0&ODVV

0DQXDOGHXWLOL]DUH

6LPEROXUL
QSUH]HQWXO0DQXDOGHXWLOL]DUHYHLJVL
XUPWRDUHOHVLPEROXUL

 $9(57,60(17
1RWHOHGHDYHUWL]DUHYDWUDJDWHQLDODSHUL
FROHFDUHYDUSXWHDSHULFOLWDVQWDWHDVDX
YLDDSUHFXPLVQWDWHDVDXYLDDDOWRUD
 1RWSULYLQGSURWHFLDPHGLXOXL
1RWHOHSULYLQGSURWHFLDPHGLXOXLYRIHU
LQIRUPDLLSULYLQGDFLXQLOHGHHOLPLQDUHHFR
ORJLF
 1RWHOHSULYLQGGHWHULRUDUHDPDWHULDOHORU
YDWUDJDWHQLDDVXSUDSHULFROHORUFDUHDU
SXWHDGXFHODGHWHULRUDUHDDXWRYHKLFXOXOXL
GXPQHDYRDVWU
G $FHVWHVLPEROXULLQGLFLQVWUXFLXQLXWLOH
VDXLQIRUPDLLVXSOLPHQWDUHFDUHDUSXWHD
VYDMXWH
$FHVWVLPEROGHVHPQHD]R
LQVWUXFLXQHSHFDUHWUHEXLHVR
UHVSHFWDL
0DLPXOWHVLPEROXULFRQVHFXWLYH

LQGLFRLQVWUXFLXQHFXPDLPXOL
SDL
SDJLQD $FHVWVLPEROYLQGLFXQGH
SXWHLJVLLQIRUPDLLVXSOLPHQ
WDUHSULYLQGXQDQXPLWVXELHFW
$FHVWVLPEROLQGLFXQDYHUWLV

PHQWVDXRLQVWUXFLXQHFDUHVH
FRQWLQXSHSDJLQDXUPWRDUH
$FHVWWH[WLQGLFXQPHVDMGHSH
'LVSOD\
DILDMXOPXOWLIXQFLRQDO
&20$1'


3ULDOHVRIWZDUHXOXLGLQDXWRYHKLFXOVXQW
SURWHMDWHSULQFRS\ULJKW
7KH)UHH7\SH3URMHFW
KWWSZZZIUHHW\SHRUJ7RDWHGUHSWXULOH
UH]HUYDWH

%LQHDLYHQLWvQOXPHD0HUFHGHV%HQ]
QDLQWHGHDSOHFDvQFOWRULHIDPLOLDUL]DLY
FXDXWRYHKLFXOXOGXPQHDYRDVWULFLWLLDFHVW
PDQXDOvQVSHFLDOLQIRUPDLLOHGHVLJXUDQL
DYHUWLVPHQWHOH,QGLFDLLOHGLQPDQXDOYYRU
DMXWDVEHQHILFLDLvQPRGRSWLPGHSHUIRU
PDQHOHDXWRYHKLFXOXOXLLVHYLWDLVLWXDLLOH
SHULFXORDVHSHQWUXGXPQHDYRDVWUVDXSHQ
WUXDOWHSHUVRDQH
(FKLSDPHQWXOVDXGHQXPLUHDPRGHOXOXLDXWR
YHKLFXOXOXLGXPQHDYRDVWUSRWYDULDvQIXQF
LHGH

G 3XWHLFXQRDWHFDUDFWHULVWLFLOHLPSRU
WDQWHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWU
GLQ0DQXDOXOGHXWLOL]DUHLQWHUDFWLYGHSH
LQWHUQHWODDGUHVD
KWWSZZZPHUFHGHVEHQ]GH
EHWULHEVDQOHLWXQJ
(FKLSDGHUHGDFWDUHDGRFXPHQWDLHLWHKQLFH
'DLPOHU$*YGRUHWHFRQGXFHUHSOFXWL
vQVLJXUDQ

=0RGHO
=FRPDQG
=PRGHOXOGHDU
=GLVSRQLELOLWDWH
,OXVWUDLLOHGLQDFHVWPDQXDOSUH]LQWXQDXWR
YHKLFXOFXYRODQXOSHSDUWHDVWkQJ/DDXWR
YHKLFXOHOHFXYRODQSHSDUWHDGUHDSWGLVSX
QHUHDLDPSODVDUHDFRPSRQHQWHORUDXWRYH
KLFXOXOXLLFRPHQ]LORUGLIHUvQFRQVHFLQ
0HUFHGHV%HQ]DFWXDOL]HD]SHUPDQHQW
DXWRYHKLFXOHOHSURGXVHODFHOHPDLQRLVWDQ
GDUGHvQGRPHQLX
&DDWDUH0HUFHGHV%HQ]vLUH]HUYGUHSWXO
GHHIHFWXDvQRULFHPRPHQWPRGLILFULvQ
PDWHULHGH
=GHVLJQ
=GRWUL
=FDUDFWHULVWLFLWHKQLFH
'LQDFHVWPRWLYRULFHUHFODPDLLED]DWHSH
LOXVWUDLLOHVDXWH[WXOGLQDFHVWPDQXDOVXQW
FRQVLGHUDWHQHIRQGDWH
8UPWRDUHOHFRQVWLWXLHFRPSRQHQWHLQWH
JUDQWHGLQDXWRYHKLFXO
=0DQXDOGHXWLOL]DUH
=%URXUGHVHUYLFH
=$FFHVRULLED]DWHSHHFKLSDUH
0HQLQHLvQWRWGHDXQDDFHVWHGRFXPHQWHvQ
DXWRYHKLFXOQFD]XOYkQ]ULLDXWRYHKLFXOXOXL
WUDQVIHUDLvQWRWGHDXQDGRFXPHQWHOHQRXOXL
SURSULHWDU

q1st


&XSULQV

,QGH[ 

3UH]HQWDUHJHQHUDO 

,QWURGXFHUH 

6LJXUDQ 
'HVFKLGHUHDLvQFKLGHUHD 
6FDXQHYRODQLRJOLQ]L 
/XPLQLLWHUJWRDUHGHSDUEUL] 
&RQWUROFOLPDWL]DUH 
&RQGXFHUHDLSDUFDUHD 
&DOFXODWRUGHERUGLGLVSOD\XUL 
'HSR]LWDUHLFDUDFWHULVWLFL 
QWUHLQHUHLvQJULMLUH 
$VLVWHQvQFD]GHSDQ 
5RLLSQHXUL 
'DWHWHKQLFH 

,QGH[

(76$VLVWDUHHOHFWURQLFDWUDF
LXQLL 
0$7,&WUDFLXQHLQWHJUDOSHU
PDQHQW 

$
$%6VLVWHPDQWLEORFDUHODIUk
QDUH
)XQFLHQRWH 
0HVDMGHSHGLVSOD\ 
$%66LVWHPDQWLEORFDUHODIUk
QDUH
/DPSDGHDYHUWL]DUH 
$%66LVWHPGHDQWLEORFDUHODIUk
QDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
$FWLYDUHDGH]DFWLYDUHDIUkQHL
35(6$)( 
$FWLYDUHDGH]DFWLYDUHDPRGXOXL
GHUHFLUFXODUHDDHUXOXL 
$FWLYDUHDGH]DFWLYDUHDUFLULLFX
GH]XPLGLILFDUHDDHUXOXL 
$FYDSODQDUH 
$G%OXH
,QGLFDWRUXOGHUHYL]LLWHKQLFH 
0HVDMGHSHGLVSOD\ 
$GLWLYLXOHLGHPRWRU 
$'6$GDSWLYH'DPSLQJ6\VWHP
6LVWHPXOGHDPRUWL]DUHDGDSWLY
)XQFLHQRWH 
$HUFRQGLLRQDW
5HJODUHDWHPSHUDWXULLFRPSDUWL
PHQWXOVSDWH 
$ILDMGLVWDQFDOFXODWRUGHERUG 
$ILDMLQWHUYDOGHVHUYLFH$66<67
3/86
1RWH 
$ILDMXOLQWHUYDOXOXLGHVHUYLFH
$66<673/86
$ILDUHDPHVDMHORUGHVHUYLFH 
$VFXQGHUHDPHVDMHORUGHVHUYLFH  
0HVDMHGHVHUYLFH 
$ILDMXOPXOWLIXQFLRQDO
$ILDMSHUPDQHQW 
)XQFLHQRWH 

$ILDMXOSR]LLHLWUDQVPLVLHL
PDQHWD',5(&76(/(&7 
$ILDMXOWHPSHUDWXULLH[WHULRDUH 
$LUEDJODWHUDO 
$LUEDJWLSFRUWLQ
0HVDMGHSHGLVSOD\ 
$LUEDJXOSHQWUXJHQXQFKL 
$LUEDJXOWLSFRUWLQ
8WLOL]DUH 
$LUEDJXUL
$LUEDJIURQWDORIHUSDVDJHUXO
ID 
$LUEDJODWHUDO 
$LUEDJWLSFRUWLQ 
$LUEDJXOSHQWUXJHQXQFKL 
'HFODQDUH 
,QGLFDLLLPSRUWDQWHSULYLQGVLJX
UDQD 
$,5)/2: 
$OLPHQWDUHDFXFDUEXUDQW
3URFHVXOGHDOLPHQWDUHFXFDUEX
UDQW 
$OLPHQWDUHFXFDUEXUDQW
,QGLFDWRUQLYHOGHFDUEXUDQW 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
YH]L&DUEXUDQW
$VLVWDUHDHOHFWURQLFDWUDFLXQLL
YH]L(76$VLVWDUHDHOHFWURQLFD
WUDFLXQLL
$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL
$FWLYDUHDGH]DFWLYDUHDIXQFLHL
GHDYHUWL]DUH 
$ILDUH 
0HVDMGHSHGLVSOD\ 
0HVDMXOGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
$6,67(170(1,1(5($7(1,(
$FWLYDUHDGH]DFWLYDUHD 
)XQFLHQRWH 
0HVDMGHSHGLVSOD\ 
$VLVWHQWXOODYHGHUHDSHWLPSGH
QRDSWH3OXV
$FWLYDUHDGH]DFWLYDUHD 
&XUDUH 
)XQFLHQRWH 
3UREOHPGHIHFLXQH 

,QGH[
$VLVWHQDDFWLYODSDUFDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
$VLVWHQDDFWLYODXQJKLXOPRUW
$FWLYDUHDGH]DFWLYDUHDFDOFXOD
WRUGHERUG 
)XQFLHQRWH 
7UDFWDUHDXQHLUHPRUFL 
$VLVWHQDDFWLYSHQWUXPHQLQH
UHDEHQ]LLGHPHUV
$FWLYDUHDGH]DFWLYDUHDFDOFXOD
WRUGHERUG 
)XQFLHQRWH 
7UDFWDUHDXQHLUHPRUFL 
$VLVWHQDODSDUFDUH
YH]L3$5.7521,&
$VLVWHQDODVFKLPEDUHDEHQ]LL
YH]L$VLVWHQDODXQJKLPRUW
$VLVWHQDODXQJKLXOPRUW
$FWLYDUHDGH]DFWLYDUHD 
1RWHIXQFLH 
7UDFWDUHDUHPRUFLL 
$VLVWHQDSHQWUXID]DOXQJDGDS
WLY
$FWLYDUHDGH]DFWLYDUHDFDOFXOD
WRUGHERUG 
$VLVWHQDSHQWUXPHQLQHUHDEHQ
]LLGHPHUV
$FWLYDUHDGH]DFWLYDUHD 
)XQFLHLQIRUPDLL 
$VLVWHQDFWLYODSDUFDUH
0HVDMGHSHGLVSOD\ 
$VLVWHQDFWLYSHQWUXPHQLQH
UHDEHQ]LLGHPHUV
0HVDMGHSHGLVSOD\ 
$VLVWHQODSDUFDUH
YH]L2JOLQ]LH[WHULRDUH
YH]L3$5.7521,&
$VLVWHQODSRUQLUHDvQSDQW 
$VLVWHQODXQJKLXOPRUW
0HVDMGHSHGLVSOD\ 
$VLVWHQSHQWUXID]OXQJDGDS
WLY
)XQFLHQRWH 
0HVDMGHSHGLVSOD\ 
$VLVWHQSHQWUXPHQLQHUHDEHQ
]LLGHPHUV
0HVDMGHSHGLVSOD\ 

$66<673/86
YH]L$ILDMXOLQWHUYDOXOXLGHVHUYLFH
$66<673/86
$7$6LVWHPGHDODUPDQWLIXUW
$FWLYDUHDGH]DFWLYDUHD 
'H]DFWLYDUHDDODUPHL 
$7$VLVWHPXOGHDODUPDQWLIXUW
3URWHFLDODWUDFWDUH 
6HQ]RUXOGHPLFDUHvQLQWHULRU 
$7$6LVWHPXOGHDODUPDQWLIXUW
)XQFLRQDUH 
$WHOLHUGHVHUYLFH
YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$WHOLHUGHVHUYLFHDXWRUL]DW
YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$WHOLHUGHVSHFLDOLWDWH 
$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW 
$XWRYHKLFXO
&RERUkUH 
'HVFXLHUHvQFD]GHXUJHQ 
'HVFXLHUHGHXUJHQ 
(FKLSDPHQW 
QFXLHUHvQFD]GHXUJHQ 
QUHJLVWUDUH 
0HVDMGHSHGLVSOD\ 
5LGLFDUH 
7UDFWDUH 
$XWRYHKLFXOXO
'DWHSULYLQGDXWRYHKLFXOXO 
'HVFXLHUHFKHLH 
*DUDQLDLPSOLFLW 
QFXLHUHFKHLH 
/VDUHDDXWRYHKLFXOXOXLSDUFDW 
3RUQLUHDGHSHORF 
3UHOXDUHDGDWHORU 
6HWULLQGLYLGXDOH 
6LVWHPHOHHOHFWURQLFHDOHDXWRYH
KLFXOXOXL 
7UDQVSRUWDUH 
8WLOL]DUHFRUHFW 

%
%$66LVWHPXOGHIUkQDUHDVLVWDW 
%$63/866LVWHPGHDVLVWDUHOD
IUkQDUH3OXV 
%DWHULDDXWRYHKLFXOXOXL
YH]L%DWHULHDXWRYHKLFXO

,QGH[
%DWHULHDXWRYHKLFXO
$PSODVDUH 
&RQHFWDUH 
'HFRQHFWDUH 
QFUFDUH 
0HVDMGHSHGLVSOD\ 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
3RUQLUHIRUDW 
6FRDWHUHPRQWDUH 
%DWHULHFKHLH
QORFXLUH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
9HULILFDUH 
%HFXULOH
YH]L6FKLPEDUHDEHFXULORU
%HQ]LQ 
%OLQG6SRW$VVLVW$VLVWHQDOD
XQJKLXOPRUW
YH]L$FWLYH%OLQG6SRW$VVLVW$VLV
WHQDDFWLYODXQJKLXOPRUW
%ORFDUHGLIHUHQLDOPHVDMGHSH
GLVSOD\ 
%OXH7(&
&RPSOHWDUH$G%OXH 
%OXH7(&$G%OXH 
%ULFKHWD 
%XWRQGHVHOHFWDUHDSURJUDPXOXL 

&
&DOGHURDW
&DOFXODWRUGHERUG
'LVSOD\VWDQGDUG
',67521,&3/86
0HPRULDGHPHVDMH
0HQLXODXGLR
0HQLXOGHQDYLJDLH
0HQLXOGHUXODMSDULDO
0HQLXO2QL2IIURDG
0HVDMHGHSHGLVSOD\
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
3UH]HQWDUHJHQHUDODPHQLXOXL
5$&(7,0(5
6XEPHQLXQFO]LUH
6XEPHQLXODXWRYHKLFXOXOXL
6XEPHQLXOSDQRXGHLQVWUXPHQWH 
6XEPHQLX/XPLQL
8WLOL]DUH



















8WLOL]DUHDWHOHYL]RUXOXL 
8WLOL]DUHDYLGHR'9' 
&DOFXODWRUGHSDUFXUVFDOFXODWRU
GHERUG 
&DOFXODWRUXOGHERUG
$ILDUHDXQXLPHVDMGHVHUYLFH 
0HQLXO$0* 
0HQLXOGHVHUYLFH 
6XEPHQLXOVHWULORUGLQIDEULF 
&DPHUDGHPHUVvQDSRL
)XQFLHQRWH 
,QVWUXFLXQLGHFXUDUH 
&DSDF
YH]L&ODSHWDJXULLGHXPSOHUHFX
FDUEXUDQW
&DSDFLWL
YH]L'DWHWHKQLFH
&DSDFSRUWEDJDM 
&DSDFLSODVGHEDJDMHFRPEL
QDWH 
&DSRWD
'HVFKLGHUH 
QFKLGHUH 
&DSRW
&DSRWDFWLYSURWHFLDSLHWRQL
ORU 
0HVDMGHSHGLVSOD\ 
&DUDFWHULVWLFDGHvQFKLGHUHSH
WLPSGHSORDLH
7UDSDJOLVDQW 
&DUDFWHULVWLFDGHVXSUDUHJODUH
*HDPXULOHODWHUDOHVSDWH 
&DUDFWHULVWLFD($6<(175<
$FWLYDUHDGH]DFWLYDUHD 
&DUDFWHULVWLFD($6<(175<
,175$5(82$5
)XQFLHQRWH 
&DUDFWHULVWLFD($6<(;,7
$FWLYDUHDGH]DFWLYDUHD 
&DUDFWHULVWLFD($6<(;,7,(,5(
82$5
&XUHDFLHODFROL]LXQL 
)XQFLHQRWH 
&DUDFWHULVWLFGHGHVFKLGHUHDVLV
WDW 

,QGH[
&DUDFWHULVWLFGHvQFKLGHUHSH
WLPSGHSORDLH
7UDSJOLVDQWSDQRUDPLF 
&DUEXUDQW
$GLWLYL 
$OLPHQWDUHFXFDUEXUDQW 
&DOLWDWHEHQ]LQ 
&DOLWDWHGLHVHO 
,QGLFDWRUQLYHOGHFDUEXUDQW 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
1RWHSHQWUXDXWRYHKLFXOHOH$0* 
3UREOHPGHIHFLXQH 
&DUEXUDQWGHUH]HUY
/DPSGHDYHUWL]DUH 
0HVDMGHSHGLVSOD\ 
&DUEXUDQWXO
$ILDUHDFRQVXPXOXLFXUHQW 
$ILDUHDLQWHUYDOXOXL 
1RWHSULYLQGFRQVXPXO 
6WDWLVWLFLGHFRQVXP 
&DUGGHPHPRULHDXGLR 
&kUOLJGHJHDQW 
&kUOLJHOHGHDQFRUDUH 
&kUOLJHSHQWUXKDLQH 
&OGXUUH]LGXDOFRQWUROXOFOLPD
WL]ULL 
&SWXHDOSDYLOLRQLPRFKHWH
LQVWUXFLXQLGHFXUDUH 
&'SOD\HUPDJD]LHGH&'XULFDO
FXODWRUGHERUG 
&HQWUXGHVHUYLFH
YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&HQWUXGH6HUYLFH0HUFHGHV%HQ]
YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&HQWXUDGHVLJXUDQ
$FWLYDUHDGH]DFWLYDUHDUHJOULL
FHQWXULLFDOFXODWRUGHERUG 
(OLEHUDUH 
/DPSGHDYHUWL]DUH 
0HVDMDILDW 
3ULQGHUHD 
5HJODUHDFHQWXULLGHVLJXUDQ
SHQWUXVFDXQXORIHUXOXLLVFDX
QXOSDVDJHUXOXLID 
&HQWXU
YH]L&HQWXUGHVLJXUDQ

&HQWXUGHVLJXUDQ
&XUDUH 
,QGLFDWRUXOGHVWDUHDFHQWXULLGH
VLJXUDQVSDWH 
,QVWUXFLXQLLPSRUWDQWHSULYLQG
VLJXUDQD 
/DPSGHDYHUWL]DUHIXQFLH 
&HQWXULOHGHVLJXUDQ
'LVSR]LWLYGHSUHWHQVLRQDUHDFHQ
WXULORU 
/LPLWDWRUGHIRUSHQWUXFHQWXUL 
5HJODUHDSHvQOLPH 
&KHLD
0HVDMDILDW 
3RUQLUHDPRWRUXOXL 
3R]LLLFRPXWDWRUXOGHFRQWDFW 
VFKLPEDUHDEDWHULHL 
&KHLDGHXUJHQ
'HVFXLHUHDSRUWLHUHLRIHUXOXL 
&KHLDPDLQLL
YH]L&KHLD
&KHLH
&DUDFWHULVWLFGHGHVFKLGHUHDVLV
WDW 
(HPHQWXOFKHLHGHXUJHQ 
)XQFLDGHvQFKLGHUHGHFRQIRUW 
QFKLGHUHDGHVFKLGHUHDFHQWUDOL
]DWDSRUWLHUHORU 
0RGLILFDUHDSURJUDPULL 
3LHUGHUH 
3UREOHPGHIHFLXQH 
9HULILFDUHDEDWHULHL 
&KLQJVXSHULRDU 
&OLPDWL]DUH
3RUQLUHRSULUH 
5FLUHFXGH]XPLGLILFDUH 
5HJODUHDGHELWXOXLGHDHU 
5HJODUHDGLVWULEXLHLDHUXOXL 
5HJODUHDRULILFLLORUGHYHQWLODLH 
5HJODUHDWHPSHUDWXULL 
&RGXOGHYRSVHD 
&20$1'2QOLQH
0HQLX21 2))52$' 
YH]L,QVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH
&RPSDUWLPHQWGHGHSR]LWDUH
&RPSDUWLPHQWSHQWUXRFKHODUL 

,QGH[
&RPSDUWLPHQWHGHGHSR]LWDUH
&RQVRODFHQWUDOVSDWH 
&RQVROFHQWUDO 
&RWLHUGHGHVXEW 
6XSRUWXOSHQWUXSDKDU 
&RPSDUWLPHQWHOHGHGHSR]LWDUH
,QIRUPDLLLPSRUWDQWHSULYLQGVLJX
UDQD 
3ODVDSHQWUXEDJDMH 
7RUSHGR 
&RPSDUWLPHQWSHQWUXRFKHODUL 
&RPSDUWLPHQWVSDWH
6HWDUHDRULILFLLORUGHYHQWLODLH 
6HWDUHWHPSHUDWXU 
&RPSOHWDUH$G%OXH 
&RPSRQHQWHRUQDPHQWDOH
LQVWUXFLXQLGHFXUDUH 
&RPSXWHUGHERUG
0HQLXGHVHWUL 
0HQLXOSHQWUXDVLVWHQ 
0HQLXWHOHIRQ 
6XEPHQLXFRQIRUW 
&RPXWDWRUFRPELQDW 
&RQFHVLXQH
YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&RQGXFHUHDvQVWULQWDWH
)D]DVFXUWVLPHWULF 
6HUYLFHK 
&RQGXFHUHDSHGUXPXULPRQWDQH
8QJKLGHDWDFGHJDMDUH 
&RQGXFHUHDRIIURDG
,QIRUPDLLJHQHUDOH 
/LVWGHYHULILFDUHGXSFRQGXFH
UHDRIIURDG 
&RQGXFHUHRIIURDG
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
YH]L&RQGXFHUHRIIURDG
&RQGXFHUHRIIURDG
/LVWGHYHULILFDUHvQDLQWHGHFRQ
GXFHUHDRIIURDG 
5XODUHDvQSDQW 
&RQH[LXQHGLDJQRVWLFDUH 
&RQVRODFHQWUDO
6HFLXQHDLQIHULRDU 
6HFLXQHDVXSHULRDU 
&RQWRUGHGLVWDQ
YH]L&RQWRUGHUXODMSDULDO

&RQWRUGHSDUFXUV
&RQWRUGHUXODMSDULDO
$SHODUH
5HVHWDUHFDOFXODWRUGHERUG
&RQWRUGHUXODMWRWDO
&RQWUROFOLPDWL]DUH
$FWLYDUHDGH]DFWLYDUHDIXQFLHL
=21(
&RQWURODXWRPDWDOFOLPDWL]ULL
7+(5027521,&WUL]RQ
QFO]LUHDYHQWLODLDDX[LOLDU
QFKLGHUHDGHVFKLGHUHDDVLVWDW
PRGGHUHFLUFXODUHDDHUXOXL
1RWHSULYLQGXWLOL]DUHDFRQWUROXOXL
DXWRPDWDOFOLPDWL]ULL7+(502
7521,&
3DQRXGHFRPDQGGLQVSDWH
3RUQLUHDRSULUHDvQFO]LULLOXQHWHL 
3UH]HQWDUHJHQHUDODVLVWHPHORU 
3UREOHPODvQFO]LUHDOXQHWHL
6HWDUHDPRGXOXLGHFOLPDWL]DUH
$,5)/2:
&RQWUROFURD]LHU
$FWLYDUH
'H]DFWLYDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
&RQWUROQLYHOPHVDMGHSHGLVSOD\
&RQWUROXOFOLPDWL]ULL
$FWLYDUHDGH]DFWLYDUHDFOGXULL
UH]LGXDOH
&RQWUROXODXWRPDWDOFOLPDWL]ULL
7+(50$7,&EL]RQ
'H]DEXULUHDJHDPXULORU
'H]DEXULUHDSDUEUL]XOXL
/DPSLQGLFDWRDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
1RWHSULYLQGXWLOL]DUHDFRQWUROXOXL
DXWRPDWDOFOLPDWL]ULL7+(50$
7,&
3RUQLUHDRSULUHDPRGXOXLGH
UHFLUFXODUHDDHUXOXL
3UREOHPHODUFLUHDFXGH]XPLGL
ILFDUHDDHUXOXL
&RQWUROXOFURD]LHUHL
&RQGLLLGHDFWLYDUH
/DPSDLQGLFDWRDUH/,0
0DQHWDSHQWUXFRQWUROXOFURD]LH
UHL
































,QGH[
6HOHFWDUH 
6HWDUHDXQHLYLWH]H 
6LVWHPGHDVLVWDUHDFRQGXFHULL 
&RQWUROXOQLYHOXOXLDXWRYHKLFXOFX
SDFKHWXO$,50$7,&
)XQFLHQRWH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
6HWULGHED] 
&RQWUROXOQLYHOXOXLDXWRYHKLFXOH
FXSDFKHWXO21 2))52$'
)XQFLHQRWH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
6HWULGHED] 
&RSLL
6LVWHPHGHUHWHQLH 
&RYRUD 
&ULF
/RFGHGHSR]LWDUH 
8WLOL]DUH 
&URQRPHWUDUH5$&(7,0(5 
&URQRPHWUX5$&(7,0(5 
&XSOUHPRUF
YH]L7UDFWDUHDXQHLUHPRUFL
&XSOVIHULF
([WLQGHUHD 
5DEDWDUHDvQXQWUX 
&XSOXOGHVWUkQJHUHDOXUXEXULORU
GHURDW 
&XUDUH
&kUOLJGHWUDFWDUHDUHPRUFLL 
6HPQDOL]DWRUGHGLUHFLHGLQ
RJOLQG 

'
'DWH
YH]L'DWHWHKQLFH
'DWHSULYLQGDXWRYHKLFXOXO 
'DWHWHKQLFH
'DWHSULYLQGDXWRYHKLFXOXO 
1RWH 
3QHXULMDQWH 
6DUFLQLOHUHPRUFLL 
'HEORFDUHGHXUJHQ
+D\RQ 
'HVFKLGHUHDvQFKLGHUHDFODSHWHL
JXULLGHXPSOHUHFXFDUEXUDQW 

'HVFKLGHUHDLvQFKLGHUHDSDQRX
ULORURUQDPHQWDOHODWHUDOH 
'HVFKLGHUHSHQWUXYDU
YH]L&DUDFWHULVWLFDGHGHVFKLGHUH
DVLVWDW
'HVFKL]WRUSHQWUXXDJDUDMXOXL
1RWH 
'HVFKL]WRUXOSHQWUXXDJDUDMXOXL
'HVFKLGHUHDvQFKLGHUHDXLL
JDUDMXOXL 
)UHFYHQH 
3URJUDPDUHEXWRQXOGLQRJOLQGD
UHWURYL]RDUH 
WHUJHUHDPHPRULHL 
'HVFXLHUH
'HVFXLHUHDGHXUJHQ 
'HVFXLHUHD
'LQLQWHULRUXODXWRYHKLFXOXOXL
EXWRQXOGHGHVFKLGHUHFHQWUDOL
]DW 
'HVFXLHUHGHXUJHQ
$XWRYHKLFXO 
'HWHFWDUHDEHQ]LLDXWRPDW
YH]L$VLVWHQDSHQWUXPHQLQHUHD
EHQ]LLGHPHUV
'H]DFWLYDUHDDODUPHL$7$ 
'LHVHO 
'LPHQVLXQLDXWRYHKLFXO 
'LUHFLHPHVDMGHSHGLVSOD\ 
'LVSOD\LQVWUXFLXQLGHFXUDUH 
'LVSOD\XOSHQWUXSR]LLDWUDQVPL
VLHL 
'LVSR]LWLYHFRPDQGDWHSULQXQGH
UDGLRPRQWDUH 
'LVSR]LWLYHGHFXUDUHODSUHVLXQH
vQDOW 
'LVWULEXLDHOHFWURQLFDIRUHLGH
IUkQDUH
YH]L(%'GLVWULEXLDHOHFWURQLFD
IRUHLGHIUkQDUH
',67521,&3/86
$FWLYDUH 
$ILDMHGLQDILDMXOPXOWLIXQFLRQDO 
&RQGLLLGHDFWLYDUH 
'H]DFWLYDUHD 
)XQFLHQRWH 
/DPSDGHDYHUWL]DUH 



,QGH[
0DQHWSHQWUXFRQWUROXOFURD]LH
UHL
0HVDMGHSHGLVSOD\
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
6HOHFWDUH
6HWDUHDGLVWDQHLPLQLPHVSHFLIL
FDWH
6IDWXULSULYLQGFRQGXFHUHD
'UXPXULVFXUWHILOWUXGHSDUWLFXOH
GLHVHO
'655HJODUHDYLWH]HLODFRERUkUHD
vQSDQW
)XQFLHQRWH
0HVDMGHSHGLVSOD\
'9'DXGLRFDOFXODWRUGHERUG












(
(%'GLVWULEXLDHOHFWURQLFDIRU
HLGHIUkQDUH
)XQFLHQRWH 
0HVDMGHSHGLVSOD\ 
(OHPHQWXOFKHLHGHXUJHQ
)XQFLHQRWH 
QFXLHUHDDXWRYHKLFXOXOXL 
(OLEHUDUHDGHXUJHQ
3RUWLHUDRIHUXOXL 
(633URJUDPGHVWDELOLWDWHHOHF
WURQLF
(76 
'H]DFWLYDUHDFWLYDUH 
)XQFLHQRWH 
,QGLFDLLLPSRUWDQWHSULYLQGVLJX
UDQD 
/DPSGHDYHUWL]DUH 
0HQLXO$0*FDOFXODWRUGHERUG 
0HVDMXOGHSHGLVSOD\ 
6WDELOL]DUHUHPRUF 
([WLQFWRU 

)
)DU
6LVWHPXOGHFXUDUHIXQFLH 
)DUXUL
$EXULUH 
&RPSOHWDUHDVLVWHPXOXLGH
FXUDUH 
YH]L0RGXOIXQFLRQDUHDXWRPDW
DIDUXULORU
)DUXULOHSHQWUXID]OXQJ
0HVDMGHSHGLVSOD\ 
3RUQLUHDRSULUHDDVLVWULLSHQWUX
ID]OXQJDGDSWLY 
)DUXULOHSHQWUXID]VFXUW
0HVDMGHSHGLVSOD\ 
)DUXULSHQWUXID]OXQJ
3RUQLUHRSULUH 
6FKLPEDUHDEHFXULORU 
)DUXULSHQWUXID]VFXUW
3RUQLUHRSULUH 
6FKLPEDUHDEHFXULORU 
6HWDUHDSHQWUXFRQGXFHUHDvQ
VWULQWDWHVLPHWULF 
6HWDUHSHQWUXFRQGXFHUHDSH
GUHDSWDVWkQJD 
)LOWUXGHDHUPHVDMGHSHGLVSOD\
DOE 
)LOWUXGHFDUEXUDQWPHVDMGHSH
GLVSOD\DOE 
)LOWUXOGHSDUWLFXOHGLHVHO 
)LQLVDMXOPDWLQVWUXFLXQLGH
FXUDUH 
)UkQDGHSDUFDUH
0HVDMDILDW 
)UkQD35(6$)(
/DPSGHDYHUWL]DUH 
0HVDMGHSHGLVSOD\ 
)51$5($'$37,9 
)UkQGHPkQ
YH]L)UkQGHSDUFDUH
)UkQGHSDUFDUH
)UkQGHSDUFDUHHOHFWULF 
)UkQH
$%6 
%$63/86 
)UkQDGHSDUFDUH 
/LFKLGGHIUkQQRWH 

,QGH[
0HVDMGHSHGLVSOD\ 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
6IDWXULSULYLQGFRQGXFHUHD 
6LVWHPGHIUkQDUHGHvQDOWSHU
IRUPDQ 
)UkQHOH
%$6 
/DPSDGHDYHUWL]DUH 
)UHFYHQH
'HVFKL]WRUXOSHQWUXXDJDUDMX
OXL 
6WDLHUDGLRELGLUHFLRQDO 
7HOHIRQPRELO 
)XQFLDGHvQFKLGHUHGHFRQIRUW 
)XQFLDOXPLQDFWLY 
)XQFLDVWDUWVWRS(&2
,QIRUPDLLJHQHUDOH 
)XQFLHQRWHSULYLQGIUkQD35(
6$)( 
)XQFLHGHPHPRUDUH 
)XQFLH+2/'
)XQFLHQRWH 
0HVDMGHSHGLVSOD\ 
)XQFLHVWDUWVWRS(&2
'H]DFWLYDUHDFWLYDUH 
)XQFLRQDUHDSHWLPSGHLDUQ
/DQXULOHGH]SDG 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
3URJUDPGHFRQGXFHUHSH]SDG 
6XSUDIHHFDURVDELOHDOXQHFRDVH 
)XQFLRQDUHSHWLPSGHLDUQ
0DVFUDGLDWRU 

*
*HDPXUL
&XUDUH 
YH]L*HDPXULODWHUDOH
*HDPXULHOHFWULFH
YH]L*HDPXULODWHUDOH
*HDPXULODWHUDOH
'HVFKLGHUHvQFKLGHUH 
'HVFKLGHUHDVLVWDW 
QFKLGHUHGHFRQIRUW 
5HVHWDUH 
*HDPXULOHODWHUDOH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
3UREOHPGHIHFLXQH 

*KLGDUHDSHWUDVHXQDYLJDLH 

*UHXWLDXWRYHKLFXO 

+
+D\RQ
'HEORFDUHGHXUJHQ 
'LPHQVLXQLGHGHVFKLGHUH 
/LPLWDUHDXQJKLXOXLGHGHVFKLGHUH 
0HVDMGHSHGLVSOD\ 
+D\RQXO
'HVFKLGHUHDvQFKLGHUHDDXWR
PDWGLQH[WHULRU 
'HVFKLGHUHDvQFKLGHUHDDXWR
PDWGLQLQWHULRU 
'HVFKLGHUHDvQFKLGHUHDGLQ
H[WHULRU 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 

,
,OXPLQDUHD
YH]L/XPLQLOH
,OXPLQDUHDDPELDQW
6HWDUHDFXORULLFDOFXODWRUGH
ERUG 
6HWDUHDLQWHQVLWLLFDOFXODWRUGH
ERUG 
,OXPLQDUHDLQWHULRDU
&RQWUROXOPDQXDO 
,OXPLQDUHDGHXUJHQ 
/DPSDGHOHFWXU 
2SULUHWHPSRUL]DWFDOFXODWRUGH
ERUG 
3UH]HQWDUHJHQHUDO 
6HWDUHDFXORULLLOXPLQULL
DPELDQWHFDOFXODWRUGHERUG 
6HWDUHDLQWHQVLWLLLOXPLQULL
DPELDQWHFDOFXODWRUGHERUG 
6LVWHPXOGHFRQWURODXWRPDW 
,OXPLQDUHDPELHQWDOFDOFXODWRU
GHERUG 
,OXPLQDUHDVXSOLPHQWDUvQYLUDMH
)XQFLHQRWH 
,OXPLQDUHGHXUJHQFXUHDFLLOD
FROL]LXQL 
,OXPLQDUHH[WHULRDU
YH]L/XPLQL





,QGH[
,OXPLQDUHLQVWUXPHQWH
YH]L,OXPLQDUHDSDQRXOXLGHLQVWUXPHQWH
,OXPLQDUHLQWHULRDU 
,OXPLQDUHSDQRXGHLQVWUXPHQWH 
,OXPLQDUHVXSOLPHQWDUvQYLUDMH
0HVDMGHSHGLVSOD\ 
,PRELOL]DWRU 
,QGLFDWRDUH
YH]L6HPQDOL]DWRDUHGHGLUHFLH
,QGLFDWRUXOGHUHYL]LLWHKQLFHSHQ
WUX$G%OXH 
,QGLFDWRUXOGHVWDUHDFHQWXULLGH
VLJXUDQGLQFRPSDUWLPHQWXO
VSDWH 
,QGLFDWRUXOWUHSWHLGHYLWH]FDOFX
ODWRUXOGHERUG 
,QVWUXFLXQLJHQHUDOHUHIHULWRDUHOD
vQFUFDUH 
,QYRFDUHDXQHLGHIHFLXQL
YH]L0HVDMHOHGHSHGLVSOD\

QFO]LUH
YH]L&RQWUROFOLPDWL]DUH
QFO]LUHDDX[LOLDU
)L[DUHDRUHLGHSOHFDUH 
3UREOHPPHVDMXOGHSHGLVSOD\  
6HWDUH 
7HOHFRPDQGD 
QFO]LUHDOXQHWHL
3RUQLUHRSULUH 
QFO]LUHDX[LOLDU
$FWLYDUHGH]DFWLYDUH 
$FWLYDUHGH]DFWLYDUHGHSHFRQ
VRODFHQWUDO 
0HVDMGHSHGLVSOD\ 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
QFO]LUHDYRODQXOXL
3RUQLUHRSULUH 
3UREOHPGHIHFLXQH 
QFO]LUHOXQHW
3UREOHPGHIHFLXQH 
QFUFDUHSULQEDQFKHW 
QFKLGHUHD
YH]LQFKLGHUHDFHQWUDOL]DW
QFKLGHUHDGHVFKLGHUHDDVLVWDW
PRGXOGHUHFLUFXODUHDDHUXOXL 

QFKLGHUHDFHQWUDOL]DW
QFXLHUHDXWRPDWFDOFXODWRUGH
ERUG 
QFKLGHUHFHQWUDOL]DW
'HVFXLHUHvQFXLHUHFKHLH 
QFXLHUHSRUWLHUH
$XWRPDW 
QFXLHUHGHXUJHQ 
QFXLHUHDSRUWLHUHOH
'LQLQWHULRUEXWRQXOGHvQFKLGHUH
FHQWUDOL]DW 
QFXLHUHDFHQWUDOL]DW
YH]LQFKLGHUHDFHQWUDOL]DW
QFXLHUHDGHXUJHQDDXWRYHKLFX
OXOXL 
QFXLHWRULOHFHQXSHUPLWDFFHVXO
FRSLLORU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
3RUWLHUHOHVSDWH 
QJULMLUH
$VLVWHQWXOODYHGHUHDSHWLPSGH
QRDSWH3OXV 
&DPHUDGHPHUVvQDSRL 
&SWXHDOSDYLOLRQ 
&HQWXUDGHVLJXUDQ 
&RPSRQHQWHRUQDPHQWDOH 
'LVSR]LWLYGHFXUDUHODSUHVLXQH
vQDOW 
*HDPXUL 
+XVDGHVFDXQ 
,QWHULRU 
/DPHOHWHUJWRDUHORU 
0RFKHWH 
1RWH 
2UQDPHQWGLQOHPQ 
2UQDPHQWGLQSODVWLF 
5RL 
6FKLPEWRUGHYLWH]HVDXPDQHW
VHOHFWRDUH 
6HQ]RULL 
6SODUHPDQXDO 
6SOWRULHDXWRPDW 
HYLGHHDSDPHQW 
9RODQ 
9RSVHD 
9RSVHDPDW 
QORFXLUHDEDWHULHLWHOHFRPDQG
GHvQFO]LUHDX[LOLDU 

,QGH[
QWLQ]WRUGHFHQWXU
$FWLYDUH 
)XQFLH 
QWUHLQHUH
'LVSOD\ 
/XPLQLH[WHULRDUH 
YH]L$ILDMXOLQWHUYDOXOXLGHVHUYLFH
$66<673/86

-DOX]HOH
7UDSJOLVDQWSDQRUDPLF 
-DQWH
'LPHQVLXQHMDQWHGLPHQVLXQH
SQHXUL 

.
.(</(66*2
%XWRQXO6WDUW6WRS 
'HVFXLHUH 
QFKLGHUHDVLVWDW 
QFXLHUH 
0HVDMXOGHSHGLVSOD\ 
3RUQLUHDPRWRUXOXL 
.LORPHWUDM
YH]L&RQWRUGHUXODMSDULDO
YH]L&RQWRUXOGHGLVWDQWRWDO
.LORPHWUDMSDUFXUV
YH]L&RQWRUGHUXODMSDULDO

/
/DPHOHWHUJWRDUHORU
&XUDUHD 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
/DPHWHUJWRDUH
QORFXLUHODOXQHW 
QORFXLUHSDUEUL] 
/DPSDGHDYHUWL]DUH3$66(1*(5
$,5%$*2))DLUEDJSDVDJHUGH]DF
WLYDW 
/DPSDLQGLFDWRDUH/,0
&RQWUROXOFURD]LHUHL 
',67521,&3/86 
63(('7521,&YDULDELO 

/DPSGHFHDVSDWH
0HVDMGHSHGLVSOD\ 
3RUQLUHRSULUH 
/DPSGHOHFWXU 
/DPSSHQWUXSOFXDGHvQPDWUL
FXODUHPHVDMGHSHGLVSOD\ 
/DQXULGH]SDG
,QIRUPDLL 
3URJUDPGHFRQGXFHUHSH]SDG 
/PSL
YH]L/PSLOHGHDYHUWL]DUHLLQGLFDWRDUH
/PSLGHDYHUWL]DUHLLQGLFDWRDUH
&DUEXUDQWGHUH]HUY 
&HQWXUDGHVLJXUDQ 
)UkQHOH 
/LFKLGGHUFLUH 
3UH]HQWDUHJHQHUDO 
5H]HUYRUGHFDUEXUDQW 
/PSLGHIUkQ
6FKLPEDUHDEHFXULORU 
/PSLGHPHUVvQDSRL
0HVDMGHSHGLVSOD\ 
/PSLGHSR]LLH
0HVDMGHSHGLVSOD\ 
3RUQLUHRSULUH 
6FKLPEDUHDEHFXULORU 
/PSLGHSR]LLHVFKLPEDUHD
EHFXULORU 
/PSLOHGHDYHUWL]DUHLLQGLFD
WRDUH
$%6 
',67521,&3/86 
(63 
(632)) 
/,0FRQWUROXOFURD]LHUHL 
/,0',67521,&3/86 
/,063(('7521,&YDULDELO 
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL 
3$66(1*(5$,5%$*2))$,5
%$*3$6$*(5235,7 
6HPQDOXOGHDYHUWL]DUHSULYLQGGLV
WDQD 
656 
/PSLOHGHIUkQ
0HVDMGHSHGLVSOD\ 





,QGH[
/PSLOHLQGLFDWRDUH
0HVDMGHSHGLVSOD\ 
YH]L/PSLOHGHDYHUWL]DUHLLQGLFDWRDUH
/PSLOHLQGLFDWRDUHLOPSLOHGH
DYHUWL]DUH
'LDJQRVWLFDUHDPRWRUXOXL 
/PSLOHVSDWH
0HVDMGHSHGLVSOD\ 
/LFKLGGHIUkQ
0HVDMGHSHGLVSOD\ 
1RWH 
/LFKLGGHUFLUHPRWRU
/DPSGHDYHUWL]DUH 
0HVDMGHSHGLVSOD\ 
7HPSHUDWXUFDOFXODWRUGHERUG  
9HULILFDUHDQLYHOXOXL 
/LFKLGGHVSODUH
0HVDMGHSHGLVSOD\ 
/LFKLGVSOWRUGHSDUEUL]
YH]L6LVWHPVSOWRUGHSDUEUL]
/LFKLGXOGHUFLUHPRWRU
,QGLFDWRUXOGHWHPSHUDWXU 
1RWH 
/LPLWDUHDYLWH]HL
YH]L63(('7521,&
/LPLWDWRDUHGHIRUSHQWUXFHQ
WXUDFWLYDUH 
/RFRIHU
YH]L3DQRXGHLQVWUXPHQWH
/2:5$1*(
0HVDMGHSHGLVSOD\ 
7UHDSWSHQWUXWHUHQDFFLGHQWDW 
/XPLQL
$FWLYDUHGH]DFWLYDUHLOXPLQDUH
DPELHQWDOFDOFXODWRUGHERUG 
$FWLYDUHGH]DFWLYDUHRSULUHWHP
SRUL]DWDLOXPLQULLH[WHULRDUH
FDOFXODWRUGHERUG 
$FWLYDUHGH]DFWLYDUHRSULUHWHP
SRUL]DWDLOXPLQULLLQWHULRDUH 
$FWLYDUHDGH]DFWLYDUHD$VLVWHQ
HLSHQWUXID]DOXQJDGDSWLY 
$FWLYDUHDGH]DFWLYDUHDPRGXOXL
GHIXQFLRQDUHSHWLPSGH]LDIDUX
ULORUFDOFXODWRUGHERUG 
$FWLYDUHDGH]DFWLYDUHDVLVWHPX
OXLGHOXPLQLLQWHOLJHQWH 
&OD[RQXORSWLFIODVK 

&RPXWDWRUXOGHOXPLQL 
&RQGXFHUHDvQVWULQWDWH 
)DUXULOHSHQWUXID]OXQJ 
)DUXULOHSHQWUXID]VFXUW 
)XQFLDGHLOXPLQDUHVXSOLPHQWDU
vQYLUDMH 
)XQFLDOXPLQDFWLY 
QOLPHIDUXUL 
/DPSDGHFHDVSDWH 
/PSLOHGHSR]LLH 
0HVDMXOGHSHGLVSOD\ 
0RGXODXWRVWUDG 
0RGXOGHIXQFLRQDUHDXWRPDWD
IDUXULORU 
3RUQLUHDRSULUHDPRGXOXLGH
IXQFLRQDUHSHWLPSGH]LDIDUXUL
ORUFRPXWDWRU 
3URLHFWRDUHOHGHFHDUD]
H[WLQV 
6HPQDOL]DWRDUHGHDYDULH 
6HPQDOL]DWRDUHGHGLUHFLH 
6HWDUHDFXORULLLOXPLQULL
DPELDQWHFDOFXODWRUGHERUG 
6HWDUHDLQWHQVLWLLLOXPLQULL
DPELDQWHFDOFXODWRUGHERUG 
YH]L,OXPLQDUHDLQWHULRDU
YH]L6FKLPEDUHDEHFXULORU
/XPLQL$872
0HVDMGHSHGLVSOD\ 
YH]L/XPLQL
/XPLQLGHIUkQ
$GDSWLYH 
/XPLQLOHGHIUkQDGDSWLYH 

0
0DQHWD',5(&76(/(&7
YH]L7UDQVPLVLHDXWRPDW
0DQHWGHVFKLPEDUHDYLWH]HORU
VLWXDWSHYRODQ 
0DVSURSULHODJRO 
0DVFDQWLLQVHFWHGHSHUDGLDWRU 
0DVFUDGLDWRU 
0DLQD
YH]L$XWRYHKLFXOXO
0HPRULDGHPHVDMHFDOFXODWRUGH
ERUG 
0HQLXO$0*FDOFXODWRUXOGHERUG 

,QGH[
0HQLXODXGLRFDOFXODWRUGHERUG 
0HQLXOGHVHUYLFHFDOFXODWRUGH
ERUG 
0HQLXOSHQWUXDVLVWHQFRPSXWHU
GHERUG 
0HQLXO2QL2IIURDGFDOFXODWRU
GHERUG 
0HVDMGHHURDUH
YH]L0HVDMHGHSHGLVSOD\
0HVDMGHSHGLVSOD\
$VFXQGHUHFDOFXODWRUGHERUG 
,QIRUPDLLJHQHUDOH 
0HVDMGHSHGLVSOD\ODPSGHJDED
ULWODWHUDO 
0HVDMH
YH]L0HVDMHGHSHGLVSOD\
0HVDMHGHSHGLVSOD\
$XWRYHKLFXO 
0RWRU 
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
6LVWHPHGHVLJXUDQ 
0HVDMHOHGHSHGLVSOD\
$ILDMLQWHUYDOGHVHUYLFH$66<67
3/86 
$SHODUHFDOFXODWRUGHERUG 
&KHLD 
/XPLQL 
3QHXUL 
0HVDMXOGHSHGLVSOD\
.(</(66*2 
0RGDXWRVWUDG 
0RGGHIXQFLRQDUHDXWRPDWD
IDUXULORU 
0RGGHIXQFLRQDUHFRQVWDQWD
IDUXULORU
YH]L0RGGHIXQFLRQDUHSHWLPS
GH]LDIDUXULORU
0RGGHIXQFLRQDUHSHWLPSGH]LD
IDUXULORU
$FWLYDUHGH]DFWLYDUHFDOFXODWRU
GHERUG 
0HVDMGHSHGLVSOD\ 
3RUQLUHDRSULUHDFRPXWDWRU 
0RGLILFDUHDSURJUDPULLFKHLH 
0RGXOGHUXODUHGHXUJHQSHQWUX
WUDQVPLVLDDXWRPDW 

0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL
)XQFLHQRWH 
/DPSDGHDYHUWL]DUH 
5HSRUQLUHD 
0RWRU
)XQFLDVWDUWVWRS(&2 
0HVDMHDILDWH 
2SULUH 
3RUQLUHDFX.(</(66*2 
3RUQLUHIRUDW 
3RUQLUHSULQWUDFWDUHDXWRYHKLFXO 
6HULDPRWRUXOXL 
0RWRUXO
)XQFLRQDUHQHUHJXODW 
/DPSDGHDYHUWL]DUHGLDJQRVWLFD
UHDPRWRUXOXL 
3RUQLUHDFXFKHLD 
3UREOHPHODSRUQLUH 
03
8WLOL]DUH 
YH]L,QVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH

1
1DYLJDLH
&DOFXODWRUGHERUG 
0HQLXFDOFXODWRUXOGHERUG 
YH]LLQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH
1LYHODXWRYHKLFXOPHVDMGHSHGLV
SOD\ 
1LYHOGHFDUEXUDQW
,QGLFDWRU 
1LYHOXODXWRYHKLFXOXOXL
6XVSHQVLDVSRUW$0*5,'(&21
752/ 
1LYHOXOGHFDUEXUDQW
$FWLYDUHDLQWHUYDOXOXLFDOFXODWR
UXOGHERUG 
1RWHSULYLQGURGDUHDXQXLQRX
DXWRYHKLFXO 
1XPUXOGHLGHQWLILFDUHDYHKLFX
OXOXL
YH]L9,1

2
2FKLXULGHDQFRUDUH 
2JOLQGDGHPDFKLDMGLQSDUDVRODU 





,QGH[
2JOLQGUHWURYL]RDUH
)XQFLH]LQRDSWHPDQXDO 
0RGDQWLRUELUHDXWRPDW 
2JOLQ]L
YH]L2JOLQGDGHPDFKLDM
YH]L2JOLQGUHWURYL]RDUH
YH]L2JOLQ]LH[WHULRDUH
2JOLQ]LH[WHULRDUH
QDIDUDSR]LLHLUHPHGLHUHD
GHIHFLXQLORU 
0RGDQWLRUELUHDXWRPDW 
3R]LLHGHSDUFDUH 
5DEDWDUHH[WLQGHUHDXWRPDW 
5DEDWDUHH[WLQGHUHHOHFWULF 
5HJODUH 
5HVHWDUH 
6HWULGHPHPRUDUHIXQFLDGH
PHPRUDUH 
2JOLQ]LOHH[WHULRDUH
5DEDWDUHDvQLQWHULRUODvQFXLHUH
FDOFXODWRUGHERUG 
2SULUHDDXWRPDWDPRWRUXOXL
IXQFLDVWDUWVWRS(&2 
2SULUHWHPSRUL]DW
,OXPLQDUHDLQWHULRDU 
,OXPLQDUHH[WHULRDUFDOFXODWRU
GHERUG 
2U
YH]L0DQXDOGHXWLOL]DUHVHSDUDW
2ULILFLL
YH]L2ULILFLLGHYHQWLODLH
2ULILFLLGHYHQWLODLH
)L[DUHDRULILFLLORUGHYHQWLODLH
ODWHUDOH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
5HJODUHDRULILFLLORUGHYHQWLODLH
FHQWUDOH 
6SDWH 
7RUSHGR 
2ULILFLLOHGHYHQWLODLH
6HWDUH 
2UQDPHQWGLQOHPQLQVWUXFLXQLGH
FXUDUH 
2UQDPHQWGLQSODVWLFLQVWUXFLXQL
GHFXUDUH 

3
3DFKHWGHVLVWHPHSHQWUXDVLVWD
UHDDFWLYDFRQGXFHULL 
3DFKHWXO$,50$7,&
$'6$GDSWLYH'DPSLQJ6\VWHP
6LVWHPXOGHDPRUWL]DUHDGDSWLY  
&RQWUROXOQLYHOXOXL 
)XQFLHQRWH 
3DFKHWXOGHVLVWHPHGHDVLVWDUH
SHQWUXPHQLQHUHDEHQ]LLGHFLUFX
ODLH 
3DQ
YH]L3DQGHSQHX
YH]L5HPRUFDUH
3DQGHFDXFLXF
5LGLFDUHDXWRYHKLFXO 
3DQGHSQHX
3UHJWLUHDDXWRYHKLFXOXOXL 
6LVWHPGHUXODUHvQFD]GHSDQ
02([WHQGHG 
3DQRXGHFRPDQGVLWXDWSHSOD
IRQ 
3DQRXGHLQVWUXPHQWH
/PSLGHDYHUWL]DUHLLQGLFDWRDUH 
3UH]HQWDUHJHQHUDO 
3DQRXOGHLQVWUXPHQWH
6HWUL 
3DUEUL]
'H]DEXULUH 
7HUPRUHIOHFWDQW 
YH]L3DUEUL]
3DUFDUH 
&DPHUDGHPHUVvQDSRL 
)UkQDGHSDUFDUH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
3R]LLDRJOLQ]LLH[WHULRDUHSDUWHD
SDVDJHUXOXLID 
YH]L3$5.7521,&
3$5.7521,&
'H]DFWLYDUHDDFWLYDUHD 
)XQFLRQDUHUHFRPDQGUL 
3UREOHPGHIHFLXQH 
5D]DGHDFLXQHDVHQ]RULORU 
6LVWHPGHDVLVWDUHDFRQGXFHULL 
7UDFWDUHDUHPRUFLL 
3HOLFXODDQWLRUELUH 
3LHVH0HUFHGHV%HQ]DXWHQWLFH 

,QGH[
3ODQDGHERUG
YH]L%RUG
3ODQHXSRUWEDJDM
GHVFKLGHUHvQFKLGHUH 
VSDLXGHGHSR]LWDUHGHGHVXEW 
3ODVGHVLJXUDQ
,QIRUPDLLLPSRUWDQWHSULYLQGVLJX
UDQD 
3ULQGHUH 
3ODVSHQWUXEDJDMH 
3OFXDGHLGHQWLILFDUHWLS
YH]L3OFXDGHLGHQWLILFDUHDDXWR
YHKLFXOXOXL
3OFXGHLGHQWLILFDUHDDXWRYHKL
FXOXOXL 
3QHXGH]XPIODW
6FKLPEDUHDXQHLURLPRQWDUHD
URLLGHUH]HUY 
7UXV7,5(),7 
3QHXUL
$GHUHQ 
'LPHQVLXQHSQHXULGDWH 
QORFXLUH 
0HVDMXOGHSHGLVSOD\ 
6HQVXOGHURWDLH 
6XSUDIDDGHUXODUHDSQHXOXL 
9LDXWLO 
YH]L3DQGHSQHX
3QHXULGHLDUQ
/LPLWDUHDYLWH]HLFDOFXODWRUXOGH
ERUG 
3QHXUL06 
3QHXULOH
'HSR]LWDUHD 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
9HULILFDUH 
3QHXULOHGHYDU 
3QHXUL06 
3RUQLUHPRWRU 
3RUQLUHDDXWRPDWDPRWRUXOXL
IXQFLDVWDUWVWRS(&2 
3RUQLUHDGHSHORF
5HPRUFD 
7UDQVPLVLHDXWRPDW 
3RUQLUHDIRUDWPRWRU 
YH]L3RUQLUHDIRUDWPRWRU

3RUQLUHDSULQWUDFWDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
3RUQLUHDGHXUJHQDPRWRUXOXL 
3RUWEDJDM
YH]L+D\RQ
3RUWEDJDMXOGHDFRSHUL 
3RUWLHU
'HVFKLGHUHDGLQLQWHULRU 
'HVFXLHUHDGHXUJHQ 
QFKLGHUHDGHVFKLGHUHDFHQWUDOL
]DWFKHLH 
QFXLHUHDXWRPDWFDOFXODWRUXO
GHERUG 
QFXLHUHDXWRPDWFRPXWDWRU 
QFXLHUHGHXUJHQ 
0HVDMGHSHGLVSOD\ 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
3DQRXGHFRPDQG 
3RUWLHURIHU
YH]L3RUWLHU
3RVW
YH]L5DGLR
3RVWXOGHFRQGXFHUH
3UH]HQWDUHJHQHUDO 
3R]LLLOHFKHLL
&KHLD 
.(</(66*2 
35(6$)(VLVWHPGHVLJXUDQ
SUHYHQWLYDSDVDJHULORU
0HVDMGHSHGLVSOD\ 
8WLOL]DUH 
3UHVLXQHDHU
YH]L3UHVLXQHSQHX
3UHVLXQHDvQSQHXUL
$SHODUHFDOFXODWRUGHERUG 
$YHUWL]DUHDVXSUDSLHUGHULLGHSUH
VLXQHGLQSQHXUL 
0HVDMHDILDWH 
1HDWLQV7,5(),7 
5HFRPDQGDW 
3UHVLXQHvQSQHXUL
$WLQV7,5(),7 
3UH]HQD
&RSLLORUODERUG 
3UL]DGH9
YH]L3UL]H





,QGH[
3UL]
$VSHFWHGHFDUHVHYDLQHFRQW
vQDLQWHGHXWLOL]DUH 
&RPSDUWLPHQWXOVSDWH 
&RQVRODFHQWUDO 
3RUWEDJDM 
3URGXVHGHVHUYLFH
$GLWLYLVSHFLDOL$G%OXH 
/LFKLGGHVSODUH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
3URGXVHOHGHVHUYLFH
&DUEXUDQW 
/LFKLGGHIUkQ 
/LFKLGXOGHUFLUHPRWRU 
8OHLXOGHPRWRU 
3URJUDPGHFRQGXFHUH
0DQXDO 
3URJUDPGHVWDELOLWDWHHOHFWURQLF
YH]L(633URJUDPGHVWDELOLWDWH
HOHFWURQLF
3URJUDPHGHFRQGXFHUH
YH]L3URJUDPHRIIURDG
YH]L3URJUDPHRQURDG
3URJUDPHOHRIIURDGODDXWRYHKL
FXOHOHFXSDFKHWXO21 2))52$'
)XQFLHQRWH 
3URJUDPHRIIURDGDXWRYHKLFXOH
FXSDFKHWXO21 2))52$'
$ILDMHSHDILDMXO&20$1' 
3URJUDPHRQURDG
)XQFLHQRWH 
3URJUDP$872 
3URJUDPSHQWUXUHPRUF 
3URJUDPSHQWUX]SDG 
3URJUDP63257 
3URJUDPXOGHFRQGXFHUH
$XWRPDW 
'LVSOD\PDQHWD',5(&76(/(&7  
3URJUDPXOGHVFKLPEDUHDYLWH]H
ORU
6(783FDOFXODWRUGHERUG 
3URJUDPXORIIURDGODDXWRYHKL
FXOHOHFXSDFKHWXO21 2))52$'
3URJUDPXORIIURDG 
3URJUDPXORIIURDG 

3URJUDPRIIURDGODDXWRYHKLFX
OHOHFXSDFKHWXO21 2))52$'
)XQFLHQRWH 
3URLHFWRDUHOHGHFHDUD]
H[WLQV 
3URWHFLDPHGLXOXL
1RW 
3URWHFLHFRQWUDVRDUHOXL 
3URWHFLHODWUDFWDUH 
3URWHMDUHDPHGLXOXLvQFRQMXUWRU
5HWXUQDUHDDXWRYHKLFXOHORUSHQ
WUXVFRDWHUHDGLQX] 

5
5DEDWDUHDvQDLQWHvQDSRLDEDQ
FKHWHLGLQVSDWH 
5$&(7,0(5FDOFXODWRUGHERUG 
5DGLR
6HOHFWDUHDXQXLSRVWGHUDGLR 
YH]LLQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH
5FLUH
YH]L&RQWUROFOLPDWL]DUH
5HFRPDQGULSULYLQGFRQGXFHUHD
DXWRYHKLFXOXOXL
&RQGXFHUHDSHQLVLS 
7UHFHUHDSHVWHREVWDFROH 
5HJODMXOVXVSHQVLHL
6(783FDOFXODWRUGHERUG 
5HJODUHDYLWH]HLvQSDQWGHVFHQ
GHQW
YH]L'655HJODUHDYLWH]HLvQSDQW
GHVFHQGHQW
5HJODUHvQOLPHIDUXUL 
5HJODUHVXVSHQVLH
6XVSHQVLHVSRUW$0*5,'(&21
752/ 
5HPRUFDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
5HWURJUDGDUHDIRUDW
3URJUDPXOGHFRQGXFHUHvQUHJLP
PDQXDO 
6IDWXULSULYLQGFRQGXFHUHD 
5H]HUYDGHFDUEXUDQW
YH]L&DUEXUDQW
5H]HUYUH]HUYRUXOGHFDUEXUDQW
YH]L&DUEXUDQW

,QGH[
5H]HUYRU
&RQLQXWUH]HUYRUFDUEXUDQWXOGH
UH]HUY 
YH]L5H]HUYRUGHFDUEXUDQW
5H]HUYRUGHFDUEXUDQW
&DSDFLWDWHD 
3UREOHPGHIHFLXQH 
5RDWDGHUH]HUY
YH]L5RDWDGHUH]HUYGHX]WHPSRUDU
5RDWGHUH]HUY
/RFGHGHSR]LWDUH 
1RWHGDWH 
5RL
&XSOXGHVWUkQJHUH 
&XUDUH 
6FKLPEDUHDXQHLURL 
5RLOH
'HSR]LWDUHD 
0RQWDUHDXQHLURL 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
6FKLPEDUHvQORFXLUH 
6FRDWHUHDXQHLURL 
9HULILFDUH 
5XODUHDvQSDQW
&DSDFLWDWHPD[LPGHXUFDUHvQ
SDQW 

6
6DUFLQDPD[LPSHDFRSHUL 
6FDXQH
&XUDUHDKXVHL 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
3RUQLUHDRSULUHDvQFO]LULLVFDX
QXOXL 
3R]LLDFRUHFWDVFDXQXOXLRIH
UXOXL 
3UREOHPODvQFO]LUHDVFDXQXOXL 
3UREOHPODYHQWLODUHDVFDXQXOXL 
5DEDWDUHDvQDLQWHvQDSRLDEDQ
FKHWHLGLQVSDWH 
5HJODUHHOHFWULF 
5HJODUHDVXSRUWXOXLORPEDUFX
GLUHFLL 
5HJODUHDWHWLHUHL 
6HWULGHPHPRUDUHIXQFLDGH
PHPRUDUH 

6FDXQHOH
3RUQLUHDRSULUHDYHQWLOULLVFDX
QXOXL 
6FDXQSHQWUXFRSLL
5HFRPDQGUL 
6FDXQSHQWUXFRSLO
3HVFDXQXOSDVDJHUXOXLID 
6FDXQVSDWH
5HJODUH 
6FDXQXOSHQWUXFRSLL
3R]LLLDGHFYDWH 
6LVWHPGHUHFXQRDWHUHDXWRPDW 
6LVWHPXO,62),; 
6FDXQXOSHQWUXFRSLO
3UREOHPGHIHFLXQH 
6FDXQXORIHUXOXL
YH]L6FDXQH
6FKLPEDUHDEHFXULORU
)DUXULSHQWUXID]OXQJ 
)DUXULSHQWUXID]VFXUW 
/PSLGHIUkQ 
/PSLGHRSULUH 
/PSLGHSR]LLHID 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
3UH]HQWDUHJHQHUDODWLSXULORUGH
EHFXUL 
6FRDWHUHDvQORFXLUHDFDSDFXOXL
SDVDMXOGHURDWID 
6FKLPEWRUGHYLWH]HVDXPDQHW
VHOHFWRDUHLQVWUXFLXQLGH
FXUDUH 
6FUXPLHUD 
6HPQDOL]DWRDUHGHDYDULH 
6HPQDOL]DWRDUHGHGLUHFLH
3RUQLUHRSULUH 
6HPQDOXOGHDYHUWL]DUHSULYLQGGLV
WDQDODPSGHDYHUWL]DUH 
6HPQDOXOGHYHULILFDUHDvQFXLHULL
FDOFXODWRUGHERUG 
6HQ]RUGHOXPLQPHVDMGHSHGLV
SOD\ 
6HQ]RUGHPLFDUHvQLQWHULRU 
6HQ]RULLLQVWUXFLXQLGHFXUDUH 
6HUYLFH
YH]L$ILDMXOLQWHUYDOXOXLGHVHUYLFH
$66<673/86
6HWDUHDFXUHQWXOXLGHDHU 





,QGH[
6HWDUHDGLVWULEXLHLDHUXOXL 
6HWUL
&DOFXODWRUXOGHERUG 
)DEULFFDOFXODWRUGHERUG 
6HWULGHED]
YH]L6HWUL
6(783FDOFXODWRUGHERUG 
6IDWXULSULYLQGFRQGXFHUHD
$FYDSODQDUHD 
$GHUHQDSQHXULORU 
&RQGXFHUHDvQSDQWDVFHQGHQW  
&RQGXFHUHDvQVWULQWDWH 
&RQGXFHUHDSHGUXPXULLQXQGDWH  
&RQGXFHUHDSHGUXPXULXPHGH 
&RQGXFHUHDSHWLPSGHLDUQ 
&RQGXFHUHDRIIURDG 
',67521,&3/86 
(ILFLHQOLPLWDWODIUkQDUHSHGUX
PXULFXVDUHUXWLHU 
)D]DVFXUWVLPHWULF 
)UkQHOH 
*HQHUDOLWL 
/DQXULOHGH]SDG 
3DQWGHVFHQGHQW 
3OFXHOHGHIUkQJDUQLWXULOHGH
IUkQQRL 
6IDWXULSULYLQGURGDMXO 
6XSUDIHHFDURVDELOHFXSROHL 
6XSUDIHHGHGUXPXPHGH 
DQXULGHSQHX 
7UDFWDUHDUHPRUFLL 
7UDQVPLVLDDXWRPDW 
7UHFHUHDYDGXULORURIIURDG 
6LJXUDQDRFXSDQLORU
3UH]HQDFRSLLORUODERUG 
6LJXUDQDSDVDJHULORU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
6LJXUDQ
3UH]HQDFRSLLORUODERUG 
6LVWHPHGHUHWHQLHSHQWUXFRSLL 
6LJXUDQvQIXQFLRQDUH
&RQH[LXQHGLDJQRVWLFDUH 
6LJXUDQH
&XWLDFXVLJXUDQHGHVXEEDQ
FKHWDGLQVSDWH 
&XWLDFXVLJXUDQHGLQFRPSDUWL
PHQWXOPRWRUXOXL 
&XWLHGHVLJXUDQHSODQGHERUG 

QDLQWHGHVFKLPEDUH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
7DEHOXOGHDORFDUHDVLJXUDQHORU 
6LJXUDQHHOHFWULFH
YH]L6LJXUDQH
6LVWHPDFWLYGHDVLVWHQvQYLUDMH
0HVDMGHSHGLVSOD\ 
6LVWHPDQWLEORFDUHODIUkQDUH
YH]L$%6VLVWHPDQWLEORFDUHODIUkQDUH
6LVWHPFXUDUHIDUXUL
1RWH 
6LVWHPGHDHUFRQGLLRQDW
YH]L&RQWUROFOLPDWL]DUH
6LVWHPGHDODUP
YH]L$7$VLVWHPXOGHDODUPDQWLIXUW
6LVWHPGHDVLVWDUHDFRQGXFHULL
$VLVWHQDDFWLYSHQWUXPHQLQH
UHDEHQ]LLGHPHUV 
&RQWUROXOQLYHOXOXLDXWRYHKLFXOFX
SDFKHWXO$,50$7,& 
3URJUDPHRQURDG 
6LVWHPXODFWLYGHDVLVWHQvQ
YLUDMH 
6LVWHPGHFOLPDWL]DUH
0RGDXWRPDW 
6LVWHPGHOXPLQLLQWHOLJHQWH
3UH]HQWDUHJHQHUDO 
6LVWHPGHRSHUDUH
YH]L&DOFXODWRUGHERUG
6LVWHPGHUHWHQLH
YH]L6566LVWHPXOVXSOLPHQWDUGH
UHWHQLH
6LVWHPGHUXODUHvQFD]GHSDQ
02([WHQGHG 
6LVWHPGHVHQ]RUUDGDU
0HVDMGHSHGLVSOD\ 
6LVWHPGHVLJXUDQODFRQGXFHUH
%$63/866LVWHPGHDVLVWDUHOD
IUkQDUH3OXV 
'LVWULEXLDHOHFWURQLFDIRUHLGH
IUkQDUH 
,QGLFDLLLPSRUWDQWHSULYLQGVLJX
UDQD 
6LVWHPHGHDVLVWDUHDFRQGXFHULL
$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL 
$6,67(170(1,1(5($7(1,( 
$VLVWHQDODXQJKLXOPRUW 

,QGH[
$VLVWHQDSHQWUXPHQLQHUHDEHQ
]LLGHPHUV 
&DPHUYLGHRSHQWUXPHUVvQDSRL 
&RQWUROXOQLYHOXOXLDXWRYHKLFXOH
FXSDFKHWXO21 2))52$' 
'LVWURQLF3OXV 
)XQFLH+2/' 
0HVDMGHSHGLVSOD\ 
3DFKHWGHVLVWHPHSHQWUXDVLVWD
UHDDFWLYDFRQGXFHULL 
3DFKHWXOGHVLVWHPHGHDVLVWDUH
SHQWUXPHQLQHUHDEHQ]LLGHFLU
FXODLH 
3DUNWURQLF 
6LVWHPXO1LJKW9LHZ$VVLVW3OXV 
6LVWHPHGHVLJXUDQ
YH]L6LVWHPHGHVLJXUDQODFRQGXFHUH 
6LVWHPHGHVLJXUDQODFRQGXFHUH
$%66LVWHPGHDQWLEORFDUHODIUk
QDUH 
%$66LVWHPXOGHIUkQDUHDVLV
WDW 
)51$5($'$37,9 
)UkQ35(6$)( 
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
6SHHGWURQLF 
6XVSHQVLHVSRUW$0*5,'(&21
752/ 
7HPSRPDW 
6LVWHPHOHHOHFWURQLFHDOHPRWRUX
OXL
1RWH 
3UREOHPGHIHFLXQH 
6LVWHPHOHSHQWUXVLJXUDQDFRQGX
FHULL
6LVWHPXOGHDVLVWDUHDGLUHFLHL
67((5&21752/ 
6LVWHPHORUGHVLJXUDQODFRQGX
FHUH
3UH]HQWDUHJHQHUDO 
6LVWHPHSHQWUXVLJXUDQDFRQGX
FHULL
/XPLQLGHIUkQDGDSWLYH 
6LVWHP2IIURDG
$%6RIIURDG 

6LVWHPSHQWUXVLJXUDQDFRQGXFH
ULL
(766LVWHPHOHFWURQLFGHFRQ
WURODOWUDFLXQLL 
(633URJUDPXOHOHFWURQLFGH
FRQWURODOVWDELOLWLL 
6LVWHPVSOWRUGHSDUEUL] 
1RWH 
6LVWHPVXSOLPHQWDUGHUHWHQLH
YH]L6566LVWHPXOVXSOLPHQWDUGH
UHWHQLH
6LVWHPWHPSRPDW
)XQFLRQDUHUHFRPDQGUL 
6LVWHPXODFWLYGHDVLVWHQvQ
YLUDMH
)XQFLHQRWH 
6LVWHPXODQWLIXUW
$7$6LVWHPGHDODUPDQWLIXUW 
6LVWHPXOGHLPRELOL]DUH 
6LVWHPXOGHDODUPDQWLIXUW
YH]L$7$VLVWHPXOGHDODUPDQWLIXUW
6LVWHPXOGHDVLVWDUHDFRQGXFHULL
6LVWHPXOGHDVLVWDUHDFWLYODSDU
FDUH 
6LVWHPXOGHDVLVWDUHDFWLYODSDU
FDUH
7UDFWDUHDXQHLUHPRUFL 
6LVWHPXOGHDVLVWDUHODIUkQDUH
YH]L%$66LVWHPGHDVLVWDUHODIUkQDUH
6LVWHPXOGHDVLVWDUHODSDUFDUH
6LVWHPXOGHDVLVWDUHDFWLYODSDU
FDUH 
6LVWHPXOGHIL[DUHDVFDXQXOXLSHQ
WUXFRSLO,62),; 
6LVWHPXOGHOXPLQLLQWHOLJHQWH
$FWLYDUHDGH]DFWLYDUHD 
0HVDMGHSHGLVSOD\ 
6HWDUHDIDUXULORUSHQWUXID]
VFXUWSHQWUXFRQGXFHUHDSH
GUHDSWDVWkQJD 
6LVWHPXOGHVHQ]RULUDGDU
$FWLYDUHDGH]DFWLYDUHD 
3UH]HQWDUHJHQHUDOSHUL 
6LVWHPXOGHVHUYLFHDFWLY3/86
YH]L$ILDMXOLQWHUYDOXOXLGHVHUYLFH
$66<673/86





,QGH[
6LVWHPXOGHVLJXUDQSUHYHQWLYD
SDVDJHULORU
YH]L35(6$)(VLVWHPGHVLJX
UDQSUHYHQWLYDSDVDJHULORU
6LVWHPXOGHWUDQVPLVLH
$VLVWHQDDFWLYODXQJKLXOPRUW 
6LVWHPXO3$5.7521,&
,QGLFDWRUGHDYHUWL]DUH 
6LVWHPXO67((5&21752/ 
6LVWHPXOWHPSRPDW
0HVDMDILDW 
6LVWHPXORIIURDG
(63RIIURDG 
6LVWHPRIIURDG
0$7,& 
'65 
3URJUDPHRIIURDGODDXWRYHKL
FXOHOHFXSDFKHWXO
21 2))52$' 
3URJUDPRIIURDGODDXWRYHKL
FXOHOHIUSDFKHWXO
21 2))52$' 
7UHDSWDGHYLWH]/2:5$1*(
75($37'(9,7(=(,1)(
5,2$5RIIURDG 
6LVWHP2IIURDG
(76RIIURDG 
6SOWRULHDXWRvQJULMLUH 
6SHHGWURQLF
0HVDMDILDW 
63(('7521,&
$FWLYDUHYDULDELO 
)XQFLRQDUHUHFRPDQGUL 
/DPSDLQGLFDWRDUH/,0 
1RWHLPSRUWDQWHSULYLQGVLJX
UDQD 
3HUPDQHQW 
6HOHFWDUH 
9DULDELO 
YDULDELO'H]DFWLYDUH 
63(('7521,&YDULDELO
YH]L63(('7521,&
6566LVWHPXOVXSOLPHQWDUGH
UHWHQLH
/DPSDGHDYHUWL]DUHIXQFLH 

6566LVWHPXO6XSOLPHQWDUGH
5HWHQLH
,QWURGXFHUH 
/DPSDGHDYHUWL]DUH 
0HVDMGHSHGLVSOD\ 
6WDWLVWLFLSULYLQGFRQVXPXOFDOFX
ODWRUGHERUG 
6WDLHGHHPLVLHUHFHSLH
,QVWDODUH 
6WDLHUDGLRELGLUHFLRQDO
)UHFYHQH 
3XWHUHGHWUDQVPLVLHPD[LP 
6XSOLPHQWDUHDFDSDFLWLLFRPSDU
WLPHQWXOXLSHQWUXEDJDMH 
6XSRUWGHEDJDMHWUXVGHDVLJX
UDUHDvQFUFWXULL($6<3$&. 
6XSRUWORPEDU 
6XSRUWXOSHQWUXEXWXUL
YH]L6XSRUWXULOHSHQWUXSDKDUH
6XSRUWXOSHQWUXSDKDU
&RPSDUWLPHQWXOVSDWH 
&RQVRODFHQWUDO 
&RQWURODWWHUPLF 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
6XVSHQVLDVSRUW$0*5,'(&21
752/ 

WHUJWRDUHGHSDUEUL]
QORFXLUHDODPHORUWHUJWRDUHORU
GHSDUEUL]
3RUQLUH2SULUH
3UREOHPGHIHFLXQH
WHUJWRUGHOXQHW
WHUJWRUGHOXQHW
$FWLYDUHDGH]DFWLYDUHD
QORFXLUHDODPHLWHUJWRUXOXL








,QGH[
7
7HOHFRPDQGD
'HVFKL]WRUXOSHQWUXXDJDUDMX
OXL 
QFO]LUHDYHQWLODLDDX[LOLDU 
3URJUDPDUHVLVWHPXOGHGHVFKL
GHUHDJDUDMXOXL 
7HOHFRPDQG
QORFXLUHDEDWHULLORUvQFO]LUH
DX[LOLDU 
7HOHIRQ
$FFHSWDUHDXQXLDSHO 
&RPSDUWLPHQWXOWHOHIRQXOXL 
0HQLXFRPSXWHUGHERUG 
0HVDMGHSHGLVSOD\ 
5HDSHODUH 
YH]L7HOHIRQ
7HOHIRQFHOXODU
YH]L7HOHIRQPRELO
7HOHIRQPRELO
)UHFYHQH 
,QVWDODUH 
0HQLXFRPSXWHUGHERUG 
3XWHUHGHWUDQVPLVLHPD[LP 
YH]L7HOHIRQ
7HOHIRQXO
1XPUXOGLQDJHQGDWHOHIRQLF 
5HIX]DUHDvQFKHLHUHDXQHLFRQ
YRUELUL 
7HOHIRQXOPRELO
$GDSWRUXOFXOLVDQW 
1RWHIL[DUHDvQFRQVRO 
7HPSHUDWXUD
/LFKLGXOGHUFLUH 
7HPSHUDWXU
/LFKLGGHUFLUHFDOFXODWRUGH
ERUG 
6HWDUHFRQWUROXOFOLPDWL]ULL 
7HPSHUDWXUDH[WHULRDU 
8OHLGHPRWRUFDOFXODWRUXOGH
ERUG 
7HWLHUH
0RQWDUHDVFRDWHUHDVSDWH 
5HJODUH 
5HJODUHHOHFWULF 
5HJODUHPDQXDO 
5HJODUHVSDWH 

7LMDWHOHVFRSLFWUXVDGHIL[DUH
(DV\3DFN 
7LPSWXU5$&(7,0(5 
7RUSHGRXO 
7UDFWDUH
&XDPEHOHSXQLODVRO 
0RQWDUHDRFKLXOXLGHWUDFWDUH 
6FRDWHUHDRFKLXOXLGHWUDFWDUH 
7UDFWDUHDUHPRUFLL
$VLVWHQDODXQJKLXOPRUW 
'LPHQVLXQLGHPRQWDUH 
([WLQGHUHDFXSOHLVIHULFH 
0HVDMGHSHGLVSOD\SULYLQGOXPL
QLOH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
3DUNWURQLF 
3UREOHPGHIHFW 
5DEDWDUHDFXSOHLVIHULFHvQXQWUX  
6DUFLQLOHUHPRUFLL 
6IDWXULSULYLQGFRQGXFHUHD 
7UHDSWDGHYLWH] 
7UDFWDUHDXQHLUHPRUFL
$VLVWHQDDFWLYODXQJKLXOPRUW 
$VLVWHQDDFWLYSHQWUXPHQLQH
UHDEHQ]LLGHPHUV 
,QGLFDWRUGHGHIHFWDUHDEHFXOXL
SHQWUXOPSLFX/(' 
3RUQLUHDGHSHORFFXRUHPRUF 
3URJUDPGHFRQGXFHUHUHPRUF 
6LVWHPXOGHDVLVWDUHDFWLYODSDU
FDUH 
7UDFWDUHUHPRUF
$OLPHQWDUHHOHFWULF 
&RQHFWRUFXSLQL 
&XSODUHDXQHLUHPRUFL 
&XUDUHFkUOLJGHWUDFWDUHD
UHPRUFLL 
'HFXSODUHDXQHLUHPRUFL 
(63 
7UDFLXQHLQWHJUDOSHUPDQHQW
YH]L0$7,&WUDFLXQHLQWHJUDO
SHUPDQHQW
7UDQVPLVLDDXWRPDW
&XSODUHDDXWRPDWDSR]LLHLSHQ
WUXSDUFDUH 
&XSODUHDvQSR]LLDQHXWU 
&XSODUHDSR]LLHLGHFRQGXFHUH 





,QGH[
&XSODUHDWUHSWHLGHPHUVvQDSRL 
0RGXOGHUXODUHGHXUJHQ 
3R]LLDGHFRQGXFHUH)XQFLD
VWDUWVWRS(&2 
3R]LLDQHXWU)XQFLDVWDUWVWRS
(&2 
3R]LLDSHGDOHLGHDFFHOHUDLH 
3UREOHPGHIHFLXQH 
5HFRPDQGULSULYLQGFRQGXFHUHD
DXWRYHKLFXOXOXL 
7UDFWDUHDUHPRUFLL 
7UDQVPLVLH
YH]L7UDQVPLVLHDXWRPDW
7UDQVPLVLHDXWRPDW
$ILDMSURJUDPGHFRQGXFHUH 
$ILDMXOSR]LLHLWUDQVPLVLHL 
%XWRQXOGHVHOHFWDUHDSURJUDPX
OXL 
&XSODUHDSR]LLHLSHQWUXSDUFDUH 
0DQHWD',5(&76(/(&7 
0DQHWHGHVFKLPEDUHDYLWH]HORU
VLWXDWSHYRODQ 
0HVDMGHSHGLVSOD\ 
3RUQLUHDGHSHORF 
3RUQLUHDPRWRUXOXL 
3R]LLLWUDQVPLVLH 
3URJUDPGHFRQGXFHUHvQUHJLP
PDQXDO 
3URJUDPXOGHFRQGXFHUHvQUHJLP
DXWRPDW 
5HWURJUDGDUHDIRUDW 
6FKLPEDUHDWUHSWHLGHYLWH] 
7UHSWHGHYLWH] 
7UDQVSRUWDUHDDXWRYHKLFXOXOXL 
7UDSDJOLVDQW
&DUDFWHULVWLFDGHvQFKLGHUHSH
WLPSGHSORDLH 
'HVFKLGHUHDvQFKLGHUHD 
,QIRUPDLLLPSRUWDQWHSULYLQGVLJX
UDQD 
3UREOHPGHIHFLXQH 
5HVHWDUHD 
7UDSDJOLVDQWSDQRUDPLF
,QIRUPDLLLPSRUWDQWHSULYLQGVLJX
UDQD 
3UREOHPGHIHFLXQH 
7UDSJOLVDQW
YH]L7UDSJOLVDQWSDQRUDPLF

7UDSJOLVDQWSDQRUDPLF
&DUDFWHULVWLFGHvQFKLGHUHSH
WLPSGHSORDLH 
'HVFKLGHUHvQFKLGHUH 
'HVFKLGHUHDvQFKLGHUHDMDOX]HOH
ORU 
5HVHWDUH 
7UDVHXQDYLJDLH
YH]L*KLGDUHSHWUDVHXQDYLJDLH
7UHDSWD/2:5$1*(JDPFX
UHGXFWRUSHQWUXWHUHQDFFLGHQWDW 
7UHFHUHDYDGXULORU
3HGUXPXULLQXQGDWH 
2IIURDG 
7ULXQJKLXOUHIOHFWRUL]DQW 
7UXVGHDVLJXUDUHDvQFUFWXULL
($6<3$&. 
7UXVGHSULPDMXWRU 
7UXVGHVFXOHDDXWRYHKLFXOXOXL 
7UXV7,5(),7 
7XURPHWUX 
79
8WLOL]DUHFDOFXODWRUGHERUG 
YH]L,QVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH

HDYDGHHDSDPHQWLQVWUXFLXQL
GHFXUDUH 

8
8OHL
YH]L8OHLGHPRWRU
8OHLGHPRWRU
$GLWLYL 
&DSDFLWDWHGHXPSOHUH 
0HVDMGHSHGLVSOD\ 
1RWHSULYLQGFDOLWLOHXOHLXOXL 
7HPSHUDWXUFDOFXODWRUXOGH
ERUG 
9kVFR]LWDWH 
8OHLXOGHPRWRU
&RPSOHWDUHD 
1RWHSULYLQGQLYHOXOFRQVXPXOGH
XOHL 

,QGH[
9HULILFDUHDQLYHOXOXLGHXOHL
9HULILFDUHDQLYHOXOXLGHXOHLFXDMX
WRUXOMRMHL
8QJKLXOGHDWDFGHJDMDUH
8UFDUHDvQUDPS
&RERUkUHDvQSDQW
9kUIXOUDPSHL







9
9HQWLODLDDX[LOLDU
3UREOHPPHVDMXOGHSHGLVSOD\  
7HOHFRPDQGD 
9HQWLODLHDX[LOLDU
$FWLYDUHGH]DFWLYDUH 
$FWLYDUHGH]DFWLYDUHGHSHFRQ
VRODFHQWUDO 
9LGHR'9' 
9LGHR'9'FDOFXODWRUGHERUG 
9,1 
9LWH]FRQWUROXO
YH]L&RQWUROXOFURD]LHUHL
9LWH]RPHWUX
'LJLWDO 
QSDQRXOGHLQVWUXPHQWH 
6HJPHQWH 
6HOHFWDUHDXQLWLLGHPVXU 
9LWH]RPHWUXO
YH]L3DQRXOGHLQVWUXPHQWH
9LWH]RPHWUXOGLJLWDO 
9RODQ
&XUDUH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
5HJODUHHOHFWULF 
5HJODUHPDQXDO 
6HWULGHPHPRUDUHIXQFLDGH
PHPRUDUH 
9RODQPXOWLIXQFLRQDO
8WLOL]DUHFDOFXODWRUGHERUG 
9RODQXO
QFO]LUHDYRODQXOXL 
0DQHWHGHVFKLPEDUHDYLWH]HORU 
3UH]HQWDUHDEXWRDQHORU 
9RODQXOPXOWLIXQFLRQDO
3UH]HQWDUHJHQHUDO 
9RSVHDXDLQVWUXFLXQLGH
FXUDUH 

=
=RQHGHGHSR]LWDUH 





,QWURGXFHUH
3URWHFLDPHGLXOXLvQFRQMXUWRU
1RWH
 1RWSULYLQGSURWHFLDPHGLXOXL
3ROLWLFDGHFODUDW'DLPOHUHVWHXQDGHSURWH
MDUHLQWHJUDWDPHGLXOXLvQFRQMXUWRU
2ELHFWLYHOHQRDVWUHYL]HD]XWLOL]DUHDUHVXU
VHORUQDWXUDOHFDUHIRUPHD]ED]DH[LVWHQHL
QRDVWUHvQWURPDQLHUFDUHVLDvQFRQVLGH
UDUHDWkWQHFHVLWLOHQDWXULLFkWLSHFHOHDOH
XPDQLWLL
LGXPQHDYRDVWUSXWHLFRQWULEXLODSURWHMD
UHDPHGLXOXLSULQXWLOL]DUHDDXWRYHKLFXOXOXL
GXPQHDYRDVWUvQWURPDQLHUHFRORJLF
&RQVXPXOGHFDUEXUDQWLUDWDGHX]XUD
PRWRUXOXLDWUDQVPLVLHLDIUkQHORULDSQHX
ULORUGHSLQGGHXUPWRULLIDFWRUL
=FRQGLLLOHGHXWLOL]DUHDDXWRYHKLFXOXOXL
=VWLOXOSHUVRQDOGHFRQGXFHUH

3XWHLFRQWURODDPELLIDFWRUL3ULQXUPDUHY
UXJPVUHLQHLXUPWRDUHOH
&RQGLLLGHXWLOL]DUH
=HYLWDLFOWRULLOHVFXUWHvQWUXFkWHOHFUHVF

FRQVXPXOGHFDUEXUDQW
=UHVSHFWDLSUHVLXQHDFRUHFWvQSQHXUL
=QXWUDQVSRUWDLVDUFLQLJUHOHLQXWLOHvQDXWR

YHKLFXO
=PRQLWRUL]DLFRQVXPXOGHFDUEXUDQWDODXWR

YHKLFXOXOXL
=VFRDWHLVXSRUWXOGHSDYLOLRQFkQGQXPDL

DYHLQHYRLHGHHO
=HIHFWXDUHDSHULRGLFDOXFUULORUGHVHUYLFH

ODDXWRYHKLFXOYDFRQWULEXLODSURWHMDUHD
PHGLXOXLvQFRQMXUWRU3ULQXUPDUHWUHEXLH
VUHVSHFWDLLQWHUYDOHOHGHVHUYLFH
=HIHFWXDLWRDWHLQWHUYHQLLOHGHvQWUHLQHUHOD
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
6WLOXOSHUVRQDOGHFRQGXFHUH
=QXDSVDLSHGDODGHDFFHOHUDLHFkQGSRU

QLLPRWRUXO
=QXvQFO]LLPRWRUXOvQWLPSXOVWDLRQULL

DXWRYHKLFXOXOXL

=FRQGXFHLFXDWHQLHLPHQLQHLRGLVWDQ

GHVLJXUDQGLQIDGHDXWRYHKLFXOXOGLQ
ID
=HYLWDLDFFHOHUDUHDIUHFYHQWLEUXVF
=VFKLPEDLWUHSWHOHGHYLWH]ODWLPSLIROR
VLLILHFDUHWUHDSWQXPDLSkQODGLQ
WXUDLDPD[LPDPRWRUXOXL
=RSULLPRWRUXOFkQGVWDLRQDLvQWUDILF

5HWXUQDUHDDXWRYHKLFXOHORUSHQWUX
VFRDWHUHDGLQX]
0HUFHGHV%HQ]YDDFFHSWDDXWRYHKLFXOXO
0HUFHGHV%HQ]SHQWUXDOHOLPLQDvQWUXQPRG
HFRORJLFvQFRQIRUPLWDWHFX'LUHFWLYD8QLXQLL
(XURSHQH8(SULYLQG968
'LUHFWLYDSHQWUXVFRDWHUHDGLQX]DDXWRYHKL
FXOHORUYL]HD]DXWRYHKLFXOHOHFXRPDV
WRWDODDXWRYHKLFXOXOXLGHSkQODWvQ
FRQIRUPLWDWHFXUHJOHPHQWULOHQDLRQDOH'H
PDLPXOLDQL0HUFHGHV%HQ]UHVSHFWQRU
PHOHVWUXFWXUDOHSUHY]XWHSULQOHJHFDUHSHU
PLWUHFLFODUHDLUHXWLOL]DUHD/DGLVSR]LLD
GXPQHDYRDVWUVHDIORUHHDGHSXQFWHGH
VFRDWHUHGLQX]DDXWRYHKLFXOHORULGHXQLWL
GHGH]DVDPEODUHXQGHDXWRYHKLFXOXOGXP
QHDYRDVWUSRDWHILUHFLFODWvQPRGHFRORJLF
2SLXQLOHGHUHFLFODUHDDXWRYHKLFXOHORULSLH
VHORUVXQWFRQVWDQWGH]YROWDWHL
vPEXQWLWH3ULQXUPDUHDXWRYHKLFXOXO
GXPQHDYRDVWU0HUFHGHV%HQ]YDFRQWLQXD
GHDVHPHQHDVFRUHVSXQGFXDQWXPXULORU
GHUHFLFODUHVSRULWHvQYLLWRUvQWLPSXWLO3XWHL
RELQHLQIRUPDLLVXSOLPHQWDUHGHSHSDJLQD
SULQFLSDO0HUFHGHV%HQ]QDLRQDOVDXGHOD
QXPUXOGHDVLVWHQWHOHIRQLFQDLRQDO

(FKLSDUHDXWRYHKLFXO
$FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWHPRGH
OHOHLWRDWHHFKLSDPHQWHOHVWDQGDUGLRSLR
QDOHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWUGLV
SRQLELOHODGDWDSXEOLFULLPDQXDOXOXLGHID
(VWHSRVLELOVH[LVWHYDULDLLvQIXQFLHGHDU
9UXJPVUHLQHLFHVWHSRVLELOFDDXWR

,QWURGXFHUH
YHKLFXOXOGXPQHDYRDVWUVQXDLEvQGRWDUH
WRDWHFDUDFWHULVWLFLOHGHVFULVH$FHVWOXFUX
HVWHYDODELOLSHQWUXVLVWHPHOHLIXQFLLOH
UHIHULWRDUHODVLJXUDQ3ULQXUPDUHHFKLSD
PHQWXOGLQDXWRYHKLFXOXOGXPQHDYRDVWUDU
SXWHDVGLIHUHGHFHOSUH]HQWDWvQGHVFULHULL
LOXVWUDLL
7RDWHVLVWHPHOHFDUHVHJVHVFvQDXWRYHKL
FXOXOGXPQHDYRDVWUVXQWPHQLRQDWHvQFRQ
WUDFWXOGHFXPSUDUHRULJLQDODODXWRYHKLFX
OXOXL
3HQWUXRULFHvQWUHEULUHIHULWRDUHODHFKLSD
PHQWHLIXQFLRQDUHYUXJPVYDGUHVDL
XQXL&HQWUXGHVHUYLFH0HUFHGHV%HQ]
0DQXDOXOGHXWLOL]DUHLEURXUDGHVHUYLFH
VXQWGRFXPHQWHLPSRUWDQWHLWUHEXLH
SVWUDWHvQDXWRYHKLFXO

6LJXUDQDvQIXQFLRQDUH
1RWHSULYLQGVLJXUDQD
 $9(57,60(17
7RDWHLQWHUYHQLLOHDVXSUDDXWRYHKLFXOXOXLL
PDLDOHVLQWHUYHQLLOHUHOHYDQWHSHQWUXVLJX
UDQVDXDVXSUDVLVWHPHORUDVRFLDWHVLJXUDQ
HLWUHEXLHVILHHIHFWXDWHODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW$WHOLHUXOGHVSHFLDOLWDWH
DXWRUL]DWWUHEXLHVGLVSXQGHFXQRWLQHOH
VSHFLDOL]DWHQHFHVDUHLGHXQHOWHDGHFYDWH
SHQWUXDHIHFWXDLQWHUYHQLD0HUFHGHV%HQ]
UHFRPDQGVXWLOL]DLXQ&HQWUXGHVHUYLFH
0HUFHGHV%HQ]vQDFHVWVFRS
 3HULFROGHDFFLGHQWLUQLUH
$QXPLWHVLVWHPHGHVLJXUDQIXQFLRQHD]
GRDUDWXQFLFkQGPRWRUXOHVWHSRUQLW'LQ
DFHVWPRWLYQXRSULLQLFLRGDWPRWRUXOvQ
WLPSXOFRQGXFHULLDXWRYHKLFXOXOXLQFD]FRQ
WUDUHVWHSRVLELOFDVLVWHPHOHGHVLJXUDQGLQ
DXWRYHKLFXOXOGXPQHDYRDVWUVQXIXQFLR
QH]HFRUHFWLSULQXUPDUHVQXPDLSURWH
MH]HFRUHVSXQ]WRURFXSDQLLDXWRYHKLFXOXOXL
([LVWGHDVHPHQHDSHULFROXOVSLHUGHLFRQ
WUROXODVXSUDDXWRYHKLFXOXOXLLVSURYRFDL
XQDFFLGHQW

 3HULFROGHDFFLGHQWLUQLUH
/XFUULOHLQFRUHFWHVDXPRGLILFULOHDGXVH
DXWRYHKLFXOXOXLGHH[HPSOXPRGLILFDUHDWUD
VHXOXLFDEOXULORUHOHFWULFHDUSXWHDDYHDFD
UH]XOWDWIXQFLRQDUHDLQFRUHFWDVLVWHPHORU
GHVLJXUDQ$VWIHOHVWHSRVLELOFDVLVWHPHOH
GHVLJXUDQVQXYPDLSURWHMH]HFRUHV
SXQ]WRUSHGXPQHDYRDVWUVDXDOWHSHU
VRDQH([LVWGHDVHPHQHDSHULFROXOVSLHU
GHLFRQWUROXODVXSUDDXWRYHKLFXOXOXLLVSUR
YRFDLXQDFFLGHQW
'LQDFHVWPRWLYWRDWHOXFUULOHLPRGLILFULOH
DGXVHDXWRYHKLFXOXOXLGHH[HPSOXPRQWDUHD
GHHFKLSDPHQWHWUHEXLHHIHFWXDWHGHFWUH
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 3HULFROGHDFFLGHQW
/XFUULOHLQFRUHFWHIHFWXDWHDVXSUDHFKLSD
PHQWHORUHOHFWURQLFHLDVRIWZDUHXOXLDIH
UHQWSRWvPSLHGLFDIXQFLRQDUHDDFHVWRUHFKL
SDPHQWH6LVWHPHOHHOHFWURQLFHVXQWLQWHUFR
QHFWDWHSULQLQWHUIHH0RGLILFDUHDDFHVWRU
VLVWHPHHOHFWURQLFHSRDWHFDX]DGHIHFLXQL
FKLDUVLVWHPHORUFDUHQXDXIRVWPRGLILFDWH
$VWIHOGHGHIHFLXQLSRWSHULFOLWDJUDYVLJX
UDQDIXQFLRQDODDXWRYHKLFXOXOXLLvQFRQ
VHFLQVLJXUDQDSHUVRQDO
'LQDFHVWPRWLYWRDWHOXFUULOHFDUHLPSOLF
PRGLILFULDGXVHFRPSRQHQWHORUHOHFWURQLFH
WUHEXLHHIHFWXDWHGHFWUHXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 3HULFROGHDFFLGHQW
7UHFHUHDFXYLWH]ULGLFDWSHVWHREVWDFROH
VDXFRQGXFHUHDSHXQWHUHQDFFLGHQWDWSRDWH
DYHDXQLPSDFWVHYHUDVXSUD]RQHLGHVXE
FDURVHULHSQHXULORUVDXURLORUDXWRYHKLFXOX
OXL$FHVWOXFUXDUSXWHDGHWHUPLQDGHWHULRUD
UHDDXWRYHKLFXOXOXLIDSWFHSRDWHFRQGXFHOD
SURGXFHUHDXQXLDFFLGHQW$FHDVWSRVLELOL
WDWHH[LVWLvQFD]XODXWRYHKLFXOHORUGRWDWH
FXHOHPHQWHGHSURWHFLHSHQWUX]RQDGHVXE
FDURVHULH
3ULQXUPDUHVHUHFRPDQGFRQGXFHUHDFX
YLWH]HUHGXVHODWUHFHUHDSHVWHREVWDFROH(YL
WDLDWLQJHUHDVROXOXLFXSDUWHDLQIHULRDUD






,QWURGXFHUH
DXWRYHKLFXOXOXLvQPRPHQWXOGHSODVULLSH
WHUHQDFFLGHQWDWLGDFHVWHQHFHVDUDSHODL
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUX
YHULILFDUHDDXWRYHKLFXOXOXL

1RWHJHQHUDOH
8UPWRDUHOHLQIRUPDLLVHDSOLFWXWXURUFRP
SRQHQWHORUDFHVWXLDXWRYHKLFXOFDUHSULPHVF
LVDXWUDQVPLWXQGHUDGLRLOD&20$1'
&RPSRQHQWHOHDFHVWXLDXWRYHKLFXOFDUHSUL
PHVFLVDXWUDQVPLWXQGHUDGLRUHVSHFW
UHJXOLOHSULQFLSDOHLWRDWHFHOHODOWHFRQGLLL
UHOHYDQWHDOH'LUHFWLYHL&(3XWHL
RELQHLQIRUPDLLVXSOLPHQWDUHGHODRULFH
&HQWUXGH6HUYLFH0HUFHGHV%HQ]
&RPSRQHQWHOHVXQWDSUREDWHGHSUR
GXFWRUXODXWRYHKLFXOXOXLvQFRQIRUPLWDWHFX
'LUHFWLYD&(0DXWRHXURSHDQ&(
$VWIHOVHDSUREIXQFLRQDUHDDXWRYHKLFXOX
OXLGXPQHDYRDVWUvQFRQIRUPLWDWHFXVFRSXO
SUHY]XW(FKLSDPHQWXOQXQHFHVLWFHUWLIL
FDUH
(FKLSDPHQWXOHVWHFRQIRUPFXVSHFLILFDLLOH
&(0VSHFLILFHHFKLSDPHQWXOXLLUHOHYDQWHvQ
FRQIRUPLWDWHFXXUPWRDUHOHVWDQGDUGHHXUR
SHQH
=(1
=(1

3ULQXUPDUHUHVSHFWDUHDVSHFLILFDLLORUUHOH
YDQWHSULYLQGFRPSDWLELOLWDWHDHOHFWURPDJQH
WLFHVWHJDUDQWDWSHQWUXDFHVWHFRPSR
QHQWH
'UHSWXUPDUHLQWHUIHUHQHOHSURYRFDWHGH
FRPSRQHQWHOHGXPQHDYRDVWUDVXSUDDOWRU
FRPSRQHQWHHOHFWULFHHOHFWURQLFHLLQWHUIH
UHQHOHSURYRFDWHDVXSUDFRPSRQHQWHORU
GXPQHDYRDVWUGHDOWHFRPSRQHQWHHOHF
WULFHHOHFWURQLFHSRWILvQPDUHPVXUSUH
YHQLWH

&RQH[LXQHGLDJQRVWLFDUH
 $9(57,60(17
QFD]XOvQFDUHFRQHFWDLHFKLSDPHQWXOOD
FRQH[LXQHDGLDJQRVWLFULLDFHVWDSRDWH
DIHFWDIXQFLRQDUHDVLVWHPHORUDXWRYHKLFXOX
OXL$VWIHOSXWHLUHGXFHVLJXUDQDvQIXQFLR
QDUHDDXWRYHKLFXOXOXLGXPQHDYRDVWUvQWLP
SXOFRQGXFHULL([LVWXQULVFGHDFFLGHQW
1XFRQHFWDLQLFLXQHFKLSDPHQWODFRQH[LX
QHDGLDJQRVWLFULL

 $9(57,60(17
(FKLSDPHQWXOVDXFDEOXULOHGHHFKLSDPHQW
GHVSULQVHFRQHFWDWHODFRQH[LXQHDGLDJQRV
WLFULLSRWREVWUXFLRQD]RQDGLQMXUXOSHGDOH
ORU(FKLSDPHQWXOVDXFDEOXULOHVHSRWSULQGH
vQWUHSHGDOHvQFD]GHIUkQDUHVDXDFFHOHUDUH
EUXVF&DXUPDUHGHSODVDUHDSHGDOHORU
SRDWHILDIHFWDW([LVWXQULVFGHDFFLGHQW
1XLQHLHFKLSDPHQWHVDXFDEOXULvQVSDLXO
SHQWUXSLFLRDUHDORIHUXOXL
 'DFPRWRUXOHVWHRSULWLVHXWLOL]HD]
HFKLSDPHQWXOFRQH[LXQLLGLDJQRVWLFULL
EDWHULDGHSRUQLUHVHSRDWHGHVFUFD
&RQH[LXQHDGLDJQRVWLFULLHVWHGHVWLQDW
QXPDLFRQHFWULLHFKLSDPHQWXOXLGHGLDJQRV
WLFDUHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&RQHFWDUHDHFKLSDPHQWXOXLODFRQH[LXQHD
GLDJQRVWLFULLSRDWHGXFHGHH[HPSOXOD
UHVHWDUHDLQIRUPDLLORUGHPRQLWRUL]DUHDHPL
VLLORU$VWIHOHVWHSRVLELOFDDXWRYHKLFXOXOV
QXvQGHSOLQHDVFFHULQHOHODXUPWRUXOWHVW
GHHPLVLLGLQWLPSXOUHYL]LHLJHQHUDOH
$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
8QDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGLVSXQHGH
FXQRWLQHOHVFXOHOHLFDOLILFDUHDQHFHVDUH
SHQWUXDHIHFWXDLQWHUYHQLLOHQHFHVDUHDVX
SUDDXWRYHKLFXOXOXLGXPQHDYRDVWU$FHDVW
VLWXDLHHVWHYDODELOvQSULYLQDLQWHUYHQLLORU
OHJDWHGHVLJXUDQ
5HVSHFWDLLQIRUPDLLOHGLQEURXUDGHVHU
YLFH

,QWURGXFHUH
6ROLFLWDLvQWRWGHDXQDHIHFWXDUHDLQWHUYHQLL
ORUXUPWRDUHODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
=LQWHUYHQLLOHJDWHGHVLJXUDQ
=LQWHUYHQLLGHVHUYLFHLGHvQWUHLQHUH
=UHSDUDLL
=VFKLPEULOXFUULGHLQVWDODUHLPRGLILFUL
=LQWHUYHQLLODFRPSRQHQWHOHHOHFWURQLFH

0HUFHGHV%HQ]YUHFRPDQGVXWLOL]DLXQ
&HQWUXGHVHUYLFH0HUFHGHV%HQ]

QUHJLVWUDUHDXWRYHKLFXO
0HUFHGHV%HQ]OHSRDWHVROLFLWD&HQWUHORU
VDOHGHVHUYLFHVHIHFWXH]HLQVSHFLLWHKQLFH
DVXSUDDQXPLWRUDXWRYHKLFXOHSHQWUXDOH
vPEXQWLFDOLWDWHDVDXVLJXUDQD
'DFDLDFKL]LLRQDWDXWRYHKLFXOXOGHODR
UHSUH]HQWDQDXWRUL]DWLVSHFLDOL]DWLDU
DXWRYHKLFXOXOGXPQHDYRDVWUQXDIRVWQLFLR
GDWLQVSHFWDWODXQ&HQWUXGHVHUYLFH0HU
FHGHV%HQ]HVWHSRVLELOFDDXWRYHKLFXOXO
GXPQHDYRDVWUVQXILHvQUHJLVWUDWSH
QXPHOHGXPQHDYRDVWUOD0HUFHGHV%HQ]
0HUFHGHV%HQ]YSRDWHRIHULLQIRUPDLLSUL
YLQGYHULILFULOHDXWRYHKLFXOXOXLGRDUGDFGLV
SXQHGHGDWHOHGXPQHDYRDVWUGHvQUHJLV
WUDUH
6HUHFRPDQGVYvQUHJLVWUDLODXQ&HQWUX
GHVHUYLFH0HUFHGHV%HQ]
,QIRUPDL0HUFHGHV%HQ]FkWPDLFXUkQG
SRVLELOGHVSUHRULFHPRGLILFDUHDDGUHVHLVDX
DSURSULHWDUXOXL

8WLOL]DUHDFRUHFW
 $9(57,60(17
3HDXWRYHKLFXOVXQWIL[DWHGLYHUVHHWLFKHWH
DXWRFRODQWHGHDYHUWLVPHQW6FRSXOORUHVWH
VDWUDJDWHQLDGXPQHDYRDVWULDOWRUDSUL
YLQGGLYHUVHSHULFROH3ULQXUPDUHQXVFRDWHL
QLFLRHWLFKHWDXWRFRODQWGHDYHUWLVPHQW
GHFkWGDFHWLFKHWDDXWRFRODQWYRIHUFODU
SHUPLVLXQHvQDFHVWVHQV

'DFVFRDWHLHWLFKHWHOHDXWRFRODQWHGHDYHU
WLVPHQWGXPQHDYRDVWUVDXDOWHSHUVRDQH
SXWHLVQXUHFXQRDWHLDQXPLWHSHULFROH

5HVSHFWDLXUPWRDUHOHLQIRUPDLLFkQGFRQ
GXFHLDXWRYHKLFXOXOGXPQHDYRDVWU
=QRWHOHSULYLQGVLJXUDQDGLQDFHVWPDQXDO
=VHFLXQHD'DWHWHKQLFHGLQDFHVWPDQXDO
=UHJXOLLUHJOHPHQWULGHWUDILF
=OHJLLVWDQGDUGHGHVLJXUDQUHIHULWRDUHOD

DXWRYHKLFXOH

*DUDQLHLPSOLFLW
 5HVSHFWDLQRWHOHGLQDFHVWH,QVWUXFLXQL
GHXWLOL]DUHvQFHSULYHWHXWLOL]DUHDFRUHFW
DDXWRYHKLFXOXOXLGXPQHDYRDVWULSRVLEL
OHOHGHWHULRUULDOHDXWRYHKLFXOXOXL'HWH
ULRUULOHDXWRYHKLFXOXOXLUH]XOWDWHvQXUPD
vQFOFULLDFHVWRULQVWUXFLXQLQXVXQWDFR
SHULWHGHJDUDQLDLPSOLFLW0HUFHGHV%HQ]
D'DLPOHU$*
'DWHPHPRUDWHvQDXWRYHKLFXO
'DWHSULYLQGGHIHFLXQLOH
&RPSRQHQWHOHHVHQLDOHSHQWUXIXQFLRQDUHD
DXWRYHKLFXOXOXLVXQWGRWDWHFXPHPRULLFX
GDWHGHGHIHFLXQHvQGRWDUHDVWDQGDUG
([LVWLGLVSR]LWLYHGHVWRFDUHDGDWHORUFDUH
vQUHJLVWUHD]FRPSRQHQWHOHDXWRYHKLFXOXOXL
vQDQXPLWHVLWXDLLGHFRQGXFHUHGHH[
GHFODQDUHDDLUEDJXULORUVDXLQWHUYHQLD
(63
$FHVWHGDWHHVWHXWLOL]DWHH[FOXVLYSHQWUXD
=DMXWDODUHPHGLHUHDGHIHFLXQLORULGHIHF

WHORU
=DMXWD0HUFHGHV%HQ]VRSWLPL]H]HLV

GH]YROWHIXQFLLOHDXWRYHKLFXOXOXL
'DWHOHQXSRWILXWLOL]DWHSHQWUXDXUPUL
PLFULOHDXWRYHKLFXOXOXL
&kQGDXWRYHKLFXOXOGXPQHDYRDVWUHVWH
GHSDQDWGH0HUFHGHV%HQ]DFHVWHLQIRUPDLL
WHKQLFHSRWILFLWLWHGLQPHPRULDGHGHIHFLXQL






,QWURGXFHUH
$FHDVWRSHUDLHHVWHHIHFWXDWGHDQJDMDLL
DXWRUL]DLDLUHHOHLGHVHUYLFH0HUFHGHV%HQ]
FXDMXWRUXOXQRUFDOFXODWRDUHGHGLDJQRVWL
FDUHVSHFLDOH
'XSFHVDUHPHGLDWRGHIHFLXQHLQIRUPD
LLOHVXQWWHUVHGLQPHPRULH&HOHODOWHGDWH
GLQPHPRULHVXQWFRQVWDQWVXSUDVFULVH

$OWHGLVSR]LWLYHFDUHVWRFKHD]GDWHOH
QIXQFLHGHQLYHOXOGHHFKLSDUHDXWRYHKLFX
OXOGXPQHDYRDVWUSRDWHFRQLQHVLVWHPHGH
FRPXQLFDLLLVDXGLYHUWLVPHQWGHH[GLV
SR]LWLYHGHQDYLJDLHVLVWHPHWHOHIRQLFH
$FHVWHDYSHUPLWVVDOYDLLVHGLWDL
GDWHOHQHFHVDUHSHQWUXXWLOL]DUHDGLVSR]LWLYX
OXLUHVSHFWLY
,QIRUPDLLVXSOLPHQWDUHSULYLQGXWLOL]DUHDGH
H[SULYLQGWHUJHUHDGDWHORUVHUHJVHVFvQ
LQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH

3ODQDGHERUG
3DQRXGHLQVWUXPHQWH
9RODQPXOWLIXQFLRQDO
&RQVROFHQWUDO
3DQRXGHFRPDQGVLWXDWSHSODIRQ
3DQRXGHFRPDQGVLWXDWSHSRU
WLHU








3UH]HQWDUHJHQHUDO





3ODQDGHERUG

3UH]HQWDUHJHQHUDO

3ODQDGHERUG

)XQFLD
C

3DJLQD

0DQHWGHVFKLPEDUHD
YLWH]HORUVLWXDWSHYRODQ



&RPXWDWRUPL[W



3DQRXGHLQVWUXPHQWH

&OD[RQ

0DQHWD',5(&76(/(&7

$ILDMGHDYHUWL]DUH3$5.
7521,&



3DQRXGHFRPDQGVLWXDW
SHSODIRQ



6LVWHPHGHFRQWUROFOLPDWL
]DUH



&RPXWDWRUGHFRQWDFW
%XWRQ6WDUW6WRS




k
l
m





)XQFLD

3DJLQD

5HJOHD]YRODQXOPDQXDO



5HJOHD]YRODQXOHOHFWULF
QFO]LUHDYRODQXOXL




0DQHWSHQWUXFRQWUROXO
FURD]LHUHL



'HVFKLGHFDSRWDPRWRUXOXL



&RQH[LXQHGLDJQRVWLFDUH

)UkQHOHFWULFGHSDUFDUH



&RPXWDWRUGHOXPLQL



$VLVWHQWXOODYHGHUHDSH
WLPSGHQRDSWH3OXV





3DQRXGHLQVWUXPHQWH



3DQRXGHLQVWUXPHQWH

)XQFLD

3UH]HQWDUHJHQHUDO

$ILDMHLFRPHQ]L

3DJLQD

)XQFLD

9LWH]RPHWUXFXVHJPHQWH



,QGLFDWRUQLYHOGHFDUEXUDQW

$ILDMPXOWLIXQFLRQDO



7XURPHWUX



7HPSHUDWXUDOLFKLGXOXLGH
UFLUH



%XWRQXOGHFRQWURODOOXPL
QR]LWLLSHQWUXLOXPLQDUHD
SDQRXOXLGHLQVWUXPHQWH
URWLLvQVHQVRUDUVDXDQWLR
UDU

3DJLQD



3DQRXGHLQVWUXPHQWH

3UH]HQWDUHJHQHUDO

/PSLGHDYHUWL]DUHLLQGLFDWRDUH

)XQFLD
C

3DJLQD

X)DUXULSHQWUXID]
VFXUW



(63



W)DUXULSHQWUXID]
OXQJ



$)UkQHOHFWULFGH
SDUFDUHURX



$)UkQHOHFWULFGH
SDUFDUHJDOEHQ



M)UkQHJDOEHQ



$YHUWL]DUHSULYLQGGLV
WDQD



>=6HPQDOL]DWRDUH
GHGLUHFLH



w0RQLWRUL]DWRUXOSUH
VLXQLLvQSQHXUL



l
m

)XQFLD

3DJLQD

u656



v&HQWXUGHVLJXUDQ



(0RWRUGLHVHOSUH
vQFO]LUHFXEXMLHLQFDQGHV
FHQW



/LFKLGGHUFLUH



^/DPSGHFHDVSDWH



'LDJQRVWLFDUHPRWRU



&DUEXUDQWGHUH]HUY



(63'(=$&7,9$7



%$%6



M)UkQHURX



9RODQPXOWLIXQFLRQDO



3UH]HQWDUHJHQHUDO

9RODQPXOWLIXQFLRQDO

)XQFLD
C

$ILDMPXOWLIXQFLRQDO

$ILDMDXGLR&20$1'
FRQVXOWDLLQVWUXFLXQLOHGH
XWLOL]DUHVHSDUDWH

b
$FWLYHD]/,1*8$7521,&
FRQVXOWDLLQVWUXFLXQLOHGH
XWLOL]DUHVHSDUDWH


5HVSLQJHVDXvQFKHLHXQ
DSHO
6HLHVHGLQDJHQGDWHOHIR
QLFPHPRULDGHUHDSHODUH
j
6HHIHFWXHD]VDXVH
DFFHSWXQDSHO
6HFRPXWSHPHPRULDGH
UHDSHODUH

5HJOHD]YROXPXO
l
6XUGLQ

3DJLQD


)XQFLD



Ye
6HOHFWHD]XQPHQLX
cd
6HOHFWHD]XQVXEPHQLX
VDXSDUFXUJHOLVWHOH
v
&RQILUPRVHOHFLH
$VFXQGHPHVDMHOHGHSH
GLVSOD\
A
QDSRL
'H]DFWLYHD]/,1*8$752
1,&FRQVXOWDLLQVWUXFLX
QLOHGHXWLOL]DUHVHSDUDWH

3DJLQD









&RQVROFHQWUDO

3UH]HQWDUHJHQHUDO

&RQVROFHQWUDO
&RQVRODFHQWUDOVHFLXQHDVXSHULRDU

)XQFLD
C

3DJLQD

)XQFLD

6LVWHPXODXGLR&20$1'
2QOLQHFRQVXOWDLLQVWUXF
LXQLOHGHXWLOL]DUHVHSDUDWH

3DJLQD

/6HPQDOL]DWRDUHGH
DYDULH



s/DPSLQGLFDWRDUH
$,5%$*3$6$*(5235,7




rQFO]LUHVFDXQ



9HQWLODUHVFDXQ



(63

3$5.7521,&



JQFO]LUHDX[LOLDU

)XQFLDVWDUWVWRS
(&2





&RQVROFHQWUDO



3UH]HQWDUHJHQHUDO

&RQVRODFHQWUDOVHFLXQHDLQIHULRDU

G $XWRYHKLFXOHOHFXPHQLXO21 2))52$'
)XQFLD
n

p
q

6XSRUWSHQWUXSDKDU
6FUXPLHU
%ULFKHW
3UL]HOHFWULF

.7UHDSW/2:5$1*(
75($37'(9,7(=(,1)(
5,2$5RIIURDG

3DJLQD

3DJLQD

&RQWUROQLYHO








5HJODUHDYLWH]HLOD
FRERUkUHDvQSDQW



c3URJUDPGHFRQGXFHUH
vQUHJLPPDQXDO



&RQWUROHU$XGLR&20$1'
FRQVXOWDLLQVWUXFLXQLOHGH
XWLOL]DUHVHSDUDWH
%XWRQGHIXQFLRQDUH
PHQLX21 2))52$'

)XQFLD

t
u





%XWRQVHOHFWRUSHQWUXSUR
JUDPHRQURDG
%XWRQVHOHFWRUSHQWUXSUR
JUDPHRIIURDG
'HVFKLGHFRPSDUWLPHQWXO
GHGHSR]LWDUH





&RQVROFHQWUDO

3UH]HQWDUHJHQHUDO



G $XWRYHKLFXOHIUPHQLXO21 2))52$'
LDXWRYHKLFXOH$0*
)XQFLD
n

6XSRUWSHQWUXSDKDU
6FUXPLHU
%ULFKHW
3UL]HOHFWULF

&RQWUROHU$XGLR&20$1'
FRQVXOWDLLQVWUXFLXQLOHGH
XWLOL]DUHVHSDUDWH

6HOHFWHD]SURJUDPXO
RIIURDGDXWRYHKLFXOHFX
SDFKHWXO$,50$7,&
6HOHFWHD]SURJUDPXO
GHFRQGXFHUH
6HOHFWHD]SURJUDPXOGH
FRQGXFHUHDXWRYHKLFXOH
$0*

)XQFLD
q

3DJLQD










3DJLQD

5HJODUHDYLWH]HLOD
FRERUkUHDvQSDQW



&RQWUROXOQLYHOXOXL
DXWRYHKLFXOHFXSDFKHWXO
$,50$7,&



6LVWHPXOGHDPRUWL
]DUHDGDSWLYDXWRYHKLFXOH
FXSDFKHWXO$,50$7,&
5HJOHD]$0*5,'(
&21752/DXWRYHKLFXOH
$0*
'HVFKLGHFRPSDUWLPHQWXO
GHGHSR]LWDUH






3DQRXGHFRPDQGVLWXDWSHSODIRQ



3UH]HQWDUHJHQHUDO

3DQRXGHFRPDQGVLWXDWSHSODIRQ

)XQFLD
C

=$SULQGHVWLQJH
ODPSDGHOHFWXUGHSHSDU
WHDVWkQJ
J$SULQGHLOXPLQDUHD
LQWHULRDUID
B$SULQGHVWLQJHLOXPL
QDUHDLQWHULRDUVSDWH
36WLQJHFRPDQGDGH
LOXPLQDUHLQWHULRDUID
LOXPLQDUHLQWHULRDUDXWR
PDW
=$SULQGHVWLQJH
ODPSDGHOHFWXUGHSHSDU
WHDGUHDSW
V'HVFKLGHvQFKLGH
WUDSDJOLVDQW

3DJLQD

)XQFLD
3DJLQD
W'HVFKLGHvQFKLGH
WUDSDJOLVDQWSDQRUDPLF
FXMDOX]HOH



k

l




2JOLQGDUHWURYL]RDUH



%XWRDQHSHQWUXGHV
FKL]WRUXOSHQWUXXDJDUD
MXOXL



'H]DFWLYHD]VHQ]R
UXOGHPLFDUHvQLQWHULRU





'H]DFWLYHD]SURWHF
LDODWUDFWDUH







&RPSDUWLPHQWSHQWUX
RFKHODUL



3DQRXGHFRPDQGVLWXDWSHSRUWLHU

3UH]HQWDUHJHQHUDO

3DQRXGHFRPDQGVLWXDWSHSRUWLHU

)XQFLD
C

'HVFKLGHSRUWLHUD

67'HVFXLHvQFXLH
DXWRYHKLFXOXO

78@
0HPRUHD]VHWULOHSHQWUX
VFDXQRJOLQ]LOHH[WHULRDUH
LYRODQ

3DJLQD



)XQFLD

k
l



5HJOHD]HOHFWULFVFDXQXO



kpq
5HJOHD]LUDEDWHD]
H[WLQGHHOHFWULFRJOLQ]LOH
H[WHULRDUH



3DJLQD

b'HVFKLGHvQFKLGH
JHDPXULOHODWHUDOH



'HVFKLGHvQFKLGH
KD\RQXO



$FWLYHD]GH]DFWL
YHD]FDUDFWHULVWLFDGH
VXSUDUHJODUHSHQWUXJHD
PXULOHODWHUDOHGLQFRPSDU
WLPHQWXOVSDWH



,QIRUPDLLXWLOH
6LJXUDQDRFXSDQLORU
3UH]HQDFRSLLORUODERUG
6LVWHPHGHVLJXUDQODFRQGXFHUH
6LVWHPHDQWLIXUW







6LJXUDQ





6LJXUDQDRFXSDQLORU

6LJXUDQ

,QIRUPDLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
ULWRDUHODVLJXUDQ
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD
6LJXUDQDRFXSDQLORU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
&HQWXULOHGHVLJXUDQvPSUHXQFX6566LV
WHPXO6XSOLPHQWDUGH5HWHQLHVXQWVLVWHPH
GHUHWHQLHFRPSOHPHQWDUHLFRRUGRQDWH
3DJLQD$FHVWHDUHGXFSHULFROXOGH
UQLUHvQWLSXULVSHFLILFHLSUHGHILQLWHGHDFFL
GHQWHFUHVFkQGvQFRQVHFLQVLJXUDQDRFX
SDQLORU&XWRDWHDFHVWHDFHQWXULOHGHVLJX
UDQLDLUEDJXULOHQXSRWvQJHQHUDOSUHYHQL
UQLUHDFDX]DWGHRELHFWHOHFDUHSWUXQGvQ
DXWRYHKLFXOGLQH[WHULRU
3HQWUXDYDVLJXUDFVLVWHPHOHGHVLJXUDQ
SRWDVLJXUDIXQFLDORUGHSURWHFLHSRWHQLDO
FRPSOHWDVLJXUDLYF
=VFDXQXOLWHWLHUDVXQWUHJODWHFRUHV

SXQ]WRU3DJLQD
=FHQWXUDGHVLJXUDQDIRVWFXSODWFRUHV

SXQ]WRU3DJLQD
=DLUEDJXULOHQXVXQWvPSLHGLFDWHVVHXPIOH

FkQGVHGHVIRDU3DJLQD
=YRODQXOHVWHUHJODWFRUHVSXQ]WRU

3DJLQD
=VLVWHPHOHGHUHWHQLHQXDXIRVWPRGLILFDWH

G 8QDLUEDJFUHWHQLYHOXOGHSURWHFLHD
SDVDJHULORUDXWRYHKLFXOXOXLFDUHSRDUWR
FHQWXUGHVLJXUDQ7RWXLDLUEDJXULOH

FRQVWLWXLHGRDUXQVLVWHPVXSOLPHQWDUGH
UHWHQLHFDUHFRPSOHWHD]IUDvQORFXL
vQVFHQWXUDGHVLJXUDQ7RLSDVDJHULL
DXWRYHKLFXOXOXLWUHEXLHVvLSRDUWHvQWRW
GHDXQDFRUHFWFHQWXUDGHVLJXUDQFKLDU
LGDFDXWRYHKLFXOXOHVWHGRWDWFXDLUED
JXUL$LUEDJXULOHQXVXQWGHFODQDWHvQWRDWH
WLSXULOHGHDFFLGHQWH'HH[HPSOXvQFD]XO
vQFDUHFDSDFLWDWHDGHSURWHFLHRIHULWGH
FHQWXULOHGHVLJXUDQFXSODWHFRUHV
SXQ]WRUQXFUHWHSULQGHFODQDUHDDLUED
JXULORUDLUEDJXULOHQXVHGHFODQHD]
'HFODQDUHDDLUEDJXULORUDVLJXURSURWHF
LHFUHVFXWQXPDLGDFFHQWXUDGHVLJX
UDQHVWHSXUWDWFRUHFWGHRDUHFH
=FHQWXUDGHVLJXUDQFRQWULEXLHODPHQ
LQHUHDSDVDJHUXOXLDXWRYHKLFXOXOXLvQ
SR]LLHRSWLPvQUDSRUWFXDLUEDJXO
=vQWURFROL]LXQHIURQWDOGHH[HPSOX
FHQWXUDGHVLJXUDQSUHYLQHSURLHFWDUHD
SDVDJHUXOXLDXWRYHKLFXOXOXLFWUHSXQF
WXOGHLPSDFW$VWIHOVHSRDWHUHGXFH
SHULFROXOGHUQLUH
QDFFLGHQWHOHvQFDUHXQDLUEDJHVWH
GHFODQDWHORIHURSURWHFLHFUHVFXW
QXPDLGDFFHQWXUDGHVLJXUDQHVWHSXU
WDWFRUHFW

 $9(57,60(17
'DFLQWHUYHQLLOHvQVHUYLFHQXVXQWHIHFWXDWH
FRUHFWVLJXUDQDGHXWLOL]DUHDDXWRYHKLFXOXOXL
GXPQHDYRDVWUSRDWHILDIHFWDW$VWIHO
SXWHLSLHUGHFRQWUROXODXWRYHKLFXOXOXLL
SXWHLSURYRFDXQDFFLGHQW0DLPXOWVLVWH
PHOHGHVLJXUDQQXYPDLSRWSURWHMDSH
GXPQHDYRDVWUVDXSHDOLLFRQIRUPVFRSXOXL
SUHY]XW
6ROLFLWDLvQWRWGHDXQDHIHFWXDUHDLQWHUYHQLL
ORUGHVHUYLFHODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW

 3HULFROGHUQLUH

/DPSGHDYHUWL]DUH656

0RGLILFULOHLOXFUULOHHIHFWXDWHLQFRUHFW
DVXSUDXUPWRDUHORUHOHPHQWHSRWREVWUXF
LRQDIXQFLRQDUHDFRUHVSXQ]WRDUHDVLVWH
PHORUGHUHWHQLH

)XQFLLOH656VXQWYHULILFDWHUHJXODWFkQG
FXSODLFRQWDFWXOLFkQGPRWRUXOIXQFLR
QHD]3ULQXUPDUHGHIHFLXQLOHSRWILGHWHF
WDWHvQWLPSXWLO
/DPSDGHDYHUWL]DUHu656GLQSDQRXOGH
LQVWUXPHQWHVHDSULQGHFkQGFRQWDFWXOHVWH
FXSODW$FHDVWDVHVWLQJHODQXPDLWkU]LXGH
FkWHYDVHFXQGHGXSFHPRWRUXOHVWHSRUQLW

=VLVWHPXOGHUHWHQLHDOFWXLWGLQFHQWXULOH

GHVLJXUDQLSXQFWHOHGHDQFRUDUHDOH
DFHVWRUDGLVSR]LWLYHOHGHSUHWHQVLRQDUH
OLPLWDWRDUHOHGHIRULDLUEDJXULOH
=FDEOXULOHHOHFWULFH
=VLVWHPHOHHOHFWURQLFHLQWHUFRQHFWDWH
(VWHSRVLELOFDDLUEDJXULOHVDXGLVSR]LWLYHOHGH
SUHWHQVLRQDUHDFHQWXULORUVQXILHGHFODQ
DWHvQFD]GHDFFLGHQWvQVLWXDLLvQFDUH
GHFHOHUDUHDDUILVXILFLHQWSHQWUXDGHFODQD
vQPRGQRUPDODFHVWHVLVWHPHVDXHVWHSRVL
ELOFDVLVWHPHOHVILHGHFODQDWHFkQGQXHVWH
FD]XO'LQDFHVWPRWLYVLVWHPHOHGHUHWHQLH
QXWUHEXLHQLFLRGDWPRGLILFDWH
1XHIHFWXDLQLFLRGDWPRGLILFULODVLVWHPHOH
HOHFWURQLFHVDXODVRIWZDUHXODVRFLDWDFHV
WRUD

6566LVWHPXO6XSOLPHQWDUGH5HWHQ
LH
,QWURGXFHUH
656FRQVWGLQ
=ODPSDGHDYHUWL]DUHu656
=$LUEDJXUL
=XQLWDWHDGHFRPDQGDDLUEDJXULORUFXVHQ

]RULGHLPSDFW

 $9(57,60(17
'DF656HVWHGHIHFWVLVWHPHOHLQGLYLGXDOH
SRWILGHFODQDWHQHLQWHQLRQDWVDXHVWHSRVL
ELOVQXVHGHFODQH]HvQFD]XOXQXLDFFLGHQW
FXRGHFHOHUDUHUDSLGDDXWRYHKLFXOXOXL
$VXUYHQLWRGHIHFLXQHGDF
=ODPSDGHDYHUWL]DUHu656QXVH

DSULQGHFkQGFRQWDFWXOHVWHFXSODW
=PRWRUXOIXQFLRQHD]LODPSDGHDYHUWL

]DUHu656QXVHVWLQJHGXSFkWHYD
VHFXQGH
=PRWRUXOIXQFLRQHD]LODPSDGHDYHUWL]DUH
u656VHDSULQGHGLQQRX
QDFHVWFD]VROLFLWDLLPHGLDWYHULILFDUHD656
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

'HFODQDUHDvQWLQ]WRDUHORUFHQWXULLD
OLPLWDWRDUHORUGHIRUSHQWUXFHQWXUL
DDLUEDJXULORU
QSULPDID]DXQHLFROL]LXQLXQLWDWHGH
FRPDQGDDLUEDJXULORUHYDOXHD]GDWHIL]LFH
LPSRUWDQWHSULYLQGGHFHOHUDUHDVDXDFFHOHUD
UHDDXWRYHKLFXOXOXLSUHFXP

=vQWLQ]WRDUHOHGHFHQWXUSHQWUXFHQWXULOH

=GXUDW

GHVLJXUDQIDLFHQWXULOHGHVLJXUDQ
H[WHULRDUHGLQVSDWH
=OLPLWDWRDUHOHGHIRUSHQWUXFHQWXU
656UHGXFHULVFXOFRQWDFWXOXLGLQWUHSDVDJHUL
LLQWHULRUXODXWRYHKLFXOXOXLvQFD]GHDFFL
GHQW$FHVWDSRDWHGHDVHPHQHDVUHGXF
HIHFWXOIRUHORUODFDUHVXQWVXSXLSDVDJHULL
vQFD]GHDFFLGHQW

=GLUHFLH
=DPSORDUH

QIXQFLHGHHYDOXDUHDDFHVWRUGDWHXQLWDWHD
GHFRPDQGDDLUEDJXULORUGHFODQHD]SUH
YHQWLYvQWLQ]WRDUHOHGHFHQWXUvQSULPDID]

G QWLQ]WRDUHOHGHFHQWXUIDSRWIL
GHFODQDWHGRDUGDFOLPELOHFHQWXULORUGH
VLJXUDQGLQVFDXQHOHIDVXQWFXSODWH
FRUHFWvQFDWDUDPHOHGHEORFDUHDOHFHQWX
ULORUGHVLJXUDQ




6LJXUDQ

6LJXUDQDRFXSDQLORU

6LJXUDQ



6LJXUDQDRFXSDQLORU
'DFH[LVWRGHFHOHUDUHVDXDFFHOHUDUHD
DXWRYHKLFXOXOXLLPDLPDUHvQGLUHFLHORQJL
WXGLQDODLUEDJXULOHIURQWDOHVXQWGHDVHPH
QHDGHFODQDWH
$XWRYHKLFXOXOGXPQHDYRDVWUGLVSXQHGHDLU
EDJXULIURQWDOHDGDSWLYHvQGRXID]H8QLWD
WHDGHFRPDQGDDLUEDJXULORUHYDOXHD]
GHFHOHUDUHDVDXDFFHOHUDUHDDXWRYHKLFXOXOXL
vQFD]GHFROL]LXQHQSULPDID]GHGHFODQ
DUHDLUEDJXOIURQWDOHVWHXPSOXWFXGHVWXO
JD]SURSXOVRUSHQWUXDUHGXFHSHULFROXOGH
UQLUH$LUEDJXOIURQWDOHVWHFRPSOHWGHFODQ
DWGDFXQDOGRLOHDSUDJGHGHFODQDUHHVWH
GHSLWvQGHFXUVGHFkWHYDPLOLVHFXQGH
3UDJXULOHvQWLQ]WRUXOXLFHQWXULLLDOH
GHFODQULLDLUEDJXOXLVXQWYDULDELOHLVXQW
DGDSWDWHODYLWH]DGHGHFHOHUDUHVDXDFFHOH
UDUHDDXWRYHKLFXOXOXL$FHVWSURFHVHVWHGH
QDWXUSUHYHQWLY3URFHVXOGHGHFODQDUH
WUHEXLHVVHHIHFWXH]HvQWLPSXWLOODvQFHSX
WXOFROL]LXQLL

G $LUEDJXULOHQXVXQWGHFODQDWHvQWRDWH
WLSXULOHGHDFFLGHQWH'HDVHPHQHDQX
WRDWHDLUEDJXULOHVXQWGHFODQDWHvPSUHXQ
ODXQDFFLGHQW6LVWHPHOHGHDLUEDJXULGLIH
ULWHIXQFLRQHD]LQGHSHQGHQWXQXOGH
FHOODOW
0RGXOGHIXQFLRQDUHDOVLVWHPXOXLGHDLU
EDJXULHVWHGHWHUPLQDWGHJUDYLWDWHDFROL
]LXQLLGHWHFWDWHPDLDOHVGHGHFHOHUDUHD
VDXDFFHOHUDUHDDXWRYHKLFXOXOXLLGHWLSXO
DSDUHQWGHDFFLGHQW
=FROL]LXQHIURQWDO
=LPSDFWODWHUDO
=UVWXUQDUH
9LWH]DGHGHFHOHUDUHVDXDFFHOHUDUHDDXWR
YHKLFXOXOXLLGLUHFLDIRUHLVXQWvQSULQFLSLX
GHWHUPLQDWHGH

)DFWRULLFDUHSRWGRDUILY]XLLPVXUDL
GXSVXUYHQLUHDXQHLFROL]LXQLQXDXXQURO
GHFLVLYvQGHFODQDUHDDLUEDJXOXLLQXRIHUR
LQGLFDLHSULYLQGGHFODQDUHDDLUEDJXOXL
$XWRYHKLFXOXOSRDWHVXIHULGHIRUPULVHPQL
ILFDWLYHGHH[ODFDSRWVDXODDULSIUFD
XQDLUEDJVILHGHFODQDW$FHDVWVLWXDLH
DSDUHGDFQXPDLSULOHUHODWLYXRUGHIRU
PDELOHVXQWDIHFWDWHLYLWH]DGHGHFHOHUDUH
QXHVWHPDUH3HGHDOWSDUWHDLUEDJXULOHSRW
ILGHFODQDWHLGDFDXWRYHKLFXOXOVXIHU
QXPDLGHIRUPULPLQRUH/XFUXULOHVWDXDVWIHO
vQFD]XOvQFDUHGHH[HPSOXSULOHIRDUWH
ULJLGHDOHDXWRYHKLFXOXOXLFXPDUILHOHPHQWH
ORQJLWXGLQDOHDOHFDURVHULHLVXQWORYLWHLDU
GHFHOHUDUHDVXUYHQLWGUHSWXUPDUHHVWHVXIL
FLHQW

$LUEDJXUL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
'HFODQDUHDDLUEDJXOXLvQFHWLQHWHLOLPL
WHD]GHSODVDUHDSDVDJHUXOXLDXWRYHKLFXOX
OXL
'DFDLUEDJXULOHVXQWGHFODQDWHYHLDX]LR
H[SOR]LHLHVWHSRVLELOVVHGHJDMH]HLR
PLFFDQWLWDWHGHSXOEHUH=JRPRWXOGHH[SOR
]LHDIHFWHD]DX]XOGRDUvQVLWXDLLUDUH'H
UHJXOSXOEHUHDGHJDMDWQXFRQVWLWXLHXQ
SHULFROSHQWUXVQWDWH/DPSDGHDYHUWL]DUH
656uVHDSULQGH
3XQFWHOHGHLQVWDODUHDDLUEDJXULORUVXQWLGHQ
WLILFDWHSULQVLPEROXO$,5%$*

 $9(57,60(17

=XQJKLXOFROL]LXQLL

$LUEDJXULOHRIHUXQJUDGVXSOLPHQWDUGHSUR
WHFLHDFHVWHDQXVXQWFXWRDWHDFHVWHDXQ
vQORFXLWRUSHQWUXFHQWXULOHGHVLJXUDQ
5HVSHFWDLXUPWRDUHOHQRWHSHQWUXDUHGXFH
ULVFXOGHUQLJUDYHVDXFKLDUIDWDOHSURYRFDWH
GHGHFODQDUHDDLUEDJXOXL

=FDUDFWHULVWLFLOHGHGHIRUPDUHDOHDXWRYHKL

=WRLSDVDJHULLDXWRYHKLFXOXOXLvQVSHFLDO

=GLVWULEXLDIRUHORUvQWLPSXOFROL]LXQLL

FXOXOXL
=FDUDFWHULVWLFLOHRELHFWXOXLFXFDUHDLQWUDWvQ
FROL]LXQHDXWRYHKLFXOXO

IHPHLOHvQVUFLQDWHWUHEXLHVSRDUWH
vQWRWGHDXQDFRUHFWFHQWXUDGHVLJXUDQL
VVHVSULMLQHGHVSWDUFDUHWUHEXLHSR]L

LRQDWFkWPDLDSURDSHGHYHUWLFDO&DSXO
WUHEXLHVVHSRDWVSULMLQLSHWHWLHUDSUR
[LPDWLYODQLYHOXORFKLORU
=IL[DLvQWRWGHDXQDFRSLLLPDLPLFLGH
PVDXVXEDQLvQVLVWHPHGHUHWHQ
LHSHQWUXFRSLLDGHFYDWH
=WRLSDVDJHULLDXWRYHKLFXOXOXLWUHEXLHV
VHOHFWH]HRSR]LLHDVFDXQXOXLFkWPDL
vQGHSUWDWGHDLUEDJSRVLELO3R]LLDVFDX
QXOXLRIHUXOXLWUHEXLHVSHUPLWFRQGXFH
UHDDXWRYHKLFXOXOXLvQVLJXUDQ3LHSWXO
RIHUXOXLWUHEXLHVILHFkWPDLGHSDUWHSRVL
ELOGHFHQWUXOFDSDFXOXLDLUEDJXOXLRIHUXOXL
=GHSODVDLVFDXQXOSDVDJHUXOXLGLQIDFkW
PDLvQDSRLSRVLELO$FHDVWDILUPDLHHVWH
LPSRUWDQWPDLDOHVGDFDLIL[DWXQFRSLO
vQVLVWHPXOGHUHWHQLHSHQWUXFRSLLGHSH
VFDXQXOSDVDJHUXOXLGLQID
=SDVDJHULLDXWRYHKLFXOXOXLLPDLDOHVFRSLLL
QXWUHEXLHVLLQFDSHWHOHvQ]RQDJHD
PXOXLvQFDUHVHGHFODQHD]DLUEDJXOODWH
UDODLUEDJXOWLSFRUWLQ
=VLVWHPHOHGHUHWHQLHSHQWUXFRSLLRULHQWDWH
VSUHVSDWHQXWUHEXLHVILHIL[DWHSHVFDX
QXOSDVDJHUXOXLGLQIDGHFkWGDFDLUEDJXO
SHQWUXSDVDJHUXOGLQIDDIRVWGH]DFWLYDW
/DVFDXQXOSDVDJHUXOXLGLQIDDLUEDJXO
SDVDJHUXOXLGLQIDHVWHGH]DFWLYDWGDFXQ
VLVWHPGHUHWHQLHSHQWUXFRSLLFXWUDQV
SRQGHUSHQWUXUHFXQRDWHUHDDXWRPDWD
VFDXQXOXLSHQWUXFRSLOHVWHPRQWDWSHVFDX
QXOSDVDJHUXOXLGLQIDvQWUXQDXWRYHKLFXO
GRWDWFXUHFXQRDWHUHDDXWRPDWDVFDX
QXOXLSHQWUXFRSLO/DPSDLQGLFDWRDUH
s3$66(1*(5$,5%$*2))$,5%$*
3$6$*(5235,7WUHEXLHVILHFRQVWDQW
DSULQV
'DFVFDXQXOSDVDJHUXOXLGLQIDGLQDXWR
YHKLFXOXOGXPQHDYRDVWUQXGLVSXQHGH
UHFXQRDWHUHDDXWRPDWDVFDXQXOXLSHQ
WUXFRSLOVDXGDFVLVWHPXOGXPQHDYRDVWU
GHUHWHQLHSHQWUXFRSLLRULHQWDWVSUHVSDWH
QXGLVSXQHGHUHFXQRDWHUHDDXWRPDWD
VFDXQXOXLSHQWUXFRSLOFRSLLLWUHEXLHVILH
IL[DLvQWUXQVLVWHPGHUHWHQLHSHQWUXFRSLL
SHXQVFDXQDGHFYDWGLQVSDWH'DFIL[DL

XQVLVWHPGHUHWHQLHSHQWUXFRSLLRULHQWDW
VSUHIDvQVFDXQXOSDVDJHUXOXLGLQID
WUHEXLHVGHSODVDLVFDXQXOSDVDJHUXOXL
GLQIDFkWPDLPXOWvQVSDWHSRVLELO
=$VLJXUDLYFQXDYHLQLFLXQRELHFWJUHX
VDXDVFXLWvQEX]XQDUHOHKDLQHORU
=QXYvQFOLQDLvQDLQWHGHH[SHVWHFDSDFXO
DLUEDJXOXLIURQWDODORIHUXOXLSDVDJHUXOXL
GLQIDvQGHRVHELFkQGDXWRYHKLFXOXOHVWH
vQPLFDUH
=QXYSXQHLSLFLRDUHOHSHSODQDGHERUG
=PDQHYUDLYRODQXOQXPDLGHH[WHULRU$VWIHO
SHUPLWHLGHVIXUDUHDFRPSOHWDDLUEDJX
OXL(VWHSRVLELOVVXIHULLUQLGDFDLUEDJXO
HVWHGHFODQDWLGXPQHDYRDVWULQHL
YRODQXOGHLQWHULRU
=QXYVSULMLQLLGHSRUWLHUHFkQGYDIODLvQ
LQWHULRUXODXWRYHKLFXOXOXL
=DVLJXUDLYFQXH[LVWQLFLRSHUVRDQ
DQLPDOVDXRELHFWvQWUHSDVDJHULLDXWRYHKL
FXOXOXLL]RQDvQFDUHVHGHFODQHD]DLU
EDJXULOH
=QXDPSODVDLRELHFWHvQWUHVSWDUXOVFDX
QXOXLLSRUWLHU
=QXVXVSHQGDLRELHFWHGXUHGHH[HPSOX
XPHUDHGHPkQHUHOHGHVXVLQHUHVDXGH
FkUOLJHOHSHQWUXKDLQH
=1XSXQHLDFFHVRULLGHH[VXSRUWXULSHQWUX
SDKDUHSHSRUWLHUH
QXVHSRDWHHOLPLQDvQWRWDOLWDWHSHULFROXOGH
UQLUHSURYRFDWGHDLUEDJXULGLQFDX]DYLWH]HL
ULGLFDWHODFDUHDLUEDJXOWUHEXLHVILHGHFODQ
DW

 $9(57,60(17
)XQFLRQDUHDDLUEDJXULORUSRDWHILDVLJXUDW
QXPDLGDFXUPWRDUHOHSULQXVXQWDFRSH
ULWHLQXVXQWIL[DWHHPEOHPHVDXHWLFKHWH
DXWRFRODQWHSHHOH
=SRULXQHDFDSLWRQDWDYRODQXOXL
=FDSDFSHQWUXDLUEDJXOSHQWUXJHQXQFKLVXE

FRORDQDGHGLUHFLH
=FDSDFXODLUEDJXOXLSDVDJHUXOXLID
=SDUWHDH[WHULRDUDSHUQHORUGHVFDXQ



6LJXUDQ

6LJXUDQDRFXSDQLORU

6LJXUDQ



6LJXUDQDRFXSDQLORU
 $9(57,60(17

$FHVWHDVXQWGHFODQDWH

QWLPSXOXPIOULLXQXLDLUEDJHVWHHOLEHUDWR
FDQWLWDWHPLFGHSUDI3UDIXOGHJDMDWSRDWH
FDX]DGLILFXOWLWHPSRUDUHGHUHVSLUDLHSHU
VRDQHORUFDUHVXIHUGHDVWPVDXGHDOWHEROL
DOHDSDUDWXOXLUHVSLUDWRU
3HQWUXDSUHYHQLSRVLELOHOHGLILFXOWLGHUHV
SLUDLHSUVLLDXWRYHKLFXOXOLPHGLDWFHDFHVW
OXFUXVHSRDWHUHDOL]DvQFRQGLLLGHVLJXUDQ
'HDVHPHQHDSXWHLGHVFKLGHJHDPXOSHQWUX
DSHUPLWHSWUXQGHUHDDHUXOXLSURDVSWGLQ
H[WHULRU3UDIXOQXHVWHvQJHQHUDOSHULFXORV
SHQWUXVQWDWHLQXLQGLFSUH]HQDXQXL
LQFHQGLXvQDXWRYHKLFXO

=ODvQFHSXWXOXQXLDFFLGHQWFXRGHFHOHUDUH

 $9(57,60(17
&RPSRQHQWHOHDLUEDJXOXLVHvQFLQJGXSFH
DLUEDJXODIRVWGHFODQDW(YLWDLDWLQJHUHD
DFHVWRUDvQFD]FRQWUDUHVWHSRVLELOVVXIHULL
DUVXUL
6ROLFLWDLvQORFXLUHDDLUEDJXULORUODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DWQFD]FRQWUDUSDVD
JHULLQXVXQWSURWHMDLGHDLUEDJXULvQHYHQWXD
OLWDWHDSURGXFHULLXQXLQRXDFFLGHQW
$LUEDJXULIURQWDOH
$LUEDJXULOHIURQWDOHPUHVFSURWHFLDFDSXOXL
LSLHSWXOXLRIHUXOXLLSDVDJHUXOXLGLQID

VDXDFFHOHUDUHDDXWRYHKLFXOXOXLULGLFDW
SHGLUHFLHORQJLWXGLQDO
=GDFVLVWHPXOVWDELOHWHFGHFODQDUHD
DLUEDJXOXLSRDWHRIHULRSURWHFLHVXSOLPHQ
WDUIDGHFHDRIHULWGHFHQWXUDGHVLJX
UDQ
=GDFFHQWXUDGHVLJXUDQHVWHSULQV
=LQGHSHQGHQWGHDOWHDLUEDJXULGLQDXWRYH
KLFXO
'DFDXWRYHKLFXOXOVHUVWRDUQDLUEDJXULOH
IURQWDOHvQJHQHUDOQXVXQWGHFODQDWH'DF
VLVWHPXOGHWHFWHD]RGHFHOHUDUHSXWHUQLFD
DXWRYHKLFXOXOXLvQGLUHFLHORQJLWXGLQDODLU
EDJXULOHIURQWDOHVXQWGHFODQDWH
$LUEDJXOSDVDJHUXOXLGLQIDDHVWHDFWLYDW
GRDUGDFVLVWHPXOVWDELOHWHFVFDXQXO
SDVDJHUXOXLGLQIDHVWHRFXSDW/DPSDLQGL
FDWRDUH3$66(1*(5$,5%$*2))$,5%$*
3$6$*(5235,7sGHSHFRQVRODFHQ
WUDOQXHVWHDSULQV3DJLQD$VWIHO
VHLQGLFIDSWXOFXQVLVWHPGHUHWHQLHSHQ
WUXFRSLLIUUHFXQRDWHUHDDXWRPDWDVFDX
QXOXLSHQWUXFRSLODIRVWPRQWDWSHVFDXQXO
SDVDJHUXOXLGLQIDVDXFXQVLVWHPGH
UHWHQLHSHQWUXFRSLLFXUHFXQRDWHUHDDXWR
PDWDVFDXQXOXLSHQWUXFRSLODIRVWPRQWDW
LQFRUHFW

 1XDH]DLRELHFWHJUHOHSHVFDXQXOSDVD
JHUXOXLID6LVWHPXOSRDWHGHWHFWDDVWIHO
GDFVFDXQXOHVWHRFXSDWLGDFH[LVWXQ
DFFLGHQWVLVWHPHOHGHUHWHQLHGHSHSDU
WHDSDVDJHUXOXLIDDUSXWHDILGHFODQDWH
6ROLFLWDLvQORFXLUHDVLVWHPHORUGHVLJXUDQ
GHFODQDWH
$LUEDJSHQWUXJHQXQFKLLRIHUXOXL
$LUEDJXORIHUXOXLCVHGHFODQHD]vQIDD
YRODQXOXLDLUEDJXOIURQWDODOSDVDJHUXOXLGLQ
IDDVHGHFODQHD]vQIDDLGHDVXSUD
WRUSHGRXOXL

$LUEDJXOSHQWUXJHQXQFKLLRIHUXOXLFUHWH
SURWHFLDRIHUXOXLFRQWUD
=UQLORUODJHQXQFKL
=UQLORUODFRDSV
=UQLORUODSDUWHDLQIHULRDUDSLFLRUXOXL

6LJXUDQDRFXSDQLORU



6LJXUDQ

&kQGVXQWGHFODQDWHDLUEDJXULOHODWHUDOH
RIHURSURWHFLHVXSOLPHQWDUDWRUDFHOXLL
SHOYLVXOXLSDVDJHULORUDXWRYHKLFXOXOXLGHSH
SDUWHDDXWRYHKLFXOXOXLXQGHVXUYLQHLPSDFWXO
&XWRDWHDFHVWHDHOHQXSURWHMHD]
=FDSXO
=JkWXO
=EUDHOH

$LUEDJXOSHQWUXJHQXQFKLLRIHUXOXLCHVWH
vQWRWGHDXQDGHFODQDWRGDWFXDLUEDJXORIH
UXOXLLVHXPIOVXEFRORDQDGHGLUHFLH

$LUEDJXULODWHUDOH
 $9(57,60(17
'DFGRULLVXWLOL]DLKXVHOHGHVFDXQ0HU
FHGHV%HQ]YUHFRPDQGFDGLQPRWLYHGH
VLJXUDQVXWLOL]DLQXPDLKXVHGHVFDXQ
DSUREDWHSHQWUXDXWRYHKLFXOHOH0HUFHGHV
%HQ]
+XVHOHVFDXQHORUWUHEXLHVGLVSXQGHR
FXVWXUGHUXSHUHVSHFLDOSHQWUXDLUEDJX
ULOHODWHUDOHQFD]FRQWUDUDLUEDJXULOHODWHUDOH
QXVHSRWGHFODQDFRUHFWLQXYRURIHULJUDGXO
GHSURWHFLHSUHY]XWvQFD]GHDFFLGHQW
+XVHOHFRUHVSXQ]WRDUHDOHVFDXQHORUSRWIL
RELQXWHGHH[HPSOXGHODXQ&HQWUXGHVHU
YLFH0HUFHGHV%HQ]
 $9(57,60(17
6HQ]RULLFDUHFRQWUROHD]DLUEDJXULOHVXQW
DPSODVDLvQSRUWLHUH3ULQXUPDUHQXDGXFHL
PRGLILFULSRUWLHUHORUVDXSDQRXULORUSRUWLHUH
ORUGHH[SULQPRGHUQL]DUHDFXGLIX]RDUH
'HWHULRUDUHDSRUWLHUHORUSRDWHDIHFWDIXQFLR
QDUHDDLUEDJXULORUODWHUDOH

$LUEDJXULOHODWHUDOHIURQWDOHCLDLUEDJXULOH
ODWHUDOHVSDWHDVHGHFODQHD]OkQJSHU
QHOHVFDXQHORUH[WHULRDUH
$LUEDJXULOHODWHUDOHVXQWGHFODQDWH
=SHODWHUDODSHFDUHVXUYLQHXQLPSDFW
=ODvQFHSXWXOXQXLDFFLGHQWFXRGHFHOHUDUH

VDXDFFHOHUDUHODWHUDODDXWRYHKLFXOXOXL
ULGLFDWGHH[vQWUXQLPSDFWODWHUDO
=LQGHSHQGHQWGHXWLOL]DUHDFHQWXULLGHVLJX
UDQ
=LQGHSHQGHQWGHDLUEDJXULOHIURQWDOH
=LQGHSHQGHQWGHvQWLQ]WRDUHOHGHFHQWXU
'DFDXWRYHKLFXOXOVHUVWRDUQDLUEDJXULOH
ODWHUDOHvQJHQHUDOQXVXQWGHFODQDWH([FHS
LHGDFVLVWHPXOGHWHFWHD]RGHFHOHUDUH
VDXRDFFHOHUDUHULGLFDWDDXWRYHKLFXOXOXL
vQWURGLUHFLHODWHUDOLVWDELOHWHGDF
GHFODQDUHDSRDWHRIHULRSURWHFLHVXSOLPHQ
WDUSHOkQJFHDRIHULWGHFHQWXUDGHVLJX
UDQ

$LUEDJXULWLSFRUWLQ
$LUEDJXULOHWLSFRUWLQVSRUHVFQLYHOXOGHSUR
WHFLHSHQWUXFDSvQVQXLSHQWUXSLHSWXO
VDXEUDHOHSDVDJHULORUDXWRYHKLFXOXOXLGHSH


6LJXUDQ



6LJXUDQDRFXSDQLORU
SDUWHDDXWRYHKLFXOXOXLSHFDUHVXUYLQHLPSDF
WXO
$LUEDJXULOHWLSFRUWLQVXQWLQWHJUDWHvQODWH
UDODFDGUXOXLSDYLOLRQXOXLLVHGHFODQHD]vQ
]RQDGHODVWkOSXO$ODVWkOSXO&

VLWXDLLODDXWRYHKLFXOHOHFX',67521,&
3/86
=vQVLWXDLLGHFRQGXFHUHFULWLFHGHH[FkQG
OLPLWHOHIL]LFHVXQWGHSLWHLDXWRYHKLFXOXO
VXEYLUHD]VDXVXSUDYLUHD]SXWHUQLF
35(6$)(LDXUPWRDUHOHPVXULvQIXQFLH
GHVLWXDLDSHULFXORDVGHWHFWDW
=FHQWXULOHGHVLJXUDQGLQIDVXQWSUHWHQ

VLRQDWH
=DXWRYHKLFXOHOHFXIXQFLHGHPHPRUDUH

$LUEDJXULOHWLSFRUWLQCVXQWGHFODQDWH
=SHODWHUDODSHFDUHVXUYLQHXQLPSDFW
=ODvQFHSXWXOXQXLDFFLGHQWFXRGHFHOHUDUH

VDXDFFHOHUDUHODWHUDODDXWRYHKLFXOXOXL
ULGLFDWGHH[vQWUXQLPSDFWODWHUDO
=LQGLIHUHQWGDFVFDXQXOSDVDJHUXOXLID
HVWHRFXSDW
=LQGHSHQGHQWGHXWLOL]DUHDFHQWXULLGHVLJX
UDQ
=GDFDXWRYHKLFXOXOVHUVWRDUQLDUVLVWH
PXOVWDELOHWHFOHSRDWHDVLJXUDSDVDJH
ULORUDXWRYHKLFXOXOXLRSURWHFLHVXSOLPHQ
WDUIDGHFHDDVLJXUDWGHFHQWXUDGH
VLJXUDQ
=LQGHSHQGHQWGHDLUEDJXULOHIURQWDOH

35(6$)(SURWHFLHSUHYHQWLYD
SDVDJHULORU
35(6$)(LDPVXULSUHYHQWLYHSHQWUXDSUR
WHMDSDVDJHULLvQDQXPLWHVLWXDLLSHULFXORDVH
35(6$)(LQWHUYLQH
=FkQG%$63/86LQWHUYLQHvQIRUODDXWR

YHKLFXOHOHFX',67521,&3/86
=GDFVLVWHPXOGHVHQ]RULUDGDUGHWHFWHD]

XQSHULFROLPLQHQWGHFROL]LXQHvQDQXPLWH

VFDXQXOSDVDJHUXOXLGLQIDHVWHUHJODW
GDFVHDIOvQWURSR]LLHQHIDYRUDELO
=GDFDXWRYHKLFXOXOGHUDSHD]WUDSDJOL
VDQWWUDSDJOLVDQWSDQRUDPLFLJHDPX
ULOHODWHUDOHVXQWvQFKLVHPHQLQkQGXVH
GRDURPLFvQWUHGHVFKLGHUH
'DFVLWXDLDSHULFXORDVWUHFHIUDVHSUR
GXFHXQDFFLGHQW35(6$)(UHGXFHSUHWHQ
VLRQDUHDFHQWXULL7RDWHVHWULOHUHDOL]DWHGH
35(6$)(SRWILDSRLLQYHUVDWH
'DFFHQWXULOHGHVLJXUDQQXVXQWHOLEHUDWH


'HSODVDLVSWDUXOVDXVFDXQXOSXLQvQDSRL
GDUQXPDLFkQGDXWRYHKLFXOXOVWDLRQHD]
3UHWHQVLRQDUHDFHQWXULLHVWHUHGXVL
PHFDQLVPXOGHEORFDUHHVWHHOLEHUDW

 $9(57,60(17
&kQGUHJODLVFDXQXODVLJXUDLYFQXSRDWH
UPkQHQLPHQLSULQVvQWUHHOHPHQWH
 $VLJXUDLYFQXVHDIORELHFWHvQVSD
LXOSHQWUXSLFLRDUHVDXvQVSDWHOHVFDXQHORU
FkQGGHSODVDLVFDXQXOvQDSRL([LVWULVFXO
FDVFDXQHOHLVDXRELHFWHOHVVXIHUH
GHWHULRUUL
,QIRUPDLLOHVXSOLPHQWDUHSULYLQGUHJODUHD
FHQWXULLGHVLJXUDQRIXQFLHGHDVLVWDUH
LQWHJUDWvQ35(6$)(VHUHJVHVFvQVHF
LXQHD5HJODUHDFHQWXULLGHVLJXUDQ
3DJLQD

&HQWXULGHVLJXUDQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
&HQWXULOHGHVLJXUDQVXQWFHOHPDLHILFLHQWH
PLMORDFHGHOLPLWDUHDGHSODVULLSDVDJHULORU
vQHYHQWXDOLWDWHDXQXLDFFLGHQW$FHVWOXFUX
UHGXFHULVFXOFDSDVDJHULLGLQDXWRYHKLFXOV
VHORYHDVFGHSULOHDIODWHvQLQWHULRUXODXWR
YHKLFXOXOXL

 $9(57,60(17
2FHQWXUGHVLJXUDQSXUWDWQHFRUHV
SXQ]WRUVDXIL[DWLQFRUHFWvQFDWDUDPDGH
EORFDUHQXvLSRDWHvQGHSOLQLIXQFLDGHSUR
WHFLHSHQWUXFDUHDIRVWSURLHFWDWQDQX
PLWHVLWXDLLDFHDVWDDUSXWHDFDX]DUQLUL
JUDYHVDXFKLDUGHFHVXOvQFD]GHDFFLGHQW
3ULQXUPDUHDVLJXUDLYFWRLSDVDJHULL
vQVSHFLDOIHPHLOHvQVUFLQDWHSRDUWFRUHFW
FHQWXULOHGHVLJXUDQvQRULFHPRPHQW
=&HQWXUDGHVLJXUDQWUHEXLHVILHIL[DW

IRDUWHDSURDSHGHFRUSLQXWUHEXLHVILH
UVXFLW3ULQXUPDUHHYLWDLVSXUWDL
KDLQHYROXPLQRDVHGHH[XQSDOWRQ3RU
LXQHDGHXPUDFHQWXULLWUHEXLHVILHWUH
FXWSHVWHPLMORFXOXPUXOXLGXPQHD
YRDVWUvQQLFLXQFD]SHVWHJkWVDXSHVXE
EUDLWUHEXLHWUDVVWUkQVSHVWHSDUWHD
VXSHULRDUDFRUSXOXL3RULXQHDSHQWUX
ED]LQWUHEXLHVWUHDFSHVWHROGXULFkW
PDLMRVSRVLELOUHVSHFWLYSHVWHDUWLFXODLLOH
ROGXULORULQXSHVWHDEGRPHQ'DFHVWH
QHFHVDUvPSLQJHLFHQWXUDGHVLJXUDQ
XRUvQMRVLDSRLUHJODLRWUJkQGvQGLUHF
LDvQFDUHVHUHWUDJH
=1XWUHFHLFKLQJDFHQWXULLGHVLJXUDQ
SHVWHRELHFWHIUDJLOHVDXDVFXLWH9
UXJPVYDVLJXUDLFQXDYHLDVWIHOGH
RELHFWHSHVDXvQvPEUFPLQWHDGXPQHD
YRDVWUGHH[RFKHODULLQVWUXPHQWHGH
VFULVFKHLHWF&KLQJDFHQWXULLGHVLJXUDQ
VDUSXWHDGHWHULRUDLUXSHvQFD]XOXQXL
DFFLGHQWLDUGXPQHDYRDVWUVDXDOLSDVD
JHULDLSXWHDILUQLL
=&HQWXUDGHVLJXUDQWUHEXLHSXUWDWQXPDL
GHRVLQJXUSHUVRDQODXQPRPHQWGDW

&RSLLLQXWUHEXLHVFOWRUHDVFQLFLRGDW
vQEUDHOHDOWXLSDVDJHU&RSLOXOQXYDILSUR
WHMDWvQFD]GHDFFLGHQWIUkQSXWHUQLFVDX
VFKLPEDUHEUXVFGHGLUHFLH$FHVWOXFUX
DUSXWHDGXFHODDFFLGHQWDUHDJUDYVDX
FKLDUPRUWDODFRSLOXOXLVDXDDOWRUSDVD
JHUL
=3HUVRDQHOHFDUHDXVXEPvQOLPHQX
SRWSXUWDFRUHFWFHQWXULOHGHVLJXUDQ'LQ
DFHVWPRWLYDVLJXUDLSHUVRDQHOHFDUHDX
VXEPvQOLPHvQVLVWHPHGHUHWHQLH
FRUHVSXQ]WRDUHVSHFLDOFRQFHSXWH
=&RSLLLVXEPvQOLPHLVXEDQLQX
SRWSXUWDFHQWXULOHGHVLJXUDQFRUHFW'LQ
DFHVWPRWLYDVLJXUDLLvQVLVWHPHGHUHWHQ
LHSHQWUXFRSLLVSHFLDOHLQVWDODWHSHXQ
VFDXQFRUHVSXQ]WRU,QIRUPDLLVXSOLPHQ
WDUHSRWILJVLWHvQ,QVWUXFLXQLOHGHXWLOL
]DUHODFDSLWROXO6LJXUDQ3UH]HQD
FRSLLORUODERUG5HVSHFWDLLQVWUXFLXQLOH
GHLQVWDODUHDOHSURGXFWRUXOXLVLVWHPXOXL
GHUHWHQLHSHQWUXFRSLL
=1XIL[DLQLFLRGDWRELHFWHFXDMXWRUXOFHQ
WXULLGHVLJXUDQGDFDFHDVWDHVWHXWLOL
]DWGHXQXOGLQWUHSDVDJHULLDXWRYHKLFXOX
OXL

 $9(57,60(17
QFD]XOvQFDUHVSWDUXOQXHVWHvQSR]LLH
DSURDSHYHUWLFDOFHQWXUDGHVLJXUDQQX
RIHUQLYHOXOGHSURWHFLHFRUHVSXQ]WRUQ
DQXPLWHVLWXDLLDFHDVWDDUSXWHDFDX]DUQLUL
JUDYHVDXFKLDUGHFHVXOvQFD]GHDFFLGHQW
QDLQWHGHvQFHSHUHDFOWRULHLDVLJXUDLYF
VFDXQXOHVWHUHJODWFRUHVSXQ]WRULDU
VSWDUXOVHDIOvQSR]LLHDSURDSHYHUWLFDO
 $9(57,60(17
&HQWXULOHGHVLJXUDQPXUGDUHVDXGHWHULR
UDWHSUHFXPLFHOHFDUHDXIRVWPRGLILFDWH
VDXVROLFLWDWHLQWHQVvQWUXQDFFLGHQWQXPDL
RIHUQLYHOXOGHSURWHFLHFRUHVSXQ]WRUQ
DQXPLWHVLWXDLLDFHDVWDDUSXWHDFDX]DUQLUL
JUDYHVDXFKLDUGHFHVXOvQFD]GHDFFLGHQW
'LQDFHVWPRWLYYHULILFDLSHULRGLFGDFFHQ
WXULOHGHVLJXUDQVXQWGHWHULRUDWH




6LJXUDQ

6LJXUDQDRFXSDQLORU

6LJXUDQDRFXSDQLORU

6LJXUDQ



&HQWXULOHGHVLJXUDQGHWHULRUDWHVDXFDUHDX
IRVWVROLFLWDWHLQWHQVvQWUXQDFFLGHQWWUHEXLH
vQORFXLWHGHXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW
'LQUDLXQLGHVLJXUDQ0HUFHGHV%HQ]Y
UHFRPDQGVXWLOL]DLQXPDLFHQWXULFDUHDX
IRVWVSHFLDORPRORJDWHSHQWUXDXWRYHKLFXOXO
GXPQHDYRDVWUGHFWUH0HUFHGHV%HQ]

3ULQGHUHDFHQWXULORUGHVLJXUDQ

'DFVLWXDLDRFHUHUHJODLFHQWXUDGH
VLJXUDQODvQOLPHDFRUHVSXQ]WRDUH
3DJLQD
 'DFVLWXDLDRFHUHWUDJHLvQVXVGHVHF
LXQHDSHQWUXXPUDFHQWXULLGHVLJXUDQ
SHQWUXDVWUkQJHFHQWXUDSHFRUS


3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGHOLEH
UDUHDFHQWXULLGHVLJXUDQFXEXWRQXOGHHOL
EHUDUHFRQVXOWDL(OLEHUDUHDFHQWXULORU
GHVLJXUDQ3DJLQD

5HJODUHDFHQWXULORUGHVLJXUDQ
)XQFLDGHUHJODUHDFHQWXULLGHVLJXUDQ
UHJOHD]VFDXQXORIHUXOXLLVFDXQXOSDVDJH
UXOXLIDvQUDSRUWFXSDUWHDVXSHULRDUDFRU
SXOXLSDVDJHULORU
&KLQJDFHQWXULLHVWHXRUVWUkQVFkQG
=FXSODLOLPEDFHQWXULLvQFDWDUDPDFHQWXULL

5HJODLVFDXQXOLGHSODVDLVSWDUXOvQSR]L
LHDSURDSHYHUWLFDO3DJLQD
 7UDJHLFHQWXUDGHVLJXUDQXQLIRUPSULQ
JKLGDMXOFHQWXULLC
 )UDRUVXFLJKLGDLVHFLXQHDGHXPU
DFHQWXULLGHVLJXUDQSHVWHPLMORFXO
XPUXOXLLVHFLXQHDYHQWUDOSHVWHRO
GXUL
 )L[DLOLPEDFHQWXULLDvQFDWDUDPDGHEOR
FDUH
5HJODUHDFHQWXULLGHVLJXUDQGDFHVWH
QHFHVDUFHQWXULOHGHVLJXUDQDOHRIHUX
OXLLSDVDJHUXOXLGLQIDVHUHJOHD]DXWR
PDWODSDUWHDVXSHULRDUDFRUSXOXL
3DJLQD


LDSRLURWLLFKHLDvQSR]LLDvQFRPXWDWR
UXOGHFRQWDFW
=FKHLDVHDIOvQSR]LLDvQFRPXWDWRUXOGH
FRQWDFWLDSRLFXSODLOLPEDFHQWXULLvQ
FDWDUDP
5HJODUHDFHQWXULLGHVLJXUDQYDH[HUFLWDR
DQXPLWIRUGHVWUkQJHUHGDFVHGHWHF
WHD]MRFvQWUHSDVDJHULFHQWXUDGHVLJX
UDQ1XLQHLVWUkQVFHQWXUDGHVLJXUDQ
FkWHVWHUHJODW3XWHLDFWLYDLGH]DFWLYD
UHJODUHDFHQWXULLGHVLJXUDQvQFDOFXODWRUXO
GHERUG3DJLQD
5HJODUHDFHQWXULLHVWHRSDUWHLQWHJUDQWD
IXQFLHLGHDVLVWDUH35(6$)(0DLPXOWH
LQIRUPDLLGHVSUH35(6$)(VHUHJVHVFvQ
VHFLXQHD35(6$)(SURWHFLDSUHYHQWLY
DSDVDJHULORU3DJLQD

5HJODUHDvQOLPLLFHQWXULL
3XWHLUHJODvQOLPHDFHQWXULLGHVLJXUDQSH
VFDXQXORIHUXOXLLVFDXQXOSDVDJHUXOXLID

5HJODLvQOLPHDDVWIHOvQFkWSDUWHDVXSH
ULRDUDFHQWXULLGHVLJXUDQVILHGLULMDW
SULQFHQWUXOXPUXOXLGXPQHDYRDVWU
 3HQWUXDULGLFDFXOLVDLJKLGDMXOFHQWXULLvQ
VXV
*KLGDMXOFHQWXULLVHFXSOHD]vQGLYHUVH
SR]LLL
 3HQWUXDFRERUvDSVDLLPHQLQHL
DSVDWHOLEHUDUHDJKLGDMXOXLFHQWXULLC
 &XOLVDLJKLGDMXOFHQWXULLvQMRV
 (OLEHUDLJKLGDMXOFHQWXULLCLDVLJXUDLY
FJKLGDMXOFHQWXULLVDFXSODW

(OLEHUDUHDFHQWXULORUGHVLJXUDQ


$SVDLEXWRQXOGHHOLEH
UDUH3DJLQDLJKLGDLOLPEDFHQ
WXULLDvQDSRLFWUHJKLGDMXOFHQWXULLC

 $VLJXUDLYFFHQWXUDGHVLJXUDQHVWH
vQIXUDWFRPSOHWQFD]FRQWUDUFHQWXUD
GHVLJXUDQVDXOLPEDFHQWXULLVHYRU
SULQGHvQSRUWLHUVDXvQPHFDQLVPXOVFDX
QXOXL$VWIHOHVWHSRVLELOVVHGHWHULRUH]H
SRUWLHUDSDQRXOSRUWLHUHLLFHQWXUDGH
VLJXUDQ&HQWXULOHGHVLJXUDQGHWHULR
UDWHQXvLPDLSRWDVLJXUDIXQFLDGHSUR
WHFLHLQHFHVLWvQORFXLUH$SHODLODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$YHUWLVPHQWSULYLQGFHQWXUDGHVLJX
UDQSHQWUXRIHULSDVDJHUXOGLQID
/DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJX
UDQvGLQSDQRXOGHLQVWUXPHQWHOH
DPLQWHWHWXWXURUSDVDJHULORUVvLIL[H]H

FHQWXULOHGHVLJXUDQ$FHDVWDVHSRDWH
DSULQGHFRQWLQXXVDXSRDWHOXPLQDLQWHUPL
WHQWQSOXVHVWHSRVLELOVVHHPLWXQVXQHW
GHDYHUWL]DUH
/DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJX
UDQvVHVWLQJHLVXQHWXOGHDYHUWL]DUH
vQFHWHD]FkQGRIHUXOLSDVDJHUXOGLQID
LDXFXSODWFHQWXUDGHVLJXUDQ
1XPDLvQDQXPLWHULLQGLIHUHQWGDFRIHUXO
VDXSDVDJHUXOGLQIDDXFHQWXULOHGHVLJX
UDQFXSODWHVHDSULQGHODPSDGHDYHUWL]DUH
SULYLQGFHQWXUDGHVLJXUDQvWLPSGH
VHFXQGHGXSSRUQLUHDPRWRUXOXL$FHDVWDVH
VWLQJHDSRLGDFRIHUXOLSDVDJHUXOGLQID
LDXFXSODWFHQWXULOHGHVLJXUDQ

G 3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQG
ODPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJX
UDQvFRQVXOWDL/PSLOHGHDYHUWL
]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUX
PHQWHFHQWXUDGHVLJXUDQ
3DJLQD
,QGLFDWRUXOGHVWDUHDOFHQWXULLGHVLJX
UDQGLQVSDWH
,QGLFDWRUXOGHVWDUHDFHQWXULLGHVLJXUDQGLQ
FRPSDUWLPHQWXOVSDWHYLQGLFGDFSDVD
JHULLVSDWHDXFHQWXULOHGHVLJXUDQFXSODWH
,QGLFDWRUXOGHVWDUHDFHQWXULLGHVLJXUDQGLQ
FRPSDUWLPHQWXOVSDWHLQGLFVFDXQXOVSDWHOD
FDUHHVWHFXSODWFHQWXUD6LPEROXOGH
SHDILDMLQGLFRFHQWXUGHVLJXUDQ
FXSODW'DFRFHQWXUGHVLJXUDQQXHVWH
FXSODWVDXGDFXQVFDXQQXHVWHRFXSDW
VLPEROXOHVWHDILDW
,QGLFDWRUXOGHVWDUHDFHQWXULLGHVLJXUDQGLQ
FRPSDUWLPHQWXOGLQVSDWHDSDUHSHDILDMXO
PXOWLIXQFLRQDOWLPSGHDSUR[LPDWLY
VHFXQGHGDF
=SOHFDLGHSHORFLDWLQJHLRYLWH]GHDSUR

[LPDWLYNPK
=SDVDJHULLVSDWHvLFXSOHD]VDXGHFXSOHD]

FHQWXULOHGHVLJXUDQFkWDXWRYHKLFXOXO
HVWHvQPLFDUH
=FLQHYDLQWUVDXLHVHGLQDXWRYHKLFXOL
DXWRYHKLFXOXOSOHDFGLQQRX




6LJXUDQ

6LJXUDQDRFXSDQLORU



6LJXUDQDRFXSDQLORU

6LJXUDQ

3XWHLGHDVHPHQHDDQXODLPHGLDWLQGLFDWRUXO
GHVWDUHDFHQWXULLGHVLJXUDQGLQVSDWH
3DJLQD

G ,QGLFDWRUXOGHVWDUHSHQWUXFHQWXULOHGH
VLJXUDQGLQFRPSDUWLPHQWXOVSDWHHVWH
GLVSRQLELOQXPDLvQDQXPLWHUL
QWLQ]WRDUHGHFHQWXUOLPLWDWRDUHGH
IRUSHQWUXFHQWXU
&HQWXULOHGHVLJXUDQIDLFHQWXULOHGH
VLJXUDQDOHVFDXQHORUH[WHULRDUHGLQVSDWH
VXQWSUHY]XWHFXvQWLQ]WRDUHGHFHQWXU
QWLQ]WRDUHOHGHFHQWXUVWUkQJFHQWXULOHGH
VLJXUDQvQFD]GHDFFLGHQWWUJkQGXOH
VWUkQVSHFRUS
QWLQ]WRDUHOHGHFHQWXUQXFRUHFWHD]SR]L
LLOHLQFRUHFWHDOHVFDXQHORUVDXFHQWXULOHGH
VLJXUDQVWUkQVHLQFRUHFW
QWLQ]WRDUHOHGHFHQWXUQXWUDJSDVDJHULL
DXWRYHKLFXOXOXLvQDSRLFWUHVSWDU
'DFFHQWXUDGHVLJXUDQHVWHGHDVHPHQHD
SUHY]XWFXXQOLPLWDWRUGHIRUSHQWUXFHQ
WXULDFHVWDHVWHGHFODQDWIRUDH[HUFLWDW
GHFHQWXUDGHVLJXUDQDVXSUDSDVDJHULORU
DXWRYHKLFXOXOXLHVWHUHGXV
/LPLWDWRDUHOHGHIRUSHQWUXFHQWXUGHSH
VFDXQHOHIDVXQWVLQFURQL]DWHFXDLUEDJXULOH
IURQWDOH$FHVWHDDXUROXOORUvQIRUDGHGHFH
OHUDUHDVLJXUkQGGLVWULEXLUHDIRUHLH[HUFLWDWH
DVXSUDSDVDJHUXOXLSHRVXSUDIDPDLPDUH
QWLQ]WRDUHOHGHFHQWXUSRWILDFWLYDWH
QXPDLFkQG
=FRQWDFWXOHVWHFXSODW
=VLVWHPHOHGHUHWHQLHVXQWIXQFLRQDOHFRQ

VXOWDL/DPSGHDYHUWL]DUH656
3DJLQD
=VFDXQXOSDVDJHUXOXLIDHVWHRFXSDWL
OLPEDFHQWXULLHVWHFXSODWvQFDWDUDPDGH
EORFDUHGHSHSDUWHDSDVDJHUXOXLID
QWLQ]WRDUHOHGHFHQWXUGHSHVFDXQHOH
H[WHULRDUHGLQFRPSDUWLPHQWXOVSDWHVXQW
GHFODQDWHLQGHSHQGHQWGHVWDUHDGHEORFDUH
DFHQWXULORUGHVLJXUDQ

QWLQ]WRDUHOHGHFHQWXUVXQWGHFODQDWHvQ
IXQFLHGHWLSXOLJUDYLWDWHDXQXLDFFLGHQW
=GDFvQFD]XOXQHLFROL]LXQLIURQWDOHLGLQ

VSDWHDXWRYHKLFXOXOGHFHOHUHD]VDXDFFH
OHUHD]UDSLGvQVHQVORQJLWXGLQDOODSULPHOH
ID]HDOHLPSDFWXOXL
=GDFvQFD]GHLPSDFWODWHUDOSHSDUWHD
RSXVLPSDFWXOXLDXWRYHKLFXOXOGHFHOH
UHD]VDXDFFHOHUHD]UDSLGvQWURGLUHFLH
ODWHUDO
=vQDQXPLWHVLWXDLLvQFDUHDXWRYHKLFXOXOVH
UVWRDUQLVLVWHPXOVWDELOHWHFSRDWH
DVLJXUDRSURWHFLHVXSOLPHQWDU
'DFDLUEDJXULOHVXQWGHFODQDWHYHLDX]LR
H[SOR]LHLHVWHSRVLELOVVHGHJDMH]HLR
PLFFDQWLWDWHGHSXOEHUH=JRPRWXOGHH[SOR
]LHDIHFWHD]DX]XOGRDUvQVLWXDLLUDUH'H
UHJXOSXOEHUHDGHJDMDWQXFRQVWLWXLHXQ
SHULFROSHQWUXVQWDWH/DPSDGHDYHUWL]DUH
656uVHDSULQGH

 $9(57,60(17
'DFvQWLQ]WRDUHOHFHQWXULLGHVLJXUDQDX
IRVWGHFODQDWHHOHQXRIHUSURWHFLHVXSOL
PHQWDUvQFD]XOXQXLDOWDFFLGHQW3ULQ
XUPDUHVROLFLWDLvQORFXLUHDvQWLQ]WRDUHORUGH
FHQWXUGHFODQDWHODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW
5HVSHFWDLQRUPHOHGHVLJXUDQFkQGHOLPL
QDLvQWLQ]WRDUHOHGHFHQWXU2ULFH&HQWUX
GHVHUYLFH0HUFHGHV%HQ]YSRDWHIXUQL]D
GHWDOLLSULYLQGDFHVWHUHJOHPHQWUL
 'DFVFDXQXOSDVDJHUXOXLIDQXHVWH
RFXSDWQXFXSODLOLPEDFHQWXULLGHVLJX
UDQvQFDWDUDPDGHEORFDUHGHSHVFDXQXO
SDVDJHUXOXLIDQFD]FRQWUDUvQWLQ]WRUXO
FHQWXULLSRDWHILGHFODQDWvQFD]GHDFFL
GHQW

3UH]HQDFRSLLORUODERUG
6LVWHPHGHUHWHQLHSHQWUXFRSLL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
3HQWUXDUHGXFHULVFXOGHUQLJUDYHVDXFKLDU
IDWDOHVXIHULWHGHFRSLOvQFD]GHVFKLPEDUH
UDSLGDGLUHFLHLGHGHSODVDUHIUkQDUHVDXGH
DFFLGHQW
=FRSLLLVXEPvQOLPHLGRLVSUH]HFH

DQLWUHEXLHVILHvQWRWGHDXQDIL[DLvQVLV
WHPHOHVSHFLDOHGHUHWHQLHSHQWUXFRSLLSH
XQVFDXQGHDXWRYHKLFXODGHFYDW$FHDVW
SUHFDXLHHVWHQHFHVDUGHRDUHFHFHQWXULOH
GHVLJXUDQQXVXQWFRQFHSXWHSHQWUX
FRSLL
=QXIL[DLFRSLLLVXEPvQOLPHLGRLV
SUH]HFHDQLSHVFDXQXOSDVDJHUXOXLGLQID
([FHSLHGDFDXWRYHKLFXOXOHVWHGRWDWFX
UHFXQRDWHUHDDXWRPDWDVFDXQXOXLSHQ
WUXFRSLOSHVFDXQXOSDVDJHUXOXLGLQIDL
FRSLOXOHVWHDVLJXUDWvQWUXQVLVWHPGH
UHWHQLHSHQWUXFRSLLFXWUDQVSRQGHUHSHQ
WUXUHFXQRDWHUHDDXWRPDWDVFDXQXOXL
SHQWUXFRSLO
=GDFIL[DLXQVLVWHPGHUHWHQLHSHQWUX
FRSLLRULHQWDWVSUHIDvQVFDXQXOSDVDJH
UXOXLGLQIDWUHEXLHVGHSODVDLVFDXQXO
SDVDJHUXOXLGLQIDFkWPDLPXOWvQVSDWH
SRVLELO
=FRSLLLQXWUHEXLHVFOWRUHDVFQLFLRGDW
vQEUDHOHDOWXLSDVDJHU'LQFDX]DIRUHORU
FDUHDSDUvQFD]GHVFKLPEDUHEUXVFGH
GLUHFLHIUkQDUHSXWHUQLFVDXDFFLGHQW
UHLQHUHDFRSLOXOXLQXYDILSRVLELO&RSLOXO
DUSXWHDILSURLHFWDWFRQWUDXQRUFRPSR
QHQWHGLQLQWHULRUXODXWRYHKLFXOXOXLVXIH
ULQGUQLJUDYHVDXFKLDUIDWDOH

 $9(57,60(17
6LVWHPXOGHUHWHQLHSHQWUXFRSLLQXvLSRDWH
DVLJXUDIXQFLDGHSURWHFLHGDFQXHVWH
PRQWDWFRUHFWSHXQVFDXQGHDXWRYHKLFXO
DGHFYDW&RSLOXOQXSRDWHILUHLQXWvQFD]GH
DFFLGHQWIUkQDUHSXWHUQLFVDXVFKLPEUL

EUXWHGHGLUHFLH&RSLOXOSRDWHVXIHULUQL
JUDYHVDXFKLDUIDWDOH'LQDFHVWPRWLYFkQG
IL[DLXQVLVWHPGHUHWHQLHSHQWUXFRSLLUHV
SHFWDLLQVWUXFLXQLOHGHLQVWDODUHDOHSUR
GXFWRUXOXLLGHXWLOL]DUHFRUHFWDVLVWHPXOXL
GHUHWHQLHSHQWUXFRSLL
6LVWHPXOGHUHWHQLHSHQWUXFRSLLWUHEXLHV
ILHPRQWDWSHVFDXQHOHVSDWH&RSLLLVXQWGH
UHJXOSURWHMDLPDLELQHDFROR
%D]DVLVWHPXOXLGHUHWHQLHSHQWUXFRSLLWUH
EXLHvQWRWGHDXQDVILHDH]DWvQvQWUHJLPH
SHSHUQDVFDXQXOXL3ULQXUPDUHQXSXQHL
QLFLRGDWRELHFWHGHH[RSHUQVXEVLVWHPXO
GHUHWHQLHSHQWUXFRSLL
8WLOL]DLVLVWHPHOHGHUHWHQLHSHQWUXFRSLL
QXPDLFXKXVDRULJLQDOFRQFHSXWSHQWUX
DFHWLDQORFXLLKXVHOHGHWHULRUDWHQXPDLFX
KXVHRULJLQDOH0HUFHGHV%HQ]
9UHFRPDQGPVXWLOL]DLVLVWHPHGHUHWHQ
LHSHQWUXFRSLLDSUREDWHSHQWUXDXWRYHKLFX
OHOH0HUFHGHV%HQ]

'DFvQDXWRYHKLFXOXOGXPQHDYRDVWU
FOWRUHWHXQFRSLODVLJXUDLFRSLOXOFXDMX
WRUXOXQXLVLVWHPGHUHWHQLHSHQWUXFRSLL
FRUHVSXQ]WRUPULPLLYkUVWHLLJUHXWLL
FRSLOXOXLLFDUHHVWHUHFRPDQGDWSHQWUX
DXWRYHKLFXOH0HUFHGHV%HQ](VWHGHSUHIH
UDWVPRQWDLVLVWHPXOGHUHWHQLHvQWUXQ
VFDXQVSDWHDGHFYDW$VLJXUDLYFDIRVW
DVLJXUDWFRSLOXOvQWUXQVLVWHPGHUHWHQLH
SHQWUXFRSLLSHSDUFXUVXOFOWRULHL
0HUFHGHV%HQ]YUHFRPDQGVXWLOL]DL
QXPDLVLVWHPHOHGHUHWHQLHSHQWUXFRSLLLQGL
FDWHOD3DJLQD
3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHGHVSUH
VLVWHPXOGHUHWHQLHSHQWUXFRSLLFRUHFWGHOD
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]

G 6HUHFRPDQGVXWLOL]DLSURGXVHGH
vQJULMLUH0HUFHGHV%HQ]SHQWUXDFXUDVLV
WHPHOHGHUHWHQLHSHQWUXFRSLL3XWHL
RELQHLQIRUPDLLGHVSUHDFHVWVXELHFWGHOD
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]



6LJXUDQ

3UH]HQDFRSLLORUODERUG



3UH]HQDFRSLLORUODERUG

6LJXUDQ

 $9(57,60(17
1XOVDLFRSLLLQHVXSUDYHJKHDLvQDXWRYHKL
FXOFKLDUGDFVXQWIL[DLvQWUXQVLVWHPGH
UHWHQLHSHQWUXFRSLL$FHWLDVDUSXWHDUQL
vQDQXPLWHSULDOHDXWRYHKLFXOXOXL'HDVH
PHQHDHLDUSXWHDVXIHULUQLJUDYHVDXFKLDU
IDWDOHvQXUPDXQHLH[SXQHULSUHOXQJLWHOD
FOGXUVDXIULJH[WUHP
1XH[SXQHLVLVWHPXOGHUHWHQLHSHQWUXFRSLL
OXPLQLLGLUHFWHDVRDUHOXL$QXPLWHSULGLQ
VLVWHPXOGHUHWHQLHSHQWUXFRSLLVDUSXWHD
vQFO]LLDUFRSLOXOVDUSXWHDDUGHvQHOH
QFD]XOvQFDUHXQFRSLOGHVFKLGHRSRUWLHU
FRSLOXOVDXDOWHSHUVRDQHDUSXWHDGUHSW
XUPDUHVILHUQLWH$FHWLDDUSXWHDLHL
UQLQGXVHVDXILLQGUQLLGHXQDXWRYHKLFXO
DIODWvQWUHFHUH
5HVSHFWDLGHDVHPHQHDQRWHOHSULYLQG+2/'
,QIRUPDLLOHUHOHYDQWHVHUHJVHVFvQLQGH[

6FDXQSHQWUXFRSLOSHVFDXQXOSDVDJH
UXOXLGLQID

$YHUWL]DUHSHSDUDVRODUXOGHSHSDUWHDSDVDJHUXOXL
GLQID

 $9(57,60(17
6DUFLQLOHQHIL[DWHVDXSR]LLRQDWHLQFRUHFW
FUHVFSHULFROXOGHUQLUHSHQWUXFRSLLLWRL
FHLODOLSDVDJHULvQFD]GH
=DFFLGHQW
=RPDQHYUGHIUkQDUH
=RVFKLPEDUHEUXVFDGLUHFLHL
1XWUDQVSRUWDLRELHFWHJUHOHVDXGXUHvQLQWH
ULRUXODXWRYHKLFXOXOXLGHFkWGDFDXIRVWELQH
IL[DWH9HLJVLLQIRUPDLLVXSOLPHQWDUHvQ
LQGH[ODFDSLWROXO/LQLLGLUHFWRDUHSULYLQG
vQFUFDUHD

6LPEROXOGHDYHUWLVPHQWSHQWUXXQVLVWHPGHUHWHQ
LHSHQWUXFRSLLRULHQWDWVSUHVSDWH

 $9(57,60(17
'DFDLUEDJXOSDVDJHUXOXLIDQXHVWHGH]DF
WLYDW
=XQFRSLOIL[DWvQWUXQVLVWHPGHUHWHQLHSHQ

WUXFRSLLSHVFDXQXOSDVDJHUXOXLIDDU
SXWHDILUQLWJUDYVDXFKLDUIDWDOvQXUPD
GHFODQULLDLUEDJXOXLSDVDJHUXOXLID
$FHDVWVLWXDLHFRQVWLWXLHXQULVFPDLDOHV
GDFFRSLOXOVHDIOvQLPHGLDWDDSURSLHUHD
DLUEDJXOXLSDVDJHUXOXLIDFkQGDFHVWDVH
GHFODQHD]
=QXIL[DLQLFLRGDWXQFRSLOSHVFDXQXOSDVD
JHUXOXLIDvQWUXQVLVWHPGHUHWHQLHSHQ
WUXFRSLLRULHQWDWVSUHVSDWH0RQWDLXQ
VLVWHPGHUHWHQLHSHQWUXFRSLLRULHQWDW

3UH]HQDFRSLLORUODERUG
5HFXQRDWHUHDDXWRPDWDVFDXQXOXL
SHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLGLQ
ID

6LJXUDQ

VSUHVSDWHQXPDLSHXQVFDXQVSDWHDGHF
YDW
=GHSODVDLvQWRWGHDXQDVFDXQXOSDVDJHUXOXL
IDvQSR]LLDGLQFDSWVSDWHGDFIL[DLXQ
FRSLOvQWUXQVLVWHPGHUHWHQLHSHQWUXFRSLL
RULHQWDWVSUHIDSHVFDXQXOSDVDJHUXOXL
ID
$LUEDJXOSDVDJHUXOXLIDQXHVWHGH]DFWLYDW
=ODDXWRYHKLFXOHOHIUUHFXQRDWHUHDDXWR

PDWDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO
SDVDJHUXOXLID
=ODDXWRYHKLFXOHOHFXUHFXQRDWHUHDDXWR
PDWDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO
SDVDJHUXOXLIDGDFQLFLXQVLVWHPGH
UHWHQLHSHQWUXFRSLLVSHFLDOFXWUDQVSRQ
GHUHSHQWUXUHFXQRDWHUHDDXWRPDWD
VFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJH
UXOXLIDQXDIRVWPRQWDW
=ODDXWRYHKLFXOHOHFXUHFXQRDWHUHDDXWR
PDWDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO
SDVDJHUXOXLIDGDFODPSDLQGLFDWRDUH
3$66(1*(5$,5%$*2))$,5%$*3$6$
*(5235,7sQXHVWHDSULQV
3HQWUXFDGXPQHDYRDVWUVFRQWLHQWL]DL
DFHVWSHULFROVDIL[DWRHWLFKHWDXWRFRODQW
GHDYHUWL]DUHSHSODQDGHERUGLSHDPEHOH
SULDOHSDUDVRODUXOXLGHSHSDUWHDSDVDJH
UXOXLID
,QIRUPDLLOHSULYLQGVLVWHPHOHGHUHWHQLHSHQ
WUXFRSLLUHFRPDQGDWHVXQWGLVSRQLELOHOD
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]

1XXWLOL]DLXQVLVWHPGHUHWHQLHSHQWUXFRSLL
RULHQWDWVSUHVSDWHSHQWUXXQFRSLODH]DWSH
XQVFDXQFDUHHVWHGHMDSURWHMDWGHXQDLUEDJ



'DFDXWRYHKLFXOXOGXPQHDYRDVWUQXGLV
SXQHGHUHFXQRDWHUHDDXWRPDWDVFDXQXOXL
SHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLGLQID
DFHDVWDHVWHLQGLFDWSULQWURHWLFKHWDXWR
FRODQWVSHFLDO(WLFKHWDDXWRFRODQWHVWH
IL[DWSHPDUJLQHDSODQHLGHERUGGHSHSDU
WHDSDVDJHUXOXLGLQID(WLFKHWDDXWRFRODQW
HVWHYL]LELOFkQGGHVFKLGHLSRUWLHUDSDVDJH
UXOXLGLQID

6LVWHPXOGHVHQ]RULGLQVFDXQXOSDVDJHUXOXL
GLQIDSHQWUXVLVWHPXOGHUHWHQLHSHQWUX
FRSLLGHWHFWHD]GDFVDPRQWDWXQVFDXQ
SHQWUXFRSLO0HUFHGHV%HQ]VSHFLDOFXWUDQV
SRQGHUSHQWUXUHFXQRDWHUHDDXWRPDWD
VFDXQXOXLSHQWUXFRSLOQDFHVWFD]ODPSD
LQGLFDWRDUHs3$66(1*(5$,5%$*2))
$,5%$*3$6$*(5235,7CVHDSULQGH$LU

$XWRYHKLFXOHOHIUUHFXQRDWHUHDDXWRPDWDVFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLGLQIDGDF
URWLLFKHLDvQSR]LLDvQFRPXWDWRUXOGHFRQWDFWODPSDLQGLFDWRDUHs3$66(1*(5$,5%$*2))$,5%$*
3$6$*(5235,7VHDSULQGHVFXUWvQVIUDDYHDQLFLRIXQFLH(DQXLQGLFIDSWXOFH[LVWUHFXQRDWHUHD
DXWRPDWDVFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLGLQID




3UH]HQDFRSLLORUODERUG
EDJXOIDDOSDVDJHUXOXLGLQIDHVWHGH]DF
WLYDW

6LJXUDQ

 $9(57,60(17
'DFsODPSDLQGLFDWRDUH3$66(1*(5
$,5%$*2))$,5%$*3$6$*(5235,7QXVH
DSULQGHFkQGVLVWHPXOGHUHWHQLHSHQWUXFRSLL
HVWHPRQWDWDLUEDJXOSDVDJHUXOXLIDQXD
IRVWGH]DFWLYDW'DFDLUEDJXOSDVDJHUXOXL
IDVHGHFODQHD]FRSLOXODUSXWHDVXIHUL
UQLJUDYHVDXFKLDUIDWDOH
3URFHGDLGXSFXPXUPHD]
=QXXWLOL]DLXQVLVWHPGHUHWHQLHSHQWUX

FRSLLRULHQWDWVSUHVSDWHSHVFDXQXOSDVD
JHUXOXLID
=PRQWDLXQVLVWHPGHUHWHQLHSHQWUXFRSLL
RULHQWDWVSUHVSDWHSHXQVFDXQVSDWHDGHF
YDW
VDX
=XWLOL]DLXQVLVWHPGHUHWHQLHSHQWUXFRSLL
RULHQWDWVSUHIDQXPDLSHVFDXQXOSDVD
JHUXOXLIDLGHSODVDLVFDXQXOSDVDJHUXOXL
IDvQSR]LLDGLQFDSWVSDWH
=VROLFLWDLYHULILFDUHDUHFXQRDWHULLDXWR
PDWHDVFDXQXOXLSHQWUXFRSLOODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW
3HQWUXDYDVLJXUDFUHFXQRDWHUHDDXWR
PDWDVFDXQXOXLSHQWUXFRSLOGHSHVFDXQXO
SDVDJHUXOXLIDIXQFLRQHD]FRPXQLF
FRUHFWQXSODVDLQLFLRGDWRELHFWHGHH[R
SHUQVXEVLVWHPXOGHUHWHQLHSHQWUXFRSLL
%D]DVLVWHPXOXLGHUHWHQLHSHQWUXFRSLLWUH
EXLHvQWRWGHDXQDVILHDH]DWvQvQWUHJLPH
SHSHUQDVFDXQXOXL8QVLVWHPGHUHWHQLH
SHQWUXFRSLLPRQWDWLQFRUHFWQXvLSRDWHUHD
OL]DIXQFLDGHSURWHFLHvQFD]GHDFFLGHQWL
SRDWHSURYRFDUQLUHD

G 'DFDLUEDJXOSDVDJHUXOXLGLQIDHVWH
GH]DFWLYDWGHUHFXQRDWHUHDDXWRPDWD
VFDXQXOXLSHQWUXFRSLOXUPWRDUHOHUPkQ
DFWLYDWHSHSDUWHDSDVDJHUXOXLGLQID
=DLUEDJXOODWHUDO
=DLUEDJXOWLSFRUWLQ
=vQWLQ]WRUXOFHQWXULL

 $9(57,60(17
1XSODVDLGLVSR]LWLYHHOHFWURQLFHSHVFDXQXO
SDVDJHUXOXLIDGHH[
=ODSWRSXULGDFVXQWSRUQLWH
=WHOHIRDQHPRELOH
=FDUGXULFXWUDQVSRQGHUHGHH[FDUGXULGH

WUHFHUHSHQWUXVFKLVDXFDUWHOHGHDFFHV
6HPQDOHOHGHODHFKLSDPHQWHOHHOHFWURQLFH
SRWSURYRFDLQWHUIHUHQHODQLYHOXOVLVWHPXOXL
GHUHFXQRDWHUHDXWRPDWDVFDXQXOXLSHQWUX
FRSLO$FHDVWDSRDWHSURYRFDRGHIHFLXQHvQ
VLVWHP$FHDVWDSRDWHIDFHFDsODPSD
LQGLFDWRDUH3$66(1*(5$,5%$*2))$,5
%$*3$6$*(5235,7VVHDSULQGIUV
H[LVWHXQVFDXQSHQWUXFRSLOFXWUDQVSRQGHUH
SHQWUXUHFXQRDWHUHDDXWRPDWDVFDXQXOXL
SHQWUXFRSLOPRQWDW$VWIHODLUEDJXOSDVDJH
UXOXLIDQXVHYDGHVIXUDvQFD]GHDFFL
GHQW(VWHGHDVHPHQHDSRVLELOFDu
ODPSDGHDYHUWL]DUH656VVHDSULQGLVDX
sODPSDLQGLFDWRDUH3$66(1*(5$,5%$*
2))$,5%$*3$6$*(5235,7VQXVH
DSULQGVFXUWFkQGURWLLFKHLDvQFRPXWDWRUXO
GHFRQWDFWvQSR]LLD

6LVWHPXOGHIL[DUHDOVFDXQXOXLSHQWUX
FRSLO,62),;SHQWUXVFDXQHOHGLQVSDWH
,62),;HVWHXQVLVWHPGHIL[DUHVWDQGDUGL]DW
SHQWUXVLVWHPHOHGHUHWHQLHSHQWUXFRSLLFRQ
FHSXWHVSHFLDOSHVFDXQHOHGLQVSDWH6XQW
SUHY]XWHLQHOHGHIL[DUHSHQWUXGRXVLVWHPH
GHUHWHQLHSHQWUXFRSLL,62),;SHVWkQJDL
GUHDSWDVFDXQHORUGLQVSDWH

 $9(57,60(17
8QVLVWHPGHUHWHQLHSHQWUXFRSLLDVLJXUDWFX
VLVWHPXOGHIL[DUHDVFDXQXOXLSHQWUXFRSLO
,62),;QXDVLJXURSURWHFLHVXILFLHQWSHQ
WUXFRSLLLFXRJUHXWDWHGHSHVWHNJ'LQ
DFHVWPRWLYQXIL[DLFRSLLLFXRJUHXWDWHGH
SHVWHNJvQWUXQVLVWHPGHUHWHQLHSHQWUX
FRSLLDVLJXUDWFXVLVWHPXOGHIL[DUHDVFDXQX
OXLSHQWUXFRSLO,62),;QFD]XOvQFDUHFRSLOXO
FkQWUHWHSHVWHNJDVLJXUDLVLVWHPXOGH
UHWHQLHSHQWUXFRSLLFXDMXWRUXOXQHLFHQWXUL
GHVLJXUDQvQWUHLSXQFWH

3UH]HQDFRSLLORUODERUG
QFD]FRQWUDUFHQWXUDGHVLJXUDQSRDWH
VXIHULGHWHULRUUL

 $9(57,60(17
9UXJPVUHLQHLFvQFD]XOvQFDUHVLVWH
PHOHGHUHWHQLHSHQWUXFRSLLVDXVLVWHPHOH
GHIL[DUHDOHDFHVWRUDVHGHWHULRUHD]VDX
VXQWVXSXVHXQHLWHQVLXQLvQWLPSXOXQXLDFFL
GHQWHVWHSRVLELOFDDFHVWHDVQXvLPDL
SRDWvQGHSOLQLIXQFLDGHSURWHFLH$VWIHO
FRSLOXODVLJXUDWDUSXWHDVXIHULUQLJUDYHVDX
FKLDUPRUWDOHvQFD]GHDFFLGHQWIUkQDUH
EUXVFVDXVFKLPEDUHEUXVFDGLUHFLHL
'LQDFHVWPRWLYOXDLPVXULFDVLVWHPHOHGH
UHWHQLHSHQWUXFRSLLLVLVWHPHOHORUGHIL[DUH
FDUHDXIRVWGHWHULRUDWHVDXVXSXVHXQHLWHQ
VLXQLvQWLPSXOXQXLDFFLGHQWVILHYHULILFDWH
LPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

6LJXUDQ

 $9(57,60(17
6LVWHPXOGHUHWHQLHSHQWUXFRSLLQXvLSRDWH
DVLJXUDIXQFLDGHSURWHFLHGDFQXHVWH
PRQWDWFRUHFWSHXQVFDXQGHDXWRYHKLFXO
DGHFYDW&RSLOXOQXSRDWHILUHLQXWvQFD]GH
DFFLGHQWIUkQDUHSXWHUQLFVDXVFKLPEUL
EUXWHGHGLUHFLH&RSLOXOSRDWHVXIHULUQL
JUDYHVDXFKLDUIDWDOH'LQDFHVWPRWLYFkQG
IL[DLXQVLVWHPGHUHWHQLHSHQWUXFRSLLUHV
SHFWDLLQVWUXFLXQLOHGHLQVWDODUHDOHSUR
GXFWRUXOXLLGHXWLOL]DUHFRUHFWDVLVWHPXOXL
GHUHWHQLHSHQWUXFRSLL
'LQPRWLYHGHVLJXUDQXWLOL]DLQXPDLVLVWH
PHOHGHUHWHQLHSHQWUXFRSLLFXVLVWHPXOGH
IL[DUHDOVFDXQXOXLSHQWUXFRSLL,62),;SH
VFDXQHOHVSDWH
9UHFRPDQGPVXWLOL]DLVLVWHPXOGHUHWHQ
LHSHQWUXFRSLL,62),;UHFRPDQGDWSHQWUX
0HUFHGHV%HQ]
8QVLVWHPGHUHLQHUHSHQWUXFRSLLPRQWDW
LQFRUHFWVDUSXWHDGHVSULQGHUQLQGJUDYVDX
FKLDUIDWDOFRSLOXOVDXDOLSDVDJHULDLDXWRYH
KLFXOXOXL&kQGPRQWDLVLVWHPXOGHUHWHQLH
SHQWUXFRSLLDVLJXUDLYvQWRWGHDXQDFHVWH
FXSODWFRUHFWvQLQHOHOHGHIL[DUHGHSHDPEHOH
SUL



C ,QHOHGHIL[DUH


,QVWDODLVLVWHPXOGHUHWHQLHSHQWUXFRSLL
,62),;5HVSHFWDLLQVWUXFLXQLOHSUR
GXFWRUXOXLFkQGLQVWDODLVLVWHPXOGH
UHWHQLHSHQWUXFRSLL,62),;

&KLQJVXSHULRDU
&KLQJDVXSHULRDUDVLJXURFRQH[LXQHVXSOL
PHQWDUvQWUHVLVWHPXOGHUHWHQLHSHQWUX
FRSLLIL[DWFX,62),;LVFDXQXOVSDWH$FHDVWD
UHGXFHvQSOXVSHULFROXOGHUQLUH
3XQFWHOHGHDQFRUDUHSHQWUXFKLQJDVXSH
ULRDUVHDIOSHSDUWHDSRVWHULRDUDVSWDUH
ORUVFDXQHORUVSDWH

 &kQGPRQWDLVLVWHPXOGHUHWHQLHSHQWUX
FRSLLDVLJXUDLYFFHQWXUDGHVLJXUDQ
SHQWUXVFDXQXOFHQWUDOQXUPkQHSULQV


3UH]HQDFRSLLORUODERUG



6LJXUDQ

FDSDFXOSRUWEDJDMXOXLCGDFFDSDFXO
SRUWEDJDMXOXLCHVWHPRQWDW
=&HQWXUDFKLQJLLVXSHULRDUHHVWHGLUL
MDWvQWUHVSWDUXOVFDXQXOXLVSDWHDL
SODVDGHVLJXUDQGDFSODVDGHVLJX
UDQHVWHPRQWDW
 7HQVLRQDLFHQWXUDFKLQJLLVXSHULRDUH
5HVSHFWDLLQVWUXFLXQLOHGHPRQWDUHDOH
SURGXFWRUXOXLvQWLPSXOPRQWDMXOXL
 'HSODVDLXRUWHWLHUDvQDSRLvQMRVGLQ
QRXGDFVLWXDLDRFHUH3DJLQD
$VLJXUDLYFQXLQWHUIHUDLGLULMDUHD
FRUHFWDFHQWXULLFKLQJLLVXSHULRDUH

'HSODVDLWHWLHUDvQVXV
0RQWDLVLVWHPXOGHUHWHQLHSHQWUXFRSLL
,62),;FXFKLQJVXSHULRDU5HVSHFWDL
LQVWUXFLXQLOHGHPRQWDUHDOHSURGXFWRUX
OXLvQWLPSXOPRQWDMXOXL
 'LULMDLFHQWXUDFKLQJLLVXSHULRDUHVXE
WHWLHUvQWUHFHOHGRXEDUHDOHWHWLHUHL
 'LULMDLFHQWXUDFKLQJLLVXSHULRDUHvQMRV
vQWUHFDSDFXOSRUWEDJDMXOXLCLVSWDUXO
VFDXQXOXLVSDWHD
 3ULQGHLFkUOLJXOFKLQJLLVXSHULRDUHDO
FHQWXULLFKLQJLLVXSHULRDUHvQSXQFWXOGH
DQFRUDUHSHQWUXFKLQJDVXSHULRDU
$VLJXUDLYF



=&kUOLJXOFKLQJLLVXSHULRDUHHVWHSULQV

vQSXQFWXOGHDQFRUDUHSHQWUXFKLQJD
VXSHULRDUGXSFXPHVWHLQGLFDWvQ
ILJXU
=&HQWXUDFKLQJLLVXSHULRDUHQXHVWH
UVXFLW
=&HQWXUDFKLQJLLVXSHULRDUHHVWHGLUL
MDWvQWUHVSWDUXOVFDXQXOXLVSDWHDL

3UH]HQDFRSLLORUODERUG



3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

/DPSDLQGLFDWRDUH
s3$66(1*(5$,5
%$*2))$,5%$*
3$6$*(5235,7GHSH
FRQVRODFHQWUDOHVWH
DSULQV

8QVFDXQVSHFLDOSHQWUXFRSLOPDUFD0HUFHGHV%HQ]SUHY]XWFX
WUDQVSRQGHUSHQWUXUHFXQRDWHUHDDXWRPDWDVFDXQXOXLSHQWUX
FRSLODIRVWPRQWDWvQVFDXQXOSDVDJHUXOXLID$LUEDJXOSHQWUX
SDVDJHUXOIDDIRVWSULQXUPDUHGH]DFWLYDWFRQIRUPSUHIHULQHORU

/DPSDLQGLFDWRDUH
s3$66(1*(5$,5
%$*2))$,5%$*
3$6$*(5235,7GHSH
FRQVRODFHQWUDOHVWH
DSULQV
VDX
/DPSDGHDYHUWL]DUH
656uVHDSULQGH
LVDXODPSDLQGLFD
WRDUHs3$66(1
*(5$,5%$*2))$,5
%$*3$6$*(5235,7
QXVHDSULQGHVFXUW
FkQGFXSODLFRQWDFWXO

 3HULFROGHUQLUH
1XH[LVWQLFLXQVFDXQSHQWUXFRSLOPRQWDWvQVFDXQXOSDVDJHUXOXL
ID5HFXQRDWHUHDDXWRPDWDVFDXQXOXLSHQWUXFRSLOHVWH
GHIHFW
 6FRDWHLHFKLSDPHQWXOHOHFWURQLFGLQVFDXQXOSDVDJHUXOXLID
GHH[
=ODSWRS
=WHOHIRQPRELO
=FDUGXULFXWUDQVSRQGHUHFXPDUILFDUGXULOHGHWUHFHUHSHQWUX
VFKLVDXFDUWHOHGHDFFHV
'DFODPSDLQGLFDWRDUHs3$66(1*(5$,5%$*2))$,5%$*
3$6$*(5235,7FRQWLQXVILHDSULQV
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3R]LLRQDUHDDGHFYDWDVLVWHPHORUGHUHWHQLHSHQWUXFRSLL
/HJHQGDOLWHUHORUXWLOL]DWHvQWDEHO
[
8

6FDXQXOFDUHHVWHLQDGHFYDWSHQWUXFRSLLGLQDFHDVWFDWHJRULHGHJUHXWDWH
$GHFYDWSHQWUXVLVWHPHGHUHWHQLHSHQWUXFRSLLGLQFDWHJRULD8QLYHUVDOFDUHVXQWDSUR
EDWHSHQWUXXWLOL]DUHvQDFHDVWFDWHJRULHGHJUHXWDWH
8) $GHFYDWSHQWUXVLVWHPHGHUHWHQLHSHQWUXFRSLLRULHQWDWHVSUHIDFDUHVHvQFDGUHD]vQ
FDWHJRULD8QLYHUVDOLVXQWDSUREDWHSHQWUXXWLOL]DUHvQDFHDVWFDWHJRULHGHJUHXWDWH
/ $GHFYDWSHQWUXVLVWHPHGHUHWHQLHSHQWUXFRSLLFRQIRUPUHFRPDQGULORUFRQVXOWDL
XUPWRUXOWDEHOFX6LVWHPHGHUHWHQLHSHQWUXFRSLLUHFRPDQGDWH3DJLQD

6LJXUDQ

3UREOHPHODUHFXQRDWHUHDVFDXQXOXLSHQWUXFRSLO

3UH]HQDFRSLLORUODERUG



6LJXUDQ

3R]LLLOHVFDXQHORU
&DWHJRULLGH
JUHXWDWH

6FDXQXOSDVDJHUXOXLGLQID

6FDXQXOVSDWH

$LUEDJXOSDVD
JHUXOXLGLQ
IDQXHVWH
GH]DFWLYDW

$LUEDJXOSDVD
JHUXOXLGLQ
IDHVWH
GH]DFWLYDW

6WkQJD
GUHDSWD

&HQWUX

*UXSDSkQ
ODNJ

8/

*UXSD
SkQODNJ

8/

*UXSD,SkQ 8)
ODNJ

8/

*UXSD,,
SkQODNJ

8)

8/

*UXSD,,,
SkQODNJ

8)

8/

6LVWHPHOHGHUHWHQLHSHQWUXFRSLLGLQFDWHJRULDXQLYHUVDOSRWILUHFXQRVFXWHGXSHWLFKHWD
ORUGHRPRORJDUHSRUWRFDOLH

([HPSOXHWLFKHWGHRPRORJDUHSHVLVWHPXOGHUHWHQLHSHQWUXFRSLL

$XWRYHKLFXOHFXUHFXQRDWHUHDDXWRPDWDVFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLGLQIDXQVLVWHP
GHUHWHQLHSHQWUXFRSLLGLQFDWHJRULD8QLYHUVDOFXXQWUDQVSRQGHUSHQWUXUHFXQRDWHUHDDXWRPDWDVFDX
QXOXLSHQWUXFRSLOWUHEXLHVILHPRQWDW/DPSDLQGLFDWRDUHs3$66(1*(5$,5%$*2))$,5%$*3$6$*(5
235,7WUHEXLHVILHDSULQV

3UH]HQDFRSLLORUODERUG



/HJHQGDOLWHUHORUXWLOL]DWHvQWDEHO
3R]LLD,62),;FDUHQXHVWHDGHFYDWSHQWUXVLVWHPHOHGHUHWHQLHSHQWUXFRSLL,62),;
GLQDFHDVWFDWHJRULHGHJUHXWDWHLVDXFDWHJRULHGHPULPH
,8) $GHFYDWSHQWUXVLVWHPHGHUHWHQLHSHQWUXVFDXQHGHFRSLL,62),;RULHQWDWHVSUHID
FDUHVHvQFDGUHD]vQFDWHJRULD8QLYHUVDOFDUHVXQWDSUREDWHSHQWUXXWLOL]DUHvQDFHDVW
FDWHJRULHGHJUHXWDWH
,/ $GHFYDWSHQWUXVLVWHPHGHUHWHQLHSHQWUXFRSLL,62),;FRQIRUPUHFRPDQGULORUFRQ
VXOWDLXUPWRUXOWDEHOFX6LVWHPHGHUHWHQLHSHQWUXFRSLLUHFRPDQGDWH
3DJLQD
*UDGXOGHDGHFYDUHDOVFDXQHORUGLQVSDWHSHQWUXSULQGHUHDVLVWHPHORUGHUHWHQLHSHQWUXFRSLL
,62),;
&DWHJRULLGHJUHXWDWH

&DWHJRULDGH
PULPH

'RWUL

6FDXQXOVSDWH
VWkQJDLGUHDSWD

&RGHEHEHOX

,62/

,62/

SkQODNJ
SkQODDSUR[LPDWLY
OXQL

,625

,/

SkQODNJ
SkQODDSUR[LPDWLY
OXQL

,625

,/

'

,625

,/

&

,625

,//

'

,625

,/

&

,625

,/

,62)

,8)

%

,62);

,8)

,62)

,8)

,SkQODNJ
vQWUHDSUR[LPDWLY
OXQLLDQL

6LVWHPHGHUHWHQLHSHQWUXFRSLLUHFRPDQGDWH
'DFIL[DLXQVLVWHPGHUHWHQLHSHQWUXFRSLLRULHQWDWVSUHIDIUWUDQVSRQGHUSHQWUXUHFX
QRDWHUHDDXWRPDWDVFDXQXOXLSHQWUXFRSLOvQVFDXQXOSDVDJHUXOXLGLQID


'HSODVDLVFDXQXOSDVDJHUXOXLGLQIDvQSR]LLHVDGHFDSWVSDWH

6LJXUDQ

3UH]HQDFRSLLORUODERUG



6LJXUDQ

&DWHJRULLGH
JUHXWDWH

3UR
GXFWRU

7LS

1XPURPR 1XPU
ORJDUH( FRPDQG
$

5HFXQRDWH
UHDDXWR
PDWDVFDX
QXOXLSHQWUX
FRSLO

*UXSDSkQ %ULWD[
ODNJ
5|PHU
SkQODDSUR[L
PDWLYOXQL

%$%<
6$)(
3/86






'D

*UXSDSkQ %ULWD[
ODNJ
5|PHU
SkQODDSUR[L
PDWLYOXQL

%$%<
6$)(
3/86






'D

*UXSD,SkQ %ULWD[
ODNJ
5|PHU
vQWUHDSUR[LPD
WLYOXQLL
DQL

'82
3/86






'D



1X

*UXSD,,,,,
%ULWD[
SkQOD
5|PHU
NJ
vQWUHDSUR[LPD
WLYLDQL

.,'),;





'D



1X

6LVWHPXOGHUHWHQLHSHQWUXFRSLL,62),;VXJHUDWHGLQFDWHJRULD8QLYHUVDO

&DWHJRULL
GHJUHX
WDWH

&DWHJRULD 3UR
GH
GXFWRU
PULPH

7LS

1XPU
RPROR
JDUH
(

1XPU
FRPDQG

5HFX
QRDWH
UHDDXWR
PDWD
VFDXQXOXL
SHQWUX
FRSLO

&RGH
EHEHOX

*UXSD
SkQOD
NJ

'HSODVDLVFDXQXOSDVDJHUXOXLGLQIDvQSR]LLDVDGHFDSWVSDWHLFHDPDLULGLFDW

&DWHJRULL
GHJUHX
WDWH

&DWHJRULD 3UR
GH
GXFWRU
PULPH

7LS

*UXSD
SkQOD
NJ

%ULWD[
5|PHU

%$%<6$)(  %

,62),;

3/86

1X

'

&

'

&

%

%ULWD[
5|PHU

'823/86  $

 

'D

*UXSD,
SkQOD
NJ

%ORFULOHFRQWUDDFFHVXOXLFRSLLORU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
$FWLYDLvQFXLHWRULOHFHQXSHUPLWDFFHVXO
FRSLLORUSHQWUXSRUWLHUHOHVSDWHLFRPXWDWRUXO
GHVXSUDUHJODUHSHQWUXJHDPXULOHVSDWHFkQG
FRSLLLFOWRUHVFvQDXWRYHKLFXOQFD]FRQ
WUDUFRSLLLDUSXWHDGHVFKLGHSRUWLHUHVDXJHD
PXULODWHUDOHFkQGDXWRYHKLFXOXOHVWHvQPL
FDUHLDUSXWHDVXIHULUQLVDXLDUSXWHDUQL
SHDOLL
 $9(57,60(17
1XOVDLFRSLLLQHVXSUDYHJKHDLvQDXWRYHKL
FXOFKLDUGDFVXQWIL[DLvQWUXQVLVWHPGH
UHWHQLHSHQWUXFRSLL$FHWLDVDUSXWHDUQL
vQDQXPLWHSULDOHDXWRYHKLFXOXOXL'HDVH
PHQHDHLDUSXWHDVXIHULUQLJUDYHVDXFKLDU
IDWDOHvQXUPDXQHLH[SXQHULSUHOXQJLWHOD
FOGXUVDXIULJH[WUHP

1XPU
RPROR
JDUH
(

1XPU
FRPDQG

5HFX
QRDWH
UHDDXWR
PDWD
VFDXQXOXL
SHQWUX
FRSLO

1XH[SXQHLVLVWHPXOGHUHWHQLHSHQWUXFRSLL
OXPLQLLGLUHFWHDVRDUHOXL$QXPLWHSULGLQ
VLVWHPXOGHUHWHQLHSHQWUXFRSLLVDUSXWHD
vQFO]LLDUFRSLOXOVDUSXWHDDUGHvQHOH
QFD]XOvQFDUHXQFRSLOGHVFKLGHRSRUWLHU
FRSLOXOVDXDOWHSHUVRDQHDUSXWHDGUHSW
XUPDUHVILHUQLWH$FHWLDDUSXWHDLHL
UQLQGXVHVDXILLQGUQLLGHXQDXWRYHKLFXO
DIODWvQWUHFHUH
5HVSHFWDLGHDVHPHQHDQRWHOHSULYLQG+2/'
,QIRUPDLLOHUHOHYDQWHVHUHJVHVFvQLQGH[

%ORFULOHFRQWUDDFFHVXOXLFRSLLORUOD
SRUWLHUHOHGLQVSDWH
$VLJXUDLILHFDUHSRUWLHULQGLYLGXDOFXvQFXLH
WRULOHFHQXSHUPLWDFFHVXOFRSLLORUGHSHSRU
WLHUHOHVSDWH2SRUWLHUDVLJXUDWFXRvQFXLH
WRDUHFHQXSHUPLWHDFFHVXOFRSLLORUQXSRDWH
ILGHVFKLVGLQDXWRYHKLFXO&kQGDXWRYHKLFX
OXOHVWHGHVFXLDWSRUWLHUDSRDWHILGHVFKLV
GLQH[WHULRU




6LJXUDQ

3UH]HQDFRSLLORUODERUG

6LVWHPHGHVLJXUDQODFRQGXFHUH



6LVWHPHGHVLJXUDQODFRQGXFHUH

6LJXUDQ

3UH]HQWDUHJHQHUDODVLVWHPHORUGH
VLJXUDQODFRQGXFHUH

3HQWUXDDFWLYDDSVDLPDQHWDvQFXLHWRULL
FHQXSHUPLWHDFFHVXOFRSLLORUvQVXVvQ
GLUHFLDLQGLFDWGHVJHDWDC
 $VLJXUDLYFvQFXLHWRULOHFHQXSHUPLW
DFFHVXOFRSLLORUIXQFLRQHD]FRUHV
SXQ]WRU


3HQWUXDGH]DFWLYDDSVDLPDQHWD
vQFXLHWRULLFHQXSHUPLWHDFFHVXOFRSLLORUvQ
MRVGLUHFLDLQGLFDWGHVJHDWDD

&DUDFWHULVWLFDGHVXSUDUHJODUHSHQWUX
JHDPXULOHODWHUDOHVSDWH

3HQWUXDDFWLYDGH]DFWLYDDSVDLEXWR
QXOC
'DFODPSDLQGLFDWRDUHDHVWHDSULQV
DFLRQDUHDJHDPXULORUODWHUDOHVSDWHHVWH
GH]DFWLYDW8WLOL]DUHDHVWHSRVLELOGRDUFX
DMXWRUXOFRPXWDWRDUHORUGLQSRUWLHUDRIH
UXOXL'DFODPSDLQGLFDWRDUHDHVWH
VWLQVDFLRQDUHDHVWHSRVLELOFXDMXWRUXO
FRPXWDWRDUHORUGLQFRPSDUWLPHQWXOVSDWH

QDFHDVWVHFLXQHYHLJVLLQIRUPDLLGHV
SUHXUPWRDUHOHVLVWHPHGHVLJXUDQODFRQ
GXFHUH
=$%66LVWHPDQWLEORFDUHODIUkQDUH
=%$66LVWHPGHDVLVWDUHODIUkQDUH
=%$63/866LVWHPGHDVLVWDUHODIUkQDUH
3OXV 
=/PSLGHIUkQDGDSWLYH
=(633URJUDPXOGHVWDELOLWDWHHOHFWURQLF
=(%''LVWULEXLDHOHFWURQLFDIRUHLGHIUk
QDUH
=)51$5($'$37,9
=)UkQ35(6$)(
=&21752/8/',5(&,(,

1RWHLPSRUWDQWHSULYLQGVLJXUDQD
'DFQXYDGDSWDLVWLOXOGHFRQGXFHUHVLV
WHPHOHGHVLJXUDQODFRQGXFHUHQXSRWQLFL
UHGXFHULVFXOGHDFFLGHQWQLFLQXVHSRWVXV
WUDJHOHJLORUIL]LFLL6LVWHPHOHGHVLJXUDQOD
FRQGXFHUHVXQWGRDUVLVWHPHGHDVLVWDUHFDUH
YDMXWFkQGFRQGXFHL'XPQHDYRDVWUVXQ
WHLUHVSRQVDELOGHGLVWDQDIDGHDXWRYHKL
FXOXOGLQIDGHYLWH]DDXWRYHKLFXOXOXLLGH
IUkQDUHDvQWLPSXWLO$GDSWDLYvQWRWGHDXQD
VWLOXOGHFRQGXFHUHODFRQGLLLOHGHGUXPL
PHWHRSUHGRPLQDQWHSUHFXPLODFRQGLLLOH
GLQWUDILFLPHQLQHLRGLVWDQVLJXUID
GHDXWRYHKLFXOXOGLQID&RQGXFHLFXDWHQ
LH

G 5HLQHLFVLVWHPHOHGHVLJXUDQODFRQ
GXFHUHGHVFULVHIXQFLRQHD]ODHILFLHQ
PD[LPQXPDLGDFH[LVWXQFRQWDFW
DGHFYDWvQWUHSQHXULLVXSUDIDDGUXPXOXL
$FRUGDLRDWHQLHGHRVHELWLQIRUPDLLORU
SULYLQGSQHXULOHDGkQFLPLOHPLQLPHUHFR
PDQGDWHDOHEHQ]LLGHUXODUHHWFGLQVHF
LXQHD5RLLSQHXUL3DJLQD

6LVWHPHGHVLJXUDQODFRQGXFHUH

$%66LVWHPDQWLEORFDUHODIUkQDUH

YDPLQWLVPDQLIHVWDLRSUHFDXLHGHRVH
ELWFkQGFRQGXFHL

 $9(57,=$5(
1XDSVDLVFXUWLUHSHWDWSHGDODGHIUkQ
SRPSDUH3RPSDUHDSHGDOHLGHIUkQ
UHGXFHHIHFWXOGHIUkQDUH6DUSXWHDVQX
UHXLLVRSULLODWLPSLVSURGXFHLXQDFFL
GHQW$SVDLSHGDODGHIUkQIHUPLXQLIRUP

1RWHLPSRUWDQWHSULYLQGVLJXUDQD

$%6RIIURDG

G 5HVSHFWDLVHFLXQHD1RWHLPSRUWDQWH
SULYLQGVLJXUDQD3DJLQD
$%6UHJOHD]SUHVLXQHDGHIUkQDUHDVWIHO
vQFkWURLOHVQXVHEORFKH]HFkQGIUkQDL
$FHDVWDYSHUPLWHVFRQWLQXDLVPDQH
YUDLDXWRYHKLFXOXOFkQGIUkQDL
$%6IXQFLRQHD]GHODRYLWH]GHDSUR[LPD
WLYNPKvQVXVLQGLIHUHQWGHVWDUHDVXSUD
IHHLGUXPXOXL$%6IXQFLRQHD]SHVXSUD
IHHDOXQHFRDVHFKLDULGDFIUkQDLXRU

8QVLVWHP$%6VSHFLDODGDSWDWODWHUHQXORII
URDGHVWHDFWLYDWDXWRPDWRGDWFHVHDFWL
YHD]SURJUDPXORIIURDG3DJLQD
/DYLWH]HVXENPKURLOHGLQIDVHEOR
FKHD]FLFOLFODIUkQDUH(IHFWXOGHDGkQFLUH
RELQXWDVWIHOUHGXFHGLVWDQDGHRSULUHSH
WHUHQRIIURDG$VWIHOVHOLPLWHD]FDSDFL
WDWHDGHPDQHYUDUH

 $9(57,60(17
'DF$%6IXQFLRQHD]GHIHFWXRVURLOHVH
SRWEORFDFkQGIUkQDL$VWIHOVHOLPLWHD]
PDQHYUDELOLWDWHDDXWRYHKLFXOXOXLFkQGIUkQDL
LGLVWDQDGHIUkQDUHSRDWHFUHWH
'DF$%6HVWHGH]DFWLYDWGLQFDX]DXQHL
GHIHFLXQLDWXQFL%$6L(63VXQWGHDVHPH
QHDGH]DFWLYDWH([LVWXQSHULFROFUHVFXWFD
DXWRYHKLFXOXOGXPQHDYRDVWUVGHUDSH]HvQ
DQXPLWHVLWXDLL
7UHEXLHVYDGDSWDLvQWRWGHDXQDVWLOXOGH
FRQGXFHUHODFRQGLLLOHGHGUXPLPHWHR

)UkQH
'DF$%6LQWHUYLQHFkQGIUkQDLYHLVLPL
SHGDODGHIUkQSXOVkQG
 'DF$%6LQWHUYLQHFRQWLQXDLVDSVDL
SHGDODGHIUkQFXIRUSkQFkQGVLWXDLD
FDUHDLPSXVIUkQDUHDLDVIkULW
 3HQWUXDDFLRQDSkQODFDSWIUkQD
DSVDLSHGDODGHIUkQFXIRUPD[LP
3HGDODGHIUkQFDUHSXOVHD]SRDWHLQGLFDR
VWDUHSHULFXORDVDGUXPXOXLLDUHUROXOGHD

%$66LVWHPXOGHDVLVWDUHODIUkQDUH
G 5HVSHFWDLVHFLXQHD1RWHLPSRUWDQWH
SULYLQGVLJXUDQD3DJLQD
%$6VHDFLRQHD]vQVLWXDLLGHIUkQDUHGH
XUJHQ'DFDSVDLUDSLGSHGDODGHIUkQ
%$6RIHUDXWRPDWXQLPSXOVGHIRUGHIUk
QDUHUHGXFkQGDVWIHOGLVWDQDGHRSULUH
 0HQLQHLSHGDODGHIUkQIHUPDSVDW
SkQFHVLWXDLDFDUHDLPSXVIUkQDUHDGH
XUJHQDOXDWVIkULW
$%6XOSUHYLQHEORFDUHDURLORU
)UkQHOHYRUIXQFLRQDFDGHRELFHLFkQGHOL
EHUDLSHGDODGHIUkQ%$6XOHVWHGH]DFWL
YDW
 3HULFROGHDFFLGHQW
QFD]XOXQHLGHIHFLXQLDVLVWHPXOXL%$6VLV
WHPXOGHIUkQDUHUPkQHGLVSRQLELOFXDPSOL
ILFDUHDIRUHLGHIUkQDUHFRPSOHWIXQFLRQDO
3HGHDOWSDUWHvQDFHDVWVLWXDLHIRUDGH
IUkQDUHQXHVWHDXWRPDWDPSOLILFDWvQFD]XO
IUkQULLGHXUJHQLHVWHSRVLELOPULUHD
GLVWDQHLGHIUkQDUH

6LJXUDQ

QFRQGLLLGHFRQGXFHUHSHWLPSGHLDUQ
XWLOL]DLvQWRWGHDXQDSQHXULGHLDUQ
SQHXUL06LGDFVLWXDLDRFHUHODQXUL
GH]SDG1XPDLDVWIHOYRUIXQFLRQDVLV
WHPHOHGHVLJXUDQODFRQGXFHUHGHVFULVH
vQDFHDVWVHFLXQHODHILFLHQPD[LP





6LVWHPHGHVLJXUDQODFRQGXFHUH
%$63/866LVWHPGHDVLVWDUHODIUk
QDUH3OXV

6LJXUDQ

%$63/86HVWHGLVSRQLELOQXPDLODDXWRYHKL
FXOHOHFX',67521,&3/86

G 5HVSHFWDLVHFLXQHD1RWHLPSRUWDQWH
SULYLQGVLJXUDQD3DJLQD
%$63/86YDVLVWODIUkQDUHvQVLWXDLLSHUL
FXORDVHODYLWH]HGHSHVWHNPKLXWLOL
]HD]VLVWHPXOGHVHQ]RULUDGDUSHQWUXDHYD
OXDVLWXDLDGLQWUDILF
&XDMXWRUXOVLVWHPXOXLGHVHQ]RUUDGDU%$6
3/86SRDWHGHWHFWDREVWDFROHDIODWHSHWUD
VHXODXWRYHKLFXOXOXLGXPQHDYRDVWUSHR
SHULRDGvQGHOXQJDWGHWLPS
/DYLWH]HGHSkQODDSUR[LPDWLYNPK
%$63/86SRDWHGHDVHPHQHDVGHWHFWH]H
REVWDFROHVWDLRQDUHGHH[HPSOXDXWRYHKL
FXOHRSULWHVDXSDUFDWH
'DFYDSURSLDLGHXQREVWDFROL%$63/86
DGHWHFWDWXQULVFGHFROL]LXQH%$63/86FDO
FXOHD]IRUDGHIUkQDUHQHFHVDUHYLWULLXQHL
FROL]LXQLGLQVSDWHQWLPSFHDFLRQDLIUkQHOH
FXSXWHUH%$63/86SRDWHFUHWHDXWRPDW
IRUDGHIUkQDUHSkQODXQQLYHODGHFYDWFRQ
GLLLORUGLQWUDILF
'DF%$63/86QHFHVLWRIRUGHIUkQDUH
GHRVHELWGHULGLFDWPVXULOHGHSURWHFLH
SUHYHQWLYDSDVDJHULORU35(6$)(VXQW
DFWLYDWHVLPXOWDQ
 0HQLQHLSHGDODGHIUkQDSVDWSkQFH
VLWXDLDFDUHDLPSXVIUkQDUHDGHXUJHQD
OXDWVIkULW
$%6XOSUHYLQHEORFDUHDURLORU
)UkQHOHYRUUHYHQLODIXQFLRQDUHDQRUPDOGLQ
QRXGDF
=HOLEHUDLSHGDODGHIUkQ
=QXPDLH[LVWSHULFROXOXQHLFROL]LXQLGLQ

VSDWH
=QXHVWHGHWHFWDWQLFLXQREVWDFROvQIDD
DXWRYHKLFXOXOXLGXPQHDYRDVWU
%$63/86HVWHDSRLGH]DFWLYDW'DFDLDFWL
YDW'653DJLQD%$63/86HVWH
GH]DFWLYDWODUkQGXOVX

6LVWHPXOGHVHQ]RUUDGDUHVWHGH]DFWLYDW
DXWRPDWvQDSURSLHUHDXQLWLORUUDGLRWHOHV
FRSODXUPWRDUHOHDXWRYHKLFXOH
=DXWRYHKLFXOHFX&20$1'2QOLQHLQDYLJD

LH
=DXWRYHKLFXOHFX$XGLRL%HFNHU0$3

3,/27
%HFNHU0$33,/27WUHEXLHVILHFRQHFWDW
FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUH$XGLR
VHSDUDWH
6LVWHPXOGHVHQ]RUUDGDUWUHEXLHVILHGH]DF
WLYDWFXDMXWRUXOFDOFXODWRUXOXLGHERUGvQ
DSURSLHUHDXQLWLORUUDGLRWHOHVFRSOD
XUPWRDUHOHDXWRYHKLFXOH
=DXWRYHKLFXOHIU&20$1'2QOLQHLQDYL

JDLH
=DXWRYHKLFXOHIU$XGLRL%HFNHU0$3

3,/27
=DXWRYHKLFXOHSHQWUX$XVWUDOLD

,QIRUPDLLOHSULYLQGGH]DFWLYDUHDVLVWHPXOXL
GHVHQ]RUUDGDUFXDMXWRUXOFDOFXODWRUXOXLGH
ERUGVHUHJVHVFvQVHFLXQHD&DOFXODWRUGH
ERUGLGLVSOD\XUL3DJLQD
3HQWUXFD%$63/86VYDVLVWHvQWLPSXO
FRQGXFHULLVLVWHPXOGHVHQ]RUUDGDUWUHEXLH
VILHDFWLYDWLIXQFLRQDOFRQVXOWDL6LVWH
PXOGHVHQ]RUUDGDUGLQLQGH[

 $9(57,60(17
%$63/86QXSRDWHLGHQWLILFDvQWRWGHDXQD
FODURELHFWHOHLVLWXDLLOHFRPSOH[HGLQWUDILF
%$63/86QXSRDWHLQWHUYHQLvQDFHVWHFD]XUL
([LVWXQSHULFROGHDFFLGHQW$FRUGDLvQWRW
GHDXQDRDWHQLHGHRVHELWVLWXDLHLGLQWUDILF
LILLJDWDVIUkQDL

'HWHFWDUHDREVWDFROHORUSRDWHILGLPLQXDW
PDLDOHVGDFH[LVW
=LPSXULWLSHVHQ]RULVDXRULFHDOWHPDWHULL

VWULQHSHVHQ]RUL
=]SDGVDXSORDLHDEXQGHQW
=LQWHUIHUHQHFXDOWHVXUVHUDGDU
=SRVLELOLWDWHDGHHPLVLLUDGDUSXWHUQLFHGH

H[HPSOXvQSDUFULHWDMDWH

6LVWHPHGHVLJXUDQODFRQGXFHUH

GHH[RPRWRFLFOHW
=XQDXWRYHKLFXOFDUHUXOHD]vQIDSHR
EDQGGLIHULW

 $9(57,60(17
%$63/86QXUHDFLRQHD]
=ODSHUVRDQHVDXODDQLPDOH
=ODDXWRYHKLFXOHOHFDUHYLQGLQVHQVRSXV
=ODDXWRYHKLFXOHOHFDUHYWDLHFDOHD
=vQYLUDMH

'UHSWXUPDUHHVWHSRVLELOFD%$63/86VQX
LQWHUYLQvQVLWXDLLFULWLFH([LVWXQSHULFROGH
DFFLGHQW$FRUGDLvQWRWGHDXQDRDWHQLHGHR
VHELWVLWXDLHLGLQWUDILFLILLJDWDVIUkQDL

QXUPDDYDULHULLSULLIURQWDOHDDXWRYHKLFX
OXOXLVROLFLWDLYHULILFDUHDFRQILJXUULLLIXQF
LRQULLVHQ]RULORUUDGDUODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW$FHDVWLQGLFDLHHVWH
YDODELOLvQFD]XOFROL]LXQLORUODYLWH]PLF
DWXQFLFkQGQXH[LVWDYDULLYL]LELOHSHSDUWHD
IURQWDODDXWRYHKLFXOXOXL
'DF%$63/86HVWHLQGLVSRQLELOGLQFDX]D
XQHLGHIHFLXQLODVLVWHPXOGHVHQ]RUUDGDU
VLVWHPXOGHIUkQDUHUPkQHGLVSRQLELOFX
HIHFWGHDVLVWDUHFRPSOHWODIUkQDUHL%$6

/PSLGHIUkQDGDSWLYH
G /PSLOHGHIUkQDGDSWLYHVXQWGLVSRQL
ELOHQXPDLvQDQXPLWHUL
'DFIUkQDLSXWHUQLFGHODRYLWH]GHSHVWH
NPKVDXGDFIUkQDUHDHVWHDVLVWDWGH
%$6VDX%$63/86OPSLOHGHIUkQOXPL
QHD]LQWHUPLWHQWUDSLG$VWIHOWUDILFXOGLQ
VSDWHOHGXPQHDYRDVWUHVWHDYHUWL]DWvQWUXQ
PRGLPDLXRUREVHUYDELO
'DFIUkQDLSXWHUQLFGHODRYLWH]GHSHVWH
NPKSkQODRSULUHVHPQDOL]DWRDUHOHGH
DYDULHVXQWDFWLYDWHDXWRPDW'DFIUkQHOH
VXQWDFLRQDWHGLQQRXOPSLOHGHIUkQVH
DSULQGFRQWLQXX6HPQDOL]DWRDUHOHGHDYDULH
VHRSUHVFDXWRPDWGDFUXODLODSHVWH
NPK3XWHLGHDVHPHQHDVRSULLVHP
QDOL]DWRDUHOHGHDYDULHFXDMXWRUXOEXWRQXOXL

GHFRPXWDUHDVHPQDOL]DWRDUHORUGHDYDULH
3DJLQD

(633URJUDPGHVWDELOLWDWHHOHFWUR
QLF
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
G &RQVXOWDLVHFLXQHD1RWHLPSRUWDQWH
SULYLQGVLJXUDQD3DJLQD
'DF(63GHWHFWHD]IDSWXOFDXWRYHKLFXOXO
GHYLD]GHODGLUHFLDGRULWGHRIHUVHIUk
QHD]SHXQDVDXPDLPXOWHURLSHQWUXDVWD
ELOL]DDXWRYHKLFXOXO'DFVLWXDLDRFHUH
SXWHUHDXWLODPRWRUXOXLHVWHGHDVHPHQHD
PRGLILFDWSHQWUXDPHQLQHDXWRYHKLFXOXOSH
WUDVHXOGRULWvQIXQFLHGHOLPLWHOHIL]LFLL
(63vODVLVWSHRIHUODGHPDUDUHSHGUXPXUL
XPHGHVDXDOXQHFRDVH(63SRDWHGHDVH
PHQHDVVWDELOL]H]HDXWRYHKLFXOXOODIUkQDUH
'DF(63LQWHUYLQHODPSDGHDYHUWL]DUH
(63GLQSDQRXOGHLQVWUXPHQWHFOL
SHWH

 $9(57,60(17
'DFODPSDGHDYHUWL]DUHGLQSDQRXOGH
LQVWUXPHQWHFOLSHWHSURFHGDLGXSFXP
XUPHD]
=QXGH]DFWLYDL(63VXEQLFLRIRUP
=DSVDLSHGDODGHDFFHOHUDLHQXPDLFkWGH

WDUHHVWHQHFHVDUODGHPDUDUH
=DGDSWDLYVWLOXOGHFRQGXFHUHODFRQGLLLOH

GHGUXPLPHWHRSUHGRPLQDQWH
QFD]FRQWUDUDXWRYHKLFXOXOSRDWHGHUDSD
(63QXSRDWHUHGXFHSHULFROXOGHDFFLGHQW
vQFD]XOvQFDUHFRQGXFHLSUHDUDSLG(63QX
VHSRDWHVXVWUDJHOHJLORUIL]LFLL

 $FLRQDLDXWRYHKLFXOXOPD[LPXP]HFH
VHFXQGHSHGLQDPRPHWUXOGHWHVWDUHDIUk
QHORU'HFXSODLFRQWDFWXO
$FLRQDUHDIUkQHORUSULQ(63SRDWHGLV
WUXJHvQFD]FRQWUDUVLVWHPXOGHIUkQDUH
 7HVWHOHGHIXQFLRQDUHVDXSHUIRUPDQ
WUHEXLHHIHFWXDWHQXPDLSHXQGLQDPRPH


6LJXUDQ

=XQDXWRYHKLFXOvQJXVWFDUHUXOHD]vQID





6LVWHPHGHVLJXUDQODFRQGXFHUH

6LJXUDQ

WUXSHQWUXSXQLQDLQWHGHDXWLOL]DDXWR
YHKLFXOXOSHXQDVWIHOGHGLQDPRPHWUXY
UXJPVFRQVXOWDLXQDWHOLHUGHVHUYLFH
DXWRUL]DWQFD]FRQWUDUSXWHLDYDULDWUH
QXOGHWUDQVPLVLHVDXVLVWHPXOGHIUkQDUH

G 8WLOL]DLQXPDLURLFXPULPLOHGHSQHX
UHFRPDQGDWH1XPDLDWXQFLYDIXQFLRQD
(63FRUHVSXQ]WRU
(76$VLVWDUHHOHFWURQLFDWUDFLXQLL
G 5HVSHFWDLVHFLXQHD1RWHLPSRUWDQWH
SULYLQGVLJXUDQD3DJLQD
&RQWUROXOWUDFLXQLLIDFHSDUWHGLQ(63
&RQWUROXOWUDFLXQLLIUkQHD]URLOHPRWULFH
LQGLYLGXDOGDFSDWLQHD]$VWIHOSXWHLSRUQL
GHSHORFLDFFHOHUDSHVXSUDIHHDOXQHFRDVH
GHH[HPSOXGDFVXSUDIDDGUXPXOXLHVWHDOX
QHFRDVSHRSDUWHQSOXVXQFXSOXGHWUDF
LXQHPDLPDUHHVWHWUDQVIHUDWODURDWDVDX
URLOHFXWUDFLXQH
&RQWUROXOWUDFLXQLLUPkQHDFWLYGDFGH]DF
WLYDL(63
 QVLWXDLLOHGHFRQGXFHUHFRUHVSXQ]WRDUH
DFWLYDLSURJUDPXORIIURDG
3DJLQD

 $9(57,60(17
&RQWUROXOWUDFLXQLLQXSRDWHUHGXFHSHULFROXO
GHDFFLGHQWvQFD]XOvQFDUHFRQGXFHLSUHD
UDSLG&RQWUROXOWUDFLXQLLQXSRDWHDQXOD
OHJLOHIL]LFLL
(76RIIURDG$VLVWDUHHOHFWURQLFD
WUDFLXQLL
8QVLVWHP(76VSHFLDODGDSWDWODWHUHQXO
RIIURDGHVWHDFWLYDWDXWRPDWRGDWFHVH
DFWLYHD]SURJUDPXOGHFRQGXFHUHRIIURDG
3DJLQD

'H]DFWLYDUHDDFWLYDUHD(63
G 5HVSHFWDLVHFLXQHD1RWHLPSRUWDQWH
SULYLQGVLJXUDQD3DJLQD
(63HVWHDFWLYDWDXWRPDWFkQGPRWRUXOHVWH
SRUQLW

G $XWRYHKLFXOHFXIXQFLHVWDUWVWRS(&2
IXQFLDVWDUWVWRS(&2RSUHWHDXWRPDW
PRWRUXOFkQGDXWRYHKLFXOXOVHRSUHWH
0RWRUXOSRUQHWHDXWRPDWFkQGRIHUXO
GRUHWHVSRUQHDVFGHSHORFGLQQRX
(63UPkQHvQVWDUHDVHOHFWDWDQWHULRU
([HPSOXGDF(63DIRVWGH]DFWLYDW
vQDLQWHGHRSULUHDPRWRUXOXL(63UPkQH
GH]DFWLYDWFkQGPRWRUXOHVWHSRUQLWGLQ
QRX
(VWHSRVLELOVILHGHSUHIHUDWVGH]DFWLYDL
(63vQXUPWRDUHOHVLWXDLL
=FkQGXWLOL]DLODQXULGH]SDG
=vQ]SDGDGkQF
=vQQLVLSVDXSLHWUL
 $9(57,60(17
$FWLYDL(63LPHGLDWFHVLWXDLLOHGHVFULVH
DQWHULRUQXPDLVXQWYDODELOHQFD]FRQWUDU
(63QXYDSXWHDVWDELOL]DDXWRYHKLFXOXOGDF
DXWRYHKLFXOXOvQFHSHVGHUDSH]HVDXRURDW
vQFHSHVSDWLQH]H

&kQGGH]DFWLYDL(63
=(63QXPDLvPEXQWHWHVWDELOLWDWHDOD

FRQGXFHUH
=FXSOXOPRWRUXOXLQXPDLHVWHOLPLWDWLDU

URLOHPRWULFHSRWSDWLQD3DWLQDUHDURLORU
UH]XOWvQWURDFLXQHGHSWUXQGHUHFHHD
FHRIHURDGHUHQPDLEXQ
=FRQWUROXOWUDFLXQLLUPkQHDFWLYDW
=(63FRQWLQXVYDVLJXUHDVLVWHQFkQG
IUkQDL
'DF(63HVWHGH]DFWLYDWLDUXQDVDXPDL
PXOWHURLvQFHSVSDWLQH]HODPSDGHDYHU
WL]DUH(63GLQSDQRXOGHLQVWUXPHQWH
FOLSHWHQDVWIHOGHVLWXDLL(63QXYDVWD
ELOL]DDXWRYHKLFXOXO

QDFHDVWVLWXDLH(63YDVLVWLSRDWH
GHWHFWDGDFFRPELQDLDDXWRYHKLFXO
UHPRUFvQFHSHVVHvQFOLQH(63vQFHWL
QHWHDXWRYHKLFXOXOSULQIUkQDUHLOLPLWDUHD
SXWHULLPRWRUXOXLSkQFkQGFRPELQDLDDXWR
YHKLFXOUHPRUFVDVWDELOL]DW
6WDELOL]DUHDUHPRUFLLHVWHDFWLYODYLWH]HGH
SHVWHDSUR[LPDWLYNPK

3HQWUXDGH]DFWLYDDSVDLEXWRQXOC
/DPSDGHDYHUWL]DUH(632))GLQ
SDQRXOGHLQVWUXPHQWHVHDSULQGH

 $9(57,60(17
(63HVWHGH]DFWLYDWGDFODPSDGHDYHUWL
]DUHGLQSDQRXOGHLQVWUXPHQWHVH
DSULQGHFRQWLQXXFkQGPRWRUXOIXQFLRQHD]
'DFODPSDGHDYHUWL]DUHLODPSDGH
DYHUWL]DUHVXQWDSULQVHFRQWLQXX(63
HVWHLQGLVSRQLELOGLQFDX]DXQHLGHIHFLXQL
([LVWXQSHULFROFUHVFXWFDDXWRYHKLFXOXO
GXPQHDYRDVWUVGHUDSH]HvQDQXPLWHVLWXD
LL
7UHEXLHVYDGDSWDLvQWRWGHDXQDVWLOXOGH
FRQGXFHUHODFRQGLLLOHGHGUXPLPHWHR


3HQWUXDDFWLYDDSVDLEXWRQXOC
/DPSDGHDYHUWL]DUH(632))GLQ
SDQRXOGHLQVWUXPHQWHVHVWLQJH

(63RIIURDG
8QVLVWHP(63VSHFLDODGDSWDWODWHUHQXO
RIIURDGHVWHDFWLYDWDXWRPDWRGDWFHVH
DFWLYHD]SURJUDPXORIIURDG
3DJLQD,QWHUYLQHFXRRDUHFDUHvQWkU
]LHUHGDFDUHORFXQVXSUDYLUDMVDXXQVXEYL
UDMvPEXQWLQGDVWIHOWUDFLXQHD

6WDELOL]DUHDUHPRUFLLFX(63
QFD]XOvQFDUHFRPELQDLDDXWRYHKLFXO
UHPRUFvQFHSHVVHvQFOLQHSHRSDUWHR
SXWHLVWDELOL]DSULQDSVDUHDIHUPDIUkQHL

 $9(57,60(17
QFD]GHFRQGLLLUXWLHUHLPHWHRDGYHUVH
VWDELOL]DUHDUHPRUFLLQXYDSXWHDSUHYHQL
GHYLHUHDUHPRUFLLLQXYDSXWHDDVWIHOV
UHGXFSHULFROXOGHDFFLGHQW5HPRUFLOHFXXQ
FHQWUXGHJUHXWDWHvQDOWVHSRWUVWXUQD
vQDLQWHFD(63VGHWHFWH]HWHQGLQDGH
UVWXUQDUH
6WDELOL]DUHDUHPRUFLLQXIXQFLRQHD]GDF
(63HVWHGH]DFWLYDWVDXRSULWGLQFDX]DXQHL
GHIHFLXQL

(%'GLVWULEXLDHOHFWURQLFDIRUHLGH
IUkQDUH
G 5HVSHFWDLVHFLXQHD1RWHLPSRUWDQWH
SULYLQGVLJXUDQD3DJLQD
(%'PRQLWRUL]HD]LFRQWUROHD]SUHVLXQHD
GHIUkQDUHSHURLOHVSDWHSHQWUXDvPEXQWL
VWDELOLWDWHDvQFRQGXFHUHvQWLPSXOIUkQULL
 $9(57,60(17
'DF(%'VDGHIHFWDWVLVWHPXOGHIUkQDUH
UPkQHGLVSRQLELOFXVHUYRIUkQFRPSOHW
IXQFLRQDO&XWRDWHDFHVWHDURLOHVSDWHVH
SRWEORFDvQFRQWLQXDUHGHH[ODIUkQDUHFRP
SOHW$VWIHOSXWHLSLHUGHFRQWUROXODXWRYHKL
FXOXOXLLSXWHLSURYRFDXQDFFLGHQW3ULQ
XUPDUHWUHEXLHVYDGDSWDLVWLOXOGHFRQ
GXFHUHODFDUDFWHULVWLFLOHGHPDQHYUDELOLWDWH
GLIHULWH


5HVSHFWDLQRWHOHSULYLQGOPSLOHGHDYHU
WL]DUHLLQGLFDWRDUH3DJLQDSUH
FXPLPHVDMHOHGHSHGLVSOD\
3DJLQD



6LJXUDQ

6LVWHPHGHVLJXUDQODFRQGXFHUH



6LVWHPHGHVLJXUDQODFRQGXFHUH

6LJXUDQ

)51$5($'$37,9
)51$5($$'$37,9VSRUHWHVLJXUDQDOD
IUkQDUHLRIHUXQFRQIRUWVSRULWODIUkQDUH
3HOkQJIXQFLDGHIUkQDUH)51$5($
$'$37,9GLVSXQHLIXQFLD+2/'
3DJLQDLDVLVWHQDODSRUQLUHDvQ
SDQW3DJLQD3HQWUXLQIRUPDLLVXSOL
PHQWDUHSULYLQGFRQVXOWDL6IDWXULSULYLQG
FRQGXFHUHD3DJLQD

)UkQ35(6$)(
)UkQD35(6$)(HVWHGLVSRQLELOQXPDLOD
DXWRYHKLFXOHOHFX',67521,&3/86

G 5HVSHFWDLVHFLXQHD1RWHLPSRUWDQWH
SULYLQGVLJXUDQD3DJLQD
)UkQD35(6$)(YSRDWHDMXWDVUHGXFHL
ULVFXOGHFROL]LXQHIURQWDOFXXQDXWRYHKLFXO
GLQIDVDXVGLPLQXDLHIHFWHOHXQHLDVWIHO
GHFROL]LXQL'DFIUkQD35(6$)(DGHWHFWDW
XQULVFGHFROL]LXQHYHLSULPLDYHUWLVPHQWH
YL]XDOHLDFXVWLFHDXWRYHKLFXOXOIUkQkQG
DXWRPDW)UkQD35(6$)(QXSRDWHSUHYHQL
RFROL]LXQHIULQWHUYHQLDGXPQHDYRDVWU
$FHDVWIXQFLHYDHPLWHXQDYHUWLVPHQWOD
YLWH]HvQMXUGHNPKVDXPDLPDULGDF
=GLVWDQDSkQODDXWRYHKLFXOXOGLQIDHVWH

SUHDPLFSHQWUXYLWH]DFXFDUHFRQGXFHL
WLPSGHFkWHYDVHFXQGH/DPSDGHDYHUWL
]DUHSULYLQGGLVWDQDVHDSULQGHDSRL
vQSDQRXOGHLQVWUXPHQWH
=YDSURSLDLUDSLGGHDXWRYHKLFXOXOGLQID
6HYDHPLWHDSRLXQVXQHWGHDYHUWL]DUH
LQWHUPLWHQWLODPSDGHDYHUWL]DUHSULYLQG
GLVWDQDVHYDDSULQGHvQSDQRXOGH
LQVWUXPHQWH
 )UkQDLLPHGLDWSHQWUXDFUHWHGLVWDQD
IDGHDXWRYHKLFXOXOGLQID
VDX
 (IHFWXDLPDQHYUHGHHYLWDUHGDFVLWXDLD
YSHUPLWHHIHFWXDUHDORUvQVLJXUDQ

'DFRIHUXOLSDVDJHULLLDXFXSODWFHQWXULOH
GHVLJXUDQIUkQD35(6$)(SRDWHHIHFWXD
LXUPWRDUHOHODYLWH]HGHSHVWHDSUR[LPDWLY
NPK
=IUkQDDXWRYHKLFXOXODXWRPDWvQFHSkQGFXR

YLWH]GHSkQODDSUR[LPDWLYNPK
=GHFODQDPVXULSUHYHQWLYHGHSURWHFLHD

SDVDJHULORU35(6$)(3DJLQD

1DWXUDVLVWHPXOXLIDFHFDvQFRQGLLLGHRVHELW
GHFRPSOLFDWHGHFRQGXFHUHVVHHPLW
DYHUWLVPHQWHLQXWLOHVDXFDIUkQD35(6$)(
VLQWHUYLQIUVILHQHFHVDU3HQWUXDFRQ
WUDFDUDDFHVWHPDQLIHVWULILHDSVDLSHGDOD
GHDFFHOHUDLHPDLWDUHDFWLYkQGUHWURJUDGD
UHDIRUDWILHHOLEHUDLSHGDODGHIUkQ
$FLXQHDGHIUkQDUHDIUkQHL35(6$)(HVWH
vQFKHLDWDXWRPDWGDF
=FRQGXFHLFXRYLWH]PDLPLFGHDSUR[L

PDWLYNPK
=HIHFWXDLPDQHYUHSHQWUXDHYLWDREVWDFR

OXO
=QXPDLH[LVWSHULFROXOXQHLFROL]LXQLGLQ

VSDWH
=QXVHPDLGHWHFWHD]XQREVWDFROvQIDD

DXWRYHKLFXOXOXLGXPQHDYRDVWU
'DFDLDFWLYDW'653DJLQDIUkQD
35(6$)(HVWHGH]DFWLYDW
&XDMXWRUXOVLVWHPXOXLGHVHQ]RUUDGDUIUkQD
35(6$)(SRDWHGHWHFWDREVWDFROHDIODWHvQ
IDDDXWRYHKLFXOXOXLGXPQHDYRDVWUSHR
SHULRDGvQGHOXQJDWGHWLPS
/DYLWH]HGHSkQODDSUR[LPDWLYNPK
IUkQD35(6$)(SRDWHGHDVHPHQHDV
GHWHFWH]HREVWDFROHVWDLRQDUHGHH[HPSOX
DXWRYHKLFXOHRSULWHVDXSDUFDWH
'DFYDSURSLDLGHXQREVWDFROLIUkQD35(
6$)(GHWHFWHD]XQSHULFROGHFROL]LXQHVLV
WHPXOYYDDOHUWDLQLLDODWkWYL]XDOFkWL
DFXVWLF'DFQXIUkQDLVDXQXOXDLPVXUL
GHHYLWDUHVLVWHPXOYYDDYHUWL]DSULQIUkQD
UHDXRDULDXWRPDWDDXWRYHKLFXOXOXL
'DFH[LVWXQULVFGHFROL]LXQHFUHVFXWVH
DFWLYHD]PVXULOHSUHYHQWLYHGHSURWHFLHD
SDVDJHULORU35(6$)(3DJLQD'DF

6LVWHPHGHVLJXUDQODFRQGXFHUH
=XQDXWRYHKLFXOvQJXVWFDUHUXOHD]vQID

GHH[RPRWRFLFOHW
=XQDXWRYHKLFXOFDUHUXOHD]vQIDSHR

EDQGGLIHULW

 $9(57,60(17
)UkQD35(6$)(QXUHDFLRQHD]
=ODSHUVRDQHVDXODDQLPDOH

 $9(57,60(17

=ODDXWRYHKLFXOHOHFDUHYLQGLQVHQVRSXV

&KLDULGDFIUkQD35(6$)(vQFHWLQHWH
DXWRYHKLFXOXOvQDLQWHGHRFROL]LXQHGLQVSDWH
LPLQHQWVLVWHPXOQXSRDWHHYLWDFROL]LXQHD
IULQWHUYHQLDRIHUXOXL([LVWXQSHULFROGH
DFFLGHQW)UkQDLvQIXQFLHGHVLWXDLHVDX
HIHFWXDLPDQHYUHGHHYLWDUH2LQWHUYHQLH
vQWkU]LDWGLQSDUWHDRIHUXOXLSRDWHGXFHOD
XQDFFLGHQW

=ODDXWRYHKLFXOHOHFDUHYWDLHFDOHD

 $9(57,60(17
)UkQD35(6$)(QXSRDWHvQWRWGHDXQDLGHQ
WLILFDIUSUREOHPHRELHFWHOHLVLWXDLLOH
FRPSOH[HGLQWUDILF
QDFHVWHFD]XULIUkQD35(6$)(SRDWHV
=HPLWXQDYHUWLVPHQWLQXWLOIUkQkQGDSRL

DXWRYHKLFXOXO
=VQXHPLWXQDYHUWLVPHQWLVQXLQWHU

YLQ
([LVWXQSHULFROGHDFFLGHQW$FRUGDLvQWRW
GHDXQDRDWHQLHGHRVHELWFRQGLLLORUGLQWUD
ILFLILLJDWDVIUkQDLPDLDOHVGDFIUkQD
35(6$)(YDYHUWL]HD]vQDFHVWVHQV
3XQHLFDSWLQWHUYHQLHLvQWURVLWXDLHGH
FRQGXFHUHQHSHULFXORDV

'HWHFWDUHDREVWDFROHORUSRDWHILGLPLQXDW
PDLDOHVGDFH[LVW
=LPSXULWLSHVHQ]RULVDXRULFHDOWHPDWHULL

VWULQHSHVHQ]RUL
=]SDGVDXSORDLHDEXQGHQW
=LQWHUIHUHQHFXDOWHVXUVHUDGDU
=SRVLELOLWDWHDGHHPLVLLUDGDUSXWHUQLFHGH
H[HPSOXvQSDUFULHWDMDWH

6LJXUDQ

ULVFXOGHFROL]LXQHSHUVLVWLGXPQHDYRDVWU
QXIUkQDLQXHIHFWXDLPDQHYUHGHHYLWDUHL
QXDFFHOHUDLVHPQLILFDWLYHVWHSRVLELOFD
DXWRYHKLFXOXOVHIHFWXH]HIUkQDUHDDXWR
PDWGHXUJHQ)UkQDUHDDXWRPDWGH
XUJHQQXHVWHHIHFWXDWGHFkWLPHGLDW
vQDLQWHDXQXLDFFLGHQWFDUHQXPDLSRDWHIL
HYLWDW



=vQYLUDMH

'UHSWXUPDUHHVWHSRVLELOFDIUkQD35(
6$)(VQXHPLWDYHUWLVPHQWHLVQX
LQWHUYLQvQVLWXDLLSHULFXORDVH([LVWXQSHUL
FROGHDFFLGHQW$FRUGDLvQWRWGHDXQDRDWHQ
LHGHRVHELWVLWXDLHLGLQWUDILFLILLJDWDV
IUkQDL

3HQWUXDPHQLQHRGLVWDQFRUHVSXQ]WRDUH
IDGHDXWRYHKLFXOXOGLQIDSUHYHQLQGDVW
IHORFROL]LXQHWUHEXLHVDFLRQDLFKLDUGXP
QHDYRDVWUIUkQHOH
 3HQWUXDDFWLYDGH]DFWLYDDFWLYDLVDX
GH]DFWLYDLIUkQD35(6$)(GLQFDOFXODWR
UXOGHERUG3DJLQD
6LPEROXODSDUHSHDILDMXOPXOWLIXQF
LRQDOFkWWLPSIXQFLD+2/'QXHVWHDFWL
YDW3DJLQD
/DDXWRYHKLFXOHOHFXDVLVWDUHDDFWLYD
SDUFULLVLPEROXOHVWHDILDWFkQG3
HVWHFXSODWVDXFkQGFRQGXFHLFXYLWH]H
PDLPDULGHNPK
6LVWHPXOGHVHQ]RUUDGDUHVWHGH]DFWLYDW
DXWRPDWvQDSURSLHUHDXQLWLORUUDGLRWHOHV
FRSODXUPWRDUHOHDXWRYHKLFXOH
=DXWRYHKLFXOHFX&20$1'2QOLQHLQDYLJD

LH
=DXWRYHKLFXOHFX$XGLRL%HFNHU0$3

3,/27
%HFNHU0$33,/27WUHEXLHVILHFRQHFWDW
FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUH$XGLR
VHSDUDWH



6LVWHPHDQWLIXUW

6LJXUDQ

6LVWHPXOGHVHQ]RUUDGDUWUHEXLHVILHGH]DF
WLYDWFXDMXWRUXOFDOFXODWRUXOXLGHERUGvQ
DSURSLHUHDXQLWLORUUDGLRWHOHVFRSOD
XUPWRDUHOHDXWRYHKLFXOH
=DXWRYHKLFXOHIU&20$1'2QOLQHLQDYL

JDLH
=DXWRYHKLFXOHIU$XGLRL%HFNHU0$3

3,/27
=DXWRYHKLFXOHSHQWUX$XVWUDOLD

,QIRUPDLLOHSULYLQGGH]DFWLYDUHDVLVWHPXOXL
GHVHQ]RUUDGDUFXDMXWRUXOFDOFXODWRUXOXLGH
ERUGVHUHJVHVFvQVHFLXQHD&DOFXODWRUGH
ERUGLGLVSOD\XUL3DJLQD
3HQWUXFDIUkQD35(6$)(VYDVLVWHFkQG
FRQGXFHLVLVWHPXOGHVHQ]RULUDGDUWUHEXLH
VILHSRUQLW3DJLQDLVILHIXQFLR
QDO
QXUPDDYDULHULLSULLIURQWDOHDDXWRYHKLFX
OXOXLVROLFLWDLYHULILFDUHDFRQILJXUULLLIXQF
LRQULLVHQ]RULORUUDGDUODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW$FHDVWLQGLFDLHHVWH
YDODELOLvQFD]XOFROL]LXQLORUODYLWH]PLF
DWXQFLFkQGQXH[LVWDYDULLYL]LELOHSHSDUWHD
IURQWDODDXWRYHKLFXOXOXL

&21752/8/',5(&,(,
$VLVWHQWXOGHGLUHFLH67((5&21752/Y
DMXWSULQWUDQVPLWHUHDXQHLIRUHGHGLUHFLH
LPSRUWDQWHODYRODQvQGLUHFLDQHFHVDUSHQ
WUXVWDELOL]DUHDDXWRYHKLFXOXOXL
$VLVWHQWXOGHGLUHFLHHVWHDFWLYDWPDLDOHV
GDF
=DPEHOHURLGLQGUHDSWDVDXDPEHOHURLGLQ

VWkQJDVHDIOSHRVXSUDIDGHGUXP
XPHGVDXDOXQHFRDVDWXQFLFkQGIUkQDL
=DXWRYHKLFXOXOvQFHSHVGHUDSH]H
'HLQHLFRQWUROXODVXSUDGLUHFLHLvQSHUPD
QHQ

 $9(57,60(17
'DFH[LVWRGHIHFLXQHOD(63QXYHLPDL
SULPLQLFLRDVLVWHQGHGLUHFLHGHOD67((5
&21752/'LUHFLDFRQWLQXVIXQFLRQH]H
FXDVLVWHQWXOGHGLUHFLH

6LVWHPHDQWLIXUW
,PRELOL]DWRU
,PRELOL]DWRUXOSUHYLQHSRUQLUHDDXWRYHKLFXOX
OXLGXPQHDYRDVWUIUFKHLDFRUHFW
 3HQWUXDDFWLYDFXFKHLDVFRDWHLFKHLD
GLQFRPXWDWRUXOGHFRQWDFW
 3HQWUXDDFWLYDFX.(</(66*2GHFX
SODLFRQWDFWXOLGHVFKLGHLSRUWLHUDRIH
UXOXL
 3HQWUXDGH]DFWLYDFXSODLFRQWDFWXO

G ,PRELOL]DWRUXOHVWHvQWRWGHDXQDGH]DFWL
YDWFkQGSRUQLLPRWRUXO
$7$6LVWHPGHDODUPDQWLIXUW
2DODUPYL]XDOLDFXVWLFHVWHGHFODQDW
GDFVLVWHPXOGHDODUPHVWHDQFODQDWL
GXPQHDYRDVWUGHVFKLGHL
=RSRUWLHU
=DXWRYHKLFXOXOFXHOHPHQWXOFKHLHGH

XUJHQ
=KD\RQXO
=FDSRWD
$ODUPDQXHVWHRSULWFKLDULGDFvQFKLGHL
SRUWLHUDGHVFKLVFDUHDGHFODQDWRGH
H[HPSOX

6LVWHPHDQWLIXUW

3HQWUXDRSULDODUPDFXDMXWRUXOFKHLL
LQWURGXFHLFKHLDvQFRPXWDWRUXOGHFRQ
WDFW
$ODUPDHVWHRSULW
VDX
 $SVDLEXWRQXO6VDX7GHSH
FKHLH
$ODUPDHVWHRSULW


3HQWUXDRSULDODUPDFXDMXWRUXO.(<
/(66*2SULQGHLPkQHUXOH[WHULRUDOSRU
WLHUHL&KHLDWUHEXLHVVHDIOHvQDIDUDDXWR
YHKLFXOXOXL
$ODUPDHVWHRSULW
VDX
 $SVDLEXWRQXO6WDUW6WRSGHSHSODQDGH
ERUG&KHLDWUHEXLHVVHDIOHvQLQWHULRUXO
DXWRYHKLFXOXOXL
$ODUPDHVWHRSULW

3HQWUXDSUHYHQLRDODUPIDOVGH]DFWLYDL
SURWHFLDODWUDFWDUHPDQXDOGDFDXWRYHKL
FXOXOGXPQHDYRDVWU
=HVWHWUDQVSRUWDW
=HVWHvQFUFDWSHXQIHULERWVDXSHRSODW

IRUPGHWUDQVSRUWDXWRGHH[HPSOX
=HVWHSDUFDWSHRVXSUDIDPRELOGHH[

vQWURSDUFDUHHWDMDW
'H]DFWLYDUHD


6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW

3URWHFLHODWUDFWDUH
6HGHFODQHD]RDODUPDFXVWLFLYL]XDO
GDFXQJKLXOGHvQFOLQDUHDODXWRYHKLFXOXOXL
GXPQHDYRDVWUHVWHPRGLILFDWvQWLPSFHSUR
WHFLDODWUDFWDUHHVWHDQFODQDW$FHDVWD
VXUYLQHGDFDXWRYHKLFXOXOHVWHULGLFDWSHFULF
vQWURSDUWHGHH[HPSOX
 3HQWUXDDQFODQDvQFXLDLDXWRYHKLFXOXO
FXFKHLDVDX.(</(66*2
3URWHFLDODWUDFWDUHHVWHDQFODQDWGXS
DSUR[LPDWLYGHVHFXQGH
 3HQWUXDRSULGHVFXLDLDXWRYHKLFXOXOFX
FKHLDVDX.(</(66*2
3URWHFLDODWUDFWDUHHVWHRSULWDXWRPDW

$SVDLEXWRQXOC
/DPSDLQGLFDWRDUHDVHDSULQGHVFXUW
 QFXLDLDXWRYHKLFXOXOFXFKHLDVDX.(<
/(66*2
3URWHFLDODWUDFWDUHHVWHGH]DFWLYDW


3URWHFLDODWUDFWDUHUPkQHGH]DFWLYDWSkQ
FkQG
=DXWRYHKLFXOXOHVWHGHVFXLDWGLQQRX
=RSRUWLHUHVWHGHVFKLVLvQFKLVGLQQRX
=DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX

6HQ]RUGHPLFDUHvQLQWHULRU
$WXQFLFkQGVHQ]RUXOGHPLFDUHvQLQWHULRU
HVWHDQFODQDWHVWHGHFODQDWRDODUP
YL]XDOLDFXVWLFGDFVHGHWHFWHD]PL
FDUHvQLQWHULRUXODXWRYHKLFXOXOXL$FHDVW
RSHUDLHVHUHDOL]HD]GDFFLQHYDVHvQWLQGH
vQLQWHULRUXODXWRYHKLFXOXOXLGHH[HPSOX

6LJXUDQ

3HQWUXDDQFODQDvQFXLDLDXWRYHKLFXOXO
FXFKHLDVDX.(</(66*2
/DPSDLQGLFDWRDUHCFOLSHWH6LVWHPXOGH
DODUPHVWHDQFODQDWGXSDSUR[LPDWLY
VHFXQGH
 3HQWUXDRSULGHVFXLDLDXWRYHKLFXOXOFX
FKHLDVDX.(</(66*2




6LVWHPHDQWLIXUW



3HQWUXDDFWLYD
$VLJXUDLYFJHDPXULOHODWHUDOHLWUDSD
JOLVDQWWUDSDJOLVDQWSDQRUDPLFVXQW
vQFKLVH
$VWIHOYHLSUHYHQLDODUPHOHIDOVH
 6HQ]RUXOGHPLFDUHvQLQWHULRUHVWHDQFODQ
DWGXSDSUR[LPDWLYGHVHFXQGH

6LJXUDQ

3HQWUXDGH]DFWLYD


'HVFXLDLDXWRYHKLFXOXOFXFKHLDVDX.(<
/(66*2
6HQ]RUXOGHPLFDUHvQLQWHULRUHVWHGH]DF
WLYDWDXWRPDW

3HQWUXDSUHYHQLRDODUPIDOVGH]DFWLYDL
VHQ]RUXOGHPLFDUHvQLQWHULRUGDFvQFXLDL
DXWRYHKLFXOXOL
=UPkQSHUVRDQHVDXDQLPDOHvQDXWRYHKL

FXO
=JHDPXULOHODWHUDOHUPkQGHVFKLVH
=WUDSDJOLVDQWWUDSDJOLVDQWSDQRUDPLF

UPkQHGHVFKLV
'H]DFWLYDUHD


6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW

$SVDLEXWRQXOC
/DPSDLQGLFDWRDUHDOXPLQHD]LQWHUPL
WHQWVFXUW

QFXLDLDXWRYHKLFXOXOFXFKHLDVDX.(<
/(66*2
6HQ]RUXOGHPLFDUHvQLQWHULRUHVWHGH]DF
WLYDW

6HQ]RUXOGHPLFDUHvQLQWHULRUUPkQHGH]DF
WLYDWSkQFkQG
=DXWRYHKLFXOXOHVWHGHVFXLDWGLQQRX
=RSRUWLHUHVWHGHVFKLVLvQFKLVGLQQRX
=DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX

G 1XPDL5HJDWXO8QLWDXWRYHKLFXOXOGXP
QHDYRDVWUHVWHGRWDWFXRIXQFLHGHGXEO
vQFXLHUH3RUWLHUHOHQXSRWILGHVFKLVHGLQ
LQWHULRUGDFDXWRYHKLFXOXODIRVWvQFXLDWFX
FKHLDVDXFX.(</(66*23DJLQD
'H]DFWLYDLVHQ]RUXOGHPLFDUHvQLQWHULRU
vQDLQWHGHDvQFXLDDXWRYHKLFXOXO3RUWLHUHOH
SRWILDSRLGHVFKLVHGLQLQWHULRUGXSFH
DXWRYHKLFXOXODIRVWvQFXLDWGLQH[WHULRU
5HVSHFWDL1RWHLPSRUWDQWHSULYLQGVLJX
UDQD3DJLQD









'HVFKLGHUHDLvQFKLGHUHD

,QIRUPDLLXWLOH
&KHLH
3RUWLHUH
3RUWEDJDMXO
*HDPXULODWHUDOH
7UDSJOLVDQW



&KHLH

'HVFKLGHUHDLvQFKLGHUHD

,QIRUPDLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
ULWRDUHODVLJXUDQ
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD
&KHLH
)XQFLLFKHLH
&KHLDvQFXLHGHVFXLHFHQWUDOL]DW
=SRUWLHUHOH
=KD\RQXO
=FODSHWDJXULLGHXPSOHUHFXFDUEXUDQW

 $9(57,60(17
1XPDLSHQWUX5HJDWXO8QLWGDFDXWRYHKL
FXOXODIRVWvQFXLDWFXFKHLDVDXFX.(</(66
*2IXQFLDGHGXEOvQFXLHUHHVWHDFWLYDWFD
IXQFLHVWDQGDUG$WXQFLQXHVWHSRVLELOVVH
GHVFKLGSRUWLHUHOHGLQLQWHULRUXODXWRYHKLFX
OXOXL
3ULQXUPDUHQXOVDLDOWHSHUVRDQHvQDXWR
YHKLFXOPDLDOHVFRSLLSHUVRDQHvQYkUVWVDX
SHUVRDQHFDUHQHFHVLWDVLVWHQVSHFLDO
'UHSWXUPDUHHVWHSRVLELOVQXVHSRDWHOL
EHUDvQFD]GHXUJHQ(VWHSRVLELOFDDFHVWHD
VVXIHUHUQLJUDYHVDXFKLDUIDWDOHvQXUPD
H[SXQHULLODWHPSHUDWXULH[WUHPGHULGLFDWH
VDXVF]XWHGHH[HPSOXQDFHVWFD]VDOYD
UHDSHUVRDQHORUGLQH[WHULRUXODXWRYHKLFXOXOXL
HVWHGLILFLO
'H]DFWLYDLVHQ]RUXOGHPLFDUHvQLQWHULRU
vQDLQWHGHDvQFXLDDXWRYHKLFXOXO3RUWLHUHOH
SRWILDSRLGHVFKLVHGLQLQWHULRUGXSFHDXWR
YHKLFXOXODIRVWvQFXLDWGLQH[WHULRU

 $9(57,60(17
'DFFRSLLLVXQWOVDLQHVXSUDYHJKHDLvQ
DXWRYHKLFXODFHWLDDUSXWHD
=GHVFKLGHRULFkQGRSRUWLHUGLQLQWHULRUXO
DXWRYHKLFXOXOXLFKLDULGDFDIRVWEORFDW
=SRUQLDXWRYHKLFXOXOFXDMXWRUXOXQHLFKHL
OVDWHvQDXWRYHKLFXO
=HOLEHUDLIUkQDGHSDUFDUHHOHFWULF
3ULQXUPDUHDWkWVLJXUDQDORUFkWLDDOWRUD
DUSXWHDILSHULFOLWDW1XOVDLQLFLRGDW
FRSLLLQHVXSUDYHJKHDLvQDXWRYHKLFXO/XDL
vQWRWGHDXQDFKHLDFXGXPQHDYRDVWUFkQG
LHLLGLQDXWRYHKLFXOFKLDULGDFvOSUVLL
QXPDLSHQWUXVFXUWWLPS
 $9(57,60(17
'DFLQHOXOGHFKHLHVWHSUHDJUHXVDXSUHD
PDUHJUHXWDWHDH[HUFLWDWDVXSUDFKHLLDU
SXWHDIDFHFDFDDFHDVWDVVHvQYkUWvQ
FRPXWDWRUXOGHFRQWDFWVDXVVHDJDHGH
YRODQ$FHDVWDSRDWHGXFHODRSULUHDEUXVFD
PRWRUXOXL(VWHSRVLELOVSLHUGHLFRQWUROXO
DXWRYHKLFXOXOXLLVSURYRFDLXQDFFLGHQW
1XSULQGHLLQHOHGHFKHLJUHOHVDXPDULOD
FKHLDLQWURGXVvQFRQWDFW

C 73HQWUXDvQFXLDDXWRYHKLFXOXO
D T3HQWUXDGHVFKLGHvQFKLGHKD\RQXO
63HQWUXDGHVFXLDDXWRYHKLFXOXO

&kQGGHVFXLDLVHPQDOL]DWRDUHOHGHGLUHFLH
FOLSHVFRGDW&kQGvQFXLDLDFHVWHDFOLSHVF
GHWUHLRUL
3HvQWXQHULFLOXPLQDUHDDPELHQWDOVH
DSULQGHGHDVHPHQHDGDFHVWHDFWLYDWvQ
FDOFXODWRUXOGHERUG3DJLQD

&KHLH

'DFQXGHVFKLGHLDXWRYHKLFXOXOvQGHFXUVGH
DSUR[LPDWLYGHVHFXQGHGHODGHVFXLHUH

.(</(66*2YHULILFGDFvQDXWRYHKLFXOVH
DIORFKHLHYDOLGVWDELOLQGSHULRGLFRFRQH
[LXQHUDGLRvQWUHDXWRYHKLFXOLFKHLH$FHVW
OXFUXVHvQWkPSO
=DWXQFLFkQGVHDWLQJPkQHUHOHH[WHUQHDOH

SRUWLHUHL
=ODSRUQLUHDPRWRUXOXL
=FkQGDXWRYHKLFXOXOHVWHvQPLFDUH

=DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX
=VLVWHPXODQWLIXUWHVWHDQFODQDWGLQQRX


3HQWUXvQFXLHUHFHQWUDOL]DWDSVDL
EXWRQXO7

.(</(66*2
1RWHLPSRUWDQWHSULYLQGXWLOL]DUHD.(<
/(66*2
=1XSVWUDLFKHLD.(</(66*2vPSUHXQ

FX
 GLVSR]LWLYHHOHFWURQLFHGHH[FXWHOHIR
QXOPRELOVDXFXRDOWFKHLH
 RELHFWHPHWDOLFHGHH[PRQHGHVDXIROLH
PHWDOLF
$FHVWOXFUXSRDWHDIHFWDIXQFLRQDOLWDWHD
.(</(66*2
=5HLQHLIDSWXOFPRWRUXOSRDWHILSRUQLWGH
RULFDUHGLQWUHSDVDJHULGDFH[LVWRFKHLH
.(</(66*2vQDXWRYHKLFXO

QFKLGHUHDLGHVFKLGHUHDFHQWUDOL]DW
3XWHLSRUQLvQFXLDVDXGHVFXLDDXWRYHKLFXOXO
FXDMXWRUXO.(</(66*2QDFHVWVFRSWUH
EXLHGRDUVDYHLFKHLDODGXPQHDYRDVWU
3XWHLFRPELQDIXQFLLOH.(</(66*2FXFHOH
DOHXQHLFKHLFRQYHQLRQDOHGHH[IRORVLQG
.(</(66*2SHQWUXDGHVFXLDLDSVkQG
EXWRQXO7SHQWUXDvQFXLD
&kQGvQFXLDLVDXGHVFXLDLFX.(</(66*2
GLVWDQDGLQWUHFKHLHLPkQHUXOSRUWLHUHL
FRUHVSXQ]WRDUHQXWUHEXLHVGHSHDVF
P

3HQWUXDGHVFXLDDXWRYHKLFXOXODWLQJHL
VXSUDIDDLQWHULRDUDPkQHUXOXLSRUWLHUHL
 3HQWUXDvQFXLDDXWRYHKLFXOXODWLQJHL
VXSUDIDDVHQ]RUXOXLC
 &DUDFWHULVWLFDGHvQFKLGHUHDVLVWDW
DWLQJHLVXSUDIDDVHQ]RUXOXLFXORFDD
PDLPXOWWLPS3DJLQD


'DFWUDJHLGHPkQHUXOKD\RQXOXLQXPDL
SRUWEDJDMXODXWRYHKLFXOXOXLHVWHGHVFXLDW

6FKLPEDUHDVHWULORUVLVWHPXOXLGH
vQFKLGHUH
3XWHLVFKLPEDVHWDUHDVLVWHPXOXLGHvQFKL
GHUHDVWIHOvQFkWQXPDLSRUWLHUDRIHUXOXLL
FODSHWDJXULLGHXPSOHUHFXFDUEXUDQWVILH
GHVFXLDWH$FHDVWFDUDFWHULVWLFHVWHXWLOvQ
FD]XOvQFDUHFOWRULLIUHFYHQWSHFRQWSUR
SULX
 3HQWUXDVFKLPEDVHWDUHDDSVDLL
PHQLQHLDSVDWHEXWRDQHOH6L7
VLPXOWDQWLPSGHDSUR[LPDWLY
DVHVHFXQGHSkQFkQGODPSDGHYHULIL
FDUHDEDWHULHLOXPLQHD]LQWHUPLWHQWGH
GRXRUL3DJLQD


'HVFKLGHUHDLvQFKLGHUHD

3XWHLGHDVHPHQHDVVHWDLXQVHPQDODXGL
ELOSULQFDUHVYLVHFRQILUPHFDXWRYHKLFXOXO
DIRVWvQFXLDW6HPQDOXODXGLELOSRDWHILDFWLYDW
LGH]DFWLYDWFXDMXWRUXOFDOFXODWRUXOXLGH
ERUG3DJLQD
 3HQWUXGHVFXLHUHFHQWUDOL]DWDSVDL
EXWRQXO6



&KHLH

'HVFKLGHUHDLvQFKLGHUHD



G 'DFVHWDUHDVLVWHPXOXLGHvQFKLGHUHHVWH
VFKLPEDWvQUD]DGHVHPQDODDXWRYHKLFX
OXOXLDSVDUHDEXWRDQHORU7VDX6
GXFHODvQFXLHUHDVDXGHVFXLHUHDDXWRYHKL
FXOXOXL
&KHLDIXQFLRQHD]DFXPGXSFXPXUPHD]
 3HQWUXDGHVFXLDSRUWLHUDRIHUXOXL
DSVDLEXWRQXO6RGDW
 3HQWUXGHVFXLHUHFHQWUDOL]DWDSVDL
EXWRQXO6GHGRXRUL
 3HQWUXvQFXLHUHFHQWUDOL]DWDSVDL
EXWRQXO7
)XQFLD.(</(66*2HVWHPRGLILFDWGXS
FXPXUPHD]
3HQWUXDGHVFXLDSRUWLHUDRIHUXOXLDWLQ
JHLVXSUDIDDLQWHULRDUDPkQHUXOXLSRU
WLHUHLGHSHSRUWLHUDRIHUXOXL
 3HQWUXGHVFXLHUHFHQWUDOL]DWDWLQJHL
VXSUDIDDLQWHULRDUDPkQHUXOXLSRUWLHUHL
GHSHSRUWLHUDSDVDJHUXOXLGLQIDVDXSRU
WLHUDVSDWH
 3HQWUXvQFXLHUHFHQWUDOL]DWDWLQJHL
VXSUDIDDH[WHULRDUDVHQ]RUXOXLGHSH
XQXOGLQWUHPkQHUHOHSRUWLHUHL


5HYHQLUHDODVHWULOHGLQIDEULF


$SVDLEXWRDQHOH6L7WLPSGH
DSUR[LPDWLYDVHVHFXQGHSkQFkQG
ODPSDGHYHULILFDUHDEDWHULHLFOLSHWHGH
GRXRUL

(OHPHQWFKHLHGHXUJHQ
1RWHJHQHUDOH
'DFDXWRYHKLFXOXOQXPDLSRDWHILGHVFXLDW
FXFKHLDXWLOL]DLHOHPHQWXOFKHLHGHXUJHQ
'DFXWLOL]DLHOHPHQWXOFKHLHGHXUJHQSHQ
WUXDGHVFXLDLGHVFKLGHSRUWLHUDRIHUXOXL
VLVWHPXOGHDODUPDQWLIXUWYDILGHFODQDW
3DJLQD
([LVWPDLPXOWHPRGXULGHDRSULDODUPD

3HQWUXDGH]DFWLYDDODUPDFXFKHLD
DSVDLEXWRQXO6VDX7GHSHFKHLH
VDX
 ,QWURGXFHLFKHLDvQFRPXWDWRUXOGHFRQ
WDFW
VDX
 3HQWUXDGH]DFWLYDDODUPDFX.(</(66
*2DSVDLEXWRQXO6WDUW6WRSGLQFRPX
WDWRUXOGHFRQWDFW&KHLDWUHEXLHVVHDIOH
vQDXWRYHKLFXO
VDX
 QFXLDLVDXGHVFXLDLDXWRYHKLFXOXOFXDMX
WRUXO.(</(66*2&KHLDWUHEXLHVVHDIOH
vQDIDUDDXWRYHKLFXOXOXL


6FRDWHUHDHOHPHQWXOXLFKHLHGHXUJHQ

PSLQJHLSLHGLFDGHHOLEHUDUHCvQGLUHFLD
VJHLLLVLPXOWDQVFRDWHLHOHPHQWXO
FKHLHGHXUJHQDGLQFKHLH

%DWHULDFKHLL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
6ROLFLWDLVFKLPEDUHDEDWHULLORUODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW

 3HULFROGHLQWR[LFDUH
%DWHULLOHFRQLQVXEVWDQHWR[LFHLFDXVWLFH
'LQDFHVWPRWLYQXWUHEXLHOVDWHODvQGHPkQD
FRSLLORU
QFD]XOLQJHUULLXQHLEDWHULLFRQVXOWDLGH
XUJHQXQPHGLF

&KHLH

%DWHULLOHFRQLQDJHQL
SROXDQL(VWHLOHJDOVOH
DUXQFDLvPSUHXQFX
JXQRLXOPHQDMHU$FHVWHD
WUHEXLHFROHFWDWHVHSDUDWL
DUXQFDWHSRWULYLWXQXLVLVWHP
GHUHFLFODUHUHVSRQVDELOID
GHPHGLXOvQFRQMXUWRU
$UXQFDLEDWHULLOHvQWUR
PDQLHUUHVSRQVDELOIDGH
PHGLXOvQFRQMXUWRU'XFHL
EDWHULLOHGHVFUFDWHODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL
]DWVDXODXQFHQWUXGHFROHF
WDUHSHQWUXEDWHULLX]DWH

9HULILFDUHDEDWHULHL

6FKLPEDUHDEDWHULHL
$YHLQHYRLHGHREDWHULHWLSFHOXO&5
9
 6FRDWHLHOHPHQWXOFKHLHGHXUJHQGLQ
FKHLH3DJLQD

$SVDLHOHPHQWXOFKHLHGHXUJHQDvQ
GHVFKL]WXUDGLQFKHLHvQGLUHFLDVJHLL
SkQFHFDSDFXOWYLLEDWHULHLCVHGHV
FKLGHQWLPSFHHIHFWXDLDFHDVWRSHUD
LHQXLQHLFDSDFXOCvQFKLV
 6FRDWHLFDSDFXOWYLLEDWHULHLC


$SVDLEXWRQXO7VDX6
%DWHULDIXQFLRQHD]FRUHVSXQ]WRUGDF
ODPSDGHYHULILFDUHDEDWHULHLCVHDSULQGH
VFXUW

'DFODPSDGHYHULILFDUHDEDWHULHLCQXVH
DSULQGHVFXUWvQWLPSXOWHVWXOXLEDWHULDHVWH
GHVFUFDW
 6FKLPEDUHDEDWHULHL3DJLQD

G 'DFEDWHULDFKHLLHVWHYHULILFDWvQUD]D
GHUHFHSLHVHPQDODDXWRYHKLFXOXOXL
DSVDUHDEXWRDQHORU7VDX6GXFH
ODvQFXLHUHDVDXGHVFXLHUHDDXWRYHKLFXOX
OXL

%DWHLvQPRGUHSHWDWFKHLDFRQWUDSDOPHL
SkQFHEDWHULDFDGH
 ,QWURGXFHLQRXDEDWHULHFXERUQDSR]LWLY
RULHQWDWvQVXV8WLOL]DLRODYHWIU
VFDPHvQDFHVWVFRS
 $VLJXUDLYFVXSUDIDDEDWHULHLQXFRQ
LQHVFDPHXQVRDUHLWRDWHFHOHODOWH
IRUPHGHFRQWDPLQDUH
 ,QWURGXFHLFODSHWHOHIDDOHFDSDFXOXL
WYLLEDWHULHLCLDSRLDSVDLSHQWUXDR
vQFKLGH


'HVFKLGHUHDLvQFKLGHUHD

 1RWSULYLQGSURWHFLDPHGLXOXL



&KHLH



,QWURGXFHLHOHPHQWXOFKHLHGHXUJHQvQ
FKHLH
 9HULILFDLIXQFLRQDUHDWXWXURUEXWRDQHORU
LPSRUWDQWHDOHDXWRYHKLFXOXOXL

'HVFKLGHUHDLvQFKLGHUHD

&KHLH



3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

1XSXWHLvQFXLDVDX
GHVFXLDDXWRYHKLFXOXO
FXDMXWRUXOFKHLL

%DWHULDFKHLLHVWHGHVFUFDWVDXDSURDSHGHVFUFDW
 QFHUFDLGLQQRXVvQFXLDLGHVFXLDLDXWRYHKLFXOXOFXDMXWRUXO
IXQFLHLGHWHOHFRPDQGDFKHLL2ULHQWDLYkUIXOFKHLLFWUH
PkQHUXOSRUWLHUHLRIHUXOXLGHODGLVWDQUHGXVLDSVDLEXWR
QXO67
'DFQLFLDFHDVWPVXUQXGUH]XOWDWH
 9HULILFDLEDWHULDFKHLL3DJLQDLvQORFXLLRGDFHVWH
QHFHVDU3DJLQD
 QFXLDL3DJLQDVDXGHVFXLDL3DJLQDDXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQ
&KHLDHVWHGHIHFW
 QFXLDL3DJLQDVDXGHVFXLDL3DJLQDDXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQ
 6ROLFLWDLYHULILFDUHDFKHLLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

1XPDLSXWHLvQFXLD
VDXGHVFXLDDXWRYHKL
FXOXOFXDMXWRUXO.(<
/(66*2

([LVWLQWHUIHUHQHGHODRVXUVSXWHUQLFGHXQGHUDGLR
 QFXLDLGHVFXLDLDXWRYHKLFXOXOFXDMXWRUXOIXQFLHLGHWHOHFR
PDQGDFKHLL2ULHQWDLYkUIXOFKHLLFWUHPkQHUXOSRUWLHUHL
RIHUXOXLGHODGLVWDQUHGXVLDSVDLEXWRQXO67
([LVWRGHIHFLXQHOD.(</(66*2
 QFXLDLGHVFXLDLDXWRYHKLFXOXOFXDMXWRUXOIXQFLHLGHWHOHFR
PDQGDFKHLL2ULHQWDLYkUIXOFKHLLFWUHPkQHUXOSRUWLHUHL
RIHUXOXLGHODGLVWDQUHGXVLDSVDLEXWRQXO67
 6ROLFLWDLYHULILFDUHD.(</(66*2ODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
'DFQLFLDFHDVWPVXUQXGUH]XOWDWH
 9HULILFDLEDWHULDFKHLL3DJLQDLvQORFXLLRGDFHVWH
QHFHVDU3DJLQD
 QFXLDL3DJLQDVDXGHVFXLDL3DJLQDDXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQ

$LSLHUGXWRFKHLH

6ROLFLWDLGH]DFWLYDUHDFKHLLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW
 6HPQDODLLPHGLDWSLHUGHUHDODDVLJXUDWRUXODXWRYHKLFXOXOXL
 'DFHVWHQHFHVDUVROLFLWDLLvQORFXLUHDvQFXLHWRULORU

$LSLHUGXWHOHPHQWXO
FKHLHGHXUJHQ




6HPQDODLLPHGLDWSLHUGHUHDODDVLJXUDWRUXODXWRYHKLFXOXOXL
'DFHVWHQHFHVDUVROLFLWDLLvQORFXLUHDvQFXLHWRULORU

'HVFKLGHUHDLvQFKLGHUHD

3UREOHPHODFKHLH



3RUWLHUH
3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

'HVFKLGHUHDLvQFKLGHUHD

0RWRUXOQXSRDWHILSRU 7HQVLXQHDGHODERUGHVWHSUHDVF]XW
QLWFXDMXWRUXOFKHLL
 2SULLFRQVXPDWRULLQHHVHQLDOLGHH[vQFO]LUHDVFDXQXOXLVDX
LOXPLQDUHDLQWHULRDULvQFHUFDLVSRUQLLPRWRUXOGLQQRX
'DFQLFLDFHDVWPVXUQXGUH]XOWDWH
 9HULILFDLEDWHULDGHSRUQLUHLvQFUFDLGDFHVWHFD]XO
3DJLQD
VDX
 3RUQLLIRUDWDXWRYHKLFXOXO3DJLQD
VDX
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0RWRUXOQXSRDWHILSRU 2SRUWLHUHVWHGHVFKLV3ULQXUPDUHFKHLDQXSRDWHILGHWHFWDW
QLWFXDMXWRUXO.(<
ODIHOGHXRU
/(66*2&KHLDHVWHvQ  QFKLGHLSRUWLHUDLvQFHUFDLVSRUQLLDXWRYHKLFXOXOGLQQRX
DXWRYHKLFXO
([LVWLQWHUIHUHQHGHODRVXUVSXWHUQLFGHXQGHUDGLR
 3RUQLLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFW

3RUWLHUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
1XPDLSHQWUX5HJDWXO8QLWGDFDXWRYHKL
FXOXODIRVWvQFXLDWFXFKHLDVDXFX.(</(66
*2IXQFLDGHGXEOvQFXLHUHHVWHDFWLYDWFD
IXQFLHVWDQGDUG$WXQFLQXHVWHSRVLELOVVH
GHVFKLGSRUWLHUHOHGLQLQWHULRUXODXWRYHKLFX
OXOXL
3ULQXUPDUHQXOVDLDOWHSHUVRDQHvQDXWR
YHKLFXOPDLDOHVFRSLLSHUVRDQHvQYkUVWVDX
SHUVRDQHFDUHQHFHVLWDVLVWHQVSHFLDO
'UHSWXUPDUHHVWHSRVLELOVQXVHSRDWHOL
EHUDvQFD]GHXUJHQ(VWHSRVLELOFDDFHVWHD
VVXIHUHUQLJUDYHVDXFKLDUIDWDOHvQXUPD
H[SXQHULLODWHPSHUDWXULH[WUHPGHULGLFDWH
VDXVF]XWHGHH[HPSOXQDFHVWFD]VDOYD
UHDSHUVRDQHORUGLQH[WHULRUXODXWRYHKLFXOXOXL
HVWHGLILFLO
'H]DFWLYDLVHQ]RUXOGHPLFDUHvQLQWHULRU
vQDLQWHGHDvQFXLDDXWRYHKLFXOXO3RUWLHUHOH
SRWILDSRLGHVFKLVHGLQLQWHULRUGXSFHDXWR
YHKLFXOXODIRVWvQFXLDWGLQH[WHULRU

 $9(57,60(17
'DFFRSLLLVXQWOVDLQHVXSUDYHJKHDLvQ
DXWRYHKLFXODFHWLDDUSXWHD
=GHVFKLGHRULFkQGRSRUWLHUGLQLQWHULRUXO
DXWRYHKLFXOXOXLFKLDULGDFDIRVWEORFDW
=SRUQLDXWRYHKLFXOXOFXDMXWRUXOXQHLFKHL
OVDWHvQDXWRYHKLFXO
=HOLEHUDLIUkQDGHSDUFDUHHOHFWULF
3ULQXUPDUHDWkWVLJXUDQDORUFkWLDDOWRUD
DUSXWHDILSHULFOLWDW1XOVDLQLFLRGDW
FRSLLLQHVXSUDYHJKHDLvQDXWRYHKLFXO/XDL
vQWRWGHDXQDFKHLDFXGXPQHDYRDVWUFkQG
LHLLGLQDXWRYHKLFXOFKLDULGDFvOSUVLL
QXPDLSHQWUXVFXUWWLPS

'HVFXLHUHDLGHVFKLGHUHDSRUWLHUHORU
GLQLQWHULRU
3HQWUXWRDWHULOHFXH[FHSLD5HJDWXOXL
8QLWSXWHLGHVFKLGHRSRUWLHUGLQLQWHULRUXO
DXWRYHKLFXOXOXLFKLDULGDFDIRVWvQFXLDW
1XPDLSHQWUX5HJDWXO8QLWGDFDXWRYHKL
FXOXODIRVWvQFXLDWFXFKHLDVDXFX.(</(66

*2IXQFLDGHGXEOvQFXLHUHHVWHDFWLYDWFD
IXQFLHVWDQGDUG$WXQFLQXHVWHSRVLELOVVH
GHVFKLGSRUWLHUHOHGLQLQWHULRUXODXWRYHKLFX
OXOXL'H]DFWLYDLVHQ]RUXOGHPLFDUHvQLQWH
ULRU3DJLQDvQDLQWHGHDvQFXLDDXWRYH
KLFXOXO3RUWLHUHOHSRWILDSRLGHVFKLVHGLQ
LQWHULRUGXSFHDXWRYHKLFXOXODIRVWvQFXLDW
GLQH[WHULRU
3XWHLGHVFKLGHSRUWLHUHOHVSDWHQXPDLGLQ
LQWHULRUXODXWRYHKLFXOXOXLGDFQXVXQWDVLJX
UDWHGHvQFXLHWRULOHFHQXSHUPLWDFFHVXO
FRSLLORU3DJLQD




3HQWUXDGHVFXLDDSVDLEXWRQXOC
3HQWUXDvQFXLDDSVDLEXWRQXOD

&DUDFWHULVWLFDGHvQFXLHUHDXWRPDW
$XWRYHKLFXOXOHVWHvQFXLDWDXWRPDWFkQGFRQ
WDFWXOHVWHFXSODWLURLOHVHURWHVF
3ULQXUPDUHSXWHLUPkQHvQFXLDWSHGLQD
IDUFkQG
=DXWRYHKLFXOXOHVWHvPSLQV


7UDJHLPkQHUXOSRUWLHUHLD
'DFSRUWLHUDHVWHvQFXLDWEXWRQXOGHEOR
FDUHCLHVHvQDIDU3RUWLHUDHVWHGHV
FXLDWLSRDWHILGHVFKLV

=DXWRYHKLFXOXOHVWHWUDFWDW
=DXWRYHKLFXOXOHVWHWHVWDWSHXQGLQDPRPH

WUX

QFKLGHUHDLGHVFKLGHUHDFHQWUDOL
]DWDDXWRYHKLFXOXOXLGLQLQWHULRU
3XWHLvQFXLDVDXGHVFXLDDXWRYHKLFXOXOGLQ
LQWHULRU
%XWRQXOGHvQFKLGHUHGHVFKLGHUHFHQWUDOL
]DWQXvQFXLHVDXGHVFXLHFODSHWDJXULLGH
XPSOHUHFXFDUEXUDQW
%XWRDQHOHVHDIOSHDPEHOHSRUWLHUHID

G 1XSXWHLGHVFKLGHDXWRYHKLFXOXOFHQWUD
OL]DWGLQLQWHULRUGDFDXWRYHKLFXOXODIRVW
vQFXLDWFXFKHLDVDXFX.(</(66*2
G $XWRYHKLFXOXOSRDWHILvQFKLVFHQWUDOL]DW
GRDUGDFSRUWLHUDSDVDJHUXOXLIDHVWH
vQFKLV

3HQWUXDGH]DFWLYDDSVDLLPHQLQHL
DSVDWEXWRQXOCWLPSGHDSUR[LPDWLY
FLQFLVHFXQGHSkQFkQGVHHPLWHXQVHP
QDO
 3HQWUXDDFWLYDDSVDLLPHQLQHL
DSVDWEXWRQXODWLPSGHDSUR[LPDWLY
FLQFLVHFXQGHSkQFkQGVHHPLWHXQVHP
QDO




'HVFKLGHUHDLvQFKLGHUHD

3RUWLHUH

3RUWLHUH



'HVFKLGHUHDLvQFKLGHUHD

G 'DFDSVDLXQXOGLQWUHFHOHGRX
EXWRDQHLQXDX]LLXQVXQHWVHWDUHDUHOH
YDQWDIRVWGHMDVHOHFWDW
3XWHLGHDVHPHQHDDFWLYDLGH]DFWLYDIXQF
LDGHvQFXLHUHDXWRPDWFXDMXWRUXOFDOFXOD
WRUXOXLGHERUG3DJLQD
'HVFXLHUHDSRUWLHUHLRIHUXOXLHOH
PHQWFKHLHGHXUJHQ
'DFDXWRYHKLFXOXOQXPDLSRDWHILGHVFXLDW
FXFKHLDXWLOL]DLHOHPHQWXOFKHLHGHXUJHQ
'DFXWLOL]DLHOHPHQWXOFKHLHGHXUJHQSHQ
WUXDGHVFXLDLGHVFKLGHSRUWLHUDRIHUXOXL
VLVWHPXOGHDODUPDQWLIXUWYDILGHFODQDW
3DJLQD
 6FRDWHLHOHPHQWXOFKHLHGHXUJHQGLQ
FKHLH3DJLQD
 ,QWURGXFHLHOHPHQWXOFKHLHGHXUJHQ
SkQODFDSWvQvQFXLHWRDUHDSRUWLHUHLRIH
UXOXL

QFXLHUHDDXWRYHKLFXOXOXLHOHPHQW
FKHLHGHXUJHQ
'DFDXWRYHKLFXOXOQXPDLSRDWHILvQFXLDWFX
FKHLDXWLOL]DLHOHPHQWXOFKHLHGHXUJHQ
 'HVFKLGHLSRUWLHUDRIHUXOXL
 QFKLGHLSRUWLHUDSDVDJHUXOXLGLQIDSRU
WLHUHOHGLQVSDWHLKD\RQXO
 $SVDLEXWRQXOGHvQFXLHUH3DJLQD
 9HULILFDLGDFEXWRDQHOHGHEORFDUHGHSH
SRUWLHUDSDVDJHUXOXLGLQIDLSRUWLHUHOH
GLQVSDWHUPkQYL]LELOH$SVDLEXWRDQHOH
GHEORFDUHFXPkQDGDFHVWHQHFHVDU
 QFKLGHLSRUWLHUDRIHUXOXL
 6FRDWHLHOHPHQWXOFKHLHGHXUJHQGLQ
FKHLH3DJLQD
 ,QWURGXFHLHOHPHQWXOFKHLHGHXUJHQ
SkQODFDSWvQvQFXLHWRDUHDSRUWLHUHLRIH
UXOXL

5RWLLHOHPHQWXOFKHLHGHXUJHQvQVHQV
DQWLRUDUGLQSR]LLDG
3RUWLHUDHVWHGHVFXLDW
G /DDXWRYHKLFXOHOHFXYRODQXOSHSDUWHD
GUHDSWURWLLHOHPHQWXOFKHLHGHXUJHQ
vQVHQVRUDU


5RWLLHOHPHQWXOFKHLHGHXUJHQvQDSRLL
VFRDWHLO
 ,QWURGXFHLHOHPHQWXOFKHLHGHXUJHQvQ
FKHLH


5RWLLHOHPHQWXOFKHLHGHXUJHQvQVHQV
RUDUSkQODFDSWvQSR]LLDG

G /DDXWRYHKLFXOHOHFXYRODQXOSHSDUWHD
GUHDSWURWLLHOHPHQWXOFKHLHGHXUJHQ
vQVHQVDQWLRUDU
 5RWLLHOHPHQWXOFKHLHGHXUJHQvQDSRLL
VFRDWHLO
 $VLJXUDLYFSRUWLHUHOHLKD\RQXOVXQW
vQFXLDWH
 ,QWURGXFHLHOHPHQWXOFKHLHGHXUJHQvQ
FKHLH
G 'DFvQFXLDLDXWRYHKLFXOXOFRQIRUPGHV
FULHULLGHPDLVXVFODSHWDJXULLGHXPSOHUH

3RUWEDJDMXO
FXFDUEXUDQWQXHVWHvQFXLDW6LVWHPXOGH
DODUPDQWLIXUWQXHVWHDQFODQDW

3RUWEDJDMXO



'HVFKLGHUHDvQFKLGHUHDGLQH[WHULRU
'HVFKLGHUH


$SVDLEXWRQXO6GHSHFKHLH

1XOVDLFKHLDvQSRUWEDJDMQFD]FRQWUDU
HVWHSRVLELOVUPkQHLSHGLQDIDU

 3HULFROGHLQWR[LFDUH
'DFPRWRUXOHVWHSRUQLWLKD\RQXOHVWHGHV
FKLVJD]HOHGHHDSDPHQWSRWSWUXQGHvQ
KDELWDFOX$FHVWIDSWSRDWHDYHDGUHSWXUPDUH
LQWR[LFDUHDSHUVRDQHORUGLQKDELWDFOX$DGDU
DVLJXUDLYFKD\RQXOHVWHvQWRWGHDXQD
vQFKLVFkQGPRWRUXOHVWHvQIXQFLXQH
 +D\RQXOVHURWHWHvQVXVLvQVSDWHFkQG
HVWHGHVFKLV3ULQXUPDUHDVLJXUDLYF
H[LVWXQVSDLXOLEHUVXILFLHQWGHDVXSUDL
vQVSDWHOHKD\RQXOXL
G 9HLJVLGHWDOLLSULYLQGGLPHQVLXQLOHGH
GHVFKLGHUHDOHKD\RQXOXLvQVHFLXQHD'DWH
WHKQLFH3DJLQD
/DDXWRYHKLFXOHOHIUKD\RQ($6<3$&.
SXWHL

7UDJHLPkQHUXOC
 5LGLFDLKD\RQXO


$XWRYHKLFXOHOHFXKD\RQ($6<3$&.GDF
WUDJHLPkQHUXOCLDSRLvOHOLEHUDLKD\RQXO
VHGHVFKLGHDXWRPDW

QFKLGHUH
 3HULFROGHUQLUH
$VLJXUDLYFQXVHDIOQLPHQLvQUD]DGH
DFLXQHDKD\RQXOXLvQWLPSFHvOvQFKLGHL

=GHVFKLGHLvQFKLGHKD\RQXOPDQXDOGLQ

H[WHULRU
=GHVFXLDKD\RQXOGLQLQWHULRUFXHOLEHUDUHD

GHXUJHQ
/DDXWRYHKLFXOHOHFXKD\RQ($6<3$&.
SXWHL
=vQFKLGHPDQXDOKD\RQXOGLQH[WHULRU
=GHVFKLGHLvQFKLGHKD\RQXODXWRPDWGLQ

H[WHULRU
=GHVFKLGHLvQFKLGHKD\RQXODXWRPDWGLQ

LQWHULRU
=OLPLWDXQJKLXOGHGHVFKLGHUHDKD\RQXOXL
=GHVFXLDKD\RQXOGLQLQWHULRUFXHOLEHUDUHD

GHXUJHQ

7UDJHLKD\RQXOvQMRVFXDMXWRUXO
GHJDMULLC
 QFKLGHLSULQvPSLQJHUHKD\RQXOGLQH[WH
ULRUXODXWRYHKLFXOXOXL
 'DFHVWHQHFHVDUvQFXLDLDXWRYHKLFXOXO
FXEXWRQXO7GHSHFKHLH
3DJLQDVDXFX.(</(66*2
3DJLQD


'HVFKLGHUHDLvQFKLGHUHD

1RWHLPSRUWDQWHSULYLQGVLJXUDQD

3RUWEDJDMXO



G 'DFRFKHLH.(</(66*2HVWHGHWHFWDW
vQSRUWEDJDMKD\RQXOQXVHYDvQFXLD
'HVFKLGHUHDvQFKLGHUHDDXWRPDW
GLQH[WHULRU

'HVFKLGHUHDLvQFKLGHUHD

1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
1XPDLSHQWUX5HJDWXO8QLWGDFDXWRYHKL
FXOXODIRVWvQFXLDWFXFKHLDVDXFX.(</(66
*2IXQFLDGHGXEOvQFXLHUHHVWHDFWLYDWFD
IXQFLHVWDQGDUG$WXQFLQXHVWHSRVLELOVVH
GHVFKLGSRUWLHUHOHGLQLQWHULRUXODXWRYHKLFX
OXOXL
3ULQXUPDUHQXOVDLDOWHSHUVRDQHvQDXWR
YHKLFXOPDLDOHVFRSLLSHUVRDQHvQYkUVWVDX
SHUVRDQHFDUHQHFHVLWDVLVWHQVSHFLDO
'UHSWXUPDUHHVWHSRVLELOVQXVHSRDWHOL
EHUDvQFD]GHXUJHQ(VWHSRVLELOFDDFHVWHD
VVXIHUHUQLJUDYHVDXFKLDUIDWDOHvQXUPD
H[SXQHULLODWHPSHUDWXULH[WUHPGHULGLFDWH
VDXVF]XWHGHH[HPSOXQDFHVWFD]VDOYD
UHDSHUVRDQHORUGLQH[WHULRUXODXWRYHKLFXOXOXL
HVWHGLILFLO
'H]DFWLYDLVHQ]RUXOGHPLFDUHvQLQWHULRU
vQDLQWHGHDvQFXLDDXWRYHKLFXOXO3RUWLHUHOH
SRWILDSRLGHVFKLVHGLQLQWHULRUGXSFHDXWR
YHKLFXOXODIRVWvQFXLDWGLQH[WHULRU

 $9(57,60(17
8UPULLSURFHGXULOHGHGHVFKLGHUHLvQFKL
GHUHDKD\RQXOXLSHQWUXDYDVLJXUDFQX
UPkQHQLPHQLSULQVvQWUHHOHPHQWH3HQWUXD
RSULSURFHGXUDGHGHVFKLGHUHVDXvQFKLGHUH
DSVDLEXWRQXOGHvQFKLGHUHGLQKD\RQVDX
WUDJHLPkQHUXOGHSHH[WHULRUXOKD\RQXOXLGLQ
QRX

 +D\RQXOVHURWHWHvQVXVLvQVSDWHFkQG
HVWHGHVFKLV3ULQXUPDUHDVLJXUDLYF
H[LVWXQVSDLXOLEHUVXILFLHQWGHDVXSUDL
vQVSDWHOHKD\RQXOXL




G 9HLJVLGHWDOLLSULYLQGGLPHQVLXQLOHGH
GHVFKLGHUHDOHKD\RQXOXLvQVHFLXQHD'DWH
WHKQLFH3DJLQD
'HVFKLGHUH
3XWHLGHVFKLGHKD\RQXODXWRPDWFXFKHLDVDX
FXPkQHUXOGLQKD\RQ
 $SVDLLPHQLQHLDSVDWEXWRQXOT
GHSHFKHLHSkQFkQGKD\RQXOVHGHV
FKLGH
VDX
 &kQGKD\RQXOHVWHGHVFXLDWWUDJHLPkQH
UXOLHOLEHUDLOGLQQRXLPHGLDW

QFKLGHUH
3XWHLvQFKLGHKD\RQXODXWRPDWFXDMXWRUXO
FKHLLFXEXWRQXOGHvQFKLGHUHVDXFXEXWRQXO
GHvQFXLHUH

%XWRQXOGHvQFKLGHUHLEXWRQXOGHEORFDUHH[HP
SOXDXWRYHKLFXOXOFXKD\RQ($6<3$&.L.(<
/(66*2

3HQWUXDvQFKLGHDSVDLEXWRQXOGHvQFKL
GHUHCGHSHKD\RQ
VDX
 $SVDLLPHQLQHLDSVDWEXWRQXOT
GHSHFKHLHSkQFkQGKD\RQXOVHvQFKLGH
 3HQWUXDvQFKLGHLvQFXLDVLPXOWDQ
$SVDLEXWRQXOGHvQFXLHUHDGHSH
KD\RQ


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

3RUWEDJDMXO

G +D\RQXOSRDWHILGHVFKLVLvQFKLVFXFKHLD
GDFQXVHDIOQLFLRFKHLHvQFRPXWDWRUXO
GHFRQWDFW
'DFKD\RQXODWLQJHXQRELHFWvQWLPSXO
vQFKLGHULLSURFHGXUDGHvQFKLGHUHHVWH
vQWUHUXSWLKD\RQXOVHUHGHVFKLGH
G 'DFOVDLRFKHLH.(</(66*2vQSRUW
EDJDMKD\RQXOQXVHYDvQFXLD
+D\RQXOQXHVWHvQFKLVGHFkWGDFVH
GHWHFWHD]RFKHLH.(</(66*2
'HVFKLGHUHDvQFKLGHUHDDXWRPDW
GLQLQWHULRU
 $9(57,60(17
8UPULLSURFHGXULOHGHGHVFKLGHUHLvQFKL
GHUHDKD\RQXOXLSHQWUXDYDVLJXUDFQX
UPkQHQLPHQLSULQVvQWUHHOHPHQWH3HQWUXD
vQWUHUXSHSURFHGXUDGHGHVFKLGHUHVDXvQFKL
GHUHDSVDLVDXWUDJHLEXWRQXOGHDFLRQDUH
GHODGLVWDQDKD\RQXOXLGLQVFDXQXORIHUX
OXLGLQQRX

3XWHLGHVFKLGHLvQFKLGHKD\RQXOGLQVFDX
QXORIHUXOXLFkQGDXWRYHKLFXOXOVWDLRQHD]
LHVWHGHVFXLDW

3HQWUXDGHVFKLGHWUDJHLFRPXWDWRUXOGH
DFLRQDUHGHODGLVWDQCDIHUHQWKD\R
QXOXLSkQFHKD\RQXOVHGHVFKLGH

3HQWUXDvQFKLGHURWLLFKHLDvQSR]LLD
VDXvQFRPXWDWRUXOGHFRQWDFW
 $SVDLFRPXWDWRUXOGHDFLRQDUHGHODGLV
WDQSHQWUXKD\RQCSkQFHKD\RQXO
HVWHvQFKLV


/LPLWDUHDXQJKLXOXLGHGHVFKLGHUHD
KD\RQXOXL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
3XWHLOLPLWDXQJKLXOGHGHVFKLGHUHDOKD\R
QXOXL$FHDVWDVHSRDWHUHDOL]DvQMXPWDWHD
VXSHULRDUDUD]HLVDOHGHGHVFKLGHUHSkQOD
DSUR[LPDWLYFPvQDLQWHGHRSULWRU
$FHDVWRSHUDLHSRDWHILXWLOGDFGHH[HP
SOXVSDLXOGHGHDVXSUDKD\RQXOXLHVWHLQVX
ILFLHQW

 $VLJXUDLYFH[LVWGHVWXOVSDLXOLEHU
SHQWUXDGHVFKLGHKD\RQXOFRPSOHWFkQG
UHJODLXQJKLXOGHGHVFKLGHUH+D\RQXO
SRDWHVXIHULGHWHULRUULvQFD]FRQWUDU(VWH
GHSUHIHUDWVUHJODLXQJKLXOGHGHVFKLGHUH
vQH[WHULRU
$FWLYDUH
3HQWUXDGHVFKLGHKD\RQXOWUDJHL
PDQHWDGHSHKD\RQ
 3HQWUXDRSULSURFHGXUDGHGHVFKLGHUH
vQSR]LLDGRULWDSVDLEXWRQXOGHvQFKL
GHUH3DJLQDDOKD\RQXOXLVDXWUDJHL
PDQHWDGHSHH[WHULRUXOKD\RQXOXLGLQQRX
 3HQWUXDPHPRUDSR]LLDDSVDLLPHQ
LQHLDSVDWEXWRQXOGHvQFKLGHUHDOKD\R
QXOXLSkQFkQGDX]LLXQVFXUWVHPQDO
VRQRU
/LPLWDWRUXOXQJKLXOXLGHGHVFKLGHUHHVWH
DFWLYDW+D\RQXOVHYDRSULDFXPvQSR]LLD
PHPRUDWFkQGvOGHVFKLGHL


'H]DFWLYDUH


$SVDLLPHQLQHLDSVDWEXWRQXOGH
vQFKLGHUH3DJLQDDOKD\RQXOXLSkQ
FkQGDX]LLGRXVHPQDOHVRQRUHVFXUWH


'HVFKLGHUHDLvQFKLGHUHD

G QFKLGHUHDLvQFXLHUHDVLPXOWDQDKD\R
QXOXLHVWHSRVLELOQXPDLGDFSRUWLHUHOH
VXQWvQFKLVHLFKHLDVHDIOvQDSURSLHUHD
KD\RQXOXL





*HDPXULODWHUDOH
(OLEHUDUHGHXUJHQKD\RQ

'HVFKLGHUHDLvQFKLGHUHD

'DFKD\RQXOQXPDLSRDWHILGHVFKLVGLQ
H[WHULRUXODXWRYHKLFXOXOXLXWLOL]DLHOLEHUDUHD
GHXUJHQGLQLQWHULRUXOKD\RQXOXL
 6FRDWHLHOHPHQWXOFKHLHGHXUJHQGLQ
FKHLH3DJLQD

G 9HLJVLGHWDOLLSULYLQGGLPHQVLXQLOHGH
GHVFKLGHUHDOHKD\RQXOXLvQVHFLXQHD'DWH
WHKQLFH3DJLQD

 /DGHVFKLGHUHKD\RQXOVHULGLFvQVXVL
vQH[WHULRU'LQDFHVWPRWLYHVWHQHFHVDU
VYDVLJXUDLFH[LVWVSDLXVXILFLHQW
GHDVXSUDLvQVSDWHOHDFHVWXLD
 ,QWURGXFHLHOHPHQWXOFKHLHGHXUJHQD
vQGHVFKL]WXUDGLQRUQDPHQWXOC
 5RWLLHOHPHQWXOFKHLHGHXUJHQDvQ
VHQVRUDU
 PSLQJHLHOHPHQWXOFKHLHGHXUJHQDvQ
GLUHFLDVJHLLLGHVFKLGHLKD\RQXO
*HDPXULODWHUDOH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
$VLJXUDLYFQXYDILSULQVQLPHQLvQWUHJHD
PXOODWHUDOLFDGUXOSRUWLHUHLFkQGJHDPXO
ODWHUDOHVWHGHVFKLV1XDWLQJHLLQXYUH]H
PDLGHJHDPXOODWHUDOSHSDUFXUVXOSURFHGXULL
GHGHVFKLGHUH(VWHSRVLELOVYSULQGHLvQWUH
JHDPXOODWHUDOLFDGUXOSRUWLHUHLSHPVXU
FHJHDPXOODWHUDOFRERDU'DFH[LVWSHUL
FROXOGHSULQGHUHHOLEHUDLFRPXWDWRUXOVDX

WUDJHLOvQVXVSHQWUXDvQFKLGHJHDPXOODWHUDO
GLQQRX

 3HULFROGHUQLUH
$VLJXUDLYFQXVHDIOQLPHQLvQUD]DGH
DFLXQHDJHDPXOXLvQWLPSFHvOvQFKLGHL'DF
H[LVWXQDVHPHQHDSHULFROHOLEHUDLFRPX
WDWRUXOVDXDSVDLOSHQWUXDGHVFKLGHGLQQRX
JHDPXO
 $9(57,60(17
&RSLLLVDUSXWHDUQLGDFGHVFKLGVDXvQFKLG
JHDPXULOHODWHUDOH
1XOVDLQLFLRGDWFRSLLLQHVXSUDYHJKHDLvQ
DXWRYHKLFXO/XDLvQWRWGHDXQDFKHLDFXGXP
QHDYRDVWUFkQGLHLLGLQDXWRYHKLFXOFKLDU
LGDFvOSUVLLQXPDLSHQWUXVFXUWWLPS
 $9(57,60(17
1XOVDLFRSLLLQHVXSUDYHJKHDLvQDXWRYHKL
FXOFKLDUGDFVXQWIL[DLvQWUXQVLVWHPGH
UHWHQLHSHQWUXFRSLL&RSLLVDUSXWHD
=UQLJUDYVDXFKLDUIDWDOvQDQXPLWHSULDOH

DXWRYHKLFXOXOXL
=UQLJUDYVDXFKLDUIDWDOSULQH[SXQHUHD

vQGHOXQJDWODWHPSHUDWXULH[WUHPGHULGL
FDWHVDXVF]XWH
QFD]XOvQFDUHFRSLLLGHVFKLGRSRUWLHUDFH
WLDDUSXWHD
=UQLJUDYVDXFKLDUIDWDODOWHSHUVRDQH
=LHLGLQDXWRYHKLFXOLVDUSXWHDUQLVDXDU

SXWHDILUQLLJUDYVDXIDWDOGHDXWRYHKLFXOH
DIODWHvQWUHFHUH
$FWLYDLvQFXLHWRULOHFHQXSHUPLWDFFHVXO
FRSLLORUFDUDFWHULVWLFDGHVXSUDUHJODUHGDF
vQDXWRYHKLFXOFOWRUHVFFRSLLQFD]FRQWUDU
DFHWLDDUSXWHDGHVFKLGHSRUWLHUHVDXJHD
PXULODWHUDOHFkQGDXWRYHKLFXOXOHVWHvQPL
FDUHLDUSXWHDVXIHULUQLVDXLDUSXWHDUQL
SHDOLLvQFRQVHFLQ

*HDPXULODWHUDOH
'HVFKLGHUHDvQFKLGHUHDJHDPXULORU
ODWHUDOH



&DUDFWHULVWLFGHGHVFKLGHUHDVLVWDW
3XWHLYHQWLODDXWRYHKLFXOXOvQDLQWHGHD
vQFHSHVFRQGXFHLQDFHVWVFRSFKHLDHVWH
XWLOL]DWSHQWUXDH[HFXWDVLPXOWDQXUPWRD
UHOHIXQFLL
=GHVFKLGHUHDJHDPXULORUODWHUDOH
=GHVFKLGHUHDWUDSHLJOLVDQWVDXDWUDSHLJOL

VDQWHSDQRUDPLFHLDMDOX]HOHORU
=SRUQLUHDYHQWLOULLVFDXQXOXLSHQWUXVFDXQXO

RIHUXOXL
C )DVWkQJD
D )DGUHDSWD
6SDWHGUHDSWD
6SDWHVWkQJD

&RPXWDWRDUHOHDIHUHQWHWXWXURUJHDPXULORU
ODWHUDOHVXQWVLWXDWHSHSRUWLHUDRIHUXOXL
([LVWGHDVHPHQHDXQFRPXWDWRUSHILHFDUH
SRUWLHUSHQWUXJHDPXOODWHUDOFRUHVSXQ]WRU
&RPXWDWRDUHOHGHSHSRUWLHUDRIHUXOXLDX
SULRULWDWH

G *HDPXULOHODWHUDOHQXSRWILDFLRQDWHGLQ
VSDWHFkQGFDUDFWHULVWLFDGHVXSUDUHJODUH
SHQWUXJHDPXULOHODWHUDOHHVWHDFWLYDW
3DJLQD
5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
 3HQWUXDGHVFKLGHDSVDLFRPXWDWRUXO
DIHUHQW
 3HQWUXDvQFKLGHWUDJHLGHFRPXWDWRUXO
DIHUHQW
G 'DFDSVDLFRPXWDWRUXOGLQFRORGH
SXQFWXOGHUH]LVWHQVHvQFHSHXQSURFHV
GHGHVFKLGHUHvQFKLGHUHDXWRPDWvQGLUHF
LDFRUHVSXQ]WRDUH3XWHLRSULIXQFLRQD
UHDDXWRPDWDSVkQGGLQQRX


G 3XWHLFRQWLQXDVDFLRQDLJHDPXULOH
ODWHUDOHGXSRSULUHDPRWRUXOXLVDXVFRD
WHUHDFKHLL$FHDVWIXQFLHUPkQHDFWLY
WLPSGHFLQFLPLQXWHVDXSkQFkQGSRUWLHUD
RIHUXOXLVDXSDVDJHUXOXLGLQIDHVWHGHV
FKLV

G &DUDFWHULVWLFDGHGHVFKLGHUHDVLVWDW
SRDWHILDFLRQDWQXPDLFXDMXWRUXOFKHLL
&KHLDWUHEXLHVILHDSURSLDWGHPkQHUXO
SRUWLHUHLRIHUXOXL
 2ULHQWDLYkUIXOFKHLLFWUHPkQHUXOSRUWLH
UHLRIHUXOXL
 $SVDLLPHQLQHLDSVDWEXWRQXO6
SkQFkQGJHDPXULOHODWHUDOHLWUDSDJOL
VDQWVDXWUDSDJOLVDQWSDQRUDPLFVHDIO
vQSR]LLDGRULW
'DFMDOX]HOHOHSDUDVRODUDOHWUDSHLJOLVDQWH
SDQRUDPLFHVXQWvQFKLVHMDOX]HOHVXQWGHV
FKLVHSULPHOH
 $SVDLLPHQLQHLDSVDWEXWRQXO6
GLQQRXSkQFkQGWUDSDJOLVDQWSDQRUD
PLFVHDIOvQSR]LLDGRULW
 3HQWUXDvQWUHUXSHGHVFKLGHUHDDVLV
WDWHOLEHUDLEXWRQXO6

&DUDFWHULVWLFGHvQFKLGHUHDVLVWDW
1RWHJHQHUDOH
&kQGvQFXLDLDXWRYHKLFXOXOSXWHLVLPXOWDQ
V
=vQFKLGHLJHDPXULOHODWHUDOH
=vQFKLGHLWUDSDJOLVDQWVDXWUDSDJOLVDQW

SDQRUDPLF
/DDXWRYHKLFXOHOHFXWUDSJOLVDQWSDQRUD
PLFSXWHLDSRLVvQFKLGHLMDOX]HOHOH

'HVFKLGHUHDLvQFKLGHUHD

=GHVFXLHUHDDXWRYHKLFXOXOXL

*HDPXULODWHUDOH

'HVFKLGHUHDLvQFKLGHUHD



 $9(57,60(17

8WLOL]DUHD.(</(66*2

&kQGXWLOL]DLFDUDFWHULVWLFDGHvQFKLGHUHDVLV
WDWDVLJXUDLYFQXSRDWHUPkQHQLPHQL
SULQVvQWUHHOHPHQWH3URFHGDLGXSFXP
XUPHD]GDFH[LVWULVFXOGHSULQGHUHvQWUH
HOHPHQWH
&XFKHLD

&KHLD.(</(66*2WUHEXLHVVHDIOHvQDIDUD
DXWRYHKLFXOXOXL7RDWHSRUWLHUHOHWUHEXLHV
ILHvQFKLVH

=(OLEHUDLEXWRQXO7
=DSVDLLPHQLQHLDSVDWEXWRQXO6

SkQFHJHDPXULOHODWHUDOHLWUDSDJOLVDQW
VDXWUDSDJOLVDQWSDQRUDPLFVHUHGHV
FKLG
&X.(</(66*2
=HOLEHUDLVXSUDIDDVHQ]RUXOXLGHSHPkQH

UXOSRUWLHUHL
=WUDJHLPkQHUXOSRUWLHUHLLPHGLDWLPHQL

QHLO
*HDPXULOHODWHUDOHLWUDSDJOLVDQWVDX
WUDSDJOLVDQWSDQRUDPLFVHGHVFKLG

8WLOL]DUHDFKHLL

$WLQJHLVXSUDIDDVHQ]RUXOXLDGkQFLWCGH
SHPkQHUXOSRUWLHUHLSkQFkQGJHDPXULOH
ODWHUDOHLWUDSDJOLVDQWVDXWUDSDJOLVDQW
SDQRUDPLFVXQWFRPSOHWvQFKLVH
G $VLJXUDLYFDWLQJHLQXPDLVXSUDIDD
VHQ]RUXOXLFXGHJDMDUHC


G &KHLDWUHEXLHVILHDSURSLDWGHPkQHUXO
SRUWLHUHLRIHUXOXL
2ULHQWDLYkUIXOFKHLLFWUHPkQHUXOSRUWLH
UHLRIHUXOXL
 $SVDLLPHQLQHLDSVDWEXWRQXO7
SkQFkQGJHDPXULOHODWHUDOHLWUDSDJOL
VDQWVDXWUDSDJOLVDQWSDQRUDPLFVXQW
FRPSOHWvQFKLVH
 $VLJXUDLYFWRDWHJHDPXULOHODWHUDOHL
WUDSDJOLVDQWVDXWUDSDJOLVDQWSDQRUD
PLFVXQWvQFKLVH


$VLJXUDLYFWRDWHJHDPXULOHODWHUDOHL
WUDSDJOLVDQWVDXWUDSDJOLVDQWSDQRUD
PLFVXQWvQFKLVH

/DDXWRYHKLFXOHFXWUDSJOLVDQWSDQRUD
PLF


$WLQJHLVXSUDIDDVHQ]RUXOXLDGkQFLWCGH
SHPkQHUXOSRUWLHUHLGLQQRXSkQFkQG
MDOX]HOHOHLWUDSDJOLVDQWSDQRUDPLFVH
vQFKLG

3HQWUXDvQWUHUXSHvQFKLGHUHDDVLVWDW
HOLEHUDLVXSUDIDDVHQ]RUXOXLFXGHJD
MDUHCGHSHPkQHUXOSRUWLHUHL

/DDXWRYHKLFXOHFXWUDSJOLVDQWSDQRUD
PLF


$SVDLLPHQLQHLDSVDWEXWRQXO7
GLQQRXSkQFkQGMDOX]HOHOHGLQWUDSDJOL
VDQWSDQRUDPLFVHvQFKLG
3HQWUXDvQWUHUXSHvQFKLGHUHDDVLVWDW
HOLEHUDLEXWRQXO7

5HVHWDUHDJHDPXULORUODWHUDOH
'DFXQJHDPODWHUDOQXPDLSRDWHILFRPSOHW
vQFKLVWUHEXLHVvOUHVHWDL
 QFKLGHLWRDWHSRUWLHUHOH
 5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
 7UDJHLFRPXWDWRUXODIHUHQWGHSHSDQRXO
GHFRPDQGVLWXDWSHSRUWLHUSkQFkQG

JHDPXOODWHUDOHVWHFRPSOHWvQFKLV
3DJLQD
 0HQLQHLFRPXWDWRUXOvQFRVHFXQG

'DFXQJHDPODWHUDOHVWHREVWUXFLRQDWGLQ
QRXvQWLPSXOvQFKLGHULLLVHUHGHVFKLGHGLQ
QRXXRU

'DFJHDPXOODWHUDOVHGHVFKLGHGLQQRXXRU

7UDJHLLPHGLDWFRPXWDWRUXODIHUHQWGHSH
SDQRXOGHFRPDQGVLWXDWSHSRUWLHUSkQ
FkQGJHDPXOODWHUDOHVWHFRPSOHWvQFKLV
3DJLQD
 0HQLQHLFRPXWDWRUXOvQFRVHFXQG
 'DFJHDPXOODWHUDODIHUHQWUPkQHvQFKLV
GXSFHEXWRQXODIRVWHOLEHUDWJHDPXO
ODWHUDOVDUHVHWDWFRUHFW'DFQXVHUHGHV
FKLGUHSHWDLSDLLGHPDLVXVGLQQRX


3UREOHPHODJHDPXULOHODWHUDOH
3UREOHPXQJHDPODWHUDOQXSRDWHIL
vQFKLVGHRDUHFHHVWHEORFDWGHRELHFWHGH
H[IUXQ]HvQJKLGDMXOJHDPXOXL



6FRDWHLRELHFWHOH
QFKLGHLJHDPXOODWHUDO

3UREOHPXQJHDPODWHUDOQXSRDWHIL
vQFKLVLQXSXWHLYHGHDFDX]D

 $9(57,60(17
QFKLGHUHDJHDPXULORUODWHUDOHFXRIRUPDL
PDUHVDXIUSURWHFLDDQWLSULQGHUHSRDWH
GXFHODUQLJUDYHVDXFKLDUIDWDOH$VLJXUDL
YFQXYDILSULQVQLPHQLSHPVXUFHvQFKL
GHLJHDPXULOHODWHUDOH
'DFXQJHDPODWHUDOHVWHREVWUXFLRQDWvQ
WLPSXOvQFKLGHULLLVHUHGHVFKLGHGLQQRX
XRU


,PHGLDWGXSFHJHDPXOVHEORFKHD]WUD
JHLGHFRPXWDWRUXODIHUHQWGLQQRXSkQ
FkQGJHDPXOODWHUDOVDvQFKLV
*HDPXOODWHUDOHVWHvQFKLVFXIRUPDL
PDUH

,PHGLDWGXSFHJHDPXOVHEORFKHD]WUD
JHLGHFRPXWDWRUXODIHUHQWGLQQRXSkQ
FkQGJHDPXOODWHUDOVDvQFKLV
*HDPXOODWHUDOHVWHvQFKLVIUSURWHFLD
DQWLSULQGHUH

7UDSJOLVDQW
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
$XWRYHKLFXOXOGXPQHDYRDVWUSRDWHIL
SUHY]XWFXRWUDSJOLVDQWVDXFXRWUDS
JOLVDQWSDQRUDPLFQXUPWRDUHDVHFLXQH
WHUPHQXOWUDSJOLVDQWVHUHIHUODDPEHOH
WLSXULGHWUDSJOLVDQW

 $9(57,60(17
$VLJXUDLYFQLPHQLQXSRDWHILSULQVvQWUH
HOHPHQWHFkQGGHVFKLGHLLvQFKLGHLWUDSD
JOLVDQW
'DFH[LVWSHULFROXOFDFLQHYDVILHSULQV
vQWUHHOHPHQWHHOLEHUDLLPHGLDWFRPXWDWRUXO
QWLPSXOIXQFLRQULLDXWRPDWHvPSLQJHL
VFXUWFRPXWDWRUXOvQRULFHGLUHFLHSHQWUXD
RSULWUDSDJOLVDQW
 $9(57,60(17
6WLFODWUDSHLSDQRUDPLFHVDUSXWHDVSDUJHvQ
FD]GHDFFLGHQW'DFQXSXUWDLRFHQWXUGH
VLJXUDQH[LVWSHULFROXOVILLSURLHFWDWSULQ
GHVFKL]WXUvQFD]XOvQFDUHDXWRYHKLFXOXOVH
UVWRDUQ3ULQXUPDUHSXUWDLvQWRWGHDXQDR
FHQWXUGHVLJXUDQSHQWUXDUHGXFHSHULFR
OXOGHUQLUH
 $9(57,60(17
&RSLLLVDUSXWHDUQLGDFDFLRQHD]WUDSD
JOLVDQW
1XOVDLQLFLRGDWFRSLLLQHVXSUDYHJKHDLvQ
DXWRYHKLFXO/XDLvQWRWGHDXQDFKHLDFXGXP
QHDYRDVWUFkQGLHLLGLQDXWRYHKLFXOFKLDU
LGDFvOSUVLLQXPDLSHQWUXVFXUWWLPS



'HVFKLGHUHDLvQFKLGHUHD

7UDSJOLVDQW

7UDSJOLVDQW



'HVFKLGHUHDLvQFKLGHUHD

 'HVFKLGHLWUDSDJOLVDQWSDQRUDPLF
QXPDLGDFQXHVWHDFRSHULWGH]SDGL
JKHDQFD]FRQWUDUVXQWSRVLELOHGHIHF
LXQL
1XOVDLVLDVQLPLFGLQWUDSDJOLVDQWQ
FD]FRQWUDUFKHGHUHOHSRWVXIHULGHWH
ULRUUL
G 3HOkQJ]JRPRWHOHWLSLFHFXUHQLORUGH
DHUSRWDSUHD]JRPRWHGHUH]RQDQFkQG
WUDSDJOLVDQWHVWHGHVFKLV$FHVWHDVXQW
SURYRFDWHGHIOXFWXDLLVODEHDOHSUHVLXQLL
GLQLQWHULRUXODXWRYHKLFXOXOXL6FKLPEDL
SR]LLDWUDSHLJOLVDQWHVDXvQWUHGHVFKLGHL
XQJHDPODWHUDOSHQWUXDUHGXFHVDXHOLPLQD
DFHVWH]JRPRWH

G 'DFDSVDLFRPXWDWRUXOVGLQFROR
GHSXQFWXOGHUH]LVWHQVHvQFHSHXQSUR
FHVGHGHVFKLGHUHvQFKLGHUHDXWRPDWvQ
GLUHFLDFRUHVSXQ]WRDUH3XWHLRSULIXQF
LRQDUHDDXWRPDWDSVkQGGLQQRX
&DSDFXOSDUDVRODUVHGHVFKLGHDXWRPDW
RGDWFXWUDSDJOLVDQW3XWHLGHVFKLGHVDX
vQFKLGHFDSDFXOSDUDVRODUPDQXDOFkQGWUDSD
JOLVDQWHVWHULGLFDWVDXvQFKLV
&DUDFWHULVWLFGHvQFKLGHUHSHWLPSGH
SORDLH
&kQGFKHLDVHDIOvQSR]LLDGLQFRPXWDWRUXO
GHFRQWDFWVDXHVWHVFRDVWUDSDJOLVDQWVH
vQFKLGHDXWRPDW
=GDFvQFHSHVSORX

$FLRQDUHDWUDSHLJOLVDQWH
'HVFKLGHUHDLvQFKLGHUHD
G 3XWHLFRQWLQXDVDFLRQDLWUDSDJOLVDQW
GXSRSULUHDPRWRUXOXLVDXVFRDWHUHDFKHLL
$FHDVWIXQFLHUPkQHDFWLYWLPSGHFLQFL
PLQXWHVDXSkQFkQGSRUWLHUDRIHUXOXL
VDXSDVDJHUXOXLGLQIDHVWHGHVFKLV

=ODWHPSHUDWXULH[WHULRDUHH[WUHPH
=GXSDVHRUH
=GDFH[LVWRGHIHFLXQHvQDOLPHQWDUHD

HOHFWULF
3DUWHDSRVWHULRDUDWUDSHLJOLVDQWHHVWHDSRL
ULGLFDWSHQWUXDDHULVLLQWHULRUXODXWRYHKLFX
OXOXL

G 'DFWUDSDJOLVDQWHVWHREVWUXFLRQDW
FkQGHVWHvQFKLVGHFDUDFWHULVWLFDGH
vQFKLGHUHSHWLPSGHSORDLHHDVHvQWUHGHV
FKLGHGLQQRX&DUDFWHULVWLFDGHvQFKLGHUH
SHWLPSGHSORDLHHVWHDSRLGH]DFWLYDW
7UDSDJOLVDQWQXVHvQFKLGHGDF
=HVWHULGLFDWGLQVSDWH
=HVWHvQFXLDW
=QXDMXQJSLFWXULGHSORDLHSHVSDLXOSDU

3DQRXGHFRPDQGVLWXDWSHSODIRQ
C 3HQWUXDULGLFD
D 3HQWUXDGHVFKLGH
3HQWUXDvQFKLGHFRERUv

5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
 $SVDLVDXWUDJHLFRPXWDWRUXOVvQ
GLUHFLDFRUHVSXQ]WRDUH


EUL]XOXLPRQLWRUL]DWGHVHQ]RUXOGHSORDLH
GHH[GHRDUHFHDXWRYHKLFXOXOVHDIOVXE
XQSRGVDXVXEXQDFRSHUL

5HVHWDUHD
5HVHWDLWUDSDJOLVDQWGDFQXVHPLFXQL
IRUP
 5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
 5LGLFDLWUDSDJOLVDQWFRPSOHWvQVSDWH
3DJLQD

7UDSJOLVDQW
0HQLQHLFRPXWDWRUXOVDSVDWvQFR
VHFXQG
 $VLJXUDLYFWUDSDJOLVDQWSRDWHILFRP
SOHWGHVFKLVLvQFKLVGLQQRX
3DJLQD
 'DFQXVHUHGHVFKLGUHSHWDLSDLLGHPDL
VXVGLQQRX

&DUDFWHULVWLFGHvQFKLGHUHSHWLPSGH
SORDLH

 'DFWUDSDJOLVDQWQXSRDWHILGHVFKLV
VDXvQFKLVFRPSOHWGXSUHVHWDUHFRQWDF
WDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

=GXSDVHRUH

8WLOL]DUHDWUDSHLJOLVDQWHSDQRUDPLFH
'HVFKLGHUHDLvQFKLGHUHD

3DQRXGHFRPDQGVLWXDWSHSODIRQ
C 3HQWUXDULGLFD
D 3HQWUXDGHVFKLGH

&kQGFKHLDVHDIOvQSR]LLDGLQFRPXWDWRUXO
GHFRQWDFWVDXHVWHVFRDVWUDSDJOLVDQW
SDQRUDPLFVHvQFKLGHDXWRPDW
=GDFvQFHSHVSORX
=ODWHPSHUDWXULH[WHULRDUHH[WUHPH
=GDFH[LVWRGHIHFLXQHvQDOLPHQWDUHD

HOHFWULF
7UDSDJOLVDQWSDQRUDPLFUPkQHULGLFDWvQ
VSDWHSHQWUXDSHUPLWHYHQWLODUHDLQWHULRUXOXL
DXWRYHKLFXOXOXL

G 'DFWUDSDJOLVDQWSDQRUDPLFHVWH
REVWUXFLRQDWFkQGHVWHvQFKLVGHFDUDF
WHULVWLFDGHvQFKLGHUHSHWLPSGHSORDLHHD
VHvQWUHGHVFKLGHGLQQRX&DUDFWHULVWLFDGH
vQFKLGHUHSHWLPSGHSORDLHHVWHDSRL
GH]DFWLYDW
7UDSDJOLVDQWSDQRUDPLFQXVHvQFKLGH
GDF
=HVWHULGLFDWGLQVSDWH
=HVWHvQFXLDW
=QXDMXQJSLFWXULGHSORDLHSHVSDLXOSDU
EUL]XOXLPRQLWRUL]DWGHVHQ]RUXOGHSORDLH
GHH[GHRDUHFHDXWRYHKLFXOXOVHDIOVXE
XQSRGVDXVXEXQDFRSHUL

3HQWUXDvQFKLGHFRERUv

5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
 PSLQJHLVDXWUDJHLFRPXWDWRUXOVvQ
GLUHFLDFRUHVSXQ]WRDUH
G 'DFDSVDLFRPXWDWRUXOVGLQFROR
GHSXQFWXOGHUH]LVWHQVHvQFHSHXQSUR
FHVGHGHVFKLGHUHvQFKLGHUHDXWRPDWvQ
GLUHFLDFRUHVSXQ]WRDUH3XWHLRSULIXQF
LRQDUHDDXWRPDWDSVkQGGLQQRX


8WLOL]DUHDMDOX]HOHORUWUDSHLJOLVDQWH
SDQRUDPLFH
1RWHJHQHUDOH
-DOX]HOHOHSURWHMHD]LQWHULRUXODXWRYHKLFXOX
OXLGHOXPLQDVRODU&HOHGRXMDOX]HOHSRWIL
GHVFKLVHLvQFKLVHVLPXOWDQQXPDLFkQGWUDSD
JOLVDQWSDQRUDPLFHVWHvQFKLV

 $9(57,60(17
$VLJXUDLYFQXSRDWHILQLPHQLSULQVvQWUH
HOHPHQWHFkQGGHVFKLGHLVDXvQFKLGHLMDOX
]HOHOH

'HVFKLGHUHDLvQFKLGHUHD



7UDSJOLVDQW



'HVFKLGHUHDLvQFKLGHUHD

'HVFKLGHUHDLvQFKLGHUHD

0HQLQHLFRPXWDWRUXOVWUDVvQFR
VHFXQG
 $VLJXUDLYFWUDSDJOLVDQWSDQRUDPLF
3DJLQDLMDOX]HOHOH3DJLQDSRW
ILFRPSOHWUHGHVFKLVH
 'DFQXVHUHGHVFKLGUHSHWDLSDLLGHPDL
VXVGLQQRX


 'DFWUDSDJOLVDQWSDQRUDPLFLMDOX]H
OHOHQXSRWILGHVFKLVHVDXvQFKLVHFRPSOHW
GXSUHVHWDUHFRQWDFWDLXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
3DQRXGHFRPDQGVLWXDWSHSODIRQ
C 3HQWUXDGHVFKLGH
D 3HQWUXDGHVFKLGH
3HQWUXDvQFKLGH

5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
 $SVDLVDXWUDJHLFRPXWDWRUXOVvQ
GLUHFLDFRUHVSXQ]WRDUH
G 'DFDSVDLFRPXWDWRUXOVGLQFROR
GHSXQFWXOGHUH]LVWHQVHvQFHSHXQSUR
FHVGHGHVFKLGHUHvQFKLGHUHDXWRPDWvQ
GLUHFLDFRUHVSXQ]WRDUH3XWHLRSULIXQF
LRQDUHDDXWRPDWDSVkQGGLQQRX


5HVHWDUHDWUDSHLJOLVDQWHSDQRUDPLFHL
DMDOX]HOHORU
5HVHWDLWUDSDJOLVDQWSDQRUDPLFLMDOX]H
OHOHGDFWUDSDJOLVDQWSDQRUDPLFVDXMDOX
]HOHOHQXVHPLFXQLIRUP
 5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
 7UDJHLFRPXWDWRUXOVvQPRGUHSHWDWOD
SXQFWXOGHUH]LVWHQvQGLUHFLDLQGLFDWGH
VJHDWDSkQFkQGWUDSDJOLVDQWSDQR
UDPLFHVWHFRPSOHWvQFKLV
 0HQLQHLFRPXWDWRUXOVWUDVvQFR
VHFXQG
 7UDJHLFRPXWDWRUXOVUHSHWDWODSXQF
WXOGHUH]LVWHQvQGLUHFLDLQGLFDWGH
VJHDWDSkQFkQGMDOX]HOHOHVXQWFRP
SOHWvQFKLVH

3UREOHPHODWUDSDJOLVDQW
$XWRYHKLFXOXOGXPQHDYRDVWUSRDWHIL
SUHY]XWFXRWUDSJOLVDQWVDXFXRWUDS
JOLVDQWSDQRUDPLFQXUPWRDUHDVHFLXQH
WHUPHQXOWUDSJOLVDQWVHUHIHUODDPEHOH
WLSXULGHWUDSJOLVDQW
3UREOHPWUDSDQXSRDWHILvQFKLVLQX
SXWHLYHGHDFDX]D

 $9(57,60(17
3XWHLVXIHULUQLJUDYHVDXFKLDUIDWDOHFkQG
vQFKLGHLWUDSDJOLVDQWFXIRUGHvQFKLGHUH
FUHVFXWVDXGDFFDUDFWHULVWLFDDQWLSULQGHUH
HVWHGH]DFWLYDW$VLJXUDLYFQXYDILSULQV
QLPHQLSHPVXUFHvQFKLGHLWUDSDJOLVDQW

'DFWUDSDJOLVDQWHVWHREVWUXFLRQDWvQ
WLPSXOvQFKLGHULLLVHUHGHVFKLGHGLQQRX
XRU


,PHGLDWGXSFHWUDSDJOLVDQWVHEOR
FKHD]WUDJHLFRPXWDWRUXOVGLQ
SDQRXOGHFRPDQGVLWXDWSHSODIRQvQMRV
SkQODSXQFWXOGHUH]LVWHQLLQHLOSkQ
FkQGWUDSDJOLVDQWHVWHvQFKLV
7UDSDJOLVDQWHVWHvQFKLVFXIRUFUHV
FXW

'DFWUDSDJOLVDQWHVWHREVWUXFLRQDWGLQ
QRXvQWLPSXOvQFKLGHULLLVHUHGHVFKLGHGLQ
QRXXRU


,PHGLDWGXSFHWUDSDJOLVDQWVHEOR
FKHD]WUDJHLFRPXWDWRUXOVGLQ
SDQRXOGHFRPDQGVLWXDWSHSODIRQvQMRV

7UDSJOLVDQW



'HVFKLGHUHDLvQFKLGHUHD

SkQODSXQFWXOGHUH]LVWHQLLQHLOSkQ
FkQGWUDSDJOLVDQWHVWHvQFKLV
7UDSDJOLVDQWHVWHvQFKLVIUSURWHFLD
DQWLSULQGHUH





6FDXQHYRODQLRJOLQ]L

,QIRUPDLLXWLOH 
3R]LLDFRUHFWDVFDXQXOXLRIHUX
OXL 
6FDXQH 
9RODQ 
2JOLQ]L 
)XQFLHGHPHPRUDUH 



3R]LLDFRUHFWDVFDXQXOXLRIHUXOXL
=YSXWHLSULQGHFHQWXUDGHVLJXUDQ

6FDXQHYRODQLRJOLQ]L

,QIRUPDLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
ULWRDUHODVLJXUDQ

FRUHVSXQ]WRU
=DLGHSODVDWVSWDUXOvQWURSR]LLH

DSURDSHYHUWLFDO
=DLUHJODWXQJKLXOVFDXQXOXLvQDDIHO

vQFkWFRDSVHOHVILHVXVLQXWHXRU
=SXWHLDSVDSHGDOHOHFRUHVSXQ]WRU


G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD
3R]LLDFRUHFWDVFDXQXOXLRIHUXOXL

9HULILFDLGDFWHWLHUDHVWHUHJODWFRUHV
SXQ]WRU3DJLQD
&kQGHIHFWXDLYHULILFDUHDDVLJXUDLYF
DLUHJODWWHWLHUDDVWIHOvQFkWFHDIDVYILH
VXVLQXWODQLYHOXORFKLORUGHFWUHWHWLHU
'HDVHPHQHDDVLJXUDLYFSR]LLDGH
IDLVSDWHDWHWLHUHLQXHVWHSUHDGHSDUWH
GHFHDI

5HVSHFWDLLQGLFDLLOHGHVLJXUDQSULYLQG
UHJODUHDYRODQXOXL3DJLQD
 9HULILFDLGDFYRODQXOCHVWHUHJODWFRUHV
SXQ]WRU
5HJODUHDPDQXDODYRODQX
OXL3DJLQD
5HJODUHDHOHFWULFDYRODQXOXL
3DJLQD
&kQGUHJODLYRODQXODVLJXUDLYF
=SXWHLLQHYRODQXOFXEUDHOHXRU

vQGRLWH
=YSXWHLPLFDSLFLRDUHOHOLEHU
=SXWHLYHGHDFODUWRDWHDILDMHOHGLQ

SDQRXOGHLQVWUXPHQWH

5HVSHFWDLLQGLFDLLOHGHVLJXUDQSULYLQG
UHJODUHDVFDXQXOXL3DJLQD
 9HULILFDLGDFDLUHJODWVFDXQXOFRUHV
SXQ]WRU
5HJODUHDHOHFWULFDVFDXQXOXL
3DJLQD
&kQGUHJODLVFDXQXODVLJXUDLYF
=YDIODLFkWPDLGHSDUWHSRVLELOGHDLUED

JXORIHUXOXL
=VWDLvQWURSR]LLHYHUWLFDOQRUPDO

5HVSHFWDLLQGLFDLLOHGHVLJXUDQSULYLQG
FHQWXULOHGHVLJXUDQ3DJLQD
 9HULILFDLGDFDLSULQVFHQWXUDGHVLJX
UDQDFRUHVSXQ]WRU3DJLQD
&HQWXUDGHVLJXUDQWUHEXLH
=VVHvQWLQGELQHSHFRUS
=VILHGLULMDWSHVWHPLMORFXOXPUXOXL
=VILHGLULMDWvQ]RQDSHOYLDQSHVWHRO


GXUL
QDLQWHGHDSRUQLUHJODLRJOLQGDUHWURYL
]RDUHLRJOLQ]LOHH[WHULRDUH

6FDXQH

6FDXQH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
6FDXQHOHSRWILvQFRQWLQXDUHUHJODWHLFkQG
FKHLDQXVHDIOvQFRPXWDWRUXOGHFRQWDFW'LQ
DFHVWPRWLYFRSLLLQXWUHEXLHVILHOVDL
QHVXSUDYHJKHDLvQDXWRYHKLFXO$FHWLDDU
SXWHDUHJODVFDXQHOHDMXQJkQGSULQLvQWUH
HOHPHQWH
 $9(57,60(17
5HJODLVFDXQXORIHUXOXLQXPDLFkQGDXWRYH
KLFXOXOVWDLRQHD]QFD]FRQWUDUYLVHYD
GLVWUDJHDWHQLDGHODFRQGLLLOHUXWLHUHL
SXWHLSLHUGHFRQWUROXODVXSUDDXWRYHKLFXOXOXL
vQXUPDGHSODVULLVFDXQXOXL$VWIHOSXWHL
SURYRFDXQDFFLGHQW
 $9(57,60(17
'DFQXDFRUGDLDWHQLHUHJOULLvQOLPLL
VFDXQXOXLGXPQHDYRDVWUVDXDOWHSHUVRDQH
DLSXWHDILSULQVHvQWUHHOHPHQWHVXIHULQG
UQL0DLDOHVFRSLLLDUSXWHDDSVDQHLQWHQ
LRQDWEXWRDQHOHSHQWUXDUHJODHOHFWULFVFDX
QHOHUPkQkQGSULQLvQWUHHOHPHQWH
$FRUGDLDWHQLHXUPWRDUHORUSXQFWH
=FkQGGHSODVDLVFDXQHOHPkLQLOHGXPQHD

YRDVWUQXWUHEXLHVLQWUHVXEDQVDPEOXO
FXPDQHWDOVLVWHPXOXLGHUHJODUHDVFDX
QXOXL
=FRSLLLGHODERUGQXWUHEXLHVLLQWURGXF
PkLQLOHVXEPDQHWH

 $9(57,60(17
$VLJXUDLYFQXVHSRDWHSULQGHQLPHQL
vQWUHHOHPHQWHFkQGUHJODLVFDXQHOH
5HVSHFWDLQRWHOHSULYLQGDLUEDJXULOH

)L[DLFRSLLLFRQIRUPUHFRPDQGULORUFRQVXO
WDLVHFLXQHD3UH]HQDFRSLLORUODERUG

 $9(57,60(17
$VLJXUDLYFFHDIDYHVWHVSULMLQLWODQLYH
OXORFKLORUGH]RQDFHQWUDODWHWLHUHL'DFQX
YHVWHVSULMLQLWFRUHFWFDSXOGHWHWLHUSXWHL
VXIHULROH]LXQHFHUYLFDOJUDYvQFD]GHDFFL
GHQW1XFRQGXFHLQLFLRGDWGDFWHWLHUHOH
QXVXQWvPELQDWHLIL[DWHFRUHFW
 $9(57,60(17
2FHQWXUGHVLJXUDQSRDWHRIHULJUDGXOVX
SUHY]XWGHSURWHFLHQXPDLFkQGVSWDUXO
HVWHDSURDSHYHUWLFDOLSDVDJHUXOVWGUHSW
(YLWDLSR]LLLOHVFDXQXOXLFDUHQXSHUPLWWUH
FHUHDFRUHFWDFHQWXULLGHVLJXUDQ5HJODL
VSWDUXODVWIHOvQFkWVILHFkWPDLGUHSWSRVL
ELO1XFOWRULLQLFLRGDWFXVSWDUXOvQFOLQDW
SUHDPXOWvQDSRLQFD]FRQWUDUSXWHLVXIHUL
UQLJUDYHVDXFKLDUIDWDOHvQFD]GHDFFLGHQW
VDXIUkQDUHEUXVF
 3HQWUXDHYLWDGHWHULRUDUHDVFDXQHORULD
vQFO]LULLVFDXQXOXLUHVSHFWDLXUPWRDUHOH
LQIRUPDLL
=QXYUVDLOLFKLGHSHVFDXQH'DFVDX
YUVDWOLFKLGHSHVFDXQHXVFDLOHFkW
PDLFXUkQGSRVLELO
='DFKXVHOHVFDXQHORUVXQWXPHGHVDX
XGHQXDFWLYDLvQFO]LUHDVFDXQXOXL1X
XWLOL]DLvQFO]LUHDVFDXQXOXLQLFLSHQWUXD
XVFDVFDXQHOH
=FXUDLKXVHOHGHVFDXQFRQIRUPUHFR
PDQGULORUFRQVXOWDLVHFLXQHQJULML
UHDLQWHULRUXOXL
=QXWUDQVSRUWDLVDUFLQLJUHOHSHVFDXQH
1XDH]DLRELHFWHDVFXLWHSHSHUQHOH
VFDXQXOXLGHH[FXLWHFXLHVDXXQHOWH
6FDXQHOHWUHEXLHVILHRFXSDWHQXPDLGH
SDVDJHULGDFHVWHSRVLELO
=FkQGvQFO]LUHDVFDXQXOXLHVWHvQIXQF
LXQHQXDFRSHULLVFDXQHOHFXPDWHULDOH
L]RODWRDUHGHH[SWXULKDLQHSXQJL
KXVHGHVFDXQVFDXQHSHQWUXFRSLLVDX
VFDXQHGHvQODUH


6FDXQHYRODQLRJOLQ]L

3DJLQDDVWIHOvQFkWVDYHLRSHUV
SHFWLYEXQDVXSUDFRQGLLLORUUXWLHUH
 $XWRYHKLFXOHFXRIXQFLHGHPHPR
UDUHVDOYDLVHWULOHVFDXQXOXLYRODQXOXLL
RJOLQ]LLH[WHULRDUH3DJLQD



6FDXQHYRODQLRJOLQ]L



6FDXQH
 $VLJXUDLYFQXVHDIORELHFWHvQVSD
LXOSHQWUXSLFLRDUHVDXvQVSDWHOHVFDXQHORU
FkQGGHSODVDLVFDXQXOvQDSRL([LVWULVFXO
FDVFDXQHOHLVDXRELHFWHOHVVXIHUH
GHWHULRUUL

G $XWRYHKLFXOHFXIXQFLHGHPHPRUDUH
GDF35(6$)(DIRVWGHFODQDWVFDXQXO
SDVDJHUXOXLGLQIDYDILGHSODVDWvQWUR
SR]LLHPDLEXQGDFVHDIODvQDLQWHvQWUR
SR]LLHQHIDYRUDELO

 &kQGEDQFKHWDGLQVSDWHHVWHUDEDWDW
vQDLQWHVFDXQHOHGLQIDQXSRWILDGXVHvQ
SR]LLDORUGHFDSWVSDWHQFD]FRQWUDU
HVWHSRVLELOVGHWHULRUDLVFDXQHOHLEDQ
FKHWDGLQVSDWH

G 3XWHLVWRFDVHWULOHVFDXQXOXLFXDMXWRUXO
IXQFLHLGHPHPRUDUH3DJLQD

 $VLJXUDLYFSDUDVRODUXOHVWHUDEDWDWvQ
VXVvQDLQWHGHDUHJODVSWDUXOLvQOLPHD
WHWLHUHL7HWLHUDLSDUDVRODUXOVDUSXWHD
ORYLvQFD]FRQWUDUFkQGWHWLHUDHVWHFRPSOHW
H[WLQV
G 7HWLHUHOHVFDXQHORUQXSRWILVFRDVHGHOD
VFDXQHOHID7RWXLWHWLHUHOHGLQFRPSDU
WLPHQWXOGLQVSDWHSRWILVFRDVH
3DJLQD
3HQWUXPDLPXOWHLQIRUPDLLFRQWDFWDLXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

G $XWRYHKLFXOHFXIXQFLHGHPHPRUDUH
FkQGVFDXQXOHVWHGHSODVDWvQDLQWHVDXvQD
SRLWHWLHUDHVWHGHSODVDWvQVXVVDXvQMRV
DXWRPDW
5HJODUHDWHWLHUHORU
5HJODUHDPDQXDODWHWLHUHORU
5HJODUHDvQOLPLLWHWLHUHL
 7HWLHUHOHWUHEXLHVILHVFRDVHQXPDLODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

G 0DLPXOWHVXELHFWHVLPLODUH
=0ULUHDSRUWEDJDMXOXLUDEDWDUHDvQMRVD

EDQFKHWHLGLQVSDWH

5HJODUHDHOHFWULFDVFDXQHORU

3HQWUXDULGLFDWUDJHLWHWLHUDvQVXVvQ
SR]LLDGRULW
 3HQWUXDFRERUvDSVDLSLHGLFDGHHOLEH
UDUHCvQGLUHFLDVJHLLLvPSLQJHL
WHWLHUDvQMRVvQSR]LLDGRULW


C QOLPHDWHWLHUHL
D 8QJKLXOSHUQHLVFDXQXOXL
QOLPHDVFDXQXOXL
5HJODUHDIDVSDWHDVFDXQXOXL
8QJKLXOVSWDUXOXL

6FDXQH
'DFWHWLHUDHVWHFRPSOHWFRERUkWHVWH
QHFHVDUVDSVDLSLHGLFDGHHOLEH
UDUHC
 3HQWUXDULGLFDWUDJHLWHWLHUDvQVXVvQ
SR]LLDGRULW


$FHDVWIXQFLHYSHUPLWHVUHJODLGLVWDQD
GLQWUHWHWLHULFHDI
 3HQWUXDGHSODVDvQDLQWHWUDJHLWHWLHUD
vQDLQWHvQGLUHFLDLQGLFDWGHVJHDWSkQ
VHFXSOHD]
([LVWPDLPXOWHSLHGLFL
 3HQWUXDGHSODVDvQDSRLDSVDLLPHQ
LQHLDSVDWEXWRQXOCLvPSLQJHLWHWLHUD
vQDSRL
 $WXQFLFkQGWHWLHUDVHDIOvQSR]LLDGRULW
HOLEHUDLEXWRQXOLDVLJXUDLYFWHWLHUD
HVWHFXSODWvQSR]LLH

5HJODUHDHOHFWULFDWHWLHUHORU


3HQWUXDUHJODvQOLPHDWHWLHUHLFXOLVDL
FRPXWDWRUXOSHQWUXUHJODUHDWHWLHUHL
3DJLQDvQVXVVDXvQMRVvQGLUHFLD
VJHLL

7HWLHUHVFDXQHVSDWH
5HJODUHDvQOLPLLWHWLHUHLVFDXQXOXLGLQ
VSDWH

3HQWUXDFRERUvDSVDLSLHGLFDGHHOLEH
UDUHCLvPSLQJHLWHWLHUDvQMRVSkQFkQG
LQWUvQSR]LLDGRULW

5HJODUHDXQJKLXOXLWHWLHUHLVFDXQXOXLGLQ
VSDWH
5HJODLWHWLHUHOHDVWIHOvQFkWVILHFkWPDL
DSURDSHSRVLELOGHFDSXOGXPQHDYRDVWU
3XWHLUHJODQXPDLFHOHGRXWHWLHUHH[WH
ULRDUH

&XDMXWRUXODPEHORUPkLQLvQWLQGHLYvQ
VSDWHLSULQGHLODWXULOHWHWLHUHL
 7UDJHLSDUWHDLQIHULRDUDWHWLHUHLvQDLQWH
VDXvQDSRLSkQFkQGLQWUvQSR]LLDGRULW


6FRDWHUHDLPRQWDUHDWHWLHUHORUVFDXQH
ORUGLQVSDWH

 $9(57,60(17
3DVDJHULLWUHEXLHVFOWRUHDVFQXPDLVWkQG
SHVFDXQHOHSUHY]XWHFXWHWLHUH$VWIHOUHGX
FHLULVFXOGHDFFLGHQWDOSDVDJHUXOXLvQFD]GH
DFFLGHQW

6FDXQHYRODQLRJOLQ]L

5HJODUHDSR]LLHLGHIDLVSDWHDWHWLHUHL



6FDXQH



6FDXQHYRODQLRJOLQ]L

VJHDWSkQFkQGVSWDUXOFRUHV
SXQ]WRUCHVWHHOLEHUDWFRPSOHW
 7UDJHLVSWDUXOCvQDLQWHvQGLUHFLDLQGL
FDWGHVJHDWLSHUPLWHLFXSODUHDDFHV
WXLD
 6SULMLQLLYIHUPGHVSWDUXOCSHQWUXDY
DVLJXUDFHVWHFXSODW

3HQWUXDVFRDWHWUDJHLWHWLHUDvQVXVSkQ
ODRSULWRU
 $SVDLSLHGLFDGHHOLEHUDUHCLWUDJHL
WHWLHUDGLQJKLGDMH
 3HQWUXDPRQWDODORFLQWURGXFHLWHWLHUD
DVWIHOvQFkWDQXULOHGHSHEDUVVHDIOH
SHVWkQJDSULYLQGvQGLUHFLDGHPHUV
 PSLQJHLWHWLHUDvQMRVSkQFkQGRDX]LL
FVHDQJUHQHD]vQSR]LLH


5HJODUHDVXSRUWXOXLORPEDUFXGLUHF
LL
3XWHLUHJODFRQWXUXOVSWDUHORUVFDXQHORU
IDLQGLYLGXDOSHQWUXDDVLJXUDRVXVLQHUH
RSWLPDVSDWHOXLGXPQHDYRDVWU

5HJODUHDVSWDUHORUFHOXLGHDOGRLOHD
UkQGGHVFDXQH
3XWHLUHJODXQJKLXOVSWDUHORUvQDOGRLOHD
UkQGGHVFDXQH([LVW]HFHSR]LLLGHSLHGLF

C 3HQWUXDULGLFDFRQWXUXOVSWDUXOXL
D 3HQWUXDDWHQXDFRQWXUXOVSWDUXOXL
3HQWUXDFRERUvFRQWXUXOVSWDUXOXL
3HQWUXDULJLGL]DFRQWXUXOVSWDUXOXL

3RUQLUHDRSULUHDvQFO]LULLVFDXQXOXL
3RUQLUHDRSULUHD

7UDJHLPDQHWDGHHOLEHUDUHVWkQJDVDX
GUHDSWDDvQVXVvQGLUHFLDLQGLFDWGH

 3HULFROGHUQLUH
6HWDUHDUHSHWDWDVLVWHPXOXLGHvQFO]LUHD
VFDXQHORUODWUHDSWDSRDWHDYHDGUHSWUH]XO
WDWWHPSHUDWXULH[FHVLYHDOHVFDXQHORU
6QWDWHDSDVDJHULORUFDUHDXRVHQVLELOLWDWH
OLPLWDWODWHPSHUDWXUVDXRDELOLWDWHOLPLWDW
GHDUHDFLRQDODWHPSHUDWXULH[FHVLYGHvQDOWH
SRDWHILDIHFWDWVDXDFHWLDSRWFKLDUSUH
]HQWDOH]LXQLVLPLODUHDUVXULORU$DGDUQXXWL
OL]DLvQPRGUHSHWDWWUHDSWDGHWHPSHUDWXU
SHQWUXVFDXQH

6FDXQH

G 'DFWHQVLXQHDEDWHULHLHVWHSUHD
VF]XWvQFO]LUHDVFDXQXOXLVHSRDWH
GH]DFWLYD

3UREOHPHODvQFO]LUHDVFDXQXOXL
QFO]LUHDVFDXQXOXLVDGH]DFWLYDWSUHPDWXU
VDXQXSRDWHILDFWLYDW7HQVLXQHDGLQVLVWH
PXOHOHFWULFDODXWRYHKLFXOXOXLHVWHSUHD
VF]XWGHRDUHFHVXQWDFWLYDLSUHDPXOL
FRQVXPDWRULHOHFWULFL


2SULLFRQVXPDWRULLHOHFWULFLGHFDUHQX
DYHLQHYRLHFXPDUILvQFO]LUHDOXQHWHLVDX
LOXPLQDUHDLQWHULRDU

3RUQLUHDRSULUHDYHQWLOULLVFDXQXOXL
$FWLYDUHDGH]DFWLYDUHD

6FDXQXORIHUXOXLLDOSDVDJHUXOXLGLQID

&HOHWUHLOPSLLQGLFDWRDUHDOEDVWUHGLQ
EXWRDQHLQGLFQLYHOXOGHYHQWLODLHVHOHFWDW
GHGXPQHDYRDVWU

G 'DFWHQVLXQHDEDWHULHLHVWHSUHD
VF]XWYHQWLODUHDVFDXQXOXLVHSRDWH
GH]DFWLYD

6FDXQHOHGLQFRPSDUWLPHQWXOGLQVSDWH

6LVWHPXOFRPXWDXWRPDWGHODQLYHOXOOD
QLYHOXOGXSDSUR[LPDWLYRSWPLQXWH
6LVWHPXOUHYLQHDXWRPDWGHODQLYHOXOOD
QLYHOXOGXSDSUR[LPDWLY]HFHPLQXWH
6LVWHPXOVHRSUHWHDXWRPDWGXSDSUR[LPD
WLYGHPLQXWHGXSFHHVWHVHWDWODQLYHOXO

 $VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOvQSR]LLDVDX
 3HQWUXDDFWLYDDSVDLEXWRQXOCvQPRG
UHSHWDWSkQFkQGQLYHOXOGHvQFO]LUHGRULW
HVWHVHWDW
 3HQWUXDRSULDSVDLEXWRQXOCUHSHWDW
SkQFkQGWRDWHOPSLOHLQGLFDWRDUHVH
VWLQJ

$VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOvQSR]LLDVDX
 3HQWUXDDFWLYDDSVDLEXWRQXOCvQPRG
UHSHWDWSkQFkQGQLYHOXOGHYHQWLODUHGRULW
HVWHVHWDW


G 3XWHLGHVFKLGHJHDPXULOHODWHUDOHL
WUDSDJOLVDQWFXDMXWRUXOIXQFLHL'HVFKL
GHUHDVLVWDW3DJLQD9HQWLODUHD
VFDXQXOXLSHQWUXVFDXQXORIHUXOXLFRPXW
DXWRPDWODFHOPDLvQDOWQLYHO
 3HQWUXDRSULDSVDLEXWRQXOCUHSHWDW
SkQFkQGWRDWHOPSLOHLQGLFDWRDUHVH
VWLQJ


6FDXQHYRODQLRJOLQ]L

&HOHWUHLOPSLLQGLFDWRDUHURLLGLQEXWRQ
LQGLFQLYHOXOGHvQFO]LUHVHOHFWDWGHGXP
QHDYRDVWU



9RODQ



3UREOHPHODYHQWLODUHDVFDXQXOXL

5HJODUHDPDQXDODYRODQXOXL

9HQWLODUHDVFDXQXOXLVDGH]DFWLYDWSUHPDWXU
VDXQXSRDWHILDFWLYDW7HQVLXQHDGLQVLVWH
PXOHOHFWULFDODXWRYHKLFXOXOXLHVWHSUHD
VF]XWGHRDUHFHVXQWDFWLYDLSUHDPXOL
FRQVXPDWRULHOHFWULFL

6FDXQHYRODQLRJOLQ]L

2SULLFRQVXPDWRULLHOHFWULFLGHFDUHQX
DYHLQHYRLHFXPDUILvQFO]LUHDOXQHWHLVDX
LOXPLQDUHDLQWHULRDU

9RODQ

C 0DQHWGHHOLEHUDUH

1RWHLPSRUWDQWHSULYLQGVLJXUDQD

D 3HQWUXDUHJODvQOLPHDYRODQXOXL

 $9(57,60(17
9RODQXOUHJODELOHOHFWULFSRDWHILvQFRQWLQXDUH
UHJODWLFkQGFKHLDQXVHDIOvQFRPXWDWRUXO
GHFRQWDFW3ULQXUPDUHQXOVDLFRSLLLQHVX
SUDYHJKHDLvQDXWRYHKLFXOGHRDUHFHVDU
SXWHDSULQGHvQWUHHOHPHQWHFkQGYRODQXOHVWH
UHJODW

 $9(57,60(17
5HJODLYRODQXOGRDUFkQGDXWRYHKLFXOXOVWD
LRQHD]LQXGHPDUDLGHFkWDWXQFLFkQG
PHFDQLVPXOGHUHJODUHDOYRODQXOXLHVWHEOR
FDWvQSR]LLHQFD]FRQWUDUHVWHSRVLELOV
FRQGXFHLIUFDPHFDQLVPXOGHUHJODUHDO
YRODQXOXLVILHEORFDWvQSR]LLH'UHSW
XUPDUHHVWHSRVLELOFDGHSODVDUHDDFFLGHQ
WDODYRODQXOXLVYGLVWUDJDWHQLDGHOD
FRQGLLLOHUXWLHUHSXWkQGSURYRFDXQDFFL
GHQW
&XWRDWHDFHVWHDPDQHYUDELOLWDWHDDXWRYHKL
FXOXOXLQXHVWHDIHFWDW

3HQWUXDUHJODSR]LLDYRODQXOXLUHJODUH

IDLVSDWH
PSLQJHLPDQHWDGHHOLEHUDUHCFRPSOHW
vQMRV
&RORDQDGHGLUHFLHHVWHGHEORFDW
 5HJODLYRODQXOvQSR]LLDGRULW
 PSLQJHLPDQHWDGHHOLEHUDUHCFRPSOHW
vQVXV
&RORDQDGHGLUHFLHHVWHEORFDW
 9HULILFDLGDFFRORDQDGHGLUHFLHHVWHEOR
FDW&kQGHIHFWXDLYHULILFDUHDvQFHUFDL
VvPSLQJHLYRODQXOvQVXVVDXvQMRVVDX
vQFHUFDLVOPLFDLvQDLQWHLvQDSRL


5HJOHD]YRODQXOHOHFWULF

C 3HQWUXDUHJODvQOLPHDYRODQXOXL
D 3HQWUXDUHJODSR]LLDYRODQXOXLUHJODUH

IDLVSDWH

9RODQ

=&DUDFWHULVWLFD($6<(175<(;,7

3DJLQD
=6HWULGHPHPRUDUH3DJLQD

QFO]LUHDYRODQXOXL
$FWLYDUHDGH]DFWLYDUHD

&DUDFWHULVWLFD($6<(175<(;,7
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
&DUDFWHULVWLFD($6<(175<(;,7VLPSOLILF
LQWUDUHDLLHLUHDGLQDXWRYHKLFXO
3XWHLDFWLYDLGH]DFWLYDFDUDFWHULVWLFD($6<
(175<(;,7,175$5(,(,5(82$5vQ
FDOFXODWRUXOGHERUG3DJLQD

 $9(57,60(17
$VLJXUDLYFQXVHSRDWHSULQGHQLPHQL
vQWUHHOHPHQWHFkQGDFWLYDLFDUDFWHULVWLFD
($6<(175<(;,7
'DFH[LVWULVFXOFDFLQHYDVUPkQSULQV
vQWUHUXSHLSURFHGXUDGHUHJODUH3HQWUXDRSUL
SURFHGXUD
=DSVDLEXWRQXOGHUHJODUHDFRORDQHLGH

GLUHFLH
=DSVDLVFXUWXQXOGLQWUHEXWRDQHOHGHSR]L

$VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOvQSR]LLD
 3HQWUXDSRUQLRSULURWLLPDQHWDvQ
GLUHFLDLQGLFDWGHVJHDWDCVDXD
/DPSDLQGLFDWRDUHVHDSULQGHVDXVH
VWLQJH


$XWRYHKLFXOHIU.(</(66*2DWXQFLFkQG
VFRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
vQFO]LUHDYRODQXOXLVHRSUHWH
$XWRYHKLFXOHFX.(</(66*2DWXQFLFkQG
RSULLFRPXWDWRUXOGHFRQWDFWLGHVFKLGHL
SRUWLHUDRIHUXOXLvQFO]LUHDYRODQXOXLVH
RSUHWH

3UREOHPHODvQFO]LUHDYRODQXOXL
QFO]LUHDYRODQXOXLVDRSULWSUHPDWXUVDXQX
SRDWHILSRUQLW7HQVLXQHDGLQVLVWHPXOHOHF
WULFDODXWRYHKLFXOXOXLHVWHSUHDVF]XWGHRD
UHFHVXQWDFWLYDLSUHDPXOLFRQVXPDWRUL
HOHFWULFL


2SULLFRQVXPDWRULLHOHFWULFLGHFDUHQX
DYHLQHYRLHFXPDUILvQFO]LUHDOXQHWHLVDX
LOXPLQDUHDLQWHULRDU

LHDOHIXQFLHLGHPHPRUDUH
&RORDQDGHGLUHFLHVHRSUHWHLPHGLDWGLQ
GHSODVDUH
1XPHQLQHLEXWRQXOGHSR]LLHDOIXQFLHLGH
PHPRUDUHDSVDWvQFD]FRQWUDUIXQFLDGH
PHPRUDUHVHYDODQVDLYRODQXOLVFDXQXOYRU
vQFHSHVVHPLWH
1XOVDLQLFLRGDWFRSLLLQHVXSUDYHJKHDLvQ
DXWRYHKLFXO$FHWLDDUSXWHDGHVFKLGHSRU
WLHUDRIHUXOXLDFWLYkQGvQFRQVHFLQQHLQ
WHQLRQDWFDUDFWHULVWLFD($6<(175<L
UPkQkQGSULQLvQWUHHOHPHQWH

3R]LLDYRODQXOXLFkQGFDUDFWHULVWLFD
($6<(175<(;,7HVWHDFWLY
9RODQXOVHvQFOLQvQVXVGDF
=VFRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
=GHVFKLGHLSRUWLHUDRIHUXOXLL.(</(66

*2HVWHvQSR]LLD
=GHVFKLGHLSRUWLHUDRIHUXOXLLFKHLDHVWH

vQSR]LLDVDXvQFRPXWDWRUXOGHFRQWDFW

G 9RODQXOVHGHSODVHD]QXPDLvQVXVGDF
QXDDWLQVGHMDRSULWRUXOGHFDSWVXSHULRU

6FDXQHYRODQLRJOLQ]L

G 6XELHFWHDIHUHQWH





2JOLQ]L
3R]LLDYRODQXOXLSHQWUXFRQGXFHUH

2JOLQ]L

9RODQXOHVWHGHSODVDWvQSR]LLDVHWDWDQWH
ULRUGDF

2JOLQGUHWURYL]RDUH

=SRUWLHUDRIHUXOXLHVWHvQFKLV

6FDXQHYRODQLRJOLQ]L

=LQWURGXFHLFKHLDvQFRPXWDWRUXOGHFRQ

WDFW
VDX
=DSVDLEXWRQXO6WDUW6WRSRGDWODDXWR
YHKLFXOHOHFX.(</(66*2
'DFvQFKLGHLSRUWLHUDRIHUXOXLFXFKHLD
LQWURGXVvQFRPXWDWRUXOGHFRQWDFWYRODQXO
HVWHGHDVHPHQHDGHSODVDWDXWRPDWvQSR]LLD
VHWDWDQWHULRU
8OWLPDSR]LLHDYRODQXOXLHVWHPHPRUDW
GXSFHGHFXSODLFRQWDFWXOVDXFkQGPHPR
UDLVHWDUHDFXIXQFLDGHPHPRUDUH
3DJLQD

&DUDFWHULVWLFD($6<(;,7,(,5(
82$5FXUHDFLHODFROL]LXQL
'DFVHGHFODQHD]FDUDFWHULVWLFD($6<
(;,7FXUHDFLLODFROL]LXQLvQFD]GHDFFLGHQW
FRORDQDGHGLUHFLHVHYDGHSODVDvQVXVFkQG
SRUWLHUDRIHUXOXLHVWHGHVFKLV$FHDVWDVXU
YLQHLQGLIHUHQWGHSR]LLDFKHLLvQFRPXWDWRUXO
GHFRQWDFW$VWIHOLHLUHDGLQDXWRYHKLFXOL
VDOYDUHDRFXSDQLORUHVWHPDLVLPSO
&DUDFWHULVWLFD($6<(;,7FXUHDFLLODFROL
]LXQLHVWHIXQFLRQDOGRDUGDFFDUDFWHULV
WLFD($6<(;,7(175<HVWHDFWLYDWvQFDOFX
ODWRUXOGHERUG

2JOLQGUHWURYL]RDUHDQWLRUELUH
PDQXDO

0RGXODQWLRUELUHDFLRQDLFRPXWDWRUXO
DQWLRUELUHCvQDLQWHVDXvQDSRL

2JOLQ]LH[WHULRDUH
5HJODUHDRJOLQ]LORUH[WHULRDUH
 $9(57,60(17
2JOLQ]LOHH[WHULRDUHUHGXFPULPHDLPDJLQLL
2ELHFWHOHVXQWGHIDSWPDLDSURSLDWHGHFkW
SDU(VWHSRVLELOVDSUHFLDLLQFRUHFWGLVWDQD
IDGHDXWRYHKLFXOHOHGLQVSDWHLVSURYR
FDLXQDFFLGHQWGHH[ODVFKLPEDUHDEHQ]LL
'LQDFHVWPRWLYDVLJXUDLYSULYLQGGLVWDQD
UHDOIDGHDXWRYHKLFXOXOGLQVSDWHDUXQFkQG
RSULYLUHUDSLGSHVWHXPU
2JOLQ]LOHH[WHULRDUHFRQYH[HRIHUXQFkPS
GHYL]LXQHPDLPDUH
2JOLQ]LOHH[WHULRDUHVXQWvQFO]LWHDXWRPDW
GDFvQFO]LUHDOXQHWHLHVWHDFWLYDWLWHP
SHUDWXUDH[WHULRDUHVWHVF]XW

2JOLQ]L



$VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOvQSR]LLDVDX
 $SVDLEXWRQXOCVFXUW
$PEHOHRJOLQ]LH[WHULRDUHVHUDEDWHD]VDX
VHH[WLQG


$VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOvQSR]LLDVDX
 $SVDLEXWRQXOCSHQWUXRJOLQGDH[WH
ULRDUGHSHSDUWHDVWkQJVDXEXWRQXOD
SHQWUXRJOLQGDH[WHULRDUGHSHSDUWHD
GUHDSW
/DPSDLQGLFDWRDUHGLQEXWRQXODIHUHQWVH
DSULQGHvQURX
/DPSDLQGLFDWRDUHVHVWLQJHGLQQRXGXS
FkWYDWLPS3XWHLUHJODRJOLQGDVHOHFWDW
FXDMXWRUXOEXWRQXOXLGHUHJODUHFkW
ODPSDLQGLFDWRDUHHVWHDSULQV
 $SVDLEXWRQXOGHUHJODUHvQVXVvQMRV
vQVWkQJDVDXvQGUHDSWDSkQODUHJODUHD
RJOLQ]LLH[WHULRDUHvQSR]LLDFRUHFW7UHEXLH
VDYHLRYHGHUHGHDQVDPEOXEXQDVXSUD
FRQGLLLORUGHWUDILF


5DEDWDUHDVDXH[WLQGHUHDHOHFWULFD
RJOLQ]LORUH[WHULRDUH

6HWDUHDRJOLQ]LORUH[WHULRDUH
'DFEDWHULDDIRVWGHFRQHFWDWVDXFRPSOHW
GHVFUFDWRJOLQ]LOHH[WHULRDUHWUHEXLHVILH
UHVHWDWHQFD]FRQWUDURJOLQ]LOHH[WHULRDUH
QXVHYRUUDEDWDFkQGVHOHFWDLIXQFLD5DED
WDUHRJOLQ]LODvQFXLHUHGLQFDOFXODWRUXOGH
ERUG3DJLQD
 $VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOvQSR]LLD
 $SVDLEXWRQXOCVFXUW

5DEDWDUHDVDXH[WLQGHUHDDXWRPDWD
RJOLQ]LORUH[WHULRDUH
'DFIXQFLD5DEDWDUHRJOLQ]LODvQFXLHUH
HVWHDFWLYDWvQFDOFXODWRUXOGHERUG
3DJLQD
=RJOLQ]LOHH[WHULRDUHVHUDEDWHD]DXWRPDW
LPHGLDWFHvQFXLDLDXWRYHKLFXOXOGLQH[WH
ULRU
=RJOLQ]LOHH[WHULRDUHVHH[WLQGGLQQRXDXWR
PDWLPHGLDWFHGHVFXLDLDXWRYHKLFXOXOL
DSRLGHVFKLGHLSRUWLHUDRIHUXOXLVDXFHDD
SDVDJHUXOXLGLQID

G 'DFRJOLQ]LOHH[WHULRDUHDXIRVWUDEDWDWH
PDQXDOHOHQXVHPDLH[WLQG
2JOLQGDH[WHULRDUvQDIDUDSR]LLHL
'DFRRJOLQGH[WHULRDUDIRVWVFRDVGLQ
SR]LLDVDSURFHGDLGXSFXPXUPHD]
 $XWRYHKLFXOHIURJOLQ]LH[WHULRDUHFX
UDEDWDUHHOHFWULFGHSODVDLRJOLQGDH[WH
ULRDUvQSR]LLDFRUHFWPDQXDO
 $XWRYHKLFXOHFXRJOLQ]LH[WHULRDUHFX
UDEDWDUHHOHFWULFDSVDLLPHQLQHL


6FDXQHYRODQLRJOLQ]L

G $VLJXUDLYFRJOLQ]LOHH[WHULRDUHVXQW
vQWRWGHDXQDH[WLQVHFRPSOHWDWXQFLFkQG
FRQGXFHLQFD]FRQWUDUDUSXWHDYLEUD



2JOLQ]L
DSVDWEXWRQXOGHUDEDWDUHDRJOLQ]LLSkQ
FkQGDX]LLXQFOLFLDURJOLQGDVHvPELQvQ
SR]LLH3DJLQD
&DUFDVDRJOLQ]LLHVWHGLQQRXvPELQDWL
SXWHLUHJODRJOLQ]LOHH[WHULRDUHGXSFXP
HVWHQRUPDO3DJLQD

6FDXQHYRODQLRJOLQ]L

2JOLQ]LDQWLRUELUHDXWRPDWH
 $9(57,60(17
'DFOXPLQDLQFLGHQWSURYHQLWGHODIDUXUL
HVWHvPSLHGLFDWVDMXQJODVHQ]RUXOGLQ
RJOLQGDUHWURYL]RDUHGHEDJDMHOHDUDQMDWH
SUHDVXVvQDXWRYHKLFXOGHH[HPSOXIXQFLD
DXWRPDWDQWLRUELUHDRJOLQ]LLQXYDIXQF
LRQD
/XPLQDLQFLGHQWYDUSXWHDDVWIHORUEL(DY
SRDWHGLVWUDJHDWHQLDGHODFRQGLLLOHGHWUDILF
LGUHSWXUPDUHSXWHLSURYRFDXQDFFLGHQW

2JOLQGDUHWURYL]RDUHLRJOLQGDH[WHULRDUGH
SHSDUWHDRIHUXOXLLQWUDXWRPDWvQPRGXO
DQWLRUELUHGDFHVWHSXVFRQWDFWXOLOXPLQD
LQFLGHQWGHODIDUXULDMXQJHODVHQ]RUXOGLQ
RJOLQGDUHWURYL]RDUH
2JOLQ]LOHQXLQWUvQPRGXODQWLRUELUHGDF
WUHDSWDGHPHUVvQDSRLHVWHFXSODWVDXLOX
PLQDUHDLQWHULRDUHVWHSRUQLW

3R]LLDGHSDUFDUHSHQWUXRJOLQGD
H[WHULRDUSHSDUWHDSDVDJHUXOXLGLQ
ID
6HWDUHDLPHPRUDUHDSR]LLHLGHSDU
FDUH
3XWHLSR]LLRQDRJOLQGDH[WHULRDUGHSHSDU
WHDSDVDJHUXOXLGLQIDDVWIHOvQFkWVYHGHL
URDWDVSDWHGHSHSDUWHDUHVSHFWLYLPHGLDW
FHFXSODLWUHDSWDGHPHUVvQDSRL3XWHL
PHPRUDDFHDVWSR]LLH

$VLJXUDLYFDXWRYHKLFXOXOVWDLRQHD]L
FDLDGXVFKHLDvQSR]LLDGLQFRPXWD
WRUXOGHFRQWDFW
 &XSODLWUHDSWDGHPHUVvQDSRL
2JOLQGDH[WHULRDUGHSHSDUWHDSDVDJHUX
OXLGLQIDLQWUvQSR]LLDGHSDUFDUHSUH
VHWDW
 8WLOL]DLEXWRQXOGHUHJODUHSHQWUXD
UHJODRJOLQGDH[WHULRDU$UWUHEXLVYHGHL
URDWDGLQVSDWHLERUGXUDvQRJOLQGDH[WH
ULRDU
3R]LLDGHSDUFDUHHVWHPHPRUDW


G &kQGFXSODLWUDQVPLVLDvQDOWSR]LLH
RJOLQGDH[WHULRDUGHSHSDUWHDSDVDJHUXOXL
GLQIDUHYLQHODSR]LLDGHFRQGXFHUH
G 3XWHLPHPRUDSR]LLDGHSDUFDUHLFX
DMXWRUXOEXWRQXOXLGHPHPRUDUH0
 $VLJXUDLYFvQFRPXWDWRUXOGHFRQ
WDFWFKHLDVHDIOvQSR]LLD
 &XRJOLQGDH[WHULRDUGHSHSDUWHD
SDVDJHUXOXLGLQIDDFWLYDWXWLOL]DL
EXWRQXOGHUHJODUHSHQWUXDUHJOD
RJOLQGDH[WHULRDU$UWUHEXLVYHGHL
URDWDGLQVSDWHLERUGXUDvQRJOLQGD
H[WHULRDUGHSHSDUWHDSDVDJHUXOXL
GLQID
 $SVDLEXWRQXOGHPHPRUDUH0L
XQDGLQWUHVJHLOHGHSHEXWRQXOGH
UHJODUHvQGHFXUVGHWUHLVHFXQGH
3R]LLDGHSDUFDUHHVWHPHPRUDW
GDFRJOLQGDH[WHULRDUQXVHGHSOD
VHD]
'DFRJOLQGDLHVHGLQSR]LLHUHSHWDLSDLL

)XQFLHGHPHPRUDUH

5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 5HJODLRJOLQGDH[WHULRDUGHSHSDUWHD
SDVDJHUXOXLGLQIDFXEXWRQXODIHUHQW
3DJLQD
 &XSODLWUHDSWDGHPHUVvQDSRL
2JOLQGDH[WHULRDUGHSHSDUWHDSDVDJHUX
OXLGLQIDLQWUvQSR]LLDGHSDUFDUHVWR
FDW


QHD]QFD]FRQWUDUHVWHSRVLELOFDSXQHUHD
vQPLFDUHDYRODQXOXLLDVFDXQXOXLVYGLV
WUDJDWHQLDGHODFRQGLLLOHGLQWUDILFSXWkQG
SURYRFDXQDFFLGHQWvQFRQVHFLQ

2JOLQGDH[WHULRDUGHSHSDUWHDSDVDJHUXOXL
GLQIDUHYLQHvQSR]LLDLQLLDO
=LPHGLDWFHGHSLLRYLWH]GHNPK
=DSUR[LPDWLY]HFHVHFXQGHGXSFHDLGHFX

SODWWUHDSWDGHPHUVvQDSRL
=GDFDSVDLEXWRQXOCSHQWUXRJOLQGD
H[WHULRDUSHSDUWHDRIHUXOXL

)XQFLHGHPHPRUDUH
6HWULGHPHPRUDUH
&XIXQFLDGHPHPRUDUHSXWHLVWRFDSkQOD
WUHLVHWULGLIHULWHGHH[SHQWUXWUHLSHUVRDQH
GLIHULWH
8UPWRDUHOHVHWULVXQWVWRFDWHFDXQDQVDP
EOXSUHVHWDWvQPHPRULHXQLF
=SR]LLDVFDXQXOXLVSWDUXOXLLWHWLHUHL
=SHSDUWHDRIHUXOXLSR]LLDYRODQXOXL
=SHSDUWHDRIHUXOXLSR]LLRQDLRJOLQ]LOH
H[WHULRDUHSHSDUWHDRIHUXOXLLDSDVDJH
UXOXLGLQID

 $9(57,60(17
)XQFLDGHPHPRUDUHSRDWHILXWLOL]DWvQFRQ
WLQXDUHLGXSFHFKHLDDIRVWVFRDV'LQ
DFHVWPRWLYFRSLLLQXWUHEXLHVILHOVDL
QHVXSUDYHJKHDLvQDXWRYHKLFXOQFD]FRQ
WUDUDFHWLDDUSXWHDUPkQHSULQLvQWUHHOH
PHQWHFkQGUHJOHD]VFDXQXOVDXYRODQXO

5HJODLVFDXQXO3DJLQD
3HSDUWHDRIHUXOXLUHJODLYRODQXO
3DJLQDLRJOLQ]LOHH[WHULRDUH
3DJLQD
 $SVDLEXWRQXOGHPHPRUDUH0LDSRL
DSVDLEXWRQXOSR]LLHLGHVWRFDUHVDX
vQGHFXUVGHWUHLVHFXQGH
6HWULOHVXQWPHPRUDWHvQSR]LLDGHSUH
VHWDUHVHOHFWDW6HHPLWHXQVHPQDOVRQRU
FkQGVHWULOHDXIRVWILQDOL]DWH



$SHODUHDXQHLVHWULPHPRUDWH


$SVDLLPHQLQHLDSVDWEXWRQXOGHSR]L
LHGHPHPRUDUHUHOHYDQWVDXSkQ
FkQGVFDXQXOYRODQXOLRJOLQ]LOHH[WHULRDUH
LQWUvQSR]LLDPHPRUDW

G 3URFHGXUDGHVHWDUHVHvQWUHUXSHLPHGLDW
FHHOLEHUDLEXWRQXOGHSR]LLHGHPHPR
UDUH

 $9(57,60(17
8WLOL]DLIXQFLDGHPHPRUDUHGHSHSDUWHD
RIHUXOXLQXPDLFkQGDXWRYHKLFXOXOVWDLR


6FDXQHYRODQLRJOLQ]L

$SHODUHDXQHLVHWULGHSR]LLHGHSDU
FDUHPHPRUDWH












/XPLQLLWHUJWRDUHGHSDUEUL]

,QIRUPDLLXWLOH
,OXPLQDUHH[WHULRDU
,OXPLQDUHLQWHULRDU
6FKLPEDUHDEHFXULORU
WHUJWRDUHGHSDUEUL]



,OXPLQDUHH[WHULRDU

/XPLQLLWHUJWRDUHGHSDUEUL]

,QIRUPDLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
ULWRDUHODVLJXUDQ

WUDYHUVDUHDJUDQLHLODvQWRDUFHUH
3DJLQD
'DFIDUXULOHVXQWFRQYHUWLWHODID]DVFXUW
VLPHWULFIXQFLLOHPRGDXWRVWUDGLSUR
LHFWRDUHGHFHDFXUD]H[WLQV6LVWHPXO
GHOXPLQLLQWHOLJHQWHVXQWLQGLVSRQLELOH

&RPXWDWRUGHOXPLQL
)XQFLRQDUH

G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD
,OXPLQDUHH[WHULRDU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
'LQPRWLYHGHVLJXUDQ0HUFHGHV%HQ]Y
UHFRPDQGVFRQGXFHLFXOXPLQLOHSRUQLWH
FKLDULSHWLPSGH]LQDQXPLWHULXWLOL]DUHD
IDUXULORUYDULD]vQIXQFLHGHFHULQHOHOHJDOH
LGHREOLJDLLOHDXWRLPSXVH

Gc /PSLOHGHSR]LLHGHSHSDUWHD

VWkQJ
Hd /PSLOHGHSR]LLHGHSHSDUWHD

GUHDSW
I` /XPLQLGHSR]LLHODWHUDOHLOXPLQDUHD

1RWHSULYLQGFRQGXFHUHDvQ
VWULQWDWH
7UHFHUHDODID]DVFXUWVLPHWULFFkQG
FRQGXFHLvQVWULQWDWHFRPXWDLIDUXULOH
SHID]DVFXUWVLPHWULFvQULOHvQFDUHWUDIL
FXOVHGHVIRDUSHSDUWHDRSXVGUXPXOXL
vQDUDvQFDUHDXWRYHKLFXOXOHVWHvQUHJLVWUDW
$VWIHOSUHYHQLLRUELUHDWUDILFXOXLGHSHFRQ
WUDVHQV$WXQFLFkQGXWLOL]DLOXPLQLVLPHWULFH
PDUJLQHDFDURVDELOXOXLQXHVWHOXPLQDWODIHO
GHPXOWFDvQPRGQRUPDOLQLFLSHRGLVWDQ
PDUHvQDLQWH
&RQYHUWLLIDUXULOHFkWPDLDSURDSHSRVLELOGH
JUDQLvQDLQWHGHDFRQGXFHvQDFHVWHUL
3DJLQD
&RQYHUWLUHDODID]VFXUWDVLPHWULF
GXSvQWRDUFHUHUHFRQYHUWLLIDUXULOHODID]
VFXUWDVLPHWULFFkWPDLFXUkQGSRVLELOGXS

SOFXHLGHvQPDWULFXODUHLDSDQRX
OXLGHLQVWUXPHQWH
JX 0RGGHIXQFLRQDUHDXWRPDWDIDUX
ULORUPRGGHIXQFLRQDUHSHWLPSGH
]LDIDUXULORU
KX )DUXULSHQWUXID]VFXUWIDUXULSHQ
WUXID]OXQJ
^ /DPSGHFHDVSDWH
6HPQDOL]DWRDUHOHGHGLUHFLHIDUXULOHSHQWUX
ID]OXQJLFOD[RQXORSWLFIODVKXOVXQW
DFLRQDWHFXDMXWRUXOFRPXWDWRUXOXLPL[W
3DJLQD

 'DFEDWHULDDIRVWGHVFUFDWH[FHVLY
OXPLQLOHGHSR]LLHODWHUDOHVDXOPSLOHGH
SR]LLHVXQWDXWRPDWRSULWHSHQWUXDSHU
PLWHXUPWRDUHDSRUQLUHDPRWRUXOXL3DU
FDLvQWRWGHDXQDDXWRYHKLFXOXOGXPQHD
YRDVWUODORFVLJXULVXILFLHQWLOXPLQDWvQ
IXQFLHGHVWDQGDUGHOHOHJDOH(YLWDLXWLOL

]DUHDFRQWLQXDOXPLQLORUGHSR]LLHODWH
UDOH`WLPSGHFkWHYDRUH'DFHVWH
SRVLELOSRUQLLODPSDGHSR]LLHd
GUHDSWDVDXcVWkQJD

&kQGIDUXULOHSHQWUXID]VFXUWVXQWSRU
QLWHODPSDLQGLFDWRDUHXGLQSDQRXOGH
LQVWUXPHQWHVHDSULQGH

,OXPLQDUHDH[WHULRDUFXH[FHSLDOXPLQLORU
GHSR]LLHODWHUDOHOPSLORUGHSR]LLHVH
RSUHWHDXWRPDWGDF

0RGGHIXQFLRQDUHDXWRPDWDIDUXULORU


=VFRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
=GHVFKLGHLSRUWLHUDRIHUXOXLFXFKHLDvQ

SR]LLD
'DFDX]LLXQVXQHWGHDYHUWL]DUHFkQG
SUVLLDXWRYHKLFXOXOHVWHSRVLELOFDOXPLQLOH
VILUPDVDSULQVH
 5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD
X

)DUXULSHQWUXID]VFXUW
3HQWUXDDFWLYDIDUXULOHSHQWUXID]
VFXUWURWLLFKHLDvQFRPXWDWRUXOGHFRQ
WDFWvQSR]LLDVDXSRUQLLPRWRUXO
 5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD
X
/DPSDLQGLFDWRDUHXGLQSDQRXOGH
LQVWUXPHQWHVHDSULQGH


0RGGHIXQFLRQDUHSHWLPSGH]LDIDUX
ULORU
3XWHLDFWLYDVDXGH]DFWLYDPRGXOGHIXQFLR
QDUHSHWLPSGH]LDIDUXULORUFXDMXWRUXOFDO
FXODWRUXOXLGHERUG3DJLQD
 0RGGHIXQFLRQDUHSHWLPSGH]LDIDUX
ULORUDFWLYDLPRGXOGHIXQFLRQDUHSHWLPS
GH]LDIDUXULORUFXDMXWRUXOFDOFXODWRUXOXLGH
ERUG
 5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD
X
&kQGPRWRUXOHVWHSRUQLWvQIXQFLHGHFRQ
GLLLOHGHOXPLQDPELDQWPRGXOGHIXQF
LRQDUHSHWLPSGH]LDIDUXULORUVDXGH
DSULQGHUHDOXPLQLORUGHSR]LLHVDXDOHIDUX
ULORUSHQWUXID]VFXUW

3HQWUXDSRUQLPRGXOGHIXQFLRQDUH
DXWRPDWDIDUXULORUURWLLFRPXWDWRUXO
GHOXPLQLvQSR]LLDX
&KHLDvQSR]LLDvQFRPXWDWRUXOGHFRQ
WDFWOXPLQLOHGHSR]LLHODWHUDOHVXQWSRU
QLWHVDXRSULWHDXWRPDWvQIXQFLHGHLQWHQ
VLWDWHDOXPLQLLDPELHQWDOH
&XPRWRUXOSRUQLWvQIXQFLHGHLQWHQVLWDWHD
OXPLQLLDPELHQWDOHPRGXOGHIXQFLRQDUH
SHWLPSGH]LDIDUXULORUVDXGDFIDUXULOH
SHQWUXID]VFXUWVXQWSRUQLWHVDXRSULWH
DXWRPDW
&kQGIDUXULOHSHQWUXID]VFXUWVXQWSRU
QLWHODPSDLQGLFDWRDUHXGLQSDQRXOGH
LQVWUXPHQWHVHDSULQGH

 3HULFROGHDFFLGHQW
&kQGFRPXWDWRUXOGHOXPLQLHVWHVHWDWvQSR]L
LDXID]DVFXUWDIDUXULORUQXVHDSULQGH
DXWRPDWvQFRQGLLLGHFHD$FHVWOXFUXY
SRDWHSXQHvQSHULFRODWkWSHGXPQHDYRDVWU
FkWLSHDOWHSHUVRDQH'HDFHHDvQFRQGLLL
GHFHDURWLLFRPXWDWRUXOGHOXPLQLvQSR]L
LDX
0RGXOGHIXQFLRQDUHDXWRPDWDIDUXULORU
HVWHRIHULWGRDUFDIDFLOLWDWHRIHUXOHVWH
vQWRWGHDXQDSHGHSOLQUHVSRQVDELOGHLOXPL
QDUHDDXWRYHKLFXOXOXL

/DPSGHFHDVSDWH
3HQWUXDDSULQGHOPSLOHGHFHD
VSDWHURWLLFKHLDvQFRPXWDWRUXOGHFRQ
WDFWvQSR]LLDVDXSRUQLLPRWRUXO
 5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD
XVDXX


1XPDLGDFPRGXOGHIXQFLRQDUHSHWLPSGH]LDIDUXULORUDIRVWDFWLYDWSULQFDOFXODWRUXOGHERUG




/XPLQLLWHUJWRDUHGHSDUEUL]

,OXPLQDUHH[WHULRDU

,OXPLQDUHH[WHULRDU



$SVDLEXWRQXO^
6HDSULQGHODPSDLQGLFDWRDUH^JDOEHQ
GLQSDQRXOGHLQVWUXPHQWH
 3HQWUXDGH]DFWLYDOPSLOHGHFHD
VSDWHDSVDLEXWRQXO^
/DPSDLQGLFDWRDUHJDOEHQ^GLQ
SDQRXOGHLQVWUXPHQWHVHVWLQJH


/XPLQLLWHUJWRDUHGHSDUEUL]

G 'DFRSULLPRWRUXOFKHLDvQSR]LLDGLQ
FRPXWDWRUXOGHFRQWDFWLDSRLvOUHSRUQLL
VHUHYLQHODVHWULOHDQWHULRDUHDOHOPSLORU
GHFHD

6LVWHPGHFXUDUHIDUXUL
'DFIXQFLDWHUJHUHFXOLFKLGGHVSODUH
HVWHDFLRQDWGHFLQFLRUL3DJLQD
FkQGOXPLQLOHVXQWDSULQVHLPRWRUXOIXQFLR
QHD]IDUXULOHVXQWFXUDWHDXWRPDW&kQG
GHFXSODLFRQWDFWXOVLVWHPXOGHFXUDUH
DXWRPDWDIDUXULORUHVWHUHVHWDWL
QXPUWRDUHDHVWHUHOXDWGHOD

&RPXWDWRUPL[W
6HPQDOL]DWRDUHGHGLUHFLH

5HJODUHDvQOLPLLIDUXULORUIDUXULFX
KDORJHQ
&RQWUROXOvQOLPLLIDUXULORUYSHUPLWHV
UHJODLUD]DGHOXPLQHPLVGHIDUXULvQIXQF
LHGHQLYHOXOGHvQFUFDUHDODXWRYHKLFXOXOXL

C )DUXULSHQWUXID]OXQJ
D 6HPQDOL]DWRUGHGLUHFLHGUHDSWD
&OD[RQXORSWLFIODVK
6HPQDOL]DWRUGHGLUHFLHVWkQJD
&RQWUROvQOLPHIDUXUL
Z 6FDXQXORIHUXOXLLVFDXQXOSDVDJHUXOXL

IDRFXSDWH
G 6FDXQXORIHUXOXLVFDXQXOSDVDJHUXOXL

IDLVFDXQHOHVSDWHRFXSDWH
H 6FDXQXORIHUXOXLVFDXQXOSDVDJHUXOXL

IDLVFDXQHOHVSDWHRFXSDWHLVDUFLQD
SHSXQWHDVSDWHPD[LPDGPLVXWLOL]DW
FkQGDXWRYHKLFXOXOHVWHvQFUFDW
I 6FDXQXORIHUXOXLRFXSDWLVDUFLQDSH
SXQWHDVSDWHPD[LPDGPLVXWLOL]DW
FkQGDXWRYHKLFXOXOHVWHvQFUFDW



3RUQLLPRWRUXO
5RWLLFRQWUROXOvQOLPLLIDUXULORUvQSR]LLD
FDUHFRUHVSXQGHVDUFLQLLGLQDXWRYHKLFXOXO
GXPQHDYRDVWU

3HQWUXDVHPQDOL]DVFXUWDSVDLVFXUW
FRPXWDWRUXOPL[WODSXQFWXOGHSUHVLXQHvQ
GLUHFLDLQGLFDWGHVJHDWDDVDX
6HPQDOL]DWRUXOGHGLUHFLHDIHUHQWOXPL
QHD]LQWHUPLWHQWGHWUHLRUL
 3HQWUXDVHPQDOL]DDSVDLFRPXWDWRUXO
PL[WGLQFRORGHSXQFWXOGHSUHVLXQHvQ
GLUHFLDLQGLFDWGHVJHDWDDVDX


)DUXULSHQWUXID]OXQJ
3HQWUXDDFWLYDIDUXULOHSHQWUXID]
OXQJURWLLFKHLDvQFRPXWDWRUXOGHFRQ
WDFWvQSR]LLDVDXSRUQLLPRWRUXO
 5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD
XVDXX


,OXPLQDUHH[WHULRDU
$SVDLFRPXWDWRUXOPL[WGLQFRORGHSXQF
WXOGHSUHVLXQHvQGLUHFLDLQGLFDWGH
VJHDWDC
QSR]LLDXIDUXULOHSHQWUXID]OXQJ
VXQWDSULQVHQXPDLFkQGHVWHvQWXQHULFL
PRWRUXOIXQFLRQHD]
/DPSDLQGLFDWRDUHWGLQSDQRXOGH
LQVWUXPHQWHVHDSULQGHFkQGIDUXULOHSHQWUX
ID]OXQJVXQWDSULQVH
 3HQWUXDGH]DFWLYDIDUXULOHSHQWUXID]
OXQJDGXFHLFRPXWDWRUXOPL[WvQDSRLvQ
SR]LLDQRUPDO
/DPSDLQGLFDWRDUHWGLQSDQRXOGH
LQVWUXPHQWHVHVWLQJH

QXPDLODPSDVHPQDOL]DWRUXOXLGHGLUHFLH
GHSHSDUWHDDIHUHQWDDXWRYHKLFXOXOXLYD
OXPLQDLQWHUPLWHQW
 3HQWUXDRSULVHPQDOL]DWRDUHOHGHDYD
ULHDSVDLEXWRQXOC

&OD[RQRSWLFIODVK

1RWHLPSRUWDQWH

3HQWUXDDFWLYDURWLLFKHLDvQFRPXWDWRUXO
GHFRQWDFWvQSR]LLDVDXVDXSRUQLL
PRWRUXO
 7UDJHLFRPXWDWRUXOPL[WvQGLUHFLDLQGL
FDWGHVJHDWD

6LVWHPXOGHOXPLQLLQWHOLJHQWHHVWHXQVLVWHP
FDUHUHJOHD]IDUXULOHvQPRGDXWRPDWSHQWUX
DVHDGDSWDFRQGLLLORUUXWLHUHLPHWHRSUH
GRPLQDQWH$FHVWDRIHUIXQFLLDYDQVDWH
SHQWUXLOXPLQDUHDvPEXQWLWDVXSUDIHHL
GHGUXPGHH[vQIXQFLHGHYLWH]DDXWRYHKL
FXOXOXLLvQIXQFLHGHFRQGLLLOHPHWHR6LV
WHPXOLQFOXGHIXQFLDOXPLQDFWLYIXQFLD
LOXPLQDUHVXSOLPHQWDUvQYLUDMHPRGXODXWRV
WUDGLSURLHFWRDUHGHFHDFXUD]H[WLQV
6LVWHPXOHVWHDFWLYQXPDLDWXQFLFkQGHVWH
vQWXQHULF
3XWHLDFWLYDVDXGH]DFWLYD6LVWHPGHOXPLQL
LQWHOLJHQWHFXDMXWRUXOFDOFXODWRUXOXLGHERUG
3DJLQD

6HPQDOL]DWRDUHGHDYDULH

6HPQDOL]DWRDUHOHGHDYDULHVHRSUHVFDXWR
PDWGDFDXWRYHKLFXOXODWLQJHRYLWH]GH
SHVWHNPKGLQQRXGXSDFLRQDUHDFRP
SOHWDIUkQHORU

G 6HPQDOL]DWRDUHOHGHDYDULHSRWFRQWLQXD
VIXQFLRQH]HGDFDLGHFXSODWFRQWDFWXO
6LVWHPGHOXPLQLLQWHOLJHQWH

)XQFLDOXPLQDFWLY

6HPQDOL]DWRDUHOHGHDYDULHVHDSULQGDXWRPDW
GDF
=XQDLUEDJHVWHGHFODQDW
=DXWRYHKLFXOXOGHFHOHUHD]UDSLGGHODR


YLWH]GHSHVWHNPKLVHRSUHWH
3HQWUXDSRUQLVHPQDOL]DWRDUHOHGHDYD
ULHDSVDLEXWRQXOC
7RDWHVHPQDOL]DWRDUHOHGHGLUHFLHFOLSHVF
'DFDFXPSRUQLLXQVHPQDOL]DWRUGH
GLUHFLHFXDMXWRUXOFRPXWDWRUXOXLPL[W

)XQFLDOXPLQDFWLYHVWHXQVLVWHPFDUH
GHSODVHD]IDUXULOHvQIXQFLHGHPLFULOH


/XPLQLLWHUJWRDUHGHSDUEUL]





,OXPLQDUHH[WHULRDU
URLORUID$VWIHO]RQHOHUHOHYDQWHUPkQLOX
PLQDWHvQWLPSXOFRQGXFHULL$FHDVWDYSHU
PLWHVUHFXQRDWHLSLHWRQLELFLFOLWLLDQL
PDOH
$FWLYFkQGOXPLQLOHVXQWSRUQLWH

0RGDXWRVWUDG

/XPLQLLWHUJWRDUHGHSDUEUL]

,OXPLQDUHVXSOLPHQWDUvQYLUDMH

0RGXODXWRVWUDGFUHWHUD]DID]HLIDUXULORU
$FWLY
=GDFFRQGXFHLFXYLWH]HGHSHVWH

,OXPLQDUHDVXSOLPHQWDUvQYLUDMH
vPEXQWHWHLOXPLQDUHDGUXPXOXLSHXQ
XQJKLODUJvQGLUHFLDvQFDUHYLUDLSHUPLkQG
RYL]LELOLWDWHPDLEXQvQYLUDMHVWUkQVHGH
H[HPSOX)XQFLDSHQWUXLOXPLQDUHVXSOLPHQ
WDUvQYLUDMHSRDWHILDFWLYDWQXPDLFkQG
IDUXULOHSHQWUXID]VFXUWVXQWDSULQVH
$FWLY

NPKLQXHIHFWXDLPLFULDPSOHGH
GLUHFLHSHSDUFXUVXODP
=GDFFRQGXFHLFXSHVWHNPK
,QDFWLYGDFFRQGXFHLFXYLWH]HVXE
NPKGXSDFWLYDUH

3URLHFWRDUHGHFHDFXUD]H[WLQV

=GDFFRQGXFHLFXYLWH]HVXENPKL

SRUQLLVHPQDOL]DWRUXOGHGLUHFLHVDXURWLL
GHYRODQ
=GDFFRQGXFHLFXYLWH]HvQWUHNPKL
NPKLURWLLGHYRODQ
,QDFWLYGDFFRQGXFHLFXYLWH]HGHSHVWH
NPKVDXRSULLVHPQDOL]DWRUXOGHGLUHFLH
VDXURWLLYRODQXOODSR]LLDGUHSWvQDLQWH
,OXPLQDUHDVXSOLPHQWDUvQYLUDMHSRDWH
UPkQHDSULQVVFXUWWLPSvQVHVWHDXWRPDW
RSULWGXSQXPDLPXOWGHWUHLPLQXWH

3URLHFWRDUHOHGHFHDFXUD]H[WLQVUHGXF
VHQ]DLDGHRUELUHUHVLPLWGHRIHUL
vPEXQWHVFLOXPLQDUHDODPDUJLQHDFDURVD
ELOXOXL
$FWLYGDFFRQGXFHLFXYLWH]HVXE
NPKLVWLQJHLODPSDGHFHDVSDWH
,QDFWLYGDFFRQGXFHLFXYLWH]HGHSHVWH
NPKVDXGDFVWLQJHLODPSDGHFHD
VSDWHGXSDFWLYDUH

$VLVWHQSHQWUXID]DOXQJDGDSWLY
3XWHLXWLOL]DDFHDVWIXQFLHSHQWUXDVHWD
IDUXULOHVFRPXWHvQWUHID]VFXUWLID]D
OXQJDXWRPDW6LVWHPXOUHFXQRDWHDXWRYH
KLFXOHOHFXIDUXULOHDSULQVHILHFHOHFDUHYLQ
GLQVHQVXORSXVILHFHOHFDUHUXOHD]vQIDD
DXWRYHKLFXOXOXLGXPQHDYRDVWUFRPXWkQGvQ
FRQVHFLQIDUXULOHGHSHID]OXQJSHID]
VFXUW
6LVWHPXODGDSWHD]DXWRPDWEWDLDIDUXOXL
SHQWUXID]VFXUWvQIXQFLHGHGLVWDQDID
GHFHOODOWDXWRYHKLFXO2GDWFHVLVWHPXOQX
PDLGHWHFWHD]DOWHDXWRYHKLFXOHDFHVWD
UHDFWLYHD]IDUXULOHSHQWUXID]OXQJ
6HQ]RUXORSWLFDOVLVWHPXOXLVHDIOvQVSDWHOH
SDUEUL]XOXLOkQJSDQRXOGHFRPDQGVLWXDW
SHSODIRQ

'DFFRQGXFHLFXSHVWHNPK
vQOLPHDIDUXULORUHVWHVHWDWDXWRPDWvQ
IXQFLHGHGLVWDQDGLQWUHDXWRYHKLFXOLDOL
SDUWLFLSDQLODWUDILF
'DFFRQGXFHLFXYLWH]HGHSHVWH
NPKLQXVHUHFXQRVFDOLSDUWLFLSDQL
ODWUDILF
IDUXULOHSHQWUXID]OXQJVXQWDSULQVHDXWR
PDW'HDVHPHQHDVHDSULQGHODPSDLQGL
FDWRDUHWGLQSDQRXOGHLQVWUXPHQWH
'DFFRQGXFHLFXYLWH]HVXENPKVDX
DOLSDUWLFLSDQLODWUDILFVXQWUHFXQRVFXL
VDXGUXPXOHVWHLOXPLQDWFRUHVSXQ]WRU
IDUXULOHSHQWUXID]OXQJVXQWRSULWHDXWR
PDW/DPSDLQGLFDWRDUHWGLQSDQRXOGH
LQVWUXPHQWHVHVWLQJH/DPSDLQGLFDWRDUH
GLQSDQRXOGHLQVWUXPHQWHUPkQH
DSULQV
 3HQWUXDGH]DFWLYDDGXFHLFRPXWDWRUXO
PL[WvQDSRLvQSR]LLDQRUPDO
/DPSDLQGLFDWRDUHGLQSDQRXOGH
LQVWUXPHQWHVHVWLQJH

 $9(57,60(17
$VLVWHQSHQWUXID]OXQJDGDSWLYHVWH
QXPDLXQVLVWHPGHDVLVWHQFDUHYDMXW
FkQGFRQGXFHLRIHUXOSRDUWUVSXQGHUHD
UHJOULLLOXPLQULLDXWRYHKLFXOXOXLvQIXQFLHGH
FRQGLLLOHSUHGRPLQDQWHGHLOXPLQDUHYL]LELOL
WDWHLUXWLHUH
6LVWHPXOSRDWHIXQFLRQDODFDSDFLWDWHUHGXV
VDXSRDWHILGH]DFWLYDW

3HQWUXDDFWLYDDFWLYDLIXQFLDGHDVLV
WHQSHQWUXID]OXQJDGDSWLYFXDMXWRUXO
FDOFXODWRUXOXLGHERUG3DJLQD
 5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD
X
 $SVDLFRPXWDWRUXOPL[WGLQFRORGHSXQF
WXOGHSUHVLXQHvQGLUHFLDLQGLFDWGH
VJHDWDC3DJLQD
'DFHVWHvQWXQHULFLVHQ]RUXOGHOXPLQ
DFWLYHD]IDUXULOHSHQWUXID]VFXUWODPSD
LQGLFDWRDUHGLQSDQRXOGHLQVWUX
PHQWHVHDSULQGH


=GDFH[LVWRYL]LELOLWDWHVF]XWGHH[GLQ

FDX]D]SH]LLSORLLFHLLVDXDSHLSXOYHUL
]DWH
=GDF]RQDSDUEUL]XOXLGLQMXUXOVHQ]RUXOXL
RSWLFHVWHPXUGDUDEXULWVDXDFRSHULW
GHH[FXRHWLFKHWDXWRFRODQW
6LVWHPXOSRDWHVQXUHFXQRDVFXUPWRULL
SDUWLFLSDQLODWUDILF
=SDUWLFLSDQLLODWUDILFIULOXPLQDUHGHH[

SLHWRQLL
=SDUWLFLSDQLLODWUDILFFXLOXPLQDUHUHGXV

GHH[ELFLFOLWLL



/XPLQLLWHUJWRDUHGHSDUEUL]

,OXPLQDUHH[WHULRDU



,OXPLQDUHLQWHULRDU

/XPLQLLWHUJWRDUHGHSDUEUL]

=SDUWLFLSDQLLODWUDILFFX,OXPLQDUHFHQXHVWH

FODUYL]LELOGHH[SDUWLFLSDQLLODWUDILFGLQ
VSDWHOHXQHLEDULHUHGHFROL]LXQH
=vQXQHOHFD]XULUDUHSDUWLFLSDQLLODWUDILFFX
OXPLQLSRWVILHUHFXQRVFXLWDUGLYVDX
GHORF
)DUXULOHDXWRPDWHSHQWUXID]OXQJQXYRUIL
GH]DFWLYDWHVDXSRWILDFWLYDWHFKLDUGDF
H[LVWSDUWLFLSDQLODWUDILFvQIDVDXFDUHVH
DSURSLHGHDXWRYHKLFXO
$VWIHOSXWHLSURYRFDXQDFFLGHQWUQLQGXY
SHGXPQHDYRDVWULDOWHSHUVRDQHLQHL
vQWRWGHDXQDFRQWGHFRQGLLLOHGLQWUDILFL
GDFVLWXDLDRFHUHWUHFHLPDQXDOIDUXULOHSH
ID]VFXUW

)DUXULDEXULWHSHLQWHULRU
)DUXULOHVHSRWDEXULSHLQWHULRUGDFH[LVWR
XPLGLWDWHULGLFDWvQDWPRVIHU
 &RQGXFHLFXIDUXULOHDFWLYDWH
1LYHOXOGHXPLGLWDWHVFDGHvQIXQFLHGH
GXUDWDFOWRULHLLGHFRQGLLLOHPHWHR
XPLGLWDWHLWHPSHUDWXU
'DFQLYHOXOGHXPLGLWDWHQXVFDGH
 6ROLFLWDLYHULILFDUHDIDUXULORUODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW

,OXPLQDUHLQWHULRDU
3UH]HQWDUHJHQHUDODLOXPLQULLLQWH
ULRDUH

3DQRXGHFRPDQGVLWXDWSHSODIRQ
C =3HQWUXDDSULQGHVWLQJHODPSDGH

OHFWXUIDGHSHSDUWHDVWkQJ
D J3HQWUXDDSULQGHLOXPLQDUHDLQWH

ULRDUID
C3HQWUXDDSULQGHVWLQJHLOXPLQDUHD

LQWHULRDUVSDWH
33HQWUXDRSULFRPDQGDGHLOXPLQDUH

LQWHULRDUIDLOXPLQDUHLQWHULRDUDXWR
PDW
=3HQWUXDDSULQGHVWLQJHODPSDGH
OHFWXUIDGHSHSDUWHDGUHDSW
3HQWUXDDFWLYDFRPDQGDGHLOXPLQDUH
LQWHULRDUDXWRPDW

&RQWUROXOLOXPLQULLLQWHULRDUH
1RWHLPSRUWDQWH
3HQWUXDSUHYHQLGHVFUFDUHDEDWHULHLDXWR
YHKLFXOXOXLIXQFLLOHLOXPLQULLLQWHULRDUHVXQW
GH]DFWLYDWHDXWRPDWGXSFkWYDWLPSFX
H[FHSLDFD]XOXLFkQGFKHLDVHDIOvQSR]LLD
vQFRPXWDWRUXOGHFRQWDFW
&XORDUHDLLQWHQVLWDWHDOXPLQLLDPELHQWDOH
SRWILVHWDWHFXDMXWRUXOFDOFXODWRUXOXLGHERUG
3DJLQD

6FKLPEDUHDEHFXULORU

3HQWUXDDFWLYDVHWDLFRPXWDWRUXOEDV
FXODQWvQSR]LLDFHQWUDO
3HQWUXDGH]DFWLYDVHWDLFRPXWDWRUXO
EDVFXODQWvQSR]LLD3

,OXPLQDUHDLQWHULRDUVHDFWLYHD]DXWRPDW
GDF
=GHVFXLHUHDDXWRYHKLFXOXOXL
=GHVFKLGHLRSRUWLHU
=VFRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
/XPLQDLQWHULRDUHVWHDFWLYDWVFXUWWLPS
FkQGFKHLDHVWHVFRDVGLQFRPXWDWRUXOGH
FRQWDFW3XWHLDFWLYDDFHDVWRSULUHWHPSR
UL]DWFXDMXWRUXOFDOFXODWRUXOXLGHERUG
3DJLQD

&RQWUROXOPDQXDODOLOXPLQULLLQWH
ULRDUH
3HQWUXDSRUQLLOXPLQDUHDLQWHULRDU
IURQWDODGXFHLFRPXWDWRUXOEDVFXODQWvQ
SR]LLDJ
 3HQWUXDGH]DFWLYDLOXPLQDUHDLQWH
ULRDUIURQWDODGXFHLFRPXWDWRUXOEDV
FXODQWvQSR]LLD3
 3HQWUXDDFWLYDGH]DFWLYDLOXPLQDUHD
LQWHULRDUVSDWHDSVDLEXWRQXOB
 3HQWUXDDFWLYDGH]DFWLYDOPSLOHGH
OHFWXUDSVDLEXWRQXO=


,OXPLQDUHGHXUJHQFXUHDFLLODFROL
]LXQL
,OXPLQDUHDLQWHULRDUHVWHDFWLYDWDXWRPDW
GDFDXWRYHKLFXOXOHVWHLPSOLFDWvQWUXQDFFL
GHQW
 3HQWUXDRSULLOXPLQDUHDGHXUJHQFX
UHDFLLODFROL]LXQLDSVDLEXWRQXOVHP
QDOL]DWRDUHORUGHDYDULH
VDX
 QFXLDLLDSRLGHVFXLDLDXWRYHKLFXOXOFX
DMXWRUXOFKHLL

6FKLPEDUHDEHFXULORU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
%HFXULFX[HQRQ
 3(5,&2/
%HFXULOHFX[HQRQVXQWVXERWHQVLXQHULGL
FDW'DFDWLQJHLFRQWDFWHOHHOHFWULFHDOH
EHFXULORUFX[HQRQYSXWHLHOHFWURFXWDL
SXWHLVXIHULUQLJUDYHVDXFKLDUIDWDOH'H
DFHHDQXVFRDWHLFDSDFXOEHFXULORUFX
[HQRQ
1XVFKLPEDLVLQJXUEHFXULOHFX[HQRQFLVROL
FLWDLvQORFXLUHDORUODXQDWHOLHUGHVHUYLFH
DXWRUL]DW
'DFDXWRYHKLFXOXOGXPQHDYRDVWUHVWH
GRWDWFXEHFXULFX[HQRQSXWHLUHFXQRDWH
DFHDVWGRWDUHGXSXUPWRDUHOHUD]DGH
OXPLQGHODEHFXULOHFX[HQRQVHGHSODVHD]
GLQSDUWHDVXSHULRDUvQFHDLQIHULRDUL
LQYHUVFkQGSRUQLLPRWRUXO3HQWUXDREVHUYD
DFHDVWGHSODVDUHOXPLQLOHWUHEXLHVILHDFWL
YDWHvQDLQWHGHSRUQLUHDPRWRUXOXL
%HFXULOHLOPSLOHVXQWXQDVSHFWLPSRUWDQW
DOVLJXUDQHLDXWRYHKLFXOXOXL3ULQXUPDUHWUH
EXLHVYDVLJXUDLFDFHVWHDIXQFLRQHD]
FRUHFWvQWRWGHDXQD6ROLFLWDLYHULILFDUHD
UHJODMXOXLIDUXULORUUHJXODW

$OWHEHFXUL
([LVWLDOWHEHFXULvQDIDUDFHORUFX[HQRQSH
FDUHQXOHSXWHLvQORFXLQORFXLLQXPDLEHFX
ULOHLQGLFDWH3DJLQD6ROLFLWDLVFKLP
EDUHDEHFXULORUSHFDUHQXOHSXWHLvQORFXLSH
FRQWSURSULXODXQDWHOLHUGHVSHFLDOLWDWHDXWR
UL]DW
'DFDYHLQHYRLHGHDVLVWHQFkQGvQORFXLL
EHFXULOHFRQVXOWDLXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
1XDWLQJHLWXEXOGHVWLFODOEHFXULORUQRLFX
PkLQLOHJRDOH&KLDULFRQWDPLQDUHDPLQRU
VHSRDWHLPSULPDvQVXSUDIDDGHVWLFOUHGX
FkQGYLDDXWLODEHFXULORU8WLOL]DLvQWRW
GHDXQDRODYHWIUVFDPHVDXDWLQJHL
QXPDLED]DEHFXOXLODPRQWDUH


/XPLQLLWHUJWRDUHGHSDUEUL]

&RQWUROXOLOXPLQULLLQWHULRDUHDXWR
PDWH





6FKLPEDUHDEHFXULORU

/XPLQLLWHUJWRDUHGHSDUEUL]

8WLOL]DLvQWRWGHDXQDEHFXULGHWLSXOFRUHFW
'DFQRXOEHFFRQWLQXVQXVHDSULQG
FRQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
%HFXULOHLOPSLOHVXQWXQDVSHFWLPSRUWDQW
DOVLJXUDQHLDXWRYHKLFXOXOXL3ULQXUPDUHWUH
EXLHVYDVLJXUDLFDFHVWHDIXQFLRQHD]
FRUHFWvQWRWGHDXQD6ROLFLWDLYHULILFDUHD
UHJODMXOXLIDUXULORUUHJXODW

 3HULFROGHUQLUH
%HFXULOHLOPSLOHSRWGHYHQLIRDUWHILHUELQL
QDLQWHGHDOHvQORFXLDWHSWDLVVHUFHDVF
QFD]FRQWUDUYSXWHLDUGHDWXQFLFkQGOH
DWLQJHL
1XOVDLEHFXULOHODvQGHPkQDFRSLLORUQFD]
FRQWUDUDFHWLDSRWGHH[HPSOXGHWHULRUD
EHFXULOHLVHSRWUQL
1XXWLOL]DLEHFXULOHFDUHDXF]XWSHMRV%HFXO
VDUSXWHDVSDUJHLYDLSXWHDUQL
%HFXULOHFXKDORJHQVXQWVXESUHVLXQHLVH
SRWVSDUJHvQWLPSXOvQORFXLULLvQVSHFLDOGDF
VXQWIRDUWHILHUELQL8WLOL]DLRFKHODULGHSUR
WHFLHLPQXLDWXQFLFkQGvQORFXLLXQEHF

/PSLVSDWH
C /DPSGHIUkQ3:/

6FKLPEDUHDEHFXULORUID
0RQWDUHDGHPRQWDUHDFDSDFXOXLGHSH
SDVDMXOGHURDWID
7UHEXLHVVFRDWHLFDSDFXOGLQSDVDMXOGH
URDWIDvQDLQWHGHDSXWHDVFKLPEDEHFXULOH
ID

3UH]HQWDUHJHQHUDODvQORFXLULLEHFX
ULORUEHFXULOH
3XWHLvQORFXLXUPWRDUHOHEHFXUL'HWDOLLOH
DIHUHQWHWLSXOXLGHEHFVHUHJVHVFvQ
OHJHQG

3HQWUXDVFRDWHGH]DFWLYDLOXPLQLOH
5RWLLvQLQWHULRUURLOHID
 &XOLVDLFDSDFXOCvQVXVLVFRDWHLO
 3HQWUXDPRQWDLQWURGXFHLFDSDFXOC
GLQQRXLFXOLVDLOvQMRVSkQFHVHDQJUH
QHD]



)DUXULFXKDORJHQ
C )DUXOSHQWUXID]VFXUW+:
D )DUXOSHQWUXID]OXQJ+:
/XPLQLGHSR]LLHODWHUDOHODPSGHSR]L

LH::%9

6FKLPEDUHDEHFXULORU

6FRDWHLFDSDFXOGLQSDVDMXOGHURDWID
3DJLQD
 5RWLLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU
LWUDJHLODIDU
 5RWLLIDVXQJXODvQVHQVDQWLRUDULWUDJHL
ODIDU
 6FRDWHLEHFXOGLQIDVXQJXOD
 ,QWURGXFHLQRXOEHFvQIDVXQJXOD
 ,QWURGXFHLIDVXQJXODvQODPSLURWLLO
vQVHQVRUDU
 $OLQLDLFDSDFXOFDUFDVHLCLURWLLOvQVHQV
RUDUSkQFHVHDQJUHQHD]
 3XQHLODORFFDSDFXOGLQSDVDMXOGHURDW
ID3DJLQD


)DUXULSHQWUXID]OXQJIDUXULFXKDOR
JHQ

5RWLLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU
LWUDJHLODIDU
 7UDJHLPDQHWDvQVXVLVFRDWHLIDVXQ
JXOD
 6FRDWHLEHFXOGLQIDVXQJXOD
 ,QWURGXFHLQRXOEHFvQIDVXQJXOD
 $SVDLVLPXOWDQIDVXQJXODLWUDJHL
PDQHWDvQMRV
 $OLQLDLFDSDFXOFDUFDVHLCLURWLLOvQVHQV
RUDUSkQFHVHDQJUHQHD]


/XPLQLGHSR]LLHODWHUDOHOPSLGH
SR]LLHIDUXULFXKDORJHQ

5RWLLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU
LWUDJHLODIDU
 7UDJHLIDVXQJXODDIDU
 6FRDWHLEHFXOGLQIDVXQJXOD
 ,QWURGXFHLQRXOEHFvQIDVXQJXOD
 ,QWURGXFHLIDVXQJXOD
 $OLQLDLFDSDFXOFDUFDVHLCLURWLLOvQVHQV
RUDUSkQFkQGVHDQJUHQHD]


6FKLPEDUHDEHFXULORUVSDWH
'HVFKLGHUHDLvQFKLGHUHDFODSHWHLGH
YL]LWDUH




2SULLOXPLQLOH
'HVFKLGHLFDSRWD

7UHEXLHVGHVFKLGHLFODSDGHYL]LWDUHGLQ
SRUWEDJDMvQDLQWHGHDSXWHDVFKLPEDEHFXULOH
GLQOPSLOHVSDWH

/XPLQLLWHUJWRDUHGHSDUEUL]

)DUXULSHQWUXID]VFXUWIDUXULFXKDOR
JHQ



WHUJWRDUHGHSDUEUL]



/XPLQLLWHUJWRDUHGHSDUEUL]

&ODSHWDGHYL]LWDUHGHSHSDUWHDVWkQJ

C /DPSGHIUkQ

5RWLLIDVXQJXOvQVHQVDQWLRUDULVFRDWHL
O
 6FRDWHLEHFXOGLQIDVXQJ
 ,QWURGXFHLQRXOEHFvQIDVXQJ
 ,QWURGXFHLIDVXQJXOLURWLLvQVHQVRUDU
 QFKLGHLWUDSDGHVHUYLFH3DJLQD


WHUJWRDUHGHSDUEUL]
&ODSHWDGHYL]LWDUHGHSHSDUWHDGUHDSW

3HQWUXDGHVFKLGHHOLEHUDLFODSHWDC
GLQSDUWHDVXSHULRDUGHH[FXRXUXEHO
QLLURWLLRvQMRVvQGLUHFLDVJHLL
 3DUWHDGUHDSWVFRDWHLWUXVDGHSULPDMX
WRUGLQWLPSLWUDJHLSODVDSHQWUXEDJDMH
vQMRV
 3HQWUXDvQFKLGHUHLQWURGXFHLFODSHWDGH
YL]LWDUHC


/DPSGHIUkQ
2SULLOXPLQLOH
'HVFKLGHLSRUWEDJDMXO
 'HVFKLGHLWUDSDGHVHUYLFH
3DJLQD



3RUQLUHDRSULUHDWHUJWRDUHORUGH
SDUEUL]
 $9(57,60(17
3DUEUL]XOQXYDPDLILWHUVFRUHVSXQ]WRU
GDFODPHOHWHUJWRDUHORUVXQWX]DWH$VWIHO
HVWHSRVLELOVQXREVHUYDLFRQGLLLOHGLQWUDILF
LVSURYRFDLvQFRQVHFLQXQDFFLGHQWQOR
FXLLODPHOHWHUJWRDUHORUGHGRXRULSHDQ
GHSUHIHUDWSULPYDUDLWRDPQD
 1XDFLRQDLWHUJWRDUHOHGHSDUEUL]
FkQGSDUEUL]XOHVWHXVFDWGHRDUHFHHVWH
SRVLELOVGHWHULRUDLODPHOHWHUJWRDUHORU
QSOXVSUDIXODGXQDWSHSDUEUL]SRDWH]Jk
ULDVWLFODGDFWHUJHUHDVHHIHFWXHD]FkW
SDUEUL]XOHVWHXVFDW
 'DFWHUJWRDUHOHGHSDUEUL]ODVXUPH
SHSDUEUL]GXSFHDXWRYHKLFXOXODIRVW
VSODWvQWURVSOWRULHDXWRPDWDFHVW
IHQRPHQSRDWHILSURYRFDWGHFHDUVDX
DOWHUH]LGXXUL&XUDLSDUEUL]XOFXOLFKLGGH
VSODUHGXSVSODUHDODVSOWRULHDXWR
PDW

WHUJWRDUHGHSDUEUL]



$FWLYDUHDGH]DFWLYDUHDWHUJWRUXOXL
GHOXQHW

H bWHUJHUHLQWHUPLWHQWVF]XW
I cWHUJHUHLQWHUPLWHQWULGLFDW

&RPXWDWRUPL[W
C &RPXWDWRUWHUJWRUGHOXQHW

J WHUJHUHFRQWLQXOHQW

H 3HQWUXWHUJHUHFXOLFKLGGHVSODUH

K WHUJHUHFRQWLQXUDSLG

I 3HQWUXDSRUQLWHUJHUHDLQWHUPL

WHQW

WHUJHUHXQLF
k 3HQWUXWHUJHUHFXOLFKLGGHVSODUH

5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
 5RWLLFRPXWDWRUXOPL[WvQSR]LLDFRUHV
SXQ]WRDUHVDXDSVDLEXWRQXOODWHUDO


 WHUJHUHLQWHUPLWHQWFXVHQ]RUGH
SORDLHGLQFDX]DHIHFWHORURSWLFHLD
PXUGULULLSDUEUL]XOXLSHYUHPHXVFDWHVWH
SRVLELOFDWHUJWRDUHOHGHSDUEUL]VVH
DFWLYH]HQHLQWHQLRQDW(VWHSRVLELOFDDVW
IHOVVHGHWHULRUH]HODPHOHWHUJWRDUHORU
GHSDUEUL]VDXVVH]JkULHSDUEUL]XO
'LQDFHVWPRWLYWUHEXLHVGH]DFWLYDL
vQWRWGHDXQDWHUJWRDUHOHGHSDUEUL]SH
YUHPHXVFDW
QSR]LLDbVDXcIUHFYHQDGHWHU
JHUHFRUHVSXQ]WRDUHHVWHVHWDWDXWRPDWvQ
IXQFLHGHLQWHQVLWDWHDSORLLQSR]LLDc
VHQ]RUXOGHSORDLHHVWHPDLVHQVLELOGHFkWvQ
SR]LLDbIFkQGFDWHUJWRUXOGHSDUEUL]
VWHDUJPDLIUHFYHQW




J s3HQWUXDRSULWHUJHUHDLQWHUPLWHQW
K 3HQWUXWHUJHUHFXOLFKLGGHVSODUH

5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
 &XOLVDLFRPXWDWRUXOCGHSHFRPXWDWRUXO
PL[WvQVXVVDXvQMRVvQSR]LLDDGHFYDW
&kQGWHUJWRUXOGHOXQHWHVWHDFWLYDW
SLFWRJUDPDDSDUHSHSDQRXOGHLQVWUX
PHQWH


QORFXLUHDODPHORUWHUJWRDUHORU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
%UDHOHWHUJWRDUHORUGHSDUEUL]VHSRWSXQH
vQPLFDUHSURYRFkQGUQLUHDGDFOVDL
WHUJWRDUHOHGHSDUEUL]DFWLYDWH
6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
vQDLQWHGHDvQORFXLODPHOHWHUJWRDUHORU

 3HQWUXDHYLWDGHWHULRUDUHDODPHORU
WHUJWRDUHORUGHSDUEUL]DVLJXUDLYF
DWLQJHLQXPDLEUDXOWHUJWRUXOXLGLQ
WHUJWRUXOGHSDUEUL]

6HQ]RUGHSORDLHVHWDWSHVHQ]LWLYLWDWHVF]XW
6HQ]RUGHSORDLHVHWDWSHVHQ]LWLYLWDWHULGLFDW


/XPLQLLWHUJWRDUHGHSDUEUL]

&RPXWDWRUPL[W
G ?WHUJWRDUHGHSDUEUL]RSULWH

WHUJWRDUHGHSDUEUL]

/XPLQLLWHUJWRDUHGHSDUEUL]



 1XGHVFKLGHLQLFLRGDWFDSRWDGDFXQ
EUDGHWHUJWRUGHSDUEUL]DIRVWH[WLQVL
vQGHSUWDWGHSDUEUL]
1XUHDGXFHLQLFLRGDWXQEUDGHWHUJWRU
IUODPvQDSRLSHSDUEUL]OXQHW
LQHLIHUPEUDXOWHUJWRUXOXLGHSDUEUL]
FkQGVFKLPEDLODPDWHUJWRUXOXL'DF
HOLEHUDLEUDXOWHUJWRUXOXLGHSDUEUL]IU
ODPDWHUJWRUXOXLLDFHVWDFDGHSHSDU
EUL]SDUEUL]XOSRDWHILGHWHULRUDWvQXUPD
IRUHLLPSDFWXOXL
0HUFHGHV%HQ]YUHFRPDQGVDSHODLOD
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUX
VFKLPEDUHDODPHORUWHUJWRDUHORU

QORFXLUHDODPHORUWHUJWRUXOXLGH
OXQHW
6FRDWHUHDODPHLWHUJWRUXOXL

 $9(57,60(17
%UDXOWHUJWRUXOXLVHSRDWHSXQHvQPLFDUH
LYSRDWHUQLGDFWHUJWRDUHOHGHSDUEUL]
VXQWDFWLYDWH
6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
vQDLQWHGHDvQORFXLODPDWHUJWRUXOXL

QORFXLUHDODPHORUWHUJWRDUHORUGH
SDUEUL]
6FRDWHUHDODPHORUWHUJWRDUHORU
 6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
 3OLDLLvQGHSUWDLEUDHOHWHUJWRDUHORU
GHSDUEUL]

6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
QGHSUWDLEUDXOWHUJWRUXOXLCIDGH
OXQHWSkQFkQGVHDQJUHQHD]
 3R]LLRQDLODPDWHUJWRUXOXLDvQXQJKL
GUHSWIDGHEUDXOWHUJWRUXOXLC
 LQHLEUDXOWHUJWRUXOXLCLDSVDL
ODPDWHUJWRUXOXLDvQGLUHFLDVJHLL
SkQFkQGVHHOLEHUHD]
 6FRDWHLODPDWHUJWRUXOXLD



$SVDLIHUPEXWRQXOGHHOLEHUDUHCLWUD
JHLvQVXVODPDWHUJWRUXOXLGHSHEUDXO
WHUJWRUXOXLvQGLUHFLDVJHLL

0RQWDUHDODPHORUWHUJWRDUHORU
 3R]LLRQDLQRXDODPDWHUJWRUXOXLSH
GLVSR]LWLYXOGHSULQGHUHGLQEUDXO
WHUJWRUXOXLLFXOLVDLODORFvQGLUHFLD
RSXVVJHLL
/DPDWHUJWRUXOXLVHDQJUHQHD]VRQRU
 $VLJXUDLYFODPDWHUJWRUXOXLHVWH
IL[DWFRUHFW
 3OLDLEUDXOWHUJWRUXOXLvQDSRLSHSDUEUL]

0RQWDUHDODPHLWHUJWRUXOXL
 $H]DLQRXDODPDWHUJWRUXOXLDSH
EUDXOWHUJWRUXOXLC
 LQHLEUDXOWHUJWRUXOXLCLDSVDL
ODPDWHUJWRUXOXLDvQGLUHFLDRSXV
VJHLLSkQFkQGVHDQJUHQHD]
 $VLJXUDLYFODPDWHUJWRUXOXLDHVWH
IL[DWFRUHFW
 3R]LLRQDLODPDWHUJWRUXOXLDvQSDUDOHO
FXEUDXOWHUJWRUXOXLC
 3OLDLEUDXOWHUJWRUXOXLCvQDSRLSH
OXQHW

WHUJWRDUHGHSDUEUL]



3UREOHPHODWHUJWRDUHOHGHSDUEUL]
WHUJWRDUHOHGHSDUEUL]VXQWREVWUXF
LRQDWH

/XPLQLLWHUJWRDUHGHSDUEUL]

(VWHSRVLELOFDIUXQ]HOHVDX]SDGDGHH[HP
SOXVvPSLHGLFHGHSODVDUHDWHUJWRDUHORU
GHSDUEUL]0RWRUXOWHUJWRUXOXLDIRVWGH]DF
WLYDW
 'LQPRWLYHGHVLJXUDQWUHEXLHVVFRDWHL
FKHLDGLQFRPXWDWRUXOGHFRQWDFW
VDX
 2SULLPRWRUXOFXDMXWRUXOEXWRQXOXL6WDUW
6WRSLGHVFKLGHLSRUWLHUDRIHUXOXL
 QGHSUWDLFDX]DREVWUXFLRQULL
 5HSRUQLLWHUJWRDUHOHGHSDUEUL]

WHUJWRDUHOHGHSDUEUL]VXQWQHIXQF
LRQDOH
0RWRUXOWHUJWRDUHORUGHSDUEUL]HVWHGHIHFW
 6HOHFWDLRDOWYLWH]DWHUJWRUXOXLGLQ
FRPXWDWRUXOPL[W
 6ROLFLWDLYHULILFDUHDLPHGLDWDWHUJWRD
UHORUGHSDUEUL]ODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW

'X]HOHGHSXOYHUL]DUHVXQWDOLQLDWHLQFR
UHFW
/LFKLGXOVSOWRUGHSDUEUL]GLQGX]HOHGHSXO
YHUL]DUHQXPDLDWLQJHFHQWUXOSDUEUL]XOXL
'X]HOHGHSXOYHUL]DUHVXQWDOLQLDWHLQFRUHFW
 6ROLFLWDLUHJODUHDGX]HORUGHSXOYHUL]DUHOD
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW









&RQWUROFOLPDWL]DUH

,QIRUPDLLXWLOH
3UH]HQWDUHJHQHUDODVLVWHPHORU
GHFRQWUROFOLPDWL]DUH
8WLOL]DUHDVLVWHPXOXLGHFRQWURODO
FOLPDWL]ULL
5HJODUHDRULILFLLORUGHYHQWLODLH

3UH]HQWDUHJHQHUDODVLVWHPHORUGHFRQWUROFOLPDWL]DUH



,QIRUPDLLXWLOH

&RQWUROFOLPDWL]DUH

G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
ULWRDUHODVLJXUDQ

GHUFLUHLWHPSHUDWXUDGRULWGLQLQWHULR
UXODXWRYHKLFXOXOXLYDILDWLQVPDLUDSLG

G )LOWUXOLQWHJUDWSRDWHILOWUDPDMRULWDWHD
SDUWLFXOHORUGHSUDILHOLPLQFRPSOHWSROH
QXO8QILOWUXDQFUDVDWUHGXFHFDQWLWDWHDGH
DHUGHELWDWvQLQWHULRUXODXWRYHKLFXOXOXL
'LQDFHVWPRWLYWUHEXLHVUHVSHFWDLvQWRW
GHDXQDLQWHUYDOXOGHvQORFXLUHDILOWUXOXL
VSHFLILFDWvQ%URXUDGHVHUYLFH'HRDUHFH
GHSLQGHGHFRQGLLLOHDPELDQWHGHH[XQ
DHUSXWHUQLFSROXDWLQWHUYDOXOSRDWHILPDL
VFXUWGHFkWFHOVSHFLILFDWvQ%URXUDGHVHU
YLFH

G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD
3UH]HQWDUHJHQHUDODVLVWHPHORUGH
FRQWUROFOLPDWL]DUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 3HULFROGHDFFLGHQW
5HVSHFWDLVHWULOHUHFRPDQGDWHvQSDJLQLOH
XUPWRDUHQFD]FRQWUDUIHUHVWUHOHVDU
SXWHDDEXUL&DXUPDUHHVWHSRVLELOVQX
SXWHLXUPULFRQGLLLOHGHWUDILFLVSURYR
FDLXQDFFLGHQW
&RQWUROXODXWRPDWDOFOLPDWL]ULL7+(50$
7,&7+(5027521,&FRQWUROHD]WHPSHUD
WXUDLXPLGLWDWHDGLQLQWHULRUXODXWRYHKLFXOX
OXLLHOLPLQSULQILOWUDUHVXEVWDQHOHQHGRULWH
GLQDHU
&RQWUROXODXWRPDWDOFOLPDWL]ULL7+(50$
7,&7+(5027521,&HVWHIXQFLRQDOGRDU
FkQGLPRWRUXOIXQFLRQHD])XQFLRQDUHD
RSWLPHVWHRELQXWQXPDLFkQGFRQGXFHL
FXJHDPXULOHODWHUDOHLWUDSDJOLVDQWWUDSD
JOLVDQWSDQRUDPLFvQFKLVH

G 9HQWLODLDXWRYHKLFXOXORVFXUWSHULRDG
SHYUHPHFDOGGHH[FXDMXWRUXOFDUDFWH
ULVWLFLLGHGHVFKLGHUHDVLVWDW
3DJLQD$VWIHOYHLDFFHOHUDSURFHVXO

)XQFLDGHFOGXUUH]LGXDOSRDWHILDFWLYDWGH]DFWLYDWQXPDLFkQGFRQWDFWXOHVWHGHFXSODW

3UH]HQWDUHJHQHUDODVLVWHPHORUGHFRQWUROFOLPDWL]DUH



&RQWUROFOLPDWL]DUH

3DQRXGHFRPDQGSHQWUXFRQWUROXODXWRPDWDOFOLPDWL]ULL7+(50$7,&EL]RQ

C 3HQWUXDVHWDWHPSHUDWXUDVWkQJD3DJLQD
D 3HQWUXDGH]DEXULSDUEUL]XO3DJLQD
3HQWUXDDFWLYDGH]DFWLYDIXQFLD=21(3DJLQD
3HQWUXDDFWLYDGH]DFWLYDUFLUHDFXGH]XPLGLILFDUHDDHUXOXL3DJLQD

3HQWUXDDFWLYDGH]DFWLYDIXQFLDGHFOGXUUH]LGXDO3DJLQD
3HQWUXDSRUQLRSULvQFO]LUHDOXQHWHL3DJLQD
3HQWUXDVHWDWHPSHUDWXUDGUHDSWD3DJLQD
k 3HQWUXDDFWLYDGH]DFWLYDPRGXOGHUHFLUFXODUHDDHUXOXL3DJLQD
l 3HQWUXDVHWDGLVWULEXLDDHUXOXL3DJLQD
m 3HQWUXDFUHWHFXUHQWXOGHDHU3DJLQD
n 3HQWUXDUHGXFHFXUHQWXOGHDHU3DJLQD
o 3HQWUXDSRUQLRSULFRQWUROXOFOLPDWL]ULL3DJLQD
p 3HQWUXDVHWDFRQWUROXOFOLPDWL]ULLSHDXWRPDW3DJLQD

3DQRXGHFRPDQGGLQVSDWHQXPDLvQFRQHFWDUHFXHFKLSDPHQWVSHFLDOSHQWUXvQFO]LUHDVFDXQXOXL
C 3HQWUXDYHULILFDDXWRPDWFRQWUROXOFOLPDWL]ULLGLQFRPSDUWLPHQWXOGLQVSDWH
D 3HQWUXDSRUQLRSULFRQWUROXOFOLPDWL]ULLGLQFRPSDUWLPHQWXOGLQVSDWH




3UH]HQWDUHJHQHUDODVLVWHPHORUGHFRQWUROFOLPDWL]DUH
3HQWUXDGLULMDFXUHQWXOGHDHUSULQRULILFLLOHGHYHQWLODLHGLQVSDWH
3HQWUXDGLULMDFXUHQWXOGHDHUSULQRULILFLLOHGHYHQWLODLHSHQWUXVSDLXOSHQWUXSLFLRDUH

&RQWUROFOLPDWL]DUH

1RWHSULYLQGXWLOL]DUHDFRQWUROXODXWR
PDWDOFOLPDWL]ULL7+(50$7,&
QXUPWRDUHOHJVLLQRWHLUHFRPDQGULSUL
YLQGXWLOL]DUHDRSWLPDFRQWUROXOXLDXWRPDWDO
FOLPDWL]ULL7+(50$7,&
=$FWLYDLFRQWUROXOFOLPDWL]ULLFXDMXWRUXO
EXWRDQHORUXLV/PSLOHLQGLFD
WRDUHGLQEXWRDQHOHXLVVHDSULQG
=5HJODLWHPSHUDWXUDSH
=8WLOL]DLIXQFLDGHGH]DEXULUHQXPDLWHP
SRUDUSkQFkQGSDUEUL]XOUHGHYLQHWUDQV
SDUHQW
=8WLOL]DLPRGXOGHUHFLUFXODUHDDHUXOXL
QXPDLWHPSRUDUGHH[GDFH[LVWPLUR
VXULH[WHULRDUHQHSOFXWHVDXFkQGYDIODL
vQWUXQWXQHOQFD]FRQWUDUJHDPXULOHVH
SRWDEXULFDvQPRGXOGHUHFLUFXODUHDDHUX
OXLIUDVHDVSLUDDHUSURDVSWvQDXWRYH
KLFXO
=8WLOL]DLIXQFLD=21(SHQWUXDDGRSWD
VHWULOHGHWHPSHUDWXUGHSHSDUWHDRIH
UXOXLLSHQWUXSDUWHDSDVDJHUXOXLGLQID
/DPSDLQGLFDWRDUHGLQEXWRQXOVH
VWLQJH

3UH]HQWDUHJHQHUDODVLVWHPHORUGHFRQWUROFOLPDWL]DUH



&RQWUROFOLPDWL]DUH

3DQRXGHFRPDQGSHQWUXFRQWUROXODXWRPDWDOFOLPDWL]ULL7+(5027521,&WUL
]RQ

3DQRXGHFRPDQGGLQID
C 3HQWUXDVHWDWHPSHUDWXUDVWkQJD3DJLQD
D 'H]DEXUHWHSDUEUL]XO3DJLQD
$FWLYHD]GH]DFWLYHD]IXQFLDGHFOGXUUH]LGXDO3DJLQD
$FWLYHD]GH]DFWLYHD]UFLUHDFXGH]XPLGLILFDUHDDHUXOXL3DJLQD
$FWLYHD]GH]DFWLYHD]vQFO]LUHDOXQHWHL3DJLQD
6HWHD]WHPSHUDWXUDGUHDSWD3DJLQD
k $FWLYHD]GH]DFWLYHD]IXQFLD=21(3DJLQD
l $FWLYHD]GH]DFWLYHD]FRQWUROXOFOLPDWL]ULL3DJLQD
m 6HWHD]GLVWULEXLDDHUXOXL3DJLQD
n &UHWHFXUHQWXOGHDHU3DJLQD
o 5HGXFHFXUHQWXOGHDHU3DJLQD
p 'LVSOD\
q 6HWHD]PRGXOGHFOLPDWL]DUH3DJLQD
r $FWLYHD]GH]DFWLYHD]PRGXOGHUHFLUFXODUHDDHUXOXL3DJLQD
s 5HJOHD]FRQWUROXOFOLPDWL]ULLSHDXWRPDW3DJLQD

t
u
v
w
x


3DQRXGHFRPDQGGLQVSDWH
&UHWHFXUHQWXOGHDHU3DJLQD
6HWHD]WHPSHUDWXUD3DJLQD
5HJOHD]FRQWUROXOFOLPDWL]ULLGLQFRPSDUWLPHQWXOGLQVSDWHSHDXWRPDW3DJLQD
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOHGHYHQWLODLHGLQVSDWH3DJLQD
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOHVSDLXOXLSHQWUXSLFLRDUH3DJLQD



8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL
y $FWLYHD]GH]DFWLYHD]FRQWUROXOFOLPDWL]ULLGLQFRPSDUWLPHQWXOVSDWH3DJLQD
z 5HGXFHFXUHQWXOGHDHU3DJLQD

&RQWUROFOLPDWL]DUH

1RWHSULYLQGXWLOL]DUHDFRQWUROXODXWR
PDWDOFOLPDWL]ULL7+(5027521,&
QXUPWRDUHOHJVLLQRWHLUHFRPDQGULSUL
YLQGXWLOL]DUHDRSWLPDFRQWUROXOXLDXWRPDWDO
FOLPDWL]ULL7+(5027521,&
=$FWLYDLFRQWUROXOFOLPDWL]ULLFXDMXWRUXO
EXWRDQHORUXLZ/PSLOHLQGLFD
WRDUHGLQEXWRDQHOHXLZVHDSULQG
=QPRGXODXWRPDWSXWHLGHDVHPHQHDXWL
OL]DEXWRQXOSHQWUXDVHWDXQPRGGH
FOLPDWL]DUH)2&86&21&(175$7
0(',800(',8',))86(',63(56$7
6HUHFRPDQGQLYHOXO0(',8
=5HJODLWHPSHUDWXUDSH
=8WLOL]DLIXQFLDGHGH]DEXULUHQXPDLWHP
SRUDUSkQFkQGSDUEUL]XOUHGHYLQHWUDQV
SDUHQW
=8WLOL]DLPRGXOGHUHFLUFXODUHDDHUXOXL
QXPDLWHPSRUDUGHH[GDFH[LVWPLUR
VXULH[WHULRDUHQHSOFXWHVDXFkQGYDIODL
vQWUXQWXQHOQFD]FRQWUDUJHDPXULOHVH
SRWDEXULFDvQPRGXOGHUHFLUFXODUHDDHUX
OXLIUDVHDVSLUDDHUSURDVSWvQDXWRYH
KLFXO
=8WLOL]DLIXQFLD=21(SHQWUXDDGRSWD
VHWULOHGHWHPSHUDWXUGHSHSDUWHDRIH
UXOXLSHQWUXSDUWHDSDVDJHUXOXLGLQIDL
FRPSDUWLPHQWXOGLQVSDWH/DPSDLQGLFD
WRDUHGLQEXWRQXOVHVWLQJH
=8WLOL]DLIXQFLDGHFOGXUUH]LGXDOGDF
GRULLVvQFO]LLVDXVYHQWLODLLQWHULRUXO
DXWRYHKLFXOXOXLFkQGFRQWDFWXOHVWHGHFX
SODW)XQFLDGHFOGXUUH]LGXDOSRDWHIL
DFWLYDWVDXGH]DFWLYDWFXFRQWDFWXOGHFX
SODW

8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOL
PDWL]ULL
3RUQLUHDRSULUHDFRQWUROXOXLFOLPD
WL]ULL
,QIRUPDLLLPSRUWDQWH
G &kQGFRQWUROXOFOLPDWL]ULLHVWHGH]DFWL
YDWGLVWULEXLDDHUXOXLLFLUFXODUHDDHUXOXL
VXQWGH]DFWLYDWH6HOHFWDLWHPSRUDU
DFHDVWVHWDUHQFD]FRQWUDUJHDPXULOHVH
SRWDEXUL
G $FWLYDLFRQWUROXOFOLPDWL]ULLvQVSHFLDOFX
DMXWRUXOEXWRQXOXLX3DJLQD
QFRPSDUWLPHQWXOGLQVSDWHSXWHLVSRUQLL
LVRSULLFRQWUROXOFOLPDWL]ULLXWLOL]kQG
EXWRDQHOHXLx

3RUQLUHDRSULUHD
5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 3HQWUXDDFWLYDDSVDLEXWRQXOX
/DPSDLQGLFDWRDUHGLQEXWRQXOXVH
DSULQGH&XUHQWXOGHDHULGLVWULEXLDDHUX
OXLVXQWVHWDWHSHPRGXODXWRPDW
VDX
 $SVDLEXWRQXOx
/DPSDLQGLFDWRDUHGLQEXWRQXOxVH
VWLQJH6HWULOHVHOHFWDWHDQWHULRUVXQWGLQ
QRXYDODELOH
 3HQWUXDGH]DFWLYDDSVDLEXWRQXO
x
/DPSDLQGLFDWRDUHGLQEXWRQXOxVH
DSULQGH


8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL

,QIRUPDLLLPSRUWDQWH
)XQFLDGHUFLUHFXGH]XPLGLILFDUHDDHUXOXL
HVWHGLVSRQLELOGRDUFkQGPRWRUXOIXQFLR
QHD]$HUXOGLQDXWRYHKLFXOHVWHUFLWL
GH]XPLGLILFDWvQIXQFLHGHWHPSHUDWXUD
VHOHFWDW

 3HULFROGHDFFLGHQW
'DFGH]DFWLYDLIXQFLDGHUFLUHFXGH]XPL
GLILFDUHDDHUXOXLvQFRQGLLLGHWHPSHUDWXUL
H[WHULRDUHULGLFDWHDXWRYHKLFXOXOQXYDILUFLW
LDUDHUXOQXYDILGH]XPLGLILFDW(VWHSRVLELOFD
JHDPXULOHVVHDEXUHDVFPDLUDSLG$FHVW
IDSWSRDWHGLPLQXDYL]LELOLWDWHDDVXSUDWUDIL
FXOXLLvQFRQVHFLQSRDWHILFDX]DXQXL
DFFLGHQW
(VWHSRVLELOFDGLQSDUWHDGHGHGHVXEWD
DXWRYHKLFXOXOXLVFXUJFRQGHQVFkQGHVWH
DFWLYPRGXOGHUFLUH$FHVWDHVWHIHQRPHQ
QRUPDOQHLQGLFkQGRGHIHFLXQH

G )XQFLDGHUFLUHFXGH]XPLGLILFDUHD
DHUXOXLXWLOL]HD]UHIULJHUHQW5D$FHVW
OLFKLGGHUFLUHQXFRQLQHFORURIOXRURFDU
EXULQHDIHFWkQGSULQXUPDUHVWUDWXOGH
R]RQ
3RUQLUHDRSULUHD
3HQWUXDDFWLYDDSVDLEXWRQXOZ
V
/DPSDLQGLFDWRDUHGLQEXWRQXOZ
VVHDSULQGH
 3HQWUXDGH]DFWLYDDSVDLEXWRQXO
ZV
/DPSDLQGLFDWRDUHGHSHEXWRQXOZ
VVHVWLQJH)XQFLDGHUFLUHFXGH]X
PLGLILFDUHDDHUXOXLGLVSXQHGHRFDUDFWH
ULVWLFGHRSULUHWHPSRUL]DW


3UREOHPHODIXQFLDGHUFLUHFXGH]X
PLGLILFDUHDDHUXOXL
&kQGDSVDLEXWRQXOZVODPSDLQGL
FDWRDUHGLQEXWRQFOLSHWHGHWUHLRULVDX
UPkQHVWLQV1XPDLSXWHLDFWLYDIXQFLDGH
UFLUHFXGH]XPLGLILFDUHDDHUXOXL


&RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW

6HWDUHDFRQWUROXOXLFOLPDWL]ULLSH
PRGXODXWRPDW
QPRGXODXWRPDWWHPSHUDWXUDVHWDWHVWH
PHQLQXWDXWRPDWODXQQLYHOFRQVWDQW6LV
WHPXOUHJOHD]DXWRPDWWHPSHUDWXUDDHUXOXL
GHELWDWFXUHQWXOGHDHULGLVWULEXLDDHUXOXL
0RGXODXWRPDWYDRIHULRIXQFLRQDUHRSWLP
GDFLUFLUHDFXGH]XPLGLILFDUHDDHUXOXL
HVWHODUkQGXOVXDFWLYDW'DFVHGRUHWH
UFLUHDFXGH]XPLGLILFDUHDDHUXOXLSRDWHIL
GH]DFWLYDW
QFRPSDUWLPHQWXOGLQVSDWHSXWHLGHDVH
PHQHDVFRPXWDLvQPRGXODXWRPDWFRQ
WUROXOFOLPDWL]ULLSHQWUXVFDXQHOHGLQVSDWH
FXDMXWRUXOEXWRQXOXLX
5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 6HWDLWHPSHUDWXUDGRULW
 3HQWUXDDFWLYDDSVDLEXWRQXOX
/DPSDLQGLFDWRDUHGLQEXWRQXOXVH
DSULQGH&XUHQWXOGHDHULGLVWULEXLDDXWR
PDWDDHUXOXLVXQWDFWLYDWH


G &RQWUROXODXWRPDWDOFOLPDWL]ULL7+(5
027521,&FkQGPRGXODXWRPDWHVWHDFWL
YDWSXWHLVHOHFWDRVHWDUHDPRGXOXLGH
FOLPDWL]DUH3DJLQD
 3HQWUXDGH]DFWLYDDSVDLEXWRQXO

VDX
 $SVDLEXWRQXOVDX
/DPSDLQGLFDWRDUHGLQEXWRQXOXVH
VWLQJH

&RQWUROFOLPDWL]DUH

$FWLYDUHDGH]DFWLYDUHDIXQFLHLGH
UFLUHFXGH]XPLGLILFDUHDDHUXOXL



8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL



6HWDUHDPRGXOXLGHFOLPDWL]DUH

&RQWUROFOLPDWL]DUH

$FHDVWIXQFLHHVWHGLVSRQLELOGRDUFXFRQ
WUROXODXWRPDWDOFOLPDWL]ULL7+(502752
1,&
6HWULOHFRQWUROXOXLFOLPDWL]ULLVXQWHILFLHQWH
PDLDOHVODWHPSHUDWXULvQDOWH
3XWHLVHOHFWDXUPWRDUHOHVHWULDOHFRQWUR
OXOXLFOLPDWL]ULLvQPRGXODXWRPDW
)2&86
&21
&(1
75$7
0(',80
0(',8
',))86(
',63(5
6$7

FXUHQWGHDHUULGLFDWFDUHGHYLQH
SXLQPDLUHFH

FXUHQWGHDHUPHGLXVHWDUHVWDQ
GDUG
FXUHQWGHDHUVF]XWFDUHHVWH
SXLQPDLFDOGLFXXQGHELWPDL
VF]XWDOFXUHQWXOXLGHDHU

5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 $SVDLEXWRQXOX
 $SVDLUHSHWDWEXWRQXOSkQFkQG
PRGXOGHFOLPDWL]DUHGRULWDSDUHSHGLVSOD\


6HWDUHDWHPSHUDWXULL
&RQWUROXODXWRPDWDOFOLPDWL]ULL7+(5
0$7,&
6HSRWVHWDWHPSHUDWXULGLIHULWHSHQWUXSDUWHD
RIHUXOXLLSDUWHDSDVDJHUXOXLGLQID
5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 3HQWUXDFUHWHUHGXFHURWLLFRPHQ
]LOHCVDXvQVHQVRUDUVDXvQVHQV
DQWLRUDU3DJLQD
6FKLPEDLVHWDUHDWHPSHUDWXULLQXPDLvQ
WUHSWHPLFLQFHSHLGHOD


&RQWURODXWRPDWFOLPDWL]DUH7+(502
7521,&

=RQHOHFRQWUROXOXLFOLPDWL]ULLDXWRPDW7+(502
7521,&

3XWHLVHOHFWDVHWULGHWHPSHUDWXUGLIHULWH
SHSDUWHDRIHUXOXLLDSDVDJHUXOXLGLQID
SUHFXPLSHQWUXFRPSDUWLPHQWXOVSDWH
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 3HQWUXDFUHWHUHGXFHWHPSHUDWXUDvQ
IDURWLLFRPHQ]LOHCLvQVHQVRUDU
VDXDQWLRUDU3DJLQD
6FKLPEDLVHWDUHDWHPSHUDWXULLQXPDLvQ
WUHSWHPLFLQFHSHLGHOD
 3HQWUXDFUHWHUHGXFHWHPSHUDWXUD
GLQFRPSDUWLPHQWXOVSDWHFXDMXWRUXO
SDQRXOXLGHFRPDQGIDDSVDLEXWR
QXO
/DPSDLQGLFDWRDUHGLQEXWRQXOVH
VWLQJH
 5RWLLFRPDQGDCvQVHQVRUDUVDXDQWLRUDU
3DJLQD
6FKLPEDLVHWDUHDWHPSHUDWXULLQXPDLvQ
WUHSWHPLFLQFHSHLGHOD
5HJODUHDWHPSHUDWXULLSHQWUXSDUWHDRIH
UXOXLHVWHDGRSWDWODFRPSDUWLPHQWXO
VSDWHLODSDUWHDSDVDJHUXOXLGLQID
 3HQWUXDFUHWHUHGXFHWHPSHUDWXUD
GLQFRPSDUWLPHQWXOGLQVSDWHFXDMXWR
UXOSDQRXOXLGHFRPDQGGLQVSDWHURWLL
EXWRQXOuvQVHQVRUDUVDXDQWLRUDUGHSH
SDQRXOGHFRPDQGGLQVSDWH
3DJLQD
6FKLPEDLVHWDUHDWHPSHUDWXULLQXPDLvQ
WUHSWHPLFLQFHSHLGHOD

8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL

3DQRXGHFRPDQGGLQID
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODLHFHQWUDOH
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODLHGHODVSDLXOSHQWUX
SLFLRDUH
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODLHGHODVSDLXOSHQWUX
SLFLRDUHLFHOHFHQWUDOH
a 'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH
GHGH]DEXULUH
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODLHSHQWUXGH]DEXULUHLFHOH
FHQWUDOH
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH
DHUXOXLGHODVSDLXOSHQWUXSLFLRDUHL
FHOHGHGH]DEXULUH
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODLHSHQWUXGH]DEXULUHSULQ
FHOHFHQWUDOHLSULQFHOHGHODVSDLXO
SHQWUXSLFLRDUH
3DQRXGHFRPDQGGLQVSDWH
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODLHFHQWUDOHLODWHUDOHvQ
VSDWH
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODLHGHODVSDLXOSHQWUX
SLFLRDUH

G &XDMXWRUXOSDQRXOXLGHFRPDQGGLQ
VSDWHSXWHLDFWLYDGHDVHPHQHDDPEHOH
SR]LLLGHGLVWULEXLHDDHUXOXLVLPXOWDQ
3HQWUXDHIHFWXDDFHVWOXFUXDSVDL
DPEHOHEXWRDQHGHGLVWULEXLHDDHUXOXL
$HUXOHVWHDSRLGLULMDWSULQWRDWHRULILFLLOHGH
YHQWLODLHGLQVSDWH
G ,QGLIHUHQWFDUHHVWHVHWDUHDGLVWULEXLHL
DHUXOXLFXUHQWXOGHDHUHVWHvQWRWGHDXQD
GLULMDWSULQRULILFLLOHGHYHQWLODLHODWHUDOH
2ULILFLLOHGHYHQWLODLHODWHUDOHSRWILvQFKLVH
QXPDLFkQGFRPHQ]LOHGHSHRULILFLLOHGH
YHQWLODLHODWHUDOHVXQWURWLWHvQMRV

5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 3DQRXGHFRPDQGGLQIDDSVDLEXWR
QXOvQPRGUHSHWDWSkQFkQGVLP
EROXOGRULWDSDUHSHDILDM
 3DQRXGHFRPDQGGLQVSDWHDSVDL
EXWRQXOLVDX


6HWDUHDFXUHQWXOXLGHDHU
5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 3HQWUXDFUHWHDSVDLEXWRQXO
 3HQWUXDUHGXFHDSVDLEXWRQXO


G 3XWHLXWLOL]DFRQWUROXODXWRPDWDOFOLPD
WL]ULL7+(5027521,&SHQWUXDVHWD
FXUHQWXOGHDHUvQFRPSDUWLPHQWXOVSDWH
VHSDUDW
$FWLYDUHDGH]DFWLYDUHDIXQFLHL
=21(


3HQWUXDDFWLYDDSVDLEXWRQXO
/DPSDLQGLFDWRDUHGLQEXWRQXOVH
DSULQGH
&RQWUROXODXWRPDWDOFOLPDWL]ULL7+(50$
7,&VHWDUHDGHWHPSHUDWXUSHQWUXSDUWHD
RIHUXOXLQXHVWHDGRSWDWSHQWUXSDUWHD
SDVDJHUXOXLGLQID7HPSHUDWXUDGHSH
SDUWHDSDVDJHUXOXLGLQIDHVWHDGRSWDW
SHQWUXFRPSDUWLPHQWXOGLQVSDWH
&RQWUROXODXWRPDWDOFOLPDWL]ULL7+(502
7521,&VHWDUHDGHWHPSHUDWXUSHQWUX
SDUWHDRIHUXOXLQXHVWHDGRSWDWSHQWUX
SDUWHDSDVDJHUXOXLGLQIDLFRPSDUWL
PHQWXOVSDWH

&kQGEXWRDQHOHVDXFRPHQ]LOHSHQWUXWHP
SHUDWXUFXUHQWXOGHDHUVDXGLVWULEXLDDHUX
OXLVXQWDFWLYDWHVHWDUHDGHWHPSHUDWXUSHQ
WUXSDUWHDRIHUXOXLQXHVWHDSOLFDWLSHQWUX
FHOHODOWH]RQHGHFRQWURODOFOLPDWL]ULL

&RQWUROFOLPDWL]DUH

6HWDUHDGLVWULEXLHLDHUXOXL



8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL




3HQWUXDGH]DFWLYDDSVDLEXWRQXO

/DPSDLQGLFDWRDUHGLQEXWRQXOVH
VWLQJH
5HJODUHDWHPSHUDWXULLSHQWUXSDUWHDRIH
UXOXLHVWHDGRSWDWODFRPSDUWLPHQWXOGLQ
VSDWHLODSDUWHDSDVDJHUXOXLGLQID

'H]JKHDUHDSDUEUL]XOXL

&RQWUROFOLPDWL]DUH

3XWHLXWLOL]DDFHDVWIXQFLHSHQWUXDGHJLYUD
SDUEUL]XOVDXSHQWUXDGH]DEXULLQWHULRUXOSDU
EUL]XOXLLJHDPXULOHODWHUDOH

G 6HOHFWDLIXQFLDGHGH]DEXULUHSkQFkQG
SDUEUL]XOUHGHYLQHWUDQVSDUHQW
5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 3HQWUXDDFWLYDDSVDLEXWRQXOd
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH
DSULQGH
6LVWHPXOGHFRQWURODOFOLPDWL]ULLFRPXW
SHXUPWRDUHOHIXQFLL


=UFLUHDFXGH]XPLGLILFDUHDDHUXOXLSRU

QLW
=FXUHQWGHDHUULGLFDW
=WHPSHUDWXUULGLFDW
=GLVWULEXLDDHUXOXLFWUHSDUEUL]LJHD
PXULOHODWHUDOHGLQID
=PRGXOGHUHFLUFXODUHDDHUXOXLGH]DFWLYDW
3HQWUXDGH]DFWLYDDSVDLEXWRQXO
d
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH
VWLQJH6HWULOHVHOHFWDWHDQWHULRUVXQWGLQ
QRXYDODELOH)XQFLDGHUFLUHFXGH]XPL
GLILFDUHDDHUXOXLUPkQHDFWLYDW0RGXO
GHUHFLUFXODUHDDHUXOXLUPkQHGH]DFWLYDW
VDX
 $SVDLEXWRQXOX
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH
VWLQJH&XUHQWXOGHDHULGLVWULEXLDDHUXOXL
VXQWVHWDWHSHPRGXODXWRPDW


 1XPDLFXPRWRUXOSRUQLW
 QIXQFLHGHWHPSHUDWXUDH[WHULRDU

VDX
 5RWLLFRPHQ]LOHCVDXvQVHQVRUDUVDX
vQVHQVDQWLRUDU3DJLQD
3DJLQD
VDX
 $SVDLEXWRQXOVDX

'H]DEXULUHDJHDPXULORU
*HDPXULDEXULWHSHLQWHULRU
$FWLYDLIXQFLDGHUFLUHFXGH]XPLGLILFDUH
DDHUXOXLZV
 $FWLYDLPRGXODXWRPDWX
 'DFJHDPXULOHFRQWLQXVVHDEXUHDVF
DFWLYDLIXQFLDGHGH]DEXULUH
3DJLQD


G 6HOHFWDLDFHDVWVHWDUHGRDUSkQFkQG
SDUEUL]XOUHGHYLQHWUDQVSDUHQW
*HDPXULDEXULWHSHH[WHULRU
$FWLYDLWHUJWRDUHOHGHSDUEUL]
$SVDLUHSHWDWEXWRQXOSkQFkQG
VLPEROXOVDXDSDUHSHDILDM
G 6HOHFWDLDFHDVWVHWDUHGRDUSkQFkQG
SDUEUL]XOUHGHYLQHWUDQVSDUHQW



QFO]LUHDOXQHWHL
3RUQLUHDRSULUHD
 3HULFROGHDFFLGHQW
&XUDLWRDWHJHDPXULOHGHJKHDVDX
]SDGvQDLQWHGHSRUQLUHDvQFOWRULH'LPL
QXDUHDYL]LELOLWLLSRDWHFUHDVLWXDLLSHULFX
ORDVHSHQWUXGXPQHDYRDVWUVDXSHQWUXDOWH
SHUVRDQH
QFO]LUHDOXQHWHLDUHXQFRQVXPGHFXUHQW
ULGLFDW3ULQXUPDUHWUHEXLHVRRSULLGDF
OXQHWDHVWHWUDQVSDUHQWQFD]FRQWUDUVH
RSUHWHDXWRPDWGXSFkWHYDPLQXWH

8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL

3UREOHPHODvQFO]LUHDOXQHWHL
QFO]LUHDOXQHWHLVDGH]DFWLYDWSUHPDWXUVDX
QXSRDWHILDFWLYDW
 'H]DFWLYDLRULFHFRQVXPDWRULLQXWLOLGHH[
OPSLOHGHOHFWXUVDXLOXPLQDUHDLQWH
ULRDU
&kQGEDWHULDHVWHVXILFLHQWGHvQFUFDW
vQFO]LUHDOXQHWHLHVWHDFWLYDWGLQQRX
DXWRPDW

$FWLYDUHDGH]DFWLYDUHDPRGXOXLGH
UHFLUFXODUHDDHUXOXL
3XWHLGH]DFWLYDIOX[XOGHDHUSURDVSWGDF
vQDXWRYHKLFXOSWUXQGPLURVXULQHSOFXWHGLQ
H[WHULRU$HUXOGLQDXWRYHKLFXOYDILDVWIHO
UHFLUFXODW
8WLOL]DUHDPRGXOXLGHUHFLUFXODUHDDHUXOXL
HVWHVLPLODUODWRDWHSDQRXULOHGHFRPDQG

 3HULFROGHDFFLGHQWDUH
/DWHPSHUDWXULH[WHULRDUHIRDUWHVF]XWHDFWL
YDLPRGXOGHUHFLUFXODUHDDHUXOXLGRDUSHQWUX
VFXUWWLPSQFD]FRQWUDUJHDPXULOHVHSRW
DEXULGLPLQXkQGYL]LELOLWDWHDLSXQkQGDVWIHO
vQSHULFROVLJXUDQDSURSULHLSHFHDDDOWRU
SHUVRDQH'LQDFHDVWFDX]HVWHSRVLELOV
QXPDLSXWHLXUPULFRQGLLLOHGHWUDILF
SXWkQGSURYRFDXQDFFLGHQW

5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 3HQWUXDDFWLYDDSVDLEXWRQXO
/DPSDLQGLFDWRDUHGLQEXWRQXOVH
DSULQGH


G QFD]XOXQRUQLYHOXULGHSROXDUHULGL
FDWHVDXODWHPSHUDWXULH[WHULRDUHULGL
FDWHPRGXOGHUHFLUFXODUHDDHUXOXLHVWH
DFWLYDWDXWRPDW&kQGPRGXOGHUHFLUFXODUH
DDHUXOXLHVWHDFWLYDWDXWRPDWODPSDLQGL
FDWRDUHGLQEXWRQXOQXHVWHDSULQV
$HUXOH[WHULRUHVWHDGXJDWGXSDSUR[L
PDWLYGHPLQXWH
 3HQWUXDGH]DFWLYDDSVDLEXWRQXO

/DPSDLQGLFDWRDUHGLQEXWRQXOVH
VWLQJH
G 0RGXOGHUHFLUFXODUHDDHUXOXLVHGH]DFWL
YHD]DXWRPDW
=GXSDSUR[LPDWLYFLQFLPLQXWHODWHPSH

UDWXULH[WHULRDUHVXEDSUR[LPDWLY
=GXSDSUR[LPDWLYFLQFLPLQXWHGDF

UFLUHDFXGH]XPLGLILFDUHDDHUXOXLHVWH
GH]DFWLYDW
=GXSDSUR[LPDWLYGHPLQXWHODWHP
SHUDWXULH[WHULRDUHGHSHVWHDSUR[LPDWLY

=GDFDSVDLEXWRQXOZVL
DFWLYDLUFLUHDFXGH]XPLGLILFDUHDDHUX
OXL

QFKLGHUHDGHVFKLGHUHDDVLVWDWFX
DMXWRUXOEXWRQXOXLGHUHFLUFXODUHD
DHUXOXL
 $9(57,60(17
$VLJXUDLYFQXYDILSULQVQLPHQLvQWUHJHD
PXOODWHUDOLFDGUXOSRUWLHUHLFkQGJHDPXULOH
ODWHUDOHVXQWGHVFKLVHLvQFKLVH$VLJXUDLY
FWRDWHRELHFWHOHLSULOHFRUSXOXLVXQWOD
GLVWDQGHJHDPXULOHODWHUDOHFkQGDFHVWHD
VXQWGHVFKLVHVDXvQFKLVH'XPQHDYRDVWU
VDXRELHFWHOHSXWHLILWUDLVDXSULQLvQWUH
JHDPXOODWHUDOLFDGUXOSRUWLHUHLSHPVXU
FHJHDPXOVHGHSODVHD]'DFH[LVWSHULFR
OXOGHSULQGHUHDFLRQDLFRPXWDWRUXOb
SHQWUXDGHSODVDJHDPXOODWHUDOvQVHQVXO
RSXV

 1XPDLFRQWUROXODXWRPDWDOFOLPDWL]ULL7+(5027521,&

&RQWUROFOLPDWL]DUH

'DFWHQVLXQHDEDWHULHLHVWHSUHDVF]XW
vQFO]LUHDOXQHWHLVHSRDWHGH]DFWLYD
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 $SVDLEXWRQXOl
/DPSDLQGLFDWRDUHGLQEXWRQXOlVH
DSULQGHVDXVHVWLQJH



8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL



$VLJXUDLYFQXVHSRDWHSULQGHQLPHQL
vQWUHHOHPHQWHFkQGWUDSDJOLVDQWWUDSDJOL
VDQWSDQRUDPLFHVWHGHVFKLVLvQFKLV
'DFH[LVWSHULFROXOGHSULQGHUHDFLRQDL
FRPXWDWRUXOWSHQWUXDGHSODVDWUDSDJOL
VDQWWUDSDJOLVDQWSDQRUDPLFvQVHQVXO
RSXV

&RQWUROFOLPDWL]DUH

&DUDFWHULVWLFDGHvQFKLGHUHDVLVWDW
DSVDLLPHQLQHLDSVDWEXWRQXO
SkQFkQGJHDPXULOHODWHUDOHLWUDSDJOL
VDQWWUDSDJOLVDQWSDQRUDPLFVDX
vQFKLV
/DPSDLQGLFDWRDUHGLQEXWRQXOVH
DSULQGH0RGXOGHUHFLUFXODUHDDHUXOXLHVWH
DFWLYDW
&DUDFWHULVWLFDGHGHVFKLGHUHDVLVWDW
DSVDLLPHQLQHLDSVDWEXWRQXO
SkQFkQGJHDPXULOHODWHUDOHLWUDSDJOL
VDQWWUDSDJOLVDQWSDQRUDPLFVDXGHV
FKLV*HDPXULOHODWHUDOHLWUDSDJOLVDQW
WUDSDJOLVDQWSDQRUDPLFUHYLQvQSR]LLD
ORULQLLDO
/DPSDLQGLFDWRDUHGLQEXWRQXOVH
VWLQJH0RGXOGHUHFLUFXODUHDDHUXOXLHVWH
GH]DFWLYDW

G 'DFGHVFKLGHLJHDPXULOHODWHUDOHVDX
WUDSDJOLVDQWWUDSDJOLVDQWSDQRUDPLF
PDQXDOGXSFHOHvQFKLGHLSULQFDUDFWH
ULVWLFDGHvQFKLGHUHDVLVWDWHOHYRUUPkQH
vQDFHDVWSR]LLHFkQGVXQWGHVFKLVHSULQ
FDUDFWHULVWLFDGHGHVFKLGHUHDVLVWDW
$FWLYDUHDGH]DFWLYDUHDIXQFLHLGH
FOGXUUH]LGXDO
(VWHSRVLELOVXWLOL]DLFOGXUDUH]LGXDOD
PRWRUXOXLSHQWUXDFRQWLQXDVvQFO]LLDXWR
YHKLFXOXOVWDLRQDWWLPSGHSkQOD
GHPLQXWHGXSFHPRWRUXODIRVWRSULW
'XUDWDGHvQFO]LUHGHSLQGHGHWHPSHUDWXUD
FDUHDIRVWVHWDW

G 9HQWLODWRUXOYDIXQFLRQDODWXUDLHUHGXV
LQGLIHUHQWGHVHWDUHDFXUHQWXOXLGHDHU

G 'DFDFWLYDLIXQFLDGHFOGXUUH]LGXDO
ODWHPSHUDWXULvQDOWHVHYDDFWLYDGRDUYHQ
WLODLD9HQWLODWRUXOUXOHD]ODWXUDLHPHGLH
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFWVDXVFRDWHLR
 3HQWUXDDFWLYDDSVDLEXWRQXOK
V
/DPSDLQGLFDWRDUHGLQEXWRQXOK
VVHDSULQGH


3HQWUXDGH]DFWLYDDSVDLEXWRQXO
KV
/DPSDLQGLFDWRDUHGHSHEXWRQXOK
VVHVWLQJH

G &OGXUDUH]LGXDOHVWHGH]DFWLYDWDXWR
PDW
=GXSDSUR[LPDWLYGHPLQXWH
=FkQGFRQWDFWXOHVWHSXV
=GDFWHQVLXQHDEDWHULHLVFDGH
=GDFWHPSHUDWXUDOLFKLGXOXLGHUFLUH
HVWHSUHDVF]XW
QFO]LUHDX[LOLDU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
6HSURGXFJD]HGHHDSDPHQWFkQGvQFO]LUHD
DX[LOLDUHVWHvQIXQFLXQH,QKDODUHDDFHVWRU
JD]HGHHDSDPHQWYSRDWHILQRFLY3ULQ
XUPDUHDUWUHEXLVGH]DFWLYDLvQFO]LUHD
DX[LOLDUvQVSDLLvQFKLVHIUXQVLVWHPGH
YHQWLODUHSULQDVSLUDLHGHH[vQWUXQJDUDM

 $9(57,60(17
&kQGXWLOL]DLvQFO]LUHDDX[LOLDUDQXPLWHSUL
DOHDXWRYHKLFXOXOXLVHSRWvQFLQJHSXWHUQLF
$VLJXUDLYFVLVWHPXOGHHYDFXDUHQXLQWU
VXEQLFLRIRUPvQFRQWDFWFXPDWHULDOHOHXRU
LQIODPDELOHSUHFXPLDUEDXVFDWVDXFDUEX
UDQLL0DWHULDOHOHVDUSXWHDvQFD]FRQWUDU
DSULQGHLDUIRFXOVDUUVSkQGLODDXWRYHKLFXO
$OHJHLYSULQXUPDUHXQORFGHSDUFDUHDGHF
YDW

8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL

 8WLOL]DUHDvQFO]LULLYHQWLODLHLDX[LOLDUH
FRQVXPEDWHULDDXWRYHKLFXOXOXL'XSFH
DLvQFO]LWVDXYHQWLODWDXWRYHKLFXOXOGH
PD[LPXPGRXRULFRQGXFHLRGLVWDQ
PDLPDUH
G $FWLYDLvQFO]LUHDDX[LOLDUUHJXODWGHH[
WLPSGHDSUR[LPDWLY]HFHPLQXWHvQILHFDUH
OXQ
QFO]LUHDDX[LOLDUvQFO]HWHDHUXOGLQLQWH
ULRUXODXWRYHKLFXOXOXLODWHPSHUDWXUDVHWDW
IUDVHIRORVLGHFOGXUDPRWRUXOXLvQIXQF
LXQHQFO]LUHDDX[LOLDUHVWHDFLRQDW
GLUHFWSULQLQWHUPHGLXOFDUEXUDQWXOXLDXWRYH
KLFXOXOXL'LQDFHVWPRWLYFRQLQXWXOUH]HUYR
UXOXLWUHEXLHVILHFHOSXLQODQLYHOXOGHFDU
EXUDQWGHUH]HUYSHQWUXDVHDVLJXUDIXQF
LRQDUHDvQFO]LULLDX[LOLDUH
QFO]LUHDYHQWLODLDDX[LOLDUVHDGDSWHD]
DXWRPDWODPRGLILFULGHWHPSHUDWXULFRQ
GLLLPHWHR'LQDFHVWPRWLYvQFO]LUHDDX[L
OLDUDUSXWHDFRPXWDGLQPRGXOGHYHQWLODLH
vQFHOGHvQFO]LUHVDXGLQPRGXOGHvQFO]LUH
vQFHOGHYHQWLODLH
QFO]LUHDDX[LOLDUHVWHRSULWDWXQFLFkQG
PRWRUXOHVWHRSULW9HQWLODLDDX[LOLDUHVWH
RSULWDWXQFLFkQGURWLLFKHLDvQSR]LLD
QFO]LUHDDX[LOLDUVHRSUHWHDXWRPDWGXS
GHPLQXWH$FHDVWOLPLWGHWLPSSRDWHIL
PRGLILFDW9UXJPVFRQWDFWDLXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DWvQDFHVWVFRS
1XSXWHLXWLOL]DYHQWLODLDDX[LOLDUSHQWUXD
UFLLQWHULRUXODXWRYHKLFXOXOXLODRWHPSHUD
WXUPDLMRDVGHFkWWHPSHUDWXUDH[WHULRDU
QDLQWHGHDFWLYDUH
5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 6HWDLWHPSHUDWXUD


QFO]LUHDYHQWLODLDDX[LOLDUSRDWHILDFWL
YDWFkQGFRQWUROXOFOLPDWL]ULLHVWHFRQWURODW
PDQXDO6HSRDWHRELQHXQFRQIRUWRSWLP
FkQGVLVWHPXOHVWHVHWDWSHPRGXODXWRPDW
5HJODLWHPSHUDWXUDSH
QFO]LUHDYHQWLODLDDX[LOLDUSRDWHILDFWL
YDWVDXGH]DFWLYDWFXDMXWRUXOWHOHFRPHQ]LL
VDXDOEXWRQXOXLGLQFRQVRODFHQWUDO
&DOFXODWRUXOGHERUGSRDWHILXWLOL]DWSHQWUXD
VSHFLILFDSkQODWUHLRUHGHSOHFDUHGLQWUH
FDUHXQDSRDWHILSUHVHOHFWDW
3DJLQD

$FWLYDUHDGH]DFWLYDUHDvQFO]LULLYHQ
WLODLHLDX[LOLDUHFXDMXWRUXOEXWRQXOXL
GLQFRQVRODFHQWUDO

&XORULOHOPSLORULQGLFDWRDUHGHSHEXWRQDX
XUPWRDUHOHVHPQLILFDLL
$OEDVWUX 9HQWLODLDDX[LOLDUDFWLYDW
5RX
QFO]LUHDDX[LOLDUDFWLYDW
*DOEHQ 2UGHSOHFDUHSUHVHOHFWDW
3DJLQD
$FWLYDUHDvQFO]LULLYHQWLODLHLDX[LOLDUH
 $SVDLEXWRQXOC
/DPSDLQGLFDWRDUHURLHVDXDOEDVWUGLQ
EXWRQXOCVHDSULQGH
'H]DFWLYDUHDvQFO]LULLYHQWLODLHLDX[L
OLDUH
 $SVDLEXWRQXOC
/DPSDLQGLFDWRDUHURLHVDXDOEDVWUGLQ
EXWRQXOCVHVWLQJH

&RQWUROFOLPDWL]DUH

8WLOL]DUHDvQFO]LULLDX[LOLDUHHVWHGLQDFHVW
PRWLYLQWHU]LVvQEHQ]LQULLVDXFkQGDXWRYH
KLFXOXOGXPQHDYRDVWUHVWHDOLPHQWDWFXFDU
EXUDQW3ULQXUPDUHWUHEXLHVGH]DFWLYDL
vQFO]LUHDDX[LOLDUvQEHQ]LQULL





8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL
$FWLYDUHDGH]DFWLYDUHDvQFO]LULLYHQ
WLODLHLDX[LOLDUHFXDMXWRUXOWHOHFRPHQ
]LL
$XWRYHKLFXOXOGXPQHDYRDVWUHVWHSUHY]XW
FXRWHOHFRPDQG3XWHLXWLOL]DGRXWHOHFR
PHQ]LVXSOLPHQWDUHSHQWUXDXWRYHKLFXOXO
GXPQHDYRDVWU3HQWUXPDLPXOWHLQIRUPDLL
YUXJPVFRQWDFWDLXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW
7HOHFRPDQGDDUHRUD]PD[LPGHDSUR[L
PDWLYGHPHWUL$FHDVWUD]HVWHUHGXV
GH
=VXUVHOHGHLQWHUIHUHQUDGLR

&RQWUROFOLPDWL]DUH

=RELHFWHOHVROLGHGLQWUHWHOHFRPDQGL

DXWRYHKLFXO
=VLWXDUHDWHOHFRPHQ]LLvQWURSR]LLHQHIDYR

UDELOIDGHDXWRYHKLFXO
=WUDQVPLWHUHDGLQWUXQVSDLXvQFKLV

G 5D]DRSWLPSRDWHILRELQXWGDFLQHL
WHOHFRPDQGDSHYHUWLFDORULHQWDWvQVXV
FkQGDSVDLXQXOGLQWUHEXWRDQH
G 8QVLPEROGHEDWHULHDSDUHSHGLVSOD\
FkQGEDWHULDWHOHFRPHQ]LLHVWHDSURDSH
HSXL]DWQORFXLLEDWHULDWHOHFRPHQ]LL
3DJLQD

3HQWUXDDFWLYDvQFO]LUHDYHQWLODLD

DX[LOLDU
j3HQWUXDYHULILFDVWDUHDIL[DRUDGH

SOHFDUH
$FWLYDUHDvQFO]LULLYHQWLODLHLDX[LOLDUH
 $SVDLEXWRQXO
213251,7DSDUHSHDILDMXOWHOHFRPHQ
]LL
'H]DFWLYDUHDvQFO]LULLYHQWLODLHLDX[L
OLDUH
 $SVDLEXWRQXOx
2))GH]DFWLYDWDSDUHSHDILDMXOWHOH
FRPHQ]LL
9HULILFDUHDVWULLvQFO]LULLYHQWLODLHL
DX[LOLDUH
 $SVDLEXWRQXOjVDXf
8UPWRDUHOHPHVDMHSRWDSUHDSHDILDM
'LVSOD\

6HPQLILFDLH
QFO]LUHDYHQWLODLD
DX[LOLDUHVWHGH]DFWL
YDW
9HQWLODLDDX[LOLDUHVWH
DFWLYDW1XPUXOGHSH
DILDMLQGLFGXUDWD
UPDVvQPLQXWHSHQ
WUXYHQWLODLDDX[LOLDU
QFO]LUHDDX[LOLDUHVWH
DFWLYDW1XPUXOGHSH
DILDMLQGLFGXUDWD
UPDVvQPLQXWHSHQ
WUXvQFO]LUHDDX[LOLDU

7HOHFRPDQGGHvQFO]LUHDX[LOLDU
C 'LVSOD\
D f3HQWUXDYHULILFDVWDUHDIL[DRUDGH

SOHFDUH
x3HQWUXDGH]DFWLYDvQFO]LUHDYHQWL

ODLDDX[LOLDU

6DDFWLYDWRRUGHSOH
FDUH2UDGHSOHFDUH
DSDUHSHGLVSOD\

8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL

6DDFWLYDWRRUGHSOH
FDUHQFO]LUHDDX[LOLDU
HVWHVHOHFWDWODPRPHQ
WXOUHVSHFWLY2UDGHSOH
FDUHDSDUHSHGLVSOD\

QORFXLUHDEDWHULHLWHOHFRPHQ]LL
 $9(57,60(17
%DWHULLOHFRQLQVXEVWDQHRWUYLWRDUH
QJKLLUHDLQJHUDUHDEDWHULLORUSRDWHGXFHOD
YWPDUHSHUVRQDOJUDYVDXFKLDUODGHFHV
1XOVDLQLFLRGDWEDWHULLOHODvQGHPkQDFRSLL
ORU'DFREDWHULHHVWHvQJKLLWFHUHLLPH
GLDWDMXWRUXOPHGLFXOXL
 1RWSULYLQGSURWHFLDPHGLXOXL
%DWHULLOHFRQLQDJHQL
SROXDQL(VWHLOHJDOVOH
DUXQFDLvPSUHXQFX
JXQRLXOPHQDMHU$FHVWHD
WUHEXLHFROHFWDWHVHSDUDWL
DUXQFDWHSRWULYLWXQXLVLVWHP
GHUHFLFODUHUHVSRQVDELOID
GHPHGLXOvQFRQMXUWRU
$UXQFDLEDWHULLOHvQWUR
PDQLHUUHVSRQVDELOIDGH
PHGLXOvQFRQMXUWRU'XFHL
EDWHULLOHGHVFUFDWHODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL
]DWVDXODXQFHQWUXGHFROHF
WDUHSHQWUXEDWHULLX]DWH

6HWDUHDRUHLGHSOHFDUH
 $SVDLEXWRQXOjVDXfvQPRG
UHSHWDWSkQFkQGRUDGHPRGLILFDWDSDUH
SHGLVSOD\
 $SVDLVLPXOWDQEXWRDQHOHLx
6LPEROXOMGHSHDILDMXOWHOHFRPHQ]LLFOL
SHWH
 $SVDLEXWRQXOjVDXfSHQWUXD
VHWDRUDGHSOHFDUHGRULW

G &XFkWLQHLPDLPXOWDSVDWSHEXWR
QXOjVDXfFXDWkWVHLVFKLPE
PDLUDSLGRUD
 $SVDLVLPXOWDQEXWRDQHOHLx
1RXDRUGHSOHFDUHHVWHVWRFDW
$FWLYDUHDRUHLGHSOHFDUHIL[DWH
 $SVDLEXWRQXOjVDXfvQPRG
UHSHWDWSkQFkQGRUDGHSOHFDUHGRULW
DSDUHSHGLVSOD\
 $SVDLEXWRQXO
6LPEROXOLLRUDGHSOHFDUHDSDUSHGLV
SOD\
'H]DFWLYDUHDXQHLRUHGHSOHFDUHIL[DWH
 $SVDLEXWRQXOjVDXf
6WDUHDvQFO]LULLDX[LOLDUHHVWHLQGLFDWSH
DILDM
 $SVDLEXWRQXOf
3ULPDRUGHSOHFDUHPHPRUDWDSDUHSH
DILDM
 $SVDLEXWRQXOx
0HVDMXOGHSHGLVSOD\2))235,7DSDUH
SHGLVSOD\

&RQWUROFOLPDWL]DUH

6DDFWLYDWRRUGHSOH
FDUH9HQWLODLDDX[LOLDU
HVWHVHOHFWDWODPRPHQ
WXOUHVSHFWLY2UDGHSOH
FDUHDSDUHSHGLVSOD\



(VWHQHFHVDUREDWHULHFXSLQGH9GHWLS
&5

'HVIDFHLEUDHOHODWHUDOHDOHFDSDFXOXL
EDWHULHLDLVFRDWHLFDSDFXOEDWHULHLD
 6FRDWHLYHFKHDEDWHULHC
 ,QWURGXFHLQRXDEDWHULH5HVSHFWDLvQVHP
QHOHGHSRODULWDWHGHSHVSDWHOHWHOHFRPHQ
]LLvQWLPSXORSHUDLHL


8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL



&XOLVDLFDSDFXOEDWHULHLDvQDSRLSHWHOH
FRPDQG
 8WLOL]DLWHOHFRPDQGDSHQWUXDYHULILFDIXQF
LLOHGHvQFO]LUHDX[LOLDUDOHDXWRYHKLFXOX
OXL

&RQWUROFOLPDWL]DUH

8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL



$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

7UDQVPLVLDGHVHPQDOGLQWUHWUDQVPLWRULDXWRYHKLFXOHVWH
GHIHFWXRDV
 6FKLPEDLYSR]LLDvQUDSRUWFXDXWRYHKLFXOXODSURSLLQGXY
GHHOGDFVLWXDLDRFHUH
 QFHUFDLGLQQRXVDFWLYDLVDXVGH]DFWLYDLvQFO]LUHDDX[L
OLDUFXDMXWRUXOWHOHFRPHQ]LL

)$,/'()(&7

)$,/'()(&7

)$,/'()(&7

0HVDMXOGHSHGLVSOD\YDDSUHDQXPDLGDFvQFHUFDLVDFWLYDL
vQFO]LUHDDX[LOLDU
1XH[LVWVXILFLHQWFDUEXUDQWvQUH]HUYRUXOGHFDUEXUDQWVDXvQFO]L
UHDDX[LOLDUIXQFLRQHD]GHIHFWXRV
 $OLPHQWDLODFHDPDLDSURSLDWVWDLHGHDOLPHQWDUH
 QFHUFDLGLQQRXVDFWLYDLvQFO]LUHDDX[LOLDUFXDMXWRUXOWHOH
FRPHQ]LL
 6ROLFLWDLYHULILFDUHDvQFO]LULLDX[LOLDUHODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW
$FHVWPHVDMGHSHGLVSOD\SRDWHVDSDUGDFvQFHUFDLVDFWLYDL
vQFO]LUHDDX[LOLDUVDXvQWLPSXOXQHLLQWHURJULGHVWDUH
'DFvQFO]LUHDDX[LOLDUQXSRUQHWHVDXGDFVDvQWUHUXSWvQ
WLPSXOIXQFLRQULLDFHVWOXFUXVDvQWkPSODWGLQXUPWRDUHOH
FDX]H
=vQFO]LUHDDX[LOLDUDIRVWSRUQLWGHPDLPXOWGHGRXRULDWXQFL

FkQGPRWRUXODIRVWRSULW
=EDWHULDGHSRUQLUHQXHVWHvQFUFDWVXILFLHQW
=HVWHSUHDSXLQFDUEXUDQWvQUH]HUYRUXOGHFDUEXUDQW
=vQFO]LUHDDX[LOLDUHVWHGHIHFW
'DFvQFO]LUHDDX[LOLDUDIRVWSRUQLWGHPDLPXOWGHGRX
RUL



3RUQLLPRWRUXOLOVDLOSRUQLWPDLPXOWGHVHFXQGH
QFHUFDLGLQQRXVDFWLYDLvQFO]LUHDDX[LOLDUFXDMXWRUXOWHOH
FRPHQ]LL

'DFEDWHULDGHSRUQLUHQXHVWHvQFUFDWVXILFLHQW



QFUFDLEDWHULDGHPDURUXOXL
QFHUFDLGLQQRXVDFWLYDLvQFO]LUHDDX[LOLDUFXDMXWRUXOWHOH
FRPHQ]LL

&RQWUROFOLPDWL]DUH

3UREOHPHODvQFO]LUHDYHQWLODLDDX[LOLDU



5HJODUHDRULILFLLORUGHYHQWLODLH
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL
'DFQXHVWHFDUEXUDQWVXILFLHQW



$OLPHQWDLODFHDPDLDSURSLDWVWDLHGHDOLPHQWDUH
QFHUFDLGLQQRXVDFWLYDLvQFO]LUHDDX[LOLDUFXDMXWRUXOWHOH
FRPHQ]LL

'DFvQFO]LUHDDX[LOLDUHVWHGHIHFW


6ROLFLWDLYHULILFDUHDvQFO]LULLDX[LOLDUHODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW

5HJODUHDRULILFLLORUGHYHQWLODLH

&RQWUROFOLPDWL]DUH

1RWHLPSRUWDQWHSULYLQGVLJXUDQD

)L[DUHDRULILFLLORUGHYHQWLODLHFHQ
WUDOH

 $9(57,60(17
2ULILFLLOHGHYHQWLODLHSRWGHELWDXQDHUvQFLQV
VDXIRDUWHUHFH$VWIHOSLHOHDQHDFRSHULWGLQ
LPHGLDWDDSURSLHUHDRULILFLLORUSRDWHVXIHUL
DUVXULVDXGHJHUWXULLQHLSLHOHDQHDFRSH
ULWODGLVWDQGHDFHVWHRULILFLL'DFVLWXDLD
RFHUHRULHQWDLFXUHQWXOGHDHUVSUHRDOW
]RQGLQLQWHULRUXODXWRYHKLFXOXOXL
3HQWUXDDVLJXUDXQGHELWGHDHUSURDVSW
GLUHFWSULQRULILFLLOHGHYHQWLODLHvQLQWHULRUXO
DXWRYHKLFXOXOXLUHVSHFWDLXUPWRDUHOHQRWH

C 2ULILFLXOGHYHQWLODLHFHQWUDOVWkQJD

=PHQLQHLPDVFDGHDGPLVLHDDHUXOXLGLQ

%XWRQGHUHJODMSHQWUXRULILFLXOGHYHQWLOD

FDSRWLGLQFRPSDUWLPHQWXOPRWRUXOXLGH
SHSDUWHDSDVDJHUXOXLGLQIDQHREVWUXF
LRQDWGHRELHFWHSUHFXPJKHD]SDG
VDXIUXQ]H
=QXDFRSHULLQLFLRGDWRULILFLLOHVDXJULODMHOH
GHYHQWLODLHGLQLQWHULRUXODXWRYHKLFXOXOXL

G 3HQWUXRYHQWLODUHSUDFWLFOLSVLWGH
FXUHQLGHDHUUHJODLJOLVRDUHOHRULILFLLORU
GHYHQWLODLHvQSR]LLHFHQWUDO

D 2ULILFLXOGHYHQWLODLHFHQWUDOGUHDSWD

LHFHQWUDOGUHDSWD
%XWRQGHUHJODMSHQWUXRULILFLXOGHYHQWLOD

LHFHQWUDOVWkQJD


3HQWUXDGHVFKLGHvQFKLGHURWLLEXWRD
QHOHGHUHJODMLODGUHDSWDVDXOD
VWkQJD

5HJODUHDRULILFLLORUGHYHQWLODLH



)L[DUHDRULILFLLORUGHYHQWLODLHODWHUDOH

C %XWRQGHUHJODMSHQWUXRULILFLXOGHYHQWLOD

3HQWUXDGHVFKLGHvQFKLGHURWLLEXWRQXO
GHUHJODMvQVXVVDXvQMRV

5HJODUHDRULILFLXOXLGHYHQWLODLHDOWRU
SHGRXOXL
&kQGFRQWUROXODXWRPDWDOFOLPDWL]ULLHVWH
DFWLYDWWRUSHGRXOSRDWHILUFLWGHH[HPSOX
SHQWUXDLUFLFRQLQXWXO1LYHOXOFXUHQWXOXL
GHDHUGHSLQGHGHVHWULOHGHFXUHQWGHDHUL
GLVWULEXLHDDHUXOXL
/DWHPSHUDWXULH[WHULRDUHvQDOWHGHVFKLGHL
RULILFLXOGHYHQWLODLHLDFWLYDLIXQFLD
UFLUHDFXGH]XPLGLILFDUHDDHUXOXL

LH
D 2ULILFLXGHYHQWLODLH

3HQWUXDGHVFKLGHURWLLEXWRQXOGH
UHJODMCvQVHQVDQWLRUDU
 3HQWUXDvQFKLGHURWLLEXWRQXOGH
UHJODMCvQVHQVRUDU


5HJODUHDRULILFLLORUGHYHQWLODLHGLQ
FRPSDUWLPHQWXOVSDWH
6HWDUHDRULILFLLORUGHYHQWLODLHFHQWUDOH
GLQFRPSDUWLPHQWXOVSDWH

 QFKLGHLRULILFLXOGHYHQWLODLHGDFQX
GRULLVUFLLWRUSHGRXOVDXGDFQXDL
SRUQLWUFLUHDFXGH]XPLGLILFDUHDDHUXOXL
QFD]FRQWUDUHOHPHQWHOHVHQVLELOHODXPH
]HDOGHSR]LWDWHvQWRUSHGRSRWILGHWHULR
UDWH

2ULILFLLGHYHQWLODLHFHQWUDOHFXSDQRXGHFRPDQG
GLQVSDWHH[HPSOX
C %XWRQXOGHUHJODMSHQWUXRULILFLXOGHYHQ

WLODLHGLQFRPSDUWLPHQWXOVSDWH
D 2ULILFLXGHYHQWLODLHGLQFRPSDUWLPHQWXO

VSDWHGUHDSWD
3DQRXGHFRPDQGGLQVSDWH
2ULILFLXGHYHQWLODLHGLQFRPSDUWLPHQWXO

VSDWHVWkQJD

&RQWUROFOLPDWL]DUH

5HJODUHDRULILFLLORUGHYHQWLODLH




3HQWUXDGHVFKLGHvQFKLGHURWLLEXWRQXO
GHUHJODMCvQVXVVDXvQMRV

5HJODUHDRULILFLLORUGHYHQWLODLHODWHUDOH
GLQFRPSDUWLPHQWXOVSDWH

&RQWUROFOLPDWL]DUH

$FHVWHRULILFLLGHYHQWLODLHODWHUDOHGLQFRP
SDUWLPHQWXOGLQVSDWHVXQWGLVSRQLELOHQXPDL
GDFGHLQHLFRQWUROXODXWRPDWDOFOLPDWL]ULL
7+(5027521,&

C 2ULILFLXGHYHQWLODLHODWHUDOGLQFRPSDUWL

PHQWXOVSDWH
D %XWRQGHUHJODMSHQWUXRULILFLXOGHYHQWLOD

LHODWHUDOGLQFRPSDUWLPHQWXOVSDWH


3HQWUXDGHVFKLGHvQFKLGHURWLLEXWRQXO
GHUHJODMDODVWkQJDVDXODGUHDSWD

,QIRUPDLLXWLOH
1RWHSULYLQGURGDMXO
&RQGXFHUH
7UDQVPLVLHDXWRPDW
$OLPHQWDUHFXFDUEXUDQW
3DUFDUH
6IDWXULSULYLQGFRQGXFHUHD
6LVWHPHGHDVLVWDUHDFRQGXFHULL
6LVWHPHGHDVLVWDUHDFRQGXFHULL
RIIURDG
7UDFWDUHDXQHLUHPRUFL












&RQGXFHUHDLSDUFDUHD





&RQGXFHUH

&RQGXFHUHDLSDUFDUHD

,QIRUPDLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
ULWRDUHODVLJXUDQ
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD

WDQSkQOD]RQDURLHGLQDILDMXOWXUR
PHWUXOXL
=1XFXSODLPDQXDOvQWURWUHDSWLQIHULRDU
SHQWUXDIUkQD
=QFHUFDLVHYLWDLVDSVDLSHGDODGH
DFFHOHUDLHGLQFRORGHSXQFWXOGHUH]LV
WHQDFFHOHUDUHODPD[LP
=7UHDSWDGHYLWH]HVDXDUWUHEXL
FXSODWQXPDLDWXQFLFkQGFRQGXFHLOHQW
GHH[FkQGFRQGXFHLSHWHUHQPRQWDQ
'XSNPSXWHLDGXFHWUHSWDWDXWRYH
KLFXOXOODYLWH]HGHUXODUHLWXUDLLDOHPRWR
UXOXLPD[LPH
1RWHVXSOLPHQWDUHSULYLQGURGDMXOSHQWUX
DXWRYHKLFXOHOH$0*
=1XFRQGXFHLFXYLWH]HGHSHVWH

1RWHSULYLQGURGDMXO
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
3OFXHOHGHIUkQJDUQLWXULOHGHIUkQQRL
RIHUSHUIRUPDQHRSWLPHODIUkQDUHQXPDL
GXSFkWHYDVXWHGHNLORPHWUL3kQDWXQFL
FRPSHQVDLUHGXFHUHDIRUHLGHIUkQDUHSULQ
DSVULPDLIHUPHSHSHGDODGHIUkQ$FHDVW
LQGLFDLHHVWHYDODELOLFkQGSOFXHOHGH
IUkQJDUQLWXULOHGHIUkQVDXGLVFXULOHGH
IUkQDXIRVWVFKLPEDWH

NPKvQSULPLLNP
=/VDLPRWRUXOVDWLQJWXUDLDPD[LPD

PRWRUXOXLGHURWPLQQXPDLSHQWUX
VFXUWWLPS
=8WLOL]DLSURJUDPXOGHFRQGXFHUH&SHQWUX
SULPLLNPGDFHVWHSRVLELO

G 7UHEXLHGHDVHPHQHDVUHVSHFWDL
DFHVWHQRWHSULYLQGURGDMXOGDFPRWRUXO
VDXFRPSRQHQWHDOHWUHQXOXLGHWUDQVPLVLH
GHODDXWRYHKLFXOXOGXPQHDYRDVWUDXIRVW
vQORFXLWH
&RQGXFHUH

QSULPLLNP
'DFDFRUGDLRJULMVXILFLHQWSHQWUXPRWRU
vQFGHODvQFHSXWYHLILUVSOWLWFXSHUIRU
PDQH[FHOHQWSHQWUXWRWUHVWXOYLHLLPRWR
UXOXL
=&RQGXFHLODYLWH]HLWXUDLLDOHPRWRUXOXL

YDULDWHvQSULPLLNP
=(YLWDLVXSUDvQFUFDUHDDXWRYHKLFXOXOXLvQ

DFHDVWSHULRDGGHH[SULQFRQGXFHUHD
ODDFFHOHUDLHPD[LP
=6FKLPEDLWUHDSWDGHYLWH]HvQWLPSXWLO
vQDLQWHFDDFXOWXURPHWUXOXLVILHODGLV

1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
1XLQHLRELHFWHvQVSDLXOSHQWUXSLFLRDUHDO
RIHUXOXL'DFXWLOL]DLXQFRYRUDVDXR
PRFKHWvQVSDLXOSHQWUXSLFLRDUHDORIHUX
OXLDVLJXUDLYFDFHVWHDVXQWDVLJXUDWH
FRUHFWLFH[LVWVSDLXVXILFLHQWSHQWUX
SHGDOH
1XDH]DLPDLPXOWHFRYRUDHXQXOGHDVXSUD
FHOXLODOW
QFD]FRQWUDURELHFWHOHVDXFRYRUDHOHVHSRW
SULQGHvQWUHSHGDOHvQFD]GHIUkQDUHVDXDFFH
OHUDUHEUXVF$SRLHVWHSRVLELOVQXPDL

&RQGXFHUH
3R]LLLFKHLH
&KHLH

&RQGXFHUHDLSDUFDUHD

SXWHLIUkQDVDXDFFHOHUDGXSFXPLQWHQLR
QDL$VWIHOSXWHLVXIHULXQDFFLGHQWLUQL

 $9(57,60(17
1XUHWURJUDGDLSHQWUXXQHIHFWGHIUkQGH
PRWRUVXSOLPHQWDUSHVXSUDIHHGHGUXPDOX
QHFRDVH$VWIHOURLOHPRWULFHLDUSXWHD
SLHUGHDGHUHQDLDUDXWRYHKLFXOXODUSXWHD
GHUDSD$VWIHOSXWHLSLHUGHFRQWUROXODXWRYH
KLFXOXOXLLSXWHLSURYRFDXQDFFLGHQW
 QFO]LLUDSLGPRWRUXO1XXWLOL]DLSHUIRU
PDQHOHFRPSOHWHDOHPRWRUXOXLSkQQXD
DWLQVWHPSHUDWXUDGHIXQFLRQDUH
6HWDLWUDQVPLVLDDXWRPDWODSR]LLLOHGH
FRQGXFHUHUHVSHFWLYHQXPDLFkQGDXWRYH
KLFXOXOVWDLRQHD]
'DFHVWHSRVLELOHYLWDLSDWLQDUHDURLORU
PRWULFHFkQGSRUQLLGHSHORFSHGUXPXUL
DOXQHFRDVHQFD]FRQWUDUDLSXWHDGHWH
ULRUDWUHQXOGHWUDQVPLVLH
 $XWRYHKLFXOH$0*ODWHPSHUDWXUL
VF]XWHDOHXOHLXOXLGHPRWRUVXE
WXUDLDPD[LPDPRWRUXOXLHVWHOLPLWDW
SHQWUXDSURWHMDPRWRUXO3HQWUXDSURWHMD
PRWRUXOLDPHQLQHIXQFLRQDUHDOLQD
PRWRUXOXLHYLWDLVFRQGXFHLODDFFHOHUD
LHPD[LPFkWPRWRUXOHVWHUHFH



Z 3HQWUXDVFRDWHFKHLD
G $OLPHQWDUHDHOHFWULFSHQWUXDQXPLLFRQ

VXPDWRULSUHFXPWHUJWRDUHOHGHSDU
EUL]
H &RQWDFWXODOLPHQWDUHDHOHFWULFSHQWUX
WRLFRQVXPDWRULLLSR]LLDGHFRQGXFHUH
I 3HQWUXDSRUQLPRWRUXO

G 'DFFKHLDQXDSDULQHDXWRYHKLFXOXOXL
HDSRDWHWRWXLILURWLWvQFRPXWDWRUXOGH
FRQWDFW&XWRDWHDFHVWHDFRQWDFWXOQXYD
ILFXSODW0RWRUXOQXSRDWHILSRUQLW
.(</(66*2
1RWHJHQHUDOH
$XWRYHKLFXOHOHFX.(</(66*2VXQWGRWDWH
FXRFKHLHSUHY]XWFXRIXQFLH.(</(66
*2LQWHJUDWLXQEXWRQ6WDUW6WRSGHWDD
ELO
%XWRQXO6WDUW6WRSWUHEXLHVILHDSVDWvQ
FRPXWDWRUXOGHFRQWDFWLDUFKHLD.(</(66
*2WUHEXLHVVHDIOHvQDXWRYHKLFXO
$SVDUHDEXWRQXOXL6WDUW6WRSGHPDLPXOWH
RULODUkQGFRUHVSXQGHGLIHULWHORUSR]LLLDOH
FKHLLvQFRPXWDWRUXOGHFRQWDFW$FHDVW
VLWXDLHDSDUHGRDUGDFQXDSVDLSHGDODGH
IUkQ
'DFDSVDLSHGDODGHIUkQLDSVDLEXWR
QXO6WDUW6WRSPRWRUXOSRUQHWHLPHGLDW

&RQGXFHUH

&RQGXFHUHDLSDUFDUHD



3R]LLDGDFEXWRQXO6WDUW6WRSCQXD
IRVWvQFDSVDWDFHDVWDFRUHVSXQGHVFRD
WHULLFKHLLGLQFRQWDFW
 3R]LLDDSVDLEXWRQXO6WDUW6WRSCR
GDW
$FXPSXWHLDFWLYDWHUJWRDUHOHGHSDU
EUL]GHH[HPSOX


G 'DFDSVDLEXWRQXO6WDUW6WRSCGH
GRXRULvQDFHDVWSR]LLHDOLPHQWDUHD
HOHFWULFHVWHGH]DFWLYDWGLQQRX
 3R]LLDFRQWDFWDSVDLEXWRQXO6WDUW
6WRSCGHGRXRUL
G 'DFDSVDLEXWRQXO6WDUW6WRSCR
GDWvQDFHDVWSR]LLHLSRUWLHUDRIHUXOXL
HVWHGHVFKLVDOLPHQWDUHDHOHFWULFHVWH
GH]DFWLYDWGLQQRX
6FRDWHUHDEXWRQXOXL6WDUW6WRS
3XWHLVFRDWHEXWRQXO6WDUW6WRSGLQFRPX
WDWRUXOGHFRQWDFWLSRUQLDXWRYHKLFXOXOvQ
PRGQRUPDOFXDMXWRUXOFKHLL

G 1XWUHEXLHVVFRDWHLEXWRQXO6WDUW6WRS
GLQFRPXWDWRUXOGHFRQWDFWFkQGSUVLL
DXWRYHKLFXOXO
G 6HSRDWHFRPXWDvQWUHPRGXO.(</(66
*2LIXQFLRQDUHDFKHLLFkQGWUDQVPLVLDVH
DIOvQSR]LLD3

6FRDWHLEXWRQXO6WDUW6WRSCGLQFRPX
WDWRUXOGHFRQWDFWD

G &kQGLQWURGXFHLEXWRQXO6WDUW6WRSC
vQFRPXWDWRUXOGHFRQWDFWDVLVWHPXO
QHFHVLWXQLQWHUYDOGHUHFXQRDWHUHGH
DSUR[LPDWLYGRXVHFXQGHvQDLQWHFDGXP
QHDYRDVWUVSXWHLXWLOL]DEXWRQXO6WDUW
6WRSC
3RUQLUHDPRWRUXOXL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 3HULFROGHLQWR[LFDUH
1XOVDLQLFLRGDWPRWRUXOvQIXQFLXQHvQ
VSDLLvQFKLVH*D]HOHGHHDSDPHQWFRQLQ
PRQR[LGGHFDUERQ,QKDODUHDJD]HORUGHHD
SDPHQWSUH]LQWXQULVFSHQWUXVQWDWHL
SRDWHFDX]DSLHUGHUHDFXQRWLQHLVDXFKLDU
GHFHVXO

G $XWRYHKLFXOHOHFXPRWRUSHEHQ]LQ
FRQYHUWRUXOFDWDOLWLFHVWHSUHvQFO]LWWLPS
GHSkQODGHVHFXQGHGXSRSRUQLUHOD
UHFH6XQHWXOPRWRUXOXLSRDWHVXIHULPRGL
ILFULvQDFHVWLQWHUYDO
7UDQVPLVLHDXWRPDW


&XSODLWUDQVPLVLDvQSR]LLD3
$ILDMXOSR]LLHLWUDQVPLVLHLGLQDILDMXOPXO
WLIXQFLRQDOLQGLF33DJLQD

G 3XWHLGHDVHPHQHDVSRUQLLPRWRUXO
FkQGWUDQVPLVLDVHDIOvQSR]LLD1

&RQGXFHUH

3HQWUXDSRUQLXQPRWRUSHEHQ]LQ
URWLLFKHLDvQSR]LLDvQFRPXWDWRUXOGH
FRQWDFW3DJLQDLHOLEHUDLRLPH
GLDWFHPRWRUXOSRUQHWH
 3HQWUXDSRUQLXQPRWRUSHEHQ]LQ
URWLLFKHLDvQSR]LLDvQFRPXWDWRUXOGH
FRQWDFW3DJLQD
6HDSULQGHODPSDLQGLFDWRDUH(GHSUH
vQFO]LUHFXEXMLHLQFDQGHVFHQWGLQSDQRXO
GHLQVWUXPHQWH
 &kQGODPSDLQGLFDWRDUH(GHSUH
vQFO]LUHFXEXMLHLQFDQGHVFHQWVHVWLQJH
URWLLFKHLDvQSR]LLD3DJLQDL
HOLEHUDLRLPHGLDWFHPRWRUXOSRUQHWH


G 3XWHLSRUQLPRWRUXOIUSUHvQFO]LUHFX
EXMLHLQFDQGHVFHQWGDFPRWRUXOHVWH
FDOG
G 3XWHLXWLOL]DGHDVHPHQHDIXQFLDWRXFK
VWDUWQDFHVWVFRSURWLLFKHLDvQSR]LLD
3DJLQDLHOLEHUDLRLPHGLDW
0RWRUXOSRUQHWHDSRLDXWRPDW
8WLOL]DUHD.(</(66*2SHQWUXDSRUQL
PRWRUXO
 $9(57,60(17
$XWRYHKLFXOXOGXPQHDYRDVWUSRDWHILSRUQLW
QXPDLFXDMXWRUXOXQHLFKHL.(</(66*2
YDOLGH'LQDFHVWPRWLYFRSLLLQXWUHEXLHVILH
OVDLQHVXSUDYHJKHDLvQDXWRYHKLFXO/XDL
vQWRWGHDXQDFKHLDFXGXPQHDYRDVWUFkQG
LHLLGLQDXWRYHKLFXOFKLDULGDFvOSUVLL
QXPDLSHQWUXVFXUWWLPS

G %XWRQXO6WDUW6WRSSRDWHILXWLOL]DWSHQWUX
DSRUQLPRWRUXOIUDLQWURGXFHFKHLDvQ
FRPXWDWRUXOGHFRQWDFW&KHLDWUHEXLHV
VHDIOHvQDXWRYHKLFXOLDUEXWRQXO6WDUW
6WRSWUHEXLHVILHDSVDWvQFRPXWDWRUXO
GHFRQWDFW$FHVWPRGGHSRUQLUHDPRWR
UXOXLIXQFLRQHD]LQGHSHQGHQWGHIXQFLD
GHSRUQLUHDXWRPDWDPRWRUXOXL(&2
VWDUWVWRS

$SVDLSHGDODGHIUkQLPHQLQHLR
DSVDW
 3HQWUXDSRUQLXQPRWRUSHEHQ]LQ
DSVDLEXWRQXO6WDUW6WRS
3DJLQDRGDW
0RWRUXOSRUQHWH
 3HQWUXDSRUQLXQPRWRUGLHVHODSVDL
EXWRQXO6WDUW6WRS3DJLQDRGDW
3UHvQFO]LUHDFXEXMLHLQFDQGHVFHQWHVWH
DFWLYDWLPRWRUXOSRUQHWH


3RUQLUHGHSHORF
7UDQVPLVLHDXWRPDW
G 7UDQVPLVLDSRDWHILFXSODWGLQSR]LLD3
vQSR]LLDGRULWGRDUGDFDSVDLSHGDOD
GHIUkQ1XPDLDWXQFLHVWHHOLEHUDWEOR
FDUHDODSDUFDUH'DFSHGDODGHIUkQQX
HVWHDSVDWPDQHWD',5(&76(/(&7
SRDWHILGHSODVDWvQFRQWLQXDUHvQVEOR
FDUHDODSDUFDUHUPkQHFXSODW
 $SVDLSHGDODGHIUkQLPHQLQHLR
DSVDW
 &XSODLWUDQVPLVLDSHSR]LLD'VDX5
3DJLQD
 (OLEHUDLSHGDODGHIUkQ
 $SVDLFXDWHQLHSHGDODGHDFFHOHUDLH
)UkQDHOHFWULFGHSDUFDUH3DJLQD
HVWHHOLEHUDWDXWRPDW
/DPSDLQGLFDWRDUHURLH$GLQSDQRXO
GHLQVWUXPHQWHVHVWLQJH
G $XWRYHKLFXOXOVHvQFXLHFHQWUDOL]DWRGDW
FHDLGHPDUDW%XWRDQHOHGHvQFXLHUHGLQ
SRUWLHUHFRERDU
3XWHLGHVFKLGHRULFkQGSRUWLHUHOHGLQLQWH
ULRU
'HDVHPHQHDSXWHLGH]DFWLYDFDUDFWHULV
WLFDGHvQFXLHUHDXWRPDW3DJLQD
G &XSOULOHvQWUHDSWVXSHULRDUVHHIHF
WXHD]ODWXUDLLPDLPDULDOHPRWRUXOXL
GXSRSRUQLUHODUHFH$VWIHOFRQYHUWRUXO
FDWDOLWLFSRDWHDWLQJHWHPSHUDWXUDVDGH
IXQFLRQDUHPDLUDSLG


&RQGXFHUHDLSDUFDUHD

3URFHGXUDGHSRUQLUHFXFKHLD



&RQGXFHUH



&RQGXFHUHDLSDUFDUHD

3RUQLUHGHSHORFFXRUHPRUF
3HQWUXDYDVLJXUDFQXDOXQHFDLvQDSRL
DWXQFLFkQGSRUQLLGHSHORFvQSDQWDVFHQ
GHQWFXSODLIUkQDHOHFWULFGHSDUFDUH

QLUHDvQSDQWQXYDPDLIUkQDDXWRYHKLFXOXO
LDUDFHVWDVHSRDWHSXQHvQPLFDUH

/XDLSLFLRUXOGHSHSHGDODGHIUkQ
G 2GDWFHDLULGLFDWSLFLRUXOGHSHSHGDOD
GHIUkQDXWRYHKLFXOXOHVWHPHQLQXWWLPS
GHDSUR[LPDWLYRVHFXQG
 3RUQLLGHSHORF
$VLVWHQDODSRUQLUHDvQSDQWQXYDIXQFLRQD
GDF


=SRUQLLGHSHORFSHXQGUXPSODQVDXSHR

SDQWGHVFHQGHQW
=WUDQVPLVLDVHDIOvQSR]LLD1
=IUkQDHOHFWULFGHSDUFDUHHVWHDFLRQDW

$SVDLLPHQLQHLDSVDWPkQHUXOC
)UkQDHOHFWULFGHSDUFDUHFRQWLQXVIUk
QH]HLVSUHYLQDOXQHFDUHDDXWRYHKLFX
OXOXLvQDSRL
/DPSDLQGLFDWRDUHURLH$GLQSDQRXO
GHLQVWUXPHQWHUPkQHDSULQV
 $SVDLSHGDODGHDFFHOHUDLH
 ,PHGLDWGXSFHFRPELQDLDDXWRYHKLFXO
UHPRUFHVWHPHQLQXWGHIRUDGHWUDF
LXQHDPRWRUXOXLHOLEHUDLPDQHWDC
)UkQDHOHFWULFGHSDUFDUHHVWHHOLEHUDW
/DPSDLQGLFDWRDUHURLH$GLQSDQRXO
GHLQVWUXPHQWHVHVWLQJH


$VLVWHQODSRUQLUHDvQSDQW
$VLVWHQDODSRUQLUHDvQSDQWYDVLVWFkQG
SRUQLLGHSHORFvQDLQWHVDXvQDSRLvQSDQW
DVFHQGHQW$FHDVWDPHQLQHDXWRYHKLFXOXO
vQORFRVFXUWSHULRDGGXSFHDLULGLFDW
SLFLRUXOGHSHSHGDODGHIUkQ$VWIHODYHL
VXILFLHQWWLPSVYWUHFHLSLFLRUXOGHSH
SHGDODGHIUkQSHSHGDODGHDFFHOHUDLHLV
RDSVDLvQDLQWHFDDXWRYHKLFXOXOVVHSXQ
vQPLFDUHVXEDFLXQHDJUDYLWDLHL

 $9(57,60(17
1XSUVLLQLFLRGDWDXWRYHKLFXOXOFkQGHVWH
PHQLQXWGHDVLVWHQDODSRUQLUHDvQSDQW
'XSDSUR[LPDWLYRVHFXQGDVLVWHQDODSRU

=(63HVWHGHIHFW

)XQFLDVWDUWVWRS(&2
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
'DFVLPEROXO(&2HVWHLQGLFDWSHDILDMXO
PXOWLIXQFLRQDODWXQFLFkQGPRWRUXOHVWH
RSULWLDUSHQWUXDXWRYHKLFXOHOH$0*GDF
DFHVWDHVWHOXPLQDWvQYHUGHPRWRUXOVDRSULW
DXWRPDW&XWRDWHDFHVWHDWRDWHVLVWHPHOH
DXWRYHKLFXOXOXLUPkQDFWLYH'DFGHVFKL
GHLSRUWLHUDYGHVIDFHLFHQWXUDGHVLJX
UDQVDXULGLFDLSLFLRUXOGHSHSHGDODGH
IUkQPRWRUXOYDSRUQLDXWRPDW$XWRYHKLFX
OXOVHSRDWHSXQHvQPLFDUH3ULQXUPDUH
H[LVWXQULVFGHDFFLGHQW
3HQWUXDSUHYHQLGHPDUDUHDDFFLGHQWDOD
DXWRYHKLFXOXOXLQXHOLEHUDLSHGDODGHIUkQ
GHFkWGDFGRULLVFRQWLQXDLVFRQGXFHL
1XSUVLLDXWRYHKLFXOXOSkQFkQGQXDL
GHFXSODWFRQWDFWXOLDLDVLJXUDWDXWRYHKLFX
OXOSHQWUXDSUHYHQLSXQHUHDVDvQPLFDUH
 'HFXSODLvQWRWGHDXQDFRQWDFWXOLOXDL
FKHLDFXGXPQHDYRDVWUFkQGSUVLL
DXWRYHKLFXOXO

1RWHJHQHUDOH

2SULUHDDXWRPDWDPRWRUXOXL

)XQFLDVWDUWVWRS(&2RSUHWHDXWRPDW
PRWRUXOGDFDXWRYHKLFXOXOVHRSUHWHGLQ
PLFDUH
0RWRUXOSRUQHWHDXWRPDWFkQGSRUQLLGLQ
QRXGHSHORF)XQFLDVWDUWVWRS(&2Y
DMXWvQFRQVHFLQVUHGXFHLFRQVXPXOGH
FDUEXUDQWLHPLVLLOHDXWRYHKLFXOXOXLGXPQHD
YRDVWU

)XQFLDVWDUWVWRS(&2RSUHWHDXWRPDW
PRWRUXOvQDQXPLWHVLWXDLL3HQWUXDFHDVWD
DXWRYHKLFXOXOWUHEXLHIUkQDWSkQODRSULUHFX
WUDQVPLVLDvQSR]LLD'VDX1LDUSHGDODGH
IUkQWUHEXLHVUPkQDSVDW
0RWRUXOHVWHRSULWQXPDLGDF

7RDWHDXWRYHKLFXOHOHFXH[FHSLDDXWRYH
KLFXOHORU$0*
)XQFLDVWDUWVWRS(&2HVWHDFWLYDWGHILH
FDUHGDWFkQGPRWRUXOHVWHSRUQLW6LVWHPXO
HVWHIXQFLRQDOGDFWRDWHFRQGLLLOHSHQWUX
RSULUHDDXWRPDWDPRWRUXOXLDXIRVWvQGHSOL
QLWH3DJLQDLDUVLPEROXOHVWH
LQGLFDWSHDILDMXOPXOWLIXQFLRQDO
'DFQXVHUHXQHVFWRDWHFRQGLLLOHSHQWUX
RSULUHDDXWRPDWDPRWRUXOXLVLPEROXO
QXYDDSUHDSHDILDMXOPXOWLIXQFLRQDO
'DFIXQFLDVWDUWVWRS(&2HVWHGH]DFWLYDW
3DJLQDVLPEROXOQXHVWHDILDW
$XWRYHKLFXOH$0*
)XQFLDVWDUWVWRS(&2HVWHGLVSRQLELO
QXPDLvQSURJUDPXOGHFRQGXFHUH&
)XQFLDVWDUWVWRS(&2HVWHDFWLYDWGHILH
FDUHGDWFkQGPRWRUXOHVWHSRUQLW6LVWHPXO
HVWHIXQFLRQDOGDFWRDWHFRQGLLLOHSHQWUX
RSULUHDDXWRPDWDPRWRUXOXLDXIRVWvQGHSOL
QLWH3DJLQDLDUVLPEROXODSDUH
vQYHUGHSHDILDMXOPXOWLIXQFLRQDOQSOXV
PHVDMXO6WRS6WDUWDFWLYH6WRS
6WDUWDFWLYDSDUHSHPHQLXO$0*GLQDIL
DMXOPXOWLIXQFLRQDO
'DFQXVHUHXQHVFWRDWHFRQGLLLOHSHQWUX
RSULUHDDXWRPDWDPRWRUXOXLVLPEROXO
DSDUHvQJDOEHQSHDILDMXOPXOWLIXQF
LRQDOQSOXVPHVDMXO6WRS6WDUWLQDF
WLYH6WRS6WDUWLQDFWLYDSDUHSH
PHQLXO$0*GLQDILDMXOPXOWLIXQFLRQDO
'DFIXQFLDVWDUWVWRS(&2HVWHGH]DFWLYDW
3DJLQDVLPEROXOQXHVWHDILDW

=DXWRYHKLFXOXOHVWHRSULW
=WHPSHUDWXUDH[WHULRDUVHvQFDGUHD]vQ

LQWHUYDOXODGHFYDWSHQWUXVLVWHP
=PRWRUXOVHDIOODWHPSHUDWXUDGHIXQFLR

QDUHQRUPDO
=WHPSHUDWXUDVHWDWSHQWUXLQWHULRUXODXWR

YHKLFXOXOXLDIRVWDWLQV
=EDWHULDHVWHvQFUFDWVXILFLHQW
=VLVWHPXOGHWHFWHD]IDSWXOFSDUEUL]XOQX

HVWHDEXULWFkQGVLVWHPXOGHDHUFRQGLLR
QDWHVWHDFWLYDW
=FDSRWDHVWHvQFKLV
=QXVXQWDFWLYHGLDJQRVWLFULDIHUHQWHPRWR
UXOXL
=SRUWLHUDRIHUXOXLHVWHvQFKLVLFHQWXUDGH
VLJXUDQHVWHFXSODW

G 'DFFXSODLWUDQVPLVLDGLQ5vQ'IXQFLD
VWDUWVWRS(&2HVWHGLVSRQLELOGLQQRX
RGDWFHVLPEROXOUHDSDUHSHDILDMXO
PXOWLIXQFLRQDO
G 7RDWHDXWRYHKLFXOHOHFXH[FHSLD
DXWRYHKLFXOHORU$0*PRWRUXOSRDWHIL
RSULWDXWRPDWGHPD[LPSDWUXRULSULPD
RSULUHLWUHLRSULULXOWHULRDUHVXFFHVLY
2SULUHDDXWRPDWDPRWRUXOXLQXHVWHGLV
SRQLELOGLQQRXSkQFkQGVLPEROXO
UHDSDUHSHDILDMXOPXOWLIXQFLRQDO
G 3XWHLDFWLYDvQFRQWLQXDUHIXQFLD+2/'
FkQGDXWRYHKLFXOXOVWDLRQHD]FKLDUL
GDFPRWRUXODIRVWRSULWDXWRPDW$SRLQX
PDLHVWHQHYRLHVFRQWLQXDLVDFLRQDL
IUkQDvQWLPSXOID]HLGHRSULUHDXWRPDW
&kQGDSVDLSHGDODGHDFFHOHUDLHPRWR
UXOSRUQHWHDXWRPDWLHIHFWXOGHIUkQDUH
DOIXQFLHL+2/'HVWHGH]DFWLYDW$SVDL
SHGDODGHDFFHOHUDLHFXDWHQLHGHRDUHFH
WUHEXLHVSRUQLLPRWRUXOPDLvQWkL




&RQGXFHUHDLSDUFDUHD

&RQGXFHUH

&RQGXFHUHDLSDUFDUHD



&RQGXFHUH
G QWLPSXORSULULLDXWRPDWHDPRWRUXOXLVLV
WHPXOGHFRQWURODOFOLPDWL]ULLIXQFLR
QHD]GRDUODRFDSDFLWDWHUHGXV'DF
DYHLQHYRLHGHFRQWUROXOFOLPDWL]ULLOD
FDSDFLWDWHPD[LPIXQFLDVWDUWVWRS(&2
SRDWHILGH]DFWLYDWSULQDSVDUHDEXWRQX
OXL(&23DJLQD

'H]DFWLYDUHDDFWLYDUHDIXQFLHLVWDUW
VWRS(&2

3RUQLUHDDXWRPDWDPRWRUXOXL
0RWRUXOHVWHSRUQLWDXWRPDWGDF
=DSVDLSHGDODGHDFFHOHUDLH
=HOLEHUDLIUkQHOHFkQGSR]LLDWUDQVPLVLHL

HVWH'VDX1FkQGIXQFLD+2/'QXHVWH
DFWLY
=IXQFLDVWDUWVWRS(&2HVWHGH]DFWLYDW
SULQDSVDUHDEXWRQXOXL(&2
=DXWRYHKLFXOXOVHSXQHvQPLFDUH
=FHQWXUDGHVLJXUDQDRIHUXOXLQXHVWH
FXSODWLSRUWLHUDRIHUXOXLHVWHGHVFKLV
=FXSODLWUDQVPLVLDvQSR]LLD5
=FRPXWDLSHSURJUDPXOGHFRQGXFHUH0
=FRPXWDLSHSURJUDPXOGHFRQGXFHUH6
DXWRYHKLFXOHOH$0*
=FRPXWDLSHXQSURJUDPRIIURDGFX
H[FHSLDDXWRYHKLFXOHORU$0*
=VLVWHPXOGHIUkQDUHQHFHVLWDFHVWOXFUX
=VLVWHPXOGHWHFWHD]XPH]HDOSHSDUEUL]
FkQGVLVWHPXOGHDHUFRQGLLRQDWHVWHDFWL
YDW
=VWDGLXOGHvQFUFDUHDOEDWHULHLHVWHSUHD
VF]XW
=FDSRWDHVWHGHVFKLV
=WHPSHUDWXUDGLQLQWHULRUXODXWRYHKLFXOXOXL
VHDEDWHGHODLQWHUYDOXOVHWDW

G &XSODUHDWUDQVPLVLHLvQSR]LLD3QXGXFH
ODSRUQLUHDPRWRUXOXL

([HPSOXEXWRQXO(&2

G 'DFODPSDLQGLFDWRDUHDHVWHGH]DFWL
YDWIXQFLDVWDUWVWRS(&2DIRVWGH]DF
WLYDWPDQXDOVDXvQXUPDXQHLGHIHFLXQL
0RWRUXOQXYDILRSULWDXWRPDWFkQGDXWR
YHKLFXOXOVHRSUHWH
G )XQFLDVWDUWVWRS(&2HVWHDFWLYDWOD
ILHFDUHUHSRUQLUHDPRWRUXOXLLDUWUDQVPLVLD
DXWRPDWFRPXWSHSURJUDPXOGHFRQGX
FHUHvQUHJLPDXWRPDW(DXWRYHKLFXOHOH
$0*SURJUDPXOGHFRQGXFHUH&
'H]DFWLYDUHDFXH[FHSLDDXWRYHKLFXOH
ORU$0*


$SVDLEXWRQXOC
/DPSDLQGLFDWRDUHDGHSHEXWRQXOCL
VLPEROXOGLQDILDMXOPXOWLIXQFLRQDO
VHVWLQJ

'H]DFWLYDUHDDXWRYHKLFXOHOH$0*


$SVDLEXWRQXOCvQSURJUDPXOGHFRQGX
FHUH&

VDX
&RPXWDLSHSURJUDPXOGHFRQGXFHUH6VDX
03DJLQD
/DPSDLQGLFDWRDUHDGHSHEXWRQXOCL
VLPEROXOGLQDILDMXOPXOWLIXQFLRQDO
VHVWLQJ
0HVDMXO6WRS6WDUWDFWLYH6WRS
6WDUWDFWLYVDX6WRS6WDUWLQDF
WLYH6WRS6WDUWLQDFWLYGLQPHQLXO

&RQGXFHUH



$0*GHSHDILDMXOPXOWLIXQFLRQDOVH
VWLQJH

&RQGXFHUHDLSDUFDUHD

$FWLYDUHDFXH[FHSLDDXWRYHKLFXOHORU
$0*
$SVDLEXWRQXOC
/DPSDLQGLFDWRDUHDVHDSULQGH'DFVH
UHXQHVFWRDWHFRQGLLLOHSHQWUXRSULUHD
DXWRPDWDPRWRUXOXL3DJLQDVLP
EROXODSDUHSHDILDMXOPXOWLIXQFLR
QDO
'DFQXVHUHXQHVFWRDWHFRQGLLLOHSHQWUX
RSULUHDDXWRPDWDPRWRUXOXL
3DJLQDVLPEROXOQXYD
DSUHDSHDILDMXOPXOWLIXQFLRQDOQ
DFHDVWVLWXDLHIXQFLDVWDUWVWRS(&2
HVWHLQGLVSRQLELO

$FWLYDUHDDXWRYHKLFXOHOH$0*


$SVDLEXWRQXOC
/DPSDLQGLFDWRDUHDVHDSULQGH'DF
SURJUDPXOGHFRQGXFHUH6VDX0HVWH
DFWLYWUDQVPLVLDDXWRPDWFRPXWSHSUR
JUDPXOGHFRQGXFHUH&
'DFVHUHXQHVFWRDWHFRQGLLLOHSHQWUX
RSULUHDDXWRPDWDPRWRUXOXL
3DJLQDVLPEROXODSDUHvQ
YHUGHSHDILDMXOPXOWLIXQFLRQDOQSOXV
PHVDMXO6WRS6WDUWDFWLYH6WRS
6WDUWDFWLYDSDUHSHPHQLXO$0*GLQ
DILDMXOPXOWLIXQFLRQDO
'DFQXVDXUHXQLWWRDWHFRQGLLLOHSHQWUX
RSULUHDDXWRPDWDPRWRUXOXL
3DJLQDPHVDMXO6WRS6WDUW
LQDFWLYH6WRS6WDUWLQDFWLYDSDUH
vQPHQLXO$0*GHSHDILDMXOPXOWLIXQFLR
QDOLVLPEROXODSDUHvQJDOEHQQ
DFHDVWVLWXDLHIXQFLDVWDUWVWRS(&2
HVWHLQGLVSRQLELO



&RQGXFHUH

&RQGXFHUHDLSDUFDUHD

3UREOHPHODPRWRU
3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

0RWRUXOQXSRUQHWH
6HSRDWHDX]LGHPDUR
UXO

=([LVWRGHIHFLXQHODVLVWHPHOHHOHFWURQLFHDOHPRWRUXOXL
=([LVWRGHIHFLXQHODDOLPHQWDUHDFXFDUEXUDQW

QDLQWHGHDvQFHUFDVSRUQLLPRWRUXOGLQQRXURWLLFKHLDvQ
FRPXWDWRUXOGHFRQWDFWvQDSRLvQSR]LLDVDXDSVDLEXWRQXO
6WDUW6WRSvQPRGUHSHWDWSkQFkQGWRDWHOPSLOHLQGLFDWRDUH
GLQSDQRXOGHLQVWUXPHQWHVHVWLQJ
 QFHUFDLVSRUQLLPRWRUXOGLQQRX3DJLQD(YLWDL
vQFHUFULOHH[FHVLYGHOXQJLLIUHFYHQWHGHDSRUQLPRWRUXO
GHRDUHFHDVWIHOYHLGHVFUFDEDWHULD


'DFPRWRUXOQXSRUQHWHGXSPDLPXOWHvQFHUFUL
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0RWRUXOQXSRUQHWH
5H]HUYRUXOGHFDUEXUDQWHVWHJRO
6HSRDWHDX]LGHPDUR  $OLPHQWDLDXWRYHKLFXOXO
UXO/DPSDGHDYHUWL
]DUHSULYLQGFDUEXUDQ
WXOGHUH]HUYHVWH
DSULQVLDILDMXOLQGL
FDWRUXOXLGHQLYHODOFDU
EXUDQWXOXLLQGLF
0RWRUXOQXSRUQHWH
7HQVLXQHDGHODERUGHVWHSUHDVF]XWGHRDUHFHEDWHULDHVWHSUHD
1XSXWHLDX]LGHPDUR VODEVDXGHVFUFDW
UXO
 3RUQLLIRUDWDXWRYHKLFXOXO3DJLQD
'DFPRWRUXOQXSRUQHWHvQFLXGDvQFHUFULORUGHDOSRUQLIRUDW
DFHVWD
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
'HPDURUXODIRVWH[SXVXQHLVDUFLQLWHUPLFHSUHDULGLFDWH
 /VDLGHPDURUXOVVHUFHDVFWLPSGHDSUR[LPDWLYGRX
PLQXWH
 QFHUFDLVSRUQLLPRWRUXOGLQQRX
'DFPRWRUXOFRQWLQXVUHIX]HVSRUQHDVF
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

$XWRYHKLFXOHOHFX
PRWRUSHEHQ]LQ
0RWRUXOQXIXQFLR
QHD]URWXQGLG
UDWHXUL

([LVWRGHIHFLXQHODVLVWHPHOHHOHFWURQLFHDOHPRWRUXOXLVDXODR
FRPSRQHQWPHFDQLFDVLVWHPXOXLGHPDQDJHPHQWDOPRWRUXOXL
 $SVDLGRDUXRUSHGDODGHDFFHOHUDLH
QFD]FRQWUDUFDUEXUDQWXOQHDUVSRDWHSWUXQGHvQFRQYHUWRUXO
FDWDOLWLFGHWHULRUkQGXO
 6ROLFLWDLUHPHGLHUHDLPHGLDWDGHIHFLXQLLODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW

$ILDMXOWHPSHUDWXULL
1LYHOXOOLFKLGXOXLGHUFLUHHVWHSUHDVF]XW/LFKLGXOGHUFLUHVD
OLFKLGXOXLGHUFLUH
vQFLQVLDUPRWRUXOQXPDLHVWHUFLWVXILFLHQW
LQGLFSHVWH'H  2SULLFkWPDLFXUkQGSRVLELOLOVDLPRWRUXOLOLFKLGXOGHUFLUH
DVHPHQHDODPSDGH
VVHUFHDVF
DYHUWL]DUHDOLFKLGXOXL
 9HULILFDLQLYHOXOOLFKLGXOXLGHUFLUH3DJLQD5HVSHFWDL
GHUFLUHSRDWHILSRU
QRWHOHGHDYHUWL]DUHvQWLPSXOYHULILFULLLFRPSOHWDLFXOLFKLG
QLWLXQVXQHWGHDYHU
GHUFLUHGDFHVWHQHFHVDU
WL]DUHSRDWHILHPLV
'DFQLYHOXOOLFKLGXOXLGHUFLUHHVWHFHOFRUHFWYHQWLODWRUXOUDGLD
WRUXOXLSRDWHILGHIHFW/LFKLGXOGHUFLUHVDvQFLQVLDUPRWRUXOQX
PDLHVWHUFLWVXILFLHQW
 /DWHPSHUDWXULDOHOLFKLGXOXLGHUFLUHGHVXEFRQGXFHL
SkQODFHOPDLDSURSLDWDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[
ODXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
 (YLWDLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULPRQWDQWHLvQWUDILFFXRSULULL
SRUQLULIUHFYHQWH

7UDQVPLVLHDXWRPDW
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
'HSODVDUHDSHGDOHORUQXWUHEXLHVILH
REVWUXFLRQDWVXEQLFLRIRUP1XLQHL
RELHFWHvQVSDLXOSHQWUXSLFLRDUHDORIHUXOXL
$VLJXUDLYFPRFKHWHOHVDXFRYRUDHOH
VXQWELQHIL[DWHLFSHGDOHOHDXVXILFLHQW
VSDLXGHFXUV
1XDH]DLPDLPXOWHFRYRUDHXQXOGHDVXSUD
FHOXLODOW

QHFRDVH$VWIHOURLOHPRWULFHLDUSXWHD
SLHUGHDGHUHQDLDUDXWRYHKLFXOXODUSXWHD
GHUDSD$VWIHOSXWHLSLHUGHFRQWUROXODXWRYH
KLFXOXOXLLSXWHLSURYRFDXQDFFLGHQW

0DQHWD',5(&76(/(&7
3UH]HQWDUHJHQHUDODSR]LLLORUWUDQV
PLVLHL
0DQHWD',5(&76(/(&7VHDIOSHGUHDSWD
FRORDQHLGHGLUHFLH

 $9(57,60(17
1XUHWURJUDGDLSHQWUXXQHIHFWGHIUkQGH
PRWRUVXSOLPHQWDUSHVXSUDIHHGHGUXPDOX




&RQGXFHUHDLSDUFDUHD

7UDQVPLVLHDXWRPDW

&RQGXFHUHDLSDUFDUHD



7UDQVPLVLHDXWRPDW
vQWUDGHYUVHOHFWDW9UHFRPDQGPV
VHOHFWDLSR]LLD'LSURJUDPXO(SURJUD
PXO&SHQWUXDXWRYHKLFXOHOH$0*VDX6
1XOLPLWDLJDPDGHYLWH]H

&XSODUHDSR]LLHLSHQWUXSDUFDUH3


3 3R]LLHSHQWUXSDUFDUHFXEORFDUHDODSDU

FDUH
5 7UHDSWDGHPHUVvQDSRL
1 3R]LLHQHXWU
' 0HUVvQDLQWH

G 0DQHWD',5(&76(/(&7UHYLQHvQWRW
GHDXQDvQSR]LLDVDLQLLDO3R]LLDFXUHQW
DWUDQVPLVLHL351VDX'DSDUHSHDILDMXO
SR]LLHLWUDQVPLVLHL3DJLQDGLQDIL
DMXOPXOWLIXQFLRQDO
3R]LLDWUDQVPLVLHLLDILDMXOSURJUDPX
OXLGHFRQGXFHUH
3R]LLDFXUHQWDWUDQVPLVLHLLSURJUDPXOGH
FRQGXFHUHDSDUSHDILDMXOPXOWLIXQFLRQDO

PSLQJHLPDQHWD',5(&76(/(&7vQGLUHF
LDLQGLFDWGHVJHDWD3

G 7UDQVPLVLDDXWRPDWFXSOHD]DXWRPDWvQ
SR]LLDSHQWUXSDUFDUH3GDFGHVFKLGHL
SRUWLHUDRIHUXOXLFkQGDXWRYHKLFXOXOVWD
LRQHD]VDXFkQGFRQGXFHLFXYLWH]
IRDUWHVF]XWLDUWUDQVPLVLDVHDIOvQSR]L
LD'VDX5
G 'DFDSVDLSHGDODGHIUkQLvPSLQJHL
PDQHWD',5(&76(/(&7vQVXVVDXvQMRV
EORFDUHDODSDUFDUHHVWHGHFXSODWLWUDQV
PLVLDFXSOHD]vQSR]LLDQHXWU1
'DFGRULLVFXSODLGLQSR]LLDSHQWUX
SDUFDUH3GLUHFWvQ5VDX'DSVDLIUkQDL
vPSLQJHLPDQHWD',5(&76(/(&7vQVXV
VDXvQMRVGLQFRORGHSULPXOSXQFWGHUH]LV
WHQ
 'DFWXUDLDPRWRUXOXLHVWHSUHDULGLFDW
QXFXSODLWUDQVPLVLDDXWRPDWGLUHFWGLQ
'vQ5GLQ5vQ'VDXGLUHFWvQ3QFD]
FRQWUDUWUDQVPLVLDDXWRPDWSRDWHVXIHUL
GHWHULRUUL
&XSODUHDDXWRPDWDSR]LLHLSHQWUX
SDUFDUH3

([HPSOXSR]LLDWUDQVPLVLHLLDILDMXOSURJUDPXOXL
GHFRQGXFHUH
C $ILDMXOSR]LLHLWUDQVPLVLHL
D $ILDMXOSURJUDPXOXLGHFRQGXFHUH

G 6JHLOHGLQDILDMXOSR]LLHLWUDQVPLVLHL
DUDWFXPLvQFHSR]LLLDOHWUDQVPLVLHL
SXWHLVFKLPEDFXDMXWRUXOPDQHWHL',5(&7
6(/(&7
 'DFDILDMXOSR]LLHLWUDQVPLVLHLGHSH
GLVSOD\XOPXOWLIXQFLRQDOQXIXQFLRQHD]
HVWHUHFRPDQGDWVFRQGXFHLFXSUXGHQ
SHQWUXDYHULILFDGDFSR]LLDGRULWDIRVW

3R]LLDSHQWUXSDUFDUH3HVWHFXSODWDXWRPDW
GDF
=RSULLPRWRUXOFXDMXWRUXOFKHLLLVFRDWHL
FKHLDVDXGDFRSULLPRWRUXOFXDMXWRUXO
EXWRQXOXL6WDUW6WRSLGHVFKLGHLXQDGLQ
WUHSRUWLHUHOHGLQID
=+2/'3DJLQDVDX',67521,&
3/863DJLQDIUkQDLDXWRYHKLFXOXO
SkQFkQGVWDLRQHD]LVHvQGHSOLQHWH
FHOSXLQXQDGLQWUHXUPWRDUHOHFRQGLLL
 H[LVWRGHIHFLXQHvQVLVWHP
 DXWRYHKLFXOXOVHDIOSHRSDQWDEUXSW
DVFHQGHQWVDXGHVFHQGHQW3ULQ

7UDQVPLVLHDXWRPDW
3R]LLLWUDQVPLVLH
E

&XSODUHDWUHSWHLGHPHUVvQDSRL5
 &XSODLWUDQVPLVLDDXWRPDWvQSR]LLD5
QXPDLFkQGDXWRYHKLFXOXOVWDLRQHD]
 PSLQJHLPDQHWD',5(&76(/(&7vQVXV
GLQFRORGHSULPXOSXQFWGHUH]LVWHQ
3R]LLDQHXWU1FXIXQFLHVWDUWVWRS
(&2DFWLYDW
)XQFLDVWDUWVWRS(&2RSUHWHDXWRPDW
PRWRUXOGDFDXWRYHKLFXOXOHVWHIUkQDWSkQ
ODRSULUHFkQGVHDIOvQSR]LLHQHXWU1L
IUkQDFRQWLQXVILHDSVDW
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGIXQFLD
VWDUWVWRS(&23DJLQD

3R]LLHSHQWUXSDUFDUH
$FHVWOXFUXSUHYLQHSXQHUHDDXWR
YHKLFXOXOXLvQPLFDUHFkQGHVWH
RSULW1XFXSODLWUDQVPLVLDvQSR]L
LD33DJLQDGHFkWGDF
DXWRYHKLFXOXOVWDLRQHD]
7UDQVPLVLDDXWRPDWVHFXSOHD]
vQSR]LLD3DXWRPDWGDF
=VFRDWHLFKHLD
=RSULLPRWRUXOvQSR]LLD5VDX'

LGHVFKLGHLXQDGLQWUHSRUWLH
UHOHGLQID
F

7UHDSWDGHPHUVvQDSRL
&XSODLWUDQVPLVLDvQSR]LLD5
QXPDLFkQGDXWRYHKLFXOXOVWDLR
QHD]

$GXFHUHDVFKLPEWRUXOXLvQSR]LLD
QHXWU1


PSLQJHLPDQHWD',5(&76(/(&7vQVXV
VDXvQMRVODSULPXOSXQFWGHUH]LVWHQ

3R]LLDGHFRQGXFHUH'FXIXQFLHVWDUW
VWRS(&2DFWLYDW
)XQFLDVWDUWVWRS(&2RSUHWHDXWRPDW
PRWRUXOGDFDXWRYHKLFXOXOHVWHIUkQDWSkQ
ODRSULUHFkQGVHDIOvQSR]LLD'DWUDQVPLVLHL
LIUkQDFRQWLQXVILHDSVDW
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGIXQFLD
VWDUWVWRS(&2FRQVXOWDL3DJLQD

&XSODUHDSR]LLHLGHFRQGXFHUH'


PSLQJHLPDQHWD',5(&76(/(&7vQMRV
GLQFRORGHSULPXOSXQFWGHUH]LVWHQ

&RQGXFHUHDLSDUFDUHD

XUPDUHLIUkQDHOHFWULFGHSDUFDUHHVWH
DFLRQDW





7UDQVPLVLHDXWRPDW

&RQGXFHUHDLSDUFDUHD

3R]LLHQHXWU
1XFXSODLWUDQVPLVLDvQSR]LLD1vQ
WLPSXOFRQGXFHULLQFD]FRQWUDU
WUDQVPLVLDDXWRPDWSRDWHVXIHUL
GHWHULRUUL
1XVHWUDQVPLWHSXWHUHGHODPRWRU
ODURLOHPRWULFH
(OLEHUDUHDIUkQHORUYYDSHUPLWHV
GHSODVDLOLEHUDXWRYHKLFXOXOGHH[
VvOvPSLQJHLVDXVvOWUDFWDL
'DF(63HVWHGH]DFWLYDWVDX
GHIHFWFXSODLWUDQVPLVLDQXPDLvQ
SR]LLD1GDFDXWRYHKLFXOXOHVWHvQ
SHULFROGHGHUDSDUHGHH[SHGUX
PXULFXSROHL
'DFRSULLPRWRUXOFXDMXWRUXO
FKHLLVDXEXWRQXO6WDUW6WRS
WUDQVPLVLDDXWRPDWVHFXSOHD]vQ
SR]LLDQHXWU1DXWRPDW

 'DFUXODLvQSR]LLDQHXWU1
SXWHLGHWHULRUDWUDQVPLVLD
:

0HUVvQDLQWH
7UDQVPLVLDDXWRPDWVFKLPE
WUHSWHOHGHYLWH]DXWRPDW6XQW
GLVSRQLELOHWRDWHWUHSWHOHGHYLWH]
GHPHUVvQDLQWH

6FKLPEDUHDWUHSWHLGHYLWH]
7UDQVPLVLDDXWRPDWFXSOHD]DXWRPDWvQ
WUHSWHOHGHYLWH]VSHFLILFHFkQGVHDIOvQ
SR]LLDGHWUDQVPLVLH'&RPSRUWDPHQWXO
VFKLPEULLDXWRPDWHDYLWH]HORUHVWHGHWHU
PLQDWGH
=RSRVLELOOLPLWDUHDWUHSWHLGHYLWH]H

6IDWXULSULYLQGFRQGXFHUHD
3R]LLDSHGDOHLGHDFFHOHUDLH
6WLOXOGXPQHDYRDVWUGHFRQGXFHUHLQIOXHQ
HD]PRGXOvQFDUHWUDQVPLVLDDXWRPDW
FXSOHD]WUHSWHOHGHYLWH]
=DFFHOHUDLHUHGXVFXSODUHDPDLUDSLGvQ

WUHDSWVXSHULRUDU
=DFFHOHUDLHPDLPDUHFXSODUHDvQWkU]LDWvQ

WUHDSWVXSHULRUDU

5HWURJUDGDUHDIRUDW
8WLOL]DLUHWURJUDGDUHDIRUDWSHQWUXDFFHOH
UDLHPD[LP
$SVDLSHGDODGHDFFHOHUDLHGLQFRORGH
SXQFWXOGHSUHVLXQH
7UDQVPLVLDVHFXSOHD]vQWURWUHDSWGH
YLWH]HLQIHULRDUvQIXQFLHGHWXUDLDPRWR
UXOXL
 /VDLSHGDODGHDFFHOHUDLHRGDWFHDL
DWLQVYLWH]DGRULW
7UDQVPLVLDDXWRPDWFXSOHD]GLQQRXvQWU
RWUHDSWVXSHULRDU


7UDFWDUHDUHPRUFLL
&RQGXFHLvQPLMORFXOLQWHUYDOXOXLGHWXUDLH
DPRWRUXOXLvQSDQWHDVFHQGHQWH
 &XSODLvQMRVSkQODWUHDSWDGHYLWH]H
VDX3DJLQDvQIXQFLHGHSDQWD
DVFHQGHQWVDXGHVFHQGHQWFKLDUGDF
FRQWUROXOFURD]LHUHL',67521,&3/86VDX
63(('7521,&HVWHDFWLYDW


%XWRQGHVHOHFWDUHDSURJUDPXOXL

=SURJUDPXOGHFRQGXFHUHVHOHFWDW

1RWHJHQHUDOH

=SR]LLDSHGDOHLGHDFFHOHUDLH

%XWRQXOGHVHOHFWDUHDSURJUDPXOXLYSHU
PLWHVDOHJHLvQWUHFDUDFWHULVWLFLGHFRQGX
FHUHGLIHULWH

=YLWH]DGHUXODUH

G 7UDQVPLVLDDXWRPDWFRPXWSHSURJUD
PXOGHFRQGXFHUHvQUHJLPDXWRPDW(SUR
JUDPXOGHFRQGXFHUH&ODDXWRYHKLFXOHOH
$0*GHILHFDUHGDWFkQGPRWRUXOHVWH
SRUQLW
0DQHWGHVFKLPEDUHDYLWH]HORU
VLWXDWSHYRODQ
([HPSOXEXWRQGHVHOHFWDUHDSURJUDPXOXLOD
PRGHOXO0/%OXH7(&0$7,&LODDXWRYHKL
FXOHOH$0*

%XWRQXOGHVHOHFWDUHDSURJUDPXOXLODDXWRYHKLFX
OHOHFXSDFKHW21 2))52$'

/DDXWRYHKLFXOHOH$0*SURJUDPXOGHFRQGX
FHUH(HVWHGHQXPLWSURJUDPXOGHFRQGXFHUH
&
((FRQRPLF
&(ILFLHQ
FRQWURODW

&RQGXFHUHFRQIRUWDELO
HFRQRPLF

66SRUW

6WLOGHFRQGXFHUHVSRUWLY

00DQXDO

6FKLPEWRUGHYLWH]H
PDQXDO

G 3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQG
SURJUDPXOGHFRQGXFHUHvQUHJLPDXWRPDW
FRQVXOWDL3DJLQD


$SVDLEXWRQXOGHVHOHFWDUHDSURJUDPX
OXLCvQPRGUHSHWDWSkQFkQGOLWHUDDIH
UHQWSURJUDPXOXLGRULWGHVFKLPEDUHD
YLWH]HORUDSDUHSHDILDMXOPXOWLIXQFLRQDO

/DSURJUDPXOGHFRQGXFHUHvQUHJLPDXWRPDW
SXWHLUHVWUkQJHVDXH[WLQGHWUHDSWDGHYLWH]H
FXDMXWRUXOPDQHWHLGHVFKLPEDUHDYLWH]HORU
VLWXDWSHYRODQCLD3DJLQD
QSURJUDPXOGHFRQGXFHUHvQUHJLPPDQXDO
SXWHLVFKLPEDWUHDSWDGHYLWH]HVLQJXUFX
DMXWRUXOPDQHWHLGHVFKLPEDUHDYLWH]HORU
VLWXDWSHYRODQCLD3DJLQD

G 3XWHLVFKLPEDWUHDSWDGHYLWH]HFX
PDQHWDGHVFKLPEDUHDYLWH]HORUVLWXDWSH
YRODQFkQGWUDQVPLVLDVHDIOvQSR]LLD'
3URJUDPGHFRQGXFHUHvQUHJLPDXWR
PDW
3URJUDPXOGHFRQGXFHUH(SURJUDPXOGH
FRQGXFHUH&ODDXWRYHKLFXOHOH$0*HVWH
FDUDFWHUL]DWGHXUPWRDUHOH
=VHWULDOHPRWRUXOXLLWUDQVPLVLHLD[DWHSH
FRQIRUW
=FRQVXPGHFDUEXUDQWRSWLPFHGHFXUJHGLQ
FXSODUHDPDLUDSLGDXQHLWUHSWHGHYLWH]
VXSHULRDUHODWUDQVPLVLDDXWRPDW
=DXWRYHKLFXOXOGHPDUHD]PDLXRUvQWUHS
WHOHGHPHUVvQDLQWHLvQDSRLFXH[FHSLD




&RQGXFHUHDLSDUFDUHD

7UDQVPLVLHDXWRPDW

&RQGXFHUHDLSDUFDUHD



7UDQVPLVLHDXWRPDW
FD]XOXLvQFDUHSHGDODGHDFFHOHUDLHHVWH
DSVDWFRPSOHW
=VHQ]LWLYLWDWHFUHVFXW$VWIHOVH
vPEXQWHWHVWDELOLWDWHDvQFRQGXFHUHSH
VXSUDIHHGHGUXPDOXQHFRDVHGHH[HP
SOX
=WUDQVPLVLDDXWRPDWFXSOHD]vQWUR
WUHDSWVXSHULRDUPDLUDSLG$VWIHODXWR
YHKLFXOXOHVWHFRQGXVODWXUDLLPDLUHGXVH
DOHPRWRUXOXLLSRVLELOLWDWHDGHSDWLQDUHD
URLORUVFDGH
3URJUDPXOGHFRQGXFHUH6HVWHFDUDFWHUL]DW
GHXUPWRDUHOH
=VHWULVSRUWLYHDOHPRWRUXOXLLWUDQVPLVLHL
=WUDQVPLVLDDXWRPDWFXSOHD]vQWUR

=SHGUXPXULPRQWDQHDEUXSWH
=SHWHUHQPRQWDQ
=vQFRQGLLLVROLFLWDQWH

WUHDSWVXSHULRDUPDLWkU]LX
WUDQVPLVLHLDXWRPDWHFRQVXPXOGHFDUEX
UDQWHVWHSRVLELOVILHPDLULGLFDW

,QWURGXFHUH
QSR]LLDWUDQVPLVLHL'SXWHLXWLOL]DPDQHWD
VFKLPEWRUXOXLGHYLWH]HGHSHYRODQSHQWUX
DOLPLWDVDXSHQWUXDH[WLQGHWUHDSWDGHYLWH]H
SHQWUXWUDQVPLVLDDXWRPDW3DJLQD
7UHDSWDGHYLWH]VHOHFWDWDSDUHSHDILDMXO
PXOWLIXQFLRQDO7UDQVPLVLDDXWRPDW
FXSOHD]QXPDLSkQODWUHDSWDGHYLWH]H
VHOHFWDW
6LWXDLLGHFRQGXFHUH
@

3HQWUXDXWLOL]DHIHFWXOGHIUkQGH
PRWRU

3HQWUXDXWLOL]DHIHFWXOGHIUkQDUHDO
PRWRUXOXLvQSDQWHGHVFHQGHQWH
DEUXSWHLSHSRULXQLGHVFHQGHQWH
OXQJL

/LPLWDUHDWUHSWHLGHYLWH]

=GDWRULWSXQFWHORUGHFXSODUHGHFDODWHDOH

7UHSWHGHYLWH]H

3HQWUXDXWLOL]DHIHFWXOGHIUkQDUHDO
PRWRUXOXLvQSDQWHGHVFHQGHQWHL
SHQWUXFRQGXFHUHD

7UDJHLPDQHWDVFKLPEWRUXOXLGHYLWH]HGH
SHYRODQGHSHSDUWHDVWkQJ
7UDQVPLVLDDXWRPDWFXSOHD]vQWUR
WUHDSWGHYLWH]HLQIHULRDULOLPLWHD]
WUHDSWDGHYLWH]HODWUHDSWDGHYLWH]HUHOH
YDQW

G 'DFPRWRUXOGHSHWHWXUDLDPD[LP
DPRWRUXOXLFkQGFXSODLRWUHDSWLQIH
ULRDUWUDQVPLVLDDXWRPDWSURWHMHD]
PRWRUXOFRQWUDGHWHULRUULLQHHIHFWXkQG
FXSODUHDvQWUHDSWLQIHULRDU
G 'DFWXUDLDPD[LPDPRWRUXOXLSHQWUX
WUHDSWDGHYLWH]HHVWHDWLQVLFRQWLQXDL
VDFFHOHUDLWUDQVPLVLDDXWRPDW
FXSOHD]vQWURWUHDSWVXSHULRDUFKLDUL
GDFWUHDSWDGHYLWH]HHVWHOLPLWDW$VWIHO
VHSUHYLQHVXSUDWXUDUHDPRWRUXOXL
(OLPLQDUHDOLPLWULLWUHSWHLGHYLWH]


7UDJHLPDQHWDVFKLPEWRUXOXLGHYLWH]HGH
SHYRODQGHSHSDUWHDGUHDSW
/LPLWDUHDWUHSWHLGHYLWH]HVWHHOLPLQDW

WHUJHUHDOLPLWULLWUHSWHLGHYLWH]


7UDJHLLLQHLPDQHWDVFKLPEWRUXOXLGH
YLWH]HGHSHYRODQGHSHSDUWHDGUHDSW
SkQFkQG'DSDUHGLQQRXSHDILDMXOPXO
WLIXQFLRQDO
7UDQVPLVLDDXWRPDWFXSOHD]GLQWUHDSWD
GHYLWH]HFXUHQWGLUHFWvQ'

7UDQVPLVLHDXWRPDW

6HOHFWDUHDWUHSWHLGHYLWH]LGHDOH


7UDJHLPDQHWDVFKLPEWRUXOXLGHYLWH]HGH
SHYRODQGHSHSDUWHDVWkQJLLQHLRvQ
SR]LLH
7UDQVPLVLDDXWRPDWFXSOHD]vQWUHDSWD
GHYLWH]HFDUHSHUPLWHRDFFHOHUDUHLR
GHFHOHUDUHRSWLPHQDFHVWVFRSWUDQVPL
VLDDXWRPDWUHWURJUDGHD]FXRWUHDSW
VDXGRXWUHSWH

$XWRYHKLFXOHOHFXPRWRDUH$0*

 QSURJUDPXOGHVFKLPEDUHPDQXDOD
YLWH]HORU0WUDQVPLVLDDXWRPDWQX
FXSOHD]RWUHDSWVXSHULRDUDXWRPDW
FKLDULFkQGOLPLWDGHWXUDLHDPRWRUXOXL
SHQWUXWUHDSWDFXUHQWHVWHDWLQV&kQG
OLPLWDGHWXUDLHDPRWRUXOXLHVWHDWLQV
DOLPHQWDUHDFXFDUEXUDQWHVWHvQWUHUXSW
SHQWUXDSUHYHQLVXSUDWXUDUHDPRWRUXOXL
7UHEXLHVYDVLJXUDLFWXUDLDPRWRUXOXL
QXDWLQJH]RQDURLHDWXURPHWUXOXLQFD]
FRQWUDUH[LVWULVFXODYDULHULLPRWRUXOXL
QDLQWHFDYLWH]DPRWRUXOXLVDWLQJ]RQD
URLHXQLQGLFDWRUGHVFKLPEDUHvQWUHDSWD
VXSHULRDUYDILDILDWSHPHQLXO$*0DODIL
DMXOXLPXOWLIXQFLRQDO

3URJUDPGHFRQGXFHUHvQUHJLP
PDQXDO
$FWLYDUHDSURJUDPXOXLGHFRQGXFHUHvQ
UHJLPPDQXDO
3URJUDPXOGHFRQGXFHUHvQUHJLPPDQXDO0
SRDWHILVHOHFWDWFXDMXWRUXOEXWRQXOXLGH
VHOHFWDUHDSURJUDPXOXLQSURJUDPXOGHFRQ
GXFHUHvQUHJLPPDQXDO0SXWHLVFKLPED
WUHDSWDGHYLWH]HFXPDQHWDGHVFKLPEDUHD
YLWH]HORUVLWXDWSHYRODQGDFWUDQVPLVLDVH
DIOvQSR]LLD'7UHDSWDGHYLWH]VHOHFWDW
LFXSODWODPRPHQWXOUHVSHFWLYDSDUHSHDIL
DMXOPXOWLIXQFLRQDO
 $SVDLEXWRQXOGHVHOHFWDUHDSURJUDPXOXL
3DJLQDvQPRGUHSHWDWSkQFkQG
0DSDUHSHDILDMXOPXOWLIXQFLRQDO
 /DDXWRYHKLFXOHOHFXSDFKHWXO
21 2))52$'DSVDLEXWRQXOGHVHOHF
WDUHDSURJUDPXOXL3DJLQD
0DSDUHSHDILDMXOPXOWLIXQFLRQDO

6FKLPEDUHDvQWURWUHDSWVXSHULRDU


7UDJHLPDQHWDVFKLPEWRUXOXLGHYLWH]HGH
SHYRODQGHSHSDUWHDGUHDSW
3DJLQD
7UDQVPLVLDDXWRPDWFXSOHD]ODXUPWRD
UHDWUHDSWGHYLWH]HVXSHULRDU

&XSODLvQWURWUHDSWVXSHULRDUGDF
FXORDUHDGHSHDILDMXOPXOWLIXQFLRQDOGLQ
YLWH]RPHWUXVHVFKLPEvQURXLPHVDMXO
GHSHGLVSOD\83686HVWHDILDW

5HWURJUDGDUHD


7UDJHLPDQHWDVFKLPEWRUXOXLGHYLWH]HGH
SHYRODQGHSHSDUWHDVWkQJ
3DJLQD
7UDQVPLVLDDXWRPDWFXSOHD]ODXUPWRD
UHDWUHDSWGHYLWH]HLQIHULRDU

G 'DFvQFHWLQLLVDXYRSULLIUDVFKLPED
vQWUHDSWDLQIHULRDUWUDQVPLVLDDXWRPDW
VFKLPEDXWRPDWvQWURWUHDSWLQIHULRDU
G 3HQWUXRDFFHOHUDLHPD[LPWUDJHL
PDQHWDVFKLPEWRUXOXLGHYLWH]HGHSH
YRODQGHSHSDUWHDVWkQJSkQFkQGWUDQV
PLVLDVHOHFWHD]WUHDSWDGHYLWH]HRSWLP
SHQWUXYLWH]DFXUHQW

&RQGXFHUHDLSDUFDUHD

VDX
 8WLOL]DLPDQHWD',5(&76(/(&7SHQWUXD
FXSODWUDQVPLVLDvQSR]LLD'
7UDQVPLVLDDXWRPDWFXSOHD]GLQWUHDSWD
GHYLWH]HFXUHQWGLUHFWvQ'



7UDQVPLVLHDXWRPDW



&RQGXFHUHDLSDUFDUHD

5HWURJUDGDUHDIRUDW
G $XWRYHKLFXOHOHFXPRWRU$0*QXVH
SRDWHXWLOL]DUHWURJUDGDUHDIRUDWvQSUR
JUDPXOGHFRQGXFHUHvQUHJLPPDQXDO0
3XWHLXWLOL]DGHDVHPHQHDUHWURJUDGDUHDIRU
DWSHQWUXDFFHOHUDLHPD[LPvQSURJUDPXO
GHFRQGXFHUHvQUHJLPPDQXDO0
$SVDLSHGDODGHDFFHOHUDLHGLQFRORGH
SXQFWXOGHSUHVLXQH
7UDQVPLVLDVHFXSOHD]vQWURWUHDSWGH
YLWH]HLQIHULRDUvQIXQFLHGHWXUDLDPRWR
UXOXL
 &XSODLGLQQRXvQWUHDSWDVXSHULRDUGXS
FHDLDWLQVYLWH]DGRULW


G $XWRYHKLFXOHIUPRWRU$0*GDF
DFFHOHUDLODPD[LPXPWUDQVPLVLDDXWR
PDWFXSOHD]vQVXVSkQODXUPWRDUHD
WUHDSWGHYLWH]HFkQGVHDWLQJHWXUDLD
PD[LPDPRWRUXOXL$VWIHOVHSUHYLQH
VXSUDWXUDUHDPRWRUXOXL
'H]DFWLYDUHDSURJUDPXOXLGHFRQGX
FHUHvQUHJLPPDQXDO
$SVDLEXWRQXOGHVHOHFWDUHDSURJUDPXOXL
3DJLQDvQPRGUHSHWDWSkQFkQG
(&ODDXWRYHKLFXOHOH$0*VDX6DSDUHSH
DILDMXOPXOWLIXQFLRQDO
 /DDXWRYHKLFXOHOHFXSDFKHWXO
21 2))52$'DSVDLEXWRQXOGHVHOHF
WDUHDSURJUDPXOXL
0QXPDLHVWHLQGLFDWSHDILDMXOPXOWLIXQF
LRQDO


$OLPHQWDUHFXFDUEXUDQW



3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

7UDQVPLVLDDUHSUR
EOHPHODVFKLPEDUHD
WUHSWHORUGHYLWH]H

7UDQVPLVLDSLHUGHXOHL
 6ROLFLWDLYHULILFDUHDLPHGLDWDWUDQVPLVLHLODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW

&DSDFLWDWHDGHDFFHOH 7UDQVPLVLDVHDIOvQPRGXOGHXUJHQ
UDUHVFDGH
6HSRDWHFXSODQXPDLDGRXDWUHDSWGHYLWH]HLWUHDSWDGHPHUV
7UDQVPLVLDQXPDL
vQDSRL
VFKLPEWUHSWHOHGH
 6WRS
YLWH]
 &XSODLWUDQVPLVLDvQSR]LLD3
 2SULLPRWRUXO
 $WHSWDLFHOSXLQVHFXQGHvQDLQWHGHDUHSRUQLPRWRUXO
 &XSODLWUDQVPLVLDSHSR]LLD'VDX5
'DF'HVWHVHOHFWDWWUDQVPLVLDFXSOHD]vQDGRXDWUHDSWGH
YLWH]HGDF5HVWHVHOHFWDWWUDQVPLVLDFXSOHD]vQWUHDSWDGH
PHUVvQDSRL
 6ROLFLWDLYHULILFDUHDLPHGLDWDWUDQVPLVLHLODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW

$OLPHQWDUHFXFDUEXUDQW
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
&DUEXUDQWXOHVWHSXWHUQLFLQIODPDELO)RFXO
IOFULOHGHVFKLVHLIXPDWXOVXQWSULQXUPDUH
LQWHU]LVHFkQGPDQLSXODLFDUEXUDQL
2SULLPRWRUXOLvQFO]LUHDDX[LOLDUvQDLQWHGH
DOLPHQWDUHDFXFDUEXUDQW
 3HULFROGHUQLUH
1XDWLQJHLFDUEXUDQWXO
&RQWDFWXOGLUHFWDOFDUEXUDQWXOXLFXSLHOHDVDX
LQKDODUHDYDSRULORUGXQHD]VQWLL
 $9(57,60(17
1XDOLPHQWDLFXEHQ]LQUH]HUYRDUHOHGH
PRWRULQ1XDPHVWHFDLPRWRULQFXEHQ
]LQQFD]FRQWUDUVLVWHPXOGHDOLPHQWDUHFX
FDUEXUDQWLPRWRUXOSRWVXIHULGHWHULRUUL
$VWIHODXWRYHKLFXOXOSRDWHOXDIRF

 1XXWLOL]DLEHQ]LQSHQWUXDOLPHQWDUHD
DXWRYHKLFXOHORUFXPRWRUGLHVHO1XXWLOL]DL
PRWRULQSHQWUXDOLPHQWDUHDDXWRYHKLFXOH
ORUFXPRWRUSHEHQ]LQ&KLDULFDQWLWLOH
PLFLGHFDUEXUDQWLQDGHFYDWGXFODGHWHULR
UDUHDVLVWHPXOXLGHFDUEXUDQWLDPRWRUX
OXL
 1XSXQHLFRQWDFWXOGDFDLDOLPHQWDWGLQ
JUHHDOFXFDUEXUDQWLQFRUHFWQFD]FRQ
WUDUFDUEXUDQWXOYDSWUXQGHvQFRQGXFWHOH
GHFRPEXVWLELOQWLLQDLXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWLVROLFLWDLJROLUHDFRP
SOHWDUH]HUYRUXOXLGHFDUEXUDQWLDFRQ
GXFWHORUGHFDUEXUDQW
 QFD]XOVXSUDDOLPHQWULLUH]HUYRUXOXLGH
FDUEXUDQWVLVWHPXOGHDOLPHQWDUHFXFDU
EXUDQWDUSXWHDVXIHULGHWHULRUUL
 $YHLJULMVQXYUVDLFDUEXUDQWSH
VXSUDIHHYRSVLWHQFD]FRQWUDUSXWHL
GHWHULRUDYRSVHDXD

&RQGXFHUHDLSDUFDUHD

3UREOHPHODWUDQVPLVLH

$OLPHQWDUHFXFDUEXUDQW

&RQGXFHUHDLSDUFDUHD



 8WLOL]DLXQILOWUXFkQGDGXJDLFDUEXUDQW
GLQWURFDQLVWUGHFDUEXUDQWQFD]FRQ
WUDUFRQGXFWHOHGHFDUEXUDQWLVDXVLVWH
PXOGHLQMHFLHGLHVHODUSXWHDILFROPDWDWH
GHSDUWLFXOHOHGLQFDQLVWUDGHFDUEXUDQW
3XWHLJVLPDLPXOWHLQIRUPDLLSULYLQGFDU
EXUDQWXOLFDOLWLOHGHFDUEXUDQWvQVHFLXQHD
&DUEXUDQW3DJLQD
$OLPHQWDUHFXFDUEXUDQW
&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQW

3RUWLHUDRIHUXOXLSRDWHILvQFKLVGLQQRX
 $SVDLFODSHWDJXULLGHXPSOHUHFXFDUEX
UDQWvQGLUHFLDLQGLFDWGHVJHDWDC
&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWVH
URWHWHvQVXV
 5RWLLFODSHWDJXULLGHXPSOHUHPDLGHSDUWH
vQVHQVDQWLRUDULVFRDWHLR
 ,QWURGXFHLFDSDFXOJXULLGHXPSOHUHFXFDU
EXUDQWvQFRQVRODGHVXVLQHUHGLQLQWHULRUXO
FODSHWHLJXULLGHXPSOHUHFXFDUEXUDQWD
 ,QWURGXFHLFRPSOHWJkWXOGHXPSOHUHDO
GX]HLSRPSHLGHFDUEXUDQWvQUH]HUYRUL
UHDOLPHQWDL
 SLFLRDUH8PSOHLUH]HUYRUXOQXPDLSkQ
FkQGGX]DSRPSHLVHRSUHWH
G 1XPDLDGXJDLFDUEXUDQWGXSRSULUHD
SRPSHLGLQDOLPHQWDUHSHQWUXSULPDGDW
QFD]FRQWUDUFDUEXUDQWXOVHSRDWHVFXUJH

QFKLGHUH
$H]DLGLQQRXFDSDFXOSHJkWXOGH
XPSOHUHLURWLLvQVHQVRUDUSkQFkQGVH
vPELQVRQRU
 QFKLGHLFODSHWDJXULLGHXPSOHUHFXFDU
EXUDQW


C 3HQWUXDGHVFKLGHFODSHWDJXULLGH

XPSOHUHFXFDUEXUDQW
D 3HQWUXDLQWURGXFHFODSHWDJXULLGH

XPSOHUHFXFDUEXUDQW
7LSFDUEXUDQW
7DEHOXOFXSUHVLXQLOHvQSQHXUL

&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWHVWH
GHEORFDWVDXEORFDWDXWRPDWFkQGGHVFKL
GHLVDXvQFKLGHLDXWRYHKLFXOXOFXFKHLDVDX
FX.(</(66*2
3R]LLDFDSDFXOXLJXULLGHXPSOHUHFXFDUEX
UDQWHVWHDILDWSHSDQRXOGHLQVWUX
PHQWH6JHDWDGHOkQJSRPSDGHFDUEXUDQW
LQGLFODWXUDDXWRYHKLFXOXOXL

'HVFKLGHUH
2SULLPRWRUXO
6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
 .(</(66*2GHVFKLGHLSRUWLHUDRIHUXOXL
$FHDVWDFRUHVSXQGHSR]LLHLFKHLLFKHLH
VFRDV



$OLPHQWDUHFXFDUEXUDQW



3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

&DUEXUDQWXOVHVFXUJH
GLQDXWRYHKLFXO

 5LVFGHH[SOR]LHVDXLQFHQGLX
&RQGXFWDGHFDUEXUDQWVDXUH]HUYRUXOGHFDUEXUDQWVXQWGHIHFWH
 5RWLLLPHGLDWFKHLDvQSR]LLDGLQFRPXWDWRUXOGHFRQWDFWL
VFRDWHLR3DJLQD
 1XUHSRUQLLPRWRUXOVXEQLFLRIRUP
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

0RWRUXOQXSRUQHWH

5H]HUYRUXOGHFDUEXUDQWDODXWRYHKLFXOXOXLFXPRWRUGLHVHODIRVW
JROLWFRPSOHW
 5HDOLPHQWDLDXWRYHKLFXOXOFXFHOSXLQOLWULGHPRWRULQ
 &XSODLFRQWDFWXOWLPSGHDSUR[LPDWLY
VHFXQGH3DJLQD
 3RUQLLPRWRUXOFRQWLQXXWLPSGHSkQODVHFXQGHSkQFkQG
IXQFLRQHD]XQLIRUP
'DFPRWRUXOUHIX]VSRUQHDVF
 &XSODLFRQWDFWXOGLQQRXWLPSGHDSUR[LPDWLY
VHFXQGH3DJLQD
 3RUQLLPRWRUXOGLQQRXFRQWLQXXWLPSGHSkQODVHFXQGH
SkQFkQGIXQFLRQHD]XQLIRUP
'DFPRWRUXOQXSRUQHWHGXSWUHLvQFHUFUL
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

&ODSHWDJXULLGH
XPSOHUHFXFDUEXUDQW
QXSRDWHILGHVFKLV

&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWQXHVWHGHVFXLDW
VDX
%DWHULDFKHLLHVWHGHVFUFDW
 'HVFXLDLDXWRYHKLFXOXO3DJLQD
VDX
 'HVFXLDLDXWRYHKLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQ
3DJLQD
&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWHVWHGHVFXLDWvQVPHFD
QLVPXOGHGHVFKLGHUHHVWHvQHSHQLW
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

&RQGXFHUHDLSDUFDUHD

3UREOHPHFXFDUEXUDQWXOLUH]HUYRUXOGHFDUEXUDQW



$OLPHQWDUHFXFDUEXUDQW

&RQGXFHUHDLSDUFDUHD

$G%OXHQXPDLSHQWUXDXWRYHKLFX
OHOH%OXH7(&
1RWHLPSRUWDQWHSULYLQGXWLOL]DUHD
3HQWUXDIXQFLRQDFRUHFWWUDWDUHDXOWHULRDU
DJD]HORUGHHDSDPHQW%OXH7(&WUHEXLHUHD
OL]DWFXDJHQWXOUHGXFWRU$G%OXH
&kQGUH]HUYRUXOGH$G%OXHHVWHDSURDSH
HSXL]DWSHDILDMXOPXOWLIXQFLRQDODSDUH
PHVDMXO5HILOO$G%OXH6HH2ZQHU
V
0DQXDO&RPSOHWDLFX$G%OXH&RQVXO
WDL0DQXDOXOGHXWLOL]DUH
&kQGQLYHOXOGH$G%OXHVFDGHSkQODPDU
FDMXOPLQLPSHDILDMXOPXOWLIXQFLRQDODSDUH
PHVDMXO5HILOO$G%OXH1RVWDUWLQ
;;;;NP&RPSOHWDLFX$G%OXH3RU
QLUHLPSRVLELOQ;;;;NP
'DFPHVDMXO5HILOO$G%OXH1RVWDUW
LQ;;;;NP&RPSOHWDLFX$G%OXH
3RUQLUHLPSRVLELOQ;;;;NPDSDUH
SHDILDMXOPXOWLIXQFLRQDOPDLSXWHLVFRQ
GXFHLDXWRYHKLFXOXOQXPDLSHGLVWDQDLQGL
FDW'DF$G%OXHQXHVWHFRPSOHWDWQX
PDLSXWHLVSRUQLLPRWRUXO8PSOHLUH]HU
YRUXOGH$G%OXHVDXVROLFLWDLXPSOHUHD
UH]HUYRUXOXLGH$G%OXHODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW'DFPHVDMXO5HILOO
$G%OXH(QJVWDUWQRWSRVVLEOH&RP
SOHWDLFX$G%OXH3RUQLUHPRWLPSR
VLELODSDUHSHDILDMXOPXOWLIXQFLRQDOLDU
PRWRUXOQXSRUQHWHWUHEXLHVFRPSOHWDLFX
FHOSXLQOGH$G%OXHDSUR[LPDWLYVWL
FOHGHDOLPHQWDUHFX$G%OXH

G 'DFFRQGXFHLFXYLWH]HPDLPDULGH
NPKPHVDMXO5HILOO$G%OXH6HH
2ZQHU
V0DQXDO&RPSOHWDLFX
$G%OXH&RQVXOWDL0DQXDOXOGHXWL
OL]DUHGLVSDUHGXSDSUR[LPDWLYXQ
PLQXW
'DFWHPSHUDWXUDH[WHULRDUHVWHVXE
FRPSOHWDUHDSRDWHILGLILFLO'DF
$G%OXHHVWHvQJKHDWLH[LVWXQLQGLFDWRU
GHDYHUWL]DUHDFWLYHVWHSRVLELOVQXVHSRDW
HIHFWXDFRPSOHWDUHD3DUFDLDXWRYHKLFXOXO
vQWUXQORFPDLFDOGGHH[vQJDUDMSkQFkQG

$G%OXHDGHYHQLWOLFKLGGLQQRX3ULQXUPDUH
FRPSOHWDUHDHVWHSRVLELOGLQQRX$OWHUQDWLY
VROLFLWDLFRPSOHWDUHDUH]HUYRUXOXLFX
$G%OXHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0DLPXOWHLQIRUPDLLSULYLQGWUDWDUHDXOWH
ULRDUDJD]HORUGHHDSDPHQW%OXH7(&LSUL
YLQG$G%OXHSXWHLRELQHGHODXQ&HQWUXGH
6HUYLFH0HUFHGHV%HQ]

&RPSOHWDUHDFX$G%OXH
 $9(57,60(17
$G%OXHQXWUHEXLHVYLQvQFRQWDFWFXSLH
OHDRFKLLVDXvPEUFPLQWHD
='DF$G%OXHYLQHvQFRQWDFWFXSLHOHDVDX

FXRFKLLFOWLLLPHGLDW]RQHOHDIHFWDWHFX
DSFXUDW
='DFvQJKLLL$G%OXHFOWLLLPHGLDWJXUD

FXPXOWDSFXUDWLEHLFkWPDLPXOW
DS
=6FKLPEDLLPHGLDWKDLQHOHFDUHDXIRVW
PXUGULWHFX$G%OXH
='DFDSDUUHDFLLDOHUJLFHFRQVXOWDLLPH
GLDWXQPHGLF
1XOVDL$G%OXHODvQGHPkQDFRSLLORU

 $9(57,60(17
'DFGHVFKLGHLFDSDFXOUH]HUYRUXOXL
$G%OXHDUSXWHDILHOLEHUDWHPLFLFDQWLWLGH
YDSRULGHDPRQLDF$FHDVWDGHSLQGHvQVSHFLDO
GHYHFKLPHD$G%OXH
9DSRULLGHDPRQLDFDXXQPLURVvQHSWRUL
VXQWLULWDQLPDLDOHVSHQWUX
=SLHOH
=PHPEUDQHOHPXFRDVH
=RFKL

9DSRULLSRWSURYRFDRVHQ]DLHGHDUVXUvQ
RFKLQDVLJkWSUHFXPLLULWDUHDJkWXOXLL
OFULPDUHD
1XLQKDODLGHORFYDSRULLGHDPRQLDFFDUHVDU
SXWHDHOLEHUD8PSOHLUH]HUYRUXO$G%OXH
QXPDLvQ]RQHELQHYHQWLODWH

$OLPHQWDUHFXFDUEXUDQW

 3HQWUXDXPSOHUH]HUYRUXOGH$G%OXH
DXWRYHKLFXOXOWUHEXLHSDUFDWSHRVXSUDID
SODQ5H]HUYRUXOGH$G%OXHSRDWHIL
XPSOXWQXPDLFRQIRUPVFRSXOXLSUHY]XW
FXDXWRYHKLFXOXOSDUFDWSHRVXSUDID
SODQ$VWIHOYRUILHYLWDWHIOXFWXDLLOHGH
FDSDFLWDWH$OLPHQWDUHDXQXLDXWRYHKLFXO
FDUHVHDIOSHRVXSUDIDQHXQLIRUPQX
HVWHSHUPLV([LVWSHULFROXOGHVXSUDDOL
PHQWDUHFDUHSRDWHFDX]DGHWHULRUULDOH
FRPSRQHQWHORUWUDWULLXOWHULRDUHDJD]HORU
GHHDSDPHQW%OXH7(&
 6XSUDIHHOHFDUHYLQvQFRQWDFWFX
$G%OXHFkQGDOLPHQWDLWUHEXLHFOWLWH
LPHGLDWFXDSVDXvQGHSUWDL$G%OXHFX
RODYHWXPHGLDSUHFH'DF$G%OXH
VDFULVWDOL]DWGHMDXWLOL]DLXQEXUHWHLDS
UHFHSHQWUXDFXUDVXSUDIDD8UPHOHGH
$G%OXHVHFULVWDOL]HD]GXSXQDQXPLW
WLPSLPXUGUHVFVXSUDIHHOHDIHFWDWH
 $G%OXHQXHVWHXQDGLWLYGHFDUEXUDQWL
QXWUHEXLHDGXJDWvQUH]HUYRUXOGHFDUEX
UDQW'DF$G%OXHHVWHDGXJDWvQUH]HU
YRUXOGHFDUEXUDQWDFHVWOXFUXSRDWHFDX]D
GHWHULRUDUHDPRWRUXOXL
6ROLFLWDLFRPSOHWDUHDUH]HUYRUXOXLFX
$G%OXHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
7RWXLDYHLSRVLELOLWDWHDGHDVHPHQHDV
FRPSOHWDLUH]HUYRUXOFX$G%OXH
=ODREHQ]LQULHFXRSRPSGHXPSOHUHFX
$G%OXH
=FXVWLFOHGHDOLPHQWDUHFX$G%OXH
=FXXQELGRQGHDOLPHQWDUHFX$G%OXH
&kQGGX]DSRPSHLVHRSUHWHDXWRPDWvQWLP
SXODOLPHQWULLODRSRPSGHDOLPHQWDUH
UH]HUYRUXOGH$G%OXHHVWHXPSOXWFRPSOHW
1XPDLXPSOHLUH]HUYRUXO$G%OXH$G%OXH
VHSRDWHVFXUJH

3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQG
$G%OXHFRQVXOWDL3DJLQD

'HVFKLGHUHDFDSDFXOXLGHXPSOHUHFX
$G%OXH

&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWHVWH
GHEORFDWVDXEORFDWDXWRPDWFkQGGHVFKL
GHLVDXvQFKLGHLDXWRYHKLFXOXOFXFKHLDVDX
FX.(</(66*2
 'HFXSODLFRQWDFWXO
 $SVDLFODSHWDJXULLGHXPSOHUHFXFDUEX
UDQWvQGLUHFLDLQGLFDWGHVJHDWDC
&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWVH
URWHWHvQVXV
 5RWLLFDSDFXOGHXPSOHUHFX$G%OXHDvQ
VHQVDQWLRUDULVFRDWHLO
&DSDFXOGHDOLPHQWDUHFX$G%OXHDHVWH
DVLJXUDWFXREDQGGLQPDWHULDOSODVWLF

%LGRDQHGHDOLPHQWDUHFX$G%OXH
 1XVWUkQJHLIXUWXQXOGHDOLPHQWDUHFX
SUHDPXOWIRUQFD]FRQWUDUIXUWXQXOGH
DOLPHQWDUHSRDWHILGHWHULRUDW

&RQGXFHUHDLSDUFDUHD

 8WLOL]DL$G%OXHQXPDLFRQIRUP,62
1XDPHVWHFDL$G%OXHFXDGLWLYLL
QXGLOXDL$G%OXHFXDS$OWIHOSXWHLGLV
WUXJHVLVWHPXOGHWUDWDUHXOWHULRDUDJD]H
ORUGHHDSDPHQW%OXH7HF



$OLPHQWDUHFXFDUEXUDQW



5RWLLIXUWXQXOCODJkWXOGHXPSOHUHDO
DXWRYHKLFXOXOXLvQVHQVDQWLRUDULVFRDWHL
O
 5RWLLIXUWXQXOCODJXUDELGRQXOXLGHDOL
PHQWDUHFX$G%OXHDvQVHQVDQWLRUDUL
VFRDWHLO
 (WDQDLGLQQRXELGRQXOGHDOLPHQWDUHFX
$G%OXHDFXFDSDFXO

&RQGXFHUHDLSDUFDUHD

'HVILOHWDLFDSDFXOGHODJXUDGHGHVFKLGHUH
SkQvQSDUWHDVXSHULRDUDELGRQXOXLGH
DOLPHQWDUHFX$G%OXHD
 3R]LLRQDLIXUWXQXODGHFYDWCODJXUDGH
DOLPHQWDUHDELGRQXOXLGHDOLPHQWDUHFX
$G%OXHDLVWUkQJHLPDQXDOvQVHQV
RUDU
G )XUWXQXOCUPkQHvQFKLVSkQIL[DLIXU
WXQXODGHFYDWCODJkWXOGHXPSOHUHFX
$G%OXHDODXWRYHKLFXOXOXL


3R]LLRQDLIXUWXQXOCODJkWXOGHXPSOHUH
DODXWRYHKLFXOXOXLLvQILOHWDLPDQXDOvQ
VHQVDQWLRUDU&kQGVLPLLUH]LVWHQIXU
WXQXOCHVWHDVLJXUDWVXILFLHQW
 5LGLFDLLUVWXUQDLELGRQXOGHDOLPHQWDUH
FX$G%OXHD


G $OLPHQWDUHDHVWHvQWUHUXSWFkQGUH]HU
YRUXOGH$G%OXHVDXPSOXWFRPSOHW1X
PDLXPSOHLUH]HUYRUXO$G%OXH%LGRQXOGH
DOLPHQWDUHFX$G%OXHDSRDWHIL
vQGHSUWDWQXPDLDWXQFLFkQGDIRVWSDULDO
JROLW

3XWHLDFKL]LLRQDELGRDQHGHDOLPHQWDUHFX
$G%OXHGHODPDLPXOWHEHQ]LQULLVDXGHOD
XQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]Q
JHQHUDOELGRDQHOHGHDOLPHQWDUHFX
$G%OXHVXQWFRPHUFLDOL]DWHvPSUHXQFXXQ
IXUWXQGHXPSOHUH8QIXUWXQGHXPSOHUHFDUH
QXVHSRWULYHWHH[DFWFXUH]HUYRUXOGH
$G%OXHDODXWRYHKLFXOXOXLQXRIHUSURWHFLH
vPSRWULYDVXSUDDOLPHQWULL$G%OXHVHSRDWH
VFXUJHvQXUPDVXSUDDOLPHQWULL0HUFHGHV
%HQ]RIHUXQIXUWXQVSHFLDOGHDOLPHQWDUHFX
SURWHFLHvPSRWULYDVXSUDDOLPHQWULLOSXWHL
DFKL]LLRQDGHODRULFH&HQWUXGH6HUYLFH0HU
FHGHV%HQ]$G%OXHHVWHGLVSRQLELOSHQWUX
GLIHULWHWLSXULGHELGRDQHLUHFLSLHQWH6H
UHFRPDQGXWLOL]DUHDIXUWXQXOXLGHDOLPHQWDUH
H[FOXVLYFXELGRDQHGHDOLPHQWDUHFX
$G%OXHGHOD0HUFHGHV%HQ]

6WLFOGHDOLPHQWDUHFX$G%OXH
 QILOHWDLPDQXDOVWLFODGHDOLPHQWDUHFX
$G%OXHQFD]FRQWUDUSRDWHVXIHULGHWH
ULRUUL

QFKLGHUHDFDSDFXOXLGHXPSOHUHFX
$G%OXHLDFODSHWHLJXULLGHXPSOHUH
FXFDUEXUDQW

'HVILOHWDLFDSDFXOGHSURWHFLHDOVWLFOHLGH
DOLPHQWDUHFX$G%OXHC
 3R]LLRQDLVWLFODGHDOLPHQWDUHFX
$G%OXHCSHJkWXOGHXPSOHUHDDFXP
HVWHLQGLFDWLVWUkQJHLPDQXDO
 $SVDLVWLFODGHDOLPHQWDUHFX
$G%OXHCvQVSUHJkWXOGHXPSOHUH
5H]HUYRUXOGH$G%OXHHVWHXPSOXW
$FHDVWDFLXQHSRDWHGXUDSkQODXQ
PLQXW
G 'DFVWLFODGHDOLPHQWDUHFX$G%OXHC
QXPDLHVWHDSVDWXPSOHUHDHVWHvQWUH
UXSWLDUVWLFODSRDWHILVFRDVFKLDUGDF
DIRVWJROLWGRDUSDULDO


(OLEHUDLVWLFODGHDOLPHQWDUHFX
$G%OXHC

5RWLLVWLFODGHDOLPHQWDUHFX$G%OXHCvQ
VHQVDQWLRUDULVFRDWHLR
 QILOHWDLGLQQRXFDSDFXOGHSURWHFLHDOVWL
FOHLGHDOLPHQWDUHFX$G%OXHC


3XWHLDFKL]LLRQDVWLFOHGHDOLPHQWDUHFX
$G%OXHGHODPDLPXOWHEHQ]LQULLVDXGHOD
XQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]6WLFOHOH
GHDOLPHQWDUHIUJDUQLWXUILOHWDWQXRIHU
SURWHFLHvPSRWULYDVXSUDDOLPHQWULL
$G%OXHVHSRDWHVFXUJHvQXUPDVXSUDDOL
PHQWULL0HUFHGHV%HQ]YSXQHODGLVSR]LLH
VWLFOHVSHFLDOHGHDOLPHQWDUHFXJDUQLWXUILOH
WDW$FHVWHDVXQWGLVSRQLELOHODRULFH&HQWUX
GHVHUYLFH0HUFHGHV%HQ]

)L[DLFDSDFXOGHXPSOHUHFX$G%OXHD
SHJkWXOGHXPSOHUHLURWLLvQVHQVRUDU
 3HQWUXDvQFKLGHFODSHWDJXULLGHXPSOHUH
FXFDUEXUDQWDSVDLRvQGLUHFLDLQGLFDW
GHVJHDWDC
 &RQGXFHLFXRYLWH]PDLPDUHGH
NPK
0HVDMXO5HILOO$G%OXH6HH2ZQHU
V
0DQXDO&RPSOHWDLFX$G%OXH&RQ
VXOWDL0DQXDOXOGHXWLOL]DUHGLV
SDUHGXSDSUR[LPDWLYXQPLQXW
G 'DFPHVDMXO5HILOO$G%OXH6HH
2ZQHU
V0DQXDO&RPSOHWDLFX
$G%OXH&RQVXOWDL0DQXDOXOGHXWL
OL]DUHUPkQHSHDILDMXOPXOWLIXQFLR
QDOWUHEXLHVPDLFRPSOHWDLFX$G%OXH


3DUFDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
QXPDLFkQGDXWRYHKLFXOXOVWDLRQHD]GHRD
UHFHQXSXWHLPDQHYUDDXWRYHKLFXOXOFkQG
FKHLDHVWHVFRDV
1XOVDLQLFLRGDWFRSLLLQHVXSUDYHJKHDLvQ
DXWRYHKLFXO$FHWLDDUSXWHDHOLEHUDIUkQDGH
SDUFDUHHOHFWULF$FHDVWDSRDWHSURYRFDXQ
DFFLGHQWJUDYVDXIDWDO



&RQGXFHUHDLSDUFDUHD

3DUFDUH

3DUFDUH



&RQGXFHUHDLSDUFDUHD

 $9(57,60(17
6LVWHPXOGHHYDFXDUHQXWUHEXLHVXEQLFLR
IRUPVLQWUHvQFRQWDFWFXPDWHULDOHLQIOD
PDELOHSUHFXPLDUEDXVFDWVDXEHQ]LQDGH
H[HPSOX1XSDUFDLDXWRYHKLFXOXOSHLDUE
XVFDWVDXPLULWL6LVWHPXOGHHYDFXDUH
vQFLQVDUSXWHDvQFD]FRQWUDUDSULQGHPDWH
ULDOXOLQIODPDELOLDUDXWRYHKLFXOXODUSXWHDOXD
IRF

3HQWUXDYDVLJXUDFDXWRYHKLFXOXOHVWHDVL
JXUDWFRQWUDSXQHULLVDOHvQPLFDUHQHLQWHQ
LRQDWH
=IUkQDHOHFWULFGHSDUFDUHWUHEXLHVILH

DFLRQDW
=WUDQVPLVLDWUHEXLHVVHDIOHvQSR]LLD3L
FKHLDWUHEXLHVILHVFRDVGLQFRPXWDWRUXO
GHFRQWDFW
=vQSDQWHDVFHQGHQWHVDXGHVFHQGHQWH
URLOHGLQIDWUHEXLHEUDFDWHFWUHERU
GXU

2SULUHDPRWRUXOXL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
1XRSULLQLFLRGDWPRWRUXOFkWWLPSYHKLFXOXO
HVWHvQPLFDUH
1XH[LVWHIHFWGHIUkQDUHSHQWUXIUkQDGH
VHUYLFLXGDFPRWRUXOQXIXQFLRQHD]'DF
FRQWDFWXOHVWHGHFXSODWGLUHFLDQXHVWHDVLV
WDWHOHFWULF
0DQHYUDUHDLIUkQDUHDYRUQHFHVLWDXQHIRUW
FRQVLGHUDELOPDLPDUHSULQXUPDUHSXWHL
SLHUGHFRQWUROXODVXSUDDXWRYHKLFXOXOXLL
SXWHLSURYRFDXQDFFLGHQW

$FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &XSODLWUDQVPLVLDvQSR]LLD3


8WLOL]DUHDFKHLL


5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFWLVFRDWHLR
,PRELOL]DWRUXOHVWHDFWLYDW

G 'DFRSULLPRWRUXOFXWUDQVPLVLDvQSR]L
LD5VDX'WUDQVPLVLDDXWRPDWUHYLQHSH
1DXWRPDW
'DFGHVFKLGHLDSRLXQDGLQWUHSRUWLHUHOH
GLQIDVDXVFRDWHLFKHLDGLQFRQWDFW
WUDQVPLVLDDXWRPDWVHFXSOHD]vQSR]LLD
3
'DFFXSODLWUDQVPLVLDDXWRPDWvQSR]LLD
1vQDLQWHGHRSULUHDPRWRUXOXLWUDQVPLVLD
DXWRPDWUPkQHvQSR]LLD1FKLDUGDF
HVWHGHVFKLVRSRUWLHU
8WLOL]DUHD.(</(66*2


$SVDLEXWRQXO6WDUW6WRS
3DJLQD
0RWRUXOVHRSUHWHLWRDWHOPSLOHLQGLFD
WRDUHGLQSDQRXOGHLQVWUXPHQWHVHVWLQJ

G 'DFXWLOL]DLEXWRQXO6WDUW6WRSSHQWUXD
RSULPRWRUXOWUDQVPLVLDDXWRPDWVH
FXSOHD]vQSR]LLD1DXWRPDW'DFGHV
FKLGHLDSRLXQDGLQWUHSRUWLHUHOHGLQID
WUDQVPLVLDDXWRPDWVHFXSOHD]vQSR]LLD
3
G 0RWRUXOSRDWHILRSULWFkQGDXWRYHKLFXOXO
HVWHvQPLFDUHGDFDSVDLLPHQLQHL
DSVDWEXWRQXO6WDUW6WRSWLPSGHWUHL
VHFXQGH$FHDVWIXQFLHRSHUHD]LQGH
SHQGHQWGHIXQFLDGHRSULUHDXWRPDWD
PRWRUXOXL(&2VWDUWVWRS
)UkQHOHFWULFGHSDUFDUH
1RWHJHQHUDOH
G )UkQDHOHFWULFGHSDUFDUHHIHFWXHD]R
YHULILFDUHDIXQFLRQULLODLQWHUYDOHUHJXODWH
FkQGPRWRUXOHVWHRSULW=JRPRWHOHHPLVH
VXQWQRUPDOH

G )UkQDHOHFWULFGHSDUFDUHQXHVWHDFLR
QDWDXWRPDWGDFPRWRUXOHVWHRSULWGH
IXQFLDVWDUWVWRS(&2
(OLEHUDUHDDXWRPDW
)UkQDHOHFWULFGHSDUFDUHDDXWRYHKLFXOXOXL
GXPQHDYRDVWUHVWHHOLEHUDWDXWRPDWFkQG
WRDWHFRQGLLLOHXUPWRDUHVXQWUHXQLWH
=PRWRUXOHVWHSRUQLW
=WUDQVPLVLDHVWHvQSR]LLD'VDX5

$FLRQDUHDHOLEHUDUHDPDQXDO
3HQWUXDDFLRQDvPSLQJHLPkQHUXOC
/DPSDLQGLFDWRDUHURLH$GLQSDQRXO
GHLQVWUXPHQWHVHDSULQGH
G )UkQDHOHFWULFGHSDUFDUHSRDWHILDFLR
QDWLFkQGFKHLDHVWHVFRDV
 3HQWUXDHOLEHUDWUDJHLPDQHWDC
/DPSDLQGLFDWRDUHURLH$GLQSDQRXO
GHLQVWUXPHQWHVHVWLQJH
G )UkQDHOHFWULFGHSDUFDUHSRDWHILHOLEH
UDWQXPDLFkQGFKHLDGLQFRPXWDWRUXOGH
FRQWDFWHVWHvQSR]LLDVDXFkQGFRQWDFWXO
HVWHSXVFXDMXWRUXOEXWRQXOXL6WDUW6WRS
3HQWUXDYDVLJXUDFQXDOXQHFDLvQDSRL
DWXQFLFkQGSRUQLLGHSHORFvQSDQWDVFHQ
GHQWFXSODLIUkQDHOHFWULFGHSDUFDUH
3DJLQD


$FLRQDUHDDXWRPDW
)UkQDHOHFWULFGHSDUFDUHDDXWRYHKLFXOXOXL
GXPQHDYRDVWUHVWHDFLRQDWDXWRPDWGDF
',67521,&3/86VDXIXQFLD+2/'VWDLR
QHD]DXWRYHKLFXOXOVDXHVWHFXSODWSHQWUX
DPHQLQHDXWRYHKLFXOXOSHORFQSOXVWUH
EXLHVVHvQGHSOLQHDVFFHOSXLQXQDGLQWUH
XUPWRDUHOHFRQGLLL
=PRWRUXOHVWHRSULW
=SRUWLHUDRIHUXOXLHVWHGHVFKLVLFHQWXUD

GHVLJXUDQQXHVWHFXSODW
=DXWRYHKLFXOXOVWDLRQHD]SHRSHULRDG
PDLvQGHOXQJDW
/DPSDLQGLFDWRDUHURLH$GLQSDQRXOGH
LQVWUXPHQWHVHDSULQGH

=FHQWXUDGHVLJXUDQHVWHSULQV
=DSVDLSHGDODGHDFFHOHUDLH
'DFWUDQVPLVLDVHDIOvQSR]LLD5FDSRWD
SRUWEDJDMXOXLWUHEXLHVILHvQFKLV
'DFQXDYHLFHQWXUDGHVLJXUDQFXSODW
WUHEXLHVILHvQGHSOLQLWHXUPWRDUHOHFRQGLLL
SHQWUXDHOLEHUDDXWRPDWIUkQDHOHFWULFGH
SDUFDUH
=SRUWLHUDRIHUXOXLHVWHvQFKLV
=DLVFRVGLQSR]LLDWUDQVPLVLHL3VDXDL

FRQGXVPDLGHYUHPHFXRYLWH]PDLPDUH
GHNPK

)UkQDUHGHXUJHQ
$XWRYHKLFXOXOSRDWHILGHDVHPHQHDIUkQDWvQ
FD]GHXUJHQFXDMXWRUXOIUkQHLHOHFWULFHGH
SDUFDUH
 QWLPSXOFRQGXFHULLvPSLQJHLPDQHWDC
DIUkQHLHOHFWULFHGHSDUFDUH
3DJLQD

G $XWRYHKLFXOXOHVWHIUkQDWFkWWLPSLQHL
PDQHWDIUkQHLHOHFWULFHGHSDUFDUH
DSVDW&XFkWPDQHWDIUkQHLHOHFWULFHGH
SDUFDUHHVWHDSVDWPDLPXOWFXDWkW
FUHWHLIRUDGHIUkQDUH
QWLPSXOIUkQULL
=VHHPLWHXQVXQHWGHDYHUWL]DUH
=DSDUHPHVDMXO5HOHDVHSDUNEUDNH

(OLEHUDLIUQDGHSDUFDUH
=ODPSDLQGLFDWRDUHURLH$GLQSDQRXOGH

LQVWUXPHQWHFOLSHWH



&RQGXFHUHDLSDUFDUHD

3DUFDUH

&RQGXFHUHDLSDUFDUHD



6IDWXULSULYLQGFRQGXFHUHD
&kQGDXWRYHKLFXOXODIRVWIUkQDWSkQOD
RSULUHIUkQDHOHFWULFGHSDUFDUHHVWH
FXSODW

PRWRUXOXL3ULQXUPDUHGDFFRQGXFHLvQ
PRGIUHFYHQWSHGLVWDQHVFXUWHWUHEXLHV
FRQGXFHLWLPSGHGHPLQXWHSHDXWRV
WUDGVDXSHGUXPXULUXUDOHFHOSXLQODILH
FDUHNP

3DUFDUHDDXWRYHKLFXOXOXL
'DFOVDLDXWRYHKLFXOXOSDUFDWWLPSGH
SHVWHSDWUXVSWPkQLEDWHULDSRDWHILGHWH
ULRUDWSULQGHVFUFDUHDVD
 'HFRQHFWDLEDWHULD3DJLQDVDX
FRQHFWDLRODXQvQFUFWRULQWHUPLWHQW
G 3XWHLRELQHPDLPXOWHLQIRUPDLLGHVSUH
vQFUFWRDUHOHLQWHUPLWHQWHGHODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW
'DFOVDLDXWRYHKLFXOXOSDUFDWWLPSGH
SHVWHDVHVSWPkQLDXWRYHKLFXOXOSRDWH
VXIHULGHWHULRUULvQXUPDQHIRORVLULL
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DWLVROLFLWDLvQGUXPUL

6IDWXULSULYLQGFRQGXFHUHD
6IDWXULJHQHUDOHSULYLQGFRQGXFHUHD
5XODUHDFXPRWRUXORSULW
 $9(57,60(17
1XRSULLQLFLRGDWPRWRUXOFkWWLPSYHKLFXOXO
HVWHvQPLFDUH
)UkQDGHVHUYLFLXQXHVWHDVLVWDWHOHFWULF
DWXQFLFkQGPRWRUXOQXIXQFLRQHD]
)UkQDUHDYDQHFHVLWDXQHIRUWFRQVLGHUDELOPDL
PDUHSULQXUPDUHSXWHLSLHUGHFRQWUROXODVX
SUDDXWRYHKLFXOXOXLLSXWHLSURYRFDXQDFFL
GHQW

'UXPVFXUW
 $XWRYHKLFXOHFXILOWUXGHSDUWLFXOHGLH
VHOGDFDXWRYHKLFXOXOHVWHXWLOL]DWPDL
DOHVSHQWUXGLVWDQHVFXUWHHVWHSRVLELOV
DSDUGHIHFLXQLvQWLPSXOFXUULLDXWR
PDWHDILOWUXOXLGHSDUWLFXOHGLHVHO$FHDVWD
SRDWHFRQGXFHODFROHFWDUHDFDUEXUDQWXOXL
vQXOHLXOGHPRWRULSRDWHFDX]DGHIHFWDUHD

)UkQH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 3HULFROGHDFFLGHQW
1XFRPXWDLvQWURWUHDSWGHYLWH]LQIHULRDU
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
IHHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
GHUHDDGHUHQHLURLORUPRWULFHLDXWRYHKLFX
OXOSRDWHGHUDSD
 $9(57,60(17
$VLJXUDLYFDOLSDUWLFLSDQLODWUDILFQX
VXQWSXLvQSHULFROvQXUPDIUkQULL
3DQWHGHVFHQGHQWH
QSDQWHOHGHVFHQGHQWHOXQJLLDEUXSWHPDL
DOHVGDFDXWRYHKLFXOXOHVWHvQFUFDWVDX
GDFWUDFWDLRUHPRUFWUHEXLHVVHOHFWDL
WUHDSWDGHYLWH]HVDXvQWLPSXWLO

G $FHDVWDILUPDLHHVWHYDODELOLGDFDL
DFWLYDWFRQWUROXOFURD]LHUHL63(('7521,&
VDX',67521,&3/86
$VWIHOYHLXWLOL]DHIHFWXOGHIUkQDUHDOPRWR
UXOXLILLQGQHFHVDURIUkQDUHPDLUHGXVSHQ
WUXDPHQLQHYLWH]D$VWIHOVHYDHOLPLQDVDU
FLQDODFDUHHVWHVXSXVVLVWHPXOGHIUkQDUHL
VHSUHYLQHVXSUDvQFO]LUHDLX]XUDSUHPDWXU
DIUkQHORU
6DUFLQLJUHOHLXRDUH
 3HULFROGHDFFLGHQW
1XDSVDLQLFLRGDWFRQWLQXXSHGDODGHIUkQ
vQWLPSXOGHSODVULLDXWRYHKLFXOXOXLGHH[HP
SOXQXX]DLIUkQHOHSULQDSOLFDUHDFRQVWDQW
LXRDUGHSUHVLXQHDVXSUDSHGDOHL$FHVW
IDSWSURYRDFVXSUDvQFO]LUHDVLVWHPXOXLGH

IUkQDUHPUHWHGLVWDQDGHIUkQDUHLSRDWH
FRQGXFHODGHWHULRUDUHDFRPSOHWDIUkQHORU

'DFIUkQHOHDXIRVWVXSXVHXQHLVDUFLQLULGL
FDWHQXRSULLDXWRYHKLFXOXOLPHGLDWFLFRQ
WLQXDLVFRQGXFHLvQFSXLQWLPS$VWIHO
FXUHQWXOGHDHUYDSXWHDUFLIUkQHOHPDL
UDSLG
'DFIUkQHOHDXIRVWXWLOL]DWHPRGHUDWWHVWDL
OHGLQFkQGvQFkQGHILFLHQDQDFHVWVFRS
IUkQDLPDLIHUPGHODYLWH]PDLPDUH$VWIHO
vPEXQWLLDGHUHQDIUkQHORU

6XSUDIHHFDURVDELOHXPHGH
QFD]XOFRQGXFHULLSHSORDLHDEXQGHQWIU
VIUkQDLHVWHSRVLELOFDIUkQHOHVUHDFLR
QH]HvQWkU]LDWFkQGIUkQDLSHQWUXSULPDGDW
$FHDVWvQWkU]LHUHSRDWHDSUHDLGDFDXWR
YHKLFXOXODIRVWVSODW
7UHEXLHVDSVDLSHGDODGHIUkQPDLIHUP
0HQLQHLRGLVWDQPDLPDUHIDGHDXWR
YHKLFXOXOGLQID
'XSFRQGXFHUHDSHFDURVDELOXPHGVDX
GXSFHDLVSODWDXWRYHKLFXOXOIUkQDLIHUP
DFRUGkQGDWHQLHFRQGLLLORUGLQWUDILF$VWIHO
VHYRUvQFO]LGLVFXULOHGHIUkQDFHVWHD
XVFkQGXVHvQFRQVHFLQPDLUDSLGLILLQG
SURWHMDWHFRQWUDFRUR]LXQLL

3HUIRUPDQOLPLWDWODIUkQDUHSHGUX
PXULFXVDUHDQWLGHUDSDQW
 $9(57,60(17
6WUDWXOGHVDUHGHSHGLVFXULOHGHIUkQL
SOFXHOHGHIUkQJDUQLWXULGHIUkQSRDWH
GXFHODvQWkU]LHUHDHIHFWXOXLGHIUkQDUH
FUHkQGRGLVWDQGHIUkQDUHVHPQLILFDWLY
FUHVFXWSXWkQGXVHSURYRFDDVWIHOXQDFFL
GHQW
3HQWUXDHYLWDDFHVWSHULFROWUHEXLHV
=IUkQDLFXDWHQLHGLQFkQGvQFkQGIUDvL
SXQHvQSHULFROSHDOLSDUWLFLSDQLODWUDILF
FkQGFRQGXFHLSHGUXPXULFXVDUHUXWLHU
$VWIHOYHLSXWHDHOLPLQDVDUHDFDUHDvQFH

SXWVVHDFXPXOH]HSHGLVFXULOHGHIUkQ
LSHSOFXHOHGHIUkQJDUQLWXULGHIUkQ
=SVWUDLRGLVWDQPDLPDUHIDGHDXWR
YHKLFXOXOGLQIDLVFRQGXFHLFXGHRVH
ELWSUXGHQ
=DFLRQDLFXDWHQLHIUkQHOHODFDSWXOXQHL
FOWRULLLLPHGLDWGXSFHDLvQFHSXWXQD
QRXDVWIHOvQFkWUH]LGXXULOHGHVDUHVILH
HOLPLQDWHGHSHGLVFXULOHGHIUkQ

3OFXHGHIUkQJDUQLWXULGHIUkQQRL
 $9(57,60(17
3OFXHOHGHIUkQJDUQLWXULOHGHIUkQQRL
RELQHIHFWXOORUGHIUkQDUHPD[LPQXPDLGXS
FHDLFRQGXVFkWHYDVXWHGHNLORPHWULQDLQWH
GHDRELQHDFHVWHIHFWGHIUkQDUHRSWLPWUH
EXLHVFRPSHQVDLUHGXFHUHDHIHFWXOXLGH
IUkQDUHDSVkQGPDLWDUHvQWLPSXOIUkQULL
$FHDVWLQGLFDLHHVWHYDODELOGXSFHGLVFX
ULOHGHIUkQVDXSOFXHOHGHIUkQJDUQLWXULOH
GHIUkQDXIRVWvQORFXLWH
'LQPRWLYHGHVLJXUDQ0HUFHGHV%HQ]Y
UHFRPDQGVPRQWDLSOFXHGHIUkQJDU
QLWXULGHIUkQODDXWRYHKLFXOXOGXPQHD
YRDVWUGRDUGDFDXIRVWDSUREDWHSHQWUX
DXWRYHKLFXOHOH0HUFHGHV%HQ]VDXFDUH
FRUHVSXQGXQXLVWDQGDUGGHFDOLWDWHHFKLYD
OHQW3OFXHOHGHIUkQJDUQLWXULOHGHIUkQ
QHDSUREDWHSHQWUXDXWRYHKLFXOHOH0HUFHGHV
%HQ]VDXFDUHQXVXQWGHFDOLWDWHHFKLYDOHQW
DUSXWHDDIHFWDVLJXUDQDvQIXQFLRQDUHD
DXWRYHKLFXOXOXLGXPQHDYRDVWU

6LVWHPGHIUkQDUHGHvQDOWSHUIRUPDQ
SHQWUXDXWRYHKLFXOH$0*
6LVWHPXOGHIUkQDUHGHvQDOWSHUIRUPDQ
HVWHFRQFHSXWSHQWUXVDUFLQLJUHOH$FHVWD
SRDWHJHQHUD]JRPRWHvQWLPSXOIUkQULL
$FHVWHDYRUGHSLQGHGH
=YLWH]
=IRUDGHIUkQDUH
=FRQGLLLOHGHPHGLXSUHFXPWHPSHUDWXUDL

XPLGLWDWHD




&RQGXFHUHDLSDUFDUHD

6IDWXULSULYLQGFRQGXFHUHD

&RQGXFHUHDLSDUFDUHD



6IDWXULSULYLQGFRQGXFHUHD
8]XUDFRPSRQHQWHORULQGLYLGXDOHDOHVLVWH
PXOXLGHIUkQDUHFXPDUILSOFXHOHGHIUkQ
JDUQLWXULOHGHIUkQVDXGLVFXULOHGHIUkQ
GHSLQGHGHVWLOXOGHFRQGXFHUHLGHFRQGLLLOH
GHXWLOL]DUH
'LQDFHVWPRWLYHVWHLPSRVLELOVVHLQGLFH
XQNLORPHWUDMFDUHVILHYDODELOvQWRDWHVLWXD
LLOH8QVWLOGHFRQGXFHUHDJUHVLYYDGXFHOD
RX]XUULGLFDW3XWHLRELQHLQIRUPDLLVXSOL
PHQWDUHSHDFHVWVXELHFWGHOD&HQWUXOGH
6HUYLFH0HUFHGHV%HQ]

7UDFLXQHSQHXUL
 $9(57,60(17
'HLDXWRYHKLFXOXOSRDWHILFRQWURODWvQvQWUH
JLPHODDQXPLWHYLWH]HSHGUXPXULXVFDWHWUH
EXLHVYUHGXFHLYLWH]DSHGUXPXULXPHGH
VDXFXSROHLSHQWUXDRELQHDFHODLQLYHOGH
VLJXUDQUXWLHUQFD]FRQWUDUSXWHLSUR
YRFDXQDFFLGHQW
$FRUGDLRDWHQLHGHRVHELWVWULLGUXPXOXLOD
WHPSHUDWXULVLWXDWHvQMXUXOSXQFWXOXLGH
vQJKH
'DFVDIRUPDWSROHLSHVXSUDIDDGUXPXOXL
GHH[GLQFDX]DFHLLSHSROHLVHIRUPHD]
RSHOLFXOVXELUHGHDSFkQGIUkQDLUHGX
FkQGFRQVLGHUDELOWUDFLXQHDSQHXULORU&RQ
GXFHLFXGHRVHELWSUXGHQvQDVWIHOGH
VLWXDLLPHWHR

&RQGXFHUHDSHGUXPXULXPHGH
$FYDSODQDUH
'DFVDDFXPXODWDSSkQODRDQXPLW
DGkQFLPHSHVXSUDIDDGUXPXOXLH[LVWSHUL
FROXOGHDFYDSODQDUHFKLDUGDF
=FRQGXFHLFXYLWH]HUHGXVH
=SQHXULOHDXRDGkQFLPHDGHFYDWDVXSUD

IHHLGHUXODUH
'LQDFHVWPRWLYQXFRQGXFHLvQDQXULGH
SQHXLIUkQDLFXDWHQLH

&RQGXFHUHDSHGUXPXULLQXQGDWH
'DFWUHEXLHVFRQGXFHLSHSRULXQLGH
GUXPSHFDUHVDDGXQDWDSUHLQHLF
=DGkQFLPHDPD[LPDGPLVDDSHL

VWWWRDUHGHSLQGHGHHFKLSDUHDDXWRYHKL
FXOXOXL
=QXFRQGXFHLODRYLWH]PDLPDUHGHFkWFHD
GHPHUVSHMRV

 5HLQHLFDXWRYHKLFXOHOHFDUHUXOHD]vQ
IDVDXvQGLUHFLDRSXVFUHHD]YDOXUL
$FHDVWDSRDWHGXFHODGHSLUHDDGkQFLPLL
PD[LPHSHUPLVHDDSHL
$FHVWHQRWHWUHEXLHVILHUHVSHFWDWHvQ
WRDWHVLWXDLLOHQFD]FRQWUDUSXWHLGHWH
ULRUDPRWRUXOVLVWHPHOHHOHFWURQLFHVDX
WUDQVPLVLD
7UHFHUHDYDGXULORURIIURDG

7DEHOXOSUH]LQWDGkQFLPHDGHWUHFHUHD
YDGXULORUCFkQGDXWRYHKLFXOXOHVWHvQFUFDW
LJDWDGHFRQGXFHUH
QFUFDWLJDWDGHFRQGXFHUHvQVHDPQ
UH]HUYRUSOLQFRPSOHWDWFXWRDWHOLFKLGHOHL
RIHUXOVHDIOvQDXWRYHKLFXO
/DDXWRYHKLFXOHOHFXSDFKHW$,50$7,&VDXFX
SDFKHW21 2))52$'VDUFLQLOHSkQODJUD
GXOGHvQFUFDUHPD[LPDGPLVQXLQIOXHQHD]
FDSDFLWDWHDGHWUHFHUHDYDGXULORU

6IDWXULSULYLQGFRQGXFHUHD

$XWRYHKLFXOHFXDUFXULGLQ
RHO

FP

$XWRYHKLFXOHOHFXSDFKHW
$,50$7,&LDXWRYHKLFXOHOH
$0*
1LYHOULGLFDW

FP

$XWRYHKLFXOHFXSDFKHW
21 2))52$'
1LYHOXORIIURDG

FP

1LYHOXORIIURDG

FP

1LYHOXORIIURDG

FP

 $GkQFLPHDDSHLQXWUHEXLHV
GHSHDVFYDORDUHDVSHFLILFDWvQWDEHO
5HLQHLFDGkQFLPHDGHWUHFHUHDYDGXUL
ORUVFDGHvQDSHOHFXUJWRDUH
=6WDELOLLFkWGHDGkQFHVWHDSDSUHFXPL
FDUDFWHULVWLFLOHDSHLvQDLQWHGHDWUHFH
YDGXO
=6HOHFWDLFHOPDLULGLFDWQLYHOSRVLELODODXWR
YHKLFXOXOXL
=/LPLWDLWUHDSWDGHYLWH]HODVDX
=(YLWDLWXUDLLOHULGLFDWHDOHPRWRUXOXL
=,QWUDLLLHLLGLQDSvQWUXQORFSODQLvQ
ULWPFRQVWDQWGHPHUVSHMRV
 1XDFFHOHUDLVXEQLFLRIRUPvQDLQWHGHD
LQWUDvQDS9DOXOIRUPDWvQIDDUSXWHD
IDFHFDDSDVSWUXQGLVGHWHULRUH]H
PRWRUXOLDQVDPEOXULOHGLQMXU
=&RQGXFHLSULQDSOHQWODYLWH]FRQ
VWDQW
=1XYRSULL
 1XGHVFKLGHLSRUWLHUHOHDXWRYHKLFXOXOXL
vQWLPSXOWUHFHULLYDGXULORUQFD]FRQWUDU
DSDDUSXWHDSWUXQGHvQLQWHULRUXODXWRYH
KLFXOXOXLGHWHULRUkQGVLVWHPHOHHOHFWUR

QLFHDOHDXWRYHKLFXOXOXLLHFKLSDPHQWXO
LQWHULRU
=$SDRSXQHPXOWUH]LVWHQLDUIXQGXODSHL

HVWHDOXQHFRVLvQDQXPLWHFD]XULLQVWDELO
3ULQXUPDUHHVWHGLILFLOLSHULFXORVVSRU
QLLGHSHORFvQDS
=$VLJXUDLYFQXVHIRUPHD]XQYDOvQID
SHPVXUFHFRQGXFHL
=&XUDLQRURLXOGHSHVXSUDIDDGHUXODUHD
SQHXULORUGXSWUHFHUHDYDGXULORU
=$FLRQDLIUkQHOHSHQWUXDOHXVFDGXSWUH
FHUHDYDGXULORU

&RQGXFHUHSHWLPSGHLDUQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
'DFDXWRYHKLFXOXOUPkQHLPRELOL]DWvQ
]SDGDVLJXUDLYF]SDGDHVWHLQXWOD
GLVWDQGHHDYDGHHDSDPHQWLGLQMXUXO
DXWRYHKLFXOXOXLDWkWDWLPSFkWPRWRUXOIXQF
LRQHD]QFD]FRQWUDUPRQR[LGXOGHFDUERQ
WR[LF&2SRDWHSWUXQGHvQDXWRYHKLFXOSUR
YRFkQGSLHUGHUHDFXQRWLQHLLFKLDUPRDU
WHD
3HQWUXDDVLJXUDRYHQWLODUHVXILFLHQWFXDHU
SURDVSWGHVFKLGHLXRUXQJHDPGHSHSDU
WHDDXWRYHKLFXOXOXLQHRULHQWDWFWUHYkQW
/DvQFHSXWXOLHUQLLVROLFLWDLSUHJWLUHDDXWR
YHKLFXOXOXLSHQWUXLDUQODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
$XWRYHKLFXOHFXSDFKHWXO21 2))52$'
FkQGFRQGXFHLSH]SDGVDXFXODQXULGH
]SDGVHOHFWDLSURJUDPXOSHQWUX]SDG
3DJLQDFXDMXWRUXOVHOHFWRUXOXLSUR
JUDPXOXLRIIURDGGLQFRQVRODFHQWUDO
5HVSHFWDLQRWHOHGLQVHFLXQHD)XQFLRQD
UHDSHWLPSGHLDUQ3DJLQD

&RQGXFHUHFXSQHXULGHYDU
5HVSHFWDLQRWHOHGLQVHFLXQHD)XQFLRQD
UHDSHWLPSGHLDUQ3DJLQD

&RQGXFHUHDLSDUFDUHD

$GkQ
FLPHGH
WUHFHUHD
YDGXULORU



6IDWXULSULYLQGFRQGXFHUHD



&RQGXFHUHDLSDUFDUHD

6XSUDIHHFDURVDELOHDOXQHFRDVH
 $9(57,60(17
1XUHWURJUDGDLSHQWUXXQHIHFWGHIUkQGH
PRWRUVXSOLPHQWDUSHVXSUDIHHGHGUXPDOX
QHFRDVH$VWIHOURLOHPRWULFHLDUSXWHD
SLHUGHDGHUHQDLDUDXWRYHKLFXOXODUSXWHD
GHUDSD
&RQGXFHLFXGHRVHELWDWHQLHSHVXSUDIHH
GHGUXPDOXQHFRDVH(YLWDLPDQHYUHOHEUXWH
GHDFFHOHUDUHGLUHFLHLIUkQDUH
'DFDXWRYHKLFXOXOvQFHSHVGHUDSH]HVDX
QXSRDWHILRSULWFkQGYGHSODVDLODYLWH]
UHGXV



&XSODLWUDQVPLVLDSHSR]LLD1
QFHUFDLVUHGREkQGLLFRQWUROXODVXSUD
DXWRYHKLFXOXOXLFXDMXWRUXOPDQHYUHORU
FRUHFWLYHFXGLUHFLD

G 3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQG
FRQGXFHUHDFXODQXULGH]SDGFRQVXO
WDL3DJLQD
&RQGXFHUHRIIURDG
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 3HULFROGHDFFLGHQW
&RQGXFHLFXYLWH]UHGXVSHXQWHUHQDFFL
GHQWDWFXFDUHQXVXQWHLIDPLOLDUL]DW$VWIHO
YHLSXWHDGHWHFWDREVWDFROHOHQHSUHY]XWH
PDLXRULLPSOLFLWYHLUHGXFHSHULFROXOSUR
GXFHULLXQXLDFFLGHQW
1XHIHFWXDLvQWRDUFHULSHWHUHQDFFLGHQWDWQ
FD]FRQWUDUDXWRYHKLFXOXOVHSRDWHUVWXUQD
QFD]XOvQFDUHRSDQWHVWHSUHDDEUXSW
vQWRDUFHLYFRQGXFkQGvQWUHDSWDGHPHUV
vQDSRL
1XFRQGXFHLSHSDQWHIRDUWHDEUXSWHQFD]
FRQWUDUDXWRYHKLFXOXOVHSRDWHUVWXUQDQ
FD]XOvQFDUHFRQGXFHLSHSDQWHIRDUWH
DEUXSWHLDXWRYHKLFXOXOHVWHvQSHULFROGHD
VHUVWXUQDYLUDLLPHGLDWvQGLUHFLDGH
FGHUH

1XSHUPLWHLQLFLRGDWDXWRYHKLFXOXOXLVVH
GHSODVH]HvQDSRLQSR]LLDQHXWUQXHVWH
SRVLELOXWLOL]DUHDIUkQHLGHPRWRU'DFDFLR
QDLGRDUIUkQDGHVHUYLFLXHVWHSRVLELOV
SLHUGHLFRQWUROXODVXSUDDXWRYHKLFXOXOXL

 $9(57,60(17
)LUHGHQLVLSSDUWLFXOHGHPXUGULHLDOWH
PDWHULDOHDEUD]LYHSRWSWUXQGHvQVLVWHPXO
GHIUkQDUH$FHVWOXFUXSRDWHGXFHODX]XU
H[FHVLYLODHILFLHQLPSUHYL]LELODIUkQH
ORU
'XSH[SXQHUHDIUkQHORUODFRQGLLLGH
PXUGULHYHULILFDLOHLFXUDLOHODXQDWH
OLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[HPSOXXQ
&HQWUXGH6HUYLFH0HUFHGHV%HQ]$OWIHO
H[LVWSHULFROXOFDSXWHUHDGHIUkQDUHVQX
ILHVXILFLHQWvQFD]GHXUJHQVDXFDHIHFWXO
GHIUkQDUHVQXILHSUHYL]LELO

 $9(57,60(17
'HWHULRUDUHDDXWRYHKLFXOXOXLYSXQHvQSHUL
FROGHDFFLGHQWHSHGXPQHDYRDVWULSHFHL
ODOLRIHUL'DFDYHLGXELLYHULILFDLDXWRYH
KLFXOXOODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
FDUHGLVSXQHGHFXQRWLQHOHLVFXOHOHQHFH
VDUHSHQWUXDHIHFWXDLQWHUYHQLLOHQHFHVDUH
0HUFHGHV%HQ]UHFRPDQGVXWLOL]DLXQ
&HQWUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
VFRS
1RWHJHQHUDOH
&LWLLDFHDVWVHFLXQHvQDLQWHVFRQGXFHL
YHKLFXOXOSHWHUHQRIIURDG0DLvQWkLH[HU
VDLFRQGXFkQGPDLOHQWSHWHUHQRIIURDG
8UPWRDUHOHVLVWHPHGHDVLVWDUHDFRQGXFHULL
VXQWVSHFLDODGDSWDWHFRQGXFHULLRIIURDG
=3URJUDPRIIURDGODDXWRYHKLFXOHOHIU

SDFKHWXO21 2))52$'3DJLQD

=3URJUDPHOHRIIURDGLODDXWRYHKL

FXOHOHFXSDFKHWXO21 2))52$'
3DJLQD
=7UHDSWDGHYLWH]RIIURDG/2:5$1*(
75($37'(9,7(=(,1)(5,2$5SDFKH
WXO21 2))52$'3DJLQD

=%ORFDUHGLIHUHQLDODXWRYHKLFXOHFXSDFKH

WXO21 2))52$'3DJLQD

=$%6RIIURDG3DJLQD
=(76RIIURDG3DJLQD
=(63RIIURDG3DJLQD
=3DFKHWXO$,50$7,&QLYHOXODXWRYHKLFXOX
OXL3DJLQD
='655HJODUHDYLWH]HLODFRERUkUHDvQ
SDQW3DJLQD
LQHLFRQWGHXUPWRDUHOHQRWH
=2SULLDXWRYHKLFXOXOLGDFHVWHQHFHVDU

VHOHFWDLSURJUDPXORIIURDG
3DJLQDVDXWUHDSWDGHYLWH]HRII
URDG/2:5$1*(75($37$'(9,7(=(
,1)(5,2$53DJLQDvQDLQWHGH
FRQGXFHUHDRIIURDG
=6HOHFWDLQLYHOXODXWRYHKLFXOXOXLDGHFYDW
SHQWUXWHUHQXORIIURDG$VLJXUDLYF
H[LVWvQWRWGHDXQDJDUGODVROVXILFLHQW
SHQWUXDSUHYHQLGHWHULRUDUHDDXWRYHKLFX
OXOXL
=9HULILFDLGDFEDJDMHOHLVDUFLQLOHVXQW
GHSR]LWDWHvQVLJXUDQLVXQWELQHDVLJX
UDWH3DJLQD
=0HQLQHLvQWRWGHDXQDPRWRUXOSRUQLWLvQ
YLWH]DWXQFLFkQGFRQGXFHLSHRSDQW
GHVFHQGHQW$FWLYDL'65
3DJLQD
=&RQGXFHLvQFHWLFXYLWH]FRQVWDQW
GDFHVWHQHFHVDUvQULWPGHPHUVSHMRV
=$VLJXUDLYFURLOHVXQWvQSHUPDQHQvQ
FRQWDFWFXVROXO
=$WXQFLFkQGFRQGXFHLSHGUXPXULRII
URDGQHFXQRVFXWHFXYL]LELOLWDWHUHGXV
FRQGXFHLFXH[WUHPGHPXOWSUXGHQ
'LQPRWLYHGHVLJXUDQFRERUkLGLQDXWR
YHKLFXOPDLvQWkLLFHUFHWDLGUXPXORII
URDG
=9HULILFDLDGkQFLPHDDSHLvQDLQWHGHDWUD
YHUVDUkXULVDXFXUVXULGHDS
=$YHLJULMODREVWDFROHSUHFXPSLHWUH
JXULEXWXUXJLLDQXUL
=$YHLJULMDWXQFLFkQGvQWRDUFHLSHRSDQW
DVFHQGHQWVDXGHVFHQGHQWVDXDWXQFL

FkQGFRQGXFHLvQSDQWQFD]FRQWUDU
YHKLFXOXOVDUSXWHDUVWXUQD
=QWLPSXOFOWRULHLPHQLQHLvQWRWGHDXQD
vQFKLVHJHDPXULOHODWHUDOHLWUDSDJOLVDQW
SDQRUDPLF
=1XYDEDWHLGHODGUXPXULOHLGLUHFLLOH
PDUFDWH

G ,QIRUPDLLSULYLQGPRGHUQL]DUHDSQHXULORU
VSHFLDOHSHQWUXRULFHWHUHQVXQWGLVSRQLELOH
ODRULFHDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 1RWSULYLQGSURWHFLDPHGLXOXL
3URWHFLDPHGLXOXLDUHRLPSRUWDQSULPRU
GLDO5HVSHFWDLQDWXUD5HVSHFWDLWRDWH
VHPQHOHLQWHU]LV
/LVWGHYHULILFDUHvQDLQWHGHFRQGXFH
UHDRIIURDG
1LYHOXOHLGHPRWRUYHULILFDLXOHLXOGH
PRWRULFRPSOHWDLGDFHVWHQHFHVDU
$WXQFLFkQGFRQGXFHLSHSDQWHDEUXSWH
QLYHOXOXOHLXOXLWUHEXLHVILHVXILFLHQWSHQ
WUXDDVLJXUDRDOLPHQWDUHFRUHFWFXXOHLD
DXWRYHKLFXOXOXL
 5H]HUYRU$G%OXHDXWRYHKLFXOH%OXH
7(&YHULILFDLQLYHOXOGHOLFKLGLGDFHVWH
QHFHVDUFRPSOHWDLSkQODPD[LPO
3DJLQD
 7UXVGHVFXOHSHQWUXVFKLPEDUHDSQHX
ULORUYHULILFDLGDFFULFXOIXQFLRQHD]L
DVLJXUDLYFDYHLFKHLDWXEXODUGH
URDWRXIVROLGLRORSDWSOLDELOvQ
DXWRYHKLFXO
 5RLLSQHXULYHULILFDLDGkQFLPHDVXSUD
IHHLGHUXODUHDSQHXOXLLSUHVLXQHDvQ
SQHXUL
 9HULILFDLGHSRVLELOHGHWHULRUULL
vQGHSUWDLRULFHRELHFWHVWULQHGHH[SLH
WUHPLFLGLQURLSQHXUL
 QORFXLLFSFHOHOHGHYDOYFDUHOLSVHVF
 QORFXLLURLOHORYLWHVDXGHWHULRUDWH
 5RLURLOHORYLWHVDXvQGRLWHSRWGXFHODR
SLHUGHUHDSUHVLXQLLvQSQHXULLODGHWHULR
UDUHDWDORQXOXLSQHXOXLQDLQWHGHFRQGX




&RQGXFHUHDLSDUFDUHD

6IDWXULSULYLQGFRQGXFHUHD



6IDWXULSULYLQGFRQGXFHUHD

&RQGXFHUHDLSDUFDUHD

FHUHDRIIURDGYHULILFDLURLOHLvQORFXLL
OHGDFHVWHQHFHVDU

/LVWGHYHULILFDUHGXSFRQGXFHUHDRII
URDG
 'DFGHWHFWDLGHIHFLXQLODDXWRYHKLFXO
GXSFRQGXFHUHDRIIURDGVROLFLWDLLPH
GLDWYHULILFDUHDDXWRYHKLFXOXOXLODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW
&RQGXFkQGSHWHUHQDFFLGHQWDWDXWRYHKLFX
OXOGXPQHDYRDVWUHVWHVROLFLWDWPDLPXOW
GHFkWGDFFRQGXFHLSHGUXPXULQRUPDOH
'XSFRQGXFHUHDRIIURDGYHULILFDLDXWR
YHKLFXOXOGXPQHDYRDVWU$FHVWOXFUXYSHU
PLWHVGHWHFWDLLPHGLDWGHIHFLXQLOHLV
UHGXFHLULVFXOXQXLDFFLGHQWSHQWUXGXPQHD
YRDVWULSHQWUXFHLODOLSDUWLFLSDQLODWUDILF
 $XWRYHKLFXOHFXSDFKHWXO
21 2))52$'DFWLYDLSURJUDPXORII
URDG3DJLQD
 $XWRYHKLFXOHIUSDFKHWXO
21 2))52$'GH]DFWLYDLSURJUDPXORQ
URDG3DJLQD
 'H]DFWLYDLWUHDSWDRIIURDG/2:5$1*(
75($37$'(9,7(=(,1)(5,2$5
3DJLQD
 'H]DFWLYDL'653DJLQD
 5HGXFHLGLQQRXQLYHOXODXWRYHKLFXOXOXLOD
XQQLYHODGHFYDWFRQGLLLORUGHGUXPGHH[
ODQLYHOXODXWRVWUDGYLWH]ULGLFDW
 &XUDLIDUXULOHLOXPLQLOHVSDWHLYHULIL
FDLGHSRVLELOHGHIHFLXQL
 &XUDLSOFXHOHGHvQPDWULFXODUHGLQID
LGLQVSDWH
 &XUDLURLOHSQHXULOHFXMHWGHDSL
vQGHSUWDLRULFHRELHFWHVWULQH
 &XUDLURLOHSDVDMHOHGHURDWLSDUWHD
GHGHGHVXEWDDXWRYHKLFXOXOXLFXXQMHWGH
DSYHULILFDLGHRULFHRELHFWHVWULQHL
GHIHFLXQL
 9HULILFDLGDFVDXSULQVUDPXULVDXDOWH
SULGHSODQWH$FHVWHDFUHVFULVFXOGH
LQFHQGLXLSRWGHWHULRUDFRQGXFWHOHGHFDU
EXUDQWIXUWXQXULOHIUkQHLVDXEXUGXIXULOH

GLQFDXFLXFDOHDUWLFXODLLORUSXQLLLDUER
UHOHFDUGDQLF
 'XSFOWRULHH[DPLQDLFXDWHQLHvQWUHJ
SDUWHDLQIHULRDUDFDURVHULHLURLOHSQHX
ULOHIUkQHOHVWUXFWXUDFDURVHULHLGLUHFLD
DVLXOLVLVWHPXOGHHYDFXDUHGHSRVLELOH
GHIHFLXQL
 'XSFRQGXFHUHDSHQWUXSHULRDGHvQGHOXQ
JDWHSULQQLVLSQRURLSLHWULDSVDXvQ
FRQGLLLVLPLODUHGHPXUGULHVROLFLWDLYHUL
ILFDUHDLFXUDUHDGLVFXULORUGHIUkQD
URLORUDSOFXHORUGHIUkQJDUQLWXULORUGH
IUkQLDDUWLFXODLLORUSXQLL
 'DFDLGHWHFWDWYLEUDLLSXWHUQLFHGXS
FRQGXFHUHDRIIURDGYHULILFDLGHHYHQ
WXDOHRELHFWHVWULQHvQURLLvQWUHQXOGH
WUDQVPLVLHLvQGHSUWDLOHGDFHVWHQHFH
VDU2ELHFWHOHVWULQHSRWDIHFWDHFKLOLEUXO
LSRWFDX]DYLEUDLL

&RQGXFHUHDSHQLVLS
LQHLFRQWGHXUPWRDUHOHUHJXOLDWXQFLFkQG
FRQGXFHLSHQLVLS
=DXWRYHKLFXOHFXSDFKHWXO

21 2))52$'VHOHFWDLSURJUDPXORII
URDG3DJLQD
=DXWRYHKLFXOHIUSDFKHWXO
21 2))52$'VHOHFWDLSURJUDPXORII
URDG3DJLQD
=VHOHFWDLXQQLYHODODXWRYHKLFXOXOXLPDL
PDUH
=VHOHFWDLRWUHDSWGHYLWH]HDGHFYDWWHUH
QXOXL
=FRQGXFHLFXYLWH]SHQWUXDvQYLQJHUH]LV
WHQDODUXODUHQFD]FRQWUDUDXWRYHKLFXOXO
DUSXWHDVVHDIXQGHvQQLVLS
=FRQGXFHLSHXUPHOHDOWRUDXWRYHKLFXOH
GDFHVWHSRVLELO$VLJXUDLYFDQXULOH
QXVXQWSUHDDGkQFLFQLVLSXOHVWHGHVWXO
GHVROLGLFDXWRYHKLFXOXOGXPQHDYRDVWU
DUHJDUGODVROVXILFLHQW

6IDWXULSULYLQGFRQGXFHUHD

LQHLFRQWGHXUPWRDUHOHUHJXOLDWXQFLFkQG
FRQGXFHLSHWHUHQRIIURDGFXDQXULVDX
SHGUXPXULFXSLHWUL

 $VLJXUDLYFXUPHOHFUHDWHGHURLOH
DOWRUDXWRYHKLFXOHQXVXQWSUHDDGkQFLLF
DXWRYHKLFXOXODUHVXILFLHQWJDUGODVROQ
FD]FRQWUDUDXWRYHKLFXOXODUSXWHDILGHWH
ULRUDWVDXVDUSXWHDEORFD
=$FWLYDUHDSURJUDPXOXLRIIURDG
3DJLQD
=$XWRYHKLFXOHOHFXSDFKHWXO$,50$7,&
VHOHFWDLXQQLYHOULGLFDWDODXWRYHKLFXOXOXL
=(YLWDLWXUDLLOHULGLFDWHDOHPRWRUXOXL
=/LPLWDLWUHDSWDGHYLWH]HOD
=&RQGXFHLOHQW
='DFDQXULOHVXQWSUHDDGkQFLFRQGXFHL
FXURLOHSHRSDUWHDVHFLXQLLGLQPLMORFD
VROXOXLGDFHVWHSRVLELO
&RQGXFHUHSHVWHREVWDFROH
 2EVWDFROHOHDUSXWHDGHWHULRUDSRGHDXD
DXWRYHKLFXOXOXLVDXFRPSRQHQWHOHDVLXOXL
5XJDLSDVDJHULLVYJKLGH]HODWUHFHUHD
SHVWHREVWDFROHGHGLPHQVLXQLPDUL2ULFH
GHWHULRUDUHDDXWRYHKLFXOXOXLFUHWHSHUL
FROXOGHDFFLGHQW
5HVSHFWDLXUPWRDUHOHUHJXOLDWXQFLFkQG
FRQGXFHLSHVWHEXWXUXJLSLHWUHPDULLDOWH
REVWDFROH
=6HOHFWDLSURJUDPXORIIURDG
3DJLQDVDXWUHDSWDGHYLWH]HRII
URDG/2:5$1*(75($37'(9,7(=(
,1)(5,2$53DJLQD
=5LGLFDLQLYHOXODXWRYHKLFXOXOXL
=(YLWDLWXUDLLOHULGLFDWHDOHPRWRUXOXL
=/LPLWDLWUHDSWDGHYLWH]HOD
=&RQGXFHLIRDUWHvQFHW
=&RQGXFHLGUHSWGHDVXSUDFHQWUXOXLREVWD
FROHORU

5XODUHDvQSDQW
8QJKLGHDSURSLHUHGHSUWDUH

7DEHOXOLQGLFXQJKLXULGHDSURSLHUHLGH
GHSUWDUHCLDDWXQFLFkQGDXWRYHKLFXOXO
HVWHvQFUFDWLSUHJWLWSHQWUXGUXP
3HQWUXDXWRYHKLFXOHOHFXDUFXULGLQRHO
vQFUFDWLSUHJWLWSHQWUXGUXPvQVHDPQ
UH]HUYRUSOLQWRDWHOLFKLGHOHFRPSOHWDWHL
RIHUvQDXWRYHKLFXO
/DDXWRYHKLFXOHOHFXSDFKHW$,50$7,&VDXFX
SDFKHW21 2))52$'VDUFLQLOHSkQODJUD
GXOGHvQFUFDUHPD[LPDGPLVQXLQIOXHQHD]
XQJKLXULOHGHDSURSLHUHGHSUWDUH
C

C







1LYHOXOGH
DXWRVWUDG







1LYHOULGLFDW













$XWRYHKLFXOH
FXDUFXULGLQ
RHO
$XWRYHKLFXOH
FXSDFKHW
$,50$7,&

$XWRYHKLFXOH
FXSDFKHW
21 2))52$'
1LYHOXOGH
DXWRVWUDG

 &XVWLOL]DUHDFDURVHULHL$0*

&RQGXFHUHDLSDUFDUHD

'UXPXULFXDQXULLSLHWUL



&RQGXFHUHDLSDUFDUHD



6IDWXULSULYLQGFRQGXFHUHD
C

C

1LYHOXORII
URDG







1LYHOXORII
URDG







1LYHOXORII
URDG







$XWRYHKLFXOH
$0*
1LYHOXOGH
DXWRVWUDG



1LYHOULGLFDW










G 'DFVDUFLQDGHSHSXQWHDIDHVWH
UHGXVDWXQFLFkQGSRUQLLGHSHORFSHR
SDQWDVFHQGHQWDEUXSWURLOHGLQID
SRWSDWLQD(76UHFXQRDWHDFHDVWDLIUk
QHD]URLOHvQFRQVHFLQ&XSOXOURLORUGLQ
VSDWHHVWHPULWLHVWHPDLXRUVSRUQLL
GHSHORF
9kUIXOSDQWHL
$WXQFLFkQGFRQGXFHLvQSDQWUHGXFHLXRU
GLQDSVDUHDSHSHGDODGHDFFHOHUDLHLPHGLDW
GXSDWLQJHUHDSDQWHLGHDOXOXL)RORVLLIRUD
GLQDPLFDDXWRYHKLFXOXOXLSHQWUXDUXODvQ
SDQW
$FHVWVWLOGHFRQGXFHUHHYLW
=ULGLFDUHDDXWRYHKLFXOXOXLGHSHVRODWXQFL

=8UPULLOLQLDGHvQFOLQDUHDWXQFLFkQGFRQ

GXFHLSHSDQWHLSRULXQLDEUXSWH
=QDLQWHGHDFRQGXFHSHSDQWHDVFHQGHQWH
VDXGHVFHQGHQWHDEUXSWHVHOHFWDLSURJUD
PXORIIURDG3DJLQDVDXWUHDSWD
GHYLWH]HRIIURDG/2:5$1*(75($37
'(9,7(=(,1)(5,2$53DJLQD
=5HVSHFWDLDYHUWLVPHQWHOHSHQWUXFRQGX
FHUHDRIIURDG3DJLQD
=&RQGXFHLOHQW
=$FFHOHUDLXRULDVLJXUDLYFURLOHDX
DGHUHQVXILFLHQW
=(YLWDLWXUDLLOHPDULGHPRWRUFXH[FHSLD
VLWXDLLORUvQFDUHFRQGXFHLSHGUXPXULFX
QLVLSVDXQRURLFXUH]LVWHQULGLFDWOD
FRQGXFHUH
=6HOHFWDLRWUHDSWGHYLWH]HDGHFYDWSDQ
WHL
=QDLQWHGHDUXODSHSDQWHGHVFHQGHQWH
DEUXSWHVHOHFWDLWUHDSWDGHYLWH]H

&DSDFLWDWHPD[LPGHXUFDUHvQSDQW
3HVXSUDIHHGHGUXPEXQHLFXWUHDSWDGH
YLWH]HRIIURDG/2:5$1*(75($37'(
9,7(=(,1)(5,2$5FDSDFLWDWHDWRWDOGH
XUFDUHvQSDQWHVWHGLVSRQLELO
 &XVWLOL]DUHDFDURVHULHL$0*
 QPRGXOVSRUWLY$0*5,'(&21752/

FkQGVHDIOvQSDQW
=UXODUHDSUHDUDSLGDDXWRYHKLFXOXOXLvQ

SDQW

&RQGXFHUHDvQSDQW
=&RQGXFHLOHQW
=1XFRQGXFHLvQXQJKLSHSDQWHOHDEUXSWH

GHVFHQGHQWH9LUDLvQGLUHFLDGHvQFOLQDUH
LFRQGXFHLFXURLOHGLQIDvQSR]LLD
GUHSWvQDLQWHQFD]FRQWUDUDXWRYHKLFXOXO
DUSXWHDVDOXQHFHvQODWHUDOVVHvQFOLQH
LVVHUVWRDUQH
=QDLQWHGHDUXODSHSDQWHGHVFHQGHQWH
DEUXSWHVHOHFWDLWUHDSWDGHYLWH]H
=$FWLYDL'65'DFQXHVWHVXILFLHQWIUkQDL
XRU&kQGSURFHGDLDVWIHODVLJXUDLYF
DXWRYHKLFXOXOHVWHRULHQWDWvQGLUHFLDGH
vQFOLQDUH
=9HULILFDLGDFIUkQHOHIXQFLRQHD]QRUPDO
GXSRSRULXQHGHVFHQGHQWOXQJ

G $%6RIIURDGHVWHDFWLYDWDWXQFLFkQG
SURJUDPXORIIURDGVDXWUHDSWDGHYLWH]H
RIIURDG/2:5$1*(75($37'(
9,7(=(,1)(5,2$5VXQWVHOHFWDWH
/DYLWH]HVXENPKURLOHGLQIDVH
EORFKHD]FLFOLFODIUkQDUH(IHFWXOGHDGkQ

FLUHRELQXWDVWIHOUHGXFHGLVWDQDGHRSULUH
SHWHUHQRIIURDG0DQHYUDELOLWDWHDDXWR
YHKLFXOXOXLHVWHUHGXVFRQVLGHUDELOGDF
URLOHVHEORFKHD]

6LVWHPHGHDVLVWDUHDFRQGXFHULL
&RQWUROFURD]LHU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 3HULFROGHDFFLGHQW
1XFRPXWDLvQWURWUHDSWGHYLWH]LQIHULRDU
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
IHHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
GHUHDDGHUHQHLURLORUPRWULFHLDXWRYHKLFX
OXOSRDWHGHUDSD

GHSLUHDYLWH]HLVHWDWHQSDQWHOHGHVFHQ
GHQWHOXQJLLDEUXSWHPDLDOHVGDFDXWRYH
KLFXOXOHVWHvQFUFDWVDXGDFWUDFWDLR
UHPRUFWUHEXLHVVHOHFWDLWUHDSWDGHYLWH]H
VDXvQWLPSXWLO$VWIHOYHLUHFXUJHOD
HIHFWXOGHIUkQGHPRWRU$VWIHOVHYDHOL
PLQDVDUFLQDODFDUHHVWHVXSXVVLVWHPXOGH
IUkQDUHLVHSUHYLQHVXSUDvQFO]LUHDLX]XUD
SUHPDWXUDIUkQHORU
8WLOL]DLFRQWUROXOFURD]LHUHLQXPDLGDFFRQ
GLLLOHUXWLHUHYSHUPLWVPHQLQHLRYLWH]
FRQVWDQWSHRSHULRDGSUHOXQJLW3XWHL
VWRFDRULFHYLWH]GHUXODUHGHSHVWH
NPK

0DQHWSHQWUXFRQWUROXOFURD]LHUHL

 $9(57,60(17
&RQWUROXOFURD]LHUHLQXSRDWHLQHFRQWGH
FRQGLLLOHGHGUXPLGHWUDILF
$FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGLQ
WUDILFFKLDULFkQGFRQWUROXOFURD]LHUHLHVWH
DFWLYDW
&RQWUROXOFURD]LHUHLHVWHQXPDLXQVLVWHPGH
DVLVWHQFDUHYDMXWFkQGFRQGXFHL'XP
QHDYRDVWUVXQWHLVLQJXUXOUHVSRQVDELOGH
YLWH]DYHKLFXOXOXLLGHIUkQDUHDvQWLPSXWLO

C 3HQWUXDDFWLYDVDXSHQWUXDFUHWHYLWH]D
D /DPSDLQGLFDWRDUH/,0

 $9(57,60(17
1XXWLOL]DLFRQWUROXOFURD]LHUHL

$FWLYDUHDODYLWH]DFXUHQWXOWLPDYLWH]

PHPRUDW

=vQFRQGLLLUXWLHUHFDUHQXYSHUPLWVFRQ

3HQWUXDDFWLYDVDXSHQWUXDUHGXFHYLWH]D

GXFHLODYLWH]FRQVWDQWGHH[WUDILFDJOR
PHUDWVDXGUXPXULHUSXLWHQFD]FRQWUDU
SXWHLSURYRFDXQDFFLGHQW
=SHGUXPXULDOXQHFRDVH5RLOHPRWULFHSRW
SLHUGHDGHUHQFkQGIUkQDLVDXDFFHOHUDL
LDXWRYHKLFXOXOSRDWHGHUDSD
=FkQGH[LVWRYL]LELOLWDWHVF]XWGHH[GLQ
FDX]DFHLLSORLLDEXQGHQWHVDX]SH]LL

3HQWUXDFRPXWDvQWUHFRQWUROXOFURD]LHUHL

1RWHJHQHUDOH

L63(('7521,&YDULDELO
3HQWUXDGH]DFWLYDFRQWUROXOFURD]LHUHL

3XWHLDFLRQDFRQWUROXOFURD]LHUHLL63(('
7521,&YDULDELOFXPDQHWDSHQWUXFRQWUROXO
FURD]LHUHL
 3HQWUXDFRPXWDvQWUH63(('7521,&
YDULDELOLFRQWUROXOFURD]LHUHLDSVDL
PDQHWDSHQWUXFRQWUROXOFURD]LHUHLvQGLUHF
LDLQGLFDWGHVJHDW

&RQWUROXOFURD]LHUHLPHQLQHRYLWH]GH
UXODUHFRQVWDQWvQORFXOGXPQHDYRDVWU
$FHVWDIUkQHD]DXWRPDWSHQWUXDHYLWD




&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD



6LVWHPHGHDVLVWDUHDFRQGXFHULL
/DPSDLQGLFDWRDUH/,0DGHSHPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLLQGLFFHIXQFLHDL
VHOHFWDW
=/DPSDLQGLFDWRDUH/,0DVWLQVVD

VHOHFWDWFRQWUROXOFURD]LHUHL
=/DPSDLQGLFDWRDUH/,0DDSULQVVD

VHOHFWDW63(('7521,&YDULDELO
&kQGDFWLYDLFRQWUROXOFURD]LHUHLYLWH]D
PHPRUDWDSDUHSHDILDMXOPXOWLIXQFLRQDO
WLPSGHFLQFLVHFXQGH6HJPHQWHOHGLQYLWH]D
PHPRUDWSkQODYLWH]DPD[LPVHDSULQGSH
DILDMXOPXOWLIXQFLRQDO

&RQGLLLGHDFWLYDUH
3HQWUXDDFWLYDFRQWUROXOFURD]LHUHLWUHEXLH
vQGHSOLQLWHWRDWHFRQGLLLOHXUPWRDUHGHDFWL
YDUH
=IUkQDHOHFWULFGHSDUFDUHWUHEXLHVILHHOL

EHUDW
=WUHEXLHVFRQGXFHLFXYLWH]PDLPDUHGH

NPK
=(63WUHEXLHVILHSRUQLWvQVVQXLQWHU

YLQ
=WUDQVPLVLDWUHEXLHVILHvQSR]LLD'
='65WUHEXLHVILHGH]DFWLYDW
=3URJUDPXO2IIURDGWUHEXLHVILHGH]DF

WLYDWDXWRYHKLFXOHOHFXSDFKHW
21 2))52$'
=IXQFLDFRQWUROXOFURD]LHUHLWUHEXLHVHOHF
WDW3DJLQD

$FWLYDUHDFRQWUROXOXLFURD]LHUHL
3XWHLDFFHSWDYLWH]DFXUHQWGDFUXODLOD
YLWH]HGHSHVWHNPK
 $FFHOHUDLDXWRYHKLFXOXOSkQFkQGDWLQJHL
YLWH]DGRULW
 $SVDLVFXUWSHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQVXVCVDXvQMRV
 5LGLFDLSLFLRUXOGHSHSHGDODGHDFFHOHUD
LH
&RQWUROFURD]LHUHLHVWHDFWLYDW$XWRYHKL
FXOXOPHQLQHDXWRPDWYLWH]DPHPRUDW

G (VWHSRVLELOFDVLVWHPXOGHFRQWURODOFURD
]LHUHLVQXSRDWPHQLQHYLWH]DPHPRUDW
vQSDQWHDVFHQGHQWH6HUHYLQHODYLWH]D
PHPRUDWFkQGDMXQJHLODRVXSUDID
SODQ&RQWUROXOFURD]LHUHLPHQLQHYLWH]D
PHPRUDWvQSDQWHGHVFHQGHQWHDFLRQkQG
DXWRPDWIUkQHOH
$FWLYDUHDODYLWH]DFXUHQWXOWLPD
YLWH]PHPRUDW
 3HULFROGHDFFLGHQW
6HOHFWDLXQDGLQWUHYLWH]HOHPHPRUDWHGRDU
GDFYDORDUHDYLWH]HLUHVSHFWLYHYHVWH
FXQRVFXWLGDFDFHDVWDHVWHDGHFYDWSHQ
WUXFRQGLLLOHFXUHQWHGHGUXPLWUDILFQFD]
FRQWUDUDFFHOHUDUHDVDXIUkQDUHDEUXVF
SRDWHFUHDVLWXDLLSHULFXORDVHSHQWUXGXP
QHDYRDVWUVDXSHQWUXDOWHSHUVRDQH

7UDJHLVFXUWGHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLFWUHGXPQHDYRDVWU
 5LGLFDLSLFLRUXOGHSHSHGDODGHDFFHOHUD
LH
'XSSULPDDFWLYDUHDFRQWUROXOXLFURD]LH
UHLDFHVWDPHPRUHD]YLWH]DFXUHQWVDX
UHJOHD]YLWH]DDXWRYHKLFXOXOXLODYLWH]D
PHPRUDWDQWHULRU


6HWDUHDXQHLYLWH]H
$SVDLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
vQVXVCSHQWUXRYLWH]PDLULGLFDWVDX
vQMRVSHQWUXRYLWH]UHGXV
 0HQLQHLPDQHWDSHQWUXFRQWUROXOFURD]LH
UHLDSVDWSkQFkQGDWLQJHLYLWH]DGRULW
 (OLEHUDLPDQHWDSHQWUXFRQWUROXOFURD]LH
UHL
1RXDYLWH]HVWHPHPRUDW
 6HWDUHvQLQFUHPHQWHGHNPKDSVDL
PDQHWDSHQWUXFRQWUROXOFURD]LHUHLvQ
VXVCVDXvQMRVSkQODSXQFWXOGHSUH
VLXQH
8OWLPDYLWH]PHPRUDWFUHWHVDXGHV
FUHWHvQLQFUHPHQWHGHNPK
 6HWDUHvQLQFUHPHQWHGHNPK
DSVDLVFXUWPDQHWDSHQWUXFRQWUROXOFURD


6LVWHPHGHDVLVWDUHDFRQGXFHULL

G &RQWUROXOFURD]LHUHLQXHVWHGH]DFWLYDW
GDFDSVDLSHGDODGHDFFHOHUDLH'H
H[HPSOXGDFDFFHOHUDLVFXUWSHQWUXD
GHSLFRQWUROXOFURD]LHUHLUHJOHD]YLWH]D
DXWRYHKLFXOXOXLODXOWLPDYLWH]PHPRUDW
GXSFHDLILQDOL]DWGHSLUHD
'H]DFWLYDUHDFRQWUROXOXLFURD]LHUHL
([LVWPDLPXOWHPRGXULGHDGH]DFWLYDFRQ
WUROXOFURD]LHUHL
$SVDLVFXUWSHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQDLQWH
VDX
 )UkQ
VDX
 $SVDLVFXUWPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQGLUHFLDLQGLFDWGHVJHDWD

63(('7521,&YDULDELOHVWHVHOHFWDW
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHDSULQGH


&RQWUROXOFURD]LHUHLHVWHGH]DFWLYDWDXWRPDW
GDF
=FXSODLIUkQDHOHFWULFGHSDUFDUH
=FRQGXFHLFXPDLSXLQGHNPK
=(63LQWHUYLQHVDXGDFGH]DFWLYDL(63
=DFWLYDL'65
=DFWLYDLSURJUDPXORIIURDGODDXWRYHKL

FXOHOHFXSDFKHW21 2))52$'
=FXSODLWUDQVPLVLDvQSR]LLD1vQWLPSXO

FRQGXFHULL
QFD]XOvQFDUHFRQWUROXOFURD]LHUHLHVWH
GH]DFWLYDWYHLDX]LXQVXQHWGHDYHUWL]DUH
9HLYHGHDPHVDMXO&UXLVHFRQWURORII
&RQWUROXOFURD]LHUHLRSULWSHDILD
MXOPXOWLIXQFLRQDOWLPSGHDSUR[LPDWLYFLQFL
VHFXQGH

63(('7521,&
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 3HULFROGHDFFLGHQW
1XDSVDLQLFLRGDWFRQWLQXXSHGDODGHIUkQ
vQWLPSXOGHSODVULLDXWRYHKLFXOXOXLGHH[HP
SOXQXX]DLIUkQHOHSULQDSOLFDUHDFRQVWDQW
LXRDUGHSUHVLXQHDVXSUDSHGDOHL$FHVW
IDSWSURYRDFVXSUDvQFO]LUHDVLVWHPXOXLGH
IUkQDUHPUHWHGLVWDQDGHIUkQDUHLSRDWH
FRQGXFHODGHWHULRUDUHDFRPSOHWDIUkQHORU
 3HULFROGHDFFLGHQW
1XFRPXWDLvQWURWUHDSWGHYLWH]LQIHULRDU
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
IHHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
GHUHDDGHUHQHLURLORUPRWULFHLDXWRYHKLFX
OXOSRDWHGHUDSD

 3HULFROGHDFFLGHQW
6LVWHPXO6SHHGWURQLFHVWHFRQFHSXWGRDUFD
XQVLVWHPGHDVLVWDUHDFRQGXFHULL6XQWHLSH
GHSOLQUHVSRQVDELOGHVWDELOLUHDYLWH]HLDXWR
YHKLFXOXOXLLGHIUkQDUHDvQWLPSXWLO
 $9(57,60(17
'DFVHVFKLPERIHULLLQIRUPDLOSHQRXO
RIHUSULYLQGOLPLWDGHYLWH]PHPRUDW
8WLOL]DL63(('7521,&YDULDELOQXPDLGDFQX
YDWUHEXLVDFFHOHUDLEUXVFSkQODRYLWH]
FHRGHSHWHSHFHDPHPRUDWGUHSWOLPLW
GHYLWH]QFD]FRQWUDUSXWHLSURYRFDXQ
DFFLGHQW
3XWHLGHSLOLPLWDGHYLWH]PHPRUDWGDF
GH]DFWLYDL63(('7521,&YDULDELO
=FXDMXWRUXOPDQHWHLSHQWUXFRQWUROXOFURD

]LHUHL
=SULQDSVDUHDSHGDOHLGHDFFHOHUDLHGLQ

FRORGHSXQFWXOGHSUHVLXQHUHWURJUDGDUHD
IRUDW
1XHVWHSRVLELOVGH]DFWLYDL6SHHGWURQLF
YDULDELOSULQIUkQDUH

G 8OWLPDYLWH]PHPRUDWHVWHWHDUV
FkQGRSULLPRWRUXO


&RQGXFHUHDLSDUFDUHD

]LHUHLvQVXVCVDXvQMRVGLQFRORGH
SXQFWXOGHSUHVLXQH
8OWLPDYLWH]PHPRUDWFUHWHVDXGHV
FUHWHvQLQFUHPHQWHGHNPK





6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD

1RWHJHQHUDOH
63(('7521,&IUkQHD]DXWRPDWSHQWUXFD
RIHUXOVQXGHSHDVFYLWH]DVHWDWQ
SDQWHOHGHVFHQGHQWHOXQJLLDEUXSWHPDL
DOHVGDFDXWRYHKLFXOXOHVWHvQFUFDWVDX
GDFWUDFWDLRUHPRUFWUHEXLHVVHOHFWDL
WUHDSWDGHYLWH]HVDXvQWLPSXWLO$VWIHO
YHLUHFXUJHODHIHFWXOGHIUkQGHPRWRU$VW
IHOVHYDHOLPLQDVDUFLQDODFDUHHVWHVXSXV
VLVWHPXOGHIUkQDUHLVHSUHYLQHVXSUDvQFO]L
UHDLX]XUDSUHPDWXUDIUkQHORU'DFHVWH
QHFHVDURIUkQDUHVXSOLPHQWDUDSVDL
SHGDODGHIUkQUHSHWDWLQXFRQWLQXX
3XWHLVHWDROLPLWGHYLWH]YDULDELOVDXSHU
PDQHQW
=YDULDELOSHQWUXOLPLWHGHYLWH]GHH[vQ

]RQHFXFOGLUL
=SHUPDQHQWSHQWUXUHVWULFLLSHWHUPHQ

OXQJGHH[FkQGFRQGXFHLHFKLSDWFX
SQHXULGHLDUQ3DJLQD

G 9LWH]DLQGLFDWSHYLWH]RPHWUXSRDWH
GLIHULXRUGHOLPLWDGHYLWH]PHPRUDW
63(('7521,&9DULDELO
0DQHWSHQWUXFRQWUROXOFURD]LHUHL

&XPDQHWDSHQWUXFRQWUROXOFURD]LHUHLSXWHL
DFLRQDFRQWUROXOFURD]LHUHLVDX',67521,&
3/86L63(('7521,&YDULDELO
 3HQWUXDFRPXWDvQWUH63(('7521,&
YDULDELOLFRQWUROXOFURD]LHUHL',6752
1,&3/86DSVDLPDQHWDSHQWUXFRQWUR
OXOFURD]LHUHLvQGLUHFLDLQGLFDWGH
VJHDW
/DPSDLQGLFDWRDUH/,0DGHSHPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLLQGLFFHIXQFLHDL
VHOHFWDW
=/DPSDLQGLFDWRDUH/,0DVWLQVVD

VHOHFWDWFRQWUROXOFURD]LHUHLVDX',6752
1,&3/86
=/DPSDLQGLFDWRDUH/,0DDSULQVVD
VHOHFWDW63(('7521,&YDULDELO
3XWHLXWLOL]DPDQHWDSHQWUXFRQWUROXOFURD
]LHUHLSHQWUXDOLPLWDYLWH]DODRULFHQLYHOPDL
PDUHGHNPKFkWPRWRUXOIXQFLRQHD]
$FWLYDUHYDULDELO63(('7521,&
3XWHLXWLOL]DPDQHWDSHQWUXFRQWUROXOFURD
]LHUHLSHQWUXDOLPLWDYLWH]DODRULFHQLYHOPDL
PDUHGHNPKFkWPRWRUXOIXQFLRQHD]


$SVDLVFXUWSHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQVXVCVDXvQMRV
9LWH]DFXUHQWHVWHPHPRUDWLDILDWSH
DILDMXOPXOWLIXQFLRQDO
6HJPHQWHOHGLQDILDMXOPXOWLIXQFLRQDOVH
DSULQGGHODvQFHSXWXOVFDOHLSkQODYLWH]D
PHPRUDW

$FWLYDUHDODYLWH]DFXUHQWXOWLPDYLWH]
PHPRUDW

 $9(57,60(17
C 3HQWUXDDFWLYDVDXSHQWUXDFUHWHYLWH]D
D /DPSDLQGLFDWRDUH/,0
3HQWUXDDFWLYDODYLWH]DFXUHQWXOWLPD

YLWH]PHPRUDW
3HQWUXDDFWLYDVDXSHQWUXDUHGXFHYLWH]D
3HQWUXDFRPXWDvQWUHFRQWUROXOFURD]LHUHL
L63(('7521,&YDULDELO
3HQWUXDGH]DFWLYD63(('7521,&YDULDELO

6HOHFWDLRYLWH]PHPRUDWGDFWLLFDUHH
YLWH]DLGDFHVWHDGHFYDWSHQWUXVLWXDLD
FXUHQWGHFRQGXFHUHLGLQWUDILFQFD]FRQ
WUDURIUkQDUHEUXVFYDUSXWHDSXQHvQSHUL
FROSHGXPQHDYRDVWULSHDOLL


7UDJHLVFXUWGHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLFWUHGXPQHDYRDVWU

6HWDUHDXQHLYLWH]H
 $SVDLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
vQVXVCSHQWUXRYLWH]PDLULGLFDWVDX
vQMRVSHQWUXRYLWH]UHGXV
 0HQLQHLPDQHWDSHQWUXFRQWUROXOFURD]LH
UHLDSVDWSkQFkQGDWLQJHLYLWH]DGRULW
 (OLEHUDLPDQHWDSHQWUXFRQWUROXOFURD]LH
UHL
1RXDYLWH]HVWHPHPRUDW
 5HJOULvQLQFUHPHQWHGHNPK
DSVDLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
]LHUHLSkQODSXQFWXOGHSUHVLXQH
8OWLPDYLWH]PHPRUDWFUHWHVDXGHV
FUHWHvQWUHSWHPLFLGHNPK
 5HJOULvQLQFUHPHQWHGHNPK
DSVDLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
]LHUHLGLQFRORGHSXQFWXOGHSUHVLXQH
8OWLPDYLWH]PHPRUDWFUHWHVDXGHV
FUHWHvQWUHSWHPLFLGHNPK
'H]DFWLYDUHYDULDELO63(('7521,&

 $9(57,60(17
1XHVWHSRVLELOVGH]DFWLYDL6SHHGWURQLF
YDULDELOSULQIUkQDUH
([LVWPDLPXOWHPRGXULGHDGH]DFWLYD
63(('7521,&YDULDELO


$SVDLVFXUWSHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQDLQWH

VDX
 $SVDLVFXUWPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQGLUHFLDLQGLFDWGHVJHDWD

/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHVWLQJH63(('
7521,&YDULDELOHVWHGH]DFWLYDW
&RQWUROXOFURD]LHUHLVDX',67521,&3/86
HVWHVHOHFWDW
63(('7521,&YDULDELOHVWHGH]DFWLYDWDXWR
PDWGDF
=GDFDSVDLSHGDODGHDFFHOHUDLHGLQFROR

GHSXQFWXOGHSUHVLXQHUHWURJUDGDUHDIRU
DWGDUQXPDLGDFYLWH]DGXPQHD
YRDVWUFXUHQWQXGLIHUFXSHVWH

NPKIDGHYLWH]DPHPRUDW9HLDX]L
XQVXQHWGHDYHUWL]DUHGDFHVWHFD]XO
=DFWLYDL'65
=DFWLYDLSURJUDPXORIIURDGDXWRYHKL
FXOHFXSDFKHW21 2))52$'

G 8OWLPDYLWH]PHPRUDWHVWHWHDUV
FkQGRSULLPRWRUXO
63(('7521,&SHUPDQHQW
3XWHLXWLOL]DFDOFXODWRUXOGHERUGSHQWUXD
OLPLWDYLWH]DSHUPDQHQWODRYDORDUHFXSULQV
vQWUHNPKGHH[SHQWUXFRQGXFHUHDFX
SQHXULGHLDUQLYLWH]DPD[LP
3DJLQD
,PHGLDWvQDLQWHGHDDWLQJHYLWH]DPHPRUDW
DFHDVWDDSDUHSHDILDMXOPXOWLIXQFLRQDO
63(('7521,&SHUPDQHQWUPkQHDFWLY
FKLDULGDF63(('7521,&YDULDELOHVWH
GH]DFWLYDW
1XSXWHLGHSLOLPLWDGHYLWH]PHPRUDW
FKLDULGDFDSVDLSHGDODGHDFFHOHUDLH
GLQFRORGHSXQFWXOGHSUHVLXQHUHWURJUDGD
UHDIRUDW

',67521,&3/86
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 3HULFROGHDFFLGHQW
1XFRPXWDLvQWURWUHDSWGHYLWH]LQIHULRDU
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
IHHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
GHUHDDGHUHQHLURLORUPRWULFHLDXWRYHKLFX
OXOSRDWHGHUDSD
 $9(57,60(17
',67521,&3/86HVWHQXPDLXQVLVWHPGH
DVLVWHQFDUHYDMXWFkQGFRQGXFHLRIH
UXOSRDUWvQWUHDJDUHVSRQVDELOLWDWHSHQWUX
GLVWDQDDXWRYHKLFXOXOXLIDGHDOWHDXWRYH
KLFXOHYLWH]DDXWRYHKLFXOXOXLLSHQWUXIUkQD
UHDvQWLPSXWLO



&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULL



6LVWHPHGHDVLVWDUHDFRQGXFHULL
',67521,&3/86QXUHDFLRQHD]PDLDOHVOD

&RQGXFHUHDLSDUFDUHD

=SLHWRQL
=REVWDFROHVWDLRQDUHGHSHGUXPGHH[

DXWRYHKLFXOHRSULWHVDXSDUFDWH
=WUDILFXOGHSHFRQWUDVHQVLFHOFXFDUHY

LQWHUVHFWDL
(VWHSRVLELOFD',67521,&3/86VQXUHFX
QRDVFDXWRYHKLFXOHOHvQJXVWHGLQIDGHH[
PRWRFLFOHWHOHLDXWRYHKLFXOHOHFDUHFRQGXF
SHDOWWUDLHFWRULH3ULQXUPDUHDFRUGDLvQWRW
GHDXQDDWHQLHFRQGLLLORUGLQWUDILFFKLDUL
FkQG',67521,&3/86HVWHDFWLYDWQFD]
FRQWUDUHVWHSRVLELOVQXUHFXQRDWHLSHUL
FROHOHODWLPSSURYRFkQGXQDFFLGHQWL
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH

 $9(57,60(17
',67521,&3/86QXSRDWHLQHFRQWGHFRQ
GLLLOHGHGUXPLGHWUDILF'DF',67521,&
QXUHFXQRDWHVDXQXPDLUHFXQRDWHDXWR
YHKLFXOXOGLQIDQXDFWLYDL',67521,&VDX
GDFHVWHGHMDDFWLYGH]DFWLYDLO$FHDVW
LQGLFDLHHVWHYDODELOPDLDOHV
=vQDLQWHGHYLUDMH
=SHEHQ]LGHDORFDUHDWUDILFXOXLvQFXUEH
=FkQGWUHFHLSHREDQGFXWUDILFPDLUDSLG
=vQVLWXDLLFRPSOH[HGHFRQGXFHUHVDXFkQG

H[LVWEHQ]LRFROLWRDUHGHH[SHDXWRVWU]L
vQOXFUX
QFD]FRQWUDU',67521,&3/86PHQLQH
YLWH]DFXUHQWVHWDWGHGXPQHDYRDVWUVDX
DFFHOHUHD]SkQODYLWH]DVHWDW
',67521,&3/86QXSRDWHLQHFRQWGHFRQ
GLLLOHPHWHR'H]DFWLYDLVDXQXDFWLYDL',6
7521,&3/86
=GDFGUXPXULOHVXQWDOXQHFRDVHDFRSHULWH

FX]SDGVDXFXJKHD5RLOHvLSRW
SLHUGHDGHUHQDFkQGIUkQDLVDXDFFHOHUDL
$XWRYHKLFXOXOSRDWHvQFHSHVGHUDSH]H
=GDFVHQ]RULLVXQWPXUGDULVDXFkQGYL]LEL
OLWDWHDHVWHVODEGHH[GLQFDX]D]SH]LL
SORLLVDXFHLL&RQWUROXOGLVWDQHLSRDWHIL
DIHFWDW

$FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGLQ
WUDILFFKLDULFkQG',67521,&3/86HVWH
DFWLYDWQFD]FRQWUDUHVWHSRVLELOVQXUHFX
QRDWHLSHULFROHOHODWLPSSURYRFkQGXQDFFL
GHQWLUQLUHDGXPQHDYRDVWULDDOWRUSHU
VRDQH

 $9(57,60(17
',67521,&3/86IUkQHD]DXWRYHKLFXOXO
GXPQHDYRDVWUFXSkQODPD[LPXPPV
vQIXQFLHGHYLWH]DVD$FHDVWDFRUHVSXQGH
XQXLSURFHQWGHDSUR[LPDWLYGLQSXWHUHD
GHIUkQDUHPD[LPDDXWRYHKLFXOXOXLGXPQHD
YRDVWU(VWHQHFHVDUFDLGXPQHDYRDVWUV
DFLRQDLVLQJXUIUkQHOHGDFDFHDVWSXWHUH
GHIUkQDUHHVWHLQVXILFLHQW
'DF',67521,&3/86GHWHFWHD]XQULVFGH
FROL]LXQHFXXQDXWRYHKLFXOGLQIDVHHPLWH
XQVXQHWGHDYHUWL]DUHLQWHUPLWHQWQSOXV
ODPSDGHDYHUWL]DUHSULYLQGGLVWDQDGLQ
SDQRXOGHLQVWUXPHQWHVHDSULQGH)UkQDL
SHQWUXDHYLWDRFROL]LXQH
 $9(57,60(17
$XWRYHKLFXOXOSRDWHILIUkQDWFkQG',67521,&
3/86HVWHDFWLYDW'LQDFHVWPRWLYGH]DFWL
YDLIXQFLD',67521,&3/86GDFDXWRYHKL
FXOXOYDILSXVvQPLFDUHSULQDOWHPLMORDFHGH
H[vQWURVSOWRULHDXWRVDXSULQWUDFWDUH

6LVWHPXOGHVHQ]RUUDGDUHVWHDXWRPDWGH]DF
WLYDWOkQJXQLWLOHUDGLRWHOHVFRS
3DJLQD
'DFGRULLFD',67521,&3/86VYDVLVWH
VLVWHPXOGHVHQ]RULUDGDUWUHEXLHVILHDFWLYDW
3DJLQDLIXQFLRQDO

1RWHJHQHUDOH
',67521,&3/86UHJOHD]YLWH]DLYDMXW
DXWRPDWVPHQLQHLGLVWDQDIDGHDXWR
YHKLFXOXOGHWHFWDWvQID',67521,&3/86
IUkQHD]DXWRPDWDVWIHOvQFkWYLWH]DVHWDWV
QXILHGHSLW
QSDQWHOHGHVFHQGHQWHOXQJLLDEUXSWHPDL
DOHVGDFDXWRYHKLFXOXOHVWHvQFUFDWVDX
GDFWUDFWDLRUHPRUFWUHEXLHVVHOHFWDL

6LVWHPHGHDVLVWDUHDFRQGXFHULL

0DQHWSHQWUXFRQWUROXOFURD]LHUHL

C 3HQWUXDDFWLYDVDXSHQWUXDFUHWHYLWH]D
D 3HQWUXDVHWDGLVWDQDPLQLPVSHFLILFDW
/DPSDLQGLFDWRDUH/,0
3HQWUXDDFWLYDODYLWH]DFXUHQWXOWLPD

YLWH]PHPRUDW
3HQWUXDDFWLYDVDXSHQWUXDUHGXFHYLWH]D
3HQWUXDFRPXWDvQWUH',67521,&3/86L

63(('7521,&YDULDELO
k 3HQWUXDGH]DFWLYD',67521,&3/86

&XPDQHWDSHQWUXFRQWUROXOFURD]LHUHLSXWHL
DFLRQD',67521,&3/86L63(('7521,&
YDULDELO
 3HQWUXDFRPXWDvQWUH63(('7521,&
YDULDELOL',67521,&3/86DSVDL

PDQHWDSHQWUXFRQWUROXOFURD]LHUHLvQGLUHF
LDLQGLFDWGHVJHDW
/DPSDLQGLFDWRDUH/,0GHSHPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLLQGLFFHIXQFLHDL
VHOHFWDW
=/DPSDLQGLFDWRDUH/,0VWLQV',6

7521,&3/86HVWHVHOHFWDW
=/DPSDLQGLFDWRDUH/,0DSULQVVD

VHOHFWDW63(('7521,&YDULDELO

$FWLYDUHD',67521,&3/86
&RQGLLLGHDFWLYDUH
3HQWUXDDFWLYD',67521,&3/86WUHEXLHV
ILHvQGHSOLQLWHXUPWRDUHOHFRQGLLL
=SHQWUXDXWRYHKLFXOHOHQHGRWDWHFXVLVWHP

GHQDYLJDLH%HFNHU0$33,/27WUHEXLH
VILHFRQHFWDW&RQVXOWDLLQVWUXFLXQLOHGH
XWLOL]DUH$XGLRVHSDUDWH
=PRWRUXOWUHEXLHVILHvQIXQFLXQH(VWH
SRVLELOVILHQHFHVDUHGRXPLQXWHGHFRQ
GXFHUHvQDLQWHFD',67521,&3/86VILH
JDWDGHXWLOL]DUH
=IUkQDHOHFWULFGHSDUFDUHWUHEXLHVILHHOL
EHUDW
=(63WUHEXLHVILHSRUQLWvQVVQXLQWHU
YLQ
=WUDQVPLVLDWUHEXLHVILHvQSR]LLD'
=SRUWLHUDRIHUXOXLWUHEXLHVILHvQFKLV
FkQGFXSODLGLQ3vQ'VDXFHQWXUDGXP
QHDYRDVWUGHVLJXUDQWUHEXLHVILH
FXSODW
=SRUWLHUDSDVDJHUXOXLGLQIDLSRUWLHUHOH
GLQVSDWHWUHEXLHVILHvQFKLVH
=3URJUDPXO2IIURDGWUHEXLHVILHGH]DF
WLYDWDXWRYHKLFXOHOHFXSDFKHW
21 2))52$'
='65WUHEXLHVILHGH]DFWLYDW
=DXWRYHKLFXOXOQXWUHEXLHVGHUDSH]H
=IXQFLD',67521,&3/86WUHEXLHVHOHFWDW
3DJLQD

&RQGXFHUHDLSDUFDUHD

WUHDSWDGHYLWH]HVDXvQWLPSXWLO$VWIHO
YHLUHFXUJHODHIHFWXOGHIUkQGHPRWRU$VW
IHOVHYDHOLPLQDVDUFLQDODFDUHHVWHVXSXV
VLVWHPXOGHIUkQDUHLVHSUHYLQHVXSUDvQFO]L
UHDLX]XUDSUHPDWXUDIUkQHORU
'DF',67521,&3/86GHWHFWHD]XQDXWR
YHKLFXOPDLOHQWvQIDDXWRYHKLFXOXOGXP
QHDYRDVWUIUkQHD]SHQWUXDPHQLQHGLV
WDQDSUHVHWDWIDGHDXWRYHKLFXOXOGLQID
'DFQXVHDIOQLFLXQDXWRYHKLFXOvQID
',67521,&3/86VHFRPSRUWODIHOFDL
FRQWUROXOFURD]LHUHLvQLQWHUYDOXOGHYLWH]GLQ
WUHNPKLNPK'DFXQDXWRYHKL
FXOUXOHD]vQIDDGXPQHDYRDVWU',6752
1,&DFLRQHD]vQLQWHUYDOXOGHYLWH]GLQWUH
NPKLNPK
1XXWLOL]DL',67521,&3/86SHGUXPXULFX
SDQWHDEUXSWH



6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD



$FWLYDUHDvQWLPSXOFRQGXFHULL
&kQGFRQGXFHLFXYLWH]VXENPKSXWHL
DFWLYD',67521,&3/86QXPDLGDFDXWRYH
KLFXOXOGLQIDDIRVWGHWHFWDWLDSDUHSHDIL
DMXOPXOWLIXQFLRQDO'DFDXWRYHKLFXOXOGLQ
IDQXPDLHVWHGHWHFWDWLDILDW',67521,&
3/86HVWHRSULWLVHHPLWHXQVXQHW
 7UDJHLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
]LHUHLFWUHGXPQHDYRDVWUVDXDSVDL
vQVXVCVDXvQMRV
',67521,&3/86HVWHVHOHFWDW
 0HQLQHLPDQHWDSHQWUXFRQWUROXOFURD]LH
UHLDSVDWvQVXVCVDXvQMRVSkQ
FkQGVHWDLYLWH]DGRULW
 5LGLFDLSLFLRUXOGHSHSHGDODGHDFFHOHUD
LH
$XWRYHKLFXOXOGXPQHDYRDVWUvLDGDS
WHD]YLWH]DIDGHFHDDDXWRYHKLFXOXOXL
GLQIDvQVQXPDLSkQODYLWH]DPHPR
UDWGRULW

G 'DFQXHOLEHUDLSHGDODGHDFFHOHUDLH
SkQODFDSWPHVDMXO',67521,&3/86
LQDFWLYH',67521,&3/86LQDFWLY
DSDUHSHDILDMXOPXOWLIXQFLRQDO'LVWDQD
VHWDWIDGHXQDXWRYHKLFXOPDLOHQWGLQ
IDQXYDILDSRLPHQLQXW9HLFRQGXFH
ODYLWH]DVWDELOLWSULQSR]LLDSHGDOHLGH
DFFHOHUDLH
$FWLYDUHDvQWLPSXOFRQGXFHULLFWUHDXWR
YHKLFXOXOVWDLRQDW
'DFDXWRYHKLFXOXOGLQIDVWDLRQHD]
SXWHLDFWLYD',67521,&3/86QXPDLRGDW
FHLDXWRYHKLFXOXOGXPQHDYRDVWUVWDLR
QHD]


0HQLQHLPDQHWDSHQWUXFRQWUROXOFURD]LH
UHLDSVDWvQVXVCVDXvQMRVSkQ
FkQGVHWDLYLWH]DGRULW
G 3XWHLXWLOL]DPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLSHQWUXDVHWDYLWH]DPHPRUDWL
FRPDQGDGHSHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLSHQWUXDVHWDGLVWDQDPLQLP
VSHFLILFDW3DJLQD


$FWLYDUHDODYLWH]DFXUHQWXOWLPDYLWH]
PHPRUDW

 3HULFROGHDFFLGHQW
6HOHFWDLXQDGLQWUHYLWH]HOHPHPRUDWHGRDU
GDFYDORDUHDYLWH]HLUHVSHFWLYHYHVWH
FXQRVFXWLGDFDFHDVWDHVWHDGHFYDWSHQ
WUXFRQGLLLOHFXUHQWHGHGUXPLWUDILFQFD]
FRQWUDUDFFHOHUDUHDVDXIUkQDUHDEUXVF
SRDWHFUHDVLWXDLLSHULFXORDVHSHQWUXGXP
QHDYRDVWUVDXSHQWUXDOWHSHUVRDQH
7UDJHLVFXUWGHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLFWUHGXPQHDYRDVWU
 5LGLFDLSLFLRUXOGHSHSHGDODGHDFFHOHUD
LH
',67521,&3/86HVWHDFWLYDW/DSULPDVD
DFWLYDUHYLWH]DFXUHQWHVWHPHPRUDWQ
FD]FRQWUDUYLWH]DGHFURD]LHUDDXWRYHKL
FXOXOXLHVWHVHWDWODYDORDUHDPHPRUDW
DQWHULRU


'LVSOD\FkQG',67521,&3/86HVWHDFWL
YDW

7UDJHLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
]LHUHLFWUHGXPQHDYRDVWUVDXDSVDL
vQVXVCVDXvQMRV
',67521,&3/86HVWHVHOHFWDW

G ',67521,&3/86SRDWHILDFWLYDWODVXE
NPKGDFXQDXWRYHKLFXOGLQIDDIRVW
GHWHFWDW3ULQXUPDUHDILDMXOGHGLVWDQ
',67521,&3/86GLQSDQRXOGHLQVWUX
PHQWHWUHEXLHVILHDFWLYDW
3DJLQD

([HPSOX',67521,&3/86VHDILHD]vQYLWH]R
PHWUX

6LVWHPHGHDVLVWDUHDFRQGXFHULL

G 'LQPRWLYHVWUXFWXUDOHYLWH]DDILDWSH
YLWH]RPHWUXSRDWHGLIHULXRUIDGHYLWH]D
VHWDWSHQWUX',67521,&3/86
'DF',67521,&3/86GHWHFWHD]XQDXWR
YHKLFXOvQIDVHJPHQWHOHDGLQWUHYLWH]D
DXWRYHKLFXOXOXLGLQIDCLYLWH]DPHPR
UDWVHDSULQG

&RQGXFHUHDFX',67521,&3/86
3RUQLUHGHSHORF
 'DFDXWRYHKLFXOXOGLQIDSOHDFGH
SHORFOXDLSLFLRUXOGHSHSHGDODGHIUkQ
 7UDJHLVFXUWGHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHL3DJLQDFWUHGXPQHD
YRDVWU
VDX
 $FFHOHUDLVFXUW
$XWRYHKLFXOXOGXPQHDYRDVWUSOHDFGHSH
ORFLvLDGDSWHD]YLWH]DIDGHFHDD
DXWRYHKLFXOXOXLGLQID
&RQGXFHUH

([HPSOXDILDUHDGLVWDQHLSHDILDMXOPXOWLIXQF
LRQDOFkQG',67521,&3/86DIRVWDFWLYDW
C ',67521,&3/86DFWLYDW
D $XWRYHKLFXOXOSURSULX
'LVWDQDPLQLPVSHFLILFDWIDGHDXWR

YHKLFXOXOGLQIDUHJODELO

 $9(57,60(17
'DFDSVDLIUkQD',67521,&3/86HVWH
GH]DFWLYDWFXH[FHSLDFD]XOXLvQFDUHDXWRYH
KLFXOXOGXPQHDYRDVWUVWDLRQHD]',6752
1,&3/86QXPDLIUkQHD]DSRLDXWRYHKLFXOXO
QDVWIHOGHVLWXDLLFRQWURODLGLVWDQDIDGH
DXWRYHKLFXOHOHGLQIDQXPDLFXIUkQDQFD]
FRQWUDUSXWHLSURYRFDXQDFFLGHQWUQLQGX
YvQFRQVHFLQSHGXPQHDYRDVWULDOWH
SHUVRDQHRIHUXOSRDUWvQWUHDJDUHVSRQVD
ELOLWDWHSHQWUXGLVWDQDDXWRYHKLFXOXOXLIDGH
DOWHDXWRYHKLFXOHYLWH]DODFDUHFRQGXFHL
SHQWUXIUkQDUHDvQWLPSXWLO

$XWRYHKLFXOXOGLQIDGDFDIRVWGHWHF

WDW
Q0HQLXODVLVWHQ3DJLQDDOFDOFX
ODWRUXOXLGHERUGSXWHLVHOHFWDDILDMXOGH
GLVWDQ
 6HOHFWDLIXQFLD'LVWDQFHGLVSOD\
$ILDMGLVWDQFXDMXWRUXOFDOFXODWR
UXOXLGHERUG3DJLQD

G 9HLYHGHDYLWH]DPHPRUDWWLPSGHDSUR
[LPDWLYFLQFLVHFXQGHFkQGDFWLYDL',6
7521,&3/86

'DFQXVHDIOQLFLXQDXWRYHKLFXOvQID
',67521,&3/86IXQFLRQHD]SUHFXPFRQ
WUROXOFURD]LHUHL
'DF',67521,&3/86GHWHFWHD]FDXWR
YHKLFXOXOGLQIDDvQFHWLQLWDFHVWDYIUk
QHD]DXWRYHKLFXOXO$VWIHOHVWHPHQLQXW
GLVWDQDSHFDUHDLVHOHFWDWR
'DF',67521,&3/86GHWHFWHD]vQIDXQ
DXWRYHKLFXOFDUHVHGHSODVHD]PDLUHSHGH
DFHVWDYDFFHOHUHD]YHKLFXOXOGDUQXPDL
SkQODYLWH]DPHPRUDWGHGXPQHDYRDVWU

&RQGXFHUHDLSDUFDUHD

&kQG',67521,&3/86HVWHDFWLYDWXQXOVDX
GRXVHJPHQWHDGLQWUHDSWDGHYLWH]H
VHWDWVHDSULQG



&RQGXFHUHDLSDUFDUHD



6LVWHPHGHDVLVWDUHDFRQGXFHULL
6FKLPEDUHDEHQ]LL
'DFWUHFHLSHEDQGDGHGHSLUH',6752
1,&3/86YRIHUDVLVWHQGDF
=FRQGXFHLFXSHVWHNPK
=',67521,&3/86PHQLQHGLVWDQDIDGH

DXWRYHKLFXOXOGLQID
=SRUQLLVHPQDOL]DWRDUHOHGHGLUHFLHFRUHV

SXQ]WRDUH
=',67521,&3/86QXGHWHFWHD]XQSHULFRO
GHFROL]LXQH
'DFVHvQGHSOLQHVFDFHVWHFRQGLLLDXWRYH
KLFXOXOGXPQHDYRDVWUDFFHOHUHD]$FFHOH
UDUHDYDILvQWUHUXSWGDFVFKLPEDUHDEHQ]L
ORUGXUHD]SUHDPXOWVDXGDFGLVWDQDGLQWUH
DXWRYHKLFXOXOGXPQHDYRDVWULDXWRYHKLFX
OXOGLQIDVHUHGXFHSUHDPXOW

',67521,&3/86XWLOL]HD]LQIRUPDLLVXSOL
PHQWDUHGHODVLVWHPXOGXPQHDYRDVWUGH
QDYLJDLHDVWIHOvQFkWVVHDGDSWH]HODDQX
PLWHVLWXDLLGLQWUDILF$FHDVWVLWXDLHDSDUH
GDFvQWLPSFHXUPDLXQDXWRYHKLFXO',6
7521,&3/86HVWHDFWLYLGXPQHDYRDVWU
=YDSURSLDLVDXWUHFHLSULQWUXQVHQVJLUD

WRULX
=YDSURSLDLGHRLQWHUVHFLHvQ7
=RSULLODRLHLUHGHSHDXWRVWUDG
&KLDULGDFDXWRYHKLFXOXOGLQIDLHVHGLQ
UD]DGHGHWHFWDUH',67521,&3/86PHQLQH
WHPSRUDUYLWH]DGHFRQGXFHUHFXUHQWLQX
DFFHOHUHD]$FHVWDVHED]HD]SHGDWHOH
FXUHQWHDOHKULORUGLQVLVWHPXOGHQDYLJDLH

G /DVFKLPEDUHDEHQ]LORU',67521,&3/86
PRQLWRUL]HD]EDQGDGLQVWkQJDvQFD]XO
DXWRYHKLFXOHORUFXYRODQXOSHSDUWHDVWkQJ
LEDQGDGLQGUHDSWDvQFD]XODXWRYHKLFX
OHORUFXYRODQXOSHSDUWHDGUHDSW
 $9(57,60(17
',67521,&3/86LDVLVWHQDDFWLYODXQJKLXO
PRUWVXQWGRDUVLVWHPHGHDVLVWDUHDFRQGX
FHULL
$FHVWHDQXYDEVROYGHUVSXQGHUHDGHD
PDQLIHVWDRDWHQLHGHRVHELWRIHUXOSRDUW
vQWUHDJDUHVSRQVDELOLWDWHSHQWUXGLVWDQD
DXWRYHKLFXOXOXLIDGHDOWHDXWRYHKLFXOH
YLWH]DDXWRYHKLFXOXOXLLSHQWUXIUkQDUHDvQ
WLPSXWLO$FRUGDLvQWRWGHDXQDDWHQLHFRQGL
LLORUGLQWUDILFLvPSUHMXULPLORUGXPQHD
YRDVWUQFD]FRQWUDUHVWHSRVLELOVQX
UHFXQRDWHLSHULFROHOHODWLPSSURYRFkQGXQ
DFFLGHQWLUQLUHDGXPQHDYRDVWULDDOWRU
SHUVRDQH
$XWRYHKLFXOHOHFX&20$1'2QOLQH
G 8UPWRDUHDIXQFLHQXHVWHRSHUDLRQDO
vQWRDWHULOH

([HPSOXVHQVJLUDWRULX

9LWH]DFXUHQWHVWHPHQLQXW
=DSUR[LPDWLYVHFXQGHvQDLQWHGHVHQVXO

JLUDWRULXLQWHUVHFLDvQ7LWLPSGHDSUR[L
PDWLYVHFXQGHFkQGFRQGXFHLSULQVHQ
VXOJLUDWRULX
=DSUR[LPDWLYVHFXQGHvQDLQWHGHDDMXQJH
ODLHLUHDGHSHDXWRVWUDGLDSUR[LPDWLY
VHFXQGHGXSLHLUHDGHSHDXWRVWUDG
$SRLDXWRYHKLFXOXODFFHOHUHD]vQDSRLOD
YLWH]DVHWDWVSHFLILFDWGHGXPQHDYRDVWU
2SULUH

 $9(57,60(17
1XLHLLQLFLRGDWGLQDXWRYHKLFXOFkQG',6
7521,&3/86HVWHDFWLYDW
',67521,&3/86QXWUHEXLHGHDVHPHQHDV
ILHQLFLRGDWDFLRQDWDFWLYDWVDXGH]DFWLYDW

GHXQSDVDJHUVDXGLQH[WHULRUXODXWRYHKLFX
OXOXL
',67521,&3/86QXvQORFXLHWHIUkQDGHSDU
FDUHHOHFWULFLQXWUHEXLHVILHXWLOL]DWSHQ
WUXSDUFDUH
(IHFWXOGHIUkQDUHRIHULWGH',67521,&3/86
HVWHDQXODWLDXWRYHKLFXOXOVHSRDWHSXQHvQ
PLFDUHGDF
=',67521,&3/86HVWHGH]DFWLYDWFXDMXWR

UXOPDQHWHLSHQWUXFRQWUROXOFURD]LHUHL
=DFFHOHUDL
=H[LVWRGHIHFLXQHvQVLVWHPVDXRvQWUHUX

SHUHvQDOLPHQWDUHDHOHFWULFGHH[R
GHIHFLXQHODEDWHULH
=VHLQWHUYLQHQHDXWRUL]DWODVLVWHPXOHOHFWULF
GLQFRPSDUWLPHQWXOPRWRUXOXLODEDWHULH
VDXODVLJXUDQH
=EDWHULDHVWHGHFRQHFWDW
'DFGRULLVSUVLLDXWRYHKLFXOXOVDXVvO
SDUFDLGH]DFWLYDL',67521,&3/86LDVL
JXUDLDXWRYHKLFXOXOFRQWUDSXQHULLvQPLFDUH

'DF',67521,&3/86GHWHFWHD]FDXWR
YHKLFXOXOGLQIDVHRSUHWHDFHVWDYIUk
QHD]DXWRYHKLFXOXOSkQFkQGVWDLRQHD]
2GDWFHDXWRYHKLFXOXOGXPQHDYRDVWUVWD
LRQHD]DFHVWDUPkQHVWDLRQDWQHILLQG
QHFHVDUDSVDUHDIUkQHL

G 'XSRDQXPLWSHULRDGIUkQDHOHFWULF
GHSDUFDUHDVLJXUDXWRYHKLFXOXOLHOLEH
UHD]IUkQDGHVHUYLFLX
G QIXQFLHGHGLVWDQDPLQLPVSHFLILFDW
DXWRYHKLFXOXOGXPQHDYRDVWUYDIUkQD
SkQODRSULUHODRGLVWDQVXILFLHQWvQ
VSDWHOHDXWRYHKLFXOXOXLGLQID'LVWDQD
PLQLPVSHFLILFDWHVWHVHWDWFXDMXWRUXO
FRPHQ]LLGHSHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHL

)UkQDHOHFWULFGHSDUFDUHDVLJXUDXWRPDW
DXWRYHKLFXOXOGDF',67521,&3/86HVWH
DFWLYDWL
=SRUWLHUDRIHUXOXLHVWHGHVFKLVLFHQWXUD

GHVLJXUDQDRIHUXOXLQXHVWHFXSODW
=PRWRUXOHVWHRSULWFXH[FHSLDFD]XOXLvQ

FDUHHVWHRSULWDXWRPDWGHIXQFLDVWDUW
VWRS(&2
=VXUYLQHRGHIHFLXQHvQVLVWHP
=DOLPHQWDUHDHOHFWULFHVWHLQVXILFLHQW
3HSDQWHDVFHQGHQWHVDXGHVFHQGHQWH
DEUXSWHVDXGDFH[LVWRGHIHFLXQHWUDQV
PLVLDSRDWHILGHDVHPHQHDFXSODWDXWRPDW
vQSR]LLD3

6HWDUHDXQHLYLWH]H

$SVDLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
vQVXVCSHQWUXRYLWH]PDLULGLFDWVDX
vQMRVDSHQWUXRYLWH]UHGXV
 0HQLQHLPDQHWDSHQWUXFRQWUROXOFURD]LH
UHLDSVDWSkQFkQGDWLQJHLYLWH]DGRULW
 (OLEHUDLPDQHWDSHQWUXFRQWUROXOFURD]LH
UHL
1RXDYLWH]HVWHPHPRUDW',67521,&
3/86HVWHDFWLYDWLUHJOHD]YLWH]DDXWR
YHKLFXOXOXLODQRXDYLWH]PHPRUDW
 6HWDUHvQLQFUHPHQWHGHNPKDSVDL
VFXUWPDQHWDSHQWUXFRQWUROXOFURD]LHUHLvQ
VXVCVDXvQMRVDSkQODSXQFWXOGHSUH
VLXQH
8OWLPDYLWH]PHPRUDWFUHWHVDXGHV
FUHWHvQLQFUHPHQWHGHNPK
 6HWDUHvQLQFUHPHQWHGHNPK
DSVDLVFXUWPDQHWDSHQWUXFRQWUROXOFURD




&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULL

6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD



]LHUHLvQVXVCVDXvQMRVDGLQFRORGH
SXQFWXOGHSUHVLXQH
8OWLPDYLWH]PHPRUDWFUHWHVDXGHV
FUHWHvQLQFUHPHQWHGHNPK

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

G ',67521,&3/86QXHVWHGH]DFWLYDWGDF
DSVDLSHGDODGHDFFHOHUDLH'DFDFFH
OHUDLSHQWUXDGHSL',67521,&3/86
UHJOHD]YLWH]DDXWRYHKLFXOXOXLODXOWLPD
YLWH]PHPRUDWGXSFHDLILQDOL]DW
GHSLUHD
6HWDUHDGLVWDQHLPLQLPHVSHFLILFDWH
3XWHLVHWDGLVWDQDPLQLPVSHFLILFDWSHQ
WUX',67521,&3/86SULQYDULHUHDLQWHUYDOXOXL
GHWLPSvQWUHXQDLGRXVHFXQGH&XDFHDVW
IXQFLHSXWHLVHWDGLVWDQDPLQLPSVWUDW
GH',67521,&3/86IDGHDXWRYHKLFXOXOGLQ
IDvQIXQFLHGHYLWH]DDXWRYHKLFXOXOXL
3XWHLYHGHDDFHDVWGLVWDQSHDILDMXOPXO
WLIXQFLRQDO3DJLQD

([LVWPDLPXOWHPRGXULGHDGH]DFWLYD',6
7521,&3/86
$SVDLVFXUWSHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLCvQDLQWH
VDX
 )UkQDLFXH[FHSLDFD]XOXLvQFDUHDXWRYH
KLFXOXOVWDLRQHD]
VDX
 $SVDLVFXUWPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQGLUHFLDLQGLFDWGHVJHDWD

63(('7521,&YDULDELOHVWHVHOHFWDW
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHDSULQGH


&kQGGH]DFWLYDL',67521,&3/86PHVDMXO
',67521,&3/86RII',67521,&3/86
RSULWDSDUHSHDILDMXOPXOWLIXQFLRQDOWLPS
GHDSUR[LPDWLYFLQFLVHFXQGH
3HQWUXDFUHWHURWLLFRPDQGDDvQ
GLUHFLD
',67521,&3/86SVWUHD]DVWIHORGLV
WDQPDLPDUHvQWUHDXWRYHKLFXOXOGXP
QHDYRDVWULDXWRYHKLFXOXOGLQID
 3HQWUXDUHGXFHURWLLFRPDQGDDvQ
GLUHFLDC
',67521,&3/86SVWUHD]DVWIHORGLV
WDQPDLPLFvQWUHDXWRYHKLFXOXOGXPQHD
YRDVWULDXWRYHKLFXOXOGLQID


G $VLJXUDLYFPHQLQHLRGLVWDQVXIL
FLHQWLVLJXUIDGHDXWRYHKLFXOXOGLQ
ID5HJODLGLVWDQDIDGHDXWRYHKLFXOXO
GLQIDGDFVLWXDLDRFHUH

G 8OWLPDYLWH]PHPRUDWUPkQHPHPR
UDWFkQGRSULLPRWRUXO
',67521,&3/86HVWHDXWRPDWGH]DFWLYDW
GDF
=FXSODLIUkQDHOHFWULFGHSDUFDUHVDXGDF

DXWRYHKLFXOXOHVWHDXWRPDWDVLJXUDWFX
IUkQDHOHFWULFGHSDUFDUH
=FRQGXFHLFXRYLWH]VXENPKLQX
DYHLQLFLXQDXWRYHKLFXOvQIDVDXGDF
DXWRYHKLFXOXOGLQIDQXPDLHVWHGHWHFWDW
=(63LQWHUYLQHVDXGDFGH]DFWLYDL(63
=WUDQVPLVLDHVWHvQSR]LLD35VDX1

6LVWHPHGHDVLVWDUHDFRQGXFHULL

OHVFRS3DJLQD
=GH]DFWLYDLVLVWHPXOGHVHQ]RULUDGDU
3DJLQD
=WUDJHLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
FWUHGXPQHDYRDVWUSHQWUXDSRUQLGHSH
ORFLSRUWLHUDSDVDJHUXOXLGLQIDVDXXQD
GLQWUHSRUWLHUHOHGLQVSDWHHVWHGHVFKLV
=DFWLYDL'65
=DFWLYDLSURJUDPXORIIURDGODDXWRYHKL
FXOHOHFXSDFKHW21 2))52$'
=DXWRYHKLFXOXODGHUDSDW
QFD]XOvQFDUH',67521,&3/86HVWHGH]DF
WLYDWYHLDX]LXQVXQHWGHDYHUWL]DUH0HVDMXO
',67521,&3/86RII',67521,&3/86
RSULWDSDUHSHDILDMXOPXOWLIXQFLRQDOWLPS
GHDSUR[LPDWLYFLQFLVHFXQGH
Q0HQLXODVLVWHQ3DJLQDDOFDOFX
ODWRUXOXLGHERUGSXWHLVHOHFWDDILDMXOGH
GLVWDQ

6IDWXULSHQWUXFRQGXFHUHDFX',6752
1,&3/86
1RWHJHQHUDOH
QXUPWRDUHOHJVLLGHVFULHULDOHXQRUDQX
PLWHFRQGLLLGHGUXPLWUDILFFURUDWUHEXLH
VOHDFRUGDLRDWHQLHGHRVHELWQDVWIHOGH
VLWXDLLIUkQDLGDFVLWXDLDRFHUH',6752
1,&3/86HVWHDSRLGH]DFWLYDW
9LUDMHLQWUDUHDLLHLUHDGLQFXUE

&DSDFLWDWHD',67521,&3/86GHDGHWHFWD
DXWRYHKLFXOHvQYLUDMHHVWHOLPLWDW$XWRYHKL
FXOXOGXPQHDYRDVWUSRDWHIUkQDQHDWHSWDW
VDXWDUGLY
$XWRYHKLFXOHOHFDUHFLUFXOSHREDQG
GLIHULW

([HPSOXDILDMGLVWDQFkQG',67521,&3/86D
IRVWGH]DFWLYDW
C $XWRYHKLFXOXOGLQIDGDFDIRVWGHWHF

WDW
D ,QGLFDWRUXOGHGLVWDQGLVWDQDFXUHQW

IDGHDXWRYHKLFXOXOGLQID
'LVWDQDPLQLPVSHFLILFDWIDGHDXWR

YHKLFXOXOGLQIDUHJODELO
$XWRYHKLFXOXOSURSULX


6HOHFWDLIXQFLD'LVWDQFHGLVSOD\
$ILDMGLVWDQFXDMXWRUXOFDOFXODWR
UXOXLGHERUG3DJLQD

',67521,&3/86SRDWHVQXGHWHFWH]HDXWR
YHKLFXOHOHFDUHXUPHD]REDQGGLIHULW'LV
WDQDIDGHDXWRYHKLFXOXOGLQIDYDILSUHD
VFXUW

&RQGXFHUHDLSDUFDUHD

=DXWRYHKLFXOXOHVWHOkQJRXQLWDWHUDGLRWH





6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD

$OWHDXWRYHKLFXOHFDUHVFKLPEEDQGD

',67521,&3/86QXIUkQHD]ODREVWDFROH
VDXDXWRYHKLFXOHVWDLRQDWH'DFGHH[HP
SOXDXWRYHKLFXOXOGHWHFWDWYLUHD]LvQIDD
VDDSDUHXQREVWDFROVDXXQDXWRYHKLFXOVWD
LRQDW',67521,&3/86QXYDIUkQDFkQGVH
DSURSLHGHDFHVWHD
$XWRYHKLFXOHOHFDUHYWDLHFDOHD

',67521,&3/86QXDGHWHFWDWvQFDXWRYH
KLFXOXOFDUHDLQWUDWvQIDDGXPQHDYRDVWU
'LVWDQDIDGHDFHVWDXWRYHKLFXOYDILSUHD
VFXUW
$XWRYHKLFXOHvQJXVWH
',67521,&3/86SRDWHGHWHFWDGLQJUHHDO
DXWRYHKLFXOHFDUHYWUDYHUVHD]EDQGD$FWL
YDUHD',67521,&3/86ODVHPDIRDUHFXDXWR
YHKLFXOHFDUHYWDLHFDOHDGHH[HPSOXSRDWH
IDFHFDDXWRYHKLFXOXOGXPQHDYRDVWUVSRU
QHDVFGHSHORFQHLQWHQLRQDW

&RQWUROXOQLYHOXOXLDXWRYHKLFXOHFX
SDFKHWXO21 2))52$'
',67521,&3/86QXDGHWHFWDWvQFDXWRYH
KLFXOXOGLQIDDPDUJLQLLSULLFDURVDELOHGLQ
FDX]DOLPLLVDOHPLFL'LVWDQDIDGHDXWR
YHKLFXOXOGLQIDYDILSUHDVFXUW
2EVWDFROHLDXWRYHKLFXOHVWDLRQDWH

1RWHLPSRUWDQWHSULYLQGVLJXUDQD
&RQWUROXOQLYHOXOXLDGDSWHD]QLYHOXODXWRYH
KLFXOXOXLvQPRGDXWRPDWODVLWXDLDFXUHQW
GHFRQGXFHUHLIXQFLRQDUH$VWIHOFRQVX
PXOGHFDUEXUDQWVHUHGXFHLDUPDQHYUDELOL
WDWHDHVWHvPEXQWLW
6FKLPEDLQLYHOXODXWRYHKLFXOXOXLvQWLPSFH
DXWRYHKLFXOXOHVWHvQPLFDUH$VWIHODXWRYH
KLFXOXOHVWHUHJODWODXQQRXQLYHOFkWPDL
UHSHGHSRVLELO
1LYHOXODXWRYHKLFXOXOXLVHSRDWHPRGLILFDvQ
PRGYL]LELOGDFSDUFDLDXWRYHKLFXOXOLDU
WHPSHUDWXUDH[WHULRDUVHPRGLILF'DF
WHPSHUDWXUDVFDGHQLYHOXODXWRYHKLFXOXOXL
VFDGHRGDWFXFUHWHUHDWHPSHUDWXULL
FUHWHLQLYHOXODXWRYHKLFXOXOXL

6LVWHPHGHDVLVWDUHDFRQGXFHULL

 3HULFROGHUQLUH
$VLJXUDLYFQXVHJVHWHQLPHQLvQDSUR
SLHUHDSDVDMHORUGHURDWVDXDSULLLQIH
ULRDUHDFDURVHULHLDWXQFLFkQGLQLLDLSURFH
GXUDGHUHJODUHDJU]LLODVROQFD]FRQWUDU
GXPQHDYRDVWUVDXDOWHSHUVRDQHSRWIL
SULQVH
 3HULFROGHDFFLGHQW
6HOHFWDLvQWRWGHDXQDXQQLYHOFkWPDLFRERUkW
DOJU]LLODVRO'DFQLYHOXODXWRYHKLFXOXOXL
HVWHULGLFDWFHQWUXOGHJUHXWDWHDODXWRYHKL
FXOXOXLHVWHPDLVXV$FHVWOXFUXPUHWHULV
FXOUVWXUQULLDXWRYHKLFXOXOXL
$GDSWDLYVWLOXOGHFRQGXFHUHODQLYHOXODOHV
GHGXPQHDYRDVWUSHQWUXDXWRYHKLFXO6LVWH
PXO(63QXSRDWHGLPLQXDSHULFROXOGHDFFL
GHQWvQFD]XOvQFDUHFRQGXFHLFXYLWH]H[FH
VLY$FHVWDQXSRDWHDQXODOHJLOHIL]LFLL

6HOHFWDL
=1LYHODXWRVWUDGYLWH]ULGLFDWSHQWUX

FRQGXFHUHDSHGUXPXULQRUPDOH
=1LYHOXORIIURDGSHQWUXFRQGXFHUHDSH

WHUHQXULRIIURDGXRUDFFHVLELOH
=1LYHOXORIIURDGSHQWUXFRQGXFHUHDSH

WHUHQXULRIIURDGQRUPDOH
=1LYHOXORIIURDGSHQWUXHOLEHUDUHDDXWR

YHKLFXOXOXLGHWHUHQXULOHRIIURDGGLILFLOH
ODYLWH]HUHGXVH
1LYHOXULOHLQGLYLGXDOHDOHDXWRYHKLFXOHORU
GLIHUGHQLYHOXOGHDXWRVWUDGGXSFXP
XUPHD]
=1LYHOXOGHDXWRVWUDGPP
=1LYHOXOGHYLWH]ULGLFDWPP
=1LYHOXORIIURDGPPSHVWHQLYHOXOGH

DXWRVWUDG
=1LYHOXORIIURDGPPSHVWHQLYHOXOGH

DXWRVWUDG
=1LYHOXORIIURDGPPSHVWHQLYHOXOGH

DXWRVWUDG

1LYHODXWRVWUDGYLWH]ULGLFDW
 $VLJXUDLYFGLVWDQDSkQODVROHVWH
VXILFLHQWDWXQFLFkQGFRERUkLDXWRYHKL
FXOXOQFD]FRQWUDUDFHVWDSRDWHDWLQJH
VROXOLSDUWHDGHGHGHVXEWDFDURVHULHL
SRDWHILGHWHULRUDW

 $WXQFLFkQGFRQGXFHLSHWHUHQH[WUHPGH
GLILFLOVHOHFWDLXQQLYHOULGLFDWDODXWRYHKL
FXOXOXLvQWLPSXWLO$VLJXUDLYFDYHL
vQWRWGHDXQDRJDUGODVROVXILFLHQWQFD]
FRQWUDUYHLGHWHULRUDDXWRYHKLFXOXO
3HQWUXLQIRUPDLLDSUR[LPDWLYFRQGXFHUHD
RIIURDGFRQVXOWDL3DJLQD
6HWULGHED]
0RGXOvQFDUHDXWRYHKLFXOXOHVWHULGLFDWVDX
FRERUkWGHSLQGHGHVHWDUHDGHED]VHOHF
WDW

C 5RWLDVHOHFWRDUH
D 3HQWUXDULGLFDQLYHOXO
/PSLLQGLFDWRDUH
3HQWUXDFRERUvQLYHOXO

&RQGXFHUHDLSDUFDUHD

'DFGHEORFDLDXWRYHKLFXOXOVDXGHVFKLGHL
RXDXWRYHKLFXOXOvQFHSHVFRPSHQVH]H
GLIHUHQHOHGHVDUFLQFkQGHVWHSDUFDW
7RWXLSHQWUXPRGLILFULGHQLYHOVHPQLILFD
WLYHGHH[GXSFHDXWRYHKLFXOXODVWDLRQDW
SHQWUXRSHULRDGPDLvQGHOXQJDWPRWRUXO
WUHEXLHVILHSRUQLW'LQPRWLYHGHVLJXUDQ
DXWRYHKLFXOXOHVWHFRERUkWDWXQFLFkQGXLOH
VXQWvQFKLVH&RERUkUHDHVWHvQWUHUXSWGDF
RXHVWHGHVFKLVDFHDVWDFRQWLQXGDF
XDHVWHvQFKLV



6LVWHPHGHDVLVWDUHDFRQGXFHULL



3RUQLLPRWRUXO
 5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
URWLDVHOHFWRDUHC
5RWLDVHOHFWRDUHCH[WLQGH

&RQGXFHUHDLSDUFDUHD

'DFXQDVDXPDLPXOWHOPSLLQGLFDWRDUH
VXQWDSULQVH


5RWLLURWLDVHOHFWRDUHCvQVHQVDQWLR
UDUSkQFkQGWRDWHOPSLOHLQGLFD
WRDUHFDUHVXQWDSULQVHvQFHSVFOL
SHDVF
$XWRYHKLFXOXOHVWHFRERUkWODQLYHOXOGH
DXWRVWUDG,PHGLDWGXSFHQLYHOXOFHOPDL
UHGXVHVWHDWLQVODPSDLQGLFDWRDUHVH
RSUHWHGLQFOLSLWLVHVWLQJH

QWLPSXOUHJOULLDSDUHXQPHVDMSHDILDMXO
PXOWLIXQFLRQDOGHH[

1LYHOXULOHRIIURDG
 $9(57,60(17
1LYHOXORIIURDGHVWHLQWHU]LVVILHXWLOL]DW
SHGUXPXULOHSXEOLFH1LYHOXORIIURDG
RIHUDXWRYHKLFXOXOXLGXPQHDYRDVWUXQFHQ
WUXGHJUHXWDWHIRDUWHvQDOW$FHVWOXFUXFUHWH
ULVFXOGHUVWXUQDUHDDXWRYHKLFXOXOXL
=6HOHFWDLQLYHOXORIIURDGQXPDLSHQWUX
VLWXDLLOHvQFDUHFRQGXFHLRIIURDGSH
WHUHQGHRVHELWGHDFFLGHQWDW
=$GDSWDLYVWLOXOGHFRQGXFHUHODFDUDFWH
ULVWLFLOHGHPDQHYUDELOLWDWHPRGLILFDWH
=1XFRQGXFHLFXRYLWH]PDLPDUHGH
NPK
=(YLWDLPLFULOHPDMRUHGHGLUHFLHEUXWH
=LQHLFRQWGHFDUDFWHULVWLFLOHGHPDQHYUD
ELOLWDWHPRGLILFDWH
6HOHFWDLQLYHOXORIIURDGGDFDFHVWDHVWH
DGHFYDWSHQWUXFRQGLLLOHGHGUXPQFD]FRQ
WUDUFRQVXPXOGHFDUEXUDQWDUSXWHDV
FUHDVFLDUSHUIRUPDQHOHGHPDQHYUDUHDU
SXWHDILDIHFWDWH

'DFDSVDLEXWRQXOAVDXvGHSH
YRODQXOPXOWLIXQFLRQDOPHVDMXOYDGLVSUHD
'XSDWLQJHUHDQLYHOXOXLGHDXWRVWUDGWRDWH
OPSLOHLQGLFDWRDUHVHVWLQJ9DDSUHDXQ
PHVDMSHDILDMXOPXOWLIXQFLRQDOGHH[HP
SOX




$XWRYHKLFXOXOVHOHFWHD]DXWRPDWQLYHOXOGH
DXWRVWUDGGDFFRQGXFHLFXRYLWH]PDL
PDUHGHNPKVDXFXRYLWH]FXSULQV
vQWUHNPKLNPKWLPSGHDSUR[L
PDWLYGHVHFXQGH$XWRYHKLFXOXOHVWH
FRERUkWODXQQLYHOFXYLWH]ULGLFDWGDF
FRQGXFHLFXYLWH]HPDLPDUL

3RUQLLPRWRUXO
5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
URWLDVHOHFWRDUHC
5RWLDVHOHFWRDUHCH[WLQGH

6LVWHPHGHDVLVWDUHDFRQGXFHULL
3HQWUXDULGLFDURWLLURWLDVHOHFWRDUHC
vQVHQVRUDUD
$XWRYHKLFXOXOHVWHULGLFDW
VDX
 3HQWUXDFRERUvURWLLURWLDVHOHF
WRDUHCvQVHQVDQWLRUDU
$XWRYHKLFXOXOHVWHFRERUkW



/PSLOHLQGLFDWRDUHSHQWUXQLYHOXORII
URDGGRULWFOLSHVF
=1LYHOXORIIURDGODPSDLQGLFDWRDUHLQIH

ULRDUFOLSHWH
=1LYHOXORIIURDGOPSLOHLQGLFDWRDUH

/PSLOHLQGLFDWRDUHLQIHULRDULFHQWUDO
VXQWDSULQVH
$WXQFLFkQGHVWHHIHFWXDWUHJODUHDGHOD
QLYHOXORIIURDGODQLYHOXORIIURDGYHL
YHGHDXQPHVDMSUHFXPDFHVWDSHDILDMXO
PXOWLIXQFLRQDO

LQIHULRDULFHQWUDOFOLSHVF
=1LYHOXORIIURDGWRDWHFHOHWUHLOPSL

LQGLFDWRDUHFOLSHVF
$XWRYHKLFXOXOHVWHUHJODWODQLYHOXORIIURDG
VHOHFWDW,PHGLDWGXSDWLQJHUHDQLYHOXOXL
RIIURDGODPSDLQGLFDWRDUHFRUHV
SXQ]WRDUHQXPDLFOLSHWHLOXPLQHD]FRQ
VWDQW
QWLPSXOUHJOULLDSDUHXQPHVDMSHDILDMXO
PXOWLIXQFLRQDOGHH[

$XWRYHKLFXOXOVHULGLFGHODQLYHOXOGHDXWRV
WUDGODQLYHOXORIIURDG
'DFDSVDLEXWRQXOAVDXvGHSH
YRODQXOPXOWLIXQFLRQDOPHVDMXOYDGLVSUHD

G 3kQODQLYHOXORIIURDGSXWHL
DVFXQGHPHVDMHOHSURJUDPXOXLXWLOL]kQG
EXWRQXOAVDXvGHSHYRODQXOPXOWL
IXQFLRQDO
'XSDWLQJHUHDQLYHOXOXLRIIURDGYHL
YHGHDXQPHVDMSHDILDMXOPXOWLIXQFLRQDOGH
H[HPSOX

0HVDMXO0D[VSHHG9LWH]
PD[NPKYDWUDJHDWHQLDDVXSUDYLWH
]HLPD[LPHSHUPLVHSHQWUXQLYHOXORIIURDG

'XSDWLQJHUHDQLYHOXOXLRIIURDGYHL
YHGHDXQPHVDMLQGLFDWvQDOESHDILDMXOPXO
WLIXQFLRQDOGHH[HPSOX

'DFFRQGXFHLFXRYLWH]GHSHVWH
NPKODQLYHOXORIIURDGYHLYHGHD
XUPWRUXOPHVDMLQGLFDWvQURXSHDILDMXO
PXOWLIXQFLRQDO

&RQGXFHUHDLSDUFDUHD



6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD

6HHPLWHLXQVXQHWGHDYHUWL]DUH$XWRYHKL
FXOXOHVWHFRERUkW

G 1XSXWHLWHUJHDFHVWHPHVDMH
1LYHOXORIIURDGHVWHDQXODW
'DFFRQWLQXDLVFUHWHLYLWH]DPHVDMXO
URXFRQWLQXVILHLQGLFDWSHDILDMXOPXOWL
IXQFLRQDO1LYHOXOVHWDWUHFHQWQXHVWHDILDW
SkQFkQGDXWRYHKLFXOXOQXDIRVWVHWDWODXQ
QLYHODGHFYDWSHQWUXYLWH]DFXUHQW
'DFPHQLQHLVDXUHGXFHLYLWH]DYHLYHGHD
XQPHVDMLQGLFDWvQDOEvQWLPSFHDXWRYHKL
FXOXOHVWHFRERUkWSUHFXP

$XWRYHKLFXOXOHVWHFRERUkWODQLYHOXORII
URDG
'XSFHQLYHOXORIIURDGDIRVWDWLQVYHL
YHGHDXQPHVDMSHDILDMXOPXOWLIXQFLRQDOGH
H[HPSOX

GHPDLPXOWGHGHVHFXQGHQLYHOXORII
URDGYDILDQXODW$XWRYHKLFXOXOHVWHFRER
UkWODQLYHOXORIIURDG
9DDSUHDXQPHVDMSHDILDMXOPXOWLIXQFLR
QDOGHH[HPSOX

'DFFRQGXFHLFXYLWH]HGHSHVWH
NPKVDXFXSULQVHvQWUHNPKL
NPKWLPSGHPDLPXOWGH
GHVHFXQGHQLYHOXORIIURDGYDILDQX
ODWQIXQFLHGHYLWH]DDXWRYHKLFXOXOXLLGH
PRGXO$'6VHOHFWDW3DJLQDDXWRYH
KLFXOXOHVWHFRERUkWDXWRPDWODQLYHOXOGH
DXWRVWUDGVDXGHYLWH]ULGLFDW
9DDSUHDXQPHVDMSHDILDMXOPXOWLIXQFLR
QDOGHH[HPSOX

)XQFLH+2/'
'DFVHOHFWDLXQQLYHORIIURDGDWXQFLFkQG
FRQGXFHLFXYLWH]SUHDULGLFDWPHVDMXO
3OHDVHUHGXFHVSHHG5HGXFHL
YLWH]DDSDUHSHDILDMXOPXOWLIXQFLRQDO
3XWHLVHOHFWDXUPWRDUHOH

)XQFLD+2/'SRDWHDVLVWDRIHUXOvQ
XUPWRDUHOHVLWXDLL

=1LYHOXORIIURDGODYLWH]HGHSkQOD

=FkQGPDQHYUHD]SHSDQWHDEUXSWH

NPK
=1LYHOXORIIURDGODYLWH]HGHSkQOD

NPK
=1LYHOXORIIURDGODYLWH]HGHSkQOD

NPK
'DFFRQGXFHLFXYLWH]HGHSHVWHNPK
VDXFXSULQVHvQWUHNPKLNPKWLPS

1RWHJHQHUDOH

=FkQGGHPDUHD]PDLDOHVSHSDQWHDEUXSWH
=FkQGDWHDSWvQWUDILF
$XWRYHKLFXOXOHVWHPHQLQXWvQORFIUFD
RIHUXOVWUHEXLDVFVDSHVHSHGDODGH
IUkQ
(IHFWXOGHIUkQDUHHVWHDQXODWLIXQFLD+2/'
HVWHGH]DFWLYDWFkQGDSVDLSHGDODGHDFFH
OHUDLHSHQWUXDGHPDUD

&RQGLLLGHDFWLYDUH
3XWHLDFWLYDIXQFLD+2/'GDF
=DXWRYHKLFXOXOHVWHRSULW
=PRWRUXOIXQFLRQHD]VDXGDFDIRVWRSULW

DXWRPDWGHIXQFLDVWDUWVWRS(&2
=SRUWLHUDRIHUXOXLHVWHvQFKLVVDXFHQWXUD

GXPQHDYRDVWUGHVLJXUDQHVWHFXSODW
=IUkQDHOHFWULFGHSDUFDUHHVWHHOLEHUDW
=WUDQVPLVLDVHDIOvQSR]LLD'5VDX1
=',67521,&3/86HVWHGH]DFWLYDW

$FWLYDUHDIXQFLHL+2/'
$VLJXUDLYFVDXvQGHSOLQLWFRQGLLLOHGH
DFWLYDUH
 $SVDLSHGDODGHIUkQ
 $SVDLSHGDODGHIUkQUDSLGSkQFkQG
DSDUHSHDILDMXOPXOWLIXQFLRQDO
)XQFLD+2/'HVWHDFWLYDW3XWHLHOLEHUD
SHGDODGHIUkQ


G 'DFODSULPDDSVDUHDSHGDOHLGHIUkQ
QXVHDFWLYHD]IXQFLD+2/'DWHSWDL
SXLQLDSRLvQFHUFDLGLQQRX
 $9(57,60(17
)UkQHOHDXWRYHKLFXOXOXLVXQWDFLRQDWHFkQG
IXQFLD+2/'HVWHDFWLYDW'LQDFHVWPRWLY
GH]DFWLYDLIXQFLD+2/'GDFDXWRYHKLFXOXO
YDILSXVvQPLFDUHSULQDOWHPLMORDFHGHH[
vQWURVSOWRULHDXWRVDXSULQWUDFWDUH
'H]DFWLYDUHDIXQFLHL+2/'
)XQFLD+2/'HVWHGH]DFWLYDWDXWRPDW
GDF
=DFFHOHUDLLWUDQVPLVLDVHDIOvQSR]LLD'

VDX5
=FXSODLWUDQVPLVLDvQSR]LLD3
=DFLRQDLIUkQHOHGLQQRXDSVkQGSkQOD
XQDQXPLWQLYHOSkQFkQGGLVSDUHGH
SHDILDMXOPXOWLIXQFLRQDO
=DVLJXUDLDXWRYHKLFXOXOFXDMXWRUXOIUkQHL
HOHFWULFHGHSDUFDUH
=DFWLYDL',67521,&3/86

G 'XSRDQXPLWSHULRDGIUkQDHOHFWULF
GHSDUFDUHDVLJXUDXWRYHKLFXOXOLHOLEH
UHD]IUkQDGHVHUYLFLX
 $9(57,60(17
1XLHLLQLFLRGDWGLQDXWRYHKLFXOFkQGIXQF
LD+2/'HVWHDFWLYDW
)XQFLD+2/'QXWUHEXLHVILHQLFLRGDW
DFLRQDWVDXGH]DFWLYDWGHXQSDVDJHUVDX
GLQDIDUDDXWRYHKLFXOXOXL
)XQFLD+2/'QXvQORFXLHWHIUkQDGHSDUFDUH
HOHFWULFLQXWUHEXLHVILHXWLOL]DWSHQWUX
SDUFDUH
(IHFWXOGHIUkQDUHDOIXQFLHL+2/'HVWHDQXODW
LDXWRYHKLFXOXOVHSRDWHSXQHvQPLFDUH
GDF
=IXQFLD+2/'HVWHGH]DFWLYDWSULQ

DSVDUHDSHGDOHLGHDFFHOHUDLHVDXDSHGD
OHLGHIUkQ
=H[LVWRGHIHFLXQHvQVLVWHPVDXRvQWUHUX
SHUHvQDOLPHQWDUHDHOHFWULFGHH[R
GHIHFLXQHODEDWHULH
=VHLQWHUYLQHQHDXWRUL]DWODVLVWHPXOHOHFWULF
GLQFRPSDUWLPHQWXOPRWRUXOXLODEDWHULH
VDXODVLJXUDQH
=EDWHULDHVWHGHFRQHFWDW
'DFSUVLLDXWRYHKLFXOXOVDXvOSDUFDL
GH]DFWLYDLIXQFLD+2/'LDVLJXUDLDXWRYH
KLFXOXOFRQWUDSXQHULLvQPLFDUH

)UkQDHOHFWULFGHSDUFDUHDVLJXUDXWRPDW
DXWRYHKLFXOXOGDFIXQFLD+2/'HVWHDFWL
YDWL
=SRUWLHUDRIHUXOXLHVWHGHVFKLVLFHQWXUD

GHVLJXUDQDRIHUXOXLQXHVWHFXSODW
=PRWRUXOHVWHRSULWFXH[FHSLDFD]XOXLvQ

FDUHHVWHRSULWDXWRPDWGHIXQFLDVWDUW
VWRS(&2
=VXUYLQHRGHIHFLXQHvQVLVWHP
=DOLPHQWDUHDHOHFWULFHVWHLQVXILFLHQW
3HSDQWHDVFHQGHQWHVDXGHVFHQGHQWH
DEUXSWHVDXGDFH[LVWRGHIHFLXQHWUDQV
PLVLDSRDWHILGHDVHPHQHDFXSODWDXWRPDW
vQSR]LLD3



&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULL

6LVWHPHGHDVLVWDUHDFRQGXFHULL



&RQGXFHUHDLSDUFDUHD

3DFKHW$,50$7,&
1RWHJHQHUDOH
$,50$7,&DFWLYHD]VHWDUHDGHUHJODUHDVXV
SHQVLHLFDUHSRDWHILVHOHFWDWLUHJOHD]
FRPSRUWDPHQWXOGHDPRUWL]DUHLQLYHOXO
DXWRYHKLFXOXOXLGXPQHDYRDVWU$FHVWVLVWHP
FXSULQGHPLQLPGRXFRPSRQHQWH$FHVWHD
VXQW$'6$GDSWLYH'DPSLQJ6\VWHP6LVWH
PXOGHDPRUWL]DUHDGDSWLY3DJLQD
LFRQWUROXOQLYHOXOXL3DJLQD'HDVH
PHQHDVLVWHPXOGXPQHDYRDVWUSRDWHIL
HFKLSDWFX6LVWHPXODFWLYGHDVLVWHQvQ
YLUDMH3DJLQD
5HVSHFWDLQRWHOHSULYLQGFRQGXFHUHDFXR
UHPRUF3DJLQD

$'6$GDSWLYH'DPSLQJ6\VWHP6LVWH
PXOGHDPRUWL]DUHDGDSWLY
1RWHJHQHUDOH
$'6DGDSWHD]FDUDFWHULVWLFLOHGHDPRUWL]DUH
ODVLWXDLDFXUHQWGHIXQFLRQDUHLGHFRQ
GXFHUH
$FHDVWDGHSLQGHGH
=VWLOXOGXPQHDYRDVWUGHFRQGXFHUH
=FRQGLLLOHVXSUDIHHLFDURVDELOH
=VHWDUHD$'6
=VHWDUHDQLYHOXOXLDXWRYHKLFXOXOXL
6HOHFWDUHDGXPQHDYRDVWUUPkQHPHPR
UDWLGDFVFRDWHLFKHLDGLQFRPXWDWRUXOGH
FRQWDFW

5HJODMXOVSRUW
8QUHJODMPDLULJLGDOVXVSHQVLHLvQPRGXO
VSRUWDVLJXURDGHUHQLPDLEXQSHGUXP
6HOHFWDLDFHVWPRGFkQGUHFXUJHLODXQVWLO
GHFRQGXFHUHVSRUWLYGHH[SHGUXPXULGH
DUHUSXLWH
 $SVDLEXWRQXOC
/DPSDLQGLFDWRDUHDVHDSULQGH$LVHOHF
WDW5HJODMVSRUWLY$XWRYHKLFXOXOHVWH
FRERUkWFXPP
5HJODMXOFRQIRUW
QPRGXOFRQIRUWFDUDFWHULVWLFLOHGHFRQGX
FHUHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWUVXQW
PDLFRQIRUWDELOH3ULQXUPDUHVHOHFWDLDFHVW
PRGGDFSUHIHUDLXQVWLOGHFRQGXFHUHPDL
FRQIRUWDELO'HDVHPHQHDVHOHFWDLPRGXO
FRQIRUWDWXQFLFkQGFRQGXFHLSHGUXPXUL
GUHSWHGHH[SHEHQ]LGUHSWHGHDXWRVWUDG
 $SVDLEXWRQXOC
/DPSDLQGLFDWRDUHVHDSULQGH$LVHOHF
WDW5HJODMFRQIRUW$XWRYHKLFXOXOHVWHULGL
FDWFXPP

6LVWHPXODFWLYGHDVLVWHQvQYLUDMH
6LVWHPXODFWLYGHDVLVWHQvQYLUDMHXWLOL]HD]
VWDELOL]DWRDUHDFWLYHSHQWUXDRSWLPL]DDWkW
FRQIRUWXOGHFRQGXFHUHFkWLDJLOLWDWHDDXWR
YHKLFXOXOXLQIXQFLHGHPRGXO$'6VHOHFWDW
3DJLQDVLVWHPXODFWLYGHDVLVWHQvQ
YLUDMHPRGLILFGHDVHPHQHDVHWDUHD
'DFVHOHFWDLPRGXOGHFRQIRUW$'6
=PLFDUHDGHUXODUHHVWHUHGXVvQFD]XOvQ

VFKLPEULLRQGXODLLORUGHVXSUDID
=XQJKLXOGHUXODUHvQYLUDMHHVWHUHGXV
=VWLOXOGHFRQGXFHUHHVWHDJLO

'DFVHOHFWDLPRGXOVSRUW$'6
=XQJKLXOGHUXODUHHVWHUHGXVvQPRGVHPQL

ILFDWLY
=VWLOXOGHFRQGXFHUHHVWHPXOWPDLDJLO

([HPSOXDXWRYHKLFXOHFXSDFKHWXO21 2))52$'


3RUQLLPRWRUXO

6LVWHPHGHDVLVWDUHDFRQGXFHULL

1RWHLPSRUWDQWHSULYLQGVLJXUDQD
&RQWUROXOQLYHOXOXLDGDSWHD]QLYHOXODXWRYH
KLFXOXOXLvQPRGDXWRPDWODVLWXDLDFXUHQW
GHFRQGXFHUHLIXQFLRQDUH$VWIHOFRQVX
PXOGHFDUEXUDQWVHUHGXFHLDUPDQHYUDELOL
WDWHDHVWHvPEXQWLW
'DFVHOHFWDLPRGXOGHFRQIRUW$'6
3DJLQDDXWRYHKLFXOXOHVWHFRERUkWOD
QLYHOXOGHYLWH]ULGLFDWSHPVXUFHYLWH]D
FUHWH3HPVXUFHGHFHOHUHD]DXWRYHKL
FXOXOHVWHULGLFDWvQDSRLODQLYHOXOGHDXWRV
WUDG
'DFVHOHFWDLPRGXOVSRUW$'6
3DJLQDDXWRYHKLFXOXOWUHFHSHVWH
QLYHOXOGHDXWRVWUDGLFRERDUGLUHFWODQLYH
OXOGHYLWH]ULGLFDWvQIXQFLHGHVHWDUHDGH
ED]3DJLQD
6FKLPEDLQLYHOXODXWRYHKLFXOXOXLvQWLPSFH
DXWRYHKLFXOXOHVWHvQPLFDUH$VWIHODXWRYH
KLFXOXOHVWHUHJODWODXQQRXQLYHOFkWPDL
UHSHGHSRVLELO
1LYHOXODXWRYHKLFXOXOXLVHSRDWHPRGLILFDvQ
PRGYL]LELOGDFSDUFDLDXWRYHKLFXOXOLDU
WHPSHUDWXUDH[WHULRDUVHPRGLILF'DF
WHPSHUDWXUDVFDGHQLYHOXODXWRYHKLFXOXOXL
VFDGHRGDWFXFUHWHUHDWHPSHUDWXULL
FUHWHLQLYHOXODXWRYHKLFXOXOXL
'DFGHEORFDLDXWRYHKLFXOXOVDXGHVFKLGHL
RXDXWRYHKLFXOXOvQFHSHVFRPSHQVH]H
GLIHUHQHOHGHVDUFLQFkQGHVWHSDUFDW
7RWXLSHQWUXPRGLILFULGHQLYHOVHPQLILFD
WLYHGHH[GXSFHDXWRYHKLFXOXODVWDLRQDW
SHQWUXRSHULRDGPDLvQGHOXQJDWPRWRUXO
WUHEXLHVILHSRUQLW'LQPRWLYHGHVLJXUDQ
DXWRYHKLFXOXOHVWHFRERUkWDWXQFLFkQGXLOH
VXQWvQFKLVH&RERUkUHDHVWHvQWUHUXSWGDF
RXHVWHGHVFKLVDFHDVWDFRQWLQXGDF
XDHVWHvQFKLV

 3HULFROGHUQLUH

GXPQHDYRDVWUVDXDOWHSHUVRDQHSRWIL
SULQVH

 3HULFROGHDFFLGHQW
6HOHFWDLvQWRWGHDXQDXQQLYHOFkWPDLFRERUkW
DOJU]LLODVRO'DFQLYHOXODXWRYHKLFXOXOXL
HVWHULGLFDWFHQWUXOGHJUHXWDWHDODXWRYHKL
FXOXOXLHVWHPDLVXV$FHVWOXFUXPUHWHULV
FXOUVWXUQULLDXWRYHKLFXOXOXL
$GDSWDLYVWLOXOGHFRQGXFHUHODQLYHOXODOHV
GHGXPQHDYRDVWUSHQWUXDXWRYHKLFXO6LVWH
PXO(63QXSRDWHGLPLQXDSHULFROXOGHDFFL
GHQWvQFD]XOvQFDUHFRQGXFHLFXYLWH]H[FH
VLY$FHVWDQXSRDWHDQXODOHJLOHIL]LFLL
 $WXQFLFkQGFRQGXFHLSHWHUHQH[WUHPGH
GLILFLOVHOHFWDLXQQLYHOULGLFDWDODXWRYHKL
FXOXOXLvQWLPSXWLO$VLJXUDLYFDYHL
vQWRWGHDXQDRJDUGODVROVXILFLHQWQFD]
FRQWUDUYHLGHWHULRUDDXWRYHKLFXOXO
3HQWUXLQIRUPDLLGHVSUHFRQGXFHUHDRII
URDGFRQVXOWDL3DJLQD
6HWULGHED]
0RGXOvQFDUHDXWRYHKLFXOXOHVWHULGLFDWVDX
FRERUkWGHSLQGHGHVHWDUHDGHED]VHOHF
WDW6HOHFWDLQLYHOXOULGLFDWSHQWUXFRQGXFH
UHDRIIURDGVDXQLYHOXOGHDXWRVWUDG
YLWH]ULGLFDWSHQWUXGUXPXULQRUPDOH
1LYHOXULOHLQGLYLGXDOHDOHDXWRYHKLFXOHORU
GLIHUGHQLYHOXOGHDXWRVWUDGGXSFXP
XUPHD]
=1LYHOXOGHDXWRVWUDGPP
=1LYHOXOGHYLWH]ULGLFDWPP
=1LYHOXOULGLFDWPP

1LYHOULGLFDW
6HOHFWDLQLYHOXOULGLFDWQXPDLGDFDFHVWD
HVWHDGHFYDWSHQWUXFRQGLLLOHGHGUXPQFD]
FRQWUDUFRQVXPXOGHFDUEXUDQWDUSXWHDV
FUHDVFLDUPDQHYUDUHDDUSXWHDILDIHFWDW

$VLJXUDLYFQXVHJVHWHQLPHQLvQDSUR
SLHUHDSDVDMHORUGHURDWVDXDSULLLQIH
ULRDUHDFDURVHULHLDWXQFLFkQGLQLLDLSURFH
GXUDGHUHJODUHDJU]LLODVROQFD]FRQWUDU

&RQGXFHUHDLSDUFDUHD

&RQWUROQLYHO



6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD



([HPSOXDXWRYHKLFXOHIUSDFKHWXO
21 2))52$'


3RUQLLPRWRUXO

'DFODPSDLQGLFDWRDUHDQXHVWHDSULQV


$SVDLEXWRQXOC
/DPSDLQGLFDWRDUHDFOLSHWH$XWRYHKL
FXOXOVHULGLFODQLYHOXOULGLFDW

QWLPSXOUHJOULLDSDUHXQPHVDMSHDILDMXO
PXOWLIXQFLRQDOGHH[

'DFDSVDLEXWRQXOAVDXvGHSH
YRODQXOPXOWLIXQFLRQDOPHVDMXOYDGLVSUHD
'XSDWLQJHUHDQLYHOXOXLULGLFDWGHFWUHDXWR
YHKLFXOODPSDLQGLFDWRDUHDUPkQH
DSULQV0HVDMXO9HKLFOHULVLQJ$XWR
YHKLFXOXOVHULGLFGLVSDUHGHSHDILD
MXOPXOWLIXQFLRQDO
'DFvQFHUFDLVVHOHFWDLQLYHOXOULGLFDWFXR
YLWH]GHSHVWHNPKDSDUHPHVDMXO
3OHDVHUHGXFHVSHHG5HGXFHL
YLWH]D
1LYHODXWRVWUDGYLWH]ULGLFDW
 $VLJXUDLYFGLVWDQDSkQODVROHVWH
VXILFLHQWDWXQFLFkQGFRERUkLDXWRYHKL
FXOXOQFD]FRQWUDUDFHVWDSRDWHDWLQJH
VROXOLSDUWHDGHGHGHVXEWDFDURVHULHL
SRDWHILGHWHULRUDW

([HPSOXDXWRYHKLFXOHIUSDFKHWXO
21 2))52$'


3RUQLLPRWRUXO

'DFODPSDLQGLFDWRDUHDHVWHDSULQV


$SVDLEXWRQXOC
/DPSDLQGLFDWRDUHDFOLSHWH$XWRYHKL
FXOXOHVWHUHJODWODQLYHOXOGHDXWRVWUDG
YLWH]ULGLFDW

QWLPSXOUHJOULLDSDUHXQPHVDMSHDILDMXO
PXOWLIXQFLRQDOGHH[

$SVDLEXWRQXOAVDXvGHSHYRODQXO
PXOWLIXQFLRQDOPHVDMXOYDGLVSUHD
'XSDWLQJHUHDQLYHOXOXLGHDXWRVWUDG
ODPSDLQGLFDWRDUHDVHVWLQJH0HVDMXO
/RZHULQJ&RERUUHGLVSDUHGHSHDILDMXO
PXOWLIXQFLRQDO
$XWRYHKLFXOXOVHOHFWHD]DXWRPDWQLYHOXOGH
DXWRVWUDGGDFFRQGXFHLFXRYLWH]PDL
PDUHGHNPKVDXFXRYLWH]FXSULQV
vQWUHNPKLNPKWLPSGHDSUR[LPD
WLYGHVHFXQGHQIXQFLHGHVHWDUHD$'6
VHOHFWDW3DJLQDDXWRYHKLFXOXOHVWH
FRERUkWODQLYHOXOGHYLWH]ULGLFDWDWXQFL
FkQGFRQGXFHLFXYLWH]ULGLFDW

6XVSHQVLDVSRUW$0*5,'(&21752/
1LYHOXODXWRYHKLFXOXOXL
$XWRYHKLFXOXOVHWHD]DXWRPDWQLYHOXODXWR
YHKLFXOXOXLSHSXQWHDVSDWH&RQWUROXOQLYHOX
OXLSHSXQWHDVSDWHDVLJXURVXVSHQVLH
RSWLPLPHQLQHUHDXQHLJU]LODVROFRQ
VWDQWHFKLDULFkQGDXWRYHKLFXOXOHVWH
vQFUFDW$VWIHOVHvPEXQWHWHVLJXUDQD
vQFRQGXFHUHLFRQVXPXOGHFDUEXUDQW

5HJODUHVXVSHQVLH
1RWHJHQHUDOH
6LVWHPXOGHDPRUWL]DUHFRQWURODWHOHFWURQLF
IXQFLRQHD]FRQWLQXX$VWIHOVH
vPEXQWHWHVLJXUDQDvQFRQGXFHUHLFRQ
IRUWXOODUXODUH
$PRUWL]DUHDHVWHUHJODWLQGLYLGXDOSHILHFDUH
URDWLGHSLQGHGH
=VWLOXOGXPQHDYRDVWUGHFRQGXFHUHGHH[

VSRUWLY
=VWDUHDVXSUDIHHLGUXPXOXLGHH[GHQL
YHOUL
=VHOHFLDGXPQHDYRDVWUVSHFLILF6SRUW
6SRUWVDX&RQIRUW
'DFVHOHFWDLPRGXO6SRUWVDX6SRUWL
UHSRUQLLPRWRUXOVHWULOHVXVSHQVLHLUHYLQOD
PRGXO&RQIRUW

0RGXO6SRUW
8QUHJODMPDLULJLGDOVXVSHQVLHLvQPRGXO
VSRUWDVLJXURDGHUHQLPDLEXQSHGUXP
6HOHFWDLDFHVWPRGFkQGUHFXUJHLODXQVWLO

GHFRQGXFHUHVSRUWLYGHH[SHGUXPXULGH
DUHUSXLWH
 $SVDLEXWRQXOCRGDW
/DPSDLQGLFDWRDUHDVHDSULQGH$LVHOHF
WDWPRGXO6SRUW
0HVDMXO$0*5LGH&RQWURO63257DSDUH
SHDILDMXOPXOWLIXQFLRQDO
0RGXO6SRUW
6HWDUHDIRDUWHULJLGDUHJODMXOXLVXVSHQVLHLvQ
PRGXO6SRUWDVLJXUXQFRQWDFWRSWLPFX
GUXPXO6HOHFWDLDFHVWPRGGRDUFkQGFRQ
GXFHLSHFLUFXLWHGHFXUVH
'DFOPSLOHLQGLFDWRDUHLDVXQWVWLQVH


$SVDLEXWRQXOCGHGRXRUL
/PSLOHLQGLFDWRDUHLDVHDSULQG$L
VHOHFWDWPRGXO6SRUW
0HVDMXO$0*5LGH&RQWURO63257
DSDUHSHDILDMXOPXOWLIXQFLRQDO

'DFODPSDLQGLFDWRDUHDVHDSULQGH


$SVDLEXWRQXOCRGDW
$GRXDODPSLQGLFDWRDUHVHDSULQGH$L
VHOHFWDWPRGXO6SRUW
0HVDMXO$0*5LGH&RQWURO63257
DSDUHSHDILDMXOPXOWLIXQFLRQDO

0RGXO&RQIRUW
QPRGXOFRQIRUWFDUDFWHULVWLFLOHGHFRQGX
FHUHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWUVXQW
PDLFRQIRUWDELOH3ULQXUPDUHVHOHFWDLDFHVW
PRGGDFSUHIHUDLXQVWLOGHFRQGXFHUHPDL
FRQIRUWDELO'HDVHPHQHDVHOHFWDLPRGXO
FRQIRUWDWXQFLFkQGFRQGXFHLSHGUXPXUL
GUHSWHGHH[SHEHQ]LGUHSWHGHDXWRVWUDG
 $SVDLEXWRQXOCvQPRGUHSHWDWSkQ
FkQGOPSLOHLQGLFDWRDUHLDVHVWLQJ
$LVHOHFWDWPRGXO&RQIRUW
0HVDMXO$0*5LGH&RQWURO&20)257
DSDUHSHDILDMXOPXOWLIXQFLRQDO



&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULL



6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD

3$5.7521,&
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
3$5.7521,&HVWHGRDUXQVLVWHPGHDVLV
WHQLHVWHSRVLELOVQXGHWHFWH]HWRDWH
REVWDFROHOH$FHVWDQXSRDWHVXEVWLWXLRFRQ
GXFHUHDWHQW
6XQWHLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQ
LWUHEXLHVFRQWLQXDLVDFRUGDLDWHQLH
vPSUHMXUULORULPHGLDWHFkQGSDUFDLLPDQH
YUDLQFD]FRQWUDUSXWHLSXQHvQSHULFRO
VLJXUDQDGXPQHDYRDVWULDFHORUODOL

C ([HPSOXVHQ]RULLGLQEDUDGHSURWHFLH

IDGHSHSDUWHDVWkQJ

5D]DVHQ]RULORU
 3HULFROGHUQLUH
$VLJXUDLYFvQVSDLXOGHPDQHYUDODXWR
YHKLFXOXOXLQXVHDIOSHUVRDQHVDXDQLPDOH
QFD]FRQWUDUDFHVWHDSRWILUQLWH
3$5.7521,&HVWHXQVLVWHPGHDVLVWHQOD
SDUFDUHHOHFWURQLFFXVHQ]RULFXXOWUDVXQHWH
$FHVWDLQGLFYL]XDOLDXGLWLYGLVWDQDGLQWUH
DXWRYHKLFXOXOGXPQHDYRDVWULXQRELHFW
3$5.7521,&HVWHDFWLYDWDXWRPDWGDF

1RWHJHQHUDOH
6HQ]RULLWUHEXLHVILHOLSVLLGHPXUGULH
JKHDLODSRYL$OWIHOVDUSXWHDVQX
IXQFLRQH]HFRUHFW&XUDLVHQ]RULLUHJXODW
DYkQGJULMVQXvL]JkULDLVDXVvLGHWHULRUDL
3DJLQD

=SXQHLFRQWDFWXO
=FXSODLWUDQVPLVLDvQSR]LLD'5VDX1
=HOLEHUDLIUkQDHOHFWULFGHSDUFDUH
3$5.7521,&HVWHGH]DFWLYDWODYLWH]HGH
SHVWHNPK/DYLWH]HPDLPLFLDFHVWDVH
UHDFWLYHD]
3$5.7521,&PRQLWRUL]HD]]RQDGLQMXUXO
DXWRYHKLFXOXOXLGXPQHDYRDVWUFXDMXWRUXOD
DVHVHQ]RULGLQEDUDGHSURWHFLHIDLD
SDWUXVHQ]RULGLQEDUDGHSURWHFLHVSDWH

9HGHUHGLQODWHUDO

9HGHUHGHVXV

6LVWHPHGHDVLVWDUHDFRQGXFHULL

&HQWUX

DSUR[LPDWLYFP

&ROXUL

DSUR[LPDWLYFP

WHULRDUVHDIOvQODPSDSDYLOLRQXOXLGLQFRP
SDUWLPHQWXOVSDWH

6HQ]RULVSDWH
&HQWUX

DSUR[LPDWLYFP

&ROXUL

DSUR[LPDWLYFP

 &kQGSDUFDLDFRUGDLRDWHQLHGHRVHELW
RELHFWHORUGHGHDVXSUDVDXGHVXEVHQ]RUL
FXPDUILJKLYHFHOHGHIORULVDXEDUHOHGH
WUDFWDUHSHQWUXUHPRUFL3$5.7521,&QX
GHWHFWHD]DVWIHOGHRELHFWHFkQGVHDIOvQ
LPHGLDWDDSURSLHUHDDXWRYHKLFXOXOXL
3XWHLGHWHULRUDDXWRYHKLFXOXOVDXRELHF
WHOH
(VWHSRVLELOFDVHQ]RULLVQXGHWHFWH]H
]SDGLRELHFWHFHDEVRUEVXUVHOHGH
XOWUDVXQHWH
6XUVHOHGHXOWUDVXQHWHSUHFXPR
VSOWRULHDXWRPDWIUkQHOHFXDHUFRP
SULPDWDOHXQXLFDPLRQVDXXQSLFDPUDU
SXWHDIDFHFD3$5.7521,&VIXQFLRQH]H
GHIHFWXRV
(VWHSRVLELOFD3$5.7521,&VQXIXQFLR
QH]HFRUHFWSHWHUHQQHXQLIRUP
'LVWDQDPLQLP

$ILDMGHDYHUWL]DUHSHQWUX]RQDIURQWDO
C 6HJPHQWHGHSHSDUWHDVWkQJDDXWRYH

KLFXOXOXL
D 6HJPHQWHGHSHSDUWHDGUHDSWDDXWRYH

KLFXOXOXL
6HJPHQWHFDUHLQGLFGLVSRQLELOLWDWHDGH

IXQFLRQDUH
$ILDMXOGHDYHUWL]DUHSHQWUXILHFDUHSDUWHD
DXWRYHKLFXOXOXLHVWHvPSULWvQFLQFLVHJ
PHQWHJDOEHQHLGRXURLL3$5.7521,&
HVWHIXQFLRQDOGDFVHJPHQWHOHJDOEHQH
FDUHLQGLFGLVSRQLELOLWDWHDODIXQFLRQDUH
VHDSULQG
3R]LLDVHOHFWDWDWUDQVPLVLHLLGLUHFLDGH
UXODUHDDXWRYHKLFXOXOXLVWDELOHVFFDUHDILDM
GHDYHUWL]DUHHVWHDFWLYFkQGPRWRUXOIXQF
LRQHD]

&HQWUX

DSUR[LPDWLYFP

3R]LLHWUDQVPLVLH $ILDMGHDYHUWL]DUH

&ROXUL

DSUR[LPDWLYFP

'

'DFXQREVWDFROVHDIOvQDFHVWLQWHUYDODIL
DMHOHGHDYHUWL]DUHUHOHYDQWHVHDSULQGLVH
HPLWHXQVXQHWGHDYHUWL]DUH'DFGLVWDQD
VFDGHVXEPLQLPHVWHSRVLELOFDGLVWDQDV
QXVHPDLDILH]H

$ILDMHGHDYHUWL]DUH
$ILDMHOHGHDYHUWL]DUHLQGLFGLVWDQDGLQWUH
VHQ]RULLREVWDFRO$ILDMXOGHDYHUWL]DUHSHQ
WUX]RQDIURQWDOHVWHDPSODVDWSHSODQDGH
ERUGGHDVXSUDRULILFLLORUGHYHQWLODLHFHQ
WUDOH$ILDMXOGHDYHUWL]DUHSHQWUX]RQDSRV

=RQIURQWDODFWL
YDW

51VDXDXWRYHKL =RQHOHSRVWHULRDUL
FXOXOVDSXVvQPL IURQWDODFWLYDWH
FDUHvQDSRL
3

1LFLR]RQDFWLYDW

8QXOVDXPDLPXOWHVHJPHQWHVHDSULQGSH
PVXUFHDXWRYHKLFXOXOVHDSURSLHGHXQ
REVWDFROvQIXQFLHGHGLVWDQDDXWRYHKLFXOX
OXLIDGHREVWDFRO

&RQGXFHUHDLSDUFDUHD

6HQ]RULID





6LVWHPHGHDVLVWDUHDFRQGXFHULL
'HOD

&RQGXFHUHDLSDUFDUHD

=vQFHSkQGFXDODVHOHDVHJPHQWYHLDX]L

XQVXQHWGHDYHUWL]DUHLQWHUPLWHQWWLPSGH
DSUR[LPDWLYGRXVHFXQGH
=vQFHSkQGFXDODSWHOHDVHJPHQWYHLDX]L
XQVXQHWGHDYHUWL]DUHWLPSGHDSUR[LPDWLY
GRXVHFXQGH$FHDVWDLQGLFIDSWXOFDL
DWLQVGLVWDQDPLQLP

'H]DFWLYDUHDDFWLYDUHD3$5.7521,&

C /DPSLQGLFDWRDUH
D 3HQWUXDGH]DFWLYDDFWLYD3$5.7521,&

'DFODPSDLQGLFDWRDUHCVHDSULQGH3$5.
7521,&HVWHGH]DFWLYDW$VLVWHQDDFWLYOD
SDUFDUHHVWHDSRLGHDVHPHQHDGH]DFWLYDW

G 3$5.7521,&HVWHDFWLYDWDXWRPDWFkQG
URWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
7UDFWDUHDXQHLUHPRUFL
3$5.7521,&HVWHGH]DFWLYDWSHQWUX]RQDGLQ
VSDWHFkQGVWDELOLLRFRQH[LXQHHOHFWULF
vQWUHDXWRYHKLFXOXOGXPQHDYRDVWULR
UHPRUF

 5DEDWDLvQLQWHULRUFXSODVIHULFvQFD]XO
vQFDUHFkUOLJXOGHWUDFWDUHDUHPRUFLLQX
HVWHQHFHVDU3$5.7521,&PVRDUUD]D
PLQLPGHGHWHFWDUHGLQWUHXQREVWDFROL
EDUDGHSURWHFLHQXFXSODVIHULF

6LVWHPHGHDVLVWDUHDFRQGXFHULL



3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

1XPDLVHJPHQWHOHURLL 3$5.7521,&VDGHIHFWDWLVDGH]DFWLYDW
GLQDILDMHOHGHDYHUWL  'DFSUREOHPHOHSHUVLVWVROLFLWDLYHULILFDUHD3$5.7521,&OD
]DUH3$5.7521,&VXQW
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
DSULQVH'HDVHPHQHD
YHLDX]LXQVXQHWGH
DYHUWL]DUHWLPSGHDSUR
[LPDWLYGRXVHFXQGH
3$5.7521,&HVWH
GH]DFWLYDWGXSDSUR[L
PDWLYVHFXQGHLDU
ODPSDLQGLFDWRDUHGLQ
EXWRQXO3$5.7521,&
VHDSULQGH
1XPDLVHJPHQWHOHURLL 6HQ]RULL3$5.7521,&VXQWPXUGDULVDXH[LVWLQWHUIHUHQH
GLQDILDMHOHGHDYHUWL  &XUDLVHQ]RULL3$5.7521,&3DJLQD
]DUH3$5.7521,&VXQW 
3XQHLGLQQRXFRQWDFWXO
DSULQVH3$5.7521,&
HVWHGH]DFWLYDWGXS
3UREOHPDSRDWHILSURYRFDWGHRVXUVUDGLRH[WHUQVDXGHXOWUD
DSUR[LPDWLY
VXQHWH
VHFXQGH
 9HGHLGDF3$5.7521,&IXQFLRQHD]vQDOWORF

$VLVWHQDFWLYODSDUFDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
$VLVWHQDDFWLYODSDUFDUHHVWHXQVLVWHP
HOHFWULFGHDVLVWHQODSDUFDUHFXXOWUDVX
QHWH8OWUDVXQHWHOHVXQWXWLOL]DWHSHQWUXD
PVXUDGUXPXOSHDPEHOHSULDOHDXWRYHKL
FXOXOXL8QVSDLXGHSDUFDUHDGHFYDWHVWH
LQGLFDWGHVLPEROXOGHSDUFDUH,QWHUYHQLD
DFWLYDVXSUDGLUHFLHLYSRDWHDMXWDvQWLPSXO
SDUFULL3XWHLGHDVHPHQHDVXWLOL]DL
3$5.7521,&3DJLQD&kQG3$5.
7521,&HVWHRSULWDVLVWHQDDFWLYODSDUFDUH
HVWHGHDVHPHQHDLQGLVSRQLELO

 $9(57,60(17
$VLVWHQDDFWLYODSDUFDUHHVWHXQVLPSOXVLV
WHPGHDVLVWHQLSRDWHUHFRPDQGDXQHRUL
VSDLLGHSDUFDUHLQDGHFYDWHSHQWUXSDUFDUH
'HH[HPSOXDFHVWHDDUSXWHDILVSDLLXQGH

SDUFDUHDHVWHLQWHU]LVDOHLVXSUDIHHLQD
GHFYDWHHWF
$VLVWHQDDFWLYODSDUFDUHPVRDUVSDLXOGH
SDUFDUHFkQGFRQGXFHLSHOkQJHO1XVHLQH
FRQWGHQLFLRPRGLILFDUHXOWHULRDUDGXVVSD
LXOXLGHSDUFDUH'HH[HPSOXDFHDVWVLWXD
LHSRDWHVXUYHQLFkQGDXWRYHKLFXOXOSDUFDWvQ
IDDVDXvQVSDWHOHVSDLXOXLvLPRGLILFSR]L
LDVDXFkQGVHDGXFHXQREVWDFROvQVSDLXO
GHSDUFDUH
$VLVWHQDDFWLYODSDUFDUHQXYDEVROYGH
UVSXQGHUHDGHDUPkQHDWHQW'DFY
ED]DLQXPDLSHDVLVWHQDDFWLYODSDUFDUH
SXWHLVSURYRFDLXQDFFLGHQWLUQLUHDGXP
QHDYRDVWULDDOWRUSHUVRDQH
6XQWHLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQ
LWUHEXLHVFRQWLQXDLVDFRUGDLDWHQLH
vPSUHMXUULORULPHGLDWHFkQGSDUFDLLPDQH
YUDL


&RQGXFHUHDLSDUFDUHD

3UREOHPHOD3$5.7521,&

&RQGXFHUHDLSDUFDUHD



6LVWHPHGHDVLVWDUHDFRQGXFHULL
 $9(57,60(17

5HFRPDQGULSULYLQGSDUFDUHD

2ELHFWHOHVLWXDWHGHDVXSUDUD]HLGHDFLXQHD
DVLVWULLDFWLYHODSDUFDUHQXYRUILGHWHFWDWH
FkQGVSDLXOGHSDUFDUHHVWHPVXUDW'H
DFHVWHDQXVHLQHFRQWFkQGVHFDOFXOHD]
SURFHGXUDGHSDUFDUHGHH[OXQJLPLvQFRQ
VROVHFLXQLSRVWHULRDUHVDXUDPSHGH
vQFUFDUHFXEXQXULLDXWRYHKLFXOHQDQX
PLWHFLUFXPVWDQHDVLVWHQDDFWLYODSDUFDUH
SRDWHSULQXUPDUHVYJKLGH]HvQVSDLXOGH
SDUFDUHSUHDGHYUHPH$VWIHOVDUSXWHDSUR
YRFDRFROL]LXQH'LQDFHVWPRWLYHYLWDLV
XWLOL]DLDVLVWHQDDFWLYODSDUFDUHvQDVWIHOGH
VLWXDLL

=SHGUXPXULOHvQJXVWHFRQGXFHLFkWPDL

 $9(57,60(17
3DUWHDIURQWDODDXWRYHKLFXOXOXLYDYLUDvQ
GLUHFLDWUDILFXOXLGHSHFRQWUDVHQVvQWLPSXO
RSHUDLHLGHSDUFDUHQDQXPLWHFD]XULDXWR
YHKLFXOXOYYDGXFHGHDVHPHQHDVSUHVHF
LXQLDOHEHQ]LLGHSHVHQVXORSXVvQWLPSXO
SURFHGXULLGHSDUFDUH
'XPQHDYRDVWUSXUWDLvQWRWGHDXQDUVSXQ
GHUHDSULYLQGVLJXUDQDLWUHEXLHVDFRUGDL
DWHQLHRULFURUSDUWLFLSDQLODWUDILFFDUHVH
DSURSLHVDXWUHFSHOkQJGXPQHDYRDVWU
2SULLDXWRYHKLFXOXOGDFHVWHQHFHVDUVDX
DQXODLSURFHGXUDGHSDUFDUHFXDVLVWHQD
DFWLYODSDUFDUH
 3HULFROGHUQLUH
$VLJXUDLYFvQVSDLXOGHPDQHYUDODXWR
YHKLFXOXOXLQXVHDIOSHUVRDQHVDXDQLPDOH
QFD]FRQWUDUDFHVWHDSRWILUQLWH
8WLOL]DLDVLVWHQDDFWLYODSDUFDUHSHQWUX
VSDLLOHGHSDUFDUH
=FDUHVXQWSDUDOHOHFXGLUHFLDGHPHUV
=FDUHVHDIOSHGUXPXULGUHSWHLQXvQFXUEH
=FDUHVHDIOODDFHODLQLYHOFDGUXPXOGH

H[QXSHWURWXDU

DSURDSHSHOkQJVSDLXOGHSDUFDUH
=VSDLLOHGHSDUFDUHFXJXQRLLDUEVDXSDU

LDORFXSDWHGHEDUHGHWUDFWDUHDUHPRUFLL
SRWILLGHQWLILFDWHLQFRUHFWVDXGHORF
=]SDGDVDXSORDLDDEXQGHQWSRWGXFHOD
PVXUDUHDLQFRUHFWDXQXLVSDLXGHSDU
FDUH
=DFRUGDLDWHQLHPHVDMHORUGHDYHUWL]DUH
3$5.7521,&3DJLQDvQWLPSXOSUR
FHGXULLGHSDUFDUH
=SXWHLLQWHUYHQLRULFkQGDVXSUDSURFHGXULL
GHYLUDUHSHQWUXDRFRUHFWD$VLVWHQD
DFWLYODSDUFDUHYDILDSRLDQXODW
=FkQGWUDQVSRUWDLRVDUFLQFHGHSHWH
JDEDULWXODXWRYHKLFXOXLQXWUHEXLHVXWLOL
]DLDVLVWHQDDFWLYODSDUFDUH
=FkQGVXQWPRQWDWHODQXULOHGH]SDGVDX
RURDWGHUH]HUYGHX]WHPSRUDUQXWUH
EXLHVXWLOL]DLQLFLDVLVWHQDDFWLYODSDU
FDUH
=DVLJXUDLYFSUHVLXQHDvQSQHXULDUH
vQWRWGHDXQDYDORDUHDFRUHFW$FHVWHD
LQIOXHQHD]GLUHFWFRPSRUWDPHQWXODXWR
YHKLFXOXOXLODSDUFDUH
=PRGXOvQFDUHDXWRYHKLFXOXOGXPQHD
YRDVWUHVWHSR]LLRQDWvQVSDLXOGHSDUFDUH
GXSSDUFDUHGHSLQGHGHGLYHULIDFWRUL
3ULQWUHDFHWLDVHQXPUSR]LLDLIRUPD
DXWRYHKLFXOHORUSDUFDWHvQIDDLvQVSDWHOH
VXLVWDUHDORFXOXLUHVSHFWLYQDQXPLWH
FD]XULDVLVWHQDDFWLYODSDUFDUHYJKL
GHD]SUHDGHSDUWHvQWUXQVSDLXGHSDU
FDUHVDXLQVXILFLHQWGHGHSDUWHvQDFHVWD
QDOWHOHHDYDUSXWHDJKLGDvQWUXQWURWXDU
VDXSHVWHHO'DFHVWHQHFHVDUWUHEXLHV
DQXODLSURFHGXUDGHSDUFDUHFXDVLVWHQ
DFWLYODSDUFDUH
=SXWHLGHDVHPHQHDVFXSODLWUHDSWDGH
PHUVvQDLQWHSUHPDWXU$XWRYHKLFXOXOvL
VFKLPEGLUHFLDLLQWUVXILFLHQWGH
GHSDUWHvQVSDLXOGHSDUFDUHQFD]XOvQ
FDUHRWUHDSWGHYLWH]HHVWHVFKLPEDW
SUHDGHYUHPHSHQWUXDRELQHRSR]LLHGH

6LVWHPHGHDVLVWDUHDFRQGXFHULL

 'DFQXDYHLDOWHVROXLLSXWHLFRQGXFH
SHVWHREVWDFROHSUHFXPWURWXDUHOHOHQWL
QXvQWUXQXQJKLDVFXLWQFD]FRQWUDU
SXWHLGHWHULRUDURLOHVDXSQHXULOH
'HWHFWDUHDVSDLLORUGHSDUFDUH
$VLVWHQDDFWLYODSDUFDUHHVWHDFWLYDWDXWR
PDWFkQGFRQGXFHLvQDLQWH6LVWHPXOHVWH
IXQFLRQDOODYLWH]HGHSkQODDSUR[LPDWLY
NPKQWLPSXOIXQFLRQULLVLVWHPXO
UHSHUHD]LPVRDULQGHSHQGHQWVSDLLOHGH
SDUFDUHGHSHDPEHOHODWXULDOHDXWRYHKLFX
OXOXL&kQGFRQGXFHLFXYLWH]HGHVXE
NPKYHLYHGHDVLPEROXOGHSDUFDUHFD
LQGLFDWRUGHVWDUHSHSDQRXOGHLQVWUXPHQWH
$VLVWHQDDFWLYODSDUFDUHDILHD]QXPDL
VSDLLOHGHSDUFDUHGHSHSDUWHDSDVDJHUXOXL
GLQIDvQUHJLPVWDQGDUG6SDLLOHGHSDUFDUH
GHSHSDUWHDRIHUXOXLVXQWDILDWHLPHGLDWFH
VHPQDOL]DWRUXOGHGLUHFLHGHSHSDUWHDRIH
UXOXLHVWHDFWLYDW3HQWUXDSDUFDSHSDUWHD
RIHUXOXLWUHEXLHVOVDLVHPQDOL]DWRUXOGH
GLUHFLHGHSHSDUWHDRIHUXOXLSRUQLW$FHVWD
WUHEXLHVUPkQDFWLYDWSkQFkQGFRQILU
PDLXWLOL]DUHDDVLVWHQHLDFWLYHODSDUFDUH
DSVkQGEXWRQXOvGHSHYRODQXOPXOWL
IXQFLRQDO
&kQGVSDLXOGHSDUFDUHDIRVWGHWHFWDWDSDUH
LRVJHDWFWUHGUHDSWDVDXFWUHVWkQJD

C 6SDLXGHSDUFDUHGHWHFWDWSHVWkQJD
D 6LPEROGHSDUFDUH
6SDLXGHSDUFDUHGHWHFWDWSHGUHDSWD

$VLVWHQDDFWLYODSDUFDUHYDGHWHFWDQXPDL
VSDLLOHGHSDUFDUH
=FDUHVXQWSDUDOHOHFXGLUHFLDGHPHUV
=FDUHDXROLPHGHFHOSXLQP
=FDUHVXQWFXFHOSXLQPPDLOXQJLGHFkW

DXWRYHKLFXOXOGXPQHDYRDVWU
8QVSDLXGHSDUFDUHHVWHDILDWFkQGFRQGX
FHLSHOkQJHOLSkQFkQGYDLvQGHSUWDW
FXDSUR[LPDWLYPGHDFHVWD

3DUFDUH
 $9(57,60(17
3$5.7521,&LDVLVWHQDDFWLYODSDUFDUH
VXQWQXPDLVLVWHPHGHDMXWDUHDRIHUXOXLOD
SDUFDUHILLQGSRVLELOVQXGHWHFWH]HWRDWH
REVWDFROHOH$FHVWHDQXYDEVROYGHUVSXQ
GHUHDGHDPDQLIHVWDRDWHQLHGHRVHELW
6XQWHLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQ
LWUHEXLHVFRQWLQXDLVDFRUGDLDWHQLH
vPSUHMXUULORULPHGLDWHFkQGSDUFDLLPDQH
YUDLQFD]FRQWUDUSXWHLSXQHvQSHULFRO
VLJXUDQDGXPQHDYRDVWULDFHORUODOL

2SULLDXWRYHKLFXOXOFkQGVLPEROXOVSDLXOXL
GHSDUFDUHSUH]LQWVSDLXOGHSDUFDUHGRULW
vQSDQRXOGHLQVWUXPHQWH
 &XSODLWUDQVPLVLDSHSR]LLD5
0HVDMXO6WDUW3DUN$VVLVW"<HV2.
1R/DQVDL$VLVWDUHDOD3DUFDUH"
'D2.1XADSDUHSHDILDMXOPXOWL
IXQFLRQDO
 3HQWUXDDQXODSURFHGXUDDSVDLEXWR
QXOAGHSHYRODQXOPXOWLIXQFLRQDOVDX
GHPDUDL
VDX
 3HQWUXDSDUFDFXDVLVWHQDDFWLYOD
SDUFDUHDSVDLEXWRQXOvGHSHYROD
QXOPXOWLIXQFLRQDO
0HVDMXO3DUN$VVLVWDFWLYH$FFHOH
UDWHDQGEUDNH2EVHUYHVXUURXQ
GLQJV$VLVWDUHODSDUFDUHDFWLY
$FFHOHUDLLIUQDL8UPULL
VSDLXOGLQMXUDSDUHSHDILDMXOPXO
WLIXQFLRQDO


&RQGXFHUHDLSDUFDUHD

SDUFDUHDFFHSWDELOSURFHGXUDGHSDUFDUH
YDILDQXODW



6LVWHPHGHDVLVWDUHDFRQGXFHULL



&RQGXFHUHDLSDUFDUHD

 $9(57,60(17
&kQGSDUFDLWUHEXLHVYDVLJXUDLFQXVH
DIOREVWDFROHvQDSURSLHUHDDXWRYHKLFXOXOXL
SHSDUFXUVXOvQWUHJLLRSHUDLL$VLVWHQDDFWLY
ODSDUFDUHQXYDEVROYGHUVSXQGHUHDGHD
UPkQHDWHQW$FHDVWDYDMXWGRDUSULQ
LQWHUYHQLUHDDFWLYDVXSUDGLUHFLHL
3HQWUXDRSULDXWRYHKLFXOXOVDXDHYLWDXQ
DFFLGHQWWUHEXLHVDFLRQDLFKLDUGXPQHD
YRDVWUIUkQHOH

(OLEHUDLYRODQXOPXOWLIXQFLRQDO
QFHSHLVPHUJHLvQDSRLILLQGWRWWLPSXO
JDWDVIUkQDL&kQGPHUJHLvQDSRLFRQ
GXFHLFXRYLWH]VXENPKQFD]FRQ
WUDUDVLVWHQDFWLYODSDUFDUHYDILGH]DF
WLYDW
G QVSDLLGHSDUFDUHUHVWUkQVHYHLRELQH
UH]XOWDWHRSWLPHODSDUFDUHPHUJkQGvQDSRL
FkWPDLGHSDUWH3HSDUFXUVXODFHVWHL
PDQHYUHXUPULLLPHVDMHOH3$5.752
1,&



2SULLYLPHGLDWFH3$5.7521,&HPLWH
VXQHWXOGHDYHUWL]DUHFRQWLQXXGDFQX
FKLDUvQDLQWH
(VWHSRVLELOVILHQHFHVDUHPDQHYUHvQVSD
LLGHSDUFDUHVWUkQVH

0HVDMXO3DUN$VVLVWDFWLYH6HOHFW'
2EVHUYHVXUURXQGLQJV$VLVWDUHOD
SDUFDUHDFWLY6HOHFWDL'8UPULL
VSDLXOGLQMXUDSDUHSHDILDMXOPXOWL
IXQFLRQDO
 &XSODLWUDQVPLVLDvQSR]LLD'FkWDXWRYH
KLFXOXOVWDLRQHD]
$VLVWHQDDFWLYODSDUFDUHYLUHD]LPHGLDW
vQGLUHFLDFHDODOW
0HVDMXO3DUN$VVLVWDFWLYH$FFHOH
UDWHDQGEUDNH2EVHUYHVXUURXQ
GLQJV$VLVWDUHODSDUFDUHDFWLY
$FFHOHUDLLIUQDL8UPULL
VSDLXOGLQMXUDSDUHSHDILDMXOPXO
WLIXQFLRQDO
G 9HLRELQHUH]XOWDWHRSWLPHGDFDWHS
WDLFDSURFHGXUDGHYLUDUHVILHILQDOL]DW
vQDLQWHGHDSRUQLGHSHORF

&RQGXFHLvQDLQWHLILLWRWWLPSXOJDWDV
IUkQDL
 2SULLYLPHGLDWFH3$5.7521,&HPLWH
VXQHWXOGHDYHUWL]DUHFRQWLQXXGDFQX
FKLDUvQDLQWH


0HVDMXO3DUN$VVLVWDFWLYH6HOHFW5
2EVHUYHVXUURXQGLQJV$VLVWDUHOD
SDUFDUHDFWLY6HOHFWDL58UPULL
VSDLXOGLQMXUDSDUHSHDILDMXOPXOWL
IXQFLRQDO
 (VWHSRVLELOVPDLILHQHFHVDUFXSODUHD
WUDQVPLVLHL
,PHGLDWFHSURFHGXUDGHSDUFDUHHVWHILQDOL
]DWPHVDMXO3DUN$VVLVWVZLWFKHGRII
$VLVWDUHODSDUFDUHGH]DFWLYDW
DSDUHSHDILDMXOPXOWLIXQFLRQDO3$5.752
1,&UPkQHGLVSRQLELO
 0DQHYUDLGDFVLWXDLDRFHUH
 5HVSHFWDLvQWRWGHDXQDPHVDMHOHGHDYHU
WL]DUHDILDWHGH3$5.7521,&
3DJLQD

$QXODUHD$VLVWHQHLDFWLYHODSDUFDUH
3XWHLDQXODRULFkQGDVLVWHQDDFWLYODSDU
FDUH
 2SULLGHSODVDUHDYRODQXOXLPXOWLIXQFLRQDO
VDXPDQHYUDLVLQJXU
$VLVWHQDDFWLYODSDUFDUHYDILDQXODW
LPHGLDW0HVDMXO3DUN$VVLVWFDQFHO
OHG$VLVWDUHODSDUFDUHDQXODW
DSDUHSHDILDMXOPXOWLIXQFLRQDO
VDX
 $SVDLEXWRQXO3$5.7521,&GHSHFRQ
VRODFHQWUDO3DJLQD
3$5.7521,&HVWHRSULWLDVLVWHQDDFWLY
ODSDUFDUHHVWHLPHGLDWDQXODW0HVDMXO
3DUN$VVLVWFDQFHOOHG$VLVWDUHOD
SDUFDUHDQXODWDSDUHSHDILDMXOPXO
WLIXQFLRQDO

6LVWHPHGHDVLVWDUHDFRQGXFHULL



=SDUFDUHDFXDMXWRUXODVLVWULLDFWLYHD

SDUFULLQXPDLHVWHSRVLELO
=FRQGXFHLFXSHVWHNPK
=RURDWSDWLQHD]L(63LQWHUYLQHVDXVH

GHIHFWHD]/DPSDGHDYHUWL]DUHVH
DSULQGHvQSDQRXOGHLQVWUXPHQWH
VHHPLWHXQVXQHWGHDYHUWL]DUH6LPEROXO
VSDLXOXLGHSDUFDUHGLVSDUHLPHVDMXO3DUN
$VVLVWFDQFHOOHG$VLVWDUHODSDU
FDUHDQXODWDSDUHSHDILDMXOPXOWLIXQF
LRQDO
&kQGDVLVWHQDDFWLYODSDUFDUHHVWHDQXODW
WUHEXLHVPDQHYUDLGLQQRXVLQJXU

7UDFWDUHDXQHLUHPRUFL
/DDXWRYHKLFXOHOHFXXQFkUOLJGHWUDFWDUHD
UHPRUFLLOXQJLPHDPLQLPDVSDLLORUGHSDU
FDUHFUHWHXRU
'DFDLIL[DWRUHPRUFODDXWRYHKLFXOXOGXP
QHDYRDVWUQXWUHEXLHVXWLOL]DLDVLVWHQD
DFWLYODSDUFDUH'XSUHDOL]DUHDFRQH[LXQLL
HOHFWULFHvQWUHDXWRYHKLFXOXOGXPQHDYRDVWU
LUHPRUFDVLVWHQDDFWLYODSDUFDUHQXPDL
HVWHGLVSRQLELO3$5.7521,&HVWHGH]DFWL
YDWSHQWUX]RQDSRVWHULRDU

&DPHUGHPHUVvQDSRL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
&DPHUDGHPHUVvQDSRLHVWHXQVLVWHPRSWLF
GHDVLVWHQODSDUFDUHLPDQHYUDUH$FHDVWD
SUH]LQW]RQDGLQVSDWHOHDXWRYHKLFXOXOXLSH
DILDMXO&20$1'FXOLQLLGLUHFWRDUH

 3HULFROGHUQLUH
$VLJXUDLYFvQVSDLXOGHPDQHYUDODXWR
YHKLFXOXOXLQXVHDIOSHUVRDQHVDXDQLPDOH
QFD]FRQWUDUDFHVWHDSRWILUQLWH

&DPHUDGHPHUVvQDSRLVHDIOvQPkQHUXO
KD\RQXOXL

C &DPHUGHPHUVvQDSRL

9HGHUHSULQFDPHU
=RQDGLQVSDWHOHDXWRYHKLFXOXOXLHVWHDILDW
FDRLPDJLQHvQRJOLQGODIHOFDvQRJOLQGD
UHWURYL]RDUH

 $9(57,60(17
&DPHUDGHPHUVvQDSRLHVWHGRDUXQVLVWHP
GHDVLVWHQLSRDWHDILDREVWDFROHOHvQWUXQ
PRGGHIRUPDWVDXLQFRUHFWVDXSRDWHVQXOH
DILH]HGHORF&DPHUDGHPHUVvQDSRLQXY
DEVROYGHUVSXQGHUHDGHDILDWHQW&DPHUD
QXSRDWHDILDRELHFWH
=IRDUWHDSURSLDWHGHEDUDGHSURWHFLHVSDWH
=VXEEDUDGHSURWHFLHVSDWH
=FDUHVHDIOGHDVXSUDORFDXOXLPkQHUXOXL
GLQKD\RQ
6XQWHLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQ
LWUHEXLHVFRQWLQXDLVDFRUGDLDWHQLH
vPSUHMXUULORULPHGLDWHFkQGSDUFDLLPDQH
YUDL$FHDVWDILUPDLHHVWHYDODELOSHQWUX
]RQHOHGLQVSDWHOHGLQIDDLGHOkQJDXWR
YHKLFXOQFD]FRQWUDUSXWHLSXQHvQSHULFRO
VLJXUDQDGXPQHDYRDVWULDFHORUODOL
 $9(57,60(17
QXUPWRDUHOHVLWXDLLFDPHUDGHPHUVvQDSRL
QXYDIXQFLRQDVDXYDIXQFLRQDvQWUXQPRG
OLPLWDW
=GDFKD\RQXOHVWHGHVFKLV
=SHSORDLH]SDGVDXFHDDEXQGHQW
=QRDSWHDVDXvQORFXULIRDUWHvQWXQHFDWH

&RQGXFHUHDLSDUFDUHD

$VLVWHQDDFWLYODSDUFDUHHVWHDQXODWDXWR
PDWGDF

6LVWHPHGHDVLVWDUHDFRQGXFHULL



=vQFD]XOvQFDUHFDPHUDDIRVWH[SXVXQHL

&RQGXFHUHDLSDUFDUHD

OXPLQLLQWHQVH
=GDF]RQDHVWHLOXPLQDWGHROXPLQIOXR

UHVFHQWVDXFXOHGXULHVWHSRVLELOFDDIL
DMXOVDLEXQSkOSkLW
=GDFH[LVWRPRGLILFDUHEUXVFDWHPSH
UDWXULLGHH[FkQGLQWUDLvQWUXQJDUDM
vQFO]LWSHWLPSGHLDUQ
=GDFOHQWLODFDPHUHLHVWHPXUGDUVDX
REVWUXFLRQDW
=GDFVSDWHOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUHVWHGHWHULRUDWQDFHVWFD]VROLFL
WDLYHULILFDUHDSR]LLHLLVHWULORUFDPHUHL
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW0HU
FHGHV%HQ]UHFRPDQGVXWLOL]DLXQ&HQ
WUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
VFRS
1XXWLOL]DLFDPHUDGHPHUVvQDSRLvQDFHVW
JHQGHVLWXDLLQFD]FRQWUDUHVWHSRVLELOV
SURYRFDLUQLUHDDOWRUSHUVRDQHGDULGHWH
ULRUDUHDRELHFWHORULDDXWRYHKLFXOXOXLGXP
QHDYRDVWUvQWLPSFHSDUFDL

3HQWUXDFRPXWDvQWUHPRGXULOHGHIXQF
LRQDUHXWLOL]kQGFRQWUROHUXO&20$1'
VHOHFWDLVLPEROXOCSHQWUXIXQFLDVDX
VLPEROXO3DUFDUHFXVSDWHOHDSHQWUX
IXQFLD&XSODUHDXQHLUHPRUFLFRQVXOWDL
LQVWUXFLXQLOHGHXWLOL]DUH&20$1'2QOLQH
VHSDUDWH
6LPEROXOIXQFLHLVHOHFWDWHHVWHHYLGHQLDW

3HQWUXDGH]DFWLYDFDPHUDGHPHUVvQDSRL
HVWHGH]DFWLYDWGDFGXPQHDYRDVWU
=FXSODLWUDQVPLVLDvQSR]LLD3
=FRQGXFHLvQDLQWH]HFHPHWUL

$FWLYDUHDGH]DFWLYDUHDFDPHUHLGH
PHUVvQDSRL
3HQWUXDDFWLYDDVLJXUDLYFvQFRPX
WDWRUXOGHFRQWDFWFKHLDVHDIOvQSR]LLD

 $VLJXUDLYFIXQFLD&DPHUDGHPHUV
vQDSRLHVWHVHOHFWDWvQ&20$1'2QOLQH
FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUHVHSD
UDWHSHQWUX&20$1'2QOLQH
 &XSODLWUHDSWDGHPHUVvQDSRL
=RQDGLQVSDWHOHDXWRYHKLFXOXOXLHVWHSUH
]HQWDWSHDILDMXO&20$1'FXOLQLLGLUHF
WRDUH


=FXSODLWUDQVPLVLDGLQSR]LLD5vQWURDOW

SR]LLHGXSVHFXQGH
=FRQGXFHLvQDLQWHFXRYLWH]GHSHVWH

NPK

$ILDMHSHDILDMXO&20$1'
 $9(57,60(17
8WLOL]DUHDFDPHUHLGHPHUVvQDSRLSRDWHIL
SHULFXORDVSHQWUXGDOWRQLWLVDXSHQWUXFHL
FXFDSDFLWLUHGXVHGHGLVWLQJHUHDFXORULORU
8WLOL]DLFDPHUDGHPHUVvQDSRLGRDUGDF
SXWHLYHGHDLGLVWLQJHWRDWHOLQLLOHGLUHFWRDUH
FRORUDWHDILDWHGHFDPHUDGHPHUVvQDSRLSH
DILDMXO&20$1'

6LVWHPHGHDVLVWDUHDFRQGXFHULL

5HLQHLFRELHFWHOHQHDIODWHODQLYHOXOVROXOXL
SRWSUHDPDLvQGHSUWDWHGHFkWVXQWvQUHD
OLWDWH3ULQWUHDFHVWHDVHQXPU

PVXUDWSkQODPDUJLQHDH[WHULRDUDURL
ORU

&RQGXFHUHDLSDUFDUHD

 $9(57,60(17

=EDUDGHSURWHFLHDXQXLDXWRYHKLFXOSDUFDW

vQVSDWHOHDXWRYHKLFXOXOXLGXPQHDYRDVWU
=REDUGHWUDFWDUHDUHPRUFLL
=FXSODVIHULFDXQXLFkUOLJGHWUDFWDUHD

UHPRUFLL
=SDUWHDGLQVSDWHDXQXLFDPLRQ
=VWkOSLLvQFOLQDL
/LQLLOHDXGRDUUROXOGHDYvQGUXPDLQX
FRQVWLWXLHPVXUWRULH[DFWHDOHGLVWDQHLID
GHXQREVWDFRO
3ULQXUPDUHQXWUHEXLHVGHSLLQLFLRGDW
OLQLDURLHFkQGYDSURSLDLGHXQREVWDFROQ
FD]FRQWUDUSXWHLSURYRFDXQDFFLGHQW
UQLQGXYSHGXPQHDYRDVWULDOWHSHU
VRDQH



/LQLLGLUHFWRDUH
%DUDGHSURWHFLH
/LQLDGLUHFWRDUHURLHODRGLVWDQGH

DSUR[LPDWLYPGLQVSDWHOHDXWRYHKL
FXOXOXL
/LQLDGLUHFWRDUHJDOEHQODRGLVWDQGH
DSUR[LPDWLYPGLQVSDWHOHDXWRYHKL
FXOXOXL
k $[DFHQWUDODDXWRYHKLFXOXOXLDVLVWHQ
PDUFDM
l /LQLDGLUHFWRDUHJDOEHQODRGLVWDQGH
DSUR[LPDWLYPGLQVSDWHOHDXWRYHKL
FXOXOXL
/LQLLOHGLUHFWRDUHVXQWLQGLFDWHQXPDLDWXQFL
FkQGWUDQVPLVLDVHDIOvQSR]LLD5
6SHFLILFDLLOHUHIHULWRDUHODGLVWDQHVXQWYDOD
ELOHGRDUSHQWUXRELHFWHDIODWHODQLYHOXOVROX
OXL

%HQ]L
C %DQGDDOEFDUHLQGLFOLPHDDXWRYHKL

FXOXOXLFXYRODQXOGUHSWVWDWLF
D %DQGDJDOEHQFDUHLQGLFWUDVHXOSHFDUH

SQHXULOHvOYRUXUPDvQXQJKLXOFXUHQWDO
YRODQXOXLGLQDPLF
%DQGDURLHFDUHLQGLFOLPHDDXWRYHKL
FXOXOXLvQXQJKLXOFXUHQWDOYRODQXOXLGLQD
PLF
%DUDGHSURWHFLH
3HQWUXEHQ]LOHDOEHLURLLOLPHDDXWRYHKL
FXOXOXLLQFOXGHRJOLQ]LOHH[WHULRDUH3HQWUX
EDQGDJDOEHQOLPHDDXWRYHKLFXOXOXLHVWH

6LVWHPHGHDVLVWDUHDFRQGXFHULL



&RQGXFHUHDLSDUFDUHD

0HUVXOvQDSRLvQWUXQVSDLXGHSDUFDUH
IUURWLUHDYRODQXOXL

0HVDMHVXSOLPHQWDUHSHQWUXDXWRYHKLFXOHFX
3$5.7521,&
C 0HVDMGHDYHUWL]DUHIURQWDO
D ,QGLFDWRUVXSOLPHQWDUSULYLQGGLVSRQLELOL

C %DQGDDOEFDUHLQGLFWUDVHXOSHFDUH

DXWRYHKLFXOXOvOYDXUPDFXYRODQXOGUHSW

WDWHDODIXQFLRQDUH3$5.7521,&
$ILDMGHDYHUWL]DUHVSDWH

D /LQLDGLUHFWRDUHJDOEHQODRGLVWDQGH

$XWRYHKLFXOHFX3$5.7521,&GDF3$5.
7521,&HVWHIXQFLRQDO3DJLQDXQ
LQGLFDWRUVXSOLPHQWDUSULYLQGGLVSRQLELOLWDWHD
ODIXQFLRQDUHYDDSUHDSHDILDMXO
&20$1'D'DFDILDMXOGHDYHUWL]DUH
3$5.7521,&HVWHDFWLYVDXVHDSULQGHDIL
DMHOHGHDYHUWL]DUHCLVXQWDFWLYHGH
DVHPHQHDVDXVHDSULQGFRQIRUPvQDILDMXO
&20$1'

)XQFLD3DUFDUHFXVSDWHOH


$VLJXUDLYFIXQFLD&DPHUDGHPHUV
vQDSRLHVWHDFWLYDWLDUIXQFLD3DUFDUH
FXVSDWHOHHVWHVHOHFWDWFRQVXOWDL
LQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWHSHQWUX
&20$1'2QOLQH
6XQWLQGLFDWHEDQGDLOLQLLOHGLUHFWRDUH

DSUR[LPDWLYPGLQVSDWHOHDXWRYHKL
FXOXOXL
/LQLDGLUHFWRDUHURLHODRGLVWDQGH
DSUR[LPDWLYPGLQVSDWHOHDXWRYHKL
FXOXOXL
&XDMXWRUXOEHQ]LLDOEHCYHULILFDLGDF
DXWRYHKLFXOXOYDLQWUDvQVSDLXOGHSDUFDUH
 )RORVLQGEDQGDDOEGUHSWJKLGPHUJHL
vQDSRLFXDWHQLHSkQDWLQJHLSR]LLDGH
FDSW
/LQLDGLUHFWRDUHURLHHVWHODFDSWXO
VSDLXOXLGHSDUFDUH$XWRYHKLFXOXOHVWH
DSURDSHSDUDOHOvQVSDLXOGHSDUFDUH
0HUJHLvQDSRLSHUSHQGLFXODUFXVSDLXO
GHSDUFDUHFXYRODQXOvQXQJKL
 &RQGXFHLDXWRYHKLFXOXOSHOkQJVSDLXOGH
SDUFDUHLVWDLRQDLDXWRYHKLFXOXO

5RWLUHDYRODQXOXL
C %DQGDURLHFDUHLQGLFWUDVHXOSHFDUH

&RQGXFHUHDvQSR]LLDILQDO
C %DQGDDOEFDUHLQGLFWUDVHXOSHFDUH

DXWRYHKLFXOXOvOYDXUPDFXYRODQXOvQSR]L
LDFXUHQW
D 0DUFDMVSDLXGHSDUFDUH

DXWRYHKLFXOXOvOYDXUPDFXYRODQXOvQSR]L
LDFXUHQW
D 0DUFDMVSDLXGHSDUFDUH

$WXQFLFkQGDXWRYHKLFXOXOHVWHVWDLRQDW
URWLLYRODQXOvQGLUHFLDVSDLXOXLGHSDUFDUH
SkQFkQGEDQGDURLHDWLQJHPDUFDMXOVSD
LXOXLGHSDUFDUHD
 0HQLQHLYRODQXOvQDFHDSR]LLHLGDLFX
VSDWHOHFXDWHQLH

5RWLLYRODQXOvQSR]LLDFHQWUDOvQWLPSFH
DXWRYHKLFXOXOHVWHVWDLRQDW

C /LQLDGLUHFWRDUHURLHODRGLVWDQGH

0HUVXOFXVSDWHOHFXYRODQXOURWLW
C %DQGDURLHFDUHLQGLFWUDVHXOSHFDUH

DXWRYHKLFXOXOvOYDXUPDFXYRODQXOvQSR]L
LDFXUHQW


2SULLDXWRYHKLFXOXODWXQFLFkQGVHDIO
DSURDSHvQIDDVSDLXOXLGHSDUFDUH
%DQGDDOEDUWUHEXLVILHFkWVHSRDWHGH
SDUDOHOFXPDUFDMXOVSDLXOXLGHSDUFDUH

DSUR[LPDWLYPGLQVSDWHOHDXWRYHKL
FXOXOXL
D %DQGDDOEFDUHLQGLFWUDVHXOSHFDUH
DXWRYHKLFXOXOvOYDXUPDFXYRODQXOGUHSW
&DSWXOVSDLXOXLGHSDUFDUH


'DLFXVSDWHOHFXDWHQLHSkQDLDWLQV
SR]LLDGHFDSW
/LQLDGLUHFWRDUHURLHCHVWHDWXQFLOD
FDSWXOVSDLXOXLGHSDUFDUH$XWRYHKL
FXOXOHVWHDSURDSHSDUDOHOvQVSDLXOGHSDU
FDUH



&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULL



6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD

)XQFLD&XSODUHDXQHLUHPRUFL
$FHDVWIXQFLHHVWHGLVSRQLELOQXPDLOD
DXWRYHKLFXOHOHFXFkUOLJGHWUDFWDUHDUHPRU
FLL

C 3XQFWXOFHQWUDODODXWRYHKLFXOXOXLGHSH

OLQLDGLUHFWRDUHJDOEHQODRGLVWDQGH
DSUR[LPDWLYPGHODSDUWHDGLQVSDWH
DDXWRYHKLFXOXOXL
D %DUGHWUDFWDUHDUHPRUFLL
&XSOVIHULF
 6HWDLvQOLPHDEDUHLGHWUDFWDUHDDVWIHO
vQFkWVILHSXLQPDLvQDOWGHFkWFXSODVIH
ULF
 3R]LLRQDLDXWRYHKLFXOXOvQFHQWUXvQIDD
EDUHLGHWUDFWDUHD

8WLOL]DLFRQWUROHUXO&20$1'SHQWUXD
VHOHFWDVLPEROXOFRQVXOWDLLQVWUXFLX
QLOHGHXWLOL]DUHVHSDUDWHSHQWUX&20$1'
2QOLQH
)XQFLD&XSODUHDXQHLUHPRUFLHVWHVHOHF
WDW6SHFLILFDLLOHGHGLVWDQVHDSOLF
DFXPQXPDLSHQWUXRELHFWHOHFDUHVHDIO
ODDFHODLQLYHOFXQLYHOXOFXSOHLVIHULFH
 'DLFXVSDWHOHFXDWHQLHDVLJXUkQGXYF
DVLVWHQWXOPDUFDMXOXLEDUHLGHWUDFWDUH
LQGLFDSUR[LPDWLYGLUHFLDEDUHLGHWUDF
WDUH
 'DLFXVSDWHOHFXDWHQLHSkQFkQGEDUD
GHWUDFWDUHDWLQJHOLQLDGLUHFWRDUH
URLHD
 &XSODLUHPRUFD3DJLQD


$6,67(170(1,1(5($7(1,(
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
$6,67(178/'(0(1,1(5($7(1,(Y
DMXWODFOWRULLOHOXQJLLPRQRWRQHFXPDU
ILFHOHSHDXWRVWUDGLGUXPXULQDLRQDOH
$FHVWDHVWHDFWLYvQLQWHUYDOXONPKSkQ
ODNPK
'DF$6,67(178/'(0(1,1(5($7(1,(
GHWHFWHD]VHPQHWLSLFHGHRERVHDOVDX
SLHUGHULGLQFHvQFHPDLOXQJLDOHFRQFHQWUULL
GLQSDUWHDRIHUXOXLDFHVWDvLVXJHUHD]V
IDFRSDX]

 $9(57,60(17

C &XSOVIHULF
D /LQLDGLUHFWRDUHURLHODRGLVWDQGH

DSUR[LPDWLYPGHFXSODVIHULF
$VLVWHQWPDUFDMEDUGHWUDFWDUH
%DUGHWUDFWDUHDUHPRUFLL
6LPEROSHQWUXIXQFLD&XSODUHDXQHL

UHPRUFL

$6,67(178/'(0(1,1(5($$7(1,(,HVWH
QXPDLXQVLVWHPGHDVLVWHQLHVWHSRVLELO
VYGHWHFWH]HRERVHDODVDXSLHUGHUHDFRQ
FHQWUULLSUHDWkU]LXVDXGHORF$FHVWDQX
SRDWHLQHORFXOXQXLRIHUELQHRGLKQLWL
DWHQW
2ERVHDODYSRDWHIDFHVUHFXQRDWHLWDUGLY
VLWXDLLOHSHULFXORDVHVOHHYDOXDLLQFRUHFW
VDXVUHDFLRQDLPDLOHQW'LQDFHVWPRWLY
DVLJXUDLYFYVLPLLELQHRGLKQLWvQDLQWH
GHDvQFHSHVFRQGXFHLLvQWLPSXO
FOWRULHL)DFHLvQWRWGHDXQDSDX]HvQWLPS
XWLOLUHJXODWPDLDOHVODFOWRULLOHOXQJLQ

FD]FRQWUDUHVWHSRVLELOVQXUHFXQRDWHL
SHULFROHOHODWLPSSURYRFkQGXQDFFLGHQWL
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH

$6,67(178/'(0(1,1(5($7(1,(HYD
OXHD]QLYHOXOGXPQHDYRDVWUGHRERVHDO
VDXSLHUGHUHDFRQFHQWUULLLQkQGFRQWGH
XUPWRDUHOHFULWHULL
=VWLOXOGHFRQGXFHUHSHUVRQDOGHH[FDUDF

WHULVWLFLOHGLUHFLHL
=SDUDPHWULLUHIHULWRULODFOWRULHGHH[WLP

SXO]LOHLGXUDWDFOWRULHL
$6,67(178/'(0(1,1(5($7(1,(DUHR
XWLOLWDWHOLPLWDWLDUDYHUWLVPHQWHOHSRWIL
GHFDODWHVDXSRWVDQXILHHPLVHGHORF
=GDFGUXPXOVHDIOvQWURVWDUHSURDVWGH

H[GDFVXSUDIDDHVWHQHXQLIRUPVDX
GDFH[LVWJURSL
=GDFEDWHXQYkQWSXWHUQLFGLQODWHUDO
=GDFDLDGRSWDWXQVWLOGHFRQGXFHUHVSRU
WLYFXYLWH]HPDULvQYLUDMHVDXDFFHOHUUL
SXWHUQLFH
=GDFFRQGXFHLSUHGRPLQDQWODYLWH]HVXE
NPKVDXPDLPDULGHNPK
=GDFPRPHQWDQXWLOL]DL&20$1'2QOLQH
VDXGDLXQWHOHIRQFX&20$1'2QOLQH
=GDFRUDDIRVWUHJODWLQFRUHFW
=vQVLWXDLLOHGHFRQGXFHUHDFWLYSUHFXP
FHOHvQFDUHVFKLPEDLEHQ]LOHVDXYPRGL
ILFDLYLWH]D

0HVDMHOHGHDYHUWL]DUHLGHSHGLVSOD\
GLQDILDMXOPXOWLIXQFLRQDO

$FWLYDL$6,67(178/'(0(1,1(5(
$7(1,(FXDMXWRUXOFDOFXODWRUXOXLGHERUG
3DJLQD
6LPEROXOCDSDUHSHDILDMXOPXOWLIXQFLR
QDO

'DF$6,67(178/'(0(1,1(5($7(1,(
HVWHDFWLYYHLSULPLXQDYHUWLVPHQWQXPDL
GHYUHPHGHGHPLQXWHGXSFHYDLvQFH
SXWFOWRULD9HLDX]LDSRLXQVXQHWGHDYHU
WL]DUHLQWHUPLWHQWGHGRXRULLDUPHVDMXO
$WWHQWLRQ$VVLVW'URZVLQHVVGHWHF
WHG$VLVWHQWXOGHPHQLQHUHDDWHQ
LHLVRPQROHQGHWHFWDWDSDUHSH
DILDMXOPXOWLIXQFLRQDO
 'DFVLWXDLDRFHUHIDFHLRSDX]
 $SVDLEXWRQXOvVDXASHQWUXD
FRQILUPDPHVDMXO
QFD]XOFOWRULLORUvQGHOXQJDWHIDFHLSDX]H
UHJXODWHvQWLPSXWLOSHQWUXDSXWHDVYRGLK
QLLFRUHVSXQ]WRU'DFQXIDFHLRSDX]
YHLILDYHUWL]DWGLQQRXGXSFHOSXLQ
PLQXWH3UHPLVDHVWHIDSWXOF$6,67(1
78/'(0(1,1(5($7(1,(FRQWLQXV
GHWHFWH]HLQGLFDWRULWLSLFLGHRERVHDOVDX
SLHUGHULDOHFRQFHQWUULLVSRULWH
$VLVWHQWXOGHPHQLQHUHDDWHQLHLHVWHUHVH
WDWLvQFHSHVYHYDOXH]HJUDGXOGHRER
VHDOGLQQRXFkQGYFRQWLQXDLFOWRULD
GDF
=RSULLPRWRUXO
=YVFRDWHLFHQWXUDGHVLJXUDQLGHVFKL

GHLSRUWLHUDRIHUXOXLGHH[SHQWUXD
VFKLPEDRIHULLVDXSHQWUXDIDFHRSDX]

$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLYLQGLF
OLPLWHOHGHYLWH]GHWHFWDWHSHDILDMXOPXOWL
IXQFLRQDO'DWHOHGLQVLVWHPXOGHQDYLJDLH
VXQWGHDVHPHQHDXWLOL]DWHvQDFHVWVFRS
'DFHVWHGHWHFWDWXQVHPQGHFLUFXODLHFDUH
LQGLFROLPLWGHYLWH]VDXVIkULWXOXQHL
OLPLWHGHYLWH]HHVWHLQGLFDWSHDILDMXOPXO
WLIXQFLRQDO'DFDVLVWDUHDSHQWUXOLPLWDUHD
YLWH]HLQXGHWHFWHD]VHPQHGHFLUFXODLHVH
SUHLDOLPLWDGHYLWH]GHSHKDUWDUXWLHUGLJL
WDODFHVWDILLQGLQGLFDWSHDILDM



&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD



6LVWHPHGHDVLVWDUHDFRQGXFHULL
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLGHWHFWHD]
VHPQHGHFLUFXODLHFXRFDPHUIL[DWvQVSD
WHOHSULLVXSHULRDUHDSDUEUL]XOXL

,QIRUPDLLGHSHDILDMXOPXOWLIXQFLRQDO

C 6HPQXOGHFLUFXODLHFDUHLQGLFROLPLW
C &DPHUDGHDVLVWDUHSHQWUXOLPLWDUHDYLWH

]HL

GHYLWH]VDXVIkULWXOOLPLWHLGHYLWH]
H[HPSOX
D $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLV
SRQLELOLIXQFLDGHDYHUWL]DUHHVWHSRU
QLWvQFDOFXODWRUXOGHERUG
8QLWLXWLOL]DWHvQVHPQXOGHFLUFXODLHDIL
DW

 $9(57,60(17
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGRDUXQ
VLVWHPGHDVLVWHQHDSXWkQGVGHWHFWH]H
OLPLWHOHGHYLWH]LQFRUHFWVDXFKLDUGHORF
6LVWHPXOSRDWHDYHDRIXQFLRQDUHUHGXVVDX
DEVHQWGDF

$ILDUHDVFXUWDVHPQHORUGHFLUFXODLH
GHWHFWDWHSHDILDMXOPXOWLIXQFLRQDO

=H[LVWRYL]LELOLWDWHVF]XWGHH[GLQFDX]D

]SH]LLSORLLFHLLVDXDSHLSXOYHUL]DWH
=H[LVWUHIOH[LLGHH[GHODVRDUHVDXGHOD
WUDILFXOGHSHFRQWUDVHQV
=SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW
GHH[HPSOXFXRHWLFKHWDXWRFRODQWvQ
DSURSLHUHDFDPHUHL
=VHPQHOHGHFLUFXODLHVXQWDFRSHULWHGH
H[HPSOXGHPL]HULH]SDGVDXFRSDFL
=VHPQHOHGHFLUFXODLHVXQWVODELOXPLQDWH
=H[LVWVHPQHGHFLUFXODLHDPELJXHGH
H[HPSOXOkQJOXFUULOHGHSHGUXPVDXSH
GUXPXULOHFXPDLPXOWHEHQ]L
6HPQHOHGHFLUFXODLHDXvQWRWGHDXQDSULRUL
WDWHIDGHDILDMXODVLVWULLSHQWUXOLPLWDUHD
YLWH]HL$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLQX
SRDWHGHWHFWDFRQGLLLOHGHWUDILF$FHVWDQX
SRDWHVXEVWLWXLRFRQGXFHUHDWHQW
$FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGLQ
WUDILFLvPSUHMXULPLORUGXPQHDYRDVWUQFD]
FRQWUDUHVWHSRVLELOVQXUHFXQRDWHLSHUL
FROHOHODWLPSSURYRFkQGXQDFFLGHQWL
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH

$ILDUHDSHUPDQHQWDVHPQHORUGHFLUFX
ODLHGHWHFWDWHSHDILDMXOPXOWLIXQFLRQDO


$FWLYDLIXQFLDGHDYHUWL]DUHDDVLVWULLSHQ
WUXOLPLWDUHDYLWH]HLFXDMXWRUXOFDOFXODWRUX
OXLGHERUG3DJLQD
6LPEROXODDSDUH
8QVHPQGHFLUFXODLHFDUHLQGLFROLPLW
GHYLWH]VDXVIkULWXOOLPLWHLGHYLWH]C
DSDUHSHDILDMXOPXOWLIXQFLRQDOWLPSGH
DSUR[LPDWLYFLQFLVHFXQGHLPHGLDWFHHVWH
GHWHFWDW2ULFHDOWHLQIRUPDLLGHSHDILDMXO
PXOWLIXQFLRQDOVXQWDVFXQVHvQDFHDVW
SHULRDG

$ILDUHDDVLVWULLSHQWUXOLPLWDUHDYLWH]HLFX
DMXWRUXOFDOFXODWRUXOXLGHERUG
3DJLQD
8QVHPQGHFLUFXODLHFDUHLQGLFROLPLW
GHYLWH]VDXVIkULWXOOLPLWHLGHYLWH]C
DSDUHSHDILDMXOPXOWLIXQFLRQDOLPHGLDWFH
HVWHGHWHFWDW

6HPQXOGHFLUFXODLHFDUHSUH]LQWROLPLW
GHYLWH]CHVWHGHUHJXODILDWSkQ
FkQG

=YLUDL

WUHEXLHVFRQGXFHLvQFRQIRUPLWDWHFXFRQ
GLLLOHGHWUDILFQFD]FRQWUDUSXWHLSXQHvQ
SHULFROVLJXUDQDGXPQHDYRDVWULDFHORU
ODOL
6LVWHPXOSRDWHDYHDRIXQFLRQDUHUHGXVVDX
DEVHQWGDF

=SUVLLVDXLQWUDLvQWUXQRUD

=H[LVWRYL]LELOLWDWHVF]XWGHH[GLQFDX]D

=XQVHPQGHFLUFXODLHFDUHSUH]LQWVIkU

LWXOOLPLWHLGHYLWH]HVWHGHWHFWDW

=WLSXOGHGUXPVHVFKLPEGHH[DXWRV

]SH]LLSORLLFHLLVDXDSHLSXOYHUL]DWH

WUDGGUXPGHDU
=DLSDUFXUVRDQXPLWGLVWDQPLQLP
IUFDVHPQXOGHFLUFXODLHVVHUHSHWH
VDXVILHGHWHFWDWGLQQRX

=SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW

G 3XWHLGHDVHPHQHDVDFWLYDLDVLVWDUHD
SHQWUXOLPLWDUHDYLWH]HLFXDMXWRUXO
&20$1'2QOLQH9LWH]DPD[LPDGPLV
DSDUHSHDILDMXO&20$1'FRQVXOWDL
LQVWUXFLXQLOHGHXWLOL]DUH&20$1'2QOLQH
$VLVWHQWXOODYHGHUHDSHWLPSGH
QRDSWH3OXV
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
3HOkQJLOXPLQDUHDDVLJXUDWGHIDUXULOHQRU
PDOHDVLVWHQWXOODYHGHUHDSHWLPSGHQRDSWH
3OXVXWLOL]HD]OXPLQDvQLQIUDURXSHQWUXD
LOXPLQDGUXPXO&DPHUDDVLVWHQWXOXLODYHGH
UHDSHWLPSGHQRDSWH3OXVFDSWHD]OXPLQD
vQLQIUDURXLDILHD]RLPDJLQHPRQRFURP
vQ&20$1',PDJLQHDDILDWvQ&20$1'
FRUHVSXQGHXQXLGUXPLOXPLQDWGHIDUXULOH
SHQWUXID]OXQJ$FHDVWDYSHUPLWHV
YHGHLWUDVHXOLRULFHREVWDFROHvQWLPSXWLO
&kQGUHFXQRDWHUHDSLHWRQLORUHVWHDFWLY
SLHWRQLLUHFXQRVFXLGHVLVWHPVXQWHYLGHQ
LDLvQDILDMXODVLVWHQWXOXLODYHGHUHDSHWLPS
GHQRDSWH3OXV

 $9(57,60(17
$VLVWHQWXOODYHGHUHDSHWLPSGHQRDSWH3OXV
HVWHGRDUXQVLVWHPFDUHYDMXWVFRQGXFHL
LQXYDEVROYGHUHVSRQVDELOLWDWHDGHD
PDQLIHVWDSUHFDXLH&RQWLQXDLVSULYLLSULQ
SDUEUL]vQORFVYED]DLSHDILDMXODVLVWHQ
WXOXLODYHGHUHDSHWLPSGHQRDSWH3OXV'XP
QHDYRDVWUDYHLUVSXQGHUHDVLJXUDQHLL

GHH[HPSOXFXRHWLFKHWDXWRFRODQWvQ
DSURSLHUHDFDPHUHL
=vQYLUDMHvQSDQWHDVFHQGHQWHVDXSDQWH
GHVFHQGHQWH

/XPLQDGHODIDUXULOHDXWRYHKLFXOHORUFDUHYLQ
GLQVHQVRSXVQXDIHFWHD]DILDMXODVLVWHQ
WXOXLODYHGHUHDSHWLPSGHQRDSWH3OXVGLQ
DILDMXOPXOWLIXQFLRQDO$FHDVWVLWXDLHHVWH
YDODELOLGDFQXSXWHLDFWLYDIDUXULOHSHQWUX
ID]OXQJGLQFDX]DWUDILFXOXLGLQVHQVRSXV

 $9(57,60(17
$VLVWHQWXOODYHGHUHDSHWLPSGHQRDSWH3OXV
QXGHWHFWHD]RELHFWHGLQLPHGLDWDDSURSLHUH
DDXWRYHKLFXOXOXL3ULYLLSULQSDUEUL]FkQG
HIHFWXDLPDQHYUH$VLJXUDLYFQXH[LVW
RDPHQLVDXDQLPDOHvQ]RQDvQFDUHHIHFWXDL
PDQHYUHOH

G /XPLQDvQLQIUDURXQXSRDWHILVHVL]DWGH
RFKLXOXPDQSULQXUPDUHHDQXRUEHWH
$VLVWHQWXOODYHGHUHDSHWLPSGHQRDSWH
3OXVSRDWHSULQXUPDUHVUPkQDFWLYDW
FKLDULGDFH[LVWWUDILFSHFRQWUDVHQV

C &DPHUDDVLVWHQWXOXLODYHGHUHDSHWLPSGH

QRDSWH3OXV




&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULL

6LVWHPHGHDVLVWDUHDFRQGXFHULL



&RQGXFHUHDLSDUFDUHD

$FWLYDUHDDVLVWHQWXOXLODYHGHUHDSH
WLPSGHQRDSWH3OXV
QIXQFLHGHGDWDIDEULFULLDXWRYHKLFXOXOXL
GXPQHDYRDVWUVLPEROXOqVDXX
SHQWUXSR]LLD/XPLQLGHFRQGXFHUHDXWR
PDWHPRGGHIXQFLRQDUHSHWLPSGH]LD
IDUXULORUHVWHDPSODVDWSHFRPXWDWRUXOGH
OXPLQL

C $ILDMXODVLVWHQWXOXLODYHGHUHDSHWLPSGH

QRDSWH3OXV
D 3LHWRQUHFXQRVFXW
'HOLPLWDUH
6LPEROSHQWUXUHFXQRDWHUHDDFWLYDSLH

WRQLORU

3XWHLDFWLYDDVLVWHQWXOODYHGHUHDSHWLPSGH
QRDSWH3OXVQXPDLGDF
=FKHLDVHDIOvQSR]LLDGLQFRPXWDWRUXOGH

FRQWDFW
=HVWHvQWXQHULF
=FRPXWDWRUXOGHOXPLQLHVWHSXVSHq

XVDXX
=WUHDSWDGHPHUVvQDSRLQXDIRVWFXSODW

$VLJXUDLYFHVWHSRUQLW&20$1'
2QOLQH
 $SVDLEXWRQXOC
$ILDMXODVLVWHQWXOXLODYHGHUHDSHWLPSGH
QRDSWH3OXVDSDUHSHDILDMXO&20$1'


3XWHLFLWLGHVSUHPRGXOGHUHJODUHDOXPLQR
]LWLLDILDMXOXL&20$1'vQLQVWUXFLXQLOHGH
XWLOL]DUH&20$1'2QOLQH

G )DUXULOHFXLQIUDURXVHDFWLYHD]GRDU
FkQGDXWRYHKLFXOXOHVWHFRQGXVODYLWH]HGH
FHOSXLQNPK3ULQXUPDUHQXYHL
EHQHILFLDGHXQFkPSYL]XDOFRPSOHWFkQG
VWDLSHORFLQXSXWHLYHULILFDGDFDVLV
WHQWXOODYHGHUHDSHWLPSGHQRDSWH3OXV
IXQFLRQHD]
5HFXQRDWHUHDSLHWRQLORU
 $9(57,60(17
5HFXQRDWHUHDSLHWRQLORUSRDWHILUHGXVVDX
QHIXQFLRQDOGDF
=SLHWRQLLVXQWDVFXQLSDULDOVDXFRPSOHWGH

RELHFWHGHH[GHDXWRYHKLFXOHSDUFDWH
=VLOXHWDSLHWRQXOXLGLQDILDMXODVLVWHQWXOXLOD

YHGHUHDSHWLPSGHQRDSWH3OXVHVWHLQFRP
SOHWVDXvQWUHUXSWGHH[GHUHIOH[LLSXWHU
QLFHGHOXPLQ
=SLHWRQLLQXLQWUvQFRQWUDVWFXvPSUHMXUL
PLOH
=SLHWRQLLQXVHDIOvQSR]LLHGUHDSWGHH[
VWDXMRVVWDXSHYLQHVDXVXQWvQWLQL

G $QLPDOHOHQXVXQWGHWHFWDWHGHUHFXQRD
WHUHDSLHWRQLORU

6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD

$VLVWHQWXOODYHGHUHDSHWLPSGHQRDSWH3OXV
SRDWHUHFXQRDWHSLHWRQLLXWLOL]kQGDQXPLWH
FDUDFWHULVWLFLWLSLFHGHH[FkQGHVWHRVLOXHW
FXIRUPGHSHUVRDQ
5HFXQRDWHUHDSLHWRQLORUHVWHDSRLDFWLYDW
DXWRPDWGDF



=$VLVWHQWXOODYHGHUHDSHWLPSGHQRDSWH

3OXVHVWHDFWLYDW
=FRQGXFHLFXSHVWHDSUR[LPDWLYNPK
=YDIODLvQ]RQHvQWXQHFDWHGHH[FkQG

LHLLFXPDLQDGLQ]RQHOHFXFRQVWUXFLLL
LQWUDLvQ]RQHIULOXPLQDWSHVWUDG
'DFUHFXQRDWHUHDSLHWRQLORUHVWHDFWLY
VLPEROXODSDUH'DFXQSLHWRQHVWHUHFX
QRVFXWDFXPDFHVWDHVWHvQFDGUDWLvQ
FRQVHFLQHYLGHQLDW'DFVLVWHPXOGHUHFX
QRDWHUHDSLHWRQLORUYDDWUDVDWHQLDDVXSUD
XQXLSLHWRQXLWDLYSULQSDUEUL]SHQWUXD
HYDOXDVLWXDLD'LVWDQDUHDOSkQODRELHFWH
LSLHWRQLQXSRDWHILHYDOXDWFXSUHFL]LHGDF
YXLWDLODXQVLPSOXHFUDQ
QXQHOHVLWXDLLVXQWHYLGHQLDWHLRELHFWH
LSLHWRQL

3DUEUL]DEXULWVDXPXUGDU
'DFSDUEUL]XOGLQIDDFDPHUHLHVWHDEXULW
VDXPXUGDUSHLQWHULRUVDXH[WHULRUDILDMXO
DVLVWHQWXOXLODYHGHUHDSHWLPSGHQRDSWH3OXV
HVWHDIHFWDW
 3HQWUXDGH]DEXULYHULILFDLVHWULOHDHUX
OXLFRQGLLRQDWDXWRPDW3DJLQDL
UDEDWDLFDSDFXOFDPHUHLvQMRV
3DJLQD
 3HQWUXDGH]DEXULSDUEUL]XOSHLQWHULRU
UDEDWDLFDSDFXOFDPHUHLvQMRV
3DJLQDLFXUDLSDUEUL]XO
3DJLQD



6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD

3UREOHPHOD$VLVWHQWXOODYHGHUHDSHWLPSGHQRDSWH3OXV
3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

&DOLWDWHDLPDJLQLLGLQ
WHUJWRDUHOHGHSDUEUL]PXUGUHVFSDUEUL]XO
DVLVWHQWXOODYHGHUHDSH  QORFXLLODPHOHWHUJWRDUHORU3DJLQD
WLPSGHQRDSWH3OXVVD
GHJUDGDW
3DUEUL]XOVDPXUGULWGXSFHDXWRYHKLFXOXODIRVWVSODWODR
VSOWRULHDXWR
 &XUDLSDUEUL]XO3DJLQD
3DUEUL]XODIRVW]JkULDWGHSLHWULFHOHSURLHFWDWHvQFkPSXOGHYL]LXQH
DOFDPHUHL
 QORFXLLSDUEUL]XO
3DUEUL]XOHVWHDEXULWSHLQWHULRU
 'H]DEXULLSDUEUL]XO3DJLQD
3DUEUL]XODvQJKHDW
 'H]JKHDLSDUEUL]XO3DJLQD
3HLQWHULRUXOSDUEUL]XOXLVHDIOPL]HULH
 &XUDLSDUWHDLQWHULRDUDSDUEUL]XOXL3DJLQD

3DFKHWXOGHXUPULUHDEHQ]LLGHPHUV
1RWHJHQHUDOH
3DFKHWXOGHXUPULUHDEHQ]LLGHPHUVFRQVW
GLQDVLVWHQDODXQJKLXOPRUW3DJLQD
LDVLVWHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUV
3DJLQD

$VLVWHQODXQJKLXOPRUW
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
$VLVWHQDODXQJKLXOPRUWXWLOL]HD]XQVLVWHP
GHVHQ]RULUDGDUSHQWUXDPRQLWRUL]D]RQHOH
GHSHDPEHOHSULODWHUDOHDOHDXWRYHKLFXOX
OXLGXPQHDYRDVWU(DYDVLVWvQFHSkQGFX
YLWH]HGHNPK8QDILDMGHDYHUWL]DUHGLQ
RJOLQ]LOHH[WHULRDUHYDWUDJHDWHQLDODDXWR
YHKLFXOHOHGHWHFWDWHvQ]RQDPRQLWRUL]DW
'DFDFWLYDLDSRLVHPQDOL]DWRUXOGHGLUHFLH
DIHUHQWSHQWUXDVFKLPEDEDQGDVHYDHPLWH
GHDVHPHQHDXQDYHUWLVPHQWRSWLFLVRQRU
SULYLQGFROL]LXQHD3HQWUXPRQLWRUL]DUHDVLV

WHQDDFWLYODXQJKLXOPRUWXWLOL]HD]VHQ]RUL
GLQEDUDGHSURWHFLHVSDWH

 $9(57,60(17
$VLVWHQDODXQJKLXOPRUWHVWHQXPDLXQVLV
WHPGHDVLVWHQFDUHYDMXWFkQGFRQGX
FHL$FHDVWDSRDWHVQXGHWHFWH]HDQXPLWH
DXWRYHKLFXOHQHFRQVWLWXLQGXQVXEVWLWXWSHQ
WUXFRQGXFHUHDDWHQW
$VLVWHQDODXQJKLXOPRUWQXSRDWHGHWHFWD
FRQGLLLOHGHGUXPLWUDILF(VWHSRVLELOFD
DFHDVWDVQXGHWHFWH]HDXWRYHKLFXOH
vQJXVWHSUHFXPPRWRFLFOHWHVDXELFLFOHWHVDX
OHSRDWHGHWHFWDSUHDWkU]LX
0RQLWRUL]DUHSRDWHILDIHFWDWGHVHQ]RULLPXU
GDULDSDSXOYHUL]DWGHQVVDXYL]LELOLWDWHD
VF]XWSURYRFDWGH]SDGSORDLHVDX
FHDGHH[HPSOXQDFHVWFD]DXWRYHKLFX
OHOHVXQWGHWHFWDWHWDUGLYVDXGHORF
$FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGLQ
WUDILFLvPSUHMXULPLORUGXPQHDYRDVWUQFD]
FRQWUDUHVWHSRVLELOVQXUHFXQRDWHLSHUL

FROHOHODWLPSSURYRFkQGXQDFFLGHQWL
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH

6LVWHPXOGHVHQ]RUUDGDUHVWHDXWRPDWGH]DF
WLYDWOkQJXQLWLOHUDGLRWHOHVFRS
3DJLQD
3HQWUXFDDVLVWHQDODXQJKLXOPRUWVY
DVLVWHFkQGFRQGXFHLVLVWHPXOGHVHQ]RUL
UDGDUWUHEXLHVILHDFWLYDW3DJLQDL
VILHIXQFLRQDO
5D]DGHPRQLWRUL]DUHDVHQ]RULORU
$VLVWHQDODXQJKLXOPRUWPRQLWRUL]HD]R
]RQGHSkQODWUHLPHWULvQVSDWHOHDXWRYH
KLFXOXOXLGXPQHDYRDVWULLPHGLDWOkQJ
DXWRYHKLFXOXOGXPQHDYRDVWUGXSFXPHVWH
LQGLFDWvQVFKHP

SRDWHDSUHDGDFDXWRYHKLFXOHOHFRQGXFOD
PDUJLQHDEHQ]LLFHOHPDLvQGHSUWDWHGHDXWR
YHKLFXOXOGXPQHDYRDVWU
$FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGLQ
WUDILFLvPSUHMXULPLORUGXPQHDYRDVWUQFD]
FRQWUDUHVWHSRVLELOVQXUHFXQRDWHLSHUL
FROHOHODWLPSSURYRFkQGXQDFFLGHQWL
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH

'DFEHQ]LOHVXQWvQJXVWHSRWILVHPQDODWH
DXWRYHKLFXOHOHFDUHUXOHD]GLQFRORGHEDQGD
DIODWOkQJDXWRYHKLFXOXOGXPQHDYRDVWU
PDLDOHVGDFDXWRYHKLFXOHOHQXUXOHD]vQ
PLMORFXOEHQ]LLORU$FHDVWVLWXDLHSRDWHVXU
YHQLGDFH[LVWDXWRYHKLFXOHODFHDPDLDSUR
SLDWPDUJLQHDEHQ]LLIDGHDXWRYHKLFXOXO
GXPQHDYRDVWU
'LQFDX]DQDWXULLVLVWHPXOXL
=VHSRWHPLWHDYHUWLVPHQWHIDOVHFkQGFRQ

 $9(57,60(17
$VLVWHQDODXQJKLXOPRUWPRQLWRUL]HD]DQX
PLWH]RQHGLQLPHGLDWDDSURSLHUHDDXWRYHKL
FXOXOXLGXPQHDYRDVWU$XWRYHKLFXOHOHFDUH
VHDSURSLHLYGHSHVFODYLWH]HPDULQX
VXQWGHWHFWDWH1XH[LVWQLFLXQGLVSOD\L
QLFLXQDYHUWLVPHQW
'DFEHQ]LOHVXQWIRDUWHODUJLHVWHSRVLELOV
QXVHSRDWPRQLWRUL]DOLPHDFRPSOHWD
EHQ]LLGLQDSURSLHUH'LQDFHVWPRWLYDXWRYH
KLFXOHOHGLQEDQGDGHDOWXULSRWVQXILH
GHWHFWDWHPDLDOHVGDFUXOHD]vQIRUPDLH
HDORQDWSHEHQ]LGLIHULWH$FHDVWVLWXDLH

GXFHLDSURDSHGHEDULHUHGHSURWHFLHVDX
GHPDUJLQLVROLGHVLPLODUHDOHEHQ]LORU
=vQDQXPLWHVLWXDLLDYHUWLVPHQWHOHVILH
vQWUHUXSWHFkQGUXODLvQSDUDOHOFXDXWRYH
KLFXOHIRDUWHOXQJLPDLDOHVGHH[HPSOX
FDPLRDQHPDLPXOWWLPS
&HLGRLVHQ]RULUDGDUSHQWUXDVLVWHQDOD
XQJKLXOPRUWVXQWLQWHJUDLvQSULOHODWHUDOH
DOHEDUHLGHSURWHFLHVSDWH$VLJXUDLYF
EDUDGHSURWHFLHQXDUHLPSXULWLJKHD
VDXODSRYLvQDSURSLHUHDVHQ]RULORU6HQ]RULL
QXWUHEXLHVILHDFRSHULLGHH[HPSOXFX
VXSRUWXULSHQWUXELFLFOHWVDXVDUFLQLvQFRQ
VROQXUPDXQXLLPSDFWSXWHUQLFVDXvQFD]XO
GHWHULRUULLEDUHORUGHSURWHFLHVROLFLWDL
YHULILFDUHDIXQFLRQULLVHQ]RULORUODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DWQFD]FRQWUDUHVWH
SRVLELOFDDVLVWHQDODXQJKLXOPRUWVQX
IXQFLRQH]HFRUHVSXQ]WRU



&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULL



6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD

,QGLFDWRULDILDMGHDYHUWL]DUH

C /DPSLQGLFDWRDUHJDOEHQODPSGH

DYHUWL]DUHURLH
'DFDVLVWHQDODXQJKLXOPRUWHVWHSRUQLW
ODPSDLQGLFDWRDUHCGLQRJOLQ]LOHH[WHULRDUH
VHDSULQGHvQJDOEHQSkQODRYLWH]GH
NPK/DYLWH]HGHSHVWHNPKODPSD
LQGLFDWRDUHVHVWLQJHLDVLVWHQDODXQJKLXO
PRUWHVWHIXQFLRQDO
'DFVHGHWHFWHD]XQDXWRYHKLFXOvQFDGUXO
UD]HLGHPRQLWRUL]DUHDDVLVWHQHLODXQJKLXO
PRUWODYLWH]HGHSHVWHNPKODPSDGH
DYHUWL]DUHCGHSHSDUWHDDIHUHQWVH
DSULQGHvQURX$FHVWDYHUWLVPHQWHVWHvQWRW
GHDXQDHPLVFkQGXQDXWRYHKLFXOLQWUvQUD]D
GHPRQLWRUL]DUHODXQJKLPRUWGLQVSDWHVDX
GLQODWHUDO&kQGGHSLLXQDXWRYHKLFXO
DYHUWLVPHQWXOVHHPLWHGRDUGDFGLIHUHQD
GHYLWH]HVWHVXENPK
/DPSDLQGLFDWRDUHJDOEHQVHVWLQJHGDF
WUHDSWDGHPHUVvQDSRLHVWHFXSODW$VLV
WHQDODXQJKLXOPRUWHVWHDWXQFLGH]DFWLYDW
/XPLQR]LWDWHDOPSLORULQGLFDWRDUHGHDYHU
WL]DUHHVWHUHJODWDXWRPDWvQIXQFLHGH
OXPLQDDPELDQW

 $9(57,60(17
$VLVWHQDODXQJKLXOPRUWQXHVWHDFWLYOD
YLWH]HVXENPK/PSLOHLQGLFDWRDUHGLQ
RJOLQ]LOHH[WHULRDUHVXQWJDOEHQH$XWRYHKLFX
OHOHGLQUD]DGHPRQLWRUL]DUHQXYRUILDVWIHO
LQGLFDWH
$FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGH
WUDILFLvPSUHMXULPLORUGXPQHDYRDVWUQFD]
FRQWUDUHVWHSRVLELOVQXUHFXQRDWHLSHUL

FROHOHODWLPSSURYRFkQGXQDFFLGHQWL
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH

$YHUWLVPHQWSULYLQGFROL]LXQHD
'DFXQDXWRYHKLFXOHVWHGHWHFWDWvQUD]DGH
PRQLWRUL]DUHDDVLVWHQHLODXQJKLXOPRUWL
SRUQLLVHPQDOL]DWRUXOGHGLUHFLHFRUHV
SXQ]WRUVHHPLWHXQVXQHWGHDYHUWL]DUH
GXEOX/DPSDGHDYHUWL]DUHURLHCOXPL
QHD]LQWHUPLWHQW'DFVHPQDOL]DWRUXOGH
GLUHFLHUPkQHSRUQLWDXWRYHKLFXOHOHGHWHF
WDWHVXQWLQGLFDWHSULQDSULQGHUHDLQWHUPL
WHQWDOPSLLGHDYHUWL]DUHURLLC1XVHPDL
HPLWVXQHWHGHDYHUWL]DUH
$FWLYDUHDDVLVWHQHLODXQJKLXOPRUW
 /DDXWRYHKLFXOHOHIUVLVWHPGHQDYLJDLH
DVLJXUDLYF%HFNHU0$33,/27HVWH
FRQHFWDWFRQVXOWDLLQVWUXFLXQLOHGHXWLOL
]DUHVHSDUDWHSHQWUX$XGLR
 $VLJXUDLYFVLVWHPXOGHVHQ]RULUDGDU
3DJLQDLDVLVWHQDODXQJKLXOPRUW
3DJLQDVXQWDFWLYDWHvQFDOFXODWRUXO
GHERUG
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
/PSLOHGHDYHUWL]DUHCVHDSULQGvQURX
vQRJOLQ]LOHH[WHULRDUHWLPSGHDSUR[LPDWLY
VHFXQGHLDSRLGHYLQJDOEHQH
7UDFWDUHDUHPRUFLL
'DFIL[DLRUHPRUFDVLJXUDLYFDLUHD
OL]DWFRUHFWFRQH[LXQHDHOHFWULF3XWHLHIHF
WXDDFHVWOXFUXYHULILFkQGLOXPLQDUHDUHPRU
FLL$VLVWHQDODXQJKLXOPRUWHVWHDWXQFL
GH]DFWLYDW/DPSDLQGLFDWRDUHGLQRJOLQ]LOH
H[WHULRDUHVHDSULQGHvQJDOEHQLDUPHVDMXO
%OLQG6SRW$VVLVWFXUUHQWO\XQDYDL
ODEOH6HH2ZQHU
V0DQXDO$VLVWHQD
ODXQJKLXOPRUWPRPHQWDQLQGLVSRQL
ELO&RQVXOWDL0DQXDOXOGHXWLOL
]DUHDSDUHSHDILDMXOPXOWLIXQFLRQDO

G 3XWHLGH]DFWLYDOPSLOHLQGLFDWRDUHGLQ
RJOLQ]LOHH[WHULRDUH

QDFHVWVFRSRSULLDVLVWHQDODXQJKLXO
PRUWGDF

=PRWRUXOQXHVWHSRUQLW

EDQGDVD(VWHGRDUXQVLVWHPGHDVLVWHQL
HVWHSRVLELOVGHWHFWH]HLQFRUHFWVDXGHORF
PDUFDMHOHGHEDQG
6LVWHPXOSRDWHDYHDRIXQFLRQDUHUHGXVVDX
DEVHQWGDF

=FRQH[LXQHDHOHFWULFODUHPRUFDIRVW

=YL]LELOLWDWHDHVWHUHGXVGHH[GLQFDX]D

=FKHLDVHDIOvQSR]LLDGLQFRPXWDWRUXO

GHFRQWDFW

UHDOL]DW

'DFDLDOHVIXQFLD'LVSOD\XQLW6SHHG
RGRPHWHU8QLWDWHDILDUHYLWH]
FRQWRUGHSDUFXUV3DJLQDGLQ
FDOFXODWRUXOGHERUGLVHOHFWDLNPFDXQLWDWH
GHPVXU$VLVWHQDDFWLYSHQWUXPHQLQH
UHDEHQ]LLGHPHUVHVWHDFWLYGHODYLWH]HGH
NPK'DFVHVHOHFWHD]XQLWDWHDGHDIL
DUHPLOHVPLOHLQWHUYDOXOGHDVLVWHQ
vQFHSHODPSK

LOXPLQULLLQVXILFLHQWHDGUXPXOXLVDXGLQ
FDX]D]SH]LLSORLLFHLLVDXDSHLSXOYHUL
]DWH
=H[LVWOXPLQLRUELWRDUHGHH[GHODWUDILFXO
GLQVHQVRSXVVRDUHVDXUHIOH[LLOHGHODDOWH
DXWRYHKLFXOH
=SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW
GHH[HPSOXFXRHWLFKHWDXWRFRODQWvQ
DSURSLHUHDFDPHUHL
=VXQWSUH]HQWHPDLPXOWHPDUFDMHGHEDQG
VDXQLFLXQXOODRVLQJXUEDQG
=PDUFDMHOHGHEDQGVXQWX]DWHvQWXQHFDWH
VDXDFRSHULWHGHH[FXQRURLVDX]SDG
=GLVWDQDIDGHDXWRYHKLFXOXOGLQIDHVWH
SUHDPLFLPDUFDMHOHGHEDQGQXSRWIL
DVWIHOGHWHFWDWH
=PDUFDMHOHGHEDQGGHSHGUXPVXQW
QHFODUHGHH[OkQJOXFUULOHUXWLHUH
=PDUFDMHOHGHEDQGVHPRGLILFUDSLGGH
H[EHQ]LOHVHELIXUFVHLQWHUVHFWHD]VDX
VHXQHVF
=GUXPXOHVWHvQJXVWLVLQXRV
$VLVWHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUV
QXSRDWHGHWHFWDFRQGLLLOHUXWLHUH$FHVWDQX
SRDWHVXEVWLWXLRFRQGXFHUHDWHQW'YVSXU
WDLUVSXQGHUHDYLWH]HLDXWRYHKLFXOXOXLD
IUkQULLvQWLPSXWLOLDYLUULLFRUHFWH$GDS
WDLYvQWRWGHDXQDVWLOXOGHFRQGXFHUHvQ
IXQFLHGHFRQGLLLOHGHGUXPLPHWHRSUHGR
PLQDQWH$FRUGDLvQWRWGHDXQDDWHQLHFRQGL
LLORUGLQWUDILFLvPSUHMXULPLORUGXPQHD
YRDVWUQFD]FRQWUDUHVWHSRVLELOVQX
UHFXQRDWHLSHULFROHOHODWLPSSURYRFkQGXQ
DFFLGHQWLUQLUHDGXPQHDYRDVWULDDOWRU
SHUVRDQH

 $9(57,60(17
$VLVWHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUV
QXPHQLQHDXWRYHKLFXOXOGXPQHDYRDVWUSH

(VWHSRVLELOVVHHPLWXQDYHUWLVPHQWGDF
RURDWGLQIDWUHFHSHVWHXQPDUFDMGH
EDQG(DYYDDYHUWL]DSULQWURYLEUDLHLQWHU

$VLVWHQSHQWUXPHQLQHUHDEHQ]LLGH
PHUV
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
$VLVWHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUV
PRQLWRUL]HD]]RQDGLQIDDDXWRYHKLFXOXOXL
GXPQHDYRDVWUSULQLQWHUPHGLXOXQHLFDPHUH
GLQSDUWHDVXSHULRDUDSDUEUL]XOXL$VLVWHQD
SHQWUXPHQLQHUHDEHQ]LLGHPHUVGHWHFWHD]
PDUFDMHOHGHEDQGGHSHGUXPLYDYHUWL
]HD]vQDLQWHVSUVLLQHLQWHQLRQDWEDQGD
SHFDUHYDIODL

C &DPHUDSHQWUXDVLVWHQDSHQWUXPHQLQH

UHDEHQ]LLGHPHUV



&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULL

6LVWHPHGHDVLVWDUHDFRQGXFHULL



&RQGXFHUHDLSDUFDUHD

PLWHQWvQYRODQWLPSGHSkQOD
VHFXQGH
$FWLYDUHDDVLVWHQHLSHQWUXPHQLQHUHD
EHQ]LLGHPHUV

=YLUDLDFWLYGHH[WUDJHLGHYRODQSHQWUXD

HYLWDXQREVWDFROVDXVFKLPEDLUDSLG
EDQGD
=WLDLRFXUEDVFXLWFkQGYLUDL
3HQWUXDILDYHUWL]DWQXPDLFkQGHVWHQHFHVDU
LvQWLPSXWLOGDFGHSLLXQPDUFDMGH
EDQGVLVWHPXOUHFXQRDWHDQXPLWHFRQGLLL
LYDYHUWL]HD]vQFRQVHFLQ
9LEUDLLOHGHDYHUWL]DUHDSDUPDLGHYUHPH
GDF
=YDSURSLDLGHPDUFDMXOGHEDQGH[WHULRU

3RUQLLDVLVWHQDDFWLYSHQWUXPHQLQHUHD
EHQ]LLGHPHUVFXDMXWRUXOFDOFXODWRUXOXLGH
ERUGvQDFHVWVFRSVHOHFWDL6WDQGDUGVDX
$GDSWLYH$GDSWLY3DJLQD
6LPEROXOCDSDUHSHDILDMXOPXOWLIXQFLR
QDO
'DFFRQGXFHLFXYLWH]HGHSHVWH
NPKLPDUFDMHOHGHEDQGVXQWGHWHF
WDWHVLPEROXOCHVWHHYLGHQLDW$VLVWHQD
SHQWUXPHQLQHUHDEHQ]LLGHPHUVHVWHJDWD
GHXWLOL]DUH

6WDQGDUG
'DFVHVHOHFWHD]6WDQGDUGQXDSDUYLEUDLL
GHDYHUWL]DUHGDF
=DLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFLHQ
DFHVWFD]DYHUWLVPHQWHOHVXQWDQXODWHSHQ
WUXRDQXPLWSHULRDGGHWLPS
=XQVLVWHPGHVLJXUDQODFRQGXFHUHLQWHU
YLQHSUHFXP$%6%$6VDX(63
$GDSWLY
'DFVDVHOHFWDW$GDSWLYH$GDSWLYQX
DSDUYLEUDLLGHDYHUWL]DUHGDF
=DLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFLHQ
DFHVWFD]DYHUWLVPHQWHOHVXQWDQXODWHSHQ
WUXRDQXPLWSHULRDGGHWLPS
=XQVLVWHPGHVLJXUDQODFRQGXFHUHLQWHU
YLQHSUHFXP$%6%$6VDX(63
=DFFHOHUDLSXWHUQLFGHH[SULQUHWURJUD
GDUHIRUDW
=IUkQDLSXWHUQLF

vQWURFXUE
=GUXPXODUHEHQ]LIRDUWHODUJLGHH[SH

DXWRVWUDG
=VLVWHPXOUHFXQRDWHPDUFDMHOHGHEDQG

VROLGH
9LEUDLLOHGHDYHUWL]DUHDSDUPDLWkU]LXGDF
=GUXPXODUHEHQ]LvQJXVWH
=WLDLFXUEDFkQGYLUDLSHREDQG

3DFKHWXOGH$VLVWHQSHQWUXFRQGX
FHUHDDFWLY
1RWHJHQHUDOH
3DFKHWXOGH$VLVWHQSHQWUXFRQGXFHUHD
DFWLYFRQVWGLQ',67521,&3/86
3DJLQDDVLVWHQDDFWLYODXQJKLXO
PRUW3DJLQDLDVLVWHQDDFWLYSHQ
WUXPHQLQHUHDEHQ]LLGHPHUV
3DJLQD

$VLVWHQDFWLYODXQJKLXOPRUW
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
$VLVWHQDDFWLYODXQJKLXOPRUWXWLOL]HD]XQ
VLVWHPGHVHQ]RULUDGDUSHQWUXDPRQLWRUL]D
]RQHOHODWHUDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUDIODWHvQVSDWHOHRIHUXOXL8QDILDM
GHDYHUWL]DUHGLQRJOLQ]LOHH[WHULRDUHYDWUDJH
DWHQLDODDXWRYHKLFXOHOHGHWHFWDWHvQ]RQD
PRQLWRUL]DW'DFDFWLYDLDSRLVHPQDOL]DWR
UXOGHGLUHFLHDIHUHQWSHQWUXDVFKLPED
EDQGDVHYDHPLWHGHDVHPHQHDXQDYHUWLV
PHQWRSWLFLVRQRUSULYLQGFROL]LXQHD'DF

VHGHWHFWHD]XQULVFGHFROL]LXQHODWHUDO
IUkQDUHDFRUHFWLYYSRDWHDMXWDVHYLWDLR
FROL]LXQH3HQWUXDFRQWULEXLODDFLRQDUHDIUk
QHORUvQVFRSXOFRUHFWULLWUDLHFWRULHLDVLV
WHQDDFWLYODXQJKLXOPRUWXWLOL]HD]GHDVH
PHQHDVLVWHPXOGHVHQ]RULUDGDURULHQWDW
IURQWDO$VLVWHQDDFWLYODXQJKLXOPRUWY
DVLVWvQFHSkQGFXRYLWH]GHDSUR[LPDWLY
NPK

5D]DGHPRQLWRUL]DUH
$VLVWHQDDFWLYODXQJKLXOPRUWPRQLWRUL
]HD]R]RQGHSkQODWUHLPHWULvQVSDWHOH
DXWRYHKLFXOXOXLGXPQHDYRDVWULLPHGLDW
OkQJDXWRYHKLFXOXOGXPQHDYRDVWUGXS
FXPHVWHLQGLFDWvQVFKHPQDFHVWVFRS
DVLVWHQDDFWLYODXQJKLXOPRUWXWLOL]HD]VHQ
]RULUDGDUGLQEDUDGHSURWHFLHVSDWH

 $9(57,60(17
$VLVWHQDDFWLYODXQJKLXOPRUWHVWHGRDUXQ
VLVWHPGHDVLVWHQLSRDWHVGHWHFWH]H
DXWRYHKLFXOHOHREVWDFROHOHLQFRUHFWVDX
FKLDUGHORF
6LVWHPXOSRDWHDYHDRIXQFLRQDUHUHGXVVDX
DEVHQWGDF
=H[LVWRYL]LELOLWDWHVF]XWGHH[GLQFDX]D

]SH]LLSORLLFHLLVDXDSHLSXOYHUL]DWH
=VHQ]RULLVSDWHLVDXIDVXQWPXUGDUL

$VLVWHQDDFWLYODXQJKLXOPRUWQXSRDWH
GHWHFWDDXWRYHKLFXOHvQJXVWHSUHFXPPRWR
FLFOHWHVDXELFLFOHWHVDXSRDWHVOHGHWHFWH]H
SUHDWkU]LX(DQXSRDWHGHWHFWDDXWRYHKLFX
OHOHFDUHVXQWGHSLWHODGLVWDQPLFLDSRL
LQWUvQ]RQDGHSXQFWPRUW
$VLVWHQDDFWLYODXQJKLXOPRUWQXSRDWH
GHWHFWDFRQGLLLOHGHGUXPLWUDILF$FHVWDQX
SRDWHVXEVWLWXLRFRQGXFHUHDWHQW'YVSXU
WDLUVSXQGHUHDYLWH]HLDXWRYHKLFXOXOXLD
IUkQULLvQWLPSXWLOLDYLUULLFRUHFWH$GDS
WDLYvQWRWGHDXQDVWLOXOGHFRQGXFHUHvQ
IXQFLHGHFRQGLLLOHGHGUXPLPHWHRSUHGR
PLQDQWH$FRUGDLvQWRWGHDXQDDWHQLHFRQGL
LLORUGLQWUDILFLvPSUHMXULPLORUGXPQHD
YRDVWUQFD]FRQWUDUHVWHSRVLELOVQX
UHFXQRDWHLSHULFROHOHODWLPSSURYRFkQGXQ
DFFLGHQWLUQLUHDGXPQHDYRDVWULDDOWRU
SHUVRDQH

6LVWHPXOGHVHQ]RUUDGDUHVWHDXWRPDWGH]DF
WLYDWOkQJXQLWLOHUDGLRWHOHVFRS
3DJLQD
3HQWUXFDDVLVWHQDDFWLYODXQJKLXOPRUWV
YDVLVWHFkQGFRQGXFHLVLVWHPXOGHVHQ]RUL
UDGDUWUHEXLHVILHDFWLYDW3DJLQDL
VILHIXQFLRQDO

 $9(57,60(17
$VLVWHQDDFWLYODXQJKLXOPRUWPRQLWRUL]HD]
DQXPLWH]RQHGLQLPHGLDWDDSURSLHUHDDXWR
YHKLFXOXOXLGXPQHDYRDVWU$XWRYHKLFXOHOH
FDUHVHDSURSLHLYGHSHVFODYLWH]HPDUL
QXVXQWGHWHFWDWH1XVHHPLWDYHUWLVPHQWH
YL]XDOHVDXDXGLWLYHLDUVLVWHPXOQXIUkQHD]
DXWRYHKLFXOXOSHQWUXDYFRUHFWDWUDLHFWRULD
'DFEHQ]LOHVXQWIRDUWHODUJLHVWHSRVLELOV
QXVHSRDWPRQLWRUL]DOLPHDFRPSOHWD
EHQ]LLGLQDSURSLHUH'LQDFHVWPRWLYDXWRYH
KLFXOHOHGLQEDQGDGHDOWXULSRWVQXILH
GHWHFWDWHPDLDOHVGDFUXOHD]vQIRUPDLH
HDORQDW$FHDVWVLWXDLHSRDWHDSUHD
GDFDXWRYHKLFXOHOHFRQGXFODPDUJLQHDEHQ
]LLFHOHPDLvQGHSUWDWHGHDXWRYHKLFXOXOGXP
QHDYRDVWU
$FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGLQ
WUDILFLvPSUHMXULPLORUGXPQHDYRDVWUQFD]
FRQWUDUHVWHSRVLELOVQXUHFXQRDWHLSHUL
FROHOHODWLPSSURYRFkQGXQDFFLGHQWL
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH




&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD



6LVWHPHGHDVLVWDUHDFRQGXFHULL
'DFEHQ]LOHVXQWvQJXVWHSRWILVHPQDODWH
DXWRYHKLFXOHOHFDUHUXOHD]GLQFRORGHEDQGD
DIODWOkQJDXWRYHKLFXOXOGXPQHDYRDVWU
PDLDOHVGDFDXWRYHKLFXOHOHQXUXOHD]vQ
PLMORFXOEHQ]LLORU$FHDVWVLWXDLHSRDWHVXU
YHQLGDFH[LVWDXWRYHKLFXOHODFHDPDLDSUR
SLDWPDUJLQHDEHQ]LLIDGHDXWRYHKLFXOXO
GXPQHDYRDVWU
'LQFDX]DQDWXULLVLVWHPXOXL
=VHSRWHPLWHDYHUWLVPHQWHIDOVHFkQGFRQ

GXFHLDSURDSHGHEDULHUHGHSURWHFLHVDX
GHPDUJLQLVROLGHVLPLODUHDOHEHQ]LORU
=vQDQXPLWHVLWXDLLDYHUWLVPHQWHOHVILH
vQWUHUXSWHFkQGUXODLvQSDUDOHOFXDXWRYH
KLFXOHIRDUWHOXQJLPDLDOHVGHH[HPSOX
FDPLRDQHPDLPXOWWLPS
'RLVHQ]RULUDGDUDLDVLVWHQHLDFWLYHOD
XQJKLXOPRUWVXQWLQWHJUDLvQEDUHOHGHSUR
WHFLHGLQIDLGLQVSDWHUHVSHFWLY8QVHQ
]RUUDGDUVXSOLPHQWDUVHDIOvQVSDWHOHFDSD
FXOXLGLQPDVFDUDGLDWRUXOXL$VLJXUDLYF
VHQ]RULLL]RQHOHGLQMXUXOORUQXFRQLQPL]H
ULHJKHDVDXODSRYL6HQ]RULLVSDWHQXWUH
EXLHVILHDFRSHULLGHH[FXVXSRUWXULGH
ELFLFOHWVDXVDUFLQLvQFRQVROQXUPDXQXL
LPSDFWSXWHUQLFVDXvQFD]XOGHWHULRUULLEDUH
ORUGHSURWHFLHVROLFLWDLYHULILFDUHDIXQF
LRQULLVHQ]RULORUODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DWQFD]FRQWUDUHVWHSRVLELOFDDVLV
WHQDODXQJKLXOPRUWVQXIXQFLRQH]HFRUHV
SXQ]WRU
,QGLFDWRULDILDMGHDYHUWL]DUH

C /DPSLQGLFDWRDUHJDOEHQODPSGH

DYHUWL]DUHURLH

&kQGDVLVWHQDDFWLYODXQJKLXOPRUWHVWH
DFWLYDWODPSDLQGLFDWRDUHCGLQRJOLQ]LOH
H[WHULRDUHVHDSULQGHvQJDOEHQODYLWH]HGH
SkQODNPK/DYLWH]HGHSHVWH
NPKODPSDLQGLFDWRDUHVHVWLQJHLDVLV
WHQDDFWLYODXQJKLXOPRUWHVWHIXQFLRQDO
'DFVHGHWHFWHD]XQDXWRYHKLFXOvQFDGUXO
UD]HLGHPRQLWRUL]DUHDDVLVWHQHLODXQJKLXO
PRUWODYLWH]HGHSHVWHNPKODPSDGH
DYHUWL]DUHCGHSHSDUWHDDIHUHQWVH
DSULQGHvQURX$FHVWDYHUWLVPHQWHVWHvQWRW
GHDXQDHPLVFkQGXQDXWRYHKLFXOLQWUvQUD]D
GHPRQLWRUL]DUHODXQJKLPRUWGLQVSDWHVDX
GLQODWHUDO&kQGGHSLLXQDXWRYHKLFXO
DYHUWLVPHQWXOVHHPLWHGRDUGDFGLIHUHQD
GHYLWH]HVWHVXENPK
/DPSDLQGLFDWRDUHJDOEHQVHVWLQJHGDF
WUHDSWDGHPHUVvQDSRLHVWHFXSODW$VLV
WHQDDFWLYODXQJKLXOPRUWQXPDLHVWH
DFWLY
/XPLQR]LWDWHDOPSLORULQGLFDWRDUHGHDYHU
WL]DUHHVWHUHJODWDXWRPDWvQIXQFLHGH
OXPLQDDPELDQW

 $9(57,60(17
$VLVWHQDDFWLYODXQJKLXOPRUWQXHVWHDFWLY
ODYLWH]HVXENPK/PSLOHLQGLFDWRDUH
GLQRJOLQ]LOHH[WHULRDUHVXQWJDOEHQH$XWRYH
KLFXOHOHGLQUD]DGHPRQLWRUL]DUHQXYRUILDVW
IHOLQGLFDWH
$FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGH
WUDILFLvPSUHMXULPLORUGXPQHDYRDVWUQFD]
FRQWUDUHVWHSRVLELOVQXUHFXQRDWHLSHUL
FROHOHODWLPSSURYRFkQGXQDFFLGHQWL
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH
$YHUWLVPHQWHYL]XDOHLDFXVWLFHSULYLQG
FROL]LXQHD
'DFXQDXWRYHKLFXOHVWHGHWHFWDWvQUD]DGH
PRQLWRUL]DUHODWHUDOLDUGXPQHDYRDVWUSRU
QLLVHPQDOL]DWRDUHOHGHGLUHFLHFRUHV
SXQ]WRDUHYHLSULPLXQDYHUWLVPHQWSULYLQG
FROL]LXQHD9HLDX]LXQVXQHWGHDYHUWL]DUH
GXEOXLODPSDGHDYHUWL]DUHURLHCOXPL
QHD]LQWHUPLWHQW'DFVHPQDOL]DWRUXOGH
GLUHFLHUPkQHSRUQLWDXWRYHKLFXOHOHGHWHF
WDWHVXQWLQGLFDWHSULQDSULQGHUHDLQWHUPL

WHQWDOPSLLGHDYHUWL]DUHURLLC1XVHPDL
HPLWVXQHWHGHDYHUWL]DUH
$FLRQDUHDIUkQHORUSHQWUXFRUHFWDUHD
WUDLHFWRULHL
'DFDVLVWHQDDFWLYODXQJKLXOPRUWGHWHF
WHD]XQULVFGHFROL]LXQHODWHUDOvQUD]DGH
PRQLWRUL]DUHVHHIHFWXHD]DFLRQDUHDIUkQH
ORUvQVFRSXOFRUHFWULLWUDLHFWRULHL$FHDVWDY
SRDWHDMXWDVHYLWDLRFROL]LXQH
$FLRQDUHDIUkQHORUvQVFRSXOFRUHFWULL
WUDLHFWRULHLHVWHGLVSRQLELOvQLQWHUYDOXOGLQ
WUHNPKLNPK
'DFVHHIHFWXHD]RDFLRQDUHDIUkQHORUvQ
VFRSXOFRUHFWULLWUDLHFWRULHLODPSDGHDYHU
WL]DUHURLHCOXPLQHD]LQWHUPLWHQWvQ
RJOLQGDH[WHULRDULXUPWRDUHOHDSDUSHDIL
DMXOPXOWLIXQFLRQDOGHH[HPSOX

 $9(57,60(17
$VLVWHQDDFWLYODXQJKLXOPRUWHVWHQXPDLXQ
VLVWHPGHDVLVWHQFDUHYDMXWFkQGFRQ
GXFHL$FHVWDQXSRDWHVXEVWLWXLRFRQGXFHUH
DWHQW(VWHSRVLELOFDIUkQDUHDDXWRPDW
HIHFWXDWGHVLVWHPVQXILHvQWRWGHDXQDVXIL
FLHQWSHQWUXDHYLWDRFROL]LXQHQDVWIHOGH
FD]XULWUHEXLHVYLUDLVIUkQDLVDXVDFFH
OHUDLVLQJXU
QFD]XULIRDUWHUDUHVLVWHPXOSRDWHGHWHFWD
XQULVFGHFROL]LXQHFkQGDFHVWDQXH[LVW
IUkQkQGHURQDWOkQJEDULHUHGHSURWHFLHVDX
DOWHDVWIHOGHOLPLWHUXWLHUH$VLVWHQDDFWLYOD
XQJKLXOPRUWQXSRDWHGHWHFWDWRDWHFRQGLLLOH
UXWLHUHLSDUWLFLSDQLLODWUDILF$VLJXUDLY
FRQVWDQWFH[LVWRGLVWDQODWHUDOVXIL
FLHQWvQWUHGXPQHDYRDVWULDOLSDUWLFLSDQL
ODWUDILFVDXREVWDFROH3XWHLGHH[HPSOX
FRQWUDYLUDXRUVDXDSVDSHGDODGHDFFHOH
UDLHRULFkQGSHQWUXDDQXODRIUkQDUHLQDGHF
YDW

'XPQHDYRDVWUSXUWDLUVSXQGHUHDYLWH]HL
DXWRYHKLFXOXOXLDYLUULLFRUHFWHLDIUkQULLvQ
WLPSXWLO$GDSWDLYvQWRWGHDXQDVWLOXOGH
FRQGXFHUHvQIXQFLHGHFRQGLLLOHGHGUXPL
PHWHRSUHGRPLQDQWH$FRUGDLvQWRWGHDXQD
DWHQLHFRQGLLLORUGLQWUDILFLvPSUHMXULPLORU
GXPQHDYRDVWUQFD]FRQWUDUHVWHSRVLELOV
QXUHFXQRDWHLSHULFROHOHODWLPSSURYRFkQG
XQDFFLGHQWLUQLUHDGXPQHDYRDVWULD
DOWRUSHUVRDQH

6HSRDWHUHDOL]DRDFLRQDUHDIUkQHORUvQVFR
SXOFRUHFWULLWUDLHFWRULHLIRDUWHUHGXVVDX
FKLDUGHORFGDF
=H[LVWDXWRYHKLFXOHVDXREVWDFROHGHH[

EDULHUHGHSURWHFLHSHDPEHOHSULODWH
UDOHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWU
=XQDXWRYHKLFXOVHDSURSLHSUHDPXOWSHR
ODWXU
=DLDGRSWDWXQVWLOGHFRQGXFHUHVSRUWLYFX
YLWH]HPDULvQYLUDMH
=IUkQDLVDXDFFHOHUDLSXWHUQLF
=XQVLVWHPGHVLJXUDQODFRQGXFHUHLQWHU
YLQHSUHFXP(63VDXIUkQD35(6$)(
=(63HVWHGH]DFWLYDW
=SURJUDPXO2IIURDGHVWHDFWLYDWDXWRYH
KLFXOHIUSDFKHW21 2))52$'
=SURJUDPXO2IIURDGVDXHVWHDFWLYDW
DXWRYHKLFXOHFXSDFKHW21 2))52$'
=WUHDSWDGHYLWH]HRIIURDG/2:5$1*(
HVWHDFWLYDWDXWRYHKLFXOHFXSDFKHW
21 2))52$'
=VHGHWHFWHD]RSLHUGHUHDSUHVLXQLLvQ
SQHXULVDXXQSQHXGHIHFW
$FWLYDUHDDVLVWHQHLDFWLYHODXQJKLXO
PRUW
 /DDXWRYHKLFXOHOHIUVLVWHPGHQDYLJDLH
DVLJXUDLYF%HFNHU0$33,/27HVWH
FRQHFWDWFRQVXOWDLLQVWUXFLXQLOHGHXWLOL
]DUHVHSDUDWHSHQWUX$XGLR
 $VLJXUDLYFVLVWHPXOGHVHQ]RULUDGDU
3DJLQDLDVLVWHQDDFWLYOD



&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD



6LVWHPHGHDVLVWDUHDFRQGXFHULL
XQJKLXOPRUW3DJLQDVXQWDFWLYDWH
vQFDOFXODWRUXOGHERUG
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
/PSLOHGHDYHUWL]DUHCVHDSULQGvQURX
vQRJOLQ]LOHH[WHULRDUHWLPSGHDSUR[LPDWLY
VHFXQGHLDSRLGHYLQJDOEHQH
7UDFWDUHDUHPRUFLL
'DFIL[DLRUHPRUFDVLJXUDLYFDLUHD
OL]DWFRUHFWFRQH[LXQHDHOHFWULF3XWHLHIHF
WXDDFHVWOXFUXYHULILFkQGLOXPLQDUHDUHPRU
FLL$VLVWHQDDFWLYODXQJKLXOPRUWHVWHDSRL
GH]DFWLYDW/DPSDLQGLFDWRDUHVHDSULQGHvQ
JDOEHQvQRJOLQ]LOHH[WHULRDUHLPHVDMXO
$FWLYH%OLQG6SRW$VVLVWFXUUHQWO\
XQDYDLODEOH6HH2ZQHU
V0DQXDO
$VLVWHQDDFWLYODXQJKLXOPRUW
PRPHQWDQLQGLVSRQLELO&RQVXOWDL
0DQXDOXOGHXWLOL]DUHDSDUHSHDILDMXO
PXOWLIXQFLRQDO

$VLVWHQDDFWLYSHQWUXPHQLQHUHD
EHQ]LLGHPHUV
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
$VLVWHQDDFWLYSHQWUXPHQLQHUHDEHQ]LLGH
PHUVPRQLWRUL]HD]]RQDGLQIDDDXWRYHKL
FXOXOXLGXPQHDYRDVWUSULQLQWHUPHGLXOXQHL
FDPHUHGLQVSDWHOHSULLVXSHULRDUHDSDUEUL
]XOXL$VLVWHQDDFWLYSHQWUXPHQLQHUHD
EHQ]LLGHPHUVGHWHFWHD]PDUFDMHOHGH
EDQGGHSHGUXPLYDYHUWL]HD]vQDLQWHV
SUVLLQHLQWHQLRQDWEDQGDSHFDUHYDIODL
'DFQXUHDFLRQDLODDYHUWLVPHQWRDFLR
QDUHDIUkQHORUSHQWUXFRUHFWDUHDEHQ]LLSRDWH
DGXFHDXWRYHKLFXOXOvQDSRLvQEDQGDLQLLDO

C &DPHUDDVLVWHQHLDFWLYHSHQWUXPHQLQH

UHDEHQ]LLGHPHUV
'DFDLDOHVIXQFLD'LVSOD\XQLW6SHHG
RGRPHWHU8QLWDWHDILDUHYLWH]
FRQWRUGHSDUFXUV3DJLQDvQFDO
FXODWRUXOGHERUGLVHOHFWDLNPFDXQLWDWHGH
PVXUDVLVWHQDDFWLYSHQWUXPHQLQHUHD
EHQ]LLGHPHUVHVWHDFWLYGHODNPK
'DFVHVHOHFWHD]XQLWDWHDGHDILDUH
PLOHVPLOHLQWHUYDOXOGHDVLVWHQvQFHSH
ODPSK

 $9(57,60(17
$VLVWHQDDFWLYSHQWUXPHQLQHUHDEHQ]LLGH
PHUVQXPHQLQHDXWRYHKLFXOXOGXPQHD
YRDVWUSHEDQGDVD(VWHGRDUXQVLVWHPGH
DVLVWHQLHVWHSRVLELOVGHWHFWH]HLQFRUHFW
VDXGHORFPDUFDMHOHGHEDQG
6LVWHPXOSRDWHDYHDRIXQFLRQDUHUHGXVVDX
DEVHQWGDF
=VXQWSUH]HQWHPDLPXOWHPDUFDMHGHEDQG

VDXQLFLXQXOODRVLQJXUEDQG
=YL]LELOLWDWHDHVWHUHGXVGHH[GLQFDX]D

LOXPLQULLLQVXILFLHQWHDGUXPXOXLVDXGLQ
FDX]D]SH]LLSORLLFHLLVDXDSHLSXOYHUL
]DWH
=H[LVWOXPLQLRUELWRDUHGHH[GHODWUDILFXO
GLQVHQVRSXVVRDUHVDXUHIOH[LLOHGHODDOWH
DXWRYHKLFXOH
=SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW
GHH[HPSOXFXRHWLFKHWDXWRFRODQWvQ
DSURSLHUHDFDPHUHL
=PDUFDMHOHGHEDQGVXQWX]DWHvQWXQHFDWH
VDXDFRSHULWHGHH[FXQRURLVDX]SDG

=GLVWDQDIDGHDXWRYHKLFXOXOGLQIDHVWH

SUHDPLFLPDUFDMHOHGHEDQGQXSRWIL
DVWIHOGHWHFWDWH
=PDUFDMHOHGHEDQGGHSHGUXPVXQW
QHFODUHGHH[OkQJOXFUULOHUXWLHUH
=PDUFDMHOHGHEDQGVHPRGLILFUDSLGGH
H[EHQ]LOHVHELIXUFVHLQWHUVHFWHD]VDX
VHXQHVF
=GUXPXOHVWHvQJXVWLVLQXRV
$VLVWHQDDFWLYSHQWUXPHQLQHUHDEHQ]LLGH
PHUVQXSRDWHGHWHFWDFRQGLLLOHGHGUXPL
WUDILF$FHVWDQXSRDWHVXEVWLWXLRFRQGXFHUH
DWHQW'YVSXUWDLUVSXQGHUHDYLWH]HLDXWR
YHKLFXOXOXLDIUkQULLvQWLPSXWLOLDYLUULL
FRUHFWH$GDSWDLYvQWRWGHDXQDVWLOXOGH
FRQGXFHUHvQIXQFLHGHFRQGLLLOHGHGUXPL
PHWHRSUHGRPLQDQWH$FRUGDLvQWRWGHDXQD
DWHQLHFRQGLLLORUGLQWUDILFLvPSUHMXULPLORU
GXPQHDYRDVWUQFD]FRQWUDUHVWHSRVLELOV
QXUHFXQRDWHLSHULFROHOHODWLPSSURYRFkQG
XQDFFLGHQWLUQLUHDGXPQHDYRDVWULD
DOWRUSHUVRDQH

9LEUDLLGHDYHUWL]DUHvQYRODQ
(VWHSRVLELOVVHHPLWXQDYHUWLVPHQWGDF
RURDWGLQIDWUHFHSHVWHXQPDUFDMGH
EDQG(DYYDDYHUWL]DSULQWURYLEUDLHLQWHU
PLWHQWvQYRODQWLPSGHSkQOD
VHFXQGH
3HQWUXDILDYHUWL]DWQXPDLFkQGHVWHQHFHVDU
LvQWLPSXWLOGDFGHSLLXQPDUFDMGH
EDQGVLVWHPXOUHFXQRDWHDQXPLWHFRQGLLL
LYDYHUWL]HD]vQFRQVHFLQ
9LEUDLLOHGHDYHUWL]DUHDSDUPDLGHYUHPH
GDF
=YDSURSLDLGHPDUFDMXOGHEDQGH[WHULRU

vQWURFXUE
=GUXPXODUHEHQ]LIRDUWHODUJLGHH[SH

DXWRVWUDG
=VLVWHPXOUHFXQRDWHPDUFDMHOHGHEDQG

VROLGH
9LEUDLLOHGHDYHUWL]DUHDSDUPDLWkU]LXGDF
=GUXPXODUHEHQ]LvQJXVWH
=WLDLFXUEDFkQGYLUDLSHREDQG

$FLRQDUHDIUkQHORUSHQWUXFRUHFWDUHD
EHQ]LL
'DFSUVLLEDQGDvQDQXPLWHVLWXDLLDXWR
YHKLFXOXOYDIUkQDVFXUWSHRSDUWH$FHDVW
IUkQDUHDUHFDVFRSUHDGXFHUHDDXWRYHKLFX
OXOXLSHEDQGDLQLLDO
$FHDVWIXQFLHHVWHGLVSRQLELOvQLQWHUYDOXO
GLQWUHNPKLNPK
2DFLRQDUHDIUkQHORUSHQWUXFRUHFWDUHDEHQ
]LLVHSRDWHUHDOL]DGRDUGXSFRQGXFHUHD
SHVWHXQPDUFDMGHEDQGVROLGLGHWHFWDELO
QDLQWHGHDFLRQDUHWUHEXLHVVHHPLWXQ
DYHUWLVPHQWSULQWURYLEUDLHLQWHUPLWHQWvQ
YRODQQSOXVREDQGFXPDUFDMHGHEDQG
SHDPEHOHODWXULWUHEXLHVILHUHFXQRVFXW
$FLRQDUHDIUkQHORUUHGXFHGHDVHPHQHDXRU
YLWH]DGHFRQGXFHUH
'DFVXUYLQHRDFLRQDUHDIUkQHORUSHQWUX
FRUHFWDUHDEHQ]LLXUPWRDUHOHDSDUSHDILD
MXOPXOWLIXQFLRQDO

G 2QRXDFLRQDUHDIUkQHORUSHQWUXFRUHF
WDUHDEHQ]LLSRDWHVXUYHQLGRDUGXSFH
DXWRYHKLFXOXOGXPQHDYRDVWUDUHYHQLWSH
EDQGDLQLLDO
 $9(57,60(17
$VLVWHQDDFWLYSHQWUXPHQLQHUHDEHQ]LLGH
PHUVQXPHQLQHDXWRYHKLFXOXOGXPQHD
YRDVWUSHEDQGDVD$FHDVWDHVWHQXPDLXQ
VLVWHPGHDVLVWHQFDUHYDMXWFkQGFRQ
GXFHL$FHVWDQXSRDWHVXEVWLWXLRFRQGXFHUH
DWHQW)UkQDUHDFRUHFWLYSRDWHVQXILH
vQWRWGHDXQDVXILFLHQWSHQWUXDUHDGXFHDXWR
YHKLFXOXOGXPQHDYRDVWUSHEDQGDVDLQLLDO
QDQXPLWHFD]XULWUHEXLHVGLULMDLDXWRYHKL
FXOXOVLQJXUSHQWUXDYDVLJXUDFQX
SUVHWHEDQGD
$VLVWHQDDFWLYSHQWUXPHQLQHUHDEHQ]LLGH
PHUVQXSRDWHGHWHFWDVLWXDLDFXUHQWGLQ




&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULL

&RQGXFHUHDLSDUFDUHD



6LVWHPHGHDVLVWDUHDFRQGXFHULL
WUDILFVDXDOLSDUWLFLSDQLODWUDILF$VLJXUDL
YFRQVWDQWFH[LVWRGLVWDQODWHUDOVXIL
FLHQWvQWUHGXPQHDYRDVWULDOLSDUWLFLSDQL
ODWUDILFVDXREVWDFROHQVLWXDLLUDUHVLVWH
PXOSRDWHGHWHFWDOLQLLvQWUHUXSWHVDXDQXPLWH
VWUXFWXULGHSHVXSUDIDDGUXPXOXLFDPDUFDMH
GHEDQGVROLGH3XWHLGHH[HPSOXVFRQ
WUDYLUDLRULFkQGXRUSHQWUXDDQXODDFLRQD
UHDLQDGHFYDWDIUkQHORUGHH[GDFWUDYHU
VDLLQWHQLRQDWXQPDUFDMGHEDQGVROLG
$VLVWHQDDFWLYSHQWUXPHQLQHUHDEHQ]LLGH
PHUVQXSRDWHLQHFRQWGHFRQGLLLOHPHWHR
'XPQHDYRDVWUSXUWDLUVSXQGHUHDYLWH]HL
DXWRYHKLFXOXOXLDYLUULLFRUHFWHLDIUkQULLvQ
WLPSXWLO$GDSWDLYvQWRWGHDXQDVWLOXOGH
FRQGXFHUHvQIXQFLHGHFRQGLLLOHGHGUXPL
PHWHRSUHGRPLQDQWH$FRUGDLvQWRWGHDXQD
DWHQLHFRQGLLLORUGLQWUDILFLvPSUHMXULPLORU
GXPQHDYRDVWUQFD]FRQWUDUHVWHSRVLELOV
QXUHFXQRDWHLSHULFROHOHODWLPSSURYRFkQG
XQDFFLGHQWLUQLUHDGXPQHDYRDVWULD
DOWRUSHUVRDQH

1XVHUHDOL]HD]DFLRQDUHDIUkQHORUSHQWUX
FRUHFWDUHDEHQ]LLGDF

=WUHDSWDGHYLWH]HRIIURDG/2:5$1*(

HVWHDFWLYDWDXWRYHKLFXOHFXSDFKHW
21 2))52$'
=VDGHWHFWDWLVDDILDWSLHUGHUHDSUHVLXQLL
vQSQHXULVDXXQSQHXGHIHFW
$VLVWHQDDFWLYSHQWUXPHQLQHUHDEHQ]LLGH
PHUVQXGHWHFWHD]FRQGLLLOHGHGUXPLWUD
ILF2DFLRQDUHLQDGHFYDWDIUkQHORUSRDWHIL
vQWUHUXSWRULFkQGGDF
=YLUDLXRUvQGLUHFLDRSXV
=XWLOL]DLXQVHPQDOL]DWRUGHGLUHFLH
=IUkQDLVDXDFFHOHUDLVHVL]DELO

2DFLRQDUHDIUkQHORUSHQWUXFRUHFWDUHDEHQ
]LLHVWHvQWUHUXSWDXWRPDWGDF
=XQVLVWHPGHVLJXUDQODFRQGXFHUHLQWHU

YLQHSUHFXP(63IUkQD35(6$)(VDX
DVLVWHQDDFWLYODXQJKLXOPRUW
=PDUFDMHOHGHEDQGQXPDLSRWILUHFXQRV
FXWH
$FWLYDUHDDVLVWHQHLDFWLYHSHQWUXPHQL
QHUHDEHQ]LLGHPHUV

=YLUDLIUkQDLVDXDFFHOHUDLVHVL]DELOL

DFWLY
=WLDLRFXUEDVFXLWFkQGYLUDL
=DLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFLH
=XQVLVWHPGHVLJXUDQODFRQGXFHUHLQWHU

YLQHSUHFXP(63IUkQD35(6$)(VDX
DVLVWHQDDFWLYODXQJKLXOPRUW
=DLDGRSWDWXQVWLOGHFRQGXFHUHVSRUWLYFX
YLWH]HPDULvQYLUDMHVDXDFFHOHUULSXWHU
QLFH
=ODDXWRYHKLFXOHOHFXXQFkUOLJGHWUDFWDUHD
UHPRUFLLFRQH[LXQHDHOHFWULFODUHPRUFD
IRVWUHDOL]DWFRUHFW
=(63HVWHGH]DFWLYDW
=WUDQVPLVLDQXHVWHvQSR]LLD'
=SURJUDPXO2IIURDGHVWHDFWLYDWDXWRYH
KLFXOHIUSDFKHW21 2))52$'
=SURJUDPXO2IIURDGVDXHVWHDFWLYDW
DXWRYHKLFXOHFXSDFKHW21 2))52$'

$FWLYDLDVLVWHQDDFWLYSHQWUXPHQLQHUHD
EHQ]LLGHPHUVFXDMXWRUXOFDOFXODWRUXOXLGH
ERUGvQDFHVWVFRSVHOHFWDL6WDQGDUGVDX
$GDSWLYH$GDSWLY3DJLQD
6LPEROXOCDSDUHSHDILDMXOPXOWLIXQFLR
QDO
'DFVDVHOHFWDW6WDQGDUGQXDSDUYLEUD
LLGHDYHUWL]DUHGDF
=DLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFLHQ
DFHVWFD]DYHUWLVPHQWHOHVXQWDQXODWH
SHQWUXRDQXPLWSHULRDGGHWLPS
=XQVLVWHPGHVLJXUDQODFRQGXFHUH
LQWHUYLQHSUHFXP$%6%$6VDX(63
'DFVDVHOHFWDW$GDSWLYH$GDSWLY
QXDSDUYLEUDLLGHDYHUWL]DUHGDF

6LVWHPHGHDVLVWDUHDFRQGXFHULL



=DLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFLHQ

7UDFWDUHDUHPRUFLL
'DFIL[DLRUHPRUFDVLJXUDLYFDLUHD
OL]DWFRUHFWFRQH[LXQHDHOHFWULF3XWHLHIHF
WXDDFHVWOXFUXYHULILFkQGLOXPLQDUHDUHPRU
FLL

3URJUDPRQURDGODDXWRYHKLFXOHOH
FXSDFKHWXO21 2))52$'
1RWHJHQHUDOH
3URJUDPHOHRQURDGDVLJXUDVLVWHQ
DWXQFLFkQGFRQGXFHLRQURDGLDUSURJUD
PHOHRIIURDGDVLJXUDVLVWHQDWXQFLFkQG
FRQGXFHLRIIURDG3DJLQD
8UPWRDUHOHPHVDMHDOHSURJUDPXOXLUPkQ
SHDILDMXOPXOWLIXQFLRQDOSkQODVHWDUHD
FRUHVSXQ]WRDUHDQLYHOXOXLDXWRYHKLFXOXOXL
3kQODQLYHOXORIIURDGSXWHLDVFXQGH
PHVDMHOHSURJUDPXOXLXWLOL]kQGEXWRQXO
AVDXvGHSHYRODQXOPXOWLIXQFLRQDO

&RQGXFHUHDLSDUFDUHD

DFHVWFD]DYHUWLVPHQWHOHVXQWDQXODWH
SHQWUXRDQXPLWSHULRDGGHWLPS
=XQVLVWHPGHVLJXUDQODFRQGXFHUH
LQWHUYLQHSUHFXP$%6%$6VDX(63
=DFFHOHUDLSXWHUQLFGHH[SULQUHWURJUD
GDUHIRUDW
=IUkQDLSXWHUQLF
=YLUDLDFWLYGHH[WUDJHLGHYRODQSHQWUX
DHYLWDXQREVWDFROVDXVFKLPEDLUDSLG
EDQGD
=WLDLRFXUEDVFXLWFkQGYLUDL

5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
URWLDVHOHFWRDUHC
5RWLDVHOHFWRDUHCH[WLQGH
 3HQWUXDVHOHFWDURWLLURWLDVHOHF
WRDUHCSkQFkQGODPSDLQGLFDWRDUHD
VHDSULQGH
,QGLFDWRUXO$872DSDUHSHDILDMXOPXO
WLIXQFLRQDO
=1LYHOXOGHDXWRVWUDGHVWHVHWDW
=6LVWHPXOGHDPRUWL]DUHDGDSWLY$'6
DMXVWHD]FDUDFWHULVWLFLOHGHFRQIRUWSULQ
DPRUWL]DUHSRUQLQGGHODFRQGLLLOH
FXUHQWHGHFRQGXFHUHLIXQFLRQDUH
=7UDQVPLVLDDXWRPDWVHOHFWHD]SURJUD
PXOGHFRQGXFHUHvQUHJLPDXWRPDWSHQ
WUXXQVWLOGHFRQGXFHUHFRQIRUWDELOLHIL
FLHQW


3URJUDP$872
6HOHFWDLSURJUDPXO$872SHQWUXRFRQGX
FHUHPDLFRQIRUWDELOvQFRQGLLLQRUPDOHGH
FRQGXFHUH
6HOHFWDLGXPQHDYRDVWUUPkQHPHPRUDW
LGDFVFRDWHLFKHLDGLQFRPXWDWRUXOGH
FRQWDFW

3URJUDP63257
6HOHFWDLSURJUDPXO63257SHQWUXFRQGXFH
UHDVSRUWLY
6HOHFWDLGXPQHDYRDVWUUPkQHPHPRUDW
LGDFVFRDWHLFKHLDGLQFRPXWDWRUXOGH
FRQWDFW

6LVWHPHGHDVLVWDUHDFRQGXFHULL



&RQGXFHUHDLSDUFDUHD

G 1XSXWHLVHOHFWDSURJUDPXO63257GDF
DIRVWVHOHFWDW/2:5$1*(75($37'(
9,7(=(,1)(5,2$50HVDMXO'ULYHSUR
JUDP632571RWLQ/2:5$1*(3UR
JUDPXOGHFRQGXFHUH63257QXHVWH
Q/2:5$1*(75($37'(9,7(=(
,1)(5,2$5DSDUHDSRLSHDILDMXOPXO
WLIXQFLRQDO
3URJUDPSHQWUX]SDG
6HOHFWDLSURJUDPXOSHQWUX]SDGDWXQFL
FkQGFRQGXFHLSH]SDGVDXFXODQXULGH
]SDG

5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
URWLDVHOHFWRDUHC
5RWLDVHOHFWRDUHCH[WLQGH
 3HQWUXDVHOHFWDURWLLURWLDVHOHF
WRDUHCSkQFkQGODPSDLQGLFDWRDUHD
VHDSULQGH
,QGLFDWRUXO63257DSDUHSHDILDMXOPXO
WLIXQFLRQDO
=(VWHVHWDWQLYHOXOFXYLWH]ULGLFDW
PPvQFRPSDUDLHFXQLYHOXOGH
DXWRVWUDG
=6LVWHPXOGHDPRUWL]DUHDGDSWLY$'6
DMXVWHD]FDUDFWHULVWLFLOHVSRUWLYHSULQ
DPRUWL]DUHSRUQLQGGHODFRQGLLLOH
FXUHQWHGHFRQGXFHUHLIXQFLRQDUH
=7UDQVPLVLDDXWRPDWVHOHFWHD]SURJUD
PXOGHFRQGXFHUHvQUHJLPDXWRPDWSHQ
WUXXQVWLOGHFRQGXFHUHVSRUWLY
=(VWHVHOHFWDWRDUFXLUHDSHGDOHLGH
DFFHOHUDLHVSRUWLY$FHVWOXFUX
vQVHDPQFSHGDODGHDFFHOHUDLHQX
WUHEXLHDSVDWDWXQFLFkQGVHDFFHOH
UHD]
=(VWHVHOHFWDWRDUFXLUHGHGLUHFLHVSRU
WLY$FHVWOXFUXvQVHDPQFHVWHQHFH
VDUPDLPXOWHIRUWDWXQFLFkQGFRQGXFHL


5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
URWLDVHOHFWRDUHC
5RWLDVHOHFWRDUHCH[WLQGH
 3HQWUXDVHOHFWDURWLLURWLDVHOHF
WRDUHCSkQFkQGODPSDLQGLFDWRDUHD
VHDSULQGH
,QGLFDWRUXOSHQWUX]SDGDSDUHSHDIL
DMXOPXOWLIXQFLRQDO
=1LYHOXOGHDXWRVWUDGHVWHVHWDW
=6LVWHPXOGHDPRUWL]DUHDGDSWLY$'6
DMXVWHD]FDUDFWHULVWLFLOHGHFRQIRUWSULQ
DPRUWL]DUHSRUQLQGGHODFRQGLLLOH
FXUHQWHGHFRQGXFHUHLIXQFLRQDUH


=(76LEORFDUHDGLIHUHQLDOXOXLVXQW

=1LYHOXOGHDXWRVWUDGHVWHVHWDW

DGDSWDWHSHQWUXFRQGXFHUHDSHGUXPXUL
DFRSHULWHFX]SDG
=7UDQVPLVLDDXWRPDWVHOHFWHD]SURJUD
PXOGHFRQGXFHUHvQUHJLPDXWRPDWSHQ
WUXXQVWLOGHFRQGXFHUHFRQIRUWDELOLHIL
FLHQW
=(VWHVHOHFWDWRDUFXLUHDSHGDOHLGH
DFFHOHUDLHOLQ$FHVWOXFUXvQVHDPQF
SHGDODGHDFFHOHUDLHWUHEXLHDSVDW
PDLPXOWDWXQFLFkQGVHDFFHOHUHD]
=7UHDSWDGHYLWH]RSWLPSHQWUXSRUQLUHD
GHSHORFHVWHFXSODW

=6LVWHPXOGHDPRUWL]DUHDGDSWLY$'6

3URJUDPSHQWUXUHPRUF
6HOHFWDLSURJUDPXOSHQWUXUHPRUFODWUDF
WDUHDXQHLUHPRUFL

DMXVWHD]FDUDFWHULVWLFLOHGHFRQIRUWSULQ
DPRUWL]DUHSRUQLQGGHODFRQGLLLOH
FXUHQWHGHFRQGXFHUHLIXQFLRQDUH
=7UDQVPLVLDDXWRPDWVHOHFWHD]SURJUD
PXOGHFRQGXFHUHvQUHJLPDXWRPDWSHQ
WUXXQVWLOGHFRQGXFHUHFRQIRUWDELOLHIL
FLHQWLDUSXQFWHOHGHFXSODWHVXQW
UHJODWHRSWLP
=%ORFDUHDGLIHUHQLDOXOXLHVWHFXSODW
DWXQFLFkQGSRUQLLGHSHORF

6LVWHPHGHDVLVWDUHDFRQGXFHULLRII
URDG
0$7,&WUDFLXQHLQWHJUDOSHUPD
QHQW
0$7,&DVLJXUDQWUHQDUHDSHUPDQHQWD
WXWXURUFHORUSDWUXURLPSUHXQFX(63L
(76HOvPEXQWHWHWUDFLXQHDDXWRYHKL
FXOXOXLGXPQHDYRDVWUFkQGRURDWPRWULFH
SDWLQHD]GLQFDX]DXQHLDGHUHQHLQVXIL
FLHQWH

5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
URWLDVHOHFWRDUHC
5RWLDVHOHFWRDUHCH[WLQGH
 3HQWUXDVHOHFWDURWLLURWLDVHOHF
WRDUHCSkQFkQGODPSDLQGLFDWRDUHD
VHDSULQGH
,QGLFDWRUXOUHPRUFLLDSDUHSHDILDMXO
PXOWLIXQFLRQDO


 $9(57,60(17
0$7,&QXSRDWHUHGXFHSHULFROXOGHDFFL
GHQWvQFD]XOvQFDUHFRQGXFHLSUHDUDSLG
'DFRURDWPRWULFHSDWLQHD]GLQFDX]DXQHL
DGHUHQHLQVXILFLHQWH
=DSVDLSHGDODGHDFFHOHUDLHQXPDLFkWGH
WDUHHVWHQHFHVDUODGHPDUDUH
=DFFHOHUDLPDLSXLQFkQGFRQGXFHL
=DGDSWDLYVWLOXOGHFRQGXFHUHvQIXQFLHGH
FRQGLLLOHGHGUXPLWUDILF
 1XWUDFWDLQLFLRGDWDXWRYHKLFXOXOFXR
SXQWHULGLFDW$VWIHOSXWHLGHWHULRUDFXWLD
GHWUDQVIHU'HWHULRUULOHGHDFHVWJHQQX
VXQWDFRSHULWHGHJDUDQLDLPSOLFLW0HUFH
GHV%HQ]7RDWHURLOHWUHEXLHVUPkQILH
SHVROILHVILHFRPSOHWULGLFDWH5HVSHF
WDLLQVWUXFLXQLOHGHWUDFWDUHDXQXLDXWR
YHKLFXOFXWRDWHURLOHDYkQGFRQWDFWFRP
SOHWFXVROXO




&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG

&RQGXFHUHDLSDUFDUHD



6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG
G QFRQGLLLGHFRQGXFHUHSHWLPSGHLDUQ
HIHFWXOPD[LP0$7,&SRDWHILRELQXWGRDU
GDFXWLOL]DLSQHXULGHLDUQ3QHXUL06
FXODQXULGH]SDGGDFVLWXDLDRFHUH
 7HVWHOHGHIXQFLRQDUHVDXSHUIRUPDQ
WUHEXLHHIHFWXDWHQXPDLSHXQGLQDPRPH
WUXSHQWUXSXQLQDLQWHGHDXWLOL]DDXWR
YHKLFXOXOSHXQDVWIHOGHGLQDPRPHWUXY
UXJPVFRQVXOWDLXQDWHOLHUGHVHUYLFH
DXWRUL]DWQFD]FRQWUDUSXWHLDYDULDWUH
QXOGHWUDQVPLVLHVDXVLVWHPXOGHIUkQDUH
3HQWUXLQIRUPDLLDSUR[LPDWLYFRQGXFHUHD
RIIURDGFRQVXOWDL3DJLQD
'655HJODUHDYLWH]HLODFRERUkUHDvQ
SDQW
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
'65YDVLVWDWXQFLFkQGFRQGXFHLRII
URDG$FHVWDPHQLQHYLWH]DGHUXODUHOD
YLWH]DVHWDWSHFDOFXODWRUXOGHERUG&XFkW
SDQWDGHVFHQGHQWHVWHPDLDEUXSWFXDWkW
HIHFWXOGHIUkQDUH'65DODXWRYHKLFXOXLHVWH
PDLPDUH$WXQFLFkQGFRQGXFHLSHSRULXQL
GHGUXPSODQHVDXSHRSDQWDVFHQGHQW
HIHFWXOGHIUkQDUH'65HVWHPLQLPVDXLQH
[LVWHQW

 3HULFROGHDFFLGHQW
6LVWHPXO'65HVWHFRQFHSXWGRDUFDXQVLV
WHPGHDVLVWDUHODFRERUkUHDSDQWHORU6XQWHL
SHGHSOLQUVSXQ]WRUGHPHQLQHUHDFRQWUR
OXOXLDVXSUDDXWRYHKLFXOXOXLLGHHYDOXDUHD
JUDGXOXLGHGLILFXOWDWHDOSDQWHL
/DDFWLYDUHDVLVWHPXOXL'65HVWHSRVLELOFD
DXWRYHKLFXOXOVIUkQH]HEUXVFGDWRULWLQWHU
YHQLHLDFHVWXLVLVWHP$FHVWOXFUXGHSLQGHGH
vQFOLQDLDSDQWHLLGHGLIHUHQDvQWUHYLWH]D
UHDOLYLWH]DVHWDW(VWHSRVLELOFDVLVWHPXO
'65VQXSRDWSVWUDvQWRWGHDXQDYLWH]D
VHWDWvQIXQFLHGHVWDUHDVXSUDIHHLFDURVD
ELOXOXLLDSQHXULORU$FHDVWDSRDWHDYHDGUHSW
UH]XOWDWSLHUGHUHDFRQWUROXOXLDVXSUDDXWRYH
KLFXOXOXLLSURYRFDUHDXQXLDFFLGHQW

6HOHFWDLRYLWH]FRUHVSXQ]WRDUHSHQWUX
FRQGLLLOHGHGUXPLGDFHVWHQHFHVDUIUk
QDLPDQXDO

'65FRQWUROHD]YLWH]DVHWDWDWXQFLFkQG
HVWHDFWLYLDUWUDQVPLVLDDXWRPDWHVWHvQ
SR]LLD'5VDX13ULQDFFHOHUDUHVDXIUk
QDUHSXWHLvQWRWGHDXQDVFRQGXFHLFXR
YLWH]PDLULGLFDWVDXPDLUHGXVGHFkWFHD
VHWDWSHFDOFXODWRUXOGHERUG

 3HULFROGHDFFLGHQW
'DFDSVDLSHGDODGHDFFHOHUDLHFkQGVLV
WHPXO'65HVWHDFWLYHVWHSRVLELOGHSLUHD
YLWH]HLVHWDWH&RQGXFHLFXDWHQLHGHRVHELW
SHSDQWHLUHLQHLFVLVWHPXO'65IUkQHD]
DXWRYHKLFXOXOLPHGLDWFHHOLEHUDLSHGDODGH
DFFHOHUDLH6LVWHPXO'65SRDWHFDX]DIUkQD
UHDEUXVFDDXWRYHKLFXOXOXLvQIXQFLHGH
vQFOLQDLDSDQWHLLGHGLIHUHQDvQWUHYLWH]D
UHDOLYLWH]DVHWDW$FHDVWDSRDWHDYHD
GUHSWUH]XOWDWSLHUGHUHDFRQWUROXOXLDVXSUD
DXWRYHKLFXOXOXLLSURYRFDUHDXQXLDFFLGHQW

3HQWUXLQIRUPDLLDSUR[LPDWLYFRQGXFHUHD
RIIURDGFRQVXOWDL3DJLQD

$FWLYDUHDGH]DFWLYDUHD'65
$FWLYDUHD
3XWHLDFWLYD'65QXPDLDWXQFLFkQGFRQGX
FHLFXYLWH]HVXENPK

([HPSOXDXWRYHKLFXOHFXSDFKHWXO21 2))52$'


$SVDLEXWRQXOC
/DPSDLQGLFDWRDUHDVHDSULQGH

6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG



'DFYLWH]DDXWRYHKLFXOXOXLHVWHSUHDULGL
FDWVLPEROXO'65DSDUHSHDILDMXO
PXOWLIXQFLRQDOvPSUHXQFXPHVDMXO0D[
VSHHG9LWH]PD[NPK

G 1XSXWHLDFWLYD'65GDFSURJUDPXORQ
URDG63257HVWHDFWLYDW6LPEROXO'65
LPHVDMXO1RWLQGULYHSURJUDP
632571XHVWHQSURJUDPXOGHFRQ
GXFHUH63257DSDUDSRLSHDILDMXOPXO
WLIXQFLRQDO
'H]DFWLYDUHD
 $SVDLEXWRQXOC
/DPSDLQGLFDWRDUHDVHVWLQJH
6LPEROXO'65DSDUHSHDILDMXOPXO
WLIXQFLRQDOvPSUHXQFXPHVDMXORII
GH]DFWLYDW
'65HVWHGH]DFWLYDWDXWRPDWGDFUXODLFXR
YLWH]PDLPDUHGHNPK6LPEROXO'65
DSDUHSHDILDMXOPXOWLIXQFLRQDO
vPSUHXQFXPHVDMXORIIGH]DFWLYDW
,QGLFDWRUXOGHVWDUHVHVWLQJH6HHPLWHL
XQVXQHWGHDYHUWL]DUH/DDXWRYHKLFXOHOHFX
SDFKHWXO21 2))52$'GDFVHOHFWDLXQ
SURJUDPGLIHULWRQURDGRIIURDGL'65
HVWHGH]DFWLYDW,QGLFDWRUXOGHVWDUHVH
VWLQJH

0RGLILFDUHDYLWH]HLVHWDWH
&kQG'65HVWHDFWLYDWSXWHLPRGLILFDYLWH]D
VHWDWODRYDORDUHFXSULQVvQWUHNPKL
NPK

3HQWUXDPULVDXSHQWUXDUHGXFH
YLWH]DVHWDWvQLQFUHPHQWHGHNPK
DSVDLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
]LHUHLvQVXVCSHQWUXRYLWH]VHWDWPDL
ULGLFDWVDXvQMRVDSHQWUXRYLWH]VHWDW
PDLUHGXV
9LWH]DVHWDWDSDUHSHDILDMXOPXOWLIXQF
LRQDOvPSUHXQFXVLPEROXO'65'H
DVHPHQHDHVWHDILDWvQLQGLFDWRUXOGH
VWDUH

G 9LWH]DVHWDW'65HVWHPRGLILFDWvQWRW
GHDXQDvQLQFUHPHQWHGHNPK$FHDVWD
HVWHLQGHSHQGHQWGHDSVDUHDPDQHWHL
SHQWUXFRQWUROXOFURD]LHUHLVDXGLQFRORGH
SXQFWXOGHSUHVLXQH
3URJUDPRIIURDGODDXWRYHKLFXOHOH
IUSDFKHWXO21 2))52$'
3URJUDPXORIIURDGRIHUDVLVWHQvQFRQ
GXFHUHDRIIURDG&DUDFWHULVWLFLOHGHSHUIRU
PDQDPRWRUXOXLLFDUDFWHULVWLFLOH
VFKLPEWRUXOXLGHYLWH]HDOWUDQVPLVLHLDXWR
PDWHVXQWDGDSWDWHSHQWUXDFHVWVFRS3UR
JUDPHOH$%6(63L(76VSHFLDODGDSWDWH
FRQGXFHULLRIIURDGVXQWDFWLYDWH(VWHVHOHF
WDWRDUFXLUHOLQDSHGDOHLGHDFFHOHUDLH
DGLFSHGDODGHDFFHOHUDLHWUHEXLHDSVDW
PDLPXOWSHQWUXDDFFHOHUD
1XXWLOL]DLSURJUDPXORIIURDGSHGUXPXUL
DFRSHULWHFX]SDGVDXFXJKHDVDXGDF
SQHXULOHDXWRYHKLFXOXOXLGXPQHDYRDVWUVXQW
SUHY]XWHFXODQXULGH]SDG
3HQWUXLQIRUPDLLDSUR[LPDWLYFRQGXFHUHD
RIIURDGFRQVXOWDL3DJLQD


&RQGXFHUHDLSDUFDUHD

3HDILDMXOPXOWLIXQFLRQDOLSHLQGLFDWRUXOGH
VWDUHDSDUHXUPWRUXOPHVDMGHH[HPSOX

6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG



&RQGXFHUHDLSDUFDUHD

PHVDMHOHSURJUDPXOXLXWLOL]kQGEXWRQXO
AVDXvGHSHYRODQXOPXOWLIXQFLRQDO

3URJUDPXORIIURDG

3HQWUXDDFWLYDDSVDLEXWRQXOC
/DPSDLQGLFDWRDUHDVHDSULQGH,QGLFD
WRUXORIIURDGDSDUHSHDILDMXOPXO
WLIXQFLRQDO

3HQWUXDGH]DFWLYDDSVDLEXWRQXOC
/DPSDLQGLFDWRDUHDLLQGLFDWRUXO
RIIURDGVHVWLQJSHDILDMXOPXOWLIXQFLR
QDO

6HOHFWDLSURJUDPXORIIURDGSHQWUXWHUH
QXULRIIURDGXRUDFFHVLELOHGHH[SHQWUX
VXSUDIHHDFRSHULWHFXSLHWULVDXQLVLSVDX
SHQWUXSLVWH&XSOXOPRWRUXOXLHVWHUHVWULFLR
QDWvQWURPLFPVXULURLOHPRWULFHSRW
SDWLQD3DWLQDUHDURLORUUH]XOWvQWURDFLXQH
GHSWUXQGHUHSHQWUXRWUDFLXQHPDLEXQ
3XWHLDFWLYDQXPDLSURJUDPXORIIURDG
DWXQFLFkQGFRQGXFHLFXYLWH]HPDLPLFLGH
NPK0HVDMXO'ULYHSURJUDP
2))52$'0D[VSHHG3URJUDPGH
FRQGXFHUH2))52$'9LWH]PD[LP
NPKDSDUHSHDILDMXOPXOWLIXQFLRQDO

3URJUDPRIIURDGDXWRYHKLFXOHFX
SDFKHWXO21 2))52$'
1RWHJHQHUDOH
3URJUDPHOHRIIURDGRIHUDVLVWHQvQFRQ
GXFHUHDRIIURDG&DUDFWHULVWLFLOHGHSHUIRU
PDQDPRWRUXOXLLFDUDFWHULVWLFLOH
VFKLPEWRUXOXLGHYLWH]HDOWUDQVPLVLHLDXWR
PDWHVXQWDGDSWDWHSHQWUXDFHVWVFRS3UR
JUDPHOH$%6(63L(76VSHFLDODGDSWDWH
FRQGXFHULLRIIURDGVXQWDFWLYDWH3HQWUX
DFHVWWHUHQHVWHLQGLFDWRDUFXLUHDSHGDOHL
GHDFFHOHUDLHDGLFSHQWUXDDFFHOHUD
SHGDODGHDFFHOHUDLHWUHEXLHDSVDWPDL
PXOW
1XXWLOL]DLSURJUDPHRIIURDGSHGUXPXUL
DFRSHULWHFX]SDGVDXFXJKHDVDXGDF
SQHXULOHDXWRYHKLFXOXOXLGXPQHDYRDVWUVXQW
SUHY]XWHFXODQXULGH]SDG
3HQWUXLQIRUPDLLDSUR[LPDWLYFRQGXFHUHD
RIIURDGFRQVXOWDL3DJLQD
8UPWRDUHOHPHVDMHDOHSURJUDPXOXLUPkQ
SHDILDMXOPXOWLIXQFLRQDOSkQODVHWDUHD
FRUHVSXQ]WRDUHDQLYHOXOXLDXWRYHKLFXOXOXL
3kQODQLYHOXORIIURDGSXWHLDVFXQGH

5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
URWLDVHOHFWRDUHC
5RWLDVHOHFWRDUHCH[WLQGH
 3HQWUXDVHOHFWDURWLLURWLDVHOHF
WRDUHCSkQFkQGODPSDLQGLFDWRDUHD
VHDSULQGH
,QGLFDWRUXORIIURDGDSDUHSHDILDMXO
PXOWLIXQFLRQDO
1LYHOXORIIURDGHVWHVHWDWODPP
SHVWHQLYHOXOGHDXWRVWUDG


6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG

3URJUDPXORIIURDG
6HOHFWDLSURJUDPXORIIURDGSHQWUXWHUHQ
DFFLGHQWDWGHH[SHQWUXWHUHQDEUXSWLVDX
QHXQLIRUPVDXSHQWUXFRQGXFHUHDSHWHUHQ
VWkQFRV

G $XWRYHKLFXOXOGXPQHDYRDVWUHVWH
SUHY]XWFXEORFDUHGLIHUHQLDODFWLYDW
DXWRPDWSHQWUXFXWLDGHWUDQVIHU$FHDVWD
FRQWUROHD]HFKLOLEUXOGLQWUHSXQWHDIDL
VSDWH
%ORFDUHDGLIHUHQLDOXOXLvPEXQWHWH
WUDFLXQHDDXWRYHKLFXOXOXL(76
3DJLQDFRQWUROHD]HFKLOLEUXOGLQWUH
DPEHOHURLGHSHRSXQWH
3XWHLDFWLYDQXPDLSURJUDPXORIIURDG
DWXQFLFkQGFRQGXFHLFXYLWH]HPDLPLFLGH
NPK

5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
URWLDVHOHFWRDUHC
5RWLDVHOHFWRDUHCH[WLQGH
 3HQWUXDVHOHFWDURWLLURWLDVHOHF
WRDUHCSkQFkQGODPSDLQGLFDWRDUHD
VHDSULQGH
,QGLFDWRUXORIIURDGDSDUHSHDILDMXO
PXOWLIXQFLRQDO
=1LYHOXOGHRIIURDGHVWHVHWDWDXWR
YHKLFXOXOHVWHULGLFDWFXPPvQFRP
SDUDLHFXQLYHOXOSHQWUXDXWRVWUDG
='65HVWHSRUQLW
=%ORFDUHDGLIHUHQLDOXOXLHVWHRSULW


3URJUDPXORIIURDGFRPXWDXWRPDWSH
SURJUDPXORIIURDGGDFFRQGXFHLFX
SHVWHNPK

7UHDSWDGHYLWH]RIIURDG/2:
5$1*(75($37'(9,7(=(,1)(
5,2$5DXWRYHKLFXOHFXSDFKHW
21 2))52$'
1RWHJHQHUDOH
7UHDSWDGHYLWH]/2:5$1*(75($37'(
9,7(=(,1)(5,2$5RIIURDGYDVLVW
DWXQFLFkQGFRQGXFHLRIIURDGLDWXQFL
FkQGWUHFHLYDGXULOH$WXQFLFkQGHVWH
FXSODWWUHDSWDGHYLWH]H/2:5$1*(
75($37'(9,7(=(,1)(5,2$5FDUDFWH
ULVWLFLOHGHSHUIRUPDQDPRWRUXOXLLFDUDF
WHULVWLFLOHVFKLPEWRUXOXLGHYLWH]HDOWUDQV
PLVLHLDXWRPDWHVXQWDGDSWDWHSHQWUXDFHVW
VFRS
3HQWUXLQIRUPDLLDSUR[LPDWLYFRQGXFHUHD
RIIURDGFRQVXOWDL3DJLQD9HL
JVLLQIRUPDLLGHVSUHVLVWHPHGHVLJXUDQOD
FRQGXFHUHvQFRPELQDLHFX/2:5$1*(
75($37'(9,7(=(,1)(5,2$5vQVHFLX
QHD6LJXUDQ3DJLQD

&RQGXFHUHDLSDUFDUHD

3URJUDPXORIIURDGFRPXWSHSURJUDPXO
$872GDFFRQGXFHLFXSHVWHNPK





6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG

&RQGXFHUHDLSDUFDUHD

7UHSWHGHYLWH]H
+,*+
5$1*(
75($37
'(9,7(=(
683(
5,2$5

3R]LLHSHQWUXWRDWHFRQGL
LLOHQRUPDOHGHFRQGXFHUH
RQURDG

/2:5$1*(

3R]LLDRIIURDGSHQWUX
FRQGXFHUHDRIIURDGL
SHQWUXWUHFHUHDYHGXULORU
5DSRUWXOGHWUDQVPLVLHGLQ
WUHPRWRULURLHVWHQXPDL
GHDSUR[LPDWLYRWUHLPHGLQ
SR]LLDGHGUXP+,*+
5$1*(75($37'(
9,7(=(683(5,2$5
&XSOXOGHFRQGXFHUHHVWH
SURSRULRQDOPDLPDUHFD
UH]XOWDW
1XXWLOL]DL/2:5$1*(
75($37$'(9,7(=,1)(
5,2$5

GHGLVWULEXLHVUPkQvQSR]LLDQHXWULDU
WUDQVPLWHUHDSXWHULLPRWRUXOXLFWUHSXQLOH
PRWULFHVILHvQWUHUXSWQDFHVWFD]DXWR
YHKLFXOXOVDUGHSODVDOLEHUFKLDUGDFVH
FXSOHD]RWUHDSWGHYLWH]LDUSXWHDVVH
SXQvQPLFDUHDFFLGHQWDOPDLDOHVGDFVH
DIOvQSDQW
LQHLFRQWGHGHVFULHUHDXUPWRDUHGLQFDGUXO
VHFLXQLL0HVDMHDILDWHSHHFUDQXOPXOWL
IXQFLRQDO

=SHVXSUDIHHGHGUXP

DOXQHFRDVHGHH[
DWXQFLFkQGHVWHODSR
YL
=SHGUXPXULDFRSHULWHFX
]SDGLJKHD
=GDFDXWRYHKLFXOXOGXP
QHDYRDVWUHVWH
SUHY]XWFXODQXULGH
]SDG

 3HULFROGHDFFLGHQW
$WHSWDLvQWRWGHDXQDILQDOL]DUHDSURFHVXOXL
GHVFKLPEDUHDPRGXOXLGHUXODUHGLQ+,*+
5$1*(vQ/2:5$1*(LGLQ/2:5$1*(vQ
+,*+5$1*(1XRSULLPRWRUXOvQWLPSXO
VFKLPEULLWUHSWHLGHYLWH]LQXFXSODLDOW
WUHDSWGHYLWH]
'DFQXDWHSWDLILQDOL]DUHDSURFHVXOXLGH
VFKLPEDUHDUDSRUWXOXLGHWUDQVPLWHUHHVWH
SRVLELOFDDFHVWDVQXILHFRUHFWH[HFXWDW
([LVWSRVLELOLWDWHDFDvQDFHDVWVLWXDLHFXWLD

'HOD+,*+5$1*(75($37'(9,7(=(
683(5,2$5OD/2:5$1*(75($37
'(9,7(=(,1)(5,2$5
 7UHFHLGHOD+,*+5$1*(WUHDSWGH
YLWH]HVXSHULRDUOD/2:5$1*(WUHDSW
GHYLWH]HLQIHULRDUQXPDLGDF
=PRWRUXOHVWHvQIXQFLXQH
=WUDQVPLVLDVHDIOvQSR]LLD1
=GDFFRQGXFHLFXYLWH]VXENPK


$SVDLEXWRQXO/2:5$1*(75($37'(
9,7(=(,1)(5,2$5C
/DPSDLQGLFDWRDUHDFOLSHWH

'DFSURFHVXOGHVFKLPEDUHDWUHSWHLGH
YLWH]DDYXWORFODPSDLQGLFDWRDUHDVH
DSULQGH$ILDMXO/2:5$1*(75($37'(
9,7(=(,1)(5,2$5DSDUHSHDILDMXOPXO
WLIXQFLRQDOLSHLQGLFDWRUXOGHVWDUH
$WXQFLFkQGODPSDLQGLFDWRDUHDOXPLQHD]
LQWHUPLWHQWSXWHLDQXODVFKLPEDUHDWUHSWHL
GHYLWH]DSVkQGGLQQRXEXWRQXO/2:
5$1*(75($37'(9,7(=(,1)(
5,2$5C

G 1XSXWHLDFWLYD/2:5$1*(75($37
'(9,7(=(,1)(5,2$5GDFSURJUDPXO
RQURDG63257HVWHDFWLYDW0HVDMXO
/2:5$1*(1RWLQGULYHSURJUDP
63257/2:5$1*(1XHVWHQSUR
JUDPXOGHFRQGXFHUH63257DSDUHDSRL
SHDILDMXOPXOWLIXQFLRQDOROL
'HOD/2:5$1*(75($37'(9,7(=(
,1)(5,2$5OD+,*+5$1*(75($37
'(9,7(=(683(5,2$5
 7UHFHLGHOD+,*+5$1*(WUHDSWGH
YLWH]HVXSHULRDUOD/2:5$1*(WUHDSW
GHYLWH]HLQIHULRDUQXPDLGDF
=PRWRUXOHVWHvQIXQFLXQH
=WUDQVPLVLDVHDIOvQSR]LLD1
=GDFFRQGXFHLFXYLWH]HVXENPK


$SVDLEXWRQXO/2:5$1*(75($37'(
9,7(=(,1)(5,2$5C
/DPSDLQGLFDWRDUHDFOLSHWH
&kQGVFKLPEDUHDWUHSWHLGHYLWH]HVWH
ILQDOL]DWODPSDLQGLFDWRDUHDVHVWLQJH
3HDILDMXOPXOWLIXQFLRQDODSDUHPHVDMXO
/2:5$1*(2II75($37'(9,7(=
,1)(5,2$5235,7LDULQGLFDWRUXOGH
VWDUHVHVWLQJH

$WXQFLFkQGODPSDLQGLFDWRDUHDOXPLQHD]
LQWHUPLWHQWSXWHLDQXODVFKLPEDUHDWUHSWHL
GHYLWH]DSVkQGGLQQRXEXWRQXO/2:
5$1*(75($37'(9,7(=(,1)(
5,2$5C

0HVDMHSHDILDMXOPXOWLIXQFLRQDO
'DFSURFHVXOGHVFKLPEDUHDYLWH]HLQXD
IRVWUHXLWXUPWRDUHOHPHVDMHSRWILDILDWH
SHDILDMXOPXOWLIXQFLRQDO
/2:5$1*(0D[VSHHG9LWH]DPD[
/2:5$1*(NPKDLFRQGXVFXSHVWH
NPKLODPSDLQGLFDWRDUHDOXPLQHD]
LQWHUPLWHQW
 &RQGXFHLPDLvQFHWSHQWUXDWHUPLQDSUR
FHVXOGHVFKLPEDUHDWUHSWHLGHYLWH]
/2:5$1*(6KLIWWRSRVLWLRQ1EULH
IO\/2:5$1*(&XSODLVFXUWQSR]L
LD1WUDQVPLVLDHVWHvQSR]LLD'LDUGXP
QHDYRDVWUFRQGXFHLFXYLWH]HVXE
NPK
 &XSODLWUDQVPLVLDvQSR]LLD1SHQWUXD
ILQDOL]DSURFHVXOGHVFKLPEDUHDWUHSWHLGH
YLWH]
/2:5$1*(6KLIWLQJFDQFHOOHG3OHDVH
UHDFWLYDWH/2:5$1*(&XSODUHDQX
ODW5HDFWLYDLSURFHVXOGHFXSODUHQX
DIRVWILQDOL]DW
 0HQLQHLWRDWHFRQGLLLOHGHVFKLPEDUHD
WUHSWHLGHYLWH]LUHOXDLSURFHVXOGH
VFKLPEDUHDWUHSWHLGHYLWH]
/2:5$1*(6WRS$SSO\SDUNLQJEUDNH
/2:5$1*(2SULL$FLRQDLIUQDGH
SDUFDUHHVWHHPLVLXQVXQHWGHDYHUWL
]DUH3URFHVXOGHVFKLPEDUHDYLWH]HLQXDIRVW
ILQDOL]DW/2:5$1*(VHDIOvQSR]LLHQHXWU
1XH[LVWQLFLROHJWXUvQWUHPRWRULURLOH
PRWULFH

 1XFRQGXFHLvQFRQWLQXDUHQFD]FRQ
WUDUDLSXWHDGHWHULRUDWUHQXOGHWUDQVPL
VLHDODXWRYHKLFXOXOXL
 2SULLDXWRYHKLFXOXO&kQGSURFHGDLDVWIHO
LQHLFRQWGHFRQGLLLOHGHGUXPLWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
3DJLQD
 5HSHWDLSURFHVXOGHVFKLPEDUHDWUHSWHORU
GHYLWH]H
'DFSURFHVXOGHVFKLPEDUHDWUHSWHLGH
YLWH]DIRVWILQDOL]DWPHVDMXO/2:5$1*(
6WRS$SSO\SDUNLQJEUDNH/2:




&RQGXFHUHDLSDUFDUHD

6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG

7UDFWDUHDXQHLUHPRUFL



&RQGXFHUHDLSDUFDUHD

5$1*(2SULL$FLRQDLIUQDGH
SDUFDUHGLVSDUH

0HQLXO21 2))52$'GHSHDILDMXO
&20$1'DXWRYHKLFXOHFXSDFKHWXO
21 2))52$'
3XWHLDILDFkWHYDVLVWHPHGHFRQGXFHUH
SURJUDPHGHFRQGXFHUHLLQIRUPDLLVXSOL
PHQWDUHSHDILDMXO&20$1'

=FRQGLLDWUHSWHLGHYLWH]RIIURDG/2:

5$1*(75($37'(9,7(=(,1)(
5,2$5
=SURJUDPXOSHQWUXUHPRUFRQURDG
HVWHVHOHFWDW

7UDFWDUHDXQHLUHPRUFL
1RWHSULYLQGWUDFWDUHDXQHLUHPRUFL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
&kQGDXWRYHKLFXOXOPHUJHvQDSRLFWUH
UHPRUFDVLJXUDLYFQXVHDIOQLPHQL
vQWUHUHPRUFLDXWRYHKLFXO
&XSODLLGHFXSODLUHPRUFDFXDWHQLH'DF
QXFXSODLFRUHFWUHPRUFDODDXWRYHKLFXOXO
WUDFWDQWUHPRUFDVHSRDWHGHVSULQGH
$VLJXUDLYFQXVHGHSHVFXUPWRDUHOH
YDORUL

$VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOvQSR]LLD
 $VLJXUDLYFHVWHDFWLYDW&20$1'
2QOLQHFRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUH
&20$1'VHSDUDWH
 $SVDLEXWRQXOGHIXQFLRQDUHC
$ILDMHOHFRUHVSRQGHQWHDSDUSHDILDMXO
&20$1'
=FRQWUROQLYHO
=XQJKLGHYLUDM
=XQJKLXOGHvQFOLQDUHDDXWRYHKLFXOXOXL
=SDQWDVFHQGHQWVDXGHVFHQGHQWvQ
SURFHQWH
=SURJUDPRQURDGRIIURDGVHOHFWDW
=FRQGLLDEORFULLGLIHUHQLDOXOXLSHQWUX
FXWLDGHWUDQVIHU
=WUHDSWDGHYLWH]HRIIURDG/2:5$1*(
75($37'(9,7(=(,1)(5,2$5HVWH
VHOHFWDW


=VDUFLQDYHUWLFDOSHEDUDGHWUDFWDUHD

UHPRUFLL
=VDUFLQDDGPLVDUHPRUFLL
=VDUFLQDDGPLVSHSXQWHDVSDWHDDXWRYH

KLFXOXOXLWUDFWDQW
=PDVDWRWDOPD[LPDGPLVDWkWDDXWRYH

KLFXOXOXLWUDFWDQWFkWLDUHPRUFLL
9HLJVLYDORULOHDGPLVHDSOLFDELOHFDUHQX
WUHEXLHVILHGHSLWHvQGRFXPHQWDLDDXWR
YHKLFXOXOXL
9HLJVLYDORULOHDSUREDWHGHSURGXFWRUSH
SOFXHOHGHLGHQWLILFDUHDDXWRYHKLFXOXOXLL
FHOHSHQWUXDXWRYHKLFXOXOWUDFWDQWvQVHFLX
QHD'DWHWHKQLFH

 $9(57,60(17
'DFDSDUHPHVDMXO&KHFNWUDLOHUKLWFK
ORFNLQJPHFKDQLVP9HULILFDLPHFD
QLVPXOGHEORFDUHDFUOLJXOXLUHPRU
FLLSHDILDMXOPXOWLIXQFLRQDOFkWWLPSDXWR
YHKLFXOXOHVWHvQPLFDUHWUDJHLLPHGLDWSH
GUHDSWDLYHULILFDLGDFFXSODVIHULFHVWH
vPELQDWFRUHFW

7UDFWDUHDXQHLUHPRUFL

=HVWHPDLJUHD
=DUHFDSDFLWLGHDFFHOHUDUHLGHXUFDUHvQ

SDQWUHGXVH
=DUHRGLVWDQGHIUkQDUHVSRULW
=HVWHDIHFWDWPDLWDUHGHYkQWXOODWHUDO

SXWHUQLF
=QHFHVLWRPDQHYUDUHPDLVHQVLELO
=DUHRUD]GHYLUDUHPDLPDUH
'UHSWXUPDUHFDUDFWHULVWLFLOHGHPDQHYUDEL
OLWDWHSRWILDIHFWDWHLSXWHLSLHUGHFRQWUROXO
DXWRYHKLFXOXOXL$FHVWOXFUXSRDWHFDX]DXQ
DFFLGHQWFXUQLJUDYHVDXFKLDUIDWDOH
/DWUDFWDUHDXQHLUHPRUFLUHJODLvQWRWGHDXQD
YLWH]DODGUXPXOFXUHQWLODFRQGLLLOHGH
YUHPH1XGHSLLYLWH]DPD[LPDGPLV
SHQWUXFRPELQDLDDXWRYHKLFXOUHPRUF

 $9(57,60(17
1XDSVDLSHGDODGHIUkQvQPRGFRQWLQXX
DWXQFLFkQGDXWRYHKLFXOXOHVWHvQPLFDUHGH
H[QXFDX]DLQLFLRGDWIUHFDUHDIUkQHORU
DSVkQGXRUvQPRGFRQVWDQWSHSHGDO
$FHDVWDFDX]HD]VXSUDvQFO]LUHDVLVWHPXOXL
GHIUkQDUHFUHWHGLVWDQDGHIUkQDUHLSRDWH
GXFHODGHIHFWDUHDFRPSOHWDIUkQHORU
 3HULFROGHDFFLGHQW
1XvQFHUFDLvQQLFLXQFD]VUHHFKLOLEUDL
DQVDPEOXODXWRYHKLFXOUHPRUFPULQGYLWH]D
GHGHSODVDUH
 $9(57,60(17
'DFGHSLLVDUFLQDYHUWLFDOPD[LPFkQG
XWLOL]DLXQVLVWHPSXUWWRUSHFXSODVIHULF

=HVWHSRVLELOFDVLVWHPXOSXUWWRUVILHDUXQ

FDWvQODWHUDO
=FXSODVIHULFLVLVWHPXOSXUWWRUVHSRW

GHVSULQGHGLQDXWRYHKLFXO
'UHSWXUPDUHHVWHSRVLELOVLUQLLSHFHLODOL
VDXVSURYRFDLXQDFFLGHQW
1XGHSLLVDUFLQDYHUWLFDOPD[LP&kQG
FRQGXFHLFXXQVLVWHPSXUWWRUVXEVDUFLQ
DGDSWDLYvQWRWGHDXQDVWLOXOGHFRQGXFHUHOD
FRQGLLLOHUXWLHUHGHWUDILFLPHWHRFRQGX
FkQGFXRDWHQLHGHRVHELW

3XWHLXWLOL]DVLVWHPHSXUWWRDUHGHH[
VXSRUWXULGHELFLFOHWVDXHOHPHQWHSRUWDQWH
SHFXSODVIHULF6DUFLQDYHUWLFDOPD[LPGH
NJHVWHYDODELOFkQGXWLOL]DLVLVWHPH
SXUWWRDUHSHFXSODVIHULF

1RWHJHQHUDOH
G 9HULILFDLSUHVLXQHDvQSQHXULODWUDFWDUHD
XQHLUHPRUFL9HLJVLYDORULOHGLQWDEHOXO
FXSUHVLXQLvQSQHXULGHSHFODSHWDJXULLGH
XPSOHUHFXFDUEXUDQWDDXWRYHKLFXOXOXL
3DJLQD
9HLJVLGLPHQVLXQLOHGHPRQWDUHLVDUFLQLOH
GLQVHFLXQHD'DWHWHKQLFH
3DJLQD
6DUFLQDYHUWLFDOPD[LPDGPLVFXEDUDGH
WUDFWDUHDUHPRUFLLSHFXSODVIHULFHVWHGH
NJ&XWRDWHDFHVWHDVDUFLQDYHUWLFDO
UHDOQXWUHEXLHVGHSHDVFYDORDUHDLQGL
FDWSHFkUOLJXOGHWUDFWDUHDUHPRUFLLVDXSH
SOFXHOHGHLGHQWLILFDUHDUHPRUFLL(VWHYDOD
ELOFHDPDLVF]XWVDUFLQ
 8WLOL]DLRVDUFLQYHUWLFDOSHEDUDGH
WUDFWDUHFkWPDLDSURSLDWSRVLELOGHVDU
FLQDYHUWLFDOPD[LPDGPLV1XXWLOL]DL
RVDUFLQYHUWLFDOGHPDLSXLQGHNJvQ
FD]FRQWUDUHVWHSRVLELOFDUHPRUFDVVH
GHVSULQG
5HLQHLFVDUFLQDGHvQFUFDUHLVDUFLQD
GHSHSXQWHDVSDWHVXQWUHGXVHGHVDUFLQD
UHDO

 3HQWUXPRGHOXO0/%OXH7(&0$7,&NJ

&RQGXFHUHDLSDUFDUHD

 $9(57,60(17
/DWUDFWDUHDXQHLUHPRUFLDXWRYHKLFXOXOGXP
QHDYRDVWUYDPDQLIHVWDFDUDFWHULVWLFLGH
PDQHYUDELOLWDWHGLIHULWHIDGHVLWXDLLOHvQ
FDUHFRQGXFHLIUUHPRUF
&RPELQDLDDXWRYHKLFXOUHPRUF



&RQGXFHUHDLSDUFDUHD



7UDFWDUHDXQHLUHPRUFL
1XRPLWHLIDSWXOFODWUDFWDUHDXQHLUHPRUFL
3$5.7521,&3DJLQDL$VLVWHQDOD
XQJKLXOPRUW3DJLQDVXQWGLVSRQLELOH
QXPDLFXOLPLWULVDXFKLDUGHORF

G /DDXWRYHKLFXOHOHIUFRQWUROXOQLYHOXOXL
vQOLPHDFXSOHLVIHULFHVHYDPRGLILFDvQ
IXQFLHGHVDUFLQDODFDUHHVWHVXSXVDXWR
YHKLFXOXO'DFVLWXDLDRFHUHXWLOL]DLR
UHPRUFFXEDUGHWUDFWDUHUHJODELOSH
vQOLPH
6IDWXULSULYLQGFRQGXFHUHD
G 5HVSHFWDLLQIRUPDLLOHSULYLQGVWDELOL]D
UHDUHPRUFLLFX(633DJLQDLSUL
YLQGSRUQLUHDGHSHORFFXRUHPRUF
3DJLQD
$XWRYHKLFXOHFXSDFKHWXO21 2))52$'
VHOHFWDLSURJUDPXOUHPRUFLL3DJLQD
FXDMXWRUXOVHOHFWRUXOXLSURJUDPXOXLRII
URDGGLQFRQVRODFHQWUDO
9LWH]DPD[LPDGPLVSHQWUXFRPELQDLLOH
DXWRYHKLFXOUHPRUFGHSLQGHGHWLSXOGH
UHPRUFQDLQWHGHDSRUQLODGUXPYHULILFDL
GRFXPHQWDLDUHPRUFLLSHQWUXDYHGHDFDUH
HVWHYLWH]DPD[LPDGPLVLQHLFRQWGH
YLWH]DPD[LPSUHVFULVSULQOHJHvQDUDUHV
SHFWLY
/DDQXPLWHDXWRYHKLFXOH0HUFHGHV%HQ]VDU
FLQDPD[LPDGPLVSHSXQWHDVSDWHFUHWH
ODWUDFWDUHDXQHLUHPRUFL&RQVXOWDLVHFLX
QHD'DWHWHKQLFHSHQWUXDDIODGDFDFHDVW
VLWXDLHHVWHYDODELOLSHQWUXDXWRYHKLFXOXO
GXPQHDYRDVWU'DFXWLOL]DLRULFDUHGLQWUH
VDUFLQLOHPD[LPHDGXJDWHSHSXQWHDVSDWH
ODWUDFWDUHDXQHLUHPRUFLFRPELQDLDDXWRYH
KLFXOUHPRUFQXWUHEXLHVGHSHDVFR
YLWH]PD[LPGHNPKGLQPRWLYHFH
YL]HD]FHUWLILFDWXOGHvQPDWULFXODUH$FHDVW
DILUPDLHHVWHGHDVHPHQHDYDODELOvQULOH
vQFDUHYLWH]DPD[LPDGPLVSHQWUXFRPEL
QDLLOHDXWRYHKLFXOUHPRUFGHSHWH
NPK
/DWUDFWDUHDXQHLUHPRUFLDXWRYHKLFXOXOGXP
QHDYRDVWUYDPDQLIHVWDFDUDFWHULVWLFLGH
PDQHYUDELOLWDWHGLIHULWHIDGHVLWXDLLOHvQ

FDUHFRQGXFHLIUUHPRUFLYDFRQVXPD
PDLPXOWFDUEXUDQW
QSDQWHOHGHVFHQGHQWHOXQJLLDEUXSWHWUH
EXLHVVHOHFWDLWUHDSWDGHYLWH]HVDX
vQWLPSXWLO

G $FHDVWDILUPDLHHVWHYDODELOLGDFDL
DFWLYDWFRQWUROXOFURD]LHUHL63(('7521,&
VDX',67521,&3/86
$VWIHOYHLXWLOL]DHIHFWXOGHIUkQDUHDOPRWR
UXOXLILLQGQHFHVDURIUkQDUHPDLUHGXVSHQ
WUXDSUHYHQLFkWLJDUHDvQYLWH]DDXWRYHKL
FXOXOXL$VWIHOVHYDHOLPLQDVDUFLQDODFDUH
HVWHVXSXVVLVWHPXOGHIUkQDUHLVHSUHYLQH
VXSUDvQFO]LUHDLX]XUDSUHPDWXUDIUkQHORU
'DFHVWHQHFHVDURIUkQDUHVXSOLPHQWDU
DSVDLSHGDODGHIUkQUHSHWDWLQXFRQWL
QXX
6IDWXULSULYLQGFRQGXFHUHD
=3VWUDLRGLVWDQPDLPDUHIDGHDXWR

YHKLFXOXOGLQIDGHFkWDWXQFLFkQGFRQGX
FHLIUUHPRUF
=(YLWDLVIUkQDLEUXVF'DFHVWHSRVLELO
IUkQDLXRUPDLvQWkLSHQWUXDLSHUPLWH
UHPRUFLLVvQYLQJLQHULD$SRLFUHWHL
UDSLGIRUDGHIUkQDUH
=9DORULOHGDWHSHQWUXFDSDFLWLOHGHXUFDUH
vQSDQWGHSHORFDXFDUHIHULQQLYHOXO
PULL&kQGFRQGXFHLvQ]RQHPRQWDQH
UHLQHLFSXWHUHDXWLODPRWRUXOXLLFDSD
FLWDWHDGHXUFDUHvQSDQWDDXWRYHKLFXOXOXL
vQFRQVHFLQVFDGRGDWFXFUHWHUHDDOWL
WXGLQLL
'DFUHPRUFDRVFLOHD]GLQWURSDUWHvQFHD
ODOW
1XDFFHOHUDL
1XFRQWUDYLUDL
 )UkQDLGDFVLWXDLDRFHUH



7UDFWDUHDXQHLUHPRUFL
SULLGLQVSDWHLGHSR]LWDLOvQWUXQORF
VLJXU

$VLJXUDLYFQXVHDIOSHUVRDQHVDXDQL
PDOHvQUD]DGHSLYRWDUHDFXSOHLVIHULFHQFD]
FRQWUDUDFHVWHDSRWVXIHULUQL

'HVFKLGHLKD\RQXO

&RQGXFHUHDLSDUFDUHD

([WLQGHUHDFXSOHLVIHULFH
 $9(57,60(17

QDLQWHGHDSXWHDWUDFWDRUHPRUFFXDXWR
YHKLFXOXOGXPQHDYRDVWUWUHEXLHVH[WLQGHL
FXSODVIHULF

 /DDXWRYHKLFXOHOH$0*LODDXWRYHKL
FXOHOHFXVWLOL]DUHDFDURVHULHL$0*
vQGHSUWDLFDSDFXOGHVXEEDUDGHSURWHF
LHvQDLQWHGHDH[WLQGHFXSODVIHULFQFD]
FRQWUDUFXSODVIHULFFDSDFXOLEDUDGH
SURWHFLHDUSXWHDILGHWHULRUDWH
 $VLJXUDLYFDXWRYHKLFXOXOVWDLRQHD]

 $9(57,60(17
$VLJXUDLYFVDIL[DWFXSODVIHULFILHvQ
SR]LLHH[WLQVILHvQSR]LLHUHWUDFWDW/DPSD
LQGLFDWRDUHGHSHEXWRQXOGHHOLEHUDUHHVWH
VWLQV
1XWUDJHLFRPXWDWRUXOGHHOLEHUDUHDFXSOHL
VIHULFHGDFHVWHFXSODWRUHPRUFVDXGDF
HVWHIL[DWXQVXSRUWELFLFOHW


7UDJHLEXWRQXOGHHOLEHUDUHCSkQFkQG
FXSODVIHULFVHGHEORFKHD]
&XSODVIHULFVHH[WLQGHGHVXEEDUDGH
SURWHFLHVSDWH
/DPSDLQGLFDWRDUHGHSHEXWRQXOGHHOLEH
UDUHFOLSHWH3UL]DUHPRUFLLVHH[WLQGH
DXWRPDW

$SVDLFXSODVIHULFvQGLUHFLDVJHLL
SkQFkQGVHDQJUHQHD]vQSR]LLHYHUWL
FDO
/DPSDLQGLFDWRDUHGHSHEXWRQXOGHHOLEH
UDUHVHVWLQJH

/DDXWRYHKLFXOHOH$0*LODDXWRYHKL
FXOHOHFXVWLOL]DUHDFDURVHULHL$0*WUD
JHLPkQHUXOCGHSHFDSDFXODvQMRVvQ
GLUHFLDVJHLLSkQFkQGHVWHHOLEHUDW

/DDXWRYHKLFXOHOH$0*LODDXWRYHKL
FXOHOHFXVWLOL]DUHDFDURVHULHL$0*HOL
EHUDLFDSDFXOGLQFDGUXFXDMXWRUXO



7UDFWDUHDXQHLUHPRUFL

&RQGXFHUHDLSDUFDUHD



$ILDMXOPXOWLIXQFLRQDOSUH]LQWPHVDMXO
&KHFNWUDLOHUKLWFKORFN9HULIL
FDLEORFDUHDFUOLJXOXLUHPRUFLL
SkQFkQGFXSODVIHULFHVWHFXSODW
 6FRDWHLFDSDFXOGHSURWHFLHGLQFXSODVIH
ULFLGHSR]LWDLOvQWUXQORFVLJXU

&XSODUHDXQHLUHPRUFL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 3HULFROGHUQLUH
1XvQFXLDLGHVFXLDLGHVFKLGHLVDXvQFKLGHL
SRUWLHUDXQXLDXWRYHKLFXOVDXKD\RQXOvQWLPS
FHFXSODLVDXGHFXSODLRUHPRUF*DUGDOD
VRODDXWRYHKLFXOXOXLVHSRDWHPRGLILFDLDVW
IHOSXWHLSXQHvQSHULFROYLDDGXPQHDYRDVWU
LDDOWRUSHUVRDQH
1XDSVDLQLFLRGDWEXWRQXO$'6LQXPDQH
YUDLFRQWUROXOJU]LLODVROvQWLPSFHFXSODL
VDXGHFXSODLUHPRUFD

2SULLPRWRUXO
 QFKLGHLSRUWLHUHOHLKD\RQXO
 3R]LLRQDLUHPRUFDODQLYHOvQVSDWHOHDXWR
YHKLFXOXOXL
 &XSODLUHPRUFD
 6WDELOLLFRQH[LXQHDHOHFWULFvQWUHDXWRYH
KLFXOLUHPRUF
 9HULILFDLGDFVLVWHPXOGHLOXPLQDUHDO
UHPRUFLLIXQFLRQHD]


G 'DFDLFXSODWRUHPRUFDXWRYHKLFXOXO
YDUPkQHODQLYHOXOGHDXWRVWUDG
$XWRYHKLFXOXOFRERDUDXWRPDWODQLYHOXO
GHDXWRVWUDGGDFFRQGXFHLFXRYLWH]
PDLPDUHGHNPKFXRUHPRUF$XWR
YHKLFXOXOQXHVWHFRERUkWODXQQLYHOFX
YLWH]ULGLFDWFKLDUGDFFRQGXFHLFX
YLWH]HPDLPDUL
$FHVWOXFUXVHDSOLFLDWXQFLFkQGXWLOL]DL
DFFHVRULLFDUHVXQWFRQHFWDWHODSUL]DFkU
OLJXOXLGHWUDFWDUHDUHPRUFLLGHH[XQ
VXSRUWGHELFLFOHW

$XWRYHKLFXOHFXDUFXULGLQRHO
$VLJXUDLYFWUDQVPLVLDVHDIOvQSR]LLD
3
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 3R]LLRQDLUHPRUFDODQLYHOvQVSDWHOHDXWR
YHKLFXOXOXL
 &XSODLUHPRUFD
 6WDELOLLFRQH[LXQHDHOHFWULFvQWUHDXWRYH
KLFXOLUHPRUF
 9HULILFDLGDFVLVWHPXOGHLOXPLQDUHDO
UHPRUFLLIXQFLRQHD]


$XWRYHKLFXOHFXSDFKHW$,50$7,&
$VLJXUDLYFWUDQVPLVLDVHDIOvQSR]LLD
3
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 3RUQLLPRWRUXO
 6HWDLDXWRYHKLFXOXOSHQLYHOXOGHDXWRV
WUDG3DJLQD
 6HWDLVLVWHPXOGHDPRUWL]DUHDGDSWLY
$'6SH$872VDX&20)3DJLQD


'HFXSODUHDXQHLUHPRUFL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 3HULFROGHUQLUH
1XGHFXSODLUHPRUFDDWXQFLFkQGHVWHDFLR
QDWIUkQDSULQLQHULHQFD]FRQWUDUYSXWHL
SULQGHPkQDvQWUHEDUDGHSURWHFLHLEDUDGH
UHPRUFDUH
 $9(57,60(17
,PHGLDWFHULGLFDLEDUDGHWUDFWDUHDUHPRUFLL
DXWRYHKLFXOXOGHVFUFDWVHULGLFXRU$XWR
YHKLFXOXOFRERDUDSRLODQLYHOXOGHFRQGXFHUH
$VLJXUDLYFQXVHDIOQLPHQLvQDSURSLHUHD
SDVDMXOXLGHURDWVDXDVFXWXOXLSHQWUXFDUR
VHULHQFD]FRQWUDUGXPQHDYRDVWUVDXDOWH
SHUVRDQHSXWHLUPkQHSULQVHvQWUHHOH
PHQWH

7UDFWDUHDXQHLUHPRUFL

$XWRYHKLFXOXOHVWHFRERUkWLPHGLDWFHGHFR
QHFWDLFDEOXOGHUHPRUF$VLJXUDLYFQX
VHDIOQLPHQLvQDSURSLHUHDSDVDMXOXLGHURDW
VDXDVFXWXOXLSHQWUXFDURVHULHQFD]FRQWUDU
GXPQHDYRDVWUVDXDOWHSHUVRDQHSXWHL
UPkQHSULQVHvQWUHHOHPHQWH
,PHGLDWFHGHFXSODLUHPRUFDDXWRYHKLFXOXO
GHVFUFDWVHULGLFXRU$VLJXUDLYFGXP
QHDYRDVWUVDXDOWHSHUVRDQHQXVXIHULLUQL
SHSDUFXUVXOSURFHVXOXL

$VLJXUDLYFDXWRYHKLFXOXOHVWHVWDLR
QDWLDUFDEOXULOHUHPRUFLLVXQWGHFRQHF
WDWH
 $H]DLFDSDFXOGHSURWHFLHSHFXSODVIH
ULF
 'HVFKLGHLKD\RQXO


 1XFXSODLRUHPRUFSUHY]XWFXIUkQ
LQHULDODWXQFLFkQGIUkQDUHVSHFWLYHVWH
DFLRQDWGHRDUHFHSULQGHEORFDUHDIUkQHL
LQHULDOHVHSRDWHSURGXFHGHWHULRUDUHD
DXWRYHKLFXOXOXLGXPQHDYRDVWU
$XWRYHKLFXOHFXDUFXULGLQRHO

7UDJHLEXWRQXOGHHOLEHUDUHCSkQFkQG
FXSODVIHULFVHGHEORFKHD]
&XSODVIHULFVHUDEDWHD]vQMRVGHVXE
EDUDGHSURWHFLHVSDWH/DPSDLQGLFDWRDUH
GHSHEXWRQXOGHHOLEHUDUHFOLSHWH

$SVDLFXSODVIHULFvQGLUHFLDVJHLL
SkQFkQGVHDQJUHQHD]VRQRUvQVSDWHOH
EDUHLGHSURWHFLH
/DPSDLQGLFDWRDUHGHSHEXWRQXOGHHOLEH
UDUHVHVWLQJHLDUPHVDMXOGHSHDILDMXO
PXOWLIXQFLRQDOGLVSDUH

$VLJXUDLYFWUDQVPLVLDVHDIOvQSR]LLD
3
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 $VLJXUDLUHPRUFDFRQWUDSXQHULLVDOHvQ
PLFDUH
 6FRDWHLFDEOXOUHPRUFLLLGHFXSODL
UHPRUFD


$XWRYHKLFXOHFXSDFKHW$,50$7,&
$VLJXUDLYFWUDQVPLVLDVHDIOvQSR]LLD
3
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 3RUQLLPRWRUXO
 QFKLGHLSRUWLHUHOHLKD\RQXO
 $VLJXUDLUHPRUFDFRQWUDSXQHULLVDOHvQ
PLFDUH
 6FRDWHLFDEOXOUHPRUFLLLGHFXSODL
UHPRUFD
 2SULLPRWRUXO


5DEDWDUHDFXSOHLVIHULFH
G 5DEDWDLvQXQWUXFXSODVIHULFGDFQX
XWLOL]DLFkUOLJXOGHWUDFWDUHDUHPRUFLL


&RQGXFHUHDLSDUFDUHD

 $9(57,60(17



7UDFWDUHDXQHLUHPRUFL

&RQGXFHUHDLSDUFDUHD



$OLPHQWDUHDHOHFWULFDFWLYDWSULQFRPXWD
WRUXOGHFRQWDFWHVWHDVLJXUDWSULQSLQXO
DOSUL]HLUHPRUFLL

/DDXWRYHKLFXOHOH$0*LODDXWRYHKL
FXOHOHFXVWLOL]DUHDFDURVHULHL$0*SULQ
GHLFkUOLJHOHDFDSDFXOXLvQGLUHFLD
LQGLFDWGHVJHDWvQGHVFKL]WXULOHC
FRQIRUPHFXDFHVWVFRS

 3XWHLFRQHFWDDFFHVRULLFXRSXWHUH
QRPLQDOGHSkQOD:ODRDOLPHQWDUH
HOHFWULFSHUPDQHQWLFXRSXWHUHQRPL
QDOGHSkQOD:ODDOLPHQWDUHDHOHF
WULFFDUHHVWHSRUQLWSULQFRPXWDWRUXOGH
FRQWDFW
(VWHSRVLELOFDEDWHULDUHPRUFLLVQXILH
vQFUFDWGHODDOLPHQWDUHDHOHFWULF
$OLPHQWDUHDHOHFWULFSHUPDQHQWDUHPRUFLL
HVWHGH]DFWLYDWvQFD]XOXQHLWHQVLXQL
VF]XWHGHDOLPHQWDUHDDXWRYHKLFXOXOXLL
GXSFHOWkU]LXDVHRUH
3XWHLDIODPDLPXOWHLQIRUPDLLGHVSUHLQVWD
ODUHDVLVWHPHORUHOHFWULFHDOHUHPRUFLLGHOD
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 3HQWUXDDFWLYDVDXGH]DFWLYDDOLPHQWD
UHDHOHFWULFURWLLFKHLDvQFRPXWDWRUXOGH
FRQWDFWvQSR]LLDVDXUHVSHFWLY
,QGLFDWRUXOGHGHIHFLXQHDEHFXOXL
SHQWUXOPSLOHFX/('

/DDXWRYHKLFXOHOH$0*LODDXWRYHKL
FXOHOHFXVWLOL]DUHDFDURVHULHL$0*
vPSLQJHLFDSDFXOvQVXVvQGLUHFLDLQGL
FDWGHVJHDWSkQFkQGVHvPELQ
 /DDXWRYHKLFXOHOH$0*LODDXWRYHKL
FXOHOHFXVWLOL]DUHDFDURVHULHL$0*YHUL
ILFDLIL[DUHDFRUHFWDFDSDFXOXL


$OLPHQWDUHHOHFWULFDUHPRUFLL
/DLHLUHDGLQIDEULFSUL]DUHPRUFLLDXWRYH
KLFXOXOXLGXPQHDYRDVWUHVWHSUHY]XWFXR
DOLPHQWDUHHOHFWULFSHUPDQHQWLFXRDOL
PHQWDUHHOHFWULFDFWLYDWSULQFRPXWDWRUXO
GHFRQWDFW
$OLPHQWDUHDHOHFWULFSHUPDQHQWHVWHDVL
JXUDWSULQSLQXODOSUL]HLUHPRUFLL

G 'DFUHPRUFDHVWHSUHY]XWFXOPSLFX
/('HVWHSRVLELOVDSDUXQPHVDMGH
HURDUHvQDILDMXOPXOWLIXQFLRQDOFKLDU
GDFQXH[LVWQLFLRGHIHFLXQH0RWLYXO
DSDULLHLPHVDMXOXLGHHURDUHSRDWHIL
VFGHUHDFXUHQWXOXLVXESUDJXOPLQLPGH
P$
3HQWUXDDVLJXUDRIXQFLRQDUHILDELODLQGL
FDWRUXOXLGHGHIHFLXQHDEHFXOXLILHFDUHODQ
GH/('XULGLQLOXPLQDUHDUHPRUFLLWUHEXLHV
DLEXQFXUHQWPLQLPJDUDQWDWGHP$
5HPRUFFXFRQHFWRUFXSLQL
1RWHJHQHUDOH
'DFUHPRUFDGXPQHDYRDVWUGLVSXQHGHXQ
FRQHFWRUFXSLQLRSXWHLFRQHFWDODPXID
FXSLQLGHSHFXSODVIHULFFXDMXWRUXOXQXL
DGDSWRUVDXGDFVLWXDLDRFHUHFXXQFDEOX

7UDFWDUHDXQHLUHPRUFL



&RQGXFHUHDLSDUFDUHD

DGDSWRU$PEHOHSRWILRELQXWHvQWUXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW

0RQWDUHDDGDSWRUXOXL

'HVFKLGHLFDSDFXOSUL]HL
,QWURGXFHLFRQHFWRUXOFXXUHFKHDCvQ
DQXODGHSHSUL]LURWLLFRQHFWRUXOvQ
VHQVRUDUSkQODRSULWRU
 /VDLFDSDFXOVVHDQJUHQH]H
 'DFXWLOL]DLXQFDEOXDGDSWRUIL[DLFDEOXO
ODUHPRUFFXFROLHUHGHFDEOX



 $VLJXUDLVXILFLHQWOLEHUWDWHGHPLFDUH
FDEOXOXLSHQWUXDQXVHGHVSULQGHODHIHF
WXDUHDYLUDMHORU



7UDFWDUHDXQHLUHPRUFL

&RQGXFHUHDLSDUFDUHD

3UREOHPHFXWUDFWDUHDUHPRUFLL
3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

&XSODVIHULFHOLEHUDW
QXSRDWHILvPELQDW

$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

&XSODVIHULFQXVH
7HQVLXQHDGHODERUGHVWHLQVXILFLHQW
GHEORFKHD]FKLDU
 3RUQLLPRWRUXO
GDF
QFD]XOvQFDUHFXSODVIHULFQXVHGHEORFKHD]
=DXWRYHKLFXOXOHVWH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
RSULW
=QLFLXQFDEOXGH
UHPRUFQXHVWH
FRQHFWDW
=EXWRQXOGHHOLEHUDUH
SHQWUXGHEORFDUHD
FXSOHLVIHULFHDIRVW
WUDVGHPDLPXOWGHR
VHFXQG

,QIRUPDLLXWLOH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
$ILDMHLIXQFLRQDUH
0HQLXULLVXEPHQLXUL
0HVDMHGHSHGLVSOD\
/PSLGHDYHUWL]DUHLLQGLFDWRDUH
GLQSDQRXOGHLQVWUXPHQWH








&DOFXODWRUGHERUGLGLVSOD\XUL



&DOFXODWRUGHERUGLGLVSOD\XUL



$ILDMHLIXQFLRQDUH
,QIRUPDLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
ULWRDUHODVLJXUDQ
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
9HLJVLRLOXVWUDLHDSDQRXOXLGHLQVWUX
PHQWHvQVHFLXQHD3UH]HQWDUHJHQHUDO
3DJLQD

 3HULFROGHDFFLGHQW
8WLOL]DLFRPSXWHUXOGHERUGQXPDLFkQGFRQ
GLLLOHGHGUXPLGHWUDILFRSHUPLWQFD]
FRQWUDUDWHQLDGXPQHDYRDVWUYDILGLVWUDV
LQXYYHLPDLSXWHDFRQFHQWUDvQPRG
FRUHVSXQ]WRUDVXSUDFRQGXFHULLSURYRFkQG
DVWIHOXQDFFLGHQW

 $9(57,60(17
1XVHYRUDILDPHVDMHGDFSDQRXOGHLQVWUX
PHQWHVDXDILDMXOPXOWLIXQFLRQDOVXQW
QHIXQFLRQDOH
'UHSWXUPDUHQXYHLSXWHDVYHGHLLQIRU
PDLLSULYLQGFRQGLLLOHvQFDUHFRQGXFHLFXP
DUILYLWH]DWHPSHUDWXUDH[WHULRDUOPSLOHGH
DYHUWL]DUHLLQGLFDWRDUHPHVDMHOHGHSHGLV
SOD\VDXGHIHFLXQLOHGLQVLVWHP&DUDFWHULVWL
FLOHGHFRQGXFHUHSRWILDIHFWDWH$GDSWDLY
VWLOXOGHFRQGXFHUHLYLWH]DYHKLFXOXOXLvQFRQ
VHFLQ
&RQWDFWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LPHGLDW

 3HULFROGHDFFLGHQW
&RPSXWHUXOGHERUGvQUHJLVWUHD]LDILHD]
QXPDLPHVDMHGHHURDUHLDYHUWLVPHQWHSUR
YHQLWHGHODDQXPLWHVLVWHPH'LQDFHVWPRWLY
WUHEXLHVYDVLJXUDLSHUVRQDOFDXWRYHKL
FXOXOSUH]LQWVLJXUDQvQXWLOL]DUHQFD]FRQ
WUDUHVWHSRVLELOSURGXFHUHDXQXLDFFLGHQW
GDWRULWFRQGXFHULLXQXLDXWRYHKLFXOQHVLJXU
 $9(57,60(17
6LJXUDQDvQIXQFLRQDUHDDXWRYHKLFXOXOXL
GXPQHDYRDVWUSRDWHILGLPLQXDWGDFRSH
UDLLOHGHvQWUHLQHUHVXQWHIHFWXDWHLQFRUHFW
$VWIHOSXWHLSLHUGHFRQWUROXODXWRYHKLFXOXOXL
LSXWHLSURYRFDXQDFFLGHQW0DLPXOWVLV
WHPHOHGHVLJXUDQQXYPDLSRWSURWHMDSH
GXPQHDYRDVWUVDXSHDOLLFRQIRUPVFRSXOXL
SUHY]XW
6ROLFLWDLvQWRWGHDXQDHIHFWXDUHDLQWHUYHQLL
ORUGHVHUYLFHODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW

$ILDMHLIXQFLRQDUH
,QGLFDWRUXOGHWHPSHUDWXUDOLFKLGX
OXLGHUFLUH
,QGLFDWRUXOGHWHPSHUDWXUDOLFKLGXOXLGH
UFLUHVHDIOvQSDQRXOGHLQVWUXPHQWHSH
SDUWHDGUHDSW
,QGLFDLDSRDWHXUFDSkQODvQFRQGLLL
QRUPDOHGHFRQGXFHUHGDFOLFKLGXOGHUFLUH
DIRVWDOLPHQWDWFRUHFW
/DWHPSHUDWXULH[WHULRDUHULGLFDWHLFkQG
FRQGXFHLvQSDQWDVFHQGHQWWHPSHUDWXUD
OLFKLGXOXLGHUFLUHSRDWHDWLQJHFDSWXOVFD
OHL

WXURPHWUXO
%DQGDURLHGLQWXURPHWUXLQGLFLQWHUYDOXOGH
VXSUDWXUDUHDOPRWRUXOXL

 1XFRQGXFHLDXWRYHKLFXOXOFXPRWRUXO
VXSUDWXUDWQFD]FRQWUDUPRWRUXOYDIL
GHWHULRUDW

$OLPHQWDUHDFXFDUEXUDQWHVWHvQWUHUXSW
SHQWUXDSURWHMDPRWRUXOFkQGVHLQWUvQ
EDQGDURLH

$ILDMWHPSHUDWXUH[WHULRDU
$ILDMXOGHWHPSHUDWXUH[WHULRDUVHDIOvQ
DILDMXOPXOWLIXQFLRQDO3DJLQD

 $9(57,=$5(
/DWHPSHUDWXULXRUSHVWHSXQFWXOGHvQJKH
RVHDXDSRDWHILvQJKHDWPDLDOHVvQ]RQHOH
GHSGXUHVDXSHSRGXULQFD]XOXQXLPRGGH
FRQGXFHUHQHDGDSWDWFRQGLLLORUGHGUXP
DXWRYHKLFXOXOSRDWHLQWUDvQGHUDSDM'LQ
DFHDVWFDX]WUHEXLHVYDGDSWDLvQWRW
GHDXQDPRGXOGHFRQGXFHUHLYLWH]DODFRQ
GLLLOHPHWHR

8WLOL]DUHDFDOFXODWRUXOXLGHERUG
3UH]HQWDUHJHQHUDO
&DOFXODWRUXOGHERUGHVWHDFWLYDWLPHGLDWFH
URWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
3XWHLFRQWURODDILDMXOPXOWLIXQFLRQDOL
VHWULOHvQFDOFXODWRUXOGHERUGFXDMXWRUXO
EXWRDQHORUGHSHYRODQXOPXOWLIXQFLRQDO

6FKLPEULOHWHPSHUDWXULLH[WHULRDUHVXQWDIL
DWHGXSRVFXUWvQWkU]LHUH

9LWH]RPHWUXFXVHJPHQWH
6HJPHQWHOHGLQYLWH]RPHWUXLQGLFFHWUHDSWD
GHYLWH]HVWHGLVSRQLELO
&RQWUROXOFURD]LHUHL3DJLQDDFWLYDW
6HJPHQWHOHVHDSULQGGHODYLWH]DPHPRUDW
ODYLWH]DPD[LP
63(('7521,&YDULDELO3DJLQDDFWL
YDW
6HJPHQWHOHVHDSULQGGHODvQFHSXWXOVFDOHL
SkQODOLPLWDGHYLWH]VHOHFWDW
',67521,&3/863DJLQDDFWLYDW
8QXOVDXGRXVHJPHQWHGLQWUHDSWDGHYLWH]
VHWDWVHDSULQG
',67521,&3/86GHWHFWHD]XQDXWRYHKLFXO
vQID
6HJPHQWHOHGLQWUHYLWH]DDXWRYHKLFXOXOXLGLQ
IDLYLWH]DPHPRUDWVHDSULQG

C $ILDMPXOWLIXQFLRQDO
D $FWLYHD]/,1*8$7521,&FRQVXOWDL

LQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH
3DQRXOGHFRPDQGGUHDSWD
3DQRXOGHFRPDQGVWkQJD
%XWRQXOGHUHYHQLUH



&DOFXODWRUGHERUGLGLVSOD\XUL

$ILDMHLIXQFLRQDUH



$ILDMHLIXQFLRQDUH

&DOFXODWRUGHERUGLGLVSOD\XUL

3DQRXOGHFRPDQGVWkQJD
Y
e

=$SHOHD]PHQLXOLEDUDGH

c
d

$SVDLVFXUW

PHQLX

='HUXOHD]OLVWHOH
=6HOHFWHD]XQVXEPHQLXVDXR

=5HJOHD]YROXPXO

=6XUGLQ

%XWRQXOGHUHYHQLUH
A

IXQFLH
=QPHQLXO$XGLRVHOHFWHD]XQ
SRVWPHPRUDWRSLVWDXGLRVDX
XQFOLSYLGHR
=QPHQLXO7HOWHOHSKRQHWHOHIRQ
FRPXWODDJHQGDWHOHIRQLFL
VHOHFWHD]XQQXPHVDXXQ
QXPUGHWHOHIRQ
c
d

=&RQILUPVHOHFLDPHVDMXOGHSH

3DQRXOGHFRPDQGGUHDSWD
=5HVSLQJHVDXvQFKHLHXQDSHO
=6HLHVHGLQDJHQGDWHOHIRQLF

PHPRULDGHUHDSHODUH
j

='H]DFWLYHD]/,1*8$7521,&

FRQVXOWDLLQVWUXFLXQLOHGHXWLOL
]DUHVHSDUDWH
=$VFXQGHPHVDMHOHGHSHGLVSOD\
VDXDSHOHD]XOWLPDIXQFLHGLQ
PHQLXO7ULS3DUFXUVXWLOL
]DW
=6HLHVHGLQDJHQGDWHOHIRQLF
PHPRULDGHUHDSHODUH

=QPHQLXO$XGLRVHOHFWHD]SRV

GLVSOD\
=QPHQLXO7HOWHOHSKRQHWHOHIRQ
FRPXWODDJHQGDWHOHIRQLFL
vQFHSHVDSHOH]HQXPUXOVHOHF
WDW
=QPHQLXO$XGLRRSUHWHIXQFLD
GHFXWDUHDSRVWXULORUODSRVWXO
GRULW

=QDSRL

$SVDLLPHQLQHLDSVDW
WXODQWHULRUXUPWRUVDXVHOHF
WHD]RSLVWDXGLRVDXXQFOLS
YLGHRFXDMXWRUXOGHUXOULLUDSLGH
=QPHQLXO7HOWHOHSKRQHWHOHIRQ
ODQVHD]GHUXODUHDUDSLGSULQ
DJHQGDWHOHIRQLF

=6HHIHFWXHD]VDXVHDFFHSWXQ

DSHO
=6HFRPXWSHPHPRULDGHUHD

SHODUH

$SVDLVFXUW

$SVDLLPHQLQHLDSVDW
=$SHOHD]DILDMXOVWDQGDUGvQ

PHQLXO7ULS3DUFXUV

$ILDMPXOWLIXQFLRQDO
9DORULOHLVHWULOHSUHFXPLPHVDMHOHGHSH
GLVSOD\VXQWLQGLFDWHSHDILDMXOPXOWLIXQFLR
QDO

 %DUDGHPHQLX
3URJUDPGHFRQGXFHUH
3R]LLHWUDQVPLVLH


3HQWUXDDILDEDUDGHPHQLXDSVDL
YVDXEXWRQXOeGHSHYRODQ

3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGDILD
UHDSR]LLHLWUDQVPLVLHLFRQVXOWDL
3DJLQD

$ILDMPXOWLIXQFLRQDOFXH[FHSLDDXWRYHKLFXOHORU
$0*
C 2U
D 7HPSHUDWXUH[WHULRDUVDXYLWH]

3DJLQD
&kPSGHVFULHUH
%DUDGHPHQLX
3URJUDPGHFRQGXFHUH
3R]LLHWUDQVPLVLH

$ILDMPXOWLIXQFLRQDODXWRYHKLFXOH$0*
C 2U
D 7HPSHUDWXUH[WHULRDUVDXYLWH]

3DJLQD
&kPSGHVFULHUH

G 3XWHLVHWDRUDXWLOL]kQG$XGLRVDX
&20$1'2QOLQHFRQVXOWDLLQVWUXFLXQLOH
GHXWLOL]DUHVHSDUDWH
8UPWRDUHOHPHVDMHSRWDSUHDSHDILDMXO
PXOWLIXQFLRQDO
]
$VLVWHQDFWLYODSDUFDUH
3DJLQD

&RQWUROFURD]LHU
3DJLQD
63(('7521,&3DJLQD
/,0
'653DJLQD
'65

3URJUDPRIIURDG
3DJLQD
/2:5$1*( 7UHDSWRIIURDG/2:5$1*(
75($37'(9,7(=,1)(
5,2$53DJLQD

WHUJWRUOXQHW3DJLQD

$VLVWHQSHQWUXID]DOXQJ
DGDSWLY3DJLQD

$6,67(17'(0(1,1(5(
$7(1,(3DJLQD

)XQFLDVWDUWVWRS(&2
3DJLQD

$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL
3DJLQD

$VLVWHQDSHQWUXPHQLQHUHD
EHQ]LLGHPHUV3DJLQD
VDXDVLVWHQDDFWLYSHQWUXPHQ
LQHUHDEHQ]LLGHPHUV
3DJLQD

)XQFLH+2/'3DJLQD

)UkQ35(6$)(3DJLQD
NPK 9LWH]DPD[LPDGPLVGHSLW
QXPDLvQDQXPLWHUL




&DOFXODWRUGHERUGLGLVSOD\XUL

$ILDMHLIXQFLRQDUH

&DOFXODWRUGHERUGLGLVSOD\XUL



0HQLXULLVXEPHQLXUL
0HQLXULLVXEPHQLXUL
3UH]HQWDUHJHQHUDODPHQLXOXL
1XPUXOGHPHQLXULLQGLFDWGHSLQGHGHHFKLSDUHDRSLRQDOGLQDXWRYHKLFXO

)XQFLH
C

0HQLXO7ULS3DUFXUV3DJLQD

0HQLXO1DYL1DYLQVWUXFLXQLGHQDYLJDLH3DJLQD

0HQLXO$XGLR3DJLQD

0HQLXO7HOWHOHIRQ3DJLQD

0HQLXO$VVLVW$VLVWDVLVWHQ3DJLQD

0HQLXO6HUY3DJLQD
=DSHOHD]PHVDMHOHGHSHGLVSOD\3DJLQD
=DYHUWLVPHQWSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXUL3DJLQD
=0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL3DJLQD
=$ILDMLQWHUYDOGHVHUYLFH$66<673/863DJLQD

0HQLXO6HWWLQJV6HWUL3DJLQD

0HQLXO21 2))52$'3DJLQD

0HQLXO$0*ODDXWRYHKLFXOH$0*3DJLQD

0HQLXULOH$XGLR1DYL1DYL7HOGLIHUXRUODDXWRYHKLFXOHOHFX$XGLRLODDXWRYH

KLFXOHOHFX&20$1'2QOLQH([HPSOHOHGDWHvQDFHVW0DQXDOGHXWLOL]DUHVXQWYDODELOHOD
DXWRYHKLFXOHOHGRWDWHFX&20$1'2QOLQH

0HQLXULLVXEPHQLXUL

$ILDMVWDQGDUG

=FRQWDFWXODIRVWGHFXSODWWLPSGHSHVWH

SDWUXRUH
=$XWUHFXWGHRUH
=$XWUHFXWGHNLORPHWUL

&DOFXODWRUXOGHSDUFXUV)URPUHVHW'HOD
UHVHWDUHHVWHUHVHWDWGDFVHGHSHVF
GHRUHVDXGHNLORPHWUL

$SVDLLPHQLQHLDSVDWEXWRQXOA
GHSHYRODQSkQFkQGPHQLXO7ULS3DU
FXUV7ULS3DUFXUVCFXFRQWRUXOGH
UXODMSDULDOLFRQWRUXOGHUXODMWRWDO
HVWHSUH]HQWDWD

&DOFXODWRUXOGHSDUFXUV'HODSRUQLUH
VDX'HODUHVHWDUH
9DORULOHGLQVXEPHQLXO)URPVWDUW'HOD
SRUQLUHVXQWFDOFXODWHGHODvQFHSXWXO
FOWRULHLLDUYDORULOHGLQVXEPHQLXO)URP
UHVHW'HODUHVHWDUHVXQWFDOFXODWH
vQFHSkQGFXXOWLPDUHVHWDUHDVXEPHQLXOXL
3DJLQD
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7ULS3DUFXUV
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWD)URPVWDUW'HODSRUQLUH
VDX)URPUHVHW'HODUHVHWDUH

$ILDUHDLQWHUYDOXOXLLFRQVXPXOXLGH
FDUEXUDQWFXUHQW
$SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7ULS3DUFXUV
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWDFRQVXPXOFXUHQWGHFDUEXUDQWL
DXWRQRPLDDSUR[LPDWLYFXH[FHSLDDXWR
YHKLFXOHORU$0*


C $XWRQRPLHDSUR[LPDWLY
D &RQVXPXOFXUHQWGHFDUEXUDQWQXHVWH

YDODELOSHQWUXDXWRYHKLFXOHOH$0*
$XWRQRPLDDSUR[LPDWLYCHVWHFDOFXODWvQ
IXQFLHGHVWLOXOGHFRQGXFHUHFXUHQWLGH
FDQWLWDWHDGHFDUEXUDQWGLQUH]HUYRU'DF
H[LVWGRDURFDQWLWDWHPLFGHFDUEXUDQW
UPDVvQUH]HUYRUXOGHFDUEXUDQWDILDMXO
SUH]LQWXQDXWRYHKLFXOFDUHHVWHDOLPHQWDW
vQORFGHDXWRQRPLHC

9LWH]RPHWUXGLJLWDO
([HPSOXFDOFXODWRUXOGHSDUFXUV'HODSRUQLUH
C 'LVWDQ
D 2U
9LWH]DPHGLH

$SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7ULS3DUFXUV
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWDYLWH]RPHWUXOGLJLWDO


&RQVXPPHGLXGHFDUEXUDQW

&DOFXODWRUXOGHSDUFXUV)URPVWDUW'HOD
SRUQLUHHVWHUHVHWDWDXWRPDWFkQG


&DOFXODWRUGHERUGLGLVSOD\XUL

0HQLXSDUFXUV



0HQLXULLVXEPHQLXUL



&DOFXODWRUGHERUGLGLVSOD\XUL

*KLGDUHDSHWUDVHXLQDFWLY

C 9LWH]RPHWUXGLJLWDO

5HVHWDUHDYDORULORU

C 6HQVXOGHPHUV
D 6WUDGDFXUHQW

3XWHLUHVHWDYDORULOHXUPWRDUHORUIXQFLL
=&RQWRUGHUXODMSDULDO
=FDOFXODWRUGHSDUFXUV'HODSRUQLUH
=FDOFXODWRUGHSDUFXUV'HODUHVHWDUH

*KLGDUHDSHWUDVHXDFWLYDW
1XVDDQXQDWQLFLRPRGLILFDUHGHGLUHF
LH

$SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7ULS3DUFXUV
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWDIXQFLDSHFDUHGRULLVRUHVHWDL
 $SVDLv


C 'LVWDQDSkQODGHVWLQDLH
D 'LVWDQDSkQODXUPWRDUHDVFKLPEDUHD

GLUHFLHL
6WUDGDFXUHQW
6LPEROSHQWUXXUPDLWUDVHXOGUXPXOXL
([HPSOXUHVHWDUHDFDOFXODWRUXOXLGHSDUFXUV'H
ODSRUQLUH


$SVDLdSHQWUXDVHOHFWD<HV'DL
DSVDLvSHQWUXDFRQILUPD

6FKLPEDUHGHGLUHFLHDQXQDWIUR
UHFRPDQGDUHGHEDQG

0HQLXGHQDYLJDLH
$ILDUHDLQVWUXFLXQLORUGHQDYLJDLH
QPHQLXO1DYLDILDMXOPXOWLIXQFLRQDOSUH
]LQWLQVWUXFLXQLOHGHQDYLJDLH3HQWUXLQIRU
PDLLVXSOLPHQWDUHFRQVXOWDLLQVWUXFLXQLOH
GHXWLOL]DUHVHSDUDWH

C 'UXPXOODFDUHGXFHVFKLPEDUHDGHGLUHF

3RUQLL$XGLRFX%HFNHU0$33,/27VDX
&20$1'2QOLQHFRQVXOWDLLQVWUXFLXQLOH
GHXWLOL]DUHVHSDUDWH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO1DYL

3LFWRJUDPGHVFKLPEDUHDGLUHFLHL

LH
D 'LVWDQDSkQODVFKLPEDUHDGLUHFLHLL

DILDMXOYL]XDODOGLVWDQHL
$WXQFLFkQGVFKLPEDUHDGLUHFLHLDIRVWDQXQ
DWYHLYHGHDDILDMXOYL]XDODOGLVWDQHLD
DOWXULGHVLPEROXOGHVFKLPEDUHDGLUHFLHL
$FHDVWDVHVFXUWHD]GLQSDUWHDLQIH

ULRDUvQSDUWHDVXSHULRDUDDILDMXOXLSH
PVXUFHYDSURSLDLGHSXQFWXOGHVFKLP
EDUHDGLUHFLHLDQXQDW
6FKLPEDUHGHGLUHFLHDQXQDWFXRUHFR
PDQGDUHGHEDQG
5HFRPDQGULOHSULYLQGEDQGDVXQWDILDWH
QXPDLGDFGDWHOHUHOHYDQWHVXQWGLVSRQLELOH
SHKDUWDGLJLWDO

$OLLQGLFDWRULGHVWDUHDLVLVWHPXOXLGH
QDYLJDLH
=TDLDMXQVODGHVWLQDLHVDXODRGHVWLQD

LHLQWHUPHGLDU
=1HZURXWH7UDVHXQRXVDX

&DOFXODWLQJURXWH6HFDOFXOHD]
WUDVHXOVHFDOFXOHD]XQQRXWUDVHX
=2IIPDSQDIDUDKULLVDX2II
URDGQDIDUDGUXPXOXLSR]LLDDXWR
YHKLFXOXOXLVHUHJVHWHvQDIDUD]RQHLKULL
GLJLWDOHSR]LLDvQDIDUDKULL
=1RURXWH)UWUDVHXQXVDSXWXW
FDOFXODQLFLXQWUDVHXSkQODGHVWLQDLD
VHOHFWDW

C 'UXPXOODFDUHGXFHVFKLPEDUHDGHGLUHF

LH
D 'LVWDQDSkQODVFKLPEDUHDGLUHFLHLL

DILDMXOYL]XDODOGLVWDQHL
%DQGDUHFRPDQGDW
3LFWRJUDPGHVFKLPEDUHDGLUHFLHL
3HGUXPXULOHFXPDLPXOWHEHQ]LUHFRPDQ
GDUHDSULYLQGEDQGDSRDWHDSUHDOD
XUPWRUXOVFKLPEGHGLUHFLHQWLPSXO
VFKLPEULLGLUHFLHLVHSRWDILDEHQ]LVXSOL
PHQWDUH

0HQLXDXGLR
6HOHFWDUHDXQXLSRVWGHUDGLR
3XWHLVFKLPEDEDQGDGHIUHFYHQLPHPRUD
SRVWXULQRLQXPDLFXDMXWRUXO$XGLRVDX
&20$1'$36
 3RUQLL$XGLRVDX&20$1'2QOLQHFRQ
VXOWDLLQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH
LVHOHFWDL5DGLR
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO$XGLR

C %DQGQRXvQWLPSXOXQHLVFKLPEULGH

GLUHFLH
D %DQGDFRQWLQXSHSDUFXUVXOVFKLPEULL

GHGLUHFLH

C %DQGGHIUHFYHQ
D 3RVW

 'DFVDPHPRUDWSRVWXOVHYDDILDLSR]LLDGLQPHPRULH



&DOFXODWRUGHERUGLGLVSOD\XUL

0HQLXULLVXEPHQLXUL

0HQLXULLVXEPHQLXUL



3HQWUXDVHOHFWDXQSRVWPHPRUDW
DSVDLVFXUWSHEXWRQXOcVDXd
 3HQWUXDVHOHFWDXQSRVWGLQOLVWDGH
SRVWXULDSVDLLPHQLQHLDSVDWVFXUW
EXWRQXOcVDXd
 3HQWUXDVHOHFWDXQSRVWFXDMXWRUXO
FXWULLSRVWXULORUDSVDLLLQHL
DSVDWVFXUWEXWRQXOcVDXd

&DOFXODWRUGHERUGLGLVSOD\XUL

G 0RGXOUDGLR'$%'LJLWDO$XGLR%URDGFDV
WLQJ'LIX]DUHDXGLRGLJLWDOFRQVXOWDL
LQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH
8WLOL]DUHDSOD\HUXOXLDXGLRVDXDPLMORD
FHORUGHUHGDUHDXGLR
6HSRWUHGDGDWHDXGLRGHODGLYHUVHGLVSR]L
WLYHDXGLRVDXGLVSR]LWLYHPHGLDvQIXQFLHGH
HFKLSDPHQWXOFXFDUHHVWHSUHY]XWDXWRYH
KLFXOXO
 $FWLYDL$XGLRVDX&20$1'2QOLQHL
VHOHFWDLGLVSR]LWLYXODXGLRVDXGLVSR]LWLYXO
PHGLDFRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUH
VHSDUDWH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO$XGLR

'DFDSVDLLPHQLQHLDSVDWEXWRQXO
cVDXdYLWH]DGHGHUXODUHUDSLGHVWH
FUHVFXW1XWRDWHGLVSR]LWLYHOHDXGLRVDX
PHGLDDFFHSWDFHDVWIXQFLH
'DFLQIRUPDLLOHSULYLQGSLHVDVXQWPHPR
UDWHSHGLVSR]LWLYXODXGLRVDXPHGLDDILDMXO
PXOWLIXQFLRQDOYDLQGLFDQXPUXOLGHQXPL
UHDSLHVHL3LHVDFXUHQWQXDSDUHvQPRGXO
DXGLR$8;PRGXODXGLR$X[LOLDUVXUVDDXGLR
H[WHUQFRQHFWDW

8WLOL]DUHDWHOHYL]RUXOXL
3RUQLL&20$1'2QOLQHLVHOHFWDL79
FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUHVHSD
UDWH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO$XGLR


C &DQDOXOFXUHQW

3HQWUXDVHOHFWDXQSRVWPHPRUDW
DSVDLVFXUWSHEXWRQXOcVDXd
 3HQWUXDVHOHFWDXQSRVWGLQOLVWDGH
SRVWXULDSVDLLPHQLQHLDSVDWVFXUW
EXWRQXOcVDXd


([HPSOXDILDMXOPDJD]LHLGH&'XUL
C &'XOFXUHQWvQPDJD]LDGH&'XUL
D 3LHVFXUHQW

3HQWUXDVHOHFWDSLHVDXUPWRDUHDQWH
ULRDUDSVDLVFXUWEXWRQXOc
VDXd
 3HQWUXDVHOHFWDRSLHVGLQOLVWDGH
SLHVHGHUXODUHUDSLGDSVDLLPHQL
QHLDSVDWEXWRQXOcVDXdSkQ
FkQGDLDMXQVODSLHVDGRULW


 1XPDLGDFQXHVWHSULPLWQLFLROLVWGHSRVWXUL

8WLOL]DUHD'9'XULORUYLGHR
3RUQLL&20$1'2QOLQHLVHOHFWDLYLGHR
'9'FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUH
VHSDUDWH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO$XGLR


QXPDLFkQGFRQGLLLOHGHGUXPLWUDILFVXQW
IDYRUDELOHQFD]FRQWUDUH[LVWSHULFROXOGLV
WUDJHULLDWHQLHLGHODFRQGLLLOHGHWUDILFLSUR
GXFHULLXQXLDFFLGHQWFXXUPULDVXSUDGXP
QHDYRDVWULDDOWRUSHUVRDQH

3RUQLLWHOHIRQXOPRELOL$XGLRVDX
&20$1'2QOLQHFRQVXOWDLLQVWUXFLXQLOH
GHXWLOL]DUHVHSDUDWH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7HO


([HPSOXDILDMXOPDJD]LHLGH'9'XUL
C '9'FXUHQWvQPDJD]LDGH'9'XUL
D 6FHQDFXUHQW

3HQWUXDVHOHFWDVFHQDXUPWRDUHVDX
DQWHULRDUDSVDLVFXUWEXWRQXOc
VDXd
 3HQWUXDVHOHFWDRVFHQGLQOLVWDGH
VFHQHGHUXODUHUDSLGDSVDLLPHQ
LQHLDSVDWEXWRQXOcVDXdSkQ
FkQGDLDMXQVODVFHQDGRULW


0HQLXWHOHIRQ
,QWURGXFHUH
)XQFLLOHLDILDMHOHGHSLQGGHHFKLSDUHD
RSLRQDOLQVWDODWvQDXWRYHKLFXOXOGXPQHD
YRDVWU
9SXWHLSODVDWHOHIRQXOPRELOvQFRQVRODGH
WHOHIRQPRELO3DJLQDVDXSXWHLUHD
OL]DRFRQH[LXQH%OXHWRRWKODVLVWHPXODXGLR
VDX&20$1'2QOLQHFRQVXOWDLLQVWUXF
LXQLOHGHXWLOL]DUHVHSDUDWH

G 3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHGHV
SUHWHOHIRDQHOHPRELOHDGHFYDWHLFRQHF
WDUHDWHOHIRDQHORUPRELOHSULQ%OXHWRRWK

9HLYHGHDXQXOGLQWUHXUPWRDUHOHPHVDMHGH
SHGLVSOD\SHDILDMXOPXOWLIXQFLRQDO
=3OHDVHHQWHU3,1,QWURGXFHL3,1
WHOHIRQXOPRELODIRVWSODVDWvQFRQVRODGH
WHOHIRQPRELOL3,1XOQXDIRVWLQWURGXV
 ,QWURGXFHL3,1XOFXDMXWRUXOWHOHIRQXOXL
PRELO/,1*8$7521,&$XGLRVDX
&20$1'2QOLQH
7HOHIRQXOPRELOYDFXWDRUHHD
=7HOHSKRQHUHDG\7HOHIRQSUHJWLW

VDXQXPHOHUHHOHLWHOHIRQXOPRELODJVLW
RUHHDLHVWHJDWDVSULPHDVFVHPQDO
=7HOHSKRQH1R6HUYLFH7HOHIRQIU
VHPQDOQLFLRUHHDQXHVWHGLVSRQLELO
VDXWHOHIRQXOPRELOFDXWRUHHD

$FFHSWDUHDXQXLDSHO
'DFYDSHOHD]FLQHYDDWXQFLFkQGYDIODL
vQPHQLXO7HO7HOXQPHVDMGHSHGLVSOD\
DSDUHSHDILDMXOPXOWLIXQFLRQDOGHH[HPSOX

=ODRULFH&HQWUXGHVHUYLFH0HUFHGHV

%HQ]
=GHSHLQWHUQHWODDGUHVDKWWS

ZZZPHUFHGHVEHQ]FRPFRQQHFW

 3HULFROGHDFFLGHQW
5HVSHFWDLQRUPHOHOHJDOHFXSULYLUHODXWLOL]D
UHDWHOHIRQXOXLPRELOvQDXWRYHKLFXOvQYLJRDUH
vQDUDGXPQHDYRDVWU
QFD]XOvQFDUHXWLOL]DUHDWHOHIRQXOXLPRELOvQ
WLPSXOGHSODVULLDXWRYHKLFXOXOXLHVWHSHUPLV
GHOHJLVODLDORFDODFHVWDWUHEXLHXWLOL]DW

$SVDLEXWRQXOjGHSHYRODQSHQWUXD
DFFHSWDXQDSHOSULPLW

'DFQXYDIODLvQPHQLXO7HO7HOSXWHL

WRWXLVSUHOXDLXQDSHO



&DOFXODWRUGHERUGLGLVSOD\XUL

0HQLXULLVXEPHQLXUL

0HQLXULLVXEPHQLXUL

&DOFXODWRUGHERUGLGLVSOD\XUL



5HVSLQJHUHDVDXvQFKHLHUHDXQHLFRQ
YRUELUL


$SVDLEXWRQXOGHSHYRODQ

'DFQXYDIODLvQPHQLXO7HO7HOSXWHL

WRWXLVUHIX]DLVDXVvQFKHLDLRFRQYRU
ELUH

)RUPDUHDXQXLQXPUGLQDJHQGDWHOH
IRQLF
'DFWHOHIRQXOGXPQHDYRDVWUPRELOSRDWH
SULPLDSHOXULSXWHLFXWDLIRUPDXQQXPU
GLQDJHQGDWHOHIRQLFvQ$XGLRVDX
&20$1'$36
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7HO
 $SVDLEXWRQXOcdVDXvSHQ
WUXDDSHODDJHQGDWHOHIRQLF
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWDQXPHOHGRULW
3HQWUXDvQFHSHVGHUXODLUDSLGDSVDLL
PHQLQHLDSVDWEXWRQXOcVDXd
WLPSGHSHVWHRVHFXQG'XSVFXUWWLPS
GHUXODUHDUDSLGVHDFFHOHUHD]
'HUXODUHDUDSLGVHvQFKHLHFkQGHOLEHUDL
EXWRQXOVDXDMXQJHLODFDSWXOOLVWHL
 'DFHVWHPHPRUDWQXPDLXQQXPUGH
WHOHIRQSHQWUXXQQXPHDSVDLEXWRQXO
jVDXvSHQWUXDvQFHSHVIRUPDL
VDX
 'DFH[LVWPDLPXOWGHXQQXPUSHQ
WUXXQQXPHVSHFLILFDSVDLEXWRQXO
jVDXvSHQWUXDDILDQXPHUHOH
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWDQXPUXOSHFDUHGRULLVvODSHODL
 $SVDLEXWRQXOjVDXvSHQWUXD
vQFHSHVIRUPDL
VDX
 'DFQXGRULLVHIHFWXDLXQDSHO
DSVDLEXWRQXOVDXA

5HDSHODUH
&DOFXODWRUXOGHERUGVDOYHD]XOWLPHOHQXPH
VDXQXPHUHDSHODWHvQPHPRULDGHUHDSHODUH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7HO
 $SVDLEXWRQXOjSHQWUXDFRPXWDSH
PHPRULDGHUHDSHODUH
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWDQXPHOHVDXQXPUXOGRULW
 $SVDLEXWRQXOjVDXvSHQWUXD
vQFHSHVIRUPDL
VDX
 'DFQXGRULLVHIHFWXDLXQDSHO
DSVDLEXWRQXOVDXA

0HQLX$VLVWHQ
,QWURGXFHUH

'LQPHQLXO$VVLVW$VLVWDUHSXWHL

=DILDDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HLL
DFWLYDGH]DFWLYDIXQFLDGHPHVDMHD
DVLVWULLSHQWUXOLPLWDUHDYLWH]HL
=SUH]HQWDDILDMXOGLVWDQHL
=DFWLYDGH]DFWLYDIUkQD35(6$)(
=DFWLYDGH]DFWLYD$6,67(170(1,1(5(
$7(1,(
=DFWLYDGH]DFWLYDDVLVWHQDODXQJKLXOPRUW
VDXDVLVWHQDDFWLYODXQJKLXOPRUW
=DFWLYDGH]DFWLYDDVLVWHQDSHQWUXPHQL
QHUHDEHQ]LLGHPHUVVDXDVLVWHQDDFWLY
SHQWUXPHQLQHUHDEHQ]LLGHPHUV

$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL

3UH]HQWDUHDDILDMXOXLGLVWDQHL

$ILDUHDDVLVWULLSHQWUXOLPLWDUHDYLWH]HL
QIXQFLD6SHHG/LP$VVW$VLVWSW
OLPYLWH]HLROLPLWDGHYLWH]GHWHFWDW
HVWHDILDWvQDQXPLWHFRQGLLL
3DJLQD
 $SVDLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$VVLVW$VLV
WHQ$VVLVWDQFH$VLVWHQ
 $SVDLcVDXdSHQWUXDVHOHFWD
6SHHG/LP$VVW$VLVWSWOLP
YLWH]HL
 $SVDLv
$ILDMXOPXOWLIXQFLRQDOSUH]LQWDVLVWDUHD
SHQWUXOLPLWDUHDYLWH]HL

$FHDVWIXQFLHHVWHGLVSRQLELOGRDUFX',6
7521,&3/86
 $SVDLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$VVLVW$VLV
WHQ$VVLVWDQFH$VLVWHQ
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWD'LVWDQFHGLVSOD\$ILDM
GLVWDQ
 $SVDLv
$ILDMXOGLVWDQHL',67521,&3/86
3DJLQDDSDUHSHDILDMXOPXOWLIXQF
LRQDO

$FWLYDUHDGH]DFWLYDUHDIXQFLHLGHPHVDM
GHDVLVWDUHSHQWUXOLPLWDUHDYLWH]HL
3XWHLVHWDDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HL
3DJLQDVDILH]HROLPLWGHYLWH]
GHWHFWDWDXWRPDWWLPSGHFLQFLVHFXQGH
&HOHODOWHPHVDMHGLQDILDMXOPXOWLIXQFLRQDO
YRUILDWHQXDWHvQDFHVWLQWHUYDO
 $SVDLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$VVLVW$VLV
WHQ$VVLVWDQFH$VLVWHQ
 $SVDLcVDXdSHQWUXDVHOHFWD
6SHHG/LP$VVW$VLVWSWOLP
YLWH]HL
 $SVDLv
$ILDMXOPXOWLIXQFLRQDOSUH]LQWDVLVWDUHD
SHQWUXOLPLWDUHDYLWH]HL
 $SVDLd
6HOHFLDFXUHQWHVWHDILDW
 3HQWUXDDFWLYDVDXGH]DFWLYDDSVDL
v
'DFDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWH
IXQFLRQDOLIXQFLDGHPHVDMHVWHDFWLYDW
DILDMXOPXOWLIXQFLRQDOSUH]LQWVLPEROXO
FkQGFRQWDFWXOHVWHFXSODW

$FWLYDUHDGH]DFWLYDUHDIUkQHL35(
6$)(
)UkQD35(6$)(HVWHGLVSRQLELOQXPDLOD
DXWRYHKLFXOHOHFX',67521,&3/86
 $SVDLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$VVLVW$VLV
WHQ$VVLVWDQFH$VLVWHQ
 $SVDLcVDXdSHQWUXDVHOHFWD
35(6$)(%UDNH)UQD35(6$)(
 $SVDLEXWRQXOv
6HOHFLDFXUHQWHVWHDILDW
 3HQWUXDDFWLYDGH]DFWLYDDSVDLv
GLQQRX
&kQGIUkQD35(6$)(3DJLQDHVWH
DFWLYDWDILDMXOPXOWLIXQFLRQDOSUH]LQWVLP
EROXODWkWDWLPSFkWIXQFLD+2/'QX
HVWHDFWLYDW3DJLQD
$XWRYHKLFXOHFXDVLVWHQDFWLYODSDU
FDUHGDF3$5.7521,&HVWHDFWLYDWLFRQ
GXFHLFXRYLWH]VXENPKVLPEROXO]
SHQWUXDVLVWHQDDFWLYODSDUFDUHHVWHSUH
]HQWDWvQORFXOVLPEROXOXL



&DOFXODWRUGHERUGLGLVSOD\XUL

0HQLXULLVXEPHQLXUL

0HQLXULLVXEPHQLXUL

&DOFXODWRUGHERUGLGLVSOD\XUL



$FWLYDUHDGH]DFWLYDUHD$6,67(178/8,
'(0(1,1(5($7(1,(
$SVDLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$VVLVW$VLV
WHQ$VVLVWDQFH$VLVWHQ
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWD$WWHQWLRQ$VVW$VWPHQ
DWHQLH
 $SVDLv
6HOHFLDFXUHQWHVWHDILDW
 3HQWUXDDFWLYDGH]DFWLYDDSVDLv
GLQQRX


&kQG$6,67(178/3(17580(1,1(5($
$7(1,(,3DJLQDHVWHDFWLYDWVLPEROXO
DSDUHSHDILDMXOPXOWLIXQFLRQDOFkQG
FRQWDFWXOHVWHFXSODW

$FWLYDUHDGH]DFWLYDUHD$VLVWHQHLOD
XQJKLXOPRUW
3XWHLXWLOL]DIXQFLD%OLQG6SRW$VVW
$VLVWODXQJKLPRUWSHQWUXDDFWLYD
VDXGH]DFWLYDDVLVWHQDODXQJKLPRUW
3DJLQDVDXDVLVWHQDDFWLYODXQJKLXO
PRUW3DJLQD
 $SVDLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$VVLVW$VLV
WHQ$VVLVWDQFH$VLVWHQ
 $SVDLcVDXdSHQWUXDVHOHFWD
%OLQG6SRW$VVW$VLVWODXQJKL
PRUW
 $SVDLv
6HOHFLDFXUHQWHVWHDILDW
 3HQWUXDDFWLYDGH]DFWLYDDSVDLv
GLQQRX

$FWLYDUHDGH]DFWLYDUHD$VLVWHQHLSHQ
WUXPHQLQHUHDEHQ]LLGHPHUV
3XWHLXWLOL]DIXQFLD/DQH.HHS$VVW
$VLVWHQDSHQWUXPHQLQHUHDEHQ]LL
GHPHUVSHQWUXDDFWLYDGH]DFWLYD$VLV
WHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUV
3DJLQDVDXDVLVWHQDDFWLYSHQWUX
PHQLQHUHDEHQ]LLGHPHUV3DJLQD

$SVDLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$VVLVW$VLV
WHQ$VVLVWDQFH$VLVWHQ
 $SVDLcVDXdSHQWUXDVHOHFWD
/DQH.HHS$VVW$VLVWHQDSHQWUX
PHQLQHUHDEHQ]LLGHPHUV
 $SVDLv
6HOHFLDFXUHQWHVWHDILDW
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLdVDXcSHQWUXDVHWDSH
2II2SULW6WDQGDUGVDX$GDSWLYH
$GDSWLY
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD


&kQGDVLVWHQDSHQWUXPHQLQHUHDEHQ]LLGH
PHUVVDXDVLVWHQDDFWLYSHQWUXPHQLQHUHD
EHQ]LLGHPHUVHVWHDFWLYDWVLPEROXO
DSDUHSHDILDMXOPXOWLIXQFLRQDOFkQGFRQ
WDFWXOHVWHFXSODW

0HQLX6HUYLFH

QPHQLXO6HUYLFHGLVSXQHLGHXUPWRDUHOH
RSLXQL
=DSHODUHDPHVDMHORUGHSHGLVSOD\
3DJLQD
=UHSRUQLUHDVLVWHPXOXLGHDYHUWL]DUHSULYLQG
SLHUGHUHDSUHVLXQLLvQSQHXUL
3DJLQDVDXYHULILFDUHDHOHFWURQLF
DSUHVLXQLLvQSQHXUL3DJLQD
=DSHODUHDXQHLGDWHVFDGHQWHSHQWUXVHUYLFH
3DJLQD

0HQLXULLVXEPHQLXUL

,QWURGXFHUH

0HQLXO6HWWLQJV6HWULSRDWHILXWLOL]DW

SHQWUX
=VFKLPEDUHDVHWULORUGLQSDQRXOGHLQVWUX
PHQWH
=VFKLPEDUHDVHWULORUGHOXPLQ
=VFKLPEDUHDVHWULORUDXWRYHKLFXOXOXL
=VFKLPEDUHDVHWULORUGHvQFO]LUHDX[LOLDU
=VFKLPEDUHDVHWULORUGHFRQIRUW
=5HYHQLUHDODVHWULOHGLQIDEULF

3DQRXGHLQVWUXPHQWH
6HOHFWDUHDXQLWLLGHPVXUSHQWUXGLV
WDQ
)XQFLD'LVSOD\XQLW6SHHGRGRPHWHU
8QLWDWHGHDILDM9LWH]RPHWUX.LOR
PHWUDMYSHUPLWHVDOHJHLGDFDQX
PLWHGLVSOD\XULDSDUvQNLORPHWULVDXvQPLOH
8QLWDWHDGHPVXUVHOHFWDWSHQWUXGLVWDQ
HVWHYDODELOSHQWUX
=YLWH]RPHWUHGLJLWDOHvQPHQLXO7ULS3DU

FXUV
=FRQWRUGHUXODMWRWDOLFRQWRUGHUXODMSDULDO
=FDOFXODWRUGHSDUFXUV
=FRQVXPFXUHQWLDXWRQRPLH
=LQVWUXFLXQLGHQDYLJDLHGLQPHQLXO1DYL

1DY
=FRQWUROXOFURD]LHUHL
=63(('7521,&

$SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO,QVWFOXVWHU
3DQRXLQVWU
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFLD'LVSOD\XQLW6SHHG
RGRPHWHU8QLWDWHGHDILDM9LWH
]RPHWUXNLORPHWUDM
9HLYHGHDVHWDUHDVHOHFWDWNPVDX
PLOHVPLOH
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD


6HOHFWDUHDIXQFLHLGHDILDMSHUPDQHQW
G $XWRYHKLFXOHSHQWUX5HJDWXO8QLW
DFHDVWIXQFLHHVWHLQGLVSRQLELO
)XQFLD3HUPDQHQWGLVSOD\'LVSOD\
SHUPDQHQWYSHUPLWHVDOHJHLGDFDIL
DMXOPXOWLIXQFLRQDOSUH]LQWvQWRWGHDXQD
WHPSHUDWXUDH[WHULRDUVDXYLWH]DvQPSK
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO,QVWFOXVWHU
3DQRXLQVWU
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLdVDXcSHQWUXDVHOHFWD
IXQFLD3HUPDQHQWGLVSOD\'LVSOD\
SHUPDQHQW
9HLYHGHDVHWDUHDVHOHFWDWRXWVLGH
WHPSHUDWXUHWHPSHUDWXUDH[WH
ULRDUVDX'LJVSHHGRP>PSK@
9LWH]RPHWUXGLJ>PSK@
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD

=',67521,&3/86
=$ILDMLQWHUYDOGHVHUYLFH$66<673/86

&DOFXODWRUGHERUGLGLVSOD\XUL

0HQLX6HWUL





0HQLXULLVXEPHQLXUL

&DOFXODWRUGHERUGLGLVSOD\XUL

/XPLQL
$FWLYDUHDGH]DFWLYDUHDPRGXOXLGHIXQF
LRQDUHSHWLPSGH]LDIDUXULORU
'DFDLDFWLYDWIXQFLD'D\OLJKWV
/XPLQLGH]LLDUFRPXWDWRUXOGHOXPLQL
HVWHvQSR]LLDXPRGXOGHIXQFLRQDUHSH
WLPSGH]LDIDUXULORUHVWHSRUQLWDXWRPDWFkQG
PRWRUXOIXQFLRQHD]QIXQFLHGHFRQGLLLOH
GHOXPLQOXPLQLOHGHSR]LLHODWHUDOHLIDUX
ULOHSHQWUXID]VFXUWVHYRUDSULQGHVXSOL
PHQWDU
 2SULLPRWRUXO
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO/LJKW/XPLQ
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLdVDXcSHQWUXDVHOHFWD
IXQFLD'D\WLPHGULYLQJODPSV0RG
GHIXQFLRQDUHSHWLPSGH]LD
IDUXULORU
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL
YHGHDVHWDUHDVHOHFWDW213251,7VDX
2))235,7
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD
'D\WLPHGULYLQJOLJKWV0RGGH
IXQFLRQDUHSHWLPSGH]LDIDUX
ULORUDIRVWDFWLYDWFRQXOGHOXPLQL
VLPEROXOGLQDILDMXOPXOWLIXQFLRQDO
DSDUvQURX
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD
$FWLYDUHDGH]DFWLYDUHD6LVWHPXOXLGH
OXPLQLLQWHOLJHQWH
&kQGDFWLYDL,QWHOO/LJKW6\VWHP
6LVWHPXOGHOXPLQLLQWHODFWLYDL
XUPWRDUHOHIXQFLL
=0RGDXWRVWUDG
=IXQFLDGHOXPLQDFWLY
=,OXPLQDUHVXSOLPHQWDUvQYLUDMH
=3URLHFWRDUHGHFHDFXUD]H[WLQV

$SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO/LJKW/XPLQ
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLdVDXcSHQWUXDVHOHFWD
IXQFLD,QWHOO/LJKW6\VWHP6LV
WHPGHOXPLQLLQWHO
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL
YHGHDVHWDUHDVHOHFWDW213251,7VDX
2))235,7
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD
,QWHOO/LJKW6\VWHP6LVWHPGH
OXPLQLLQWHODIRVWDFWLYDWFRQXOGH
OXPLQLVLPEROXOXGLQDILDMXOPXOWL
IXQFLRQDODSDUvQURX
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD


&XH[FHSLDDXWRYHKLFXOHORU$0*GDFVHWDL
IDUXULOHSHQWUXID]VFXUWSHQWUXFRQGXFHUHD
SHGUHDSWDVWkQJD3DJLQDDILDMXO
PXOWLIXQFLRQDOSUH]LQWPHVDMXO,QWHOO
/LJKW6\VWHP6\VWHPLQRSHUDWLYH
,QDFWLYHIRUOHIWVLGHWUDIILF6LV
WHPGHOXPLQLLQWHO6LVWHPQHIXQF
LRQDOLQDFWLYSHQWUXWUDILFXOGHSH
SDUWHDVWQJVDXPHVDMXO,QWHOO
/LJKW6\VWHP6\VWHPLQRSHUDWLYH
,QDFWLYHIRUULJKWVLGHWUDIILF
6LVWHPGHOXPLQLLQWHO6LVWHP
QHIXQFLRQDOLQDFWLYSHQWUXWUDIL
FXOGHSHSDUWHDGUHDSWvQORFGHIXQF
LD,QWHOO/LJKW6\VWHP6LVWHP
OXPLQLLQWHOvQVXEPHQLXO/LJKW
/XPLQL
3HQWUXDXWRYHKLFXOHOH$0*GDFVHWDLIDUX
ULOHSHQWUXID]VFXUWSHQWUXFRQGXFHUHDSH
GUHDSWDVWkQJD3DJLQDDILDMXOPXO
WLIXQFLRQDOSUH]LQWPHVDMXO6\VWHPLQRSH
UDWLYH6LVWHPQHIXQFLRQDOVXELPD
JLQHDDXWRYHKLFXOXOXLSHQWUXIXQFLD
,QWHOO/LJKW6\V6LVWOXPLQL
LQWHOvQVXEPHQLXO/LJKW/XPLQL

6HWDUHDIDUXULORUSHQWUXID]VFXUWSHQ
WUXFRQGXFHUHSHVWkQJDGUHDSWD
$FHDVWIXQFLHHVWHGLVSRQLELOQXPDLOD
DXWRYHKLFXOHFXVLVWHPXOGHOXPLQLLQWHOL
JHQWH
3XWHLXWLOL]DDFHDVWIXQFLHSHQWUXDFRPXWD
vQWUHID]DVLPHWULFLID]DVFXUWDVLPHWULF
3DJLQD
'DFVHWDLIDUXULOHSHQWUXID]VFXUWSHQWUX
FRQGXFHUHDSHGUHDSWDVWkQJDDWXQFLPRGXO
GHDXWRVWUDGLSURLHFWRDUHOHGHFHDFX
UD]H[WLQVVXQWLQGLVSRQLELOH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO/LJKW/XPLQ
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLdVDXcSHQWUXDVHOHFWD
IXQFLD'LSSHGEHDPV6HWWLQJIRU
6HWDUHIDUXULID]VFXUWSHQWUX
9HLYHGHDVHWDUHDVHOHFWDW5LJKWVLGH
WUDIILF7UDILFSHGUHDSWDVDX
/HIWVLGHWUDIILF7UDILFSH
VWQJD
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD
&kQGVFKLPEDLVHWDUHDFRQYHUVLDQXDUH
ORFSkQGDWDYLLWRDUHFkQGDXWRYHKLFXOXO
VWDLRQHD]
3XWHLVHWDGHDVHPHQHDIDUXULOHSHQWUXID]
VFXUWSHQWUXFRQGXFHUHDSHGUHDSWDVDX
VWkQJDODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$FWLYDUHDGH]DFWLYDUHD$VLVWHQHLSHQWUX
ID]DOXQJDGDSWLY
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO/LJKW/XPLQ
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFLD$GDSWLYH0DLQEHDP
$VVLVW$VLVWID]OXQJDGDS

WLYIRU$0*YHKLFOHV$GDSWPDLQ
EHDPSHQWUXDXWRYHKLFXOHOH$0*
)D]OXQJDGDSW
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL
YHGHDVHWDUHDVHOHFWDW$FWLYDWHG
DFWLYDWVDX'HDFWLYDWHGGH]DFWL
YDW
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD
$GDSWPDLQEHDP)D]OXQJ
DGDSWDIRVWDFWLYDWFRQXOGHOXPLQL
VLPEROXOGHSHDILDMXOPXOWLIXQFLR
QDOVXQWLQGLFDWHvQURX
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD
6HWDUHDLQWHQVLWLLOXPLQLLDPELHQWDOH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO/LJKW/XPLQ
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFLD$PELHQWOLJKW%ULJKW
QHVV/XPLQR]LWDWHLOXPLQDUH
DPELDQW$PEOLJKW,OXPL
QDUHDPESHQWUXDXWRYHKLFXOH
$0*
9HLYHGHDVHWDUHDVHOHFWDW
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLEXWRQXOdVDXcSHQWUXD
UHJODLQWHQVLWDWHDODRULFHQLYHOGHOD2II
'H]DFWLYDWOD/HYHO1LYHO
OXPLQRV
 $SVDLEXWRQXOvVDXASHQWUXD
VDOYDVHWDUHD
6HWDUHDFXORULLSHQWUXLOXPLQDUHD
DPELDQW
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO/LJKW/XPLQ
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH



&DOFXODWRUGHERUGLGLVSOD\XUL

0HQLXULLVXEPHQLXUL

0HQLXULLVXEPHQLXUL



$SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFLD$PEOLJKWFRO&XO
LOXPLQDUHDPE$PELHQWOLJKW
,OXPLQDUHDPELHQWDOSHQWUXDXWRYH
KLFXOHOH$0*
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLEXWRQXOdVDXcSHQWUXD
VHWDFXORDUHDSH62/$51(875$/VDX
32/$5
 $SVDLEXWRQXOvVDXASHQWUXD
VDOYDVHWDUHD

&DOFXODWRUGHERUGLGLVSOD\XUL

$FWLYDUHDGH]DFWLYDUHDLOXPLQULL
DPELHQWDOHLRSULUHDWHPSRUL]DWDLOX
PLQULLH[WHULRDUH
'DFDLDFWLYDWIXQFLD6XUURXQGOLJK
WLQJ,OXPLQDUHDPELHQWDOLFRPX
WDWRUXOGHOXPLQLHVWHVHWDWSHXVHDFWL
YHD]XUPWRDUHOHIXQFLLFkQGHVWHvQWXQHULF
=,OXPLQDUHDPELHQWDOLOXPLQDUHDH[WH
ULRDUUPkQHDSULQVWLPSGHGH
VHFXQGHGXSGHVFXLHUHDFXFKHLD'DF
SRUQLLPRWRUXOLOXPLQDUHDDPELHQWDOHVWH
GH]DFWLYDWLPRGXOGHIXQFLRQDUHDXWR
PDWDIDUXULORUHVWHDFWLYDW
3DJLQD
=2SULUHWHPSRUL]DWDLOXPLQULLH[WH
ULRDUHLOXPLQDUHDH[WHULRDUUPkQH
DSULQVWLPSGHGHVHFXQGHGXSFH
PRWRUXODIRVWRSULW'DFvQFKLGHLWRDWH
SRUWLHUHOHLOXPLQDUHDH[WHULRDUVHVWLQJH
GXSVHFXQGH
'DFDFWLYDLIXQFLD6XUURXQGOLJKWLQJ
,OXPLQDUHH[WHULRDUVHDSULQG
XUPWRDUHOHvQIXQFLHGHHFKLSDPHQWXODXWR
YHKLFXOXOXL
=OXPLQLGHSR]LLHODWHUDOH
=PRGGHIXQFLRQDUHSHWLPSGH]LDIDUXULORU
=LOXPLQDUHDDPELHQWDOGLQRJOLQ]LOHH[WH
ULRDUH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO/LJKW/XPLQ

$SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLdVDXcSHQWUXDVHOHFWD
IXQFLD6XUURXQGOLJKWLQJ,OXPL
QDUHDPELHQWDO
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL
YHGHDVHWDUHDVHOHFWDW213251,7VDX
2))235,7
3HQWUXDXWRYHKLFXOHOH$0*FkQGIXQFLD
6XUURXQGOLJKWLQJ,OXPLQDUH
DPELHQWDOHVWHDFWLYDWFRQXOGH
OXPLQL]RQDGLQMXUXODXWRYHKLFXOXOXLVXQW
DILDWHvQURXSHDILDMXOPXOWLIXQFLRQDO
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD


'H]DFWLYDUHDWHPSRUDUDRSULULLWHPSRUL]DWH
DLOXPLQULLH[WHULRDUH
QDLQWHGHDSUVLDXWRYHKLFXOXOURWLL
FKHLDvQSR]LLDGLQFRPXWDWRUXOGHFRQ
WDFW
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFWLvQDSRLvQSR]LLD
2SULUHDWHPSRUL]DWDLOXPLQULLH[WHULRDUH
HVWHGH]DFWLYDW


2SULUHDWHPSRUL]DWDLOXPLQULLH[WHULRDUH
HVWHUHDFWLYDWODXUPWRDUHDSRUQLUHDPRWR
UXOXL
$FWLYDUHDGH]DFWLYDUHDRSULULLWHPSRUL
]DWHDLOXPLQULLLQWHULRDUH
'DFDFWLYDLIXQFLD/LJKWLQJGHOD\HG
VZRII2SUWHPSRUL]DWLOXPL
QDUHLOXPLQDUHDLQWHULRDUUPkQHSRUQLW
WLPSGHGHVHFXQGHGXSFHVFRDWHLFKHLD
GLQFRPXWDWRUXOGHFRQWDFW
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO/LJKW/XPLQ
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH

$SVDLdVDXcSHQWUXDVHOHFWD
IXQFLD/LJKWLQJGHOD\HGVZRII
2SUWHPSRUL]DWLOXPLQDUH
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL
YHGHDVHWDUHDVHOHFWDWRQSRUQLWVDX
RIIRSULW
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD
/LJKWGHOD\7HPSOXPLQLHVWHDFWL
YDWLQWHULRUXODXWRYHKLFXOXOXLHVWHDILDW
vQURXSHDILDMXOPXOWLIXQFLRQDO
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD


$XWRYHKLFXOXO
6HWDUHD63(('7521,&SHUPDQHQW
3XWHLVHWD63(('7521,&SHUPD
QHQW3DJLQDFXDMXWRUXOIXQFLHL
6SHHGOLPLWZLQWHUW\UHV/LPL
WDUHYLWH]SQHXULGHLDUQ
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO9HKLFOH$XWRYHKL
FXO
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFLD/LPLWVSHHGZLQWHU
W\UHV/LPLWDUHYLWH]SQHXULGH
LDUQ
9HLYHGHDVHWDUHDFXUHQW
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLdVDXcSHQWUXDUHJOD
63(('7521,&SHUPDQHQWvQLQFUHPHQWH
GHFkWHNPKNPKSkQOD
NPK6HWDUHD2II2SULWRSUHWH
63(('7521,&SHUPDQHQW
 $SVDLEXWRQXOvSHQWUXDPHPRUD
LQWUDUHD
$FWLYDUHDGH]DFWLYDUHDFDUDFWHULVWLFLLGH
vQFXLHUHDXWRPDW
'DFVHOHFWDLIXQFLD$XWRPDWLFGRRU
ORFNVQFXLHUHDXWRPDWSRUWLHUH

$XWRGRRUORFNVIRU$0*YHKLFOHV
QFXLHUHDXWRPDWSRUWLHUHSHQWUX
DXWRYHKLFXOH$0*DXWRYHKLFXOXOYDIL
vQFXLDWFHQWUDOL]DWODRYLWH]GHSHVWHDSUR
[LPDWLYNPK

G 3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQG
FDUDFWHULVWLFDGHvQFXLHUHDXWRPDWFRQ
VXOWDL3DJLQD
$SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO9HKLFOH$XWRYHKL
FXO
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFLD$XWRPDWLFGRRUORFN
QFXLHUHDXWRPDWSRUWLHUH
$XWRGRRUORFNVIRU$0*YHKLFOHV
QFXLHUHDXWRSRUWLHUHSHQWUX
DXWRYHKLFXOH$0*
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL
YHGHDVHWDUHDVHOHFWDW213251,7VDX
2))235,7
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD
$XWRGRRUORFNVQFXLHUHDXWR
SRUWLHUHHVWHDFWLYDWSRUWLHUHOHDXWR
YHKLFXOXOXLYRUILDILDWHvQURXSHDILDMXO
PXOWLIXQFLRQDO
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD


$FWLYDUHDGH]DFWLYDUHDFRQILUPULLDFXV
WLFHDvQFXLHULL
'DFDFWLYDLIXQFLD$FRXVWLF/RFNIHHG
EDFN5VSXQVQFXLHUHDFXVWLF
$FRXVWLF/RFNQFXLHUHDFXVWLF
SHQWUXDXWRYHKLFXOH$0*VHHPLWHXQVHP
QDODFXVWLFFkQGvQFXLDLDXWRYHKLFXOXO
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO9HKLFOH$XWRYHKL
FXO




&DOFXODWRUGHERUGLGLVSOD\XUL

0HQLXULLVXEPHQLXUL

0HQLXULLVXEPHQLXUL



$SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFLD$FRXVWLF/RFNIHHG
EDFN5VSXQVQFXLHUHDFXVWLF
$FRXVWLF/RFNQFXLHUHDFXVWLF
SHQWUXDXWRYHKLFXOHOH$0*
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL
YHGHDVHWDUHDVHOHFWDW213251,7VDX
2))235,7
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD
$FRXVWLF/RFNQFXLHUHDFXVWLF
HVWHDFWLYDW7VLPEROXOGHSHDILDMXO
PXOWLIXQFLRQDOVHDSULQGHvQURX
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD

&DOFXODWRUGHERUGLGLVSOD\XUL

$FWLYDUHDGH]DFWLYDUHDVLVWHPXOXLGH
VHQ]RUUDGDU
G 7UHEXLHVGH]DFWLYDLVLVWHPXOGHVHQ]RUL
UDGDUvQDQXPLWHULLOkQJXQLWLOHUDGLR
WHOHVFRS3HQWUXLQIRUPDLLVXSOLPHQWDUH
FRQVXOWDL3DJLQD
&kQGVXQWHLDSURDSHGHXQLWLUDGLRWHOHV
FRSVLVWHPXOGHVHQ]RULUDGDUYDILGH]DFWLYDW
DXWRPDW
8UPWRDUHOHVLVWHPHVXQWRSULWHFkQGVLVWH
PXOGHVHQ]RULUDGDUHVWHGH]DFWLYDW
=',67521,&3/863DJLQD
=%$63/863DJLQD
=)UkQ35(6$)(3DJLQD
=$VLVWHQODXQJKLXOPRUW3DJLQD
=$VLVWHQDFWLYODXQJKLXO

PRUW3DJLQD
$SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO9HKLFOH$XWRYHKL
FXO
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWD5DGDUVHQVRU6HH2ZQHU
V


0DQ6HQ]RUUDGDU&RQVXOWDL

0DQXWLOL]
9HLYHGHDVHWDUHDVHOHFWDWRQSRU
QLWVDXRIIRSULW
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD

0HQLXGHvQFO]LUH
2UGHSOHFDUHSHQWUXvQFO]LUHDDX[LOLDU
$FHDVWIXQFLHHVWHGLVSRQLELOQXPDLOD
DXWRYHKLFXOHOHFXvQFO]LUHDX[LOLDU
3DJLQD
'LQVXEPHQLXO+HDWLQJQFO]LUH
SXWHLVHOHFWDRRUGHSOHFDUHPHPRUDWVDX
VFKLPEDRRUGHSOHFDUH
)XQFLDWHPSRUL]DWRUXOXLGHvQFO]LUHDX[LOLDU
FDOFXOHD]RUDGHDFWLYDUHvQIXQFLHGHWHP
SHUDWXUDH[WHULRDUDVWIHOvQFkWDXWRYHKLFXOXO
VILHSUHvQFO]LWSkQODRUDGHSOHFDUH&kQG
VDDWLQVRUDGHSOHFDUHvQFO]LUHDDX[LOLDU
FRQWLQXVvQFO]HDVFWLPSGHvQFFLQFL
PLQXWHLDSRLVHGH]DFWLYHD]QFO]LUHD
DX[LOLDUDGRSWVHWDUHDGHWHPSHUDWXU
7+(50$7,&VDX7+(5027521,&
3XWHLGH]DFWLYDvQFO]LUHDDX[LOLDUFXDMXWR
UXOWHOHFRPHQ]LLVDXFXEXWRQXOSHQWUXvQFO]L
UHDDX[LOLDUGHSHFRQVRODFHQWUDO

 $9(57,60(17
6HSURGXFJD]HGHHDSDPHQWFkQGvQFO]LUHD
DX[LOLDUHVWHvQIXQFLXQH,QKDODUHDDFHVWRU
JD]HGHHDSDPHQWYSRDWHILQRFLY3ULQ
XUPDUHDUWUHEXLVGH]DFWLYDLvQFO]LUHD
DX[LOLDUvQVSDLLvQFKLVHIUXQVLVWHPGH
YHQWLODUHSULQDVSLUDLHGHH[vQWUXQJDUDM
 $9(57,60(17
&kQGXWLOL]DLvQFO]LUHDDX[LOLDUDQXPLWHSUL
DOHDXWRYHKLFXOXOXLVHSRWvQFLQJHSXWHUQLF
$VLJXUDLYFVLVWHPXOGHHYDFXDUHQXLQWU
VXEQLFLRIRUPvQFRQWDFWFXPDWHULDOHOHXRU
LQIODPDELOHSUHFXPLDUEDXVFDWVDXFDUEX
UDQLL0DWHULDOHOHVDUSXWHDvQFD]FRQWUDU
DSULQGHLDUIRFXOVDUUVSkQGLODDXWRYHKLFXO

0HQLXULLVXEPHQLXUL

 8WLOL]DUHDvQFO]LULLYHQWLODLHLDX[LOLDUH
FRQVXPEDWHULDDXWRYHKLFXOXOXL'XSFH
DLvQFO]LWVDXYHQWLODWDXWRYHKLFXOXOGH
PD[LPXPGRXRULFRQGXFHLRGLVWDQ
PDLPDUH
G 3RUQLLvQFO]LUHDDX[LOLDUUHJXODWFHO
SXLQRGDWSHOXQWLPSGHDSUR[LPDWLY
]HFHPLQXWH
6HOHFWDUHDRUHLGHSOHFDUHVDXGH]DFWLYD
UHDXQHLRUHGHSOHFDUHVHOHFWDWH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO+HDWLQJ
QFO]LUH
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
9HLYHGHDVHWDUHDVHOHFWDW
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDXQDGLQFHOHWUHLRUHGHSOHFDUHVDX
7LPHURII7HPSRUL]DWRUGH]DFWL
YDWQLFLXQWHPSRUL]DWRUDFWLY
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
&kQGHVWHVHOHFWDWRRUGHSOHFDUHODPSD
LQGLFDWRDUHJDOEHQVHDSULQGHvQEXWRQXO
SHQWUXvQFO]LUHDDX[LOLDU
6FKLPEDUHDRUHLGHSOHFDUH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO+HDWLQJ
QFO]LUH

$SVDLEXWRQXOvSHQWUXFRQILUPDUH
9HLYHGHDVHWDUHDVHOHFWDW
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWD&KDQJH$6FKLPE$%VDX&
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
$FXPSXWHLVFKLPEDRUDGHSOHFDUH
 $SVDLEXWRQXOYVDXeSHQWUXD
VHOHFWDDILDMXOGHPRGLILFDWRUHPLQXWH
 $SVDLEXWRQXOdVDXcSHQWUXD
VHWDDILDMXOVHOHFWDW
 $SVDLEXWRQXOvSHQWUXDPHPRUD
LQWUDUHD
/DPSDLQGLFDWRDUHJDOEHQGHSHEXWRQXO
SHQWUXvQFO]LUHDDX[LOLDUVHDSULQGH


&RQIRUW
$FWLYDUHDGH]DFWLYDUHDFDUDFWHULVWLFLL
($6<(175<(;,7
3XWHLXWLOL]DIXQFLD($6<(175<,175$5(
82$5SHQWUXDDFWLYDVDXGH]DFWLYDFDUDF
WHULVWLFD($6<(175<(;,7,175$5(
,(,5(82$53DJLQD

 $9(57,60(17
9RODQXOVHGHSODVHD]FkQGFDUDFWHULVWLFD
($6<(175<(;,7HVWHDFWLY([LVWSHULFR
OXOFDSDVDJHULLVUPkQSULQLvQWUHHOH
PHQWHQDLQWHGHDDFWLYDFDUDFWHULVWLFD
($6<(175<(;,7DVLJXUDLYFQXSRDWH
UPkQHQLPHQLSULQVvQWUHHOHPHQWH
1XOVDLFRSLLLQHVXSUDYHJKHDLvQDXWRYHKL
FXOFKLDUGDFVXQWIL[DLvQWUXQVLVWHPGH
UHWHQLHSHQWUXFRSLL&RSLLLDUSXWHDGHVFKLGH
SRUWLHUDRIHUXOXLDFWLYkQGvQFRQVHFLQ
QHLQWHQLRQDWFDUDFWHULVWLFD($6<(175<
(;,7LUPkQkQGSULQLvQWUHHOHPHQWH
$SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO&RQYHQLHQFH$VLV
WDUH


&DOFXODWRUGHERUGLGLVSOD\XUL

$OHJHLYSULQXUPDUHXQORFGHSDUFDUHDGHF
YDW
8WLOL]DUHDvQFO]LULLDX[LOLDUHHVWHGLQDFHVW
PRWLYLQWHU]LVvQEHQ]LQULLVDXFkQGDXWRYH
KLFXOXOGXPQHDYRDVWUHVWHDOLPHQWDWFXFDU
EXUDQW3ULQXUPDUHWUHEXLHVGH]DFWLYDL
vQFO]LUHDDX[LOLDUvQEHQ]LQULL



0HQLXULLVXEPHQLXUL



$SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLdVDXcSHQWUXDVHOHFWD
IXQFLD(DV\(QWU\([LW,QWUDUH
,HLUHXRDU
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL
YHGHDVHWDUHDVHOHFWDWRQSRUQLWVDX
RIIRSULW
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD
(DV\(QWU\([LW,QWUDUH,HLUH
XRDUHVWHDFWLYDWYRODQXODXWRYHKLFX
OXOXLHVWHDILDWvQURXSHDILDMXOPXOWL
IXQFLRQDO
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD

&DOFXODWRUGHERUGLGLVSOD\XUL

$FWLYDUHDGH]DFWLYDUHDUHJOULLFHQWXULL
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGUHJOD
UHDFHQWXULLFRQVXOWDL3DJLQD
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO&RQYHQLHQFH$VLV
WDUH
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFLD%HOWDGMXVWPHQW
5HJODUHDFHQWXULL
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL
YHGHDVHWDUHDVHOHFWDW21$&7,9$7VDX
2))'(=$&7,9$7
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD
EHOWDGMXVWPHQWUHJODUHDFHQWX
ULLHVWHDFWLYDWFHQWXUDGHVLJXUDQD
DXWRYHKLFXOXOXLHVWHDILDWvQURXSHDIL
DMXOPXOWLIXQFLRQDO
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD
$FWLYDUHDGH]DFWLYDUHDIXQFLHLGHUDED
WDUHDRJOLQ]LORUODvQFXLHUH
'DFDFWLYDLIXQFLD)ROGPLUURUVLQ
ZKHQORFNLQJ5DEDWDUHQLQWHULRU
DRJOLQ]LORUODQFXLHUH$XWR
IROG,Q5DEDWDUHDXWRQLQWH

ULRUSHQWUXDXWRYHKLFXOH$0*RJOLQ]LOH

H[WHULRDUHVHUDEDWHD]vQLQWHULRUFkQG
vQFXLDLDXWRYHKLFXOXO&kQGGHVFXLDLDXWR
YHKLFXOXOLDSRLGHVFKLGHLSRUWLHUDRIHUXOXL
VDXFHDDSDVDJHUXOXLGLQIDRJOLQ]LOHH[WH
ULRDUHVHH[WLQGGLQQRX
'DFDLDFWLYDWIXQFLDLUDEDWDLRJOLQ]LOH
H[WHULRDUHvQLQWHULRUFXDMXWRUXOEXWRQXOXLGH
SHSRUWLHU3DJLQDDFHVWHDQXVHYRU
H[WLQGHDXWRPDW2JOLQ]LOHH[WHULRDUHSRWIL
DSRLH[WLQVHGRDUFXDMXWRUXOEXWRQXOXLGHSH
SRUWLHU
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO&RQYHQLHQFH$VLV
WDUH
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFLD)ROGLQPLUURUVZKHQ
ORFNLQJ5DEDWDUHRJOLQ]LH[WH
ULRDUHQLQWHULRUODQFXLHUH
$XWRIROGLQ5DEDWDUHDXWRQ
LQWHULRUSHQWUXDXWRYHKLFXOHOH$0*
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL
YHGHDVHWDUHDVHOHFWDWRQDFWLYDWVDX
RIIGH]DFWLYDW
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD
$XWRIROGLQ5DEDWDUHDXWRQ
LQWHULRUHVWHDFWLYDWRJOLQ]LOHH[WH
ULRDUHDOHDXWRYHKLFXOXOXLYRUILDILDWHvQ
URXSHDILDMXOPXOWLIXQFLRQDO
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
UHD

5HVHWDUHDVHWULORUGLQIDEULF
'LQPRWLYHGHVLJXUDQQXWRDWHIXQFLLOH
VXQWUHVHWDWHIXQFLD/LPLW6SHHGZLQ
WHUW\UHV/LPLWYLWH]SQHXUL
LDUQGLQ63(('7521,&SHUPDQHQWSRDWH
ILVHWDWGRDUvQVXEPHQLXO9HKLFOH$XWR
YHKLFXO'DFGRULLVUHVHWDL'D\
OLJKWV/XPLQLGH]LGLQVXEPH

QLXO/LJKW/XPLQWUHEXLHVURWLLFKHLD

vQFRPXWDWRUXOGHFRQWDFWvQSR]LLD
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO)DFWRU\VHWWLQJ
6HWDUHGLQIDEULF
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
0HVDMXO5HVHWDOOVHWWLQJV"5HVH
WDLWRDWHVHWULOH"DSDUH
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWD1R1XVDX<HV'D
 $SVDLEXWRQXOvSHQWUXDFRQILUPD
VHOHFLD
'DFDLVHOHFWDW<HV'DDILDMXOPXOWL
IXQFLRQDOSUH]LQWXQPHVDMGHFRQILUPDUH

0HQLXO21 2))52$'
3HPHQLXO21 2))52$'SXWHLDILDVHWULOH
FXUHQWHDOHSURJUDPXOXLRQURDG
3DJLQDVDXRIIURDG3DJLQD
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO21 2))52$'

C 9LWH]RPHWUXGLJLWDO
D ,QGLFDWRUWUHDSWGHYLWH]H
,QGLFDWRUGHFRPXWDUHODWUHDSWDVXSH

ULRDU
7HPSHUDWXUDXOHLXOXLGHPRWRU
7HPSHUDWXUDOLFKLGXOXLGHUFLUH
,QGLFDWRUGHVWDUHSHQWUXIXQFLDVWDUW

VWRS(&23DJLQD
,QGLFDWRUXOGHVFKLPEDUHvQWUHDSWVXSH
ULRDU83686LQGLFIDSWXOFPRWRUXO
DLQWUDWvQLQWHUYDOXOGHVXSUDWXUDUHFkQGVH
DIOvQSURJUDPXOGHVFKLPEDUHPDQXDOD
YLWH]HORU,QGLFDWRUXOGHVFKLPEDUHvQWUHDSW
VXSHULRDU83686VXSULPSURJUHVLY
DOWHPHVDMHSkQFkQGDLVFKLPEDWvQWUHDSWD
VXSHULRDU
&kQGWHPSHUDWXUDXOHLXOXLGHPRWRUHVWHVXE
LQGLFDWRUXOGHWHPSHUDWXUDXOHLXOXL
HVWHDILDWvQDOEDVWUX(YLWDLFRQGXFHUHDOD
SXWHUHDPRWRUXOXLPD[LPvQDFHVWLQWHUYDO

6(783

0HVDMSHDILDMXOPXOWLIXQFLRQDOH[HPSOX

0HQLX$0*ODDXWRYHKLFXOH$0*

6(783SUH]LQWSURJUDPXOGHFRQGXFHUH
PRGXO(633URJUDPGHVWDELOLWDWHHOHFWUR
QLFLUHJODMXOVXVSHQVLHL
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO$0*
 $SVDLEXWRQXOcvQPRGUHSHWDWSkQ
6(783HVWHDILDW

$ILDMH$0*


$SVDLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$0*



&DOFXODWRUGHERUGLGLVSOD\XUL

0HQLXULLVXEPHQLXUL

0HQLXULLVXEPHQLXUL



&DOFXODWRUGHERUGLGLVSOD\XUL

$ILDUHDWLPSXOXLLQWHUPHGLDU

C 3URJUDPGHFRQGXFHUH&60
D 0RGXO(63213251,72))

235,7
 5HJODMXOVXVSHQVLHL&20)25763257
63257

5$&(7,0(5
$ILDUHDLSRUQLUHD5$&(7,0(5
3XWHLXWLOL]D5$&(7,0(5SHQWUXDVWRFDWLP
SLLSHWXU
 $SVDLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$0*
 $SVDLEXWRQXOcvQPRGUHSHWDWSkQ
FkQGHVWHLQGLFDW5$&(7,0(5

G 'DF5$&(7,0(5HVWHVHOHFWDWEXWRD
QHOHYLeQXSRWILXWLOL]DWHSHQWUX
DDSHODEDUDGHPHQLX

$SVDLEXWRQXOYVDXeSHQWUXD
VHOHFWD,QWHUP7LPH7LPSLQWHUP
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
7LPSXOLQWHUPHGLDUHVWHDILDWWLPSGHFLQFL
VHFXQGH


QFHSHUHDXQXLQRXWXU
 $SVDLvSHQWUXDFRQILUPD1HZ/DS
7XUQRX

C 5$&(7,0(5
D &HOPDLUDSLGWLPSSHWXUFHOPDLEXQWXU
7XU

G 6HSRWPHPRUDPD[LPXPDLVSUH]HFH
WXUXUL$OOHDWXUSRDWHILFRPSOHWDWFX
)LQLVK/DS7HUPLQDUHWXU
C 7XU

2SULUHD5$&(7,0(5
 $SVDLEXWRQXOAGHSHYRODQ

D 5$&(7,0(5

3XWHLSRUQL5$&(7,0(5FkQGPRWRUXOIXQF
LRQHD]VDXGDFFKHLDVHDIOvQSR]LLDvQ
FRPXWDWRUXOGHFRQWDFW


3HQWUXDSRUQLDSVDLEXWRQXOvSHQ
WUXDSRUQL5$&(7,0(5


$SVDLvSHQWUXDFRQILUPD<HV'D

5$&(7,0(5vQWUHUXSHFURQRPHWUDUHDFkQG
RSULLDXWRYHKLFXOXOLURWLLFKHLDvQSR]LLD
GLQFRPXWDWRUXOGHFRQWDFW&kQGURWLLFKHLD

vQSR]LLDVDXLDSRLDSVDLvSHQWUX
DFRQILUPD6WDUWFURQRPHWUDUHDFRQWLQX
5HVHWDUHDWXUXOXLFXUHQW
 2SULL5$&(7,0(5
 $SVDLYVDXeSHQWUXDVHOHFWD
5HVHW/DS5HVHWDUHWXU
 $SVDLvSHQWUXDUHVHWDWLPSXOGHWXU
OD
WHUJHUHDWXWXURUWXUXULORU
'DFRSULLPRWRUXO5$&(7,0(5HVWHUHVHWDW
ODGXSGHVHFXQGH7RDWHWXUXULOHVXQW
WHUVH
1XSXWHLWHUJHWXUXULPHPRUDWHLQGLYLGXDO
'DFDLRSULWGXSWXUXULWXUXOFXUHQWQX
WUHEXLHVILHUHVHWDW
 5HVHWDUHDWXUXOXLFXUHQW
 $SVDLvSHQWUXDFRQILUPD5HVHW
5HVHWDUH
5HVHW5DFH7LPHU"5HVHWDUHFURQR
PHWUXFXUVDSDUHSHDILDMXOPXOWLIXQF
LRQDO

$SVDLEXWRQXOdSHQWUXDVHOHFWD<HV
'DLDSVDLEXWRQXOvSHQWUXDFRQ
ILUPD
7RDWHWXUXULOHVXQWWHUVH

C (YDOXDUHJHQHUDO5$&(7,0(5
D 7LPSWRWDOFRQGXV
9LWH]DPHGLH
'LVWDQDSDUFXUV
9LWH]PD[LP

(YDOXDUHWXU
$FHDVWIXQFLHHVWHGLVSRQLELOQXPDLGDF
DLPHPRUDWFHOSXLQGRXWXUXULLDLRSULW
5$&(7,0(5
$SVDLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$0*
 $SVDLEXWRQXOcvQPRGUHSHWDWSkQ
FkQGHVWHDILDWHYDOXDUHDWXUXOXL
)LHFDUHWXUDSDUHvQWUXQVXEPHQLXVHSDUDW
&HOPDLUDSLGWXUHVWHLQGLFDWSULQVLPEROXO
LQWHUPLWHQWC


C 7XU
D 7LPSSHWXU
9LWH]PHGLHSHWXU

(YDOXDUHJHQHUDO

/XQJLPHWXU

$FHDVWIXQFLHHVWHDILDWGDFDLPHPRUDW
FHOSXLQXQWXULDLRSULW5$&(7,0(5

9LWH]PD[LPvQWLPSXOWXUXOXL

$SVDLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$0*
 $SVDLEXWRQXOcvQPRGUHSHWDWSkQ
FkQGHVWHDILDWHYDOXDUHDJHQHUDO


$SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWDRHYDOXDUHGLIHULWDWXUXOXL



&DOFXODWRUGHERUGLGLVSOD\XUL

0HQLXULLVXEPHQLXUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
1RWHJHQHUDOH
0HVDMHOHGHSHGLVSOD\DSDUSHDILDMXOPXOWLIXQFLRQDO
0HVDMHOHGHSHGLVSOD\FXGLVSOD\XULJUDILFHSRWDSUHDvQIRUPVLPSOLILFDWvQ0DQXDOXOGH
XWLOL]DUHLSRWGLIHULGHPHVDMHOHLQGLFDWHSHDILDMXOPXOWLIXQFLRQDO
5VSXQGHLvQFRQIRUPLWDWHFXPHVDMHOHGHSHGLVSOD\LUHVSHFWDLQRWHOHVXSOLPHQWDUHGLQ
0DQXDOXOGHXWLOL]DUH
$QXPLWHPHVDMHGHSHGLVSOD\VXQWvQVRLWHGHXQVXQHWGHDYHUWL]DUHVDXGHXQVXQHWFRQWLQXX
&kQGRSULLLSDUFDLDXWRYHKLFXOXOUHVSHFWDLQRWHOHSULYLQGIXQFLD+ROG3DJLQDL
SDUFDUH3DJLQD

$VFXQGHUHDPHVDMHORUGHSHGLVSOD\
3XWHLDVFXQGHXQHOHPHVDMHGHSHGLVSOD\FXSULRULWDWHVF]XW
 $SVDLEXWRQXOvVDXAGHSHYRODQSHQWUXDDVFXQGHPHVDMXOGHSHGLVSOD\
0HVDMXOGHSHGLVSOD\HVWHWHUV
0HVDMHOHGHSHGLVSOD\FXSULRULWDWHULGLFDWDSDUvQURX
1XSXWHLDVFXQGHPHVDMHOHGHSHGLVSOD\FXSULRULWDWHPD[LP$ILDMXOPXOWLIXQFLRQDOSUH
]LQWDFHVWHPHVDMHFRQWLQXXSkQFHFDX]DPHVDMHORUDIRVWUHPHGLDW

0HPRULHGHPHVDMH
&DOFXODWRUXOGHERUGVDOYHD]DQXPLWHPHVDMHGHSHGLVSOD\3XWHLDSHODODPHVDMHOHGHSH
GLVSOD\vQPHPRULDGHPHVDMH
$SVDLEXWRQXOYVDXeGHSHYRODQLVHOHFWDLPHQLXO6HUY
'DFH[LVWPHVDMHSHGLVSOD\DILDMXOPXOWLIXQFLRQDOSUH]LQWGHH[HPSOXPHVVDJHV
PHVDMH
 $SVDLEXWRQXOcVDXdSHQWUXDVHOHFWDLQWUDUHDGHH[PHVVDJHV
PHVDMH
 &RQILUPDLFXv
 $SVDLEXWRQXOcVDXdSHQWUXDSDUFXUJHPHVDMHOHGHSHGLVSOD\


&kQGFRQWDFWXOHVWHRSULWWRDWHPHVDMHOHGHSHGLVSOD\VXQWWHUVHFXH[FHSLDXQRUPHVDMH
GHSHGLVSOD\GHvQDOWSULRULWDWH2GDWFHVDXUHPHGLDWFDX]HOHPHVDMHORUGHSHGLVSOD\GH
vQDOWSULRULWDWHPHVDMHOHDIHUHQWHGHSHGLVSOD\VXQWGHDVHPHQHDWHUVH

6LVWHPHOHGHVLJXUDQ
$ILULSHGLVSOD\

%
FXUUHQWO\XQDYDL
ODEOH6HH2ZQHU
V
0DQXDOPRPHQWDQ
LQGLVSRQLELO&RQ
VXOWDL0DQXDOXO
GHXWLOL]DUH

3RVLELOHFDX]HXUPULLPVROXLL

 3HULFROGHDFFLGHQW
$%66LVWHPGHDQWLEORFDUHODIUkQDUH(633URJUDPGHVWDEL
OLWDWHHOHFWURQLF%$6)UkQDUHDVLVWDW35(6$)(IXQFLD
+2/'DVLVWHQDODSRUQLUHDvQSDQWLVWDELOL]DUHDUHPRUFLLFX
(63VXQWWHPSRUDULQGLVSRQLELOH
(VWHSRVLELOFDLOPSLOHGHIUkQDUHDGDSWLY%$63/86LIUkQD
35(6$)(VVHILGHIHFWDW
QSOXVOPSLOHGHDYHUWL]DUHL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWH
(VWHSRVLELOFDIXQFLDGHDXWRGLDJQRVWLFDUHVQXILHILQDOL]DWGH
H[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
 &RQGXFHLFXDWHQLHSHRSRULXQHGHGUXPDGHFYDWDFLRQkQG
GLUHFLDFXPLFULXRDUHFXRYLWH]GHSHVWHNPK
'DFPHVDMXOGHSHGLVSOD\GLVSDUHIXQFLLOHPHQLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFPHVDMXOGHSHGLVSOD\FRQWLQXVILHDILDW



&RQGXFHLFXDWHQLH
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

 3HULFROGHDFFLGHQW
$%6(63%$635(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHD
vQSDQWLVWDELOL]DUHDUHPRUFLLFX(63VXQWWHPSRUDULQGLVSR
QLELOH
(VWHSRVLELOFDLOPSLOHGHIUkQDUHDGDSWLY%$63/86LIUkQD
35(6$)(VVHILGHIHFWDW
QSOXVOPSLOHGHDYHUWL]DUHL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWH
'HH[HPSOXWHQVLXQHDGHODERUGSRDWHILLQVXILFLHQW
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
 &RQGXFHLFXDWHQLH
'DFPHVDMXOGHSHGLVSOD\GLVSDUHIXQFLLOHPHQLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX




&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL
'DFPHVDMXOGHSHGLVSOD\FRQWLQXVILHDILDW



%
LQRSHUDWLYH6HH
2ZQHU
V0DQXDO
QHIXQFLRQDO&RQ
VXOWDL0DQXDOXO
GHXWLOL]DUH

FXUUHQWO\XQDYDL
ODEOH6HH2ZQHU
V
0DQXDOPRPHQWDQ
LQGLVSRQLELO&RQ
VXOWDL0DQXDOXO
GHXWLOL]DUH

&RQGXFHLFXDWHQLH
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

 3HULFROGHDFFLGHQW
$%6(63%$635(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHD
vQSDQWLVWDELOL]DUHDUHPRUFLLFX(63VXQWLQGLVSRQLELOHGLQ
FDX]DXQHLGHIHFLXQL
(VWHSRVLELOFDLOPSLOHGHIUkQDUHDGDSWLY%$63/86LIUkQD
35(6$)(VVHILGHIHFWDW
QSOXVOPSLOHGHDYHUWL]DUHML%VHDSULQG
SHSDQRXOGHLQVWUXPHQWH
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW

 3HULFROGHDFFLGHQW
(63%$635(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHDvQ
SDQWLVWDELOL]DUHDUHPRUFLLFX(63VXQWWHPSRUDULQGLVSRQLELOH
(VWHSRVLELOFDLOPSLOHGHIUkQDUHDGDSWLY%$63/86LIUkQD
35(6$)(VVHILGHIHFWDW
QSOXVOPSLOHGHDYHUWL]DUHLVHDSULQGSHSDQRXOGH
LQVWUXPHQWH
(VWHSRVLELOFDIXQFLDGHDXWRGLDJQRVWLFDUHVQXILHILQDOL]DWGH
H[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRU
 &RQGXFHLFXDWHQLHSHRSRULXQHGHGUXPDGHFYDWDFLRQkQG
GLUHFLDFXPLFULXRDUHFXRYLWH]GHSHVWHNPK
'DFPHVDMXOGHSHGLVSOD\GLVSDUHIXQFLLOHPHQLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFPHVDMXOGHSHGLVSOD\FRQWLQXVILHDILDW



&RQGXFHLFXDWHQLH
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

$ILULSHGLVSOD\

LQRSHUDWLYH6HH
2ZQHU
V0DQXDO
QHIXQFLRQDO&RQ
VXOWDL0DQXDOXO
GHXWLOL]DUH

z%

LQRSHUDWLYH6HH
2ZQHU
V0DQXDO
QHIXQFLRQDO&RQ
VXOWDL0DQXDOXO
GHXWLOL]DUH

3RVLELOHFDX]HXUPULLPVROXLL

 3HULFROGHDFFLGHQW
(63%$635(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHDvQ
SDQWLVWDELOL]DUHDUHPRUFLLFX(63VXQWLQGLVSRQLELOHGLQFDX]D
XQHLGHIHFLXQL
(VWHSRVLELOFDLOPSLOHGHIUkQDUHDGDSWLY%$63/86LIUkQD
35(6$)(VVHILGHIHFWDW
QSOXVOPSLOHGHDYHUWL]DUHLVHDSULQGSHSDQRXOGH
LQVWUXPHQWH
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRU
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

 3HULFROGHDFFLGHQW
(%'GLVWULEXLDHOHFWURQLFDIRUHLGHIUkQDUH$%6(63%$6
35(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHDvQSDQWLVWDEL
OL]DUHDUHPRUFLLFX(63VXQWLQGLVSRQLELOHGLQFDX]DXQHLGHIHF
LXQL
(VWHSRVLELOFDLOPSLOHGHIUkQDUHDGDSWLY%$63/86LIUkQD
35(6$)(VVHILGHIHFWDW
QSOXVOPSLOHGHDYHUWL]DUHL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWHLVHHPLWHXQVXQHWGHDYHUWL]DUH
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW

/DPSDLQGLFDWRDUHURLH$OXPLQHD]LQWHUPLWHQWLVHHPLWH
XQVXQHWGHDYHUWL]DUH1XVDvQGHSOLQLWRFRQGLLHGHHOLEHUDUH
5HOHDVH3DUNEUDNH DXWRPDWDIUkQHLHOHFWULFHGHSDUFDUH3DJLQD
(OLEHUDLIUQD
6DGHWHFWDWFRQGXFHUHDFXIUkQDHOHFWULFGHSDUFDUHDFLRQDW
GHSDUFDUH
 (OLEHUDLPDQXDOIUkQDHOHFWULFGHSDUFDUH
/DPSDLQGLFDWRDUHURLH$OXPLQHD]LQWHUPLWHQWLVHHPLWH
XQVXQHWGHDYHUWL]DUH
6DFRQVWDWDWFUHDOL]DLRRSULUHGHXUJHQFXDMXWRUXOIUkQHL
HOHFWULFHGHSDUFDUH3DJLQD



&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

/DPSDGHDYHUWL]DUHJDOEHQ$VHDSULQGH
)UkQDHOHFWULFGHSDUFDUHHVWHGHIHFW
3HQWUXDDFLRQD

3DUNLQJEUDNH6HH
2ZQHU
V0DQXDO
)UQDGHSDUFDUH
&RQVXOWDLPDQXD
OXOGHXWLOL]DUH

'HFXSODLFRQWDFWXO
$SVDLPkQHUXOIUkQHLHOHFWULFHGHSDUFDUHWLPSGHFHOSXLQ
]HFHVHFXQGH
 'HSODVDLPDQHWDVHOHFWRDUHDWUDQVPLVLHLvQ3
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW



/DPSDGHDYHUWL]DUHJDOEHQ$LODPSDLQGLFDWRDUH
URLH$VXQWDSULQVH
)UkQDHOHFWULFGHSDUFDUHHVWHGHIHFW
3HQWUXDHOLEHUD
'HFXSODLFRQWDFWXOLDSRLFXSODLOGLQQRX
(OLEHUDLPDQXDOIUkQDHOHFWULFGHSDUFDUH
VDX
 (OLEHUDLIUkQDHOHFWULFGHSDUFDUHDXWRPDW3DJLQD



'DFODPSDGHDYHUWL]DUHJDOEHQ$UPkQHDSULQVVDXFRQ
WLQXVFOLSHDVF



1XFRQWLQXDLVFRQGXFHL
&RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL
/DPSDLQGLFDWRDUHURLH$OXPLQHD]LQWHUPLWHQWLODPSDGH
DYHUWL]DUHJDOEHQ$HVWHDSULQV
)UkQDHOHFWULFGHSDUFDUHHVWHGHIHFW
3HQWUXDHOLEHUD



'HFXSODLFRQWDFWXOLDSRLFXSODLOGLQQRX
(OLEHUDLPDQXDOIUkQDHOHFWULFGHSDUFDUH

3HQWUXDDFLRQD



'HFXSODLFRQWDFWXOLDSRLFXSODLOGLQQRX
&XSODLPDQXDOIUkQDHOHFWULFGHSDUFDUH

'DFODPSDLQGLFDWRDUHURLH$FRQWLQXVOXPLQH]HLQWHUPL
WHQW
1XFRQWLQXDLVFRQGXFHL
 $VLJXUDLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLFDUH
3DJLQD
 'HSODVDLPDQHWDVHOHFWRDUHDWUDQVPLVLHLvQ3
 %UDFDLURLOHGLQIDFWUHERUGXU
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


/DPSDGHDYHUWL]DUHJDOEHQ$VHDSULQGH/DPSDLQGLFDWRDUH
URLH$OXPLQHD]LQWHUPLWHQWWLPSGHDSUR[LPDWLY]HFH
VHFXQGHGXSFHIUkQDHOHFWULFGHSDUFDUHDIRVWDFLRQDWVDX
HOLEHUDW$SRLVHVWLQJHVDXUPkQHDSULQV
)UkQDHOHFWULFGHSDUFDUHHVWHGHIHFW
 'HFXSODLFRQWDFWXOLDSRLFXSODLOGLQQRX
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
'DFQXVHSRDWHDFLRQDIUkQDHOHFWULFGHSDUFDUH



'HSODVDLPDQHWDVHOHFWRDUHDWUDQVPLVLHLvQ3
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

'DFQXVHSRDWHHOLEHUDIUkQDHOHFWULFGHSDUFDUH


(OLEHUDLIUkQDHOHFWULFGHSDUFDUHDXWRPDW3DJLQD

'DFIUkQDHOHFWULFGHSDUFDUHQXSRDWHILvQFRQWLQXDUHHOLEHUDW


&RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW



&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL
/DPSDGHDYHUWL]DUHJDOEHQ$VHDSULQGH'DFDFLRQDLVDX
HOLEHUDLPDQXDOIUkQDHOHFWULFGHSDUFDUHODPSDLQGLFDWRDUH
URLH$OXPLQHD]LQWHUPLWHQW
)UkQDHOHFWULFGHSDUFDUHHVWHGHIHFW'DFQXVHSRDWHDFLRQD
PDQXDOIUkQDHOHFWULFGHSDUFDUH
 'HSODVDLPDQHWDVHOHFWRDUHDWUDQVPLVLHLvQ3
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

/DPSDGHDYHUWL]DUHJDOEHQ$VHDSULQGH/DPSDLQGLFDWRDUH
URLH$OXPLQHD]LQWHUPLWHQWWLPSGHDSUR[LPDWLY]HFH
3DUNLQJEUDNHLQR VHFXQGHGXSFHIUkQDHOHFWULFGHSDUFDUHDIRVWDFLRQDWVDX
SHUDWLYH)UQGH HOLEHUDW$SRLVHVWLQJHVDXUPkQHDSULQV
SDUFDUHQHIXQFLR
)UkQDHOHFWULFGHSDUFDUHHVWHGHIHFWGHH[GLQFDX]DVXSUD
QDO
WHQVLXQLLVDXVXEWHQVLXQLL
 (OLPLQDLFDX]DVXSUDWHQVLXQLLVDXVXEWHQVLXQLLGHH[SULQ
vQFUFDUHDEDWHULHLVDXUHSRUQLUHDPRWRUXOXL
 $FLRQDLVDXHOLEHUDLIUkQDHOHFWULFGHSDUFDUH
'DFDFLRQDUHDVDXHOLEHUDUHDIUkQHLHOHFWULFHGHSDUFDUHFRQ
WLQXVQXILHSRVLELOH



'HFXSODLFRQWDFWXOLDSRLFXSODLOGLQQRX
$FLRQDLVDXHOLEHUDLIUkQDHOHFWULFGHSDUFDUH

'DFIUkQDHOHFWULFGHSDUFDUHQXSRDWHILvQFRQWLQXDUHHOLEHUDW


&RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

0HVDMXOGHSHGLVSOD\HVWHDILDWQXPDLFkWDXWRYHKLFXOXOHVWHvQ
PLFDUH/DPSDLQGLFDWRDUHURLH$OXPLQHD]LQWHUPLWHQWL
ODPSDGHDYHUWL]DUHJDOEHQ$HVWHDSULQV
'DFQXVHSRDWHDFLRQDPDQXDOIUkQDHOHFWULFGHSDUFDUH
 'HSODVDLPDQHWDVHOHFWRDUHDWUDQVPLVLHLvQ3
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

/DPSDLQGLFDWRDUHURLH$HVWHDSULQV
$LvQFHUFDWVHOLEHUDLIUkQDHOHFWULFGHSDUFDUHFkWFRQWDFWXO
7XUQRQWKHLJQL
HUDGHFXSODW
WLRQWRUHOHDVH
WKHSDUNLQJEUDNH  &KHLDURWLLFKHLDvQSR]LLDvQFRPXWDWRUXOGHFRQWDFW
&XSODLFRQWDFWXO  .(</(66*2FXSODLFRQWDFWXO
SHQWUXDHOLEHUD
IUQDGHSDUFDUH

$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

 3HULFROGHDFFLGHQW

&KHFNEUDNHIOXLG 5H]HUYRUXOSHQWUXOLFKLGGHIUkQFRQLQHLQVXILFLHQWOLFKLGGH
OHYHO9HULILFDL IUkQQSOXVODPSDGHDYHUWL]DUHURLHMVHDSULQGHSHSDQRXO
QLYHOXOOLFKLGXOXL GHLQVWUXPHQWHLVHHPLWHXQVXQHWGHDYHUWL]DUH
GHIUQ
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF1X
FRQWLQXDLVXEQLFLRIRUPVFRQGXFHL
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 1XFRPSOHWDLFXOLFKLGGHIUkQ$VWIHOQXVHHOLPLQHURDUHD

&
&KHFNEUDNHZHDU
9HULILFDLX]XUD
IUQHL
35(6$)(
LQRSHUDWLYH6HH
2ZQHU
V0DQXDO
QHIXQFLRQDO&RQ
VXOWDL0DQXDOXO
GHXWLOL]DUH

3OFXHOHGHIUkQJDUQLWXULOHGHIUkQDXDWLQVOLPLWDORUGHX]XU
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

 3HULFROGHUQLUH
)XQFLLOHLPSRUWDQWHDOH35(6$)(VDXGHIHFWDW7RDWHFHOHODOWH
VLVWHPHGHVLJXUDQDSDVDJHULORUGHH[DLUEDJXULOHUPkQGLV
SRQLELOH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW



&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

35(6$)(
 3HULFROGHDFFLGHQW
)XQFWLRQVFXU
)UkQD35(6$)(HVWHWHPSRUDUQHIXQFLRQDO&DX]HSRVLELOH
UHQWO\OLPLWHG6HH
=FDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXLHVWHPXUGDU
2ZQHU
V0DQXDO
)XQFLLPRPHQWDQ =IXQFLRQDUHDHVWHGLPLQXDWGHSORDLDVDX]SDGDDEXQGHQW
OLPLWDWH&RQVXO
=VHQ]RULLGLQEDUDGHSURWHFLHVXQWPXUGDUL
WDLPDQXDOXOGH
=VLVWHPXOGHVHQ]RULUDGDUHVWHWHPSRUDUQHIXQFLRQDOGHH[GLQ
XWLOL]DUH
FDX]DUDGLDLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDLLHOHFWURPDJQH
WLFH
=$XWRYHKLFXOH$0*(63HVWHLQDFWLY
=VLVWHPXOQXVHDIOvQLQWHUYDOXOGHWHPSHUDWXUGHIXQFLRQDUH
=7HQVLXQHDGHODERUGHVWHSUHDVF]XW
'DFPHVDMXOGHSHGLVSOD\QXGLVSDUH
7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &XUDLFDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXL
3DJLQD
 &XUDLEDUHOHGHSURWHFLH3DJLQD
 5HSRUQLLPRWRUXO
 $XWRYHKLFXOH$0*UHDFWLYDL(633DJLQD


'DFVLVWHPXOGHWHFWHD]FVHQ]RULLVXQWFRPSOHWIXQFLRQDOL
PHVDMXOGHSHGLVSOD\GLVSDUH
)UkQD35(6$)(HVWHIXQFLRQDOGLQQRX
35(6$)(
 3HULFROGHDFFLGHQW
)XQFWLRQVOLPLWHG )UkQD35(6$)(HVWHGHIHFW%$63/86VDXVHPQDOXOGHDYHU
6HH2ZQHU
V0DQXDO WL]DUHSULYLQGGLVWDQDSRWVVHILGHIHFWDWGHDVHPHQHD
)XQFLLOLPLWDWH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&RQVXOWDLPDQXD
OXOGHXWLOL]DUH

'DFVLPEROXODSDUHSHDILDMXOPXOWLIXQFLRQDOROLPEDXQHL
FHQWXULGHVLJXUDQDIRVWFXSODWvQWURFDWDUDPGHEORFDUHD
XQXLVFDXQVSDWH
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUX
FHQWXULOHVFDXQHORUGLQVSDWH3DJLQD

$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

 3HULFROGHUQLUH
'DFVLPEROXODSDUHSHDILDMXOPXOWLIXQFLRQDOROLPEDXQHL
FHQWXULGHVLJXUDQQXDIRVWFXSODWvQWURFDWDUDPGHEORFDUH
DXQXLVFDXQVSDWH
 'DFHVWHQHFHVDUFHUHLOHSDVDJHULORUGLQVSDWHVLFXSOH]H
FHQWXULOHGHVLJXUDQ
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUX
FHQWXULOHVFDXQHORUGLQVSDWH3DJLQD

 3HULFROGHUQLUH
5HVWUDLQWV\VPDO ([LVWRGHIHFLXQHOD6566LVWHPXO6XSOLPHQWDUGH5HWHQLH'H
DVHPHQHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGH
IXQFWLRQ&RQVXOW
LQVWUXPHQWH
ZRUNVKRS'HIHF
LXQHVLVUHWHQ
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LH&RQVXOWDLDWH
OLHUXOGHVHUYLFH

 3HULFROGHUQLUH
)URQWOHIWPDOIXQF 656VDGHIHFWDWSHIDVWkQJDVDXIDGUHDSWD'HDVHPHQHD
WLRQ&RQVXOWZRUNV VHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGHLQVWUXPHQWH
KRS'HIHFLXQH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
IDVWQJD&RQVXO
WDLDWHOLHUXOGH
VHUYLFHVDX)URQW
ULJKWPDOIXQFWLRQ
&RQVXOWZRUNVKRS
'HIHFLXQHID
GUHDSWD&RQVXOWDL
DWHOLHUXOGHVHU
YLFH



&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

 3HULFROGHUQLUH

5HDUOHIWPDOIXQF 656VDGHIHFWDWSHVSDWHVWkQJDVDXVSDWHGUHDSWD'HDVHPH
WLRQ&RQVXOWZRUNV QHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGHLQVWUX
PHQWH
KRS'HIHFLXQH
VSDWHVWQJD&RQ
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VXOWDLDWHOLHUXO
GHVHUYLFHVDX5HDU
ULJKWPDOIXQFWLRQ
&RQVXOWZRUNVKRS
'HIHFLXQHVSDWH
GUHDSWD&RQVXOWDL
DWHOLHUXOGHVHU
YLFH

u
5HDUFHQWUHPDO
IXQFWLRQ&RQVXOW
ZRUNVKRS'HIHF
LXQHFHQWUXVSDWH
&RQVXOWDLDWHOLH
UXOGHVHUYLFH

 3HULFROGHUQLUH
656VDGHIHFWDWSHFHQWUXVSDWH'HDVHPHQHDVHDSULQGHODPSD
GHDYHUWL]DUHuGLQSDQRXOGHLQVWUXPHQWH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

 3HULFROGHUQLUH
/HIWZLQGRZEDJPDO ([LVWRGHIHFLXQHODDLUEDJXOWLSFRUWLQGHSHSDUWHDVWkQJL
VDXGHSHSDUWHDGUHDSW
IXQFWLRQ&RQVXOW
'HDVHPHQHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGH
ZRUNVKRS'HIHF
LQVWUXPHQWH
LXQHDLUEDJWLS
FRUWLQVWQJD&RQ  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VXOWDLDWHOLHUXO
GHVHU
YLFHVDX5LJKWZLQ
GRZEDJPDOIXQFWLRQ
&RQVXOWZRUNVKRS
'HIHFLXQHDLUEDJ
WLSFRUWLQ
GUHDSWD&RQVXOWDL
DWHOLHUXOGHVHU
YLFH
/XPLQL
G 0HVDMHGHSHGLVSOD\SULYLQG/('XULOH
$FHVWPHVDMGHSHGLVSOD\YDDSUHDQXPDLGDFWRDWH/('XULOHVDXGHIHFWDW

$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

,OXPLQDUHDVXSOLPHQWDUvQYLUDMHVWkQJDVDXGUHDSWDIXQFLRQHD]
GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
3DJLQD
VDX
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

/HIWFRUQHULQJ
OLJKW,OXPLQDUH
QYLUDMHVWQJD
VDX5LJKWFRUQH
ULQJOLJKW,OXPL
QDUHQYLUDMH
GUHDSWD

I
/HIWGLSSHGEHDP
)D]VFXUW
VWQJVDX5LJKW
GLSSHGEHDP)D]
VFXUWGUHDSWD

I
7UDLOHUOHIWWDLO
ODPS/DPSVSDWH
VWQJDUHPRUF
VDX7UDLOHUULJKW
WDLOODPS/DPS
VSDWHGUHDSWD
UHPRUF

I
7UDLOHUOHIWLQGL
FDWRU6HPQDOL]D
WRUVWQJD
UHPRUFVDX7UDL
OHUULJKWLQGLFD
WRU6HPQDOL]DWRU
GUHDSWDUHPRUF

)DUXOSHQWUXID]VFXUWVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHF
WXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
3DJLQD
VDX
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/DPSDVSDWHDUHPRUFLLVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHF
WXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
VDX
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

6HPQDOL]DWRUXOGHGLUHFLHVWkQJDVDXGUHDSWDDOUHPRUFLLIXQFLR
QHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
VDX
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

/DPSDGHIUkQDUHPRUFLLIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
7UDLOHUEUDNHODPS
VDX
/DPSGHIUQ
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
UHPRUF



&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

6HPQDOL]DWRUXOVSDWHVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
3DJLQD
VDX
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

5HDUOHIWLQGLFD
WRU6HPQDOL]DWRU
VSDWHVWQJDVDX
5HDUULJKWLQGLFD
WRU6HPQDOL]DWRU
VSDWHGUHDSWD

6HPQDOL]DWRUXOGHGLUHFLHIDVWkQJDVDXGUHDSWDIXQFLRQHD]
GHIHFWXRV
)URQWOHIWLQGLFD 
9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
WRU6HPQDOL]DWRU
3DJLQD
IDVWQJDVDX
VDX
)URQWULJKWLQGLFD
WRU6HPQDOL]DWRU  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
IDGUHDSWD

6HPQDOL]DWRUXOGHGLUHFLHGLQRJOLQGDH[WHULRDUGHSHSDUWHD
VWkQJVDXGHSHSDUWHDGUHDSWIXQFLRQHD]GHIHFWXRV
/HIWPLUURULQGLFD 
9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
WRU6HPQDOL]DWRU
3DJLQD
QRJOLQGVWQJD
VDX
VDX5LJKWPLUURU
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LQGLFDWRU6HPQD
OL]DWRURJOLQG
GUHDSWD

I
7KLUGEUDNHODPS
DWUHLDODPSGH
IUQ

$WUHLDODPSGHIUkQDUHPRUFLLIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
3DJLQD
VDX
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

/DPSDGHIUkQVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
/HIWKDQGWDLO
3DJLQD
ODPSEUDNHODPS
/DPSVSDWHIUQ VDX
VWQJDVDX5LJKW  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
KDQGWDLOODPS
EUDNHODPS/DPS
VSDWHIUQ
GUHDSWD

$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

)D]DOXQJVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
3DJLQD
VDX
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

/HIWPDLQEHDP
)D]OXQJ
VWQJDVDX5LJKW
PDLQEHDP)D]
OXQJGUHDSWD

/PSLOHSHQWUXSOFXDGHvQPDWULFXODUHVXQWGHIHFWH
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
1XPEHUSODWHODPS
3DJLQD
/DPSSOFXFX
VDX
QXPUXOGHQPDWUL
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
FXODUH

I
5HDUIRJODPS
/DPSGHFHD
VSDWH



&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

/DPSDGHFHDVSDWHIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
3DJLQD
VDX
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

/DPSDGHSR]LLHIDVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
)URQWOHIWSDUNLQJ
3DJLQD
ODPS/DPSGH
VDX
SR]LLHID
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VWQJDRU)URQW
ULJKWSDUNLQJODPS
/DPSGHSR]LLH
IDGUHDSWD

/DPSDGHPHUVvQDSRLIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
5HYHUVLQJOLJKW
3DJLQD
/DPSGHPHUVQD
VDX
SRL
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

/DPSDVSDWHVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHFWXRV
VDX
/HIWWDLOODPSVDX
/DPSDGHJDEDULWVSDWHVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHF
5LJKWWDLOODPS
WXRV
/DPSDVSDWH
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
GUHDSWD
3DJLQD
VDX
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

/DPSDGHFRQGXFHUHSHWLPSGH]LVWkQJDVDXGUHDSWDHVWH
GHIHFW
/HIWGD\WLPHGUL
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
YLQJODPS/DPS
3DJLQD
GHFRQGXFHUHSH
VDX
WLPSGH]LVWQJD
VDX5LJKWGD\WLPH  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GULYLQJODPS
/DPSGHFRQGX
FHUHSHWLPSGH]L
GUHDSWD

I
,QWHOO/LJKW6\V
WHPLQRSHUDWLYH
6LVWHPXOGH
OXPLQLLQWHO
QHIXQFLRQDO

I
0DOIXQFWLRQ6HH
2ZQHU
V0DQXDO
'HIHFLXQH&RQ
VXOWDLPDQXDOXO
GHXWLOL]DUH

6LVWHPXOGHOXPLQLLQWHOLJHQWHHVWHGHIHFW/XPLQLOHUPkQGLVSR
QLELOHIUVLVWHPXOGHOXPLQLLQWHOLJHQWH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

,OXPLQDUHDH[WHULRDUIXQFLRQHD]GHIHFWXRV
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$XWRYHKLFXOHFXFkUOLJGHWUDFWDUHDUHPRUFLLHVWHSRVLELOVVHIL
DUVRVLJXUDQ
 9HULILFDLVLJXUDQHOH3DJLQD
 'DFHVWHQHFHVDUvQORFXLLVLJXUDQDDUV5HVSHFWDLQRWHOH
GHDYHUWLVPHQWDWXQFLFkQGIDFHLDFHVWOXFUX
'DFPHVDMXOGHSHGLVSOD\FRQWLQXVILHDILDW


I
$872OLJKWVLQRSH
UDWLYH/XPLQL
$872QHIXQFLR
QDOH

I
6ZLWFKRIIOLJKWV
2SULLOXPLQLOH

$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

6HQ]RUXOGHOXPLQHVWHGHIHFW
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

/XPLQLOHUPkQDFWLYDWHFkQGSUVLLDXWRYHKLFXOXO6HHPLWHL
XQVXQHWGHDYHUWL]DUH
 5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLDX

$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

$GDSWLYH0DLQEHDP $VLVWHQSHQWUXID]OXQJDGDSWLYIXQFLRQHD]GHIHFWXRV
$VVLVWLQRSHUDWLYH  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$VLVWHQSHQWUX
ID]OXQJDGDS
WLYQHIXQFLR
QDO
$GDSWLYH0DLQEHDP
$VVLVWFXUUHQWO\
XQDYDLODEOH6HH
2ZQHU
V0DQXDO
$VLVWHQSHQWUX
ID]OXQJDGDS
WLYPRPHQWDQ
LQGLVSRQLELO&RQ
VXOWDLPDQXDOXO
GHXWLOL]DUH

$VLVWHQSHQWUXID]OXQJDGDSWLYHVWHGH]DFWLYDWLWHPSRUDU
QHIXQFLRQDO&DX]HSRVLELOH
=SDUEUL]XOHVWHPXUGDUvQFkPSXOGHYL]LXQHDOFDPHUHL
=YL]LELOLWDWHDHVWHDIHFWDWGLQFDX]DSORLL]SH]LLVDXFHLLDEXQ

GHQWH
 &XUDLSDUEUL]XO
'DFVLVWHPXOGHWHFWHD]UHYHQLUHDFDPHUHLODSDUDPHWULGHIXQF
LRQDUHFRPSOHWPHVDMXO$GDSWLYH0DLQEHDP$VVLVWDYDL
ODEOHDJDLQ$VLVWHQSHQWUXID]OXQJDGDSWLY
GLVSRQLELOGLQQRXHVWHDILDW
$VLVWHQSHQWUXID]OXQJDGDSWLYHVWHIXQFLRQDOGLQQRX

0RWRU
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

1LYHOXOOLFKLGXOXLGHUFLUHHVWHSUHDVF]XW
 &RPSOHWDLFXOLFKLGGHUFLUHUHVSHFWkQGWRWRGDWQRWHOHGH
7RSXSFRRODQW6HH
DYHUWL]DUH3DJLQD
2ZQHU
V0DQXDO
 'DFOLFKLGXOGHUFLUHWUHEXLHVILHFRPSOHWDWPDLGHVFDGH
&RPSOHWDLFX
RELFHLVROLFLWDLYHULILFDUHDVLVWHPXOXLGHOLFKLGGHUFLUHDPRWR
OLFKLGGHUFLUH
UXOXLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&RQVXOWDL0DQXD
OXOGHXWLOL]DUH

/LFKLGXOGHUFLUHVDvQFLQV
6HHPLWHLXQVXQHWGHDYHUWL]DUH
&RRODQW6WRSYHKL
FOH6ZLWFKHQJLQH  2SULLDXWRYHKLFXOXOLPHGLDWLQkQGFRQWGHFRQGLLLOHGHGUXP
LWUDILFLRSULLPRWRUXO
RII/LFKLGXOGH

$VLJXUDLYFDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
UFLUH2SULLDXWR
HVWHEORFDWGHH[GHODSRYLvQJKHDW
YHKLFXOXORSULL
 6DXDWHSWDLFDPHVDMXOGHSHGLVSOD\VGLVSDUvQDLQWHGHD
PRWRUXO
UHSRUQLPRWRUXOQFD]FRQWUDUPRWRUXOSRDWHVXIHULGHWHULRUUL
 $FRUGDLDWHQLHDILDMXOXLWHPSHUDWXULLOLFKLGXOXLGHUFLUH
 'DFWHPSHUDWXUDFUHWHGLQQRXDSHODLODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWLPHGLDW




&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

0RWRUXOYHQWLODWRUXOXLHVWHGHIHFW
 'DFWHPSHUDWXUDOLFKLGXOXLGHUFLUHHVWHVXESXWHL
FRQWLQXDVFRQGXFHLSkQODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULPRQWDQWHLvQWUDILFFXRSULULL
SRUQLULIUHFYHQWH

%DWHULDQXHVWHvQFUFDW
6HHPLWHLXQVXQHWGHDYHUWL]DUH
&DX]HSRVLELOH
=DOWHUQDWRUGHIHFW
=FXUHDXDWUDSH]RLGDOUXSW
=RGHIHFLXQHODVLVWHPHOHHOHFWURQLFH

2SULLDXWRYHKLFXOXOLPHGLDWLQkQGFRQWGHFRQGLLLOHGHGUXP
LWUDILFLRSULLPRWRUXO
 'HVFKLGHLFDSRWD
 9HULILFDLGDFHVWHUXSWFXUHDXDWUDSH]RLGDO


'DFHVWHUXSWFXUHDXDWUDSH]RLGDO

 1XFRQWLQXDLVFRQGXFHLQFD]FRQWUDUPRWRUXOVHSRDWH
VXSUDvQFO]L


&RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

'DFHVWHLQWDFWFXUHDXDWUDSH]RLGDO
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

&KHFNHQJRLO
OHYZKHQQH[W
UHIXHOOLQJ9HUL
ILFDLQLYHOXO
XOHLXOXLGHPRWRU
ODXUPWRDUHDDOL
PHQWDUHFXFDUEX
UDQW

1LYHOXOXOHLXOXLGHPRWRUDVF]XWODQLYHOXOPLQLP
6HHPLWHLXQVXQHWGHDYHUWL]DUH
 9HULILFDLQLYHOXOGHXOHLFHOPDLWkU]LXODXUPWRDUHDDOLPHQWDUH
FXFDUEXUDQW3DJLQD
 'DFVLWXDLDRFHUHFRPSOHWDLFXXOHLGHPRWRU
3DJLQD
 6ROLFLWDLYHULILFDUHDPRWRUXOXLODXQDWHOLHUGHVSHFLDOLWDWHDXWR
UL]DWvQFD]XOvQFDUHFRPSOHWULOHFXXOHLGHPRWRUVXQWQHFHVDUH
PDLIUHFYHQWGHFkWGHRELFHL

1LYHOXOGHFDUEXUDQWDVF]XWSkQvQLQWHUYDOXOGHUH]HUY
)XQFLRQDUHDvQFO]LULLDX[LOLDUHHVWHGH]DFWLYDWFkQGQLYHOXOGH
5HVHUYHIXHOOHYHO FDUEXUDQWLQWUvQLQWHUYDOXOGHUH]HUY
1LYHOXOFDUEXUDQ
 $OLPHQWDLODFHDPDLDSURSLDWVWDLHGHDOLPHQWDUH
WXOXLGHUH]HUY

$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

QUH]HUYRUXOGHFDUEXUDQWVHPDLDIOGRDURFDQWLWDWHLQILPGH
FDUEXUDQW
QFO]LUHDDX[LOLDUQXSRDWHILDFLRQDW
 $OLPHQWDLREOLJDWRULXODFHDPDLDSURSLDWVWDLHGHDOLPHQWDUH

$XWRYHKLFXOHFXPRWRUGLHVHOILOWUXOGHDHUDOPRWRUXOXLHVWHPXU
GDULQHFHVLWvQORFXLUH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

5HSODFHDLUFOHD
QHUQORFXLLILO
WUXOGHDHU

$XWRYHKLFXOHFXPRWRUGLHVHOILOWUXOGHFDUEXUDQWFRQLQHDS$SD
WUHEXLHVILHJROLW
&OHDQWKHIXHOILO 
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WHU&XUDLILO
WUXOGHFDUEXUDQW

1LYHOXO$G%OXHDVF]XWVXELQWHUYDOXOGHUH]HUY6HHPLWHLXQ
VXQHWGHDYHUWL]DUH

5HILOO$G%OXH6HH
2ZQHU
V0DQXDO
&RPSOHWDLFX
$G%OXH&RQVXOWDL
0DQXDOXOGHXWLOL
]DUH

6ROLFLWDLFRPSOHWDUHDFX$G%OXHFkWPDLFXUkQGSRVLELOODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VDX
 &RPSOHWDLGXPQHDYRDVWUFX$G%OXHFkWPDLFXUkQGSRVLELO
3DJLQD

1LYHOXO$G%OXHYYDDMXQJHGRDUSHGLVWDQDLQGLFDW6HHPLWH
LXQVXQHWGHDYHUWL]DUH

5HILOO$G%OXH1R
 6ROLFLWDLFRPSOHWDUHDFX$G%OXHFkWPDLFXUkQGSRVLELOODXQ
VWDUWLQNP
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&RPSOHWDLFX
VDX
$G%OXH3RUQLUH
LPSRVLELOQNP  &RPSOHWDLGXPQHDYRDVWUFX$G%OXHLPHGLDW
3DJLQD

5H]HUYRUXO$G%OXHHVWHJRO6HHPLWHLXQVXQHWGHDYHUWL]DUH
1XPDLSXWHLSRUQLPRWRUXO
5HILOO$G%OXH(QJ
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
VWDUWQRWSRVVLEOH
VDX
&RPSOHWDLFX
 &RPSOHWDLGXPQHDYRDVWUFX$G%OXHLPHGLDW
$G%OXH3RUQLUH
3DJLQD
PRWLPSRVLELO



&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

6LVWHPXO$G%OXHHVWHGHIHFW6HHPLWHLXQVXQHWGHDYHUWL]DUH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

&KHFN$G%OXH6HH
2ZQHU
V0DQXDO
9HULILFDL$G%OXH
&RQVXOWDL0DQXD
OXOGHXWLOL]DUH

(QJVWDUWQRWSRV
VLEOHLQNP
3RUQLUHPRWLPSR
VLELOQNP

6LVWHPXO$G%OXHHVWHGHIHFW6HHPLWHLXQVXQHWGHDYHUWL]DUH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW

6LVWHPXO$G%OXHHVWHGHIHFW6HHPLWHLXQVXQHWGHDYHUWL]DUH
1XPDLSXWHLSRUQLPRWRUXO
(QJVWDUWQRWSRV
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
VLEOH3RUQLUH
PRWLPSRVLELO

6LVWHPHGHDVLVWDUHDFRQGXFHULL
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

3HED]DXQRUFULWHULLVSHFLILFH$6,67(178/'(0(1,1(5($7(1
,(DVWDELOLWFRIHUXOHVWHRERVLWVDXFQLYHOXOVXGHDWHQLHD
VF]XW6HHPLWHLXQVXQHWGHDYHUWL]DUH
 'DFVLWXDLDRFHUHIDFHLRSDX]

$WWHQWLRQ$VVLVW
'URZVLQHVVGHWHF
WHG$VLVWHQWPHQ
LQHUHDWHQLH
VRPQROHQGHWHF
WDW

$WWHQWLRQ$VVLVW
LQRSHUDWLYH$VLV
WHQWPHQLQHUH
DWHQLHQHIXQFLR
QDO

QWLPSXOFOWRULLORUOXQJLIDFHLSDX]HUHJXODWHvQWLPSXWLOSHQWUX
DYRGLKQLVXILFLHQW
$6,67(178/'(0(1,1(5($7(1,(VDGHIHFWDW
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

1XSXWHLVFKLPEDQLYHOXODXWRYHKLFXOXOXL&DX]HSRVLELOH

3OHDVHUHGXFH
VSHHG5HGXFHL
YLWH]D

=WUDFWDLRUHPRUF

=FRQGXFHLSUHDUDSLGSHQWUXQLYHOXOVHOHFWDWDODXWRYHKLFXOXOXL
=SUL]DGHFXSODUHDUHPRUFLLHVWHXWLOL]DWGHH[SHQWUXXQVXSRUW

GHELFLFOHW
&RQGXFHLPDLOHQWLDSRLVHOHFWDLQLYHOXOGRULWDODXWRYHKLFX
OXOXLGLQQRX
=$XWRYHKLFXOHFXSDFKHW21 2))52$'3DJLQD
=$XWRYHKLFXOHFXSDFKHW$,50$7,&3DJLQD
 5HVSHFWDLLQVWUXFLXQLOHSULYLQGWUDFWDUHDXQHLUHPRUFL
3DJLQD


&RPSUHVVRULVFRR
OLQJ&RPSUHVRUXO
VHUFHWH

0DOIXQFWLRQ
'HIHFLXQH

$LVHOHFWDWXQQLYHOPDLULGLFDWDODXWRYHKLFXOXOXL&RPSUHVRUXO
WUHEXLHVVHUFHDVFPDLvQWkLGLQFDX]DPRGLILFULORUIUHFYHQWH
GHQLYHO
 &RQGXFHLvQWUXQPRGFRUHVSXQ]WRUSHQWUXQLYHOXOFXUHQWDO
DXWRYHKLFXOXOXL
 $VLJXUDLYFDYHLRJDUGODVROVXILFLHQW
 /VDLFRPSUHVRUXOVVHUFHDVF
&kQGFRPSUHVRUXOVDUFLWGLVSDUHPHVDMXOGHSHGLVSOD\
$XWRYHKLFXOXOFRQWLQXDSRLVVHULGLFHSkQODQLYHOXOVHOHFWDW
$,50$7,&HVWHGHIHFW
 &RQGXFHLvQIXQFLHGHQLYHOXOFXUHQWDODXWRYHKLFXOXOXLvQVQX
GHSLLNPK
 $VLJXUDLYFDYHLRJDUGODVROVXILFLHQW
 6ROLFLWDLYHULILFDUHDDXWRYHKLFXOXOXLODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
6LVWHPXODFWLYGHDVLVWHQvQYLUDMHHVWHGHIHFW(VWHSRVLELOVILH
DIHFWDWHFDUDFWHULVWLFLOHGHPDQHYUDELOLWDWHDOHDXWRYHKLFXOXOXL
 1XGHSLLRYLWH]PD[LPGHNPK
 6ROLFLWDLYHULILFDUHDDXWRYHKLFXOXOXLODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW



&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

0D[VSHHG9LW
PD[NPK

3RVLELOHFDX]HXUPULLPVROXLL

 3HULFROGHDFFLGHQW
6DFRQVWDWDWFGHSLLYLWH]DDGPLVSHQWUXQLYHOXORIIURDG
VHOHFWDW
QSOXVDILDMXOQLYHOXOXLDXWRYHKLFXOXOXLDSDUHvQWUHSLFWRJUDPD
DXWRYHKLFXOXOXLLPHVDMXOGHSHGLVSOD\HPLkQGXVHXQVXQHWGH
DYHUWL]DUH
 $GDSWDLYVWLOXOGHFRQGXFHUHODFDUDFWHULVWLFLOHGHPDQHYUD
ELOLWDWHPRGLILFDWH
 0LFDLGLUHFLDQXPDLvQWUHSWHPLFLLHYLWDLGHSODVDUHDUDSLG
DGLUHFLHL
 1XGHSLLNPKSkQFkQGDXWRYHKLFXOXOQXDDWLQVQLYHOXO
RIIURDG

 3HULFROGHDFFLGHQW
6LVWHPXODFWLYGHDVLVWHQvQYLUDMHHVWHGHIHFW&DUDFWHULVWLFLOH
GHPDQHYUDELOLWDWHDOHDXWRYHKLFXOXOXLVXQWSXWHUQLFUHGXVH
QSOXVDILDMXOQLYHOXOXLDXWRYHKLFXOXOXLDSDUHvQWUHSLFWRJUDPD
DXWRYHKLFXOXOXLLPHVDMXOGHSHGLVSOD\HPLkQGXVHXQVXQHWGH
DYHUWL]DUH
 1XGHSLLRYLWH]PD[LPGHNPK
 $GDSWDLYVWLOXOGHFRQGXFHUHODFDUDFWHULVWLFLOHGHPDQHYUD
ELOLWDWHPRGLILFDWH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW

9HKLFOHULVLQJ
$XWRYHKLFXOXOVH
ULGLFNP
KPD[

PD[NPK

/RZHULQJ&RER
UUHNPKPD[

$XWRYHKLFXOXOHVWHUHJODWODQLYHOXORIIURDG0HVDMXOGHSHGLV
SOD\YLQIRUPHD]SULYLQGYLWH]DPD[LPDGPLVSHQWUXQLYHOXO
RIIURDG
 1XGHSLLRYLWH]PD[LPGHNPK

&RQGXFHLODQLYHOXORIIURDG0HVDMXOGHSHGLVSOD\YLQIRU
PHD]SULYLQGYLWH]DPD[LPDGPLVSHQWUXQLYHOXORIIURDG
 1XGHSLLRYLWH]PD[LPGHNPK
$XWRYHKLFXOXOHVWHFRERUkWGHODQLYHOXORIIURDGODQLYHOXORII
URDG0HVDMXOGHSHGLVSOD\YLQIRUPHD]SULYLQGYLWH]DPD[LP
DGPLVSHQWUXQLYHOXORIIURDG
 1XGHSLLNPKSkQFkQGDXWRYHKLFXOXOQXDDWLQVQLYHOXO
RIIURDG

$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

%ORFDUHDGLIHUHQLDOXOXLIXQFLRQHD]GHIHFWXRV
 1XGHSLLRYLWH]PD[LPGHNPK
 6ROLFLWDLYHULILFDUHDDXWRYHKLFXOXOXLODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW

'LIIHUHQWORFN
V\V0DOIXQFWLRQ
'HIHFLXQHOD
VLVGHQFKLGHUH
GLIHUHQLDO

%ORFDUHDGLIHUHQLDOXOXLHVWHSUHDvQFLQVLDIRVWGHFXSODW
 &RQGXFHLFXDWHQLH
'LIIHUHQWORFNLQJ
V\VFRROLQJGRZQ  /VDLEORFDUHDGLIHUHQLDOXOXLVVHUFHDVF
%ORFDUHDGLIHUHQLDOXOXLVHUHFXSOHD]LPHGLDWFHVDUFLW
3OHDVHZDLW6LVWH
PXOGHEORFDUHD
GLIHUHQLDOXOXLVH
UFHWH$WHSWDL
/2:5$1*(6WRS
$SSO\SDUNLQJ
EUDNH/2:5$1*(
2SULL$FLRQDL
IUQDGHSDUFDUH

$IRVWDQXODWXQSURFHVGHVFKLPEDUHDYLWH]HORU/2:5$1*(VH
DIOvQSR]LLHQHXWU1XH[LVWQLFLROHJWXUvQWUHPRWRULURLOH
PRWULFH
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH1XFRQWLQXDLVXEQLFLR
IRUPVFRQGXFHL
 5HSHWDLSURFHVXOGHVFKLPEDUHDDYLWH]HORU

/2:5$1*(0DOIXQF /2:5$1*(HVWHGHIHFW
WLRQ7RSDUN
 1XGHSLLRYLWH]PD[LPGHNPK
DSSO\SDUNLQJ
 $FLRQDLIUkQDHOHFWULFGHSDUFDUHSHQWUXDSDUFD
EUDNH/2:5$1*(
 6ROLFLWDLYHULILFDUHDDXWRYHKLFXOXOXLODXQDWHOLHUGHVSHFLDOLWDWH
'HIHFLXQH3HQWUX
DXWRUL]DW
DSDUFDDFLRQDL
IUQDGHSDUFDUH
/2:5$1*(0D[
VSHHG9LWPD[
75($379,7,1)
NPK

$LGHSLWYLWH]DPD[LPSHQWUXSURFHVXOGHVFKLPEDUHDYLWH]H
ORU
 &RQGXFHLPDLvQFHW
(VWHHIHFWXDWVFKLPEDUHDWUHSWHLGHYLWH]

/2:5$1*(0D[
VSHHG9LWPD[
75($379,7,1)
NPK

$LGHSLWYLWH]DPD[LPSHQWUXSURFHVXOGHVFKLPEDUHDYLWH]H
ORU
 &RQGXFHLPDLvQFHW
(VWHHIHFWXDWVFKLPEDUHDWUHSWHLGHYLWH]



&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

/2:5$1*(6KLIWWR $LUHGXVYLWH]DDXWRYHKLFXOXOXLvQVWUDQVPLVLDDXWRPDWQXVH
SRVLWLRQ1EULHIO\ DIOvQSR]LLD1
/2:5$1*(&XSODL  &XSODLVFXUWWUDQVPLVLDDXWRPDWvQSR]LLD1
VFXUWQSR]LLD1
/2:5$1*(6KLIWLQJ $IRVWDQXODWSURFHVXOGHVFKLPEDUHDYLWH]HORU
FDQFHOOHG3OHDVH
 5HSHWDLSURFHVXOGHVFKLPEDUHDDYLWH]HORU
UHDFWLYDWH/2:
5$1*(&XSODUHDQX
ODW5HDFWLYDL

LQRSHUDWLYH
QHIXQFLRQDO

'655HJODUHDYLWH]HLODFRERUkUHDvQSDQWHVWHGH]DFWLYDWGLQ

FDX]DXQHLGHIHFLXQL
 6ROLFLWDLYHULILFDUHD'65ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

6SHHG/LPLW$VVLVW $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGH]DFWLYDWLWHPSRUDU
QHIXQFLRQDO&DX]HSRVLELOH
$VLVWDUHSHQWUX
OLPLWDUHDYLWH]HL =SDUEUL]XOHVWHPXUGDUvQFkPSXOGHYL]LXQHDOFDPHUHL
FXUUHQWO\XQDYDL
=YL]LELOLWDWHDHVWHDIHFWDWGLQFDX]DSORLL]SH]LLVDXFHLLDEXQ
ODEOH6HH2ZQHU
V
GHQWH
0DQXDOPRPHQWDQ
'DFPHVDMXOGHSHGLVSOD\QXGLVSDUH
LQGLVSRQLELO&RQ
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
VXOWDL0DQXDOXO
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
GHXWLOL]DUH
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &XUDLSDUEUL]XO
'DFVLVWHPXOGHWHFWHD]FHVWHFRPSOHWIXQFLRQDOFDPHUD
PHVDMXOGHSHGLVSOD\GLVSDUH
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHIXQFLRQDOGLQQRX
6SHHG/LPLW
$VVLVW$VLVWDUH
SHQWUXOLPLWDUHD
YLWH]HL
8QDYDLODEOHLQ
WKLVFRXQWU\
,QGLVSRQLELOQ
DFHDVWDU

$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLVSRQLELOQXPDLvQDQX
PLWHUL
 &RQWLQXDLVFRQGXFHL
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLVSRQLELOGLQQRXFkQG
FRQGXFHLvQWURDUvQFDUHXWLOL]DUHDVDHVWHDSUREDW

6SHHG/LPLW$VVLVW $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLIXQFLRQHD]GHIHFWXRV
$VLVWDUHSHQWUX
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OLPLWDUHDYLWH]HL
LQRSHUDWLYH
QHIXQFLRQDO

$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

)XQFLD+2/'HVWHGH]DFWLYDW$XWRYHKLFXOXOGHUDSHD]
6HHPLWHLXQVXQHWGHDYHUWL]DUH
 5HDFWLYDLIXQFLD+2/'PDLWkU]LX3DJLQD

2II2SULW
5DGDUVHQVRUGHDF
WLYDWHGDXWRP6HH
2ZQHU
V0DQXDO
6HQ]RUXOUDGDU
GH]DFWLYDWDXWRP
&RQVXOWDL0DQXD
OXOGHXWLOL]DUH

$XWRYHKLFXOHFXXQVLVWHPGHQDYLJDLHDXWRYHKLFXOXOHVWH
DSURDSHGHRXQLWDWHUDGLRWHOHVFRSQHILLQGXLDVWIHOSHUPLVWUDQV
PLWHUHDVHPQDOHORUUDGDU6LVWHPXOGHVHQ]RUUDGDUVDGH]DFWLYDW
DXWRPDW3DJLQD
',67521,&3/863DJLQDHVWHGH]DFWLYDWDXWRPDWGDF
HVWHDFWLYDW6HHPLWHLXQVXQHWGHDYHUWL]DUH
$VLVWHQDODXQJKLXOPRUW3DJLQDVDX$VLVWHQDDFWLYOD
XQJKLXOPRUW3DJLQDHVWHGH]DFWLYDWDXWRPDWGDFHVWH
DFWLYDW/PSLOHLQGLFDWRDUHcJDOEHQHVHDSULQGGHDVHPH
QHDvQRJOLQ]LOHH[WHULRDUH
%$63/866LVWHPGHDVLVWDUHODIUkQDUH3/863DJLQDL
IUkQD35(6$)(3DJLQDVXQWDSRLGHDVHPHQHDLQGLVSR
QLELOH
 &RQWLQXDLVFRQGXFHL
2GDWFHYDLvQGHSUWDWVXILFLHQWGHUDGLRWHOHVFRSIXQFLLOHGH
PDLVXVVXQWGLVSRQLELOHGLQQRX
$XWRYHKLFXOHFX%HFNHU0$33,/27GDF%HFNHU0$33,/27
QXHVWHFRQHFWDWVLVWHPXOGHVHQ]RULUDGDUHVWHGH]DFWLYDWDXWR
PDW
%$63/86',67521,&3/86DVLVWHQDODXQJKLXOPRUWVDXDVLV
WHQDDFWLYODXQJKLXOPRUWLIUkQD35(6$)(VXQWLQGLVSRQLELOH


5DGDUVHQVRU6HQ
]RUUDGDU
GHDFWLYDWHG6HH
2ZQHU
V0DQXDO
GH]DFWLYDW&RQ
VXOWDL0DQXDOXO
GHXWLOL]DUH

&RQHFWDL%HFNHU0$33,/27FRQVXOWDLLQVWUXFLXQLOHGHXWL
OL]DUHVHSDUDWH

6LVWHPXOGHVHQ]RUUDGDUHVWHGH]DFWLYDW
 9HULILFDLGDFVLVWHPXOGHVHQ]RULUDGDUSRDWHVDXQXVILH
DFWLYDW3DJLQD
 $FWLYDLVLVWHPXOGHVHQ]RULUDGDU3DJLQD



&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

/DQH.HHSLQJ
$VVLVWFXUUHQWO\
XQDYDLODEOH6HH
2ZQHU
V0DQXDO
$VLVWHQDSHQWUX
PHQLQHUHDEHQ]LL
GHPHUVPRPHQWDQ
LQGLVSRQLELO&RQ
VXOWDL0DQXDOXO
GHXWLOL
]DUHVDX$FWLYH
/DQH.HHSLQJ
$VVLVWFXUUHQWO\
XQDYDLODEOH6HH
2ZQHU
V0DQXDO
$VLVWHQDDFWLY
SHQWUXPHQLQHUHD
EHQ]LLGHPHUV
PRPHQWDQLQGLVSR
QLELO&RQVXOWDL
0DQXDOXOGHXWLOL
]DUH

$VLVWHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUVVDX$VLVWHQDDFWLY
SHQWUXPHQLQHUHDEHQ]LLGHPHUVHVWHGH]DFWLYDWLWHPSRUDU
QHIXQFLRQDO&DX]HSRVLELOH
=SDUEUL]XOHVWHPXUGDUvQFkPSXOGHYL]LXQHDOFDPHUHL
=YL]LELOLWDWHDHVWHDIHFWDWGLQFDX]DSORLL]SH]LLVDXFHLLDEXQ

GHQWH
=QXH[LVWPDUFDMHGHEDQGSHGLVWDQHPDLPDUL
=PDUFDMHOHGHEDQGVXQWX]DWHvQWXQHFDWHVDXDFRSHULWHGHH[

FXQRURLVDX]SDG
'DFPHVDMXOGHSHGLVSOD\QXGLVSDUH
7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &XUDLSDUEUL]XO


'DFVLVWHPXOGHWHFWHD]FHVWHFRPSOHWIXQFLRQDOFDPHUD
PHVDMXOGHSHGLVSOD\GLVSDUH
$VLVWHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUVVDX$VLVWHQDDFWLY
SHQWUXPHQLQHUHDEHQ]LLGHPHUVHVWHIXQFLRQDOGLQQRX

$VLVWHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUVVDX$VLVWHQDDFWLY
/DQH.HHSLQJ
$VVLVWLQRSHUDWLYH SHQWUXPHQLQHUHDEHQ]LLGHPHUVIXQFLRQHD]GHIHFWXRV
$VLVWHQDSHQWUX  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
PHQLQHUHDEHQ]LL
GHPHUVQHIXQFLR
QDOVDX$FWLYH
/DQH.HHSLQJ
$VVLVWLQRSHUDWLYH
$VLVWHQDDFWLY
SHQWUXPHQLQHUHD
EHQ]LLGHPHUV
QHIXQFLRQDO

$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

%OLQG6SRW$VVLVW
FXUUHQWO\XQDYDL
ODEOH6HH2ZQHU
V
0DQXDO$VLVWHQD
ODXQJKLXOPRUW
PRPHQWDQLQGLVSR
QLELO&RQVXOWDL
PDQXDOXOGHXWLOL
]DUHVDX$FWLYH
%OLQG6SRW$VVLVW
FXUUHQWO\XQDYDL
ODEOH6HH2ZQHU
V
0DQXDO$VLVWHQD
DFWLYODXQJKLXO
PRUWPRPHQWDQ
LQGLVSRQLELO&RQ
VXOWDLPDQXDOXO
GHXWLOL]DUH

$VLVWHQDODXQJKLXOPRUWVDX$VLVWHQDDFWLYODXQJKLXOPRUWHVWH
WHPSRUDUQHIXQFLRQDO&DX]HSRVLELOH
=DLVWDELOLWFRQH[LXQHDHOHFWULFGLQWUHUHPRUFLDXWRYHKLFXOXO

GXPQHDYRDVWU
=VHQ]RULLVXQWPXUGDUL
=IXQFLRQDUHDHVWHGLPLQXDWGHSORDLDVDX]SDGDDEXQGHQW
=VLVWHPXOGHVHQ]RULUDGDUQXVHDIOvQLQWHUYDOXOGHWHPSHUDWXU

GHIXQFLRQDUH
=VLVWHPXOGHVHQ]RULUDGDUHVWHWHPSRUDUQHIXQFLRQDOGHH[GLQ

FDX]DUDGLDLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDLLHOHFWURPDJQH
WLFH
/PSLOHLQGLFDWRDUHcJDOEHQHVHDSULQGGHDVHPHQHDvQRJOLQ
]LOHH[WHULRDUH
 &kQGWUDFWDLRUHPRUFFRQILUPDLPHVDMXOGHSHGLVSOD\SULQ
v
'DFFRQGXFHLIURUHPRUFLPHVDMXOGHSHGLVSOD\QXGLVSDUH
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &XUDLVHQ]RULL3DJLQD
 5HSRUQLLPRWRUXO
'DFVLVWHPXOGHWHFWHD]FVHQ]RULLVXQWFRPSOHWIXQFLRQDOL
PHVDMXOGHSHGLVSOD\GLVSDUH
$VLVWHQDODXQJKLXOPRUWVDX$VLVWHQDDFWLYODXQJKLXOPRUWHVWH
IXQFLRQDOGLQQRX

%OLQG6SRW$VVLVW
LQRSHUDWLYH$VLV
WHQDODXQJKLXO
PRUWQHIXQFLR
QDOVDX$FWLYH
%OLQG6SRW$VVLVW
LQRSHUDWLYH$VLV
WHQDDFWLYOD
XQJKLXOPRUW
QHIXQFLRQDO

$VLVWHQDODXQJKLXOPRUWVDX$VLVWHQDDFWLYODXQJKLXOPRUW
IXQFLRQHD]GHIHFWXRV
/PSLOHLQGLFDWRDUHcJDOEHQHVHDSULQGGHDVHPHQHDvQRJOLQ
]LOHH[WHULRDUH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3DUN$VVLVW$VLV
WHQODSDUFDUH
FDQFHOOHGDQX
ODW

3RUWLHUDRIHUXOXLHVWHGHVFKLVLFHQWXUDGHVLJXUDQDRIHUXOXL
QXDIRVWFXSODW
 5HSHWDLSURFHVXOGHSDUFDUHFXFHQWXUDGHVLJXUDQFXSODWL
SRUWLHUDRIHUXOXLvQFKLV




&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL
$LDWLQVDFFLGHQWDOYRODQXOPXOWLIXQFLRQDOvQWLPSFHLQWHUYHQLD
DVXSUDGLUHFLHLHUDDFWLY
 &kQGLQWHUYHQLDDVXSUDGLUHFLHLHVWHDFWLYDVLJXUDLYFQX
HVWHDWLQVYRODQXOPXOWLIXQFLRQDO
$XWRYHKLFXOXODvQFHSXWVGHUDSH]HL(63DLQWHUYHQLW
 8WLOL]DL$VLVWHQDDFWLYODSDUFDUHGLQQRXPDLWkU]LX
3DJLQD

3DUN$VVLVW$VLV
WHQODSDUFDUH
LQRSHUDWLYH
QHIXQFLRQDO

7RFPDLDLHIHFWXDWXQQXPUPDUHGHPDQHYUHGHYLUDUHVDXSDU
FDUH
$VLVWHQDDFWLYODSDUFDUHYDGHYHQLGLVSRQLELOGLQQRXGXS
DSUR[LPDWLY]HFHPLQXWH3DJLQD
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 2SULLLUHSRUQLLPRWRUXO
'DFPHVDMXOGHSHGLVSOD\FRQWLQXVILHDILDW


$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3$5.7521,&HVWHGHIHFW
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
3DUNLQJ$VVLVW
$VLVWDUHD
SDUFULL
VZLWFKHGRII
GH]DFWLYDW

$XWRYHKLFXOXOHVWHSDUFDW6HHPLWHLXQVXQHWGHDYHUWL]DUH
0HVDMXOGHSHGLVSOD\GLVSDUHDXWRPDW

',67521,&3/86
RIIGH]DFWLYDW

',67521,&3/86DIRVWGH]DFWLYDW3DJLQD'DFDIRVW

GH]DFWLYDWDXWRPDWVHHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH

',67521,&3/86
DYDLODEOHDJDLQ
GLVSRQLELOGLQ
QRX

',67521,&3/86HVWHIXQFLRQDOGLQQRXGXSFHDIRVWWHPSRUDU
LQGLVSRQLELO$FXPSXWHLUHDFWLYD',67521,&3/86
3DJLQD

$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

',67521,&3/86
FXUUHQWO\XQDYDL
ODEOH6HH2ZQHU
V
0DQXDOPRPHQWDQ
LQGLVSRQLELO&RQ
VXOWDL0DQXDOXO
GHXWLOL]DUH

',67521,&HVWHGH]DFWLYDWLWHPSRUDUQHIXQFLRQDO&DX]HSRVL
ELOH
=FDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXLHVWHPXUGDU
=IXQFLRQDUHDHVWHGLPLQXDWGHSORDLDVDX]SDGDDEXQGHQW
=VHQ]RULLGLQEDUDGHSURWHFLHVXQWPXUGDUL
=VLVWHPXOGHVHQ]RULUDGDUHVWHWHPSRUDUQHIXQFLRQDOGHH[GLQ

FDX]DUDGLDLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDLLHOHFWURPDJQH
WLFH
=VLVWHPXOQXVHDIOvQLQWHUYDOXOGHWHPSHUDWXUGHIXQFLRQDUH
=7HQVLXQHDGHODERUGHVWHSUHDVF]XW
6HHPLWHLXQVXQHWGHDYHUWL]DUH
'DFPHVDMXOGHSHGLVSOD\QXGLVSDUH
7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &XUDLFDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXL
3DJLQD
 &XUDLEDUHOHGHSURWHFLH3DJLQD
 5HSRUQLLPRWRUXO


'DFVLVWHPXOGHWHFWHD]FVHQ]RULLVXQWFRPSOHWIXQFLRQDOL
PHVDMXOGHSHGLVSOD\GLVSDUH
',67521,&HVWHGLQQRXIXQFLRQDO
',67521,&3/86
LQRSHUDWLYH
QHIXQFLRQDO

',67521,&3/86IXQFLRQHD]GHIHFWXRV(VWHSRVLELOFDL%$6
3/86LIUkQD35(6$)(VVHILGHIHFWDW
6HHPLWHLXQVXQHWGHDYHUWL]DUH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

',67521,&3/86
RYHUULGHVXSUDUH
JODUH

$LDSVDWSHGDODGHDFFHOHUDLH',67521,&3/86QXPDLFRQ
WUROHD]YLWH]DDXWRYHKLFXOXOXL
 5LGLFDLSLFLRUXOGHSHSHGDODGHDFFHOHUDLH

',67521,&3/86
NPK

1XHVWHvQGHSOLQLWRFRQGLLHGHDFWLYDUHD',67521,&3/86
 9HULILFDLFRQGLLLOHGHDFWLYDUHDOH',67521,&3/86
3DJLQD



&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

',67521,&3/86DQG ',67521,&3/86L63(('7521,&IXQFLRQHD]GHIHFWXRV6H
HPLWHLXQVXQHWGHDYHUWL]DUH
63(('7521,&',6
7521,&3/86L
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
63(('7521,&
LQRSHUDWLYH
QHIXQFLRQDO
&UXLVHFRQWURODQG &RQWUROXOFURD]LHUHLL63(('7521,&IXQFLRQHD]GHIHFWXRV
63(('7521,&&RQ
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WUROXOFURD]LHUHL
L63(('7521,&
LQRSHUDWLYH
QHIXQFLRQDO
/LPLW/LPLW
NPK

&kQGDSVDLSHGDODGHDFFHOHUDLHGLQFRORGHSXQFWXOGHSUHVLXQH
UHWURJUDGDUHIRUDW63(('7521,&QXSRDWHILDFWLYDW

&UXLVHFRQWURO
&RQWUROXOFURD
]LHUHL
NPK

1XVDvQGHSOLQLWRFRQGLLHGHDFWLYDUHDFRQWUROXOXLFURD]LHUHL
$LvQFHUFDWVPHPRUDLRYLWH]VXENPKGHH[HPSOX
 QFD]XOvQFDUHFRQGLLLOHRSHUPLWFRQGXFHLFXRYLWH]GHSHVWH
NPKLPHPRUDLYLWH]D
 9HULILFDLFRQGLLLOHGHDFWLYDUHSHQWUXFRQWUROXOFURD]LHUHL
3DJLQD

NPK
0D[LPXPVSHHG
H[FHHGHG9LWH]
PD[LPGHSLW

1XPDLvQDQXPLWHULYLWH]DPD[LPDIRVWGHSLW
QSOXVDILDMXOPXOWLIXQFLRQDOLQGLFNPK
 &RQGXFHLPDLvQFHW

3QHXUL
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

7\UHSUHVVXUH3UH  3HULFROGHDFFLGHQW

VLXQHSQHXUL
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULD
&KHFNW\UHV9HUL GHWHFWDWRSLHUGHUHVHPQLILFDWLYGHSUHVLXQH
ILFDLSQHXULOH
 2SULLDXWRYHKLFXOXOIUDHIHFWXDPDQHYUHEUXWHFXGLUHFLD
VDXIUkQHOH$FRUGDLDWHQLHFRQGLLLORUGLQWUDILFvQWLPSFH
HIHFWXDLRSULUHD
 9HULILFDLSQHXULOHLGDFVLWXDLDRFHUHVFKLPEDLURDWD
3DJLQD
 9HULILFDLSUHVLXQHDvQSQHXULLGDFVLWXDLDRFHUHUHJODLROD
SUHVLXQHDvQSQHXULFRUHFW
 5HSRUQLLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXULFkQGSUHVLXQHDvQSQHXULHVWHFRUHFW3DJLQD
&KHFNW\UHSUHVVX
UHV9HULILFDL
SUHVLXQLOHQ
SQHXUL
WKHQUHVWDUW5XQ
)ODW,QGLFDWRU
DSRLUHSRUQLL
LQGLFDWRUXOGH
UXODUHFXSDQ

6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDJHQH
UDWXQPHVDMSHGLVSOD\LQXDPDLIRVWUHSRUQLWGHDWXQFL
 5HJODLWRDWHFHOHSDWUXSQHXULODSUHVLXQHDFRUHFW
 5HSRUQLLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXUL3DJLQD

5XQ)ODW,QGLFDWRU 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULIXQF
LRQHD]GHIHFWXRV
,QGLFDWRUXOGH
UXODUHFXSDQ
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LQRSHUDWLYH
QHIXQFLRQDO
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULPVRDUSUHVLXQHDvQSQHXUL
7\UHSUHVVXUHV
3UHVLXQLOHQ
 &RQWLQXDLVFRQGXFHL
SQHXUL
3UHVLXQLOHvQSQHXULDSDUSHDILDMXOPXOWLIXQFLRQDOGXSFHDL
ZLOOEHGLVSOD\HG
FRQGXVWLPSGHFkWHYDPLQXWH
DIWHUDIHZPLQX
WHVRIGULYLQJYD
ILDILDWGXSFH
FRQGXFHLFWHYD
PLQXWH



&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

7\UHSUHVVPRQL
WRU0RQLWRUL]DWR
UXOSUHVQ
SQHXUL
LQRSHUDWLYH
QHIXQFLRQDO

0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULIXQFLRQHD]GHIHFWXRV
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

5RLOHPRQWDWHQXGLVSXQGHXQVHQ]RUGHSUHVLXQHvQSQHXULDGHF
7\UHSUHVVPRQL
WRU0RQLWRUL]DWR YDW0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULHVWHGH]DFWLYDW
UXOSUHVQ
 0RQWDLURLFXVHQ]RULDGHFYDLGHSUHVLXQHvQSQHXUL
SQHXUL
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULHVWHDFWLYDWDXWRPDWGXSFH
LQRSHUDWLYH1R
FRQGXFHLFkWHYDPLQXWH
ZKHHOVHQVRUV
QHIXQFLRQDO6HQ
]RULURDW
DEVHQLLQRSHUD
WLYH1RZKHHOVHQ
VRUVQHIXQFLRQDO
6HQ]RULURDW
DEVHQL
&KHFN9HULILFDL
W\UHV
SQHXOXULOH

&DXWLRQ$WHQ
LH
W\UHGHIHFW
GHIHFWODSQHX

 3HULFROGHDFFLGHQW
3UHVLXQHDvQXQXOVDXPDLPXOWHSQHXULDVF]XWVHPQLILFDWLY3R]L
LDURLLHVWHDILDWSHDILDMXOPXOWLIXQFLRQDO
6HHPLWHLXQVXQHWGHDYHUWL]DUH
 2SULLDXWRYHKLFXOXOIUDHIHFWXDPDQHYUHEUXWHFXGLUHFLD
VDXIUkQHOH$FRUGDLDWHQLHFRQGLLLORUGLQWUDILFvQWLPSFH
HIHFWXDLRSULUHD
 &RUHFWDLSUHVLXQHDvQSQHXUL3DJLQD
 'DFHVWHQHFHVDUVFKLPEDLRURDW3DJLQD
 3HULFROGHDFFLGHQW
3UHVLXQHDvQXQXOVDXPDLPXOWHSQHXULDVF]XWEUXVF3R]LLDURLL
HVWHDILDWSHDILDMXOPXOWLIXQFLRQDO
 2SULLDXWRYHKLFXOXOIUDHIHFWXDPDQHYUHEUXWHFXGLUHFLD
VDXIUkQHOH$FRUGDLDWHQLHFRQGLLLORUGLQWUDILFvQWLPSFH
HIHFWXDLRSULUHD
 'DFHVWHQHFHVDUVFKLPEDLRURDW3DJLQD

3UHVLXQHDvQSQHXULHVWHSUHDVF]XWvQFHOSXLQXQXOGLQWUH
5HFWLI\5HPH
SQHXULVDXGLIHUHQDGHSUHVLXQHvQSQHXULGLQWUHURLHVWHSUHD
GLDL
W\UHSUHVVXUHSUH PDUH
VLXQHDQSQHXUL
 9HULILFDLSUHVLXQHDvQSQHXULFXXUPWRDUHDRFD]LH'DFHVWH
QHFHVDUFRUHFWDLSUHVLXQHDvQSQHXUL3DJLQD

$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

:KHHOVHQVRUV
6HQ]RUXOLLGH
URDW
PLVVLQJDEVHQW

1XH[LVWVHPQDOGHODXQVHQ]RUGHSUHVLXQHvQSQHXULGHODXQD
VDXPDLPXOWHURL3UHVLXQHDSQHXOXLYL]DWQXHVWHDILDWSHDIL
DMXOPXOWLIXQFLRQDO
 6ROLFLWDLvQORFXLUHDVHQ]RUXOXLGHSUHVLXQHvQSQHXULODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW

7\UHSUHVVPRQL
WRU0RQLWRUL]DWR
UXOSUHVQ
SQHXUL
FXUUHQWO\XQDYDL
ODEOHPRPHQWDQ
LQGLVSRQLELO

'LQFDX]DXQHLVXUVHGHLQWHUIHUHQHUDGLRQXVHSRWSULPLVHPQDOH
GHODVHQ]RULLGHURDW0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULHVWH
WHPSRUDUGHIHFW
 &RQWLQXDLVFRQGXFHL
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULUHSRUQHWHDXWRPDWLPHGLDW
FHSUREOHPDDIRVWUH]ROYDW

 3HULFROGHDFFLGHQW

7\UHSUHVVXUH&DX 3UHVLXQHDvQXQXOVDXPDLPXOWHSQHXULDVF]XWEUXVF
6HHPLWHLXQVXQHWGHDYHUWL]DUH
WLRQW\UHPDOI
$WHQLHODSUHVLX  2SULLDXWRYHKLFXOXOIUDHIHFWXDPDQHYUHEUXWHFXGLUHFLD
QHDQSQHXUL
VDXIUkQHOH$FRUGDLDWHQLHFRQGLLLORUGLQWUDILFvQWLPSFH
GHIHFWSQHX
HIHFWXDLRSULUHD
 'DFHVWHQHFHVDUVFKLPEDLRURDW3DJLQD

 3HULFROGHDFFLGHQW
3UHVLXQHDvQXQXOVDXPDLPXOWHSQHXULDVF]XWVHPQLILFDWLY
7\UHSUHVVXUH
&KHFNW\UHV3UH  2SULLDXWRYHKLFXOXOIUDHIHFWXDPDQHYUHEUXWHFXGLUHFLD
VLXQHDQSQHXUL
VDXIUkQHOH$FRUGDLDWHQLHFRQGLLLORUGLQWUDILFvQWLPSFH
9HULILFDL
HIHFWXDLRSULUHD
SQHXOULOH
 'DFHVWHQHFHVDUVFKLPEDLRURDW3DJLQD
 9HULILFDLSUHVLXQHDvQSQHXUL'DFHVWHQHFHVDUFRUHFWDLSUH
VLXQHDvQSQHXUL3DJLQD

w
3OHDVHFRUUHFW
W\UHSUHVVXUH
&RUHFWDLSUHVLX
QLOHQSQHXUL

3UHVLXQHDvQSQHXULHVWHSUHDVF]XWvQFHOSXLQXQXOGLQWUH
SQHXULVDXGLIHUHQDGHSUHVLXQHvQSQHXULGLQWUHURLHVWHSUHD
PDUH
 9HULILFDLSUHVLXQHDvQSQHXULFXXUPWRDUHDRFD]LH'DFHVWH
QHFHVDUFRUHFWDLSUHVLXQHDvQSQHXUL3DJLQD



&DOFXODWRUGHERUGLGLVSOD\XUL

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$XWRYHKLFXOXO
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

7RVWDUWHQJLQH
3HQWUXDSRUQL
PRWRUXO
VKLIWWR
HLWKHUSHQWUXD
SRUQLFXSODLILH
Q3RU13ILH
Q1

$LvQFHUFDWVSRUQLLPRWRUXOFXWUDQVPLVLDvQSR]LLD5VDX'
 &XSODLWUDQVPLVLDvQSR]LLD3VDX1

$X[LOLDU\EDWWHU\
%DWHULHDX[L
OLDU
PDOIXQFWLRQ
GHIHFLXQH

%DWHULDDX[LOLDUSHQWUXWUDQVPLVLDDXWRPDWQXPDLHVWH
vQFUFDW
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWFXXUPWRDUHD
RFD]LH
 3kQDWXQFLVHWDLWUDQVPLVLDDXWRPDWvQSR]LLD3vQDLQWHGH
DRSULPRWRUXO
 QDLQWHGHDSUVLDXWRYHKLFXOXODFLRQDLIUkQDHOHFWULFGH
SDUFDUH

$SSO\EUDNHWR
GHVHOHFW3DUN3
SRVLWLRQ$FLR
QDLIUQDSHQWUX
DGHVHOHFWDSR]L
LD3

$LvQFHUFDWVDGXFHLPDQHWDVHOHFWRDUHDWUDQVPLVLHLvQSR]LLD
'5VDX1IUVDSVDLSHGDODGHIUkQ
 $SVDLSHGDODGHIUkQ

9HKLFOH$XWRYHKL
FXO
QRWLQSRVLWLRQ3
QXVHDIOQ
SR]LLD3

3RUWLHUDRIHUXOXLHVWHGHVFKLVLWUDQVPLVLDVHDIOvQSR]LLD5
1VDX'
6HHPLWHLXQVXQHWGHDYHUWL]DUH
 &XSODLWUDQVPLVLDvQSR]LLD3
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH

:LWKRXWFKDQJLQJ
JHDU)UD
VFKLPEDYLWH]D
FRQVXOWZRUNVKRS
FRQVXOWDLDWH
OLHUXO

1XSXWHLVFKLPEDSR]LLDWUDQVPLVLHLGLQFDX]DXQHLGHIHFLXQL
6HHPLWHLXQVXQHWGHDYHUWL]DUH
'DFSR]LLDWUDQVPLVLHL'HVWHVHOHFWDW


&RQGXFHLSkQODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWIUD
VFRDWHWUDQVPLVLDGLQSR]LLD'

'DFSR]LLDWUDQVPLVLHL51VDX3HVWHVHOHFWDW


&RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

0HVDMHGHSHGLVSOD\
3RVLELOHFDX]HXUPULLPVROXLL

2QO\VHOHFW3DUN
36HOHFWDL
QXPDL3DUN3
ZKHQYHKLFOHLV
VWDWLRQDU\FQG
DXWRYHKLFXOXOVWD
LRQHD]

$XWRYHKLFXOXOVHGHSODVHD]
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 &XSODLWUDQVPLVLDvQSR]LLD3

+D\RQXOHVWHGHVFKLV
 QFKLGHLKD\RQXO

 3HULFROGHDFFLGHQW
&DSRWDHVWHGHVFKLV6HHPLWHLXQVXQHWGHDYHUWL]DUH
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 QFKLGHLFDSRWD

$FWLYHERQQHWPDO
IXQFWLRQ6HH
2ZQHU
V0DQXDO
'HIHFLXQHOD
FDSRWDDFWLY&RQ
VXOWDLPDQXDOXO
GHXWLOL]DUH

&DSRWDDFWLYSURWHFLHSHQWUXSLHWRQLQXHVWHDFWLYGLQFDX]D

XQHLGHIHFLXQLVDXGHRDUHFHDIRVWGHMDGHFODQDW
3DJLQD
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

&HOSXLQRSRUWLHUHVWHGHVFKLV6HHPLWHLXQVXQHWGHDYHU
WL]DUH
 QFKLGHLWRDWHSRUWLHUHOH

&DOFXODWRUGHERUGLGLVSOD\XUL

$ILULSHGLVSOD\



 3HULFROGHDFFLGHQW
3RZHUVWHHULQJPDO 'LUHFLDDVLVWDWIXQFLRQHD]GHIHFWXRV
9DWUHEXLVXWLOL]DLPDLPXOWIRUSHQWUXDGLULMDDXWRYHKLFXOXO
IXQFWLRQ6HH
2ZQHU
V0DQXDO
6HHPLWHLXQVXQHWGHDYHUWL]DUH
'HIHFLXQHODVHU  9HULILFDLGDFSXWHLH[HUFLWDIRUDVXSOLPHQWDUQHFHVDU
YRGLUHFLH&RQVXO
 'DFSXWHLGLULMDDXWRYHKLFXOXOvQVLJXUDQFRQGXFHLFX
WDL0DQXDOXOGH
DWHQLHSkQODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
XWLOL]DUH
 'DFQXSXWHLGLULMDDXWRYHKLFXOXOvQVLJXUDQQXFRQWL
QXDLVFRQGXFHL/XDLOHJWXUDFXFHOPDLDSURSLDWDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

$LvQFHUFDWVSRUQLLvQFO]LUHDDX[LOLDUVDXVDFWLYDLRRUGH
SOHFDUHFXDMXWRUXOFDOFXODWRUXOXLGHERUGGXSFHDLDFLRQDWGH
GRXRULvQFO]LUHDDX[LOLDU
 /VDLPRWRUXOVUXOH]HWLPSGHVHFXQGH
QFO]LUHDDX[LOLDUHVWHIXQFLRQDOGLQQRX

LQRSHUDWLYH%DW
WHU\ORZQHIXQF
LRQDO%DWHULH
VF]XW

7HQVLXQHDGHODERUGHVWHSUHDVF]XWQFO]LUHDDX[LOLDUVD
GH]DFWLYDWVDXQXSRDWHILDFWLYDW3DJLQD
 &RQGXFHLSHRGLVWDQPDLPDUH
%DWHULDHVWHvQFXUVGHvQFUFDUHQFO]LUHDDX[LOLDUUHGHYLQH
IXQFLRQDOLPHGLDWFHWHQVLXQHDVLVWHPXOXLHOHFWULFGHODERUG
HVWHVXILFLHQW

J
SLFLRDUHLQRSHUD
WLYH5HIXHOYHKL
FOHQHIXQFLRQDO
$OLPHQWDLDXWRYH
KLFXOXO

J
LQRSHUDWLYH6HH
2ZQHU
V0DQ
QHIXQFLRQDO&RQ
VXOWDL0DQGH
XWLOL]DUH

1LYHOXOGHFDUEXUDQWGLQUH]HUYRUXOGHFDUEXUDQWHVWHSUHDVF]XW
QFO]LUHDDX[LOLDUQXSRDWHILDFWLYDW3DJLQD
 $OLPHQWDLODFHDPDLDSURSLDWVWDLHGHDOLPHQWDUH

QFO]LUHDDX[LOLDUSUH]LQWRGHIHFLXQHWHPSRUDUVDXIXQFLR
QHD]GHIHFWXRV
 &kQGDXWRYHKLFXOXOVHDIOSHRVXSUDIDSODQLPRWRUXOVD
UFLWHIHFWXDLSkQODSDWUXvQFHUFULGHDDFWLYDvQFO]LUHD
DX[LOLDUDWHSWkQGFkWHYDPLQXWHvQWUHILHFDUHvQFHUFDUH
3DJLQD
 'DFvQFO]LUHDDX[LOLDUQXVHDFWLYHD]FRQVXOWDLXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW

$XWRYHKLFXOXOGXPQHDYRDVWUQXVHDIOUD]DGHDFRSHULUHDUHOHX
7HOHSKRQH1R6HU
YLFH7HOHIRQ)U OXLGHWUDQVPLVLHUHFHSLHDIXUQL]RUXOXLGXPQHDYRDVWUGHVHUYLFLL
GHWHOHIRQLHPRELO
VHPQDO
 $WHSWDLFDVLPEROXOGHGLVSRQLELOLWDWHIXQFLRQDODWHOHIRQXOXL
PRELOVDSDUSHDILDMXOPXOWLIXQFLRQDO

7RSXSZDVKHU
IOXLG&RPSOHWDL
FXOLFKLGGH
VSODUH

1LYHOXOOLFKLGXOXLGHVSODUHGLQUH]HUYRUXOSHQWUXOLFKLGGHVSODUH
DVF]XWVXEPLQLP
 &RPSOHWDLFXOLFKLGGHVSODUH3DJLQD

0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

$LLQWURGXVFKHLDLQFRUHFWvQFRPXWDWRUXOGHFRQWDFW
 8WLOL]DLFKHLDFRUHFW

.H\GRHVQRW
EHORQJWRYHKLFOH
&KHLDQXDSDULQH
DXWRYHKLFXOXOXL

9
5HSODFHNH\QOR
FXLLFKHLD

9
&KDQJHNH\EDWWH
ULHV6FKLPEDL
EDWHULLOHFKHLL

&DOFXODWRUGHERUGLGLVSOD\XUL

&KHLH

&KHLDWUHEXLHvQORFXLW
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

%DWHULLOHFKHLL.(</(66*2VXQWGHVFUFDWH
 6FKLPEDLEDWHULLOH3DJLQD

&KHLD.(</(66*2QXVHDIOvQDXWRYHKLFXO
6HHPLWHLXQVXQHWGHDYHUWL]DUH
.H\QRWGHWHFWHG
'DFPRWRUXOHVWHRSULWQXPDLSXWHLEORFDDXWRYHKLFXOXOFHQ
&KHLHQHGHWHF
WDWPHVDMGHSHGLV WUDOL]DWVDXSRUQLPRWRUXO
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
SOD\URX
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 5HSHUDLFKHLD.(</(66*2
&KHLD.(</(66*2QXHVWHGHWHFWDWFkQGPRWRUXOIXQFLRQHD]
GHRDUHFHH[LVWLQWHUIHUHQHGHODRVXUVSXWHUQLFGHXQGHUDGLR
6HHPLWHLXQVXQHWGHDYHUWL]DUH
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 $FLRQDLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFWGDF
VLWXDLDRFHUH

9
.H\QRWGHWHFWHG
&KHLHQHGHWHF
WDWPHVDMGHSH
GLVSOD\DOE

&KHLD.(</(66*2QXSRDWHILGHWHFWDWPRPHQWDQ
 6FKLPEDLORFXOFKHLLFXIXQFLLOH.(</(66*2GLQDXWRYHKLFXO
'DFFKHLD.(</(66*2QXHVWHvQFRQWLQXDUHGHWHFWDW




$FLRQDLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFWGDF
VLWXDLDRFHUH

&DOFXODWRUGHERUGLGLVSOD\XUL



0HVDMHGHSHGLVSOD\
$ILULSHGLVSOD\

3RVLELOHFDX]HXUPULLPVROXLL

&KHLD.(</(66*2DIRVWGHWHFWDWvQLQWHULRUXODXWRYHKLFXOXOXLvQ
WLPSXOEORFULL
 6FRDWHLFKHLD.(</(66*2GLQDXWRYHKLFXO

.H\VWLOOLQYHKL
FOH&KHLDQFVH
DIOQDXWRYHKL
FXO

9
5HPRYHVWDUWLQJ
EXWWRQWKHQ
LQVHUWNH\6FRD
WHLEXWRQXOGH
SRUQLUHDSRLLQWUR
GXFHLFKHLD

9
&ORVHGRRUVWR
ORFNYHKLFOH
QFKLGHLSRUWLH
UHOHSHQWUXD
QFXLDDXWRYHKLFX
OXO

.(</(66*2IXQFLRQHD]WHPSRUDUGHIHFWXRVVDXHVWHGHIHFW
6HHPLWHLXQVXQHWGHDYHUWL]DUH
 ,QWURGXFHLFKHLDvQFRPXWDWRUXOGHFRQWDFWLURWLLRvQSR]LLD
GRULW
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

&HOSXLQRSRUWLHUHVWHGHVFKLV6HHPLWHLXQVXQHWGHDYHU
WL]DUH
 QFKLGHLWRDWHSRUWLHUHOHLvQFXLDLDXWRYHKLFXOXOGLQQRX

/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
&HQWXULGHVLJXUDQ
3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

v
/DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJXUDQOHDPLQWHWH
1XPDLvQDQXPLWHUL RIHUXOXLLSDVDJHUXOXLGLQIDVvLSULQGFHQWXULOHGHVLJXUDQ
ODPSDGHDYHUWL]DUH
 6WUkQJHLYFHQWXUDGXPQHDYRDVWUGHVLJXUDQ
URLHSULYLQGFHQWXUDGH
3DJLQD
VLJXUDQVHDSULQGH
WLPSGHDVHVHFXQGH
GXSSRUQLUHDPRWRUX
OXL
v
 3HULFROGHUQLUH
1XPDLvQDQXPLWHUL FHQWXUDGHVLJXUDQDRIHUXOXLQXHVWHFXSODW
ODPSDGHDYHUWL]DUH
URLHSULYLQGFHQWXUDGH  6WUkQJHLYFHQWXUDGXPQHDYRDVWUGHVLJXUDQ
3DJLQD
VLJXUDQVHDSULQGH
6XQHWXOGHDYHUWL]DUHVHvQWUHUXSH
GXSSRUQLUHDPRWRUX
OXLQSOXVVHDXGHXQ
VXQHWGHDYHUWL]DUH
WLPSGHSkQODDVH
VHFXQGH
v
 3HULFROGHUQLUH
/DPSDGHDYHUWL]DUH
RIHUXOVDXSDVDJHUXOGLQIDQXLDXFXSODWFHQWXUDGHVLJXUDQ
URLHSULYLQGFHQWXUDGH
 6WUkQJHLYFHQWXUDGXPQHDYRDVWUGHVLJXUDQ
VLJXUDQVHDSULQGH
3DJLQD
GXSSRUQLUHDPRWRUX
/DPSDGHDYHUWL]DUHVHVWLQJH
OXLLPHGLDWFHSRUWLHUD
RIHUXOXLVDXDSDVDJH
 3HULFROGHUQLUH
UXOXLGLQIDHVWH
6HDIORELHFWHSHVFDXQXOSDVDJHUXOXLGLQID
vQFKLV
 6FRDWHLRELHFWHOHGHSHVFDXQXOSDVDJHUXOXLGLQIDLGHSR
]LWDLOHODORFVLJXU
/DPSDGHDYHUWL]DUHVHVWLQJH



&DOFXODWRUGHERUGLGLVSOD\XUL

/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

&DOFXODWRUGHERUGLGLVSOD\XUL



/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

v
 3HULFROGHUQLUH
/DPSDGHDYHUWL]DUH
RIHUXOVDXSDVDJHUXOGLQIDQXLDXFXSODWFHQWXUDGHVLJXUDQ
URLHSULYLQGFHQWXUDGH QDFHODLWLPSFRQGXFHLFXRYLWH]GHSHVWHNPKVDXDL
VLJXUDQOXPLQHD]
FRQGXVVFXUWWLPSFXRYLWH]GHSHVWHNPK
LQWHUPLWHQWLVHHPLWH
XQDYHUWLVPHQWDXGLELO  6WUkQJHLYFHQWXUDGXPQHDYRDVWUGHVLJXUDQ
3DJLQD
LQWHUPLWHQW
/DPSDGHDYHUWL]DUHVHVWLQJHLVXQHWXOLQWHUPLWHQWGHDYHUWL
]DUHVHvQWUHUXSH

 3HULFROGHUQLUH
6HDIORELHFWHSHVFDXQXOSDVDJHUXOXLGLQIDQDFHODLWLPS
FRQGXFHLFXRYLWH]GHSHVWHNPKVDXDLFRQGXVVFXUWWLPS
FXRYLWH]GHSHVWHNPK
 6FRDWHLRELHFWHOHGHSHVFDXQXOSDVDJHUXOXLGLQIDLGHSR
]LWDLOHODORFVLJXU
/DPSDGHDYHUWL]DUHVHVWLQJHLVXQHWXOLQWHUPLWHQWGHDYHUWL
]DUHVHvQWUHUXSH

6LVWHPHOHGHVLJXUDQ
3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

M
 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH
6LVWHPXOGHIUkQDUHHVWHGHIHFWLFDUDFWHULVWLFLOHGHIUkQDUHSRW
JDOEHQSULYLQGVLVWH
ILDIHFWDWH
PXOGHIUkQDUHVH
DSULQGHFkWWLPSPRWR  'DFDILDMXOPXOWLIXQFLRQDOSUH]LQWXQPHVDMSHGLVSOD\LQHL
FRQWGHHO
UXOIXQFLRQHD]
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
M
/DPSDGHDYHUWL]DUH
URLHSULYLQGVLVWHPXO
GHIUkQDUHVHDSULQGH
FkWPRWRUXOIXQFLR
QHD]6HHPLWHLXQ
VXQHWGHDYHUWL]DUH

 3HULFROGHDFFLGHQW
6HUYRIUkQDHVWHGHIHFWLFDUDFWHULVWLFLOHGHIUkQDUHSRWILDIHF
WDWH
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF1X
FRQWLQXDLVXEQLFLRIRUPVFRQGXFHL
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO

3UREOHPD
M
/DPSDGHDYHUWL]DUH
URLHSULYLQGVLVWHPXO
GHIUkQDUHVHDSULQGH
FkWPRWRUXOIXQFLR
QHD]6HHPLWHLXQ
VXQHWGHDYHUWL]DUH

3RVLELOHFDX]HXUPULLPVROXLL

 3HULFROGHDFFLGHQW
5H]HUYRUXOSHQWUXOLFKLGFRQLQHOLFKLGGHIUkQLQVXILFLHQW
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF1X
FRQWLQXDLVXEQLFLRIRUPVFRQGXFHL
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
1XFRPSOHWDLFXOLFKLGGHIUkQ$VWIHOQXVHHOLPLQHURDUHD

%
/DPSDGHDYHUWL]DUH
JDOEHQSULYLQG$%6
HVWHDSULQVFkWPRWR
UXOIXQFLRQHD]

 3HULFROGHDFFLGHQW
$%66LVWHPXODQWLEORFDUHODIUkQDUHDIRVWGH]DFWLYDWGLQFDX]D
XQXLGHIHFW'LQDFHVWPRWLY%$66LVWHPGHDVLVWDUHODIUkQDUH
%$63/86(633URJUDPGHVWDELOLWDWHHOHFWURQLF
35(6$)(IUkQD35(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHD
vQSDQWOPSLOHGHIUkQDUHDGDSWLYLVWDELOL]DUHDUHPRUFLLFX
(63VXQWGHDVHPHQHDGH]DFWLYDWHGHH[HPSOX
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
'DFXQLWDWHDGHFRPDQG$%6HVWHGHIHFWH[LVWGHDVHPHQHD
SRVLELOLWDWHDFDDOWHVLVWHPHSUHFXPVLVWHPXOGHQDYLJDLHVDX
WUDQVPLVLDDXWRPDWVQXILHGLVSRQLELOH



&DOFXODWRUGHERUGLGLVSOD\XUL

/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

&DOFXODWRUGHERUGLGLVSOD\XUL



/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
3UREOHPD
%
/DPSDGHDYHUWL]DUH
JDOEHQSULYLQG$%6
HVWHDSULQVFkWPRWR
UXOIXQFLRQHD]

3RVLELOHFDX]HXUPULLPVROXLL

 3HULFROGHDFFLGHQW
$%6HVWHWHPSRUDULQGLVSRQLELO3ULQXUPDUH%$6%$63/86
(63(%'GLVWULEXLDHOHFWURQLFDIRUHLGHIUkQDUH
35(6$)(IUkQD35(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHD
vQSDQWOPSLOHGHIUkQDUHDGDSWLYLVWDELOL]DUHDUHPRUFLLFX
(63GHH[HPSOXVXQWGHDVHPHQHDGH]DFWLYDWH
$XWRGLDJQRVWLFDUHDQXHVWHvQFILQDOL]DWVDXWHQVLXQHDGHODERUG
SRDWHILLQVXILFLHQWGHH[HPSOX
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
 &RQGXFHLFXDWHQLHSHRSRULXQHGHGUXPDGHFYDWDFLRQkQG
GLUHFLDFXPLFULXRDUHFXRYLWH]GHSHVWHNPK
)XQFLLOHPHQLRQDWHDQWHULRUUHGHYLQGLVSRQLELOHFkQGODPSDGH
DYHUWL]DUHVHVWLQJH
'DFODPSDGHDYHUWL]DUHUPkQHDSULQV
LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


%
/DPSDGHDYHUWL]DUH
JDOEHQSULYLQG$%6
HVWHDSULQVFkWPRWR
UXOIXQFLRQHD]6H
HPLWHLXQVXQHWGH
DYHUWL]DUH

 3HULFROGHDFFLGHQW
(%'IXQFLRQHD]GHIHFWXRV3ULQXUPDUH$%6%$6%$63/86
(6335(6$)(IUkQD35(6$)(IXQFLD+2/'DVLVWHQDOD
SRUQLUHDvQSDQWOPSLOHGHIUkQDUHDGDSWLYLVWDELOL]DUHD
UHPRUFLLFX(63GHH[HPSOXVXQWGHDVHPHQHDLQGLVSRQLELOH
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3UREOHPD
M%
/DPSDGHDYHUWL]DUH
URLHSULYLQGIUkQDUHD
OPSLOHGHDYHUWL]DUH
JDOEHQH(63L
(632))LODPSDJDO
EHQGHDYHUWL]DUH$%6
VXQWDSULQVHFkWWLPS
PRWRUXOIXQFLRQHD]

3RVLELOHFDX]HXUPULLPVROXLL

 3HULFROGHDFFLGHQW
$%6L(63IXQFLRQHD]GHIHFWXRV3ULQXUPDUH%$6%$63/86
(%'35(6$)(IUkQD35(6$)(IXQFLD+2/'DVLVWHQDOD
SRUQLUHDvQSDQWOPSLOHGHIUkQDUHDGDSWLYLVWDELOL]DUHD
UHPRUFLLFX(63GHH[HPSOXVXQWGHDVHPHQHDLQGLVSRQLELOH
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH
(63VDXFRQWUROXOWUDFLXQLLDLQWHUYHQLWGHRDUHFHH[LVWULVFXOGH
JDOEHQ(63OXPL
GHUDSDUHVDXFHOSXLQRURDWDvQFHSXWVSDWLQH]H
QHD]LQWHUPLWHQWFkQG
&RQWUROXOFURD]LHUHLVDX',67521,&3/86HVWHGH]DFWLYDW
YHKLFXOXOHVWHvQPL
 $SVDLSHGDODGHDFFHOHUDLHQXPDLFkWGHWDUHHVWHQHFHVDUOD
FDUH
SRUQLUHDGHSHORF
 $FFHOHUDLPDLXRUDWXQFLFkQGDXWRYHKLFXOXOHVWHvQPLFDUH
 $GDSWDLYVWLOXOGHFRQGXFHUHvQIXQFLHGHFRQGLLLOHGHGUXP
LPHWHR
 1XGH]DFWLYDL(63
3HQWUXH[FHSLLFRQVXOWDL3DJLQD

 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH
(63LVWDELOL]DUHDUHPRUFLLFX(63VXQWGH]DFWLYDWH(63QX
JDOEHQ(632))HVWH YDVWDELOL]DDXWRYHKLFXOXOGDFDFHDVWDGHUDSHD]VDXGDFRURDW
DSULQVFkWWLPSPRWR vQFHSHVSDWLQH]H
UXOIXQFLRQHD]
 5HDFWLYDL(63
3HQWUXH[FHSLLFRQVXOWDL3DJLQD
 $GDSWDLYVWLOXOGHFRQGXFHUHvQIXQFLHGHFRQGLLLOHGHGUXP
LPHWHR
'DF(63QXSRDWHILDFWLYDW


6ROLFLWDLYHULILFDUHD(63ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW



&DOFXODWRUGHERUGLGLVSOD\XUL

/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

&DOFXODWRUGHERUGLGLVSOD\XUL



/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
3UREOHPD

/PSLOHGHDYHUWL]DUH
(63L(632))JDO
EHQHVXQWDSULQVHFkW
PRWRUXOIXQFLRQHD]

/PSLOHGHDYHUWL]DUH
(63L(632))JDO
EHQHVXQWDSULQVHFkW
PRWRUXOIXQFLRQHD]

3RVLELOHFDX]HXUPULLPVROXLL

 3HULFROGHDFFLGHQW
(63%$6%$63/8635(6$)(IUkQD35(6$)(IXQFLD
+2/'DVLVWHQDODSRUQLUHDvQSDQWOPSLOHGHIUkQDUHDGDSWLY
LVWDELOL]DUHDUHPRUFLLFX(63VXQWLQGLVSRQLELOHGLQFDX]DXQHL
GHIHFLXQL(63QXYDVWDELOL]DDXWRYHKLFXOXOGDFDFHDVWDGHUD
SHD]VDXGDFRURDWvQFHSHVSDWLQH]H
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRU
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

 3HULFROGHDFFLGHQW
(63%$635(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHDvQ
SDQWLVWDELOL]DUHDUHPRUFLLFX(63VXQWWHPSRUDULQGLVSRQLELOH
(VWHSRVLELOFDLOPSLOHGHIUkQDUHDGDSWLY%$63/86LIUkQD
35(6$)(VVHILGHIHFWDW
(63QXYDVWDELOL]DDXWRYHKLFXOXOGDFDFHDVWDGHUDSHD]VDX
GDFRURDWvQFHSHVSDWLQH]H
$XWRGLDJQRVWLFDUHDQXHVWHvQFILQDOL]DW
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
 &RQGXFHLFXDWHQLHSHRSRULXQHGHGUXPDGHFYDWDFLRQkQG
GLUHFLDFXPLFULXRDUHFXRYLWH]GHSHVWHNPK
)XQFLLOHPHQLRQDWHDQWHULRUUHGHYLQGLVSRQLELOHFkQGODPSDGH
DYHUWL]DUHVHVWLQJH
'DFODPSDGHDYHUWL]DUHUPkQHDSULQV
LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

$
)UkQDHOHFWULFGHSDUFDUHIXQFLRQHD]WHPSRUDUGHIHFWXRVVDX
HVWHGHIHFW
/DPSDLQGLFDWRDUH
URLHSHQWUXIUkQDHOHF  LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
WULFGHSDUFDUHOXPL
PXOWLIXQFLRQDO
QHD]LQWHUPLWHQWL
VDXODPSDGHDYHUWL]DUH
JDOEHQSHQWUXIUkQD
HOHFWULFGHSDUFDUHVH
DSULQGH
u
/DPSDGHDYHUWL]DUH
URLHSULYLQG656HVWH
DSULQVFkWWLPSPRWR
UXOIXQFLRQHD]

 3HULFROGHUQLUH
6LVWHPHOHGHUHWHQLHIXQFLRQHD]GHIHFWXRV$LUEDJXULOHVDX
vQWLQ]WRDUHOHGHFHQWXUSRWILGHFODQDWHILHQHLQWHQLRQDWILHvQ
FD]GHDFFLGHQWSRWVQXVHGHFODQH]HGHORF
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW

0RWRU
3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

(VWHSRVLELOVH[LVWHXQGHIHFWGHH[HPSOX
/DPSDJDOEHQGHDYHU =ODPDQDJHPHQWXOPRWRUXOXL
WL]DUHSULYLQGGLDJQRVWL =vQVLVWHPXOGHLQMHFLHDFDUEXUDQWXOXL
FDUHDPRWRUXOXLVH
=vQVLVWHPXOGHHYDFXDUH
DSULQGHFkWPRWRUXO
=vQVLVWHPXOGHDSULQGHUHSHQWUXDXWRYHKLFXOHOHFXPRWRUSH
IXQFLRQHD]
EHQ]LQ
=vQVLVWHPXOGHDOLPHQWDUHFXFDUEXUDQW
9DORULOHOLPLWGHHPLVLLSRWILGHSLWHLDUPRWRUXOSRDWHvQFHSH
VIXQFLRQH]HvQPRGXOGHXUJHQ
 6ROLFLWDLYHULILFDUHDDXWRYHKLFXOXOXLFkWPDLFXUkQGSRVLELOODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$XWRYHKLFXOHFXPRWRUGLHVHOUH]HUYRUXOGHFDUEXUDQWDIRVWVROL
FLWDWXVFDW3DJLQD
 3RUQLLPRWRUXOGHWUHLSkQODSDWUXRULGXSDOLPHQWDUHDFX
FDUEXUDQW
'DFODPSDGHDYHUWL]DUHSULYLQGGLDJQRVWLFDUHDPRWRUXOXLVH
VWLQJHPRGXOGHUXODUHGHXUJHQHVWHDQXODW$XWRYHKLFXOXOQX
QHFHVLWYHULILFDUH



&DOFXODWRUGHERUGLGLVSOD\XUL

/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

&DOFXODWRUGHERUGLGLVSOD\XUL



/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

/DPSDGHDYHUWL]DUH
SULYLQGFDUEXUDQWXOGH
UH]HUYVHDSULQGHFkW
PRWRUXOIXQFLRQHD]

1LYHOXOGHFDUEXUDQWDVF]XWSkQvQLQWHUYDOXOGHUH]HUY
)XQFLRQDUHDvQFO]LULLDX[LOLDUHHVWHGH]DFWLYDWFkQGQLYHOXOGH
FDUEXUDQWLQWUvQLQWHUYDOXOGHUH]HUY
 $OLPHQWDLODFHDPDLDSURSLDWVWDLHGHDOLPHQWDUH

/DPSDGHDYHUWL]DUH
URLHSULYLQGOLFKLGXOGH
UFLUHVHDSULQGHFkW
PRWRUXOIXQFLRQHD]L
LQGLFDWRUXOGHWHPSHUD
WXUDOLFKLGXOXLGH
UFLUHVHDIOODvQFHSX
WXOVFDOHL

6HQ]RUXOGHWHPSHUDWXUSHQWUXLQGLFDWRUXOGHWHPSHUDWXUD
OLFKLGXOXLGHUFLUHIXQFLRQHD]GHIHFWXRV
7HPSHUDWXUDOLFKLGXOXLGHUFLUHQXPDLHVWHPRQLWRUL]DW([LVW
ULVFXOGHWHULRUULLPRWRUXOXLGDFWHPSHUDWXUDOLFKLGXOXLGHUFLUH
HVWHSUHDULGLFDW
 2SULLDXWRYHKLFXOXOLPHGLDWLQkQGFRQWGHFRQGLLLOHGHGUXP
LWUDILFLRSULLPRWRUXO1XFRQWLQXDLVXEQLFLRIRUPVFRQ
GXFHL
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

/DPSDGHDYHUWL]DUH
URLHSULYLQGOLFKLGXOGH
UFLUHVHDSULQGHFkW
PRWRUXOIXQFLRQHD]

1LYHOXOOLFKLGXOXLGHUFLUHHVWHSUHDVF]XW
'DFQLYHOXOOLFKLGXOXLGHUFLUHHVWHFHOFRUHFWFXUHQWXOGHDHUOD
UDGLDWRUXOPRWRUXOXLSRDWHILEORFDWVDXYHQWLODWRUXOHOHFWULFDO
UDGLDWRUXOXLPRWRUXOXLSRDWHVIXQFLRQH]HGHIHFWXRV
/LFKLGXOGHUFLUHVDvQFLQVLDUPRWRUXOQXPDLHVWHUFLWVXILFLHQW
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 2SULLDXWRYHKLFXOXOLPHGLDWLQkQGFRQWGHFRQGLLLOHGHGUXP
LWUDILFLRSULLPRWRUXO
 /VDLPRWRUXOLOLFKLGXOGHUFLUHVVHUFHDVF
 9HULILFDLQLYHOXOOLFKLGXOXLGHUFLUHLFRPSOHWDLFXOLFKLGGH
UFLUH3DJLQD5HVSHFWDLQRWHOHGHDYHUWLVPHQWDWXQFL
FkQGIDFHLDFHVWOXFUX
 'DFWUHEXLHVFRPSOHWDLIUHFYHQWFXOLFKLGGHUFLUHVROLFLWDL
YHULILFDUHDVLVWHPXOXLGHUFLUHDPRWRUXOXL
 $VLJXUDLYFDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
HVWHEORFDWGHH[GHODSRYLvQJKHDW
 'DFWHPSHUDWXUDOLFKLGXOXLGHUFLUHHVWHVXESXWHL
FRQWLQXDVFRQGXFHLSkQODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULPRQWDQWHLvQWUDILFFXRSULULL
SRUQLULIUHFYHQWH

/DPSDGHDYHUWL]DUH
URLHSULYLQGOLFKLGXOGH
UFLUHVHDSULQGHFkW
PRWRUXOIXQFLRQHD]
6HHPLWHLXQVXQHWGH
DYHUWL]DUH

7HPSHUDWXUDOLFKLGXOXLGHUFLUHDGHSLW&XUHQWXOGHDHU
ODUDGLDWRUXOPRWRUXOXLSRDWHILEORFDWVDXQLYHOXOOLFKLGXOXLGH
UFLUHSRDWHILSUHDVF]XW
0RWRUXOQXHVWHUFLWVXILFLHQWLSRDWHVXIHULGHWHULRUUL
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 2SULLDXWRYHKLFXOXOLPHGLDWLQkQGFRQWGHFRQGLLLOHGHGUXP
LWUDILFLRSULLPRWRUXO
 /VDLPRWRUXOLOLFKLGXOGHUFLUHVVHUFHDVF
 9HULILFDLQLYHOXOOLFKLGXOXLGHUFLUHLFRPSOHWDLFXOLFKLGGH
UFLUH3DJLQD5HVSHFWDLQRWHOHGHDYHUWLVPHQWDWXQFL
FkQGIDFHLDFHVWOXFUX
 'DFWUHEXLHVFRPSOHWDLIUHFYHQWFXOLFKLGGHUFLUHVROLFLWDL
YHULILFDUHDVLVWHPXOXLGHUFLUHDPRWRUXOXL
 $VLJXUDLYFDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
HVWHEORFDWGHH[GHODSRYLvQJKHDW



&DOFXODWRUGHERUGLGLVSOD\XUL

/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

&DOFXODWRUGHERUGLGLVSOD\XUL



/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL
'DFWHPSHUDWXUDOLFKLGXOXLGHUFLUHHVWHVXESXWHL
FRQWLQXDVFRQGXFHLSkQODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULPRQWDQWHLvQWUDILFFXRSULULL
SRUQLULIUHFYHQWH


6LVWHPHGHDVLVWDUHDFRQGXFHULL
3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

 3HULFROGHDFFLGHQW
/DPSDURLHGHDYHUWL 'LVWDQDSkQODDXWRYHKLFXOXOGLQIDHVWHSUHDPLFSHQWUX
]DUHSULYLQGGLVWDQDVH YLWH]DVHOHFWDW
DSULQGHFkWYHKLFXOXO
 &UHWHLGLVWDQD
HVWHvQPLFDUH

 3HULFROGHDFFLGHQW
/DPSDURLHGHDYHUWL 9DSURSLDLFXRYLWH]SUHDPDUHGHXQDXWRYHKLFXOVDXGHXQ
]DUHSULYLQGGLVWDQDVH REVWDFROVWDLRQDWSHEDQGDGXPQHDYRDVWUGHUXODUH
DSULQGHFkWYHKLFXOXO
 )LLJDWDVIUkQDLLPHGLDW
HVWHvQPLFDUH6H
 $FRUGDLRDWHQLHDSDUWHVLWXDLHLGLQWUDILF(VWHSRVLELOVWUH
HPLWHLXQVXQHWGH
EXLDVFVIUkQDLVDXVHIHFWXDLPDQHYUHGHHYLWDUH
DYHUWL]DUH
,QIRUPDLLVXSOLPHQWDUHGHVSUH',67521,&3/863DJLQD
LIUkQD35(6$)(3DJLQD

3QHXUL
3UREOHPD

3RVLELOHFDX]HXUPULLPVROXLL

w
 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULDGHWHFWDWRSLHUGHUHGHSUH
JDOEHQSULYLQGPRQLWR VLXQHvQFHOSXLQXQXOGLQWUHSQHXUL
UL]DWRUXOSUHVLXQLLvQ
 2SULLDXWRYHKLFXOXOIUDHIHFWXDPDQHYUHEUXWHFXGLUHFLD
SQHXULHVWHDSULQV
VDXIUkQHOH$FRUGDLDWHQLHFRQGLLLORUGHWUDILFvQWLPSFHHIHF
WXDLRSULUHD
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 9HULILFDLSUHVLXQHDvQSQHXUL'DFHVWHQHFHVDUFRUHFWDLSUH
VLXQHDvQSQHXUL3DJLQD
 'DFHVWHQHFHVDUVFKLPEDLRURDW3DJLQD







'HSR]LWDUHLFDUDFWHULVWLFL

,QIRUPDLLXWLOH
,QGLFDLLSULYLQGvQFUFDUHD
=RQHGHGHSR]LWDUH
&DUDFWHULVWLFL



=RQHGHGHSR]LWDUH

'HSR]LWDUHLFDUDFWHULVWLFL

,QIRUPDLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
ULWRDUHODVLJXUDQ
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD
,QGLFDLLSULYLQGvQFUFDUHD
 $9(57,60(17
$VLJXUDLLSR]LLRQDLvQFUFWXUDFRQIRUP
LQGLFDLLORUGHvQFUFDUH
QFD]FRQWUDUSDVDJHULLDXWRYHKLFXOXOXLDU
SXWHDILUQLLGHvQFUFWXUDSURLHFWDWSULQ
DXWRYHKLFXOvQFD]GHIUkQDUHEUXVFVFKLP
EDUHEUXVFDGLUHFLHLVDXGHDFFLGHQW
9HLJVLLQIRUPDLLVXSOLPHQWDUHvQVHFLXQHD
$VLJXUDUHDXQHLvQFUFWXUL
&KLDULGDFXUPDLWRDWHLQGLFDLLOHGH
vQFUFDUHvQFUFWXUDYDFUHWHSHULFROXOGH
UQLUHvQFD]GHDFFLGHQW

 $9(57,60(17
LQHLKD\RQXOvQFKLVFkQGPRWRUXOIXQFLR
QHD]QFD]FRQWUDUSXWHLVXIHULRLQWR[LFD
LHFXJD]HOHGHHDSDPHQWFDUHSWUXQGvQ
DXWRYHKLFXO
&DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHDOHXQXL
DXWRYHKLFXOvQFUFDWGHSLQGGHGLVWULEXLD
vQFUFWXULLvQLQWHULRUXODXWRYHKLFXOXOXL'LQ
DFHVWPRWLYWUHEXLHVUHVSHFWDLXUPWRD
UHOHQRWHFkQGWUDQVSRUWDLRvQFUFWXU
=FkQGWUDQVSRUWDLRvQFUFWXUQXGHSLL
QLFLRGDWPDVDWRWDOPD[LPDGPLVD
DXWRYHKLFXOXOXLVDXVDUFLQLOHDGPLVHSH

SXQWHSHQWUXDXWRYHKLFXOXOUHVSHFWLY
LQFOXVLYSDVDJHULL
=SR]LLRQDLVDUFLQLOHJUHOHFkWPDLvQDLQWH
SRVLELOLFkWPDLMRVSRVLELOvQFRPSDUWL
PHQWXOGHvQFUFDUH
=vQFUFWXUDQXWUHEXLHVGHSHDVFPDU
JLQHDVXSHULRDUDVSWDUHORUVFDXQHORU
=SODVDLvQWRWGHDXQDvQFUFWXUDFRQWUD
VSWDUHORUVFDXQHORUGLQIDLGLQVSDWH
$VLJXUDLYFVSWDUHOHVFDXQHORUVXQW
EORFDWHIHUPvQORFD
=DJDLSODVDGHVLJXUDQFkQGvQFUFDL
=SODVDLvQWRWGHDXQDvQFUFWXUDvQVSDWHOH
VFDXQHORUQHRFXSDWHGDFHVWHSRVLELO
=DVLJXUDLvQFUFWXUDFXPDWHULDOHGHIL[DUH
VXILFLHQWGHVROLGHLUH]LVWHQWHODX]XU
&SWXLLPDUJLQLOHDVFXLWHSHQWUXSURWHF
LH

G (FKLSDPHQWXOGHIL[DUHHVWHGLVSRQLELOOD
RULFHDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
=RQHGHGHSR]LWDUH
&RPSDUWLPHQWHGHGHSR]LWDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
&RPSDUWLPHQWHOHGHGHSR]LWDUHWUHEXLHVILH
vQFKLVHFkQGVHGHSR]LWHD]DUWLFROHvQDFHV
WHD3ODVHOHSHQWUXEDJDMHQXVXQWFRQFHSXWH
VVXVLQEDJDMHJUHOH
'XPQHDYRDVWUVDXDOLSDVDJHULDLDXWRYHKL
FXOXOXLDUSXWHDILUQLLGHRELHFWHSURLHFWDWH
vQFDELQGDF
=IUkQDLSXWHUQLF
=VFKLPEDLEUXVFGLUHFLD
=VXQWHLLPSOLFDWvQWUXQDFFLGHQW
1XDH]DLRELHFWHFXPDUJLQLDVFXLWHLIUD
JLOHvQSODVDSHQWUXEDJDMH

=RQHGHGHSR]LWDUH



&RPSDUWLPHQWHGHGHSR]LWDUHID




3HQWUXDGHVFKLGHWUDJHLPkQHUXOCL
GHVFKLGHLFODSHWDWRUSHGRXOXLD
 3HQWUXDvQFKLGHUDEDWDLFODSHWDWRUSH
GRXOXLDvQVXVSkQFHVHDQJUHQHD]


3HQWUXDVFRDWHWUDJHLORFDXOCvQDLQWH
3HQWUXDLQVWDODLQWURGXFHLORFDXOCL
vPSLQJHLOvQDSRLSkQFHVHDQJUHQHD]

&RPSDUWLPHQWSHQWUXRFKHODUL

7RUSHGRXOSRDWHILvQFXLDWLGHVFXLDWQXPDL
FXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQ

3HQWUXDGHVFKLGHDSVDLPDUFDMXOC

&RPSDUWLPHQWGHGHSR]LWDUHGLQFRQVROD
FHQWUDO
G 7RUSHGRGHVFXLDW
H 7RUSHGRvQFXLDW

8QORFDSHQWUXGHSR]LWDUHDRELHFWHORUSODWH
VHDIOvQVHFLXQHDVXSHULRDUDWRUSHGRXOXL
$FHVWDSRDWHILVFRVSHQWUXDFUHWHVSDLXO
GHGHSR]LWDUHGLQWRUSHGR

3HQWUXDGHVFKLGHFXOLVDLFDSDFXOC
vQDLQWH
&RPSDUWLPHQWXOGHGHSR]LWDUHDDSDUH

'HSR]LWDUHLFDUDFWHULVWLFL

7RUSHGR
G 7RUSHGRXOSRDWHILUFLW3DJLQD

=RQHGHGHSR]LWDUH

'HSR]LWDUHLFDUDFWHULVWLFL



&RPSDUWLPHQWGHGHSR]LWDUHFRPSDUWL
PHQWGHWHOHIRQGHVXEFRWLHU
G QIXQFLHGHJUDGXOGHGRWDUHDDXWRYHKL
FXOXOXLXQSRUW86%LRPXIMDFN$8;,1
VDXR,QWHUID0HGLDVXQWLQVWDODWHvQFRP
SDUWLPHQWXOGHGHSR]LWDUH2LQWHUID
PHGLDHVWHRLQWHUIDXQLYHUVDOSHQWUX
HFKLSDPHQWXODXGLRSRUWDELOGHH[SHQWUX
XQL3RGVDXXQSOD\HUGH03XULFRQVXO
WDLLQVWUXFLXQLOHGHXWLOL]DUH$XGLRVDX
&20$1'2QOLQH

G QFRPSDUWLPHQWXOGHGHSR]LWDUHVHDIOR
WYLGHGHSR]LWDUHGHWDDELOvQFDUHSRW
ILVWRFDWHRELHFWHSUHFXPXQL3RG

3HQWUXDGHVFKLGHDSVDLVFXUWPDUFDMXO
FRPSDUWLPHQWXOXLGHGHSR]LWDUH
&RPSDUWLPHQWXOGHGHSR]LWDUHVHGHV
FKLGH

G QIXQFLHGHHFKLSDPHQWXODXWRYHKLFXOX
OXLSRWH[LVWDVSDLLGHGHSR]LWDUHGHVFKLVH
GHDVXSUDLVXEFRPSDUWLPHQWXOGHGHSR
]LWDUH
3ODVHSHQWUXEDJDMH
 $9(57,60(17
$H]DLQXPDLRELHFWHXRDUHvQSODVDSHQWUX
EDJDMH1XRXWLOL]DLODWUDQVSRUWXOGHRELHFWH
JUHOHFXPDUJLQLDVFXLWHVDXIUDJLOH3ODVD
SHQWUXEDJDMHQXSRDWHIL[DRELHFWHOHVXIL
FLHQWvQFD]GHDFFLGHQW

3ODVHOHSHQWUXEDJDMHVHDIOvQVSDLXOSHQWUX
SLFLRDUHOHSDVDJHULORUIDLSHVSDWHOHVFDX
QXOXLRIHUXOXLLVFDXQXOXLSDVDJHUXOXLID

3HQWUXDGHVFKLGHWUDJHLPkQHUXOCvQ
VXV
&RWLHUDVHH[WLQGH

8QLWDWHGHvQFUFDUHSULQFRPSDUWL
PHQWXOVSDWH
8QLWDWHDGHvQFUFDUHSULQEDQFKHWHVWHGHV
FKLVGLQSRUWEDJDM

&RPSDUWLPHQWHGHGHSR]LWDUHGLQVSDWH
&RPSDUWLPHQWGHGHSR]LWDUHvQFRQVROD
FHQWUDOVSDWH

'HEORFDLVSWDUHOHVFDXQHORUGLQVSDWHL
vQFOLQDLOHvQSR]LLDGHVDUFLQ
vQFUFWXU
 5DEDWDLvQMRVFRWLHUDVFDXQXOXLGLQVSDWH


=RQHGHGHSR]LWDUH

PSLQJHLFDSDFXOvQDLQWHSkQFkQGVH
IL[HD]vQFRWLHUDVFDXQXOXLGLQVSDWH

([WLQGHUHDSRUWEDJDMXOXL

SHVWHVSWDUvQFRPSDUWLPHQWXOSDVDJHULORU
GHH[HPSOXvQWLPSXOIUkQULLSXWHUQLFHD
VFKLPEULORUEUXWHGHGLUHFLHVDXvQFD]GH
DFFLGHQW3XWHLSURYRFDXQDFFLGHQWVDX
SXWHLVXIHULUQLDWkWGXPQHDYRDVWUFkWL
DOWHSHUVRDQH

 3OLDLSHUQDVFDXQXOXLvQVXVvQDLQWHGHD
SOLDEDQFKHWDVSDWHvQDLQWHQFD]FRQWUDU
VSWDUHOHSRWVXIHULGHWHULRUUL
&kQGVSWDUXOHVWHUDEDWDWvQDLQWHVFDX
QHOHGLQIDQXSRWILDGXVHvQSR]LLDORUGH
FDSWVSDWHQFD]FRQWUDUVFDXQHOHGLQ
IDLEDQFKHWDGLQVSDWHSRWVXIHULGHWH
ULRUUL
6SWDUHOHVFDXQHORUVSDWHGHSHSDUWHD
VWkQJLGHSHSDUWHDGUHDSWSRWILUDEDWDWH
vQDLQWHVHSDUDWSHQWUXDFUHWHFDSDFLWDWHD
SRUWEDJDMXOXL
5DEDWDUHDvQDLQWHDEDQFKHWHLGLQVSDWH

1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
1XWUDQVSRUWDLRELHFWHJUHOHVDXGXUHvQDXWR
YHKLFXOVDXvQSRUWEDJDMGDFQXVXQWELQH
IL[DWH
QFD]FRQWUDUGXPQHDYRDVWULFHLODOLSDVD
JHULDLDXWRYHKLFXOXOXLDLSXWHDILUQLLGH
RELHFWHOHSURLHFWDWHSULQDXWRYHKLFXOvQFD]GH
IUkQDUHSXWHUQLFGHVFKLPEDUHEUXVFD
GLUHFLHLVDXGHDFFLGHQW
&kQGXWLOL]DLPULUHDSRUWEDJDMXOXLWUHEXLH
VSULQGHLvQWRWGHDXQDSODVDGHVLJXUDQ
GDFHVWHODvQGHPkQ
 $9(57,60(17
&RQGXFHLvQWRWGHDXQDFXKD\RQXOvQFKLVQ
FD]FRQWUDUHVWHSRVLELOFDJD]HOHGHHDSD
PHQWVSWUXQGvQLQWHULRUXODXWRYHKLFXOXOXL

G 'DFVFDXQXOSDVDJHUXOXLGLQIDVDXDO
RIHUXOXLVXQWVHWDWHSHQWUXRSHUVRDQPDL
UREXVWVDUSXWHDVQXILHSRVLELOVUDED
WDLvQDLQWHEDQFKHWDGLQVSDWHQDFHVW
FD]GHSODVDLVFDXQHOHIURQWDOHFkWPDL
vQDLQWHSRVLELO
 'HSODVDLWHWLHUHOHvQSR]LLDFHDPDLGHMRV
3DJLQD
 5DEDWDLSHUQDVFDXQXOXLCvQVXV

 $9(57,60(17
1XUDEDWDLVSWDUXOSHSHUQHOHVFDXQHORU
UDEDWDWHvQMRV'DFSHUQHOHVFDXQHORUVXQW
UDEDWDWHvQMRVEDJDMXOSRDWHILSURLHFWDW


'HSR]LWDUHLFDUDFWHULVWLFL

7UDJHLGHWHWLHUDFHQWUDODEDQFKHWHLGLQ
VSDWHvQSR]LLDVXSHULRDU3DJLQD
 &XOLVDLSLHGLFDGHHOLEHUDUHCvQVWkQJDL
URWLLFODSHWDDvQVWkQJDSkQFkQGVH
IL[HD]vQVSDWHOHEDQFKHWHLGLQVSDWH




=RQHGHGHSR]LWDUH



'HSR]LWDUHLFDUDFWHULVWLFL

5DEDWDUHDvQDSRLDEDQFKHWHLGLQVSDWH

7UDJHLSLHGLFDGHHOLEHUDUHDvQVXVvQ
GLUHFLDVJHLLSkQFkQGVSWDUXOHVWH
GHEORFDWFRPSOHW

 6SWDUXOHVWHJUHX3ULQXUPDUHWUHEXLH
VDFLRQDLFXDWHQLHFkQGvOUDEDWDL$VL
JXUDLYFWHWLHUHOHVXQWFRPSOHWFRER
UkWHDVWIHOvQFkWVSWDUHOHLSHUQHOHVQX
ILHGHWHULRUDWH
 5DEDWDLVSWDUXOvQDLQWHSkQFkQGDFHVWD
DWLQJHSR]LLDSRUWEDJDMXOXL

5DEDWDLVSWDUXOVFDXQXOXLDvQDSRLSkQ
FkQGVHDQJUHQHD]
 5RWLLSHUQDVFDXQXOXLCvQDSRL
 'DFHVWHQHFHVDUWUDJHLLUHJODLWHWLH
UHOH3DJLQD


 3HULFROGHUQLUH
$VLJXUDLYFVSWDUXOEDQFKHWHLLSHUQD
VFDXQXOXLVXQWIL[DWHFRUHFWvQSR]LLH

$VLJXUDUHDXQHLvQFUFWXUL
2FKLXULGHDQFRUDUH
 $9(57,=$5(
QFUFDLXQLIRUPLQHOHOHGHSULQGHUH
QFD]FRQWUDUGYVVDXDOWHSHUVRDQHSXWHLIL
UQLLGHvQFUFWXUDFDUHVHGHSODVHD]
QHFRQWURODWvQFD]XULOHvQFDUH


*KLGDLFHQWXULOHGHVLJXUDQDVXEFOH
PHOHFRUHVSXQ]WRDUHC

=IUkQDLEUXVF
=VFKLPEDLUDSLGGLUHFLD
=VXQWHLLPSOLFDWvQWUXQDFFLGHQW
QOHJWXUFXDFHDVWDDYHLvQYHGHUHLQVWUXF
LXQLOHGHvQFUFDUH

5HVSHFWDLXUPWRDUHOHQRWHSULYLQGDVLJXUD
UHDvQFUFWXULORU
=DVLJXUDLvQFUFWXUDFXDMXWRUXORFKLXULORU

GHDQFRUDUH
=QXXWLOL]DLFKLQJLHODVWLFHVDXSODVHSHQWUX

DIL[DRvQFUFWXUGHRDUHFHDFHVWHDDX
GRDUUROXOGHSURWHFLHFRQWUDDOXQHFULL
SHQWUXRELHFWHXRDUH

=RQHGHGHSR]LWDUH



=QXGLULMDLPDWHULDOHOHGHIL[DUHSHVWHPDU

JLQLVDXFROXULDVFXLWH
LH
6HDIOSDWUXRFKLXULGHDQFRUDUHvQSRUWEDJDM
QDLQWHGHDXWLOL]DRFKLXULOHGHDQFRUDUHGH
SHSDUWHDGUHDSWDSRUWEDJDMXOXLSODVDSHQ
WUXEDJDMHWUHEXLHVILHvPSLQVvQMRV




$SVDLPDUFDMXOFkUOLJXOXLGHJHDQWC
5RWLLFkUOLJXOGHJHDQWCSkQFkQGVH
DQJUHQHD]

&kUOLJHGHIL[DUH
)L[DLQXPDLDUWLFROHGHEDJDMHXRDUHvQFkU
OLJHOHGHPRQWDUHPD[LPNJ
C 2FKLXULGHDQFRUDUH

&kUOLJGHJHDQW
 $9(57,60(17
6XVSHQGDLQXPDLRELHFWHXRDUHSHVXSRU
WXULOHGHJHQL1XOHXWLOL]DLODWUDQVSRUWXOGH
RELHFWHJUHOHFXPDUJLQLDVFXLWHVDXIUDJLOH
&kQGIUkQDLSXWHUQLFVFKLPEDLUDSLGGLUHFLD
VDXvQFD]GHDFFLGHQWFkUOLJHOHGHJHDQWQX
YRUIL[DVXILFLHQWRELHFWHOH$FHVWOXFUXDU
SXWHDGXFHODDFFLGHQWDUHDGXPQHDYRDVWU
VDXDDOWRUSHUVRDQH
 &kUOLJXOGHJHDQWSRDWHUH]LVWDODRVDU
FLQPD[LPGHNJ1XvOXWLOL]DLSHQWUX
DIL[DRVDUFLQ
([LVWXQFkUOLJGHJHDQWvQSRUWEDJDMSH
SDUWHDVWkQJ

([LVWGRXFkUOLJHGHIL[DUHCSHILHFDUH
SDUWHDSRUWEDJDMXOXL

&DSDFSRUWEDJDM
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
&DSDFXOSRUWEDJDMXOXLQXHVWHXQVLVWHPGH
UHWHQLH$VLJXUDLVDUFLQDVXEFDSDFXOSRUW
EDJDMXOXLSULQPLMORDFHDGHFYDWH$VLJXUDLY
FDLIL[DWELQHFDSDFXOSRUWEDJDMXOXL'DF
EDJDMHOHQXVXQWDVLJXUDWHVXILFLHQWDFHVWHD
SRWILSURLHFWDWHSHVWHVSWDUvQFRPSDUWL
PHQWXOSDVDJHULORUGHH[HPSOXvQWLPSXO
IUkQULLSXWHUQLFHDVFKLPEULORUEUXWHGH


'HSR]LWDUHLFDUDFWHULVWLFL

=FSWXLLPDUJLQLOHDVFXLWHSHQWUXSURWHF

=RQHGHGHSR]LWDUH



'HSR]LWDUHLFDUDFWHULVWLFL

GLUHFLHVDXvQFD]GHDFFLGHQW3XWHLSURYRFD
XQDFFLGHQWVDXSXWHLVXIHULUQLDWkWGXP
QHDYRDVWUFkWLDOWHSHUVRDQH

0RQWDUHDGHPRQWDUHDFDSDFXOXLSRUW
EDJDMXOXLIUSODVGHVLJXUDQLQWH
JUDW

 &kQGvQFUFDLDXWRYHKLFXOXODVLJXUDLY
FQXVXSUDSXQHLVDUFLQDvQSRUWEDJDMOD
XQQLYHOFDUHVGHSHDVFPDUJLQHDLQIH
ULRDUDJHDPXULORUODWHUDOH1XDH]DL
RELHFWHJUHOHGHDVXSUDFDSDFXOXLSRUWED
JDMXOXL
8QFDSDFGHSRUWEDJDMVDXXQFDSDFLRSODV
GHEDJDMHFRPELQDWHFDSDFXOSRUWEDJDMXOXL
FXSODVGHVLJXUDQHVWHIL[DWvQIXQFLHGH
HFKLSDUHGXSVSWDUXOEDQFKHWHLGLQVSDWH
3HQWUXDGHPRQWDDVLJXUDLYGHUXODUHD
FDSDFXOXLSRUWEDJDMXOXLC
 $SVDLFDSDFXOGLQFDSWDOFDSDFXOXL
SRUWEDJDMXOXLCvQGUHDSWDVDXvQVWkQJD
vQGLUHFLDLQGLFDWGHVJHDWLDSVDL
FDSDFXOSRUWEDJDMXOXLCvQSXQFWXOGH
DQFRUDUHDRSXVDFHVWXLD
 QGHSUWDLFDSDFXOSRUWEDJDMXOXLC


([WLQGHUHDLUHWUDJHUHDFDSDFXOXLSRUW
EDJDMXOXL

3HQWUXDPRQWDIL[DLFDSDFXOSRUWEDJD
MXOXLCGLQSDUWHDGUHDSWVDXVWkQJvQ
SXQFWXOGHDQFRUDUHD
 $SVDLFDSDFXOGLQFDSWXORSXVDO
FDSDFXOXLSRUWEDJDMXOXLCvQGLUHFLDLQGL
FDWGHVJHDWLLQWURGXFHLFDSDFXOSRUW
EDJDMXOXLCvQSXQFWXOGHDQFRUDUH
RSXVD


3HQWUXDH[WLQGHWUDJHLFDSDFXOSRUWED
JDMXOXLvQDSRLGHPkQHUXOGHSULQGHUHCL
SULQGHLOvQGLVSR]LWLYHOHGHSULQGHUHDGLQ
VWkQJDLGLQGUHDSWD

3HQWUXDUHWUDJHGHVSULQGHLFDSDFXO
SRUWEDJDMXOXLGLQGLVSR]LWLYHOHGHSULQ
GHUHDGLQVWkQJDLGLQGUHDSWDLJKLGDL
OvQDLQWHFXPkQHUXOGHSULQGHUHCSkQFH
HVWHFRPSOHWUHWUDV

0RQWDUHDGHPRQWDUHDFDSDFXOXLLSOD
VHLGHEDJDMHFRPELQDWHFDSDFXOSRUW
EDJDMXOXLFXSODVGHVLJXUDQLQWH
JUDW
3XWHLLQVWDODLSXWHLVFRDWHFDSDFXOLSODVD
GHEDJDMHFRPELQDWHGLQSRUWEDJDM
 $VLJXUDLYFSODVDGHVLJXUDQLFDSD
FXOSRUWEDJDMXOXLVXQWUXODWH

=RQHGHGHSR]LWDUH



3ODVGHVLJXUDQvQFDSDFXOLSODVD
GHEDJDMHFRPELQDWH

3HQWUXDVFRDWHDSVDLEXWRQXOD
5RWLLFDSDFXOLSODVDGHEDJDMHFRPELQDWH
vQGLUHFLDVJHLL
 0DLvQWkLGHVSULQGHLFDSDFXOLSODVDGH
EDJDMHFRPELQDWHGLQSLHGLFDGLQ
VWkQJDCDSRLVFRDWHLOHGLQGLVSR]LWLYXO
GHSULQGHUHGLQGUHDSWD
 3HQWUXLQVWDODUHvPSLQJHLvQVXVFDSDFXO
LSODVDGHEDJDMHFRPELQDWHSkQODRSUL
WRUXOGLQGLVSR]LWLYXOGHSULQGHUHGLQ
GUHDSWD
 3R]LLRQDLFDSDFXOLSODVDGHEDJDMHFRP
ELQDWHvQGLVSR]LWLYXOGHSULQGHUHGLQVWkQJD
LvPSLQJHLvQSLHGLFDCSkQFkQGFDSD
FXOLSODVDGHEDJDMHFRPELQDWHVHDQJUH
QHD]VRQRU



 $9(57,60(17
3ODVDGHVLJXUDQQXSRDWHDVLJXUDVDUFLQL
JUHOH3ULQXUPDUHWUHEXLHVDQFRUDLvQWRW
GHDXQDvQFUFWXUD
QFD]FRQWUDUGXPQHDYRDVWUDLSXWHDIL
UQLWGHRELHFWHOHQHDVLJXUDWHVXILFLHQWLSUR
LHFWDWHSULQDXWRYHKLFXOvQFD]GHIUkQDUH
SXWHUQLFGHVFKLPEDUHEUXVFDGLUHFLHLVDX
GHDFFLGHQW
 $9(57,60(17
QFD]GHIUkQDUHSXWHUQLFVFKLPEDUHEUXVF
GHGLUHFLHVDXGHDFFLGHQWHVWHSRVLELOFD
RELHFWHOHXRDUHVILHDUXQFDWHGLQWURSDUWH
vQFHDODOW
$FHVWOXFUXDUSXWHDGXFHODDFFLGHQWDUHD
GXPQHDYRDVWUVDXDDOWRUSHUVRDQH
3ULQXUPDUHGDFWUDQVSRUWDLRELHFWH
XRDUHXWLOL]DLSODVDGHVLJXUDQ

)L[DUHDSODVHLGHVLJXUDQ




$VLJXUDLYFLQGLFDWRUXOGHVWDUHURXDO
EORFULLQXPDLHVWHYL]LELOQFD]FRQ
WUDUFDSDFXOLSODVDGHEDJDMHFRPELQDWH
QXVHYRUEORFDSHSR]LLH

7UDJHLSODVDGHVLJXUDQvQVXVGH
FDGUXOCLSULQGHLRvQRFKLXULOHDFX
DPEHOHPkLQL

'HSR]LWDUHLFDUDFWHULVWLFL

1RWHLPSRUWDQWHSULYLQGVLJXUDQD



=RQHGHGHSR]LWDUH
&kUOLJHSHQWUXKDLQHSHKD\RQ

'HSR]LWDUHLFDUDFWHULVWLFL

 $9(57,60(17
(VWHSRVLELOVVHvQFKLGKD\RQXOvQFD]XOvQ
FDUHFkUOLJHOHGHKDLQHVXQWVXSXVHXQHLVDU
FLQLSUHDPDUL
$VWIHOGXPQHDYRDVWUVDXDOWHSHUVRDQH
SXWHLILSULQVHvQWUHHOHPHQWHVXIHULQGUQL
'DFXWLOL]DLFkUOLJHOHGHKDLQHDWkUQDL
QXPDLKDLQHXRDUHSHDFHVWHD$VLJXUDLY
FQLPHQLQXSRDWHILSULQVvQWUHHOH

$FFHVRULLWUXVGHDVLJXUDUHDvQFUFWXULL($6<
3$&.
C *HDQWFXFDGUHLVXSRUWGHEDJDMH
D 7LMWHOHVFRSLF

,QWURGXFHUHDFDGUHORUvQLQDGH
vQFUFDUH

C &kUOLJHSHQWUXKDLQH

7UXVGHDVLJXUDUHDvQFUFWXULL
($6<3$&.
&RPSRQHQWHLGHSR]LWDUH
7UXVDGHDVLJXUDUHDvQFUFWXULL($6<3$&.
YSHUPLWHVXWLOL]DLSRUWEDJDMXOvQGLYHUVH
VFRSXUL$FFHVRULLOHVHDIOVXESODQHXOSRUW
EDJDMXOXL
 'HVFKLGHLSODQHXOSRUWEDJDMXOXL
3DJLQD

,QWURGXFHLFDGUXOCvQFHQWUXOLQHLGH
vQFUFDUH
 $SVDLEXWRQXOGHHOLEHUDUHDLvPSLQJHL
FDGUXOCvQSR]LLDGRULWvQLQDGH
vQFUFDUH
 (OLEHUDLEXWRQXOGHHOLEHUDUHD
 $SVDLEXWRQXOGHEORFDUH
&DGUXOCHVWHEORFDWvQLQDGH
vQFUFDUH
 'DFVLWXDLDRFHUHUDEDWDLRFKLXOGH
DQFRUDUHvQVXV


 $9(57,=$5(
QFUFDLXQLIRUPLQHOHOHGHSULQGHUH

=RQHGHGHSR]LWDUH

=IUkQDLEUXVF
=VFKLPEDLUDSLGGLUHFLD
=VXQWHLLPSOLFDWvQWUXQDFFLGHQW

QOHJWXUFXDFHDVWDDYHLvQYHGHUHLQVWUXF
LXQLOHGHvQFUFDUH

)RORVLQGRVLQJXUPkQDSVDLEXWRQXO
GHEORFDUHCGLQVXSRUWXOGHEDJDMH
 &XFHDODOWPkQOVDLFKLQJDVVH
UHWUDJXRUSkQFkQGVDUFLQDHVWHIL[DW
 $VLJXUDLYFEXWRQXOGHEORFDUHGLQ
FDGUHOHHVWHDSVDW
$VWIHOFDGUHOHVXQWIL[DWHvQORFDSH
LQDGHvQFUFDUH


6XSRUWGHEDJDMH
6XSRUWXOGHEDJDMHSRDWHILXWLOL]DWSHQWUXD
IL[DVDUFLQLXRDUHFRQWUDSHUHWHOXLODWHUDODO
SRUWEDJDMXOXLSHQWUXDQXOHSHUPLWHVVH
PLWH

 8WLOL]DLVXSRUWXOGHEDJDMHSHQWUXDDVL
JXUDvQFUFWXULOHFXRJUHXWDWHPD[LPGH
NJLFXGLPHQVLXQLFDUHSHUPLWUHLQHUHD
vQVLJXUDQDvQFUFWXULORUvQVXSRUWXOGH
EDJDMH

3HQWUXDVFRDWHDSVDLEXWRQXOGHHOLEH
UDUHGLQFDGUXOUHVSHFWLYLVFRDWHL
VXSRUWXOGHEDJDMHDWUJkQGXOvQVXVL
vQDIDU

7LMWHOHVFRSLF
7LMDWHOHVFRSLFSRDWHILXWLOL]DWSHQWUXDIL[D
VDUFLQDFRQWUDVFDXQHORUVSDWHSHQWUXDSUH
YHQLPLFDUHDDFHVWHLD

3HQWUXDLQVWDODLQWURGXFHLXQFDGUXD
vQLQHOHGHvQFUFDUHGLQVWkQJDLGLQ
GUHDSWDLFXOLVDLOvQSR]LLDGRULW
3DJLQD
 ,QWURGXFHLWLMDWHOHVFRSLFCvQ
FDGUHOHDLvQWUHWLPSDSVDLEXWRQXOGH
HOLEHUDUHLvPSLQJHLWLMDvQMRVSkQFH
VHDQJUHQHD]
 $VLJXUDLYFEXWRQXOGHEORFDUHGLQ
FDGUHOHDHVWHDSVDW
$VWIHOFDGUHOHDVXQWIL[DWHvQORFDSH
LQDGHvQFUFDUH


3HQWUXDLQVWDODLQWURGXFHLGRXFDGUH
vQLQDGHvQFUFDUHGLQVWkQJDVDXGLQ
GUHDSWD3DJLQD
 $SVDLEXWRQXOGHHOLEHUDUHCDOVXSRUWX
OXLGHEDJDMHLWUDJHLFKLQJDXRUvQDIDU
 ,QWURGXFHLVXSRUWXOGHEDJDMHDvQ
FDGUHOHLvQDFHODLWLPSDSVDLEXWR
QXOGHHOLEHUDUHLvPSLQJHLVXSRUWXOGH
EDJDMHvQMRVSkQFkQGVHvPELQ
 $SVDLEXWRQXOGHHOLEHUDUHCGLQVXSRU
WXOGHEDJDMHLWUDJHLFKLQJDvQDIDUvQ
GLUHFLDVJHLL
 $H]DLVDUFLQDvQWUHFKLQJLSHUHWHOHODWH
UDODOSRUWEDJDMXOXL


3HQWUXDVFRDWHDSVDLEXWRQXOGHHOLEH
UDUHGLQFDGUXOUHVSHFWLYDLVFRDWHL

'HSR]LWDUHLFDUDFWHULVWLFL

QFD]FRQWUDUGYVVDXDOWHSHUVRDQHSXWHLIL
UQLLGHvQFUFWXUDFDUHVHGHSODVHD]
QHFRQWURODWvQFD]XULOHvQFDUH



=RQHGHGHSR]LWDUH



'HSR]LWDUHLFDUDFWHULVWLFL

WLMDWHOHVFRSLFCWUJkQGRvQVXVLvQ
DIDU

6SDLXOGHGHSR]LWDUHGHVXESODQHXO
SRUWEDJDMXOXL
 $9(57,60(17
1XFRQGXFHLQLFLRGDWFXSODQHXOSRUWEDJD
MXOXLGHVFKLV
QFD]FRQWUDUGXPQHDYRDVWULFHLODOLSDVD
JHULDLDXWRYHKLFXOXOXLDLSXWHDILUQLLGH
RELHFWHOHSURLHFWDWHSULQDXWRYHKLFXOvQFD]GH
IUkQDUHSXWHUQLFGHVFKLPEDUHEUXVFD
GLUHFLHLVDXGHDFFLGHQW

([WLQGHLFkUOLJXOGHSHSDUWHDLQIHULRDU
DSODQHXOXLSRUWEDJDMXOXLvQGLUHFLD
VJHLL

3ULQGHLFkUOLJXOGHJDUQLWXUDVXSHULRDU
DSRUWEDJDMXOXL

2LQVHULHGHWDDELOGHVXESODQHXOSRUWED
JDMXOXLFRQLQHSLHVHOHWUXVHLGHDVLJXUDUHD
vQFUFWXULL($6<3$&.7,5(),7LWUXVDGH
VFXOHSHQWUXVFKLPEDUHDSQHXULORUHWFVXQW
GHSR]LWDWHGLQFRORGHDFHDVWLQVHULH

3HQWUXDvQFKLGHGHVSULQGHLFkUOLJXO
GLQJDUQLWXUDVXSHULRDUDSRUWEDJDMX
OXL
 3ULQGHLFkUOLJXOODFDGUXOGHSHSDUWHD
LQIHULRDUDSODQHXOXLSRUWEDJDMXOXL
 5DEDWDLSODQHXOSRUWEDJDMXOXLvQMRV
 $SVDLSODQHXOSRUWEDJDMXOXLvQMRVD
SkQFkQGVHDQJUHQHD]
G 3HQWUXDVFRDWHSODQHXOSRUWEDJDMXOXL
GHVIDFHLFDSVHOHGHVXESODQHXOSRUWED
JDMXOXL&kQGPRQWDLODORFSODQHXOSRUW
EDJDMXOXLIL[DLFXFDSVH


3HQWUXDGHVFKLGHGHVFKLGHLKD\RQXO
LQkQGGHQHUYXULDSVDLPkQHUXOCvQ
MRVD
0kQHUXOCVHUDEDWHD]vQVXV
 5RWLLSODQHXOSRUWEDJDMXOXLvQVXVFXDMX
WRUXOPkQHUXOXLCSkQFkQGVHUHD]HP
GHFDSDFXOSRUWEDJDMXOXL



&DUDFWHULVWLFL
6XSRUWGHSDYLOLRQ



)L[DUHDVXSRUWXOXLGHSDYLOLRQ

 $9(57,60(17
8QVXSRUWGHSDYLOLRQXQVXSRUWSHQWUXVFKLXUL
VDXRVDUFLQIL[DWHLQFRUHFWVHSRWGHVSULQGH
GHSHDXWRYHKLFXO$FHVWHRELHFWHSRWILSUR
LHFWDWHvQH[WHULRUUQLQGXYSHGXPQHD
YRDVWUVDXSHDOLLVDXSURYRFkQGXQDFFL
GHQW5HVSHFWDLLQVWUXFLXQLOHGHLQVWDODUHDOH
SURGXFWRUXOXLVXSRUWXOXLGHSDYLOLRQVXSRU
WXOXLSHQWUXVFKLXULLLQVWUXFLXQLOHVSHFLDOH
GHXWLOL]DUH
6DUFLQDSHSDYLOLRQULGLFFHQWUXOGHJUHXWDWH
DODXWRYHKLFXOXOXLDIHFWkQGvQFRQVHFLQ
PDQHYUDELOLWDWHDDXWRYHKLFXOXOXL7UHEXLHV
UHVSHFWDLvQWRWGHDXQDVDUFLQDPD[LPSH
SDYLOLRQGHNJ$GDSWDLYvQWRWGHDXQD
VWLOXOGHFRQGXFHUHODFRQGLLLOHGHGUXPGH
WUDILFLPHWHRSUHGRPLQDQWHLFRQGXFHLFX
GHRVHELWSUXGHQGDFSDYLOLRQXOHVWH
vQFUFDW
 0HUFHGHV%HQ]YUHFRPDQGVXWLOL]DL
QXPDLVXSRUWXULGHSDYLOLRQFDUHDXIRVW
WHVWDWHLDSUREDWHSHQWUXDXWRYHKLFXOH
0HUFHGHV%HQ]$VWIHOSUHYHQLLDYDULHUHD
DXWRYHKLFXOXOXL
3R]LLRQDLVDUFLQDSHVXSRUWXOGHSDYLOLRQ
DVWIHOvQFkWDXWRYHKLFXOXOVQXVXIHUHDYD
ULLFKLDULGDFVHDIOvQPLFDUH
QIXQFLHGHHFKLSDUHDDXWRYHKLFXOXOXLDVL
JXUDLYFDWXQFLFkQGVXSRUWXOGHSDYL
OLRQHVWHPRQWDWSXWHL
=ULGLFDFRPSOHWWUDSDJOLVDQW
=GHVFKLGHFRPSOHWWUDSDJOLVDQWSDQRUD
PLF
=GHVFKLGHFRPSOHWKD\RQXO

3ULQGHLVXSRUWXOGHSDYLOLRQSHEDUHOHGH
SRUWEDJDMGHSHSDYLOLRQC
 5HVSHFWDLLQVWUXFLXQLOHGHLQVWDODUHDOH
SURGXFWRUXOXL


&DUDFWHULVWLFL
6XSRUWXULOHSHQWUXSDKDU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
0HQLQHLVXSRUWXOSHQWUXSDKDUvQFKLVFkW
WLPSYHKLFXOXOHVWHvQPLFDUHQFD]FRQWUDU
SDVDJHULLDXWRYHKLFXOXOXLDUSXWHDILUQLLGH
RELHFWHSURLHFWDWHvQFDELQGDF
=IUkQDLSXWHUQLF
=VFKLPEDLEUXVFGLUHFLD
=VXQWHLLPSOLFDWvQWUXQDFFLGHQW
8WLOL]DLVXSRUWXULOHSHQWUXSDKDUHQXPDLSHQ
WUXUHFLSLHQWHGHPULPHDDGHFYDWLFDUH
VXQWSUHY]XWHFXFDSDFHQFD]FRQWUDUOLFKL
GHOHVHSRWYUVD
6XSRUWXULOHSHQWUXSDKDUHQXWUHEXLHVILH
XWLOL]DWHSHQWUXEXWXULILHUELQLQFD]FRQ
WUDUHVWHSRVLELOVYRSULL
 $9(57,60(17
1XWUDQVSRUWDLVWLFOHJUHOHFXPDUJLQLDVFX
LWHVDXIUDJLOHvQFRPSDUWLPHQWHOHGHGHSR
]LWDUH
QFD]GHDFFLGHQWFRPSDUWLPHQWHOHGHGHSR
]LWDUHQXSRWIL[DDGHFYDWVWLFOHOH'XPQHD


'HSR]LWDUHLFDUDFWHULVWLFL

1RWHLPSRUWDQWHSULYLQGVLJXUDQD

&DUDFWHULVWLFL



'HSR]LWDUHLFDUDFWHULVWLFL

YRDVWULVDXDOLSDVDJHULDLDXWRYHKLFXOXOXL
SXWHLVXIHULUQL

&RPSDUWLPHQWHOHGHGHSR]LWDUHGLQSRUWLHUH
DVLJXUVSDLLSHQWUXVWLFOHFXFDSDFLWDWHDGH
SkQODO
6WLFOHOHQXVXQWQLFLIL[DWHLQLFLQXVHSUHYLQH
UVWXUQDUHDORU3ULQXUPDUHQXSODVDLQLFLXQ
UHFLSLHQWGHEXWXUGHVFKLVvQFRPSDUWLPHQ
WHOHGHGHSR]LWDUH

WHPSHUDWXUVF]XWLWHPSHUDWXULOHFDOGHOD
WHPSHUDWXUULGLFDW
3XWHLVFRDWHFRYRUDXOGLQFDXFLXFDOVXSRU
WXOXLSHQWUXSDKDUSHQWUXDOFXUD&XUDL
OQXPDLFXDSFXUDWLFOGX

6XSRUWXOSHQWUXSDKDUGLQFRQVRODFHQ
WUDOGLQID
3XWHLVFRDWHFRYRUDXOGLQFDXFLXFDOVXSRU
WXOXLSHQWUXSDKDUSHQWUXDOFXUD&XUDL
OQXPDLFXDSFXUDWLFOGX

C 6XSRUWXULOHSHQWUXSDKDU
D /DPSDLQGLFDWRDUHGHFOGXUUH]LGXDO
%XWRQXO

5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 3HQWUXDDFWLYDIXQFLDGHUFLUHDSVDL
LPHQLQHLDSVDWEXWRQXOSkQFkQG
ODPSDLQGLFDWRDUHDOEDVWUGHSHEXWRQVH
DSULQGH
 3HQWUXDDFWLYDIXQFLDGHvQFO]LUH
DSVDLLPHQLQHLDSVDWEXWRQXO
SkQFkQGODPSDLQGLFDWRDUHURLHGHSH
EXWRQVHDSULQGH
 3HQWUXDGH]DFWLYDIXQFLDDSVDLL
PHQLQHLDSVDWEXWRQXOSkQFkQG
ODPSDLQGLFDWRDUHGHSHEXWRQVHVWLQJH


C 6XSRUWXULOHSHQWUXSDKDU
D &DSDFXO


3HQWUXDGHVFKLGHFXOLVDLFDSDFXODvQ
SR]LLDVDGHFDSWID

6XSRUWSHQWUXSDKDUFXWHPSHUDWXU
FRQWURODWvQFRQVRODFHQWUDOGLQFRP
SDUWLPHQWXOGLQID
 $9(57,60(17
&kQGXWLOL]DLIXQFLDGHvQFO]LUHLQVHULD
PHWDOLFDVXSRUWXOXLSHQWUXSDKDUHVWH
vQFO]LW3ULQXUPDUHQXDWLQJHLLQVHULD
VXSRUWXOXLSHQWUXSDKDUQFD]FRQWUDUHVWH
SRVLELOVYDUGHL
6XSRUWXOSHQWUXSDKDUFRQWURODWWHUPLFSRDWH
ILXWLOL]DWSHQWUXDPHQLQHEXWXULOHUHFLOD

&kQGIXQFLDGHvQFO]LUHHVWHXWLOL]DWODPSD
LQGLFDWRDUHGHFOGXUUH]LGXDODVH
DSULQGHFkQGVHGHSHWHRDQXPLWWHPSH
UDWXU3ULQXUPDUHLQVHULDPHWDOLFDVXSRU
WXOXLSHQWUXSDKDUYDILvQFLQV

6XSRUWXOSHQWUXSDKDUGLQFRWLHUDVFDX
QXOXLGLQVSDWH
 1XVWDLSHLQXYVSULMLQLLJUHXWDWHD
FRUSXOXLSHFRWLHUDVFDXQXOXLVSDWHFkQG
HVWHUDEDWDWGHRDUHFHODLSXWHDGHWHULRUD
vQFD]FRQWUDU

&DUDFWHULVWLFL



2JOLQGDGHPDFKLDMGLQSDUDVRODU

5HIOH[LHGLQWURSDUWH

5DEDWDLvQMRVFRWLHUDVFDXQXOXLGLQVSDWH
6XSRUWXOSHQWUXSDKDUCVHDIOvQFRWLHUD
VFDXQXOXLGLQVSDWH

3DUDVRODUXO
3UH]HQWDUHJHQHUDODSDUDVRODUXOXL
 $9(57,60(17
0HQLQHLRJOLQ]LOHGHPDFKLDMGLQSDUDVRODUH
DFRSHULWHvQWLPSXOFRQGXFHULLQFD]FRQWUDU
DLSXWHDILRUELWQHPDLSXWkQGREVHUYDFRQ
GLLLOHGLQWUDILFLSXWkQGSURYRFDXQDFFLGHQW
GUHSWFRQVHFLQ

3OLDLvQMRVSDUDVRODUXOC
 7UDJHLSDUDVRODUXOCGLQGLVSR]LWLYXOGH
SULQGHUH
 5RWLLSDUDVRODUXOCvQODWHUDO
 &XOLVDLSDUDVRODUXOCvQDLQWHLvQDSRL
GXSFXPHVWHQHFHVDU
 3OLDLvQMRVSDUDVRODUXOVXSOLPHQWDUD


6FUXPLHUH
6FUXPLHUSHFRQVRODFHQWUDOID

C /XPLQDGLQRJOLQG

 6XSRUWXOGHVXEVFUXPLHUQXHVWHWHUPR
UH]LVWHQWQDLQWHGHDSXQHLJULDSULQVHvQ
VFUXPLHUDVLJXUDLYFVFUXPLHUDHVWH
FXSODWFRUHVSXQ]WRUQFD]FRQWUDU
VXSRUWXOSRDWHVXIHULGHWHULRUUL

D &RQVROD
&OHPGHIL[DUHGHH[SHQWUXXQWLFKHW

GHSDUFDUH
2JOLQGGHPDFKLDM
&DSDFXORJOLQ]LL

'HSR]LWDUHLFDUDFWHULVWLFL

/XPLQDGLQRJOLQGCIXQFLRQHD]QXPDL
GDFSDUDVRODUXOHVWHSULQVvQGLVSR]LWLYXOGH
SULQGHUHDLFDSDFXORJOLQ]LLDIRVWSOLDW
vQVXV

&DUDFWHULVWLFL



3HQWUXDGHVFKLGHDSVDLVFXUWFDSD
FXODSHSDUWHDVXSHULRDU
6FUXPLHUDVHGHVFKLGH
 3HQWUXDVFRDWHLQVHULDvPSLQJHLvQ
GHJDMDUHDGLQVSUHGUHDSWD
,QVHULDVFUXPLHUHLCFXOLVHD]vQDIDU
XRUODGUHDSWD
 5LGLFDLLQVHULDCvQVXVLvQDIDU
 3HQWUXDPRQWDODORFLQVHULDSODVDL
LQVHULDCvQVXSRUWLDSVDLRvQSDUWHD
GUHDSWSkQFHVHDQJUHQHD]

'HSR]LWDUHLFDUDFWHULVWLFL

3HQWUXDGHVFKLGHFXOLVDLFDSDFXOCvQ
SR]LLDVDGHFDSWID
 5DEDWDLFDSDFXODOLQVHULHLvQVXV
 3HQWUXDVFRDWHLQVHULDvPSLQJHLLQVHU
LDODVWkQJD
,QVHULDVFUXPLHUHLFXOLVHD]vQDIDU
XRUODGUHDSWD
 5LGLFDLLQVHULDvQVXVDLvQDIDU
 3HQWUXDPRQWDODORFLQVHULDSODVDL
LQVHULDvQVXSRUWLDSVDLRvQSDUWHD
GUHDSWSkQFHVHDQJUHQHD]


6FUXPLHUGLQFRQVRODFHQWUDOGLQ
FRPSDUWLPHQWXOVSDWH
 QFKLGHLVFUXPLHUDvQFD]GHQHXWLOL]DUHL
vQDLQWHGHDUDEDWDVFDXQHOHVSDWHvQDLQWH
QFD]FRQWUDUSXWHLGHWHULRUDVFUXPLHUD
$XWRYHKLFXOHOHIUXQVLVWHPGHGLYHUWLVPHQW
SHQWUXEDQFKHWDGLQVSDWHGLVSXQGHRVFUX
PLHUvQFRQVRODFHQWUDOGLQFRPSDUWLPHQWXO
VSDWH

%ULFKHW
 3HULFROGHUQLUHLLQFHQGLX
3HQWUXPDQLSXODUHDEULFKHWHLILHUELQLXWLOL]DL
QXPDLPkQHUXODFHVWHLDQFD]FRQWUDUSXWHL
VXIHULDUVXUL
/XDLPVXULSHQWUXHOLPLQDUHDSHULFROXOXLGH
DFFLGHQWDUHDFRSLLORUFHFOWRUHVFvQDXWR
YHKLFXOSULQDWLQJHUHDEULFKHWHLILHUELQLVDX
GHSURYRFDUHDXQXLLQFHQGLXSULQPDQLSXOD
UHDDFHVWHLD
 %ULFKHWDGLQFRQVRODFHQWUDOGLQFRPSDU
WLPHQWXOIDQXHVWHGHVWLQDWDOLPHQWULL
FRPSUHVRUXOXLGHXPIODUHDSQHXULORU

5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 3HQWUXDGHVFKLGHFXOLVDLFDSDFXOCvQ
SR]LLDVDGHFDSWID


&DUDFWHULVWLFL



$SVDLEULFKHWDvQXQWUXD
%ULFKHWDDYDVULDXWRPDWvQDIDUFkQG
UH]LVWHQDHVWHLQFDQGHVFHQW
 3HQWUXDvQFKLGHWUDJHLFDSDFXOCvQD
SRLSkQODFDSW

3UL]HGH9
$VSHFWHGHFDUHVHYDLQHFRQWvQDLQWH
GHXWLOL]DUH
&XH[FHSLDSUL]HLGLQFRQVRODFHQWUDOGLQ
IDWRDWHSUL]HOHSRWILXWLOL]DWHSHQWUXDFFH
VRULLFXXQFRQVXPGHFXUHQWPD[LPGH
:$3UL]DGLQFRQVRODFHQWUDOGLQ
IDSRDWHILXWLOL]DWSHQWUXDFFHVRULLFXXQ
FRQVXPGHFXUHQWPD[LPGH:$
3ULQWUHDFFHVRULLVHQXPUOPSLVDX
vQFUFWRDUHSHQWUXWHOHIRDQHPRELOH
'DFXWLOL]DLSUL]HOHSHSHULRDGHvQGHOXQJDWH
FkQGPRWRUXOHVWHRSULWEDWHULDVHSRDWH
GHVFUFD
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW

G 8QPHFDQLVPGHvQWUHUXSHUHGHXUJHQ
DVLJXUIDSWXOFWHQVLXQHDGHODERUGQX
VFDGHODXQQLYHOSUHDPLF'DFWHQVLXQHD
GHODERUGHVWHSUHDVF]XWDOLPHQWDUHD
ODSUL]HHVWHvQWUHUXSWDXWRPDW$VWIHOVH
DVLJXUXQFXUHQWHOHFWULFVXILFLHQWSHQWUX
DSRUQLPRWRUXO
3UL]SHFRQVRODFHQWUDOGLQID
 3UL]DQXHVWHGHVWLQDWDOLPHQWULLFRP
SUHVRUXOXLGHXPIODUHDSQHXULORU

3HQWUXDGHVFKLGHFXOLVDLFDSDFXOCvQ
SR]LLDVDGHFDSWID
 5LGLFDLFDSDFXOSUL]HLD
 3HQWUXDvQFKLGHWUDJHLFDSDFXOCvQD
SRLSkQODFDSW


3UL]vQFRQVRODFHQWUDODFRPSDUWL
PHQWXOXLGLQVSDWH

5LGLFDLFDSDFXOSUL]HLC

/DDXWRYHKLFXOHOHFX6LVWHPGHGLYHUWLVPHQW
SHQWUXEDQFKHWDGLQVSDWHH[LVWGRXSUL]H
vQFRQVRODFHQWUDOGLQFRPSDUWLPHQWXO
VSDWH

'HSR]LWDUHLFDUDFWHULVWLFL

&DUDFWHULVWLFL



3UL]vQSRUWEDJDM

VHvQFDOFXOLGH]EDWHULOHWLLQLILFHFXUHQWH
SULYLQGSRVLELOHOHULVFXULDVXSUDVQWLLFRP
SRUWDWHGHFkPSXULOHHOHFWURPDJQHWLFH

'HSR]LWDUHLFDUDFWHULVWLFL

0HUFHGHV%HQ]YUHFRPDQGVXWLOL]DLR
DQWHQH[WHULRDUDSUREDW$VWIHODVLJXUDL
=RFDOLWDWHRSWLPDUHFHSLHLODWHOHIRQXO

PRELOvQDXWRYHKLFXO
=UHGXFHUHDODPLQLPXPDLQIOXHQHORUUHFL

5LGLFDLFDSDFXOSUL]HLC

SURFHGLQWUHVLVWHPHOHHOHFWURQLFHDOHYHKL
FXOXOXLLWHOHIRDQHOHPRELOH
2DQWHQH[WHULRDUDUHXUPWRDUHOHDYDQ
WDMH
=FRQGXFHFkPSXULOHHOHFWURPDJQHWLFH

7HOHIRQPRELO
1RWHLPSRUWDQWH
 $9(57,60(17
5HVSHFWDLQRUPHOHOHJDOHGLQDUDvQFDUH
FRQGXFHLODPRPHQWXOUHVSHFWLYSULYLQGXWLOL
]DUHDHFKLSDPHQWXOXLPRELOGHFRPXQLFDLL
vQWUXQDXWRYHKLFXO
'DFOHJHDSHUPLWHXWLOL]DUHDHFKLSDPHQWXOXL
PRELOGHFRPXQLFDLLFkWDXWRYHKLFXOXOHVWHvQ
PLFDUHWUHEXLHVvOXWLOL]DLQXPDLGDF
VLWXDLDGLQWUDILFRSHUPLWHQFD]FRQWUDU
DWHQLDYDUSXWHDILGLVWUDVGHODFRQGLLLOH
GLQWUDILFDLSXWHDSURYRFDXQDFFLGHQWL
GXPQHDYRDVWULDOWHSHUVRDQHDLSXWHD
VXIHULUQL
6WDLLOHELGLUHFLRQDOHLHFKLSDPHQWXOID[XWL
OL]DWHIUDQWHQHH[WHULRDUHFXUHIOH[LH
VF]XWSRWSHUWXUEDVLVWHPHOHHOHFWURQLFH
DOHDXWRYHKLFXOXOXLSHULFOLWkQGvQFRQVHFLQ
VLJXUDQDvQIXQFLRQDUHDDXWRYHKLFXOXOXLL
VLJXUDQDGXPQHDYRDVWU3ULQXUPDUHWUH
EXLHVXWLOL]DLDFHVWHFKLSDPHQWQXPDLGDF
HVWHFRQHFWDWFRUHFWODRDQWHQH[WHULRDU
VHSDUDWIUUHIOH[LH
 $9(57,60(17
1LYHOXULOHH[FHVLYHGHUDGLDLLHOHFWURPDJQH
WLFHYSRWDIHFWDVQWDWHDDWkWDGXPQHD
YRDVWUFkWLDFHORUODOL8WLOL]DUHDXQHL
DQWHQHH[WHULRDUHHVWHSHUPLVGRDUOXkQGX

JHQHUDWHGHXQGLVSR]LWLYIUILUFWUHH[WH
ULRU
=LQWHQVLWDWHDFkPSXOXLGLQLQWHULRUXODXWRYH
KLFXOXOXLHVWHPDLVF]XWFDvQWUXQDXWR
YHKLFXOFDUHQXGLVSXQHGHDQWHQH[WH
ULRDU

G ([LVWGLIHULWHFRQVROHGHWHOHIRQPRELO
FDUHSRWILPRQWDWHvQDXWRYHKLFXOXOGXP
QHDYRDVWUvQDQXPLWHFD]XULDFHVWHDVXQW
VSHFLILFHULL
G 3XWHLFRQHFWDXQWHOHIRQPRELOFRPSDWL
ELOFX%OXHWRRWKFX$XGLRVDX&20$1'
2QOLQHSULQLQWHUIDD%OXHWRRWK6HDSOLF
LGDFDXWRYHKLFXOXOGXPQHDYRDVWUHVWH
GRWDWFXWHOHIRQLHFRQIRUW
,QIRUPDLLVXSOLPHQWDUHSULYLQGWHOHIRDQHOH
PRELOHSRWULYLWHFRQVROHOHGHWHOHIRQPRELOL
FRQHFWDUHDWHOHIRDQHORUPRELOHFRPSDWLELOH
%OXHWRRWKFX$XGLRVDX&20$1'2QOLQH
SRWILRELQXWH
=GHOD&HQWUXOGXPQHDYRDVWUGH6HUYLFH
0HUFHGHV%HQ]
=GHSHLQWHUQHWODDGUHVDKWWS
ZZZPHUFHGHVEHQ]FRPFRQQHFW
G )XQFLLOHLVHUYLFLLOHGLVSRQLELOHFkQGXWL
OL]DLWHOHIRQXOGHSLQGGHPRGHOXOWHOHIRQX
OXLGXPQHDYRDVWUPRELOLGHIXUQL]RUXOGH
VHUYLFLL

&DUDFWHULVWLFL

'HVFKLGHLFRPSDUWLPHQWXOWHOHIRQXOXL
3DJLQD
 'DFPRGHOXOFRQVROHLGHWHOHIRQPRELO
LPSXQHDFHVWOXFUXLQVWDODLDGDSWRUXOFXOL
VDQW3DJLQD
 ,QWURGXFHLWHOHIRQXOPRELOvQFRQVRODWHOH
IRQXOXLPRELOFRQVXOWDLLQVWUXFLXQLOHGH
LQVWDODUHVHSDUDWHSHQWUXJDUQLWXUDWHOHIR
QXOXLPRELO


LXQLOHVHSDUDWHGHXWLOL]DUHDWHOHIRQXOXL
PRELO

$GDSWRUXOFXOLVDQWSHQWUXFRQVRODGH
WHOHIRQPRELO
$QXPLWHFRQVROHGHWHOHIRQPRELOQHFHVLWXQ
DGDSWRUFXOLVDQWDVWIHOvQFkWFRQVRODVSRDW
ILLQVWDODWFRUHFW

'DFWHOHIRQXOPRELOHVWHLQWURGXVvQFRQVROD
WHOHIRQXOXLPRELOSXWHLYRUELFXLQWHUORFXWR
UXOGXPQHDYRDVWUFXDMXWRUXOVLVWHPXOXL
KDQGVIUHH

G /DDQXPLWHFRQVROHGHWHOHIRQPRELOWUH
EXLHVFRQHFWDLPDLvQWkLWHOHIRQXOPRELO
SULQ%OXHWRRWKODRFRQVROGHWHOHIRQ
PRELOFRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUH
VHSDUDWHSHQWUXFRQVRODGHWHOHIRQPRELO
'DFHVWHFD]XOWHOHIRQXOPRELOQXWUHEXLH
VILHLQWURGXVvQFRQVROSHQWUXFDGXP
QHDYRDVWUVSXWHLXWLOL]DIXQFLLOHWHOHIR
QXOXL7RWXLIXQFLDGHvQFUFDUHLIXQFLD
GHDQWHQVXQWLQGLVSRQLELOH
8WLOL]DUHDWHOHIRQXOXLPRELO
3XWHLXWLOL]DWHOHIRQXOFXDMXWRUXOEXWRDQHORU
jLGHSHYRODQXOPXOWLIXQFLRQDO
3XWHLXWLOL]DDOWHIXQFLLDOHWHOHIRQXOXLPRELO
SULQFDOFXODWRUXOGHERUG3DJLQD
$WXQFLFkQGVFRDWHLRFKHLHGLQFRPXWDWRUXO
GHFRQWDFWWHOHIRQXOPRELOUPkQHSRUQLW
7RWXLQXPDLSXWHLXWLOL]DVLVWHPXOKDQGV
IUHH
'DFDYHLXQDSHODFWLYLDLGRULVVFRDWHL
FKHLDGLQFRPXWDWRUXOGHFRQWDFWVFRDWHL
PDLvQWkLWHOHIRQXOPRELOGLQFRQVROQFD]
FRQWUDUDSHOXOHVWHvQFKHLDW

C 0RGHODQWHULRUH[HPSOXGHFRQVROGH

WHOHIRQPRELO
D 0RGHOQRXH[HPSOXGHFRQVROGHWHOHIRQ

PRELO
$GDSWRUFXOLVDQW
$GDSWRUXOFXOLVDQWHVWHQHFHVDUQXPDLSHQWUX
FRQVROHGHWHOHIRQPRELOSUHFXPC
1XPUFRPDQGSHQWUXDGDSWRUXOFXOLVDQW

0RQWDUHDDGDSWRUXOXLFXOLVDQW

G $WXQFLFkQGXWLOL]DLRFRQVROFRQHFWDW
ODWHOHIRQXOPRELOSULQ%OXHWRRWKGDF
GRULLVFRQWLQXDLXQDSHOvQPRGXOSULYDW
YDWUHEXLVHIHFWXDLSDLLQHFHVDUSHWHOH
IRQXOPRELO3XWHLJVLLQIRUPDLLvQLQVWUXF
 $XWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWLPDQHW',5(&76(/(&7

'HSR]LWDUHLFDUDFWHULVWLFL

,QWURGXFHUHDWHOHIRQXOXLPRELO



&DUDFWHULVWLFL



,QWURGXFHLDGDSWRUXOFXOLVDQWCSULQDOL
QLHUHDGHVFKL]WXULORUFXXUHFKLOHDGLQ
SODFDGHFRQWDFW
 $SVDLDPEHOHEXWRDQHGHHOLEHUDUHL
vPSLQJHLDGDSWRUXOFXOLVDQWSkQODFDSW
vQVXV
 3ULQGHLFRQVRODGHWHOHIRQPRELOODDGDS
WRUXOFXOLVDQWCFRQVXOWDLLQVWUXFLXQLOH
GHPRQWDUHVHSDUDWHSHQWUXFRQVRODGH
WHOHIRQPRELO
 $SVDLDPEHOHEXWRDQHGHHOLEHUDUHL
DSVDLDGDSWRUXOFXOLVDQWCFXFRQVRODGH
WHOHIRQPRELOvQMRVSkQFkQGVHDQJUH
QHD]

'HSR]LWDUHLFDUDFWHULVWLFL

,QWURGXFHLWHOHIRQXOPRELOvQFRQVRODWHOH
IRQXOXLPRELOFRQVXOWDLLQVWUXFLXQLOHGH
LQVWDODUHVHSDUDWHSHQWUXFRQVRODWHOHIRQX
OXLPRELO

6FRDWHUHDDGDSWRUXOXLFXOLVDQW

'HVFKL]WRUSHQWUXXDJDUDMXOXL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
'HVFKL]WRUXOSHQWUXXDJDUDMXOXL+RPH
/LQNLQWHJUDWvQRJOLQGDUHWURYL]RDUHYSHU
PLWHVDFLRQDLSkQODWUHLVLVWHPHGLIHULWH
SHQWUXXLSRDUW

G 'HVFKL]WRUXOSHQWUXXDJDUDMXOXLHVWH
GLVSRQLELOQXPDLvQDQXPLWHUL5HVSHFWDL
FHULQHOHOHJDOHSHQWUXILHFDUHDUvQSDUWH
'HVFKL]WRUXOSHQWUXXDJDUDMXOXL+RPH
/LQNHVWHFRPSDWLELOFXPDMRULWDWHDVLVWH
PHORUGHGHVFKLGHUHDJDUDMXOXLLDSRULORU
GLQ(XURSD0DLPXOWHLQIRUPDLLSULYLQG
+RPH/LQNLVDXSURGXVHOHFRPSDWLELOH
SRWILRELQXWHGHOD
=RULFH&HQWUXGH6HUYLFH0HUFHGHV%HQ]
=OLQLDGHDVLVWHQWHOHIRQLF+RPH/LQN
JUDWXLWVDX
QXPUWDULIDW
=GHSHLQWHUQHWODDGUHVD
KWWSZZZKRPHOLQNFRP
3URJUDPDUHDGHVFKL]WRUXOXLSHQWUX
XDJDUDMXOXLLQWHJUDWvQRJOLQGDUHWUR
YL]RDUH
3URJUDPDUH

6FRDWHLWHOHIRQXOPRELOGLQFRQVRODVD
FRQVXOWDLLQVWUXFLXQLOHGHPRQWDUHVHSD
UDWHSHQWUXFRQVRODGHWHOHIRQPRELO
 $SVDLDPEHOHEXWRDQHGHHOLEHUDUHDL
DSVDLDGDSWRUXOFXOLVDQWCFXFRQVRODGH
WHOHIRQPRELOvQVXVSkQFkQGVHGHVIDFH
 6FRDWHLFRQVRODGHWHOHIRQPRELOGLQDGDS
WRUXOFXOLVDQWCFRQVXOWDLLQVWUXFLXQLOH
GHPRQWDUHVHSDUDWHSHQWUXFRQVRODGH
WHOHIRQPRELO
 'HVSULQGHLDGDSWRUXOFXOLVDQWCFXDMXWR
UXOXQHLVFXOHDGHFYDWHLVFRDWHLO


 $9(57,60(17
$SVDLEXWRQXOGHSHGHVFKL]WRUXOLQWHJUDW
SHQWUXXDJDUDMXOXLGDFQXVXQWSHUVRDQH
VDXRELHFWHvQUD]DGHDFLXQHDXLLJDUDMXOXL
QFD]FRQWUDUSHUVRDQHOHDUSXWHDVXIHULUQL
SHPVXUFHXDVHGHSODVHD]

&DUDFWHULVWLFL
$SVDLLPHQLQHLDSVDWEXWRQXOGH
SHWHOHFRPDQGDSkQFkQGODPSDLQGL
FDWRDUHCVHDSULQGHvQYHUGH
'DFODPSDLQGLFDWRDUHCVHDSULQGHVDX
FOLSHWHvQYHUGHDWXQFLSURJUDPDUHDDIRVW
UHXLW
 (OLEHUDLEXWRQXODVDXGHSHGHV
FKL]WRUXOLQWHJUDWSHQWUXXDJDUDMXOXLL
EXWRQXOGHSHWHOHFRPDQGDXLLJDUDMX
OXL



'HVFKL]WRUSHQWUXXDJDUDMXOXLLQWHJUDWvQRJOLQGD
UHWURYL]RDUH

7HOHFRPDQGDSHQWUXXDJDUDMXOXLQXIDFH
SDUWHGLQGHVFKL]WRUXOLQWHJUDWSHQWUXXD
JDUDMXOXL
 QDLQWHGHSULPDSURJUDPDUHWHUJHL
PHPRULDGHVFKL]WRUXOXLSHQWUXXDJDUD
MXOXLLQWHJUDW3DJLQD
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 $SVDLLPHQLQHLDSVDWXQXOGLQWUH
EXWRDQHOHDODSHGHVFKL]WRUXOLQWH
JUDWSHQWUXXDJDUDMXOXL
'XSSXLQWLPSODPSDLQGLFDWRDUHC
vQFHSHVFOLSHDVFvQJDOEHQ
G /DPSDLQGLFDWRDUHCFOLSHWHvQJDOEHQ
LPHGLDWFHEXWRQXODVDXHVWHSUR
JUDPDWSHQWUXSULPDGDW'DFEXWRQXO
VHOHFWDWDIRVWGHMDSURJUDPDWODPSDLQGL
FDWRDUHCYDvQFHSHVFOLSHDVFvQJDOEHQ
RGDWSHVHFXQGQXPDLGXSFHDXWUHFXW
]HFHVHFXQGH
(OLEHUDLEXWRQXODVDX
QGUHSWDLWHOHFRPDQGDXLLJDUDMXOXL
vQVSUHEXWRDQHOHDGHSHRJOLQGD
UHWURYL]RDUHODRGLVWDQGHFP
G 'LVWDQDQHFHVDUGLQWUHWHOHFRPDQGD
LGHVFKL]WRUXOLQWHJUDWSHQWUXXD
JDUDMXOXLGHSLQGHGHVLVWHPXOGHDFLRQDUH
DXLLJDUDMXOXL(VWHSRVLELOVILHQHFHVDUH
PDLPXOWHvQFHUFUL$UWUHEXLVWHVWDLILH
FDUHSR]LLHWLPSGHFHOSXLQ
GHVHFXQGHvQDLQWHGHDvQFHUFDRDOW
SR]LLH



'DFODPSDLQGLFDWRDUHCVHDSULQGHvQURX


5HSHWDLSURFHGXUDGHSURJUDPDUHSHQWUX
EXWRQXOFRUHVSXQ]WRUGHSHRJOLQGDUHWUR
YL]RDUH&kQGSURFHGDLDVWIHOYDULDLGLV
WDQDGLQWUHWHOHFRPDQGDLRJOLQGD
UHWURYL]RDUH

G 'DFODPSDLQGLFDWRDUHFOLSHWHvQYHUGH
GXSRSURJUDPDUHUHXLWVLVWHPXOXLL
JDUDMXOXLIRORVHWHXQFRGGHDFLRQDUH
'XSSURJUDPDUHWUHEXLHVVLQFURQL]DL
GHVFKL]WRUXOSHQWUXXDJDUDMXOXLLQWHJUDW
GLQRJOLQGDUHWURYL]RDUHFXUHFHSWRUXOVLV
WHPXOXLXLLJDUDMXOXL
6LQFURQL]DUHDFRGXOXLGHDFLRQDUH
$XWRYHKLFXOXOGXPQHDYRDVWUWUHEXLHVVH
DIOHvQUD]DGHDFLRQDUHDXLLJDUDMXOXLVDXD
SRULLH[WHULRDUH$VLJXUDLYFQLFLDXWRYH
KLFXOXOGXPQHDYRDVWUQLFLDOWHSHUVRDQH
RELHFWHQXVHDIOvQUD]DGHDFLXQHDXLLVDX
DSRULL
5HVSHFWDLQRWHOHSULYLQGVLJXUDQDFkQG
HIHFWXDLVLQFURQL]DUHDFRGXOXLVULWRU
3DJLQD
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 $SVDLEXWRQXOGHSURJUDPDUHDOXLLVDX
DOSRULLFRQVXOWDLLQVWUXFLXQLOHGHXWLOL
]DUHDDFLRQULLXLLVDXDSRULLGHH[OD
3URJUDPDUHWHOHFRPHQ]LVXSOLPHQWDUH
G 'HRELFHLDYHLGHVHFXQGHSHQWUXD
WUHFHODXUPWRUXOSDV


$SVDLEXWRQXOSURJUDPDWDQWHULRUD
VDXDOGHVFKL]WRUXOXLLQWHJUDWSHQWUX


'HSR]LWDUHLFDUDFWHULVWLFL



&DUDFWHULVWLFL

'HSR]LWDUHLFDUDFWHULVWLFL

XDJDUDMXOXLSkQFkQGXDvQFHSHVVH
PLWH
6LQFURQL]DUHDFRGXOXLGHDFLRQDUHHVWH
DSRLILQDOL]DW
3UREOHPHvQWLPSXOSURJUDPULL
'DFDYHLSUREOHPHODSURJUDPDUHDGHV
FKL]WRUXOXLSHQWUXXDJDUDMXOXLLQWHJUDWY
UXJPVUHVSHFWDLXUPWRDUHOH
=9HULILFDLIUHFYHQDWUDQVPLWRUXOXLWHOHFR

PHQ]LLGHDFLRQDUHDXLLJDUDMXOXL
$FHDVWDVHUHJVHWHSHVSDWHOHWHOHFR
PHQ]LL
=6FKLPEDLEDWHULLOHGLQWHOHFRPDQGDXLL
JDUDMXOXL$FHDVWDFUHWHSRVLELOLWDWHD
FDWHOHFRPDQGDVWULPLWXQVHPQDO
SXWHUQLFLH[DFWODGHVFKL]WRUXOLQWHJUDW
SHQWUXXDJDUDMXOXL
=QWLPSXOSURJUDPULLLQHLWHOHFRPDQGD
ODGLVWDQHLXQJKLXULGLIHULWHIDGH
EXWRQXOSHFDUHvOSURJUDPDLQFHUFDLPDL
PXOWHXQJKLXULODRGLVWDQvQWUHLFP
VDXDFHODLXQJKLODGLVWDQHGLIHULWH
='DFH[LVWRDOWWHOHFRPDQGSHQWUX
DFHHDLDFLRQDUHDXLLJDUDMXOXLHIHFWXDL
SDLLGHSURJUDPDUHGLQQRXFXDMXWRUXO
WHOHFRPHQ]LLQDLQWHGHHIHFWXDUHDSDLORU
DVLJXUDLYFDXIRVWIL[DWHEDWHULLQRLOD
WHOHFRPDQGDGHDFLRQDUHDXLLJDUDMX
OXL
=5HPDUFDLFXQHOHWHOHFRPHQ]LWUDQVPLW
GRDURSHULRDGOLPLWDWODPSDLQGLFDWRDUH
GHSHWHOHFRPDQGVHVWLQJH$SVDL
EXWRQXOGHSHWHOHFRPDQGDvQFR
GDWvQDLQWHGHvQFKHLHUHDWUDQVPLVLHL
=$OLQLDLFDEOXODQWHQHLGLQXQLWDWHDGHV
FKL]WRUXOXLSHQWUXXDJDUDMXOXL$VWIHO
SXWHLvPEXQWLUHFHSLDWUDQVPLVLD
VHPQDOXOXL

'HVFKLGHUHDVDXvQFKLGHUHDXLLJDUDMX
OXL
'XSFHDIRVWSURJUDPDWGHVFKL]WRUXOLQWH
JUDWSHQWUXXDJDUDMXOXLYDSUHOXDIXQFLDGH
WHOHFRPDQGDVLVWHPXOXLXLLJDUDMXOXL&LWLL

GHDVHPHQHDLLQVWUXFLXQLOHGHXWLOL]DUHSHQ
WUXVLVWHPXOXLLJDUDMXOXL
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 $SVDLEXWRQXODVDXSHFDUHODL
SURJUDPDWVGHVFKLGXDJDUDMXOXL
6LVWHPXOXLLJDUDMXOXLFXXQFRGIL[ODPSD
LQGLFDWRDUHCVHDSULQGHvQYHUGH
6LVWHPXOXLLJDUDMXOXLFXXQFRGGLQDPLF
ODPSDLQGLFDWRDUHCOXPLQHD]LQWHUPL
WHQWvQYHUGH
G 7UDQVPLWRUXOYDHPLWHXQVHPQDODWkWD
WLPSFkWEXWRQXOHVWHDSVDW7UDQVPLVLD
HVWHPHQLQXWGXSPD[LPXP]HFH
VHFXQGHLDUODPSDLQGLFDWRDUHCOXPL
QHD]LQWHUPLWHQWvQJDOEHQ$SVDLEXWR
QXODVDXGLQQRXGDFHVWHQHFH
VDU

WHUJHUHDPHPRULHLGHVFKL]WRUXOXL
SHQWUXXDJDUDMXOXLLQWHJUDWvQRJOLQGD
UHWURYL]RDUH
5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 $SVDLEXWRDQHOHDL
/DPSDLQGLFDWRDUHVHDSULQGHvQJDOEHQ
 $SVDLLPHQLQHLDSVDWEXWRDQHOHD
LSkQFkQGODPSDLQGLFDWRDUHVHIDFH
YHUGH


G $VLJXUDLYFDLWHUVPHPRULDGHV
FKL]WRUXOXLLQWHJUDWSHQWUXXDJDUDMXOXL
vQDLQWHGHDYLQGHDXWRYHKLFXOXO

&DUDFWHULVWLFL



)UHFYHQHSHQWUXGHVFKL]WRUXOSHQWUXXDJDUDMXOXL

&RYRUDH
 $9(57,60(17
$VLJXUDLYFH[LVWVXILFLHQWVSDLXvQMXUXO
SHGDOHORUGDFVHXWLOL]HD]FRYRUDHLF
DFHVWHFRYRUDHVXQWIL[DWHFRUHVSXQ]WRU
&RYRUDHOHWUHEXLHVILHvQWRWGHDXQDIL[DWH
FRUHFWFXDMXWRUXOEXWRQXOXLGHDVLJXUDUHLDO
GLVSR]LWLYHORUGHSULQGHUH
QDLQWHGHDSOHFDvQFOWRULHYHULILFDLFRYR
UDHOHLSULQGHLOHGDFVLWXDLDRFHUH8Q
FRYRUDQHIL[DWFRUHVSXQ]WRUSRDWHDOXQHFD
LvQFRQVHFLQSRDWHLQWHUIHUDFXPLFDUHD
SHGDOHORU
1XDH]DLFRYRUDHOHXQXOGHDVXSUDFHOXLODOW

3DUEUL]UHIOHFWRUL]DQWFXLQIUDURX
*HDPXOUHIOHFWRUL]DQWFXLQIUDURXSUHYLQH
VXSUDvQFO]LUHDLQWHULRUXOXLDXWRYHKLFXOXOXL
'HDVHPHQHDEORFKHD]XQGHOHUDGLRvQ
JDPDGHJLJDKHUL

3HQWUXDXWLOL]DHFKLSDPHQWFRPDQGDWSULQ
XQGHUDGLRGHH[VLVWHPHGHvQUHJLVWUDUHFX
SODWCSHSDUEUL]VXQW]RQHSHUPHDELOH
SHQWUXXQGHOHUDGLRQDFHVWH]RQHSXWHL
LQVWDODVLVWHPHFRPDQGDWHSULQXQGHUDGLR
$FHVWH]RQHVXQWYL]LELOHFHOPDLELQHGLQ
H[WHULRUXODXWRYHKLFXOXLSULQREVHUYDUHD
OXPLQLLFDUHVHUHIOHFWvQSDUEUL]
([HPSOXFRYRUDSHSDUWHDRIHUXOXL

6FDXQXORIHUXOXLLVFDXQXOSDVDJHUX
OXLGLQIDFXOLVDLvQDSRLVFDXQXOUHVSHF
WLY
 6FDXQHOHGLQVSDWHFXOLVDLvQDLQWHVFDX
QXOGLQIDUHVSHFWLY
 3HQWUXDPRQWDDH]DLFRYRUDXOvQVSD
LXOSHQWUXSLFLRDUH
 $SVDLFDSVHOHCSHGLVSR]LWLYHOHGHSULQ
GHUHD


3HOLFXODQWLRUELUHPRGHUQL]DW
3HOLFXODDQWLRUELUHFXFDUHVHPRGHUQL]HD]
LQWHULRUXOJHDPXULORUSRDWHSHUWXUEDUHFHSLD
UDGLRWHOHIRQPRELO$FHDVWDILUPDLHHVWH
YDODELOPDLDOHVvQFD]XOSHOLFXOHORUFRQGXF
WRDUHVDXFXVWUDWPHWDOLF,QIRUPDLLOHSULYLQG
SHOLFXODDQWLRUELUHSRWILRELQXWHGHODRULFH
&HQWUXGHVHUYLFH0HUFHGHV%HQ]

3HQWUXDVFRDWHWUDJHLFRYRUDXOGLQGLV
SR]LWLYHOHGHSULQGHUHD
 6FRDWHLFRYRUDHOH


'HSR]LWDUHLFDUDFWHULVWLFL

1XPUXOGHRPRORJDUHUDGLRLJDPDGHIUHFYHQSHQWUXGHVFKL]WRUXOSHQWUXXDJDUDMXOXL
SRWILJVLWHSH,QWHUQHWODKWWSZZZPHUFHGHVEHQ]GHEHWULHEVDQOHLWXQJ









QWUHLQHUHLvQJULMLUH

,QIRUPDLLXWLOH
&RPSDUWLPHQWPRWRU
QWUHLQHUH
QJULMLUH



&RPSDUWLPHQWPRWRU

QWUHLQHUHLvQJULMLUH

,QIRUPDLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
ULWRDUHODVLJXUDQ
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD
&RPSDUWLPHQWPRWRU
&DSRW
&DSRWDFWLYSURWHFLDSLHWRQLORU

'XSFHDIRVWUHDH]DWFDSRWDDFWLYVH
DD]vQ]RQDEDODPDOHORUFDSRWHLSHJDUQL
WXULLDUEDODPDOHOHFDSRWHLQXVHvPELQ'LQ
DFHVWPRWLYYUHFRPDQGPVQXGHSLLR
YLWH]PD[LPGHNPKDWXQFLFkQGY
GHSODVDLVSUHDWHOLHUXOGHVHUYLFHQFD]XOvQ
FDUHFDSRWDDFWLYDIRVWGHFODQDWHVWH
SRVLELOFDSURWHFLDSHQWUXSLHWRQLVILHOLPL
WDW
5HVHWDUHD

 3HULFROGHUQLUH
([LVWSHULFROXOGHDFFLGHQWDUHFkQGFDSRWD
HVWHGHVFKLVFKLDUGDFPRWRUXOQXHVWHvQ
IXQFLXQH
8QHOHSLHVHDOHPRWRUXOXLVHSRWvQFO]LH[FH
VLY
3HQWUXDHYLWDSHULFROXODUVXULORUDWLQJHLGRDU
FRPSRQHQWHOHPRWRUXOXLGHVFULVHvQ0DQXDOXO
GHXWLOL]DUHLUHVSHFWDLLQVWUXFLXQLOHUHIHUL
WRDUHODVLJXUDQvQDFHDVWSULYLQ

3ULQFLSLXGHXWLOL]DUH
G &DSRWDDFWLYHVWHGLVSRQLELOQXPDLvQ
DQXPLWHUL(VWHGLVSRQLELOSHQWUXWRDWH
PRGHOHOHFXH[FHSLDDXWRYHKLFXOHORU
$0*
&DSRWDDFWLYSRDWHUHGXFHSHULFROXOGH
UQLUHDSLHWRQLORUvQDQXPLWHVLWXDLLGHDFFL
GHQW5LGLFDUHDFDSRWHLDFWLYHFUHWHGLVWDQD
GHVLJXUDQGLQIDGHFRPSRQHQWHOHGXUH
FXPDUILPRWRUXO
QFD]XOvQFDUHFDSRWDDFWLYDIRVWGHFODQ
DWHDYDILULGLFDWvQ]RQDEDODPDOHORU
FDSRWHLFXDSUR[LPDWLYPP&DSRWD
DFWLYHVWHGHFODQDWSULQFDSVHOHSLURWHK
QLFH

 2FDSRWDFWLYFDUHDIRVWGHFODQDW
WUHEXLHUHSDUDWODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW)XQFLDGHFDSRWDFWLYYDIL
DSRLGLVSRQLELOGLQQRX3URWHFLDVXSOL
PHQWDUSHQWUXSLHWRQLIXUQL]DWGHFDSRWD
DFWLYYDILDSRLUHVWDELOLW
3HQWUXDFRQGXFHSkQODDWHOLHUXOGHVHUYLFH
UHDH]DLVLQJXUFDSRWDDFWLYGHFODQDW

&XPkQDLQXWvQWLQVOkQJEDODPDOHOH
FDSRWHLVJHLvPSLQJHLvQMRVFDSRWD
DFWLYCSkQFkQGVHDD]SHJDUQLWXUL

 3HULFROGHUQLUH
QFKLGHLFDSRWDPRWRUXOXLFXDWHQLHSHQWUX
DHYLWDDFFLGHQWDUHDSHUVRDQHORUGLQMXU
'HVFKLGHUHDFDSRWHL
 3HULFROGHDFFLGHQW
1XDFLRQDLFODSHWDGHGHVLJXUDQDUHDFDSR
WHLPRWRUXOXLvQWLPSXOGHSODVULLDXWRYHKLFX

&RPSDUWLPHQWPRWRU

 3HULFROGHUQLUH
([LVWSHULFROXOGHDFFLGHQWDUHFkQGFDSRWD
HVWHGHVFKLVFKLDUGDFPRWRUXOQXHVWHvQ
IXQFLXQH
8QHOHSLHVHDOHPRWRUXOXLVHSRWvQFO]LH[FH
VLY
3HQWUXDHYLWDSHULFROXODUVXULORUDWLQJHLGRDU
FRPSRQHQWHOHPRWRUXOXLGHVFULVHvQ0DQXDOXO
GHXWLOL]DUHLUHVSHFWDLLQVWUXFLXQLOHUHIHUL
WRDUHODVLJXUDQvQDFHDVWSULYLQ

 $9(57,60(17
9HQWLODWRUXOUDGLDWRUXOXLGLQWUHUDGLDWRUL
PRWRUSRDWHSRUQLDXWRPDWFKLDULGDF
FKHLDDIRVWVFRDVGLQFRPXWDWRUXOGHFRQ
WDFW'LQDFHVWPRWLYQXWUHEXLHVYDSUR
SLDLGH]RQDGHURWLUHDYHQWLODWRUXOXLQFD]
FRQWUDUSXWHLVXIHULUQL
$XWRYHKLFXOHOHFXPRWRUSHEHQ]LQ6LV
WHPXOGHDSULQGHUHHOHFWURQLFXWLOL]HD]vQDOW
WHQVLXQH'LQDFHVWPRWLYQXWUHEXLHVDWLQ
JHLQLFLRGDWFRPSRQHQWHOHVLVWHPXOXLGH
DSULQGHUHERELQDGHDSULQGHUHFDEOXULOHGH
DSULQGHUHFRQHFWRULLEXMLLORUVDXSUL]DGHWHV
WDUHFkQG
=PRWRUXOHVWHSRUQLW
=PRWRUXOHVWHvQFXUVGHSRUQLUH
=FRQWDFWXOHVWHFXSODWLPRWRUXOHVWHDFLR

$VLJXUDLYFWHUJWRDUHOHGHSDUEUL]
VXQWRSULWH

 $9(57,60(17
WHUJWRDUHOHGHSDUEUL]LPHFDQLVPXODUWL
FXODWDOWHUJWRUXOXLVHSRWSXQHvQPLFDUH
&kQGFDSRWDHVWHGHVFKLVGXPQHDYRDVWU
VDXDOWHSHUVRDQHSXWHLILUQLLGHPHFDQLV
PXODUWLFXODWDOWHUJWRUXOXL
$VLJXUDLYFWHUJWRDUHOHGHSDUEUL]VXQW
RSULWH6FRDWHLFKHLDVDXDVLJXUDLYFQX
VDVHOHFWDWQLFLRSR]LLHGLQFRQWDFWFX.(<
/(66*27RDWHOPSLOHLQGLFDWRDUHWUHEXLHV
ILHVWLQVHvQSDQRXOGHLQVWUXPHQWH

7UDJHLPDQHWDGHHOLEHUDUHCGHSH
FDSRW
&DSRWDHVWHHOLEHUDW

 $VLJXUDLYFWHUJWRDUHOHGHSDUEUL]
QXVXQWULGLFDWHQFD]FRQWUDUWHUJWRD
UHOHVDXFDSRWDPRWRUXOXLSRWILGHWHULRUDWH

QDWFXPkQD
QFD]FRQWUDUSXWHLVXIHULRHOHFWURFXWDUHL
UQLJUDYHVDXFKLDUIDWDOH
$XWRYHKLFXOHOHFXPRWRUGLHVHO&RQWUROXO
HOHFWURQLFDOLQMHFLHLXWLOL]HD]vQDOWWHQ
VLXQH'LQDFHVWPRWLYQXWUHEXLHVDWLQJHL
QLFLRGDWFRPSRQHQWHOHVLVWHPXOXLGHLQMHF
LHFkQG
=PRWRUXOHVWHSRUQLW
=PRWRUXOHVWHvQFXUVGHSRUQLUH
=FRQWDFWXOHVWHFXSODW

QFD]FRQWUDUSXWHLVXIHULRHOHFWURFXWDUHL
UQLJUDYHVDXFKLDUIDWDOH

QWLQGHLYvQVSDLXOOLEHUWUDJHLPkQHUXO
SLHGLFLLFDSRWHLDvQVXVLULGLFDLFDSRWD

QWUHLQHUHLvQJULMLUH

OXOXLQFD]FRQWUDUFDSRWDVHSRDWHGHVFKLGH
LYSRDWHREWXUDYL]LELOLWDWHD



&RPSDUWLPHQWPRWRU



'DFULGLFDLFDSRWDFXDSUR[LPDWLYFP
FDSRWDHVWHGHVFKLVLPHQLQXWGHV
FKLVDXWRPDWGHDPRUWL]RUXOFXJD]

QFKLGHUHDFDSRWHL
 3HULFROGHUQLUH
QFKLGHLFDSRWDPRWRUXOXLFXDWHQLHSHQWUX
DHYLWDDFFLGHQWDUHDSHUVRDQHORUGLQMXU
&RERUkLFDSRWDLOVDLRVFDGGHODR
vQOLPHGHDSUR[LPDWLYFP
 9HULILFDLGDFFDSRWDVDDQJUHQDWFRUHV
SXQ]WRU
'DFFDSRWDSRDWHILULGLFDWXRUHDQX
HVWHFXSODWFRUHVSXQ]WRU5HGHVFKLGHL
RLvQFKLGHLRFXSXLQPDLPXOWIRU

QWUHLQHUHLvQJULMLUH

&kQGYHULILFDLQLYHOXOGHXOHL
=SDUFDLDXWRYHKLFXOXOSHRVXSUDIDSODQ
=PRWRUXOWUHEXLHVILHRSULWDSUR[LPDWLY

FLQFLPLQXWHGDFPRWRUXOHVWHODWHPSH
UDWXUDQRUPDOGHIXQFLRQDUH
=GDFPRWRUXOQXDUHRWHPSHUDWXUQRUPDO
GHIXQFLRQDUHGHH[GDFPRWRUXODIRVW
SRUQLWGRDUSHQWUXSXLQWLPSDWHSWDL
DSUR[LPDWLYGHPLQXWHvQDLQWHGHHIHF
WXDUHDPVXUWRULL

9HULILFDUHDQLYHOXOXLGHXOHLFXDMXWRUXO
MRMHLGHXOHL

5DGLDWRU
G $XWRYHKLFXOHFXPRWRUGLHVHOQXDFR
SHULLUDGLDWRUXO1XXWLOL]DLL]RODLLWHUPLFH
PWLGHSURWHFLHDQWLLQVHFWHVDXDOWHDUWL
FROHVLPLODUH$VWIHOSXWHLIDFHFDVLVWHPXO
GHGLDJQRVWLFDUHGHODERUGVDILH]HYDORUL
LQFRUHFWH8QHOHGLQWUHDFHVWHYDORULVXQW
LPSXVHSULQOHJHLWUHEXLHVILHFRUHFWH

([HPSOXDXWRYHKLFXOHFXPRWRUSHEHQ]LQ

8OHLGHPRWRU
1RWHSULYLQGQLYHOXOGHXOHL
QIXQFLHGHVWLOXOGHFRQGXFHUHDXWRYHKLFX
OXOFRQVXPSkQODOGHXOHLOD
NP&RQVXPXOGHXOHLSRDWHILPDLULGL
FDWGHFkWDFHDVWYDORDUHGDFDXWRYHKLFXOXO
HVWHQRXVDXGDFFRQGXFHLIUHFYHQWODWXUD
LLPDULDOHPRWRUXOXL
QIXQFLHGHPRWRUMRMDGHXOHLSRDWHILLQVWD
ODWvQWUXQORFGLIHULW

([HPSOXDXWRYHKLFXOHFXPRWRUGLHVHO

6FRDWHLMRMDGHXOHLCGLQWXEXOMRMHLGH
XOHL
 WHUJHLMRMDGHXOHLC


&RPSDUWLPHQWPRWRU



&XOLVDLOHQWMRMDGHXOHLCvQWXEXOGHJKL
GDUHSkQODRSULWRULVFRDWHLRGLQQRX
'DFQLYHOXOVHvQFDGUHD]vQWUHPDUFDMXO
0,1LPDUFDMXO0$;DQLYHOXOGHXOHL
HVWHFRUHFW
 'DFQLYHOXOXOHLXOXLDVF]XWODPDUFDMXO
0,1VDXVXEHOFRPSOHWDLFXSkQ
ODOLWUXGHXOHLGHPRWRU


 $9(57,60(17
'DFXOHLXOGHPRWRULQWUvQFRQWDFWFXSLH
VHOHvQFLQVHDOHPRWRUXOXLDFHVWDVHSRDWH
DSULQGHDU]kQGXY1XYUVDLXOHLGHPRWRU
SHSLHVHOHvQFLQVHDOHPRWRUXOXL

 1RWSULYLQGSURWHFLDPHGLXOXL
&kQGFRPSOHWDLFXXOHLDYHLJULMVQXvO
YUVDL'DFXOHLXOSWUXQGHvQVROVDXvQDS
DFHVWDFRQVWLWXLHXQSHULFROSHQWUXPHGLX
 8WLOL]DLQXPDLXOHLXULGHPRWRULILOWUHGH
XOHLFDUHDXIRVWDSUREDWHSHQWUXDXWRYHKL
FXOHFXXQVLVWHPGHVHUYLFH3XWHLRELQH
ROLVWFXXOHLXULOHGHPRWRULFXILOWUHOHGH
XOHLWHVWDWHLDSUREDWHvQFRQIRUPLWDWHFX
VSHFLILFDLLOH0HUFHGHV%HQ]SHQWUXSUR
GXVHGHVHUYLFHODRULFH&HQWUXGH6HUYLFH
0HUFHGHV%HQ]
'HWHULRUDUHDPRWRUXOXLVDXDVLVWHPXOXLGH
HYDFXDUHVXQWFDX]DWHGHXUPWRDUHOH
=XWLOL]DUHDXOHLXULORUGHPRWRULDILOWUHORU
GHXOHLFDUHQXDXIRVWDSUREDWHvQPRG
VSHFLILFSHQWUXVLVWHPXOGHVHUYLFH
=vQORFXLUHDXOHLXOXLGHPRWRULDILOWUXOXL
GHXOHLGXSGHSLUHDLQWHUYDOXOXLGH
vQORFXLUHLPSXVGHVLVWHPXOGHVHUYLFH
=XWLOL]DUHDDGLWLYLORUGHXOHLGHPRWRU
 1XDGXJDLSUHDPXOWXOHL&RPSOHWDUHD
FXSUHDPXOWXOHLGHPRWRUSRDWHFDX]D
GHWHULRUDUHDPRWRUXOXLVDXDFRQYHUWRUXOXL
FDWDOLWLF6ROLFLWDLJROLUHDVXUSOXVXOXLGH
XOHLGHPRWRU

([HPSOXEXRQXOXOHLXOXLGHPRWRU

5RWLLFDSDFXOCvQVHQVDQWLRUDULVFRD
WHLO
 &RPSOHWDLFXXOHLGHPRWRU
'DFQLYHOXOXOHLXOXLVHDIOODQLYHOXOPDU
FDMXOXL0,1GHSHMRMVDXVXEDFHVWDFRP
SOHWDLFXSkQODOLWUXGHXOHLGH
PRWRU
 3XQHLODORFEXRQXOCSHJkWXOGH
XPSOHUHLURWLLvQVHQVRUDU
$VLJXUDLYFEXRQXOVHIL[HD]IHUPvQ
ORFD
 9HULILFDLGLQQRXQLYHOXOXOHLXOXLFXMRMDGH
XOHL3DJLQD


,QIRUPDLLVXSOLPHQWDUHSULYLQGXOHLXOGH
PRWRU3DJLQD

9HULILFDUHDLDGXJDUHDDOWRUSUR
GXVHGHVHUYLFH
9HULILFDUHDQLYHOXOXLOLFKLGXOXLGHUFLUH
 $9(57,60(17
6LVWHPXOGHUFLUHHVWHSUHVXUL]DW3ULQ
XUPDUHGHVILOHWDLFDSDFXORGDWFHPRWRUXO
VDUFLW,QGLFDWRUXOGHWHPSHUDWXUDOLFKL
GXOXLGHUFLUHWUHEXLHVLQGLFHVXEQ
FD]FRQWUDUYSXWHLRSULGDFH[LVW
VFSULGHOLFKLGGHUFLUH

QWUHLQHUHLvQJULMLUH

$GXJDUHDGHXOHLGHPRWRU

&RPSDUWLPHQWPRWRU



'DFVLWXDLDRFHUHFRPSOHWDLFXOLFKLGGH
UFLUHFDUHDIRVWWHVWDWLDSUREDWGH0HU
FHGHV%HQ]
 3XQHLODORFFDSDFXOCLURWLLOvQVHQV
RUDUSkQODFDSW


3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGOLFKL
GXOGHUFLUHFRQVXOWDL3DJLQD

3DUFDLDXWRYHKLFXOXOSHRVXSUDIDSODQ
9HULILFDLQLYHOXOOLFKLGXOXLGHUFLUHQXPDL
FkQGDXWRYHKLFXOXOVHDIOSHRVXSUDID
SODQLPRWRUXOVDUFLW
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW3DJLQD
/DDXWRYHKLFXOHOHFX.(</(66*2DSVDL
EXWRQXO6WDUW6WRSGHGRXRUL
3DJLQD
 9HULILFDLLQGLFDWRUXOGHWHPSHUDWXUDOLFKL
GXOXLGHUFLUHGLQDILDMXOPXOWLIXQFLRQDO
7HPSHUDWXUDOLFKLGXOXLGHUFLUHWUHEXLHV
VHDIOHVXE
 5RWLLFKHLDvQSR]LLD3DJLQDGLQ
FRPXWDWRUXOGHFRQWDFW
 5RWLLOHQWFDSDFXOCFXMXPWDWHGHURWD
LHvQVHQVDQWLRUDUSHQWUXDOVDVXUSOXVXO
GHSUHVLXQHVLDV
 5RWLLEXRQXOCPDLGHSDUWHvQVHQVDQWLR
UDULVFRDWHLO
'DFOLFKLGXOGHUFLUHVHDIOODQLYHOFX
EDUDGHJUDGDLHvQJkWXOGHXPSOHUH
FkQGHVWHUHFHYDVXOGHH[SDQVLXQHDOOLFKL
GXOXLGHUFLUHDFRQLQHVXILFLHQWOLFKLG
GHUFLUH
'DFQLYHOXOOLFKLGXOXLGHUFLUHHVWHOD
DSUR[LPDWLYFPGHDVXSUDEDUHLGHJUD
GDLHGLQJkWXOGHXPSOHUHFkQGHVWH
FDOGYDVXOGHH[SDQVLXQHDOLFKLGXOXLGH
UFLUHFRQLQHVXILFLHQWOLFKLGGHUFLUHD

QWUHLQHUHLvQJULMLUH

&RPSOHWDUHDVLVWHPXOXLVSOWRUGH
SDUEUL]VLVWHPXOXLGHFXUDUHIDUXUL
 $9(57,60(17
/LFKLGXOVSOWRUGHSDUEUL]DQWLJHOXOHVWH
SXWHUQLFLQIODPDELO(YLWDLVYUVDLOLFKLG
VSOWRUGHSDUEUL]DQWLJHOSHFRPSRQHQWHOH
vQFLQVHDOHPRWRUXOXLGHRDUHFHDFHVWHDVHSRW
DSULQGHLDUGH3RWVXUYHQLUQLJUDYH

([HPSOXUH]HUYRUXOGHOLFKLGGHVSODUH

([HPSOXUH]HUYRUGHOLFKLGGHVSODUHODDXWRYHKL
FXOHOH$0*

QWUHLQHUH

5H]HUYRUXOGHOLFKLGGHVSODUHHVWHXWLOL]DWL
SHQWUXVLVWHPXOVSOWRUGHSDUEUL]LSHQWUX
VLVWHPXOGHFXUDUHDIDUXULORU
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGOLFKL
GXOVSOWRUGHSDUEUL]DQWLJHOXO
3DJLQD

QWUHLQHUH
$ILDMLQWHUYDOGHVHUYLFH$66<67
3/86
0HVDMHGHVHUYLFH

UHSUH]HQWDQLLYSRWLQIRUPDSULYLQGFRVWXULOH
DIHUHQWHDFHVWHLYL]LWHvQVHUYLFH
$ILDMXOLQWHUYDOXOXLGHVHUYLFH$66<673/86
QXLQHFRQWGHSHULRDGHOHGHWLPSvQFDUH
EDWHULDHVWHGHFRQHFWDW
0HQLQHUHDSURJUDPXOXLGHVHUYLFHFRQGLLR
QDWWHPSRUDO
&RQVHPQDLGDWDVFDGHQWSHQWUXVHUYLFH
DILDWSHDILDMXOPXOWLIXQFLRQDOvQDLQWH
GHDGHFRQHFWDEDWHULD
VDX
 6FGHLSHULRDGHOHGHGHFRQHFWDUHDEDWH
ULHLGLQGDWDGHVHUYLFHLQGLFDWSHDILDM
GXSUHFRQHFWDUHDEDWHULHL


G $ILDMXOLQWHUYDOXOXLGHVHUYLFH$66<67
3/86QXSUH]LQWLQIRUPDLLSULYLQGQLYHOXO
XOHLXOXLGHPRWRU5HVSHFWDLQRWHOHSULYLQG
QLYHOXOXOHLXOXLGHPRWRU3DJLQD

SLFLRDUH,QIRUPDLLSULYLQGWLSXOGHVHUYLFHL
$VFXQGHUHDXQXLPHVDMGHVHUYLFH
LQWHUYDOHOHGHVHUYLFHFRQVXOWDL%URXUDGH
 $SVDLEXWRQXOAVDXvGHSHYRODQ
VHUYLFHVHSDUDW
3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHGHODXQ
$ILDUHDPHVDMHORUGHVHUYLFH
&HQWUXGH6HUYLFH0HUFHGHV%HQ]
$ILDMXOLQWHUYDOXOXLGHVHUYLFH$66<673/86  &XSODLFRQWDFWXO
YLQIRUPHD]FkQGHVWHVFDGHQWXUPWRD
 $SVDLYVDXeGHSHYRODQSHQWUX
UHDYL]LWvQVHUYLFH
DVHOHFWDPHQLXO6HUY6HUY
$ILDMXOPXOWLIXQFLRQDOSUH]LQWFkWHYD
 $SVDLcVDXdSHQWUXDVHOHFWD
VHFXQGHXQPHVDMGHVHUYLFHGHH[
VXEPHQLXO$66<673/86LDSVDLv
1H[WVHUYLFH$GXHLQGD\V
SHQWUXDFRQILUPD
8UPWRDUHDUHYL]LH$VFDGHQWQ]LOH
'DWDVFDGHQWSHQWUXVHUYLFHDSDUHSHDIL
6HUYLFH$GXH6HUYLFH$VFDGHQW
DMXOPXOWLIXQFLRQDO
6HUYLFH$RYHUGXHE\GD\V
6HUYLFH$GHSLWFX]LOH
$VSHFWHGHUHLQXW
/LWHUDLQGLFPRPHQWXOvQFDUHYL]LWDvQVHU
YLFHHVWHVFDGHQW$LQGLFRQHFHVLWDWHGH
5HVHWDUHDDILDMXOXLLQWHUYDOXOXLGHVHU
VHUYLFHPLQRULDU%RQHFHVLWDWHGHVHUYLFH YLFH$66<673/86
PDMRU(VWHSRVLELOVVHDILH]HXQQXPU
8QDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ
VDXRDOWOLWHUGXSOLWHUDUHVSHFWLY$FHVW &HQWUXGH6HUYLFH0HUFHGHV%HQ]YDUHVHWD
FDUDFWHULQGLFRULFHRSHUDLLGHvQWUHLQHUH
DILDMXOLQWHUYDOXOXLGHVHUYLFH$66<673/86
VXSOLPHQWDUHFHWUHEXLHH[HFXWDWH
GXSHIHFWXDUHDLQWHUYHQLLORUvQVHUYLFH
'DFVHPQDODLDFHVWHLQIRUPDLLDILDWHODXQ 3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHGHH[
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[HPSOX
UHIHULWRDUHODLQWHUYHQLLOHvQVHUYLFHGHODXQ
ODXQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]


QWUHLQHUHLvQJULMLUH

3HQWUXDGHVFKLGHWUDJHLFDSDFXOCvQ
VXVGHSURHPLQHQ
 &RPSOHWDLFXOLFKLGGHVSODUHSUHDPHV
WHFDW
 3HQWUXDvQFKLGHDSVDLFDSDFXOCSH
JkWXOGHXPSOHUHSkQFkQGVHDQJUHQHD]






QJULMLUH

QWUHLQHUHLvQJULMLUH

&HQWUXGH6HUYLFH0HUFHGHV%HQ]VDXGLUHFW
GHOD0HUFHGHV%HQ]

 'DFDILDMXOLQWHUYDOXOXLGHVHUYLFH
$66<673/86DIRVWUHVHWDWQHLQWHQLRQDW
DFHDVWVHWDUHSRDWHILFRUHFWDWODXQ&HQ
WUXGHVHUYLFH0HUFHGHV%HQ]
6ROLFLWDLHIHFWXDUHDLQWHUYHQLLORUvQVHU
YLFHFRQIRUPGHVFULHULLGLQEURXUDGHVHU
YLFHQFD]FRQWUDUDFHDVWDSRDWHGXFHOD
RX]XUVSRULWLODDYDULHUHDDQVDPEOXULORU
SULQFLSDOHVDXDDXWRYHKLFXOXOXLvQJHQHUDO
&RQGXFHUHDvQVWULQWDWH
2UHHDYDVW0HUFHGHV%HQ]6HUYLFHHVWH
GLVSRQLELOLvQDOWHUL1XPHUHOHGHWHOHIRQ
FXUHQWHDOHOLQLHLGHDVLVWHQWHOHIRQLFSHQ
WUXVHUYLFHSHFDUHOHSXWHLXWLOL]DFkQGVXQ
WHLvQVWULQWDWHVHJVHVFvQVHFLXQHD6HU
YLFHK0HUFHGHV%HQ]GLQ%URXUDGHVHU
YLFH

6HHPLWHLXQVHPQDOGHDYHUWL]DUH
1XPDLSXWHLSRUQLPRWRUXOGDFUH]HUYDGH
$G%OXHDIRVWHSXL]DW3DJLQD
&RPSOHWDLFX$G%OXH3DJLQD
QDLQWHGHDFOWRULFXDXWRYHKLFXOXOGXP
QHDYRDVWUvQDIDUD(XURSHLYHULILFDLUH]HU
YHOHGH$G%OXHODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW'DFHVWHQHFHVDUFRPSOHWDLFX
$G%OXHQDLQWHGHDXWLOL]DDXWRYHKLFXOXO
GXPQHDYRDVWUSHQWUXRSHULRDGvQGHOXQ
JDWvQULGLQDIDUD(XURSHLFRQWDFWDLXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
5HVSHFWDLQRWHOHSULYLQG
$G%OXH3DJLQD
0DLPXOWHLQIRUPDLLSULYLQGWUDWDUHDXOWH
ULRDUDJD]HORUGHHDSDPHQW%OXH7(&LSUL
YLQG$G%OXHSXWHLRELQHGHODXQ&HQWUXGH
6HUYLFH0HUFHGHV%HQ]

QJULMLUH
,QGLFDWRUGHVHUYLFH$G%OXH
G 1XPDLSHQWUXDXWRYHKLFXOH%OXH7(&
6LVWHPXOGHWUDWDUHXOWHULRDUDJD]HORUGH
HDSDPHQW%OXH7HFWUHEXLHDFLRQDWvQFRP
ELQDLHFXDJHQWXOUHGXFWRU$G%OXHSHQWUXD
IXQFLRQDFRUHFWQFRQGLLLQRUPDOHGHIXQF
LRQDUHXQUH]HUYRUSOLQFX$G%OXHDUWUHEXL
VILHVXILFLHQWSkQODXUPWRDUHDGDWVFD
GHQWSHQWUXVHUYLFH
QIXQFLHGHORFXOLPRGXOvQFDUHHVWHXWLOL]DW
DXWRYHKLFXOXOSRDWHH[LVWDRFUHWHUHDFRQ
VXPXOXLGH$G%OXHGHWHUPLQkQGRGHFDODUH
DXUPWRDUHLGDWHVFDGHQWHSHQWUXVHUYLFH
$QXPLWHPHVDMHGHSHGLVSOD\LQGLFIDSWXOF
$G%OXHWUHEXLHFRPSOHWDWGHH[
5HILOO$G%OXHDWZRUNVKRS6HH
2ZQHUV0DQXDO&RPSOHWDLFX
$G%OXHODXQDWHOLHUGHVHUYLFH&RQ
VXOWDL0DQXDOXOGHXWLOL]DUH
5HILOO$G%OXHDWZRUNVKRS1RVWDUW
&RPSOHWDLFX$G%OXHODXQDWHOLHU
GHVHUYLFH3RUQLUHLPSRVLELO
LQNPQNP

1RWHSULYLQGvQJULMLUHD
2vQJULMLUHUHJXODWDDXWRYHKLFXOXOXLGXPQHD
YRDVWUHVWHFRQGLLDSVWUULLFDOLWLLSHWHU
PHQOXQJ
8WLOL]DLSURGXVHGHvQJULMLUHLDJHQLGH
FXUDUHUHFRPDQGDLLDSUREDLGH0HUFH
GHV%HQ]

 3HQWUXDYFXUDDXWRYHKLFXOXOQXXWLOL
]DLQLFLXQDGLQWUHXUPWRDUHOH
=FkUSHXVFDWHDEUD]LYHVDXGXUH
=DJHQLGHFXUDUHDEUD]LYL
=VROYHQLL
=DJHQLGHFXUDUHFXVROYHQL
1XIUHFDL
1XDWLQJHLVXSUDIHHOHSHOLFXOHORUGHSUR
WHFLHFXRELHFWHGXUHGHH[RUDFOHWVDX
XQLQHOQFD]FRQWUDUDLSXWHD]JkULDVDX
GHWHULRUDVXSUDIHHOHLSHOLFXODGHSURWHF
LH

QJULMLUH

(OLPLQDLDPEDODMHOHJRDOHLFkUSHOHGH
FXUDUHvQWUXQPRGHFRORJLF

 1XSDUFDLDXWRYHKLFXOXORSHULRDGSUH
OXQJLWGXSFHODLFXUDWPDLDOHVGXS
FHDLFXUDWURLOHFXDJHQWGHFXUDUH
SHQWUXURL$JHQLLGHFXUDUHDURLORUSRW
SURYRFDRFRURGDUHPDLLQWHQVDGLVFXULORU
GHIUkQLDSOFXHORUGHIUkQJDUQLWXUL
ORUGHIUkQ'LQDFHVWPRWLYWUHEXLHV
FRQGXFHLWLPSGHFkWHYDPLQXWHGXS
FXUDUH3ULQIUkQDUHGLVFXULOHGHIUkQL
SOFXHOHGHIUkQJDUQLWXULOHGHIUkQVH
vQFLQJXVFkQGXVH$XWRYHKLFXOXOSRDWHIL
DSRLSDUFDW
QJULMLUHDH[WHULRUXOXL
6SOWRULHDXWRPDW
 $9(57,60(17
(ILFLHQDODIUkQDUHHVWHUHGXVGXSVSODUHD
DXWRYHKLFXOXOXL$VWIHOSXWHLSURYRFDXQ
DFFLGHQW'LQDFHVWPRWLYGXSVSODUHDOD
VSOWRULHFRQGXFHLFXGHRVHELWSUXGHQ
SkQFHIUkQHOHVHXVXF
3XWHLVSODDXWRYHKLFXOXOvQWURVSOWRULH
DXWRPDWvQFGHODEXQvQFHSXW
'DFDXWRYHKLFXOXOHVWHIRDUWHPXUGDUDSOL
FDLRSUHVSODUHvQDLQWHGHDOFXUDOD
VSOWRULDDXWRDXWRPDW

 /DVSOWRULLOHDXWRFXPHFDQLVPGHWUDF
WDUHDVLJXUDLYFWUDQVPLVLDDXWRPDW
VHDIOvQSR]LLD1vQFD]FRQWUDUDXWRYH
KLFXOXOSRDWHVXIHULGHWHULRUUL
=$XWRYHKLFXOHOHFXFKHLH
QXVFRDWHLFKHLDGLQFRPXWDWRUXOGH
FRQWDFW1XGHVFKLGHLSRUWLHUDRIHUXOXL
VDXSRUWLHUDSDVDJHUXOXLIDFkQGPRWR
UXOHVWHRSULWQFD]FRQWUDUWUDQVPLVLD
DXWRPDWVHOHFWHD]SR]LLDSHQWUXSDU
FDUH3DXWRPDWLEORFKHD]URLOH3XWHL

SUHYHQLDFHVWOXFUXSULQFXSODUHDWUDQV
PLVLHLDXWRPDWHvQSR]LLD1GLQWLPS
=$XWRYHKLFXOHOHFX.(</(66*2
QXGHVFKLGHLSRUWLHUDRIHUXOXLVDXSRU
WLHUDSDVDJHUXOXLIDFkQGPRWRUXOHVWH
RSULWQFD]FRQWUDUWUDQVPLVLDDXWR
PDWVHOHFWHD]SR]LLDSHQWUXSDUFDUH
3DXWRPDWLEORFKHD]URLOH
5HVSHFWDLXUPWRDUHOHLQGLFDLLSHQWUXDY
DVLJXUDFWUDQVPLVLDDXWRPDWUPkQHvQ
SR]LLD1
 $VLJXUDLYFDXWRYHKLFXOXOVWDLRQHD]L
FDLGHFXSODWFRQWDFWXO
 5RWLLFKHLDvQSR]LLD3DJLQDGLQ
FRPXWDWRUXOGHFRQWDFW
8WLOL]DLFKHLDvQORFGHEXWRQXO6WDUW6WRS
ODDXWRYHKLFXOHOHFX.(</(66*2
 $SVDLLLQHLDSVDWSHGDODGHIUkQ
 &XSODLWUDQVPLVLDDXWRPDWvQSR]LLD1
 (OLEHUDLSHGDODGHIUkQ
 (OLEHUDLIUkQDGHSDUFDUHHOHFWULF
 'HFXSODLFRQWDFWXOLOVDLFKHLDvQFRPX
WDWRUXOGHFRQWDFW

 $VLJXUDLYF
=JHDPXULOHODWHUDOHLWUDSDJOLVDQWVXQW
vQFKLVHFRPSOHW
=YHQWLODWRUXOSHQWUXYHQWLODUHvQFO]LUH
HVWHRSULWEXWRQXO2))HVWHDSVDW
=FRPXWDWRUXOWHUJWRDUHORUGHSDUEUL]VH
DIOvQSR]LLD
9HKLFXOXOSRDWHVXIHULGHWHULRUULvQFD]
FRQWUDU
'XSFHXWLOL]DLRVSOWRULHDXWRPDWWHU
JHLFHDUDGHSHSDUEUL]LGHSHODPHOH
WHUJWRDUHORU$VWIHOYHLSUHYHQLDSDULLD
XUPHORULYHLUHGXFH]JRPRWHOHODWHUJHUH
SURYRFDWHGHUH]LGXXULOHGHSHSDUEUL]
6SODUHPDQXDO
QDQXPLWHULVSODUHDPDQXDOHVWHSHU
PLVQXPDLvQDQXPLWHVSDLLGHVSODUHVSH
FLDOSUHY]XWH5HVSHFWDLFHULQHOHOHJDOH
SHQWUXILHFDUHDUvQSDUWH


QWUHLQHUHLvQJULMLUH

 1RWSULYLQGSURWHFLDPHGLXOXL



QJULMLUH



1XXWLOL]DLDSILHUELQWHLQXVSODLDXWR
YHKLFXOXOvQOXPLQDGLUHFWDVRDUHOXL
 8WLOL]DLXQEXUHWHPRDOHSHQWUXFXUDUH
 8WLOL]DLXQDJHQWGHFXUDUHQHDJUHVLY
FXPDUILXQDPSRQDXWRDSUREDWGH0HU
FHGHV%HQ]
 6SODLELQHDXWRYHKLFXOXOFXXQMHWXRUGH
DSGHODIXUWXQ
 1XRULHQWDLMHWXOGHDSFWUHDGPLVLDDHUX
OXL
 8WLOL]DLDSGLQDEXQGHQLFOWLLIUHF
YHQWEXUHWHOH
 &OWLLDXWRYHKLFXOXOFXDSFXUDWLXVFDL
OWHPHLQLFFXREXFDWGHSLHOH
 1XOVDLDJHQWXOGHFXUDUHVVHXVXFH
SHYRSVHD

QWUHLQHUHLvQJULMLUH

&kQGXWLOL]DLDXWRYHKLFXOXOLDUQDvQGHSUWDL
WRDWHXUPHOHGHGHSXQHULGHVDUHDQWLGHUD
SDQWFXDWHQLHLFkWPDLFXUkQGSRVLELO

(FKLSDPHQWGHFXUDUHFXSUHVLXQH
vQDOW
 $9(57,60(17
1XXWLOL]DLGLVSR]LWLYHGHFXUDUHODSUHVLXQH
vQDOWFXGX]HFXMHWFLUFXODUSHQWUXDYFXUD
DXWRYHKLFXOXOLvQVSHFLDOSQHXULOHQFD]FRQ
WUDUSXWHLGHWHULRUDSQHXULOHLSURYRFDXQ
DFFLGHQW
 3VWUDLvQWRWGHDXQDRGLVWDQGHFHO
SXLQFPvQWUHDXWRYHKLFXOLGX]DGLV
SR]LWLYXOXLGHFXUDUHODSUHVLXQHvQDOW
,QIRUPDLLOHSULYLQGGLVWDQDFRUHFWVXQW
GLVSRQLELOHGHODSURGXFWRUXOHFKLSDPHQ
WXOXL
'HSODVDLGX]DGLVSR]LWLYXOXLGHFXUDUHOD
SUHVLXQHvQDOWvQWLPSFHFXUDLDXWRYH
KLFXOXOGXPQHDYRDVWU
1XRRULHQWDLGLUHFWFWUHXUPWRDUHOH
=SQHXUL
=VSDLLLQWHUPHGLDUHDOHSRUWLHUHORUSDYL
OLRQXOXLvPELQULHWF
=FRPSRQHQWHOHHOHFWULFH
=%DWHULH

=FRQHFWRUL
=/XPLQL
=JDUQLWXUL
=HOHPHQWHRUQDPHQWDOH
=IDQWHGHYHQWLODLH

*DUQLWXULOHVDXFRPSRQHQWHOHHOHFWULFH
GHWHULRUDWHSRWGXFHODVFSULVDXGHIHF
LXQL

&XUDUHDURLORU
 1XXWLOL]DLSURGXVHDFLGHSHQWUX
FXUDUHDURLORUSHQWUXDHOLPLQDSUDIXOGH
IUkQ$VWIHOSXWHLGHWHULRUDXUXEXULOHGH
URDWLFRPSRQHQWHOHGHIUkQDUH
 1XSDUFDLDXWRYHKLFXOXORSHULRDGSUH
OXQJLWGXSFHODLFXUDWPDLDOHVGXS
FHDLFXUDWURLOHFXDJHQWGHFXUDUH
SHQWUXURL$JHQLLGHFXUDUHDURLORUSRW
SURYRFDRFRURGDUHPDLLQWHQVDGLVFXULORU
GHIUkQLDSOFXHORUGHIUkQJDUQLWXUL
ORUGHIUkQ'LQDFHVWPRWLYWUHEXLHV
FRQGXFHLWLPSGHFkWHYDPLQXWHGXS
FXUDUH3ULQIUkQDUHGLVFXULOHGHIUkQL
SOFXHOHGHIUkQJDUQLWXULOHGHIUkQVH
vQFLQJXVFkQGXVH$XWRYHKLFXOXOSRDWHIL
DSRLSDUFDW
&XUDUHDYRSVHOHL
=JkULHWXULOHGHSXQHULOHFRUR]LYH]RQHOHDIHF
WDWHGHFRUR]LXQHLGHWHULRUULOHSURYRFDWH
SULQvQJULMLUHLQFRUHFWQXSRWILvQWRWGHDXQD
UHPHGLDWHFRPSOHWQDVHPHQHDFD]XULDSH
ODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 (OLPLQDLLPHGLDWLPSXULWLOHGDFHVWH
SRVLELOHYLWkQGVIUHFDLSUHDSXWHUQLF
 PELEDLUHVWXULOHGHLQVHFWHFXDJHQWGH
HOLPLQDUHDQWLLQVHFWHLFOWLL]RQHOHWUD
WDWHXOWHULRU
 PELEDLGHMHFLLOHGHODSVULFXDSL
FOWLL]RQHOHWUDWDWHXOWHULRU
 QGHSUWDLOLFKLGXOGHUFLUHOLFKLGXOGH
IUkQULQDGHFRSDFXOHLXULOHFDUEXUDQLL
LXQVRULOHIUHFkQGXRUFXRFkUSvPELEDW

QJULMLUH
vQHWHUGHSHWUROVDXOLFKLGGHvQFUFDWEUL
FKHWD
 8WLOL]DLDJHQWGHHOLPLQDUHDJXGURQXOXL
SHQWUXDVFRDWHSHWHOHGHJXGURQ
 8WLOL]DLDJHQWGHHOLPLQDUHDVLOLFRQXOXL
SHQWUXDVFRDWHFHDUD

 1XXWLOL]DLVXEQLFLRIRUPSURJUDPHGH
VSODUHFXWUDWDPHQWFXFHDUILHUELQWH

 1XOLSLL

G 8WLOL]DLQXPDLDJHQLGHvQGHSUWDUHD
LQVHFWHORULDPSRQDXWRGLQJDPDGHSUR
GXVHGHvQJULMLUHUHFRPDQGDWHLDSUREDWH
GH0HUFHGHV%HQ]

=SHOLFXOH
=SOFLPDJQHWLFHVDXHOHPHQWHVLPLODUH
SHVXSUDIHHOHYRSVLWHQFD]FRQWUDU
SXWHLGHWHULRUDYRSVHDXD

QJULMLUHDLWUDWDUHDYRSVHOHLPDWH
'DFDXWRYHKLFXOXOGXPQHDYRDVWUDUHXQ
ILQLVDMPDWUHVSHFWDLXUPWRDUHOHLQVWUXF
LXQLSHQWUXDHYLWDGHWHULRUDUHDYRSVHOHLvQ
XUPDXQHLvQJULMLULLQFRUHFWH
$FHVWHQRWHVXQWGHDVHPHQHDYDODELOHSHQ
WUXMDQWHOHGLQDOLDMXRUFXILQLVDMPDW

 1XSROLDLQLFLRGDWDXWRYHKLFXOXOVDX
MDQWHOHGLQDOLDMXRU3ROLDUHDYDIDFHFD
YRSVHDXDVVWUOXFHDVF
 8UPWRDUHOHSRWIDFHFDYRSVHDXDV
VWUOXFHDVFUHGXFkQGHIHFWXOGHPDWL
VDUH
=)UHFDUHDSXWHUQLFFXPDWHULDOHLQDGHF
YDWH
=8WLOL]DUHDIUHFYHQWDVSOWRULLORUDXWR
=6SODUHDDXWRYHKLFXOXOXLvQOXPLQVRODU
GLUHFW
 1XXWLOL]DLDJHQWGHFXUDUHSHQWUXYRS
VHDSURGXVHGHOXVWUXLUHVDXSROLDUHVDX
DJHQWGHSVWUDUHDDVSHFWXOXLOXFLRVGH
H[FHDU$FHVWHSURGXVHVXQWDGHFYDWH
QXPDLSHQWUXVXSUDIHHIRDUWHOXFLRDVH
8WLOL]DUHDORUODDXWRYHKLFXOHOHFXILQLVDM
PDWGXFHODGHWHULRUDUHDVHPQLILFDWLYD
VXSUDIHHL]RQHFXSHWHOXFLRDVH
6ROLFLWDLvQWRWGHDXQDHIHFWXDUHDLQWHUYHQ
LLORUGHYRSVLUHODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW

G (VWHGHSUHIHUDWFDDXWRYHKLFXOXOVILH
VSODWPDQXDOFXDMXWRUXOXQXLEXUHWH
PRDOHDXQXLDPSRQDXWRLDSGLQDEXQ
GHQ

&XUDUHDJHDPXULORU
 $9(57,60(17
'H]DFWLYDLWHUJWRDUHOHGHSDUEUL]LVFRD
WHLFKHLDGLQFRPXWDWRUXOGHFRQWDFWvQDLQWH
GHDFXUDSDUEUL]XOVDXODPHOHWHUJWRDUH
ORU/DDXWRYHKLFXOHOHFX.(</(66*2
DSVDLEXWRQXO6WDUW6WRSvQPRGUHSHWDW
SkQFHWRDWHOPSLOHLQGLFDWRDUHGLQSDQRXO
GHLQVWUXPHQWHVDXVWLQVQFD]FRQWUDU
WHUJWRDUHOHGHSDUEUL]VDUSXWHDSXQHvQ
PLFDUHLYDUUQL


&XUDLLQWHULRUXOLH[WHULRUXOJHDPXULORU
FXRFkUSXPHGLFXXQDJHQWGH
FXUDUHUHFRPDQGDWLDSUREDWGH0HUFH
GHV%HQ]

 1XXWLOL]DLFkUSHXVFDWHSURGXVHDEUD
]LYHVDXDJHQLGHFXUDUHFDUHFRQLQVRO
YHQLSHQWUXDFXUDLQWHULRUXOJHDPXULORU
1XDWLQJHLLQWHULRUXOJHDPXULORUFXRELHFWH
GXUHGHH[RUDFOHWVDXXQLQHOQFD]
FRQWUDUH[LVWULVFXOGHWHULRUULLJHDPXUL
ORU
 &XUDLFDQDOHOHGHVFXUJHUHDDSHLGLQ
SDUEUL]LOXQHWODLQWHUYDOHUHJXODWH'HSX
QHULOHGHIUXQ]HSHWDOHLSROHQSRWvQDQX
PLWHVLWXDLLVvPSLHGLFHVFXUJHUHDDSHL
$FHDVWDSRDWHGXFHODFRURGDUHDLGHWH
ULRUDUHDFRPSRQHQWHORUHOHFWURQLFH

QWUHLQHUHLvQJULMLUH

=(WLFKHWHDXWRFRODQWH





QJULMLUH

QWUHLQHUHLvQJULMLUH

&XUDUHDODPHORUWHUJWRDUHORU
 $9(57,60(17
'H]DFWLYDLWHUJWRDUHOHGHSDUEUL]LVFRD
WHLFKHLDGLQFRPXWDWRUXOGHFRQWDFWvQDLQWH
GHDFXUDSDUEUL]XOVDXODPHOHWHUJWRDUH
ORU/DDXWRYHKLFXOHOHFX.(</(66*2
DSVDLEXWRQXO6WDUW6WRSvQPRGUHSHWDW
SkQFHWRDWHOPSLOHLQGLFDWRDUHGLQSDQRXO
GHLQVWUXPHQWHVDXVWLQVQFD]FRQWUDU
WHUJWRDUHOHGHSDUEUL]VDUSXWHDSXQHvQ
PLFDUHLYDUUQL
 1XWUDJHLGHODPDWHUJWRUXOXLQFD]
FRQWUDUODPDWHUJWRUXOXLSRDWHVXIHUL
GHWHULRUUL
 1XFXUDLODPHOHWHUJWRDUHORUSUHD
GHVLQXOHIUHFDLSUHDSXWHUQLFQFD]
FRQWUDUVWUDWXOGHJUDILWSRDWHVXIHULGHWH
ULRUUL$FHDVWDSRDWHGXFHODDSDULLDXQRU
]JRPRWHGHODWHUJWRDUH
 ([WLQGHLLvQGHSUWDLEUDHOHWHUJWRDUH
ORUGHSDUEUL]GHSDUEUL]
 &XUDLODPHOHWHUJWRDUHORUFXDWHQLH
FXDMXWRUXOXQHLFkUSHXPHGH
 5DEDWDLWHUJWRDUHOHGHSDUEUL]vQDSRLGLQ
QRXvQDLQWHGHDFXSODFRQWDFWXO

QJULMLUHDRJOLQ]LORUFXVHPQDOL]DWRDUH
GHGLUHFLH
 8WLOL]DLQXPDLDJHQLGHFXUDUHVDX
ODYHWHGHFXUDUHFDUHVXQWDGHFYDWHSHQ
WUXOHQWLOHOHGLQSODVWLF$JHQLLGHFXUDUH
VDXODYHWHOHGHFXUDUHQHDGHFYDWHDU
SXWHD]JkULDVDXGHWHULRUDOHQWLOHOHGLQSODV
WLFDOHVHPQDOL]DWRDUHORUGHGLUHFLHGLQ
RJOLQG
 &XUDLOHQWLOHOHGLQSODVWLFDOHVHPQDOL]D
WRDUHORUGHGLUHFLHGLQRJOLQGFXDMXWRUXO
XQXLEXUHWHXPHGLDOXQXODJHQWGH
FXUDUHQHDJUHVLYGHH[DPSRQDXWR
0HUFHGHV%HQ]'HDVHPHQHDSXWHLXWL
OL]DODYHWHGHFXUDUH
&XUDUHDVHQ]RULORU

 LQHLEUDXOWHUJWRUXOXLIHUPFkQGvO
UDEDWDLvQDSRL3DUEUL]XOSRDWHVXIHULGHWH
ULRUULGDFEUDXOWHUJWRUXOXLVHORYHWH
EUXVFGHHO
&XUDUHDLOXPLQULLH[WHULRDUH
 8WLOL]DLGRDUDJHQLGHFXUDUHVDXODYHWH
DGHFYDWHSHQWUXOHQWLOHGLQSODVWLF3URGX
VHOHQHSRWULYLWHSRW]JkULDVDXGHWHULRUD
OHQWLOHOHGLQSODVWLFDOHOXPLQLORUH[WHULRDUH
 &XUDLOHQWLOHOHGLQSODVWLFDOHLOXPLQULL
H[WHULRDUHFXXQEXUHWHXPHGLFXXQDJHQW
GHFXUDUHQHDJUHVLYGHH[DPSRQDXWR
0HUFHGHV%HQ]6DXFXUDLLOXPLQDUHD
H[WHULRDUFXODYHWHGHFXUDUH

&XUDLVHQ]RULLCVLVWHPXOXLGHDVLVWDUH
DFRQGXFHULLFXDSDPSRQDXWRLRFkUS
PRDOH

 'DFFXUDLVHQ]RULLFXXQGLVSR]LWLYGH
FXUDUHODSUHVLXQHvQDOWQXRPLWHLV
OVDLRGLVWDQGHFPvQWUHDXWRYHKLFXO
LGX]DGLVSR]LWLYXOXLGHFXUDUHODSUH
VLXQHvQDOW,QIRUPDLLOHSULYLQGGLVWDQD
FRUHFWVXQWGLVSRQLELOHGHODSURGXFWRUXO
HFKLSDPHQWXOXL

QJULMLUH



'XSFXUDUHXQJHLXRUFXXOHLVDX
XQVRDUHFXSODVIHULFC
 9HULILFDLGDFFkUOLJXOGHWUDFWDUHDUHPRU
FLLDXWRYHKLFXOXOXLIXQFLRQHD]FRUHV
SXQ]WRU


8WLOL]DLDSFXUDWLRFkUSXPHGSHQWUX
DFXUDOHQWLODFDPHUHLC

 1XFXUDLOHQWLODFDPHUHLL]RQDGLQ
MXUXOFDPHUHLGHPHUVvQDSRLFXXQGLVSR
]LWLYGHFXUDUHODSUHVLXQHvQDOW
&XUDUHDHYLORUGHHDSDPHQW
,PSXULWLOHvQFRPELQDLHFXHIHFWHOHSLHWUL
XOXLLIDFWRULDPELDQLFRUR]LYLSRWIDFHFD
VXSUDIDDVUXJLQHDVFvQSXQFWHLSXWHL
UHGDOXFLXOLQLLDOHYLLGHHDSDPHQWGDFR
FXUDLUHJXODWPDLDOHVLDUQDLGXS
VSODUH

 1XFXUDLHYLOHGHHDSDPHQWFXDJHQL
GHFXUDUHDOFDOLQLSUHFXPVXEVWDQHSHQ
WUXFXUDUHDURLORU


&XUDLHYLOHGHHDSDPHQWFXXQSURGXV
GHvQJULMLUHDFURPXOXLWHVWDWLDSUREDWGH
0HUFHGHV%HQ]

&XUDUHDFkUOLJXOXLGHWUDFWDUHD
UHPRUFLL
&XSODVIHULFWUHEXLHVILHFXUDWGDFVH
PXUGUHWHVDXVHFRURGHD]
 QGHSUWDLUXJLQDGHSHELODFXSOHLVIHULFH
GHH[FXRSHULHGHVkUP
 QGHSUWDLPXUGULDFXRODYHWFXUDW
IUVFDPHVDXFXRSHULH

 1XFXUDLFXSODVIHULFFXXQGLVSR]LWLY
GHFXUDUHODSUHVLXQHvQDOW1XXWLOL]DL
VROYHQL

 5HVSHFWDLQRWDSULYLQGvQJULMLUHDRIHULW
GHSURGXFWRUXOUHPRUFLL
G 3XWHLGHDVHPHQHDVVROLFLWDLHIHFWXD
UHDRSHUDLLORUGHvQWUHLQHUHDVXSUDFXSOHL
VIHULFHLDVXSUDFkUOLJXOXLGHWUDFWDUHD
UHPRUFLLODXQDWHOLHUGHVSHFLDOLWDWHDXWR
UL]DW
 1RWSULYLQGSURWHFLDPHGLXOXL
(OLPLQDLKDLQHOHXOHLRDVHLFXXQVRDUHvQWU
XQPRGHFRORJLF

QJULMLUHDLQWHULRUXOXL
&XUDUHDDILDMXOXL
QDLQWHGHFXUDUHDGLVSOD\XOXLDVLJXUDL
YFDFHVWDHVWHVWLQVLVDUFLW
 &XUDLVXSUDIDDGLVSOD\XOXLFXRODYHW
RELQXLWGLQPLFURILEULXQDJHQWGH
FXUDUHSHQWUXHFUDQH7)7/&'
 3HQWUXXVFDUHDVXSUDIHHLGLVSOD\XOXLIROR
VLLRODYHWXVFDWGLQPLFURILEU


 1XFXUDLQLFLRGDWGLVSOD\XOFXSUR
GXVHSUHFXP
=GLOXDQLFDUHFRQLQDOFRROVDXEHQ]LQ
=DJHQLGHFXUDUHDEUD]LYL
=GHWHUJHQLFDVQLFLGLVSRQLELOLvQFRPHU


QWUHLQHUHLvQJULMLUH

&XUDUHFDPHUGHPHUVvQDSRL

QJULMLUH



$FHWLDSRWGHWHULRUDVXSUDIDDGLVSOD\
XOXL1XDSVDLSHVXSUDIDDGLVSOD\XOXLvQ
WLPSFHvOFXUDLQFD]FRQWUDUGLVSOD\XO
SRDWHILGHWHULRUDWvQPRGLUHPHGLDELO

QWUHLQHUHLvQJULMLUH

&XUDUHDDVLVWHQWXOXLODYHGHUHDSH
WLPSGHQRDSWH3OXV
 1XFXUDLQLFLRGDWOHQWLODFDPHUHL
&kQGFXUDLFkPSXOGHYL]LXQHDOVLVWH
PHORUGHDVLVWDUHDFRQGXFHULLQXSXOYHUL
]DLOLFKLGGHFXUDUHDJHDPXULORUSHOHQ
WLODFDPHUHL'DFOHQWLODFDPHUHLHVWHPXU
GDUYL]LWDLXQDWHOLHUVSHFLDOL]DWLFDOLIL
FDW

5DEDWDLvQMRVFDSDFXOFDPHUHLLQkQGGH
GHJDMDUHDC

SODQDGHERUGVDXVHFLXQHDFDSLWRQDWD
YRODQXOXL$JHQLLGHFXUDUHFDUHFRQLQVRO
YHQLSRWFRQIHULVXSUDIHHLXQDVSHFWSRURV
FHHDFHSRDWHFRQGXFHODOH]LXQLJUDYHvQFD]XO
GHVSULQGHULLLSURLHFWULLvQLQWHULRUDSULORU
GLQPDWHULDOSODVWLFvQPRPHQWXOGHFODQULL
XQXLDLUEDJ

 1XSULQGHLXUPWRDUHOHSHVXSUDIHHOH
GLQSODVWLF
=(WLFKHWHDXWRFRODQWH
=SHOLFXOH
=UHFLSLHQWHFXXOHLDURPDWLFVDXDUWLFROH
VLPLODUH
QFD]FRQWUDUSXWHLGHWHULRUDSODVWLFXO
 1XSHUPLWHLFRVPHWLFHORUVROXLLORU
DQWLLQVHFWHVDXORLXQLORUVRODUHVLQWUHvQ
FRQWDFWFXRUQDPHQWXOGLQSODVWLF$FHVWD
PHQLQHDVSHFWXOGHvQDOWFDOLWDWHDOVXSUD
IHHORU
 WHUJHLRUQDPHQWXOGLQSODVWLFFXRODYHW
IUVFDPHXPH]LWGHH[FXRODYHWGLQ
PLFURILEUH
 0XUGULHDEXQGHQWXWLOL]DLSURGXVHGH
vQJULMLUHLFXUDUHDXWRUHFRPDQGDWHL
DSUREDWHGH0HUFHGHV%HQ]
6XSUDIDDvLSRDWHPRGLILFDFXORDUHDWHP
SRUDU$WHSWDLFDVXSUDIDDVVHXVXFH
GLQQRX
&XUDUHDYRODQXOXLLDVFKLPEWRUXOXL
GHYLWH]HVDXDPDQHWHLVHOHFWRDUH


8WLOL]DLRODYHWPRDOHSHQWUXDFXUDSDU
EUL]XOGLQIDDFDPHUHLD

&XUDUHDRUQDPHQWHORUGLQSODVWLF
 3HULFROGHUQLUH
1XXWLOL]DLDJHQLGHFXUDUHSHED]GHVRO
YHQLVDXSXOYHUL]DWRDUHSHQWUXDFXUD

WHUJHLvQvQWUHJLPHFXRODYHWXPHGVDX
XWLOL]DLDJHQLGHvQJULMLUHDSLHOLLFDUHDX
IRVWUHFRPDQGDLLDSUREDLGH0HUFHGHV
%HQ]

QJULMLUH
&XUDUHDRUQDPHQWHORUGHOHPQLD
HOHPHQWHORURUQDPHQWDOH

ULWLLGHFkWWLPSDXUPDVvQORFXOUHV
SHFWLY
=FXUDLKXVHOH$OFDQWDUDFXRODYHW
XPHG1XRPLWHLVWHUJHLVHFLXQL
vQWUHJLDOHVFDXQXOXLSHQWUXDQXOVD
XUPHYL]LELOH

 1XXWLOL]DLDJHQLGHFXUDUHSHED]GH
VROYHQLSUHFXPDJHQLLGHHOLPLQDUHD
JXGURQXOXLDJHQLLGHFXUDUHDURLORU
VXEVWDQHGHSROLDWVDXFHDUQFD]FRQ
WUDUH[LVWULVFXOGHWHULRUULLVXSUDIHHL
&XUDUHDKXVHORUVFDXQHORU
 1XXWLOL]DLODYHWHFXPLFURILEUHSHQWUXD
FXUDSLHOHDQDWXUDOFHDDUWLILFLDOVDX
KXVHOH$OFDQWDUD'DFOHXWLOL]DLIUHF
YHQWDFHVWHDSRWGHWHULRUDWDSLHULD
 5HVSHFWDLXUPWRDUHOHODFXUDUH
=FXUDLFXJULMKXVHOHGLQSLHOHQDWXUDO

FXRODYHWXPHGLDSRLWHUJHLKXVHOH
FXRODYHWXVFDW$VLJXUDLYFSLHOHD
QXVHvPELEFXDSQFD]FRQWUDU
DFHDVWDVHYDvQWULLVHYDUXSH8WLOL]DL
GRDUDJHQLGHFXUDUHDSLHOLLFDUHDX
IRVWWHVWDLLDSUREDLGH0HUFHGHV
%HQ]3XWHLVDFKL]LLRQDLDFHVWHSUR
GXVHGHODXQDWHOLHUGHVSHFLDOLWDWHDXWR
UL]DW
=FXUDLKXVHOHGLQSLHOHDUWLILFLDOFXR
ODYHWvPELEDWFXRVROXLHFDUHFRQLQH
GHWHUJHQWGHH[GHWHUJHQWGHYDVH
=FXUDLKXVHOHWH[WLOHFXRODYHWFX
PLFURILEUHvPELEDWFXRVROXLHFDUH
FRQLQHGHWHUJHQWGHH[GHWHUJHQW
GHYDVH)UHFDLFXDWHQLHLWHUJHL
vQWRWGHDXQDVHFLXQLvQWUHJLDOHVFDXQXOXL
SHQWUXDHYLWDVOVDLXUPHYL]LELOH
/VDLVFDXQXOVVHXVXFHDSRL5H]XO
WDWHOHFXUULLGHSLQGGHWLSXOGHLPSX

G 5HLQHLFvQJULMLUHDUHJXODWHVWHHVHQ
LDOSHQWUXDYDVLJXUDFDVSHFWXOLFRQ
IRUWXOKXVHORUHVWHSVWUDWvQWLPS
&XUDUHDFHQWXULORUGHVLJXUDQ


8WLOL]DLDSFXUDWFOGXLVROXLHFX
VSXQ

 1XFXUDLFHQWXULOHGHVLJXUDQFXDMX
WRUXODJHQLORUGHFXUDUHFKLPLFL1X
XVFDLFHQWXULOHGHVLJXUDQODWHPSHUDWXUL
GHSHVWHVDXODOXPLQDGLUHFWD
VRDUHOXL
&XUDUHDFSWXHOLLSDYLOLRQXOXLLD
PRFKHWHORU


&SWXHDOSDYLOLRQXWLOL]DLRSHULH
PRDOHVDXXQDJHQWGHFXUDUHUHFRPDQ
GDWLDSUREDWGH0HUFHGHV%HQ]SHQWUXD
VFRDWHSHWHOHUH]LVWHQWH

0RFKHWHXWLOL]DLDJHQLLGHFXUDUHSHQ
WUXPRFKHWHLWH[WLOHUHFRPDQGDLLDSUR
EDLGH0HUFHGHV%HQ]

QWUHLQHUHLvQJULMLUH

WHUJHLRUQDPHQWXOGLQOHPQLFRPSRQHQ
WHOHRUQDPHQWDOHFXRODYHWIUVFDPH
XPH]LWGHH[FXRODYHWGLQPLFURILEUH
 0XUGULHDEXQGHQWXWLOL]DLSURGXVHGH
vQJULMLUHLFXUDUHDXWRUHFRPDQGDWHL
DSUREDWHGH0HUFHGHV%HQ]














$VLVWHQvQFD]GHSDQ

,QIRUPDLLXWLOH
8QGHJVHVF"
3DQGHFDXFLXF
%DWHULH
3RUQLUHDIRUDW
7UDFWDUHDLSRUQLUHDSULQWUDFWDUH
6LJXUDQHHOHFWULFH

8QGHJVHVF"



$VLVWHQvQFD]GHSDQ

,QIRUPDLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
ULWRDUHODVLJXUDQ
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD

0RQWDUHDWULXQJKLXOXLGHDYHUWL]DUH




3OLDLSLFLRDUHOHvQMRVLvQODWHUDO
7UDJHLODWXULOHUHIOHFWRUL]DQWHDvQVXV
SHQWUXDIRUPDXQWULXQJKLLEORFDLOHvQ
SDUWHDVXSHULRDUFXDMXWRUXOFDSVHLC

8QGHJVHVF"
7ULXQJKLGHDYHUWL]DUH
6FRDWHUHDWULXQJKLXOXLGHDYHUWL]DUH

7UXVGHSULPDMXWRU


'HVFKLGHLKD\RQXO

6FRDWHLWUXVDGHSULPDMXWRUCGLQSODVD
SHQWUXEDJDMH

7ULXQJKLXOGHDYHUWL]DUHHVWHDPSODVDWvQVSD
LXOGHGHSR]LWDUHGHVXESODQHXOSRUWEDJD
MXOXL
 'HVFKLGHLKD\RQXO
 5LGLFDLSODQHXOSRUWEDJDMXOXLvQVXV
3DJLQD

G QIXQFLHGHHFKLSDUHDDXWRYHKLFXOXOXL
HVWHSRVLELOFDWULXQJKLXOGHDYHUWL]DUHVVH
DIOHLvQDOWHORFXULGHVXESODQHXOSRUWED
JDMXOXL

G 9HULILFDLGDWDGHH[SLUDUHGHSHWUXVDGH
SULPDMXWRUFHOSXLQRGDWSHDQQORFXLL
FRQLQXWXOGDFHVWHQHFHVDULvQORFXLL
FRPSRQHQWHOHDEVHQWH
([WLQFWRU
([HPSOHORFXULOHGHGHSR]LWDUHDOHWULXQJKLXOXLGH
DYHUWL]DUH


6FRDWHLWULXQJKLXOGHDYHUWL]DUHC

([WLQFWRUXOVHDIOVXESDUWHDGLQIDDVFDX
QXOXLRIHUXOXL

8QGHJVHVF"



=WLIWXOGHFHQWUDUH
=FDODGHURDWSOLDQW

$XWRYHKLFXOHFXWUXV7,5(),7




5LGLFDLSODQHXOSRUWEDJDMXOXLvQVXV
3DJLQD

7UDJHLSOFXDCvQVXV
6FRDWHLH[WLQFWRUXOD

G 6ROLFLWDLXPSOHUHDH[WLQFWRUXOXLGXSILH
FDUHXWLOL]DUHLYHULILFDUHDVDRGDWODXQX
VDXGRLDQLQFD]FRQWUDUDFHVWDVHSRDWH
GHIHFWDODXUJHQH
5HVSHFWDLFHULQHOHOHJDOHvQWRDWHULOH
YL]DWH

C &KHLHGHURDW
D &ULF
5HFLSLHQWFXSDVWGHHWDQDUHSHQWUX

7UXVGHVFXOHDDXWRYHKLFXOXOXL

SQHXUL
WLIWGHFHQWUDUH

1RWH

&RPSUHVRUGHXPIODUHDSQHXULORU

6SDLXOGHGHSR]LWDUHGHVXESODQHXOSRUW
EDJDMXOXLFRQLQH

&DOGHURDWSOLDQW

=RFKLXOGHWUDFWDUH

l &KHLHLQHODUFXFOLFKHW

=WUXVD7,5(),7

m 2FKLGHWUDFWDUH

=WUXVDGHVFXOHSHQWUXVFKLPEDUHDSQHXULORU

G $XWRYHKLFXOHOHIURURDWGHUH]HUY
0LQLVSDUHQXVXQWGRWDWHFXXQHOWHOH
QHFHVDUHVFKLPEULLXQHLURLODLHLUHDGLQ
IDEULFGHH[FXXQFULF(VWHSRVLELOV
H[LVWHYDULDLLvQIXQFLHGHDU$QXPLWH
VFXOHSHQWUXVFKLPEDUHDXQHLURLVXQWVSH
FLILFHDXWRYHKLFXOXOXL6FXOHOHDSUREDWH
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUSRWIL
RELQXWHGHODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
7UXVDGHVFXOHSHQWUXVFKLPEDUHDSQHXULORU
=FULFXO
=FKHLDLQHODUFXFOLFKHW
=FKHLDGHURDW

k 7ULXQJKLGHDYHUWL]DUH

$XWRYHKLFXOHFXRURDWGHUH]HUY
0LQLVSDUH
5LGLFDLSODQHXOSRUWEDJDMXOXLvQVXV
3DJLQD
 6FRDWHLURDWDGHUH]HUYGHX]WHPSRUDU
0LQLVSDUH3DJLQD


$VLVWHQvQFD]GHSDQ

3DQGHFDXFLXF



3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGVFKLP
EDUHDURLLLPRQWDUHDURLLGHUH]HUYFRQ
VXOWDL3DJLQD

3DQGHFDXFLXF
3UHJWLUHDDXWRYHKLFXOXOXL

$VLVWHQvQFD]GHSDQ

$XWRYHKLFXOXOGXPQHDYRDVWUSRDWHILGRWDW
FX
([HPSOXDXWRYHKLFXOFXRURDWGHUH]HUY0LQLV
SDUHL$,50$7,&
C &DOGHURDWSOLDQW

=RWUXV7,5(),7
=RURDWGHUH]HUYGHX]WHPSRUDU
=3QHXUL02([WHQGHGSQHXULFXFDUDFWHULV

WLFLGHUXODUHvQFD]GHSDQ
3DJLQD

D &KHLHGHURDW
WLIWGHFHQWUDUH
2FKLGHWUDFWDUH
&ULF
&KHLHLQHODUFXFOLFKHW

5RDWDGHUH]HUYGHX]WHPSRUDU
0LQLVSDUH
5RDWDGHUH]HUYGHX]WHPSRUDU0LQLVSDUH
VHJVHWHvQVSDLXOGHGHSR]LWDUHGHVXE
SODQHXOSRUWEDJDMXOXL
 5LGLFDLSODQHXOSRUWEDJDMXOXLvQVXV
3DJLQD

5RWLLGLVSR]LWLYXOGHSULQGHUHSHQWUXURDWD
GHUH]HUYGHX]WHPSRUDUDvQVHQVDQWLR
UDULVFRDWHLO
 6FRDWHLURDWDGHUH]HUYGHX]WHPSRUDU
0LQLVSDUHC


 $XWRYHKLFXOHOHFXSDFKHW21 2))52$'

G 3UHJWLUHDDXWRYHKLFXOXOXLQXHVWHQHFH
VDUODDXWRYHKLFXOHOHFXSQHXUL02([WHQ
GHG
G $XWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX
VXQWGRWDWHFXRWUXV7,5(),7GLQIDEULF
3ULQXUPDUHVHUHFRPDQGGRWDUHDVXSOL
PHQWDUDDXWRYHKLFXOXOXLGXPQHDYRDVWU
FXRWUXV7,5(),7GDFPRQWDLSQHXULIU
SURSULHWLGHUXODUHvQFD]GHSDQGHH[
SQHXULGHLDUQ2WUXV7,5(),7SRDWHREL
QXWGHODXQ&HQWUXGHVHUYLFH0HUFHGHV
%HQ]
 $VLJXUDLYFQLYHOXOGHDXWRVWUDGHVWH
VHOHFWDW3DJLQD
 2SULLDXWRYHKLFXOXOFkWPDLGHSDUWHSRVLELO
GHWUDILFSHWHUHQVROLGQHDOXQHFRVLQLYH
ODW
 $FWLYDLVHPQDOL]DWRDUHOHGHDYDULH
 $FLRQDLPDQXDOIUkQDHOHFWULFGHSDUFDUH
3DJLQD
 $GXFHLURLOHGLQIDvQSR]LLDGUHSW
vQDLQWH


$GXFHLPDQHWD',5(&76(/(&7vQSR]LLD
3

2SULLPRWRUXO

3DQGHFDXFLXF

7RLSDVDJHULLWUHEXLHVLDVGLQDXWRYHKL
FXO$VLJXUDLYFQXHVWHSXVvQSHULFRO
VLJXUDQDQLFLXQXLD
 $VLJXUDLYFQXVHDIOQLPHQLOkQJ]RQD
SHULFXORDVFkQGVHVFKLPERURDW&LQH
QXDVLVWGLUHFWODVFKLPEDUHDURLLWUHEXLH
GHH[HPSOXVVWHDvQVSDWHOHEDULHUHL
 ,HLLGLQDXWRYHKLFXO$FRUGDLDWHQLHFRQ
GLLLORUGHWUDILFFkQGLHLL
 QFKLGHLSRUWLHUDRIHUXOXL
 $H]DLWULXQJKLXOGHDYHUWL]DUH
3DJLQDODRGLVWDQDGHFYDW5HV
SHFWDLQRUPHOHOHJDOH
 'HVFUFDLEDJDMHOHJUHOH


G $FLRQDLFRPSUHVRUXOGHXPIODUHDSQHX
ULORUQXPDLFXDMXWRUXOXQHLSUL]HGH9
3DJLQDFKLDULGDFFRQWDFWXOHVWH
GHFXSODW
8QPHFDQLVPGHvQWUHUXSHUHGHXUJHQ
DVLJXUIDSWXOFWHQVLXQHDGHODERUGQX
VFDGHODXQQLYHOSUHDPLF'DFWHQVLXQHD
GHODERUGHVWHSUHDVF]XWDOLPHQWDUHD
ODSUL]HHVWHvQWUHUXSWDXWRPDW$VWIHOVH
DVLJXUXQFXUHQWHOHFWULFVXILFLHQWSHQWUX
DSRUQLPRWRUXO
7UXV7,5(),7
8WLOL]DUHDWUXVHL7,5(),7
7,5(),7HVWHRSDVWGHHWDQDUHSHQWUX
SQHXUL
3XWHLXWLOL]D7,5(),7SHQWUXDHWDQD
vQHSWXULGHSkQODPPvQVSHFLDOFHOHGH
SHVXSUDIDDGHUXODUHDSQHXOXL3XWHLXWLOL]D

7,5(),7ODWHPSHUDWXULH[WHULRDUHGHSkQOD
PLQLPXP

 $9(57,60(17
QXUPWRDUHOHVLWXDLLSDVWDGHHWDQDUHD
SQHXULORUHVWHLQFDSDELOVRIHUHDVLVWHQ
VXILFLHQWvQFD]GHSDQILLQGLQFDSDELOV
HWDQH]HFRUHFWSQHXO
=H[LVWWLHWXULVDXvQHSWXULvQSQHXPDL

PDULGHFkWFHOHPHQLRQDWHPDLVXV
=MDQWDSQHXOXLHVWHGHWHULRUDW
=DLFRQGXVODSUHVLXQLIRDUWHVF]XWHvQ

SQHXULVDXFXRSDQGHSQHX
([LVWXQULVFGHDFFLGHQW
1XFRQGXFHLvQFRQWLQXDUH&RQWDFWDLXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

1XVFRDWHLRELHFWHVWULQHFDUHDXSHUIRUDW
SQHXOGHH[XUXEXULVDXFXLH
 6FRDWHLUHFLSLHQWXOFXSDVWGHHWDQDUH
SHQWUXSQHXULHWLFKHWDvQVRLWRDUHPD[
NPKLFRPSUHVRUXOGHXPIODUHD
SQHXULORUGLQVSDLXOGHGHSR]LWDUHGHVXE
SODQHXOSRUWEDJDMXOXL3DJLQD


)L[DLSDUWHDCDHWLFKHWHLDXWRFRODQWHvQ
FkPSXOYL]XDODORIHUXOXL
 )L[DLSDUWHDDDHWLFKHWHLDXWRFRODQWH
OkQJVXSDSDGHSHURDWFXSQHXOGHIHFW


 $9(57,60(17
3DVWDGHHWDQDUHSHQWUXSQHXULHVWH
GXQWRDUHLFDX]HD]LULWDLL$FHVWDQXWUH
EXLHVYLQvQFRQWDFWFXRFKLLSLHOHDVDX
vPEUFPLQWHDGXPQHDYRDVWUVDXVILH
vQJKLLW1XLQKDODLYDSRUL7,5(),71XOVDL


$VLVWHQvQFD]GHSDQ

$XWRYHKLFXOHIU.(</(66*2VFRDWHL
FKHLDGLQFRPXWDWRUXOGHFRQWDFW
 $XWRYHKLFXOHFX.(</(66*2GHVFKL
GHLSRUWLHUDRIHUXOXL
6LVWHPHOHHOHFWURQLFHGHODERUGDXVWDUHD
SUHFXPFKHLDFDUHHVWHVFRDV
 $XWRYHKLFXOHFX.(</(66*2VFRDWHL
EXWRQXO6WDUW6WRSGLQFRPXWDWRUXOGH
FRQWDFW3DJLQD




3DQGHFDXFLXF



UHDDFRPSUHVRUXOXLGHXPIODUHDSQHXUL
ORU

SDVWDGHHWDQDUHSHQWUXSQHXULODvQGHPkQD
FRSLLORU([LVWXQULVFGHDFFLGHQW
'DFLQWUDLvQFRQWDFWFXSDVWDGHHWDQDUH
SHQWUXSQHXULLQHLFRQWGHXUPWRDUHOH
=&OWLLLPHGLDWFXDS]RQDDIHFWDWGHSH

SLHOHGHSDVWDGHHWDQDUHSHQWUXSQHXUL

$VLVWHQvQFD]GHSDQ

='DFSDVWDGHHWDQDUHSHQWUXSQHXULYLQH

vQFRQWDFWFXRFKLLFOWLLLPHGLDWFXDS
FXUDW
='DFvQJKLLLSDVWGHHWDQDUHFOWLLY
LPHGLDWLELQHJXUDLEHLDSGLQDEXQ
GHQ1XLQGXFHLYRPDLFHUHLLPHGLDW
DMXWRUXOPHGLFXOXL
=6FKLPEDLYLPHGLDWGHKDLQHOHFDUHDX
LQWUDWvQFRQWDFWFXSDVWGHHWDQDUHSHQ
WUXSQHXUL
='DFVXIHULLUHDFLLDOHUJLFHFHUHLLPHGLDW
DMXWRUXOPHGLFXOXL

G 'DFH[LVWVFXUJHULGHSDVWGHHWDQDUH
SHQWUXSQHXULOVDLRVVHXVXFH$FHVWD
SRDWHILDSRLvQGHSUWDWFDRSHOLFXOVXE
LUH
'DFDMXQJHSDVWGHHWDQDUHSHQWUX
SQHXULSHKDLQHOHGXPQHDYRDVWUVROLFLWDL
FXUDUHDVDFkWPDLFXUkQGSRVLELOFXSHU
FORUHWLOHQ

6FRDWHLFDSDFXOGHSHYHQWLOXOkGHSH
SQHXOGHIHFW
 QILOHWDLIXUWXQXOGHXPSOHUHlSH
YDOYk
 ,QWURGXFHLPXIDvQSUL]DGH9
3DJLQD


5RWLLFKHLDvQSR]LLD3DJLQDGLQ

FRPXWDWRUXOGHFRQWDFW
 $SVDLFRPXWDWRUXOGHSRUQLUHRSULUH
GHSHFRPSUHVRUXOGHXPIODUHDSQHXULORU
vQSR]LLD,
&RPSUHVRUXOGHXPIODUHDSQHXULORUHVWH
DFWLYDW3QHXOHVWHXPIODW
G 0DLvQWkLVHSRPSHD]SDVWGHHWDQDUH
SHQWUXSQHXULvQSQHX3UHVLXQHDSRDWHV
FUHDVFWHPSRUDUODDSUR[LPDWLYN3D
EDULSVL
1XGH]DFWLYDLFRPSUHVRUXOGHXPIODUH
DSQHXULORUvQDFHDVWID]


7UDJHLEXRQXOFXFDEOXOLIXUWXQXO
GLQFDUFDV
 QILOHWDLIXUWXQXOSHIODQDDUHFL
SLHQWXOXLFXSDVWGHHWDQDUHSHQWUX
SQHXULC
 $H]DLUHFLSLHQWXOFXSDVWGHHWDQDUH
SHQWUXSQHXULCFXFDSXOvQMRVvQGHJDMD


/VDLFRPSUHVRUXOGHXPIODUHDSQHXULORU
VIXQFLRQH]HWLPSGHFLQFLPLQXWH3QHXO
WUHEXLHVILDWLQVRSUHVLXQHGHFHOSXLQ
N3DEDULSVL

 1XDFLRQDLFRPSUHVRUXOGHXPIODUHD
SQHXULORUvQUHSUL]HGHSHVWHRSWPLQXWH
IUvQWUHUXSHUHQFD]FRQWUDUVHSRDWH
VXSUDvQFO]L
&RPSUHVRUXOGHXPIODUHDSQHXULORUSRDWH
ILDFLRQDWGLQQRXRGDWFHVDUFLW

3DQGHFDXFLXF

3UHVLXQHDvQSQHXULGHFHOSXLQN3D
EDULSVLQXDIRVWDWLQV
'DFQXVDDWLQVRSUHVLXQHGHN3D
EDULSVLGXSFLQFLPLQXWH
'H]DFWLYDLFRPSUHVRUXOGHXPIODUHD
SQHXULORU
 'HVILOHWDLIXUWXQXOGHXPSOHUHGLQYHQWLOXO
SQHXOXLGHIHFW
 &RQGXFHLIRDUWHOHQWvQDLQWHVDXvQDSRL
DSUR[LPDWLYP
 3RPSDLGLQQRXSUHVLXQHvQSQHX
'XSPD[LPFLQFLPLQXWHSUHVLXQHDvQ
SQHXULWUHEXLHVILHGHFHOSXLQN3D
EDULSVL


 $9(57,60(17
'DFSUHVLXQHDGLQSQHXULQHFHVDUQXHVWH
DWLQVGXSWLPSXOVSHFLILFDWSQHXOHVWHGHWH
ULRUDWIRDUWHWDUH3DVWDGHHWDQDUHSHQWUX
SQHXULQXSRDWHUHSDUDSQHXOvQDFHDVWVLWXD
LH3QHXULOHGHWHULRUDWHLRSUHVLXQHGLQ
SQHXULSUHDVF]XWSRWDIHFWDvQPRGVHPQL
ILFDWLYFDUDFWHULVWLFLOHGHIUkQDUHLGHFRQGX
FHUHDOHDXWRYHKLFXOXOXL([LVWXQULVFGH
DFFLGHQW
1XFRQWLQXDLVFRQGXFHL&RQWDFWDLXQDWH
OLHUGHVSHFLDOLWDWHDXWRUL]DW

3UHVLXQHDvQSQHXULGHN3D
EDUSVLDIRVWDWLQV
'H]DFWLYDLFRPSUHVRUXOGHXPIODUHD
SQHXULORU
 'HVILOHWDLIXUWXQXOGHXPSOHUHGLQYHQWLOXO
SQHXOXLGHIHFW


 'XSXWLOL]DUHHVWHSRVLELOFDVXUSOXVXOGH
SDVWGHHWDQDUHSHQWUXSQHXULVVH

VFXUJGLQIXUWXQXOGHXPSOHUH$FHDVWD
SRDWHSWD
3ULQXUPDUHDH]DLIXUWXQXOGHXPSOHUHvQ
SXQJDGLQSODVWLFvQFDUHVHDIODWUXVD7,5(
),7
'HSR]LWDLUHFLSLHQWXOFXSDVWGHHWDQDUH
SHQWUXSQHXULFRPSUHVRUXOGHXPIODUHD
SQHXULORULWULXQJKLXOGHDYHUWL]DUH
 'HPDUDLLPHGLDW


 $9(57,60(17
8QSQHXHWDQDWWHPSRUDUFXSDVWGHHWDQ
DUHSHQWUXSQHXULDIHFWHD]FDUDFWHULVWLFLOH
GHFRQGXFHUHLQXHVWHDGHFYDWSHQWUXYLWH]H
PDLPDUL([LVWXQULVFGHDFFLGHQW
3ULQXUPDUHWUHEXLHVYDGDSWDLVWLOXOGH
FRQGXFHUHLVFRQGXFHLFXDWHQLH1X
GHSLLYLWH]DPD[LPVSHFLILFDWFXXQSQHX
FDUHDIRVWUHSDUDWXWLOL]kQGSDVWGHHWDQDUH
SHQWUXSQHXUL
9LWH]DPD[LPSHQWUXXQSQHXHWDQDWFX
SDVWGHHWDQDUHSHQWUXSQHXULHVWHGH
NPK(WLFKHWDDXWRFRODQWPD[
NPKWUHEXLHIL[DWSHSDQRXOGHLQVWUX
PHQWHvQFkPSXOYL]XDODORIHUXOXL
 2SULLYGLQFRQGXVGXSDSUR[LPDWLY]HFH
PLQXWHLYHULILFDLSUHVLXQHDvQSQHXULFX
FRPSUHVRUXOGHXPIODUHDSQHXULORU
3UHVLXQHDGLQSQHXULWUHEXLHVILHGHFHO
SXLQN3DEDULSVL

 $9(57,60(17
'DFSUHVLXQHDGLQSQHXULQHFHVDUQXHVWH
DWLQVGXSFRQGXFHUHDvQWURSHULRDG
VFXUWGHWLPSSQHXOHVWHGHWHULRUDWIRDUWH
WDUH3DVWDGHHWDQDUHSHQWUXSQHXULQX
SRDWHUHSDUDSQHXOvQDFHDVWVLWXDLH3QHX
ULOHGHWHULRUDWHLRSUHVLXQHGLQSQHXULSUHD
VF]XWSRWDIHFWDvQPRGVHPQLILFDWLYFDUDF
WHULVWLFLOHGHIUkQDUHLGHFRQGXFHUHDOHDXWR
YHKLFXOXOXL([LVWXQULVFGHDFFLGHQW
1XFRQWLQXDLVFRQGXFHL&RQWDFWDLXQDWH
OLHUGHVSHFLDOLWDWHDXWRUL]DW
G QDXWRYHKLFXOXOGXPQHDYRDVWUYHLJVL
RHWLFKHWDXWRFRODQWFXQXPUXOGHWHOH


$VLVWHQvQFD]GHSDQ

'DFVDDWLQVRSUHVLXQHGHN3D
EDULSVLGXSFLQFLPLQXWHFRQVXOWDL
3DJLQD
'DFQXVDDWLQVRSUHVLXQHGHN3D
EDULSVLGXSFLQFLPLQXWHFRQVXOWDL
3DJLQD



3DQGHFDXFLXF



IRQ0HUFHGHV%HQ]6HUYLFHKGHH[SH
VWkOSXO%GHSHSDUWHDRIHUXOXL


$VLVWHQvQFD]GHSDQ

&RUHFWDLSUHVLXQHDvQSQHXULvQFD]XOvQ
FDUHFRQWLQXVILHGHFHOSXLQN3D
EDULSVLSHQWUXYDORULFRQVXOWDL
FODSHWDJXULLGHXPSOHUHFXFDUEXUDQW
3HQWUXDFUHWHSUHVLXQHDvQSQHXULDFWL
YDLFRPSUHVRUXOGHXPIODUHDSQHXULORU

6FKLPEDUHDXQHLURLLPRQWDUHDURLL
GHUH]HUY
3UHJWLUHDDXWRYHKLFXOXOXL
$WXQFLFkQGXWLOL]DLRURDWGHUH]HUYGHX]
WHPSRUDUVDXRURDWGHUH]HUYGHPULPH
GLIHULWQXWUHEXLHVGHSLLYLWH]DPD[LP
GHNPK

 $9(57,60(17
'LPHQVLXQLOHURLLSQHXOXLLWLSXOSQHXOXLURLL
GHUH]HUYURLLGHUH]HUYGHX]WHPSRUDUL
URDWDFDUHWUHEXLHvQORFXLWSRWGLIHUL0RQWD
UHDXQHLURLGHUH]HUYURLGHUH]HUYGHX]
WHPSRUDUSRDWHDIHFWDVHULRVFDUDFWHULVWLFLOH
GHFRQGXFHUH([LVWXQULVFGHDFFLGHQW
3HQWUXDHYLWDVLWXDLLOHSHULFXORDVH
=$GDSWDLYVWLOXOGHFRQGXFHUHvQFRQVH

FLQLFRQGXFHLFXJULM
m %XWRQGHHOLEHUDUHDSUHVLXQLL
n 0DQRPHWUX


3HQWUXDUHGXFHSUHVLXQHDvQSQHXUL
DSVDLEXWRQXOGHHOLEHUDUHDSUHVLXQLLm
GHSHIXUWXQXOGHXPSOHUH

'HSR]LWDLUHFLSLHQWXOFXSDVWGHHWDQDUH
SHQWUXSQHXULFRPSUHVRUXOGHXPIODUHD
SQHXULORULWULXQJKLXOGHDYHUWL]DUH
 &RQGXFHLODFHOPDLDSURSLDWDWHOLHUGHVHU
YLFHGHVSHFLDOLWDWHDXWRUL]DWLVROLFLWDL
VFKLPEDUHDSQHXOXLDFROR
 6ROLFLWDLFkWPDLFXUkQGSRVLELOvQORFXLUHD
UHFLSLHQWXOXLFXSDVWGHHWDQDUHSHQWUX
SQHXULODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW


 1RWSULYLQGSURWHFLDPHGLXOXL
6ROLFLWDLHOLPLQDUHDvQPRGSURIHVLRQLVWD
UHFLSLHQWXOXLFXSDVWGHHWDQDUHSHQWUX
SQHXULGHH[ODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW


2GDWODSDWUXDQLVROLFLWDLvQORFXLUHDUHFL
SLHQWXOXLFXSDVWGHHWDQDUHSHQWUX
SQHXULODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW

=1XPRQWDLPDLPXOWGHRURDWGHUH]HUY

URDWGHUH]HUYGHX]WHPSRUDUGDF
GLPHQVLXQLOHVXQWGLIHULWHGHFHOHDOHURLL
FDUHWUHEXLHvQORFXLW
=8WLOL]DLGRDURURDWGHUH]HUYURDWGH
UH]HUYGHX]WHPSRUDUSHQWUXVFXUWWLPS
GDFGLPHQVLXQLOHVXQWGLIHULWHGHFHOHDOH
URLLFDUHWUHEXLHvQORFXLW
=1XGH]DFWLYDL(63
=6ROLFLWDLvQORFXLUHDURLLGHUH]HUYURLLGH

UH]HUYGHX]WHPSRUDUUHVSHFWLYHODFHO
PDLDSURSLDWDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW$VLJXUDLYFGLPHQVLXQLOHURLLGH
UH]HUYURLLGHUH]HUYGHX]WHPSRUDUL
WLSXOSQHXOXLVXQWFRUHFWH

G $XWRYHKLFXOHOHIUURDWGHUH]HUYGHX]
WHPSRUDUURDWGHUH]HUYQXVXQWGRWDWH
FXVFXOHGHVFKLPEDUHDURLORUGLQIDEULF
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGVFX
OHOHQHFHVDUHHIHFWXULLXQXLVFKLPEGH
URDWODDXWRYHKLFXOXOGXPQHDYRDVWUGH
H[FDODGHURDWFKHLDGHURLVDXWLIWXOGH
FHQWUDUHFRQVXOWDLXQ&HQWUXGHVHUYLFH
0HUFHGHV%HQ]

3DQGHFDXFLXF

$VLJXUDLDXWRYHKLFXOXOSHQWUXDSUHYHQL
SXQHUHDVDvQPLFDUH

3OLDLDPEHOHSOFLvQVXVC
 3OLDLvQDIDUDSODFDLQIHULRDUD
 *KLGDLXUHFKLOHGHSHSODFDLQIHULRDUSkQ
ODFDSWvQGHVFKL]WXULOHGLQSODFDGHVXV
LQHUH


$VLJXUDUHDDXWRYHKLFXOXOXLSHWHUHQSODQ


$VLJXUDUHDDXWRYHKLFXOXOXLSHQWUXD
SUHYHQLSXQHUHDVDvQPLFDUH
'DFDXWRYHKLFXOXOGXPQHDYRDVWUHVWH
GRWDWFXFDOGHURDWDFHDVWDVHUHJVHWH
vQWUXVDGHVFXOHDDXWRYHKLFXOXOXL
3DJLQD
&DODGHURDWSOLDQWHVWHRPVXUGHVLJX
UDQVXSOLPHQWDUFDUHSUHYLQHSXQHUHDvQ
PLFDUHDDXWRYHKLFXOXOXLGHH[HPSOXFkQG
VFKLPEDLRURDW

3HWHUHQSODQDH]DLFDOHOHVDXDOWHDUWL
FROHFRUHVSXQ]WRDUHVXEURDWDIDL
VSDWHGLDJRQDORSXVFHOHLSHFDUHGRULLV
RVFKLPEDL

$VLJXUDUHDDXWRYHKLFXOXOXLSHSDQWHGHVFHQGHQWH
XRDUH


3HSDQWHGHVFHQGHQWHDH]DLFDOHVDX
DOWHDUWLFROHFRUHVSXQ]WRDUHvQIDDURLORU
GHSHSXQWHDIDLVSDWH

5LGLFDUHDDXWRYHKLFXOXOXL
 $9(57,60(17
'DFQXSR]LLRQDLFRUHFWFULFXOvQSXQFWXO
FRUHVSXQ]WRUGHULGLFDUHFXFULFXODODXWRYH
KLFXOXOXLFULFXOVDUSXWHDUVWXUQDvPSUHXQ
 $XWRYHKLFXOHOHFXURDWGHUH]HUYGHX]WHPSRUDU

$VLVWHQvQFD]GHSDQ

3UHJWLLDXWRYHKLFXOXOFRQIRUPGHVFULHULL
3DJLQD
 'DFRUHPRUFHVWHFXSODWODDXWRYHKL
FXOGHFXSODLR
 6FRDWHLXUPWRDUHOHDUWLFROHvQIXQFLHGH
JUDGXOGHGRWDUHDDXWRYHKLFXOXOXLGLQVSD
LXOGHGHSR]LWDUHGHVXESODQHXOSRUWED
JDMXOXL
=URDWDGHUH]HUYGHX]WHPSRUDU
=FKHLDGHURDW
=FDODGHURDWSOLDQW
=FULFXO
=FKHLDLQHODUFXFOLFKHW
=WLIWXOGHFHQWUDUH






3DQGHFDXFLXF

$VLVWHQvQFD]GHSDQ

FXDXWRYHKLFXOXOULGLFDW([LVWXQULVFGHDFFL
GHQW
3R]LLRQDLFULFXOQXPDLvQSXQFWXOFRUHV
SXQ]WRUGHULGLFDUHFXFULFXODODXWRYHKLFX
OXOXL%D]DFULFXOXLWUHEXLHSR]LLRQDWYHUWLFDO
LPHGLDWVXESXQFWXOGHULGLFDUHFXFULFXODO
DXWRYHKLFXOXOXL

 $XWRYHKLFXOH$0*HFKLSDWHFXURDWD
GHUH]HUYGHX]WHPSRUDU0LQLVSDUH
8WLOL]DLURDWDGHUH]HUYGHX]WHPSRUDU
0LQLVSDUHQXPDLFXSXQWHDVSDWH'DF
URDWDGHUH]HUYGHX]WHPSRUDU0LQLV
SDUHHVWHPRQWDWSHSXQWHDIDDFHDVWD
DUSXWHDGHIHFWDVLVWHPXOGHIUkQDUH
'DFXQSQHXGHSHSXQWHDIDHVWH
GHIHFWRURDWLQWDFWGHSHSXQWHDVSDWH
WUHEXLHPDLvQWkLvQORFXLWFXURDWDGH
UH]HUYGHX]WHPSRUDU0LQLVSDUH3QHXO
GHIHFWGHSHSXQWHDIDWUHEXLHDSRLvQOR
FXLWFXSQHXOLQWDFWGHSHSXQWHDVSDWH
$VLJXUDLYFDLREVHUYDWHWLFKHWDFX
LQVWUXFLXQLGHSHURDWDGHUH]HUYGHX]
WHPSRUDU0LQLVSDUH
$WXQFLFkQGULGLFDLXQDXWRYHKLFXOWUHEXLHV
LQHLFRQWGHXUPWRDUHOH
=SHQWUXDULGLFDDXWRYHKLFXOXOXWLOL]DLQXPDL
FULFXOVSHFLILFSHQWUXDXWRYHKLFXOHFDUHD
IRVWWHVWDWLDSUREDWGH0HUFHGHV%HQ]
'DFHVWHXWLOL]DWLQFRUHFWFULFXOVDUSXWHD
UVWXUQDvPSUHXQFXDXWRYHKLFXOXOULGL
FDW
=FULFXOHVWHFRQFHSXWVULGLFHLVVXVLQ
DXWRYHKLFXOXORSHULRDGVFXUWGHWLPS
FkQGRURDWHVWHVFKLPEDW(OQXHVWH
GHVWLQDWHIHFWXULLRSHUDLLORUGHvQWUHLQHUH
VXEDXWRYHKLFXO
=HYLWDLVVFKLPEDLURDWDSHSDQWHGHVFHQ
GHQWHVDXDVFHQGHQWH
=vQDLQWHGHULGLFDUHDDXWRYHKLFXOXOXLDVLJX
UDLOGHSXQHUHDvQPLFDUHSULQDFLRQDUHD
IUkQHLGHSDUFDUHLSULQLQWURGXFHUHDFDOH
ORUGHURDW1XGHFXSODLQLFLRGDWIUkQD
GHSDUFDUHFkWWLPSDXWRYHKLFXOXOHVWHULGL
FDW

=FULFXOWUHEXLHSR]LLRQDWSHRVXSUDID

IHUPSODQLQHDOXQHFRDV3HRVXSUD
IDDIkQDWPDUHWUHEXLHXWLOL]DWRVXSUD
IDSRUWDQW3HRVXSUDIDDOXQHFRDV
WUHEXLHXWLOL]DWRVXSUDIDQHDOXQHFRDV
GHH[FRYRUDHGLQFDXFLXF
=QXXWLOL]DLFDOHGHOHPQVDXRELHFWHVLPL
ODUHSHQWUXDVXVLQHFULFXOQFD]FRQWUDU
FULFXOQXYDILFDSDELOVvLvQGHSOLQHDVF
FDSDFLWDWHDGHVXVLQHUHGHVDUFLQLGLQ
FDX]DvQOLPLLUHVWULFLRQDWH
=DVLJXUDLYFGLVWDQDGLQWUHSDUWHDLQIH
ULRDUDSQHXULORULVROQXGHSHWH
FP
=QXLQHLQLFLRGDWPkLQLOHLSLFLRDUHOHVXE
DXWRYHKLFXOXOULGLFDW
=QXYvQWLQGHLQLFLRGDWVXEDXWRYHKLFXOXO
ULGLFDW
=QXSRUQLLQLFLRGDWPRWRUXOFkQGDXWRYH
KLFXOXOHVWHULGLFDW
=QXGHVFKLGHLVDXQXvQFKLGHLQLFLRGDWR
SRUWLHUVDXKD\RQXODWXQFLFkQGDXWRYHKL
FXOXOHVWHULGLFDW
=DVLJXUDLYFQXVHDIOSHUVRDQHvQDXWR
YHKLFXODWXQFLFkQGDFHVWDHVWHULGLFDW

&XDMXWRUXOFKHLLGHURDWCVOELLXUX
EXULOHGHSHURDWDSHFDUHGRULLVRVFKLP
EDLFXDSUR[LPDWLYRURWDLHFRPSOHW1X
GHVILOHWDLFRPSOHWXUXEXULOH

3XQFWHOHGHULGLFDUHFXFULFXOVXQWDPSODVDWH
LPHGLDWvQVSDWHOHSDVDMHORUURLORUIDLLPH
GLDWvQIDDSDVDMHORUURLORUVSDWHVJHL

3DQGHFDXFLXF



5RWLLFKHLDLQHODUFXFOLFKHWSkQFkQG
FULFXOHVWHDH]DWFRPSOHWSHSXQFWXOGH
ULGLFDUHFXFULFXODLED]DFULFXOXLVWXQL
IRUPSHVRO
 5RWLLFKHLDLQHODUFXFOLFKHWSkQFkQG
SQHXOHVWHULGLFDWODPD[LPXPFPGHVRO


6FRDWHLFKHLDLQHODUFXFOLFKHWGLQWUXVD
GHVFXOHDDXWRYHKLFXOXOXLLDH]DLRSH
SLXOLDKH[DJRQDOGLQFULFDVWIHOvQFkWOLWH
UHOH$8)VILHYL]LELOH

'HVILOHWDLFRPSOHWXUXEXOGHURDWGHVXV
QILOHWDLFHSXOGHFHQWUDUHCvQILOHWvQORF
GHXUXEXOGHURDW
 'HVILOHWDLXUXEXULOHGHURDWUPDVHSkQ
ODFDSW



3R]LLRQDLFULFXOODSXQFWXOGHULGLFDUH
FXFULFXOD
&HSXOGHFHQWUDUHGHSHFULFWUHEXLHVILH
LQWURGXVvQGHVFKL]WXUDSUHY]XWGHSH
SXQFWXOGHULGLFDUHFXFULFXO

 1XDH]DLXUXEXULOHvQQLVLSVDXSH
VXSUDIHHPXUGDUHQFD]FRQWUDUILOHWXO
XUXEXULORUURLORULEXWXFXOURLLDUSXWHDIL
GHWHULRUDWHvQWLPSXOvQXUXEULL
 6FRDWHLURDWD
0RQWDUHDXQHLQRLURL

$VLJXUDLYFED]DFULFXOXLHVWHSR]LLR
QDWGLUHFWVXESXQFWXOGHULGLFDUHFXFUL
FXO

 $9(57,60(17
XUXEXULOHGHURDWJUHVDWHVDXXQVHVDX
XUXEXULOHEXWXFLLGHURDWGHWHULRUDWHGHWH
ULRUDLSRWFDX]DGHVSULQGHUHDXUXEXULORUGH
URDW3ULQXUPDUHSXWHLSLHUGHRURDW
DWXQFLFkQGFRQGXFHL([LVWXQULVFGHDFFL
GHQW
1XXQJHLQLFLRGDWFXXOHLVDXXQVRDUHXUX
EXULOHGHURDWQFD]GHGHWHULRUDUHDILOHWH
ORUFRQWDFWDLLPHGLDWXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW6ROLFLWDLUHFRQGLLRQDUHDvQOR

$VLVWHQvQFD]GHSDQ

'HPRQWDUHDXQHLURL



3DQGHFDXFLXF
FXLUHDXUXEXULORUGHURDWVDXDILOHWHORU
EXWXFLORU1XFRQWLQXDLVFRQGXFHL

&XUDLVXSUDIHHOHGHFRQWDFWDOHURLLL
EXWXFXOXLGHURDW

&XOLVDLURDWDGHUH]HUYGHX]WHPSRUDUSH
FHSXOGHFHQWUDUHLvPSLQJHLRvQLQWHULRU

$VLVWHQvQFD]GHSDQ

 $9(57,60(17
'DFVWUkQJHLXUXEXULOHGHURDWVDXSLXOL
HOHGHURDWDWXQFLFkQGDXWRYHKLFXOXOHVWH
ULGLFDWFULFXOVDUSXWHDUVWXUQD([LVWXQ
ULVFGHDFFLGHQW
6WUkQJHLXUXEXULOHVDXSLXOLHOHGHURDW
QXPDLDWXQFLFkQGDXWRYHKLFXOXOVHDIOSH
VRO
5HVSHFWDLvQWRWGHDXQDLQVWUXFLXQLOHLLQIRU
PDLLOHGHVLJXUDQGLQ6FKLPEDUHDXQHL
URL3DJLQD
8WLOL]DLQXPDLXUXEXULOHGHURDWFRQFHSXWH
SHQWUXURDWLDXWRYHKLFXO'LQUDLXQLGH
VLJXUDQ0HUFHGHV%HQ]YUHFRPDQGV
XWLOL]DLQXPDLXUXEXULGHURDWFDUHDXIRVW
RPRORJDWHVSHFLDOSHQWUXDXWRYHKLFXOHOH
0HUFHGHV%HQ]LURDWDORUUHVSHFWLY

6WUkQJHLXUXEXULOHGHURDWSkQFkQG
VXQWVWUkQVHODSUHVLXQHPDQXDO
 'HVILOHWDLFHSXOGHFHQWUDUH
 6WUkQJHLXOWLPXOXUXEGHURDWSkQFkQG
DWLQJHLSUHVLXQHDPDQXDO


&RERUkUHDDXWRYHKLFXOXOXL

C XUXEXULOHGHURDWSHQWUXWRDWHURLOHIXU

QL]DWHGLQIDEULF
 XUXEXULOHGHURDWSHQWUXURDWDGH

UH]HUYGHX]WHPSRUDU0LQLVSDUH

 8WLOL]DLvQWRWGHDXQDXUXEXULGH
URDWDSHQWUXDPRQWDURDWDGHUH]HUY
FRPSDFWGHX]WHPSRUDU8WLOL]DUHDDOWRU
XUXEXULGHURDWSHQWUXDPRQWDURDWDGH
UH]HUYFRPSDFWGHX]WHPSRUDUSRDWH
GXFHODDYDULHUHDVLVWHPXOXLGHIUkQDUH
1XRPLWHLVXWLOL]DLXUXEXULOHGHURDWGH
OXQJLPHRULJLQDOFkQGPRQWDLODORFURDWD
RULJLQDOGXSFHDIRVWUHSDUDW

 $9(57,60(17
3UHVLXQHDGLQSQHXULSUHDPDUHVDXSUHDPLF
SRDWHGXFHODH[SORGDUHDURLLGHUH]HUYD
URLLGHUH]HUYGHX]WHPSRUDUvQVSHFLDO
DWXQFLFkQGVHFRQGXFHFXYLWH]PDUHLFX
RVDUFLQJUHD([LVWXQULVFGHDFFLGHQW
9HULILFDLSUHVLXQHDGLQSQHXULOHURLLGH
UH]HUYVDXDOHURLLGHUH]HUYGHX]WHPSRUDU
LUHJODLR3HSDUFXUVXODFHVWHLPDQHYUH
XUPULLSUHVLXQHDVSHFLILFDWGLQSQHXUL
$H]DLFKHLHLQHODUFXFOLFKHWSHSLXOLD
KH[DJRQDODFULFXOXLDVWIHOvQFkWVILHYL]L
ELOHOLWHUHOH$%
 5RWLLFKHLDLQHODUFXFOLFKHWSkQFkQG
DXWRYHKLFXOXOVWGLQQRXIHUPSHVRO
 $H]DLFULFXOGHRSDUWH


3DQGHFDXFLXF



 $9(57,60(17
5RLOHVHSRWVOELGDFSLXOLHOHLXUXEXULOH
GHURDWQXVXQWVWUkQVHODFXSOXOGHVWUkQJHUH
VSHFLILFDW([LVWXQULVFGHDFFLGHQW
'XSVFKLPEDUHDXQHLURLVROLFLWDLLPHGLDW
YHULILFDUHDFXSOXOXLGHVWUkQJHUHODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW


6WUkQJHLXUXEXULOHGHURDWXQLIRUP
XUPkQGXQPRGHOGHVWUkQJHUHvQFUXFHvQ
VHFYHQDLQGLFDWCSkQOD&XSOXO
GHVWUkQJHUHWUHEXLHVILHGH1P

5RWLLFULFXOvQDSRLvQSR]LLDVDLQLLDOL
GHSR]LWDLORGDWFXUHVWXOVFXOHORUGLQ
WUXVDGHVFXOHSHQWUXVFKLPEDUHDSQHXULORU
vQSRUWEDJDM

$XWRYHKLFXOHFXRURDWGHUH]HUYGHX]WHP
SRUDU
QIXUDLURDWDGHIHFWvQSHOLFXODGHSUR
WHFLHFHvQVRHWHURDWDGHUH]HUYGHX]
WHPSRUDULWUDQVSRUWDLURDWDvQSRUWEDJDM
VDX
 QIXQFLHGHPULPHDURLLHVWHSRVLELOGH
DVHPHQHDVSXWHLVIL[DLURDWDGHIHFW
vQVSDLXOSHQWUXURDWDGHUH]HUYGHX]
WHPSRUDUQDFHVWFD]WUHEXLHVVFRDWHL
WYLDGHGHSR]LWDUHGLQVSDLXOSHQWUXURDWD
GHUH]HUYGHX]WHPSRUDULVRGHSR]LWDL
SULQ]kQGRIHUPvQSRUWEDJDM


G &kQGFRQGXFHLFXURDWDGHUH]HUYGHX]
WHPSRUDUPRQWDWVLVWHPXOGHDYHUWL]DUH
SULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULVDX
PRQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXSRW
IXQFLRQDILDELO5HSRUQLLVLVWHPXOGHDYHU

3QHXUL02([WHQGHGSQHXULFXFDUDF
WHULVWLFLGHUXODUHvQFD]GHSDQ
&XSQHXUL02([WHQGHGSQHXULFXFDUDFWHULV
WLFLGHUXODUHvQFD]GHSDQSXWHLFRQWLQXD
VFRQGXFHLDXWRYHKLFXOXOFKLDUGDFH[LVW
RSLHUGHUHWRWDOGHSUHVLXQHvQXQXOVDXPDL
PXOWHSQHXUL
3QHXULOH02([WHQGHGSRWILXWLOL]DWHvQFRP
ELQDLHFXVLVWHPXOGHDYHUWL]DUHSULYLQGSLHU
GHUHDSUHVLXQLLvQSQHXULDFWLYDWVDXFXPRQL
WRUL]DWRUXODFWLYDWDOSUHVLXQLLvQSQHXUL
'LVWDQDGHFRQGXFHUHSRVLELOHVWHNP
DWXQFLFkQGDXWRYHKLFXOXOHVWHvQFUFDWSDU
LDOLNPDWXQFLFkQGDXWRYHKLFXOXOHVWH
vQFUFDWWRWDO
3HOkQJVDUFLQDDXWRYHKLFXOXOXLGLVWDQDGH
FRQGXFHUHSRVLELOGHSLQGHGH
=YLWH]
=VWDUHDGUXPXOXL
=WHPSHUDWXUDH[WHULRDU
'LVWDQDGHFRQGXFHUHSRVLELOvQPRGXOGH
UXODUHvQFD]GHSDQSRDWHILUHGXVSULQFRQ
GLLLPDQHYUHGHFRQGXFHUHH[WUHPHVDX
SRDWHFUHWHSULQWUXQVWLOGHFRQGXFHUH
PRGHUDW
'LVWDQDPD[LPDGPLVFHSRDWHILSDUFXUV
vQPRGXOGHUXODUHvQFD]GHSDQHVWH
QXPUDWGLQPRPHQWXOvQFDUHDYHUWLVPHQWXO
SULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDSDUHSH
DILDMXOPXOWLIXQFLRQDO
1XWUHEXLHVGHSLLRYLWH]PD[LPGH
NPK

$VLVWHQvQFD]GHSDQ

WL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXUL
PRQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXPDL
FkQGURDWDGHIHFWDIRVWvQORFXLWFXXQD
QRX
$XWRYHKLFXOHFXVLVWHPGHFRQWURODOSUH
VLXQLLvQSQHXULWRDWHURLOHPRQWDWHWUHEXLH
VILHGRWDWHFXVHQ]RULIXQFLRQDOL5RDWD
GHIHFWQXWUHEXLHVVHPDLDIOHvQDXWR
YHKLFXO



%DWHULH
 $9(57,60(17

$VLVWHQvQFD]GHSDQ

$WXQFLFkQGFRQGXFHLvQPRGXOGHXUJHQ
FDUDFWHULVWLFLOHGHFRQGXFHUHVHGLPLQXHD]
GHH[vQYLUDMHDWXQFLFkQGVHDFFHOHUHD]
EUXVFVDXFkQGVHIUkQHD]([LVWXQULVFGH
DFFLGHQW
1XGHSLLYLWH]DPD[LPLQGLFDW(YLWDL
PDQHYUHOHEUXWHGHGLUHFLHLFRQGXFHUHL
FRQGXFHUHDSHVWHREVWDFROHERUGXULJURSL
RIIURDG$FHDVWVLWXDLHVHDSOLFPDLDOHV
SHQWUXXQDXWRYHKLFXOvQFUFDW
2SULLFRQGXFHUHDvQPRGXOGHXUJHQGDF
=DX]LLEWL

6ROLFLWDLYHULILFDUHDVDUFLQLLEDWHULHLPDLIUHF
YHQWGDFXWLOL]DLDXWRYHKLFXOXOvQVSHFLDO
SHQWUXFOWRULLVFXUWHVDXGDFQXvOXWLOL]DL
SHSHULRDGHvQGHOXQJDWH
QORFXLLEDWHULDQXPDLFXREDWHULHFDUHDIRVW
UHFRPDQGDWGH0HUFHGHV%HQ]
&RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GDFGRULLVOVDLDXWRYHKLFXOXOGXPQHD
YRDVWUvQSDUFDUHPDLPXOWWLPS

 $9(57,60(17
5HVSHFWDLLQVWUXFLXQLOHGHVLJXUDQLOXDL
PVXULGHSURWHFLHFkQGPDQLSXODLEDWHULL
3HULFROGHH[SOR]LH

=DXWRYHKLFXOXOvQFHSHVWUHSLGH]H
=YHGHLIXPLVLPLLPLURVGHFDXFLXF
=(63LQWHUYLQHFRQVWDQW
=H[LVWUXSWXULvQSHUHLLODWHUDOLDLSQHXOXL

'XSFRQGXFHUHDvQPRGXOGHXUJHQYHULIL
FDLMDQWHOHURLORUODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DWFXSULYLUHODRXWLOL]DUHXOWHULRDU
3QHXOGHIHFWWUHEXLHvQORFXLW

G $WXQFLFkQGvQORFXLLXQXOVDXWRDWHSQHX
ULOHDVLJXUDLYFIRORVLLH[FOXVLYSQHXUL
FXPDUFDMXO02([WHQGHG'HDVHPHQHD
DVLJXUDLYFDXPULPHDVSHFLILFDWSHQ
WUXDXWRYHKLFXO
G $XWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX
VXQWGRWDWHFXRWUXV7,5(),7GLQIDEULF
3ULQXUPDUHVHUHFRPDQGGRWDUHDVXSOL
PHQWDUDDXWRYHKLFXOXOXLGXPQHDYRDVWU
FXRWUXV7,5(),7GDFPRQWDLSQHXULIU
FDUDFWHULVWLFLGHUXODUHvQFD]GHSDQGH
H[SQHXULGHLDUQ2WUXV7,5(),7SRDWH
ILRELQXWGHODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
%DWHULH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
3HQWUXFDEDWHULDVRIHUHRGXUDWGHYLD
XWLOPD[LPHDWUHEXLHVILHvQWRWGHDXQD
vQFUFDWVXILFLHQW

)RFXOIOFULOHGHVFKLVHL
IXPDWXOVXQWLQWHU]LVHFkQG
PDQLSXODLEDWHULD(YLWDL
FUHDUHDGHVFkQWHL
$FLGXOGLQEDWHULHHVWH
FDXVWLF(YLWDLFRQWDFWXOFX
SLHOHDRFKLLVDX
vPEUFPLQWHD
3XUWDLvPEUFPLQWHGH
SURWHFLHDGHFYDWvQVSH
FLDOPQXLXQRULR
PDVFWLSYL]LHU
&OWLLLPHGLDWDFLGXO
vPSURFDWFXDSFXUDW
&RQVXOWDLXQGRFWRUGDF
HVWHQHFHVDU
3XUWDLSURWHFLHRFXODU

LQHLFRSLLLODGLVWDQ

5HVSHFWDLLQGLFDLLOHGLQ
DFHVW0DQXDOGHXWLOL]DUH

%DWHULH

%DWHULLOHFRQLQDJHQL
SROXDQL(VWHLOHJDOVOH
DUXQFDLvPSUHXQFX
JXQRLXOPHQDMHU$FHVWHD
WUHEXLHFROHFWDWHVHSDUDWL
DUXQFDWHSRWULYLWXQXLVLVWHP
GHUHFLFODUHUHVSRQVDELOID
GHPHGLXOvQFRQMXUWRU
$UXQFDLEDWHULLOHvQWUR
PDQLHUUHVSRQVDELOIDGH
PHGLXOvQFRQMXUWRU'XFHL
EDWHULLOHGHVFUFDWHODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL
]DWVDXODXQFHQWUXGHFROHF
WDUHSHQWUXEDWHULLX]DWH

 $9(57,60(17
'LQUDLXQLGHVLJXUDQ0HUFHGHV%HQ]Y
UHFRPDQGVXWLOL]DLQXPDLEDWHULLFDUHDX
IRVWVSHFLDOWHVWDWHLRPRORJDWHSHQWUXDXWR
YHKLFXOXOGXPQHDYRDVWUGHFWUH0HUFHGHV
%HQ]$FHVWHEDWHULLRIHURSURWHFLHVSRULW
ODLPSDFWSHQWUXDvPSLHGLFDSDVDJHULLDXWR
YHKLFXOXOXLVVXIHUHDUVXULFXDFLGGDFEDWH
ULDHVWHGHWHULRUDWvQFD]GHDFFLGHQW
3HQWUXDSUHYHQLDUVXULOHFXDFLGUHVSHFWDL
XUPWRDUHOHQRWHSULYLQGVLJXUDQDFkQG
PDQLSXODLEDWHULL
=QXYDSOHFDLGHDVXSUDEDWHULHL
=QXSODVDLRELHFWHPHWDOLFHSHEDWHULHQ
FD]FRQWUDUDLSXWHDSURYRFDXQVFXUWFLU
FXLWLDUDPHVWHFXOJD]RVDOEDWHULHLVDU
SXWHDDSULQGH
=DVLJXUDLYFQXDLFUHDWRVDUFLQHOHF
WURVWDWLFGHH[SXUWkQGvPEUFPLQWH
VLQWHWLFVDXvQXUPDIUHFULLGHPDWHULDOH
WH[WLOH3ULQXUPDUHQXWUHEXLHVWUDJHL
VDXVFXOLVDLEDWHULDSHVWHPRFKHWHVDX
DOWHPDWHULDOHVLQWHWLFH
=QXDWLQJHLEDWHULDPDLvQWkL3HQWUXD
GHVFUFDRSRVLELOVDUFLQHOHFWURVWDWLF
LHLLPDLvQWkLGLQDXWRYHKLFXOLDWLQJHL
FDURVHULD
=QXWHUJHLEDWHULDFXDMXWRUXOXQHLFkUSH
%DWHULDSRDWHH[SORGDvQXUPDIRUPULLVDU

FLQLORUHOHFWURVWDWLFHVDXGLQFDX]DVFkQ
WHLORUSURLHFWDWH

 2SULLPRWRUXOLVFRDWHLFKHLDvQDLQWHGH
DGHFRQHFWDFOHPHOHGHERUQGHODEDWHULH
/DDXWRYHKLFXOHOHFX.(</(66*2DVLJX
UDLYFDLGHFXSODWFRQWDFWXO9HULILFDL
GDFWRDWHOPSLOHLQGLFDWRDUHGLQSDQRXO
GHLQVWUXPHQWHVDXVWLQVQFD]FRQWUDU
HVWHSRVLELOVGLVWUXJHLFRPSRQHQWHOH
HOHFWURQLFHSUHFXPDOWHUQDWRUXO
G &kQGSDUFDLDXWRYHKLFXOXOVFRDWHLFKHLD
GDFQXDYHLQHYRLHGHFRQVXPDWRULHOHF
WULFL$XWRYHKLFXOXOYDFRQVXPDDVWIHO
IRDUWHSXLQHQHUJLHFRQVHUYkQGDOLPHQ
WDUHDGHODEDWHULH
0HUFHGHV%HQ]YUHFRPDQGVQXHIHFWXDL
LQWHUYHQLLDVXSUDEDWHULLORUSHFRQWSURSULX
GHH[VFRDWHUHDVDXvQFUFDUHDORU6ROLFLWDL
HIHFWXDUHDLQWHUYHQLLORUODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
/RFGHLQVWDODUHDEDWHULHL
$XWRYHKLFXOXOGXPQHDYRDVWUHVWHGRWDWFXR
EDWHULHvQLQWHULRUXODXWRYHKLFXOXOXL6HDIO
VXEVFDXQXOGLQIDGHSHSDUWHDGUHDSWD
DXWRYHKLFXOXOXLSULYLQGvQGLUHFLDGHPHUV
 $FLRQDLIUkQDHOHFWULFGHSDUFDUHL
FXSODLWUDQVPLVLDvQSR]LLD3
 3R]LLRQDLVFDXQXOGLQIDGHSHSDUWHD
GUHDSWFkWPDLPXOWvQDLQWHSRVLELO
 'H]DFWLYDLWRLFRQVXPDWRULLHOHFWULFLGH
H[UDGLRYHQWLODWRUHWF
 5RWLLFKHLDvQSR]LLD3DJLQDGLQ
FRPXWDWRUXOGHFRQWDFWLVFRDWHLR/D
DXWRYHKLFXOHOHFX.(</(66*2DVLJXUDL
YFDLGHFXSODWFRQWDFWXO
3DJLQD7RDWHOPSLOHLQGLFDWRDUH
GLQSDQRXOGHLQVWUXPHQWHWUHEXLHVILH
VWLQVH

$VLVWHQvQFD]GHSDQ

 1RWSULYLQGSURWHFLDPHGLXOXL



%DWHULH



3OLDLEXFDWDGHPRFKHWWLDWDvQGLUHF
LDVJHLL
 5HJODLVFDXQXOGLQIDGHSHSDUWHD
GUHDSWvQSR]LLDVDVXSHULRDUPD[LP
 3R]LLRQDLVFDXQXOGLQIDGHSHSDUWHD
GUHDSWFkWPDLPXOWvQDLQWHSRVLELO


$VLVWHQvQFD]GHSDQ




,QWUDLvQFRPSDUWLPHQWXOVSDWH
6FRDWHLFDSDFXOCGHVXEVFDXQXOGLQID
GHSHSDUWHDGUHDSW

$XWRYHKLFXOXOFXFRQWURODXWRPDWDOFOLPDWL]ULL
7+(50$7,&

6FRDWHUHDLHLULLGLQVSDLXOSHQWUX
SLFLRDUHVSDWH7+(50$7,&
7UDJHLFDSXOQLWXOXLGHDOLQLHUHHODVWLF
vQVXV
 7UDJHLQLWXOGHDOLQLHUHHODVWLFFXWRWXO
vQVXVLVFRDWHLO
 7UDJHLRULILFLXOGHLHLUHGLQVSDLXOSHQWUX
SLFLRDUHVSDWHGLQFRQGXFWDGHDHUvQ
GLUHFLDVJHLLLVFRDWHLO


8WLOL]DLXQFXLWDVFXLWSHPRFKHWD
SHQWUXDWLDGHDOXQJXOOLQLHLDOEHvQWUH
UXSWHSkQFkQGDMXQJHLODSDUWHDSHUIR
UDW
 3R]LLRQDLVFDXQXOGLQIDGHSHSDUWHD
GUHDSWvQSR]LLDVDGHFDSWVSDWH


%DWHULH



'HFRQHFWDUHDEDWHULHL

$XWRYHKLFXOXOFXFRQWURODXWRPDWDOFOLPDWL]ULL
7+(5027521,&

 'HFRQHFWDLvQWRWGHDXQDEDWHULDvQRUGL
QHDGHVFULVPDLMRV1XSHUPXWDLQLFLR
GDWFOHPHOHGHERUQQFD]FRQWUDU
SXWHLGHWHULRUDVLVWHPHOHHOHFWURQLFHDOH
DXWRYHKLFXOXOXL
/DDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDW
WUDQVPLVLDHVWHEORFDWvQSR]LLD3GXS
GHFRQHFWDUHDEDWHULHL$XWRYHKLFXOXOHVWH
SURWHMDWFRQWUDSXQHULLVDOHvQPLFDUH1X
PDLSXWHLGHSODVDDXWRYHKLFXOXO

3HQWUXDGHFRQHFWDFDEOXOGHODGHIOHFWRUXO
GHDHUWUDJHLPXIDGLQSUL]
 7UDJHLFDEOXORGDWFXFOHPDGHIL[DUH
GLQFDSDFXOEDWHULHL
 &XOLVDLGHIOHFWRUXOGHDHUODVWkQJD
FWUHFHQWUXODXWRYHKLFXOXOXL'X]DGHIOHF
WRUXOXLGHDHUGHSHSDUWHDGUHDSWQXPDL
HVWHFRQHFWDWODFRQGXFWDGHDHU
 5LGLFDLGHIOHFWRUXOGHDHUvQVXVSkQOD
GUHDSWD
 7UDJHLGHIOHFWRUXOGHDHUODGUHDSWDvQ
GLUHFLDVJHLLSkQFkQGGX]DGHSHSDU
WHDVWkQJHVWHGHFRQHFWDWGHODFRQGXFWD
GHDHU
 6FRDWHLGHIOHFWRUXOGHDHU

$VLVWHQvQFD]GHSDQ

6FRDWHUHDGHIOHFWRUXOXLGHDHU7+(502
7521,&


C %RUQDSR]LWLY
D %DWHULH
%RUQDQHJDWLY

6OELLFOHPDERUQHLQHJDWLYHGHSHEDWHULH
LVFRDWHLR
 6FRDWHLFDSDFXOGHSHFOHPDERUQHLSR]L
WLYH
 6OELLFOHPDERUQHLSR]LWLYHGHSHEDWHULH
LVFRDWHLR


6FRDWHUHDPRQWDUHDEDWHULHL


3HQWUXDVFRDWHGHFRQHFWDLEDWHULD
3DJLQD

5LGLFDLFDSDFXOEDWHULHLLVFRDWHLOGLQ
EDWHULD

%DWHULH



'H]DFWLYDLWRLFRQVXPDWRULLHOHFWULFLGH
H[UDGLRYHQWLODWRUHWF
 &RQHFWDLFOHPDGHERUQSR]LWLYLIL[DL
FDSDFXO
 &RQHFWDLFOHPDGHERUQQHJDWLY


6FRDWHLIXUWXQXOGHDHULVLUHC
6OELLXUXEXULOHDGLQFRQVRODFDUH
PHQLQHEDWHULDvQORFD
G QDFHVWVFRSYHLDYHDQHYRLHGHRFKHLH
WXEXODUGHPPFXRSUHOXQJLUHGHFHO
SXLQFPOXQJLPH$FHDVWVFXOQXHVWH
LQFOXVvQWUXVDGHVFXOHDDXWRYHKLFXOXOXL

$VLVWHQvQFD]GHSDQ




G 'DFDOLPHQWDUHDHOHFWULFDIRVWvQWUH
UXSWGHH[GDFUHFRQHFWDLEDWHULDYD
WUHEXLV
=VHWDLFHDVXOFRQVXOWDLLQVWUXFLXQLOHGH
XWLOL]DUHVHSDUDWH
/DDXWRYHKLFXOHOHFX&20$1'2QOLQHL
VLVWHPGHQDYLJDLHFHDVXOHVWHVHWDW
DXWRPDW
=UHVHWDLIXQFLDSHQWUXUDEDWDUHDXWR
PDWDRJOLQ]LORUH[WHULRDUHvQLQWHULRUvQ
H[WHULRUUDEDWkQGRJOLQ]LOHvQH[WHULRUR
GDW3DJLQD

6FRDWHLFRQVROD

QFUFDUHDEDWHULHL

5LGLFDLEDWHULDGHSDUWHDODWHUDOSkQ
FkQGPDUJLQHDLQIHULRDUVDHOLEHUDW
 7UDJHLEDWHULDvQGLUHFLDVJHLL
 3HQWUXDPRQWDXUPDLSDLLGHVFULLvQ
3HQWUXDGHPRQWDvQRUGLQHLQYHUV


5HFRQHFWDUHDEDWHULHL
 &RQHFWDLvQWRWGHDXQDEDWHULDvQRUGLQHD
GHVFULVPDLMRV1XSHUPXWDLQLFLRGDW
FOHPHOHGHERUQQFD]FRQWUDUSXWHL
GHWHULRUDVLVWHPHOHHOHFWURQLFHDOHDXWRYH
KLFXOXOXL

 $9(57,60(17
QFUFDLEDWHULDQXPDLvQ]RQHELQHDHULVLWH
3HPVXUFHEDWHULDHVWHvQFUFDWVHSRW
HPDQDJD]HSURYRFkQGPLFLH[SOR]LL$FHVWHD
YDUSXWHDUQLSHGXPQHDYRDVWUVDXDOWH
SHUVRDQHSURYRFkQGGHWHULRUDUHDYRSVHOHL
VDXFRURGDUHDDXWRYHKLFXOXOXL
3XWHLRELQHLQIRUPDLLSULYLQGvQFUFWRDUHOH
GHEDWHULHFDUHvLSHUPLWEDWHULHLVILH
vQFUFDWvQWLPSFHHVWHLQVWDODWGHODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 $9(57,60(17
([LVWSHULFROXOGHDUVXULVXEDFLXQHDDFLGXOXL
vQGHFXUVXOSURFHVXOXLGHvQFUFDUHGLQFDX]D
JD]HORUHPDQDWHGLQEDWHULH1XYDSOHFDL
SHVWHEDWHULHvQGHFXUVXOSURFHVXOXLGH
vQFUFDUH
 $9(57,60(17
$FLGXOGLQEDWHULHHVWHFDXVWLF(YLWDLFRQWDF
WXOFXSLHOHDRFKLLVDXvPEUFPLQWHD
 QFUFDLEDWHULDLQVWDODWQXPDLFXXQ
vQFUFWRUGHEDWHULHWHVWDWLDSUREDWGH

%DWHULH



0HUFHGHV%HQ]$FHVWHvQFUFWRDUHGH
EDWHULHvLSHUPLWEDWHULHLVILHvQFUFDWvQ
WLPSFHHVWHLQVWDODWvQDXWRYHKLFXO

 8WLOL]DLQXPDLvQFUFWRDUHGHEDWHULHFX
RWHQVLXQHGHvQFUFDUHPD[LPGH9

$VLVWHQvQFD]GHSDQ

 QFUFDLEDWHULDQXPDLFXDMXWRUXOSXQF
WXOXLGHFRQH[LXQHSHQWUXSRUQLUHIRUDW
3XQFWXOGHFRQH[LXQHSHQWUXSRUQLUHDIRUDW
VHDIOvQFRPSDUWLPHQWXOPRWRUXOXL
3DJLQD
 'HVFKLGHLFDSRWD3DJLQD
 &RQHFWDLvQFUFWRUXOEDWHULHLODERUQD
SR]LWLYLSXQFWXOGHPDVvQDFHHDL
RUGLQHFDDWXQFLFkQGFRQHFWDLEDWHULD
GRQDWRDUHvQSURFHGXUDGHSRUQLUHIRUDW
3DJLQD
&LWLLLQVWUXFLXQLOHGHXWLOL]DUHDOH
vQFUFWRUXOXLEDWHULHLvQDLQWHGHDvQFUFD
EDWHULD



3RUQLUHDIRUDW
3RUQLUHDIRUDW

$VLVWHQvQFD]GHSDQ

 $9(57,60(17
([LVWSHULFROXOGHDUVXULVXEDFLXQHDDFLGXOXLvQGHFXUVXOSRUQLULLIRUDWHDDXWRYHKLFXOXOXLGLQ
FDX]DJD]HORUHPDQDWHGLQEDWHULH1XYDSOHFDLGHDVXSUDEDWHULHLFkWWLPSPRWRUXOHVWHSRUQLW
IRUDW
 $9(57,60(17
*D]HOHHPDQDWHGLQEDWHULHvQWLPSXOSRUQLULLIRUDWHSRWSURYRFDPLFLH[SOR]LL(YLWDLFUHDUHDGH
VFkQWHLLQHLIOFULOHGHVFKLVHGHSDUWHGHEDWHULHLQXIXPDL
5HVSHFWDLLQVWUXFLXQLOHGHVLJXUDQFkQGPDQLSXODLEDWHULLOH9HLGHVFRSHULDFHVWHDvQVHF
LXQHD%DWHULHDXWRYHKLFXOGLQLQGH[
 $9(57,60(17
&DUEXUDQWXOQHDUVVHSRDWHDGXQDvQVLVWHPXOGHHYDFXDUHLVHSRDWHDSULQGH([LVWXQULVFGH
LQFHQGLX(YLWDLvQFHUFULOHUHSHWDWHLSUHOXQJLWHGHSRUQLUH
 (YLWDLvQFHUFULOHUHSHWDWHLSUHOXQJLWHGHSRUQLUHQFD]FRQWUDUFRQYHUWRUXOFDWDOLWLFDU
SXWHDILGHWHULRUDWGHFDUEXUDQWXOQHDUV
1XXWLOL]DLXQGLVSR]LWLYGHvQFUFDUHUDSLGSHQWUXDSRUQLDXWRYHKLFXOXO'DFEDWHULDDXWR
YHKLFXOXOXLGXPQHDYRDVWUHVWHGHVFUFDWPRWRUXOSRDWHILSRUQLWIRUDWGHODXQDOWDXWR
YHKLFXOVDXGHODRDGRXDEDWHULHFXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXO
5HVSHFWDLLQGLFDLLOHGHPDLMRV
=EDWHULDQXHVWHDFFHVLELOSHQWUXWRDWHDXWRYHKLFXOHOH'DFEDWHULDDOWXLDXWRYHKLFXOQX

HVWHDFFHVLELOSRUQLLIRUDWDXWRYHKLFXOXOFXDMXWRUXOXQHLDGRXDEDWHULLVDXDXQXLGLV
SR]LWLYGHSRUQLUHIRUDW
=SXWHLSRUQLIRUDWDXWRYHKLFXOXOQXPDLvQFD]XOvQFDUHPRWRUXOLFRQYHUWRUXOFDWDOLWLFVXQW
UHFL
=QXSRUQLLPRWRUXOGDFEDWHULDHVWHvQJKHDW/VDLEDWHULDVVHGH]JKHHPDLvQWkL
=SRUQLUHDIRUDWSRDWHILHIHFWXDWQXPDLGHODEDWHULLFXRWHQVLXQHQRPLQDOGH9
=XWLOL]DLQXPDLFDEOXULGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOFXVHFLXQHWUDQVYHUVDO
VXILFLHQWLFOHPHGHERUQL]RODWH
='DFEDWHULDHVWHFRPSOHWGHVFUFDWOVDLEDWHULDXWLOL]DWODSRUQLUHDIRUDWFRQHFWDW
WLPSGHFkWHYDPLQXWHvQDLQWHGHDvQFHUFDVSRUQLL$VWIHOEDWHULDHSXL]DWVHvQFDUF
SXLQ
=$VLJXUDLYFFHOHGRXDXWRYHKLFXOHQXVHDWLQJ
$VLJXUDLYF
=FDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOQXVXQWGHWHULRUDWH
=SULOHOLEHUHGHSHFOHPDERUQHLQXLQWUvQFRQWDFWFXDOWHSULPHWDOLFHvQWLPSFHFDEOXULOH

GHDOLPHQWDUHGHODEDWHULDDOWXLDXWRYHKLFXOVXQWFRQHFWDWHODEDWHULH
=FDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLDXWRYHKLFXOQXSRWLQWUDvQFRQWDFWFXSULSUHFXP

IXOLDFXUHOHLWUDSH]RLGDOHVDXFXYHQWLODWRUXO$FHVWHFRPSRQHQWHLQWUvQPLFDUHFkQG
PRWRUXOHVWHSRUQLWLFkWHVWHvQIXQFLXQH

3RUQLUHDIRUDW



$VLJXUDLDXWRYHKLFXOXODFLRQkQGIUkQDHOHFWULFGHSDUFDUH
 &XSODLWUDQVPLVLDvQSR]LLD3
 5RWLLFKHLDvQSR]LLD3DJLQDGLQFRPXWDWRUXOGHFRQWDFWLVFRDWHLR/DDXWRYH
KLFXOHOHFX.(</(66*2DVLJXUDLYFDLGHFXSODWFRQWDFWXO3DJLQD7RDWHOPSLOH
LQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWHWUHEXLHVILHVWLQVH
 'H]DFWLYDLWRLFRQVXPDWRULLHOHFWULFLGHH[UDGLRYHQWLODWRUHWF
 'HVFKLGHLFDSRWD3DJLQD

1XPUXOGHSR]LLHLGHQWLILFEDWHULDvQFUFDWDFHOXLODOWDXWRYHKLFXOVDXXQGLVSR]LWLYGH
SRUQLUHIRUDWHFKLYDOHQW
 &XOLVDLFDSDFXOCGHSHERUQDSR]LWLYDvQGLUHFLDVJHLL
 &RQHFWDLERUQDSR]LWLYDODDXWRYHKLFXOXOGXPQHDYRDVWUODERUQDSR]LWLYDEDWHULHL
GRQDWRDUHFXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOvQFHSkQGFX
SURSULDEDWHULH
 3RUQLLPRWRUXODXWRYHKLFXOXOXLGRQDWRULOVDLOVUXOH]HODWXUDLDGHUDODQWL
 &RQHFWDLERUQDQHJDWLYDEDWHULHLGRQDWRDUHODSXQFWXOGHPDVDODXWRYHKLFX
OXOXLGXPQHDYRDVWUFXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOFRQHF
WkQGFDEOXOGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOODEDWHULDGRQDWRDUHPDLvQWkL
 3RUQLLPRWRUXO
 QDLQWHGHDGHFRQHFWDFDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLDXWRYHKLFXOOVDLPRWRUXO
SRUQLWWLPSGHFkWHYDPLQXWH
 0DLvQWkLVFRDWHLFDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOGHODSXQFWXOGHPDV
LERUQDQHJDWLYDSRLGHODERUQDSR]LWLYDLERUQDSR]LWLYGHFRQHFWkQGGH
ILHFDUHGDWGHODFRQWDFWHOHGHODSURSULXODXWRYHKLFXOPDLvQWkL
 QFKLGHLFDSDFXOCERUQHLSR]LWLYHDGXSvQGHSUWDUHDFDEOXULORUGHDOLPHQWDUHGHOD
EDWHULDDOWXLDXWRYHKLFXO
 6ROLFLWDLYHULILFDUHDEDWHULHLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

G 3RUQLUHDIRUDWQXHVWHFRQVLGHUDWRFRQGLLHGHIXQFLRQDUHQRUPDO


$VLVWHQvQFD]GHSDQ



7UDFWDUHDLSRUQLUHDSULQWUDFWDUH
G &DEOXULGHSRUQLUHIRUDWLLQIRUPDLLVXSOLPHQWDUHSULYLQGSRUQLUHDIRUDWSXWHLRELQH
GHODRULFHDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
7UDFWDUHDLSRUQLUHDSULQWUDFWDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD

$VLVWHQvQFD]GHSDQ

5HVSHFWDLFHULQHOHOHJDOHSHQWUXULOHUHOH
YDQWHODWUDFWDUH

 $9(57,60(17
'DFWUDFWDLDXWRYHKLFXOXOWUHEXLHVXWLOL]DL
REDUGHWUDFWDUHULJLGGDF
=PRWRUXOQXHVWHSRUQLW
=H[LVWRGHIHFLXQHODVLVWHPXOGHIUkQDUH
=H[LVWRGHIHFLXQHODDOLPHQWDUHDHOHFWULF
VDXODVLVWHPXOHOHFWULFDODXWRYHKLFXOXOXL
$VLVWDUHDHOHFWULFDGLUHFLHLLVHUYRIUkQDQX
IXQFLRQHD]FkQGPRWRUXOQXHVWHSRUQLW9D
ILQHFHVDUXQSOXVGHIRUSHQWUXDPDQHYUD
LIUkQDLHVWHSRVLELOVILHQHFHVDUVDSVDL
SHGDODGHIUkQFXIRUPD[LP
QDLQWHGHDvQFHSHWUDFWDUHDDVLJXUDLYF
GLUHFLDSRDWHILGHSODVDWLFQXHVWHEOR
FDW
'DFWUDFWDLVDXSRUQLLSULQWUDFWDUHXQDOW
DXWRYHKLFXOJUHXWDWHDVDQXWUHEXLHV
GHSHDVFPDVDWRWDOPD[LPDGPLVD
DXWRYHKLFXOXOXLGXPQHDYRDVWU
 $9(57,60(17
$XWRYHKLFXOXOHVWHIUkQDWFkQGIXQFLD+2/'
VDX',67521,&3/86HVWHDFWLYDW3ULQ
XUPDUHGH]DFWLYDL+2/'L',67521,&3/86
GDFDXWRYHKLFXOXOYDILWUDFWDW
(VWHGHSUHIHUDWVWUDQVSRUWDLDXWRYHKLFXOXO
vQORFVvOWUDFWDL

 3XWHLWUDFWDDXWRYHKLFXOXOPD[LPXP
NP1XGHSLLYLWH]DGHWUDFWDUHGH
NPK
QFD]XOGLVWDQHORUGHWUDFWDUHGHSHVWH
NPvQWUHJXODXWRYHKLFXOWUHEXLHVILH
ULGLFDWLWUDQVSRUWDW
 $VLJXUDLYFIUkQDGHSDUFDUHHOHFWULF
HVWHHOLEHUDW'DFIUkQDGHSDUFDUHHOHF

WULFIXQFLRQHD]GHIHFWXRVYL]LWDLXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

 $VLJXUDLXIDGHWUDFWDUHVDXEDUDGH
WUDFWDUHQXPDLODRFKLXULOHGHWUDFWDUHQ
FD]FRQWUDUDXWRYHKLFXOXOSRDWHVXIHUL
GHWHULRUUL
 1XXWLOL]DLRFKLXOGHWUDFWDUHSHQWUXUHFX
SHUDUHGHRDUHFHDVWIHOSXWHLDYDULDDXWR
YHKLFXOXO'DFDYHLGXELLUHFXSHUDLDXWR
YHKLFXOXOFXRPDFDUD
 &kQGWUDFWDLGHPDUDLOHQWLXRU'DF
SXWHUHDGHWUDFLXQHHVWHSUHDULGLFDW
DXWRYHKLFXOXOSRDWHVXIHULGHWHULRUUL
 3HQWUXDUHPRUFDDXWRYHKLFXOHOHFX.(<
/(66*2XWLOL]DLFKHLDvQORFGHEXWRQXO
6WDUW6WRS7UDQVPLVLDDXWRPDWSRDWH
FRPXWDvQFD]FRQWUDUvQSR]LLD3FkQGGHV
FKLGHLSRUWLHUDRIHUXOXLVDXDSDVDJHUXOXL
IDGHWHULRUkQGXVHDVWIHOWUDQVPLVLD
 $XWRYHKLFXOHOHFXEORFULDOHGLIHUHQLDOX
OXLDVLJXUDLYFEORFULOHGLIHUHQLDOXOXL
VHDIOvQPRGXODXWRPDW%ORFULOHGLIHUHQ
LDOXOXLQXWUHEXLHVILHDFWLYDWHPDQXDO
FkQGWUDFWDLDXWRYHKLFXOXOQFD]FRQWUDU
WUDQVPLVLDSRDWHVXIHULGHWHULRUUL
'DFDXWRYHKLFXOXODVXIHULWGHWHULRUULOD
WUDQVPLVLHVROLFLWDLWUDQVSRUWDUHDVDSHR
DXWRSODWIRUPVDXSHRUHPRUF
7UDQVPLVLDDXWRPDWWUHEXLHVVHDIOHvQ
SR]LLD1FkQGDXWRYHKLFXOXOHVWHWUDFWDW
%DWHULDWUHEXLHVILHFRQHFWDWLvQFUFDW
QFD]FRQWUDU
=QXSXWHLURWLFKHLDvQFRPXWDWRUXOGHFRQ
WDFWvQSR]LLD
=QXSXWHLFXSODWUDQVPLVLDDXWRPDWvQ
SR]LLD1
G QDLQWHGHDUHPRUFDDXWRYHKLFXOXO
GH]DFWLYDLFDUDFWHULVWLFDGHvQFXLHUHDXWR
PDW3DJLQDQFD]FRQWUDUSXWHL

7UDFWDUHDLSRUQLUHDSULQWUDFWDUH
UPkQHSHGLQDIDUFkQGvPSLQJHLVDX
WUDFWDLDXWRYHKLFXOXO
'H]DFWLYDLSURWHFLDODWUDFWDUH
3DJLQDvQDLQWHGHDUHPRUFDDXWRYH
KLFXOXO



6FRDWHLFDSDFXOCVDXDGHSHGHV
FKL]WXU
 QILOHWDLRFKLXOGHWUDFWDUHvQVHQVRUDU
SkQODRSULWRULVWUkQJHLO


6FRDWHUHDRFKLXOXLGHWUDFWDUH

0RQWDUHDRFKLXOXLGHWUDFWDUH
$XWRYHKLFXOHOHFXFkUOLJXOGHWUDFWDUHD
UHPRUFLLGDFLQWHQLRQDLVXWLOL]DLDXWRYH
KLFXOXOSHQWUXWUDFWDUHH[WLQGHLFXSODVIHULF
LFRQHFWDLEDUDGHWUDFWDUHODHD
3DJLQD
 6FRDWHLRFKLXOGHWUDFWDUHGLQWUXVDGH
VFXOHDDXWRYHKLFXOXOXL3DJLQD
(OHPHQWHOHGHPRQWDUHSHQWUXRFKLXULOHGH
WUDFWDUHGHWDDELOHVHDIOvQEDUHOHGHSUR
WHFLH$FHVWHDVXQWvQIDLvQVSDWHVXE
FDSDFH

6OELLRFKLXOGHWUDFWDUHLGHVILOHWDLO

3ULQGHLFDSDFXOCVDXDODEDUDGHSUR
WHFLHLDSVDLSkQFHVHDQJUHQHD]
 $H]DLRFKLXOGHWUDFWDUHvQWUXVDGHVFXOH
DDXWRYHKLFXOXOXL


5HPRUFDUHDDXWRYHKLFXOXOXLFX
DPEHOHSXQLSHVRO
(VWHLPSRUWDQWVUHVSHFWDLLQVWUXFLXQLOHGH
VLJXUDQFkQGWUDFWDLDXWRYHKLFXOXOGXP
QHDYRDVWU3DJLQD

 $9(57,60(17
$VLVWDUHDHOHFWULFDGLUHFLHLLVHUYRIUkQDQX
IXQFLRQHD]FkQGPRWRUXOQXHVWHSRUQLW9D
ILQHFHVDUXQHIRUWPXOWPDLPDUHSHQWUXD
IUkQDLDGLULMDDXWRYHKLFXOXO$GDSWDLYVWL
OXOGHFRQGXFHUHvQFRQVHFLQ
7UDQVPLVLDDXWRPDWFXSOHD]DXWRPDWvQ
SR]LLD3FkQGGHVFKLGHLSRUWLHUDRIHUXOXL
VDXFHDDSDVDJHUXOXLIDVDXFkQGVFRDWHL
FKHLDGLQFRPXWDWRUXOGHFRQWDFW3HQWUXDY
DVLJXUDFWUDQVPLVLDDXWRPDWUPkQHvQ
SR]LLD1FkQGUHPRUFDLDXWRYHKLFXOXOWUH
EXLHVUHVSHFWDLXUPWRDUHOHLQGLFDLL
$VLJXUDLYFDXWRYHKLFXOXOVWDLRQHD]L
FDLDGXVFKHLDvQFRPXWDWRUXOGHFRQWDFW
vQSR]LLD
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
/DDXWRYHKLFXOHOHFX.(</(66*2XWLOL]DL
FKHLDvQORFGHEXWRQXO6WDUW6WRS
3DJLQD
 $SVDLLLQHLDSVDWSHGDODGHIUkQ
 &XSODLWUDQVPLVLDDXWRPDWvQSR]LLD1
 (OLEHUDLSHGDODGHIUkQ


3HQWUXDGHVFKLGHFDSDFXOGLQID
DSVDLPDUFDMXOGHSHFDSDFCvQLQWHULRU
vQGLUHFLDVJHLL
 3HQWUXDGHVFKLGHFDSDFXOGLQVSDWH
LQWURGXFHLXQRELHFWSODWLERQWvQGHJD
MDUHLWUDJHLFDSDFXODGLQEDUDGHSUR
WHFLH


$VLVWHQvQFD]GHSDQ

0RQWDUHDVFRDWHUHDRFKLXOXLGHWUDF
WDUH

7UDFWDUHDLSRUQLUHDSULQWUDFWDUH



(OLEHUDLIUkQDGHSDUFDUHHOHFWULF
 $FWLYDLVHPQDOL]DWRDUHOHGHDYDULH
3DJLQD
 /VDLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
G &kQGUHPRUFDLFXVHPQDOL]DWRDUHOHGH
DYDULHDFWLYDWHXWLOL]DLFRPXWDWRUXOPL[W
FDGHRELFHLSHQWUXDVHPQDODRVFKLPEDUH
GHGLUHFLHQDFHVWFD]QXPDLVHPQDOL]D
WRDUHOHGHGLUHFLHSHQWUXGLUHFLDGRULW
FOLSHVF&kQGFRPXWDWRUXOPL[WHVWHUHVH
WDWVHPQDOL]DWRDUHOHGHDYDULHvQFHSVFOL
SHDVFGLQQRX

$VLVWHQvQFD]GHSDQ

7UDQVSRUWDUHDDXWRYHKLFXOXOXL
2FKLXULOHGHWUDFWDUHVDXFkUOLJXOGHWUDFWDUH
DUHPRUFLLSRWILXWLOL]DWHSHQWUXDWUDJHDXWR
YHKLFXOXOSHUHPRUFVDXDXWRSODWIRUPGDF
GRULLVOWUDQVSRUWDL
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 &XSODLWUDQVPLVLDDXWRPDWvQSR]LLD1
,PHGLDWFHDXWRYHKLFXOXOHVWHvQFUFDW
1XSHUPLWHLDXWRYHKLFXOXOXLVVHSXQvQ
PLFDUHSULQDFLRQDUHDIUkQHLGHSDUFDUH
HOHFWULFH
 &XSODLWUDQVPLVLDDXWRPDWvQSR]LLD3
 5RWLLFKHLDvQFRPXWDWRUXOGHFRQWDFWvQ
SR]LLDLVFRDWHLFKHLDGLQFRPXWDWRUXO
GHFRQWDFW
 $VLJXUDLDXWRYHKLFXOXO


 $QFRUDLDXWRYHKLFXOXOQXPDLGHURLVDX
MDQWHQXGHSULDOHDXWRYHKLFXOXOXLSUH
FXPSXQWHDVDXFRPSRQHQWHOHGLUHFLHL
9HKLFXOXOSRDWHVXIHULGHWHULRUULvQFD]
FRQWUDU
1RWHSHQWUXDXWRYHKLFXOH0$7,&
 $XWRYHKLFXOHOHFX0$7,&QXWUHEXLHV
ILHWUDFWDWHFXSXQWHDIDVDXVSDWHULGL
FDWvQFD]FRQWUDUWUDQVPLVLDSRDWHVXIHUL
GHWHULRUUL

'DFDXWRYHKLFXOXOSUH]LQWGHWHULRUULOD
WUDQVPLVLHVDXGHWHULRUULODSXQWHDIDVDX
VSDWHVROLFLWDLWUDQVSRUWDUHDVDSHRDXWR
SODWIRUPVDXSHRUHPRUF
QFD]XOGHGHWHULRUULODVLVWHPXOHOHFWULF
'DFEDWHULDHVWHGHIHFWWUDQVPLVLDDXWR
PDWYDILEORFDWvQSR]LLD33HQWUXDFXSOD
WUDQVPLVLDDXWRPDWvQSR]LLD1WUHEXLHV
SXQHLVXEWHQVLXQHVLVWHPXOHOHFWULFDODXWR
YHKLFXOXOXLvQDFHODLPRGvQFDUHHIHFWXDL
SRUQLUHDIRUDW3DJLQD
6ROLFLWDLWUDQVSRUWDUHDDXWRYHKLFXOXOXLSHR
DXWRSODWIRUPVDXSHRUHPRUF

5HFXSHUDUHDXQXLDXWRYHKLFXOFDUHV
DvPSRWPROLW
 /DUHFXSHUDUHDXQXLDXWRYHKLFXOLPRELOL
]DWQXvOWUDJHLFXVPXFLWXULVDXvQXQJKL
'DFIRUDGHWUDFLXQHHVWHSUHDPDUH
DXWRYHKLFXOHOHSRWVXIHULGHWHULRUUL
'DFURLOHPRWULFHVXQWDIXQGDWHvQVRODIk
QDWVDXQRURLRVWUDFWDLDXWRYHKLFXOXOFXJULM
H[WUHPPDLDOHVGDFDFHVWDHVWHvQFUFDW
1XvQFHUFDLQLFLRGDWVUHFXSHUDLXQDXWR
YHKLFXOFDUHDUHDWDDWRUHPRUF
'DFHVWHSRVLELOWUDFWDLDXWRYHKLFXOXOFX
VSDWHOHSHXUPHOHOVDWHGHFWUHDFHVWD
3RUQLUHDSULQWUDFWDUHSRUQLUHDGH
XUJHQDPRWRUXOXL
 $XWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDW
QXWUHEXLHVILHSRUQLWHSULQWUDFWDUHQFD]
FRQWUDUWUDQVPLVLDSRDWHVXIHULGHWHULRUUL
3XWHLDIODLQIRUPDLLGHVSUH3RUQLUHDIRU
DWOD3DJLQD

6LJXUDQHHOHFWULFH

1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
8WLOL]DLQXPDLVLJXUDQHFDUHDXIRVWDSUREDWH
SHQWUXDXWRYHKLFXOH0HUFHGHV%HQ]LFDUH
DXSXWHUHDFRUHFWSHQWUXVLVWHPHOHYL]DWH
1XvQFHUFDLVUHSDUDLVDXVSXQHLvQSXQWH
VLJXUDQHOHGHIHFWH8WLOL]DUHDVLJXUDQHORU
FDUHQXDXIRVWDSUREDWHVDXvQFHUFDUHDGHD
UHSDUDVDXGHDSXQHvQSXQWHVLJXUDQHOH
GHIHFWHDUSXWHDGHWHUPLQDVXSUDvQFUFDUHD
VLJXUDQHORULDUSXWHDFDX]DXQLQFHQGLX
6ROLFLWDLUHSHUDUHDLUHPHGLHUHDFDX]HLODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
6LJXUDQHOHGLQDXWRYHKLFXOXOGXPQHDYRDVWU
DXUROXOGHDvQFKLGHFLUFXLWHOHGHIHFWH'DF
RVLJXUDQVHDUGHWRDWHFRPSRQHQWHOHGLQ
FLUFXLWLIXQFLLOHORUvQFHWHD]VIXQFLR
QH]H
6LJXUDQHOHDUVHWUHEXLHVILHvQORFXLWHFX
VLJXUDQHFXDFHODLDPSHUDMFHSRDWHILUHFX
QRVFXWSHED]DFXORULLLDDPSHUDMXOXLVLJX
UDQHL9DORULOHVLJXUDQHORUVXQWLQGLFDWHvQ
WDEHOXOGHDORFDUHDVLJXUDQHORU
'DFVLJXUDQDUHFHQWLQWURGXVVHDUGHOD
UkQGXOHLVROLFLWDLLGHQWLILFDUHDLUHPHGLHUHD
FDX]HLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GHH[ODXQ&HQWUXGHVHUYLFH0HUFHGHV
%HQ]

 8WLOL]DLQXPDLVLJXUDQHFDUHDXIRVW
DSUREDWHSHQWUXDXWRYHKLFXOH0HUFHGHV
%HQ]LFDUHDXDPSHUDMXOFRUHFWSHQWUX
VLVWHPXOYL]DW3HQWUXFXWLLOHFXVLJXUDQH
GLQFRPSDUWLPHQWXOPRWRUXOXLLGHVXE
EDQFKHWDGLQVSDWHIRORVLLQXPDLVLJX
UDQHFXVXIL[XO6QFD]FRQWUDUFRPSR
QHQWHOHVDXVLVWHPHOHSRWVXIHULGHWH
ULRUUL

QDLQWHGHDVFKLPEDRVLJXUDQ
3DUFDLDXWRYHKLFXOXOLDFLRQDLIUkQDGH
SDUFDUHHOHFWULF
 QWUHUXSHLWRLFRQVXPDWRULLHOHFWULFL
 6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW


6LJXUDQHOHVHDIOvQGLYHUVHFXWLLFXVLJX
UDQH
=FXWLDFXVLJXUDQHGHSHSDUWHDSDVDJHUXOXL

IDDSODQHLGHERUG
=FXWLDFXVLJXUDQHGLQFRPSDUWLPHQWXO

PRWRUXOXLGHSHSDUWHDGUHDSWDDXWRYHKL
FXOXOXLSULYLQGvQGLUHFLDGHPHUV
=FXWLDFXVLJXUDQHGHVXEEDQFKHWDVSDWH
7DEHOXOGHDORFDUHDVLJXUDQHORUVHDIOvQ
FXWLDFXVLJXUDQH3DJLQDGHVXE
EDQFKHWDVSDWH

&XWLHGHVLJXUDQHSODQGHERUG
 1XXWLOL]DLXQRELHFWDVFXLWFXPDUILR
XUXEHOQLSHQWUXDGHVFKLGHFDSDFXOGLQ
SODQDGHERUG3XWHLGHWHULRUDSODQDGH
ERUGVDXFDSDFXO

3HQWUXDGHVFKLGHWUDJHLFDSDFXOCvQ
DIDUvQGLUHFLDLQGLFDWGHVJHDWLVFRD
WHLO

3HQWUXDvQFKLGHSULQGHLFDSDFXOCSH
SDUWHDIURQWDODSODQHLGHERUG
 5DEDWDLFDSDFXOCvQLQWHULRUSkQFkQG
VHDQJUHQHD]


$VLVWHQvQFD]GHSDQ

6LJXUDQHHOHFWULFH



6LJXUDQHHOHFWULFH



&XWLDFXVLJXUDQHGLQFRPSDUWLPHQ
WXOPRWRUXOXL


'HVFKLGHLFDSRWD3DJLQD

$VLVWHQvQFD]GHSDQ

3HQWUXDGHVFKLGHULGLFDLLSOLDL
PRFKHWDCvQGLUHFLDVJHLL

QGHSUWDLRULFHXUPHGHXPH]HDOGLQ
FXWLDFXVLJXUDQHFXDMXWRUXOXQHLFkUSH
XVFDWH
 3HQWUXDGHVFKLGHGHVFKLGHLFOH
PHOHD
 3OLDLFDSDFXOCvQVXVvQGLUHFLDVJHLLL
VFRDWHLO


 $VLJXUDLYFQXSRDWHSWUXQGHXPLGL
WDWHvQFXWLDFXVLJXUDQHFkQGFDSDFXOHVWH
GHVFKLV
 3HQWUXDvQFKLGHYHULILFDLGDFJDUQLWXUD
HVWHIL[DWFRUHFWvQFDSDFXOC
 ,QWURGXFHLFDSDFXOCSHSDUWHDODWHUDOD
FXWLHLFXVLJXUDQHvQGLVSR]LWLYXOGHSULQ
GHUH
 5DEDWDLvQMRVFDSDFXOCLvQFKLGHLFOH
PHOHD
 &DSDFXOWUHEXLHIL[DWvQPRGFRUHV
SXQ]WRUQFD]FRQWUDUXPH]HDODVDX
PXUGULDDUSXWHDDIHFWDIXQFLRQDUHDVLJX
UDQHORU
 QFKLGHLFDSRWD3DJLQD

(OLEHUDLFOHPHOHDDSVkQGXOHvQGLUHFLD
VJHLL
 3OLDLFDSDFXOvQVXVvQGLUHFLDVJHLLL
VFRDWHLO


G 7DEHOXOGHDORFDUHDVLJXUDQHORUHVWH
SR]LLRQDWVXEFDSDF
 $VLJXUDLYFQXSRDWHSWUXQGHXPLGL
WDWHvQFXWLDFXVLJXUDQHFkQGFDSDFXOHVWH
GHVFKLV
 3HQWUXDvQFKLGHLQWURGXFHLFDSDFXO
vQGLVSR]LWLYXOGHSULQGHUHSHSDUWHDODWH
UDODFXWLHLFXVLJXUDQH
 3OLDLFDSDFXOvQMRVSkQFkQGFOH
PHOHDVHvPELQVRQRU


&XWLDFXVLJXUDQHGHVXEEDQFKHWD
GLQVSDWH


3OLDLvQDLQWHEDQFKHWDGLQVSDWHGUHDSWD

3OLDLvQDSRLEDQFKHWDGLQVSDWHGUHDSWD










5RLLSQHXUL

,QIRUPDLLXWLOH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
)XQFLRQDUH
)XQFLRQDUHDSHWLPSGHLDUQ
3UHVLXQHDvQSQHXUL
6FKLPEDUHDXQHLURL
&RPELQDLLGHURDWLSQHX



1RWHLPSRUWDQWHSULYLQGVLJXUDQD
,QIRUPDLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
ULWRDUHODVLJXUDQ
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD
1RWHLPSRUWDQWHSULYLQGVLJXUDQD

$FFHVRULLOHFDUHQXVXQWDSUREDWHGH0HUFH
GHV%HQ]SHQWUXDXWRYHKLFXOXOGXPQHD
YRDVWUVDXFDUHQXVXQWXWLOL]DWHFRUHFWSRW
DIHFWDVLJXUDQDGHXWLOL]DUH
QDLQWHGHDDFKL]LLRQDVDXvQDLQWHGHDXWLOL]D
DFFHVRULLQHDSUREDWHDSHODLODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DWLLQWHUHVDLYGHVSUH
=JUDGXOGHDGHFYDUH
=QRUPHOHOHJDOH
=UHFRPDQGULOHSURGXFWRUXOXL

,QIRUPDLLSULYLQGGLPHQVLXQLOHLWLSXULOHGH
URLLSQHXULSHQWUXDXWRYHKLFXOXOGXPQHD
YRDVWUSRWILJVLWHvQVHFLXQHD&RPELQDLL
URDWSQHX3DJLQD
,QIRUPDLLSULYLQGSUHVLXQHDDHUXOXLSHQWUX
SQHXULOHDXWRYHKLFXOXOXLGXPQHDYRDVWUSRW
ILJVLWH
=SHHWLFKHWDGHSUHVLXQHvQSQHXULGHSHFOD

5RLLSQHXUL

 $9(57,60(17
'HDVHPHQHDGDFVHXWLOL]HD]URLLSQHXUL
GHPULPLLQFRUHFWHIUkQHOHGHURDWVDX
FRPSRQHQWHOHVXVSHQVLHLSRWILGHWHULRUDWH
([LVWXQULVFGHDFFLGHQW
QORFXLLvQWRWGHDXQDURLOHLSQHXULOHFXFHOH
FDUHUHVSHFWVSHFLILFDLLOHSLHVHLRULJLQDOH
GHQXPLUHSURGXFWRUPRGHO

 $9(57,60(17
2SDQGHSQHXUHGXFHSXWHUQLFFDUDFWHULVWL
FLOHGHFRQGXFHUHGHGLUHFLHLGHIUkQDUHDOH
DXWRYHKLFXOXOXL([LVWXQULVFGHDFFLGHQW
3QHXULIUFDUDFWHULVWLFLGHUXODUHvQFD]GH
SDQ
=QXFRQGXFHLFXSDQGHSQHX
=vQORFXLLLPHGLDWURDWDFXSDQGHSQHXFX

URDWDGHUH]HUYGHX]WHPSRUDUVDXFX
URDWDGHUH]HUYVDXFRQVXOWDLXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW
3QHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]GH
SDQ
=ILLDWHQLODLQIRUPDLLOHLLQVWUXFLXQLOHGH

DYHUWL]DUHSULYLQGSQHXULOH02([WHQGHG
SQHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]GH
SDQ

SHWDJXULLGHXPSOHUHFXFDUEXUDQW
=vQVHFLXQHD3UHVLXQHvQSQHXUL

1XHVWHSHUPLVDGXFHUHDGHPRGLILFULVLV
WHPXOXLGHIUkQDUHLURLORUGDUQLFLXWLOL]DUHD
SOFLORUGHGLVWDQDUHVDXDVFXWXULORUDQWLSUDI
SHQWUXIUkQH$VWIHOVHDQXOHD]FHUWLILFDWXO
GHvQPDWULFXODUHDDXWRYHKLFXOXOXL
)LLDWHQWPDLDOHVODFHULQHOHVSHFLILFHSHQ
WUXILHFDUHDUSHQWUXDSUREDUHDSQHXULORU
$FHVWHFHULQHSRWVWLSXODXQDQXPLWWLSGH
SQHXSHQWUXDXWRYHKLFXOXOGXPQHDYRDVWU
0DLPXOWXWLOL]DUHDXQRUDQXPLWHWLSXULGH
SQHXULvQDQXPLWHUHJLXQLL]RQHGHXWLOL]DUH
SRDWHILGHRVHELWGHDYDQWDMRDV3XWHLDIOD
PDLPXOWHLQIRUPDLLSULYLQGSQHXULOHODGLVWUL
EXLWRULLVSHFLDOL]DLGHSQHXULODDWHOLHUHGH
VSHFLDOLWDWHDXWRUL]DWHVDXODRULFH&HQWUXGH
6HUYLFH0HUFHGHV%HQ]

G 3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHSUL
YLQGURLOHLSQHXULOHGHODRULFHDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW

)XQFLRQDUH
1RWHSULYLQGFRQGXFHUHD
=QWLPSXOFRQGXFHULLDFRUGDLDWHQLHYLEUD

LLORU]JRPRWHORULFDUDFWHULVWLFLORUGH
PDQHYUDELOLWDWHQHRELQXLWHGHH[FkQG
DXWRYHKLFXOXOWUDJHvQWURSDUWH$FHDVWD
SRDWHLQGLFDGHWHULRUULODURLVDXODSQHXUL
'DFEQXLLFXQSQHXHVWHGHIHFWUHGX
FHLLPHGLDWYLWH]D2SULLDXWRYHKLFXOXOFkW
PDLFXUkQGSRVLELOSHQWUXDYHULILFDGHWH
ULRUULOHODURLLSQHXULLGHWHULRUULOH
DVFXQVHODSQHXULDUSXWHDILFDX]DFDUDF
WHULVWLFLORUGHPDQHYUDELOLWDWHQHRELQXLWH
'DFQXJVLLVHPQHGHGHWHULRUULVROLFL
WDLYHULILFDUHDURLORULDSQHXULORUODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
=&kQGSDUFDLDXWRYHKLFXOXODVLJXUDLYF
SQHXULOHQXVXQWGHIRUPDWHGHERUGXUVDX
DOWHREVWDFROH'DFWUHEXLHVWUHFHL
SHVWHERUGXULSUDJXULSHQWUXUHGXFHUHD
YLWH]HLWUDYHUVDLOHOHQWLvQXQJKLREWX]
QFD]FRQWUDUSQHXULOHLPDLDOHVIODQFX
ULOHORUSRWVXIHULGHWHULRUUL

1RWHSULYLQGH[DPLQDUHDUHJXODWD
URLORULSQHXULORU
 $9(57,60(17
3QHXULOHGHWHULRUDWHSRWGXFHODSLHUGHUHD
SUHVLXQLLGHXPIODUHDSQHXULORU'UHSW
XUPDUHSXWHLSLHUGHFRQWUROXODVXSUDDXWR
YHKLFXOXOXLGXPQHDYRDVWU([LVWXQULVFGH
DFFLGHQW
9HULILFDLSQHXULOHvQPRGUHJXODWSHQWUXHYHQ
WXDOHVHPQHGHGHWHULRUDUHLvQORFXLLLPHGLDW
SQHXULOHGHWHULRUDWH
=9HULILFDLUHJXODWURLOHLSQHXULOHDXWRYH

KLFXOXOXLGXPQHDYRDVWUSHQWUXDGHWHFWD
GHWHULRUULGHH[WLHWXULvQHSWXULUXS
WXULXPIOWXULSHSQHXULLGHIRUPDUHILVXUL
VDXFRURGDUHSXWHUQLFDURLORUODFHO
SXLQILHFDUH]LOHSUHFXPLGXSFHDL
FRQGXVRIIURDGVDXSHGUXPXULDFFLGHQ

WDWH5RLOHGHWHULRUDWHSRWSURYRFDRSLHU
GHUHDSUHVLXQLLvQSQHXUL
=9HULILFDLUHJXODWDGkQFLPHDVXSUDIHHLGH
UXODUHDSQHXOXLLVWDUHDVXSUDIHHLGH
UXODUHSHvQWUHDJDOLPHDSQHXOXL
3DJLQD'DFHVWHQHFHVDUURWLL
URLOHGLQIDSkQODFDSWSHQWUXDH[D
PLQDSDUWHDLQWHULRDUDVXSUDIHHLSQHXOXL
=7RDWHURLOHWUHEXLHVGLVSXQGHXQ
FSFHOGHYDOYSHQWUXDILSURWHMDWHFRQ
WUDLPSXULWLORULXPLGLWLL1XIL[DLQLPLF
SHYDOYSUHFXPVLVWHPHOHGHPRQLWRUL]DUH
DSUHVLXQLLvQSQHXULFXH[FHSLDFSFHOX
OXLGHYDOYVWDQGDUGVDXDDOWRUYDOYHDSUR
EDWHGH0HUFHGHV%HQ]SHQWUXDXWRYHKLFX
OXOGXPQHDYRDVWU
=9HULILFDLUHJXODWSUHVLXQHDvQWRDWHSQHX
ULOHLQFOXVLYvQURDWDGHUH]HUYGHX]WHP
SRUDUVDXvQURDWDGHUH]HUYPDLDOHV
vQDLQWHDGUXPXULORUOXQJLLFRUHFWDLSUH
VLXQHDGDFHVWHQHFHVDU3DJLQD

6XSUDIDDGHUXODUHDSQHXOXL
 $9(57,60(17
6XSUDIDDLQVXILFLHQWGHUXODUHDSQHXOXLYD
UHGXFHWUDFLXQHDSQHXULORU3QHXOQXPDL
SRDWHGLVLSDDSD$VWIHOSHVXSUDIHHFDURVD
ELOHXPHGHULVFXOGHDFYDSODQDUHFUHWHPDL
DOHVDFRORXQGHYLWH]DQXHVWHDGDSWDWFRQ
GLLLORUGHFRQGXFHUH([LVWXQULVFGHDFFL
GHQW
'DFSUHVLXQHDHVWHSUHDPDUHVDXSUHDPLF
SQHXULOHSRWDYHDGLIHULWHQLYHOXULGHX]XUvQ
GLIHULWHSULSHVXSUDIDDGHUXODUHDSQHXOXL
3ULQXUPDUHWUHEXLHVYHULILFDLUHJXODWDGkQ
FLPHDVXSUDIHHLGHUXODUHLVWDUHDVXSUDIHHL
GHUXODUHSHvQWUHDJDOLPHDWXWXURUSQHXUL
ORU
$GkQFLPHDPLQLPDVXSUDIHHLGHUXODUHD
SQHXOXLSHQWUX
=SQHXULGHYDUPP
=SQHXUL06PP
'LQPRWLYHGHVLJXUDQvQORFXLLSQHXULOH
vQDLQWHFDOLPLWDSUHVFULVSULQOHJHSHQWUX




5RLLSQHXUL

)XQFLRQDUH



)XQFLRQDUHDSHWLPSGHLDUQ
DGkQFLPHDPLQLPDVXSUDIHHLGHUXODUHD
SQHXOXLVILHDWLQV

1RWHSULYLQGVHOHFWDUHDPRQWDUHDL
vQORFXLUHDSQHXULORU
=0RQWDLQXPDLSQHXULLURLGHDFHODLWLS

LPDUF
=0RQWDLQXPDLSQHXULLURLGHPULPH

FRUHFWSHURL

PHQWDUDDXWRYHKLFXOXOXLGXPQHDYRDVWU
FXWUXVD7,5(),7GDFPRQWDLSQHXULIU
FDUDFWHULVWLFLGHUXODUHvQFD]GHSDQGH
H[SQHXULGHLDUQ2WUXV7,5(),7SRDWH
ILRELQXWGHODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
1RWHOHSULYLQGFRQGXFHUHDFXSQHXUL02([
WHQGHGvQFD]XOXQHLSHQHGHSQHXVH
UHJVHVFvQVHFLXQHD$VLVWHQvQFD]GH
SDQ3DJLQD

5RLLSQHXUL

='XSFHDLPRQWDWSQHXULQRLURGDLOHOD

YLWH]HPRGHUDWHvQSULPLLNPGHRDUHFH
HOHDWLQJSHUIRUPDQHPD[LPHGRDUGXS
DFHDVWGLVWDQ
=1XFRQGXFHLFXSQHXULFDUHDXRDGkQFLPH
DVXSUDIHHLGHUXODUHSUHDPLFGHRDUHFH
DFHVWHDvLYRUUHGXFHSXWHUQLFWUDFLXQHD
SHGUXPXULXPHGHDFYDSODQDUH
=QORFXLLSQHXULOHFHOWkU]LXGXSDVHDQL
LQGLIHUHQWGHJUDGXOGHX]XU$FHDVWLQGL
FDLHHVWHYDODELOLODURDWDGHUH]HUYGH
X]WHPSRUDUURDWGHUH]HUY
9LDDXWLODSQHXULORUGHSLQGHGHPDLPXOL
IDFWRULSULQWUHFDUH
=VWLOXOGHFRQGXFHUH
=SUHVLXQHDvQSQHXUL
=NLORPHWUDMXO

3QHXUL02([WHQGHGSQHXULFXFDUDF
WHULVWLFLGHUXODUHvQFD]GHSDQ
3QHXULOH02([WHQGHGSQHXULFXFDUDFWHULV
WLFLGHUXODUHvQFD]GHSDQYSHUPLWV
FRQGXFHLDXWRYHKLFXOXOFKLDULFkQGXQXO
VDXPXOWHSQHXULSLHUGWRDWSUHVLXQHDDHUX
OXL
3QHXULOH02([WHQGHGSRWILXWLOL]DWHQXPDLvQ
FRPELQDLHFXVLVWHPXODFWLYDWGHDYHUWL]DUH
SULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULVDXFX
PRQLWRUL]DWRUXODFWLYDWDOSUHVLXQLLvQSQHXULL
FXURLOHWHVWDWHVSHFLDOGH0HUFHGHV%HQ]

G $XWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX
VXQWGRWDWHFXRWUXV7,5(),7GLQIDEULF
3ULQXUPDUHVHUHFRPDQGGRWDUHDVXSOL

)XQFLRQDUHDSHWLPSGHLDUQ
$VSHFWHGHUHLQXW
/DvQFHSXWXOLHUQLLVROLFLWDLSUHJWLUHDDXWR
YHKLFXOXOXLSHQWUXLDUQODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
5HVSHFWDLQRWHOHGLQVHFLXQHD6FKLPEDUHD
XQHLURL3DJLQD

&RQGXFHUHFXSQHXULGHYDU
/DWHPSHUDWXULVXESQHXULOHGHYDUvL
SLHUGHODVWLFLWDWHDLSULQXUPDUHWUDFLXQHDL
SXWHUHDGHIUkQDUHVFKLPEDLSQHXULOHDXWR
YHKLFXOXOXLGXPQHDYRDVWUFXSQHXUL06
8WLOL]DUHDSQHXULORUGHYDUODWHPSHUDWXUL
IRDUWHUHGXVHSRDWHGXFHODIRUPDUHDUXSWX
ULORUGHWHULRUkQGvQFRQVHFLQSHUPDQHQW
SQHXULOH0HUFHGHV%HQ]QXvLDVXP
UVSXQGHUHDSHQWUXDFHVWWLSGHGHWHULRUUL

3QHXUL06
/DWHPSHUDWXULVXEXWLOL]DLSQHXULGH
LDUQVDXSQHXULSHQWUXWRDWHDQRWLPSXULOH
$PEHOHWLSXULGHSQHXVXQWLGHQWLILFDWHSULQ
PDUFDMXO06
1XPDLSQHXULOHGHLDUQSUHY]XWHFXVLPER
OXOIXOJXOXLGH]SDGMLFXPDUFDMXO
06RIHUDGHUHQPD[LPSHGUXPXULFX
]SDG1XPDLDFHVWHSQHXULYRUSHUPLWHVLV
WHPHORUGHVLJXUDQODFRQGXFHUHSUHFXP
$%6L(63VIXQFLRQH]HRSWLPSHWLPSGH

)XQFLRQDUHDSHWLPSGHLDUQ
LDUQGHRDUHFHDFHVWHSQHXULDXIRVWFRQFH
SXWHVSHFLDOSHQWUXFRQGXFHUHDSH]SDG
8WLOL]DLSQHXUL06FXDFHHDLPDUFL
VXSUDIDGHUXODUHODWRDWHURLOHSHQWUXD
RELQHFDUDFWHULVWLFLGHPDQHYUDELOLWDWH
VLJXUH



WHPSRUDUSRDWHDIHFWDVHULRVFDUDFWHULVWLFLOH
GHFRQGXFHUH([LVWXQULVFGHDFFLGHQW
3HQWUXDHYLWDVLWXDLLOHSHULFXORDVH
=$GDSWDLYVWLOXOGHFRQGXFHUHvQFRQVH

FLQLFRQGXFHLFXJULM
=1XPRQWDLPDLPXOWGHRURDWGHUH]HUY

 $9(57,60(17
URDWGHUH]HUYGHX]WHPSRUDUGDF
GLPHQVLXQLOHVXQWGLIHULWHGHFHOHDOHURLL
3QHXULOH06FXRDGkQFLPHDVXSUDIHHLGH
FDUHWUHEXLHvQORFXLW
UXODUHDSQHXOXLVXEPPQXVXQWDGHFYDWH
SHQWUXXWLOL]DUHDSHWLPSGHLDUQGHRDUHFH
=8WLOL]DLGRDURURDWGHUH]HUYURDWGH
QXDVLJXUVXILFLHQWWUDFLXQH([LVWXQULVF
UH]HUYGHX]WHPSRUDUSHQWUXVFXUWWLPS
GHDFFLGHQW
GDFGLPHQVLXQLOHVXQWGLIHULWHGHFHOHDOH
URLLFDUHWUHEXLHvQORFXLW
3QHXULOH06FXRDGkQFLPHDEHQ]LLGHUXODUHPDLPLFGH
PPWUHEXLHVILHvQORFXLWH
=1XGH]DFWLYDL(63

9HULILFDLSUHVLXQLOHvQSQHXUL
3DJLQD
 5HSRUQLLPRQLWRUL]DWRUXOSUHVLXQLLvQ
SQHXUL3DJLQD
 5HSRUQLLVLVWHPXOGHDYHUWL]DUHSULYLQG
SLHUGHUHDSUHVLXQLLvQSQHXUL
3DJLQD


'XSPRQWDUHDXQHLURLGHUH]HUYGHX]
WHPSRUDUVDXDXQXLSQHXGHUH]HUYQXFRQ
GXFHLFXYLWH]PDLPDUHGHNPK

 $9(57,60(17
'LPHQVLXQLOHURLLSQHXOXLLWLSXOSQHXOXLURLL
GHUH]HUYURLLGHUH]HUYGHX]WHPSRUDUL
URDWDFDUHWUHEXLHvQORFXLWSRWGLIHUL0RQWD
UHDXQHLURLGHUH]HUYURLGHUH]HUYGHX]

=6ROLFLWDLvQORFXLUHDURLLGHUH]HUYURLLGH

UH]HUYGHX]WHPSRUDUUHVSHFWLYHODFHO
PDLDSURSLDWDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW$VLJXUDLYFGLPHQVLXQLOHURLLGH
UH]HUYURLLGHUH]HUYGHX]WHPSRUDUL
WLSXOSQHXOXLVXQWFRUHFWH

/DQXULGH]SDG
'LQPRWLYHGHVLJXUDQ0HUFHGHV%HQ]Y
UHFRPDQGVXWLOL]DLQXPDLODQXULGH
]SDGDSUREDWHVSHFLDOSHQWUXDXWRYHKLFXOXO
GXPQHDYRDVWUGH0HUFHGHV%HQ]VDXFDUH
UHVSHFWXQVWDQGDUGFRUHVSXQ]WRUGHFDOL
WDWH

 $XWRYHKLFXOHFXSDFKHWXO
21 2))52$'VDXFXSDFKHWXO$,50$
7,&QXFRQGXFHLvQPRGXO$'663257
DWXQFLFkQGFRQGXFHLFXODQXULOHGH
]SDGPRQWDWH
'DFGRULLVPRQWDLODQXULGH]SDGUHL
QHLXUPWRDUHOH
=/DQXULOHGH]SDGQXSRWILPRQWDWHOD
WRDWHFRPELQDLLOHURDWSQHX&RPELQDLL
SHUPLVHURDWSQHX3DJLQD
=/DQXULOHGH]SDGQXWUHEXLHVILHPRQ
WDWHSHRURDWGHUH]HUYGHX]WHPSRUDU

5RLLSQHXUL

5HVSHFWDLvQWRWGHDXQDYLWH]DPD[LP
DGPLVVSHFLILFDWSHQWUXSQHXULOH06PRQ
WDWH
'DFPRQWDLSQHXUL06FXRYLWH]DPD[LP
DGPLVPDLPLFGHFkWFHDDDXWRYHKLFXOXOXL
IL[DLXQVHPQGHDYHUWL]DUHFRUHVSXQ]WRUvQ
FkPSXOYL]XDODORIHUXOXL$FHVWHDSRWILREL
QXWHvQWUXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QDFHDVWVLWXDLHWUHEXLHGHDVHPHQHDV
OLPLWDLYLWH]DPD[LPDDXWRYHKLFXOXOXLFX
DMXWRUXOVLVWHPXOXL63(('7521,&SHUPDQHQW
DVWIHOvQFkWVQXGHSHDVFYLWH]DPD[LP
DGPLVSHQWUXSQHXULOH063DJLQD
&kQGDLPRQWDWSQHXUL06



3UHVLXQHDvQSQHXUL
GHH[RURDWGHUH]HUYGHX]WHPSRUDU
0LQLVSDUH
=0RQWDLODQXULOHGH]SDGQXPDLvQSHUH
FKLLQXPDLSHURLOHGLQVSDWH5HVSHFWDL
LQVWUXFLXQLOHGHLQVWDODUHDOHSURGXFWRUX
OXL

5RLLSQHXUL

 $XWRYHKLFXOHOHFXMDQWHGHRHOGDF
GRULLVPRQWDLODQXULGH]SDGSHMDQ
WHOHGHRHOQXRPLWHLVVFRDWHLFDSDFHOH
GHURDWGHODURLOHUHVSHFWLYHPDLvQWkLQ
FD]FRQWUDUFDSDFHOHGHURDWSRWVXIHUL
GHWHULRUUL
/DDXWRYHKLFXOHOHFXSDFKHW$,50$7,&WUH
EXLHVFRQGXFHLFXQLYHOXODXWRYHKLFXOXOXL
ULGLFDWGDFVDXPRQWDWODQXULGH]SDG
3DJLQD
1XGHSLLYLWH]DPD[LPDGPLVGH
NPK
G (VWHSRVLELOVGRULLVGH]DFWLYDL(63
3DJLQDFkQGGHPDUDLFXODQXULGH
]SDGPRQWDWH$VWIHOYHLSXWHDSHUPLWH
URLORUVSDWLQH]HFRQWURODWRELQkQGR
IRUGHWUDFLXQHVSRULWDFLXQHGH
SWUXQGHUH
3UHVLXQHDvQSQHXUL
6SHFLILFDLLSULYLQGSUHVLXQHDvQ
SQHXUL
 $9(57,60(17
3QHXULOHFXSUHVLXQHDSUHDVF]XWVDXSUHD
ULGLFDWDGXFFXHOHXUPWRDUHOHULVFXUL
=SRWH[SORGDPDLDOHVGDFDXWRYHKLFXOXO

HVWHJUHXvQFUFDWVDXGDFFRQGXFHLFX
YLWH]HPDUL
=SQHXULOHVHSRWX]DvQPRGH[FHVLYLVDX
QHXQLIRUPFHHDFHSRDWHDIHFWDVHULRV
WUDFLXQHDSQHXULORU
=FDUDFWHULVWLFLOHGHFRQGXFHUHGHGLUHFLHL
GHIUkQDUHSRWILDIHFWDWHIRDUWHJUDY
([LVWXQULVFGHDFFLGHQW

5HVSHFWDLSUHVLXQLOHUHFRPDQGDWHGH
XPIODUHDSQHXULORULYHULILFDLSUHVLXQHDGLQ
WRDWHSQHXULOHLQFOXVLYGLQURDWDGHUH]HUY
=FHOSXLQRGDWODGRXVSWPkQL
=GDFVDUFLQDVHPRGLILF
=vQDLQWHGHDvQFHSHXQGUXPOXQJ
=SHQWUXFRQGLLLGHIXQFLRQDUHPRGLILFDWH

GHH[FRQGXFHUHDRIIURDG
'DFHVWHQHFHVDUFRUHFWDLSUHVLXQHDvQ
SQHXUL

9HLJVLXQWDEHOFXSUHVLXQLvQSQHXULSHQWUX
GLYHUVHVLWXDLLGHXWLOL]DUHSHSDUWHDLQWH
ULRDUDFODSHWHLJXULLGHXPSOHUHFXFDUEX
UDQWDDXWRYHKLFXOXOXLGXPQHDYRDVWU
8WLOL]DUHDFXURDWGHUH]HUYGHX]WHP
SRUDUYDORDUHDDSOLFDELOSHQWUXURDWDGH
UH]HUYGHX]WHPSRUDUHVWHLQGLFDWSHURDWD
GHUH]HUYLvQFDSLWROXOSULYLQG&RPELQDLLOH
URDWSQHX3DJLQD
8WLOL]DUHDFXRUHPRUFYDORDUHDDSOLFDELO
SHQWUXSQHXULOHGLQVSDWHHVWHYDORDUHD
PD[LPDSUHVLXQLLvQSQHXULLQGLFDWvQWDEH
OXOGLQFODSHWDJXULLGHXPSOHUHFXFDUEXUDQW
7DEHOXOGLQFODSHWDJXULLGHXPSOHUHFXFDU
EXUDQWSRDWHLQGLFDSUHVLXQLOHvQSQHXULSHQ
WUXGLIHULWHVLWXDLLGHVDUFLQ$FHVWHDVXQW
GHILQLWHvQWDEHOFDQXPHUHGHSDVDJHULL
YROXPHGHEDJDMGLIHULWH1XPUXOFRQFUHWGH
VFDXQHSRDWHYDULDSHQWUXLQIRUPDLLVXSOL
PHQWDUHFRQVXOWDLGRFXPHQWHOHGHvQUHJLV
WUDUHDOHDXWRYHKLFXOXOXL
'DFQXVXQWLQGLFDWHDOWHGDWHSUHVLXQLOHvQ
SQHXULVSHFLILFDWHSHHWLFKHWDGHSUHVLXQHvQ
SQHXULGHSHFODSHWDJXULLGHXPSOHUHVXQW
YDODELOHSHQWUXWRDWHSQHXULOHDSUREDWHSHQ
WUXDFHVWDXWRYHKLFXO

3UHVLXQHDvQSQHXUL



=9HULILFDLGDFQXH[LVWFRUSXULVWULQHvQ

SQHX
=9HULILFDLGDFURDWDDUHSLHUGHULGHDHUVDX

GDFVXSDSDDUHVFSUL
'DFQXVXQWHLFDSDELOVUH]ROYDLGHIHFLX
QHDFRQWDFWDLDWHOLHUXOGHVSHFLDOLWDWHDXWR
UL]DW

 $9(57,60(17
'DFPRQWDLDFFHVRULLQHFRUHVSXQ]WRDUH
SHYDOYHOHSQHXULORUYDOYHOHSQHXULORUSRWIL
VXSUDvQFUFDWHLGHIHFWHFHHDFHSRDWHGXFH
ODSLHUGHUHDSUHVLXQLLvQSQHXUL'DWRULW
GHVLJQXOXLORUPRQLWRUL]DWRDUHOHSUHVLXQLLvQ
SQHXULPRGHUQL]DWHPHQLQYDOYDSQHXOXLGHV
FKLV$FHVWOXFUXSRDWHFDX]DSLHUGHUHDSUH
VLXQLLvQSQHXUL([LVWXQULVFGHDFFLGHQW
QILOHWDLQXPDLFSFHOHGHYDOYVWDQGDUG
VDXFSFHOHGHYDOYIXUQL]DWHvQPRGVSHFL
ILFGH0HUFHGHV%HQ]SHQWUXDXWRYHKLFXOXO
GXPQHDYRDVWUSHYDOYDSQHXOXL
 $9(57,60(17
'DFSUHVLXQHDvQSQHXULVFDGHvQPRGUHSH
WDWURDWDYDOYDVDXSQHXODUSXWHDILGHWHULR
UDWH2SUHVLXQHvQSQHXULSUHDVF]XWDU
SXWHDFDX]DH[SOR]LDSQHXOXL([LVWXQULVFGH
DFFLGHQW

=GDFDXWRYHKLFXOXODIRVWSDUFDWFXSQHXULOH

QHDIODWHvQEWDLDGLUHFWDVRDUHOXLWLPSGH
FHOSXLQWUHLRUHL
=GDFDXWRYHKLFXOXOQXDIRVWFRQGXVPDL
PXOWGHNP
QIXQFLHGHWHPSHUDWXUDDPELDQWGHYLWH]D
FXFDUHFRQGXFHLLGHVDUFLQDDVXSUDSQHX
ULORUWHPSHUDWXUDSQHXULORULSULQXUPDUHL
SUHVLXQHDvQSQHXULSRWVXIHULPRGLILFULFX
DSUR[LPDWLYN3DEDULSVLSHU
LQHLFRQWGHDFHDVWLQIRUPDLHFkQG
YHULILFDLSUHVLXQHDvQSQHXULOHFDOGHLFRUHF
WDLRQXPDLGDFHVWHSUHDVF]XWSHQWUX
VLWXDLLOHGHXWLOL]DUHGHODPRPHQWXOUHVSHF
WLY
&RQGXFHUHDFXRSUHVLXQHvQSQHXULSUHDULGL
FDWVDXSUHDVF]XWSRDWH
=UHGXFHYLDDXWLODSQHXULORU
=SURYRFDGHWHULRUULFUHVFXWHDOHSQHXULORU
=DYHDXQHIHFWQHJDWLYDVXSUDFDUDFWHULVWL

FLORUGHPDQHYUDELOLWDWHLDVWIHODVXSUD
VLJXUDQHLvQFRQGXFHUHGHH[SULQSURYR
FDUHDDFYDSODQULL

G 9DORULOHGHSUHVLXQHvQSQHXULGDWHSHQWUX
VDUFLQLUHGXVHVXQWYDORULPLQLPHFDUHY
RIHUFDUDFWHULVWLFLEXQHGHFRQIRUWvQ
UXODUH
&XWRDWHDFHVWHDSXWHLXWLOL]DLYDORULOH
GDWHSHQWUXVDUFLQLPDUL$FHVWHDVXQW
YDORULDGPLVHLQXYRUDIHFWDQHJDWLYUXOD
UHDDXWRYHKLFXOXOXL

5RLLSQHXUL

'DFRPULPHGHSQHXSUHFHGRSUHVLXQH
vQSQHXLQIRUPDLLOHXUPWRDUHSULYLQGSUH
VLXQHDvQSQHXULVXQWYDODELOHQXPDLSHQWUX
DFHDPULPHGHSQHX
3HQWUXDWHVWDSUHVLXQHDvQSQHXULXWLOL]DLXQ
PDQRPHWUXDGHFYDW$VSHFWXOH[WHULRUDOXQXL
SQHXQXSHUPLWHRELQHUHDXQRUFRQFOX]LL
FRUHFWHSULYLQGSUHVLXQHDvQSQHXUL/DDXWR
YHKLFXOHOHSUHY]XWHFXPRQLWRUL]DWRUHOHF
WURQLFDOSUHVLXQLLvQSQHXULSUHVLXQHDvQ
SQHXULSRDWHILYHULILFDWFXDMXWRUXOFDOFXOD
WRUXOXLGHERUG

'DFHVWHSRVLELOFRUHFWDLSUHVLXQLOHvQ
SQHXULQXPDLFkQGSQHXULOHVXQWUHFL
3QHXULOHVXQWUHFL



3UHVLXQHDvQSQHXUL
 1RWSULYLQGSURWHFLDPHGLXOXL
9HULILFDLUHJXODWSUHVLXQHDvQSQHXULFHOSXLQ
OD]LOH

6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGH
UHDSUHVLXQLLvQSQHXUL

5RLLSQHXUL

1RWHLPSRUWDQWHSULYLQGVLJXUDQD
&kQGDXWRYHKLFXOXOHVWHvQPLFDUHVLVWHPXO
GHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXULPRQLWRUL]HD]SUHVLXQHDvQSQHXUL
VHWDWFXDMXWRUXOYLWH]HLGHURWDLHDURLORU
$FHDVWDSHUPLWHVLVWHPXOXLVGHWHFWH]HR
SLHUGHUHVHPQLILFDWLYGHSUHVLXQHvQWUXQ
SQHX'DFYLWH]DGHURWDLHDXQHLURLVH
PRGLILFvQXUPDXQHLSLHUGHULGHSUHVLXQHYD
DSUHDXQPHVDMGHDYHUWL]DUHFRUHVSXQ]WRU
SHDILDMXOPXOWLIXQFLRQDO
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUH
VLXQLLvQSQHXULQXYDYHUWL]HD]SULYLQGR
SUHVLXQHvQSQHXULUHJODWLQFRUHFW5HVSHF
WDLQRWHOHSULYLQGSUHVLXQHDvQSQHXULUHFR
PDQGDW3DJLQD
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUH
VLXQLLvQSQHXULQXVHSRDWHVXEVWLWXLQHFH
VLWLLGHYHULILFDUHUHJXODWDSUHVLXQLORUvQ
SQHXULSHQWUXDXWRYHKLFXOXOGXPQHDYRDVWU
GHRDUHFHRSLHUGHUHHJDOGHSUHVLXQHODPDL
PXOWHSQHXULVLPXOWDQQXSRDWHILGHWHFWDW
GHVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHD
SUHVLXQLLvQSQHXUL
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXYSRDWH
DYHUWL]DSULYLQGRSLHUGHUHEUXVFDSUHVLXQLL
GHH[GDFSQHXODIRVWSHUIRUDWGHXQRELHFW
VWULQQFD]XOXQHLSLHUGHULEUXWHGHSUH
VLXQHRSULLDXWRYHKLFXOXOIUkQkQGFXDWHQLH
(YLWDLPDQHYUHOHEUXWHGHGLUHFLH
)XQFLRQDUHDVLVWHPXOXLGHDYHUWL]DUHSULYLQG
SLHUGHUHDSUHVLXQLLvQSQHXULHVWHOLPLWDWVDX
vQWkU]LDWGDF
=SQHXULOHDXWRYHKLFXOXOXLGXPQHDYRDVWU

VXQWSUHY]XWHFXODQXULGH]SDG
=FLUFXODLSHXQGUXPvQFRQGLLLGHLDUQ
=FRQGXFHLSHQLVLSVDXSLHWUL

=DGRSWDLXQVWLOGHFRQGXFHUHIRDUWHVSRUWLY

YLUDMHODYLWH]HPDULVDXFRQGXFHUHDFX
DFFHOHUDUHSXWHUQLF
=WUDFWDLRUHPRUFIRDUWHJUHDVDXPDUH
=FRQGXFHLFXRVDUFLQJUHDvQDXWRYHKLFXO
VDXSHSDYLOLRQ

5HSRUQLUHDVLVWHPXOXLGHDYHUWL]DUHSUL
YLQGSLHUGHUHDSUHVLXQLLvQSQHXUL
5HSRUQLLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHU
GHUHDSUHVLXQLLvQSQHXULGDFDL
=VFKLPEDWSUHVLXQHDvQSQHXUL
=VFKLPEDWURLOHVDXSQHXULOH
=PRQWDWURLVDXSQHXULQRL

QDLQWHGHUHSRUQLUHFRQVXOWDLWDEHOXOFX
SUHVLXQLvQSQHXULGHSHLQWHULRUXOFODSHWHL
JXULLGHXPSOHUHFXFDUEXUDQWSHQWUXDY
DVLJXUDFSUHVLXQHDvQWRDWHFHOHSDWUX
SQHXULHVWHUHJODWFRUHFWSHQWUXFRQGLLLOH
GHXWLOL]DUHUHVSHFWLYH
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHD
SUHVLXQLLvQSQHXULSRDWHRIHULDYHUWLVPHQWH
SHFDUHVYSXWHLED]DGRDUGDFDL
UHJODWSQHXULOHODSUHVLXQHDFRUHFW'DF
VHUHJOHD]RSUHVLXQHvQSQHXULLQFRUHFW
DFHVWHYDORULLQFRUHFWHYRUILPRQLWRUL]DWH
 5HVSHFWDLQRWHOHGLQVHFLXQHDSULYLQGSUH
VLXQLOHvQSQHXUL3DJLQD


$VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOvQSR]LLD3DJLQD
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HUY
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWD7\UHSUHVVXUH3UHVLXQH
SQHX
 $SVDLEXWRQXOv
0HVDMXO5XQ)ODW,QGLFDWRUDFWLYH
5HVWDUWZLWK2.,QGLFDWRUGH
UXODUHQFD]GHSDQDFWLY5HSRU
QLLFX2.DSDUHSHDILDMXOPXOWLIXQF
LRQDO


'DFGRULLVFRQILUPDLUHSRUQLUHD
$SVDLEXWRQXOv
0HVDMXO7\UHSUHVVQRZ2."3UH
VLXQHQSQHXULDFXP2."DSDUHSH
DILDMXOPXOWLIXQFLRQDO
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWD<HV'D
 $SVDLEXWRQXOv
0HVDMXO5XQ)ODW,QGLFDWRUUHVWDU
WHG,QGLFDWRUGHUXODUHFXSDQ
UHSRUQLWDSDUHSHDILDMXOPXOWLIXQFLR
QDO
'XSRSHULRDGGHSURJUDPDUHVLVWHPXO
GHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXULYDPRQLWRUL]DSUHVLXQLOHvQSQHXUL
VHWDWHODWRDWHFHOHSDWUXSQHXUL


'DFGRULLVDQXODLUHSRUQLUHD
 $SVDLEXWRQXOA
VDX
 'DFDSDUHPHVDMXO7\UHSUHVVQRZ
2."3UHVLXQHQSQHXULDFXP2."
DSVDLEXWRQXOcVDXdSHQWUXD
VHOHFWD&DQFHO$QXODUH
 $SVDLEXWRQXOv
9DORULOHGHSUHVLXQHvQSQHXULPHPRUDWHOD
XOWLPDUHSRUQLUHYRUILPRQLWRUL]DWHvQFRQ
WLQXDUH

0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
RIHUXOHVWHFHOUHVSRQVDELOSHQWUXUHJODUHD
XPIOULLSQHXOXLODSUHVLXQHDUHFRPDQGDWD
SQHXOXLUHFHDGHFYDWSHQWUXVLWXDLDGHXWL
OL]DUH3DJLQD1XXLWDLFSUHVLXQHD
FRUHFWvQSQHXULSHQWUXVLWXDLDFXUHQWGH
XWLOL]DUHWUHEXLHSURJUDPDWSHPRQLWRUL]DWR
UXOSUHVLXQLLvQSQHXUL'DFH[LVWRSLHUGHUH
VXEVWDQLDODSUHVLXQLLSUDJXOGHDYHUWL]DUH
SHQWUXPHVDMXOGHDYHUWL]DUHHVWHDOLQLDWYDOR
ULORUGHUHIHULQLQWURGXVH5HSRUQLLPRQLWR
UL]DUHDSUHVLXQLLvQSQHXULGXSUHJODUHDSUH
VLXQLLvQSQHXULUHFL3DJLQD3UHVLXQLOH
FXUHQWHVXQWVDOYDWHFDYDORULGHUHIHULQQRL

3ULQXUPDUHYDDSUHDXQPHVDMGHDYHUWL]DUH
GDFSUHVLXQHDvQSQHXULVFDGHVHPQLILFDWLY
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXYDYHU
WL]HD]SULYLQGRSUHVLXQHvQSQHXULUHJODW
LQFRUHFW5HVSHFWDLQRWHOHSULYLQGSUHVLXQHD
vQSQHXULUHFRPDQGDW3DJLQD
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXYSRDWH
DYHUWL]DSULYLQGRSLHUGHUHEUXVFDSUHVLXQLL
GHH[GDFSQHXODIRVWSHUIRUDWGHXQRELHFW
VWULQQFD]XOXQHLSLHUGHULEUXWHGHSUH
VLXQHRSULLDXWRYHKLFXOXOIUkQkQGFXDWHQLH
(YLWDLPDQHYUHOHEUXWHGHGLUHFLH
'DFHVWHPRQWDWXQPRQLWRUL]DWRUDOSUHVLX
QLLvQSQHXULURLOHDXWRYHKLFXOXOXLDXVHQ]RUL
PRQWDLFDUHPRQLWRUL]HD]SUHVLXQLOHvQ
SQHXULODWRDWHFHOHSDWUXSQHXUL0RQLWRUL]D
WRUXOSUHVLXQLLvQSQHXULYDYHUWL]HD]GDF
SUHVLXQHDVFDGHvQXQXOVDXPDLPXOWHSQHXUL
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULIXQFLR
QHD]GRDUGDFWRDWHURLOHVXQWSUHY]XWH
FXVHQ]RULLFRUHFL
,QIRUPDLLOHSULYLQGSUHVLXQLOHvQSQHXULVXQW
DILDWHSHDILDMXOPXOWLIXQFLRQDO'XS
FkWHYDPLQXWHGHFRQGXFHUHSUHVLXQHD
FXUHQWvQSQHXULODILHFDUHSQHXDSDUHSHDIL
DMXOPXOWLIXQFLRQDO

G 9DORULOHSUHVLXQLLvQSQHXULLQGLFDWHGHFDO
FXODWRUXOGHERUGSRWGLIHULGHFHOH
PVXUDWHODREHQ]LQULHFXXQPDQRPHWUX
3UHVLXQLOHvQSQHXULDILDWHGHFDOFXODWRUXO
GHERUGOHDXFDSXQFWGHUHIHULQSHFHOH
PVXUDWHODQLYHOXOPULL/DDOWLWXGLQLPDUL
YDORULOHSUHVLXQLLvQSQHXULLQGLFDWHGHXQ
PDQRPHWUXVXQWPDLPDULGHFkWFHOHDIL
DWHSHFDOFXODWRUXOGHERUGQDFHVWFD]
QXUHGXFHLSUHVLXQLOHvQSQHXUL
G )XQFLRQDUHDPRQLWRUL]DWRUXOXLSUHVLXQLL
vQSQHXULSRDWHILDIHFWDWGHLQWHUIHUHQH
GHODHFKLSDPHQWGHWUDQVPLVLHUDGLRGH
H[FWLUDGLRVWDLLELGLUHFLRQDOHFDUHDU
SXWHDILXWLOL]DWHvQVDXOkQJDXWRYHKLFXO



5RLLSQHXUL

3UHVLXQHDvQSQHXUL

3UHVLXQHDvQSQHXUL



9HULILFDUHDHOHFWURQLFDSUHVLXQLLvQ
SQHXUL
$VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOvQSR]LLD3DJLQD
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HUY
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWD7\UHSUHVVXUH3UHVLXQH
SQHX
 $SVDLEXWRQXOv
3UHVLXQHDFXUHQWvQSQHXULSHQWUXILHFDUH
URDWYDILDILDWSHDILDMXOPXOWLIXQFLR
QDO

5RLLSQHXUL

'DFDXWRYHKLFXOXODIRVWSDUFDWPDLPXOWGH
GHPLQXWHDSDUHPHVDMXO7\UHSUHVVX
UHVZLOOEHGLVSOD\HGDIWHUDIHZ
PLQXWHVRIGULYLQJ3UHVLXQHQ
SQHXULDILDWGXSFWHYDPLQXWHGH
FRQGXFHUH
'XSRSHULRDGGHvQYDUHPRQLWRUL]DWRUXO
SUHVLXQLLvQSQHXULUHFXQRDWHDXWRPDWQRLOH
URLVDXQRLLVHQ]RUL'DFQXHVWHSRVLELOR
DORFDUHFODUDYDORULORUSUHVLXQLLvQSQHXULOD
ILHFDUHURDWvQSDUWHPHVDMXOGHSHGLVSOD\
7\UHSUHVVXUHPRQLWRUDFWLYH0RQL
WRUL]DWRUXOSUHVLXQLLQSQHXUL
DFWLYDSDUHvQORFGHDILDMXOSUHVLXQLLvQ
SQHXUL3UHVLXQLOHvQSQHXULVXQWGHMDPRQLWR
UL]DWH

G 'DFHVWHPRQWDWRURDWGHUH]HUYR
URDWGHUH]HUYGHX]WHPSRUDUVLVWHPXO
SRDWHFRQWLQXDVLQGLFHSUHVLXQHDvQ
SQHXULDURLLFDUHDIRVWVFRDVWLPSGH
FkWHYDPLQXWHQDFHDVWVLWXDLHUHLQHL
FYDORDUHDDILDWSHQWUXSR]LLDvQFDUH
URDWDGHUH]HUYURDWDGHUH]HUYGHX]
WHPSRUDUHVWHPRQWDWQXHVWHLGHQWLFFX
FHDDSUHVLXQLLvQSQHXULFXUHQWHSHQWUX
URDWDGHUH]HUYURDWDGHUH]HUYGHX]
WHPSRUDU
0HVDMHGHDYHUWL]DUHDOHPRQLWRUL]DWR
UXOXLSUHVLXQLLvQSQHXUL
'DFPRQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL
GHWHFWHD]RSLHUGHUHGHSUHVLXQHVHPQLILFD

WLYODXQXOVDXPDLPXOWHSQHXULXQPHVDMGH
DYHUWL]DUHDSDUHSHDILDMXOPXOWLIXQFLRQDO
6HHPLWHLXQVXQHWGHDYHUWL]DUHLDUODPSD
GHDYHUWL]DUHSULYLQGSUHVLXQHDvQSQHXULVH
DSULQGHvQSDQRXOGHLQVWUXPHQWH
)LHFDUHSQHXDIHFWDWGHRSLHUGHUHVHPQLIL
FDWLYGHSUHVLXQHHVWHHYLGHQLDWSHDILDMXO
GHSUHVLXQH
'DFPHVDMXO3OHDVHFRUUHFWW\UHSUHV
VXUH&RUHFWDLSUHVLXQHDQ
SQHXULDSDUHSHDILDMXOPXOWLIXQFLRQDO
 9HULILFDLSUHVLXQHDvQSQHXULODWRDWHFHOH
SDWUXURLLFRUHFWDLRGDFHVWHQHFHVDU

G 'DFSR]LLLOHURLORUDXWRYHKLFXOXOXLVXQW
SHUPXWDWHSUHVLXQLOHvQSQHXULSRWILDIL
DWHVFXUWWLPSvQSR]LLLOHLQFRUHFWH
$FHDVWVLWXDLHHVWHUHPHGLDWGXS
FkWHYDPLQXWHGHFRQGXFHUHLDUSUHVLXQLOH
vQSQHXULVXQWDILDWHODSR]LLLOHFRUHFWH
5HSRUQLUHDPRQLWRUL]DWRUXOXLSUHVLXQLL
vQSQHXUL
&kQGUHSRUQLLPRQLWRUL]DWRUXOSUHVLXQLLvQ
SQHXULWRDWHPHVDMHOHGHDYHUWL]DUHH[LVWHQWH
VXQWWHUVHLDUOPSLOHGHDYHUWL]DUHVHVWLQJ
0RQLWRUL]DWRUXOXWLOL]HD]SUHVLXQLOHvQSQHXUL
VHWDWHFXUHQWFDYDORULGHUHIHULQSHQWUX
PRQLWRUL]DUHQPDMRULWDWHDFD]XULORUPRQL
WRUL]DWRUXOSUHVLXQLLvQSQHXULYDGHWHFWDDXWR
PDWQRLOHYDORULGHUHIHULQGXSFHDLVFKLP
EDWSUHVLXQHDvQSQHXUL

G 3HQWUXRSUH]HQWDUHJHQHUDODPHQLXUL
ORUFRQVXOWDL3DJLQD
'DFGRULLVGHILQLLYDORULOHGHUHIHULQQRL
PDQXDO


8WLOL]DLWDEHOXOGHSHLQWHULRUXOFODSHWHL
JXULLGHXPSOHUHFXFDUEXUDQWSHQWUXDY
DVLJXUDFSUHVLXQHDvQSQHXULHVWHVHWDW
FRUHFWODWRDWHFHOHSDWUXSQHXULSHQWUX
FRQGLLLOHGHXWLOL]DUHFXUHQWH

6FKLPEDUHDXQHLURL

$SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HUYLFH
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWD7\UHSUHVVXUH3UHVLXQH
SQHX
 $SVDLEXWRQXOv
$ILDMXOPXOWLIXQFLRQDOSUH]LQWSUHVLXQHD
vQSQHXULFXUHQWODILHFDUHSQHXvQSDUWH
VDXPHVDMXO7\UHSUHVVXUHVZLOOEH
GLVSOD\HGDIWHUDIHZPLQXWHVRI
GULYLQJ3UHVLXQLOHQSQHXULYRU
ILDILDWHGXSFRQGXFHUHDWLPSGH
FWHYDPLQXWH
 $SVDLEXWRQXOd
0HVDMXO8VHFXUUHQWSUHVVXUHVDV
QHZUHIHUHQFHYDOXHV8WLOL]DL
SUHVLXQLOHFXUHQWHFDQRLYDORUL
GHUHIHULQDSDUHSHDILDMXOPXOWL
IXQFLRQDO


'DFGRULLVFRQILUPDLUHSRUQLUHD


$SVDLEXWRQXOv
0HVDMXO7\UHSUHVVPRQLWRUUHVWDU
WHG0RQLWRUL]DWRUSUHVSQHXUL
UHSRUQLWDSDUHSHDILDMXOPXOWLIXQFLR
QDO
'XSFHDLFRQGXVWLPSGHFkWHYDPLQXWH
VLVWHPXOYHULILFGDFSUHVLXQLOHFXUHQWHvQ
SQHXULVHvQFDGUHD]vQLQWHUYDOXOVSHFLIL
FDW1RLOHSUHVLXQLvQSQHXULVXQWDSRL
DFFHSWDWHFDYDORULGHUHIHULQLVXQW
PRQLWRUL]DWH

'DFGRULLVDQXODLUHSRUQLUHD


$SVDLEXWRQXOA
9DORULOHGHSUHVLXQHvQSQHXULPHPRUDWHOD
XOWLPDUHSRUQLUHYRUILPRQLWRUL]DWHvQFRQ
WLQXDUH

2PRORJDUHDUDGLRSHQWUXPRQLWRUL]DWR
UXOSUHVLXQLLvQSQHXUL
QDQXPLWHULHVWHSRVLELOVILHQHFHVDUR
RPRORJDUHUDGLRSHQWUXPRQLWRUL]DWRUXOSUH
VLXQLLvQSQHXUL1XPUXOGHRPRORJDUHUDGLR
SHQWUXPRQLWRUL]DWRUXOSUHVLXQLLvQSQHXULVH
UHJVHWHRQOLQHODDGUHVDKWWS
ZZZPHUFHGHVEHQ]GHEHWULHEVDQOHLWXQJ

6FKLPEDUHDXQHLURL
3DQGHFDXFLXF
6HFLXQHD$VLVWHQvQFD]GHSDQ
3DJLQDFRQLQHLQIRUPDLLLQRWHSUL
YLQGPRGXOvQFDUHVSURFHGDLFkQGDYHLR
SDQGHSQHX(DRIHUGHDVHPHQHDLQVWUXF
LXQLSULYLQGVFKLPEDUHDXQHLURLVDXPRQWD
UHDURLLGHUH]HUYDURLLGHUH]HUYGHX]
WHPSRUDU

3HUPXWDUHDURLORU
 $9(57,60(17
3HUPXWDUHDURLORUIDLVSDWHSRWDIHFWD
IRDUWHJUDYFDUDFWHULVWLFLOHGHFRQGXFHUHGDF
URLOHVDXSQHXULOHDXGLPHQVLXQLGLIHULWH'H
DVHPHQHDIUkQHOHGHURDWVDXFRPSRQHQ
WHOHVXVSHQVLHLSRWILGHWHULRUDWH([LVWXQ
ULVFGHDFFLGHQW
3HUPXWDLURLOHGLQIDLVSDWHQXPDLGDF
URLOHLSQHXULOHDXDFHOHDLGLPHQVLXQL
3HUPXWDUHDURLORUIDLVSDWHGHGLPHQVLXQL
GLIHULWHSRWGXFHODDQXODUHDFHUWLILFDWXOXLGH
vQPDWULFXODUHDDXWRYHKLFXOXOXL
5HVSHFWDLvQWRWGHDXQDLQVWUXFLXQLOHLLQIRU
PDLLOHGHVLJXUDQGLQVHFLXQHD6FKLPED
UHDURLLLPRQWDUHDURLLGHUH]HUY
3DJLQD
0RGHOHOHGHX]XUGHSHSQHXULOHIDLVSDWH
GLIHUvQIXQFLHGHFRQGLLLOHGHXWLOL]DUH3HU
PXWDLURLOHvQDLQWHVVHIRUPH]HXQPRGHO
GHX]XUHYLGHQWSHSQHXUL3QHXULOHIDVH
X]HD]GHUHJXOPDLPXOWSHPDUJLQLLDU
SQHXULOHGLQVSDWHvQFHQWUX


5RLLSQHXUL

5HVSHFWDLGHDVHPHQHDQRWHOHGLQVHFLX
QHDSULYLQGSUHVLXQLOHvQSQHXUL
3DJLQD
 $VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOvQSR]LLD





&RPELQDLLGHURDWLSQHX

5RLLSQHXUL

/DDXWRYHKLFXOHOHFXDFHHDLPULPHODURLOH
GLQIDLVSDWHSXWHLSHUPXWDURLOHODILH
FDUHNPvQIXQFLHGHJUDGXO
GHX]XUDSQHXULORU0HQLQHLVHQVXOGHURWD
LHDSQHXULORU
&XUDLWHPHLQLFVXSUDIHHOHGHFRQWDFWDOH
URLLLGLVFXOGHIUkQGHILHFDUHGDWFkQG
SHUPXWDLRURDW9HULILFDLSUHVLXQHDvQ
SQHXULLGDFVLWXDLDRFHUHUHSRUQLLVLV
WHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLX
QLLvQSQHXULVDXPRQLWRUL]DWRUXOSUHVLXQLLvQ
SQHXUL

 /DDXWRYHKLFXOHOHSUHY]XWHFXPRQLWRUL
]DWRUDOSUHVLXQLLvQSQHXULFRPSRQHQWHOH
HOHFWURQLFHVHDIOvQURDW
1XWUHEXLHVLQWHUYHQLLFXVFXOHOHGHPRQ
WDUHDSQHXULORUvQ]RQDYDOYHLGHRDUHFH
DVWIHOSXWHLGHWHULRUDFRPSRQHQWHOHHOHF
WURQLFH
6ROLFLWDLVFKLPEDUHDSQHXULORUQXPDLODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
6HQVXOGHURWDLH
3QHXULOHFXXQVHQVVSHFLILFDWGHURWDLHDX
DYDQWDMHVXSOLPHQWDUHGHH[GDFH[LVW
SHULFROXOGHDFYDSODQDUH9HLEHQHILFLDGH
DFHVWHDYDQWDMHQXPDLGDFVHUHVSHFWVHQ
VXOGHURWDLHFRUHFW
2VJHDWGHSHIODQFXOSQHXOXLLQGLFVHQVXO
GHURWDLHFRUHFW
3XWHLPRQWDRURDWGHUH]HUYGHX]WHPSR
UDUURDWGHUH]HUYvQVHQVLQYHUVVHQVXOXL
GHURWDLH5HVSHFWDLOLPLWDUHDWHPSRUDO
DVXSUDXWLOL]ULLSUHFXPLOLPLWDUHDGHYLWH]
VSHFLILFDWSHURDWDGHUH]HUYGHX]WHPSR
UDUURDWDGHUH]HUY

'HSR]LWDUHDURLORU
'HSR]LWDLURLOHQHXWLOL]DWHvQWUXQORF
UFRURVXVFDWLGHSUHIHUDWXVFDW3URWHMDL
SQHXULOHFRQWUDXOHLXOXLXQVRULLEHQ]LQHLL
PRWRULQHL

&XUDUHDURLORU
 $9(57,60(17
1XXWLOL]DLGLVSR]LWLYHGHFXUDUHODSUHVLXQH
vQDOWFXGX]HFXMHWFLUFXODUSHQWUXDYFXUD
DXWRYHKLFXOXOLvQVSHFLDOSQHXULOHQFD]FRQ
WUDUSXWHLGHWHULRUDSQHXULOHLSURYRFDXQ
DFFLGHQW

&RPELQDLLGHURDWLSQHX
$VSHFWHGHUHLQXW
 'LQUDLXQLGHVLJXUDQ0HUFHGHV%HQ]
YUHFRPDQGVXWLOL]DLQXPDLSQHXULL
URLFDUHDXIRVWRPRORJDWHVSHFLDOSHQWUX
DXWRYHKLFXOXOGXPQHDYRDVWUGHFWUH
0HUFHGHV%HQ]
$FHVWHDVXQWVSHFLDODGDSWDWHVLVWHPHORU
GHFRQWUROSUHFXP$%6VDX(63LVXQW
PDUFDWHGXSFXPXUPHD]
=02 0HUFHGHV%HQ]2ULJLQDO
=02( 0HUFHGHV%HQ]2ULJLQDO([WHQGHG
SQHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]
GHSDQ
=02 0HUFHGHV%HQ]2ULJLQDOQXPDL
DQXPLWHSQHXUL$0*
3QHXULOH0HUFHGHV%HQ]2ULJLQDO([WHQGHG
SRWILXWLOL]DWHQXPDLFXURLFDUHDXIRVW
DSUREDWHVSHFLDOGH0HUFHGHV%HQ]
8WLOL]DLQXPDLSQHXULURLVDXDFFHVRULL
WHVWDWHLDSUREDWHGH0HUFHGHV%HQ]Q
FD]FRQWUDUDQXPLWHFDUDFWHULVWLFLGHH[
PDQHYUDELOLWDWHDHPLVLLOHGH]JRPRWDOH
DXWRYHKLFXOXOXLVDXFRQVXPXOGHFDUEX
UDQWSRWILDIHFWDWHQHJDWLYQSOXVFkQG
FRQGXFHLVXEVDUFLQYDULDLLOHGLPHQVLX
QLORUSQHXULORUSRWIDFHFDSQHXULOHVLQWUH
vQFRQWDFWFXFRPSRQHQWHOHFDURVHULHLL
SXQLL$VWIHOSQHXULOHVDXDXWRYHKLFXOXODU
SXWHDVXIHULGHWHULRUUL
0HUFHGHV%HQ]QXDFFHSWQLFLRUVSXQ
GHUHSHQWUXGDXQHFHGHFXUJGLQXWLOL]DUHD
DOWRUSQHXULURLVDXDFFHVRULLvQDIDUDFHORU
WHVWDWHLDSUREDWH

&RPELQDLLGHURDWLSQHX

 5RLPDULFXFkWOLPHDVHFLXQLLXQHL
DQXPLWHPULPLGHURDWHVWHPDLVF]XW
FXDWkWVFDGHLFRQIRUWXOODUXODUHSHVXSUD
IHHGHGUXPGHFDOLWDWHVODE&RQIRUWXOOD
UXODUHLFRQIRUWXORIHULWGHVXVSHQVLHVXQW
UHGXVHLDUULVFXOGHGHWHULRUDUHDURLORUL
SQHXULORUvQXUPDFRQGXFHULLSHVWHREVWD
FROHFUHWH
G 9HLJVLXQWDEHOFXSUHVLXQLvQSQHXULSH
SDUWHDLQWHULRDUDFODSHWHLJXULLGH
XPSOHUHFXFDUEXUDQWDDXWRYHKLFXOXOXL
GXPQHDYRDVWU3HQWUXLQIRUPDLLVXSOL
PHQWDUHSULYLQGSUHVLXQHDvQSQHXULFRQ
VXOWDL3DJLQD9HULILFDLvQPRG
UHJXODWSUHVLXQLOHvQSQHXULLQXPDLFkQG
SQHXULOHVXQWUHFL

QXUPWRUXOWDEHOFRPELQDLLOHURDWSQHX
VXQWDWULEXLWHPRGHOHORUGHDXWRYHKLFXOSH
ED]DYHUVLXQLORUGHH[99HWF
9 0/%OXH7(&0$7,&
9 0/0$7,&
9 0/%OXH7(&0$7,&
9 0/0$7,&
9 0/$0*0$7,&

G 1XWRDWHFRPELQDLLOHGHURDWSQHXSRW
ILPRQWDWHvQIDEULFvQWRDWHULOH

5RLLSQHXUL

,QIRUPDLLOHVXSOLPHQWDUHSULYLQGURLOH
SQHXULOHLFRPELQDLLOHDSUREDWHSRWILREL
QXWHGHODRULFHDWHOLHUGHVSHFLDOLWDWHDXWR
UL]DW



G 1RWHSULYLQGHFKLSDUHDDXWRYHKLFXOXOXL
vQWRWGHDXQDPRQWDLvQDXWRYHKLFXO
=SQHXULGHDFHHDLPULPHSHRSXQWH
DQXPHVWkQJDGUHDSWD
=SQHXULGHDFHODLWLSvQPRPHQWHOHVSH
FLILFHGLQDQSQHXULGHYDUSQHXULGH
LDUQSQHXUL02([WHQGHG
G $XWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX
VXQWGRWDWHFXRWUXV7,5(),7GLQIDEULF
3ULQXUPDUHVHUHFRPDQGGRWDUHDVXSOL
PHQWDUDDXWRYHKLFXOXOXLGXPQHDYRDVWU
FXRWUXV7,5(),7GDFPRQWDLSQHXULIU
FDUDFWHULVWLFLGHUXODUHvQFD]GHSDQGH
H[SQHXULGHLDUQ2WUXV7,5(),7SRDWH
ILRELQXWGHODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
G 3UH]HQWDUHJHQHUDODDEUHYLHULORUXWLOL
]DWHvQXUPWRDUHOHWDEHOHGHSQHXUL
=%$DPEHOHSXQL
=)$SXQWHDID
=5$SXQWHDVSDWH

 %OXH()),&,(1&<



&RPELQDLLGHURDWLSQHX

5RLLSQHXUL

3QHXUL
3QHXULGHYDU

5RLGLQDOLDMXRU

9 9 9 9 9

%$

59

-[+(7

%$

5:

-[+(7

%$

5:

-[+(7

%$

5:
02([WHQGHG

-[+(7

%$

5:
02([WHQGHG

-[+(7

%$

5<

-[+(7

%$

5<
02([WHQGHG

-[+(7

%$

=5<;/

-[+(7

%$

5<;/

-[+(7

%$

=5<;/

-[+(7

3QHXULSHQWUXRULFHFRQGLLL
PHWHR

5RLGLQDOLDMXRU

9 9 9 9 9

%$

5+06

-[+(7

%$

5906

-[+(7

3QHXULGHLDUQ

5RLGLQDOLDMXRU

9 9 9 9 9

%$

5+06M

-[+(7

%$

5+06M

-[+(7

%$

5+;/06M

-[+(7

%$

5+;/
06M

-[+(7

%$

5+;/
06M02([WHQGHG

-[+(7

 1XHVWHSHUPLVXWLOL]DUHDODQXULORUGH]SDG5HVSHFWDLQRWHOHGLQVHFLXQHD/DQXULGH]SDG
 3QHXUL02([WHQGHGSQHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]GHSDQQXPDLvQFRPELQDLHFXXQVLVWHPGH

DYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDFWLYDWVDXXQPRQLWRUL]DWRUDOSUHVLXQLLvQSQHXUL
 5HVSHFWDLQRWHOHSULYLQG5RLOHPDULvQVHFLXQHDGHFRPELQDLLURDWSQHX
 1XPDLSHQWUXDXWRYHKLFXOHOHFXVXVSHQVLHSQHXPDWLF

&RPELQDLLGHURDWLSQHX
3QHXULGHLDUQ

5RLGLQDOLDMXRU

9 9 9 9 9

%$

5+;/
06M02([WHQGHG

-[+(7

%$

59;/06M

-[+(7

%$

59;/
06M

-[+(7



3QHXUL

5RL

9 9 9 9 9

750
3UHVLXQHvQSQHXULN3DEDUL
SVL

%[+(7

750
3UHVLXQHvQSQHXULN3DEDUL
SVL

%[+(7

 $XWRYHKLFXOH$0*HFKLSDWHFXURDWDGHUH]HUYGHX]WHPSRUDU0LQLVSDUH8WLOL]DL
URDWDGHUH]HUYGHX]WHPSRUDU0LQLVSDUHQXPDLFXSXQWHDVSDWH'DFURDWDGHUH]HUY
GHX]WHPSRUDU0LQLVSDUHHVWHPRQWDWSHSXQWHDIDDFHDVWDDUSXWHDGHIHFWDVLVWHPXO
GHIUkQDUH
'DFXQSQHXGHSHSXQWHDIDHVWHGHIHFWRURDWLQWDFWGHSHSXQWHDVSDWHWUHEXLHPDL
vQWkLvQORFXLWFXURDWDGHUH]HUYGHX]WHPSRUDU0LQLVSDUH3QHXOGHIHFWGHSHSXQWHD
IDWUHEXLHDSRLvQORFXLWFXSQHXOLQWDFWGHSHSXQWHDVSDWH
$VLJXUDLYFDLREVHUYDWHWLFKHWDFXLQVWUXFLXQLGHSHURDWDGHUH]HUYGHX]WHPSRUDU
0LQLVSDUH
$XWRYHKLFXOXOGXPQHDYRDVWUSRDWHILGRWDWFX7,5(),7VDXFXURDWGHUH]HUYGHX]WHPSRUDU
0LQLVSDUHvQIXQFLHGHDUPRWRULURLOHPRQWDWH
G 3UHVLXQHDVSHFLILFDWvQSQHXULHVWHLPSULPDWvQJDOEHQSHURDWDGHUH]HUYGHX]WHP
SRUDU

 1XHVWHSHUPLVXWLOL]DUHDODQXULORUGH]SDG5HVSHFWDLQRWHOHGLQVHFLXQHD/DQXULGH]SDG
 3QHXUL02([WHQGHGSQHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]GHSDQQXPDLvQFRPELQDLHFXXQVLVWHPGH

DYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDFWLYDWVDXXQPRQLWRUL]DWRUDOSUHVLXQLLvQSQHXUL
 5HVSHFWDLQRWHOHSULYLQG5RLOHPDULvQVHFLXQHDGHFRPELQDLLURDWSQHX

5RLLSQHXUL

5RDWDGHUH]HUYGHX]WHPSRUDU0LQLVSDUH















'DWHWHKQLFH

,QIRUPDLLXWLOH
1RWHSULYLQGGDWHOHWHKQLFH
3LHVH0HUFHGHV%HQ]DXWHQWLFH
6LVWHPHOHHOHFWURQLFHDOHDXWRYH
KLFXOXOXL
3OFXHGHLGHQWLILFDUH
3URGXVHGHVHUYLFHLFDSDFLWL
'DWHSULYLQGDXWRYHKLFXOXO
'LPHQVLXQLGHGHVFKLGHUHKD\RQ
&kUOLJXOGHWUDFWDUHDUHPRUFLL
6LVWHPXOGHVHQ]RUUDGDUGH
*+]SUH]HQWDUHJHQHUDOSHUL



3LHVH0HUFHGHV%HQ]DXWHQWLFH
,QIRUPDLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
ULWRDUHODVLJXUDQ
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD
1RWHSULYLQGGDWHOHWHKQLFH

'DWHWHKQLFH

3XWHLJVLGDWHWHKQLFHSHLQWHUQHWODDGUHVD
KWWSZZZPHUFHGHVEHQ]FRP

G 'DWHOHWHKQLFHDXIRVWVWDELOLWHvQFRQIRU
PLWDWHFX'LUHFWLYHOH&(7RDWHGDWHOH
YL]HD]HFKLSDUHDVWDQGDUGDDXWRYHKLFX
OXOXL3ULQXUPDUHDFHVWHDSRWGLIHULODDXWR
YHKLFXOHOHFXHFKLSDUHRSLRQDO3XWHL
RELQHLQIRUPDLLVXSOLPHQWDUHGHODXQ
&HQWUXGHVHUYLFH0HUFHGHV%HQ]
3LHVH0HUFHGHV%HQ]DXWHQWLFH
0HUFHGHV%HQ]WHVWHD]ILDELOLWDWHDVLJX
UDQDLDGHFYDUHDSLHVHORUDXWHQWLFHLDSLH
VHORUGHFRQYHUVLHLDFFHVRULLORUDSUREDWH
VSHFLDOSHQWUXDXWRYHKLFXOXOGXPQHDYRDVWU
'HLVHHIHFWXHD]VWXGLLFRQWLQXHGHSLD
0HUFHGHV%HQ]QXSRDWHHYDOXDDOWHSLHVH
3ULQXUPDUH0HUFHGHV%HQ]QXvLDVXP
UVSXQGHUHDSULYLQGXWLOL]DUHDXQRUDVWIHOGH
SLHVHvQDXWRYHKLFXOHOH0HUFHGHV%HQ]FKLDU
LGDFDXIRVWDSUREDWHLQGHSHQGHQWVDXRIL
FLDO
Q*HUPDQLDLvQDOWHULDQXPLWHSLHVHVXQW
DSUREDWHRILFLDOSHQWUXLQVWDODUHVDXPRGLIL
FDUHQXPDLGDFUHVSHFWQRUPHOHOHJDOH

7RDWHSLHVHOH0HUFHGHV%HQ]DXWHQWLFH
FRUHVSXQGDFHVWHLFHULQH8WLOL]DUHDXQRU
SLHVHQHDSUREDWHSRDWHGXFHODDQXODUHDFHU
WLILFDWXOGHvQPDWULFXODUHDDXWRYHKLFXOXOXL
$FHDVWLQGLFDLHHVWHYDODELOGDF
=SURYRDFRVFKLPEDUHDWLSXOXLDXWRYHKLFX
OXOXLGHODFHOSHQWUXFDUHFHUWLILFDWXOGH
vQPDWULFXODUHDDXWRYHKLFXOXOXLDIRVWDFRU
GDW
=DOLSDUWLFLSDQLODWUDILFDUSXWHDILSXLvQ
SHULFRO
=QLYHOXULOHGHHPLVLLVDX]JRPRWVXQWDIHF
WDWHQHJDWLY

 $9(57,60(17
6LJXUDQDvQFRQGXFHUHSRDWHILUHGXVGDF
VHXWLOL]HD]SLHVHSQHXULLURLVDXDFFHVRULL
UHOHYDQWHSHQWUXVLJXUDQFDUHQXVXQWDSUR
EDWH
$FHDVWDSRDWHGXFHODGHIHFLXQLODQLYHOXO
VLVWHPHORUFXUROvQVLJXUDQGHH[VLVWHPXO
GHIUkQDUH$VWIHOSXWHLSLHUGHFRQWUROXO
DXWRYHKLFXOXOXLLSXWHLSURYRFDXQDFFLGHQW
'LQDFHVWPRWLY0HUFHGHV%HQ]YUHFR
PDQGVXWLOL]DLSLHVH0HUFHGHV%HQ]
DXWHQWLFHVDXSLHVHGHFDOLWDWHHJDO8WLOL]DL
QXPDLSQHXULURLLDFFHVRULLFDUHDXIRVW
DSUREDWHVSHFLDOSHQWUXDXWRYHKLFXOXOGXP
QHDYRDVWU
 $LUEDJXULOHLvQWLQ]WRDUHOHFHQWXULORUGH
VLJXUDQSUHFXPLXQLWLOHGHFRQWUROL
VHQ]RULLSHQWUXDFHVWHVLVWHPHGHUHLQHUH
SRWILLQVWDODWHvQXUPWRDUHOH]RQHDOH
DXWRYHKLFXOXOXLGXPQHDYRDVWU
=3RUWLHUH
=VWkOSLLSRUWLHUHORU
=SUDJXULOHSRUWLHUHORU
=6FDXQH
=SODQDGHERUG
=3DQRXGHLQVWUXPHQWH
=FRQVRODFHQWUDO
1XLQVWDODLDFFHVRULLSUHFXPVLVWHPH
DXGLRvQDFHVWH]RQH1XHIHFWXDLUHSDUDLL
VDXVXGXUL3XWHLDIHFWDHILFLHQDvQXWLOL
]DUHDVLVWHPHORUGHUHLQHUH

6LVWHPHOHHOHFWURQLFHDOHDXWRYHKLFXOXOXL 

 1RWSULYLQGSURWHFLDPHGLXOXL
'DLPOHU$*IXUQL]HD]GHDVHPHQHDSLHVHL
DQVDPEOXULUHFRQGLLRQDWHFDUHDXDFHHDL
FDOLWDWHFDLFRPSRQHQWHOHQRL3HQWUXDFHV
WHDVHRIHUDFHHDLJDUDQLHFDLSHQWUXSLH
VHOHQRL
3UHFL]DLvQWRWGHDXQDQXPUXOGHLGHQWLILFDUH
DYHKLFXOXOXL9,13DJLQDLVHULD
PRWRUXOXL3DJLQDFkQGFRPDQGDL
SLHVH0HUFHGHV%HQ]DXWHQWLFH

6LVWHPHOHHOHFWURQLFHDOHDXWRYHKLFX
OXOXL
,QWHUYHQLLQHDXWRUL]DWHODVLVWHPHOH
HOHFWURQLFHDOHPRWRUXOXL
 $9(57,60(17
6ROLFLWDLvQWRWGHDXQDFDLQWHUYHQLLOHDVXSUD
VLVWHPHORUHOHFWURQLFHDOHPRWRUXOXLLFRP
SRQHQWHOHDIHUHQWHVILHHIHFWXDWHODXQDWH
OLHUGHVSHFLDOLWDWHDXWRUL]DWQFD]FRQWUDU
VLJXUDQDvQIXQFLRQDUHDDXWRYHKLFXOXOXL
SRDWHILFRPSURPLV
 6ROLFLWDLvQWRWGHDXQDFDLQWHUYHQLLOHDVX
SUDVLVWHPHORUHOHFWURQLFHDOHPRWRUXOXLL
DOHSLHVHORUDVRFLDWHSUHFXPXQLWLGH
FRPDQGVHQ]RULLFRQGXFWRULGHFRQHF
WDUHVILHHIHFWXDWHODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWQFD]FRQWUDUFRPSR
QHQWHOHDXWRYHKLFXOXOXLVDUSXWHDX]DPDL
UDSLGLFHUWLILFDWXOGHvQPDWULFXODUHDDXWR
YHKLFXOXOXLSRDWHILDQXODW

0RGHUQL]DUHDFXVWDLLUDGLRELGLUHF
LRQDOHLWHOHIRDQHPRELOHWUDQV
PLWRDUH5)
&RQVXOWDLQRUPHOHGHLPSOHPHQWDUHGLQ6SH
FLILFDLDWHKQLF,6276FkQG
PRGHUQL]DLDXWRYHKLFXOXOFXWUDQVPLWRDUH
5)UDGLRIUHFYHQ
'DFDXWRYHKLFXOXOGXPQHDYRDVWUGLVSXQH
GHVXSRUWXULSHQWUXHFKLSDPHQWWLSVWDLH
UDGLRELGLUHFLRQDOXWLOL]DLDOLPHQWDUHDHOHF
WULFVDXFRQH[LXQLOHGHDQWHQGHVWLQDWHXWL
OL]ULLFXFDEODMXOGHED]1XRPLWHLVUHV
SHFWDLLQVWUXFLXQLOHVXSOLPHQWDUHDOHSUR
GXFWRUXOXLODLQVWDODUH

 6ROLFLWDLLQVWDODUHDHFKLSDPHQWXOXLGH
WUDQVPLVLHSULQUDGLRIUHFYHQODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW
3XWHUHDGHWUDQVPLVLHGHODED]DDQWHQHLQX
WUHEXLHVGHSHDVFYDORULOHPD[LPHGHPDL
MRV
%DQGGHIUHFYHQ

3XWHUHGH
WUDQVPLVLH
PD[LP
3($.

8QGHVFXUWHI0+]

:

%DQGGHIUHFYHQGH
P

:

%DQGGHIUHFYHQGH
P

:

5HHDGHUDGLR7UXQ
NLQJ7HWUD

:

%DQGGHIUHFYHQ
FP

:

*60'&63&6


:

8076/7(

:

'DWHWHKQLFH

6ROLFLWDLLQVWDODUHDDFFHVRULLORUSRVWYkQ
]DUHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HUFHGHV%HQ]UHFRPDQGVXWLOL]DLXQ
&HQWUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
VFRS

 ,62766SHFLILFDLDWHKQLFSHQWUXYHKLFXOHUXWLHUH(0&SHQWUXLQVWDODUHDHFKLSDPHQWXOXLGH

WUDQVPLVLHUDGLRSRVWYkQ]DUH




3OFXHGHLGHQWLILFDUH
6HSRWXWLOL]DXUPWRDUHOHSR]LLLGHDQWHQ
GDFWUDQVPLWRDUHOH5)DXIRVWLQVWDODWH
FRUHVSXQ]WRU

8UPWRDUHOHVHSRWXWLOL]DvQDXWRYHKLFXOIU
UHVWULFLL
=6HSRWXWLOL]DWUDQVPLWRDUH5)FXRSXWHUH

GHWUDQVPLVLHPD[LPGHP:
=WHOHIRDQHPRELOH*60'&63&6

8076/7(
1XH[LVWUHVWULFLLSHQWUXDPSODVDUHDDQWHQHL
vQ]RQDH[WHULRDUDDXWRYHKLFXOXOXLSHQWUX
DFHVWHEHQ]LGHIUHFYHQ
=5HHDGHUDGLR7UXQNLQJ7HWUD
=%DQGGHIUHFYHQFP
=*60'&63&6

C =RQDVSDWHDSDYLOLRQXOXL

'DWHWHKQLFH

D $ULSVSDWH

 $9(57,60(17
0RGHUQL]DUHDLQFRUHFWFXWUDQVPLWRDUH5)
SRDWHIDFHFDVLVWHPHOHHOHFWURQLFHDOHDXWR
YHKLFXOXOXLVIXQFLRQH]HLQFRUHFW6LJXUDQD
vQIXQFLRQDUHDDXWRYHKLFXOXOXLLLPSOLFLWLD
GXPQHDYRDVWUSRWDYHDGHVXIHULW
6ROLFLWDLLQVWDODUHDHFKLSDPHQWXOXLGHWUDQV
PLVLHSULQUDGLRIUHFYHQODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 $9(57,60(17
0RGHUQL]DUHDLQFRUHFWFXWUDQVPLWRDUH5)
SRDWHJHQHUDUDGLDLLHOHFWURPDJQHWLFHVSR
ULWHvQLQWHULRUXODXWRYHKLFXOXOXL8WLOL]DUHD
XQHLDQWHQHH[WHULRDUHHVWHSHUPLVGRDU
OXkQGXVHvQFDOFXOLGH]EDWHULOHWLLQLILFH
FXUHQWHSULYLQGSRVLELOHOHULVFXULDVXSUD
VQWLLFRPSRUWDWHGHFkPSXULOHHOHFWUR
PDJQHWLFH
6ROLFLWDLLQVWDODUHDHFKLSDPHQWXOXLGHWUDQV
PLVLHSULQUDGLRIUHFYHQODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW

$EDWHULOHGHODDPSODVDUHDDQWHQHLSXWHUHD
LIUHFYHQHOHVDOHWUHEXLHVILHDSUREDWHGH
0HUFHGHV%HQ]

=8076/7(

 3HUPLVXOGHXWLOL]DUHSRDWHILDQXODWGDF
LQVWUXFLXQLOHSULYLQGLQVWDODUHDLXWLOL]DUHD
WUDQVPLWRDUHORU5)QXVXQWUHVSHFWDWH
GHH[FXPDUILFHOHSULYLQGEHQ]LOHGHIUHF
YHQSXWHUHDPD[LPLDPSODVULOHDQWH
QHLSHDXWRYHKLFXO
3OFXHGHLGHQWLILFDUH
3OFXDGHLGHQWLILFDUHDDXWRYHKLFX
OXOXLFXQXPUXOGHLGHQWLILFDUHD
DXWRYHKLFXOXOXL9,1LQXPUXO
FRGXOXLGHYRSVHD

'HVFKLGHLSRUWLHUDGLQGUHDSWDID
9HLYHGHDSOFXDGHLGHQWLILFDUHDDXWR
YHKLFXOXOXLC

 3R]LLHGHLQVWDODUHUHFRPDQGDWSHSDUWHDRULHQWDWVSUHFHQWUXORVHOHL

3URGXVHGHVHUYLFHLFDSDFLWL

([HPSOXSOFXGHLGHQWLILFDUHDDXWRYHKLFXOXOXL
C 3OFXGHLGHQWLILFDUHDDXWRYHKLFXOXOXL
D 3URGXFWRUXODXWRYHKLFXOXOXL'DLP

OHU$*
1XPUXOGHRPRORJDUH8(QXPDLSHQWUX






'HVFKLGHLSRUWLHUDGLQGUHDSWDID
'HVFKLGHLFDSDFXOCvQGLUHFLDLQGLFDW
GHVJHDWLVFRDWHLO
9HLYHGHDQXPUXOGHLGHQWLILFDUHDYHKL
FXOXOXL9,1

DQXPLWHUL
1XPUXOGHLGHQWLILFDUHDDXWRYHKLFXOXOXL

k
l
m

FXOXOXLNJ
0DVDPD[LPDGPLVDFRPELQDLHLDXWR
YHKLFXOUHPRUFNJ
6DUFLQPD[LPDGPLVSHSXQWHDID
NJ
6DUFLQDPD[LPDGPLVSHSXQWHDVSDWH
NJ
&RGGHYRSVHD

1XPUXOGHLGHQWLILFDUHDDXWRYHKLFX
OXOXL9,1
3HOkQJIDSWXOFHVWHWDQDWSHSOFXDGH
LGHQWLILFDUHDDXWRYHKLFXOXOXLQXPUXOGH
LGHQWLILFDUHDYHKLFXOXOXL9,1HVWHGHDVH
PHQHDWDQDWSHFDURVHULDDXWRYHKLFXOXOXL
6HDIOvQVSDLXOSHQWUXSLFLRDUHDOSDVDJH
UXOXLGLQID

6HULDPRWRUXOXL
6HULDPRWRUXOXLHVWHWDQDWvQFDUWHU,QIRU
PDLLVXSOLPHQWDUHSRWILRELQXWHGHODRULFH
&HQWUXGHVHUYLFH0HUFHGHV%HQ]

3URGXVHGHVHUYLFHLFDSDFLWL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
&kQGPDQLSXODLGHSR]LWDLLHOLPLQDLRULFH
SURGXVHGHVHUYLFHUHVSHFWDLQRUPHOHUHOH
YDQWHGHRDUHFHvQFD]FRQWUDUSXWHLSHUL
FOLWDVLJXUDQDGXPQHDYRDVWULDFHORUODOL
1XOVDLSURGXVHOHGHVHUYLFHODvQGHPkQD
FRSLLORU
3HQWUXVQWDWHDGXPQHDYRDVWUQXSHUPL
WHLSURGXVHORUGHVHUYLFHVLQWUHvQFRQWDFW
FXRFKLLGXPQHDYRDVWUVDXFXUQLOHGHV
FKLVH&RQVXOWDLLPHGLDWXQGRFWRUGDFDL
vQJKLLWRULFHSURGXVGHVHUYLFH
 ,QGLFDLHSULYLQGPHGLXODPELDQW
6FRDWHLGLQX]GHHXULOHLPDWHULDOHOHFRQ
VXPDELOHLQkQGFRQWGHPHGLX

'DWHWHKQLFH

9,1
0DVDWRWDOPD[LPDGPLVDDXWRYHKL



3URGXVHGHVHUYLFHLFDSDFLWL
3ULQWUHSURGXVHOHGHVHUYLFHVHQXPU
XUPWRDUHOH
=FDUEXUDQLLGHH[EHQ]LQGLHVHO
=DGLWLYLSHQWUXWUDWDUHDXOWHULRDUDJD]HORU

'DWHWHKQLFH

GHHDSDPHQWGHH[$G%OXH
=OXEULILDQLGHH[XOHLXOGHPRWRUXOHLXOGH
WUDQVPLVLH
=OLFKLGGHUFLUH
=OLFKLGGHIUkQ
=OLFKLGVSOWRUGHSDUEUL]
=UHIULJHUHQWSHQWUXVLVWHPXOGHFRQWURODOFOL
PDWL]ULL
&RPSRQHQWHOHLSURGXVHOHGHVHUYLFHWUH
EXLHVFRUHVSXQG0HUFHGHV%HQ]YUHFR
PDQGVXWLOL]DLSURGXVHWHVWDWHLDSUREDWH
GH0HUFHGHV%HQ]$FHVWHDVXQWLQGLFDWHvQ
0DQXDOXOGHXWLOL]DUH0HUFHGHV%HQ]vQVHF
LXQHDFRUHVSXQ]WRDUH
3XWHLLGHQWLILFDSURGXVHOHGHVHUYLFHDSUR
EDWHGH0HUFHGHV%HQ]GXSXUPWRDUHOH
LQVFULSLLGHSHUHFLSLHQW
=$SUREDUH0%GHH[$SUREDUH0%

 3HULFROGHUQLUH
1XDWLQJHLFDUEXUDQWXO
&RQWDFWXOGLUHFWDOFDUEXUDQWXOXLFXSLHOHDVDX
LQKDODUHDYDSRULORUGXQHD]VQWLL
&DSDFLWDWHDUH]HUYRUXOXL
9DORULOHDEVHQWHHUDXLQGLVSRQLELOHvQPRPHQ
WXOWULPLWHULLODWLSDU
&DSDFLWDWHWRWDO
0/0$7,&
0/0$7,&
0/%OXH7(&0$7,&
0/%OXH7(&0$7,&

O

0/$0*0$7,&

O

'LQFDUHFDUEXUDQWGH
UH]HUY
0/0$7,&

=$SUREDUH0%GHH[$SUREDUH0%

$OWHGHQXPLULVDXUHFRPDQGULLQGLFXQQLYHO
GHFDOLWDWHVDXRVSHFLILFDLHvQFRQIRUPLWDWH
FXQXPUXOGH)L0%GHH[0%
$FHVWHDQXDXIRVWQHDSUDWDSUREDWHGH0HU
FHGHV%HQ]
,QIRUPDLLVXSOLPHQWDUHSRWILRELQXWHGHOD
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]VDX
GHSHLQWHUQHWODDGUHVD
KWWSEHYRPHUFHGHVEHQ]FRP

&DUEXUDQW
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
&DUEXUDQWXOHVWHSXWHUQLFLQIODPDELO)RFXO
IOFULOHGHVFKLVHLIXPDWXOVXQWSULQXUPDUH
LQWHU]LVHFkQGPDQLSXODLFDUEXUDQL
2SULLPRWRUXOLvQFO]LUHDDX[LOLDUvQDLQWHGH
DOLPHQWDUHDFXFDUEXUDQW
 %OXH()),&,(1&<

O

$SUR[LPDWLY
O

0/0$7,&
0/%OXH7(&0$7,&
0/%OXH7(&0$7,&

$SUR[LPDWLY
O

0/$0*0$7,&

$SUR[LPDWLY
O

%HQ]LQ(1(',1
&DOLWDWHDFDUEXUDQWXOXL
 1XXWLOL]DLPRWRULQSHQWUXDOLPHQWDUHD
DXWRYHKLFXOHORUFXPRWRUSHEHQ]LQ&KLDU
LRPLFFDQWLWDWHGHPRWRULQYDGHWHULRUD
VLVWHPXOGHLQMHFLHDFDUEXUDQWXOXL

 $OLPHQWDLQXPDLFXEHQ]LQSUHPLXP
IUSOXPEFXFLIURFWDQLFGHFHOSXLQ
521021FRQIRUPFXVWDQGDUGXO
HXURSHDQ(1VDX(',1VDX
GHVSHFLILFDLHHFKLYDOHQW

3URGXVHGHVHUYLFHLFDSDFLWL

=(EHQ]LQFXHWDQRO
=(HWDQRO
=0EHQ]LQFXPHWDQRO
=0EHQ]LQFXPHWDQRO
=0PHWDQRO
=%HQ]LQFXDGLWLYLPHWDOLFL
='LHVHO
1XDPHVWHFDLFDUEXUDQLSUHFXPDFHVWD
FXEHQ]LQDLQXXWLOL]DLQLFLXQDGLWLY$VW
IHOSXWHLDYDULDPRWRUXO([FHSLDRFRQ
VWLWXLHDGLWLYLLSHQWUXHOLPLQDUHDLSUHYHQL
UHDDFXPXOULORUGHUH]LGXXUL%HQ]LQDWUH
EXLHVILHDPHVWHFDWQXPDLFXDGLWLYL
UHFRPDQGDLGH0HUFHGHV%HQ],QIRUPD
LLOHVXSOLPHQWDUHSULYLQGDGLWLYLLUHFRPDQ
GDLSRWILRELQXWHGHODRULFH&HQWUXGH
VHUYLFH0HUFHGHV%HQ]

QJHQHUDOYHLJVLLQIRUPDLLGHVSUHFDOLWD
WHDFDUEXUDQWXOXLSHSRPS'DFQXJVLL
HWLFKHWDSHSRPSDGHEHQ]LQvQWUHEDLSHU
VRQDOXOEHQ]LQULHL

G &DUEXUDQWXO(FRQLQHSkQOD
ELRHWDQRO$XWRYHKLFXOXOGXPQHDYRDVWU
HVWHDGHFYDWSHQWUXXWLOL]DUHDFXFDUEXUDQW
(3XWHLDOLPHQWDYHKLFXOXOXOIRORVLQG
FDUEXUDQW(
G QFD]XOvQFDUHFDUEXUDQWXOUHFRPDQGDW
QXHVWHGLVSRQLELOILLQGXWLOL]DWGRDUFD
PVXUWHPSRUDUSXWHLXWLOL]DGHDVH
PHQHDEHQ]LQDQRUPDOIUSOXPEFXR
FLIURFWDQLFGH521021
$FHDVWDSRDWHUHGXFHSHUIRUPDQDPRWR
UXOXLLSRDWHFUHWHFRQVXPXOGHFDUEX
UDQW(YLWDLVFRQGXFHLODDFFHOHUDLH
PD[LP
&DOLWDWHDFDUEXUDQWXOXLGLVSRQLELOvQDQX
PLWHULSRDWHILLQVXILFLHQW3ULQXUPDUH
VHSRWIRUPDUH]LGXXULQDVWIHOGHFD]XUL
LGXSFHDLFRQVXOWDWXQ&HQWUXGH6HU
YLFH0HUFHGHV%HQ]EHQ]LQDSRDWHIL
DPHVWHFDWFXDGLWLYXOUHFRPDQGDWGH0HU
FHGHV%HQ]QXPUSLHV
$7UHEXLHVUHVSHFWDL

QRWHOHLSURFHQWHOHGHDPHVWHFDUHVSHFL
ILFDWHSHUHFLSLHQW
,QIRUPDLLSULYLQGDOLPHQWDUHDFXFDUEXUDQW
3DJLQD
$XWRYHKLFXOH$0*
 $OLPHQWDLQXPDLFXEHQ]LQVXSHUIU
SOXPEFXFLIURFWDQLFGHFHOSXLQ
521021FRQIRUPFXVWDQGDUGXO
HXURSHDQ(1VDXFXRVSHFLILFDUHHFKL
YDOHQW
QFD]FRQWUDUHVWHSRVLELOVUHGXFHLSXWH
UHDPRWRUXOXLVDXVGHWHULRUDLPRWRUXO

 %HQ]LQDSUHPLXPIUSOXPEFXRFLIU
RFWDQLFGH521021SRDWHILXWL
OL]DWQXPDLFDPVXUWHPSRUDUvQFD]XO
vQFDUHFDUEXUDQWXOUHFRPDQGDWQXHVWH
GLVSRQLELO$FHDVWDSRDWHUHGXFHSHUIRU
PDQDPRWRUXOXLLSRDWHFUHWHFRQVXPXO
GHFDUEXUDQW3HFkWSRVLELOHYLWDLVFRQ
GXFHLODDFFHOHUDLHPD[LP
 LEHQ]LQDQRUPDOIUSOXPEFXRFLIU
RFWDQLFGH521021SRDWHIL
XWLOL]DWFDPVXUWHPSRUDUvQFD]XOvQ
FDUHFDUEXUDQWXOUHFRPDQGDWQXHVWHGLV
SRQLELO
$VWIHOVHREVHUYRFUHWHUHHYLGHQWD
FRQVXPXOXLGHFDUEXUDQWLRGLPLQXDUHD
SXWHULLPRWRUXOXL(YLWDLVFRQGXFHLOD
DFFHOHUDLHPD[LP
'DFHVWHGLVSRQLELOGRDUEHQ]LQREL
QXLWFXRFLIURFWDQLFGH521
021VDXPDLPLFWUHEXLHVVROLFL
WDLDGDSWDUHDDXWRYHKLFXOXOXLODDFHVWFDU
EXUDQWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW
G &DUEXUDQWXO(FRQLQHSkQOD
ELRHWDQRO$XWRYHKLFXOXOGXPQHDYRDVWU
HVWHFRPSDWLELOFX(3XWHLDOLPHQWD
YHKLFXOXOIRORVLQGFDUEXUDQW(
0/0$7,&%OXH()),&,(1&<
 $OLPHQWDLQXPDLFXEHQ]LQSUHPLXP
IUSOXPELIUVXOIFXFLIURFWDQLFGH
FHOSXLQ521021FRQIRUPFX


'DWHWHKQLFH

 1XXWLOL]DLXUPWRDUHOH





3URGXVHGHVHUYLFHLFDSDFLWL
VWDQGDUGXOHXURSHDQ(1VDXGHVSHFL
ILFDLHHFKLYDOHQW
QFD]FRQWUDUHVWHSRVLELOVUHGXFHLSXWH
UHDXWLODPRWRUXOXLVDXVGHWHULRUDLVLV
WHPXOGHFRQWURODOHPLVLLORU

G QDQXPLWHULHVWHSRVLELOFDEHQ]LQD
GLVSRQLELOVQXDLEXQFRQLQXWGHVXOI
VXILFLHQWGHVF]XW$FHVWFDUEXUDQWSRDWH
HPDQDWHPSRUDUPLURVXULQHSOFXWHPDL
DOHVvQFOWRULLVFXUWH,PHGLDWFHFDUEX
UDQWXOIUVXOIFRQFHQWUDLDGHVXOI
SSPHVWHXWLOL]DWSHQWUXDOLPHQWDUHD
FXFDUEXUDQWPLURVXULOHVXQWUHGXVH

'DWHWHKQLFH

$GLWLYL
 1XDOLPHQWDLFXFDUEXUDQWGHFDOLWDWH
VF]XWLQXXWLOL]DLDGLWLYLGHFDUEXUDQW
QHWHVWDLLQHDSUREDLSHQWUXDXWRYHKLFX
OHOH0HUFHGHV%HQ]QFD]FRQWUDUVLVWH
PXOGHDOLPHQWDUHFXFDUEXUDQWVHSRDWH
GHIHFWDVDXVXIHULGHWHULRUUL
8QDGLQWUHSUREOHPHOHPDMRUHvQFHHDFHSUL
YHWHFDUEXUDQWXOGHFDOLWDWHLQIHULRDUHVWH
FUHDUHDGHSXQHULORUGHFDODPLQvQWLPSXO
SURFHVXOXLGHDUGHUHDFDUEXUDQWXOXL0HUFH
GHV%HQ]YUHFRPDQGVXWLOL]DLPUFLGH
FDUEXUDQWFDUHDXDGLWLYL
'DFXWLOL]DLFDUEXUDQLIUDFHWLDGLWLYL
SHQWUXRSHULRDGPDLPDUHGHWLPSSRW
H[LVWDGHSXQHULGHFDODPLQ$FHVWHDVHYRU
IRUPDPDLDOHVSHVXSDSHOHGHDGPLVLHLvQ
FDPHUDGHFRPEXVWLH
$FHVWOXFUXDUSXWHDFDX]DSUREOHPHGHIXQF
LRQDUHDPRWRUXOXLGHH[
=SHULRDGGHvQFO]LUHDPRWRUXOXLPDLvQGH

OXQJDW
=UDODQWLQHXQLIRUP
=]JRPRWODPRWRU
=UDWHXUL
=SLHUGHUHDIRUHL
Q]RQHOHvQFDUHEHQ]LQDFXDGLWLYLLQHFHVDUL
QXHVWHGLVSRQLELOVHSRWIRUPDGHSXQHULGH
FDODPLQQDFHVWFD]0HUFHGHV%HQ]UHFR
PDQGXWLOL]DUHDDGLWLYLORUFDUHDXIRVWDSUR

EDLSHQWUXDXWRYHKLFXOHOH0HUFHGHV%HQ]
FRQVXOWDLKWWSEHYRPHUFHGHVEHQ]FRP
&RQVXOWDLXQ&HQWUXGH6HUYLFH0HUFHGHV
%HQ]SHQWUXDYHGHDROLVWGHSURGXVHDSUR
EDWH5HVSHFWDLLQVWUXFLXQLOHSHQWUXXWLOL]D
UHDvQGHVFULHUHDSURGXVXOXL
1XDPHVWHFDLDOLDGLWLYLGHFDUEXUDQWFXFDU
EXUDQW$FHVWOXFUXSUHVXSXQHFRVWXULLQXWLOH
LDUSXWHDGHWHULRUDPRWRUXO

'LHVHO(1
&DOLWDWHDFDUEXUDQWXOXL

 3HULFROGHLQFHQGLX
1XXWLOL]DLEHQ]LQSHQWUXDOLPHQWDUHDDXWR
YHKLFXOHORUFXPRWRUGLHVHO1XDPHVWHFDL
FDUEXUDQWGLHVHOFXEHQ]LQ$FHVWOXFUXGHWH
ULRUHD]VLVWHPXOGHDOLPHQWDUHFXFDUEXUDQW
LPRWRUXOH[LVWkQGLSRVLELOLWDWHDDSDULLHL
XQXLLQFHQGLX
 /DDOLPHQWDUHDFXFDUEXUDQWXWLOL]DL
QXPDLPRWRULQFRQIRUPFXVWDQGDUGXO
HXURSHDQ(1VDXXQXOGHFDOLWDWHHFKL
YDOHQW&DUEXUDQWXOFDUHQXUHVSHFW(1
SRDWHGXFHODRX]XUFUHVFXWSUH
FXPLODGHWHULRUDUHDPRWRUXOXLLDVLVWH
PXOXLGHHYDFXDUH
 1XXWLOL]DLXUPWRDUHOH
=0RWRULQPDULQ
=XOHLGHvQFO]LUH
=ELRGLHVHO
=XOHLYHJHWDO
=%HQ]LQ
=SDUDILQ
=NHURVHQ
1XDPHVWHFDLDFHWLFDUEXUDQLFXPRWR
ULQLQXXWLOL]DLQLFLXQDGLWLYVSHFLDOQ
FD]FRQWUDUSXWHLSURYRFDGHWHULRUDUHD
PRWRUXOXL6HH[FOXGDJHQLLGHRSWLPL]DUH
DFXUJHULLFRQVXOWDL7HPSHUDWXULH[WH
ULRDUHVF]XWH

 $XWRYHKLFXOHFXILOWUXGHSDUWLFXOHGLH
VHOvQULOHGLQH[WHULRUXO8(XWLOL]DL

3URGXVHGHVHUYLFHLFDSDFLWL

 $XWRYHKLFXOHIUILOWUXGHSDUWLFXOH
GLHVHOvQULOHvQFDUHHVWHGLVSRQLELOGRDU
PRWRULQFXRFRQFHQWUDLHGHVXOIPDLULGL
FDWLQWHUYDOHOHSHQWUXVFKLPEXOGHXOHLDO
DXWRYHKLFXOXOXLVHUHGXF3XWHLRELQHPDL
PXOWHLQIRUPDLLGHVSUHLQWHUYDOXOGH
VFKLPEGHXOHLGHODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW
QJHQHUDOYHLJVLLQIRUPDLLGHVSUHFDOLWD
WHDFDUEXUDQWXOXLSHSRPS'DFQXJVLL
HWLFKHWDSHSRPSDGHEHQ]LQvQWUHEDLSHU
VRQDOXOEHQ]LQULHL
,QIRUPDLLSULYLQGDOLPHQWDUHDFXFDUEXUDQW
3DJLQD
7HPSHUDWXULH[WHULRDUHVF]XWH
QOXQLOHGHLDUQHVWHGLVSRQLELOPRWRULQDFX
SURSULHWLRSWLPL]DWHGHFXUJHUHODUHFHQ
(XURSDVWDQGDUGXO(1GHILQHWHGLIHULWH
FDWHJRULLGHWHPSHUDWXUFDUHGHSLQGGHFOL
PDW'HIHFLXQLOHSRWILHYLWDWHSULQDOLPHQWD
UHDFXPRWRULQFDUHFRUHVSXQGHVSHFLILFD
LLORUFOLPDWLFHVWDELOLWHGH(1/DWHPSH
UDWXULH[WHULRDUHQHRELQXLWGHVF]XWH
FDUDFWHULVWLFLOHGHFXUJHUHDOHPRWRULQHLSRW
ILLQVXILFLHQWH3ULQXUPDUHPRWRULQDGLQ
]RQHOHPDLFDOGHSRDWHVQXILHDGHFYDWXWL
OL]ULLvQFRQGLLLGHFOLPPDLUHFH

G 3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHSUL
YLQGSURSULHWLOHFDUEXUDQWXOXLVSHFLILFH
ILHFUHLULGHODFRPSDQLLOHSHWUROLHUHGH
H[GHODEHQ]LQULL
$JHQWGHRSWLPL]DUHDFXUJHULL
3HQWUXDvPEXQWLUH]LVWHQDPRWRULQHLOD
WHPSHUDWXULVF]XWHSRDWHILDWDDWXQDJHQW
GHRSWLPL]DUHDFXUJHULL(ILFLHQDXQXLDJHQW
GHRSWLPL]DUHDFXUJHULLQXHVWHJDUDQWDWvQ
FD]XOILHFUXLFDUEXUDQW
8WLOL]DLGRDUDJHQLGHRSWLPL]DUHDFXUJHULL
FDUHDXIRVWWHVWDLLDSUREDLGH0HUFHGHV

%HQ]QWLPSXOXWLOL]ULLYUXJPVUHVSHF
WDLLQIRUPDLLOHSULYLQGXWLOL]DUHD
'R]DUHDFRUHFWLDPHVWHFDUHDVXILFLHQW
VXQWGHFLVLYHSHQWUXvPEXQWLUHDUH]LVWHQ
HLODWHPSHUDWXULVF]XWHFXDJHQWXOGHRSWL
PL]DUHDFXUJHULL(VWHSRVLELOFDVXSUDGR]D
UHDVUHGXFUH]LVWHQDODWHPSHUDWXUL
VF]XWHLSULQXUPDUHWUHEXLHHYLWDW5HV
SHFWDLLQVWUXFLXQLOHSURGXFWRUXOXLSULYLQG
GR]DUHD
$PHVWHFDLDGLWLYXOFXPRWRULQDvQWLPSXWLO
vQDLQWHFDFDUDFWHULVWLFLOHGHFXUJHUHDOH
PRWRULQHLVGHYLQLQVXILFLHQWHQFD]FRQ
WUDUSRWDSUHDGHIHFLXQLvQXUPDvQFO]LULL
VLVWHPXOXLGHDOLPHQWDUHFXFDUEXUDQWGHH[
vQXUPDSDUFULLvQWUXQJDUDMvQFO]LW
3XWHLRELQHPDLPXOWHLQIRUPDLLGHVSUH
DJHQLLUHFRPDQGDLGHRSWLPL]DUHDFXUJHULL
GHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

1RWHSULYLQGFRQVXPXOGHFDUEXUDQW
 1RWSULYLQGSURWHFLDPHGLXOXL
&2GLR[LGGHFDUERQHVWHJD]XOFRQVLGHUDW
GHFHUFHWWRULFDSULQFLSDOXODJHQWvQvQFO]L
UHDJOREDOHIHFWXOGHVHU(PLVLLOHGH&2
DOHDXWRYHKLFXOXOXLGXPQHDYRDVWUVXQWFRUH
ODWHGLUHFWFXFRQVXPXOGHFDUEXUDQWLSULQ
XUPDUHGHSLQGGH
=XWLOL]DUHDHILFLHQWDFDUEXUDQWXOXLGHFWUH
PRWRU
=VWLOXOGHFRQGXFHUH
=DOLIDFWRULQRQWHKQLFLSUHFXPLQIOXHQHOH
PHGLXOXLLFRQGLLLOHGHGUXP
3XWHLUHGXFHODPLQLPXPHPLVLLOHGH&2DOH
DXWRYHKLFXOXOXLGXPQHDYRDVWUFRQGXFkQG
FXDWHQLHLVROLFLWkQGLQWHUYHQLLUHJXODWHvQ
VHUYLFH
$XWRYHKLFXOXOYDFRQVXPDPDLPXOWFDUEXUDQW
GHFkWGHRELFHLvQXUPWRDUHOHVLWXDLL
=ODWHPSHUDWXULH[WHULRDUHIRDUWHVF]XWH
=vQWUDILFXUEDQ
=ODFOWRULLVFXUWH

'DWHWHKQLFH

QXPDL(XURGLHVHOFXFRQLQXWUHGXVGHVXOI
FXRFRQFHQWUDLHGHVXOIVXESSPvQ
FD]FRQWUDUVLVWHPXOGHFRQWURODOHPLVLLORU
SRDWHVXIHULGHWHULRUUL





3URGXVHGHVHUYLFHLFDSDFLWL
=SHWHUHQPRQWDQ

7HPSHUDWXULH[WHULRDUHVF]XWH

=ODWUDFWDUHDXQHLUHPRUFL

$G%OXHvQJKHDODRWHPSHUDWXUGHDSUR
[LPDWLY$XWRYHKLFXOXOHVWHGRWDWFXXQ
VLVWHPGHSUHvQFO]LUH$G%OXHGLQIDEULF
3ULQXUPDUHIXQFLRQDUHDSHWLPSGHLDUQ
SRDWHILJDUDQWDWFKLDULODWHPSHUDWXULVXE


G 1XPDLvQDQXPLWHULSXWHLJVLYDORULOH
SULYLQGFRQVXPXOFXUHQWLYDORULOHGHHPLVLL
DOHDXWRYHKLFXOXOXLGXPQHDYRDVWUvQGRFX
PHQWHOH&2&&(57,),&$78('(&21)25
0,7$7($FHVWHGRFXPHQWHvQVRHVFDXWR
YHKLFXOXOODOLYUDUH
&LIUHOHSULYLQGFRQVXPXODXIRVWED]DWHvQ
ILHFDUHFD]SHYHUVLXQHDDSOLFDELOFXUHQW
=SHQWUXDXWRYHKLFXOHOHSkQODLLQFOXVLY
VWDQGDUGXO(852vQFRQIRUPLWDWHFX
'LUHFWLYD8((&&
=SHQWUXDXWRYHKLFXOHOHFHGHSHVFVWDQ
GDUGXO(852vQFRQIRUPLWDWHFX5HJOH
PHQWDUHD&(1U
$EDWHULOHGHODDFHVWHYDORULSRWDSUHDvQ
FRQGLLLGHXWLOL]DUHQRUPDO

'DWHWHKQLFH

$G%OXH
$VSHFWHGHUHLQXW
$G%OXHHVWHXQOLFKLGQHLQIODPDELOQHWR[LF
LQFRORULQRGRULVROXELOvQDS

7HPSHUDWXULH[WHULRDUHULGLFDWH
 $9(57,60(17
'DFGHVFKLGHLFDSDFXOUH]HUYRUXOXL
$G%OXHDUSXWHDILHOLEHUDWHPLFLFDQWLWLGH
YDSRULGHDPRQLDF$FHDVWDGHSLQGHvQVSHFLDO
GHYHFKLPHD$G%OXH
9DSRULLGHDPRQLDFDXXQPLURVvQHSWRUL
VXQWLULWDQLPDLDOHVSHQWUX
=SLHOH
=PHPEUDQHOHPXFRDVH
=RFKL

9DSRULLSRWSURYRFDRVHQ]DLHGHDUVXUvQ
RFKLQDVLJkWSUHFXPLLULWDUHDJkWXOXLL
OFULPDUHD
1XLQKDODLGHORFYDSRULLGHDPRQLDFFDUHVDU
SXWHDHOLEHUD8PSOHLUH]HUYRUXO$G%OXH
QXPDLvQ]RQHELQHYHQWLODWH

$GLWLYL
 8WLOL]DL$G%OXHQXPDLFRQIRUP,62
1XXWLOL]DLDGLWLYLFX$G%OXHLQX
GLOXDL$G%OXHFXDS$OWIHOSXWHLGLV
WUXJHVLVWHPXOGHWUDWDUHXOWHULRDUDJD]H
ORUGHHDSDPHQW%OXH7HF
3XULWDWH
 ,PSXULWLOHGLQ$G%OXHGHH[GDWRUDWH
DOWRUSURGXVHGHVHUYLFHDJHQLORUGH
FXUDUHVDXSUDIXOXLGXFOD
=YDORULGHHPLVLHFUHVFXWH
=DYDULLODFRQYHUWRUXOFDWDOLWLF
=DYDULLODPRWRU
=GHIHFLXQLvQVLVWHPXOGHWUDWDUHXOWH
ULRDUDJD]HORUGHHDSDPHQW%OXH7HF
$VLJXUDUHDSXULWLL$G%OXHHVWHGHRVHELWGH
LPSRUWDQWvQFHHDFHSULYHWHHYLWDUHDGHIHF
LXQLORUODVLVWHPXOGHWUDWDUHXOWHULRDUD
JD]HORUGHHDSDPHQW%OXH7(&
'DF$G%OXHHVWHSRPSDWGLQUH]HUYRUXO
$G%OXHGHH[vQWLPSXOUHSDUDLLORUQXXWL
OL]DLDFHVWOLFKLGSHQWUXDXPSOHUH]HUYRUXO
QFD]FRQWUDUSXULWDWHDOLFKLGXOXLQXPDL
SRDWHILJDUDQWDW

&DSDFLWDWHDWRWDODUH]HUYRUXOXLGH
$G%OXH
0RGHO
0/%OXH7(&
0$7,&
0/%OXH7(&
0$7,&

&DSDFLWDWH
WRWDO
O

3URGXVHGHVHUYLFHLFDSDFLWL
0RWRDUHGLHVHO

$VSHFWHGHUHLQXW
&DOLWDWHDXOHLXOXLGHPRWRUHVWHXQIDFWRU
KRWUkWRUvQIXQFLRQDUHDLYLDDXWLODXQXL
PRWRU'XSWHVWHDSURIXQGDWH0HUFHGHV
%HQ]DSUREXOHLXULOHGHPRWRUFDUHFRUHV
SXQGVWDQGDUGXOXLWHKQLFFXUHQW
3ULQXUPDUHHVWHSHUPLVXWLOL]DUHDQXPDLD
XOHLXULORUGHPRWRUDSUREDWHGH0HUFHGHV
%HQ]SHQWUXPRWRDUHOH0HUFHGHV%HQ]
,QIRUPDLLOHVXSOLPHQWDUHSULYLQGXOHLXULOHGH
PRWRUWHVWDWHLDSUREDWHSRWILRELQXWHGHOD
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]0HU
FHGHV%HQ]YUHFRPDQGHIHFWXDUHDXQXL
VFKLPEGHXOHLODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW$SUREDUHD0HUFHGHV%HQ]HVWH
LQGLFDWSHUHFLSLHQWXOGHXOHLSULQLQVFULSLD
0%$SSURYDOLGHQXPLUHDFRUHV
SXQ]WRDUHGHH[0%$SSURYDO
3XWHLDFWLYDRSUH]HQWDUHJHQHUDODXOHLXUL
ORUGHPRWRUDSUREDWHSHLQWHUQHWODDGUHVD
KWWSEHYRPHUFHGHVEHQ]FRPSULQLQWUR
GXFHUHDLQGLFHOXLGHH[
7DEHOXOSUH]LQWXOHLXULOHGHPRWRUDSUREDWH
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWU
9DORULOHDEVHQWHHUDXLQGLVSRQLELOHODGDWDWUL
PLWHULLODWLSDU
0RWRDUHSHEHQ]LQ

0%$SSURYDO
$SUREDUH0%

0/0$7,&



$XWRYHKLFXOHOHFXXQILOWUXGHSDUWLFXOH
GLHVHO
0/%OXH7(&
0$7,&
0/%OXH7(&
0$7,&




G 'DFXOHLXULOHGHPRWRULQGLFDWHvQWDEHO
QXVXQWGLVSRQLELOHSXWHLDGXJDXUPWRD
UHOHXOHLXULGHPRWRUSkQODXUPWRUXO
VFKLPEGHXOHL
=DXWRYHKLFXOHFXPRWRUSHEHQ]LQ

$SUREDUH0%VDX$&($$
=DXWRYHKLFXOHFXPRWRUGLHVHO$SUREDUH

0%VDX$&($&
8OHLXOGHPRWRUSRDWHILDGXJDWGRDURGDW
LQXHVWHSHUPLVIRORVLUHDDPDLPXOWGH
O

&DSDFLWL
8UPWRDUHOHYDORULYL]HD]VFKLPEXOGHXOHL
LQFOXVLYILOWUXOGHXOHL
9DORULOHDEVHQWHHUDXLQGLVSRQLELOHODGDWDWUL
PLWHULLODWLSDU
0RGHO

&DQWLWDWHvQORFXLW

0/0$7,&

O

0/0$7,&

0/0$7,&
0/$0*0$7,&

0%$SSURYDO
$SUREDUH0%



0/%OXH7(&
0$7,&

O

0/%OXH7(&
0$7,&

O

0/$0*
0$7,&

O

 %OXH()),&,(1&<
 6HSRWXWLOL]DQXPDLXOHLXULGHPRWRU6$(:6$(:
 6HSRWXWLOL]DQXPDLXOHLXULGHPRWRU6$(:6$(:SHQWUXDXWRYHKLFXOH$0*
 %OXH()),&,(1&<
 ,QFOXVLYUFLWRUXOH[WHUQGHXOHL

'DWHWHKQLFH

8OHLGHPRWRU





3URGXVHGHVHUYLFHLFDSDFLWL
$GLWLYL
 1XXWLOL]DLDGLWLYLvQXOHLXOGHPRWRU$VW
IHOSXWHLGHWHULRUDPRWRUXO
9kVFR]LWDWHDXOHLXOXLGHPRWRU

GXFHUHDvQSDQWGHVFHQGHQW$FHDVWD
VFDGHHILFLHQDIUkQHORU
7UHEXLHVVROLFLWDLvQQRLUHDOLFKLGXOXLGH
IUkQODLQWHUYDOHUHJXODWH,QWHUYDOHOHGH
VFKLPEDOOLFKLGXOXLGHIUkQVHUHJVHVFvQ
EURXUDGHVHUYLFH

'DWHWHKQLFH

8WLOL]DLQXPDLOLFKLGGHIUkQDSUREDWGH0HU
FHGHV%HQ]3XWHLRELQHLQIRUPDLLGHVSUH
OLFKLGXOGHIUkQDSUREDWGHODRULFHDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DWVDXGHSHLQWHUQHWOD
KWWSEHYRPHUFHGHVEHQ]FRP

9kVFR]LWDWHDGHVFULHFDUDFWHULVWLFLOHGHFXU
JHUHDOHXQXLIOXLG'DFXQXOHLGHPRWRUDUH
RFLIUGHYkVFR]LWDWHPDUHDFHVWDFXUJHOHQW
FXFkWYkVFR]LWDWHDVFDGHFXDWkWFXUJHPDL
UDSLG
6HOHFLDXOHLXULORUGHPRWRUHVWHED]DWSH
WHPSHUDWXULOHH[WHULRDUHUHVSHFWLYHLHVWHvQ
FRQIRUPLWDWHFXFODVLILFDUHD6$(YkVFR]L
WDWH7DEHOXOYSUH]LQWFHFODVLILFUL6$(VH
YRUXWLOL]D3URSULHWLOHGHMRDVWHPSHUDWXU
DOHXOHLXULORUGHPRWRUSRWILDIHFWDWHVHPQL
ILFDWLYvQWLPSXOIXQFLRQULLGLQFDX]DX]XULLL
IXQLQJLQLLLGHDFXPXODUHDGHFDUEXUDQWGH
H[HPSOX3ULQXUPDUHVHUHFRPDQGFXLQVLV
WHQVUHVSHFWDLVFKLPEXULOHGHXOHLUHJX
ODWHIRORVLQGXQXOHLGHPRWRUFXLQGLFHOHGH
FODVLILFDUH6$(FRUHVSXQ]WRU

/LFKLGGHIUkQ
 $9(57,60(17
QWLPSOLFKLGXOGHIUkQDEVRDUEHXPLGLWDWHD
GLQDHUDVWIHOSXQFWXOVXGHILHUEHUHHVWH
UHGXV
'DFSXQFWXOGHILHUEHUHDOLFKLGXOXLGHIUkQ
HVWHSUHDVF]XWHVWHSRVLELOVVHIRUPH]H
SXQJLGHYDSRULvQVLVWHPXOGHIUkQDUHFkQG
IUkQHOHVXQWDFLRQDWHSXWHUQLFGHH[ODFRQ

G 9HULILFDLOLFKLGXOGHIUkQvQPRGUHJXODW
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
'HUHJXOYHLJVLRQRWvQFRPSDUWLPHQ
WXOPRWRUXOXLFDUHYYDDPLQWLFkQGWUHEXLH
VUHDOL]DLXUPWRUXOVFKLPEGHOLFKLGGH
IUkQ
/LFKLGGHUFLUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $9(57,60(17
$QWLJHOXOHVWHSXWHUQLFLQIODPDELO)RFXO
IOFULOHGHVFKLVHLIXPDWXOVXQWLQWHU]LVH
FkQGPDQLSXODLDQWLJHOXO
'DFDQWLJHOXOLQWUvQFRQWDFWFXSLHVHOH
vQFLQVHDOHPRWRUXOXLDFHVWDVHSRDWH
DSULQGHDU]kQGXY1XYUVDLDQWLJHOSHSLH
VHOHvQFLQVHDOHPRWRUXOXL
 $GXJDLQXPDLOLFKLGGHUFLUHSUHDPHV
WHFDWFXOLFKLGGHSURWHFLHDQWLJHOGRULWQ
FD]FRQWUDUSXWHLGHWHULRUDPRWRUXO
,QIRUPDLLVXSOLPHQWDUHSULYLQGOLFKLGHOHGH
UFLUHVHUHJVHVFvQVSHFLILFDLLOH0HUFH
GHV%HQ]SHQWUXSURGXVHGHVHUYLFHVSH
FLILFDLL0%SHQWUXSURGXVHGHVHUYLFH
GHH[SHLQWHUQHWOD
KWWSEHYRPHUFHGHVEHQ]FRP6DX
FRQWDFWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW
 8WLOL]DLvQWRWGHDXQDXQDPHVWHFDGHFYDW
GHOLFKLGGHUFLUHFKLDULvQULOHFXWHP
SHUDWXULSUHGRPLQDQWvQDOWH

3URGXVHGHVHUYLFHLFDSDFLWL

 6LVWHPXOGHUFLUHDPRWRUXOXLHVWH
XPSOXWFXOLFKLGGHUFLUHFHWUHEXLHVILH
vQORFXLWGXSDQLVDXGXSFHOPXOW
GHNLORPHWUL
/LFKLGXOGHUFLUHHVWHXQDPHVWHFGHDSL
DQWLJHOLQKLELWRUDQWLFRUR]LXQH$FHVWDDVL
JXUXUPWRDUHOHVDUFLQL
=SURWHFLHDQWLFRUR]LXQH
=SURWHFLHDQWLJHO
=FUHWHUHDSXQFWXOXLGHILHUEHUH
'DFDQWLJHOXOLQKLELWRUXOGHFRUR]LXQHHVWH
SUH]HQWvQFRQFHQWUDLDFRUHFWSXQFWXOGH
ILHUEHUHDOLFKLGXOXLGHUFLUHvQWLPSXOIXQF
LRQULLVHYDVLWXDvQMXUGH
&RQFHQWUDLDGHDQWLJHOLQKLELWRUGHFRUR
]LXQHGLQVLVWHPXOGHUFLUHDPRWRUXOXLWUH
EXLH
=VILHGHFHOSXLQ$VWIHOVLVWHPXOGH
UFLUHDPRWRUXOXLYDILSURWHMDWFRQWUD
vQJKHXOXLODRWHPSHUDWXUGHSkQODPLQL
PXP
=VQXGHSHDVFSURWHFLHDQWLJHO
GHSkQODPLQLPXPQFD]FRQWUDU
FOGXUDQXVHYDGLVLSDODIHOGHHILFLHQW
'DFDXWRYHKLFXOXODSLHUGXWOLFKLGGHUFLUH
FRPSOHWDLFXFDQWLWLHJDOHGHDSLDQWL
JHOLQKLELWRUGHFRUR]LXQH0HUFHGHV%HQ]
UHFRPDQGRFRQFHQWUDLHGHDQWLJHOLQKLEL
WRUGHFRUR]LXQHvQFRQIRUPLWDWHFXVSHFLIL
FDLLOH0%SHQWUXSURGXVHGHVHUYLFH
/LFKLGXOGHUFLUHHVWHYHULILFDWFXILHFDUH
LQWHUYDOGHvQWUHLQHUHODXQDWHOLHUGHVSHFLD
OLWDWHDXWRUL]DW
G /DSULPDOXDUHvQSULPLUHDDXWRYHKLFXOX
OXLDFHVWDHVWHXPSOXWFXXQDPHVWHFGH
OLFKLGGHUFLUHFDUHDVLJXUSURWHFLDDQWL
JHOLDQWLFRUR]LXQHDGHFYDW

/LFKLGGHVSODUH
 $9(57,60(17
/LFKLGXOVSOWRUGHSDUEUL]DQWLJHOXOHVWH
SXWHUQLFLQIODPDELO(YLWDLVYUVDLOLFKLG
VSOWRUGHSDUEUL]DQWLJHOSHFRPSRQHQWHOH
vQFLQVHDOHPRWRUXOXLGHRDUHFHDFHVWHDVHSRW
DSULQGHLDUGH3RWVXUYHQLUQLJUDYH

 8WLOL]DLQXPDLOLFKLGGHVSODUHDGHFYDW
SHQWUXOHQWLOHOHGLQSODVWLFDOHOPSLORUGH
H[0%6XPPHU)LWVDX0%:LQWHU)LW/LFKL
GHOHGHVSODUHQHDGHFYDWHDUSXWHDGHWH
ULRUDOHQWLOHOHGLQSODVWLFDOHIDUXULORU
 1XXWLOL]DLDSGLVWLODWVDXGHLRQL]DWvQ
UH]HUYRUXOGHOLFKLGGHVSODUHQFD]FRQ
WUDUVHQ]RUXOGHQLYHOSRDWHVXIHULGHWH
ULRUUL
 3XWHLDPHVWHFDQXPDLOLFKLGHGHVSODUH
6XPPHU)LWL:LQWHU)LWQFD]FRQWUDU
GX]HOHGHSXOYHUL]DUHSRWILEORFDWH
/DWHPSHUDWXULSHVWHSXQFWXOGHvQJKH
8PSOHLUH]HUYRUXOGHOLFKLGGHVSODUHFX
XQDPHVWHFGHDSLOLFKLGGHVSODUHGH
H[0%6XPPHU)LW
 $PHVWHFDLSDUWH0%6XPPHU)LWFX
SULDS


/DWHPSHUDWXULVXESXQFWXOGHvQJKH
8PSOHLUH]HUYRUXOGHOLFKLGGHVSODUHFX
XQDPHVWHFGHDSLOLFKLGGHVSODUHGH
H[0%:LQWHU)LW$GDSWDLSURFHQWXOGH
DPHVWHFDUHODWHPSHUDWXULOHH[WHULRDUH
 3kQODDPHVWHFDLSDUWH0%:LQ
WHU)LWFXSULDS
 3kQODDPHVWHFDLSDUWH0%:LQ
WHU)LWFXSDUWHDS
 3kQODDPHVWHFDLSUL0%:LQ
WHU)LWFXSDUWHDS


G $GXJDLOLFKLGGHVSODUHFRQFHQWUDWGH
H[0%6XPPHU)LWVDX0%:LQWHU)LWvQ
OLFKLGXOGHVSODUHSHWRWSDUFXUVXODQXOXL

'DWHWHKQLFH

QFD]FRQWUDUVLVWHPXOGHUFLUHDPRWR
UXOXLQXHVWHVXILFLHQWSURWHMDWFRQWUDFRUR
]LXQLLLVXSUDvQFO]LULL





'DWHSULYLQGDXWRYHKLFXOXO
'DWHSULYLQGDXWRYHKLFXOXO
3HQWUXGDWHOHVSHFLILFDWHSULYLQGDXWRYHKLFX
OXOUHLQHLF
=vQOLPLOHVSHFLILFDWHSRWYDULDvQIXQFLHGH

SQHXUL
VDUFLQ
 VWDUHDVXVSHQVLHL
 HFKLSDPHQWXORSLRQDO
=DUWLFROHOHGLQHFKLSDUHDRSLRQDOFUHVF
PDVDSURSULHODJROLUHGXFVDUFLQD
PD[LP0DVDSURSULHODJROHVWHVSHFLIL
FDWvQFRQIRUPLWDWHFX'LUHFWLYD&(L
LQFOXGH
 RIHUXONJ
 EDJDMXONJ
 WRDWHOLFKLGHOHUH]HUYRUGHFDUEXUDQW
SOLQ
=LQIRUPDLLOHSULYLQGJUHXWDWHDVSHFLILFH
DXWRYHKLFXOXOXLVHUHJVHVFSHSOFXDGH
LGHQWLILFDUHDDXWRYHKLFXOXOXL
3DJLQD
=QXPDLSHQWUXDQXPLWHULSXWHLJVL
GDWHOHVSHFLILFHSULYLQGDXWRYHKLFXOXOvQ
GRFXPHQWXO&2&&(57,),&$7'(&21
)250,7$7($FHVWHGRFXPHQWHvQVRHVF
DXWRYHKLFXOXOODOLYUDUH
3HQWUXLQIRUPDLLSULYLQG&RQWUROXOQLYHOXOXL
FRQVXOWDL


'DWHWHKQLFH

=3DFKHW$,50$7,&3DJLQD
=3DFKHW21 2))52$'3DJLQD

3HQWUXPRGHOXO0/0$7,&%OXH()),
&,(1&<QXPDLSHQWUXDQXPLWHULQLFLR
GDWWHKQLFQXHUDGLVSRQLELOODPRPHQWXO
WULPLWHULLODWLSDU
7RDWHPRGHOHOHFXH[FHSLDDXWRYHKL
FXOHORU$0*

7RDWHPRGHOHOHFXH[FHSLDDXWRYHKL
FXOHORU$0*
/LPHDDXWRYHKLFXOXOXL
IURJOLQ]LOHH[WHULRDUH

PP

QOLPHPD[LPDXWRYH
KLFXOSDFKHW$,50$7,&

PP

QOLPHPD[LPDXWRYH
KLFXOSDFKHW
21 2))52$'

PP

QOLPHPLQLPDXWRYH
KLFXOSDFKHW$,50$7,&
21 2))52$'

PP

$PSDWDPHQW

PP

*DUGODVROPD[LP
SDFKHW$,50$7,&

PP

*DUGODVROPD[LP
SDFKHW21 2))52$'

PP

*DUGODVROPLQLP
SDFKHW$,50$7,&
21 2))52$'

PP

6DUFLQDPD[LPSHSDYL
OLRQ

NJ

0/%OXH7(&0$7,&
QOLPHDDXWRYHKLFXOXOXL
VXVSHQVLHGLQRHO

PP

*DUGODVROVXVSHQVLH
GLQRHO

PP

0DVSURSULHODJRO

NJ

0/0$7,&%OXH()),&,(1&<

/XQJLPHDDXWRYHKLFXOX
OXL(&(

PP

QOLPHDDXWRYHKLFXOXOXL
VXVSHQVLHGLQRHO

/LPHDDXWRYHKLFXOXOXL
LQFOXVLYRJOLQ]LOHH[WH
ULRDUH

PP

*DUGDODVRO
VXVSHQVLHGLQRHO

PP

0DVSURSULHODJRO

NJ

PP

'LPHQVLXQLGHGHVFKLGHUHKD\RQ
'LPHQVLXQLGHGHVFKLGHUHKD\RQ

0/%OXH7(&0$7,&
QOLPHDDXWRYHKLFXOXOXL
VXVSHQVLHGLQRHO



PP

*DUGDODVRO
VXVSHQVLHGLQRHO

PP

0DVSURSULHODJRO

NJ

0/$0*0$7,&
PP

/LPHDDXWRYHKLFXOXOXL
LQFOXVLYRJOLQ]LOHH[WH
ULRDUH

PP

/LPHDDXWRYHKLFXOXOXL
IURJOLQ]LOHH[WHULRDUH

PP

QOLPHPD[LPDXWRYH
KLFXO

PP

QOLPHPLQLPDXWRYH
KLFXO

PP

$PSDWDPHQW

PP

CQOLP
HGHGHV
FKLGHUH

D
QOLPH
GHJDEDULW
PD[LP

6XVSHQVLHGLQ PP
RHO

PP

6XVSHQVLHGLQ PP
RHO0/
%OXH7(&
0$7,&

PP

3DFKHW$,5
0$7,&


PP


PP

3DFKHW
21 2))52$'


PP


PP

0RGHOHFX

*DUGODVROPD[LP

PP

*DUGODVROPLQLP

PP

0DVSURSULHODJRO

NJ

6DUFLQDPD[LPSHSDYL
OLRQ

9DORULOHSHQWUXPRGHOXO0/0$7,&
%OXH()),&,(1&<HUDXLQGLVSRQLELOHOD
PRPHQWXOWULPLWHULLODWLSDU

NJ

$XWRYHKLFXOH$0*
CQOLPHGHGHV
FKLGHUH

DQOLPHDGH
JDEDULWPD[LP

PP

PP

'DWHWHKQLFH

/XQJLPHDDXWRYHKLFXOX
OXL(&(



&kUOLJXOGHWUDFWDUHDUHPRUFLL
&kUOLJXOGHWUDFWDUHDUHPRUFLL
'LPHQVLXQLGHPRQWDUH
 $9(57,60(17
6ROLFLWDLHIHFWXDUHDPRGHUQL]ULLFXXQFkUOLJ
GHWUDFWDUHDUHPRUFLLQXPDLODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DWFDUHGLVSXQHGHFXQR
WLQHOHGHVSHFLDOLWDWHLLQVWUXPHQWHOHQHFH
VDUHHIHFWXULLLQWHUYHQLLORUUHVSHFWLYH0HU
FHGHV%HQ]UHFRPDQGVXWLOL]DLXQ&HQWUX
GH6HUYLFH0HUFHGHV%HQ]vQDFHVWVFRSQ
VSHFLDOWRDWHLQWHUYHQLLOHDVXSUDVLVWHPHORU
GHVLJXUDQVDXFRUHODWHFXVLJXUDQDVHYRU
HIHFWXDODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

'DWHWHKQLFH

 'DFVROLFLWDLPRGHUQL]DUHDXQXLFkUOLJ
GHWUDFWDUHDUHPRUFLLHVWHSRVLELOVILH
QHFHVDUHPRGLILFULODVLVWHPXOGHUFLUHL
ODWUHQXOGHWUDQVPLVLHvQIXQFLHGHWLSXO
DXWRYHKLFXOXOXL
'DFVROLFLWDLPRGHUQL]DUHDXQXLFkUOLJGH
WUDFWDUHDUHPRUFLLUHVSHFWDLSXQFWHOHGH
DQFRUDUHGHSHFDGUXODVLXOXL
 0/%OXH7(&0$7,&GDFVROLFLWDL
PRGHUQL]DUHDXQXLFkUOLJGHWUDFWDUHD
UHPRUFLLIUPRGLILFDUHDVLVWHPXOXLGH
UFLUHDPRWRUXOXLLDWUHQXOXLGHWUDQVPL
VLHPDVDWRWDOGHWUDFWDUHIUkQDWLQHIUk
QDWPDVDUHPRUFLLSOXVPDVDVDUFLQLL
HVWHUHGXV9DORULOHDEVHQWHHUDXLQGLVSR
QLELOHODGDWDWULPLWHULLODWLSDU'DFXWLOL]DL
JUHXWLGHWUDFWDUHPDLPDULPRWRUXODXWR
YHKLFXOXOXLGXPQHDYRDVWUSRDWHVXIHUL
DYDULL2ULFHDYDULLVXUYHQLWHQXVXQWDFR
SHULWHGHJDUDQLHVDXGHJDUDQLDLPSOLFLW
3ULQXUPDUHDVLJXUDLYFUHVSHFWDL
vQWRWGHDXQDPDVDWRWDOGHWUDFWDUH
UHGXV

([HPSOXSXQFWHGHDQFRUDUHSHQWUXFkUOLJXOGH
WUDFWDUHDUHPRUFLL
C 3XQFWHGHDQFRUDUH
D /XQJLPHvQFRQVRO
/LQLHPHGLDQSXQWHVSDWH

3HQWUXFkUOLJHOHGHWUDFWDUHDUHPRUFLLPRQ
WDWHvQIDEULFOXQJLPHDvQFRQVROLQFOXVLY
FDSDFXOGHSURWHFLHHVWHGHPP

6DUFLQLUHPRUF


6DUFLQDGPLVUHPRUF
QHIUkQDW

NJ

6DUFLQDGPLVUHPRUF
IUkQDW

NJ

 &XRFDSDFLWDWHPLQLPGHXUFDUHvQSDQWGHGHSHORF
 3HQWUXPRGHOXO0/%OXH7(&0$7,&NJ

7RDWH
PRGHOHOH
FXH[FHS
LDDXWRYH
KLFXOHORU
$0*

&kUOLJXOGHWUDFWDUHDUHPRUFLL

6DUFLQYHUWLFDOPD[LP
SHEDUDGHWUDFWDUH

7RDWH
PRGHOHOH
FXH[FHS
LDDXWRYH
KLFXOHORU
$0*
NJ

6DUFLQDDGPLVSHSXQ
WHDVSDWHODWUDFWDUHD
XQHLUHPRUFL

NJ

$XWRYHKL
FXOH$0*

6DUFLQDGPLVUHPRUF
QHIUkQDW

NJ

6DUFLQDGPLVUHPRUF
IUkQDW

NJ

6DUFLQYHUWLFDOPD[LP
SHEDUDGHWUDFWDUH

NJ

6DUFLQDDGPLVSHSXQ
WHDVSDWHODWUDFWDUHD
XQHLUHPRUFL

'DWHWHKQLFH



NJ

 6DUFLQDYHUWLFDOSHEDUDGHWUDFWDUHQXHVWHLQFOXVvQVDUFLQDUHPRUFLL
 3HQWUXPRGHOXO0/%OXH7(&0$7,&NJ
 3HQWUXPRGHOXO0/%OXH7(&0$7,&NJ
 &XRFDSDFLWDWHPLQLPGHXUFDUHvQSDQWGHGHSHORF
 6DUFLQDYHUWLFDOSHEDUDGHWUDFWDUHQXHVWHLQFOXVvQVDUFLQDUHPRUFLL



6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOSHUL
6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOSHUL
6LVWHPXOGHVHQ]RULUDGDUGH*+]QHFHVLWDSUREDUHVHSDUDWSHQWUXILHFDUHDU&kQG
FRQGXFHLvQWURDUvQFDUHVLVWHPXOGHVHQ]RULUDGDUQXHVWHDSUREDWWUHEXLHVGH]DFWLYDL
VLVWHPXOFXDMXWRUXOFDOFXODWRUXOXLGHERUG3DJLQD3UH]HQWDUHDJHQHUDOSHDUD
FXUHQWSRDWHILRELQXWGHODXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
$XWRYHKLFXOHOHFXXQVLVWHPGHQDYLJDLHVLVWHPXOGHVHQ]RULUDGDUHVWHGH]DFWLYDWDXWR
PDWOkQJXQLWLUDGLRWHOHVFRS
6LVWHPHOHDFWLYHPRPHQWDQVXQWGH]DFWLYDWHDXWRPDW
=',67521,&3/863DJLQD
=$VLVWHQODXQJKLXOPRUW3DJLQD
=$VLVWHQDDFWLYODSXQFWXOPRUW3DJLQD
=)UkQ35(6$)(3DJLQD

'DWHWHKQLFH

8QPHVDMGHGLVSOD\DSDUHSHDILDMXOPXOWLIXQFLRQDOSHQWUXDYLQIRUPDFVLVWHPXOGH
VHQ]RULUDGDUHVWHvQFXUVGHGH]DFWLYDUH3DJLQD
%$63/863DJLQDHVWHDSRLGHDVHPHQHDLQGLVSRQLELO
'DFGH]DFWLYDUHDQXVXUYLQHDXWRPDWWUHEXLHVGH]DFWLYDLVLVWHPXOGHVHQ]RULUDGDUFX
DMXWRUXOFDOFXODWRUXOXLGHERUG3DJLQD
$XWRYHKLFXOHIUQDYLJDLHLDXWRYHKLFXOHSHQWUX$XVWUDOLDWUHEXLHVGH]DFWLYDLVLV
WHPXOGHVHQ]RULUDGDUFXDMXWRUXOFDOFXODWRUXOXLGHERUGFkQGYDIODLOkQJRXQLWDWHUDGLR
WHOHVFRS3DJLQD
DU

8QLWLUDGLRWH
OHVFRS

/DWLWXGLQHLORQJLWXGLQH
JHRJUDILF

'LVWDQDGHPHQ
LQXWSkQODXQL
WDWH

(JLSW

$QGRUD

3DUNHV


6
(

NP

1DUUDEUL


6
(

NP

&DQEHUUD


6
(

NP

$XVWUDOLDGH9HVW


6
(

NP

%DKUHLQ

%HOJLD

%RVQLD+HUHJR
YLQD

%XOJDULD

'DQHPDUFD

(IIHOVEHUJ


1
(

NP

$XVWUDOLD

*HUPDQLD

6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOSHUL
8QLWLUDGLRWH
OHVFRS

/DWLWXGLQHLORQJLWXGLQH
JHRJUDILF

'LVWDQDGHPHQ
LQXWSkQODXQL
WDWH

(VWRQLD

)LQODQGD

0HWVlKRYL


1
(

NP

7XRUOD


1
(

NP

3ODWHDXGH%XUH


1
(

NP

)ORLUDF


1
:

NP

*LEUDOWDU

*UHFLD

&DPEULGJH


1
(

NP

'DUQKDOO


1
:

NP

-RGUHOO%DQN


1
:

NP

.QRFNLQ


1
:

NP

3LFNPHUH


1
:

NP

,UODQGD

,VODQGD

0HGLFLQD


1
(

NP

1RWR


1
(

NP

6DUGLQLD


1
(

NP

<HPHQ

,RUGDQLD

&DQDGD

4DWDU

&URDLD

.XZHLW

/HWRQLD

9HQWVSLOV


1
(

NP

/LEDQ

/LWXDQLD

/X[HPEXUJ

0DOD\VLD

)UDQD

5HJDWXO8QLW

,WDOLD

'DWHWHKQLFH

DU



'DWHWHKQLFH



6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOSHUL
DU

8QLWLUDGLRWH
OHVFRS

/DWLWXGLQHLORQJLWXGLQH
JHRJUDILF

'LVWDQDGHPHQ
LQXWSkQODXQL
WDWH

0DOWD

0DFHGRQLD

0H[LF

0RQJROLD

1RXD=HHODQG

2ODQGD

1RUYHJLD

2PDQ

$XVWULD

3DNLVWDQ

3RORQLD

.UDNyZ)RUW6NDD


1
(

NP

7RUX3LZQLFH


1
(

NP

3RUWXJDOLD

5RPkQLD

'LPLWURY


1
(

NP

.DO\D]LQ


1
(

NP

3XVKFKLQR


1
(

NP

=HOHQFKXNVND\D


1
(

NP

6XHGLD

2QVDOD


1
(

NP

(OYHLD

%OHLHQ


1
(

NP

6LQJDSRUH

6ORYDFLD

6ORYHQLD

<HEHV


1
:

NP

5REOHGR


1
:

NP

$IULFDGH6XG

6LULD

5XVLD

$UDELD6DXGLW

6SDQLD

6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOSHUL
8QLWLUDGLRWH
OHVFRS

/DWLWXGLQHLORQJLWXGLQH
JHRJUDILF

'LVWDQDGHPHQ
LQXWSkQODXQL
WDWH

5HSXEOLFD&HK

7XUFLD

8FUDLQD

8QJDULD

3HQF


1
(

NP

68$

(PLUDWHOH$UDEH
8QLWH

&LSUX

'DWHWHKQLFH

DU





'HWDOLLOHSXEOLFDLHL

,QWHUQHW
,QIRUPDLLVXSOLPHQWDUHGHVSUHDXWRYHKLFX
OHOH0HUFHGHV%HQ]LGHVSUH'DLPOHU$*VH
UHJVHVFSHXUPWRDUHOHVLWHXUL
KWWSZZZPHUFHGHVEHQ]FRP
KWWSZZZGDLPOHUFRP

%LURXOUHGDFLHL
(FKLSDGHUHGDFWRULWHKQLFLDWHDSWFX
SOFHUHRULFHvQWUHEULVDXVXJHVWLLDLDYHD
SULYLQGDFHVW0DQXDOGHXWLOL]DUHODXUPWRD
UHDDGUHV
'DLPOHU$*+3&5
'6WXWWJDUW*HUPDQLD
1XHVWHSHUPLVUHWLSULUHDWUDGXFHUHDVDX
UHSURGXFHUHDvQRULFHDOWPRGLQWHJUDOVDX
SDULDOIUSHUPLVLXQHDVFULVD'DLPOHU
$*

'DWDHGLLHL

q1st

1UGHFRPDQG 1USLHV (GLLD1$G