DFĠLLOHVDXRSHUDĠLXQLOHXQHLSHUVRDQH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3ULQXWLOL]DUHDLQYHVWLJDWRULORUVXEDFRSHULUHúLDFRODERUDWRULORUVHvQĠHOHJH
IRORVLUHDXQHLSHUVRDQHFXRDOWăLGHQWLWDWHGHFkWFHDUHDOăvQVFRSXOREĠLQHULLGHGDWHúL
LQIRUPDĠLLFXSULYLUHODVăYkUúLUHDXQHLLQIUDFĠLXQL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3ULQSDUWLFLSDUHDDXWRUL]DWăODDQXPLWHDFWLYLWăĠLVHvQĠHOHJHFRPLWHUHDXQHLIDSWH
VLPLODUHODWXULLRELHFWLYHDXQHLLQIUDFĠLXQLGHFRUXSĠLHHIHFWXDUHDGHWUDQ]DFĠLL
RSHUDĠLXQLVDXRULFHIHOGHvQĠHOHJHULSULYLQGXQEXQVDXSULYLQGRSHUVRDQăGHVSUHFDUHVH
EăQXLHúWHFăDUILGLVSăUXWăFăHVWHYLFWLPDWUDILFXOXLGHSHUVRDQHRULDXQHLUăSLUL
HIHFWXDUHDGHRSHUDĠLXQLSULYLQGGURJXULSUHFXPúLSUHVWDUHDXQXLVHUYLFLXGHVIăúXUDWHFX
DXWRUL]DUHDRUJDQXOXLMXGLFLDUFRPSHWHQWvQVFRSXOREĠLQHULLGHPLMORDFHGHSUREă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3ULQOLYUDUHVXSUDYHJKHDWăVHvQĠHOHJHWHKQLFDGHVXSUDYHJKHUHúLFHUFHWDUHSULQFDUHVH
SHUPLWHLQWUDUHDWUDQ]LWDUHDVDXLHúLUHDGHSHWHULWRULXOĠăULLDXQRUEXQXULvQSULYLQĠD
FăURUDH[LVWăRVXVSLFLXQHFXSULYLUHODFDUDFWHUXOLOLFLWDOGHĠLQHULLVDXREĠLQHULL
DFHVWRUDVXEVXSUDYHJKHUHDRULFXDXWRUL]DUHDDXWRULWăĠLORUFRPSHWHQWHvQVFRSXO
LQYHVWLJăULLXQHLLQIUDFĠLXQLVDXDOLGHQWLILFăULLSHUVRDQHORULPSOLFDWHvQVăYkUúLUHD
DFHVWHLD
3ULQVXSUDYHJKHUHWHKQLFăVHvQĠHOHJHXWLOL]DUHDXQHLDGLQWUHPHWRGHOHSUHYă]XWHOD
DOLQ OLWD H
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
6XSUDYHJKHUHDWHKQLFă
6XSUDYHJKHUHDWHKQLFăVHGLVSXQHGHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLDWXQFLFkQGVXQW
vQGHSOLQLWHFXPXODWLYXUPăWRDUHOHFRQGLĠLL
D H[LVWăRVXVSLFLXQHUH]RQDELOăFXSULYLUHODSUHJăWLUHDVDXVăYkUúLUHDXQHLLQIUDFĠLXQL
GLQWUHFHOHSUHYă]XWHODDOLQ
E PăVXUDVăILHSURSRUĠLRQDOăFXUHVWUkQJHUHDGUHSWXULORUúLOLEHUWăĠLORUIXQGDPHQWDOHGDWH
ILLQGSDUWLFXODULWăĠLOHFDX]HLLPSRUWDQĠDLQIRUPDĠLLORURULDSUREHORUFHXUPHD]ăDIL
REĠLQXWHVDXJUDYLWDWHDLQIUDFĠLXQLL
F SUREHOHQXDUSXWHDILREĠLQXWHvQDOWPRGVDXREĠLQHUHDORUDUSUHVXSXQHGLILFXOWăĠL
GHRVHELWHFHDUSUHMXGLFLDDQFKHWDRULH[LVWăXQSHULFROSHQWUXVLJXUDQĠDSHUVRDQHORUVDXD
XQRUEXQXULGHYDORDUH
6XSUDYHJKHUHDWHKQLFăVHSRDWHGLVSXQHvQFD]XOLQIUDFĠLXQLORUFRQWUDVHFXULWăĠLL
QDĠLRQDOHSUHYă]XWHGH&RGXOSHQDOúLGHOHJLVSHFLDOHSUHFXPúLvQFD]XOLQIUDFĠLXQLORUGH
WUDILFGHGURJXULGHWUDILFGHDUPHGHWUDILFGHSHUVRDQHDFWHGHWHURULVPGHVSăODUHD
EDQLORUGHIDOVLILFDUHGHPRQHGHRULDOWHYDORULGHIDOVLILFDUHGHLQVWUXPHQWHGHSODWă
HOHFWURQLFăFRQWUDSDWULPRQLXOXLGHúDQWDMGHYLROGHOLSVLUHGHOLEHUWDWHGHHYD]LXQH
ILVFDOăvQFD]XOLQIUDFĠLXQLORUGHFRUXSĠLHúLDOLQIUDFĠLXQLORUDVLPLODWHLQIUDFĠLXQLORUGH
FRUXSĠLHLQIUDFĠLXQLORUvPSRWULYDLQWHUHVHORUILQDQFLDUHDOH8QLXQLL(XURSHQHDO
LQIUDFĠLXQLORUFDUHVHVăYkUúHVFSULQVLVWHPHLQIRUPDWLFHVDXPLMORDFHGHFRPXQLFDĠLL
HOHFWURQLFHRULvQFD]XODOWRULQIUDFĠLXQLSHQWUXFDUHOHJHDSUHYHGHSHGHDSVDvQFKLVRULLGH
DQLVDXPDLPDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQUHJLVWUăULOHSUHYă]XWHvQSUH]HQWXOFDSLWROHIHFWXDWHGHSăUĠLVDXGHDOWHSHUVRDQH
FRQVWLWXLHPLMORDFHGHSUREăFkQGSULYHVFSURSULLOHFRQYRUELULVDXFRPXQLFăULSHFDUHOHDX
SXUWDWFXWHUĠLL2ULFHDOWHvQUHJLVWUăULSRWFRQVWLWXLPLMORDFHGHSUREăGDFăQXVXQW
LQWHU]LVHGHOHJH
5DSRUWXOGLQWUHDYRFDWúLSHUVRDQDSHFDUHRDVLVWăVDXRUHSUH]LQWăQXSRDWHIRUPD
RELHFWXOVXSUDYHJKHULLWHKQLFHGHFkWGDFăH[LVWăGDWHFăDYRFDWXOVăYkUúHúWHRULSUHJăWHúWH
VăYkUúLUHDXQHLLQIUDFĠLXQLGLQWUHFHOHSUHYă]XWHODDOLQ 'DFăSHSDUFXUVXOVDXGXSă
H[HFXWDUHDPăVXULLUH]XOWăFăDFWLYLWăĠLOHGHVXSUDYHJKHUHWHKQLFăDXYL]DWúLUDSRUWXULOH
GLQWUHDYRFDWúLVXVSHFWXORULLQFXOSDWXOSHFDUHDFHVWDvODSăUăSUREHOHREĠLQXWHQXSRWIL
IRORVLWHvQFDGUXOQLFLXQXLSURFHVSHQDOXUPkQGDILGLVWUXVHGHvQGDWăGHFăWUHSURFXURU
-XGHFăWRUXOFDUHDGLVSXVPăVXUDHVWHLQIRUPDWGHvQGDWăGHFăWUHSURFXURU$WXQFLFkQG
DSUHFLD]ăQHFHVDUMXGHFăWRUXOGLVSXQHLQIRUPDUHDDYRFDWXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3URFHGXUDGHHPLWHUHDPDQGDWXOXLGHVXSUDYHJKHUHWHKQLFă
6XSUDYHJKHUHDWHKQLFăSRDWHILGLVSXVăvQFXUVXOXUPăULULLSHQDOHSHRGXUDWăGHFHO
PXOWGH]LOHODFHUHUHDSURFXURUXOXLGHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHOD
LQVWDQĠDFăUHLDLDUUHYHQLFRPSHWHQĠDVăMXGHFHFDX]DvQSULPăLQVWDQĠăVDXGHODLQVWDQĠD
FRUHVSXQ]ăWRDUHvQJUDGDFHVWHLDvQDFăUHLFLUFXPVFULSĠLHVHDIOăVHGLXOSDUFKHWXOXLGLQ
FDUHIDFHSDUWHSURFXURUXOFDUHDIRUPXODWFHUHUHD
&HUHUHDIRUPXODWăGHSURFXURUWUHEXLHVăFXSULQGăLQGLFDUHDPăVXULORUGHVXSUDYHJKHUH
WHKQLFăFDUHVHVROLFLWăDILGLVSXVHQXPHOHVDXDOWHGDWHGHLGHQWLILFDUHDSHUVRDQHL
vPSRWULYDFăUHLDVHGLVSXQHPăVXUDGDFăVXQWFXQRVFXWHLQGLFDUHDSUREHORURULDGDWHORUGLQ
FDUHUH]XOWăVXVSLFLXQHDUH]RQDELOăFXSULYLUHODVăYkUúLUHDXQHLLQIUDFĠLXQLSHQWUXFDUHVH
SRDWHGLVSXQHPăVXUDLQGLFDUHDIDSWHLúLDvQFDGUăULLMXULGLFHLDUvQFD]XOPăVXULL
VXSUDYHJKHULLYLGHRDXGLRVDXSULQIRWRJUDILHUHGDFăVHVROLFLWăúLvQFXYLLQĠDUHDFD
RUJDQHOHGHXUPăULUHSHQDOăVăSăWUXQGăvQVSDĠLLSULYDWHLQGLFDWHSHQWUXDDFWLYDVDXD
GH]DFWLYDPLMORDFHOHWHKQLFHFHXUPHD]ăDILIRORVLWHSHQWUXH[HFXWDUHDPăVXULLVXSUDYHJKHULL
WHKQLFHPRWLYDUHDFDUDFWHUXOXLSURSRUĠLRQDOúLVXEVLGLDUDOPăVXULL3URFXURUXOWUHEXLHVă
vQDLQWH]HGRVDUXOMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠL
&HUHUHDSULQFDUHVHVROLFLWăvQFXYLLQĠDUHDVXSUDYHJKHULLWHKQLFHVHVROXĠLRQHD]ăvQ
DFHHDúL]LvQFDPHUDGHFRQVLOLXIăUăFLWDUHDSăUĠLORU3DUWLFLSDUHDSURFXURUXOXLHVWH
REOLJDWRULH
ÌQFD]XOvQFDUHDSUHFLD]ăFăFHUHUHDHVWHvQWHPHLDWăMXGHFăWRUXOGHGUHSWXULúL
OLEHUWăĠLGLVSXQHSULQvQFKHLHUHDGPLWHUHDFHUHULLSURFXURUXOXLúLHPLWHGHvQGDWăPDQGDWXO
GHVXSUDYHJKHUHWHKQLFăÌQWRFPLUHDPLQXWHLHVWHREOLJDWRULH
ÌQFKHLHUHDMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLúLPDQGDWXOWUHEXLHVăFXSULQGă
D GHQXPLUHDLQVWDQĠHL
E GDWDRUDúLORFXOHPLWHULL
F QXPHOHSUHQXPHOHúLFDOLWDWHDSHUVRDQHLFDUHDGDWvQFKHLHUHDúLDHPLVPDQGDWXO
G LQGLFDUHDPăVXULLFRQFUHWHvQFXYLLQĠDWH
H SHULRDGDúLVFRSXOSHQWUXFDUHVDDXWRUL]DWPăVXUD
I QXPHOHSHUVRDQHLVXSXVHPăVXULLGHVXSUDYHJKHUHWHKQLFăRULGDWHOHGHLGHQWLILFDUHDOH
DFHVWHLDGDFăVXQWFXQRVFXWH
J LQGLFDUHDvQFD]XOvQFDUHHVWHQHFHVDUIDĠăGHQDWXUDPăVXULLvQFXYLLQĠDWHD
HOHPHQWHORUGHLGHQWLILFDUHDILHFăUXLWHOHIRQDSXQFWXOXLGHDFFHVODXQVLVWHPLQIRUPDWLF
DRULFăURUGDWHFXQRVFXWHSHQWUXLGHQWLILFDUHDFăLLGHFRPXQLFDUHVDXDQXPăUXOXLGHFRQW
K vQFD]XOPăVXULLVXSUDYHJKHULLYLGHRDXGLRVDXSULQIRWRJUDILHUHvQVSDĠLLSULYDWH
PHQĠLXQHDSULYLQGvQFXYLLQĠDUHDVROLFLWăULLFDRUJDQHOHGHXUPăULUHSHQDOăVăSăWUXQGăvQ
VSDĠLLSULYDWHSHQWUXDDFWLYDVDXGH]DFWLYDPLMORDFHOHWHKQLFHFHXUPHD]ăDILIRORVLWH
SHQWUXH[HFXWDUHDPăVXULLVXSUDYHJKHULLWHKQLFH
L VHPQăWXUDMXGHFăWRUXOXLúLúWDPSLODLQVWDQĠHL
ÌQFD]XOvQFDUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLDSUHFLD]ăFăQXVXQWvQGHSOLQLWH
FRQGLĠLLOHSUHYă]XWHODDUWúLSUHYHGHULOHDOLQ GLQSUH]HQWXODUWLFROGLVSXQH
SULQvQFKHLHUHUHVSLQJHUHDFHUHULLGHvQFXYLLQĠDUHDPăVXULLVXSUDYHJKHULLWHKQLFH
ÌQFKHLHUHDSULQFDUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVHSURQXQĠăDVXSUDPăVXULORUGH
VXSUDYHJKHUHWHKQLFăQXHVWHVXSXVăFăLORUGHDWDF
2QRXăFHUHUHGHvQFXYLLQĠDUHDDFHOHLDúLPăVXULSRDWHILIRUPXODWăQXPDLGDFăDXDSăUXW
RULVDXGHVFRSHULWIDSWHVDXvPSUHMXUăULQRLQHFXQRVFXWHODPRPHQWXOVROXĠLRQăULLFHUHULL
DQWHULRDUHGHFăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
/DFHUHUHDPRWLYDWăDSHUVRDQHLYăWăPDWHSURFXURUXOSRDWHVROLFLWDMXGHFăWRUXOXL
DXWRUL]DUHDLQWHUFHSWăULLFRPXQLFDĠLLORURULvQUHJLVWUăULLDFHVWRUDSUHFXPúLDRULFăURU
WLSXULGHFRPXQLFăULHIHFWXDWHGHDFHDVWDSULQRULFHPLMORFGHFRPXQLFDUHLQGLIHUHQWGH
QDWXUDLQIUDFĠLXQLLFHIRUPHD]ăRELHFWXOFHUFHWăULL'LVSR]LĠLLOHDOLQ VHDSOLFăvQ
PRGFRUHVSXQ]ăWRU
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
$XWRUL]DUHDXQRUPăVXULGHVXSUDYHJKHUHWHKQLFăGHFăWUHSURFXURU
3URFXURUXOSRDWHDXWRUL]DSHRGXUDWăGHPD[LPXPGHRUHPăVXULOHGHVXSUDYHJKHUH
WHKQLFăDWXQFLFkQG
D H[LVWăXUJHQĠăLDUREĠLQHUHDPDQGDWXOXLGHVXSUDYHJKHUHWHKQLFăvQFRQGLĠLLOHDUWDU
FRQGXFHODRvQWkU]LHUHVXEVWDQĠLDOăDFHUFHWăULORUODSLHUGHUHDDOWHUDUHDVDXGLVWUXJHUHD
SUREHORURULDUSXQHvQSHULFROVLJXUDQĠDSHUVRDQHLYăWăPDWHDPDUWRUXOXLVDXPHPEULORU
IDPLOLLORUDFHVWRUDúL
E VXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHODDUWDOLQ úL
2UGRQDQĠDSURFXURUXOXLSULQFDUHVHDXWRUL]HD]ăPăVXUDGHVXSUDYHJKHUHWHKQLFăWUHEXLHVă
FXSULQGăPHQĠLXQLOHSUHYă]XWHODDUWDOLQ
3URFXURUXODUHREOLJDĠLDGHDVHVL]DvQWHUPHQGHFHOPXOWGHRUHGHODH[SLUDUHD
PăVXULLMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDFăUHLDLDUUHYHQLFRPSHWHQĠDVă
MXGHFHFDX]DvQSULPăLQVWDQĠăVDXGHODLQVWDQĠDFRUHVSXQ]ăWRDUHvQJUDGDFHVWHLDvQDFăUHL
FLUFXPVFULSĠLHVHDIOăVHGLXOSDUFKHWXOXLGLQFDUHIDFHSDUWHSURFXURUXOFDUHDHPLV
RUGRQDQĠDvQYHGHUHDFRQILUPăULLPăVXULLvQDLQWkQGWRWRGDWăXQSURFHVYHUEDOGHUHGDUH
UH]XPDWLYăDDFWLYLWăĠLORUGHVXSUDYHJKHUHWHKQLFăHIHFWXDWHúLGRVDUXOFDX]HL
ÌQFD]XOvQFDUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLDSUHFLD]ăFăDXIRVWvQGHSOLQLWH
FRQGLĠLLOHSUHYă]XWHODDOLQ FRQILUPăvQWHUPHQGHGHRUHPăVXUDGLVSXVăGH
SURFXURUSULQvQFKHLHUHSURQXQĠDWăvQFDPHUDGHFRQVLOLXIăUăFLWDUHDSăUĠLORU
&XSULYLUHODGDWHOHLQIRUPDWLFHLGHQWLILFDWHSULQDFFHVXOODXQVLVWHPLQIRUPDWLF
SURFXURUXOSRDWHGLVSXQHSULQRUGRQDQĠă
D UHDOL]DUHDúLFRQVHUYDUHDXQHLFRSLLDDFHVWRUGDWHLQIRUPDWLFH
E VXSULPDUHDDFFHVăULLVDXvQGHSăUWDUHDDFHVWRUGDWHLQIRUPDWLFHGLQVLVWHPXOLQIRUPDWLF
&RSLLOHVHUHDOL]HD]ăFXPLMORDFHWHKQLFHúLSURFHGXULDGHFYDWHGHQDWXUăVăDVLJXUH
LQWHJULWDWHDLQIRUPDĠLLORUFRQĠLQXWHGHDFHVWHD
ÌQFD]XOvQFDUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLDSUHFLD]ăFăQXDXIRVWUHVSHFWDWH
FRQGLĠLLOHSUHYă]XWHODDOLQ LQILUPăPăVXUDOXDWăGHFăWUHSURFXURUúLGLVSXQH
GLVWUXJHUHDSUREHORUREĠLQXWHvQWHPHLXODFHVWHLD3URFXURUXOGLVWUXJHSUREHOHDVWIHO
REĠLQXWHúLvQWRFPHúWHXQSURFHVYHUEDOvQDFHVWVHQV
2GDWăFXFHUHUHDGHFRQILUPDUHDPăVXULLVDXVHSDUDWSURFXURUXOSRDWHVROLFLWD
MXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLOXDUHDPăVXULLVXSUDYHJKHULLWHKQLFHvQFRQGLĠLLOH
DUW
ÌQFKHLHUHDSULQFDUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVHSURQXQĠăDVXSUDPăVXULORU
GLVSXVHGHSURFXURUQXHVWHVXSXVăFăLORUGHDWDF
$UWLFROXO
3XQHUHDvQH[HFXWDUHDPDQGDWXOXLGHVXSUDYHJKHUHWHKQLFă
3URFXURUXOSXQHvQH[HFXWDUHVXSUDYHJKHUHDWHKQLFăRULSRDWHGLVSXQHFDDFHDVWDVăILH
HIHFWXDWăGHRUJDQXOGHFHUFHWDUHSHQDOăVDXGHOXFUăWRULVSHFLDOL]DĠLGLQFDGUXOSROLĠLHL
RULGHDOWHRUJDQHVSHFLDOL]DWHDOHVWDWXOXL
)XUQL]RULLGHUHĠHOHSXEOLFHGHFRPXQLFDĠLLHOHFWURQLFHVDXIXUQL]RULLGHVHUYLFLLGH
FRPXQLFDĠLLHOHFWURQLFHGHVWLQDWHSXEOLFXOXLVDXGHRULFHWLSGHFRPXQLFDUHRULGHVHUYLFLL
ILQDQFLDUHVXQWREOLJDĠLVăFRODERUH]HFXRUJDQHOHGHXUPăULUHSHQDOăFXDXWRULWăĠLOH
SUHYă]XWHODDOLQ vQOLPLWHOHFRPSHWHQĠHORUDFHVWRUDSHQWUXSXQHUHDvQH[HFXWDUHD
PDQGDWXOXLGHVXSUDYHJKHUHWHKQLFă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HUVRDQHOHFDUHVXQWFKHPDWHVăGHDFRQFXUVWHKQLFODH[HFXWDUHDPăVXULORUGH
VXSUDYHJKHUHDXREOLJDĠLDVăSăVWUH]HVHFUHWXORSHUDĠLXQLLHIHFWXDWHVXEVDQFĠLXQHDOHJLL
SHQDOH
3URFXURUXODUHREOLJDĠLDGHDvQFHWDLPHGLDWVXSUDYHJKHUHDWHKQLFăvQDLQWHGHH[SLUDUHD
GXUDWHLPDQGDWXOXLGDFăQXPDLH[LVWăWHPHLXULOHFDUHDXMXVWLILFDWPăVXUDLQIRUPkQGGH
vQGDWăGHVSUHDFHDVWDMXGHFăWRUXOFDUHDHPLVPDQGDWXO
'DWHOHUH]XOWDWHGLQPăVXULOHGHVXSUDYHJKHUHWHKQLFăSRWILIRORVLWHúLvQDOWăFDX]ă
SHQDOăGDFăGLQFXSULQVXODFHVWRUDUH]XOWăGDWHVDXLQIRUPDĠLLFRQFOXGHQWHúLXWLOH
SULYLWRDUHODSUHJăWLUHDRULVăYkUúLUHDXQHLDOWHLQIUDFĠLXQLGLQWUHFHOHSUHYă]XWHODDUW
DOLQ
'DWHOHUH]XOWDWHGLQPăVXULOHGHVXSUDYHJKHUHFDUHQXSULYHVFIDSWDFHIRUPHD]ăRELHFWXO
FHUFHWăULLVDXFDUHQXFRQWULEXLHODLGHQWLILFDUHDRULORFDOL]DUHDSHUVRDQHORUGDFăQXVXQW
IRORVLWHvQDOWHFDX]HSHQDOHSRWULYLWDOLQ VHDUKLYHD]ăODVHGLXOSDUFKHWXOXLvQ
ORFXULVSHFLDOHFXDVLJXUDUHDFRQILGHQĠLDOLWăĠLL'LQRILFLXVDXODVROLFLWDUHDSăUĠLORU
MXGHFăWRUXORULFRPSOHWXOvQYHVWLWSRDWHVROLFLWDGDWHOHVLJLODWHGDFăH[LVWăQRLSUREHGLQ
FDUHUH]XOWăFăWRWXúLRSDUWHGLQWUHDFHVWHDSULYHVFIDSWDFHIRUPHD]ăRELHFWXOFHUFHWăULL
'XSăXQDQGHODVROXĠLRQDUHDGHILQLWLYăDFDX]HLDFHVWHDVXQWGLVWUXVHGHFăWUHSURFXURU
FDUHvQWRFPHúWHXQSURFHVYHUEDOvQDFHVWVHQV
$UWLFROXOA
2ULFHSHUVRDQăDXWRUL]DWăFDUHUHDOL]HD]ăDFWLYLWăĠLGHVXSUDYHJKHUHWHKQLFăvQED]D
SUH]HQWHLOHJLDUHSRVLELOLWDWHDGHDDVLJXUDVHPQDUHDHOHFWURQLFăDGDWHORUUH]XOWDWHGLQ
DFWLYLWăĠLOHGHVXSUDYHJKHUHWHKQLFăXWLOL]kQGRVHPQăWXUăHOHFWURQLFăH[WLQVăED]DWăSHXQ
FHUWLILFDWFDOLILFDWHOLEHUDWGHXQIXUQL]RUGHVHUYLFLLGHFHUWLILFDUHDFUHGLWDW
2ULFHSHUVRDQăDXWRUL]DWăFDUHWUDQVPLWHGDWHUH]XOWDWHGLQDFWLYLWăĠLOHGHVXSUDYHJKHUH
WHKQLFăvQED]DSUH]HQWHLOHJLDUHSRVLELOLWDWHDVăVHPQH]HGDWHOHWUDQVPLVHXWLOL]kQGúL
RVHPQăWXUăHOHFWURQLFăH[WLQVăED]DWăSHXQFHUWLILFDWFDOLILFDWHOLEHUDWGHXQIXUQL]RUGH
VHUYLFLLGHFHUWLILFDUHDFUHGLWDWúLFDUHSHUPLWHLGHQWLILFDUHDQHDPELJXăDSHUVRDQHL
DXWRUL]DWHDFHDVWDDVXPkQGXúLDVWIHOUHVSRQVDELOLWDWHDvQFHHDFHSULYHúWHLQWHJULWDWHD
GDWHORUWUDQVPLVH
2ULFHSHUVRDQăDXWRUL]DWăFDUHSULPHúWHGDWHUH]XOWDWHGLQDFWLYLWăĠLOHGHVXSUDYHJKHUH
WHKQLFăvQED]DSUH]HQWHLOHJLDUHSRVLELOLWDWHDVăYHULILFHLQWHJULWDWHDGDWHORUSULPLWH
úLVăFHUWLILFHDFHDVWăLQWHJULWDWHSULQVHPQDUHDGDWHORUXWLOL]kQGRVHPQăWXUăHOHFWURQLFă
H[WLQVăED]DWăSHXQFHUWLILFDWFDOLILFDWHOLEHUDWGHXQIXUQL]RUGHVHUYLFLLGHFHUWLILFDUH
DFUHGLWDWúLFDUHSHUPLWHLGHQWLILFDUHDQHDPELJXăDSHUVRDQHLDXWRUL]DWH
)LHFDUHSHUVRDQăFDUHFHUWLILFăGDWHOHVXEVHPQăWXUăHOHFWURQLFăUăVSXQGHSRWULYLWOHJLL
SHQWUXVHFXULWDWHDúLLQWHJULWDWHDDFHVWRUGDWH
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RQVHPQDUHDDFWLYLWăĠLORUGHVXSUDYHJKHUHWHKQLFă
3URFXURUXOVDXRUJDQXOGHFHUFHWDUHSHQDOăvQWRFPHúWHXQSURFHVYHUEDOSHQWUXILHFDUH
DFWLYLWDWHGHVXSUDYHJKHUHWHKQLFăvQFDUHVXQWFRQVHPQDWHUH]XOWDWHOHDFWLYLWăĠLORU
HIHFWXDWHFDUHSULYHVFIDSWDFHIRUPHD]ăRELHFWXOFHUFHWăULLVDXFRQWULEXLHODLGHQWLILFDUHD
RULORFDOL]DUHDSHUVRDQHORUGDWHOHGHLGHQWLILFDUHDOHVXSRUWXOXLFDUHFRQĠLQHUH]XOWDWXO
DFWLYLWăĠLORUGHVXSUDYHJKHUHWHKQLFăQXPHOHSHUVRDQHORUODFDUHVHUHIHUăGDFăVXQW
FXQRVFXWHVDXDOWHGDWHGHLGHQWLILFDUHSUHFXPúLGXSăFD]GDWDúLRUDODFDUHDvQFHSXW
DFWLYLWDWHDGHVXSUDYHJKHUHúLGDWDúLRUDODFDUHVDvQFKHLDW
/DSURFHVXOYHUEDOVHDWDúHD]ăvQSOLFVLJLODWRFRSLHDVXSRUWXOXLFDUHFRQĠLQH
UH]XOWDWXODFWLYLWăĠLORUGHVXSUDYHJKHUHWHKQLFă6XSRUWXOVDXRFRSLHFHUWLILFDWăDDFHVWXLD
VHSăVWUHD]ăODVHGLXOSDUFKHWXOXLvQORFXULVSHFLDOHvQSOLFVLJLODWúLYDILSXVOD
GLVSR]LĠLDLQVWDQĠHLODVROLFLWDUHDDFHVWHLD'XSăVHVL]DUHDLQVWDQĠHLFRSLDVXSRUWXOXL
FDUHFRQĠLQHDFWLYLWăĠLOHGHVXSUDYHJKHUHWHKQLFăúLFRSLLGHSHSURFHVHOHYHUEDOHVH
SăVWUHD]ăODJUHIDLQVWDQĠHLvQORFXULVSHFLDOHvQSOLFVLJLODWODGLVSR]LĠLDH[FOXVLYăD
MXGHFăWRUXOXLVDXFRPSOHWXOXLvQYHVWLWFXVROXĠLRQDUHDFDX]HL
A 2ULFHSHUVRDQăDXWRUL]DWăFDUHUHDOL]HD]ăFRSLLDOHXQXLVXSRUWGHVWRFDUHDGDWHORU
LQIRUPDWLFHFDUHFRQĠLQHUH]XOWDWXODFWLYLWăĠLORUGHVXSUDYHJKHUHWHKQLFăDUHSRVLELOLWDWHD
VăYHULILFHLQWHJULWDWHDGDWHORULQFOXVHvQVXSRUWXORULJLQDOúLGXSăHIHFWXDUHDFRSLHLVă
VHPQH]HGDWHOHLQFOXVHvQDFHDVWDXWLOL]kQGRVHPQăWXUăHOHFWURQLFăH[WLQVăED]DWăSHXQ
FHUWLILFDWFDOLILFDWHOLEHUDWGHXQIXUQL]RUGHVHUYLFLLGHFHUWLILFDUHDFUHGLWDWúLFDUH
SHUPLWHLGHQWLILFDUHDQHDPELJXăDSHUVRDQHLDXWRUL]DWHDFHDVWDDVXPkQGXúLDVWIHO
UHVSRQVDELOLWDWHDvQFHHDFHSULYHúWHLQWHJULWDWHDGDWHORU
$OLQ A DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&RQYRUELULOHFRPXQLFăULOHVDXFRQYHUVDĠLLOHSXUWDWHvQWURDOWăOLPEăGHFkWFHDURPkQă
VXQWWUDQVFULVHvQOLPEDURPkQăSULQLQWHUPHGLXOXQXLLQWHUSUHWFDUHDUHREOLJDĠLDGHD
SăVWUDFRQILGHQĠLDOLWDWHD
&RQYRUELULOHFRPXQLFăULOHVDXFRQYHUVDĠLLOHLQWHUFHSWDWHúLvQUHJLVWUDWHFDUHSULYHVF
IDSWDFHIRUPHD]ăRELHFWXOFHUFHWăULLRULFRQWULEXLHODLGHQWLILFDUHDRULORFDOL]DUHD
SHUVRDQHORUVXQWUHGDWHGHFăWUHSURFXURUVDXRUJDQXOGHFHUFHWDUHSHQDOăvQWUXQSURFHV
YHUEDOvQFDUHVHPHQĠLRQHD]ăPDQGDWXOHPLVSHQWUXHIHFWXDUHDDFHVWRUDQXPHUHOHSRVWXULORU
WHOHIRQLFHGDWHOHGHLGHQWLILFDUHDOHVLVWHPHORULQIRUPDWLFHRULDOHSXQFWHORUGHDFFHV
QXPHOHSHUVRDQHORUFHDXHIHFWXDWFRPXQLFăULOHGDFăVXQWFXQRVFXWHGDWDúLRUDILHFăUHL
FRQYRUELULVDXFRPXQLFăUL3URFHVXOYHUEDOHVWHFHUWLILFDWSHQWUXDXWHQWLFLWDWHGHFăWUH
SURFXURU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'XSăvQFHWDUHDPăVXULLGHVXSUDYHJKHUHSURFXURUXOLQIRUPHD]ăMXGHFăWRUXOGHGUHSWXULúL
OLEHUWăĠLGHVSUHDFWLYLWăĠLOHHIHFWXDWH
$UWLFROXO
3UHOXQJLUHDPDQGDWXOXLGHVXSUDYHJKHUHWHKQLFă
0DQGDWXOGHVXSUDYHJKHUHWHKQLFăSRDWHILSUHOXQJLWSHQWUXPRWLYHWHPHLQLFMXVWLILFDWH
GHFăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDFRPSHWHQWăODFHUHUHDPRWLYDWă
DSURFXURUXOXLvQFD]XOvQFDUHVXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHODDUWILHFDUH
SUHOXQJLUHQHSXWkQGGHSăúLGH]LOH
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVHSURQXQĠăvQFDPHUDGHFRQVLOLXIăUăFLWDUHD
SăUĠLORUSULQvQFKHLHUHFDUHQXHVWHVXSXVăFăLORUGHDWDFÌQWRFPLUHDPLQXWHLHVWH
REOLJDWRULH
'XUDWDWRWDOăDPăVXULORUGHVXSUDYHJKHUHWHKQLFăFXSULYLUHODDFHHDúLSHUVRDQăúL
DFHHDúLIDSWăQXSRDWHGHSăúLvQDFHHDúLFDX]ăOXQLFXH[FHSĠLDPăVXULLGHVXSUDYHJKHUH
YLGHRDXGLRVDXSULQIRWRJUDILHUHvQVSDĠLLSULYDWHFDUHQXSRDWHGHSăúLGH]LOH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
,QIRUPDUHDSHUVRDQHLVXSUDYHJKHDWH
'XSăvQFHWDUHDPăVXULLGHVXSUDYHJKHUHWHKQLFăSURFXURUXOLQIRUPHD]ăvQVFULVvQFHO
PXOW]LOHSHILHFDUHVXELHFWDOXQXLPDQGDWGHVSUHPăVXUDGHVXSUDYHJKHUHWHKQLFăFHD
IRVWOXDWăvQSULYLQĠDVD
'XSăPRPHQWXOLQIRUPăULLSHUVRDQDVXSUDYHJKHDWăDUHGUHSWXOGHDOXDFXQRúWLQĠăOD
FHUHUHGHFRQĠLQXWXOSURFHVHORUYHUEDOHvQFDUHVXQWFRQVHPQDWHDFWLYLWăĠLOHGHVXSUDYHJKHUH
WHKQLFăHIHFWXDWH'HDVHPHQHDSURFXURUXOWUHEXLHVăDVLJXUHODFHUHUHDVFXOWDUHD
FRQYRUELULORUFRPXQLFăULORUVDXFRQYHUVDĠLLORURULYL]LRQDUHDLPDJLQLORUUH]XOWDWHGLQ
DFWLYLWDWHDGHVXSUDYHJKHUHWHKQLFă
7HUPHQXOGHIRUPXODUHDFHUHULLHVWHGHGH]LOHGHODGDWDFRPXQLFăULLLQIRUPăULL
VFULVHSUHYă]XWHODDOLQ
3URFXURUXOSRDWHVăDPkQHPRWLYDWHIHFWXDUHDLQIRUPăULLVDXDSUH]HQWăULLVXSRUWXULORUSH
FDUHVXQWVWRFDWHDFWLYLWăĠLOHGHVXSUDYHJKHUHWHKQLFăRULDSURFHVHORUYHUEDOHGHUHGDUH
GDFăDFHDVWDDUSXWHDFRQGXFHOD
D SHUWXUEDUHDVDXSHULFOLWDUHDEXQHLGHVIăúXUăULDXUPăULULLSHQDOHvQFDX]ă
E SXQHUHDvQSHULFRODVLJXUDQĠHLYLFWLPHLDPDUWRULORUVDXDPHPEULORUIDPLOLLORU
DFHVWRUD
F GLILFXOWăĠLvQVXSUDYHJKHUHDWHKQLFăDVXSUDDOWRUSHUVRDQHLPSOLFDWHvQFDX]ă
$PkQDUHDSUHYă]XWăODDOLQ VHSRDWHGLVSXQHFHOPDLWkU]LXSkQăODWHUPLQDUHD
XUPăULULLSHQDOHVDXSkQăODFODVDUHDFDX]HL
$UWLFROXO
&RQVHUYDUHDPDWHULDOHORUUH]XOWDWHGLQVXSUDYHJKHUHDWHKQLFă
'DFăvQFDX]ăVDGLVSXVRVROXĠLHGHFODVDUHvPSRWULYDFăUHLDQXDIRVWIRUPXODWă
SOkQJHUHvQWHUPHQXOOHJDOSUHYă]XWODDUWVDXSOkQJHUHDDIRVWUHVSLQVăSURFXURUXO
vQúWLLQĠHD]ăGHvQGDWăGHVSUHDFHDVWDSHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGLVSXQHFRQVHUYDUHDVXSRUWXOXLPDWHULDOVDXDFRSLHL
FHUWLILFDWHDDFHVWXLDSULQDUKLYDUHODVHGLXOLQVWDQĠHLvQORFXULVSHFLDOHvQSOLF
VLJLODWFXDVLJXUDUHDFRQILGHQĠLDOLWăĠLL
'DFăvQFDX]ăLQVWDQĠDDSURQXQĠDWRKRWăUkUHGHFRQGDPQDUHGHUHQXQĠDUHODDSOLFDUHD
SHGHSVHLVDXGHDPkQDUHDDSOLFăULLSHGHSVHLGHDFKLWDUHRULvQFHWDUHDSURFHVXOXLSHQDO
UăPDVăGHILQLWLYăVXSRUWXOPDWHULDOVDXFRSLDDFHVWXLDVHFRQVHUYăSULQDUKLYDUHRGDWăFX
GRVDUXOFDX]HLODVHGLXOLQVWDQĠHLvQORFXULVSHFLDOHFXDVLJXUDUHDFRQILGHQĠLDOLWăĠLL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
5HĠLQHUHDSUHGDUHDúLSHUFKH]LĠLRQDUHDWULPLWHULORUSRúWDOH
5HĠLQHUHDSUHGDUHDúLSHUFKH]LĠLRQDUHDWULPLWHULORUSRúWDOHVHSRDWHGLVSXQHGH
MXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDFăUHLDLDUUHYHQLFRPSHWHQĠDVăMXGHFH
FDX]DvQSULPăLQVWDQĠăVDXGHODLQVWDQĠDFRUHVSXQ]ăWRDUHvQJUDGDFHVWHLDvQDFăUHL
FLUFXPVFULSĠLHVHDIOăVHGLXOSDUFKHWXOXLGLQFDUHIDFHSDUWHSURFXURUXOFDUHDvQWRFPLW
SURSXQHUHDFXSULYLUHODVFULVRULOHWULPLWHULOHSRúWDOHVDXRELHFWHOHWULPLVHRULSULPLWH
GHIăSWXLWRUVXVSHFWLQFXOSDWVDXGHRULFHSHUVRDQăFDUHHVWHEăQXLWăFăSULPHúWHRUL
WULPLWHSULQRULFHPLMORFDFHVWHEXQXULGHODIăSWXLWRUVXVSHFWVDXLQFXOSDWRULEXQXUL
GHVWLQDWHDFHVWXLDGDFă
D H[LVWăRVXVSLFLXQHUH]RQDELOăFXSULYLUHODSUHJăWLUHDVDXVăYkUúLUHDXQHLLQIUDFĠLXQL
E PăVXUDHVWHQHFHVDUăúLSURSRUĠLRQDOăFXUHVWUkQJHUHDGUHSWXULORUúLOLEHUWăĠLORU
IXQGDPHQWDOHGDWHILLQGSDUWLFXODULWăĠLOHFDX]HLLPSRUWDQĠDLQIRUPDĠLLORUVDXDSUREHORUFH
XUPHD]ăDILREĠLQXWHRULJUDYLWDWHDLQIUDFĠLXQLL
F SUREHOHQXDUSXWHDILREĠLQXWHvQDOWPRGVDXREĠLQHUHDORUDUSUHVXSXQHGLILFXOWăĠL
GHRVHELWHFHDUSUHMXGLFLDDQFKHWDRULH[LVWăXQSHULFROSHQWUXVLJXUDQĠDSHUVRDQHORUVDXD
XQRUEXQXULGHYDORDUH
(VWHLQWHU]LVăUHĠLQHUHDSUHGDUHDúLSHUFKH]LĠLRQDUHDFRUHVSRQGHQĠHLVDXDWULPLWHULORU
SRúWDOHWULPLVHRULSULPLWHvQUDSRUWXULOHGLQWUHDYRFDWúLVXVSHFWXOLQFXOSDWXOVDXRULFH
DOWăSHUVRDQăSHFDUHDFHVWDRDSăUăFXH[FHSĠLDVLWXDĠLLORUvQFDUHH[LVWăGDWHFăDYRFDWXO
VăYkUúHúWHVDXSUHJăWHúWHVăYkUúLUHDXQHLLQIUDFĠLXQLGLQWUHFHOHSUHYă]XWHODDUWDOLQ
'LVSR]LĠLLOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRU
ÌQFD]XULOHvQFDUHH[LVWăXUJHQĠăLDUREĠLQHUHDPDQGDWXOXLGHUHĠLQHUHSUHGDUHúL
SHUFKH]LĠLRQDUHDWULPLWHULORUSRúWDOHvQFRQGLĠLLOHDUWDUFRQGXFHODRvQWkU]LHUH
VXEVWDQĠLDOăDFHUFHWăULORUODSLHUGHUHDDOWHUDUHDVDXGLVWUXJHUHDSUREHORURULDUSXQHvQ
SHULFROVLJXUDQĠDYLFWLPHLVDXDDOWRUSHUVRDQHúLVXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHOD
DOLQ úL SURFXURUXOSRDWHGLVSXQHSHRGXUDWăGHPD[LPXPGHRUHPăVXULOH
SUHYă]XWHODDOLQ 'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
8QLWăĠLOHSRúWDOHVDXGHWUDQVSRUWúLRULFHDOWHSHUVRDQHIL]LFHVDXMXULGLFHFDUH
HIHFWXHD]ăDFWLYLWăĠLGHWUDQVSRUWVDXWUDQVIHUGHLQIRUPDĠLLVXQWREOLJDWHVăUHĠLQăúLVă
SUHGHDSURFXURUXOXLVFULVRULOHWULPLWHULOHSRúWDOHRULRELHFWHOHODFDUHVHIDFHUHIHULUHvQ
PDQGDWXOGLVSXVGHMXGHFăWRUVDXvQDXWRUL]DĠLDHPLVăGHSURFXURU
&RUHVSRQGHQĠDWULPLWHULOHSRúWDOHVDXRELHFWHOHULGLFDWHúLSHUFKH]LĠLRQDWHFDUHQXDX
OHJăWXUăFXFDX]DVHUHVWLWXLHGHVWLQDWDUXOXL
'XSăHIHFWXDUHDDFWLYLWăĠLORUDXWRUL]DWHSURFXURUXOvOLQIRUPHD]ăvQFHOPXOW]LOH
vQVFULVSHILHFDUHVXELHFWDOXQXLPDQGDWGHVSUHPăVXUDFHDIRVWOXDWăvQSULYLQĠDVD
'XSăPRPHQWXOLQIRUPăULLSHUVRDQDDOHFăUHLFRUHVSRQGHQĠăWULPLWHULSRúWDOHVDXRELHFWHDX
IRVWULGLFDWHúLSHUFKH]LĠLRQDWHDUHGUHSWXOGHDOXDFXQRúWLQĠăGHDFWLYLWăĠLOHHIHFWXDWH
'LVSR]LĠLLOHDUWDOLQ úL VHDSOLFăvQPRGFRUHVSXQ]ăWRU
0ăVXUDSRDWHILSUHOXQJLWăvQFRQGLĠLLOHDUW
$UWLFROXO
8WLOL]DUHDLQYHVWLJDWRULORUVXEDFRSHULUHVDXFXLGHQWLWDWHUHDOăúLDFRODERUDWRULORU
$XWRUL]DUHDIRORVLULLLQYHVWLJDWRULORUVXEDFRSHULUHVHSRDWHGLVSXQHGHSURFXURUXOFDUH
VXSUDYHJKHD]ăVDXHIHFWXHD]ăXUPăULUHDSHQDOăSHRSHULRDGăGHPD[LPXPGH]LOHGDFă
D H[LVWăRVXVSLFLXQHUH]RQDELOăFXSULYLUHODSUHJăWLUHDVDXVăYkUúLUHDXQHLLQIUDFĠLXQL
FRQWUDVHFXULWăĠLLQDĠLRQDOHSUHYă]XWHGH&RGXOSHQDOúLGHDOWHOHJLVSHFLDOHSUHFXPúLvQ
FD]XOLQIUDFĠLXQLORUGHWUDILFGHGURJXULWUDILFGHDUPHWUDILFGHSHUVRDQHDFWHGH
WHURULVPVDXDVLPLODWHDFHVWRUDGHILQDQĠDUHDWHURULVPXOXLVSăODUHDEDQLORUIDOVLILFDUH
GHPRQHGHRULDOWHYDORULIDOVLILFDUHGHLQVWUXPHQWHGHSODWăHOHFWURQLFăúDQWDMOLSVLUH
GHOLEHUWDWHHYD]LXQHILVFDOăvQFD]XOLQIUDFĠLXQLORUGHFRUXSĠLHDOLQIUDFĠLXQLORU
DVLPLODWHLQIUDFĠLXQLORUGHFRUXSĠLHDOLQIUDFĠLXQLORUvPSRWULYDLQWHUHVHORUILQDQFLDUHDOH
8QLXQLL(XURSHQHDOLQIUDFĠLXQLORUFDUHVHVăYkUúHVFSULQVLVWHPHLQIRUPDWLFHVDXPLMORDFH
GHFRPXQLFDUHHOHFWURQLFăRULvQFD]XODOWRULQIUDFĠLXQLSHQWUXFDUHOHJHDSUHYHGHSHGHDSVD
vQFKLVRULLGHDQLVDXPDLPDUHRULH[LVWăRVXVSLFLXQHUH]RQDELOăFăRSHUVRDQăHVWH
LPSOLFDWăvQDFWLYLWăĠLLQIUDFĠLRQDOHFHDXOHJăWXUăFXLQIUDFĠLXQLOHHQXPHUDWHPDLVXV
E PăVXUDHVWHQHFHVDUăúLSURSRUĠLRQDOăFXUHVWUkQJHUHDGUHSWXULORUúLOLEHUWăĠLORU
IXQGDPHQWDOHGDWHILLQGSDUWLFXODULWăĠLOHFDX]HLLPSRUWDQĠDLQIRUPDĠLLORUVDXDSUREHORUFH
XUPHD]ăDILREĠLQXWHRULJUDYLWDWHDLQIUDFĠLXQLL
F SUREHOHVDXORFDOL]DUHDúLLGHQWLILFDUHDIăSWXLWRUXOXLVXVSHFWXOXLRULLQFXOSDWXOXLQXDU
SXWHDILREĠLQXWHvQDOWPRGVDXREĠLQHUHDORUDUSUHVXSXQHGLILFXOWăĠLGHRVHELWHFHDU
SUHMXGLFLDDQFKHWDRULH[LVWăXQSHULFROSHQWUXVLJXUDQĠDSHUVRDQHORUVDXDXQRUEXQXULGH
YDORDUH
0ăVXUDVHGLVSXQHGHSURFXURUGLQRILFLXVDXODFHUHUHDRUJDQXOXLGHFHUFHWDUHSHQDOă
SULQRUGRQDQĠăFDUHWUHEXLHVăFXSULQGăvQDIDUDPHQĠLXQLORUSUHYă]XWHODDUWDOLQ
D LQGLFDUHDDFWLYLWăĠLORUSHFDUHLQYHVWLJDWRUXOVXEDFRSHULUHHVWHDXWRUL]DWVăOH
GHVIăúRDUH
E SHULRDGDSHQWUXFDUHVDDXWRUL]DWPăVXUD
F LGHQWLWDWHDDWULEXLWăLQYHVWLJDWRUXOXLVXEDFRSHULUH
ÌQFD]XOvQFDUHSURFXURUXODSUHFLD]ăFăHVWHQHFHVDUFDLQYHVWLJDWRUXOVXEDFRSHULUHVă
SRDWăIRORVLGLVSR]LWLYHWHKQLFHSHQWUXDREĠLQHIRWRJUDILLVDXvQUHJLVWUăULDXGLRúLYLGHR
VHVL]HD]ăMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLvQYHGHUHDHPLWHULLPDQGDWXOXLGHVXSUDYHJKHUH
WHKQLFă'LVSR]LĠLLOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRU
,QYHVWLJDWRULLVXEDFRSHULUHVXQWOXFUăWRULRSHUDWLYLGLQFDGUXOSROLĠLHLMXGLFLDUHÌQ
FD]XOLQYHVWLJăULLLQIUDFĠLXQLORUFRQWUDVHFXULWăĠLLQDĠLRQDOHúLLQIUDFĠLXQLORUGHWHURULVP
SRWILIRORVLĠLFDLQYHVWLJDWRULVXEDFRSHULUHúLOXFUăWRULRSHUDWLYLGLQFDGUXORUJDQHORUGH
VWDWFDUHGHVIăúRDUăSRWULYLWOHJLLDFWLYLWăĠLGHLQIRUPDĠLLvQYHGHUHDDVLJXUăULL
VHFXULWăĠLLQDĠLRQDOH
,QYHVWLJDWRUXOVXEDFRSHULUHFXOHJHGDWHúLLQIRUPDĠLLvQED]DRUGRQDQĠHLHPLVHSRWULYLW
DOLQ SHFDUHOHSXQHvQWRWDOLWDWHODGLVSR]LĠLDSURFXURUXOXLFDUHHIHFWXHD]ăVDX
VXSUDYHJKHD]ăXUPăULUHDSHQDOăvQWRFPLQGXQSURFHVYHUEDO
ÌQFD]XOvQFDUHGHVIăúXUDUHDDFWLYLWăĠLLLQYHVWLJDWRUXOXLLPSXQHSDUWLFLSDUHDDXWRUL]DWă
ODDQXPLWHDFWLYLWăĠLSURFXURUXOSURFHGHD]ăSRWULYLWGLVSR]LĠLLORUDUW
2UJDQHOHMXGLFLDUHSRWIRORVLVDXSXQHODGLVSR]LĠLDLQYHVWLJDWRUXOXLVXEDFRSHULUHRULFH
vQVFULVXULRULRELHFWHQHFHVDUHSHQWUXGHVIăúXUDUHDDFWLYLWăĠLLDXWRUL]DWH$FWLYLWDWHD
SHUVRDQHLFDUHSXQHODGLVSR]LĠLHVDXIRORVHúWHvQVFULVXULOHRULRELHFWHOHQXFRQVWLWXLH
LQIUDFĠLXQH
,QYHVWLJDWRULLVXEDFRSHULUHSRWILDXGLDĠLFDPDUWRULvQFDGUXOSURFHVXOXLSHQDOvQ
DFHOHDúLFRQGLĠLLFDúLPDUWRULLDPHQLQĠDĠL
'XUDWDPăVXULLSRDWHILSUHOXQJLWăSHQWUXPRWLYHWHPHLQLFMXVWLILFDWHvQFD]XOvQFDUH
VXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHODDOLQ ILHFDUHSUHOXQJLUHQHSXWkQGGHSăúLGH
]LOH'XUDWDWRWDOăDPăVXULLvQDFHHDúLFDX]ăúLFXSULYLUHODDFHHDúLSHUVRDQăQXSRDWH
GHSăúLXQDQFXH[FHSĠLDLQIUDFĠLXQLORUFRQWUDYLHĠLLVHFXULWăĠLLQDĠLRQDOHLQIUDFĠLXQLORU
GHWUDILFGHGURJXULWUDILFGHDUPHWUDILFGHSHUVRDQHDFWHGHWHURULVPVSăODUHD
EDQLORUSUHFXPúLLQIUDFĠLXQLORUvPSRWULYDLQWHUHVHORUILQDQFLDUHDOH8QLXQLL(XURSHQH
ÌQVLWXDĠLLH[FHSĠLRQDOHGDFăVXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHODDOLQ LDU
IRORVLUHDLQYHVWLJDWRUXOXLVXEDFRSHULUHQXHVWHVXILFLHQWăSHQWUXREĠLQHUHDGDWHORUVDX
LQIRUPDĠLLORURULQXHVWHSRVLELOăSURFXURUXOFDUHVXSUDYHJKHD]ăVDXHIHFWXHD]ăXUPăULUHD
SHQDOăSRDWHDXWRUL]DIRORVLUHDXQXLFRODERUDWRUFăUXLDvLSRDWHILDWULEXLWăRDOWă
LGHQWLWDWHGHFkWFHDUHDOă'LVSR]LĠLLOHDOLQ úL VHDSOLFăvQPRG
FRUHVSXQ]ăWRU
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
0ăVXULOHGHSURWHFĠLHDLQYHVWLJDWRULORUVXEDFRSHULUHúLDFRODERUDWRULORU
,GHQWLWDWHDUHDOăDLQYHVWLJDWRULORUVXEDFRSHULUHúLDFRODERUDWRULORUFXRDOWă
LGHQWLWDWHGHFkWFHDUHDOăQXSRDWHILGH]YăOXLWă
3URFXURUXOMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDX
LQVWDQĠDGHMXGHFDWăDUHGUHSWXOGHDFXQRDúWHDGHYăUDWDLGHQWLWDWHDLQYHVWLJDWRUXOXLVXE
DFRSHULUHúLDFRODERUDWRUXOXLFXUHVSHFWDUHDVHFUHWXOXLSURIHVLRQDO
,QYHVWLJDWRUXOVXEDFRSHULUHFRODERUDWRUXOLQIRUPDWRUXOSUHFXPúLPHPEULLGHIDPLOLH
DLDFHVWRUDVDXDOWHSHUVRDQHVXSXVHDPHQLQĠăULORULQWLPLGăULORUVDXDFWHORUGHYLROHQĠăvQ
OHJăWXUăFXDFWLYLWDWHDGHVIăúXUDWăGHLQYHVWLJDWRUXOVXEDFRSHULUHLQIRUPDWRUVDX
FRODERUDWRUSRWEHQHILFLDGHPăVXULVSHFLILFHGHSURWHFĠLHDPDUWRULORUSRWULYLWOHJLL
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3DUWLFLSDUHDDXWRUL]DWăODDQXPLWHDFWLYLWăĠL
3DUWLFLSDUHDDXWRUL]DWăODDQXPLWHDFWLYLWăĠLvQFRQGLĠLLOHDUWDOLQ VHSRDWH
GLVSXQHGHFăWUHSURFXURUXOFDUHVXSUDYHJKHD]ăVDXHIHFWXHD]ăXUPăULUHDSHQDOăSHRSHULRDGă
GHPD[LPXPGH]LOHGDFă
D H[LVWăRVXVSLFLXQHUH]RQDELOăFXSULYLUHODSUHJăWLUHDVDXVăYkUúLUHDXQHLLQIUDFĠLXQLGH
WUDILFGHGURJXULWUDILFGHDUPHWUDILFGHSHUVRDQHDFWHGHWHURULVPVSăODUHDEDQLORU
IDOVLILFDUHGHPRQHGHRULDOWHYDORULúDQWDMOLSVLUHGHOLEHUWDWHHYD]LXQHILVFDOăvQ
FD]XOLQIUDFĠLXQLORUGHFRUXSĠLHDOLQIUDFĠLXQLORUDVLPLODWHLQIUDFĠLXQLORUGHFRUXSĠLHúL
DOLQIUDFĠLXQLORUvPSRWULYDLQWHUHVHORUILQDQFLDUHDOH8QLXQLL(XURSHQHVDXvQFD]XODOWRU
LQIUDFĠLXQLSHQWUXFDUHOHJHDSUHYHGHSHGHDSVDvQFKLVRULLGHDQLVDXPDLPDUHRULGDFă
H[LVWăRVXVSLFLXQHUH]RQDELOăFăRSHUVRDQăHVWHLPSOLFDWăvQDFWLYLWăĠLLQIUDFĠLRQDOHFDUH
DXOHJăWXUăSRWULYLWDUWFXLQIUDFĠLXQLOHHQXPHUDWHPDLVXV
E PăVXUDHVWHQHFHVDUăúLSURSRUĠLRQDOăFXUHVWUkQJHUHDGUHSWXULORUúLOLEHUWăĠLORU
IXQGDPHQWDOHGDWHILLQGSDUWLFXODULWăĠLOHFDX]HLLPSRUWDQĠDLQIRUPDĠLLORUVDXDSUREHORUFH
XUPHD]ăDILREĠLQXWHRULJUDYLWDWHDLQIUDFĠLXQLL
F SUREHOHQXDUSXWHDILREĠLQXWHvQDOWPRGVDXREĠLQHUHDORUDUSUHVXSXQHGLILFXOWăĠL
GHRVHELWHFHDUSUHMXGLFLDDQFKHWDRULXQSHULFROSHQWUXVLJXUDQĠDSHUVRDQHORUVDXDXQRU
EXQXULGHYDORDUH
0ăVXUDVHGLVSXQHGHFăWUHSURFXURUGLQRILFLXVDXODFHUHUHDRUJDQXOXLGHFHUFHWDUH
SHQDOăSULQRUGRQDQĠăFDUHWUHEXLHVăFXSULQGăvQDIDUDPHQĠLXQLORUSUHYă]XWHODDUW
DOLQ
D LQGLFDUHDDFWLYLWăĠLORUDXWRUL]DWH
E SHULRDGDSHQWUXFDUHVDDXWRUL]DWPăVXUD
F SHUVRDQDFDUHGHVIăúRDUăDFWLYLWăĠLOHDXWRUL]DWH
$FWLYLWăĠLOHDXWRUL]DWHSRWILGHVIăúXUDWHGHXQRUJDQGHFHUFHWDUHSHQDOăGHXQ
LQYHVWLJDWRUFXLGHQWLWDWHUHDOăGHXQLQYHVWLJDWRUVXEDFRSHULUHVDXGHXQFRODERUDWRU
'HVIăúXUDUHDDFWLYLWăĠLORUDXWRUL]DWHGHFăWUHSHUVRDQDSUHYă]XWăODDOLQ OLWF QX
FRQVWLWXLHFRQWUDYHQĠLHVDXLQIUDFĠLXQH
3XQHUHDvQH[HFXWDUHDDFHVWRUPăVXULVHFRQVHPQHD]ăvQWUXQSURFHVYHUEDOFDUHFRQĠLQH
GDWHOHODFDUHPăVXUDDvQFHSXWúLVDvQFKHLDWGDWHFXSULYLUHODSHUVRDQHOHFDUHDX
GHVIăúXUDWDFWLYLWăĠLOHDXWRUL]DWHGHVFULHUHDGLVSR]LWLYHORUWHKQLFHXWLOL]DWHvQFD]XOvQ
FDUHVDDXWRUL]DWGHFăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLIRORVLUHDPLMORDFHORU
WHKQLFHGHVXSUDYHJKHUHLGHQWLWDWHDSHUVRDQHORUFXSULYLUHODFDUHDIRVWSXVăvQDSOLFDUH
PăVXUD
3HUVRDQDFDUHDGHVIăúXUDWDFWLYLWăĠLOHDXWRUL]DWHSRDWHILDXGLDWăFDPDUWRUvQFDGUXO
SURFHVXOXLSHQDOFXUHVSHFWDUHDGLVSR]LĠLLORUSULYLQGDXGLHUHDPDUWRULORUDPHQLQĠDĠLGDFă
RUJDQXOMXGLFLDUDSUHFLD]ăFăDXGLHUHDHVWHQHFHVDUă
2UJDQHOHMXGLFLDUHSRWIRORVLVDXSXQHODGLVSR]LĠLDSHUVRDQHLFDUHGHVIăúRDUă
DFWLYLWăĠLOHDXWRUL]DWHRULFHvQVFULVXULVDXRELHFWHQHFHVDUHSHQWUXGHVIăúXUDUHDDFWLYLWăĠLL
DXWRUL]DWH3HUVRDQDFDUHSXQHODGLVSR]LĠLHVDXIRORVHúWHvQVFULVXULOHRULRELHFWHOHQXYD
FRPLWHRLQIUDFĠLXQHSULQGHVIăúXUDUHDDFHVWRUDFWLYLWăĠLvQFD]XOvQFDUHDFHVWHD
FRQVWLWXLHLQIUDFĠLXQL
0ăVXUDGLVSXVăSRDWHILSUHOXQJLWăGHFăWUHSURFXURUSHQWUXPRWLYHWHPHLQLFMXVWLILFDWH
vQFD]XOvQFDUHVXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHODDOLQ ILHFDUHSUHOXQJLUH
QHSXWkQGGHSăúLGH]LOH
'XUDWDWRWDOăDPăVXULLFXSULYLUHODDFHHDúLSHUVRDQăúLDFHHDúLIDSWăQXSRDWHGHSăúL
XQDQ
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
/LYUDUHDVXSUDYHJKHDWă
/LYUDUHDVXSUDYHJKHDWăSRDWHILDXWRUL]DWăSULQRUGRQDQĠăGHFăWUHSURFXURUXOFDUH
VXSUDYHJKHD]ăVDXHIHFWXHD]ăXUPăULUHDSHQDOăODVROLFLWDUHDLQVWLWXĠLLORUVDXRUJDQHORU
FRPSHWHQWH
/LYUDUHDVXSUDYHJKHDWăSRDWHILDXWRUL]DWăQXPDLvQXUPăWRDUHOHFD]XUL
D GDFăGHVFRSHULUHDVDXDUHVWDUHDSHUVRDQHORULPSOLFDWHvQWUDQVSRUWXOLOHJDOGHGURJXUL
DUPHRELHFWHIXUDWHPDWHULDOHH[SOR]LYHQXFOHDUHDOWHPDWHULDOHUDGLRDFWLYHVXPHGHEDQL
úLDOWHRELHFWHFDUHUH]XOWăGLQDFWLYLWăĠLLOLFLWHRULRELHFWHXWLOL]DWHvQVFRSXOFRPLWHULL
GHLQIUDFĠLXQLQXDUSXWHDILIăFXWăvQDOWPRGVDXDUSUHVXSXQHGLILFXOWăĠLGHRVHELWHFHDU
SUHMXGLFLDDQFKHWDRULXQSHULFROSHQWUXVLJXUDQĠDSHUVRDQHORUVDXDXQRUEXQXULGHYDORDUH
E GDFăGHVFRSHULUHDRULGRYHGLUHDLQIUDFĠLXQLORUVăYkUúLWHvQOHJăWXUăFXOLYUDUHDGH
WUDQVSRUWXULLOHJDOHVDXVXVSHFWHDUILLPSRVLELOăRULIRDUWHGLILFLOăvQDOWPRG
/LYUDUHDVXSUDYHJKHDWăSRDWHILUHDOL]DWăvQFRQGLĠLLOHvQFDUHSURFXURUXOFDUH
VXSUDYHJKHD]ăVDXHIHFWXHD]ăXUPăULUHDSHQDOăLDPăVXULúLVHDVLJXUăFDDXWRULWăĠLOH
VWDWHORUWUDQ]LWDWH
D VăILHGHDFRUGFXLQWUDUHDSHWHULWRULXODFHVWRUDDWUDQVSRUWXOXLLOHJDOVDXVXVSHFWúL
FXLHúLUHDDFHVWXLDGHSHWHULWRULXOVWDWXOXL
E VăJDUDQWH]HIDSWXOFăWUDQVSRUWXOLOHJDOVDXVXVSHFWHVWHVXSUDYHJKHDWSHUPDQHQWGHFăWUH
DXWRULWăĠLOHFRPSHWHQWH
F VăJDUDQWH]HIDSWXOFăSURFXURUXORUJDQHOHGHSROLĠLHVDXDOWHDXWRULWăĠLGHVWDW
FRPSHWHQWHVXQWvQúWLLQĠDWHvQFHHDFHSULYHúWHUH]XOWDWXOXUPăULULLSHQDOHvPSRWULYD
SHUVRDQHORUDFX]DWHGHLQIUDFĠLXQLFDUHDXFRQVWLWXLWRELHFWXOPHWRGHLVSHFLDOHGHFHUFHWDUH
ODFDUHVHIDFHUHIHULUHODDOLQ
/LWF DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'LVSR]LĠLLOHDOLQ QXVHDSOLFăvQFD]XOvQFDUHXQWUDWDWLQWHUQDĠLRQDOODFDUH
5RPkQLDHVWHSDUWHDUHGLVSR]LĠLLFRQWUDUH
2UGRQDQĠDSURFXURUXOXLWUHEXLHVăFXSULQGăQXPHOHVXVSHFWXOXLVDXLQFXOSDWXOXLGDFă
VXQWFXQRVFXWHGRYH]LOHGLQFDUHUH]XOWăFDUDFWHUXOLOLFLWDOEXQXULORUFHXUPHD]ăVăLQWUH
VăWUDQ]LWH]HVDXVăLDVăGHSHWHULWRULXOĠăULLPRGDOLWăĠLOHvQFDUHYDILHIHFWXDWă
VXSUDYHJKHUHD3URFXURUXOWUHEXLHVăHPLWăFkWHRRUGRQDQĠăSHQWUXILHFDUHOLYUDUH
VXSUDYHJKHDWăGLVSXVă
/LYUDUHDVXSUDYHJKHDWăHVWHSXVăvQDSOLFDUHGHFăWUHSROLĠLHVDXGHDOWăDXWRULWDWH
FRPSHWHQWă3URFXURUXOVWDELOHúWHFRRUGRQHD]ăúLFRQWUROHD]ăPRGXOGHSXQHUHvQDSOLFDUHD
OLYUăULLVXSUDYHJKHDWH
3XQHUHDvQDSOLFDUHDOLYUăULLVXSUDYHJKHDWHQXFRQVWLWXLHLQIUDFĠLXQH
2UJDQHOHSUHYă]XWHODDOLQ DXREOLJDĠLDGHDvQWRFPLODILQDOL]DUHDOLYUăULL
VXSUDYHJKHDWHSHWHULWRULXO5RPkQLHLXQSURFHVYHUEDOFXSULYLUHODDFWLYLWăĠLOH
GHVIăúXUDWHSHFDUHvOvQDLQWHD]ăSURFXURUXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
2EĠLQHUHDGDWHORUJHQHUDWHVDXSUHOXFUDWHGHFăWUHIXUQL]RULLGHUHĠHOHSXEOLFHGH
FRPXQLFDĠLLHOHFWURQLFHVDXIXUQL]RULLGHVHUYLFLLGHFRPXQLFDĠLLHOHFWURQLFHGHVWLQDWH
SXEOLFXOXLDOWHOHGHFkWFRQĠLQXWXOFRPXQLFDĠLLORUúLUHĠLQXWHGHFăWUHDFHúWLD
2UJDQHOHGHXUPăULUHSHQDOăFXDXWRUL]DUHDSUHDODELOăDMXGHFăWRUXOXLGHGUHSWXULúL
OLEHUWăĠLSRWVROLFLWDXQXLIXUQL]RUGHUHĠHOHSXEOLFHGHFRPXQLFDĠLLHOHFWURQLFHVDXXQXL
IXUQL]RUGHVHUYLFLLGHFRPXQLFDĠLLHOHFWURQLFHGHVWLQDWHSXEOLFXOXLWUDQVPLWHUHDGDWHORU
UHĠLQXWHvQED]DOHJLLVSHFLDOHSULYLQGUHĠLQHUHDGDWHORUJHQHUDWHVDXSUHOXFUDWHGH
IXUQL]RULLGHUHĠHOHSXEOLFHGHFRPXQLFDĠLLHOHFWURQLFHúLGHIXUQL]RULLGHVHUYLFLLGH
FRPXQLFDĠLLHOHFWURQLFHGHVWLQDWHSXEOLFXOXLDOWHOHGHFkWFRQĠLQXWXOFRPXQLFDĠLLORUvQ
FD]XOvQFDUHH[LVWăRVXVSLFLXQHUH]RQDELOăFXSULYLUHODVăYkUúLUHDXQHLLQIUDFĠLXQLúL
H[LVWăWHPHLXULSHQWUXDVHFUHGHFăGDWHOHVROLFLWDWHFRQVWLWXLHSUREHSHQWUXFDWHJRULLOH
GHLQIUDFĠLXQLSUHYă]XWHGHOHJHDSULYLQGUHĠLQHUHDGDWHORUJHQHUDWHVDXSUHOXFUDWHGH
IXUQL]RULLGHUHĠHOHSXEOLFHGHFRPXQLFDĠLLHOHFWURQLFHúLGHIXUQL]RULLGHVHUYLFLLGH
FRPXQLFDĠLLHOHFWURQLFHGHVWLQDWHSXEOLFXOXL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVHSURQXQĠăvQWHUPHQGHGHRUHFXSULYLUHOD
VROLFLWDUHDRUJDQHORUGHXUPăULUHSHQDOăGHWUDQVPLWHUHDGDWHORUSULQvQFKHLHUHPRWLYDWă
vQFDPHUDGHFRQVLOLX
)XUQL]RULLGHUHĠHOHSXEOLFHGHFRPXQLFDĠLLHOHFWURQLFHúLIXUQL]RULLGHVHUYLFLLGH
FRPXQLFDĠLLHOHFWURQLFHGHVWLQDWHSXEOLFXOXLFDUHFRODERUHD]ăFXRUJDQHOHGHXUPăULUHSHQDOă
DXREOLJDĠLDGHDSăVWUDVHFUHWXORSHUDĠLXQLLHIHFWXDWH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
2EĠLQHUHDGHGDWHSULYLQGVLWXDĠLDILQDQFLDUăDXQHLSHUVRDQH
3URFXURUXOSRDWHVROLFLWDFXvQFXYLLQĠDUHDSUHDODELOăDMXGHFăWRUXOXLGHGUHSWXULúL
OLEHUWăĠLXQHLLQVWLWXĠLLGHFUHGLWVDXRULFăUHLDOWHLQVWLWXĠLLFDUHGHĠLQHGDWHSULYLQG
VLWXDĠLDILQDQFLDUăDXQHLSHUVRDQHFRPXQLFDUHDGDWHORUSULYLQGH[LVWHQĠDúLFRQĠLQXWXO
FRQWXULORUúLDDOWRUVLWXDĠLLILQDQFLDUHDOHXQHLSHUVRDQHvQFD]XOvQFDUHH[LVWăLQGLFLL
WHPHLQLFHFXSULYLUHODVăYkUúLUHDXQHLLQIUDFĠLXQLúLH[LVWăWHPHLXULSHQWUXDVHFUHGHFă
GDWHOHVROLFLWDWHFRQVWLWXLHSUREH
0ăVXUDSUHYă]XWăODDOLQ VHGLVSXQHGLQRILFLXVDXODFHUHUHDRUJDQXOXLGHFHUFHWDUH
SHQDOăSULQRUGRQDQĠăFDUHWUHEXLHVăFXSULQGăvQDIDUDPHQĠLXQLORUSUHYă]XWHODDUW
DOLQ LQVWLWXĠLDFDUHHVWHvQSRVHVLDRULFDUHDUHVXEFRQWUROGDWHOHQXPHOH
VXVSHFWXOXLVDXLQFXOSDWXOXLPRWLYDUHDvQGHSOLQLULLFRQGLĠLLORUSUHYă]XWHODDOLQ
PHQĠLRQDUHDREOLJDĠLHLLQVWLWXĠLHLGHDFRPXQLFDLPHGLDWvQFRQGLĠLLGHFRQILGHQĠLDOLWDWH
GDWHOHVROLFLWDWH
,QVWLWXĠLDSUHYă]XWăODDOLQ HVWHREOLJDWăVăSXQăGHvQGDWăODGLVSR]LĠLHGDWHOH
VROLFLWDWH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&DSLWROXO9
&RQVHUYDUHDGDWHORULQIRUPDWLFH
'HQXPLUHD&DS9GLQ7LWOXO,9DO3ăUĠLLJHQHUDOHDIRVWPRGLILFDWăGHSFWDODUW
7LWOXO,,,GLQ/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQ
DXJXVW
$UWLFROXO
&RQVHUYDUHDGDWHORULQIRUPDWLFH
'DFăH[LVWăRVXVSLFLXQHUH]RQDELOăFXSULYLUHODSUHJăWLUHDVDXVăYkUúLUHDXQHL
LQIUDFĠLXQLvQVFRSXOVWUkQJHULLGHSUREHRULLGHQWLILFăULLIăSWXLWRUXOXLVXVSHFWXOXLVDXD
LQFXOSDWXOXLSURFXURUXOFDUHVXSUDYHJKHD]ăVDXHIHFWXHD]ăXUPăULUHDSHQDOăSRDWHGLVSXQH
FRQVHUYDUHDLPHGLDWăDDQXPLWRUGDWHLQIRUPDWLFHLQFOXVLYDGDWHORUUHIHULWRDUHODWUDILFXO
LQIRUPDĠLRQDOFDUHDXIRVWVWRFDWHSULQLQWHUPHGLXOXQXLVLVWHPLQIRUPDWLFúLFDUHVHDIOă
vQSRVHVLDVDXVXEFRQWUROXOXQXLIXUQL]RUGHUHĠHOHSXEOLFHGHFRPXQLFDĠLLHOHFWURQLFHRUL
XQXLIXUQL]RUGHVHUYLFLLGHFRPXQLFDĠLLHOHFWURQLFHGHVWLQDWHSXEOLFXOXLvQFD]XOvQFDUH
H[LVWăSHULFROXOSLHUGHULLVDXPRGLILFăULLDFHVWRUD
&RQVHUYDUHDVHGLVSXQHGHSURFXURUGLQRILFLXVDXODFHUHUHDRUJDQXOXLGHFHUFHWDUH
SHQDOăSHRGXUDWăGHPD[LPXPGH]LOHSULQRUGRQDQĠăFDUHWUHEXLHVăFXSULQGăvQDIDUD
PHQĠLXQLORUSUHYă]XWHODDUWDOLQ IXUQL]RULLGHUHĠHOHSXEOLFHGHFRPXQLFDĠLL
HOHFWURQLFHRULIXUQL]RULLGHVHUYLFLLGHFRPXQLFDĠLLHOHFWURQLFHGHVWLQDWHSXEOLFXOXLvQ
SRVHVLDFăURUDVHDIOăGDWHOHLQIRUPDWLFHRULFDUHOHDXVXEFRQWUROQXPHOHIăSWXLWRUXOXL
VXVSHFWXOXLVDXLQFXOSDWXOXLGDFăHVWHFXQRVFXWGHVFULHUHDGDWHORUFHWUHEXLHFRQVHUYDWH
PRWLYDUHDvQGHSOLQLULLFRQGLĠLLORUSUHYă]XWHODDOLQ GXUDWDSHQWUXFDUHDIRVWHPLVă
PHQĠLRQDUHDREOLJDĠLHLSHUVRDQHLVDXIXUQL]RULORUGHUHĠHOHSXEOLFHGHFRPXQLFDĠLL
HOHFWURQLFHRULIXUQL]RULORUGHVHUYLFLLGHFRPXQLFDĠLLHOHFWURQLFHGHVWLQDWHSXEOLFXOXLGHD
FRQVHUYDLPHGLDWGDWHOHLQIRUPDWLFHLQGLFDWHúLGHDOHPHQĠLQHLQWHJULWDWHDvQFRQGLĠLLGH
FRQILGHQĠLDOLWDWH
0ăVXUDFRQVHUYăULLSRDWHILSUHOXQJLWăSHQWUXPRWLYHWHPHLQLFMXVWLILFDWHGHSURFXURU
RVLQJXUăGDWăSHRGXUDWăGHPD[LPXPGH]LOH
2UGRQDQĠDSURFXURUXOXLVHWUDQVPLWHGHvQGDWăRULFăUXLIXUQL]RUGHUHĠHOHSXEOLFHGH
FRPXQLFDĠLLHOHFWURQLFHRULIXUQL]RUGHVHUYLFLLGHFRPXQLFDĠLLHOHFWURQLFHGHVWLQDWH
SXEOLFXOXLvQSRVHVLDFăUXLDVHDIOăGDWHOHSUHYă]XWHODDOLQ RULFDUHOHDUHVXE
FRQWURODFHVWDILLQGREOLJDWVăOHFRQVHUYHLPHGLDWvQFRQGLĠLLGHFRQILGHQĠLDOLWDWH
ÌQFD]XOvQFDUHGDWHOHUHIHULWRDUHODWUDILFXOLQIRUPDĠLRQDOVHDIOăvQSRVHVLDPDL
PXOWRUIXUQL]RULGHUHĠHOHSXEOLFHGHFRPXQLFDĠLLHOHFWURQLFHRULIXUQL]RULGHVHUYLFLLGH
FRPXQLFDĠLLHOHFWURQLFHGHVWLQDWHSXEOLFXOXLIXUQL]RUXOvQSRVHVLDVDXVXEFRQWUROXOFăUXLD
VHDIOăGDWHOHLQIRUPDWLFHDUHREOLJDĠLDGHDSXQHGHvQGDWăODGLVSR]LĠLDRUJDQXOXLGH
XUPăULUHSHQDOăLQIRUPDĠLLOHQHFHVDUHLGHQWLILFăULLFHORUODOĠLIXUQL]RULvQYHGHUHD
FXQRDúWHULLWXWXURUHOHPHQWHORUGLQODQĠXOGHFRPXQLFDUHIRORVLW
ÌQWHUPHQXOSUHYă]XWODDOLQ úL SURFXURUXOFDUHVXSUDYHJKHD]ăVDXHIHFWXHD]ă
XUPăULUHDSHQDOăSRDWHFXDXWRUL]DUHDSUHDODELOăDMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠL
VăVROLFLWHXQXLIXUQL]RUGHUHĠHOHSXEOLFHGHFRPXQLFDĠLLHOHFWURQLFHRULXQXLIXUQL]RUGH
VHUYLFLLGHFRPXQLFDĠLLHOHFWURQLFHGHVWLQDWHSXEOLFXOXLWUDQVPLWHUHDGDWHORUFRQVHUYDWH
SRWULYLWOHJLLRULSRDWHGLVSXQHULGLFDUHDDFHVWHLPăVXUL'LVSR]LĠLLOHDUWDOLQ A
A DOLQ úL úLDOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRU
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVHSURQXQĠăvQWHUPHQGHGHRUHFXSULYLUHOD
VROLFLWDUHDRUJDQHORUGHXUPăULUHSHQDOăGHWUDQVPLWHUHDGDWHORUSULQvQFKHLHUHPRWLYDWă
vQFDPHUDGHFRQVLOLX
3kQăODWHUPLQDUHDXUPăULULLSHQDOHSURFXURUXOHVWHREOLJDWVăvQFXQRúWLQĠH]HvQVFULV
SHUVRDQHOHIDĠăGHFDUHVHHIHFWXHD]ăXUPăULUHDSHQDOăúLDOHFăURUGDWHDXIRVWFRQVHUYDWH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
$EURJDW
$UWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&DSLWROXO9,
3HUFKH]LĠLDúLULGLFDUHDGHRELHFWHúLvQVFULVXUL
'HQXPLUHD&DS9,GLQ7LWOXO,9DO3ăUĠLLJHQHUDOHDIRVWPRGLILFDWăGHSFWDODUW
7LWOXO,,,GLQ/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQ
DXJXVW
$UWLFROXO
'LVSR]LĠLLFRPXQH
3HUFKH]LĠLDSRDWHILGRPLFLOLDUăFRUSRUDOăLQIRUPDWLFăVDXDXQXLYHKLFXO
3HUFKH]LĠLDVHHIHFWXHD]ăFXUHVSHFWDUHDGHPQLWăĠLLIăUăDFRQVWLWXLLQJHULQĠă
GLVSURSRUĠLRQDOăvQYLDĠDSULYDWă
6HFĠLXQHD3HUFKH]LĠLDGRPLFLOLDUă
$UWLFROXO
&D]XULOHúLFRQGLĠLLOHvQFDUHVHSRDWHGLVSXQHSHUFKH]LĠLDGRPLFLOLDUă
3HUFKH]LĠLDGRPLFLOLDUăRULDEXQXULORUDIODWHvQGRPLFLOLXSRDWHILGLVSXVăGDFăH[LVWă
RVXVSLFLXQHUH]RQDELOăFXSULYLUHODVăYkUúLUHDXQHLLQIUDFĠLXQLGHFăWUHRSHUVRDQăRULOD
GHĠLQHUHDXQRURELHFWHVDXvQVFULVXULFHDXOHJăWXUăFXRLQIUDFĠLXQHúLVHSUHVXSXQHFă
SHUFKH]LĠLDSRDWHFRQGXFHODGHVFRSHULUHDúLVWUkQJHUHDSUREHORUFXSULYLUHODDFHDVWă
LQIUDFĠLXQHODFRQVHUYDUHDXUPHORUVăYkUúLULLLQIUDFĠLXQLLVDXODSULQGHUHDVXVSHFWXOXLRUL
LQFXOSDWXOXL
3ULQGRPLFLOLXVHvQĠHOHJHRORFXLQĠăVDXRULFHVSDĠLXGHOLPLWDWvQRULFHPRGFHDSDUĠLQH
RULHVWHIRORVLWGHRSHUVRDQăIL]LFăVDXMXULGLFă
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3URFHGXUDGHHPLWHUHDPDQGDWXOXLGHSHUFKH]LĠLHGRPLFLOLDUă
3HUFKH]LĠLDGRPLFLOLDUăSRDWHILGLVSXVăvQFXUVXOXUPăULULLSHQDOHODFHUHUHD
SURFXURUXOXLGHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDFăUHLDLDUUHYHQL
FRPSHWHQĠDVăMXGHFHFDX]DvQSULPăLQVWDQĠăVDXGHODLQVWDQĠDFRUHVSXQ]ăWRDUHvQJUDG
DFHVWHLDvQDFăUHLFLUFXPVFULSĠLHVHDIOăVHGLXOSDUFKHWXOXLGLQFDUHIDFHSDUWHSURFXURUXO
FDUHHIHFWXHD]ăVDXVXSUDYHJKHD]ăXUPăULUHDSHQDOăÌQFXUVXOMXGHFăĠLLSHUFKH]LĠLDVH
GLVSXQHGLQRILFLXVDXODFHUHUHDSURFXURUXOXLGHFăWUHLQVWDQĠDvQYHVWLWăFXMXGHFDUHD
FDX]HL
&HUHUHDIRUPXODWăGHSURFXURUWUHEXLHVăFXSULQGă
D GHVFULHUHDORFXOXLXQGHXUPHD]ăDVHHIHFWXDSHUFKH]LĠLDLDUGDFăVXQWVXVSLFLXQL
UH]RQDELOHSULYLQGH[LVWHQĠDVDXSRVLELOLWDWHDWUDQVIHUăULLSUREHORUGDWHORUVDXSHUVRDQHORU
FăXWDWHvQORFXULvQYHFLQDWHGHVFULHUHDDFHVWRUORFXUL
E LQGLFDUHDSUREHORURULDGDWHORUGLQFDUHUH]XOWăVXVSLFLXQHDUH]RQDELOăFXSULYLUHOD
VăYkUúLUHDXQHLLQIUDFĠLXQLVDXFXSULYLUHODGHĠLQHUHDRELHFWHORURULvQVFULVXULORUFHDX
OHJăWXUăFXRLQIUDFĠLXQH
/LWE DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
F LQGLFDUHDLQIUDFĠLXQLLDSUREHORUVDXDGDWHORUGLQFDUHUH]XOWăFăvQORFXOvQFDUHVH
VROLFLWăHIHFWXDUHDSHUFKH]LĠLHLVHDIOăVXVSHFWXORULLQFXOSDWXOVDXSRWILGHVFRSHULWH
SUREHFXSULYLUHODVăYkUúLUHDLQIUDFĠLXQLLRULXUPHDOHVăYkUúLULLLQIUDFĠLXQLL
G QXPHOHSUHQXPHOHúLGDFăHVWHQHFHVDUGHVFULHUHDVXVSHFWXOXLVDXLQFXOSDWXOXLGHVSUH
FDUHVHEăQXLHúWHFăVHDIOăvQORFXOXQGHVHHIHFWXHD]ăSHUFKH]LĠLDSUHFXPúLLQGLFDUHD
XUPHORUVăYkUúLULLLQIUDFĠLXQLLRULDDOWRURELHFWHGHVSUHFDUHVHSUHVXSXQHFăH[LVWăvQ
ORFXOFHXUPHD]ăDILSHUFKH]LĠLRQDW
/LWG DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHvQWLPSXOHIHFWXăULLSHUFKH]LĠLHLVHFRQVWDWăFăDXIRVWWUDQVIHUDWH
SUREHGDWHVDXFăSHUVRDQHOHFăXWDWHVDXDVFXQVvQORFXULvQYHFLQDWHPDQGDWXOGH
SHUFKH]LĠLHHVWHYDODELOvQFRQGLĠLLOHOHJLLúLSHQWUXDFHVWHORFXUL&RQWLQXDUHD
HIHFWXăULLSHUFKH]LĠLHLvQDFHDVWăVLWXDĠLHVHvQFXYLLQĠHD]ăGHFăWUHSURFXURU
3URFXURUXOvQDLQWHD]ăFHUHUHDvPSUHXQăFXGRVDUXOFDX]HLMXGHFăWRUXOXLGHGUHSWXULúL
OLEHUWăĠL
&HUHUHDSULQFDUHVHVROLFLWăvQFXYLLQĠDUHDHIHFWXăULLSHUFKH]LĠLHLGRPLFLOLDUHVH
VROXĠLRQHD]ăvQWHUPHQGHGHRUHvQFDPHUDGHFRQVLOLXIăUăFLWDUHDSăUĠLORU
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
-XGHFăWRUXOGLVSXQHSULQvQFKHLHUHDGPLWHUHDFHUHULLDWXQFLFkQGHVWHvQWHPHLDWăúL
vQFXYLLQĠDUHDHIHFWXăULLSHUFKH]LĠLHLúLHPLWHGHvQGDWăPDQGDWXOGHSHUFKH]LĠLHÌQWRFPLUHD
PLQXWHLHVWHREOLJDWRULH
ÌQFKHLHUHDLQVWDQĠHLúLPDQGDWXOGHSHUFKH]LĠLHWUHEXLHVăFXSULQGă
D GHQXPLUHDLQVWDQĠHL
E GDWDRUDúLORFXOHPLWHULL
F QXPHOHSUHQXPHOHúLFDOLWDWHDSHUVRDQHLFDUHDHPLVPDQGDWXOGHSHUFKH]LĠLH
G SHULRDGDSHQWUXFDUHVDHPLVPDQGDWXOFDUHQXSRDWHGHSăúL]LOH
H VFRSXOSHQWUXFDUHDIRVWHPLV
I GHVFULHUHDORFXOXLXQGHXUPHD]ăDVHHIHFWXDSHUFKH]LĠLDVDXGDFăHVWHFD]XOúLD
ORFXULORUvQYHFLQDWHDFHVWXLD
J QXPHOHVDXGHQXPLUHDSHUVRDQHLODGRPLFLOLXOUHúHGLQĠDRULVHGLXOFăUHLDVHHIHFWXHD]ă
SHUFKH]LĠLDGDFăHVWHFXQRVFXWă
K QXPHOHIăSWXLWRUXOXLVXVSHFWXOXLVDXLQFXOSDWXOXLGDFăHVWHFXQRVFXW
L GHVFULHUHDIăSWXLWRUXOXLVXVSHFWXOXLVDXLQFXOSDWXOXLGHVSUHFDUHVHEăQXLHúWHFăVHDIOă
vQORFXOXQGHVHHIHFWXHD]ăSHUFKH]LĠLDLQGLFDUHDXUPHORUVăYkUúLULLLQIUDFĠLXQLLVDXD
DOWRURELHFWHGHVSUHFDUHVHSUHVXSXQHFăH[LVWăvQORFXOFHXUPHD]ăDILSHUFKH]LĠLRQDW
/LWL DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
M PHQĠLXQHDFăPDQGDWXOGHSHUFKH]LĠLHSRDWHILIRORVLWRVLQJXUăGDWă
N VHPQăWXUDMXGHFăWRUXOXLúLúWDPSLODLQVWDQĠHL
ÌQFD]XOvQFDUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLDSUHFLD]ăFăQXVXQWvQGHSOLQLWH
FRQGLĠLLOHSUHYă]XWHODDUWGLVSXQHSULQvQFKHLHUHUHVSLQJHUHDFHUHULLGHHIHFWXDUHD
SHUFKH]LĠLHLGRPLFLOLDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFKHLHUHDSULQFDUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVHSURQXQĠăDVXSUDFHUHULLGH
vQFXYLLQĠDUHDHIHFWXăULLSHUFKH]LĠLHLGRPLFLOLDUHQXHVWHVXSXVăFăLORUGHDWDF
2QRXăFHUHUHGHHIHFWXDUHDXQHLSHUFKH]LĠLLGRPLFLOLDUHvQDFHODúLORFSRDWHIL
IRUPXODWăGDFăDXDSăUXWRULVDXGHVFRSHULWIDSWHVDXvPSUHMXUăULQRLQHFXQRVFXWHOD
PRPHQWXOVROXĠLRQăULLFHUHULLDQWHULRDUHGHFăWUHMXGHFăWRU
ÌQFXUVXOMXGHFăĠLLGLQRILFLXVDXODFHUHUHDSURFXURUXOXLLQVWDQĠDGHMXGHFDWăSRDWH
GLVSXQHHIHFWXDUHDXQHLSHUFKH]LĠLLvQYHGHUHDSXQHULLvQH[HFXWDUHDPDQGDWXOXLGHDUHVWDUH
SUHYHQWLYăDLQFXOSDWXOXLSUHFXPúLvQFD]XOvQFDUHH[LVWăVXVSLFLXQLUH]RQDELOHFăvQ
ORFXOXQGHVHVROLFLWăHIHFWXDUHDSHUFKH]LĠLHLH[LVWăPLMORDFHPDWHULDOHGHSUREăFHDX
OHJăWXUăFXLQIUDFĠLXQHDFHIDFHRELHFWXOFDX]HL'LVSR]LĠLLOHDOLQ úLDOHDUW
VHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWLFROXO
(IHFWXDUHDSHUFKH]LĠLHLGRPLFLOLDUH
0DQGDWXOGHSHUFKH]LĠLHVHFRPXQLFăSURFXURUXOXLFDUHLDPăVXULSHQWUXH[HFXWDUHD
DFHVWXLD
3HUFKH]LĠLDVHHIHFWXHD]ăGHSURFXURUVDXGHRUJDQXOGHFHUFHWDUHSHQDOăvQVRĠLWGXSă
FD]GHOXFUăWRULRSHUDWLYL
3HUFKH]LĠLDGRPLFLOLDUăQXSRDWHILvQFHSXWăvQDLQWHGHRUDVDXGXSăRUDFX
H[FHSĠLDLQIUDFĠLXQLLIODJUDQWHVDXFkQGSHUFKH]LĠLDXUPHD]ăVăVHHIHFWXH]HvQWUXQORFDO
GHVFKLVSXEOLFXOXLODDFHDRUă
ÌQFD]XOvQFDUHHVWHQHFHVDURUJDQHOHMXGLFLDUHSRWUHVWULFĠLRQDOLEHUWDWHDGHPLúFDUH
DSHUVRDQHORUSUH]HQWHVDXDFFHVXODOWRUSHUVRDQHvQORFXOXQGHVHHIHFWXHD]ăSHUFKH]LĠLDSH
GXUDWDHIHFWXăULLDFHVWHLD
ÌQDLQWHGHvQFHSHUHDSHUFKH]LĠLHLRUJDQXOMXGLFLDUVHOHJLWLPHD]ăúLvQPkQHD]ăRFRSLHD
PDQGDWXOXLHPLVGHMXGHFăWRUSHUVRDQHLODFDUHVHYDHIHFWXDSHUFKH]LĠLDUHSUH]HQWDQWXOXL
DFHVWHLDVDXXQXLPHPEUXDOIDPLOLHLLDUvQOLSVăRULFăUHLDOWHSHUVRDQHFXFDSDFLWDWH
GHSOLQăGHH[HUFLĠLXFDUHFXQRDúWHSHUVRDQDODFDUHVHYDHIHFWXDSHUFKH]LĠLDúLGDFăHVWH
FD]XOFXVWRGHOXL
ÌQFD]XOSHUFKH]LĠLHLHIHFWXDWHODVHGLXOXQHLSHUVRDQHMXULGLFHPDQGDWXOGHSHUFKH]LĠLH
VHvQPkQHD]ăUHSUH]HQWDQWXOXLDFHVWHLDVDXvQOLSVDUHSUH]HQWDQWXOXLRULFăUHLDOWHSHUVRDQH
FXFDSDFLWDWHGHSOLQăGHH[HUFLĠLXFDUHVHDIOăvQVHGLXRULHVWHDQJDMDWDOSHUVRDQHL
MXULGLFHUHVSHFWLYH
ÌQFD]XOvQFDUHHIHFWXDUHDSHUFKH]LĠLHLHVWHH[WLQVăvQORFXLQĠHOHvQYHFLQDWHvQ
FRQGLĠLLOHDUWDOLQ SHUVRDQHOHGLQDFHVWHVSDĠLLYRUILvQúWLLQĠDWHFXSULYLUHOD
H[WLQGHUHDHIHFWXăULLSHUFKH]LĠLHL
3HUVRDQHORUSUHYă]XWHODDOLQ úL OLVHVROLFLWăvQDLQWHGHvQFHSHUHD
SHUFKH]LĠLHLSUHGDUHDGHEXQăYRLHDSHUVRDQHORUVDXDRELHFWHORUFăXWDWH3HUFKH]LĠLDQXVH
PDLHIHFWXHD]ăGDFăSHUVRDQHOHVDXRELHFWHOHLQGLFDWHvQPDQGDWVXQWSUHGDWH
3HUVRDQHORUSUHYă]XWHODDOLQ úL OLVHDGXFHODFXQRúWLQĠăFăDXGUHSWXOFDOD
HIHFWXDUHDSHUFKH]LĠLHLVăSDUWLFLSHXQDYRFDW'DFăVHVROLFLWăSUH]HQĠDXQXLDYRFDW
vQFHSHUHDSHUFKH]LĠLHLHVWHDPkQDWăSkQăODVRVLUHDDFHVWXLDGDUQXPDLPXOWGHGRXăRUHGH
ODPRPHQWXOODFDUHDFHVWGUHSWHVWHFRPXQLFDWOXkQGXVHPăVXULGHFRQVHUYDUHDORFXOXLFH
XUPHD]ăDILSHUFKH]LĠLRQDWÌQFD]XULH[FHSĠLRQDOHFHLPSXQHIHFWXDUHDSHUFKH]LĠLHLGH
XUJHQĠăVDXvQFD]XOvQFDUHDYRFDWXOQXSRDWHILFRQWDFWDWSHUFKH]LĠLDSRDWHvQFHSHúL
vQDLQWHGHH[SLUDUHDWHUPHQXOXLGHGRXăRUH
'HDVHPHQHDSHUVRDQHLSHUFKH]LĠLRQDWHLVHYDSHUPLWHVăILHDVLVWDWăRULUHSUH]HQWDWă
GHRSHUVRDQăGHvQFUHGHUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&kQGSHUVRDQDODFDUHVHIDFHSHUFKH]LĠLDHVWHUHĠLQXWăRULDUHVWDWăYDILDGXVăOD
SHUFKH]LĠLHÌQFD]XOvQFDUHQXSRDWHILDGXVăULGLFDUHDGHRELHFWHúLvQVFULVXULSUHFXP
úLSHUFKH]LĠLDGRPLFLOLDUăVHIDFvQSUH]HQĠDXQXLUHSUH]HQWDQWRULPDUWRUDVLVWHQW
2UJDQXOMXGLFLDUFDUHHIHFWXHD]ăSHUFKH]LĠLDDUHGUHSWXOVăGHVFKLGăSULQIRORVLUHD
IRUĠHLvQFăSHULOHVSDĠLLOHPRELOLHUXOúLDOWHRELHFWHvQFDUHVDUSXWHDJăVLRELHFWHOH
vQVFULVXULOHXUPHOHLQIUDFĠLXQLLVDXSHUVRDQHOHFăXWDWHvQFD]XOvQFDUHSRVHVRUXODFHVWRUD
QXHVWHSUH]HQWVDXQXGRUHúWHVăOHGHVFKLGăGHEXQăYRLH/DGHVFKLGHUHDDFHVWRUDRUJDQHOH
MXGLFLDUHFHHIHFWXHD]ăSHUFKH]LĠLDWUHEXLHVăHYLWHGDXQHOHQHMXVWLILFDWH
2UJDQXOMXGLFLDUHVWHREOLJDWVăVHOLPLWH]HODULGLFDUHDQXPDLDRELHFWHORUúL
vQVFULVXULORUFDUHDXOHJăWXUăFXIDSWDSHQWUXFDUHVHHIHFWXHD]ăXUPăULUHDSHQDOă2ELHFWHOH
VDXvQVFULVXULOHDFăURUFLUFXODĠLHRULGHĠLQHUHHVWHLQWHU]LVăVDXvQSULYLQĠDFăURUDH[LVWă
VXVSLFLXQHDFăSRWDYHDROHJăWXUăFXVăYkUúLUHDXQHLLQIUDFĠLXQLSHQWUXFDUHDFĠLXQHDSHQDOă
VHSXQHvQPLúFDUHGLQRILFLXVHULGLFăvQWRWGHDXQD
ÌQPRGH[FHSĠLRQDOSHUFKH]LĠLDSRDWHvQFHSHIăUăvQPkQDUHDFRSLHLPDQGDWXOXLGH
SHUFKH]LĠLHIăUăVROLFLWDUHDSUHDODELOăGHSUHGDUHDSHUVRDQHLVDXDRELHFWHORUSUHFXPúL
IăUăLQIRUPDUHDSUHDODELOăSULYLQGSRVLELOLWDWHDVROLFLWăULLSUH]HQĠHLXQXLDYRFDWRULDXQHL
SHUVRDQHGHvQFUHGHUHvQXUPăWRDUHOHFD]XUL
D FkQGHVWHHYLGHQWIDSWXOFăVHIDFSUHJăWLULSHQWUXDFRSHULUHDXUPHORUVDXGLVWUXJHUHD
SUREHORURULDHOHPHQWHORUFHSUH]LQWăLPSRUWDQĠăSHQWUXFDX]ă
E GDFăH[LVWăVXVSLFLXQHDFăvQVSDĠLXOvQFDUHXUPHD]ăDVHHIHFWXDSHUFKH]LĠLDVHDIOăR
SHUVRDQăDFăUHLYLDĠăVDXLQWHJULWDWHIL]LFăHVWHSXVăvQSHULFRO
F GDFăH[LVWăVXVSLFLXQHDFăSHUVRDQDFăXWDWăVDUSXWHDVXVWUDJHSURFHGXULL
/LWF DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHvQVSDĠLXOXQGHXUPHD]ăDILHIHFWXDWăSHUFKH]LĠLDQXVHDIOăQLFLR
SHUVRDQăDFHDVWDVHHIHFWXHD]ăvQSUH]HQĠDXQXLPDUWRUDVLVWHQW
ÌQFD]XULOHSUHYă]XWHODDOLQ úL FRSLDPDQGDWXOXLGHSHUFKH]LĠLHVH
vQPkQHD]ăGHvQGDWăFHHVWHSRVLELO
2UJDQHOHMXGLFLDUHFDUHHIHFWXHD]ăSHUFKH]LĠLDSRWIRORVLIRUĠDvQPRGDGHFYDWúL
SURSRUĠLRQDOSHQWUXDSăWUXQGHvQWUXQGRPLFLOLX
D GDFăH[LVWăPRWLYHWHPHLQLFHSHQWUXDDQWLFLSDUH]LVWHQĠăDUPDWăVDXDOWHWLSXULGH
YLROHQĠăRULH[LVWăXQSHULFROFXSULYLUHODGLVWUXJHUHDSUREHORU
E vQFD]XOXQXLUHIX]VDXGDFăQXDIRVWSULPLWQLFLXQUăVSXQVODVROLFLWăULOHRUJDQHORU
MXGLFLDUHGHDSăWUXQGHvQGRPLFLOLX
(VWHLQWHU]LVăHIHFWXDUHDvQDFHODúLWLPSFXSHUFKH]LĠLDDRULFăURUDFWHSURFHGXUDOHvQ
DFHHDúLFDX]ăFDUHSULQQDWXUDORUvPSLHGLFăSHUVRDQDODFDUHVHIDFHSHUFKH]LĠLDVă
SDUWLFLSHODHIHFWXDUHDDFHVWHLDFXH[FHSĠLDVLWXDĠLHLvQFDUHVHGHVIăúRDUăvQDFHHDúL
FDX]ăVLPXOWDQPDLPXOWHSHUFKH]LĠLL
/RFXOvQFDUHVHGHVIăúRDUăSHUFKH]LĠLDSUHFXPúLSHUVRDQHOHVDXRELHFWHOHJăVLWHSH
SDUFXUVXOSHUFKH]LĠLRQăULLSRWILIRWRJUDILDWHRULvQUHJLVWUDWHDXGLRYLGHR
ÌQUHJLVWUDUHDDXGLRYLGHRVDXIRWRJUDILLOHHIHFWXDWHVXQWDQH[DWHSURFHVXOXLYHUEDOGH
SHUFKH]LĠLHúLIDFSDUWHLQWHJUDQWăGLQDFHVWD
$UWLFROXO
,GHQWLILFDUHDúLSăVWUDUHDRELHFWHORU
'XSăLGHQWLILFDUHRELHFWHOHVDXvQVFULVXULOHVHSUH]LQWăSHUVRDQHLGHODFDUHVXQW
ULGLFDWHúLSHUVRDQHORUSUH]HQWHSHQWUXDILUHFXQRVFXWHúLDILvQVHPQDWHGHFăWUHDFHVWHD
VSUHQHVFKLPEDUHGXSăFDUHVHHWLFKHWHD]ăúLVHVLJLOHD]ă
2ELHFWHOHFDUHQXSRWILvQVHPQDWHRULSHFDUHQXVHSRWDSOLFDHWLFKHWHúLVLJLOLLVH
vPSDFKHWHD]ăVDXVHvQFKLGSHFkWSRVLELOvPSUHXQăGXSăFDUHVHDSOLFăVLJLOLL
2ELHFWHOHFDUHQXSRWILULGLFDWHVHODVăvQSăVWUDUHDFHOXLODFDUHVHDIOăVDXDXQXL
FXVWRGH3HUVRDQHLFăUHLDLVHODVăVSUHSăVWUDUHRELHFWHOHLVHSXQHvQYHGHUHFăDUH
REOLJDĠLDGHDOHSăVWUDúLFRQVHUYDSUHFXPúLGHDOHSXQHODGLVSR]LĠLDRUJDQHORUGH
XUPăULUHSHQDOăODFHUHUHDDFHVWRUDVXEVDQFĠLXQHDSUHYă]XWăODDUWGLQ&RGXOSHQDO
3UREHOHSHQWUXDQDOL]ăVHLDXFHOSXĠLQvQGXEOXúLVHVLJLOHD]ă8QDGLQWUHSUREHVH
ODVăFHOXLGHODFDUHVHULGLFăLDUvQOLSVDDFHVWXLDXQHLDGLQWUHSHUVRDQHOHSUHYă]XWHOD
DUWDOLQ
$UWLFROXO
3URFHVXOYHUEDOGHSHUFKH]LĠLH
$FWLYLWăĠLOHGHVIăúXUDWHFXRFD]LDHIHFWXăULLSHUFKH]LĠLHLVXQWFRQVHPQDWHvQWUXQ
SURFHVYHUEDO
3URFHVXOYHUEDOWUHEXLHVăFXSULQGă
D QXPHOHSUHQXPHOHúLFDOLWDWHDFHOXLFDUHvOvQFKHLH
E QXPăUXOúLGDWDPDQGDWXOXLGHSHUFKH]LĠLH
F ORFXOXQGHHVWHvQFKHLDW
G GDWDúLRUDODFDUHDvQFHSXWúLRUDODFDUHVDWHUPLQDWHIHFWXDUHDSHUFKH]LĠLHLFX
PHQĠLRQDUHDRULFăUHLvQWUHUXSHULLQWHUYHQLWH
H QXPHOHSUHQXPHOHRFXSDĠLDúLDGUHVDSHUVRDQHORUFHDXIRVWSUH]HQWHODHIHFWXDUHD
SHUFKH]LĠLHLFXPHQĠLRQDUHDFDOLWăĠLLDFHVWRUD
I HIHFWXDUHDLQIRUPăULLSHUVRDQHLODFDUHVHYDHIHFWXDSHUFKH]LĠLDFXSULYLUHODGUHSWXOGH
DFRQWDFWDXQDYRFDWFDUHVăSDUWLFLSHODSHUFKH]LĠLH
J GHVFULHUHDDPăQXQĠLWăDORFXOXLúLFRQGLĠLLORUvQFDUHvQVFULVXULOHRELHFWHOHVDXXUPHOH
LQIUDFĠLXQLLDXIRVWGHVFRSHULWHúLULGLFDWHHQXPHUDUHDúLGHVFULHUHDORUDPăQXQĠLWăSHQWUX
DSXWHDILUHFXQRVFXWHPHQĠLXQLFXSULYLUHODORFXOúLFRQGLĠLLOHvQFDUHVXVSHFWXOVDX
LQFXOSDWXODIRVWSULQV
K RELHFĠLLOHúLH[SOLFDĠLLOHSHUVRDQHORUFDUHDXSDUWLFLSDWODHIHFWXDUHDSHUFKH]LĠLHL
SUHFXPúLPHQĠLXQLOHUHIHULWRDUHODvQUHJLVWUDUHDDXGLRYLGHRVDXIRWRJUDILLOHHIHFWXDWH
L PHQĠLXQLGHVSUHRELHFWHOHFDUHQXDXIRVWULGLFDWHGDUDXIRVWOăVDWHvQSăVWUDUH
M PHQĠLXQLOHSUHYă]XWHGHOHJHSHQWUXFD]XULOHVSHFLDOH
3URFHVXOYHUEDOVHVHPQHD]ăSHILHFDUHSDJLQăúLODVIkUúLWGHFHOFDUHvOvQFKHLHGH
SHUVRDQDODFDUHVDIăFXWSHUFKH]LĠLDGHDYRFDWXODFHVWHLDGDFăDIRVWSUH]HQWSUHFXPúL
GHSHUVRDQHOHDUăWDWHODDOLQ OLWH 'DFăYUHXQDGLQWUHDFHVWHSHUVRDQHQXSRDWHVDX
UHIX]ăVăVHPQH]HVHIDFHPHQĠLXQHGHVSUHDFHDVWDSUHFXPúLGHVSUHPRWLYHOHLPSRVLELOLWăĠLL
VDXUHIX]XOXLGHDVHPQD
2FRSLHGHSHSURFHVXOYHUEDOVHODVăSHUVRDQHLODFDUHVDIăFXWSHUFKH]LĠLDVDXGHOD
FDUHVDXULGLFDWRELHFWHOHúLvQVFULVXULOHRULXQHLDGLQWUHSHUVRDQHOHSUHYă]XWHODDUW
DOLQ VDX FDUHDXSDUWLFLSDWODSHUFKH]LĠLH
$UWLFROXO
0ăVXULOHSULYLQGRELHFWHOHRULvQVFULVXULOHULGLFDWH
2ELHFWHOHRULvQVFULVXULOHULGLFDWHFDUHFRQVWLWXLHPLMORDFHGHSUREăVXQWDWDúDWHOD
GRVDUVDXSăVWUDWHvQDOWPRGLDUXUPHOHVăYkUúLULLLQIUDFĠLXQLLVHULGLFăúLVXQW
FRQVHUYDWH
2ELHFWHOHvQVFULVXULOHúLXUPHOHULGLFDWHFDUHQXVXQWDWDúDWHODGRVDUSRWIL
IRWRJUDILDWH)RWRJUDILLOHVHYL]HD]ăGHRUJDQXOGHXUPăULUHSHQDOăúLVHDWDúHD]ăODGRVDU
0LMORDFHOHPDWHULDOHGHSUREăVHSăVWUHD]ăGHRUJDQXOGHXUPăULUHSHQDOăVDXGHLQVWDQĠD
GHMXGHFDWăODFDUHVHJăVHúWHGRVDUXOSkQăODVROXĠLRQDUHDGHILQLWLYăDFDX]HL
2ELHFWHOHFDUHQXDXOHJăWXUăFXFDX]DVHUHVWLWXLHSHUVRDQHLFăUHLDvLDSDUĠLQFX
H[FHSĠLDFHORUFDUHVXQWVXSXVHFRQILVFăULLvQFRQGLĠLLOHOHJLL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2ELHFWHOHFHVHUYHVFFDPLMORFGHSUREăGDFăQXVXQWVXSXVHFRQILVFăULLvQFRQGLĠLLOH
OHJLLSRWILUHVWLWXLWHFKLDUvQDLQWHGHVROXĠLRQDUHDGHILQLWLYăDSURFHVXOXLSHUVRDQHL
FăUHLDvLDSDUĠLQvQDIDUăGHFD]XOFkQGSULQDFHDVWăUHVWLWXLUHVDUSXWHDVWkQMHQLDIODUHD
DGHYăUXOXL2UJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăSXQHvQYHGHUHSHUVRDQHL
FăUHLDLDXIRVWUHVWLWXLWHRELHFWHOHFăHVWHREOLJDWăVăOHSăVWUH]HSkQăODVROXĠLRQDUHD
GHILQLWLYăDFDX]HL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RQVHUYDUHDVDXYDORULILFDUHDRELHFWHORUULGLFDWH
2ELHFWHOHFHVHUYHVFFDPLMORFGHSUREăGDFăVXQWGLQWUHDFHOHDSUHYă]XWHODDUWDOLQ
úLGDFăQXVXQWUHVWLWXLWHVHFRQVHUYăVDXVHYDORULILFăSRWULYLWSUHYHGHULORUDUW
$UWLFROXO
'LVSR]LĠLLVSHFLDOHSULYLQGSHUFKH]LĠLLOHHIHFWXDWHODRDXWRULWDWHSXEOLFăLQVWLWXĠLH
SXEOLFăVDXODDOWHSHUVRDQHMXULGLFHGHGUHSWSXEOLF
3HUFKH]LĠLDODRDXWRULWDWHSXEOLFăLQVWLWXĠLHSXEOLFăVDXODDOWHSHUVRDQHMXULGLFHGH
GUHSWSXEOLFVHHIHFWXHD]ăSRWULYLWSUHYHGHULORUSUH]HQWHLVHFĠLXQLGXSăFXPXUPHD]ă
D RUJDQXOMXGLFLDUVHOHJLWLPHD]ăúLvQPkQHD]ăRFRSLHDPDQGDWXOXLGHSHUFKH]LĠLH
UHSUH]HQWDQWXOXLDXWRULWăĠLLLQVWLWXĠLHLVDXSHUVRDQHLMXULGLFHGHGUHSWSXEOLF
E SHUFKH]LĠLDVHHIHFWXHD]ăvQSUH]HQĠDUHSUH]HQWDQWXOXLDXWRULWăĠLLLQVWLWXĠLHLVDX
SHUVRDQHLMXULGLFHGHGUHSWSXEOLFRULDDOWHLSHUVRDQHFXFDSDFLWDWHGHSOLQăGHH[HUFLĠLX
F RFRSLHGHSHSURFHVXOYHUEDOGHSHUFKH]LĠLHVHODVăUHSUH]HQWDQWXOXLDXWRULWăĠLL
LQVWLWXĠLHLVDXSHUVRDQHLMXULGLFHGHGUHSWSXEOLF
6HFĠLXQHDDD$OWHIRUPHGHSHUFKH]LĠLH
$UWLFROXO
&D]XULOHúLFRQGLĠLLOHvQFDUHVHHIHFWXHD]ăSHUFKH]LĠLDFRUSRUDOă
3HUFKH]LĠLDFRUSRUDOăSUHVXSXQHH[DPLQDUHDFRUSRUDOăH[WHUQăDXQHLSHUVRDQHDFDYLWăĠLL
EXFDOHDQDVXOXLDXUHFKLORUDSăUXOXLDvPEUăFăPLQWHLDRELHFWHORUSHFDUHRSHUVRDQă
OHDUHDVXSUDVDVDXVXEFRQWUROXOVăXODPRPHQWXOHIHFWXăULLSHUFKH]LĠLHL
ÌQFD]XOvQFDUHH[LVWăRVXVSLFLXQHUH]RQDELOăFăSULQHIHFWXDUHDXQHLSHUFKH]LĠLL
FRUSRUDOHYRUILGHVFRSHULWHXUPHDOHLQIUDFĠLXQLLFRUSXULGHOLFWHRULDOWHRELHFWHFH
SUH]LQWăLPSRUWDQĠăSHQWUXDIODUHDDGHYăUXOXLvQFDX]ăRUJDQHOHMXGLFLDUHVDXRULFH
DXWRULWDWHFXDWULEXĠLLvQDVLJXUDUHDRUGLQLLúLVHFXULWăĠLLSXEOLFHSURFHGHD]ăODHIHFWXDUHD
DFHVWHLD
$UWLFROXO
(IHFWXDUHDSHUFKH]LĠLHLFRUSRUDOH
2UJDQXOMXGLFLDUWUHEXLHVăLDPăVXULFDSHUFKH]LĠLDVăILHHIHFWXDWăFXUHVSHFWDUHD
GHPQLWăĠLLXPDQH
3HUFKH]LĠLDVHHIHFWXHD]ăGHRSHUVRDQăGHDFHODúLVH[FXSHUVRDQDSHUFKH]LĠLRQDWă
ÌQDLQWHGHvQFHSHUHDSHUFKH]LĠLHLSHUVRDQHLSHUFKH]LĠLRQDWHLVHVROLFLWăSUHGDUHDGH
EXQăYRLHDRELHFWHORUFăXWDWH'DFăRELHFWHOHFăXWDWHVXQWSUHGDWHQXVHPDLHIHFWXHD]ă
SHUFKH]LĠLDFXH[FHSĠLDFD]XOXLFkQGVHFRQVLGHUăXWLOVăVHSURFHGH]HODDFHDVWDSHQWUX
FăXWDUHDDOWRURELHFWHVDXXUPH
3URFHVXOYHUEDOGHSHUFKH]LĠLHWUHEXLHVăFXSULQGă
D QXPHOHúLSUHQXPHOHSHUVRDQHLSHUFKH]LĠLRQDWH
E QXPHOHSUHQXPHOHúLFDOLWDWHDSHUVRDQHLFDUHDHIHFWXDWSHUFKH]LĠLD
F HQXPHUDUHDRELHFWHORUJăVLWHFXRFD]LDSHUFKH]LĠLHL
G ORFXOXQGHHVWHvQFKHLDW
H GDWDúLRUDODFDUHDvQFHSXWúLRUDODFDUHVDWHUPLQDWHIHFWXDUHDSHUFKH]LĠLHLFX
PHQĠLRQDUHDRULFăUHLvQWUHUXSHULLQWHUYHQLWH
I GHVFULHUHDDPăQXQĠLWăDORFXOXLúLFRQGLĠLLORUvQFDUHvQVFULVXULOHRELHFWHOHVDXXUPHOH
LQIUDFĠLXQLLDXIRVWGHVFRSHULWHúLULGLFDWHHQXPHUDUHDúLGHVFULHUHDORUDPăQXQĠLWăSHQWUX
DSXWHDILUHFXQRVFXWHPHQĠLXQLFXSULYLUHODORFXOúLFRQGLĠLLOHvQFDUHVXVSHFWXOVDX
LQFXOSDWXODIRVWJăVLW
3URFHVXOYHUEDOWUHEXLHVHPQDWSHILHFDUHSDJLQăúLODVIkUúLWGHFHOFDUHvOvQFKHLHúL
GHSHUVRDQDSHUFKH]LĠLRQDWă'DFăSHUVRDQDSHUFKH]LĠLRQDWăQXSRDWHVDXUHIX]ăVăVHPQH]HVH
IDFHPHQĠLXQHGHVSUHDFHDVWDSUHFXPúLGHVSUHPRWLYHOHLPSRVLELOLWăĠLLVDXUHIX]XOXLGHD
VHPQD
2FRSLHDSURFHVXOXLYHUEDOVHODVăSHUVRDQHLSHUFKH]LĠLRQDWH
'LVSR]LĠLLOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWLFROXO
3HUFKH]LĠLDXQXLYHKLFXO
3HUFKH]LĠLDXQXLYHKLFXOFRQVWăvQH[DPLQDUHDH[WHULRUXOXLRULLQWHULRUXOXLXQXLYHKLFXO
VDXDDOWXLPLMORFGHWUDQVSRUWRULDFRPSRQHQWHORUDFHVWRUD
3HUFKH]LĠLDXQXLYHKLFXOVHHIHFWXHD]ăvQFRQGLĠLLOHSUHYă]XWHODDUWDOLQ
3UHYHGHULOHDUWúLVHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWLFROXO
3HUFKH]LĠLDLQIRUPDWLFă
'HQXPLUHDPDUJLQDOăDDUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3ULQSHUFKH]LĠLHvQVLVWHPLQIRUPDWLFVDXDXQXLVXSRUWGHVWRFDUHDGDWHORULQIRUPDWLFH
VHvQĠHOHJHSURFHGHXOGHFHUFHWDUHGHVFRSHULUHLGHQWLILFDUHúLVWUkQJHUHDSUREHORUVWRFDWH
vQWUXQVLVWHPLQIRUPDWLFVDXVXSRUWGHVWRFDUHDGDWHORULQIRUPDWLFHUHDOL]DWSULQ
LQWHUPHGLXOXQRUPLMORDFHWHKQLFHúLSURFHGXULDGHFYDWHGHQDWXUăVăDVLJXUHLQWHJULWDWHD
LQIRUPDĠLLORUFRQĠLQXWHGHDFHVWHD
ÌQFXUVXOXUPăULULLSHQDOHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDFăUHLDL
DUUHYHQLFRPSHWHQĠDVăMXGHFHFDX]DvQSULPăLQVWDQĠăVDXGHODLQVWDQĠDFRUHVSXQ]ăWRDUHvQ
JUDGDFHVWHLDvQDFăUHLFLUFXPVFULSĠLHVHDIOăVHGLXOSDUFKHWXOXLGLQFDUHIDFHSDUWH
SURFXURUXOFDUHHIHFWXHD]ăVDXVXSUDYHJKHD]ăXUPăULUHDSHQDOăSRDWHGLVSXQHHIHFWXDUHDXQHL
SHUFKH]LĠLLLQIRUPDWLFHODFHUHUHDSURFXURUXOXLDWXQFLFkQGSHQWUXGHVFRSHULUHDúL
VWUkQJHUHDSUREHORUHVWHQHFHVDUăFHUFHWDUHDXQXLVLVWHPLQIRUPDWLFVDXDXQXLVXSRUWGH
VWRFDUHDGDWHORULQIRUPDWLFH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3URFXURUXOvQDLQWHD]ăFHUHUHDSULQFDUHVHVROLFLWăvQFXYLLQĠDUHDHIHFWXăULLSHUFKH]LĠLHL
LQIRUPDWLFHvPSUHXQăFXGRVDUXOFDX]HLMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠL
&HUHUHDVHVROXĠLRQHD]ăvQFDPHUDGHFRQVLOLXIăUăFLWDUHDSăUĠLORU3DUWLFLSDUHD
SURFXURUXOXLHVWHREOLJDWRULH
-XGHFăWRUXOGLVSXQHSULQvQFKHLHUHDGPLWHUHDFHUHULLDWXQFLFkQGDFHDVWDHVWH
vQWHPHLDWăvQFXYLLQĠDUHDHIHFWXăULLSHUFKH]LĠLHLLQIRUPDWLFHúLHPLWHGHvQGDWăPDQGDWXOGH
SHUFKH]LĠLH
ÌQFKHLHUHDLQVWDQĠHLWUHEXLHVăFXSULQGă
D GHQXPLUHDLQVWDQĠHL
E GDWDRUDúLORFXOHPLWHULL
F QXPHOHSUHQXPHOHúLFDOLWDWHDSHUVRDQHLFDUHDHPLVPDQGDWXO
G SHULRDGDSHQWUXFDUHVDHPLVPDQGDWXOúLvQFDGUXOFăUHLDWUHEXLHHIHFWXDWăDFWLYLWDWHD
GLVSXVă
H VFRSXOSHQWUXFDUHDIRVWHPLV
I VLVWHPXOLQIRUPDWLFVDXVXSRUWXOGHVWRFDUHDGDWHORULQIRUPDWLFHFDUHXUPHD]ăDIL
SHUFKH]LĠLRQDWSUHFXPúLQXPHOHVXVSHFWXOXLVDXLQFXOSDWXOXLGDFăHVWHFXQRVFXW
/LWI DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
J VHPQăWXUDMXGHFăWRUXOXLúLúWDPSLODLQVWDQĠHL
ÌQFKHLHUHDSULQFDUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVHSURQXQĠăDVXSUDFHUHULLGH
vQFXYLLQĠDUHDHIHFWXăULLSHUFKH]LĠLHLLQIRUPDWLFHQXHVWHVXSXVăFăLORUGHDWDF
ÌQFD]XOvQFDUHFXRFD]LDHIHFWXăULLSHUFKH]LĠLHLXQXLVLVWHPLQIRUPDWLFVDXDXQXL
VXSRUWGHVWRFDUHDGDWHORULQIRUPDWLFHVHFRQVWDWăFăGDWHOHLQIRUPDWLFHFăXWDWHVXQW
FXSULQVHvQWUXQDOWVLVWHPLQIRUPDWLFRULVXSRUWGHVWRFDUHDGDWHORULQIRUPDWLFHúLVXQW
DFFHVLELOHGLQVLVWHPXOVDXVXSRUWXOLQLĠLDOSURFXURUXOGLVSXQHGHvQGDWăFRQVHUYDUHD
FRSLHUHDGDWHORULQIRUPDWLFHLGHQWLILFDWHúLYDVROLFLWDGHXUJHQĠăFRPSOHWDUHDPDQGDWXOXL
GLVSR]LĠLLOHDOLQ DSOLFkQGXVHvQPRGFRUHVSXQ]ăWRU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQYHGHUHDH[HFXWăULLSHUFKH]LĠLHLGLVSXVHSHQWUXDVLJXUDUHDLQWHJULWăĠLLGDWHORU
LQIRUPDWLFHVWRFDWHSHRELHFWHOHULGLFDWHSURFXURUXOGLVSXQHHIHFWXDUHDGHFRSLL
'DFăULGLFDUHDRELHFWHORUFDUHFRQĠLQGDWHOHLQIRUPDWLFHSUHYă]XWHODDOLQ DU
DIHFWDJUDYGHVIăúXUDUHDDFWLYLWăĠLLSHUVRDQHORUFDUHGHĠLQDFHVWHRELHFWHSURFXURUXOSRDWH
GLVSXQHHIHFWXDUHDGHFRSLLFDUHVHUYHVFFDPLMORFGHSUREă&RSLLOHVHUHDOL]HD]ăFX
PLMORDFHWHKQLFHúLSURFHGXULDGHFYDWHGHQDWXUăVăDVLJXUHLQWHJULWDWHDLQIRUPDĠLLORU
FRQĠLQXWHGHDFHVWHD
3HUFKH]LĠLDvQVLVWHPLQIRUPDWLFVDXDXQXLVXSRUWGHVWRFDUHDGDWHORULQIRUPDWLFHVH
HIHFWXHD]ăvQSUH]HQĠDVXVSHFWXOXLRULDLQFXOSDWXOXLGLVSR]LĠLLOHDUWDOLQ úL
DSOLFkQGXVHvQPRGFRUHVSXQ]ăWRU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HUFKH]LĠLDvQVLVWHPLQIRUPDWLFRULDXQXLVXSRUWGHVWRFDUHDGDWHORULQIRUPDWLFHVH
HIHFWXHD]ăGHXQVSHFLDOLVWFDUHIXQFĠLRQHD]ăvQFDGUXORUJDQHORUMXGLFLDUHVDXGLQDIDUD
DFHVWRUDvQSUH]HQĠDSURFXURUXOXLVDXDRUJDQXOXLGHFHUFHWDUHSHQDOă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3URFHVXOYHUEDOGHSHUFKH]LĠLHLQIRUPDWLFăWUHEXLHVăFXSULQGă
D QXPHOHSHUVRDQHLGHODFDUHDIRVWULGLFDWVLVWHPXOLQIRUPDWLFVDXVXSRUWXULOHGHVWRFDUH
DGDWHORULQIRUPDWLFHRULQXPHOHSHUVRDQHLDOFăUHLVLVWHPLQIRUPDWLFHVWHFHUFHWDW
/LWD DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
E QXPHOHSHUVRDQHLFDUHDHIHFWXDWSHUFKH]LĠLD
F QXPHOHSHUVRDQHORUSUH]HQWHODHIHFWXDUHDSHUFKH]LĠLHL
G GHVFULHUHDúLHQXPHUDUHDVLVWHPHORULQIRUPDWLFHRULVXSRUWXULORUGHVWRFDUHDGDWHORU
LQIRUPDWLFHIDĠăGHFDUHVDGLVSXVSHUFKH]LĠLD
H GHVFULHUHDúLHQXPHUDUHDDFWLYLWăĠLORUGHVIăúXUDWH
I GHVFULHUHDúLHQXPHUDUHDGDWHORULQIRUPDWLFHGHVFRSHULWHFXRFD]LDSHUFKH]LĠLHL
J VHPQăWXUDVDXúWDPSLODSHUVRDQHLFDUHDHIHFWXDWSHUFKH]LĠLD
K VHPQăWXUDSHUVRDQHORUSUH]HQWHODHIHFWXDUHDSHUFKH]LĠLHL
2UJDQHOHGHXUPăULUHSHQDOăWUHEXLHVăLDPăVXULFDSHUFKH]LĠLDLQIRUPDWLFăVăILH
HIHFWXDWăIăUăFDIDSWHOHúLvPSUHMXUăULOHGLQYLDĠDSHUVRQDOăDFHOXLODFDUHVHHIHFWXHD]ă
SHUFKH]LĠLDVăGHYLQăvQPRGQHMXVWLILFDWSXEOLFH
'DWHOHLQIRUPDWLFHLGHQWLILFDWHFXFDUDFWHUVHFUHWVHSăVWUHD]ăvQFRQGLĠLLOHOHJLL
ÌQFXUVXOMXGHFăĠLLSHUFKH]LĠLDLQIRUPDWLFăVHGLVSXQHGHFăWUHLQVWDQĠăGLQRILFLX
VDXODFHUHUHDSURFXURUXOXLDSăUĠLORURULDSHUVRDQHLYăWăPDWHvQFD]XULOHSUHYă]XWHOD
DOLQ 0DQGDWXOGHHIHFWXDUHDSHUFKH]LĠLHLLQIRUPDWLFHGLVSXVHGHLQVWDQĠăVHFRPXQLFă
SURFXURUXOXLFDUHSURFHGHD]ăSRWULYLWDOLQ
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6HFĠLXQHDDD5LGLFDUHDGHRELHFWHúLvQVFULVXUL
6HFĠLXQHDDDDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
5LGLFDUHDGHRELHFWHúLvQVFULVXUL
2UJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăDUHREOLJDĠLDVăULGLFHRELHFWHOHúL
vQVFULVXULOHFHSRWVHUYLFDPLMORFGHSUREăvQSURFHVXOSHQDO
$UWLFROXO
3UHGDUHDRELHFWHORUvQVFULVXULORUVDXDGDWHORULQIRUPDWLFH
ÌQFD]XOvQFDUHH[LVWăRVXVSLFLXQHUH]RQDELOăFXSULYLUHODSUHJăWLUHDVDXVăYkUúLUHD
XQHLLQIUDFĠLXQLúLVXQWWHPHLXULGHDVHFUHGHFăXQRELHFWRULXQvQVFULVSRDWHVHUYLFD
PLMORFGHSUREăvQFDX]ăRUJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăSRDWHGLVSXQH
SHUVRDQHLIL]LFHVDXMXULGLFHvQSRVHVLDFăUHLDVHDIOăVăOHSUH]LQWHúLVăOHSUHGHDVXE
OXDUHGHGRYDGă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'HDVHPHQHDvQFRQGLĠLLOHDOLQ RUJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWă
SRDWHGLVSXQHFD
D RULFHSHUVRDQăIL]LFăVDXMXULGLFăGHSHWHULWRULXO5RPkQLHLVăFRPXQLFHDQXPLWHGDWH
LQIRUPDWLFHDIODWHvQSRVHVLDVDXVXEFRQWUROXOVăXFDUHVXQWVWRFDWHvQWUXQVLVWHP
LQIRUPDWLFRULSHXQVXSRUWGHVWRFDUHDGDWHORULQIRUPDWLFH
E RULFHIXUQL]RUGHUHĠHOHSXEOLFHGHFRPXQLFDĠLLHOHFWURQLFHVDXIXUQL]RUGHVHUYLFLLGH
FRPXQLFDĠLLHOHFWURQLFHGHVWLQDWHSXEOLFXOXLVăFRPXQLFHDQXPLWHGDWHUHIHULWRDUHODDERQDĠL
XWLOL]DWRULúLODVHUYLFLLOHSUHVWDWHDIODWHvQSRVHVLDVDXVXEFRQWUROXOVăXDOWHOHGHFkW
FRQĠLQXWXOFRPXQLFDĠLLORUúLGHFkWFHOHSUHYă]XWHODDUWDOLQ OLWM
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
A 3HUVRDQHOHIL]LFHVDXMXULGLFHLQFOXVLYIXUQL]RULLGHUHĠHOHSXEOLFHGHFRPXQLFDĠLL
HOHFWURQLFHVDXIXUQL]RULLGHVHUYLFLLGHFRPXQLFDĠLLHOHFWURQLFHGHVWLQDWHSXEOLFXOXLDX
SRVLELOLWDWHDVăDVLJXUHVHPQDUHDGDWHORUVROLFLWDWHvQED]DDOLQ XWLOL]kQGRVHPQăWXUă
HOHFWURQLFăH[WLQVăED]DWăSHXQFHUWLILFDWFDOLILFDWHOLEHUDWGHXQIXUQL]RUGHVHUYLFLLGH
FHUWLILFDUHDFUHGLWDW
$OLQ A DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
A 2ULFHSHUVRDQăDXWRUL]DWăFDUHWUDQVPLWHGDWHVROLFLWDWHvQED]DDOLQ DUH
SRVLELOLWDWHDVăVHPQH]HGDWHOHWUDQVPLVHXWLOL]kQGRVHPQăWXUăHOHFWURQLFăH[WLQVăED]DWăSH
XQFHUWLILFDWFDOLILFDWHOLEHUDWGHXQIXUQL]RUGHVHUYLFLLGHFHUWLILFDUHDFUHGLWDWúLFDUH
SHUPLWHLGHQWLILFDUHDQHDPELJXăDSHUVRDQHLDXWRUL]DWHDFHDVWDDVXPkQGXúLDVWIHO
UHVSRQVDELOLWDWHDvQFHHDFHSULYHúWHLQWHJULWDWHDGDWHORUWUDQVPLVH
$OLQ A DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
A 2ULFHSHUVRDQăDXWRUL]DWăFDUHSULPHúWHGDWHVROLFLWDWHvQED]DDOLQ DUH
SRVLELOLWDWHDVăYHULILFHLQWHJULWDWHDGDWHORUSULPLWHúLVăFHUWLILFHDFHDVWăLQWHJULWDWH
SULQVHPQDUHDGDWHORUXWLOL]kQGRVHPQăWXUăHOHFWURQLFăH[WLQVăED]DWăSHXQFHUWLILFDW
FDOLILFDWHOLEHUDWGHXQIXUQL]RUGHVHUYLFLLGHFHUWLILFDUHDFUHGLWDWúLFDUHSHUPLWH
LGHQWLILFDUHDQHDPELJXăDSHUVRDQHLDXWRUL]DWH
$OLQ A DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
A )LHFDUHSHUVRDQăFDUHFHUWLILFăGDWHOHVXEVHPQăWXUăHOHFWURQLFăUăVSXQGHSRWULYLW
OHJLLSHQWUXLQWHJULWDWHDúLVHFXULWDWHDDFHVWRUGDWH
$OLQ A DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
A $SOLFDUHDSUHYHGHULORUDOLQ A A VHIDFHFXUHVSHFWDUHDSURFHGXULORUVWDELOLWH
SULQQRUPHOHPHWRGRORJLFHGHDSOLFDUHDSUH]HQWHLOHJL
$OLQ A DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2UGRQDQĠDRUJDQXOXLGHXUPăULUHSHQDOăVDXvQFKHLHUHDLQVWDQĠHLWUHEXLHVăFXSULQGă
QXPHOHúLVHPQăWXUDSHUVRDQHLFDUHDGLVSXVSUHGDUHDQXPHOHSHUVRDQHLFHHVWHREOLJDWăVă
SUHGHDRELHFWXOvQVFULVXORULGDWHOHLQIRUPDWLFHGHVFULHUHDRELHFWXOXLvQVFULVXOXLVDXD
GDWHORULQIRUPDWLFHFHWUHEXLHSUHGDWHSUHFXPúLGDWDúLORFXOXQGHWUHEXLHVăILHSUHGDWH
'DFăRUJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăDSUHFLD]ăFăúLRFRSLHDXQXL
vQVFULVVDXDGDWHORULQIRUPDWLFHSRDWHVHUYLFDPLMORFGHSUREăUHĠLQHQXPDLFRSLD
'DFăRELHFWXOvQVFULVXOVDXGDWHOHLQIRUPDWLFHDXFDUDFWHUVHFUHWRULFRQILGHQĠLDO
SUH]HQWDUHDVDXSUHGDUHDVHIDFHvQFRQGLĠLLFDUHVăDVLJXUHSăVWUDUHDVHFUHWXOXLRULD
FRQILGHQĠLDOLWăĠLL
$UWLFROXO
5LGLFDUHDVLOLWăGHRELHFWHúLvQVFULVXUL
'DFăRELHFWXOVDXvQVFULVXOFHUXWQXHVWHSUHGDWGHEXQăYRLHRUJDQXOGHXUPăULUHSHQDOă
SULQRUGRQDQĠăVDXLQVWDQĠDGHMXGHFDWăSULQvQFKHLHUHGLVSXQHULGLFDUHDVLOLWăÌQFXUVXO
MXGHFăĠLLGLVSR]LĠLDGHULGLFDUHVLOLWăDRELHFWHORUVDXvQVFULVXULORUVHFRPXQLFă
SURFXURUXOXLFDUHLDPăVXULGHDGXFHUHODvQGHSOLQLUHSULQRUJDQXOGHFHUFHWDUHSHQDOă
ÌPSRWULYDPăVXULLGLVSXVHSRWULYLWDOLQ VDXDPRGXOXLGHDGXFHUHODvQGHSOLQLUHD
DFHVWHLDVHSRDWHIDFHSOkQJHUHGHFăWUHRULFHSHUVRDQăLQWHUHVDWă'LVSR]LĠLLOHDUWVH
DSOLFăvQPRGFRUHVSXQ]ăWRU
&DSLWROXO9,,
([SHUWL]DúLFRQVWDWDUHD
'HQXPLUHD&DS9,,GLQ7LWOXO,9DO3ăUĠLLJHQHUDOHDIRVWPRGLILFDWăGHSFWDODUW
7LWOXO,,,GLQ/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QU
GLQDXJXVW
$UWLFROXO
'LVSXQHUHDHIHFWXăULLH[SHUWL]HLVDXDFRQVWDWăULL
(IHFWXDUHDXQHLH[SHUWL]HVHGLVSXQHFkQGSHQWUXFRQVWDWDUHDFODULILFDUHDVDXHYDOXDUHD
XQRUIDSWHRULvPSUHMXUăULFHSUH]LQWăLPSRUWDQĠăSHQWUXDIODUHDDGHYăUXOXLvQFDX]ăHVWH
QHFHVDUăúLRSLQLDXQXLH[SHUW
([SHUWL]DVHGLVSXQHvQFRQGLĠLLOHDUWODFHUHUHVDXGLQRILFLXGHFăWUHRUJDQXO
GHXUPăULUHSHQDOăSULQRUGRQDQĠăPRWLYDWăLDUvQFXUVXOMXGHFăĠLLVHGLVSXQHGHFăWUH
LQVWDQĠăSULQvQFKHLHUHPRWLYDWă
&HUHUHDGHHIHFWXDUHDH[SHUWL]HLWUHEXLHIRUPXODWăvQVFULVFXLQGLFDUHDIDSWHORUúL
vPSUHMXUăULORUVXSXVHHYDOXăULLúLDRELHFWLYHORUFDUHWUHEXLHOăPXULWHGHH[SHUW
([SHUWL]DSRDWHILHIHFWXDWăGHH[SHUĠLRILFLDOLGLQODERUDWRDUHVDXLQVWLWXĠLLGH
VSHFLDOLWDWHRULGHH[SHUĠLLQGHSHQGHQĠLDXWRUL]DĠLGLQĠDUăVDXGLQVWUăLQăWDWHvQ
FRQGLĠLLOHOHJLL
([SHUWL]DúLH[DPLQDUHDPHGLFROHJDOăVHHIHFWXHD]ăvQFDGUXOLQVWLWXĠLLORUPHGLFR
OHJDOH
2UGRQDQĠDRUJDQXOXLGHXUPăULUHSHQDOăVDXvQFKHLHUHDLQVWDQĠHLSULQFDUHVHGLVSXQH
HIHFWXDUHDH[SHUWL]HLWUHEXLHVăLQGLFHIDSWHOHVDXvPSUHMXUăULOHSHFDUHH[SHUWXOWUHEXLHVă
OHFRQVWDWHVăOHFODULILFHúLVăOHHYDOXH]HRELHFWLYHOHODFDUHWUHEXLHVăUăVSXQGă
WHUPHQXOvQFDUHWUHEXLHHIHFWXDWăH[SHUWL]DSUHFXPúLLQVWLWXĠLDRULH[SHUĠLLGHVHPQDĠL
ÌQGRPHQLLOHVWULFWVSHFLDOL]DWHGDFăSHQWUXvQĠHOHJHUHDSUREHORUVXQWQHFHVDUHDQXPLWH
FXQRúWLQĠHVSHFLILFHVDXDOWHDVHPHQHDFXQRúWLQĠHLQVWDQĠDRULRUJDQXOGHXUPăULUHSHQDOă
SRDWHVROLFLWDRSLQLDXQRUVSHFLDOLúWLFDUHIXQFĠLRQHD]ăvQFDGUXORUJDQHORUMXGLFLDUHVDXvQ
DIDUDDFHVWRUD'LVSR]LĠLLOHUHODWLYHODDXGLHUHDPDUWRUXOXLVXQWDSOLFDELOHvQPRG
FRUHVSXQ]ăWRU
/DHIHFWXDUHDH[SHUWL]HLSRWSDUWLFLSDH[SHUĠLLQGHSHQGHQĠLDXWRUL]DĠLQXPLĠLOD
VROLFLWDUHDSăUĠLORUVDXVXELHFĠLORUSURFHVXDOLSULQFLSDOL
&kQGH[LVWăSHULFROGHGLVSDULĠLHDXQRUPLMORDFHGHSUREăVDXGHVFKLPEDUHDXQRU
VLWXDĠLLGHIDSWRULHVWHQHFHVDUăOăPXULUHDXUJHQWăDXQRUIDSWHVDXvPSUHMXUăULDOHFDX]HL
RUJDQXOGHXUPăULUHSHQDOăSRDWHGLVSXQHSULQRUGRQDQĠăHIHFWXDUHDXQHLFRQVWDWăUL
&RQVWDWDUHDHVWHHIHFWXDWăGHFăWUHXQVSHFLDOLVWFDUHIXQFĠLRQHD]ăvQFDGUXORUJDQHORU
MXGLFLDUHVDXGLQDIDUDDFHVWRUD
&HUWLILFDWXOPHGLFROHJDODUHYDORDUHDXQXLUDSRUWGHFRQVWDWDUH
'XSăILQDOL]DUHDUDSRUWXOXLGHFRQVWDWDUHFkQGRUJDQXOMXGLFLDUDSUHFLD]ăFăHVWH
QHFHVDUăRSLQLDXQXLH[SHUWVDXFkQGFRQFOX]LLOHUDSRUWXOXLGHFRQVWDWDUHVXQWFRQWHVWDWHVH
GLVSXQHHIHFWXDUHDXQHLH[SHUWL]H
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
1XPLUHDH[SHUWXOXL
([SHUWXOHVWHQXPLWSULQRUGRQDQĠDRUJDQXOXLGHXUPăULUHSHQDOăVDXSULQvQFKHLHUHD
LQVWDQĠHL
2UJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHVHPQHD]ăGHUHJXOăXQVLQJXUH[SHUWFX
H[FHSĠLDVLWXDĠLLORUvQFDUHFDXUPDUHDFRPSOH[LWăĠLLH[SHUWL]HLVXQWQHFHVDUHFXQRúWLQĠH
VSHFLDOL]DWHGLQGLVFLSOLQHGLVWLQFWHVLWXDĠLHvQFDUHGHVHPQHD]ăGRLVDXPDLPXOĠLH[SHUĠL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&kQGH[SHUWL]DXUPHD]ăVăILHHIHFWXDWăGHRLQVWLWXĠLHPHGLFROHJDOăGHXQLQVWLWXWVDX
ODERUDWRUGHVSHFLDOLWDWHGHVHPQDUHDXQXLDVDXDPDLPXOWRUH[SHUĠLVHIDFHGHFăWUHDFHD
LQVWLWXĠLHSRWULYLWOHJLL
3ăUĠLOHúLVXELHFĠLLSURFHVXDOLSULQFLSDOLDXGUHSWXOVăVROLFLWHFDODHIHFWXDUHD
H[SHUWL]HLVăSDUWLFLSHXQH[SHUWUHFRPDQGDWGHDFHVWHDÌQFD]XOvQFDUHH[SHUWL]DHVWH
GLVSXVăGHLQVWDQĠăSURFXURUXOSRDWHVROLFLWDFDXQH[SHUWUHFRPDQGDWGHDFHVWDVăSDUWLFLSH
ODHIHFWXDUHDH[SHUWL]HL
([SHUWXOLQVWLWXĠLDPHGLFROHJDOăLQVWLWXWXOVDXODERUDWRUXOGHVSHFLDOLWDWHOD
FHUHUHDH[SHUWXOXLSRDWHVROLFLWDDWXQFLFkQGFRQVLGHUăQHFHVDUSDUWLFLSDUHD
VSHFLDOLúWLORUGHODDOWHLQVWLWXĠLLVDXDYL]XODFHVWRUD
,QVWLWXĠLDPHGLFROHJDOăLQVWLWXWXOVDXODERUDWRUXOGHVSHFLDOLWDWHFRPXQLFăRUJDQXOXL
MXGLFLDUFDUHDGLVSXVHIHFWXDUHDH[SHUWL]HLQXPHOHH[SHUĠLORUGHVHPQDĠL
$UWLFROXO
,QFRPSDWLELOLWDWHDH[SHUWXOXL
3HUVRDQDDIODWăvQYUHXQXOGLQWUHFD]XULOHGHLQFRPSDWLELOLWDWHSUHYă]XWHGHDUWQX
SRDWHILGHVHPQDWăFDH[SHUWLDUvQFD]XOvQFDUHDIRVWGHVHPQDWăKRWăUkUHDMXGHFăWRUHDVFă
QXVHSRDWHvQWHPHLDSHFRQVWDWăULOHúLFRQFOX]LLOHDFHVWHLD0RWLYXOGHLQFRPSDWLELOLWDWH
WUHEXLHGRYHGLWGHFHOFHvOLQYRFă
1XSRDWHILGHVHPQDWăFDH[SHUWSHUVRDQDFDUHDDYXWDFHDVWăFDOLWDWHvQDFHHDúLFDX]ă
FXH[FHSĠLDVLWXDĠLHLvQFDUHDFHDVWDHVWHUHFRPDQGDWăGHSăUĠLVDXGHSURFXURU
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'LVSR]LĠLLOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWLFROXO
'UHSWXULOHúLREOLJDĠLLOHH[SHUWXOXL
([SHUWXODUHGUHSWXOGHDUHIX]DHIHFWXDUHDH[SHUWL]HLSHQWUXDFHOHDúLPRWLYHSHQWUXFDUH
PDUWRUXOSRDWHUHIX]DGHSXQHUHDPăUWXULHL
([SHUWXODUHGUHSWXOVăLDFXQRúWLQĠăGHPDWHULDOXOGRVDUXOXLQHFHVDUSHQWUXHIHFWXDUHD
H[SHUWL]HL
([SHUWXOSRDWHFHUHOăPXULULRUJDQXOXLMXGLFLDUFDUHDGLVSXVHIHFWXDUHDH[SHUWL]HLFX
SULYLUHODDQXPLWHIDSWHRULvPSUHMXUăULDOHFDX]HLFHWUHEXLHHYDOXDWH
([SHUWXOSRDWHFHUHOăPXULULSăUĠLORUúLVXELHFĠLORUSURFHVXDOLSULQFLSDOLFX
vQFXYLLQĠDUHDúLvQFRQGLĠLLOHVWDELOLWHGHRUJDQHOHMXGLFLDUH
([SHUWXODUHGUHSWXOODXQRQRUDULXSHQWUXDFWLYLWDWHDGHSXVăvQYHGHUHDHIHFWXăULL
H[SHUWL]HLSHQWUXFKHOWXLHOLOHSHFDUHDUWUHEXLVăOHVXSRUWHVDXOHDVXSRUWDWSHQWUX
HIHFWXDUHDH[SHUWL]HL&XDQWXPXORQRUDULXOXLHVWHVWDELOLWGHFăWUHRUJDQHOHMXGLFLDUHvQ
IXQFĠLHGHQDWXUDúLFRPSOH[LWDWHDFDX]HLúLGHFKHOWXLHOLOHVXSRUWDWHVDXFDUHXUPHD]ăDIL
VXSRUWDWHGHFăWUHH[SHUW'DFăH[SHUWL]DHVWHHIHFWXDWăGHLQVWLWXĠLDPHGLFROHJDOăRUL
LQVWLWXWXOVDXODERUDWRUXOGHVSHFLDOLWDWHFRVWXOH[SHUWL]HLHVWHVWDELOLWvQFRQGLĠLLOH
SUHYă]XWHGHOHJHDVSHFLDOă
([SHUWXOSRDWHEHQHILFLDúLGHPăVXULGHSURWHFĠLHvQFRQGLĠLLOHSUHYă]XWHODDUW
([SHUWXODUHREOLJDĠLDGHDVHSUH]HQWDvQIDĠDRUJDQHORUGHXUPăULUHSHQDOăVDXD
LQVWDQĠHLGHMXGHFDWăRULGHFkWHRULHVWHFKHPDWúLGHDúLvQWRFPLUDSRUWXOGHH[SHUWL]ăFX
UHVSHFWDUHDWHUPHQXOXLOLPLWăVWDELOLWvQRUGRQDQĠDRUJDQXOXLGHXUPăULUHSHQDOăVDXvQ
vQFKHLHUHDLQVWDQĠHL7HUPHQXOOLPLWăGLQRUGRQDQĠăVDXvQFKHLHUHSRDWHILSUHOXQJLWOD
FHUHUHDH[SHUWXOXLSHQWUXPRWLYHvQWHPHLDWHIăUăFDSUHOXQJLUHDWRWDOăDFRUGDWăVăILHPDL
PDUHGHOXQL
ÌQWkU]LHUHDVDXUHIX]XOQHMXVWLILFDWGHHIHFWXDUHDH[SHUWL]HLDWUDJHDSOLFDUHDXQHL
DPHQ]LMXGLFLDUHSUHFXPúLUăVSXQGHUHDFLYLOăDH[SHUWXOXLVDXDLQVWLWXĠLHLGHVHPQDWHVăR
HIHFWXH]HSHQWUXSUHMXGLFLLOHFDX]DWH
$UWLFROXO
ÌQORFXLUHDH[SHUWXOXL
([SHUWXOSRDWHILvQORFXLWGDFăUHIX]ăVDXvQPRGQHMXVWLILFDWQXILQDOL]HD]ăUDSRUWXO
GHH[SHUWL]ăSkQăODWHUPHQXOIL[DW
ÌQORFXLUHDVHGLVSXQHSULQRUGRQDQĠăGHFăWUHRUJDQXOGHXUPăULUHSHQDOăVDXSULQ
vQFKHLHUHGHFăWUHLQVWDQĠăGXSăFLWDUHDH[SHUWXOXLúLVHFRPXQLFăDVRFLDĠLHLVDXFRUSXOXL
SURIHVLRQDOGHFDUHDSDUĠLQHDFHVWD
([SHUWXOHVWHGHDVHPHQHDvQORFXLWFkQGHVWHDGPLVăGHFODUDĠLDVDGHDEĠLQHUHVDX
FHUHUHDGHUHFX]DUHRULvQFD]XOvQFDUHVHDIOăvQLPSRVLELOLWDWHRELHFWLYăGHDHIHFWXDVDX
ILQDOL]DH[SHUWL]D
([SHUWXOvQORFXLWWUHEXLHVXEVDQFĠLXQHDSUHYă]XWăODDUWDOLQ VăSXQăGH
vQGDWăODGLVSR]LĠLDRUJDQXOXLMXGLFLDUWRDWHDFWHOHVDXRELHFWHOHvQFUHGLQĠDWHSUHFXPúL
REVHUYDĠLLOHFXSULYLUHODDFWLYLWăĠLOHGHVIăúXUDWHSkQăODPRPHQWXOvQORFXLULLVDOH
$UWLFROXO
3URFHGXUDHIHFWXăULLH[SHUWL]HL
2UJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăFkQGGLVSXQHHIHFWXDUHDXQHL
H[SHUWL]HIL[HD]ăXQWHUPHQODFDUHVXQWFKHPDWHSăUĠLOHVXELHFĠLLSURFHVXDOLSULQFLSDOL
SUHFXPúLH[SHUWXOGDFăDFHVWDDIRVWGHVHPQDW
/DWHUPHQXOIL[DWVHDGXFHODFXQRúWLQĠDSURFXURUXOXLDSăUĠLORUDVXELHFĠLORU
SURFHVXDOLSULQFLSDOLúLDH[SHUWXOXLRELHFWXOH[SHUWL]HLúLvQWUHEăULOHODFDUHH[SHUWXO
WUHEXLHVăUăVSXQGăúLOLVHSXQHvQYHGHUHFăDXGUHSWXOVăIDFăREVHUYDĠLLFXSULYLUHOD
DFHVWHvQWUHEăULúLFăSRWFHUHPRGLILFDUHDVDXFRPSOHWDUHDORU'HDVHPHQHDGXSăFD]VXQW
LQGLFDWHH[SHUWXOXLRELHFWHOHSHFDUHXUPHD]ăVăOHDQDOL]H]H
([SHUWXOHVWHvQúWLLQĠDWFXSULYLUHODIDSWXOFăDUHREOLJDĠLDGHDDQDOL]DRELHFWXO
H[SHUWL]HLGHDLQGLFDFXH[DFWLWDWHRULFHREVHUYDĠLHVDXFRQVWDWDUHúLGHDH[SXQHRRSLQLH
LPSDUĠLDOăFXSULYLUHODIDSWHOHVDXvPSUHMXUăULOHHYDOXDWHvQFRQIRUPLWDWHFXUHJXOLOH
úWLLQĠHLúLH[SHUWL]HLSURIHVLRQDOH
3ăUĠLOHúLVXELHFĠLLSURFHVXDOLSULQFLSDOLVXQWvQFXQRúWLQĠDĠLFăDXGUHSWXOVăFHDUă
QXPLUHDFkWHXQXLH[SHUWUHFRPDQGDWGHILHFDUHGLQWUHHOHFDUHVăSDUWLFLSHODHIHFWXDUHD
H[SHUWL]HL
'XSăH[DPLQDUHDRELHFĠLLORUúLFHUHULORUIăFXWHGHSăUĠLGHVXELHFĠLLSURFHVXDOL
SULQFLSDOLúLH[SHUWRUJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăSXQHvQYHGHUH
H[SHUWXOXLWHUPHQXOvQFDUHXUPHD]ăDILHIHFWXDWăH[SHUWL]DvQFXQRúWLQĠkQGXOWRWRGDWăGDFă
ODHIHFWXDUHDDFHVWHLDXUPHD]ăVăSDUWLFLSHSăUĠLOHVDXVXELHFĠLLSURFHVXDOLSULQFLSDOL
$WXQFLFkQGH[SHUWL]DXUPHD]ăVăILHHIHFWXDWăGHRLQVWLWXĠLHPHGLFROHJDOăGHXQ
ODERUDWRUGHH[SHUWL]ăFULPLQDOLVWLFăVDXGHRULFHLQVWLWXWGHVSHFLDOLWDWHVXQWDSOLFDELOH
GLVSR]LĠLLOHDUWDOLQ QHILLQGQHFHVDUăSUH]HQĠDH[SHUWXOXLvQIDĠDRUJDQXOXL
MXGLFLDU
$UWLFROXO
5DSRUWXOGHH[SHUWL]ă
'XSăHIHFWXDUHDH[SHUWL]HLFRQVWDWăULOHFODULILFăULOHHYDOXăULOHúLRSLQLDH[SHUWXOXL
VXQWFRQVHPQDWHvQWUXQUDSRUW
&kQGVXQWPDLPXOĠLH[SHUĠLVHvQWRFPHúWHXQVLQJXUUDSRUWGHH[SHUWL]ă
2SLQLLOHVHSDUDWHVHPRWLYHD]ăvQDFHODúLUDSRUW
5DSRUWXOGHH[SHUWL]ăVHGHSXQHODRUJDQXOMXGLFLDUFDUHDGLVSXVHIHFWXDUHDH[SHUWL]HL
5DSRUWXOGHH[SHUWL]ăFXSULQGH
D SDUWHDLQWURGXFWLYăvQFDUHVHDUDWăRUJDQXOMXGLFLDUFDUHDGLVSXVHIHFWXDUHD
H[SHUWL]HLGDWDFkQGVDGLVSXVHIHFWXDUHDDFHVWHLDQXPHOHúLSUHQXPHOHH[SHUWXOXL
RELHFWLYHOHODFDUHH[SHUWXOXUPHD]ăVăUăVSXQGăGDWDODFDUHDIRVWHIHFWXDWăPDWHULDOXO
SHED]DFăUXLDH[SHUWL]DDIRVWHIHFWXDWăGRYDGDvQFXQRúWLQĠăULLSăUĠLORUGDFăDX
SDUWLFLSDWODDFHDVWDúLDXGDWH[SOLFDĠLLvQFXUVXOH[SHUWL]HLGDWDvQWRFPLULLUDSRUWXOXL
GHH[SHUWL]ă
E SDUWHDH[SR]LWLYăSULQFDUHVXQWGHVFULVHRSHUDĠLLOHGHHIHFWXDUHDH[SHUWL]HLPHWRGHOH
SURJUDPHOHúLHFKLSDPHQWHOHXWLOL]DWH
/LWE DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
F FRQFOX]LLOHSULQFDUHVHUăVSXQGHODRELHFWLYHOHVWDELOLWHGHRUJDQHOHMXGLFLDUHSUHFXP
úLRULFHDOWHSUHFL]ăULúLFRQVWDWăULUH]XOWDWHGLQHIHFWXDUHDH[SHUWL]HLvQOHJăWXUăFX
RELHFWLYHOHH[SHUWL]HL
ÌQVLWXDĠLDvQFDUHH[SHUWL]DDIRVWHIHFWXDWăvQOLSVDSăUĠLORURULDVXELHFĠLORU
SURFHVXDOLSULQFLSDOLDFHúWLDVDXDYRFDWXOORUVXQWvQFXQRúWLQĠDĠLFXSULYLUHODvQWRFPLUHD
UDSRUWXOXLGHH[SHUWL]ăúLFXSULYLUHODGUHSWXOODVWXGLHUHDUDSRUWXOXL
$UWLFROXO
$XGLHUHDH[SHUWXOXL
ÌQFXUVXOXUPăULULLSHQDOHVDXDOMXGHFăĠLLH[SHUWXOSRDWHILDXGLDWGHRUJDQXOGH
XUPăULUHSHQDOăVDXGHLQVWDQĠăODFHUHUHDSURFXURUXOXLDSăUĠLORUDVXELHFĠLORU
SURFHVXDOLSULQFLSDOLVDXGLQRILFLXGDFăRUJDQXOMXGLFLDUDSUHFLD]ăFăDXGLHUHDHVWH
QHFHVDUăSHQWUXOăPXULUHDFRQVWDWăULORUVDXFRQFOX]LLORUH[SHUWXOXL
'DFăH[SHUWL]DDIRVWHIHFWXDWăGHRLQVWLWXĠLHPHGLFROHJDOăLQVWLWXWVDXODERUDWRUGH
VSHFLDOLWDWHLQVWLWXĠLDYDGHVHPQDXQH[SHUWGLQWUHSHUVRDQHOHFDUHDXSDUWLFLSDWOD
HIHFWXDUHDH[SHUWL]HLFHXUPHD]ăDILDXGLDWGHFăWUHRUJDQXOGHXUPăULUHSHQDOăVDXGH
LQVWDQĠă
$XGLHUHDH[SHUWXOXLVHHIHFWXHD]ăSRWULYLWGLVSR]LĠLLORUSULYLWRDUHODDXGLHUHD
PDUWRULORU
$UWLFROXO
6XSOLPHQWXOGHH[SHUWL]ă
&kQGRUJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDFRQVWDWăODFHUHUHVDXGLQRILFLXFă
H[SHUWL]DQXHVWHFRPSOHWăLDUDFHDVWăGHILFLHQĠăQXSRDWHILVXSOLQLWăSULQDXGLHUHD
H[SHUWXOXLGLVSXQHHIHFWXDUHDXQXLVXSOLPHQWGHH[SHUWL]ăGHFăWUHDFHODúLH[SHUW&kQGQX
HVWHSRVLELOăGHVHPQDUHDDFHOXLDúLH[SHUWVHGLVSXQHHIHFWXDUHDXQHLDOWHH[SHUWL]HGHFăWUH
XQDOWH[SHUW
&kQGH[SHUWL]DDIRVWHIHFWXDWăvQFDGUXOLQVWLWXĠLHLPHGLFROHJDOHXQXLLQVWLWXWVDX
ODERUDWRUGHVSHFLDOLWDWHRUJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDVHDGUHVHD]ăLQVWLWXĠLHL
UHVSHFWLYHvQYHGHUHDHIHFWXăULLVXSOLPHQWXOXLGHH[SHUWL]ă
$UWLFROXO
(IHFWXDUHDXQHLQRLH[SHUWL]H
2UJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGLVSXQHHIHFWXDUHDXQHLQRLH[SHUWL]HDWXQFLFkQG
FRQFOX]LLOHUDSRUWXOXLGHH[SHUWL]ăVXQWQHFODUHVDXFRQWUDGLFWRULLRULvQWUHFRQĠLQXWXOúL
FRQFOX]LLOHUDSRUWXOXLGHH[SHUWL]ăH[LVWăFRQWUDGLFĠLLLDUDFHVWHGHILFLHQĠHQXSRWIL
vQOăWXUDWHSULQDXGLHUHDH[SHUWXOXL
&kQGRUJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăGLVSXQHHIHFWXDUHDXQHLQRL
H[SHUWL]HGHFăWUHRLQVWLWXĠLHPHGLFROHJDOăDFHDVWDHVWHHIHFWXDWăGHRFRPLVLHvQ
FRQGLĠLLOHOHJLL
$UWLFROXOA
2ELHFWXOFRQVWDWăULLúLUDSRUWXOGHFRQVWDWDUH
2UJDQXOGHXUPăULUHSHQDOăVWDELOHúWHSULQRUGRQDQĠăRELHFWXOFRQVWDWăULLvQWUHEăULOHOD
FDUHWUHEXLHVăUăVSXQGăVSHFLDOLVWXOúLWHUPHQXOvQFDUHXUPHD]ăDILHIHFWXDWăOXFUDUHD
5DSRUWXOGHFRQVWDWDUHFXSULQGHGHVFULHUHDRSHUDĠLLORUHIHFWXDWHGHVSHFLDOLVWD
PHWRGHORUSURJUDPHORUúLHFKLSDPHQWHORUXWLOL]DWHúLFRQFOX]LLOHFRQVWDWăULL
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
/ăPXULULOHFHUXWHODLQVWLWXWXOGHHPLVLXQH
ÌQFD]XULOHSULYLWRDUHODLQIUDFĠLXQHDGHIDOVLILFDUHGHPRQHGăRULGHDOWHYDORULRUJDQXO
GHXUPăULUHSHQDOăVDXLQVWDQĠDSRDWHFHUHOăPXULULLQVWLWXWXOXLGHHPLVLXQH
$UWLFROXO
3UH]HQWDUHDVFULSWHORUGHFRPSDUDĠLH
ÌQFDX]HOHSULYLQGLQIUDFĠLXQLGHIDOVvQvQVFULVXULRUJDQXOGHXUPăULUHSHQDOăVDX
LQVWDQĠDGHMXGHFDWăSRDWHGLVSXQHVăILHSUH]HQWDWHVFULSWHGHFRPSDUDĠLH
'DFăVFULSWHOHVHJăVHVFvQGHSR]LWHSXEOLFHDXWRULWăĠLOHvQGUHSWVXQWREOLJDWHDOH
HOLEHUD
'DFăVFULSWHOHVHJăVHVFODRSHUVRDQăRUJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDvLSXQH
vQYHGHUHVăOHSUH]LQWH
6FULSWHOHVHLQWURGXFvQWUXQSOLFVLJLODWFDUHVHYL]HD]ăGHRUJDQXOGHXUPăULUHSHQDOă
VDXGHSUHúHGLQWHOHFRPSOHWXOXLGHMXGHFDWăúLVHVHPQHD]ăGHDFHODFDUHOHSUH]LQWă
2UJDQXOGHXUPăULUHSHQDOăRULLQVWDQĠDSRDWHVROLFLWDVXVSHFWXOXLVDXLQFXOSDWXOXLVă
SUH]LQWHRSLHVăVFULVăFXPkQDVDRULVăVFULHGXSăGLFWDUH
'DFăVXVSHFWXOVDXLQFXOSDWXOUHIX]ăVHIDFHPHQĠLXQHvQSURFHVXOYHUEDO5HIX]XOGHD
VHFRQIRUPDVROLFLWăULLRUJDQXOXLGHXUPăULUHSHQDOăVDXLQVWDQĠHLQXSRDWHILLQWHUSUHWDWvQ
GHIDYRDUHDVXVSHFWXOXLVDXLQFXOSDWXOXL
$UWLFROXO
([SHUWL]DPHGLFROHJDOăSVLKLDWULFă
ÌQFD]XOLQIUDFĠLXQLORUFRPLVHGHPLQRULLFXYkUVWDvQWUHúLDQLvQFD]XOXFLGHULL
VDXYăWăPăULLFRSLOXOXLQRXQăVFXWRULDIăWXOXLGHFăWUHPDPăSUHFXPúLDWXQFLFkQGRUJDQXO
GHXUPăULUHSHQDOăVDXLQVWDQĠDDUHRvQGRLDOăDVXSUDGLVFHUQăPkQWXOXLVXVSHFWXOXLRUL
LQFXOSDWXOXLvQPRPHQWXOVăYkUúLULLLQIUDFĠLXQLLFHIDFHRELHFWXODFX]DĠLHLVHGLVSXQH
HIHFWXDUHDXQHLH[SHUWL]HPHGLFROHJDOHSVLKLDWULFHVWDELOLQGXVHWRWRGDWăWHUPHQXOGH
SUH]HQWDUHvQYHGHUHDH[DPLQăULL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
([SHUWL]DVHHIHFWXHD]ăvQFDGUXOLQVWLWXĠLHLPHGLFROHJDOHGHFăWUHRFRPLVLH
FRQVWLWXLWăSRWULYLWOHJLL
([SHUWL]DPHGLFROHJDOăSVLKLDWULFăVHHIHFWXHD]ăGXSăREĠLQHUHDFRQVLPĠăPkQWXOXLVFULV
DOSHUVRDQHLFHXUPHD]ăDILVXSXVăH[SHUWL]HLH[SULPDWvQSUH]HQĠDXQXLDYRFDWDOHVVDX
GLQRILFLXvQIDĠDRUJDQXOXLMXGLFLDULDUvQFD]XOPLQRUXOXLúLvQSUH]HQĠDRFURWLWRUXOXL
OHJDO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHVXVSHFWXOVDXLQFXOSDWXOUHIX]ăvQFXUVXOXUPăULULLSHQDOHHIHFWXDUHD
H[SHUWL]HLRULQXVHSUH]LQWăvQYHGHUHDH[DPLQăULLODFRPLVLDPHGLFROHJDOăSVLKLDWULFă
RUJDQXOGHFHUFHWDUHSHQDOăVHVL]HD]ăSURFXURUXOVDXMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLvQ
YHGHUHDHPLWHULLXQXLPDQGDWGHDGXFHUHvQVFRSXOSUH]HQWăULLODFRPLVLDPHGLFROHJDOă
SVLKLDWULFă'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
ÌQFD]XOvQFDUHFRQVLGHUăFăHVWHQHFHVDUăRH[DPLQDUHFRPSOH[ăFHQHFHVLWăLQWHUQDUHD
PHGLFDOăDVXVSHFWXOXLVDXDLQFXOSDWXOXLvQWURLQVWLWXĠLHVDQLWDUăGHVSHFLDOLWDWHLDU
DFHVWDUHIX]ăLQWHUQDUHDFRPLVLDPHGLFROHJDOăVHVL]HD]ăRUJDQXOGHXUPăULUHSHQDOăVDX
LQVWDQĠDFXSULYLUHODQHFHVLWDWHDOXăULLPăVXULLLQWHUQăULLQHYROXQWDUH
ÌQFXUVXOXUPăULULLSHQDOHSURFXURUXOGDFăDSUHFLD]ăFăVROLFLWDUHDFRPLVLHLPHGLFR
OHJDOHHVWHvQWHPHLDWăSRDWHFHUHMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠD
FăUHLDLDUUHYHQLFRPSHWHQĠDVăMXGHFHFDX]DvQSULPăLQVWDQĠăVDXGHODLQVWDQĠD
FRUHVSXQ]ăWRDUHvQJUDGDFHVWHLDvQDFăUHLFLUFXPVFULSĠLHVHDIOăORFXOGHLQWHUQDUHRUL
VHGLXOSDUFKHWXOXLGLQFDUHIDFHSDUWHSURFXURUXOFDUHDvQWRFPLWSURSXQHUHDOXDUHDPăVXULL
LQWHUQăULLQHYROXQWDUHSHQWUXPD[LPXPGH]LOHvQYHGHUHDHIHFWXăULLH[SHUWL]HL
SVLKLDWULFH
3URSXQHUHDSURFXURUXOXLGHOXDUHDPăVXULLLQWHUQăULLQHYROXQWDUHWUHEXLHVăFXSULQGă
GXSăFD]PHQĠLXQLFXSULYLUHODIDSWDSHQWUXFDUHVHHIHFWXHD]ăFHUFHWDUHDSHQDOă
vQFDGUDUHDMXULGLFăGHQXPLUHDLQIUDFĠLXQLLIDSWHOHúLvPSUHMXUăULOHGLQFDUHUH]XOWă
vQGRLDODDVXSUDGLVFHUQăPkQWXOXLVXVSHFWXOXLVDXLQFXOSDWXOXLVHVL]DUHDFRPLVLHLPHGLFR
OHJDOHSVLKLDWULFHFXSULYLUHODUHIX]XOVXVSHFWXOXLVDXLQFXOSDWXOXLGHDVHLQWHUQD
PRWLYDUHDQHFHVLWăĠLLOXăULLPăVXULLLQWHUQăULLúLDSURSRUĠLRQDOLWăĠLLDFHVWHLDFXVFRSXO
XUPăULW3URSXQHUHDvPSUHXQăFXGRVDUXOFDX]HLVHSUH]LQWăMXGHFăWRUXOXLGHGUHSWXULúL
OLEHUWăĠL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLIL[HD]ă]LXDúLRUDGHVROXĠLRQDUHDSURSXQHULLGH
OXDUHDPăVXULLLQWHUQăULLQHYROXQWDUHvQFHOPXOW]LOHGHODGDWDVHVL]ăULLDYkQG
REOLJDĠLDGHDOFLWDSHVXVSHFWVDXLQFXOSDWSHQWUXWHUPHQXOIL[DW7HUPHQXOVHFRPXQLFă
SURFXURUXOXLSUHFXPúLDYRFDWXOXLVXVSHFWXOXLVDXLQFXOSDWXOXLFăUXLDLVHDFRUGăOD
FHUHUHGUHSWXOGHDVWXGLDGRVDUXOFDX]HLúLSURSXQHUHDIRUPXODWăGHSURFXURU
6ROXĠLRQDUHDSURSXQHULLGHOXDUHDPăVXULLLQWHUQăULLQHYROXQWDUHVHIDFHQXPDLvQ
SUH]HQĠDVXVSHFWXOXLVDXLQFXOSDWXOXLvQDIDUăGHFD]XOFkQGDFHVWDHVWHGLVSăUXWVH
VXVWUDJHVDXFkQGGLQFDX]DVWăULLVăQăWăĠLLVDXGLQFDX]ăGHIRUĠăPDMRUăRULVWDUHGH
QHFHVLWDWHQXVHSRDWHSUH]HQWD
3DUWLFLSDUHDSURFXURUXOXLúLDDYRFDWXOXLDOHVVDXQXPLWGLQRILFLXDOVXVSHFWXOXLRUL
LQFXOSDWXOXLHVWHREOLJDWRULH
ÌQFD]XODGPLWHULLSURSXQHULLGHLQWHUQDUHQHYROXQWDUăvQFKHLHUHDMXGHFăWRUXOXLWUHEXLH
VăFXSULQGă
D GDWHOHGHLGHQWLWDWHDOHVXVSHFWXOXLVDXLQFXOSDWXOXL
E GHVFULHUHDIDSWHLGHFDUHHVWHDFX]DWVXVSHFWXOVDXLQFXOSDWXOvQFDGUDUHDMXULGLFăúL
GHQXPLUHDLQIUDFĠLXQLL
F IDSWHOHúLvPSUHMXUăULOHGLQFDUHUH]XOWăvQGRLDOăDVXSUDVWăULLSVLKLFHDVXVSHFWXOXLVDX
LQFXOSDWXOXL
G PRWLYDUHDQHFHVLWăĠLLOXăULLPăVXULLLQWHUQăULLQHYROXQWDUHvQYHGHUHDHIHFWXăULL
H[SHUWL]HLPHGLFROHJDOHSVLKLDWULFHúLDSURSRUĠLRQDOLWăĠLLDFHVWHLDFXVFRSXOXUPăULW
H GXUDWDPăVXULLLQWHUQăULL
'XSăOXDUHDPăVXULLVXVSHFWXOXLVDXLQFXOSDWXOXLLVHDGXFODFXQRúWLQĠăGHvQGDWăvQ
OLPEDSHFDUHRvQĠHOHJHPRWLYHOHLQWHUQăULLvQFKHLQGXVHvQDFHVWVHQVXQSURFHVYHUEDO
'XSăGLVSXQHUHDLQWHUQăULLGDFăVXVSHFWXOVDXLQFXOSDWXOVHDIOăvQVWDUHGHGHĠLQHUH
MXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLLQIRUPHD]ăDGPLQLVWUDĠLDORFXOXLGHGHĠLQHUHGHVSUH
PăVXUDLQWHUQăULLúLGLVSXQHWUDQVIHUXODUHVWDWXOXLvQWURVHFĠLHGHSVLKLDWULHDXQXL
SHQLWHQFLDUVSLWDO
ÌPSRWULYDvQFKHLHULLMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLVHSRDWHIDFHFRQWHVWDĠLHOD
MXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDLHUDUKLFVXSHULRDUăGHFăWUHVXVSHFW
LQFXOSDWVDXGHSURFXURUvQWHUPHQGHGHRUHGHODSURQXQĠDUH&RQWHVWDĠLDvPSRWULYD
vQFKHLHULLSULQFDUHVHGLVSXQHLQWHUQDUHDQHYROXQWDUăQXVXVSHQGăH[HFXWDUHD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&RQWHVWDĠLDIRUPXODWăGHVXVSHFWVDXLQFXOSDWvPSRWULYDvQFKHLHULLSULQFDUHVDGLVSXV
LQWHUQDUHDQHYROXQWDUăVHVROXĠLRQHD]ăvQWHUPHQGH]LOHGHODGDWDvQUHJLVWUăULLDFHVWHLD
úLQXHVWHVXVSHQVLYăGHH[HFXWDUH
ÌQYHGHUHDVROXĠLRQăULLFRQWHVWDĠLHLIRUPXODWHGHSURFXURUMXGHFăWRUXOGHODLQVWDQĠD
LHUDUKLFVXSHULRDUăGLVSXQHFLWDUHDVXVSHFWXOXLVDXLQFXOSDWXOXL3DUWLFLSDUHDDYRFDWXOXL
DOHVVDXQXPLWGLQRILFLXDOVXVSHFWXOXLRULLQFXOSDWXOXLHVWHREOLJDWRULH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQYHGHUHDVROXĠLRQăULLFRQWHVWDĠLHLIRUPXODWHGHVXVSHFWVDXGHLQFXOSDWMXGHFăWRUXO
GHODLQVWDQĠDLHUDUKLFVXSHULRDUăFRPXQLFăDFHVWXLDúLSURFXURUXOXLGDWDVWDELOLWăSHQWUX
MXGHFDUHDFRQWHVWDĠLHLúLOHDFRUGăSRVLELOLWDWHDGHDGHSXQHREVHUYDĠLLVFULVHSkQăODDFHD
GDWăvQDIDUăGHFD]XOFkQGDSUHFLD]ăFăSUH]HQĠDVXVSHFWXOXLVDXLQFXOSDWXOXLSDUWLFLSDUHD
SURFXURUXOXLúLIRUPXODUHDGHFRQFOX]LLRUDOHGHFăWUHDFHúWLDVXQWQHFHVDUHSHQWUXMXVWD
VROXĠLRQDUHDFRQWHVWDĠLHL
ÌQFD]XODGPLWHULLFRQWHVWDĠLHLIRUPXODWHGHVXVSHFWVDXLQFXOSDWMXGHFăWRUXOGHOD
LQVWDQĠDLHUDUKLFVXSHULRDUăGLVSXQHUHVSLQJHUHDSURSXQHULLGHLQWHUQDUHúLH[WHUQDUHDGDFă
HVWHFD]XOGHvQGDWăDVXVSHFWXOXLVDXLQFXOSDWXOXLGDFăDFHVWDQXHVWHGHĠLQXWVDX
DUHVWDWFKLDUúLvQDOWăFDX]ă
'RVDUXOFDX]HLVHUHVWLWXLHSURFXURUXOXLvQWHUPHQGHGHRUHGHODVROXĠLRQDUHD
FRQWHVWDĠLHL'DFăvQFKHLHUHDMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLQXHVWHDWDFDWăFX
FRQWHVWDĠLHDFHVWDUHVWLWXLHGRVDUXOSURFXURUXOXLvQWHUPHQGHGHRUHGHODH[SLUDUHD
WHUPHQXOXLGHFRQWHVWDĠLH
ÌQFXUVXOMXGHFăĠLLGDFăLQFXOSDWXOUHIX]ăHIHFWXDUHDH[SHUWL]HLRULQXVHSUH]LQWăvQ
YHGHUHDH[DPLQăULLODFRPLVLDPHGLFROHJDOăSVLKLDWULFăLQVWDQĠDGLQRILFLXVDXODFHUHUHD
SURFXURUXOXLGLVSXQHHPLWHUHDXQXLPDQGDWGHDGXFHUHvQFRQGLĠLLOHDUW
0ăVXUDLQWHUQăULLQHYROXQWDUHSRDWHILOXDWăGHLQVWDQĠăvQFXUVXOMXGHFăĠLLOD
SURSXQHUHDFRPLVLHLPHGLFROHJDOHSVLKLDWULFH'LVSR]LĠLLOHDOLQ VHDSOLFăvQPRG
FRUHVSXQ]ăWRU
,PHGLDWGXSăOXDUHDPăVXULLLQWHUQăULLQHYROXQWDUHVDXvQFD]XOVFKLPEăULLXOWHULRDUHD
ORFXOXLGHLQWHUQDUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVDXGXSăFD]SUHúHGLQWHOH
FRPSOHWXOXLGHMXGHFDWăFDUHDGLVSXVPăVXUDvQFXQRúWLQĠHD]ăGHVSUHDFHDVWDúLGHVSUHORFXO
LQWHUQăULLXQPHPEUXDOIDPLOLHLVXVSHFWXOXLVDXLQFXOSDWXOXLRULRDOWăSHUVRDQăGHVHPQDWă
GHDFHVWDSUHFXPúLLQVWLWXĠLDPHGLFROHJDOăFDUHHIHFWXHD]ăH[SHUWL]DvQFKHLQGXVHvQ
DFHVWVHQVXQSURFHVYHUEDO,QVWLWXĠLDGHVSHFLDOLWDWHDUHREOLJDĠLDGHDLQIRUPDRUJDQHOH
MXGLFLDUHGHVSUHVFKLPEDUHDORFXOXLLQWHUQăULL
+RWăUkUHDSULQFDUHGLVSXQHLQWHUQDUHDQHYROXQWDUăVHSXQHvQH[HFXWDUHGHSURFXURUSULQ
LQWHUPHGLXORUJDQHORUGHSROLĠLH
ÌQFD]XOvQFDUHVXVSHFWXOVDXLQFXOSDWXOVHDIOăvQVWDUHGHGHĠLQHUHMXGHFăWRUXOGH
GUHSWXULúLOLEHUWăĠLVDXLQVWDQĠDFHDGLVSXVPăVXUDLQWHUQăULLvQWURLQVWLWXĠLHGH
VSHFLDOLWDWHvQYHGHUHDHIHFWXăULLH[SHUWL]HLPHGLFROHJDOHSVLKLDWULFHLQIRUPHD]ăGH
vQGDWăDGPLQLVWUDĠLDORFXOXLGHGHĠLQHUHVDXDUHVWDUHGHVSUHPăVXUDGLVSXVă
0ăVXUDLQWHUQăULLPHGLFDOHvQYHGHUHDHIHFWXăULLH[SHUWL]HLPHGLFROHJDOHSVLKLDWULFH
SRDWHILSUHOXQJLWăRVLQJXUăGDWăSHRGXUDWăGHFHOPXOWGH]LOH&RPLVLDGHH[SHUWL]ă
PHGLFROHJDOăSVLKLDWULFăVHVL]HD]ăSURFXURUXOVDXGXSăFD]LQVWDQĠDDVXSUDQHFHVLWăĠLL
SUHOXQJLULLPăVXULLLQWHUQăULLFXFHOSXĠLQ]LOHvQDLQWHGHH[SLUDUHDDFHVWHLD6HVL]DUHD
WUHEXLHVăFRQĠLQăGHVFULHUHDDFWLYLWăĠLORUHIHFWXDWHPRWLYHOHSHQWUXFDUHH[DPLQDUHDQXD
IRVWILQDOL]DWăSHSDUFXUVXOLQWHUQăULLH[DPLQăULOHFHXUPHD]ăDILHIHFWXDWHSUHFL]DUHD
SHULRDGHLSHQWUXFDUHHVWHQHFHVDUăSUHOXQJLUHD'LVSR]LĠLLOHDOLQ VHDSOLFăvQPRG
FRUHVSXQ]ăWRU
ÌQFD]XOvQFDUHvQDLQWHGHH[SLUDUHDGXUDWHLLQWHUQăULLQHYROXQWDUHVHFRQVWDWăFă
DFHDVWDQXPDLHVWHQHFHVDUăFRPLVLDGHH[SHUWL]ăPHGLFROHJDOăSVLKLDWULFăVDXSHUVRDQD
LQWHUQDWăVHVL]HD]ăGHvQGDWăRUJDQXOFDUHDGLVSXVPăVXUDvQYHGHUHDUHYRFăULLDFHVWHLD
6HVL]DUHDVHVROXĠLRQHD]ăGHXUJHQĠăvQFDPHUDGHFRQVLOLXFXSDUWLFLSDUHDSURFXURUXOXL
GXSăDXGLHUHDDYRFDWXOXLDOHVVDXGLQRILFLXDOSHUVRDQHLLQWHUQDWHÌQFKHLHUHDSURQXQĠDWăGH
MXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVDXGHLQVWDQĠăQXHVWHVXSXVăQLFLXQHLFăLGHDWDF
'DFăvQFXUVXOHIHFWXăULLH[SHUWL]HLPHGLFROHJDOHSVLKLDWULFHVHFRQVWDWăFăVXQW
vQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHODDUWFRPLVLDGHH[SHUWL]ăPHGLFROHJDOăSVLKLDWULFă
VHVL]HD]ăRUJDQHOHMXGLFLDUHvQYHGHUHDOXăULLPăVXULLGHVLJXUDQĠăDLQWHUQăULLPHGLFDOH
SURYL]RULL
3HULRDGDvQFDUHVXVSHFWXOVDXLQFXOSDWXODIRVWLQWHUQDWvQWURLQVWLWXĠLHGH
VSHFLDOLWDWHvQYHGHUHDHIHFWXăULLH[SHUWL]HLSVLKLDWULFHVHGHGXFHGLQGXUDWDSHGHSVHLvQ
FRQGLĠLLOHDUWGLQ&RGXOSHQDO
$UWLFROXO
$XWRSVLDPHGLFROHJDOă
$XWRSVLDPHGLFROHJDOăVHGLVSXQHGHFăWUHRUJDQXOGHXUPăULUHSHQDOăVDXGHFăWUH
LQVWDQĠDGHMXGHFDWăvQFD]GHPRDUWHYLROHQWăRULFkQGDFHDVWDHVWHVXVSHFWăGHDIL
YLROHQWăVDXFkQGQXVHFXQRDúWHFDX]DPRUĠLLRULH[LVWăRVXVSLFLXQHUH]RQDELOăFăGHFHVXOD
IRVWFDX]DWGLUHFWVDXLQGLUHFWSULQWURLQIUDFĠLXQHRULvQOHJăWXUăFXFRPLWHUHDXQHL
LQIUDFĠLXQLÌQFD]XOvQFDUHFRUSXOYLFWLPHLDIRVWvQKXPDWHVWHGLVSXVăH[KXPDUHDSHQWUX
H[DPLQDUHDFDGDYUXOXLSULQDXWRSVLH
3URFXURUXOGLVSXQHGHvQGDWăHIHFWXDUHDXQHLDXWRSVLLPHGLFROHJDOHGDFăGHFHVXOVD
SURGXVvQSHULRDGDvQFDUHSHUVRDQDVHDIOăvQFXVWRGLDSROLĠLHLD$GPLQLVWUDĠLHL1DĠLRQDOH
D3HQLWHQFLDUHORUvQWLPSXOLQWHUQăULLPHGLFDOHQHYROXQWDUHVDXvQFD]XORULFăUXLGHFHVFDUH
ULGLFăVXVSLFLXQHDQHUHVSHFWăULLGUHSWXULORURPXOXLDDSOLFăULLWRUWXULLVDXDRULFăUXL
WUDWDPHQWLQXPDQ
3HQWUXDFRQVWDWDGDFăH[LVWăPRWLYHSHQWUXDHIHFWXDDXWRSVLDPHGLFROHJDOăRUJDQXOGH
XUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăSRDWHVROLFLWDRSLQLDPHGLFXOXLOHJLVW
$XWRSVLDVHHIHFWXHD]ăvQFDGUXOLQVWLWXĠLHLPHGLFROHJDOHSRWULYLWOHJLLVSHFLDOH
/DHIHFWXDUHDDXWRSVLHLPHGLFROHJDOHSRWILFRRSWDĠLúLVSHFLDOLúWLGLQDOWHGRPHQLL
PHGLFDOHvQYHGHUHDVWDELOLULLFDX]HLGHFHVXOXLODVROLFLWDUHDPHGLFXOXLOHJLVWFX
H[FHSĠLDPHGLFXOXLFDUHDWUDWDWSHUVRDQDGHFHGDWă
&XRFD]LDHIHFWXăULLDXWRSVLHLPHGLFROHJDOHSRWILXWLOL]DWHRULFHPHWRGHOHJDOHSHQWUX
VWDELOLUHDLGHQWLWăĠLLLQFOXVLYSUHOHYDUHDGHSUREHELRORJLFHvQYHGHUHDVWDELOLULL
SURILOXOXLJHQHWLFMXGLFLDU
2UJDQXOGHXUPăULUHSHQDOăWUHEXLHVăvQFXQRúWLQĠH]HXQPHPEUXGHIDPLOLHGHVSUHGDWD
DXWRSVLHLúLGHVSUHGUHSWXOGHDGHVHPQDXQH[SHUWLQGHSHQGHQWDXWRUL]DWFDUHVăDVLVWHOD
HIHFWXDUHDDXWRSVLHL
0HGLFXOOHJLVWFDUHDHIHFWXDWDXWRSVLDvQWRFPHúWHXQUDSRUWGHH[SHUWL]ăFDUHFXSULQGH
FRQVWDWăULOHúLFRQFOX]LLOHVDOHFXSULYLUHOD
D LGHQWLWDWHDSHUVRDQHLGHFHGDWHVDXHOHPHQWHGHLGHQWLILFDUHGDFăLGHQWLWDWHDQXHVWH
FXQRVFXWă
E IHOXOPRUĠLL
F FDX]DPHGLFDOăDPRUĠLL
G H[LVWHQĠDOH]LXQLORUWUDXPDWLFHPHFDQLVPXOGHSURGXFHUHDDFHVWRUDQDWXUDDJHQWXOXL
YXOQHUDQWúLOHJăWXUDGHFDX]DOLWDWHGLQWUHOH]LXQLOHWUDXPDWLFHúLGHFHV
H UH]XOWDWHOHLQYHVWLJDĠLLORUGHODERUDWRUHIHFWXDWHDVXSUDSUREHORUELRORJLFHSUHOHYDWHGH
ODFDGDYUXúLDVXEVWDQĠHORUVXVSHFWHGHVFRSHULWH
/LWH DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
I XUPHOHELRORJLFHJăVLWHSHFRUSXOSHUVRDQHLGHFHGDWH
J GDWDSUREDELOăDPRUĠLL
K RULFHDOWHHOHPHQWHFDUHSRWFRQWULEXLODOăPXULUHDvPSUHMXUăULORUSURGXFHULLPRUĠLL
$UWLFROXO
([KXPDUHD
([KXPDUHDSRDWHILGLVSXVăGHFăWUHSURFXURUVDXGHFăWUHLQVWDQĠDGHMXGHFDWăvQYHGHUHD
VWDELOLULLIHOXOXLúLFDX]HLPRUĠLLDLGHQWLILFăULLFDGDYUXOXLVDXSHQWUXVWDELOLUHD
RULFăURUHOHPHQWHQHFHVDUHVROXĠLRQăULLFDX]HL
([KXPDUHDVHIDFHvQSUH]HQĠDRUJDQXOXLGHXUPăULUHSHQDOă
'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWLFROXO
$XWRSVLDPHGLFROHJDOăDIHWXVXOXLVDXDQRXQăVFXWXOXL
$XWRSVLDPHGLFROHJDOăDXQXLIHWXVVHGLVSXQHSHQWUXDVHVWDELOLYkUVWDLQWUDXWHULQă
FDSDFLWDWHDGHVXSUDYLHĠXLUHH[WUDXWHULQăIHOXOúLFDX]DPRUĠLLSUHFXPúLSHQWUXVWDELOLUHD
ILOLDĠLHLFkQGHVWHFD]XO
$XWRSVLDPHGLFROHJDOăDXQXLQRXQăVFXWVHGLVSXQHSHQWUXDVHVWDELOLGDFăFRSLOXOD
IRVWQăVFXWYLXYLDELOLWDWHDGXUDWDVXSUDYLHĠXLULLH[WUDXWHULQHIHOXOúLFDX]DPHGLFDOăD
PRUĠLLGDWDPRUĠLLGDFăLVDXDFRUGDWvQJULMLULPHGLFDOHGXSăQDúWHUHSUHFXPúLSHQWUX
VWDELOLUHDILOLDĠLHLFkQGHVWHFD]XO
$UWLFROXO
([SHUWL]DWR[LFRORJLFă
ÌQFD]XOvQFDUHH[LVWăRVXVSLFLXQHFXSULYLUHODSURGXFHUHDXQHLLQWR[LFDĠLLVH
GLVSXQHHIHFWXDUHDXQHLH[SHUWL]HWR[LFRORJLFH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3URGXVHOHFRQVLGHUDWHVXVSHFWHFăDUILGHWHUPLQDWLQWR[LFDĠLDVXQWWULPLVHLQVWLWXĠLHL
PHGLFROHJDOHVDXXQHLDOWHLQVWLWXĠLLVSHFLDOL]DWH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&RQFOX]LLOHH[SHUWL]HLWR[LFRORJLFHFXSULQGFRQVWDWăULGHVSHFLDOLWDWHFXSULYLUHOD
WLSXOVXEVWDQĠHLWR[LFHFDQWLWDWHDFDOHDGHDGPLQLVWUDUHSUHFXPúLFRQVHFLQĠHOHSRVLELOH
DOHVXEVWDQĠHLGHVFRSHULWHFkWúLDOWHHOHPHQWHFDUHVăDMXWHODVWDELOLUHDDGHYăUXOXL
$UWLFROXO
([DPLQDUHDPHGLFROHJDOăDSHUVRDQHL
([DPLQDUHDPHGLFROHJDOăDSHUVRDQHLvQYHGHUHDFRQVWDWăULLXUPHORUúLDFRQVHFLQĠHORU
XQHLLQIUDFĠLXQLVHHIHFWXHD]ăFRQIRUPOHJLLVSHFLDOH
0HGLFXOOHJLVWFDUHDHIHFWXDWH[DPLQDUHDPHGLFROHJDOăvQWRFPHúWHXQFHUWLILFDWPHGLFR
OHJDOVDXGXSăFD]XQUDSRUWGHH[SHUWL]ă
&RQVWDWDUHDOH]LXQLORUWUDXPDWLFHHVWHHIHFWXDWăGHUHJXOăSULQWURH[DPLQDUHIL]LFă
ÌQFD]XOvQFDUHQXHVWHSRVLELOăVDXQHFHVDUăH[DPLQDUHDIL]LFăH[SHUWL]DHVWHHIHFWXDWăvQ
ED]DGRFXPHQWDĠLHLPHGLFDOHSXVHODGLVSR]LĠLDH[SHUWXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
5DSRUWXOGHH[SHUWL]ăVDXFHUWLILFDWXOPHGLFROHJDOWUHEXLHVăFXSULQGăGHVFULHUHD
OH]LXQLORUWUDXPDWLFHSUHFXPúLRSLQLDH[SHUWXOXLFXSULYLUHODQDWXUDúLJUDYLWDWHD
OH]LXQLORUPHFDQLVPXOúLGDWDSURGXFHULLDFHVWRUDXUPăULOHSHFDUHDFHVWHDOHDXSURGXV
$UWLFROXO
([DPLQDUHDIL]LFă
([DPLQDUHDIL]LFăDXQHLSHUVRDQHSUHVXSXQHH[DPLQDUHDH[WHUQăúLLQWHUQăDFRUSXOXL
DFHVWHLDSUHFXPúLSUHOHYDUHDGHSUREHELRORJLFH2UJDQXOGHXUPăULUHSHQDOăWUHEXLHVă
VROLFLWHvQSUHDODELOFRQVLPĠăPkQWXOVFULVDOSHUVRDQHLFDUHXUPHD]ăDILH[DPLQDWăÌQ
FD]XOSHUVRDQHORUOLSVLWHGHFDSDFLWDWHGHH[HUFLĠLXFRQVLPĠăPkQWXOODH[DPLQDUHDIL]LFă
HVWHVROLFLWDWUHSUH]HQWDQWXOXLOHJDOLDUvQFD]XOFHORUFXFDSDFLWDWHUHVWUkQVăGH
H[HUFLĠLXFRQVLPĠăPkQWXOVFULVDODFHVWRUDWUHEXLHH[SULPDWvQSUH]HQĠDRFURWLWRULORU
OHJDOL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQOLSVDFRQVLPĠăPkQWXOXLVFULVDOSHUVRDQHLFDUHXUPHD]ăDILH[DPLQDWăDO
UHSUH]HQWDQWXOXLOHJDORULDvQFXYLLQĠăULLGLQSDUWHDRFURWLWRUXOXLOHJDOMXGHFăWRUXOGH
GUHSWXULúLOLEHUWăĠLGLVSXQHSULQvQFKHLHUHODFHUHUHDPRWLYDWăDSURFXURUXOXLH[DPLQDUHD
IL]LFăDSHUVRDQHLGDFăDFHDVWăPăVXUăHVWHQHFHVDUăSHQWUXVWDELOLUHDXQRUIDSWHVDX
vPSUHMXUăULFDUHVăDVLJXUHEXQDGHVIăúXUDUHDXUPăULULLSHQDOHRULSHQWUXDVHGHWHUPLQD
GDFăRDQXPLWăXUPăVDXFRQVHFLQĠăDLQIUDFĠLXQLLSRDWHILJăVLWăSHFRUSXOVDXvQLQWHULRUXO
FRUSXOXLDFHVWHLD
&HUHUHDRUJDQXOXLGHXUPăULUHSHQDOăWUHEXLHVăFXSULQGăQXPHOHSHUVRDQHLDFăUHL
H[DPLQDUHIL]LFăHVWHFHUXWăPRWLYDUHDvQGHSOLQLULLFRQGLĠLLORUSUHYă]XWHODDOLQ
PRGDOLWDWHDvQFDUHH[DPLQDUHDIL]LFăXUPHD]ăDILHIHFWXDWăLQIUDFĠLXQHDGHFDUHHVWH
DFX]DWVXVSHFWXOVDXLQFXOSDWXO
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVROXĠLRQHD]ăFHUHUHDGHHIHFWXDUHDH[DPLQăULL
IL]LFHvQFDPHUDGHFRQVLOLXSULQvQFKHLHUHFHQXHVWHVXSXVăQLFLXQHLFăLGHDWDF
ÌQFD]XOvQFDUHSHUVRDQDH[DPLQDWăvúLH[SULPăvQVFULVFRQVLPĠăPkQWXOVDXvQFD]XOvQ
FDUHH[LVWăXUJHQĠăLDUREĠLQHUHDDXWRUL]ăULLMXGHFăWRUXOXLvQFRQGLĠLLOHDOLQ DU
FRQGXFHODRvQWkU]LHUHVXEVWDQĠLDOăDFHUFHWăULORUODSLHUGHUHDDOWHUDUHDVDXGLVWUXJHUHD
SUREHORURUJDQXOGHXUPăULUHSHQDOăSRDWHGLVSXQHSULQRUGRQDQĠăHIHFWXDUHDH[DPLQăULL
IL]LFH2UGRQDQĠDRUJDQXOXLGHXUPăULUHSHQDOăSUHFXPúLSURFHVXOYHUEDOvQFDUHVXQW
FRQVHPQDWHDFWLYLWăĠLOHGHVIăúXUDWHFXRFD]LDH[DPLQăULLIL]LFHVXQWvQDLQWDWHGHvQGDWă
MXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLÌQFD]XOvQFDUHMXGHFăWRUXOFRQVWDWăFăDXIRVW
UHVSHFWDWHFRQGLĠLLOHSUHYă]XWHODDOLQ GLVSXQHSULQvQFKHLHUHPRWLYDWăYDOLGDUHD
H[DPLQăULLIL]LFHHIHFWXDWHGHRUJDQHOHGHXUPăULUHSHQDOăÌQFăOFDUHDGHFăWUHRUJDQHOHGH
XUPăULUHSHQDOăDFRQGLĠLLORUSUHYă]XWHODDOLQ DWUDJHH[FOXGHUHDSUREHORUREĠLQXWHSULQ
H[DPLQDUHDIL]LFă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
9DOLGDUHDH[DPLQăULLIL]LFHHIHFWXDWHGHRUJDQHOHGHXUPăULUHSHQDOăVHHIHFWXHD]ă
SRWULYLWDOLQ
([DPLQDUHDIL]LFăLQWHUQăDFRUSXOXLXQHLSHUVRDQHVDXUHFROWDUHDGHSUREHELRORJLFH
WUHEXLHHIHFWXDWăGHXQPHGLFDVLVWHQWPHGLFDOVDXGHRSHUVRDQăFXSUHJăWLUHPHGLFDOăGH
VSHFLDOLWDWHFXUHVSHFWDUHDYLHĠLLSULYDWHúLDGHPQLWăĠLLXPDQH([DPLQDUHDIL]LFăLQWHUQă
DPLQRUXOXLFDUHQXDvPSOLQLWDQLVHSRDWHIDFHvQSUH]HQĠDXQXLDGLQWUHSăULQĠLOD
VROLFLWDUHDSăULQWHOXL5HFROWDUHDSULQPHWRGHQRQLQYD]LYHGHSUREHELRORJLFHvQYHGHUHD
HIHFWXăULLH[SHUWL]HLJHQHWLFHMXGLFLDUHVHSRDWHHIHFWXDúLGHFăWUHSHUVRQDOXOGH
VSHFLDOLWDWHDO3ROLĠLHL5RPkQH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOFRQGXFHULLXQXLYHKLFXOGHFăWUHRSHUVRDQăDIODWăVXELQIOXHQĠDEăXWXULORU
DOFRROLFHVDXDDOWRUVXEVWDQĠHUHFROWDUHDGHSUREHELRORJLFHVHHIHFWXHD]ăGLQGLVSR]LĠLD
RUJDQHORUGHFRQVWDWDUHúLFXFRQVLPĠăPkQWXOFHOXLVXSXVH[DPLQăULLGHFăWUHXQPHGLF
DVLVWHQWPHGLFDOVDXGHRSHUVRDQăFXSUHJăWLUHPHGLFDOăGHVSHFLDOLWDWHvQFHOPDLVFXUW
WLPSvQWURLQVWLWXĠLHPHGLFDOăvQFRQGLĠLLOHVWDELOLWHGHOHJLOHVSHFLDOH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$FWLYLWăĠLOHHIHFWXDWHFXRFD]LDH[DPLQăULLIL]LFHVXQWFRQVHPQDWHGHRUJDQHOHGH
XUPăULUHSHQDOăvQWUXQSURFHVYHUEDOFHWUHEXLHVăFXSULQGăQXPHOHúLSUHQXPHOHRUJDQXOXL
GHXUPăULUHSHQDOăFDUHvOvQFKHLHRUGRQDQĠDVDXvQFKHLHUHDSULQFDUHVDGLVSXVPăVXUD
ORFXOXQGHDIRVWvQFKHLDWGDWDRUDODFDUHDvQFHSXWúLRUDODFDUHVDWHUPLQDW
DFWLYLWDWHDQXPHOHúLSUHQXPHOHSHUVRDQHLH[DPLQDWHQDWXUDH[DPLQăULLIL]LFHGHVFULHUHD
DFWLYLWăĠLORUGHVIăúXUDWHOLVWDSUREHORUUHFROWDWHvQXUPDH[DPLQăULLIL]LFH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
5H]XOWDWHOHREĠLQXWHGLQDQDOL]DSUREHORUELRORJLFHSRWILIRORVLWHúLvQDOWăFDX]ă
SHQDOăGDFăVHUYHVFODDIODUHDDGHYăUXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3UREHOHELRORJLFHFDUHQXDXIRVWFRQVXPDWHFXRFD]LDDQDOL]HORUHIHFWXDWHVXQW
FRQVHUYDWHúLSăVWUDWHvQLQVWLWXĠLDXQGHDXIRVWSUHOXFUDWHSHRSHULRDGăGHFHOSXĠLQ
DQLGHODHSXL]DUHDFăLORURUGLQDUHGHDWDFDOHKRWăUkULLMXGHFăWRUHúWL
$UWLFROXO
([SHUWL]DJHQHWLFăMXGLFLDUă
([SHUWL]DJHQHWLFăMXGLFLDUăVHSRDWHGLVSXQHGHFăWUHRUJDQXOGHXUPăULUHSHQDOăSULQ
RUGRQDQĠăvQFXUVXOXUPăULULLSHQDOHVDXGHLQVWDQĠăSULQvQFKHLHUHvQFXUVXOMXGHFăĠLL
FXSULYLUHODSUREHOHELRORJLFHUHFROWDWHGHODSHUVRDQHVDXRULFHDOWHSUREHFHDXIRVW
JăVLWHRULULGLFDWH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
([SHUWL]DJHQHWLFăMXGLFLDUăVHHIHFWXHD]ăvQFDGUXOLQVWLWXĠLLORUPHGLFROHJDOHDOXQHL
LQVWLWXĠLLRULXQXLODERUDWRUGHVSHFLDOLWDWHVDXDORULFăUHLDOWHLQVWLWXĠLLGHVSHFLDOLWDWH
FHUWLILFDWHúLDFUHGLWDWHvQDFHVWWLSGHDQDOL]H
3UREHOHELRORJLFHUHFROWDWHFXRFD]LDH[DPLQăULLFRUSRUDOHSRWILIRORVLWHQXPDLOD
LGHQWLILFDUHDSURILOXOXLJHQHWLFMXGLFLDU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3URILOXOJHQHWLFMXGLFLDUREĠLQXWvQFRQGLĠLLOHDOLQ SRDWHILIRORVLWúLvQDOWă
FDX]ăSHQDOăGDFăVHUYHúWHODDIODUHDDGHYăUXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'DWHOHREĠLQXWHFDXUPDUHDH[SHUWL]HLJHQHWLFHMXGLFLDUHFRQVWLWXLHGDWHSHUVRQDOHúL
VXQWSURWHMDWHFRQIRUPOHJLL
&DSLWROXO9,,,&HUFHWDUHDORFXOXLIDSWHLúLUHFRQVWLWXLUHD
$UWLFROXO
&HUFHWDUHDODIDĠDORFXOXL
'HQXPLUHDPDUJLQDOăDDUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&HUFHWDUHDODIDĠDORFXOXLVHGLVSXQHGHFăWUHRUJDQXOGHXUPăULUHSHQDOăLDUvQFXUVXO
MXGHFăĠLLGHFăWUHLQVWDQĠDGHMXGHFDWăDWXQFLFkQGHVWHQHFHVDUăFRQVWDWDUHDGLUHFWăvQ
VFRSXOGHWHUPLQăULLVDXFODULILFăULLXQRUvPSUHMXUăULGHIDSWFHSUH]LQWăLPSRUWDQĠăSHQWUX
VWDELOLUHDDGHYăUXOXLSUHFXPúLRULGHFkWHRULH[LVWăVXVSLFLXQLFXSULYLUHODGHFHVXOXQHL
SHUVRDQH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2UJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăSRDWHLQWHU]LFHSHUVRDQHORUFDUHVH
DIOăRULFDUHYLQODORFXOXQGHVHHIHFWXHD]ăFHUFHWDUHDVăFRPXQLFHvQWUHHOHVDXFXDOWH
SHUVRDQH
$UWLFROXO
5HFRQVWLWXLUHD
2UJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăGDFăJăVHúWHQHFHVDUSHQWUX
YHULILFDUHDúLSUHFL]DUHDXQRUGDWHVDXSUREHDGPLQLVWUDWHRULSHQWUXDVWDELOLvPSUHMXUăUL
GHIDSWFHSUH]LQWăLPSRUWDQĠăSHQWUXVROXĠLRQDUHDFDX]HLSRDWHVăSURFHGH]HOD
UHFRQVWLWXLUHDvQvQWUHJLPHVDXvQSDUWHDPRGXOXLúLDFRQGLĠLLORUvQFDUHVDFRPLV
IDSWD
2UJDQHOHMXGLFLDUHSURFHGHD]ăODUHFRQVWLWXLUHDDFWLYLWăĠLORUVDXDVLWXDĠLLORUDYkQGvQ
YHGHUHvPSUHMXUăULOHvQFDUHIDSWDDDYXWORFSHED]DSUREHORUDGPLQLVWUDWHÌQFD]XOvQ
FDUHGHFODUDĠLLOHPDUWRULORUDOHSăUĠLORUVDXDOHVXELHFĠLORUSURFHVXDOLSULQFLSDOLFX
SULYLUHODDFWLYLWăĠLOHVDXVLWXDĠLLOHFHWUHEXLHUHFRQVWLWXLWHVXQWGLIHULWHUHFRQVWLWXLUHD
WUHEXLHHIHFWXDWăVHSDUDWSHQWUXILHFDUHYDULDQWăDGHVIăúXUăULLIDSWHLGHVFULVHGHDFHúWLD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&kQGVXVSHFWXOVDXLQFXOSDWXOVHDIOăvQYUHXQDGLQVLWXDĠLLOHSUHYă]XWHODDUW
UHFRQVWLWXLUHDVHIDFHvQSUH]HQĠDDFHVWXLDDVLVWDWGHDSăUăWRU$WXQFLFkQGVXVSHFWXOVDX
LQFXOSDWXOQXSRDWHVDXUHIX]ăVăSDUWLFLSHODUHFRQVWLWXLUHDFHDVWDVHHIHFWXHD]ăFX
SDUWLFLSDUHDDOWHLSHUVRDQH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
5HFRQVWLWXLUHDWUHEXLHVăILHHIHFWXDWăDVWIHOvQFkWVăQXILHvQFăOFDWăOHJHDVDX
RUGLQHDSXEOLFăVăQXILHDGXVăDWLQJHUHPRUDOHLSXEOLFHúLVăQXILHSXVăvQSHULFROYLDĠD
VDXVăQăWDWHDSHUVRDQHORU
$UWLFROXO
3UH]HQĠDDOWRUSHUVRDQHODFHUFHWDUHDODIDĠDORFXOXLúLODUHFRQVWLWXLUH
'HQXPLUHDPDUJLQDOăDDUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2UJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăSRDWHGLVSXQHSUH]HQĠDPHGLFXOXLOHJLVW
VDXDRULFăURUSHUVRDQHDFăURUSUH]HQĠăRFRQVLGHUăQHFHVDUă
$UWLFROXO
3URFHVXOYHUEDOGHFHUFHWDUHODIDĠDORFXOXLVDXGHUHFRQVWLWXLUH
'HQXPLUHDPDUJLQDOăDDUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'HVSUHHIHFWXDUHDFHUFHWăULLODIDĠDORFXOXLVDXDUHFRQVWLWXLULLVHvQFKHLHXQSURFHV
YHUEDOFDUHWUHEXLHVăFXSULQGăSHOkQJăPHQĠLXQLOHSUHYă]XWHODDUWXUPăWRDUHOH
3DUWHDLQWURGXFWLYăDDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO
,,,GLQ/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
D LQGLFDUHDRUGRQDQĠHLVDXDvQFKHLHULLSULQFDUHVDGLVSXVPăVXUD
E QXPHOHSUHQXPHOHSHUVRDQHORUSUH]HQWHúLFDOLWDWHDvQFDUHDFHVWHDSDUWLFLSă
F QXPHOHúLSUHQXPHOHVXVSHFWXOXLVDXLQFXOSDWXOXLGDFăHVWHFD]XO
G GHVFULHUHDDPăQXQĠLWăDVLWXDĠLHLORFXOXLDXUPHORUJăVLWHDRELHFWHORUH[DPLQDWHúLD
FHORUULGLFDWHDSR]LĠLHLúLVWăULLFHORUODOWHPLMORDFHPDWHULDOHGHSUREăDVWIHOvQFkW
DFHVWHDVăILHUHGDWHFXSUHFL]LHúLSHFkWSRVLELOFXGLPHQVLXQLOHUHVSHFWLYHÌQFD]XO
UHFRQVWLWXLULLVHFRQVHPQHD]ăDPăQXQĠLWúLGHVIăúXUDUHDUHFRQVWLWXLULL
ÌQWRDWHFD]XULOHVHSRWIDFHVFKLĠHGHVHQHVDXIRWRJUDILLRULDOWHDVHPHQHDOXFUăUL
FDUHVHDQH[HD]ăODSURFHVXOYHUEDO
$FWLYLWDWHDGHVIăúXUDWăúLFRQVWDWăULOHH[SHUWXOXLVHFRQVHPQHD]ăvQSURFHVXOYHUEDO
3URFHVXOYHUEDOWUHEXLHVHPQDWSHILHFDUHSDJLQăúLODVIkUúLWGHFăWUHFHOFDUHvO
vQFKHLHúLGHFăWUHSHUVRDQHOHFDUHDXSDUWLFLSDWODFHUFHWDUHVDXUHFRQVWLWXLUH'DFăYUHXQD
GLQWUHDFHVWHSHUVRDQHQXSRDWHVDXUHIX]ăVăVHPQH]HSURFHVXOYHUEDOVHIDFHPHQĠLXQH
GHVSUHDFHDVWDSUHFXPúLGHVSUHPRWLYHOHLPSRVLELOLWăĠLLVDXUHIX]XOXLGHDVHPQD
&DSLWROXO,;)RWRJUDILHUHDúLOXDUHDDPSUHQWHORUVXVSHFWXOXLLQFXOSDWXOXLVDXDOHDOWRU
SHUVRDQH
$UWLFROXO
)RWRJUDILHUHDúLOXDUHDDPSUHQWHORUVXVSHFWXOXLLQFXOSDWXOXLVDXDOHDOWRUSHUVRDQH
2UJDQHOHGHXUPăULUHSHQDOăSRWGLVSXQHIRWRJUDILHUHDúLOXDUHDDPSUHQWHORUVXVSHFWXOXL
LQFXOSDWXOXLVDXDOHDOWRUSHUVRDQHFXSULYLUHODFDUHH[LVWăRVXVSLFLXQHFăDXOHJăWXUăFX
IDSWDFRPLVăVDXFăDXIRVWSUH]HQWHODORFXOIDSWHLFKLDUúLvQOLSVDFRQVLPĠăPkQWXOXL
DFHVWRUD
2UJDQXOGHXUPăULUHSHQDOăSRDWHDXWRUL]DVăVHGHDSXEOLFLWăĠLLIRWRJUDILDXQHL
SHUVRDQHFkQGDFHDVWăPăVXUăHVWHQHFHVDUăSHQWUXVWDELOLUHDLGHQWLWăĠLLSHUVRDQHLVDXvQ
DOWHFD]XULvQFDUHSXEOLFDUHDIRWRJUDILHLSUH]LQWăLPSRUWDQĠăSHQWUXEXQDGHVIăúXUDUHD
XUPăULULLSHQDOH
'DFăHVWHQHFHVDUăLGHQWLILFDUHDDPSUHQWHORUFHDXIRVWJăVLWHSHDQXPLWHRELHFWHVDXD
SHUVRDQHORUFDUHSRWILSXVHvQOHJăWXUăFXIDSWDRULORFXOFRPLWHULLIDSWHLRUJDQHOHGH
XUPăULUHSHQDOăSRWGLVSXQHOXDUHDDPSUHQWHORUSHUVRDQHORUGHVSUHFDUHVHSUHVXSXQHFăDX
LQWUDWvQFRQWDFWFXDFHOHRELHFWHUHVSHFWLYIRWRJUDILHUHDDFHORUDGHVSUHFDUHVHSUHVXSXQH
FăDXDYXWOHJăWXUăFXIDSWDFRPLVăVDXDXIRVWSUH]HQWHODORFXOIDSWHL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&DSLWROXO;0LMORDFHPDWHULDOHGHSUREă
$UWLFROXO
2ELHFWHOHFDPLMORDFHGHSUREă
2ELHFWHOHFDUHFRQĠLQVDXSRDUWăRXUPăDIDSWHLVăYkUúLWHSUHFXPúLRULFHDOWHRELHFWH
FDUHSRWVHUYLODDIODUHDDGHYăUXOXLVXQWPLMORDFHPDWHULDOHGHSUREă
6XQWFRUSXULGHOLFWHPLMORDFHOHPDWHULDOHGHSUREăFDUHDXIRVWIRORVLWHVDXDXIRVW
GHVWLQDWHVăVHUYHDVFăODVăYkUúLUHDXQHLLQIUDFĠLXQLSUHFXPúLRELHFWHOHFDUHVXQWSURGXVXO
LQIUDFĠLXQLL
&DSLWROXO;,ÌQVFULVXULOH
$UWLFROXO
0LMORDFHOHGHSUREăVFULVH
ÌQVFULVXULOHSRWVHUYLFDPLMORDFHGHSUREăGDFăGLQFRQĠLQXWXOORUUH]XOWăIDSWHVDX
vPSUHMXUăULGHQDWXUăVăFRQWULEXLHODDIODUHDDGHYăUXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3URFHVXOYHUEDOFHFXSULQGHFRQVWDWăULOHSHUVRQDOHDOHRUJDQXOXLGHXUPăULUHSHQDOăVDX
DOHLQVWDQĠHLGHMXGHFDWăHVWHPLMORFGHSUREă3URFHVHOHYHUEDOHvQWRFPLWHGHRUJDQHOH
SUHYă]XWHODDUWDOLQ OLWD F FRQVWLWXLHDFWHGHVHVL]DUHDRUJDQXOXLGHXUPăULUH
SHQDOăúLQXDXYDORDUHDXQRUFRQVWDWăULGHVSHFLDOLWDWHvQSURFHVXOSHQDO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&XSULQVXOúLIRUPDSURFHVXOXLYHUEDO
3URFHVXOYHUEDOFXSULQGH
D QXPHOHSUHQXPHOHúLFDOLWDWHDFHOXLFDUHvOvQFKHLH
E ORFXOXQGHHVWHvQFKHLDW
F GDWDODFDUHVDvQFKHLDWSURFHVXOYHUEDO
G GDWDúLRUDODFDUHDvQFHSXWúLVDVIkUúLWDFWLYLWDWHDFRQVHPQDWăvQSURFHVXOYHUEDO
H QXPHOHSUHQXPHOHFRGXOQXPHULFSHUVRQDOúLDGUHVDSHUVRDQHORUFHDXIRVWSUH]HQWHOD
vQWRFPLUHDSURFHVXOXLYHUEDOFXPHQĠLRQDUHDFDOLWăĠLLDFHVWRUD
I GHVFULHUHDDPăQXQĠLWăDFHORUFRQVWDWDWHSUHFXPúLDPăVXULORUOXDWH
J QXPHOHSUHQXPHOHFRGXOQXPHULFSHUVRQDOúLDGUHVDSHUVRDQHORUODFDUHVHUHIHUă
SURFHVXOYHUEDORELHFĠLLOHúLH[SOLFDĠLLOHDFHVWRUD
K PHQĠLXQLOHSUHYă]XWHGHOHJHSHQWUXFD]XULOHVSHFLDOH
3URFHVXOYHUEDOWUHEXLHVHPQDWSHILHFDUHSDJLQăúLODVIkUúLWGHFHOFDUHvOvQFKHLH
SUHFXPúLGHSHUVRDQHOHDUăWDWHODOLWH úLJ 'DFăYUHXQDGLQWUHDFHVWHSHUVRDQHQXSRDWH
VDXUHIX]ăVăVHPQH]HVHIDFHPHQĠLXQHGHVSUHDFHDVWDSUHFXPúLGHVSUHPRWLYHOH
LPSRVLELOLWăĠLLRULUHIX]XOXLGHDVHPQD
$UWLFROXO
&RPLVLDURJDWRULH
&kQGXQRUJDQGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăQXDUHSRVLELOLWDWHDVăDVFXOWH
XQPDUWRUVăIDFăRFHUFHWDUHODIDĠDORFXOXLVăSURFHGH]HODULGLFDUHDXQRURELHFWHVDXVă
HIHFWXH]HRULFHDOWDFWSURFHGXUDOVHSRDWHDGUHVDXQXLDOWRUJDQGHXUPăULUHSHQDOăRUL
XQHLDOWHLQVWDQĠHFDUHDUHSRVLELOLWDWHDVăOHHIHFWXH]H
3XQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHOXDUHDPăVXULORUSUHYHQWLYHvQFXYLLQĠDUHDGH
SUREDWRULLSUHFXPúLGLVSXQHUHDFHORUODOWHDFWHSURFHVXDOHVDXPăVXULSURFHVXDOHQXSRW
IRUPDRELHFWXOFRPLVLHLURJDWRULL
&RPLVLDURJDWRULHVHSRDWHDGUHVDQXPDLXQXLRUJDQVDXXQHLLQVWDQĠHHJDOHvQJUDG
2UGRQDQĠDVDXvQFKHLHUHDSULQFDUHVDGLVSXVFRPLVLDURJDWRULHWUHEXLHVăFRQĠLQăWRDWH
OăPXULULOHUHIHULWRDUHODvQGHSOLQLUHDDFWXOXLFDUHIDFHRELHFWXODFHVWHLDLDUvQFD]XOFkQG
XUPHD]ăVăILHDVFXOWDWăRSHUVRDQăVHYRUDUăWDúLvQWUHEăULOHFHWUHEXLHVăLVHSXQă
2UJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăFDUHHIHFWXHD]ăFRPLVLDURJDWRULH
SRDWHSXQHúLDOWHvQWUHEăULGDFăQHFHVLWDWHDDFHVWRUDUH]XOWăvQFXUVXODVFXOWăULL
&kQGFRPLVLDURJDWRULHVDGLVSXVGHLQVWDQĠDGHMXGHFDWăSăUĠLOHSRWIRUPXODvQIDĠD
DFHVWHLDvQWUHEăULFDUHYRUILWUDQVPLVHLQVWDQĠHLFHXUPHD]ăDHIHFWXDFRPLVLDURJDWRULH
7RWRGDWăRULFDUHGLQWUHSăUĠLSRDWHFHUHVăILHFLWDWăODHIHFWXDUHDFRPLVLHLURJDWRULL
&kQGLQFXOSDWXOHVWHDUHVWDWLQVWDQĠDFDUHXUPHD]ăDHIHFWXDFRPLVLDURJDWRULHGLVSXQH
GHVHPQDUHDXQXLDYRFDWGLQRILFLXFDUHvOYDUHSUH]HQWDvQDEVHQĠDDYRFDWXOXLDOHV
$UWLFROXO
'HOHJDUHD
2UJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăSRDWHGLVSXQHvQFRQGLĠLLOHDUăWDWH
ODDUWDOLQ úL HIHFWXDUHDXQXLDFWGHSURFHGXUăúLSULQGHOHJDUH'HOHJDUHD
SRDWHILGDWăQXPDLXQXLRUJDQVDXXQHLLQVWDQĠHGHMXGHFDWăLHUDUKLFLQIHULRDUH
'LVSR]LĠLLOHSULYLWRDUHODFRPLVLDURJDWRULHVHDSOLFăvQPRGFRUHVSXQ]ăWRUúLvQFD]GH
GHOHJDUH
7LWOXO90ăVXULOHSUHYHQWLYHúLDOWHPăVXULSURFHVXDOH
&DSLWROXO,0ăVXULOHSUHYHQWLYH
6HFĠLXQHD'LVSR]LĠLLJHQHUDOH
$UWLFROXO
6FRSXOFRQGLĠLLOHJHQHUDOHGHDSOLFDUHúLFDWHJRULLOHPăVXULORUSUHYHQWLYH
0ăVXULOHSUHYHQWLYHSRWILGLVSXVHGDFăH[LVWăSUREHVDXLQGLFLLWHPHLQLFHGLQFDUH
UH]XOWăVXVSLFLXQHDUH]RQDELOăFăRSHUVRDQăDVăYkUúLWRLQIUDFĠLXQHúLGDFăVXQWQHFHVDUH
vQVFRSXODVLJXUăULLEXQHLGHVIăúXUăULDSURFHVXOXLSHQDODOvPSLHGLFăULLVXVWUDJHULL
VXVSHFWXOXLRULDLQFXOSDWXOXLGHODXUPăULUHDSHQDOăVDXGHODMXGHFDWăRULDOSUHYHQLULL
VăYkUúLULLXQHLDOWHLQIUDFĠLXQL
1LFLRPăVXUăSUHYHQWLYăQXSRDWHILGLVSXVăFRQILUPDWăSUHOXQJLWăVDXPHQĠLQXWăGDFă
H[LVWăRFDX]ăFDUHvPSLHGLFăSXQHUHDvQPLúFDUHVDXH[HUFLWDUHDDFĠLXQLLSHQDOH
2ULFHPăVXUăSUHYHQWLYăWUHEXLHVăILHSURSRUĠLRQDOăFXJUDYLWDWHDDFX]DĠLHLDGXVH
SHUVRDQHLIDĠăGHFDUHHVWHOXDWăúLQHFHVDUăSHQWUXUHDOL]DUHDVFRSXOXLXUPăULWSULQ
GLVSXQHUHDDFHVWHLD
0ăVXULOHSUHYHQWLYHVXQW
D UHĠLQHUHD
E FRQWUROXOMXGLFLDU
F FRQWUROXOMXGLFLDUSHFDXĠLXQH
G DUHVWXOODGRPLFLOLX
H DUHVWDUHDSUHYHQWLYă
$UWLFROXO
2UJDQXOMXGLFLDUFRPSHWHQWúLDFWXOSULQFDUHVHGLVSXQHDVXSUDPăVXULORUSUHYHQWLYH
0ăVXUDSUHYHQWLYăSUHYă]XWăODDOLQ OLWD SRDWHILOXDWăIDĠăGHVXVSHFWVDX
LQFXOSDWGHFăWUHRUJDQXOGHFHUFHWDUHSHQDOăVDXGHFăWUHSURFXURUQXPDLvQFXUVXO
XUPăULULLSHQDOH
0ăVXULOHSUHYHQWLYHSUHYă]XWHODDUWDOLQ OLWE úLF SRWILOXDWHIDĠăGH
LQFXOSDWvQFXUVXOXUPăULULLSHQDOHGHFăWUHSURFXURUúLGHFăWUHMXGHFăWRUXOGHGUHSWXUL
úLOLEHUWăĠLvQSURFHGXUDGHFDPHUăSUHOLPLQDUăGHFăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUă
LDUvQFXUVXOMXGHFăĠLLGHFăWUHLQVWDQĠDGHMXGHFDWă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
0ăVXULOHSUHYHQWLYHSUHYă]XWHODDUWDOLQ OLWG úLH SRWILOXDWHIDĠăGH
LQFXOSDWvQFXUVXOXUPăULULLSHQDOHGHFăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLvQ
SURFHGXUDGHFDPHUăSUHOLPLQDUăGHFăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăLDUvQFXUVXO
MXGHFăĠLLGHFăWUHLQVWDQĠDGHMXGHFDWă
2UJDQXOGHFHUFHWDUHSHQDOăúLSURFXURUXOGLVSXQDVXSUDPăVXULORUSUHYHQWLYHSULQ
RUGRQDQĠăPRWLYDWă
ÌQFXUVXOXUPăULULLSHQDOHúLDOSURFHGXULLGHFDPHUăSUHOLPLQDUăFHUHULOHSURSXQHULOH
SOkQJHULOHúLFRQWHVWDĠLLOHSULYLWRDUHODPăVXULOHSUHYHQWLYHVHVROXĠLRQHD]ăvQFDPHUDGH
FRQVLOLXSULQvQFKHLHUHPRWLYDWăFDUHVHSURQXQĠăvQFDPHUDGHFRQVLOLX
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFXUVXOMXGHFăĠLLLQVWDQĠDGHMXGHFDWăVHSURQXQĠăDVXSUDPăVXULORUSUHYHQWLYHSULQ
vQFKHLHUHPRWLYDWă
ÌQFKHLHULOHSURQXQĠDWHGHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHMXGHFăWRUXOGHFDPHUă
SUHOLPLQDUăVDXGHLQVWDQĠDGHMXGHFDWăVHFRPXQLFăLQFXOSDWXOXLúLSURFXURUXOXLFDUHDX
OLSVLWGHODSURQXQĠDUH
$UWLFROXO
&DOHDGHDWDFvPSRWULYDvQFKHLHULORUSULQFDUHVHGLVSXQHDVXSUDPăVXULORUSUHYHQWLYHvQ
FXUVXOXUPăULULLSHQDOH
ÌPSRWULYDvQFKHLHULORUSULQFDUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGLVSXQHDVXSUD
PăVXULORUSUHYHQWLYHLQFXOSDWXOúLSURFXURUXOSRWIRUPXODFRQWHVWDĠLHvQWHUPHQGHGH
RUHGHODSURQXQĠDUHVDXGXSăFD]GHODFRPXQLFDUH&RQWHVWDĠLDVHGHSXQHODMXGHFăWRUXOGH
GUHSWXULúLOLEHUWăĠLFDUHDSURQXQĠDWvQFKHLHUHDDWDFDWăúLVHvQDLQWHD]ăvPSUHXQăFX
GRVDUXOFDX]HLMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDLHUDUKLFVXSHULRDUăvQ
WHUPHQGHGHRUHGHODvQUHJLVWUDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&RQWHVWDĠLLOHvPSRWULYDvQFKHLHULORUSULQFDUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHOD
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHGLVSXQHDVXSUDPăVXULORUSUHYHQWLYHVHVROXĠLRQHD]ăGHXQ
FRPSOHWFRPSXVGLQMXGHFăWRULGHGUHSWXULúLOLEHUWăĠLGHODÌQDOWD&XUWHGH&DVDĠLHúL
-XVWLĠLHGLVSR]LĠLLOHSUH]HQWXOXLDUWLFRODSOLFkQGXVHvQPRGFRUHVSXQ]ăWRU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&RQWHVWDĠLDIRUPXODWăvPSRWULYDvQFKHLHULLSULQFDUHVDGLVSXVOXDUHDVDXSUHOXQJLUHD
XQHLPăVXULSUHYHQWLYHRULSULQFDUHVDFRQVWDWDWvQFHWDUHDGHGUHSWDDFHVWHLDQXHVWH
VXVSHQVLYăGHH[HFXWDUH
&RQWHVWDĠLDIRUPXODWăGHLQFXOSDWVHVROXĠLRQHD]ăvQWHUPHQGH]LOHGHODvQUHJLVWUDUH
&RQWHVWDĠLDIRUPXODWăGHSURFXURUvPSRWULYDvQFKHLHULLSULQFDUHVDGLVSXVUHVSLQJHUHD
SURSXQHULLGHSUHOXQJLUHDDUHVWăULLSUHYHQWLYHUHYRFDUHDXQHLPăVXULSUHYHQWLYHVDX
vQORFXLUHDXQHLPăVXULSUHYHQWLYHFXRDOWăPăVXUăSUHYHQWLYăVHVROXĠLRQHD]ăvQDLQWHGH
H[SLUDUHDGXUDWHLPăVXULLSUHYHQWLYHGLVSXVHDQWHULRU
ÌQYHGHUHDVROXĠLRQăULLFRQWHVWDĠLHLLQFXOSDWXOVHFLWHD]ă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6ROXĠLRQDUHDFRQWHVWDĠLHLVHIDFHvQSUH]HQĠDLQFXOSDWXOXLvQDIDUăGHFD]XOFkQGDFHVWD
OLSVHúWHQHMXVWLILFDWHVWHGLVSăUXWVHVXVWUDJHRULGLQFDX]DVWăULLVăQăWăĠLLGLQFDX]ă
GHIRUĠăPDMRUăVDXVWDUHGHQHFHVLWDWHQXSRDWHILDGXVvQIDĠDMXGHFăWRUXOXL
ÌQWRDWHFD]XULOHHVWHREOLJDWRULHDFRUGDUHDDVLVWHQĠHLMXULGLFHSHQWUXLQFXOSDWGH
FăWUHXQDYRFDWDOHVVDXQXPLWGLQRILFLX
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
ÌQFD]XODGPLWHULLFRQWHVWDĠLHLIRUPXODWHGHSURFXURUúLGLVSXQHULLDUHVWăULLSUHYHQWLYH
DLQFXOSDWXOXLGLVSR]LĠLLOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRUÌQFD]XODGPLWHULL
FRQWHVWDĠLHLIRUPXODWHGHSURFXURUúLGLVSXQHULLSUHOXQJLULLDUHVWăULLSUHYHQWLYHD
LQFXOSDWXOXLGLVSR]LĠLLOHDUWDOLQ úL VHDSOLFăvQPRGFRUHVSXQ]ăWRU
'DFăVXQWvQWUXQLWHFRQGLĠLLOHSUHYă]XWHGHOHJHVHSRDWHGLVSXQHOXDUHDXQHLDGLQWUH
PăVXULOHSUHYHQWLYHSUHYă]XWHODDUWDOLQ OLWE G VDXPDMRUDUHDFXDQWXPXOXL
FDXĠLXQLL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XODGPLWHULLFRQWHVWDĠLHLIRUPXODWHGHLQFXOSDWvPSRWULYDvQFKHLHULLSULQFDUHVD
GLVSXVOXDUHDVDXSUHOXQJLUHDPăVXULLDUHVWăULLSUHYHQWLYHVHSRDWHGLVSXQHvQFRQGLĠLLOH
SUHYă]XWHGHOHJHUHVSLQJHUHDSURSXQHULLGHOXDUHVDXGHSUHOXQJLUHDPăVXULLSUHYHQWLYH
RULGXSăFD]vQORFXLUHDDFHVWHLDFXRDOWăPăVXUăSUHYHQWLYăPDLXúRDUăúLGXSăFD]
SXQHUHDGHvQGDWăvQOLEHUWDWHDLQFXOSDWXOXLGDFăQXHVWHDUHVWDWvQDOWăFDX]ă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'RVDUXOFDX]HLVHUHVWLWXLHSURFXURUXOXLvQWHUPHQGHGHRUHGHODVROXĠLRQDUHD
FRQWHVWDĠLHL
'DFăvQFKHLHUHDMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLGHODSULPDLQVWDQĠăQXHVWH
DWDFDWăFXFRQWHVWDĠLHDFHVWDUHVWLWXLHGRVDUXOSURFXURUXOXLvQWHUPHQGHGHRUHGHOD
H[SLUDUHDWHUPHQXOXLGHFRQWHVWDĠLH
$UWLFROXO
&DOHDGHDWDFvPSRWULYDvQFKHLHULORUSULQFDUHVHGLVSXQHDVXSUDPăVXULORUSUHYHQWLYHvQ
SURFHGXUDFDPHUHLSUHOLPLQDUH
ÌPSRWULYDvQFKHLHULORUSULQFDUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăGLVSXQHDVXSUD
PăVXULORUSUHYHQWLYHLQFXOSDWXOúLSURFXURUXOSRWIRUPXODFRQWHVWDĠLHvQWHUPHQGHGHRUH
GHODSURQXQĠDUHVDXGXSăFD]GHODFRPXQLFDUH&RQWHVWDĠLDVHGHSXQHODMXGHFăWRUXOGH
FDPHUăSUHOLPLQDUăFDUHDSURQXQĠDWvQFKHLHUHDDWDFDWăúLVHvQDLQWHD]ăvPSUHXQăFXGRVDUXO
FDX]HLMXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăGHODLQVWDQĠDLHUDUKLFVXSHULRDUăvQWHUPHQGH
GHRUHGHODvQUHJLVWUDUH
&RQWHVWDĠLLOHvPSRWULYDvQFKHLHULORUSULQFDUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăGHOD
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHGLVSXQHvQSURFHGXUDFDPHUHLSUHOLPLQDUHDVXSUDPăVXULORU
SUHYHQWLYHVHVROXĠLRQHD]ăGHXQDOWFRPSOHWDODFHOHLDúLLQVWDQĠHvQFRQGLĠLLOHOHJLL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&RQWHVWDĠLDIRUPXODWăvPSRWULYDvQFKHLHULLSULQFDUHVDGLVSXVOXDUHDVDXPHQĠLQHUHD
XQHLPăVXULSUHYHQWLYHRULSULQFDUHVDFRQVWDWDWvQFHWDUHDGHGUHSWDDFHVWHLDQXHVWH
VXVSHQVLYăGHH[HFXWDUH
&RQWHVWDĠLDIRUPXODWăGHLQFXOSDWVHVROXĠLRQHD]ăvQWHUPHQGH]LOHGHODvQUHJLVWUDUH
&RQWHVWDĠLDIRUPXODWăGHSURFXURUvPSRWULYDvQFKHLHULLSULQFDUHVDGLVSXVUHYRFDUHD
XQHLPăVXULSUHYHQWLYHVDXvQORFXLUHDXQHLPăVXULSUHYHQWLYHFXRDOWăPăVXUăSUHYHQWLYăVH
VROXĠLRQHD]ăvQDLQWHGHH[SLUDUHDGXUDWHLPăVXULLSUHYHQWLYHGLVSXVHDQWHULRU
ÌQYHGHUHDVROXĠLRQăULLFRQWHVWDĠLHLLQFXOSDWXOVHFLWHD]ă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6ROXĠLRQDUHDFRQWHVWDĠLHLVHIDFHvQSUH]HQĠDLQFXOSDWXOXLvQDIDUăGHFD]XOFkQGDFHVWD
OLSVHúWHQHMXVWLILFDWHVWHGLVSăUXWVHVXVWUDJHRULGLQFDX]DVWăULLVăQăWăĠLLGLQFDX]ă
GHIRUĠăPDMRUăVDXVWDUHGHQHFHVLWDWHQXSRDWHILDGXVvQIDĠDMXGHFăWRUXOXL
ÌQWRDWHFD]XULOHHVWHREOLJDWRULHDFRUGDUHDDVLVWHQĠHLMXULGLFHSHQWUXLQFXOSDWGH
FăWUHXQDYRFDWDOHVVDXQXPLWGLQRILFLX
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
'DFăVXQWvQWUXQLWHFRQGLĠLLOHSUHYă]XWHGHOHJHRGDWăFXVROXĠLRQDUHDFRQWHVWDĠLHLVH
SRDWHGLVSXQHOXDUHDXQHLDGLQWUHPăVXULOHSUHYHQWLYHSUHYă]XWHODDUWDOLQ OLW
E G VDXPDMRUDUHDFXDQWXPXOXLFDXĠLXQLL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&DOHDGHDWDFvPSRWULYDvQFKHLHULORUSULQFDUHVHGLVSXQHDVXSUDPăVXULORUSUHYHQWLYHvQ
FXUVXOMXGHFăĠLL
ÌPSRWULYDvQFKHLHULORUSULQFDUHLQVWDQĠDGLVSXQHvQSULPăLQVWDQĠăDVXSUDPăVXULORU
SUHYHQWLYHLQFXOSDWXOúLSURFXURUXOSRWIRUPXODFRQWHVWDĠLHvQWHUPHQGHGHRUHGHOD
SURQXQĠDUHVDXGXSăFD]GHODFRPXQLFDUH&RQWHVWDĠLDVHGHSXQHODLQVWDQĠDFDUHD
SURQXQĠDWvQFKHLHUHDDWDFDWăúLVHvQDLQWHD]ăvPSUHXQăFXGRVDUXOFDX]HLLQVWDQĠHLLHUDUKLF
VXSHULRDUHvQWHUPHQGHGHRUHGHODvQUHJLVWUDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW,,,GLQ25'21$1ğ$'(85*(1ğĂQU
GLQIHEUXDULHSXEOLFDWăvQ021,7258/2),&,$/QUGLQIHEUXDULH
ÌQFKHLHULOHSULQFDUHÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHGLVSXQHvQSULPăLQVWDQĠă
DVXSUDPăVXULORUSUHYHQWLYHSRWILFRQWHVWDWHODFRPSOHWXOFRPSHWHQWGHODÌQDOWD&XUWHGH
&DVDĠLHúL-XVWLĠLH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW,,,GLQ25'21$1ğ$'(85*(1ğĂQU
GLQIHEUXDULHSXEOLFDWăvQ021,7258/2),&,$/QUGLQIHEUXDULH
&RQWHVWDĠLDVHVROXĠLRQHD]ăvQúHGLQĠăSXEOLFăFXSDUWLFLSDUHDSURFXURUXOXLúLFX
FLWDUHDLQFXOSDWXOXL
&RQWHVWDĠLDIRUPXODWăvPSRWULYDvQFKHLHULLSULQFDUHVDGLVSXVOXDUHDVDXPHQĠLQHUHD
XQHLPăVXULSUHYHQWLYHRULSULQFDUHVDFRQVWDWDWvQFHWDUHDGHGUHSWDDFHVWHLDQXHVWH
VXVSHQVLYăGHH[HFXWDUH
&RQWHVWDĠLDIRUPXODWăGHLQFXOSDWVHVROXĠLRQHD]ăvQWHUPHQGH]LOHGHODvQUHJLVWUDUH
&RQWHVWDĠLDIRUPXODWăGHSURFXURUvPSRWULYDvQFKHLHULLSULQFDUHVDGLVSXVUHYRFDUHD
XQHLPăVXULSUHYHQWLYHVDXvQORFXLUHDXQHLPăVXULSUHYHQWLYHFXRDOWăPăVXUăSUHYHQWLYăVH
VROXĠLRQHD]ăvQDLQWHGHH[SLUDUHDGXUDWHLPăVXULLSUHYHQWLYHGLVSXVHDQWHULRU
'DFăVXQWvQWUXQLWHFRQGLĠLLOHSUHYă]XWHGHOHJHLQVWDQĠDSRDWHGLVSXQHOXDUHDXQHLD
GLQWUHPăVXULOHSUHYHQWLYHSUHYă]XWHODDUWDOLQ OLWE G VDXPDMRUDUHD
FXDQWXPXOXLFDXĠLXQLL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
9HULILFDUHDPăVXULORUSUHYHQWLYHvQSURFHGXUDGHFDPHUăSUHOLPLQDUă
&kQGSURFXURUXOGLVSXQHWULPLWHUHDvQMXGHFDWăDLQFXOSDWXOXLIDĠăGHFDUHVDGLVSXVR
PăVXUăSUHYHQWLYăUHFKL]LWRULXOvPSUHXQăFXGRVDUXOFDX]HLVHvQDLQWHD]ăMXGHFăWRUXOXLGH
FDPHUăSUHOLPLQDUăGHODLQVWDQĠDFRPSHWHQWăFXFHOSXĠLQ]LOHvQDLQWHGHH[SLUDUHD
GXUDWHLDFHVWHLD
ÌQWHUPHQGH]LOHGHODvQUHJLVWUDUHDGRVDUXOXLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUă
YHULILFăGLQRILFLXOHJDOLWDWHDúLWHPHLQLFLDPăVXULLSUHYHQWLYHvQDLQWHGHH[SLUDUHD
GXUDWHLDFHVWHLDFXFLWDUHDLQFXOSDWXOXL
'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
&kQGFRQVWDWăFăWHPHLXULOHFDUHDXGHWHUPLQDWOXDUHDPăVXULLVHPHQĠLQVDXH[LVWă
WHPHLXULQRLFDUHMXVWLILFăRPăVXUăSUHYHQWLYăMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăGLVSXQH
SULQvQFKHLHUHPHQĠLQHUHDPăVXULLSUHYHQWLYHIDĠăGHLQFXOSDW
&kQGFRQVWDWăFăDXvQFHWDWWHPHLXULOHFDUHDXGHWHUPLQDWOXDUHDVDXSUHOXQJLUHDPăVXULL
DUHVWăULLSUHYHQWLYHúLQXH[LVWăWHPHLXULQRLFDUHVăRMXVWLILFHRULvQFD]XOvQFDUHDX
DSăUXWvPSUHMXUăULQRLGLQFDUHUH]XOWăQHOHJDOLWDWHDPăVXULLSUHYHQWLYHMXGHFăWRUXOGH
FDPHUăSUHOLPLQDUăGLVSXQHSULQvQFKHLHUHUHYRFDUHDDFHVWHLDúLSXQHUHDvQOLEHUWDWHD
LQFXOSDWXOXLGDFăQXHVWHDUHVWDWvQDOWăFDX]ă
ÌQWRWFXUVXOSURFHGXULLGHFDPHUăSUHOLPLQDUăMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăGLQ
RILFLXYHULILFăSHULRGLFGDUQXPDLWkU]LXGHGH]LOHGDFăVXE]LVWăWHPHLXULOHFDUHDX
GHWHUPLQDWOXDUHDPăVXULLDUHVWăULLSUHYHQWLYHúLDPăVXULLDUHVWXOXLODGRPLFLOLXVDXGDFă
DXDSăUXWWHPHLXULQRLFDUHVăMXVWLILFHPHQĠLQHUHDDFHVWRUPăVXUL'LVSR]LĠLLOHDOLQ
VHDSOLFăvQPRGFRUHVSXQ]ăWRU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW,GLQ25'21$1ğ$'(85*(1ğĂQU
GLQLXQLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQLXQLH
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăvQFXUVXOSURFHGXULLGHFDPHUăSUHOLPLQDUăYHULILFă
GLQRILFLXSHULRGLFGDUQXPDLWkU]LXGHGH]LOHGDFăVXE]LVWăWHPHLXULOHFDUHDX
GHWHUPLQDWOXDUHDPăVXULLFRQWUROXOXLMXGLFLDURULDFRQWUROXOXLMXGLFLDUSHFDXĠLXQHVDX
GDFăDXDSăUXWWHPHLXULQRLFDUHVăMXVWLILFHPHQĠLQHUHDDFHVWHLPăVXUL'LVSR]LĠLLOHDOLQ
VHDSOLFăvQPRGFRUHVSXQ]ăWRU
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW,GLQ25'21$1ğ$'(85*(1ğĂQUGLQ
GHFHPEULHSXEOLFDWăvQ021,7258/2),&,$/QUGLQGHFHPEULH
$UWLFROXO
9HULILFDUHDPăVXULORUSUHYHQWLYHvQFXUVXOMXGHFăĠLL
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăvQDLQWHD]ăGRVDUXOLQVWDQĠHLGHMXGHFDWăFXFHOSXĠLQ
]LOHvQDLQWHGHH[SLUDUHDPăVXULLSUHYHQWLYH
,QVWDQĠDGHMXGHFDWăYHULILFăGLQRILFLXGDFăVXE]LVWăWHPHLXULOHFDUHDXGHWHUPLQDW
OXDUHDSUHOXQJLUHDVDXPHQĠLQHUHDPăVXULLSUHYHQWLYHvQDLQWHGHH[SLUDUHDGXUDWHLDFHVWHLD
FXFLWDUHDLQFXOSDWXOXL
'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
ÌQWRWFXUVXOMXGHFăĠLLLQVWDQĠDGLQRILFLXSULQvQFKHLHUHYHULILFăSHULRGLFGDUQX
PDLWkU]LXGHGH]LOHGDFăVXE]LVWăWHPHLXULOHFDUHDXGHWHUPLQDWPHQĠLQHUHDPăVXULL
DUHVWăULLSUHYHQWLYHúLDPăVXULLDUHVWXOXLODGRPLFLOLXGLVSXVHIDĠăGHLQFXOSDWVDXGDFăDX
DSăUXWWHPHLXULQRLFDUHVăMXVWLILFHPHQĠLQHUHDDFHVWRUPăVXUL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW,GLQ25'21$1ğ$'(85*(1ğĂQU
GLQLXQLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQLXQLH
ÌQWRWFXUVXOMXGHFăĠLLLQVWDQĠDYHULILFăSULQvQFKHLHUHGLQRILFLXSHULRGLFGDUQX
PDLWkU]LXGHGH]LOHGDFăVXE]LVWăWHPHLXULOHFDUHDXGHWHUPLQDWOXDUHDPăVXULL
FRQWUROXOXLMXGLFLDURULDFRQWUROXOXLMXGLFLDUSHFDXĠLXQHVDXGDFăDXDSăUXWWHPHLXULQRL
FDUHVăMXVWLILFHPHQĠLQHUHDDFHVWHLPăVXUL'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQ
PRGFRUHVSXQ]ăWRU
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW,GLQ25'21$1ğ$'(85*(1ğĂQUGLQ
GHFHPEULHSXEOLFDWăvQ021,7258/2),&,$/QUGLQGHFHPEULH
6HFĠLXQHDDD5HĠLQHUHD
$UWLFROXO
5HĠLQHUHD
2UJDQXOGHFHUFHWDUHSHQDOăVDXSURFXURUXOSRDWHGLVSXQHUHĠLQHUHDGDFăVXQWvQGHSOLQLWH
FRQGLĠLLOHSUHYă]XWHODDUW
3HUVRDQHLUHĠLQXWHLVHDGXFODFXQRúWLQĠăGHvQGDWăvQOLPEDSHFDUHRvQĠHOHJH
LQIUDFĠLXQHDGHFDUHHVWHVXVSHFWDWúLPRWLYHOHUHĠLQHULL
5HĠLQHUHDVHSRDWHGLVSXQHSHQWUXFHOPXOWGHRUHÌQGXUDWDUHĠLQHULLQXVHLQFOXGH
WLPSXOVWULFWQHFHVDUFRQGXFHULLVXVSHFWXOXLVDXLQFXOSDWXOXLODVHGLXORUJDQXOXLMXGLFLDU
FRQIRUPOHJLL
'DFăVXVSHFWXOVDXLQFXOSDWXODIRVWDGXVvQIDĠDRUJDQXOXLGHFHUFHWDUHSHQDOăVDXD
SURFXURUXOXLSHQWUXDILDXGLDWvQED]DXQXLPDQGDWGHDGXFHUHOHJDOHPLVvQWHUPHQXO
SUHYă]XWODDOLQ QXVHLQFOXGHSHULRDGDFkWVXVSHFWXOVDXLQFXOSDWXOVDDIODWVXE
SXWHUHDDFHOXLPDQGDW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
0ăVXUDUHĠLQHULLSRDWHILOXDWăQXPDLGXSăDXGLHUHDVXVSHFWXOXLVDXLQFXOSDWXOXLvQ
SUH]HQĠDDYRFDWXOXLDOHVRULQXPLWGLQRILFLX
ÌQDLQWHGHDXGLHUHRUJDQXOGHFHUFHWDUHSHQDOăRULSURFXURUXOHVWHREOLJDWVăDGXFăOD
FXQRúWLQĠDVXVSHFWXOXLVDXLQFXOSDWXOXLFăDUHGUHSWXOGHDILDVLVWDWGHXQDYRFDWDOHVRUL
QXPLWGLQRILFLXúLGUHSWXOGHDQXIDFHQLFLRGHFODUDĠLHFXH[FHSĠLDIXUQL]ăULLGH
LQIRUPDĠLLUHIHULWRDUHODLGHQWLWDWHDVDDWUăJkQGXLDWHQĠLDFăFHHDFHGHFODUăSRDWHIL
IRORVLWvPSRWULYDVD
6XVSHFWXOVDXLQFXOSDWXOUHĠLQXWDUHGUHSWXOGHDúLvQFXQRúWLQĠDSHUVRQDODYRFDWXODOHV
VDXGHDVROLFLWDRUJDQXOXLGHFHUFHWDUHSHQDOăRULSURFXURUXOXLVăvOvQFXQRúWLQĠH]HSH
DFHVWD0RGXOGHUHDOL]DUHDvQFXQRúWLQĠăULLVHFRQVHPQHD]ăvQWUXQSURFHVYHUEDO3HUVRDQHL
UHĠLQXWHQXLVHSRDWHUHIX]DH[HUFLWDUHDGUHSWXOXLGHDIDFHSHUVRQDOvQFXQRúWLQĠDUHDGHFkW
SHQWUXPRWLYHWHPHLQLFHFDUHYRUILFRQVHPQDWHvQSURFHVXOYHUEDO
$YRFDWXODOHVDUHREOLJDĠLDGHDVHSUH]HQWDODVHGLXORUJDQXOXLMXGLFLDUvQWHUPHQGH
FHOPXOWGRXăRUHGHODvQFXQRúWLQĠDUHÌQFD]GHQHSUH]HQWDUHDDYRFDWXOXLDOHVRUJDQXOGH
FHUFHWDUHSHQDOăVDXSURFXURUXOQXPHúWHXQDYRFDWGLQRILFLX
$YRFDWXOVXVSHFWXOXLVDXLQFXOSDWXOXLDUHGUHSWXOGHDFRPXQLFDGLUHFWFXDFHVWDvQ
FRQGLĠLLFDUHVăDVLJXUHFRQILGHQĠLDOLWDWHD
5HĠLQHUHDVHGLVSXQHGHRUJDQXOGHFHUFHWDUHSHQDOăVDXGHSURFXURUSULQRUGRQDQĠăFDUH
YDFXSULQGHPRWLYHOHFDUHDXGHWHUPLQDWOXDUHDPăVXULL]LXDúLRUDODFDUHUHĠLQHUHDvQFHSH
SUHFXPúL]LXDúLRUDODFDUHUHĠLQHUHDVHVIkUúHúWH
6XVSHFWXOXLVDXLQFXOSDWXOXLUHĠLQXWLVHvQPkQHD]ăXQH[HPSODUDORUGRQDQĠHLSUHYă]XWH
ODDOLQ
3HSHULRDGDUHĠLQHULLVXVSHFWXOXLVDXLQFXOSDWXOXLRUJDQXOGHFHUFHWDUHSHQDOăVDX
SURFXURUXOFDUHDGLVSXVPăVXUDDUHGUHSWXOGHDSURFHGDODIRWRJUDILHUHDúLOXDUHD
DPSUHQWHORUDFHVWXLD
'DFăUHĠLQHUHDDIRVWGLVSXVăGHRUJDQXOGHFHUFHWDUHSHQDOăDFHVWDDUHREOLJDĠLDGHD
OLQIRUPDSHSURFXURUFXSULYLUHODOXDUHDPăVXULLSUHYHQWLYHGHvQGDWăúLSULQRULFH
PLMORDFH
ÌPSRWULYDRUGRQDQĠHLRUJDQXOXLGHFHUFHWDUHSHQDOăSULQFDUHVDOXDWPăVXUDUHĠLQHULL
VXVSHFWXOVDXLQFXOSDWXOSRDWHIDFHSOkQJHUHODSURFXURUXOFDUHVXSUDYHJKHD]ăXUPăULUHD
SHQDOăvQDLQWHGHH[SLUDUHDGXUDWHLDFHVWHLD3URFXURUXOVHSURQXQĠăGHvQGDWăSULQ
RUGRQDQĠăÌQFD]XOFkQGFRQVWDWăFăDXIRVWvQFăOFDWHGLVSR]LĠLLOHOHJDOHFDUHUHJOHPHQWHD]ă
FRQGLĠLLOHGHOXDUHDPăVXULLUHĠLQHULLSURFXURUXOGLVSXQHUHYRFDUHDHLúLSXQHUHDGHvQGDWă
vQOLEHUWDWHDFHOXLUHĠLQXW
ÌPSRWULYDRUGRQDQĠHLSURFXURUXOXLSULQFDUHVDOXDWPăVXUDUHĠLQHULLVXVSHFWXOVDX
LQFXOSDWXOSRDWHIDFHSOkQJHUHvQDLQWHGHH[SLUDUHDGXUDWHLDFHVWHLDODSULPSURFXURUXO
SDUFKHWXOXLVDXGXSăFD]ODSURFXURUXOLHUDUKLFVXSHULRU3ULPSURFXURUXOVDXSURFXURUXO
LHUDUKLFVXSHULRUVHSURQXQĠăGHvQGDWăSULQRUGRQDQĠăÌQFD]XOFkQGFRQVWDWăFăDXIRVW
vQFăOFDWHGLVSR]LĠLLOHOHJDOHFDUHUHJOHPHQWHD]ăFRQGLĠLLOHGHOXDUHDPăVXULLUHĠLQHULL
SULPSURFXURUXOVDXSURFXURUXOLHUDUKLFVXSHULRUGLVSXQHUHYRFDUHDHLúLSXQHUHDGHvQGDWăvQ
OLEHUWDWHDLQFXOSDWXOXL
3URFXURUXOVHVL]HD]ăMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDFRPSHWHQWăvQ
YHGHUHDOXăULLPăVXULLDUHVWăULLSUHYHQWLYHIDĠăGHLQFXOSDWXOUHĠLQXWFXFHOSXĠLQRUH
vQDLQWHGHH[SLUDUHDGXUDWHLUHĠLQHULLDFHVWXLD
3HUVRDQHLUHĠLQXWHLVHFRPXQLFăVXEVHPQăWXUăvQVFULVGUHSWXULOHSUHYă]XWHODDUW
ODDUWDOLQ úL GUHSWXOGHDFFHVODDVLVWHQĠăPHGLFDOăGHXUJHQĠăGXUDWD
PD[LPăSHQWUXFDUHVHSRDWHGLVSXQHPăVXUDUHĠLQHULLSUHFXPúLGUHSWXOGHDIDFHSOkQJHUH
vPSRWULYDPăVXULLGLVSXVHLDUvQFD]XOvQFDUHSHUVRDQDUHĠLQXWăQXSRDWHRULUHIX]ăVă
VHPQH]HVHYDvQFKHLDXQSURFHVYHUEDO
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
ÌQFXQRúWLQĠDUHDGHVSUHUHĠLQHUH
,PHGLDWGXSăUHĠLQHUHSHUVRDQDUHĠLQXWăDUHGUHSWXOGHDvQFXQRúWLQĠDSHUVRQDOVDXGHD
VROLFLWDRUJDQXOXLMXGLFLDUFDUHDGLVSXVPăVXUDVăvQFXQRúWLQĠH]HXQPHPEUXDOIDPLOLHLVDOH
RULRDOWăSHUVRDQăGHVHPQDWăGHDFHDVWDGHVSUHOXDUHDPăVXULLUHĠLQHULLúLGHVSUHORFXOXQGH
HVWHUHĠLQXWă
'DFăSHUVRDQDUHĠLQXWăQXHVWHFHWăĠHDQURPkQDFHDVWDDUHúLGUHSWXOGHDvQFXQRúWLQĠD
VDXGHDVROLFLWDvQFXQRúWLQĠDUHDPLVLXQLLGLSORPDWLFHRULRILFLXOXLFRQVXODUDOVWDWXOXLDO
FăUXLFHWăĠHDQHVWHVDXGXSăFD]DXQHLRUJDQL]DĠLLLQWHUQDĠLRQDOHXPDQLWDUHGDFăQX
GRUHúWHVăEHQHILFLH]HGHDVLVWHQĠDDXWRULWăĠLORUGLQĠDUDVDGHRULJLQHRULD
UHSUH]HQWDQĠHLRUJDQL]DĠLHLLQWHUQDĠLRQDOHFRPSHWHQWHGDFăHVWHUHIXJLDWVDXGLQRULFHDOW
PRWLYVHDIOăVXESURWHFĠLDXQHLDVWIHOGHRUJDQL]DĠLL,QVSHFWRUDWXO*HQHUDOSHQWUX
,PLJUăULHVWHLQIRUPDWvQWRDWHVLWXDĠLLOHFXSULYLUHODGLVSXQHUHDPăVXULLSUHYHQWLYHIDĠă
GHDFHDVWăFDWHJRULHGHSHUVRDQH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'LVSR]LĠLLOHDOLQ úL VHDSOLFăvQPRGFRUHVSXQ]ăWRUúLvQFD]XOVFKLPEăULL
XOWHULRDUHDORFXOXLGHUHĠLQHUH
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HUVRDQHLUHĠLQXWHQXLVHSRDWHUHIX]DH[HUFLWDUHDGUHSWXOXLGHDIDFHSHUVRQDO
vQFXQRúWLQĠDUHDGHFkWSHQWUXPRWLYHWHPHLQLFHFDUHYRUILFRQVHPQDWHvQSURFHVXOYHUEDO
ÌQPRGH[FHSĠLRQDOSHQWUXPRWLYHWHPHLQLFHvQFXQRúWLQĠDUHDSRDWHILvQWkU]LDWăFHOPXOW
RUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6HFĠLXQHDDD&RQWUROXOMXGLFLDU
$UWLFROXO
&RQGLĠLLJHQHUDOH
ÌQFXUVXOXUPăULULLSHQDOHSURFXURUXOSRDWHGLVSXQHOXDUHDPăVXULLFRQWUROXOXLMXGLFLDU
IDĠăGHLQFXOSDWGDFăDFHDVWăPăVXUăSUHYHQWLYăHVWHQHFHVDUăSHQWUXUHDOL]DUHDVFRSXOXL
SUHYă]XWODDUWDOLQ
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăvQSURFHGXUDGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGH
MXGHFDWăvQFXUVXOMXGHFăĠLLSRDWHGLVSXQHOXDUHDPăVXULLFRQWUROXOXLMXGLFLDUIDĠăGH
LQFXOSDWGDFăVXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHODDOLQ
$UWLFROXO
/XDUHDPăVXULLFRQWUROXOXLMXGLFLDUGHFăWUHSURFXURU
3URFXURUXOGLVSXQHFLWDUHDLQFXOSDWXOXLDIODWvQVWDUHGHOLEHUWDWHVDXDGXFHUHD
LQFXOSDWXOXLDIODWvQVWDUHGHUHĠLQHUH
,QFXOSDWXOXLSUH]HQWLVHDGXFODFXQRúWLQĠăGHvQGDWăvQOLPEDSHFDUHRvQĠHOHJH
LQIUDFĠLXQHDGHFDUHHVWHVXVSHFWDWúLPRWLYHOHOXăULLPăVXULLFRQWUROXOXLMXGLFLDU
0ăVXUDFRQWUROXOXLMXGLFLDUSRDWHILOXDWăQXPDLGXSăDXGLHUHDLQFXOSDWXOXLvQSUH]HQĠD
DYRFDWXOXLDOHVRULQXPLWGLQRILFLX'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRG
FRUHVSXQ]ăWRU
3URFXURUXOGLVSXQHOXDUHDPăVXULLFRQWUROXOXLMXGLFLDUSULQRUGRQDQĠăPRWLYDWăFDUHVH
FRPXQLFăLQFXOSDWXOXL
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&DOHDGHDWDFvPSRWULYDPăVXULLFRQWUROXOXLMXGLFLDUGLVSXVHGHSURFXURU
ÌPSRWULYDRUGRQDQĠHLSURFXURUXOXLSULQFDUHVDOXDWPăVXUDFRQWUROXOXLMXGLFLDUvQ
WHUPHQGHGHRUHGHODFRPXQLFDUHLQFXOSDWXOSRDWHIDFHSOkQJHUHODMXGHFăWRUXOGH
GUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDFăUHLDLDUUHYHQLFRPSHWHQĠDVăMXGHFHFDX]DvQIRQG
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVHVL]DWFRQIRUPDOLQ IL[HD]ăWHUPHQGH
VROXĠLRQDUHvQFDPHUDGHFRQVLOLXúLGLVSXQHFLWDUHDLQFXOSDWXOXL
1HSUH]HQWDUHDLQFXOSDWXOXLQXvPSLHGLFăMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVăGLVSXQă
DVXSUDPăVXULLOXDWHGHSURFXURU
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLvODVFXOWăSHLQFXOSDWDWXQFLFkQGDFHVWDHVWH
SUH]HQW
$VLVWHQĠDMXULGLFăDLQFXOSDWXOXLúLSDUWLFLSDUHDSURFXURUXOXLVXQWREOLJDWRULL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLSRDWHUHYRFDPăVXUDGDFăDXIRVWvQFăOFDWH
GLVSR]LĠLLOHOHJDOHFDUHUHJOHPHQWHD]ăFRQGLĠLLOHGHOXDUHDDFHVWHLD
'RVDUXOFDX]HLVHUHVWLWXLHSURFXURUXOXLvQWHUPHQGHGHRUHGHODSURQXQĠDUHD
vQFKHLHULL
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
/XDUHDPăVXULLFRQWUROXOXLMXGLFLDUGHFăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠD
GHMXGHFDWă
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGHMXGHFDWăvQIDĠDFăUHLDVHDIOăFDX]D
SRDWHGLVSXQHSULQvQFKHLHUHOXDUHDPăVXULLFRQWUROXOXLMXGLFLDUIDĠăGHLQFXOSDWOD
FHUHUHDPRWLYDWăDSURFXURUXOXLVDXGLQRILFLX
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGHMXGHFDWăVHVL]DWSRWULYLWDOLQ
GLVSXQHFLWDUHDLQFXOSDWXOXL$VFXOWDUHDLQFXOSDWXOXLHVWHREOLJDWRULHGDFăDFHVWDVH
SUH]LQWăODWHUPHQXOIL[DW
3UH]HQĠDDYRFDWXOXLLQFXOSDWXOXLúLSDUWLFLSDUHDSURFXURUXOXLVXQWREOLJDWRULL
$UWLFROXO
&RQĠLQXWXOFRQWUROXOXLMXGLFLDU
3HWLPSXOFkWVHDIOăVXEFRQWUROMXGLFLDULQFXOSDWXOWUHEXLHVăUHVSHFWHXUPăWRDUHOH
REOLJDĠLL
D VăVHSUH]LQWHODRUJDQXOGHXUPăULUHSHQDOăODMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXOD
LQVWDQĠDGHMXGHFDWăRULGHFkWHRULHVWHFKHPDW
E VăLQIRUPH]HGHvQGDWăRUJDQXOMXGLFLDUFDUHDGLVSXVPăVXUDVDXvQIDĠDFăUXLDVHDIOă
FDX]DFXSULYLUHODVFKLPEDUHDORFXLQĠHL
F VăVHSUH]LQWHODRUJDQXOGHSROLĠLHGHVHPQDWFXVXSUDYHJKHUHDVDGHFăWUHRUJDQXO
MXGLFLDUFDUHDGLVSXVPăVXUDFRQIRUPSURJUDPXOXLGHVXSUDYHJKHUHvQWRFPLWGHRUJDQXOGH
SROLĠLHVDXRULGHFkWHRULHVWHFKHPDW
2UJDQXOMXGLFLDUFDUHDGLVSXVPăVXUDSRDWHLPSXQHLQFXOSDWXOXLFDSHWLPSXOFRQWUROXOXL
MXGLFLDUVăUHVSHFWHXQDVDXPDLPXOWHGLQWUHXUPăWRDUHOHREOLJDĠLL
D VăQXGHSăúHDVFăRDQXPLWăOLPLWăWHULWRULDOăIL[DWăGHRUJDQXOMXGLFLDUGHFkWFX
vQFXYLLQĠDUHDSUHDODELOăDDFHVWXLD
E VăQXVHGHSODVH]HvQORFXULDQXPHVWDELOLWHGHRUJDQXOMXGLFLDUVDXVăVHGHSODVH]HGRDU
vQORFXULOHVWDELOLWHGHDFHVWD
F VăSRDUWHSHUPDQHQWXQVLVWHPHOHFWURQLFGHVXSUDYHJKHUH
G VăQXUHYLQăvQORFXLQĠDIDPLOLHLVăQXVHDSURSLHGHSHUVRDQDYăWăPDWăVDXGHPHPEULL
IDPLOLHLDFHVWHLDGHDOĠLSDUWLFLSDQĠLODFRPLWHUHDLQIUDFĠLXQLLGHPDUWRULRULH[SHUĠLVDX
GHDOWHSHUVRDQHDQXPHGHVHPQDWHGHRUJDQXOMXGLFLDUúLVăQXFRPXQLFHFXDFHVWHDGLUHFWVDX
LQGLUHFWSHQLFLRFDOH
/LWG DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
H VăQXH[HUFLWHSURIHVLDPHVHULDVDXVăQXGHVIăúRDUHDFWLYLWDWHDvQH[HUFLWDUHDFăUHLDD
VăYkUúLWIDSWD
I VăFRPXQLFHSHULRGLFLQIRUPDĠLLUHOHYDQWHGHVSUHPLMORDFHOHVDOHGHH[LVWHQĠă
J VăVHVXSXQăXQRUPăVXULGHFRQWUROvQJULMLUHVDXWUDWDPHQWPHGLFDOvQVSHFLDOvQVFRSXO
GH]LQWR[LFăULL
K VăQXSDUWLFLSHODPDQLIHVWăULVSRUWLYHVDXFXOWXUDOHRULODDOWHDGXQăULSXEOLFH
L VăQXFRQGXFăYHKLFXOHDQXPHVWDELOLWHGHRUJDQXOMXGLFLDU
M VăQXGHĠLQăVăQXIRORVHDVFăúLVăQXSRDUWHDUPH
N VăQXHPLWăFHFXUL
ÌQFXSULQVXODFWXOXLSULQFDUHVHGLVSXQHOXDUHDPăVXULLFRQWUROXOXLMXGLFLDUVXQW
SUHYă]XWHvQPRGH[SUHVREOLJDĠLLOHSHFDUHLQFXOSDWXOWUHEXLHVăOHUHVSHFWHSHGXUDWD
DFHVWXLDúLLVHDWUDJHDWHQĠLDFăvQFD]GHvQFăOFDUHFXUHDFUHGLQĠăDREOLJDĠLLORUFDUH
vLUHYLQPăVXUDFRQWUROXOXLMXGLFLDUVHSRDWHvQORFXLFXPăVXUDDUHVWXOXLODGRPLFLOLXVDX
PăVXUDDUHVWăULLSUHYHQWLYH
6XSUDYHJKHUHDUHVSHFWăULLGHFăWUHLQFXOSDWDREOLJDĠLLORUFDUHvLUHYLQSHGXUDWD
FRQWUROXOXLMXGLFLDUVHUHDOL]HD]ăGHFăWUHLQVWLWXĠLDRUJDQXOVDXDXWRULWDWHDDQXPH
GHVHPQDWHGHRUJDQXOMXGLFLDUFDUHDGLVSXVPăVXUDvQFRQGLĠLLOHOHJLL
'DFăvQFDGUXOREOLJDĠLHLSUHYă]XWHODDOLQ OLWD VDLPSXVLQFXOSDWXOXL
LQWHUGLFĠLDGHDSăUăVLĠDUDVDXRDQXPLWăORFDOLWDWHFkWHRFRSLHDRUGRQDQĠHLSURFXURUXOXL
RULGXSăFD]DvQFKHLHULLVHFRPXQLFăvQ]LXDHPLWHULLRUGRQDQĠHLVDXDSURQXQĠăULL
vQFKHLHULLLQFXOSDWXOXLXQLWăĠLLGHSROLĠLHvQDFăUHLFLUFXPVFULSĠLHORFXLHúWHSUHFXPúL
FHOHLvQDFăUHLFLUFXPVFULSĠLHDUHLQWHUGLFĠLDGHDVHDIODDFHVWDVHUYLFLXOXLSXEOLF
FRPXQLWDUGHHYLGHQĠăDSHUVRDQHORU3ROLĠLHLGH)URQWLHUă5RPkQHúL,QVSHFWRUDWXOXL*HQHUDO
SHQWUX,PLJUăULvQVLWXDĠLDFHOXLFDUHQXHVWHFHWăĠHDQURPkQvQYHGHUHDDVLJXUăULL
UHVSHFWăULLGHFăWUHLQFXOSDWDREOLJDĠLHLFDUHvLUHYLQH2UJDQHOHvQGUHSWGLVSXQGDUHD
LQFXOSDWXOXLvQFRQVHPQODSXQFWHOHGHWUHFHUHDIURQWLHUHL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
,QVWLWXĠLDRUJDQXOVDXDXWRULWDWHDSUHYă]XWHODDOLQ YHULILFăSHULRGLFUHVSHFWDUHD
REOLJDĠLLORUGHFăWUHLQFXOSDWLDUvQFD]XOvQFDUHFRQVWDWăvQFăOFăULDOHDFHVWRUD
VHVL]HD]ăGHvQGDWăSURFXURUXOvQFXUVXOXUPăULULLSHQDOHMXGHFăWRUXOGHFDPHUă
SUHOLPLQDUăvQSURFHGXUDGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGHMXGHFDWăvQFXUVXO
MXGHFăĠLL
ÌQFD]XOvQFDUHSHGXUDWDPăVXULLFRQWUROXOXLMXGLFLDULQFXOSDWXOvQFDOFăFXUHD
FUHGLQĠăREOLJDĠLLOHFDUHvLUHYLQVDXH[LVWăVXVSLFLXQHDUH]RQDELOăFăDVăYkUúLWFX
LQWHQĠLHRQRXăLQIUDFĠLXQHSHQWUXFDUHVDGLVSXVSXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOH
vPSRWULYDVDMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDX
LQVWDQĠDGHMXGHFDWăODFHUHUHDSURFXURUXOXLRULGLQRILFLXSRDWHGLVSXQHvQORFXLUHD
DFHVWHLPăVXULFXPăVXUDDUHVWXOXLODGRPLFLOLXVDXDDUHVWăULLSUHYHQWLYHvQFRQGLĠLLOH
SUHYă]XWHGHOHJH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFXUVXOXUPăULULLSHQDOHSURFXURUXOFDUHDOXDWPăVXUDSRDWHGLVSXQHGLQRILFLXVDX
ODFHUHUHDPRWLYDWăDLQFXOSDWXOXLSULQRUGRQDQĠăLPSXQHUHDXQRUQRLREOLJDĠLLSHQWUX
LQFXOSDWRULvQORFXLUHDVDXvQFHWDUHDFHORUGLVSXVHLQLĠLDOGDFăDSDUPRWLYHWHPHLQLFHFDUH
MXVWLILFăDFHDVWDGXSăDXGLHUHDLQFXOSDWXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'LVSR]LĠLLOHDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRUúLvQSURFHGXUDGHFDPHUă
SUHOLPLQDUăVDXvQFXUVXOMXGHFăĠLLFkQGMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăRULLQVWDQĠDGH
MXGHFDWăGLVSXQHSULQvQFKHLHUHODFHUHUHDPRWLYDWăDSURFXURUXOXLVDXDLQFXOSDWXOXLRUL
GLQRILFLXGXSăDXGLHUHDLQFXOSDWXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXOA
'XUDWDFRQWUROXOXLMXGLFLDU
ÌQFXUVXOXUPăULULLSHQDOHPăVXUDFRQWUROXOXLMXGLFLDUVHSRDWHGLVSXQHGHFăWUH
SURFXURUVDXGHFăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLSHRGXUDWăGHFHOPXOWGH
]LOH
ÌQFXUVXOXUPăULULLSHQDOHFRQWUROXOMXGLFLDUSRDWHILSUHOXQJLWGHFăWUHSURFXURUSULQ
RUGRQDQĠăGDFăVHPHQĠLQWHPHLXULOHFDUHDXGHWHUPLQDWOXDUHDPăVXULLVDXDXDSăUXWWHPHLXUL
QRLFDUHVăMXVWLILFHSUHOXQJLUHDDFHVWXLDILHFDUHSUHOXQJLUHQHSXWkQGVăGHSăúHDVFăGH
]LOH
'LVSR]LĠLLOHDOLQ VXQWDSOLFDELOHúLvQFD]XOvQFDUHPăVXUDDIRVWOXDWăGHFăWUH
MXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
2UGRQDQĠDSURFXURUXOXLSULQFDUHvQFRQGLĠLLOHDOLQ VDX VDSUHOXQJLWPăVXUD
FRQWUROXOXLMXGLFLDUVHFRPXQLFăvQDFHHDúL]LLQFXOSDWXOXL
ÌPSRWULYDRUGRQDQĠHLSURFXURUXOXLSULQFDUHvQFRQGLĠLLOHSUHYă]XWHGHDOLQ úL
VDSUHOXQJLWPăVXUDFRQWUROXOXLMXGLFLDULQFXOSDWXOSRDWHIDFHSOkQJHUHODMXGHFăWRUXOGH
GUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDFăUHLDLDUUHYHQLFRPSHWHQĠDVăMXGHFHFDX]DvQIRQG
GLVSR]LĠLLOHDUWDSOLFkQGXVHvQPRGFRUHVSXQ]ăWRU
ÌQFXUVXOXUPăULULLSHQDOHGXUDWDPăVXULLFRQWUROXOXLMXGLFLDUQXSRDWHVăGHSăúHDVFăXQ
DQGDFăSHGHDSVDSUHYă]XWăGHOHJHHVWHDPHQGDVDXvQFKLVRDUHDGHFHOPXOWDQLUHVSHFWLY
DQLGDFăSHGHDSVDSUHYă]XWăGHOHJHHVWHGHWHQĠLXQHDSHYLDĠăVDXvQFKLVRDUHDPDLPDUHGH
DQL
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăvQSURFHGXUDGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDvQ
FXUVXOMXGHFăĠLLSRDWHGLVSXQHOXDUHDPăVXULLFRQWUROXOXLMXGLFLDUIDĠăGHLQFXOSDWSHR
GXUDWăFHQXSRDWHGHSăúLGH]LOH
ÌQFXUVXOMXGHFăĠLLvQSULPăLQVWDQĠăGXUDWDWRWDOăDFRQWUROXOXLMXGLFLDUQXSRDWH
GHSăúLXQWHUPHQUH]RQDELOúLvQWRDWHFD]XULOHQXSRDWHGHSăúLDQLGHODPRPHQWXO
WULPLWHULLvQMXGHFDWă
/DH[SLUDUHDWHUPHQHORUSUHYă]XWHODDOLQ LQVWDQĠDGHMXGHFDWăSRDWHGLVSXQHOXDUHD
XQHLDOWHPăVXULSUHYHQWLYHvQFRQGLĠLLOHOHJLL
$UWADIRVWLQWURGXVGHSFWDODUW,GLQ25'21$1ğ$'(85*(1ğĂQUGLQ
GHFHPEULHSXEOLFDWăvQ021,7258/2),&,$/QUGLQGHFHPEULH
6HFĠLXQHDDD&RQWUROXOMXGLFLDUSHFDXĠLXQH
$UWLFROXO
&RQGLĠLLJHQHUDOH
ÌQFXUVXOXUPăULULLSHQDOHSURFXURUXOSRDWHGLVSXQHOXDUHDPăVXULLFRQWUROXOXLMXGLFLDU
SHFDXĠLXQHIDĠăGHLQFXOSDWGDFăVXQWvQWUXQLWHFRQGLĠLLOHSUHYă]XWHODDUWDOLQ
úL OXDUHDDFHVWHLPăVXULHVWHVXILFLHQWăSHQWUXUHDOL]DUHDVFRSXOXLSUHYă]XWODDUW
DOLQ LDULQFXOSDWXOGHSXQHRFDXĠLXQHDFăUHLYDORDUHHVWHVWDELOLWăGHFăWUHRUJDQXO
MXGLFLDU
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăvQSURFHGXUDGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGH
MXGHFDWăvQFXUVXOMXGHFăĠLLSRDWHGLVSXQHOXDUHDPăVXULLFRQWUROXOXLMXGLFLDUSHFDXĠLXQH
IDĠăGHLQFXOSDWGDFăVXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHODDOLQ
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'LVSR]LĠLLOHDUWAVHDSOLFăvQPRGFRUHVSXQ]ăWRU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW,GLQ25'21$1ğ$'(85*(1ğĂQU
GLQGHFHPEULHSXEOLFDWăvQ021,7258/2),&,$/QUGLQGHFHPEULH
$UWLFROXO
&RQĠLQXWXOFDXĠLXQLL
&RQVHPQDUHDFDXĠLXQLLVHIDFHSHQXPHOHLQFXOSDWXOXLSULQGHSXQHUHDXQHLVXPHGHEDQL
GHWHUPLQDWHODGLVSR]LĠLDRUJDQXOXLMXGLFLDURULSULQFRQVWLWXLUHDXQHLJDUDQĠLLUHDOH
PRELOLDUHRULLPRELOLDUHvQOLPLWDXQHLVXPHGHEDQLGHWHUPLQDWHvQIDYRDUHDDFHOXLDúL
RUJDQMXGLFLDU
9DORDUHDFDXĠLXQLLHVWHGHFHOSXĠLQOHLúLVHGHWHUPLQăvQUDSRUWFXJUDYLWDWHD
DFX]DĠLHLDGXVHLQFXOSDWXOXLVLWXDĠLDPDWHULDOăúLREOLJDĠLLOHOHJDOHDOHDFHVWXLD
3HSHULRDGDPăVXULLLQFXOSDWXOWUHEXLHVăUHVSHFWHREOLJDĠLLOHSUHYă]XWHODDUW
DOLQ úLLVHSRDWHLPSXQHUHVSHFWDUHDXQHLDRULPDLPXOWRUDGLQWUHREOLJDĠLLOHSUHYă]XWH
ODDUWDOLQ 'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
&DXĠLXQHDJDUDQWHD]ăSDUWLFLSDUHDLQFXOSDWXOXLODSURFHVXOSHQDOúLUHVSHFWDUHDGHFăWUH
DFHVWDDREOLJDĠLLORUSUHYă]XWHODDOLQ
,QVWDQĠDGHMXGHFDWăGLVSXQHSULQKRWăUkUHFRQILVFDUHDFDXĠLXQLLGDFăPăVXUDFRQWUROXOXL
MXGLFLDUSHFDXĠLXQHDIRVWvQORFXLWăFXPăVXUDDUHVWXOXLODGRPLFLOLXVDXDDUHVWăULL
SUHYHQWLYHSHQWUXPRWLYHOHSUHYă]XWHODDOLQ
ÌQFHOHODOWHFD]XULLQVWDQĠDGHMXGHFDWăSULQKRWăUkUHGLVSXQHUHVWLWXLUHDFDXĠLXQLL
'LVSR]LĠLLOHDOLQ úL VHDSOLFăvQPăVXUDvQFDUHQXVDGLVSXVSODWDGLQ
FDXĠLXQHvQRUGLQHDXUPăWRDUHDGHVSăJXELULORUEăQHúWLDFRUGDWHSHQWUXUHSDUDUHDSDJXEHORU
FDX]DWHGHLQIUDFĠLXQHDFKHOWXLHOLORUMXGLFLDUHVDXDDPHQ]LL
ÌQFD]XOvQFDUHGLVSXQHRVROXĠLHGHQHWULPLWHUHvQMXGHFDWăSURFXURUXOGLVSXQHúL
UHVWLWXLUHDFDXĠLXQLL
ÌQFD]XOvQFDUHSHGXUDWDPăVXULLFRQWUROXOXLMXGLFLDUSHFDXĠLXQHLQFXOSDWXOvQFDOFă
FXUHDFUHGLQĠăREOLJDĠLLOHFDUHvLUHYLQVDXH[LVWăVXVSLFLXQHDUH]RQDELOăFăDVăYkUúLWFX
LQWHQĠLHRQRXăLQIUDFĠLXQHSHQWUXFDUHVDGLVSXVSXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOH
vPSRWULYDVDMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDX
LQVWDQĠDGHMXGHFDWăODFHUHUHDPRWLYDWăDSURFXURUXOXLRULGLQRILFLXSRDWHGLVSXQH
vQORFXLUHDDFHVWHLPăVXULFXPăVXUDDUHVWXOXLODGRPLFLOLXVDXDDUHVWăULLSUHYHQWLYHvQ
FRQGLĠLLOHSUHYă]XWHGHOHJH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6HFĠLXQHDDD$UHVWXOODGRPLFLOLX
$UWLFROXO
&RQGLĠLLOHJHQHUDOHGHOXDUHDPăVXULLDUHVWXOXLODGRPLFLOLX
$UHVWXOODGRPLFLOLXVHGLVSXQHGHFăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHFăWUH
MXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXGHFăWUHLQVWDQĠDGHMXGHFDWăGDFăVXQWvQGHSOLQLWH
FRQGLĠLLOHSUHYă]XWHODDUWúLOXDUHDDFHVWHLPăVXULHVWHQHFHVDUăúLVXILFLHQWăSHQWUX
UHDOL]DUHDXQXLDGLQWUHVFRSXULOHSUHYă]XWHODDUWDOLQ
$SUHFLHUHDvQGHSOLQLULLFRQGLĠLLORUSUHYă]XWHODDOLQ VHIDFHĠLQkQGXVHVHDPDGH
JUDGXOGHSHULFRODOLQIUDFĠLXQLLGHVFRSXOPăVXULLGHVăQăWDWHDYkUVWDVLWXDĠLD
IDPLOLDOăúLDOWHvPSUHMXUăULSULYLQGSHUVRDQDIDĠăGHFDUHVHLDPăVXUD
0ăVXUDQXSRDWHILGLVSXVăFXSULYLUHODLQFXOSDWXOIDĠăGHFDUHH[LVWăVXVSLFLXQHD
UH]RQDELOăFăDVăYkUúLWRLQIUDFĠLXQHDVXSUDXQXLPHPEUXGHIDPLOLHúLFXSULYLUHOD
LQFXOSDWXOFDUHDIRVWDQWHULRUFRQGDPQDWGHILQLWLYSHQWUXLQIUDFĠLXQHDGHHYDGDUH
3HUVRDQHLIDĠăGHFDUHVDGLVSXVPăVXUDDUHVWXOXLODGRPLFLOLXLVHFRPXQLFăVXE
VHPQăWXUăvQVFULVGUHSWXULOHSUHYă]XWHODDUWGUHSWXOSUHYă]XWODDUWDOLQ
úL GUHSWXOGHDFFHVODDVLVWHQĠăPHGLFDOăGHXUJHQĠăGUHSWXOGHDFRQWHVWDPăVXUDúL
GUHSWXOGHDVROLFLWDUHYRFDUHDVDXvQORFXLUHDDFHVWHLPăVXULFXRDOWăPăVXUăSUHYHQWLYă
LDUvQFD]XOvQFDUHSHUVRDQDQXSRDWHRULUHIX]ăVăVHPQH]HVHYDvQFKHLDXQSURFHVYHUEDO
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
/XDUHDPăVXULLDUHVWXOXLODGRPLFLOLXGHFăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDFăUHLDLDUUHYHQLFRPSHWHQĠDVă
MXGHFHFDX]DvQSULPăLQVWDQĠăVDXGHODLQVWDQĠDFRUHVSXQ]ăWRDUHvQJUDGDFHVWHLDvQDFăUHL
FLUFXPVFULSĠLHVHDIOăORFXOXQGHVDFRQVWDWDWVăYkUúLUHDLQIUDFĠLXQLLRULVHGLXO
SDUFKHWXOXLGLQFDUHIDFHSDUWHSURFXURUXOFDUHHIHFWXHD]ăVDXVXSUDYHJKHD]ăXUPăULUHDSHQDOă
SRDWHGLVSXQHODSURSXQHUHDPRWLYDWăDSURFXURUXOXLDUHVWXOODGRPLFLOLXDOLQFXOSDWXOXL
3URFXURUXOvQDLQWHD]ăMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLSURSXQHUHDSUHYă]XWăOD
DOLQ vPSUHXQăFXGRVDUXOFDX]HL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVHVL]DWFRQIRUPDOLQ IL[HD]ăWHUPHQGH
VROXĠLRQDUHvQFDPHUDGHFRQVLOLXvQWHUPHQGHGHRUHGHODvQUHJLVWUDUHDSURSXQHULLúL
GLVSXQHFLWDUHDLQFXOSDWXOXL
1HSUH]HQWDUHDLQFXOSDWXOXLQXvPSLHGLFăMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVă
VROXĠLRQH]HSURSXQHUHDvQDLQWDWăGHSURFXURU
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLvODXGLD]ăSHLQFXOSDWDWXQFLFkQGDFHVWDHVWH
SUH]HQW
$VLVWHQĠDMXULGLFăDLQFXOSDWXOXLúLSDUWLFLSDUHDSURFXURUXOXLVXQWREOLJDWRULL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLDGPLWHVDXUHVSLQJHSURSXQHUHDSURFXURUXOXLSULQ
vQFKHLHUHPRWLYDWă
'RVDUXOFDX]HLVHUHVWLWXLHRUJDQXOXLGHXUPăULUHSHQDOăvQWHUPHQGHGHRUHGHOD
H[SLUDUHDWHUPHQXOXLGHIRUPXODUHDFRQWHVWDĠLHL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLFDUHUHVSLQJHSURSXQHUHDGHDUHVWDUHSUHYHQWLYăD
LQFXOSDWXOXLSRDWHGLVSXQHSULQDFHHDúLvQFKHLHUHOXDUHDXQHLDGLQWUHPăVXULOHSUHYHQWLYH
SUHYă]XWHODDUWDOLQ OLWE úLF GDFăVXQWvQWUXQLWHFRQGLĠLLOHSUHYă]XWHGH
OHJH
$UWLFROXO
/XDUHDPăVXULLDUHVWXOXLODGRPLFLOLXGHFăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠD
GHMXGHFDWă
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGHMXGHFDWăvQIDĠDFăUHLDVHDIOăFDX]D
SRDWHGLVSXQHSULQvQFKHLHUHDUHVWXOODGRPLFLOLXDOLQFXOSDWXOXLODFHUHUHDPRWLYDWăD
SURFXURUXOXLVDXGLQRILFLX
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGHMXGHFDWăVHVL]DWăFRQIRUPDOLQ
GLVSXQHFLWDUHDLQFXOSDWXOXL$XGLHUHDLQFXOSDWXOXLHVWHREOLJDWRULHGDFăDFHVWDVHSUH]LQWă
ODWHUPHQXOIL[DW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$VLVWHQĠDMXULGLFăDLQFXOSDWXOXLúLSDUWLFLSDUHDSURFXURUXOXLVXQWREOLJDWRULL
'LVSR]LĠLLOHDUWDOLQ úL VHDSOLFăvQPRGFRUHVSXQ]ăWRU
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RQĠLQXWXOPăVXULLDUHVWXOXLODGRPLFLOLX
0ăVXUDDUHVWXOXLODGRPLFLOLXFRQVWăvQREOLJDĠLDLPSXVăLQFXOSDWXOXLSHRSHULRDGă
GHWHUPLQDWăGHDQXSăUăVLLPRELOXOXQGHORFXLHúWHIăUăSHUPLVLXQHDRUJDQXOXLMXGLFLDUFDUH
DGLVSXVPăVXUDVDXvQIDĠDFăUXLDVHDIOăFDX]DúLGHDVHVXSXQHXQRUUHVWULFĠLLVWDELOLWH
GHDFHVWD
3HGXUDWDDUHVWXOXLODGRPLFLOLXLQFXOSDWXODUHXUPăWRDUHOHREOLJDĠLL
D VăVHSUH]LQWHvQIDĠDRUJDQXOXLGHXUPăULUHSHQDOăDMXGHFăWRUXOXLGHGUHSWXULúL
OLEHUWăĠLDMXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăVDXDLQVWDQĠHLGHMXGHFDWăRULGHFkWHRUL
HVWHFKHPDW
E VăQXFRPXQLFHFXSHUVRDQDYăWăPDWăVDXPHPEULLGHIDPLOLHDLDFHVWHLDFXDOĠL
SDUWLFLSDQĠLODFRPLWHUHDLQIUDFĠLXQLLFXPDUWRULLRULH[SHUĠLLSUHFXPúLFXDOWHSHUVRDQH
VWDELOLWHGHRUJDQXOMXGLFLDU
/LWE DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGH
MXGHFDWăSRDWHGLVSXQHFDSHGXUDWDDUHVWXOXLODGRPLFLOLXLQFXOSDWXOVăSRDUWHSHUPDQHQWXQ
VLVWHPHOHFWURQLFGHVXSUDYHJKHUH
ÌQFXSULQVXOvQFKHLHULLSULQFDUHVHGLVSXQHPăVXUDVXQWSUHYă]XWHvQPRGH[SUHV
REOLJDĠLLOHSHFDUHLQFXOSDWXOWUHEXLHVăOHUHVSHFWHúLLVHDWUDJHDWHQĠLDFăvQFD]GH
vQFăOFDUHFXUHDFUHGLQĠăDPăVXULLVDXDREOLJDĠLLORUFDUHvLUHYLQPăVXUDDUHVWXOXLOD
GRPLFLOLXSRDWHILvQORFXLWăFXPăVXUDDUHVWăULLSUHYHQWLYH
3HGXUDWDPăVXULLLQFXOSDWXOSRDWHSăUăVLLPRELOXOSUHYă]XWODDOLQ SHQWUX
SUH]HQWDUHDvQIDĠDRUJDQHORUMXGLFLDUHODFKHPDUHDDFHVWRUD
/DFHUHUHDVFULVăúLPRWLYDWăDLQFXOSDWXOXLMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
MXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGHMXGHFDWăSULQvQFKHLHUHvLSRDWHSHUPLWH
DFHVWXLDSăUăVLUHDLPRELOXOXLSHQWUXSUH]HQWDUHDODORFXOGHPXQFăODFXUVXULGHvQYăĠăPkQW
VDXGHSUHJăWLUHSURIHVLRQDOăRULODDOWHDFWLYLWăĠLVLPLODUHVDXSHQWUXSURFXUDUHD
PLMORDFHORUHVHQĠLDOHGHH[LVWHQĠăSUHFXPúLvQDOWHVLWXDĠLLWHPHLQLFMXVWLILFDWHSHQWUXR
SHULRDGăGHWHUPLQDWăGHWLPSGDFăDFHVWOXFUXHVWHQHFHVDUSHQWUXUHDOL]DUHDXQRUGUHSWXUL
RULLQWHUHVHOHJLWLPHDOHLQFXOSDWXOXL
ÌQFD]XULXUJHQWHSHQWUXPRWLYHvQWHPHLDWHLQFXOSDWXOSRDWHSăUăVLLPRELOXOIăUă
SHUPLVLXQHDMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLDMXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăVDX
DLQVWDQĠHLGHMXGHFDWăSHGXUDWDGHWLPSVWULFWQHFHVDUăLQIRUPkQGLPHGLDWGHVSUHDFHDVWD
LQVWLWXĠLDRUJDQXOVDXDXWRULWDWHDGHVHPQDWăFXVXSUDYHJKHUHDVDúLRUJDQXOMXGLFLDUFDUHD
OXDWPăVXUDDUHVWXOXLODGRPLFLOLXRULvQIDĠDFăUXLDVHDIOăFDX]D
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&RSLDvQFKHLHULLMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLDMXGHFăWRUXOXLGHFDPHUă
SUHOLPLQDUăVDXDLQVWDQĠHLGHMXGHFDWăSULQFDUHVDOXDWPăVXUDDUHVWXOXLODGRPLFLOLXVH
FRPXQLFăGHvQGDWăLQFXOSDWXOXLúLLQVWLWXĠLHLRUJDQXOXLVDXDXWRULWăĠLLGHVHPQDWHFX
VXSUDYHJKHUHDVDRUJDQXOXLGHSROLĠLHvQDFăUHLFLUFXPVFULSĠLHORFXLHúWHDFHVWD
VHUYLFLXOXLSXEOLFFRPXQLWDUGHHYLGHQĠăDSHUVRDQHORUúLRUJDQHORUGHIURQWLHUă
,QVWLWXĠLDRUJDQXOVDXDXWRULWDWHDGHVHPQDWHGHRUJDQXOMXGLFLDUFDUHDGLVSXVDUHVWXO
ODGRPLFLOLXYHULILFăSHULRGLFUHVSHFWDUHDPăVXULLúLDREOLJDĠLLORUGHFăWUHLQFXOSDWLDU
vQFD]XOvQFDUHFRQVWDWăvQFăOFăULDOHDFHVWRUDVHVL]HD]ăGHvQGDWăSURFXURUXOvQFXUVXO
XUPăULULLSHQDOHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăvQSURFHGXUDGHFDPHUăSUHOLPLQDUăVDX
LQVWDQĠDGHMXGHFDWăvQFXUVXOMXGHFăĠLL
3HQWUXVXSUDYHJKHUHDUHVSHFWăULLPăVXULLDUHVWXOXLODGRPLFLOLXVDXDREOLJDĠLLORU
LPSXVHLQFXOSDWXOXLSHGXUDWDDFHVWHLDRUJDQXOGHSROLĠLHSRDWHSăWUXQGHvQLPRELOXOXQGHVH
H[HFXWăPăVXUDIăUăvQYRLUHDLQFXOSDWXOXLVDXDSHUVRDQHORUFDUHORFXLHVFvPSUHXQăFX
DFHVWD
ÌQFD]XOvQFDUHLQFXOSDWXOvQFDOFăFXUHDFUHGLQĠăPăVXUDDUHVWXOXLODGRPLFLOLXVDX
REOLJDĠLLOHFDUHvLUHYLQRULH[LVWăVXVSLFLXQHDUH]RQDELOăFăDVăYkUúLWFXLQWHQĠLHRQRXă
LQIUDFĠLXQHSHQWUXFDUHVDGLVSXVSXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHvPSRWULYDVD
MXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăRULLQVWDQĠDGH
MXGHFDWăODFHUHUHDPRWLYDWăDSURFXURUXOXLVDXGLQRILFLXSRDWHGLVSXQHvQORFXLUHD
DUHVWXOXLODGRPLFLOLXFXPăVXUDDUHVWăULLSUHYHQWLYHvQFRQGLĠLLOHSUHYă]XWHGHOHJH
$UWLFROXO
'XUDWDDUHVWXOXLODGRPLFLOLX
ÌQFXUVXOXUPăULULLSHQDOHDUHVWXOODGRPLFLOLXSRDWHILOXDWSHRGXUDWăGHFHOPXOW
GH]LOH
$UHVWXOODGRPLFLOLXSRDWHILSUHOXQJLWvQFXUVXOXUPăULULLSHQDOHQXPDLvQFD]GH
QHFHVLWDWHGDFăVHPHQĠLQWHPHLXULOHFDUHDXGHWHUPLQDWOXDUHDPăVXULLVDXDXDSăUXW
WHPHLXULQRLILHFDUHSUHOXQJLUHQHSXWkQGVăGHSăúHDVFăGH]LOH
ÌQFD]XOSUHYă]XWODDOLQ SUHOXQJLUHDDUHVWXOXLODGRPLFLOLXSRDWHILGLVSXVăGH
FăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDFăUHLDLDUUHYHQLFRPSHWHQĠDVă
MXGHFHFDX]DvQSULPăLQVWDQĠăVDXGHODLQVWDQĠDFRUHVSXQ]ăWRDUHvQJUDGDFHVWHLDvQDFăUHL
FLUFXPVFULSĠLHVHDIOăORFXOXQGHVDFRQVWDWDWVăYkUúLUHDLQIUDFĠLXQLLRULVHGLXO
SDUFKHWXOXLGLQFDUHIDFHSDUWHSURFXURUXOFDUHHIHFWXHD]ăVDXVXSUDYHJKHD]ăXUPăULUHD
SHQDOă
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLHVWHVHVL]DWvQYHGHUHDSUHOXQJLULLPăVXULLGHFăWUH
SURFXURUSULQSURSXQHUHPRWLYDWăvQVRĠLWăGHGRVDUXOFDX]HLFXFHOSXĠLQ]LOHvQDLQWHGH
H[SLUDUHDGXUDWHLDFHVWHLD
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVHVL]DWSRWULYLWDOLQ IL[HD]ăWHUPHQGH
VROXĠLRQDUHDSURSXQHULLSURFXURUXOXLvQFDPHUDGHFRQVLOLXPDLvQDLQWHGHH[SLUDUHD
GXUDWHLDUHVWXOXLODGRPLFLOLXúLGLVSXQHFLWDUHDLQFXOSDWXOXL
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLDGPLWHVDXUHVSLQJHSURSXQHUHDSURFXURUXOXLSULQ
vQFKHLHUHPRWLYDWă
'RVDUXOFDX]HLVHUHVWLWXLHRUJDQXOXLGHXUPăULUHSHQDOăvQWHUPHQGHGHRUHGHOD
H[SLUDUHDWHUPHQXOXLGHIRUPXODUHDFRQWHVWDĠLHL
'XUDWDPD[LPăDPăVXULLDUHVWXOXLODGRPLFLOLXvQFXUVXOXUPăULULLSHQDOHHVWHGH
GH]LOH
'XUDWDSULYăULLGHOLEHUWDWHGLVSXVăSULQPăVXUDDUHVWXOXLODGRPLFLOLXQXVHLDvQ
FRQVLGHUDUHSHQWUXFDOFXOXOGXUDWHLPD[LPHDPăVXULLDUHVWăULLSUHYHQWLYHDLQFXOSDWXOXLvQ
FXUVXOXUPăULULLSHQDOH
'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
ÌQSURFHGXUDGHFDPHUăSUHOLPLQDUăúLvQFXUVXOMXGHFăĠLLPăVXUDDUHVWXOXLODGRPLFLOLX
SRDWHILGLVSXVăSHRSHULRDGăGHFHOPXOWGH]LOH'LVSR]LĠLLOHDUWVHDSOLFăvQPRG
FRUHVSXQ]ăWRU
$UWDIRVWPRGLILFDWGHSFWDODUW,GLQ25'21$1ğ$'(85*(1ğĂQUGLQLXQLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQLXQLH
6HFĠLXQHDDD$UHVWDUHDSUHYHQWLYă
$UWLFROXO
&RQGLĠLLOHúLFD]XULOHGHDSOLFDUHDPăVXULLDUHVWăULLSUHYHQWLYH
0ăVXUDDUHVWăULLSUHYHQWLYHSRDWHILOXDWăGHFăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
vQFXUVXOXUPăULULLSHQDOHGHFăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăvQSURFHGXUDGH
FDPHUăSUHOLPLQDUăVDXGHFăWUHLQVWDQĠDGHMXGHFDWăvQIDĠDFăUHLDVHDIOăFDX]DvQFXUVXO
MXGHFăĠLLQXPDLGDFăGLQSUREHUH]XOWăVXVSLFLXQHDUH]RQDELOăFăLQFXOSDWXODVăYkUúLWR
LQIUDFĠLXQHúLH[LVWăXQDGLQWUHXUPăWRDUHOHVLWXDĠLL
D LQFXOSDWXODIXJLWRULVDDVFXQVvQVFRSXOGHDVHVXVWUDJHGHODXUPăULUHDSHQDOăVDX
GHODMXGHFDWăRULDIăFXWSUHJăWLULGHRULFHQDWXUăSHQWUXDVWIHOGHDFWH
E LQFXOSDWXOvQFHDUFăVăLQIOXHQĠH]HXQDOWSDUWLFLSDQWODFRPLWHUHDLQIUDFĠLXQLLXQPDUWRU
RULXQH[SHUWVDXVăGLVWUXJăVăDOWHUH]HVăDVFXQGăRULVăVXVWUDJăPLMORDFHPDWHULDOHGH
SUREăVDXVăGHWHUPLQHRDOWăSHUVRDQăVăDLEăXQDVWIHOGHFRPSRUWDPHQW
F LQFXOSDWXOH[HUFLWăSUHVLXQLDVXSUDSHUVRDQHLYăWăPDWHVDXvQFHDUFăVăUHDOL]H]HR
vQĠHOHJHUHIUDXGXORDVăFXDFHDVWD
G H[LVWăVXVSLFLXQHDUH]RQDELOăFăGXSăSXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHvPSRWULYDVD
LQFXOSDWXODVăYkUúLWFXLQWHQĠLHRQRXăLQIUDFĠLXQHVDXSUHJăWHúWHVăYkUúLUHDXQHLQRL
LQIUDFĠLXQL
0ăVXUDDUHVWăULLSUHYHQWLYHDLQFXOSDWXOXLSRDWHILOXDWăúLGDFăGLQSUREHUH]XOWă
VXVSLFLXQHDUH]RQDELOăFăDFHVWDDVăYkUúLWRLQIUDFĠLXQHLQWHQĠLRQDWăFRQWUDYLHĠLLR
LQIUDFĠLXQHSULQFDUHVDFDX]DWYăWăPDUHDFRUSRUDOăVDXPRDUWHDXQHLSHUVRDQHRLQIUDFĠLXQH
FRQWUDVHFXULWăĠLLQDĠLRQDOHSUHYă]XWăGH&RGXOSHQDOúLDOWHOHJLVSHFLDOHRLQIUDFĠLXQHGH
WUDILFGHVWXSHILDQWHWUDILFGHDUPHWUDILFGHSHUVRDQHDFWHGHWHURULVPVSăODUHD
EDQLORUIDOVLILFDUHGHPRQHGHRULDOWHYDORULúDQWDMYLROOLSVLUHGHOLEHUWDWHHYD]LXQH
ILVFDOăXOWUDMXOWUDMMXGLFLDURLQIUDFĠLXQHGHFRUXSĠLHRLQIUDFĠLXQHVăYkUúLWăSULQ
PLMORDFHGHFRPXQLFDUHHOHFWURQLFăVDXRDOWăLQIUDFĠLXQHSHQWUXFDUHOHJHDSUHYHGHSHGHDSVD
vQFKLVRULLGHDQLRULPDLPDUHúLSHED]DHYDOXăULLJUDYLWăĠLLIDSWHLDPRGXOXLúLD
FLUFXPVWDQĠHORUGHFRPLWHUHDDFHVWHLDDDQWXUDMXOXLúLDPHGLXOXLGLQFDUHDFHVWDSURYLQH
DDQWHFHGHQWHORUSHQDOHúLDDOWRUvPSUHMXUăULSULYLWRDUHODSHUVRDQDDFHVWXLDVHFRQVWDWă
FăSULYDUHDVDGHOLEHUWDWHHVWHQHFHVDUăSHQWUXvQOăWXUDUHDXQHLVWăULGHSHULFROSHQWUX
RUGLQHDSXEOLFă
$UWLFROXO
3URSXQHUHDGHDUHVWDUHSUHYHQWLYăDLQFXOSDWXOXLvQFXUVXOXUPăULULLSHQDOH
3URFXURUXOGDFăDSUHFLD]ăFăVXQWvQWUXQLWHFRQGLĠLLOHSUHYă]XWHGHOHJHvQWRFPHúWHR
SURSXQHUHPRWLYDWăGHOXDUHDPăVXULLDUHVWăULLSUHYHQWLYHIDĠăGHLQFXOSDWFXLQGLFDUHD
WHPHLXOXLGHGUHSW
3URSXQHUHDSUHYă]XWăODDOLQ vPSUHXQăFXGRVDUXOFDX]HLVHSUH]LQWăMXGHFăWRUXOXL
GHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDFăUHLDLDUUHYHQLFRPSHWHQĠDVăMXGHFHFDX]DvQ
SULPăLQVWDQĠăVDXGHODLQVWDQĠDFRUHVSXQ]ăWRDUHvQJUDGDFHVWHLDvQDFăUHLFLUFXPVFULSĠLH
VHDIOăORFXOGHUHĠLQHUHORFXOXQGHVDFRQVWDWDWVăYkUúLUHDLQIUDFĠLXQLLRULVHGLXO
SDUFKHWXOXLGLQFDUHIDFHSDUWHSURFXURUXOFDUHDvQWRFPLWSURSXQHUHD
$UWLFROXO
6ROXĠLRQDUHDSURSXQHULLGHDUHVWDUHSUHYHQWLYăvQFXUVXOXUPăULULLSHQDOH
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVHVL]DWFRQIRUPDUWDOLQ VWDELOHúWH
WHUPHQXOGHVROXĠLRQDUHDSURSXQHULLGHDUHVWDUHSUHYHQWLYăIL[kQGGDWDúLRUDODFDUH
VROXĠLRQDUHDYDDYHDORF
ÌQFD]XOLQFXOSDWXOXLDIODWvQVWDUHGHUHĠLQHUHWHUPHQXOGHVROXĠLRQDUHDSURSXQHULLGH
DUHVWDUHSUHYHQWLYăWUHEXLHIL[DWvQDLQWHGHH[SLUDUHDGXUDWHLUHĠLQHULL=LXDúLRUDVH
FRPXQLFăSURFXURUXOXLFDUHDUHREOLJDĠLDGHDDVLJXUDSUH]HQĠDLQFXOSDWXOXLvQIDĠD
MXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠL'HDVHPHQHD]LXDúLRUDVHDGXFODFXQRúWLQĠD
DYRFDWXOXLLQFXOSDWXOXLFăUXLDODFHUHUHLVHSXQHODGLVSR]LĠLHGRVDUXOFDX]HLSHQWUX
VWXGLX
,QFXOSDWXODIODWvQVWDUHGHOLEHUWDWHVHFLWHD]ăSHQWUXWHUPHQXOIL[DW7HUPHQXOVH
DGXFHODFXQRúWLQĠDSURFXURUXOXLúLDYRFDWXOXLLQFXOSDWXOXLDFHVWXLDGLQXUPăDFRUGkQGXL
VHODFHUHUHSRVLELOLWDWHDGHDVWXGLDGRVDUXOFDX]HL
6ROXĠLRQDUHDSURSXQHULLGHDUHVWDUHSUHYHQWLYăVHIDFHQXPDLvQSUH]HQĠDLQFXOSDWXOXLvQ
DIDUăGHFD]XOFkQGDFHVWDOLSVHúWHQHMXVWLILFDWHVWHGLVSăUXWVHVXVWUDJHRULGLQFDX]D
VWăULLVăQăWăĠLLGLQFDX]ăGHIRUĠăPDMRUăVDXVWDUHGHQHFHVLWDWHQXVHSUH]LQWăVDXQX
SRDWHILDGXVvQIDĠDMXGHFăWRUXOXL
ÌQWRDWHFD]XULOHHVWHREOLJDWRULHDVLVWHQĠDMXULGLFăDLQFXOSDWXOXLGHFăWUHXQDYRFDW
DOHVVDXQXPLWGLQRILFLX
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLvODXGLD]ăSHLQFXOSDWXOSUH]HQWGHVSUHIDSWDGH
FDUHHVWHDFX]DWúLGHVSUHPRWLYHOHSHFDUHVHvQWHPHLD]ăSURSXQHUHDGHDUHVWDUHSUHYHQWLYă
IRUPXODWăGHSURFXURU
ÌQDLQWHGHDSURFHGDODDVFXOWDUHDLQFXOSDWXOXLMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLvL
DGXFHODFXQRúWLQĠăLQIUDFĠLXQHDGHFDUHHVWHDFX]DWúLGUHSWXOGHDQXIDFHQLFLR
GHFODUDĠLHDWUăJkQGXLDWHQĠLDFăFHHDFHGHFODUăSRDWHILIRORVLWvPSRWULYDVD
$UWLFROXO
$GPLWHUHDSURSXQHULLGHDUHVWDUHSUHYHQWLYăvQFXUVXOXUPăULULLSHQDOH
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGDFăDSUHFLD]ăFăVXQWvQWUXQLWHFRQGLĠLLOH
SUHYă]XWHGHOHJHDGPLWHSURSXQHUHDSURFXURUXOXLúLGLVSXQHDUHVWDUHDSUHYHQWLYăD
LQFXOSDWXOXLSULQvQFKHLHUHPRWLYDWă
$UHVWDUHDSUHYHQWLYăDLQFXOSDWXOXLSRDWHILGLVSXVăSHQWUXFHOPXOWGH]LOH'XUDWD
UHĠLQHULLQXVHGHGXFHGLQGXUDWDDUHVWăULLSUHYHQWLYH
'XSăOXDUHDPăVXULLLQFXOSDWXOXLLVHDGXFODFXQRúWLQĠăGHvQGDWăvQOLPEDSHFDUHR
vQĠHOHJHPRWLYHOHSHQWUXFDUHVDGLVSXVDUHVWDUHDSUHYHQWLYă
$UWLFROXO
5HVSLQJHUHDSURSXQHULLGHDUHVWDUHSUHYHQWLYăvQFXUVXOXUPăULULLSHQDOH
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGDFăDSUHFLD]ăFăQXVXQWvQWUXQLWHFRQGLĠLLOH
SUHYă]XWHGHOHJHSHQWUXDUHVWDUHDSUHYHQWLYăDLQFXOSDWXOXLUHVSLQJHSULQvQFKHLHUH
PRWLYDWăSURSXQHUHDSURFXURUXOXLGLVSXQkQGSXQHUHDvQOLEHUWDWHDLQFXOSDWXOXLUHĠLQXW
'DFăVXQWvQWUXQLWHFRQGLĠLLOHSUHYă]XWHGHOHJHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
SRDWHGLVSXQHDSOLFDUHDXQHLDGLQWUHPăVXULOHSUHYHQWLYHSUHYă]XWHODDUWDOLQ OLW
E G
'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
ÌQFXQRúWLQĠDUHDGHVSUHDUHVWDUHDSUHYHQWLYăúLORFXOGHGHĠLQHUHDLQFXOSDWXOXLDUHVWDW
SUHYHQWLY
'XSăOXDUHDPăVXULLLQFXOSDWXOXLLVHDGXFODFXQRúWLQĠăGHvQGDWăvQOLPEDSHFDUHR
vQĠHOHJHPRWLYHOHSHQWUXFDUHVDGLVSXVDUHVWDUHDSUHYHQWLYă
3HUVRDQHLIDĠăGHFDUHVDGLVSXVPăVXUDDUHVWăULLSUHYHQWLYHLVHFRPXQLFăVXE
VHPQăWXUăvQVFULVGUHSWXULOHSUHYă]XWHODDUWGUHSWXOSUHYă]XWODDUWDOLQ
úL SUHFXPúLGUHSWXOGHDFFHVODDVLVWHQĠăPHGLFDOăGHXUJHQĠăGUHSWXOGHDFRQWHVWD
PăVXUDúLGUHSWXOGHDVROLFLWDUHYRFDUHDVDXvQORFXLUHDDUHVWăULLFXRDOWăPăVXUă
SUHYHQWLYăLDUvQFD]XOvQFDUHQXSRDWHRULUHIX]ăVăVHPQH]HVHYDvQFKHLDXQSURFHV
YHUEDO
,PHGLDWGXSăOXDUHDPăVXULLDUHVWăULLSUHYHQWLYHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGH
ODSULPDLQVWDQĠăVDXGHODLQVWDQĠDLHUDUKLFVXSHULRDUăFDUHDGLVSXVPăVXUD
vQFXQRúWLQĠHD]ăGHVSUHDFHDVWDXQPHPEUXDOIDPLOLHLLQFXOSDWXOXLRULRDOWăSHUVRDQă
GHVHPQDWăGHDFHVWD'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
(IHFWXDUHDvQFXQRúWLQĠăULLVHFRQVHPQHD]ăvQWUXQSURFHVYHUEDO
ÌQGDWăGXSăLQWURGXFHUHDVDvQWUXQORFGHGHĠLQHUHLQFXOSDWXODUHGUHSWXOGHD
vQFXQRúWLQĠDSHUVRQDOVDXGHDVROLFLWDDGPLQLVWUDĠLHLORFXOXLUHVSHFWLYVăvQFXQRúWLQĠH]H
SHUVRDQHOHSUHYă]XWHODDOLQ GHVSUHORFXOXQGHHVWHGHĠLQXW
'LVSR]LĠLLOHDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRUúLvQFD]XOVFKLPEăULLXOWHULRDUHD
ORFXOXLGHGHĠLQHUHLPHGLDWGXSăSURGXFHUHDVFKLPEăULL
$GPLQLVWUDĠLDORFXOXLGHGHĠLQHUHDUHREOLJDĠLDGHDDGXFHODFXQRúWLQĠDLQFXOSDWXOXL
DUHVWDWSUHYHQWLYGLVSR]LĠLLOHDOLQ SUHFXPúLGHDFRQVHPQDvQWUXQSURFHVYHUEDO
PRGXOvQFDUHVDUHDOL]DWvQFXQRúWLQĠDUHD
,QFXOSDWXOXLDUHVWDWSUHYHQWLYQXLVHSRDWHUHIX]DH[HUFLWDUHDGUHSWXOXLGHDIDFH
SHUVRQDOvQFXQRúWLQĠDUHDGHFkWSHQWUXPRWLYHWHPHLQLFHFDUHVHFRQVHPQHD]ăvQSURFHVXO
YHUEDOvQWRFPLWSRWULYLWDOLQ
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
/XDUHDPăVXULORUGHRFURWLUHvQFD]GHDUHVWDUHSUHYHQWLYăvQFXUVXOXUPăULULLSHQDOH
&kQGPăVXUDDUHVWăULLSUHYHQWLYHDIRVWOXDWăIDĠăGHXQLQFXOSDWvQDFăUXLRFURWLUHVH
DIOăXQPLQRURSHUVRDQăSXVăVXELQWHUGLFĠLHRSHUVRDQăFăUHLDLVDLQVWLWXLWWXWHODVDX
FXUDWHODRULRSHUVRDQăFDUHGDWRULWăYkUVWHLEROLLVDXDOWHLFDX]HDUHQHYRLHGHDMXWRU
DXWRULWDWHDFRPSHWHQWăHVWHvQFXQRúWLQĠDWăGHvQGDWăvQYHGHUHDOXăULLPăVXULORUOHJDOHGH
RFURWLUHSHQWUXSHUVRDQDUHVSHFWLYă
2EOLJDĠLDGHvQFXQRúWLQĠDUHUHYLQHMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLGHODSULPD
LQVWDQĠăVDXGHODLQVWDQĠDLHUDUKLFVXSHULRDUăFDUHDOXDWPăVXUDDUHVWăULLSUHYHQWLYH
PRGXOGHvQGHSOLQLUHDDFHVWHLREOLJDĠLLILLQGFRQVHPQDWvQWUXQSURFHVYHUEDO
$UWLFROXO
0DQGDWXOGHDUHVWDUHSUHYHQWLYă
ÌQED]DvQFKHLHULLSULQFDUHVDGLVSXVDUHVWDUHDSUHYHQWLYăDLQFXOSDWXOXLMXGHFăWRUXO
GHGUHSWXULúLOLEHUWăĠLGHODSULPDLQVWDQĠăVDXGXSăFD]GHODLQVWDQĠDLHUDUKLF
VXSHULRDUăHPLWHGHvQGDWăPDQGDWXOGHDUHVWDUHSUHYHQWLYă
'DFăSULQDFHHDúLvQFKHLHUHVDGLVSXVDUHVWDUHDSUHYHQWLYăDPDLPXOWRULQFXOSDĠLVH
HPLWHFkWHXQPDQGDWSHQWUXILHFDUHGLQWUHHL
ÌQPDQGDWXOGHDUHVWDUHSUHYHQWLYăVHDUDWă
D LQVWDQĠDGLQFDUHIDFHSDUWHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLFDUHDGLVSXVOXDUHD
PăVXULLDUHVWăULLSUHYHQWLYH
E GDWDHPLWHULLPDQGDWXOXL
F QXPHOHSUHQXPHOHúLFDOLWDWHDMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLFDUHDHPLV
PDQGDWXO
G GDWHOHGHLGHQWLWDWHDOHLQFXOSDWXOXL
H GXUDWDSHQWUXFDUHVDGLVSXVDUHVWDUHDSUHYHQWLYăDLQFXOSDWXOXLFXPHQĠLRQDUHDGDWHLOD
FDUHvQFHWHD]ă
I DUăWDUHDIDSWHLGHFDUHHVWHDFX]DWLQFXOSDWXOFXLQGLFDUHDGDWHLúLORFXOXLFRPLWHULL
DFHVWHLDvQFDGUDUHDMXULGLFăLQIUDFĠLXQHDúLSHGHDSVDSUHYă]XWăGHOHJH
J WHPHLXULOHFRQFUHWHFDUHDXGHWHUPLQDWDUHVWDUHDSUHYHQWLYă
K RUGLQXOGHDILDUHVWDWLQFXOSDWXO
L LQGLFDUHDORFXOXLXQGHYDILGHĠLQXWLQFXOSDWXODUHVWDWSUHYHQWLY
M VHPQăWXUDMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠL
N VHPQăWXUDLQFXOSDWXOXLSUH]HQWÌQFD]XOvQFDUHDFHVWDUHIX]ăVăVHPQH]HVHYDIDFH
PHQĠLXQHFRUHVSXQ]ăWRDUHvQPDQGDW
&kQGPDQGDWXOGHDUHVWDUHDIRVWHPLVGXSăDVFXOWDUHDLQFXOSDWXOXLMXGHFăWRUXOFDUHD
HPLVPDQGDWXOvQPkQHD]ăXQH[HPSODUDOPDQGDWXOXLSHUVRDQHLDUHVWDWHúLRUJDQXOXLGHSROLĠLH
A 0DQGDWXOGHDUHVWDUHSRDWHILWUDQVPLVRUJDQHORUGHSROLĠLHúLSULQID[SRúWă
HOHFWURQLFăVDXSULQRULFHPLMORFvQPăVXUăVăSURGXFăXQGRFXPHQWVFULVvQFRQGLĠLLFDUHVă
SHUPLWăDXWRULWăĠLORUGHVWLQDWDUHVăvLVWDELOHDVFăDXWHQWLFLWDWHD
$OLQ A DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'DFăSHUVRDQDYăWăPDWăDVROLFLWDWvQúWLLQĠDUHDVDFXSULYLUHODHOLEHUDUHDvQRULFHPRG
DSHUVRDQHLDUHVWDWHMXGHFăWRUXOFDUHDHPLVPDQGDWXOFRQVHPQHD]ăDFHDVWDvQWUXQSURFHV
YHUEDOSHFDUHvOSUHGăRUJDQXOXLGHSROLĠLH
2UJDQXOGHSROLĠLHSUHGăH[HPSODUXORULJLQDODOPDQGDWXOXLGHDUHVWDUHSUHYHQWLYăúL
SURFHVXOYHUEDOSUHYă]XWODDOLQ DGPLQLVWUDĠLHLORFXOXLGHGHĠLQHUH
$UWLFROXO
([HFXWDUHDPDQGDWXOXLGHDUHVWDUHSUHYHQWLYăHPLVvQOLSVDLQFXOSDWXOXL
&kQGPăVXUDDUHVWăULLSUHYHQWLYHDIRVWGLVSXVăvQOLSVDLQFXOSDWXOXLGRXăH[HPSODUH
RULJLQDOHDOHPDQGDWXOXLHPLVVHvQDLQWHD]ăRUJDQXOXLGHSROLĠLHGHODGRPLFLOLXOVDX
UHúHGLQĠDLQFXOSDWXOXLvQYHGHUHDH[HFXWăULLÌQFD]XOvQFDUHLQFXOSDWXOQXDUHGRPLFLOLXO
VDXUHúHGLQĠDvQ5RPkQLDH[HPSODUHOHVHvQDLQWHD]ăRUJDQXOXLGHSROLĠLHvQUD]DWHULWRULDOă
DFăUXLDVHDIOăLQVWDQĠDGHMXGHFDWă
0DQGDWXOGHDUHVWDUHSRDWHILWUDQVPLVRUJDQXOXLGHSROLĠLHúLSULQID[SRúWă
HOHFWURQLFăVDXSULQRULFHPLMORFvQPăVXUăVăSURGXFăXQGRFXPHQWVFULVvQFRQGLĠLLFDUHVă
SHUPLWăDXWRULWăĠLORUGHVWLQDWDUHVăvLVWDELOHDVFăDXWHQWLFLWDWHD
ÌQVLWXDĠLDvQFDUHPDQGDWXOGHDUHVWDUHFRQĠLQHHURULPDWHULDOHGDUSHUPLWH
LGHQWLILFDUHDSHUVRDQHLúLVWDELOLUHDPăVXULLGLVSXVHvQUDSRUWFXGDWHOHGHLGHQWLILFDUHDOH
SHUVRDQHLH[LVWHQWHvQHYLGHQĠHOHRUJDQHORUGHSROLĠLHúLKRWăUkUHDLQVWDQĠHLGHMXGHFDWă
RUJDQXOGHSROLĠLHH[HFXWăPăVXUDVROLFLWkQGvQDFHODúLWLPSLQVWDQĠHLGHMXGHFDWă
vQGUHSWDUHDHURULORUPDWHULDOHVHVL]DWH
2UJDQXOGHSROLĠLHSURFHGHD]ăODDUHVWDUHDSHUVRDQHLDUăWDWHvQPDQGDWFăUHLDvLSUHGă
XQH[HPSODUDODFHVWXLDvQWUXQDGLQIRUPHOHSUHYă]XWHODDOLQ VDX GXSăFDUHR
FRQGXFHvQFHOPXOWGHRUHODMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLFDUHDGLVSXVPăVXUD
DUHVWăULLSUHYHQWLYHVDXGXSăFD]ODMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăRULFRPSOHWXOOD
FDUHVHDIOăVSUHVROXĠLRQDUHGRVDUXOFDX]HL
ÌQYHGHUHDH[HFXWăULLPDQGDWXOXLGHDUHVWDUHSUHYHQWLYăRUJDQXOGHSROLĠLHSRDWH
SăWUXQGHvQGRPLFLOLXOVDXUHúHGLQĠDRULFăUHLSHUVRDQHIL]LFHIăUăvQYRLUHDDFHVWHLDSUHFXP
úLvQVHGLXORULFăUHLSHUVRDQHMXULGLFHIăUăvQYRLUHDUHSUH]HQWDQWXOXLOHJDODODFHVWHLD
GDFăH[LVWăLQGLFLLWHPHLQLFHGLQFDUHVăUH]XOWHEăQXLDODUH]RQDELOăFăSHUVRDQDGLQPDQGDW
VHDIOăvQGRPLFLOLXOVDXUHúHGLQĠDUHVSHFWLYă
ÌQFD]XOvQFDUHDUHVWDUHDSUHYHQWLYăDLQFXOSDWXOXLDIRVWGLVSXVăvQOLSVăGLQFDX]D
VWăULLVăQăWăĠLLGLQFDX]ăGHIRUĠăPDMRUăVDXVWDUHGHQHFHVLWDWHLQFXOSDWXOHVWH
SUH]HQWDWODvQFHWDUHDDFHVWRUPRWLYHMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLFDUHDOXDW
PăVXUDRULGXSăFD]MXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăVDXFRPSOHWXOXLODFDUHVHDIOă
VSUHVROXĠLRQDUHGRVDUXOFDX]HL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLSURFHGHD]ăODDXGLHUHDLQFXOSDWXOXLFRQIRUPDUW
DOLQ úL vQSUH]HQĠDDYRFDWXOXLDFHVWXLDúLHYDOXkQGGHFODUDĠLDLQFXOSDWXOXLvQ
FRQWH[WXOSUREHORUDGPLQLVWUDWHúLDOPRWLYHORUDYXWHvQYHGHUHODOXDUHDPăVXULLGLVSXQH
SULQvQFKHLHUHGXSăDXGLHUHDFRQFOX]LLORUSURFXURUXOXLFRQILUPDUHDDUHVWăULLSUHYHQWLYHúL
DH[HFXWăULLPDQGDWXOXLRULGXSăFD]vQFRQGLĠLLOHSUHYă]XWHGHOHJHUHYRFDUHDDUHVWăULL
SUHYHQWLYHVDXvQORFXLUHDDFHVWHLDFXXQDGLQWUHPăVXULOHSUHYHQWLYHSUHYă]XWHODDUW
DOLQ OLWE G úLSXQHUHDvQOLEHUWDWHDLQFXOSDWXOXLGDFăQXHVWHDUHVWDWvQDOWă
FDX]ă
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
1HJăVLUHDSHUVRDQHLSUHYă]XWHvQPDQGDWXOGHDUHVWDUHSUHYHQWLYă
&kQGSHUVRDQDPHQĠLRQDWăvQPDQGDWXOGHDUHVWDUHSUHYHQWLYăQXDIRVWJăVLWăRUJDQXOGH
SROLĠLHvQVăUFLQDWFXH[HFXWDUHDPDQGDWXOXLvQFKHLHXQSURFHVYHUEDOSULQFDUHFRQVWDWă
DFHDVWDúLvQúWLLQĠHD]ăMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLFDUHDGLVSXVPăVXUDDUHVWăULL
SUHYHQWLYHSUHFXPúLRUJDQHOHFRPSHWHQWHSHQWUXGDUHDvQXUPăULUHúLvQFRQVHPQODSXQFWHOH
GHWUHFHUHDIURQWLHUHL
$UWLFROXO
'XUDWDDUHVWăULLSUHYHQWLYHDLQFXOSDWXOXLvQFXUVXOXUPăULULLSHQDOH
ÌQFXUVXOXUPăULULLSHQDOHGXUDWDDUHVWăULLSUHYHQWLYHDLQFXOSDWXOXLQXSRDWHGHSăúL
GH]LOHvQDIDUăGHFD]XOFkQGHVWHSUHOXQJLWăvQFRQGLĠLLOHOHJLL
7HUPHQXOSUHYă]XWODDOLQ FXUJHGHODGDWDSXQHULLvQH[HFXWDUHDPăVXULLIDĠăGH
LQFXOSDWXODUHVWDWSUHYHQWLY
&kQGRFDX]ăHVWHWUHFXWăSHQWUXFRQWLQXDUHDXUPăULULLSHQDOHGHODXQRUJDQGHXUPăULUH
ODDOWXODUHVWDUHDSUHYHQWLYăGLVSXVăVDXSUHOXQJLWăDQWHULRUUăPkQHYDODELOă'XUDWD
DUHVWăULLSUHYHQWLYHVHFDOFXOHD]ăSRWULYLWGLVSR]LĠLLORUDOLQ úL
$UWLFROXO
3UHOXQJLUHDDUHVWăULLSUHYHQWLYHvQFXUVXOXUPăULULLSHQDOH
$UHVWDUHDSUHYHQWLYăDLQFXOSDWXOXLSRDWHILSUHOXQJLWăvQFXUVXOXUPăULULLSHQDOHGDFă
WHPHLXULOHFDUHDXGHWHUPLQDWDUHVWDUHDLQLĠLDOăLPSXQvQFRQWLQXDUHSULYDUHDGHOLEHUWDWHD
LQFXOSDWXOXLVDXH[LVWăWHPHLXULQRLFDUHMXVWLILFăSUHOXQJLUHDPăVXULL
3UHOXQJLUHDDUHVWăULLSUHYHQWLYHVHSRDWHGLVSXQHQXPDLODSURSXQHUHDPRWLYDWăD
SURFXURUXOXLFDUHHIHFWXHD]ăVDXVXSUDYHJKHD]ăXUPăULUHDSHQDOă
ÌQFD]XOSUHYă]XWODDOLQ SUHOXQJLUHDDUHVWăULLSUHYHQWLYHSRDWHILGLVSXVăGH
FăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDFăUHLDLDUUHYHQLFRPSHWHQĠDVă
MXGHFHFDX]DvQSULPăLQVWDQĠăVDXGHODLQVWDQĠDFRUHVSXQ]ăWRDUHvQJUDGDFHVWHLDvQDFăUHL
FLUFXPVFULSĠLHVHDIOăORFXOGHGHĠLQHUHORFXOXQGHVDFRQVWDWDWVăYkUúLUHDLQIUDFĠLXQLL
RULVHGLXOSDUFKHWXOXLGLQFDUHIDFHSDUWHSURFXURUXOFDUHDvQWRFPLWSURSXQHUHD
'DFăDUHVWDUHDSUHYHQWLYăDIRVWGLVSXVăLQLĠLDOGHFăWUHXQMXGHFăWRUGHGUHSWXULúL
OLEHUWăĠLGHODRLQVWDQĠăLQIHULRDUăFHOHLFăUHLDLDUUHYHQLFRPSHWHQĠDVăMXGHFHFDX]DvQ
SULPăLQVWDQĠăSUHOXQJLUHDDFHVWHLPăVXULVHSRDWHGLVSXQHQXPDLGHXQMXGHFăWRUGHGUHSWXUL
úLOLEHUWăĠLGHODLQVWDQĠDFRPSHWHQWăvQPRPHQWXOVROXĠLRQăULLSURSXQHULLGHSUHOXQJLUHVDX
GHODLQVWDQĠDFRUHVSXQ]ăWRDUHvQJUDGDFHVWHLDvQDFăUHLFLUFXPVFULSĠLHVHDIOăORFXOGH
GHĠLQHUHORFXOXQGHVDFRQVWDWDWVăYkUúLUHDLQIUDFĠLXQLLRULVHGLXOSDUFKHWXOXLGLQFDUH
IDFHSDUWHSURFXURUXOFDUHDvQWRFPLWSURSXQHUHD
&kQGvQDFHHDúLFDX]ăVHJăVHVFPDLPXOĠLLQFXOSDĠLDUHVWDĠLSHQWUXFDUHGXUDWD
DUHVWăULLSUHYHQWLYHH[SLUăODGDWHGLIHULWHSURFXURUXOSRDWHVHVL]DMXGHFăWRUXOGHGUHSWXUL
úLOLEHUWăĠLFXSURSXQHUHDGHSUHOXQJLUHDDUHVWăULLSUHYHQWLYHSHQWUXWRĠLLQFXOSDĠLL
$UWLFROXO
3URFHGXUDSUHOXQJLULLDUHVWăULLSUHYHQWLYHvQFXUVXOXUPăULULLSHQDOH
3URSXQHUHDGHSUHOXQJLUHDDUHVWăULLSUHYHQWLYHvPSUHXQăFXGRVDUXOFDX]HLVHGHSXQOD
MXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLFXFHOSXĠLQ]LOHvQDLQWHGHH[SLUDUHDGXUDWHL
DUHVWăULLSUHYHQWLYH
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLIL[HD]ăWHUPHQSHQWUXVROXĠLRQDUHDSURSXQHULLGH
SUHOXQJLUHDDUHVWăULLSUHYHQWLYHvQDLQWHGHH[SLUDUHDPăVXULL=LXDúLRUDVWDELOLWHVH
FRPXQLFăSURFXURUXOXLFDUHDUHREOLJDĠLDGHDDVLJXUDSUH]HQĠDvQIDĠDMXGHFăWRUXOXLGH
GUHSWXULúLOLEHUWăĠLDLQFXOSDWXOXLDUHVWDWSUHYHQWLY$YRFDWXOLQFXOSDWXOXLHVWH
vQFXQRúWLQĠDWúLLVHDFRUGăODFHUHUHSRVLELOLWDWHDGHDVWXGLDGRVDUXOFDX]HL
,QFXOSDWXOHVWHDVFXOWDWGHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLDVXSUDWXWXURUPRWLYHORU
SHFDUHVHvQWHPHLD]ăSURSXQHUHDGHSUHOXQJLUHDDUHVWăULLSUHYHQWLYHvQSUH]HQĠDXQXL
DYRFDWDOHVVDXQXPLWGLQRILFLX
ÌQFD]XOvQFDUHLQFXOSDWXODUHVWDWSUHYHQWLYVHDIOăLQWHUQDWvQVSLWDOúLGLQFDX]D
VWăULLVăQăWăĠLLQXSRDWHILDGXVvQIDĠDMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLVDXFkQG
GLQFDX]ăGHIRUĠăPDMRUăRULVWDUHGHQHFHVLWDWHGHSODVDUHDVDQXHVWHSRVLELOăSURSXQHUHD
YDILH[DPLQDWăvQOLSVDLQFXOSDWXOXLGDUQXPDLvQSUH]HQĠDDYRFDWXOXLDFHVWXLDFăUXLDLVH
GăFXYkQWXOSHQWUXDSXQHFRQFOX]LL
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVHSURQXQĠăDVXSUDSURSXQHULLGHSUHOXQJLUHD
DUHVWăULLSUHYHQWLYHvQDLQWHGHH[SLUDUHDGXUDWHLDFHVWHLD
$UWLFROXO
$GPLWHUHDSURSXQHULLGHSUHOXQJLUHDDUHVWăULLSUHYHQWLYHvQFXUVXOXUPăULULLSHQDOH
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGDFăDSUHFLD]ăFăVXQWvQWUXQLWHFRQGLĠLLOH
SUHYă]XWHGHOHJHDGPLWHSURSXQHUHDSURFXURUXOXLúLGLVSXQHSUHOXQJLUHDDUHVWăULLSUHYHQWLYH
DLQFXOSDWXOXLSULQvQFKHLHUHPRWLYDWă
3UHOXQJLUHDDUHVWăULLSUHYHQWLYHDLQFXOSDWXOXLVHSRDWHGLVSXQHSHQWUXRGXUDWăGHFHO
PXOWGH]LOH
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLSRDWHDFRUGDvQFXUVXOXUPăULULLSHQDOHúLDOWH
SUHOXQJLULILHFDUHQHSXWkQGGHSăúLGH]LOH'LVSR]LĠLLOHDOLQ VHDSOLFăvQPRG
FRUHVSXQ]ăWRU
'XUDWDWRWDOăDDUHVWăULLSUHYHQWLYHDLQFXOSDWXOXLvQFXUVXOXUPăULULLSHQDOHQXSRDWH
GHSăúLXQWHUPHQUH]RQDELOúLQXSRDWHILPDLPDUHGHGH]LOH
$UWLFROXO
5HVSLQJHUHDSURSXQHULLGHSUHOXQJLUHDDUHVWăULLSUHYHQWLYHvQFXUVXOXUPăULULLSHQDOH
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGDFăDSUHFLD]ăFăQXVXQWvQWUXQLWHFRQGLĠLLOH
SUHYă]XWHGHOHJHSHQWUXSUHOXQJLUHDDUHVWăULLSUHYHQWLYHDLQFXOSDWXOXLUHVSLQJHSULQ
vQFKHLHUHPRWLYDWăSURSXQHUHDSURFXURUXOXLGLVSXQkQGSXQHUHDvQOLEHUWDWHDLQFXOSDWXOXLOD
H[SLUDUHDGXUDWHLDFHVWHLDGDFăQXHVWHDUHVWDWvQDOWăFDX]ă
'DFăVXQWvQWUXQLWHFRQGLĠLLOHSUHYă]XWHGHOHJHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
SRDWHGLVSXQHvQORFXLUHDDUHVWăULLSUHYHQWLYHFXXQDGLQWUHPăVXULOHSUHYHQWLYHSUHYă]XWHOD
DUWDOLQ OLWE G
$UWLFROXO
$UHVWDUHDSUHYHQWLYăDLQFXOSDWXOXLvQSURFHGXUDGHFDPHUăSUHOLPLQDUăúLvQFXUVXOMXGHFăĠLL
$UHVWDUHDSUHYHQWLYăDLQFXOSDWXOXLSRDWHILGLVSXVăvQSURFHGXUDGHFDPHUăSUHOLPLQDUă
úLvQFXUVXOMXGHFăĠLLGHFăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXGHFăWUHLQVWDQĠDGH
MXGHFDWăvQIDĠDFăUHLDVHDIOăFDX]DGLQRILFLXRULODSURSXQHUHDPRWLYDWăDSURFXURUXOXL
SHQWUXRSHULRDGăGHFHOPXOWGH]LOHSHQWUXDFHOHDúLWHPHLXULúLvQDFHOHDúLFRQGLĠLLFD
úLDUHVWDUHDSUHYHQWLYăGLVSXVăGHFăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLvQFXUVXO
XUPăULULLSHQDOH'LVSR]LĠLLOHDUWúLVHDSOLFăvQPRGFRUHVSXQ]ăWRU
ÌQFXUVXOMXGHFăĠLLPăVXUDSUHYă]XWăODDOLQ VHSRDWHGLVSXQHGHFăWUHLQVWDQĠDGH
MXGHFDWăvQFRPSXQHUHDSUHYă]XWăGHOHJHÌQDFHVWFD]PDQGDWXOGHDUHVWDUHSUHYHQWLYăHVWH
HPLVGHFăWUHSUHúHGLQWHOHFRPSOHWXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
)DĠăGHLQFXOSDWXOFDUHDPDLIRVWDQWHULRUDUHVWDWSUHYHQWLYvQDFHHDúLFDX]ăvQFXUVXO
XUPăULULLSHQDOHDOSURFHGXULLGHFDPHUăSUHOLPLQDUăVDXDOMXGHFăĠLLVHSRDWHGLVSXQHGLQ
QRXDFHDVWăPăVXUăQXPDLGDFăDXLQWHUYHQLWWHPHLXULQRLFDUHIDFQHFHVDUăSULYDUHDVDGH
OLEHUWDWH
$UWLFROXO
'XUDWDPD[LPăDDUHVWăULLSUHYHQWLYHDLQFXOSDWXOXLvQFXUVXOMXGHFăĠLLvQSULPăLQVWDQĠă
ÌQFXUVXOMXGHFăĠLLvQSULPăLQVWDQĠăGXUDWDWRWDOăDDUHVWăULLSUHYHQWLYHD
LQFXOSDWXOXLQXSRDWHGHSăúLXQWHUPHQUH]RQDELOúLQXSRDWHILPDLPDUHGHMXPăWDWHD
PD[LPXOXLVSHFLDOSUHYă]XWGHOHJHSHQWUXLQIUDFĠLXQHDFDUHIDFHRELHFWXOVHVL]ăULLLQVWDQĠHL
GHMXGHFDWăÌQWRDWHFD]XULOHGXUDWDDUHVWăULLSUHYHQWLYHvQSULPăLQVWDQĠăQXSRDWHGHSăúL
DQL
7HUPHQHOHSUHYă]XWHODDOLQ FXUJGHODGDWDVHVL]ăULLLQVWDQĠHLGHMXGHFDWăvQ
FD]XOvQFDUHLQFXOSDWXOVHDIOăvQVWDUHGHDUHVWSUHYHQWLYúLUHVSHFWLYGHODGDWD
SXQHULLvQH[HFXWDUHDPăVXULLFkQGIDĠăGHDFHVWDVDGLVSXVDUHVWDUHDSUHYHQWLYăvQ
SURFHGXUDGHFDPHUăSUHOLPLQDUăVDXvQFXUVXOMXGHFăĠLLVDXvQOLSVă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
/DH[SLUDUHDWHUPHQHORUSUHYă]XWHODDOLQ LQVWDQĠDGHMXGHFDWăSRDWHGLVSXQHOXDUHD
XQHLDOWHPăVXULSUHYHQWLYHvQFRQGLĠLLOHOHJLL
$UWLFROXO
7UDWDPHQWXOPHGLFDOVXESD]ăSHUPDQHQWă
ÌQFD]XOvQFDUHSHED]DDFWHORUPHGLFDOHVHFRQVWDWăFăFHODUHVWDWSUHYHQWLYVXIHUă
GHRERDOăFDUHQXSRDWHILWUDWDWăvQUHĠHDXDPHGLFDOăD$GPLQLVWUDĠLHL1DĠLRQDOHD
3HQLWHQFLDUHORUDGPLQLVWUDĠLDORFXOXLGHGHĠLQHUHGLVSXQHHIHFWXDUHDWUDWDPHQWXOXLVXESD]ă
SHUPDQHQWăvQUHĠHDXDPHGLFDOăD0LQLVWHUXOXL6ăQăWăĠLL0RWLYHOHFDUHDXGHWHUPLQDWOXDUHD
DFHVWHLPăVXULVXQWFRPXQLFDWHGHvQGDWăSURFXURUXOXLvQFXUVXOXUPăULULLSHQDOH
MXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăvQFXUVXODFHVWHLSURFHGXULVDXLQVWDQĠHLGHMXGHFDWă
vQFXUVXOMXGHFăĠLL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
7LPSXOvQFDUHLQFXOSDWXOHVWHLQWHUQDWVXESD]ăSHUPDQHQWăFRQIRUPDOLQ LQWUăvQ
GXUDWDDUHVWăULLSUHYHQWLYH
6HFĠLXQHDDDÌQFHWDUHDGHGUHSWUHYRFDUHDúLvQORFXLUHDPăVXULORUSUHYHQWLYH
$UWLFROXO
ÌQFHWDUHDGHGUHSWDPăVXULORUSUHYHQWLYH
0ăVXULOHSUHYHQWLYHvQFHWHD]ăGHGUHSW
D ODH[SLUDUHDWHUPHQHORUSUHYă]XWHGHOHJHVDXVWDELOLWHGHRUJDQHOHMXGLFLDUH
E vQFD]XULOHvQFDUHSURFXURUXOGLVSXQHRVROXĠLHGHQHWULPLWHUHvQMXGHFDWăRULLQVWDQĠD
GHMXGHFDWăSURQXQĠăRKRWăUkUHGHDFKLWDUHGHvQFHWDUHDSURFHVXOXLSHQDOGHUHQXQĠDUHOD
DSOLFDUHDSHGHSVHLGHDPkQDUHDDSOLFăULLSHGHSVHLRULGHVXVSHQGDUHDH[HFXWăULLSHGHSVHL
VXEVXSUDYHJKHUHFKLDUQHGHILQLWLYă
F ODGDWDUăPkQHULLGHILQLWLYHDKRWăUkULLSULQFDUHVDGLVSXVFRQGDPQDUHDLQFXOSDWXOXL
G vQDOWHFD]XULDQXPHSUHYă]XWHGHOHJH
/LWG DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
H DEURJDWă
/LWH DDOLQ DODUWDIRVWDEURJDWăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
I DEURJDWă
/LWI DDOLQ DODUWDIRVWDEURJDWăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
J DEURJDWă
/LWJ DDOLQ DODUWDIRVWDEURJDWăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
A $UHVWDUHDSUHYHQWLYăúLDUHVWXOODGRPLFLOLXvQFHWHD]ăGHGUHSW
D vQFXUVXOXUPăULULLSHQDOHVDXvQFXUVXOMXGHFăĠLLvQSULPăLQVWDQĠăODvPSOLQLUHD
GXUDWHLPD[LPHSUHYă]XWHGHOHJH
E vQDSHOGDFăGXUDWDPăVXULLDDWLQVGXUDWDSHGHSVHLSURQXQĠDWHvQKRWăUkUHDGH
FRQGDPQDUH
$OLQ A DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2UJDQXOMXGLFLDUFDUHDGLVSXVDFHDVWăPăVXUăVDXGXSăFD]SURFXURUXOMXGHFăWRUXOGH
GUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăRULLQVWDQĠDGHMXGHFDWăvQIDĠD
FăUHLDVHDIOăFDX]DFRQVWDWăSULQRUGRQDQĠăVDXvQFKHLHUHGLQRILFLXODFHUHUHVDXOD
VHVL]DUHDDGPLQLVWUDĠLHLORFXOXLGHGHĠLQHUHvQFHWDUHDGHGUHSWDPăVXULLSUHYHQWLYH
GLVSXQkQGvQFD]XOFHOXLUHĠLQXWVDXDUHVWDWSUHYHQWLYSXQHUHDGHvQGDWăvQOLEHUWDWHGDFă
QXHVWHUHĠLQXWRULDUHVWDWvQDOWăFDX]ă
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGH
MXGHFDWăVHSURQXQĠăSULQvQFKHLHUHPRWLYDWăDVXSUDvQFHWăULLGHGUHSWDPăVXULLSUHYHQWLYH
FKLDUúLvQOLSVDLQFXOSDWXOXL$VLVWHQĠDMXULGLFăDLQFXOSDWXOXLúLSDUWLFLSDUHD
SURFXURUXOXLVXQWREOLJDWRULL
3HUVRDQHLIDĠăGHFDUHVDGLVSXVPăVXUDSUHYHQWLYăSUHFXPúLWXWXURULQVWLWXĠLLORUFX
DWULEXĠLLvQH[HFXWDUHDPăVXULLOLVHFRPXQLFăGHvQGDWăFkWHRFRSLHGHSHRUGRQDQĠDVDX
vQFKHLHUHDSULQFDUHRUJDQXOMXGLFLDUFRQVWDWăvQFHWDUHDGHGUHSWDPăVXULLSUHYHQWLYH
$UWLFROXO
5HYRFDUHDPăVXULORUSUHYHQWLYHúLvQORFXLUHDXQHLPăVXULSUHYHQWLYHFXRDOWăPăVXUă
SUHYHQWLYă
0ăVXUDSUHYHQWLYăVHUHYRFăGLQRILFLXVDXODFHUHUHvQFD]XOvQFDUHDXvQFHWDW
WHPHLXULOHFDUHDXGHWHUPLQDWRRULDXDSăUXWvPSUHMXUăULQRLGLQFDUHUH]XOWăQHOHJDOLWDWHD
PăVXULLGLVSXQkQGXVHvQFD]XOUHĠLQHULLúLDUHVWăULLSUHYHQWLYHSXQHUHDvQOLEHUWDWHD
VXVSHFWXOXLRULDLQFXOSDWXOXLGDFăQXHVWHDUHVWDWvQDOWăFDX]ă
0ăVXUDSUHYHQWLYăVHvQORFXLHúWHGLQRILFLXVDXODFHUHUHFXRPăVXUăSUHYHQWLYăPDL
XúRDUăGDFăVXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHGHOHJHSHQWUXOXDUHDDFHVWHLDúLvQXUPD
HYDOXăULLvPSUHMXUăULORUFRQFUHWHDOHFDX]HLúLDFRQGXLWHLSURFHVXDOHDLQFXOSDWXOXLVH
DSUHFLD]ăFăPăVXUDSUHYHQWLYăPDLXúRDUăHVWHVXILFLHQWăSHQWUXUHDOL]DUHDVFRSXOXLSUHYă]XW
ODDUWDOLQ
0ăVXUDSUHYHQWLYăVHvQORFXLHúWHGLQRILFLXVDXODFHUHUHFXRPăVXUăSUHYHQWLYăPDL
JUHDGDFăVXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHGHOHJHSHQWUXOXDUHDDFHVWHLDúLvQXUPD
HYDOXăULLvPSUHMXUăULORUFRQFUHWHDOHFDX]HLúLDFRQGXLWHLSURFHVXDOHDLQFXOSDWXOXLVH
DSUHFLD]ăFăPăVXUDSUHYHQWLYăPDLJUHDHVWHQHFHVDUăSHQWUXUHDOL]DUHDVFRSXOXLSUHYă]XWOD
DUWDOLQ
ÌQFD]XOvQFDUHPăVXUDSUHYHQWLYăDIRVWOXDWăvQFXUVXOXUPăULULLSHQDOHGHFăWUH
SURFXURUVDXGHFăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLRUJDQXOGHFHUFHWDUHSHQDOăDUH
REOLJDĠLDVăvOLQIRUPH]HGHvQGDWăvQVFULVSHSURFXURUGHVSUHRULFHvPSUHMXUDUHFDUHDU
SXWHDFRQGXFHODUHYRFDUHDVDXvQORFXLUHDPăVXULLSUHYHQWLYH'DFăDSUHFLD]ăFăLQIRUPDĠLLOH
FRPXQLFDWHMXVWLILFăUHYRFDUHDVDXvQORFXLUHDPăVXULLSUHYHQWLYHSURFXURUXOGLVSXQHDFHDVWD
VDXGXSăFD]VHVL]HD]ăMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLFDUHDOXDWPăVXUDvQWHUPHQ
GHGHRUHGHODSULPLUHDLQIRUPăULL3URFXURUXOHVWHREOLJDWVăVHVL]H]HúLGLQRILFLX
MXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLFkQGFRQVWDWăHOvQVXúLH[LVWHQĠDYUHXQHLvPSUHMXUăUL
FDUHMXVWLILFăUHYRFDUHDVDXvQORFXLUHDPăVXULLSUHYHQWLYHOXDWHGHDFHVWD
&HUHUHDGHUHYRFDUHVDXvQORFXLUHDPăVXULLSUHYHQWLYHIRUPXODWăGHLQFXOSDWVH
DGUHVHD]ăvQVFULVMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLMXGHFăWRUXOXLGHFDPHUă
SUHOLPLQDUăVDXLQVWDQĠHLGHMXGHFDWăGXSăFD]
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFXUVXOXUPăULULLSHQDOHSURFXURUXOvQDLQWHD]ăMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠL
GRVDUXOFDX]HLVDXFRSLHGHSHDFHVWDFHUWLILFDWăGHJUHIDSDUFKHWXOXLvQWHUPHQGHGH
RUHGHODVROLFLWDUHDDFHVWXLDGHFăWUHMXGHFăWRU
ÌQYHGHUHDVROXĠLRQăULLFHUHULLMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGH
FDPHUăSUHOLPLQDUăVDXLQVWDQĠDGHMXGHFDWăIL[HD]ăGDWDGHVROXĠLRQDUHDDFHVWHLDúLGLVSXQH
FLWDUHDLQFXOSDWXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&kQGLQFXOSDWXOHVWHSUH]HQWVROXĠLRQDUHDFHUHULLVHIDFHQXPDLGXSăDVFXOWDUHDDFHVWXLD
DVXSUDWXWXURUPRWLYHORUSHFDUHVHvQWHPHLD]ăFHUHUHDvQSUH]HQĠDXQXLDYRFDWDOHVVDX
QXPLWGLQRILFLX&HUHUHDVHVROXĠLRQHD]ăúLvQOLSVDLQFXOSDWXOXLDWXQFLFkQGDFHVWDQXVH
SUH]LQWăGHúLDIRVWOHJDOFLWDWVDXFkQGGLQFDX]DVWăULLGHVăQăWDWHGLQFDX]ăGHIRUĠă
PDMRUăRULVWDUHGHQHFHVLWDWHQXSRDWHILDGXVGDUQXPDLvQSUH]HQĠDDYRFDWXOXLDOHVVDX
QXPLWGLQRILFLXFăUXLDLVHGăFXYkQWXOSHQWUXDSXQHFRQFOX]LL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
'DFăFHUHUHDDUHFDRELHFWvQORFXLUHDPăVXULLDUHVWăULLSUHYHQWLYHVDXDPăVXULL
DUHVWXOXLODGRPLFLOLXFXPăVXUDFRQWUROXOXLMXGLFLDUSHFDXĠLXQHGDFăJăVHúWHFHUHUHD
vQWHPHLDWăMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDX
LQVWDQĠDGHMXGHFDWăSULQvQFKHLHUHGDWăvQFDPHUDGHFRQVLOLXDGPLWHvQSULQFLSLXFHUHUHD
úLVWDELOHúWHYDORDUHDFDXĠLXQLLDFRUGkQGLQFXOSDWXOXLWHUPHQSHQWUXGHSXQHUHDHL
'DFăVHGHSXQHFDXĠLXQHDvQWHUPHQXOIL[DWMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
MXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGHMXGHFDWăSULQvQFKHLHUHGDWăvQFDPHUDGH
FRQVLOLXDGPLWHFHUHUHDGHvQORFXLUHDPăVXULLSUHYHQWLYHFXPăVXUDFRQWUROXOXLMXGLFLDUSH
FDXĠLXQHVWDELOHúWHREOLJDĠLLOHFHYRUUHYHQLLQFXOSDWXOXLSHGXUDWDPăVXULLúLGLVSXQH
SXQHUHDGHvQGDWăvQOLEHUWDWHDLQFXOSDWXOXLGDFăQXHVWHDUHVWDWvQDOWăFDX]ă
'DFăQXVHGHSXQHFDXĠLXQHDvQWHUPHQXOIL[DWMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
MXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGHMXGHFDWăSULQvQFKHLHUHGDWăvQFDPHUDGH
FRQVLOLXvQOLSVDLQFXOSDWXOXLúLDSURFXURUXOXLUHVSLQJHFDQHvQWHPHLDWăFHUHUHDIRUPXODWă
GHLQFXOSDW
7HUPHQXOSUHYă]XWODDOLQ FXUJHGHODGDWDUăPkQHULLGHILQLWLYHDvQFKHLHULLSULQ
FDUHVHVWDELOHúWHYDORDUHDFDXĠLXQLL
6HFĠLXQHDDD'LVSR]LĠLLVSHFLDOHSULYLQGPăVXULOHSUHYHQWLYHDSOLFDWHPLQRULORU
$UWLFROXO
&RQGLĠLLVSHFLDOHGHDSOLFDUHIDĠăGHPLQRULDPăVXULORUSUHYHQWLYH
)DĠăGHVXVSHFWXOúLLQFXOSDWXOPLQRUVHSRWGLVSXQHPăVXULSUHYHQWLYHSRWULYLW
GLVSR]LĠLLORUSUHYă]XWHvQVHFĠLXQLOHGLQSUH]HQWXOFDSLWROFXGHURJăULOHúL
FRPSOHWăULOHSUHYă]XWHvQSUH]HQWXODUWLFRO
5HĠLQHUHDúLDUHVWDUHDSUHYHQWLYăSRWILGLVSXVHúLIDĠăGHXQLQFXOSDWPLQRUvQPRG
H[FHSĠLRQDOQXPDLGDFăHIHFWHOHSHFDUHSULYDUHDGHOLEHUWDWHOHDUDYHDDVXSUD
SHUVRQDOLWăĠLLúLGH]YROWăULLDFHVWXLDQXVXQWGLVSURSRUĠLRQDWHIDĠăGHVFRSXOXUPăULWSULQ
OXDUHDPăVXULL
/DVWDELOLUHDGXUDWHLSHQWUXFDUHVHLDPăVXUDDUHVWăULLSUHYHQWLYHVHDUHvQYHGHUH
YkUVWDLQFXOSDWXOXLGHODGDWDFkQGVHGLVSXQHDVXSUDOXăULLSUHOXQJLULLVDXPHQĠLQHULL
DFHVWHLPăVXUL
&kQGVDGLVSXVUHĠLQHUHDVDXDUHVWDUHDSUHYHQWLYăDXQXLPLQRUvQFXQRúWLQĠDUHD
SUHYă]XWăODDUWúLVHIDFHvQPRGREOLJDWRULXúLFăWUHUHSUH]HQWDQWXOOHJDODO
DFHVWXLDVDXGXSăFD]FăWUHSHUVRDQDvQvQJULMLUHDRULVXSUDYHJKHUHDFăUHLDVHDIOă
PLQRUXO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RQGLĠLLVSHFLDOHGHH[HFXWDUHDUHĠLQHULLúLDUHVWăULLSUHYHQWLYHGLVSXVHIDĠăGHPLQRUL
5HJLPXOVSHFLDOGHGHWHQĠLHDOPLQRULORUvQUDSRUWFXSDUWLFXODULWăĠLOHYkUVWHLDVWIHO
vQFkWPăVXULOHSUHYHQWLYHOXDWHIDĠăGHDFHúWLDVăQXSUHMXGLFLH]HGH]YROWDUHDORUIL]LFă
SVLKLFăVDXPRUDOăYDILVWDELOLWSULQOHJHDSULYLQGH[HFXWDUHDSHGHSVHORUúLDPăVXULORU
GLVSXVHGHRUJDQHOHMXGLFLDUHvQFXUVXOSURFHVXOXLSHQDO
&DSLWROXO,,$SOLFDUHDSURYL]RULHDPăVXULORUGHVLJXUDQĠăFXFDUDFWHUPHGLFDO
6HFĠLXQHD2EOLJDUHDSURYL]RULHODWUDWDPHQWPHGLFDO
$UWLFROXO
&RQGLĠLLOHGHDSOLFDUHúLFRQĠLQXWXOPăVXULL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLSHGXUDWDXUPăULULLSHQDOHMXGHFăWRUXOGHFDPHUă
SUHOLPLQDUăvQFXUVXOSURFHGXULLGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDvQFXUVXOMXGHFăĠLL
SRDWHGLVSXQHREOLJDUHDSURYL]RULHODWUDWDPHQWPHGLFDODVXVSHFWXOXLVDXLQFXOSDWXOXLGDFă
VHDIOăvQVLWXDĠLDSUHYă]XWăGHDUWDOLQ GLQ&RGXOSHQDO
0ăVXUDSUHYă]XWăODDOLQ FRQVWăvQREOLJDUHDVXVSHFWXOXLVDXLQFXOSDWXOXLVăXUPH]H
vQPRGUHJXODWWUDWDPHQWXOPHGLFDOSUHVFULVGHXQPHGLFGHVSHFLDOLWDWHSkQăODvQVăQăWRúLUH
VDXSkQăODREĠLQHUHDXQHLDPHOLRUăULFDUHVăvQOăWXUHVWDUHDGHSHULFRO
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLúLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVHSURQXQĠă
DVXSUDPăVXULLSUHYă]XWHODDOLQ vQFDPHUDGHFRQVLOLXSULQvQFKHLHUHPRWLYDWă
,QVWDQĠDVHSURQXQĠăDVXSUDPăVXULLSULQvQFKHLHUHPRWLYDWă
$UWLFROXO
3URFHGXUDGHDSOLFDUHúLGHULGLFDUHDPăVXULL
ÌQFXUVXOXUPăULULLSHQDOHVDXDOSURFHGXULLGHFDPHUăSUHOLPLQDUăGDFăDSUHFLD]ăFă
VXQWvQWUXQLWHFRQGLĠLLOHSUHYă]XWHGHOHJHSURFXURUXOvQDLQWHD]ăMXGHFăWRUXOXLGHGUHSWXUL
úLOLEHUWăĠLVDXMXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăGHODLQVWDQĠDFăUHLDLDUUHYHQL
FRPSHWHQĠDVăMXGHFHFDX]DvQSULPăLQVWDQĠăRSURSXQHUHPRWLYDWăGHOXDUHIDĠăGHLQFXOSDWD
PăVXULLREOLJăULLSURYL]RULLODWUDWDPHQWPHGLFDO
3URSXQHUHDSUHYă]XWăODDOLQ YDILvQVRĠLWăGHH[SHUWL]DPHGLFROHJDOăGLQFDUHVă
UH]XOWHQHFHVLWDWHDDSOLFăULLPăVXULLREOLJăULLODWUDWDPHQWPHGLFDO
-XGHFăWRUXOVHVL]DWFRQIRUPDOLQ IL[HD]ăWHUPHQGHVROXĠLRQDUHDSURSXQHULLvQFHO
PXOW]LOHGHODGDWDvQUHJLVWUăULLDFHVWHLDúLGLVSXQHFLWDUHDVXVSHFWXOXLVDX
LQFXOSDWXOXL
&kQGVXVSHFWXOVDXLQFXOSDWXOHVWHSUH]HQWVROXĠLRQDUHDSURSXQHULLVHIDFHQXPDLGXSă
DXGLHUHDDFHVWXLDvQSUH]HQĠDXQXLDYRFDWDOHVVDXQXPLWGLQRILFLX3URSXQHUHDVH
VROXĠLRQHD]ăúLvQOLSVDVXVSHFWXOXLVDXLQFXOSDWXOXLDWXQFLFkQGDFHVWDQXVHSUH]LQWă
GHúLDIRVWOHJDOFLWDWGDUQXPDLvQSUH]HQĠDDYRFDWXOXLDOHVVDXQXPLWGLQRILFLXFăUXLD
LVHGăFXYkQWXOSHQWUXDSXQHFRQFOX]LL
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
6XVSHFWXOVDXLQFXOSDWXODUHGUHSWXOFDODVROXĠLRQDUHDSURSXQHULLGHOXDUHDPăVXULL
REOLJăULLSURYL]RULLODWUDWDPHQWPHGLFDOVăILHDVLVWDWúLGHFăWUHXQPHGLFGHVHPQDWGH
DFHVWDFDUHSRDWHSUH]HQWDFRQFOX]LLMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠL6XVSHFWXOVDX
LQFXOSDWXODUHGUHSWXOVăILHDVLVWDWGHPHGLFXOVSHFLDOLVWGHVHPQDWGHDFHVWDúLOD
DOFăWXLUHDSODQXOXLWHUDSHXWLF
-XGHFăWRUXOVHSURQXQĠăDVXSUDSURSXQHULLSULQWURvQFKHLHUHFDUHSRDWHILFRQWHVWDWăvQ
]LOHGHODSURQXQĠDUH&RQWHVWDUHDQXVXVSHQGăSXQHUHDvQDSOLFDUHDPăVXULLGHVLJXUDQĠă
'DFăDGPLWHSURSXQHUHDMXGHFăWRUXOGLVSXQHREOLJDUHDSURYL]RULHODWUDWDPHQWPHGLFDOD
VXVSHFWXOXLVDXLQFXOSDWXOXLúLHIHFWXDUHDXQHLH[SHUWL]HPHGLFROHJDOHvQFD]XOvQFDUH
DFHDVWDQXDIRVWGHSXVăSRWULYLWDOLQ
ÌQFD]XOFkQGGXSăGLVSXQHUHDPăVXULLVDSURGXVvQVăQăWRúLUHDVXVSHFWXOXLVDX
LQFXOSDWXOXLRULDLQWHUYHQLWRDPHOLRUDUHDVWăULLVDOHGHVăQăWDWHFDUHvQOăWXUăVWDUHDGH
SHULFROSHQWUXVLJXUDQĠDSXEOLFăMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVDXMXGHFăWRUXOGH
FDPHUăSUHOLPLQDUăFDUHDOXDWPăVXUDGLVSXQHODVHVL]DUHDSURFXURUXOXLRULDPHGLFXOXLGH
VSHFLDOLWDWHVDXODFHUHUHDVXVSHFWXOXLRULLQFXOSDWXOXLVDXDXQXLPHPEUXGHIDPLOLHDO
DFHVWXLDULGLFDUHDPăVXULLOXDWH'LVSR]LĠLLOHDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
'DFăGXSăGLVSXQHUHDPăVXULLDIRVWVHVL]DWăLQVWDQĠDSULQUHFKL]LWRULXULGLFDUHD
DFHVWHLDSRWULYLWDOLQ VHGLVSXQHGHFăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXGXSă
FD]GHFăWUHLQVWDQĠDGHMXGHFDWăvQIDĠDFăUHLDVHDIOăFDX]D
ÌQFXUVXOMXGHFăĠLLvQSULPăLQVWDQĠăúLvQDSHOODSURSXQHUHDSURFXURUXOXLRULGLQ
RILFLXLQFXOSDWXOSRDWHILREOLJDWSURYL]RULXODWUDWDPHQWPHGLFDOGHFăWUHLQVWDQĠDGH
MXGHFDWăvQIDĠDFăUHLDVHDIOăFDX]DFDUHVROLFLWăDFWHPHGLFDOHFRQFOXGHQWHVDXHIHFWXDUHD
XQHLH[SHUWL]HPHGLFROHJDOH'LVSR]LĠLLOHDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
'DFăVXVSHFWXOVDXLQFXOSDWXOvQFDOFăFXUHDFUHGLQĠăPăVXUDREOLJăULLSURYL]RULLOD
WUDWDPHQWPHGLFDOMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUă
VDXLQVWDQĠDFDUHDOXDWPăVXUDRULvQIDĠDFăUHLDVHDIOăFDX]DGLVSXQHODVHVL]DUHD
SURFXURUXOXLVDXDPHGLFXOXLGHVSHFLDOLWDWHRULGLQRILFLXLQWHUQDUHDPHGLFDOăSURYL]RULHD
VXVSHFWXOXLVDXLQFXOSDWXOXLvQFRQGLĠLLOHSUHYă]XWHODDUW
6HFĠLXQHDDD,QWHUQDUHDPHGLFDOăSURYL]RULH
$UWLFROXO
&RQGLĠLLOHGHDSOLFDUHúLFRQĠLQXWXOPăVXULL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLvQFXUVXOXUPăULULLSHQDOHMXGHFăWRUXOGHFDPHUă
SUHOLPLQDUăSHGXUDWDSURFHGXULLGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDvQFXUVXOMXGHFăĠLL
SRDWHGLVSXQHLQWHUQDUHDPHGLFDOăSURYL]RULHDVXVSHFWXOXLVDXLQFXOSDWXOXLFDUHHVWHEROQDY
PLQWDORULFRQVXPDWRUFURQLFGHVXEVWDQĠHSVLKRDFWLYHGDFăOXDUHDPăVXULLHVWHQHFHVDUă
SHQWUXvQOăWXUDUHDXQXLSHULFROFRQFUHWúLDFWXDOSHQWUXVLJXUDQĠDSXEOLFă
0ăVXUDSUHYă]XWăODDOLQ FRQVWăvQLQWHUQDUHDPHGLFDOăQHYROXQWDUăDVXVSHFWXOXLVDX
LQFXOSDWXOXLvQWURXQLWDWHVSHFLDOL]DWăGHDVLVWHQĠăPHGLFDOăSkQăODvQVăQăWRúLUHVDXSkQă
ODDPHOLRUDUHDFDUHvQOăWXUăVWDUHDGHSHULFROFHDGHWHUPLQDWOXDUHDPăVXULL
'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWLFROXO
3URFHGXUDGHDSOLFDUHúLGHULGLFDUHDPăVXULL
ÌQFXUVXOXUPăULULLSHQDOHVDXDOSURFHGXULLGHFDPHUăSUHOLPLQDUăGDFăDSUHFLD]ăFă
VXQWvQWUXQLWHFRQGLĠLLOHSUHYă]XWHGHOHJHSURFXURUXOvQDLQWHD]ăMXGHFăWRUXOXLGHGUHSWXUL
úLOLEHUWăĠLVDXMXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăGHODLQVWDQĠDFăUHLDLDUUHYHQL
FRPSHWHQĠDVăMXGHFHFDX]DvQSULPăLQVWDQĠăRSURSXQHUHPRWLYDWăGHOXDUHIDĠăGHVXVSHFW
VDXLQFXOSDWDPăVXULLLQWHUQăULLPHGLFDOHSURYL]RULL
3URSXQHUHDSUHYă]XWăODDOLQ YDILvQVRĠLWăGHDFWHPHGLFDOHFRQFOXGHQWHVDXGH
H[SHUWL]DPHGLFROHJDOăSVLKLDWULFă
-XGHFăWRUXOVHVL]DWFRQIRUPDOLQ IL[HD]ăGHvQGDWăWHUPHQGHVROXĠLRQDUHD
SURSXQHULLúLGLVSXQHDGXFHUHDFXPDQGDWDVXVSHFWXOXLVDXDLQFXOSDWXOXL
6ROXĠLRQDUHDSURSXQHULLVHIDFHQXPDLGXSăDXGLHUHDVXVSHFWXOXLVDXLQFXOSDWXOXLGDFă
VWDUHDVDGHVăQăWDWHRSHUPLWHvQSUH]HQĠDXQXLDYRFDWDOHVVDXQXPLWGLQRILFLX&kQG
VXVSHFWXOVDXLQFXOSDWXOVHDIOăGHMDLQWHUQDWvQWURXQLWDWHGHDVLVWHQĠăPHGLFDOăúL
GHSODVDUHDVDQXHVWHSRVLELOăMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLSURFHGHD]ăODDXGLHUHD
DFHVWXLDvQSUH]HQĠDDYRFDWXOXLvQORFXOXQGHVHDIOă
&kQGSURSXQHUHDSUHYă]XWăODDOLQ QXHVWHvQVRĠLWăGHH[SHUWL]DPHGLFROHJDOă
SVLKLDWULFăLQVWDQĠDVHVL]DWăGLVSXQHHIHFWXDUHDDFHVWHLDOXkQGGDFăHVWHFD]XOúLPăVXUD
LQWHUQăULLQHFHVDUHSHQWUXHIHFWXDUHDH[SHUWL]HL
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
6XVSHFWXOVDXLQFXOSDWXODUHGUHSWXOFDODVROXĠLRQDUHDSURSXQHULLGHOXDUHDPăVXULL
LQWHUQăULLPHGLFDOHRULODDOFăWXLUHDFRQFUHWăDSODQXOXLWHUDSHXWLFVăILHDVLVWDWúLGH
FăWUHXQPHGLFGHVHPQDWGHDFHVWDDOHFăUXLFRQFOX]LLVXQWvQDLQWDWHMXGHFăWRUXOXLGH
GUHSWXULúLOLEHUWăĠL
-XGHFăWRUXOVHSURQXQĠăGHvQGDWăDVXSUDSURSXQHULLSULQWURvQFKHLHUHFDUHSRDWHIL
FRQWHVWDWăvQ]LOHGHODSURQXQĠDUH&RQWHVWDUHDQXVXVSHQGăSXQHUHDvQDSOLFDUHDPăVXULL
GHVLJXUDQĠă
'DFăDGPLWHSURSXQHUHDMXGHFăWRUXOGLVSXQHLQWHUQDUHDPHGLFDOăSURYL]RULHDVXVSHFWXOXL
VDXLQFXOSDWXOXLúLLDPăVXULSHQWUXHIHFWXDUHDXQHLH[SHUWL]HPHGLFROHJDOHSVLKLDWULFH
GDFăDFHDVWDQXDIRVWIăFXWăSRWULYLWDOLQ
'DFăMXGHFăWRUXOGLVSXQHLQWHUQDUHDPHGLFDOăSURYL]RULHVHLDXúLPăVXULOHSUHYă]XWHOD
DUW
'DFăGXSăGLVSXQHUHDPăVXULLVDSURGXVvQVăQăWRúLUHDVXVSHFWXOXLVDXLQFXOSDWXOXLRULD
LQWHUYHQLWRDPHOLRUDUHDVWăULLVDOHGHVăQăWDWHFDUHvQOăWXUăVWDUHDGHSHULFRO
MXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVDXMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăFDUHDOXDWPăVXUD
GLVSXQHSULQvQFKHLHUHODVHVL]DUHDSURFXURUXOXLRULDPHGLFXOXLFXUDQWVDXODFHUHUHD
VXVSHFWXOXLRULLQFXOSDWXOXLVDXDXQXLPHPEUXGHIDPLOLHDODFHVWXLDHIHFWXDUHDXQHL
H[SHUWL]HPHGLFROHJDOHSVLKLDWULFHvQYHGHUHDULGLFăULLPăVXULLDSOLFDWH
'DFăGXSăGLVSXQHUHDPăVXULLDIRVWVHVL]DWăLQVWDQĠDSULQUHFKL]LWRULXULGLFDUHD
DFHVWHLDSRWULYLWDOLQ VHGLVSXQHGHFăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDX
GXSăFD]GHFăWUHLQVWDQĠDGHMXGHFDWăvQIDĠDFăUHLDVHDIOăFDX]D
ÌQFXUVXOMXGHFăĠLLvQSULPăLQVWDQĠăúLvQDSHOIDĠăGHLQFXOSDWVHSRDWHGLVSXQH
LQWHUQDUHDPHGLFDOăSURYL]RULHODSURSXQHUHDSURFXURUXOXLRULGLQRILFLXGHFăWUHLQVWDQĠD
vQIDĠDFăUHLDVHDIOăFDX]DSHED]DH[SHUWL]HLPHGLFROHJDOHSVLKLDWULFH'LVSR]LĠLLOH
DOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
&DSLWROXO,,,0ăVXULOHDVLJXUăWRULLUHVWLWXLUHDOXFUXULORUúLUHVWDELOLUHDVLWXDĠLHL
DQWHULRDUHVăYkUúLULLLQIUDFĠLXQLL
$UWLFROXO
&RQGLĠLLOHJHQHUDOHGHOXDUHDPăVXULORUDVLJXUăWRULL
3URFXURUXOvQFXUVXOXUPăULULLSHQDOHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGH
MXGHFDWăGLQRILFLXVDXODFHUHUHDSURFXURUXOXLvQSURFHGXUDGHFDPHUăSUHOLPLQDUăRULvQ
FXUVXOMXGHFăĠLLSRDWHOXDPăVXULDVLJXUăWRULLSULQRUGRQDQĠăVDXGXSăFD]SULQvQFKHLHUH
PRWLYDWăSHQWUXDHYLWDDVFXQGHUHDGLVWUXJHUHDvQVWUăLQDUHDVDXVXVWUDJHUHDGHODXUPăULUH
DEXQXULORUFDUHSRWIDFHRELHFWXOFRQILVFăULLVSHFLDOHVDXDOFRQILVFăULLH[WLQVHRULFDUH
SRWVHUYLODJDUDQWDUHDH[HFXWăULLSHGHSVHLDPHQ]LLVDXDFKHOWXLHOLORUMXGLFLDUHRULD
UHSDUăULLSDJXEHLSURGXVHSULQLQIUDFĠLXQH
0ăVXULOHDVLJXUăWRULLFRQVWDXvQLQGLVSRQLELOL]DUHDXQRUEXQXULPRELOHVDXLPRELOHSULQ
LQVWLWXLUHDXQXLVHFKHVWUXDVXSUDDFHVWRUD
0ăVXULOHDVLJXUăWRULLSHQWUXJDUDQWDUHDH[HFXWăULLSHGHSVHLDPHQ]LLVHSRWOXDQXPDL
DVXSUDEXQXULORUVXVSHFWXOXLVDXLQFXOSDWXOXL
0ăVXULOHDVLJXUăWRULLvQYHGHUHDFRQILVFăULLVSHFLDOHVDXFRQILVFăULLH[WLQVHVHSRWOXD
DVXSUDEXQXULORUVXVSHFWXOXLVDXLQFXOSDWXOXLRULDOHDOWRUSHUVRDQHvQSURSULHWDWHDVDX
SRVHVLDFăURUDVHDIOăEXQXULOHFHXUPHD]ăDILFRQILVFDWH
0ăVXULOHDVLJXUăWRULLvQYHGHUHDUHSDUăULLSDJXEHLSURGXVHSULQLQIUDFĠLXQHúLSHQWUX
JDUDQWDUHDH[HFXWăULLFKHOWXLHOLORUMXGLFLDUHVHSRWOXDDVXSUDEXQXULORUVXVSHFWXOXLVDX
LQFXOSDWXOXLúLDOHSHUVRDQHLUHVSRQVDELOHFLYLOPHQWHSkQăODFRQFXUHQĠDYDORULLSUREDELOHD
DFHVWRUD
0ăVXULOHDVLJXUăWRULLSUHYă]XWHODDOLQ VHSRWOXDvQFXUVXOXUPăULULLSHQDOHDO
SURFHGXULLGHFDPHUăSUHOLPLQDUăúLDOMXGHFăĠLLúLODFHUHUHDSăUĠLLFLYLOH0ăVXULOH
DVLJXUăWRULLOXDWHGLQRILFLXGHFăWUHRUJDQHOHMXGLFLDUHSUHYă]XWHODDOLQ SRWIRORVL
úLSăUĠLLFLYLOH
0ăVXULOHDVLJXUăWRULLOXDWHvQFRQGLĠLLOHDOLQ VXQWREOLJDWRULLvQFD]XOvQFDUH
SHUVRDQDYăWăPDWăHVWHRSHUVRDQăOLSVLWăGHFDSDFLWDWHGHH[HUFLĠLXVDXFXFDSDFLWDWHGH
H[HUFLĠLXUHVWUkQVă
1XSRWILVHFKHVWUDWHEXQXULFDUHDSDUĠLQXQHLDXWRULWăĠLVDXLQVWLWXĠLLSXEOLFHRULXQHL
DOWHSHUVRDQHGHGUHSWSXEOLFúLQLFLEXQXULOHH[FHSWDWHGHOHJH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RQWHVWDUHDPăVXULORUDVLJXUăWRULL
ÌPSRWULYDPăVXULLDVLJXUăWRULLOXDWHGHSURFXURUVDXDPRGXOXLGHDGXFHUHODvQGHSOLQLUH
DDFHVWHLDVXVSHFWXORULLQFXOSDWXOVDXRULFHDOWăSHUVRDQăLQWHUHVDWăSRDWHIDFH
FRQWHVWDĠLHvQWHUPHQGH]LOHGHODGDWDFRPXQLFăULLRUGRQDQĠHLGHOXDUHDPăVXULLVDXGH
ODGDWDDGXFHULLODvQGHSOLQLUHDDFHVWHLDODMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHOD
LQVWDQĠDFăUHLDLDUUHYHQLFRPSHWHQĠDVăMXGHFHFDX]DvQIRQG
&RQWHVWDĠLDQXHVWHVXVSHQVLYăGHH[HFXWDUH
3URFXURUXOvQDLQWHD]ăMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLGRVDUXOFDX]HLvQWHUPHQGH
GHRUHGHODVROLFLWDUHDGRVDUXOXLGHFăWUHDFHVWD
6ROXĠLRQDUHDFRQWHVWDĠLHLVHIDFHvQFDPHUDGHFRQVLOLXFXFLWDUHDFHOXLFDUHDIăFXW
FRQWHVWDĠLDúLDSHUVRDQHORULQWHUHVDWHSULQvQFKHLHUHPRWLYDWăFDUHHVWHGHILQLWLYă
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
'RVDUXOFDX]HLVHUHVWLWXLHSURFXURUXOXLvQWHUPHQGHGHRUHGHODVROXĠLRQDUHD
FRQWHVWDĠLHL
ÌPSRWULYDPRGXOXLGHDGXFHUHODvQGHSOLQLUHDPăVXULLDVLJXUăWRULLOXDWHGHFăWUH
MXGHFăWRUXOGHFDPHUăSUHOLPLQDUăRULGHFăWUHLQVWDQĠDGHMXGHFDWăSURFXURUXOVXVSHFWXO
RULLQFXOSDWXOVDXRULFHDOWăSHUVRDQăLQWHUHVDWăSRDWHIDFHFRQWHVWDĠLHODDFHVWMXGHFăWRU
RULODDFHDVWăLQVWDQĠăvQWHUPHQGH]LOHGHODGDWDSXQHULLvQH[HFXWDUHDPăVXULL
&RQWHVWDĠLDQXVXVSHQGăH[HFXWDUHDúLVHVROXĠLRQHD]ăvQúHGLQĠăSXEOLFăSULQvQFKHLHUH
PRWLYDWăFXFLWDUHDSăUĠLORUvQWHUPHQGH]LOHGHODvQUHJLVWUDUHDDFHVWHLD3DUWLFLSDUHD
SURFXURUXOXLHVWHREOLJDWRULH
'XSăUăPkQHUHDGHILQLWLYăDKRWăUkULLVHSRDWHIDFHFRQWHVWDĠLHSRWULYLWOHJLLFLYLOH
QXPDLDVXSUDPRGXOXLGHDGXFHUHODvQGHSOLQLUHDPăVXULLDVLJXUăWRULL
ÌQWRFPLUHDPLQXWHLHVWHREOLJDWRULH
$UWLFROXO
2UJDQHOHFDUHDGXFODvQGHSOLQLUHPăVXULOHDVLJXUăWRULL
2UGRQDQĠDGHOXDUHDPăVXULLDVLJXUăWRULLVHDGXFHODvQGHSOLQLUHGHFăWUHRUJDQHOHGH
FHUFHWDUHSHQDOă
$UWLFROXO
3URFHGXUDVHFKHVWUXOXL
2UJDQXOFDUHSURFHGHD]ăODDSOLFDUHDVHFKHVWUXOXLHVWHREOLJDWVăLGHQWLILFHúLVă
HYDOXH]HEXQXULOHVHFKHVWUDWHSXWkQGUHFXUJHGDFăHVWHFD]XOODHYDOXDWRULVDXH[SHUĠL
%XQXULOHSHULVDELOHRELHFWHOHGLQPHWDOHVDXSLHWUHSUHĠLRDVHPLMORDFHOHGHSODWă
VWUăLQHWLWOXULOHGHYDORDUHLQWHUQHRELHFWHOHGHDUWăúLGHPX]HXFROHFĠLLOHGHYDORDUH
SUHFXPúLVXPHOHGHEDQLFDUHIDFRELHFWXOVHFKHVWUXOXLYRUILULGLFDWHvQPRGREOLJDWRULX
%XQXULOHSHULVDELOHVHSUHGDXDXWRULWăĠLORUFRPSHWHQWHSRWULYLWSURILOXOXLGH
DFWLYLWDWHFDUHVXQWREOLJDWHVăOHSULPHDVFăúLVăOHYDORULILFHGHvQGDWă
0HWDOHOHVDXSLHWUHOHSUHĠLRDVHRULRELHFWHOHFRQIHFĠLRQDWHFXDFHVWHDúLPLMORDFHOHGH
SODWăVWUăLQHVHGHSXQODFHDPDLDSURSLDWăLQVWLWXĠLHEDQFDUă
7LWOXULOHGHYDORDUHLQWHUQHRELHFWHOHGHDUWăVDXGHPX]HXúLFROHFĠLLOHGHYDORDUHVH
SUHGDXVSUHSăVWUDUHLQVWLWXĠLLORUGHVSHFLDOLWDWH
2ELHFWHOHSUHYă]XWHODDOLQ úL VHSUHGDXvQWHUPHQGHGHRUHGHODULGLFDUH
'DFăRELHFWHOHVXQWVWULFWQHFHVDUHXUPăULULLSHQDOHSURFHGXULLGHFDPHUăSUHOLPLQDUăVDX
MXGHFăĠLLGHSXQHUHDVHIDFHXOWHULRUGDUQXPDLWkU]LXGHGHRUHGHODSURQXQĠDUHDvQ
FDX]ăDXQHLVROXĠLLGHILQLWLYH
2ELHFWHOHVHFKHVWUDWHVHSăVWUHD]ăSkQăODULGLFDUHDVHFKHVWUXOXL
6XPHOHGHEDQLUH]XOWDWHGLQYDORULILFDUHDIăFXWăSRWULYLWDOLQ SUHFXPúLVXPHOHGH
EDQLULGLFDWHSRWULYLWDOLQ VHFRQVHPQHD]ăGXSăFD]SHQXPHOHVXVSHFWXOXLVDX
LQFXOSDWXOXLRULDOSHUVRDQHLUHVSRQVDELOHFLYLOPHQWHODGLVSR]LĠLDRUJDQXOXLMXGLFLDUFDUH
DGLVSXVLQVWLWXLUHDVHFKHVWUXOXLFăUXLDLVHSUHGăUHFLSLVDGHFRQVHPQDUHDVXPHLvQ
WHUPHQGHFHOPXOW]LOHGHODULGLFDUHDEDQLORURULGHODYDORULILFDUHDEXQXULORU
&HOHODOWHEXQXULPRELOHVHFKHVWUDWHVXQWSXVHVXEVLJLOLXVDXULGLFDWHSXWkQGXVHQXPL
XQFXVWRGH
$UWLFROXOA
&D]XULVSHFLDOHGHYDORULILFDUHDEXQXULORUPRELOHVHFKHVWUDWH
ÌQFXUVXOSURFHVXOXLSHQDOvQDLQWHGHSURQXQĠDUHDXQHLKRWăUkULGHILQLWLYHSURFXURUXO
VDXLQVWDQĠDGHMXGHFDWăFDUHDLQVWLWXLWVHFKHVWUXOSRDWHGLVSXQHGHvQGDWăYDORULILFDUHD
EXQXULORUPRELOHVHFKHVWUDWHODFHUHUHDSURSULHWDUXOXLEXQXULORUVDXDWXQFLFkQGH[LVWă
DFRUGXODFHVWXLD
ÌQFXUVXOSURFHVXOXLSHQDOvQDLQWHGHSURQXQĠDUHDXQHLKRWăUkULGHILQLWLYHDWXQFLFkQG
QXH[LVWăDFRUGXOSURSULHWDUXOXLEXQXULOHPRELOHDVXSUDFăURUDVDLQVWLWXLWVHFKHVWUXO
DVLJXUăWRUSRWILYDORULILFDWHvQPRGH[FHSĠLRQDOvQXUPăWRDUHOHVLWXDĠLL
D DWXQFLFkQGvQWHUPHQGHXQDQGHODGDWDLQVWLWXLULLVHFKHVWUXOXLYDORDUHDEXQXULORU
VHFKHVWUDWHVDGLPLQXDWvQPRGVHPQLILFDWLYUHVSHFWLYFXFHOSXĠLQvQUDSRUWFXFHDGH
ODPRPHQWXOGLVSXQHULLPăVXULLDVLJXUăWRULL'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRG
FRUHVSXQ]ăWRUúLvQDFHVWFD]
E DWXQFLFkQGH[LVWăULVFXOH[SLUăULLWHUPHQXOXLGHJDUDQĠLHVDXFkQGVHFKHVWUXODVLJXUăWRU
VDDSOLFDWDVXSUDXQRUDQLPDOHVDXSăVăULYLL
F DWXQFLFkQGVHFKHVWUXODVLJXUăWRUVDDSOLFDWDVXSUDSURGXVHORULQIODPDELOHVDX
SHWUROLHUH
G DWXQFLFkQGVHFKHVWUXODVLJXUăWRUVDDSOLFDWDVXSUDXQRUEXQXULDFăURUGHSR]LWDUHVDX
vQWUHĠLQHUHQHFHVLWăFKHOWXLHOLGLVSURSRUĠLRQDWHvQUDSRUWFXYDORDUHDEXQXOXL
ÌQFXUVXOSURFHVXOXLSHQDOvQDLQWHGHSURQXQĠDUHDXQHLKRWăUkULGHILQLWLYHDWXQFLFkQG
VXQWvQGHSOLQLWHFXPXODWLYXUPăWRDUHOHFRQGLĠLLSURSULHWDUXOQXDSXWXWILLGHQWLILFDWúL
YDORULILFDUHDQXVHSRDWHIDFHSRWULYLWDOLQ DXWRYHKLFXOHOHDVXSUDFăURUDVDLQVWLWXLW
VHFKHVWUXODVLJXUăWRUSRWILYDORULILFDWHvQXUPăWRDUHOHVLWXDĠLL
D DWXQFLFkQGDFHVWHDDXIRVWIRORVLWHvQRULFHPRGODVăYkUúLUHDXQHLLQIUDFĠLXQL
E GDFăGHODGDWDLQVWLWXLULLPăVXULLDVLJXUăWRULLDVXSUDDFHVWRUEXQXULDWUHFXWRSHULRDGă
GHXQDQVDXPDLPDUH
6XPHOHGHEDQLUH]XOWDWHGLQYDORULILFDUHDEXQXULORUPRELOHIăFXWăSRWULYLWDOLQ úL
VHFRQVHPQHD]ăSHQXPHOHVXVSHFWXOXLLQFXOSDWXOXLVDXDOSHUVRDQHLUHVSRQVDELOH
FLYLOPHQWHODGLVSR]LĠLDRUJDQXOXLMXGLFLDUFDUHDGLVSXVVHFKHVWUXO3UHYHGHULOHDUW
DOLQ UHIHULWRDUHODGHSXQHUHDUHFLSLVHLVHDSOLFăvQPRGFRUHVSXQ]ăWRU
6XPHOHGHEDQLUH]XOWDWHGLQYDORULILFDUHDEXQXULORUPRELOHIăFXWăSRWULYLWDOLQ VH
FRQVHPQHD]ăSHQXPHOHIăSWXLWRUXOXLVXVSHFWXOXLLQFXOSDWXOXLVDXDOSHUVRDQHLUHVSRQVDELOH
FLYLOPHQWHRULGXSăFD]vQWUXQFRQWVSHFLDOFRQVWLWXLWvQDFHVWVHQVSRWULYLW
GLVSR]LĠLLORUOHJDOHvQYLJRDUHODGLVSR]LĠLDRUJDQXOXLMXGLFLDUFDUHDGLVSXVVHFKHVWUXO
3UHYHGHULOHDUWDOLQ UHIHULWRDUHODGHSXQHUHDUHFLSLVHLVHDSOLFăvQPRG
FRUHVSXQ]ăWRU
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXOA
9DORULILFDUHDEXQXULORUPRELOHVHFKHVWUDWHvQFXUVXOXUPăULULLSHQDOH
ÌQFXUVXOXUPăULULLSHQDOHDWXQFLFkQGQXH[LVWăDFRUGXOSURSULHWDUXOXLGDFăSURFXURUXO
FDUHDLQVWLWXLWVHFKHVWUXODSUHFLD]ăFăVHLPSXQHYDORULILFDUHDEXQXULORUPRELOH
VHFKHVWUDWHvOVHVL]HD]ăFXRSURSXQHUHPRWLYDWăGHYDORULILFDUHDEXQXULORUVHFKHVWUDWHSH
MXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVHVL]DWvQFRQGLĠLLOHDOLQ IL[HD]ăXQWHUPHQ
FDUHQXSRDWHILPDLVFXUWGH]LOHODFDUHVXQWFKHPDWHSăUĠLOHSUHFXPúLFXVWRGHOH
EXQXULORUDWXQFLFkQGDIRVWGHVHPQDWXQXO3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
/DWHUPHQXOIL[DWvQFDPHUăGHFRQVLOLXVHDGXFHODFXQRúWLQĠDSăUĠLORUúLDFXVWRGHOXL
IDSWXOFăVHLQWHQĠLRQHD]ăYDORULILFDUHDEXQXULORUPRELOHVHFKHVWUDWHúLOLVHSXQHvQYHGHUH
FăDXGUHSWXOGHIDFHREVHUYDĠLLVDXFHUHULOHJDWHGHEXQXULOHFHXUPHD]ăDILYDORULILFDWH
'XSăH[DPLQDUHDRELHFĠLLORUúLFHUHULORUIăFXWHGHSăUĠLVDXFXVWRGHMXGHFăWRUXOGHGUHSWXUL
úLOLEHUWăĠLGLVSXQHSULQvQFKHLHUHPRWLYDWăDVXSUDYDORULILFăULLEXQXULORUPRELOHSUHYă]XWH
ODDUWADOLQ /LSVDSăUĠLORUOHJDOFLWDWHQXvPSLHGLFăGHVIăúXUDUHDSURFHGXULL
ÌPSRWULYDvQFKHLHULLMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLSUHYă]XWHODDOLQ VH
SRDWHIDFHFRQWHVWDĠLHODMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDLHUDUKLF
VXSHULRDUăGHFăWUHSăUĠLFXVWRGHSURFXURUSUHFXPúLGHFăWUHRULFHDOWăSHUVRDQă
LQWHUHVDWăvQWHUPHQGH]LOH
7HUPHQXOSUHYă]XWODDOLQ FXUJHGHODFRPXQLFDUHSHQWUXSURFXURUSăUĠLVDXFXVWRGH
VDXGHODGDWDFkQGDXOXDWODFXQRúWLQĠăGHvQFKHLHUHvQFD]XODOWRUSHUVRDQHLQWHUHVDWH
3ăUĠLOHVDXFXVWRGHOHSRWIDFHFRQWHVWDĠLHQXPDLvPSRWULYDvQFKHLHULLSULQFDUH
MXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLDGLVSXVYDORULILFDUHDEXQXULORUPRELOHVHFKHVWUDWH
3URFXURUXOSRDWHIDFHFRQWHVWDĠLHQXPDLvPSRWULYDvQFKHLHULLSULQFDUHMXGHFăWRUXOGH
GUHSWXULúLOLEHUWăĠLDUHVSLQVSURSXQHUHDGHYDORULILFDUHDEXQXULORUPRELOHVHFKHVWUDWH
&RQWHVWDĠLDSUHYă]XWăODDOLQ HVWHVXVSHQVLYăGHH[HFXWDUH-XGHFDUHDFDX]HLVHIDFH
GHXUJHQĠăúLFXSUHFăGHUHLDUKRWăUkUHDSULQFDUHVHVROXĠLRQHD]ăFRQWHVWDĠLDHVWH
GHILQLWLYă
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXOA
9DORULILFDUHDEXQXULORUPRELOHVHFKHVWUDWHvQFXUVXOMXGHFăĠLL
ÌQFXUVXOMXGHFăĠLLLQVWDQĠDGHMXGHFDWăGLQRILFLXVDXODFHUHUHDSURFXURUXOXLD
XQHLDGLQWUHSăUĠLVDXDFXVWRGHOXLSRDWHGLVSXQHDVXSUDYDORULILFăULLEXQXULORUPRELOH
VHFKHVWUDWHÌQDFHVWVFRSLQVWDQĠDGHMXGHFDWăIL[HD]ăXQWHUPHQFDUHQXSRDWHILPDL
VFXUWGH]LOHODFDUHVXQWFLWDWHvQFDPHUDGHFRQVLOLXSăUĠLOHSUHFXPúLFXVWRGHOH
EXQXULORUDWXQFLFkQGDIRVWGHVHPQDWXQXO3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
/DWHUPHQXOIL[DWVHSXQHvQGLVFXĠLDSăUĠLORUvQFDPHUDGHFRQVLOLXYDORULILFDUHD
EXQXULORUPRELOHVHFKHVWUDWHúLOLVHSXQHvQYHGHUHFăDXGUHSWXOGHDIDFHREVHUYDĠLLVDX
FHUHULOHJDWHGHDFHVWHD/LSVDSăUĠLORUOHJDOFLWDWHQXvPSLHGLFăGHVIăúXUDUHDSURFHGXULL
$VXSUDYDORULILFăULLEXQXULORUPRELOHVHFKHVWUDWHSUHFXPúLFXSULYLUHODFHUHULOH
SUHYă]XWHODDOLQ LQVWDQĠDGHMXGHFDWăGLVSXQHSULQvQFKHLHUHPRWLYDWăÌQFKHLHUHD
LQVWDQĠHLHVWHGHILQLWLYă
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXOA
&RQWHVWDUHDPRGXOXLGHYDORULILFDUHDEXQXULORUPRELOHVHFKHVWUDWH
ÌPSRWULYDPRGXOXLGHDGXFHUHODvQGHSOLQLUHDvQFKHLHULLSUHYă]XWHGHDUWADOLQ
VDXDKRWăUkULLMXGHFăWRUHúWLGHYDORULILFDUHDEXQXULORUPRELOHVHFKHVWUDWHSUHYă]XWă
GHDUWADOLQ VDXDUWADOLQ VXVSHFWXOVDXLQFXOSDWXOSDUWHD
UHVSRQVDELOăFLYLOPHQWHFXVWRGHOHRULFHDOWăSHUVRDQăLQWHUHVDWăSUHFXPúLSURFXURUXOSRW
IRUPXODvQFXUVXOSURFHVXOXLSHQDOFRQWHVWDĠLHODLQVWDQĠDFRPSHWHQWăVăVROXĠLRQH]HFDX]D
vQSULPăLQVWDQĠă
&RQWHVWDĠLDSUHYă]XWăODDOLQ VHIDFHvQWHUPHQGH]LOHGHODvQGHSOLQLUHD
DFWXOXLFRQWHVWDW
,QVWDQĠDVROXĠLRQHD]ăFRQWHVWDĠLDGHXUJHQĠăúLFXSUHFăGHUHvQúHGLQĠăSXEOLFăFX
FLWDUHDSăUĠLORUSULQvQFKHLHUHGHILQLWLYă
'XSăVROXĠLRQDUHDGHILQLWLYăDSURFHVXOXLSHQDOGDFăQXVDIăFXWFRQWHVWDĠLHvPSRWULYD
PRGXOXLGHDGXFHUHODvQGHSOLQLUHDvQFKHLHULLVDXDKRWăUkULLMXGHFăWRUHúWLGHYDORULILFDUH
DEXQXULORUPRELOHVHFKHVWUDWHSUHYă]XWHODDOLQ VHSRDWHIDFHFRQWHVWDĠLHSRWULYLW
OHJLLFLYLOH
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3URFHVXOYHUEDOGHVHFKHVWUXúLQRWDUHDVDXvQVFULHUHDLSRWHFDUă
2UJDQXOFDUHDSOLFăVHFKHVWUXOvQFKHLHXQSURFHVYHUEDOGHVSUHWRDWHDFWHOHHIHFWXDWH
SRWULYLWDUWGHVFULLQGvQDPăQXQWEXQXULOHVHFKHVWUDWHFXLQGLFDUHDYDORULLORUÌQ
SURFHVXOYHUEDOVHDUDWăúLEXQXULOHH[FHSWDWHGHOHJHGHODXUPăULUHSRWULYLWGLVSR]LĠLLORU
DUWDOLQ JăVLWHODSHUVRDQDFăUHLDLVDDSOLFDWVHFKHVWUX'HDVHPHQHDVH
FRQVHPQHD]ăRELHFĠLLOHVXVSHFWXOXLVDXLQFXOSDWXOXLRULDOHSăUĠLLUHVSRQVDELOHFLYLOPHQWH
SUHFXPúLFHOHDOHDOWRUSHUVRDQHLQWHUHVDWH
ÌQSURFHVXOYHUEDOSUHYă]XWODDOLQ VHPHQĠLRQHD]ăúLIDSWXOFăSăUĠLOHDXIRVW
vQFXQRúWLQĠDWHFă
D SRWVROLFLWDYDORULILFDUHDEXQXOXLVDXEXQXULORUVHFKHVWUDWHvQWHPHLXODUWADOLQ
E vQFXUVXOSURFHVXOXLSHQDOvQDLQWHGHSURQXQĠDUHDXQHLKRWăUkULGHILQLWLYHEXQXULOH
PRELOHDVXSUDFăURUDVDLQVWLWXLWVHFKHVWUXODVLJXUăWRUSRWILYDORULILFDWHGHFăWUHRUJDQXO
MXGLFLDUFKLDUúLIăUăFRQVLPĠăPkQWXOSURSULHWDUXOXLGDFăVXQWvQGHSOLQLWHFRQGLĠLLOH
SUHYă]XWHGHDUWADOLQ
8QH[HPSODUDOSURFHVXOXLYHUEDOSUHYă]XWODDOLQ VHODVăSHUVRDQHLDVXSUDEXQXULORU
FăUHLDVDDSOLFDWVHFKHVWUXOLDUvQOLSVDDFHVWHLDFHORUFXFDUHORFXLHúWH
DGPLQLVWUDWRUXOXLSRUWDUXOXLVDXFHOXLFDUHvQPRGRELúQXLWvOvQORFXLHúWHRULXQXLYHFLQ
ÌQFD]XOFkQGRSDUWHGLQEXQXULVDXWRWDOLWDWHDORUDXIRVWSUHGDWHXQXLFXVWRGHVHODVă
DFHVWXLDRFRSLHGHSHSURFHVXOYHUEDO8QH[HPSODUVHvQDLQWHD]ăúLRUJDQXOXLMXGLFLDUFDUH
DGLVSXVOXDUHDPăVXULLDVLJXUăWRULLvQWHUPHQGHGHRUHGHODvQFKHLHUHDSURFHVXOXL
YHUEDO
3HQWUXEXQXULOHLPRELOHVHFKHVWUDWHSURFXURUXOMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDX
LQVWDQĠDGHMXGHFDWăFDUHDGLVSXVLQVWLWXLUHDVHFKHVWUXOXLFHUHRUJDQXOXLFRPSHWHQWQRWDUHD
LSRWHFDUăDVXSUDEXQXULORUVHFKHVWUDWHDQH[kQGFRSLHGHSHRUGRQDQĠDVDXvQFKHLHUHDSULQ
FDUHVDGLVSXVVHFKHVWUXOúLXQH[HPSODUDOSURFHVXOXLYHUEDOGHVHFKHVWUX
3UHYHGHULOHDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRUúLFXSULYLUHODGLVSXQHUHD
vQVFULHULLLSRWHFDUHDVXSUDEXQXULORUPRELOH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3RSULUHD
6XPHOHGHEDQLGDWRUDWHFXRULFHWLWOXVXVSHFWXOXLRULLQFXOSDWXOXLVDXSăUĠLL
UHVSRQVDELOHFLYLOPHQWHGHFăWUHRDWUHLDSHUVRDQăRULGHFăWUHFHOSăJXELWVXQWSRSULWHvQ
PkLQLOHDFHVWRUDvQOLPLWHOHSUHYă]XWHGHOHJHGHODGDWDSULPLULLRUGRQDQĠHLVDX
vQFKHLHULLSULQFDUHVHvQILLQĠHD]ăVHFKHVWUXO
6XPHOHGHEDQLSUHYă]XWHODDOLQ YRUILFRQVHPQDWHGHFăWUHGHELWRULGXSăFD]OD
GLVSR]LĠLDRUJDQXOXLMXGLFLDUFDUHDGLVSXVSRSULUHDVDXDRUJDQXOXLGHH[HFXWDUHvQWHUPHQ
GH]LOHGHODVFDGHQĠăUHFLSLVHOHXUPkQGDILSUHGDWHSURFXURUXOXLMXGHFăWRUXOXLGH
FDPHUăSUHOLPLQDUăRULLQVWDQĠHLGHMXGHFDWăvQWHUPHQGHGHRUHGHODFRQVHPQDUH
$UWLFROXO
5HVWLWXLUHDOXFUXULORU
'DFăSURFXURUXOVDXMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLvQFXUVXOXUPăULULLSHQDOH
MXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGHMXGHFDWăvQSURFHGXUDGHFDPHUă
SUHOLPLQDUăRULvQFXUVXOMXGHFăĠLLFRQVWDWăODFHUHUHVDXGLQRILFLXFăOXFUXULOH
ULGLFDWHGHODVXVSHFWRULLQFXOSDWVDXGHODRULFHSHUVRDQăFDUHOHDSULPLWVSUHDOH
SăVWUDVXQWSURSULHWDWHDSHUVRDQHLYăWăPDWHVDXDDOWHLSHUVRDQHRULDXIRVWOXDWHSHQHGUHSW
GLQSRVHVLDVDXGHĠLQHUHDDFHVWRUDGLVSXQHUHVWLWXLUHDDFHVWRUOXFUXUL'LVSR]LĠLLOHDUW
VHDSOLFăvQPRGFRUHVSXQ]ăWRU
5HVWLWXLUHDOXFUXULORUULGLFDWHDUHORFQXPDLGDFăSULQDFHDVWDQXVXQWvQJUHXQDWH
VWDELOLUHDVLWXDĠLHLGHIDSWúLMXVWDVROXĠLRQDUHDFDX]HLúLFXREOLJDĠLDSHQWUXFHOFăUXLD
vLVXQWUHVWLWXLWHVăOHSăVWUH]HSkQăODSURQXQĠDUHDXQHLVROXĠLLGHILQLWLYHvQSURFHVXO
SHQDO
$UWLFROXO
5HVWDELOLUHDVLWXDĠLHLDQWHULRDUH
,QVWDQĠDGHMXGHFDWăvQFXUVXOMXGHFăĠLLSRDWHOXDPăVXULGHUHVWDELOLUHDVLWXDĠLHL
DQWHULRDUHVăYkUúLULLLQIUDFĠLXQLLFkQGVFKLPEDUHDDFHOHLVLWXDĠLLDUH]XOWDWGLQFRPLWHUHD
LQIUDFĠLXQLLLDUUHVWDELOLUHDHVWHSRVLELOă
7LWOXO9,$FWHSURFHVXDOHúLSURFHGXUDOHFRPXQH
&DSLWROXO,&LWDUHDFRPXQLFDUHDDFWHORUSURFHGXUDOHúLPDQGDWXOGHDGXFHUH
$UWLFROXO
0RGXOGHFLWDUH
&KHPDUHDXQHLSHUVRDQHvQIDĠDRUJDQXOXLGHXUPăULUHSHQDOăVDXDLQVWDQĠHLGHMXGHFDWă
VHIDFHSULQFLWDĠLHVFULVă&LWDUHDVHSRDWHIDFHúLSULQQRWăWHOHIRQLFăVDXWHOHJUDILFă
vQFKHLQGXVHvQDFHVWVHQVXQSURFHVYHUEDO
&RPXQLFDUHDFLWDĠLLORUúLDWXWXURUDFWHORUGHSURFHGXUăVHYDIDFHGLQRILFLXSULQ
DJHQĠLLSURFHGXUDOLDLRUJDQHORUMXGLFLDUHVDXSULQRULFHDOWVDODULDWDODFHVWRUDSULQ
LQWHUPHGLXOSROLĠLHLORFDOHRULSULQVHUYLFLXOSRúWDOVDXGHFXULHUDW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HUVRDQHOHSUHYă]XWHODDOLQ VXQWREOLJDWHVăvQGHSOLQHDVFăSURFHGXUDGHFLWDUHúL
VăFRPXQLFHGRYH]LOHGHvQGHSOLQLUHDDFHVWHLDvQDLQWHGHWHUPHQXOGHFLWDUHVWDELOLWGH
RUJDQXOMXGLFLDU
ÌQFD]XOSUHYă]XWODDUWSHUVRDQHOHYăWăPDWHúLSăUĠLOHFLYLOHSRWILFLWDWHSULQ
UHSUH]HQWDQWXOOHJDOVDXSULQWURSXEOLFDĠLHGHFLUFXODĠLHQDĠLRQDOă
&LWDUHDVHSRDWHUHDOL]DúLSULQLQWHUPHGLXOSRúWHLHOHFWURQLFHVDXSULQRULFHDOWVLVWHP
GHPHVDJHULHHOHFWURQLFăFXDFRUGXOSHUVRDQHLFLWDWH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
0LQRUXOFXRYkUVWăPDLPLFăGHDQLYDILFLWDWSULQLQWHUPHGLXOSăULQĠLORUVDXDO
WXWRUHOXLFXH[FHSĠLDFD]XOXLvQFDUHDFHVWOXFUXQXHVWHSRVLELO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2UJDQXOMXGLFLDUSRDWHFRPXQLFDúLRUDOSHUVRDQHLSUH]HQWHWHUPHQXOXUPăWRUDGXFkQGXL
ODFXQRúWLQĠăFRQVHFLQĠHOHQHSUH]HQWăULLÌQFXUVXOXUPăULULLSHQDOHDGXFHUHDODFXQRúWLQĠă
DWHUPHQXOXLVHPHQĠLRQHD]ăvQWUXQSURFHVYHUEDOFDUHVHVHPQHD]ăGHFăWUHSHUVRDQDDVWIHO
FLWDWă
&LWDUHDúLFRPXQLFDUHDDFWHORUSURFHGXUDOHVHIDFvQSOLFvQFKLVFDUHYDSXUWDPHQĠLXQHD
3HQWUXMXVWLĠLH$VHvQPkQDFXSULRULWDWH
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RQĠLQXWXOFLWDĠLHL
&LWDĠLDHVWHLQGLYLGXDOăúLWUHEXLHVDFXSULQGăXUPăWRDUHOH
D GHQXPLUHDRUJDQXOXLGHXUPăULUHSHQDOăVDXDLQVWDQĠHLGHMXGHFDWăFDUHHPLWHFLWDĠLD
VHGLXOVăXGDWDHPLWHULLúLQXPăUXOGRVDUXOXL
E QXPHOHúLSUHQXPHOHFHOXLFLWDWFDOLWDWHDvQFDUHHVWHFLWDWúLLQGLFDUHDRELHFWXOXL
FDX]HL
F DGUHVDFHOXLFLWDW
G RUD]LXDOXQDúLDQXOORFXOGHvQIăĠLúDUHSUHFXPúLLQYLWDUHDFHOXLFLWDWVăVH
SUH]LQWHODGDWDúLORFXOLQGLFDWH
H PHQĠLXQHDFăSDUWHDFLWDWăDUHGUHSWXOODXQDYRFDWFXFDUHVăVHSUH]LQWHODWHUPHQXO
IL[DW
I GDFăHVWHFD]XOPHQĠLXQHDFăSRWULYLWDUWVDXDUWDOLQ DSăUDUHDHVWH
REOLJDWRULHLDUvQFD]XOvQFDUHSDUWHDQXvúLDOHJHXQDYRFDWFDUHVăVHSUH]LQWHOD
WHUPHQXOIL[DWLVHYDGHVHPQDXQDYRFDWGLQRILFLX
J PHQĠLXQHDFăSDUWHDFLWDWăSRDWHvQYHGHUHDH[HUFLWăULLGUHSWXOXLODDSăUDUHVăFRQVXOWH
GRVDUXODIODWODDUKLYDLQVWDQĠHLVDXDSDUFKHWXOXL
K FRQVHFLQĠHOHQHSUH]HQWăULLvQIDĠDRUJDQXOXLMXGLFLDU
&LWDĠLDWUDQVPLVăVXVSHFWXOXLVDXLQFXOSDWXOXLWUHEXLHVăFXSULQGăvQFDGUDUHDMXULGLFăúL
GHQXPLUHDLQIUDFĠLXQLLGHFDUHHVWHDFX]DWDWHQĠLRQDUHDFăvQFD]GHQHSUH]HQWDUHSRDWHIL
DGXVFXPDQGDWGHDGXFHUH
&LWDĠLDVHVHPQHD]ăGHFHOFDUHRHPLWH
$UWLFROXO
/RFXOGHFLWDUH
6XVSHFWXOLQFXOSDWXOSăUĠLOHvQSURFHVSUHFXPúLDOWHSHUVRDQHVHFLWHD]ăODDGUHVD
XQGHORFXLHVFLDUGDFăDFHDVWDQXHVWHFXQRVFXWăODDGUHVDORFXOXLORUGHPXQFăSULQ
VHUYLFLXOGHSHUVRQDODOXQLWăĠLLODFDUHOXFUHD]ă
6XVSHFWXOVDXLQFXOSDWXODUHREOLJDĠLDGHDFRPXQLFDvQWHUPHQGHFHOPXOW]LOH
RUJDQXOXLMXGLFLDUVFKLPEDUHDDGUHVHLXQGHORFXLHúWH6XVSHFWXOVDXLQFXOSDWXOHVWHLQIRUPDW
FXSULYLUHODDFHDVWăREOLJDĠLHvQFDGUXODXGLHULLúLFXSULYLUHODFRQVHFLQĠHOH
QHUHVSHFWăULLREOLJDĠLHL
6XVSHFWXOVDXLQFXOSDWXOFDUHDLQGLFDWSULQWURGHFODUDĠLHGDWăvQFXUVXOSURFHVXOXL
SHQDOXQDOWORFSHQWUXDILFLWDWHVWHFLWDWODORFXOLQGLFDW
6XVSHFWXOVDXLQFXOSDWXOSRDWHILFLWDWODVHGLXODYRFDWXOXLDOHVGDFăQXVDSUH]HQWDW
GXSăSULPDFLWDUHOHJDOvQGHSOLQLWă
'DFăQXVHFXQRVFQLFLDGUHVDXQGHORFXLHúWHVXVSHFWXOVDXLQFXOSDWXOúLQLFLORFXOVăX
GHPXQFăODVHGLXORUJDQXOXLMXGLFLDUVHDILúHD]ăRvQúWLLQĠDUHFDUHWUHEXLHVăFXSULQGă
D DQXOOXQD]LXDúLRUDFkQGDIRVWIăFXWă
E QXPHOHúLSUHQXPHOHFHOXLFDUHDIăFXWDILúDUHDúLIXQFĠLDDFHVWXLD
F QXPHOHSUHQXPHOHúLGRPLFLOLXOVDXGXSăFD]UHúHGLQĠDUHVSHFWLYVHGLXOFHOXLFLWDW
G QXPăUXOGRVDUXOXLvQOHJăWXUăFXFDUHVHIDFHvQúWLLQĠDUHDúLGHQXPLUHDRUJDQXOXLMXGLFLDU
SHUROXOFăUXLDVHDIOăGRVDUXO
H PHQĠLXQHDFăvQúWLLQĠDUHDVHUHIHUăODDFWXOSURFHGXUDODOFLWDĠLHL
I PHQĠLXQHDWHUPHQXOXLVWDELOLWGHRUJDQXOMXGLFLDUFDUHDHPLVFLWDĠLDvQFDUHGHVWLQDWDUXO
HVWHvQGUHSWVăVHSUH]LQWHODRUJDQXOMXGLFLDUSHQWUXDLVHFRPXQLFDFLWDĠLD
J PHQĠLXQHDFăvQFD]XOvQFDUHGHVWLQDWDUXOQXVHSUH]LQWăSHQWUXFRPXQLFDUHDFLWDĠLHLvQ
LQWHULRUXOWHUPHQXOXLSUHYă]XWODOLWI FLWDĠLDVHFRQVLGHUăFRPXQLFDWăODvPSOLQLUHD
DFHVWXLWHUPHQ
K VHPQăWXUDFHOXLFDUHDDILúDWvQúWLLQĠDUHD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
%ROQDYLLVDXSHUVRDQHOHDIODWHGXSăFD]vQVSLWDOHDúH]ăPLQWHPHGLFDOHRULGH
DVLVWHQĠăVRFLDOăVHFLWHD]ăSULQDGPLQLVWUDĠLDDFHVWRUD
3HUVRDQHOHSULYDWHGHOLEHUWDWHVHFLWHD]ăODORFXOGHGHĠLQHUHSULQDGPLQLVWUDĠLD
DFHVWXLD
A 0LOLWDULLVHFLWHD]ăODXQLWDWHDGLQFDUHIDFSDUWHSULQFRPDQGDQWXODFHVWHLD
$OLQ A DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HQWUXSHUVRDQHOHFDUHDOFăWXLHVFHFKLSDMXOXQHLQDYHPDULWLPHVDXIOXYLDOHDIODWHvQ
FXUVăFLWDUHDVHIDFHODFăSLWăQLDSRUWXOXLXQGHHVWHvQUHJLVWUDWăQDYD
'DFăVXVSHFWXOVDXLQFXOSDWXOORFXLHúWHvQVWUăLQăWDWHFLWDUHDVHIDFHSHQWUXSULPXO
WHUPHQSRWULYLWQRUPHORUGHGUHSWLQWHUQDĠLRQDOSHQDODSOLFDELOHvQUHODĠLDFXVWDWXO
VROLFLWDWvQFRQGLĠLLOHOHJLLÌQDEVHQĠDXQHLDVHPHQHDQRUPHVDXvQFD]XOvQFDUH
LQVWUXPHQWXOMXULGLFLQWHUQDĠLRQDODSOLFDELORSHUPLWHFLWDUHDVHIDFHSULQVFULVRDUH
UHFRPDQGDWăÌQDFHVWFD]DYL]XOGHSULPLUHDVFULVRULLUHFRPDQGDWHVHPQDWGHGHVWLQDWDU
VDXUHIX]XOGHSULPLUHDDFHVWHLDĠLQHORFGHGRYDGăDvQGHSOLQLULLSURFHGXULLGHFLWDUH
3HQWUXSULPXOWHUPHQGHMXGHFDWăVXVSHFWXOVDXLQFXOSDWXOYDILvQúWLLQĠDWSULQFLWDĠLHFă
DUHREOLJDĠLDGHDLQGLFDRDGUHVăSHWHULWRULXO5RPkQLHLRDGUHVăGHSRúWăHOHFWURQLFăVDX
PHVDJHULHHOHFWURQLFăXQGHXUPHD]ăVăLVHIDFăWRDWHFRPXQLFăULOHSULYLQGSURFHVXOÌQ
FD]XOvQFDUHQXVHFRQIRUPHD]ăFRPXQLFăULOHLVHYRUIDFHSULQVFULVRDUHUHFRPDQGDWă
UHFLSLVDGHSUHGDUHODSRúWDURPkQăDVFULVRULLvQFXSULQVXOFăUHLDYRUILPHQĠLRQDWHDFWHOH
FDUHVHH[SHGLD]ăĠLQkQGORFGHGRYDGăGHvQGHSOLQLUHDSURFHGXULL
3HUVRQDOXOPLVLXQLORUGLSORPDWLFHDORILFLLORUFRQVXODUHúLFHWăĠHQLLURPkQLWULPLúLVă
OXFUH]HvQFDGUXORUJDQL]DĠLLORULQWHUQDĠLRQDOHPHPEULLGHIDPLOLHFDUHORFXLHVFFXHLFkW
WLPSVHDIOăvQVWUăLQăWDWHSUHFXPúLFHWăĠHQLLURPkQLDIODĠLvQVWUăLQăWDWHvQLQWHUHVGH
VHUYLFLXLQFOXVLYPHPEULLGHIDPLOLHFDUHvLvQVRĠHVFVHFLWHD]ăSULQLQWHUPHGLXO
XQLWăĠLORUFDUHLDXWULPLVvQVWUăLQăWDWH
/DVWDELOLUHDWHUPHQXOXLSHQWUXvQIăĠLúDUHDVXVSHFWXOXLVDXLQFXOSDWXOXLDIODWvQ
VWUăLQăWDWHVHĠLQHVHDPDGHQRUPHOHLQWHUQDĠLRQDOHDSOLFDELOHvQUHODĠLDFXVWDWXOSH
WHULWRULXOFăUXLDVHDIODVXVSHFWXOVDXLQFXOSDWXOLDUvQOLSVDXQRUDVHPHQHDQRUPHGH
QHFHVLWDWHDFDFLWDĠLDvQYHGHUHDvQIăĠLúăULLVăILHSULPLWăFHOPDLWkU]LXFXGH]LOH
vQDLQWHGH]LXDVWDELOLWăSHQWUXvQIăĠLúDUH
,QVWLWXĠLLOHDXWRULWăĠLOHSXEOLFHúLDOWHSHUVRDQHMXULGLFHVHFLWHD]ăODVHGLXO
DFHVWRUDLDUvQFD]XOQHLGHQWLILFăULLVHGLXOXLVHDSOLFăvQPRGFRUHVSXQ]ăWRUGLVSR]LĠLLOH
DOLQ
&LWDUHDSULQLQWHUPHGLXOSRúWHLHOHFWURQLFHVDXDOXQXLVLVWHPGHPHVDJHULHHOHFWURQLFă
VHIDFHODDGUHVDHOHFWURQLFăRULODFRRUGRQDWHOHFDUHDXIRVWLQGLFDWHvQDFHVWVFRS
RUJDQXOXLMXGLFLDUGHFăWUHSHUVRDQDFLWDWăVDXGHFăWUHUHSUH]HQWDQWXOHL
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
ÌQPkQDUHDFLWDĠLHL
&LWDĠLDVHvQPkQHD]ăRULXQGHHVWHJăVLWSHUVRQDOFHOXLFLWDWFDUHYDVHPQDGRYDGDGH
SULPLUH
'DFăSHUVRDQDFLWDWăUHIX]ăVăSULPHDVFăFLWDĠLDSHUVRDQDvQVăUFLQDWăVăFRPXQLFH
FLWDĠLDYDDILúDSHXúDGHVWLQDWDUXOXLRvQúWLLQĠDUHvQFKHLQGXQSURFHVYHUEDOFXSULYLUHOD
vPSUHMXUăULOHFRQVWDWDWHÌQúWLLQĠDUHDWUHEXLHVăFXSULQGă
D DQXOOXQD]LXDúLRUDFkQGDILúDUHDDIRVWIăFXWă
E QXPHOHúLSUHQXPHOHFHOXLFDUHDIăFXWDILúDUHDúLIXQFĠLDDFHVWXLD
F QXPHOHSUHQXPHOHúLGRPLFLOLXOVDXGXSăFD]UHúHGLQĠDUHVSHFWLYVHGLXOFHOXL
vQúWLLQĠDW
G QXPăUXOGRVDUXOXLvQOHJăWXUăFXFDUHVHIDFHvQúWLLQĠDUHDúLGHQXPLUHDRUJDQXOXLMXGLFLDU
SHUROXOFăUXLDVHDIOăGRVDUXOFXLQGLFDUHDVHGLXOXLDFHVWXLD
H PHQĠLXQHDFăvQúWLLQĠDUHDVHUHIHUăODDFWXOSURFHGXUDODOFLWDĠLHL
I PHQĠLXQHDWHUPHQXOXLVWDELOLWGHRUJDQXOMXGLFLDUFDUHDHPLVFLWDĠLDvQFDUHGHVWLQDWDUXO
HVWHvQGUHSWVăVHSUH]LQWHODRUJDQXOMXGLFLDUSHQWUXDLVHFRPXQLFDFLWDĠLD
J PHQĠLXQHDFăvQFD]XOvQFDUHGHVWLQDWDUXOQXVHSUH]LQWăSHQWUXFRPXQLFDUHDFLWDĠLHLvQ
LQWHULRUXOWHUPHQXOXLSUHYă]XWODOLWI FLWDĠLDVHFRQVLGHUăFRPXQLFDWăODvPSOLQLUHD
DFHVWXLWHUPHQ
K VHPQăWXUDFHOXLFDUHDDILúDWvQúWLLQĠDUHD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
A 'DFăSHUVRDQDFLWDWăSULPLQGFLWDĠLDUHIX]ăVDXQXSRDWHVăVHPQH]HGRYDGDGH
SULPLUHSHUVRDQDvQVăUFLQDWăVăFRPXQLFHFLWDĠLDvQFKHLHGHVSUHDFHDVWDSURFHVYHUEDO
$OLQ A DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHVFULVRDUHDUHFRPDQGDWăSULQFDUHVHFLWHD]ăXQVXVSHFWVDXLQFXOSDWFDUH
ORFXLHúWHvQVWUăLQăWDWHQXSRDWHILvQPkQDWăSUHFXPúLvQFD]XOvQFDUHVWDWXO
GHVWLQDWDUXOXLQXSHUPLWHFLWDUHDSULQSRúWăFLWDĠLDVHYDDILúDODVHGLXOSDUFKHWXOXLVDX
DOLQVWDQĠHLGXSăFD]
&LWDUHDVHSRDWHUHDOL]DúLSULQLQWHUPHGLXODXWRULWăĠLORUFRPSHWHQWHDOHVWDWXOXLVWUăLQ
GDFă
D DGUHVDFHOXLFLWDWHVWHQHFXQRVFXWăVDXLQH[DFWă
E QXDIRVWSRVLELOăWULPLWHUHDFLWDĠLHLSULQLQWHUPHGLXOSRúWHL
F GDFăFLWDUHDSULQSRúWăDIRVWLQHILFLHQWăVDXQHFRUHVSXQ]ăWRDUH
&kQGFLWDUHDVHIDFHSRWULYLWDUWDOLQ XQLWăĠLOHDFRORDUăWDWHVXQW
REOLJDWHDvQPkQDGHvQGDWăFLWDĠLDSHUVRDQHLFLWDWHVXEOXDUHGHGRYDGăFHUWLILFkQGXL
VHPQăWXUDVDXDUăWkQGPRWLYXOSHQWUXFDUHQXVDSXWXWREĠLQHVHPQăWXUDDFHVWHLD'RYDGDHVWH
SUHGDWăDJHQWXOXLSURFHGXUDOLDUDFHVWDRvQDLQWHD]ăRUJDQXOXLGHXUPăULUHSHQDOăVDX
LQVWDQĠHLGHMXGHFDWăFDUHDHPLVFLWDĠLD
&LWDĠLDGHVWLQDWăXQHLLQVWLWXĠLLVDXDXWRULWăĠLSXEOLFHRULDOWHLSHUVRDQHMXULGLFHVH
SUHGăODUHJLVWUDWXUăVDXIXQFĠLRQDUXOXLvQVăUFLQDWFXSULPLUHDFRUHVSRQGHQĠHL'LVSR]LĠLLOH
DOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
&kQGFLWDUHDVHUHDOL]HD]ăSRWULYLWDUWDOLQ SHUVRDQDFDUHUHDOL]HD]ăFLWDUHD
vQWRFPHúWHXQSURFHVYHUEDO
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
ÌQPkQDUHDFLWDĠLHLDOWRUSHUVRDQH
'DFăSHUVRDQDFLWDWăQXVHDIOăDFDVăDJHQWXOvQPkQHD]ăFLWDĠLDVRĠXOXLXQHLUXGHVDX
RULFăUHLSHUVRDQHFDUHORFXLHúWHFXHDRULFDUHvQPRGRELúQXLWvLSULPHúWHFRUHVSRQGHQĠD
&LWDĠLDQXSRDWHILvQPkQDWăXQXLPLQRUVXEDQLVDXXQHLSHUVRDQHOLSVLWHGHGLVFHUQăPkQW
'DFăSHUVRDQDFLWDWăORFXLHúWHvQWUXQLPRELOFXPDLPXOWHDSDUWDPHQWHVDXvQWUXQKRWHO
vQOLSVDSHUVRDQHORUDUăWDWHODDOLQ FLWDĠLDVHSUHGăDGPLQLVWUDWRUXOXLSRUWDUXOXLRUL
FHOXLFDUHvQPRGRELúQXLWvOvQORFXLHúWH
3HUVRDQDFDUHSULPHúWHFLWDĠLDVHPQHD]ăGRYDGDGHSULPLUHLDUDJHQWXOFHUWLILFkQG
LGHQWLWDWHDúLVHPQăWXUDvQFKHLHSURFHVYHUEDO'DFăDFHDVWDUHIX]ăVDXQXSRDWHVHPQD
GRYDGDGHSULPLUHDJHQWXODILúHD]ăFLWDĠLDSHXúDORFXLQĠHLvQFKHLQGSURFHVYHUEDO
ÌQOLSVDSHUVRDQHORUDUăWDWHODDOLQ úL DJHQWXOHVWHREOLJDWVăVHLQWHUHVH]H
FkQGSRDWHJăVLSHUVRDQDFLWDWăSHQWUXDLvQPkQDFLWDĠLD&kQGSHUVRDQDFLWDWăQXSRDWHIL
JăVLWăDJHQWXODILúHD]ăSHXúDORFXLQĠHLSHUVRDQHLFLWDWHRvQúWLLQĠDUHFDUHWUHEXLHVă
FXSULQGă
D DQXOOXQD]LXDúLRUDFkQGGHSXQHUHDVDXGXSăFD]DILúDUHDDIRVWIăFXWă
E QXPHOHúLSUHQXPHOHFHOXLFDUHDIăFXWDILúDUHDúLIXQFĠLDDFHVWXLD
F QXPHOHSUHQXPHOHúLGRPLFLOLXOVDXGXSăFD]UHúHGLQĠDUHVSHFWLYVHGLXOFHOXL
vQúWLLQĠDW
G QXPăUXOGRVDUXOXLvQOHJăWXUăFXFDUHVHIDFHvQúWLLQĠDUHDúLGHQXPLUHDRUJDQXOXLMXGLFLDU
SHUROXOFăUXLDVHDIOăGRVDUXOFXLQGLFDUHDVHGLXOXLDFHVWXLD
H PHQĠLXQHDFăvQúWLLQĠDUHDVHUHIHUăODDFWXOSURFHGXUDODOFLWDĠLHL
I PHQĠLXQHDWHUPHQXOXLVWDELOLWGHRUJDQXOMXGLFLDUFDUHDHPLVFLWDĠLDvQFDUHGHVWLQDWDUXO
HVWHvQGUHSWVăVHSUH]LQWHODRUJDQXOMXGLFLDUSHQWUXDLVHFRPXQLFDFLWDĠLD
J PHQĠLXQHDFăvQFD]XOvQFDUHGHVWLQDWDUXOQXVHSUH]LQWăSHQWUXFRPXQLFDUHDFLWDĠLHLvQ
LQWHULRUXOWHUPHQXOXLSUHYă]XWODOLWI FLWDĠLDVHFRQVLGHUăFRPXQLFDWăODvPSOLQLUHD
DFHVWXLWHUPHQ
K VHPQăWXUDFHOXLFDUHDDILúDWvQúWLLQĠDUHD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOFkQGSHUVRDQDFLWDWăORFXLHúWHvQWUXQLPRELOFXPDLPXOWHDSDUWDPHQWHVDXvQWU
XQKRWHOGDFăvQFLWDĠLHQXVDLQGLFDWDSDUWDPHQWXORULFDPHUDvQFDUHORFXLHúWHDJHQWXO
HVWHREOLJDWVăIDFăLQYHVWLJDĠLLSHQWUXDDIODDFHDVWD'DFăLQYHVWLJDĠLLOHDXUăPDVIăUă
UH]XOWDWDJHQWXODILúHD]ăFLWDĠLDSHXúDSULQFLSDOăDFOăGLULLvQFKHLQGSURFHVYHUEDOúL
IăFkQGPHQĠLXQHGHVSUHvPSUHMXUăULOHFDUHDXIăFXWLPSRVLELOăvQPkQDUHDFLWDĠLHL
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXOA
,PSRVLELOLWDWHDGHDFRPXQLFDFLWDĠLD
&kQGFRPXQLFDUHDFLWDĠLHLQXVHSRDWHIDFHGHRDUHFHLPRELOXOQXH[LVWăHVWHQHORFXLWRUL
GHVWLQDWDUXOQXPDLORFXLHúWHvQLPRELOXOUHVSHFWLYVDXDWXQFLFkQGFRPXQLFDUHDQXSRDWHIL
IăFXWăGLQDOWHPRWLYHDVHPăQăWRDUHDJHQWXOvQWRFPHúWHXQSURFHVYHUEDOvQFDUHPHQĠLRQHD]ă
VLWXDĠLLOHFRQVWDWDWHSHFDUHvOWULPLWHRUJDQXOXLMXGLFLDUFDUHDGLVSXVFLWDUHD
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
'RYDGDGHSULPLUHúLSURFHVXOYHUEDOGHSUHGDUHDFLWDĠLHL
'RYDGDGHSULPLUHDFLWDĠLHLWUHEXLHVăFXSULQGăQXPăUXOGRVDUXOXLGHQXPLUHDRUJDQXOXL
GHXUPăULUHSHQDOăVDXDLQVWDQĠHLFDUHDHPLVFLWDĠLDQXPHOHSUHQXPHOHúLFDOLWDWHD
SHUVRDQHLFLWDWHSUHFXPúLGDWDSHQWUXFDUHHVWHFLWDWă'HDVHPHQHDWUHEXLHVăFXSULQGă
GDWDvQPkQăULLFLWDĠLHLQXPHOHSUHQXPHOHFDOLWDWHDúLVHPQăWXUDFHOXLFDUHvQPkQHD]ă
FLWDĠLDFHUWLILFDUHDGHFăWUHDFHVWDDLGHQWLWăĠLLúLVHPQăWXULLSHUVRDQHLFăUHLDLVD
vQPkQDWFLWDĠLDSUHFXPúLDUăWDUHDFDOLWăĠLLDFHVWHLD
2ULGHFkWHRULFXSULOHMXOSUHGăULLDILúăULLVDXWUDQVPLWHULLHOHFWURQLFHDXQHL
FLWDĠLLVHvQFKHLHXQSURFHVYHUEDODFHVWDYDFXSULQGHvQPRGFRUHVSXQ]ăWRUúLPHQĠLXQLOH
SUHYă]XWHODDOLQ ÌQVLWXDĠLDvQFDUHFLWDUHDVHUHDOL]HD]ăSULQLQWHUPHGLXOSRúWHL
HOHFWURQLFHVDXSULQRULFHDOWVLVWHPGHPHVDJHULHHOHFWURQLFăODSURFHVXOYHUEDOVH
DWDúHD]ăGDFăHVWHSRVLELOGRYDGDWUDQVPLWHULLDFHVWHLD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
,QFLGHQWHSULYLQGFLWDUHD
ÌQFXUVXOMXGHFăĠLLQHUHJXODULWDWHDFXSULYLUHODFLWDUHHVWHOXDWăvQFRQVLGHUDUHGRDU
GDFăSDUWHDOLSVăODWHUPHQXOODFDUHVDSURGXVQHUHJXODULWDWHDRLQYRFăODWHUPHQXOXUPăWRU
ODFDUHHVWHSUH]HQWăVDXOHJDOFLWDWăGLVSR]LĠLLOHSULYLQGVDQFĠLXQHDQXOLWăĠLLDSOLFkQGX
VHvQPRGFRUHVSXQ]ăWRU
&XH[FHSĠLDVLWXDĠLHLvQFDUHSUH]HQĠDLQFXOSDWXOXLHVWHREOLJDWRULHQHUHJXODULWDWHD
SULYLQGSURFHGXUDGHFLWDUHDXQHLSăUĠLSRDWHILLQYRFDWăGHFăWUHSURFXURUGHFăWUH
FHOHODOWHSăUĠLRULGLQRILFLXQXPDLODWHUPHQXOODFDUHHDVDSURGXV
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RPXQLFDUHDDOWRUDFWHSURFHGXUDOH
&RPXQLFDUHDFHORUODOWHDFWHGHSURFHGXUăVHIDFHSRWULYLWGLVSR]LĠLLORUSUHYă]XWHvQ
SUH]HQWXOFDSLWRO
ÌQFD]XOSHUVRDQHORUSULYDWHGHOLEHUWDWHFRPXQLFDUHDFHORUODOWHDFWHGHSURFHGXUăVH
IDFHSULQID[VDXSULQRULFHDOWPLMORFGHFRPXQLFDUHHOHFWURQLFăGLVSRQLELOODORFXOGH
GHWHQĠLH
$UWLFROXO
0DQGDWXOGHDGXFHUH
2SHUVRDQăSRDWHILDGXVăvQIDĠDRUJDQXOXLGHXUPăULUHSHQDOăVDXDLQVWDQĠHLGH
MXGHFDWăSHED]DXQXLPDQGDWGHDGXFHUHGDFăILLQGDQWHULRUFLWDWăQXVDSUH]HQWDWvQ
PRGQHMXVWLILFDWLDUDVFXOWDUHDRULSUH]HQĠDHLHVWHQHFHVDUăVDXGDFăQXDIRVWSRVLELOă
FRPXQLFDUHDFRUHVSXQ]ăWRDUHDFLWDĠLHLúLvPSUHMXUăULOHLQGLFăIăUăHFKLYRFFăSHUVRDQDVH
VXVWUDJHGHODSULPLUHDFLWDĠLHL
6XVSHFWXOVDXLQFXOSDWXOSRDWHILDGXVFXPDQGDWGHDGXFHUHFKLDUvQDLQWHGHDILIRVW
FKHPDWSULQFLWDĠLHGDFăDFHDVWăPăVXUăVHLPSXQHvQLQWHUHVXOUH]ROYăULLFDX]HL
ÌQFXUVXOXUPăULULLSHQDOHPDQGDWXOGHDGXFHUHVHHPLWHGHFăWUHRUJDQXOGHXUPăULUH
SHQDOăLDUvQFXUVXOMXGHFăĠLLGHFăWUHLQVWDQĠă
ÌQFD]XOvQFDUHSHQWUXH[HFXWDUHDPDQGDWXOXLGHDGXFHUHHVWHQHFHVDUăSăWUXQGHUHDIăUă
FRQVLPĠăPkQWvQWUXQGRPLFLOLXVDXVHGLXvQFXUVXOXUPăULULLSHQDOHPDQGDWXOGHDGXFHUH
SRDWHILGLVSXVODFHUHUHDPRWLYDWăDSURFXURUXOXLGHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
GHODLQVWDQĠDFăUHLDLDUUHYHQLFRPSHWHQĠDVăMXGHFHFDX]DvQSULPăLQVWDQĠăVDXGHOD
LQVWDQĠDFRUHVSXQ]ăWRDUHvQJUDGDFHVWHLDvQDFăUHLFLUFXPVFULSĠLHVHDIOăVHGLXO
SDUFKHWXOXLGLQFDUHIDFHSDUWHSURFXURUXO
&HUHUHDIRUPXODWăGHSURFXURUvQFXUVXOXUPăULULLSHQDOHWUHEXLHVăFXSULQGă
D PRWLYDUHDvQGHSOLQLULLFRQGLĠLLORUSUHYă]XWHODDOLQ úL
E LQGLFDUHDLQIUDFĠLXQLLFDUHFRQVWLWXLHRELHFWXOXUPăULULLSHQDOHúLQXPHOHVXVSHFWXOXLVDX
DOLQFXOSDWXOXL
F LQGLFDUHDDGUHVHLXQGHVHDIOăSHUVRDQDSHQWUXFDUHVHVROLFLWăHPLWHUHDPDQGDWXOXLGH
DGXFHUH
&HUHUHDSULQFDUHVHVROLFLWăvQFXUVXOXUPăULULLSHQDOHHPLWHUHDXQXLPDQGDWGH
DGXFHUHVHVROXĠLRQHD]ăvQFDPHUDGHFRQVLOLXIăUăFLWDUHDSăUĠLORU
ÌQFD]XOvQFDUHDSUHFLD]ăFăFHUHUHDHVWHvQWHPHLDWăMXGHFăWRUXOGHGUHSWXULúL
OLEHUWăĠLGLVSXQHPRWLYDWSULQvQFKHLHUHGHILQLWLYăDGPLWHUHDVROLFLWăULLSDUFKHWXOXLúL
vQFXYLLQĠDUHDDGXFHULLSHUVRDQHLVROLFLWDWHHPLĠkQGGHvQGDWăPDQGDWXOGHDGXFHUH
0DQGDWXOGHDGXFHUHHPLVGHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLWUHEXLHVăFXSULQGă
D GHQXPLUHDLQVWDQĠHL
E GDWDRUDúLORFXOHPLWHULL
F QXPHOHSUHQXPHOHúLFDOLWDWHDSHUVRDQHLFDUHDHPLVPDQGDWXOGHDGXFHUH
G VFRSXOSHQWUXFDUHDIRVWHPLV
H QXPHOHSHUVRDQHLFDUHXUPHD]ăDILDGXVăFXPDQGDWúLDGUHVDXQGHORFXLHúWHÌQFD]XO
VXVSHFWXOXLVDXLQFXOSDWXOXLPDQGDWXOGHDGXFHUHWUHEXLHVăPHQĠLRQH]HLQIUDFĠLXQHDFDUH
FRQVWLWXLHRELHFWXOXUPăULULLSHQDOH
I LQGLFDUHDWHPHLXOXLúLPRWLYDUHDQHFHVLWăĠLLHPLWHULLPDQGDWXOXLGHDGXFHUH
J PHQĠLXQHDFăPDQGDWXOGHDGXFHUHSRDWHILIRORVLWRVLQJXUăGDWă
K VHPQăWXUDMXGHFăWRUXOXLúLúWDPSLODLQVWDQĠHL
ÌQFD]XOvQFDUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLDSUHFLD]ăFăQXVXQWVDWLVIăFXWH
FRQGLĠLLOHSUHYă]XWHODDOLQ úL GLVSXQHSULQvQFKHLHUHGHILQLWLYă
UHVSLQJHUHDFHUHULLFDQHvQWHPHLDWă
0DQGDWXOGHDGXFHUHHPLVGHRUJDQXOGHXUPăULUHSHQDOăvQFXUVXOXUPăULULLSHQDOHVDX
GHLQVWDQĠăvQFXUVXOMXGHFăĠLLWUHEXLHVăFXSULQGăvQPRGFRUHVSXQ]ăWRUPHQĠLXQLOH
SUHYă]XWHODDOLQ
2UJDQXOMXGLFLDUDVFXOWăGHvQGDWăSHUVRDQDDGXVăFXPDQGDWGHDGXFHUHVDXGXSăFD]
HIHFWXHD]ăGHvQGDWăDFWXOFDUHDQHFHVLWDWSUH]HQĠDDFHVWHLD
3HUVRDQHOHDGXVHFXPDQGDWUăPkQODGLVSR]LĠLDRUJDQXOXLMXGLFLDUQXPDLSHGXUDWDLPSXVă
GHDXGLHUHVDXGHvQGHSOLQLUHDDFWXOXLSURFHVXDOFDUHDIăFXWQHFHVDUăSUH]HQĠDORUGDUQX
PDLPXOWGHRUHvQDIDUăGHFD]XOFkQGVDGLVSXVUHĠLQHUHDRULDUHVWDUHDSUHYHQWLYăD
DFHVWRUD
([HFXWDUHDPDQGDWXOXLGHDGXFHUH
$UWLFROXO
0DQGDWXOGHDGXFHUHVHH[HFXWăSULQRUJDQHOHGHFHUFHWDUHSHQDOăDOHSROLĠLHLMXGLFLDUH
úLRUJDQHOHGHRUGLQHSXEOLFă3HUVRDQDFăUHLDLVHvQFUHGLQĠHD]ăH[HFXWDUHDPDQGDWXOXL
WUDQVPLWHPDQGDWXOSHUVRDQHLSHQWUXFDUHDFHVWDDIRVWHPLVúLvLVROLFLWăVăRvQVRĠHDVFă
ÌQFD]XOvQFDUHSHUVRDQDLQGLFDWăvQPDQGDWUHIX]ăVăvQVRĠHDVFăSHUVRDQDFDUHH[HFXWă
PDQGDWXOVDXvQFHDUFăVăIXJăDFHDVWDYDILDGXVăSULQFRQVWUkQJHUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQYHGHUHDH[HFXWăULLPDQGDWXOXLHPLVGHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVDXGH
LQVWDQĠDGHMXGHFDWăRUJDQHOHSUHYă]XWHODDOLQ SRWSăWUXQGHvQORFXLQĠDVDXVHGLXO
RULFăUHLSHUVRDQHvQFDUHH[LVWăLQGLFLLFăVHDIOăFHOFăXWDWvQFD]XOvQFDUHDFHVWD
UHIX]ăVăFRRSHUH]HvPSLHGLFăH[HFXWDUHDPDQGDWXOXLVDXSHQWUXRULFHDOWPRWLYWHPHLQLF
MXVWLILFDWúLSURSRUĠLRQDOFXVFRSXOXUPăULW
'DFăSHUVRDQDDUăWDWăvQPDQGDWXOGHDGXFHUHQXSRDWHILDGXVăGLQPRWLYHGHERDOăFHO
vQVăUFLQDWFXH[HFXWDUHDPDQGDWXOXLFRQVWDWăDFHDVWDvQWUXQSURFHVYHUEDOFDUHVH
vQDLQWHD]ăGHvQGDWăRUJDQXOXLGHXUPăULUHSHQDOăVDXGXSăFD]LQVWDQĠHLGHMXGHFDWă
'DFăFHOvQVăUFLQDWFXH[HFXWDUHDPDQGDWXOXLGHDGXFHUHQXJăVHúWHSHUVRDQDSUHYă]XWăvQ
PDQGDWODDGUHVDLQGLFDWăIDFHFHUFHWăULúLGDFăDFHVWHDDXUăPDVIăUăUH]XOWDWvQFKHLHXQ
SURFHVYHUEDOFDUHYDFXSULQGHPHQĠLXQLGHVSUHFHUFHWăULOHIăFXWH3URFHVXOYHUEDOVH
vQDLQWHD]ăGHvQGDWăRUJDQXOXLGHXUPăULUHSHQDOăVDXGXSăFD]LQVWDQĠHLGHMXGHFDWă
([HFXWDUHDPDQGDWHORUGHDGXFHUHSULYLQGSHPLOLWDULVHIDFHSULQFRPDQGDQWXOXQLWăĠLL
PLOLWDUHVDXSULQSROLĠLDPLOLWDUă
$FWLYLWăĠLOHGHVIăúXUDWHFXRFD]LDH[HFXWăULLPDQGDWXOXLGHDGXFHUHVXQWFRQVHPQDWHvQWU
XQSURFHVYHUEDOFDUHWUHEXLHVăFXSULQGă
D QXPHOHSUHQXPHOHúLFDOLWDWHDFHOXLFDUHvOvQFKHLH
E ORFXOXQGHHVWHvQFKHLDW
F PHQĠLXQLGHVSUHDFWLYLWăĠLOHGHVIăúXUDWH
$UWLFROXO
$FFHVXOODED]HOHHOHFWURQLFHGHGDWH
'HQXPLUHDPDUJLQDOăDDUWDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQYHGHUHDUHDOL]ăULLSURFHGXULLGHFLWDUHDFRPXQLFăULLDFWHORUGHSURFHGXUăVDXD
DGXFHULLFXPDQGDWODGHVIăúXUDUHDSURFHGXULORUSURFXURUXOVDXLQVWDQĠDDXGUHSWGHDFFHV
GLUHFWODED]HOHHOHFWURQLFHGHGDWHGHĠLQXWHGHRUJDQHOHDGPLQLVWUDĠLHLGHVWDW
2UJDQHOHDGPLQLVWUDĠLHLGHVWDWFDUHGHĠLQED]HHOHFWURQLFHGHGDWHVXQWREOLJDWHVă
FRODERUH]HFXSURFXURUXOVDXFXLQVWDQĠDGHMXGHFDWăvQYHGHUHDDVLJXUăULLDFFHVXOXLGLUHFW
DODFHVWRUDODLQIRUPDĠLLOHH[LVWHQWHvQED]HOHHOHFWURQLFHGHGDWHvQFRQGLĠLLOHOHJLL
&DSLWROXO,,7HUPHQHOH
$UWLFROXO
&RQVHFLQĠHOHQHUHVSHFWăULLWHUPHQXOXL
&kQGSHQWUXH[HUFLWDUHDXQXLGUHSWSURFHVXDOOHJHDSUHYHGHXQDQXPLWWHUPHQ
QHUHVSHFWDUHDDFHVWXLDDWUDJHGHFăGHUHDGLQH[HUFLĠLXOGUHSWXOXLúLQXOLWDWHDDFWXOXLIăFXW
SHVWHWHUPHQ
&kQGRPăVXUăSURFHVXDOăQXSRDWHILOXDWăGHFkWSHXQDQXPLWWHUPHQH[SLUDUHDDFHVWXLD
DWUDJHGHGUHSWvQFHWDUHDHIHFWXOXLPăVXULL
3HQWUXFHOHODOWHWHUPHQHSURFHGXUDOHVHDSOLFăvQFD]GHQHUHVSHFWDUHGLVSR]LĠLLOH
SULYLWRDUHODQXOLWăĠL
$UWLFROXO
&DOFXOXOWHUPHQHORUSURFHGXUDOH
/DFDOFXODUHDWHUPHQHORUSURFHGXUDOHVHSRUQHúWHGHODRUD]LXDOXQDVDXDQXOSUHYă]XW
vQDFWXOFDUHDSURYRFDWFXUJHUHDWHUPHQXOXLvQDIDUăGHFD]XOFkQGOHJHDGLVSXQHDOWIHO
/DFDOFXODUHDWHUPHQHORUSHRUHVDXSH]LOHQXVHVRFRWHúWHRUDVDX]LXDGHODFDUH
vQFHSHVăFXUJăWHUPHQXOQLFLRUDVDX]LXDvQFDUHDFHVWDVHvPSOLQHúWH
7HUPHQHOHVRFRWLWHSHOXQLVDXSHDQLH[SLUăGXSăFD]ODVIkUúLWXO]LOHL
FRUHVSXQ]ăWRDUHDXOWLPHLOXQLRULODVIkUúLWXO]LOHLúLOXQLLFRUHVSXQ]ăWRDUHGLQXOWLPXO
DQ'DFăDFHDVWă]LFDGHvQWUROXQăFDUHQXDUH]LFRUHVSXQ]ăWRDUHWHUPHQXOH[SLUăvQ
XOWLPD]LDDFHOHLOXQL
&kQGXOWLPD]LDXQXLWHUPHQFDGHvQWUR]LQHOXFUăWRDUHWHUPHQXOH[SLUăODVIkUúLWXO
SULPHL]LOHOXFUăWRDUHFDUHXUPHD]ă
$UWLFROXO
$FWHFRQVLGHUDWHFDIăFXWHvQWHUPHQ
$FWXOGHSXVvQăXQWUXOWHUPHQXOXLSUHYă]XWGHOHJHODDGPLQLVWUDĠLDORFXOXLGHGHĠLQHUH
RULODXQLWDWHDPLOLWDUăVDXODRILFLXOSRúWDOSULQVFULVRDUHUHFRPDQGDWăHVWHFRQVLGHUDWFD
IăFXWvQWHUPHQÌQUHJLVWUDUHDVDXDWHVWDUHDIăFXWăGHFăWUHDGPLQLVWUDĠLDORFXOXLGH
GHĠLQHUHSHDFWXOGHSXVUHFLSLVDRILFLXOXLSRúWDOSUHFXPúLvQUHJLVWUDUHDRULDWHVWDUHD
IăFXWăGHXQLWDWHDPLOLWDUăSHDFWXOGHSXVVHUYHVFFDGRYDGăDGDWHLGHSXQHULLDFWXOXL
'DFăXQDFWFDUHWUHEXLDIăFXWvQWUXQDQXPLWWHUPHQDIRVWFRPXQLFDWVDXWUDQVPLVGLQ
QHFXQRDúWHUHRULGLQWURJUHúHDOăYăGLWăDH[SHGLWRUXOXLvQDLQWHGHH[SLUDUHDWHUPHQXOXL
XQXLRUJDQMXGLFLDUFDUHQXDUHFRPSHWHQĠăVHFRQVLGHUăFăDIRVWGHSXVvQWHUPHQFKLDU
GDFăDFWXODMXQJHODRUJDQXOMXGLFLDUFRPSHWHQWGXSăH[SLUDUHDWHUPHQXOXLIL[DW
&XH[FHSĠLDFăLORUGHDWDFDFWXOHIHFWXDWGHSURFXURUHVWHFRQVLGHUDWFDIăFXWvQWHUPHQ
GDFăGDWDODFDUHDIRVWWUHFXWvQUHJLVWUXOGHLHúLUHDOSDUFKHWXOXLHVWHvQăXQWUXO
WHUPHQXOXLFHUXWGHOHJHSHQWUXHIHFWXDUHDDFWXOXL
$UWLFROXO
&DOFXOXOWHUPHQHORUvQFD]XOPăVXULORUSULYDWLYHVDXUHVWULFWLYHGHGUHSWXUL
ÌQFDOFXOXOWHUPHQHORUSULYLQGPăVXULOHSUHYHQWLYHVDXRULFHPăVXULUHVWULFWLYHGHGUHSWXUL
RUDVDX]LXDGHODFDUHvQFHSHúLFHDODFDUHVHVIkUúHúWHWHUPHQXOLQWUăvQGXUDWDDFHVWXLD
&$3,,,
&KHOWXLHOLOHMXGLFLDUH
$UWLFROXO
$FRSHULUHDFKHOWXLHOLORUMXGLFLDUH
&KHOWXLHOLOHQHFHVDUHSHQWUXHIHFWXDUHDDFWHORUGHSURFHGXUăDGPLQLVWUDUHDSUREHORU
FRQVHUYDUHDPLMORDFHORUPDWHULDOHGHSUREăRQRUDULLOHDYRFDĠLORUSUHFXPúLRULFHDOWH
FKHOWXLHOLRFD]LRQDWHGHGHVIăúXUDUHDSURFHVXOXLSHQDOVHDFRSHUăGLQVXPHOHDYDQVDWHGHVWDW
VDXSOăWLWHGHSăUĠL
&KHOWXLHOLOHMXGLFLDUHSUHYă]XWHODDOLQ DYDQVDWHGHVWDWVXQWFXSULQVHGLVWLQFW
GXSăFD]vQEXJHWXOGHYHQLWXULúLFKHOWXLHOLDO0LQLVWHUXOXL-XVWLĠLHLDO0LQLVWHUXOXL
3XEOLFSUHFXPúLDODOWRUPLQLVWHUHGHUHVRUW
$UWLFROXO
6XPHOHFXYHQLWHPDUWRUXOXLH[SHUWXOXLúLLQWHUSUHWXOXL
0DUWRUXOH[SHUWXOúLLQWHUSUHWXOFKHPDĠLGHRUJDQXOGHXUPăULUHSHQDOăRULGHLQVWDQĠă
DXGUHSWXOODUHVWLWXLUHDFKHOWXLHOLORUGHWUDQVSRUWvQWUHĠLQHUHORFXLQĠăúLDDOWRU
FKHOWXLHOLQHFHVDUHSULOHMXLWHGHFKHPDUHDORU
0DUWRUXOH[SHUWXOúLLQWHUSUHWXOFDUHVXQWVDODULDĠLDXGUHSWXOODYHQLWXOGHODORFXO
GHPXQFăSHGXUDWDOLSVHLGHODVHUYLFLXSULFLQXLWHGHFKHPDUHDODRUJDQXOGHXUPăULUH
SHQDOăVDXODLQVWDQĠă
0DUWRUXOFDUHQXHVWHVDODULDWGDUDUHYHQLWGLQPXQFăHVWHvQGUHSWăĠLWVăSULPHDVFăR
FRPSHQVDUH
([SHUWXOúLLQWHUSUHWXODXGUHSWXOODRUHWULEXĠLHSHQWUXvQGHSOLQLUHDvQVăUFLQăULLGDWH
vQFD]XULOHúLvQFRQGLĠLLOHSUHYă]XWHSULQGLVSR]LĠLLOHJDOH
6XPHOHDFRUGDWHSRWULYLWDOLQ úL VHSOăWHVFSHED]DGLVSR]LĠLLORUOXDWHGH
RUJDQXOFDUHDGLVSXVFKHPDUHDúLvQIDĠDFăUXLDVDSUH]HQWDWPDUWRUXOH[SHUWXOVDX
LQWHUSUHWXOGLQIRQGXOFKHOWXLHOLORUMXGLFLDUHVSHFLDODORFDW
$UWLFROXO
3ODWDFKHOWXLHOLORUDYDQVDWHGHVWDWvQFD]GHUHQXQĠDUHODXUPăULUHDSHQDOăFRQGDPQDUH
DPkQDUHDDSOLFăULLSHGHSVHLVDXUHQXQĠDUHDODDSOLFDUHDSHGHSVHL
ÌQFD]GHUHQXQĠDUHODXUPăULUHDSHQDOăFRQGDPQDUHDPkQDUHDDSOLFăULLSHGHSVHLVDX
UHQXQĠDUHODDSOLFDUHDSHGHSVHLLQFXOSDWXOHVWHREOLJDWODSODWDFKHOWXLHOLORUMXGLFLDUH
DYDQVDWHGHVWDWFXH[FHSĠLDFKHOWXLHOLORUSULYLQGDYRFDĠLLGLQRILFLXúLLQWHUSUHĠLL
GHVHPQDĠLGHRUJDQHOHMXGLFLDUHFDUHUăPkQvQVDUFLQDVWDWXOXL
&kQGVXQWPDLPXOĠLLQFXOSDĠLSURFXURUXOVDXGXSăFD]LQVWDQĠDKRWăUăúWHSDUWHDGLQ
FKHOWXLHOLOHMXGLFLDUHGDWRUDWHGHILHFDUH/DVWDELOLUHDDFHVWHLSăUĠLVHĠLQHVHDPDSHQWUX
ILHFDUHGLQWUHLQFXOSDĠLGHPăVXUDvQFDUHDSURYRFDWFKHOWXLHOLOHMXGLFLDUH
3DUWHDUHVSRQVDELOăFLYLOPHQWHvQPăVXUDvQFDUHHVWHREOLJDWăVROLGDUFXLQFXOSDWXOOD
UHSDUDUHDSDJXEHLHVWHREOLJDWăvQPRGVROLGDUFXDFHVWDúLODSODWDFKHOWXLHOLORUMXGLFLDUH
DYDQVDWHGHVWDW
$UWLFROXO
3ODWDFKHOWXLHOLORUDYDQVDWHGHVWDWvQFHOHODOWHFD]XUL
&KHOWXLHOLOHMXGLFLDUHDYDQVDWHGHVWDWVXQWVXSRUWDWHGXSăFXPXUPHD]ă
vQFD]GHDFKLWDUHGHFăWUH
D SHUVRDQDYăWăPDWăvQPăVXUDvQFDUHLVHUHĠLQHRFXOSăSURFHVXDOă
E SDUWHDFLYLOăFăUHLDLVDXUHVSLQVvQWRWXOSUHWHQĠLLOHFLYLOHvQPăVXUDvQFDUHLVH
UHĠLQHRFXOSăSURFHVXDOă
F LQFXOSDWXOFDUHDIRVWREOLJDWODUHSDUDUHDSUHMXGLFLXOXL
vQFD]GHvQFHWDUHDSURFHVXOXLSHQDOGHFăWUH
D LQFXOSDWGDFăH[LVWăRFDX]ăGHQHSHGHSVLUH
E SHUVRDQDYăWăPDWăvQFD]GHUHWUDJHUHDSOkQJHULLSUHDODELOHVDXvQFD]XOvQFDUH
SOkQJHUHDSUHDODELOăDIRVWWDUGLYLQWURGXVă
F SDUWHDSUHYă]XWăvQDFRUGXOGHPHGLHUHvQFD]XOvQFDUHDLQWHUYHQLWPHGLHUHDSHQDOă
G LQFXOSDWXOúLSHUVRDQDYăWăPDWăvQFD]GHvPSăFDUH
/LWG SFWDODOLQ DODUWDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,
GLQ/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
GDFăLQFXOSDWXOFHUHFRQWLQXDUHDSURFHVXOXLSHQDOFKHOWXLHOLOHMXGLFLDUHVXQWVXSRUWDWH
GHFăWUH
D SHUVRDQDYăWăPDWăDWXQFLFkQGDFHDVWDúLDUHWUDVSOkQJHUHDSUHDODELOăRULVDGLVSXV
FODVDUHDvQWHPHLXOGLVSR]LĠLLORUDUWDOLQ OLWD F VDXDFKLWDUHDLQFXOSDWXOXL
E LQFXOSDWDWXQFLFkQGVHGLVSXQHFODVDUHDSHQWUXDOWHVLWXDĠLLGHFkWFHOHSUHYă]XWHvQ
GLVSR]LĠLLOHDUWDOLQ OLWD F RULvQFHWDUHDSURFHVXOXLSHQDO
vQFD]GHUHVWLWXLUHDFDX]HLODSDUFKHWvQSURFHGXUDFDPHUHLSUHOLPLQDUHFKHOWXLHOLOH
MXGLFLDUHVXQWVXSRUWDWHGHFăWUHVWDW
ÌQFD]XOGHFODUăULLDSHOXOXLUHFXUVXOXLvQFDVDĠLHRULDOLQWURGXFHULLXQHLFRQWHVWDĠLL
VDXRULFăUHLDOWHFHUHULFKHOWXLHOLOHMXGLFLDUHVXQWVXSRUWDWHGHFăWUHSHUVRDQDFăUHLDLV
DUHVSLQVRULFDUHúLDUHWUDVDSHOXOUHFXUVXOvQFDVDĠLHFRQWHVWDĠLDVDXFHUHUHD
ÌQWRDWHFHOHODOWHFD]XULFKHOWXLHOLOHMXGLFLDUHDYDQVDWHGHVWDWUăPkQvQVDUFLQD
DFHVWXLD
ÌQFD]XOFkQGPDLPXOWHSăUĠLVDXSHUVRDQHYăWăPDWHVXQWREOLJDWHODVXSRUWDUHD
FKHOWXLHOLORUMXGLFLDUHLQVWDQĠDKRWăUăúWHSDUWHDGLQFKHOWXLHOLOHMXGLFLDUHGDWRUDWHGH
ILHFDUH
'LVSR]LĠLLOHDOLQ SFWúLúLDOHDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRUvQ
FD]XOGLVSXQHULLvQFXUVXOXUPăULULLSHQDOHDXQHLVROXĠLLGHFODVDUHúLvQVLWXDĠLD
UHVSLQJHULLXQHLSOkQJHULIRUPXODWHvPSRWULYDDFWHORUúLPăVXULORUGLVSXVHGHRUJDQHOHGH
XUPăULUHSHQDOă
&KHOWXLHOLOHSHQWUXSODWDLQWHUSUHĠLORUGHVHPQDĠLGHRUJDQHOHMXGLFLDUHSRWULYLWOHJLL
UăPkQvQVDUFLQDVWDWXOXL
$UWLFROXO
3ODWDFKHOWXLHOLORUMXGLFLDUHIăFXWHGHSăUĠL
ÌQFD]GHFRQGDPQDUHUHQXQĠDUHODXUPăULUHDSHQDOăUHQXQĠDUHODDSOLFDUHDSHGHSVHLVDX
GHDPkQDUHDDSOLFăULLSHGHSVHLLQFXOSDWXOHVWHREOLJDWVăSOăWHDVFăSHUVRDQHLYăWăPDWH
SUHFXPúLSăUĠLLFLYLOHFăUHLDLVDDGPLVDFĠLXQHDFLYLOăFKHOWXLHOLOHMXGLFLDUHIăFXWHGH
DFHVWHD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&kQGDFĠLXQHDFLYLOăHVWHDGPLVăQXPDLvQSDUWHLQVWDQĠDvOSRDWHREOLJDSHLQFXOSDWOD
SODWDWRWDOăVDXSDUĠLDOăDFKHOWXLHOLORUMXGLFLDUH
ÌQFD]GHUHQXQĠDUHODSUHWHQĠLLOHFLYLOHSUHFXPúLvQFD]GHWUDQ]DFĠLHPHGLHUHRUL
UHFXQRDúWHUHDSUHWHQĠLLORUFLYLOHLQVWDQĠDGLVSXQHDVXSUDFKHOWXLHOLORUFRQIRUPvQĠHOHJHULL
SăUĠLORU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQVLWXDĠLLOHSUHYă]XWHODDOLQ úL FkQGVXQWPDLPXOĠLLQFXOSDĠLRULGDFă
H[LVWăúLSDUWHUHVSRQVDELOăFLYLOPHQWHVHDSOLFăvQPRGFRUHVSXQ]ăWRUGLVSR]LĠLLOHDUW
DOLQ úL
ÌQFD]GHDFKLWDUHSHUVRDQDYăWăPDWăVDXSDUWHDFLYLOăHVWHREOLJDWăVăSOăWHDVFă
LQFXOSDWXOXLúLGXSăFD]SăUĠLLUHVSRQVDELOHFLYLOPHQWHFKHOWXLHOLOHMXGLFLDUHIăFXWHGH
DFHúWLDvQPăVXUDvQFDUHDXIRVWSURYRFDWHGHSHUVRDQDYăWăPDWăVDXGHSDUWHDFLYLOă
ÌQFHOHODOWHFD]XULLQVWDQĠDVWDELOHúWHREOLJDĠLDGHUHVWLWXLUHSRWULYLWOHJLLFLYLOH
&DSLWROXO,90RGLILFDUHDDFWHORUSURFHGXUDOHvQGUHSWDUHDHURULORUPDWHULDOHúLvQOăWXUDUHD
XQRURPLVLXQLYăGLWH
$UWLFROXO
0RGLILFăULvQDFWHSURFHGXUDOH
2ULFHDGăXJDUHFRUHFWXUăRULVXSULPDUHIăFXWăvQFXSULQVXOXQXLDFWSURFHGXUDOHVWH
OXDWăvQFRQVLGHUDUHQXPDLGDFăDFHVWHPRGLILFăULVXQWFRQILUPDWHvQVFULVvQFXSULQVXOVDX
ODVIkUúLWXODFWXOXLGHFăWUHFHLFDUHODXVHPQDW
0RGLILFăULOHQHFRQILUPDWHGDUFDUHQXVFKLPEăvQĠHOHVXOIUD]HLUăPkQYDODELOH
/RFXULOHQHVFULVHvQFXSULQVXOXQHLGHFODUDĠLLWUHEXLHEDUDWHDVWIHOvQFkWVăQXVH
SRDWăIDFHDGăXJăUL
$UWLFROXO
ÌQGUHSWDUHDHURULORUPDWHULDOH
(URULOHPDWHULDOHHYLGHQWHGLQFXSULQVXOXQXLDFWSURFHGXUDOVHvQGUHDSWăGHvQVXúL
RUJDQXOGHXUPăULUHSHQDOăGHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVDXGHFDPHUăSUHOLPLQDUă
RULGHLQVWDQĠDFDUHDvQWRFPLWDFWXOODFHUHUHDFHOXLLQWHUHVDWRULGLQRILFLX
ÌQYHGHUHDvQGUHSWăULLHURULLSăUĠLOHSRWILFKHPDWHVSUHDGDOăPXULUL
'HVSUHvQGUHSWDUHDHIHFWXDWăRUJDQXOMXGLFLDUvQWRFPHúWHGXSăFD]XQSURFHVYHUEDOVDX
RvQFKHLHUHIăFkQGXVHPHQĠLXQHúLODVIkUúLWXODFWXOXLFRUHFWDW
$UWLFROXO
ÌQOăWXUDUHDXQRURPLVLXQLYăGLWH
'LVSR]LĠLLOHDUWVHDSOLFăúLvQFD]XOFkQGRUJDQXOMXGLFLDUFDXUPDUHDXQHLRPLVLXQL
YăGLWHQXVDSURQXQĠDWDVXSUDVXPHORUSUHWLQVHGHPDUWRULH[SHUĠLLQWHUSUHĠLDYRFDĠL
SRWULYLWDUWúLSUHFXPúLFXSULYLUHODUHVWLWXLUHDOXFUXULORUVDXODULGLFDUHD
PăVXULORUDVLJXUăWRULL
&DSLWROXO91XOLWăĠLOH
$UWLFROXO
(IHFWHOHQXOLWăĠLL
ÌQFăOFDUHDGLVSR]LĠLLORUOHJDOHFDUHUHJOHPHQWHD]ăGHVIăúXUDUHDSURFHVXOXLSHQDODWUDJH
QXOLWDWHDDFWXOXLvQFRQGLĠLLOHSUHYă]XWHH[SUHVGHSUH]HQWXOFRG
$FWHOHvQGHSOLQLWHXOWHULRUDFWXOXLFDUHDIRVWGHFODUDWQXOVXQWODUkQGXOORUORYLWHGH
QXOLWDWHDWXQFLFkQGH[LVWăROHJăWXUăGLUHFWăvQWUHDFHVWHDúLDFWXOGHFODUDWQXO
$WXQFLFkQGFRQVWDWăQXOLWDWHDXQXLDFWRUJDQXOMXGLFLDUGLVSXQHFkQGHVWHQHFHVDUúL
GDFăHVWHSRVLELOUHIDFHUHDDFHOXLDFWFXUHVSHFWDUHDGLVSR]LĠLLORUOHJDOH
$UWLFROXO
1XOLWăĠLOHDEVROXWH
'HWHUPLQăvQWRWGHDXQDDSOLFDUHDQXOLWăĠLLvQFăOFDUHDGLVSR]LĠLLORUSULYLQG
D FRPSXQHUHDFRPSOHWXOXLGHMXGHFDWă
E FRPSHWHQĠDPDWHULDOăúLFRPSHWHQĠDSHUVRQDOăDLQVWDQĠHORUMXGHFăWRUHúWLDWXQFLFkQG
MXGHFDWDDIRVWHIHFWXDWăGHRLQVWDQĠăLQIHULRDUăFHOHLOHJDOFRPSHWHQWH
F SXEOLFLWDWHDúHGLQĠHLGHMXGHFDWă
G SDUWLFLSDUHDSURFXURUXOXLDWXQFLFkQGSDUWLFLSDUHDVDHVWHREOLJDWRULHSRWULYLWOHJLL
H SUH]HQĠDVXVSHFWXOXLVDXDLQFXOSDWXOXLDWXQFLFkQGSDUWLFLSDUHDVDHVWHREOLJDWRULH
SRWULYLWOHJLL
I DVLVWDUHDGHFăWUHDYRFDWDVXVSHFWXOXLVDXDLQFXOSDWXOXLSUHFXPúLDFHORUODOWHSăUĠL
DWXQFLFkQGDVLVWHQĠDHVWHREOLJDWRULH
1XOLWDWHDDEVROXWăVHFRQVWDWăGLQRILFLXVDXODFHUHUH
ÌQFăOFDUHDGLVSR]LĠLLORUOHJDOHSUHYă]XWHODDOLQ OLWD G SRDWHILLQYRFDWăvQ
RULFHVWDUHDSURFHVXOXL
ÌQFăOFDUHDGLVSR]LĠLLORUOHJDOHSUHYă]XWHODDOLQ OLWH úLI WUHEXLHLQYRFDWă
D SkQăODvQFKHLHUHDSURFHGXULLvQFDPHUDSUHOLPLQDUăGDFăvQFăOFDUHDDLQWHUYHQLWvQ
FXUVXOXUPăULULLSHQDOHVDXvQSURFHGXUDFDPHUHLSUHOLPLQDUH
E vQRULFHVWDUHDSURFHVXOXLGDFăvQFăOFDUHDDLQWHUYHQLWvQFXUVXOMXGHFăĠLL
F vQRULFHVWDUHDSURFHVXOXLLQGLIHUHQWGHPRPHQWXOODFDUHDLQWHUYHQLWvQFăOFDUHDFkQG
LQVWDQĠDDIRVWVHVL]DWăFXXQDFRUGGHUHFXQRDúWHUHDYLQRYăĠLHL
$UWLFROXO
1XOLWăĠLOHUHODWLYH
ÌQFăOFDUHDRULFăURUGLVSR]LĠLLOHJDOHvQDIDUDFHORUSUHYă]XWHODDUWGHWHUPLQă
QXOLWDWHDDFWXOXLDWXQFLFkQGSULQQHUHVSHFWDUHDFHULQĠHLOHJDOHVDDGXVRYăWăPDUH
GUHSWXULORUSăUĠLORURULDOHVXELHFĠLORUSURFHVXDOLSULQFLSDOLFDUHQXSRDWHILvQOăWXUDWă
DOWIHOGHFkWSULQGHVILLQĠDUHDDFWXOXL
1XOLWDWHDUHODWLYăSRDWHILLQYRFDWăGHSURFXURUVXVSHFWLQFXOSDWFHOHODOWHSăUĠLVDX
SHUVRDQDYăWăPDWăDWXQFLFkQGH[LVWăXQLQWHUHVSURFHVXDOSURSULXvQUHVSHFWDUHDGLVSR]LĠLHL
OHJDOHvQFăOFDWH
1XOLWDWHDUHODWLYăVHLQYRFăvQFXUVXOVDXLPHGLDWGXSăHIHFWXDUHDDFWXOXLRULFHOPDL
WkU]LXvQWHUPHQHOHSUHYă]XWHODDOLQ
ÌQFăOFDUHDGLVSR]LĠLLORUOHJDOHSUHYă]XWHODDOLQ SRDWHILLQYRFDWă
D SkQăODvQFKLGHUHDSURFHGXULLGHFDPHUăSUHOLPLQDUăGDFăvQFăOFDUHDDLQWHUYHQLWvQ
FXUVXOXUPăULULLSHQDOHVDXvQDFHDVWăSURFHGXUă
E SkQăODSULPXOWHUPHQGHMXGHFDWăFXSURFHGXUDOHJDOvQGHSOLQLWăGDFăvQFăOFDUHDD
LQWHUYHQLWvQFXUVXOXUPăULULLSHQDOHFkQGLQVWDQĠDDIRVWVHVL]DWăFXXQDFRUGGH
UHFXQRDúWHUHDYLQRYăĠLHL
F SkQăODXUPăWRUXOWHUPHQGHMXGHFDWăFXSURFHGXUDFRPSOHWăGDFăvQFăOFDUHDDLQWHUYHQLW
vQFXUVXOMXGHFăĠLL
1XOLWDWHDUHODWLYăVHDFRSHUăDWXQFLFkQG
D SHUVRDQDLQWHUHVDWăQXDLQYRFDWRvQWHUPHQXOSUHYă]XWGHOHJH
E SHUVRDQDLQWHUHVDWăDUHQXQĠDWvQPRGH[SUHVODLQYRFDUHDQXOLWăĠLL
&DSLWROXO9,$PHQGDMXGLFLDUă
$UWLFROXO
$EDWHULMXGLFLDUH
8UPăWRDUHOHDEDWHULVăYkUúLWHvQFXUVXOSURFHVXOXLSHQDOVHVDQFĠLRQHD]ăFXDPHQGă
MXGLFLDUăGHODOHLODOHL
D QHvQGHSOLQLUHDvQPRGQHMXVWLILFDWVDXvQGHSOLQLUHDJUHúLWăRULFXvQWkU]LHUHDOXFUăULORU
GHFLWDUHVDXGHFRPXQLFDUHDDFWHORUSURFHGXUDOHGHWUDQVPLWHUHDGRVDUHORUSUHFXPúLD
RULFăURUDOWHOXFUăULGDFăSULQDFHDVWDVDXSURYRFDWvQWkU]LHULvQGHVIăúXUDUHDSURFHVXOXL
SHQDO
E QHvQGHSOLQLUHDRULvQGHSOLQLUHDJUHúLWăDvQGDWRULULORUGHvQPkQDUHDFLWDĠLLORUVDXD
FHORUODOWHDFWHSURFHGXUDOHSUHFXPúLQHH[HFXWDUHDPDQGDWHORUGHDGXFHUH
/LSVDQHMXVWLILFDWăDPDUWRUXOXLSUHFXPúLDSHUVRDQHLYăWăPDWHSăUĠLLFLYLOHVDX
SăUĠLLFLYLOPHQWHUHVSRQVDELOHFKHPDWHVăGHDGHFODUDĠLLVDXSăUăVLUHDIăUăSHUPLVLXQHRUL
IăUăXQPRWLYvQWHPHLDWDORFXOXLXQGHXUPHD]ăDILDXGLDWHVHVDQFĠLRQHD]ăFXDPHQGă
MXGLFLDUăGHODOHLODOHL
/LSVDQHMXVWLILFDWăDDYRFDWXOXLDOHVVDXGHVHPQDWGLQRILFLXIăUăDDVLJXUD
VXEVWLWXLUHDvQFRQGLĠLLOHOHJLLVDXUHIX]XOQHMXVWLILFDWDODFHVWXLDGHDDVLJXUD
DSăUDUHDvQFRQGLĠLLOHvQFDUHVDDVLJXUDWH[HUFLWDUHDGHSOLQăDWXWXURUGUHSWXULORU
SURFHVXDOHVHVDQFĠLRQHD]ăFXDPHQGăMXGLFLDUăGHODOHLODOHL%DURXOGHDYRFDĠL
HVWHLQIRUPDWFXSULYLUHODDPHQGDUHDXQXLPHPEUXDOEDURXOXL
8UPăWRDUHOHDEDWHULVăYkUúLWHvQFXUVXOSURFHVXOXLSHQDOVHVDQFĠLRQHD]ăFXDPHQGă
MXGLFLDUăGHODOHLODOHL
D vPSLHGLFDUHDvQRULFHPRGDH[HUFLWăULLvQOHJăWXUăFXSURFHVXODDWULEXĠLLORUFDUH
UHYLQRUJDQHORUMXGLFLDUHSHUVRQDOXOXLDX[LOLDUGHVSHFLDOLWDWHDOLQVWDQĠHORUMXGHFăWRUHúWL
úLDOSDUFKHWHORUH[SHUĠLORUGHVHPQDĠLGHRUJDQXOMXGLFLDUvQFRQGLĠLLOHOHJLLDJHQĠLORU
SURFHGXUDOLSUHFXPúLDOWRUVDODULDĠLDLLQVWDQĠHORUúLSDUFKHWHORU
E OLSVDQHMXVWLILFDWăDH[SHUWXOXLVDXLQWHUSUHWXOXLOHJDOFLWDW
F WHUJLYHUVDUHDGHFăWUHH[SHUWVDXLQWHUSUHWDvQGHSOLQLULLvQVăUFLQăULORUSULPLWH
G QHvQGHSOLQLUHDGHFăWUHRULFHSHUVRDQăDREOLJDĠLHLGHSUH]HQWDUHODFHUHUHDRUJDQXOXLGH
XUPăULUHSHQDOăVDXDLQVWDQĠHLGHMXGHFDWăDRELHFWHORURULvQVFULVXULORUFHUXWHGH
DFHVWHDSUHFXPúLQHvQGHSOLQLUHDDFHOHLDúLREOLJDĠLLGHFăWUHUHSUH]HQWDQWXOOHJDODO
SHUVRDQHLMXULGLFHVDXGHFHOvQVăUFLQDWFXDGXFHUHDODvQGHSOLQLUHDDFHVWHLREOLJDĠLL
H QHUHVSHFWDUHDREOLJDĠLHLGHSăVWUDUHSUHYă]XWăODDUWDOLQ
I QHOXDUHDGHFăWUHUHSUH]HQWDQWXOOHJDODOSHUVRDQHLMXULGLFHvQFDGUXOFăUHLDXUPHD]ăDVH
HIHFWXDRH[SHUWL]ăDPăVXULORUQHFHVDUHSHQWUXHIHFWXDUHDDFHVWHLDVDXSHQWUXHIHFWXDUHDOD
WLPSDH[SHUWL]HLSUHFXPúLvPSLHGLFDUHDGHFăWUHRULFHSHUVRDQăDHIHFWXăULLH[SHUWL]HLvQ
FRQGLĠLLOHOHJLL
J QHUHVSHFWDUHDGHFăWUHSăUĠLDYRFDĠLLDFHVWRUDPDUWRULH[SHUĠLLQWHUSUHĠLVDXRULFH
DOWHSHUVRDQHDPăVXULORUOXDWHGHFăWUHSUHúHGLQWHOHFRPSOHWXOXLGHMXGHFDWăSRWULYLWDUW
DOLQ VDXDUW
/LWJ DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
K QHUHVSHFWDUHDGHFăWUHDYRFDĠLLSăUĠLORUDPăVXULORUOXDWHGHFăWUHSUHúHGLQWHOH
FRPSOHWXOXLGHMXGHFDWăSRWULYLWDUWFXH[FHSĠLDVLWXDĠLLORUFkQGDFHúWLDVXVĠLQ
FHUHULH[FHSĠLLFRQFOX]LLSHIRQGXOFDX]HLSUHFXPúLDWXQFLFkQGSURFHGHD]ăODDXGLHUHD
SăUĠLORUPDUWRULORUúLH[SHUĠLORU
L PDQLIHVWăULOHLUHYHUHQĠLRDVHDOHSăUĠLORUPDUWRULORUH[SHUĠLORULQWHUSUHĠLORUVDXDOH
RULFăURUDOWHSHUVRDQHIDĠăGHMXGHFăWRUVDXSURFXURU
M DEURJDWă
/LWM DDOLQ DODUWDIRVWDEURJDWăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
N QHUHVSHFWDUHDGHFăWUHVXVSHFWVDXLQFXOSDWDREOLJDĠLHLGHDvQFXQRúWLQĠDvQVFULVvQ
WHUPHQGHFHOPXOW]LOHRUJDQHOHMXGLFLDUHGHVSUHRULFHVFKLPEDUHDORFXLQĠHLSHSDUFXUVXO
SURFHVXOXLSHQDO
O QHvQGHSOLQLUHDGHFăWUHPDUWRUDREOLJDĠLHLGHDvQFXQRúWLQĠDRUJDQHOHMXGLFLDUHvQ
WHUPHQGHFHOPXOW]LOHGHVSUHVFKLPEDUHDORFXLQĠHLSHSDUFXUVXOSURFHVXOXLSHQDO
SRWULYLWDUWDOLQ OLWF
P QHvQGHSOLQLUHDvQPRGQHMXVWLILFDWGHFăWUHRUJDQXOGHFHUFHWDUHSHQDOăDGLVSR]LĠLLORU
VFULVHDOHSURFXURUXOXLvQWHUPHQXOVWDELOLWGHDFHVWD
Q DEX]XOGHGUHSWFRQVWkQGvQH[HUFLWDUHDFXUHDFUHGLQĠăDGUHSWXULORUSURFHVXDOHúL
SURFHGXUDOHGHFăWUHSăUĠLUHSUH]HQWDQĠLLOHJDOLDLDFHVWRUDRULFRQVLOLHULLMXULGLFL
R QHvQGHSOLQLUHDREOLJDĠLHLSUHYă]XWHODDUWDOLQ VDXDREOLJDĠLHLSUHYă]XWHOD
DUWDOLQ GHFăWUHIXUQL]RULLGHVHUYLFLLGHWHOHFRPXQLFDĠLLLQIRUPDWLFHVDX
ILQDQFLDUH
/LWR DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
S QHvQGHSOLQLUHDREOLJDĠLHLSUHYă]XWHODDUWDOLQ GHFăWUHXQLWăĠLOHSRúWDOHRUL
GHWUDQVSRUWVDXRULFHDOWHSHUVRDQHIL]LFHRULMXULGLFHFDUHHIHFWXHD]ăDFWLYLWăĠLGH
WUDQVSRUWVDXWUDQVIHUGHLQIRUPDĠLL
T QHvQGHSOLQLUHDREOLJDĠLHLSUHYă]XWHODDUWDOLQ GHFăWUHIXUQL]RUXOGHVHUYLFLL
VDXGHSHUVRDQDvQSRVHVLDFăUHLDVXQWVDXFDUHDUHVXEFRQWUROGDWHOHSUHYă]XWHODDUW
DOLQ
$PHQ]LOHMXGLFLDUHDSOLFDWHFRQVWLWXLHYHQLWXULODEXJHWXOGHVWDWFXSULQ]kQGXVH
GLVWLQFWvQEXJHWXO0LQLVWHUXOXL3XEOLFVDXDO0LQLVWHUXOXL$GPLQLVWUDĠLHLúL,QWHUQHORUDO
0LQLVWHUXOXL-XVWLĠLHLGXSăFD]SRWULYLWOHJLL
$SOLFDUHDDPHQ]LLMXGLFLDUHQXvQOăWXUăUăVSXQGHUHDSHQDOăvQFD]XOvQFDUHIDSWD
FRQVWLWXLHLQIUDFĠLXQH
$UWLFROXO
3URFHGXUDSULYLWRDUHODDPHQGDMXGLFLDUă
$PHQGDVHDSOLFăGHRUJDQXOGHXUPăULUHSHQDOăSULQRUGRQDQĠăLDUGHMXGHFăWRUXOGH
GUHSWXULúLOLEHUWăĠLGHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăúLGHLQVWDQĠDGHMXGHFDWăSULQ
vQFKHLHUH
3HUVRDQDDPHQGDWăSRDWHFHUHDQXODUHDRULUHGXFHUHDDPHQ]LL&HUHUHDGHDQXODUHVDXGH
UHGXFHUHVHSRDWHIDFHvQWHUPHQGH]LOHGHODFRPXQLFDUHDRUGRQDQĠHLRULDvQFKHLHULLGH
DPHQGDUH
'DFăSHUVRDQDDPHQGDWăMXVWLILFăGHFHQXúLDSXWXWvQGHSOLQLREOLJDĠLDMXGHFăWRUXOGH
GUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXLQVWDQĠDGHMXGHFDWăSRDWH
GLVSXQHDQXODUHDRULUHGXFHUHDDPHQ]LL
&HUHUHDGHDQXODUHVDXGHUHGXFHUHDDPHQ]LLDSOLFDWHSULQRUGRQDQĠăYDILVROXĠLRQDWăGH
MXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLSULQvQFKHLHUH
&HUHUHDGHDQXODUHVDXGHUHGXFHUHDDPHQ]LLDSOLFDWHSULQvQFKHLHUHYDILVROXĠLRQDWăGH
XQDOWMXGHFăWRUGHGUHSWXULúLOLEHUWăĠLUHVSHFWLYGHXQDOWMXGHFăWRUGHFDPHUă
SUHOLPLQDUăRULGHXQDOWFRPSOHWSULQvQFKHLHUH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3DUWHD63(&,$/Ă
7LWOXO,8UPăULUHDSHQDOă
&DSLWROXO,'LVSR]LĠLLJHQHUDOH
$UWLFROXO
2ELHFWXOXUPăULULLSHQDOH
8UPăULUHDSHQDOăDUHFDRELHFWVWUkQJHUHDSUREHORUQHFHVDUHFXSULYLUHODH[LVWHQĠD
LQIUDFĠLXQLORUODLGHQWLILFDUHDSHUVRDQHORUFDUHDXVăYkUúLWRLQIUDFĠLXQHúLODVWDELOLUHD
UăVSXQGHULLSHQDOHDDFHVWRUDSHQWUXDVHFRQVWDWDGDFăHVWHVDXQXFD]XOVăVHGLVSXQă
WULPLWHUHDvQMXGHFDWă
3URFHGXUDGLQFXUVXOXUPăULULLSHQDOHHVWHQHSXEOLFă
$UWLFROXO
$FWHOHRUJDQHORUGHXUPăULUHSHQDOă
3URFXURUXOGLVSXQHDVXSUDDFWHORUVDXPăVXULORUSURFHVXDOHúLVROXĠLRQHD]ăFDX]DSULQ
RUGRQDQĠăGDFăOHJHDQXSUHYHGHDOWIHO
2UGRQDQĠDWUHEXLHVăFXSULQGă
D GHQXPLUHDSDUFKHWXOXLúLGDWDHPLWHULL
E QXPHOHSUHQXPHOHúLFDOLWDWHDFHOXLFDUHRvQWRFPHúWH
F IDSWDFDUHIDFHRELHFWXOXUPăULULLSHQDOHvQFDGUDUHDMXULGLFăDDFHVWHLDúLGXSăFD]
GDWHOHSULYLWRDUHODSHUVRDQDVXVSHFWXOXLVDXLQFXOSDWXOXL
G RELHFWXODFWXOXLVDXPăVXULLSURFHVXDOHRULGXSăFD]WLSXOVROXĠLHLSUHFXPúLPRWLYHOH
GHIDSWúLGHGUHSWDOHDFHVWRUD
H GDWHUHIHULWRDUHODPăVXULOHDVLJXUăWRULLPăVXULOHGHVLJXUDQĠăFXFDUDFWHUPHGLFDOúL
PăVXULOHSUHYHQWLYHOXDWHvQFXUVXOXUPăULULL
I DOWHPHQĠLXQLSUHYă]XWHGHOHJH
J VHPQăWXUDFHOXLFDUHDvQWRFPLWR
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2UJDQHOHGHFHUFHWDUHSHQDOăGLVSXQSULQRUGRQDQĠăDVXSUDDFWHORUúLPăVXULORU
SURFHVXDOHúLIRUPXOHD]ăSURSXQHULSULQUHIHUDW'LVSR]LĠLLOHDOLQ VHDSOLFăvQPRG
FRUHVSXQ]ăWRU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3ăVWUDUHDXQRUDFWHGHXUPăULUHSHQDOă
&kQGOHJHDSUHYHGHFăXQDFWVDXRPăVXUăSURFHVXDOăWUHEXLHVăILHvQFXYLLQĠDWă
DXWRUL]DWăVDXFRQILUPDWăXQH[HPSODUDODFWXOXLUăPkQHODSURFXURU
ÌQFD]XULOHvQFDUHSURFXURUXOVHVL]HD]ăMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
MXGHFăWRUXOGHFDPHUăSUHOLPLQDUăRULDOWHDXWRULWăĠLSUHYă]XWHGHOHJHvQYHGHUHD
VROXĠLRQăULLSURSXQHULORURULFHUHULORUIRUPXODWHvQFXUVXOXUPăULULLSHQDOHYDvQDLQWD
FRSLLQXPHURWDWHúLFHUWLILFDWHGHJUHIDSDUFKHWXOXLGHSHDFWHOHGRVDUXOXLRULQXPDLGHSH
FHOHFDUHDXOHJăWXUăFXFHUHUHDVDXSURSXQHUHDIRUPXODWă2UJDQXOGHXUPăULUHSHQDOă
SăVWUHD]ăRULJLQDOXODFWHORUvQYHGHUHDFRQWLQXăULLXUPăULULLSHQDOH
&DSLWROXO,,6HVL]DUHDRUJDQHORUGHXUPăULUHSHQDOă
6HFĠLXQHD5HJOHPHQWăULJHQHUDOH
$UWLFROXO
0RGXULOHGHVHVL]DUH
2UJDQXOGHXUPăULUHSHQDOăHVWHVHVL]DWSULQSOkQJHUHVDXGHQXQĠSULQDFWHOHvQFKHLDWH
GHDOWHRUJDQHGHFRQVWDWDUHSUHYă]XWHGHOHJHRULVHVHVL]HD]ăGLQRILFLX
&kQGSRWULYLWOHJLLSXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHVHIDFHQXPDLODSOkQJHUHD
SUHDODELOăDSHUVRDQHLYăWăPDWHODVHVL]DUHDIRUPXODWăGHSHUVRDQDSUHYă]XWăGHOHJHRULFX
DXWRUL]DUHDRUJDQXOXLSUHYă]XWGHOHJHDFĠLXQHDSHQDOăQXSRDWHILSXVăvQPLúFDUHvQOLSVD
DFHVWRUD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOLQIUDFĠLXQLORUVăYkUúLWHGHPLOLWDULVHVL]DUHDFRPDQGDQWXOXLHVWHQHFHVDUă
QXPDLvQFHHDFHSULYHúWHLQIUDFĠLXQLOHSUHYă]XWHODDUWGLQ&RGXOSHQDO
$UWLFROXO
3OkQJHUHD
3OkQJHUHDHVWHvQFXQRúWLQĠDUHDIăFXWăGHRSHUVRDQăIL]LFăVDXMXULGLFăUHIHULWRDUHODR
YăWăPDUHFHLVDFDX]DWSULQLQIUDFĠLXQH
3OkQJHUHDWUHEXLHVăFXSULQGăQXPHOHSUHQXPHOHFRGXOQXPHULFSHUVRQDOFDOLWDWHDúL
GRPLFLOLXOSHWLĠLRQDUXOXLRULSHQWUXSHUVRDQHMXULGLFHGHQXPLUHDVHGLXOFRGXOXQLFGH
vQUHJLVWUDUHFRGXOGHLGHQWLILFDUHILVFDOăQXPăUXOGHvQPDWULFXODUHvQUHJLVWUXOFRPHUĠXOXL
VDXGHvQVFULHUHvQUHJLVWUXOSHUVRDQHORUMXULGLFHúLFRQWXOEDQFDULQGLFDUHD
UHSUH]HQWDQWXOXLOHJDORULFRQYHQĠLRQDOGHVFULHUHDIDSWHLFDUHIRUPHD]ăRELHFWXOSOkQJHULL
SUHFXPúLLQGLFDUHDIăSWXLWRUXOXLúLDPLMORDFHORUGHSUREăGDFăVXQWFXQRVFXWH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3OkQJHUHDVHSRDWHIDFHSHUVRQDOVDXSULQPDQGDWDU0DQGDWXOWUHEXLHVăILHVSHFLDOLDU
SURFXUDUăPkQHDWDúDWăSOkQJHULL
'DFăHVWHIăFXWăvQVFULVSOkQJHUHDWUHEXLHVHPQDWăGHSHUVRDQDYăWăPDWăVDXGH
PDQGDWDU
3OkQJHUHDvQIRUPăHOHFWURQLFăvQGHSOLQHúWHFRQGLĠLLOHGHIRUPăQXPDLGDFăHVWH
FHUWLILFDWăSULQVHPQăWXUăHOHFWURQLFăvQFRQIRUPLWDWHFXSUHYHGHULOHOHJDOH
3OkQJHUHDIRUPXODWăRUDOVHFRQVHPQHD]ăvQWUXQSURFHVYHUEDOGHFăWUHRUJDQXOFDUHR
SULPHúWH
3OkQJHUHDVHSRDWHIDFHúLGHFăWUHXQXOGLQWUHVRĠLSHQWUXFHOăODOWVRĠVDXGHFăWUH
FRSLOXOPDMRUSHQWUXSăULQĠL3HUVRDQDYăWăPDWăSRDWHVăGHFODUHFăQXvúLvQVXúHúWH
SOkQJHUHD
3HQWUXSHUVRDQDOLSVLWăGHFDSDFLWDWHDGHH[HUFLĠLXSOkQJHUHDVHIDFHGHUHSUH]HQWDQWXO
VăXOHJDO3HUVRDQDFXFDSDFLWDWHGHH[HUFLĠLXUHVWUkQVăSRDWHIDFHSOkQJHUHFXvQFXYLLQĠDUHD
SHUVRDQHORUSUHYă]XWHGHOHJHDFLYLOăÌQFD]XOvQFDUHIăSWXLWRUXOHVWHSHUVRDQDFDUH
UHSUH]LQWăOHJDOVDXvQFXYLLQĠHD]ăDFWHOHSHUVRDQHLYăWăPDWHVHVL]DUHDRUJDQHORUGHXUPăULUH
SHQDOăVHIDFHGLQRILFLX
3OkQJHUHDJUHúLWvQGUHSWDWăODRUJDQXOGHXUPăULUHSHQDOăVDXODLQVWDQĠDGHMXGHFDWăVH
WULPLWHSHFDOHDGPLQLVWUDWLYăRUJDQXOXLMXGLFLDUFRPSHWHQW
ÌQFD]XOvQFDUHSOkQJHUHDHVWHvQWRFPLWăGHFăWUHRSHUVRDQăFDUHORFXLHúWHSH
WHULWRULXO5RPkQLHLFHWăĠHDQURPkQVWUăLQVDXSHUVRDQăIăUăFHWăĠHQLHúLSULQDFHDVWDVH
VHVL]HD]ăVăYkUúLUHDXQHLLQIUDFĠLXQLSHWHULWRULXOXQXLDOWVWDWPHPEUXDO8QLXQLL(XURSHQH
RUJDQXOMXGLFLDUHVWHREOLJDWVăSULPHDVFăSOkQJHUHDúLVăRWUDQVPLWăRUJDQXOXLFRPSHWHQW
GLQĠDUDSHWHULWRULXOFăUHLDDIRVWFRPLVăLQIUDFĠLXQHD5HJXOLOHSULYLQGFRRSHUDUHD
MXGLFLDUăvQPDWHULHSHQDOăVHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWLFROXO
'HQXQĠXO
'HQXQĠXOHVWHvQFXQRúWLQĠDUHDIăFXWăGHFăWUHRSHUVRDQăIL]LFăVDXMXULGLFăGHVSUH
VăYkUúLUHDXQHLLQIUDFĠLXQL
'HQXQĠXOVHSRDWHIDFHQXPDLSHUVRQDOGLVSR]LĠLLOHDUWDOLQ úL
DSOLFkQGXVHvQPRGFRUHVSXQ]ăWRU
$UWLFROXO
6HVL]ăULOHIăFXWHGHSHUVRDQHFXIXQFĠLLGHFRQGXFHUHúLGHDOWHSHUVRDQH
2ULFHSHUVRDQăFXIXQFĠLHGHFRQGXFHUHvQFDGUXOXQHLDXWRULWăĠLDDGPLQLVWUDĠLHLSXEOLFH
VDXvQFDGUXODOWRUDXWRULWăĠLSXEOLFHLQVWLWXĠLLSXEOLFHRULDODOWRUSHUVRDQHMXULGLFHGH
GUHSWSXEOLFSUHFXPúLRULFHSHUVRDQăFXDWULEXĠLLGHFRQWUROFDUHvQH[HUFLWDUHD
DWULEXĠLLORUORUDXOXDWFXQRúWLQĠăGHVăYkUúLUHDXQHLLQIUDFĠLXQLSHQWUXFDUHDFĠLXQHD
SHQDOăVHSXQHvQPLúFDUHGLQRILFLXVXQWREOLJDWHVăVHVL]H]HGHvQGDWăRUJDQXOGHXUPăULUH
SHQDOăúLVăLDPăVXULSHQWUXFDXUPHOHLQIUDFĠLXQLLFRUSXULOHGHOLFWHúLRULFHDOWH
PLMORDFHGHSUREăVăQXGLVSDUă
2ULFHSHUVRDQăFDUHH[HUFLWăXQVHUYLFLXGHLQWHUHVSXEOLFSHQWUXFDUHDIRVWvQYHVWLWă
GHDXWRULWăĠLOHSXEOLFHVDXFDUHHVWHVXSXVăFRQWUROXOXLRULVXSUDYHJKHULLDFHVWRUDFX
SULYLUHODvQGHSOLQLUHDUHVSHFWLYXOXLVHUYLFLXGHLQWHUHVSXEOLFFDUHvQH[HUFLWDUHD
DWULEXĠLLORUVDOHDOXDWFXQRúWLQĠăGHVăYkUúLUHDXQHLLQIUDFĠLXQLSHQWUXFDUHDFĠLXQHD
SHQDOăVHSXQHvQPLúFDUHGLQRILFLXHVWHREOLJDWăVăVHVL]H]HGHvQGDWăRUJDQXOGHXUPăULUH
SHQDOă
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
6HVL]DUHDGLQRILFLX
2UJDQXOGHXUPăULUHSHQDOăVHVHVL]HD]ăGLQRILFLXGDFăDIOăFăVDVăYkUúLWRLQIUDFĠLXQHSH
RULFHDOWăFDOHGHFkWFHOHSUHYă]XWHODDUWúLvQFKHLHXQSURFHVYHUEDOvQDFHVW
VHQV
$UWLFROXO
&RQVWDWDUHDLQIUDFĠLXQLLIODJUDQWH
(VWHIODJUDQWăLQIUDFĠLXQHDGHVFRSHULWăvQPRPHQWXOVăYkUúLULLVDXLPHGLDWGXSă
VăYkUúLUH
(VWHGHDVHPHQHDFRQVLGHUDWăIODJUDQWăúLLQIUDFĠLXQHDDOFăUHLIăSWXLWRULPHGLDWGXSă
VăYkUúLUHHVWHXUPăULWGHRUJDQHOHGHRUGLQHSXEOLFăúLGHVLJXUDQĠăQDĠLRQDOăGHSHUVRDQD
YăWăPDWăGHPDUWRULLRFXODULVDXGHVWULJăWXOSXEOLFRULSUH]LQWăXUPHFDUHMXVWLILFă
VXVSLFLXQHDUH]RQDELOăFăDUILVăYkUúLWLQIUDFĠLXQHDVDXHVWHVXUSULQVDSURDSHGHORFXO
FRPLWHULLLQIUDFĠLXQLLFXDUPHLQVWUXPHQWHVDXRULFHDOWHRELHFWHGHQDWXUăDOSUHVXSXQH
SDUWLFLSDQWODLQIUDFĠLXQH
ÌQFD]XOLQIUDFĠLXQLLIODJUDQWHRUJDQHOHGHRUGLQHSXEOLFăúLVLJXUDQĠăQDĠLRQDOă
vQWRFPHVFXQSURFHVYHUEDOvQFDUHFRQVHPQHD]ăWRDWHDVSHFWHOHFRQVWDWDWHúLDFWLYLWăĠLOH
GHVIăúXUDWHSHFDUHvOvQDLQWHD]ăGHvQGDWăRUJDQXOXLGHXUPăULUHSHQDOă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3OkQJHULOHúLFHUHULOHSUH]HQWDWHvQVFULVFRUSXOGHOLFWSUHFXPúLRELHFWHOHúL
vQVFULVXULOHULGLFDWHFXRFD]LDFRQVWDWăULLLQIUDFĠLXQLLVXQWSXVHODGLVSR]LĠLDRUJDQXOXLGH
XUPăULUHSHQDOă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
([DPLQDUHDVHVL]ăULL
/DSULPLUHDVHVL]ăULLRUJDQXOGHXUPăULUHSHQDOăSURFHGHD]ăODYHULILFDUHDFRPSHWHQĠHL
VDOHLDUvQFD]XOSUHYă]XWODDUWDOLQ vQDLQWHD]ăSURFXURUXOXLFDX]DvPSUHXQăFX
SURSXQHUHDGHWULPLWHUHDVHVL]ăULLRUJDQXOXLFRPSHWHQW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQVLWXDĠLDvQFDUHSOkQJHUHDVDXGHQXQĠXOQXvQGHSOLQHúWHFRQGLĠLLOHGHIRUPăSUHYă]XWH
GHOHJHRULGHVFULHUHDIDSWHLHVWHLQFRPSOHWăRULQHFODUăVHUHVWLWXLHSHFDOH
DGPLQLVWUDWLYăSHWLĠLRQDUXOXLFXLQGLFDUHDHOHPHQWHORUFDUHOLSVHVF
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$WXQFLFkQGVHVL]DUHDvQGHSOLQHúWHFRQGLĠLLOHOHJDOHGHDGPLVLELOLWDWHGDUGLQFXSULQVXO
DFHVWHLDUH]XOWăYUHXQXOGLQWUHFD]XULOHGHvPSLHGLFDUHDH[HUFLWăULLDFĠLXQLLSHQDOH
SUHYă]XWHGHDUWDOLQ RUJDQHOHGHFHUFHWDUHSHQDOăvQDLQWHD]ăSURFXURUXOXLDFWHOH
vPSUHXQăFXSURSXQHUHDGHFODVDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHSURFXURUXODSUHFLD]ăSURSXQHUHDvQWHPHLDWăGLVSXQHSULQRUGRQDQĠă
FODVDUHD
$UWLFROXOA
(IHFWXDUHDGHYHULILFăULSUHDODELOH
2ULGHFkWHRULHVWHQHFHVDUăRDXWRUL]DUHSUHDODELOăVDXvQGHSOLQLUHDXQHLDOWHFRQGLĠLL
SUHDODELOHSHQWUXvQFHSHUHDXUPăULULLSHQDOHRUJDQXOGHXUPăULUHSHQDOăHIHFWXHD]ă
YHULILFăULSUHDODELOH
ÌQFD]XULOHSUHYă]XWHODDOLQ SDUFKHWXORGDWăFXVHVL]DUHDLQVWLWXĠLHLFRPSHWHQWH
vQDLQWHD]ăXQUHIHUDWvQWRFPLWGHSURFXURUXOFăUXLDLDIRVWUHSDUWL]DWăOXFUDUHDFDUHYD
FXSULQGHUH]XOWDWHOHYHULILFăULORUSUHDODELOHFXSULYLUHODVăYkUúLUHDXQRUIDSWHSUHYă]XWH
GHOHJHDSHQDOăGHFăWUHSHUVRDQDFXSULYLUHODFDUHVHVROLFLWăDXWRUL]DUHDSUHDODELOăVDX
vQGHSOLQLUHDDOWHLFRQGLĠLLSUHDODELOH
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6HFĠLXQHDDD3OkQJHUHDSUHDODELOă
$UWLFROXO
3OkQJHUHDSUHDODELOă
3XQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHVHIDFHQXPDLODSOkQJHUHDSUHDODELOăDSHUVRDQHL
YăWăPDWHvQFD]XOLQIUDFĠLXQLORUSHQWUXFDUHOHJHDSUHYHGHFăHVWHQHFHVDUăRDVWIHOGH
SOkQJHUH
3OkQJHUHDSUHDODELOăVHDGUHVHD]ăRUJDQXOXLGHFHUFHWDUHSHQDOăVDXSURFXURUXOXL
SRWULYLWOHJLL
'LVSR]LĠLLOHDUWDOLQ úL VHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWLFROXO
7HUPHQXOGHLQWURGXFHUHDSOkQJHULLSUHDODELOH
3OkQJHUHDSUHDODELOăWUHEXLHVăILHLQWURGXVăvQWHUPHQGHOXQLGLQ]LXDvQFDUH
SHUVRDQDYăWăPDWăDDIODWGHVSUHVăYkUúLUHDIDSWHL
&kQGSHUVRDQDYăWăPDWăHVWHXQPLQRUVDXXQLQFDSDELOWHUPHQXOGHOXQLFXUJHGHOD
GDWDFkQGUHSUH]HQWDQWXOVăXOHJDODDIODWGHVSUHVăYkUúLUHDIDSWHL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHIăSWXLWRUXOHVWHUHSUH]HQWDQWXOOHJDODOSHUVRDQHORUSUHYă]XWHODDOLQ
WHUPHQXOGHOXQLFXUJHGHODGDWDQXPLULLXQXLQRXUHSUH]HQWDQWOHJDO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3OkQJHUHDSUHDODELOăJUHúLWvQGUHSWDWăVHFRQVLGHUăYDODELOăGDFăDIRVWLQWURGXVăvQ
WHUPHQODRUJDQXOMXGLFLDUQHFRPSHWHQW
3OkQJHUHDSUHDODELOăJUHúLWvQGUHSWDWăODRUJDQXOGHXUPăULUHSHQDOăVDXODLQVWDQĠDGH
MXGHFDWăVHWULPLWHSHFDOHDGPLQLVWUDWLYăRUJDQXOXLMXGLFLDUFRPSHWHQW
$UWLFROXO
2EOLJDĠLLOHRUJDQXOXLGHXUPăULUHSHQDOăvQSURFHGXUDSOkQJHULLSUHDODELOH
/DSULPLUHDSOkQJHULLSUHDODELOHRUJDQXOGHXUPăULUHSHQDOăYHULILFăGDFăDFHDVWD
vQGHSOLQHúWHFRQGLĠLLOHGHIRUPăúLGDFăDIRVWGHSXVăvQWHUPHQXOSUHYă]XWGHOHJHÌQFD]XO
vQFDUHFRQVWDWăFăHVWHWDUGLYăRUJDQXOGHFHUFHWDUHSHQDOăvQDLQWHD]ăSURFXURUXOXLDFWHOH
vQFKHLDWHvPSUHXQăFXSURSXQHUHDGHFODVDUH
'DFăvQWURFDX]ăvQFDUHVDXIăFXWDFWHGHXUPăULUHSHQDOăVHFRQVWDWăFăHVWHQHFHVDUă
SOkQJHUHDSUHDODELOăRUJDQXOGHXUPăULUHSHQDOăFKHDPăSHUVRDQDYăWăPDWăúLRvQWUHDEăGDFă
vQĠHOHJHVăIDFăSOkQJHUHÌQFD]DILUPDWLYRUJDQXOGHXUPăULUHSHQDOăFRQWLQXăFHUFHWDUHD
ÌQFD]FRQWUDUvQDLQWHD]ăSURFXURUXOXLDFWHOHvQFKHLDWHúLSURSXQHUHDGHFODVDUH
$UWLFROXO
3URFHGXUDvQFD]XOLQIUDFĠLXQLLIODJUDQWH
ÌQFD]GHLQIUDFĠLXQHIODJUDQWăRUJDQXOGHFHUFHWDUHSHQDOăHVWHREOLJDWVăFRQVWDWH
VăYkUúLUHDDFHVWHLDFKLDUvQOLSVDSOkQJHULLSUHDODELOH
'XSăFRQVWDWDUHDLQIUDFĠLXQLLIODJUDQWHRUJDQXOGHXUPăULUHSHQDOăFKHDPăSHUVRDQD
YăWăPDWăúLGDFăDFHDVWDGHFODUăFăIDFHSOkQJHUHSUHDODELOăvQFHSHXUPăULUHDSHQDOăÌQ
FD]FRQWUDURUJDQXOGHFHUFHWDUHSHQDOăvQDLQWHD]ăSURFXURUXOXLDFWHOHvQFKHLDWHúL
SURSXQHUHDGHFODVDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&DSLWROXO,,,&RQGXFHUHDúLVXSUDYHJKHUHDDFWLYLWăĠLLRUJDQHORUGHFHUFHWDUHSHQDOăGHFăWUH
SURFXURU
$UWLFROXO
2ELHFWXOVXSUDYHJKHULL
3URFXURUXOVXSUDYHJKHD]ăDFWLYLWDWHDRUJDQHORUGHFHUFHWDUHSHQDOăDVWIHOFDRULFH
LQIUDFĠLXQHVăILHGHVFRSHULWăúLRULFHSHUVRDQăFDUHDVăYkUúLWRLQIUDFĠLXQHVăILHWUDVă
ODUăVSXQGHUHSHQDOă
'HDVHPHQHDSURFXURUXOH[HUFLWăVXSUDYHJKHUHDDFWLYLWăĠLLRUJDQHORUGHFHUFHWDUHSHQDOă
DVWIHOFDQLFLXQVXVSHFWVDXLQFXOSDWVăQXILHUHĠLQXWGHFkWvQFD]XULOHúLvQFRQGLĠLLOH
SUHYă]XWHGHOHJH
$UWLFROXO
0RGDOLWăĠLOHGHH[HUFLWDUHDVXSUDYHJKHULL
3URFXURUXOvQH[HUFLWDUHDDWULEXĠLHLGHDFRQGXFHúLVXSUDYHJKHDDFWLYLWDWHDRUJDQHORU
GHFHUFHWDUHSHQDOăYHJKHD]ăFDDFWHOHGHXUPăULUHSHQDOăVăILHHIHFWXDWHFXUHVSHFWDUHD
GLVSR]LĠLLORUOHJDOH
2UJDQHOHGHFHUFHWDUHSHQDOăVXQWREOLJDWHGXSăVHVL]DUHVăvOLQIRUPH]HSHSURFXURU
GHVSUHDFWLYLWăĠLOHSHFDUHOHHIHFWXHD]ăVDXXUPHD]ăVăOHHIHFWXH]H
ÌQH[HUFLWDUHDDWULEXĠLHLGHDFRQGXFHDFWLYLWDWHDGHXUPăULUHSHQDOăSURFXURUXOLD
PăVXULOHQHFHVDUHVDXGăGLVSR]LĠLLRUJDQHORUGHFHUFHWDUHSHQDOăFDUHLDXDFHVWHPăVXUL
3URFXURUXOSRDWHVăDVLVWHODHIHFWXDUHDRULFăUXLDFWGHFHUFHWDUHSHQDOăVDXVăvOHIHFWXH]H
SHUVRQDO
ÌQH[HUFLWDUHDDWULEXĠLHLGHVXSUDYHJKHUHDDFWLYLWăĠLLGHXUPăULUHSHQDOăSURFXURUXO
SRDWHVăFHDUăVSUHYHULILFDUHRULFHGRVDUGHODRUJDQXOGHFHUFHWDUHSHQDOăFDUHHVWH
REOLJDWVăvOWULPLWăGHvQGDWăFXWRDWHDFWHOHPDWHULDOHOHúLGDWHOHSULYLWRDUHODIDSWD
FDUHIRUPHD]ăRELHFWXOFHUFHWăULL3URFXURUXOSRDWHUHĠLQHRULFHFDX]ăvQYHGHUHDHIHFWXăULL
XUPăULULLSHQDOH
$UWLFROXO
7ULPLWHUHDODRUJDQXOFRPSHWHQW
&kQGSURFXURUXOFRQVWDWăFăXUPăULUHDSHQDOăQXVHHIHFWXHD]ăGHRUJDQXOGHFHUFHWDUH
SHQDOăSUHYă]XWGHOHJHLDPăVXULFDXUPăULUHDVăILHIăFXWăGHRUJDQXOFRPSHWHQWSURFHGkQG
SRWULYLWDUW
ÌQFD]XOSUHYă]XWODDOLQ DFWHOHVDXPăVXULOHSURFHVXDOHOHJDOHIHFWXDWHUăPkQ
YDODELOH
&kQGSURFXURUXOFRQVWDWăFăH[LVWăYUHXQXOGLQWUHFD]XULOHSUHYă]XWHODDUWGLVSXQH
UHXQLUHDFDX]HORUWULPLĠkQGXOWHULRUFDX]DRUJDQXOXLFRPSHWHQW
$UWLFROXO
7UHFHUHDFDX]HLGHODXQRUJDQGHFHUFHWDUHSHQDOăODDOWXO
3URFXURUXOSRDWHVăGLVSXQăGXSăQHFHVLWDWHFDvQWURFDX]ăXUPăULUHDSHQDOăVăILH
HIHFWXDWăGHXQDOWRUJDQGHFHUFHWDUHGHFkWFHOVHVL]DW
3UHOXDUHDXQHLFDX]HGHFăWUHXQRUJDQGHFHUFHWDUHSHQDOăLHUDUKLFVXSHULRUVHGLVSXQH
GHSURFXURUXOGHODSDUFKHWXOFDUHH[HUFLWăVXSUDYHJKHUHDXUPăULULLSHQDOHvQDFHDFDX]ăSH
ED]DSURSXQHULLPRWLYDWHDRUJDQXOXLGHFHUFHWDUHSHQDOăFDUHSUHLDFDX]D
$UWLFROXO
'LVSR]LĠLLOHGDWHGHSURFXURU
3URFXURUXOSRDWHVăGLVSXQăFXSULYLUHODHIHFWXDUHDRULFăUXLDFWGHXUPăULUHSHQDOăGH
RUJDQHOHGHFHUFHWDUHSHQDOăDOHSROLĠLHLMXGLFLDUHVDXGHRUJDQHOHGHFHUFHWDUHSHQDOă
VSHFLDOHGXSăFD]
'LVSR]LĠLLOHGDWHGHSURFXURUvQOHJăWXUăFXHIHFWXDUHDDFWHORUGHFHUFHWDUHSHQDOăVXQW
REOLJDWRULLúLSULRULWDUHSHQWUXRUJDQXOGHFHUFHWDUHSUHFXPúLSHQWUXDOWHRUJDQHFHDX
DWULEXĠLLSUHYă]XWHGHOHJHvQFRQVWDWDUHDLQIUDFĠLXQLORU2UJDQHOHLHUDUKLFVXSHULRDUHDOH
SROLĠLHLMXGLFLDUHVDXDOHRUJDQHORUGHFHUFHWDUHSHQDOăVSHFLDOHQXSRWGDvQGUXPăULVDX
GLVSR]LĠLLSULYLQGFHUFHWDUHDSHQDOă
ÌQFD]XOQHvQGHSOLQLULLVDXDOvQGHSOLQLULLvQPRGGHIHFWXRVGHFăWUHRUJDQXOGH
FHUFHWDUHSHQDOăDGLVSR]LĠLLORUGDWHGHSURFXURUDFHVWDSRDWHVHVL]DFRQGXFăWRUXORUJDQXOXL
GHFHUFHWDUHSHQDOăFDUHDUHREOLJDĠLDFDvQWHUPHQGH]LOHGHODVHVL]DUHVăFRPXQLFH
SURFXURUXOXLPăVXULOHGLVSXVHRULSRDWHDSOLFDVDQFĠLXQHDDPHQ]LLMXGLFLDUHSHQWUXDEDWHULOH
MXGLFLDUHSUHYă]XWHODDUWDOLQ OLWD VDXGXSăFD]DOLQ OLWP RULSRDWH
VROLFLWDUHWUDJHUHDDYL]XOXLSUHYă]XWODDUWDOLQ úL
$UWLFROXO
,QILUPDUHDDFWHORUSURFHVXDOHVDXSURFHGXUDOH
&kQGSURFXURUXOFRQVWDWăFăXQDFWVDXRPăVXUăSURFHVXDOăDRUJDQXOXLGHFHUFHWDUH
SHQDOăQXHVWHGDWăFXUHVSHFWDUHDGLVSR]LĠLLORUOHJDOHVDXHVWHQHvQWHPHLDWăRLQILUPă
PRWLYDWGLQRILFLXVDXODSOkQJHUHDSHUVRDQHLLQWHUHVDWH
'LVSR]LĠLLOHDOLQ VHDSOLFăúLvQFD]XOYHULILFăULLHIHFWXDWHGHFăWUHSURFXURUXO
LHUDUKLFVXSHULRUFXSULYLUHODDFWHOHSURFXURUXOXLLHUDUKLFLQIHULRU
&DSLWROXO,9(IHFWXDUHDXUPăULULLSHQDOH
6HFĠLXQHD'HVIăúXUDUHDXUPăULULLSHQDOH
$UWLFROXO
ÌQFHSHUHDXUPăULULLSHQDOH
&kQGDFWXOGHVHVL]DUHvQGHSOLQHúWHFRQGLĠLLOHSUHYă]XWHGHOHJHúLVHFRQVWDWăFăQX
H[LVWăYUHXQXOGLQWUHFD]XULOHFDUHvPSLHGLFăH[HUFLWDUHDDFĠLXQLLSHQDOHSUHYă]XWHODDUW
DOLQ RUJDQXOGHXUPăULUHSHQDOăGLVSXQHvQFHSHUHDXUPăULULLSHQDOHFXSULYLUHOD
IDSWă
ÌQFHSHUHDXUPăULULLSHQDOHVHGLVSXQHSULQRUGRQDQĠăFDUHFXSULQGHGXSăFD]PHQĠLXQLOH
SUHYă]XWHODDUWDOLQ OLWD F úLJ
&kQGGLQGDWHOHúLSUREHOHH[LVWHQWHvQFDX]ăUH]XOWăLQGLFLLUH]RQDELOHFăRDQXPLWă
SHUVRDQăDVăYkUúLWIDSWDSHQWUXFDUHVDvQFHSXWXUPăULUHDSHQDOăSURFXURUXOGLVSXQHFD
XUPăULUHDSHQDOăVăVHHIHFWXH]HvQFRQWLQXDUHIDĠăGHDFHDVWDFDUHGREkQGHúWHFDOLWDWHDGH
VXVSHFW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
)DĠăGHSHUVRDQHOHSHQWUXFDUHXUPăULUHDSHQDOăHVWHFRQGLĠLRQDWăGHREĠLQHUHDXQHL
DXWRUL]DĠLLSUHDODELOHVDXGHvQGHSOLQLUHDXQHLDOWHFRQGLĠLLSUHDODELOHHIHFWXDUHD
XUPăULULLSHQDOHVHSRDWHGLVSXQHQXPDLGXSăREĠLQHUHDDXWRUL]DĠLHLRULGXSăvQGHSOLQLUHD
FRQGLĠLHL
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
2EOLJDĠLLOHRUJDQHORUGHXUPăULUHSHQDOă
3HQWUXUHDOL]DUHDRELHFWXOXLXUPăULULLSHQDOHRUJDQHOHGHFHUFHWDUHSHQDOăDXREOLJDĠLD
FDGXSăVHVL]DUHVăFDXWHúLVăVWUkQJăGDWHOHRULLQIRUPDĠLLOHFXSULYLUHODH[LVWHQĠD
LQIUDFĠLXQLORUúLLGHQWLILFDUHDSHUVRDQHORUFDUHDXVăYkUúLWLQIUDFĠLXQLVăLDPăVXULSHQWUX
OLPLWDUHDFRQVHFLQĠHORUDFHVWRUDVăVWUkQJăúLVăDGPLQLVWUH]HSUREHOHFXUHVSHFWDUHD
SUHYHGHULORUDUWúL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2UJDQHOHGHFHUFHWDUHSHQDOăDXREOLJDĠLDGHDHIHFWXDDFWHOHGHFHUFHWDUHFDUHQXVXIHUă
DPkQDUHFKLDUGDFăSULYHVFRFDX]ăSHQWUXFDUHQXDXFRPSHWHQĠDGHDHIHFWXDXUPăULUHD
SHQDOă
'XSăvQFHSHUHDXUPăULULLSHQDOHRUJDQHOHGHFHUFHWDUHSHQDOăVWUkQJúLDGPLQLVWUHD]ă
SUREHOHDWkWvQIDYRDUHDFkWúLvQGHIDYRDUHDVXVSHFWXOXLRULLQFXOSDWXOXL
2UJDQXOGHXUPăULUHSHQDOăVHSURQXQĠăSULQRUGRQDQĠăPRWLYDWăvQFRQGLĠLLOHDUW
DOLQ úL DVXSUDFHUHULORUGHDGPLQLVWUDUHDSUREHORUvQOLPLWDFRPSHWHQĠHLVDOH
&kQGRUJDQXOGHFHUFHWDUHSHQDOăDSUHFLD]ăFăHVWHQHFHVDUăDGPLQLVWUDUHDXQRUPLMORDFH
GHSUREăVDXIRORVLUHDXQRUPHWRGHVSHFLDOHGHVXSUDYHJKHUHFDUHSRWILDXWRUL]DWHRUL
GLVSXVHvQID]DGHXUPăULUHSHQDOăQXPDLGHSURFXURUVDXGXSăFD]GHMXGHFăWRUXOGH
GUHSWXULúLOLEHUWăĠLIRUPXOHD]ăSURSXQHULPRWLYDWHFDUHWUHEXLHVăFXSULQGăGDWHOHúL
LQIRUPDĠLLOHFDUHVXQWREOLJDWRULLvQFDGUXODFHOHLSURFHGXUL5HIHUDWXOHVWHWULPLV
SURFXURUXOXLvPSUHXQăFXGRVDUXOFDX]HL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6HFUHWXOEDQFDUúLFHOSURIHVLRQDOFXH[FHSĠLDVHFUHWXOXLSURIHVLRQDODODYRFDWXOXLQX
VXQWRSR]DELOHSURFXURUXOXLGXSăvQFHSHUHDXUPăULULLSHQDOH
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2UJDQXOGHXUPăULUHSHQDOăHVWHREOLJDWVăVWUkQJăSUREHOHQHFHVDUHSHQWUXLGHQWLILFDUHD
EXQXULORUúLYDORULORUVXSXVHFRQILVFăULLVSHFLDOHúLFRQILVFăULLH[WLQVHSRWULYLW&RGXOXL
SHQDO
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
$GXFHUHDODFXQRúWLQĠăDFDOLWăĠLLGHVXVSHFW
3HUVRDQHLFDUHDGREkQGLWFDOLWDWHDGHVXVSHFWLVHDGXFODFXQRúWLQĠăvQDLQWHGHSULPDVD
DXGLHUHDFHDVWăFDOLWDWHIDSWDSHQWUXFDUHHVWHVXVSHFWDWăvQFDGUDUHDMXULGLFăDDFHVWHLD
GUHSWXULOHSURFHVXDOHSUHYă]XWHODDUWvQFKHLQGXVHvQDFHVWVHQVXQSURFHVYHUEDO
$UWLFROXO
3URFHGXUDDXGLHULLDQWLFLSDWH
$WXQFLFkQGH[LVWăULVFXOFDXQPDUWRUVăQXPDLSRDWăILDXGLDWvQFXUVXOMXGHFăĠLL
SURFXURUXOSRDWHVHVL]DMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLvQYHGHUHDDXGLHULLDQWLFLSDWHD
PDUWRUXOXL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGDFăDSUHFLD]ăFHUHUHDvQWHPHLDWăVWDELOHúWHGH
vQGDWăGDWDúLORFXODXGLHULLGLVSXQkQGXVHFLWDUHDSăUĠLORUúLVXELHFĠLORUSURFHVXDOL
SULQFLSDOL
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3XQHUHDvQPLúFDUHDDFĠLXQLLSHQDOH
$FĠLXQHDSHQDOăVHSXQHvQPLúFDUHGHSURFXURUSULQRUGRQDQĠăvQFXUVXOXUPăULULL
SHQDOHFkQGDFHVWDFRQVWDWăFăH[LVWăSUREHGLQFDUHUH]XOWăFăRSHUVRDQăDVăYkUúLWR
LQIUDFĠLXQHúLQXH[LVWăYUHXQXOGLQWUHFD]XULOHGHvPSLHGLFDUHSUHYă]XWHODDUWDOLQ
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW,,,GLQ25'21$1ğ$'(85*(1ğĂQU
GLQIHEUXDULHSXEOLFDWăvQ021,7258/2),&,$/QUGLQIHEUXDULH
3XQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHHVWHFRPXQLFDWăLQFXOSDWXOXLGHFăWUHRUJDQXOGH
XUPăULUHSHQDOăFDUHvOFKHDPăSHQWUXDODXGLD'LVSR]LĠLLOHDUWVHDSOLFăvQPRG
FRUHVSXQ]ăWRUvQFKHLQGXVHvQDFHVWVHQVXQSURFHVYHUEDO
/DFHUHUHLQFXOSDWXOXLLVHHOLEHUHD]ăRFRSLHDRUGRQDQĠHLSULQFDUHDIRVWGLVSXVă
PăVXUD
$WXQFLFkQGFRQVLGHUăQHFHVDUSURFXURUXOSRDWHSURFHGDSHUVRQDOODDXGLHUHDLQFXOSDWXOXL
úLODFRPXQLFDUHDSUHYă]XWHODDOLQ
2UJDQXOGHXUPăULUHSHQDOăFRQWLQXăXUPăULUHDúLIăUăDODXGLDSHLQFXOSDWDWXQFLFkQG
DFHVWDOLSVHúWHQHMXVWLILFDWVHVXVWUDJHVDXHVWHGLVSăUXW
$UWLFROXO
'LVSR]LĠLLSULYLQGOXDUHDXQRUPăVXULIDĠăGHIăSWXLWRU
ÌQFD]XOLQIUDFĠLXQLLIODJUDQWHRULFHSHUVRDQăDUHGUHSWXOVăvOSULQGăSHIăSWXLWRU
'DFăIăSWXLWRUXODIRVWSULQVvQFRQGLĠLLOHDOLQ SHUVRDQDFDUHODUHĠLQXWWUHEXLH
VăvOSUHGHDGHvQGDWăvPSUHXQăFXFRUSXULOHGHOLFWHSUHFXPúLFXRELHFWHOHúLvQVFULVXULOH
ULGLFDWHRUJDQHORUGHXUPăULUHSHQDOăFDUHvQWRFPHVFXQSURFHVYHUEDO
$UWLFROXO
([WLQGHUHDXUPăULULLSHQDOHVDXVFKLPEDUHDvQFDGUăULLMXULGLFH
ÌQFD]XOvQFDUHGXSăvQFHSHUHDXUPăULULLSHQDOHRUJDQXOGHXUPăULUHSHQDOăFRQVWDWă
IDSWHQRLGDWHFXSULYLUHODSDUWLFLSDUHDXQRUDOWHSHUVRDQHVDXvPSUHMXUăULFDUHSRWGXFH
ODVFKLPEDUHDvQFDGUăULLMXULGLFHDIDSWHLGLVSXQHH[WLQGHUHDXUPăULULLSHQDOHRUL
VFKLPEDUHDvQFDGUăULLMXULGLFH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2UJDQXOGHFHUFHWDUHSHQDOăFDUHDGLVSXVH[WLQGHUHDXUPăULULLSHQDOHVDXVFKLPEDUHD
vQFDGUăULLMXULGLFHHVWHREOLJDWVăvOLQIRUPH]HSHSURFXURUFXSULYLUHODPăVXUDGLVSXVă
SURSXQkQGGXSăFD]SXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2UJDQXOMXGLFLDUFDUHDGLVSXVH[WLQGHUHDXUPăULULLSHQDOHVDXVFKLPEDUHDvQFDGUăULL
MXULGLFHHVWHREOLJDWVăvOLQIRUPH]HSHVXVSHFWGHVSUHIDSWHOHQRLFXSULYLUHODFDUHVD
GLVSXVH[WLQGHUHD
ÌQFD]XOvQFDUHH[WLQGHUHDXUPăULULLSHQDOHVDGLVSXVFXSULYLUHODPDLPXOWHSHUVRDQH
RUJDQXOGHXUPăULUHSHQDOăDUHREOLJDĠLDVăSURFHGH]HIDĠăGHDFHVWHSHUVRDQHSRWULYLWDUW
3URFXURUXOVHVL]DWGHRUJDQXOGHFHUFHWDUHvQXUPDH[WLQGHULLXUPăULULLSHQDOHVDXGLQ
RILFLXFXSULYLUHODLSRWH]HOHSUHYă]XWHODDOLQ SRDWHGLVSXQHH[WLQGHUHDDFĠLXQLL
SHQDOHFXSULYLUHODDVSHFWHOHQRL
6HFĠLXQHDDD6XVSHQGDUHDXUPăULULLSHQDOH
$UWLFROXO
&D]XULOHGHVXVSHQGDUH
ÌQFD]XOFkQGVHFRQVWDWăSULQWURH[SHUWL]ăPHGLFROHJDOăFăVXVSHFWXOVDXLQFXOSDWXO
VXIHUăGHRERDOăJUDYăFDUHvOvPSLHGLFăVăLDSDUWHODSURFHVXOSHQDORUJDQXOGH
FHUFHWDUHSHQDOăvQDLQWHD]ăSURFXURUXOXLSURSXQHULOHVDOHvPSUHXQăFXGRVDUXOSHQWUXD
GLVSXQHVXVSHQGDUHDXUPăULULLSHQDOH
6XVSHQGDUHDXUPăULULLSHQDOHVHGLVSXQHúLvQVLWXDĠLDvQFDUHH[LVWăXQLPSHGLPHQWOHJDO
WHPSRUDUSHQWUXSXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHIDĠăGHRSHUVRDQă
6XVSHQGDUHDXUPăULULLSHQDOHVHGLVSXQHúLSHSHULRDGDGHVIăúXUăULLSURFHGXULLGH
PHGLHUHSRWULYLWOHJLL
$UWLFROXO
6DUFLQDRUJDQXOXLGHXUPăULUHSHWLPSXOVXVSHQGăULL
'XSăVXVSHQGDUHDXUPăULULLSHQDOHSURFXURUXOUHVWLWXLHGRVDUXOFDX]HLRUJDQXOXLGH
FHUFHWDUHSHQDOăRULSRDWHGLVSXQHSUHOXDUHDVD
2UGRQDQĠDGHVXVSHQGDUHDXUPăULULLSHQDOHVHFRPXQLFăSăUĠLORUúLVXELHFĠLORUSURFHVXDOL
SULQFLSDOL
ÌQWLPSXOFkWXUPăULUHDHVWHVXVSHQGDWăRUJDQHOHGHFHUFHWDUHSHQDOăFRQWLQXăVă
HIHFWXH]HWRDWHDFWHOHDFăURUvQGHSOLQLUHQXHVWHvPSLHGLFDWăGHVLWXDĠLDVXVSHFWXOXLVDX
LQFXOSDWXOXLFXUHVSHFWDUHDGUHSWXOXLODDSăUDUHDOSăUĠLORUVDXVXELHFĠLORUSURFHVXDOL/D
UHOXDUHDXUPăULULLSHQDOHDFWHOHHIHFWXDWHvQWLPSXOVXVSHQGăULLSRWILUHIăFXWHGDFăHVWH
SRVLELOODFHUHUHDVXVSHFWXOXLVDXLQFXOSDWXOXL
2UJDQXOGHFHUFHWDUHSHQDOăHVWHREOLJDWVăYHULILFHSHULRGLFGDUQXPDLWkU]LXGH
OXQLGHODGDWDGLVSXQHULLVXVSHQGăULLGDFăPDLVXE]LVWăFDX]DFDUHDGHWHUPLQDWVXVSHQGDUHD
XUPăULULLSHQDOH
6HFĠLXQHDDD&ODVDUHDúLUHQXQĠDUHDODXUPăULUHDSHQDOă
$UWLFROXO
6ROXĠLLOHGHQHXUPăULUHúLQHWULPLWHUHvQMXGHFDWă
'XSăH[DPLQDUHDVHVL]ăULLFkQGFRQVWDWăFăDXIRVWVWUkQVHSUREHOHQHFHVDUHSRWULYLW
GLVSR]LĠLLORUDUWSURFXURUXOODSURSXQHUHDRUJDQXOXLGHXUPăULUHSHQDOăVDXGLQ
RILFLXVROXĠLRQHD]ăFDX]DSULQRUGRQDQĠăGLVSXQkQG
D FODVDUHDFkQGQXH[HUFLWăDFĠLXQHDSHQDOăRULGXSăFD]VWLQJHDFĠLXQHDSHQDOă
H[HUFLWDWăvQWUXFkWH[LVWăXQXOGLQWUHFD]XULOHSUHYă]XWHODDUWDOLQ
E UHQXQĠDUHDODXUPăULUHDSHQDOăFkQGQXH[LVWăLQWHUHVSXEOLFvQXUPăULUHDSHQDOăD
LQFXOSDWXOXL
3URFXURUXOvQWRFPHúWHRVLQJXUăRUGRQDQĠăFKLDUGDFăOXFUăULOHGRVDUXOXLSULYHVFPDL
PXOWHIDSWHRULPDLPXOĠLVXVSHFĠLVDXLQFXOSDĠLúLFKLDUGDFăVHGDXDFHVWRUDUH]ROYăUL
GLIHULWHFRQIRUPDOLQ
$UWLFROXO
&ODVDUHD
&ODVDUHDVHGLVSXQHFkQG
D QXVHSRDWHvQFHSHXUPăULUHDSHQDOăvQWUXFkWQXVXQWvQWUXQLWHFRQGLĠLLOHGHIRQGúL
IRUPăHVHQĠLDOHDOHVHVL]ăULL
E H[LVWăXQXOGLQWUHFD]XULOHSUHYă]XWHODDUWDOLQ
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2UGRQDQĠDGHFODVDUHFXSULQGHPHQĠLXQLOHSUHYă]XWHODDUWDOLQ SUHFXPúL
GLVSR]LĠLLSULYLQG
D ULGLFDUHDVDXPHQĠLQHUHDPăVXULORUDVLJXUăWRULLDFHVWHPăVXULvQFHWHD]ăGHGUHSWGDFă
SHUVRDQDYăWăPDWăQXLQWURGXFHDFĠLXQHvQIDĠDLQVWDQĠHLFLYLOHvQWHUPHQGHGH]LOHGH
ODFRPXQLFDUHDVROXĠLHL
E UHVWLWXLUHDEXQXULORUULGLFDWHVDXDFDXĠLXQLL
F VHVL]DUHDMXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăFXSURSXQHUHDGHOXDUHDPăVXULLGH
VLJXUDQĠăDFRQILVFăULLVSHFLDOH
G VHVL]DUHDMXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăFXSURSXQHUHDGHGHVILLQĠDUHWRWDOăVDX
SDUĠLDOăDXQXLvQVFULV
H VHVL]DUHDLQVWDQĠHLFRPSHWHQWHSRWULYLWGLVSR]LĠLLORUOHJLLVSHFLDOHvQPDWHULDVăQăWăĠLL
PLQWDOHvQYHGHUHDGLVSXQHULLLQWHUQăULLQHYROXQWDUH
I FKHOWXLHOLOHMXGLFLDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'DFăvQFXUVXOXUPăULULLSHQDOHVDOXDWXQDGLQWUHPăVXULOHGHVLJXUDQĠăSUHYă]XWHGH
OHJHVHYDIDFHPHQĠLXQHGHVSUHDFHDVWD
ÌQRUGRQDQĠăVHYDIDFHPHQĠLXQHúLFXSULYLUHODvQFHWDUHDGHGUHSWDPăVXULLSUHYHQWLYH
GLVSXVHvQFDX]ă
0HQĠLRQDUHDPRWLYHORUGHIDSWúLGHGUHSWHVWHREOLJDWRULHQXPDLGDFăSURFXURUXOQXvúL
vQVXúHúWHDUJXPHQWHOHFXSULQVHvQSURSXQHUHDRUJDQXOXLGHFHUFHWDUHSHQDOăRULGDFăvQFXUVXO
XUPăULULLSHQDOHVXVSHFWXOXLLDIRVWDGXVăODFXQRúWLQĠăDFHDVWăFDOLWDWHSRWULYLWDUW
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
ÌQúWLLQĠDUHDGHVSUHFODVDUH
2UGRQDQĠDGHFODVDUHVHFRPXQLFăvQFRSLHSHUVRDQHLFDUHDIăFXWVHVL]DUHDVXVSHFWXOXL
LQFXOSDWXOXLVDXGXSăFD]DOWRUSHUVRDQHLQWHUHVDWH'DFăRUGRQDQĠDQXFXSULQGHPRWLYHOHGH
IDSWúLGHGUHSWVHFRPXQLFăúLRFRSLHDUHIHUDWXOXLRUJDQXOXLGHFHUFHWDUHSHQDOă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHLQFXOSDWXOHVWHDUHVWDWSUHYHQWLYSURFXURUXOvQúWLLQĠHD]ăSULQDGUHVă
DGPLQLVWUDĠLDORFXOXLGHGHĠLQHUHFXSULYLUHODvQFHWDUHDGHGUHSWDPăVXULLDUHVWăULL
SUHYHQWLYHvQYHGHUHDSXQHULLGHvQGDWăvQOLEHUWDWHDLQFXOSDWXOXL
$UWLFROXO
5HVWLWXLUHDGRVDUXOXLRUJDQXOXLGHFHUFHWDUHSHQDOă
3URFXURUXOVHVL]DWFXSURSXQHUHDGHFODVDUHGHFăWUHRUJDQXOGHFHUFHWDUHSHQDOăDWXQFLFkQG
FRQVWDWăFăQXVXQWvQGHSOLQLWHFRQGLĠLLOHOHJDOHSHQWUXDGLVSXQHFODVDUHDVDXFkQGGLVSXQH
FODVDUHDSDUĠLDOúLGLVMXQJHFDX]DFRQIRUPDUWUHVWLWXLHGRVDUXORUJDQXOXLGHFHUFHWDUH
SHQDOă
$UWLFROXO
5HQXQĠDUHDODXUPăULUHDSHQDOă
ÌQFD]XOLQIUDFĠLXQLORUSHQWUXFDUHOHJHDSUHYHGHSHGHDSVDDPHQ]LLVDXSHGHDSVD
vQFKLVRULLGHFHOPXOWDQLSURFXURUXOSRDWHUHQXQĠDODXUPăULUHDSHQDOăFkQGvQUDSRUWFX
FRQĠLQXWXOIDSWHLFXPRGXOúLPLMORDFHOHGHVăYkUúLUHFXVFRSXOXUPăULWúLFXvPSUHMXUăULOH
FRQFUHWHGHVăYkUúLUHFXXUPăULOHSURGXVHVDXFDUHVDUILSXWXWSURGXFHSULQVăYkUúLUHD
LQIUDFĠLXQLLFRQVWDWăFăQXH[LVWăXQLQWHUHVSXEOLFvQXUPăULUHDDFHVWHLD
&kQGDXWRUXOIDSWHLHVWHFXQRVFXWODDSUHFLHUHDLQWHUHVXOXLSXEOLFVXQWDYXWHvQYHGHUH
úLSHUVRDQDVXVSHFWXOXLVDXDLQFXOSDWXOXLFRQGXLWDDYXWăDQWHULRUVăYkUúLULLLQIUDFĠLXQLL
úLHIRUWXULOHGHSXVHSHQWUXvQOăWXUDUHDVDXGLPLQXDUHDFRQVHFLQĠHORULQIUDFĠLXQLL
3URFXURUXOSRDWHGLVSXQHGXSăFRQVXOWDUHDVXVSHFWXOXLVDXDLQFXOSDWXOXLFDDFHVWDVă
vQGHSOLQHDVFăXQDVDXPDLPXOWHGLQWUHXUPăWRDUHOHREOLJDĠLL
D VăvQOăWXUHFRQVHFLQĠHOHIDSWHLSHQDOHVDXVăUHSDUHSDJXEDSURGXVăRULVăFRQYLQăFX
SDUWHDFLYLOăRPRGDOLWDWHGHUHSDUDUHDDFHVWHLD
E VăFHDUăSXEOLFVFX]HSHUVRDQHLYăWăPDWH
F VăSUHVWH]HRPXQFăQHUHPXQHUDWăvQIRORVXOFRPXQLWăĠLLSHRSHULRDGăFXSULQVăvQWUH
úLGH]LOHvQDIDUăGHFD]XOvQFDUHGLQFDX]DVWăULLGHVăQăWDWHSHUVRDQDQXSRDWH
SUHVWDDFHDVWăPXQFă
G VăIUHFYHQWH]HXQSURJUDPGHFRQVLOLHUH
ÌQFD]XOvQFDUHSURFXURUXOGLVSXQHFDVXVSHFWXOVDXLQFXOSDWXOVăvQGHSOLQHDVFă
REOLJDĠLLOHSUHYă]XWHODDOLQ VWDELOHúWHSULQRUGRQDQĠăWHUPHQXOSkQăODFDUHDFHVWHD
XUPHD]ăDILvQGHSOLQLWHFDUHQXSRDWHILPDLPDUHGHOXQLVDXGHOXQLSHQWUXREOLJDĠLL
DVXPDWHSULQDFRUGGHPHGLHUHvQFKHLDWFXSDUWHDFLYLOăúLFDUHFXUJHGHODFRPXQLFDUHD
RUGRQDQĠHL
2UGRQDQĠDGHUHQXQĠDUHODXUPăULUHFXSULQGHGXSăFD]PHQĠLXQLOHSUHYă]XWHODDUW
DOLQ SUHFXPúLGLVSR]LĠLLSULYLQGPăVXULOHGLVSXVHFRQIRUPDOLQ GLQSUH]HQWXO
DUWLFROúLDUWDOLQ WHUPHQXOSkQăODFDUHWUHEXLHvQGHSOLQLWHREOLJDĠLLOH
SUHYă]XWHODDOLQ GLQSUH]HQWXODUWLFROúLVDQFĠLXQHDQHGHSXQHULLGRYH]LORUODSURFXURU
SUHFXPúLFKHOWXLHOLOHMXGLFLDUH
ÌQFD]XOQHvQGHSOLQLULLFXUHDFUHGLQĠăDREOLJDĠLLORUvQWHUPHQXOSUHYă]XWODDOLQ
SURFXURUXOUHYRFăRUGRQDQĠD6DUFLQDGHDIDFHGRYDGDvQGHSOLQLULLREOLJDĠLLORUVDX
SUH]HQWDUHDPRWLYHORUGHQHvQGHSOLQLUHDDFHVWRUDUHYLQHVXVSHFWXOXLRULLQFXOSDWXOXL2QRXă
UHQXQĠDUHODXUPăULUHDSHQDOăvQDFHHDúLFDX]ăQXPDLHVWHSRVLELOă
2UGRQDQĠDSULQFDUHVDGLVSXVUHQXQĠDUHDODXUPăULUHDSHQDOăVHFRPXQLFăvQFRSLH
SHUVRDQHLFDUHDIăFXWVHVL]DUHDVXVSHFWXOXLLQFXOSDWXOXLVDXGXSăFD]DOWRUSHUVRDQH
LQWHUHVDWH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RQWLQXDUHDXUPăULULLSHQDOHODFHUHUHDVXVSHFWXOXLVDXDLQFXOSDWXOXL
ÌQFD]GHFODVDUHFDXUPDUHDFRQVWDWăULLFăDLQWHUYHQLWDPQLVWLDSUHVFULSĠLD
UHWUDJHUHDSOkQJHULLSUHDODELOHVDXDH[LVWHQĠHLXQHLFDX]HGHQHSHGHSVLUHSUHFXPúLvQ
FD]XOUHQXQĠăULLSURFXURUXOXLODXUPăULUHDSHQDOăVXVSHFWXOVDXLQFXOSDWXOSRDWHFHUHvQ
WHUPHQGHGH]LOHGHODSULPLUHDFRSLHLGHSHRUGRQDQĠDGHVROXĠLRQDUHDFDX]HL
FRQWLQXDUHDXUPăULULLSHQDOH
'DFăGXSăLQWURGXFHUHDFHUHULLvQWHUPHQXOOHJDOVHFRQVWDWăXQDOWFD]GHQHWULPLWHUHvQ
MXGHFDWăGHFkWFHOHSUHYă]XWHODDOLQ SURFXURUXOYDGLVSXQHFODVDUHDFDX]HLvQUDSRUW
FXDFHVWD
'DFăQXVHFRQVWDWăVLWXDĠLDSUHYă]XWăODDOLQ VHYDDGRSWDSULPDVROXĠLHGH
QHWULPLWHUHvQMXGHFDWă
$UWLFROXO
0RGXOGHVHVL]DUHDSURFXURUXOXLSHQWUXVROXĠLRQDUHDFDX]HL
2UJDQXOGHFHUFHWDUHSHQDOăFDUHFRQVWDWăLQFLGHQĠDXQXLDGLQWUHFD]XULOHFDUHGHWHUPLQă
FODVDUHDFDX]HLVDXUHQXQĠDUHDODXUPăULUHSHQDOăWULPLWHGRVDUXOODSURFXURUFXSURSXQHUH
FRUHVSXQ]ăWRDUH
6HFĠLXQHDDD7HUPLQDUHDXUPăULULLSHQDOH
$UWLFROXO
ÌQDLQWDUHDGRVDUXOXLSULYLQGSHLQFXOSDW
'HvQGDWăFHXUPăULUHDSHQDOăHVWHWHUPLQDWăRUJDQXOGHFHUFHWDUHvQDLQWHD]ăGRVDUXO
SURFXURUXOXLvQVRĠLWGHXQUHIHUDW
5HIHUDWXOWUHEXLHVăFXSULQGăPHQĠLXQLOHSUHYă]XWHODDUWDOLQ SUHFXPúLGDWH
VXSOLPHQWDUHSULYLWRDUHODPLMORDFHOHPDWHULDOHGHSUREăúLPăVXULOHOXDWHFXSULYLUHODHOH
vQFXUVXOFHUFHWăULLSHQDOHSUHFXPúLORFXOXQGHDFHVWHDVHDIOă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&kQGXUPăULUHDSHQDOăSULYHúWHPDLPXOWHIDSWHVDXPDLPXOĠLLQFXOSDĠLUHIHUDWXOWUHEXLH
VăFXSULQGăPHQĠLXQLOHDUăWDWHODDOLQ FXSULYLUHODWRDWHIDSWHOHúLODWRĠLLQFXOSDĠLL
úLGDFăHVWHFD]XOWUHEXLHVăVHDUDWHSHQWUXFDUHIDSWHRULIăSWXLWRULVHSURSXQHFODVDUHD
VDXUHQXQĠDUHDODXUPăULUH
$UWLFROXO
9HULILFDUHDOXFUăULORUXUPăULULLSHQDOH
ÌQWHUPHQGHFHOPXOW]LOHGHODSULPLUHDGRVDUXOXLWULPLVGHRUJDQXOGHFHUFHWDUH
SHQDOăSRWULYLWDUWúLDUWDOLQ SURFXURUXOSURFHGHD]ăODYHULILFDUHD
OXFUăULORUXUPăULULLSHQDOHúLVHSURQXQĠăDVXSUDDFHVWRUD
5H]ROYDUHDFDX]HORUvQFDUHVXQWDUHVWDĠLVHIDFHGHXUJHQĠăúLFXSUHFăGHUH
$UWLFROXO
5HVWLWXLUHDFDX]HLVDXWULPLWHUHDODDOWRUJDQGHXUPăULUHSHQDOă
ÌQVLWXDĠLDvQFDUHSURFXURUXOFRQVWDWăFăXUPăULUHDSHQDOăQXHVWHFRPSOHWăVDXFăQXD
IRVWHIHFWXDWăFXUHVSHFWDUHDGLVSR]LĠLLORUOHJDOHUHVWLWXLHFDX]DRUJDQXOXLFDUHDHIHFWXDW
XUPăULUHDSHQDOăvQYHGHUHDFRPSOHWăULLVDXUHIDFHULLXUPăULULLSHQDOHVDXWULPLWHFDX]DOD
DOWRUJDQGHFHUFHWDUHSHQDOăSRWULYLWGLVSR]LĠLLORUDUW
$WXQFLFkQGFRPSOHWDUHDVDXUHIDFHUHDXUPăULULLSHQDOHHVWHQHFHVDUăQXPDLFXSULYLUHOD
XQHOHIDSWHVDXODXQLLLQFXOSDĠLLDUGLVMXQJHUHDQXHVWHSRVLELOăSURFXURUXOGLVSXQH
UHVWLWXLUHDVDXWULPLWHUHDvQWUHJLLFDX]HODRUJDQXOGHFHUFHWDUHSHQDOă
2UGRQDQĠDGHUHVWLWXLUHVDXGHWULPLWHUHFXSULQGHSHOkQJăPHQĠLXQLOHDUăWDWHODDUW
DOLQ LQGLFDUHDDFWHORUGHXUPăULUHSHQDOăFHWUHEXLHHIHFWXDWHRULUHIăFXWHD
IDSWHORUVDXvPSUHMXUăULORUFHXUPHD]ăDILFRQVWDWDWHúLDPLMORDFHORUGHSUREăFHXUPHD]ăD
ILDGPLQLVWUDWH
6HFĠLXQHDDD'LVSR]LĠLLSULYLQGHIHFWXDUHDXUPăULULLSHQDOHGHFăWUHSURFXURU
$UWLFROXO
(IHFWXDUHDXUPăULULLSHQDOHGHFăWUHSURFXURU
8UPăULUHDSHQDOăVHHIHFWXHD]ăvQPRGREOLJDWRULXGHFăWUHSURFXURUvQFD]XULOHSUHYă]XWH
GHOHJH
3URFXURUXOSRDWHGLVSXQHSUHOXDUHDRULFăUHLFDX]HvQFDUHH[HUFLWăVXSUDYHJKHUHD
LQGLIHUHQWGHVWDGLXODFHVWHLDSHQWUXDHIHFWXDXUPăULUHDSHQDOă
ÌQFD]XULOHvQFDUHSURFXURUXOHIHFWXHD]ăXUPăULUHDSHQDOăSRDWHGHOHJDSULQRUGRQDQĠă
RUJDQHORUGHFHUFHWDUHSHQDOăHIHFWXDUHDXQRUDFWHGHXUPăULUHSHQDOă
3XQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHOXDUHDVDXSURSXQHUHDPăVXULORUUHVWULFWLYHGH
GUHSWXULúLOLEHUWăĠLvQFXYLLQĠDUHDGHSUREDWRULLRULGLVSXQHUHDFHORUODOWHDFWHVDXPăVXUL
SURFHVXDOHQXSRWIRUPDRELHFWXOGHOHJăULLSUHYă]XWHODDOLQ
$UWLFROXO
3UHOXDUHDFDX]HORUGHODDOWHSDUFKHWH
3URFXURULLGLQFDGUXOSDUFKHWXOXLLHUDUKLFVXSHULRUSRWSUHOXDvQYHGHUHDHIHFWXăULLVDX
VXSUDYHJKHULLXUPăULULLSHQDOHFDX]HGHFRPSHWHQĠDSDUFKHWHORULHUDUKLFLQIHULRDUHSULQ
GLVSR]LĠLDPRWLYDWăDFRQGXFăWRUXOXLSDUFKHWXOXLLHUDUKLFVXSHULRU
'LVSR]LĠLLOHDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRUúLFkQGOHJHDSUHYHGHRDOWă
VXERUGRQDUHLHUDUKLFă
$UWLFROXO
7ULPLWHUHDFDX]HLODXQDOWSDUFKHW
&kQGH[LVWăRVXVSLFLXQHUH]RQDELOăFăDFWLYLWDWHDGHXUPăULUHSHQDOăHVWHDIHFWDWăGLQ
SULFLQDvPSUHMXUăULORUFDX]HLVDXFDOLWăĠLLSăUĠLORURULDVXELHFĠLORUSURFHVXDOLSULQFLSDOL
RULH[LVWăSHULFROXOGHWXOEXUDUHDRUGLQLLSXEOLFHSURFXURUXOJHQHUDODO3DUFKHWXOXLGHSH
OkQJăÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHODFHUHUHDSăUĠLORUDXQXLVXELHFWSURFHVXDO
SULQFLSDOVDXGLQRILFLXSRDWHWULPLWHFDX]DODXQSDUFKHWHJDOvQJUDGGLVSR]LĠLLOHDUW
úLILLQGDSOLFDELOHvQPRGFRUHVSXQ]ăWRU
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&DSLWROXO95H]ROYDUHDFDX]HORUúLVHVL]DUHDLQVWDQĠHL
$UWLFROXO
5H]ROYDUHDFDX]HORU
$WXQFLFkQGFRQVWDWăFăDXIRVWUHVSHFWDWHGLVSR]LĠLLOHOHJDOHFDUHJDUDQWHD]ăDIODUHD
DGHYăUXOXLFăXUPăULUHDSHQDOăHVWHFRPSOHWăúLH[LVWăSUREHOHQHFHVDUHúLOHJDO
DGPLQLVWUDWHSURFXURUXO
D HPLWHUHFKL]LWRULXSULQFDUHGLVSXQHWULPLWHUHDvQMXGHFDWăGDFăGLQPDWHULDOXOGH
XUPăULUHSHQDOăUH]XOWăFăIDSWDH[LVWăFăDIRVWVăYkUúLWăGHLQFXOSDWúLFăDFHVWD
UăVSXQGHSHQDO
E HPLWHRUGRQDQĠăSULQFDUHFODVHD]ăVDXUHQXQĠăODXUPăULUHSRWULYLWGLVSR]LĠLLORUOHJDOH
$UWLFROXO
&XSULQVXOUHFKL]LWRULXOXL
5HFKL]LWRULXOVHOLPLWHD]ăODIDSWDúLSHUVRDQDSHQWUXFDUHVDHIHFWXDWXUPăULUHDSHQDOă
úLFXSULQGHvQPRGFRUHVSXQ]ăWRUPHQĠLXQLOHSUHYă]XWHODDUWDOLQ GDWHOH
SULYLWRDUHODIDSWDUHĠLQXWăvQVDUFLQDLQFXOSDWXOXLúLvQFDGUDUHDMXULGLFăDDFHVWHLD
SUREHOHúLPLMORDFHOHGHSUREăFKHOWXLHOLOHMXGLFLDUHPHQĠLXQLOHSUHYă]XWHODDUWúL
GLVSR]LĠLDGHWULPLWHUHvQMXGHFDWăSUHFXPúLDOWHPHQĠLXQLQHFHVDUHSHQWUX
VROXĠLRQDUHDFDX]HL5HFKL]LWRULXOHVWHYHULILFDWVXEDVSHFWXOOHJDOLWăĠLLúLWHPHLQLFLHLGH
SULPSURFXURUXOSDUFKHWXOXLVDXGXSăFD]GHSURFXURUXOJHQHUDODOSDUFKHWXOXLGHSHOkQJă
FXUWHDGHDSHOLDUFkQGDIRVWvQWRFPLWGHDFHVWDYHULILFDUHDVHIDFHGHSURFXURUXO
LHUDUKLFVXSHULRU&kQGDIRVWvQWRFPLWGHXQSURFXURUGHOD3DUFKHWXOGHSHOkQJăÌQDOWD
&XUWHGH&DVDĠLHúL-XVWLĠLHUHFKL]LWRULXOHVWHYHULILFDWGHSURFXURUXOúHIGHVHFĠLHLDU
FkQGDIRVWvQWRFPLWGHDFHVWDYHULILFDUHDVHIDFHGHFăWUHSURFXURUXOJHQHUDODODFHVWXL
SDUFKHWÌQFDX]HOHFXDUHVWDĠLYHULILFDUHDVHIDFHGHXUJHQĠăúLvQDLQWHGHH[SLUDUHD
GXUDWHLDUHVWăULLSUHYHQWLYH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQUHFKL]LWRULXVHDUDWăQXPHOHúLSUHQXPHOHSHUVRDQHORUFDUHWUHEXLHFLWDWHvQLQVWDQĠă
FXLQGLFDUHDFDOLWăĠLLORUvQSURFHVúLORFXOXQGHXUPHD]ăDILFLWDWH
3URFXURUXOvQWRFPHúWHXQVLQJXUUHFKL]LWRULXFKLDUGDFăOXFUăULOHXUPăULULLSHQDOH
SULYHVFPDLPXOWHIDSWHRULPDLPXOĠLVXVSHFĠLúLLQFXOSDĠLúLFKLDUGDFăVHGDXDFHVWRUD
UH]ROYăULGLIHULWHSRWULYLWDUW
$UWLFROXO
$FWXOGHVHVL]DUHDLQVWDQĠHL
5HFKL]LWRULXOFRQVWLWXLHDFWXOGHVHVL]DUHDLQVWDQĠHLGHMXGHFDWă
5HFKL]LWRULXOvQVRĠLWGHGRVDUXOFDX]HLúLGHXQQXPăUQHFHVDUGHFRSLLFHUWLILFDWHDOH
UHFKL]LWRULXOXLSHQWUXDILFRPXQLFDWHLQFXOSDĠLORUVHWULPLWLQVWDQĠHLFRPSHWHQWHVă
MXGHFHFDX]DvQIRQG
ÌQVLWXDĠLDvQFDUHLQFXOSDWXOQXFXQRDúWHOLPEDURPkQăVHYRUOXDPăVXULSHQWUX
WUDGXFHUHDDXWRUL]DWăDUHFKL]LWRULXOXLFDUHYDILDWDúDWăDFWHORUPHQĠLRQDWHODDOLQ
&kQGQXH[LVWăWUDGXFăWRULDXWRUL]DĠLWUDGXFHUHDUHFKL]LWRULXOXLVHIDFHGHRSHUVRDQăFDUH
SRDWHFRPXQLFDFXLQFXOSDWXO
,QFXOSDWXOFHWăĠHDQURPkQDSDUĠLQkQGXQHLPLQRULWăĠLQDĠLRQDOHSRDWHVROLFLWDVăvLILH
FRPXQLFDWăRWUDGXFHUHDUHFKL]LWRULXOXLvQOLPEDPDWHUQă
$UWLFROXO
'LVSR]LĠLLOHSULYLWRDUHODPăVXULOHSUHYHQWLYHVDXDVLJXUăWRULL
&kQGSURFXURUXOGLVSXQHWULPLWHUHDvQMXGHFDWăDLQFXOSDWXOXLUHFKL]LWRULXOSRDWHVă
FXSULQGăúLSURSXQHUHDGHOXDUHPHQĠLQHUHUHYRFDUHVDXGHvQORFXLUHDXQHLPăVXUL
SUHYHQWLYHRULDXQHLPăVXULDVLJXUăWRULL
$UWLFROXO
'LVSR]LĠLLOHSULYLWRDUHODPăVXULOHGHVLJXUDQĠă
'DFăDSUHFLD]ăFăIDĠăGHLQFXOSDWHVWHQHFHVDUăOXDUHDXQHLPăVXULGHVLJXUDQĠăFXFDUDFWHU
PHGLFDOSURFXURUXOSULQUHFKL]LWRULXSURSXQHOXDUHDDFHOHLPăVXUL
&DSLWROXO9,5HOXDUHDXUPăULULLSHQDOH
$UWLFROXO
&D]XULOHGHUHOXDUHDXUPăULULLSHQDOH
8UPăULUHDSHQDOăHVWHUHOXDWăvQFD]GH
D vQFHWDUHDFDX]HLGHVXVSHQGDUH
E UHVWLWXLUHDFDX]HLGHFăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUă
F UHGHVFKLGHUHDXUPăULULLSHQDOH
5HOXDUHDXUPăULULLSHQDOHQXSRDWHDYHDORFGDFăDLQWHUYHQLWRFDX]ăFDUHvPSLHGLFă
SXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHVDXFRQWLQXDUHDSURFHVXOXLSHQDO
$UWLFROXO
5HOXDUHDXUPăULULLSHQDOHGXSăVXVSHQGDUH
5HOXDUHDXUPăULULLSHQDOHGXSăVXVSHQGDUHDUHORFFkQGVHFRQVWDWăGHSURFXURURULGHRUJDQXO
GHFHUFHWDUHSHQDOăGXSăFD]FăDvQFHWDWFDX]DFDUHDGHWHUPLQDWVXVSHQGDUHD2UJDQXOGH
FHUFHWDUHSHQDOăFDUHFRQVWDWăFăDvQFHWDWFDX]DGHVXVSHQGDUHvQDLQWHD]ăGRVDUXO
SURFXURUXOXLSHQWUXDGLVSXQHDVXSUDUHOXăULL
$UWLFROXO
5HOXDUHDXUPăULULLSHQDOHvQFD]GHUHVWLWXLUH
8UPăULUHDSHQDOăHVWHUHOXDWăDWXQFLFkQGMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăDGLVSXV
UHVWLWXLUHDFDX]HLODSDUFKHWvQWHPHLXODUWDOLQ OLWE
ÌQFD]XOvQFDUHKRWăUkUHDVHvQWHPHLD]ăSHGLVSR]LĠLLOHDUWDOLQ OLWD
UHOXDUHDVHGLVSXQHGHFăWUHFRQGXFăWRUXOSDUFKHWXOXLRULSURFXURUXOLHUDUKLFVXSHULRU
SUHYă]XWGHOHJHQXPDLDWXQFLFkQGFRQVWDWăFăSHQWUXUHPHGLHUHDQHUHJXODULWăĠLLHVWH
QHFHVDUăHIHFWXDUHDXQRUDFWHGHXUPăULUHSHQDOă3ULQRUGRQDQĠDGHUHOXDUHDXUPăULULL
SHQDOHVHYRUPHQĠLRQDúLDFWHOHFHXUPHD]ăDILHIHFWXDWH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XULOHGHUHVWLWXLUHSUHYă]XWHODDOLQ úL SURFXURUXOHIHFWXHD]ăXUPăULUHD
SHQDOăRULGXSăFD]WULPLWHFDX]DODRUJDQXOGHFHUFHWDUHGLVSXQkQGSULQRUGRQDQĠăDFWHOH
GHXUPăULUHSHQDOăFHXUPHD]ăDILHIHFWXDWH
$UWLFROXO
5HOXDUHDvQFD]GHUHGHVFKLGHUHDXUPăULULLSHQDOH
'DFăSURFXURUXOLHUDUKLFVXSHULRUFHOXLFDUHDGLVSXVVROXĠLDFRQVWDWăXOWHULRUFăQXD
H[LVWDWvPSUHMXUDUHDSHFDUHVHvQWHPHLDFODVDUHDLQILUPăRUGRQDQĠDúLGLVSXQHUHGHVFKLGHUHD
XUPăULULLSHQDOH'LVSR]LĠLLOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRU
ÌQFD]XOvQFDUHDXDSăUXWIDSWHVDXvPSUHMXUăULQRLGLQFDUHUH]XOWăFăDGLVSăUXW
vPSUHMXUDUHDSHFDUHVHvQWHPHLDFODVDUHDSURFXURUXOUHYRFăRUGRQDQĠDúLGLVSXQH
UHGHVFKLGHUHDXUPăULULLSHQDOH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&kQGFRQVWDWăFăVXVSHFWXOVDXLQFXOSDWXOQXúLDvQGHSOLQLWFXUHDFUHGLQĠăREOLJDĠLLOH
VWDELOLWHFRQIRUPDUWDOLQ SURFXURUXOUHYRFăRUGRQDQĠDúLGLVSXQHUHGHVFKLGHUHD
XUPăULULLSHQDOH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
5HGHVFKLGHUHDXUPăULULLSHQDOHHVWHVXSXVăFRQILUPăULLMXGHFăWRUXOXLGHFDPHUă
SUHOLPLQDUăvQWHUPHQGHFHOPXOW]LOHVXEVDQFĠLXQHDQXOLWăĠLL-XGHFăWRUXOGHFDPHUă
SUHOLPLQDUăKRWăUăúWHSULQvQFKHLHUHPRWLYDWăvQFDPHUDGHFRQVLOLXIăUăSDUWLFLSDUHD
SURFXURUXOXLúLDVXVSHFWXOXLVDXGXSăFD]DLQFXOSDWXOXLDVXSUDOHJDOLWăĠLLúL
WHPHLQLFLHLRUGRQDQĠHLSULQFDUHVDGLVSXVUHGHVFKLGHUHDXUPăULULLSHQDOHÌQFKHLHUHD
MXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăHVWHGHILQLWLYă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHVDGLVSXVFODVDUHDVDXUHQXQĠDUHDODXUPăULUHDSHQDOăUHGHVFKLGHUHD
XUPăULULLSHQDOHDUHORFúLDWXQFLFkQGMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăDDGPLVSOkQJHUHD
vPSRWULYDVROXĠLHLúLDWULPLVFDX]DODSURFXURUvQYHGHUHDFRPSOHWăULLXUPăULULLSHQDOH
'LVSR]LĠLLOHMXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăVXQWREOLJDWRULLSHQWUXRUJDQXOGHXUPăULUH
SHQDOă
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&DSLWROXO9,,3OkQJHUHDvPSRWULYDPăVXULORUúLDFWHORUGHXUPăULUHSHQDOă
$UWLFROXO
'UHSWXOGHDIDFHSOkQJHUH
2ULFHSHUVRDQăSRDWHIDFHSOkQJHUHvPSRWULYDPăVXULORUúLDFWHORUGHXUPăULUHSHQDOă
GDFăSULQDFHVWHDVDDGXVRYăWăPDUHLQWHUHVHORUVDOHOHJLWLPH
3OkQJHUHDVHDGUHVHD]ăSURFXURUXOXLFDUHVXSUDYHJKHD]ăDFWLYLWDWHDRUJDQXOXLGHFHUFHWDUH
SHQDOăúLVHGHSXQHILHGLUHFWODDFHVWDILHODRUJDQXOGHFHUFHWDUHSHQDOă
,QWURGXFHUHDSOkQJHULLQXVXVSHQGăDGXFHUHDODvQGHSOLQLUHDPăVXULLVDXDDFWXOXLFDUH
IRUPHD]ăRELHFWXOSOkQJHULL
$UWLFROXO
2EOLJDĠLDGHvQDLQWDUHDSOkQJHULL
&kQGSOkQJHUHDDIRVWGHSXVăODRUJDQXOGHFHUFHWDUHSHQDOăDFHVWDHVWHREOLJDWFDvQWHUPHQ
GHGHRUHGHODSULPLUHDHLVăRvQDLQWH]HSURFXURUXOXLvPSUHXQăFXH[SOLFDĠLLOHVDOH
DWXQFLFkQGDFHVWHDVXQWQHFHVDUH
$UWLFROXO
7HUPHQXOGHUH]ROYDUH
3URFXURUXOHVWHREOLJDWVăUH]ROYHSOkQJHUHDvQWHUPHQGHFHOPXOWGH]LOHGHODSULPLUH
úLVăFRPXQLFHGHvQGDWăSHUVRDQHLFDUHDIăFXWSOkQJHUHDXQH[HPSODUDORUGRQDQĠHL
$UWLFROXO
3OkQJHUHDvPSRWULYDDFWHORUSURFXURUXOXL
3OkQJHUHDvPSRWULYDPăVXULORUOXDWHVDXDDFWHORUHIHFWXDWHGHSURFXURURULHIHFWXDWHSH
ED]DGLVSR]LĠLLORUGDWHGHDFHVWDVHUH]ROYăGHSULPSURFXURUXOSDUFKHWXOXLVDXGXSăFD]GH
SURFXURUXOJHQHUDODOSDUFKHWXOXLGHSHOkQJăFXUWHDGHDSHORULGHSURFXURUXOúHIGHVHFĠLH
DOSDUFKHWXOXL
ÌQFD]XOFkQGPăVXULOHúLDFWHOHVXQWDOHSULPSURFXURUXOXLDOHSURFXURUXOXLJHQHUDODO
SDUFKHWXOXLGHSHOkQJăFXUWHDGHDSHODOHSURFXURUXOXLúHIGHVHFĠLHDOSDUFKHWXOXLRULDX
IRVWOXDWHVDXHIHFWXDWHSHED]DGLVSR]LĠLLORUGDWHGHFăWUHDFHúWLDSOkQJHUHDVHUH]ROYăGH
SURFXURUXOLHUDUKLFVXSHULRU
'LVSR]LĠLLOHDOLQ úL VHDSOLFăvQPRGFRUHVSXQ]ăWRUDWXQFLFkQGLHUDUKLD
IXQFĠLLORUvQWURVWUXFWXUăDSDUFKHWXOXLHVWDELOLWăSULQOHJHVSHFLDOă
ÌQFD]XOVROXĠLLORUGHFODVDUHRULGHUHQXQĠDUHODXUPăULUHSOkQJHUHDVHIDFHvQWHUPHQ
GHGH]LOHGHODFRPXQLFDUHDFRSLHLDFWXOXLSULQFDUHVDGLVSXVVROXĠLD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2UGRQDQĠHOHSULQFDUHVHVROXĠLRQHD]ăSOkQJHULOHvPSRWULYDVROXĠLLORUDFWHORUVDX
PăVXULORUQXPDLSRWILDWDFDWHFXSOkQJHUHODSURFXURUXOLHUDUKLFVXSHULRUúLVHFRPXQLFă
SHUVRDQHLFDUHDIăFXWSOkQJHUHDúLFHORUODOWHSHUVRDQHLQWHUHVDWH
'LVSR]LĠLLOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRUGDFăOHJHDQXGLVSXQHDOWIHO
$UWLFROXO
3OkQJHUHDvPSRWULYDVROXĠLLORUGHQHXUPăULUHVDXQHWULPLWHUHvQMXGHFDWă
3HUVRDQDDFăUHLSOkQJHUHvPSRWULYDVROXĠLHLGHFODVDUHVDXUHQXQĠDUHODXUPăULUHD
SHQDOăGLVSXVăSULQRUGRQDQĠăVDXUHFKL]LWRULXDIRVWUHVSLQVăFRQIRUPDUWSRDWHIDFH
SOkQJHUHvQWHUPHQGHGH]LOHGHODFRPXQLFDUHODMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăGH
ODLQVWDQĠDFăUHLDLDUUHYHQLSRWULYLWOHJLLFRPSHWHQĠDVăMXGHFHFDX]DvQSULPăLQVWDQĠă
'DFăSOkQJHUHDQXDIRVWUH]ROYDWăvQWHUPHQXOSUHYă]XWODDUWGUHSWXOGHDIDFH
SOkQJHUHSRDWHILH[HUFLWDWRULFkQGGXSăvPSOLQLUHDWHUPHQXOXLGHGH]LOHvQFDUHWUHEXLD
VROXĠLRQDWăSOkQJHUHDGDUQXPDLWkU]LXGHGH]LOHGHODGDWDFRPXQLFăULLPRGXOXLGH
UH]ROYDUH
$UWLFROXO
6ROXĠLRQDUHDSOkQJHULLGHFăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUă
'XSăvQUHJLVWUDUHDSOkQJHULLODLQVWDQĠDFRPSHWHQWăDFHDVWDVHWULPLWHvQDFHHDúL]L
MXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUă3OkQJHUHDJUHúLWvQGUHSWDWăVHWULPLWHSHFDOH
DGPLQLVWUDWLYăRUJDQXOXLMXGLFLDUFRPSHWHQW
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăVWDELOHúWHWHUPHQXOGHVROXĠLRQDUHFDUHHVWH
FRPXQLFDWvPSUHXQăFXXQH[HPSODUDOSOkQJHULLSURFXURUXOXLúLSăUĠLORUFDUHSRWGHSXQH
QRWHVFULVHFXSULYLUHODDGPLVLELOLWDWHDRULWHPHLQLFLDSOkQJHULL3HWHQWXOXLLVHYD
FRPXQLFDWHUPHQXOGHVROXĠLRQDUH3HUVRDQDFDUHDDYXWvQFDX]ăFDOLWDWHDGHLQFXOSDWSRDWH
IRUPXODFHUHULúLULGLFDH[FHSĠLLúLFXSULYLUHODOHJDOLWDWHDDGPLQLVWUăULLSUREHORURULD
HIHFWXăULLXUPăULULLSHQDOH
3URFXURUXOvQWHUPHQGHFHOPXOW]LOHGHODSULPLUHDFRPXQLFăULLSUHYă]XWHODDOLQ
WUDQVPLWHMXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăGRVDUXOFDX]HL
ÌQVLWXDĠLDvQFDUHSOkQJHUHDDIRVWGHSXVăODSURFXURUDFHVWDRYDvQDLQWDvPSUHXQăFX
GRVDUXOFDX]HLLQVWDQĠHLFRPSHWHQWH
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăVHSURQXQĠăDVXSUDSOkQJHULLSULQvQFKHLHUHPRWLYDWă
vQFDPHUDGHFRQVLOLX
$OLQ DODUWDIRVWPRGLILFDWvQVHQVXOvQFHWăULLHIHFWHORUMXULGLFHDOHVLQWDJPHL
GHFODUDWăQHFRQVWLWXĠLRQDOăIăUăSDUWLFLSDUHDSHWHQWXOXLDSURFXURUXOXLúLDLQWLPDĠLORU
vQFHSkQGFXGDWDGHLDQXDULHFRQIRUP'(&,=,(,&85ğ,,&2167,78ğ,21$/(QUGLQ
RFWRPEULHSXEOLFDWHvQ021,7258/2),&,$/QUGLQGHFHPEULH
ÌQFDX]HOHvQFDUHQXVDGLVSXVSXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHMXGHFăWRUXOGH
FDPHUăSUHOLPLQDUăSRDWHGLVSXQHXQDGLQWUHXUPăWRDUHOHVROXĠLL
D UHVSLQJHSOkQJHUHDFDWDUGLYăVDXLQDGPLVLELOăRULGXSăFD]FDQHIRQGDWă
E DGPLWHSOkQJHUHDGHVILLQĠHD]ăVROXĠLDDWDFDWăúLWULPLWHPRWLYDWFDX]DODSURFXURUSHQWUX
DvQFHSHVDXSHQWUXDFRPSOHWDXUPăULUHDSHQDOăRULGXSăFD]SHQWUXDSXQHvQPLúFDUH
DFĠLXQHDSHQDOăúLDFRPSOHWDXUPăULUHDSHQDOă
F DGPLWHSOkQJHUHDúLVFKLPEăWHPHLXOGHGUHSWDOVROXĠLHLGHFODVDUHDWDFDWHGDFăSULQ
DFHDVWDQXVHFUHHD]ăRVLWXDĠLHPDLJUHDSHQWUXSHUVRDQDFDUHDIăFXWSOkQJHUHD
ÌQFDX]HOHvQFDUHVDGLVSXVSXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHMXGHFăWRUXOGHFDPHUă
SUHOLPLQDUă
UHVSLQJHSOkQJHUHDFDWDUGLYăVDXLQDGPLVLELOă
YHULILFăOHJDOLWDWHDDGPLQLVWUăULLSUREHORUúLDHIHFWXăULLXUPăULULLSHQDOHH[FOXGH
SUREHOHQHOHJDODGPLQLVWUDWHRULGXSăFD]VDQFĠLRQHD]ăSRWULYLWDUWDFWHOHGH
XUPăULUHSHQDOăHIHFWXDWHFXvQFăOFDUHDOHJLLúL
D UHVSLQJHSOkQJHUHDFDQHIRQGDWă
E DGPLWHSOkQJHUHDGHVILLQĠHD]ăVROXĠLDDWDFDWăúLWULPLWHPRWLYDWFDX]DODSURFXURUSHQWUX
DFRPSOHWDXUPăULUHDSHQDOă
F DGPLWHSOkQJHUHDGHVILLQĠHD]ăVROXĠLDDWDFDWăúLGLVSXQHvQFHSHUHDMXGHFăĠLLFXSULYLUH
ODIDSWHOHúLSHUVRDQHOHSHQWUXFDUHvQFXUVXOFHUFHWăULLSHQDOHDIRVWSXVăvQPLúFDUH
DFĠLXQHDSHQDOăFkQGSUREHOHOHJDODGPLQLVWUDWHVXQWVXILFLHQWHWULPLĠkQGGRVDUXOVSUH
UHSDUWL]DUHDOHDWRULH
G DGPLWHSOkQJHUHDúLVFKLPEăWHPHLXOGHGUHSWDOVROXĠLHLGHFODVDUHDWDFDWHGDFăSULQ
DFHDVWDQXVHFUHHD]ăRVLWXDĠLHPDLJUHDSHQWUXSHUVRDQDFDUHDIăFXWSOkQJHUHD
ÌQFKHLHUHDSULQFDUHVDSURQXQĠDWXQDGLQWUHVROXĠLLOHSUHYă]XWHODDOLQ úLOD
DOLQ SFWSFWOLWD E úLG HVWHGHILQLWLYă
ÌQFD]XOSUHYă]XWODDOLQ SFWOLWF vQWHUPHQGH]LOHGHODFRPXQLFDUHD
vQFKHLHULLSURFXURUXOúLLQFXOSDWXOSRWIDFHPRWLYDWFRQWHVWDĠLHFXSULYLUHODPRGXOGH
VROXĠLRQDUHDH[FHSĠLLORUSULYLQGOHJDOLWDWHDDGPLQLVWUăULLSUREHORUúLDHIHFWXăULL
XUPăULULLSHQDOH&RQWHVWDĠLDQHPRWLYDWăHVWHLQDGPLVLELOă
&RQWHVWDĠLDVHGHSXQHODMXGHFăWRUXOFDUHDVROXĠLRQDWSOkQJHUHDúLVHvQDLQWHD]ăVSUH
VROXĠLRQDUHMXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăGHODLQVWDQĠDLHUDUKLFVXSHULRDUăRULFkQG
LQVWDQĠDVHVL]DWăFXSOkQJHUHHVWHÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHFRPSOHWXOXLFRPSHWHQW
SRWULYLWOHJLLFDUHVHSURQXQĠăSULQvQFKHLHUHPRWLYDWă SXWkQGGLVSXQHXQDGLQWUH
XUPăWRDUHOHVROXĠLL
D UHVSLQJHFRQWHVWDĠLDFDWDUGLYăLQDGPLVLELOăRULGXSăFD]FDQHIRQGDWăúLPHQĠLQH
GLVSR]LĠLDGHvQFHSHUHDMXGHFăĠLL
E DGPLWHFRQWHVWDĠLDGHVILLQĠHD]ăvQFKHLHUHDúLUHMXGHFăSOkQJHUHDSRWULYLWDOLQ SFW
GDFăH[FHSĠLLOHFXSULYLUHODOHJDOLWDWHDDGPLQLVWUăULLSUREHORURULDHIHFWXăULL
XUPăULULLSHQDOHDXIRVWJUHúLWVROXĠLRQDWH
$OLQ DODUWDIRVWPRGLILFDWvQVHQVXOvQFHWăULLHIHFWHORUMXULGLFHDOHVLQWDJPHL
GHFODUDWăQHFRQVWLWXĠLRQDOăIăUăSDUWLFLSDUHDSURFXURUXOXLúLDLQFXOSDWXOXLvQFHSkQGFX
GDWDGHPDUWLHFRQIRUP'(&,=,(,&85ğ,,&2167,78ğ,21$/(QUGLQQRLHPEULH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQLDQXDULH
3UREHOHFDUHDXIRVWH[FOXVHQXSRWILDYXWHvQYHGHUHODMXGHFDUHDvQIRQGDFDX]HL
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
7LWOXO,,&DPHUDSUHOLPLQDUă
$UWLFROXO
2ELHFWXOSURFHGXULLvQFDPHUDSUHOLPLQDUă
2ELHFWXOSURFHGXULLFDPHUHLSUHOLPLQDUHvOFRQVWLWXLHYHULILFDUHDGXSăWULPLWHUHDvQ
MXGHFDWăDFRPSHWHQĠHLúLDOHJDOLWăĠLLVHVL]ăULLLQVWDQĠHLSUHFXPúLYHULILFDUHD
OHJDOLWăĠLLDGPLQLVWUăULLSUREHORUúLDHIHFWXăULLDFWHORUGHFăWUHRUJDQHOHGHXUPăULUH
SHQDOă
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
'XUDWDSURFHGXULLvQFDPHUDSUHOLPLQDUă
'XUDWDSURFHGXULLvQFDPHUDSUHOLPLQDUăHVWHGHFHOPXOWGH]LOHGHODGDWDvQUHJLVWUăULL
FDX]HLODLQVWDQĠă
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
0ăVXULOHSUHPHUJăWRDUH
'XSăVHVL]DUHDLQVWDQĠHLSULQUHFKL]LWRULXGRVDUXOVHUHSDUWL]HD]ăDOHDWRULX
MXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUă
&RSLDFHUWLILFDWăDUHFKL]LWRULXOXLúLGXSăFD]WUDGXFHUHDDXWRUL]DWăDDFHVWXLDVH
FRPXQLFăLQFXOSDWXOXLODORFXOGHGHĠLQHUHRULGXSăFD]ODDGUHVDXQGHORFXLHúWHVDXOD
DGUHVDODFDUHDVROLFLWDWFRPXQLFDUHDDFWHORUGHSURFHGXUăDGXFkQGXLVHWRWRGDWăOD
FXQRúWLQĠăRELHFWXOSURFHGXULLvQFDPHUDSUHOLPLQDUăGUHSWXOGHDúLDQJDMDXQDSăUăWRUúL
WHUPHQXOvQFDUHGHODGDWDFRPXQLFăULLSRDWHIRUPXODvQVFULVFHUHULúLH[FHSĠLLFX
SULYLUHODOHJDOLWDWHDDGPLQLVWUăULLSUREHORUúLDHIHFWXăULLDFWHORUGHFăWUHRUJDQHOHGH
XUPăULUHSHQDOă7HUPHQXOHVWHVWDELOLWGHFăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăvQ
IXQFĠLHGHFRPSOH[LWDWHDúLSDUWLFXODULWăĠLOHFDX]HLGDUQXSRDWHILPDLVFXUWGHGH
]LOH
ÌQFD]XULOHSUHYă]XWHGHDUWMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăLDPăVXULSHQWUX
GHVHPQDUHDXQXLDSăUăWRUGLQRILFLXúLVWDELOHúWHvQIXQFĠLHGHFRPSOH[LWDWHDúL
SDUWLFXODULWăĠLOHFDX]HLWHUPHQXOvQFDUHDFHVWDSRDWHIRUPXODvQVFULVFHUHULúLH[FHSĠLL
FXSULYLUHODOHJDOLWDWHDDGPLQLVWUăULLSUREHORUúLDHIHFWXăULLDFWHORUGHFăWUHRUJDQHOHGH
XUPăULUHSHQDOăFDUHQXSRDWHILPDLVFXUWGHGH]LOH
ÌQFHWDWHIHFWHOHMXULGLFH
$OLQ DODUWúLDvQFHWDWHIHFWHOHMXULGLFHvQFHSkQGFXGDWDGHLDQXDULH
ILLQGGHFODUDWQHFRQVWLWXĠLRQDOFRQIRUP'(&,=,(,&85ğ,,&2167,78ğ,21$/(QUGLQ
QRLHPEULHSXEOLFDWHvQ021,7258/2),&,$/QUGLQGHFHPEULH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3URFHGXUDvQFDPHUDSUHOLPLQDUă
'DFăVDXIRUPXODWFHUHULúLH[FHSĠLLRULDULGLFDWGLQRILFLXH[FHSĠLLMXGHFăWRUXOGH
FDPHUăSUHOLPLQDUăVHSURQXQĠăDVXSUDDFHVWRUDSULQvQFKHLHUHPRWLYDWăvQFDPHUDGH
FRQVLOLX ODH[SLUDUHDWHUPHQXOXLSUHYă]XWODDUWDOLQ
$OLQ DODUWDIRVWPRGLILFDWvQVHQVXOvQFHWăULLHIHFWHORUMXULGLFHDOHVLQWDJPHL
GHFODUDWăQHFRQVWLWXĠLRQDOăIăUăSDUWLFLSDUHDSURFXURUXOXLúLDLQFXOSDWXOXLvQFHSkQGFX
GDWDGHLDQXDULHFRQIRUP'(&,=,(,&85ğ,,&2167,78ğ,21$/(QUGLQQRLHPEULH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQGHFHPEULH
ÌQFD]XOvQFDUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăFRQVWDWăQHUHJXODULWăĠLDOHDFWXOXLGH
VHVL]DUHvQFD]XOvQFDUHVDQFĠLRQHD]ăSRWULYLWDUWDFWHOHGHXUPăULUHSHQDOă
HIHFWXDWHFXvQFăOFDUHDOHJLLRULGDFăH[FOXGHXQDVDXPDLPXOWHSUREHDGPLQLVWUDWH
vQFKHLHUHDVHFRPXQLFăGHvQGDWăSDUFKHWXOXLFDUHDHPLVUHFKL]LWRULXO
ÌQWHUPHQGH]LOHGHODFRPXQLFDUHSURFXURUXOUHPHGLD]ăQHUHJXODULWăĠLOHDFWXOXLGH
VHVL]DUHúLFRPXQLFăMXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăGDFăPHQĠLQHGLVSR]LĠLDGHWULPLWHUH
vQMXGHFDWăRULVROLFLWăUHVWLWXLUHDFDX]HL
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
6ROXĠLLOH
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăKRWăUăúWHSULQvQFKHLHUHPRWLYDWăvQFDPHUDGH
FRQVLOLX ÌQFKHLHUHDVHFRPXQLFăGHvQGDWăSURFXURUXOXLúLLQFXOSDWXOXL
$OLQ DODUWDIRVWPRGLILFDWvQVHQVXOvQFHWăULLHIHFWHORUMXULGLFHDOHVLQWDJPHL
GHFODUDWăQHFRQVWLWXĠLRQDOăIăUăSDUWLFLSDUHDSURFXURUXOXLúLDLQFXOSDWXOXLvQFHSkQGFX
GDWDGHLDQXDULHFRQIRUP'(&,=,(,&85ğ,,&2167,78ğ,21$/(QUGLQQRLHPEULH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQGHFHPEULH
'DFăQXVDXIRUPXODWFHUHULúLH[FHSĠLLRULQXDULGLFDWGLQRILFLXH[FHSĠLLOD
H[SLUDUHDWHUPHQHORUSUHYă]XWHODDUWDOLQ VDX MXGHFăWRUXOGHFDPHUă
SUHOLPLQDUăFRQVWDWăOHJDOLWDWHDVHVL]ăULLLQVWDQĠHLDDGPLQLVWUăULLSUREHORUúLD
HIHFWXăULLDFWHORUGHXUPăULUHSHQDOăúLGLVSXQHvQFHSHUHDMXGHFăĠLL
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăUHVWLWXLHFDX]DODSDUFKHWGDFă
D UHFKL]LWRULXOHVWHQHUHJXODPHQWDUvQWRFPLWLDUQHUHJXODULWDWHDQXDIRVWUHPHGLDWăGH
SURFXURUvQWHUPHQXOSUHYă]XWODDUWDOLQ GDFăQHUHJXODULWDWHDDWUDJH
LPSRVLELOLWDWHDVWDELOLULLRELHFWXOXLVDXOLPLWHORUMXGHFăĠLL
E DH[FOXVWRDWHSUREHOHDGPLQLVWUDWHvQFXUVXOXUPăULULLSHQDOH
F SURFXURUXOVROLFLWăUHVWLWXLUHDFDX]HLvQFRQGLĠLLOHDUWDOLQ RULQXUăVSXQGH
vQWHUPHQXOSUHYă]XWGHDFHOHDúLGLVSR]LĠLL
ÌQWRDWHFHOHODOWHFD]XULvQFDUHDFRQVWDWDWQHUHJXODULWăĠLDOHDFWXOXLGHVHVL]DUHD
H[FOXVXQDVDXPDLPXOWHSUREHDGPLQLVWUDWHRULDVDQFĠLRQDWSRWULYLWDUWDFWHOHGH
XUPăULUHSHQDOăHIHFWXDWHFXvQFăOFDUHDOHJLLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăGLVSXQH
vQFHSHUHDMXGHFăĠLL
3UREHOHH[FOXVHQXSRWILDYXWHvQYHGHUHODMXGHFDWDvQIRQGDFDX]HL
'DFăDSUHFLD]ăFăLQVWDQĠDVHVL]DWăQXHVWHFRPSHWHQWăMXGHFăWRUXOGHFDPHUăSUHOLPLQDUă
SURFHGHD]ăSRWULYLWDUWúLFDUHVHDSOLFăvQPRGFRUHVSXQ]ăWRU
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăFDUHDGLVSXVvQFHSHUHDMXGHFăĠLLH[HUFLWăIXQFĠLDGH
MXGHFDWăvQFDX]ă
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RQWHVWDĠLD
ÌQWHUPHQGH]LOHGHODFRPXQLFDUHDvQFKHLHULLSUHYă]XWHODDUWDOLQ
SURFXURUXOúLLQFXOSDWXOSRWIDFHFRQWHVWDĠLHFXSULYLUHODPRGXOGHVROXĠLRQDUHDFHUHULORU
úLDH[FHSĠLLORUSUHFXPúLvPSRWULYDVROXĠLLORUSUHYă]XWHODDUWDOLQ
&RQWHVWDĠLDVHMXGHFăGHFăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăGHODLQVWDQĠDLHUDUKLF
VXSHULRDUăFHOHLVHVL]DWH&kQGLQVWDQĠDVHVL]DWăHVWHÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLH
FRQWHVWDĠLDVHMXGHFăGHFăWUHFRPSOHWXOFRPSHWHQWSRWULYLWOHJLL
'LVSR]LĠLLOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
0ăVXULOHSUHYHQWLYHvQSURFHGXUDGHFDPHUăSUHOLPLQDUă
-XGHFăWRUXOGHFDPHUăSUHOLPLQDUăVHSURQXQĠăODFHUHUHVDXGLQRILFLXFXSULYLUHOD
OXDUHDPHQĠLQHUHDvQORFXLUHDUHYRFDUHDVDXvQFHWDUHDGHGUHSWDPăVXULORUSUHYHQWLYH
ÌQFDX]HOHvQFDUHIDĠăGHLQFXOSDWVDGLVSXVRPăVXUăSUHYHQWLYăMXGHFăWRUXOGHFDPHUă
SUHOLPLQDUăYHULILFăOHJDOLWDWHDúLWHPHLQLFLDPăVXULLSUHYHQWLYHSURFHGkQGSRWULYLW
GLVSR]LĠLLORUDUW
7LWOXO,,,-XGHFDWD
&DSLWROXO,'LVSR]LĠLLJHQHUDOH
$UWLFROXO
5ROXOLQVWDQĠHLGHMXGHFDWă
,QVWDQĠDGHMXGHFDWăVROXĠLRQHD]ăFDX]DGHGXVăMXGHFăĠLLFXJDUDQWDUHDUHVSHFWăULL
GUHSWXULORUVXELHFĠLORUSURFHVXDOLúLDVLJXUDUHDDGPLQLVWUăULLSUREHORUSHQWUXOăPXULUHD
FRPSOHWăDvPSUHMXUăULORUFDX]HLvQVFRSXODIOăULLDGHYăUXOXLFXUHVSHFWDUHDGHSOLQăD
OHJLL
,QVWDQĠDSRDWHVROXĠLRQDFDX]DQXPDLSHED]DSUREHORUDGPLQLVWUDWHvQID]DXUPăULULL
SHQDOHGDFăLQFXOSDWXOVROLFLWăDFHDVWDúLUHFXQRDúWHvQWRWDOLWDWHIDSWHOHUHĠLQXWHvQ
VDUFLQDVDúLGDFăLQVWDQĠDDSUHFLD]ăFăSUREHOHVXQWVXILFLHQWHSHQWUXDIODUHDDGHYăUXOXLúL
MXVWDVROXĠLRQDUHDFDX]HLFXH[FHSĠLDFD]XOXLvQFDUHDFĠLXQHDSHQDOăYL]HD]ăRLQIUDFĠLXQH
FDUHVHSHGHSVHúWHFXGHWHQĠLXQHSHYLDĠă
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
/RFXOXQGHVHGHVIăúRDUăMXGHFDWD
-XGHFDWDVHGHVIăúRDUăODVHGLXOLQVWDQĠHL
3HQWUXPRWLYHWHPHLQLFHLQVWDQĠDSRDWHGLVSXQHFDMXGHFDWDVăVHGHVIăúRDUHvQDOWORF
$UWLFROXO
2UDOLWDWHDQHPLMORFLUHDúLFRQWUDGLFWRULDOLWDWHD
-XGHFDWDFDX]HLVHIDFHvQIDĠDLQVWDQĠHLFRQVWLWXLWHSRWULYLWOHJLLúLVHGHVIăúRDUăvQ
úHGLQĠăRUDOQHPLMORFLWúLvQFRQWUDGLFWRULX
,QVWDQĠDHVWHREOLJDWăVăSXQăvQGLVFXĠLHFHUHULOHSURFXURUXOXLDOHSăUĠLORUVDXDOH
FHORUODOĠLVXELHFĠLSURFHVXDOLúLH[FHSĠLLOHULGLFDWHGHDFHúWLDVDXGLQRILFLXúLVăVH
SURQXQĠHDVXSUDORUSULQvQFKHLHUHPRWLYDWă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
,QVWDQĠDVHSURQXQĠăSULQvQFKHLHUHPRWLYDWăúLDVXSUDWXWXURUPăVXULORUOXDWHvQFXUVXO
MXGHFăĠLL
$UWLFROXO
3XEOLFLWDWHDúHGLQĠHLGHMXGHFDWă
ùHGLQĠDGHMXGHFDWăHVWHSXEOLFăFXH[FHSĠLDFD]XULORUSUHYă]XWHGHOHJHùHGLQĠD
GHVIăúXUDWăvQFDPHUDGHFRQVLOLXQXHVWHSXEOLFă
1XSRWDVLVWDODúHGLQĠDGHMXGHFDWăPLQRULLVXEDQLFXH[FHSĠLDVLWXDĠLHLvQFDUH
DFHúWLDDXFDOLWDWHDGHSăUĠLVDXPDUWRULSUHFXPúLSHUVRDQHOHvQDUPDWHFXH[FHSĠLD
SHUVRQDOXOXLFDUHDVLJXUăSD]DúLRUGLQHD
'DFăMXGHFDUHDvQúHGLQĠăSXEOLFăDUSXWHDDGXFHDWLQJHUHXQRULQWHUHVHGHVWDWPRUDOHL
GHPQLWăĠLLVDXYLHĠLLLQWLPHDXQHLSHUVRDQHLQWHUHVHORUPLQRULORUVDXDOHMXVWLĠLHL
LQVWDQĠDODFHUHUHDSURFXURUXOXLDSăUĠLORURULGLQRILFLXSRDWHGHFODUDúHGLQĠăQHSXEOLFă
SHQWUXWRWFXUVXOVDXSHQWUXRDQXPLWăSDUWHDMXGHFăULLFDX]HL
,QVWDQĠDSRDWHGHDVHPHQHDVăGHFODUHúHGLQĠăQHSXEOLFăODFHUHUHDXQXLPDUWRUGDFăSULQ
DXGLHUHDVDvQúHGLQĠăSXEOLFăVDUDGXFHDWLQJHUHVLJXUDQĠHLRULGHPQLWăĠLLVDXYLHĠLL
LQWLPHDDFHVWXLDVDXDPHPEULORUIDPLOLHLVDOHRULODFHUHUHDSURFXURUXOXLDSHUVRDQHL
YăWăPDWHVDXDSăUĠLORUvQFD]XOvQFDUHRDXGLHUHvQSXEOLFDUSXQHvQSHULFRO
FRQILGHQĠLDOLWDWHDXQRULQIRUPDĠLL
'HFODUDUHDúHGLQĠHLQHSXEOLFHVHIDFHvQúHGLQĠăSXEOLFăGXSăDVFXOWDUHDSăUĠLORU
SUH]HQWHDSHUVRDQHLYăWăPDWHúLDSURFXURUXOXL'LVSR]LĠLDLQVWDQĠHLHVWHH[HFXWRULH
ÌQWLPSXOFkWúHGLQĠDHVWHQHSXEOLFăQXVXQWDGPLVHvQVDODGHúHGLQĠăGHFkWSăUĠLOH
SHUVRDQDYăWăPDWăUHSUH]HQWDQĠLLDFHVWRUDDYRFDĠLLúLFHOHODOWHSHUVRDQHDFăURUSUH]HQĠă
HVWHDXWRUL]DWăGHLQVWDQĠă
3ăUĠLOHSHUVRDQDYăWăPDWăUHSUH]HQWDQĠLLDFHVWRUDDYRFDĠLLúLH[SHUĠLLGHVHPQDĠLvQ
FDX]ăDXGUHSWXOGHDOXDFXQRúWLQĠăGHDFWHOHúLFRQĠLQXWXOGRVDUXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3UHúHGLQWHOHFRPSOHWXOXLDUHvQGDWRULUHDGHDDGXFHODFXQRúWLQĠDSHUVRDQHORUFH
SDUWLFLSăODMXGHFDWDGHVIăúXUDWăvQúHGLQĠăQHSXEOLFăREOLJDĠLDGHDSăVWUD
FRQILGHQĠLDOLWDWHDLQIRUPDĠLLORUREĠLQXWHSHSDUFXUVXOSURFHVXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HGXUDWDMXGHFăĠLLLQVWDQĠDSRDWHLQWHU]LFHSXEOLFDUHDúLGLIX]DUHDSULQPLMORDFH
VFULVHVDXDXGLRYL]XDOHGHWH[WHGHVHQHIRWRJUDILLVDXLPDJLQLGHQDWXUăDGH]YăOXL
LGHQWLWDWHDSHUVRDQHLYăWăPDWHDSăUĠLLFLYLOHDSăUĠLLUHVSRQVDELOHFLYLOPHQWHVDXD
PDUWRULORUvQFRQGLĠLLOHSUHYă]XWHODDOLQ VDX
,QIRUPDĠLLOHGHLQWHUHVSXEOLFGLQGRVDUVHFRPXQLFăvQFRQGLĠLLOHOHJLL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHLQIRUPDĠLLOHFODVLILFDWHVXQWHVHQĠLDOHSHQWUXVROXĠLRQDUHDFDX]HL
LQVWDQĠDVROLFLWăGHXUJHQĠăGXSăFD]GHFODVLILFDUHDWRWDOăGHFODVLILFDUHDSDUĠLDOăVDX
WUHFHUHDvQWUXQDOWJUDGGHFODVLILFDUHRULSHUPLWHUHDDFFHVXOXLODFHOHFODVLILFDWHGH
FăWUHDSăUăWRUXOLQFXOSDWXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'DFăDXWRULWDWHDHPLWHQWăQXSHUPLWHDSăUăWRUXOXLLQFXOSDWXOXLDFFHVXOODLQIRUPDĠLLOH
FODVLILFDWHDFHVWHDQXSRWVHUYLODSURQXQĠDUHDXQHLVROXĠLLGHFRQGDPQDUHGHUHQXQĠDUHOD
DSOLFDUHDSHGHSVHLVDXGHDPkQDUHDDSOLFăULLSHGHSVHLvQFDX]ă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&LWDUHDODMXGHFDWă
'HQXPLUHDPDUJLQDOăDDUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
-XGHFDWDSRDWHDYHDORFQXPDLGDFăSHUVRDQDYăWăPDWăúLSăUĠLOHVXQWOHJDOFLWDWHúL
SURFHGXUDHVWHvQGHSOLQLWă,QFXOSDWXOSDUWHDFLYLOăSDUWHDUHVSRQVDELOăFLYLOPHQWHúL
GXSăFD]UHSUH]HQWDQĠLLOHJDOLDLDFHVWRUDVHFLWHD]ăGLQRILFLXGHFăWUHLQVWDQĠă,QVWDQĠD
SRDWHGLVSXQHFLWDUHDDOWRUVXELHFĠLSURFHVXDOLDWXQFLFkQGSUH]HQĠDDFHVWRUDHVWHQHFHVDUă
SHQWUXVROXĠLRQDUHDFDX]HLÌQIăĠLúDUHDSHUVRDQHLYăWăPDWHVDXDSăUĠLLvQLQVWDQĠăvQ
SHUVRDQăVDXSULQUHSUH]HQWDQWRULDYRFDWDOHVVDXDYRFDWGLQRILFLXGDFăDFHVWDGLQXUPăD
OXDWOHJăWXUDFXSHUVRDQDUHSUH]HQWDWăDFRSHUăRULFHQHOHJDOLWDWHVXUYHQLWăvQSURFHGXUDGH
FLWDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3DUWHDVDXDOWVXELHFWSURFHVXDOSULQFLSDOSUH]HQWSHUVRQDOSULQUHSUH]HQWDQWVDXSULQ
DSăUăWRUDOHVODXQWHUPHQSUHFXPúLDFHODFăUXLDSHUVRQDOSULQUHSUH]HQWDQWVDXDSăUăWRU
DOHVRULSULQIXQFĠLRQDUXOVDXSHUVRDQDvQVăUFLQDWăFXSULPLUHDFRUHVSRQGHQĠHLLVDvQPkQDW
vQPRGOHJDOFLWDĠLDSHQWUXXQWHUPHQGHMXGHFDWăQXPDLVXQWFLWDĠLSHQWUXWHUPHQHOH
XOWHULRDUHFKLDUGDFăDUOLSVLODYUHXQXOGLQWUHDFHVWHWHUPHQHFXH[FHSĠLDVLWXDĠLLORUvQ
FDUHSUH]HQĠDDFHVWRUDHVWHREOLJDWRULH0LOLWDULLúLGHĠLQXĠLLVXQWFLWDĠLGLQRILFLXOD
ILHFDUHWHUPHQ
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HQWUXSULPXOWHUPHQGHMXGHFDWăSHUVRDQDYăWăPDWăVHFLWHD]ăFXPHQĠLXQHDFăVHSRDWH
FRQVWLWXLSDUWHFLYLOăSkQăODvQFHSHUHDFHUFHWăULLMXGHFăWRUHúWL
1HSUH]HQWDUHDSHUVRDQHLYăWăPDWHúLDSăUĠLORUFLWDWHQXvPSLHGLFăMXGHFDUHDFDX]HL&kQG
LQVWDQĠDFRQVLGHUăFăHVWHQHFHVDUăSUH]HQĠDXQHLDGLQWUHSăUĠLOHOLSVăSRDWHOXDPăVXUL
SHQWUXSUH]HQWDUHDDFHVWHLDDPkQkQGvQDFHVWVFRSMXGHFDWD
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HWRWSDUFXUVXOMXGHFăĠLLSHUVRDQDYăWăPDWăúLSăUĠLOHSRWVROLFLWDRUDOVDXvQVFULV
FDMXGHFDWDVăVHGHVIăúRDUHvQOLSVăvQDFHVWFD]QHPDLILLQGFLWDWHSHQWUXWHUPHQHOH
XUPăWRDUH
&kQGMXGHFDWDVHDPkQăSăUĠLOHúLFHOHODOWHSHUVRDQHFDUHSDUWLFLSăODSURFHVLDX
FXQRúWLQĠăGHQRXOWHUPHQGHMXGHFDWă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
/DFHUHUHDSHUVRDQHORUFDUHLDXWHUPHQXOvQFXQRúWLQĠăLQVWDQĠDOHvQPkQHD]ăFLWDĠLL
VSUHDOHVHUYLGUHSWMXVWLILFDUHODORFXOGHPXQFăvQYHGHUHDSUH]HQWăULLODQRXOWHUPHQ
3DUWLFLSDUHDSURFXURUXOXLODMXGHFDWDFDX]HLHVWHREOLJDWRULH
&RPSOHWXOvQYHVWLWFXMXGHFDUHDXQHLFDX]HSHQDOHSRDWHGLQRILFLXVDXODFHUHUHD
SăUĠLORURULDSHUVRDQHLYăWăPDWHVăSUHVFKLPEHSULPXOWHUPHQVDXWHUPHQXOOXDWvQ
FXQRúWLQĠăFXUHVSHFWDUHDSULQFLSLXOXLFRQWLQXLWăĠLLFRPSOHWXOXLvQVLWXDĠLDvQFDUHGLQ
PRWLYHRELHFWLYHLQVWDQĠDQXvúLSRDWHGHVIăúXUDDFWLYLWDWHDGHMXGHFDWăODWHUPHQXOIL[DW
RULvQYHGHUHDVROXĠLRQăULLFXFHOHULWDWHDFDX]HL3UHVFKLPEDUHDWHUPHQXOXLVHGLVSXQHSULQ
UH]ROXĠLDMXGHFăWRUXOXLvQFDPHUDGHFRQVLOLXúLIăUăFLWDUHDSăUĠLORU3ăUĠLOHYRUILFLWDWH
GHvQGDWăSHQWUXQRXOWHUPHQIL[DW
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RPSXQHUHDLQVWDQĠHL
,QVWDQĠDMXGHFăvQFRPSOHWGHMXGHFDWăDFăUXLFRPSXQHUHHVWHFHDSUHYă]XWăGHOHJH
&RPSOHWXOGHMXGHFDWăWUHEXLHVăUăPkQăDFHODúLvQWRWFXUVXOMXGHFăULLFDX]HL&kQG
DFHVWOXFUXQXHVWHSRVLELOFRPSOHWXOVHSRDWHVFKLPEDSkQăODvQFHSHUHDGH]EDWHULORU
'XSăvQFHSHUHDGH]EDWHULORURULFHVFKLPEDUHLQWHUYHQLWăvQFRPSXQHUHDFRPSOHWXOXLDWUDJH
UHOXDUHDGH]EDWHULORU
$UWLFROXO
-XGHFDWDGHXUJHQĠăvQFDX]HOHFXDUHVWDĠLSUHYHQWLYVDXDIODĠLvQDUHVWODGRPLFLOLX
'DFăvQFDX]ăVXQWLQFXOSDĠLDUHVWDĠLSUHYHQWLYVDXDIODĠLvQDUHVWODGRPLFLOLX
MXGHFDWDVHIDFHGHXUJHQĠăúLFXSUHFăGHUHWHUPHQHOHGHMXGHFDWăILLQGGHUHJXOăGH
]LOH
3HQWUXPRWLYHWHPHLQLFMXVWLILFDWHLQVWDQĠDSRDWHDFRUGDWHUPHQHPDLVFXUWHVDXPDL
OXQJL
$UWLFROXO
$VLJXUDUHDDSăUăULL
3HUVRDQDYăWăPDWăLQFXOSDWXOFHOHODOWHSăUĠLúLDYRFDĠLLDFHVWRUDDXGUHSWXOVăLD
FXQRúWLQĠăGHDFWHOHGRVDUXOXLvQWRWFXUVXOMXGHFăĠLL
&kQGSHUVRDQDYăWăPDWăVDXXQDGLQWUHSăUĠLVHDIOăvQVWDUHGHGHĠLQHUHSUHúHGLQWHOH
FRPSOHWXOXLLDPăVXULFDDFHDVWDVăvúLSRDWăH[HUFLWDGUHSWXOSUHYă]XWODDOLQ úLVă
SRDWăOXDFRQWDFWFXDYRFDWXOVăX
ÌQFXUVXOMXGHFăĠLLSHUVRDQDYăWăPDWăúLSăUĠLOHDXGUHSWXOODXQVLQJXUWHUPHQSHQWUX
DQJDMDUHDXQXLDYRFDWúLSHQWUXSUHJăWLUHDDSăUăULL
ÌQVLWXDĠLDvQFDUHSHUVRDQDYăWăPDWăVDXXQDGLQWUHSăUĠLQXPDLEHQHILFLD]ăGH
DVLVWHQĠDMXULGLFăDFRUGDWăGHDYRFDWXOVăXDOHVLQVWDQĠDSRDWHDFRUGDXQDOWWHUPHQSHQWUX
DQJDMDUHDXQXLDOWDYRFDWúLSUHJăWLUHDDSăUăULL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQVLWXDĠLLOHSUHYă]XWHODDOLQ DFRUGDUHDvQOHVQLULORUQHFHVDUHSUHJăWLULL
DSăUăULLHIHFWLYHWUHEXLHVăILHFRQIRUPăUHVSHFWăULLWHUPHQXOXLUH]RQDELODOSURFHVXOXL
SHQDO
$UWLFROXO
$WULEXĠLLOHSUHúHGLQWHOXLFRPSOHWXOXL
3UHúHGLQWHOHFRPSOHWXOXLFRQGXFHúHGLQĠDvQGHSOLQLQGWRDWHvQGDWRULULOHSUHYă]XWHGH
OHJHúLGHFLGHDVXSUDFHUHULORUIRUPXODWHGHSURFXURUSHUVRDQDYăWăPDWăúLGHSăUĠLGDFă
UH]ROYDUHDDFHVWRUDQXHVWHGDWăvQFăGHUHDFRPSOHWXOXL
ÌQFXUVXOMXGHFăĠLLSUHúHGLQWHOHGXSăFRQVXOWDUHDFHORUODOĠLPHPEULDLFRPSOHWXOXL
SRDWHUHVSLQJHvQWUHEăULOHIRUPXODWHGHSăUĠLSHUVRDQDYăWăPDWăúLGHSURFXURUGDFăDFHVWHD
QXVXQWFRQFOXGHQWHúLXWLOHVROXĠLRQăULLFDX]HL
'LVSR]LĠLLOHSUHúHGLQWHOXLFRPSOHWXOXLVXQWREOLJDWRULLSHQWUXWRDWHSHUVRDQHOHSUH]HQWH
vQVDODGHúHGLQĠă
$UWLFROXO
6WULJDUHDFDX]HLúLDSHOXOFHORUFLWDĠL
3UHúHGLQWHOHFRPSOHWXOXLDQXQĠăSRWULYLWRUGLQLLGHSHOLVWDGHúHGLQĠăFDX]DDFăUHL
MXGHFDUHHVWHODUkQGGLVSXQHDVHIDFHDSHOXOSăUĠLORUúLDOFHORUODOWHSHUVRDQHFLWDWHúL
FRQVWDWăFDUHGLQWUHHOHVDXSUH]HQWDWÌQFD]XOSDUWLFLSDQĠLORUFDUHOLSVHVFYHULILFăGDFă
OHDIRVWvQPkQDWăFLWDĠLDvQFRQGLĠLLOHDUWúLGDFăúLDXMXVWLILFDWvQYUHXQIHO
DEVHQĠD
3ăUĠLOHúLSHUVRDQDYăWăPDWăVHSRWSUH]HQWDúLSDUWLFLSDODMXGHFDWăFKLDUGDFăQXDX
IRVWFLWDWHVDXQXDXSULPLWFLWDĠLDSUHúHGLQWHOHDYkQGvQGDWRULUHDVăVWDELOHDVFă
LGHQWLWDWHDDFHVWRUD
$UWLFROXO
$VLJXUDUHDRUGLQLLúLVROHPQLWăĠLLúHGLQĠHL
3UHúHGLQWHOHYHJKHD]ăDVXSUDPHQĠLQHULLRUGLQLLúLVROHPQLWăĠLLúHGLQĠHLSXWkQGOXD
PăVXULOHQHFHVDUHvQDFHVWVFRS
3UHúHGLQWHOHSRDWHOLPLWDDFFHVXOSXEOLFXOXLODúHGLQĠDGHMXGHFDWăĠLQkQGVHDPDGH
PăULPHDVăOLLGHúHGLQĠă
3ăUĠLOHúLSHUVRDQHOHFDUHDVLVWăVDXSDUWLFLSăODúHGLQĠDGHMXGHFDWăVXQWREOLJDWHVă
SăVWUH]HGLVFLSOLQDúHGLQĠHL
&kQGRSDUWHVDXRULFDUHDOWăSHUVRDQăWXOEXUăúHGLQĠDRULQHVRFRWHúWHPăVXULOHOXDWH
SUHúHGLQWHOHvLDWUDJHDWHQĠLDVăUHVSHFWHGLVFLSOLQDLDUvQFD]GHUHSHWDUHRULGHDEDWHUL
JUDYHGLVSXQHvQGHSăUWDUHDHLGLQVDOă
3DUWHDVDXSHUVRDQDvQGHSăUWDWăHVWHFKHPDWăvQVDOăvQDLQWHGHvQFHSHUHDGH]EDWHULORU
3UHúHGLQWHOHvLDGXFHODFXQRúWLQĠăDFWHOHHVHQĠLDOHHIHFWXDWHvQOLSVăúLvLFLWHúWH
GHFODUDĠLLOHFHORUDXGLDĠL'DFăSDUWHDVDXSHUVRDQDFRQWLQXăVăWXOEXUHúHGLQĠD
SUHúHGLQWHOHSRDWHGLVSXQHGLQQRXvQGHSăUWDUHDHLGLQVDOăGH]EDWHULOHXUPkQGDDYHDORFvQ
OLSVDDFHVWHLD
'DFăSDUWHDFRQWLQXăVăWXOEXUHúHGLQĠDúLFXRFD]LDSURQXQĠăULLKRWăUkULLSUHúHGLQWHOH
FRPSOHWXOXLSRDWHGLVSXQHvQGHSăUWDUHDHLGLQVDOăvQDFHVWFD]KRWăUkUHDXUPkQGDLIL
FRPXQLFDWă
$UWLFROXO
&RQVWDWDUHDLQIUDFĠLXQLORUGHDXGLHQĠă
'DFăvQFXUVXOúHGLQĠHLVHVăYkUúHúWHRIDSWăSUHYă]XWăGHOHJHDSHQDOăSUHúHGLQWHOH
FRPSOHWXOXLGHMXGHFDWăFRQVWDWăDFHDIDSWăúLvOLGHQWLILFăSHIăSWXLWRUÌQFKHLHUHDGH
úHGLQĠăVHWULPLWHSURFXURUXOXLFRPSHWHQW
ÌQFD]XOvQFDUHSURFXURUXOSDUWLFLSăODMXGHFDWăSRDWHGHFODUDFăvQFHSHXUPăULUHD
SHQDOăSXQHvQPLúFDUHDFĠLXQHDSHQDOăúLvOSRDWHUHĠLQHSHVXVSHFWVDXSHLQFXOSDW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3UHJăWLUHDúHGLQĠHLGHMXGHFDWă
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3UHúHGLQWHOHFRPSOHWXOXLGHMXGHFDWăDUHvQGDWRULUHDVăLDGLQWLPSWRDWHPăVXULOH
QHFHVDUHSHQWUXFDODWHUPHQXOGHMXGHFDWăIL[DWMXGHFDUHDFDX]HLVăQXVXIHUHDPkQDUH
ÌQDFHVWVFRSGRVDUHOHUHSDUWL]DWHSHFRPSOHWHvQPRGDOHDWRULXYRUILSUHOXDWHGH
SUHúHGLQWHOHFRPSOHWXOXLFDUHYDOXDPăVXULOHQHFHVDUHvQVFRSXOSUHJăWLULLMXGHFăĠLL
DVWIHOvQFkWVăVHDVLJXUHVROXĠLRQDUHDFXFHOHULWDWHDFDX]HL
ÌQFD]XULOHvQFDUHDVLVWHQĠDMXULGLFăHVWHREOLJDWRULHSUHúHGLQWHOHFRPSOHWXOXLYDOXD
PăVXULSHQWUXGHVHPQDUHDDYRFDWXOXLGLQRILFLX
ÌQVLWXDĠLDvQFDUHvQDFHHDúLFDX]ăDXFDOLWDWHDGHLQFXOSDWDWkWSHUVRDQDMXULGLFăFkW
úLUHSUH]HQWDQĠLLOHJDOLDLDFHVWHLDSUHúHGLQWHOHYHULILFăGDFăLQFXOSDWXOSHUVRDQăMXULGLFă
úLDGHVHPQDWXQUHSUH]HQWDQWLDUvQFD]FRQWUDUSURFHGHD]ăODGHVHPQDUHDXQXL
UHSUH]HQWDQWGLQUkQGXOSUDFWLFLHQLORUvQLQVROYHQĠă
'HDVHPHQHDSUHúHGLQWHOHYHULILFăvQGHSOLQLUHDGLVSR]LĠLLORUSULYLQGFLWDUHDúLGXSă
FD]SURFHGHD]ăODFRPSOHWDUHDRULUHIDFHUHDDFHVWRUD
3UHúHGLQWHOHFRPSOHWXOXLVHvQJULMHúWHFDOLVWDFDX]HORUIL[DWHSHQWUXMXGHFDWăVăILH
vQWRFPLWăúLDILúDWăODLQVWDQĠăFXGHRUHvQDLQWHDWHUPHQXOXLGHMXGHFDWă
/DvQWRFPLUHDOLVWHLVHĠLQHVHDPDGHGDWDLQWUăULLFDX]HORUODLQVWDQĠăGkQGXVH
vQWkLHWDWHFDX]HORUvQFDUHVXQWGHĠLQXĠLVDXDUHVWDĠLODGRPLFLOLXúLFHORUFXSULYLUHOD
FDUHOHJHDSUHYHGHFăMXGHFDWDVHIDFHGHXUJHQĠă
$UWLFROXO
0ăVXULOHSUHYHQWLYHvQFXUVXOMXGHFăĠLL
,QVWDQĠDVHSURQXQĠăODFHUHUHVDXGLQRILFLXFXSULYLUHODOXDUHDvQORFXLUHD
UHYRFDUHDVDXvQFHWDUHDGHGUHSWDPăVXULORUSUHYHQWLYH
ÌQFDX]HOHvQFDUHIDĠăGHLQFXOSDWVDGLVSXVRPăVXUăSUHYHQWLYăLQVWDQĠDHVWHGDWRDUH
VăYHULILFHvQFXUVXOMXGHFăĠLLvQúHGLQĠăSXEOLFăOHJDOLWDWHDúLWHPHLQLFLDPăVXULL
SUHYHQWLYHSURFHGkQGSRWULYLWGLVSR]LĠLLORUDUW
$UWLFROXO
3DUWLFLSDUHDSURFXURUXOXLODMXGHFDWă
3DUWLFLSDUHDSURFXURUXOXLODMXGHFDWăHVWHREOLJDWRULH
ÌQFXUVXOMXGHFăĠLLSURFXURUXOH[HUFLWăURODFWLYvQYHGHUHDDIOăULLDGHYăUXOXLúLD
UHVSHFWăULLGLVSR]LĠLLORUOHJDOH
ÌQFXUVXOMXGHFăĠLLSURFXURUXOIRUPXOHD]ăFHUHULULGLFăH[FHSĠLLúLSXQHFRQFOX]LL
&HUHULOHúLFRQFOX]LLOHSURFXURUXOXLWUHEXLHVăILHPRWLYDWH
&kQGDSUHFLD]ăFăH[LVWăYUHXQDGLQWUHFDX]HOHFDUHvPSLHGLFăH[HUFLWDUHDDFĠLXQLL
SHQDOHSURFXURUXOSXQHGXSăFD]FRQFOX]LLGHDFKLWDUHVDXGHvQFHWDUHDSURFHVXOXLSHQDO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3DUWLFLSDUHDLQFXOSDWXOXLODMXGHFDWăúLGUHSWXULOHDFHVWXLD
-XGHFDWDFDX]HLDUHORFvQSUH]HQĠDLQFXOSDWXOXL$GXFHUHDLQFXOSDWXOXLDIODWvQVWDUHGH
GHĠLQHUHODMXGHFDWăHVWHREOLJDWRULH
-XGHFDWDSRDWHDYHDORFvQOLSVDLQFXOSDWXOXLGDFăDFHVWDHVWHGLVSăUXWVHVXVWUDJHGH
ODMXGHFDWăRULúLDVFKLPEDWDGUHVDIăUăDRDGXFHODFXQRúWLQĠDRUJDQHORUMXGLFLDUHúLvQ
XUPDYHULILFăULORUHIHFWXDWHQXLVHFXQRDúWHQRXDDGUHVă
-XGHFDWDSRDWHGHDVHPHQHDDYHDORFvQOLSVDLQFXOSDWXOXLGDFăGHúLOHJDOFLWDWDFHVWD
OLSVHúWHvQPRGQHMXVWLILFDWGHODMXGHFDUHDFDX]HL
3HWRWSDUFXUVXOMXGHFăĠLLLQFXOSDWXOLQFOXVLYvQFD]XOvQFDUHHVWHSULYDWGH
OLEHUWDWHSRDWHFHUHvQVFULVVăILHMXGHFDWvQOLSVăILLQGUHSUH]HQWDWGHDYRFDWXOVăX
DOHVVDXGLQRILFLX
'DFăDSUHFLD]ăQHFHVDUăSUH]HQĠDLQFXOSDWXOXLLQVWDQĠDSRDWHGLVSXQHDGXFHUHDDFHVWXLD
FXPDQGDWGHDGXFHUH
,QFXOSDWXOSRDWHIRUPXODFHUHULULGLFDH[FHSĠLLúLSXQHFRQFOX]LL
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3DUWLFLSDUHDFHORUODOWHSăUĠLODMXGHFDWăúLGUHSWXULOHDFHVWRUD
3DUWHDFLYLOăúLSDUWHDUHVSRQVDELOăFLYLOPHQWHSRWILUHSUH]HQWDWHGHDYRFDW
3DUWHDFLYLOăúLSDUWHDUHVSRQVDELOăFLYLOPHQWHSRWIRUPXODFHUHULULGLFDH[FHSĠLLúL
SXQHFRQFOX]LL
$UWLFROXO
3DUWLFLSDUHDSHUVRDQHLYăWăPDWHúLDDOWRUVXELHFĠLSURFHVXDOLODMXGHFDWăúLGUHSWXULOH
DFHVWRUD
3HUVRDQDYăWăPDWăSRDWHILUHSUH]HQWDWăGHDYRFDW
3HUVRDQDYăWăPDWăSRDWHIRUPXODFHUHULULGLFDH[FHSĠLLúLSXQHFRQFOX]LLvQODWXUD
SHQDOăDFDX]HL
3HUVRDQHOHDOHFăURUEXQXULVXQWVXSXVHFRQILVFăULLSRWILUHSUH]HQWDWHGHDYRFDWúLSRW
IRUPXODFHUHULULGLFDH[FHSĠLLúLSXQHFRQFOX]LLFXSULYLUHODPăVXUDFRQILVFăULL
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
6XVSHQGDUHDMXGHFăĠLL
&kQGVHFRQVWDWăSHED]DXQHLH[SHUWL]HPHGLFROHJDOHFăLQFXOSDWXOVXIHUăGHRERDOă
JUDYăFDUHvOvPSLHGLFăVăSDUWLFLSHODMXGHFDWăLQVWDQĠDGLVSXQHSULQvQFKHLHUH
VXVSHQGDUHDMXGHFăĠLLSkQăFkQGVWDUHDVăQăWăĠLLLQFXOSDWXOXLYDSHUPLWHSDUWLFLSDUHD
DFHVWXLDODMXGHFDWă
'DFăVXQWPDLPXOĠLLQFXOSDĠLLDUWHPHLXOVXVSHQGăULLSULYHúWHQXPDLSHXQXOGLQWUHHL
úLGLVMXQJHUHDQXHVWHSRVLELOăVHGLVSXQHVXVSHQGDUHDvQWUHJLLFDX]H
6XVSHQGDUHDMXGHFăĠLLVHGLVSXQHúLSHSHULRDGDGHVIăúXUăULLSURFHGXULLGHPHGLHUH
SRWULYLWOHJLL
ÌQFKHLHUHDGDWăvQSULPăLQVWDQĠăSULQFDUHVDGLVSXVVXVSHQGDUHDFDX]HLSRDWHIL
DWDFDWăVHSDUDWFXFRQWHVWDĠLHODLQVWDQĠDLHUDUKLFVXSHULRDUăvQWHUPHQGHGHRUHGHOD
SURQXQĠDUHSHQWUXSURFXURUSăUĠLOHúLSHUVRDQDYăWăPDWăSUH]HQWHúLGHODFRPXQLFDUH
SHQWUXSăUĠLOHVDXSHUVRDQDYăWăPDWăFDUHOLSVHVF&RQWHVWDĠLDVHGHSXQHODLQVWDQĠDFDUHD
SURQXQĠDWvQFKHLHUHDDWDFDWăúLVHvQDLQWHD]ăvPSUHXQăFXGRVDUXOFDX]HLLQVWDQĠHLLHUDUKLF
VXSHULRDUHvQWHUPHQGHGHRUHGHODvQUHJLVWUDUH
&RQWHVWDĠLDQXVXVSHQGăH[HFXWDUHDúLVHMXGHFăvQWHUPHQGH]LOHGHODSULPLUHD
GRVDUXOXL
3URFHVXOSHQDOVHUHLDGLQRILFLXGHvQGDWăFHLQFXOSDWXOSRDWHSDUWLFLSDODMXGHFDWăVDX
ODvQFKHLHUHDSURFHGXULLGHPHGLHUHSRWULYLWOHJLL
,QVWDQĠDGHMXGHFDWăHVWHREOLJDWăVăYHULILFHSHULRGLFGDUQXPDLWkU]LXGHOXQL
GDFăPDLVXE]LVWăFDX]DFDUHDGHWHUPLQDWVXVSHQGDUHDMXGHFăĠLL
'DFăLQFXOSDWXOVHDIOăvQDUHVWODGRPLFLOLXVDXHVWHDUHVWDWSUHYHQWLYVHDSOLFăvQ
PRGFRUHVSXQ]ăWRUSUHYHGHULOHDUW
5LGLFDUHDXQHLH[FHSĠLLGHQHFRQVWLWXĠLRQDOLWDWHQXVXVSHQGăMXGHFDUHDFDX]HL
$UWLFROXO
6XVSHQGDUHDMXGHFăĠLLvQFD]GHH[WUăGDUHDFWLYă
ÌQFD]XOvQFDUHSRWULYLWOHJLLVHFHUHH[WUăGDUHDXQHLSHUVRDQHvQYHGHUHDMXGHFăULL
vQWURFDX]ăSHQDOăLQVWDQĠDSHUROXOFăUHLDVHDIOăFDX]DSRDWHGLVSXQHSULQvQFKHLHUH
PRWLYDWăVXVSHQGDUHDMXGHFăĠLLSkQăODGDWDODFDUHVWDWXOVROLFLWDWYDFRPXQLFDKRWăUkUHD
VDDVXSUDFHUHULLGHH[WUăGDUHÌQFKHLHUHDLQVWDQĠHLHVWHVXSXVăFRQWHVWDĠLHLvQWHUPHQGH
GHRUHGHODSURQXQĠDUHSHQWUXFHLSUH]HQĠLúLGHODFRPXQLFDUHSHQWUXFHLOLSVăOD
LQVWDQĠDLHUDUKLFVXSHULRDUă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'DFăVHVROLFLWăH[WUăGDUHDXQXLLQFXOSDWMXGHFDWvQWURFDX]ăFXPDLPXOĠLLQFXOSDĠL
LQVWDQĠDSRDWHGLVSXQHvQLQWHUHVXOXQHLEXQHMXGHFăĠLGLVMXQJHUHDFDX]HL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&RQWHVWDĠLDVHGHSXQHODLQVWDQĠDFDUHDSURQXQĠDWvQFKHLHUHDDWDFDWăúLVHvQDLQWHD]ă
vPSUHXQăFXGRVDUXOFDX]HLLQVWDQĠHLLHUDUKLFVXSHULRDUHvQWHUPHQGHGHRUHGHOD
vQUHJLVWUDUH
&RQWHVWDĠLDQXVXVSHQGăH[HFXWDUHDúLVHMXGHFăvQúHGLQĠăSXEOLFăFXSDUWLFLSDUHD
SURFXURUXOXLúLFXFLWDUHDSHUVRDQHLYăWăPDWHúLDSăUĠLORU&RQWHVWDĠLDVHMXGHFăvQWHUPHQ
GH]LOHGHODSULPLUHDGRVDUXOXLIăUăSDUWLFLSDUHDSURFXURUXOXLúLDSăUĠLORU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
1RWHOHSULYLQGGHVIăúXUDUHDúHGLQĠHLGHMXGHFDWă
'HVIăúXUDUHDúHGLQĠHLGHMXGHFDWăVHvQUHJLVWUHD]ăFXPLMORDFHWHKQLFHDXGLR
ÌQFXUVXOúHGLQĠHLGHMXGHFDWăJUHILHUXOLDQRWHFXSULYLUHODGHVIăúXUDUHDSURFHVXOXL
3URFXURUXOúLSăUĠLOHSRWFHUHFLWLUHDQRWHORUúLYL]DUHDORUGHFăWUHSUHúHGLQWH
'XSăWHUPLQDUHDúHGLQĠHLGHMXGHFDWăSDUWLFLSDQĠLLODSURFHVSULPHVFODFHUHUHFkWHR
FRSLHGHSHQRWHOHJUHILHUXOXL
1RWHOHJUHILHUXOXLSRWILFRQWHVWDWHFHOPDLWkU]LXODWHUPHQXOXUPăWRU
ÌQFD]GHFRQWHVWDUHGHFăWUHSDUWLFLSDQĠLLODSURFHVDQRWHORUJUHILHUXOXLDFHVWHDYRU
ILYHULILFDWHúLHYHQWXDOFRPSOHWDWHRULUHFWLILFDWHSHED]DvQUHJLVWUăULORUGLQúHGLQĠDGH
MXGHFDWă
$UWLFROXO
)HOXOKRWăUkULORU
+RWăUkUHDSULQFDUHFDX]DHVWHVROXĠLRQDWăGHSULPDLQVWDQĠăGHMXGHFDWăVDXSULQFDUH
DFHDVWDVHGH]vQYHVWHúWHIăUăDVROXĠLRQDFDX]DVHQXPHúWHVHQWLQĠă,QVWDQĠDVHSURQXQĠă
SULQVHQWLQĠăúLvQDOWHVLWXDĠLLSUHYă]XWHGHOHJH
+RWăUkUHDSULQFDUHLQVWDQĠDVHSURQXQĠăDVXSUDDSHOXOXLUHFXUVXOXLvQFDVDĠLHúL
UHFXUVXOXLvQLQWHUHVXOOHJLLVHQXPHúWHGHFL]LH,QVWDQĠDVHSURQXQĠăSULQGHFL]LHúLvQ
DOWHVLWXDĠLLSUHYă]XWHGHOHJH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
7RDWHFHOHODOWHKRWăUkULSURQXQĠDWHGHLQVWDQĠHvQFXUVXOMXGHFăĠLLVHQXPHVFvQFKHLHUL
'HVIăúXUDUHDSURFHVXOXLvQúHGLQĠDGHMXGHFDWăVHFRQVHPQHD]ăvQWURvQFKHLHUHFDUH
FXSULQGH
D ]LXDOXQDDQXOúLGHQXPLUHDLQVWDQĠHL
E PHQĠLXQHDGDFăúHGLQĠDDIRVWVDXQXSXEOLFă
F QXPHOHúLSUHQXPHOHMXGHFăWRULORUSURFXURUXOXLúLJUHILHUXOXL
G QXPHOHúLSUHQXPHOHSăUĠLORUDYRFDĠLORUúLDOHFHORUODOWHSHUVRDQHFDUHSDUWLFLSăvQ
SURFHVúLFDUHDXIRVWSUH]HQWHODMXGHFDWăSUHFXPúLDOHFHORUFDUHDXOLSVLWFXDUăWDUHD
FDOLWăĠLLORUSURFHVXDOHúLFXPHQĠLXQHDSULYLWRDUHODvQGHSOLQLUHDSURFHGXULL
H IDSWDSHQWUXFDUHLQFXOSDWXODIRVWWULPLVvQMXGHFDWăúLWH[WHOHGHOHJHvQFDUHDIRVW
vQFDGUDWăIDSWD
/LWH DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
I PLMORDFHOHGHSUREăFDUHDXIRVWVXSXVHGH]EDWHULLFRQWUDGLFWRULL
J FHUHULOHGHRULFHQDWXUăIRUPXODWHGHSURFXURUGHSHUVRDQDYăWăPDWăGHSăUĠLúLGH
FHLODOĠLSDUWLFLSDQĠLODSURFHV
K FRQFOX]LLOHSURFXURUXOXLDOHSHUVRDQHLYăWăPDWHúLDOHSăUĠLORU
L PăVXULOHOXDWHvQFXUVXOúHGLQĠHL
ÌQFKHLHUHDVHvQWRFPHúWHGHJUHILHUvQWHUPHQGHFHOPXOWGHRUHGHODWHUPLQDUHD
úHGLQĠHLúLVHVHPQHD]ăGHSUHúHGLQWHOHFRPSOHWXOXLGHMXGHFDWăúLGHJUHILHU
&kQGKRWăUkUHDVHSURQXQĠăvQ]LXDvQFDUHDDYXWORFMXGHFDWDQXVHvQWRFPHúWH
vQFKHLHUHD
&DSLWROXO,,-XGHFDWDvQSULPăLQVWDQĠă
6HFĠLXQHD'HVIăúXUDUHDMXGHFăULLFDX]HORU
$UWLFROXO
2ELHFWXOMXGHFăĠLL
-XGHFDWDVHPăUJLQHúWHODIDSWHOHúLODSHUVRDQHOHDUăWDWHvQDFWXOGHVHVL]DUHDLQVWDQĠHL
$UWLFROXO
9HULILFăULOHSULYLWRDUHODLQFXOSDW
/DWHUPHQXOGHMXGHFDWăGXSăVWULJDUHDFDX]HLúLDSHOXOSăUĠLORUSUHúHGLQWHOHYHULILFă
LGHQWLWDWHDLQFXOSDWXOXL
ÌQFD]XOLQFXOSDWXOXLSHUVRDQăMXULGLFăSUHúHGLQWHOHIDFHYHULILFăULFXSULYLUHOD
GHQXPLUHVHGLXOVRFLDOúLVHGLLOHVHFXQGDUHFRGXOXQLFGHLGHQWLILFDUHLGHQWLWDWHDúL
FDOLWDWHDSHUVRDQHORUDELOLWDWHVăvOUHSUH]LQWH
$UWLFROXO
0ăVXULOHSUHPHUJăWRDUHSULYLQGPDUWRULLH[SHUĠLLúLLQWHUSUHĠLL
'XSăDSHOXOPDUWRULORUH[SHUĠLORUúLLQWHUSUHĠLORUSUHúHGLQWHOHFHUHPDUWRULORU
SUH]HQĠLVăSăUăVHDVFăVDODGHúHGLQĠăúLOHSXQHvQYHGHUHVăQXVHvQGHSăUWH]HIăUă
vQFXYLLQĠDUHDVD
([SHUĠLLUăPkQvQVDODGHúHGLQĠăvQDIDUăGHFD]XOvQFDUHLQVWDQĠDGLVSXQHDOWIHO
0DUWRULLH[SHUĠLLúLLQWHUSUHĠLLSUH]HQĠLSRWILDVFXOWDĠLFKLDUGDFăQXDXIRVWFLWDĠL
VDXQXDXSULPLWFLWDĠLHvQVăQXPDLGXSăFHVDVWDELOLWLGHQWLWDWHDORUĠLQkQGXVHVHDPD
GHGLVSR]LĠLLOHDUW
$UWLFROXO
$GXFHUHDODFXQRúWLQĠăDvQYLQXLULLOăPXULULúLFHUHUL
/DSULPXOWHUPHQODFDUHSURFHGXUDGHFLWDUHHVWHOHJDOvQGHSOLQLWăúLFDX]DVHDIOăvQ
VWDUHGHMXGHFDWăSUHúHGLQWHOHGLVSXQHFDJUHILHUXOVăGHDFLWLUHDFWXOXLSULQFDUHVD
GLVSXVWULPLWHUHDvQMXGHFDWăRULGXSăFD]DFHOXLSULQFDUHVDGLVSXVvQFHSHUHDMXGHFăĠLL
VDXVăIDFăRSUH]HQWDUHVXFFLQWăDDFHVWXLD
3UHúHGLQWHOHH[SOLFăLQFXOSDWXOXLvQFHFRQVWăvQYLQXLUHDFHLVHDGXFHvOvQúWLLQĠHD]ă
SHLQFXOSDWFXSULYLUHODGUHSWXOGHDQXIDFHQLFLRGHFODUDĠLHDWUăJkQGXLDWHQĠLDFăFHHD
FHGHFODUăSRDWHILIRORVLWúLvPSRWULYDVDSUHFXPúLFXSULYLUHODGUHSWXOGHDSXQH
vQWUHEăULFRLQFXOSDĠLORUSHUVRDQHLYăWăPDWHFHORUODOWHSăUĠLPDUWRULORUH[SHUĠLORUúLGH
DGDH[SOLFDĠLLvQWRWFXUVXOFHUFHWăULLMXGHFăWRUHúWLFkQGVRFRWHúWHFăHVWHQHFHVDU
3UHúHGLQWHOHvQFXQRúWLQĠHD]ăSDUWHDFLYLOăSDUWHDUHVSRQVDELOăFLYLOPHQWHúLSHUVRDQD
YăWăPDWăFXSULYLUHODSUREHOHDGPLQLVWUDWHvQID]DXUPăULULLSHQDOHFDUHDXIRVWH[FOXVHúL
FDUHQXYRUILDYXWHvQYHGHUHODVROXĠLRQDUHDFDX]HLúLSXQHvQYHGHUHSHUVRDQHLYăWăPDWHFă
VHSRDWHFRQVWLWXLSDUWHFLYLOăSkQăODvQFHSHUHDFHUFHWăULLMXGHFăWRUHúWL
ÌQFD]XULOHvQFDUHDFĠLXQHDSHQDOăQXYL]HD]ăRLQIUDFĠLXQHFDUHVHSHGHSVHúWHFX
GHWHQĠLXQHSHYLDĠăSUHúHGLQWHOHSXQHvQYHGHUHLQFXOSDWXOXLFăSRDWHVROLFLWDFDMXGHFDWD
VăDLEăORFQXPDLSHED]DSUREHORUDGPLQLVWUDWHvQFXUVXOXUPăULULLSHQDOHúLDvQVFULVXULORU
SUH]HQWDWHGHSăUĠLGDFăUHFXQRDúWHvQWRWDOLWDWHIDSWHOHUHĠLQXWHvQVDUFLQDVDDGXFkQGXL
ODFXQRúWLQĠăGLVSR]LĠLLOHDUWDOLQ
3UHúHGLQWHOHvQWUHDEăSURFXURUXOSăUĠLOHúLSHUVRDQDYăWăPDWăGDFăSURSXQDGPLQLVWUDUHD
GHSUREH
ÌQFD]XOvQFDUHVHSURSXQSUREHWUHEXLHVăVHDUDWHIDSWHOHúLvPSUHMXUăULOHFHXUPHD]ă
DILGRYHGLWHPLMORDFHOHSULQFDUHSRWILDGPLQLVWUDWHDFHVWHSUREHORFXOXQGHVHDIOă
DFHVWHPLMORDFHLDUvQFHHDFHSULYHúWHPDUWRULLúLH[SHUĠLLLGHQWLWDWHDúLDGUHVD
DFHVWRUD
3UREHOHDGPLQLVWUDWHvQFXUVXOXUPăULULLSHQDOHúLQHFRQWHVWDWHGHFăWUHSăUĠLQXVH
UHDGPLQLVWUHD]ăvQFXUVXOFHUFHWăULLMXGHFăWRUHúWL$FHVWHDVXQWSXVHvQGH]EDWHUHD
FRQWUDGLFWRULHDSăUĠLORUúLVXQWDYXWHvQYHGHUHGHLQVWDQĠăODGHOLEHUDUH
3UREHOHSUHYă]XWHODDOLQ SRWILDGPLQLVWUDWHGLQRILFLXGHFăWUHLQVWDQĠăGDFă
DSUHFLD]ăFăHVWHQHFHVDUSHQWUXDIODUHDDGHYăUXOXLúLMXVWDVROXĠLRQDUHDFDX]HL
3URFXURUXOSHUVRDQDYăWăPDWăúLSăUĠLOHSRWFHUHDGPLQLVWUDUHDGHSUREHQRLúLvQFXUVXO
FHUFHWăULLMXGHFăWRUHúWL
,QVWDQĠDSRDWHGLVSXQHGLQRILFLXDGPLQLVWUDUHDGHSUREHQHFHVDUHSHQWUXDIODUHD
DGHYăUXOXLúLMXVWDVROXĠLRQDUHDFDX]HL
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3URFHGXUDvQFD]XOUHFXQRDúWHULLvQYLQXLULL
'DFăLQFXOSDWXOVROLFLWăFDMXGHFDWDVăDLEăORFvQFRQGLĠLLOHSUHYă]XWHODDUW
DOLQ LQVWDQĠDSURFHGHD]ăODDVFXOWDUHDDFHVWXLDGXSăFDUHOXkQGFRQFOX]LLOH
SURFXURUXOXLúLDOHFHORUODOWHSăUĠLVHSURQXQĠăDVXSUDFHUHULL
'DFăDGPLWHFHUHUHDLQVWDQĠDvQWUHDEăSăUĠLOHúLSHUVRDQDYăWăPDWăGDFăSURSXQ
DGPLQLVWUDUHDGHSUREHFXvQVFULVXUL
'DFăUHVSLQJHFHUHUHDLQVWDQĠDSURFHGHD]ăSRWULYLWDUWDOLQ
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
2UGLQHDFHUFHWăULLMXGHFăWRUHúWL
,QVWDQĠDvQFHSHHIHFWXDUHDFHUFHWăULLMXGHFăWRUHúWLFkQGFDX]DVHDIOăvQVWDUHGH
MXGHFDWă
2UGLQHDGHHIHFWXDUHDDFWHORUGHFHUFHWDUHMXGHFăWRUHDVFăHVWHFHDSUHYă]XWăvQ
GLVSR]LĠLLOHFXSULQVHvQSUH]HQWDVHFĠLXQH
'XSăDXGLHUHDLQFXOSDWXOXLDSHUVRDQHLYăWăPDWHDSăUĠLLFLYLOHúLDSăUĠLL
UHVSRQVDELOHFLYLOPHQWHVHSURFHGHD]ăODDGPLQLVWUDUHDSUREHORUvQFXYLLQĠDWH
$GPLQLVWUDUHDGHSUREHGLQRILFLXSRDWHILIăFXWăRULFkQGSHSDUFXUVXOFHUFHWăULL
MXGHFăWRUHúWL
,QVWDQĠDSRDWHGLVSXQHVFKLPEDUHDRUGLQLLFkQGDFHDVWDHVWHQHFHVDUă
$UWLFROXO
&HUFHWDUHDMXGHFăWRUHDVFăvQFD]XOUHFXQRDúWHULLvQYLQXLULL
'DFăDGLVSXVFDMXGHFDWDVăDLEăORFvQFRQGLĠLLOHSUHYă]XWHODDUWDOLQ
LQVWDQĠDDGPLQLVWUHD]ăSUREDFXvQVFULVXULOHvQFXYLLQĠDWH
ÌQVFULVXULOHSRWILSUH]HQWDWHODWHUPHQXOODFDUHLQVWDQĠDVHSURQXQĠăDVXSUDFHUHULL
SUHYă]XWHODDUWDOLQ VDXODXQWHUPHQXOWHULRUDFRUGDWvQDFHVWVFRS3HQWUX
SUH]HQWDUHDGHvQVFULVXULLQVWDQĠDQXSRDWHDFRUGDGHFkWXQVLQJXUWHUPHQ
'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
'DFăLQVWDQĠDFRQVWDWăGLQRILFLXODFHUHUHDSURFXURUXOXLVDXDSăUĠLORUFăvQFDGUDUHD
MXULGLFăGDWăIDSWHLSULQDFWXOGHVHVL]DUHWUHEXLHVFKLPEDWăHVWHREOLJDWăVăSXQăvQ
GLVFXĠLHQRXDvQFDGUDUHúLVăDWUDJăDWHQĠLDLQFXOSDWXOXLFăDUHGUHSWXOVăFHDUăOăVDUHD
FDX]HLPDLODXUPă'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
'DFăSHQWUXVWDELOLUHDvQFDGUăULLMXULGLFHSUHFXPúLGDFăGXSăVFKLPEDUHDvQFDGUăULL
MXULGLFHHVWHQHFHVDUăDGPLQLVWUDUHDDOWRUSUREHLQVWDQĠDOXkQGFRQFOX]LLOHSURFXURUXOXL
úLDOHSăUĠLORUGLVSXQHHIHFWXDUHDFHUFHWăULLMXGHFăWRUHúWLGLVSR]LĠLLOHDUWDOLQ
DSOLFkQGXVHvQPRGFRUHVSXQ]ăWRU
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
$XGLHUHDLQFXOSDWXOXL
,QFXOSDWXOHVWHOăVDWVăDUDWHWRWFHúWLHGHVSUHIDSWDSHQWUXFDUHDIRVWWULPLVvQ
MXGHFDWăDSRLLVHSRWSXQHvQWUHEăULvQPRGQHPLMORFLWGHFăWUHSURFXURUGHSHUVRDQD
YăWăPDWăGHSDUWHDFLYLOăGHSDUWHDUHVSRQVDELOăFLYLOPHQWHGHFHLODOĠLLQFXOSDĠLSUHFXP
úLGHDYRFDĠLLDFHVWRUDúLGHDYRFDWXOLQFXOSDWXOXLDFăUXLDXGLHUHVHIDFH3UHúHGLQWHOHúL
FHLODOĠLPHPEULDLFRPSOHWXOXLSRWGHDVHPHQHDSXQHvQWUHEăULGDFăDSUHFLD]ăQHFHVDU
SHQWUXMXVWDVROXĠLRQDUHDFDX]HL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
,QVWDQĠDSRDWHUHVSLQJHvQWUHEăULOHFDUHQXVXQWFRQFOXGHQWHúLXWLOHFDX]HLÌQWUHEăULOH
UHVSLQVHVHFRQVHPQHD]ăvQvQFKHLHUHDGHúHGLQĠă
ÌQVLWXDĠLLOHvQFDUHOHJHDSUHYHGHSRVLELOLWDWHDFDLQFXOSDWXOVăILHREOLJDWOD
SUHVWDUHDXQHLPXQFLQHUHPXQHUDWHvQIRORVXOFRPXQLWăĠLLDFHVWDYDILvQWUHEDWGDFăvúL
PDQLIHVWăDFRUGXOvQDFHVWVHQVvQFD]XOvQFDUHYDILJăVLWYLQRYDW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&kQGLQFXOSDWXOQXvúLPDLDPLQWHúWHDQXPLWHIDSWHVDXvPSUHMXUăULRULFkQGH[LVWă
FRQWUD]LFHULvQWUHGHFODUDĠLLOHIăFXWHGHLQFXOSDWvQLQVWDQĠăúLFHOHGDWHDQWHULRU
SUHúHGLQWHOHvLFHUHDFHVWXLDH[SOLFDĠLLúLSRDWHGDFLWLUHvQvQWUHJLPHVDXvQSDUWH
GHFODUDĠLLORUDQWHULRDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&kQGLQFXOSDWXOUHIX]ăVăGHDGHFODUDĠLLLQVWDQĠDGLVSXQHFLWLUHDGHFODUDĠLLORUSHFDUH
DFHVWDOHDGDWDQWHULRU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
,QFXOSDWXOSRDWHILUHDVFXOWDWRULGHFkWHRULHVWHQHFHVDU
$UWLFROXO
$XGLHUHDFRLQFXOSDĠLORU
'DFăVXQWPDLPXOĠLLQFXOSDĠLDXGLHUHDILHFăUXLDGLQWUHHLVHIDFHvQSUH]HQĠD
FHORUODOĠLLQFXOSDĠL
&kQGLQWHUHVXODIOăULLDGHYăUXOXLRFHUHLQVWDQĠDSRDWHGLVSXQHDXGLHUHDYUHXQXLDGLQWUH
LQFXOSDĠLIăUăFDFHLODOĠLVăILHGHIDĠă
'HFODUDĠLLOHOXDWHVHSDUDWVXQWFLWLWHvQPRGREOLJDWRULXFHORUODOĠLLQFXOSDĠLGXSă
DXGLHUHDORU
,QFXOSDWXOSRDWHILGLQQRXDXGLDWvQSUH]HQĠDFHORUODOĠLLQFXOSDĠLVDXDXQRUDGLQWUH
HL
$UWLFROXO
$XGLHUHDSHUVRDQHLYăWăPDWHDSăUĠLLFLYLOHúLDSăUĠLLUHVSRQVDELOHFLYLOPHQWH
,QVWDQĠDSURFHGHD]ăODDXGLHUHDSHUVRDQHLYăWăPDWHDSăUĠLLFLYLOHúLDSăUĠLL
UHVSRQVDELOHFLYLOPHQWHSRWULYLWGLVSR]LĠLLORUDUWúLGXSăDVFXOWDUHDLQFXOSDWXOXL
úLGXSăFD]DFRLQFXOSDĠLORU
3HUVRDQHOHPHQĠLRQDWHVXQWOăVDWHVăDUDWHWRWFHúWLXGHVSUHIDSWDFDUHIDFHRELHFWXO
MXGHFăĠLLDSRLOLVHSRWSXQHvQPRGQHPLMORFLWvQWUHEăULGHFăWUHSURFXURULQFXOSDW
DYRFDWXOLQFXOSDWXOXLSHUVRDQDYăWăPDWăSDUWHDFLYLOăSDUWHDUHVSRQVDELOăFLYLOPHQWHúL
DYRFDĠLLDFHVWRUD3UHúHGLQWHOHúLFHLODOĠLPHPEULDLFRPSOHWXOXLSRWGHDVHPHQHDSXQH
vQWUHEăULGDFăDSUHFLD]ăQHFHVDUSHQWUXMXVWDVROXĠLRQDUHDFDX]HL
,QVWDQĠDSRDWHUHVSLQJHvQWUHEăULOHFDUHQXVXQWFRQFOXGHQWHúLXWLOHFDX]HLÌQWUHEăULOH
UHVSLQVHVHFRQVHPQHD]ăvQvQFKHLHUHDGHúHGLQĠă
3HUVRDQDYăWăPDWăSDUWHDFLYLOăúLSDUWHDUHVSRQVDELOăFLYLOPHQWHSRWILUHDVFXOWDWHRUL
GHFkWHRULHVWHQHFHVDU
$UWLFROXO
$XGLHUHDPDUWRUXOXLúLDH[SHUWXOXL
$XGLHUHDPDUWRUXOXLVHIDFHSRWULYLWGLVSR]LĠLLORUDUWFDUHVHDSOLFăvQPRG
FRUHVSXQ]ăWRU
'DFăPDUWRUXODIRVWSURSXVGHFăWUHSURFXURUDFHVWXLDLVHSRWSXQHvQPRGQHPLMORFLW
vQWUHEăULGHFăWUHSURFXURULQFXOSDWSHUVRDQDYăWăPDWăSDUWHDFLYLOăSDUWHDUHVSRQVDELOă
FLYLOPHQWH'DFăPDUWRUXOVDXH[SHUWXODIRVWSURSXVGHFăWUHXQDGLQWUHSăUĠLLVHSRWSXQH
vQWUHEăULGHFăWUHDFHDVWDGHFăWUHSURFXURUSHUVRDQDYăWăPDWăúLGHFăWUHFHOHODOWHSăUĠL
3UHúHGLQWHOHúLFHLODOĠLPHPEULDLFRPSOHWXOXLSRWDGUHVDvQWUHEăULPDUWRUXOXLRULGH
FkWHRULFRQVLGHUăQHFHVDUSHQWUXMXVWDVROXĠLRQDUHDFDX]HL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
,QVWDQĠDSRDWHUHVSLQJHvQWUHEăULOHFDUHQXVXQWFRQFOXGHQWHúLXWLOHFDX]HLÌQWUHEăULOH
UHVSLQVHVHFRQVHPQHD]ăvQvQFKHLHUHDGHúHGLQĠă
0DUWRUXOFDUHSRVHGăXQvQVFULVvQOHJăWXUăFXGHSR]LĠLDIăFXWăSRDWHVăvOFLWHDVFăvQ
LQVWDQĠă3URFXURUXOúLSăUĠLOHDXGUHSWXOVăH[DPLQH]HvQVFULVXOLDULQVWDQĠDSRDWHGLVSXQH
UHĠLQHUHDvQVFULVXOXLODGRVDUvQRULJLQDOVDXvQFRSLH
&kQGPDUWRUXOQXvúLPDLDPLQWHúWHDQXPLWHIDSWHVDXvPSUHMXUăULRULFkQGH[LVWă
FRQWUD]LFHULvQWUHGHFODUDĠLLOHIăFXWHvQLQVWDQĠăúLFHOHGDWHDQWHULRUGXSăFHPDUWRUXOD
IRVWOăVDWVăGHFODUHWRWFHHDFHúWLHSUHúHGLQWHOHSRDWHGDFLWLUHvQvQWUHJLPHVDXvQ
SDUWHGHFODUDĠLLORUDQWHULRDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'DFăDXGLHUHDYUHXQXLDGLQWUHPDUWRULQXPDLHVWHSRVLELOăLDUvQID]DGHXUPăULUH
SHQDOăDFHVWDDGDWGHFODUDĠLLvQIDĠDRUJDQHORUGHXUPăULUHSHQDOăVDXDIRVWDVFXOWDWGH
FăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLvQFRQGLĠLLOHDUWLQVWDQĠDGLVSXQHFLWLUHD
GHSR]LĠLHLGDWHGHDFHVWDvQFXUVXOXUPăULULLSHQDOHúLĠLQHVHDPDGHHDODMXGHFDUHDFDX]HL
'DFăXQXOVDXPDLPXOĠLPDUWRULOLSVHVFLQVWDQĠDSRDWHGLVSXQHPRWLYDWILHFRQWLQXDUHD
MXGHFăĠLLILHDPkQDUHDFDX]HL0DUWRUXODFăUXLOLSVăQXHVWHMXVWLILFDWăSRDWHILDGXVFX
PDQGDWGHDGXFHUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
0DUWRULLDXGLDĠLUăPkQvQVDOăODGLVSR]LĠLDLQVWDQĠHLSkQăODWHUPLQDUHDDFWHORUGH
FHUFHWDUHMXGHFăWRUHDVFăFDUHVHHIHFWXHD]ăvQúHGLQĠDUHVSHFWLYă'DFăLQVWDQĠDJăVHúWH
QHFHVDUSRDWHGLVSXQHUHWUDJHUHDORUVDXDXQRUDGLQWUHHLGLQVDODGHúHGLQĠăvQYHGHUHD
UHDXGLHULLRULDFRQIUXQWăULLORU
,QVWDQĠDOXkQGFRQFOX]LLOHSURFXURUXOXLSHUVRDQHLYăWăPDWHúLDOHSăUĠLORUSRDWH
vQFXYLLQĠDSOHFDUHDPDUWRULORUGXSăDXGLHUHDORU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'LVSR]LĠLLOHDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRUúLvQFD]GHDXGLHUHD
H[SHUWXOXLVDXLQWHUSUHWXOXL
'LVSR]LĠLLOHDUWúLDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RQVHPQDUHDGHFODUDĠLLORU
'HFODUDĠLLOHúLUăVSXQVXULOHLQFXOSDĠLORUDOHPDUWRULORURULDOHDOWRUSHUVRDQHDXGLDWHvQ
FDX]ăVHFRQVHPQHD]ăvQWRFPDLvQFRQGLĠLLOHSUHYă]XWHODDUWDOLQ vQWUHEăULOH
UHVSLQVHXUPkQGDILFRQVHPQDWHvQvQFKHLHUHDGHúHGLQĠăSRWULYLWDUW
$UWLFROXO
5HQXQĠDUHDODSUREHúLLPSRVLELOLWDWHDDGPLQLVWUăULLSUREHORU
3URFXURUXOSHUVRDQDYăWăPDWăúLSăUĠLOHSRWUHQXQĠDODSUREHOHSHFDUHOHDXSURSXV
'XSăSXQHUHDvQGLVFXĠLHDUHQXQĠăULLLQVWDQĠDSRDWHGLVSXQHFDSUREDVăQXPDLILH
DGPLQLVWUDWăGDFăDSUHFLD]ăFăQXPDLHVWHQHFHVDU
'DFăvQFXUVXOFHUFHWăULLMXGHFăWRUHúWLDGPLQLVWUDUHDXQHLSUREHDQWHULRUDGPLVHDSDUHFD
LQXWLOăVDXQXPDLHVWHSRVLELOăLQVWDQĠDGXSăFHDVFXOWăSURFXURUXOSHUVRDQDYăWăPDWăúL
SăUĠLOHSRDWHGLVSXQHFDDFHDSUREăVăQXPDLILHDGPLQLVWUDWă
'DFăLPSRVLELOLWDWHDGHDGPLQLVWUDUHVHUHIHUăODRSUREăDGPLQLVWUDWăvQID]DGH
XUPăULUHSHQDOăúLvQFXYLLQĠDWăGHLQVWDQĠăDFHDVWDHVWHSXVăvQGLVFXĠLDSăUĠLORUD
SHUVRDQHLYăWăPDWHúLDSURFXURUXOXLúLVHĠLQHVHDPDGHHDODMXGHFDUHDFDX]HL
$UWLFROXO
3UH]HQWDUHDPLMORDFHORUPDWHULDOHGHSUREă
&kQGvQFDX]DVXSXVăMXGHFăĠLLH[LVWăPLMORDFHPDWHULDOHGHSUREăLQVWDQĠDODFHUHUHVDX
GLQRILFLXGLVSXQHDGXFHUHDúLSUH]HQWDUHDDFHVWRUDGDFăHVWHSRVLELO
$UWLFROXO
$PkQDUHDSHQWUXSUREHQRL
'DFăGLQFHUFHWDUHDMXGHFăWRUHDVFăUH]XOWăFăSHQWUXOăPXULUHDIDSWHORUVDXvPSUHMXUăULORU
FDX]HLHVWHQHFHVDUăDGPLQLVWUDUHDGHSUREHQRLLQVWDQĠDGLVSXQHILHMXGHFDUHDFDX]HLvQ
FRQWLQXDUHILHDPkQDUHDHLSHQWUXDGPLQLVWUDUHDSUREHORU
$UWLFROXO
6FKLPEDUHDvQFDGUăULLMXULGLFH
'DFăvQFXUVXOMXGHFăĠLLVHFRQVLGHUăFăvQFDGUDUHDMXULGLFăGDWăIDSWHLSULQDFWXOGH
VHVL]DUHXUPHD]ăDILVFKLPEDWăLQVWDQĠDHVWHREOLJDWăVăSXQăvQGLVFXĠLHQRXDvQFDGUDUHúL
VăDWUDJăDWHQĠLDLQFXOSDWXOXLFăDUHGUHSWXOVăFHDUăOăVDUHDFDX]HLPDLODXUPăVDX
DPkQDUHDMXGHFăĠLLSHQWUXDúLSUHJăWLDSăUDUHD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'DFăQRXDvQFDGUDUHMXULGLFăYL]HD]ăRLQIUDFĠLXQHSHQWUXFDUHHVWHQHFHVDUăSOkQJHUHD
SUHDODELOăDSHUVRDQHLYăWăPDWHLQVWDQĠDGHMXGHFDWăFKHDPăSHUVRDQDYăWăPDWăúLRvQWUHDEă
GDFăvQĠHOHJHVăIDFăSOkQJHUHSUHDODELOăÌQVLWXDĠLDvQFDUHSHUVRDQDYăWăPDWăIRUPXOHD]ă
SOkQJHUHSUHDODELOăLQVWDQĠDFRQWLQXăFHUFHWDUHDMXGHFăWRUHDVFăvQFD]FRQWUDUGLVSXQkQG
vQFHWDUHDSURFHVXOXLSHQDO
$UWLFROXO
7HUPLQDUHDFHUFHWăULLMXGHFăWRUHúWL
ÌQDLQWHGHDGHFODUDWHUPLQDWăFHUFHWDUHDMXGHFăWRUHDVFăSUHúHGLQWHOHvQWUHDEă
SURFXURUXOSHUVRDQDYăWăPDWăúLSăUĠLOHGDFăPDLDXGHGDWH[SOLFDĠLLRULGHIRUPXODWFHUHUL
QRLSHQWUXFRPSOHWDUHDFHUFHWăULLMXGHFăWRUHúWL
'DFăQXVDXIRUPXODWFHUHULVDXGDFăFHUHULOHIRUPXODWHDXIRVWUHVSLQVHRULGDFăVDX
HIHFWXDWFRPSOHWăULOHFHUXWHSUHúHGLQWHOHGHFODUăWHUPLQDWăFHUFHWDUHDMXGHFăWRUHDVFă
$UWLFROXO
'H]EDWHULOHúLRUGLQHDvQFDUHVHGăFXYkQWXO
'XSăWHUPLQDUHDFHUFHWăULLMXGHFăWRUHúWLVHWUHFHODGH]EDWHULGkQGXVHFXYkQWXOvQ
XUPăWRDUHDRUGLQHSURFXURUXOXLSHUVRDQHLYăWăPDWHSăUĠLLFLYLOHSăUĠLLUHVSRQVDELOH
FLYLOPHQWHúLLQFXOSDWXOXL
3UHúHGLQWHOHSRDWHGDFXYkQWXOúLvQUHSOLFă
'XUDWDFRQFOX]LLORUSURFXURUXOXLDOHSăUĠLORUDOHSHUVRDQHLYăWăPDWHúLDOHDYRFDĠLORU
DFHVWRUDSRDWHILOLPLWDWă3UHúHGLQWHOHFRPSOHWXOXLSRDWHKRWăUvFăDFHVWHDWUHEXLHVăDLEă
RGXUDWăVLPLODUă
3UHúHGLQWHOHDUHGUHSWXOVăvLvQWUHUXSăSHFHLFDUHDXFXYkQWXOGDFăvQVXVĠLQHULOHORU
GHSăúHVFOLPLWHOHFDX]HLFHVHMXGHFă
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HQWUXPRWLYHWHPHLQLFHGH]EDWHULOHSRWILvQWUHUXSWHÌQWUHUXSHUHDQXSRDWHILPDLPDUH
GH]LOH
$UWLFROXO
8OWLPXOFXYkQWDOLQFXOSDWXOXL
ÌQDLQWHGHDvQFKHLDGH]EDWHULOHSUHúHGLQWHOHGăXOWLPXOFXYkQWLQFXOSDWXOXLSHUVRQDO
ÌQWLPSXOvQFDUHLQFXOSDWXODUHXOWLPXOFXYkQWQXLVHSRWSXQHvQWUHEăUL'DFă
LQFXOSDWXOUHOHYăIDSWHVDXvPSUHMXUăULQRLHVHQĠLDOHSHQWUXVROXĠLRQDUHDFDX]HLLQVWDQĠD
GLVSXQHUHOXDUHDFHUFHWăULLMXGHFăWRUHúWL
$UWLFROXO
&RQFOX]LLOHVFULVH
,QVWDQĠDSRDWHFHUHSăUĠLORUGXSăvQFKLGHUHDGH]EDWHULORUVăGHSXQăFRQFOX]LLVFULVH
3URFXURUXOSHUVRDQDYăWăPDWăúLSăUĠLOHSRWGHSXQHFRQFOX]LLVFULVHFKLDUGDFăQXDX
IRVWFHUXWHGHLQVWDQĠă
6HFĠLXQHDDD'HOLEHUDUHDúLKRWăUkUHDLQVWDQĠHL
$UWLFROXO
6ROXĠLRQDUHDFDX]HL
'HOLEHUDUHDúLSURQXQĠDUHDKRWăUkULLVHIDFvQ]LXDvQFDUHDXDYXWORFGH]EDWHULOHVDX
ODRGDWăXOWHULRDUăGDUQXPDLWkU]LXGH]LOHGHODvQFKLGHUHDGH]EDWHULORU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQVLWXDĠLLH[FHSĠLRQDOHFkQGUDSRUWDWODFRPSOH[LWDWHDFDX]HLGHOLEHUDUHDúL
SURQXQĠDUHDQXSRWDYHDORFvQWHUPHQXOSUHYă]XWODDOLQ LQVWDQĠDSRDWHDPkQD
SURQXQĠDUHDRVLQJXUăGDWăSHQWUXFHOPXOW]LOH
3UHúHGLQWHOHFRPSOHWXOXLLQIRUPHD]ăSăUĠLOHSUH]HQWHDVXSUDGDWHLODFDUHVHYDSURQXQĠD
KRWăUkUHD
$UWLFROXO
'HOLEHUDUHD
/DGHOLEHUDUHLDXSDUWHQXPDLPHPEULLFRPSOHWXOXLvQIDĠDFăUXLDDDYXWORFGH]EDWHUHD
&RPSOHWXOGHMXGHFDWăGHOLEHUHD]ăvQVHFUHW
$UWLFROXO
2ELHFWXOGHOLEHUăULL
&RPSOHWXOGHMXGHFDWăGHOLEHUHD]ăPDLvQWkLDVXSUDFKHVWLXQLORUGHIDSWúLDSRLDVXSUD
FKHVWLXQLORUGHGUHSW
'HOLEHUDUHDSRDUWăDVXSUDH[LVWHQĠHLIDSWHLúLYLQRYăĠLHLLQFXOSDWXOXLDVXSUDVWDELOLULL
SHGHSVHLDVXSUDVWDELOLULLPăVXULLHGXFDWLYHRULPăVXULLGHVLJXUDQĠăGDFăHVWHFD]XOVă
ILHOXDWăSUHFXPúLDVXSUDGHGXFHULLGXUDWHLPăVXULORUSUHYHQWLYHSULYDWLYHGHOLEHUWDWHúL
DLQWHUQăULLPHGLFDOH
&RPSOHWXOGHMXGHFDWăGHOLEHUHD]ăúLDVXSUDUHSDUăULLSDJXEHLSURGXVHSULQLQIUDFĠLXQH
DVXSUDPăVXULORUSUHYHQWLYHúLDVLJXUăWRULLDPLMORDFHORUPDWHULDOHGHSUREăD
FKHOWXLHOLORUMXGLFLDUHSUHFXPúLDVXSUDRULFăUHLDOWHSUREOHPHSULYLQGMXVWDVROXĠLRQDUHD
FDX]HL
7RĠLPHPEULLFRPSOHWXOXLGHMXGHFDWăDXvQGDWRULUHDVăvúLVSXQăSăUHUHDDVXSUDILHFăUHL
FKHVWLXQL
3UHúHGLQWHOHvúLVSXQHSăUHUHDFHOGLQXUPă
$UWLFROXO
/XDUHDKRWăUkULL
+RWăUkUHDWUHEXLHVăILHUH]XOWDWXODFRUGXOXLPHPEULORUFRPSOHWXOXLGHMXGHFDWăDVXSUD
VROXĠLLORUGDWHFKHVWLXQLORUVXSXVHGHOLEHUăULL
&kQGXQDQLPLWDWHDQXSRDWHILvQWUXQLWăKRWăUkUHDVHLDFXPDMRULWDWH
'DFăGLQGHOLEHUDUHUH]XOWăPDLPXOWGHFkWGRXăSăUHULMXGHFăWRUXOFDUHRSLQHD]ăSHQWUX
VROXĠLDFHDPDLVHYHUăWUHEXLHVăVHDOăWXUHFHOHLPDLDSURSLDWHGHSăUHUHDVD
0RWLYDUHDRSLQLHLVHSDUDWHHVWHREOLJDWRULH
ÌQVLWXDĠLDvQFDUHvQFDGUXOFRPSOHWXOXLGHMXGHFDWăQXVHSRDWHvQWUXQLPDMRULWDWHDRUL
XQDQLPLWDWHDMXGHFDUHDFDX]HLVHUHLDvQFRPSOHWGHGLYHUJHQĠă
$UWLFROXO
5HOXDUHDFHUFHWăULLMXGHFăWRUHúWLVDXDGH]EDWHULORU
'DFăvQFXUVXOGHOLEHUăULLLQVWDQĠDDSUHFLD]ăFăRDQXPLWăvPSUHMXUDUHWUHEXLHOăPXULWă
úLHVWHQHFHVDUăUHOXDUHDFHUFHWăULLMXGHFăWRUHúWLVDXDGH]EDWHULORUUHSXQHFDX]DSHURO
3UHYHGHULOHSULYLQGFLWDUHDVHDSOLFăvQPRGFRUHVSXQ]ăWRU
'DFăMXGHFDWDDDYXWORFvQFRQGLĠLLOHDUWDOLQ úL LDULQVWDQĠDFRQVWDWă
FăSHQWUXVROXĠLRQDUHDDFĠLXQLLSHQDOHVHLPSXQHDGPLQLVWUDUHDDOWRUSUREHvQDIDUD
vQVFULVXULORUSUHYă]XWHODDUWDOLQ UHSXQHFDX]DSHUROúLGLVSXQHHIHFWXDUHD
FHUFHWăULLMXGHFăWRUHúWL
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
5H]ROYDUHDDFĠLXQLLSHQDOH
,QVWDQĠDKRWăUăúWHDVXSUDvQYLQXLULLDGXVHLQFXOSDWXOXLSURQXQĠkQGGXSăFD]
FRQGDPQDUHDUHQXQĠDUHDODDSOLFDUHDSHGHSVHLDPkQDUHDDSOLFăULLSHGHSVHLDFKLWDUHDVDX
vQFHWDUHDSURFHVXOXLSHQDO
&RQGDPQDUHDVHSURQXQĠăGDFăLQVWDQĠDFRQVWDWăGLQFRORGHRULFHvQGRLDOăUH]RQDELOăFă
IDSWDH[LVWăFRQVWLWXLHLQIUDFĠLXQHúLDIRVWVăYkUúLWăGHLQFXOSDW
5HQXQĠDUHDODDSOLFDUHDSHGHSVHLVHSURQXQĠăGDFăLQVWDQĠDFRQVWDWăGLQFRORGHRULFH
vQGRLDOăUH]RQDELOăFăIDSWDH[LVWăFRQVWLWXLHLQIUDFĠLXQHúLDIRVWVăYkUúLWăGHLQFXOSDW
vQFRQGLĠLLOHDUWGLQ&RGXOSHQDO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$PkQDUHDDSOLFăULLSHGHSVHLVHSURQXQĠăGDFăLQVWDQĠDFRQVWDWăGLQFRORGHRULFHvQGRLDOă
UH]RQDELOăFăIDSWDH[LVWăFRQVWLWXLHLQIUDFĠLXQHúLDIRVWVăYkUúLWăGHLQFXOSDWvQ
FRQGLĠLLOHDUWGLQ&RGXOSHQDO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$FKLWDUHDLQFXOSDWXOXLVHSURQXQĠăvQFD]XOSUHYă]XWODDUWDOLQ OLWD G
ÌQFHWDUHDSURFHVXOXLSHQDOVHSURQXQĠăvQFD]XULOHSUHYă]XWHODDUWDOLQ OLW
H M
'DFăLQFXOSDWXODFHUXWFRQWLQXDUHDSURFHVXOXLSHQDOSRWULYLWDUWúLVHFRQVWDWăFD
XUPDUHDFRQWLQXăULLSURFHVXOXLFăVXQWLQFLGHQWHFD]XULOHSUHYă]XWHODDUWDOLQ
OLWD G LQVWDQĠDGHMXGHFDWăSURQXQĠăDFKLWDUHD
'DFăLQFXOSDWXODFHUXWFRQWLQXDUHDSURFHVXOXLSHQDOSRWULYLWDUWúLVHFRQVWDWăFă
QXVXQWLQFLGHQWHFD]XULOHSUHYă]XWHODDUWDOLQ OLWD G LQVWDQĠDGHMXGHFDWă
SURQXQĠăvQFHWDUHDSURFHVXOXLSHQDO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHvQFXUVXOXUPăULULLSHQDOHDOSURFHGXULLGHFDPHUăSUHOLPLQDUăVDXDO
MXGHFăĠLLIDĠăGHLQFXOSDWVDOXDWPăVXUDSUHYHQWLYăDFRQWUROXOXLMXGLFLDUSHFDXĠLXQHVDX
VDGLVSXVvQORFXLUHDXQHLDOWHPăVXULSUHYHQWLYHFXPăVXUDSUHYHQWLYăDFRQWUROXOXLMXGLFLDU
SHFDXĠLXQHúLLQFXOSDWXOHVWHFRQGDPQDWODSHGHDSVDDPHQ]LLLQVWDQĠDGLVSXQHSODWDDFHVWHLD
GLQFDXĠLXQHSRWULYLWGLVSR]LĠLLORUDUW
&kQGMXGHFDWDVDGHVIăúXUDWvQFRQGLĠLLOHDUWDOLQ úL FkQGFHUHUHD
LQFXOSDWXOXLFDMXGHFDWDVăDLEăORFvQDFHVWHFRQGLĠLLDIRVWUHVSLQVăVDXFkQGFHUFHWDUHD
MXGHFăWRUHDVFăDDYXWORFvQFRQGLĠLLOHDUWDOLQ RULDUWDOLQ LDU
LQVWDQĠDUHĠLQHDFHHDúLVLWXDĠLHGHIDSWFDFHDGHVFULVăvQDFWXOGHVHVL]DUHúLUHFXQRVFXWă
GHFăWUHLQFXOSDWvQFD]GHFRQGDPQDUHVDXDPkQDUHDDSOLFăULLSHGHSVHLOLPLWHOHGH
SHGHDSVăSUHYă]XWHGHOHJHvQFD]XOSHGHSVHLvQFKLVRULLVHUHGXFFXRWUHLPHLDUvQFD]XO
SHGHSVHLDPHQ]LLFXRSăWULPH
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
5H]ROYDUHDDFĠLXQLLFLYLOH
,QVWDQĠDVHSURQXQĠăSULQDFHHDúLKRWăUkUHúLDVXSUDDFĠLXQLLFLYLOH
ÌQFD]XOFkQGDGPLWHDFĠLXQHDFLYLOăLQVWDQĠDH[DPLQHD]ăSRWULYLWDUW
QHFHVLWDWHDOXăULLPăVXULORUDVLJXUăWRULLSULYLQGUHSDUDĠLLOHFLYLOHGDFăDVHPHQHDPăVXULQX
DXIRVWOXDWHDQWHULRU
'HDVHPHQHDLQVWDQĠDVHSURQXQĠăSULQKRWăUkUHúLDVXSUDUHVWLWXLULLOXFUXULORUúL
UHVWDELOLULLVLWXDĠLHLDQWHULRDUHSRWULYLWGLVSR]LĠLLORUDUWúL
'LVSR]LĠLLOHGLQKRWăUkUHSULYLQGOXDUHDPăVXULORUDVLJXUăWRULLúLUHVWLWXLUHDOXFUXULORU
VXQWH[HFXWRULL
ÌQFD]XOvQFDUHSRWULYLWGLVSR]LĠLLORUDUWDOLQ LQVWDQĠDODVăQHVROXĠLRQDWă
DFĠLXQHDFLYLOăPăVXULOHDVLJXUăWRULLVHPHQĠLQ$FHVWHPăVXULvQFHWHD]ăGHGUHSWGDFă
SHUVRDQDYăWăPDWăQXLQWURGXFHDFĠLXQHvQIDĠDLQVWDQĠHLFLYLOHvQWHUPHQGHGH]LOHGHOD
UăPkQHUHDGHILQLWLYăDKRWăUkULL
ÌQFD]XOvQFDUHvQFXUVXOXUPăULULLSHQDOHDOSURFHGXULLGHFDPHUăSUHOLPLQDUăVDXDO
MXGHFăĠLLIDĠăGHLQFXOSDWVDOXDWPăVXUDSUHYHQWLYăDFRQWUROXOXLMXGLFLDUSHFDXĠLXQHVDX
VDGLVSXVvQORFXLUHDXQHLDOWHPăVXULSUHYHQWLYHFXPăVXUDSUHYHQWLYăDFRQWUROXOXLMXGLFLDU
SHFDXĠLXQHúLHVWHDGPLVăDFĠLXQHDFLYLOăLQVWDQĠDGLVSXQHSODWDGLQFDXĠLXQHD
GHVSăJXELULORUDFRUGDWHSHQWUXUHSDUDUHDSDJXEHORUFDX]DWHGHLQIUDFĠLXQHSRWULYLW
GLVSR]LĠLLORUDUW
$UWLFROXO
&KHOWXLHOLOHMXGLFLDUH
,QVWDQĠDVHSURQXQĠăSULQKRWăUkUHúLDVXSUDFKHOWXLHOLORUMXGLFLDUHSRWULYLWGLVSR]LĠLLORU
DUW
$UWLFROXO
'LVSR]LĠLLOHFXSULYLUHODPăVXULOHSUHYHQWLYH
,QVWDQĠDDUHREOLJDĠLDFDSULQKRWăUkUHVăVHSURQXQĠHDVXSUDPHQĠLQHULLUHYRFăULL
vQORFXLULLRULvQFHWăULLGHGUHSWDPăVXULLSUHYHQWLYHGLVSXVHSHSDUFXUVXOSURFHVXOXLSHQDO
FXSULYLUHODLQFXOSDW
ÌQFD]GHUHQXQĠDUHODDSOLFDUHDSHGHSVHLGHDPkQDUHDDSOLFăULLSHGHSVHLGHDFKLWDUH
VDXGHvQFHWDUHDSURFHVXOXLSHQDOLQVWDQĠDGLVSXQHSXQHUHDGHvQGDWăvQOLEHUWDWHD
LQFXOSDWXOXLDUHVWDWSUHYHQWLY
'HDVHPHQHDLQVWDQĠDGLVSXQHSXQHUHDGHvQGDWăvQOLEHUWDWHDLQFXOSDWXOXLDUHVWDW
SUHYHQWLYDWXQFLFkQGSURQXQĠă
D RSHGHDSVăFXvQFKLVRDUHFHOPXOWHJDOăFXGXUDWDUHĠLQHULLúLDUHVWăULLSUHYHQWLYH
E RSHGHDSVăFXvQFKLVRDUHFXVXVSHQGDUHDH[HFXWăULLVXEVXSUDYHJKHUH
F RSHGHDSVăFXDPHQGăFDUHQXvQVRĠHúWHSHGHDSVDvQFKLVRULL
G RPăVXUăHGXFDWLYă
+RWăUkUHDSURQXQĠDWăvQFRQGLĠLLOHDOLQ úL FXSULYLUHODPăVXULOHSUHYHQWLYH
HVWHH[HFXWRULH
&kQGSRWULYLWGLVSR]LĠLLORUSUHYă]XWHODDOLQ LQFXOSDWXOHVWHSXVvQ
OLEHUWDWHLQVWDQĠDFRPXQLFăDFHDVWDDGPLQLVWUDĠLHLORFXOXLGHGHĠLQHUH
,QFXOSDWXOFRQGDPQDWGHSULPDLQVWDQĠăúLDIODWvQVWDUHGHDUHVWSUHYHQWLYHVWHOLEHUDW
GHvQGDWăFHGXUDWDUHĠLQHULLúLFHDDDUHVWăULLGHYLQHJDOHFXGXUDWDSHGHSVHLSURQXQĠDWH
GHúLKRWăUkUHDQXHVWHGHILQLWLYă/LEHUDUHDVHGLVSXQHGHDGPLQLVWUDĠLDORFXOXLGHGHĠLQHUH
FăUHLDLVHFRPXQLFăvQGDWăGXSăSURQXQĠDUHDKRWăUkULLRFRSLHGHSHGLVSR]LWLYVDXH[WUDV
ÌQFD]GHUHQXQĠDUHODDSOLFDUHDSHGHSVHLGHDPkQDUHDDSOLFăULLSHGHSVHLGHDFKLWDUH
VDXGHvQFHWDUHDSURFHVXOXLSHQDOGDFăvQFXUVXOXUPăULULLSHQDOHVDXDOMXGHFăĠLLIDĠăGH
LQFXOSDWVDOXDWPăVXUDSUHYHQWLYăDFRQWUROXOXLMXGLFLDUSHFDXĠLXQHLQVWDQĠDYDGLVSXQH
UHVWLWXLUHDVXPHLGHSXVHGUHSWFDXĠLXQHGDFăQXVDGLVSXVSODWDGLQDFHDVWDD
GHVSăJXELULORUDFRUGDWHSHQWUXUHSDUDUHDSDJXEHORUúLGDFăQXVDGLVSXVSODWDGLQFDXĠLXQH
SUHYă]XWăODDUWDOLQ
,QVWDQĠDGLVSXQHFRQILVFDUHDFDXĠLXQLLGDFăPăVXUDFRQWUROXOXLMXGLFLDUSHFDXĠLXQHD
IRVWvQORFXLWăFXPăVXUDDUHVWXOXLODGRPLFLOLXVDXDDUHVWăULLSUHYHQWLYHSHQWUXPRWLYHOH
DUăWDWHODDUWDOLQ úLQXVDGLVSXVSODWDGLQFDXĠLXQHDVXPHORUSUHYă]XWHOD
DUW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'XUDWDPăVXULLDUHVWXOXLODGRPLFLOLXVHGHGXFHGLQSHGHDSVDDSOLFDWăSULQHFKLYDODUHD
XQHL]LOHGHDUHVWSUHYHQWLYODGRPLFLOLXFXR]LGLQSHGHDSVă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'XSăSURQXQĠDUHDKRWăUkULLSkQăODVHVL]DUHDLQVWDQĠHLGHDSHOLQVWDQĠDSRDWHGLVSXQH
ODFHUHUHVDXGLQRILFLXOXDUHDUHYRFDUHDVDXvQORFXLUHDXQHLPăVXULSUHYHQWLYHFXSULYLUH
ODLQFXOSDWXOFRQGDPQDWvQFRQGLĠLLOHOHJLL
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
0LQXWD
5H]XOWDWXOGHOLEHUăULLVHFRQVHPQHD]ăvQWURPLQXWăFDUHWUHEXLHVăDLEăFRQĠLQXWXO
SUHYă]XWSHQWUXGLVSR]LWLYXOKRWăUkULL0LQXWDVHVHPQHD]ăGHPHPEULLFRPSOHWXOXLGH
MXGHFDWă
ÌQWRFPLUHDPLQXWHLHVWHREOLJDWRULHvQFD]XULOHvQFDUHMXGHFăWRUXOVDXLQVWDQĠDGLVSXQH
DVXSUDPăVXULORUSUHYHQWLYHúLvQDOWHFD]XULH[SUHVSUHYă]XWHGHOHJH
0LQXWDVHvQWRFPHúWHvQGRXăH[HPSODUHRULJLQDOHGLQWUHFDUHXQXOVHDWDúHD]ăODGRVDUXO
FDX]HLLDUFHOăODOWVHGHSXQHVSUHFRQVHUYDUHODGRVDUXOGHPLQXWHDOLQVWDQĠHL
$UWLFROXO
&XSULQVXOKRWăUkULL
+RWăUkUHDSULQFDUHLQVWDQĠDSHQDOăVROXĠLRQHD]ăIRQGXOFDX]HLWUHEXLHVăFRQĠLQăRSDUWH
LQWURGXFWLYăRH[SXQHUHúLGLVSR]LWLYXO
$UWLFROXO
&RQĠLQXWXOSăUĠLLLQWURGXFWLYH
3DUWHDLQWURGXFWLYăFXSULQGHPHQĠLXQLOHSUHYă]XWHODDUWDOLQ
&kQGVDUHGDFWDWRvQFKHLHUHGHúHGLQĠăSRWULYLWGLVSR]LĠLLORUDUWSDUWHD
LQWURGXFWLYăVHOLPLWHD]ăQXPDLODXUPăWRDUHOHPHQĠLXQLGHQXPLUHDLQVWDQĠHLFDUHDMXGHFDW
FDX]DGDWDSURQXQĠăULLKRWăUkULLORFXOXQGHDIRVWMXGHFDWăFDX]DSUHFXPúLQXPHOHúL
SUHQXPHOHPHPEULORUFRPSOHWXOXLGHMXGHFDWăDOHSURFXURUXOXLúLDOHJUHILHUXOXLIăFkQGXVH
PHQĠLXQHFăFHOHODOWHGDWHDXIRVWWUHFXWHvQvQFKHLHUHDGHúHGLQĠă
ÌQKRWăUkULOHLQVWDQĠHORUPLOLWDUHWUHEXLHVăVHLQGLFHúLJUDGXOPLOLWDUDOPHPEULORU
FRPSOHWXOXLGHMXGHFDWăúLDOSURFXURUXOXL&kQGLQFXOSDWXOHVWHPLOLWDUVHPHQĠLRQHD]ăúL
JUDGXODFHVWXLD
$UWLFROXO
&RQĠLQXWXOH[SXQHULL
([SXQHUHDWUHEXLHVăFXSULQGă
D GDWHOHSULYLQGLGHQWLWDWHDSăUĠLORU
E GHVFULHUHDIDSWHLFHIDFHRELHFWXOWULPLWHULLvQMXGHFDWăFXDUăWDUHDWLPSXOXLúLORFXOXL
XQGHDIRVWVăYkUúLWăSUHFXPúLvQFDGUDUHDMXULGLFăGDWăDFHVWHLDSULQDFWXOGHVHVL]DUH
F PRWLYDUHDVROXĠLHLFXSULYLUHODODWXUDSHQDOăSULQDQDOL]DSUREHORUFDUHDXVHUYLWFD
WHPHLSHQWUXVROXĠLRQDUHDODWXULLSHQDOHDFDX]HLúLDFHORUFDUHDXIRVWvQOăWXUDWHúL
PRWLYDUHDVROXĠLHLFXSULYLUHODODWXUDFLYLOăDFDX]HLSUHFXPúLDQDOL]DRULFăURUHOHPHQWH
GHIDSWSHFDUHVHVSULMLQăVROXĠLDGDWăvQFDX]ă
G DUăWDUHDWHPHLXULORUGHGUHSWFDUHMXVWLILFăVROXĠLLOHGDWHvQFDX]ă
ÌQFD]GHFRQGDPQDUHUHQXQĠDUHODDSOLFDUHDSHGHSVHLVDXDPkQDUHDDSOLFăULLSHGHSVHL
H[SXQHUHDWUHEXLHVăFXSULQGăILHFDUHIDSWăUHĠLQXWăGHLQVWDQĠăvQVDUFLQDLQFXOSDWXOXL
IRUPDúLJUDGXOGHYLQRYăĠLHFLUFXPVWDQĠHOHDJUDYDQWHVDXDWHQXDQWHVWDUHDGHUHFLGLYă
WLPSXOFHVHGHGXFHGLQSHGHDSVDSURQXQĠDWăUHVSHFWLYWLPSXOFDUHVHYDGHGXFHGLQSHGHDSVD
VWDELOLWăvQFD]GHDQXODUHVDXUHYRFDUHDUHQXQĠăULLODDSOLFDUHDSHGHSVHLRULDDPkQăULL
DSOLFăULLSHGHSVHLSUHFXPúLDFWHOHGLQFDUHUH]XOWăSHULRDGDFHXUPHD]ăDILGHGXVă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'DFăLQVWDQĠDUHĠLQHvQVDUFLQDLQFXOSDWXOXLQXPDLRSDUWHGLQWUHIDSWHOHFHIRUPHD]ă
RELHFWXOWULPLWHULLvQMXGHFDWăVHYDDUăWDvQKRWăUkUHSHQWUXFDUHDQXPHIDSWHVD
SURQXQĠDWFRQGDPQDUHDRULGXSăFD]UHQXQĠDUHDODDSOLFDUHDSHGHSVHLVDXDPkQDUHDDSOLFăULL
SHGHSVHLúLSHQWUXFDUHDQXPHIDSWHvQFHWDUHDSURFHVXOXLSHQDOVDXDFKLWDUHD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOUHQXQĠăULLODDSOLFDUHDSHGHSVHLúLDODPkQăULLDSOLFăULLSHGHSVHLSUHFXPúLvQ
FD]XOVXVSHQGăULLH[HFXWăULLSHGHSVHLVXEVXSUDYHJKHUHVHYRUSUH]HQWDvQKRWăUkUHPRWLYHOH
FDUHDXGHWHUPLQDWUHQXQĠDUHDVDXDPkQDUHDRULGXSăFD]VXVSHQGDUHDúLVHYRUDUăWD
FRQVHFLQĠHOHODFDUHSHUVRDQDIDĠăGHFDUHVDXGLVSXVDFHVWHVROXĠLLVHH[SXQHGDFăYDPDL
FRPLWHLQIUDFĠLXQLVDXGXSăFD]GDFăQXYDUHVSHFWDPăVXULOHGHVXSUDYHJKHUHRULQXYD
H[HFXWDREOLJDĠLLOHFHvLUHYLQSHGXUDWDWHUPHQXOXLGHVXSUDYHJKHUH
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RQĠLQXWXOGLVSR]LWLYXOXL
'LVSR]LWLYXOWUHEXLHVăFXSULQGăGDWHOHSUHYă]XWHODDUWSULYLWRDUHODSHUVRDQD
LQFXOSDWXOXLVROXĠLDGDWăGHLQVWDQĠăFXSULYLUHODLQIUDFĠLXQHLQGLFkQGXVHGHQXPLUHD
DFHVWHLDúLWH[WXOGHOHJHvQFDUHVHvQFDGUHD]ăLDUvQFD]GHDFKLWDUHVDXGHvQFHWDUHD
SURFHVXOXLSHQDOúLFDX]DSHFDUHVHvQWHPHLD]ăSRWULYLWDUWSUHFXPúLVROXĠLDGDWăFX
SULYLUHODVROXĠLRQDUHDDFĠLXQLLFLYLOH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&kQGLQVWDQĠDGLVSXQHFRQGDPQDUHDvQGLVSR]LWLYVHPHQĠLRQHD]ăSHGHDSVDSULQFLSDOă
DSOLFDWăÌQFD]XOvQFDUHGLVSXQHVXVSHQGDUHDH[HFXWăULLDFHVWHLDvQGLVSR]LWLYVH
PHQĠLRQHD]ăúLPăVXULOHGHVXSUDYHJKHUHúLREOLJDĠLLOHSUHYă]XWHODDUWDOLQ
GLQ&RGXOSHQDOSHFDUHWUHEXLHVăOHUHVSHFWHFRQGDPQDWXOVHSXQvQYHGHUHDFHVWXLD
FRQVHFLQĠHOHQHUHVSHFWăULLORUúLDOHVăYkUúLULLGHQRLLQIUDFĠLXQLúLVHLQGLFăGRXă
HQWLWăĠLGLQFRPXQLWDWHXQGHXUPHD]ăDVHH[HFXWDREOLJDĠLDGHDSUHVWDRPXQFăQHUHPXQHUDWă
vQIRORVXOFRPXQLWăĠLLSUHYă]XWăODDUWDOLQ GLQ&RGXOSHQDOGXSăFRQVXOWDUHD
OLVWHLSULYLQGSRVLELOLWăĠLOHFRQFUHWHGHH[HFXWDUHH[LVWHQWHODQLYHOXOILHFăUXLVHUYLFLXGH
SUREDĠLXQH&RQVLOLHUXOGHSUREDĠLXQHSHED]DHYDOXăULLLQLĠLDOHYDGHFLGHvQFDUHGLQFHOH
GRXăLQVWLWXĠLLGLQFRPXQLWDWHPHQĠLRQDWHvQKRWăUkUHDMXGHFăWRUHDVFăXUPHD]ăDVHH[HFXWD
REOLJDĠLDúLWLSXOGHDFWLYLWDWH&kQGLQVWDQĠDGLVSXQHPăVXUDHGXFDWLYăDVXSUDYHJKHULLvQ
GLVSR]LWLYVHPHQĠLRQHD]ăSHUVRDQDFDUHUHDOL]HD]ăVXSUDYHJKHUHDúLvQGUXPDUHDPLQRUXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&kQGLQVWDQĠDGLVSXQHUHQXQĠDUHDODDSOLFDUHDSHGHSVHLvQGLVSR]LWLYVHIDFHPHQĠLXQH
GHVSUHDSOLFDUHDDYHUWLVPHQWXOXLSRWULYLWDUWGLQ&RGXOSHQDOLDUFkQGGLVSXQHDPkQDUHD
DSOLFăULLSHGHSVHLvQGLVSR]LWLYVHPHQĠLRQHD]ăSHGHDSVDVWDELOLWăDFăUHLDSOLFDUHVH
DPkQăSUHFXPúLPăVXULOHGHVXSUDYHJKHUHúLREOLJDĠLLOHSUHYă]XWHODDUWDOLQ úL
GLQ&RGXOSHQDOSHFDUHWUHEXLHVăOHUHVSHFWHLQFXOSDWXOVHSXQvQYHGHUHDFHVWXLD
FRQVHFLQĠHOHQHUHVSHFWăULLORUúLDOHVăYkUúLULLGHQRLLQIUDFĠLXQLLDUGDFăDLPSXV
REOLJDĠLDGHDSUHVWDRPXQFăQHUHPXQHUDWăvQIRORVXOFRPXQLWăĠLLVHPHQĠLRQHD]ăGRXă
HQWLWăĠLGLQFRPXQLWDWHXQGHXUPHD]ăDVHH[HFXWDDFHDVWăREOLJDĠLHGXSăFRQVXOWDUHDOLVWHL
SULYLQGSRVLELOLWăĠLOHFRQFUHWHGHH[HFXWDUHH[LVWHQWHODQLYHOXOILHFăUXLVHUYLFLXGH
SUREDĠLXQH&RQVLOLHUXOGHSUREDĠLXQHSHED]DHYDOXăULLLQLĠLDOHYDGHFLGHvQFDUHGLQFHOH
GRXăLQVWLWXĠLLGLQFRPXQLWDWHPHQĠLRQDWHvQKRWăUkUHDMXGHFăWRUHDVFăXUPHD]ăDVHH[HFXWD
REOLJDĠLDúLWLSXOGHDFWLYLWDWHúLvQGUXPDUHDPLQRUXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'LVSR]LWLYXOWUHEXLHVăPDLFXSULQGăGXSăFD]FHOHKRWăUkWHGHLQVWDQĠăFXSULYLUHOD
D GHGXFHUHDGXUDWHLPăVXULLSUHYHQWLYHSULYDWLYHGHOLEHUWDWHúLDLQWHUQăULLPHGLFDOH
LQGLFkQGXVHSDUWHDGLQSHGHDSVăH[HFXWDWăvQDFHVWPRG
E PăVXULOHSUHYHQWLYH
F PăVXULOHDVLJXUăWRULL
G PăVXULOHGHVLJXUDQĠă
H FKHOWXLHOLOHMXGLFLDUH
I UHVWLWXLUHDOXFUXULORU
J UHVWDELOLUHDVLWXDĠLHLDQWHULRDUH
K FDXĠLXQH
L UH]ROYDUHDRULFăUHLDOWHSUREOHPHSULYLQGMXVWDVROXĠLRQDUHDFDX]HL
&kQGLQVWDQĠDSURQXQĠăSHGHDSVDvQFKLVRULLvQGLVSR]LWLYVHIDFHPHQĠLXQHFăSHUVRDQD
FRQGDPQDWăHVWHOLSVLWăGHGUHSWXULOHVDXGXSăFD]XQHOHGLQWUHGUHSWXULOHSUHYă]XWHOD
DUWGLQ&RGXOSHQDOSHGXUDWDSUHYă]XWăvQDFHODúLDUWLFRO
&kQGLQVWDQĠDDSURQXQĠDWSHGHDSVDvQFKLVRULLLDUSHUVRDQDYăWăPDWăDVROLFLWDW
vQúWLLQĠDUHDFXSULYLUHODHOLEHUDUHDvQRULFHPRGDFRQGDPQDWXOXLLQVWDQĠDIDFHRPHQĠLXQH
vQDFHVWVHQVvQGLVSR]LWLYXOKRWăUkULL
'LVSR]LWLYXOWUHEXLHVăFXSULQGăPHQĠLXQHDFăKRWăUkUHDHVWHVXSXVăDSHOXOXLFXDUăWDUHD
WHUPHQXOXLvQFDUHDFHVWDSRDWHILH[HUFLWDWLQGLFDUHDGDWHLvQFDUHKRWăUkUHDDIRVW
SURQXQĠDWăúLDIDSWXOXLFăSURQXQĠDUHDVDIăFXWvQúHGLQĠăSXEOLFă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3URQXQĠDUHDKRWăUkULL
+RWăUkUHDVHSURQXQĠăvQúHGLQĠăSXEOLFăGHFăWUHSUHúHGLQWHOHFRPSOHWXOXLGHMXGHFDWă
DVLVWDWGHJUHILHU
/DSURQXQĠDUHDKRWăUkULLSăUĠLOHQXVHFLWHD]ă
3UHúHGLQWHOHFRPSOHWXOXLSURQXQĠăPLQXWDKRWăUkULL
$UWLFROXO
5HGDFWDUHDúLVHPQDUHDKRWăUkULL
+RWăUkUHDVHUHGDFWHD]ăvQFHOPXOWGH]LOHGHODSURQXQĠDUH
+RWăUkUHDVHUHGDFWHD]ăGHXQXOGLQWUHMXGHFăWRULLFDUHDXSDUWLFLSDWODVROXĠLRQDUHD
FDX]HLvQFHOPXOWGH]LOHGHODSURQXQĠDUHúLVHVHPQHD]ăGHWRĠLPHPEULLFRPSOHWXOXL
úLGHJUHILHU
'LVSR]LWLYXOKRWăUkULLWUHEXLHVăILHFRQIRUPFXPLQXWD
ÌQFD]GHvPSLHGLFDUHDYUHXQXLDGLQWUHPHPEULLFRPSOHWXOXLGHMXGHFDWăGHDVHPQD
KRWăUkUHDVHVHPQHD]ăvQORFXODFHVWXLDGHSUHúHGLQWHOHFRPSOHWXOXL'DFăúLSUHúHGLQWHOH
FRPSOHWXOXLHVWHvPSLHGLFDWDVHPQDKRWăUkUHDVHVHPQHD]ăGHSUHúHGLQWHOHLQVWDQĠHL&kQG
vPSLHGLFDUHDvOSULYHúWHSHJUHILHUKRWăUkUHDVHVHPQHD]ăGHJUHILHUXOúHIÌQWRDWH
FD]XULOHVHIDFHPHQĠLXQHSHKRWăUkUHGHVSUHFDX]DFDUHDGHWHUPLQDWvPSLHGLFDUHD
$UWLFROXO
&RPXQLFDUHDKRWăUkULL
'XSăSURQXQĠDUHRFRSLHDPLQXWHLKRWăUkULLVHFRPXQLFăSURFXURUXOXLSăUĠLORU
SHUVRDQHLYăWăPDWHúLvQFD]XOvQFDUHLQFXOSDWXOHVWHDUHVWDWDGPLQLVWUDĠLHLORFXOXLGH
GHĠLQHUHvQYHGHUHDH[HUFLWăULLFăLLGHDWDFÌQFD]XOvQFDUHLQFXOSDWXOQXvQĠHOHJHOLPED
URPkQăRFRSLHDPLQXWHLKRWăUkULLVHFRPXQLFăvQWUROLPEăSHFDUHRvQĠHOHJH'XSă
UHGDFWDUHDKRWăUkULLDFHVWRUDOLVHFRPXQLFăKRWăUkUHDvQvQWUHJXOVăX
ÌQFD]XOvQFDUHLQVWDQĠDDGLVSXVDPkQDUHDDSOLFăULLSHGHSVHLVDXVXVSHQGDUHDH[HFXWăULL
SHGHSVHLVXEVXSUDYHJKHUHKRWăUkUHDVHFRPXQLFăVHUYLFLXOXLGHSUREDĠLXQHúLGXSăFD]
RUJDQXOXLVDXDXWRULWăĠLLFRPSHWHQWHVăYHULILFHUHVSHFWDUHDREOLJDĠLLORUGLVSXVHGH
LQVWDQĠă
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&DSLWROXO,,,$SHOXO
$UWLFROXO
+RWăUkULOHVXSXVHDSHOXOXL
6HQWLQĠHOHSRWILDWDFDWHFXDSHOGDFăOHJHDQXSUHYHGHDOWIHO
ÌQFKHLHULOHSRWILDWDFDWHFXDSHOQXPDLRGDWăFXVHQWLQĠDFXH[FHSĠLDFD]XULORUFkQG
SRWULYLWOHJLLSRWILDWDFDWHVHSDUDWFXDSHO
$SHOXOGHFODUDWvPSRWULYDVHQWLQĠHLVHVRFRWHúWHIăFXWúLvPSRWULYDvQFKHLHULORU
$UWLFROXO
3HUVRDQHOHFDUHSRWIDFHDSHO
3RWIDFHDSHO
D SURFXURUXOUHIHULWRUODODWXUDSHQDOăúLODWXUDFLYLOă
E LQFXOSDWXOvQFHHDFHSULYHúWHODWXUDSHQDOăúLODWXUDFLYLOă
F SDUWHDFLYLOăvQFHHDFHSULYHúWHODWXUDSHQDOăúLODWXUDFLYLOăúLSDUWHDUHVSRQVDELOă
FLYLOPHQWHvQFHHDFHSULYHúWHODWXUDFLYLOăLDUUHIHULWRUODODWXUDSHQDOăvQPăVXUDvQ
FDUHVROXĠLDGLQDFHDVWăODWXUăDLQIOXHQĠDWVROXĠLDvQODWXUDFLYLOă
/LWF DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
G SHUVRDQDYăWăPDWăvQFHHDFHSULYHúWHODWXUDSHQDOă
H PDUWRUXOH[SHUWXOLQWHUSUHWXOúLDYRFDWXOvQFHHDFHSULYHúWHFKHOWXLHOLOHMXGLFLDUH
LQGHPQL]DĠLLOHFXYHQLWHDFHVWRUDúLDPHQ]LOHMXGLFLDUHDSOLFDWH
I RULFHSHUVRDQăIL]LFăRULMXULGLFăDOHFăUHLGUHSWXULOHJLWLPHDXIRVWYăWăPDWHQHPLMORFLW
SULQWURPăVXUăVDXSULQWUXQDFWDOLQVWDQĠHLvQFHHDFHSULYHúWHGLVSR]LĠLLOHFDUHDX
SURYRFDWDVHPHQHDYăWăPDUH
3HQWUXSHUVRDQHOHSUHYă]XWHODDOLQ OLWE I DSHOXOSRDWHILGHFODUDWúLGHFăWUH
UHSUH]HQWDQWXOOHJDORULGHFăWUHDYRFDWLDUSHQWUXLQFXOSDWúLGHFăWUHVRĠXODFHVWXLD
$UWLFROXO
7HUPHQXOGHGHFODUDUHDDSHOXOXL
3HQWUXSURFXURUSHUVRDQDYăWăPDWăúLSăUĠLWHUPHQXOGHDSHOHVWHGH]LOHGDFăOHJHD
QXGLVSXQHDOWIHOúLFXUJHGHODFRPXQLFDUHDFRSLHLPLQXWHL
ÌQFD]XOSUHYă]XWODDUWDOLQ OLWH DSHOXOSRDWHILH[HUFLWDWGHvQGDWăGXSă
SURQXQĠDUHDvQFKHLHULLSULQFDUHVDGLVSXVDVXSUDFKHOWXLHOLORUMXGLFLDUHLQGHPQL]DĠLLORU
úLDPHQ]LORUMXGLFLDUHúLFHOPDLWkU]LXvQ]LOHGHODSURQXQĠDUHDVHQWLQĠHLSULQFDUHVD
VROXĠLRQDWFDX]D
3HQWUXSHUVRDQHOHSUHYă]XWHODDUWDOLQ OLWI WHUPHQXOGHDSHOHVWHGH
]LOHúLFXUJHGHODGDWDODFDUHDFHVWHDDXDIODWGHVSUHDFWXOVDXPăVXUDFDUHDSURYRFDW
YăWăPDUHD
$UWLFROXO
5HSXQHUHDvQWHUPHQ
$SHOXOGHFODUDWGXSăH[SLUDUHDWHUPHQXOXLSUHYă]XWGHOHJHHVWHFRQVLGHUDWFDILLQGIăFXW
vQWHUPHQGDFăLQVWDQĠDGHDSHOFRQVWDWăFăvQWkU]LHUHDDIRVWGHWHUPLQDWăGHRFDX]ă
WHPHLQLFăGHvPSLHGLFDUHLDUFHUHUHDGHDSHODIRVWIăFXWăvQFHOPXOW]LOHGHOD
vQFHWDUHDDFHVWHLD
+RWăUkUHDHVWHGHILQLWLYăSkQăODPRPHQWXOvQFDUHLQVWDQĠDGHDSHODGPLWHFHUHUHDGH
UHSXQHUHvQWHUPHQ
3kQăODVROXĠLRQDUHDUHSXQHULLvQWHUPHQLQVWDQĠDGHDSHOSRDWHVXVSHQGDH[HFXWDUHD
KRWăUkULLDWDFDWH
'LVSR]LĠLLOHDOLQ úL QXVHDSOLFăvQVLWXDĠLDUHGHVFKLGHULLSURFHVXOXLSHQDO
FHUXWHGHSHUVRDQDFRQGDPQDWăvQOLSVă
$UWLFROXO
'HFODUDUHDúLPRWLYDUHDDSHOXOXL
$SHOXOVHGHFODUăSULQFHUHUHVFULVăFDUHWUHEXLHVăFRQĠLQăXUPăWRDUHOH
D QXPăUXOGRVDUXOXLGDWDúLQXPăUXOVHQWLQĠHLVDXvQFKHLHULLDWDFDWH
E GHQXPLUHDLQVWDQĠHLFDUHDSURQXQĠDWKRWăUkUHDDWDFDWă
F QXPHOHSUHQXPHOHFRGXOQXPHULFSHUVRQDOFDOLWDWHDúLGRPLFLOLXOUHúHGLQĠDVDX
ORFXLQĠDSUHFXPúLVHPQăWXUDSHUVRDQHLFDUHGHFODUăDSHOXO
3HQWUXSHUVRDQDFDUHQXSRDWHVăVHPQH]HFHUHUHDYDILDWHVWDWăGHXQJUHILHUGHOD
LQVWDQĠDDFăUHLKRWăUkUHVHDWDFăVDXGHDYRFDW
&HUHUHDGHDSHOQHVHPQDWăRULQHDWHVWDWăSRDWHILFRQILUPDWăvQLQVWDQĠăGHSDUWHRULGH
UHSUH]HQWDQWXOHLODSULPXOWHUPHQGHMXGHFDWăFXSURFHGXUDOHJDOvQGHSOLQLWă
$SHOXOVHPRWLYHD]ăvQVFULVDUăWkQGXVHPRWLYHOHGHIDSWúLGHGUHSWSHFDUHVH
vQWHPHLD]ă
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
,QVWDQĠDODFDUHVHGHSXQHDSHOXO
&HUHUHDGHDSHOvQWRFPLWăvQFRQGLĠLLOHSUHYă]XWHODDUWVHGHSXQHODLQVWDQĠDD
FăUHLKRWăUkUHVHDWDFă
3HUVRDQDFDUHVHDIOăvQVWDUHGHGHĠLQHUHSRDWHGHSXQHFHUHUHDGHDSHOúLOD
DGPLQLVWUDĠLDORFXOXLGHGHĠLQHUH
&HUHUHDGHDSHOvQUHJLVWUDWăVDXDWHVWDWăvQFRQGLĠLLOHDOLQ RULSURFHVXOYHUEDO
vQWRFPLWGHDGPLQLVWUDĠLDORFXOXLGHGHĠLQHUHVHvQDLQWHD]ăGHvQGDWăLQVWDQĠHLDFăUHL
KRWăUkUHHVWHDWDFDWă
$UWLFROXO
5HQXQĠDUHDODDSHO
'XSăSURQXQĠDUHDKRWăUkULLúLSkQăODH[SLUDUHDWHUPHQXOXLGHGHFODUDUHDDSHOXOXL
SăUĠLOHúLSHUVRDQDYăWăPDWăSRWUHQXQĠDvQPRGH[SUHVODDFHDVWăFDOHGHDWDF
$VXSUDUHQXQĠăULLFXH[FHSĠLDDSHOXOXLFDUHSULYHúWHODWXUDFLYLOăDFDX]HLVHSRDWH
UHYHQLvQăXQWUXOWHUPHQXOXLSHQWUXGHFODUDUHDDSHOXOXL
5HQXQĠDUHDVDXUHYHQLUHDDVXSUDUHQXQĠăULLSRDWHVăILHIăFXWăSHUVRQDOVDXSULQPDQGDWDU
VSHFLDO
$UWLFROXO
5HWUDJHUHDDSHOXOXL
3kQăODvQFKLGHUHDGH]EDWHULORUODLQVWDQĠDGHDSHOSHUVRDQDYăWăPDWăúLRULFDUHGLQWUH
SăUĠLvúLSRWUHWUDJHDSHOXOGHFODUDW5HWUDJHUHDWUHEXLHVăILHIăFXWăSHUVRQDOGHSDUWHVDX
SULQPDQGDWDUVSHFLDOLDUGDFăSDUWHDVHDIOăvQVWDUHGHGHĠLQHUHSULQWURGHFODUDĠLH
DWHVWDWăVDXFRQVHPQDWăvQWUXQSURFHVYHUEDOGHFăWUHDGPLQLVWUDĠLDORFXOXLGHGHĠLQHUH
'HFODUDĠLDGHUHWUDJHUHVHSRDWHIDFHILHODLQVWDQĠDDFăUHLKRWăUkUHDIRVWDWDFDWăILHOD
LQVWDQĠDGHDSHO
5HSUH]HQWDQĠLLOHJDOLSRWUHWUDJHDSHOXOFXUHVSHFWDUHDvQFHHDFHSULYHúWHODWXUD
FLYLOăDFRQGLĠLLORUSUHYă]XWHGHOHJHDFLYLOă,QFXOSDWXOPLQRUQXSRDWHUHWUDJHDSHOXO
GHFODUDWSHUVRQDOVDXGHUHSUH]HQWDQWXOVăXOHJDO
$SHOXOGHFODUDWGHSURFXURUSRDWHILUHWUDVGHSURFXURUXOLHUDUKLFVXSHULRU
$SHOXOGHFODUDWGHSURFXURUúLUHWUDVSRDWHILvQVXúLWGHSDUWHDvQIDYRDUHDFăUHLDD
IRVWGHFODUDW
$UWLFROXO
(IHFWXOVXVSHQVLYDODSHOXOXL
$SHOXOGHFODUDWvQWHUPHQHVWHVXVSHQVLYGHH[HFXWDUHDWkWvQFHHDFHSULYHúWHODWXUD
SHQDOăFkWúLvQFHHDFHSULYHúWHODWXUDFLYLOăvQDIDUăGHFD]XOFkQGOHJHDGLVSXQH
DOWIHO
$UWLFROXO
(IHFWXOGHYROXWLYDODSHOXOXLúLOLPLWHOHVDOH
,QVWDQĠDMXGHFăDSHOXOQXPDLFXSULYLUHODSHUVRDQDFDUHODGHFODUDWúLODSHUVRDQDOD
FDUHVHUHIHUăGHFODUDĠLDGHDSHOúLQXPDLvQUDSRUWFXFDOLWDWHDSHFDUHDSHODQWXORDUHvQ
SURFHV
ÌQFDGUXOOLPLWHORUSUHYă]XWHODDOLQ LQVWDQĠDHVWHREOLJDWăFDvQDIDUăGH
WHPHLXULOHLQYRFDWHúLFHUHULOHIRUPXODWHGHDSHODQWVăH[DPLQH]HFDX]DVXEWRDWHDVSHFWHOH
GHIDSWúLGHGUHSW
$UWLFROXO
1HDJUDYDUHDVLWXDĠLHLvQSURSULXODSHO
,QVWDQĠDGHDSHOVROXĠLRQkQGFDX]DQXSRDWHFUHDRVLWXDĠLHPDLJUHDSHQWUXFHOFDUHD
GHFODUDWDSHO
'HDVHPHQHDvQDSHOXOGHFODUDWGHSURFXURUvQIDYRDUHDXQHLSăUĠLLQVWDQĠDGHDSHOQX
SRDWHDJUDYDVLWXDĠLDDFHVWHLD
$UWLFROXO
(IHFWXOH[WHQVLYDODSHOXOXL
,QVWDQĠDGHDSHOH[DPLQHD]ăFDX]DSULQH[WLQGHUHúLFXSULYLUHODSăUĠLOHFDUHQXDXGHFODUDW
DSHOVDXODFDUHDFHVWDQXVHUHIHUăSXWkQGKRWăUvúLvQSULYLQĠDORUIăUăVăSRDWăFUHD
DFHVWRUSăUĠLRVLWXDĠLHPDLJUHD
$UWLFROXO
-XGHFDUHDDSHOXOXL
-XGHFDUHDDSHOXOXLVHIDFHFXFLWDUHDSăUĠLORUúLDSHUVRDQHLYăWăPDWH
-XGHFDUHDDSHOXOXLQXSRDWHDYHDORFGHFkWvQSUH]HQĠDLQFXOSDWXOXLFkQGDFHVWDVHDIOă
vQVWDUHGHGHĠLQHUH
3DUWLFLSDUHDSURFXURUXOXLODMXGHFDUHDDSHOXOXLHVWHREOLJDWRULH
,QVWDQĠDGHDSHOSURFHGHD]ăODDVFXOWDUHDLQFXOSDWXOXLFkQGDFHDVWDHVWHSRVLELOă
SRWULYLWUHJXOLORUGHODMXGHFDWDvQIRQG
,QVWDQĠDGHDSHOSRDWHUHDGPLQLVWUDSUREHOHDGPLQLVWUDWHODSULPDLQVWDQĠăúLSRDWH
DGPLQLVWUDSUREHQRLvQFRQGLĠLLOHDUW
&kQGDSHOXOHVWHvQVWDUHGHMXGHFDWăSUHúHGLQWHOHFRPSOHWXOXLGăFXYkQWXODSHODQWXOXL
DSRLLQWLPDWXOXLúLSHXUPăSURFXURUXOXL'DFăvQWUHDSHOXULOHGHFODUDWHVHDIOăúLDSHOXO
SURFXURUXOXLSULPXOFXYkQWvODUHDFHVWD
3URFXURUXOúLSăUĠLOHDXGUHSWXOODUHSOLFăFXSULYLUHODFKHVWLXQLOHQRLLYLWHFXRFD]LD
GH]EDWHULORU,QFXOSDWXOXLLVHDFRUGăXOWLPXOFXYkQW
,QVWDQĠDYHULILFăKRWăUkUHDDWDFDWăSHED]DOXFUăULORUúLDPDWHULDOXOXLGLQGRVDUXO
FDX]HLSUHFXPúLDRULFăURUSUREHDGPLQLVWUDWHvQIDĠDLQVWDQĠHLGHDSHO
ÌQYHGHUHDVROXĠLRQăULLDSHOXOXLLQVWDQĠDPRWLYDWSRDWHGDRQRXăDSUHFLHUHSUREHORU
,QVWDQĠDVHSURQXQĠăDVXSUDWXWXURUPRWLYHORUGHDSHOLQYRFDWH
/DMXGHFDUHDDSHOXOXLVHDSOLFăUHJXOLOHGHODMXGHFDWDvQIRQGvQPăVXUDvQFDUHvQ
SUH]HQWXOWLWOXQXH[LVWăGLVSR]LĠLLFRQWUDUH
$SHOXOvPSRWULYDvQFKHLHULORUFDUHSRWULYLWOHJLLSRWILDWDFDWHVHSDUDWVHMXGHFăvQ
FDPHUDGHFRQVLOLXIăUăSUH]HQĠDSăUĠLORUFDUHSRWGHSXQHFRQFOX]LLVFULVHFXH[FHSĠLD
FD]XULORUvQFDUHOHJHDGLVSXQHDOWIHORULDFHORUvQFDUHLQVWDQĠDDSUHFLD]ăFăHVWH
QHFHVDUăMXGHFDWDvQúHGLQĠăSXEOLFă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
6ROXĠLLOHODMXGHFDWDvQDSHO
,QVWDQĠDMXGHFkQGDSHOXOSURQXQĠăXQDGLQWUHXUPăWRDUHOHVROXĠLL
UHVSLQJHDSHOXOPHQĠLQkQGKRWăUkUHDDWDFDWă
D GDFăDSHOXOHVWHWDUGLYVDXLQDGPLVLELO
E GDFăDSHOXOHVWHQHIRQGDW
DGPLWHDSHOXOúL
D GHVILLQĠHD]ăVHQWLQĠDSULPHLLQVWDQĠHúLSURQXQĠăRQRXăKRWăUkUHSURFHGkQGSRWULYLW
UHJXOLORUUHIHULWRDUHODVROXĠLRQDUHDDFĠLXQLLSHQDOHúLDDFĠLXQLLFLYLOHODMXGHFDWDvQ
IRQG
E GHVILLQĠHD]ăVHQWLQĠDSULPHLLQVWDQĠHúLGLVSXQHUHMXGHFDUHDGHFăWUHLQVWDQĠDDFăUHL
KRWăUkUHDIRVWGHVILLQĠDWăSHQWUXPRWLYXOFăMXGHFDUHDFDX]HLODDFHDLQVWDQĠăDDYXWORFvQ
OLSVDXQHLSăUĠLQHOHJDOFLWDWHVDXFDUHOHJDOFLWDWăDIRVWvQLPSRVLELOLWDWHGHDVH
SUH]HQWDúLGHDvQúWLLQĠDLQVWDQĠDGHVSUHDFHDVWăLPSRVLELOLWDWHLQYRFDWăGHDFHDSDUWH
5HMXGHFDUHDGHFăWUHLQVWDQĠDDFăUHLKRWăUkUHDIRVWGHVILLQĠDWăVHGLVSXQHúLDWXQFLFkQG
H[LVWăYUHXQXOGLQWUHFD]XULOHGHQXOLWDWHDEVROXWăFXH[FHSĠLDFD]XOXLGHQHFRPSHWHQĠă
FkQGVHGLVSXQHUHMXGHFDUHDGHFăWUHLQVWDQĠDFRPSHWHQWă
$UWLFROXO
&KHVWLXQLOHFRPSOHPHQWDUH
,QVWDQĠDGHOLEHUkQGDVXSUDDSHOXOXLIDFHDWXQFLFkQGHVWHFD]XODSOLFDUHDGLVSR]LĠLLORU
SULYLWRDUHODUHOXDUHDGH]EDWHULORUúLDFHORUSULYLQGUH]ROYDUHDDFĠLXQLLFLYLOHPăVXULOH
DVLJXUăWRULLFKHOWXLHOLOHMXGLFLDUHúLRULFHDOWHDVSHFWHGHFDUHGHSLQGHVROXĠLRQDUHD
FRPSOHWăDDSHOXOXL'HDVHPHQHDLQVWDQĠDGHDSHOYHULILFăGDFăVDIăFXWRMXVWăDSOLFDUH
GHFăWUHSULPDLQVWDQĠăDGLVSR]LĠLLORUSULYLWRDUHODGHGXFHUHDGXUDWHLUHĠLQHULLDUHVWăULL
SUHYHQWLYHDUHVWXOXLODGRPLFLOLXVDXLQWHUQăULLPHGLFDOHúLDGDXJăGDFăHVWHFD]XOWLPSXO
GHDUHVWDUHVFXUVGXSăSURQXQĠDUHDKRWăUkULLDWDFDWHFXDSHO
$UWLFROXO
'HVILLQĠDUHDKRWăUkULL
ÌQFD]GHDGPLWHUHDDSHOXOXLKRWăUkUHDDWDFDWăVHGHVILLQĠHD]ăvQOLPLWHOH
GLVSR]LĠLLORUSULYLQGHIHFWXOGHYROXWLYúLH[WHQVLYDODSHOXOXL
+RWăUkUHDSRDWHILGHVILLQĠDWăQXPDLFXSULYLUHODXQHOHIDSWHVDXSHUVRDQHRULQXPDLvQ
FHHDFHSULYHúWHODWXUDSHQDOăVDXFLYLOăGDFăDFHDVWDQXvPSLHGLFăMXVWDVROXĠLRQDUHD
FDX]HL
ÌQFD]GHGHVILLQĠDUHDKRWăUkULLLQVWDQĠDGHDSHOSRDWHPHQĠLQHPăVXUDDUHVWăULL
SUHYHQWLYH
$UWLFROXO
&RQĠLQXWXOGHFL]LHLLQVWDQĠHLGHDSHOúLFRPXQLFDUHDDFHVWHLD
'HFL]LDLQVWDQĠHLGHDSHOWUHEXLHVăFXSULQGăvQSDUWHDLQWURGXFWLYăPHQĠLXQLOHSUHYă]XWH
ODDUWLDUvQH[SXQHUHWHPHLXULOHGHIDSWúLGHGUHSWFDUHDXGXVGXSăFD]OD
UHVSLQJHUHDVDXDGPLWHUHDDSHOXOXLSUHFXPúLWHPHLXULOHFDUHDXGXVODDGRSWDUHDRULFăUHLD
GLQWUHVROXĠLLOHSUHYă]XWHODDUW'LVSR]LWLYXOFXSULQGHVROXĠLDGDWăGHLQVWDQĠDGH
DSHOGDWDSURQXQĠăULLGHFL]LHLúLPHQĠLXQHDFăSURQXQĠDUHDVDIăFXWvQúHGLQĠăSXEOLFă
,QVWDQĠDGHDSHOVHSURQXQĠăDVXSUDPăVXULORUSUHYHQWLYHSRWULYLWGLVSR]LĠLLORU
UHIHULWRDUHODFRQĠLQXWXOVHQWLQĠHL
ÌQFD]XOvQFDUHLQFXOSDWXOVHDIOăvQVWDUHGHDUHVWSUHYHQWLYVDXGHDUHVWOD
GRPLFLOLXvQH[SXQHUHúLGLVSR]LWLYVHDUDWăWLPSXOFDUHVHGHGXFHGLQSHGHDSVă
&kQGVDGLVSXVUHMXGHFDUHDGHFL]LDWUHEXLHVăLQGLFHFDUHHVWHXOWLPXODFWSURFHGXUDO
UăPDVYDODELOGHODFDUHSURFHVXOSHQDOWUHEXLHVăvúLUHLDFXUVXOvQFD]FRQWUDUWRDWH
DFWHOHSURFHGXUDOHILLQGGHVILLQĠDWHGHGUHSW
'HFL]LDLQVWDQĠHLGHDSHOVHFRPXQLFăSURFXURUXOXLSăUĠLORUSHUVRDQHLYăWăPDWHúL
DGPLQLVWUDĠLHLORFXOXLGHGHĠLQHUH
$UWLFROXO
/LPLWHOHUHMXGHFăULL
,QVWDQĠDGHUHMXGHFDUHWUHEXLHVăVHFRQIRUPH]HKRWăUkULLLQVWDQĠHLGHDSHOvQPăVXUDvQ
FDUHVLWXDĠLDGHIDSWUăPkQHFHDDYXWăvQYHGHUHODVROXĠLRQDUHDDSHOXOXL
'DFăKRWăUkUHDDIRVWGHVILLQĠDWăvQDSHOXOSURFXURUXOXLGHFODUDWvQGHIDYRDUHD
LQFXOSDWXOXLVDXvQDSHOXOSHUVRDQHLYăWăPDWHLQVWDQĠDFDUHUHMXGHFăSRDWHDJUDYDVROXĠLD
GDWăGHSULPDLQVWDQĠă
&kQGKRWăUkUHDHVWHGHVILLQĠDWăQXPDLFXSULYLUHODXQHOHIDSWHVDXSHUVRDQHRULQXPDLvQ
FHHDFHSULYHúWHODWXUDSHQDOăVDXFLYLOăLQVWDQĠDGHUHMXGHFDUHVHSURQXQĠăvQOLPLWHOHvQ
FDUHKRWăUkUHDDIRVWGHVILLQĠDWă
&DSLWROXO,,,A
&RQWHVWDĠLD
&DSLWROXO,,,ADIRVWLQWURGXVGHSFWDODUW,,,GLQ25'21$1ğ$'(85*(1ğĂQUGLQ
IHEUXDULHSXEOLFDWăvQ021,7258/2),&,$/QUGLQIHEUXDULH
$UWLFROXOA
'HFODUDUHDúLVROXĠLRQDUHDFRQWHVWDĠLHL
&DOHDGHDWDFDFRQWHVWDĠLHLVHSRDWHH[HUFLWDQXPDLDWXQFLFkQGOHJHDRSUHYHGHH[SUHV
SUHYHGHULOHSUH]HQWXOXLDUWLFROILLQGDSOLFDELOHFkQGOHJHDQXSUHYHGHDOWIHO
3RWIDFHFRQWHVWDĠLHSURFXURUXOúLVXELHFĠLLSURFHVXDOLODFDUHKRWăUkUHDDWDFDWăVH
UHIHUăSUHFXPúLSHUVRDQHOHDOHFăURULQWHUHVHOHJLWLPHDXIRVWYăWăPDWHSULQDFHDVWDvQ
WHUPHQGH]LOHFDUHFXUJHGHODSURQXQĠDUHSHQWUXSURFXURUúLGHODFRPXQLFDUHSHQWUX
FHOHODOWHSHUVRDQHGLVSR]LĠLLOHDUWDOLQ DSOLFkQGXVHvQPRGFRUHVSXQ]ăWRU
&RQWHVWDĠLDVHGHSXQHODMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLMXGHFăWRUXOGHFDPHUă
SUHOLPLQDUăVDXGXSăFD]ODLQVWDQĠDFDUHDSURQXQĠDWKRWăUkUHDFDUHVHDWDFăúLVH
PRWLYHD]ăSkQăODWHUPHQXOVWDELOLWSHQWUXVROXĠLRQDUHGLVSR]LĠLLOHDUWDSOLFkQGXVHvQ
PRGFRUHVSXQ]ăWRU
/DVROXĠLRQDUHDFRQWHVWDĠLHLGLVSR]LĠLLOHDUWúLDUWVHDSOLFăvQPRG
FRUHVSXQ]ăWRUvQFDGUXODFHVWRUOLPLWHODVROXĠLRQDUHDFRQWHVWDĠLHLvPSRWULYDvQFKHLHULL
SULYLQGRPăVXUăSUHYHQWLYăVHSRDWHGLVSXQHRPăVXUăPDLSXĠLQJUDYăGHFkWFHDVROLFLWDWă
VDXGHFkWFHDGLVSXVăSULQvQFKHLHUHDFRQWHVWDWăRULVHSRWPRGLILFDREOLJDĠLLOHGLQ
FRQĠLQXWXOPăVXULLFRQWHVWDWH
&RQWHVWDĠLDVHVROXĠLRQHD]ăGHFăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLUHVSHFWLYGH
FăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăGHODLQVWDQĠDVXSHULRDUăFHOHLVHVL]DWHVDXGXSă
FD]GHFăWUHLQVWDQĠDVXSHULRDUăFHOHLVHVL]DWHUHVSHFWLYGHFRPSOHWXOFRPSHWHQWDOÌQDOWHL
&XUĠLGH&DVDĠLHúL-XVWLĠLHvQúHGLQĠăSXEOLFăFXSDUWLFLSDUHDSURFXURUXOXL
/DVROXĠLRQDUHDFRQWHVWDĠLHLVHFLWHD]ăSHUVRDQDFDUHDIăFXWFRQWHVWDĠLDSUHFXPúL
VXELHFĠLLSURFHVXDOLODFDUHKRWăUkUHDDWDFDWăVHUHIHUăGLVSR]LĠLLOHDUWúLDUW
DSOLFkQGXVHvQPRGFRUHVSXQ]ăWRU
&RQWHVWDĠLDVHVROXĠLRQHD]ăSULQGHFL]LHFDUHQXHVWHVXSXVăQLFLXQHLFăLGHDWDF
SXWkQGXVHSURQXQĠDXQDGLQWUHXUPăWRDUHOHVROXĠLL
UHVSLQJHUHDFRQWHVWDĠLHLFXPHQĠLQHUHDKRWăUkULLDWDFDWH
D FkQGFRQWHVWDĠLDHVWHWDUGLYăVDXLQDGPLVLELOă
E FkQGFRQWHVWDĠLDHVWHQHIRQGDWă
DGPLWHUHDFRQWHVWDĠLHLúL
D GHVILLQĠDUHDKRWăUkULLDWDFDWHúLVROXĠLRQDUHDFDX]HL
E GHVILLQĠDUHDKRWăUkULLDWDFDWHúLGLVSXQHUHDUHMXGHFăULLFDX]HLGHFăWUHMXGHFăWRUXOVDX
FRPSOHWXOFDUHDSURQXQĠDWRDWXQFLFkQGVHFRQVWDWăFăQXDXIRVWUHVSHFWDWHGLVSR]LĠLLOH
SULYLQGFLWDUHD
$UWADIRVWLQWURGXVGHSFWDODUW,,,GLQ25'21$1ğ$'(85*(1ğĂQUGLQ
IHEUXDULHSXEOLFDWăvQ021,7258/2),&,$/QUGLQIHEUXDULH
&DSLWROXO9&ăLOHH[WUDRUGLQDUHGHDWDF
6HFĠLXQHD&RQWHVWDĠLDvQDQXODUH
&DS,9DO7LWOXOXL,,,GLQ3DUWHDVSHFLDOăGHYLQH6HFĠLXQHDD&DS9DO7LWOXOXL,,,GLQ
3DUWHDVSHFLDOăFRQIRUPSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&D]XULOHGHFRQWHVWDĠLHvQDQXODUH
ÌPSRWULYDKRWăUkULORUSHQDOHGHILQLWLYHVHSRDWHIDFHFRQWHVWDĠLHvQDQXODUHvQXUPăWRDUHOH
FD]XUL
D FkQGMXGHFDWDvQDSHODDYXWORFIăUăFLWDUHDOHJDOăDXQHLSăUĠLVDXFkQGGHúLOHJDO
FLWDWăDIRVWvQLPSRVLELOLWDWHGHDVHSUH]HQWDúLGHDvQúWLLQĠDLQVWDQĠDGHVSUHDFHDVWă
LPSRVLELOLWDWH
E FkQGLQFXOSDWXODIRVWFRQGDPQDWGHúLH[LVWDXSUREHFXSULYLUHODRFDX]ăGHvQFHWDUHD
SURFHVXOXLSHQDO
F FkQGKRWăUkUHDDIRVWSURQXQĠDWăGHDOWFRPSOHWGHFkWFHOFDUHDOXDWSDUWHODGH]EDWHUHD
SHIRQGDSURFHVXOXL
G FkQGLQVWDQĠDQXDIRVWFRPSXVăSRWULYLWOHJLLRULDH[LVWDWXQFD]GHLQFRPSDWLELOLWDWH
H FkQGMXGHFDWDDDYXWORFIăUăSDUWLFLSDUHDSURFXURUXOXLVDXDLQFXOSDWXOXLFkQGDFHDVWD
HUDREOLJDWRULHSRWULYLWOHJLL
I FkQGMXGHFDWDDDYXWORFvQOLSVDDYRFDWXOXLFkQGDVLVWHQĠDMXULGLFăDLQFXOSDWXOXLHUD
REOLJDWRULHSRWULYLWOHJLL
J FkQGúHGLQĠDGHMXGHFDWăQXDIRVWSXEOLFăvQDIDUăGHFD]XULOHFkQGOHJHDSUHYHGH
DOWIHO
K FkQGLQVWDQĠDQXDSURFHGDWODDXGLHUHDLQFXOSDWXOXLSUH]HQWGDFăDXGLHUHDHUDOHJDO
SRVLELOă
L FkQGvPSRWULYDXQHLSHUVRDQHVDXSURQXQĠDWGRXăKRWăUkULGHILQLWLYHSHQWUXDFHHDúLIDSWă
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&HUHUHDGHFRQWHVWDĠLHvQDQXODUH
&RQWHVWDĠLDvQDQXODUHSRDWHILIăFXWăGHRULFDUHGLQWUHSăUĠLGHSHUVRDQDYăWăPDWăVDX
GHFăWUHSURFXURU
ÌQFHUHUHDGHFRQWHVWDĠLHvQDQXODUHFRQWHVWDWRUXOWUHEXLHVăDUDWHFD]XULOHGH
FRQWHVWDĠLHSHFDUHOHLQYRFăSUHFXPúLPRWLYHOHDGXVHvQVSULMLQXODFHVWRUD
$UWLFROXO
7HUPHQXOGHLQWURGXFHUHDFRQWHVWDĠLHLvQDQXODUH
&RQWHVWDĠLDvQDQXODUHSHQWUXPRWLYHOHSUHYă]XWHODDUWSRDWHILLQWURGXVăvQ
]LOHGHODGDWDFkQGSHUVRDQDvPSRWULYDFăUHLDVHIDFHH[HFXWDUHDDOXDWFXQRúWLQĠăGH
KRWăUkUHDDFăUHLDQXODUHVHFHUH
&RQWHVWDĠLDvQDQXODUHSHQWUXFD]XOSUHYă]XWODDUWOLWE SRDWHILLQWURGXVă
RULFkQG
$UWLFROXO
,QVWDQĠDFRPSHWHQWă
&RQWHVWDĠLDvQDQXODUHVHLQWURGXFHODLQVWDQĠDFDUHDSURQXQĠDWKRWăUkUHDDFăUHL
DQXODUHVHFHUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&RQWHVWDĠLDvQDQXODUHSHQWUXFD]XOvQFDUHVHLQYRFăDXWRULWDWHDGHOXFUXMXGHFDWVH
LQWURGXFHODLQVWDQĠDODFDUHDUăPDVGHILQLWLYăXOWLPDKRWăUkUH
$UWLFROXO
6XVSHQGDUHDH[HFXWăULL
3kQăODVROXĠLRQDUHDFRQWHVWDĠLHLvQDQXODUHLQVWDQĠDVHVL]DWăOXkQGFRQFOX]LLOH
SURFXURUXOXLSRDWHVXVSHQGDH[HFXWDUHDKRWăUkULLDFăUHLDQXODUHVHFHUH
$UWLFROXO
$GPLWHUHDvQSULQFLSLX
,QVWDQĠDH[DPLQHD]ăDGPLVLELOLWDWHDvQSULQFLSLXvQFDPHUDGHFRQVLOLXIăUăFLWDUHD
SăUĠLORU
,QVWDQĠDFRQVWDWkQGFăFHUHUHDGHFRQWHVWDĠLHvQDQXODUHHVWHIăFXWăvQWHUPHQXO
SUHYă]XWGHOHJHFăPRWLYXOSHFDUHVHVSULMLQăFRQWHVWDĠLDHVWHGLQWUHFHOHSUHYă]XWHOD
DUWúLFăvQVSULMLQXOFRQWHVWDĠLHLVHGHSXQRULVHLQYRFăGRYH]LFDUHVXQWODGRVDU
DGPLWHvQSULQFLSLXFRQWHVWDĠLDúLGLVSXQHFLWDUHDSăUĠLORULQWHUHVDWH
$UWLFROXO
3URFHGXUDGHMXGHFDUH
/DWHUPHQXOIL[DWSHQWUXMXGHFDUHDFRQWHVWDĠLHLvQDQXODUHLQVWDQĠDDVFXOWkQGSăUĠLOH
úLFRQFOX]LLOHSURFXURUXOXLGDFăJăVHúWHFRQWHVWDĠLDvQWHPHLDWăGHVILLQĠHD]ăSULQGHFL]LH
KRWăUkUHDDFăUHLDQXODUHVHFHUHúLSURFHGHD]ăILHGHvQGDWăILHDFRUGkQGXQWHUPHQGXSă
FD]ODUHMXGHFDUHDDSHOXOXLVDXODUHMXGHFDUHDFDX]HLGXSăGHVILLQĠDUH
ÌQFD]XOvQFDUHSULQFRQWHVWDĠLDvQDQXODUHVHLQYRFăDXWRULWDWHDGHOXFUXMXGHFDW
MXGHFDUHDFRQWHVWDĠLHLVHIDFHFXFLWDUHDSăUĠLORULQWHUHVDWHvQFDX]DvQFDUHVDSURQXQĠDW
XOWLPDKRWăUkUH,QVWDQĠDDVFXOWkQGSăUĠLOHúLFRQFOX]LLOHSURFXURUXOXLGDFăJăVHúWH
FRQWHVWDĠLDvQWHPHLDWăGHVILLQĠHD]ăSULQGHFL]LHVDXGXSăFD]SULQVHQWLQĠăXOWLPD
KRWăUkUHVDXDFHDSDUWHGLQXOWLPDKRWăUkUHFXSULYLUHODFDUHH[LVWăDXWRULWDWHGHOXFUX
MXGHFDW
-XGHFDUHDFRQWHVWDĠLHLvQDQXODUHQXSRDWHDYHDORFGHFkWvQSUH]HQĠDLQFXOSDWXOXLFkQG
DFHVWDVHDIOăvQVWDUHGHGHĠLQHUH
6HQWLQĠDGDWăvQFRQWHVWDĠLDvQDQXODUHHVWHVXSXVăDSHOXOXLLDUGHFL]LDGDWăvQDSHO
HVWHGHILQLWLYă
6HFĠLXQHD5HFXUVXOvQFDVDĠLH
6HFĠLXQHDD&DS9GLQ7LWOXO,,,DO3ăUĠLLVSHFLDOHDGHYHQLW6HFĠLXQHDDDFRQIRUPSFW
DODUW7LWOXO,,,GLQ/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/
2),&,$/QUGLQDXJXVW
$UWLFROXO
6FRSXOUHFXUVXOXLvQFDVDĠLHúLLQVWDQĠDFRPSHWHQWă
5HFXUVXOvQFDVDĠLHXUPăUHúWHVăVXSXQăÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHMXGHFDUHDvQ
FRQGLĠLLOHOHJLLDFRQIRUPLWăĠLLKRWăUkULLDWDFDWHFXUHJXOLOHGHGUHSWDSOLFDELOH
$UWLFROXO
+RWăUkULOHVXSXVHUHFXUVXOXLvQFDVDĠLH
3RWILDWDFDWHFXUHFXUVvQFDVDĠLHGHFL]LLOHSURQXQĠDWHGHFXUĠLOHGHDSHOFDLQVWDQĠH
GHDSHOFXH[FHSĠLDGHFL]LLORUSULQFDUHVDGLVSXVUHMXGHFDUHDFDX]HORU
1XSRWILDWDFDWHFXUHFXUVvQFDVDĠLH
D KRWăUkULOHSURQXQĠDWHGXSăUHMXGHFDUHDFDX]HLFDXUPDUHDDGPLWHULLFHUHULLGHUHYL]XLUH
E KRWăUkULOHGHUHVSLQJHUHDFHUHULLGHUHGHVFKLGHUHDSURFHVXOXLSHQDOvQFD]XOMXGHFăULL
vQOLSVă
F KRWăUkULOHSURQXQĠDWHvQPDWHULDH[HFXWăULLSHGHSVHORUúLDUHDELOLWăULL
G KRWăUkULOHSURQXQĠDWHvQPDWHULDUHDELOLWăULL
H VROXĠLLOHSURQXQĠDWHFXSULYLUHODLQIUDFĠLXQLSHQWUXFDUHDFĠLXQHDSHQDOăVHSXQHvQ
PLúFDUHODSOkQJHUHDSUHDODELOăDSHUVRDQHLYăWăPDWH
I VROXĠLLOHSURQXQĠDWHFDXUPDUHDDSOLFăULLSURFHGXULLSULYLQGUHFXQRDúWHUHDvQYLQXLULL
J KRWăUkULOHSURQXQĠDWHFDXUPDUHDDGPLWHULLDFRUGXOXLGHUHFXQRDúWHUHDYLQRYăĠLHL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
5HFXUVXOvQFDVDĠLHH[HUFLWDWGHSURFXURUvPSRWULYDKRWăUkULORUSULQFDUHVDGLVSXV
DFKLWDUHDLQFXOSDWXOXLQXSRDWHDYHDFDVFRSREĠLQHUHDFRQGDPQăULLDFHVWXLDGHFăWUHLQVWDQĠD
GHUHFXUVvQFDVDĠLH
$UWLFROXO
7HUPHQXOGHGHFODUDUHDUHFXUVXOXLvQFDVDĠLH
5HFXUVXOvQFDVDĠLHSRDWHILLQWURGXVGHFăWUHSăUĠLVDXSURFXURUvQWHUPHQGHGH]LOHGH
ODGDWDFRPXQLFăULLGHFL]LHLLQVWDQĠHLGHDSHO
$UWLFROXO
'HFODUDUHDUHFXUVXOXLvQFDVDĠLH
3RWIRUPXODFHUHUHGHUHFXUVvQFDVDĠLH
D SURFXURUXOvQFHHDFHSULYHúWHODWXUDSHQDOăúLODWXUDFLYLOă
E LQFXOSDWXOvQFHHDFHSULYHúWHODWXUDSHQDOăúLODWXUDFLYLOăvPSRWULYDKRWăUkULORUSULQ
FDUHVDGLVSXVFRQGDPQDUHDUHQXQĠDUHDODDSOLFDUHDSHGHSVHLVDXDPkQDUHDDSOLFăULLSHGHSVHL
RULvQFHWDUHDSURFHVXOXLSHQDO
/LWE DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
F SDUWHDFLYLOăúLSDUWHDUHVSRQVDELOăFLYLOPHQWHvQFHHDFHSULYHúWHODWXUDFLYLOăLDU
UHIHULWRUODODWXUDSHQDOăvQPăVXUDvQFDUHVROXĠLDGLQDFHDVWăODWXUăDLQIOXHQĠDWVROXĠLD
vQODWXUDFLYLOă
,QFXOSDWXOSDUWHDFLYLOăúLSDUWHDUHVSRQVDELOăFLYLOPHQWHSRWIRUPXODFHUHUHGHUHFXUV
vQFDVDĠLHQXPDLSULQLQWHUPHGLXOXQXLDYRFDWFDUHSRDWHSXQHFRQFOX]LLvQIDĠDÌQDOWHL&XUĠL
GH&DVDĠLHúL-XVWLĠLH
3kQăODvQFKLGHUHDGH]EDWHULORUODLQVWDQĠDGHUHFXUVSăUĠLOHúLSURFXURUXOvúLSRW
UHWUDJHUHFXUVXOvQFDVDĠLHGHFODUDW5HWUDJHUHDWUHEXLHVăILHIăFXWăSHUVRQDOGHSDUWHVDX
SULQPDQGDWDUVSHFLDOLDUGDFăSDUWHDVHDIOăvQVWDUHGHGHĠLQHUHSULQWURGHFODUDĠLH
DWHVWDWăVDXFRQVHPQDWăvQWUXQSURFHVYHUEDOGHFăWUHFRQGXFHUHDORFXOXLGHGHĠLQHUH
'HFODUDĠLDGHUHWUDJHUHVHSRDWHIDFHILHODLQVWDQĠDDFăUHLKRWăUkUHDIRVWDWDFDWăILHOD
LQVWDQĠDGHUHFXUV
5HSUH]HQWDQĠLLOHJDOLSRWUHWUDJHUHFXUVXOvQFDVDĠLHFXUHVSHFWDUHDvQFHHDFHSULYHúWH
ODWXUDFLYLOăDFRQGLĠLLORUSUHYă]XWHGHOHJHDFLYLOă,QFXOSDWXOPLQRUQXSRDWHUHWUDJH
UHFXUVXOvQFDVDĠLHGHFODUDWSHUVRQDOVDXGHUHSUH]HQWDQWXOVăXOHJDO
5HFXUVXOvQFDVDĠLHGHFODUDWGHSURFXURUSRDWHILUHWUDVGHSURFXURUXOLHUDUKLFVXSHULRU
'HFL]LDLQVWDQĠHLGHDSHOSULQFDUHDIRVWUHVSLQVDSHOXOQXSRDWHILDWDFDWăFXUHFXUV
vQFDVDĠLHGHSHUVRDQHOHFDUHQXDXH[HUFLWDWFDOHDGHDWDFDDSHOXOXLRULFkQGDSHOXO
DFHVWRUDDIRVWUHWUDV
$UWLFROXO
0RWLYDUHDUHFXUVXOXLvQFDVDĠLH
&HUHUHDGHUHFXUVvQFDVDĠLHVHIRUPXOHD]ăvQVFULVúLYDFXSULQGH
D QXPHOHúLSUHQXPHOHGRPLFLOLXOVDXUHúHGLQĠDSăUĠLLQXPHOHSUHQXPHOHúLGRPLFLOLXO
SURIHVLRQDODODYRFDWXOXLVDXGXSăFD]QXPHOHúLSUHQXPHOHSURFXURUXOXLFDUHH[HUFLWă
UHFXUVXOvQFDVDĠLHSUHFXPúLRUJDQXOMXGLFLDUGLQFDUHDFHVWDIDFHSDUWH
E LQGLFDUHDKRWăUkULLFDUHVHDWDFă
F LQGLFDUHDFD]XULORUGHUHFXUVvQFDVDĠLHSHFDUHVHvQWHPHLD]ăFHUHUHDúLPRWLYDUHD
DFHVWRUD
G VHPQăWXUDSHUVRDQHLFDUHH[HUFLWăUHFXUVXOvQFDVDĠLHúLVDXVHPQăWXUDDYRFDWXOXL
/DFHUHUHVHDQH[HD]ăWRDWHvQVFULVXULOHLQYRFDWHvQPRWLYDUHDDFHVWHLD
$UWLFROXO
&D]XULOHvQFDUHVHSRDWHIDFHUHFXUVvQFDVDĠLH
+RWăUkULOHVXQWVXSXVHFDVăULLvQXUPăWRDUHOHFD]XUL
vQFXUVXOMXGHFăĠLLQXDXIRVWUHVSHFWDWHGLVSR]LĠLLOHSULYLQGFRPSHWHQĠDGXSăPDWHULHVDX
GXSăFDOLWDWHDSHUVRDQHLDWXQFLFkQGMXGHFDWDDIRVWHIHFWXDWăGHRLQVWDQĠăLQIHULRDUă
FHOHLOHJDOFRPSHWHQWH
3FWDODOLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
DEURJDW
3FWDODOLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
DEURJDW
3FWDODOLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
DEURJDW
3FWDODOLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
DEURJDW
3FWDODOLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
DEURJDW
3FWDODOLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
LQFXOSDWXODIRVWFRQGDPQDWSHQWUXRIDSWăFDUHQXHVWHSUHYă]XWăGHOHJHDSHQDOă
vQPRGJUHúLWVDGLVSXVvQFHWDUHDSURFHVXOXLSHQDO
DEURJDW
3FWDODOLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
DEURJDW
3FWDODOLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
QXVDFRQVWDWDWJUDĠLHUHDVDXvQPRGJUHúLWVDFRQVWDWDWFăSHGHDSVDDSOLFDWă
LQFXOSDWXOXLDIRVWJUDĠLDWă
VDXDSOLFDWSHGHSVHvQDOWHOLPLWHGHFkWFHOHSUHYă]XWHGHOHJH
DEURJDW
3FWDODOLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
DEURJDW
3FWDODOLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&D]XULOHSUHYă]XWHODDOLQ SRWFRQVWLWXLWHPHLDOFDVăULLKRWăUkULLGRDUGDFăQXDX
IRVWLQYRFDWHSHFDOHDDSHOXOXLVDXvQFXUVXOMXGHFăULLDSHOXOXLRULGDFăGHúLDXIRVW
LQYRFDWHDXIRVWUHVSLQVHVDXLQVWDQĠDDRPLVVăVHSURQXQĠHDVXSUDORU
ÌQFD]XOvQFDUHFHUHUHDGHUHFXUVvQFDVDĠLHDIRVWUHVSLQVăSDUWHDVDXSURFXURUXOFDUH
DGHFODUDWUHFXUVXOvQFDVDĠLHQXPDLSRDWHIRUPXODRQRXăFHUHUHvPSRWULYDDFHOHLDúL
KRWăUkULLQGLIHUHQWGHPRWLYXOLQYRFDW
$UWLFROXO
3URFHGXUDGHFRPXQLFDUH
&HUHUHDGHUHFXUVvQFDVDĠLHvPSUHXQăFXvQVFULVXULOHDQH[DWHVHGHSXQvQVRĠLWHGHFRSLL
SHQWUXSURFXURUúLSăUĠLODLQVWDQĠDDFăUHLKRWăUkUHVHDWDFă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3UHúHGLQWHOHLQVWDQĠHLDFăUHLKRWăUkUHVHDWDFăRULMXGHFăWRUXOGHOHJDWGHFăWUHDFHVWD
YDFRPXQLFDSURFXURUXOXLúLSăUĠLORUFRSLLGHSHFHUHUHDGHUHFXUVvQFDVDĠLHúLFHOHODOWH
vQVFULVXULGRYHGLWRDUHFXPHQĠLXQHDFăVHSRWGHSXQHFRQFOX]LLOHVFULVHvQWHUPHQGH]LOH
GHODSULPLUHDFRPXQLFăULORUODDFHHDúLLQVWDQĠă
1HGHSXQHUHDGHFăWUHSăUĠLúLSURFXURUGHFRQFOX]LLVFULVHQXvPSLHGLFăMXGHFDUHD
UHFXUVXOXLvQFDVDĠLH
ÌQWHUPHQGH]LOHGHODGHSXQHUHDFRQFOX]LLORUVFULVHVDXGHODH[SLUDUHDWHUPHQXOXLGH
GHSXQHUHDDFHVWRUDSUHúHGLQWHOHLQVWDQĠHLVDXMXGHFăWRUXOGHOHJDWGHFăWUHDFHVWDYD
vQDLQWDÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHGRVDUXOFDX]HLFHUHUHDGHUHFXUVvQFDVDĠLH
vQVFULVXULOHDQH[DWHGRYH]LOHGHFRPXQLFDUHHIHFWXDWHSUHFXPúLGXSăFD]FRQFOX]LLOH
VFULVH
A ÌQFD]XOvQFDUHFHUHUHDGHUHFXUVvQFDVDĠLHQXHVWHIRUPXODWăSULQLQWHUPHGLXOXQXL
DYRFDWFDUHSRDWHSXQHFRQFOX]LLvQIDĠDÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHVDXHVWH
IRUPXODWăvPSRWULYDXQHLKRWăUkULSUHYă]XWHODDUWDOLQ SUHúHGLQWHOHLQVWDQĠHLVDX
MXGHFăWRUXOGHOHJDWGHFăWUHDFHVWDUHVWLWXLHSăUĠLLSHFDOHDGPLQLVWUDWLYăFHUHUHDGH
UHFXUVvQFDVDĠLH
$OLQ A DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHQXHVWHvQGHSOLQLWăSURFHGXUDGHFRPXQLFDUHSUHYă]XWăODDOLQ úL
RULGDFăDFHDVWDQXHVWHFRPSOHWăPDJLVWUDWXODVLVWHQWGHODÌQDOWD&XUWHGH&DVDĠLHúL
-XVWLĠLHGHVHPQDWFXYHULILFDUHDvQGHSOLQLULLSURFHGXULLGHFRPXQLFDUHúLGHvQWRFPLUHD
UDSRUWXOXLUHIHULWRUODFHUHUHDGHUHFXUVvQFDVDĠLHYDvQGHSOLQLVDXYDFRPSOHWDGXSăFD]
SURFHGXUD
$UWLFROXO
$GPLWHUHDvQSULQFLSLX
$GPLVLELOLWDWHDFHUHULLGHUHFXUVvQFDVDĠLHVHH[DPLQHD]ăvQFDPHUDGHFRQVLOLXGHXQ
FRPSOHWIRUPDWGLQXQMXGHFăWRUGXSăGHSXQHUHDUDSRUWXOXLPDJLVWUDWXOXLDVLVWHQWúLDWXQFL
FkQGSURFHGXUDGHFRPXQLFDUHHVWHOHJDOvQGHSOLQLWă
'DFăFHUHUHDGHUHFXUVvQFDVDĠLHQXHVWHIăFXWăvQWHUPHQXOSUHYă]XWGHOHJHVDXGDFăQX
VDXUHVSHFWDWGLVSR]LĠLLOHDUWDUWDOLQ úL DUWúLRUL
GDFăFHUHUHDHVWHYăGLWQHIRQGDWăLQVWDQĠDUHVSLQJHSULQvQFKHLHUHGHILQLWLYăFHUHUHDGH
UHFXUVvQFDVDĠLH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'DFăFHUHUHDGHUHFXUVvQFDVDĠLHDIRVWUHWUDVăLQVWDQĠDLDDFWGHUHWUDJHUHSULQ
vQFKHLHUH
ÌQFD]XOvQFDUHLQVWDQĠDFRQVWDWăFăFHUHUHDvQGHSOLQHúWHFRQGLĠLLOHSUHYă]XWHODDUW
GLVSXQHSULQvQFKHLHUHDGPLWHUHDvQSULQFLSLXDFHUHULLGHUHFXUVvQFDVDĠLHúL
WULPLWHFDX]DvQYHGHUHDMXGHFăULLUHFXUVXOXLvQFDVDĠLH
$UWLFROXO
6XVSHQGDUHDH[HFXWăULL
,QVWDQĠDFDUHDGPLWHvQSULQFLSLXFHUHUHDGHUHFXUVvQFDVDĠLHVDXFRPSOHWXOFDUHMXGHFă
UHFXUVXOvQFDVDĠLHSRDWHVXVSHQGDPRWLYDWvQWRWVDXvQSDUWHH[HFXWDUHDKRWăUkULLSXWkQG
LPSXQHUHVSHFWDUHDGHFăWUHFRQGDPQDWDXQRUDGLQWUHREOLJDĠLLOHSUHYă]XWHODDUWDOLQ
úL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHSHUVRDQDFRQGDPQDWăQXUHVSHFWăREOLJDĠLLOHLPSXVHSULQvQFKHLHUH
FRPSOHWXOFDUHYDMXGHFDUHFXUVXOvQFDVDĠLHGLQRILFLXVDXODFHUHUHDSURFXURUXOXLSRDWH
GLVSXQHUHYRFDUHDPăVXULLVXVSHQGăULLúLUHOXDUHDH[HFXWăULLSHGHSVHL
$GXFHUHDODvQGHSOLQLUHDGLVSR]LĠLLORUGHVXVSHQGDUHDH[HFXWăULLKRWăUkULLúL
VXSUDYHJKHUHDUHVSHFWăULLREOLJDĠLLORULPSXVHVHIDFSULQLQVWDQĠDGHH[HFXWDUH
$UWLFROXO
(IHFWXOGHYROXWLYúLOLPLWHOHVDOH
,QVWDQĠDMXGHFăUHFXUVXOvQFDVDĠLHQXPDLFXSULYLUHODSHUVRDQDFDUHODGHFODUDWúLOD
SHUVRDQDODFDUHVHUHIHUăGHFODUDĠLDGHUHFXUVvQFDVDĠLHúLQXPDLvQUDSRUWFXFDOLWDWHDSH
FDUHUHFXUHQWXORDUHvQSURFHV
,QVWDQĠDGHUHFXUVvQFDVDĠLHH[DPLQHD]ăFDX]DQXPDLvQOLPLWHOHPRWLYHORUGHFDVDUH
SUHYă]XWHODDUWLQYRFDWHvQFHUHUHDGHUHFXUVvQFDVDĠLH
$UWLFROXO
(IHFWXOH[WHQVLYúLOLPLWHOHVDOH
,QVWDQĠDH[DPLQHD]ăFDX]DSULQH[WLQGHUHúLFXSULYLUHODSăUĠLOHFDUHQXDXGHFODUDW
UHFXUVvQFDVDĠLHVDXODFDUHDFHVWDQXVHUHIHUăSXWkQGKRWăUvúLvQSULYLQĠDORUIăUăVă
SRDWăFUHDDFHVWRUSăUĠLRVLWXDĠLHPDLJUHD
3URFXURUXOFKLDUGXSăH[SLUDUHDWHUPHQXOXLGHUHFXUVvQFDVDĠLHSRDWHFHUHH[WLQGHUHD
UHFXUVXOXLvQFDVDĠLHGHFODUDWGHHOvQWHUPHQúLIDĠăGHDOWHSHUVRDQHGHFkWDFHOHDODFDUH
VDUHIHULWIăUăDVHSXWHDFUHDDFHVWRUDRVLWXDĠLHPDLJUHD
$UWLFROXO
1HDJUDYDUHDVLWXDĠLHLvQSURSULXOUHFXUVvQFDVDĠLH
,QVWDQĠDVROXĠLRQkQGFDX]DQXSRDWHFUHDRVLWXDĠLHPDLJUHDSHQWUXFHOFDUHDGHFODUDW
UHFXUVXOvQFDVDĠLH
ÌQUHFXUVXOvQFDVDĠLHGHFODUDWGHSURFXURUvQIDYRDUHDXQHLSăUĠLLQVWDQĠDGHUHFXUVvQ
FDVDĠLHQXSRDWHDJUDYDVLWXDĠLDDFHVWHLD
$UWLFROXO
3UH]HQĠDSăUĠLORUúLDSURFXURUXOXL
-XGHFDUHDUHFXUVXOXLvQFDVDĠLHDGPLVvQSULQFLSLXVHIDFHFXFLWDUHDSăUĠLORU
'LVSR]LĠLLOHDUWúLDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
3DUWLFLSDUHDSURFXURUXOXLODMXGHFDUHDUHFXUVXOXLvQFDVDĠLHHVWHREOLJDWRULH
$UWLFROXO
-XGHFDUHDUHFXUVXOXLvQFDVDĠLH
3UHúHGLQWHOHFRPSOHWXOXLGăFXYkQWXOUHFXUHQWXOXLDSRLLQWLPDWXOXLúLSURFXURUXOXL'DFă
vQWUHUHFXUVXULOHvQFDVDĠLHGHFODUDWHVHDIOăúLUHFXUVXOSURFXURUXOXLSULPXOFXYkQWvODUH
DFHVWD
3URFXURUXOúLSăUĠLOHDXGUHSWXOODUHSOLFăFXSULYLUHODFKHVWLXQLOHQRLLYLWHFXRFD]LD
GH]EDWHULORU
$UWLFROXO
9HULILFDUHDOHJDOLWăĠLLKRWăUkULL
,QVWDQĠDHVWHREOLJDWăVăVHSURQXQĠHDVXSUDWXWXURUFD]XULORUGHUHFXUVvQFDVDĠLHLQYRFDWH
SULQFHUHUHGHSURFXURUVDXGHSăUĠLYHULILFkQGH[FOXVLYOHJDOLWDWHDKRWăUkULLDWDFDWH
$UWLFROXO
6ROXĠLLOHODMXGHFDWDUHFXUVXOXLvQFDVDĠLH
,QVWDQĠDMXGHFkQGUHFXUVXOvQFDVDĠLHSURQXQĠăXQDGLQWUHXUPăWRDUHOHVROXĠLL
UHVSLQJHUHFXUVXOvQFDVDĠLHPHQĠLQkQGKRWăUkUHDDWDFDWăGDFăUHFXUVXOvQFDVDĠLHHVWH
QHIRQGDW
DGPLWHUHFXUVXOvQFDVDĠLHFDVkQGKRWăUkUHDDWDFDWăúL
D vODFKLWăSHLQFXOSDWVDXGLVSXQHvQFHWDUHDSURFHVXOXLSHQDORULvQOăWXUăJUHúLWDDSOLFDUH
DOHJLL
E GLVSXQHUHMXGHFDUHDGHFăWUHLQVWDQĠDGHDSHORULGHFăWUHLQVWDQĠDFRPSHWHQWăPDWHULDO
VDXGXSăFDOLWDWHDSHUVRDQHLGDFăVXQWLQFLGHQWHFHOHODOWHFD]XULGHFDVDUHSUHYă]XWHOD
DUW
'DFăUHFXUVXOvQFDVDĠLHYL]HD]ăJUHúLWDVROXĠLRQDUHDODWXULLFLYLOHLQVWDQĠDGXSă
DGPLWHUHDUHFXUVXOXLvQOăWXUăQHOHJDOLWDWHDFRQVWDWDWăVDXGLVSXQHUHMXGHFDUHDGHFăWUH
LQVWDQĠDDFăUHLKRWăUkUHDIRVWFDVDWăvQFRQGLĠLLOHDOLQ SFWOLWE
ÌQFD]XOSUHYă]XWODDOLQ SFWOLWD LQVWDQĠDGHUHFXUVvQFDVDĠLHGHVILLQĠHD]ă
úLKRWăUkUHDSULPHLLQVWDQĠHGDFăVHFRQVWDWăDFHOHDúLvQFăOFăULGHOHJHFDvQGHFL]LD
UHFXUDWă
ÌQFD]XOvQFDUHFRQGDPQDWXOVHJăVHúWHvQFXUVXOH[HFXWăULLSHGHSVHLLQVWDQĠDDGPLĠkQG
UHFXUVXOvQFDVDĠLHúLSURQXQĠkQGFDVDUHDFXWULPLWHUHGLVSXQHDVXSUDVWăULLGHOLEHUWDWHD
DFHVWXLDSXWkQGOXDRPăVXUăSUHYHQWLYă
$UWLFROXO
'HVILLQĠDUHDKRWăUkULLúLFRQĠLQXWXOGHFL]LHL
ÌQFD]GHDGPLWHUHDUHFXUVXOXLvQFDVDĠLHKRWăUkUHDDWDFDWăVHFDVHD]ăvQOLPLWHOH
SUHYă]XWHODDUWúL
+RWăUkUHDSRDWHILGHVILLQĠDWăQXPDLFXSULYLUHODXQHOHIDSWHVDXSHUVRDQHRULQXPDLvQ
FHHDFHSULYHúWHODWXUDSHQDOăVDXFLYLOăGDFăDFHDVWDQXvPSLHGLFăMXVWDVROXĠLRQDUHD
FDX]HL
'HFL]LDLQVWDQĠHLGHUHFXUVvQFDVDĠLHWUHEXLHVăFXSULQGăvQSDUWHDLQWURGXFWLYă
PHQĠLXQLOHSUHYă]XWHODDUWLDUvQH[SXQHUHWHPHLXULOHGHGUHSWFDUHDXGXVOD
UHVSLQJHUHDVDXDGPLWHUHDUHFXUVXOXLvQFDVDĠLH'LVSR]LWLYXOWUHEXLHVăFXSULQGăVROXĠLD
SURQXQĠDWăGHLQVWDQĠDGHUHFXUVvQFDVDĠLHGDWDSURQXQĠăULLGHFL]LHLúLPHQĠLXQHDFă
SURQXQĠDUHDVDIăFXWvQúHGLQĠăSXEOLFă
&kQGVDGLVSXVUHMXGHFDUHDGHFL]LDWUHEXLHVăLQGLFHFDUHHVWHXOWLPXODFWSURFHGXUDO
UăPDVYDODELOGHODFDUHSURFHVXOSHQDOWUHEXLHVăvúLUHLDFXUVXO
$UWLFROXO
/LPLWHOHMXGHFăULL
,QVWDQĠDGHUHMXGHFDUHWUHEXLHVăVHFRQIRUPH]HKRWăUkULLLQVWDQĠHLGHUHFXUVvQFDVDĠLH
vQPăVXUDvQFDUHVLWXDĠLDGHIDSWUăPkQHFHDDYXWăvQYHGHUHODDGPLWHUHDUHFXUVXOXLvQ
FDVDĠLH
&kQGKRWăUkUHDHVWHGHVILLQĠDWăQXPDLFXSULYLUHODXQHOHIDSWHVDXSHUVRDQHLQVWDQĠDVH
SURQXQĠăvQOLPLWHOHvQFDUHKRWăUkUHDDIRVWFDVDWă
$UWLFROXO
3URFHGXUDGHUHMXGHFDUH
5HMXGHFDUHDFDX]HLGXSăFDVDUHDKRWăUkULLDWDFDWHVHGHVIăúRDUăSRWULYLWGLVSR]LĠLLORUFDS
,,VDX,,,GLQWLWOXO,,,DOSăUĠLLVSHFLDOHFDUHVHDSOLFăvQPRGFRUHVSXQ]ăWRU
6HFĠLXQHDDD5HYL]XLUHD
6HFĠLXQHDDDD&DS9GLQ7LWOXO,,,DO3ăUĠLLVSHFLDOHDGHYHQLW6HFĠLXQHDDDFRQIRUP
SFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/
2),&,$/QUGLQDXJXVW
$UWLFROXO
+RWăUkULOHVXSXVHUHYL]XLULL
+RWăUkULOHMXGHFăWRUHúWLGHILQLWLYHSRWILVXSXVHUHYL]XLULLDWkWFXSULYLUHODODWXUD
SHQDOăFkWúLFXSULYLUHODODWXUDFLYLOă
&kQGRKRWăUkUHSULYHúWHPDLPXOWHLQIUDFĠLXQLVDXPDLPXOWHSHUVRDQHUHYL]XLUHDVH
SRDWHFHUHSHQWUXRULFDUHGLQWUHIDSWHVDXGLQWUHIăSWXLWRUL
$UWLFROXO
&D]XULOHGHUHYL]XLUH
5HYL]XLUHDKRWăUkULORUMXGHFăWRUHúWLGHILQLWLYHFXSULYLUHODODWXUDSHQDOăSRDWHIL
FHUXWăFkQG
D VDXGHVFRSHULWIDSWHVDXvPSUHMXUăULFHQXDXIRVWFXQRVFXWHODVROXĠLRQDUHDFDX]HLúL
FDUHGRYHGHVFQHWHPHLQLFLDKRWăUkULLSURQXQĠDWHvQFDX]ă
E KRWăUkUHDDFăUHLUHYL]XLUHVHFHUHVDvQWHPHLDWSHGHFODUDĠLDXQXLPDUWRURSLQLDXQXL
H[SHUWVDXSHVLWXDĠLLOHvQYHGHUDWHGHXQLQWHUSUHWFDUHDVăYkUúLWLQIUDFĠLXQHDGHPăUWXULH
PLQFLQRDVăvQFDX]DDFăUHLUHYL]XLUHVHFHUHLQIOXHQĠkQGDVWIHOVROXĠLDSURQXQĠDWă
F XQvQVFULVFDUHDVHUYLWFDWHPHLDOKRWăUkULLDFăUHLUHYL]XLUHVHFHUHDIRVWGHFODUDW
IDOVvQFXUVXOMXGHFăĠLLVDXGXSăSURQXQĠDUHDKRWăUkULLvPSUHMXUDUHFDUHDLQIOXHQĠDW
VROXĠLDSURQXQĠDWăvQFDX]ă
G XQPHPEUXDOFRPSOHWXOXLGHMXGHFDWăSURFXURUXORULSHUVRDQDFDUHDHIHFWXDWDFWHGH
XUPăULUHSHQDOăDFRPLVRLQIUDFĠLXQHvQOHJăWXUăFXFDX]DDFăUHLUHYL]XLUHVHFHUH
vPSUHMXUDUHFDUHDLQIOXHQĠDWVROXĠLDSURQXQĠDWăvQFDX]ă
H FkQGGRXăVDXPDLPXOWHKRWăUkULMXGHFăWRUHúWLGHILQLWLYHQXVHSRWFRQFLOLD
I KRWăUkUHDVDvQWHPHLDWSHRSUHYHGHUHOHJDOăFHDIRVWGHFODUDWăQHFRQVWLWXĠLRQDOăGXSă
FHKRWăUkUHDDGHYHQLWGHILQLWLYăvQVLWXDĠLDvQFDUHFRQVHFLQĠHOHvQFăOFăULLGLVSR]LĠLHL
FRQVWLWXĠLRQDOHFRQWLQXăVăVHSURGXFăúLQXSRWILUHPHGLDWHGHFkWSULQUHYL]XLUHDKRWăUkULL
SURQXQĠDWH
5HYL]XLUHDKRWăUkULORUMXGHFăWRUHúWLSHQDOHGHILQLWLYHH[FOXVLYFXSULYLUHODODWXUD
FLYLOăSRDWHILFHUXWăQXPDLvQIDĠDLQVWDQĠHLFLYLOHSRWULYLW&RGXOXLGHSURFHGXUăFLYLOă
&D]XULOHSUHYă]XWHODDOLQ OLWD úLI SRWILLQYRFDWHFDPRWLYHGHUHYL]XLUH
QXPDLvQIDYRDUHDSHUVRDQHLFRQGDPQDWHVDXDFHOHLIDĠăGHFDUHVDGLVSXVUHQXQĠDUHDOD
DSOLFDUHDSHGHSVHLRULDPkQDUHDDSOLFăULLSHGHSVHL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&D]XOSUHYă]XWODDOLQ OLWD FRQVWLWXLHPRWLYGHUHYL]XLUHGDFăSHED]DIDSWHORU
VDXvPSUHMXUăULORUQRLVHSRDWHGRYHGLQHWHPHLQLFLDKRWăUkULLGHFRQGDPQDUHGHUHQXQĠDUHOD
DSOLFDUHDSHGHSVHLGHDPkQDUHDDSOLFăULLSHGHSVHLRULGHvQFHWDUHDSURFHVXOXLSHQDOLDU
FD]XULOHSUHYă]XWHODDOLQ OLWE G úLI FRQVWLWXLHPRWLYHGHUHYL]XLUHGDFăDXGXV
ODSURQXQĠDUHDXQHLKRWăUkULQHOHJDOHVDXQHWHPHLQLFH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOSUHYă]XWODDOLQ OLWH WRDWHKRWăUkULOHFDUHQXVHSRWFRQFLOLDVXQW
VXSXVHUHYL]XLULL
$UWLFROXO
'RYHGLUHDXQRUFD]XULGHUHYL]XLUH
6LWXDĠLLOHFDUHFRQVWLWXLHFD]XULOHGHUHYL]XLUHSUHYă]XWHODDUWDOLQ OLWE
G VHGRYHGHVFSULQKRWăUkUHMXGHFăWRUHDVFăGHILQLWLYăSULQFDUHLQVWDQĠDVDSURQXQĠDW
DVXSUDIRQGXOXLFDX]HLFRQVWDWkQGH[LVWHQĠDIDOVXOXLVDXH[LVWHQĠDIDSWHORUúLVăYkUúLUHDORU
GHUHVSHFWLYHOHSHUVRDQH
ÌQFD]XULOHvQFDUHGRYDGDQXSRDWHILIăFXWăSRWULYLWDOLQ GDWRULWăH[LVWHQĠHLXQHL
FDX]HFDUHvPSLHGLFăSXQHUHDvQPLúFDUHVDXH[HUFLWDUHDDFĠLXQLLSHQDOHSUREDFD]XULORUGH
UHYL]XLUHSUHYă]XWHODDUWDOLQ OLWE G VHSRDWHIDFHvQSURFHGXUDGHUHYL]XLUH
SULQRULFHPLMORFGHSUREă
$UWLFROXO
3HUVRDQHOHFDUHSRWFHUHUHYL]XLUHD
3RWFHUHUHYL]XLUHD
D SăUĠLOHGLQSURFHVvQOLPLWHOHFDOLWăĠLLORUSURFHVXDOH
E XQPHPEUXGHIDPLOLHDOFRQGDPQDWXOXLFKLDUúLGXSăPRDUWHDDFHVWXLDQXPDLGDFăFHUHUHD
HVWHIRUPXODWăvQIDYRDUHDFRQGDPQDWXOXL
3URFXURUXOSRDWHFHUHGLQRILFLXUHYL]XLUHDODWXULLSHQDOHDKRWăUkULL
$UWLFROXO
&HUHUHDGHUHYL]XLUH
&HUHUHDGHUHYL]XLUHVHDGUHVHD]ăLQVWDQĠHLFDUHDMXGHFDWFDX]DvQSULPDLQVWDQĠă
&HUHUHDVHIRUPXOHD]ăvQVFULVúLWUHEXLHPRWLYDWăFXDUăWDUHDFD]XOXLGHUHYL]XLUHSH
FDUHVHvQWHPHLD]ăúLDPLMORDFHORUGHSUREăvQGRYHGLUHDDFHVWXLD
/DFHUHUHVHYRUDOăWXUDFRSLLGHSHvQVFULVXULOHGHFDUHFHOFHDIRUPXODWFHUHUHDGH
UHYL]XLUHvQĠHOHJHDVHIRORVLvQSURFHVFHUWLILFDWHSHQWUXFRQIRUPLWDWHFXRULJLQDOXO&kQG
vQVFULVXULOHVXQWUHGDFWDWHvQWUROLPEăVWUăLQăHOHVHYRUDOăWXUDvQWUDGXFHUHHIHFWXDWă
GHXQWUDGXFăWRUDXWRUL]DW
ÌQFD]XOvQFDUHFHUHUHDQXvQGHSOLQHúWHFRQGLĠLLOHSUHYă]XWHODDOLQ úL
LQVWDQĠDSXQHvQYHGHUHFHOXLFHDIRUPXODWFHUHUHDVăRFRPSOHWH]HvQWUXQWHUPHQVWDELOLW
GHLQVWDQĠăVXEVDQFĠLXQHDSUHYă]XWăODDUWDOLQ
$UWLFROXO
7HUPHQXOGHLQWURGXFHUHDFHUHULL
&HUHUHDGHUHYL]XLUHvQIDYRDUHDFRQGDPQDWXOXLVHSRDWHIDFHRULFkQGFKLDUGXSăFH
SHGHDSVDDIRVWH[HFXWDWăVDXFRQVLGHUDWăH[HFXWDWăRULGXSăPRDUWHDFRQGDPQDWXOXLFX
H[FHSĠLDFD]XOXLSUHYă]XWODDUWDOLQ OLWI FkQGFHUHUHDGHUHYL]XLUHSRDWHIL
IRUPXODWăvQWHUPHQGHXQDQGHODGDWDSXEOLFăULLGHFL]LHL&XUĠLL&RQVWLWXĠLRQDOHvQ
0RQLWRUXO2ILFLDODO5RPkQLHL3DUWHD,
&HUHUHDGHUHYL]XLUHvQGHIDYRDUHDFRQGDPQDWXOXLDFHOXLDFKLWDWVDXDFHOXLIDĠăGH
FDUHVDvQFHWDWSURFHVXOSHQDOVHSRDWHIDFHvQWHUPHQGHOXQLFDUHFXUJH
D vQFD]XULOHSUHYă]XWHODDUWDOLQ OLWE G FkQGQXVXQWFRQVWDWDWHSULQ
KRWăUkUHGHILQLWLYăGHODGDWDFkQGIDSWHOHVDXvPSUHMXUăULOHDXIRVWFXQRVFXWHGHSHUVRDQD
FDUHIDFHFHUHUHDVDXGHODGDWDFkQGDFHDVWDDOXDWFXQRúWLQĠăGHvPSUHMXUăULOHSHQWUXFDUH
FRQVWDWDUHDLQIUDFĠLXQLLQXVHSRDWHIDFHSULQWURKRWăUkUHSHQDOăGDUQXPDLWkU]LXGH
DQLGHODGDWDSURGXFHULLDFHVWRUD
E vQFD]XULOHSUHYă]XWHODDUWDOLQ OLWE G GDFăVXQWFRQVWDWDWHSULQKRWăUkUH
GHILQLWLYăGHODGDWDFkQGKRWăUkUHDDIRVWFXQRVFXWăGHSHUVRDQDFDUHIDFHFHUHUHDGDUQX
PDLWkU]LXGHXQDQGHODGDWDUăPkQHULLGHILQLWLYHDKRWăUkULLSHQDOH
F vQFD]XOSUHYă]XWODDUWDOLQ OLWH GHODGDWDFkQGKRWăUkULOHFHQXVH
FRQFLOLD]ăDXIRVWFXQRVFXWHGHSHUVRDQDFDUHIDFHFHUHUHD
'LVSR]LĠLLOHDOLQ VHDSOLFăúLvQFD]XOFkQGSURFXURUXOVHVHVL]HD]ăGLQRILFLX
5HYL]XLUHDvQGHIDYRDUHDLQFXOSDWXOXLQXVHSRDWHIDFHFkQGDLQWHUYHQLWRFDX]ăFDUH
vPSLHGLFăSXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHVDXFRQWLQXDUHDSURFHVXOXLSHQDO
$UWLFROXO
,QVWDQĠDFRPSHWHQWă
&RPSHWHQWăVăMXGHFHFHUHUHDGHUHYL]XLUHHVWHLQVWDQĠDFDUHDMXGHFDWFDX]DvQSULPD
LQVWDQĠă&kQGWHPHLXOFHUHULLGHUHYL]XLUHFRQVWăvQH[LVWHQĠDXQRUKRWăUkULFHQXVHSRW
FRQFLOLDFRPSHWHQĠDVHGHWHUPLQăSRWULYLWGLVSR]LĠLLORUDUW
$UWLFROXO
$GPLWHUHDvQSULQFLSLX
/DSULPLUHDFHUHULLGHUHYL]XLUHVHIL[HD]ăWHUPHQSHQWUXH[DPLQDUHDDGPLVLELOLWăĠLLvQ
SULQFLSLXDFHUHULLGHUHYL]XLUHSUHúHGLQWHOHGLVSXQkQGDWDúDUHDGRVDUXOXLFDX]HL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$GPLVLELOLWDWHDvQSULQFLSLXVHH[DPLQHD]ăGHFăWUHLQVWDQĠăvQFDPHUDGHFRQVLOLXIăUă
FLWDUHDSăUĠLORU
,QVWDQĠDH[DPLQHD]ăGDFă
D FHUHUHDDIRVWIRUPXODWăvQWHUPHQúLGHRSHUVRDQăGLQWUHFHOHSUHYă]XWHODDUW
E FHUHUHDDIRVWvQWRFPLWăFXUHVSHFWDUHDSUHYHGHULORUDUWDOLQ úL
F DXIRVWLQYRFDWHWHPHLXULOHJDOHSHQWUXUHGHVFKLGHUHDSURFHGXULORUSHQDOH
G IDSWHOHúLPLMORDFHOHGHSUREăvQED]DFăURUDHVWHIRUPXODWăFHUHUHDQXDXIRVWSUH]HQWDWH
vQWURFHUHUHDQWHULRDUăGHUHYL]XLUHFDUHDIRVWMXGHFDWăGHILQLWLY
H IDSWHOHúLPLMORDFHOHGHSUREăvQED]DFăURUDHVWHIRUPXODWăFHUHUHDFRQGXFvQPRG
HYLGHQWODVWDELOLUHDH[LVWHQĠHLXQRUWHPHLXULOHJDOHFHSHUPLWUHYL]XLUHD
I SHUVRDQDFDUHDIRUPXODWFHUHUHDVDFRQIRUPDWFHULQĠHORULQVWDQĠHLGLVSXVHSRWULYLWDUW
DOLQ
ÌQFD]XOvQFDUHLQVWDQĠDFRQVWDWăFăVXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHODDOLQ
GLVSXQHSULQvQFKHLHUHDGPLWHUHDvQSULQFLSLXDFHUHULLGHUHYL]XLUH
ÌQFD]XOvQFDUHLQVWDQĠDFRQVWDWăQHvQGHSOLQLUHDFRQGLĠLLORUSUHYă]XWHODDOLQ
GLVSXQHSULQVHQWLQĠăUHVSLQJHUHDFHUHULLGHUHYL]XLUHFDLQDGPLVLELOă
&kQGFHUHUHDGHUHYL]XLUHDIRVWIăFXWăSHQWUXXQFRQGDPQDWGHFHGDWVDXFkQGFRQGDPQDWXO
FDUHDIăFXWFHUHUHDRULvQIDYRDUHDFăUXLDVDIăFXWUHYL]XLUHDDGHFHGDWGXSăLQWURGXFHUHD
FHUHULLSULQH[FHSĠLHGHODGLVSR]LĠLLOHDUWDOLQ OLWI SURFHGXUDGHUHYL]XLUH
vúLYDXUPDFXUVXOLDUvQFD]XOUHMXGHFăULLFDX]HLGXSăDGPLWHUHDvQSULQFLSLXLQVWDQĠDYD
KRWăUvSRWULYLWGLVSR]LĠLLORUDUWFDUHVHDSOLFăvQPRGFRUHVSXQ]ăWRU
ÌQFKHLHUHDSULQFDUHHVWHDGPLVăvQSULQFLSLXFHUHUHDGHUHYL]XLUHHVWHGHILQLWLYă
6HQWLQĠDSULQFDUHHVWHUHVSLQVăFHUHUHDGHUHYL]XLUHGXSăDQDOL]DDGPLVLELOLWăĠLLvQ
SULQFLSLXHVWHVXSXVăDFHOHLDúLFăLGHDWDFFDúLKRWăUkUHDODFDUHVHUHIHUăUHYL]XLUHD
$UWLFROXO
0ăVXULOHFDUHSRWILOXDWHRGDWăFXVDXXOWHULRUDGPLWHULLvQSULQFLSLX
2GDWăFXDGPLWHUHDvQSULQFLSLXDFHUHULLGHUHYL]XLUHVDXXOWHULRUDFHVWHLDLQVWDQĠD
SRDWHVXVSHQGDPRWLYDWvQWRWVDXvQSDUWHH[HFXWDUHDKRWăUkULLVXSXVHUHYL]XLULLúLSRDWH
GLVSXQHUHVSHFWDUHDGHFăWUHFRQGDPQDWDXQRUDGLQWUHREOLJDĠLLOHSUHYă]XWHODDUWDOLQ
úL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌPSRWULYDvQFKHLHULLSULQFDUHVDGLVSXVVXVSHQGDUHDKRWăUkULLVXSXVHUHYL]XLULL
SUHYă]XWăODDOLQ SURFXURUXOVDXSHUVRDQDLQWHUHVDWăSRDWHIRUPXODFRQWHVWDĠLHvQ
WHUPHQGHGHRUHGHODSURQXQĠDUHSHQWUXFHLSUH]HQĠLúLGHODFRPXQLFDUHSHQWUXFHL
OLSVă&RQWHVWDĠLDIRUPXODWăGHSURFXURUHVWHVXVSHQVLYăGHH[HFXWDUH'LVSR]LĠLLOHDUW
DOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
ÌQFD]XOvQFDUHSHUVRDQDFRQGDPQDWăQXUHVSHFWăREOLJDĠLLOHVWDELOLWHSULQvQFKHLHUH
LQVWDQĠDGLQRILFLXVDXODFHUHUHDSURFXURUXOXLSRDWHGLVSXQHUHYRFDUHDPăVXULLVXVSHQGăULL
úLUHOXDUHDH[HFXWăULLSHGHSVHL
ÌQFD]XODGPLWHULLvQSULQFLSLXDFHUHULLGHUHYL]XLUHSHQWUXH[LVWHQĠDXQRUKRWăUkULFH
QXVHSRWFRQFLOLDFDX]HOHvQFDUHDFHVWHKRWăUkULDXIRVWSURQXQĠDWHVHUHXQHVFvQYHGHUHD
UHMXGHFăULL
$UWLFROXO
5HMXGHFDUHD
5HMXGHFDUHDFDX]HLGXSăDGPLWHUHDvQSULQFLSLXDFHUHULLGHUHYL]XLUHVHIDFHSRWULYLW
UHJXOLORUGHSURFHGXUăSULYLQGMXGHFDUHDvQSULPăLQVWDQĠă
,QVWDQĠDGDFăJăVHúWHQHFHVDUDGPLQLVWUHD]ăGLQQRXSUREHOHGLQFXUVXOSULPHLMXGHFăĠL
ÌQFD]XOvQFDUHLQVWDQĠDFRQVWDWăFăVLWXDĠLDGHIDSWQXSRDWHILVWDELOLWăvQPRG
QHPLMORFLWVDXDFHDVWDQXVDUSXWHDIDFHGHFkWFXPDUHvQWkU]LHUHGLVSXQHHIHFWXDUHD
FHUFHWăULORUQHFHVDUHGHFăWUHSURFXURUXOGHODSDUFKHWXOGHSHOkQJăDFHDVWăLQVWDQĠăvQWU
XQLQWHUYDOFHQXSRDWHGHSăúLOXQL
'XSăHIHFWXDUHDFHUFHWăULORUSURFXURUXOvQDLQWHD]ăvQWUHJXOPDWHULDOLQVWDQĠHL
FRPSHWHQWH
3HUVRDQHOHSUHYă]XWHODDUWDOLQ OLWE úLG QXSRWILDXGLDWHFDPDUWRULvQ
FDX]DVXSXVăUHYL]XLULLGDFăGRYDGDDFHVWRUFD]XULGHUHYL]XLUHVDIăFXWSULQKRWăUkUH
MXGHFăWRUHDVFă
$UWLFROXO
6ROXĠLLOHGXSăUHMXGHFDUH
'DFăVHFRQVWDWăFăFHUHUHDGHUHYL]XLUHHVWHvQWHPHLDWăLQVWDQĠDDQXOHD]ăKRWăUkUHDvQ
PăVXUDvQFDUHDIRVWDGPLVăUHYL]XLUHDVDXKRWăUkULOHFDUHQXVHSRWFRQFLOLDúLSURQXQĠăR
QRXăKRWăUkUHSRWULYLWGLVSR]LĠLLORUDUWFDUHVHDSOLFăvQPRGFRUHVSXQ]ăWRU
,QVWDQĠDUHMXGHFăFDX]DSULQH[WLQGHUHúLFXSULYLUHODSăUĠLOHFDUHQXDXIRUPXODW
FHUHUHGHUHYL]XLUHSXWkQGKRWăUvúLvQSULYLQĠDORUIăUăVăOHSRDWăFUHDDFHVWRUDR
VLWXDĠLHPDLJUHD
,QVWDQĠDLDPăVXULSHQWUXUHVWDELOLUHDVLWXDĠLHLDQWHULRDUHGLVSXQkQGGDFăHVWHFD]XO
UHVWLWXLUHDDPHQ]LLSOăWLWHúLDEXQXULORUFRQILVFDWHDFKHOWXLHOLORUMXGLFLDUHSHFDUHFHO
vQIDYRDUHDFăUXLDVDDGPLVUHYL]XLUHDQXHUDĠLQXWVăOHVXSRUWHVDXDOWHDVHPHQHDPăVXUL
'DFăLQVWDQĠDFRQVWDWăFăFHUHUHDGHUHYL]XLUHHVWHQHvQWHPHLDWăRUHVSLQJHúLGLVSXQH
REOLJDUHDUHYL]XLHQWXOXLODSODWDFKHOWXLHOLORUMXGLFLDUHFăWUHVWDWSUHFXPúLUHOXDUHD
H[HFXWăULLSHGHSVHLvQFD]XOvQFDUHDFHDVWDDIRVWVXVSHQGDWă
$UWLFROXO
&DOHDGHDWDF
6HQWLQĠDSULQFDUHLQVWDQĠDVHSURQXQĠăDVXSUDFHUHULLGHUHYL]XLUHGXSăUHMXGHFDUHDFDX]HL
HVWHVXSXVăDFHOHLDúLFăLGHDWDFFDúLKRWăUkUHDODFDUHVHUHIHUăUHYL]XLUHD
$UWLFROXO
(IHFWHOHUHVSLQJHULLFHUHULLGHUHYL]XLUH
ÌQFD]XOUHVSLQJHULLFHUHULLGHUHYL]XLUHFDLQDGPLVLELOăVDXFDQHvQWHPHLDWăQXYDSXWHDIL
IRUPXODWăRQRXăFHUHUHSHQWUXDFHOHDúLPRWLYH
$UWLFROXO
5HYL]XLUHDvQFD]XOKRWăUkULORU&XUĠLL(XURSHQHD'UHSWXULORU2PXOXL
+RWăUkULOHGHILQLWLYHSURQXQĠDWHvQFDX]HOHvQFDUH&XUWHD(XURSHDQăD'UHSWXULORU2PXOXL
DFRQVWDWDWRvQFăOFDUHDGUHSWXULORUVDXOLEHUWăĠLORUIXQGDPHQWDOHRULDGLVSXVVFRDWHUHD
FDX]HLGHSHUROFDXUPDUHDVROXĠLRQăULLDPLDELOHDOLWLJLXOXLGLQWUHVWDWúLUHFODPDQĠL
SRWILVXSXVHUHYL]XLULLGDFăYUHXQDGLQWUHFRQVHFLQĠHOHJUDYHDOHvQFăOFăULL&RQYHQĠLHL
SHQWUXDSăUDUHDGUHSWXULORURPXOXLúLDOLEHUWăĠLORUIXQGDPHQWDOHúLDSURWRFRDOHORU
DGLĠLRQDOHODDFHDVWDFRQWLQXăVăVHSURGXFăúLQXSRDWHILUHPHGLDWăGHFkWSULQUHYL]XLUHD
KRWăUkULLSURQXQĠDWH
3RWFHUHUHYL]XLUHD
D SHUVRDQDDOFăUHLGUHSWDIRVWvQFăOFDW
E PHPEULLGHIDPLOLHDLFRQGDPQDWXOXLFKLDUúLGXSăPRDUWHDDFHVWXLDQXPDLGDFăFHUHUHD
HVWHIRUPXODWăvQIDYRDUHDFRQGDPQDWXOXL
F SURFXURUXO
&HUHUHDGHUHYL]XLUHVHLQWURGXFHODLQVWDQĠDFDUHDSURQXQĠDWKRWăUkUHDDFăUHL
UHYL]XLUHVHFHUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&HUHUHDGHUHYL]XLUHVHSRDWHIDFHFHOPDLWkU]LXvQWHUPHQGHOXQLGHODGDWD
SXEOLFăULLvQ0RQLWRUXO2ILFLDODO5RPkQLHL3DUWHD,DKRWăUkULLGHILQLWLYHSURQXQĠDWHGH
&XUWHD(XURSHDQăD'UHSWXULORU2PXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'XSăVHVL]DUHLQVWDQĠDSRDWHGLVSXQHGLQRILFLXODSURSXQHUHDSURFXURUXOXLVDXOD
FHUHUHDSăUĠLLVXVSHQGDUHDH[HFXWăULLKRWăUkULLDWDFDWH'LVSR]LĠLLOHDUWDOLQ úL
VHDSOLFăvQPRGFRUHVSXQ]ăWRU
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
/DMXGHFDUHDFHUHULLGHUHYL]XLUHSăUĠLOHVHFLWHD]ă3DUWHDDIODWăvQVWDUHGHGHĠLQHUH
HVWHDGXVăODMXGHFDWă
$WXQFLFkQGSăUĠLOHVXQWSUH]HQWHODMXGHFDUHDFHUHULLGHUHYL]XLUHLQVWDQĠDDVFXOWăúL
FRQFOX]LLOHDFHVWRUD
,QVWDQĠDH[DPLQHD]ăFHUHUHDvQED]DDFWHORUGRVDUXOXLúLVHSURQXQĠăSULQGHFL]LH
,QVWDQĠDUHVSLQJHFHUHUHDvQFD]XOvQFDUHFRQVWDWăFăHVWHWDUGLYăLQDGPLVLELOăVDX
QHIRQGDWă
$WXQFLFkQGLQVWDQĠDFRQVWDWăFăFHUHUHDHVWHIRQGDWă
D GHVILLQĠHD]ăvQSDUWHKRWăUkUHDDWDFDWăVXEDVSHFWXOGUHSWXOXLvQFăOFDWúLUHMXGHFkQG
FDX]DFXDSOLFDUHDGLVSR]LĠLLORUVHFĠLXQLLDFDS9GLQWLWOXO,,,DOSăUĠLLVSHFLDOH
vQOăWXUăFRQVHFLQĠHOHvQFăOFăULLGUHSWXOXL
E GHVILLQĠHD]ăKRWăUkUHDúLFkQGHVWHQHFHVDUăDGPLQLVWUDUHDGHSUREHGLVSXQHUHMXGHFDUHD
GHFăWUHLQVWDQĠDvQIDĠDFăUHLDVDSURGXVvQFăOFDUHDGUHSWXOXLDSOLFkQGXVHGLVSR]LĠLLOH
VHFĠLXQLLDFDS9GLQWLWOXO,,,DOSăUĠLLVSHFLDOH
+RWăUkUHDSURQXQĠDWăHVWHVXSXVăFăLORUGHDWDFSUHYă]XWHGHOHJHSHQWUXKRWăUkUHD
UHYL]XLWă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6HFĠLXQHDDD5HGHVFKLGHUHDSURFHVXOXLSHQDOvQFD]XOMXGHFăULLvQOLSVDSHUVRDQHL
FRQGDPQDWH
6HFĠLXQHDDDD&DS9GLQ7LWOXO,,,DO3ăUĠLLVSHFLDOHDGHYHQLW6HFĠLXQHDDDFRQIRUP
SFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/
2),&,$/QUGLQDXJXVW
$UWLFROXO
5HGHVFKLGHUHDSURFHVXOXLSHQDOvQFD]XOMXGHFăULLvQOLSVDSHUVRDQHLFRQGDPQDWH
3HUVRDQDFRQGDPQDWăGHILQLWLYFDUHDIRVWMXGHFDWăvQOLSVăSRDWHVROLFLWDUHGHVFKLGHUHD
SURFHVXOXLSHQDOvQWHUPHQGHROXQăGLQ]LXDvQFDUHDOXDWFXQRúWLQĠăSULQRULFH
QRWLILFDUHRILFLDOăFăVDGHVIăúXUDWXQSURFHVSHQDOvPSRWULYDVD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
(VWHFRQVLGHUDWăMXGHFDWăvQOLSVăSHUVRDQDFRQGDPQDWăFDUHQXDIRVWFLWDWăODSURFHVúL
QXDOXDWFXQRúWLQĠăvQQLFLXQDOWPRGRILFLDOGHVSUHDFHVWDUHVSHFWLYGHúLDDYXW
FXQRúWLQĠăGHSURFHVDOLSVLWvQPRGMXVWLILFDWGHODMXGHFDUHDFDX]HLúLQXDSXWXW
vQFXQRúWLQĠDLQVWDQĠD1XVHFRQVLGHUăMXGHFDWăvQOLSVăSHUVRDQDFRQGDPQDWăFDUHúLD
GHVHPQDWXQDSăUăWRUDOHVRULXQPDQGDWDUGDFăDFHúWLDVDXSUH]HQWDWRULFkQGvQFXUVXO
SURFHVXOXLúLQLFLSHUVRDQDFDUHGXSăFRPXQLFDUHDSRWULYLWOHJLLDVHQWLQĠHLGH
FRQGDPQDUHQXDGHFODUDWDSHODUHQXQĠDWODGHFODUDUHDOXLRULúLDUHWUDVDSHOXO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HQWUXSHUVRDQDFRQGDPQDWăGHILQLWLYMXGHFDWăvQOLSVăIDĠăGHFDUHXQVWDWVWUăLQD
GLVSXVH[WUăGDUHDVDXSUHGDUHDvQED]DPDQGDWXOXLHXURSHDQGHDUHVWDUHWHUPHQXOSUHYă]XWOD
DOLQ FXUJHGHODGDWDODFDUHGXSăDGXFHUHDvQĠDUăLDIRVWFRPXQLFDWăKRWăUkUHDGH
FRQGDPQDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3URFHVXOSHQDOQXSRDWHILUHGHVFKLVvQFD]XOvQFDUHSHUVRDQDFRQGDPQDWăDVROLFLWDWVă
ILHMXGHFDWăvQOLSVă
'LVSR]LĠLLOHDOLQHDWHORUSUHFHGHQWHVHDSOLFăvQPRGFRUHVSXQ]ăWRUSHUVRDQHLIDĠăGHFDUH
VDSURQXQĠDWRKRWăUkUHGHUHQXQĠDUHODDSOLFDUHDSHGHSVHLVDXGHDPkQDUHDDSOLFăULL
SHGHSVHL
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&HUHUHDGHUHGHVFKLGHUHDSURFHVXOXLSHQDO
&HUHUHDGHUHGHVFKLGHUHDSURFHVXOXLSHQDOSRDWHILIRUPXODWăGHFăWUHSHUVRDQDMXGHFDWă
vQOLSVăúLVHDGUHVHD]ăLQVWDQĠHLFDUHDMXGHFDWFDX]DvQOLSVăILHvQSULPăLQVWDQĠăILH
vQDSHO
&kQGSHUVRDQDMXGHFDWăvQOLSVăHVWHSULYDWăGHOLEHUWDWHFHUHUHDSRDWHILGHSXVăOD
DGPLQLVWUDĠLDORFXOXLGHGHĠLQHUHFDUHRYDWULPLWHGHvQGDWăLQVWDQĠHLFRPSHWHQWH
&HUHUHDVHIRUPXOHD]ăvQVFULVúLWUHEXLHPRWLYDWăFXSULYLUHODvQGHSOLQLUHDFRQGLĠLLORU
SUHYă]XWHODDUW
&HUHUHDSRDWHILvQVRĠLWăGHFRSLLGHSHvQVFULVXULOHGHFDUHSHUVRDQDMXGHFDWăvQOLSVă
vQĠHOHJHDVHIRORVLvQSURFHVFHUWLILFDWHSHQWUXFRQIRUPLWDWHFXRULJLQDOXO&kQG
vQVFULVXULOHVXQWUHGDFWDWHvQWUROLPEăVWUăLQăHOHYRUILvQVRĠLWHGHWUDGXFHUH
ÌQFD]XOvQFDUHFHUHUHDQXvQGHSOLQHúWHFRQGLĠLLOHSUHYă]XWHODDOLQ úL
LQVWDQĠDSXQHvQYHGHUHFHOXLFHDIRUPXODWFHUHUHDVăRFRPSOHWH]HSkQăODSULPXOWHUPHQGH
MXGHFDWăVDXGXSăFD]vQWUXQWHUPHQVFXUWVWDELOLWGHLQVWDQĠă
$UWLFROXO
0ăVXULOHSUHPHUJăWRDUH
/DSULPLUHDFHUHULLGHUHGHVFKLGHUHDSURFHVXOXLSHQDOVHIL[HD]ăWHUPHQSHQWUX
H[DPLQDUHDDGPLVLELOLWăĠLLvQSULQFLSLXSUHúHGLQWHOHGLVSXQkQGDWDúDUHDGRVDUXOXLFDX]HL
SUHFXPúLFLWDUHDSăUĠLORUúLDVXELHFĠLORUSURFHVXDOLSULQFLSDOLLQWHUHVDĠL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&kQGSHUVRDQDFDUHDVROLFLWDWUHGHVFKLGHUHDSURFHVXOXLSHQDOHVWHSULYDWăGHOLEHUWDWH
FKLDUvQWURDOWăFDX]ăSUHúHGLQWHOHGLVSXQHvQFXQRúWLQĠDUHDDFHVWHLDGHVSUHWHUPHQúLLD
PăVXULSHQWUXGHVHPQDUHDXQXLDYRFDWGLQRILFLX
3HUVRDQDSULYDWăGHOLEHUWDWHHVWHDGXVăODMXGHFDWă
$UWLFROXO
-XGHFDUHDFHUHULLGHUHGHVFKLGHUHDSURFHVXOXL
,QVWDQĠDDVFXOWkQGFRQFOX]LLOHSURFXURUXOXLDOHSăUĠLORUúLDOHVXELHFĠLORUSURFHVXDOL
SULQFLSDOLH[DPLQHD]ăGDFă
D FHUHUHDDIRVWIRUPXODWăvQWHUPHQúLGHFăWUHRSHUVRDQăGLQWUHFHOHSUHYă]XWHODDUW
E DXIRVWLQYRFDWHWHPHLXULOHJDOHSHQWUXUHGHVFKLGHUHDSURFHVXOXLSHQDO
F PRWLYHOHvQED]DFăURUDHVWHIRUPXODWăFHUHUHDQXDXIRVWSUH]HQWDWHvQWURFHUHUH
DQWHULRDUăGHUHGHVFKLGHUHDSURFHVXOXLSHQDOFDUHDIRVWMXGHFDWăGHILQLWLY
&HUHUHDVHH[DPLQHD]ăGHXUJHQĠăLDUvQFD]XOvQFDUHSHUVRDQDFRQGDPQDWăVHDIOăvQ
H[HFXWDUHDSHGHSVHLFXvQFKLVRDUHDDSOLFDWHvQFDX]DDFăUHLUHMXGHFDUHVHFHUHLQVWDQĠD
SRDWHVXVSHQGDPRWLYDWvQWRWVDXvQSDUWHH[HFXWDUHDKRWăUkULLúLSRDWHGLVSXQH
UHVSHFWDUHDGHFăWUHFRQGDPQDWDXQHLDGLQWUHREOLJDĠLLOHSUHYă]XWHODDUWDOLQ úL
'DFăH[HFXWDUHDSHGHSVHLFXvQFKLVRDUHDQXDvQFHSXWLQVWDQĠDSRDWHGLVSXQHUHVSHFWDUHD
GHFăWUHFRQGDPQDWDXQHLDGLQWUHREOLJDĠLLOHSUHYă]XWHODDUWDOLQ úL
'DFăLQVWDQĠDFRQVWDWăvQGHSOLQLUHDFRQGLĠLLORUSUHYă]XWHODDOLQ GLVSXQHSULQ
vQFKHLHUHDGPLWHUHDFHUHULLGHUHGHVFKLGHUHDSURFHVXOXLSHQDO
'DFăLQVWDQĠDFRQVWDWăQHvQGHSOLQLUHDFRQGLĠLLORUSUHYă]XWHODDUWGLVSXQHSULQ
VHQWLQĠăUHVSLQJHUHDFHUHULLGHUHGHVFKLGHUHDSURFHVXOXLSHQDO
ÌQFKHLHUHDSULQFDUHHVWHDGPLVăFHUHUHDGHUHGHVFKLGHUHDSURFHVXOXLSHQDOSRDWHIL
DWDFDWăRGDWăFXIRQGXO
+RWăUkUHDSULQFDUHHVWHUHVSLQVăFHUHUHDGHUHGHVFKLGHUHDSURFHVXOXLSHQDOHVWHVXSXVă
DFHOHLDúLFăLGHDWDFFDúLKRWăUkUHDSURQXQĠDWăvQOLSVDSHUVRDQHLFRQGDPQDWH
$GPLWHUHDFHUHULLGHUHGHVFKLGHUHDSURFHVXOXLSHQDODWUDJHGHVILLQĠDUHDGHGUHSWD
KRWăUkULLSURQXQĠDWHvQOLSVDSHUVRDQHLFRQGDPQDWH
,QVWDQĠDUHGHVFKLGHSURFHVXOSHQDOSULQH[WLQGHUHúLFXSULYLUHODSăUĠLOHFDUHQXDX
IRUPXODWFHUHUHSXWkQGKRWăUvúLvQSULYLQĠDORUIăUăVăOHSRDWăFUHDDFHVWRUDRVLWXDĠLH
PDLJUHD
2GDWăFXDGPLWHUHDFHUHULLGHUHGHVFKLGHUHDSURFHVXOXLSHQDOLQVWDQĠDGLQRILFLXVDX
ODFHUHUHDSURFXURUXOXLSRDWHGLVSXQHOXDUHDIDĠăGHLQFXOSDWDXQHLDGLQWUHPăVXULOH
SUHYHQWLYHSUHYă]XWHODDUWDOLQ OLWE H 'LVSR]LĠLLOHWLWOXOXL9DOSăUĠLL
JHQHUDOHVHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
5HMXGHFDUHDFDX]HL
5HMXGHFDUHDFDX]HLVHIDFHSRWULYLWUHJXOLORUGHSURFHGXUăDSOLFDELOHHWDSHLSURFHVXDOH
SHQWUXFDUHVDGLVSXVUHGHVFKLGHUHDSURFHVXOXLSHQDO
&DSLWROXO9,'LVSR]LĠLLSULYLQGDVLJXUDUHDXQHLSUDFWLFLMXGLFLDUHXQLWDUH
6HFĠLXQHD5HFXUVXOvQLQWHUHVXOOHJLL
$UWLFROXO
&HUHUHDGHUHFXUVvQLQWHUHVXOOHJLL
3HQWUXDVHDVLJXUDLQWHUSUHWDUHDúLDSOLFDUHDXQLWDUăDOHJLLGHFăWUHWRDWHLQVWDQĠHOH
MXGHFăWRUHúWLSURFXURUXOJHQHUDODO3DUFKHWXOXLGHSHOkQJăÌQDOWD&XUWHGH&DVDĠLHúL
-XVWLĠLHGLQRILFLXVDXODFHUHUHDPLQLVWUXOXLMXVWLĠLHLFROHJLXOGHFRQGXFHUHDOÌQDOWHL
&XUĠLGH&DVDĠLHúL-XVWLĠLHVDXFROHJLLOHGHFRQGXFHUHDOHFXUĠLORUGHDSHOSUHFXPúL
$YRFDWXO3RSRUXOXLDXvQGDWRULUHDVăFHDUăÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHVăVH
SURQXQĠHDVXSUDFKHVWLXQLORUGHGUHSWFDUHDXIRVWVROXĠLRQDWHGLIHULWGHLQVWDQĠHOH
MXGHFăWRUHúWL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&HUHUHDWUHEXLHVăFXSULQGăVROXĠLLOHGLIHULWHGDWHSUREOHPHLGHGUHSWúLPRWLYDUHD
DFHVWRUDMXULVSUXGHQĠD&XUĠLL&RQVWLWXĠLRQDOHDÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHD
&XUĠLL(XURSHQHD'UHSWXULORU2PXOXLVDXGXSăFD]D&XUĠLLGH-XVWLĠLHD8QLXQLL(XURSHQH
RSLQLLOHH[SULPDWHvQGRFWULQăUHOHYDQWHvQGRPHQLXSUHFXPúLVROXĠLDFHVHSURSXQHDIL
SURQXQĠDWăvQUHFXUVXOvQLQWHUHVXOOHJLL
&HUHUHDGHUHFXUVvQLQWHUHVXOOHJLLWUHEXLHVăILHvQVRĠLWăVXEVDQFĠLXQHDUHVSLQJHULL
FDLQDGPLVLELOăGHFRSLLDOHKRWăUkULORUMXGHFăWRUHúWLGHILQLWLYHGLQFDUHUH]XOWăFă
SUREOHPHOHGHGUHSWFDUHIRUPHD]ăRELHFWXOMXGHFăĠLLDXIRVWVROXĠLRQDWHvQPRGGLIHULWGH
LQVWDQĠHOHMXGHFăWRUHúWL
$UWLFROXO
&RQGLĠLLOHGHDGPLVLELOLWDWH
5HFXUVXOvQLQWHUHVXOOHJLLHVWHDGPLVLELOQXPDLGDFăVHIDFHGRYDGDFăSUREOHPHOHGHGUHSW
FDUHIRUPHD]ăRELHFWXOMXGHFăĠLLDXIRVWVROXĠLRQDWHvQPRGGLIHULWSULQKRWăUkUL
MXGHFăWRUHúWLGHILQLWLYHFDUHVHDQH[HD]ăODFHUHUH
$UWLFROXO
-XGHFDUHDUHFXUVXOXLvQLQWHUHVXOOHJLL
5HFXUVXOvQLQWHUHVXOOHJLLVHMXGHFăGHXQFRPSOHWIRUPDWGLQSUHúHGLQWHOHÌQDOWHL&XUĠL
GH&DVDĠLHúL-XVWLĠLHVDXvQOLSVDDFHVWXLDGLQYLFHSUHúHGLQWHOHÌQDOWHL&XUĠLGH&DVDĠLH
úL-XVWLĠLHSUHúHGLQĠLLGHVHFĠLLGLQFDGUXODFHVWHLDXQQXPăUGHMXGHFăWRULGLQVHFĠLD
vQDFăUHLFRPSHWHQĠăLQWUăFKHVWLXQHDGHGUHSWFDUHDIRVWVROXĠLRQDWăGLIHULWGHLQVWDQĠHOH
MXGHFăWRUHúWLSUHFXPúLFkWHMXGHFăWRULGLQFDGUXOFHORUODOWHVHFĠLL3UHúHGLQWHOH
FRPSOHWXOXLHVWHSUHúHGLQWHOHÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHVDXvQOLSVDDFHVWXLD
YLFHSUHúHGLQWHOHÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHFKHVWLXQHDGHGUHSWSUH]LQWăLQWHUHVSHQWUXGRXăVDXPDLPXOWHVHFĠLL
SUHúHGLQWHOHÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHVWDELOHúWHVHFĠLLOHGLQFDUHSURYLQ
MXGHFăWRULLFHYRUDOFăWXLFRPSOHWXOGHMXGHFDWă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'XSăVHVL]DUHDÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHSUHúHGLQWHOHDFHVWHLDYDOXD
PăVXULOHQHFHVDUHSHQWUXGHVHPQDUHDDOHDWRULHDMXGHFăWRULORUGLQFDGUXOVHFĠLHLvQDFăUHL
FRPSHWHQĠăLQWUăFKHVWLXQHDGHGUHSWFDUHDIRVWVROXĠLRQDWăGLIHULWGHLQVWDQĠHOH
MXGHFăWRUHúWLSUHFXPúLDMXGHFăWRULORUGLQFHOHODOWHVHFĠLLFHLQWUăvQDOFăWXLUHD
FRPSOHWXOXLSUHYă]XWODDOLQ
/DSULPLUHDFHUHULLSUHúHGLQWHOHFRPSOHWXOXLYDGHVHPQDXQMXGHFăWRUGLQFDGUXOVHFĠLHL
vQDFăUHLFRPSHWHQĠăLQWUăFKHVWLXQHDGHGUHSWFDUHDIRVWVROXĠLRQDWăGLIHULWGHLQVWDQĠHOH
MXGHFăWRUHúWLSHQWUXDvQWRFPLXQUDSRUWDVXSUDUHFXUVXOXLvQLQWHUHVXOOHJLLÌQFD]XOvQ
FDUHFKHVWLXQHDGHGUHSWSUH]LQWăLQWHUHVSHQWUXGRXăVDXPDLPXOWHVHFĠLLSUHúHGLQWHOH
FRPSOHWXOXLYDGHVHPQDMXGHFăWRULGLQFDGUXODFHVWRUVHFĠLLSHQWUXvQWRFPLUHDUDSRUWXOXL
5DSRUWRULLQXVXQWLQFRPSDWLELOL
ÌQYHGHUHDvQWRFPLULLUDSRUWXOXLSUHúHGLQWHOHFRPSOHWXOXLSRDWHVROLFLWDXQRU
VSHFLDOLúWLUHFXQRVFXĠLRSLQLDVFULVăDVXSUDFKHVWLXQLORUGHGUHSWVROXĠLRQDWHGLIHULW
5DSRUWXOYDFXSULQGHVROXĠLLOHGLIHULWHGDWHSUREOHPHLGHGUHSWúLDUJXPHQWHOHSHFDUHVH
IXQGDPHQWHD]ăMXULVSUXGHQĠDUHOHYDQWăD&XUĠLL&RQVWLWXĠLRQDOHDÌQDOWHL&XUĠLGH&DVDĠLH
úL-XVWLĠLHD&XUĠLL(XURSHQHD'UHSWXULORU2PXOXLD&XUĠLLGH-XVWLĠLHD8QLXQLL(XURSHQH
úLRSLQLDVSHFLDOLúWLORUFRQVXOWDĠLGDFăHVWHFD]XOSUHFXPúLGRFWULQDvQPDWHULH
7RWRGDWăMXGHFăWRUXOVDXGXSăFD]MXGHFăWRULLUDSRUWRULYRUvQWRFPLúLYRUPRWLYD
SURLHFWXOVROXĠLHLFHVHSURSXQHDILGDWăUHFXUVXOXLvQLQWHUHVXOOHJLL
ùHGLQĠDFRPSOHWXOXLVHFRQYRDFăGHSUHúHGLQWHOHDFHVWXLDFXFHOSXĠLQGH]LOHvQDLQWH
GHGHVIăúXUDUHDDFHVWHLD2GDWăFXFRQYRFDUHDILHFDUHMXGHFăWRUYDSULPLRFRSLHD
UDSRUWXOXLúLDVROXĠLHLSURSXVH
/DúHGLQĠăSDUWLFLSăWRĠLMXGHFăWRULLFRPSOHWXOXL'DFăH[LVWăPRWLYHRELHFWLYHDFHúWLD
YRUILvQORFXLĠLFXUHVSHFWDUHDUHJXOLORUSUHYă]XWHODDOLQ
5HFXUVXOvQLQWHUHVXOOHJLLVHVXVĠLQHvQIDĠDFRPSOHWXOXLGXSăFD]GHSURFXURUXO
JHQHUDODO3DUFKHWXOXLGHSHOkQJăÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHVDXGHSURFXURUXO
GHVHPQDWGHDFHVWDGHMXGHFăWRUXOGHVHPQDWGHFROHJLXOGHFRQGXFHUHDOÌQDOWHL&XUĠLGH
&DVDĠLHúL-XVWLĠLHUHVSHFWLYDOFXUĠLLGHDSHORULGH$YRFDWXO3RSRUXOXLVDXGHXQ
UHSUH]HQWDQWDODFHVWXLD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
5HFXUVXOvQLQWHUHVXOOHJLLVHMXGHFăvQFHOPXOWOXQLGHODGDWDVHVL]ăULLLQVWDQĠHL
LDUVROXĠLDVHDGRSWăFXFHOSXĠLQGRXăWUHLPLGLQQXPăUXOMXGHFăWRULORUFRPSOHWXOXL1XVH
DGPLWDEĠLQHULGHODYRW
$UWLFROXO
&RQĠLQXWXOKRWăUkULLúLHIHFWHOHHL
$VXSUDFHUHULLGHUHFXUVvQLQWHUHVXOOHJLLFRPSOHWXOÌQDOWHL&XUĠLGH&DVDĠLHúL
-XVWLĠLHVHSURQXQĠăSULQGHFL]LH
'HFL]LDVHSURQXQĠăQXPDLvQLQWHUHVXOOHJLLúLQXDUHHIHFWHDVXSUDKRWăUkULORU
MXGHFăWRUHúWLH[DPLQDWHúLQLFLFXSULYLUHODVLWXDĠLDSăUĠLORUGLQDFHOHSURFHVH
'HFL]LDVHPRWLYHD]ăvQWHUPHQGHFHOPXOWGH]LOHGHODSURQXQĠDUHúLVHSXEOLFăvQ
FHOPXOW]LOHGHODPRWLYDUHvQ0RQLWRUXO2ILFLDODO5RPkQLHL3DUWHD,
'H]OHJDUHDGDWăSUREOHPHORUGHGUHSWMXGHFDWHHVWHREOLJDWRULHSHQWUXLQVWDQĠHGHODGDWD
SXEOLFăULLGHFL]LHLvQ0RQLWRUXO2ILFLDODO5RPkQLHL3DUWHD,
$UWLFROXOA
ÌQFHWDUHDVDXPRGLILFDUHDHIHFWHORUGHFL]LHL
(IHFWHOHGHFL]LHLvQFHWHD]ăvQFD]XODEURJăULLFRQVWDWăULLQHFRQVWLWXĠLRQDOLWăĠLLRUL
PRGLILFăULLGLVSR]LĠLHLOHJDOHFDUHDJHQHUDWSUREOHPDGHGUHSWGH]OHJDWăFXH[FHSĠLD
FD]XOXLvQFDUHDFHDVWDVXE]LVWăvQQRXDUHJOHPHQWDUH
$UWADIRVWPRGLILFDWGHSFWDODUW,,,GLQ25'21$1ğ$'(85*(1ğĂQUGLQ
IHEUXDULHSXEOLFDWăvQ021,7258/2),&,$/QUGLQIHEUXDULH
6HFĠLXQHDDD6HVL]DUHDÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHvQYHGHUHDSURQXQĠăULLXQHL
KRWăUkULSUHDODELOHSHQWUXGH]OHJDUHDXQRUFKHVWLXQLGHGUHSW
'HQXPLUHD6HFĠLXQLLDDD&DS9,GLQ7LWOXO,,,DO3ăUĠLLVSHFLDOHDIRVWPRGLILFDWăGH
SFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/
2),&,$/QUGLQDXJXVW
$UWLFROXO
2ELHFWXOVHVL]ăULL
'DFăvQFXUVXOMXGHFăĠLLXQFRPSOHWGHMXGHFDWăDOÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHDO
FXUĠLLGHDSHOVDXDOWULEXQDOXOXLvQYHVWLWFXVROXĠLRQDUHDFDX]HLvQXOWLPăLQVWDQĠă
FRQVWDWkQGFăH[LVWăRFKHVWLXQHGHGUHSWGHDFăUHLOăPXULUHGHSLQGHVROXĠLRQDUHDSHIRQGD
FDX]HLUHVSHFWLYHúLDVXSUDFăUHLDÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHQXDVWDWXDWSULQWUR
KRWăUkUHSUHDODELOăVDXSULQWUXQUHFXUVvQLQWHUHVXOOHJLLúLQLFLQXIDFHRELHFWXOXQXL
UHFXUVvQLQWHUHVXOOHJLLvQFXUVGHVROXĠLRQDUHYDSXWHDVROLFLWDÌQDOWHL&XUĠLGH&DVDĠLH
úL-XVWLĠLHVăSURQXQĠHRKRWăUkUHSULQFDUHVăVHGHDUH]ROYDUHGHSULQFLSLXFKHVWLXQLLGH
GUHSWFXFDUHDIRVWVHVL]DWă
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3URFHGXUDGHMXGHFDWă
6HVL]DUHDÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHVHIDFHGHFăWUHFRPSOHWXOGHMXGHFDWă
GXSăGH]EDWHULFRQWUDGLFWRULLGDFăVXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHODDUWSULQ
vQFKHLHUHFDUHQXHVWHVXSXVăQLFLXQHLFăLGHDWDF'DFăSULQvQFKHLHUHVHGLVSXQHVHVL]DUHD
DFHDVWDYDFXSULQGHPRWLYHOHFDUHVXVĠLQDGPLVLELOLWDWHDVHVL]ăULLSRWULYLWGLVSR]LĠLLORU
DUWSXQFWXOGHYHGHUHDOFRPSOHWXOXLGHMXGHFDWăúLDOSăUĠLORU
3ULQvQFKHLHUHDSUHYă]XWăODDOLQ FDX]DSRDWHILVXVSHQGDWăSkQăODSURQXQĠDUHD
KRWăUkULLSUHDODELOHSHQWUXGH]OHJDUHDFKHVWLXQLLGHGUHSWÌQFD]XOvQFDUHQXVDGLVSXV
VXVSHQGDUHDRGDWăFXVHVL]DUHDLDUFHUFHWDUHDMXGHFăWRUHDVFăHVWHILQDOL]DWăvQDLQWHFD
ÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHVăVHSURQXQĠHDVXSUDVHVL]ăULLLQVWDQĠDVXVSHQGă
GH]EDWHULOHSkQăODSURQXQĠDUHDGHFL]LHLSUHYă]XWHODDUWDOLQ ÌQFD]XOvQFDUH
LQFXOSDWXOVHDIOăvQDUHVWODGRPLFLOLXVDXHVWHDUHVWDWSUHYHQWLYVHDSOLFăvQPRG
FRUHVSXQ]ăWRUSUHYHGHULOHDUWSHWRDWăGXUDWDVXVSHQGăULL
'XSăvQUHJLVWUDUHDFDX]HLODÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHvQFKHLHUHDGHVHVL]DUH
VHSXEOLFăSHSDJLQDGHLQWHUQHWDDFHVWHLLQVWDQĠH
&DX]HOHVLPLODUHDIODWHSHUROXOLQVWDQĠHORUMXGHFăWRUHúWLSRWILVXVSHQGDWHSkQăOD
VROXĠLRQDUHDVHVL]ăULL
5HSDUWL]DUHDVHVL]ăULLHVWHIăFXWăGHSUHúHGLQWHOHVDXvQOLSVDDFHVWXLDGHXQXOGLQWUH
YLFHSUHúHGLQĠLLÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHRULGHSHUVRDQDGHVHPQDWăGHDFHúWLD
6HVL]DUHDVHMXGHFăGHXQFRPSOHWIRUPDWGLQSUHúHGLQWHOHVHFĠLHLFRUHVSXQ]ăWRDUHD
ÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHVDXGHXQMXGHFăWRUGHVHPQDWGHDFHVWDúLMXGHFăWRUL
GLQFDGUXOVHFĠLHLUHVSHFWLYH3UHúHGLQWHOHVHFĠLHLVDXvQFD]GHLPSRVLELOLWDWH
MXGHFăWRUXOGHVHPQDWGHDFHVWDHVWHSUHúHGLQWHOHGHFRPSOHWúLYDOXDPăVXULOHQHFHVDUH
SHQWUXGHVHPQDUHDDOHDWRULHDMXGHFăWRULORU
'XSăDOFăWXLUHDFRPSOHWXOXLSRWULYLWDOLQ SUHúHGLQWHOHDFHVWXLDYDGHVHPQDXQ
MXGHFăWRUSHQWUXDvQWRFPLXQUDSRUWDVXSUDFKHVWLXQLLGHGUHSWVXSXVHMXGHFăĠLL-XGHFăWRUXO
GHVHPQDWUDSRUWRUQXGHYLQHLQFRPSDWLELO
$WXQFLFkQGFKHVWLXQHDGHGUHSWSULYHúWHDFWLYLWDWHDPDLPXOWRUVHFĠLLDOHÌQDOWHL&XUĠL
GH&DVDĠLHúL-XVWLĠLHSUHúHGLQWHOHVDXvQOLSVDDFHVWXLDXQXOGLQWUHYLFHSUHúHGLQĠLL
ÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHYDWUDQVPLWHVHVL]DUHDSUHúHGLQĠLORUVHFĠLLORU
LQWHUHVDWHvQVROXĠLRQDUHDFKHVWLXQLLGHGUHSWÌQDFHVWFD]FRPSOHWXOYDILDOFăWXLWGLQ
SUHúHGLQWHOHVDXvQOLSVDDFHVWXLDGLQYLFHSUHúHGLQWHOHÌQDOWHL&XUĠLGH&DVDĠLHúL
-XVWLĠLHFDUHYDSUH]LGDFRPSOHWXOGLQSUHúHGLQĠLLVHFĠLLORULQWHUHVDWHvQVROXĠLRQDUHD
FKHVWLXQLLGHGUHSWSUHFXPúLFkWHMXGHFăWRULGLQFDGUXOVHFĠLLORUUHVSHFWLYHGHVHPQDĠL
DOHDWRULXGHSUHúHGLQWHOHFRPSOHWXOXL'XSăDOFăWXLUHDFRPSOHWXOXLSHQWUXvQWRFPLUHD
UDSRUWXOXLSUHúHGLQWHOHFRPSOHWXOXLYDGHVHPQDFkWHXQMXGHFăWRUGLQFDGUXOILHFăUHLVHFĠLL
5DSRUWRULLQXVXQWLQFRPSDWLELOL
5DSRUWXOYDILFRPXQLFDWSăUĠLORUFDUHvQWHUPHQGHFHOPXOW]LOHGHODFRPXQLFDUH
SRWGHSXQHvQVFULVSULQDYRFDWVDXGXSăFD]SULQFRQVLOLHUMXULGLFSXQFWHOHORUGH
YHGHUHSULYLQGFKHVWLXQHDGHGUHSWVXSXVăMXGHFăĠLL
'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
6HVL]DUHDVHMXGHFăIăUăFLWDUHDSăUĠLORUvQFHOPXOWOXQLGHODGDWDvQYHVWLULLLDU
VROXĠLDVHDGRSWăFXFHOSXĠLQGRXăWUHLPLGLQQXPăUXOMXGHFăWRULORUFRPSOHWXOXL1XVHDGPLW
DEĠLQHULGHODYRW
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RQĠLQXWXOúLHIHFWHOHKRWăUkULL
$VXSUDVHVL]ăULLFRPSOHWXOSHQWUXGH]OHJDUHDXQRUFKHVWLXQLGHGUHSWVHSURQXQĠăSULQ
GHFL]LHQXPDLFXSULYLUHODFKHVWLXQHDGHGUHSWVXSXVăGH]OHJăULL
'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
'H]OHJDUHDGDWăFKHVWLXQLORUGHGUHSWHVWHREOLJDWRULHSHQWUXLQVWDQĠHGHODGDWD
SXEOLFăULLGHFL]LHLvQ0RQLWRUXO2ILFLDODO5RPkQLHL3DUWHD,
'LVSR]LĠLLOHDUWAVHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXOA
ÌQFHWDUHDVDXPRGLILFDUHDHIHFWHORUGHFL]LHL
(IHFWHOHGHFL]LHLvQFHWHD]ăvQFD]XODEURJăULLFRQVWDWăULLQHFRQVWLWXĠLRQDOLWăĠLLRUL
PRGLILFăULLGLVSR]LĠLHLOHJDOHFDUHDJHQHUDWSUREOHPDGHGUHSWGH]OHJDWăFXH[FHSĠLD
FD]XOXLvQFDUHDFHDVWDVXE]LVWăvQQRXDUHJOHPHQWDUH
$UWADIRVWPRGLILFDWGHSFWDODUW,,,GLQ25'21$1ğ$'(85*(1ğĂQUGLQ
IHEUXDULHSXEOLFDWăvQ021,7258/2),&,$/QUGLQIHEUXDULH
7LWOXO,93URFHGXULVSHFLDOH
&DSLWROXO,$FRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHL
$UWLFROXO
7LWXODULLDFRUGXOXLGHUHFXQRDúWHUHDYLQRYăĠLHLúLOLPLWHOHDFHVWXLD
ÌQFXUVXOXUPăULULLSHQDOHGXSăSXQHUHDvQPLúFDUHDDFĠLXQLLSHQDOHLQFXOSDWXOúL
SURFXURUXOSRWvQFKHLDXQDFRUGFDXUPDUHDUHFXQRDúWHULLYLQRYăĠLHLGHFăWUHLQFXOSDW
(IHFWHOHDFRUGXOXLGHUHFXQRDúWHUHDYLQRYăĠLHLVXQWVXSXVHDYL]XOXLSURFXURUXOXL
LHUDUKLFVXSHULRU
$FRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLSRDWHILLQLĠLDWDWkWGHFăWUHSURFXURUFkWúLGH
FăWUHLQFXOSDW
/LPLWHOHvQFKHLHULLDFRUGXOXLGHUHFXQRDúWHUHDYLQRYăĠLHLVHVWDELOHVFSULQDYL]XO
SUHDODELOúLVFULVDOSURFXURUXOXLLHUDUKLFVXSHULRU
'DFăDFĠLXQHDSHQDOăVDSXVvQPLúFDUHIDĠăGHPDLPXOĠLLQFXOSDĠLVHSRDWHvQFKHLDXQ
DFRUGGHUHFXQRDúWHUHDYLQRYăĠLHLGLVWLQFWFXILHFDUHGLQWUHDFHúWLDIăUăDILDGXVă
DWLQJHUHSUH]XPĠLHLGHQHYLQRYăĠLHDLQFXOSDĠLORUSHQWUXFDUHQXVDvQFKHLDWDFRUG
,QFXOSDĠLLPLQRULQXSRWvQFKHLDDFRUGXULGHUHFXQRDúWHUHDYLQRYăĠLHL
$UWLFROXO
2ELHFWXODFRUGXOXLGHUHFXQRDúWHUHDYLQRYăĠLHL
$FRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLDUHFDRELHFWUHFXQRDúWHUHDFRPLWHULLIDSWHLúL
DFFHSWDUHDvQFDGUăULLMXULGLFHSHQWUXFDUHDIRVWSXVăvQPLúFDUHDFĠLXQHDSHQDOăúLSULYHúWH
IHOXOúLFXDQWXPXOSHGHSVHLSUHFXPúLIRUPDGHH[HFXWDUHDDFHVWHLD
$UWLFROXO
&RQGLĠLLOHvQFKHLHULLDFRUGXOXLGHUHFXQRDúWHUHDYLQRYăĠLHL
$FRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLVHSRDWHvQFKHLDQXPDLFXSULYLUHODLQIUDFĠLXQLOH
SHQWUXFDUHOHJHDSUHYHGHSHGHDSVDDPHQ]LLVDXDvQFKLVRULLGHFHOPXOWDQL
$FRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLVHvQFKHLHDWXQFLFkQGGLQSUREHOHDGPLQLVWUDWH
UH]XOWăVXILFLHQWHGDWHFXSULYLUHODH[LVWHQĠDIDSWHLSHQWUXFDUHVDSXVvQPLúFDUH
DFĠLXQHDSHQDOăúLFXSULYLUHODYLQRYăĠLDLQFXOSDWXOXL/DvQFKHLHUHDDFRUGXOXLGH
UHFXQRDúWHUHDYLQRYăĠLHLDVLVWHQĠDMXULGLFăHVWHREOLJDWRULH
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
)RUPDDFRUGXOXLGHUHFXQRDúWHUHDYLQRYăĠLHL
$FRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLVHvQFKHLHvQIRUPăVFULVă
ÌQVLWXDĠLDvQFDUHVHvQFKHLHDFRUGGHUHFXQRDúWHUHDYLQRYăĠLHLSURFXURUXOQXPDL
vQWRFPHúWHUHFKL]LWRULXFXSULYLUHODLQFXOSDĠLLFXFDUHDvQFKHLDWDFRUG
$UWLFROXO
&RQĠLQXWXODFRUGXOXLGHUHFXQRDúWHUHDYLQRYăĠLHL
$FRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLFXSULQGH
D GDWDúLORFXOvQFKHLHULL
E QXPHOHSUHQXPHOHúLFDOLWDWHDFHORUvQWUHFDUHVHvQFKHLH
F GDWHSULYLWRDUHODSHUVRDQDLQFXOSDWXOXLSUHYă]XWHODDUWDOLQ
G GHVFULHUHDIDSWHLFHIRUPHD]ăRELHFWXODFRUGXOXL
H vQFDGUDUHDMXULGLFăDIDSWHLúLSHGHDSVDSUHYă]XWăGHOHJH
I SUREHOHúLPLMORDFHOHGHSUREă
J GHFODUDĠLDH[SUHVăDLQFXOSDWXOXLSULQFDUHUHFXQRDúWHFRPLWHUHDIDSWHLúLDFFHSWă
vQFDGUDUHDMXULGLFăSHQWUXFDUHDIRVWSXVăvQPLúFDUHDFĠLXQHDSHQDOă
K IHOXOúLFXDQWXPXOSUHFXPúLIRUPDGHH[HFXWDUHDSHGHSVHLRULVROXĠLDGHUHQXQĠDUHOD
DSOLFDUHDSHGHSVHLVDXGHDPkQDUHDDSOLFăULLSHGHSVHLFXSULYLUHODFDUHVDDMXQVODXQ
DFRUGvQWUHSURFXURUúLLQFXOSDW
/LWK DDUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
L VHPQăWXULOHSURFXURUXOXLDOHLQFXOSDWXOXLúLDOHDYRFDWXOXL
$UWLFROXO
6HVL]DUHDLQVWDQĠHLFXDFRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHL
'XSăvQFKHLHUHDDFRUGXOXLGHUHFXQRDúWHUHDYLQRYăĠLHLSURFXURUXOVHVL]HD]ăLQVWDQĠD
FăUHLDLDUUHYHQLFRPSHWHQĠDVăMXGHFHFDX]DvQIRQGúLWULPLWHDFHVWHLDDFRUGXOGH
UHFXQRDúWHUHDYLQRYăĠLHLvQVRĠLWGHGRVDUXOGHXUPăULUHSHQDOă
ÌQVLWXDĠLDvQFDUHVHvQFKHLHDFRUGXOQXPDLFXSULYLUHODXQHOHGLQWUHIDSWHVDXQXPDL
FXSULYLUHODXQLLGLQWUHLQFXOSDĠLLDUSHQWUXFHOHODOWHIDSWHVDXLQFXOSDĠLVHGLVSXQH
WULPLWHUHDvQMXGHFDWăVHVL]DUHDLQVWDQĠHLVHIDFHVHSDUDW3URFXURUXOvQDLQWHD]ăLQVWDQĠHL
QXPDLDFWHOHGHXUPăULUHSHQDOăFDUHVHUHIHUăODIDSWHOHúLSHUVRDQHOHFDUHDXIăFXW
RELHFWXODFRUGXOXLGHUHFXQRDúWHUHDYLQRYăĠLHL
ÌQFD]XOvQFDUHVXQWLQFLGHQWHGLVSR]LĠLLOHDUWDOLQ SURFXURUXOvQDLQWHD]ă
LQVWDQĠHLDFRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLvQVRĠLWGHWUDQ]DFĠLHVDXGHDFRUGXOGH
PHGLHUH
$UWLFROXO
3URFHGXUDvQIDĠDLQVWDQĠHL
'DFăDFRUGXOXLGHUHFXQRDúWHUHDYLQRYăĠLHLvLOLSVHúWHYUHXQDGLQWUHPHQĠLXQLOH
REOLJDWRULLVDXGDFăQXDXIRVWUHVSHFWDWHFRQGLĠLLOHSUHYă]XWHODDUWúLLQVWDQĠD
GLVSXQHDFRSHULUHDRPLVLXQLORUvQFHOPXOW]LOHúLVHVL]HD]ăvQDFHVWVHQVFRQGXFăWRUXO
SDUFKHWXOXLFDUHDHPLVDFRUGXO
,QVWDQĠDVHSURQXQĠăDVXSUDDFRUGXOXLGHUHFXQRDúWHUHDYLQRYăĠLHLSULQVHQWLQĠăvQXUPD
XQHLSURFHGXULQHFRQWUDGLFWRULLvQúHGLQĠăSXEOLFăGXSăDVFXOWDUHDSURFXURUXOXLD
LQFXOSDWXOXLúLDYRFDWXOXLDFHVWXLDSUHFXPúLDSăUĠLLFLYLOHGDFăHVWHSUH]HQWă
$UWLFROXO
6ROXĠLLOHLQVWDQĠHL
,QVWDQĠDDQDOL]kQGDFRUGXOSURQXQĠăXQDGLQWUHXUPăWRDUHOHVROXĠLL
D DGPLWHDFRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLúLGLVSXQHXQDGLQWUHVROXĠLLOHSUHYă]XWHGH
DUWDOLQ FDUHQXSRDWHFUHDSHQWUXLQFXOSDWRVLWXDĠLHPDLJUHDGHFkWFHD
DVXSUDFăUHLDVDDMXQVODXQDFRUGGDFăVXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHODDUW
FXSULYLUHODWRDWHIDSWHOHUHĠLQXWHvQVDUFLQDLQFXOSDWXOXLFDUHDXIăFXWRELHFWXO
DFRUGXOXL
E UHVSLQJHDFRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLúLWULPLWHGRVDUXOSURFXURUXOXLvQYHGHUHD
FRQWLQXăULLXUPăULULLSHQDOHGDFăQXVXQWvQGHSOLQLWHFRQGLĠLLOHSUHYă]XWHODDUW
FXSULYLUHODWRDWHIDSWHOHUHĠLQXWHvQVDUFLQDLQFXOSDWXOXLFDUHDXIăFXWRELHFWXO
DFRUGXOXLVDXGDFăDSUHFLD]ăFăVROXĠLDFXSULYLUHODFDUHVDDMXQVODXQDFRUGvQWUH
SURFXURUúLLQFXOSDWHVWHQHMXVWLILFDWGHEOkQGăvQUDSRUWFXJUDYLWDWHDLQIUDFĠLXQLLVDX
SHULFXOR]LWDWHDLQIUDFWRUXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
,QVWDQĠDSRDWHDGPLWHDFRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLQXPDLFXSULYLUHODXQLL
GLQWUHLQFXOSDĠL
ÌQVLWXDĠLDSUHYă]XWăODDOLQ OLWE LQVWDQĠDVHSURQXQĠăGLQRILFLXFXSULYLUHOD
VWDUHDGHDUHVWDLQFXOSDĠLORU
'LVSR]LĠLLOHDUWDOLQ DUWúLDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWLFROXO
6ROXĠLRQDUHDDFĠLXQLLFLYLOH
ÌQFD]XOvQFDUHLQVWDQĠDDGPLWHDFRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLúLvQWUHSăUĠLVD
vQFKHLDWWUDQ]DFĠLHVDXDFRUGGHPHGLHUHFXSULYLUHODDFĠLXQHDFLYLOăLQVWDQĠDLDDFWGH
DFHDVWDSULQVHQWLQĠă
ÌQFD]XOvQFDUHLQVWDQĠDDGPLWHDFRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLúLvQWUHSăUĠLQX
VDvQFKHLDWWUDQ]DFĠLHVDXDFRUGGHPHGLHUHFXSULYLUHODDFĠLXQHDFLYLOăLQVWDQĠDODVă
QHVROXĠLRQDWăDFĠLXQHDFLYLOăÌQDFHDVWăVLWXDĠLHKRWăUkUHDSULQFDUHVDDGPLVDFRUGXOGH
UHFXQRDúWHUHDYLQRYăĠLHLQXDUHDXWRULWDWHGHOXFUXMXGHFDWDVXSUDvQWLQGHULLSUHMXGLFLXOXL
vQIDĠDLQVWDQĠHLFLYLOH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&XSULQVXOVHQWLQĠHL
6HQWLQĠDFXSULQGHvQPRGREOLJDWRULX
D PHQĠLXQLOHSUHYă]XWHODDUWDOLQ DUWúL
E IDSWDSHQWUXFDUHVDvQFKHLDWDFRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLúLvQFDGUDUHDMXULGLFă
DDFHVWHLD
$UWLFROXO
&DOHDGHDWDF
ÌPSRWULYDVHQWLQĠHLSURQXQĠDWHSRWULYLWDUWSURFXURUXOúLLQFXOSDWXOSRWGHFODUD
DSHOvQWHUPHQGH]LOHGHODFRPXQLFDUH
ÌPSRWULYDVHQWLQĠHLSULQFDUHDFRUGXOGHUHFXQRDúWHUHDIRVWDGPLVVHSRDWHGHFODUDDSHO
QXPDLFXSULYLUHODIHOXOúLFXDQWXPXOSHGHSVHLRULODIRUPDGHH[HFXWDUHDDFHVWHLD
/DVROXĠLRQDUHDDSHOXOXLVHFLWHD]ăLQFXOSDWXO
,QVWDQĠDGHDSHOSURQXQĠăXQDGLQWUHXUPăWRDUHOHVROXĠLL
D UHVSLQJHDSHOXOPHQĠLQkQGKRWăUkUHDDWDFDWăGDFăDSHOXOHVWHWDUGLYVDXLQDGPLVLELORUL
QHIRQGDW
E DGPLWHDSHOXOGHVILLQĠHD]ăVHQWLQĠDSULQFDUHDFRUGXOGHUHFXQRDúWHUHDIRVWDGPLVQXPDL
FXSULYLUHODIHOXOúLFXDQWXPXOSHGHSVHLVDXODIRUPDGHH[HFXWDUHDDFHVWHLDúLSURQXQĠăR
QRXăKRWăUkUHSURFHGkQGSRWULYLWDUWDOLQ OLWD FDUHVHDSOLFăvQPRG
FRUHVSXQ]ăWRU
F DGPLWHDSHOXOGHVILLQĠHD]ăVHQWLQĠDSULQFDUHDFRUGXOGHUHFXQRDúWHUHDIRVWUHVSLQV
DGPLWHDFRUGXOGHUHFXQRDúWHUHDYLQRYăĠLHLGLVSR]LĠLLOHDUWDOLQ OLWD úLDUW
DSOLFkQGXVHvQPRGFRUHVSXQ]ăWRU
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&DSLWROXO,A
&RQWHVWDĠLDSULYLQGGXUDWDSURFHVXOXLSHQDO
&DSLWROXO,A&RQWHVWDĠLDSULYLQGGXUDWDUH]RQDELOăDSURFHVXOXLSHQDOGLQ7LWOXO,9DO
3ăUĠLLVSHFLDOHDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQ
LXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXOA
,QWURGXFHUHDFRQWHVWDĠLHL
'DFăDFWLYLWDWHDGHXUPăULUHSHQDOăVDXGHMXGHFDWăQXVHvQGHSOLQHúWHvQWURGXUDWă
UH]RQDELOăVHSRDWHIDFHFRQWHVWDĠLHVROLFLWkQGXVHDFFHOHUDUHDSURFHGXULL
&RQWHVWDĠLDSRDWHILLQWURGXVăGHFăWUHVXVSHFWLQFXOSDWSHUVRDQDYăWăPDWăSDUWHD
FLYLOăúLSDUWHDUHVSRQVDELOăFLYLOPHQWHÌQFXUVXOMXGHFăĠLLFRQWHVWDĠLDSRDWHILLQWURGXVă
úLGHFăWUHSURFXURU
&RQWHVWDĠLDSRDWHILIRUPXODWăGXSăFXPXUPHD]ă
D GXSăFHOSXĠLQXQDQGHODvQFHSHUHDXUPăULULLSHQDOHSHQWUXFDX]HOHDIODWHvQFXUVXO
XUPăULULLSHQDOH
E GXSăFHOSXĠLQXQDQGHODWULPLWHUHDvQMXGHFDWăSHQWUXFDX]HOHDIODWHvQFXUVXO
MXGHFăĠLLvQSULPăLQVWDQĠă
F GXSăFHOSXĠLQOXQLGHODVHVL]DUHDLQVWDQĠHLFXRFDOHGHDWDFSHQWUXFDX]HOHDIODWH
vQFăLOHGHDWDFRUGLQDUHVDXH[WUDRUGLQDUH
&RQWHVWDĠLDSRDWHILUHWUDVăRULFkQGSkQăODVROXĠLRQDUHDDFHVWHLD&RQWHVWDĠLDQXPDL
SRDWHILUHLWHUDWăvQFDGUXODFHOHLDúLID]HSURFHVXDOHvQFDUHDIRVWUHWUDVă
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXOA
&RPSHWHQĠDGHVROXĠLRQDUH
&RPSHWHQĠDGHVROXĠLRQDUHDFRQWHVWDĠLHLDSDUĠLQHGXSăFXPXUPHD]ă
D vQFDX]HOHSHQDOHDIODWHvQFXUVXOXUPăULULLSHQDOHMXGHFăWRUXOXLGHGUHSWXULúL
OLEHUWăĠLGHODLQVWDQĠDFăUHLDLDUUHYHQLFRPSHWHQĠDVăMXGHFHFDX]DvQSULPăLQVWDQĠă
E vQFDX]HOHSHQDOHDIODWHvQFXUVXOMXGHFăĠLLVDXvQFăLOHGHDWDFRUGLQDUHRUL
H[WUDRUGLQDUHLQVWDQĠHLLHUDUKLFVXSHULRDUHFHOHLSHUROXOFăUHLDVHDIOăFDX]D
&kQGSURFHGXUDMXGLFLDUăFXSULYLUHODFDUHVHIRUPXOHD]ăFRQWHVWDĠLDVHDIOăSHUROXO
ÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLHFRPSHWHQĠDGHVROXĠLRQDUHDFRQWHVWDĠLHLDSDUĠLQHXQXL
DOWFRPSOHWGLQFDGUXODFHOHLDúLVHFĠLL
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXOA
&RQĠLQXWXOFRQWHVWDĠLHL
&RQWHVWDĠLDVHIRUPXOHD]ăvQVFULVúLYDFXSULQGH
D QXPHOHSUHQXPHOHGRPLFLOLXOVDXUHúHGLQĠDSHUVRDQHLIL]LFHUHVSHFWLYGHQXPLUHDúL
VHGLXOSHUVRDQHLMXULGLFHSUHFXPúLFDOLWDWHDvQFDX]ăDSHUVRDQHLIL]LFHVDXMXULGLFHFDUH
vQWRFPHúWHFHUHUHD
E QXPHOHúLFDOLWDWHDFHOXLFDUHUHSUH]LQWăSDUWHDvQSURFHVLDUvQFD]XOUHSUH]HQWăULL
SULQDYRFDWQXPHOHDFHVWXLDúLVHGLXOSURIHVLRQDO
F DGUHVDGHFRUHVSRQGHQĠă
G GHQXPLUHDSDUFKHWXOXLVDXDLQVWDQĠHLúLQXPăUXOGRVDUXOXL
H PRWLYHOHGHIDSWúLGHGUHSWSHFDUHVHvQWHPHLD]ăFRQWHVWDĠLD
I GDWDúLVHPQăWXUD
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXOA
3URFHGXUDGHVROXĠLRQDUHDFRQWHVWDĠLHL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVDXLQVWDQĠDvQYHGHUHDVROXĠLRQăULLFRQWHVWDĠLHL
GLVSXQHXUPăWRDUHOHPăVXUL
D LQIRUPDUHDSURFXURUXOXLUHVSHFWLYLQVWDQĠHLSHUROXOFăUHLDVHDIOăFDX]DFXSULYLUHOD
FRQWHVWDĠLDIRUPXODWăFXPHQĠLXQHDSRVLELOLWăĠLLGHDIRUPXODXQSXQFWGHYHGHUHFXSULYLUH
ODDFHDVWD
E WUDQVPLWHUHDvQFHOPXOW]LOHDGRVDUXOXLVDXDXQHLFRSLLFHUWLILFDWHDGRVDUXOXL
FDX]HLGHFăWUHSURFXURUUHVSHFWLYGHFăWUHLQVWDQĠDSHUROXOFăUHLDVHDIOăFDX]D
F LQIRUPDUHDFHORUODOWHSăUĠLGLQSURFHVúLGXSăFD]DFHORUODOWHSHUVRDQHSUHYă]XWHOD
DUWADOLQ FXSULYLUHODFRQWHVWDĠLDIRUPXODWăúLODGUHSWXOGHDúLH[SULPD
SXQFWXOGHYHGHUHvQWHUPHQXODFRUGDWvQDFHVWVFRSGHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
VDXGHLQVWDQĠă
ÌQFD]XOvQFDUHVXVSHFWXOVDXLQFXOSDWXOHVWHSULYDWGHOLEHUWDWHvQFDX]DUHVSHFWLYă
VDXvQDOWăFDX]ăLQIRUPDUHDSUHYă]XWăODDOLQ OLWF VHYDIDFHDWkWFăWUHDFHVWD
FkWúLFăWUHDYRFDWXODOHVVDXQXPLWGLQRILFLXDODFHVWXLD
1HWUDQVPLWHUHDSXQFWXOXLGHYHGHUHSUHYă]XWODDOLQ OLWD úLF vQWHUPHQXO
VWDELOLWGHLQVWDQĠăQXvPSLHGLFăVROXĠLRQDUHDFRQWHVWDĠLHL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVDXLQVWDQĠDVROXĠLRQHD]ăFRQWHVWDĠLDvQFHOPXOW
]LOHGHODvQUHJLVWUDUHDDFHVWHLD
&RQWHVWDĠLDVHVROXĠLRQHD]ăSULQvQFKHLHUHvQFDPHUDGHFRQVLOLXIăUăSDUWLFLSDUHD
SăUĠLORUúLDSURFXURUXOXL
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXOA
6ROXĠLRQDUHDFRQWHVWDĠLHL
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVDXLQVWDQĠDVROXĠLRQkQGFRQWHVWDĠLDYHULILFă
GXUDWDSURFHGXULORUSHED]DOXFUăULORUúLDPDWHULDOXOXLGLQGRVDUXOFDX]HLúLDSXQFWHORUGH
YHGHUHSUH]HQWDWHúLVHSURQXQĠăSULQvQFKHLHUH
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVDXLQVWDQĠDvQDSUHFLHUHDFDUDFWHUXOXLUH]RQDELO
DOGXUDWHLSURFHGXULLMXGLFLDUHYDOXDvQFRQVLGHUDUHXUPăWRDUHOHHOHPHQWH
D QDWXUDúLRELHFWXOFDX]HL
E FRPSOH[LWDWHDFDX]HLLQFOXVLYSULQOXDUHDvQFRQVLGHUDUHDQXPăUXOXLGHSDUWLFLSDQĠLúLD
GLILFXOWăĠLORUGHDGPLQLVWUDUHDSUREHORU
F HOHPHQWHOHGHH[WUDQHLWDWHDOHFDX]HL
G ID]DSURFHVXDOăvQFDUHVHDIOăFDX]DúLGXUDWDID]HORUSURFHVXDOHDQWHULRDUH
H FRPSRUWDPHQWXOFRQWHVWDWRUXOXLvQSURFHGXUDMXGLFLDUăDQDOL]DWăLQFOXVLYGLQSHUVSHFWLYD
H[HUFLWăULLGUHSWXULORUVDOHSURFHVXDOHúLSURFHGXUDOHúLGLQSHUVSHFWLYDvQGHSOLQLULL
REOLJDĠLLORUVDOHvQFDGUXOSURFHVXOXL
I FRPSRUWDPHQWXOFHORUODOĠLSDUWLFLSDQĠLvQFDX]ăLQFOXVLYDODXWRULWăĠLORULPSOLFDWH
J LQWHUYHQĠLDXQRUPRGLILFăULOHJLVODWLYHDSOLFDELOHFDX]HL
K DOWHHOHPHQWHGHQDWXUăVăLQIOXHQĠH]HGXUDWDSURFHGXULL
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXOA
6ROXĠLL
&kQGDSUHFLD]ăFRQWHVWDĠLDFDILLQGvQWHPHLDWăMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVDX
LQVWDQĠDDGPLWHFRQWHVWDĠLDúLVWDELOHúWHWHUPHQXOvQFDUHSURFXURUXOVăUH]ROYHFDX]D
SRWULYLWDUWUHVSHFWLYLQVWDQĠDGHMXGHFDWăVăVROXĠLRQH]HFDX]DSUHFXPúLWHUPHQXOvQ
FDUHRQRXăFRQWHVWDĠLHQXSRDWHILIRUPXODWă
ÌQWRDWHFD]XULOHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVDXLQVWDQĠDFDUHVROXĠLRQHD]ă
FRQWHVWDĠLDQXYDSXWHDGDvQGUXPăULúLQLFLQXYDSXWHDRIHULGH]OHJăULDVXSUDXQRUSUREOHPH
GHIDSWVDXGHGUHSWFDUHVăDQWLFLSH]HPRGXOGHVROXĠLRQDUHDSURFHVXOXLRULFDUHVăDGXFă
DWLQJHUHOLEHUWăĠLLMXGHFăWRUXOXLFDX]HLGHDKRWăUvFRQIRUPOHJLLFXSULYLUHODVROXĠLDFH
WUHEXLHGDWăSURFHVXOXLRULGXSăFD]OLEHUWăĠLLSURFXURUXOXLGHDSURQXQĠDVROXĠLDSHFDUH
RFRQVLGHUăOHJDOăúLWHPHLQLFă
'DFăVDFRQVWDWDWGHSăúLUHDGXUDWHLUH]RQDELOHRQRXăFRQWHVWDĠLHvQDFHHDúLFDX]ăVH
YDVROXĠLRQDFXOXDUHDvQFRQVLGHUDUHH[FOXVLYDPRWLYHORULYLWHXOWHULRUFRQWHVWDĠLHL
DQWHULRDUH
$EX]XOGHGUHSWFRQVWkQGvQIRUPXODUHDFXUHDFUHGLQĠăDFRQWHVWDĠLHLVHVDQFĠLRQHD]ăFX
DPHQGăMXGLFLDUăGHODOHLODOHLúLODSODWDFKHOWXLHOLORUMXGLFLDUHRFD]LRQDWH
ÌQFKHLHUHDVHPRWLYHD]ăvQWHUPHQGH]LOHGHODSURQXQĠDUH'RVDUXOVHUHVWLWXLHvQ
]LXDPRWLYăULL
+RWăUkUHDVHFRPXQLFăFRQWHVWDWRUXOXLúLVHWUDQVPLWHVSUHLQIRUPDUHWXWXURUSăUĠLORUVDX
SHUVRDQHORUGLQWUHFHOHHQXPHUDWHODDUWADOLQ OLWF GLQGRVDUXOFDX]HLFDUH
VXQWĠLQXWHVăUHVSHFWHWHUPHQHOHFXSULQVHvQDFHDVWD
ÌQFKHLHUHDSULQFDUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVDXLQVWDQĠDVROXĠLRQHD]ă
FRQWHVWDĠLDQXHVWHVXSXVăQLFLXQHLFăLGHDWDF
&RQWHVWDĠLDIRUPXODWăFXQHUHVSHFWDUHDWHUPHQHORUSUHYă]XWHGHSUH]HQWXOFDSLWROVH
UHVWLWXLHDGPLQLVWUDWLY
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
1RWă
ņņņņņņņņņņ
3RWULYLWDUW7LWOXO,9GLQ/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/
2),&,$/QUGLQDXJXVWGLVSR]LĠLLOHDUWAAGLQ/HJHDQU
FXPRGLILFăULOHúLFRPSOHWăULOHDGXVHSULQSUH]HQWDOHJHUHIHULWRDUHODFRQWHVWDĠLDSULYLQG
GXUDWDUH]RQDELOăDSURFHVXOXLSHQDOVHDSOLFăQXPDLSURFHVHORUSHQDOHvQFHSXWHGXSă
LQWUDUHDvQYLJRDUHD/HJLLQU
ņņņņņņņņņņ
&DSLWROXO,,3URFHGXUDSULYLQGWUDJHUHDODUăVSXQGHUHSHQDOăDSHUVRDQHLMXULGLFH
$UWLFROXO
'LVSR]LĠLLJHQHUDOH
ÌQFD]XOLQIUDFĠLXQLORUVăYkUúLWHGHSHUVRDQHOHMXULGLFHSUHYă]XWHODDUWDOLQ
GLQ&RGXOSHQDOvQUHDOL]DUHDRELHFWXOXLGHDFWLYLWDWHVDXvQLQWHUHVXORULvQQXPHOH
SHUVRDQHLMXULGLFHGLVSR]LĠLLOHSUH]HQWXOXLFRGVHDSOLFăvQPRGFRUHVSXQ]ăWRUFX
GHURJăULOHúLFRPSOHWăULOHSUHYă]XWHvQSUH]HQWXOFDSLWRO
6XQWDSOLFDELOHvQSURFHGXUDSULYLQGWUDJHUHDODUăVSXQGHUHSHQDOăDSHUVRDQHLMXULGLFH
úLGLVSR]LĠLLOHSURFHGXULLGHFDPHUăSUHOLPLQDUăFDUHVHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWLFROXO
2ELHFWXODFĠLXQLLSHQDOH
$FĠLXQHDSHQDOăDUHFDRELHFWWUDJHUHDODUăVSXQGHUHDSHQDOăDSHUVRDQHORUMXULGLFHFDUHDX
VăYkUúLWLQIUDFĠLXQL
$UWLFROXO
5HSUH]HQWDUHDSHUVRDQHLMXULGLFH
3HUVRDQDMXULGLFăHVWHUHSUH]HQWDWăODvQGHSOLQLUHDDFWHORUSURFHVXDOHúLSURFHGXUDOHGH
UHSUH]HQWDQWXOVăXOHJDO
'DFăSHQWUXDFHHDúLIDSWăVDXSHQWUXIDSWHFRQH[HVDSXVvQPLúFDUHDFĠLXQHDSHQDOăúL
vPSRWULYDUHSUH]HQWDQWXOXLOHJDODOSHUVRDQHLMXULGLFHDFHDVWDvúLQXPHúWHXQPDQGDWDU
SHQWUXDRUHSUH]HQWD
ÌQFD]XOSUHYă]XWODDOLQ GDFăSHUVRDQDMXULGLFăQXúLDQXPLWXQPDQGDWDUDFHVWD
HVWHGHVHPQDWGXSăFD]GHFăWUHSURFXURUXOFDUHHIHFWXHD]ăVDXVXSUDYHJKHD]ăXUPăULUHD
SHQDOăGHFăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXGHFăWUHLQVWDQĠăGLQUkQGXO
SUDFWLFLHQLORUvQLQVROYHQĠăDXWRUL]DĠLSRWULYLWOHJLL3UDFWLFLHQLORUvQLQVROYHQĠăDVWIHO
GHVHPQDĠLOLVHDSOLFăvQPRGFRUHVSXQ]ăWRUGLVSR]LĠLLOHDUWDOLQ úL
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
/RFXOGHFLWDUHDSHUVRDQHLMXULGLFH
3HUVRDQDMXULGLFăVHFLWHD]ăODVHGLXODFHVWHLD'DFăVHGLXOHVWHILFWLYRULSHUVRDQD
MXULGLFăQXPDLIXQFĠLRQHD]ăODVHGLXOGHFODUDWLDUQRXOVHGLXQXHVWHFXQRVFXWODVHGLXO
RUJDQXOXLMXGLFLDUVHDILúHD]ăRvQúWLLQĠDUHGLVSR]LĠLLOHDUWDOLQ DSOLFkQGXVHvQ
PRGFRUHVSXQ]ăWRU
'DFăSHUVRDQDMXULGLFăHVWHUHSUH]HQWDWăSULQPDQGDWDUQXPLWvQFRQGLĠLLOHDUW
DOLQ úL FLWDUHDVHIDFHODORFXLQĠDPDQGDWDUXOXLRULODVHGLXOSUDFWLFLDQXOXLvQ
LQVROYHQĠăGHVHPQDWvQFDOLWDWHDGHPDQGDWDU
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
0ăVXULOHSUHYHQWLYH
-XGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLvQFXUVXOXUPăULULLSHQDOHODSURSXQHUHD
SURFXURUXOXLVDXGXSăFD]MXGHFăWRUXOGHFDPHUăSUHOLPLQDUăRULLQVWDQĠDSRDWHGLVSXQH
GDFăH[LVWăPRWLYHWHPHLQLFHFDUHMXVWLILFăVXVSLFLXQHDUH]RQDELOăFăSHUVRDQDMXULGLFăD
VăYkUúLWRIDSWăSUHYă]XWăGHOHJHDSHQDOăúLQXPDLSHQWUXDVHDVLJXUDEXQDGHVIăúXUDUHD
SURFHVXOXLSHQDOXQDVDXPDLPXOWHGLQWUHXUPăWRDUHOHPăVXUL
D LQWHUGLFĠLDLQLĠLHULLRULGXSăFD]VXVSHQGDUHDSURFHGXULLGHGL]ROYDUHVDXOLFKLGDUHD
SHUVRDQHLMXULGLFH
E LQWHUGLFĠLDLQLĠLHULLRULGXSăFD]VXVSHQGDUHDIX]LXQLLDGLYL]ăULLVDXDUHGXFHULL
FDSLWDOXOXLVRFLDODOSHUVRDQHLMXULGLFHvQFHSXWăDQWHULRUVDXvQFXUVXOXUPăULULLSHQDOH
F LQWHU]LFHUHDXQRURSHUDĠLXQLSDWULPRQLDOHVXVFHSWLELOHGHDDQWUHQDGLPLQXDUHDDFWLYXOXL
SDWULPRQLDOVDXLQVROYHQĠDSHUVRDQHLMXULGLFH
G LQWHU]LFHUHDvQFKHLHULLDQXPLWRUDFWHMXULGLFHVWDELOLWHGHRUJDQXOMXGLFLDU
H LQWHU]LFHUHDGHVIăúXUăULLDFWLYLWăĠLORUGHQDWXUDFHORUFXRFD]LDFăURUDDIRVWFRPLVă
LQIUDFĠLXQHD
3HQWUXDDVLJXUDUHVSHFWDUHDPăVXULORUSUHYă]XWHODDOLQ SHUVRDQDMXULGLFăSRDWHIL
REOLJDWăODGHSXQHUHDXQHLFDXĠLXQLFRQVWkQGvQWURVXPăGHEDQLFDUHQXSRDWHILPDLPLFăGH
OHL&DXĠLXQHDVHUHVWLWXLHODGDWDUăPkQHULLGHILQLWLYHDKRWăUkULLGHFRQGDPQDUHGH
DPkQDUHDDSOLFăULLSHGHSVHLGHUHQXQĠDUHODDSOLFDUHDSHGHSVHLVDXGHvQFHWDUHDSURFHVXOXL
SHQDOSURQXQĠDWHvQFDX]ăGDFăSHUVRDQDMXULGLFăDUHVSHFWDWPăVXUDVDXPăVXULOH
SUHYHQWLYHSUHFXPúLvQFD]XOvQFDUHSULQKRWăUkUHGHILQLWLYăVDGLVSXVDFKLWDUHD
SHUVRDQHLMXULGLFH
&DXĠLXQHDQXVHUHVWLWXLHvQFD]XOQHUHVSHFWăULLGHFăWUHSHUVRDQDMXULGLFăDPăVXULLVDX
DPăVXULORUSUHYHQWLYHOXDWHIăFkQGXVHYHQLWODEXJHWXOGHVWDWODGDWDUăPkQHULL
GHILQLWLYHDKRWăUkULLSURQXQĠDWHvQFDX]ăSUHFXPúLGDFăVDGLVSXVSODWDGLQFDXĠLXQHvQ
RUGLQHDXUPăWRDUHDGHVSăJXELULORUEăQHúWLDFRUGDWHSHQWUXUHSDUDUHDSDJXEHORUFDX]DWHGH
LQIUDFĠLXQHDFKHOWXLHOLORUMXGLFLDUHVDXDDPHQ]LL
0ăVXULOHSUHYHQWLYHSUHYă]XWHODDOLQ SRWILGLVSXVHSHRSHULRDGăGHFHOPXOWGH
]LOHFXSRVLELOLWDWHDSUHOXQJLULLvQFXUVXOXUPăULULLSHQDOHúLDPHQĠLQHULLvQFXUVXO
SURFHGXULLGHFDPHUăSUHOLPLQDUăúLDOMXGHFăĠLLGDFăVHPHQĠLQWHPHLXULOHFDUHDX
GHWHUPLQDWOXDUHDDFHVWRUDILHFDUHSUHOXQJLUHQHSXWkQGGHSăúLGH]LOH
ÌQFXUVXOXUPăULULLSHQDOHPăVXULOHSUHYHQWLYHVHGLVSXQGHMXGHFăWRUXOGHGUHSWXULúL
OLEHUWăĠLSULQvQFKHLHUHPRWLYDWăGDWăvQFDPHUDGHFRQVLOLXFXFLWDUHDSHUVRDQHLMXULGLFH
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
ÌPSRWULYDvQFKHLHULLVHSRDWHIDFHFRQWHVWDĠLHODMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
VDXGXSăFD]ODMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăRULLQVWDQĠDLHUDUKLFVXSHULRDUăGH
FăWUHSHUVRDQDMXULGLFăúLSURFXURUvQWHUPHQGHGHRUHGHODSURQXQĠDUHSHQWUXFHL
SUH]HQĠLúLGHODFRPXQLFDUHSHQWUXSHUVRDQDMXULGLFăOLSVă
0ăVXULOHSUHYHQWLYHVHUHYRFăGHFăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLODFHUHUHD
SURFXURUXOXLVDXDSHUVRDQHLMXULGLFHLDUGHFăWUHMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăúLGH
FăWUHLQVWDQĠăúLGLQRILFLXQXPDLFkQGVHFRQVWDWăFăQXPDLH[LVWăWHPHLXULOHFDUHDX
MXVWLILFDWOXDUHDVDXPHQĠLQHUHDDFHVWRUD'LVSR]LĠLLOHDOLQ VHDSOLFăvQPRG
FRUHVSXQ]ăWRU
ÌPSRWULYDUHSUH]HQWDQWXOXLSHUVRDQHLMXULGLFHVDXDPDQGDWDUXOXLDFHVWHLDSRWILOXDWH
PăVXULOHSUHYă]XWHODDUWúLDUWDOLQ LDUIDĠăGHSUDFWLFLDQXOvQLQVROYHQĠă
PăVXUDSUHYă]XWăODDUWDOLQ
/XDUHDPăVXULORUSUHYHQWLYHQXvPSLHGLFăOXDUHDPăVXULORUDVLJXUăWRULLFRQIRUPDUW
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
0ăVXULOHDVLJXUăWRULL
)DĠăGHSHUVRDQDMXULGLFăVHSRWOXDPăVXULDVLJXUăWRULLGLVSR]LĠLLOHDUWúLDOH
DUWADSOLFkQGXVHvQPRGFRUHVSXQ]ăWRU
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3URFHGXUDGHLQIRUPDUH
3URFXURUXOvQFXUVXOXUPăULULLSHQDOHFRPXQLFăRUJDQXOXLFDUHDDXWRUL]DWvQILLQĠDUHD
SHUVRDQHLMXULGLFHúLRUJDQXOXLFDUHDvQUHJLVWUDWSHUVRDQDMXULGLFăSXQHUHDvQPLúFDUHD
DFĠLXQLLSHQDOHúLWULPLWHUHDvQMXGHFDWăDSHUVRDQHLMXULGLFHODGDWDGLVSXQHULLDFHVWRU
PăVXULvQYHGHUHDHIHFWXăULLPHQĠLXQLORUFRUHVSXQ]ăWRDUH
ÌQFD]XOLQVWLWXĠLLORUFDUHQXVXQWVXSXVHFRQGLĠLHLvQUHJLVWUăULLVDXDXWRUL]ăULLSHQWUX
DGREkQGLSHUVRQDOLWDWHMXULGLFăLQIRUPDUHDSUHYă]XWăODDOLQ VHIDFHFăWUHRUJDQXO
FDUHDvQILLQĠDWDFHDLQVWLWXĠLH
2UJDQHOHSUHYă]XWHODDOLQ úL VXQWREOLJDWHVăFRPXQLFHRUJDQXOXLMXGLFLDUvQ
WHUPHQGHGHRUHGHODGDWDvQUHJLVWUăULLvQFRSLHFHUWLILFDWăRULFHPHQĠLXQH
vQUHJLVWUDWăGHDFHVWHDFXSULYLUHODSHUVRDQDMXULGLFă
3HUVRDQDMXULGLFăHVWHREOLJDWăVăFRPXQLFHRUJDQXOXLMXGLFLDUvQWHUPHQGHGHRUH
LQWHQĠLDGHIX]LXQHGLYL]DUHGL]ROYDUHUHRUJDQL]DUHOLFKLGDUHVDXUHGXFHUHDFDSLWDOXOXL
VRFLDO
'LVSR]LĠLLOHDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRUúLvQFD]XOOXăULLPăVXULORU
SUHYHQWLYHIDĠăGHSHUVRDQDMXULGLFă
'XSăUăPkQHUHDGHILQLWLYăDKRWăUkULLGHFRQGDPQDUHODSHGHDSVDDPHQ]LLLQVWDQĠDGH
H[HFXWDUHFRPXQLFăRFRSLHGHSHGLVSR]LWLYXOKRWăUkULLRUJDQXOXLFDUHDDXWRUL]DW
vQILLQĠDUHDSHUVRDQHLMXULGLFHRUJDQXOXLFDUHDvQUHJLVWUDWSHUVRDQDMXULGLFăRUJDQXOXL
FDUHDvQILLQĠDWLQVWLWXĠLDQHVXSXVăDXWRUL]ăULLVDXvQUHJLVWUăULLSUHFXPúLRUJDQHORUFX
DWULEXĠLLGHFRQWUROúLVXSUDYHJKHUHDSHUVRDQHLMXULGLFHvQYHGHUHDHIHFWXăULLPHQĠLXQLORU
FRUHVSXQ]ăWRDUH
1HvQGHSOLQLUHDGHvQGDWăVDXSkQăODvPSOLQLUHDWHUPHQHORUSUHYă]XWHDREOLJDĠLLORU
SUHYă]XWHODDOLQ FRQVWLWXLHDEDWHUHMXGLFLDUăúLVHVDQFĠLRQHD]ăFXDPHQGD
MXGLFLDUăSUHYă]XWăODDUWDOLQ
$UWLFROXO
(IHFWHOHIX]LXQLLDEVRUEĠLHLGLYL]ăULLUHGXFHULLFDSLWDOXOXLVRFLDODOHGL]ROYăULLVDX
OLFKLGăULLSHUVRDQHLMXULGLFHFRQGDPQDWH
'DFăGXSăUăPkQHUHDGHILQLWLYăDKRWăUkULLGHFRQGDPQDUHDSHUVRDQHLMXULGLFHúLSkQăOD
H[HFXWDUHDSHGHSVHORUDSOLFDWHLQWHUYLQHXQFD]GHIX]LXQHDEVRUEĠLHGLYL]DUHGL]ROYDUH
OLFKLGDUHVDXUHGXFHUHDFDSLWDOXOXLVRFLDODODFHVWHLDDXWRULWDWHDRULLQVWLWXĠLDFăUHLDvL
UHYLQHFRPSHWHQĠDGHDDXWRUL]DVDXvQUHJLVWUDDFHDVWăRSHUDĠLXQHHVWHREOLJDWăVăVHVL]H]H
LQVWDQĠDGHH[HFXWDUHFXSULYLUHODDFHVWDúLVăLQIRUPH]HFXSULYLUHODSHUVRDQDMXULGLFă
FUHDWăSULQIX]LXQHDEVRUEĠLHVDXFDUHDGREkQGLWIUDFĠLXQLGLQSDWULPRQLXOSHUVRDQHL
GLYL]DWH
3HUVRDQDMXULGLFăUH]XOWDWăSULQIX]LXQHDEVRUEĠLHVDXFDUHDGREkQGLWIUDFĠLXQLGLQ
SDWULPRQLXOSHUVRDQHLGLYL]DWHSUHLDREOLJDĠLLOHúLLQWHUGLFĠLLOHSHUVRDQHLMXULGLFH
FRQGDPQDWHGLVSR]LĠLLOHDUWGLQ&RGXOSHQDODSOLFkQGXVHvQPRGFRUHVSXQ]ăWRU
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3XQHUHDvQH[HFXWDUHDSHGHSVHLDPHQ]LL
3HUVRDQDMXULGLFăFRQGDPQDWăODSHGHDSVDDPHQ]LLHVWHREOLJDWăVăGHSXQăUHFLSLVDGH
SODWăLQWHJUDOăDDPHQ]LLODMXGHFăWRUXOGHOHJDWFXH[HFXWDUHDvQWHUPHQGHOXQLGHOD
UăPkQHUHDGHILQLWLYăDKRWăUkULLGHFRQGDPQDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&kQGSHUVRDQDMXULGLFăFRQGDPQDWăVHJăVHúWHvQLPSRVLELOLWDWHDGHDDFKLWDLQWHJUDO
DPHQGDvQWHUPHQXOSUHYă]XWODDOLQ MXGHFăWRUXOGHOHJDWFXH[HFXWDUHDODFHUHUHD
SHUVRDQHLMXULGLFHSRDWHGLVSXQHHúDORQDUHDSOăĠLLDPHQ]LLSHFHOPXOWDQLvQUDWH
OXQDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOQHvQGHSOLQLULLREOLJDĠLHLGHSODWăDDPHQ]LLvQWHUPHQXODUăWDWODDOLQ VDX
GHQHSODWăDXQHLUDWHSRWULYLWHúDORQăULLLQVWDQĠDGHH[HFXWDUHFRPXQLFăXQH[WUDVGHSH
DFHDSDUWHGLQGLVSR]LWLYFDUHSULYHúWHDSOLFDUHDVDXHúDORQDUHDDPHQ]LLRUJDQHORU
FRPSHWHQWHvQYHGHUHDH[HFXWăULLDFHVWHLDSRWULYLWSURFHGXULLGHH[HFXWDUHVLOLWăD
FUHDQĠHORUILVFDOH
$UWLFROXO
3XQHUHDvQH[HFXWDUHDSHGHSVHLFRPSOHPHQWDUHDGL]ROYăULLSHUVRDQHLMXULGLFH
&RSLDGLVSR]LWLYXOXLKRWăUkULLGHFRQGDPQDUHVHFRPXQLFăODGDWDUăPkQHULLGHILQLWLYH
GHFăWUHMXGHFăWRUXOGHOHJDWFXH[HFXWDUHDSHUVRDQHLMXULGLFHUHVSHFWLYHSUHFXPúLRUJDQXOXL
FDUHDDXWRUL]DWvQILLQĠDUHDSHUVRDQHLMXULGLFHUHVSHFWLYRUJDQXOXLFDUHDvQUHJLVWUDW
SHUVRDQDMXULGLFăVROLFLWkQGXVHWRWRGDWăLQIRUPDUHDFXSULYLUHODPRGXOGHGXFHUHOD
vQGHSOLQLUHDPăVXULL
/DGDWDUăPkQHULLGHILQLWLYHDKRWăUkULLGHFRQGDPQDUHODSHGHDSVDFRPSOHPHQWDUăD
GL]ROYăULLSHUVRDQDMXULGLFăLQWUăvQOLFKLGDUH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3XQHUHDvQH[HFXWDUHDSHGHSVHLFRPSOHPHQWDUHDVXVSHQGăULLDFWLYLWăĠLLSHUVRDQHLMXULGLFH
2FRSLHGHSHGLVSR]LWLYXOKRWăUkULLGHFRQGDPQDUHSULQFDUHVDDSOLFDWSHGHDSVDVXVSHQGăULL
DFWLYLWăĠLLVDXDXQHLDGLQWUHDFWLYLWăĠLOHSHUVRDQHLMXULGLFHVHFRPXQLFăODGDWDUăPkQHULL
GHILQLWLYHRUJDQXOXLFDUHDDXWRUL]DWvQILLQĠDUHDSHUVRDQHLMXULGLFHRUJDQXOXLFDUHD
vQUHJLVWUDWSHUVRDQDMXULGLFăRUJDQXOXLFDUHDvQILLQĠDWLQVWLWXĠLDQHVXSXVăDXWRUL]ăULLVDX
vQUHJLVWUăULLSUHFXPúLRUJDQHORUFXDWULEXĠLLGHFRQWUROúLVXSUDYHJKHUHDSHUVRDQHL
MXULGLFHSHQWUXDOXDPăVXULOHQHFHVDUH
$UWLFROXO
3XQHUHDvQH[HFXWDUHDSHGHSVHLFRPSOHPHQWDUHDvQFKLGHULLXQRUSXQFWHGHOXFUXDOHSHUVRDQHL
MXULGLFH
2FRSLHGHSHGLVSR]LWLYXOKRWăUkULLGHFRQGDPQDUHSULQFDUHVDDSOLFDWSHUVRDQHLMXULGLFH
SHGHDSVDvQFKLGHULLXQRUSXQFWHGHOXFUXVHFRPXQLFăODGDWDUăPkQHULLGHILQLWLYHRUJDQXOXL
FDUHDDXWRUL]DWvQILLQĠDUHDSHUVRDQHLMXULGLFHúLRUJDQXOXLFDUHDvQUHJLVWUDWSHUVRDQD
MXULGLFăRUJDQXOXLFDUHDvQILLQĠDWLQVWLWXĠLDQHVXSXVăDXWRUL]ăULLVDXvQUHJLVWUăULL
SUHFXPúLRUJDQHORUFXDWULEXĠLLGHFRQWUROúLVXSUDYHJKHUHDSHUVRDQHLMXULGLFHSHQWUXD
OXDPăVXULOHQHFHVDUH
$UWLFROXO
3XQHUHDvQH[HFXWDUHDSHGHSVHLFRPSOHPHQWDUHDLQWHU]LFHULLSHUVRDQHLMXULGLFHGHD
SDUWLFLSDODSURFHGXULOHGHDFKL]LĠLLSXEOLFH
2FRSLHGHSHGLVSR]LWLYXOKRWăUkULLSULQFDUHVDDSOLFDWSHUVRDQHLMXULGLFHSHGHDSVD
LQWHU]LFHULLGHDSDUWLFLSDODSURFHGXULOHGHDFKL]LĠLLSXEOLFHVHFRPXQLFăODGDWD
UăPkQHULLGHILQLWLYH
D RILFLXOXLUHJLVWUXOXLFRPHUĠXOXLvQYHGHUHDHIHFWXăULLIRUPDOLWăĠLORUGHSXEOLFLWDWHvQ
UHJLVWUXOFRPHUĠXOXL
E 0LQLVWHUXOXL-XVWLĠLHLvQYHGHUHDHIHFWXăULLIRUPDOLWăĠLORUGHSXEOLFLWDWHvQ5HJLVWUXO
QDĠLRQDODOSHUVRDQHORUMXULGLFHIăUăVFRSSDWULPRQLDO
F RULFăUHLDXWRULWăĠLFDUHĠLQHHYLGHQĠDSHUVRDQHORUMXULGLFHvQYHGHUHDHIHFWXăULL
IRUPDOLWăĠLORUGHSXEOLFLWDWH
G DGPLQLVWUDWRUXOXLVLVWHPXOXLHOHFWURQLFGHDFKL]LĠLLSXEOLFH
/LWG DDOLQ DODUWDIRVWLQWURGXVăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2FRSLHGHSHGLVSR]LWLYXOKRWăUkULLGHFRQGDPQDUHSULQFDUHVDDSOLFDWSHUVRDQHL
MXULGLFHSHGHDSVDLQWHU]LFHULLGHDSDUWLFLSDODSURFHGXULOHGHDFKL]LĠLLSXEOLFHVH
FRPXQLFăODGDWDUăPkQHULLGHILQLWLYHRUJDQXOXLFDUHDDXWRUL]DWvQILLQĠDUHDSHUVRDQHL
MXULGLFHúLRUJDQXOXLFDUHDvQUHJLVWUDWSHUVRDQDMXULGLFăSHQWUXDOXDPăVXULOHQHFHVDUH
$UWLFROXOA
3XQHUHDvQH[HFXWDUHDSHGHSVHLFRPSOHPHQWDUHDSODVăULLVXEVXSUDYHJKHUHMXGLFLDUă
$WULEXĠLLOHPDQGDWDUXOXLMXGLFLDUSULYLQGVXSUDYHJKHUHDDFWLYLWăĠLLSHUVRDQHLMXULGLFH
VXQWFXSULQVHvQGLVSR]LWLYXOKRWăUkULLGHFRQGDPQDUHSULQFDUHVDDSOLFDWSHGHDSVDSODVăULL
VXEVXSUDYHJKHUHMXGLFLDUă
0DQGDWDUXOMXGLFLDUQXVHSRDWHVXEVWLWXLRUJDQHORUVWDWXWDUHvQJHVWLRQDUHD
DFWLYLWăĠLORUSHUVRDQHLMXULGLFH
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3XQHUHDvQH[HFXWDUHDSHGHSVHLFRPSOHPHQWDUHDDILúăULLVDXSXEOLFăULLKRWăUkULLGH
FRQGDPQDUH
8QH[WUDVDOKRWăUkULLGHFRQGDPQDUHFDUHSULYHúWHDSOLFDUHDSHGHSVHLFRPSOHPHQWDUHD
DILúăULLKRWăUkULLGHFRQGDPQDUHVHFRPXQLFăODGDWDUăPkQHULLGHILQLWLYHSHUVRDQHL
MXULGLFHFRQGDPQDWHSHQWUXDODILúDvQIRUPDORFXOúLSHQWUXSHULRDGDVWDELOLWHGH
LQVWDQĠDGHMXGHFDWă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
8QH[WUDVDOKRWăUkULLGHFRQGDPQDUHFDUHSULYHúWHDSOLFDUHDSHGHSVHLFRPSOHPHQWDUHD
SXEOLFăULLKRWăUkULLGHFRQGDPQDUHVHFRPXQLFăODGDWDUăPkQHULLGHILQLWLYHSHUVRDQHL
MXULGLFHFRQGDPQDWHSHQWUXDSXEOLFDKRWăUkUHDvQIRUPDVWDELOLWăGHLQVWDQĠăSHFKHOWXLDOă
SURSULHSULQLQWHUPHGLXOSUHVHLVFULVHVDXDXGLRYL]XDOHRULSULQDOWHPLMORDFHGHFRPXQLFDUH
DXGLRYL]XDOHGHVHPQDWHGHLQVWDQĠă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HUVRDQDMXULGLFăFRQGDPQDWăvQDLQWHD]ăLQVWDQĠHLGHH[HFXWDUHGRYDGDvQFHSHULL
H[HFXWăULLDILúăULLVDXGXSăFD]GRYDGDH[HFXWăULLSXEOLFăULLKRWăUkULLGHFRQGDPQDUHvQ
WHUPHQGHGH]LOHGHODFRPXQLFDUHDKRWăUkULLGDUQXPDLWkU]LXGH]LOHGHOD
vQFHSHUHDH[HFXWăULLRULGXSăFD]GHODH[HFXWDUHDSHGHSVHLSULQFLSDOH
2FRSLHGHSHKRWăUkUHDGHFRQGDPQDUHvQvQWUHJLPHVDXvQH[WUDVDODFHVWHLDVH
FRPXQLFăODGDWDUăPkQHULLGHILQLWLYHRUJDQXOXLFDUHDDXWRUL]DWvQILLQĠDUHDSHUVRDQHL
MXULGLFHRUJDQXOXLFDUHDvQUHJLVWUDWSHUVRDQDMXULGLFăRUJDQXOXLFDUHDvQILLQĠDW
LQVWLWXĠLDQHVXSXVăDXWRUL]ăULLVDXvQUHJLVWUăULLSUHFXPúLRUJDQHORUFXDWULEXĠLLGH
FRQWUROúLVXSUDYHJKHUHDSHUVRDQHLMXULGLFHSHQWUXDOXDPăVXULOHQHFHVDUH
$UWLFROXO
6XSUDYHJKHUHDH[HFXWăULLSHGHSVHORUFRPSOHPHQWDUHDSOLFDWHSHUVRDQHORUMXULGLFH
ÌQFD]GHQHH[HFXWDUHFXUHDFUHGLQĠăDSHGHSVHORUFRPSOHPHQWDUHDSOLFDWHSHUVRDQHL
MXULGLFHLQVWDQĠDGHH[HFXWDUHDSOLFăGLVSR]LĠLLOHDUWDOLQ VDXGXSăFD]DUW
DOLQ RUL GLQ&RGXOSHQDO
6HVL]DUHDLQVWDQĠHLVHIDFHGLQRILFLXGHFăWUHMXGHFăWRUXOGHOHJDWDOLQVWDQĠHLGH
H[HFXWDUHSRWULYLWDUW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HUVRDQDMXULGLFăHVWHFLWDWăODMXGHFDWă
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
'XSăFRQFOX]LLOHSURFXURUXOXLúLDVFXOWDUHDSHUVRDQHLMXULGLFHFRQGDPQDWHLQVWDQĠDVH
SURQXQĠăSULQVHQWLQĠă
&DSLWROXO,,,3URFHGXUDvQFDX]HOHFXLQIUDFWRULPLQRUL
$UWLFROXO
'LVSR]LĠLLJHQHUDOH
8UPăULUHDúLMXGHFDUHDLQIUDFĠLXQLORUVăYkUúLWHGHPLQRULSUHFXPúLSXQHUHDvQH[HFXWDUHD
KRWăUkULORUSULYLWRDUHODDFHúWLDVHIDFSRWULYLWSURFHGXULLRELúQXLWHFXFRPSOHWăULOHúL
GHURJăULOHSUHYă]XWHvQSUH]HQWXOFDSLWROúLvQVHFĠLXQHDDDDFDS,GLQWLWOXO9DO
SăUĠLLJHQHUDOH
$UWLFROXO
3HUVRDQHOHFKHPDWHODRUJDQXOGHXUPăULUHSHQDOă
&kQGVXVSHFWXORULLQFXOSDWXOHVWHXQPLQRUFDUHQXDvPSOLQLWDQLODRULFHDVFXOWDUH
VDXFRQIUXQWDUHDPLQRUXOXLRUJDQXOGHXUPăULUHSHQDOăFLWHD]ăSăULQĠLLDFHVWXLDRULGXSă
FD]SHWXWRUHFXUDWRUVDXSHUVRDQDvQvQJULMLUHDRULVXSUDYHJKHUHDFăUHLDVHDIOăWHPSRUDU
PLQRUXOSUHFXPúLGLUHFĠLDJHQHUDOăGHDVLVWHQĠăVRFLDOăúLSURWHFĠLHDFRSLOXOXLGLQ
ORFDOLWDWHDXQGHVHGHVIăúRDUăDXGLHUHD
&kQGVXVSHFWXOVDXLQFXOSDWXOHVWHXQPLQRUFDUHDvPSOLQLWDQLFLWDUHDSHUVRDQHORU
SUHYă]XWHODDOLQ VHGLVSXQHQXPDLGDFăRUJDQXOGHXUPăULUHSHQDOăFRQVLGHUăQHFHVDU
1HSUH]HQWDUHDSHUVRDQHORUOHJDOFLWDWHODDVFXOWDUHDVDXFRQIUXQWDUHDPLQRUXOXLQX
vPSLHGLFăHIHFWXDUHDDFHVWRUDFWH
$UWLFROXO
5HIHUDWXOGHHYDOXDUHDPLQRUXOXL
ÌQFDX]HOHFXLQFXOSDĠLPLQRULRUJDQHOHGHXUPăULUHSHQDOăSRWVăVROLFLWHDWXQFLFkQG
FRQVLGHUăQHFHVDUHIHFWXDUHDUHIHUDWXOXLGHHYDOXDUHGHFăWUHVHUYLFLXOGHSUREDĠLXQHGHSH
OkQJăWULEXQDOXOvQDFăUXLFLUFXPVFULSĠLHWHULWRULDOăvúLDUHORFXLQĠDPLQRUXOSRWULYLW
OHJLL
ÌQFDX]HOHFXLQFXOSDĠLPLQRULLQVWDQĠDGHMXGHFDWăDUHREOLJDĠLDVăGLVSXQăHIHFWXDUHD
UHIHUDWXOXLGHHYDOXDUHGHFăWUHVHUYLFLXOGHSUREDĠLXQHGHSHOkQJăWULEXQDOXOvQDFăUXL
FLUFXPVFULSĠLHvúLDUHORFXLQĠDPLQRUXOSRWULYLWOHJLLÌQVLWXDĠLDvQFDUHHIHFWXDUHD
UHIHUDWXOXLGHHYDOXDUHDIRVWVROLFLWDWăvQFXUVXOXUPăULULLSHQDOHSRWULYLWGLVSR]LĠLLORU
DOLQ GLVSXQHUHDUHIHUDWXOXLGHFăWUHLQVWDQĠăHVWHIDFXOWDWLYă
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3ULQUHIHUDWXOGHHYDOXDUHVHUYLFLXOGHSUREDĠLXQHVROLFLWDWSRDWHIDFHSURSXQHUL
PRWLYDWHFXSULYLUHODPăVXULOHHGXFDWLYHFHSRWILOXDWHIDĠăGHPLQRU
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RPSXQHUHDLQVWDQĠHL
&DX]HOHvQFDUHLQFXOSDWXOHVWHPLQRUVHMXGHFăSRWULYLWUHJXOLORUGHFRPSHWHQĠă
RELúQXLWHGHFăWUHMXGHFăWRULDQXPHGHVHPQDĠLSRWULYLWOHJLL
,QVWDQĠDFRPSXVăSRWULYLWGLVSR]LĠLLORUDOLQ UăPkQHFRPSHWHQWăVăMXGHFHSRWULYLW
GLVSR]LĠLLORUSURFHGXUDOHVSHFLDOHSULYLWRDUHODPLQRULFKLDUGDFăvQWUHWLPSLQFXOSDWXOD
vPSOLQLWYkUVWDGHDQL
,QFXOSDWXOFDUHDVăYkUúLWLQIUDFĠLXQHDvQWLPSXOFkQGHUDPLQRUHVWHMXGHFDWSRWULYLW
SURFHGXULLDSOLFDELOHvQFDX]HOHFXLQIUDFWRULPLQRULGDFăODGDWDVHVL]ăULLLQVWDQĠHLQXD
vPSOLQLWDQL
$UWLFROXO
3HUVRDQHOHFKHPDWHODMXGHFDUHDPLQRULORU
/DMXGHFDUHDFDX]HLVHFLWHD]ăVHUYLFLXOGHSUREDĠLXQHSăULQĠLLPLQRUXOXLVDXGXSăFD]
WXWRUHOHFXUDWRUXORULSHUVRDQDvQvQJULMLUHDVDXVXSUDYHJKHUHDFăUHLDVHDIOăWHPSRUDU
PLQRUXO
3HUVRDQHOHDUăWDWHODDOLQ DXGUHSWXOúLvQGDWRULUHDVăGHDOăPXULULVăIRUPXOH]H
FHUHULúLVăSUH]LQWHSURSXQHULvQSULYLQĠDPăVXULORUFHDUXUPDVăILHOXDWH
1HSUH]HQWDUHDSHUVRDQHORUOHJDOFLWDWHQXvPSLHGLFăMXGHFDUHDFDX]HL
$UWLFROXO
'HVIăúXUDUHDMXGHFăĠLL
&DX]HOHFXLQFXOSDĠLPLQRULVHMXGHFăGHXUJHQĠăúLFXSUHFăGHUH
ùHGLQĠDGHMXGHFDWăHVWHQHSXEOLFă&XvQFXYLLQĠDUHDLQVWDQĠHLODGHVIăúXUDUHDMXGHFăĠLL
SRWDVLVWDvQDIDUăGHSHUVRDQHOHDUăWDWHODDUWúLDOWHSHUVRDQH
&kQGLQFXOSDWXOHVWHPLQRUFXYkUVWDPDLPLFăGHDQLLQVWDQĠDGDFăDSUHFLD]ăFă
DGPLQLVWUDUHDDQXPLWRUSUREHSRDWHDYHDRLQIOXHQĠăQHJDWLYăDVXSUDVDSRDWHGLVSXQH
vQGHSăUWDUHDOXLGLQúHGLQĠăÌQDFHOHDúLFRQGLĠLLSRWILvQGHSăUWDĠLWHPSRUDUGLQVDODGH
MXGHFDWăúLSăULQĠLLRULWXWRUHOHFXUDWRUXORULSHUVRDQDvQvQJULMLUHDVDXVXSUDYHJKHUHD
FăUHLDVHDIOăWHPSRUDUPLQRUXO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
/DUHFKHPDUHDvQVDOăDSHUVRDQHORUSUHYă]XWHODDOLQ SUHúHGLQWHOHFRPSOHWXOXLOH
DGXFHODFXQRúWLQĠăDFWHOHHVHQĠLDOHHIHFWXDWHvQOLSVDORU
$VFXOWDUHDPLQRUXOXLYDDYHDORFRVLQJXUăGDWăLDUUHDVFXOWDUHDVDYDILDGPLVăGH
MXGHFăWRUGRDUvQFD]XULWHPHLQLFMXVWLILFDWH
$UWLFROXO
,QFXOSDĠLLPLQRULFXPDMRUL
&kQGvQDFHHDúLFDX]ăVXQWPDLPXOĠLLQFXOSDĠLGLQWUHFDUHXQLLPLQRULúLDOĠLLPDMRUL
úLQXHVWHSRVLELOăGLVMXQJHUHDMXGHFDWDDUHORFSRWULYLWGLVSR]LĠLLORUDUWDOLQ
úLGXSăSURFHGXUDRELúQXLWă
&XSULYLUHODLQFXOSDĠLLPLQRULGLQDFHVWHFDX]HVHDSOLFăGLVSR]LĠLLOHUHIHULWRDUHOD
SURFHGXUDvQFDX]HOHFXLQIUDFWRULPLQRUL
$UWLFROXO
3XQHUHDvQH[HFXWDUHDPăVXULORUHGXFDWLYHQHSULYDWLYHGHOLEHUWDWH
ÌQFD]XOvQFDUHVDOXDWIDĠăGHPLQRUYUHXQDGLQWUHPăVXULOHHGXFDWLYHQHSULYDWLYHGH
OLEHUWDWHGXSăUăPkQHUHDGHILQLWLYăDKRWăUkULLVHIL[HD]ăXQWHUPHQSHQWUXFkQGVHGLVSXQH
DGXFHUHDPLQRUXOXLFKHPDUHDUHSUH]HQWDQWXOXLOHJDODODFHVWXLDDUHSUH]HQWDQWXOXL
VHUYLFLXOXLGHSUREDĠLXQHSHQWUXSXQHUHDvQH[HFXWDUHDPăVXULLOXDWHúLDSHUVRDQHORU
GHVHPQDWHFXVXSUDYHJKHUHDDFHVWHLD
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
$EURJDW
$UWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3UHOXQJLUHDVDXvQORFXLUHDPăVXULORUHGXFDWLYHQHSULYDWLYHGHOLEHUWDWH
3UHOXQJLUHDPăVXULLHGXFDWLYHQHSULYDWLYHGHOLEHUWDWHvQFD]XOvQFDUHPLQRUXOQX
UHVSHFWăFXUHDFUHGLQĠăFRQGLĠLLOHGHH[HFXWDUHúLREOLJDĠLLOHLPSXVHVHGLVSXQHGH
LQVWDQĠDFDUHDSURQXQĠDWDFHDVWăPăVXUă
ÌQORFXLUHDPăVXULLOXDWHLQLĠLDOFXRDOWăPăVXUăHGXFDWLYăQHSULYDWLYăGHOLEHUWDWHPDL
VHYHUăRULvQORFXLUHDPăVXULLOXDWHLQLĠLDOFXRPăVXUăHGXFDWLYăSULYDWLYăGHOLEHUWDWH
SHQWUXYUHXQDGLQWUHFDX]HOHSUHYă]XWHODDUWGLQ&RGXOSHQDOVHGLVSXQHGHLQVWDQĠD
FDUHDSURQXQĠDWDFHDVWăPăVXUă
$UWLFROXO
3XQHUHDvQH[HFXWDUHDLQWHUQăULLvQWUXQFHQWUXHGXFDWLY
ÌQFD]XOvQFDUHVDOXDWIDĠăGHPLQRUPăVXUDHGXFDWLYăDLQWHUQăULLvQWUXQFHQWUX
HGXFDWLYSXQHUHDvQH[HFXWDUHVHIDFHSULQWULPLWHUHDXQHLFRSLLGHSHKRWăUkUHRUJDQXOXLGH
SROLĠLHGHODORFXOXQGHVHDIOăPLQRUXOGXSăUăPkQHUHDGHILQLWLYăDKRWăUkULL
2UJDQXOGHSROLĠLHLDPăVXULSHQWUXLQWHUQDUHDPLQRUXOXL
&XRFD]LDSXQHULLvQH[HFXWDUHDPăVXULLHGXFDWLYHDLQWHUQăULLvQWUXQFHQWUXHGXFDWLY
RUJDQXOGHSROLĠLHSRDWHSăWUXQGHvQGRPLFLOLXOVDXUHúHGLQĠDXQHLSHUVRDQHIăUăvQYRLUHD
DFHVWHLDSUHFXPúLvQVHGLXOXQHLSHUVRDQHMXULGLFHIăUăvQYRLUHDUHSUH]HQWDQWXOXLOHJDODO
DFHVWHLD
'DFăPLQRUXOIDĠăGHFDUHVDOXDWPăVXUDHGXFDWLYăDLQWHUQăULLvQWUXQFHQWUXHGXFDWLY
QXHVWHJăVLWRUJDQXOGHSROLĠLHFRQVWDWăDFHDVWDSULQWUXQSURFHVYHUEDOúLVHVL]HD]ăGH
vQGDWăRUJDQHOHFRPSHWHQWHSHQWUXGDUHDvQXUPăULUHSUHFXPúLSHQWUXGDUHDvQFRQVHPQOD
SXQFWHOHGHWUHFHUHDIURQWLHUHL8QH[HPSODUDOSURFHVXOXLYHUEDOVHvQDLQWHD]ăFHQWUXOXL
HGXFDWLYvQFDUHVHYDIDFHLQWHUQDUHD
&RSLDGHSHKRWăUkUHVHSUHGăFXRFD]LDH[HFXWăULLPăVXULLFHQWUXOXLHGXFDWLYvQFDUH
PLQRUXOHVWHLQWHUQDW
&RQGXFăWRUXOFHQWUXOXLHGXFDWLYFRPXQLFăGHvQGDWăLQVWDQĠHLFDUHDGLVSXVPăVXUDGHVSUH
HIHFWXDUHDLQWHUQăULL
$UWLFROXO
3XQHUHDvQH[HFXWDUHDLQWHUQăULLvQWUXQFHQWUXGHGHWHQĠLH
0ăVXUDHGXFDWLYăDLQWHUQăULLPLQRUXOXLvQWUXQFHQWUXGHGHWHQĠLHVHSXQHvQH[HFXWDUH
SULQWULPLWHUHDXQHLFRSLLDKRWăUkULLGHILQLWLYHSULQFDUHVDOXDWDFHDVWăPăVXUăRUJDQXOXL
GHSROLĠLHGHODORFXOXQGHVHDIOăPLQRUXOFkQGDFHVWDHVWHOLEHURULFRPDQGDQWXOXL
ORFXOXLGHGHĠLQHUHFkQGDFHVWDHVWHDUHVWDWSUHYHQWLY
2GDWăFXSXQHUHDvQH[HFXWDUHDPăVXULLHGXFDWLYHDLQWHUQăULLPLQRUXOXLvQWUXQFHQWUX
GHGHWHQĠLHMXGHFăWRUXOGHOHJDWYDHPLWHúLRUGLQXOSULQFDUHLQWHU]LFHPLQRUXOXLVă
SăUăVHDVFăĠDUD'LVSR]LĠLLOHSULYLQGvQWRFPLUHDúLFRQĠLQXWXORUGLQXOXLvQFD]XOSXQHULLvQ
H[HFXWDUHDSHGHSVHLvQFKLVRULLVHDSOLFăvQPRGFRUHVSXQ]ăWRU
'DFăH[HFXWDUHDPăVXULLUHYLQHRUJDQXOXLGHSROLĠLHGLVSR]LĠLLOHDUWDOLQ
VHDSOLFăvQPRGFRUHVSXQ]ăWRU
&RSLDGHSHKRWăUkUHVHSUHGăFXRFD]LDH[HFXWăULLPăVXULLFHQWUXOXLGHGHWHQĠLHvQFDUH
PLQRUXOHVWHLQWHUQDW
&RQGXFăWRUXOFHQWUXOXLGHGHWHQĠLHFRPXQLFăGHvQGDWăLQVWDQĠHLFDUHDGLVSXVPăVXUD
GHVSUHHIHFWXDUHDLQWHUQăULL
$UWLFROXO
6FKLPEăULOHSULYLQGPăVXUDHGXFDWLYăDLQWHUQăULLvQWUXQFHQWUXHGXFDWLY
0HQĠLQHUHDPăVXULLLQWHUQăULLPLQRUXOXLvQWUXQFHQWUXHGXFDWLYSUHOXQJLUHDRUL
vQORFXLUHDDFHVWHLDFXLQWHUQDUHDvQWUXQFHQWUXGHGHWHQĠLHvQFD]XULOHSUHYă]XWHODDUW
DOLQ GLQ&RGXOSHQDOVHGLVSXQHGHLQVWDQĠDFăUHLDvLUHYLQHFRPSHWHQĠDVăMXGHFH
QRXDLQIUDFĠLXQHVDXLQIUDFĠLXQHDFRQFXUHQWăVăYkUúLWăDQWHULRU
ÌQORFXLUHDLQWHUQăULLPLQRUXOXLFXPăVXUDHGXFDWLYăDDVLVWăULL]LOQLFHúLOLEHUDUHDGLQ
FHQWUXOHGXFDWLYODvPSOLQLUHDYkUVWHLGHDQLVHGLVSXQSRWULYLWGLVSR]LĠLLORUOHJLL
SULYLQGH[HFXWDUHDSHGHSVHORUGHFăWUHLQVWDQĠDvQDFăUHLFLUFXPVFULSĠLHWHULWRULDOăVH
DIOăFHQWUXOHGXFDWLYFRUHVSXQ]ăWRDUHvQJUDGLQVWDQĠHLGHH[HFXWDUH5HYHQLUHDDVXSUD
vQORFXLULLVDXOLEHUăULLvQFD]XOvQFDUHDFHVWDQXUHVSHFWăFXUHDFUHGLQĠăFRQGLĠLLOHGH
H[HFXWDUHDPăVXULLHGXFDWLYHRULREOLJDĠLLOHLPSXVHVHGLVSXQHGLQRILFLXVDXODVHVL]DUHD
VHUYLFLXOXLGHSUREDĠLXQHGHLQVWDQĠDFDUHDMXGHFDWFDX]DvQSULPăLQVWDQĠă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOSUHYă]XWODDUWDOLQ GLQ&RGXOSHQDOUHYHQLUHDDVXSUDvQORFXLULLVH
GLVSXQHGHLQVWDQĠDFăUHLDvLUHYLQHFRPSHWHQĠDVăMXGHFHQRXDLQIUDFĠLXQHVăYkUúLWăGH
PLQRU
$UWLFROXO
6FKLPEăULOHSULYLQGPăVXUDHGXFDWLYăDLQWHUQăULLvQWUXQFHQWUXGHGHWHQĠLH
3UHOXQJLUHDPăVXULLLQWHUQăULLPLQRUXOXLvQFHQWUXOGHGHWHQĠLHvQFD]XULOHSUHYă]XWHOD
DUWDOLQ GLQ&RGXOSHQDOVHGLVSXQHGHLQVWDQĠDFăUHLDvLUHYLQHFRPSHWHQĠDVă
MXGHFHQRXDLQIUDFĠLXQHVDXLQIUDFĠLXQHDFRQFXUHQWăVăYkUúLWăDQWHULRU
ÌQORFXLUHDLQWHUQăULLPLQRUXOXLFXPăVXUDHGXFDWLYăDDVLVWăULL]LOQLFHOLEHUDUHDGLQ
FHQWUXOGHGHWHQĠLHODvPSOLQLUHDYkUVWHLGHDQLVHGLVSXQSRWULYLWGLVSR]LĠLLORUOHJLL
SULYLQGH[HFXWDUHDSHGHSVHORUGHLQVWDQĠDvQDFăUHLFLUFXPVFULSĠLHWHULWRULDOăVHDIOă
FHQWUXOGHGHWHQĠLHFRUHVSXQ]ăWRDUHvQJUDGLQVWDQĠHLGHH[HFXWDUH5HYHQLUHDDVXSUD
vQORFXLULLVDXOLEHUăULLvQFD]XOvQFDUHDFHVWDQXUHVSHFWăFXUHDFUHGLQĠăFRQGLĠLLOHGH
H[HFXWDUHDPăVXULLHGXFDWLYHRULREOLJDĠLLOHLPSXVHVHGLVSXQHGLQRILFLXVDXODVHVL]DUHD
VHUYLFLXOXLGHSUREDĠLXQHGHLQVWDQĠDFDUHDMXGHFDWvQSULPăLQVWDQĠăSHPLQRU
ÌQFD]XOSUHYă]XWODDUWDOLQ GLQ&RGXOSHQDOUHYHQLUHDDVXSUDvQORFXLULLúL
SUHOXQJLUHDGXUDWHLLQWHUQăULLVHGLVSXQGHLQVWDQĠDFăUHLDvLUHYLQHFRPSHWHQĠDVăMXGHFH
QRXDLQIUDFĠLXQHVăYkUúLWăGHPLQRU
6FKLPEDUHDUHJLPXOXLGHH[HFXWDUH$UWÌQFD]XULOHSUHYă]XWHODDUWGLQ&RGXO
SHQDOFRQWLQXDUHDH[HFXWăULLPăVXULLHGXFDWLYHSULYDWLYHGHOLEHUWDWHvQWUXQSHQLWHQFLDUGH
FăWUHSHUVRDQDLQWHUQDWăFDUHDvPSOLQLWYkUVWDGHDQLVHSRDWHGLVSXQHSRWULYLW
GLVSR]LĠLLORUOHJLLSULYLQGH[HFXWDUHDSHGHSVHORUGHLQVWDQĠDvQDFăUHLFLUFXPVFULSĠLH
WHULWRULDOăVHDIOăFHQWUXOHGXFDWLYVDXFHQWUXOGHGHWHQĠLHFRUHVSXQ]ăWRDUHvQJUDG
LQVWDQĠHLGHH[HFXWDUH
$UWLFROXO
$PkQDUHDVDXvQWUHUXSHUHDH[HFXWăULLPăVXULORUSULYDWLYHGHOLEHUWDWH
([HFXWDUHDPăVXULLHGXFDWLYHDLQWHUQăULLvQWUXQFHQWUXHGXFDWLYVDXDPăVXULLHGXFDWLYHD
LQWHUQăULLvQWUXQFHQWUXGHGHWHQĠLHSRDWHILDPkQDWăVDXvQWUHUXSWăvQFD]XULOHúLvQ
FRQGLĠLLOHSUHYă]XWHGHOHJH
$UWLFROXO
'LVSR]LĠLLSULYLQGDSHOXO
'LVSR]LĠLLOHUHIHULWRDUHODMXGHFDWDvQSULPăLQVWDQĠăvQFDX]HOHSULYLWRDUHODLQIUDFĠLXQL
VăYkUúLWHGHPLQRULVHDSOLFăvQPRGFRUHVSXQ]ăWRUúLODMXGHFDWDvQDSHO
&DSLWROXO,93URFHGXUDGăULLvQXUPăULUH
$UWLFROXO
'DUHDvQXUPăULUH
'DUHDvQXUPăULUHVHVROLFLWăúLVHGLVSXQHSHQWUXLGHQWLILFDUHDFăXWDUHDORFDOL]DUHD
úLSULQGHUHDXQHLSHUVRDQHvQVFRSXODGXFHULLDFHVWHLDvQIDĠDRUJDQHORUMXGLFLDUHRUL
SXQHULLvQH[HFXWDUHDDQXPLWRUKRWăUkULMXGHFăWRUHúWL
'DUHDvQXUPăULUHVHVROLFLWăúLVHGLVSXQHvQXUPăWRDUHOHFD]XUL
D QXVDSXWXWH[HFXWDXQPDQGDWGHDUHVWDUHSUHYHQWLYăXQPDQGDWGHH[HFXWDUHDXQHL
SHGHSVHSULYDWLYHGHOLEHUWDWHRPăVXUăHGXFDWLYăSULYDWLYăGHOLEHUWDWHPăVXUDLQWHUQăULL
PHGLFDOHVDXPăVXUDH[SXO]ăULLvQWUXFkWSHUVRDQDIDĠăGHFDUHVDOXDWXQDGLQWUHDFHVWH
PăVXULQXDIRVWJăVLWă
E SHUVRDQDDHYDGDWGLQVWDUHDOHJDOăGHUHĠLQHUHVDXGHĠLQHUHRULDIXJLWGLQWUXQFHQWUX
HGXFDWLYFHQWUXGHGHWHQĠLHVDXGLQXQLWDWHDvQFDUHH[HFXWDPăVXUDLQWHUQăULLPHGLFDOH
F vQYHGHUHDGHSLVWăULLXQHLSHUVRDQHXUPăULWHLQWHUQDĠLRQDOGHVSUHFDUHH[LVWăGDWHFăVH
DIOăvQ5RPkQLD
'DUHDvQXUPăULUHVHVROLFLWăGH
D RUJDQXOGHSROLĠLHFDUHDFRQVWDWDWLPSRVLELOLWDWHDH[HFXWăULLPăVXULLSUHYă]XWHODDOLQ
OLWD
E DGPLQLVWUDĠLDORFXOXLGHGHĠLQHUHFHQWUXOHGXFDWLYVDXXQLWDWHDPHGLFDOăSUHYă]XWăOD
DOLQ OLWE
F RUJDQXOMXGLFLDUFRPSHWHQWSRWULYLWOHJLLVSHFLDOHvQFD]XOSUHYă]XWODDOLQ OLW
F
'DUHDvQXUPăULUHVHGLVSXQHSULQRUGLQGH,QVSHFWRUDWXO*HQHUDODO3ROLĠLHL5RPkQH
2UGLQXOGHGDUHvQXUPăULUHVHFRPXQLFăvQFHOPDLVFXUWWLPSRUJDQHORUFRPSHWHQWHVă
HOLEHUH]HSDúDSRUWXOFDUHDXREOLJDĠLDVăUHIX]HHOLEHUDUHDSDúDSRUWXOXLVDXGXSăFD]Vă
ULGLFHSURYL]RULXSDúDSRUWXOSHGXUDWDPăVXULLSUHFXPúLRUJDQHORUGHIURQWLHUăSHQWUXGDUHD
vQFRQVHPQ
'HDVHPHQHDRUGLQXOGHGDUHvQXUPăULUHVHFRPXQLFăvQFRSLH
D FHOXLvQIDĠDFăUXLDXUPHD]ăVăILHDGXVăSHUVRDQDXUPăULWăvQPRPHQWXOSULQGHULL
E RUJDQXOXLMXGLFLDUFRPSHWHQWFDUHVXSUDYHJKHD]ăDFWLYLWDWHDGHXUPăULUHDSHUVRDQHLGDWH
vQXUPăULUH
$UWLFROXO
8UPăULUHD
2UGLQXOGHGDUHvQXUPăULUHVHSXQHvQH[HFXWDUHGHvQGDWăGHFăWUHVWUXFWXULOH
FRPSHWHQWHDOH0LQLVWHUXOXL$GPLQLVWUDĠLHLúL,QWHUQHORUFDUHYRUGHVIăúXUDODQLYHO
QDĠLRQDODFWLYLWăĠLGHLGHQWLILFDUHFăXWDUHORFDOL]DUHúLSULQGHUHDSHUVRDQHLXUPăULWH
,QVWLWXĠLLOHSXEOLFHVXQWREOLJDWHVăVSULMLQHvQFRQGLĠLLOHOHJLLúLFRQIRUP
FRPSHWHQĠHORUOHJDOHRUJDQHOHGHSROLĠLHFDUHHIHFWXHD]ăXUPăULUHDXQHLSHUVRDQHGDWHvQ
XUPăULUH
$FWLYLWDWHDGHXUPăULUHDXQHLSHUVRDQHDUHVWDWHSUHYHQWLYGHVIăúXUDWăGHRUJDQHOHGH
SROLĠLHHVWHVXSUDYHJKHDWăGHSURFXURULDQXPHGHVHPQDĠLGLQFDGUXOSDUFKHWXOXLGHSHOkQJă
FXUWHDGHDSHOvQDFăUXLFLUFXPVFULSĠLHVHDIOăVHGLXOLQVWDQĠHLFRPSHWHQWHFDUHD
VROXĠLRQDWvQIRQGSURSXQHUHDGHDUHVWDUHSUHYHQWLYă&kQGPDQGDWXOGHDUHVWDUHSUHYHQWLYăD
IRVWHPLVvQWURFDX]ăGHFRPSHWHQĠD3DUFKHWXOXLGHSHOkQJăÌQDOWD&XUWHGH&DVDĠLHúL
-XVWLĠLHVXSUDYHJKHUHDDFWLYLWăĠLLGHXUPăULUHUHYLQHSURFXURUXOXLFDUHHIHFWXHD]ăVDXD
HIHFWXDWXUPăULUHDSHQDOăvQFDX]ă
ÌQFHOHODOWHFD]XULDFWLYLWDWHDGHXUPăULUHDSHUVRDQHORUGDWHvQXUPăULUHHVWH
VXSUDYHJKHDWăGHSURFXURULDQXPHGHVHPQDĠLGLQFDGUXOSDUFKHWXOXLGHSHOkQJăFXUWHDGHDSHO
vQDFăUXLFLUFXPVFULSĠLHVHDIOăVHGLXOLQVWDQĠHLGHH[HFXWDUHRULDODOWHLLQVWDQĠH
FRPSHWHQWHSRWULYLWOHJLLVSHFLDOH
$UWLFROXO
$FWLYLWăĠLOHFHSRWILHIHFWXDWHvQSURFHGXUDXUPăULULL
ÌQYHGHUHDLGHQWLILFăULLFăXWăULLORFDOL]ăULLúLSULQGHULLSHUVRDQHORUGDWHvQXUPăULUH
SRWILHIHFWXDWHvQFRQGLĠLLOHSUHYă]XWHGHOHJHXUPăWRDUHOHDFWLYLWăĠL
D VXSUDYHJKHUHDWHKQLFă
E UHĠLQHUHDSUHGDUHDúLSHUFKH]LĠLRQDUHDFRUHVSRQGHQĠHLúLDRELHFWHORU
F SHUFKH]LĠLD
G ULGLFDUHDGHRELHFWHVDXvQVFULVXUL
H DEURJDWă
/LWH DDOLQ DODUWDIRVWDEURJDWăGHSFWDODUW7LWOXO,,,GLQ/(*($
QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$FWLYLWăĠLOHSUHYă]XWHODDOLQ OLWD F SRWILHIHFWXDWHQXPDLvQED]DPDQGDWXOXL
HPLVGHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDFRPSHWHQWăVăMXGHFHFDX]DvQ
SULPăLQVWDQĠăVDXGHODLQVWDQĠDGHH[HFXWDUHRULGHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGH
ODLQVWDQĠDFRPSHWHQWăSRWULYLWOHJLLVSHFLDOHvQFD]XOSUHYă]XWODDUWDOLQ OLW
F
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$FWLYLWăĠLOHSUHYă]XWHODDOLQ OLWG SRWILHIHFWXDWHQXPDLFXDXWRUL]DUHD
SURFXURUXOXLFDUHVXSUDYHJKHD]ăDFWLYLWDWHDRUJDQHORUGHSROLĠLHFDUHHIHFWXHD]ăXUPăULUHD
SHUVRDQHLGDWHvQXUPăULUH
$UWLFROXO
6XSUDYHJKHUHDWHKQLFăUHĠLQHUHDSUHGDUHDúLSHUFKH]LĠLRQDUHDFRUHVSRQGHQĠHLúLDRELHFWHORU
úLSHUFKH]LĠLDvQSURFHGXUDGăULLvQXUPăULUH
6XSUDYHJKHUHDWHKQLFăUHĠLQHUHDSUHGDUHDúLSHUFKH]LĠLRQDUHDFRUHVSRQGHQĠHLúLD
RELHFWHORUúLSHUFKH]LĠLDSRWILGLVSXVHODFHUHUHDSURFXURUXOXLFDUHVXSUDYHJKHD]ă
DFWLYLWDWHDRUJDQHORUGHSROLĠLHFDUHHIHFWXHD]ăXUPăULUHDSHUVRDQHLGDWHvQXUPăULUHGH
MXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLGHODLQVWDQĠDFRPSHWHQWăGDFăDFHVWDDSUHFLD]ăFă
LGHQWLILFDUHDFăXWDUHDORFDOL]DUHDúLSULQGHUHDSHUVRDQHORUGDWHvQXUPăULUHQXSRWIL
IăFXWHSULQDOWHPLMORDFHRULDUILPXOWvQWkU]LDWH
'LVSR]LĠLLOHDUWUHVSHFWLYDUWúLDUWVHDSOLFăvQPRG
FRUHVSXQ]ăWRU
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
5LGLFDUHDGHRELHFWHVDXvQVFULVXULvQSURFHGXUDGăULLvQXUPăULUH
5LGLFDUHDGHRELHFWHVDXvQVFULVXULvQYHGHUHDLGHQWLILFăULLFăXWăULLORFDOL]ăULLúL
SULQGHULLSHUVRDQHORUGDWHvQXUPăULUHSRDWHILGLVSXVăGHSURFXURUXOFDUHVXSUDYHJKHD]ă
DFWLYLWDWHDRUJDQHORUGHSROLĠLHFHHIHFWXHD]ăXUPăULUHDSHUVRDQHLGDWHvQXUPăULUH
'LVSR]LĠLLOHDUWúLVHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
5HYRFDUHDXUPăULULL
8UPăULUHDVHUHYRFăvQPRPHQWXOSULQGHULLSHUVRDQHLXUPăULWHVDXDWXQFLFkQGDXGLVSăUXW
WHPHLXULOHFDUHDXMXVWLILFDWGDUHDvQXUPăULUH
5HYRFDUHDVHGLVSXQHSULQRUGLQGH,QVSHFWRUDWXO*HQHUDODO3ROLĠLHL5RPkQHFDUHVH
WUDQVPLWHvQFRSLHGHvQGDWă
D SDUFKHWXOXLFRPSHWHQWFDUHVXSUDYHJKHD]ăDFWLYLWDWHDGHXUPăULUHDSHUVRDQHLGDWHvQ
XUPăULUH
E RUJDQHORUFRPSHWHQWHVăHOLEHUH]HSDúDSRUWXOúLRUJDQHORUGHIURQWLHUă
3URFXURUXOFDUHVXSUDYHJKHD]ăDFWLYLWDWHDGHXUPăULUHDSHUVRDQHLGDWHvQXUPăULUH
GLVSXQHGHvQGDWăvQFHWDUHDDFWLYLWăĠLORUGHVXSUDYHJKHUHOXDWHFRQIRUPDUWLQIRUPkQG
GHVSUHDFHDVWDMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&DSLWROXO93URFHGXUDUHDELOLWăULL
$UWLFROXO
5HDELOLWDUHD
5HDELOLWDUHDDUHORFILHGHGUHSWvQFD]XULOHSUHYă]XWHODDUWVDXGLQ&RGXOSHQDO
ILHODFHUHUHDFRUGDWăGHLQVWDQĠDGHMXGHFDWăvQFRQGLĠLLOHSUHYă]XWHvQSUH]HQWXO
FDSLWRO
$UWLFROXO
5HDELOLWDUHDGHGUHSW
/DvPSOLQLUHDWHUPHQXOXLGHDQLSUHYă]XWODDUWGLQ&RGXOSHQDOGDFăSHUVRDQD
FRQGDPQDWăQXDPDLVăYkUúLWRDOWăLQIUDFĠLXQHDXWRULWDWHDFDUHĠLQHHYLGHQĠDFD]LHUXOXL
MXGLFLDUYDúWHUJHGLQRILFLXPHQĠLXQLOHSULYLQGSHGHDSVDDSOLFDWăFRQGDPQDWXOXL
/DvPSOLQLUHDWHUPHQXOXLGHDQLSUHYă]XWODDUWGLQ&RGXOSHQDOGDFăSHUVRDQD
FRQGDPQDWăQXDPDLVăYkUúLWRDOWăLQIUDFĠLXQHRUJDQXOFDUHDDXWRUL]DWvQILLQĠDUHD
SHUVRDQHLMXULGLFHúLRUJDQXOFDUHDvQUHJLVWUDWSHUVRDQDMXULGLFăYRUúWHUJHGLQRILFLX
PHQĠLXQLOHSULYLQGSHGHDSVDDSOLFDWăSHUVRDQHLMXULGLFH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
5HDELOLWDUHDMXGHFăWRUHDVFă
&RPSHWHQWăVăVHSURQXQĠHDVXSUDUHDELOLWăULLMXGHFăWRUHúWLHVWHILHLQVWDQĠDFDUHDMXGHFDW
vQSULPăLQVWDQĠăFDX]DvQFDUHVDSURQXQĠDWFRQGDPQDUHDSHQWUXFDUHVHFHUHUHDELOLWDUHD
ILHLQVWDQĠDFRUHVSXQ]ăWRDUHvQDFăUHLFLUFXPVFULSĠLHGRPLFLOLD]ăFRQGDPQDWXOVDXvQFDUHD
DYXWXOWLPXOGRPLFLOLXGDFăODGDWDLQWURGXFHULLFHUHULLGRPLFLOLD]ăvQVWUăLQăWDWH
$UWLFROXO
&HUHUHDGHUHDELOLWDUH
&HUHUHDGHUHDELOLWDUHMXGHFăWRUHDVFăVHIRUPXOHD]ăGHFăWUHFRQGDPQDWLDUGXSăPRDUWHD
DFHVWXLDGHVRĠVDXGHUXGHOHDSURSLDWH6RĠXOVDXUXGHOHDSURSLDWHSRWFRQWLQXDSURFHGXUD
GHUHDELOLWDUHSRUQLWăDQWHULRUGHFHVXOXL
5HDELOLWDUHDMXGHFăWRUHDVFăVHGLVSXQHvQFD]XULOHúLFRQGLĠLLOHSUHYă]XWHODDUWúL
GLQ&RGXOSHQDO
ÌQFHUHUHWUHEXLHVăVHPHQĠLRQH]H
D DGUHVDFRQGDPQDWXOXLLDUFkQGFHUHUHDHVWHIăFXWăGHDOWăSHUVRDQăDGUHVDDFHVWHLD
E FRQGDPQDUHDSHQWUXFDUHVHFHUHUHDELOLWDUHDúLIDSWDSHQWUXFDUHDIRVWSURQXQĠDWăDFHD
FRQGDPQDUH
F ORFDOLWăĠLOHXQGHFRQGDPQDWXODORFXLWúLORFXULOHGHPXQFăGLQWRWLQWHUYDOXOGHWLPSGH
ODH[HFXWDUHDSHGHSVHLúLSkQăODLQWURGXFHUHDFHUHULLLDUvQFD]XOFkQGH[HFXWDUHDSHGHSVHL
DIRVWSUHVFULVăGHODGDWDUăPkQHULLGHILQLWLYHDKRWăUkULLúLSkQăODLQWURGXFHUHD
FHUHULL
G WHPHLXULOHFHUHULL
H LQGLFDĠLLXWLOHSHQWUXLGHQWLILFDUHDGRVDUXOXLúLRULFHDOWHGDWHSHQWUXVROXĠLRQDUHD
FHUHULL
/DFHUHUHVHDQH[HD]ăDFWHOHGLQFDUHUHLHVHFăVXQWvQGHSOLQLWHFRQGLĠLLOHUHDELOLWăULL
$UWLFROXO
0ăVXULOHSUHPHUJăWRDUH
'XSăIL[DUHDWHUPHQXOXLGHVROXĠLRQDUHDFHUHULLGHUHDELOLWDUHVHGLVSXQHFLWDUHDSHUVRDQHL
FDUHDVROLFLWDWUHDELOLWDUHDúLDSHUVRDQHORUDFăURUDVFXOWDUHLQVWDQĠDRFRQVLGHUă
QHFHVDUăVHLDXPăVXULSHQWUXDGXFHUHDGRVDUXOXLvQFDUHVDSURQXQĠDWFRQGDPQDUHDúLVH
VROLFLWăFRSLDILúHLFD]LHUXOXLMXGLFLDUDOFRQGDPQDWXOXL
$UWLFROXO
5HVSLQJHUHDFHUHULLSHQWUXQHvQGHSOLQLUHDFRQGLĠLLORUGHIRUPăúLIRQG
&HUHUHDGHUHDELOLWDUHVHUHVSLQJHSHQWUXQHvQGHSOLQLUHDFRQGLĠLLORUGHIRUPăúLIRQGvQ
XUPăWRDUHOHFD]XUL
D DIRVWLQWURGXVăvQDLQWHGHWHUPHQXOOHJDO
E OLSVHúWHPHQĠLXQHDSUHYă]XWăODDUWDOLQ OLWD úLSHWLĠLRQDUXOQXVD
SUH]HQWDWODWHUPHQXOGHvQIăĠLúDUH
F OLSVHúWHYUHXQDGLQWUHPHQĠLXQLOHSUHYă]XWHODDUWDOLQ OLWE H úL
SHWLĠLRQDUXOQXDFRPSOHWDWFHUHUHDODWHUPHQXOGHvQIăĠLúDUHúLQLFLODWHUPHQXOFHLVD
DFRUGDWvQYHGHUHDFRPSOHWăULL
ÌQFD]XOSUHYă]XWODDOLQ OLWD FHUHUHDSRDWHILUHSHWDWăGXSăvPSOLQLUHD
WHUPHQXOXLOHJDOLDUvQFD]XULOHSUHYă]XWHODDOLQ OLWE úLF RULFkQG
ÌQFD]XOSUHVFULSĠLHLH[HFXWăULLSHGHSVHLQXSRDWHGHSXQHFHUHUHGHUHDELOLWDUHSHUVRDQD
SUHYă]XWăODDUWDOLQ GDFăOLSVDH[HFXWăULLHVWHLPSXWDELOăSHUVRDQHLFRQGDPQDWH
$UWLFROXO
6ROXĠLRQDUHDFHUHULL
/DWHUPHQXOIL[DWvQúHGLQĠăQHSXEOLFăLQVWDQĠDDVFXOWăSHUVRDQHOHFLWDWHSUH]HQWH
FRQFOX]LLOHSURFXURUXOXLúLDOHSHWLĠLRQDUXOXLúLYHULILFăGDFăVXQWvQGHSOLQLWHFRQGLĠLLOH
FHUXWHGHOHJHSHQWUXDGPLWHUHDUHDELOLWăULL
'DFăvQDLQWHGHVROXĠLRQDUHDFHUHULLGHUHDELOLWDUHIDĠăGHFRQGDPQDWDIRVWSXVăvQ
PLúFDUHDFĠLXQHDSHQDOăSHQWUXDOWăLQIUDFĠLXQHH[DPLQDUHDFHUHULLVHVXVSHQGăSkQăOD
VROXĠLRQDUHDGHILQLWLYăDDFHOHLFDX]H
$UWLFROXO
6LWXDĠLLOHSULYLQGGHVSăJXELULOHFLYLOH
&kQGFRQGDPQDWXOVDXSHUVRDQDFDUHDIăFXWFHUHUHDGHUHDELOLWDUHGRYHGHúWHFăQXLD
IRVWFXSXWLQĠăVăDFKLWHGHVSăJXELULOHFLYLOHúLFKHOWXLHOLOHMXGLFLDUHLQVWDQĠDDSUHFLLQG
vPSUHMXUăULOHSRDWHGLVSXQHUHDELOLWDUHDVDXSRDWHVăDFRUGHXQWHUPHQSHQWUXDFKLWDUHDvQ
vQWUHJLPHVDXvQSDUWHDVXPHLGDWRUDWH
7HUPHQXOSUHYă]XWODDOLQ QXSRDWHGHSăúLOXQL
ÌQFD]GHREOLJDĠLHVROLGDUăLQVWDQĠDIL[HD]ăVXPDFHWUHEXLHDFKLWDWăvQYHGHUHD
UHDELOLWăULLGHFRQGDPQDWVDXGHXUPDúLLVăL
'UHSWXULOHDFRUGDWHSăUĠLLFLYLOHSULQKRWăUkUHDGHFRQGDPQDUHQXVHPRGLILFăSULQ
KRWăUkUHDGDWăDVXSUDUHDELOLWăULL
$UWLFROXO
&RQWHVWDĠLD
6HQWLQĠDSULQFDUHLQVWDQĠDUH]ROYăFHUHUHDGHUHDELOLWDUHHVWHVXSXVăFRQWHVWDĠLHLvQWHUPHQ
GH]LOHGHODFRPXQLFDUHFDUHVHVROXĠLRQHD]ăGHLQVWDQĠDLHUDUKLFVXSHULRDUă-XGHFDUHD
FRQWHVWDĠLHLODKRWăUkUHDSULPHLLQVWDQĠHVHIDFHvQúHGLQĠăQHSXEOLFăFXFLWDUHD
SHWHQWXOXL3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH'HFL]LDLQVWDQĠHLSULQFDUHVH
VROXĠLRQHD]ăFRQWHVWDĠLDHVWHGHILQLWLYă
$UWLFROXO
$QXODUHDUHDELOLWăULL
ÌQFD]XOSUHYă]XWODDUWGLQ&RGXOSHQDOLQVWDQĠDSUHYă]XWăODDUWGLVSXQH
DQXODUHDUHDELOLWăULLGLQRILFLXVDXODFHUHUHDSURFXURUXOXL
'LVSR]LĠLLOHDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWLFROXO
0HQĠLXQLOHGHVSUHUHDELOLWDUH
'XSăUăPkQHUHDGHILQLWLYăDKRWăUkULLGHUHDELOLWDUHVDXGHDQXODUHDDFHVWHLDLQVWDQĠD
GLVSXQHVăVHIDFăPHQĠLXQHGHVSUHDFHDVWDSHKRWăUkUHDSULQFDUHVDSURQXQĠDWFRQGDPQDUHD
&DSLWROXO9,3URFHGXUDUHSDUăULLSDJXEHLPDWHULDOHVDXDGDXQHLPRUDOHvQFD]GHHURDUH
MXGLFLDUăVDXvQFD]GHSULYDUHQHOHJDOăGHOLEHUWDWHRULvQDOWHFD]XUL
$UWLFROXO
'UHSWXOODUHSDUDUHDSDJXEHLvQFD]GHHURDUHMXGLFLDUă
3HUVRDQDFDUHDIRVWFRQGDPQDWăGHILQLWLYLQGLIHUHQWGDFăSHGHDSVDDSOLFDWăVDXPăVXUD
HGXFDWLYăSULYDWLYăGHOLEHUWDWHDIRVWVDXQXSXVăvQH[HFXWDUHDUHGUHSWXOODUHSDUDUHDGH
FăWUHVWDWDSDJXEHLVXIHULWHvQFD]XOvQFDUHvQXUPDUHMXGHFăULLFDX]HLGXSăDQXODUHDVDX
GHVILLQĠDUHDKRWăUkULLGHFRQGDPQDUHSHQWUXXQIDSWQRXVDXUHFHQWGHVFRSHULWFDUHGRYHGHúWH
FăVDSURGXVRHURDUHMXGLFLDUăVDSURQXQĠDWRKRWăUkUHGHILQLWLYăGHDFKLWDUH
'LVSR]LĠLLOHDOLQ VHDSOLFăúLvQFD]XOUHGHVFKLGHULLSURFHVXOXLSHQDOFXSULYLUHOD
FRQGDPQDWXOMXGHFDWvQOLSVăGDFăGXSăUHMXGHFDUHVDSURQXQĠDWRKRWăUkUHGHILQLWLYăGH
DFKLWDUH
3HUVRDQDSUHYă]XWăODDOLQ úLSHUVRDQDSUHYă]XWăODDOLQ QXYRUILvQGUHSWăĠLWH
VăFHDUăUHSDUDUHDGHFăWUHVWDWDSDJXEHLVXIHULWHGDFăSULQGHFODUDĠLLPLQFLQRDVHRULvQ
RULFHDOWIHODXGHWHUPLQDWFRQGDPQDUHDvQDIDUDFD]XULORUvQFDUHDXIRVWREOLJDWHVă
SURFHGH]HDVWIHO
1XHVWHvQGUHSWăĠLWăODUHSDUDUHDSDJXEHLQLFLSHUVRDQDFRQGDPQDWăFăUHLDvLHVWH
LPSXWDELOăvQWRWVDXvQSDUWHQHGHVFRSHULUHDvQWLPSXWLODIDSWXOXLQHFXQRVFXWVDXUHFHQW
GHVFRSHULW
$UWLFROXO
'UHSWXOODUHSDUDUHDSDJXEHLvQFD]XOSULYăULLQHOHJDOHGHOLEHUWDWH
$UHGUHSWXOODUHSDUDUHDSDJXEHLúLSHUVRDQDFDUHvQFXUVXOSURFHVXOXLSHQDODIRVW
SULYDWăQHOHJDOGHOLEHUWDWH
3ULYDUHDQHOHJDOăGHOLEHUWDWHWUHEXLHVăILHVWDELOLWăGXSăFD]SULQRUGRQDQĠăD
SURFXURUXOXLSULQvQFKHLHUHDGHILQLWLYăDMXGHFăWRUXOXLGHGUHSWXULúLOLEHUWăĠLVDXD
MXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăSUHFXPúLSULQvQFKHLHUHDGHILQLWLYăVDXKRWăUkUHD
GHILQLWLYăDLQVWDQĠHLGHMXGHFDWăvQYHVWLWăFXMXGHFDUHDFDX]HL
$UWLFROXO
)HOXOúLvQWLQGHUHDUHSDUDĠLHL
/DVWDELOLUHDvQWLQGHULLUHSDUDĠLHLVHĠLQHVHDPDGHGXUDWDSULYăULLQHOHJDOHGH
OLEHUWDWHSUHFXPúLGHFRQVHFLQĠHOHSURGXVHDVXSUDSHUVRDQHLDVXSUDIDPLOLHLFHOXLSULYDW
GHOLEHUWDWHRULDVXSUDFHOXLDIODWvQVLWXDĠLDSUHYă]XWăODDUW
5HSDUDĠLDFRQVWăvQSODWDXQHLVXPHGHEDQLVDXvQFRQVWLWXLUHDXQHLUHQWHYLDJHUHRULvQ
REOLJDĠLDFDSHFKHOWXLDODVWDWXOXLFHOUHĠLQXWVDXDUHVWDWQHOHJDOVăILHvQFUHGLQĠDWXQXL
LQVWLWXWGHDVLVWHQĠăVRFLDOăúLPHGLFDOă
/DDOHJHUHDIHOXOXLUHSDUDĠLHLúLODvQWLQGHUHDDFHVWHLDVHYDĠLQHVHDPDGHVLWXDĠLD
FHOXLvQGUHSWăĠLWODUHSDUDUHDSDJXEHLúLGHQDWXUDGDXQHLSURGXVH
3HUVRDQHORUvQGUHSWăĠLWHODUHSDUDUHDSDJXEHLFDUHvQDLQWHGHSULYDUHDGHOLEHUWDWHRUL
GHvQFDUFHUDUHFDXUPDUHDSXQHULLvQH[HFXWDUHDXQHLSHGHSVHRULPăVXULHGXFDWLYHSULYDWLYH
GHOLEHUWDWHHUDXvQFDGUDWHvQPXQFăOLVHFDOFXOHD]ăODYHFKLPHDvQPXQFăVWDELOLWă
SRWULYLWOHJLLúLWLPSXOFkWDXIRVWSULYDWHGHOLEHUWDWH
5HSDUDĠLDHVWHvQWRDWHFD]XULOHVXSRUWDWăGHVWDWSULQ0LQLVWHUXO)LQDQĠHORU3XEOLFH
$UWLFROXO
$FĠLXQHDSHQWUXUHSDUDUHDSDJXEHL
$FĠLXQHDSHQWUXUHSDUDUHDSDJXEHLSRDWHILSRUQLWăGHSHUVRDQDvQGUHSWăĠLWăSRWULYLW
DUWúLLDUGXSăPRDUWHDDFHVWHLDSRDWHILFRQWLQXDWăVDXSRUQLWăGHFăWUH
SHUVRDQHOHFDUHVHDIODXvQvQWUHĠLQHUHDVDODGDWDGHFHVXOXL
$FĠLXQHDSRDWHILLQWURGXVăvQWHUPHQGHOXQLGHODGDWDUăPkQHULLGHILQLWLYHD
KRWăUkULLLQVWDQĠHLGHMXGHFDWăSUHFXPúLDRUGRQDQĠHLVDXvQFKHLHULORURUJDQHORUMXGLFLDUH
SULQFDUHVDFRQVWDWDWHURDUHDMXGLFLDUăUHVSHFWLYSULYDUHDQHOHJDOăGHOLEHUWDWH
3HQWUXREĠLQHUHDUHSDUăULLSDJXEHLSHUVRDQDvQGUHSWăĠLWăVHSRDWHDGUHVDWULEXQDOXOXLvQ
DFăUHLFLUFXPVFULSĠLHGRPLFLOLD]ăFKHPkQGvQMXGHFDWăFLYLOăVWDWXOFDUHHVWHFLWDWSULQ
0LQLVWHUXO)LQDQĠHORU3XEOLFH
$FĠLXQHDHVWHVFXWLWăGHWD[DMXGLFLDUăGHWLPEUX
$UWLFROXO
$FĠLXQHDvQUHJUHV
ÌQFD]XOvQFDUHUHSDUDUHDSDJXEHLDIRVWDFRUGDWăSRWULYLWDUWSUHFXPúLvQ
VLWXDĠLDvQFDUHVWDWXOURPkQDIRVWFRQGDPQDWGHFăWUHRLQVWDQĠăLQWHUQDĠLRQDOăSHQWUX
YUHXQXOGLQWUHFD]XULOHSUHYă]XWHODDUWúLDFĠLXQHDvQUHJUHVSHQWUXUHFXSHUDUHD
VXPHLDFKLWDWHSRDWHILvQGUHSWDWăvPSRWULYDSHUVRDQHLFDUHFXUHDFUHGLQĠăVDXGLQFXOSă
JUDYăDSURYRFDWVLWXDĠLDJHQHUDWRDUHGHGDXQHVDXvPSRWULYDLQVWLWXĠLHLODFDUHDFHDVWD
HVWHDVLJXUDWăSHQWUXGHVSăJXELULvQFD]GHSUHMXGLFLLSURYRFDWHvQH[HUFLĠLXOSURIHVLXQLL
6WDWXOWUHEXLHVăGRYHGHDVFăvQFDGUXODFĠLXQLLvQUHJUHVSULQRUGRQDQĠDSURFXURUXOXL
VDXKRWăUkUHSHQDOăGHILQLWLYăFăFHODVLJXUDWvQFRQGLĠLLOHDOLQ DSURGXVFXUHD
FUHGLQĠăVDXGLQFXOSăJUDYăSURIHVLRQDOăHURDUHDMXGLFLDUăVDXSULYDUHDQHOHJDOăGH
OLEHUWDWHFDX]DWRDUHGHSUHMXGLFLL
&DSLWROXO9,,3URFHGXUDvQFD]GHGLVSDULĠLHDGRVDUHORUMXGLFLDUHúLDvQVFULVXULORU
MXGLFLDUH
$UWLFROXO
&RQVWDWDUHDGLVSDULĠLHLGRVDUXOXLVDXvQVFULVXOXL
ÌQFD]XOGLVSDULĠLHLXQXLGRVDUMXGLFLDUVDXDXQXLvQVFULVFDUHDSDUĠLQHXQXLDVWIHOGH
GRVDURUJDQXOGHXUPăULUHSHQDOăVDXSUHúHGLQWHOHLQVWDQĠHLODFDUHVHJăVHDGRVDUXORUL
vQVFULVXOvQWRFPHúWHXQSURFHVYHUEDOSULQFDUHFRQVWDWăGLVSDULĠLDúLDUDWăPăVXULOHFDUHV
DXOXDWSHQWUXJăVLUHDOXL
ÌQED]DSURFHVXOXLYHUEDOVHSURFHGHD]ăSRWULYLWGLVSR]LĠLLORUSUHYă]XWHvQSUH]HQWXO
FDSLWRO
$UWLFROXO
2ELHFWXOSURFHGXULLVSHFLDOH
&kQGGRVDUXOVDXvQVFULVXOGLVSăUXWHVWHUHFODPDWGHXQLQWHUHVMXVWLILFDWúLQXSRDWHIL
UHIăFXWSRWULYLWSURFHGXULLRELúQXLWHSURFXURUXOSULQRUGRQDQĠăRULLQVWDQĠDGHMXGHFDWă
SULQvQFKHLHUHGLVSXQHGXSăFD]vQORFXLUHDVDXUHFRQVWLWXLUHDGRVDUXOXLVDXvQVFULVXOXLFX
SULYLUHODFDUHVDFRQVWDWDWGLVSDULĠLD
,QVWDQĠDVHSURQXQĠăSULQvQFKHLHUHIăUăFLWDUHDSăUĠLORUvQDIDUăGHFD]XOFkQG
LQVWDQĠDFRQVLGHUăQHFHVDUăFKHPDUHDDFHVWRUD
ÌQFKHLHUHDQXHVWHVXSXVăQLFLXQHLFăLGHDWDF
$UWLFROXO
&RPSHWHQĠDvQFD]XOvQORFXLULLVDXUHFRQVWLWXLULL
ÌQORFXLUHDVDXUHFRQVWLWXLUHDVHHIHFWXHD]ăGHRUJDQXOGHXUPăULUHSHQDOăRULGHLQVWDQĠD
GHMXGHFDWăvQDLQWHDFăUHLDFDX]DVHJăVHúWHSHQGLQWHLDUvQFDX]HOHGHILQLWLYVROXĠLRQDWH
GHLQVWDQĠDODFDUHGRVDUXOVHJăVHúWHvQFRQVHUYDUH
&kQGFRQVWDWDUHDGLVSDULĠLHLVDIăFXWGHXQRUJDQGHXUPăULUHSHQDOăVDXGHRLQVWDQĠă
GHMXGHFDWăDOWHOHGHFkWFHOHDUăWDWHODDOLQ RUJDQXOGHXUPăULUHSHQDOăRULLQVWDQĠD
GHMXGHFDWăFDUHDFRQVWDWDWGLVSDULĠLDWULPLWHRUJDQXOXLGHXUPăULUHSHQDOăVDXLQVWDQĠHLGH
MXGHFDWăFRPSHWHQWHWRDWHPDWHULDOHOHQHFHVDUHHIHFWXăULLvQORFXLULLRULUHFRQVWLWXLULL
vQVFULVXOXLGLVSăUXW
ÌQFD]XOGLVSDULĠLHLXQXLGRVDUMXGLFLDUvQFXUVXOSURFHGXULLGHFDPHUăSUHOLPLQDUă
vQORFXLUHDVDXUHFRQVWLWXLUHDVHHIHFWXHD]ăGHLQVWDQĠDvQFDGUXOFăUHLDIXQFĠLRQHD]ăFDPHUD
SUHOLPLQDUă
$UWLFROXO
ÌQORFXLUHDvQVFULVXOXL
ÌQORFXLUHDvQVFULVXOXLGLVSăUXWDUHORFDWXQFLFkQGH[LVWăFRSLLRILFLDOHGHSHDFHO
vQVFULV2UJDQXOGHXUPăULUHSHQDOăVDXLQVWDQĠDGHMXGHFDWăLDPăVXULSHQWUXREĠLQHUHD
FRSLHL
&RSLDREĠLQXWăĠLQHORFXOvQVFULVXOXLRULJLQDOSkQăODJăVLUHDDFHVWXLD
3HUVRDQHLVDXDXWRULWăĠLLFDUHDSUHGDWFRSLDRILFLDOăLVHHOLEHUHD]ăRFRSLH
FHUWLILFDWăGHSHDFHDVWD
$UWLFROXO
5HFRQVWLWXLUHDvQVFULVXOXLVDXGRVDUXOXL
&kQGQXH[LVWăRFRSLHRILFLDOăGHSHvQVFULVXOGLVSăUXWVHSURFHGHD]ăODUHFRQVWLWXLUHD
DFHVWXLD
5HFRQVWLWXLUHDXQXLGRVDUVHIDFHSULQUHFRQVWLWXLUHDvQVFULVXULORUSHFDUHOHFRQĠLQHD
ÌQYHGHUHDUHFRQVWLWXLULLSRWILIRORVLWHRULFHPLMORDFHGHSUREăSUHYă]XWHGHOHJH
5H]XOWDWXOUHFRQVWLWXLULLVHFRQVWDWăGXSăFD]SULQRUGRQDQĠDSURFXURUXOXLVDXSULQ
KRWăUkUHDLQVWDQĠHLGDWăFXFLWDUHDSăUĠLORUGXSăDVFXOWDUHDDFHVWRUDúLDSURFXURUXOXL
1HSUH]HQWDUHDSăUĠLORUOHJDOFLWDWHQXvPSLHGLFăMXGHFDUHDFDX]HL
+RWăUkUHDGHUHFRQVWLWXLUHHVWHVXSXVăDSHOXOXL
ÌPSRWULYDRUGRQDQĠHLSURFXURUXOXLSULYLQGUH]XOWDWXOUHFRQVWLWXLULLRULFHSHUVRDQăFDUH
MXVWLILFăXQLQWHUHVOHJLWLPSRDWHIDFHSOkQJHUHGLVSR]LĠLLOHDUWDSOLFkQGXVHvQ
PRGFRUHVSXQ]ăWRU
&DSLWROXO9,,,3URFHGXUDSULYLQGFRRSHUDUHDMXGLFLDUăLQWHUQDĠLRQDOăúLSXQHUHDvQDSOLFDUHD
WUDWDWHORULQWHUQDĠLRQDOHvQPDWHULHSHQDOă
6HFĠLXQHD'LVSR]LĠLLJHQHUDOH
$UWLFROXO
'LVSR]LĠLLSULYLQGDVLVWHQĠDMXGLFLDUăLQWHUQDĠLRQDOă
&RRSHUDUHDMXGLFLDUăLQWHUQDĠLRQDOăYDILVROLFLWDWăVDXDFRUGDWăvQFRQIRUPLWDWHFX
GLVSR]LĠLLOHDFWHORUMXULGLFHDOH8QLXQLL(XURSHQHWUDWDWHORULQWHUQDĠLRQDOHGLQGRPHQLXO
FRRSHUăULLMXGLFLDUHLQWHUQDĠLRQDOHvQPDWHULHSHQDOăODFDUH5RPkQLDHVWHSDUWHSUHFXPúL
FXGLVSR]LĠLLOHFXSULQVHvQOHJHDVSHFLDOăúLvQSUH]HQWXOFDSLWROGDFăvQWUDWDWHOH
LQWHUQDĠLRQDOHQXVHSUHYHGHDOWIHO
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$FWHOHPHPEULORUVWUăLQLGHWDúDĠLDLXQHLHFKLSHFRPXQHGHDQFKHWăHIHFWXDWHvQED]DúL
FRQIRUPDFRUGXOXLvQFKHLDWúLGLVSR]LĠLLORUFRQGXFăWRUXOXLHFKLSHLDXRYDORDUHVLPLODUă
DFWHORUHIHFWXDWHGHFăWUHRUJDQHOHGHXUPăULUHSHQDOăURPkQH
6HFĠLXQHDDD5HFXQRDúWHUHDXQRUDFWHMXGLFLDUHVWUăLQH
$UWLFROXO
([HFXWDUHDGLVSR]LĠLLORUFLYLOHGLQWURKRWăUkUHMXGHFăWRUHDVFăSHQDOăVWUăLQă
([HFXWDUHDGLVSR]LĠLLORUFLYLOHGLQWURKRWăUkUHMXGHFăWRUHDVFăSHQDOăVWUăLQăVHIDFH
SRWULYLWUHJXOLORUSUHYă]XWHSHQWUXH[HFXWDUHDKRWăUkULORUFLYLOHVWUăLQH
&DSLWROXO,;
3URFHGXUDGHFRQILVFDUHVDXGHVILLQĠDUHDXQXLvQVFULVvQFD]XOFODVăULL
&DSLWROXO,;GLQWLWOXO,9DO3ăUĠLLVSHFLDOHDIRVWLQWURGXVGHSFWDODUW7LWOXO
,,,GLQ/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXOA
3URFHGXUDGHFRQILVFDUHVDXGHVILLQĠDUHDXQXLvQVFULVvQFD]XOFODVăULL
ÌQFD]XOvQFDUHSURFXURUXODGLVSXVFODVDUHDVDXUHQXQĠDUHDODXUPăULUHDSHQDOăúL
VHVL]DUHDMXGHFăWRUXOXLGHFDPHUăSUHOLPLQDUăvQYHGHUHDOXăULLPăVXULLGHVLJXUDQĠăD
FRQILVFăULLVSHFLDOHVDXDGHVILLQĠăULLXQXLvQVFULVRUGRQDQĠDGHFODVDUHvQVRĠLWăGH
GRVDUXOFDX]HLVHvQDLQWHD]ăLQVWDQĠHLFăUHLDLDUUHYHQLSRWULYLWOHJLLFRPSHWHQĠDVă
MXGHFHFDX]DvQSULPăLQVWDQĠăGXSăH[SLUDUHDWHUPHQXOXLSUHYă]XWODDUWDOLQ RUL
GXSăFD]ODDUWVDXGXSăSURQXQĠDUHDKRWăUkULLSULQFDUHSOkQJHUHDIRVWUHVSLQVă
ÌQFHWDWHIHFWHOHMXULGLFH
$OLQ DODUWAúLDvQFHWDWHIHFWHOHMXULGLFHvQFHSkQGFXGDWDGHLXQLH
ILLQGGHFODUDWQHFRQVWLWXĠLRQDOFRQIRUP'(&,=,(,&85ğ,,&2167,78ğ,21$/(QUGLQPDUWLH
SXEOLFDWHvQ021,7258/2),&,$/QUGLQDSULOLH
'XSăH[SLUDUHDWHUPHQXOXLSUHYă]XWGHDOLQ MXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVH
SURQXQĠăDVXSUDFHUHULLSULQvQFKHLHUHPRWLYDWăSXWkQGGLVSXQHXQDGLQWUHXUPăWRDUHOH
VROXĠLL
D UHVSLQJHSURSXQHUHDúLGLVSXQHGXSăFD]UHVWLWXLUHDEXQXOXLRULULGLFDUHDPăVXULL
DVLJXUăWRULLOXDWHvQYHGHUHDFRQILVFăULL
E DGPLWHSURSXQHUHDúLGLVSXQHFRQILVFDUHDEXQXULORURULGXSăFD]GHVILLQĠDUHD
vQVFULVXOXL
$OLQ DODUWADIRVWPRGLILFDWvQVHQVXOvQFHWăULLHIHFWHORUMXULGLFHDOH
VLQWDJPHLGHFODUDWăQHFRQVWLWXĠLRQDOăvQFDPHUDGHFRQVLOLXIăUăSDUWLFLSDUHD
SURFXURUXOXLRULDSHUVRDQHORUSUHYă]XWHODDOLQ vQFHSkQGFXGDWDGHLXQLH
FRQIRUP'(&,=,(,&85ğ,,&2167,78ğ,21$/(QUGLQPDUWLHSXEOLFDWHvQ021,7258/
2),&,$/QUGLQDSULOLH
ÌQWHUPHQGH]LOHGHODFRPXQLFDUHDvQFKHLHULLSURFXURUXOúLSHUVRDQHOHSUHYă]XWHOD
DOLQ SRWIDFHPRWLYDWFRQWHVWDĠLH&RQWHVWDĠLDQHPRWLYDWăHVWHLQDGPLVLELOă
&RQWHVWDĠLDVHVROXĠLRQHD]ăGHFăWUHLQVWDQĠDLHUDUKLFVXSHULRDUăFHOHLVHVL]DWHRUL
FkQGLQVWDQĠDVHVL]DWăHVWHÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHGHFăWUHFRPSOHWXOFRPSHWHQW
SRWULYLWOHJLLFDUHVHSURQXQĠăSULQvQFKHLHUHPRWLYDWăSXWkQGGLVSXQHXQDGLQWUH
XUPăWRDUHOHVROXĠLL
D UHVSLQJHFRQWHVWDĠLDFDWDUGLYăLQDGPLVLELOăVDXQHIRQGDWă
E DGPLWHFRQWHVWDĠLDGHVILLQĠHD]ăvQFKHLHUHDúLUHMXGHFăSURSXQHUHDSRWULYLWDOLQ
$OLQ DODUWADIRVWPRGLILFDWvQVHQVXOvQFHWăULLHIHFWHORUMXULGLFHDOH
VLQWDJPHLGHFODUDWăQHFRQVWLWXĠLRQDOăIăUăSDUWLFLSDUHDSURFXURUXOXLúLDSHUVRDQHORU
SUHYă]XWHODDOLQ vQFHSkQGFXGDWDGHLXQLHFRQIRUP'(&,=,(,&85ğ,,
&2167,78ğ,21$/(QUGLQPDUWLHSXEOLFDWHvQ021,7258/2),&,$/QUGLQ
DSULOLH
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
7LWOXO9([HFXWDUHDKRWăUkULORUSHQDOH
&DSLWROXO,'LVSR]LĠLLJHQHUDOH
$UWLFROXO
+RWăUkULOHH[HFXWRULL
+RWăUkULOHLQVWDQĠHORUSHQDOHGHYLQH[HFXWRULLODGDWDFkQGDXUăPDVGHILQLWLYH
+RWăUkULOHQHGHILQLWLYHVXQWH[HFXWRULLDWXQFLFkQGOHJHDGLVSXQHDFHDVWD
$UWLFROXO
5ăPkQHUHDGHILQLWLYăDKRWăUkULLSULPHLLQVWDQĠH
+RWăUkULOHSULPHLLQVWDQĠHUăPkQGHILQLWLYH
ODGDWDSURQXQĠăULLFkQGKRWăUkUHDQXHVWHVXSXVăFRQWHVWDĠLHLVDXDSHOXOXL
ODGDWDH[SLUăULLWHUPHQXOXLGHDSHOVDXGHLQWURGXFHUHDFRQWHVWDĠLHL
D FkQGQXVDGHFODUDWDSHOVDXFRQWHVWDĠLHvQWHUPHQ
E FkQGDSHOXOVDXGXSăFD]FRQWHVWDĠLDGHFODUDWăDIRVWUHWUDVăvQăXQWUXOWHUPHQXOXL
ODGDWDUHWUDJHULLDSHOXOXLVDXGXSăFD]DFRQWHVWDĠLHLGDFăDFHDVWDVDSURGXVGXSă
H[SLUDUHDWHUPHQXOXLGHDSHOVDXGHLQWURGXFHUHDFRQWHVWDĠLHL
ODGDWDSURQXQĠăULLKRWăUkULLSULQFDUHVDUHVSLQVDSHOXOVDXGXSăFD]FRQWHVWDĠLD
$UWLFROXO
5ăPkQHUHDGHILQLWLYăDKRWăUkULLLQVWDQĠHLGHDSHOúLDKRWăUkULLSURQXQĠDWHvQFDOHDGHDWDF
DFRQWHVWDĠLHL
+RWăUkUHDLQVWDQĠHLGHDSHOUăPkQHGHILQLWLYăODGDWDSURQXQĠăULLDFHVWHLDDWXQFLFkQG
DSHOXODIRVWDGPLVúLSURFHVXODOXDWVIkUúLWvQIDĠDLQVWDQĠHLGHDSHO
+RWăUkUHDSURQXQĠDWăvQFDOHDGHDWDFDFRQWHVWDĠLHLUăPkQHGHILQLWLYăODGDWD
SURQXQĠăULLDFHVWHLDDWXQFLFkQGFRQWHVWDĠLDDIRVWDGPLVăúLSURFHVXODOXDWVIkUúLWvQ
IDĠDLQVWDQĠHLFDUHRMXGHFă
$UWLFROXO
,QVWDQĠDGHH[HFXWDUH
+RWăUkUHDLQVWDQĠHLSHQDOHUăPDVăGHILQLWLYăODSULPDLQVWDQĠăGHMXGHFDWăVDXOD
LQVWDQĠDLHUDUKLFVXSHULRDUăRULODLQVWDQĠDGHDSHOVHSXQHvQH[HFXWDUHGHFăWUHSULPD
LQVWDQĠăGHMXGHFDWă
+RWăUkULOHSURQXQĠDWHvQSULPăLQVWDQĠăGHFăWUHÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLHVH
SXQvQH[HFXWDUHGXSăFD]GH7ULEXQDOXO%XFXUHúWLVDXGHWULEXQDOXOPLOLWDU
&kQGKRWăUkUHDUăPkQHGHILQLWLYăvQIDĠDLQVWDQĠHLGHDSHOVDXvQIDĠDLQVWDQĠHLLHUDUKLF
VXSHULRDUHDFHDVWDWULPLWHLQVWDQĠHLGHH[HFXWDUHXQH[WUDVGLQDFHDKRWăUkUHFXGDWHOH
QHFHVDUHSXQHULLvQH[HFXWDUHvQ]LXDSURQXQĠăULLKRWăUkULLGHFăWUHLQVWDQĠDGHDSHOVDX
GXSăFD]GHFăWUHLQVWDQĠDLHUDUKLFVXSHULRDUă
'LVSR]LĠLLOHDOLQ VXQWDSOLFDELOHúLvQFD]XOKRWăUkULORUQHGHILQLWLYHGDU
H[HFXWRULLFXH[FHSĠLDFHORUSULYLQGPăVXULOHGHVLJXUDQĠăPăVXULOHDVLJXUăWRULLúL
PăVXULOHSUHYHQWLYHFDUHVHSXQvQH[HFXWDUHGXSăFD]GHMXGHFăWRUXOGHGUHSWXULúL
OLEHUWăĠLMXGHFăWRUXOGHFDPHUăSUHOLPLQDUăVDXGHLQVWDQĠDFDUHOHDGLVSXV
&kQGKRWăUkUHDLQVWDQĠHLGHDSHODIRVWPRGLILFDWăSULQKRWăUkUHDÌQDOWHL&XUĠLGH
&DVDĠLHúL-XVWLĠLHSURQXQĠDWăvQUHFXUVvQFDVDĠLHÌQDOWD&XUWHGH&DVDĠLHúL-XVWLĠLH
SURFHGHD]ăSRWULYLWDOLQ
ÌQFD]XOSHGHSVHORUúLPăVXULORUQHSULYDWLYHGHOLEHUWDWHMXGHFăWRUXOGHOHJDWFX
H[HFXWDUHDGLQFDGUXOLQVWDQĠHLGHH[HFXWDUHSRDWHGHOHJDXQHOHDWULEXĠLLMXGHFăWRUXOXL
GHOHJDWFXH[HFXWDUHDGHODLQVWDQĠDFRUHVSXQ]ăWRDUHvQJUDGLQVWDQĠHLGHH[HFXWDUHvQ
FLUFXPVFULSĠLDFăUHLDORFXLHúWHSHUVRDQDDIODWăvQH[HFXWDUH
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
-XGHFăWRUXOGHOHJDWFXH[HFXWDUHD
,QVWDQĠDGHH[HFXWDUHGHOHDJăXQXOVDXPDLPXOĠLGLQWUHMXGHFăWRULLVăLSHQWUXHIHFWXDUHD
SXQHULLvQH[HFXWDUH
'DFăODSXQHUHDvQH[HFXWDUHDKRWăUkULLVDXvQFXUVXOH[HFXWăULLVHLYHúWHYUHR
QHOăPXULUHVDXvPSLHGLFDUHODH[HFXWDUHMXGHFăWRUXOGHOHJDWFXH[HFXWDUHDSRDWHVHVL]D
LQVWDQĠDGHH[HFXWDUHFDUHYDSURFHGDSRWULYLWGLVSR]LĠLLORUDUWúL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
&DSLWROXO,,3XQHUHDvQH[HFXWDUHDKRWăUkULORU
6HFĠLXQHD3XQHUHDvQH[HFXWDUHDSHGHSVHORUSULQFLSDOH
$UWLFROXO
3XQHUHDvQH[HFXWDUHDSHGHSVHLvQFKLVRULLVDXDGHWHQĠLXQLLSHYLDĠăúLDSHGHSVHLDFFHVRULL
3HGHDSVDvQFKLVRULLúLSHGHDSVDGHWHQĠLXQLLSHYLDĠăVHSXQvQH[HFXWDUHSULQHPLWHUHD
PDQGDWXOXLGHH[HFXWDUH0DQGDWXOGHH[HFXWDUHVHHPLWHGHMXGHFăWRUXOGHOHJDWFXH[HFXWDUHD
vQ]LXDUăPkQHULLGHILQLWLYHDKRWăUkULLODLQVWDQĠDGHIRQGVDXGXSăFD]vQ]LXDSULPLULL
H[WUDVXOXLSUHYă]XWODDUWDOLQ VHvQWRFPHúWHvQH[HPSODUHúLFXSULQGH
GHQXPLUHDLQVWDQĠHLGHH[HFXWDUHGDWDHPLWHULLGDWHOHSULYLWRDUHODSHUVRDQDFRQGDPQDWXOXL
QXPăUXOúLGDWDKRWăUkULLFDUHVHH[HFXWăúLGHQXPLUHDLQVWDQĠHLFDUHDSURQXQĠDWRSHGHDSVD
SURQXQĠDWăúLWH[WXOGHOHJHDSOLFDWSHGHDSVDDFFHVRULHDSOLFDWăWLPSXOUHĠLQHULLúL
DUHVWăULLSUHYHQWLYHRULDODUHVWXOXLODGRPLFLOLXFDUHVDGHGXVGLQGXUDWDSHGHSVHL
PHQĠLXQHDGDFăFHOFRQGDPQDWHVWHUHFLGLYLVWSUHFXPúLGXSăFD]PHQĠLXQHDSUHYă]XWăOD
DUWDOLQ RUGLQXOGHDUHVWDUHúLGHGHĠLQHUHVHPQăWXUDMXGHFăWRUXOXLGHOHJDW
SUHFXPúLúWDPSLODLQVWDQĠHLGHH[HFXWDUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHFHOFRQGDPQDWVHDIOăvQVWDUHGHOLEHUWDWHRGDWăFXHPLWHUHD
PDQGDWXOXLGHH[HFXWDUHDSHGHSVHLvQFKLVRULLVDXDSHGHSVHLGHWHQĠLXQLLSHYLDĠă
MXGHFăWRUXOGHOHJDWFXH[HFXWDUHDHPLWHúLXQRUGLQSULQFDUHLQWHU]LFHFRQGDPQDWXOXLVă
SăUăVHDVFăĠDUD2UGLQXOVHvQWRFPHúWHvQH[HPSODUHúLFXSULQGHGHQXPLUHDLQVWDQĠHLGH
H[HFXWDUHGDWDHPLWHULLGDWHOHSULYLWRDUHODSHUVRDQDFRQGDPQDWXOXLSHGHDSVDSURQXQĠDWă
vPSRWULYDDFHVWXLDQXPăUXOúLGDWDKRWăUkULLGHFRQGDPQDUHGHQXPLUHDLQVWDQĠHLFDUHD
SURQXQĠDWRQXPăUXOPDQGDWXOXLGHH[HFXWDUHDSHGHSVHLHPLVSHQXPHOHFRQGDPQDWXOXL
GLVSR]LĠLDGHLQWHU]LFHUHDSăUăVLULLĠăULLVHPQăWXUDMXGHFăWRUXOXLGHOHJDWSUHFXPúL
úWDPSLODLQVWDQĠHLGHH[HFXWDUH
$UWLFROXO
7ULPLWHUHDVSUHH[HFXWDUHDPDQGDWXOXL
3HQWUXGXFHUHDODvQGHSOLQLUHDPDQGDWXOXLGHH[HFXWDUHVHWULPLWGRXăH[HPSODUH
RUJDQXOXLGHSROLĠLHGHODGRPLFLOLXOVDXUHúHGLQĠDFRQGDPQDWXOXLLDUvQFD]XOvQFDUH
DFHVWDQXDUHGRPLFLOLXOVDXUHúHGLQĠDvQ5RPkQLDRUJDQXOXLGHSROLĠLHvQUD]DWHULWRULDOăD
FăUXLDVHDIOăLQVWDQĠDGHH[HFXWDUHFkQGFRQGDPQDWXOHVWHOLEHUVDXGXSăFD]FkQG
FRQGDPQDWXOHVWHDUHVWDWFRPDQGDQWXOXLODORFXOGHGHĠLQHUH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
A ÌQVLWXDĠLDvQFDUHPDQGDWXOGHH[HFXWDUHFRQĠLQHHURULPDWHULDOHvQVăSHUPLWH
LGHQWLILFDUHDSHUVRDQHLvQYHGHUHDSXQHULLvQH[HFXWDUHvQUDSRUWFXGDWHOHGHLGHQWLILFDUH
DOHSHUVRDQHLH[LVWHQWHvQHYLGHQĠHOHRUJDQHORUGHSROLĠLHúLKRWăUkUHDLQVWDQĠHLGH
MXGHFDWăRUJDQXOGHSROLĠLHH[HFXWăKRWăUkUHDVROLFLWkQGvQDFHODúLWLPSLQVWDQĠHLGH
MXGHFDWăvQGUHSWDUHDHURULORUPDWHULDOHVHVL]DWH
$OLQ A DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HQWUXDGXFHUHDODvQGHSOLQLUHDRUGLQXOXLGHLQWHU]LFHUHDSăUăVLULLĠăULLVHWULPLWHGH
vQGDWăFkWHXQH[HPSODURUJDQXOXLFRPSHWHQWVăHOLEHUH]HSDúDSRUWXOúL,QVSHFWRUDWXOXL
*HQHUDODO3ROLĠLHLGH)URQWLHUă
A 0DQGDWXOGHH[HFXWDUHVDXRUGLQXOGHLQWHU]LFHUHDSăUăVLULLĠăULLSRDWHILWUDQVPLV
RUJDQHORUFRPSHWHQWHúLSULQID[SRúWăHOHFWURQLFăVDXSULQRULFHPLMORFvQPăVXUăVă
SURGXFăXQGRFXPHQWVFULVvQFRQGLĠLLFDUHVăSHUPLWăDXWRULWăĠLORUGHVWLQDWDUHVăvL
VWDELOHDVFăDXWHQWLFLWDWHD
$OLQ A DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]XOvQFDUHFHOFRQGDPQDWVHDIOăvQVWDUHGHOLEHUWDWHRUJDQHOHGHH[HFXWDUH
SUHYă]XWHODDOLQ úL DXREOLJDĠLDGHDOXDPăVXULOHSUHYă]XWHGHOHJHvQYHGHUHD
SXQHULLvQH[HFXWDUHDPDQGDWXOXLGHH[HFXWDUHDSHGHSVHLúLDRUGLQXOXLGHLQWHU]LFHUHD
SăUăVLULLĠăULLvQ]LXDSULPLULLDFHVWRUD
$UWLFROXO
([HFXWDUHDPDQGDWXOXLGHH[HFXWDUHDSHGHSVHLúLDRUGLQXOXLGHLQWHU]LFHUHDSăUăVLULL
ĠăULL$FRUGXOLQVWDQĠHLGHSăUăVLUHDĠăULL
'HQXPLUHDPDUJLQDOăDDUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
3HED]DPDQGDWXOXLGHH[HFXWDUHRUJDQXOGHSROLĠLHSURFHGHD]ăODDUHVWDUHD
FRQGDPQDWXOXL&HOXLDUHVWDWLVHvQPkQHD]ăXQH[HPSODUDOPDQGDWXOXLúLHVWHGXVODORFXOGH
GHĠLQHUHFHOPDLDSURSLDWXQGHRUJDQXOGHSROLĠLHSUHGăFHOăODOWH[HPSODUDOPDQGDWXOXLGH
H[HFXWDUH
ÌQYHGHUHDSXQHULLvQH[HFXWDUHDPDQGDWXOXLHPLVvQH[HFXWDUHDXQHLKRWăUkULGHILQLWLYH
GHFRQGDPQDUHRUJDQXOGHSROLĠLHSRDWHSăWUXQGHvQGRPLFLOLXOVDXUHúHGLQĠDXQHLSHUVRDQH
IăUăvQYRLUHDDFHVWHLDSUHFXPúLvQVHGLXOXQHLSHUVRDQHMXULGLFHIăUăvQYRLUHD
UHSUH]HQWDQWXOXLOHJDODODFHVWHLD
'LVSR]LĠLLOHDUWSULYLQGOXDUHDPăVXULORUGHRFURWLUHVXQWDSOLFDELOHvQPRG
FRUHVSXQ]ăWRUREOLJDĠLDGHvQFXQRúWLQĠDUHUHYHQLQGRUJDQXOXLGHSROLĠLH
'DFăSHUVRDQDvPSRWULYDFăUHLDVDHPLVPDQGDWXOQXHVWHJăVLWăRUJDQXOGHSROLĠLH
FRQVWDWăDFHDVWDSULQWUXQSURFHVYHUEDOúLLDPăVXULSHQWUXGDUHDvQXUPăULUHSUHFXPúL
SHQWUXGDUHDvQFRQVHPQODSXQFWHOHGHWUHFHUHDIURQWLHUHL8QH[HPSODUGHSHSURFHVXO
YHUEDOvPSUHXQăFXXQH[HPSODUDOPDQGDWXOXLGHH[HFXWDUHVHWULPLWLQVWDQĠHLFDUHDHPLV
PDQGDWXO
'DFăSHUVRDQDFRQGDPQDWăUHIX]ăVăVHVXSXQăPDQGDWXOXLVDXvQFHDUFăVăIXJăYDIL
FRQVWUkQVăODDFHDVWD
&kQGFRQGDPQDWXOVHDIOăvQVWDUHGHGHĠLQHUHXQH[HPSODUDOPDQGDWXOXLGHH[HFXWDUHL
VHvQPkQHD]ăGHFăWUHFRPDQGDQWXOORFXOXLGHGHĠLQHUH
&RPDQGDQWXOORFXOXLGHGHĠLQHUHFRQVHPQHD]ăvQWUXQSURFHVYHUEDOGDWDGHODFDUH
FRQGDPQDWXODvQFHSXWH[HFXWDUHDSHGHSVHL
2FRSLHGHSHSURFHVXOYHUEDOVHWULPLWHGHvQGDWăLQVWDQĠHLGHH[HFXWDUH
3HED]DRUGLQXOXLGHLQWHU]LFHUHDSăUăVLULLĠăULLRUJDQHOHvQGUHSWUHIX]ăFHOXL
FRQGDPQDWHOLEHUDUHDSDúDSRUWXOXLVDXGXSăFD]SURFHGHD]ăODULGLFDUHDDFHVWXLDúLLDX
PăVXULSHQWUXGDUHDFRQGDPQDWXOXLvQFRQVHPQODSXQFWHOHGHWUHFHUHDIURQWLHUHL
3HGXUDWDWHUPHQXOXLGHVXSUDYHJKHUHSHUVRDQDVXSUDYHJKHDWăSRDWHVROLFLWDPRWLYDW
LQVWDQĠHLGHH[HFXWDUHVăvQFXYLLQĠH]HSăUăVLUHDWHULWRULXOXL5RPkQLHLSRWULYLWDUWDOLQ
OLWL VDXDUWDOLQ OLWG GLQ&RGXOSHQDO,QVWDQĠDGHH[HFXWDUHVROXĠLRQHD]ă
FHUHUHDvQFDPHUDGHFRQVLOLXGXSăDVFXOWDUHDSHUVRDQHLVXSUDYHJKHDWHúLDFRQVLOLHUXOXLGH
SUREDĠLXQHSULQvQFKHLHUHGHILQLWLYăÌQFD]XOvQFDUHDGPLWHFHUHUHDLQVWDQĠDVWDELOHúWH
SHULRDGDSHQWUXFDUHSHUVRDQDVXSUDYHJKHDWăSRDWHSăUăVLWHULWRULXO5RPkQLHL
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
ÌQFXQRúWLQĠDUHDGHVSUHDUHVWDUHvQYHGHUHDH[HFXWăULLPDQGDWXOXL
,PHGLDWGXSăDUHVWDUHDvQYHGHUHDH[HFXWăULLPDQGDWXOXLFRQGDPQDWXODUHGUHSWXOGHD
vQFXQRúWLQĠDSHUVRQDOVDXGHDVROLFLWDDGPLQLVWUDĠLHLORFXOXLGHGHĠLQHUHVăvQFXQRúWLQĠH]H
XQPHPEUXDOIDPLOLHLVDOHRULRDOWăSHUVRDQăGHVHPQDWăGHDFHVWDGHVSUHDUHVWDUHúLGHVSUH
ORFXOXQGHHVWHGHĠLQXW
'DFăSHUVRDQDFRQGDPQDWăQXHVWHFHWăĠHDQURPkQDFHDVWDDUHúLGUHSWXOGHDvQFXQRúWLQĠD
VDXGHDVROLFLWDvQFXQRúWLQĠDUHDPLVLXQLLGLSORPDWLFHRULRILFLXOXLFRQVXODUDOVWDWXOXLDO
FăUXLFHWăĠHDQHVWHVDXGXSăFD]DXQHLRUJDQL]DĠLLLQWHUQDĠLRQDOHXPDQLWDUHGDFăQX
GRUHúWHVăEHQHILFLH]HGHDVLVWHQĠDDXWRULWăĠLORUGLQĠDUDVDGHRULJLQHRULD
UHSUH]HQWDQĠHLRUJDQL]DĠLHLLQWHUQDĠLRQDOHFRPSHWHQWHGDFăHVWHUHIXJLDWVDXGLQRULFHDOW
PRWLYVHDIOăVXESURWHFĠLDXQHLDVWIHOGHRUJDQL]DĠLL
$UWLFROXO
3XQHUHDvQH[HFXWDUHDDPHQ]LLSHQDOH
3HUVRDQDFRQGDPQDWăODSHGHDSVDDPHQ]LLHVWHREOLJDWăVăGHSXQăUHFLSLVDGHSODWă
LQWHJUDOăDDPHQ]LLODMXGHFăWRUXOGHOHJDWFXH[HFXWDUHDvQWHUPHQGHOXQLGHODUăPkQHUHD
GHILQLWLYăDKRWăUkULL
&kQGFHOFRQGDPQDWVHDIOăvQLPSRVLELOLWDWHGHDDFKLWDLQWHJUDODPHQGDvQWHUPHQXO
SUHYă]XWODDOLQ MXGHFăWRUXOGHOHJDWFXH[HFXWDUHDODFHUHUHDFRQGDPQDWXOXLSRDWH
GLVSXQHHúDORQDUHDSOăĠLLDPHQ]LLSHRSHULRDGăGHFHOPXOWDQLvQUDWHOXQDUH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
ÌQORFXLUHDSHGHSVHLDPHQ]LLFXSUHVWDUHDXQHLPXQFLQHUHPXQHUDWHvQIRORVXOFRPXQLWăĠLL
,QVWDQĠDFRPSHWHQWăVăGLVSXQăvQORFXLUHDREOLJDĠLHLGHSODWăDDPHQ]LLQHH[HFXWDWHFX
REOLJDĠLDGHDSUHVWDRPXQFăQHUHPXQHUDWăvQIRORVXOFRPXQLWăĠLLSRWULYLWDUWDOLQ
GLQ&RGXOSHQDOHVWHLQVWDQĠDGHH[HFXWDUH
6HVL]DUHDLQVWDQĠHLVHIDFHGLQRILFLXVDXGHFăWUHRUJDQXOFDUHSRWULYLWOHJLLH[HFXWă
DPHQGDRULGHFăWUHSHUVRDQDFRQGDPQDWă&kQGGLVSXQHvQORFXLUHDSHGHSVHLDPHQ]LLFX
SUHVWDUHDXQHLPXQFLQHUHPXQHUDWHvQIRORVXOFRPXQLWăĠLLLQVWDQĠDYDPHQĠLRQDvQGLVSR]LWLY
GRXăHQWLWăĠLGLQFRPXQLWDWHXQGHXUPHD]ăDVHH[HFXWDPXQFDQHUHPXQHUDWăvQIRORVXO
FRPXQLWăĠLL&RQVLOLHUXOGHSUREDĠLXQHSHED]DHYDOXăULLLQLĠLDOHYDGHFLGHvQFDUHGLQ
FHOHGRXăLQVWLWXĠLLGLQFRPXQLWDWHPHQĠLRQDWHvQKRWăUkUHDMXGHFăWRUHDVFăXUPHD]ăDVH
H[HFXWDREOLJDĠLDúLWLSXOGHDFWLYLWDWH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
2EOLJDĠLDGHDSUHVWDRPXQFăQHUHPXQHUDWăvQIRORVXOFRPXQLWăĠLLVHSXQHvQH[HFXWDUH
SULQWULPLWHUHDXQHLFRSLLGHSHKRWăUkUHVHUYLFLXOXLGHSUREDĠLXQH
$UWLFROXO
ÌQORFXLUHDPXQFLLQHUHPXQHUDWHvQIRORVXOFRPXQLWăĠLLFXvQFKLVRDUHD
,QVWDQĠDFRPSHWHQWăVăGLVSXQăSRWULYLWDUWDOLQ OLWD GLQ&RGXOSHQDO
vQORFXLUHDPXQFLLvQIRORVXOFRPXQLWăĠLLFXvQFKLVRDUHDHVWHLQVWDQĠDGHH[HFXWDUHLDUvQ
FD]XOSUHYă]XWODDUWDOLQ OLWE GLQ&RGXOSHQDOLQVWDQĠDFDUHMXGHFăvQSULPă
LQVWDQĠăLQIUDFĠLXQHDVăYkUúLWăvQDLQWHGHH[HFXWDUHDLQWHJUDOăDPXQFLLvQIRORVXO
FRPXQLWăĠLL
6HVL]DUHDLQVWDQĠHLVHIDFHGLQRILFLXVDXGHFăWUHRUJDQXOFDUHSRWULYLWOHJLLH[HFXWă
DPHQGDRULODVHVL]DUHDVHUYLFLXOXLGHSUREDĠLXQH
3XQHUHDvQH[HFXWDUHDKRWăUkULLVHIDFHSRWULYLWDUW
6HFĠLXQHDDD3XQHUHDvQH[HFXWDUHDSHGHSVHORUFRPSOHPHQWDUH
$UWLFROXO
,QWHU]LFHUHDH[HUFLWăULLXQRUGUHSWXUL
3HGHDSVDLQWHU]LFHULLH[HUFLWăULLXQRUGUHSWXULVHSXQHvQH[HFXWDUHSULQWULPLWHUHDGHFăWUH
MXGHFăWRUXOGHOHJDWDOLQVWDQĠHLGHH[HFXWDUHDXQHLFRSLLGHSHGLVSR]LWLYXOKRWăUkULLvQ
IXQFĠLHGHGUHSWXULOHDFăURUH[HUFLWDUHDIRVWLQWHU]LVăSHUVRDQHLMXULGLFHGHGUHSWSXEOLF
VDXGHGUHSWSULYDWDXWRUL]DWHVăVXSUDYHJKH]HH[HUFLWDUHDGUHSWXOXLUHVSHFWLY
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
,QWHU]LFHUHDVWUăLQXOXLGHDVHDIODSHWHULWRULXO5RPkQLHL
&kQGSULQKRWăUkUHDGHFRQGDPQDUHODSHGHDSVDvQFKLVRULLVDDSOLFDWSHGHDSVD
FRPSOHPHQWDUăDLQWHU]LFHULLGUHSWXOXLVWUăLQXOXLGHDVHDIODSHWHULWRULXO5RPkQLHLVH
IDFHPHQĠLXQHvQPDQGDWXOGHH[HFXWDUHDSHGHSVHLvQFKLVRULLFDODGDWDOLEHUăULLFRQGDPQDWXO
VăILHSUHGDWRUJDQXOXLGHSROLĠLHFDUHYDSURFHGDODvQGHSăUWDUHDVDGHSHWHULWRULXO
5RPkQLHL
'DFăSHGHDSVDFRPSOHPHQWDUăQXvQVRĠHúWHSHGHDSVDvQFKLVRULLFRPXQLFDUHDVHIDFH
RUJDQXOXLGHSROLĠLHLPHGLDWFHKRWăUkUHDDUăPDVGHILQLWLYă
ÌQYHGHUHDSXQHULLvQH[HFXWDUHDSHGHSVHLLQWHU]LFHULLVWUăLQXOXLGHDVHDIODSH
WHULWRULXO5RPkQLHLRUJDQXOGHSROLĠLHSRDWHSăWUXQGHvQGRPLFLOLXOVDXUHúHGLQĠDXQHL
SHUVRDQHIăUăvQYRLUHDDFHVWHLDSUHFXPúLvQVHGLXOXQHLSHUVRDQHMXULGLFHIăUăvQYRLUHD
UHSUH]HQWDQWXOXLOHJDODODFHVWHLD
'DFăSHUVRDQDIDĠăGHFDUHVDOXDWSHGHDSVDFRPSOHPHQWDUăDLQWHU]LFHULLGHDVHDIODSH
WHULWRULXO5RPkQLHLQXHVWHJăVLWăRUJDQXOGHSROLĠLHFRQVWDWăDFHDVWDSULQWUXQSURFHV
YHUEDOúLLDPăVXULSHQWUXGDUHDvQXUPăULUHSUHFXPúLSHQWUXGDUHDvQFRQVHPQODSXQFWHOH
GHWUHFHUHDIURQWLHUHL8QH[HPSODUDOSURFHVXOXLYHUEDOVHWULPLWHLQVWDQĠHLGHH[HFXWDUH
$UWLFROXO
'HJUDGDUHDPLOLWDUă
3HGHDSVDGHJUDGăULLPLOLWDUHVHSXQHvQH[HFXWDUHSULQWULPLWHUHDGHFăWUHMXGHFăWRUXO
GHOHJDWFXH[HFXWDUHDDXQHLFRSLLGHSHGLVSR]LWLYXOKRWăUkULLFRPDQGDQWXOXLXQLWăĠLL
PLOLWDUHvQDFăUHLHYLGHQĠăHVWHOXDWăSHUVRDQDFRQGDPQDWăUHVSHFWLYFHQWUXOXLPLOLWDU
MXGHĠHDQVDX]RQDOGHODGRPLFLOLXOFRQGDPQDWXOXL
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
3XEOLFDUHDKRWăUkULLGHFRQGDPQDUH
3HGHDSVDSXEOLFăULLKRWăUkULLGHFRQGDPQDUHVHSXQHvQH[HFXWDUHSULQWULPLWHUHDH[WUDVXOXL
vQIRUPDVWDELOLWăGHLQVWDQĠăXQXLFRWLGLDQORFDOFHDSDUHvQFLUFXPVFULSĠLDLQVWDQĠHLFDUH
DSURQXQĠDWKRWăUkUHDGHFRQGDPQDUHVDXXQXLFRWLGLDQQDĠLRQDOvQYHGHUHDSXEOLFăULLSH
FKHOWXLDODSHUVRDQHLFRQGDPQDWH
6HFĠLXQHDDD3XQHUHDvQH[HFXWDUHDPăVXULORUGHVLJXUDQĠă
$UWLFROXO
2EOLJDUHDODWUDWDPHQWPHGLFDO
0ăVXUDGHVLJXUDQĠăDREOLJăULLODWUDWDPHQWPHGLFDOOXDWăSULQWURKRWăUkUHGHILQLWLYă
VHSXQHvQH[HFXWDUHSULQFRPXQLFDUHDFRSLHLGHSHGLVSR]LWLYúLDFRSLHLGHSHUDSRUWXOGH
H[SHUWL]ăPHGLFROHJDOăDXWRULWăĠLLGHVăQăWDWHSXEOLFăGLQMXGHĠXOSHWHULWRULXOFăUXLD
ORFXLHúWHSHUVRDQDIDĠăGHFDUHVDOXDWDFHDVWăPăVXUă$XWRULWDWHDGHVăQăWDWHSXEOLFăYD
FRPXQLFDGHvQGDWăSHUVRDQHLIDĠăGHFDUHVDOXDWPăVXUDREOLJăULLODWUDWDPHQWPHGLFDO
XQLWDWHDVDQLWDUăODFDUHXUPHD]ăVăHIHFWXH]HWUDWDPHQWXO
,QVWDQĠDGHH[HFXWDUHFRPXQLFăSHUVRDQHLIDĠăGHFDUHVDOXDWPăVXUDREOLJăULLOD
WUDWDPHQWPHGLFDOFăHVWHREOLJDWăVăVHSUH]LQWHGHvQGDWăODXQLWDWHDVDQLWDUăODFDUH
XUPHD]ăVăLVHHIHFWXH]HWUDWDPHQWXODWUăJkQGXLVHDWHQĠLDFăvQFD]GHQHUHVSHFWDUHD
PăVXULLOXDWHVHYDGLVSXQHLQWHUQDUHDPHGLFDOă
ÌQFD]XOvQFDUHREOLJDUHDODWUDWDPHQWPHGLFDOvQVRĠHúWHSHGHDSVDvQFKLVRULLRULD
GHWHQĠLXQLLSHYLDĠăVDXSULYHúWHRSHUVRDQăDIODWăvQVWDUHGHGHĠLQHUHFRPXQLFDUHD
SUHYă]XWăODDOLQ VHIDFHDGPLQLVWUDĠLHLORFXOXLGHGHĠLQHUH
$UWLFROXO
2EOLJDĠLLOHvQOHJăWXUăFXWUDWDPHQWXOPHGLFDO
8QLWDWHDVDQLWDUăODFDUHIăSWXLWRUXODIRVWUHSDUWL]DWSHQWUXHIHFWXDUHDWUDWDPHQWXOXL
PHGLFDOHVWHREOLJDWăVăFRPXQLFHLQVWDQĠHL
D GDFăSHUVRDQDREOLJDWăODWUDWDPHQWVDSUH]HQWDWSHQWUXDXUPDWUDWDPHQWXO
E GDFăSHUVRDQDREOLJDWăODWUDWDPHQWVHVXVWUDJHGHODHIHFWXDUHDWUDWDPHQWXOXLGXSă
SUH]HQWDUH
F GDFăGLQFDX]DvQUăXWăĠLULLVWăULLGHVăQăWDWHDSHUVRDQHLIDĠăGHFDUHVDOXDWPăVXUD
REOLJăULLODWUDWDPHQWPHGLFDOHVWHQHFHVDUăLQWHUQDUHDPHGLFDOă
G GDFăGDWRULWăDPHOLRUăULLVWăULLGHVăQăWDWHDSHUVRDQHLIDĠăGHFDUHVDOXDWPăVXUDGH
VLJXUDQĠăDREOLJăULLODWUDWDPHQWPHGLFDOHIHFWXDUHDWUDWDPHQWXOXLPHGLFDOQXVHPDL
LPSXQH
ÌQFD]XOFkQGXQLWDWHDVDQLWDUăQXVHDIOăvQFLUFXPVFULSĠLDLQVWDQĠHLFDUHDGLVSXV
H[HFXWDUHDFRPXQLFDUHDSUHYă]XWăODDOLQ OLWE G VHIDFHMXGHFăWRULHLvQDFăUHL
FLUFXPVFULSĠLHVHDIOăXQLWDWHDVDQLWDUă
'LVSR]LĠLLOHDOLQ OLWE G úLDOHDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRUúLvQ
FD]XOSUHYă]XWODDUWDOLQ
$UWLFROXO
ÌQORFXLUHDVDXvQFHWDUHDREOLJăULLODWUDWDPHQWPHGLFDO
3ULPLQGFRPXQLFDUHDLQVWDQĠDGHH[HFXWDUHVDXLQVWDQĠDSUHYă]XWăODDUWDOLQ
GLVSXQHLQWHUQDUHDPHGLFDOăvQVLWXDĠLLOHSUHYă]XWHODDUWDOLQ OLWD úLE LDU
vQVLWXDĠLLOHSUHYă]XWHODDUWDOLQ OLWF úLG HIHFWXDUHDXQHLH[SHUWL]HPHGLFR
OHJDOHFXSULYLUHODVWDUHDGHVăQăWDWHDSHUVRDQHLIDĠăGHFDUHHVWHOXDWăPăVXUDGH
VLJXUDQĠă
ÌQFD]XULOHSUHYă]XWHODDUWDOLQ OLWF úLG SHUVRDQDREOLJDWăODWUDWDPHQW
PHGLFDODUHGUHSWXOGHDFHUHVăILHH[DPLQDWăúLGHXQPHGLFGHVSHFLDOLWDWHGHVHPQDWGH
DFHDVWDDOHFăUXLFRQFOX]LLVXQWvQDLQWDWHLQVWDQĠHLSUHYă]XWHODDOLQ
'DFăSHUVRDQDREOLJDWăODWUDWDPHQWPHGLFDOUHIX]ăVăVHSUH]LQWHODH[DPLQDUHvQYHGHUHD
HIHFWXăULLH[SHUWL]HLVHYRUDSOLFDGLVSR]LĠLLOHDUWDOLQ
'XSăSULPLUHDUDSRUWXOXLGHH[SHUWL]ăPHGLFROHJDOăúLDFRQFOX]LLORUPHGLFXOXLGH
VSHFLDOLWDWHSUHYă]XWODDOLQ LQVWDQĠDvQúHGLQĠăSXEOLFăDVFXOWăFRQFOX]LLOH
SURFXURUXOXLDOHSHUVRDQHLIDĠăGHFDUHHVWHOXDWăPăVXUDGHVLJXUDQĠăúLDOHDYRFDWXOXL
DFHVWHLDSUHFXPúLDOHH[SHUWXOXLúLPHGLFXOXLGHVHPQDWGHDFHDVWDDWXQFLFkQGFRQVLGHUă
QHFHVDUúLGLVSXQHILHvQFHWDUHDPăVXULLREOLJăULLODWUDWDPHQWPHGLFDOILHLQWHUQDUHD
PHGLFDOă
'DFăSHUVRDQDIDĠăGHFDUHVDOXDWPăVXUDGHVLJXUDQĠăQXDUHDYRFDWLVHDVLJXUăXQ
DYRFDWGLQRILFLX
2FRSLHGHSHKRWăUkUHDGHILQLWLYăDLQVWDQĠHLSUHYă]XWHODDUWDOLQ VH
FRPXQLFăLQVWDQĠHLGHH[HFXWDUH
$UWLFROXO
,QWHUQDUHDPHGLFDOă
0ăVXUDGHVLJXUDQĠăDLQWHUQăULLPHGLFDOHOXDWăSULQWURKRWăUkUHGHILQLWLYăVHSXQHvQ
H[HFXWDUHSULQFRPXQLFDUHDFRSLHLGHSHGLVSR]LWLYúLDXQHLFRSLLGHSHUDSRUWXOGH
H[SHUWL]ăPHGLFROHJDOăDXWRULWăĠLLGHVăQăWDWHSXEOLFăGLQMXGHĠXOSHWHULWRULXOFăUXLD
ORFXLHúWHSHUVRDQDIDĠăGHFDUHVDOXDWDFHDVWăPăVXUă
-XGHFăWRUXOGHOHJDWFXH[HFXWDUHDFDUHIXQFĠLRQHD]ăODLQVWDQĠDGHH[HFXWDUHFRPXQLFă
MXGHFăWRULHLvQDFăUHLFLUFXPVFULSĠLHVHDIOăXQLWDWHDVDQLWDUăODFDUHVDIăFXWLQWHUQDUHD
GDWDODFDUHDFHDVWDVDHIHFWXDWvQYHGHUHDOXăULLvQVXSUDYHJKHUH
'XSăSULPLUHDFRPXQLFăULLMXGHFăWRUXOGHOHJDWFXH[HFXWDUHDGHODMXGHFăWRULDvQDFăUHL
FLUFXPVFULSĠLHVHDIOăXQLWDWHDVDQLWDUăYHULILFăSHULRGLFGDUQXPDLWkU]LXGHOXQL
GDFăLQWHUQDUHDPHGLFDOăPDLHVWHQHFHVDUăÌQDFHVWVFRSMXGHFăWRUXOGHOHJDWFXH[HFXWDUHD
GLVSXQHHIHFWXDUHDXQHLH[SHUWL]HPHGLFROHJDOHFXSULYLUHODVWDUHDGHVăQăWDWHDSHUVRDQHL
IDĠăGHFDUHVDOXDWPăVXUDLQWHUQăULLPHGLFDOHúLGXSăSULPLUHDDFHVWHLDVHVL]HD]ă
MXGHFăWRULDvQDFăUHLFLUFXPVFULSĠLHVHDIOăXQLWDWHDVDQLWDUăSHQWUXDGLVSXQHDVXSUD
PHQĠLQHULLvQORFXLULLVDXvQFHWăULLPăVXULL
$UWLFROXO
2EOLJDĠLLOHvQOHJăWXUăFXLQWHUQDUHDPHGLFDOă
$XWRULWDWHDGHVăQăWDWHSXEOLFăHVWHREOLJDWăVăDVLJXUHLQWHUQDUHDvQFXQRúWLQĠkQG
GHVSUHDFHDVWDLQVWDQĠDGHH[HFXWDUH
ÌQFD]XOvQFDUHSHUVRDQDIDĠăGHFDUHVDOXDWPăVXUDLQWHUQăULLPHGLFDOHUHIX]ăVăVH
VXSXQăLQWHUQăULLH[HFXWDUHDDFHVWHLPăVXULVHYDIDFHFXVSULMLQXORUJDQHORUGHSROLĠLHÌQ
YHGHUHDH[HFXWăULLPăVXULLLQWHUQăULLPHGLFDOHRUJDQXOGHSROLĠLHSRDWHSăWUXQGHvQ
GRPLFLOLXOVDXUHúHGLQĠDXQHLSHUVRDQHIăUăvQYRLUHDDFHVWHLDSUHFXPúLvQVHGLXOXQHL
SHUVRDQHMXULGLFHIăUăvQYRLUHDUHSUH]HQWDQWXOXLOHJDODODFHVWHLD
'DFăSHUVRDQDIDĠăGHFDUHVDOXDWPăVXUDLQWHUQăULLPHGLFDOHQXHVWHJăVLWă
DXWRULWDWHDGHVăQăWDWHSXEOLFăVHVL]HD]ăRUJDQHOHGHSROLĠLHSHQWUXGDUHDvQXUPăULUH
SUHFXPúLSHQWUXGDUHDvQFRQVHPQODSXQFWHOHGHWUHFHUHDIURQWLHUHL8QH[HPSODUDO
VHVL]ăULLDGUHVDWHRUJDQHORUGHSROLĠLHVHWULPLWHLQVWDQĠHLGHH[HFXWDUH
8QLWDWHDVDQLWDUăODFDUHVDIăFXWLQWHUQDUHDDUHREOLJDĠLDvQFD]XOvQFDUHFRQVLGHUă
FăLQWHUQDUHDQXPDLHVWHQHFHVDUăVăvQFXQRúWLQĠH]HMXGHFăWRULDvQDFăUHLFLUFXPVFULSĠLH
VHJăVHúWHXQLWDWHDVDQLWDUă
$UWLFROXO
0HQĠLQHUHDvQORFXLUHDVDXvQFHWDUHDPăVXULLLQWHUQăULLPHGLFDOH
-XGHFăWRULDGXSăSULPLUHDvQFXQRúWLQĠăULLSUHYă]XWHODDUWDOLQ GLVSXQH
HIHFWXDUHDXQHLH[SHUWL]HPHGLFROHJDOH
,QVWDQĠDVHSURQXQĠăDVXSUDVHVL]ăULLSUHYă]XWHODDUWDOLQ VDXD
vQFXQRúWLQĠăULLSUHYă]XWHODDUWDOLQ GXSăDVFXOWDUHDFRQFOX]LLORUSURFXURUXOXL
DOHSHUVRDQHLIDĠăGHFDUHHVWHOXDWăPăVXUDLQWHUQăULLDWXQFLFkQGDGXFHUHDDFHVWHLDvQ
IDĠDLQVWDQĠHLHVWHSRVLELOăDOHDYRFDWXOXLVăXSUHFXPúLDOHH[SHUWXOXLFDUHDvQWRFPLW
H[SHUWL]DPHGLFROHJDOăDWXQFLFkQGFRQVLGHUăQHFHVDUúLGLVSXQHGXSăFD]PHQĠLQHUHD
LQWHUQăULLPHGLFDOHvQFHWDUHDDFHVWHLDVDXvQORFXLUHDFXPăVXUDREOLJăULLODWUDWDPHQW
PHGLFDO
ÌQFHWDUHDVDXvQORFXLUHDPăVXULLLQWHUQăULLSRDWHILFHUXWăúLGHSHUVRDQDLQWHUQDWăVDX
GHSURFXURUÌQDFHVWFD]MXGHFăWRULDGLVSXQHHIHFWXDUHDH[SHUWL]HLPHGLFROHJDOH
'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
'DFăSHUVRDQDLQWHUQDWăQXDUHDYRFDWLVHDVLJXUăXQDYRFDWGLQRILFLX
2FRSLHGHSHKRWăUkUHDGHILQLWLYăSULQFDUHVDGLVSXVPHQĠLQHUHDvQORFXLUHDVDX
vQFHWDUHDLQWHUQăULLPHGLFDOHVHFRPXQLFăLQVWDQĠHLGHH[HFXWDUH
$UWLFROXO
0ăVXULOHGHVLJXUDQĠăSURYL]RULL
ÌQFD]XOvQFDUHPăVXUDREOLJăULLODWUDWDPHQWPHGLFDOVDXDLQWHUQăULLPHGLFDOHDIRVW
OXDWăvQPRGSURYL]RULXvQFXUVXOXUPăULULLSHQDOHVDXDOMXGHFăĠLLSXQHUHDvQH[HFXWDUHVH
IDFHGHFăWUHMXGHFăWRUXOGHGUHSWXULúLOLEHUWăĠLVDXGHLQVWDQĠDGHMXGHFDWăFDUHDOXDW
DFHDVWăPăVXUă
'LVSR]LĠLLOHSUHYă]XWHODDUWVHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWLFROXO
,QWHU]LFHUHDH[HUFLWăULLGUHSWXOXLGHDRFXSDRIXQFĠLHVDXGHDH[HUFLWDRSURIHVLHRULR
DOWăDFWLYLWDWH
0ăVXUDGHVLJXUDQĠăDLQWHU]LFHULLXQHLIXQFĠLLSURIHVLLVDXDFWLYLWăĠLVHSXQHvQ
H[HFXWDUHSULQFRPXQLFDUHDXQHLFRSLLGHSHGLVSR]LWLYRUJDQXOXLvQGUHSWVăDGXFăOD
vQGHSOLQLUHDFHVWHPăVXULúLVăVXSUDYHJKH]HUHVSHFWDUHDORU
$FHVWRUJDQDUHvQGDWRULUHDVăDVLJXUHH[HFXWDUHDPăVXULLOXDWHúLVăVHVL]H]HRUJDQXOGH
XUPăULUHSHQDOăvQFD]GHVXVWUDJHUHGHODH[HFXWDUHDPăVXULLGHVLJXUDQĠă
3HUVRDQDFXSULYLUHODFDUHVDOXDWPăVXUDSUHYă]XWăODDUWDOLQ GLQ&RGXO
SHQDOSRDWHFHUHLQVWDQĠHLGHH[HFXWDUHUHYRFDUHDPăVXULLvQFRQGLĠLLOHDUWDOLQ
GLQ&RGXOSHQDO
6ROXĠLRQDUHDFHUHULLVHIDFHFXFLWDUHDSHUVRDQHLIDĠăGHFDUHHVWHOXDWăPăVXUDGXSă
DVFXOWDUHDFRQFOX]LLORUDYRFDWXOXLDFHVWHLDúLDOHSURFXURUXOXL
$UWLFROXO
([HFXWDUHDFRQILVFăULLVSHFLDOHúLDFRQILVFăULLH[WLQVH
0ăVXUDGHVLJXUDQĠăDFRQILVFăULLVSHFLDOHVDXDFRQILVFăULLH[WLQVHOXDWăSULQKRWăUkUHD
LQVWDQĠHLGHMXGHFDWăVHH[HFXWăGXSăFXPXUPHD]ă
D OXFUXULOHFRQILVFDWHVHSUHGDXRUJDQHORUvQGUHSWDOHSUHOXDVDXYDORULILFDSRWULYLW
OHJLL
E GDFăOXFUXULOHFRQILVFDWHVHDIOăvQSăVWUDUHDRUJDQHORUGHSROLĠLHVDXDDOWRU
LQVWLWXĠLLMXGHFăWRUXOGHOHJDWFXH[HFXWDUHDWULPLWHRFRSLHGHSHGLVSR]LWLYXOKRWăUkULL
RUJDQXOXLODFDUHVHDIOă'XSăSULPLUHDFRSLHLGHSHGLVSR]LWLYOXFUXULOHFRQILVFDWHVH
SUHGDXRUJDQHORUvQGUHSWDOHSUHOXDVDXYDORULILFDSRWULYLWGLVSR]LĠLLORUOHJLL
F DWXQFLFkQGFRQILVFDUHDSULYHúWHVXPHGHEDQLFHQXDXIRVWFRQVHPQDWHODXQLWăĠLEDQFDUH
MXGHFăWRUXOGHOHJDWFXH[HFXWDUHDWULPLWHRFRSLHGHSHGLVSR]LWLYXOKRWăUkULLRUJDQHORU
ILVFDOHvQYHGHUHDH[HFXWăULLFRQILVFăULLSRWULYLWGLVSR]LĠLLORUSULYLQGFUHDQĠHOHEXJHWDUH
G FkQGVDGLVSXVGLVWUXJHUHDOXFUXULORUFRQILVFDWHDFHDVWDVHIDFHvQSUH]HQĠD
MXGHFăWRUXOXLGHOHJDWFXH[HFXWDUHDvQWRFPLQGXVHSURFHVYHUEDOFDUHVHGHSXQHODGRVDUXO
FDX]HL
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6HFĠLXQHDDD3XQHUHDvQH[HFXWDUHDDOWRUGLVSR]LĠLL
$UWLFROXO
$YHUWLVPHQWXO
([HFXWDUHDDYHUWLVPHQWXOXLDUHORFGHvQGDWăvQúHGLQĠDvQFDUHVDSURQXQĠDWKRWăUkUHD
'DFăDYHUWLVPHQWXOQXSRDWHILH[HFXWDWvQGDWăGXSăSURQXQĠDUHSXQHUHDvQH[HFXWDUHD
DFHVWXLDVHIDFHODUăPkQHUHDGHILQLWLYăDKRWăUkULLSULQFRPXQLFDUHDXQHLFRSLLGHSH
DFHDVWDSHUVRDQHLFăUHLDLVHDSOLFă
$UWLFROXO
0ăVXULOHúLREOLJDĠLLOHLPSXVHGHLQVWDQĠă
3XQHUHDvQH[HFXWDUHDPăVXULORUúLREOLJDĠLLORUSUHYă]XWHODDUWDOLQ úL
GLQ&RGXOSHQDODGLVSR]LĠLLORUDUWDUWDOLQ úL úLDOHDUW
GLQ&RGXOSHQDOVHIDFHSULQWULPLWHUHDXQHLFRSLLGHSHKRWăUkUHVHUYLFLXOXLGHSUREDĠLXQH
FRPSHWHQW
ÌQFD]XOREOLJDĠLLORUSUHYă]XWHODDUWDOLQ OLWH M ODDUWDOLQ
OLWG úLODDUWDOLQ OLWF J GLQ&RGXOSHQDOXQH[WUDVGHSHGLVSR]LWLYXO
KRWăUkULLVHWULPLWHRUJDQXOXLVDXDXWRULWăĠLLFRPSHWHQWHVăYHULILFHUHVSHFWDUHDDFHVWRUD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6HFĠLXQHDDD3XQHUHDvQH[HFXWDUHDDPHQ]LLMXGLFLDUHúLDFKHOWXLHOLORUMXGLFLDUH
DYDQVDWHGHVWDW
$UWLFROXO
$PHQ]LOHMXGLFLDUH
$PHQGDMXGLFLDUăVHSXQHvQH[HFXWDUHGHFăWUHRUJDQXOMXGLFLDUFDUHDDSOLFDWR
3XQHUHDvQH[HFXWDUHVHIDFHSULQWULPLWHUHDXQXLH[WUDVGHSHDFHDSDUWHGLQGLVSR]LWLY
FDUHSULYHúWHDSOLFDUHDDPHQ]LLMXGLFLDUHRUJDQXOXLFDUHSRWULYLWOHJLLH[HFXWăDPHQGD
SHQDOă
([HFXWDUHDDPHQ]LORUMXGLFLDUHVHIDFHGHRUJDQXODUăWDWODDOLQ
$UWLFROXO
&KHOWXLHOLOHMXGLFLDUHDYDQVDWHGHVWDW
'LVSR]LĠLDGLQKRWăUkUHDSHQDOăVDXGLQRUGRQDQĠDSURFXURUXOXLSULYLQGREOLJDUHDODSODWD
FKHOWXLHOLORUMXGLFLDUHDYDQVDWHGHVWDWVHSXQHvQH[HFXWDUHSULQWULPLWHUHDXQXLH[WUDVGH
SHDFHDSDUWHGLQGLVSR]LWLYFDUHSULYHúWHDSOLFDUHDFKHOWXLHOLORUMXGLFLDUHRUJDQXOXLFDUH
SRWULYLWOHJLLH[HFXWăDPHQGDSHQDOă
ÌQVLWXDĠLDvQFDUHSHUVRDQDREOLJDWăODSODWDFKHOWXLHOLORUMXGLFLDUHFăWUHVWDWQX
GHSXQHUHFLSLVDGHSODWăLQWHJUDOăDDFHVWRUDODLQVWDQĠDGHH[HFXWDUHVDXODXQLWDWHDGH
SDUFKHWvQWHUPHQGHOXQLGHODUăPkQHUHDGHILQLWLYăDKRWăUkULLVDXDRUGRQDQĠHL
SURFXURUXOXLH[HFXWDUHDFKHOWXLHOLORUMXGLFLDUHVHIDFHGHRUJDQXODUăWDWODDOLQ
6HFĠLXQHDDD3XQHUHDvQH[HFXWDUHDGLVSR]LĠLLORUFLYLOHGLQKRWăUkUH
$UWLFROXO
5HVWLWXLUHDOXFUXULORUúLYDORULILFDUHDFHORUQHULGLFDWH
&kQGSULQKRWăUkUHDSHQDOăVDGLVSXVUHVWLWXLUHDXQRUOXFUXULFDUHVHDIOăvQSăVWUDUHD
VDXODGLVSR]LĠLDLQVWDQĠHLGHH[HFXWDUHUHVWLWXLUHDVHIDFHGHFăWUHMXGHFăWRUXOGHOHJDWFX
H[HFXWDUHDSULQUHPLWHUHDDFHORUOXFUXULSHUVRDQHORUvQGUHSWÌQDFHVWVFRSVXQW
vQFXQRúWLQĠDWHSHUVRDQHOHFăURUDXUPHD]ăVăOLVHUHVWLWXLHOXFUXULOH
'DFăvQWHUPHQGHOXQLGHODSULPLUHDvQFXQRúWLQĠăULLSHUVRDQHOHFKHPDWHQXVHSUH]LQWă
SHQWUXDOHSULPLOXFUXULOHWUHFvQSURSULHWDWHDVWDWXOXL-XGHFăWRUXOGHOHJDWFXH[HFXWDUHD
FRQVWDWăDFHDVWDSULQvQFKHLHUHúLGLVSXQHSUHGDUHDOXFUXULORURUJDQHORUvQGUHSWDOHSUHOXD
VDXYDORULILFDSRWULYLWGLVSR]LĠLLORUOHJLL
'DFăUHVWLWXLUHDOXFUXULORUQXVDSXWXWHIHFWXDGHRDUHFHQXVHFXQRVFSHUVRDQHOHFăURUD
DUWUHEXLVăOHILHUHVWLWXLWHúLQLPHQLQXOHDUHFODPDWvQWHUPHQGHOXQLGHODUăPkQHUHD
GHILQLWLYăDKRWăUkULLVXQWDSOLFDELOHvQPRGFRUHVSXQ]ăWRUGLVSR]LĠLLOHDOLQ
&kQGUHVWLWXLUHDOXFUXULORUDIRVWGLVSXVăGHFăWUHSURFXURUVDXGHFăWUHRUJDQXOGH
FHUFHWDUHSHQDOăDFHVWDSURFHGHD]ăSRWULYLWSUHYHGHULORUDOLQ
&kQGSULQKRWăUkUHDSHQDOăVDGLVSXVUHVWLWXLUHDXQRUOXFUXULFDUHVHDIOăvQSăVWUDUHD
RUJDQHORUGHFHUFHWDUHSHQDOăUHVWLWXLUHDVHIDFHGHFăWUHDFHVWHDGXSăSULPLUHDH[WUDVXOXL
GHSHKRWăUkUHDSHQDOăSULQFDUHVDGLVSXVUHVWLWXLUHDOXFUXULORUSURFHGkQGSRWULYLWDOLQ
'DFăvQWHUPHQGHOXQLGHODSULPLUHDvQFXQRúWLQĠăULLSHUVRDQHOHFKHPDWHQXVHSUH]LQWă
SHQWUXDOHSULPLOXFUXULOHWUHFvQSURSULHWDWHDVWDWXOXL2UJDQXOGHFHUFHWDUHFRQVWDWă
DFHDVWDSULQSURFHVYHUEDOúLSURFHGHD]ăSRWULYLWDOLQ 'LVSR]LĠLLOHDOLQ VHDSOLFă
vQPRGFRUHVSXQ]ăWRU
$UWLFROXO
ÌQVFULVXULOHGHFODUDWHIDOVH
'LVSR]LĠLDKRWăUkULLSHQDOHFDUHGHFODUăXQvQVFULVFDILLQGIDOVvQWRWXOVDXvQSDUWH
VHH[HFXWăVDXVHSXQHvQH[HFXWDUHGHFăWUHMXGHFăWRUXOGHOHJDWFXH[HFXWDUHD
&kQGvQVFULVXOGHFODUDWIDOVDIRVWDQXODWvQWRWDOLWDWHDOXLVHIDFHPHQĠLXQHGHVSUH
DFHDVWDSHILHFDUHSDJLQăLDUvQFD]GHDQXODUHSDUĠLDOăQXPDLSHSDJLQLOHFDUHFRQĠLQ
IDOVXO
ÌQVFULVXOGHFODUDWIDOVUăPkQHODGRVDUXOFDX]HL
ÌQFD]XOvQFDUHHVWHQHFHVDUFDGHVSUHvQVFULVXOGHFODUDWIDOVVăVHIDFăPHQĠLXQHvQ
VFULSWHOHXQHLLQVWLWXĠLLSXEOLFHLVHWULPLWHDFHVWHLDRFRSLHGHSHKRWăUkUH
ÌQVLWXDĠLDvQFDUHGLQRULFHPRWLYHvQVFULVXOIDOVLILFDWQXVHDIOăvQRULJLQDOOD
GRVDULQVWDQĠDYDWULPLWHRFRSLHGHSHKRWăUkUHLQVWLWXĠLLORUSXEOLFHFDUHGHĠLQRFRSLHD
DFHVWXLDVDXFDUHGHĠLQvQUHJLVWUDUHDXQRUPHQĠLXQLFXSULYLUHODDFHVWD
,QVWDQĠDSRDWHGLVSXQHFkQGFRQVWDWăH[LVWHQĠDXQXLLQWHUHVOHJLWLPHOLEHUDUHDXQHL
FRSLLFXPHQĠLXQLOHDUăWDWHODDOLQ GHSHvQVFULVXOVXEVHPQăWXUăSULYDWăIDOVLILFDW
ÌQDFHOHDúLFRQGLĠLLLQVWDQĠDSRDWHGLVSXQHUHVWLWXLUHDvQVFULVXOXLRILFLDOSDUĠLDO
IDOVLILFDW
$UWLFROXO
'HVSăJXELULOHFLYLOHúLFKHOWXLHOLOHMXGLFLDUH
'LVSR]LĠLLOHGLQKRWăUkUHDSHQDOăSULYLWRDUHODGHVSăJXELULOHFLYLOHúLODFKHOWXLHOLOH
MXGLFLDUHFXYHQLWHSăUĠLORUVHH[HFXWăSRWULYLWOHJLLFLYLOH
&DSLWROXO,,,$OWHGLVSR]LĠLLSULYLQGH[HFXWDUHD
6HFĠLXQHD&RQGDPQDUHDvQFD]XODQXOăULLVDXUHYRFăULLUHQXQĠăULLODDPkQDUHDSHGHSVHLVDXD
DPkQăULLDSOLFăULLSHGHSVHL
'HQXPLUHDVHFĠLXQLLGHODFDSLWROXO,,,GLQWLWOXO9DO3ăUĠLLVSHFLDOHDIRVWPRGLILFDWă
GHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLHSXEOLFDWăvQ
021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXOA
$QXODUHDUHQXQĠăULLODDSOLFDUHDSHGHSVHL
$QXODUHDUHQXQĠăULLODDSOLFDUHDSHGHSVHLVHGLVSXQHGLQRILFLXVDXODVHVL]DUHD
SURFXURUXOXLGHLQVWDQĠDFDUHMXGHFăRULDMXGHFDWvQSULPăLQVWDQĠăLQIUDFĠLXQHDFHDWUDJH
DQXODUHD
'DFăFRQVWDWăFăVXQWvQGHSOLQLWHFRQGLĠLLOHDUWDOLQ GLQ&RGXOSHQDOLQVWDQĠD
DQXOkQGUHQXQĠDUHDODDSOLFDUHDSHGHSVHLGLVSXQHFRQGDPQDUHDLQFXOSDWXOXLSHQWUX
LQIUDFĠLXQHDFXSULYLUHODFDUHVHUHQXQĠDVHODDSOLFDUHDSHGHSVHLVWDELOHúWHSHGHDSVD
SHQWUXDFHDVWDDSOLFkQGDSRLGXSăFD]GLVSR]LĠLLOHFXSULYLUHODFRQFXUVXOGHLQIUDFĠLXQL
UHFLGLYăVDXSOXUDOLWDWHLQWHUPHGLDUă
/DVWDELOLUHDSHGHSVHLSHQWUXLQIUDFĠLXQHDFXSULYLUHODFDUHVHDQXOHD]ăUHQXQĠDUHDOD
DSOLFDUHDSHGHSVHLLQVWDQĠDYDDYHDvQYHGHUHH[FOXVLYFULWHULLOHGHLQGLYLGXDOL]DUHúL
FLUFXPVWDQĠHOHGLQFDX]DvQFDUHVDSURQXQĠDWLQLĠLDOVROXĠLDGHUHQXQĠDUHODDSOLFDUHD
SHGHSVHL'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
$UWADIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
5HYRFDUHDVDXDQXODUHDDPkQăULLDSOLFăULLSHGHSVHL
$VXSUDUHYRFăULLVDXDQXOăULLDPkQăULLDSOLFăULLSHGHSVHLVHSURQXQĠăGLQRILFLXVDXOD
VHVL]DUHDSURFXURUXOXLVDXDFRQVLOLHUXOXLGHSUREDĠLXQHLQVWDQĠDFDUHMXGHFăRULDMXGHFDW
vQSULPăLQVWDQĠăLQIUDFĠLXQHDFHDUSXWHDDWUDJHUHYRFDUHDVDXDQXODUHD
'DFăSkQăODH[SLUDUHDWHUPHQXOXLSUHYă]XWODDUWDOLQ OLWF GLQ&RGXOSHQDO
SHUVRDQDFXSULYLUHODFDUHVDGLVSXVDPkQDUHDDSOLFăULLSHGHSVHLQXDUHVSHFWDWREOLJDĠLLOH
FLYLOHVWDELOLWHSULQKRWăUkUHDSULQFDUHVDGLVSXVDPkQDUHDVHUYLFLXOGHSUREDĠLXQH
FRPSHWHQWVHVL]HD]ăLQVWDQĠDFDUHDSURQXQĠDWvQSULPăLQVWDQĠăDPkQDUHDvQYHGHUHD
UHYRFăULLDFHVWHLD6HVL]DUHDSRDWHILIăFXWăúLGHSURFXURUVDXGHSDUWHDLQWHUHVDWăSkQă
ODH[SLUDUHDWHUPHQXOXLGHVXSUDYHJKHUH
'DFăFRQVWDWăFăVXQWvQGHSOLQLWHFRQGLĠLLOHDUWVDXGLQ&RGXOSHQDOLQVWDQĠD
DQXOkQGVDXGXSăFD]UHYRFkQGDPkQDUHDDSOLFăULLSHGHSVHLGLVSXQHFRQGDPQDUHDLQFXOSDWXOXL
úLH[HFXWDUHDSHGHSVHLVWDELOLWHSULQKRWăUkUHDGHDPkQDUHDSOLFkQGDSRLGXSăFD]
GLVSR]LĠLLOHFXSULYLUHODFRQFXUVXOGHLQIUDFĠLXQLUHFLGLYăVDXSOXUDOLWDWHLQWHUPHGLDUă
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6HFĠLXQHDA6FKLPEăULvQH[HFXWDUHDXQRUKRWăUkUL
6HFĠLXQHDAD&DS,,,GLQ7LWOXO9DO3ăUĠLLVSHFLDOHDIRVWLQWURGXVăGHSFWDODUW
7LWOXO,,,GLQ/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QU
GLQDXJXVW
$UWLFROXO
5HYRFDUHDVDXDQXODUHDVXVSHQGăULLH[HFXWăULLSHGHSVHLVXEVXSUDYHJKHUH
$VXSUDUHYRFăULLVDXDQXOăULLVXVSHQGăULLH[HFXWăULLSHGHSVHLVXEVXSUDYHJKHUHSUHYă]XWH
ODDUWVDXGLQ&RGXOSHQDOVHSURQXQĠăGLQRILFLXODVHVL]DUHDSURFXURUXOXLVDXD
FRQVLOLHUXOXLGHSUREDĠLXQHLQVWDQĠDFDUHMXGHFăRULDMXGHFDWvQSULPăLQVWDQĠă
LQIUDFĠLXQHDFHDUSXWHDDWUDJHUHYRFDUHDVDXDQXODUHD
'DFăSkQăODH[SLUDUHDWHUPHQXOXLSUHYă]XWODDUWDOLQ GLQ&RGXOSHQDO
FRQGDPQDWXOQXDUHVSHFWDWREOLJDĠLLOHFLYLOHVWDELOLWHSULQKRWăUkUHDGHFRQGDPQDUH
VHUYLFLXOGHSUREDĠLXQHFRPSHWHQWVHVL]HD]ăLQVWDQĠDFDUHDSURQXQĠDWvQSULPăLQVWDQĠă
VXVSHQGDUHDvQYHGHUHDUHYRFăULLDFHVWHLD6HVL]DUHDSRDWHILIăFXWăúLGHSURFXURUGH
FRQVLOLHUXOGHSUREDĠLXQHVDXGHSDUWHDLQWHUHVDWăSkQăODH[SLUDUHDWHUPHQXOXLGH
VXSUDYHJKHUH
$UWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QUGLQLXOLH
SXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
ÌQORFXLUHDSHGHSVHLGHWHQĠLXQLLSHYLDĠă
ÌQORFXLUHDSHGHSVHLGHWHQĠLXQLLSHYLDĠăFXSHGHDSVDvQFKLVRULLVHGLVSXQHODFHUHUHD
SURFXURUXOXLRULDSHUVRDQHLFRQGDPQDWHGHFăWUHLQVWDQĠDGHH[HFXWDUHLDUGDFăSHUVRDQD
FRQGDPQDWăVHDIOăvQVWDUHGHGHĠLQHUHGHFăWUHLQVWDQĠDFRUHVSXQ]ăWRDUHvQDFăUHL
FLUFXPVFULSĠLHVHDIOăORFXOGHGHĠLQHUH
+RWăUkUHDGHvQORFXLUHUăPDVăGHILQLWLYăVHSXQHvQH[HFXWDUHSRWULYLWGLVSR]LĠLLORU
DUW
$UWLFROXO
$OWHPRGLILFăULGHSHGHSVH
3HGHDSVDSURQXQĠDWăSRDWHILPRGLILFDWăGDFăODSXQHUHDvQH[HFXWDUHDKRWăUkULLVDXvQ
FXUVXOH[HFXWăULLSHGHSVHLVHFRQVWDWăSHED]DXQHLDOWHKRWăUkULGHILQLWLYHH[LVWHQĠD
YUHXQHLDGLQWUHXUPăWRDUHOHVLWXDĠLL
D FRQFXUVXOGHLQIUDFĠLXQL
E UHFLGLYD
F SOXUDOLWDWHDLQWHUPHGLDUă
G DFWHFDUHLQWUăvQFRQĠLQXWXODFHOHLDúLLQIUDFĠLXQL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
,QVWDQĠDFRPSHWHQWăVăGLVSXQăDVXSUDPRGLILFăULLSHGHSVHLHVWHLQVWDQĠDGHH[HFXWDUHD
XOWLPHLKRWăUkULVDXvQFD]XOvQFDUHSHUVRDQDFRQGDPQDWăVHDIOăvQVWDUHGHGHĠLQHUH
LQVWDQĠDFRUHVSXQ]ăWRDUHvQDFăUHLFLUFXPVFULSĠLHVHDIOăORFXOGHGHĠLQHUH
6HVL]DUHDLQVWDQĠHLVHIDFHGLQRILFLXODFHUHUHDSURFXURUXOXLRULDFHOXLFRQGDPQDW
/DSULPLUHDFHUHULLSUHúHGLQWHOHFRPSOHWXOXLGHMXGHFDWăGLVSXQHDWDúDUHDODGRVDUD
vQVFULVXULORUúLOXDUHDWXWXURUPăVXULORUQHFHVDUHVROXĠLRQăULLFDX]HL
$UWLFROXO
ÌQORFXLUHDSHGHSVHLDPHQ]LLFXSHGHDSVDvQFKLVRULL
ÌQORFXLUHDSHGHSVHLDPHQ]LLFXSHGHDSVDvQFKLVRULLvQFD]XOSUHYă]XWODDUWGLQ
&RGXOSHQDOVHGLVSXQHGHLQVWDQĠDGHH[HFXWDUH
6HVL]DUHDLQVWDQĠHLVHIDFHGLQRILFLXVDXGHFăWUHRUJDQXOFDUHSRWULYLWOHJLLH[HFXWă
DPHQGD
&RQGDPQDWXOHVWHFLWDWODMXGHFDUHDVHVL]ăULLLDUGDFăQXDUHDYRFDWLQVWDQĠDQXPHúWH
XQXOGLQRILFLX
&RQGDPQDWXOSULYDWGHOLEHUWDWHYDILDGXVODMXGHFDWă
+RWăUkUHDGHvQORFXLUHUăPDVăGHILQLWLYăVHSXQHvQH[HFXWDUHSRWULYLWGLVSR]LĠLLORU
DUWÌQVLWXDĠLDvQFDUHDPHQGDDvQVRĠLWSHGHDSVDvQFKLVRULLVHYDHPLWHXQQRX
PDQGDWGHH[HFXWDUHSHQWUXSHGHDSVDUH]XOWDWăSRWULYLWDUWDOLQ GLQ&RGXOSHQDO
'DFăSHUVRDQDFRQGDPQDWăDFKLWăDPHQGDSHSDUFXUVXOVROXĠLRQăULLFDX]HLVHVL]DUHDYDIL
UHVSLQVăFDQHvQWHPHLDWă
$UWLFROXO
/LEHUDUHDFRQGLĠLRQDWă
/LEHUDUHDFRQGLĠLRQDWăVHGLVSXQHODFHUHUHDVDXODSURSXQHUHDIăFXWăSRWULYLW
GLVSR]LĠLLORUOHJLLSULYLQGH[HFXWDUHDSHGHSVHORUGHFăWUHMXGHFăWRULDvQDFăUHL
FLUFXPVFULSĠLHVHDIOăORFXOGHGHĠLQHUH
&kQGLQVWDQĠDFRQVWDWăFăQXVXQWvQGHSOLQLWHFRQGLĠLLOHSHQWUXDFRUGDUHDOLEHUăULL
FRQGLĠLRQDWHSULQKRWăUkUHDGHUHVSLQJHUHIL[HD]ăWHUPHQXOGXSăH[SLUDUHDFăUXLDSURSXQHUHD
VDXFHUHUHDYDSXWHDILUHvQQRLWă7HUPHQXOQXSRDWHILPDLPDUHGHXQDQúLFXUJHGHOD
UăPkQHUHDGHILQLWLYăDKRWăUkULL
+RWăUkUHDMXGHFăWRULHLSRDWHILDWDFDWăFXFRQWHVWDĠLHODWULEXQDOXOvQDFăUHL
FLUFXPVFULSĠLHVHDIOăORFXOGHGHĠLQHUHvQWHUPHQGH]LOHGHODFRPXQLFDUH&RQWHVWDĠLD
IRUPXODWăGHSURFXURUHVWHVXVSHQVLYăGHH[HFXWDUH
2FRSLHGHSHKRWăUkUHDUăPDVăGHILQLWLYăVHFRPXQLFăVHUYLFLXOXLGHSUREDĠLXQH
FRPSHWHQWSUHFXPúLXQLWăĠLLGHSROLĠLHvQDFăUHLFLUFXPVFULSĠLHORFXLHúWHFHOHOLEHUDW
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
$QXODUHDúLUHYRFDUHDOLEHUăULLFRQGLĠLRQDWH
$VXSUDDQXOăULLOLEHUăULLFRQGLĠLRQDWHSUHYă]XWHODDUWDOLQ GLQ&RGXOSHQDOVH
SURQXQĠăGLQRILFLXVDXODVHVL]DUHDSURFXURUXOXLVDXDFRQVLOLHUXOXLGHSUREDĠLXQH
LQVWDQĠDFDUHMXGHFăRULDMXGHFDWvQSULPăLQVWDQĠăLQIUDFĠLXQHDFDUHDWUDJHDQXODUHD
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
,QVWDQĠDSUHYă]XWăODDOLQ VHSURQXQĠăúLDVXSUDUHYRFăULLOLEHUăULLFRQGLĠLRQDWH
vQVLWXDĠLDSUHYă]XWăODDUWDOLQ GLQ&RGXOSHQDO
,QVWDQĠDSUHYă]XWăODDUWDOLQ VHSURQXQĠăúLDVXSUDUHYRFăULLOLEHUăULL
FRQGLĠLRQDWHvQVLWXDĠLDSUHYă]XWăODDUWDOLQ GLQ&RGXOSHQDOODVHVL]DUHD
VHUYLFLXOXLGHSUREDĠLXQHSUHFXPúLvQFD]XOFkQGLQVWDQĠDFDUHODMXGHFDWSHFRQGDPQDW
SHQWUXRDOWăLQIUDFĠLXQHQXVDSURQXQĠDWvQDFHDVWăSULYLQĠă
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
,QVWDQĠDvQIDĠDFăUHLDKRWăUkUHDDUăPDVGHILQLWLYăHVWHREOLJDWăVăFRPXQLFHORFXOXLGH
GHĠLQHUHúLVHUYLFLXOXLGHSUREDĠLXQHDWXQFLFkQGHVWHFD]XORFRSLHGHSHGLVSR]LWLYXO
SULQFDUHVDGLVSXVUHYRFDUHDOLEHUăULLFRQGLĠLRQDWH
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
6HFĠLXQHDDD$PkQDUHDH[HFXWăULLSHGHSVHLvQFKLVRULLVDXDGHWHQĠLXQLLSHYLDĠă
$UWLFROXO
&D]XULOHGHDPkQDUH
([HFXWDUHDSHGHSVHLvQFKLVRULLVDXDGHWHQĠLXQLLSHYLDĠăSRDWHILDPkQDWăvQXUPăWRDUHOH
FD]XUL
D FkQGVHFRQVWDWăSHED]DXQHLH[SHUWL]HPHGLFROHJDOHFăSHUVRDQDFRQGDPQDWăVXIHUăGHR
ERDOăFDUHQXSRDWHILWUDWDWăvQUHĠHDXDVDQLWDUăD$GPLQLVWUDĠLHL1DĠLRQDOHD
3HQLWHQFLDUHORUúLFDUHIDFHLPSRVLELOăH[HFXWDUHDLPHGLDWăDSHGHSVHLGDFăVSHFLILFXOEROLL
QXSHUPLWHWUDWDUHDDFHVWHLDFXDVLJXUDUHDSD]HLSHUPDQHQWHvQUHĠHDXDVDQLWDUăD
0LQLVWHUXOXL6ăQăWăĠLLúLGDFăLQVWDQĠDDSUHFLD]ăFăDPkQDUHDH[HFXWăULLúLOăVDUHDvQ
OLEHUWDWHQXSUH]LQWăXQSHULFROSHQWUXRUGLQHDSXEOLFăÌQDFHDVWăVLWXDĠLHH[HFXWDUHD
SHGHSVHLVHDPkQăSHQWUXRGXUDWăGHWHUPLQDWă
/LWD DDOLQ DODUWDIRVWPRGLILFDWăGHSFWDODUW7LWOXO,,,GLQ
/(*($QUGLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
E FkQGRFRQGDPQDWăHVWHJUDYLGăVDXDUHXQFRSLOPDLPLFGHXQDQÌQDFHVWHFD]XUL
H[HFXWDUHDSHGHSVHLVHDPkQăSkQăODvQFHWDUHDFDX]HLFDUHDGHWHUPLQDWDPkQDUHD
ÌQFD]XOSUHYă]XWODDOLQ OLWD DPkQDUHDH[HFXWăULLSHGHSVHLQXSRDWHILGLVSXVă
GDFăFHOFRQGDPQDWúLDSURYRFDWVLQJXUVWDUHDGHERDOăSULQUHIX]XOWUDWDPHQWXOXLPHGLFDO
DOLQWHUYHQĠLHLFKLUXUJLFDOHSULQDFĠLXQLGHDXWRDJUHVLXQHVDXSULQDOWHDFĠLXQL
YăWăPăWRDUHVDXvQVLWXDĠLDvQFDUHVHVXVWUDJHHIHFWXăULLH[SHUWL]HLPHGLFROHJDOH
&HUHUHDGHDPkQDUHDH[HFXWăULLSHGHSVHLvQFKLVRULLVDXDGHWHQĠLXQLLSHYLDĠăSRDWHIL
IăFXWăGHSURFXURUúLGHFRQGDPQDW
&HUHUHDSRDWHILUHWUDVăGHSHUVRDQDFDUHDIRUPXODWR
+RWăUkULOHSULQFDUHVHGLVSXQHDPkQDUHDH[HFXWăULLSHGHSVHLVXQWH[HFXWRULLGHODGDWD
SURQXQĠăULL
ÌQFD]XOvQFDUHvQWLPSXODPkQăULLH[HFXWăULLSHGHSVHLSHQXPHOHFRQGDPQDWXOXLHVWHHPLV
XQDOWPDQGDWGHH[HFXWDUHDSHGHSVHLvQFKLVRULLDFHVWDQXSRDWHILH[HFXWDWSkQăOD
H[SLUDUHDWHUPHQXOXLGHDPkQDUHVWDELOLWGHLQVWDQĠăVDXGXSăFD]SkQăODvQFHWDUHDFDX]HL
FDUHDGHWHUPLQDWDPkQDUHD
+RWăUkUHDSULQFDUHLQVWDQĠDVHSURQXQĠăDVXSUDFHUHULLGHDPkQDUHDH[HFXWăULLSHGHSVHL
SRDWHILDWDFDWăFXFRQWHVWDĠLHODLQVWDQĠDLHUDUKLFVXSHULRDUăvQWHUPHQGH]LOHGHOD
FRPXQLFDUH
$UWLFROXO
2EOLJDĠLLOHFRQGDPQDWXOXLvQFD]XODPkQăULLH[HFXWăULL
3HGXUDWDDPkQăULLH[HFXWăULLSHGHSVHLFRQGDPQDWXOWUHEXLHVăUHVSHFWHXUPăWRDUHOH
REOLJDĠLL
D VăQXGHSăúHDVFăOLPLWDWHULWRULDOăIL[DWăGHFkWvQFRQGLĠLLOHVWDELOLWHGHLQVWDQĠă
E VăLDOHJăWXUDvQWHUPHQXOVWDELOLWGHLQVWDQĠăFXRUJDQXOGHSROLĠLHGHVHPQDWGH
DFHDVWDvQFXSULQVXOKRWăUkULLGHDPkQDUHDH[HFXWăULLSHGHSVHLvQFKLVRULLSHQWUXDILOXDW
vQHYLGHQĠăúLDVWDELOLPLMORFXOGHFRPXQLFDUHSHUPDQHQWăFXRUJDQXOGHVXSUDYHJKHUHSUHFXP
úLVăVHSUH]LQWHODLQVWDQĠăRULGHFkWHRULHVWHFKHPDW
F VăQXvúLVFKLPEHORFXLQĠDIăUăLQIRUPDUHDSUHDODELOăDLQVWDQĠHLFDUHDGLVSXVDPkQDUHD
G VăQXGHĠLQăVăQXIRORVHDVFăúLVăQXSRDUWHQLFLRFDWHJRULHGHDUPH
H SHQWUXFD]XOSUHYă]XWODDUWDOLQ OLWD VăVHSUH]LQWHGHvQGDWăODXQLWDWHD
VDQLWDUăODFDUHXUPHD]ăVăIDFăWUDWDPHQWXOLDUSHQWUXFD]XOSUHYă]XWODDUWDOLQ
OLWE VăvQJULMHDVFăFRSLOXOPDLPLFGHXQDQ
3HGXUDWDDPkQăULLH[HFXWăULLSHGHSVHLLQVWDQĠDSRDWHLPSXQHFRQGDPQDWXOXLVăUHVSHFWH
XQDVDXPDLPXOWHGLQWUHXUPăWRDUHOHREOLJDĠLL
D VăQXVHDIOHvQDQXPLWHORFXULVDXODDQXPLWHPDQLIHVWăULVSRUWLYHFXOWXUDOHRULODDOWH
DGXQăULSXEOLFHVWDELOLWHGHLQVWDQĠă
E VăQXFRPXQLFHFXSHUVRDQDYăWăPDWăVDXFXPHPEULGHIDPLOLHDLDFHVWHLDFXSHUVRDQHOHFX
FDUHDFRPLVLQIUDFĠLXQHDVDXFXDOWHSHUVRDQHVWDELOLWHGHLQVWDQĠăRULVăQXVHDSURSLH
GHDFHVWHD
F VăQXFRQGXFăQLFLXQYHKLFXOVDXDQXPLWHYHKLFXOHVWDELOLWH
$EURJDW
$OLQ DODUWDIRVWDEURJDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
,QVWDQĠDFRPSHWHQWă
,QVWDQĠDFRPSHWHQWăVăVHSURQXQĠHDVXSUDDFRUGăULLDPkQăULLH[HFXWăULLSHGHSVHLHVWH
LQVWDQĠDGHH[HFXWDUH
ÌQFD]XOSUHYă]XWODDUWDOLQ OLWD FHUHUHDGHDPkQDUHDH[HFXWăULLSHGHSVHL
VHGHSXQHODMXGHFăWRUXOGHOHJDWFXH[HFXWDUHDvQVRĠLWăGHvQVFULVXULPHGLFDOH-XGHFăWRUXO
GHOHJDWFXH[HFXWDUHDYHULILFăFRPSHWHQĠDLQVWDQĠHLúLGLVSXQHGXSăFD]SULQvQFKHLHUH
GHFOLQDUHDFRPSHWHQĠHLGHVROXĠLRQDUHDFDX]HLVDXHIHFWXDUHDH[SHUWL]HLPHGLFROHJDOH'XSă
SULPLUHDUDSRUWXOXLGHH[SHUWL]ăPHGLFROHJDOăFDX]DVHVROXĠLRQHD]ăGHLQVWDQĠDGH
H[HFXWDUHSRWULYLWGLVSR]LĠLLORUSUH]HQWXOXLFDSLWRO
,QVWDQĠDGHH[HFXWDUHFRPXQLFăKRWăUkUHDSULQFDUHVDGLVSXVDPkQDUHDH[HFXWăULL
SHGHSVHLvQ]LXDSURQXQĠăULLRUJDQXOXLGHSROLĠLHGHVHPQDWvQFXSULQVXOKRWăUkULLGH
DPkQDUHDH[HFXWăULLSHGHSVHLvQFKLVRULLSHQWUXDOXDvQHYLGHQĠăSHUVRDQDMDQGDUPHULHL
XQLWăĠLLGHSROLĠLHvQDFăUHLFLUFXPVFULSĠLHORFXLHúWHFRQGDPQDWXORUJDQHORUFRPSHWHQWHVă
HOLEHUH]HSDúDSRUWXORUJDQHORUGHIURQWLHUăSUHFXPúLDOWRULQVWLWXĠLLvQYHGHUHD
DVLJXUăULLUHVSHFWăULLREOLJDĠLLORULPSXVH2UJDQHOHvQGUHSWUHIX]ăHOLEHUDUHDSDúDSRUWXOXL
VDXGXSăFD]ULGLFăSURYL]RULXSDúDSRUWXOSHGXUDWDDPkQăULL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
ÌQFD]GHvQFăOFDUHFXUHDFUHGLQĠăDREOLJDĠLLORUVWDELOLWHSRWULYLWDUWLQVWDQĠD
GHH[HFXWDUHUHYRFăDPkQDUHDúLGLVSXQHSXQHUHDvQH[HFXWDUHDSHGHSVHLSULYDWLYHGH
OLEHUWDWH2UJDQXOGHSROLĠLHGHVHPQDWGHLQVWDQĠăvQFXSULQVXOKRWăUkULLFXVXSUDYHJKHUHD
FHOXLIDĠăGHFDUHVDGLVSXVDPkQDUHDH[HFXWăULLSHGHSVHLYHULILFăSHULRGLFUHVSHFWDUHD
REOLJDĠLLORUGHFăWUHFRQGDPQDWúLvQWRFPHúWHOXQDUXQUDSRUWvQDFHVWVHQVFăWUHLQVWDQĠDGH
H[HFXWDUH
ÌQFD]XOvQFDUHFRQVWDWăvQFăOFăULDOHREOLJDĠLLORUVWDELOLWHSRWULYLWDUWRUJDQXO
GHSROLĠLHVHVL]HD]ăGHvQGDWăLQVWDQĠDGHH[HFXWDUH
,QVWDQĠDGHH[HFXWDUHĠLQHHYLGHQĠDDPkQăULORUDFRUGDWHúLODH[SLUDUHDWHUPHQXOXLLD
PăVXULSHQWUXHPLWHUHDPDQGDWXOXLGHH[HFXWDUHLDUGDFăPDQGDWXODIRVWHPLVLDPăVXUL
SHQWUXDGXFHUHDOXLODvQGHSOLQLUH'DFăQXVDVWDELOLWXQWHUPHQGHDPkQDUHMXGHFăWRUXO
GHOHJDWFXH[HFXWDUHDDOLQVWDQĠHLGHH[HFXWDUHHVWHREOLJDWVăVHVL]H]HLQVWDQĠDGH
H[HFXWDUHvQYHGHUHDYHULILFăULLVXE]LVWHQĠHLWHPHLXULORUDPkQăULLLDUFkQGVHFRQVWDWăFă
DFHVWHDDXvQFHWDWVăLDPăVXULSHQWUXHPLWHUHDPDQGDWXOXLGHH[HFXWDUHRULSHQWUXDGXFHUHD
OXLODvQGHSOLQLUH
6HFĠLXQHDDDÌQWUHUXSHUHDH[HFXWăULLSHGHSVHLvQFKLVRULLVDXDGHWHQĠLXQLLSHYLDĠă
$UWLFROXO
&D]XULOHGHvQWUHUXSHUH
([HFXWDUHDSHGHSVHLvQFKLVRULLVDXDGHWHQĠLXQLLSHYLDĠăSRDWHILvQWUHUXSWăvQFD]XULOH
úLvQFRQGLĠLLOHSUHYă]XWHODDUWODFHUHUHDSHUVRDQHORUDUăWDWHODDOLQ DO
DFHOXLDúLDUWLFROLDUvQFD]XOSUHYă]XWODDUWDOLQ OLWD úLODFHUHUHD
DGPLQLVWUDĠLHLSHQLWHQFLDUXOXL
$OLQ DODUWDIRVWPRGLILFDWGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
'LVSR]LĠLLOHDUWúLDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
&RQWHVWDĠLDIRUPXODWăGHSURFXURUHVWHVXVSHQVLYăGHH[HFXWDUH
$UWLFROXO
,QVWDQĠDFRPSHWHQWă
,QVWDQĠDFRPSHWHQWăVăGLVSXQăDVXSUDvQWUHUXSHULLH[HFXWăULLSHGHSVHLHVWHLQVWDQĠDvQD
FăUHLFLUFXPVFULSĠLHVHDIOăORFXOGHGHĠLQHUHFRUHVSXQ]ăWRDUHvQJUDGLQVWDQĠHLGH
H[HFXWDUH
&HUHUHDGHSUHOXQJLUHDvQWUHUXSHULLDQWHULRUDFRUGDWHVHVROXĠLRQHD]ăGHLQVWDQĠDFDUHD
GLVSXVvQWUHUXSHUHDH[HFXWăULLSHGHSVHL
+RWăUkUHDSULQFDUHLQVWDQĠDVHSURQXQĠăDVXSUDFHUHULLGHvQWUHUXSHUHDH[HFXWăULL
SHGHSVHLSRDWHILDWDFDWăFXFRQWHVWDĠLHODLQVWDQĠDLHUDUKLFVXSHULRDUăvQWHUPHQGH]LOH
GHODFRPXQLFDUH
$UWLFROXO
(YLGHQĠDvQWUHUXSHULLH[HFXWăULLSHGHSVHL
,QVWDQĠDFDUHDGLVSXVvQWUHUXSHUHDH[HFXWăULLSHGHSVHLFRPXQLFăGHvQGDWăDFHDVWăPăVXUă
LQVWDQĠHLGHH[HFXWDUHORFXOXLGHGHĠLQHUHúLRUJDQXOXLGHSROLĠLH
,QVWDQĠDGHH[HFXWDUHúLDGPLQLVWUDĠLDORFXOXLGHGHĠLQHUHĠLQHYLGHQĠDvQWUHUXSHULORU
DFRUGDWH'DFăODH[SLUDUHDWHUPHQXOXLGHvQWUHUXSHUHSHUVRDQDFRQGDPQDWăODSHGHDSVD
vQFKLVRULLQXVHSUH]LQWăODORFXOGHGHĠLQHUHDGPLQLVWUDĠLDWULPLWHGHvQGDWăRFRSLHGHSH
PDQGDWXOGHH[HFXWDUHRUJDQXOXLGHSROLĠLHvQYHGHUHDH[HFXWăULL3HFRSLDPDQGDWXOXLGH
H[HFXWDUHVHPHQĠLRQHD]ăúLFkWDPDLUăPDVGHH[HFXWDWGLQGXUDWDSHGHSVHL
$GPLQLVWUDĠLDORFXOXLGHGHĠLQHUHFRPXQLFăLQVWDQĠHLGHH[HFXWDUHGDWDODFDUHD
UHvQFHSXWH[HFXWDUHDSHGHSVHL
7LPSXOFkWH[HFXWDUHDDIRVWvQWUHUXSWăQXVHVRFRWHúWHvQH[HFXWDUHDSHGHSVHL
3HGHDSVDDFFHVRULHVHH[HFXWăúLSHGXUDWDvQWUHUXSHULLH[HFXWăULLSHGHSVHLvQFKLVRULL
VDXDGHWHQĠLXQLLSHYLDĠă
6HFĠLXQHDDDÌQOăWXUDUHDVDXPRGLILFDUHDSHGHSVHL
$UWLFROXO
,QWHUYHQLUHDXQHLOHJLSHQDOHQRL
&kQGGXSăUăPkQHUHDGHILQLWLYăDKRWăUkULLGHFRQGDPQDUHVDXDKRWăUkULLSULQFDUHVD
DSOLFDWRPăVXUăHGXFDWLYăLQWHUYLQHROHJHFHQXPDLSUHYHGHFDLQIUDFĠLXQHIDSWDSHQWUX
FDUHVDSURQXQĠDWFRQGDPQDUHDRULROHJHFDUHSUHYHGHRSHGHDSVăVDXRPăVXUăHGXFDWLYăPDL
XúRDUăGHFkWFHDFDUHVHH[HFXWăRULXUPHD]ăDVHH[HFXWDLQVWDQĠDLDPăVXULSHQWUXDGXFHUHD
ODvQGHSOLQLUHGXSăFD]DGLVSR]LĠLLORUDUWúLGLQ&RGXOSHQDO
$SOLFDUHDGLVSR]LĠLLORUDOLQ VHIDFHGLQRILFLXVDXODFHUHUHDSURFXURUXOXLRULD
SHUVRDQHLFRQGDPQDWHGHFăWUHLQVWDQĠDGHH[HFXWDUHLDUGDFăSHUVRDQDFRQGDPQDWăVHDIOăvQ
H[HFXWDUHDSHGHSVHLVDXDXQHLPăVXULHGXFDWLYHGHFăWUHLQVWDQĠDFRUHVSXQ]ăWRDUHvQJUDGvQ
DFăUHLFLUFXPVFULSĠLHVHDIOăORFXOGHGHĠLQHUHVDXGXSăFD]FHQWUXOHGXFDWLYRULFHQWUXO
GHGHWHQĠLH
$UWLFROXO
$PQLVWLDúLJUDĠLHUHD
$SOLFDUHDDPQLVWLHLúLDJUDĠLHULLDWXQFLFkQGLQWHUYLQGXSăUăPkQHUHDGHILQLWLYăD
KRWăUkULLVHIDFHGHFăWUHMXGHFăWRUXOGHOHJDWFXH[HFXWDUHDGHODLQVWDQĠDGHH[HFXWDUH
LDUGDFăFHOFRQGDPQDWVHDIOăvQH[HFXWDUHDSHGHSVHLGHFăWUHMXGHFăWRUXOGHOHJDWFX
H[HFXWDUHDGHODLQVWDQĠDFRUHVSXQ]ăWRDUHvQDFăUHLFLUFXPVFULSĠLHVHDIOăORFXOGH
GHĠLQHUH
-XGHFăWRUXOVHSURQXQĠăSULQvQFKHLHUHH[HFXWRULHGDWăvQFDPHUDGHFRQVLOLXFX
SDUWLFLSDUHDSURFXURUXOXL
ÌPSRWULYDvQFKHLHULLSURQXQĠDWHSRWULYLWDOLQ VHSRDWHGHFODUDFRQWHVWDĠLHGHFăWUH
SURFXURUvQWHUPHQGH]LOHGHODSURQXQĠDUH&RQWHVWDĠLDHVWHVXVSHQVLYăGHH[HFXWDUH
&DSLWROXO,9'LVSR]LĠLLFRPXQH
$UWLFROXO
3URFHGXUDODLQVWDQĠDGHH[HFXWDUH
&kQGUH]ROYDUHDVLWXDĠLLORUUHJOHPHQWDWHvQSUH]HQWXOWLWOXHVWHGDWăvQFRPSHWHQĠD
LQVWDQĠHLGHH[HFXWDUHSUHúHGLQWHOHFRPSOHWXOXLGHMXGHFDWăGLVSXQHFLWDUHDSăUĠLORU
LQWHUHVDWHúLvQFD]XULOHSUHYă]XWHODDUWLDPăVXULSHQWUXGHVHPQDUHDXQXLDYRFDWGLQ
RILFLX/DMXGHFDUHDFD]XULORUGHvQWUHUXSHUHDH[HFXWăULLSHGHSVHLvQFKLVRULLVDXD
GHWHQĠLXQLLSHYLDĠăVHFLWHD]ăúLDGPLQLVWUDĠLDSHQLWHQFLDUXOXLvQFDUHH[HFXWăSHGHDSVD
FRQGDPQDWXO
&RQGDPQDWXODIODWvQVWDUHGHGHWHQĠLHVDXLQWHUQDWvQWUXQFHQWUXHGXFDWLYHVWHDGXVOD
MXGHFDWă
3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH
'XSăDVFXOWDUHDFRQFOX]LLORUSURFXURUXOXLúLDSăUĠLORULQVWDQĠDVHSURQXQĠăSULQ
VHQWLQĠă
'LVSR]LĠLLOHFXSULQVHvQWLWOXO,,,DOSăUĠLLVSHFLDOHSULYLQGMXGHFDWDFDUHQXVXQW
FRQWUDUHGLVSR]LĠLLORUSUH]HQWXOXLFDSLWROVHDSOLFăvQPRGFRUHVSXQ]ăWRU
'LVSR]LĠLLOHDOLQ VHDSOLFăúLvQFD]XOvQFDUHUH]ROYDUHDXQHLDGLQWUH
VLWXDĠLLOHUHJOHPHQWDWHvQSUH]HQWXOWLWOXHVWHGDWăvQFRPSHWHQĠDLQVWDQĠHLvQDFăUHL
FLUFXPVFULSĠLHVHDIOăORFXOGHGHĠLQHUHÌQDFHVWFD]VROXĠLDVHFRPXQLFăLQVWDQĠHLGH
H[HFXWDUH
+RWăUkULOHSURQXQĠDWHvQSULPăLQVWDQĠăvQPDWHULDH[HFXWăULLSRWULYLWSUH]HQWXOXLWLWOX
SRWILDWDFDWHFXFRQWHVWDĠLHODLQVWDQĠDLHUDUKLFVXSHULRDUăvQWHUPHQGH]LOHGHOD
FRPXQLFDUH
-XGHFDUHDFRQWHVWDĠLHLODKRWăUkUHDSULPHLLQVWDQĠHVHIDFHvQúHGLQĠăSXEOLFăFX
FLWDUHDSHUVRDQHLFRQGDPQDWH&RQGDPQDWXODIODWvQVWDUHGHGHWHQĠLHVDXLQWHUQDWvQWUXQ
FHQWUXHGXFDWLYHVWHDGXVODMXGHFDWă3DUWLFLSDUHDSURFXURUXOXLHVWHREOLJDWRULH'HFL]LD
LQVWDQĠHLSULQFDUHVHVROXĠLRQHD]ăFRQWHVWDĠLDHVWHGHILQLWLYă3UHYHGHULOHDOLQ VH
DSOLFăvQPRGFRUHVSXQ]ăWRU
$UWLFROXO
&RQWHVWDĠLDODH[HFXWDUH
&RQWHVWDĠLDvPSRWULYDH[HFXWăULLKRWăUkULLSHQDOHVHSRDWHIDFHvQXUPăWRDUHOHFD]XUL
D FkQGVDSXVvQH[HFXWDUHRKRWăUkUHFDUHQXHUDGHILQLWLYă
E FkQGH[HFXWDUHDHVWHvQGUHSWDWăvPSRWULYDDOWHLSHUVRDQHGHFkWFHDSUHYă]XWăvQKRWăUkUHD
GHFRQGDPQDUH
F FkQGVHLYHúWHYUHRQHOăPXULUHFXSULYLUHODKRWăUkUHDFDUHVHH[HFXWăVDXYUHR
vPSLHGLFDUHODH[HFXWDUH
G FkQGVHLQYRFăDPQLVWLDSUHVFULSĠLDJUDĠLHUHDVDXRULFHDOWăFDX]ăGHVWLQJHUHRULGH
PLFúRUDUHDSHGHSVHL
ÌQFD]XULOHSUHYă]XWHODDOLQ OLWD E úLG FRQWHVWDĠLDVHIDFHGXSăFD]OD
LQVWDQĠDSUHYă]XWăODDUWDOLQ VDX LDUvQFD]XOSUHYă]XWODDOLQ OLWF
ODLQVWDQĠDFDUHDSURQXQĠDWKRWăUkUHDFHVHH[HFXWăÌQFD]XOvQFDUHQHOăPXULUHDSULYHúWHR
GLVSR]LĠLHGLQWURKRWăUkUHSURQXQĠDWăvQDSHOVDXvQUHFXUVvQFDVDĠLHFRPSHWHQĠDUHYLQH
GXSăFD]LQVWDQĠHLGHDSHOVDXÌQDOWHL&XUĠLGH&DVDĠLHúL-XVWLĠLH
$UWLFROXO
5H]ROYDUHDFRQWHVWDĠLHLODH[HFXWDUH
3URFHGXUDGHUH]ROYDUHDFRQWHVWDĠLHLODH[HFXWDUHHVWHFHDSUHYă]XWăODDUW
ÌQFD]XODUăWDWODDUWDOLQ OLWG GDFăGLQKRWăUkUHDSXVăvQH[HFXWDUHQX
UH]XOWăGDWHOHúLVLWXDĠLLOHGHH[LVWHQĠDFăURUDGHSLQGHVROXĠLRQDUHDFRQWHVWDĠLHL
FRQVWDWDUHDDFHVWRUDVHIDFHGHFăWUHLQVWDQĠDFRPSHWHQWăVăMXGHFHFRQWHVWDĠLD
&HUHUHDSRDWHILUHWUDVăGHFRQGDPQDWVDXGHSURFXURUFkQGHVWHIRUPXODWăGHDFHVWD
'XSăSURQXQĠDUHDVROXĠLHLGHILQLWLYHFDXUPDUHDDGPLWHULLFRQWHVWDĠLHLODH[HFXWDUHVH
IDFHRQRXăSXQHUHvQH[HFXWDUHFRQIRUPSURFHGXULLSUHYă]XWHGHSUH]HQWXOWLWOX
&HUHULOHXOWHULRDUHGHFRQWHVWDĠLHODH[HFXWDUHVXQWLQDGPLVLELOHGDFăH[LVWăLGHQWLWDWH
GHSHUVRDQăGHWHPHLOHJDOGHPRWLYHúLGHDSăUăUL
$OLQ DODUWDIRVWLQWURGXVGHSFWDODUW7LWOXO,,,GLQ/(*($QU
GLQLXOLHSXEOLFDWăvQ021,7258/2),&,$/QUGLQDXJXVW
$UWLFROXO
&RQWHVWDĠLDSULYLQGH[HFXWDUHDGLVSR]LĠLLORUFLYLOH
&RQWHVWDĠLDSULYLQGH[HFXWDUHDGLVSR]LĠLLORUFLYLOHDOHKRWăUkULLVHIDFHvQFD]XULOH
SUHYă]XWHODDUWDOLQ OLWD úLE ODLQVWDQĠDGHH[HFXWDUHSUHYă]XWăODDUW
LDUvQFD]XOSUHYă]XWODDUWDOLQ OLWF ODLQVWDQĠDFDUHDSURQXQĠDW
KRWăUkUHDFHVHH[HFXWă'LVSR]LĠLLOHDUWDOLQ WH]DD,,DVHDSOLFăvQPRG
FRUHVSXQ]ăWRU
'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
&RQWHVWDĠLDvPSRWULYDDFWHORUGHH[HFXWDUHVHVROXĠLRQHD]ăGHFăWUHLQVWDQĠDFLYLOă
SRWULYLWOHJLLFLYLOH
$UWLFROXO
&RQWHVWDĠLDSULYLWRDUHODDPHQ]LOHMXGLFLDUH
&RQWHVWDĠLDvPSRWULYDH[HFXWăULLDPHQ]LORUMXGLFLDUHVHVROXĠLRQHD]ăGHFăWUHLQVWDQĠD
FDUHOHDSXVvQH[HFXWDUH
'LVSR]LĠLLOHDUWDOLQ VHDSOLFăvQPRGFRUHVSXQ]ăWRU
7LWOXO9,'LVSR]LĠLLILQDOH
$UWLFROXO
7HUPHQLLH[SOLFDĠLvQ&RGXOSHQDO
7HUPHQLLVDXH[SUHVLLOHDOFăURUvQĠHOHVHVWHDQXPHH[SOLFDWvQ&RGXOSHQDODXDFHODúL
vQĠHOHVúLvQ&RGXOGHSURFHGXUăSHQDOă
$UWLFROXO
,QWUDUHDvQYLJRDUH
3UH]HQWXOFRGLQWUăvQYLJRDUHODGDWDFDUHYDILVWDELOLWăSULQOHJHDGHSXQHUHvQ
DSOLFDUHDDFHVWXLD
ÌQWHUPHQGHOXQLGHODGDWDSXEOLFăULLSUH]HQWXOXLFRGvQ0RQLWRUXO2ILFLDODO
5RPkQLHL3DUWHD,*XYHUQXOYDVXSXQH3DUODPHQWXOXLVSUHDGRSWDUHSURLHFWXOGHOHJHSHQWUX
SXQHUHDvQDSOLFDUHD&RGXOXLGHSURFHGXUăSHQDOă
$FHDVWăOHJHDIRVWDGRSWDWăGH3DUODPHQWXO5RPkQLHLFXUHVSHFWDUHDSUHYHGHULORUDUWúL
DOHDUWDOLQ GLQ&RQVWLWXĠLD5RPkQLHLUHSXEOLFDWă
35(ù(',17(/(&$0(5(,'(387$ğ,/25
52%(57$$/0$$1$67$6(
35(ù(',17(/(6(1$78/8,
0,5&($'$1*(2$1Ă
%XFXUHúWLLXOLH
1U