&ODVD&

&RXSp
0DQXDOGHXWLOL]DUH
6LPEROXUL
< $9(57,60(17
= 1RWăSULYLQGSURWHFĠLDPHGLXOXL
 'HWHULRUDUHDSRVLELOăDDXWRYHKL
FXOXOXL
R 5HFRPDQGDUH
 ,QVWUXFĠLXQH
 6LPEROGHFRQWLQXDUH
SDJLQD 7ULPLWHUHODRSDJLQă
'LVSOD\ 'LVSOD\vQDILúDMXOPXOWLIXQFĠLR
QDOGLVSOD\&20$1'
3ăUĠLDOHVRIWZDUHXOXLGLQDXWRYHKLFXOVXQW
SURWHMDWHSULQFRS\ULJKW‹
7KH)UHH7\SH3URMHFW
KWWSZZZIUHHW\SHRUJ7RDWHGUHSWXULOH
UH]HUYDWH
%LQHDĠLYHQLWvQOXPHD0HUFHGHV%HQ] G 3XWHĠLFXQRDúWHFDUDFWHULVWLFLOHLPSRU
ÌQDLQWHGHDSOHFDvQFăOăWRULHIDPLOLDUL]DĠLYă WDQWHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWUă
FXDXWRYHKLFXOXOGXPQHDYRDVWUăúLFLWLĠLDFHVW GLQ0DQXDOXOGHXWLOL]DUHLQWHUDFWLYGHSH
PDQXDOvQVSHFLDOLQIRUPDĠLLOHGHVLJXUDQĠăúL LQWHUQHWODDGUHVD
DYHUWLVPHQWHOH,QGLFDĠLLOHGLQPDQXDOYăYRU KWWSZZZPHUFHGHVEHQ]GH
DMXWDVăEHQHILFLDĠLvQPRGRSWLPGHSHUIRU EHWULHEVDQOHLWXQJ
PDQĠHOHDXWRYHKLFXOXOXLúLVăHYLWDĠLVLWXDĠLLOH (FKLSDGHUHGDFWDUHDGRFXPHQWDĠLHLWHKQLFH
SHULFXORDVHSHQWUXGXPQHDYRDVWUăVDXSHQ 'DLPOHU$*YăGRUHúWHFRQGXFHUHSOăFXWăúL
WUXDOWHSHUVRDQH vQVLJXUDQĠă
(FKLSDPHQWXOVDXGHQXPLUHDPRGHOXOXLDXWR
YHKLFXOXOXLGXPQHDYRDVWUăSRWYDULDvQIXQF
ĠLHGH
=0RGHO
=FRPDQGă
=PRGHOXOGHĠDUă
=GLVSRQLELOLWDWH

,OXVWUDĠLLOHGLQDFHVWPDQXDOSUH]LQWăXQDXWR
YHKLFXOFXYRODQXOSHSDUWHDVWkQJă/DDXWR
YHKLFXOHOHFXYRODQSHSDUWHDGUHDSWăGLVSX
QHUHDúLDPSODVDUHDFRPSRQHQWHORUDXWRYH
KLFXOXOXLúLFRPHQ]LORUGLIHUăvQFRQVHFLQĠă
0HUFHGHV%HQ]DFWXDOL]HD]ăSHUPDQHQW
DXWRYHKLFXOHOHSURGXVHODFHOHPDLQRLVWDQ
GDUGHvQGRPHQLX
&DDWDUH0HUFHGHV%HQ]vúLUH]HUYăGUHSWXO
GHHIHFWXDvQRULFHPRPHQWPRGLILFăULvQ
PDWHULHGH
=GHVLJQ
=GRWăUL
=FDUDFWHULVWLFLWHKQLFH

'LQDFHVWPRWLYRULFHUHFODPDĠLLED]DWHSH
LOXVWUDĠLLOHVDXWH[WXOGLQDFHVWPDQXDOVXQW
FRQVLGHUDWHQHIRQGDWH
8UPăWRDUHOHFRQVWLWXLHFRPSRQHQWHLQWH
JUDQWHGLQDXWRYHKLFXO
=0DQXDOGHXWLOL]DUH
=%URúXUăGHVHUYLFH
=$FFHVRULLED]DWHSHHFKLSDUH

0HQĠLQHĠLvQWRWGHDXQDDFHVWHGRFXPHQWHvQ
DXWRYHKLFXOÌQFD]XOYkQ]ăULLDXWRYHKLFXOXOXL
WUDQVIHUDĠLvQWRWGHDXQDGRFXPHQWHOHQRXOXL
SURSULHWDU

q1st

 &XSULQV 

,QGH[  3UH]HQWDUHJHQHUDOă 

,QWURGXFHUH  6LJXUDQĠă 

'HVFKLGHUHúLvQFKLGHUH 

6FDXQHYRODQúLRJOLQ]L 

/XPLQLúLúWHUJăWRDUHGHSDUEUL] 

&RQWUROFOLPDWL]DUH 

&RQGXFHUHúLSDUFDUH 

&DOFXODWRUGHERUGúLGLVSOD\XUL 

'HSR]LWDUHúLFDUDFWHULVWLFL 

ÌQWUHĠLQHUHúLvQJULMLUH 

$VLVWHQĠăvQFD]GHSDQă 

5RĠLúLSQHXUL 

'DWHWHKQLFH 
 ,QGH[

$ $LUEDJXUL
$LUEDJIURQWDOúRIHUSDVDJHUXO
$%6VLVWHPDQWLEORFDUHODIUk IDĠă 
QDUH $LUEDJODWHUDO 
)XQFĠLHQRWH  $LUEDJSHQWUXED]LQ 
$%66LVWHPDQWLEORFDUHODIUk $LUEDJWLSFRUWLQă 
QDUH $LUEDJXOSHQWUXJHQXQFKL 
/DPSDGHDYHUWL]DUH  'HFODQúDUH 
0HVDMGHSHGLVSOD\YRODQPXOWL ,QGLFDĠLLLPSRUWDQWHSULYLQGVLJX
IXQFĠLRQDOFXEXWRDQH  UDQĠD 
$%66LVWHPGHDQWLEORFDUHODIUk $LUEDJXULWLSFRUWLQă
QDUH 0HVDMGHSHGLVSOD\YRODQPXOWL
0HVDMXOGHSHGLVSOD\YRODQXO IXQFĠLRQDOFXEXWRDQH 
PXOWLIXQFĠLRQDOFXEXWRDQH  0HVDMXOGHSHGLVSOD\YRODQXO
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
$FWLYDUHDGH]DFWLYDUHDPRGXOXL
GHUHFLUFXODUHDDHUXOXL 
$FWLYDUHDGH]DFWLYDUHDUăFLULLFX
GH]XPLGLILFDUHDDHUXOXL 
$FYDSODQDUH 
PXOWLIXQFĠLRQDOFXEXWRDQH 
$OLPHQWDUHDFXFDUEXUDQW
3URFHVXOGHDOLPHQWDUHFXFDUEX
UDQW 
$OLPHQWDUHFXFDUEXUDQW
,QGLFDWRUQLYHOGHFDUEXUDQW 
$GLWLYLXOHLGHPRWRU  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
$GXFHUHDVFKLPEăWRUXOXLvQSR]LĠLD YH]L&DUEXUDQW
QHXWUăWUDQVPLVLHPDQXDOă  $VLVWDUHDDQWLRERVHDOă
$ILúDMGLVWDQĠăFDOFXODWRUGHERUG YH]L$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHL
YRODQXOPXOWLIXQFĠLRQDOFX $VLVWDUHDHOHFWURQLFăDWUDFĠLXQLL
EXWRDQH  YH]L(76$VLVWDUHDHOHFWURQLFăD
$ILúDMLQWHUYDOGHVHUYLFH$66<67 WUDFĠLXQLL
3/86 $VLVWDUHDSDUFăULL
1RWH  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
$ILúDMPXOWLIXQFĠLRQDO $VLVWDUHDSDUFăULL
9RODQPXOWLIXQFĠLRQDOFX 0HVDMGHSHGLVSOD\YRODQXOPXO
EXWRDQH 
$ILúDMXOLQWHUYDOXOXLGHVHUYLFH
$66<673/86
$ILúDUHDPHVDMHORUGHVHUYLFH 
$VFXQGHUHDPHVDMHORUGHVHUYLFH  
0HVDMHGHVHUYLFH 
$ILúDMXOPXOWLIXQFĠLRQDO
WLIXQFĠLRQDOFXEXWRDQH 
7UDFWDUHUHPRUFă 
$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL
$FWLYDUHDGH]DFWLYDUHDIXQFĠLHL
GHDYHUWL]DUH 
$ILúDUH 
0HVDMGHSHGLVSOD\YRODQXOPXO
$ILúDMSHUPDQHQWYRODQXOPXOWL WLIXQFĠLRQDOFXEXWRDQH 
IXQFĠLRQDOFXEXWRDQH  0HVDMXOGHSHGLVSOD\GLQDILúDMXO
9RODQXOPXOWLIXQFĠLRQDOFX PXOWLIXQFĠLRQDO 
EXWRDQH  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
$LUEDJODWHUOD  $VLVWHQWDWHQĠLH
$LUEDJXOSHQWUXJHQXQFKL  YH]L$VLVWHQWXOGHPHQĠLQHUHDDWHQĠLHL
$LUEDJXOWLSFRUWLQă
8WLOL]DUH 
 ,QGH[ 

$6,67(170(1ğ,1(5($7(1ğ,( $VLVWHQĠăSHQWUXID]ăOXQJăDGDS
$FWLYDUHDGH]DFWLYDUHD  WLYă
)XQFĠLHQRWH  )XQFĠLHQRWH 
0HVDMGHSHGLVSOD\YRODQXOPXO 0HVDMGHSHGLVSOD\YRODQXOPXO
WLIXQFĠLRQDOFXEXWRDQH  WLIXQFĠLRQDOFXEXWRDQH 
$VLVWHQĠDDFWLYăODXQJKLXOPRUW $VLVWHQĠăSHQWUXPHQĠLQHUHDEHQ
$FWLYDUHDGH]DFWLYDUHDFDOFXOD ]LLGHPHUV
WRUGHERUGYRODQXOPXOWLIXQFĠLR 0HVDMGHSHGLVSOD\YRODQXOPXO
QDOFXEXWRDQH  WLIXQFĠLRQDOFXEXWRDQH 
)XQFĠLHQRWH  $66<673/86
7UDFWDUHDXQHLUHPRUFL  YH]L$ILúDMXOLQWHUYDOXOXLGHVHUYLFH
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQH $66<673/86
UHDEHQ]LLGHPHUV $7$6LVWHPGHDODUPăDQWLIXUW
)XQFĠLHQRWH  $FWLYDUHDGH]DFWLYDUHD 
3RUQLUHDRSULUHDFDOFXODWRUGH 'H]DFWLYDUHDDODUPHL 
ERUGYRODQXOPXOWLIXQFĠLRQDOFX $7$VLVWHPXOGHDODUPăDQWLIXUW
EXWRDQH  3URWHFĠLDODWUDFWDUH 
7UDFWDUHDXQHLUHPRUFL  6HQ]RUXOGHPLúFDUHvQLQWHULRU 
$VLVWHQĠDODSDUFDUH $7$6LVWHPXOGHDODUPăDQWLIXUW
YH]L3$5.7521,& )XQFĠLRQDUH 
$VLVWHQĠDODVFKLPEDUHDEHQ]LL $WHOLHUGHVSHFLDOLWDWH 
YH]L$VLVWHQĠDODXQJKLPRUW $WHOLHUGHVSHFLDOLWDWHDXWRUL]DW 
$VLVWHQĠDODXQJKLXOPRUW $XGLR'9'YRODQXOPXOWLIXQFĠLR
$FWLYDUHDGH]DFWLYDUHD  QDOFXEXWRDQH 
1RWHIXQFĠLH  $XWRQRPLHFDUEXUDQW
7UDFWDUHDUHPRUFLL  $ILúDUHYRODQPXOWLIXQFĠLRQDOFX
$VLVWHQĠDSHQWUXID]DOXQJăDGDS EXWRDQH 
WLYă $ILúDUHYRODQXOPXOWLIXQFĠLRQDOFX
$FWLYDUHDGH]DFWLYDUHDFDOFXOD EXWRDQH 
WRUGHERUG  $XWRYHKLFXO
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ &RERUkUH 
]LLGHPHUV 'HVFXLHUHvQFD]GHXUJHQĠă 
$FWLYDUHDGH]DFWLYDUHD  (FKLSDPHQW 
)XQFĠLHLQIRUPDĠLL  ÌQFXLHUHvQFD]GHXUJHQĠă 
$VLVWHQĠăDFWLYăSHQWUXPHQĠLQH ÌQUHJLVWUDUH 
UHDEHQ]LLGHPHUV 3RUQLUHDSULQWUDFWDUH 
0HVDMGHSHGLVSOD\YRODQXOPXO 5LGLFDUH 
WLIXQFĠLRQDOFXEXWRDQH  7UDFWDUH 
$VLVWHQĠăODSDUFDUH $XWRYHKLFXOXO
YH]L2JOLQ]LH[WHULRDUH 'HVFXLHUHFKHLH 
YH]L3$5.7521,& *DUDQĠLDLPSOLFLWă 
$VLVWHQĠăODSRUQLUHDvQSDQWă  ÌQFXLHUHFKHLH 
$VLVWHQĠăODXQJKLXOPRUW /ăVDUHDDXWRYHKLFXOXOXLSDUFDW 
0HVDMGHSHGLVSOD\YRODQXOPXO 3RUQLUHDGHSHORF 
WLIXQFĠLRQDOFXEXWRDQH  3UHOXDUHDGDWHORU 
6HWăULLQGLYLGXDOH 
6LVWHPHOHHOHFWURQLFHDOHDXWRYH
KLFXOXOXL 
 ,QGH[

7UDQVSRUWDUH  &DOFXODWRUGHERUGYRODQPXOWL

8WLOL]DUHFRUHFWă  IXQFĠLRQDOFXEXWRDQH
$FWLYDUHDGH]DFWLYDUHDPRGXOXL
% GHIXQFĠLRQDUHSHWLPSGH]LDIDUX
ULORU 
%$66LVWHPXOGHIUkQDUHDVLVWDWă 
$ILúDMVWDQGDUG 
%$63/866LVWHPGHDVLVWDUHOD
$XWRQRPLH 
IUkQDUH3OXV 
&DOFXODWRUGHSDUFXUV 
%DWHULDDXWRYHKLFXOXOXL
3UH]HQWDUHGHDQVDPEOXDPHQLX
YH]L%DWHULHDXWRYHKLFXO OXL 
%DWHULHDXWRYHKLFXO 6HWăULLQGLYLGXDOHDOHDXWRYHKLFX
$PSODVDUH  OXOXL 
&RQHFWDUH  8WLOL]DUH 
'HFRQHFWDUH  &DOFXODWRUGHERUGYRODQXOPXOWL
ÌQFăUFDUH  IXQFĠLRQDOFXEXWRDQH
0HVDMGHSHGLVSOD\YRODQPXOWL $ILúDUHDPHVDMHORUGHVHUYLFH 
IXQFĠLRQDOFXEXWRDQH  $XWRQRPLH 
0HVDMGHSHGLVSOD\YRODQPXOWL ',67521,&3/86 
IXQFĠLRQDOFXEXWRDQH  0HPRULDGHPHVDMH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  0HQLXO$0* 
3RUQLUHIRUĠDWă  0HQLXODXGLR 
6FRDWHUHPRQWDUH  0HQLXOGHQDYLJDĠLH 
%DWHULHFKHLH 0HQLXOGHUXODMSDUĠLDO 
ÌQORFXLUH  0HQLXOGHVHUYLFH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
9HULILFDUH  3UH]HQWDUHGHDQVDPEOXDPHQLX
%HFXULOH OXL 
YH]L6FKLPEDUHDEHFXULORU 6XEPHQLXGHGLVSOD\VWDQGDUG 
%HQ]LQă  8WLOL]DUH 
%OLQG6SRW$VVLVW$VLVWHQĠDOD 8WLOL]DUHDYLGHR'9' 
XQJKLXOPRUW &DOFXODWRUGHERUGYRODQXOPXOWL
YH]L$FWLYH%OLQG6SRW$VVLVW$VLV IXQFĠLRQDOFXEXWRDQH
WHQĠDDFWLYăODXQJKLXOPRUW $ILúDUHDPHVDMHORUGHVHUYLFH 
%ULFKHWD  0HPRULDGHPHVDMH 
%XWRQGHVHOHFWDUHDSURJUDPXOXL  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
&DOFXODWRUGHSDUFXUV
& &DOFXODWRUGHERUGYRODQPXOWL
&DOăGHURDWă  IXQFĠLRQDOFXEXWRDQH 
&DOFXODWRUGHERUG &DOFXODWRUGHERUGYRODQXOPXOWL
5$&(7,0(5  IXQFĠLRQDOFXEXWRDQH 
&DOFXODWRUGHERUGYRODQPXOWL &DPHUDGHPHUVvQDSRL
IXQFĠLRQDOFXEXWRDQH )XQFĠLHQRWH 
6XEPHQLXDXWRYHKLFXO  ,QVWUXFĠLXQLGHFXUăĠDUH 
6XEPHQLX&RQIRUW  &DSDF
6XEPHQLXÌQFăO]LUH  YH]L&ODSHWDJXULLGHXPSOHUHFX
6XEPHQLX/XPLQL  FDUEXUDQW
&DSDFLWăĠL
YH]L'DWHWHKQLFH
 ,QGH[ 

&DSRWD 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 

'HVFKLGHUH  3UREOHPăGHIHFĠLXQH 
ÌQFKLGHUH  &DUEXUDQWGHUH]HUYă
&DSRWDSRUWEDJDMXOXL /DPSăGHDYHUWL]DUH 
'HVFKLGHUHvQFKLGHUH  0HVDMGHSHGLVSOD\YRODQPXOWL
'LPHQVLXQLGHGHVFKLGHUH  IXQFĠLRQDOFXEXWRDQH 
&DSRWă 0HVDMGHSHGLVSOD\YRODQPXOWL
&DSRWăDFWLYăSURWHFĠLDSLHWRQL IXQFĠLRQDOFXEXWRDQH 
ORU  &DUEXUDQWXO
0HVDMGHSHGLVSOD\YRODQPXOWL 1RWHSULYLQGFRQVXPXO 
IXQFĠLRQDOFXEXWRDQH  &DUGGHPHPRULHDXGLR 
0HVDMGHSHGLVSOD\YRODQXOPXO &kUOLJGHJHDQWă 
WLIXQFĠLRQDOFXEXWRDQH  &'SOD\HUPDJD]LHGH&'XULYROD
&DSRWăSRUWEDJDM QXOPXOWLIXQFĠLRQDOFXEXWRDQH 
0HVDMGHSHGLVSOD\YRODQPXOWL &HQWUXGH6HUYLFH0HUFHGHV%HQ]
IXQFĠLRQDOFXEXWRDQH  YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMGHSHGLVSOD\YRODQXOPXO &HQWXUDGHVLJXUDQĠă
WLIXQFĠLRQDOFXEXWRDQH  $FWLYDUHDGH]DFWLYDUHDUHJOăULL
&DUDFWHULVWLFDGHvQFăUFDUHSULQ FHQWXULLGHVLJXUDQĠăYRODQXOPXO
EDQFKHWă  WLIXQFĠLRQDOFXEXWRDQH 
&DUDFWHULVWLFD($6<(175< (OLEHUDUH 
$FWLYDUHDGH]DFWLYDUHDYRODQXO /DPSăGHDYHUWL]DUH 
PXOWLIXQFĠLRQDOFXEXWRDQH  0HVDMXOGHSHGLVSOD\YRODQXO
&DUDFWHULVWLFD($6<(175< PXOWLIXQFĠLRQDOFXEXWRDQH 
,175$5(8ù2$5Ă 3ULQGHUHD 
)XQFĠLHQRWH  5HJODUHDFHQWXULLGHVLJXUDQĠă
&DUDFWHULVWLFD($6<(;,7 SHQWUXVFDXQXOúRIHUXOXLúLVFDX
$FWLYDUHDGH]DFWLYDUHDYRODQXO QXOSDVDJHUXOXLIDĠă 
PXOWLIXQFĠLRQDOFXEXWRDQH  &HQWXUă
&DUDFWHULVWLFD($6<(;,7,(ù,5( YH]L&HQWXUăGHVLJXUDQĠă
8ù2$5Ă &HQWXUăGHVLJXUDQĠă
)XQFĠLHQRWH  &XUăĠDUH 
&DUDFWHULVWLFăGHGHVFKLGHUHDVLV ,QGLFDWRUXOGHVWDUHDFHQWXULLGH
WDWă  VLJXUDQĠăVSDWH 
&DUDFWHULVWLFăGHvQFKLGHUHSH ,QVWUXFĠLXQLLPSRUWDQWHSULYLQG
WLPSGHSORDLHWUDSăJOLVDQWă VLJXUDQĠD 
SDQRUDPLFă  /DPSăGHDYHUWL]DUHIXQFĠLH 
&DUDFWHULVWLFă($6<(175<  0HVDMGHSHGLVSOD\YRODQPXOWL
&DUEXUDQW IXQFĠLRQDOFXEXWRDQH 
$ILúDMFRQĠLQXWUH]HUYRUYRODQ &HQWXULOHGHVLJXUDQĠă
PXOWLIXQFĠLRQDOFXEXWRDQH  'LVSR]LWLYGHSUHWHQVLRQDUHDFHQ
$ILúDMFRQĠLQXWUH]HUYRUYRODQ WXULORU 
PXOWLIXQFĠLRQDOFXEXWRDQH  /LPLWDWRUGHIRUĠăSHQWUXFHQWXUL 
$ILúDUHDXWRQRPLHYRODQPXOWL &KHL
IXQFĠLRQDOFXEXWRDQH  0HVDMXOGHSHGLVSOD\YRODQXO
$ILúDUHDXWRQRPLHYRODQXOPXOWL PXOWLIXQFĠLRQDOFXEXWRDQH 
IXQFĠLRQDOFXEXWRDQH 
$OLPHQWDUHFXFDUEXUDQW 
 ,QGH[

&KHLD &RPSXWHUGHERUGYRODQPXOWL

3RUQLUHDPRWRUXOXL  IXQFĠLRQDOFXEXWRDQH
3R]LĠLLFRPXWDWRUXOGHFRQWDFW  0HQLXO$VVLVW 
VFKLPEDUHDEDWHULHL  &RPSXWHUGHERUGYRODQPXOWL
&KHLDGHXUJHQĠă IXQFĠLRQDOFXEXWRDQH
'HVFXLHUHDSRUWLHUHLúRIHUXOXL  0HVDMHDILúDWH 
&KHLDPDúLQLL &RPSXWHUGHERUGYRODQPXOWL
YH]L&KHLD IXQFĠLRQDOFXEXWRDQH0HQLXO
&KHLH 6HWăUL 
&DUDFWHULVWLFăGHGHVFKLGHUHDVLV &RPSXWHUGHERUGYRODQPXOWL
WDWă  IXQFĠLRQDOFXEXWRQ
(HPHQWXOFKHLHGHXUJHQĠă  0HQLXO7HOHIRQ 
)XQFĠLDGHvQFKLGHUHGHFRQIRUW  &RPSXWHUGHERUGYRODQPXOWL
ÌQFKLGHUHDGHVFKLGHUHDFHQWUDOL IXQFĠLRQDOFXEXWRDQH
]DWăDSRUWLHUHORU  0HVDMHDILúDWH 
0HVDMGHSHGLVSOD\YRODQPXOWL &RPXWDWRUFRPELQDW 
IXQFĠLRQDOFXEXWRDQH  &RPXWDWRUXOGHFRQWDFW
0RGLILFDUHDSURJUDPăULL  YH]L3R]LĠLLOHFKHLL
3LHUGHUH  &RQGXFHUHDvQVWUăLQăWDWH
3UREOHPăGHIHFĠLXQH 
9HULILFDUHDEDWHULHL 
&KLQJăVXSHULRDUă 
&ODSHWDJXULLGHXPSOHUHFXFDUEX
UDQW
'HVFKLGHUHDvQFKLGHUHD 
)D]DVFXUWăVLPHWULFă 
6HUYLFHK 
&RQGXFHUHDSHGUXPXULLQXQGDWH 
&RQVROăFHQWUDOă 
&RQVXPXOGHFDUEXUDQW
&XUHQWYRODQXOPXOWLIXQFĠLRQDOFX
&OLPDWL]DUH
3RUQLUHRSULUH 
5ăFLUHFXGH]XPLGLILFDUH 
5HJODUHDGHELWXOXLGHDHU 
5HJODUHDGLVWULEXĠLHLDHUXOXL 
5HJODUHDRULILFLLORUGHYHQWLODĠLH 
5HJODUHDWHPSHUDWXULL 
EXWRDQH 
&RQWRUGHGLVWDQĠă
9RODQXOPXOWLIXQFĠLRQDOFX
EXWRDQH 
YH]L&RQWRUGHUXODMSDUĠLDO
&RQWRUGHUXODMSDUĠLDO
$ILúDMYRODQXOPXOWLIXQFĠLRQDOFX
&RGXOGHYRSVHD  EXWRDQH 
&20$1'2QOLQH $ILúDUHUHVHWDUHYRODQPXOWL
YH]L,QVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH IXQFĠLRQDOFXEXWRDQH 
&RPSDUWLPHQWHGHGHSR]LWDUH 5HVHWDUHYRODQXOPXOWLIXQFĠLRQDO
&RQVROăFHQWUDOă  FXEXWRDQH 
&RWLHUăGHGHVXEW  &RQWRUGHUXODMWRWDO
6XSRUWXOSHQWUXSDKDU  $ILúDUHYRODQPXOWLIXQFĠLRQDOFX
&RPSDUWLPHQWHOHGHGHSR]LWDUH EXWRDQH 
,QIRUPDĠLLLPSRUWDQWHSULYLQGVLJX $ILúDUHYRODQXOPXOWLIXQFĠLRQDOFX
UDQĠD 
3ODVDSHQWUXEDJDMH 
7RUSHGR 
&RPSDUWLPHQWVSDWH
6HWDUHDRULILFLLORUGHYHQWLODĠLH 
&RPSRQHQWHRUQDPHQWDOH
EXWRDQH 
&RQWUROFOLPDWL]DUH
$FWLYDUHDGH]DFWLYDUHDIXQFĠLHL
=21( 
ÌQFăO]LUHDYHQWLODĠLDDX[LOLDUă 
LQVWUXFĠLXQLGHFXUăĠDUH 
 ,QGH[ 

3UH]HQWDUHJHQHUDOăDVLVWHPHORU   &ULF

3UREOHPăODvQFăO]LUHDOXQHWHL  /RFGHGHSR]LWDUH 
&RQWUROFURD]LHUă 8WLOL]DUH 
'H]DFWLYDUH  &URQRPHWUDUH5$&(7,0(5 
0HPRUDUHúLPHQĠLQHUHYLWH]ă &URQRPHWUX5$&(7,0(5 
FXUHQWă  &XSOăUHPRUFă
0HVDMGHSHGLVSOD\YRODQPXOWL YH]L7UDFWDUHDXQHLUHPRUFL
IXQFĠLRQDOFXEXWRDQH  &XSOăVIHULFă
0HVDMGHSHGLVSOD\YRODQXOPXO ([WLQGHUHD 
WLIXQFĠLRQDOFXEXWRDQH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
&RQWUROXOFOLPDWL]ăULL
$FWLYDUHDGH]DFWLYDUHDvQFăO]LULL
OXQHWHL 
&RQWUROXODXWRPDWDOFOLPDWL]ăULL
5DEDWDUHDvQăXQWUX 
&XSOXOGHVWUkQJHUHDOúXUXEXULORU
GHURDWă 
&XUăĠDUH
&kUOLJGHWUDFWDUHDUHPRUFLL 
7+(50$7,&EL]RQă  '
'H]DEXULUHDJHDPXULORU 
'H]DEXULUHDSDUEUL]XOXL  'DWH
ÌQFKLGHUHDGHVFKLGHUHDDVLVWDWă YH]L'DWHWHKQLFH
UHFLUFXODUHDDHUXOXL  'DWHOHSULYLQGDXWRYHKLFXOXO
/DPSăLQGLFDWRDUH  YH]L'DWHWHKQLFH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  'DWHWHKQLFH
1RWHSULYLQGXWLOL]DUHDFRQWUROXOXL &%OXH()),&,(1&< 
DXWRPDWDOFOLPDWL]ăULL7+(50$ &&',%OXH()),&,(1&< 
7,&  &%OXH()),&,(1&< 
3RUQLUHDRSULUHDPRGXOXLGH &&',%OXH()),&,(1&< 
UHFLUFXODUHDDHUXOXL  &%OXH()),&,(1&< 
3UREOHPHODUăFLUHDFXGH]XPLGL &$0* 
ILFDUHDDHUXOXL  1RWH 
&RQWUROXOFURD]LHUHL 3QHXULMDQWH 
/DPSDLQGLFDWRDUH/,0  6DUFLQLOHUHPRUFLL 
0DQHWDSHQWUXFRQWUROXOFURD]LH 'HPDUDUH
UHL  7UDQVPLVLHPDQXDOă 
6HOHFWDUH  'HVFKLGHUHDúLvQFKLGHUHDSDQRX
6HWDUHDXQHLYLWH]H  ULORURUQDPHQWDOHODWHUDOH 
6LVWHPGHDVLVWDUHDFRQGXFHULL  'HVFKLGHUHSHQWUXYDUă
&RQĠLQXWUH]HUYRU YH]L&DUDFWHULVWLFDGHGHVFKLGHUH
$ILúDUHDXWRQRPLHYRODQPXOWL DVLVWDWă
IXQFĠLRQDOFXEXWRDQH  'HVFKL]ăWRUSHQWUXXúDJDUDMXOXL
$ILúDUHDXWRQRPLHYRODQXOPXOWL 1RWH 
IXQFĠLRQDOFXEXWRDQH  'HVFKL]ăWRUXOSHQWUXXúDJDUDMXOXL
,QGLFDWRUQLYHOGHFDUEXUDQWYRODQ 'HVFKLGHUHDvQFKLGHUHDXúLL
PXOWLIXQFĠLRQDOFXEXWRDQH  JDUDMXOXL 
,QGLFDWRUQLYHOGHFDUEXUDQWYRODQ )UHFYHQĠH 
PXOWLIXQFĠLRQDOFXEXWRDQH  3URJUDPDUHEXWRQXOGLQRJOLQGD
&RSLL UHWURYL]RDUH 
6LVWHPHGHUHWHQĠLH  ùWHUJHUHDPHPRULHL 
&RYRUDú 
 ,QGH[

'HVFXLHUH (
'HVFXLHUHDGHXUJHQĠă 
'HVFXLHUHD (%'GLVWULEXĠLDHOHFWURQLFăDIRU
'LQLQWHULRUXODXWRYHKLFXOXOXL ĠHLGHIUkQDUH
EXWRQXOGHGHVFKLGHUHFHQWUDOL )XQFĠLHQRWH 
]DWă  (%''LVWULEXĠLHHOHFWURQLFăDIRU
'HVFXLHUHDGHXUJHQĠă ĠHLGHIUkQDUH
3RUWEDJDMXO  0HVDMGHSHGLVSOD\YRODQPXOWL
'HVFXLHUHGHXUJHQĠă IXQFĠLRQDOFXEXWRDQH 
$XWRYHKLFXO  0HVDMXOGHSHGLVSOD\YRODQXO
'HWHFWDUHDEHQ]LLDXWRPDWă PXOWLIXQFĠLRQDOFXEXWRDQH 
YH]L$VLVWHQĠDSHQWUXPHQĠLQHUHD (OHPHQWXOFKHLHGHXUJHQĠă
EHQ]LLGHPHUV )XQFĠLHQRWH 
'H]DFWLYDUHDDODUPHL$7$  ÌQFXLHUHDDXWRYHKLFXOXOXL 
'LHVHO  (OLEHUDUHDGHXUJHQĠă
'LPHQVLXQLOHDXWRYHKLFXOXOXL 3RUWLHUDúRIHUXOXL 
YH]L'DWHWHKQLFH (OLEHUDUHDPDQXDOăDEORFăULLSHQ
'LUHFĠLH WUXSDUFDUHWUDQVPLVLHDXWRPDWă  
0HVDMGHSHGLVSOD\YRODQPXOWL (63Š3URJUDPGHVWDELOLWDWHHOHF
IXQFĠLRQDOFXEXWRDQH  WURQLFă
0HVDMGHSHGLVSOD\YRODQXOPXO 'H]DFWLYDUHDFWLYDUHDXWRYHKL
WLIXQFĠLRQDOFXEXWRDQH  FXOHOH$0* 
'LVSOD\LQVWUXFĠLXQLGHFXUăĠDUH  'H]DFWLYDUHDFWLYDUHFXH[FHSĠLD
'LVSR]LWLYHGHFXUăĠDUHODSUHVLXQH DXWRYHKLFXOHORU$0* 
vQDOWă  'H]DFWLYDUHDFWLYDUHQRWHFX
'LVWULEXĠLDHOHFWURQLFăDIRUĠHLGH H[FHSĠLDDXWRYHKLFXOHORU$0* 
IUkQDUH (76 
YH]L(%'GLVWULEXĠLDHOHFWURQLFăD )XQFĠLHQRWH 
IRUĠHLGHIUkQDUH ,QGLFDĠLLLPSRUWDQWHSULYLQGVLJX
',67521,&3/86 UDQĠD 
$ILúDMHGLQDILúDMXOPXOWLIXQFĠLRQDO  /DPSăGHDYHUWL]DUH 
'H]DFWLYDUHD  0HQLXO$0*FDOFXODWRUGHERUG 
)XQFĠLHQRWH  0HVDMGHSHGLVSOD\YRODQPXOWL
/DPSDGHDYHUWL]DUH  IXQFĠLRQDOFXEXWRDQH 
0HVDMGHSHGLVSOD\YRODQXOPXO 0HVDMXOGHSHGLVSOD\YRODQXO
WLIXQFĠLRQDOFXEXWRDQH  PXOWLIXQFĠLRQDOFXEXWRDQH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  6WDELOL]DUHUHPRUFă 
6HOHFWDUH  (76$VLVWDUHHOHFWURQLFăDWUDFĠLX
6HWDUHDGLVWDQĠHLPLQLPHVSHFLIL QLL 
FDWH  ([WLQFWRU 
6IDWXULSULYLQGFRQGXFHUHD 
 ,QGH[ 

) )UkQDGHSDUFDUH 
0HVDMXOGHSHGLVSOD\YRODQXO
)DU PXOWLIXQFĠLRQDOFXEXWRDQH 
6LVWHPXOGHFXUăĠDUHIXQFĠLH  1RWHIXQFĠLH 
)DUXUL )UkQD35(6$)(ŠDXWRYHKLFXOHOH
$EXULUH  FX',67521,&3/86
&RPSOHWDUHDVLVWHPXOXLGH
/DPSăGHDYHUWL]DUH 
FXUăĠDUH 
)UkQD35(6$)(Š$XWRYHKLFXOHOH
YH]L0RGXOIXQFĠLRQDUHDXWRPDWă
FX',67521,&3/86
DIDUXULORU
0HVDMGHSHGLVSOD\YRODQXOPXO
)DUXULOHSHQWUXID]ăOXQJă
WLIXQFĠLRQDOFXEXWRDQH 
0HVDMGHSHGLVSOD\YRODQXOPXO
)5Æ1$5($'$37,9Ă 
WLIXQFĠLRQDOFXEXWRDQH 
)UkQăGHPkQă
3RUQLUHDRSULUHDDVLVWăULLSHQWUX
YH]L)UkQăGHSDUFDUH
ID]ăOXQJăDGDSWLYă 
)UkQăGHSDUFDUH
)DUXULOHSHQWUXID]ăVFXUWă
0HVDMGHSHGLVSOD\YRODQPXOWL
0HVDMGHSHGLVSOD\YRODQXOPXO
IXQFĠLRQDOFXEXWRDQH 
WLIXQFĠLRQDOFXEXWRDQH 
)DUXULSHQWUXID]ăOXQJă )UkQă35(6$)(ŠDXWRYHKLFXOHFX
3RUQLUHRSULUH 
6FKLPEDUHDEHFXULORU 
)DUXULSHQWUXID]ăVFXUWă
3RUQLUHRSULUH 
6FKLPEDUHDEHFXULORU 
6HWDUHDSHQWUXFRQGXFHUHDvQ
',67521,&3/86
$FWLYDUHDGH]DFWLYDUHD 
)XQFĠLHQRWH 
)UkQH
$%6 
%$63/86 
VWUăLQăWDWHVLPHWULFă  )UkQDGHSDUFDUH 
6HWDUHSHQWUXFRQGXFHUHDSH /LFKLGGHIUkQăQRWH 
GUHDSWDVWkQJD  0HVDMGHSHGLVSOD\YRODQPXOWL
)D]ăOXQJă IXQFĠLRQDOFXEXWRDQH 
0HVDMGHSHGLVSOD\YRODQPXOWL 0HVDMXOGHSHGLVSOD\YRODQXO
IXQFĠLRQDOFXEXWRDQH  PXOWLIXQFĠLRQDOFXEXWRDQH 
)D]ăVFXUWă 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
0HVDMGHSHGLVSOD\YRODQPXOWL 6IDWXULSULYLQGFRQGXFHUHD 
IXQFĠLRQDOFXEXWRDQH  6LVWHPGHIUkQDUHGHvQDOWăSHU
)LOWUXGHDHU IRUPDQĠă 
0HVDMGHSHGLVSOD\YRODQPXOWL )UkQHOH
IXQFĠLRQDOFXEXWRDQH  %$6 
0HVDMGHSHGLVSOD\YRODQPXOWL /DPSDGHDYHUWL]DUH 
IXQFĠLRQDOFXEXWRDQH  )UHFYHQĠH
)LOWUXGHFDUEXUDQW 'HVFKL]ăWRUXOSHQWUXXúDJDUDMX
0HVDMGHSHGLVSOD\YRODQPXOWL OXL 
IXQFĠLRQDOFXEXWRDQH  6WDĠLHUDGLRELGLUHFĠLRQDOă 
0HVDMGHSHGLVSOD\YRODQPXOWL 7HOHIRQPRELO 
IXQFĠLRQDOFXEXWRDQH  )XQFĠLDGHvQFKLGHUHGHFRQIRUW 
)LOWUXOGHSDUWLFXOHGLHVHO  )XQFĠLD+2/'
)LQLVDMXOPDWLQVWUXFĠLXQLGH 0HVDMGHSHGLVSOD\YRODQPXOWL
FXUăĠDUH  IXQFĠLRQDOFXEXWRDQH 
)XQFĠLDOXPLQăDFWLYă 
 ,QGH[

)XQFĠLDVWDUWVWRS(&2 /DPSDGHOHFWXUă 

,QIRUPDĠLLJHQHUDOH  2SULUHWHPSRUL]DWăYRODQXOPXOWL
)XQFĠLHGHLOXPLQDUHVXSOLPHQWDUă IXQFĠLRQDOFXEXWRDQH 
vQYLUDMH 3UH]HQWDUHJHQHUDOă 
0HVDMGHSHGLVSOD\YRODQPXOWL 6LVWHPXOGHFRQWURODXWRPDW 
IXQFĠLRQDOFXEXWRDQH  ,OXPLQDUHDPELHQWDOăYRODQXOPXO
0HVDMGHSHGLVSOD\YRODQXOPXO WLIXQFĠLRQDOFXEXWRDQH 
WLIXQFĠLRQDOFXEXWRDQH
)XQFĠLHGHPHPRUDUH
)XQFĠLH+2/'
)XQFĠLHQRWH
0HVDMGHSHGLVSOD\YRODQXOPXO
 ,OXPLQDUHDVXSOLPHQWDUăvQYLUDMH
 )XQFĠLHQRWH 
,OXPLQDUHGHXUJHQĠăFXUHDFĠLLOD
 FROL]LXQL 
,OXPLQDUHH[WHULRDUă
WLIXQFĠLRQDOFXEXWRDQH 
)XQFĠLHVWDUWVWRS(&2
'H]DFWLYDUHDFWLYDUH 
)XQFĠLRQDUHDSHWLPSGHLDUQă
/DQĠXULOHGH]ăSDGă 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  9RODQPXOWLIXQFĠLRQDOFX
6XSUDIHĠHFDURVDELOHDOXQHFRDVH 
* EXWRDQH 
*HDPXUL
&XUăĠDUH 
YH]L*HDPXULODWHUDOH
*HDPXULHOHFWULFH
YH]L*HDPXULODWHUDOH
*HDPXULODWHUDOH
'HVFKLGHUHvQFKLGHUH 
YH]L/XPLQL
,OXPLQDUHLQVWUXPHQWH
YH]L,OXPLQDUHDSDQRXOXLGHLQVWUXPHQWH
,OXPLQDUHLQWHULRDUă 
,OXPLQDUHSDQRXGHLQVWUXPHQWH
EXWRDQH 
9RODQPXOWLIXQFĠLRQDOFX
,PRELOL]DWRU 
,QGLFDWRDUH
YH]L6HPQDOL]DWRDUHGHGLUHFĠLH
,QGLFDWRUXOGHVWDUHDFHQWXULLGH
VLJXUDQĠăGLQFRPSDUWLPHQWXO
VSDWH 
,QGLFDWRUXOWUHSWHLGHYLWH]ăYROD
QXOPXOWLIXQFĠLRQDOFXEXWRDQH 
'HVFKLGHUHDVLVWDWă 
,QVWUXFĠLXQLJHQHUDOHUHIHULWRDUHOD
ÌQFKLGHUHGHFRQIRUW 
vQFăUFDUH 
5HVHWDUH 
,QYRFDUHDXQHLGHIHFĠLXQL
*HDPXULOHODWHUDOH
YH]L0HVDMHOHGHSHGLVSOD\
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
3UREOHPăGHIHFĠLXQH 
*KLGDUHDSHWUDVHXQDYLJDĠLH 
Ì
*UHXWDWH ÌQFăO]LUH
YH]L'DWHWHKQLFH YH]L&RQWUROFOLPDWL]DUH
*UHXWăĠLOHDXWRYHKLFXOXOXL ÌQFăO]LUHDDX[LOLDUă
YH]L'DWHWHKQLFH )L[DUHDRUHLGHSOHFDUH 
3UREOHPăPHVDMXOGHSHGLVSOD\  
, 6HWDUHFDOFXODWRUGHERUGYRODQXO
PXOWLIXQFĠLRQDOFXEXWRDQH 
,OXPLQDUHD
7HOHFRPDQGD 
YH]L/XPLQLOH
ÌQFăO]LUHDOXQHWHL
,OXPLQDUHDLQWHULRDUă
$FWLYDUHDGH]DFWLYDUHD 
&RQWUROXOPDQXDO 
,OXPLQDUHDGHXUJHQĠă 
 ,QGH[ 

ÌQFăO]LUHDX[LOLDUă ÌQWLQ]ăWRUGHFHQWXUă
$FWLYDUHGH]DFWLYDUH  $FWLYDUH 
$FWLYDUHGH]DFWLYDUHGHSHFRQ )XQFĠLH 
VRODFHQWUDOă  ÌQWUHĠLQHUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  'LVSOD\ 
ÌQFăO]LUHOXQHWă /XPLQLH[WHULRDUH 
3UREOHPăGHIHFĠLXQH  YH]L$ILúDMXOLQWHUYDOXOXLGHVHUYLFH
ÌQFKLGHUHD $66<673/86
YH]LÌQFKLGHUHDFHQWUDOL]DWă
ÌQFKLGHUHDGHVFKLGHUHDDVLVWDWă -
PRGXOGHUHFLUFXODUHDDHUXOXL 
-DOX]HOH
ÌQFKLGHUHDFHQWUDOL]DWă
'HVFKLGHUHvQFKLGHUH 
ÌQFXLHUHDXWRPDWăFDOFXODWRUGH
7UDSăJOLVDQWăSDQRUDPLFă 
ERUG 
YH]L-DOX]HOH
ÌQFKLGHUHFHQWUDOL]DWă
-DQWH
'HVFXLHUHvQFXLHUHFKHLH 
'LPHQVLXQHMDQWHGLPHQVLXQH
ÌQFXLHUHSRUWLHUH
SQHXUL 
$XWRPDWă 
ÌQFXLHUHGHXUJHQĠă 
ÌQFXLHUHDSRUWLHUHOH .
'LQLQWHULRUEXWRQXOGHvQFKLGHUH .(</(66*2
FHQWUDOL]DWă 
ÌQFXLHUHDFHQWUDOL]DWă
YH]LÌQFKLGHUHDFHQWUDOL]DWă
ÌQFXLHUHDGHXUJHQĠăDDXWRYHKLFX
OXOXL 
%XWRQXO6WDUW6WRS 
'HVFXLHUH 
ÌQFKLGHUHDVLVWDWă 
ÌQFXLHUH 
0HVDMGHSHGLVSOD\YRODQPXOWL
ÌQFXLHWRULSHQWUXSURWHFĠLDFRSLLORU IXQFĠLRQDOFXEXWRDQH 
ÌQFXLHWRDUHVFDXQSHQWUXFRSLO  0HVDMXOGHSHGLVSOD\DILúDMXO
ÌQJULMLUH PXOWLIXQFĠLRQDOFXEXWRDQH 
&DPHUDGHPHUVvQDSRL  3RUQLUHDPRWRUXOXL 
&HQWXUDGHVLJXUDQĠă  .LORPHWUDM
&RPSRQHQWHRUQDPHQWDOH  9RODQPXOWLIXQFĠLRQDOFX
'LVSR]LWLYGHFXUăĠDUHODSUHVLXQH EXWRDQH 
vQDOWă  YH]L&RQWRUGHUXODMSDUĠLDO
*HDPXUL  YH]L&RQWRUXOGHGLVWDQĠăWRWDOă
+XVDGHVFDXQ  .LORPHWUDMSDUFXUV
/DPHOHúWHUJăWRDUHORU  YH]L&RQWRUGHUXODMSDUĠLDO
1RWH 
2UQDPHQWGLQOHPQ  /
2UQDPHQWGLQSODVWLF 
5RĠL  /DPHOHúWHUJăWRDUHORU
6HQ]RULL  &XUăĠDUHD 
6SăOăWRULHDXWRPDWă  ÌQORFXLUH 
ğHYLGHHúDSDPHQW  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
9RSVHD  /DPSDGHDYHUWL]DUH3$66(1*(5
9RSVHDPDWă  $,5%$*2))DLUEDJSDVDJHUGH]DF
ÌQORFXLUHDEDWHULHLWHOHFRPDQGă WLYDW 
GHvQFăO]LUHDX[LOLDUă 
 ,QGH[

/DPSDLQGLFDWRDUH/,0 /ăPSLGHLOXPLQDUHVXSOLPHQWDUă
&RQWUROXOFURD]LHUHL  vQYLUDMH
',67521,&3/86  6FKLPEDUHDEHFXULORU 
63(('7521,&YDULDELO  /ăPSLGHSR]LĠLH
/DPSăGHFHDĠăVSDWH 3RUQLUHRSULUH 
0HVDMGHSHGLVSOD\YRODQPXOWL 6FKLPEDUHDEHFXULORU 
IXQFĠLRQDOFXEXWRDQH  /ăPSLGHSR]LĠLHVFKLPEDUHD
0HVDMGHSHGLVSOD\YRODQXOPXO EHFXULORU 
WLIXQFĠLRQDOFXEXWRDQH  /ăPSLLQGLFDWRDUHúLGHDYHUWL]DUH
3RUQLUHRSULUH  3UH]HQWDUHJHQHUDOăYRODQPXOWL
/DPSăGHIUkQă IXQFĠLRQDOFXEXWRDQH 
0HVDMGHSHGLVSOD\YRODQPXOWL 3UH]HQWDUHJHQHUDOăYRODQPXOWL
IXQFĠLRQDOFXEXWRDQH  IXQFĠLRQDOFXEXWRDQH 
0HVDMGHSHGLVSOD\YRODQXOPXO /ăPSLOHGHDYHUWL]DUHúLLQGLFD
WLIXQFĠLRQDOFXEXWRDQH  WRDUH
/DPSăGHJDEDULWODWHUDOă $%6 
0HVDMGHSHGLVSOD\YRODQPXOWL ',67521,&3/86 
IXQFĠLRQDOFXEXWRDQH  (63Š 
0HVDMGHSHGLVSOD\YRODQXOPXO (63Š2)) 
WLIXQFĠLRQDOFXEXWRDQH  /,0FRQWUROXOFURD]LHUHL 
/DPSăGHOHFWXUă  /,0',67521,&3/86 
/DPSăGHPHUVvQDSRL /,063(('7521,&YDULDELO 
0HVDMGHSHGLVSOD\YRODQPXOWL 0RGXOGHPDQHYUDUH63257 
IXQFĠLRQDOFXEXWRDQH  0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL 
0HVDMGHSHGLVSOD\YRODQXOPXO 3$66(1*(5$,5%$*2))$,5
WLIXQFĠLRQDOFXEXWRDQH  %$*3$6$*(5235,7 
6FKLPEDUHDEHFXULORU  6HPQDOXOGHDYHUWL]DUHSULYLQGGLV
/DPSăGHSR]LĠLH WDQĠD 
0HVDMGHSHGLVSOD\YRODQPXOWL 656 
IXQFĠLRQDOFXEXWRDQH  /ăPSLOHLQGLFDWRDUH
0HVDMGHSHGLVSOD\YRODQXOPXO YH]L/ăPSLOHGHDYHUWL]DUHúLLQGLFDWRDUH
WLIXQFĠLRQDOFXEXWRDQH  /ăPSLOHLQGLFDWRDUHúLOăPSLOHGH
/DPSăVSDWH DYHUWL]DUH
0HVDMGHSHGLVSOD\YRODQPXOWL 'LDJQRVWLFDUHDPRWRUXOXL 
IXQFĠLRQDOFXEXWRDQH  /LFKLGGHIUkQă
0HVDMGHSHGLVSOD\YRODQXOPXO 0HVDMGHSHGLVSOD\YRODQPXOWL
WLIXQFĠLRQDOFXEXWRDQH  IXQFĠLRQDOFXEXWRDQH 
/DQĠXULOHDQWLGHUDSDQWH  0HVDMGHSHGLVSOD\YRODQXOPXO
/ăPSL WLIXQFĠLRQDOFXEXWRDQH 
YH]L/ăPSLOHGHDYHUWL]DUHúLLQGLFDWRDUH 1RWH 
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUH /LFKLGGHUăFLUHPRWRU
&DUEXUDQWGHUH]HUYă  $ILúDMWHPSHUDWXUăYRODQXOPXOWL
&HQWXUDGHVLJXUDQĠă  IXQFĠLRQDOFXEXWRDQH$0* 
)UkQHOH  ,QGLFDWRUGHWHPSHUDWXUăYRODQ
/LFKLGGHUăFLUH  PXOWLIXQFĠLRQDOFXEXWRDQH 
5H]HUYRUGHFDUEXUDQW  ,QGLFDWRUGHWHPSHUDWXUăYRODQXO
/ăPSLGHIUkQă PXOWLIXQFĠLRQDOFXEXWRDQH 
6FKLPEDUHDEHFXULORU 
 ,QGH[ 

/DPSăGHDYHUWL]DUH  )DUXULOHSHQWUXID]ăOXQJă 

0HVDMGHSHGLVSOD\YRODQPXOWL )DUXULOHSHQWUXID]ăVFXUWă 
IXQFĠLRQDOFXEXWRDQH  )XQFĠLDGHLOXPLQDUHVXSOLPHQWDUă
0HVDMGHSHGLVSOD\YRODQXOPXO vQYLUDMH 
WLIXQFĠLRQDOFXEXWRDQH  )XQFĠLDOXPLQăDFWLYă 
9HULILFDUHDQLYHOXOXL  ÌQăOĠLPHIDUXUL 
/LFKLGGHVSăODUH /DPSDGHFHDĠăVSDWH 
0HVDMGHSHGLVSOD\YRODQPXOWL /ăPSLOHGHSR]LĠLH 
IXQFĠLRQDOFXEXWRDQH  0RGXODXWRVWUDGă 
YH]L6LVWHPXOVSăOăWRUGHSDUEUL] 0RGXOGHIXQFĠLRQDUHDXWRPDWăD
/LFKLGVSăOăWRUGHSDUEUL] IDUXULORU 
0HVDMGHSHGLVSOD\YRODQPXOWL 3RUQLUHDRSULUHDPRGXOXLGH
IXQFĠLRQDOFXEXWRDQH  IXQFĠLRQDUHSHWLPSGH]LDIDUXUL
/LFKLGXOGHUăFLUHPRWRU ORUFRPXWDWRU 
1RWH  3URLHFWRDUHGHFHDĠă 
/LPLWDUHDYLWH]HL 3URLHFWRDUHOHGHFHDĠăUD]ă
YH]L63(('7521,& H[WLQVă 
/LPLWDWRDUHGHIRUĠăSHQWUXFHQ 6HPQDOL]DWRDUHGHDYDULH 
WXUăDFWLYDUH  6HPQDOL]DWRDUHGHGLUHFĠLH 
/RFúRIHU YH]L,OXPLQDUHDLQWHULRDUă
YH]L3DQRXGHLQVWUXPHQWH YH]L6FKLPEDUHDEHFXULORU
/XPLQL /XPLQL$872
$FWLYDUHGH]DFWLYDUHLOXPLQDUH 0HVDMGHSHGLVSOD\YRODQXOPXO
DPELHQWDOăYRODQXOPXOWLIXQFĠLR WLIXQFĠLRQDOFXEXWRDQH 
QDOFXEXWRDQH  YH]L/XPLQL
$FWLYDUHGH]DFWLYDUHRSULUHWHP /XPLQLGHIUkQă
SRUL]DWăDLOXPLQăULLH[WHULRDUH $GDSWLYH 
YRODQXOPXOWLIXQFĠLRQDOFX /XPLQLOHGHIUkQăDGDSWLYH 
EXWRDQH 
$FWLYDUHGH]DFWLYDUHRSULUHWHP 0
SRUL]DWăDLOXPLQăULLLQWHULRDUH
0DQHWăGHVFKLPEDUHDYLWH]HORU
YRODQXOPXOWLIXQFĠLRQDOFX
VLWXDWăSHYRODQ 
EXWRDQH 
0DVDSURSULHODJRO
$FWLYDUHDGH]DFWLYDUHDDVLVWHQ
YH]L'DWHWHKQLFH
ĠHLSHQWUXID]DOXQJăDGDSWLYă 
0DúLQD
$FWLYDUHDGH]DFWLYDUHDPRGXOXL
YH]L$XWRYHKLFXOXO
GHIXQFĠLRQDUHSHWLPSGH]LDIDUX
0HPRULDGHPHVDMH
ULORUYRODQPXOWLIXQFĠLRQDOFX
9RODQXOPXOWLIXQFĠLRQDOFX
EXWRDQH 
EXWRDQH 
$FWLYDUHDGH]DFWLYDUHDPRGXOXL
9RODQXOPXOWLIXQFĠLRQDOFX
GHIXQFĠLRQDUHSHWLPSGH]LDIDUX
EXWRDQH 
ULORUYRODQPXOWLIXQFĠLRQDOFX
0HQLXO$0*FDOFXODWRUXOGHERUG 
EXWRDQH 
0HQLXODXGLRFDOFXODWRUGHERUG
$FWLYDUHDGH]DFWLYDUHDVLVWHPX
YRODQXOPXOWLIXQFĠLRQDOFX
OXLGHOXPLQLLQWHOLJHQWH 
EXWRDQH 
&OD[RQXORSWLFIODVK 
0HQLXOGHVHUYLFHYRODQXOPXOWL
&RPXWDWRUXOGHOXPLQL 
&RQGXFHUHDvQVWUăLQăWDWH  IXQFĠLRQDOFXEXWRDQH 
 ,QGH[

0HVDMGHHURDUH 0RGGHIXQFĠLRQDUHSHWLPSGH]LD
YH]L0HVDMHGHSHGLVSOD\ IDUXULORU
0HVDMGHSHGLVSOD\YRODQPXOWL $FWLYDUHGH]DFWLYDUHFDOFXODWRU
IXQFĠLRQDOFXEXWRDQH GHERUGYRODQPXOWLIXQFĠLRQDOFX
,QWHUYDOGHVHUYLFH$66<673/86   EXWRDQH 
0RWRU  $FWLYDUHDGH]DFWLYDUHDFDOFXOD
0HVDMGHSHGLVSOD\YRODQPXOWL WRUGHERUGYRODQPXOWLIXQFĠLRQDO
IXQFĠLRQDOFXEXWRDQH FXEXWRDQH 
$XWRYHKLFXO  0HVDMGHSHGLVSOD\YRODQPXOWL
&KHLH  IXQFĠLRQDOFXEXWRDQH 
,QWHUYDOGHVHUYLFH$66<673/86   0HVDMGHSHGLVSOD\YRODQXOPXO
.(</(66*2  WLIXQFĠLRQDOFXEXWRDQH 
/XPLQL  3RUQLUHDRSULUHDFRPXWDWRU 
0RWRU  0RGLILFDUHDSURJUDPăULLFKHLH 
3QHXUL  0RGXOGHPDQHYUDELOLWDWH63257
6LVWHPHGHDVLVWDUHDFRQGXFHULL  $FWLYDUHDGH]DFWLYDUHDDXWRYH
6LVWHPHGHVLJXUDQĠă  KLFXOHOH$0* 
0HVDMGHSHGLVSOD\YRODQXOPXOWL 0RGXOGHPDQHYUDUH63257
IXQFĠLRQDOFXEXWRDQH /DPSDGHDYHUWL]DUH 
$SHODUH  0RGXOGHUXODUHGHXUJHQĠăSHQWUX
$VFXQGHUH  WUDQVPLVLDDXWRPDWă 
$XWRYHKLFXO  0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL
/XPLQL  )XQFĠLHQRWH 
1RWHJHQHUDOH  /DPSDGHDYHUWL]DUH 
3QHXUL  5HSRUQLUHD 
6LVWHPHGHDVLVWDUHDFRQGXFHULL  0RWRU
0HVDMGHSHGLVSOD\YRODQXOPXOWL )XQFĠLDVWDUWVWRS(&2 
IXQFĠLRQDOFXEXWRDQH 2SULUH 
$SHODUH  3RUQLUHDFX.(</(66*2 
$VFXQGHUH  6HULDPRWRUXOXL 
1RWHJHQHUDOH  0RWRUXO
0HVDMH )XQFĠLRQDUHQHUHJXODWă 
YH]L0HVDMHGHSHGLVSOD\ /DPSDGHDYHUWL]DUHGLDJQRVWLFD
0HVDMXOGHSHGLVSOD\YRODQXOPXO UHDPRWRUXOXL 
WLIXQFĠLRQDOFXEXWRDQH 3RUQLUHDFXFKHLD 
&KHLD  3RUQLUHDGHXUJHQĠă 
.(</(66*2  3UREOHPHODSRUQLUH 
6LVWHPHGHVLJXUDQĠă  03
0RGDXWRVWUDGă  8WLOL]DUH 
0RGGHIXQFĠLRQDUHDXWRPDWăD YH]L,QVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
IDUXULORU 
0RGGHIXQFĠLRQDUHFRQVWDQWăD
IDUXULORU
YH]L0RGGHIXQFĠLRQDUHSHWLPS
GH]LDIDUXULORU
 ,QGH[ 

1 2ULILFLLGHYHQWLODĠLH
)L[DUHDRULILFLLORUGHYHQWLODĠLH
1DYLJDĠLH ODWHUDOH 
&DOFXODWRUGHERUGYRODQXOPXOWL 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
IXQFĠLRQDOFXEXWRDQH  5HJODUHDRULILFLLORUGHYHQWLODĠLH
0HQLXFDOFXODWRUXOGHERUG  FHQWUDOH 
YH]LLQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH 6SDWH 
1RWHSULYLQGURGDUHDXQXLQRX 7RUSHGR 
DXWRYHKLFXO  2ULILFLLOHGHYHQWLODĠLH
1XPăUXOGHLGHQWLILFDUHDYHKLFX 6HWDUH 
OXOXL 2UQDPHQWGLQOHPQLQVWUXFĠLXQLGH
YH]L9,1 FXUăĠDUH 
2UQDPHQWGLQSODVWLFLQVWUXFĠLXQL
2 GHFXUăĠDUH 
2FKLXULGHDQFRUDUH 
2JOLQGDGHPDFKLDMGLQSDUDVRODU  3
2JOLQGăUHWURYL]RDUH 3DFKHWGHPDQHYUDELOLWDWHGLQD
)XQFĠLH]LQRDSWHPDQXDO  PLFăFXPRGVSRUWLY 
0RGDQWLRUELUHDXWRPDW 
2JOLQ]L
YH]L2JOLQGDGHPDFKLDM
YH]L2JOLQGăUHWURYL]RDUH
YH]L2JOLQ]LH[WHULRDUH
2JOLQ]LH[WHULRDUH
ÌQDIDUDSR]LĠLHLUHPHGLHUHD
3DFKHWGHVLVWHPHSHQWUXDVLVWD
UHDDFWLYăDFRQGXFHULL 
3DFKHWXOGHVLVWHPHGHDVLVWDUH
SHQWUXPHQĠLQHUHDEHQ]LLGHFLUFX
ODĠLH 
3DQă
YH]L3DQăGHSQHX
GHIHFĠLXQLORU  YH]L7UDFWDUHSRUQLUHSULQWUDFWDUH
0RGDQWLRUELUHDXWRPDW  3DQăGHFDXFLXF
3R]LĠLHGHSDUFDUH  5LGLFDUHDXWRYHKLFXO 
5DEDWDUHH[WLQGHUHDXWRPDWă  3DQăGHSQHX
5DEDWDUHH[WLQGHUHHOHFWULFă  3UHJăWLUHDDXWRYHKLFXOXOXL 
5HJODUH  6LVWHPGHUXODUHvQFD]GHSDQă
5HVHWDUH  02([WHQGHG 
6HWăULGHPHPRUDUHIXQFĠLDGH 3DQRXGHFRPDQGăVLWXDWSHSOD
PHPRUDUH  IRQ 
2JOLQ]LOHH[WHULRDUH 3DQRXGHLQVWUXPHQWHYRODQPXO
5DEDWDUHDvQLQWHULRUYRODQXOPXO WLIXQFĠLRQDOFXEXWRDQH
WLIXQFĠLRQDOFXEXWRDQH  /ăPSLLQGLFDWRDUHúLGHDYHUWL]DUH 
2SULUHDDXWRPDWăDPRWRUXOXL 3UH]HQWDUHJHQHUDOă 
IXQFĠLDVWDUWVWRS(&2  6HWăUL 
2SULUHWHPSRUL]DWă 3DQRXGHLQVWUXPHQWHYRODQPXO
,OXPLQDUHH[WHULRDUăYRODQXOPXO WLIXQFĠLRQDOFXEXWRDQH
WLIXQFĠLRQDOFXEXWRDQH  /ăPSLLQGLFDWRDUHúLGHDYHUWL]DUH 
,OXPLQDUHLQWHULRDUăYRODQXOPXO 3UH]HQWDUHJHQHUDOă 
WLIXQFĠLRQDOFXEXWRDQH  3DUEUL]
2ULILFLL 'H]DEXULUH 
YH]L2ULILFLLGHYHQWLODĠLH YH]L3DUEUL]
 ,QGH[

3DUFDUH  3QHXULOHGHYDUă 

&DPHUDGHPHUVvQDSRL  3QHXUL06 
)UkQDGHSDUFDUH  3RUQLUHPRWRU 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  3RUQLUHDDXWRPDWăDPRWRUXOXL
3R]LĠLDRJOLQ]LLH[WHULRDUHSDUWHD IXQFĠLDVWDUWVWRS(&2 
SDVDJHUXOXLIDĠă  3RUQLUHDFX
YH]L3$5.7521,& WUDQVPLVLHPDQXDOă 
3$5.7521,& 3RUQLUHDGHSHORF
'H]DFWLYDUHDDFWLYDUHD  7UDQVPLVLHDXWRPDWă 
)XQFĠLRQDUHUHFRPDQGăUL  3RUQLUHDIRUĠDWăPRWRU 
3UREOHPăGHIHFĠLXQH  3RUQLUHDSULQWUDFWDUH
5D]DGHDFĠLXQHDVHQ]RULORU  0RQWDUHDRFKLXOXLGHWUDFWDUH 
6LVWHPGHDVLVWDUHDFRQGXFHULL  1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
7UDFWDUHDUHPRUFLL  3RUQLUHDGHXUJHQĠăDPRWRUXOXL 
3HOLFXODDQWLRUELUH  6FRDWHUHDRFKLXOXLGHWUDFWDUH 
3LHVH0HUFHGHV%HQ]DXWHQWLFH  3RUWEDJDM
3ODQúDGHERUG ÌQFXLHUHVHSDUDWă 
YH]L%RUG 3RUWEDJDMXO
3ODVăSHQWUXEDJDMH  'HVFKLGHUHDDXWRPDWăGLQH[WH
3OăFXĠDGHLGHQWLILFDUHWLS ULRU 
YH]L3OăFXĠDGHLGHQWLILFDUHDDXWR 'HVFKLGHUHDDXWRPDWăGLQLQWH
YHKLFXOXOXL
3OăFXĠăGHLGHQWLILFDUHDDXWRYHKL
FXOXOXL 
3QHXGH]XPIODW
6FKLPEDUHDXQHLURĠLPRQWDUHD
URĠLLGHUH]HUYă 
ULRU 
(OLEHUDUHDGHXUJHQĠă 
,QGLFDĠLLLPSRUWDQWHSULYLQGVLJX
UDQĠD 
3RUWEDJDMXOGHDFRSHULú 
3RUWLHUă
7UXVă7,5(),7  'HVFKLGHUHDGLQLQWHULRU 
3QHXUL 'HVFXLHUHDGHXUJHQĠă 
$GHUHQĠă  )XQFĠLDGHvQFXLHUHDXWRPDWăD
'LPHQVLXQHSQHXULGDWH  SRUWLHUHORUFDOFXODWRUXOGHERUG
ÌQORFXLUH  YRODQXOPXOWLIXQFĠLRQDOFX
0HVDMGHSHGLVSOD\YRODQPXOWL EXWRDQH 
IXQFĠLRQDOFXEXWRDQH  ÌQFKLGHUHDGHVFKLGHUHDFHQWUDOL
0HVDMGHSHGLVSOD\YRODQXOPXO ]DWăFKHLH 
WLIXQFĠLRQDOFXEXWRDQH  ÌQFXLHUHDXWRPDWăFRPXWDWRU 
6HQVXOGHURWDĠLH  ÌQFXLHUHGHXUJHQĠă 
6XSUDIDĠDGHUXODUHDSQHXOXL  0HVDMGHSHGLVSOD\YRODQPXOWL
9LDĠăXWLOă  IXQFĠLRQDOFXEXWRDQH 
YH]L3DQăGHSQHX 0HVDMGHSHGLVSOD\YRODQXOPXO
3QHXULGHLDUQă WLIXQFĠLRQDOFXEXWRDQH 
/LPLWDUHDYLWH]HLFDOFXODWRUXOGH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
ERUG 
3QHXUL06 
3QHXULOH
'HSR]LWDUHD 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
9HULILFDUH 
3DQRXGHFRPDQGă 
3RUWLHUăúRIHU
YH]L3RUWLHUă
3RVW
YH]L5DGLR

3RVWXOGHFRQGXFHUH
3UH]HQWDUHJHQHUDOă 
3R]LĠLLOHFKHLL
&KHLD 
.(</(66*2 
,QGH[ 
3URJUDPGHFRQGXFHUH
'LVSOD\ 
0DQXDO 
3URJUDPGHVWDELOLWDWHHOHFWURQLFă
YH]L(63Š3URJUDPGHVWDELOLWDWH
35(6$)(ŠSURWHFĠLDSUHYHQWLYăD HOHFWURQLFă
SDVDJHULORU 3URJUDPXOGHFRQGXFHUH
0HVDMXOGHSHGLVSOD\YRODQXO $XWRPDW 
PXOWLIXQFĠLRQDOFXEXWRDQH  3URJUDPXOGHVFKLPEDUHDYLWH]H
35(6$)(ŠSURWHFĠLHSUHYHQWLYăD ORU
SDVDJHULORU 6(783FDOFXODWRUGHERUG 
0HVDMGHSHGLVSOD\YRODQPXOWL 3URLHFWRDUHGHFHDĠă
IXQFĠLRQDOFXEXWRDQH  3RUQLUHRSULUH 
35(6$)(ŠVLVWHPGHVLJXUDQĠă 3URLHFWRDUHGHFHDĠăIDĠă
SUHYHQWLYăDSDVDJHULORU 0HVDMGHSHGLVSOD\YRODQPXOWL
8WLOL]DUH  IXQFĠLRQDOFXEXWRDQH 
3UHVLXQHDHU 3RUQLUHRSULUH 
YH]L3UHVLXQHSQHX 3URLHFWRDUHOHGHFHDĠă
3UHVLXQHDvQSQHXUL 5D]ăH[WLQVă 
$SHODUHFDOFXODWRUGHERUG  3URLHFWRUGHFHDĠăIDĠă
$YHUWL]DUHDVXSUDSLHUGHULLGHSUH 0HVDMGHSHGLVSOD\YRODQXOPXO
VLXQHGLQSQHXUL  WLIXQFĠLRQDOFXEXWRDQH 
1HDWLQVă7,5(),7  3URWHFĠLDPHGLXOXL
5HFRPDQGDWă  1RWă 
3UHVLXQHvQSQHXUL 3URWHFĠLHFRQWUDVRDUHOXL 
$WLQVă7,5(),7  3URWHFĠLHODWUDFWDUH 
0HVDMGHSHGLVSOD\YRODQPXOWL 3URWHMDUHDPHGLXOXLvQFRQMXUăWRU
IXQFĠLRQDOFXEXWRDQH  5HWXUQDUHDDXWRYHKLFXOHORUSHQ
0HVDMGHSHGLVSOD\YRODQXOPXO WUXVFRDWHUHDGLQX] 
WLIXQFĠLRQDOFXEXWRDQH 
3UH]HQĠD 5
&RSLLORUODERUG  5$&(67$57DXWRYHKLFXOHOH$0* 
3UL]DGH9
5$&(7,0(5FDOFXODWRUGHERUG 
YH]L3UL]H
5DGLR
3UL]ă
6HOHFWDUHDXQXLSRVWYRODQXOPXO
$VSHFWHGHFDUHVHYDĠLQHFRQW
WLIXQFĠLRQDOFXEXWRDQH 
vQDLQWHGHXWLOL]DUH 
YH]LLQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
&RPSDUWLPHQWXOVSDWH 
5ăFLUH
&RQVRODFHQWUDOă 
YH]L&RQWUROFOLPDWL]DUH
3URGXVHGHVHUYLFH
5HJODUHvQăOĠLPHIDUXUL 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
5HPRUFDUH
3URGXVHOHGHVHUYLFH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
&DUEXUDQW 
5HWURJUDGDUHDIRUĠDWă
/LFKLGGHIUkQă 
3URJUDPXOGHFRQGXFHUHvQUHJLP
/LFKLGXOGHUăFLUHPRWRU 
PDQXDO 
8OHLXOGHPRWRU 
6IDWXULSULYLQGFRQGXFHUHD 
 ,QGH[

5H]HUYDGHFDUEXUDQW 3R]LĠLDFRUHFWăDVFDXQXOXLúRIH
YH]L&DUEXUDQW UXOXL 
5H]HUYăUH]HUYRUXOGHFDUEXUDQW 3UREOHPăODvQFăO]LUHDVFDXQXOXL 
YH]L&DUEXUDQW 3UREOHPăODYHQWLODUHDVFDXQXOXL 
5H]HUYRU 5DEDWDUHDVSăWDUHORUvQDLQWHvQD
&RQĠLQXWUH]HUYRUFDUEXUDQWXOGH SRL 
UH]HUYă  5HJODUHHOHFWULFă 
YH]L5H]HUYRUGHFDUEXUDQW 5HJODUHPDQXDOăúLHOHFWULFă 
5H]HUYRUGHFDUEXUDQW 5HJODUHDVXSRUWXOXLORPEDUFX
&DSDFLWDWHD  GLUHFĠLL 
3UREOHPăGHIHFĠLXQH  5HJODUHDWHWLHUHL 
5RDWDGHUH]HUYă 6HWăULGHPHPRUDUHIXQFĠLDGH
YH]L5RDWDGHUH]HUYăGHX]WHPSRUDU
5RDWăGHUH]HUYă
/RFGHGHSR]LWDUH 
1RWHGDWH 
5RĠL
&XSOXGHVWUkQJHUH 
&XUăĠDUH 
6FKLPEDUHDXQHLURĠL 
5RĠLOH
PHPRUDUH 
6FDXQHOH
3RUQLUHDRSULUHDYHQWLOăULLVFDX
QXOXL 
6FDXQSHQWUXFRSLL
$VLJXUDUHDVFDXQXOXLSHQWUXFRSLL 
5HFRPDQGăUL 
6FDXQSHQWUXFRSLO
0HVDMGHSHGLVSOD\YRODQPXOWL
'HSR]LWDUHD  IXQFĠLRQDOFXEXWRDQH 
0RQWDUHDXQHLURĠL  3HVFDXQXOSDVDJHUXOXLIDĠă 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD  6FDXQXOSHQWUXFRSLL
6FKLPEDUHvQORFXLUH  3R]LĠLLDGHFYDWH 
6FRDWHUHDXQHLURĠL  6LVWHPGHUHFXQRDúWHUHDXWRPDWă 
9HULILFDUH  6LVWHPXO,62),; 
6FDXQXOSHQWUXFRSLO
6 0HVDMXOGHSHGLVSOD\YRODQXO
PXOWLIXQFĠLRQDOFXEXWRDQH 
6DUFLQDvQSRUWEDJDMPD[LPă 3UREOHPăGHIHFĠLXQH 
YH]L'DWHWHKQLFH 6FDXQXOVSDWHUDEDWDUHDVSăWDUX
6DUFLQDSHSDYLOLRQPD[LPă OXLvQDLQWHvQDSRL 
YH]L'DWHWHKQLFH 6FDXQXOúRIHUXOXL
6DUFLQăSHSXQWHDGPLVăWUDFWD YH]L6FDXQH
UHDUHPRUFLL  6FKLPEDUHDEHFXULORU
6FDXQ )DUXULSHQWUXID]ăOXQJă 
0HVDMGHSHGLVSOD\SULYLQG )DUXULSHQWUXID]ăVFXUWă 
VSăWDUXOVFDXQXOXLYRODQPXOWL )XQFĠLDGHLOXPLQDUHVXSOLPHQWDUă
IXQFĠLRQDOFXEXWRDQH  vQYLUDMH 
0HVDMGHSHGLVSOD\SULYLQG /ăPSLGHIUkQă 
VSăWDUXOVFDXQXOXLYRODQXOPXOWL /ăPSLGHPHUVvQDSRL 
IXQFĠLRQDOFXEXWRDQH  /ăPSLGHRSULUH 
6FDXQH
&XUăĠDUHDKXVHL 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
3RUQLUHDRSULUHDvQFăO]LULLVFDX
QXOXL 
/ăPSLGHSR]LĠLHIDĠă 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
3UH]HQWDUHJHQHUDOăDWLSXULORUGH
EHFXUL 
6FUXPLHUD 
 ,QGH[ 

6HOHFWRUXOSURJUDPXOXLGHFRQGX /DQĠXULOHGH]ăSDGă 

FHUH 
6HPQDOL]DWRDUHGHDYDULH 
6HPQDOL]DWRDUHGHGLUHFĠLH
3RUQLUHRSULUH 
6HPQDOL]DWRUGHGLUHFĠLH
0HVDMGHSHGLVSOD\YRODQPXOWL
3DQWăGHVFHQGHQWă 
3OăFXĠHOHGHIUkQăJDUQLWXULOHGH
IUkQăQRL 
6IDWXULSULYLQGURGDMXO 
6XSUDIHĠHFDURVDELOHFXSROHL 
6XSUDIHĠHGHGUXPXPHGH 
IXQFĠLRQDOFXEXWRDQH  7UDFWDUHDUHPRUFLL 
0HVDMGHSHGLVSOD\YRODQXOPXO 7UDQVPLVLDDXWRPDWă 
WLIXQFĠLRQDOFXEXWRDQH  6LJXUDQĠDRFXSDQĠLORU
6HPQDOXOGHDYHUWL]DUHSULYLQGGLV 3UH]HQĠDFRSLLORUODERUG 
WDQĠDODPSăGHDYHUWL]DUH  6LJXUDQĠDSDVDJHULORU
6HPQDOXOGHYHULILFDUHDvQFXLHULL 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
FDOFXODWRUGHERUG  6LJXUDQĠă
6HQ]RUGHOXPLQă 3UH]HQĠDFRSLLORUODERUG 
0HVDMGHSHGLVSOD\YRODQPXOWL 6LVWHPHGHUHWHQĠLHSHQWUXFRSLL 
IXQFĠLRQDOFXEXWRDQH  6LJXUDQĠH
0HVDMGHSHGLVSOD\YRODQXOPXO &XWLDFXVLJXUDQĠHGLQFRPSDUWL
WLIXQFĠLRQDOFXEXWRDQH  PHQWXOPRWRUXOXL 
6HQ]RUGHPLúFDUHvQLQWHULRU  &XWLDFXVLJXUDQĠHGLQSRUWEDJDM 
6HQ]RULLLQVWUXFĠLXQLGHFXUăĠDUH  ÌQDLQWHGHVFKLPEDUH 
6HUYLFH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
YH]L$ILúDMXOLQWHUYDOXOXLGHVHUYLFH 7DEHOXOGHDORFDUHDVLJXUDQĠHORU 
$66<673/86 6LJXUDQĠHHOHFWULFH
6HWDUHDFXUHQWXOXLGHDHU  YH]L6LJXUDQĠH
6HWDUHDGLVWULEXĠLHLDHUXOXL  6LVWHPDQWLEORFDUHODIUkQDUH
6HWăUL YH]L$%6VLVWHPDQWLEORFDUHODIUkQDUH
&DOFXODWRUXOGHERUGYRODQXOPXO 6LVWHPGHDHUFRQGLĠLRQDW
WLIXQFĠLRQDOFXEXWRDQH  YH]L&RQWUROFOLPDWL]DUH
)DEULFăYRODQXOPXOWLIXQFĠLRQDO 6LVWHPGHDODUPă
FXEXWRDQH  YH]L$7$VLVWHPXOGHDODUPăDQWLIXUW
6HWăULGHED]ă 6LVWHPGHDVLVWDUHDFRQGXFHULL
YH]L6HWăUL $VLVWHQĠDDFWLYăSHQWUXPHQĠLQH
6(783FDOFXODWRUGHERUG  UHDEHQ]LLGHPHUV 
6IDWXULSULYLQGFRQGXFHUHD 0HVDMGHSHGLVSOD\YRODQXOPXO
$FYDSODQDUHD  WLIXQFĠLRQDOFXEXWRDQH 
$GHUHQĠDSQHXULORU  5$&(67$57DXWRYHKLFXOHOH
&RQGXFHUHDvQVWUăLQăWDWH  $0* 
&RQGXFHUHDSHGUXPXULLQXQGDWH   6LVWHPGHFOLPDWL]DUH
&RQGXFHUHDSHGUXPXULXPHGH  0RGDXWRPDW 
&RQGXFHUHDSHWLPSGHLDUQă  6LVWHPGHRSHUDUH
',67521,&3/86  YH]L&DOFXODWRUGHERUG
(ILFLHQĠăOLPLWDWăODIUkQDUHSHGUX 6LVWHPGHUHWHQĠLH
PXULFXVDUHUXWLHUă  YH]L6566LVWHPXOVXSOLPHQWDUGH
)D]DVFXUWăVLPHWULFă  UHWHQĠLH
)UkQHOH  6LVWHPGHUXODUHvQFD]GHSDQă
*HQHUDOLWăĠL  02([WHQGHG 
 ,QGH[

6LVWHPGHVHQ]RUUDGDU 6LVWHPHORUGHVLJXUDQĠăODFRQGX
0HVDMGHSHGLVSOD\YRODQXOPXO FHUH
WLIXQFĠLRQDOFXEXWRDQH  3UH]HQWDUHJHQHUDOă 
6LVWHPGHVLJXUDQĠăODFRQGXFHUH 6LVWHPHSHQWUXVLJXUDQĠDFRQGX
%$63/866LVWHPGHDVLVWDUHOD FHULL
IUkQDUH3OXV  /XPLQLGHIUkQăDGDSWLYH 
'LVWULEXĠLDHOHFWURQLFăDIRUĠHLGH 6LVWHPSHQWUXVLJXUDQĠDFRQGXFH
IUkQDUH  ULL
,QGLFDĠLLLPSRUWDQWHSULYLQGVLJX (63Š3URJUDPXOHOHFWURQLFGH
UDQĠD  FRQWURODOVWDELOLWăĠLL 
6LVWHPHGHDVLVWDUHDFRQGXFHULL 6LVWHPVSăOăWRUGHSDUEUL] 
$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL  6LVWHPVXSOLPHQWDUGHUHWHQĠLH
$6,67(170(1ğ,1(5($7(1ğ,(  YH]L6566LVWHPXOVXSOLPHQWDUGH
$VLVWHQĠDODXQJKLXOPRUW  UHWHQĠLH
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ 6LVWHPWHPSRPDW
]LLGHPHUV  )XQFĠLRQDUHUHFRPDQGăUL 
&DPHUăYLGHRSHQWUXPHUVvQDSRL  6LVWHPXODQWLIXUW
'LVWURQLF3OXV  $7$6LVWHPGHDODUPăDQWLIXUW 
)XQFĠLH+2/'  6LVWHPXOGHLPRELOL]DUH 
0HVDMGHSHGLVSOD\YRODQPXOWL 6LVWHPXOGHDODUPăDQWLIXUW
IXQFĠLRQDOFXEXWRDQH  YH]L$7$VLVWHPXOGHDODUPăDQWLIXUW
3DFKHWGHPDQHYUDELOLWDWHGLQD 6LVWHPXOGHDVLVWDUHODIUkQDUH
PLFăFXPRGVSRUWLY 
3DFKHWGHVLVWHPHSHQWUXDVLVWD
UHDDFWLYăDFRQGXFHULL 
3DFKHWXOGHVLVWHPHGHDVLVWDUH
SHQWUXPHQĠLQHUHDEHQ]LLGHFLU
FXODĠLH 
3DUNWURQLF 
YH]L%$66LVWHPGHDVLVWDUHODIUkQDUH
6LVWHPXOGHDVLVWDUHODSDUFDUH
6LVWHPXOGHDVLVWDUHODSDUFDUH 
6LVWHPXOGHIL[DUHDVFDXQXOXLSHQ
WUXFRSLO,62),; 
6LVWHPXOGHOXPLQLLQWHOLJHQWH
$FWLYDUHDGH]DFWLYDUHDYRODQXO
6LVWHPXOGHDVLVWDUHODSDUFDUH  PXOWLIXQFĠLRQDOFXEXWRDQH 
6LVWHPHGHVLJXUDQĠă 0HVDMGHSHGLVSOD\YRODQXOPXO
YH]L6LVWHPHGHVLJXUDQĠăODFRQGXFHUH  WLIXQFĠLRQDOFXEXWRDQH 
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH 6HWDUHDIDUXULORUSHQWUXID]ă
$%66LVWHPGHDQWLEORFDUHODIUk VFXUWăSHQWUXFRQGXFHUHDSH
QDUH  GUHDSWDVWkQJD 
%$66LVWHPXOGHIUkQDUHDVLV 6LVWHPXOGHVHQ]RULUDGDU
WDWă  $FWLYDUHDGH]DFWLYDUHD 
(76$VLVWDUHHOHFWURQLFăDWUDF 3UH]HQWDUHJHQHUDOăSHĠăUL 
ĠLXQLL  6LVWHPXOGHVHUYLFHDFWLY3/86
)5Æ1$5($'$37,9Ă  YH]L$ILúDMXOLQWHUYDOXOXLGHVHUYLFH
)UkQă35(6$)(Š  $66<673/86
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL 6LVWHPXOGHVLJXUDQĠăSUHYHQWLYăD
6SHHGWURQLF  SDVDJHULORU
7HPSRPDW  YH]L35(6$)(ŠVLVWHPGHVLJX
6LVWHPHOHHOHFWURQLFHDOHPRWRUX UDQĠăSUHYHQWLYăDSDVDJHULORU
OXL 6LVWHPXOGHWUDQVPLVLH
1RWH  $VLVWHQĠDDFWLYăODXQJKLXOPRUW 
3UREOHPăGHIHFĠLXQH 
 ,QGH[ 

6LVWHPXO3$5.7521,& 6XSRUWORPEDU
,QGLFDWRUGHDYHUWL]DUH  5HJODUHVXSRUWORPEDUFXGLUHF
6SDĠLXGHGHSR]LWDUHGHVXESODQ ĠLL 
úHXOSRUWEDJDMXOXL  6XSRUWXOSHQWUXEăXWXUL
6SăOăWRULHDXWRvQJULMLUH 
63(('7521,&
)XQFĠLRQDUHUHFRPDQGăUL 
/DPSDLQGLFDWRDUH/,0 
0HPRUDUHDYLWH]HLFXUHQWH 
0HVDMGHSHGLVSOD\YRODQPXOWL
YH]L6XSRUWXULOHSHQWUXSDKDUH
6XSRUWXOSHQWUXSDKDU
&RPSDUWLPHQWXOVSDWH 
&RQVRODFHQWUDOă 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
IXQFĠLRQDOFXEXWRDQH  ù
0HVDMGHSHGLVSOD\YRODQXOPXO
ùWHUJăWRDUHGHSDUEUL]
WLIXQFĠLRQDOFXEXWRDQH 
ÌQORFXLUHDODPHORUúWHUJăWRDUHORU
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
GHSDUEUL] 
3HUPDQHQW 
3RUQLUH2SULUH 
6HOHFWDUH 
3UREOHPăGHIHFĠLXQH 
9DULDELO 
YDULDELO'H]DFWLYDUH 
6566LVWHP6XSOLPHQWDUGH5HWHQ 7
ĠLH 7DEHOGHDORFDUHDVLJXUDQĠHORU
0HVDMGHSHGLVSOD\YRODQPXOWL WUXVDGHVFXOHDDXWRYHKLFXOXOXL 
IXQFĠLRQDOFXEXWRDQH  7HOHFRPDQGD
6566LVWHPXOVXSOLPHQWDUGH 'HVFKL]ăWRUXOSHQWUXXúDJDUDMX
UHWHQĠLH OXL 
/DPSDGHDYHUWL]DUHIXQFĠLH  ÌQFăO]LUHDYHQWLODĠLDDX[LOLDUă 
6566LVWHPXO6XSOLPHQWDUGH 7HOHFRPDQGă
5HWHQĠLH ÌQORFXLUHDEDWHULLORUvQFăO]LUH
,QWURGXFHUH  DX[LOLDUă 
/DPSDGHDYHUWL]DUH  7HOHIRQ
0HVDMXOGHSHGLVSOD\YRODQXO $FFHSWDUHDXQXLDSHO 
PXOWLIXQFĠLRQDOFXEXWRDQH  &RPSDUWLPHQWXOWHOHIRQXOXL 
6WDWLVWLFLGHFRQVXP 0HQLXFRPSXWHUGHERUG 
&DOFXODWRUGHERUGYRODQPXOWL 0HVDMGHSHGLVSOD\YRODQXOPXO
IXQFĠLRQDOFXEXWRDQH  WLIXQFĠLRQDOFXEXWRDQH 
&DOFXODWRUGHERUGYRODQXOPXOWL 5HDSHODUH 
IXQFĠLRQDOFXEXWRDQH 
6WDĠLHGHHPLVLHUHFHSĠLH
,QVWDODUH 
6WDĠLHUDGLRELGLUHFĠLRQDOă
)UHFYHQĠH 
7HOHIRQFHOXODU
YH]L7HOHIRQPRELO
7HOHIRQPRELO
)UHFYHQĠH 
,QVWDODUH 
3XWHUHGHWUDQVPLVLHPD[LPă  0HQLXFRPSXWHUGHERUG 
6XEPHQLXOFDOFXODWRUGHERUG 3XWHUHGHWUDQVPLVLHPD[LPă 
YRODQPXOWLIXQFĠLRQDOFX 7HOHIRQXO
EXWRDQH 1XPăUXOGLQDJHQGDWHOHIRQLFă 
6HWDUHGLQIDEULFă  5HIX]DUHDvQFKHLHUHDXQHLFRQ
6XEPHQLXOSDQRXGHLQVWUXPHQWH   YRUELUL 
 ,QGH[

7HOHIRQXOPRELO 6IDWXULSULYLQGFRQGXFHUHD 

1RWHIL[DUHDvQFRQVROă  7UHDSWDGHYLWH]ă 
7HPSHUDWXUD 7UDFWDUHDXQHLUHPRUFL
7HPSHUDWXUDH[WHULRDUăYRODQXO $VLVWHQĠDDFWLYăODXQJKLXOPRUW 
PXOWLIXQFĠLRQDOFXEXWRDQH  $VLVWHQĠDDFWLYăSHQWUXPHQĠLQH
7HPSHUDWXUDH[WHULRDUă UHDEHQ]LLGHPHUV 
'LVSOD\YRODQXOPXOWLIXQFĠLRQDO ,QGLFDWRUGHGHIHFWDUHDEHFXOXL
FXEXWRDQH  SHQWUXOăPSLFX/(' 
7HPSHUDWXUă 0HVDMGHSHGLVSOD\SULYLQGFkUOL
/LFKLGGHUăFLUHYRODQPXOWLIXQF JXOGHWUDFWDUHDUHPRUFLLYRODQ
ĠLRQDOFXEXWRDQH  PXOWLIXQFĠLRQDOFXEXWRDQH 
/LFKLGGHUăFLUHYRODQXOPXOWL 0HVDMGHSHGLVSOD\SULYLQGOXPL
IXQFĠLRQDOFXEXWRDQH$0*  QLOHYRODQPXOWLIXQFĠLRQDOFX
/LFKLGGHUăFLUHYRODQXOPXOWL EXWRDQH 
IXQFĠLRQDOFXEXWRDQH  0HVDMGHSHGLVSOD\SULYLQGOXPL
6HWDUHFRQWUROXOFOLPDWL]ăULL  QLOHYRODQXOPXOWLIXQFĠLRQDOFX
7HPSHUDWXUăH[WHULRDUăYRODQ EXWRDQH 
PXOWLIXQFĠLRQDOFXEXWRDQH  6DUFLQăSHSXQWHDGPLVă 
8OHLGHPRWRUYRODQXOPXOWLIXQF 7UDFWDUHUHPRUFă
ĠLRQDOFXEXWRDQH  $OLPHQWDUHHOHFWULFă 
7HPSHUDWXUăH[WHULRDUă $VLVWDUHDSDUFăULL 
'LVSOD\YRODQPXOWLIXQFĠLRQDOFX &RQHFWRUFXSLQL 
EXWRDQH  &XSODUHDXQHLUHPRUFL 
7HWLHUH &XUăĠDUHFkUOLJGHWUDFWDUHD
5HJODUH  UHPRUFLL 
5HJODUHHOHFWULFă  'HFXSODUHDXQHLUHPRUFL 
5HJODUHPDQXDOă 
YH]L7HWLHUHOH1(&.352
7HWLHUH1(&.352
)XQFĠLRQDUH 
5HVHWDUHGXSăGHFODQúDUH 
(63Š 
7UDQVPLVLDDXWRPDWă
'HEORFDUHDPDQXDOăDPDQHWHL 
0RGXOGHUXODUHGHXUJHQĠă 
3R]LĠLDSHGDOHLGHDFFHOHUDĠLH 
7LPSWXU5$&(7,0(5 
7RUSHGRXO 
7UDFWDUH
&XDPEHOHSXQĠLODVRO 
0RQWDUHDRFKLXOXLGHWUDFWDUH 
6FRDWHUHDRFKLXOXLGHWUDFWDUH 
7UDFWDUHD
&XSXQWHDVSDWHULGLFDWă 
7UDFWDUHDUHPRUFLL
$VLVWHQĠDODXQJKLXOPRUW 
'LPHQVLXQLGHPRQWDUH 
([WLQGHUHDFXSOHLVIHULFH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
3DUNWURQLF  $ILúDMXOSR]LĠLHLWUDQVPLVLHL 
5DEDWDUHDFXSOHLVIHULFHvQăXQWUX  
6DUFLQLOHUHPRUFLL 
3UREOHPăGHIHFĠLXQH 
5HFRPDQGăULSULYLQGFRQGXFHUHD
DXWRYHKLFXOXOXL 
7UDFWDUHDUHPRUFLL 
7UDQVPLVLDPDQXDOă
&XSODUHDWUHSWHLSHQWUXPHUVXO
vQDSRL 
,QGLFDWRUGHVFKLPEDUHDWUHSWHORU
GHYLWH]ă 
7UDQVPLVLH
YH]L7UDQVPLVLHDXWRPDWă
YH]L7UDQVPLVLHPDQXDOă
7UDQVPLVLHDXWRPDWă
%XWRQXOGHVHOHFWDUHDSURJUDPX
OXL 
0DQHWDVHOHFWRDUH 
 ,QGH[ 

0DQHWHGHVFKLPEDUHDYLWH]HORU 7XURPHWUX
VLWXDWăSHYRODQ  9RODQPXOWLIXQFĠLRQDOFX
0HVDMGHSHGLVSOD\YRODQPXOWL EXWRDQH 
IXQFĠLRQDOFXEXWRDQH  9RODQPXOWLIXQFĠLRQDOFX
3RUQLUHDGHSHORF  EXWRDQH 
3RUQLUHDPRWRUXOXL 
3R]LĠLLWUDQVPLVLH  ğ
3URJUDPGHFRQGXFHUHvQUHJLP
ğHDYDGHHúDSDPHQWLQVWUXFĠLXQL
PDQXDO 
3URJUDPXOGHFRQGXFHUHvQUHJLP
DXWRPDW 
5HWURJUDGDUHDIRUĠDWă 
6FKLPEDUHDWUHSWHLGHYLWH]ă 
7UHSWHGHYLWH]ă 
7UDQVPLVLHPDQXDOă
$GXFHUHDVFKLPEăWRUXOXLvQSR]L
ĠLDQHXWUă 
0DQHWăVFKLPEăWRUGHYLWH]H 
GHFXUăĠDUH 
8
8OHL
YH]L8OHLGHPRWRU
8OHLGHPRWRU
$GLWLYL 
&DSDFLWDWHGHXPSOHUH 
0HVDMGHSHGLVSOD\YRODQPXOWL
3RUQLUHDPRWRUXOXL  IXQFĠLRQDOFXEXWRDQH 
7UDQVPLVLLDXWRPDWH 0HVDMGHSHGLVSOD\YRODQPXOWL
0HVDMGHSHGLVSOD\YRODQXOPXO IXQFĠLRQDOFXEXWRDQH 
WLIXQFĠLRQDOFXEXWRDQH  1RWHSULYLQGFDOLWăĠLOHXOHLXOXL 
7UDQVSRUWDUHDDXWRYHKLFXOXOXL  7HPSHUDWXUăYRODQXOPXOWLIXQF
7UDSDJOLVDQWăSDQRUDPLFă ĠLRQDOFXEXWRDQH 
,QIRUPDĠLLLPSRUWDQWHSULYLQGVLJX 9kVFR]LWDWH 
UDQĠD  8OHLXOGHPRWRU
3UREOHPăGHIHFĠLXQH 
7UDSăJOLVDQWă
YH]L7UDSăJOLVDQWăSDQRUDPLFă
7UDSăJOLVDQWăSDQRUDPLFă
&DUDFWHULVWLFăGHvQFKLGHUHSH
WLPSGHSORDLH 
'HVFKLGHUHvQFKLGHUH 
'HVFKLGHUHDvQFKLGHUHDMDOX]HOH
&RPSOHWDUHD 
1RWHSULYLQGQLYHOXOFRQVXPXOGH
XOHL 
9HULILFDUHDQLYHOXOXLGHXOHL 
9
9HQWLODĠLDDX[LOLDUă
ORU  3UREOHPăPHVDMXOGHSHGLVSOD\  
5HVHWDUH  7HOHFRPDQGD 
7UDVHX 9HQWLODĠLHDX[LOLDUă
YH]L*KLGDUHDSHWUDVHXQDYLJDĠLH $FWLYDUHGH]DFWLYDUH 
7UHDSWDGHPHUVvQDSRL $FWLYDUHGH]DFWLYDUHGHSHFRQ
&XSODUHDWUDQVPLVLHDXWRPDWă  VRODFHQWUDOă 
7UHDSWăGHPHUVvQDSRL 9LGHR'9' 
&XSODUHWUDQVPLVLHPDQXDOă  9LGHR'9'YRODQXOPXOWLIXQFĠLR
7ULXQJKLXOUHIOHFWRUL]DQW  QDOFXEXWRDQH 
7UXVăGHSULPDMXWRU  9,1 
7UXVăGHVFXOHDDXWRYHKLFXOXOXL  9LWH]ăFRQWUROXO
7UXVă7,5(),7  YH]L&RQWUROXOFURD]LHUHL
 ,QGH[

9LWH]RPHWUX 9RODQXOPXOWLIXQFĠLRQDOGHOX[
$FWLYDUHGH]DFWLYDUHYLWH]RPHWUX YH]L9RODQXOPXOWLIXQFĠLRQDOFX
VXSOLPHQWDU  EXWRDQH
'LJLWDO  9RSVHDXDLQVWUXFĠLXQLGH
ÌQSDQRXOGHLQVWUXPHQWHYRODQ FXUăĠDUH 
PXOWLIXQFĠLRQDOFXEXWRDQH 
ÌQSDQRXOGHLQVWUXPHQWHYRODQ
PXOWLIXQFĠLRQDOFXEXWRDQH 
6HJPHQWH 
6HOHFWDUHDXQLWăĠLLGHPăVXUă 
9LWH]RPHWUXO
YH]L3DQRXOGHLQVWUXPHQWH
9LWH]RPHWUXOGLJLWDO 
9LWH]RPHWUXVXSOLPHQWDU 
9RODQ
%XWRDQHYRODQPXOWLIXQFĠLRQDOFX
EXWRDQH 
%XWRDQHYRODQXOPXOWLIXQFĠLRQDO
FXEXWRDQH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
5HJODUHHOHFWULFă 
5HJODUHPDQXDOă 
6HWăULGHPHPRUDUHIXQFĠLDGH
PHPRUDUH 
9RODQPXOWLIXQFĠLRQDOFX
EXWRDQH
8WLOL]DUHFDOFXODWRUGHERUG 
9RODQPXOWLIXQFĠLRQDOFX
EXWRDQH
8WLOL]DUHFDOFXODWRUGHERUG 
9RODQXO
0DQHWHGHVFKLPEDUHDYLWH]HORU 
9RODQXOPXOWLIXQFĠLRQDO
EXWRDQH
YH]L9RODQXOPXOWLIXQFĠLRQDOFX
EXWRDQH
9RODQXOPXOWLIXQFĠLRQDO
EXWRDQH
YH]L9RODQXOPXOWLIXQFĠLRQDOFX
EXWRDQH
9RODQXOPXOWLIXQFĠLRQDOFX
EXWRDQH
3UH]HQWDUHJHQHUDOă 
9RODQXOPXOWLIXQFĠLRQDOFX
EXWRDQH
3UH]HQWDUHJHQHUDOă 
 ,QWURGXFHUH 

3URWHFĠLDPHGLXOXLvQFRQMXUăWRU 6WLOXOSHUVRQDOGHFRQGXFHUH
=QXDSăVDĠLSHGDODGHDFFHOHUDĠLHFkQGSRU
1RWH
QLĠLPRWRUXO
 1RWăSULYLQGSURWHFĠLDPHGLXOXL
3ROLWLFDGHFODUDWă'DLPOHUHVWHXQDGHSURWH
MDUHLQWHJUDWăDPHGLXOXLvQFRQMXUăWRU
2ELHFWLYHOHQRDVWUHYL]HD]ăXWLOL]DUHDUHVXU
VHORUQDWXUDOHFDUHIRUPHD]ăED]DH[LVWHQĠHL
QRDVWUHvQWURPDQLHUăFDUHVăLDvQFRQVLGH
UDUHDWkWQHFHVLWăĠLOHQDWXULLFkWúLSHFHOHDOH
XPDQLWăĠLL
ùLGXPQHDYRDVWUăSXWHĠLFRQWULEXLODSURWHMD
UHDPHGLXOXLSULQXWLOL]DUHDDXWRYHKLFXOXOXL
GXPQHDYRDVWUăvQWURPDQLHUăHFRORJLFă
&RQVXPXOGHFDUEXUDQWúLUDWDGHX]XUăD
PRWRUXOXLDWUDQVPLVLHLDIUkQHORUúLDSQHX
ULORUGHSLQGGHXUPăWRULLIDFWRUL
=FRQGLĠLLOHGHXWLOL]DUHDDXWRYHKLFXOXOXL
=VWLOXOSHUVRQDOGHFRQGXFHUH
=QXvQFăO]LĠLPRWRUXOvQWLPSXOVWDĠLRQăULL
DXWRYHKLFXOXOXL
=FRQGXFHĠLFXDWHQĠLHúLPHQĠLQHĠLRGLVWDQĠă
GHVLJXUDQĠăIDĠăGHDXWRYHKLFXOXOGLQIDĠă
=HYLWDĠLDFFHOHUDUHDIUHFYHQWăúLEUXVFă
=VFKLPEDĠLWUHSWHOHGHYLWH]ăODWLPSúLIROR
VLĠLILHFDUHWUHDSWăQXPDLSkQăODÃGLQ
WXUDĠLDPD[LPăDPRWRUXOXL
=RSULĠLPRWRUXOFkQGVWDĠLRQDĠLvQWUDILF
5HWXUQDUHDDXWRYHKLFXOHORUSHQWUX
VFRDWHUHDGLQX]
0HUFHGHV%HQ]YDDFFHSWDDXWRYHKLFXOXO
0HUFHGHV%HQ]SHQWUXDOHOLPLQDvQWUXQPRG
HFRORJLFvQFRQIRUPLWDWHFX'LUHFWLYD8QLXQLL
3XWHĠLFRQWURODDPELLIDFWRUL5HĠLQHĠL
XUPăWRDUHOH
&RQGLĠLLGHXWLOL]DUH PDVăWRWDOăDDXWRYHKLFXOXOXLGHSkQăOD
=HYLWDĠLFăOăWRULLOHVFXUWHvQWUXFkWHOHFUHVF
FRQVXPXOGHFDUEXUDQW
=DVLJXUDĠLYăFăSUHVLXQHDvQSQHXULDUH
vQWRWGHDXQDYDORDUHDFRUHFWă
=HYLWDĠLvQFăUFDUHDLQXWLOăDDXWRYHKLFXOXOXL
=PRQLWRUL]DĠLFRQVXPXOGHFDUEXUDQWDODXWR
YHKLFXOXOXL
=VFRDWHĠLVXSRUWXULOHGHSDYLOLRQFkQGQXPDL
DYHĠLQHYRLHGHHOH
=HIHFWXDUHDSHULRGLFăDOXFUăULORUGHVHUYLFH
ODDXWRYHKLFXOYDFRQWULEXLODSURWHMDUHD
PHGLXOXLvQFRQMXUăWRU3ULQXUPDUHWUHEXLH
VăUHVSHFWDĠLLQWHUYDOHOHGHVHUYLFH
=VROLFLWDĠLHIHFWXDUHDLQWHUYHQĠLLORUGHvQWUH
ĠLQHUHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GHH[XQ&HQWUXGHVHUYLFH0HUFHGHV
%HQ]
(XURSHQH8(SULYLQG968
'LUHFWLYD968YL]HD]ăDXWRYHKLFXOHOHFXR
WvQFRQIRUPLWDWHFXUHJOHPHQWăULOHQDĠLR
QDOH'HPDLPXOĠLDQL0HUFHGHV%HQ]UHV
SHFWăQRUPHOHVWUXFWXUDOHSUHYă]XWHSULQOHJH
FDUHSHUPLWUHFLFODUHDúLUHXWLOL]DUHD/DGLV
SR]LĠLDGXPQHDYRDVWUăVHDIOăRUHĠHDGH
SXQFWH968úLGHXQLWăĠLGHGH]DVDPEODUH
XQGHDXWRYHKLFXOXOGXPQHDYRDVWUăSRDWHIL
UHFLFODWvQPRGHFRORJLF2SĠLXQLOHGHUHFL
FODUHDDXWRYHKLFXOHORUúLSLHVHORUVXQWFRQ
VWDQWGH]YROWDWHúLvPEXQăWăĠLWH3ULQXUPDUH
DXWRYHKLFXOXOGXPQHDYRDVWUă0HUFHGHV
%HQ]YDFRQWLQXDGHDVHPHQHDVăFRUHV
SXQGăFXDQWXPXULORUGHUHFLFODUHVSRULWHvQ
YLLWRUvQWLPSXWLO3XWHĠLREĠLQHLQIRUPDĠLL
VXSOLPHQWDUHGHSHSDJLQDSULQFLSDOă0HUFH
GHV%HQ]QDĠLRQDOăVDXGHODQXPăUXOGHDVLV
WHQĠăWHOHIRQLFăQDĠLRQDO
(FKLSDUHDXWRYHKLFXO
$FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWHPRGH
OHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUGúLRSĠLR
 ,QWURGXFHUH
QDOHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWUăGLV
SRQLELOHODGDWDSXEOLFăULLPDQXDOXOXLGHIDĠă
(VWHSRVLELOVăH[LVWHGLIHUHQĠHvQIXQFĠLHGH
ĠDUă9ăUXJăPVăUHĠLQHĠLFăHVWHSRVLELOFD
DXWRYHKLFXOXOGXPQHDYRDVWUăVăQXDLEăvQ
GRWDUHWRDWHFDUDFWHULVWLFLOHGHVFULVH$FHVW
OXFUXHVWHYDODELOúLvQFHSULYHúWHVLVWHPHOHúL
IXQFĠLLOHUHIHULWRDUHODVLJXUDQĠă3ULQXUPDUH
HFKLSDPHQWXOGLQDXWRYHKLFXOXOGXPQHD
YRDVWUăDUSXWHDVăGLIHUHGHFHOSUH]HQWDWvQ
GHVFULHULúLLOXVWUDĠLL7RDWHVLVWHPHOHFDUHVH
JăVHVFvQDXWRYHKLFXOXOGXPQHDYRDVWUăVXQW
PHQĠLRQDWHvQFRQWUDFWXOGHFXPSăUDUHRULJL
QDODODXWRYHKLFXOXOXL3HQWUXRULFHvQWUHEăUL
UHIHULWRDUHODHFKLSDPHQWHúLIXQFĠLRQDUHYă
UXJăPVăYăDGUHVDĠLXQXL&HQWUXGHVHUYLFH
0HUFHGHV%HQ]
6LJXUDQĠăvQIXQFĠLRQDUH
1RWHSULYLQGVLJXUDQĠD
 $9(57,60(17
7RDWHLQWHUYHQĠLLOHDVXSUDDXWRYHKLFXOXOXLúL
PDLDOHVLQWHUYHQĠLLOHUHOHYDQWHSHQWUXVLJX
UDQĠăVDXDVXSUDVLVWHPHORUDVRFLDWHVLJXUDQ
ĠHLWUHEXLHVăILHHIHFWXDWHODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW$WHOLHUXOGHVSHFLDOLWDWH
DXWRUL]DWWUHEXLHVăGLVSXQăGHFXQRúWLQĠHOH
VSHFLDOL]DWHQHFHVDUHúLGHXQHOWHDGHFYDWH
SHQWUXDHIHFWXDLQWHUYHQĠLD0HUFHGHV%HQ]
UHFRPDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH
0HUFHGHV%HQ]vQDFHVWVFRS
 3HULFROGHDFFLGHQWúLUăQLUH
$QXPLWHVLVWHPHGHVLJXUDQĠăIXQFĠLRQHD]ă
GRDUDWXQFLFkQGPRWRUXOHVWHSRUQLW'LQ
DFHVWPRWLYQXRSULĠLQLFLRGDWăPRWRUXOvQ
WLPSXOFRQGXFHULLDXWRYHKLFXOXOXLÌQFD]FRQ
WUDUHVWHSRVLELOFDVLVWHPHOHGHVLJXUDQĠăGLQ
DXWRYHKLFXOXOGXPQHDYRDVWUăVăQXIXQFĠLR
QH]HFRUHFWúLSULQXUPDUHVăQXPDLSURWH
MH]HFRUHVSXQ]ăWRURFXSDQĠLLDXWRYHKLFXOXOXL
([LVWăGHDVHPHQHDSHULFROXOVăSLHUGHĠLFRQ
WUROXODVXSUDDXWRYHKLFXOXOXLúLVăSURYRFDĠL
XQDFFLGHQW
 3HULFROGHDFFLGHQWúLUăQLUH
/XFUăULOHLQFRUHFWHVDXPRGLILFăULOHDGXVH
DXWRYHKLFXOXOXLGHH[HPSOXPRGLILFDUHDWUD
VHXOXLFDEOXULORUHOHFWULFHDUSXWHDDYHDFD
UH]XOWDWIXQFĠLRQDUHDLQFRUHFWăDVLVWHPHORU
GHVLJXUDQĠă$VWIHOHVWHSRVLELOFDVLVWHPHOH
GHVLJXUDQĠăVăQXYăPDLSURWHMH]HFRUHV
SXQ]ăWRUSHGXPQHDYRDVWUăVDXDOWHSHU
VRDQH([LVWăGHDVHPHQHDSHULFROXOVăSLHU
GHĠLFRQWUROXODVXSUDDXWRYHKLFXOXOXLúLVăSUR
YRFDĠLXQDFFLGHQW
'LQDFHVWPRWLYWRDWHOXFUăULOHúLPRGLILFăULOH
DGXVHDXWRYHKLFXOXOXLGHH[HPSOXPRQWDUHD
GHHFKLSDPHQWHWUHEXLHHIHFWXDWHGHFăWUH
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 3HULFROGHDFFLGHQW
/XFUăULOHLQFRUHFWHIHFWXDWHDVXSUDHFKLSD
PHQWHORUHOHFWURQLFHúLDVRIWZDUHXOXLDIH
UHQWSRWvPSLHGLFDIXQFĠLRQDUHDDFHVWRUHFKL
SDPHQWH6LVWHPHOHHOHFWURQLFHVXQWLQWHUFR
QHFWDWHSULQLQWHUIHĠH0RGLILFDUHDDFHVWRU
VLVWHPHHOHFWURQLFHSRDWHFDX]DGHIHFĠLXQL
FKLDUVLVWHPHORUFDUHQXDXIRVWPRGLILFDWH
$VWIHOGHGHIHFĠLXQLSRWSHULFOLWDJUDYVLJX
UDQĠDIXQFĠLRQDOăDDXWRYHKLFXOXOXLúLvQFRQ
VHFLQĠăVLJXUDQĠDSHUVRQDOă
'LQDFHVWPRWLYWRDWHOXFUăULOHFDUHLPSOLFă
PRGLILFăULDGXVHFRPSRQHQWHORUHOHFWURQLFH
WUHEXLHHIHFWXDWHGHFăWUHXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
8QDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGLVSXQHGH
FXQRúWLQĠHOHVFXOHOHúLFDOLILFDUHDQHFHVDUH
SHQWUXDHIHFWXDLQWHUYHQĠLLOHQHFHVDUHDVX
SUDDXWRYHKLFXOXOXLGXPQHDYRDVWUă$FHDVWă
VLWXDĠLHHVWHYDODELOăvQSULYLQĠDLQWHUYHQĠLLORU
OHJDWHGHVLJXUDQĠă
5HVSHFWDĠLLQIRUPDĠLLOHGLQEURúXUDGHVHU
YLFH
 ,QWURGXFHUH 

6ROLFLWDĠLvQWRWGHDXQDHIHFWXDUHDLQWHUYHQĠLL 'DFăVFRDWHĠLHWLFKHWHOHDXWRFRODQWHGHDYHU
ORUXUPăWRDUHODXQDWHOLHUGHVSHFLDOLWDWH WLVPHQWGXPQHDYRDVWUăVDXDOWHSHUVRDQH
DXWRUL]DW SXWHĠLVăQXUHFXQRDúWHĠLDQXPLWHSHULFROH
=LQWHUYHQĠLLOHJDWHGHVLJXUDQĠă
=LQWHUYHQĠLLGHVHUYLFHúLGHvQWUHĠLQHUH
5HVSHFWDĠLXUPăWRDUHOHLQIRUPDĠLLFkQGYăXWL
OL]DĠLDXWRYHKLFXOXO
=UHSDUDĠLL
=QRWHOHSULYLQGVLJXUDQĠDGLQDFHVWPDQXDO
=VFKLPEăULOXFUăULGHLQVWDODUHúLPRGLILFăUL
=VHFĠLXQHDÄ'DWHWHKQLFHGLQDFHVWPDQXDO
=LQWHUYHQĠLLODFRPSRQHQWHOHHOHFWURQLFH
=UHJOHPHQWăULOHQDĠLRQDOHSULYLQGWUDILFXO
0HUFHGHV%HQ]YăUHFRPDQGăVăXWLOL]DĠLXQ
UXWLHU
&HQWUXGHVHUYLFH0HUFHGHV%HQ]
=UHJOHPHQWăULOHGHvQPDWULFXODUHQDĠLRQDOH
SULYLQGWUDILFXOUXWLHU
ÌQUHJLVWUDUHDXWRYHKLFXO
0HUFHGHV%HQ]OHSRDWHVROLFLWD&HQWUHORU *DUDQĠLHLPSOLFLWă
VDOHGHVHUYLFHVăHIHFWXH]HLQVSHFĠLLWHKQLFH
DVXSUDDQXPLWRUDXWRYHKLFXOHSHQWUXDOH  $YHĠLvQYHGHUHLQGLFDĠLLOHGLQDFHVW
vPEXQăWăĠLFDOLWDWHDVDXVLJXUDQĠD PDQXDOGHH[SORDWDUHSHQWUXRSHUDUHD
FRUHVSXQ]ăWRDUHDDXWRYHKLFXOXOXLGYV
'DFăDĠLDFKL]LĠLRQDWDXWRYHKLFXOXOGHODR
SUHFXPúLFXSULYLUHODSRVLELOHOHGDXQHDOH
UHSUH]HQWDQĠăDXWRUL]DWăúLVSHFLDOL]DWăLDU
DXWRYHKLFXOXOXL'DXQHOHDVXSUDYHKLFXOX
DXWRYHKLFXOXOGXPQHDYRDVWUăQXDIRVWQLFLR
OXLGYVFDUHDSDUGLQFDX]DvQFăOFăULORU
GDWăLQVSHFWDWODXQ&HQWUXGHVHUYLFH0HU
FODUHDOHDFHVWRULQGLFDĠLLQXVXQWDFRSHULWH
FHGHV%HQ]HVWHSRVLELOFDDXWRYHKLFXOXO
QLFLGHUăVSXQGHUHDSHQWUXGHIHFĠLXQLD
GXPQHDYRDVWUăVăQXILHvQUHJLVWUDWSH
0HUFHGHV%HQ]QLFLGHJDUDQĠLDSHQWUX
QXPHOHGXPQHDYRDVWUăOD0HUFHGHV%HQ]
DXWRYHKLFXOHQRLUHVSHFWLYUXODWHD'DLPOHU
0HUFHGHV%HQ]YăSRDWHRIHULLQIRUPDĠLLSUL
$*
YLQGYHULILFăULOHDXWRYHKLFXOXOXLGRDUGDFăGLV
SXQHGHGDWHOHGXPQHDYRDVWUăGHvQUHJLV
WUDUH
'DWHPHPRUDWHvQDXWRYHKLFXO
6HUHFRPDQGăVăYăvQUHJLVWUDĠLODXQ&HQWUX
GHVHUYLFH0HUFHGHV%HQ] 'DWHSULYLQGGHIHFĠLXQLOH
,QIRUPDĠL0HUFHGHV%HQ]FkWPDLFXUkQG &RPSRQHQWHOHHVHQĠLDOHSHQWUXIXQFĠLRQDUHD
SRVLELOGHVSUHRULFHPRGLILFDUHDDGUHVHLVDX DXWRYHKLFXOXOXLVXQWGRWDWHFXPHPRULLFX
DSURSULHWDUXOXL GDWHGHGHIHFĠLXQHvQGRWDUHDVWDQGDUG
([LVWăúLGLVSR]LWLYHGHVWRFDUHDGDWHORUFDUH
vQUHJLVWUHD]ăFRPSRQHQWHOHDXWRYHKLFXOXOXL
8WLOL]DUHFRUHFWă vQDQXPLWHVLWXDĠLLGHFRQGXFHUHGHH[
GHFODQúDUHDDLUEDJXULORUVDXLQWHUYHQĠLD
 $9(57,60(17
3HDXWRYHKLFXOVXQWIL[DWHGLYHUVHHWLFKHWH
DXWRFRODQWHGHDYHUWLVPHQW6FRSXOORUHVWH
VăDWUDJăDWHQĠLDGXPQHDYRDVWUăúLDOWRUDSUL
YLQGGLYHUVHSHULFROH3ULQXUPDUHQXVFRDWHĠL
QLFLRHWLFKHWăDXWRFRODQWăGHDYHUWLVPHQW
GHFkWGDFăHWLFKHWDDXWRFRODQWăYăRIHUăFODU
SHUPLVLXQHvQDFHVWVHQV
(63Š
$FHVWHGDWHHVWHXWLOL]DWHH[FOXVLYSHQWUXD
=DMXWDODUHPHGLHUHDGHIHFĠLXQLORUúLGHIHF
WHORU
=DMXWD0HUFHGHV%HQ]VăRSWLPL]H]HúLVă
GH]YROWHIXQFĠLLOHDXWRYHKLFXOXOXL
 ,QWURGXFHUH

'DWHOHQXSRWILXWLOL]DWHSHQWUXDXUPăUL
PLúFăULOHDXWRYHKLFXOXOXL
&kQGDXWRYHKLFXOXOGXPQHDYRDVWUăHVWH
GHSDQDWGH0HUFHGHV%HQ]DFHVWHLQIRUPDĠLL
WHKQLFHSRWILFLWLWHGLQPHPRULDGHGHIHFĠLXQL
$FHDVWăRSHUDĠLHHVWHHIHFWXDWăGHDQJDMDĠLL
DXWRUL]DĠLDLUHĠHOHLGHVHUYLFH0HUFHGHV%HQ]
FXDMXWRUXOXQRUFDOFXODWRDUHGHGLDJQRVWL
FDUHVSHFLDOH
'XSăFHVDUHPHGLDWRGHIHFĠLXQHLQIRUPD
ĠLLOHVXQWúWHUVHGLQPHPRULH&HOHODOWHGDWH
GLQPHPRULHVXQWFRQVWDQWVXSUDVFULVH

$OWHGLVSR]LWLYHFDUHVWRFKHD]ăGDWHOH
ÌQIXQFĠLHGHQLYHOXOGHHFKLSDUHDXWRYHKLFX
OXOGXPQHDYRDVWUăSRDWHFRQĠLQHVLVWHPHGH
FRPXQLFDĠLLúLVDXGLYHUWLVPHQWGHH[GLV
SR]LWLYHGHQDYLJDĠLHVLVWHPHWHOHIRQLFH
$FHVWHDYăSHUPLWVăVDOYDĠLúLVăHGLWDĠL
GDWHOHQHFHVDUHSHQWUXXWLOL]DUHDGLVSR]LWLYX
OXLUHVSHFWLY
,QIRUPDĠLLVXSOLPHQWDUHSULYLQGXWLOL]DUHDGH
H[SULYLQGúWHUJHUHDGDWHORUVHUHJăVHVFvQ
LQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
 

3RVWXOGHFRQGXFHUH 
3DQRXGHLQVWUXPHQWHYRODQFX
EXWRDQH 

3UH]HQWDUHJHQHUDOă
3DQRXGHLQVWUXPHQWHYRODQFX
EXWRDQH 
9RODQPXOWLIXQFĠLRQDO 
&RQVROăFHQWUDOă 
3DQRXGHFRPDQGăVLWXDWSHSODIRQ 
3DQRXGHFRPDQGăVLWXDWSHSRU
WLHUă 
 3RVWXOGHFRQGXFHUH

3RVWXOGHFRQGXFHUH
3UH]HQWDUHJHQHUDOă

)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD

C 7UDQVPLVLHDXWRPDWă l &RPXWDWRUGHFRQWDFW 
PDQHWăGHVFKLPEDUHD %XWRQ6WDUW6WRS 
YLWH]HORUVLWXDWăSHYRODQ 
m 5HJOHD]ăYRODQXOPDQXDO 
D 0DQHWăSHQWUXFRQWUROXO
FURD]LHUHL  n 5HJOHD]ăYRODQXOHOHFWULF 

‡ 3DQRXGHLQVWUXPHQWH o &RPXWDWRUPL[W 

YRODQFXEXWRDQH  p )UkQăGHSDUFDUH 
3DQRXGHLQVWUXPHQWH
YRODQFXEXWRDQH  q &RQH[LXQHGLDJQRVWLFDUHOD
ERUG
… &OD[RQ
r 'HVFKLGHFDSRWDPRWRUXOXL 
ƒ $ILúDMGHDYHUWL]DUH3$5.
7521,&  s (OLEHUHD]ăIUkQDGHSDUFDUH 

„ 3DQRXGHFRPDQGăVLWXDW t &RPXWDWRUGHOXPLQL 

SHSODIRQ  u 5HJODUHvQăOĠLPHIDUXUL 
k 6LVWHPHGHFRQWUROFOLPDWL
]DUH 
 3DQRXGHLQVWUXPHQWHYRODQFXEXWRDQH 

3DQRXGHLQVWUXPHQWHYRODQFXEXWRDQH
$ILúDMHúLFRPHQ]L

3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C ,QGLFDWRUQLYHODOFDUEXUDQ „ $ILúDMPXOWLIXQFĠLRQDO 
WXOXL
l %XWRQXOGHFRQWURODOLQWHQ
D 7HPSHUDWXUăOLFKLGGH VLWăĠLLSHQWUXLOXPLQDUHD
UăFLUH  SDQRXOXLGHLQVWUXPHQWH
URWLĠLvQVHQVRUDUVDXDQWLR
‡ 9LWH]RPHWUX UDU
… 7XURPHWUX 
ƒ )XQFĠLHVWDUWVWRS(&2 
7UDQVPLVLHDXWRPDWă
3R]LĠLHWUDQVPLVLHúLSUR
JUDPGHFRQGXFHUH 
 3DQRXGHLQVWUXPHQWHYRODQFXEXWRDQH

/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUH
3UH]HQWDUHJHQHUDOă

)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD

C &DUEXUDQWGHUH]HUYă  l 'LDJQRVWLFDUHPRWRU 
D /LFKLGGHUăFLUH  m (63Š 
‡ $%6  n /DPSăGHFHDĠăVSDWH 
… )UkQH  o )DUXULSHQWUXID]ăOXQJă 
ƒ &HQWXUăGHVLJXUDQĠă  p )DUXULSHQWUXID]ăVFXUWă 
„ 6HPQDOL]DWRUGHGLUHFĠLH  q 3URLHFWRDUHGHFHDĠăIDĠă 
k 656  r 0RWRUGLHVHOSUHvQFăO]LUH 
 3DQRXGHLQVWUXPHQWHYRODQFXEXWRDQH 

3DQRXGHLQVWUXPHQWHYRODQFXEXWRDQH
$ILúDMHúLFRPHQ]L

3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C ,QGLFDWRUQLYHOGHFDUEXUDQW ƒ 7XURPHWUX 
D 7HPSHUDWXUăOLFKLGGH „ %XWRQXOGHFRQWURODOLQWHQ
UăFLUH  VLWăĠLLSHQWUXLOXPLQDUHD
SDQRXOXLGHLQVWUXPHQWH
‡ 9LWH]RPHWUXFXVHJPHQWH  URWLĠLvQVHQVRUDUVDXDQWLR
… $ILúDMPXOWLIXQFĠLRQDO  UDU
 3DQRXGHLQVWUXPHQWHYRODQFXEXWRDQH

/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUH
3UH]HQWDUHJHQHUDOă

)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD

C å(63Š  n &HQWXUăGHVLJXUDQĠă 
t0RGXOGHPDQHYUDEL o (0RWRUGLHVHOSUH
OLWDWH63257ODDXWRYHKLFX vQFăO]LUHFXEXMLHLQFDQGHV
OHOH$0*  FHQWă 
C (63Š  å(63ŠODDXWRYHKLFXOH
$0* 
D 6HPQDOGHDYHUWL]DUHSUL
YLQGGLVWDQĠD  p /LFKLGGHUăFLUH 
‡ (63Š'(=$&7,9$7  q /DPSăGHFHDĠăVSDWH 
… )UkQH  r )DUXULSHQWUXID]ăOXQJă 
ƒ 6HPQDOL]DWRUGHGLUHFĠLH  s )DUXULSHQWUXID]ăVFXUWă 
„ $%6  t 3URLHFWRDUHGHFHDĠăIDĠă 
k 656  u &DUEXUDQWGHUH]HUYă 
l 'LDJQRVWLFDUHPRWRU 
m 0RQLWRUL]DWRUXOSUHVLXQLLvQ
SQHXUL 
 9RODQPXOWLIXQFĠLRQDO 

9RODQPXOWLIXQFĠLRQDO
9RODQXOPXOWLIXQFĠLRQDOFXEXWRDQH

3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C $ILúDMPXOWLIXQFĠLRQDO  „ €
D 6LVWHPXODXGLRFRQVXOWDĠL $SăVDĠLVFXUW
LQVWUXFĠLXQLOHGHXWLOL]DUH 6HOHFWHD]ăXQPHQLX
VHSDUDWH $SăVDĠLúLPHQĠLQHĠL
DSăVDW
‡ 
6HOHFWHD]ăDILúDMXOVWDQ
$PSOLILFăYROXPXO GDUG
… ‚
$WHQXHD]ăYROXPXO
ƒ F
'HUXOHD]ăOLVWHOH
6HPRGLILFăYDORULOH
&RQILUPăPHVDMHOHGHSH
GLVSOD\
 9RODQPXOWLIXQFĠLRQDO

9RODQXOPXOWLIXQFĠLRQDOFXEXWRDQH
3UH]HQWDUHJHQHUDOă

)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD

C $ILúDMPXOWLIXQFĠLRQDO  ƒ Ye
D 6LVWHPXODXGLR&20$1' 6HOHFWHD]ăXQPHQLX 
2QOLQHFRQVXOWDĠLLQVWUXF cd
ĠLXQLOHGHXWLOL]DUHVHSDUDWH 6HOHFWHD]ăVXEPHQLXOVDX
GHUXOHD]ăOLVWHOH 
‡ b
v
$FWLYHD]ă/,1*8$7521,&
&RQILUPăVHOHFĠLLOHúL
FRQVXOWDĠLLQVWUXFĠLXQLOHGH
DVFXQGHPHVDMHOHGHSH
XWLOL]DUHVHSDUDWH
GLVSOD\
… 
„ A
5HVSLQJHVDXvQFKHLHXQ
ÌQDSRLVDXGH]DFWLYHD]ă
DSHO 
/,1*8$7521,&
6HLHVHGLQDJHQGDWHOHIR
QLFăPHPRULDGHUHDSHODUH
j
6HHIHFWXHD]ăVDXVH
DFFHSWăXQDSHO
6HFRPXWăSHPHPRULDGH
UHDSHODUH
‚
5HJOHD]ăYROXPXO
l
6XUGLQă
 &RQVROăFHQWUDOă 

&RQVROăFHQWUDOă

3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C 6LVWHPXODXGLR&20$1' n &RPSDUWLPHQWGHGHSR]L
2QOLQHFRQVXOWDĠLLQVWUXF WDUH 
ĠLXQLOHGHXWLOL]DUHVHSDUDWH 6FUXPLHUă 
D rÌQFăO]LUHVFDXQ  %ULFKHWă 
3UL]ăHOHFWULFă 
‡ Ž9HQWLODUHVFDXQ 
o 0DQHWăVFKLPEăWRUGH
… 3$5.7521,&  YLWH]H 
ƒ §%XWRQVWDUWVWRS(&2  0DQHWăVHOHFWRDUH 

„ /6HPQDOL]DWRDUHGH p &RPSDUWLPHQWGHGHSR]L
DYDULH  WDUH 
6XSRUWSHQWUXSDKDU 
k s/DPSăLQGLFDWRDUH
$,5%$*3$6$*(5235,7  q &RPSDUWLPHQWGHGHSR]L
WDUH 
l t3DFKHWGLQDPLFGH
FRQGXFHUHFXPRGVSRUWLY  r &RQWUROHU$XGLR&20$1'
»$XWRYHKLFXOH$0* s 6HOHFWHD]ăSURJUDPXOGH
(63Š  FRQGXFHUH 
m JÌQFăO]LUHDX[LOLDUă 
 3DQRXGHFRPDQGăVLWXDWSHSODIRQ

3DQRXGHFRPDQGăVLWXDWSHSODIRQ
3UH]HQWDUHJHQHUDOă

)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD

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

3DQRXGHFRPDQGăVLWXDWSHSRUWLHUă

3UH]HQWDUHJHQHUDOă
)XQFĠLD 3DJLQD )XQFĠLD 3DJLQD
C 'HVFKLGHSRUWLHUD  ƒ kpõq
5HJOHD]ăúLUDEDWHD]ă
D 67'HVFXLHvQFXLH
H[WLQGHHOHFWULFRJOLQ]LOH
DXWRYHKLFXOXO  H[WHULRDUH 
‡ 5HJOHD]ăHOHFWULFVFDXQXO  „ b'HVFKLGHvQFKLGH
… 78@ JHDPXULOHODWHUDOH 
0HPRUHD]ăVHWăULOHSHQWUX k Š'HVFKLGHFDSRWD
VFDXQRJOLQ]LH[WHULRDUHúL
SRUWEDJDMXOXL 
YRODQ 

 

,QIRUPDĠLLXWLOH 
6LJXUDQĠDRFXSDQĠLORU 
3UH]HQĠDFRSLLORUODERUG 
6LVWHPHGHVLJXUDQĠăODFRQGXFHUH 

6LJXUDQĠă
6LVWHPHDQWLIXUW 
 6LJXUDQĠDRFXSDQĠLORU
,QIRUPDĠLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
6LJXUDQĠă
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH
ULWRDUHODVLJXUDQĠă
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
FRQVWLWXLHGRDUXQVLVWHPGHUHWHQĠLHVXSOL
PHQWDUFDUHFRPSOHWHD]ăvQVăIăUăDvQOR
FXLFHQWXUDGHVLJXUDQĠă7RĠLSDVDJHULL
DXWRYHKLFXOXOXLWUHEXLHVăvúLSRDUWHvQWRW
GHDXQDFRUHFWFHQWXUDGHVLJXUDQĠăFKLDU
úLGDFăDXWRYHKLFXOXOHVWHGRWDWFXDLUED
JXUL$LUEDJXULOHQXVXQWGHFODQúDWHvQWRDWH
WLSXULOHGHDFFLGHQWH'HH[HPSOXvQFD]XO
vQFDUHFDSDFLWDWHDGHSURWHFĠLHRIHULWăGH
FHQWXULOHGHVLJXUDQĠăFXSODWHFRUHV
SXQ]ăWRUQXFUHúWHSULQGHFODQúDUHDDLUED
JXULORUDLUEDJXULOHQXVHGHFODQúHD]ă
'HFODQúDUHDDLUEDJXULORUDVLJXUăRSURWHF
ĠLHFUHVFXWăQXPDLGDFăFHQWXUDGHVLJX
UDQĠăHVWHSXUWDWăFRUHFWGHRDUHFH
FLDOLWDWHDXWRUL]DWH3DJLQD
6LJXUDQĠDRFXSDQĠLORU
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
&HQWXULOHGHVLJXUDQĠăvPSUHXQăFă6LVWHPXO
6XSOLPHQWDUGH5HWHQĠLH±656
=FHQWXUDGHVLJXUDQĠăFRQWULEXLHODPHQ
ĠLQHUHDSDVDJHUXOXLDXWRYHKLFXOXOXLvQ
SR]LĠLHRSWLPăvQUDSRUWFXDLUEDJXO
=vQWURFROL]LXQHIURQWDOăGHH[HPSOX
FHQWXUDGHVLJXUDQĠăSUHYLQHSURLHFWDUHD
SDVDJHUXOXLDXWRYHKLFXOXOXLFăWUHSXQF
WXOGHLPSDFW$VWIHOVHSRDWHUHGXFH
SHULFROXOGHUăQLUH
3DJLQDVXQWVLVWHPHGHVLJXUDQĠă
FRPSOHPHQWDUHúLFRRUGRQDWH$FHVWHD
UHGXFSHULFROXOGHUăQLUHvQWLSXULVSHFLILFHúL
SUHGHILQLWHGHDFFLGHQWHFUHVFkQGvQFRQVH
FLQĠăVLJXUDQĠDRFXSDQĠLORU&XWRDWHDFHVWHD
FHQWXULOHGHVLJXUDQĠăúLDLUEDJXULOHQXSRWvQ
JHQHUDOSUHYHQLUăQLUHDFDX]DWăGHRELHFWHOH
FDUHSăWUXQGvQDXWRYHKLFXOGLQH[WHULRU
3HQWUXDYăDVLJXUDFăVLVWHPHOHGHVLJXUDQĠă
SRWDVLJXUDIXQFĠLDORUGHSURWHFĠLHSRWHQĠLDOă
FRPSOHWăDVLJXUDĠLYăFă GHQWÌQSOXVHVWHSRVLELOFDVLVWHPHOHGH
=VFDXQXOúLWHWLHUDVXQWUHJODWHFRUHV
ÌQDFFLGHQWHOHvQFDUHXQDLUEDJHVWH
GHFODQúDWHORIHUăRSURWHFĠLHFUHVFXWă
QXPDLGDFăFHQWXUDGHVLJXUDQĠăHVWHSXU
WDWăFRUHFW
 3HULFROGHDFFLGHQWúLUăQLUH
'DFăDFHVWHOXFUăULQXVXQWUHDOL]DWHvQPRG
FRUHFWVLJXUDQĠDIXQFĠLRQDOăDDXWRYHKLFXOX
OXLDUSXWHDILDIHFWDWă3XWHĠLSLHUGHFRQWUROXO
DVXSUDDXWRYHKLFXOXOXLúLSURYRFDXQDFFL
VLJXUDQĠăVăQXPDLDVLJXUHSURWHFĠLDFRUHV
SXQ]ăWRU3DJLQD SXQ]ăWRDUHDúRIHUXOXLúLDSDVDJHULORU
=FHQWXUDGHVLJXUDQĠăDIRVWFXSODWăFRUHV /XFUăULOHGHvQWUHĠLQHUHWUHEXLHvQFUHGLQĠDWH
SXQ]ăWRU3DJLQD vQWRWGHDXQDXQXLDWHOLHUGHVSHFLDOLWDWHDXWR
=DLUEDJXULOHQXVXQWvPSLHGLFDWHVăVHXPIOH UL]DW$FHVWDGHĠLQHHFKLSDPHQWHOHúLFXQRú
FkQGVHGHVIăúRDUă3DJLQD WLQĠHOHWHKQLFHQHFHVDUHSHQWUXHIHFWXDUHD
=YRODQXOHVWHUHJODWFRUHVSXQ]ăWRU
OXFUăULORUVROLFLWDWHÌQDFHVWVFRS0HUFHGHV
%HQ]UHFRPDQGăDSHODUHDODXQ&HQWUXDXWR
3DJLQD
UL]DWGHYkQ]ăULúLVHUYLFH0HUFHGHV%HQ]
=VLVWHPHOHGHUHWHQĠLHQXDXIRVWPRGLILFDWH
(VWHSULRULWDUăvQFUHGLQĠDUHDOXFUăULORUFH
G 8QDLUEDJFUHúWHQLYHOXOGHSURWHFĠLHD LPSOLFăVLJXUDQĠDúLVLVWHPHOHGHVLJXUDQĠă
SDVDJHULORUDXWRYHKLFXOXOXLFDUHSRDUWăR XQXLDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
FHQWXUăGHVLJXUDQĠă3ULQXUPDUHDFHVWD

 3HULFROGHUăQLUH
0RGLILFăULOHúLOXFUăULOHHIHFWXDWHLQFRUHFW
DVXSUDXUPăWRDUHORUHOHPHQWHSRWREVWUXF
ĠLRQDIXQFĠLRQDUHDFRUHVSXQ]ăWRDUHDVLVWH
PHORUGHUHWHQĠLH WDWHvQWLPSXWLO
=VLVWHPXOGHUHWHQĠLHDOFăWXLWGLQFHQWXULOH
GHVLJXUDQĠăúLSXQFWHOHGHDQFRUDUHDOH
DFHVWRUDGLVSR]LWLYHOHGHSUHWHQVLRQDUH
OLPLWDWRDUHOHGHIRUĠăúLDLUEDJXULOH
=FDEOXULOHHOHFWULFH
=VLVWHPHOHHOHFWURQLFHLQWHUFRQHFWDWH
(VWHSRVLELOFDDLUEDJXULOHVDXGLVSR]LWLYHOHGH
SUHWHQVLRQDUHDFHQWXULORUVăQXILHGHFODQ
úDWHvQFD]GHDFFLGHQWvQVLWXDĠLLvQFDUH
GHFHOHUDUHDDUILVXILFLHQWăSHQWUXDGHFODQúD
vQPRGQRUPDODFHVWHVLVWHPHVDXHVWHSRVL
ELOFDVLVWHPHOHVăILHGHFODQúDWHFkQGQXHVWH
FD]XO'LQDFHVWPRWLYVLVWHPHOHGHUHWHQĠLH
QXWUHEXLHQLFLRGDWăPRGLILFDWH
1XHIHFWXDĠLQLFLRGDWăPRGLILFăULODVLVWHPHOH
HOHFWURQLFHVDXODVRIWZDUHXODVRFLDWDFHV
WRUD
6566LVWHPXOVXSOLPHQWDUGHUHWHQ
6LJXUDQĠDRFXSDQĠLORU 
/DPSăGHDYHUWL]DUH656
)XQFĠLLOH656VXQWYHULILFDWHUHJXODWFkQG
FXSODĠLFRQWDFWXOúLFkQGPRWRUXOIXQFĠLR
QHD]ă3ULQXUPDUHGHIHFĠLXQLOHSRWILGHWHF
6LJXUDQĠă
/DPSDGHDYHUWL]DUHu656GLQSDQRXOGH
LQVWUXPHQWHVHDSULQGHFkQGFRQWDFWXOHVWH
FXSODW$FHDVWDVHVWLQJHODQXPDLWkU]LXGH
FkWHYDVHFXQGHGXSăFHPRWRUXOHVWHSRUQLW
 $9(57,60(17
'DFă656HVWHGHIHFWVLVWHPHOHLQGLYLGXDOH
SRWILDFWLYDWHQHLQWHQĠLRQDWVDXVHSRW
GHFODQúDvQFD]XOXQXLDFFLGHQWFXRGHFHOH
UDUHUDSLGăDDXWRYHKLFXOXOXL
$VXUYHQLWRGHIHFĠLXQHGDFă
=ODPSDGHDYHUWL]DUHu656QXVH
DSULQGHFkQGFRQWDFWXOHVWHFXSODW
=PRWRUXOIXQFĠLRQHD]ăúLODPSDGHDYHUWL
]DUHu656QXVHVWLQJHGXSăFkWHYD
VHFXQGH
=PRWRUXOIXQFĠLRQHD]ăúLODPSDGHDYHUWL]DUH
u656VHDSULQGHGLQQRX
ÌQDFHVWFD]VROLFLWDĠLLPHGLDWYHULILFDUHD656
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW0HUFH
ĠLH GHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ&HQWUXGH
VHUYLFH0HUFHGHV%HQ]vQDFHVWVFRS
,QWURGXFHUH
ÌQVSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLVWHPH
656FRQVWăGLQ ORUGHVLJXUDQĠăVDXFRUHODWHFXVLJXUDQĠDVH
=ODPSDGHDYHUWL]DUHu656 YRUHIHFWXDODXQDWHOLHUGHVSHFLDOLWDWHDXWR
=$LUEDJXUL
UL]DW
=XQLWDWHDGHFRPDQGăDDLUEDJXULORUFXVHQ
]RULGHLPSDFW 'HFODQúDUHDvQWLQ]ăWRDUHORUFHQWXULLD
OLPLWDWRDUHORUGHIRUĠăSHQWUXFHQWXUăúL
=ÌQWLQ]ăWRDUHGHFHQWXUă
DDLUEDJXULORU
=OLPLWDWRDUHOHGHIRUĠăSHQWUXFHQWXUă
ÌQSULPDID]ăDXQHLFROL]LXQLXQLWDWHGH
656UHGXFHULVFXOFRQWDFWXOXLGLQWUHSDVDJHUL
FRPDQGăDDLUEDJXULORUHYDOXHD]ăGDWHIL]LFH
úLLQWHULRUXODXWRYHKLFXOXOXLvQFD]GHDFFL
LPSRUWDQWHSULYLQGGHFHOHUDUHDVDXDFFHOHUD
GHQW$FHVWDSRDWHGHDVHPHQHDVăUHGXFă
UHDDXWRYHKLFXOXOXLSUHFXP
HIHFWXOIRUĠHORUODFDUHVXQWVXSXúLSDVDJHULL
vQFD]GHDFFLGHQW =GXUDWă
=GLUHFĠLH
=DPSORDUH


 6LJXUDQĠDRFXSDQĠLORU
ÌQIXQFĠLHGHHYDOXDUHDDFHVWRUGDWHXQLWDWHD
GHFRPDQGăDDLUEDJXULORUGHFODQúHD]ăSUH
YHQWLYvQWLQ]ăWRDUHOHGHFHQWXUăvQSULPDID]ă
G ÌQWLQ]ăWRDUHOHGHFHQWXUăIDĠăSRWIL
GHFODQúDWHGRDUGDFăOLPELOHFHQWXULORUGH
6LJXUDQĠă
VLJXUDQĠăGLQVFDXQHOHIDĠăVXQWFXSODWH
FRUHFWvQFDWDUDPHOHGHEORFDUHDOHFHQWX
ULORUGHVLJXUDQĠă
'DFăH[LVWăRGHFHOHUDUHVDXDFFHOHUDUHD
DXWRYHKLFXOXOXLúLPDLPDUHvQGLUHFĠLHORQJL
WXGLQDOăDLUEDJXULOHIURQWDOHVXQWGHDVHPH
QHDGHFODQúDWH
$XWRYHKLFXOXOGXPQHDYRDVWUăGLVSXQHGHDLU
EDJXULIURQWDOHDGDSWLYHvQGRXăID]H8QLWD
WHDGHFRPDQGăDDLUEDJXULORUHYDOXHD]ă
GHFHOHUDUHDVDXDFFHOHUDUHDDXWRYHKLFXOXOXL
vQFD]GHFROL]LXQHÌQSULPDID]ăGHGHFODQ
úDUHDLUEDJXOIURQWDOHVWHXPSOXWFXGHVWXO
JD]SURSXOVRUSHQWUXDUHGXFHSHULFROXOGH
UăQLUH$LUEDJXOIURQWDOHVWHFRPSOHWGHFODQ
úDWGDFăXQDOGRLOHDSUDJGHGHFODQúDUHHVWH
GHSăúLWvQGHFXUVGHFkWHYDPLOLVHFXQGH
3UDJXULOHvQWLQ]ăWRUXOXLFHQWXULLúLDOH
GHFODQúăULLDLUEDJXOXLVXQWYDULDELOHúLVXQW
DGDSWDWHODYLWH]DGHGHFHOHUDUHVDXDFFHOH
UDUHDDXWRYHKLFXOXOXL$FHVWSURFHVHVWHGH
QDWXUăSUHYHQWLYă3URFHVXOGHGHFODQúDUH
WUHEXLHVăVHHIHFWXH]HvQWLPSXWLOODvQFHSX
WXOFROL]LXQLL
G $LUEDJXULOHQXVXQWGHFODQúDWHvQWRDWH
WLSXULOHGHDFFLGHQWH'HDVHPHQHDQX
WRDWHDLUEDJXULOHVXQWGHFODQúDWHvPSUHXQă
ODXQDFFLGHQW6LVWHPHOHGHDLUEDJXULGLIH
ULWHIXQFĠLRQHD]ăLQGHSHQGHQWXQXOGH
FHOăODOW
0RGXOGHIXQFĠLRQDUHDOVLVWHPXOXLGHDLU
EDJXULHVWHGHWHUPLQDWGHJUDYLWDWHDFROL
]LXQLLGHWHFWDWHPDLDOHVGHGHFHOHUDUHD
VDXDFFHOHUDUHDDXWRYHKLFXOXOXLúLGHWLSXO
DSDUHQWGHDFFLGHQW SHULFROSHQWUXVăQăWDWH/DPSDGHDYHUWL]DUH
=FROL]LXQHIURQWDOă
=LPSDFWODWHUDO
=LPSDFWGLQVSDWH
9LWH]DGHGHFHOHUDUHVDXDFFHOHUDUHDDXWR
YHKLFXOXOXLúLGLUHFĠLDIRUĠHLVXQWvQSULQFLSLX
GHWHUPLQDWHGH
=GLVWULEXĠLDIRUĠHORUvQWLPSXOFROL]LXQLL
=XQJKLXOFROL]LXQLL
=FDUDFWHULVWLFLOHGHGHIRUPDUHDOHDXWRYHKL
FXOXOXL
=FDUDFWHULVWLFLOHRELHFWXOXLFXFDUHDLQWUDWvQ
FROL]LXQHDXWRYHKLFXOXO
)DFWRULLFDUHSRWGRDUILYă]XĠLúLPăVXUDĠL
GXSăVXUYHQLUHDXQHLFROL]LXQLQXDXXQURO
GHFLVLYvQGHFODQúDUHDDLUEDJXOXLúLQXRIHUăR
LQGLFDĠLHSULYLQGGHFODQúDUHDDLUEDJXOXL
$XWRYHKLFXOXOSRDWHVXIHULGHIRUPăULVHPQL
ILFDWLYHGHH[ODFDSRWăVDXODDULSăIăUăFD
XQDLUEDJVăILHGHFODQúDW$FHDVWăVLWXDĠLH
DSDUHGDFăQXPDLSăUĠLOHUHODWLYXúRUGHIRU
PDELOHVXQWDIHFWDWHúLYLWH]DGHGHFHOHUDUH
QXHVWHPDUH3HGHDOWăSDUWHDLUEDJXULOHSRW
ILGHFODQúDWHúLGDFăDXWRYHKLFXOXOVXIHUă
QXPDLGHIRUPăULPLQRUH/XFUXULOHVWDXDVWIHO
vQFD]XOvQFDUHGHH[HPSOXSăUĠLOHIRDUWH
ULJLGHDOHDXWRYHKLFXOXOXLFXPDUILHOHPHQWH
ORQJLWXGLQDOHDOHFDURVHULHLVXQWORYLWHLDU
GHFHOHUDUHDVXUYHQLWăGUHSWXUPDUHHVWHVXIL
FLHQWă
$LUEDJXUL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
'HFODQúDUHDDLUEDJXOXLvQFHWLQHúWHúLOLPL
WHD]ăGHSODVDUHDSDVDJHUXOXLDXWRYHKLFXOX
OXL
'DFăDLUEDJXULOHVXQWGHFODQúDWHYHĠLDX]LR
H[SOR]LHúLHVWHSRVLELOVăVHGHJDMH]HúLR
PLFăFDQWLWDWHGHSXOEHUH=JRPRWXOGHH[SOR
]LHDIHFWHD]ăDX]XOGRDUvQVLWXDĠLLUDUH'H
UHJXOăSXOEHUHDGHJDMDWăQXFRQVWLWXLHXQ
656uVHDSULQGH
3XQFWHOHGHLQVWDODUHDDLUEDJXULORUVXQWLGHQ
WLILFDWHSULQVLPEROXO$,5%$*
 6LJXUDQĠDRFXSDQĠLORU 

 $9(57,60(17 *(5$,5%$*2))$,5%$*3$6$*(5

$LUEDJXULOHRIHUăXQJUDGVXSOLPHQWDUGHSUR
WHFĠLHDFHVWHDQXVXQWFXWRDWHDFHVWHDXQ
vQORFXLWRUSHQWUXFHQWXULOHGHVLJXUDQĠă
5HVSHFWDĠLXUPăWRDUHOHQRWHSHQWUXDUHGXFH
ULVFXOGHUăQLJUDYHVDXFKLDUIDWDOHSURYRFDWH
GHGHFODQúDUHDDLUEDJXOXL UHWHQĠLHSHQWUXFRSLLRULHQWDWVSUHVSDWHQX
=WRĠLSDVDJHULLDXWRYHKLFXOXOXL±vQVSHFLDO
IHPHLOHvQVăUFLQDWH±WUHEXLHVăSRDUWH
vQWRWGHDXQDFRUHFWFHQWXUDGHVLJXUDQĠăúL
VăVHVSULMLQHGHVSăWDUFDUHWUHEXLHSR]L
ĠLRQDWFkWPDLDSURDSHGHYHUWLFDOă&DSXO
WUHEXLHVăVHSRDWăVSULMLQLSHWHWLHUăDSUR
[LPDWLYODQLYHOXORFKLORU
=IL[DĠLvQWRWGHDXQDFRSLLLPDLPLFLGHP
úLVXEDQLvQVLVWHPHGHUHWHQĠLHSHQWUX
FRSLLDGHFYDWH
=WRĠLSDVDJHULLDXWRYHKLFXOXOXLWUHEXLHVă
VHOHFWH]HRSR]LĠLHDVFDXQXOXLFkWPDL
vQGHSăUWDWăGHDLUEDJSRVLELO3R]LĠLDVFDX
QXOXLúRIHUXOXLWUHEXLHVăSHUPLWăFRQGXFH
UHDDXWRYHKLFXOXOXLvQVLJXUDQĠă3LHSWXO
úRIHUXOXLWUHEXLHVăILHFkWPDLGHSDUWHSRVL
ELOGHFHQWUXOFDSDFXOXLDLUEDJXOXLúRIHUXOXL
=GHSODVDĠLVFDXQXOSDVDJHUXOXLIDĠăFkWPDL
vQDSRLSRVLELO$FHDVWăDILUPDĠLHHVWH
LPSRUWDQWăPDLDOHVGDFăDĠLIL[DWXQFRSLO
vQVLVWHPXOGHUHWHQĠLHSHQWUXFRSLLGHSH
VFDXQXOSDVDJHUXOXLIDĠă
=SDVDJHULLDXWRYHKLFXOXOXL±úLPDLDOHVFRSLLL
±QXWUHEXLHVăúLĠLQăFDSHWHOHvQ]RQDJHD
PXOXLvQFDUHVHGHFODQúHD]ăDLUEDJXOODWH
UDODLUEDJXOWLSFRUWLQă
=VLVWHPHOHGHUHWHQĠLHSHQWUXFRSLLRULHQWDWH
VSUHVSDWHQXWUHEXLHVăILHIL[DWHSHVFDX
QXOSDVDJHUXOXLIDĠăGHFkWGDFăDLUEDJXO
SHQWUXSDVDJHUXOIDĠăDIRVWGH]DFWLYDW/D
VFDXQXOSDVDJHUXOXLIDĠăDLUEDJXOSDVDJH
UXOXLIDĠăHVWHGH]DFWLYDWGDFăXQVLVWHPGH
UHWHQĠLHSHQWUXFRSLLFXWUDQVSRQGHUSHQWUX
UHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQ
WUXFRSLOHVWHPRQWDWSHVFDXQXOSDVDJHUX
OXLIDĠăvQWUXQDXWRYHKLFXOGRWDWFXUHFX
QRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUX
FRSLO/DPSDLQGLFDWRDUHs3$66(1
235,7WUHEXLHVăILHFRQVWDQWDSULQVă
'DFăVFDXQXOSDVDJHUXOXLIDĠăGLQDXWRYH
KLFXOXOGXPQHDYRDVWUăQXGLVSXQHGHUHFX
QRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUX
6LJXUDQĠă
FRSLOVDXGDFăVLVWHPXOGXPQHDYRDVWUăGH
GLVSXQHGHUHFXQRDúWHUHDDXWRPDWăD
VFDXQXOXLSHQWUXFRSLOFRSLLLWUHEXLHVăILH
IL[DĠLvQWUXQVLVWHPGHUHWHQĠLHSHQWUXFRSLL
SHXQVFDXQDGHFYDWGLQVSDWH'DFăIL[DĠL
XQVLVWHPGHUHWHQĠLHSHQWUXFRSLLRULHQWDW
VSUHIDĠăvQVFDXQXOSDVDJHUXOXLIDĠăWUH
EXLHVăGHSODVDĠLVFDXQXOSDVDJHUXOXLIDĠă
FkWPDLPXOWvQVSDWHSRVLELO
=$VLJXUDĠLYăFăQXDYHĠLQLFLXQRELHFWJUHX
VDXDVFXĠLWvQEX]XQDUHOHKDLQHORU
=QXYăvQFOLQDĠLvQDLQWHGHH[SHVWHFDSDFXO
DLUEDJXOXLúRIHUXOXLSDVDJHUXOXLIDĠă
vQGHRVHELFkQGDXWRYHKLFXOXOHVWHvQPLú
FDUH
=QXYăSXQHĠLSLFLRDUHOHSHSODQúDGHERUG
=PDQHYUDĠLYRODQXOQXPDLGHH[WHULRU$VWIHO
SHUPLWHĠLGHVIăúXUDUHDFRPSOHWăDDLUEDJX
OXL(VWHSRVLELOVăVXIHULĠLUăQLGDFăDLUEDJXO
HVWHGHFODQúDWúLGXPQHDYRDVWUăĠLQHĠL
YRODQXOGHLQWHULRU
=QXYăVSULMLQLĠLGHSRUWLHUHFkQGYăDIODĠLvQ
LQWHULRUXODXWRYHKLFXOXOXL
=DVLJXUDĠLYăFăQXH[LVWăQLFLRSHUVRDQă
DQLPDOVDXRELHFWvQWUHSDVDJHULLDXWRYHKL
FXOXOXLúL]RQDvQFDUHVHGHFODQúHD]ăDLU
EDJXULOH
=QXDPSODVDĠLRELHFWHvQWUHVSăWDUXOVFDX
QXOXLúLSRUWLHUă
=QXVXVSHQGDĠLRELHFWHGXUHGHH[HPSOX
XPHUDúHGHPkQHUHOHGHVXVĠLQHUHVDXGH
FkUOLJHOHSHQWUXKDLQH
=1XSXQHĠLDFFHVRULLGHH[VXSRUWXULSHQWUX
SDKDUHSHSRUWLHUH
QXVHSRDWHHOLPLQDvQWRWDOLWDWHSHULFROXOGH
UăQLUHSURYRFDWGHDLUEDJXULGLQFDX]DYLWH]HL
ULGLFDWHODFDUHDLUEDJXOWUHEXLHVăILHGHFODQ
úDW
 6LJXUDQĠDRFXSDQĠLORU

 $9(57,60(17
)XQFĠLRQDUHDDLUEDJXULORUSRDWHILDVLJXUDWă
QXPDLGDFăXUPăWRDUHOHSăUĠLQXVXQWDFRSH
ULWHúLQXVXQWIL[DWHHPEOHPHVDXHWLFKHWH
DXWRFRODQWHSHHOH
6LJXUDQĠă

=SRUĠLXQHDFDSLWRQDWăDYRODQXOXL
=FDSDFSHQWUXDLUEDJXOSHQWUXJHQXQFKLVXE
FRORDQDGHGLUHFĠLH
=FDSDFXODLUEDJXOXLSDVDJHUXOXLIDĠă
=SDUWHDH[WHULRDUăDSHUQHORUGHVFDXQIDĠă
=RUQDPHQWODWHUDOOkQJăVSăWDUXOVFDXQXOXL
VSDWH
=FDSDFXOFDGUXOXLGHSDYLOLRQGLQWUHVWkOSXO
$IDĠăúLVWkOSXO&GLQFRPSDUWLPHQWXOVSDWH
 3HULFROGHUăQLUH
ÌQWLPSXOXPIOăULLDLUEDJXULORUHVWHHOLEHUDWăR
FDQWLWDWHPLFăGHSUDI(VWHSRVLELOFDSUDIXO
VăFDX]H]HGLILFXOWăĠLWHPSRUDUHGHUHVSLUDĠLH
SHUVRDQHORUEROQDYHGHDVWPVDXFXSUREOHPH
UHVSLUDWRULL
3HQWUXHYLWDUHDHYHQWXDOHORUGLILFXOWăĠLUHVSL
UDWRULLHVWHUHFRPDQGDWVăSăUăVLĠLDXWRYHKL
FXOXOLPHGLDWFHSXWHĠLUHDOL]DDFHVWOXFUX'H
DVHPHQHDSXWHĠLGHVFKLGHXQJHDPSHQWUXD
SHUPLWHLQWUDUHDDHUXOXLSURDVSăWvQKDELWDFOX
3UDIXOQXHVWHSHULFXORVSHQWUXVăQăWDWHúLQX
LQGLFăSUH]HQĠDXQXLLQFHQGLXvQDXWRYHKLFXO
$LUEDJXOúRIHUXOXLCVHGHFODQúHD]ăvQIDĠD
YRODQXOXLDLUEDJXOSDVDJHUXOXLIDĠăDVH
GHFODQúHD]ăvQIDĠDúLGHDVXSUDWRUSHGRXOXL
$FHVWHDVXQWGHFODQúDWH
=ODvQFHSXWXOXQXLDFFLGHQWFXRGHFHOHUDUH
VDXDFFHOHUDUHDDXWRYHKLFXOXOXLULGLFDWă
SHGLUHFĠLHORQJLWXGLQDOă
=GDFăVLVWHPXOVWDELOHúWHFăGHFODQúDUHD
DLUEDJXOXLSRDWHRIHULRSURWHFĠLHVXSOLPHQ
WDUăIDĠăGHFHDRIHULWăGHFHQWXUDGHVLJX
UDQĠă
=GDFăFHQWXUDGHVLJXUDQĠăHVWHSULQVă
=LQGHSHQGHQWGHDOWHDLUEDJXULGLQDXWRYH
KLFXO
$LUEDJXOSDVDJHUXOXLIDĠăDHVWHDFWLYDWGRDU
GDFăVLVWHPXOVWDELOHúWHFăVFDXQXOSDVDJH
UXOXLIDĠăHVWHRFXSDW/DPSDLQGLFDWRDUH
3$66(1*(5$,5%$*2))$,5%$*3$6$*(5
235,7sGHSHFRQVRODFHQWUDOăQXHVWH
 $9(57,60(17
&RPSRQHQWHOHDLUEDJXOXLVHvQFLQJGXSăFH
DLUEDJXODIRVWGHFODQúDW(YLWDĠLDWLQJHUHD
DFHVWRUDvQFD]FRQWUDUHVWHSRVLELOVăVXIHULĠL
DUVXUL
6ROLFLWDĠLvQORFXLUHDDLUEDJXULORUODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DWÌQFD]FRQWUDUSDVD
JHULLQXVXQWSURWHMDĠLGHDLUEDJXULvQHYHQWXD
OLWDWHDSURGXFHULLXQXLQRXDFFLGHQW
$LUEDJXULIURQWDOH
$LUEDJXULOHIURQWDOHPăUHVFSURWHFĠLDFDSXOXL
úLSLHSWXOXLúRIHUXOXLúLSDVDJHUXOXLIDĠă
DSULQVă3DJLQD$VWIHOVHLQGLFăIDS
WXOFăXQVLVWHPGHUHWHQĠLHSHQWUXFRSLLIăUă
UHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUX
FRSLODIRVWPRQWDWVDXFăXQVLVWHPGHUHWHQ
ĠLHSHQWUXFRSLLFXUHFXQRDúWHUHDDXWRPDWăD
VFDXQXOXLSHQWUXFRSLOHVWHPRQWDWLQFRUHFW
 1XDúH]DĠLRELHFWHJUHOHSHVFDXQXOSDVD
JHUXOXLIDĠă6LVWHPXOSRDWHGHWHFWDDVWIHO
GDFăVFDXQXOHVWHRFXSDWúLGDFăH[LVWăXQ
DFFLGHQWVLVWHPHOHGHUHWHQĠLHGHSHSDU
WHDSDVDJHUXOXLIDĠăDUSXWHDILGHFODQúDWH
6ROLFLWDĠLvQORFXLUHDVLVWHPHORUGHVLJXUDQĠă
GHFODQúDWH

$LUEDJSHQWUXJHQXQFKLLúRIHUXOXL
G $LUEDJXOSHQWUXJHQXQFKLLúRIHUXOXLHVWH
GLVSRQLELOQXPDLvQDQXPLWHĠăUL
$LUEDJXOSHQWUXJHQXQFKLLúRIHUXOXLFUHúWH
SURWHFĠLDúRIHUXOXLFRQWUD
=UăQLORUODJHQXQFKL
=UăQLORUODFRDSVă
=UăQLORUODSDUWHDLQIHULRDUăDSLFLRUXOXL
$LUEDJXOSHQWUXJHQXQFKLLúRIHUXOXLCHVWH
vQWRWGHDXQDGHFODQúDWRGDWăFXDLUEDJXOúRIH
UXOXLúLVHXPIOăVXEFRORDQDGHGLUHFĠLH
$LUEDJXULODWHUDOH
 $9(57,60(17
'DFăGRULĠLVăXWLOL]DĠLKXVHOHGHVFDXQ0HU
FHGHV%HQ]YăUHFRPDQGăFDGLQPRWLYHGH
VLJXUDQĠăVăXWLOL]DĠLQXPDLKXVHGHVFDXQ
DSUREDWHSHQWUXDXWRYHKLFXOHOH0HUFHGHV
%HQ]
+XVHOHVFDXQHORUWUHEXLHVăGLVSXQăGHR
FXVăWXUăGHUXSHUHVSHFLDOăSHQWUXDLUEDJX
ULOHODWHUDOHSHQWUXED]LQÌQFD]FRQWUDUDLU
EDJXULOHODWHUDOHSHQWUXED]LQQXVHSRW
GHFODQúDFRUHFWúLQXYRURIHULJUDGXOGHSUR
WHFĠLHSUHYă]XWvQFD]GHDFFLGHQW+XVHOH
FRUHVSXQ]ăWRDUHDOHVFDXQHORUSRWILREĠLQXWH
GHH[HPSOXGHODXQ&HQWUXGHVHUYLFH0HU
FHGHV%HQ]
6LJXUDQĠDRFXSDQĠLORU 
&kQGVXQWGHFODQúDWHDLUEDJXULOHODWHUDOH
RIHUăRSURWHFĠLHVXSOLPHQWDUăDWRUDFHOXL
SDVDJHULORUDXWRYHKLFXOXOXLGHSHSDUWHDDXWR
YHKLFXOXOXLXQGHVXUYLQHLPSDFWXO&XWRDWH
DFHVWHDHOHQXSURWHMHD]ă
6LJXUDQĠă
=FDSXO
=JkWXO
=EUDĠHOH
$LUEDJXULOHODWHUDOHIURQWDOHCúLDLUEDJXULOH
ODWHUDOHVSDWHDVHGHFODQúHD]ăOkQJăSHU
QHOHVFDXQHORUH[WHULRDUH
$LUEDJXULOHODWHUDOHVXQWGHFODQúDWH
=SHODWHUDODSHFDUHVXUYLQHXQLPSDFW
=ODvQFHSXWXOXQXLDFFLGHQWFXRGHFHOHUDUH
VDXDFFHOHUDUHODWHUDOăDDXWRYHKLFXOXOXL
ULGLFDWăGHH[vQWUXQLPSDFWODWHUDO
=LQGHSHQGHQWGHXWLOL]DUHDFHQWXULLGHVLJX
UDQĠă
=LQGHSHQGHQWGHDLUEDJXULOHIURQWDOH
=LQGHSHQGHQWGHvQWLQ]ăWRDUHOHGHFHQWXUă
$LUEDJSHQWUXED]LQ
G $LUEDJXULOHSHQWUXED]LQVXQWGLVSRQLELOH
QXPDLvQDQXPLWHĠăUL
 $9(57,60(17
'DFăGRULĠLVăXWLOL]DĠLKXVHOHGHVFDXQ0HU
FHGHV%HQ]YăUHFRPDQGăFDGLQPRWLYHGH
VLJXUDQĠăVăXWLOL]DĠLQXPDLKXVHGHVFDXQ
DSUREDWHSHQWUXDXWRYHKLFXOHOH0HUFHGHV
%HQ]
+XVHOHVFDXQHORUWUHEXLHVăGLVSXQăGHR
FXVăWXUăGHUXSHUHVSHFLDOăSHQWUXDLUEDJX
 6LJXUDQĠDRFXSDQĠLORU

ULOHODWHUDOHSHQWUXED]LQÌQFD]FRQWUDUDLU
EDJXULOHODWHUDOHSHQWUXED]LQQXVHSRW
GHFODQúDFRUHFWúLQXYRURIHULJUDGXOGHSUR
WHFĠLHSUHYă]XWvQFD]GHDFFLGHQW+XVHOH
FRUHVSXQ]ăWRDUHDOHVFDXQHORUSRWILREĠLQXWH
6LJXUDQĠă

GHH[HPSOXGHODXQ&HQWUXGHVHUYLFH0HU
FHGHV%HQ]

'HFODQúDUHDDLUEDJXULORUSHQWUXED]LQFUHúWH
QLYHOXOGHSURWHFĠLHDOSDVDJHULORUDXWRYHKL
FXOXOXLSHSDUWHDDXWRYHKLFXOXOXLSHFDUHVXU
YLQHLPSDFWXO
$LUEDJXULOHWLSFRUWLQăCVXQWGHFODQúDWH
=SHODWHUDODSHFDUHVXUYLQHXQLPSDFW
=ODvQFHSXWXOXQXLDFFLGHQWFXRGHFHOHUDUH
VDXDFFHOHUDUHODWHUDOăDDXWRYHKLFXOXOXL
ULGLFDWăGHH[vQWUXQLPSDFWODWHUDO
=LQGLIHUHQWGDFăVFDXQXOSDVDJHUXOXLIDĠă
HVWHRFXSDW
=LQGHSHQGHQWGHXWLOL]DUHDFHQWXULLGHVLJX
UDQĠă
=LQGHSHQGHQWGHDLUEDJXULOHIURQWDOH

$LUEDJXULOHSHQWUXED]LQCVHGHFODQúHD]ă
OkQJăúLVXESHUQHOHVFDXQHORUH[WHULRDUH 35(6$)(ŠSURWHFĠLHSUHYHQWLYăD
$FHVWHDVXQWGHFODQúDWH SDVDJHULORU
=SHODWHUDODSHFDUHVXUYLQHXQLPSDFW
=ODvQFHSXWXOXQXLDFFLGHQWFXRGHFHOHUDUH
VDXDFFHOHUDUHODWHUDOăDDXWRYHKLFXOXOXL
ULGLFDWăGHH[vQWUXQLPSDFWODWHUDO
=LQGHSHQGHQWGHXWLOL]DUHDFHQWXULLGHVLJX
UDQĠă
=LQGHSHQGHQWGHDLUEDJXULOHIURQWDOH
=LQGHSHQGHQWGHvQWLQ]ăWRDUHOHGHFHQWXUă
$LUEDJXULWLSFRUWLQă

35(6$)(ŠLDPăVXULSUHYHQWLYHSHQWUXDSUR
WHMDSDVDJHULLvQDQXPLWHVLWXDĠLLSHULFXORDVH
35(6$)(ŠLQWHUYLQH
=vQVLWXDĠLLGHIUkQDUHGHXUJHQĠăGHH[GDFă
%$6HVWHDFWLYDWVDXODDXWRYHKLFXOHFX
',67521,&3/86%$63/86LQWHUYLQHvQ
IRUĠă
=GDFăVLVWHPXOGHVHQ]RULUDGDUGHWHFWHD]ă
XQSHULFROLPLQHQWGHFROL]LXQHvQDQXPLWH
VLWXDĠLLODDXWRYHKLFXOHFX',67521,&
$LUEDJXULOHWLSFRUWLQăVSRUHVFQLYHOXOGHSUR 3/86
=vQVLWXDĠLLGHFRQGXFHUHFULWLFHGHH[FkQG
WHFĠLHSHQWUXFDSvQVăQXúLSHQWUXSLHSWXO
VDXEUDĠHOHSDVDJHULORUDXWRYHKLFXOXOXLGHSH VXQWGHSăúLWHOLPLWHOHIL]LFHLDUDXWRYHKL
SDUWHDDXWRYHKLFXOXOXLSHFDUHVXUYLQHLPSDF FXOXOVXEYLUHD]ăVDXVXSUDYLUHD]ăSXWHUQLF
WXO
$LUEDJXULOHWLSFRUWLQăVXQWLQWHJUDWHvQODWH
UDODFDGUXOXLSDYLOLRQXOXLúLVHGHFODQúHD]ăvQ
]RQDGHODSRUWLHUDIDĠăVWkOSXO$ODSHUHWHOH
ODWHUDOVSDWHVWkOSXO&
 6LJXUDQĠDRFXSDQĠLORU 

35(6$)(ŠLDXUPăWRDUHOHPăVXULvQIXQFĠLH  $9(57,60(17
GHVLWXDĠLDSHULFXORDVăGHWHFWDWă 8WLOL]DĠLGRDUKXVHSHQWUXWHWLHUăFDUHDXIRVW
=FHQWXULOHGHVLJXUDQĠăIDĠăVXQWSUHWHQVLR WHVWDWHúLDSUREDWHGH0HUFHGHV%HQ]SHQWUX
QDWH PRGHOXOGXPQHDYRDVWUăGHDXWRYHKLFXO
=DXWRYHKLFXOHFXIXQFĠLHGHPHPRUDUH 8WLOL]DUHDXQRUKXVHSHQWUXWHWLHUăQHDSUR

UHJOHD]ăVFDXQXOSDVDJHUXOXLIDĠăGDFă
DFHVWDHVWHvQWURSR]LĠLHQHIDYRUDELOă
=GDFăDXWRYHKLFXOGHUDSHD]ăWUDSDJOLVDQWă
SDQRUDPLFăúLJHDPXULOHODWHUDOHVHvQFKLG
DúDvQFkWUăPkQHGRDURPLFăGHVFKL]ăWXUă
'DFăVLWXDĠLDSHULFXORDVăWUHFHIăUăVăVHSUR
GXFăXQDFFLGHQW35(6$)(ŠVOăEHúWHSUH
WHQVLRQDUHDFHQWXULL7RDWHVHWăULOHIăFXWHGH
35(6$)(ŠSRWILDSRLLQYHUVDWH
6LJXUDQĠă
EDWHDUSXWHDvPSLHGLFDGHFODQúDUHDFRUHFWă
DWHWLHUHORU1(&.3523ULQXUPDUHWHWLHUHOH
1(&.352QXSRWDVLJXUDQLYHOXOGHSURWHFĠLH
LQWHQĠLRQDW
ÌQWUHEDĠLODXQ&HQWUXGH6HUYLFH0HUFHGHV
%HQ]GDFăVXQWGLVSRQLELOH
'DFăWHWLHUHOH1(&.352DXIRVWGHFODQúDWH
vQWUXQDFFLGHQWUHVHWDĠLWHWLHUHOH1(&.352
GHODVFDXQXOúRIHUXOXLúLGHODVFDXQXOSDVD
'DFăFHQWXULOHGHVLJXUDQĠăQXVXQWHOLEHUDWH JHUXOXLIDĠă3DJLQDÌQFD]FRQWUDUQX
 'HSODVDĠLVSăWDUXOVDXVFDXQXOvQFHWvQDSRL YDILGLVSRQLELOăRSURWHFĠLHVXSOLPHQWDUăvQ
GDUQXPDLFkQGDXWRYHKLFXOXOVWDĠLRQHD]ă FD]XOXQHLDOWHFROL]LXQLGLQVSDWH3XWHĠLVăYă
3UHWHQVLRQDUHDFHQWXULLHVWHUHGXVăLDU GDĠLVHDPDFkQGWHWLHUHOH1(&.352DXIRVW
PHFDQLVPXOGHEORFDUHHVWHHOLEHUDW GHFODQúDWHGHRDUHFHVDXGHSODVDWvQIDĠăúL
QXPDLSRWILUHJODWH
 $9(57,60(17
&kQGUHJODĠLVFDXQXODVLJXUDĠLYăFăQXSRDWH
UăPkQHQLPHQLSULQVvQWUHHOHPHQWH 5HVHWDUHDWHWLHUHORU1(&.352
GHFODQúDWH
 $VLJXUDĠLYăFăQXVHDIOăRELHFWHvQVSD
ÌQXUPDXQHLFROL]LXQLGLQVSDWH0HUFHGHV
ĠLXOSHQWUXSLFLRDUHVDXvQVSDWHOHVFDXQHORU
%HQ]YăUHFRPDQGăVăVROLFLWDĠLYHULILFDUHD
FkQGGHSODVDĠLVFDXQXOvQDSRL([LVWăULVFXO
WHWLHUHORU1(&.352ODXQDWHOLHUGHVSHFLDOL
FDVFDXQHOHúLVDXRELHFWHOHVăVXIHUH
WDWHDXWRUL]DWGHH[ODXQ&HQWUXGHVHUYLFH
GHWHULRUăUL
0HUFHGHV%HQ]
0DLPXOWHLQIRUPDĠLLSULYLQGUHJODUHDFHQWXULL
G 5HVHWDUHDWHWLHUHORU1(&.352QHFHVLWă
GHVLJXUDQĠăRIXQFĠLHGHFRQIRUWLQWHJUDWăvQ
PXOWăIRUĠă'DFăvQWkPSLQDĠLGLILFXOWăĠLOD
35(6$)(ŠSRWILJăVLWHvQVHFĠLXQHD5HJOD
UHVHWDUHDWHWLHUHORU1(&.352VROLFLWDĠL
UHDFHQWXULLGHVLJXUDQĠă3DJLQD
HIHFWXDUHDDFHVWHLLQWHUYHQĠLLODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DWGHH[ODXQ&HQ
WUXGHVHUYLFH0HUFHGHV%HQ]
7HWLHUH1(&.352
7HWLHUHOH1(&.352VSRUHVFSURWHFĠLDFDSX
OXLúLJkWXOXLúRIHUXOXLSUHFXPúLDOHSDVDJH
UXOXLIDĠăÌQDFHVWVFRSWHWLHUHOH1(&.352
GHODVFDXQXOúRIHUXOXLúLGHODVFDXQXOSDVD
JHUXOXLIDĠăVXQWGHSODVDWHvQDLQWHúLvQVXVvQ
FD]XOXQHLFROL]LXQLGLQVSDWHGHRDQXPLWă
LQWHQVLWDWH$FHVWOXFUXIXUQL]HD]ăRPDLEXQă
VXVĠLQHUHDFDSXOXL


 6LJXUDQĠDRFXSDQĠLORU

UăVXFLWă'HDFHHDYăUHFRPDQGăPVăHYL
WDĠLSXUWDUHDGHKDLQHYROXPLQRDVHGH
6LJXUDQĠă
 ÌQFOLQDĠLSDUWHDVXSHULRDUăDSHUQHLWHWLHUHL
1(&.352vQDLQWHvQGLUHFĠLDLQGLFDWăGH
VăJHDWDC
 ÌPSLQJHĠLSHUQDWHWLHUHL1(&.352vQMRVvQ
GLUHFĠLDLQGLFDWăGHVăJHDWDDSkQăOD
FDSăW
 ÌPSLQJHĠLIHUPSHUQDWHWLHUHL1(&.352
vQDSRLvQGLUHFĠLDLQGLFDWăGHVăJHDWD‡
SkQăFHSHUQDVHDQJUHQHD]ă
 5HSHWDĠLDFHDVWăSURFHGXUăúLODDGRXD
WHWLHUă1(&.352
&HQWXULGHVLJXUDQĠă
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
&HQWXULOHGHVLJXUDQĠăVXQWFHOHPDLHILFLHQWH
PLMORDFHGHOLPLWDUHDGHSODVăULLSDVDJHULORU
vQHYHQWXDOLWDWHDXQXLDFFLGHQW$FHVWOXFUX
UHGXFHULVFXOFDSDVDJHULLGLQDXWRYHKLFXOVă
VHORYHDVFăGHSăUĠLOHDIODWHvQLQWHULRUXODXWR
YHKLFXOXOXL
 $9(57,60(17
2FHQWXUăGHVLJXUDQĠăQHSXUWDWăFRUHFWVDX
FDUHQXDIRVWFXSODWăFRUHFWvQFDWDUDPDGH
EORFDUHDFHQWXULLGHVLJXUDQĠăQXvúLSRDWH
DVLJXUDIXQFĠLDGHSURWHFĠLHSUHYă]XWăÌQDQX
PLWHVLWXDĠLLDFHDVWDDUSXWHDFDX]DUăQLUL
JUDYHVDXFKLDUGHFHVXOvQFD]GHDFFLGHQW
$VLJXUDĠLYăFăWRĠLSDVDJHULL±vQVSHFLDO
IHPHLOHvQVăUFLQDWH±SRDUWăvQWRWGHDXQD
FRUHFWFHQWXUDGHVLJXUDQĠă
=&HQWXUDGHVLJXUDQĠăWUHEXLHVăILHXúRU
WHQVLRQDWăSHFRUSúLWUHEXLHVăQXILH
H[HPSOXKDLQHGHLDUQă3RUĠLXQHDSHQWUX
XPăUDFHQWXULLGHVLJXUDQĠăWUHEXLHWUHFXWă
SHVWHPLMORFXOXPăUXOXLvQQLFLXQFD]SHVWH
JkWVDXSHVXEEUDĠúLWUHEXLHIL[DWăVWUkQV
SHVWHWRUDFH3RUĠLXQHDSHQWUXED]LQWUH
EXLHVăWUHDFăSHVWHúROGXULFkWPDLMRV
SRVLELOUHVSHFWLYSHVWHDUWLFXODĠLLOHúROGXUL
ORUúLQXSHVWHDEGRPHQ'DFăHVWHQHFH
VDUWUDJHĠLXúRUFHQWXUDvQMRVúLVWUkQJHĠL
RGLQQRXvQVHQVXOGHUXODUH
=1XWUHFHĠLFHQWXUDGHVLJXUDQĠăSHVWH
RELHFWHIUDJLOHVDXDVFXĠLWHPDLDOHVGDFă
DFHVWHDVXQWDPSODVDWHSHVDXvQ
vPEUăFăPLQWHGHH[HPSOXSHVWHRFKHODUL
LQVWUXPHQWHGHVFULVFKHLHWF&HQWXUD
SRDWHILGHWHULRUDWăLDUvQFD]XOXQXLDFFL
GHQWVHSRDWHUXSHúLSDVDJHULLDXWRYHKLFX
OXOXLSRWVXIHULOH]LXQL
=&HQWXUDGHVLJXUDQĠăWUHEXLHSXUWDWăQXPDL
GHRVLQJXUăSHUVRDQăODXQPRPHQWGDW
&RSLLLQXWUHEXLHVăFăOăWRUHDVFăQLFLRGDWă
vQEUDĠHOHDOWXLSDVDJHU5HWHQĠLDDFHVWRUD
QXPDLHVWHSRVLELOăvQFD]XOVFKLPEăULORU
EUXúWHGHGLUHFĠLHDOIUkQăULLSXWHUQLFHVDX
DOXQXLDFFLGHQW$FHVWHVLWXDĠLLSRWGHWHU
PLQDDFFLGHQWDUHDJUDYăVDXFKLDUIDWDOăD
FRSLOXOXLúLDDOWRUSDVDJHUL
=3HUVRDQHOHFXvQăOĠLPHDVXEPQXSRW
SXUWDFRUHFWFHQWXUDGHVLJXUDQĠă'LQ
DFHVWPRWLYSURWHFĠLDSHUVRDQHORUFXvQăOĠL
PHDVXEPWUHEXLHDVLJXUDWăSULQLQWHU
PHGLXOXQRUVLVWHPHGHUHWHQĠLHDGHFYDWH
=&RSLLLFXvQăOĠLPHDVXEPVDXFXYkUVWD
VXEDQLQXSRWSXUWDFRUHFWFHQWXUDGH
VLJXUDQĠă3ULQXUPDUHDFHúWLDWUHEXLHDúH
]DĠLvQVLVWHPHGHUHWHQĠLHDGHFYDWHSHQWUX
FRSLLLQVWDODWHSHXQVFDXQDGHFYDWGLQ
DXWRYHKLFXO3XWHĠLJăVLPDLPXOWHLQIRUPD
ĠLLvQVXEFDSLWROXOÄ3UH]HQĠDFRSLLORUODERUG´
GLQVHFĠLXQHDÄ6LJXUDQĠă´D0DQXDOXOXLGH
XWLOL]DUH3HQWUXPRQWDUHDVLVWHPXOXLGH
 6LJXUDQĠDRFXSDQĠLORU 

UHWHQĠLHSHQWUXFRSLLXUPDĠLLQVWUXFĠLXQLOH )L[DUHDFHQWXULORUGHVLJXUDQĠă
GHLQVWDODUHIXUQL]DWHGHSURGXFăWRU
=1XIL[DĠLQLFLRGDWăRELHFWHFXDMXWRUXOFHQ
WXULLGHVLJXUDQĠăGDFăDFHDVWDHVWHXWLOL
]DWăGHXQXOGLQWUHSDVDJHULLDXWRYHKLFXOX

6LJXUDQĠă
OXL

 $9(57,60(17
ÌQFD]XOvQFDUHVSăWDUXOQXHVWHvQSR]LĠLH
DSURDSHYHUWLFDOăFHQWXUDGHVLJXUDQĠăQX
RIHUăQLYHOXOGHSURWHFĠLHFRUHVSXQ]ăWRUÌQ
DQXPLWHVLWXDĠLLDFHDVWDDUSXWHDFDX]DUăQLUL
JUDYHVDXFKLDUGHFHVXOvQFD]GHDFFLGHQW
ÌQDLQWHGHvQFHSHUHDFăOăWRULHLDVLJXUDĠLYăFă
VFDXQXOHVWHUHJODWFRUHVSXQ]ăWRULDU
VSăWDUXOVHDIOăvQSR]LĠLHDSURDSHYHUWLFDOă

 $9(57,60(17  5HJODĠLVFDXQXOúLGHSODVDĠLVSăWDUXOvQSR]L
&HQWXULOHGHVLJXUDQĠăPXUGDUHVDXGHWHULR
UDWHSUHFXPúLFHOHFDUHDXIRVWVROLFLWDWH 
LQWHQVvQWUXQDFFLGHQWVDXDXIRVWPRGLILFDWH
QXPDLRIHUăQLYHOXOGHSURWHFĠLHFRUHV 
SXQ]ăWRUÌQDQXPLWHVLWXDĠLLDFHDVWDDUSXWHD
FDX]DUăQLULJUDYHVDXFKLDUGHFHVXOvQFD]GH
DFFLGHQW
'LQDFHVWPRWLYYHULILFDĠLSHULRGLFGDFăFHQ 
WXULOHGHVLJXUDQĠăVXQWGHWHULRUDWH
&HQWXULOHGHVLJXUDQĠăGHWHULRUDWHVDXFDUHDX
IRVWVROLFLWDWHLQWHQVvQWUXQDFFLGHQWWUHEXLH
vQORFXLWHGHXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW&RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWR
ĠLHDSURDSHYHUWLFDOă3DJLQD
7UDJHĠLFHQWXUDGHVLJXUDQĠăXQLIRUPSULQ
JKLGDMXOFHQWXULLC
)ăUăDRUăVXFLJKLGDĠLVHFĠLXQHDGHXPăU
DFHQWXULLGHVLJXUDQĠăSHVWHPLMORFXO
XPăUXOXLúLVHFĠLXQHDYHQWUDOăSHVWHúRO
GXUL
)L[DĠLOLPEDFHQWXULLDvQFDWDUDPDGHEOR
FDUH‡
5HJODUHDFHQWXULLGHVLJXUDQĠăGDFăHVWH
QHFHVDUFHQWXULOHGHVLJXUDQĠăDOHúRIHUX
OXLúLSDVDJHUXOXLIDĠăVHUHJOHD]ăDXWRPDW
ODSDUWHDVXSHULRDUăDFRUSXOXL
UL]DWFHGLVSXQHGHFXQRúWLQĠHOHGHVSHFLDOL 3DJLQD
WDWHúLLQVWUXPHQWHOHQHFHVDUHSHQWUXDHIHF  'DFăVLWXDĠLDRFHUHWUDJHĠLvQVXVGHVHF
WXDLQWHUYHQĠLDQHFHVDUă0HUFHGHV%HQ] ĠLXQHDSHQWUXXPăUDFHQWXULLGHVLJXUDQĠă
UHFRPDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH SHQWUXDVWUkQJHFHQWXUDSHFRUS
0HUFHGHV%HQ]vQDFHVWVFRS
&HQWXULOHGHVLJXUDQĠăVXQWGRWDWHFXREOR
'LQUDĠLXQLGHVLJXUDQĠă0HUFHGHV%HQ]Yă
FDUHSHQWUXVFDXQXOSHQWUXFRSLO
UHFRPDQGăVăXWLOL]DĠLQXPDLFHQWXULFDUHDX
3DJLQD'DFăWUDJHĠLFHQWXUDGHVLJX
IRVWVSHFLDORPRORJDWHSHQWUXDXWRYHKLFXOXO
UDQĠăSkQăODFDSăWúLDSRLOăVDĠLvQWLQ]ăWRUXO
GXPQHDYRDVWUăGHFăWUH0HUFHGHV%HQ]
VăRUHWUDJăEORFDUHDVFDXQXOXLSHQWUXFRSLO
HVWHDFWLYDWă3HQWUXDGH]DFWLYDEORFDUHD
VFDXQXOXLSHQWUXFRSLOGHVIDFHĠLFHQWXUDGH
VLJXUDQĠăúLJKLGDĠLOLPEDFHQWXULLODJKLGDMXO
FHQWXULL
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGHOLEH
UDUHDFHQWXULLGHVLJXUDQĠăFXEXWRQXOGHHOL

 6LJXUDQĠDRFXSDQĠLORU

EHUDUH…FRQVXOWDĠLÄ(OLEHUDUHDFHQWXULORU SRUWLHUDSDQRXOSRUWLHUHLúLFHQWXUDGH
GHVLJXUDQĠă3DJLQD
5HJODUHDFHQWXULORUGHVLJXUDQĠă
)XQFĠLDGHUHJODUHDFHQWXULLGHVLJXUDQĠă
6LJXUDQĠă
UHJOHD]ăVFDXQXOúRIHUXOXLúLVFDXQXOSDVDJH
UXOXLIDĠăvQUDSRUWFXSDUWHDVXSHULRDUăDFRU
SXOXLSDVDJHULORU
&KLQJDFHQWXULLHVWHXúRUVWUkQVăFkQG /DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJX
=FXSODĠLOLPEDFHQWXULLvQFDWDUDPDFHQWXULL
úLDSRLURWLĠLFKHLDvQSR]LĠLDvQFRPXWDWR
UXOGHFRQWDFW
=FKHLDVHDIOăvQSR]LĠLDvQFRPXWDWRUXOGH
FRQWDFWúLDSRLFXSODĠLOLPEDFHQWXULLvQ
FDWDUDPă
5HJODUHDFHQWXULLGHVLJXUDQĠăYDH[HUFLWDR
DQXPLWăIRUĠăGHVWUkQJHUHGDFăVHGHWHF
WHD]ăMRFvQWUHSDVDJHUúLFHQWXUDGHVLJX
UDQĠă1XĠLQHĠLVWUkQVFHQWXUDGHVLJXUDQĠă
FkWHVWHUHJODWă/DDXWRYHKLFXOHOHFXYRODQ
VLJXUDQĠă&HQWXULOHGHVLJXUDQĠăGHWHULR
UDWHQXvúLPDLSRWDVLJXUDIXQFĠLDGHSUR
WHFĠLHúLQHFHVLWăvQORFXLUH&RQVXOWDĠLXQ
&HQWUXGHVHUYLFH0HUFHGHV%HQ]
$YHUWLVPHQWSULYLQGFHQWXUDGHVLJX
UDQĠăSHQWUXúRIHUúLSDVDJHUXOIDĠă
UDQĠăvGLQSDQRXOGHLQVWUXPHQWHOH
DPLQWHúWHWXWXURUSDVDJHULORUVăvúLIL[H]H
FHQWXULOHGHVLJXUDQĠă$FHDVWDVHSRDWH
DSULQGHFRQWLQXXVDXSRDWHOXPLQDLQWHUPL
WHQWÌQSOXVHVWHSRVLELOVăVHHPLWăXQVXQHW
GHDYHUWL]DUH
/DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJX
UDQĠăvVHVWLQJHúLVXQHWXOGHDYHUWL]DUH
vQFHWHD]ăFkQGúRIHUXOúLSDVDJHUXOIDĠăúLDX
IL[DWFHQWXUDGHVLJXUDQĠă
1XPDLvQDQXPLWHĠăULLQGLIHUHQWGDFăúRIHUXO
úLSDVDJHUXOIDĠăDXFHQWXULOHGHVLJXUDQĠă
PXOWLIXQFĠLRQDOGHOX[EXWRDQHSXWHĠL
IL[DWHVHDSULQGHODPSDGHDYHUWL]DUHSULYLQG
DFWLYDúLGH]DFWLYDUHJODUHDFHQWXULLFXDMXWR
FHQWXUDGHVLJXUDQĠăvWLPSGHVHFXQGH
UXOFDOFXODWRUXOXLGHERUG3DJLQD
GXSăSRUQLUHDPRWRUXOXL$FHDVWDVHVWLQJH
5HJODUHDFHQWXULLHVWHRSDUWHLQWHJUDQWăD DSRLGDFăúRIHUXOúLSDVDJHUXOIDĠăúLDXIL[DW
IXQFĠLHLGHDVLVWDUH35(6$)(Š0DLPXOWH FHQWXULOHGHVLJXUDQĠă
LQIRUPDĠLLGHVSUH35(6$)(ŠVHUHJăVHVFvQ
G 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG
VHFĠLXQHD35(6$)(ŠSURWHFĠLDSUHYHQWLYă
DSDVDJHULORU3DJLQD
(OLEHUDUHDFHQWXULORUGHVLJXUDQĠă
ODPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJX
UDQĠăvFRQVXOWDĠLÄ/ăPSLOHGHDYHUWL
]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUX
PHQWHFHQWXUDGHVLJXUDQĠă
 $SăVDĠLEXWRQXOGHHOLEH 3DJLQD
UDUH…3DJLQDúLJKLGDĠLOLPEDFHQ
WXULLDvQDSRLFăWUHJKLGDMXOFHQWXULLC
G 'DFăDĠLJKLGDWFHQWXUDGHVLJXUDQĠăvQD
SRLHDHVWHURWLWăODƒ$FHDVWăURWLUH
HVWHQHFHVDUăSHQWUXDJDUDQWDIDSWXOFă
FHQWXUDGHVLJXUDQĠăQXHVWHUăVXFLWăúLFă
HVWHGLULMDWăFRUHFWFkQGFHQWXUDHVWH
FXSODWă
 $VLJXUDĠLYăFăFHQWXUDGHVLJXUDQĠăHVWH
vQIăúXUDWăFRPSOHWÌQFD]FRQWUDUFHQWXUD
GHVLJXUDQĠăVDXOLPEDFHQWXULLVHYRU
SULQGHvQSRUWLHUăVDXvQPHFDQLVPXOVFDX
QXOXL$VWIHOHVWHSRVLELOVăVHGHWHULRUH]H
,QGLFDWRUXOGHVWDUHDOFHQWXULLGHVLJX
UDQĠăVSDWH
,QGLFDWRUXOGHVWDUHDFHQWXULLGHVLJXUDQĠăGLQ
FRPSDUWLPHQWXOVSDWHYăLQGLFăGDFăSDVD
JHULLVSDWHDXFHQWXULOHGHVLJXUDQĠăFXSODWH
,QGLFDWRUXOGHVWDUHDFHQWXULLGHVLJXUDQĠăGLQ
FRPSDUWLPHQWXOVSDWHLQGLFăVFDXQXOVSDWHOD
FDUHHVWHFXSODWăFHQWXUD6LPEROXOéGH
SHDILúDMLQGLFăRFHQWXUăGHVLJXUDQĠă
FXSODWă'DFăRFHQWXUăGHVLJXUDQĠăQXHVWH
FXSODWăVDXGDFăXQVFDXQQXHVWHRFXSDW
VLPEROXOêHVWHDILúDW
 6LJXUDQĠDRFXSDQĠLORU 

,QGLFDWRUXOGHVWDUHDFHQWXULLGHVLJXUDQĠăGLQ ÌQWLQ]ăWRDUHOHGHFHQWXUăSRWILDFWLYDWH
FRPSDUWLPHQWXOVSDWHDSDUHSHDILúDMXOPXO QXPDLFkQG
WLIXQFĠLRQDOWLPSGHDSUR[LPDWLYGH =FRQWDFWXOHVWHFXSODW
VHFXQGHGDFă =VLVWHPHOHGHUHWHQĠLHVXQWIXQFĠLRQDOHFRQ
=SOHFDĠLGHSHORFúLDWLQJHĠLRRYLWH]ăGH VXOWDĠLÄ/DPSăGHDYHUWL]DUH656

6LJXUDQĠă
DSUR[LPDWLYNPK
=SDVDJHULLVSDWHvúLFXSOHD]ăVDXGHFXSOHD]ă
FHQWXULOHGHVLJXUDQĠăFkWDXWRYHKLFXOXO
HVWHvQPLúFDUH
=FLQHYDLQWUăVDXLHVHGLQDXWRYHKLFXOúL
DXWRYHKLFXOXOSOHDFăGLQQRX
3XWHĠLGHDVHPHQHDDQXODLPHGLDWLQGLFDWRUXO
GHVWDUHDFHQWXULLGHVLJXUDQĠăVSDWH
3DJLQD
=OLPEDFHQWXULLHVWHFXSODWăvQFDWDUDPDGH
EORFDUHODILHFDUHGLQWUHFHQWXULOHGHVLJX
UDQĠăvQWUHLSXQFWHGLQIDĠă
ÌQWLQ]ăWRDUHOHGHFHQWXUăGHSHVFDXQHOHGLQ
FRPSDUWLPHQWXOVSDWHVXQWGHFODQúDWHLQGH
SHQGHQWGHVWDUHDGHEORFDUHDFHQWXULORUGH
VLJXUDQĠă
3DJLQD
G ,QGLFDWRUXOGHVWDUHSHQWUXFHQWXULOHGH
VLJXUDQĠăGLQFRPSDUWLPHQWXOVSDWHHVWH
GLVSRQLELOQXPDLvQDQXPLWHĠăUL
ÌQWLQ]ăWRDUHFHQWXUăOLPLWDWRDUHGH
IRUĠăSHQWUXFHQWXUă
&HQWXULOHGHVLJXUDQĠăVXQWSUHYă]XWHFX
vQWLQ]ăWRDUHGHFHQWXUă
ÌQWLQ]ăWRDUHOHGHFHQWXUăVWUkQJFHQWXULOHGH
VLJXUDQĠăvQFD]GHDFFLGHQWWUăJkQGXOH
VWUkQVSHFRUS
ÌQWLQ]ăWRDUHOHGHFHQWXUăQXFRUHFWHD]ăSR]L
ĠLLOHLQFRUHFWHDOHVFDXQHORUVDXFHQWXULOHGH
VLJXUDQĠăVWUkQVHLQFRUHFW
ÌQWLQ]ăWRDUHOHGHFHQWXUăQXWUDJSDVDJHULL
DXWRYHKLFXOXOXLvQDSRLFăWUHVSăWDU
'DFăFHQWXUDGHVLJXUDQĠăHVWHGHDVHPHQHD
SUHYă]XWăFXXQOLPLWDWRUGHIRUĠăSHQWUXFHQ
WXUăúLDFHVWDHVWHGHFODQúDWIRUĠDH[HUFLWDWă
GHFHQWXUDGHVLJXUDQĠăDVXSUDSDVDJHULORU
DXWRYHKLFXOXOXLHVWHUHGXVă
/LPLWDWRDUHOHGHIRUĠăSHQWUXFHQWXUăGHSH
VFDXQHOHIDĠăVXQWVLQFURQL]DWHFXDLUEDJXULOH
IURQWDOH$FHVWHDDXUROXOORUvQIRUĠDGHGHFH
OHUDUHDVLJXUkQGGLVWULEXLUHDIRUĠHLH[HUFLWDWH
DVXSUDSDVDJHUXOXLSHRVXSUDIDĠăPDLPDUH
ÌQWLQ]ăWRDUHOHGHFHQWXUăVXQWGHFODQúDWHvQ
IXQFĠLHGHWLSXOúLJUDYLWDWHDXQXLDFFLGHQW
=GDFăvQFD]XOXQHLFROL]LXQLIURQWDOHúLGLQ
VSDWHDXWRYHKLFXOXOGHFHOHUHD]ăVDXDFFH
OHUHD]ăUDSLGvQVHQVORQJLWXGLQDOODSULPHOH
ID]HDOHLPSDFWXOXL
=GDFăvQFD]GHLPSDFWODWHUDOSHSDUWHD
RSXVăLPSDFWXOXLDXWRYHKLFXOXOGHFHOH
UHD]ăVDXDFFHOHUHD]ăUDSLGvQWURGLUHFĠLH
ODWHUDOă
&kQGvQWLQ]ăWRDUHOHGHFHQWXUăVXQWGHFODQ
úDWHYHĠLDX]LRH[SOR]LHúLHVWHSRVLELOVăVH
GHJDMH]HúLRPLFăFDQWLWDWHGHSXOEHUH=JR
PRWXOGHH[SOR]LHDIHFWHD]ăDX]XOGRDUvQ
VLWXDĠLLUDUH'HUHJXOăSXOEHUHDGHJDMDWăQX
FRQVWLWXLHXQSHULFROSHQWUXVăQăWDWH/DPSD
GHDYHUWL]DUH656uVHDSULQGH
 $9(57,60(17
'DFăvQWLQ]ăWRDUHOHFHQWXULLGHVLJXUDQĠăDX
IRVWGHFODQúDWHHOHQXRIHUăSURWHFĠLHVXSOL
PHQWDUăvQFD]XOXQXLDOWDFFLGHQW3ULQ
XUPDUHVROLFLWDĠLvQORFXLUHDvQWLQ]ăWRDUHORUGH
FHQWXUăGHFODQúDWHODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW
5HVSHFWDĠLQRUPHOHGHVLJXUDQĠăFkQGHOLPL
QDĠLvQWLQ]ăWRDUHOHGHFHQWXUă2ULFH&HQWUX
GHVHUYLFH0HUFHGHV%HQ]YăSRDWHIXUQL]D
GHWDOLLSULYLQGDFHVWHUHJOHPHQWăUL
 'DFăVFDXQXOSDVDJHUXOXLIDĠăQXHVWH
RFXSDWQXFXSODĠLOLPEDFHQWXULLGHVLJX
UDQĠăvQFDWDUDPDGHEORFDUHGHSHVFDXQXO
 3UH]HQĠDFRSLLORUODERUG
SDVDJHUXOXLIDĠăÌQFD]FRQWUDUvQWLQ]ăWRUXO
FHQWXULLSRDWHILGHFODQúDWvQFD]GHDFFL
GHQW
3UH]HQĠDFRSLLORUODERUG
6LJXUDQĠă
6LVWHPHGHUHWHQĠLHSHQWUXFRSLL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
3HQWUXDUHGXFHULVFXOGHUăQLJUDYHVDXFKLDU
IDWDOHVXIHULWHGHFRSLOvQFD]GHVFKLPEDUH
UDSLGăDGLUHFĠLHLGHGHSODVDUHIUkQDUHVDXGH
DFFLGHQW UHJXOăSURWHMDĠLPDLELQHDFROR
=FRSLLLVXEPvQăOĠLPHúLGRLVSUH]HFH
DQLWUHEXLHVăILHvQWRWGHDXQDIL[DĠLvQVLV
WHPHOHVSHFLDOHGHUHWHQĠLHSHQWUXFRSLLSH
XQVFDXQGHDXWRYHKLFXODGHFYDW$FHDVWă
SUHFDXĠLHHVWHQHFHVDUăGHRDUHFHFHQWXULOH
GHVLJXUDQĠăQXVXQWFRQFHSXWHSHQWUX
FRSLL
=QXIL[DĠLFRSLLLVXEPvQăOĠLPHVDXGRLV
SUH]HFHDQLSHVFDXQXOSDVDJHUXOXLIDĠă
([FHSĠLHDXWRYHKLFXOXOHVWHGRWDWFXUHFX
QRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUX
FRSLOSHVFDXQXOSDVDJHUXOXLIDĠăúLFRSLOXO
HVWHDVLJXUDWvQWUXQVLVWHPGHUHWHQĠLHSHQ
WUXFRSLLFXWUDQVSRQGHUHSHQWUXUHFXQRDú
WHUHDDXWRPDWăDVFDXQXOXLSHQWUXFRSLO
=GDFăIL[DĠLXQVLVWHPGHUHWHQĠLHSHQWUX
FRSLLRULHQWDWVSUHIDĠăvQVFDXQXOSDVDJH
UXOXLIDĠăWUHEXLHVăGHSODVDĠLVFDXQXO
SDVDJHUXOXLIDĠăFkWPDLPXOWvQVSDWHSRVL
ELO
=FRSLLLQXWUHEXLHVăFăOăWRUHDVFăQLFLRGDWă
vQEUDĠHOHDOWXLSDVDJHU'LQFDX]DIRUĠHORU
FDUHDSDUvQFD]GHVFKLPEDUHEUXVFăGH
GLUHFĠLHIUkQDUHSXWHUQLFăVDXDFFLGHQW
UHĠLQHUHDFRSLOXOXLQXYDILSRVLELOă&RSLOXO
 $9(57,60(17
6LVWHPXOGHUHWHQĠLHSHQWUXFRSLLQXvúLSRDWH
DVLJXUDIXQFĠLDGHSURWHFĠLHGDFăQXHVWH
PRQWDWFRUHFWSHXQVFDXQGHDXWRYHKLFXO
DGHFYDW&RSLOXOQXSRDWHILUHĠLQXWvQFD]GH
DFFLGHQWIUkQDUHSXWHUQLFăVDXVFKLPEăUL
EUXúWHGHGLUHFĠLH&RSLOXOSRDWHVXIHULUăQL
JUDYHVDXFKLDUIDWDOH'LQDFHVWPRWLYFkQG
IL[DĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLLUHV
SHFWDĠLLQVWUXFĠLXQLOHGHLQVWDODUHDOHSUR
GXFăWRUXOXLúLGHXWLOL]DUHFRUHFWăDVLVWHPXOXL
GHUHWHQĠLHSHQWUXFRSLL
6LVWHPXOGHUHWHQĠLHSHQWUXFRSLLWUHEXLHVă
ILHPRQWDWSHVFDXQHOHVSDWH&RSLLLVXQWGH
%D]DVLVWHPXOXLGHUHWHQĠLHSHQWUXFRSLLWUH
EXLHvQWRWGHDXQDVăILHDúH]DWăvQvQWUHJLPH
SHSHUQDVFDXQXOXL3ULQXUPDUHQXSXQHĠL
QLFLRGDWăRELHFWHGHH[RSHUQăVXEVLVWHPXO
GHUHWHQĠLHSHQWUXFRSLL
8WLOL]DĠLVLVWHPHOHGHUHWHQĠLHSHQWUXFRSLL
QXPDLFXKXVDRULJLQDOăFRQFHSXWăSHQWUX
DFHúWLDÌQORFXLĠLKXVHOHGHWHULRUDWHQXPDLFX
KXVHRULJLQDOH0HUFHGHV%HQ]
9ăUHFRPDQGăPVăXWLOL]DĠLVLVWHPHGHUHWHQ
ĠLHSHQWUXFRSLLDSUREDWHSHQWUXDXWRYHKLFX
OHOH0HUFHGHV%HQ]
'DFăvQDXWRYHKLFXOXOGXPQHDYRDVWUă
FăOăWRUHúWHXQFRSLODVLJXUDĠLFRSLOXOFXDMX
WRUXOXQXLVLVWHPGHUHWHQĠLHSHQWUXFRSLL
FRUHVSXQ]ăWRUPăULPLLYkUVWHLúLJUHXWăĠLL
FRSLOXOXLúLFDUHHVWHUHFRPDQGDWSHQWUX
DXWRYHKLFXOH0HUFHGHV%HQ](VWHGHSUHIH
UDWVăPRQWDĠLVLVWHPXOGHUHWHQĠLHvQWUXQ
VFDXQVSDWHDGHFYDW$VLJXUDĠLYăFăDIRVW
DVLJXUDWFRSLOXOvQWUXQVLVWHPGHUHWHQĠLH
SHQWUXFRSLLSHSDUFXUVXOFăOăWRULHL
0HUFHGHV%HQ]YăUHFRPDQGăVăXWLOL]DĠL
QXPDLVLVWHPHOHGHUHWHQĠLHSHQWUXFRSLLLQGL
DUSXWHDILSURLHFWDWFRQWUDXQRUFRPSR
QHQWHGLQLQWHULRUXODXWRYHKLFXOXOXLVXIH
ULQGUăQLJUDYHVDXFKLDUIDWDOH
FDWHOD3DJLQD
3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHVSUH
VLVWHPXOGHUHWHQĠLHSHQWUXFRSLLFRUHFWGHOD
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]
G 6HUHFRPDQGăVăXWLOL]DĠLSURGXVHGH
vQJULMLUH0HUFHGHV%HQ]SHQWUXDFXUăĠDVLV

WHPHOHGHUHWHQĠLHSHQWUXFRSLL3XWHĠL
REĠLQHLQIRUPDĠLLSHDFHVWVXELHFWGHOD
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]
 $9(57,60(17
1XOăVDĠLFRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKL
FXOFKLDUGDFăVXQWIL[DĠLvQWUXQVLVWHPGH
UHWHQĠLHSHQWUXFRSLL$FHúWLDVDUSXWHDUăQL
vQDQXPLWHSăUĠLDOHDXWRYHKLFXOXOXL'HDVH
PHQHDHLDUSXWHDVXIHULUăQLJUDYHVDXFKLDU
IDWDOHvQXUPDXQHLH[SXQHULSUHOXQJLWHOD
FăOGXUăVDXIULJH[WUHP
1XH[SXQHĠLVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
OXPLQLLGLUHFWHDVRDUHOXL$QXPLWHSăUĠLGLQ
VLVWHPXOGHUHWHQĠLHSHQWUXFRSLLVDUSXWHD
vQFăO]LLDUFRSLOXOVDUSXWHDDUGHvQHOH
ÌQFD]XOvQFDUHXQFRSLOGHVFKLGHRSRUWLHUă
FRSLOXOVDXDOWHSHUVRDQHDUSXWHDGUHSW
XUPDUHVăILHUăQLWH$FHúWLDDUSXWHDLHúL
UăQLQGXVHVDXILLQGUăQLĠLGHXQDXWRYHKLFXO
DIODWvQWUHFHUH
5HVSHFWDĠLGHDVHPHQHDQRWHOHSULYLQG+2/'
,QIRUPDĠLLOHUHOHYDQWHVHUHJăVHVFvQLQGH[
 $9(57,60(17
6DUFLQLOHQHIL[DWHVDXSR]LĠLRQDWHLQFRUHFW
FUHVFSHULFROXOGHUăQLUHSHQWUXFRSLLúLWRĠL
FHLODOĠLSDVDJHULvQFD]GH
=DFFLGHQW
=RPDQHYUăGHIUkQDUH
=RVFKLPEDUHEUXVFăDGLUHFĠLHL
1XWUDQVSRUWDĠLRELHFWHJUHOHVDXGXUHvQLQWH
ULRUXODXWRYHKLFXOXOXLGHFkWGDFăDXIRVWELQH
IL[DWH9HĠLJăVLLQIRUPDĠLLVXSOLPHQWDUHvQ
LQGH[ODFDSLWROXOÄ/LQLLGLUHFWRDUHSULYLQG
vQFăUFDUHD
ÌQFXLHWRDUHVFDXQSHQWUXFRSLO
&HQWXULOHGHVLJXUDQĠăDOHVFDXQHORUGLQVSDWH
VXQWSUHYă]XWHFXRvQFXLHWRDUHGHVFDXQSHQ
WUXFRSLO&kQGHVWHDFWLYDWăIXQFĠLDvQFXLH
WRDUHVFDXQSHQWUXFRSLOQXSHUPLWHVOăELUHD
FHQWXULLRGDWăFHVFDXQXOSHQWUXFRSLOHVWH
IL[DW
3UH]HQĠDFRSLLORUODERUG 
,QVWDODUHDXQXLVLVWHPGHUHWHQĠLHSHQWUX
FRSLL
 5HVSHFWDĠLvQWRWGHDXQDLQVWUXFĠLXQLOHGH
LQVWDODUHDOHSURGXFăWRUXOXL
 7UDJHĠLFHQWXUDGHVLJXUDQĠăXúRUGLQ
6LJXUDQĠă
vQWLQ]ăWRU
 )L[DĠLOLPEDFHQWXULLGHVLJXUDQĠăvQFDWD
UDPDGHEORFDUHDFHQWXULL
$FWLYDUHvQFXLHWRDUHVFDXQSHQWUXFRSLO
 7UDJHĠLDIDUăFRPSOHWFHQWXUDGHVLJXUDQĠă
úLOăVDĠLvQWLQ]ăWRUXOVăRUHWUDJăGLQQRX
&kQGFHQWXUDGHVLJXUDQĠăVHUHWUDJHWUH
EXLHVăDX]LĠLXQFOLFKHW)XQFĠLDvQFXLH
WRDUHVFDXQSHQWUXFRSLOHVWHDFWLYDWă
 ÌPSLQJHĠLvQMRVVLVWHPXOGHUHWHQĠLHSHQWUX
FRSLLSHQWUXDHOLPLQDRULFHVOăELUH
'HPRQWDUHVLVWHPGHUHWHQĠLHSHQWUXFRSLL
GH]DFWLYDUHvQFXLHWRDUHVFDXQSHQWUXFRSLO
 5HVSHFWDĠLvQWRWGHDXQDLQVWUXFĠLXQLOHGH
LQVWDODUHDOHSURGXFăWRUXOXL
 $SăVDĠLEXWRQXOGHHOLEHUDUHDOFHQWXULLGH
VLJXUDQĠăúLGLULMDĠLOLPEDFHQWXULLVSUHRUL
ILFLXOGHLHúLUHDOFHQWXULL
)XQFĠLDvQFXLHWRDUHVFDXQSHQWUXFRSLOHVWH
GH]DFWLYDWă
6FDXQSHQWUXFRSLOSHVFDXQXOSDVDJH
UXOXLIDĠă
1RWăDYHUWL]DWRDUHSHSDUDVRODUXOSDVDJHUXOXLGLQ
IDĠă
 3UH]HQĠDFRSLLORUODERUG

UHWHQĠLHSHQWUXFRSLLVSHFLDOFXWUDQVSRQ
GHUHSHQWUXUHFXQRDúWHUHDDXWRPDWăD
VFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJH
UXOXLIDĠăQXDIRVWPRQWDW
=ODDXWRYHKLFXOHOHFXUHFXQRDúWHUHDDXWR
6LJXUDQĠă

PDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO
SDVDJHUXOXLIDĠăGDFăODPSDLQGLFDWRDUH
3$66(1*(5$,5%$*2))$,5%$*3$6$
*(5235,7sQXHVWHDSULQVă
3HQWUXFDGXPQHDYRDVWUăVăFRQúWLHQWL]DĠL
6LPEROGHDYHUWL]DUHSHQWUXXQVLVWHPGHUHWHQĠLH DFHVWSHULFROVDIL[DWRHWLFKHWăDXWRFRODQWă
SHQWUXFRSLLRULHQWDWvQDSRL GHDYHUWL]DUHSHSODQúDGHERUGúLSHDPEHOH
SăUĠLDOHSDUDVRODUXOXLGHSHSDUWHDSDVDJH
 $9(57,60(17
UXOXLIDĠă
'DFăDLUEDJXOSDVDJHUXOXLIDĠăQXHVWHGH]DF
,QIRUPDĠLLOHSULYLQGVLVWHPHOHGHUHWHQĠLHSHQ
WLYDW
WUXFRSLLUHFRPDQGDWHVXQWGLVSRQLELOHOD
=XQFRSLOIL[DWvQWUXQVLVWHPGHUHWHQĠLHSHQ RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]
WUXFRSLLSHVFDXQXOSDVDJHUXOXLIDĠăDU
SXWHDILUăQLWJUDYVDXFKLDUIDWDOvQXUPD
5HFXQRDúWHUHDDXWRPDWăDVFDXQXOXL
GHFODQúăULLDLUEDJXOXLSDVDJHUXOXLIDĠă
SHQWUXFRSLOSHVFDXQXOSDVDJHUXOXL
$FHDVWăVLWXDĠLHFRQVWLWXLHXQULVFPDLDOHV
IDĠă
GDFăFRSLOXOVHDIOăvQLPHGLDWDDSURSLHUHD
DLUEDJXOXLSDVDJHUXOXLIDĠăFkQGDFHVWDVH
GHFODQúHD]ă
=QXIL[DĠLQLFLRGDWăXQFRSLOSHVFDXQXOSDVD
JHUXOXLIDĠăvQWUXQVLVWHPGHUHWHQĠLHSHQ
WUXFRSLLRULHQWDWVSUHVSDWH0RQWDĠLXQ
VLVWHPGHUHWHQĠLHSHQWUXFRSLLRULHQWDW
VSUHVSDWHQXPDLSHXQVFDXQVSDWHDGHF
YDW
=GHSODVDĠLvQWRWGHDXQDVFDXQXOSDVDJHUXOXL
IDĠăvQSR]LĠLDGLQFDSăWVSDWHGDFăIL[DĠLXQ
FRSLOvQWUXQVLVWHPGHUHWHQĠLHSHQWUXFRSLL
RULHQWDWVSUHIDĠăSHVFDXQXOSDVDJHUXOXL
'DFăDXWRYHKLFXOXOQXDUHUHFXQRDúWHUHDXWR
IDĠă PDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO
SDVDJHUXOXLIDĠăDFHDVWDHVWHLQGLFDWăGHR
$LUEDJXOSDVDJHUXOXLIDĠăQXHVWHGH]DFWLYDW
HWLFKHWăDXWRFRODQWăVSHFLDOă(WLFKHWDDXWR
=ODDXWRYHKLFXOHOHIăUăUHFXQRDúWHUHDDXWR FRODQWăHVWHIL[DWăSHSDUWHDODWHUDOăDSODQúHL
PDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO GHERUGGHSHSDUWHDSDVDJHUXOXLIDĠă(WL
SDVDJHUXOXLIDĠă FKHWDDXWRFRODQWăHVWHYL]LELOăFkQGGHVFKL
=ODDXWRYHKLFXOHOHFXUHFXQRDúWHUHDDXWR GHĠLSRUWLHUDSDVDJHUXOXLIDĠă
PDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO
SDVDJHUXOXLIDĠăGDFăQLFLXQVLVWHPGH

 $XWRYHKLFXOHIăUăUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLIDĠăGDFăURWLĠL
FKHLDvQFRPXWDWRUXOGHFRQWDFWvQSR]LĠLDODPSDLQGLFDWRDUHs$,5%$*3$6$*(5'(=$&7,9$7VH
DSULQGHVFXUWGDUQXDUHQLFLRIXQFĠLH$FHVWOXFUXQXDUDWăFăH[LVWăUHFXQRDúWHUHDXWRPDWăDVFDXQXOXL
SHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLIDĠă
 3UH]HQĠDFRSLLORUODERUG 

SDVDJHUXOXLIDĠăIXQFĠLRQHD]ăFRPXQLFă
FRUHFWQXSODVDĠLQLFLRGDWăRELHFWHGHH[R
SHUQăVXEVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
%D]DVLVWHPXOXLGHUHWHQĠLHSHQWUXFRSLLWUH
EXLHvQWRWGHDXQDVăILHDúH]DWăvQvQWUHJLPH

6LJXUDQĠă
SHSHUQDVFDXQXOXL8QVLVWHPGHUHWHQĠLH
SHQWUXFRSLLPRQWDWLQFRUHFWQXvúLSRDWHUHD
OL]DIXQFĠLDGHSURWHFĠLHvQFD]GHDFFLGHQWúL
SRDWHSURYRFDUăQLUHD

G 'DFăDLUEDJXOSDVDJHUXOXLIDĠăHVWH
6LVWHPXOGHVHQ]RULDOVFDXQXOXLSDVDJHUXOXL GH]DFWLYDWGHUHFXQRDúWHUHDDXWRPDWăD
IDĠăSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXFRSLL VFDXQXOXLSHQWUXFRSLOUăPkQDFWLYDWHSH
GHWHFWHD]ăGDFăDIRVWPRQWDWXQVFDXQSHQ SDUWHDSDVDJHUXOXLIDĠăXUPăWRDUHOH
WUXFRSLO0HUFHGHV%HQ]VSHFLDOFXXQWUDQV =DLUEDJXOODWHUDO
SRQGHUSHQWUXUHFXQRDúWHUHDDXWRPDWăD
=DLUEDJXOSHQWUXED]LQ
VFDXQXOXLSHQWUXFRSLOÌQDVWIHOGHFD]XUL
ODPSDLQGLFDWRDUH$,5%$*3$6$*(5'(=$& =DLUEDJXULWLSFRUWLQă

7,9$7sCVHDSULQGH$LUEDJXOSDVDJH =vQWLQ]ăWRUXOFHQWXULL
UXOXLIDĠăHVWHGH]DFWLYDW
 $9(57,60(17
 $9(57,60(17 1XSODVDĠLGLVSR]LWLYHHOHFWURQLFHSHVFDXQXO
'DFăsODPSDLQGLFDWRDUH3$66(1*(5 SDVDJHUXOXLIDĠăGHH[
$,5%$*2))$,5%$*3$6$*(5235,7QXVH
DSULQGHFkQGVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
HVWHPRQWDWDLUEDJXOSDVDJHUXOXLIDĠăQXD
IRVWGH]DFWLYDW'DFăDLUEDJXOSDVDJHUXOXL
IDĠăVHGHFODQúHD]ăFRSLOXODUSXWHDVXIHUL
UăQLJUDYHVDXFKLDUIDWDOH
3URFHGDĠLGXSăFXPXUPHD]ă SRWSURYRFDLQWHUIHUHQĠHODQLYHOXOVLVWHPXOXL
=QXXWLOL]DĠLXQVLVWHPGHUHWHQĠLHSHQWUX
FRSLLRULHQWDWVSUHVSDWHSHVFDXQXOSDVD
JHUXOXLIDĠă
=ODSWRSXULGDFăVXQWSRUQLWH
=WHOHIRDQHPRELOH
=FDUGXULFXWUDQVSRQGHUHGHH[FDUGXULGH
WUHFHUHSHQWUXVFKLVDXFDUWHOHGHDFFHV
6HPQDOHOHGHODHFKLSDPHQWHOHHOHFWURQLFH
GHUHFXQRDúWHUHDXWRPDWăDVFDXQXOXLSHQWUX
FRSLO$FHDVWDSRDWHSURYRFDRGHIHFĠLXQHvQ
VLVWHP$FHDVWDSRDWHIDFHFDsODPSD
LQGLFDWRDUH3$66(1*(5$,5%$*2))$,5
=PRQWDĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLL
RULHQWDWVSUHVSDWHSHXQVFDXQVSDWHDGHF
YDW
VDX
=XWLOL]DĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLL
RULHQWDWVSUHIDĠăQXPDLSHVFDXQXOSDVD
JHUXOXLIDĠăúLGHSODVDĠLVFDXQXOSDVDJHUXOXL
IDĠăvQSR]LĠLDGLQFDSăWVSDWH
%$*3$6$*(5235,7VăVHDSULQGăIăUăVă
H[LVWHXQVFDXQSHQWUXFRSLOFXWUDQVSRQGHUH
SHQWUXUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXL
SHQWUXFRSLOPRQWDW$VWIHODLUEDJXOSDVDJH
UXOXLIDĠăQXVHYDGHVIăúXUDvQFD]GHDFFL
GHQW(VWHGHDVHPHQHDSRVLELOFDu
ODPSDGHDYHUWL]DUH656VăVHDSULQGăúLVDX
sODPSDLQGLFDWRDUH3$66(1*(5$,5%$*
=VROLFLWDĠLYHULILFDUHDUHFXQRDúWHULLDXWR
PDWHDVFDXQXOXLSHQWUXFRSLOODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW
3HQWUXDYăDVLJXUDFăUHFXQRDúWHUHDDXWR
PDWăDVFDXQXOXLSHQWUXFRSLOGHSHVFDXQXO
2))$,5%$*3$6$*(5235,7VăQXVH
DSULQGăVFXUWFkQGURWLĠLFKHLDvQFRPXWDWRUXO
GHFRQWDFWvQSR]LĠLD
 3UH]HQĠDFRSLLORUODERUG

6LVWHPXOGHIL[DUHDOVFDXQXOXLSHQWUX
FRSLO,62),;SHQWUXVFDXQHOHVSDWH
,62),;HVWHXQVLVWHPGHIL[DUHVWDQGDUGL]DW
SHQWUXVLVWHPHOHGHUHWHQĠLHSHQWUXFRSLLFRQ
FHSXWHVSHFLDOSHVFDXQHOHVSDWH6XQW
6LJXUDQĠă
FXSODWFRUHFWvQLQHOHOHGHIL[DUHGHSHDPEHOH
SăUĠL
 $9(57,60(17
9ăUXJăPVăUHĠLQHĠLFăvQFD]XOvQFDUHVLVWH

SUHYă]XWHLQHOHGHIL[DUHSHQWUXGRXăVLVWHPH
GHUHWHQĠLHSHQWUXFRSLL,62),;SHVWkQJDúL
GUHDSWDVFDXQHORUVSDWH
 $9(57,60(17
8QVLVWHPGHUHWHQĠLHSHQWUXFRSLLDVLJXUDWFX
VLVWHPXOGHIL[DUHDVFDXQXOXLSHQWUXFRSLO
,62),;QXDVLJXUăRSURWHFĠLHVXILFLHQWăSHQ
WUXFRSLLLFXRJUHXWDWHGHSHVWHNJ'LQ
DFHVWPRWLYQXIL[DĠLFRSLLLFXRJUHXWDWHGH
SHVWHNJvQWUXQVLVWHPGHUHWHQĠLHSHQWUX
FRSLLDVLJXUDWFXVLVWHPXOGHIL[DUHDVFDXQX
OXLSHQWUXFRSLO,62),;ÌQFD]XOvQFDUHFRSLOXO
FkQWăUHúWHSHVWHNJDVLJXUDĠLVLVWHPXOGH
UHWHQĠLHSHQWUXFRSLLFXDMXWRUXOXQHLFHQWXUL
GHVLJXUDQĠăvQWUHLSXQFWH
PHOHGHUHWHQĠLHSHQWUXFRSLLVDXVLVWHPHOH
GHIL[DUHDOHDFHVWRUDVHGHWHULRUHD]ăVDX
VXQWVXSXVHXQHLWHQVLXQLvQWLPSXOXQXLDFFL
GHQWHVWHSRVLELOFDDFHVWHDVăQXvúLPDL
SRDWăvQGHSOLQLIXQFĠLDGHSURWHFĠLH$VWIHO
FRSLOXODVLJXUDWDUSXWHDVXIHULUăQLJUDYHVDX
FKLDUPRUWDOHvQFD]GHDFFLGHQWIUkQDUH
EUXVFăVDXVFKLPEDUHEUXVFăDGLUHFĠLHL
'LQDFHVWPRWLYOXDĠLPăVXULFDVLVWHPHOHGH
UHWHQĠLHSHQWUXFRSLLúLVLVWHPHOHORUGHIL[DUH
FDUHDXIRVWGHWHULRUDWHVDXVXSXVHXQHLWHQ
VLXQLvQWLPSXOXQXLDFFLGHQWVăILHYHULILFDWH
LPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
,QHOHOHGHIL[DUHGHSHVFDXQHOHVSDWHVXQW
DFRSHULWHFXRFăSWXúHDOăWDSLĠDWă

 $9(57,60(17
6LVWHPXOGHUHWHQĠLHSHQWUXFRSLLQXvúLSRDWH
DVLJXUDIXQFĠLDGHSURWHFĠLHGDFăQXHVWH
PRQWDWFRUHFWSHXQVFDXQGHDXWRYHKLFXO
DGHFYDW&RSLOXOQXSRDWHILUHĠLQXWvQFD]GH
DFFLGHQWIUkQDUHSXWHUQLFăVDXVFKLPEăUL
EUXúWHGHGLUHFĠLH&RSLOXOSRDWHVXIHULUăQL
JUDYHVDXFKLDUIDWDOH'LQDFHVWPRWLYFkQG
IL[DĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLLUHV
SHFWDĠLLQVWUXFĠLXQLOHGHLQVWDODUHDOHSUR
GXFăWRUXOXLúLGHXWLOL]DUHFRUHFWăDVLVWHPXOXL
 3OLDĠLKXVDWDSLĠHULHLDúLHOHPHQWXOGH
GHUHWHQĠLHSHQWUXFRSLL
SULQGHUHFXVFDLvQMRV
'LQPRWLYHGHVLJXUDQĠăXWLOL]DĠLQXPDLVLVWH
 ,QVWDODĠLVLVWHPHOHGHUHWHQĠLHSHQWUXFRSLL
PHOHGHUHWHQĠLHSHQWUXFRSLLFXVLVWHPXOGH
IL[DUHDOVFDXQXOXLSHQWUXFRSLL,62),;SH ,62),;SHDPEHOHLQHOHGHIL[DUHC5HV
VFDXQHOHVSDWH SHFWDĠLLQVWUXFĠLXQLOHSURGXFăWRUXOXLFkQG
LQVWDODĠLVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
9ăUHFRPDQGăPVăXWLOL]DĠLVLVWHPXOGHUHWHQ
,62),;
ĠLHSHQWUXFRSLL,62),;UHFRPDQGDWSHQWUX
0HUFHGHV%HQ]
8QVLVWHPGHUHĠLQHUHSHQWUXFRSLLPRQWDW &KLQJăVXSHULRDUă
LQFRUHFWVDUSXWHDGHVSULQGHUăQLQGJUDYVDX &KLQJDVXSHULRDUăDVLJXUăRFRQH[LXQHVXSOL
FKLDUIDWDOFRSLOXOVDXDOĠLSDVDJHULDLDXWRYH PHQWDUăvQWUHVLVWHPXOGHUHWHQĠLHSHQWUX
KLFXOXOXL&kQGPRQWDĠLVLVWHPXOGHUHWHQĠLH FRSLLIL[DWFX,62),;úLVFDXQXOVSDWH$FHDVWD
SHQWUXFRSLLDVLJXUDĠLYăvQWRWGHDXQDFăHVWH UHGXFHvQSOXVSHULFROXOGHUăQLUH
 3UH]HQĠDFRSLLORUODERUG 

3XQFWHOHGHDQFRUDUHSHQWUXFKLQJDVXSH
ULRDUăVHDIOăvQFRPSDUWLPHQWXOVSDWHGLQ
VSDWHOHWHWLHUHORU

6LJXUDQĠă
 $SăVDĠLSHVSDWHOHFDSDFXOXLDvQGLUHFĠLD
VăJHĠLL
&DSDFXODHVWHXúRUULGLFDWvQIDĠă
 3OLDĠLvQVXVFDSDFXODDOSXQFWXOXLGH
DQFRUDUHDOFKLQJLLVXSHULRDUH‡

 'LULMDĠLFHQWXULOHFKLQJLLVXSHULRDUHƒSH
VWkQJDúLGUHDSWDGLQFRORGHWHWLHUăC
 3ULQGHĠLFkUOLJXOFKLQJLLVXSHULRDUH…vQ
SXQFWXOGHDQFRUDUHSHQWUXFKLQJDVXSH
ULRDUă‡
 $VLJXUDĠLYăFăFHQWXUDFKLQJLLVXSHULRDUH
ƒQXHVWHUăVXFLWă
 0RQWDĠLVLVWHPXOGHUHWHQĠLHSHQWUXFRSLL
,62),;FXFKLQJăVXSHULRDUă5HVSHFWDĠL
LQVWUXFĠLXQLOHGHPRQWDUHDOHSURGXFăWRUX
OXLvQWLPSXOPRQWDMXOXL$VLJXUDĠLYăFăFHQ
WXUDFKLQJLLVXSHULRDUHƒHVWHVWUkQVă


 3UH]HQĠDFRSLLORUODERUG

3UREOHPHODUHFXQRDúWHUHDVFDXQXOXLSHQWUXFRSLO

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
/DPSDLQGLFDWRDUH 8QVFDXQVSHFLDOSHQWUXFRSLOPDUFD0HUFHGHV%HQ]SUHYă]XWFX
s3$66(1*(5$,5 WUDQVSRQGHUSHQWUXUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUX
6LJXUDQĠă

%$*2))$,5%$* FRSLODIRVWPRQWDWvQVFDXQXOSDVDJHUXOXLIDĠă$LUEDJXOSHQWUX

3$6$*(5235,7GHSH SDVDJHUXOIDĠăDIRVWSULQXUPDUHGH]DFWLYDWFRQIRUPSUHIHULQĠHORU
FRQVRODFHQWUDOăHVWH
DSULQVă  3HULFROGHUăQLUH
1XH[LVWăQLFLXQVFDXQSHQWUXFRSLOPRQWDWvQVFDXQXOSDVDJHUXOXL
IDĠă5HFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUXFRSLOHVWH
GHIHFWă
'HDVHPHQHDHVWHSRVLELOFDODPSDGHDYHUWL]DUH656uVăVH
DSULQGăúLVDXODPSDLQGLFDWRDUHs3$66(1*(5$,5%$*2))
$,5%$*3$6$*(5235,7VăQXVHDSULQGăVFXUWFkQGFXSODĠL
FRQWDFWXO
 6FRDWHĠLHFKLSDPHQWXOHOHFWURQLFGLQVFDXQXOSDVDJHUXOXLIDĠă
GHH[
=ODSWRS
=WHOHIRQPRELO
=FDUGXULFXWUDQVSRQGHUHFXPDUILFDUGXULOHGHWUHFHUHSHQWUX
VFKLVDXFDUWHOHGHDFFHV
'DFăODPSDLQGLFDWRDUHs3$66(1*(5$,5%$*2))$,5%$*
3$6$*(5235,7FRQWLQXăVăILHDSULQVă
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3R]LĠLRQDUHDDGHFYDWăDVLVWHPHORUGHUHWHQĠLHSHQWUXFRSLL
/HJHQGDOLWHUHORUXWLOL]DWHvQWDEHO
[ 6FDXQXOFDUHHVWHLQDGHFYDWSHQWUXFRSLLGLQDFHDVWăFDWHJRULHGHJUHXWDWH
8 $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXFRSLLGLQFDWHJRULDÄ8QLYHUVDOFDUHVXQWDSUR
EDWHSHQWUXXWLOL]DUHvQDFHDVWăFDWHJRULHGHJUHXWDWH
8) $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXFRSLLRULHQWDWHVSUHIDĠăFDUHVHvQFDGUHD]ăvQ
FDWHJRULDÄ8QLYHUVDOúLVXQWDSUREDWHSHQWUXXWLOL]DUHvQDFHDVWăFDWHJRULHGHJUHXWDWH
/ $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXFRSLLFRQIRUPUHFRPDQGăULORUFRQVXOWDĠL
XUPăWRUXOWDEHOFXÄ6LVWHPHGHUHWHQĠLHSHQWUXFRSLLUHFRPDQGDWH3DJLQD
 3UH]HQĠDFRSLLORUODERUG 

3R]LĠLLOHVFDXQHORU
&DWHJRULLGH 6FDXQXOSDVDJHUXOXLIDĠă 6FDXQXOVSDWH
JUHXWDWH
$LUEDJXOSDVD $LUEDJXOSDVD 6WkQJDGUHDSWD
JHUXOXLIDĠăQX JHUXOXLIDĠă

6LJXUDQĠă
HVWHGH]DFWL HVWHGH]DFWL
YDW YDW
*UXSDSkQă [ 8/ 8/
ODNJ
*UXSD [ 8/ 8/
SkQăODNJ
*UXSD,SkQă 8/ 8/ 8/
ODNJ
*UXSD,, 8/ 8/ 8/
SkQăODNJ
*UXSD,,, 8/ 8/ 8/
SkQăODNJ

6LVWHPHOHGHUHWHQĠLHSHQWUXFRSLLGLQFDWHJRULDÄXQLYHUVDOă´SRWILUHFXQRVFXWHGXSăHWLFKHWD
ORUGHRPRORJDUHSRUWRFDOLH

(WLFKHWăGHRPRORJDUHSHVLVWHPXOGHUHWHQĠLHSHQWUXFRSLLH[HPSOX

 $XWRYHKLFXOHFXUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLIDĠăXQVLVWHPGH
UHWHQĠLHSHQWUXFRSLLGLQFDWHJRULDÄ8QLYHUVDOFXXQWUDQVSRQGHUSHQWUXUHFXQRDúWHUHDDXWRPDWăDVFDXQXOXL
SHQWUXFRSLOWUHEXLHVăILHPRQWDW/DPSDLQGLFDWRDUHs3$66(1*(5$,5%$*2))$,5%$*3$6$*(5
235,7WUHEXLHVăILHDSULQVă
 5HJODĠLVFDXQXOSDVDJHUXOXLIDĠăODSR]LĠLDGHFDSăWVSDWHúLVSăWDUXOVFDXQXOXLvQWURSR]LĠLHFkWPDLDSURSLDWă
GHYHUWLFDOăSRVLELO

 3UH]HQĠDFRSLLORUODERUG

/HJHQGDOLWHUHORUXWLOL]DWHvQWDEHO
[ 3R]LĠLD,62),;FDUHQXHVWHDGHFYDWăSHQWUXVLVWHPHOHGHUHWHQĠLHSHQWUXFRSLL,62),;
GLQDFHDVWăFDWHJRULHGHJUHXWDWHúLVDXFDWHJRULHGHPăULPH
,8) $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXVFDXQHGHFRSLL,62),;RULHQWDWHVSUHIDĠă
FDUHVHvQFDGUHD]ăvQFDWHJRULDÄ8QLYHUVDOFDUHVXQWDSUREDWHSHQWUXXWLOL]DUHvQDFHDVWă
6LJXUDQĠă

FDWHJRULHGHJUHXWDWH
,/ $GHFYDWSHQWUXVLVWHPHGHUHWHQĠLHSHQWUXFRSLL,62),;FRQIRUPUHFRPDQGăULORUFRQ
VXOWDĠLXUPăWRUXOWDEHOFXÄ6LVWHPHGHUHWHQĠLHSHQWUXFRSLLUHFRPDQGDWH
3DJLQD
*UDGXOGHDGHFYDUHDOVFDXQHORUVSDWHSHQWUXSULQGHUHDVLVWHPHORUGHUHWHQĠLHSHQWUXFRSLL
,62),;

&DWHJRULLGHJUHXWDWH &DWHJRULDGH GRWăUL 6FDXQXOVSDWH

PăULPH VWkQJDúLGUHDSWD
&RúGHEHEH ) ,62/ [
* ,62/ [
SkQăODNJ ( ,625 ,/
SkQăODDSUR[LPDWLY
OXQL
SkQăODNJ ( ,625 ,/
SkQăODDSUR[LPDWLY ' ,625 ,/
OXQL
& ,625 ,//
,SkQăODNJ ' ,625 ,/
vQWUHDSUR[LPDWLY & ,625 ,/
OXQLúLDQL
% ,62) ,8)
% ,62); ,8)
$ ,62) ,8)

6LVWHPHGHUHWHQĠLHSHQWUXFRSLLUHFRPDQGDWH
'DFăIL[DĠLXQVLVWHPGHUHWHQĠLHSHQWUXFRSLLIăUăXQWUDQVSRQGHUSHQWUXUHFXQRDúWHUHDDXWR
PDWăDVFDXQXOXLSHQWUXFRSLOODVFDXQXOSDVDJHUXOXLIDĠăGHSODVDĠLFkWVHSRDWHGHPXOWvQ
VSDWHVFDXQXOSDVDJHUXOXLIDĠă

 5HJODĠLVFDXQXOSDVDJHUXOXLIDĠăODSR]LĠLDVXSHULRDUăPD[LPăFHQWUDOăúLVSăWDUXOVFDXQXOXLvQWURSR]LĠLHFkW
PDLDSURSLDWăGHYHUWLFDOăSRVLELO
 3UH]HQĠDFRSLLORUODERUG 

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

JUHXWDWH GXFăWRU RPRORJDUH FRPDQGă UHDDXWR
( $ PDWăDVFDX
QXOXLSHQWUX
FRSLO

6LJXUDQĠă
*UXSDSkQă %ULWD[ %$%<   'D
ODNJ 5|PHU 6$)( 
SkQăODDSUR[L 3/86
PDWLYOXQL
*UXSDSkQă %ULWD[ %$%<   'D
ODNJ 5|PHU 6$)( 
SkQăODDSUR[L 3/86
PDWLYOXQL
*UXSD,GHOD %ULWD[ '82   'D
SkQăODNJ 5|PHU 3/86   1X
vQWUHDSUR[LPD
WLYOXQLúL
DQL
&DWHJRULD,, %ULWD[ .,'),;   'D
,,,GHOD 5|PHU
SkQăODNJ  1X
vQWUHDSUR[LPD
WLYúLDQL

6LVWHPHGHUHWHQĠLHSHQWUXFRSLL,62),;VXJHUDWHGLQFDWHJRULD8QLYHUVDO

&DWHJRULL &DWHJRULD 3UR 7LS 1XPăUGH 1XPăU 5HFX

GHJUHX PăULPH GXFăWRU RPROR FRPDQGă QRDúWH
WDWH JDUH( UHDDXWR
 PDWăD
VFDXQXOXL
SHQWUX
FRSLO
&RúGH ) ± ± ± ± ±
EHEHOXú
* ± ± ± ± ±
*UXSD ( ± ± ± ± ±
SkQăOD
NJ
*UXSD ( %ULWD[ %$%<6$)(  % 1X
SkQăOD 5|PHU ,62),; 
NJ 3/86


 6LVWHPHGHVLJXUDQĠăODFRQGXFHUH

&DWHJRULL &DWHJRULD 3UR 7LS 1XPăUGH 1XPăU 5HFX

GHJUHX PăULPH GXFăWRU RPROR FRPDQGă QRDúWH
WDWH JDUH( UHDDXWR
 PDWăD
VFDXQXOXL
6LJXUDQĠă

SHQWUX
FRSLO
' ± ± ± ± ±
& ± ± ± ± ±
*UXSD, ' ± ± ± ± ±
GHOD & ± ± ± ± ±
SkQăOD
NJ % ± ± ± ± ±
% %ULWD[ '823/86  $ 'D
5|PHU  
$ ± ± ± ± ±

6LVWHPHGHVLJXUDQĠăODFRQGXFHUH FRQGXFHUHVXQWGRDUVLVWHPHGHDVLVWDUHFDUH
YăDMXWăFkQGFRQGXFHĠL'XPQHDYRDVWUăVXQ
3UH]HQWDUHJHQHUDOăDVLVWHPHORUGH WHĠLUHVSRQVDELOGHGLVWDQĠDIDĠăGHDXWRYHKL
VLJXUDQĠăODFRQGXFHUH FXOXOGLQIDĠăGHYLWH]DDXWRYHKLFXOXOXLúLGH
ÌQDFHDVWăVHFĠLXQHYHĠLJăVLLQIRUPDĠLLGHV IUkQDUHDvQWLPSXWLO$GDSWDĠLYăvQWRWGHDXQD
SUHXUPăWRDUHOHVLVWHPHGHVLJXUDQĠăODFRQ VWLOXOGHFRQGXFHUHODFRQGLĠLLOHGHGUXPúL
GXFHUH PHWHRSUHGRPLQDQWHSUHFXPúLODFRQGLĠLLOH
=$%66LVWHPDQWLEORFDUHODIUkQDUH
GLQWUDILFúLPHQĠLQHĠLRGLVWDQĠăVLJXUăIDĠă
GHDXWRYHKLFXOXOGLQIDĠă&RQGXFHĠLFXDWHQ
=%$66LVWHPGHDVLVWDUHODIUkQDUH
ĠLH
=%$63/866LVWHPGHDVLVWDUHODIUkQDUH
3OXV
 G 5HĠLQHĠLFăVLVWHPHOHGHVLJXUDQĠăODFRQ
=/ăPSLGHIUkQăDGDSWLYH
GXFHUHGHVFULVHIXQFĠLRQHD]ăODHILFLHQĠă
PD[LPăQXPDLGDFăH[LVWăXQFRQWDFW
=(63Š3URJUDPXOGHVWDELOLWDWHHOHFWURQLFă
DGHFYDWvQWUHSQHXULúLVXSUDIDĠDGUXPXOXL
=(%''LVWULEXĠLDHOHFWURQLFăDIRUĠHLGHIUk $FRUGDĠLRDWHQĠLHGHRVHELWăLQIRUPDĠLLORU
QDUH SULYLQGSQHXULOHDGkQFLPLOHPLQLPHUHFR
=)5Æ1$5($'$37,9Ă PDQGDWHDOHEHQ]LLGHUXODUHHWFGLQVHF
=)UkQă35(6$)(Š ĠLXQHDÄ5RĠLúLSQHXUL3DJLQD
ÌQFRQGLĠLLGHFRQGXFHUHSHWLPSGHLDUQă
XWLOL]DĠLvQWRWGHDXQDSQHXULGHLDUQă
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
'DFăQXYăDGDSWDĠLVWLOXOGHFRQGXFHUHVLV
WHPHOHGHVLJXUDQĠăODFRQGXFHUHQXSRWQLFL
UHGXFHULVFXOGHDFFLGHQWQLFLQXVHSRWVXV
WUDJHOHJLORUIL]LFLL6LVWHPHOHGHVLJXUDQĠăOD
SQHXUL06úLGDFăVLWXDĠLDRFHUHODQĠXUL
GH]ăSDGă1XPDLDVWIHOYRUIXQFĠLRQDVLV
WHPHOHGHVLJXUDQĠăODFRQGXFHUHGHVFULVH
vQDFHDVWăVHFĠLXQHODHILFLHQĠăPD[LPă
 6LVWHPHGHVLJXUDQĠăODFRQGXFHUH 

$%66LVWHPDQWLEORFDUHODIUkQDUH UHXúLĠLVăRSULĠLODWLPSúLVăSURGXFHĠLXQDFFL

GHQW$SăVDĠLSHGDODGHIUkQăIHUPúLXQLIRUP
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH
SULYLQGVLJXUDQĠD³3DJLQD %$66LVWHPGHDVLVWDUHODIUkQDUH

6LJXUDQĠă
$%6UHJOHD]ăSUHVLXQHDGHIUkQDUHDVWIHO G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH
vQFkWURĠLOHVăQXVHEORFKH]HFkQGIUkQDĠL
$FHDVWDYăSHUPLWHVăFRQWLQXDĠLVăPDQH
YUDĠLDXWRYHKLFXOXOFkQGIUkQDĠL
$%6IXQFĠLRQHD]ăGHODRYLWH]ăGHDSUR[LPD
WLYNPKvQVXVLQGLIHUHQWGHVWDUHDVXSUD
IHĠHLGUXPXOXL$%6IXQFĠLRQHD]ăSHVXSUD
IHĠHDOXQHFRDVHFKLDUúLGDFăIUkQDĠLXúRU
 $9(57,60(17
'DFă$%6IXQFĠLRQHD]ăGHIHFWXRVURĠLOHVH
SRWEORFDFkQGIUkQDĠL$VWIHOVHOLPLWHD]ă
PDQHYUDELOLWDWHDDXWRYHKLFXOXOXLFkQGIUkQDĠL
úLGLVWDQĠDGHIUkQDUHSRDWHFUHúWH
'DFă$%6HVWHGH]DFWLYDWGLQFDX]DXQHL
GHIHFĠLXQLDWXQFL%$6úL(63VXQWGHDVHPH
QHDGH]DFWLYDWH([LVWăXQSHULFROFUHVFXWFD
DXWRYHKLFXOXOGXPQHDYRDVWUăVăGHUDSH]HvQ
DQXPLWHVLWXDĠLL
7UHEXLHVăYăDGDSWDĠLvQWRWGHDXQDVWLOXOGH
FRQGXFHUHODFRQGLĠLLOHGHGUXPúLPHWHR
IUkQDUH
'DFă$%6LQWHUYLQHFkQGIUkQDĠLYHĠLVLPĠL
SHGDODGHIUkQăSXOVkQG
SULYLQGVLJXUDQĠD³3DJLQD
%$6VHDFĠLRQHD]ăvQVLWXDĠLLGHIUkQDUHGH
XUJHQĠă'DFăDSăVDĠLUDSLGSHGDODGHIUkQă
%$6RIHUăDXWRPDWXQLPSXOVGHIRUĠăGHIUk
QDUHUHGXFkQGDVWIHOGLVWDQĠDGHRSULUH
 0HQĠLQHĠLSHGDODGHIUkQăIHUPDSăVDWă
SkQăFHVLWXDĠLDFDUHDLPSXVIUkQDUHDGH
XUJHQĠăDOXDWVIkUúLW
$%6XOSUHYLQHEORFDUHDURĠLORU
)UkQHOHYRUIXQFĠLRQDFDGHRELFHLFkQGHOL
EHUDĠLSHGDODGHIUkQă%$6XOHVWHGH]DFWL
YDW
 3HULFROGHDFFLGHQW
ÌQFD]XOXQHLGHIHFĠLXQLDVLVWHPXOXL%$6VLV
WHPXOGHIUkQDUHUăPkQHGLVSRQLELOFXDPSOL
ILFDUHDIRUĠHLGHIUkQDUHFRPSOHWIXQFĠLRQDOă
3HGHDOWăSDUWHvQDFHDVWăVLWXDĠLHIRUĠDGH
IUkQDUHQXHVWHDXWRPDWDPSOLILFDWăvQFD]XO
IUkQăULLGHXUJHQĠăúLHVWHSRVLELOăPăULUHD
GLVWDQĠHLGHIUkQDUH
%$63/866LVWHPGHDVLVWDUHODIUk
 'DFă$%6LQWHUYLQHFRQWLQXDĠLVăDSăVDĠL
SHGDODGHIUkQăFXIRUĠăSkQăFHVLWXDĠLD
FDUHDLPSXVIUkQDUHDLDVIkUúLW
 3HQWUXDDFĠLRQDSkQăODFDSăWIUkQD
DSăVDĠLSHGDODGHIUkQăFXIRUĠăPD[LPă
QDUH3OXV
%$63/86HVWHGLVSRQLELOQXPDLODDXWRYHKL
FXOHOHFX',67521,&3/86
G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH
3HGDODGHIUkQăFDUHSXOVHD]ăSRDWHLQGLFDR
VWDUHSHULFXORDVăDGUXPXOXLúLDUHUROXOGHD
YăDPLQWLVăPDQLIHVWDĠLRSUHFDXĠLHGHRVH
ELWăFkQGFRQGXFHĠL
 $9(57,=$5(
1XDSăVDĠLVFXUWúLUHSHWDWSHGDODGHIUkQă
SULYLQGVLJXUDQĠD³3DJLQD
%$63/86RIHUăDVLVWHQĠăODIUkQDUHvQVLWXDĠLL
SHULFXORDVHODYLWH]HGHSHVWHNPKúLXWL
OL]HD]ăWHKQRORJLHFXVHQ]RULUDGDUSHQWUXD
HYDOXDVLWXDĠLDGLQWUDILF
&XDMXWRUXOVLVWHPXOXLGHVHQ]RUUDGDU%$6
3/86SRDWHGHWHFWDREVWDFROHDIODWHSHWUD
SRPSDUHÄ3RPSDUHD´SHGDOHLGHIUkQă VHXODXWRYHKLFXOXOXLGXPQHDYRDVWUăSHR
UHGXFHHIHFWXOGHIUkQDUH6DUSXWHDVăQX SHULRDGăvQGHOXQJDWăGHWLPS


 6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
/DYLWH]HGHSkQăODDSUR[LPDWLYNPK
%$63/86SRDWHGHDVHPHQHDVăGHWHFWH]H
REVWDFROHVWDĠLRQDUHGHH[HPSOXDXWRYHKL
FXOHRSULWHVDXSDUFDWH
'DFăYăDSURSLDĠLGHXQREVWDFROúL%$63/86
6LJXUDQĠă
DGHWHFWDWXQULVFGHFROL]LXQH%$63/86FDO
FXOHD]ăIRUĠDGHIUkQDUHQHFHVDUăHYLWăULLXQHL
FROL]LXQLGLQVSDWHÌQWLPSFHDFĠLRQDĠLIUkQHOH
FXSXWHUH%$63/86SRDWHFUHúWHDXWRPDW
IRUĠDGHIUkQDUHSkQăODXQQLYHODGHFYDWFRQ
GLĠLLORUGLQWUDILF
'DFă%$63/86QHFHVLWăRIRUĠăGHIUkQDUH
GHRVHELWGHULGLFDWăPăVXULOHGHSURWHFĠLH
([LVWăXQSHULFROGHDFFLGHQW$FRUGDĠLvQWRW
GHDXQDRDWHQĠLHGHRVHELWăVLWXDĠLHLGLQWUDILF
úLILĠLJDWDVăIUkQDĠL
'HWHFWDUHDREVWDFROHORUSRDWHILGLPLQXDWă
PDLDOHVGDFăH[LVWă
=LPSXULWăĠLSHVHQ]RULVDXRULFHDOWHPDWHULL
VWUăLQHSHVHQ]RUL
=]ăSDGăVDXSORDLHDEXQGHQWă
=LQWHUIHUHQĠHFXDOWHVXUVHUDGDU
=SRVLELOLWDWHDGHHPLVLLUDGDUSXWHUQLFHGH
H[HPSOXvQSDUFăULHWDMDWH
=XQDXWRYHKLFXOvQJXVWFDUHUXOHD]ăvQIDĠă
SUHYHQWLYăDSDVDJHULORU35(6$)(ŠVXQW
DFWLYDWHVLPXOWDQ
 0HQĠLQHĠLSHGDODGHIUkQăDSăVDWăSkQăFH
VLWXDĠLDFDUHDLPSXVIUkQDUHDGHXUJHQĠăD
OXDWVIkUúLW
$%6XOSUHYLQHEORFDUHDURĠLORU
)UkQHOHYRUUHYHQLODIXQFĠLRQDUHDQRUPDOăGLQ
QRXGDFă =ODDXWRYHKLFXOHOHFDUHYLQGLQVHQVRSXV
=HOLEHUDĠLSHGDODGHIUkQă
=QXPDLH[LVWăSHULFROXOXQHLFROL]LXQLGLQ
VSDWH
=QXHVWHGHWHFWDWQLFLXQREVWDFROvQIDĠD
DXWRYHKLFXOXOXLGXPQHDYRDVWUă
%$63/86HVWHDSRLGH]DFWLYDW
$XWRYHKLFXOHFX&20$1'úLVLVWHPGHQDYL
JDĠLHVLVWHPXOGHVHQ]RULUDGDUHVWHGH]DFWL
YDWDXWRPDWvQDSURSLHUHDXQLWăĠLORUUDGLRWH
GHH[RPRWRFLFOHWă
=XQDXWRYHKLFXOFDUHUXOHD]ăvQIDĠăSHR
EDQGăGLIHULWă
 $9(57,60(17
%$63/86QXUHDFĠLRQHD]ă
=ODSHUVRDQHVDXODDQLPDOH
=ODDXWRYHKLFXOHOHFDUHYăWDLHFDOHD
=vQYLUDMH
'UHSWXUPDUHHVWHSRVLELOFD%$63/86VăQX
LQWHUYLQăvQVLWXDĠLLFULWLFH([LVWăXQSHULFROGH
DFFLGHQW$FRUGDĠLvQWRWGHDXQDRDWHQĠLHGHR
VHELWăVLWXDĠLHLGLQWUDILFúLILĠLJDWDVăIUkQDĠL
ÌQXUPDDYDULHULLSăUĠLLIURQWDOHDDXWRYHKLFX
OXOXLVROLFLWDĠLYHULILFDUHDFRQILJXUăULLúLIXQF
OHVFRS3DJLQD ĠLRQăULLVHQ]RULORUUDGDUODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW$FHDVWăLQGLFDĠLHHVWH
$XWRYHKLFXOHIăUă&20$1'úLXQVLVWHPGH
YDODELOăúLvQFD]XOFROL]LXQLORUODYLWH]ăPLFă
QDYLJDĠLHúLDXWRYHKLFXOHSHQWUX$XVWUDOLD
DWXQFLFkQGQXH[LVWăDYDULLYL]LELOHSHSDUWHD
VLVWHPXOGHVHQ]RULUDGDUúLFDOFXODWRUXOGH
IURQWDOăDDXWRYHKLFXOXOXL
ERUGWUHEXLHVăILHGH]DFWLYDWHvQDSURSLHUHD
XQLWăĠLORUUDGLRWHOHVFRS3DJLQD 'DFă%$63/86HVWHLQGLVSRQLELOGLQFDX]D
XQHLGHIHFĠLXQLODVLVWHPXOGHVHQ]RULUDGDU
3HQWUXFD%$63/86VăYăDVLVWHvQWLPSXO
VLVWHPXOGHIUkQDUHUăPkQHGLVSRQLELOFX
FRQGXFHULLVLVWHPXOGHVHQ]RULUDGDUWUHEXLH
HIHFWGHDVLVWDUHFRPSOHWăODIUkQDUHúL%$6
VăILHDFWLYDWúLIXQFĠLRQDOFRQVXOWDĠLÄ6LVWH
PXOGHVHQ]RUUDGDU³GLQLQGH[
 $9(57,60(17 /ăPSLGHIUkQăDGDSWLYH
%$63/86QXSRDWHLGHQWLILFDvQWRWGHDXQD G /ăPSLOHGHIUkQăDGDSWLYHVXQWGLVSRQL
FODURELHFWHOHúLVLWXDĠLLOHFRPSOH[HGLQWUDILF ELOHQXPDLvQDQXPLWHĠăUL
%$63/86QXSRDWHLQWHUYHQLvQDFHVWHFD]XUL
 6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
'DFăIUkQDĠLFkQGYăGHSODVDĠLFXSHVWH
NPKVDXGDFăIUkQDUHDHVWHDVLVWDWăGH
%$6VDX%$63/86OăPSLOHGHIUkQăFOLSHVF
UDSLGÌQDFHVWIHOSDUWLFLSDQĠLLODWUDILFGLQ
VSDWHOHGXPQHDYRDVWUăVXQWDYHUWL]DĠLvQWUXQ
PRGúLPDLHYLGHQW
'DFăIUkQDĠLUDSLGFkQGYăGHSODVDĠLFXSHVWH
NPKSkQăODRSULUHVHPQDOL]DWRDUHOHGH
DYDULHVHDFWLYHD]ăDXWRPDW'DFăIUkQHOH
VXQWDFĠLRQDWHGLQQRXOăPSLOHGHIUkQăVH
DSULQGFRQWLQXX6HPQDOL]DWRDUHOHGHDYDULH
VHGH]DFWLYHD]ăDXWRPDWGDFăYăGHSODVDĠLFX
SHVWHNPK3XWHĠLVăGH]DFWLYDĠLVHPQD
OL]DWRDUHOHGHDYDULHúLGHODEXWRQXOVHPQD

ÌQFD]FRQWUDUDXWRYHKLFXOXOSRDWHGHUDSD
(63ŠQXSRDWHUHGXFHSHULFROXOGHDFFLGHQW
vQFD]XOvQFDUHFRQGXFHĠLSUHDUDSLG(63ŠQX
VHSRDWHVXVWUDJHOHJLORUIL]LFLL
6LJXUDQĠă
 'HFXSODĠLFRQWDFWXOFkQG
=IUkQDGHSDUFDUHHVWHWHVWDWăFXDMXWRUXO
XQXLGLQDPRPHWUX
=DXWRYHKLFXOXOHVWHWUDFWDWFXSXQWHD
IDĠăSXQWHDVSDWHULGLFDWă
$FĠLRQDUHDIUkQHORUSULQ(63ŠSRDWHGLV
WUXJHvQFD]FRQWUDUVLVWHPXOGHIUkQDUH
G 8WLOL]DĠLQXPDLURĠLFXPăULPLOHGHSQHX
OL]DWRUXOXLGHDYDULH3DJLQD
UHFRPDQGDWH1XPDLDWXQFLYDIXQFĠLRQD
(63ŠFRUHVSXQ]ăWRU
(63Š3URJUDPGHVWDELOLWDWHHOHFWUR
QLFă (76$VLVWDUHHOHFWURQLFăDWUDFĠLXQLL
&RQWUROXOWUDFĠLXQLLIDFHSDUWHGLQ(63Š
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
&RQWUROXOWUDFĠLXQLLIUkQHD]ăURĠLOHPRWULFH
G &RQVXOWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH LQGLYLGXDOGDFăSDWLQHD]ă$VWIHOSXWHĠLSRUQL
SULYLQGVLJXUDQĠD³3DJLQD
'DFă(63ŠGHWHFWHD]ăIDSWXOFăDXWRYHKLFXOXO
GHYLD]ăGHODGLUHFĠLDGRULWăGHúRIHUVHIUk
QHD]ăSHXQDVDXPDLPXOWHURĠLSHQWUXDVWD
ELOL]DDXWRYHKLFXOXO'DFăVLWXDĠLDRFHUH
SXWHUHDXWLOăDPRWRUXOXLHVWHGHDVHPHQHD
PRGLILFDWăSHQWUXDPHQĠLQHDXWRYHKLFXOXOSH
WUDVHXOGRULWvQIXQFĠLHGHOLPLWHOHIL]LFLL
(63ŠvODVLVWăSHúRIHUODGHPDUDUHSHGUXPXUL
XPHGHVDXDOXQHFRDVH(63ŠSRDWHGHDVH
PHQHDVăVWDELOL]H]HDXWRYHKLFXOXOODIUkQDUH
'DFă(63ŠLQWHUYLQHODPSDGHDYHUWL]DUH
(63ŠåGLQSDQRXOGHLQVWUXPHQWHFOL
GHSHORFúLDFFHOHUDSHVXSUDIHĠHDOXQHFRDVH
GHH[HPSOXGDFăVXSUDIDĠDGUXPXOXLHVWHDOX
QHFRDVăSHRSDUWH
&RQWUROXOWUDFĠLXQLLUăPkQHDFWLYGDFăGH]DF
WLYDĠL(63Š
 $9(57,60(17
&RQWUROXOWUDFĠLXQLLQXSRDWHUHGXFHSHULFROXO
GHDFFLGHQWvQFD]XOvQFDUHFRQGXFHĠLSUHD
UDSLG&RQWUROXOWUDFĠLXQLLQXSRDWHDQXOD
OHJLOHIL]LFLL
'H]DFWLYDUHDDFWLYDUHD(63ŠFX
H[FHSĠLDDXWRYHKLFXOHORU$0*
SHúWH
1XSXWHĠLDFWLYDúLGH]DFWLYD(63ŠODDXWRYH
 $9(57,60(17
KLFXOHFXXQYRODQPXOWLIXQFĠLRQDOFX
'DFăODPSDGHDYHUWL]DUHåGLQSDQRXOGH EXWRDQH
LQVWUXPHQWHFOLSHúWHSURFHGDĠLGXSăFXP
XUPHD]ă (63ŠVHDFWLYHD]ăDXWRPDWODSRUQLUHDPRWR
UXOXL
=QXGH]DFWLYDĠL(63ŠVXEQLFLRIRUPă
=DSăVDĠLSHGDODGHDFFHOHUDĠLHQXPDLFkWGH G $XWRYHKLFXOHFXIXQFĠLDVWDUWVWRS(&2
WDUHHVWHQHFHVDUODGHPDUDUH IXQFĠLDVWDUWVWRS(&2RSUHúWHDXWRPDW
=DGDSWDĠLYăVWLOXOGHFRQGXFHUHODFRQGLĠLLOH
PRWRUXOFkQGDXWRYHKLFXOXOVHRSUHúWH
0RWRUXOSRUQHúWHDXWRPDWFkQGúRIHUXO
GHGUXPúLPHWHRSUHGRPLQDQWH


 6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
YUHDVăGHPDUH]HGLQQRX(63ŠUăPkQHvQ
VWDUHDVHOHFWDWăDQWHULRU([HPSOXGDFă
(63ŠDIRVWGH]DFWLYDWvQDLQWHFDPRWRUXO
VăILHRSULW(63UăPkQHGH]DFWLYDWFkQG
PRWRUXOHVWHUHSRUQLW
6LJXUDQĠă
3RDWHFăFHOPDLELQHDUILVăGH]DFWLYDĠL
(63ŠvQXUPăWRDUHOHVLWXDĠLL 7UHEXLHVăYăDGDSWDĠLvQWRWGHDXQDVWLOXOGH
=FkQGXWLOL]DĠLODQĠXULGH]ăSDGă
=vQ]ăSDGăPDUH
'DFăODPSDGHDYHUWL]DUHåúLODPSDGH
DYHUWL]DUH»VXQWDSULQVHFRQWLQXX(63Š
HVWHLQGLVSRQLELOGLQFDX]DXQHLGHIHFĠLXQL
([LVWăXQSHULFROFUHVFXWFDDXWRYHKLFXOXO
GXPQHDYRDVWUăVăGHUDSH]HvQDQXPLWHVLWXD
ĠLL
FRQGXFHUHODFRQGLĠLLOHGHGUXPúLPHWHR
=SHQLVLSVDXSLHWULú
 $9(57,60(17
$FWLYDĠL(63ŠLPHGLDWFHVLWXDĠLLOHGHVFULVH
DQWHULRUQXPDLVXQWYDODELOHÌQFD]FRQWUDU
 3HQWUXDDFWLYD3DJLQD
/DPSDGHDYHUWL]DUH»(63Š2))GLQ
SDQRXOGHLQVWUXPHQWHVHVWLQJH
'H]DFWLYDUHDDFWLYDUHD(63ŠDXWRYH
(63ŠQXYDSXWHDVWDELOL]DDXWRYHKLFXOXOGDFă
DXWRYHKLFXOXOvQFHSHVăGHUDSH]HVDXRURDWă
vQFHSHVăSDWLQH]H
'DFăGH]DFWLYDĠL(63Š (63ŠVHDFWLYHD]ăDXWRPDWODSRUQLUHDPRWR
=(63ŠQXPDLvPEXQăWăĠHúWHVWDELOLWDWHDOD
FRQGXFHUH
=FXSOXOPRWRUXOXLQXPDLHVWHOLPLWDWLDU
URĠLOHPRWULFHSRWSDWLQD3DWLQDUHDURĠLORU
JHQHUHD]ăRDFĠLXQHGHUHGXFHUHFDUHDVL
JXUăRPDLEXQăDGHUHQĠă
=FRQWUROXOWUDFĠLXQLLHVWHDFWLYDWvQFRQWL
QXDUH
=(63ŠDVLJXUăvQFRQWLQXDUHDVLVWHQĠăFkQG
IUkQDĠL
'DFă(63ŠHVWHGH]DFWLYDWLDUXQDVDXPDL
PXOWHURĠLvQFHSVăSDWLQH]HODPSDGHDYHU
WL]DUHå(63ŠGLQSDQRXOGHLQVWUXPHQWH
FOLSHúWHÌQDVWIHOGHVLWXDĠLL(63ŠQXYDVWD
ELOL]DDXWRYHKLFXOXO
KLFXOH$0*
$FWLYDUHDGH]DFWLYDUHDPRGXOXLGH
PDQHYUDELOLWDWH63257
UXOXL
&HOPDLELQHHVWHVăDFWLYDĠLPRGXOGHPDQH
YUDELOLWDWH63257vQXUPăWRDUHOHVLWXDĠLL
=FkQGXWLOL]DĠLODQĠXULGH]ăSDGă
=vQ]ăSDGăPDUH
=SHQLVLSVDXSLHWULú
ÌQFD]FRQWUDUDUWUHEXLVăXWLOL]DĠLPRGXO
63257QXPDLSHFLUFXLWHGHFXUVHPDUFDWH
 $9(57,60(17
'H]DFWLYDĠLPRGXOGHPDQHYUDELOLWDWH63257
úLDFWLYDĠL(63ŠLPHGLDWFHQXPDLH[LVWăVLWXD
ĠLLOHGHVFULVHDQWHULRUÌQFD]FRQWUDUPRGXO
GHPDQHYUDUH63257YDSXWHDVWDELOL]DDXWR
YHKLFXOXOQXPDLvQWURDQXPLWăPăVXUăGDFă
DXWRYHKLFXOXOvQFHSHVăGHUDSH]HVDXRURDWă
 3HQWUXDGH]DFWLYD3DJLQD
/DPSDGHDYHUWL]DUH»(63Š2))GLQ
SDQRXOGHLQVWUXPHQWHVHDSULQGH
 $9(57,60(17
(63ŠHVWHGH]DFWLYDWGDFăODPSDGHDYHUWL
]DUH»GLQSDQRXOGHLQVWUXPHQWHVH
DSULQGHFRQWLQXXFkQGPRWRUXOIXQFĠLRQHD]ă
vQFHSHVăSDWLQH]H
&kQGPRGXOGHPDQHYUDELOLWDWH63257HVWH
DFWLYDW
=(63ŠvPEXQăWăĠHúWHVWDELOLWDWHDGRDUvQWU
RPăVXUăOLPLWDWă
=FXSOXOPRWRUXOXLHVWHUHVWULFĠLRQDWvQWUR
PăVXUăOLPLWDWăLDUURĠLOHPRWULFHSRW
SDWLQD3DWLQDUHDURĠLORUJHQHUHD]ăR
 6LVWHPHGHVLJXUDQĠăODFRQGXFHUH
DFĠLXQHGHUHGXFHUHFDUHDVLJXUăRPDL
EXQăDGHUHQĠă
=FRQWUROXOWUDFĠLXQLLHVWHDFWLYDWvQFRQWL
QXDUH
=(63ŠDVLJXUăvQFRQWLQXDUHDVLVWHQĠăFkQG
IUkQDĠLIHUP
'DFă(63ŠHVWHGH]DFWLYDWLDUXQDVDXPDL
PXOWHURĠLvQFHSVăSDWLQH]HODPSDGHDYHU
WL]DUHå(63ŠGLQSDQRXOGHLQVWUXPHQWH
FOLSHúWH(63ŠVWDELOL]HD]ăDXWRYHKLFXOXOGRDU
vQWURPăVXUăOLPLWDWă
 3HQWUXDDFWLYDDSăVDĠLVFXUWEXWRQXOC
/DPSDGHDYHUWL]DUHDPRGXOXLGHPDQH
YUDELOLWDWHt63257GLQSDQRXOGH
LQVWUXPHQWHVHDSULQGH0HVDMXO63257
KDQGOLQJPRGH0RGGHPDQHYUDELOLњ

 $9(57,60(17
$FWLYDĠL(63ŠLPHGLDWFHVLWXDĠLLOHGHVFULVH
DQWHULRUQXPDLVXQWYDODELOHÌQFD]FRQWUDU
(63ŠQXYDSXWHDVWDELOL]DDXWRYHKLFXOXOGDFă
DXWRYHKLFXOXOvQFHSHVăGHUDSH]HVDXRURDWă
6LJXUDQĠă
vQFHSHVăSDWLQH]H
'DFăGH]DFWLYDĠL(63Š
=(63ŠQXPDLvPEXQăWăĠHúWHVWDELOLWDWHDOD
FRQGXFHUH
=FXSOXOPRWRUXOXLQXPDLHVWHOLPLWDWLDU
URĠLOHPRWULFHSRWVăSDWLQH]H3DWLQDUHD
URĠLORUJHQHUHD]ăRDFĠLXQHGHUHGXFHUH
FDUHDVLJXUăRPDLEXQăDGHUHQĠă
=FRQWUROXOWUDFĠLXQLLHVWHDFWLYDWvQFRQWL
QXDUH
=35(6$)(ŠQXPDLHVWHGLVSRQLELOúLGH
DVHPHQHDQXHVWHDFWLYDWGDFăIUkQDĠL
IHUPFXDMXWRUXO(63Š
=)UkQD35(6$)(ŠQXPDLHVWHGLVSRQLELOă
úLGHDVHPHQHDQXHVWHDFWLYDWăGDFăIUk
QDĠLIHUPFXDMXWRUXO(63Š
=(63ŠDVLJXUăvQFRQWLQXDUHDVLVWHQĠăFkQG
IUkQDĠLIHUP
'DFă(63ŠHVWHGH]DFWLYDWúLXQDVDXPDL
PXOWHURĠLvQFHSVăSDWLQH]HODPSDGHDYHU
WDWH63257DSDUHSHDILúDMXOPXOWLIXQF WL]DUH(63ŠåGLQSDQRXOGHLQVWUXPHQWH
ĠLRQDO QXFOLSHúWHÌQDVWIHOGHVLWXDĠLL(63ŠQXYD
 3HQWUXDGH]DFWLYDDSăVDĠLVFXUWEXWR VWDELOL]DDXWRYHKLFXOXO
QXOC
/DPSDGHDYHUWL]DUHDPRGXOXLGHPDQH
YUDELOLWDWH63257tGLQSDQRXOGH
LQVWUXPHQWHVHVWLQJH

$FWLYDUHDGH]DFWLYDUHD(63Š
(63ŠVHDFWLYHD]ăDXWRPDWODSRUQLUHDPRWR
UXOXL
3RDWHFăFHOPDLELQHDUILVăGH]DFWLYDĠL
(63ŠvQXUPăWRDUHOHVLWXDĠLL
=FkQGXWLOL]DĠLODQĠXULGH]ăSDGă  3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXOC
=vQ]ăSDGăPDUH SkQăFkQGODPSDGHDYHUWL]DUH»
=SHQLVLSVDXSLHWULú


 6LVWHPHGHVLJXUDQĠăODFRQGXFHUH

(63Š2))VHDSULQGHvQSDQRXOGHLQVWUX UHGXFăSHULFROXOGHDFFLGHQW5HPRUFLOHFXXQ
PHQWH FHQWUXGHJUHXWDWHvQDOWVHSRWUăVWXUQD
0HVDMXOå2))235,7DSDUHSHDILúD
MXOPXOWLIXQFĠLRQDO
 $9(57,60(17
6LJXUDQĠă
(63ŠHVWHGH]DFWLYDWGDFăODPSDGHDYHUWL
]DUH»GLQSDQRXOGHLQVWUXPHQWHVH
DSULQGHFRQWLQXXFkQGPRWRUXOIXQFĠLRQHD]ă
'DFăODPSDGHDYHUWL]DUHåúLODPSDGH
DYHUWL]DUH»VXQWDSULQVHFRQWLQXX(63Š
vQDLQWHFD(63ŠVăGHWHFWH]HWHQGLQĠDGH
UăVWXUQDUH
6WDELOL]DUHDUHPRUFLLQXIXQFĠLRQHD]ăGDFă
(63ŠHVWHGH]DFWLYDWVDXRSULWGLQFDX]DXQHL
GHIHFĠLXQL
(%'GLVWULEXĠLDHOHFWURQLFăDIRUĠHLGH
HVWHLQGLVSRQLELOGLQFDX]DXQHLGHIHFĠLXQL IUkQDUH
([LVWăXQSHULFROFUHVFXWFDDXWRYHKLFXOXO G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH
GXPQHDYRDVWUăVăGHUDSH]HvQDQXPLWHVLWXD
ĠLL
7UHEXLHVăYăDGDSWDĠLvQWRWGHDXQDVWLOXOGH
FRQGXFHUHODFRQGLĠLLOHGHGUXPúLPHWHR
 3HQWUXDDFWLYDDSăVDĠLVFXUWEXWRQXOC
/DPSDGHDYHUWL]DUH»(63Š2))GLQ
SDQRXOGHLQVWUXPHQWHVHVWLQJH0HVDMXO
SULYLQGVLJXUDQĠD³3DJLQD
(%'PRQLWRUL]HD]ăúLFRQWUROHD]ăSUHVLXQHD
GHIUkQDUHSHURĠLOHVSDWHSHQWUXDvPEXQăWăĠL
VWDELOLWDWHDvQFRQGXFHUHvQWLPSXOIUkQăULL
 $9(57,60(17
'DFă(%'VDGHIHFWDWVLVWHPXOGHIUkQDUH
UăPkQHGLVSRQLELOFXVHUYRIUkQăFRPSOHW
å213251,7DSDUHSHDILúDMPXOWL
IXQFĠLRQDO
6WDELOL]DUHDUHPRUFLLFX(63Š
6WDELOL]DUHDUHPRUFLL(63ŠHVWHQXHVWHGLV
SRQLELOăODDXWRYHKLFXOHOH$0*
'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăFX 
IXQFĠLRQDOă&XWRDWHDFHVWHDURĠLOHVSDWHVH
SRWEORFDvQFRQWLQXDUHGHH[ODIUkQDUHFRP
SOHWă$VWIHOSXWHĠLSLHUGHFRQWUROXODXWRYHKL
FXOXOXLúLSXWHĠLSURYRFDXQDFFLGHQW3ULQ
XUPDUHWUHEXLHVăYăDGDSWDĠLVWLOXOGHFRQ
GXFHUHODFDUDFWHULVWLFLOHGHPDQHYUDELOLWDWH
GLIHULWH
5HVSHFWDĠLQRWHOHSULYLQGOăPSLOHGHDYHU
UHPRUFăFRPELQDĠLDDXWRYHKLFXOUHPRUFă
WL]DUHúLLQGLFDWRDUH3DJLQDSUH
vQFHSHVăVHvQFOLQHSHRSDUWHSXWHĠLVWDELOL]D
FXPúLPHVDMHOHGHSHGLVSOD\
FRPELQDĠLDDXWRYHKLFXOUHPRUFăSULQ
3DJLQDYRODQXOPXOWLIXQFĠLRQDOFX
DSăVDUHDIHUPăDIUkQHL
EXWRDQHúL3DJLQDYRODQXOPXO
ÌQDFHDVWăVLWXDĠLH(63ŠYăDVLVWăúLSRDWH
GHWHFWDGDFăFRPELQDĠLDDXWRYHKLFXO
UHPRUFăvQFHSHVăVHvQFOLQH(63ŠvQFHWL
QHúWHDXWRYHKLFXOXOSULQIUkQDUHúLOLPLWDUHD
SXWHULLPRWRUXOXLSkQăFHFRPELQDĠLDDXWRYH
KLFXOUHPRUFăVDVWDELOL]DW
6WDELOL]DUHDUHPRUFLLHVWHDFWLYăODYLWH]HGH
SHVWHDSUR[LPDWLYNPK
WLIXQFĠLRQDOFXEXWRDQH
)5Æ1$5($'$37,9Ă
)5Æ1$5($$'$37,9ĂVSRUHúWHVLJXUDQĠDOD
IUkQDUHúLRIHUăXQFRQIRUWVSRULWODIUkQDUH
3HOkQJăIXQFĠLDGHIUkQDUH)5Æ1$5($
$'$37,9ĂGLVSXQHúLIXQFĠLD+2/'
 $9(57,60(17 3DJLQDúLDVLVWHQĠDODSRUQLUHDvQ
ÌQFD]GHFRQGLĠLLUXWLHUHúLPHWHRDGYHUVH SDQWă3DJLQD3HQWUXLQIRUPDĠLLVXSOL
VWDELOL]DUHDUHPRUFLLQXYDSXWHDSUHYHQL PHQWDUHSULYLQGFRQVXOWDĠL6IDWXULSULYLQG
GHYLHUHDUHPRUFLLúLQXYDSXWHDDVWIHOVă FRQGXFHUHD3DJLQD
 6LVWHPHGHVLJXUDQĠăODFRQGXFHUH 

)UkQă35(6$)(Š
)UkQD35(6$)(ŠHVWHGLVSRQLELOăQXPDLOD
DXWRYHKLFXOHOHFX',67521,&3/86
G 5HVSHFWDĠLVHFĠLXQHDÄ1RWHLPSRUWDQWH
GHDFFHOHUDĠLHPDLWDUHDFWLYkQGUHWURJUDGD
UHDIRUĠDWăILHHOLEHUDĠLSHGDODGHIUkQă
$FĠLXQHDGHIUkQDUHDIUkQHL35(6$)(ŠHVWH
vQFKHLDWăDXWRPDWGDFă
=FRQGXFHĠLODRYLWH]ăPDLPLFăGHDSUR[L

6LJXUDQĠă
SULYLQGVLJXUDQĠD³3DJLQD
)UkQD35(6$)(ŠYăSRDWHDMXWDVăUHGXFHĠL
ULVFXOGHFROL]LXQHIURQWDOăFXXQDXWRYHKLFXO
GLQIDĠăVDXVăGLPLQXDĠLHIHFWHOHXQHLDVWIHO
GHFROL]LXQL'DFăIUkQD35(6$)(ŠDGHWHFWDW
XQULVFGHFROL]LXQHYHĠLSULPLDYHUWLVPHQWH
YL]XDOHúLDFXVWLFHDXWRYHKLFXOXOIUkQkQG
DXWRPDW)UkQD35(6$)(ŠQXSRDWHSUHYHQL
RFROL]LXQHIăUăLQWHUYHQĠLDGXPQHDYRDVWUă
$FHDVWăIXQFĠLHYDHPLWHXQDYHUWLVPHQWOD
YLWH]HvQMXUGHNPKVDXPDLPDULGDFă SHULRDGăvQGHOXQJDWăGHWLPS
=SHRSHULRDGăGHFkWHYDVHFXQGHGLVWDQĠD
IDĠăGHDXWRYHKLFXOXOGLQIDĠăHVWHSUHD
PLFăvQUDSRUWFXYLWH]DODFDUHUXODĠL
/DPSDGHDYHUWL]DUHSULYLQGGLVWDQĠDº
VHDSULQGHDSRLvQSDQRXOGHLQVWUXPHQWH
=YăDSURSLDĠLUDSLGGHDXWRYHKLFXOXOGLQIDĠă
6HYDHPLWHDSRLXQVXQHWGHDYHUWL]DUH
LQWHUPLWHQWúLODPSDGHDYHUWL]DUHSULYLQG
GLVWDQĠDºVHYDDSULQGHvQSDQRXOGH
LQVWUXPHQWH
 )UkQDĠLLPHGLDWSHQWUXDFUHúWHGLVWDQĠD
IDĠăGHDXWRYHKLFXOXOGLQIDĠă
PDWLYNPK
=HIHFWXDĠLPDQHYUHSHQWUXDHYLWDREVWDFR
OXO
=QXPDLH[LVWăSHULFROXOXQHLFROL]LXQLGLQ
VSDWH
=QXVHPDLGHWHFWHD]ăXQREVWDFROvQIDĠD
DXWRYHKLFXOXOXLGXPQHDYRDVWUă
&XDMXWRUXOVLVWHPXOXLGHVHQ]RUUDGDUIUkQD
35(6$)(ŠSRDWHGHWHFWDREVWDFROHDIODWHvQ
IDĠDDXWRYHKLFXOXOXLGXPQHDYRDVWUăSHR
/DYLWH]HGHSkQăODDSUR[LPDWLYNPK
IUkQD35(6$)(ŠSRDWHGHDVHPHQHDVă
GHWHFWH]HREVWDFROHVWDĠLRQDUHGHH[HPSOX
DXWRYHKLFXOHRSULWHVDXSDUFDWH
'DFăYăDSURSLDĠLGHXQREVWDFROúLIUkQD35(
6$)(ŠGHWHFWHD]ăXQSHULFROGHFROL]LXQHVLV
WHPXOYăYDDOHUWDLQLĠLDODWkWYL]XDOFkWúL
DFXVWLF'DFăQXIUkQDĠLVDXQXOXDĠLPăVXUL
GHHYLWDUHVLVWHPXOYăYDDYHUWL]DSULQIUkQD
UHDXúRDUăúLDXWRPDWăDDXWRYHKLFXOXOXL
'DFăH[LVWăXQULVFGHFROL]LXQHFUHVFXWVH
DFWLYHD]ăPăVXULOHSUHYHQWLYHGHSURWHFĠLHD
VDX
 (IHFWXDĠLPDQHYUHGHHYLWDUHGDFăVLWXDĠLD
YăSHUPLWHHIHFWXDUHDORUvQVLJXUDQĠă
'DFăúRIHUXOúLSDVDJHULLúLDXFXSODWFHQWXULOH
GHVLJXUDQĠăIUkQD35(6$)(ŠSRDWHHIHFWXD
úLXUPăWRDUHOHODYLWH]HGHSHVWHDSUR[LPDWLY
NPK vQDLQWHDXQXLDFFLGHQWFDUHQXPDLSRDWHIL
=IUkQDDXWRYHKLFXOXODXWRPDWvQFHSkQGFXR
YLWH]ăGHSkQăODDSUR[LPDWLYNPK
=GHFODQúDPăVXULSUHYHQWLYHGHSURWHFĠLHD
SDVDJHULORU35(6$)(Š3DJLQD'DFă
ULVFXOGHFROL]LXQHSHUVLVWăúLGXPQHDYRDVWUă
QXIUkQDĠLQXHIHFWXDĠLPDQHYUHGHHYLWDUHúL
QXDFFHOHUDĠLVHPQLILFDWLYHVWHSRVLELOFD
DXWRYHKLFXOXOVăHIHFWXH]HIUkQDUHDDXWR
PDWăGHXUJHQĠă)UkQDUHDDXWRPDWăGH
XUJHQĠăQXHVWHHIHFWXDWăGHFkWLPHGLDW
HYLWDW
 $9(57,60(17
&KLDUúLGDFăIUkQD35(6$)(ŠvQFHWLQHúWH
SDVDJHULORU35(6$)(Š3DJLQD DXWRYHKLFXOXOvQDLQWHGHRFROL]LXQHGLQVSDWH
1DWXUDVLVWHPXOXLIDFHFDvQFRQGLĠLLGHRVHELW LPLQHQWăVLVWHPXOQXSRDWHHYLWDFROL]LXQHD
GHFRPSOLFDWHGHFRQGXFHUHVăVHHPLWă IăUăLQWHUYHQĠLDúRIHUXOXL([LVWăXQSHULFROGH
DYHUWLVPHQWHLQXWLOHVDXFDIUkQD35(6$)(Š DFFLGHQW)UkQDĠLvQIXQFĠLHGHVLWXDĠLHVDX
VăLQWHUYLQăIăUăVăILHQHFHVDU3HQWUXDFRQ HIHFWXDĠLPDQHYUHGHHYLWDUH2LQWHUYHQĠLH
WUDFDUDDFHVWHPDQLIHVWăULILHDSăVDĠLSHGDOD


 6LVWHPHDQWLIXUW

vQWkU]LDWăGLQSDUWHDúRIHUXOXLSRDWHGXFHOD 3HQWUXDPHQĠLQHRGLVWDQĠăFRUHVSXQ]ăWRDUH
XQDFFLGHQW IDĠăGHDXWRYHKLFXOXOGLQIDĠăSUHYHQLQGDVW
IHORFROL]LXQHWUHEXLHVăDFĠLRQDĠLFKLDUGXP
 $9(57,60(17 QHDYRDVWUăIUkQHOH
)UkQD35(6$)(ŠQXSRDWHvQWRWGHDXQDLGHQ  3HQWUXDDFWLYDGH]DFWLYDDFWLYDĠLVDX
6LJXUDQĠă

WLILFDIăUăSUREOHPHRELHFWHOHúLVLWXDĠLLOH GH]DFWLYDĠLIUkQD35(6$)(ŠGLQFDOFXODWR
FRPSOH[HGLQWUDILF UXOGHERUG3DJLQD
ÌQDFHVWHFD]XULIUkQD35(6$)(ŠSRDWHVă 6LPEROXOÇDSDUHSHDILúDMXOPXOWLIXQF
ĠLRQDOFkWWLPSIXQFĠLD+2/'QXHVWHDFWL
=HPLWăXQDYHUWLVPHQWLQXWLOIUkQkQGDSRL
YDWă3DJLQD
DXWRYHKLFXOXO
/DDXWRYHKLFXOHOHFXDVLVWDUHDSDUFăULL
=VăQXHPLWăXQDYHUWLVPHQWúLVăQXLQWHU
VLPEROXOÇHVWHDILúDWFkQG3HVWH
YLQă
FXSODWVDXFkQGFRQGXFHĠLODYLWH]HPDL
([LVWăXQSHULFROGHDFFLGHQW$FRUGDĠLvQWRW PDULGHNPK
GHDXQDRDWHQĠLHGHRVHELWăFRQGLĠLLORUGLQWUD
ILFúLILĠLJDWDVăIUkQDĠLPDLDOHVGDFăIUkQD $XWRYHKLFXOHFX&20$1'úLVLVWHPGHQDYL
JDĠLHVLVWHPXOGHVHQ]RULUDGDUHVWHGH]DFWL
35(6$)(ŠYăDYHUWL]HD]ăvQDFHVWVHQV
YDWDXWRPDWvQDSURSLHUHDXQLWăĠLORUUDGLRWH
3XQHĠLFDSăWLQWHUYHQĠLHLvQWURVLWXDĠLHGH
OHVFRS3DJLQD
FRQGXFHUHQHSHULFXORDVă
$XWRYHKLFXOHIăUă&20$1'úLXQVLVWHPGH
'HWHFWDUHDREVWDFROHORUSRDWHILGLPLQXDWă QDYLJDĠLHúLDXWRYHKLFXOHSHQWUX$XVWUDOLD
PDLDOHVGDFăH[LVWă VLVWHPXOGHVHQ]RULUDGDUúLFDOFXODWRUXOGH
=LPSXULWăĠLSHVHQ]RULVDXRULFHDOWHPDWHULL
ERUGWUHEXLHVăILHGH]DFWLYDWHvQDSURSLHUHD
VWUăLQHSHVHQ]RUL
=]ăSDGăVDXSORDLHDEXQGHQWă
=LQWHUIHUHQĠHFXDOWHVXUVHUDGDU
XQLWăĠLORUUDGLRWHOHVFRS3DJLQD
3HQWUXFDIUkQD35(6$)(ŠVăYăDVLVWHFkQG
FRQGXFHĠLVLVWHPXOGHVHQ]RULUDGDUWUHEXLH
VăILHDFWLYDW3DJLQDúLVăILHIXQFĠLR
=SRVLELOLWDWHDGHHPLVLLUDGDUSXWHUQLFHGH
QDO
H[HPSOXvQSDUFăULHWDMDWH ÌQXUPDDYDULHULLSăUĠLLIURQWDOHDDXWRYHKLFX
=XQDXWRYHKLFXOvQJXVWFDUHUXOHD]ăvQIDĠă
OXOXLVROLFLWDĠLYHULILFDUHDFRQILJXUăULLúLIXQF
GHH[RPRWRFLFOHWă ĠLRQăULLVHQ]RULORUUDGDUODXQDWHOLHUGHVSH
=XQDXWRYHKLFXOFDUHUXOHD]ăvQIDĠăSHR FLDOLWDWHDXWRUL]DW$FHDVWăLQGLFDĠLHHVWH
EDQGăGLIHULWă YDODELOăúLvQFD]XOFROL]LXQLORUODYLWH]ăPLFă
DWXQFLFkQGQXH[LVWăDYDULLYL]LELOHSHSDUWHD
 $9(57,60(17
IURQWDOăDDXWRYHKLFXOXOXL
)UkQD35(6$)(ŠQXUHDFĠLRQHD]ă
=ODSHUVRDQHVDXODDQLPDOH
=ODDXWRYHKLFXOHOHFDUHYLQGLQVHQVRSXV 6LVWHPHDQWLIXUW
=ODDXWRYHKLFXOHOHFDUHYăWDLHFDOHD ,PRELOL]DWRU
=vQYLUDMH
,PRELOL]DWRUXOSUHYLQHSRUQLUHDDXWRYHKLFXOX
'UHSWXUPDUHHVWHSRVLELOFDIUkQD35( OXLGXPQHDYRDVWUăIăUăFKHLDFRUHFWă
6$)(ŠVăQXHPLWăDYHUWLVPHQWHúLVăQX
LQWHUYLQăvQVLWXDĠLLSHULFXORDVH([LVWăXQSHUL
FROGHDFFLGHQW$FRUGDĠLvQWRWGHDXQDRDWHQ
ĠLHGHRVHELWăVLWXDĠLHLGLQWUDILFúLILĠLJDWDVă
IUkQDĠL
 6LVWHPHDQWLIXUW 

 3HQWUXDDFWLYDFXFKHLDVFRDWHĠLFKHLD  3HQWUXDRSULDODUPDFXDMXWRUXOFKHLL
GLQFRPXWDWRUXOGHFRQWDFW LQWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQ
 3HQWUXDDFWLYDFX.(</(66*2GHFX WDFW
SODĠLFRQWDFWXOúLGHVFKLGHĠLSRUWLHUDúRIH $ODUPDHVWHRSULWă
UXOXL VDX

6LJXUDQĠă
 3HQWUXDGH]DFWLYDFXSODĠLFRQWDFWXO  $SăVDĠLEXWRQXO6VDX7GHSH
FKHLH
G ,PRELOL]DWRUXOHVWHvQWRWGHDXQDGH]DFWL $ODUPDHVWHRSULWă
YDWFkQGSRUQLĠLPRWRUXO
 3HQWUXDRSULDODUPDFXDMXWRUXO.(<
/(66*2SULQGHĠLPkQHUXOH[WHULRUDOSRU
$7$6LVWHPGHDODUPăDQWLIXUW WLHUHL&KHLDWUHEXLHVăVHDIOHvQDIDUDDXWR
2DODUPăYL]XDOăúLDFXVWLFăHVWHGHFODQúDWă
GDFăVLVWHPXOGHDODUPăHVWHDQFODQúDWúL
GXPQHDYRDVWUăGHVFKLGHĠL
=RSRUWLHUă
=DXWRYHKLFXOXOFXHOHPHQWXOFKHLHGH
XUJHQĠă
=FDSRWDSRUWEDJDMXOXL
=FDSRWD
$ODUPDQXHVWHRSULWăFKLDUúLGDFăvQFKLGHĠL
SRUWLHUDGHVFKLVăFDUHDGHFODQúDWRGH
H[HPSOX
 3HQWUXDDQFODQúDvQFXLDĠLDXWRYHKLFXOXO
FXFKHLDVDX.(</(66*2
/DPSDLQGLFDWRDUHCFOLSHúWH6LVWHPXOGH
DODUPăHVWHDQFODQúDWGXSăDSUR[LPDWLY
VHFXQGH
 3HQWUXDGH]DFWLYDGHVFXLDĠLDXWRYHKLFX
OXOFXFKHLDVDX.(</(66*2
YHKLFXOXOXL
$ODUPDHVWHRSULWă
VDX
 $SăVDĠLEXWRQXO6WDUW6WRSGHSHSODQúDGH
ERUG&KHLDWUHEXLHVăVHDIOHvQLQWHULRUXO
DXWRYHKLFXOXOXL
$ODUPDHVWHRSULWă
3URWHFĠLHODWUDFWDUH
6HGHFODQúHD]ăRDODUPăDFXVWLFăúLYL]XDOă
GDFăXQJKLXOGHvQFOLQDUHDODXWRYHKLFXOXOXL
GXPQHDYRDVWUăHVWHPRGLILFDWvQWLPSFHSUR
WHFĠLDODWUDFWDUHHVWHDPRUVDWă$FHDVWDVXU
YLQHGDFăDXWRYHKLFXOXOHVWHULGLFDWSHFULF
vQWURSDUWHGHH[HPSOX
 3HQWUXDDQFODQúDvQFXLDĠLDXWRYHKLFXOXO
FXFKHLDVDX.(</(66*2
3URWHFĠLDODWUDFWDUHHVWHDPRUVDWăGXSă
DSUR[LPDWLYGHVHFXQGH
 3HQWUXDGH]DFWLYDGHVFXLDĠLDXWRYHKLFX
OXOFXFKHLDVDX.(</(66*2
3URWHFĠLDODWUDFWDUHHVWHGH]DFWLYDWăDXWR
PDW
3HQWUXDSUHYHQLRDODUPăIDOVăGH]DFWLYDĠL
SURWHFĠLDODWUDFWDUHPDQXDOGDFăDXWRYHKL
FXOXOGXPQHDYRDVWUă
=HVWHWUDQVSRUWDW
=HVWHvQFăUFDWSHXQIHULERWVDXSHRSODW
IRUPăGHWUDQVSRUWDXWRGHH[HPSOX
=HVWHSDUFDWSHRVXSUDIDĠăPRELOăGHH[
vQWURSDUFDUHHWDMDWă
 6LVWHPHDQWLIXUW

'H]DFWLYDUHD PkQHUHOHGHSULQGHUHGHSHFDSLWRQDMXO
 6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW SDYLOLRQXOXL
$VWIHOYHĠLSUHYHQLDODUPHOHIDOVH
 ÌQFXLDĠLDXWRYHKLFXOXOFXFKHLDVDX.(<
/(66*2
6LJXUDQĠă

 $SăVDĠLEXWRQXOC
/DPSDLQGLFDWRDUHDVHDSULQGHVFXUW
 ÌQFXLDĠLDXWRYHKLFXOXOFXFKHLDVDX.(<
/(66*2
3URWHFĠLDODWUDFWDUHHVWHGH]DFWLYDWă
3URWHFĠLDODWUDFWDUHUăPkQHGH]DFWLYDWăSkQă
FH
=DXWRYHKLFXOXOHVWHGHVFXLDWGLQQRX
=RSRUWLHUăHVWHGHVFKLVăúLvQFKLVăGLQQRX
=DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX
6HQ]RUXOGHPLúFDUHvQLQWHULRUHVWHDQFODQ
úDWGXSăDSUR[LPDWLYGHVHFXQGH
3HQWUXDGH]DFWLYD
 'HVFXLDĠLDXWRYHKLFXOXOFXFKHLDVDX.(<
/(66*2
6HQ]RUXOGHPLúFDUHvQLQWHULRUHVWHGH]DF
WLYDWDXWRPDW
3HQWUXDSUHYHQLRDODUPăIDOVăGH]DFWLYDĠL
VHQ]RUXOGHPLúFDUHvQLQWHULRUGDFăvQFXLDĠL
DXWRYHKLFXOXOúL
=UăPkQSHUVRDQHVDXDQLPDOHvQDXWRYHKL
FXO
=JHDPXULOHODWHUDOHUăPkQGHVFKLVH
=WUDSDJOLVDQWăSDQRUDPLFăUăPkQHGHV
FKLVă
'H]DFWLYDUHD
 6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW

6HQ]RUGHPLúFDUHvQLQWHULRU
'DFăVHQ]RUXOGHPLúFDUHvQLQWHULRUHVWH
DQFODQúDWHVWHGHFODQúDWăRDODUPăYL]XDOăúL
DFXVWLFăGDFăVHGHWHFWHD]ăPLúFDUHvQLQWH
ULRUXODXWRYHKLFXOXOXLFkQGDXWRYHKLFXOXOHVWH
vQFXLDW$FHDVWăRSHUDĠLHVHUHDOL]HD]ăGDFă
FLQHYDVHvQWLQGHvQLQWHULRUXODXWRYHKLFXOXOXL
GHH[HPSOX
3HQWUXDDFWLYD  $SăVDĠLEXWRQXOC
 $VLJXUDĠLYăFă /DPSDLQGLFDWRDUHDOXPLQHD]ăLQWHUPL
=JHDPXULOHODWHUDOHVXQWvQFKLVH WHQWVFXUW
=WUDSDJOLVDQWăSDQRUDPLFăHVWHvQFKLVă  ÌQFXLDĠLDXWRYHKLFXOXOFXFKHLDVDX.(<
=QXH[LVWăRELHFWHGHH[PDVFRWHDWkU /(66*2
QDWHGHRJOLQGDUHWURYL]RDUHVDXGH 6HQ]RUXOGHPLúFDUHvQLQWHULRUHVWHGH]DF
WLYDW
 6LVWHPHDQWLIXUW 

6HQ]RUXOGHPLúFDUHvQLQWHULRUUăPkQHGH]DF
WLYDWSkQăFH
=DXWRYHKLFXOXOHVWHGHVFXLDWGLQQRX
=RSRUWLHUăHVWHGHVFKLVăúLvQFKLVăGLQQRX
=DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX

6LJXUDQĠă
G 1XPDL5HJDWXO8QLW$XWRYHKLFXOXOGXP
QHDYRDVWUăHVWHGRWDWFXRIXQFĠLHGHGXEOă
vQFXLHUH3RUWLHUHOHQXSRWILGHVFKLVHGLQ
LQWHULRUGDFăDXWRYHKLFXOXODIRVWvQFXLDWFX
FKHLD3DJLQD'H]DFWLYDĠLVHQ]RUXO
GHPLúFDUHvQLQWHULRUvQDLQWHGHDvQFXLD
DXWRYHKLFXOXOFXFKHLD3RUWLHUHOHSRWIL
DSRLGHVFKLVHGLQLQWHULRUGXSăFHDXWRYH
KLFXOXODIRVWEORFDWGLQH[WHULRUFXFKHLD
5HVSHFWDĠLÄ1RWHLPSRUWDQWHSULYLQGVLJX
UDQĠD3DJLQD



 

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

'HVFKLGHUHúLvQFKLGHUH
 &KHLH
,QIRUPDĠLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL
'HVFKLGHUHúLvQFKLGHUH
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH
ULWRDUHODVLJXUDQĠă
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
3RUWLHUHOHSRWILDSRLGHVFKLVHGLQLQWHULRU
GXSăFHDXWRYHKLFXOXODIRVWEORFDWGLQH[WH
ULRUFXFKHLD
 $9(57,60(17
'DFăFRSLLLVXQWOăVDĠLQHVXSUDYHJKHDĠLvQ
DXWRYHKLFXODFHúWLDDUSXWHD
=GHVFKLGHRULFkQGRSRUWLHUăGLQLQWHULRUXO
DXWRYHKLFXOXOXLFKLDUúLGDFăDIRVWEORFDWă
=SRUQLDXWRYHKLFXOXOFXDMXWRUXOXQHLFKHL
OăVDWHvQDXWRYHKLFXO
=HOLEHUDĠLIUkQDGHSDUFDUH
3ULQXUPDUHDWkWVLJXUDQĠDORUFkWúLDDOWRUD
DUSXWHDILSHULFOLWDWă1XOăVDĠLQLFLRGDWă
FLDOLWDWHDXWRUL]DWH3DJLQD FRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKLFXO/XDĠL
vQWRWGHDXQDFKHLDFXGXPQHDYRDVWUăFkQG
LHúLĠLGLQDXWRYHKLFXOFKLDUúLGDFăvOSăUăVLĠL
&KHLH QXPDLSHQWUXVFXUWWLPS
)XQFĠLLFKHLH
 $9(57,60(17
ÌQFKLGHUHúLGHVFKLGHUHFHQWUDOL]DWă 'DFăLQHOXOGHFKHLHVWHSUHDJUHXVDXSUHD
&KHLDvQFKLGHGHVFKLGHFHQWUDOL]DW PDUHJUHXWDWHDH[HUFLWDWăDVXSUDFKHLLDU
SXWHDIDFHFDFDDFHDVWDVăVHvQYkUWăvQ
=SRUWLHUHOH
FRPXWDWRUXOGHFRQWDFWVDXVăVHDJDĠHGH
=FDSRWDSRUWEDJDMXOXL YRODQ$FHDVWDSRDWHGXFHODRSULUHDEUXVFăD
=FODSHWDJXULLGHXPSOHUHFXFDUEXUDQW PRWRUXOXL(VWHSRVLELOVăSLHUGHĠLFRQWUROXO
DXWRYHKLFXOXOXLúLVăSURYRFDĠLXQDFFLGHQW
 $9(57,60(17 1XSULQGHĠLLQHOHGHFKHLJUHOHVDXPDULOD
1XPDLSHQWUX5HJDWXO8QLWGDFăDXWRYHKL FKHLDLQWURGXVăvQFRQWDFW
FXOXODIRVWvQFXLDWFXFKHLDIXQFĠLDGHGXEOă
vQFXLHUHHVWHDFWLYDWăFDIXQFĠLHVWDQGDUG
$WXQFLQXHVWHSRVLELOVăVHGHVFKLGăSRUWLH
UHOHGLQLQWHULRUXODXWRYHKLFXOXOXL
3ULQXUPDUHQXOăVDĠLSHQLPHQLvQDXWRYHKL
FXOPDLDOHVFRSLLSHUVRDQHvQYkUVWăVDXSHU
VRDQHFDUHQHFHVLWăDVLVWHQĠăVSHFLDOăGDFă
DXWRYHKLFXOXODIRVWvQFXLDWFXFKHLD'UHSW
XUPDUHHVWHSRVLELOVăQXVHSRDWăHOLEHUDvQ
FD]GHXUJHQĠă'UHSWXUPDUHHVWHSRVLELOFD
DFHVWHDVăVXIHUHUăQLJUDYHVDXFKLDUIDWDOH
vQXUPDH[SXQHULLODWHPSHUDWXULH[WUHPGH
ULGLFDWHVDXVFă]XWHGHH[HPSOXÌQDFHVWFD] C 73HQWUXDvQFXLDDXWRYHKLFXOXO
VDOYDUHDSHUVRDQHORUGLQH[WHULRUXODXWRYHKL D T3HQWUXDGHVFXLDFDSRWDSRUWEDJD
FXOXOXLHVWHGLILFLOă MXOXL
'H]DFWLYDĠLVHQ]RUXOGHPLúFDUHvQLQWHULRU ‡ 63HQWUXDGHVFXLDDXWRYHKLFXOXO
vQDLQWHGHDvQFXLDDXWRYHKLFXOXOFXFKHLD
 &KHLH 

&kQGGHVFXLDĠLVHPQDOL]DWRDUHOHGHGLUHFĠLH
FOLSHVFRGDWă&kQGvQFXLDĠLHOHFOLSHVFGH
WUHLRUL
&kQGHVWHvQWXQHULFVHDSULQGHúLLOXPLQDUHD
DPELHQWDOăGDFăHVWHDFWLYDWăvQFDOFXODWRUXO
GHERUG3DJLQD
3XWHĠLGHDVHPHQHDVHWDXQVHPQDODFXVWLF
SHQWUXDFRQILUPDFăDXWRYHKLFXOXODIRVW

'HVFKLGHUHúLvQFKLGHUH
vQFXLDWVDXGHVFXLDW6HPQDOXODFXVWLFSRDWH
ILDFWLYDWúLGH]DFWLYDWFXDMXWRUXOFDOFXODWR
UXOXLGHERUG3DJLQD
 3HQWUXDGHVFXLDDXWRYHKLFXOXODWLQJHĠL
 3HQWUXGHVFKLGHUHFHQWUDOL]DWăDSăVDĠL
VXSUDIDĠDLQWHULRDUăDPkQHUXOXLSRUWLHUHL
EXWRQXO6  3HQWUXDvQFXLDDXWRYHKLFXOXODWLQJHĠL
'DFăQXGHVFKLGHĠLDXWRYHKLFXOXOGXSăGH VXSUDIDĠDVHQ]RUXOXLC
VHFXQGHGHODGHVFXLHUH  )XQFĠLHvQFKLGHUHDVLVWDWăDWLQJHĠL
=DXWRYHKLFXOXOVHvQFXLHGLQQRX VXSUDIDĠDVHQ]RUXOXLDGkQFLWDPDLPXOW
=VLVWHPXODQWLIXUWHVWHDUPDWGLQQRX
 3HQWUXvQFKLGHUHFHQWUDOL]DWăDSăVDĠL
EXWRQXO7
.(</(66*2
3XWHĠLSRUQLvQFXLDúLGHVFXLDDXWRYHKLFXOXO
FXDMXWRUXO.(</(66*2ÌQDFHVWVHQVQX
WUHEXLHGHFkWVăDYHĠLODGXPQHDYRDVWUă
FKHLD&kQGDWLQJHĠLVXSUDIDĠDVHQ]RULORUGH
SHH[WHULRUXOPkQHUXOXLSRUWLHUHL.(</(66
*2VWDELOHúWHRFRQH[LXQHUDGLRvQWUHDXWRYH
KLFXOúLFKHLH&kQGPRWRUXOHVWHSRUQLWúLvQ
WLPSFHFRQGXFHĠL.(</(66*2YHULILFăGH
DVHPHQHDGDFăH[LVWăRFKHLHYDOLGăvQDXWR
YHKLFXOVWDELOLQGSHULRGLFRFRQH[LXQHUDGLR
&kQGvQFXLDĠLVDXGHVFXLDĠLFX.(</(66*2
GLVWDQĠDGLQWUHFKHLHúLPkQHUXOSRUWLHUHLSH
WLPS3DJLQD
'DFăWUDJHĠLGHPkQHUXOFDSRWHLSRUWEDJDMX
OXLGRDUSRUWEDJDMXODXWRYHKLFXOXOXLHVWHGHV
FXLDW
6FKLPEDUHDVHWăULORUVLVWHPXOXLGH
vQFKLGHUH
3XWHĠLVFKLPEDVHWDUHDVLVWHPXOXLGHvQFKL
GHUHDVWIHOvQFkWQXPDLSRUWLHUDúRIHUXOXLúL
FODSHWDJXULLGHXPSOHUHFXFDUEXUDQWVăILH
GHVFXLDWH$FHDVWăFDUDFWHULVWLFăHVWHXWLOăvQ
FD]XOvQFDUHFăOăWRULĠLIUHFYHQWSHFRQWSUR
SULX
 3HQWUXDVFKLPEDVHWDUHDDSăVDĠLúL
PHQĠLQHĠLDSăVDWHEXWRDQHOH6úL
7VLPXOWDQWLPSGHDSUR[LPDWLYúDVH
VHFXQGHSkQăFHODPSDGHYHULILFDUHD
FDUHGRULĠLVăRvQFXLDĠLVDXVăRGHVFXLDĠLQX EDWHULHL3DJLQDOXPLQHD]ăLQWHUPL
WUHEXLHVăGHSăúHDVFăP WHQWGHGRXăRUL
G 'DFăVHWDUHDVLVWHPXOXLGHvQFKLGHUHHVWH
VFKLPEDWăvQUD]DGHVHPQDODDXWRYHKLFX
OXOXLDSăVDUHDEXWRDQHORU7VDX6
GXFHODvQFXLHUHDVDXGHVFXLHUHDDXWRYHKL
FXOXOXL


 &KHLH

&KHLDIXQFĠLRQHD]ăDFXPGXSăFXPXUPHD]ă VDX
 3HQWUXDGHVFXLDSRUWLHUDúRIHUXOXL  3HQWUXDGH]DFWLYDDODUPDFX.(</(66
DSăVDĠLEXWRQXO6RGDWă *2DSăVDĠLEXWRQXO6WDUW6WRSGLQFRPX
 3HQWUXGHVFXLHUHFHQWUDOL]DWăDSăVDĠL
WDWRUXOGHFRQWDFW&KHLDWUHEXLHVăVHDIOH
EXWRQXO6GHGRXăRUL vQDXWRYHKLFXO
VDX
 3HQWUXvQFXLHUHFHQWUDOL]DWăDSăVDĠL
 ÌQFXLDĠLVDXGHVFXLDĠLDXWRYHKLFXOXOFXDMX
EXWRQXO7
WRUXO.(</(66*2&KHLDWUHEXLHVăVHDIOH
'HVFKLGHUHúLvQFKLGHUH

)XQFĠLD.(</(66*2HVWHPRGLILFDWăGXSă
FXPXUPHD]ă
 3HQWUXDGHVFXLDSRUWLHUDúRIHUXOXLDWLQ
JHĠLVXSUDIDĠDLQWHULRDUăDPkQHUXOXLSRU
WLHUHLGHSHSRUWLHUDúRIHUXOXL
 3HQWUXGHVFXLHUHFHQWUDOL]DWăDWLQJHĠL
VXSUDIDĠDLQWHULRDUăDPkQHUXOXLSRUWLHUHL
GHSHSRUWLHUDSDVDJHUXOXLIDĠă
 3HQWUXvQFXLHUHFHQWUDOL]DWăDWLQJHĠL
VXSUDIDĠDH[WHULRDUăDVHQ]RUXOXLGHSH
XQXOGLQWUHPkQHUHOHSRUWLHUHL
vQDIDUDDXWRYHKLFXOXOXL
'DFăGHVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXOHOH
PHQWXOXLFKHLHGHXUJHQĠăFODSHWDJXULLGH
XPSOHUHFXFDUEXUDQWQXYDILGHVFXLDWăDXWR
PDW
 3HQWUXDGHVFXLDFODSHWDJXULLGH
XPSOHUHFXFDUEXUDQWLQWURGXFHĠLFKHLD
vQFRPXWDWRUXOGHFRQWDFW
6FRDWHUHDHOHPHQWXOXLFKHLHGHXUJHQĠă

5HYHQLUHDODVHWăULOHGLQIDEULFă
 $SăVDĠLEXWRDQHOH6úL7VLPXOWDQ
WLPSGHDSUR[LPDWLYúDVHVHFXQGHSkQăFH
ODPSDGHYHULILFDUHDEDWHULHLFOLSHúWHGH
GRXăRUL

(OHPHQWFKHLHGHXUJHQĠă
 ÌPSLQJHĠLSLHGLFDGHHOLEHUDUHCvQGLUHFĠLD
1RWHJHQHUDOH VăJHĠLLúLVLPXOWDQVFRDWHĠLHOHPHQWXO
'DFăDXWRYHKLFXOXOQXPDLSRDWHILvQFXLDWVDX FKHLHGHXUJHQĠăDGLQFKHLH
GHVFXLDWFXFKHLDXWLOL]DĠLHOHPHQWXOFKHLHGH
XUJHQĠă
'DFăXWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠăSHQ %DWHULHFKHLH
WUXDGHVFXLDúLGHVFKLGHSRUWLHUDúRIHUXOXL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
VDXFDSRWDSRUWEDJDMXOXLVLVWHPXOGHDODUPă
DQWLIXUWYDILGHFODQúDW3DJLQD (VWHUHFRPDQGDELOVăVFKLPEDĠLEDWHULLOHODXQ
([LVWăPDLPXOWHPRGXULGHDRSULDODUPD DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[ODXQ
 3HQWUXDGH]DFWLYDDODUPDFXFKHLD
&HQWUXGH6HUYLFH0HUFHGHV%HQ]
DSăVDĠLEXWRQXO6VDX7GHSHFKHLH  3HULFROGHLQWR[LFDUH
VDX %DWHULLOHFRQĠLQVXEVWDQĠHWR[LFHúLFDXVWLFH
 ,QWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQ 'LQDFHVWPRWLYQXWUHEXLHOăVDWHODvQGHPkQD
WDFW FRSLLORU
 &KHLH 

ÌQFD]XOLQJHUăULLXQHLEDWHULLFRQVXOWDĠLGH OXOXLDSăVDUHDEXWRQXOXL7VDX6
XUJHQĠăXQPHGLF vQFXLHVDXGHVFXLHDXWRYHKLFXOXO

 5HFRPDQGăULSULYLQGSURWHFĠLDPHGLX 6FKLPEDUHDEDWHULHL
OXL
$YHĠLQHYRLHGHREDWHULHWLSFHOXOă&5
%DWHULLOHFRQĠLQVXEVWDQĠH 9
SROXDQWH(VWHLQWHU]LVSULQ
 6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠăGLQ
OHJHFDDFHVWHDVăILHHOLPL

'HVFKLGHUHúLvQFKLGHUH
QDWHvPSUHXQăFXUHVWXULOH FKHLH3DJLQD
PHQDMHUH(OHYRUILFROHFWDWH
VHSDUDWúLHOLPLQDWHvQPRG
HFRORJLF
(OLPLQDĠLEDWHULLOHvQPRG
HFRORJLFÌQFUHGLQĠDĠLEDWH
ULLOHX]DWHXQXLDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWGHH[HP
SOXXQXLFHQWUXDXWRUL]DWGH
YkQ]ăULúLVHUYLFH0HUFHGHV
%HQ]VDXXQXLSXQFWGH
FROHFWDUHVSHFLDOSHQWUX
EDWHULLX]DWH  $SăVDĠLHOHPHQWXOFKHLHGHXUJHQĠăDvQ
GHVFKL]ăWXUDGLQFKHLHvQGLUHFĠLDVăJHĠLL
SkQăFHFDSDFXOWăYLLEDWHULHLCVHGHV
9HULILFDUHDEDWHULHL
FKLGHÌQWLPSFHHIHFWXDĠLDFHDVWăRSHUD
ĠLHQXĠLQHĠLFDSDFXOCvQFKLV
 6FRDWHĠLFDSDFXOWăYLLEDWHULHLC

 $SăVDĠLEXWRQXO7VDX6
%DWHULDGHODFKHLHIXQFĠLRQHD]ăFRUHV
SXQ]ăWRUGDFăODPSDGHYHULILFDUHDEDWH
ULHLCVHDSULQGHVFXUW  %DWHĠLvQPRGUHSHWDWFKHLDFRQWUDSDOPHL
SkQăFHEDWHULD‡FDGH
'DFăODPSDGHYHULILFDUHDEDWHULHLCQXVH
 ,QWURGXFHĠLQRXDEDWHULHFXERUQDSR]LWLYă
DSULQGHVFXUWvQWLPSXOWHVWXOXLEDWHULDGHOD
FKHLHHVWHGHVFăUFDWă RULHQWDWăvQVXV8WLOL]DĠLRODYHWăIăUă
VFDPHvQDFHVWVFRS
 6FKLPEDUHDEDWHULHL3DJLQD
 $VLJXUDĠLYăFăVXSUDIDĠDEDWHULHLQXFRQ
G 'DFăEDWHULDGHODFKHLHHVWHYHULILFDWăvQ ĠLQHVFDPHXQVRDUHúLWRDWHFHOHODOWH
UD]DGHUHFHSĠLHDVHPQDOXOXLDXWRYHKLFX IRUPHGHFRQWDPLQDUH


 &KHLH

 ,QWURGXFHĠLFODSHWHOHIDĠăDOHFDSDFXOXL
WăYLLEDWHULHLCúLDSRLDSăVDĠLSHQWUXDR
vQFKLGH
 ,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
FKHLH
 9HULILFDĠLIXQFĠLRQDUHDWXWXURUEXWRDQHORU
LPSRUWDQWHDOHDXWRYHKLFXOXOXL
'HVFKLGHUHúLvQFKLGHUH
 &KHLH 

3UREOHPHODFKHLH

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
1XSXWHĠLvQFKLGHVDX %DWHULDFKHLLHVWHGHVFăUFDWăVDXDSURDSHGHVFăUFDWă
GHVFKLGHDXWRYHKLFXOXO  ÌQFHUFDĠLGLQQRXVăvQFXLDĠLGHVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXO
FXDMXWRUXOFKHLL IXQFĠLHLWHOHFRPDQGăDFKHLLÌQGUHSWDĠLYkUIXOFKHLLVSUHPkQHUXO
SRUWLHUHLúRIHUXOXLGHODPLFăGLVWDQĠăúLDSăVDĠLEXWRQXO6

'HVFKLGHUHúLvQFKLGHUH
7
'DFăQXIXQFĠLRQHD]ă
 9HULILFDĠLEDWHULDFKHLLúLVFKLPEDĠLGDFăHVWHFD]XO
3DJLQD
 ÌQFXLDĠL3DJLQDVDXGHVFXLDĠL3DJLQDDXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQĠă

&KHLDHVWHGHIHFWă
 ÌQFXLDĠL3DJLQDVDXGHVFXLDĠL3DJLQDDXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQĠă
 6ROLFLWDĠLYHULILFDUHDFKHLLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

1XPDLSXWHĠLvQFXLD ([LVWăLQWHUIHUHQĠHGHODRVXUVăSXWHUQLFăGHXQGHUDGLR
VDXGHVFXLDDXWRYHKL  ÌQFXLDĠLGHVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXOIXQFĠLHLWHOHFR
FXOXOFXDMXWRUXO.(< PDQGăDFKHLLÌQGUHSWDĠLYkUIXOFKHLLVSUHPkQHUXOSRUWLHUHL
/(66*2 úRIHUXOXLGHODPLFăGLVWDQĠăúLDSăVDĠLEXWRQXO67

([LVWăRGHIHFĠLXQHOD.(</(66*2
 ÌQFXLDĠLGHVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXOIXQFĠLHLWHOHFR
PDQGăDFKHLLÌQGUHSWDĠLYkUIXOFKHLLVSUHPkQHUXOSRUWLHUHL
úRIHUXOXLGHODPLFăGLVWDQĠăúLDSăVDĠLEXWRQXO67
 6ROLFLWDĠLYHULILFDUHD.(</(66*2ODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
'DFăQXIXQFĠLRQHD]ă
 9HULILFDĠLEDWHULDFKHLLúLVFKLPEDĠLGDFăHVWHFD]XO
3DJLQD
 ÌQFXLDĠL3DJLQDVDXGHVFXLDĠL3DJLQDDXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQĠă

9DĠLSLHUGXWFKHLD  6ROLFLWDĠLDQXODUHDFKHLLODXQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]
 5DSRUWDĠLLPHGLDWSLHUGHUHDODDVLJXUDWRULLDXWRYHKLFXOXOXL
 'DFăHVWHQHFHVDUVROLFLWDĠLúLVFKLPEDUHDvQFXLHWRULORU

$ĠLSLHUGXWHOHPHQWXO  5DSRUWDĠLLPHGLDWSLHUGHUHDODDVLJXUDWRULLDXWRYHKLFXOXOXL
FKHLHGHXUJHQĠă  'DFăHVWHQHFHVDUVROLFLWDĠLúLVFKLPEDUHDvQFXLHWRULORU


 3RUWLHUH

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
0RWRUXOQXSRDWHILSRU 7HQVLXQHDGHODERUGHVWHSUHDVFă]XWă
QLWFXFKHLD  2SULĠLFRQVXPDWRULLQHHVHQĠLDOLGHH[vQFăO]LUHVFDXQVDXLOX
PLQDUHLQWHULRDUăúLvQFHUFDĠLVăUHSRUQLĠLPRWRUXO
'DFăQXIXQFĠLRQHD]ă
 9HULILFDĠLEDWHULDGHSRUQLUHúLvQFăUFDĠLGDFăHVWHFD]XO
'HVFKLGHUHúLvQFKLGHUH

3DJLQD
VDX
 3RUQLĠLIRUĠDWDXWRYHKLFXOXO3DJLQD
VDX
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

0RWRUXOQXSRDWHILSRU %ORFDUHDGLUHFĠLHLHVWHEORFDWăPHFDQLF
QLWFXFKHLD  6FRDWHĠLFKHLDúLUHLQWURGXFHĠLRvQFRPXWDWRUXOGHFRQWDFWÌQ
WLPSFHIDFHĠLDFHVWOXFUXURWLĠLYRODQXOvQDPEHOHGLUHFĠLL

0RWRUXOQXSRDWHILSRU 2SRUWLHUăHVWHGHVFKLVă3ULQXUPDUHFKHLDQXSRDWHILGHWHFWDWă
QLWFX.(</(66*2 ODIHOGHXúRU
&KHLDHVWHvQDXWRYHKL  ÌQFKLGHĠLSRUWLHUDúLvQFHUFDĠLVăUHSRUQLĠLDXWRYHKLFXOXO
FXO
([LVWăLQWHUIHUHQĠHGHODRVXUVăSXWHUQLFăGHXQGHUDGLR
 3RUQLĠLDXWRYHKLFXOXOGXPQHDYRDVWUăFXFKHLDGLQFRPXWDWRUXO
GHFRQWDFW

3RUWLHUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
1XPDLSHQWUX5HJDWXO8QLWGDFăDXWRYHKL
FXOXODIRVWvQFXLDWFXFKHLDIXQFĠLDGHGXEOă
vQFXLHUHHVWHDFWLYDWăFDIXQFĠLHVWDQGDUG
$WXQFLQXHVWHSRVLELOVăVHGHVFKLGăSRUWLH
UHOHGLQLQWHULRUXODXWRYHKLFXOXOXL
3ULQXUPDUHQXOăVDĠLSHQLPHQLvQDXWRYHKL
FXOPDLDOHVFRSLLSHUVRDQHvQYkUVWăVDXSHU
VRDQHFDUHQHFHVLWăDVLVWHQĠăVSHFLDOăGDFă
DXWRYHKLFXOXODIRVWvQFXLDWFXFKHLD'UHSW
XUPDUHHVWHSRVLELOVăQXVHSRDWăHOLEHUDvQ
FD]GHXUJHQĠă'UHSWXUPDUHHVWHSRVLELOFD
DFHVWHDVăVXIHUHUăQLJUDYHVDXFKLDUIDWDOH
vQXUPDH[SXQHULLODWHPSHUDWXULH[WUHPGH
ULGLFDWHVDXVFă]XWHGHH[HPSOXÌQDFHVWFD]
VDOYDUHDSHUVRDQHORUGLQH[WHULRUXODXWRYHKL
FXOXOXLHVWHGLILFLOă
'H]DFWLYDĠLVHQ]RUXOGHPLúFDUHvQLQWHULRU
vQDLQWHGHDvQFXLDDXWRYHKLFXOXOFXFKHLD
3RUWLHUHOHSRWILDSRLGHVFKLVHGLQLQWHULRU
GXSăFHDXWRYHKLFXOXODIRVWEORFDWGLQH[WH
ULRUFXFKHLD
 $9(57,60(17
'DFăFRSLLLVXQWOăVDĠLQHVXSUDYHJKHDĠLvQ
DXWRYHKLFXODFHúWLDDUSXWHD
=GHVFKLGHRULFkQGRSRUWLHUăGLQLQWHULRUXO
DXWRYHKLFXOXOXLFKLDUúLGDFăDIRVWEORFDWă
=SRUQLDXWRYHKLFXOXOFXDMXWRUXOXQHLFKHL
OăVDWHvQDXWRYHKLFXO
=HOLEHUDĠLIUkQDGHSDUFDUH
3ULQXUPDUHDWkWVLJXUDQĠDORUFkWúLDDOWRUD
DUSXWHDILSHULFOLWDWă1XOăVDĠLQLFLRGDWă
 3RUWLHUH 

FRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKLFXO/XDĠL
vQWRWGHDXQDFKHLDFXGXPQHDYRDVWUăFkQG
LHúLĠLGLQDXWRYHKLFXOFKLDUúLGDFăvOSăUăVLĠL
QXPDLSHQWUXVFXUWWLPS
'HVFXLHUHDúLGHVFKLGHUHDSRUWLHUHORU
GLQLQWHULRU
G 1XSXWHĠLGHVFKLGHDXWRYHKLFXOXOFHQWUD
OL]DWGLQLQWHULRUGDFăDXWRYHKLFXOXODIRVW
vQFXLDWFXFKHLDVDXFX.(</(66*2
G $XWRYHKLFXOXOSRDWHILvQFKLVFHQWUDOL]DW
GRDUGDFăSRUWLHUDSDVDJHUXOXLIDĠăHVWH
vQFKLVă

'HVFKLGHUHúLvQFKLGHUH
3HQWUXWRDWHĠăULOHH[FHSWkQG5HJDWXO
8QLWSXWHĠLVăGHVFKLGHĠLGLQLQWHULRURSRU
WLHUăFKLDUGDFăDIRVWvQFXLDWă
1XPDLSHQWUX5HJDWXO8QLWGDFăDXWRYHKL
FXOXODIRVWvQFXLDWFXFKHLDIXQFĠLDvQFKLGHUH
GXEOăVHDFWLYHD]ăFDVWDQGDUG$SRLQXVH
PDLSRWGHVFKLGHSRUWLHUHOHGLQLQWHULRUXO
DXWRYHKLFXOXOXL'H]DFWLYDĠLVHQ]RUXOGHPLú
FDUHvQLQWHULRU3DJLQDvQDLQWHGHD
vQFXLDDXWRYHKLFXOXOFXFKHLD$VWIHOXúLOHSRW  3HQWUXDGHVFXLDDSăVDĠLEXWRQXOC
ILGHVFKLVHGLQLQWHULRUGXSăFHDXWRYHKLFXOXO  3HQWUXDvQFXLDDSăVDĠLEXWRQXOD
DIRVWvQFXLDWGLQH[WHULRUFXFKHLD

&DUDFWHULVWLFăGHvQFKLGHUHDXWRPDWă
$XWRYHKLFXOXOHVWHvQFXLDWDXWRPDWFkQG
FRPXWDWRUXOHVWHSRUQLWLDUURĠLOHVHvQYkUW
3ULQXUPDUHDĠLSXWHDILvQFXLDWSHGLQDIDUă
GDFă
=DXWRYHKLFXOXOHVWHvPSLQV
=DXWRYHKLFXOXOHVWHWUDFWDW
=DXWRYHKLFXOXOHVWHWHVWDWSHGLQDPRPHWUX

 7UDJHĠLPkQHUXOSRUWLHUHLD
'DFăSRUWLHUDHVWHvQFXLDWăEXWRQXOGH
vQFXLHUHCVHULGLFă3RUWLHUDHVWHGHV
FXLDWăúLSRDWHILGHVFKLVă

ÌQFKLGHUHDúLGHVFKLGHUHDFHQWUDOL
]DWăDDXWRYHKLFXOXOXLGLQLQWHULRU
3XWHĠLvQFXLDVDXGHVFXLDDXWRYHKLFXOXOGLQ
LQWHULRU
%XWRQXOGHvQFKLGHUHGHVFKLGHUHFHQWUDOL
]DWăQXvQFXLHVDXGHVFXLHFODSHWDJXULLGH
XPSOHUHFXFDUEXUDQW



'HVFKLGHUHúLvQFKLGHUH 3RUWLHUH

 3HQWUXDGH]DFWLYDDSăVDĠLúLPHQĠLQHĠL  5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQVHQV
DSăVDWEXWRQXOCFLUFDFLQFLVHFXQGHSkQă DQWLRUDUvQSR]LĠLDG
FkQGVHHPLWHXQVXQHW 3RUWLHUDHVWHGHVFXLDWă
 3HQWUXDDFWLYDDSăVDĠLúLPHQĠLQHĠL
 5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQDSRLúL
DSăVDWEXWRQXODFLUFDFLQFLVHFXQGHSkQă VFRDWHĠLO
FkQGVHHPLWHXQVXQHW  ,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
/DDXWRYHKLFXOHFXYRODQPXOWLIXQFĠLRQDOGH FKHLH
OX[SXWHĠLDFWLYDúLGH]DFWLYDIXQFĠLDvQFKL
GHUHDXWRPDWăúLFXDMXWRUXOFDOFXODWRUXOXLGH
ERUG3DJLQD ÌQFXLHUHDXWRYHKLFXOHOHPHQWFKHLH
GHXUJHQĠă
'DFăDXWRYHKLFXOXOQXPDLSRDWHILvQFXLDWFX
'HVFXLHUHDSRUWLHUHLúRIHUXOXLHOH
FKHLDXWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠă
PHQWFKHLHGHXUJHQĠă
 'HVFKLGHĠLSRUWLHUDúRIHUXOXL
'DFăXQDXWRYHKLFXOQXPDLSRDWHILGHVFXLDW
 ÌQFKLGHĠLSRUWLHUDSDVDJHUXOXLIDĠăúLFDSRWD
FXFKHLDXWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠă
SRUWEDJDMXOXL
'DFăXWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠăSHQ
 $SăVDĠLEXWRQXOGHvQFXLHUH3DJLQD
WUXDGHVFXLDúLDGHVFKLGHSRUWLHUDúRIHUXOXL
 9HULILFDĠLGDFăEXWRQXOGHvQFXLHUHGHSH
VLVWHPXOGHDODUPăDQWLIXUWYDILGHFODQúDW
3DJLQD SRUWLHUDSDVDJHUXOXLIDĠăHVWHvQFRQWLQXDUH
YL]LELO$SăVDĠLPDQXDOEXWRQXOGHvQFXLHUH
 6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠăGLQ
GDFăHVWHQHFHVDU
FKHLH3DJLQD
 ÌQFKLGHĠLSRUWLHUDúRIHUXOXL
 ,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
 6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠăGLQ
vQFXLHWRDUHDGHODSRUWLHUDúRIHUXOXLSkQăOD
FDSăW FKHLH3DJLQD
 ,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
vQFXLHWRDUHDGHODSRUWLHUDúRIHUXOXLSkQăOD
FDSăW
 3RUWEDJDM 

=vQFXLDWăVHSDUDW
=GHVFXLDWăFXHOHPHQWXOFKHLHGHXUJHQĠă

'HVFKLGHUHDvQFKLGHUHDPDQXDOă
'HVFKLGHUH
 $SăVDĠLEXWRQXO6GHSHFKHLH

'HVFKLGHUHúLvQFKLGHUH
 5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQVHQV
RUDUSkQăODFDSăWVSUHSR]LĠLDG
 5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQDSRLúL
VFRDWHĠLO
 $VLJXUDĠLYăFăSRUWLHUHOHúLFDSRWDSRUWED
JDMXOXLVXQWvQFXLDWH
 ,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
FKHLH
 7UDJHĠLGHPkQHUC
 5LGLFDĠLFDSRWDSRUWEDJDMXOXL
3RUWEDJDM
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD ÌQFKLGHUH
1XOăVDĠLFKHLDvQSRUWEDJDMÌQFD]FRQWUDUY  $9(57,60(17
DĠLSXWHDvQFXLDSHGLQDIDUă
$VLJXUDĠLYăFăQXYDILSULQVQLPHQLSHPăVXUă
 $9(57,60(17 FHvQFKLGHĠLFDSRWDSRUWEDJDMXOXL
*D]HOHGHHúDSDPHQWSRWSăWUXQGHvQLQWHULR
UXODXWRYHKLFXOXOXLGDFăPRWRUXOIXQFĠLRQHD]ă
úLFDSRWDSRUWEDJDMXOXLHVWHGHVFKLVă$FHV
WHDYăSRWLQWR[LFD3ULQXUPDUHWUHEXLHVăYă
DVLJXUDĠLFăHVWHvQWRWGHDXQDvQFKLVăFDSRWD
SRUWEDJDMXOXLFkQGPRWRUXOIXQFĠLRQHD]ă

 &DSRWDSRUWEDJDMXOXLVHURWHúWHvQVXV
FkQGHVWHGHVFKLVă3ULQXUPDUHDVLJXUDĠL
YăFăH[LVWăXQVSDĠLXOLEHUVXILFLHQWGHD
VXSUDFDSRWHLSRUWEDJDMXOXL
G 3XWHĠLJăVLGHWDOLLGHVSUHGLPHQVLXQLOHGH  7UDJHĠLFDSRWDSRUWEDJDMXOXLvQMRVIRORVLQG
GHVFKLGHUHDOHFDSRWHLSRUWEDJDMXOXLvQVHF ORFDúXOC
ĠLXQHD'DWHWHKQLFH3DJLQD  'DFăHVWHQHFHVDUvQFXLDĠLDXWRYHKLFXOXO
&DSRWDSRUWEDJDMXOXLSRDWHIL FXEXWRQXO7GHSHFKHLH
=GHVFKLVăúLvQFKLVăPDQXDOGLQH[WHULRU 3DJLQDVDXFX.(</(66*2
=GHVFKLVăDXWRPDWGLQH[WHULRU 3DJLQD
=GHVFKLVăDXWRPDWGLQLQWHULRU


 3RUWEDJDM

G 'DFăHVWHGHWHFWDWăRFKHLH.(</(66*2  $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOT
vQSRUWEDJDMFDSRWDSRUWEDJDMXOXLQXSRDWH GHSHFKHLHSkQăFkQGFDSRWDSRUWEDJDMXOXL
ILvQFXLDWăúLVHSRDWHGHVFKLGHGLQQRX VHGHVFKLGH
VDX
 &kQGFDSRWDSRUWEDJDMXOXLHVWHGHVFXLDWă
'HVFKLGHUHDDXWRPDWăGLQH[WHULRU WUDJHĠLGHPkQHUXOFDSRWHLSRUWEDJDMXOXLúL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD GDĠLLGUXPXOLPHGLDW
'HVFKLGHUHúLvQFKLGHUH

 $9(57,60(17
1XPDLSHQWUX5HJDWXO8QLWGDFăDXWRYHKL 'HVFKLGHUHDDXWRPDWăGLQLQWHULRU
FXOXODIRVWvQFXLDWFXFKHLDIXQFĠLDGHGXEOă
3XWHĠLGHVFKLGHFDSRWDSRUWEDJDMXOXLGHOD
vQFXLHUHHVWHDFWLYDWăFDIXQFĠLHVWDQGDUG
VFDXQXOúRIHUXOXLFkQGDXWRYHKLFXOXOHVWHVWD
$WXQFLQXHVWHSRVLELOVăVHGHVFKLGăSRUWLH
ĠLRQDWúLGHVFXLDW
UHOHGLQLQWHULRUXODXWRYHKLFXOXOXL
3ULQXUPDUHQXOăVDĠLSHQLPHQLvQDXWRYHKL
FXOPDLDOHVFRSLLSHUVRDQHvQYkUVWăVDXSHU
VRDQHFDUHQHFHVLWăDVLVWHQĠăVSHFLDOăGDFă
DXWRYHKLFXOXODIRVWvQFXLDWFXFKHLD'UHSW
XUPDUHHVWHSRVLELOVăQXVHSRDWăHOLEHUDvQ
FD]GHXUJHQĠă'UHSWXUPDUHHVWHSRVLELOFD
DFHVWHDVăVXIHUHUăQLJUDYHVDXFKLDUIDWDOH
vQXUPDH[SXQHULLODWHPSHUDWXULH[WUHPGH
ULGLFDWHVDXVFă]XWHGHH[HPSOXÌQDFHVWFD]
VDOYDUHDSHUVRDQHORUGLQH[WHULRUXODXWRYHKL
FXOXOXLHVWHGLILFLOă
 3HQWUXDGHVFKLGHWUDJHĠLFRPXWDWRUXO
'H]DFWLYDĠLVHQ]RUXOGHPLúFDUHvQLQWHULRU
SHQWUXDFĠLRQDUHODGLVWDQĠăSHQWUXFDSRWD
vQDLQWHGHDvQFXLDDXWRYHKLFXOXOFXFKHLD
SRUWEDJDMXOXLCSkQăFkQGFDSRWDSRUWED
3RUWLHUHOHSRWILDSRLGHVFKLVHGLQLQWHULRU
JDMXOXLVHGHVFKLGH
GXSăFHDXWRYHKLFXOXODIRVWEORFDWGLQH[WH
ULRUFXFKHLD

 &DSRWDSRUWEDJDMXOXLVHURWHúWHvQVXV
FkQGHVWHGHVFKLVă3ULQXUPDUHDVLJXUDĠL
YăFăH[LVWăXQVSDĠLXOLEHUVXILFLHQWGHD
VXSUDFDSRWHLSRUWEDJDMXOXL
G 3XWHĠLJăVLGHWDOLLGHVSUHGLPHQVLXQLOHGH
GHVFKLGHUHDOHFDSRWHLSRUWEDJDMXOXLvQVHF
ÌQFXLHUHDVHSDUDWăDSRUWEDJDMXOXL
ÌQDQXPLWHĠăULSXWHĠLvQFXLDVHSDUDWSRUWED
JDMXO'DFăGHVFXLDĠLDSRLFHQWUDOL]DWDXWRYH
KLFXOXOSRUWEDJDMXOUăPkQHvQFXLDWúLQX
SRDWHILGHVFKLV
 ÌQFKLGHĠLFDSRWDSRUWEDJDMXOXL
ĠLXQHD'DWHWHKQLFH3DJLQD
 6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠăGLQ
FKHLH3DJLQD
'HVFKLGHUH
3XWHĠLGHVFKLGHDXWRPDWFDSRWDSRUWEDJDMX
OXLFXFKHLDVDXFXPkQHUXOFDSRWHLSRUWED
JDMXOXL
 *HDPXULODWHUDOH 

 ,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ 
vQFXLHWRDUHDFDSRWHLSRUWEDJDMXOXLSkQăOD
RSULWRU
 5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQVHQV
RUDUGLQSR]LĠLDGvQSR]LĠLDH 
 6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠă
 ,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ 
FKHLH
'HVFKLGHUHúLvQFKLGHUH
5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQVHQV
DQWLRUDUGLQSR]LĠLDGSkQăODFDSăWvQ
SR]LĠLDH
3RUWEDJDMXOHVWHGHVFXLDW
5RWLĠLHOHPHQWXOFKHLHGHXUJHQĠăvQDSRLvQ
SR]LĠLDGúLVFRDWHĠLO
,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
FKHLH

'HVFXLHUHDSRUWEDJDMXOXLHOHPHQW *HDPXULODWHUDOH

FKHLHGHXUJHQĠă
 &DSRWDSRUWEDJDMXOXLVHURWHúWHvQVXV
FkQGHVWHGHVFKLVă3ULQXUPDUHDVLJXUDĠL
YăFăH[LVWăXQVSDĠLXOLEHUVXILFLHQWGHD
VXSUDFDSRWHLSRUWEDJDMXOXL
'DFăSRUWEDJDMXOQXSRDWHILGHVFXLDWFX
FKHLDVDX.(</(66*2XWLOL]DĠLHOHPHQWXO
FKHLHGHXUJHQĠă
'DFăXWLOL]DĠLHOHPHQWXOFKHLHGHXUJHQĠăSHQ
WUXDGHVFXLDúLGHVFKLGHFDSRWDSRUWEDJDMX
OXLVLVWHPXOGHDODUPăDQWLIXUWYDILGHFODQúDW
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
$VLJXUDĠLYăFăQXYDILSULQVQLPHQLvQWUHJHD
PXOODWHUDOúLFDGUXOSRUWLHUHLFkQGJHDPXO
ODWHUDOHVWHGHVFKLV1XDWLQJHĠLúLQXYăUH]H
PDĠLGHJHDPXOODWHUDOSHSDUFXUVXOSURFHGXULL
GHGHVFKLGHUH(VWHSRVLELOVăYăSULQGHĠLvQWUH
JHDPXOODWHUDOúLFDGUXOSRUWLHUHLSHPăVXUă
FHJHDPXOODWHUDOFRERDUă'DFăH[LVWăSHUL
FROXOGHSULQGHUHHOLEHUDĠLFRPXWDWRUXOVDX
WUDJHĠLOvQVXVSHQWUXDvQFKLGHJHDPXOODWHUDO
3DJLQD GLQQRX
 6FRDWHĠLHOHPHQWXOFKHLHGHXUJHQĠăGLQ
FKHLH3DJLQD
 ,QWURGXFHĠLHOHPHQWXOFKHLHGHXUJHQĠăvQ
vQFXLHWRDUHDFDSRWHLSRUWEDJDMXOXLSkQăOD
RSULWRU
 3HULFROGHUăQLUH
$VLJXUDĠLYăFăQXVHDIOăQLPHQLvQUD]DGH
DFĠLXQHDJHDPXOXLvQWLPSFHvOvQFKLGHĠL'DFă
H[LVWăXQDVHPHQHDSHULFROHOLEHUDĠLFRPX
WDWRUXOVDXDSăVDĠLOSHQWUXDGHVFKLGHGLQQRX
JHDPXO
 $9(57,60(17
&RSLLLVDUSXWHDUăQLGDFăGHVFKLGVDXvQFKLG
JHDPXULOHODWHUDOH
 *HDPXULODWHUDOH
1XOăVDĠLQLFLRGDWăFRSLLLQHVXSUDYHJKHDĠLvQ
DXWRYHKLFXO/XDĠLvQWRWGHDXQDFKHLDFXGXP
QHDYRDVWUăFkQGLHúLĠLGLQDXWRYHKLFXOFKLDU
úLGDFăvOSăUăVLĠLQXPDLSHQWUXVFXUWWLPS
 $9(57,60(17
1XOăVDĠLFRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKL
FXOFKLDUGDFăVXQWIL[DĠLvQWUXQVLVWHPGH
'HVFKLGHUHúLvQFKLGHUH
UHWHQĠLHSHQWUXFRSLL&RSLLVDUSXWHD GHGHVFKLGHUHvQFKLGHUHDXWRPDWvQGLUHF
=UăQLJUDYVDXFKLDUIDWDOvQDQXPLWHSăUĠLDOH
DXWRYHKLFXOXOXL
=UăQLJUDYVDXFKLDUIDWDOSULQH[SXQHUHD
vQGHOXQJDWăODWHPSHUDWXULH[WUHPGHULGL
FDWHVDXVFă]XWH
ÌQFD]XOvQFDUHFRSLLLGHVFKLGRSRUWLHUăDFHú
WLDDUSXWHD úRIHUXOXLVDXSDVDJHUXOXLIDĠăHVWHGHV
=UăQLJUDYVDXFKLDUIDWDODOWHSHUVRDQH
=LHúLGLQDXWRYHKLFXOúLVDUSXWHDUăQLVDXDU
SXWHDILUăQLĠLJUDYVDXIDWDOGHDXWRYHKLFXOH
DIODWHvQWUHFHUH
'HVFKLGHUHDúLvQFKLGHUHDJHDPXULORU
ODWHUDOH
C 6WkQJD
D 'UHDSWD
&RPXWDWRDUHOHDIHUHQWHWXWXURUJHDPXULORU
ODWHUDOHVXQWVLWXDWHSHSRUWLHUDúRIHUXOXL
([LVWăúLXQFRPXWDWRUDIHUHQWJHDPXOXLGHSH
SDUWHDSDVDJHUXOXLIDĠăSHSRUWLHUDSDVDJHUX
OXLIDĠă
&RPXWDWRDUHOHGHSHSRUWLHUDúRIHUXOXLDX
SULRULWDWH
 5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
 3HQWUXDGHVFKLGHDSăVDĠLFRPXWDWRUXO
DIHUHQW
 3HQWUXDvQFKLGHWUDJHĠLGHFRPXWDWRUXO
DIHUHQW
G 'DFăDSăVDĠLFRPXWDWRUXOGLQFRORGH
SXQFWXOGHUH]LVWHQĠăVHvQFHSHXQSURFHV
ĠLDFRUHVSXQ]ăWRDUH3XWHĠLRSULIXQFĠLRQD
UHDDXWRPDWăDSăVkQGGLQQRX
G 3XWHĠLFRQWLQXDVăDFĠLRQDĠLJHDPXULOH
ODWHUDOHGXSăRSULUHDPRWRUXOXLVDXVFRD
WHUHDFKHLL$FHDVWăIXQFĠLHUăPkQHDFWLYă
WLPSGHFLQFLPLQXWHVDXSkQăFHSRUWLHUD
FKLVă
&DUDFWHULVWLFăGHGHVFKLGHUHDVLVWDWă
3XWHĠLYHQWLODDXWRYHKLFXOXOvQDLQWHGHD
vQFHSHVăFRQGXFHĠLÌQDFHVWVFRSFKHLDHVWH
XWLOL]DWăSHQWUXDH[HFXWDVLPXOWDQXUPăWRD
UHOHIXQFĠLL
=GHVFXLHUHDDXWRYHKLFXOXOXL
=GHVFKLGHUHDJHDPXULORUODWHUDOH
=GHVFKLGHUHDWUDSHLJOLVDQWHSDQRUDPLFHúL
DMDOX]HOHORU
=SRUQLUHDYHQWLOăULLVFDXQXOXLSHQWUXVFDXQXO
úRIHUXOXL
G &DUDFWHULVWLFDGHGHVFKLGHUHDVLVWDWă
SRDWHILDFĠLRQDWăQXPDLFXDMXWRUXOFKHLL
&KHLDWUHEXLHVăILHDSURSLDWăGHPkQHUXO
SRUWLHUHLúRIHUXOXL
 2ULHQWDĠLYkUIXOFKHLLFăWUHPkQHUXOSRUWLH
UHLúRIHUXOXL
 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO6
SkQăFHJHDPXULOHODWHUDOHúLWUDSDJOLVDQWă
SDQRUDPLFăVHDIOăvQSR]LĠLDGRULWă
'DFăMDOX]HOHOHSDUDVRODUDOHWUDSHLJOLVDQWH
SDQRUDPLFHVXQWvQFKLVHMDOX]HOHVXQWGHV
FKLVHSULPHOH
 *HDPXULODWHUDOH 

 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO6 
GLQQRXSkQăFHWUDSDJOLVDQWăSDQRUDPLFă
VHDIOăvQSR]LĠLDGRULWă 
 3HQWUXDvQWUHUXSHGHVFKLGHUHDDVLV
WDWăHOLEHUDĠLEXWRQXO6

&DUDFWHULVWLFăGHvQFKLGHUHDVLVWDWă
2ULHQWDĠLYkUIXOFKHLLFăWUHPkQHUXOSRUWLH
UHLúRIHUXOXL
$SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO7
SkQăFHJHDPXULOHODWHUDOHúLWUDSDJOLVDQWă
SDQRUDPLFăVXQWFRPSOHWvQFKLVH
$VLJXUDĠLYăFăWRDWHJHDPXULOHODWHUDOHúL
WUDSDJOLVDQWăSDQRUDPLFăVXQWvQFKLVH

'HVFKLGHUHúLvQFKLGHUH
/DDXWRYHKLFXOHFXWUDSăJOLVDQWăSDQRUD
1RWHJHQHUDOH PLFă

&kQGvQFXLDĠLDXWRYHKLFXOXOSXWHĠLVLPXOWDQ
 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO7
Vă GLQQRXSkQăFHMDOX]HOHOHGLQWUDSDJOLVDQWă
SDQRUDPLFăVHvQFKLG
=vQFKLGHĠLJHDPXULOHODWHUDOH
=vQFKLGHĠLWUDSDJOLVDQWăSDQRUDPLFă
 3HQWUXDvQWUHUXSHvQFKLGHUHDDVLVWDWă
HOLEHUDĠLEXWRQXO7
/DDXWRYHKLFXOHOHFXWUDSăJOLVDQWăSDQRUD
PLFăSXWHĠLDSRLVăvQFKLGHĠLMDOX]HOHOH
8WLOL]DUHD.(</(66*2
 $9(57,60(17
&KHLD.(</(66*2WUHEXLHVăVHDIOHvQDIDUD
&kQGXWLOL]DĠLFDUDFWHULVWLFDGHvQFKLGHUHDVLV
DXWRYHKLFXOXOXL7RDWHSRUWLHUHOHWUHEXLHVă
WDWăDVLJXUDĠLYăFăQXSRDWHUăPkQHQLPHQL
ILHvQFKLVH
SULQVvQWUHHOHPHQWH3URFHGDĠLGXSăFXP
XUPHD]ăGDFăH[LVWăULVFXOGHSULQGHUHvQWUH
HOHPHQWH
&XFKHLD
=(OLEHUDĠLEXWRQXO7
=DSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO6
SkQăFHJHDPXULOHODWHUDOHúLWUDSDJOLVDQWă
SDQRUDPLFăVHUHGHVFKLG
&X.(</(66*2
=HOLEHUDĠLVXSUDIDĠDVHQ]RUXOXLGHSHPkQH
UXOSRUWLHUHL $WLQJHĠLVXSUDIDĠDVHQ]RUXOXLDGkQFLWCGH
=WUDJHĠLPkQHUXOSRUWLHUHLLPHGLDWúLPHQĠL
SHPkQHUXOSRUWLHUHLSkQăFHJHDPXULOH
QHĠLO ODWHUDOHúLWUDSDJOLVDQWăSDQRUDPLFăVXQW
*HDPXULOHODWHUDOHúLWUDSDJOLVDQWăSDQR FRPSOHWvQFKLVH
UDPLFăVHGHVFKLG G $VLJXUDĠLYăFăDWLQJHĠLQXPDLVXSUDIDĠD
VHQ]RUXOXLFXGHJDMDUHC
8WLOL]DUHDFKHLL
 $VLJXUDĠLYăFăWRDWHJHDPXULOHODWHUDOHúL
G &KHLDWUHEXLHVăILHDSURSLDWăGHPkQHUXO WUDSDJOLVDQWăSDQRUDPLFăVXQWvQFKLVH
SRUWLHUHLúRIHUXOXL
/DDXWRYHKLFXOHFXWUDSăJOLVDQWăSDQRUD
PLFă
 $WLQJHĠLVXSUDIDĠDVHQ]RUXOXLDGkQFLWCGH
SHPkQHUXOSRUWLHUHLGLQQRXSkQăFHMDOX


 7UDSăJOLVDQWă
]HOHOHúLWUDSDJOLVDQWăSDQRUDPLFăVH
vQFKLG
 3HQWUXDvQWUHUXSHvQFKLGHUHDDVLVWDWă
HOLEHUDĠLVXSUDIDĠDVHQ]RUXOXLFXGHJD
MDUHCGHSHPkQHUXOSRUWLHUHL
'HVFKLGHUHúLvQFKLGHUH
5HVHWDUHDJHDPXULORUODWHUDOH
7UHEXLHVăUHVHWDĠLILHFDUHJHDPODWHUDOGDFă
XQJHDPODWHUDOQXPDLSRDWHILFRPSOHW
vQFKLV
 ÌQFKLGHĠLWRDWHSRUWLHUHOH
 5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
 7UDJHĠLFRPXWDWRUXODIHUHQWGHSHSDQRXO
GHFRPDQGăVLWXDWSHSRUWLHUăSkQăFkQG
JHDPXOODWHUDOHVWHFRPSOHWvQFKLV
GXFHODUăQLJUDYHVDXFKLDUIDWDOH$VLJXUDĠL
YăFăQXYDILSULQVQLPHQLSHPăVXUăFHvQFKL
GHĠLJHDPXULOHODWHUDOH
'DFăXQJHDPODWHUDOHVWHREVWUXFĠLRQDWvQ
WLPSXOvQFKLGHULLúLVHUHGHVFKLGHGLQQRX
XúRU
 ,PHGLDWGXSăFHJHDPXOVHEORFKHD]ăWUD
JHĠLGHFRPXWDWRUXODIHUHQWGLQQRXSkQă
FHJHDPXOODWHUDOVDvQFKLV
*HDPXOODWHUDOHVWHvQFKLVFXIRUĠăPDL
PDUH
'DFăXQJHDPODWHUDOHVWHREVWUXFĠLRQDWGLQ
QRXvQWLPSXOvQFKLGHULLúLVHUHGHVFKLGHGLQ
QRXXúRU
 ,PHGLDWGXSăFHJHDPXOVHEORFKHD]ăWUD
JHĠLGHFRPXWDWRUXODIHUHQWGLQQRXSkQă
FHJHDPXOODWHUDOVDvQFKLV
3DJLQD *HDPXOODWHUDOHVWHvQFKLVIăUăSURWHFĠLD
 0HQĠLQHĠLFRPXWDWRUXOvQFăRVHFXQGă DQWLSULQGHUH
'DFăJHDPXOODWHUDOVHGHVFKLGHGLQQRXXúRU
 7UDJHĠLLPHGLDWFRPXWDWRUXODIHUHQWGHSH
7UDSăJOLVDQWă
SDQRXOGHFRPDQGăVLWXDWSHSRUWLHUăSkQă
FkQGJHDPXOODWHUDOHVWHFRPSOHWvQFKLV 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
3DJLQD
ÌQXUPăWRDUHDVHFĠLXQHWHUPHQXOÄWUDSăJOL
 0HQĠLQHĠLFRPXWDWRUXOvQFăRVHFXQGă
VDQWăVHUHIHUăODWUDSDJOLVDQWăSDQRUDPLFă
 'DFăJHDPXOODWHUDODIHUHQWUăPkQHvQFKLV
GXSăFHEXWRQXODIRVWHOLEHUDWJHDPXO
ODWHUDOVDUHVHWDWFRUHFW'DFăQXVHUHGHV
FKLGUHSHWDĠLSDúLLGHPDLVXVGLQQRX
3UREOHPHODJHDPXULOHODWHUDOH
3UREOHPăXQJHDPODWHUDOQXSRDWHIL
vQFKLVGHRDUHFHHVWHEORFDWGHRELHFWHGH
H[IUXQ]HvQJKLGDMXOJHDPXOXL
 6FRDWHĠLRELHFWHOH
 ÌQFKLGHĠLJHDPXOODWHUDO
3UREOHPăXQJHDPODWHUDOQXSRDWHIL
vQFKLVúLQXSXWHĠLYHGHDFDX]D
 $9(57,60(17
ÌQFKLGHUHDJHDPXULORUODWHUDOHFXRIRUĠăPDL
PDUHVDXIăUăSURWHFĠLDDQWLSULQGHUHSRDWH
 $9(57,60(17
$VLJXUDĠLYăFăQLPHQLQXSRDWHILSULQVvQWUH
HOHPHQWHFkQGGHVFKLGHĠLúLvQFKLGHĠLWUDSD
JOLVDQWă
'DFăH[LVWăSHULFROXOFDFLQHYDVăILHSULQV
vQWUHHOHPHQWHHOLEHUDĠLLPHGLDWFRPXWDWRUXO
ÌQWLPSXOIXQFĠLRQăULLDXWRPDWHvPSLQJHĠL
VFXUWFRPXWDWRUXOvQRULFHGLUHFĠLHSHQWUXD
RSULWUDSDJOLVDQWă
 $9(57,60(17
&RSLLLVDUSXWHDUăQLGDFăDFĠLRQHD]ăWUDSD
JOLVDQWă
1XOăVDĠLQLFLRGDWăFRSLLLQHVXSUDYHJKHDĠLvQ
DXWRYHKLFXO/XDĠLvQWRWGHDXQDFKHLDFXGXP
QHDYRDVWUăFkQGLHúLĠLGLQDXWRYHKLFXOFKLDU
úLGDFăvOSăUăVLĠLQXPDLSHQWUXVFXUWWLPS

 $9(57,60(17
6WLFODWUDSHLSDQRUDPLFHVDUSXWHDVSDUJHvQ
FD]GHDFFLGHQW'DFăQXSXUWDĠLRFHQWXUăGH
VLJXUDQĠăH[LVWăSHULFROXOVăILĠLSURLHFWDWSULQ
GHVFKL]ăWXUăvQFD]XOvQFDUHDXWRYHKLFXOXOVH
UăVWRDUQă3ULQXUPDUHSXUWDĠLvQWRWGHDXQDR
FHQWXUăGHVLJXUDQĠăSHQWUXDUHGXFHSHULFR
OXOGHUăQLUH
 'HVFKLGHĠLWUDSDJOLVDQWăSDQRUDPLFă
QXPDLGDFăQXHVWHDFRSHULWăGH]ăSDGăúL
JKHDĠăÌQFD]FRQWUDUVXQWSRVLELOHGHIHF
ĠLXQL
1XOăVDĠLVăLDVăQLPLFGLQWUDSDJOLVDQWăÌQ
FD]FRQWUDUFKHGHUHOHSRWVXIHULGHWH
ULRUăUL
G 3HOkQJă]JRPRWHOHWLSLFHFXUHQĠLORUGH
DHUSRWDSăUHD]JRPRWHGHUH]RQDQĠăFkQG
WUDSDJOLVDQWăHVWHGHVFKLVă$FHVWHDVXQW
SURYRFDWHGHIOXFWXDĠLLVODEHDOHSUHVLXQLL
GLQLQWHULRUXODXWRYHKLFXOXOXL6FKLPEDĠL
SR]LĠLDWUDSHLJOLVDQWHVDXvQWUHGHVFKLGHĠL
XQJHDPODWHUDOSHQWUXDUHGXFHVDXHOLPLQD
DFHVWH]JRPRWH
8WLOL]DUHDWUDSHLJOLVDQWHSDQRUDPLFH
'HVFKLGHUHúLvQFKLGHUH
7UDSăJOLVDQWă 
 5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
 ÌPSLQJHĠLVDXWUDJHĠLFRPXWDWRUXOWvQ
GLUHFĠLDFRUHVSXQ]ăWRDUH
G 'DFăDSăVDĠLFRPXWDWRUXOWGLQFROR
GHSXQFWXOGHUH]LVWHQĠăVHvQFHSHXQSUR
FHVGHGHVFKLGHUHvQFKLGHUHDXWRPDWvQ
GLUHFĠLDFRUHVSXQ]ăWRDUH3XWHĠLRSULIXQF
'HVFKLGHUHúLvQFKLGHUH
ĠLRQDUHDDXWRPDWăDSăVkQGGLQQRX
&DUDFWHULVWLFăGHvQFKLGHUHSHWLPSGH
SORDLH
&kQGFKHLDVHDIOăvQSR]LĠLDGLQFRPXWDWRUXO
GHFRQWDFWVDXHVWHVFRDVăWUDSDJOLVDQWă
SDQRUDPLFăVHvQFKLGHDXWRPDW
=GDFăvQFHSHVăSORXă
=ODWHPSHUDWXULH[WHULRDUHH[WUHPH
=GXSăúDVHRUH
=GDFăH[LVWăRGHIHFĠLXQHvQDOLPHQWDUHD
HOHFWULFă
7UDSDJOLVDQWăSDQRUDPLFăUăPkQHULGLFDWăvQ
VSDWHSHQWUXDSHUPLWHYHQWLODUHDLQWHULRUXOXL
DXWRYHKLFXOXOXL
G 'DFăWUDSDJOLVDQWăSDQRUDPLFăHVWH
REVWUXFĠLRQDWăFkQGHVWHvQFKLVăGHFDUDF
WHULVWLFDGHvQFKLGHUHSHWLPSGHSORDLHHD
VHvQWUHGHVFKLGHGLQQRX&DUDFWHULVWLFDGH
vQFKLGHUHSHWLPSGHSORDLHHVWHDSRL
GH]DFWLYDWă
7UDSDJOLVDQWăSDQRUDPLFăQXVHvQFKLGH
GDFă
=HVWHULGLFDWăGLQVSDWH
=HVWHvQFXLDWă
=QXDMXQJSLFăWXULGHSORDLHSHVSDĠLXOSDU
EUL]XOXLPRQLWRUL]DWGHVHQ]RUXOGHSORDLH
GHH[GHRDUHFHDXWRYHKLFXOXOVHDIOăVXE
XQSRGVDXVXEXQDFRSHULú
3DQRXGHFRPDQGăVLWXDWSHSODIRQ
C 3HQWUXDULGLFD
D 'HVFKLGHUH
‡ 3HQWUXDvQFKLGHFRERUv


 7UDSăJOLVDQWă
8WLOL]DUHDMDOX]HOHORUSHQWUXWUDSDJOL 
VDQWăSDQRUDPLFă

1RWHJHQHUDOH
-DOX]HOHSURWHMHD]ăLQWHULRUXODXWRYHKLFXOXOXL
GHOXPLQDVRODUă-DOX]HOHSRWILGHVFKLVHúL
vQFKLVHQXPDLFkQGWUDSDJOLVDQWăSDQRUD 
PLFăHVWHvQFKLVă
'HVFKLGHUHúLvQFKLGHUH
 $9(57,60(17 
$VLJXUDĠLYăFăQXSRDWHUăPkQHQLPHQLSULQV
vQWUHHOHPHQWHFkQGGHVFKLGHĠLVDXvQFKLGHĠL
MDOX]HOHOH

'HVFKLGHUHDúLvQFKLGHUHD

5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
7UDJHĠLFRPXWDWRUXOWvQPRGUHSHWDWOD
SXQFWXOGHUH]LVWHQĠăvQGLUHFĠLDLQGLFDWăGH
VăJHDWD‡SkQăFHWUDSDJOLVDQWăSDQRUD
PLFăHVWHFRPSOHWvQFKLVă
0HQĠLQHĠLFRPXWDWRUXOWWUDVvQFăR
VHFXQGă
7UDJHĠLFRPXWDWRUXOWUHSHWDWODSXQF
WXOGHUH]LVWHQĠăvQGLUHFĠLDLQGLFDWăGH
VăJHDWD‡SkQăFHMDOX]HOHOHVXQWFRPSOHW
vQFKLVH
0HQĠLQHĠLFRPXWDWRUXOWWUDVvQFăR
VHFXQGă
$VLJXUDĠLYăFăWUDSDJOLVDQWăSDQRUDPLFă
3DJLQDúLMDOX]HOHOH3DJLQDSRW
ILFRPSOHWUHGHVFKLVH
 'DFăQXVHUHGHVFKLGUHSHWDĠLSDúLLGHPDL
VXVGLQQRX
 'DFăWUDSDJOLVDQWăSDQRUDPLFăúLMDOX]H
OHOHQXSRWILGHVFKLVHVDXvQFKLVHFRPSOHW
GXSăUHVHWDUHFRQWDFWDĠLXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW

3DQRXGHFRPDQGăVLWXDWSHSODIRQ
3UREOHPHODWUDSDJOLVDQWă
C 3HQWUXDGHVFKLGH
D 3HQWUXDGHVFKLGH ÌQXUPăWRDUHDVHFĠLXQHH[SUHVLDÄWUDSăJOL
VDQWăVHUHIHUăODWUDSDJOLVDQWăSDQRUDPLFă
‡ 3HQWUXDvQFKLGH
3UREOHPăWUDSDJOLVDQWăQXVHvQFKLGHúL
 5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD QXFXQRDúWHĠLFDX]D
WRUXOGHFRQWDFW
 $SăVDĠLVDXWUDJHĠLFRPXWDWRUXOWvQ  $9(57,60(17
GLUHFĠLDFRUHVSXQ]ăWRDUH 3XWHĠLVXIHULUăQLJUDYHVDXFKLDUIDWDOHFkQG
vQFKLGHĠLWUDSDJOLVDQWăFXIRUĠăGHvQFKLGHUH
G 'DFăDSăVDĠLFRPXWDWRUXOWGLQFROR
FUHVFXWăVDXGDFăFDUDFWHULVWLFDDQWLSULQGHUH
GHSXQFWXOGHUH]LVWHQĠăVHvQFHSHXQSUR
HVWHGH]DFWLYDWă$VLJXUDĠLYăFăQXYDILSULQV
FHVGHGHVFKLGHUHvQFKLGHUHDXWRPDWvQ
QLPHQLSHPăVXUăFHvQFKLGHĠLWUDSDJOLVDQWă
GLUHFĠLDFRUHVSXQ]ăWRDUH3XWHĠLRSULIXQF
ĠLRQDUHDDXWRPDWăDSăVkQGGLQQRX 'DFăWUDSDJOLVDQWăHVWHREVWUXFĠLRQDWăOD
vQFKLGHUHúLVHGHVFKLGHGLQQRXXúRU
5HVHWDUHDWUDSHLJOLVDQWHSDQRUDPLFHúL
 ,PHGLDWGXSăFHWUDSDJOLVDQWăVHEOR
DMDOX]HOHORU
FKHD]ăDSăVDĠLWFRPXWDWRUXOGLQ
5HVHWDĠLWUDSDJOLVDQWăSDQRUDPLFăúLMDOX]H SDQRXOGHFRPDQGăVLWXDWSHSODIRQSkQă
OHOHGDFăWUDSDJOLVDQWăSDQRUDPLFăVDXMDOX
]HOHOHQXVHPLúFăXQLIRUP
 7UDSăJOLVDQWă 

ODSXQFWXOGHUH]LVWHQĠăúLPHQĠLQHĠLO
DSăVDWSkQăFkQGWUDSDJOLVDQWăVDvQFKLV
7UDSDJOLVDQWăVDvQFKLVFXIRUĠăPDLPDUH
'DFăWUDSDJOLVDQWăHVWHREVWUXFĠLRQDWăGLQ
QRXODvQFKLGHUHúLVHGHVFKLGHGLQQRXXúRU
 ,PHGLDWGXSăFHWUDSDJOLVDQWăVHEOR
FKHD]ăDSăVDĠLWFRPXWDWRUXOGLQ

'HVFKLGHUHúLvQFKLGHUH
SDQRXOGHFRPDQGăVLWXDWSHSODIRQSkQă
ODSXQFWXOGHUH]LVWHQĠăúLPHQĠLQHĠLO
DSăVDWSkQăFkQGWUDSDJOLVDQWăVDvQFKLV
7UDSDJOLVDQWăVDvQFKLVIăUăIXQFĠLDDQWL
SULQGHUH



 

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

6FDXQHYRODQúLRJOLQ]L
 3R]LĠLDFRUHFWăDVFDXQXOXLúRIHUXOXL
,QIRUPDĠLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
6FDXQHYRODQúLRJOLQ]L
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH
ULWRDUHODVLJXUDQĠă
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH 
&kQGUHJODĠLVFDXQXODVLJXUDĠLYăFă
=YăDIODĠLFkWPDLGHSDUWHSRVLELOGHDLUED
JXOúRIHUXOXL
=VWDĠLvQWURSR]LĠLHYHUWLFDOăQRUPDOă
=YăSXWHĠLSULQGHFHQWXUDGHVLJXUDQĠă
FRUHVSXQ]ăWRU
=DĠLGHSODVDWVSăWDUXOvQWURSR]LĠLH
DSURDSHYHUWLFDOă
=DĠLIL[DWXQJKLXOSHUQHLVFDXQXOXLvQDúD
IHOvQFkWFRDSVHOHVăYăILHVXVĠLQXWH
XúRU
=SXWHĠLDSăVDSHGDOHOHFRUHVSXQ]ăWRU
9HULILFDĠLGDFăWHWLHUDHVWHUHJODWăFRUHV

FLDOLWDWHDXWRUL]DWH3DJLQD SXQ]ăWRU3DJLQD

&kQGHIHFWXDĠLYHULILFDUHDDVLJXUDĠLYăFă
DĠLUHJODWWHWLHUDDVWIHOvQFkWFHDIDVăYăILH
3R]LĠLDFRUHFWăDVFDXQXOXLúRIHUXOXL VXVĠLQXWăODQLYHOXORFKLORUGHFăWUHWHWLHUă
5HVSHFWDĠLLQGLFDĠLLOHGHVLJXUDQĠăSULYLQG
UHJODUHDYRODQXOXL3DJLQD
 9HULILFDĠLGDFăYRODQXOCHVWHUHJODWFRUHV
SXQ]ăWRU
5HJODĠLYRODQXOPDQXDO3DJLQD
5HJODUHDHOHFWULFăDYRODQXOXL
3DJLQD
&kQGUHJODĠLYRODQXODVLJXUDĠLYăFă
=SXWHĠLĠLQHYRODQXOFXEUDĠHOHXúRU
vQGRLWH
=YăSXWHĠLPLúFDSLFLRDUHOHOLEHU
=SXWHĠLYHGHDFODUWRDWHDILúDMHOHGLQ
SDQRXOGHLQVWUXPHQWH
5HVSHFWDĠLLQGLFDĠLLOHGHVLJXUDQĠăSULYLQG
FHQWXULOHGHVLJXUDQĠă3DJLQD
5HVSHFWDĠLLQGLFDĠLLOHGHVLJXUDQĠăSULYLQG  9HULILFDĠLGDFăDĠLSULQVFHQWXUDGHVLJX
UHJODUHDVFDXQXOXL3DJLQD UDQĠăDFRUHVSXQ]ăWRU3DJLQD
 9HULILFDĠLGDFăDĠLUHJODWVFDXQXO‡FRUHV &HQWXUDGHVLJXUDQĠăWUHEXLH
SXQ]ăWRU =VăVHvQWLQGăELQHSHFRUS
5HJODUHDPDQXDOăúLHOHFWULFăDVFDXQXOXL =VăYăILHGLULMDWăSHVWHPLMORFXOXPăUXOXL
3DJLQD =VăILHGLULMDWăvQ]RQDSHOYLDQăSHVWHúRO
5HJODUHDHOHFWULFăDVFDXQXOXL GXUL
3DJLQD
 ÌQDLQWHGHDSRUQLUHJODĠLRJOLQGDUHWURYL
]RDUHúLRJOLQ]LOHH[WHULRDUH
 6FDXQH 

3DJLQDDVWIHOvQFkWVăDYHĠLRSHUV )L[DĠLFRSLLLFRQIRUPUHFRPDQGăULORUFRQVXO

SHFWLYăEXQăDVXSUDFRQGLĠLLORUUXWLHUH WDĠLVHFĠLXQHD3UH]HQĠDFRSLLORUODERUG
 $XWRYHKLFXOHFXRIXQFĠLHGHPHPR
UDUHVDOYDĠLVHWăULOHVFDXQXOXLYRODQXOXLúL  $9(57,60(17
RJOLQ]LLH[WHULRDUH3DJLQD
6FDXQH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
6FDXQHOHSRWILvQFRQWLQXDUHUHJODWHúLFkQG
FKHLDQXVHDIOăvQFRPXWDWRUXOGHFRQWDFW'LQ
DFHVWPRWLYFRSLLLQXWUHEXLHVăILHOăVDĠL
QHVXSUDYHJKHDĠLvQDXWRYHKLFXO$FHúWLDDU
SXWHDUHJODVFDXQHOHDMXQJkQGSULQúLvQWUH
HOHPHQWH
 $9(57,60(17
5HJODĠLVFDXQXOúRIHUXOXLQXPDLFkQGDXWRYH
KLFXOXOVWDĠLRQHD]ăÌQFD]FRQWUDUYLVHYD
GLVWUDJHDWHQĠLDGHODFRQGLĠLLOHUXWLHUHúL
SXWHĠLSLHUGHFRQWUROXODVXSUDDXWRYHKLFXOXOXL
vQXUPDGHSODVăULLVFDXQXOXL$VWIHOSXWHĠL
SURYRFDXQDFFLGHQW
 $9(57,60(17
'DFăQXDFRUGDĠLDWHQĠLHUHJOăULLvQăOĠLPLL
VFDXQXOXLGXPQHDYRDVWUăVDXDOWHSHUVRDQH
DĠLSXWHDILSULQVHvQWUHHOHPHQWHVXIHULQG
UăQL0DLDOHVFRSLLLDUSXWHDDSăVDQHLQWHQ
ĠLRQDWEXWRDQHOHSHQWUXDUHJODHOHFWULFVFDX
QHOHUăPkQkQGSULQúLvQWUHHOHPHQWH
$FRUGDĠLDWHQĠLHXUPăWRDUHORUSXQFWH
=FkQGGHSODVDĠLVFDXQHOHPkLQLOHGXPQHD
YRDVWUăQXWUHEXLHVăLQWUHVXEDQVDPEOXO
FXPDQHWăDOVLVWHPXOXLGHUHJODUHDVFDX
QXOXL
=FRSLLLGHODERUGQXWUHEXLHVăúLLQWURGXFă
PkLQLOHVXEPDQHWH
 $9(57,60(17
$VLJXUDĠLYăFăQXVHSRDWHSULQGHQLPHQL
vQWUHHOHPHQWHFkQGUHJODĠLVFDXQHOH
5HVSHFWDĠLQRWHOHSULYLQGDLUEDJXULOH
$VLJXUDĠLYăFăFHDIDYăHVWHVSULMLQLWăODQLYH
OXORFKLORUGH]RQDFHQWUDOăDWHWLHUHL'DFăQX
YăHVWHVSULMLQLWFRUHFWFDSXOGHWHWLHUăSXWHĠL
VXIHULROH]LXQHFHUYLFDOăJUDYăvQFD]GHDFFL
GHQW1XFRQGXFHĠLQLFLRGDWăGDFăWHWLHUHOH
QXVXQWvPELQDWHúLIL[DWHFRUHFW
6FDXQHYRODQúLRJOLQ]L
 $9(57,60(17
2FHQWXUăGHVLJXUDQĠăSRDWHRIHULJUDGXOVăX
SUHYă]XWGHSURWHFĠLHQXPDLFkQGVSăWDUXO
HVWHDSURDSHYHUWLFDOúLSDVDJHUXOVWăGUHSW
(YLWDĠLSR]LĠLLOHVFDXQXOXLFDUHQXSHUPLWWUH
FHUHDFRUHFWăDFHQWXULLGHVLJXUDQĠă5HJODĠL
VSăWDUXODVWIHOvQFkWVăILHFkWPDLGUHSWSRVL
ELO1XFăOăWRULĠLQLFLRGDWăFXVSăWDUXOvQFOLQDW
SUHDPXOWvQDSRLÌQFD]FRQWUDUSXWHĠLVXIHUL
UăQLJUDYHVDXFKLDUIDWDOHvQFD]GHDFFLGHQW
VDXIUkQDUHEUXVFă
 3HQWUXDHYLWDGHWHULRUDUHDVFDXQHORUúLD
vQFăO]LULLVFDXQXOXLUHVSHFWDĠLXUPăWRDUHOH
LQIRUPDĠLL
=QXYăUVDĠLOLFKLGHSHVFDXQH'DFăVDX
YăUVDWOLFKLGHSHVFDXQHXVFDĠLOHFkW
PDLFXUkQGSRVLELO
='DFăKXVHOHVFDXQHORUVXQWXPHGHVDX
XGHQXDFWLYDĠLvQFăO]LUHDVFDXQXOXL
ÌQFăO]LUHDVFDXQXOXLQXWUHEXLHVăILHXWL
OL]DWăSHQWUXDXVFDVFDXQHOH
=FXUăĠDĠLKXVHOHVFDXQHORUFRQIRUPUHFR
PDQGăULORUFRQVXOWDĠLVHFĠLXQHDÄÌQJULML
UHDLQWHULRUXOXL³
=QXWUDQVSRUWDĠLVDUFLQLJUHOHSHVFDXQH
1XDúH]DĠLRELHFWHDVFXĠLWHSHSHUQHOH
VFDXQXOXLGHH[FXĠLWHFXLHVDXXQHOWH
6FDXQHOHWUHEXLHVăILHRFXSDWHQXPDLGH
SDVDJHULGDFăHVWHSRVLELO
=FkQGvQFăO]LUHDVFDXQXOXLHVWHvQIXQF
ĠLXQHQXDFRSHULĠLVFDXQHOHFXPDWHULDOH
L]RODWRDUHGHH[SăWXULKDLQHSXQJL
KXVHGHVFDXQVFDXQHSHQWUXFRSLLVDX
VFDXQHGHvQăOĠDUH
 6FDXQH

 &kQGGHSODVDĠLVFDXQHOHDVLJXUDĠLYăFă 8QJKLSHUQăVFDXQ
QXH[LVWăRELHFWHvQVSDĠLXOSHQWUXSLFLRDUH  5RWLĠLURDWDGHUHJODUH‡vQGLUHFĠLDGRULWă
VDXvQVSDWHOHVFDXQHORUÌQFD]FRQWUDU
HVWHSRVLELOVăGHWHULRUDĠLVFDXQHOHúL
RELHFWHOH
5HJODUHDHOHFWULFăDVFDXQXOXL
G $XWRYHKLFXOHIăUăFDUDFWHULVWLFDGH
vQFăUFDUHSULQEDQFKHWăWHWLHUHOHQXSRWIL
VFRDVHGLQVFDXQHOHFRPSDUWLPHQWXOXL
VSDWH
/XDĠLOHJăWXUDFXXQ&HQWUXGH6HUYLFH0HU
6FDXQHYRODQúLRJOLQ]L

FHGHV%HQ]SHQWUXLQIRUPDĠLLVXSOLPHQ
WDUH
G 6XELHFWHDIHUHQWH
=&DUDFWHULVWLFDGHvQFăUFDUHSULQEDQ
FKHWDVSDWH
C ÌQăOĠLPHDWHWLHUHL
D 8QJKLXOSHUQHLVFDXQXOXL
5HJODUHDPDQXDOăúLHOHFWULFăDVFDX
QHORU ‡ ÌQăOĠLPHDVFDXQXOXL
… 5HJODUHDIDĠăVSDWHDVFDXQXOXL
ƒ 8QJKLXOVSăWDUXOXL

G $XWRYHKLFXOHFXIXQFĠLHGHPHPRUDUH
GDFă35(6$)(ŠDIRVWGHFODQúDWăVFDXQXO
SDVDJHUXOXLIDĠăYDILGHSODVDWvQWURSR]LĠLH
PDLEXQăGDFăVHDIODvQDLQWHvQWURSR]LĠLH
QHIDYRUDELOă

5HJODUHDWHWLHUHORU
C 8QJKLVSăWDU 5HJODUHDPDQXDOăDWHWLHUHORU
D ÌQăOĠLPHVFDXQ
‡ 8QJKLSHUQăVFDXQ 5HJODUHDvQăOĠLPLLWHWLHUHL
… 5HJODUHIDĠăVSDWHDVFDXQXOXL

G 5HJODĠLXQJKLXOSHUQHLVFDXQXOXLvQDúDIHO
vQFkWFRDSVHOHYăILHVXVĠLQXWHXúRU

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

 3HQWUXDULGLFDWUDJHĠLWHWLHUDvQVXVvQ
SR]LĠLDGRULWă
 3HQWUXDFRERUvDSăVDĠLSLHGLFDGHHOLEH
UDUHCúLvPSLQJHĠLWHWLHUDvQMRVvQSR]LĠLD
GRULWă

5HJODUHDHOHFWULFăDWHWLHUHORU
 3HQWUXDUHJODvQăOĠLPHDWHWLHUHLFXOLVDĠL
FRPXWDWRUXOSHQWUXUHJODUHDWHWLHUHL
3DJLQDvQVXVVDXvQMRVvQGLUHFĠLD

6FDXQHYRODQúLRJOLQ]L
VăJHĠLL  $XWRYHKLFXOHIăUăIXQFĠLHGHPHPR
UDUHHOLEHUDĠLWHWLHUDGDFăHVWHQHFHVDUúL
vPSLQJHĠLvQMRV
5DEDWDUHDVSăWDUHORUVFDXQXOXLGLQ  7UDJHĠLPDQHWDGHHOLEHUDUHDVFDXQX
IDĠăvQDLQWHvQDSRL OXLCvQDLQWHúLUDEDWDĠLVSăWDUXOvQDLQWH
SkQăFkQGVSăWDUXOVFDXQXOXLVHDQJUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD QHD]ă
 $9(57,60(17  ÌPSLQJHĠLVFDXQXOvQIDĠăSkQăODFDSăW

$VLJXUDĠLYăFăVSăWDUXOVHDQJUHQHD]ăFRP  $XWRYHKLFXOHFXIXQFĠLHGHPHPRUDUH
SOHW'DFăVSăWDUXOQXVHDQJUHQHD]ăPHVD WUDJHĠLPDQHWDGHHOLEHUDUHDVFDXQX
MXO)URQWULJKWVHDWEDFNUHVWQRWORFњ OXLCvQDLQWHúLUDEDWDĠLVSăWDUXOvQIDĠă
NHG6SÆWDUXOVFDXQXOXLGUHDSWDIDĆÆ SkQăODFDSăW
QXHVWHEORFDWVDX)URQWOHIWVHDW 6FDXQXOVHGHSODVHD]ăDXWRPDWvQIDĠă
EDFNUHVWQRWORFNHG6SÆWDUXOVFDXњ SkQăODFDSăW
QXOXLVW¥QJDIDĆÆQXHVWHEORFDW
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO2SULĠLDXWR
YHKLFXOXOGHvQGDWăFHFRQGLĠLLOHGHGUXPúLGH
WUDILFSHUPLWúLvQOăWXUDĠLWRDWHRELHFWHOHFDUH
EORFKHD]ăVSăWDUXO
 $9(57,60(17
$VLJXUDĠLYăFăQLPHQLQXHVWHSULQVFkQGPLú
FDĠLVFDXQXO'DFăH[LVWăULVFXOFDFLQHYDVă
ILHSULQVDSăVDĠLFRPXWDWRUXOGHUHJODUHD
VFDXQXOXLGHSHSRUWLHUă
5DEDWDUHDVSăWDUXOXLvQDLQWH
&XDMXWRUXOFDUDFWHULVWLFLL($6<(175<VFDX
QXOVHPLúFăvQDLQWHGDFăDĠLUDEDWDWVSăWDUXO
vQDLQWHLDUVFDXQXOVHDIOăvQMXPăWDWHDGLQ
VSDWHDLQWHUYDOXOXLGHUHJODUH$FHDVWDvQOHV
QHúWHLQWUDUHDúLLHúLUHDSDVDJHULORUvQúLGLQ
FRPSDUWLPHQWXOVSDWH
7HWLHUDFRERDUăGHDVHPHQHDODDXWRYHKL
FXOHFXUHJODUHHOHFWULFăDVFDXQXOXL
5DEDWDUHDVSăWDUXOXLvQDSRL
 $XWRYHKLFXOHIăUăIXQFĠLHGHPHPR
UDUHvPSLQJHĠLVSăWDUXOVFDXQXOXLvQDSRLSH
RUL]RQWDOăSkQăFkQGVFDXQXODWLQJHSR]L
ĠLDVHWDWăDQWHULRU
 5DEDWDĠLVSăWDUXOVFDXQXOXLvQDSRLSkQă
FkQGDX]LĠLFăVHDQJUHQHD]ă)DFHĠL
DFHDVWDvQPRGOLQ
 'XSăFHVSăWDUXOVFDXQXOXLDIRVWUDEDWDW
vQDSRLYHULILFDĠLSR]LĠLDWHWLHUHLúLVHWDĠLR
ODSR]LĠLDFRUHFWă
 $XWRYHKLFXOHFXIXQFĠLHGHPHPRUDUH
UDEDWDĠLvQDSRLVSăWDUXOVFDXQXOXL
6FDXQXOVHGHSODVHD]ăDXWRPDWvQSR]LĠLD
PHPRUDWă
 6FDXQH
5HJODUHDVXSRUWXOXLORPEDUFXGLUHF
ĠLL
3XWHĠLUHJODFRQWXUXOVSăWDUHORUVFDXQHORU
IDĠăLQGLYLGXDOSHQWUXDDVLJXUDRVXVĠLQHUH
RSWLPăDVSDWHOXLGXPQHDYRDVWUă
6FDXQHYRODQúLRJOLQ]L
C 3HQWUXDULGLFDFRQWXUXOVSăWDUXOXL
D 3HQWUXDDWHQXDFRQWXUXOVSăWDUXOXL
‡ 3HQWUXDFRERUvFRQWXUXOVSăWDUXOXL
… 3HQWUXDULJLGL]DFRQWXUXOVSăWDUXOXL
3RUQLUHDRSULUHDvQFăO]LULLVFDXQXOXL
$FWLYDUHDGH]DFWLYDUHD
 3HULFROGHUăQLUH
6HWDUHDUHSHWDWăDVLVWHPXOXLGHvQFăO]LUHD
VFDXQHORUODWUHDSWDSRDWHDYHDGUHSWUH]XO
WDWWHPSHUDWXULH[FHVLYHDOHVFDXQHORU
6ăQăWDWHDSDVDJHULORUFDUHDXRVHQVLELOLWDWH
OLPLWDWăODWHPSHUDWXUăVDXRDELOLWDWHOLPLWDWă
GHDUHDFĠLRQDODWHPSHUDWXULH[FHVLYGHvQDOWH
SRDWHILDIHFWDWăVDXDFHúWLDSRWFKLDUSUH
]HQWDOH]LXQLVLPLODUHDUVXULORU$úDGDUQXXWL
OL]DĠLvQPRGUHSHWDWWUHDSWDGHWHPSHUDWXUă
SHQWUXVFDXQH
&HOHWUHLOăPSLLQGLFDWRDUHURúLLGLQEXWRQ
LQGLFăQLYHOXOGHvQFăO]LUHVHOHFWDWGHGXP
QHDYRDVWUă
G 'DFăWHQVLXQHDEDWHULHLHVWHSUHD
VFă]XWăvQFăO]LUHDVFDXQXOXLVHSRDWH
GH]DFWLYD
6FDXQXOúRIHUXOXLúLDOSDVDJHUXOXLIDĠă
6LVWHPXOFRPXWăDXWRPDWGHODQLYHOXOOD
QLYHOXOGXSăDSUR[LPDWLYRSWPLQXWH
6LVWHPXOFRPXWăDXWRPDWGHODQLYHOXOOD
QLYHOXOGXSăDSUR[LPDWLY]HFHPLQXWH
6LVWHPXOVHGH]DFWLYHD]ăDXWRPDWGXSăDSUR
[LPDWLYGHPLQXWHGXSăFHHVWHVHWDWOD
QLYHOXO
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOăvQSR]LĠLDVDX
 3HQWUXDDFWLYDDSăVDĠLEXWRQXOCvQPRG
UHSHWDWSkQăFHQLYHOXOGHvQFăO]LUHGRULW
HVWHVHWDW
 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXOCvQ
PRGUHSHWDWSkQăFHWRDWHOăPSLOHLQGLFD
WRDUHVHVWLQJ
3UREOHPHODvQFăO]LUHDVFDXQXOXL
ÌQFăO]LUHDVFDXQXOXLVDGH]DFWLYDWSUHPDWXU
VDXQXSRDWHILDFWLYDWă7HQVLXQHDGLQVLVWH
PXOHOHFWULFDODXWRYHKLFXOXOXLHVWHSUHD
VFă]XWăGHRDUHFHVXQWDFWLYDĠLSUHDPXOĠL
FRQVXPDWRULHOHFWULFL
 'H]DFWLYDĠLFRQVXPDWRULLHOHFWULFLGHFDUH
QXDYHĠLQHYRLHFXPDUILvQFăO]LUHDOXQHWHL
VDXLOXPLQDUHDLQWHULRDUă
3RUQLUHDRSULUHDYHQWLOăULLVFDXQXOXL
$FWLYDUHDGH]DFWLYDUHD
&HOHWUHLOăPSLLQGLFDWRDUHDOEDVWUHGLQ
EXWRDQHLQGLFăQLYHOXOGHYHQWLODĠLHVHOHFWDW
GHGXPQHDYRDVWUă

G 'DFăWHQVLXQHDEDWHULHLHVWHSUHD
VFă]XWăYHQWLODUHDVFDXQXOXLVHSRDWH
GH]DFWLYD
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOăvQSR]LĠLDVDX
 3HQWUXDDFWLYDDSăVDĠLEXWRQXOCvQPRG
UHSHWDWSkQăFHQLYHOXOGHYHQWLODUHGRULW
HVWHVHWDW
G 3XWHĠLGHVFKLGHJHDPXULOHODWHUDOHIDĠăúL
WUDSDJOLVDQWăFXDMXWRUXOIXQFĠLHLÄ'HVFKL
9RODQ 
9RODQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
9RODQXOUHJODELOHOHFWULFSRDWHILvQFRQWLQXDUH
UHJODWúLFkQGFKHLDQXVHDIOăvQFRPXWDWRUXO
GHFRQWDFW3ULQXUPDUHQXOăVDĠLFRSLLLQHVX
SUDYHJKHDĠLvQDXWRYHKLFXOGHRDUHFHVDU
SXWHDSULQGHvQWUHHOHPHQWHFkQGYRODQXOHVWH
UHJODW
6FDXQHYRODQúLRJOLQ]L
 $9(57,60(17
5HJODĠLYRODQXOGRDUFkQGDXWRYHKLFXOXOVWD
ĠLRQHD]ăúLQXGHPDUDĠLGHFkWDWXQFLFkQG
PHFDQLVPXOGHUHJODUHDOYRODQXOXLHVWHEOR
FDWvQSR]LĠLHÌQFD]FRQWUDUHVWHSRVLELOVă
FRQGXFHĠLIăUăFDPHFDQLVPXOGHUHJODUHDO
YRODQXOXLVăILHEORFDWvQSR]LĠLH'UHSW
XUPDUHHVWHSRVLELOFDGHSODVDUHDDFFLGHQ
WDOăDYRODQXOXLVăYăGLVWUDJăDWHQĠLDGHOD
FRQGLĠLLOHUXWLHUHSXWkQGSURYRFDXQDFFL
GHQW
GHUHDVLVWDWă´3DJLQD9HQWLODUHD
VFDXQXOXLSHQWUXVFDXQXOúRIHUXOXLFRPXWă &XWRDWHDFHVWHDPDQHYUDELOLWDWHDDXWRYHKL
DXWRPDWODFHOPDLvQDOWQLYHO FXOXOXLQXHVWHDIHFWDWă

 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXOC
UHSHWDWSkQăFHWRDWHOăPSLOHLQGLFDWRDUH 5HJODUHDPDQXDOăDYRODQXOXL
VHVWLQJ

3UREOHPHODYHQWLODUHDVFDXQXOXL
9HQWLODUHDVFDXQXOXLVDGH]DFWLYDWSUHPDWXU
VDXQXSRDWHILDFWLYDWă7HQVLXQHDGLQVLVWH
PXOHOHFWULFDODXWRYHKLFXOXOXLHVWHSUHD
VFă]XWăGHRDUHFHVXQWDFWLYDĠLSUHDPXOĠL
FRQVXPDWRULHOHFWULFL
 'H]DFWLYDĠLFRQVXPDWRULLHOHFWULFLGHFDUH
QXDYHĠLQHYRLHFXPDUILvQFăO]LUHDOXQHWHL
VDXLOXPLQDUHDLQWHULRDUă C 0DQHWăGHHOLEHUDUH
D 3HQWUXDUHJODvQăOĠLPHDYRODQXOXL
‡ 3HQWUXDUHJODSR]LĠLDYRODQXOXLUHJODUH
IDĠăúLVSDWH


 9RODQ
 ÌPSLQJHĠLPDQHWDGHHOLEHUDUHCFRPSOHW
vQMRV
&RORDQDGHGLUHFĠLHHVWHGHEORFDWă
 5HJODĠLYRODQXOvQSR]LĠLDGRULWă
 ÌPSLQJHĠLPDQHWDGHHOLEHUDUHCFRPSOHW
vQVXV
&RORDQDGHGLUHFĠLHHVWHEORFDWă
 9HULILFDĠLGDFăFRORDQDGHGLUHFĠLHHVWHEOR
FDWă&kQGHIHFWXDĠLYHULILFDUHDvQFHUFDĠL
VăvPSLQJHĠLYRODQXOvQVXVVDXvQMRVVDX
6FDXQHYRODQúLRJOLQ]L
vQFHUFDĠLVăOPLúFDĠLvQDLQWHúLvQDSRL
5HJODUHDHOHFWULFăDYRODQXOXL
C 3HQWUXDUHJODvQăOĠLPHDYRODQXOXL
D 3HQWUXDUHJODSR]LĠLDYRODQXOXLUHJODUH
 $9(57,60(17
$VLJXUDĠLYăFăQXVHSRDWHSULQGHQLPHQL
vQWUHHOHPHQWHFkQGDFWLYDĠLFDUDFWHULVWLFD
($6<(175<(;,7
'DFăH[LVWăULVFXOFDFLQHYDVăUăPkQăSULQV
vQWUHUXSHĠLSURFHGXUDGHUHJODUH3HQWUXDRSUL
SURFHGXUD
=DSăVDĠLEXWRQXOGHUHJODUHDFRORDQHLGH
GLUHFĠLH
=DSăVDĠLVFXUWXQXOGLQWUHEXWRDQHOHGHSR]L
ĠLHDOHIXQFĠLHLGHPHPRUDUH
&RORDQDGHGLUHFĠLHVHRSUHúWHLPHGLDWGLQ
GHSODVDUH
1XPHQĠLQHĠLEXWRQXOGHSR]LĠLHDOIXQFĠLHLGH
PHPRUDUHDSăVDWvQFD]FRQWUDUIXQFĠLDGH
PHPRUDUHVHYDODQVDúLYRODQXOúLVFDXQXOYRU
vQFHSHVăVHPLúWH
1XOăVDĠLQLFLRGDWăFRSLLLQHVXSUDYHJKHDĠLvQ
DXWRYHKLFXO$FHúWLDDUSXWHDGHVFKLGHSRU
WLHUDúRIHUXOXLDFWLYkQGvQFRQVHFLQĠăQHLQ
WHQĠLRQDWFDUDFWHULVWLFD($6<(175<úL
UăPkQkQGSULQúLvQWUHHOHPHQWH
3R]LĠLDYRODQXOXLFkQGFDUDFWHULVWLFD
($6<(175<(;,7HVWHDFWLYă
9RODQXOVHvQFOLQăvQVXVGDFă
IDĠăúLVSDWH =VFRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
G 6XELHFWHDIHUHQWH =GHVFKLGHĠLSRUWLHUDúRIHUXOXLúL.(</(66
=&DUDFWHULVWLFD($6<(175<(;,7 *2HVWHvQSR]LĠLD
3DJLQD =GHVFKLGHĠLSRUWLHUDúRIHUXOXLúLFKHLDHVWH
=6HWăULGHPHPRUDUH3DJLQD vQSR]LĠLDVDXvQFRPXWDWRUXOGHFRQWDFW
G 9RODQXOVHGHSODVHD]ăQXPDLvQVXVGDFă
QXDDWLQVGHMDRSULWRUXOGHFDSăWVXSHULRU
&DUDFWHULVWLFD($6<(175<(;,7
'DFăLQWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD WDFWFXSRUWLHUDúRIHUXOXLvQFKLVăYRODQXOHVWH
GHDVHPHQHDGHSODVDWDXWRPDWvQSR]LĠLD
&DUDFWHULVWLFD($6<(175<(;,7VLPSOLILFă
VHWDWăDQWHULRU
LQWUDUHDúLLHúLUHDGLQDXWRYHKLFXO
3XWHĠLDFWLYDúLGH]DFWLYDFDUDFWHULVWLFD($6<
(175<(;,7vQFDOFXODWRUXOGHERUG
3DJLQD

3R]LĠLDYRODQXOXLSHQWUXFRQGXFHUH
9RODQXOHVWHGHSODVDWvQSR]LĠLDVHWDWăDQWH
ULRUGDFă FDĠLXQDFFLGHQWGHH[ODVFKLPEDUHDEHQ]LL
=SRUWLHUDúRIHUXOXLHVWHvQFKLVă
=LQWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQWDFW
VDX
=DSăVDĠLEXWRQXO6WDUW6WRSRGDWăODDXWR
YHKLFXOHOHFX.(</(66*2
'DFăvQFKLGHĠLSRUWLHUDúRIHUXOXLFXFKHLD
LQWURGXVăvQFRPXWDWRUXOGHFRQWDFWYRODQXO
HVWHGHDVHPHQHDGHSODVDWDXWRPDWvQSR]LĠLD
VHWDWăDQWHULRU
8OWLPDSR]LĠLHDYRODQXOXLHVWHPHPRUDWă
GXSăILHFDUHVHWDUHPDQXDOăVDXFkQGPHPR
UDĠLVHWDUHDFXIXQFĠLDGHPHPRUDUH
2JOLQ]L 
SDU(VWHSRVLELOVăDSUHFLDĠLLQFRUHFWGLVWDQĠD
IDĠăGHDXWRYHKLFXOHOHGLQVSDWHúLVăSURYR
'LQDFHVWPRWLYDVLJXUDĠLYăSULYLQGGLVWDQĠD
UHDOăIDĠăGHDXWRYHKLFXOXOGLQVSDWHDUXQFkQG
RSULYLUHUDSLGăSHVWHXPăU
2JOLQ]LOHH[WHULRDUHFRQYH[HRIHUăXQFkPS
YL]XDOPDLPDUH
2JOLQ]LOHH[WHULRDUHVXQWvQFăO]LWHDXWRPDW
6FDXQHYRODQúLRJOLQ]L
GDFăvQFăO]LUHDOXQHWHLHVWHDFWLYDWăúLWHP
SHUDWXUDH[WHULRDUăHVWHVFă]XWă
3DJLQD

2JOLQ]L
2JOLQGăUHWURYL]RDUH
2JOLQGăUHWURYL]RDUHDQWLRUELUH  $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
PDQXDOă FKHLDVHDIOăvQSR]LĠLDVDX

 0RGXODQWLRUELUHDFĠLRQDĠLFRPXWDWRUXO 
DQWLRUELUHCvQDLQWHVDXvQDSRL
2JOLQ]LH[WHULRDUH
5HJODUHDRJOLQ]LORUH[WHULRDUH
 $9(57,60(17
2JOLQ]LOHH[WHULRDUHUHGXFPăULPHDLPDJLQLL
2ELHFWHOHVXQWGHIDSWPDLDSURSLDWHGHFkW
$SăVDĠLEXWRQXOCSHQWUXRJOLQGDH[WH
ULRDUăGHSHSDUWHDVWkQJăVDXEXWRQXOD
SHQWUXRJOLQGDH[WHULRDUăGHSHSDUWHD
GUHDSWă
/DPSDLQGLFDWRDUHGLQEXWRQXODIHUHQWVH
DSULQGHvQURúX
/DPSDLQGLFDWRDUHVHVWLQJHGLQQRXGXSă
FkWYDWLPS3XWHĠLUHJODRJOLQGDVHOHFWDWă
FXDMXWRUXOEXWRQXOXLGHUHJODUH‡FkW
ODPSDLQGLFDWRDUHHVWHDSULQVă
$SăVDĠLEXWRQXOGHUHJODUH‡vQVXVvQMRV
ODGUHDSWDVDXODVWkQJDSkQăFHRJOLQGD
H[WHULRDUăHVWHVHWDWăvQWURSR]LĠLHFDUHVă
YăRIHUHRYHGHUHGHDQVDPEOXEXQăDVXSUD
FRQGLĠLLORUGLQWUDILF
 2JOLQ]L

5DEDWDUHDVDXH[WLQGHUHDHOHFWULFăD DSRLGHVFKLGHĠLSRUWLHUDúRIHUXOXLVDXFHDD
RJOLQ]LORUH[WHULRDUH SDVDJHUXOXLIDĠă
G 2JOLQ]LOHQXVHH[WLQGGDFăDXIRVWUDED
WDWHPDQXDO

2JOLQGDH[WHULRDUăvQDIDUDSR]LĠLHL
'DFăRRJOLQGăH[WHULRDUăDIRVWVFRDVăGLQ
SR]LĠLDVDSURFHGDĠLGXSăFXPXUPHD]ă
 $XWRYHKLFXOHIăUăRJOLQ]LH[WHULRDUHFX
6FDXQHYRODQúLRJOLQ]L

UDEDWDUHHOHFWULFăGHSODVDĠLRJOLQGDH[WH
ULRDUăvQSR]LĠLDFRUHFWăPDQXDO
 $XWRYHKLFXOHFXRJOLQ]LH[WHULRDUHFX
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW UDEDWDUHHOHFWULFăDSăVDĠLEXWRQXOGH
FKHLDVHDIOăvQSR]LĠLDVDX
 $SăVDĠLEXWRQXOCVFXUW
$PEHOHRJOLQ]LH[WHULRDUHVHUDEDWHD]ăVDX
VHH[WLQG
UDEDWDUHDRJOLQ]LL3DJLQDvQPRG
UHSHWDWSkQăFHDX]LĠLFăRJOLQGDVHvPELQă
vQSR]LĠLH
&DUFDVDRJOLQ]LLHVWHGLQQRXvPELQDWăúL
SXWHĠLUHJODRJOLQ]LOHH[WHULRDUHGXSăFXP
G $VLJXUDĠLYăFăRJOLQ]LOHH[WHULRDUHVXQW HVWHQRUPDO3DJLQD
vQWRWGHDXQDH[WLQVHFRPSOHWFkQGDXWRYH
KLFXOXOHVWHvQPLúFDUHGHRDUHFHvQFD]
FRQWUDUYRUYLEUD 2JOLQ]LDQWLRUELUHDXWRPDWH
6HWDUHDRJOLQ]LORUH[WHULRDUH  $9(57,60(17
'DFăOXPLQDLQFLGHQWăSURYHQLWăGHODIDUXUL
'DFăEDWHULDDIRVWGHFRQHFWDWăVDXFRPSOHW
HVWHvPSLHGLFDWăVăDMXQJăODVHQ]RUXOGLQ
GHVFăUFDWăRJOLQ]LOHH[WHULRDUHWUHEXLHVăILH
RJOLQGDUHWURYL]RDUHGHEDJDMHOHDUDQMDWH
UHVHWDWHÌQFD]FRQWUDURJOLQ]LOHH[WHULRDUH
SUHDVXVvQDXWRYHKLFXOGHH[HPSOXIXQFĠLD
QXVHYRUUDEDWDFkQGVHOHFWDĠLIXQFĠLDÄ5DED
DXWRPDWăDQWLRUELUHDRJOLQ]LLQXYDIXQF
WDUHRJOLQ]LODvQFXLHUH³GLQFDOFXODWRUXOGH
ĠLRQD
ERUG3DJLQD
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOăvQSR]LĠLD
 $SăVDĠLEXWRQXOCVFXUW
5DEDWDUHDVDXH[WLQGHUHDDXWRPDWăD
RJOLQ]LORUH[WHULRDUH
'DFăIXQFĠLDÄ5DEDWDUHRJOLQ]LODvQFXLHUH³
HVWHDFWLYDWăvQFDOFXODWRUXOGHERUG
/XPLQDLQFLGHQWăYDUSXWHDDVWIHORUEL(DYă
SRDWHGLVWUDJHDWHQĠLDGHODFRQGLĠLLOHGHWUDILF
úLGUHSWXUPDUHSXWHĠLSURYRFDXQDFFLGHQW
2JOLQGDUHWURYL]RDUHúLRJOLQGDH[WHULRDUăGH
SHSDUWHDúRIHUXOXLLQWUăDXWRPDWvQPRGXO
DQWLRUELUHGDFăHVWHSXVFRQWDFWXOúLOXPLQD
LQFLGHQWăGHODIDUXULDMXQJHODVHQ]RUXOGLQ
RJOLQGDUHWURYL]RDUH
2JOLQ]LOHQXLQWUăvQPRGXODQWLRUELUHGDFă
3DJLQD WUHDSWDGHPHUVvQDSRLHVWHFXSODWă
=RJOLQ]LOHH[WHULRDUHVHUDEDWHD]ăDXWRPDW
LPHGLDWFHvQFXLDĠLDXWRYHKLFXOXOGLQH[WH
ULRU
=RJOLQ]LOHH[WHULRDUHVHH[WLQGGLQQRXDXWR
PDWLPHGLDWFHGHVFXLDĠLDXWRYHKLFXOXOúL
 )XQFĠLLGHPHPRUDUH 

3R]LĠLHGHSDUFDUHSHQWUXRJOLQGD
H[WHULRDUăSHSDUWHDSDVDJHUXOXLIDĠă
6HWDUHDúLPHPRUDUHDSR]LĠLHLGHSDU
FDUH
3XWHĠLSR]LĠLRQDRJOLQGDH[WHULRDUăGHSHSDU
WHDSDVDJHUXOXLIDĠăDVWIHOvQFkWVăYHGHĠL
URDWDVSDWHGHSHSDUWHDUHVSHFWLYăLPHGLDW
FHFXSODĠLWUHDSWDGHPHUVvQDSRL3XWHĠL
PHPRUDDFHDVWăSR]LĠLH
H[WHULRDUăvQWURSR]LĠLHFDUHVăYăSHU
PLWăVăYHGHĠLURDWDVSDWHúLERUGXUD
 $SăVDĠLEXWRQXOGHPHPRUDUH0…úL
XQDGLQWUHVăJHĠLOHGHSHEXWRQXOGH
UHJODUH‡vQGHFXUVGHWUHLVHFXQGH
3R]LĠLDGHSDUFDUHHVWHPHPRUDWă
GDFăRJOLQGDH[WHULRDUăQXVHGHSOD
VHD]ă
'DFăRJOLQGDLHVHGLQSR]LĠLHUHSHWDĠLSDúLL

6FDXQHYRODQúLRJOLQ]L
$FWLYDUHDXQHLVHWăULGHSR]LĠLHGHSDU
FDUHPHPRUDWH
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
 5HJODĠLRJOLQGDH[WHULRDUăGHSHSDUWHD
SDVDJHUXOXLIDĠăFXEXWRQXODIHUHQW
 $VLJXUDĠLYăFăDXWRYHKLFXOXOVWDĠLRQHD]ăúL
FăDĠLDGXVFKHLDvQSR]LĠLDGLQFRPXWD
WRUXOGHFRQWDFW
 $SăVDĠLEXWRQXODSHQWUXRJOLQGDH[WH
ULRDUăSHSDUWHDSDVDJHUXOXLIDĠă
 &XSODĠLWUHDSWDGHPHUVvQDSRL
2JOLQGDH[WHULRDUăGHSHSDUWHDSDVDJHUX
OXLIDĠăLQWUăvQSR]LĠLDGHSDUFDUHSUHVHWDWă
 8WLOL]DĠLEXWRQXOGHUHJODUH‡SHQWUXD
UHJODRJOLQGDH[WHULRDUăvQWURSR]LĠLHFDUH
VăYăSHUPLWăVăYHGHĠLURDWDVSDWHúLERU
GXUD
3R]LĠLDGHSDUFDUHHVWHPHPRUDWă
G &kQGFXSODĠLWUDQVPLVLDvQDOWăSR]LĠLH
RJOLQGDH[WHULRDUăGHSHSDUWHDSDVDJHUXOXL
IDĠăUHYLQHODSR]LĠLDGHFRQGXFHUH
G 3XWHĠLPHPRUDSR]LĠLDGHSDUFDUHúLFX
DMXWRUXOEXWRQXOXLGHPHPRUDUH0…
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQ
WDFWFKHLDVHDIOăvQSR]LĠLD
 &XRJOLQGDH[WHULRDUăGHSHSDUWHD
SDVDJHUXOXLIDĠăDFWLYDWăXWLOL]DĠLEXWR
QXOGHUHJODUH‡SHQWUXDUHJODRJOLQGD
3DJLQD
 &XSODĠLWUHDSWDGHPHUVvQDSRL
2JOLQGDH[WHULRDUăGHSHSDUWHDSDVDJHUX
OXLIDĠăLQWUăvQSR]LĠLDGHSDUFDUHVWRFDWă
2JOLQGDH[WHULRDUăGHSHSDUWHDSDVDJHUXOXL
IDĠăUHYLQHvQSR]LĠLDLQLĠLDOă
=LPHGLDWFHGHSăúLĠLRYLWH]ăGHNPK
=DSUR[LPDWLY]HFHVHFXQGHGXSăFHDĠLGHFX
SODWWUHDSWDGHPHUVvQDSRL
=GDFăDSăVDĠLEXWRQXOCSHQWUXRJOLQGD
H[WHULRDUăSHSDUWHDúRIHUXOXL
)XQFĠLLGHPHPRUDUH
6HWăULGHVWRFDUH
&XIXQFĠLDGHPHPRUDUHSXWHĠLVWRFDSkQăOD
WUHLVHWăULGLIHULWHGHH[SHQWUXWUHLSHUVRDQH
GLIHULWH
8UPăWRDUHOHVHWăULVXQWVWRFDWHFDXQDQVDP
EOXSUHVHWDWvQPHPRULHXQLF
=SR]LĠLDVFDXQXOXLVSăWDUXOXLúLWHWLHUHL
=SHSDUWHDúRIHUXOXLSR]LĠLDYRODQXOXL
=SHSDUWHDúRIHUXOXLSR]LĠLRQDĠLRJOLQ]LOH
H[WHULRDUHSHSDUWHDúRIHUXOXLúLDSDVDJH
UXOXLIDĠă
 )XQFĠLLGHPHPRUDUH

 $9(57,60(17 G 3URFHGXUDGHVHWDUHVHvQWUHUXSHLPHGLDW
)XQFĠLDGHPHPRUDUHSRDWHILXWLOL]DWăvQFRQ FHHOLEHUDĠLEXWRQXOSR]LĠLHLGHVWRFDUH
WLQXDUHúLGXSăFHFKHLDDIRVWVFRDVă'LQ
DFHVWPRWLYFRSLLLQXWUHEXLHVăILHOăVDĠL
QHVXSUDYHJKHDĠLvQDXWRYHKLFXOÌQFD]FRQ
WUDUDFHúWLDDUSXWHDUăPkQHSULQúLvQWUHHOH
PHQWHFkQGUHJOHD]ăVFDXQXOVDXYRODQXO

 $9(57,60(17
8WLOL]DĠLIXQFĠLDGHPHPRUDUHGHSHSDUWHD
6FDXQHYRODQúLRJOLQ]L

úRIHUXOXLQXPDLFkQGDXWRYHKLFXOXOVWDĠLR
QHD]ăÌQFD]FRQWUDUHVWHSRVLELOFDSXQHUHD
vQPLúFDUHDYRODQXOXLúLDVFDXQXOXLVăYăGLV
WUDJăDWHQĠLDGHODFRQGLĠLLOHGLQWUDILFSXWkQG
SURYRFDXQDFFLGHQWvQFRQVHFLQĠă

 5HJODĠLVFDXQXO3DJLQD
 3HSDUWHDúRIHUXOXLUHJODĠLYRODQXO
3DJLQDúLRJOLQ]LOHH[WHULRDUH
3DJLQD
 $SăVDĠLEXWRQXOGHPHPRUDUH0úLDSRL
DSăVDĠLEXWRQXOSR]LĠLHLGHVWRFDUHVDX
vQGHFXUVGHWUHLVHFXQGH
6HWăULOHVXQWPHPRUDWHvQSR]LĠLDGHSUH
VHWDUHVHOHFWDWă6HHPLWHXQVHPQDOVRQRU
FkQGVHWăULOHDXIRVWILQDOL]DWH

$FWLYDUHDXQHLVHWăULPHPRUDWH
 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOGHSR]L
ĠLHGHVWRFDUHUHOHYDQWVDXSkQăFH
VFDXQXOYRODQXOúLRJOLQ]LOHH[WHULRDUHLQWUă
vQSR]LĠLDGHVWRFDUH
 

,QIRUPDĠLLXWLOH 
,OXPLQDUHH[WHULRDUă 
,OXPLQDUHLQWHULRDUă 
6FKLPEDUHEHFXUL 
ùWHUJăWRDUHGHSDUEUL] 

/XPLQLúLúWHUJăWRDUHGHSDUEUL]
 ,OXPLQDUHH[WHULRDUă

,QIRUPDĠLLXWLOH FkWPDLFXUkQGSRVLELOGXSăFHDĠLWUHFXWJUD
QLĠDODvQWRDUFHUH3DJLQD
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH 'DFăVDIăFXWFRQYHUVLDIDUXULORUSHID]ă
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG VFXUWăVLPHWULFăIXQFĠLLOHPRGDXWRVWUDGă
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD úLÄSURLHFWRDUHGHFHDĠăFXUD]ăH[WLQVă6LV
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL WHPGHOXPLQLLQWHOLJHQWHQXVXQWGLVSRQLELOH
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP &RPXWDWRUGHOXPLQL
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO )XQFĠLRQDUH
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH
ULWRDUHODVLJXUDQĠă
/XPLQLúLúWHUJăWRDUHGHSDUEUL]

G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH3DJLQD

,OXPLQDUHH[WHULRDUă
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
'LQPRWLYHGHVLJXUDQĠă0HUFHGHV%HQ]Yă
UHFRPDQGăVăFRQGXFHĠLFXOXPLQLOHSRUQLWH Gc /ăPSLGHSR]LĠLHGHSHSDUWHDVWkQJă
FKLDUúLSHWLPSGH]LÌQDQXPLWHĠăULXWLOL]DUHD Hd /ăPSLGHSR]LĠLHGHSHSDUWHD
IDUXULORUYDULD]ăvQIXQFĠLHGHFHULQĠHOHOHJDOH
GUHDSWă
úLGHREOLJDĠLLOHDXWRLPSXVH
I` /XPLQLGHSR]LĠLHODWHUDOăLOXPLQDUH
SOăFXĠăGHvQPDWULFXODUHúLSDQRXGH
1RWHSULYLQGFRQGXFHUHDvQ LQVWUXPHQWH
VWUăLQăWDWH JX 0RGXOIXQFĠLRQDUHDXWRPDWăDIDUX
ULORU0RGGHIXQFĠLRQDUHSHWLPSGH
)DFHĠLFRQYHUVLDSHID]ăVFXUWăVLPHWULFă ]LDIDUXULORU
DWXQFLFkQGFRQGXFHĠLvQVWUăLQăWDWH KX )DUXULSHQWUXID]ăVFXUWăID]ăOXQJă
FRPXWDĠLIDUXULOHSHID]ăVFXUWăVLPHWULFăvQ
ĠăULOHvQFDUHVHFRQGXFHSHSDUWHDRSXVăD „^ /DPSăGHFHDĠăVSDWH
GUXPXOXLFRPSDUDWLYFXĠDUDvQFDUHHVWH kZ 3URLHFWRDUHGHFHDĠă
vQPDWULFXODWDXWRYHKLFXOXO$FHDVWDvPSLH 6HPQDOL]DWRDUHOHGHGLUHFĠLHIDUXULOHSHQWUX
GLFăRUELUHDSDUWLFLSDQĠLORUODWUDILFFDUHYLQ ID]ăOXQJăúLFOD[RQXORSWLFIODVKVXQWDFĠLR
GLQVHQVRSXV/XPLQLOHVLPHWULFHQXLOXPL
QHD]ăRVXSUDIDĠăDWkWGHPDUHDPDUJLQLL
FDURVDELOXOXL
)DFHĠLFRQYHUVLDIDUXULORUFkWPDLDSURDSHGH
JUDQLĠăvQDLQWHGHDFRQGXFHvQDFHVWHĠăUL
QDWHGHODFRPXWDWRUXOPL[W3DJLQD
 2SULĠLOXPLQLOHGHSR]LĠLHODWHUDOHúLODPSD
GHSR]LĠLHFkQGSăUăVLĠLDXWRYHKLFXOXO$VW
IHOVHSUHYLQHGHVFăUFDUHDEDWHULHL
3DJLQD
)DFHĠLFRQYHUVLDSHID]ăVFXUWăDVLPH
WULFăGXSăFHYăvQWRDUFHĠLIDFHĠLvQDSRL
FRQYHUVLDIDUXULORUSHID]ăVFXUWăDVLPHWULFă
 'RDUDXWRYHKLFXOHOHFXSURLHFWRDUHGHFHDĠăIDĠăSUH]LQWăIXQFĠLDÄ3URLHFWRDUHGHFHDĠă
 ,OXPLQDUHH[WHULRDUă 

,OXPLQDUHDH[WHULRDUăFXH[FHSĠLDOXPLQLLGH 0RGGHIXQFĠLRQDUHDXWRPDWăDIDUXULORU

SR]LĠLHODWHUDOHOăPSLORUGHSR]LĠLHVHVWLQJH

DXWRPDWGDFă
=VFRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
=GHVFKLGHĠLSRUWLHUDúRIHUXOXLFXFKHLDvQ
SR]LĠLD
'DFăDX]LĠLXQVXQHWGHDYHUWL]DUHFkQGLHúLĠL
GLQDXWRYHKLFXOOXPLQLOHDUSXWHDILvQFă
DSULQVH
 5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
X
)DUXULSHQWUXID]ăVFXUWă
 3HQWUXDDFWLYDIDUXULOHSHQWUXID]ă
VFXUWăURWLĠLFKHLDvQFRPXWDWRUXOGHFRQ
WDFWvQSR]LĠLDVDXSRUQLĠLPRWRUXO
 5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
X
/DPSDLQGLFDWRDUHXGLQSDQRXOGH
LQVWUXPHQWHVHDSULQGH
0RGGHIXQFĠLRQDUHSHWLPSGH]LDIDUX
ULORU
3XWHĠLDFWLYDVDXGH]DFWLYDIXQFĠLDPRGXOGH
IXQFĠLRQDUHSHWLPSGH]LDIDUXULORUFXDMXWRUXO
3HQWUXDDFWLYDPRGXOGHIXQFĠLRQDUH
DXWRPDWăDIDUXULORUURWLĠLFRPXWDWRUXO
GHOXPLQLvQSR]LĠLDX
&KHLDvQSR]LĠLDGLQFRPXWDWRUXOGHFRQ
WDFWOXPLQLOHGHSR]LĠLHODWHUDOăVXQW
DSULQVHVDXVWLQVHDXWRPDWvQIXQFĠLHGH
LQWHQVLWDWHDOXPLQLLDPELHQWDOH
&XPRWRUXOSRUQLWvQIXQFĠLHGHLQWHQVLWDWHD
OXPLQLLDPELHQWDOHPRGXOGHIXQFĠLRQDUH
SHWLPSGH]LDIDUXULORUVDXIDUXULOHSHQWUX
ID]ăVFXUWăVXQWDSULQVHVDXVWLQVHDXWR
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
PDW
&kQGIDUXULOHSHQWUXID]ăVFXUWăVXQWSRU
QLWHODPSDLQGLFDWRDUHXGLQSDQRXOGH
LQVWUXPHQWHVHDSULQGH
 3HULFROGHDFFLGHQW
&kQGFRPXWDWRUXOGHOXPLQLHVWHVHWDWvQSR]L
ĠLDXID]DVFXUWăDIDUXULORUQXVHDSULQGH
DXWRPDWvQFRQGLĠLLGHFHDĠă$FHVWOXFUXYă
SRDWHSXQHvQSHULFRODWkWSHGXPQHDYRDVWUă
FkWúLSHDOWHSHUVRDQH'HDFHHDvQFRQGLĠLL
GHFHDĠăURWLĠLFRPXWDWRUXOGHOXPLQLvQSR]L
ĠLDX
0RGXOGHIXQFĠLRQDUHDXWRPDWăDIDUXULORU
HVWHRIHULWGRDUFDIDFLOLWDWHùRIHUXOHVWH
FDOFXODWRUXOXLGHERUG3DJLQD
 3HQWUXDDFWLYDPRGXOGHIXQFĠLRQDUH
SHWLPSGH]LDIDUXULORUSXWHĠLDFWLYD
IXQFĠLDPRGGHIXQFĠLRQDUHSHWLPSGH]LD
IDUXULORUFXDMXWRUXOFDOFXODWRUXOXLGHERUG
DXWRYHKLFXOHFXYRODQPXOWLIXQFĠLRQDOFX
vQWRWGHDXQDSHGHSOLQUHVSRQVDELOGHLOXPL
QDUHDDXWRYHKLFXOXOXL
3URLHFWRUGHFHDĠăúLODPSăGHFHDĠă
VSDWH
EXWRDQH
 5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
X
&kQGPRWRUXOHVWHSRUQLWvQIXQFĠLHGHFRQ
GLĠLLOHOXPLQLLDPELHQWDOHPRGXOGHIXQF
ĠLRQDUHSHWLPSGH]LDIDUXULORUVDXOăPSLOH
GHSR]LĠLHúLIDUXULOHSHQWUXID]ăVFXUWăVXQW
SRUQLWH
&kQGIDUXULOHSHQWUXID]ăVFXUWăVXQWSRU
QLWHODPSDLQGLFDWRDUHXGLQSDQRXOGH
LQVWUXPHQWHVHDSULQGH
 'RDUGDFăPRGXOGHIXQFĠLRQDUHSHWLPSGH]LDIDUXULORUDIRVWDFWLYDWSULQFDOFXODWRUXOGHERUG
3URLHFWRDUHGHFHDĠăIDĠă
1XPDLDXWRYHKLFXOHFXSURLHFWRDUHGHFHDĠă
IDĠăDXIXQFĠLDÄSURLHFWRDUHGHFHDĠă´
 $9(57,60(17
'DFăVXVSHFWDĠLFăYHĠLvQWkPSLQDFHDĠăSH
SDUFXUVURWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
XvQDLQWHGHDSRUQLvQFăOăWRULHÌQFD]
FRQWUDUHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUăVăQXILHYL]LELOúLSXWHĠLSXQHvQ
SHULFROVLJXUDQĠDGXPQHDYRDVWUăúLDDOWRU
SHUVRDQH
 ,OXPLQDUHH[WHULRDUă

 3HQWUXDDFWLYDSURLHFWRDUHOHGHFHDĠă
IDĠăURWLĠLFKHLDvQFRPXWDWRUXOGHFRQWDFW
vQSR]LĠLDVDXSRUQLĠLPRWRUXO
 5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
`XVDXX
 $SăVDĠLEXWRQXOZ
/DPSDLQGLFDWRDUHZYHUGHGLQSDQRXO
GHLQVWUXPHQWHVHDSULQGH
 3HQWUXDGH]DFWLYDSURLHFWRDUHOHGH
FHDĠăIDĠăDSăVDĠLEXWRQXOZ
/DPSDLQGLFDWRDUHZYHUGHGLQSDQRXO &RQWUROvQăOĠLPHIDUXUL
GHLQVWUXPHQWHVHVWLQJH Z 6FDXQXOúRIHUXOXLúLVFDXQXOSDVDJHUXOXL
/XPLQLúLúWHUJăWRDUHGHSDUEUL]

/DPSăGHFHDĠăVSDWH
 3HQWUXDDFWLYDODPSDGHFHDĠăVSDWH IDĠăúLVFDXQHOHVSDWHRFXSDWH
URWLĠLFKHLDvQFRPXWDWRUXOGHFRQWDFWvQ
SR]LĠLDVDXSRUQLĠLPRWRUXO
 5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
XVDXX
 $SăVDĠLEXWRQXO^
/DPSDLQGLFDWRDUHJDOEHQă^GLQ
SDQRXOGHLQVWUXPHQWHVHDSULQGH
 3HQWUXDGH]DFWLYDODPSDGHFHDĠă
VSDWHDSăVDĠLEXWRQXO^
/DPSDLQGLFDWRDUHJDOEHQă^GLQ
SDQRXOGHLQVWUXPHQWHVHVWLQJH
$XWRYHKLFXOHFXSURLHFWRDUHGHFHDĠăIDĠă
FkQGFRPXWDWRUXOGHOXPLQLHVWHvQSR]LĠLD
`ODPSDGHFHDĠăVSDWHSRDWHILDFWLYDWă
QXPDLGDFăSURLHFWRDUHOHGHFHDĠăIăUăIDUXUL
IDĠăRFXSDWH
G 6FDXQXOúRIHUXOXLVFDXQXOSDVDJHUXOXL
H 6FDXQXOúRIHUXOXLVFDXQXOSDVDJHUXOXL
IDĠăúLVFDXQHOHVSDWHRFXSDWHSRUWEDJD
MXOvQFăUFDW
I 6FDXQHOHúRIHUXOXLúLSDVDJHUXOXLIDĠă
RFXSDWHúLVDUFLQDPD[LPăDGPLVăSH
SXQWHDVSDWHXWLOL]DWăGHH[ODWUDFWDUHD
XQHLUHPRUFL
 3RUQLĠLPRWRUXO
 5RWLĠLFRQWUROXOvQăOĠLPLLIDUXULORUvQSR]LĠLD
FDUHFRUHVSXQGHVDUFLQLLGLQDXWRYHKLFXOXO
GXPQHDYRDVWUă
6LVWHPFXUăĠDUHIDUXUL
)DUXULOHVXQWFXUăĠDWHDXWRPDWGDFăIXQFĠLD
ÄùWHUJHFXOLFKLGGHVSăODUHHVWHDFĠLRQDWă
SHQWUXID]ăVFXUWăVXQWDFWLYDWH
GH]HFHRULvQWLPSFHOXPLQLOHVXQWDSULQVH
LDUPRWRUXOHVWHvQIXQFĠLXQH3DJLQD
5HJODUHDvQăOĠLPLLIDUXULORUIDUXULFX &kQGGHFXSODĠLFRQWDFWXOVLVWHPXODXWRPDW
KDORJHQ GHFXUăĠDUHIDUXULHVWHUHVHWDWLDUQXPăUăWRD
&RQWUROXOvQăOĠLPLLIDUXULORUYăSHUPLWHVă UHDHVWHUHOXDWăGHOD
UHJODĠLUD]DGHOXPLQăHPLVăGHIDUXULvQIXQF
ĠLHGHQLYHOXOGHvQFăUFDUHDODXWRYHKLFXOXOXL

&RPXWDWRUPL[W
6HPQDOL]DWRDUHGHGLUHFĠLH
C )DUXULSHQWUXID]ăOXQJă
D 6HPQDOL]DWRUGHGLUHFĠLHGUHDSWD
‡ &OD[RQXORSWLFIODVK
… 6HPQDOL]DWRUGHGLUHFĠLHVWkQJD
 3HQWUXDVHPQDOL]DVFXUWDSăVDĠLVFXUW
FRPXWDWRUXOPL[WODSXQFWXOGHSUHVLXQHvQ
GLUHFĠLDLQGLFDWăGHVăJHDWDDVDX…
6HPQDOL]DWRUXOGHGLUHFĠLHDIHUHQWOXPL
QHD]ăLQWHUPLWHQWGHWUHLRUL
 3HQWUXDVHPQDOL]DDSăVDĠLFRPXWDWRUXO
PL[WGLQFRORGHSXQFWXOGHSUHVLXQHvQ
GLUHFĠLDLQGLFDWăGHVăJHDWDDVDX…
)DUXULSHQWUXID]ăOXQJă
 3HQWUXDDSULQGHIDUXULOHSHQWUXID]ă
OXQJăURWLĠLFKHLDvQFRPXWDWRUXOGHFRQ
WDFWvQSR]LĠLDVDXSRUQLĠLPRWRUXO
 5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
XVDXX
 $SăVDĠLFRPXWDWRUXOPL[WSHVWHSXQFWXOGH
SUHVLXQHvQGLUHFĠLDLQGLFDWăGH
VăJHDWDC
ÌQSR]LĠLDXIDUXULOHSHQWUXID]ăOXQJă
VHDSULQGGRDUFkQGHVWHvQWXQHULFLDU
PRWRUXOHVWHvQIXQFĠLXQH
,OXPLQDUHH[WHULRDUă 
/DPSDLQGLFDWRDUHWGLQSDQRXOGH
LQVWUXPHQWHVHDSULQGHFkQGVXQWDSULQVH
IDUXULOHSHQWUXID]ăOXQJă
 3HQWUXDVWLQJHIDUXULOHSHQWUXID]ă
OXQJăGHSODVDĠLFRPXWDWRUXOPL[WvQDSRL
vQSR]LĠLDOXLQRUPDOă
/DPSDLQGLFDWRDUHWGLQSDQRXOGH
LQVWUXPHQWHVHVWLQJH
&OD[RQRSWLFIODVK
 3HQWUXDDFWLYDURWLĠLFKHLDvQFRPXWDWRUXO
GHFRQWDFWvQSR]LĠLDVDXVDXSRUQLĠL
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
PRWRUXO
 7UDJHĠLFRPXWDWRUXOPL[WvQGLUHFĠLDLQGL
FDWăGHVăJHDWD‡
6HPQDOL]DWRDUHGHDYDULH
6HPQDOL]DWRDUHOHGHDYDULHVHDSULQGDXWRPDW
GDFă
=XQDLUEDJHVWHGHFODQúDW
=DXWRYHKLFXOXOGHFHOHUHD]ăUDSLGGHODR
YLWH]ăGHSHVWHNPKúLVHRSUHúWH
 3HQWUXDSRUQLVHPQDOL]DWRDUHOHGHDYD
ULHDSăVDĠLEXWRQXOC
7RDWHVHPQDOL]DWRDUHOHGHGLUHFĠLHFOLSHVF
'DFăDFXPSRUQLĠLXQVHPQDOL]DWRUGH
GLUHFĠLHFXDMXWRUXOFRPXWDWRUXOXLPL[W
QXPDLODPSDVHPQDOL]DWRUXOXLGHGLUHFĠLH
GHSHSDUWHDDIHUHQWăDDXWRYHKLFXOXOXLYD
OXPLQDLQWHUPLWHQW
 3HQWUXDRSULVHPQDOL]DWRDUHOHGHDYD
ULHDSăVDĠLEXWRQXOC
 ,OXPLQDUHH[WHULRDUă
6HPQDOL]DWRDUHOHGHDYDULHVHRSUHVFDXWR
PDWGDFăDXWRYHKLFXOXODWLQJHRYLWH]ăGH
SHVWHNPKGLQQRXGXSăDFĠLRQDUHDFRP
SOHWăDIUkQHORU
G 6HPQDOL]DWRDUHOHGHDYDULHSRWFRQWLQXD
VăIXQFĠLRQH]HGDFăDĠLGHFXSODWFRQWDFWXO
6LVWHPGHOXPLQLLQWHOLJHQWH
)XQFĠLDOXPLQăDFWLYă
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
)XQFĠLDOXPLQăDFWLYăHVWHXQVLVWHPFDUH
PLúFăIDUXULOHSRWULYLWPLúFăULORUGHGLUHFĠLH
DOHURĠLORUGLQIDĠă$VWIHO]RQHOHUHOHYDQWH
UăPkQLOXPLQDWHvQWLPSFHFRQGXFHĠL
$FHDVWDYăSHUPLWHVăUHFXQRDúWHĠLSLHWRQLL
ELFLFOLúWLLúLDQLPDOHOH
$FWLYFkQGOXPLQLOHVXQWSRUQLWH
,OXPLQDUHVXSOLPHQWDUăvQYLUDMH
,OXPLQDUHDVXSOLPHQWDUăvQYLUDMH
vPEXQăWăĠHúWHLOXPLQDUHDGUXPXOXLSHXQ
XQJKLODUJvQGLUHFĠLDvQFDUHYLUDĠLSHUPLĠkQG
RYL]LELOLWDWHPDLEXQăvQYLUDMHVWUkQVHGH
H[HPSOX(DSRDWHILDFWLYDWăQXPDLFkQG
IDUXULOHSHQWUXID]ăVFXUWăVXQWDFWLYDWH
$FWLY
=GDFăFRQGXFHĠLODYLWH]HVXENPKLOX
PLQDUHDVXSOLPHQWDUăvQYLUDMHHVWHDFWL
YDWăILHGHVHPQDOL]DWRDUHOHGHGLUHFĠLHILH
SULQURWLUHDYRODQXOXL
=GDFăFRQGXFHĠLODYLWH]HvQWUHNPKúL
NPKLOXPLQDUHDVXSOLPHQWDUăvQYLUDMH
HVWHDFWLYDWăSULQURWLUHDYRODQXOXL
,QDFWLYGDFăFRQGXFHĠLODYLWH]HGHSHVWH
NPKVDXRSULĠLVHPQDOL]DWRUXOGHGLUHFĠLH
VDXURWLĠLYRODQXOODSR]LĠLDGUHSWvQDLQWH
,OXPLQDUHDVXSOLPHQWDUăvQYLUDMHSRDWH
UăPkQHDSULQVăVFXUWWLPSvQVăHVWHDXWRPDW
RSULWăGXSăQXPDLPXOWGHWUHLPLQXWH
0RGDXWRVWUDGă
0RGDXWRVWUDGăPăUHúWHUD]DID]HL
$FWLY
=GDFăYăGHSODVDĠLFXSHVWHNPKúLQX
IDFHĠLPLúFăULPDULDOHGLUHFĠLHLSHRGLV
WDQĠăGHP
=GDFăYăGHSODVDĠLFXSHVWHNPK
,QDFWLYGDFăYăGHSODVDĠLVXENPKGXSă
DFWLYDUH
 ,OXPLQDUHH[WHULRDUă 

3URLHFWRDUHGHFHDĠăFXUD]ăH[WLQVă

3URLHFWRDUHOHGHFHDĠăFXUD]ăH[WLQVăUHGXF

/XPLQLúLúWHUJăWRDUHGHSDUEUL]
OXPLQDRUELWRDUHFHDMXQJHODúRIHUúL
vPEXQăWăĠHVFLOXPLQDWXOPDUJLQLLFDURVDELOX
OXL
 3HQWUXDDFWLYDDFWLYDĠLIXQFĠLDDVLVWHQĠă
$FWLYGDFăUXODĠLVXENPKúLDSULQGHĠL
SHQWUXID]DOXQJăDGDSWLYăFXDMXWRUXOFDO
ODPSDGHFHDĠăVSDWH
,QDFWLYGDFăUXODĠLFXSHVWHNPKVDX 
GDFăvQFKLGHĠLODPSDGHFHDĠăVSDWHGXSă
DFWLYDUH

FXODWRUXOXLGHERUG3DJLQD
5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLD
X
$SăVDĠLFRPXWDWRUXOPL[WSHVWHSXQFWXOGH
SUHVLXQHvQGLUHFĠLDLQGLFDWăGHVăJHDWDC
$VLVWHQĠăSHQWUXID]DOXQJăDGDSWLYă
3XWHĠLXWLOL]DDFHDVWăIXQFĠLHSHQWUXDVHWD
IDUXULOHVăFRPXWHDXWRPDWGLQID]ăVFXUWăvQ
ID]ăOXQJă6LVWHPXOUHFXQRDúWHDXWRYHKLFXOH
FXIDUXULDSULQVHFDUHILHVHDSURSLHGLQVHQV
RSXVILHUXOHD]ăvQIDĠDDXWRYHKLFXOXOXLGXP
QHDYRDVWUăúLSULQXUPDUHFRPXWăIDUXULOH
GLQID]ăOXQJăvQID]ăVFXUWă
6LVWHPXODGDSWHD]ăDXWRPDWvQăOĠLPHDIDUXOXL
SHQWUXID]ăVFXUWăvQIXQFĠLHGHGLVWDQĠDIDĠă
GHFHOăODOWDXWRYHKLFXO&kQGVLVWHPXOQXPDL
GHWHFWHD]ăQLFLXQDOWDXWRYHKLFXOHOUHDFWL
YHD]ăIDUXULOHSHQWUXID]ăOXQJă
6HQ]RUXORSWLFDOVLVWHPXOXLVHDIOăvQVSDWHOH
SDUEUL]XOXLOkQJăSDQRXOGHFRPDQGăVLWXDW
SHSODIRQ
3DJLQD
/DPSDLQGLFDWRDUHÎGLQSDQRXOGH
LQVWUXPHQWHVHDSULQGHGDFăHVWHvQWXQHULF
LDUVHQ]RUXOGHOXPLQăDFWLYHD]ăIDUXULOH
SHQWUXID]ăVFXUWă
ÌQFD]XOvQFDUHFRQGXFHĠLFXSHVWH
NPK
vQăOĠLPHDIDUXULORUHVWHVHWDWăDXWRPDWvQ
IXQFĠLHGHGLVWDQĠDGLQWUHDXWRYHKLFXOúLDOĠL
SDUWLFLSDQĠLODWUDILF
ÌQFD]XOvQFDUHFRQGXFHĠLFXSHVWH
NPKúLQXVXQWUHFXQRVFXĠLDOĠLSDUWL
FLSDQĠLODWUDILF
IDUXULOHSHQWUXID]ăOXQJăVXQWDSULQVHDXWR
PDW'HDVHPHQHDVHDSULQGHODPSDLQGL
FDWRDUHWGLQSDQRXOGHLQVWUXPHQWH
ÌQFD]XOvQFDUHFRQGXFHĠLFXPDLSXĠLQGH
NPKVDXDOĠLSDUWLFLSDQĠLODWUDILFVXQW
UHFXQRVFXĠLVDXGUXPXOHVWHOXPLQDWFRUHV
SXQ]ăWRU
IDUXULOHSHQWUXID]ăOXQJăVXQWVWLQVHDXWR
PDW/DPSDLQGLFDWRDUHWGLQSDQRXOGH
LQVWUXPHQWHVHVWLQJH/DPSDLQGLFDWRDUH
 ,OXPLQDUHLQWHULRDUă

ÎGLQSDQRXOGHLQVWUXPHQWHUăPkQH )DUXULDEXULWHSHLQWHULRU
DSULQVă
)DUXULOHVHSRWDEXULSHLQWHULRUGDFăH[LVWăR
 3HQWUXDGH]DFWLYDGHSODVDĠLFRPXWDWRUXO
XPLGLWDWHULGLFDWăvQDWPRVIHUă
PL[WvQDSRLvQSR]LĠLDQRUPDOă
 &RQGXFHĠLFXIDUXULOHDFWLYDWH
/DPSDLQGLFDWRDUHÎGLQSDQRXOGH
LQVWUXPHQWHVHVWLQJH 1LYHOXOGHXPLGLWDWHVFDGHvQIXQFĠLHGH
GXUDWDFăOăWRULHLúLGHFRQGLĠLLOHPHWHR
 $9(57,60(17 XPLGLWDWHúLWHPSHUDWXUă
$VLVWHQĠăSHQWUXID]ăOXQJăDGDSWLYăHVWH 'DFăQLYHOXOGHXPLGLWDWHQXVFDGH
QXPDLXQVLVWHPGHDVLVWHQĠăFDUHYăDMXWă  6ROLFLWDĠLYHULILFDUHDIDUXULORUODXQDWHOLHUGH
FkQGFRQGXFHĠLùRIHUXOSRDUWăUăVSXQGHUHD VSHFLDOLWDWHDXWRUL]DW
UHJOăULLLOXPLQăULLDXWRYHKLFXOXOXLvQIXQFĠLHGH
FRQGLĠLLOHSUHGRPLQDQWHGHLOXPLQDUHYL]LELOL
/XPLQLúLúWHUJăWRDUHGHSDUEUL]

WDWHúLUXWLHUH
,OXPLQDUHLQWHULRDUă
6LVWHPXOSRDWHIXQFĠLRQDODFDSDFLWDWHUHGXVă
VDXSRDWHILGH]DFWLYDW 3UH]HQWDUHJHQHUDOăLOXPLQDUHLQWH
=GDFăH[LVWăRYL]LELOLWDWHVFă]XWăGHH[GLQ ULRDUă
FDX]D]ăSH]LLSORLLFHĠLLVDXDSHLSXOYHUL
]DWH
=GDFă]RQDSDUEUL]XOXLGLQMXUXOVHQ]RUXOXL
RSWLFHVWHPXUGDUăDEXULWăVDXDFRSHULWă
GHH[FXRHWLFKHWăDXWRFRODQWă
6LVWHPXOSRDWHVăQXUHFXQRDVFăXUPăWRULL
SDUWLFLSDQĠLODWUDILF
=SDUWLFLSDQĠLLODWUDILFIăUăLOXPLQDUHGHH[
SLHWRQLL
=SDUWLFLSDQĠLLODWUDILFFXLOXPLQDUHUHGXVă
GHH[ELFLFOLúWLL C B3HQWUXDDSULQGHVWLQJHLOXPLQDUHD
=SDUWLFLSDQĠLLODWUDILFFX,OXPLQDUHFHQXHVWH LQWHULRDUăVSDWH
FODUYL]LELOăGHH[SDUWLFLSDQĠLLODWUDILFGLQ D 33HQWUXDSRUQLRSULFRPDQGDGHLOX
VSDWHOHXQHLEDULHUHGHFROL]LXQH PLQDUHLQWHULRDUăDXWRPDWă
=vQXQHOHFD]XULUDUHSDUWLFLSDQĠLLODWUDILFFX ‡ =3HQWUXDDSULQGHVWLQJHODPSDGH
OXPLQLSRWVăILHUHFXQRVFXĠLWDUGLYVDX OHFWXUăIDĠăGHSHSDUWHDGUHDSWă
GHORF … J3HQWUXDDSULQGHVWLQJHLOXPLQDUHD
)DUXULOHDXWRPDWHSHQWUXID]ăOXQJăQXYRUIL LQWHULRDUăIDĠă
GH]DFWLYDWHVDXSRWILDFWLYDWHFKLDUGDF㠃 =3HQWUXDDSULQGHVWLQJHODPSDGH
H[LVWăSDUWLFLSDQĠLODWUDILFvQIDĠăVDXFDUHVH OHFWXUăIDĠăGHSHSDUWHDVWkQJă
DSURSLHGHDXWRYHKLFXO
$VWIHOSXWHĠLSURYRFDXQDFFLGHQWUăQLQGXYă
SHGXPQHDYRDVWUăúLDOWHSHUVRDQHğLQHĠL &RQWUROXOLOXPLQăULLLQWHULRDUH
vQWRWGHDXQDFRQWGHFRQGLĠLLOHGLQWUDILFúL
GDFăVLWXDĠLDRFHUHWUHFHĠLPDQXDOIDUXULOHSH
1RWHLPSRUWDQWH
ID]ăVFXUWă 3HQWUXDSUHYHQLGHVFăUFDUHDEDWHULHLDXWR
YHKLFXOXOXLIXQFĠLLOHLOXPLQăULLLQWHULRDUHVXQW
GH]DFWLYDWHDXWRPDWGXSăFkWYDWLPSFX

H[FHSĠLDFD]XOXLFkQGFKHLDVHDIOăvQSR]LĠLD
vQFRPXWDWRUXOGHFRQWDFW
&RQWUROXOLOXPLQăULLLQWHULRDUHDXWR
PDWH
 3HQWUXDDFWLYDGH]DFWLYDDSăVDĠLEXWR
QXO3
&kQGFRQWUROXOLOXPLQăULLLQWHULRDUHDXWR
PDWHHVWHDFWLYDWEXWRQXOHVWHODQLYHOFX
SDQRXOGHFRPDQGăVLWXDWSHSODIRQ
,OXPLQDUHDLQWHULRDUăVHDFWLYHD]ăDXWRPDW
GDFă YDWHvQDLQWHGHSRUQLUHDPRWRUXOXL
=GHVFXLHUHDDXWRYHKLFXOXOXL
=GHVFKLGHĠLRSRUWLHUă
=VFRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
/XPLQDLQWHULRDUăHVWHDFWLYDWăVFXUWWLPS
FkQGFKHLDHVWHVFRDVăGLQFRPXWDWRUXOGH
FRQWDFW3XWHĠLDFWLYDDFHDVWăRSULUHWHPSR
UL]DWăFXDMXWRUXOFDOFXODWRUXOXLGHERUG
6FKLPEDUHEHFXUL 
6FKLPEDUHEHFXUL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
%HFXULFX[HQRQ
'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăHVWH
GRWDWFXEHFXULFX[HQRQSXWHĠLUHFXQRDúWH
DFHDVWăGRWDUHGXSăXUPăWRDUHOHUD]DGH
OXPLQăGHODEHFXULOHFX[HQRQVHGHSODVHD]ă
GLQSDUWHDVXSHULRDUăvQFHDLQIHULRDUăúL
LQYHUVFkQGSRUQLĠLPRWRUXO3HQWUXDREVHUYD
DFHDVWăGHSODVDUHOXPLQLOHWUHEXLHVăILHDFWL
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
 3(5,&2/
%HFXULOHFX[HQRQVXQWVXERWHQVLXQHULGL
FDWă9ăSXWHĠLHOHFWURFXWDúLSXWHĠLVXIHULUăQL
JUDYHVDXFKLDUIDWDOHGDFăDWLQJHĠLFRQWDFWHOH
HOHFWULFHGHSHEHFXULOHFX[HQRQ3ULQ
XUPDUHQXVFRDWHĠLQLFLRGDWăFDSDFXOGHOD
EHFXULOHFX[HQRQ
3DJLQD
&RQWUROXOPDQXDODOLOXPLQăULLLQWH
ULRDUH
 3HQWUXDDFWLYDGH]DFWLYDLOXPLQDUHD
LQWHULRDUăDSăVDĠLEXWRQXOJ
 3HQWUXDDFWLYDGH]DFWLYDOăPSLOHGH
OHFWXUăDSăVDĠLEXWRQXO=
,OXPLQDUHGHXUJHQĠăFXUHDFĠLLODFROL
]LXQL
,OXPLQDUHDLQWHULRDUăHVWHDFWLYDWăDXWRPDW
GDFăDXWRYHKLFXOXOHVWHLPSOLFDWvQWUXQDFFL
GHQW
 3HQWUXDRSULLOXPLQDUHDGHXUJHQĠăFX
UHDFĠLLODFROL]LXQLDSăVDĠLEXWRQXOVHP
QDOL]DWRDUHORUGHDYDULH
VDX
 ÌQFXLDĠLúLDSRLGHVFXLDĠLDXWRYHKLFXOXOFX
1XVFKLPEDĠLEHFXULOHFX[HQRQSHFRQWSUR
SULXFLVROLFLWDĠLvQORFXLUHDORUODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DWFHGLVSXQHGHFXQRúWLQ
ĠHOHGHVSHFLDOLWDWHúLLQVWUXPHQWHOHQHFHVDUH
SHQWUXDHIHFWXDLQWHUYHQĠLDVROLFLWDWă
0HUFHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ
&HQWUXGH6HUYLFH0HUFHGHV%HQ]vQDFHVW
VFRSÌQVSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLV
WHPHORUGHVLJXUDQĠăVDXFRUHODWHFXVLJX
UDQĠDVHYRUHIHFWXDODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW
%HFXULOHúLOăPSLOHVXQWXQDVSHFWLPSRUWDQW
DOVLJXUDQĠHLDXWRYHKLFXOXOXL3ULQXUPDUHWUH
EXLHVăYăDVLJXUDĠLFăDFHVWHDIXQFĠLRQHD]ă
FRUHFWvQWRWGHDXQD6ROLFLWDĠLYHULILFDUHD
UHJODMXOXLIDUXULORUUHJXODW
$OWHEHFXUL
([LVWăúLDOWHEHFXULvQDIDUDFHORUFX[HQRQSH
FDUHQXOHSXWHĠLvQORFXLÌQORFXLĠLQXPDLEHFX
ULOHLQGLFDWH3DJLQD6ROLFLWDĠLVFKLP
DMXWRUXOFKHLL EDUHDEHFXULORUSHFDUHQXOHSXWHĠLvQORFXLSH
FRQWSURSULXODXQDWHOLHUGHVSHFLDOLWDWHDXWR
UL]DW


 6FKLPEDUHEHFXUL

0HUFHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ
&HQWUXGH6HUYLFH0HUFHGHV%HQ]vQDFHVW
VFRSÌQVSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLV
WHPHORUGHVLJXUDQĠăVDXFRUHODWHFXVLJX
UDQĠDVHYRUHIHFWXDODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW
'DFăDYHĠLQHYRLHGHDVLVWHQĠăFkQGvQORFXLĠL
EHFXULOHFRQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
1XDWLQJHĠLWXEXOGHVWLFOăDOEHFXULORUQRLFX
PkLQLOHJRDOH&KLDUúLFRQWDPLQDUHDPLQRUă )DUXULFXKDORJHQ
VHSRDWHLPSULPDvQVXSUDIDĠDGHVWLFOăUHGX C /XPLQăGHSR]LĠLHODWHUDOăODPSăGHSR]L
FkQGYLDĠDXWLOăDEHFXULORU8WLOL]DĠLvQWRW
/XPLQLúLúWHUJăWRDUHGHSDUEUL]

ĠLH::
GHDXQDRODYHWăIăUăVFDPHVDXDWLQJHĠL
D )DUXOSHQWUXID]ăOXQJă+:
QXPDLED]DEHFXOXLODPRQWDUH
‡ )DUXOSHQWUXID]ăVFXUWă+:
8WLOL]DĠLvQWRWGHDXQDEHFXULGHWLSXOFRUHFW
'DFăQRXOEHFFRQWLQXăVăQXVHDSULQGă
FRQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
%HFXULOHúLOăPSLOHVXQWXQDVSHFWLPSRUWDQW
DOVLJXUDQĠHLDXWRYHKLFXOXOXL3ULQXUPDUHWUH
EXLHVăYăDVLJXUDĠLFăDFHVWHDIXQFĠLRQHD]ă
FRUHFWvQWRWGHDXQD6ROLFLWDĠLYHULILFDUHD
UHJODMXOXLIDUXULORUUHJXODW
 $9(57,60(17
%HFXULOHúLIDUXULOHVHSRWvQFLQJHSXWHUQLF'LQ
DFHVWPRWLYOăVDĠLOHVăVHUăFHDVFăvQDLQWH
GHDOHVFKLPEDÌQFD]FRQWUDUYăSXWHĠLDUGH )DUXULEL[HQRQ
FkQGOHDWLQJHĠL C /DPSăSHQWUXLOXPLQDUHvQYLUDMH+:
%HFXULOHQXWUHEXLHOăVDWHODvQGHPkQDFRSLL
ORUÌQFD]FRQWUDUHLOHDUSXWHDGHWHULRUDGH
H[HPSOXúLVDUSXWHDUăQL
1XXWLOL]DĠLQLFLRGDWăXQEHFFDUHDIRVWVFăSDW
SHMRV8QDVWIHOGHEHFSRDWHH[SORGD
UăQLQGXYă
%HFXULOHFXKDORJHQVXQWSUHVXUL]DWHúLDU
SXWHDH[SORGDFkQGOHVFKLPEDĠLPDLDOHV
GDFăVDXvQFLQV3ULQXUPDUHWUHEXLHVăSXU
WDĠLSURWHFĠLHRFXODUăúLPăQXúLFkQGOHVFKLP
EDĠL
/ăPSLVSDWH
C /DPSăGHPHUVvQDSRL3:
D /DPSăGHIUkQă3:
3UH]HQWDUHJHQHUDOăDvQORFXLULLEHFX
ULORU±EHFXULOH ‡ /DPSăGHIUkQăODPSăVSDWH3:

3XWHĠLVFKLPEDXUPăWRDUHOHEHFXUL7LSXOGH
EHFSRDWHILJăVLWvQOHJHQGă
 6FKLPEDUHEHFXUL 

6FKLPEDUHDEHFXULORUIDĠă  5RWLĠLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU
úLWUDJHĠLODIDUă
)DUXULSHQWUXID]ăVFXUWăIDUXULFXKDOR  5RWLĠLIDVXQJXODvQVHQVDQWLRUDUúLWUDJHĠL
JHQ
ODIDUă
 6FRDWHĠLEHFXOGLQIDVXQJXOD
 ,QWURGXFHĠLQRXOEHFvQIDVXQJXOD
 ,QWURGXFHĠLIDVXQJXODvQODPSăúLURWLĠLO
vQVHQVRUDU
 $OLQLDĠLFDSDFXOFDUFDVHLCúLURWLĠLOvQVHQV
RUDUSkQăFHVHDQJUHQHD]ă

/XPLQLGHSR]LĠLHODWHUDOHOăPSLGH

/XPLQLúLúWHUJăWRDUHGHSDUEUL]
SR]LĠLHIDUXULFXKDORJHQ
 2SULĠLOXPLQLOH
 'HVFKLGHĠLFDSRWD
 5RWLĠLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU
úLWUDJHĠLODIDUă
 5RWLĠLIDVXQJXODvQVHQVDQWLRUDUúLWUDJHĠL
ODIDUă
 6FRDWHĠLEHFXOGLQIDVXQJXOD
 ,QWURGXFHĠLQRXOEHFvQIDVXQJXOD
 ,QWURGXFHĠLIDVXQJXODvQODPSăúLURWLĠLO
vQVHQVRUDU  2SULĠLOXPLQLOH
 $OLQLDĠLFDSDFXOFDUFDVHLCúLURWLĠLOvQVHQV
 'HVFKLGHĠLFDSRWD
RUDUSkQăFHVHDQJUHQHD]ă  5RWLĠLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU
úLWUDJHĠLODIDUă
)DUXULSHQWUXID]ăOXQJăIDUXULFXKDOR  7UDJHĠLIDVXQJXODDIDUă
JHQ
 6FRDWHĠLEHFXOGLQIDVXQJXOD
 ,QWURGXFHĠLQRXOEHFvQIDVXQJXOD
 ,QWURGXFHĠLIDVXQJXOD
 $OLQLDĠLFDSDFXOFDUFDVHLCúLURWLĠLOvQVHQV
RUDUSkQăFHVHDQJUHQHD]ă

 2SULĠLOXPLQLOH
 'HVFKLGHĠLFDSRWD


 6FKLPEDUHEHFXUL

,OXPLQDUHVXSOLPHQWDUăvQYLUDMH6LV
WHPGHOXPLQLLQWHOLJHQWH

([HPSOXSDQRXORUQDPHQWDOODWHUDOGHSHSDUWHD
GUHDSWă
/XPLQLúLúWHUJăWRDUHGHSDUEUL]

 3HQWUXDGHVFKLGHVOăELĠLSDQRXORUQD
 2SULĠLOXPLQLOH PHQWDOODWHUDOCGLQSDUWHDVXSHULRDUăúL
 'HVFKLGHĠLFDSRWD
UDEDWDĠLOvQMRVvQGLUHFĠLDVăJHĠLL
 5RWLĠLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU  3HQWUXDvQFKLGHLQWURGXFHĠLSDQRXOODWH
úLWUDJHĠLODIDUă UDOC
 5RWLĠLIDVXQJXODvQVHQVDQWLRUDUúLWUDJHĠL
ODIDUă
 6FRDWHĠLEHFXOGLQIDVXQJXOD
 ,QWURGXFHĠLQRXOEHFvQIDVXQJXOD
 ,QWURGXFHĠLIDVXQJXODvQODPSăúLURWLĠLO
vQVHQVRUDU
 $OLQLDĠLFDSDFXOFDUFDVHLCúLURWLĠLOvQVHQV
RUDUSkQăFHVHDQJUHQHD]ă

6FKLPEDUHDEHFXULORUVSDWH 3DQRXRUQDPHQWDOODWHUDOGHSHSDUWHDVWkQJă
DXWRYHKLFXOHFXXQVLVWHPDXGLRVDXRFXSOă
'HVFKLGHUHDúLvQFKLGHUHDSDQRXULORU
RUQDPHQWDOHODWHUDOH
7UHEXLHVăGHVFKLGHĠLSDQRXORUQDPHQWDOODWH
UDOGLQSRUWEDJDMúLVăVFRDWHĠLWUXVDGHSULP
DMXWRUvQDLQWHGHDSXWHDVFKLPEDEHFXULOHGLQ
OăPSLOHVSDWH
UHPRUFă
 3HQWUXDGHVFKLGHURWLĠLSLHGLFDURWD
WLYăCODƒvQGLUHFĠLDVăJHĠLLúLVFRDWHĠL
SDQRXORUQDPHQWDOODWHUDOD
 3HQWUXDvQFKLGHLQWURGXFHĠLSDQRXORUQD
PHQWDOODWHUDODúLURWLĠLEXWRQXOGHHOLEH
UDUHCODƒvQGLUHFĠLDRSXVăVăJHĠLL
/ăPSLVSDWH
 2SULĠLOXPLQLOH
 'HVFKLGHĠLSRUWEDJDMXO
 'HVFKLGHĠLSDQRXORUQDPHQWDOODWHUDO
3DJLQD
 ùWHUJăWRDUHGHSDUEUL] 

 ,QWURGXFHĠLFRQHFWRUXOOăPSLLVSDWH
 ÌQFKLGHĠLSDQRXORUQDPHQWDOODWHUDO
 6FRDWHĠLFRQHFWRUXOOăPSLLVSDWH
 $SăVDĠLVLPXOWDQXUHFKLOHGHSULQGHUHCvQ
GLUHFĠLDVăJHĠLLúLWUDJHĠLXúRUIDVXQJXOvQ
DIDUăFXEHFXULOH
 6FRDWHĠLFRQHFWRUXOSHQWUXIXQFĠLLOHOXPLQLL
FX/('GLQSDUWHDVXSHULRDUăDIDVXQJXOXL
 6FRDWHĠLIDVXQJXORGDWăFXEHFXULOH
C ODPSăGHPHUVvQDSRL
D ODPSăGHIUkQă
‡ /XPLQăGHSR]LĠLHODWHUDOăODPSăGHIUkQă
 $SăVDĠLEHFXOUHVSHFWLYCDVDX‡vQD
SRLúLURWLĠLOvQVHQVDQWLRUDUSHQWUXDO
VFRDWHGLQIDVXQJ
 ,QWURGXFHĠLQRXOEHFvQIDVXQJúLURWLĠLOvQ
VHQVRUDU
 5HLQWURGXFHĠLFRQHFWRUXOSHQWUXIXQFĠLLOH
OXPLQLLFX/('vQIDVXQJ
 ,QWURGXFHĠLIDVXQJXOGLQQRXúLEORFDĠLOvQ
ORFDú
 6HQ]RUGHSORDLHVHWDWSHVHQ]LWLYLWDWHVFă]XWă
3DJLQD
ùWHUJăWRDUHGHSDUEUL]
3RUQLUHDRSULUHDúWHUJăWRDUHORUGH
SDUEUL]
 $9(57,60(17
3DUEUL]XOQXYDPDLILúWHUVFRUHVSXQ]ăWRU
GDFăODPHOHúWHUJăWRDUHORUVXQWX]DWH$VWIHO
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
HVWHSRVLELOVăQXREVHUYDĠLFRQGLĠLLOHGLQWUDILF
úLVăSURYRFDĠLvQFRQVHFLQĠăXQDFFLGHQWÌQOR
FXLĠLODPHOHúWHUJăWRDUHORUGHGRXăRULSHDQ
GHSUHIHUDWSULPăYDUDúLWRDPQD
 1XDFĠLRQDĠLúWHUJăWRDUHOHGHSDUEUL]
FkQGSDUEUL]XOHVWHXVFDWGHRDUHFHHVWH
SRVLELOVăGHWHULRUDĠLODPHOHúWHUJăWRDUHORU
ÌQSOXVSUDIXODGXQDWSHSDUEUL]SRDWH]Jk
ULDVWLFODGDFăúWHUJHUHDVHHIHFWXHD]ăFkW
SDUEUL]XOHVWHXVFDW
 'DFăúWHUJăWRDUHOHGHSDUEUL]ODVăXUPH
SHSDUEUL]GXSăFHDXWRYHKLFXOXODIRVW
VSăODWvQWURVSăOăWRULHDXWRPDWăDFHVW
IHQRPHQSRDWHILSURYRFDWGHFHDUăVDX
DOWHUH]LGXXUL&XUăĠDĠLSDUEUL]XOFXOLFKLGGH
VSăODUHGXSăVSăODUHDODVSăOăWRULHDXWR
PDWă
&RPXWDWRUPL[W
G ?ùWHUJăWRDUHGHSDUEUL]RSULWH
H bùWHUJHUHLQWHUPLWHQWăVFă]XW
 ùWHUJăWRDUHGHSDUEUL]
I cùWHUJHUHLQWHUPLWHQWăULGLFDW
J ªùWHUJHUHFRQWLQXăOHQW
K ©ùWHUJHUHFRQWLQXăUDSLG
„ ÓùWHUJHUHXQLFăÔ3HQWUXD
úWHUJHSDUEUL]XOFXDMXWRUXOOLFKLGXOXLGH
VSăODUH
 5RWLĠLFKHLDvQSR]LĠLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
 5RWLĠLFRPXWDWRUXOPL[WvQSR]LĠLDFRUHV
SXQ]ăWRDUH
 ùWHUJHUHLQWHUPLWHQWăFXVHQ]RUGH
/XPLQLúLúWHUJăWRDUHGHSDUEUL]
SORDLHGLQFDX]DHIHFWHORURSWLFHúLD
PXUGăULULLSDUEUL]XOXLSHYUHPHXVFDWăHVWH
SRVLELOFDúWHUJăWRDUHOHGHSDUEUL]VăVH
DFWLYH]HQHLQWHQĠLRQDW(VWHSRVLELOFDDVW
IHOVăVHGHWHULRUH]HODPHOHúWHUJăWRDUHORU
GHSDUEUL]VDXVăVH]JkULHSDUEUL]XO
'LQDFHVWPRWLYWUHEXLHVăGH]DFWLYDĠL
 1XGHVFKLGHĠLQLFLRGDWăFDSRWDGDFăXQ
EUDĠGHúWHUJăWRUGHSDUEUL]DIRVWH[WLQVúL
vQGHSăUWDWGHSDUEUL]
1XUHDGXFHĠLQLFLRGDWăXQEUDĠGHúWHUJăWRU
GHSDUEUL]IăUăODPăvQDSRLSHSDUEUL]
ğLQHĠLIHUPEUDĠXOúWHUJăWRUXOXLGHSDUEUL]
FkQGVFKLPEDĠLODPDúWHUJăWRUXOXL'DFă
HOLEHUDĠLEUDĠXOúWHUJăWRUXOXLGHSDUEUL]IăUă
ODPDúWHUJăWRUXOXLúLDFHVWDFDGHSHSDU
EUL]SDUEUL]XOSRDWHILGHWHULRUDWvQXUPD
IRUĠHLLPSDFWXOXL
0HUFHGHV%HQ]YăUHFRPDQGăVăVROLFLWDĠL
vQORFXLUHDODPHORUúWHUJăWRDUHORUODXQDWH
OLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[ODXQ
&HQWUXGH6HUYLFH0HUFHGHV%HQ]
ÌQORFXLUHDODPHORUúWHUJăWRDUHORU
6FRDWHUHDODPHORUúWHUJăWRDUHORU
 6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
vQWRWGHDXQDúWHUJăWRDUHOHGHSDUEUL]SH VDXURWLĠLFKHLDvQSR]LĠLD.(</(66*2
YUHPHXVFDWă
 ÌQGHSăUWDĠLEUDĠXOúWHUJăWRUXOXLGHSDUEUL]
ÌQSR]LĠLDbVDXcIUHFYHQĠDGHúWHU SkQăFHVHDQJUHQHD]ă
JHUHFRUHVSXQ]ăWRDUHHVWHVHWDWăDXWRPDWvQ  )L[DĠLODPDúWHUJăWRUXOXLvQXQJKLXULGUHSWH
IXQFĠLHGHLQWHQVLWDWHDSORLLÌQSR]LĠLDc IDĠăGHEUDĠXOúWHUJăWRUXOXL
VHQ]RUXOGHSORDLHHVWHPDLVHQVLELOGHFkWvQ
SR]LĠLDbIăFkQGFDúWHUJăWRUXOGHSDUEUL]
VăúWHDUJăPDLIUHFYHQW

ÌQORFXLUHDODPHORUúWHUJăWRDUHORU
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
%UDĠHOHúWHUJăWRDUHORUGHSDUEUL]VHSRWSXQH
vQPLúFDUHSURYRFkQGUăQLUHDGDFăOăVDĠL
úWHUJăWRDUHOHGHSDUEUL]DFWLYDWH  6FRDWHĠLODPDúWHUJăWRUXOXLGLQúWLIWXOGH
6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW IL[DUHGHSHEUDĠXOúWHUJăWRUXOXLvQGLUHFĠLD
vQDLQWHGHDvQORFXLODPHOHúWHUJăWRDUHORU VăJHĠLL

 3HQWUXDHYLWDGHWHULRUDUHDODPHORU 0RQWDUHDODPHORUúWHUJăWRDUHORU
úWHUJăWRDUHORUGHSDUEUL]DVLJXUDĠLYăFă  ÌPSLQJHĠLQRXDODPăDúWHUJăWRUXOXLSHúWLI
DWLQJHĠLQXPDLEUDĠXOúWHUJăWRUXOXLGLQ WXOGHIL[DUHGLQEUDĠXOúWHUJăWRUXOXLvQGLUHF
úWHUJăWRUXOGHSDUEUL] ĠLDRSXVăVăJHĠLL

 6HQ]RUGHSORDLHVHWDWSHVHQ]LWLYLWDWHULGLFDWă
 ùWHUJăWRDUHGHSDUEUL] 

$VLJXUDĠLYăFăODPDúWHUJăWRUXOXLFXOLVHD]ă
FRPSOHWSHúWLIWXOGHIL[DUHGHSHEUDĠXO
úWHUJăWRUXOXL
 5RWLĠLODPDúWHUJăWRUXOXLvQSDUDOHOFXEUDĠXO
úWHUJăWRUXOXL
 3OLDĠLEUDĠXOúWHUJăWRUXOXLvQDSRLSHSDUEUL]

3UREOHPHODúWHUJăWRDUHOHGHSDUEUL]
ùWHUJăWRDUHOHGHSDUEUL]VXQWREVWUXF
ĠLRQDWH
(VWHSRVLELOFDIUXQ]HOHVDX]ăSDGDGHH[HP

/XPLQLúLúWHUJăWRDUHGHSDUEUL]
SOXVăvPSLHGLFHGHSODVDUHDúWHUJăWRDUHORU
GHSDUEUL]0RWRUXOúWHUJăWRUXOXLDIRVWGH]DF
WLYDW
 'LQPRWLYHGHVLJXUDQĠăWUHEXLHVăVFRDWHĠL
FKHLDGLQFRPXWDWRUXOGHFRQWDFW
VDX
 2SULĠLPRWRUXOFXDMXWRUXOEXWRQXOXL6WDUW
6WRSúLGHVFKLGHĠLSRUWLHUDúRIHUXOXL
 ÌQGHSăUWDĠLFDX]DREVWUXFĠLRQăULL
 5HSRUQLĠLúWHUJăWRDUHOHGHSDUEUL]

ùWHUJăWRDUHOHGHSDUEUL]VXQWQHIXQF
ĠLRQDOH
0RWRUXOúWHUJăWRDUHORUGHSDUEUL]HVWHGHIHFW
 6HOHFWDĠLRDOWăYLWH]ăDúWHUJăWRUXOXLGHSH
FRPXWDWRUXOPL[W
 6ROLFLWDĠLYHULILFDUHDLPHGLDWăDúWHUJăWRD
UHORUGHSDUEUL]ODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW

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



 

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

&RQWUROFOLPDWL]DUH
 3UH]HQWDUHJHQHUDOăDVLVWHPHORUGHFRQWUROFOLPDWL]DUH
,QIRUPDĠLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH
ULWRDUHODVLJXUDQĠă
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
DHUGHELWDWăvQLQWHULRUXODXWRYHKLFXOXOXL
'LQDFHVWPRWLYWUHEXLHVăUHVSHFWDĠLvQWRW
GHDXQDLQWHUYDOXOGHvQORFXLUHDILOWUXOXL
VSHFLILFDWvQ%URúXUDGHVHUYLFH'HRDUHFH
GHSLQGHGHFRQGLĠLLOHDPELDQWHGHH[XQ
DHUSXWHUQLFSROXDWLQWHUYDOXOSRDWHILPDL
VFXUWGHFkWFHOVSHFLILFDWvQ%URúXUDGHVHU
YLFH
G (VWHSRVLELOFDIXQFĠLDGHFăOGXUăUH]L
GXDOăVăILHDFWLYDWăDXWRPDWODRRUăGXSă
VFRDWHUHDFKHLL$XWRYHKLFXOXOHVWHDSRL
DHULVLWWLPSGHGHPLQXWHSHQWUXDXVFD
VLVWHPXOGHDHUFRQGLĠLRQDW
FLDOLWDWHDXWRUL]DWH3DJLQD
&RQWUROFOLPDWL]DUH

3UH]HQWDUHJHQHUDOăDVLVWHPHORUGH
FRQWUROFOLPDWL]DUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 3HULFROGHDFFLGHQW
5HVSHFWDĠLVHWăULOHUHFRPDQGDWHvQSDJLQLOH
XUPăWRDUHÌQFD]FRQWUDUIHUHVWUHOHVDU
SXWHDDEXUL&DXUPDUHHVWHSRVLELOVăQX
SXWHĠLXUPăULFRQGLĠLLOHGHWUDILFúLVăSURYR
FDĠLXQDFFLGHQW

&RQWUROXODXWRPDWDOFOLPDWL]ăULL7+(50$7,&
FRQWUROHD]ăWHPSHUDWXUDúLXPLGLWDWHDGLQ
LQWHULRUXODXWRYHKLFXOXOXLúLHOLPLQăSULQILO
WUDUHVXEVWDQĠHOHQHGRULWHGLQDHU
&RQWUROXODXWRPDWDOFOLPDWL]ăULL7+(50$7,&
HVWHIXQFĠLRQDOQXPDLFkQGPRWRUXOIXQFĠLR
QHD]ă)XQFĠLRQDUHDRSWLPăHVWHREĠLQXWă
QXPDLFkQGFRQGXFHĠLFXJHDPXULOHODWHUDOH
úLWUDSDJOLVDQWăSDQRUDPLFăvQFKLVH
G 9HQWLODĠLDXWRYHKLFXOXOSHRSHULRDGă
VFXUWăGHWLPSSHYUHPHFDOGăGHH[FX
DMXWRUXOFDUDFWHULVWLFLLGHGHVFKLGHUHDVLV
WDWă3DJLQD$VWIHOYHĠLDFFHOHUDSUR
FHVXOGHUăFLUHúLWHPSHUDWXUDGRULWăvQLQWH
ULRUXODXWRYHKLFXOXOXLYDILDWLQVăPDLUDSLG
G )LOWUXOLQWHJUDWSRDWHHOLPLQDPDMRULWDWHD
SDUWLFXOHORUGHSUDIúLHOLPLQăFRPSOHWSROH
QXO8QILOWUXDQFUDVDWUHGXFHFDQWLWDWHDGH
 3UH]HQWDUHJHQHUDOăDVLVWHPHORUGHFRQWUROFOLPDWL]DUH 

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

&RQWUROFOLPDWL]DUH
C 6HWHD]ăWHPSHUDWXUDVWkQJD3DJLQD
D 'H]DEXUHúWHSDUEUL]XO3DJLQD
‡ $FWLYHD]ăGH]DFWLYHD]ăIXQFĠLD=21(3DJLQD
… $FWLYHD]ăGH]DFWLYHD]ăUăFLUHDFXGH]XPLGLILFDUHDDHUXOXL3DJLQD
ƒ $FWLYHD]ăGH]DFWLYHD]ăvQFăO]LUHDOXQHWHL3DJLQD
„ 6HWHD]ăWHPSHUDWXUDGUHDSWD3DJLQD
k $FWLYHD]ăGH]DFWLYHD]ăPRGXOGHUHFLUFXODUHDDHUXOXL3DJLQD
l 6HWHD]ăGLVWULEXĠLDDHUXOXL3DJLQD
m &UHúWHFXUHQWXOGHDHU3DJLQD
n 5HGXFHFXUHQWXOGHDHU3DJLQD
o $FWLYHD]ăGH]DFWLYHD]ăFRQWUROXOFOLPDWL]ăULL3DJLQD
p 6HWHD]ăFRQWUROXOFOLPDWL]ăULLSHPRGXODXWRPDW3DJLQD
1RWHSULYLQGXWLOL]DUHDFRQWUROXODXWR
PDWDOFOLPDWL]ăULL7+(50$7,&
ÌQXUPăWRDUHOHJăVLĠLQRWHúLUHFRPDQGăULSUL
YLQGXWLOL]DUHDRSWLPăDFRQWUROXOXLDXWRPDWDO
FOLPDWL]ăULL7+(50$7,&
=$FWLYDĠLFRQWUROXOFOLPDWL]ăULLFXDMXWRUXO
EXWRDQHORUXúLZ/ăPSLOHLQGLFD
WRDUHGLQEXWRDQHOHXúLZVHDSULQG
=6HWDĠLWHPSHUDWXUDSH‚
=8WLOL]DĠLIXQFĠLDGHGH]DEXULUHQXPDLWHP
SRUDUSkQăFHSDUEUL]XOUHGHYLQHWUDQVSD
UHQW

=8WLOL]DĠLPRGXOGHUHFLUFXODUHDDHUXOXL
QXPDLWHPSRUDUGHH[GDFăH[LVWăPLUR
VXULH[WHULRDUHQHSOăFXWHVDXFkQGYăDIODĠL
vQWUXQWXQHOÌQFD]FRQWUDUJHDPXULOHVH
SRWDEXULFDvQPRGXOGHUHFLUFXODUHDDHUX
OXLIăUăDVHDVSLUDDHUSURDVSăWvQDXWRYH
KLFXO
=8WLOL]DĠLIXQFĠLD=21(SHQWUXDDGRSWD
VHWăULOHGHWHPSHUDWXUăGHSHSDUWHDúRIH
UXOXLúLSHQWUXSDUWHDSDVDJHUXOXLIDĠă
/DPSDLQGLFDWRDUHGLQEXWRQXOÖVH
VWLQJH
 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOL
PDWL]ăULL
3RUQLUHDRSULUHDFRQWUROXOXLFOLPD
WL]ăULL
,QIRUPDĠLLLPSRUWDQWH
G &kQGFRQWUROXOFOLPDWL]ăULLHVWHGH]DFWL
YDWGLVWULEXĠLDDHUXOXLúLFLUFXODUHDDHUXOXL
VXQWGH]DFWLYDWH6HOHFWDĠLWHPSRUDU
DFHDVWăVHWDUHÌQFD]FRQWUDUJHDPXULOHVH
SRWDEXUL
G $FWLYDĠLFRQWUROXOFOLPDWL]ăULLvQVSHFLDOFX
 3HULFROGHDFFLGHQW
'DFăGH]DFWLYDĠLIXQFĠLDGHUăFLUHFXGH]XPL
GLILFDUHDDHUXOXLvQFRQGLĠLLGHWHPSHUDWXUL
H[WHULRDUHULGLFDWHDXWRYHKLFXOXOQXYDILUăFLW
LDUDHUXOQXYDILGH]XPLGLILFDW(VWHSRVLELOFD
JHDPXULOHVăVHDEXUHDVFăPDLUDSLG$FHVW
IDSWSRDWHGLPLQXDYL]LELOLWDWHDDVXSUDWUDIL
FXOXLúLvQFRQVHFLQĠăSRDWHILFDX]DXQXL
DFFLGHQW
(VWHSRVLELOFDGLQSDUWHDGHGHGHVXEWD
DXWRYHKLFXOXOXLVăFXUJăFRQGHQVFkQG
7+(5027521,&HVWHvQPRGXOGHUăFLUH
DMXWRUXOEXWRQXOXLX3DJLQD
&RQWUROFOLPDWL]DUH
$FWLYDUHGH]DFWLYDUH
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
 3HQWUXDDFWLYDDSăVDĠLEXWRQXOX
/DPSDLQGLFDWRDUHGLQEXWRQXOXVH
DSULQGH&XUHQWXOGHDHUúLGLVWULEXĠLDDHUX
OXLVXQWVHWDWHSHPRGXODXWRPDW
VDX
 $SăVDĠLEXWRQXOx
/DPSDLQGLFDWRDUHGLQEXWRQXOxVH
VWLQJH6HWăULOHVHOHFWDWHDQWHULRUVXQWGLQ
QRXYDODELOH
 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO
x
/DPSDLQGLFDWRDUHGLQEXWRQXOxVH
DSULQGH
$FWLYDUHDGH]DFWLYDUHDUăFLULLFX
GH]XPLGLILFDUHDDHUXOXL
,QIRUPDĠLLLPSRUWDQWH
)XQFĠLDGHUăFLUHFXGH]XPLGLILFDUHDDHUXOXL
HVWHGLVSRQLELOăGRDUFkQGPRWRUXOIXQFĠLR
QHD]ă$HUXOGLQDXWRYHKLFXOHVWHUăFLWúL
GH]XPLGLILFDWvQIXQFĠLHGHWHPSHUDWXUD
VHOHFWDWă
$FHVWDHVWHIHQRPHQQRUPDOQHLQGLFkQGR
GHIHFĠLXQH
G )XQFĠLDGHUăFLUHFXGH]XPLGLILFDUHD
DHUXOXLXWLOL]HD]ăUHIULJHUHQW5D$FHVW
OLFKLGGHUăFLUHQXFRQĠLQHFORURIOXRURFDU
EXULQHDIHFWkQGSULQXUPDUHVWUDWXOGH
R]RQ
$FWLYDUHGH]DFWLYDUH
 3HQWUXDDFWLYDDSăVDĠLEXWRQXOZ
/DPSDLQGLFDWRDUHGLQEXWRQXOZVH
DSULQGH
 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO
Z
/DPSDLQGLFDWRDUHGLQEXWRQXOZVH
VWLQJH)XQFĠLDGHUăFLUHFXGH]XPLGLILFDUH
DDHUXOXLGLVSXQHGHRFDUDFWHULVWLFăGH
RSULUHWHPSRUL]DWă
3UREOHPHODIXQFĠLDGHUăFLUHFXGH]X
PLGLILFDUHDDHUXOXL
&kQGDSăVDĠLEXWRQXOZODPSDLQGLFD
WRDUHGLQEXWRQFOLSHúWHGHWUHLRULVDXUăPkQH
VWLQVă1XPDLSXWHĠLDFWLYDIXQFĠLDGHUăFLUH
FXGH]XPLGLILFDUHDDHUXOXL
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW
 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
6HWDUHDFRQWUROXOXLFOLPDWL]ăULLSH
PRGXODXWRPDW
ÌQPRGXODXWRPDWWHPSHUDWXUDVHWDWăHVWH
PHQĠLQXWăDXWRPDWODXQQLYHOFRQVWDQW6LV
WHPXOUHJOHD]ăDXWRPDWWHPSHUDWXUDDHUXOXL
GHELWDWFXUHQWXOGHDHUúLGLVWULEXĠLDDHUXOXL
0RGXODXWRPDWYDRIHULRIXQFĠLRQDUHRSWLPă
GDFăúLUăFLUHDFXGH]XPLGLILFDUHDDHUXOXL
HVWHODUkQGXOVăXDFWLYDWă'DFăVHGRUHúWH
UăFLUHDFXGH]XPLGLILFDUHDDHUXOXLSRDWHIL
GH]DFWLYDWă
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
 6HWDĠLWHPSHUDWXUDGRULWă
 3HQWUXDDFWLYDDSăVDĠLEXWRQXOX
/DPSDLQGLFDWRDUHGLQEXWRQXOXVH
DSULQGH&XUHQWXOGHDHUúLGLVWULEXĠLDDXWR
PDWăDDHUXOXLVXQWDFWLYDWH
 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO

VDX
 $SăVDĠLEXWRQXO—VDX•
/DPSDLQGLFDWRDUHGLQEXWRQXOXVH
VWLQJH&XUHQWXOGHDHUúLGLVWULEXĠLDDXWR
PDWăDDHUXOXLVXQWGH]DFWLYDWH
6HWDUHDWHPSHUDWXULL
6HSRWVHWDWHPSHUDWXULGLIHULWHSHQWUXSDUWHD
úRIHUXOXLúLSDUWHDSDVDJHUXOXLIDĠă
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
 3HQWUXDFUHúWHUHGXFHURWLĠLFRPHQ
]LOHCúL„vQVHQVRUDUVDXDQWLRUDU

6HWDUHDGLVWULEXĠLHLDHUXOXL
6HWăULGLVWULEXĠLHDHU
œ 'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODĠLHFHQWUDOHúLODWHUDOH
› 'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODĠLHGHODVSDĠLXOSHQWUX
SLFLRDUH
Ÿ 'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODĠLHFHQWUDOHúLODWHUDOHúLRUL
ILFLLOHGHYHQWLODĠLHGHODVSDĠLXOSHQWUX
SLFLRDUH
a 'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH
GHGH]DEXULUH
‡ 'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH
&RQWUROFOLPDWL]DUH
GHYHQWLODĠLHFHQWUDOHúLODWHUDOHGDUúL
SULQRULILFLLOHGHGH]DEXULUH
† 'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH
DHUXOXLGHODVSDĠLXOSHQWUXSLFLRDUHúL
FHOHGHGH]DEXULUH
 'LULMHD]ăFXUHQWXOGHDHUSULQRULILFLLOH
GHGH]DEXULUHRULILFLLOHGHYHQWLODĠLH
FHQWUDOHúLODWHUDOHGDUúLSULQRULILFLLOH
GHODVSDĠLXOSHQWUXSLFLRDUH
G ,QGLIHUHQWFDUHHVWHVHWDUHDGLVWULEXĠLHL
DHUXOXLFXUHQWXOGHDHUHVWHvQWRWGHDXQD
GLULMDWSULQRULILFLLOHGHYHQWLODĠLHODWHUDOH
2ULILFLLOHGHYHQWLODĠLHODWHUDOHSRWILvQFKLVH
QXPDLFkQGFRPHQ]LOHGHSHRULILFLLOHGH
YHQWLODĠLHODWHUDOHVXQWURWLWHvQMRV
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
 $SăVDĠLUHSHWDWEXWRQXOSkQăFHVLP
EROXOGRULWDSDUHSHDILúDM
/DPSDLQGLFDWRDUHGLQEXWRQXOXVH
3DJLQD VWLQJH&RQWUROXODXWRPDWHVWHGH]DFWLYDWúL
6FKLPEDĠLVHWDUHDWHPSHUDWXULLQXPDLvQ GLVWULEXĠLDDHUXOXLHVWHFRQWURODWăvQIXQFĠLH
WUHSWHPLFLÌQFHSHĠLGHOD‚ GHVHWDUHDVHOHFWDWă


 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
6HWDUHDFXUHQWXOXLGHDHU
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
 3HQWUXDFUHúWHUHGXFHDSăVDĠLEXWRQXO
—VDX•
$FWLYDUHDGH]DFWLYDUHDIXQFĠLHL
=21(
 3HQWUXDDFWLYDDSăVDĠLEXWRQXOÖ
/DPSDLQGLFDWRDUHGLQEXWRQXOÖVH
DSULQGH
6HWDUHDGHWHPSHUDWXUăSHQWUXSDUWHD
úRIHUXOXLQXHVWHDSOLFDWăúLSHSDUWHDSDVD
&RQWUROFOLPDWL]DUH
JHUXOXLIDĠă
&kQGEXWRDQHOHSHQWUXWHPSHUDWXUăFXUHQWXO
GHDHUVDXGLVWULEXĠLDDHUXOXLVXQWDFWLYDWH
VHWDUHDGHWHPSHUDWXUăSHQWUXSDUWHDúRIH
UXOXLQXHVWHDGRSWDWăúLSHQWUXFHOHODOWH]RQH
GHFRQWURODOFOLPDWL]ăULL
 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO
Ö
/DPSDLQGLFDWRDUHGLQEXWRQXOÖVH
6LVWHPXOGHFRQWURODOFOLPDWL]ăULLFRPXWă
SHXUPăWRDUHOHIXQFĠLL
=UăFLUHDFXGH]XPLGLILFDUHDDHUXOXLDFWL
YDWă
=FXUHQWGHDHUULGLFDW
=WHPSHUDWXUăULGLFDWă
=GLVWULEXĠLDDHUXOXLFăWUHSDUEUL]úLJHD
PXULOHODWHUDOHIDĠă
=PRGXOGHUHFLUFXODUHDDHUXOXLGH]DFWLYDW
 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO
d
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH
VWLQJH6HWăULOHVHOHFWDWHDQWHULRUVXQWGLQ
QRXYDODELOH)XQFĠLDGHUăFLUHFXGH]XPL
GLILFDUHDDHUXOXLUăPkQHDFWLYDWă0RGXO
GHUHFLUFXODUHDDHUXOXLUăPkQHGH]DFWLYDW
VDX
 $SăVDĠLEXWRQXOX
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH
VWLQJH&XUHQWXOGHDHUúLGLVWULEXĠLDDHUXOXL
VXQWVHWDWHSHPRGXODXWRPDW
VDX
 5RWLĠLFRQWUROXOWHPSHUDWXULLCVDX„vQ
VWLQJH VHQVRUDUVDXDQWLRUDU3DJLQD
6HWDUHDGHWHPSHUDWXUăSHQWUXSDUWHD VDX
úRIHUXOXLHVWHDGRSWDWăúLSHSDUWHDSDVD  $SăVDĠLEXWRQXO—VDX•
JHUXOXLIDĠă

'H]DEXULUHDJHDPXULORU
'H]DEXULUHDSDUEUL]XOXL
3XWHĠLXWLOL]DDFHDVWăIXQFĠLHSHQWUXDGHJLYUD *HDPXULDEXULWHSHLQWHULRU
SDUEUL]XOVDXSHQWUXDGH]DEXULLQWHULRUXOSDU  $FWLYDĠLIXQFĠLDGHUăFLUHFXGH]XPLGLILFDUH
EUL]XOXLúLJHDPXULOHODWHUDOH DDHUXOXLZ
G 6HOHFWDĠLIXQFĠLDGHGH]DEXULUHSkQăFH  $FWLYDĠLPRGXODXWRPDWX
SDUEUL]XOUHGHYLQHWUDQVSDUHQW  'DFăJHDPXULOHFRQWLQXăVăVHDEXUHDVFă

 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH DFWLYDĠLIXQFĠLDGHGH]DEXULUH
FRQWDFW 3DJLQD
 3HQWUXDDFWLYDDSăVDĠLEXWRQXOd G 6HOHFWDĠLDFHDVWăVHWDUHGRDUSkQăFHSDU
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH EUL]XOUHGHYLQHWUDQVSDUHQW
DSULQGH

 ÌQIXQFĠLHGHWHPSHUDWXUDH[WHULRDUă
 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
*HDPXULDEXULWHSHH[WHULRU
$FWLYDĠLúWHUJăWRDUHOHGHSDUEUL]
$SăVDĠLUHSHWDWEXWRQXOSkQăFHVLP
EROXO›VDXœDSDUHSHDILúDM
G 6HOHFWDĠLDFHDVWăVHWDUHGRDUSkQăFHSDU
EUL]XOUHGHYLQHWUDQVSDUHQW
ÌQFăO]LUHDOXQHWHL
$FWLYDUHGH]DFWLYDUH
 3HULFROGHDFFLGHQW
&XUăĠDĠLWRDWHJHDPXULOHGHJKHDĠăVDX
]ăSDGăvQDLQWHGHSRUQLUHDvQFăOăWRULH'LPL
QXDUHDYL]LELOLWăĠLLSRDWHFUHDVLWXDĠLLSHULFX
ORDVHSHQWUXGXPQHDYRDVWUăVDXSHQWUXDOWH
SHUVRDQH
ÌQFăO]LUHDOXQHWHLDUHXQFRQVXPGHFXUHQW
ULGLFDW3ULQXUPDUHGH]DFWLYDĠLRLPHGLDWFH
OXQHWDHVWHLDUWUDQVSDUHQWăGHRDUHFHvQFăO]L
UHDOXQHWHLVHGH]DFWLYHD]ăDXWRPDWQXPDL
GXSăFkWHYDPLQXWH
'DFăWHQVLXQHDEDWHULHLHVWHSUHDVFă]XWă
vQFăO]LUHDOXQHWHLVHSRDWHGH]DFWLYD
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
 $SăVDĠLEXWRQXOl
/DPSDLQGLFDWRDUHGLQEXWRQXOlVH
DSULQGHVDXVHVWLQJH
3UREOHPHODvQFăO]LUHDOXQHWHL
ÌQFăO]LUHDOXQHWHLVDGH]DFWLYDWSUHPDWXUVDX
QXSRDWHILDFWLYDWă
 'H]DFWLYDĠLRULFHFRQVXPDWRULLQXWLOLGHH[
OăPSLOHGHOHFWXUăVDXLOXPLQDUHDLQWH
ULRDUă
&kQGEDWHULDHVWHVXILFLHQWGHvQFăUFDWă
vQFăO]LUHDOXQHWHLHVWHDFWLYDWăGLQQRX
DXWRPDW

$FWLYDUHDGH]DFWLYDUHDPRGXOXLGH
UHFLUFXODUHDDHUXOXL
3XWHĠLGH]DFWLYDIOX[XOGHDHUSURDVSăWGDFă
vQDXWRYHKLFXOSăWUXQGPLURVXULQHSOăFXWHGH
DIDUă$HUXOGLQDXWRYHKLFXOYDILDVWIHOUHFLU
FXODW
 $9(57,60(17
/DWHPSHUDWXULH[WHULRDUHMRDVHFRPXWDĠLSH
PRGXOGHUHFLUFXODUHDDHUXOXLQXPDLWHPSR
UDUÌQFD]FRQWUDUHVWHSRVLELOFDJHDPXULOH
VăVHDEXUHDVFăDIHFWkQGDVWIHOYL]LELOLWDWHD
úLSHULFOLWkQGVLJXUDQĠDGXPQHDYRDVWUăúLD
FHORUODOĠL$VWIHOHVWHSRVLELOVăQXREVHUYDĠL
FRQGLĠLLOHGLQWUDILFúLVăSURYRFDĠLvQFRQVH
&RQWUROFOLPDWL]DUH
FLQĠăXQDFFLGHQW
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
 3HQWUXDDFWLYDDSăVDĠLEXWRQXOr
/DPSDLQGLFDWRDUHGLQEXWRQXOrVH
DSULQGH
G ÌQFD]XOXQRUQLYHOXULGHSROXDUHULGLFDWH
VDXODWHPSHUDWXULH[WHULRDUHULGLFDWH
PRGXOGHUHFLUFXODUHDDHUXOXLHVWHDFWLYDW
DXWRPDW&kQGPRGXOGHUHFLUFXODUHDDHUX
OXLHVWHDFWLYDWDXWRPDWODPSDLQGLFDWRDUH
GLQEXWRQXOrQXHVWHDSULQVă
$HUXOH[WHULRUHVWHDGăXJDWGXSăDSUR[L
PDWLYGHPLQXWH
 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXO
r
/DPSDLQGLFDWRDUHGLQEXWRQXOrVH
VWLQJH
ÌQFKLGHUHDGHVFKLGHUHDDVLVWDWăFX
DMXWRUXOEXWRQXOXLGHUHFLUFXODUHD
DHUXOXL
 $9(57,60(17
$VLJXUDĠLYăFăQXYDILSULQVQLPHQLvQWUHJHD
PXOODWHUDOúLFDGUXOSRUWLHUHLFkQGJHDPXULOH
ODWHUDOHVXQWGHVFKLVHúLvQFKLVH$VLJXUDĠLYă
FăWRDWHRELHFWHOHúLSăUĠLOHFRUSXOXLVXQWOD
GLVWDQĠăGHJHDPXULOHODWHUDOHFkQGDFHVWHD
 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
VXQWGHVFKLVHVDXvQFKLVH'XPQHDYRDVWUă
VDXRELHFWHOHSXWHĠLILWUDúLVDXSULQúLvQWUH
JHDPXOODWHUDOúLFDGUXOSRUWLHUHLSHPăVXUă
FHJHDPXOVHGHSODVHD]ă'DFăH[LVWăSHULFR
OXOGHSULQGHUHDFĠLRQDĠLFRPXWDWRUXOb
SHQWUXDGHSODVDJHDPXOODWHUDOvQVHQVXO
RSXV
$VLJXUDĠLYăFăQLPHQLQXSRDWHILSULQVvQWUH
HOHPHQWHFkQGWUDSDJOLVDQWăSDQRUDPLFă
HVWHGHVFKLVăúLvQFKLVă'DFăH[LVWăSHULFROXO
GHSULQGHUHDFĠLRQDĠLFRPXWDWRUXOWSHQ
WUXDGHSODVDWUDSDJOLVDQWăSDQRUDPLFăvQ
VHQVXORSXV
 &DUDFWHULVWLFDGHvQFKLGHUHDVLVWDWă
DSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOr
&RQWUROFOLPDWL]DUH
SkQăFHJHDPXULOHODWHUDOHúLWUDSDJOLVDQWă
SDQRUDPLFăVDXvQFKLV
/DPSDLQGLFDWRDUHGLQEXWRQXOrVH
DSULQGH0RGXOGHUHFLUFXODUHDDHUXOXLHVWH
DFWLYDW
 &DUDFWHULVWLFDGHGHVFKLGHUHDVLVWDWă WLPSGHDSUR[LPDWLY]HFHPLQXWHvQILHFDUH
DSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOr
SkQăFHJHDPXULOHODWHUDOHúLWUDSDJOLVDQWă
SDQRUDPLFăVDXGHVFKLV*HDPXULOHODWH
UDOHúLWUDSDJOLVDQWăSDQRUDPLFăUHYLQvQ
SR]LĠLDORULQLĠLDOă
/DPSDLQGLFDWRDUHGLQEXWRQXOrVH
VWLQJH0RGXOGHUHFLUFXODUHDDHUXOXLHVWH
GH]DFWLYDW
G 'DFăGHVFKLGHĠLJHDPXULOHODWHUDOHVDX
WUDSDJOLVDQWăSDQRUDPLFăPDQXDOGXSăFH
OHvQFKLGHĠLSULQFDUDFWHULVWLFDGHvQFKLGHUH
DVLVWDWăHOHYRUUăPkQHvQDFHDVWăSR]LĠLH
FkQGVXQWGHVFKLVHSULQFDUDFWHULVWLFDGH
GHVFKLGHUHDVLVWDWă
ÌQFăO]LUHDX[LOLDUă
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
6HSURGXFJD]HGHHúDSDPHQWFkQGvQFăO]LUHD
DX[LOLDUăHVWHvQIXQFĠLXQH,QKDODUHDDFHVWRU
JD]HGHHúDSDPHQWYăSRDWHILQRFLYă3ULQ
XUPDUHDUWUHEXLVăGH]DFWLYDĠLvQFăO]LUHD
DX[LOLDUăvQVSDĠLLvQFKLVHIăUăXQVLVWHPGH
YHQWLODUHSULQDVSLUDĠLHGHH[vQWUXQJDUDM
 $9(57,60(17
&kQGXWLOL]DĠLvQFăO]LUHDDX[LOLDUăDQXPLWH
SăUĠLDOHDXWRYHKLFXOXOXLVHSRWvQFLQJHSXWHU
QLFLDUPDWHULDOHOHSXWHUQLFLQIODPDELOHSUH
FXPFDUEXUDQĠLLVHSRWDSULQGH8WLOL]DUHD
vQFăO]LULLDX[LOLDUHHVWHGLQDFHVWPRWLYLQWHU
]LVăvQEHQ]LQăULLVDXFkQGDXWRYHKLFXOXOGXP
QHDYRDVWUăHVWHDOLPHQWDWFXFDUEXUDQW3ULQ
XUPDUHWUHEXLHVăGH]DFWLYDĠLvQFăO]LUHDDX[L
OLDUăvQEHQ]LQăULL
 8WLOL]DUHDvQFăO]LULLYHQWLODĠLHLDX[LOLDUH
FRQVXPăEDWHULDDXWRYHKLFXOXOXL'XSăFH
DĠLvQFăO]LWVDXYHQWLODWDXWRYHKLFXOXOGH
PD[LPXPGRXăRULFRQGXFHĠLRGLVWDQĠă
PDLPDUH
G $FWLYDĠLvQFăO]LUHDDX[LOLDUăUHJXODWGHH[
OXQă
ÌQFăO]LUHDDX[LOLDUăvQFăO]HúWHDHUXOGLQLQWH
ULRUXODXWRYHKLFXOXOXLODWHPSHUDWXUDVHWDWă
IăUăDVHIRORVLGHFăOGXUDPRWRUXOXLvQIXQF
ĠLXQHÌQFăO]LUHDDX[LOLDUăHVWHDFĠLRQDWă
GLUHFWSULQLQWHUPHGLXOFDUEXUDQWXOXLDXWRYH
KLFXOXOXL'LQDFHVWPRWLYFRQĠLQXWXOUH]HUYR
UXOXLWUHEXLHVăILHFHOSXĠLQODQLYHOXOGHFDU
EXUDQWGHUH]HUYăSHQWUXDVHDVLJXUDIXQF
ĠLRQDUHDvQFăO]LULLDX[LOLDUH
ÌQFăO]LUHDYHQWLODĠLDDX[LOLDUăVHDGDSWHD]ă
DXWRPDWODPRGLILFăULGHWHPSHUDWXUăúLFRQ
GLĠLLPHWHR'LQDFHVWPRWLYvQFăO]LUHDDX[L
OLDUăDUSXWHDFRPXWDGLQPRGXOGHYHQWLODĠLH
vQFHOGHvQFăO]LUHVDXGLQPRGXOGHvQFăO]LUH
vQFHOGHYHQWLODĠLH
ÌQFăO]LUHDDX[LOLDUăVHGH]DFWLYHD]ăDXWRPDW
GXSăGHPLQXWH$FHDVWăOLPLWăGHWLPS
SRDWHILPRGLILFDWăÌQDFHVWVFRSDSHODĠLOD
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ
&HQWUXGH6HUYLFH0HUFHGHV%HQ]
1XSXWHĠLXWLOL]DYHQWLODĠLDDX[LOLDUăSHQWUXD
UăFLLQWHULRUXODXWRYHKLFXOXOXLODRWHPSHUD
WXUăPDLMRDVăGHFkWWHPSHUDWXUDH[WHULRDUă
 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL
ÌQDLQWHGHDFWLYDUH
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
 6HWDĠLWHPSHUDWXUD
ÌQFăO]LUHDYHQWLODĠLDDX[LOLDUăSRDWHILDFWL
YDWăFkQGFRQWUROXOFOLPDWL]ăULLHVWHFRQWURODW
PDQXDO6HSRDWHREĠLQHXQFRQIRUWRSWLP
FkQGVLVWHPXOHVWHVHWDWSHPRGXODXWRPDW
6HWDĠLWHPSHUDWXUDSH‚
ÌQFăO]LUHDYHQWLODĠLDDX[LOLDUăSRDWHILDFWL
YDWăVDXGH]DFWLYDWăFXDMXWRUXOWHOHFRPHQ]LL
VDXDOEXWRQXOXLGLQFRQVRODFHQWUDOă
&DOFXODWRUXOGHERUGSRDWHILXWLOL]DWSHQWUXD
VSHFLILFDSkQăODWUHLRUHGHSOHFDUHGLQWUH
FDUHXQDSRDWHILSUHVHOHFWDWă

'H]DFWLYDUHDvQFăO]LULLYHQWLODĠLHLDX[L
OLDUH
 $SăVDĠLEXWRQXOC
/DPSDLQGLFDWRDUHURúLHVDXDOEDVWUăGLQ
EXWRQXOCVHVWLQJH
$FWLYDUHDGH]DFWLYDUHDvQFăO]LULLYHQ
WLODĠLHLDX[LOLDUHFXDMXWRUXOWHOHFRPHQ
]LL
$XWRYHKLFXOXOGXPQHDYRDVWUăHVWHSUHYă]XW
FXRWHOHFRPDQGă3XWHĠLXWLOL]DGRXăWHOHFR
PHQ]LVXSOLPHQWDUHSHQWUXDXWRYHKLFXOXO
GXPQHDYRDVWUă3HQWUXLQIRUPDĠLLVXSOLPHQ
WDUHOXDĠLOHJăWXUDFXXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DWGHH[XQ&HQWUXGHVHUYLFH
&RQWUROFOLPDWL]DUH
3DJLQD
$FWLYDUHDGH]DFWLYDUHDvQFăO]LULLYHQ
WLODĠLHLDX[LOLDUHFXDMXWRUXOEXWRQXOXL
GLQFRQVRODFHQWUDOă
%XWRQGHSHFRQVRODFHQWUDOă
0HUFHGHV%HQ]
7HOHFRPDQGDDUHRUD]ăPD[LPăGHDSUR[L
PDWLYGHPHWUL$FHDVWăUD]ăHVWHUHGXVă
GH
=VXUVHOHGHLQWHUIHUHQĠăUDGLR
=RELHFWHOHVROLGHGLQWUHWHOHFRPDQGăúL
DXWRYHKLFXO
=VLWXDUHDWHOHFRPHQ]LLvQWURSR]LĠLHQHIDYR
UDELOăIDĠăGHDXWRYHKLFXO
=WUDQVPLWHUHDGLQWUXQVSDĠLXvQFKLV
G 5D]DRSWLPăSRDWHILREĠLQXWăGDFăĠLQHĠL
WHOHFRPDQGDSHYHUWLFDOăRULHQWDWăvQVXV
FkQGDSăVDĠLXQXOGLQWUHEXWRDQH
G 8QVLPEROGHEDWHULHDSDUHSHGLVSOD\
FkQGEDWHULDWHOHFRPHQ]LLHVWHDSURDSH
HSXL]DWăÌQORFXLĠLEDWHULDWHOHFRPHQ]LL
&XORULOHOăPSLORULQGLFDWRDUHGHSHEXWRQDX 3DJLQD
XUPăWRDUHOHVHPQLILFDĠLL
$OEDVWUX 9HQWLODĠLDDX[LOLDUăDFWLYDWă
5RúX ÌQFăO]LUHDDX[LOLDUăDFWLYDWă
*DOEHQ 2UăGHSOHFDUHSUHVHOHFWDWă
3DJLQD

$FWLYDUHDvQFăO]LULLYHQWLODĠLHLDX[LOLDUH
 $SăVDĠLEXWRQXOC
/DPSDLQGLFDWRDUHURúLHVDXDOEDVWUăGLQ
EXWRQXOCVHDSULQGH


 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL

9HQWLODĠLDDX[LOLDUăHVWH
DFWLYDWă1XPăUXOGHSH
DILúDMLQGLFăGXUDWD
UăPDVăvQPLQXWHSHQ
WUXYHQWLODĠLDDX[LOLDUă
ÌQFăO]LUHDDX[LOLDUăHVWH
DFWLYDWă1XPăUXOGHSH
DILúDMLQGLFăGXUDWD
UăPDVăvQPLQXWHSHQ
WUXvQFăO]LUHDDX[LOLDUă
7HOHFRPDQGăGHvQFăO]LUHDX[LOLDUă
C 'LVSOD\ 6DDFWLYDWRRUăGHSOH
D f3HQWUXDYHULILFDVWDUHDIL[DRUDGH
FDUH2UDGHSOHFDUH
DSDUHSHGLVSOD\
SOHFDUH
‡ x3HQWUXDGH]DFWLYDvQFăO]LUHDYHQWL 6DDFWLYDWRRUăGHSOH
&RQWUROFOLPDWL]DUH

ODĠLDDX[LOLDUă FDUH9HQWLODĠLDDX[LOLDUă
… ”3HQWUXDDFWLYDvQFăO]LUHDYHQWLODĠLD HVWHVHOHFWDWăODPRPHQ
DX[LOLDUă WXOUHVSHFWLY2UDGHSOH
FDUHDSDUHSHGLVSOD\
ƒ j3HQWUXDYHULILFDVWDUHDIL[DRUDGH
SOHFDUH 6DDFWLYDWRRUăGHSOH
FDUHÌQFăO]LUHDDX[LOLDUă
$FWLYDUHDvQFăO]LULLYHQWLODĠLHLDX[LOLDUH
HVWHVHOHFWDWăODPRPHQ
 $SăVDĠLEXWRQXO” WXOUHVSHFWLY2UDGHSOH
21DFWLYDWDSDUHSHGLVSOD\XOWHOHFR FDUHDSDUHSHGLVSOD\
PHQ]LL
)L[DUHDXQHLRUHGHSOHFDUH
'H]DFWLYDUHDvQFăO]LULLYHQWLODĠLHLDX[L  $SăVDĠLEXWRQXOjVDXfvQPRG
OLDUH UHSHWDWSkQăFkQGRUDGHPRGLILFDWDSDUH
 $SăVDĠLEXWRQXOx SHGLVSOD\
2))GH]DFWLYDWDSDUHSHDILúDMXOWHOH  $SăVDĠLVLPXOWDQEXWRDQHOH”úLx
FRPHQ]LL 6LPEROXOMGHSHGLVSOD\XOWHOHFRPHQ]LL
9HULILFDUHDVWăULLvQFăO]LULLYHQWLODĠLHL FOLSHúWH
DX[LOLDUH  $SăVDĠLEXWRQXOjVDXfSHQWUXD

 $SăVDĠLEXWRQXOjVDXf VHWDRUDGHSOHFDUHGRULWă

8UPăWRDUHOHPHVDMHSRWDSăUHDSHDILúDM G &XFkWĠLQHĠLPDLPXOWDSăVDWSHEXWR
QXOjVDXfFXDWkWVHúLVFKLPEă
'LVSOD\ 6HPQLILFDĠLH PDLUDSLGRUD
ÌQFăO]LUHDYHQWLODĠLD  $SăVDĠLVLPXOWDQEXWRDQHOH”úLx
DX[LOLDUăHVWHGH]DFWL 1RXDRUăGHSOHFDUHHVWHVWRFDWă
YDWă
 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ăULL 

$FWLYDUHDXQHLRUHGHSOHFDUHIL[DWH
 $SăVDĠLEXWRQXOjVDXfvQPRG
UHSHWDWSkQăFkQGRUDGHSOHFDUHGRULWă
DSDUHSHGLVSOD\
 $SăVDĠLEXWRQXO”
6LPEROXOLúLRUDGHSOHFDUHDSDUSHGLV
SOD\

'H]DFWLYDUHDXQHLRUHGHSOHFDUHIL[DWH
 $SăVDĠLEXWRQXOjVDXf
6WDUHDvQFăO]LULLDX[LOLDUHHVWHLQGLFDWăSH
GLVSOD\
 $SăVDĠLEXWRQXOf
3ULPDRUăGHSOHFDUHPHPRUDWăDSDUHSH
GLVSOD\

&RQWUROFOLPDWL]DUH
 $SăVDĠLEXWRQXOx
0HVDMXOGHSHGLVSOD\2))DSDUHSHGLVSOD\

ÌQORFXLUHDEDWHULHLWHOHFRPHQ]LL
(VWHQHFHVDUăREDWHULHFXSLQGH9GHWLS
&5

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


 5HJODUHDRULILFLXOXLGHYHQWLODĠLH

3UREOHPHODvQFăO]LUHDYHQWLODĠLDDX[LOLDUă

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

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

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

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

 ÌQFHUFDĠLGLQQRXVăDFWLYDĠLVDXVăGH]DFWLYDĠLvQFăO]LUHDDX[L
OLDUăFXDMXWRUXOWHOHFRPHQ]LL

g 1XH[LVWăVXILFLHQWFDUEXUDQWvQUH]HUYRUXOGHFDUEXUDQWVDXvQFăO]L
UHDDX[LOLDUăIXQFĠLRQHD]ăGHIHFWXRV
)$,/'()(&7
 $OLPHQWDĠLODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH
 ÌQFHUFDĠLGLQQRXVăDFWLYDĠLvQFăO]LUHDDX[LOLDUăFXDMXWRUXOWHOH
FRPHQ]LL
 6ROLFLWDĠLYHULILFDUHDvQFăO]LULLDX[LOLDUHODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW

5HJODUHDRULILFLXOXLGHYHQWLODĠLH G 3HQWUXRYHQWLODUHSUDFWLFOLSVLWăGH
FXUHQĠLGHDHUUHJODĠLJOLVRDUHOHRULILFLLORU
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD GHYHQWLODĠLHvQSR]LĠLHFHQWUDOă
 $9(57,60(17
2ULILFLLOHGHYHQWLODĠLHSRWGHELWDXQDHUvQFLQV
VDXIRDUWHUHFH$VWIHOSLHOHDQHDFRSHULWăGLQ
LPHGLDWDDSURSLHUHDRULILFLLORUSRDWHVXIHUL
DUVXULVDXGHJHUăWXULğLQHĠLSLHOHDQHDFRSH
ULWăODGLVWDQĠăGHDFHVWHRULILFLL'DFăVLWXDĠLD
RFHUHRULHQWDĠLFXUHQWXOGHDHUVSUHRDOWă
]RQăGLQLQWHULRUXODXWRYHKLFXOXOXL

3HQWUXDDVLJXUDXQGHELWGHDHUSURDVSăW
GLUHFWSULQRULILFLLOHGHYHQWLODĠLHvQLQWHULRUXO
DXWRYHKLFXOXOXLUHVSHFWDĠLXUPăWRDUHOHQRWH
=QXDFRSHULĠLQLFLRGDWăRULILFLLOHGHYHQWLODĠLH
VDXDGPLVLLOHGHDHUGLQLQWHULRUXODXWRYH
KLFXOXOXL
 5HJODUHDRULILFLXOXLGHYHQWLODĠLH 

)L[DUHDRULILFLLORUGHYHQWLODĠLHFHQ 5HJODUHDRULILFLXOXLGHYHQWLODĠLHDOWRU
WUDOH SHGRXOXL
&kQGFRQWUROXODXWRPDWDOFOLPDWL]ăULLHVWH
DFWLYDWWRUSHGRXOSRDWHILDHULVLWGHH[HPSOX
SHQWUXDLUăFLFRQĠLQXWXO1LYHOXOFXUHQWXOXL
GHDHUGHSLQGHGHVHWăULOHGHFXUHQWGHDHUúL
GLVWULEXĠLHDDHUXOXL
 ÌQFKLGHĠLRULILFLXOGHYHQWLODĠLHFkQG
vQFăO]LĠLDXWRYHKLFXOXO
/DWHPSHUDWXULH[WHULRDUHvQDOWHGHVFKLGHĠL
RULILFLXOGHYHQWLODĠLHúLDFWLYDĠLIXQFĠLD
ÄUăFLUHDFXGH]XPLGLILFDUHDDHUXOXL´ÌQFD]
C 2ULILFLXOGHYHQWLODĠLHFHQWUDOVWkQJD FRQWUDUHOHPHQWHOHWHUPRVHQVLELOHGHSR]L
D 2ULILFLXOGHYHQWLODĠLHFHQWUDOGUHDSWD WDWHvQWRUSHGRSRWVXIHULGHWHULRUăUL

&RQWUROFOLPDWL]DUH
‡ %XWRQGHUHJODMSHQWUXRULILFLXOGHYHQWLOD
ĠLHFHQWUDOGUHDSWD
… %XWRQGHUHJODMSHQWUXRULILFLXOGHYHQWLOD
ĠLHFHQWUDOVWkQJD
 3HQWUXDGHVFKLGHvQFKLGHURWLĠLEXWRD
QHOHGHUHJODM‡úL…vQVXVVDXvQMRV

)L[DUHDRULILFLLORUGHYHQWLODĠLHODWHUDOH
C %XWRQGHUHJODMSHQWUXRULILFLXOGHYHQWLOD
ĠLH
D 2ULILFLXGHYHQWLODĠLH
 3HQWUXDGHVFKLGHvQFKLGHURWLĠLEXWRQXO
GHUHJODMCvQVHQVRUDUVDXDQWLRUDU

 3HQWUXDGHVFKLGHvQFKLGHURWLĠLEXWRQXO
GHUHJODM‡ODVWkQJDVDXODGUHDSWD
G 2ULILFLXOGHGH]DEXULUHSHQWUXJHDPXO
ODWHUDOCQXHVWHQLFLRGDWăFRPSOHWvQFKLV
FKLDUúLGDFăRULILFLXOGHYHQWLODĠLHODWH
UDODHVWHvQFKLV


 5HJODUHDRULILFLXOXLGHYHQWLODĠLH

5HJODUHDRULILFLLORUGHYHQWLODĠLHGLQ
FRPSDUWLPHQWXOVSDWH
6HWDUHDRULILFLLORUGHYHQWLODĠLHFHQWUDOH
GLQFRPSDUWLPHQWXOVSDWH
&RQWUROFOLPDWL]DUH

C %XWRQXOGHUHJODMSHQWUXRULILFLXOGHYHQ
WLODĠLHGLQFRPSDUWLPHQWXOVSDWH
D 2ULILFLXGHYHQWLODĠLHGLQFRPSDUWLPHQWXO
VSDWHGUHDSWD
‡ 2ULILFLXGHYHQWLODĠLHGLQFRPSDUWLPHQWXO
VSDWHVWkQJD
 3HQWUXDGHVFKLGHvQFKLGHURWLĠLEXWRQXO
GHUHJODMCvQVXVVDXvQMRV
 

,QIRUPDĠLLXWLOH 
1RWHSULYLQGURGDMXO 
&RQGXFHUH 

&RQGXFHUHúLSDUFDUH
7UDQVPLVLHPDQXDOă 
7UDQVPLVLHDXWRPDWă 
$OLPHQWDUHFXFDUEXUDQW 
3DUFDUH 
6IDWXULSULYLQGFRQGXFHUHD 
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
7UDFWDUHDUHPRUFLL 
 1RWHSULYLQGURGDMXO
,QIRUPDĠLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG
&RQGXFHUHúLSDUFDUH
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL

GLVWDQĠăSkQăOD]RQDURúLHGLQDILúDMXO
WXURPHWUXOXL
=1XFXSODĠLPDQXDORWUHDSWăGHYLWH]ăLQIH
ULRDUăSHQWUXDIUkQDDXWRYHKLFXOXO
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
='DFăHVWHSRVLELOQXDSăVDĠLSHGDODGH
DFFHOHUDĠLHGLQFRORGHSXQFWXOGHUH]LV
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH
ULWRDUHODVLJXUDQĠă
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
WHQĠăUHWURJUDGDUHDIRUĠDWă
=6HOHFWDĠLQXPDLWUHSWHOHGHYLWH]ăVDX
FkQGFRQGXFHĠLOHQWGHH[SHWHUHQPRQ
WDQ
'XSăNPSXWHĠLDGXFHWUHSWDWDXWRYH
KLFXOXOODYLWH]HGHUXODUHúLWXUDĠLLDOHPRWR
FLDOLWDWHDXWRUL]DWH3DJLQD
1RWHSULYLQGURGDMXO
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
3OăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăQRL
RIHUăSHUIRUPDQĠHRSWLPHODIUkQDUHQXPDL
GXSăFkWHYDVXWHGHNLORPHWUL3kQăDWXQFL
FRPSHQVDĠLUHGXFHUHDIRUĠHLGHIUkQDUHSULQ
DSăVăULPDLIHUPHSHSHGDODGHIUkQă$FHDVWă
LQGLFDĠLHHVWHYDODELOăúLFkQGSOăFXĠHOHGH
IUkQăJDUQLWXULOHGHIUkQăVDXGLVFXULOHGH
IUkQăDXIRVWVFKLPEDWH
ÌQSULPLLNP
&XFkWYăvQJULMLĠLPRWRUXOPDLELQHFkQGHVWH
QRXFXDWkWPDLVDWLVIăFXWYHĠLILGHSHUIRU
PDQĠHOHVDOHYLLWRDUH
=3ULQXUPDUHFRQGXFHĠLODYLWH]HúLWXUDĠLLDOH
PRWRUXOXLYDULDWHvQSULPLLNP
=(YLWDĠLVăVXSXQHĠLPRWRUXOXQRUVDUFLQL
PDULvQDFHDVWăSHULRDGăGHH[SULQFRQ
GXFHUHDODDFFHOHUDĠLHPD[LPă
=6FKLPEDĠLWUHDSWDGHYLWH]ăvQWLPSXWLOFHO
PDLWkU]LXFkQGDFXOWXURPHWUXOXLHVWHOD
UXOXLFRPSOHWH
1RWHVXSOLPHQWDUHSULYLQGURGDMXOSHQWUX
DXWRYHKLFXOHOH$0*
=QXFRQGXFHĠLODYLWH]HGHSHVWHNPK
vQSULPLLNP
=OăVDĠLPRWRUXOVăDWLQJăWXUDĠLDPD[LPăD
PRWRUXOXLGHURWPLQQXPDLSHQWUX
VFXUWWLPS
G 7UHEXLHGHDVHPHQHDVăUHVSHFWDĠL
DFHVWHQRWHSULYLQGURGDMXOGDFăPRWRUXO
VDXFRPSRQHQWHDOHWUHQXOXLGHWUDQVPLVLH
GHODDXWRYHKLFXOXOGXPQHDYRDVWUăDXIRVW
vQORFXLWH
$XWRYHKLFXOHOH$0*FXGLIHUHQĠLDOGH
EORFDUHSHSXQWHDVSDWH
$XWRYHKLFXOXOGXPQHDYRDVWUăHVWHSUHYă]XW
FXXQGLIHUHQĠLDOFXDXWREORFDUHSHSXQWHD
VSDWH6FKLPEDĠLXOHLXOGXSăSHULRDGDGH
URGDMGHNPSHQWUXDvPEXQăWăĠLSUR
WHFĠLDGLIHUHQĠLDOXOXLSXQĠLLVSDWH$FHVW
VFKLPEGHXOHLSUHOXQJHúWHGXUDWDGHYLDĠă
XWLOăDGLIHUHQĠLDOXOXL6ROLFLWDĠLHIHFWXDUHD
VFKLPEXOXLGHXOHLODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW0HUFHGHV%HQ]UHFRPDQGăVăXWL
OL]DĠLXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]vQ
DFHVWVFRS
 &RQGXFHUH 

&RQGXFHUH 3R]LĠLLFKHLH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD &KHLH
 3HULFROGHDFFLGHQW

&RQGXFHUHúLSDUFDUH
1XDPSODVDĠLRELHFWHvQVSDĠLXOGHVWLQDW
SLFLRDUHORUúRIHUXOXL'DFăDFHVWVSDĠLXHVWH
DFRSHULWFXPRFKHWHVDXFRYRUDúHDVLJXUDĠL
YăFăDFHVWHDVXQWIL[DWHFRUHVSXQ]ăWRUúLFă
QXREVWUXFĠLRQHD]ăFXUVDSHGDOHORU
1XVXSUDSXQHĠLPDLPXOWHFRYRUDúH
ÌQFD]FRQWUDURELHFWHOHQHIL[DWHFRUHV
SXQ]ăWRUVDXFRYRUDúHOHSRWILSULQVHvQWUH
SHGDOHODDFFHOHUDUHDVDXIUkQDUHDEUXVFăD
DXWRYHKLFXOXOXL1XYDILSRVLELOăIUkQDUHD Z 3HQWUXDVFRDWHFKHLD
DPEUHLHUHDVDXDFFHOHUDUHDDXWRYHKLFXOXOXL G $OLPHQWDUHDHOHFWULFăSHQWUXDQXPLĠLFRQ
FRQIRUPLQWHQĠLLORUúRIHUXOXL$VWIHOGHVLWXDĠLL VXPDWRULSUHFXPúWHUJăWRDUHOHGHSDU
SRWFDX]DDFFLGHQWHúLUăQLUL EUL]
H &RQWDFWXODOLPHQWDUHDHOHFWULFăSHQWUX
 $9(57,60(17
1XUHWURJUDGDĠLSHQWUXXQHIHFWGHIUkQăGH
PRWRUVXSOLPHQWDUSHVXSUDIHĠHGHGUXPDOX
QHFRDVH$VWIHOURĠLOHPRWULFHúLDUSXWHD
SLHUGHDGHUHQĠDLDUDXWRYHKLFXOXODUSXWHD
GHUDSD$VWIHOSXWHĠLSLHUGHFRQWUROXODXWRYH
KLFXOXOXLúLSXWHĠLSURYRFDXQDFFLGHQW
 ÌQFăO]LĠLUDSLGPRWRUXO1XXWLOL]DĠLSHUIRU
PDQĠHOHFRPSOHWHDOHPRWRUXOXLSkQăQXD
DWLQVWHPSHUDWXUDGHIXQFĠLRQDUH
6HWDĠLWUDQVPLVLDDXWRPDWăODSR]LĠLLOHGH
FRQGXFHUHUHVSHFWLYHQXPDLFkQGDXWRYH
KLFXOXOVWDĠLRQHD]ă
'DFăHVWHSRVLELOHYLWDĠLSDWLQDUHDURĠLORU
PRWULFHFkQGSRUQLĠLGHSHORFSHGUXPXUL
DOXQHFRDVHÌQFD]FRQWUDUDĠLSXWHDGHWH
ULRUDWUHQXOGHWUDQVPLVLH
 $XWRYHKLFXOHOH$0*ODWHPSHUDWXUL
WRĠLFRQVXPDWRULLúLSR]LĠLDGHFRQGXFHUH
I 3HQWUXDSRUQLPRWRUXO
'DFăFKHLDVHDIOăvQSR]LĠLDGLQFRPXWDWRUXO
GHFRQWDFWSHRSHULRDGăPDLvQGHOXQJDWăHD
QXPDLSRDWHILURWLWăvQFRPXWDWRUXOGHFRQ
WDFW'LUHFĠLDHVWHDSRLEORFDWă3HQWUXDR
GHEORFDVFRDWHĠLFKHLDúLUHLQWURGXFHĠLRvQ
FRPXWDWRUXOGHFRQWDFW
9RODQXOHVWHEORFDWFkQGFKHLDHVWHVFRDVă
GLQFRPXWDWRUXOGHFRQWDFW
G 'DFăFKHLDQXDSDUĠLQHDXWRYHKLFXOXOXL
HDSRDWHWRWXúLILURWLWăvQFRPXWDWRUXOGH
FRQWDFW&XWRDWHDFHVWHDFRQWDFWXOQXYD
ILFXSODW0RWRUXOQXSRDWHILSRUQLW
.(</(66*2
1RWHJHQHUDOH
VFă]XWHDOHXOHLXOXLGHPRWRUVXE‚
WXUDĠLDPD[LPăDPRWRUXOXLHVWHOLPLWDWă
SHQWUXDSURWHMDPRWRUXO3HQWUXDSURWHMD
PRWRUXOúLDPHQĠLQHIXQFĠLRQDUHDOLQăD
PRWRUXOXLHYLWDĠLVăFRQGXFHĠLODDFFHOHUD
ĠLHPD[LPăFkWPRWRUXOHVWHUHFH
$XWRYHKLFXOHOHFX.(</(66*2VXQWGRWDWH
FXRFKHLHSUHYă]XWăFXRIXQFĠLH.(</(66
*2LQWHJUDWăúLXQEXWRQ6WDUW6WRSGHWDúD
ELO
%XWRQXO6WDUW6WRSWUHEXLHVăILHLQWURGXVvQ
FRPXWDWRUXOGHFRQWDFWúLFKHLDWUHEXLHVăVH
DIOHvQDXWRYHKLFXO
$SăVDUHDEXWRQXOXL6WDUW6WRSGHPDLPXOWH
RULODUkQGFRUHVSXQGHGLIHULWHORUSR]LĠLLDOH
 &RQGXFHUH

FKHLLvQFRPXWDWRUXOGHFRQWDFW$FHDVWă
VLWXDĠLHDSDUHGRDUGDFăQXDSăVDĠLSHGDODGH
IUkQă
'DFăDSăVDĠLSHGDODGHIUkQăúLDSăVDĠLEXWR
&RQGXFHUHúLSDUFDUH

QXO6WDUW6WRSPRWRUXOSRUQHúWHLPHGLDW

 3R]LĠLDGDFăEXWRQXO6WDUW6WRSCQXD
IRVWvQFăDSăVDWDFHDVWDFRUHVSXQGHVFRD
WHULLFKHLLGLQFRQWDFW
 3R]LĠLDDSăVDĠLEXWRQXO6WDUW6WRSC
$FXPSXWHĠLDFWLYDúWHUJăWRDUHOHGHSDU
EUL]GHH[HPSOX
G 'DFăGHVFKLGHĠLDSRLSRUWLHUDúRIHUXOXLvQ
DFHDVWăSR]LĠLHDOLPHQWDUHDHOHFWULFăHVWH
GH]DFWLYDWă
 6FRDWHĠLEXWRQXO6WDUW6WRSCGLQFRPX
WDWRUXOGHFRQWDFWD
G &kQGLQWURGXFHĠLEXWRQXO6WDUW6WRSC
vQFRPXWDWRUXOGHFRQWDFWDVLVWHPXO
QHFHVLWăXQLQWHUYDOGHUHFXQRDúWHUHGH
DSUR[LPDWLYGRXăVHFXQGHvQDLQWHFDGXP
QHDYRDVWUăVăSXWHĠLXWLOL]DEXWRQXO6WDUW
6WRSC
3RUQLUHDPRWRUXOXL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 3HULFROGHLQWR[LFDUH
 3R]LĠLDFRQWDFWDSăVDĠLEXWRQXO6WDUW
6WRSCGHGRXăRUL
G 'DFăDSăVDĠLEXWRQXO6WDUW6WRSCR
GDWăvQDFHDVWăSR]LĠLHúLSRUWLHUDúRIHUXOXL
HVWHGHVFKLVăDOLPHQWDUHDHOHFWULFăHVWH
GH]DFWLYDWăGLQQRX
6FRDWHUHDEXWRQXOXL6WDUW6WRS
3XWHĠLVFRDWHEXWRQXO6WDUW6WRSGLQFRPX
WDWRUXOGHFRQWDFWúLSRUQLDXWRYHKLFXOXOvQ
PRGQRUPDOFXDMXWRUXOFKHLL
G 1XWUHEXLHVăVFRDWHĠLEXWRQXO6WDUW6WRS
GLQFRPXWDWRUXOGHFRQWDFWFkQGSăUăVLĠL
DXWRYHKLFXOXO
1XOăVDĠLQLFLRGDWăPRWRUXOvQIXQFĠLXQHvQ
VSDĠLLvQFKLVH*D]HOHGHHúDSDPHQWFRQĠLQ
PRQR[LGGHFDUERQ,QKDODUHDJD]HORUGHHúD
SDPHQWSUH]LQWăXQULVFSHQWUXVăQăWDWHúL
SRDWHFDX]DSLHUGHUHDFXQRúWLQĠHLVDXFKLDU
GHFHVXO
 1XDSăVDĠLSHGDODGHDFFHOHUDĠLHODSRU
QLUHDPRWRUXOXL
G $XWRYHKLFXOHFXPRWRUSHEHQ]LQă
FRQYHUWRUXOFDWDOLWLFHVWHSUHvQFăO]LWPD[LP
GHVHFXQGHGXSăRSRUQLUHODUHFH
6XQHWXOPRWRUXOXLVDUSXWHDVFKLPEDvQ
DFHVWLQWHUYDO
7UDQVPLVLHPDQXDOă
 $SăVDĠLSHGDODGHIUkQăúLPHQĠLQHĠLR
DSăVDWă
 $SăVDĠLFRPSOHWSHGDODGHDPEUHLDM
 $GXFHĠLVFKLPEăWRUXOvQSR]LĠLDQHXWUă1

G 3XWHĠLVăSRUQLĠLPRWRUXOQXPDLFkQG
SHGDODGHDPEUHLDMHVWHDSăVDWăFRPSOHW
7UDQVPLVLHDXWRPDWă
 &XSODĠLWUDQVPLVLDvQSR]LĠLD3
'LVSOD\XOGHSR]LĠLHDWUDQVPLVLHLGLQDIL
úDMXOPXOWLIXQFĠLRQDODUDWă3
G 3XWHĠLSRUQLPRWRUXOúLFkQGWUDQVPLVLD
HVWHvQSR]LĠLD1
3URFHGXUDGHSRUQLUHFXFKHLD
G 3HQWUXDSRUQLPRWRUXOFXFKHLDQXFX
.(</(66*2HOLEHUDĠLEXWRQXO6WDUW6WRS
GLQFRPXWDWRUXOGHFRQWDFW
 3HQWUXDSRUQLXQPRWRUSHEHQ]LQă
URWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
&RQGXFHUH 
8WLOL]DUHD.(</(66*2SHQWUXDSRUQL
PRWRUXO
 $9(57,60(17
&RQGXFHUHúLSDUFDUH
$XWRYHKLFXOXOGXPQHDYRDVWUăSRDWHILSRUQLW
QXPDLFXDMXWRUXOXQHLFKHL.(</(66*2
YDOLGH'LQDFHVWPRWLYFRSLLLQXWUHEXLHVăILH
OăVDĠLQHVXSUDYHJKHDĠLvQDXWRYHKLFXO/XDĠL
vQWRWGHDXQDFKHLDFXGXPQHDYRDVWUăFkQG
LHúLĠLGLQDXWRYHKLFXOFKLDUúLGDFăvOSăUăVLĠL
QXPDLSHQWUXVFXUWWLPS
G %XWRQXO6WDUW6WRSSRDWHILXWLOL]DWSHQWUX
DSRUQLPDQXDODXWRYHKLFXOXOIăUăVăLQWUR
GXFHĠLFKHLDvQFRPXWDWRUXOGHFRQWDFW
&KHLDWUHEXLHVăILHvQDXWRYHKLFXOLDUEXWR
QXO6WDUW6WRSWUHEXLHVăILHLQWURGXVvQ
FRPXWDWRUXOGHFRQWDFW$FHVWPRGGHSRU
QLUHDPRWRUXOXLDFĠLRQHD]ăLQGHSHQGHQWGH
FRQWDFW3DJLQDúLHOLEHUDĠLRLPH
GLDWFHPRWRUXOSRUQHúWH
 3HQWUXDSRUQLXQPRWRUGLHVHOURWLĠL

FKHLDvQSR]LĠLDGLQFRPXWDWRUXOGHFRQ
IXQFĠLDVWDUWVWRS(&2GHSRUQLUHDXWR
PDWăDPRWRUXOXL
$SăVDĠLSHGDODGHIUkQăúLPHQĠLQHĠLR
DSăVDWă
WDFW3DJLQD
 3HQWUXDSRUQLXQPRWRUSHEHQ]LQă
/DPSDLQGLFDWRDUH(DSUHvQFăO]LULLFX
EXMLHLQFDQGHVFHQWăGLQSDQRXOGHLQVWUX DSăVDĠLEXWRQXO6WDUW6WRS
PHQWHVHDSULQGH 3DJLQDRVLQJXUăGDWă
0RWRUXOSRUQHúWH
 &kQGODPSDLQGLFDWRDUH(DSUHvQFăO]LULL
 3HQWUXDSRUQLXQPRWRUGLHVHODSăVDĠL
FXEXMLHLQFDQGHVFHQWăVHVWLQJHURWLĠL
FKHLDvQSR]LĠLD3DJLQDúLHOLEHUDĠL EXWRQXO6WDUW6WRS3DJLQDRVLQ
RLPHGLDWFHPRWRUXOSRUQHúWH JXUăGDWă
6HDFWLYHD]ăSUHvQFăO]LUHFXEXMLHLQFDQ
G 3XWHĠLSRUQLPRWRUXOIăUăSUHvQFăO]LUHFX GHVFHQWăLDUPRWRUXOSRUQHúWH
EXMLHLQFDQGHVFHQWăGDFăPRWRUXOHVWH
FDOG
G $XWRYHKLFXOHFXWUDQVPLVLHDXWR 3RUQLUHGHSHORF
PDWăSXWHĠLVăIRORVLĠLúLIXQFĠLDÄWRXFK 7UDQVPLVLHPDQXDOă
VWDUW´SRUQLUHODRDWLQJHUHÌQDFHVWVFRS
URWLĠLFKHLDvQSR]LĠLD3DJLQDúL 
HOLEHUDĠLRLPHGLDW$SRLPRWRUXOSRUQHúWH
DXWRPDW 

$SăVDĠLSHGDODGHIUkQăúLPHQĠLQHĠLR
DSăVDWă
$SăVDĠLFRPSOHWSHGDODGHDPEUHLDM
&XSODĠLILHSULPDWUHDSWăGHYLWH]ăILH
WUHDSWDGHPHUVvQDSRL5
 (OLEHUDĠLIUkQDGHSDUFDUH3DJLQD
 (OLEHUDĠLSHGDODGHIUkQă
 (OLEHUDĠLOHQWSHGDODGHDPEUHLDMúLDSăVDĠL
XúRUSHGDODGHDFFHOHUDĠLH


 &RQGXFHUH

 6FKLPEDĠLWUHDSWDGHYLWH]ăvQWLPSXWLOúL
HYLWDĠLSDWLQDUHDURĠLORUÌQFD]FRQWUDUDĠL
SXWHDDYDULDDXWRYHKLFXOXO
G 5HVSHFWDĠLUHFRPDQGăULOHSULYLQGVFKLP
&RQGXFHUHúLSDUFDUH
DVFHQGHQWă$FHDVWDPHQĠLQHDXWRYHKLFXOXO
vQORFRVFXUWăSHULRDGăGXSăFHDĠLULGLFDW
SLFLRUXOGHSHSHGDODGHIUkQă$VWIHODYHĠL
VXILFLHQWWLPSVăYăWUHFHĠLSLFLRUXOGHSH

SHGDODGHIUkQăSHSHGDODGHDFFHOHUDĠLHúLVă
EDUHDYLWH]HLGLQDILúDMXOPXOWLIXQFĠLRQDO
RDSăVDĠLvQDLQWHFDDXWRYHKLFXOXOVăVHSXQă
SHQWUXDREĠLQHXQVWLOGHFRQGXFHUHHFR
vQPLúFDUHVXEDFĠLXQHDJUDYLWDĠLHL
QRPLF3DJLQD
G $XWRYHKLFXOXOVHvQFXLHFHQWUDOL]DWRGDWă
FHDĠLGHPDUDW%XWRDQHOHGHvQFXLHUHGLQ
SRUWLHUHFRERDUă
3XWHĠLGHVFKLGHRULFkQGSRUWLHUHOHGLQLQWH
ULRU
'HDVHPHQHDSXWHĠLGH]DFWLYDFDUDFWHULV
 $9(57,60(17
1XSăUăVLĠLQLFLRGDWăDXWRYHKLFXOXOFkQGHVWH
PHQĠLQXWGHDVLVWHQĠDODSRUQLUHDvQSDQWă
'XSăDSUR[LPDWLYRVHFXQGăDVLVWHQĠDODSRU
QLUHDvQSDQWăQXYDPDLIUkQDDXWRYHKLFXOXO
LDUDFHVWDVHSRDWHSXQHvQPLúFDUH
WLFDGHvQFXLHUHDXWRPDWă3DJLQD
7UDQVPLVLHDXWRPDWă
G 7UDQVPLVLDSRDWHILFXSODWăGLQSR]LĠLD3
vQSR]LĠLDGRULWăGRDUGDFăDSăVDĠLSHGDOD
GHIUkQă1XPDLDWXQFLHVWHHOLEHUDWăEOR
FDUHDPDQHWHLVHOHFWRDUH
 $SăVDĠLSHGDODGHIUkQăúLPHQĠLQHĠLR
DSăVDWă
 &XSODĠLWUDQVPLVLDSHSR]LĠLD'VDX5
/XDĠLSLFLRUXOGHSHSHGDODGHIUkQă
G 2GDWăFHDĠLULGLFDWSLFLRUXOGHSHSHGDOD
GHIUkQăDXWRYHKLFXOXOHVWHPHQĠLQXWWLPS
GHDSUR[LPDWLYRVHFXQGă
 3RUQLĠLGHSHORF
$VLVWHQĠDODSRUQLUHDvQSDQWăQXYDIXQFĠLRQD
GDFă
=SRUQLĠLGHSHORFSHXQGUXPSODQVDXSHR
SDQWăGHVFHQGHQWă
=ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
 (OLEHUDĠLIUkQDGHSDUFDUH3DJLQD WUDQVPLVLDVHDIOăvQSR]LĠLD1
 (OLEHUDĠLSHGDODGHIUkQă =IUkQDGHSDUFDUHHVWHDFĠLRQDWă
 $SăVDĠLFXDWHQĠLHSHGDODGHDFFHOHUDĠLH =(63ŠHVWHGHIHFW

G $XWRYHKLFXOXOVHvQFXLHFHQWUDOL]DWRGDWă
FHDĠLGHPDUDW%XWRDQHOHGHvQFXLHUHGLQ
SRUWLHUHFRERDUă )XQFĠLDVWDUWVWRS(&2
3XWHĠLGHVFKLGHRULFkQGSRUWLHUHOHGLQLQWH 1RWHJHQHUDOH
ULRU
)XQFĠLDVWDUWVWRS(&2RSUHúWHDXWRPDW
'HDVHPHQHDSXWHĠLGH]DFWLYDFDUDFWHULV PRWRUXOGDFăDXWRYHKLFXOXOVHRSUHúWHGLQ
WLFDGHvQFXLHUHDXWRPDWă3DJLQD
G &XSOăULOHvQWUHDSWăVXSHULRDUăVHHIHF
WXHD]ăODWXUDĠLLPDLPDULDOHPRWRUXOXL
GXSăRSRUQLUHODUHFH$VWIHOFRQYHUWRUXO
FDWDOLWLFSRDWHDWLQJHWHPSHUDWXUDVDGH
IXQFĠLRQDUHPDLUDSLG
PLúFDUH
0RWRUXOSRUQHúWHDXWRPDWFkQGGHPDUDĠLGLQ
QRX)XQFĠLDVWDUWVWRS(&2YăDMXWăvQFRQ
VHFLQĠăVăUHGXFHĠLFRQVXPXOGHFDUEXUDQWúL
HPLVLLOHDXWRYHKLFXOXOXLGXPQHDYRDVWUă

$VLVWHQĠăODSRUQLUHDvQSDQWă
$VLVWHQĠDODSRUQLUHDvQSDQWăYăDVLVWăFkQG
SRUQLĠLGHSHORFvQDLQWHVDXvQDSRLvQSDQWă
 &RQGXFHUH 

2SULUHDDXWRPDWăDPRWRUXOXL
0RWRUXOHVWHRSULWQXPDLGDFă
=WHPSHUDWXUDH[WHULRDUăVHvQFDGUHD]ăvQ

&RQGXFHUHúLSDUFDUH
LQWHUYDOXODGHFYDWSHQWUXVLVWHP
=PRWRUXOVHDIOăODWHPSHUDWXUDGHIXQFĠLR
QDUHQRUPDOă
=WHPSHUDWXUDVHWDWăSHQWUXLQWHULRUXODXWR
YHKLFXOXOXLDIRVWDWLQVă
=EDWHULDHVWHvQFăUFDWăVXILFLHQW

([HPSOXGLVSOD\VWDUWVWRS(&2 =VLVWHPXOGHWHFWHD]ăIDSWXOFăSDUEUL]XOQX

)XQFĠLDVWDUWVWRS(&2HVWHDFWLYDWăGHILH HVWHDEXULWFkQGVLVWHPXOGHDHUFRQGLĠLR
FDUHGDWăFkQGPRWRUXOHVWHSRUQLW'DFăVH QDWHVWHDFWLYDW
=FDSRWDHVWHvQFKLVă
UHXQHVFWRDWHFRQGLĠLLOHSHQWUXRSULUHDDXWR
PDWăDPRWRUXOXL3DJLQDVLPEROXO =DXWRYHKLFXOXOQXHVWHPDQHYUDW
(&2CDSDUHvQYHUGHSHDILúDMXOPXOWLIXQF =SRUWLHUDúRIHUXOXLHVWHvQFKLVăúLFHQWXUDGH
ĠLRQDO VLJXUDQĠăHVWHFXSODWă
'DFăQXVXQWUHXQLWHWRDWHFRQGLĠLLOHVLPEROXO G 0RWRUXOSRDWHILRSULWDXWRPDWGHFHOPXOW
(&2CDSDUHvQJDOEHQ SDWUXRULRSULUHDLQLĠLDOăúLWUHLUHSHWăULOD
'DFăIXQFĠLDVWDUWVWRS(&2HVWHGH]DFWLYDWă UkQG6LPEROXO(&2DSDUHvQJDOEHQSHDIL
3DJLQDVLPEROXO(&2CQXHVWHDIL
úDW
 $9(57,60(17
'DFăPRWRUXOHVWHRSULWúLVLPEROXO(&2DSDUH
vQYHUGHSHDILúDMXOPXOWLIXQFĠLRQDOPRWRUXOD
IRVWRSULWDXWRPDW7RDWHVLVWHPHOHDXWRYHKL
FXOXOXLUăPkQDFWLYH'DFăGHVFKLGHĠLSRU
WLHUDYăGHVIDFHĠLFHQWXUDGHVLJXUDQĠăVDX
úDMXOPXOWLIXQFĠLRQDOGXSăFHPRWRUXODIRVW
SRUQLWDXWRPDWDSDWUDRDUă0RWRUXOSRDWH
ILRSULWDXWRPDWGLQQRXFkQGVLPEROXO(&2
DSDUHvQYHUGHSHDILúDMXOPXOWLIXQFĠLRQDO
G ÌQWLPSXOXQHLRSULULDXWRPDWHDPRWRUXOXL
DHUXOFRQGLĠLRQDWHVWHUHGXV'DFăHVWH
QHFHVDUDHUFRQGLĠLRQDWIXQFĠLDVWDUWVWRS
(&2SRDWHILGH]DFWLYDWăFXEXWRQXO(&2
ULGLFDĠLSLFLRUXOGHSHSHGDODGHIUkQăPRWRUXO 3DJLQD
YDSRUQLDXWRPDW$XWRYHKLFXOXOVHSRDWH $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
SXQHvQPLúFDUH3XWHĠLVXIHULUăQLJUDYHVDX
FKLDUIDWDOHVDXSXWHĠLSURYRFDXQDFFLGHQW
FDUHVăUH]XOWHvQUăQLUHVDXGHFHV
1XSăUăVLĠLQLFLRGDWăDXWRYHKLFXOXOFkQGVLP
EROXO(&2GHSHDILúDMXOPXOWLIXQFĠLRQDODSDUH
vQYHUGHVDXvQJDOEHQ$VLJXUDĠLvQWRWGHDXQD
DXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLúFDUH
vQDLQWHGHDOSăUăVL

 'HFXSODĠLvQWRWGHDXQDFRQWDFWXOúLOXDĠL
FKHLDFXGXPQHDYRDVWUăFkQGSăUăVLĠL
DXWRYHKLFXOXO


 &RQGXFHUH

)XQFĠLDVWDUWVWRS(&2RSUHúWHDXWRPDW  &XSODĠLWUHDSWDGHYLWH]ăQXPDLFkQG
PRWRUXOODYLWH]HPLFL SHGDODGHDPEUHLDMHVWHDSăVDWă
 )UkQDĠLDXWRYHKLFXOXOSkQăFHVHRSUHúWH $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
 &XSODĠLSR]LĠLDQHXWUă13DJLQD
&RQGXFHUHúLSDUFDUH

0RWRUXOHVWHSRUQLWDXWRPDWGDFă
UHVSHFWDĠLLQVWUXFĠLXQHDGHVFKLPEDUHD
=HOLEHUDĠLIUkQHOHFkQGSR]LĠLDWUDQVPLVLHL
YLWH]HLCSHQWUXDFXSODSR]LĠLDQHXWUă1
GDFăHVWHFD]XO HVWH'VDX1FXH[FHSĠLDFD]XOXLvQFDUH
IXQFĠLD+2/'HVWHDFWLYDWăVDX
 (OLEHUDĠLSHGDODGHDPEUHLDM
=FXSODĠLWUHDSWDGHPHUVvQDSRL5VDX
0RWRUXOHVWHRSULWDXWRPDW
=DSăVDĠLSHGDODGHDFFHOHUDĠLH
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă G &XSODUHDWUDQVPLVLHLvQSR]LĠLD3QXGXFH
)XQFĠLDVWDUWVWRS(&2RSUHúWHPRWRUXO ODSRUQLUHDPRWRUXOXL
DXWRPDWGDFăDXWRYHKLFXOXOHVWHIUkQDWSkQă
ODRSULUHúLIUkQDUăPkQHDSăVDWăFXWUDQVPL 'H]DFWLYDUHDDFWLYDUHDIXQFĠLHLVWDUW
VLDvQSR]LĠLD'VDX1 VWRS(&2
G 3XWHĠLvQFăVăDFWLYDĠL+2/'FkQGDXWRYH
KLFXOXOVWDĠLRQHD]ăFKLDUGDFăPRWRUXOVD
RSULWDXWRPDW$SRLQXPDLHVWHQHYRLHVă
FRQWLQXDĠLVăDFĠLRQDĠLIUkQDvQWLPSXOID]HL
GHRSULUHDXWRPDWă&kQGDSăVDĠLSHGDODGH
DFFHOHUDĠLHPRWRUXOSRUQHúWHDXWRPDWúL
HIHFWXOGHIUkQDUHDOIXQFĠLHL+2/'HVWH
GH]DFWLYDW$SăVDĠLSHGDODGHDFFHOHUDĠLH
FXDWHQĠLHGHRDUHFHWUHEXLHVăSRUQLĠL
PRWRUXOPDLvQWkL

3RUQLUHDDXWRPDWăDPRWRUXOXL
0RWRUXOHVWHSRUQLWDXWRPDWGDFă /DPSDLQGLFDWRDUHDúLVLPEROXO(&2GH
=IXQFĠLDVWDUWVWRS(&2HVWHGH]DFWLYDWă
SULQDSăVDUHDEXWRQXOXL(&2
=DXWRYHKLFXOXOVHSXQHvQPLúFDUH
=VLVWHPXOGHIUkQDUHQHFHVLWăDFHVWOXFUX
=VWDGLXOGHvQFăUFDUHDOEDWHULHLHVWHSUHD
VFă]XW
=FHQWXUDGHVLJXUDQĠăDúRIHUXOXLQXHVWH
FXSODWăúLSRUWLHUDúRIHUXOXLHVWHGHVFKLVă
=FDSRWDHVWHGHVFKLVă
=FXSODĠLWUDQVPLVLDGLQSR]LĠLD'vQ5
=PDQHYUDĠLDXWRYHKLFXOXO
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
0RWRUXOHVWHSRUQLWDXWRPDWGDFă RSUHúWH
=DSăVDĠLSHGDODGHDPEUHLDM
=DSăVDĠLSHGDODGHDFFHOHUDĠLH
 3HQWUXDGH]DFWLYDDSăVDĠLEXWRQXOC
SHDILúDMXOPXOWLIXQFĠLRQDOVHVWLQJ
 3HQWUXDDFWLYDDSăVDĠLEXWRQXOC
/DPSDLQGLFDWRDUHDVHDSULQGHúLVLPER
OXO(&2DSDUHvQYHUGHSHDILúDMXOPXOWL
IXQFĠLRQDO
'DFăQXVXQWUHXQLWHWRDWHFRQGLĠLLOHVLP
EROXO(&2DSDUHvQJDOEHQSHDILúDMXOPXO
WLIXQFĠLRQDOÌQDFHDVWăVLWXDĠLHIXQFĠLD
VWDUWVWRS(&2HVWHLQGLVSRQLELOă
'DFăODPSDLQGLFDWRDUHDHVWHGH]DFWLYDWă
IXQFĠLDVWDUWVWRS(&2DIRVWGH]DFWLYDWă
PDQXDOVDXvQXUPDXQHLGHIHFĠLXQL0RWRUXO
QXYDILRSULWDXWRPDWFkQGDXWRYHKLFXOXOVH
G )XQFĠLDVWDUWVWRS(&2HVWHDFWLYDWăGH
ILHFDUHGDWăFkQGPRWRUXOHVWHSRUQLW
 &RQGXFHUH 

3UREOHPHODPRWRU

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
0RWRUXOQXSRUQHúWH )XQFĠLD+2/'0(1ğ,1(5(VDX',67521,&3/86HVWHDFWLYDWă

&RQGXFHUHúLSDUFDUH
 'H]DFWLYDĠLIXQFĠLD+2/'0(1ğ,1(5(3DJLQDVDX
',67521,&3/863DJLQD
 ÌQFHUFDĠLVăUHSRUQLĠLPRWRUXO

0RWRUXOQXSRUQHúWH =([LVWăRGHIHFĠLXQHODVLVWHPXOHOHFWURQLFDOPRWRUXOXL
'HPDURUXOSRDWHIL =([LVWăRGHIHFĠLXQHODDOLPHQWDUHDFXFDUEXUDQW
DX]LW  ÌQDLQWHGHDvQFHUFDVăUHSRUQLĠLPRWRUXOURWLĠLGLQQRXFKHLDvQ
FRPXWDWRUvQSR]LĠLDVDXDSăVDĠLEXWRQXO6WDUW6WRSvQPRG
UHSHWDWSkQăFkQGWRDWHOăPSLOHLQGLFDWRDUHGLQSDQRXOGH
LQVWUXPHQWHVHVWLQJ
 ÌQFHUFDĠLVăUHSRUQLĠLPRWRUXO3DJLQD(YLWDĠLvQFHUFăULOH
H[FHVLYGHOXQJLúLGHVHGHSRUQLUHDPRWRUXOXLvQWUXFkWDFHDVWD
YDFRQVXPDEDWHULD
'DFăPRWRUXOQXSRUQHúWHGXSăFkWHYDvQFHUFăUL
 /XDĠLOHJăWXUDFXXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ
&HQWUXGHVHUYLFH0HUFHGHV%HQ]

0RWRUXOQXSRUQHúWH 5H]HUYRUXOGHFDUEXUDQWHVWHJRO
'HPDURUXOSRDWHIL  $OLPHQWDĠLDXWRYHKLFXOXO
DX]LW/DPSDGHDYHUWL
]DUHDFDUEXUDQWXOXLGH
UH]HUYăHVWHDSULQVă
LDUGLVSOD\XOLQGLFDWR
UXOXLQLYHOXOXLGHFDUEX
UDQWDUDWă

0RWRUXOQXSRUQHúWH 7HQVLXQHDGHODERUGHVWHSUHDVFă]XWăGHRDUHFHEDWHULDHVWHSUHD
1XDX]LĠLGHPDURUXO VODEăVDXGHVFăUFDWă
 3RUQLĠLIRUĠDWDXWRYHKLFXOXO3DJLQD

'DFăPRWRUXOQXSRUQHúWHvQSRILGDvQFHUFăULORUGHSRUQLUHIRUĠDWă
 /XDĠLOHJăWXUDFXXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ
&HQWUXGHVHUYLFH0HUFHGHV%HQ]

'HPDURUXODIRVWH[SXVODRVDUFLQăWHUPLFăSUHDPDUH
 3HUPLWHĠLGHPDURUXOXLVăVHUăFHDVFăDSUR[LPDWLYGRXăPLQXWH
 ÌQFHUFDĠLVăUHSRUQLĠLPRWRUXO

'DFăPRWRUXOvQFăQXSRUQHúWH
 /XDĠLOHJăWXUDFXXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ
&HQWUXGHVHUYLFH0HUFHGHV%HQ]


 7UDQVPLVLHPDQXDOă

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
$XWRYHKLFXOHFXPRWRU ([LVWăRGHIHFĠLXQHODVLVWHPHOHHOHFWURQLFHDOHPRWRUXOXLVDXODR
SHEHQ]LQă FRPSRQHQWăPHFDQLFăDVLVWHPXOXLGHPDQDJHPHQWPRWRU
&RQGXFHUHúLSDUFDUH

0RWRUXOQXIXQFĠLR 
QHD]ăOLQúLGăUDWHXUL 
$SăVDĠLGRDUXúRUSHGDODGHDFFHOHUDĠLH
6ROLFLWDĠLUHPHGLHUHDLPHGLDWăDSUREOHPHLODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWGHH[XQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
ÌQFD]FRQWUDUFDUEXUDQWXOQHDUVDUSXWHDSăWUXQGHvQFRQYHU
WRUXOFDWDOLWLFúLODUSXWHDGHWHULRUD

$ILúDMXOWHPSHUDWXULL 1LYHOXOOLFKLGXOXLGHUăFLUHHVWHSUHDVFă]XW/LFKLGXOGHUăFLUHHVWH
OLFKLGXOXLGHUăFLUH SUHDILHUELQWHLDUPRWRUXOQXPDLHVWHUăFLWVXILFLHQW
DUDWăSHVWH‚  2SULĠLFkWPDLUHSHGHSRVLELOúLSHUPLWHĠLPRWRUXOXLúLOLFKLGXOXL
/DPSDGHDYHUWL]DUH GHUăFLUHVăVHUăFHDVFă
OLFKLGGHUăFLUHDUSXWHD 
9HULILFDĠLQLYHOXOXOHLXOXL3DJLQD5HVSHFWDĠLQRWHOHGH
ILGHDVHPHQHD
DYHUWL]DUHvQWLPSFHIDFHĠLDFHVWOXFUXúLFRPSOHWDĠLOLFKLGXOGH
DSULQVăúLVDUSXWHD
UăFLUHGDFăHVWHFD]XO
HPLWHXQVXQHWGHDYHU
WL]DUH 'DFăQLYHOXOOLFKLGXOXLGHUăFLUHHVWHFRUHFWYHQWLODWRUXOGHOD
UDGLDWRUXOPRWRUXOXLDUSXWHDILGHIHFW/LFKLGXOGHUăFLUHHVWHSUHD
ILHUELQWHLDUPRWRUXOQXPDLHVWHUăFLWVXILFLHQW
 /DWHPSHUDWXULDOHOLFKLGXOXLGHUăFLUHGHVXE‚FRQGXFHĠL
SkQăODFHOPDLDSURSLDWDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[
ODXQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]
 (YLWDĠLVDUFLQLOHJUHOHDVXSUDPRWRUXOXLFkQGIDFHĠLDFHVWOXFUX
GHH[FRQGXFHĠLSHGUXPXULGHPXQWHúLvQWUDILFFXRSULULúL
SRUQLUL

7UDQVPLVLHPDQXDOă  &kQGFXSODĠLvQWUHYLWH]DDDúLDD
vPSLQJHĠLvQWRWGHDXQDPDQHWD
0DQHWăVFKLPEăWRUGHYLWH]H VFKLPEăWRUXOXLGHYLWH]HSkQăODFDSăWOD
GUHDSWDÌQFD]FRQWUDUHVWHSRVLELOVă
FXSODĠLQHLQWHQĠLRQDWvQYLWH]DDDVDXD
DGHWHULRUkQGWUDQVPLVLD
'DFăFXSODĠLvQWURWUHDSWăGHYLWH]ăSUHD
PDUHIUkQDUHWUDQVPLVLHPRWRUXOVH
SRDWHVXSUDWXUDSURYRFkQGXVHDYDULHUHD
DFHVWXLD
1XXWLOL]DĠLSXQFWXOGHSDWLQDUHDODPEUHLD
MXOXLSHQWUXDPHQĠLQHDXWRYHKLFXOXOVWDĠLR
QDUvQSDQWHDVFHQGHQWHÌQFD]FRQWUDU
H[LVWăULVFXODYDULHULLDPEUHLDMXOXL
0DQHWăVFKLPEăWRUGHYLWH]H
 ÌQSDQWHOHGHVFHQGHQWHOXQJLúLDEUXSWH
 &XSODĠLWUHDSWDGHYLWH]ăQXPDLFkQG
PDLDOHVGDFăDXWRYHKLFXOXOHVWHvQFăUFDW
SHGDODGHDPEUHLDMHVWHDSăVDWă
VDXGDFăWUDFWDĠLRUHPRUFăWUHEXLHVă
 7UDQVPLVLHDXWRPDWă 

FXSODĠLWUHDSWDVDXvQWLPSXWLO$VWIHO  'HSODVDĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]H
XWLOL]DĠLHIHFWXOGHIUkQDUHDOPRWRUXOXL$VW IHUPODVWkQJDGLQFRORGHSXQFWXOGHUH]LV
IHOVHYDHOLPLQDVDUFLQDODFDUHHVWHVXSXV WHQĠăúLDSRLvQDLQWH
VLVWHPXOGHIUkQDUHúLVHSUHYLQH

&RQGXFHUHúLSDUFDUH
VXSUDvQFăO]LUHDúLX]XUDSUHPDWXUăDIUkQH
ORU 5HFRPDQGDUHSULYLQGVFKLPEDUHD
YLWH]HORU

$GXFHUHDVFKLPEăWRUXOXLvQSR]LĠLD 5HFRPDQGăULOHGHVFKLPEDUHDYLWH]HLYă
QHXWUă1 DMXWăVăDGRSWDĠLXQVWLOGHFRQGXFHUHHFRQR
PLF7UHDSWDGHYLWH]ăUHFRPDQGDWăDSDUHSH
DILúDMXOPXOWLIXQFĠLRQDO

 $SăVDĠLFRPSOHWSHGDODGHDPEUHLDM
 'HSODVDĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]H  &XSODĠLWUHDSWDGHYLWH]ăvQIXQFĠLHGHUHFR
vQSR]LĠLD1C PDQGDUHDGHVFKLPEDUHDYLWH]HLCLQGL
FDWăSHDILúDMXOPXOWLIXQFĠLRQDOGLQSDQRXO
GHLQVWUXPHQWH
3R]LĠLDQHXWUă1FXIXQFĠLHVWDUWVWRS
(&2DFWLYDWă
ÌQSR]LĠLDQHXWUă1PRWRUXOHVWHRSULWGDFă 7UDQVPLVLHDXWRPDWă
YLWH]DDXWRYHKLFXOXOXLVFDGHVXEXQDQXPLW
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
SUDJúLSHGDODGHDPEUHLDMQXHVWHDSăVDWă
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGIXQFĠLD  $9(57,60(17
VWDUWVWRS(&2FRQVXOWDĠL3DJLQD
&XSODUHDWUHSWHLGHPHUVvQDSRL
 &XSODĠLWUHDSWDGHPHUVvQDSRL5QXPDL
FkQGDXWRYHKLFXOXOVWDĠLRQHD]ăÌQFD]FRQ
WUDUSXWHĠLDYDULDWUDQVPLVLD
G )XQFĠLDVWDUWVWRS(&2HVWHLQGLVSRQLELOă
FkQGWUHDSWDGHPHUVvQDSRLHVWHFXSODWă
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG
IXQFĠLDVWDUWVWRS(&2FRQVXOWDĠL
'HSODVDUHDSHGDOHORUQXWUHEXLHVăILH
REVWUXFĠLRQDWăVXEQLFLRIRUPă1XĠLQHĠL
RELHFWHvQVSDĠLXOSHQWUXSLFLRDUHDOúRIHUXOXL
$VLJXUDĠLYăFăPRFKHWHOHVDXFRYRUDúHOH
VXQWELQHIL[DWHúLFăSHGDOHOHDXVXILFLHQW
VSDĠLXGHFXUVă
1XDúH]DĠLPDLPXOWHFRYRUDúHXQXOGHDVXSUD
FHOXLODOW
 $9(57,60(17
1XUHWURJUDGDĠLSHQWUXXQHIHFWGHIUkQăGH
PRWRUVXSOLPHQWDUSHVXSUDIHĠHGHGUXPDOX
3DJLQD QHFRDVH$VWIHOURĠLOHPRWULFHúLDUSXWHD


 7UDQVPLVLHDXWRPDWă

SLHUGHDGHUHQĠDLDUDXWRYHKLFXOXODUSXWHD 3R]LĠLDWUDQVPLVLHLúLDILúDMXOSURJUDPX
GHUDSD$VWIHOSXWHĠLSLHUGHFRQWUROXODXWRYH OXLGHFRQGXFHUH
KLFXOXOXLúLSXWHĠLSURYRFDXQDFFLGHQW
&RQGXFHUHúLSDUFDUH

G 5HĠLQHĠLFăWUDQVPLWHUHDSXWHULLGLQWUH
PRWRUúLWUDQVPLVLHHVWHvQWUHUXSWăFkQG
PRWRUXOHVWHRSULW3ULQXUPDUHSHQWUXD
SUHYHQLSXQHUHDvQPLúFDUHDDXWRYHKLFX
OXOXLFXSODĠLWUDQVPLVLDDXWRPDWăvQSR]LĠLD
3úLDFĠLRQDĠLIUkQDGHSDUFDUHFkQGPRWRUXO
HVWHRSULWúLDXWRYHKLFXOXOVWDĠLRQHD]ă

0DQHWăVHOHFWRDUH C $ILúDMXOSR]LĠLHLWUDQVPLVLHL
3UH]HQWDUHJHQHUDOăDSR]LĠLLORUWUDQV D $ILúDMXOSURJUDPXOXLGHFRQGXFHUH
PLVLHL 3R]LĠLDFXUHQWăDWUDQVPLVLHLúLSURJUDPXOGH
FRQGXFHUHDSDUSHDILúDMXOPXOWLIXQFĠLRQDO

3R]LĠLLWUDQVPLVLH
E 3R]LĠLHSHQWUXSDUFDUH
3UHYLQHSXQHUHDDXWRYHKLFXOXOXLvQ
PLúFDUHFkQGHVWHRSULW1XFXSODĠL
WUDQVPLVLDvQSR]LĠLD3
3DJLQDGHFkWGDFăDXWR
YHKLFXOXOVWDĠLRQHD]ă
0DQHWDVHOHFWRDUHH[HPSOX &KHLDSRDWHILVFRDVăQXPDLGDFă
3 3R]LĠLHSHQWUXSDUFDUHFXEORFDUHDPDQHWHL WUDQVPLVLDHVWHvQSR]LĠLD3'DFă
VHOHFWRDUH VHVFRDWHFKHLDGLQFRPXWDWRUXOGH
5 7UHDSWDGHPHUVvQDSRL FRQWDFWPDQHWDVHOHFWRDUHHVWH
1 3R]LĠLHQHXWUă EORFDWă
' 0HUVXOvQDLQWH F 7UHDSWăGHPHUVvQDSRL
&XSODĠLWUDQVPLVLDvQSR]LĠLD5
QXPDLFkQGDXWRYHKLFXOXOVWDĠLR
QHD]ă

D 3R]LĠLHQHXWUă
1XFXSODĠLWUDQVPLVLDvQSR]LĠLD1vQ
WLPSXOFRQGXFHULLÌQFD]FRQWUDU
WUDQVPLVLDDXWRPDWăSRDWHVXIHUL
GHWHULRUăUL
(OLEHUDUHDIUkQHORUYăYDSHUPLWHVă
GHSODVDĠLOLEHUDXWRYHKLFXOXOGHH[
VăvOvPSLQJHĠLVDXVăvOWUDFWDĠL
'DFă(63ŠHVWHGH]DFWLYDWVDX
GHIHFWFXSODĠLWUDQVPLVLDQXPDLvQ
SR]LĠLD1GDFăDXWRYHKLFXOXOHVWHvQ
SHULFROGHGHUDSDUHGHH[SHGUX
PXULFXSROHL
 'DFăUXODĠLvQSR]LĠLDQHXWUă1
SXWHĠLGHWHULRUDWUDQVPLVLD
: 0HUVvQDLQWH
7UDQVPLVLDDXWRPDWăVFKLPEă
WUHSWHOHGHYLWH]ăDXWRPDW6XQW
GLVSRQLELOHWRDWHWUHSWHOHGHYLWH]ă
GHPHUVvQDLQWH
6FKLPEDUHDWUHSWHLGHYLWH]ă
7UDQVPLVLDDXWRPDWăFXSOHD]ăDXWRPDWvQ
WUHSWHOHGHYLWH]ăVSHFLILFHFkQGVHDIOăvQ
SR]LĠLDGHWUDQVPLVLH'&RPSRUWDPHQWXO
VFKLPEăULLDXWRPDWHDYLWH]HORUHVWHGHWHU
PLQDWGH
=ROLPLWDUHDWUHSWHLGHYLWH]ăGDFăHVWH
VHOHFWDWă
=SURJUDPXOGHFRQGXFHUHVHOHFWDW
7UDQVPLVLHDXWRPDWă 
6IDWXULSULYLQGFRQGXFHUHD
SR]LĠLDSHGDOHLGHDFFHOHUDĠLH
6WLOXOGXPQHDYRDVWUăGHFRQGXFHUHLQIOXHQ
&RQGXFHUHúLSDUFDUH
ĠHD]ăPRGXOvQFDUHWUDQVPLVLDDXWRPDWă
FXSOHD]ăWUHSWHOHGHYLWH]ă
=DFFHOHUDĠLHUHGXVăFXSODUHDPDLUDSLGăvQ
WUHDSWăVXSHULRUDUă
=DFFHOHUDĠLHPDLPDUHFXSODUHDvQWkU]LDWăvQ
WUHDSWăVXSHULRUDUă
$XWRYHKLFXOH$0*
&kQGVFKLPEDĠLvQWURWUHDSWăLQIHULRDUăIXQF
ĠLDGHGXEOXDPEUHLDMHVWHDFWLYăLQGLIHUHQWGH
SURJUDPXOGHFRQGXFHUHVHOHFWDWODPRPHQ
WXOUHVSHFWLY)XQFĠLDGHGXEOXDPEUHLDM
UHGXFHUHDFĠLLOHODVFKLPEDUHDVDUFLQLLúLVWă
ODED]DXQXLVWLOGHFRQGXFHUHVSRUWLY6XQHWXO
JHQHUDWGHIXQFĠLDGHGXEOXDPEUHLDMGHSLQGH
GHSURJUDPXOGHFRQGXFHUHVHOHFWDW
5HWURJUDGDUHDIRUĠDWă
8WLOL]DĠLUHWURJUDGDUHDIRUĠDWăSHQWUXDFFHOH
UDĠLHPD[LPă
 $SăVDĠLSHGDODGHDFFHOHUDĠLHGLQFRORGH
SXQFWXOGHSUHVLXQH
7UDQVPLVLDVHFXSOHD]ăvQWURWUHDSWăGH
YLWH]ăLQIHULRDUăvQIXQFĠLHGHWXUDĠLDPRWR
UXOXL
 /ăVDĠLSHGDODGHDFFHOHUDĠLHRGDWăFHDĠL
DWLQVYLWH]DGRULWă
7UDQVPLVLDDXWRPDWăFXSOHD]ăGLQQRXvQWU
3DJLQD RWUHDSWăVXSHULRDUă
=SR]LĠLDSHGDOHLGHDFFHOHUDĠLH
=YLWH]DGHUXODUH 7UDFWDUHDUHPRUFLL
 &RQGXFHĠLvQPLMORFXOLQWHUYDOXOXLGHWXUDĠLH
DPRWRUXOXLvQSDQWHDVFHQGHQWH
 &XSODĠLvQMRVSkQăODWUHDSWDGHYLWH]ă
VDX3DJLQDvQIXQFĠLHGHSDQWD
DVFHQGHQWăVDXGHVFHQGHQWăFKLDUGDFă
FRQWUROXOFURD]LHUHLVDX63(('7521,&
HVWHDFWLYDW


 7UDQVPLVLHDXWRPDWă

%XWRQGHVHOHFWDUHDSURJUDPXOXL $XWRYHKLFXOH$0*

1RWHJHQHUDOH
%XWRQXOGHVHOHFWDUHDSURJUDPXOXLYăSHU
&RQGXFHUHúLSDUFDUH

PLWHVăDOHJHĠLvQWUHGLIHULWHFDUDFWHULVWLFLGH
FRQGXFHUH

6HOHFWRUSURJUDPGHFRQGXFHUHFXSURJUDPGH
FRQGXFHUHvQUHJLPPDQXDO

&(ILFLHQĠă &RQGXFHUHFRQIRUWDELOă
FRQWURODWă HFRQRPLFă
%XWRQGHVHOHFWDUHDSURJUDPXOXLH[HPSOX 66SRUW 6WLOGHFRQGXFHUHVSRUWLY

((FRQRPLH &RQGXFHUHFRQIRUWDELOă 66SRUW3OXV 6WLOGHFRQGXFHUHH[WUHP

HFRQRPLFă GHVSRUWLY

66SRUW 6WLOGHFRQGXFHUHVSRUWLY 00DQXDO 6FKLPEDUHPDQXDOăDYLWH

]HORU
00DQXDO 6FKLPEDUHPDQXDOăDYLWH
]HORU 565$&( $FFHOHUDUHRSWLPăDDXWR
67$57 YHKLFXOXOXLGHSHORF
G ,QIRUPDĠLLVXSOLPHQWDUHSULYLQGSURJUDPXO
GHFRQGXFHUHvQUHJLPDXWRPDW G ,QIRUPDĠLLVXSOLPHQWDUHSULYLQGSURJUDPXO
3DJLQD GHFRQGXFHUHvQUHJLPDXWRPDW
3DJLQD
 $SăVDĠLEXWRQXOGHVHOHFWDUHDSURJUDPX
OXLCvQPRGUHSHWDWSkQăFkQGOLWHUDSHQ  5RWLĠLVHOHFWRUXOSURJUDPXOXLGHFRQGX
WUXSURJUDPXOGRULWDOVFKLPEăWRUXOXLGH FHUHCSkQăFkQGSURJUDPXOGHFRQGX
YLWH]HDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO FHUHGRULWDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
SHYLWH]RPHWUX
G 7UDQVPLVLDDXWRPDWăFRPXWăSHSURJUD ,QGLFDWRUXOSURJUDPXOXLGHFRQGXFHUHGH
PXOGHFRQGXFHUHvQUHJLPDXWRPDW(GH SHVHOHFWRUXOSURJUDPXOXLGHFRQGX
ILHFDUHGDWăFkQGPRWRUXOHVWHSRUQLW FHUHCVHDSULQGHvQURúX
G 7UDQVPLVLDDXWRPDWăFRPXWăSHSURJUD
PXOGHFRQGXFHUHvQUHJLPDXWRPDW&GH
ILHFDUHGDWăFkQGPRWRUXOHVWHSRUQLW
G 56QXSRDWHILVHOHFWDWvQFRQGLĠLLQRUPDOH
GHFRQGXV3HQWUXLQIRUPDĠLLVXSOLPHQWDUH
SULYLQG5$&(67$573DJLQD
 7UDQVPLVLHDXWRPDWă 

0DQHWăGHVFKLPEDUHDYLWH]HORU ĠLDFD]XOXLvQFDUHSHGDODGHDFFHOHUDĠLH
VLWXDWăSHYRODQ HVWHDSăVDWăFRPSOHW
=VHQVLELOLWDWHVSRULWă$FHVWOXFUX
vPEXQăWăĠHúWHVWDELOLWDWHDGHFRQGXFHUH

&RQGXFHUHúLSDUFDUH
GHH[HPSOXSHVXSUDIHĠHGHGUXPDOXQH
FRDVH
=FXSODUHDPDLGHYUHPHDWUDQVPLVLHLDXWR
PDWHvQWURWUHDSWăVXSHULRDUă&DXUPDUH
DXWRYHKLFXOXOHVWHFRQGXVODWXUDĠLLGH
PRWRUPDLPLFLúLH[LVWăPDLSXĠLQHúDQVH
FDURĠLOHVăSDWLQH]H
3URJUDPXOGHFRQGXFHUH6VDXvQFD]XODXWR
YHKLFXOHORU$0*SURJUDPHOHGHFRQGXFHUH
C 0DQHWDVFKLPEăWRUXOXLGHYLWH]HGHSH
YRODQGHSHSDUWHDVWkQJă
D 0DQHWDVFKLPEăWRUXOXLGHYLWH]HGHSH
YRODQGHSHSDUWHDGUHDSWă
ÌQSURJUDPXOGHFRQGXFHUHvQUHJLPDXWRPDW
SXWHĠLOLPLWDVDXH[WLQGHWUHDSWDGHYLWH]ăFX
DMXWRUXOPDQHWHORUGHVFKLPEDUHDYLWH]HORU
VLWXDWHSHYRODQVDXFXPDQHWDVHOHFWRDUH
6úL6VHFDUDFWHUL]HD]ăSULQ
=VHWăULPRWRUVSRUWLYHúLVHWăULWUDQVPLVLH
DXWRPDWă
=SRUQLUHDGHSHORFDDXWRYHKLFXOXOXLvQ
SULPDWUHDSWăGHYLWH]ă
=FXSODUHDPDLWkU]LXDWUDQVPLVLHLDXWRPDWH
vQWURWUHDSWăVXSHULRDUă
=FDXUPDUHDSXQFWHORUGHFXSODUHDWUDQV
3DJLQD
PLVLHLDXWRPDWHPDLWkU]LXFRQVXPXOGH
ÌQSURJUDPXOGHFRQGXFHUHvQUHJLPPDQXDO
FDUEXUDQWILLQGSUREDELOPDLPDUH
SXWHĠLVFKLPEDWUHDSWDGHYLWH]ăFXDMXWRUXO
PDQHWHLGHVFKLPEDUHDYLWH]HORUVLWXDWăSH
YRODQVDXFXPDQHWDVHOHFWRDUH *DPHGHYLWH]H
3DJLQD
G 3XWHĠLVFKLPEDWUHDSWDGHYLWH]ăFX ,QWURGXFHUH
PDQHWDGHVFKLPEDUHDYLWH]HORUVLWXDWăSH &kQGWUDQVPLVLDDXWRPDWăVHDIOăvQSR]LĠLD
YRODQFkQGWUDQVPLVLDVHDIOăvQSR]LĠLD' 'SXWHĠLOLPLWDVDXOăUJLJDPDGHYLWH]H
3URJUDPGHFRQGXFHUHvQUHJLPDXWR
PDW
3URJUDPXOGHFRQGXFHUH(SURJUDPGHFRQ
3DJLQD
*DPDGHYLWH]HVHOHFWDWăDSDUHSHDILúDMXO
PXOWLIXQFĠLRQDO7UDQVPLVLDDXWRPDWă
FXSOHD]ăGRDUFkWWUHDSWDGHYLWH]ăVHOHFWDWă
6LWXDĠLLGHFRQGXFHUH
GXFHUH&ODDXWRYHKLFXOH$0*VHFDUDFWHUL
]HD]ăSULQ @ 3HQWUXDXWLOL]DHIHFWXOGHIUkQDUHD
=VHWăULPRWRURULHQWDWHVSUHFRQIRUWúLVHWăUL PRWRUXOXL
WUDQVPLVLHDXWRPDWă
=FRQVXPRSWLPGHFDUEXUDQWvQXUPDFXSOăULL
PDLGHYUHPHDWUDQVPLVLHLDXWRPDWHvQWUR
WUHDSWăVXSHULRDUă
=DXWRYHKLFXOXOSRUQHúWHGHSHORFPDLOLQvQ
WUHDSWăGHPHUVvQDLQWHúLvQDSRLFXH[FHS


 7UDQVPLVLHDXWRPDWă

8 3HQWUXDXWLOL]DHIHFWXOGHIUkQDUHD ùWHUJHUHDOLPLWăULLJDPHLGHYLWH]H
PRWRUXOXLSHSDQWHGHVFHQGHQWHúL  $SăVDĠLúLPHQĠLQHĠLDSăVDWPDQHWDVHOHF
SHQWUXFRQGXFHUH WRDUHVSUH'SkQăFkQG'DSDUHvQFăR
=SHGUXPXULGHPXQWHvQFOLQDWH GDWăSHDILúDMXOPXOWLIXQFĠLRQDO
&RQGXFHUHúLSDUFDUH

=SHWHUHQPXQWRV
=vQFRQGLĠLLJUHXGHXUFDWVDXGH
FRERUkW
7 3HQWUXDXWLOL]DHIHFWXOGHIUkQDUHD
PRWRUXOXLSHSDQWHGHVFHQGHQWH
H[WUHPGHDEUXSWHúLSHSRUĠLXQL
OXQJLGHFRERUkUHvQSDQWă
VDX
 7UDJHĠLúLĠLQHĠLPDQHWDVFKLPEăWRUXOXLGH
YLWH]HVLWXDWăSHYRODQvQSDUWHDGUHDSWă
SkQăFkQG'DSDUHGLQQRXSHDILúDMXOPXO
WLIXQFĠLRQDO
7UDQVPLVLDDXWRPDWăVFKLPEăGHODJDPD
GHYLWH]HFXUHQWăGLUHFWOD'

6HOHFWDUHDJDPHLGHYLWH]HLGHDOH
/LPLWDUHDJDPHLGHYLWH]H
 $SăVDĠLPDQHWDVHOHFWRDUHODVWkQJDVSUH
 $SăVDĠLPDQHWDVHOHFWRDUHODVWkQJDVSUH
'±úLĠLQHĠLvQDFHDVWăSR]LĠLH
'±
VDX
VDX
 7UDJHĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]H
 7UDJHĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]H
VLWXDWăSHYRODQvQSDUWHDVWkQJăúLĠLQHĠL
VLWXDWăSHYRODQvQSDUWHDVWkQJă
vQDFHDVWăSR]LĠLH
7UDQVPLVLDDXWRPDWăVFKLPEăYLWH]DvQMRV
7UDQVPLVLDDXWRPDWăVFKLPEăvQWUHDSWDGH
vQXUPăWRDUHDWUHDSWăúLOLPLWHD]ăJDPDGH
YLWH]ăFDUHSHUPLWHDFFHOHUDUHúLGHFHOH
YLWH]HODWUHDSWDGHYLWH]ăDGHFYDWă
UDUHRSWLPH3HQWUXDFHDVWDWUDQVPLVLD
G 'DFăPRWRUXOGHSăúHúWHWXUDĠLDPD[LPă DXWRPDWăVFKLPEăvQMRVRWUHDSWăGHYLWH]ă
FkQGUHWURJUDGDĠLWUDQVPLVLDDXWRPDWăQX VDXPDLPXOWH
SHUPLWHGHWHULRUDUHDPRWRUXOXLSULQQHUH
WURJUDGDUH
3URJUDPGHFRQGXFHUHvQUHJLP
G 'DFăHVWHDWLQVăWXUDĠLDPD[LPăDPRWR
PDQXDO
UXOXLSHQWUXJDPDGHYLWH]HúLFRQWLQXDĠLVă
DFFHOHUDĠLWUDQVPLVLDDXWRPDWăVFKLPEă &RPXWDUHDSHSURJUDPXOGHFRQGXFHUH
YLWH]DvQVXVSHQWUXDSUHYHQLVXSUDWXUDUHD vQUHJLPPDQXDO
PRWRUXOXLFKLDUGDFăJDPDGHYLWH]HHVWH
OLPLWDWă 3URJUDPXOGHFRQGXFHUHvQUHJLPPDQXDO0
SRDWHILVHOHFWDWFXDMXWRUXOVHOHFWRUXOXLGH
SURJUDPHVDXDOEXWRQXOXLVHOHFWRUDOSURJUD
/ăUJLUHDJDPHLGHYLWH]H
PXOXLGHFRQGXFHUHÌQSURJUDPXOGHFRQGX
 $SăVDĠLVFXUWPDQHWDVHOHFWRDUHODGUHDSWD FHUHvQUHJLPPDQXDO0SXWHĠLVFKLPEDVLQ
VSUH' JXUYLWH]DFXDMXWRUXOPDQHWHLGHVFKLPEDUH
VDX DYLWH]HORUVLWXDWăSHYRODQVDXDOPDQHWHL
VHOHFWRDUHGDFăWUDQVPLVLDHVWHvQSR]LĠLD'
 7UDJHĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]H
 $SăVDĠLEXWRQXOGHVHOHFWDUHDSURJUDPXOXL
VLWXDWăSHYRODQvQSDUWHDGUHDSWă
*DPDGHYLWH]HHVWHOăUJLWă 3DJLQDvQPRGUHSHWDWSkQăFkQG
0DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
 $XWRYHKLFXOH$0*URWLĠLVHOHFWRUXOSUR
JUDPXOXLGHFRQGXFHUH3DJLQD

SkQăFkQG0DSDUHSHDILúDMXOPXOWLIXQF
ĠLRQDO
,QGLFDWRUXO0GHSHVHOHFWRUXOSURJUDPXOXL
GHFRQGXFHUHVHDSULQGHvQURúX
6FKLPEDUHvQWURWUHDSWăVXSHULRDUă
 $SăVDĠLVFXUWPDQHWDVHOHFWRDUHODGUHDSWD
VSUH'
VDX
 7UDJHĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]H
VLWXDWăSHYRODQvQSDUWHDGUHDSWă
7UDQVPLVLHDXWRPDWă 
G 'DFăGRULĠLRDFFHOHUDUHPD[LPăvPSLQ
JHĠLPDQHWDVHOHFWRDUHODVWkQJDVDXWUD
JHĠLúLĠLQHĠLPDQHWDVFKLPEăWRUXOXLGH
YLWH]HVLWXDWăSHYRODQvQSDUWHDVWkQJă
&RQGXFHUHúLSDUFDUH
SkQăFkQGWUDQVPLVLDFXSOHD]ăvQWUHDSWD
GHYLWH]ăRSWLPăSHQWUXYLWH]DFXUHQWă
5HWURJUDGDUHIRUĠDWă
G $XWRYHKLFXOHFXPRWRU$0*QXSRDWH
ILXWLOL]DWăUHWURJUDGDUHDIRUĠDWăvQSURJUD
PXOGHFRQGXFHUHvQUHJLPPDQXDO0
3DJLQD
7UDQVPLVLDDXWRPDWăVFKLPEăYLWH]DvQVXV
vQXUPăWRDUHDWUHDSWă
$XWRYHKLFXOHFXPRWRDUH$0*
 ÌQSURJUDPXOGHVFKLPEDUHPDQXDOăD
YLWH]HORU0WUDQVPLVLDDXWRPDWăQX
FXSOHD]ăRWUHDSWăVXSHULRDUăDXWRPDW
FKLDUúLFkQGOLPLWDGHWXUDĠLHDPRWRUXOXL
SHQWUXWUHDSWDFXUHQWăHVWHDWLQVă&kQG
OLPLWDGHWXUDĠLHDPRWRUXOXLHVWHDWLQVă
DOLPHQWDUHDFXFDUEXUDQWHVWHvQWUHUXSWă
SHQWUXDSUHYHQLVXSUDWXUDUHDPRWRUXOXL
7UHEXLHVăYăDVLJXUDĠLFăWXUDĠLDPRWRUXOXL
3XWHĠLXWLOL]DúLUHWURJUDGDUHDIRUĠDWăSHQWUX
DFFHOHUDUHPD[LPăvQSURJUDPXOGHFRQGX
FHUHvQUHJLPPDQXDO0
 $SăVDĠLSHGDODGHDFFHOHUDĠLHSHVWHSXQF
WXOGHSUHVLXQH
7UDQVPLVLDFXSOHD]ăvQWURWUHDSWăGHYLWH]ă
LQIHULRDUăvQIXQFĠLHGHWXUDĠLDPRWRUXOXL
'H]DFWLYDUHDSURJUDPXOXLGHFRQGX
FHUHvQUHJLPPDQXDO
 $XWRYHKLFXOHIăUăSDFKHWGHPDQHYUD
ELOLWDWHGLQDPLFăFXPRGVSRUWLYDSăVDĠL
EXWRQXOGHVHOHFWDUHDSURJUDPXOXL
QXDWLQJH]RQDURúLHDWXURPHWUXOXLÌQFD] 3DJLQDvQPRGUHSHWDWSkQăFkQG
FRQWUDUH[LVWăULVFXODYDULHULLPRWRUXOXL (VDX6DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
 &XSODĠLvQWURWUHDSWăVXSHULRDUăvQFD]XOvQ  $XWRYHKLFXOHFXSDFKHWGHPDQHYUDEL

FDUHFXORDUHDGHSHDILúDMXOPXOWLIXQFĠLRQDO OLWDWHGLQDPLFăFXPRGVSRUWLYDSăVDĠL
GLQYLWH]RPHWUXVHVFKLPEăvQURúXLDU83 EXWRQXOGHVHOHFWDUHDSURJUDPXOXL
DSDUHSHWXURPHWUX 3DJLQD0QXPDLDSDUHSHDILúDMXO
PXOWLIXQFĠLRQDO
 $XWRYHKLFXOH$0*URWLĠLVHOHFWRUXOSUR
5HWURJUDGDUH
JUDPXOXLGHFRQGXFHUH3DJLQD
 $SăVDĠLVFXUWPDQHWDVHOHFWRDUHODVWkQJD SkQăFkQG&6VDX6DSDUHSHDILúDMXO
VSUH'± PXOWLIXQFĠLRQDO
VDX
 7UDJHĠLPDQHWDVFKLPEăWRUXOXLGHYLWH]H
VLWXDWăSHYRODQvQSDUWHDVWkQJă
3DJLQD
7UDQVPLVLDDXWRPDWăVFKLPEăYLWH]DvQMRV
vQXUPăWRDUHDWUHDSWă
G 'DFăvQFHWLQLĠLVDXYăRSULĠLIăUăVăUHWUR
JUDGDĠLWUDQVPLVLDDXWRPDWăUHWURJUD
GHD]ăDXWRPDW


 $OLPHQWDUHFXFDUEXUDQW

3UREOHPHODWUDQVPLVLH

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
7UDQVPLVLDDUHSUR 7UDQVPLVLDSLHUGHXOHL
&RQGXFHUHúLSDUFDUH

EOHPHODVFKLPEDUHD  6ROLFLWDĠLLPHGLDWYHULILFDUHDWUDQVPLVLHLODXQDWHOLHUGHVSHFLD
WUHSWHORUGHYLWH]ă OLWDWHDXWRUL]DWGHH[XQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]

&DSDFLWDWHDGHDFFHOH 7UDQVPLVLDVHDIOăvQPRGXOGHXUJHQĠă
UDUHVFDGH 6HSRDWHFXSODQXPDLDGRXDWUHDSWăGHYLWH]ăúLWUHDSWDGHPHUV
7UDQVPLVLDQXPDL vQDSRL
VFKLPEăWUHSWHOHGH  2SULĠLDXWRYHKLFXOXO
YLWH]ă  &XSODĠLWUDQVPLVLDvQSR]LĠLD3
 2SULĠLPRWRUXO
 $úWHSWDĠLFHOSXĠLQVHFXQGHvQDLQWHGHDUHSRUQLPRWRUXO
 &XSODĠLWUDQVPLVLDSHSR]LĠLD'VDX5
'DFă'HVWHVHOHFWDWWUDQVPLVLDFXSOHD]ăvQDGRXDWUHDSWăGH
YLWH]ăGDFă5HVWHVHOHFWDWWUDQVPLVLDFXSOHD]ăvQWUHDSWDGH
PHUVvQDSRL
 6ROLFLWDĠLLPHGLDWYHULILFDUHDWUDQVPLVLHLODXQDWHOLHUGHVSHFLD
OLWDWHDXWRUL]DWGHH[XQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]

(OLEHUDUHDPDQXDOăDEORFăULLSHQWUX  $FĠLRQDĠLIUkQDGHSDUFDUH
SDUFDUH  'HVSULQGHĠLEXUGXIXOPDQHWHLVHOHF
WRDUHCFXXQRELHFWSODWúLERQWGHH[R
ÌQFD]GHGHIHFĠLXQHHOHFWULFăHVWHSRVLELOVă
HOLEHUDĠLPDQXDOEORFDUHDPDQHWHLVHOHFWRDUH
SHQWUXDRVFRDWHGLQSR]LĠLD3GHH[GDFă
GRULĠLVăWUDFWDĠLDXWRYHKLFXOXO

 1XXWLOL]DĠLQLFLXQRELHFWFXPXFKLLDVFX
ĠLWHSHQWUXULGLFDUHDFDSDFXOXLPDQHWHL
VHOHFWRDUHGLQFRQVRODFHQWUDOăÌQFD]FRQ
WUDUPDQHWDVHOHFWRDUHSRDWHVXIHULGHWH
ULRUăUL
úXUXEHOQLĠăvQIăúXUDWăvQWURODYHWăGLQ
PDUJLQHDGHSHSDUWHDGUHDSWăWUăJkQGXO
vQVXVúLvQDIDUă
$SăVDĠLEXWRQXOGHHOLEHUDUHDvQMRVúL
GHSODVDĠLVLPXOWDQPDQHWDVHOHFWRDUHGLQ
SR]LĠLD3
0DQHWDVHOHFWRDUHSRDWHILGHSODVDWăOLEHU
SkQăFHUHYLQHvQSR]LĠLD3
$OLPHQWDUHFXFDUEXUDQW
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
&DUEXUDQWXOHVWHSXWHUQLFLQIODPDELO)RFXO
IOăFăULOHGHVFKLVHúLIXPDWXOVXQWSULQXUPDUH
LQWHU]LVHFkQGPDQLSXODĠLFDUEXUDQĠL
2SULĠLPRWRUXOúLvQFăO]LUHDDX[LOLDUăvQDLQWHGH
DOLPHQWDUHDFXFDUEXUDQW

 3HULFROGHUăQLUH
1XDWLQJHĠLFDUEXUDQWXO
&RQWDFWXOGLUHFWDOFDUEXUDQWXOXLFXSLHOHDVDX
LQKDODUHDYDSRULORUGăXQHD]ăVăQăWăĠLL
 3HULFROGHLQFHQGLX
1XXWLOL]DĠLEHQ]LQăSHQWUXDOLPHQWDUHDDXWR
YHKLFXOHORUFXPRWRUGLHVHO1XDPHVWHFDĠL
FDUEXUDQWGLHVHOFXEHQ]LQă$FHVWOXFUXGHWH
ULRUHD]ăVLVWHPXOGHDOLPHQWDUHFXFDUEXUDQW
úLPRWRUXOH[LVWkQGúLSRVLELOLWDWHDDSDULĠLHL
XQXLLQFHQGLX
 1XXWLOL]DĠLEHQ]LQăSHQWUXDOLPHQWDUHD
DXWRYHKLFXOHORUFXPRWRUGLHVHO1XXWLOL]DĠL
PRWRULQăSHQWUXDOLPHQWDUHDDXWRYHKLFXOH
ORUFXPRWRUSHEHQ]LQă&KLDUúLFDQWLWăĠLOH
PLFLGHFDUEXUDQWLQDGHFYDWGXFODGHWHULR
UDUHDVLVWHPXOXLGHFDUEXUDQWúLDPRWRUX
OXL
 1XSXQHĠLFRQWDFWXOGDFăDĠLDOLPHQWDWGLQ
JUHúHDOăFXFDUEXUDQWLQFRUHFWÌQFD]FRQ
WUDUFDUEXUDQWXOYDSăWUXQGHvQFRQGXFWHOH
GHFRPEXVWLELOÌQúWLLQĠDĠLXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWúLVROLFLWDĠLJROLUHDFRP
SOHWăDUH]HUYRUXOXLGHFDUEXUDQWúLDFRQ
GXFWHORUGHFDUEXUDQW
$OLPHQWDUHFXFDUEXUDQW 
1XDPHVWHFDĠLDFHúWLFDUEXUDQĠLFXEHQ
]LQăúLQXXWLOL]DĠLDGLWLYLÌQFD]FRQWUDU
DFHDVWDSRDWHGXFHODGHWHULRUDUHDPRWR
UXOXL([FHSĠLDRFRQVWLWXLHDGLWLYLLSHQWUX
&RQGXFHUHúLSDUFDUH
HOLPLQDUHDúLSUHYHQLUHDDFXPXOăULORUGH
UH]LGXXUL'RDUDGLWLYLUHFRPDQGDĠLGH0HU
FHGHV%HQ]SRWILDGăXJDĠLODEHQ]LQă,QIRU
PDĠLLOHVXSOLPHQWDUHSULYLQGDGLWLYLLUHFR
PDQGDĠLSRWILREĠLQXWHGHODRULFH&HQWUX
GH6HUYLFH0HUFHGHV%HQ]
 8WLOL]DĠLXQILOWUXFkQGDGăXJDĠLFDUEXUDQW
GLQWURFDQLVWUăGHFDUEXUDQWÌQFD]FRQ
WUDUFRQGXFWHOHGHFDUEXUDQWúLVDXVLVWH
PXOGHLQMHFĠLHGLHVHODUSXWHDILFROPDWDWH
GHSDUWLFXOHOHGLQFDQLVWUDGHFDUEXUDQW
G 'DFăQXHVWHGLVSRQLELOFDUEXUDQWXOUHFR
PDQGDWúLQXPDLFDPăVXUDWHPSRUDUă
SXWHĠLXWLOL]DúLEHQ]LQăIăUăSOXPERELú
QXLWă521021$FHDVWDSRDWH
UHGXFHSHUIRUPDQĠDPRWRUXOXLúLSRDWH
FUHúWHFRQVXPXOGHFDUEXUDQW(YLWDĠLVă
FRQGXFHĠLODDFFHOHUDĠLHPD[LPă
ÌQDQXPLWHĠăULFDOLWDWHDGHFDUEXUDQWGLV
SRQLELOăSRDWHVăQXILHFRUHVSXQ]ăWRDUH
GXFkQGODIRUPDUHDGHUH]LGXXULÌQDVWIHO
GHFD]XULúLGXSăFHDĠLFRQVXOWDWXQ&HQWUX
GH6HUYLFH0HUFHGHV%HQ]EHQ]LQDSRDWH
ILDPHVWHFDWăFXDGLWLYXOUHFRPDQGDWGH
0HUFHGHV%HQ]QXPăUSLHVă
%HQ]LQă(1',1 $7UHEXLHVăUHVSHFWDĠL
QRWHOHúLSURFHQWHOHGHDPHVWHFDUHVSHFL
&DOLWDWHDFDUEXUDQWXOXL ILFDWHSHUHFLSLHQW
 $OLPHQWDĠLQXPDLFXEHQ]LQăSUHPLXP 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGÄ&DU
IăUăSOXPEFXFLIUăRFWDQLFăGHFHOSXĠLQ EXUDQWXO´FRQVXOWDĠL3DJLQD
521021FRQIRUPăFXVWDQGDUGXO
HXURSHDQ(1VDXGHVSHFLILFDĠLHHFKL $XWRYHKLFXOH$0*úLPRWRDUHFX
YDOHQWă FLOLQGUL
 1XXWLOL]DĠLXUPăWRDUHOH  $OLPHQWDĠLQXPDLFXEHQ]LQăVXSHUIăUă
=(EHQ]LQăFXHWDQRO SOXPEFXFLIUăRFWDQLFăGHFHOSXĠLQ
=(HWDQRO 521021FRQIRUPăFXVWDQGDUGXO
=0EHQ]LQăFXPHWDQRO HXURSHDQ(1VDXHFKLYDOHQWă
=0EHQ]LQăFXPHWDQRO ÌQFD]FRQWUDUHVWHSRVLELOVăUHGXFHĠLSXWH
=0PHWDQRO
UHDPRWRUXOXLVDXVăGHWHULRUDĠLPRWRUXO
='LHVHO G 'DFăQXHVWHGLVSRQLELOFDUEXUDQWXOUHFR
PDQGDWúLQXPDLFDPăVXUDWHPSRUDUă


 $OLPHQWDUHFXFDUEXUDQW

SXWHĠLXWLOL]DúLEHQ]LQăIăUăSOXPESUH
PLXP521021$FHDVWDSRDWH
UHGXFHSHUIRUPDQĠDPRWRUXOXLúLSRDWH
FUHúWHFRQVXPXOGHFDUEXUDQW(YLWDĠLVă
&RQGXFHUHúLSDUFDUH
FRQGXFHĠLODDFFHOHUDĠLHPD[LPă
 ÌQVLWXDĠLLGHXUJHQĠăúLQXPDLGDFăQX
HVWHGLVSRQLELOFDUEXUDQWXOUHFRPDQGDW
SXWHĠLXWLOL]DúLEHQ]LQăIăUăSOXPEVWDQ
GDUG521021
&XWRDWHDFHVWHDXWLOL]DUHDDFHVWXLFDUEX
UDQWUH]XOWăvQWUXQFRQVXPGHEHQ]LQăPDL
ULGLFDWúLRSHUIRUPDQĠăVHPQLILFDWLYPDL
UHGXVăDPRWRUXOXL(YLWDĠLVăFRQGXFHĠLOD
DFFHOHUDĠLHPD[LPă
'DFăQXHVWHGLVSRQLELOSHUPDQHQWXQDOW
FDUEXUDQWFXH[FHSĠLDEHQ]LQHLRELúQXLWHFX
521021VDXGHFDOLWDWHLQIH
ULRDUăDGDSWDĠLDXWRYHKLFXOXODVWIHOvQFkW
VăUXOH]HFXDFHVWFDUEXUDQWvQWUXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW0HUFHGHV%HQ]
UHFRPDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH
0HUFHGHV%HQ]vQDFHVWVFRS
&%OXH()),&,(1&<
 $OLPHQWDĠLQXPDLFXEHQ]LQăSUHPLXP
IăUăSOXPEúLIăUăVXOIFXFLIUăRFWDQLFăGH
FHOSXĠLQ521021FRQIRUPăFX
VWDQGDUGXOHXURSHDQ(1VDXGHVSHFL
ILFDĠLHHFKLYDOHQWă
ÌQFD]FRQWUDUHVWHSRVLELOVăUHGXFHĠLSXWH
UHDXWLOăDPRWRUXOXLVDXVăGHWHULRUDĠLVLV
WHPXOGHFRQWURODOHPLVLLORU
G ÌQDQXPLWHĠăULHVWHSRVLELOFDEHQ]LQD
GLVSRQLELOăVăQXDLEăXQFRQĠLQXWGHVXOI
VXILFLHQWGHVFă]XW$FHVWFDUEXUDQWSRDWH
HPDQDWHPSRUDUPLURVXULQHSOăFXWHPDL
DOHVvQFăOăWRULLVFXUWH,PHGLDWFHFDUEX
UDQWXOIăUăVXOIFRQFHQWUDĠLDGHVXOI
'LHVHO(1
&DOLWDWHDFDUEXUDQWXOXL
 /DDOLPHQWDUHDFXFDUEXUDQWXWLOL]DĠL
QXPDLPRWRULQăFRQIRUPFXVWDQGDUGXO
HXURSHDQ(1VDXXQXOGHFDOLWDWHHFKL
YDOHQWăÌQFD]FRQWUDUHVWHSRVLELOVăUHGX
FHĠLSXWHUHDPRWRUXOXLVDXVăGHWHULRUDĠL
PRWRUXO
 $XWRYHKLFXOHOHFXILOWUXGHSDUWLFXOH
GLHVHOvQĠăULOHGLQLQWHULRUXO8(XWLOL]DĠL
QXPDL(XURGLHVHOFXFRQĠLQXWUHGXVGHVXOI
FXRFRQFHQWUDĠLHGHVXOIVXESSPÌQ
FD]FRQWUDUVLVWHPXOGHFRQWURODOHPLVLLORU
SRDWHVXIHULGHWHULRUăUL
 $XWRYHKLFXOHIăUăILOWUXGHSDUWLFXOH
GLHVHOvQĠăULOHvQFDUHVXQWGLVSRQLELOLGRDU
PRWRULQăFXRFRQFHQWUDĠLHGHVXOIPDLULGL
FDWăLQWHUYDOHOHSHQWUXVFKLPEXOGHXOHLDO
DXWRYHKLFXOXOXLVHUHGXF,QIRUPDĠLLOHVXSOL
PHQWDUHSULYLQGLQWHUYDOHOHGHVFKLPEDUHD
XOHLXOXLSRWILREĠLQXWHGHODRULFH&HQWUXGH
VHUYLFH0HUFHGHV%HQ]
 8WLOL]DĠLQXPDLFDUEXUDQWFDUHUHVSHFWă
VWDQGDUGXOHXURSHDQ(1&DUEXUDQWXO
FDUHQXUHVSHFWă(1SRDWHGXFHODR
X]XUăFUHVFXWăODGHWHULRUDUHDPRWRUXOXLúL
ODGHWHULRUDUHDVLVWHPXOXLGHHYDFXDUH
1XXWLOL]DĠLXUPăWRDUHOH
=0RWRULQăPDULQă
=XOHLGHvQFăO]LUH
=ELRGLHVHO
=XOHLYHJHWDO
=%HQ]LQă
=SDUDILQă
=NHURVHQ
1XDPHVWHFDĠLDFHúWLFDUEXUDQĠLFXPRWR
SSPHVWHXWLOL]DWSHQWUXDOLPHQWDUHDFX
ULQăúLQXXWLOL]DĠLQLFLXQDGLWLYVSHFLDOÌQ
FDUEXUDQWPLURVXULOHVXQWUHGXVH
FD]FRQWUDUSXWHĠLSURYRFDGHWHULRUDUHD
PRWRUXOXL6HH[FOXGDJHQĠLLGHRSWLPL]DUH
DGHELWXOXLFRQVXOWDĠLÄ7HPSHUDWXULH[WH
ULRDUHVFă]XWH
 $OLPHQWDUHFXFDUEXUDQW 

 8WLOL]DĠLXQILOWUXFkQGDGăXJDĠLFDUEXUDQW $PHVWHFDĠLDGLWLYXOFXGLHVHOvQWLPSXWLO
GLQWURFDQLVWUăGHFDUEXUDQWÌQFD]FRQ vQDLQWHFDSURSULHWăĠLOHGHGHELWDOHFDUEXUDQ
WUDUFRQGXFWHOHGHFDUEXUDQWúLVDXVLVWH WXOXLGLHVHOVăGHYLQăQHFRUHVSXQ]ăWRDUHÌQ
PXOGHLQMHFĠLHGLHVHODUSXWHDILFROPDWDWH FD]FRQWUDUGHIHFĠLXQLOHSRWILUHPHGLDWHGRDU

&RQGXFHUHúLSDUFDUH
GHSDUWLFXOHOHGLQFDQLVWUDGHFDUEXUDQW SULQvQFăO]LUHDvQWUHJXOXLVLVWHPGHFDUEXUDQW
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGÄ&DU GHH[SULQSDUFDUHDDXWRYHKLFXOXOXLvQWUXQ
EXUDQWXO´FRQVXOWDĠL3DJLQD
7HPSHUDWXULH[WHULRDUHVFă]XWH
ÌQOXQLOHGHLDUQăVXQWGLVSRQLELOHWLSXULGH
FDUEXUDQWGLHVHOFXIOXLGLWDWHVXSHULRDUăSHQ
WUXFRQGLĠLLWHUPLFHVFă]XWHÌQ(XURSDGLIH
ULWHOHFODVHGHFDUEXUDQWGLHVHOSHQWUXWHP
SHUDWXULVFă]XWHVXQWVSHFLILFDWHvQVWDQGDU
GXO(13HQWUXDHYLWDSUREOHPHOHGH
IXQFĠLRQDUHXWLOL]DĠLFDUEXUDQWGLHVHOFDUH
UHVSHFWăVSHFLILFDĠLLOHFOLPDWLFHSUHYă]XWHGH
VWDQGDUGXO(1/DWHPSHUDWXULH[WUHPGH
VFă]XWHHVWHSRVLELOFDIOXLGLWDWHDFDUEXUDQ
WXOXLVăILHQHFRUHVSXQ]ăWRDUH$FHVWOXFUX
HVWHYDODELOúLSHQWUXFDUEXUDQWXOFDUHQXD
IRVWDGDSWDWFRQGLĠLLORUFOLPDWLFHGHH[HPSOX
FDUEXUDQWGLHVHOXWLOL]DWvQUHJLXQLFXWHPSH
UDWXULPDLULGLFDWH
G 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHUHIHUL
WRDUHODSURSULHWăĠLOHVSHFLILFHDOHFDUEX
UDQWXOXLXWLOL]DWvQGLIHULWHĠăULDSHODĠLOD
FRPSDQLLOHSHWUROLHUHGHH[HPSOXVWDĠLLOH
GHEHQ]LQă
JDUDMvQFăO]LW
5HVSHFWDĠLLQIRUPDĠLLOHIXUQL]DWHGHSUR
GXFăWRUFkQGXWLOL]DĠLXQDJHQWGHRSWLPL]DUH
DGHELWXOXL8WLOL]DĠLGRDUDJHQĠLGHRSWLPL]DUH
DGHELWXOXLFDUHDXIRVWWHVWDĠLúLDSUREDĠLGH
0HUFHGHV%HQ]3XWHĠLREĠLQHLQIRUPDĠLL
VXSOLPHQWDUHGHODRULFH&HQWUXGHVHUYLFH
0HUFHGHV%HQ]
$OLPHQWDUHFXFDUEXUDQW
&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQW
&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWHVWH
GHEORFDWăVDXEORFDWăDXWRPDWFkQGGHVFKL
GHĠLVDXvQFKLGHĠLDXWRYHKLFXOXOFXFKHLDVDX
FX.(</(66*2
3R]LĠLDFDSDFXOXLJXULLGHXPSOHUHFXFDUEX
UDQWHVWHDILúDWăSHSDQRXOGHLQVWUXPHQWH
¶6ăJHDWDGHOkQJăSRPSDGHFDUEXUDQW
LQGLFăODWXUDDXWRYHKLFXOXOXL

$JHQWGHRSWLPL]DUHDGHELWXOXL
$JHQĠLLGHRSWLPL]DUHDGHELWXOXLSRWIL
DGăXJDĠLSHQWUXDvPEXQăWăĠLUH]LVWHQĠDODIULJ
DFDUEXUDQWXOXLGLHVHO(ILFLHQĠDXQXLDJHQWGH
RSWLPL]DUHDGHELWXOXLQXHVWHJDUDQWDWăvQ
FD]XOILHFăUXLFDUEXUDQW
2GR]DUHFRUHFWăúLRDPHVWHFDUHWHPHLQLFă C 3HQWUXDGHVFKLGHFODSHWDJXULLGH
VXQWIDFWRULLGHFLVLYLvQDVLJXUDUHD XPSOHUHFXFDUEXUDQW
vPEXQăWăĠLULLUH]LVWHQĠHLODWHPSHUDWXUL
D 3HQWUXDLQWURGXFHFDSDFXOJXULLGH
VFă]XWHÌQDQXPLWHVLWXDĠLLRGR]DUHH[FHVLYă
XPSOHUHFXFDUEXUDQW
SRDWHFKLDUVăUHGXFăUH]LVWHQĠDODWHPSHUD
‡ 7DEHOXOFXSUHVLXQLOHvQSQHXUL
WXULUHGXVHWUHEXLQGDVWIHOVăILHHYLWDWă5HV
SHFWDĠLLQVWUXFĠLXQLOHGHGR]DUHDOHSUR … 7LSFDUEXUDQW
GXFăWRUXOXL


 $OLPHQWDUHFXFDUEXUDQW

'HVFKLGHUH
 2SULĠLPRWRUXO
 6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
&RQGXFHUHúLSDUFDUH

.(</(66*2GHVFKLGHĠLSRUWLHUDúRIHUXOXL
$VWIHOFRQWDFWXOHVWHDGXVvQSR]LĠLD
FHHDFHFRUHVSXQGHVFRDWHULLFKHLL3RU
WLHUDúRIHUXOXLSRDWHILvQFKLVăGLQQRX
 $SăVDĠLFODSHWDJXULLGHXPSOHUHFXFDUEX
UDQWvQGLUHFĠLDLQGLFDWăGHVăJHDWDC
&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWVH
GHVFKLGHXúRU
 'HVFKLGHĠLFODSHWDJXULLGHXPSOHUHFXFDU
EXUDQW
 5RWLĠLFDSDFXOJXULLGHXPSOHUHPDLGHSDUWH
vQVHQVDQWLRUDUúLVFRDWHĠLO
 ,QWURGXFHĠLFDSDFXOJXULLGHXPSOHUHFXFDU
EXUDQWvQFRQVRODGHVXVĠLQHUHGLQLQWHULRUXO
FODSHWHLJXULLGHXPSOHUHFXFDUEXUDQWD
 ,QWURGXFHĠLFRPSOHWGX]DSRPSHLvQJkWXO
GHXPSOHUHúLDOLPHQWDĠL
 8PSOHĠLUH]HUYRUXOQXPDLSkQăFHGX]D
SRPSHLVHRSUHúWH
 ÌQFD]XOVXSUDDOLPHQWăULLUH]HUYRUXOXLGH
FDUEXUDQWVLVWHPXOGHDOLPHQWDUHFXFDU
EXUDQWDUSXWHDVXIHULGHWHULRUăUL

ÌQFKLGHUH
 3XQHĠLODORFFDSDFXOJXULLGHXPSOHUHFX
FDUEXUDQWúLURWLĠLvQVHQVRUDU&DSDFXOJXULL
GHXPSOHUHFXFDUEXUDQWVHDQJUHQHD]ă
VRQRU
 ÌQFKLGHĠLFODSHWDJXULLGHXPSOHUHFXFDU
EXUDQW
G ÌQFKLGHĠLFODSHWDJXULLGHXPSOHUHFXFDU
EXUDQWvQDLQWHGHDvQFXLDDXWRYHKLFXOXOÌQ
FD]FRQWUDUXQúWLIWGHEORFDUHSUHYLQH
vQFKLGHUHDFODSHWHLJXULLGHXPSOHUHFXFDU
EXUDQWGXSăFHDXWRYHKLFXOXODIRVWvQFXLDW
 $OLPHQWDUHFXFDUEXUDQW 

3UREOHPHODFDUEXUDQWúLODUH]HUYRUXOGHFDUEXUDQW

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
$XWRYHKLFXOXODUHVFXU  5LVFGHH[SOR]LHVDXLQFHQGLX

&RQGXFHUHúLSDUFDUH
JHULGHFDUEXUDQW
&RQGXFWDGHFDUEXUDQWVDXUH]HUYRUXOGHFDUEXUDQWHVWHGHIHFWă
 5RWLĠLFKHLDLPHGLDWvQSR]LĠLD3DJLQDGLQFRPXWDWRUXO
GHFRQWDFWúLVFRDWHĠLR
 1XUHSRUQLĠLVXEQLFLRIRUPăPRWRUXO
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

0RWRUXOQXSRUQHúWH 5H]HUYRUXOGHFDUEXUDQWDOXQXLDXWRYHKLFXOFXPRWRUGLHVHOVD
JROLWFRPSOHW
 $OLPHQWDĠLFXFHOSXĠLQFLQFLOLWULGHPRWRULQă
 &XSODĠLFRQWDFWXOFHOSXĠLQVHFXQGH3DJLQD
 3RUQLĠLPRWRUXOFRQWLQXXPD[LPVHFXQGHSkQăFHDFHVWD
IXQFĠLRQHD]ăOLQ
'DFăPRWRUXOQXSRUQHúWH
 &XSODĠLFRQWDFWXOGLQQRXDSUR[LPDWLYVHFXQGH
3DJLQD
 3RUQLĠLPRWRUXOGLQQRXFRQWLQXXPD[LPVHFXQGHSkQăFH
DFHVWDIXQFĠLRQHD]ăOLQ
'DFăPRWRUXOQXSRUQHúWHGXSăWUHLvQFHUFăUL
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

&ODSHWDJXULLGH &ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWQXHVWHGHVFXLDWă
XPSOHUHFXFDUEXUDQW VDX
QXSRDWHILGHVFKLVă %DWHULDGHODFKHLHHVWHGHVFăUFDWă
 'HVFXLDĠLDXWRYHKLFXOXO3DJLQD
VDX
 'HVFXLDĠLDXWRYHKLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQĠă
3DJLQD

&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWHVWHGHVFXLDWăGDUPHFD
QLVPXOGHGHVFKLGHUHHVWHEORFDW
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 3DUFDUH

3DUFDUH QHFHVLWăDVWIHOXQHIRUWVHPQLILFDWLYPDL
PDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
'UHSWXUPDUHSXWHĠLSLHUGHFRQWUROXODVXSUD
 $9(57,60(17 DXWRYHKLFXOXOXLSURYRFkQGXQDFFLGHQWúLYă
&RQGXFHUHúLSDUFDUH

6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
QXPDLFkQGDXWRYHKLFXOXOVWDĠLRQHD]ăGHRD
UHFHQXSXWHĠLPDQHYUDDXWRYHKLFXOXOFkQG
FKHLDHVWHVFRDVă
1XOăVDĠLQLFLRGDWăFRSLLLQHVXSUDYHJKHDĠLvQ
DXWRYHKLFXO$FHúWLDDUSXWHDHOLEHUDIUkQDGH
SDUFDUH$FHDVWDSRDWHSURYRFDXQDFFLGHQW
JUDYVDXIDWDO
SXWHĠLUăQLSHGXPQHDYRDVWUăúLDOWHSHU
VRDQH
3ULQXUPDUHQXRSULĠLPRWRUXOFkQGFRQGXFHĠL
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
 &XSODĠLILHSULPDWUHDSWăGHYLWH]ăILH
WUHDSWDGHPHUVvQDSRL5
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH

 $9(57,60(17 FRQWDFWúLVFRDWHĠLR
,PRELOL]DWRUXOHVWHDFWLYDW
6LVWHPXOGHHYDFXDUHQXWUHEXLHVXEQLFLR
 $FĠLRQDĠLIHUPIUkQDGHSDUFDUH
IRUPăVăLQWUHvQFRQWDFWFXPDWHULDOHLQIOD
PDELOHSUHFXPLDUEDXVFDWăVDXEHQ]LQDGH
H[HPSOX1XSDUFDĠLDXWRYHKLFXOXOSHLDUEă $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
XVFDWăVDXPLULúWL6LVWHPXOGHHYDFXDUH
 $FĠLRQDĠLIHUPIUkQDGHSDUFDUH
vQFLQVDUSXWHDvQFD]FRQWUDUDSULQGHPDWH
ULDOXOLQIODPDELOLDUDXWRYHKLFXOXODUSXWHDOXD  &XSODĠLWUDQVPLVLDvQSR]LĠLD3
IRF
8WLOL]DUHDFKHLL
3HQWUXDYăDVLJXUDFăDXWRYHKLFXOXOHVWHDVL  5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
JXUDWFRQWUDSXQHULLvQPLúFDUHQHLQWHQĠLR FRQWDFWúLVFRDWHĠLR
QDWH ,PRELOL]DWRUXOHVWHDFWLYDW
=WUHEXLHDFĠLRQDWăIUkQDGHSDUFDUH
G &KHLDSRDWHILVFRDVăQXPDLGDFăWUDQV
=ODDXWRYHKLFXOHFXWUDQVPLVLHPDQXDOă PLVLDHVWHvQSR]LĠLD3
FXSODĠLvQSULPDWUHDSWăGHYLWH]ăVDXvQ
8WLOL]DUHD.(</(66*2
WUHDSWDGHPHUVvQDSRL
=ODDXWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă $SăVDĠLEXWRQXO6WDUW6WRS
WUDQVPLVLDWUHEXLHVăILHvQSR]LĠLD3LDU
FKHLDWUHEXLHVFRDVăGLQFRPXWDWRUXOGH
FRQWDFW
=vQSDQWHVDXvQUDPSHDEUXSWHURWLĠLURĠLOH
GLQIDĠăVSUHERUGXUă
2SULUHDPRWRUXOXL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
'DFăPRWRUXOQXUXOHD]ăGLUHFĠLDúLIUkQHOHQX
VXQWDVLVWDWHHOHFWULF0DQHYUDUHDúLIUkQDUHD
3DJLQD
0RWRUXOVHRSUHúWHúLWRDWHOăPSLOHLQGLFD
WRDUHGLQSDQRXOGHLQVWUXPHQWHVHVWLQJ
G &kQGSRUWLHUDúRIHUXOXLHVWHvQFKLVă
DFHDVWDFRUHVSXQGHSR]LĠLHLDFKHLL&kQG
SRUWLHUDúRIHUXOXLHVWHGHVFKLVăDFHDVWD
FRUHVSXQGHSR]LĠLHLDFKHLLPDLH[DFW
FKHLLVFRDVH
G 0RWRUXOSRDWHILRSULWFkQGDXWRYHKLFXOXO
HVWHvQPLúFDUHGDFăDSăVDĠLúLPHQĠLQHĠL
DSăVDWEXWRQXO6WDUW6WRSWLPSGHWUHL
VHFXQGH$FHDVWăIXQFĠLHRSHUHD]ăLQGH
SHQGHQWGHIXQFĠLDGHRSULUHDXWRPDWăD
PRWRUXOXL(&2VWDUWVWRS

)UkQăGHSDUFDUH
5XODUHDFXPRWRUXORSULW
 3HQWUXDDFĠLRQDDSăVDĠLIUkQDGHSDU
FDUHDIHUP
/DPSDLQGLFDWRDUHMVHDSULQGHvQ
SDQRXOGHLQVWUXPHQWHGDFăPRWRUXOIXQF
ĠLRQHD]ă
 3HQWUXDHOLEHUDDSăVDĠLSHGDODGHIUkQă
 $XWRYHKLFXOHOHFXILOWUXGHSDUWLFXOH
úLPHQĠLQHĠLRDSăVDWă
 7UDJHĠLPkQHUXOGHHOLEHUDUHC
/DPSDLQGLFDWRDUHMGLQSDQRXOGH
LQVWUXPHQWHVHVWLQJH
3DUFDUHDXWRYHKLFXO
'DFăOăVDĠLDXWRYHKLFXOXOSDUFDWWLPSGH
SHVWHSDWUXVăSWăPkQLEDWHULDSRDWHILGHWH
ULRUDWăSULQGHVFăUFDUHDVD
6IDWXULSULYLQGFRQGXFHUHD 
6IDWXULSULYLQGFRQGXFHUHD
6IDWXULJHQHUDOHSULYLQGFRQGXFHUHD
&RQGXFHUHúLSDUFDUH
 $9(57,60(17
1XRSULĠLQLFLRGDWăPRWRUXOFkWWLPSYHKLFXOXO
HVWHvQPLúFDUH
1XYHĠLGLVSXQHGHVHUYRGLUHFĠLHúLQLFLGH
VHUYRIUkQăFkWWLPSPRWRUXOQXIXQFĠLRQHD]ă
0DQHYUDUHDúLIUkQDUHDYRUQHFHVLWDXQHIRUW
FRQVLGHUDELOPDLPDUHSULQXUPDUHSXWHĠL
SLHUGHFRQWUROXODVXSUDDXWRYHKLFXOXOXLúL
SXWHĠLSURYRFDXQDFFLGHQW
8OHLGHPRWRU
GLHVHO
'DFăDXWRYHKLFXOXOHVWHFRQGXVvQEXQă
SDUWHSHGLVWDQĠHVFXUWHHVWHSRVLELOFD
GHIHFĠLXQLOHVăVXUYLQăvQWLPSXOFXUăĠăULL
DXWRPDWHDILOWUXOXLGHSDUWLFXOHGLHVHO$VW
IHOSXWHĠLSURYRFDGHWHULRUDUHDPRWRUXOXL
3ULQXUPDUHGDFăSDUFXUJHĠLIUHFYHQWGLV
WDQĠHVFXUWHQXRPLWHĠLVăFRQGXFHĠLSH
DXWRVWUă]LVDXGUXPXULGHĠDUăWLPSGHFHO
SXĠLQGHPLQXWHODFHOSXĠLQILHFDUH
NP
 'HFRQHFWDĠLEDWHULD3DJLQDVDX
FRQHFWDĠLRODXQvQFăUFăWRULQWHUPLWHQW
G 3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHSUL )UkQH
YLQGvQFăUFăWRDUHOHLQWHUPLWHQWHGHODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
&HQWUXGHVHUYLFH0HUFHGHV%HQ]
 3HULFROGHDFFLGHQW
'DFăOăVDĠLDXWRYHKLFXOXOSDUFDWWLPSGH
1XFRPXWDĠLvQWURWUHDSWăGHYLWH]ăLQIHULRDUă
SHVWHúDVHVăSWăPkQLDXWRYHKLFXOXOSRDWH
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
VXIHULGHWHULRUăULvQXUPDQHIRORVLULL
IHĠHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
 9L]LWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW GHUHDDGHUHQĠHLURĠLORUPRWULFHúLDXWRYHKLFX
úLVROLFLWDĠLvQGUXPăUL OXOSRDWHGHUDSD

 $9(57,60(17
$VLJXUDĠLYăFăDOĠLSDUWLFLSDQĠLODWUDILFQX
VXQWSXúLvQSHULFROvQXUPDIUkQăULL


 6IDWXULSULYLQGFRQGXFHUHD
3DQWHGHVFHQGHQWH
ÌQSDQWHOHGHVFHQGHQWHOXQJLúLDEUXSWHPDL
DOHVGDFăDXWRYHKLFXOXOHVWHvQFăUFDWVDX
GDFăWUDFWDĠLRUHPRUFăWUHEXLHVăFXSODĠLR
&RQGXFHUHúLSDUFDUH
WUHDSWăGHYLWH]ăLQIHULRDUăvQWLPSXWLOVDXOD
DXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWăVă
VHOHFWDĠLWUHDSWDGHYLWH]ăVDX
G $FHDVWăDILUPDĠLHHVWHYDODELOăúLGDFăDĠL
DFWLYDWFRQWUROXOFURD]LHUHL63(('7521,&
VDX',67521,&3/86
$VWIHOYHĠLXWLOL]DHIHFWXOGHIUkQDUHDOPRWR
UXOXLILLQGQHFHVDUăRIUkQDUHPDLUHGXVăSHQ
WUXDPHQĠLQHYLWH]D$VWIHOVHYDHOLPLQDVDU
FLQDODFDUHHVWHVXSXVVLVWHPXOGHIUkQDUHúL
VHSUHYLQHVXSUDvQFăO]LUHDúLX]XUDSUHPDWXUă
DIUkQHORU
6DUFLQLJUHOHúLXúRDUH
 3HULFROGHDFFLGHQW
1XDSăVDĠLQLFLRGDWăFRQWLQXXSHGDODGHIUkQă
vQWLPSXOGHSODVăULLDXWRYHKLFXOXOXLGHH[HP
SOXQXX]DĠLIUkQHOHSULQDSOLFDUHDFRQVWDQWă
úLXúRDUăGHSUHVLXQHDVXSUDSHGDOHL$FHVW
IDSWSURYRDFăVXSUDvQFăO]LUHDVLVWHPXOXLGH
IUkQDUHPăUHúWHGLVWDQĠDGHIUkQDUHúLSRDWH
FRQGXFHODGHWHULRUDUHDFRPSOHWăDIUkQHORU
'DFăIUkQHOHDXIRVWVXSXVHXQHLVDUFLQLULGL
FDWHQXRSULĠLDXWRYHKLFXOXOLPHGLDWFLFRQ
WLQXDĠLVăFRQGXFHĠLvQFăSXĠLQWLPS$VWIHO
FXUHQWXOGHDHUYDSXWHDUăFLIUkQHOHPDL
UDSLG
'DFăIUkQHOHDXIRVWXWLOL]DWHPRGHUDWWHVWDĠL
OHGLQFkQGvQFkQGHILFLHQĠDÌQDFHVWVFRS
IUkQDĠLPDLIHUPGHODYLWH]ăPDLPDUH$VWIHO
vPEXQăWăĠLĠLDGHUHQĠDIUkQHORU
6XSUDIDĠăFDURVDELOăXPHGă
ÌQFD]XOFRQGXFHULLSHSORDLHDEXQGHQWăIăUă
VăIUkQDĠLHVWHSRVLELOFDIUkQHOHVăUHDFĠLR
QH]HvQWkU]LDWFkQGIUkQDĠLSHQWUXSULPDGDWă
$FHDVWăvQWkU]LHUHSRDWHDSăUHDúLGDFăDXWR
YHKLFXOXODIRVWVSăODW
7UHEXLHVăDSăVDĠLSHGDODGHIUkQăPDLIHUP
0HQĠLQHĠLRGLVWDQĠăPDLPDUHIDĠăGHDXWR
YHKLFXOXOGLQIDĠă
'XSăFRQGXFHUHDSHFDURVDELOXPHGVDX
GXSăFHDĠLVSăODWDXWRYHKLFXOXOIUkQDĠLIHUP
DFRUGkQGDWHQĠLHFRQGLĠLLORUGLQWUDILF$VWIHO
VHYRUvQFăO]LGLVFXULOHGHIUkQăDFHVWHD
XVFkQGXVHvQFRQVHFLQĠăPDLUDSLGúLILLQG
SURWHMDWHFRQWUDFRUR]LXQLL
3HUIRUPDQĠăOLPLWDWăIUkQDUHSHVWUă]L
SHFDUHVDDUXQFDWVDUH
 $9(57,60(17
6WUDWXOGHVDUHGHSHGLVFXULOHGHIUkQăúL
SOăFXĠHOHGHIUkQăJDUQLWXULGHIUkQăSRDWH
GXFHODvQWkU]LHUHDHIHFWXOXLGHIUkQDUH
FUHkQGRGLVWDQĠăGHIUkQDUHVHPQLILFDWLY
FUHVFXWăSXWkQGXVHSURYRFDDVWIHOXQDFFL
GHQW
3HQWUXDHYLWDDFHVWSHULFROWUHEXLHVă
=IUkQDĠLFXDWHQĠLHGLQFkQGvQFkQGIăUăDvL
SXQHvQSHULFROSHDOĠLSDUWLFLSDQĠLODWUDILF
FkQGFRQGXFHĠLSHGUXPXULFXVDUHUXWLHUă
$VWIHOYHĠLSXWHDHOLPLQDVDUHDFDUHDvQFH
SXWVăVHDFXPXOH]HSHGLVFXULOHGHIUkQă
úLSHSOăFXĠHOHGHIUkQăJDUQLWXULGHIUkQă
=SăVWUDĠLRGLVWDQĠăPDLPDUHIDĠăGHDXWR
YHKLFXOXOGLQIDĠăúLVăFRQGXFHĠLFXGHRVH
ELWăSUXGHQĠă
=DFĠLRQDĠLFXDWHQĠLHIUkQHOHODFDSăWXOXQHL
FăOăWRULLúLLPHGLDWGXSăFHDĠLvQFHSXWXQD
QRXăDVWIHOvQFkWUH]LGXXULOHGHVDUHVăILH
HOLPLQDWHGHSHGLVFXULOHGHIUkQă
3OăFXĠHJDUQLWXULGHIUkQăQRL
 $9(57,60(17
3OăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăQRL
REĠLQHIHFWXOORUGHIUkQDUHPD[LPQXPDLGXSă
FHDĠLFRQGXVFkWHYDVXWHGHNLORPHWULÌQDLQWH
GHDREĠLQHDFHVWHIHFWGHIUkQDUHRSWLPWUH
EXLHVăFRPSHQVDĠLUHGXFHUHDHIHFWXOXLGH
IUkQDUHDSăVkQGPDLWDUHvQWLPSXOIUkQăULL
$FHDVWăLQGLFDĠLHHVWHYDODELOăGXSăFHGLVFX
 6IDWXULSULYLQGFRQGXFHUHD 

ULOHGHIUkQăVDXSOăFXĠHOHGHIUkQăJDUQLWXULOH VLJXUDQĠăUXWLHUăÌQFD]FRQWUDUSXWHĠLSUR
GHIUkQăDXIRVWvQORFXLWH YRFDXQDFFLGHQW
$FRUGDĠLRDWHQĠLHGHRVHELWăVWăULLGUXPXOXLOD
'LQPRWLYHGHVLJXUDQĠă0HUFHGHV%HQ]Yă WHPSHUDWXULVLWXDWHvQMXUXOSXQFWXOXLGH

&RQGXFHUHúLSDUFDUH
UHFRPDQGăVăPRQWDĠLSOăFXĠHGHIUkQăJDU vQJKHĠ
QLWXULGHIUkQăODDXWRYHKLFXOXOGXPQHD
'DFăVDIRUPDWSROHLSHVXSUDIDĠDGUXPXOXL
YRDVWUăGRDUGDFăDXIRVWDSUREDWHSHQWUX
GHH[GLQFDX]DFHĠLLSHSROHLVHIRUPHD]ă
DXWRYHKLFXOHOH0HUFHGHV%HQ]VDXFDUH
RSHOLFXOăVXEĠLUHGHDSăFkQGIUkQDĠLUHGX
FRUHVSXQGXQXLVWDQGDUGGHFDOLWDWHHFKLYD
FkQGFRQVLGHUDELOWUDFĠLXQHDSQHXULORU&RQ
OHQW3OăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQă
GXFHĠLFXGHRVHELWăSUXGHQĠăvQDVWIHOGH
QHDSUREDWHSHQWUXDXWRYHKLFXOHOH0HUFHGHV
VLWXDĠLLPHWHR
%HQ]VDXFDUHQXVXQWGHFDOLWDWHHFKLYDOHQWă
DUSXWHDDIHFWDVLJXUDQĠDvQIXQFĠLRQDUHD
DXWRYHKLFXOXOXLGXPQHDYRDVWUă
&RQGXFHUHSHGUXPXULXPHGH
6LVWHPGHIUkQDUHGHvQDOWăSHUIRUPDQĠă $FYDSODQDUH
SHQWUXDXWRYHKLFXOH$0*
'DFăVDDFXPXODWDSăSkQăODRDQXPLWă
6LVWHPXOGHIUkQDUHGHvQDOWăSHUIRUPDQĠă DGkQFLPHSHVXSUDIDĠDGUXPXOXLH[LVWăSHUL
HVWHFRQFHSXWSHQWUXVDUFLQLJUHOH$FHVWD FROXOGHDFYDSODQDUHFKLDUGDFă
SRDWHJHQHUD]JRPRWHvQWLPSXOIUkQăULL
=FRQGXFHĠLODYLWH]HVFă]XWH
$FHVWHDYRUGHSLQGHGH
=SQHXULOHDXRDGkQFLPHDGHFYDWăDVXSUD
=YLWH]ă
IHĠHLGHUXODUH
=IRUĠDGHIUkQDUH
'LQDFHVWPRWLYQXFRQGXFHĠLvQúDQĠXULGH
=FRQGLĠLLOHGHPHGLXSUHFXPWHPSHUDWXUDúL
SQHXúLIUkQDĠLFXDWHQĠLH
XPLGLWDWHD
8]XUDFRPSRQHQWHORULQGLYLGXDOHDOHVLVWH &RQGXFHUHDSHGUXPXULLQXQGDWH
PXOXLGHIUkQDUHFXPDUILSOăFXĠHOHGHIUkQă
JDUQLWXULOHGHIUkQăVDXGLVFXULOHGHIUkQă 'DFăWUHEXLHVăFRQGXFHĠLSHSRUĠLXQLGH
GHSLQGHGHVWLOXOGHFRQGXFHUHúLGHFRQGLĠLLOH GUXPSHFDUHVDDGXQDWDSăUHĠLQHĠLFă
GHXWLOL]DUH =DGkQFLPHDPD[LPăSHUPLVăDDSHL
'LQDFHVWPRWLYHVWHLPSRVLELOVăVHLQGLFH VWăWăWRDUHHVWHGHFP
XQNLORPHWUDMFDUHVăILHYDODELOvQWRDWHVLWXD =QXFRQGXFHĠLODRYLWH]ăPDLPDUHGHFkWFHD
ĠLLOH8QVWLOGHFRQGXFHUHDJUHVLYYDGXFHOD GHPHUVSHMRV
RX]XUăULGLFDWă3XWHĠLREĠLQHLQIRUPDĠLLVXSOL
 5HĠLQHĠLFăDXWRYHKLFXOHOHFDUHUXOHD]ăvQ
PHQWDUHSHDFHVWVXELHFWGHOD&HQWUXOGH
IDĠăVDXvQGLUHFĠLDRSXVăFUHHD]ăYDOXUL
6HUYLFH0HUFHGHV%HQ]
$FHDVWDSRDWHGXFHODGHSăúLUHDDGkQFLPLL
PD[LPHSHUPLVHDDSHL
7UDFĠLXQHSQHXUL $FHVWHQRWHWUHEXLHVăILHUHVSHFWDWHvQ
WRDWHVLWXDĠLLOHÌQFD]FRQWUDUSXWHĠLGHWH
 $9(57,60(17 ULRUDPRWRUXOVLVWHPHOHHOHFWURQLFHVDX
'HúLDXWRYHKLFXOXOSRDWHILFRQWURODWvQvQWUH WUDQVPLVLD
JLPHODDQXPLWHYLWH]HSHGUXPXULXVFDWHWUH
EXLHVăYăUHGXFHĠLYLWH]DSHGUXPXULXPHGH
VDXFXSROHLSHQWUXDREĠLQHDFHODúLQLYHOGH


 6LVWHPHGHDVLVWDUHDFRQGXFHULL
&RQGXFHUHSHWLPSGHLDUQă
1RWHJHQHUDOH
 $9(57,60(17
&RQGXFHUHúLSDUFDUH
'DFăDXWRYHKLFXOXOUăPkQHLPRELOL]DWvQ
]ăSDGăDVLJXUDĠLYăFă]ăSDGDHVWHĠLQXWăOD
GLVWDQĠăGHĠHDYDGHHúDSDPHQWúLGLQMXUXO
DXWRYHKLFXOXOXLDWkWDWLPSFkWPRWRUXOIXQF
ĠLRQHD]ăÌQFD]FRQWUDUPRQR[LGXOGHFDUERQ
'DFăDXWRYHKLFXOXOvQFHSHVăGHUDSH]HVDX
QXSRDWHILRSULWFkQGYăGHSODVDĠLODYLWH]ă
UHGXVă
 $XWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
DGXFHĠLVFKLPEăWRUXOvQSR]LĠLDQHXWUă
 $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
FXSODĠLWUDQVPLVLDvQSR]LĠLD1
 ÌQFHUFDĠLVăUHGREkQGLĠLFRQWUROXODVXSUD
DXWRYHKLFXOXOXLFXDMXWRUXOPDQHYUHORU
WR[LF&2SRDWHSăWUXQGHvQDXWRYHKLFXOSUR
YRFkQGSLHUGHUHDFXQRúWLQĠHLúLFKLDUPRDU
WHD
3HQWUXDDVLJXUDRYHQWLODUHVXILFLHQWăFXDHU
FRUHFWLYHFXGLUHFĠLD
G 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG
FRQGXFHUHDFXODQĠXULGH]ăSDGăFRQVXO
SURDVSăWGHVFKLGHĠLXúRUXQJHDPGHSHSDU
WHDDXWRYHKLFXOXOXLQHRULHQWDWăFăWUHYkQW
/DvQFHSXWXOLHUQLLVROLFLWDĠLSUHJăWLUHDDXWR
YHKLFXOXOXLSHQWUXLDUQăODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWGHH[ODXQ&HQWUXGHVHU
YLFH0HUFHGHV%HQ]
5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ)XQFĠLRQD
WDĠL3DJLQD
6LVWHPHGHDVLVWDUHDFRQGXFHULL
&RQWUROFURD]LHUă
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
&RQWUROXOFURD]LHUHLPHQĠLQHRYLWH]ăGH
UHDSHWLPSGHLDUQă3DJLQD UXODUHFRQVWDQWăvQORFXOGXPQHDYRDVWUă
$FHVWDIUkQHD]ăDXWRPDWSHQWUXDHYLWD
&RQGXFHUHFXSQHXULGHYDUă GHSăúLUHDYLWH]HLVHWDWHÌQSDQWHOHGHVFHQ
5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ)XQFĠLRQD GHQWHOXQJLúLDEUXSWHPDLDOHVGDFăDXWRYH
UHDSHWLPSGHLDUQă3DJLQD KLFXOXOHVWHvQFăUFDWVDXGDFăWUDFWDĠLR
6XSUDIHĠHFDURVDELOHDOXQHFRDVH
 $9(57,60(17
1XUHWURJUDGDĠLSHQWUXXQHIHFWGHIUkQăGH
PRWRUVXSOLPHQWDUSHVXSUDIHĠHGHGUXPDOX
QHFRDVH$VWIHOURĠLOHPRWULFHúLDUSXWHD
SLHUGHDGHUHQĠDLDUDXWRYHKLFXOXODUSXWHD
GHUDSD
&RQGXFHĠLFXGHRVHELWăDWHQĠLHSHVXSUDIHĠH
GHGUXPDOXQHFRDVH(YLWDĠLPDQHYUHOHEUXúWH
GHDFFHOHUDUHGLUHFĠLHúLIUkQDUH
UHPRUFăWUHEXLHVăFXSODĠLRWUHDSWăGHYLWH]ă
LQIHULRDUăvQWLPSXWLOVDXODDXWRYHKLFXOHOHFX
WUDQVPLVLHDXWRPDWăVăVHOHFWDĠLWUHDSWDGH
YLWH]ăVDX$VWIHOYHĠLXWLOL]DIUkQDGH
PRWRUFDUHHOLEHUHD]ăVLVWHPXOGHIUkQDUHGH
VXEVDUFLQăúLSUHYLQHVXSUDvQFăO]LUHDúLX]XUD
SUHPDWXUăDIUkQHORU
 3HULFROGHDFFLGHQW
1XFRPXWDĠLvQWURWUHDSWăGHYLWH]ăLQIHULRDUă
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
IHĠHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
GHUHDDGHUHQĠHLURĠLORUPRWULFHúLDXWRYHKLFX
OXOSRDWHGHUDSD
8WLOL]DĠLFRQWUROXOFURD]LHUHLQXPDLGDFăFRQ
GLĠLLOHUXWLHUHYăSHUPLWVăPHQĠLQHĠLRYLWH]ă
FRQVWDQWăSHRSHULRDGăSUHOXQJLWă3XWHĠL
VWRFDRULFHYLWH]ăGHUXODUHGHSHVWH
NPK
 6LVWHPHGHDVLVWDUHDFRQGXFHULL 

 $9(57,60(17
&RQWUROXOFURD]LHUHLQXSRDWHĠLQHFRQWGH
FRQGLĠLLOHGHGUXPúLGHWUDILF
$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ

&RQGXFHUHúLSDUFDUH
WUDILFFKLDUúLFkQGFRQWUROXOFURD]LHUHLHVWH
DFWLYDW
&RQWUROXOFURD]LHUHLHVWHQXPDLXQVLVWHPGH
DVLVWHQĠăFDUHYăDMXWăFkQGFRQGXFHĠL'XP
QHDYRDVWUăVXQWHĠLVLQJXUXOUHVSRQVDELOGH
YLWH]DYHKLFXOXOXLúLGHIUkQDUHDvQWLPSXWLO
C 3HQWUXDVWRFDYLWH]DFXUHQWăVDXRYLWH]ă
 $9(57,60(17 PDLPDUH
1XXWLOL]DĠLFRQWUROXOFURD]LHUHL D /DPSăLQGLFDWRDUH/,0
=vQFRQGLĠLLUXWLHUHFDUHQXYăSHUPLWVăFRQ ‡ 3HQWUXDVWRFDYLWH]DFXUHQWăVDXDDFWLYD
GXFHĠLODYLWH]ăFRQVWDQWăGHH[WUDILFDJOR XOWLPDYLWH]ăVWRFDWă
PHUDWVDXGUXPXULúHUSXLWHÌQFD]FRQWUDU
SXWHĠLSURYRFDXQDFFLGHQW
=SHGUXPXULDOXQHFRDVH5RĠLOHPRWULFHSRW
SLHUGHDGHUHQĠăFkQGIUkQDĠLVDXDFFHOHUDĠL
úLDXWRYHKLFXOXOSRDWHGHUDSD
=FkQGH[LVWăRYL]LELOLWDWHVFă]XWăGHH[GLQ
FDX]DFHĠLLSORLLDEXQGHQWHVDX]ăSH]LL
0DQHWăSHQWUXFRQWUROXOFURD]LHUHL
3XWHĠLDFĠLRQDFRQWUROXOFURD]LHUHLúL63(('
7521,&YDULDELOFXPDQHWDSHQWUXFRQWUROXO
FURD]LHUHL
/DPSDLQGLFDWRDUH/,0GHSHPDQHWDSHQWUX
FRQWUROXOFURD]LHUHLLQGLFăFHVLVWHPDĠLVHOHF
WDW
=/DPSDLQGLFDWRDUH/,0VWLQVăFRQWURO
FURD]LHUăHVWHVHOHFWDW
=/DPSDLQGLFDWRDUH/,0DSULQVă63(('
7521,&YDULDELOHVWHVHOHFWDW
… 3HQWUXDVWRFDYLWH]DFXUHQWăVDXRYLWH]ă
PDLPLFă
ƒ 3HQWUXDFRPXWDvQWUHFRQWUROFURD]LHUăúL
63(('7521,&YDULDELO
„ 3HQWUXDGH]DFWLYDFRQWUROXOFURD]LHUă
&kQGDFWLYDĠLFRQWUROXOFURD]LHUHLYLWH]DVWR
FDWăHVWHDILúDWăSHDILúDMXOPXOWLIXQFĠLRQDO
WLPSGHFLQFLVHFXQGH$XWRYHKLFXOHFXYRODQ
PXOWLIXQFĠLRQDOFXEXWRDQHYLWH]DVWRFDWă
HVWHDSRLDILúDWăSHUPDQHQWvQLQGLFDWRUXOGH
VWDUHvPSUHXQăFXVLPEROXO²$XWRYHKL
FXOHFXYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
VHJPHQWHOHGHODYLWH]DVWRFDWăSkQăODYLWH]D
PD[LPăVHDSULQGSHDILúDMXOPXOWLIXQFĠLRQDO
6HOHFWDUHDFRQWUROXOXLFURD]LHUHL
 9HULILFDĠLGDFăODPSDLQGLFDWRDUH/,0D
HVWHRSULWă
'DFăHVWHGH]DFWLYDWăFRQWUROXOFURD]LHUHL
HVWHGHMDVHOHFWDW
'DFăQXDSăVDĠLPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
ƒ
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHVWLQJH&RQWUROXO
FURD]LHUHLHVWHVHOHFWDW
 6LVWHPHGHDVLVWDUHDFRQGXFHULL
0HPRUDUHDúLPHQĠLQHUHDYLWH]HL
FXUHQWH
3XWHĠLPHPRUDYLWH]DFXUHQWăGDFăUXODĠLOD
YLWH]HGHSHVWHNPK
&RQGXFHUHúLSDUFDUH
 $FFHOHUDĠLDXWRYHKLFXOXOSkQăFHDWLQJHĠL
YLWH]DGRULWă
 $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQVXVCVDXvQMRV…SkQăOD
SXQFWXOGHSUHVLXQH
 5LGLFDĠLSLFLRUXOGHSHSHGDODGHDFFHOHUD
ĠLH
&RQWUROFURD]LHUHLHVWHDFWLYDW$XWRYHKL
FXOXOPHQĠLQHDXWRPDWYLWH]DPHPRUDWă
G (VWHSRVLELOFDVLVWHPXOGHFRQWURODOFURD
]LHUHLVăQXSRDWăPHQĠLQHYLWH]DPHPRUDWă
vQSDQWHDVFHQGHQWH6HUHYLQHODYLWH]D
PHPRUDWăFkQGDMXQJHĠLODRVXSUDIDĠă
SODQă&RQWUROXOFURD]LHUHLPHQĠLQHYLWH]D
PHPRUDWăvQSDQWHGHVFHQGHQWHDFĠLRQkQG
DXWRPDWIUkQHOH
G $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă 5HDOL]DUHDUHJODMHORUvQWUHSWHGH
=FRQGXFHĠLvQWRWGHDXQDODWXUDĠLLDOH
PRWRUXOXLDGHFYDWHGDUQXH[FHVLYH
=VFKLPEDĠLYLWH]DvQWLPSXWLO
=GDFăHVWHSRVLELOQXUHWURJUDGDĠLFXPDL
PXOWHWUHSWHGHYLWH]ăRGDWă
0HPRUDUHDYLWH]HLFXUHQWHVDXDFWLYD
UHDXOWLPHLYLWH]HPHPRUDWH
 3HULFROGHDFFLGHQW
6HOHFWDĠLXQDGLQWUHYLWH]HOHPHPRUDWHGRDU
GDFăYDORDUHDYLWH]HLUHVSHFWLYHYăHVWH
FXQRVFXWăúLGDFăDFHDVWDHVWHDGHFYDWăSHQ
WUXFRQGLĠLLOHFXUHQWHGHGUXPúLWUDILFÌQFD]
FRQWUDUDFFHOHUDUHDVDXIUkQDUHDEUXVFă
SRDWHFUHDVLWXDĠLLSHULFXORDVHSHQWUXGXP
QHDYRDVWUăVDXSHQWUXDOWHSHUVRDQH
 GHSODVDĠLVFXUWPDQHWDVLVWHPXOXLWHPSR
PDWvQVSUHGXPQHDYRDVWUă‡
 (OLEHUDĠLSHGDODGHDFFHOHUDĠLH
/DSULPDDFWLYDUHDVLVWHPXOXL7(0320$7
DFHVWDPHPRUHD]ăYLWH]DFXUHQWăVDX
UHJOHD]ăYLWH]DDXWRYHKLFXOXOXLvQIXQFĠLHGH
XOWLPDYDORDUHPHPRUDWă
6HWDUHDXQHLYLWH]H
 $SăVDĠLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
SkQăODSXQFWXOGHSUHVLXQHvQVXVCSHQ
WUXRYLWH]ăPDLPDUHVDXvQMRV…SHQWUX
RYLWH]ăPDLPLFă
 ğLQHĠLDSăVDWăPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLSkQăFHDWLQJHĠLYLWH]DGRULWă
 (OLEHUDĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
UHL
1RXDYLWH]ăHVWHPHPRUDWă
G &RQWUROFURD]LHUăQXHVWHGH]DFWLYDWGDFă
DSăVDĠLSHGDODGHDFFHOHUDĠLH'HH[HPSOX
GDFăDFFHOHUDĠLEUXVFSHQWUXDGHSăúLFRQ
WUROFURD]LHUăUHJOHD]ăYLWH]DDXWRYHKLFXOX
OXLSkQăODXOWLPDYLWH]ăVWRFDWăGXSăFHDĠL
ILQDOL]DWGHSăúLUHD
NPK
 $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLODSXQFWXOGHSUHVLXQHvQ
VXVCSHQWUXRYLWH]ăPDLPDUHVDXvQ
MRV…SHQWUXRYLWH]ăPDLUHGXVă
8OWLPDYLWH]ăPHPRUDWăHVWHFUHVFXWăVDX
UHGXVă
5HDOL]DUHDUHJODMHORUvQWUHSWHGH
NPK
 $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLGLQFRORGHSXQFWXOGHSUHVLXQH
vQVXVCSHQWUXRYLWH]ăPDLULGLFDWăVDX
vQMRV…SHQWUXRYLWH]ăPDLUHGXVă
8OWLPDYLWH]ăPHPRUDWăHVWHFUHVFXWăVDX
UHGXVă

'H]DFWLYDUHDFRQWUROXOXLFURD]LHUHL
([LVWăPDLPXOWHPRGXULGHDGH]DFWLYDFRQ
WUROXOFURD]LHUHL
 $SăVDĠLVFXUWSHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHL„vQDLQWH
VDX
 )UkQă
VDX
 $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
ƒ
63(('7521,&YDULDELOHVWHVHOHFWDW
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHDSULQGH
&RQWUROXOFURD]LHUHLHVWHGH]DFWLYDWDXWRPDW
GDFă
=DSăVDĠLIUkQDGHSDUFDUH
=FRQGXFHĠLFXPDLSXĠLQGHNPK
=(63ŠLQWHUYLQHVDXGDFăGH]DFWLYDĠL(63Š
=FXSODĠLSR]LĠLDQHXWUăODXQDXWRYHKLFXOFX
WUDQVPLVLHPDQXDOăvQWLPSXOFRQGXFHULL
VDXDSăVDĠLSHGDODGHDPEUHLDMPDLPXOWGH
úDVHVHFXQGH
=ODDXWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
GDFăFXSODĠLvQWURWUHDSWăGHYLWH]ăSUHD
PDUHúLGUHSWUH]XOWDWWXUDĠLDPRWRUXOXL
HVWHSUHDPLFă
=ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
FXSODĠLvQSR]LĠLD1vQWLPSXOFRQGXFHULL
ÌQFD]XOvQFDUHFRQWUROXOFURD]LHUHLHVWH
GH]DFWLYDWYHĠLDX]LXQVXQHWGHDYHUWL]DUH
9HĠLYHGHDPHVDMXO&UXLVHFRQWURORII
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
',67521,&3/86
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
',67521,&3/86UHJOHD]ăYLWH]DúLYăDMXWă
&RQGXFHUHúLSDUFDUH
DXWRPDWVăPHQĠLQHĠLGLVWDQĠDIDĠăGHDXWR
YHKLFXOXOGHWHFWDWvQIDĠă$FHVWDIUkQHD]ă
DXWRPDWSHQWUXDHYLWDGHSăúLUHDYLWH]HL
VHWDWH
ÌQSDQWHOHGHVFHQGHQWHOXQJLúLDEUXSWHPDL
DOHVGDFăDXWRYHKLFXOXOHVWHvQFăUFDWVDX
GDFăWUDFWDĠLRUHPRUFăWUHEXLHVăVHOHFWDĠL
WUHDSWDGHYLWH]ăVDXvQWLPSXWLO$VWIHO
YHĠLXWLOL]DIUkQDGHPRWRUFDUHHOLEHUHD]ă
VLVWHPXOGHIUkQDUHGHVXEVDUFLQăúLSUHYLQH
VXSUDvQFăO]LUHDúLX]XUDSUHPDWXUăDIUkQHORU
'DFăVHGHWHFWHD]ăXQDXWRYHKLFXOPDLOHQW
vQIDĠă',67521,&3/86IDFHFDDXWRYHKLFX
OXOGXPQHDYRDVWUăVăIUkQH]HúLVăPHQĠLQăR
GLVWDQĠăSUHVHWDWăIDĠăGHDXWRYHKLFXOXOGLQ
IDĠă
 3HULFROGHDFFLGHQW
1XFRPXWDĠLvQWURWUHDSWăGHYLWH]ăLQIHULRDUă
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
IHĠHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
GHUHDDGHUHQĠHLURĠLORUPRWULFHúLDXWRYHKLFX
OXOSRDWHGHUDSD
 $9(57,60(17
',67521,&3/86HVWHQXPDLXQVLVWHPGH
DVLVWHQĠăFDUHYăDMXWăFkQGFRQGXFHĠLùRIH
UXOSRDUWăvQWUHDJDUHVSRQVDELOLWDWHSHQWUX
GLVWDQĠDDXWRYHKLFXOXOXLIDĠăGHDOWHDXWRYH
KLFXOHYLWH]DDXWRYHKLFXOXOXLúLSHQWUXIUkQD
UHDvQWLPSXWLO
&RQWUROXOFURD]LHUHLGH]DFWLYDWSH
DILúDMXOPXOWLIXQFĠLRQDOWLPSGHDSUR[LPDWLY
FLQFLVHFXQGH
G 8OWLPDYLWH]ăPHPRUDWăHVWHúWHDUVă
FkQGRSULĠLPRWRUXO
',67521,&3/86QXUHDFĠLRQHD]ăPDLDOHVOD
=SLHWRQL
=REVWDFROHVWDĠLRQDUHGHSHGUXPGHH[
DXWRYHKLFXOHRSULWHVDXSDUFDWH
=WUDILFXOGHSHFRQWUDVHQVúLFHOFXFDUHYă
LQWHUVHFWDĠL
(VWHSRVLELOFD',67521,&3/86VăQXUHFX
QRDVFăDXWRYHKLFXOHOHvQJXVWHGLQIDĠăGHH[
PRWRFLFOHWHOHúLDXWRYHKLFXOHOHFDUHFRQGXF
SHDOWăWUDLHFWRULH3ULQXUPDUHDFRUGDĠLvQWRW
GHDXQDDWHQĠLHFRQGLĠLLORUGLQWUDILFFKLDUúL
 6LVWHPHGHDVLVWDUHDFRQGXFHULL

FkQG',67521,&3/86HVWHDFWLYDWÌQFD] 6LVWHPXOGHVHQ]RUUDGDUHVWHDXWRPDWGH]DF
FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠLSHUL WLYDWOkQJăXQLWăĠLOHUDGLRWHOHVFRS
FROHOHODWLPSSURYRFkQGXQDFFLGHQWúL 3DJLQD
UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH 'DFăGRULĠLFD',67521,&3/86VăYăDVLVWH
&RQGXFHUHúLSDUFDUH

VLVWHPXOGHVHQ]RULUDGDUWUHEXLHVăILHDFWLYDW
 $9(57,60(17
',67521,&3/86QXSRDWHĠLQHFRQWGHFRQ
GLĠLLOHGHGUXPúLGHWUDILF'DFă',67521,&
QXUHFXQRDúWHVDXQXPDLUHFXQRDúWHDXWR
YHKLFXOXOGLQIDĠăQXDFWLYDĠL',67521,&VDX
GDFăHVWHGHMDDFWLYGH]DFWLYDĠLO$FHDVWă
LQGLFDĠLHHVWHYDODELOăPDLDOHV 1,&DFĠLRQHD]ăvQLQWHUYDOXOGHYLWH]ăGLQWUH
=vQDLQWHGHYLUDMH
=SHEHQ]LGHDORFDUHDWUDILFXOXLvQFXUEH
=FkQGWUHFHĠLSHREDQGăFXWUDILFPDLUDSLG
=vQVLWXDĠLLFRPSOH[HGHFRQGXFHUHVDXFkQG
H[LVWăEHQ]LRFROLWRDUHGHH[SHDXWRVWUă]L
vQOXFUX
ÌQFD]FRQWUDU',67521,&3/86PHQĠLQH
YLWH]DFXUHQWăVHWDWăGHGXPQHDYRDVWUăVDX
DFFHOHUHD]ăSkQăODYLWH]DVHWDWă
',67521,&3/86QXSRDWHĠLQHFRQWGHFRQ
GLĠLLOHPHWHR'H]DFWLYDĠLVDXQXDFWLYDĠL',6
7521,&3/86 GHIUkQDUHHVWHLQVXILFLHQWă
=GDFăGUXPXULOHVXQWDOXQHFRDVHDFRSHULWH
FX]ăSDGăVDXFXJKHDĠă5RĠLOHvúLSRW
SLHUGHDGHUHQĠDFkQGIUkQDĠLVDXDFFHOHUDĠL
$XWRYHKLFXOXOSRDWHvQFHSHVăGHUDSH]H
=GDFăVHQ]RULLVXQWPXUGDULVDXFkQGYL]LEL
OLWDWHDHVWHVODEăGHH[GLQFDX]D]ăSH]LL
SORLLVDXFHĠLL&RQWUROXOGLVWDQĠHLSRDWHIL
DIHFWDW
$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ
WUDILFFKLDUúLFkQG',67521,&3/86HVWH
DFWLYDWÌQFD]FRQWUDUHVWHSRVLELOVăQXUHFX
QRDúWHĠLSHULFROHOHODWLPSSURYRFkQGXQDFFL
GHQWúLUăQLUHDGXPQHDYRDVWUăúLDDOWRUSHU
VRDQH
 7UHEXLHVăGH]DFWLYDĠLVLVWHPXOGHVHQ]RUL
UDGDUvQDQXPLWHĠăULúLOkQJăXQLWăĠLOHUDGLR
WHOHVFRS9HĠLJăVLLQIRUPDĠLLVXSOLPHQWDUH
ODVHFĠLXQHDÄ6LVWHPXOGHVHQ]RULUDGDUGLQ
LQGH[
3DJLQDúLIXQFĠLRQDO
'DFăQXVHDIOăQLFLXQDXWRYHKLFXOvQIDĠă
',67521,&3/86VHFRPSRUWăODIHOFDúL
FRQWUROXOFURD]LHUHLvQLQWHUYDOXOGHYLWH]ăGLQ
WUHNPKúLNPK'DFăXQDXWRYHKL
FXOUXOHD]ăvQIDĠDGXPQHDYRDVWUă',6752
NPKúLNPK
1XXWLOL]DĠL',67521,&3/86vQWLPSXOFRQ
GXFHULLSHGUXPXULFXSDQWHDEUXSWH
 $9(57,60(17
',67521,&3/86IUkQHD]ăDXWRYHKLFXOXO
GXPQHDYRDVWUăFXSkQăODPD[LPXPPV
vQIXQFĠLHGHYLWH]DVD$FHDVWDFRUHVSXQGH
XQXLSURFHQWGHDSUR[LPDWLYGLQSXWHUHD
GHIUkQDUHPD[LPăDDXWRYHKLFXOXOXLGXPQHD
YRDVWUă(VWHQHFHVDUFDúLGXPQHDYRDVWUăVă
DFĠLRQDĠLVLQJXUIUkQHOHGDFăDFHDVWăSXWHUH
'DFă',67521,&3/86GHWHFWHD]ăXQULVFGH
FROL]LXQHFXXQDXWRYHKLFXOGLQIDĠăVHHPLWH
XQVXQHWGHDYHUWL]DUHLQWHUPLWHQWÌQSOXV
ODPSDGHDYHUWL]DUHSULYLQGGLVWDQĠDºGLQ
SDQRXOGHLQVWUXPHQWHVHDSULQGH)UkQDĠL
SHQWUXDHYLWDRFROL]LXQH
0DQHWăSHQWUXFRQWUROXOFURD]LHUHL
&XPDQHWDSHQWUXFRQWUROXOFURD]LHUHLSXWHĠL
DFĠLRQD',67521,&3/86úL63(('7521,&
YDULDELO
/DPSDLQGLFDWRDUH/,0GHSHPDQHWDSHQWUX
FRQWUROXOFURD]LHUHLLQGLFăFHVLVWHPDĠLVHOHF
WDW
=/DPSDLQGLFDWRDUH/,0GH]DFWLYDWă',6
7521,&3/86HVWHVHOHFWDW
=/DPSDLQGLFDWRDUH/,0DSULQVăVD
VHOHFWDW63(('7521,&YDULDELO

C 3HQWUXDPHPRUDYLWH]DFXUHQWăVDXR
YLWH]ăPDLULGLFDWă
D 3HQWUXDVHWDGLVWDQĠDPLQLPăVSHFLILFDWă
‡ /DPSDLQGLFDWRDUH/,0
… 3HQWUXDPHPRUDYLWH]DFXUHQWăVDXSHQ
WUXDDFWLYDXOWLPDYLWH]ăPHPRUDWă
ƒ 3HQWUXDPHPRUDYLWH]DFXUHQWăVDXR
YLWH]ăPDLVFă]XWă
„ 3HQWUXDFRPXWDvQWUH',67521,&3/86úL
63(('7521,&YDULDELO
k 3HQWUXDGH]DFWLYD',67521,&3/86
6HOHFWDUHD',67521,&3/86
 9HULILFDĠLGDFăODPSDLQGLFDWRDUH/,0‡
HVWHVWLQVă
'DFăHVWHVWLQVă',67521,&3/86HVWH
GHMDVHOHFWDW
'DFăQXDSăVDĠLPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
„
/DPSDLQGLFDWRDUH/,0‡GLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHVWLQJH',6752
1,&3/86HVWHVHOHFWDW
$FWLYDUHD',67521,&3/86PHPRUDUHD
YLWH]HLFXUHQWHúLPHQĠLQHUHDVD
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
$XWRYHKLFXOXOSRDWHILIUkQDWFkQG',67521,&
3/86HVWHDFWLYDW'LQDFHVWPRWLYGH]DFWL
YDĠLIXQFĠLD',67521,&3/86GDFăDXWRYHKL
FXOXOYDILSXVvQPLúFDUHSULQDOWHPLMORDFHGH
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
3HQWUXDDFWLYD',67521,&3/86WUHEXLHUHX
QLWHXUPăWRDUHOHFRQGLĠLL
=SHQWUXDXWRYHKLFXOHFDUHQXVXQWGRWDWHFX
XQVLVWHPGHQDYLJDĠLHWUHEXLHFRQHFWDW
&RQGXFHUHúLSDUFDUH
%HFNHUŠ0$33,/27&RQVXOWDĠLLQVWUXFĠLX
QLOHGHXWLOL]DUHVHSDUDWH$XGLR
=PRWRUXOWUHEXLHVăILHSRUQLWÌQDLQWHFD
',67521,&3/86VăILHJDWDSHQWUXXWLOL
]DUHVDUSXWHDVăWUHEXLDVFăVăFRQGXFHĠL
FHOPXOWGRXăPLQXWH
=IUkQDGHSDUFDUHQXHVWHDFĠLRQDWă
=(63ŠHVWHDFWLYDW
=WUDQVPLVLDHVWHvQSR]LĠLD'
=FDSRWDHVWHvQFKLVă
=SRUWLHUDúRIHUXOXLWUHEXLHVăILHvQFKLVă
FkQGFXSODĠLGHOD3OD'VDXFHQWXUDGXP
QHDYRDVWUăGHVLJXUDQĠăWUHEXLHFXSODWă
=SRUWLHUDSDVDJHUXOXLIDĠăHVWHvQFKLVă
=DXWRYHKLFXOXOQXGHUDSHD]ă
$FWLYDUHvQWLPSXOFRQGXFHULL
&kQGFRQGXFHĠLFXPDLSXĠLQGHNPK
SXWHĠLDFWLYD',67521,&3/86QXPDLGDFă
DXWRYHKLFXOXOGLQIDĠăDIRVWGHWHFWDWúLDSDUH
SHDILúDMXOPXOWLIXQFĠLRQDO'DFăDXWRYHKLFX
OXOGLQIDĠăQXDSDUHSHDILúDMXOPXOWLIXQFĠLR
QDOúLQXPDLHVWHGHWHFWDWGHH[HPSOXGLQ
FDX]ăFăDVFKLPEDWEDQGD',67521,&3/86
HVWHGH]DFWLYDWúLVHHPLWHXQVXQHW
 7UDJHĠLVFXUWVSUHGXPQHDYRDVWUăPDQHWD
SHQWUXFRQWUROXOFURD]LHUHL…VDXDSăVDĠL
RvQVXVCVDXvQMRVƒSkQăODSXQFWXOGH
SUHVLXQH
',67521,&3/86HVWHVHOHFWDW
 ğLQHĠLDSăVDWăPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQVXVCVDXvQMRVƒSkQăFkQG
HVWHVHWDWăYLWH]DGRULWă
 5LGLFDĠLSLFLRUXOGHSHSHGDODGHDFFHOHUD
ĠLH
$XWRYHKLFXOXOGXPQHDYRDVWUăvúLDGDS
WHD]ăYLWH]DODFHDDDXWRYHKLFXOXOXLGLQ
IDĠăGDUQXPDLSkQăODYLWH]DGRULWăFDUHD
IRVWVWRFDWă
H[vQWURVSăOăWRULHDXWRVDXSULQWUDFWDUH


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

G 'DFăQXHOLEHUDĠLFRPSOHWSHGDODGHDFFH &RQGXFHUH
OHUDĠLHSHDILúDMXOPXOWLIXQFĠLRQDODSDUH 'DFăQXHVWHQLFLXQDXWRYHKLFXOvQIDĠă',6
PHVDMXO',67521,&3/86VXVSHQGHG 7521,&3/86DFĠLRQHD]ăSUHFXPFRQWUROXO
',67521,&3/86VXVSHQGDW$SRLQX
&RQGXFHUHúLSDUFDUH
YDILPHQĠLQXWăGLVWDQĠDVHWDWăIDĠăGHXQ
DXWRYHKLFXOGLQIDĠăFDUHVHGHSODVHD]ăPDL
vQFHW9HĠLFRQGXFHFXYLWH]DSHFDUHRYHĠL
VWDELOLSULQSR]LĠLDSHGDOHLGHDFFHOHUDĠLH
$FWLYDUHFkQGFRQGXFHĠLVSUHXQDXWRYH
KLFXOVWDĠLRQDW
'DFăDXWRYHKLFXOXOGLQIDĠăHVWHVWDĠLRQDW
SXWHĠLDFWLYD',67521,&3/86QXPDLGXSăFH
úLDXWRYHKLFXOXOGXPQHDYRDVWUăVWDĠLRQHD]ă
 7UDJHĠLVFXUWVSUHGXPQHDYRDVWUăPDQHWD
SHQWUXFRQWUROXOFURD]LHUHL…VDXDSăVDĠL
RvQVXVCVDXvQMRVƒVSUHSXQFWXOGH
SUHVLXQH
',67521,&3/86HVWHVHOHFWDW
G ',67521,&3/86SRDWHILDFWLYDWODR
YLWH]ăPDLPLFăGHNPKQXPDLGDFăXQ
DXWRYHKLFXOGLQIDĠăDIRVWGHWHFWDW3ULQ
XUPDUHDILúDMXOGLVWDQĠă',67521,&3/86
GLQSDQRXOGHLQVWUXPHQWHWUHEXLHDFWLYDW
FURD]LHUHL
'DFăHVWHGHWHFWDWvQIDĠăXQDXWRYHKLFXOFDUH
VHGHSODVHD]ăPDLvQFHW',67521,&3/86
IDFHFDDXWRYHKLFXOXOGXPQHDYRDVWUăVăIUk
QH]HúLSăVWUHD]ăRGLVWDQĠăSUHVHWDWăIDĠăGH
DXWRYHKLFXOXOGLQIDĠă
'DFăGHWHFWHD]ăvQIDĠăXQDXWRYHKLFXOFDUH
VHGHSODVHD]ăPDLUHSHGH',67521,&3/86
PăUHúWHYLWH]DGDUQXPDLSkQăODYLWH]D
GRULWăVWRFDWăGHGXPQHDYRDVWUă
 $9(57,60(17
'DFăDSăVDĠLIUkQD',67521,&3/86HVWH
GH]DFWLYDWFXH[FHSĠLDFD]XOXLvQFDUHDXWRYH
KLFXOXOGXPQHDYRDVWUăVWDĠLRQHD]ă',6752
1,&3/86QXPDLIUkQHD]ăDSRLDXWRYHKLFXOXO
ÌQDVWIHOGHVLWXDĠLLFRQWURODĠLGLVWDQĠDIDĠăGH
DXWRYHKLFXOHOHGLQIDĠăQXPDLFXIUkQDÌQFD]
FRQWUDUSXWHĠLSURYRFDXQDFFLGHQWUăQLQGX
YăvQFRQVHFLQĠăSHGXPQHDYRDVWUăúLDOWH
SHUVRDQHùRIHUXOSRDUWăvQWUHDJDUHVSRQVD
ELOLWDWHSHQWUXGLVWDQĠDDXWRYHKLFXOXOXLIDĠăGH
3DJLQD
 ğLQHĠLDSăVDWăPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQVXVCVDXvQMRVƒSkQăFkQG
HVWHVHWDWăYLWH]DGRULWă
G 3XWHĠLXWLOL]DPDQHWDSHQWUXFRQWUROXO
DOWHDXWRYHKLFXOHYLWH]DODFDUHFRQGXFHúL
SHQWUXIUkQDUHDvQWLPSXWLO
6FKLPEDUHDEHQ]LORU
'DFăGRULĠLVăWUHFHĠLSHEDQGDGHGHSăúLUH
vQĠăULOHXQGHVHFLUFXOăSHSDUWHDGUHDSWă
FURD]LHUHLSHQWUXDVHWDYLWH]DVWRFDWăúL EDQGDGHGHSăúLUHHVWHEDQGDVWkQJD',6
FRQWUROXOGHSHPDQHWDSHQWUXFRQWUROXO 7521,&3/86YăRIHUăDVLVWHQĠăGDFă
FURD]LHUHLSHQWUXDVHWDGLVWDQĠDPLQLPă =FRQGXFHĠLFXSHVWHNPK
VSHFLILFDWă3DJLQD
3RUQLUHGHSHORF
 'DFăDXWRYHKLFXOXOGLQIDĠăGHPD
UHD]ăOXDĠLSLFLRUXOGHSHSHGDODGHIUkQă
 7UDJHĠLVFXUWVSUHGXPQHDYRDVWUăPDQHWD
SHQWUXFRQWUROXOFURD]LHUHL…
VDX
 $FFHOHUDĠLVFXUW
$XWRYHKLFXOXOGXPQHDYRDVWUăGHPDUHD]ă
úLvúLDGDSWHD]ăYLWH]DODFHDDDXWRYHKLFX
OXOXLGLQIDĠă
=',67521,&3/86SăVWUHD]ăGLVWDQĠDIDĠă
GHDXWRYHKLFXOXOGLQIDĠă
=SRUQLĠLVHPQDOL]DWRDUHOHGHGLUHFĠLHFRUHV
SXQ]ăWRDUH
=',67521,&3/86QXGHWHFWHD]ăXQSHULFRO
GHFROL]LXQH
'DFăVXQWvQGHSOLQLWHDFHVWHFRQGLĠLLDXWRYH
KLFXOXOGXPQHDYRDVWUăYDDFFHOHUD$FFHOH
UDUHDYDILvQWUHUXSWăGDFăVFKLPEDUHDEHQ]L
ORUGXUHD]ăSUHDPXOWVDXGDFăGLVWDQĠDGLQWUH
DXWRYHKLFXOXOGXPQHDYRDVWUăúLFHOGLQIDĠă
DMXQJHVăILHSUHDPLFă

 $9(57,60(17
',67521,&3/86úLDVLVWHQĠDDFWLYăODXQJKLXO
PRUWVXQWGRDUVLVWHPHGHDVLVWDUHDFRQGX
FHULL
$FHVWHDQXYăDEVROYăGHUăVSXQGHUHDGHD
PDQLIHVWDRDWHQĠLHGHRVHELWăùRIHUXOSRDUWă
vQWUHDJDUHVSRQVDELOLWDWHSHQWUXGLVWDQĠD
DXWRYHKLFXOXOXLIDĠăGHDOWHDXWRYHKLFXOH
YLWH]DDXWRYHKLFXOXOXLúLSHQWUXIUkQDUHDvQ
WLPSXWLO$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGL
ĠLLORUGLQWUDILFúLvPSUHMXULPLORUGXPQHD
YRDVWUăÌQFD]FRQWUDUHVWHSRVLELOVăQX
UHFXQRDúWHĠLSHULFROHOHODWLPSSURYRFkQGXQ
DFFLGHQWúLUăQLUHDGXPQHDYRDVWUăúLDDOWRU
SHUVRDQH
$XWRYHKLFXOHFX&20$1'2QOLQH JLUDWRULX
G 8UPăWRDUHDIXQFĠLHQXHVWHIXQFĠLRQDOăvQ
WRDWHĠăULOH
',67521,&3/86XWLOL]HD]ăLQIRUPDĠLLVXSOL
PHQWDUHGHODVLVWHPXOGXPQHDYRDVWUăGH
QDYLJDĠLHDVWIHOvQFkWVăSRDWăUHDFĠLRQD
FRUHVSXQ]ăWRUvQDQXPLWHVLWXDĠLLGLQWUDILF
$FHDVWDHVWHVLWXDĠLDGDFăvQWLPSFHPHUJHĠL
vQXUPDXQXLDXWRYHKLFXO',67521,&3/86
HVWHDFWLYLDUGXPQHDYRDVWUă  $9(57,60(17
=YăDSURSLDĠLGHVDXWUHFHĠLSULQWUXQVHQV
JLUDWRULX
=YăDSURSLDĠLGHRLQWHUVHFĠLHvQIRUPăGH7
=RSULĠLODRLHúLUHGHSHDXWRVWUDGă
&KLDUGDFăDXWRYHKLFXOXOGLQIDĠăLHVHGLQUD]D
GHGHWHFWDUH',67521,&3/86PHQĠLQHWHP
SRUDUYLWH]DGHUXODUHFXUHQWăúLQXDFFHOH
UHD]ă$FHDVWDVHED]HD]ăSHGDWHOHFXUHQWH
DOHKăUĠLLGLQVLVWHPXOGHQDYLJDĠLH
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
&RQGXFHUHúLSDUFDUH
([HPSOXVHQVJLUDWRULX
9LWH]DFXUHQWăHVWHPHQĠLQXWă
=DSUR[LPDWLYVHFXQGHvQDLQWHGHVHQVXO
JLUDWRULXLQWHUVHFĠLDvQIRUPăGH7úLDSUR
[LPDWLYVHFXQGHFkQGVXQWHĠLvQVHQVXO
=DSUR[LPDWLYVHFXQGHvQDLQWHGHDDMXQJH
ODRLHúLUHGHSHDXWRVWUDGăúLDSUR[LPDWLY
VHFXQGHGXSăLHúLUHDGHSHDXWRVWUDGă
'XSăDFHHDDXWRYHKLFXOXODFFHOHUHD]ăGLQ
QRXSkQăODYLWH]DVHWDWăVSHFLILFDWăGHGXP
QHDYRDVWUă
2SULUH
1XLHúLĠLQLFLRGDWăGLQDXWRYHKLFXOFkQG',6
7521,&3/86HVWHDFWLYDW
',67521,&3/86QXWUHEXLHGHDVHPHQHDVă
ILHQLFLRGDWăDFĠLRQDWDFWLYDWVDXGH]DFWLYDW
GHXQSDVDJHUVDXGLQH[WHULRUXODXWRYHKLFX
OXOXL
',67521,&3/86QXvQORFXLHúWHIUkQDGHSDU
FDUHúLQXWUHEXLHVăILHXWLOL]DWăSHQWUXSDU
FDUH
(IHFWXOGHIUkQDUHRIHULWGH',67521,&3/86
HVWHDQXODWúLDXWRYHKLFXOXOVHSRDWHSXQHvQ
PLúFDUHGDFă
=',67521,&3/86HVWHGH]DFWLYDWFXDMXWR
UXOPDQHWHLSHQWUXFRQWUROXOFURD]LHUHL
=DFFHOHUDĠL
=H[LVWăRGHIHFĠLXQHvQVLVWHPVDXRvQWUHUX
SHUHvQDOLPHQWDUHDHOHFWULFăGHH[R
GHIHFĠLXQHODEDWHULH
 6LVWHPHGHDVLVWDUHDFRQGXFHULL
=VHLQWHUYLQHQHDXWRUL]DWODVLVWHPXOHOHFWULF
GLQFRPSDUWLPHQWXOPRWRUXOXLODEDWHULH
VDXODVLJXUDQĠH
=EDWHULDHVWHGHFRQHFWDWă
&RQGXFHUHúLSDUFDUH
'DFăGRULĠLVăSăUăVLĠLDXWRYHKLFXOXOVDXVăvO
SDUFDĠLGH]DFWLYDĠL',67521,&3/86úLDVL
JXUDĠLDXWRYHKLFXOXOFRQWUDSXQHULLvQPLúFDUH
'DFăGHWHFWHD]ăFăDXWRYHKLFXOXOGLQIDĠă
RSUHúWH',67521,&3/86IUkQHD]ăDXWRYH
KLFXOXOGXPQHDYRDVWUăSkQăODSXQFWXOGH
VWDĠLRQDUH
',67521,&3/86HVWHvQFRQWLQXDUHDFWLYDW
6XQHWXOGHYLQHPDLSXWHUQLFGDFăvQFHUFDĠLVă
vQFXLDĠLDXWRYHKLFXOXO$XWRYHKLFXOXOQXHVWH
vQFXLDWSkQăFH',67521,&3/86QXHVWH
GH]DFWLYDW
G 'DFăPRWRUXODIRVWRSULWDFHVWDQXSRDWH
ILUHSRUQLWSkQăFH',67521,&3/86QXD
IRVWGH]DFWLYDW
'DFă',67521,&3/86HVWHDFWLYDWúLVXUYLQH
RGHIHFĠLXQHvQVLVWHPVDXGDFăH[LVWăRvQWUH
UXSHUHvQDOLPHQWDUHDHOHFWULFăSHDILúDMXO
PXOWLIXQFĠLRQDODSDUHPHVDMXO%UDNHLPPHњ
2GDWăFHDXWRYHKLFXOXODVWDĠLRQDWHOUăPkQH
VWDĠLRQDWúLQXWUHEXLHVăDSăVDĠLIUkQD
G ÌQIXQFĠLHGHGLVWDQĠDPLQLPăVSHFLILFDWă
DXWRYHKLFXOXOGXPQHDYRDVWUăVHYDRSULOD
VXILFLHQWăGLVWDQĠăGHDXWRYHKLFXOXOGLQ
IDĠă'LVWDQĠDPLQLPăVSHFLILFDWăHVWH
VHWDWăFXDMXWRUXOFRQWUROXOXLGHSHPDQHWD
SHQWUXFRQWUROXOFURD]LHUHL
9HĠLYHGHDXQPHVDMGHDYHUWL]DUHSHDILúDMXO
PXOWLIXQFĠLRQDOGDFă',67521,&3/86HVWH
DFWLYDWúL RYLWH]ăPDLPLFă
=SRUWLHUDúRIHUXOXLHVWHGHVFKLVăúLFHQWXUD
GHVLJXUDQĠăDúRIHUXOXLQXHVWHFXSODWă
=PRWRUXOHVWHRSULWFXH[FHSĠLDFD]XOXLvQ
FDUHHVWHRSULWDXWRPDWGHIXQFĠLDVWDUW
VWRS(&2
=FDSRWDHVWHGHVFKLVă
GLDWHO\)U¥QDĆLLPHGLDW$SăVDĠL
IUkQDIHUPúLLPHGLDWSkQăFHPHVDMXOGH
DYHUWL]DUHGLQDILúDMXOPXOWLIXQFĠLRQDOVH
VWLQJHVDXFXSODĠLWUDQVPLVLDvQSR]LĠLD3',6
7521,&3/86HVWHGH]DFWLYDW
6HWDUHDXQHLYLWH]H
 $SăVDĠLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
SkQăODSXQFWXOGHSUHVLXQHvQVXVCSHQ
WUXRYLWH]ăPDLPDUHVDXvQMRVƒSHQWUX
 ğLQHĠLDSăVDWăPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLSkQăFHDWLQJHĠLYLWH]DGRULWă
 (OLEHUDĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
UHL
1RXDYLWH]ăHVWHPHPRUDWă',67521,&
3/86HVWHDFWLYDWúLUHJOHD]ăYLWH]DDXWR
6HOHFW3DUN36HOHFWDĆL3DUN3 YHKLFXOXOXLODQRXDYLWH]ăPHPRUDWă
 'HSODVDĠLPDQHWDVHOHFWRDUHvQSR]LĠLD3
SHQWUXDSUHYHQLSXQHUHDvQPLúFDUHDDXWR 5HDOL]DUHDUHJODMHORUvQWUHSWHGH
YHKLFXOXOXL NPK
',67521,&3/86HVWHGH]DFWLYDW0HVDMXO  $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
GHDYHUWL]DUHGLQDILúDMXOPXOWLIXQFĠLRQDO FURD]LHUHLODSXQFWXOGHSUHVLXQHvQ
GLVSDUH VXVCSHQWUXRYLWH]ăPDLPDUHVDXvQMRV
'HDVHPHQHDFOD[RQXOVHYDDFĠLRQDODLQWHU ƒSHQWUXRYLWH]ăPDLUHGXVă
YDOHUHJXODWHGDFă',67521,&3/86HVWH 8OWLPDYLWH]ăPHPRUDWăHVWHFUHVFXWăVDX
DFWLYDWLDUGXPQHDYRDVWUă UHGXVă
=RSULĠLPRWRUXOGHVFKLGHĠLSRUWLHUDúRIHUXOXL
úLYăVFRDWHĠLFHQWXUDGHVLJXUDQĠă 5HDOL]DUHDUHJODMHORUvQWUHSWHGH
=GHVFKLGHĠLFDSRWD NPK
&OD[RQXODFWLYDWYăDYHUWL]HD]ăDVXSUDIDSWX  $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
OXLFăDXWRYHKLFXOXODIRVWSDUFDWvQWLPSFH FURD]LHUHLGLQFRORGHSXQFWXOGHSUHVLXQH

vQVXVCSHQWUXRYLWH]ăPDLPDUHVDXvQ
MRVƒSHQWUXRYLWH]ăPDLUHGXVă
8OWLPDYLWH]ăPHPRUDWăHVWHFUHVFXWăVDX
UHGXVă
0HPRUDUHDYLWH]HLFXUHQWHVDXDFWLYD
UHDYLWH]HPHPRUDWH
 3HULFROGHDFFLGHQW
6HOHFWDĠLXQDGLQWUHYLWH]HOHPHPRUDWHGRDU
GDFăYDORDUHDYLWH]HLUHVSHFWLYHYăHVWH
FXQRVFXWăúLGDFăDFHDVWDHVWHDGHFYDWăSHQ
WUXFRQGLĠLLOHFXUHQWHGHGUXPúLWUDILFÌQFD]
FRQWUDUDFFHOHUDUHDVDXIUkQDUHDEUXVFă
SRDWHFUHDVLWXDĠLLSHULFXORDVHSHQWUXGXP
QHDYRDVWUăVDXSHQWUXDOWHSHUVRDQH
 7UDJHĠLVFXUWGHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLFăWUHGXPQHDYRDVWUă…
 5LGLFDĠLSLFLRUXOGHSHSHGDODGHDFFHOHUD
ĠLH
',67521,&3/86HVWHDFWLYDW/DSULPDVD
DFWLYDUHYLWH]DFXUHQWăHVWHPHPRUDWăÌQ
FD]FRQWUDUYLWH]DGHFURD]LHUăDDXWRYHKL
FXOXOXLHVWHVHWDWăODYDORDUHDPHPRUDWă
DQWHULRU
6HWDUHDGLVWDQĠHLPLQLPHVSHFLILFDWH
3XWHĠLVHWDGLVWDQĠDPLQLPăVSHFLILFDWăSHQ
WUX',67521,&3/86SULQYDULHUHDLQWHUYDOXOXL
GHWLPSvQWUHXQDúLGRXăVHFXQGH&XDFHDVWă
IXQFĠLHSXWHĠLVHWDGLVWDQĠDPLQLPăSăVWUDWă
GH',67521,&3/86IDĠăGHDXWRYHKLFXOXOGLQ
IDĠăvQIXQFĠLHGHYLWH]DDXWRYHKLFXOXOXL
3XWHĠLYHGHDDFHDVWăGLVWDQĠăSHDILúDMXOPXO
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
 3HQWUXDFUHúWHURWLĠLFRPDQGDDvQ
GLUHFĠLD‡
',67521,&3/86SăVWUHD]ăDVWIHORGLV
WDQĠăPDLPDUHvQWUHDXWRYHKLFXOXOGXP
&RQGXFHUHúLSDUFDUH
QHDYRDVWUăúLDXWRYHKLFXOXOGLQIDĠă
 3HQWUXDUHGXFHURWLĠLFRPDQGDDvQ
GLUHFĠLDC
',67521,&3/86SăVWUHD]ăDVWIHORGLV
WDQĠăPDLPLFăvQWUHDXWRYHKLFXOXOGXPQHD
YRDVWUăúLDXWRYHKLFXOXOGLQIDĠă
G $VLJXUDĠLYăFăPHQĠLQHĠLRGLVWDQĠăVXIL
FLHQWăúLVLJXUăIDĠăGHDXWRYHKLFXOXOGLQ
IDĠă5HJODĠLGLVWDQĠDIDĠăGHDXWRYHKLFXOXO
GLQIDĠăGDFăVLWXDĠLDRFHUH
',67521,&3/86VHDILúHD]ăvQYLWH]R
PHWUX
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
&kQG',67521,&3/86HVWHDFWLYDWXQXOVDX
GRXăVHJPHQWHDGLQWUHDSWDGHYLWH]ă
VHWDWăVHDSULQG
G 'LQPRWLYHVWUXFWXUDOHYLWH]DDILúDWăSH
YLWH]RPHWUXSRDWHGLIHULXúRUIDĠăGHYLWH]D
WLIXQFĠLRQDO3DJLQD VHWDWăSHQWUX',67521,&3/86
'DFă',67521,&3/86GHWHFWHD]ăXQDXWR
YHKLFXOvQIDĠăVHJPHQWHOHDGLQWUHYLWH]D
DXWRYHKLFXOXOXLGLQIDĠăCúLYLWH]DPHPR
UDWă‡VHDSULQG


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

',67521,&3/86VHDILúHD]ăvQDILúDMXO úDMXOPXOWLIXQFĠLRQDOvQWLPSFH',67521,&
PXOWLIXQFĠLRQDO 3/86HVWHDFWLYDW

1RWHJHQHUDOH
&RQGXFHUHúLSDUFDUH

ÌQPHQLXO$VLVWHQĠă3DJLQDGLQFDO

FXODWRUXOGHERUGSXWHĠLVHOHFWDDILúDMGLV
WDQĠăúLSXWHĠLDFWLYDVDXGH]DFWLYDIUkQD35(
6$)(Š
'LVSOD\FkQG',67521,&3/86HVWHGH]DF
WLYDW
 6HOHFWDĠLIXQFĠLD'LVWDQFHGLVSOD\
$ILĂDMGLVWDQĆÆFXDMXWRUXOFDOFXODWR
UXOXLGHERUG3DJLQD C ',67521,&3/86DFWLYDW
&kQG',67521,&3/86HVWHGH]DFWLYDWYHĠL D 3URSULXODXWRYHKLFXO
YHGHDXUPăWRDUHOHSHDILúDMXOPXOWLIXQFĠLR ‡ 'LVWDQĠDPLQLPăVSHFLILFDWăIDĠăGHDXWR
QDO YHKLFXOXOGLQIDĠăUHJODELOă
… $XWRYHKLFXOvQIDĠăGDFăHVWHGHWHFWDW

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

([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
C 6LPEROSHQWUXIUkQă35(6$)(ŠDFWLYDWă
D $XWRYHKLFXOvQIDĠăGDFăHVWHGHWHFWDW
‡ ,QGLFDWRUGLVWDQĠăGLVWDQĠDFXUHQWăIDĠă
([LVWăPDLPXOWHPRGXULGHDGH]DFWLYD',6
GHDXWRYHKLFXOXOGLQIDĠă 7521,&3/86
… 'LVWDQĠDPLQLPăVSHFLILFDWăIDĠăGHDXWR
YHKLFXOXOGLQIDĠăUHJODELOă  $SăVDĠLVFXUWSHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLCvQDLQWH
ƒ 3URSULXODXWRYHKLFXO
VDX
'LVSOD\FkQG',67521,&3/86HVWHDFWL  )UkQDĠLFXH[FHSĠLDFD]XOXLvQFDUHDXWRYH
YDW KLFXOXOVWDĠLRQHD]ă
 6HOHFWDĠLIXQFĠLD'LVWDQFHGLVSOD\ VDX
$ILĂDMGLVWDQĆÆFXDMXWRUXOFDOFXODWR  $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
UXOXLGHERUG3DJLQD
9HĠLYHGHDYLWH]DPHPRUDWăFLUFDFLQFL
VHFXQGHFkQGDFWLYDĠL',67521,&3/86
'XSăDFHDVWDYHĠLYHGHDXUPăWRDUHOHSHDIL
FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
‡
63(('7521,&YDULDELOHVWHVHOHFWDW
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHDSULQGH
 6LVWHPHGHDVLVWDUHDFRQGXFHULL 

'DFăGH]DFWLYDĠL',67521,&3/86PHVDMXO 6IDWXULSHQWUXFRQGXFHUHDFX',6752
',67521,&3/86RII',67521,&3/86 1,&3/86
GH]DFWLYDWDSDUHSHDILúDMXOPXOWLIXQFĠLR
QDODSUR[LPDWLYFLQFLVHFXQGH 1RWHJHQHUDOH

&RQGXFHUHúLSDUFDUH
ÌQXUPăWRDUHOHJăVLĠLGHVFULHULDOHXQRUDQX
G 8OWLPDYLWH]ăVWRFDWăUăPkQHVWRFDWă
PLWHFRQGLĠLLGHGUXPúLWUDILFFăURUDWUHEXLH
SkQăFkQGRSULĠLPRWRUXO
VăOHDFRUGDĠLRDWHQĠLHGHRVHELWăÌQDVWIHOGH
G ',67521,&3/86QXHVWHGH]DFWLYDWGDFă VLWXDĠLLIUkQDĠLGDFăVLWXDĠLDRFHUH',6752
DSăVDĠLSHGDODGHDFFHOHUDĠLH'DFăDFFH 1,&3/86HVWHDSRLGH]DFWLYDW
OHUDĠLEUXVFSHQWUXDGHSăúL',67521,&
3/86UHJOHD]ăYLWH]DDXWRYHKLFXOXOXLSkQă 9LUDMHLQWUDUHDúLLHúLUHDGLQFXUEă
ODXOWLPDYLWH]ăVWRFDWăGXSăFHDĠLILQDOL]DW
GHSăúLUHD
',67521,&3/86VHGH]DFWLYHD]ăDXWRPDW
GDFă
=DFĠLRQDĠLIUkQDGHSDUFDUH
=FRQGXFHĠLFXRYLWH]ăPDLPLFăGH
NPKúLQXH[LVWăQLFLXQDXWRYHKLFXOvQ
IDĠăVDXGDFăDXWRYHKLFXOXOGLQIDĠăQXPDL
HVWHGHWHFWDW
=(63ŠLQWHUYLQHVDXGDFăGH]DFWLYDĠL(63Š
=WUDQVPLVLDHVWHvQSR]LĠLD35VDX1 &DSDFLWDWHD',67521,&3/86GHDGHWHFWD
DXWRYHKLFXOHvQYLUDMHHVWHOLPLWDWă$XWRYHKL
=DXWRYHKLFXOXOHVWHDSURDSHGHRXQLWDWH
FXOXOGXPQHDYRDVWUăSRDWHIUkQDQHDúWHSWDW
UDGLRWHOHVFRS3DJLQD VDXWDUGLY
=GH]DFWLYDĠLVLVWHPXOGHVHQ]RULUDGDU
3DJLQD $XWRYHKLFXOHOHFDUHFLUFXOăSHREDQGă
=WUDJHĠLVSUHGXPQHDYRDVWUăPDQHWDSHQWUX GLIHULWă
FRQWUROXOFURD]LHUHLSHQWUXDSRUQLGHSH
ORFLDUSRUWLHUDSDVDJHUXOXLIDĠăHVWHGHV
FKLVă
=DXWRYHKLFXOXODGHUDSDW

'DFă',67521,&3/86HVWHGH]DFWLYDWYHĠL
DX]LXQVXQHWGHDYHUWL]DUH0HVDMXO',6752њ
1,&3/86RII',67521,&3/86GH]DFњ
WLYDWDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
DSUR[LPDWLYFLQFLVHFXQGH
'DFăDXWRYHKLFXOXODIRVWRSULWGH',67521,&
3/86úLDSDUHRGHIHFĠLXQHvQVLVWHPPHVDMXO ',67521,&3/86SRDWHVăQXGHWHFWH]HDXWR
%UDNHLPPHGLDWHO\)U¥QDĆLLPHGLDW YHKLFXOHOHFDUHXUPHD]ăREDQGăGLIHULWă'LV
DSDUHLPHGLDWSHDILúDMXOPXOWLIXQFĠLRQDO WDQĠDIDĠăGHDXWRYHKLFXOXOGLQIDĠăYDILSUHD
$SăVDĠLSHGDODGHIUkQăLPHGLDWDVWIHOvQFkW VFXUWă
DXWRYHKLFXOXOVăQXVHSXQăvQPLúFDUH',6
7521,&3/86HVWHDSRLGH]DFWLYDWLDUPHVD
MXOGLVSDUH


 6LVWHPHGHDVLVWDUHDFRQGXFHULL
$OWHDXWRYHKLFXOHFDUHVFKLPEăEDQGD
&RQGXFHUHúLSDUFDUH
',67521,&3/86QXDGHWHFWDWvQFăDXWRYH
KLFXOXOFDUHDLQWUDWvQIDĠDGXPQHDYRDVWUă
'LVWDQĠDIDĠăGHDFHVWDXWRYHKLFXOYDILSUHD
VFXUWă
$XWRYHKLFXOHvQJXVWH
',67521,&3/86QXDGHWHFWDWvQFăDXWRYH
KLFXOXOGLQIDĠDPDUJLQLLSăUĠLLFDURVDELOHGLQ
FDX]DOăĠLPLLVDOHPLFL'LVWDQĠDIDĠăGHDXWR
YHKLFXOXOGLQIDĠăYDILSUHDVFXUWă
2EVWDFROHúLDXWRYHKLFXOHVWDĠLRQDWH
',67521,&3/86QXIUkQHD]ăODREVWDFROH
VDXDXWRYHKLFXOHVWDĠLRQDWH'DFăGHH[HP
SOXDXWRYHKLFXOXOGHWHFWDWYLUHD]ăúLvQIDĠD
VDDSDUHXQREVWDFROVDXXQDXWRYHKLFXOVWD
ĠLRQDW',67521,&3/86QXYDIUkQDFkQGVH
DSURSLHGHDFHVWHD
$XWRYHKLFXOHOHFDUHYăWDLHFDOHD
',67521,&3/86SRDWHGHWHFWDGLQJUHúHDOă
DXWRYHKLFXOHFDUHYăWUDYHUVHD]ăEDQGD$FWL
YDUHD',67521,&3/86ODVHPDIRDUHFXDXWR
YHKLFXOHFDUHYăWDLHFDOHDGHH[HPSOXSRDWH
IDFHFDDXWRYHKLFXOXOGXPQHDYRDVWUăVăSRU
QHDVFăGHSHORFQHLQWHQĠLRQDW
63(('7521,&
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
63(('7521,&IUkQHD]ăDXWRPDWSHQWUXFD
úRIHUXOVăQXGHSăúHDVFăYLWH]DVHWDWăÌQ
SDQWHOHGHVFHQGHQWHOXQJLúLDEUXSWHPDL
DOHVGDFăDXWRYHKLFXOXOHVWHvQFăUFDWVDX
GDFăWUDFWDĠLRUHPRUFăWUHEXLHVăFXSODĠLR
WUHDSWăGHYLWH]ăLQIHULRDUăvQWLPSXWLOVDXOD
DXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWăVă
VHOHFWDĠLWUHDSWDGHYLWH]ăVDX$VWIHO
YHĠLXWLOL]DIUkQDGHPRWRUFDUHHOLEHUHD]ă
VLVWHPXOGHIUkQDUHGHVXEVDUFLQăúLSUHYLQH
VXSUDvQFăO]LUHDúLX]XUDSUHPDWXUăDIUkQHORU
'DFăHVWHQHFHVDUăRIUkQDUHVXSOLPHQWDUă
DSăVDĠLSHGDODGHIUkQăUHSHWDWúLQXFRQWL
QXX
 3HULFROGHDFFLGHQW
1XDSăVDĠLQLFLRGDWăFRQWLQXXSHGDODGHIUkQă
vQWLPSXOGHSODVăULLDXWRYHKLFXOXOXLGHH[HP
 6LVWHPHGHDVLVWDUHDFRQGXFHULL 

SOXQXX]DĠLIUkQHOHSULQDSOLFDUHDFRQVWDQWă 3XWHĠLXWLOL]DPDQHWDSHQWUXFRQWUROXOFURD
úLXúRDUăGHSUHVLXQHDVXSUDSHGDOHL$FHVW ]LHUHLSHQWUXDOLPLWDYLWH]DODRULFHQLYHOPDL
IDSWSURYRDFăVXSUDvQFăO]LUHDVLVWHPXOXLGH PDUHGHNPKFkWPRWRUXOIXQFĠLRQHD]ă
IUkQDUHPăUHúWHGLVWDQĠDGHIUkQDUHúLSRDWH

&RQGXFHUHúLSDUFDUH
FRQGXFHODGHWHULRUDUHDFRPSOHWăDIUkQHORU

 3HULFROGHDFFLGHQW
1XFRPXWDĠLvQWURWUHDSWăGHYLWH]ăLQIHULRDUă
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
IHĠHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
GHUHDDGHUHQĠHLURĠLORUPRWULFHúLDXWRYHKLFX
OXOSRDWHGHUDSD

3XWHĠLVHWDROLPLWăGHYLWH]ăYDULDELOăVDXSHU
PDQHQWă C 3HQWUXDPHPRUDYLWH]DFXUHQWăVDXR
=YDULDELOăSHQWUXOLPLWHGHYLWH]ăGHH[vQ
YLWH]ăPDLULGLFDWă
]RQHFXFOăGLUL D /DPSDLQGLFDWRDUH/,0
=SHUPDQHQWăSHQWUXUHVWULFĠLLSHWHUPHQ ‡ 3HQWUXDPHPRUDYLWH]DFXUHQWăVDXSHQ
OXQJGHH[FkQGFRQGXFHĠLHFKLSDWFX WUXDDFWLYDXOWLPDYLWH]ăPHPRUDWă
SQHXULGHLDUQă3DJLQD … 3HQWUXDPHPRUDYLWH]DFXUHQWăVDXR
 3HULFROGHDFFLGHQW
6LVWHPXO6SHHGWURQLFHVWHFRQFHSXWGRDUFD
XQVLVWHPGHDVLVWDUHDFRQGXFHULL6XQWHĠLSH
GHSOLQUHVSRQVDELOGHVWDELOLUHDYLWH]HLDXWR
YHKLFXOXOXLúLGHIUkQDUHDvQWLPSXWLO
G 9LWH]DLQGLFDWăSHYLWH]RPHWUXSRDWH
GLIHULXúRUGHOLPLWDGHYLWH]ăPHPRUDWă
63(('7521,&YDULDELO
1RWHJHQHUDOH
&XPDQHWDSHQWUXFRQWUROXOFURD]LHUHLSXWHĠL
DFĠLRQDFRQWUROXOFURD]LHUHLVDX',67521,&
3/86úL63(('7521,&YDULDELO
/DPSDLQGLFDWRDUH/,0GHSHPDQHWDSHQWUX
FRQWUROXOFURD]LHUHLLQGLFăFHVLVWHPDĠLVHOHF
WDW
=/DPSDLQGLFDWRDUH/,0VWLQVăVDVHOHF
WDWFRQWUROXOFURD]LHUHLVDX',67521,&
3/86
=/DPSDLQGLFDWRDUH/,0DSULQVăVD
VHOHFWDW63(('7521,&YDULDELO
YLWH]ăPDLVFă]XWă
ƒ 3HQWUXDFRPXWDvQWUHFRQWUROXOFURD]LHUHL
úL63(('7521,&YDULDELO
„ 3HQWUXDGH]DFWLYD63(('7521,&YDULDELO
6HOHFWDUHD63(('7521,&YDULDELO
 9HULILFDĠLGDFăODPSDLQGLFDWRDUH/,0D
HVWHDFWLYDWă
'DFăHVWHDFWLYDW63(('7521,&YDULDELO
HVWHGHMDVHOHFWDW
'DFăQXDSăVDĠLPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
ƒ
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHDSULQGH63(('
7521,&YDULDELOHVWHVHOHFWDW
 $9(57,60(17
'DFăVHVFKLPEăúRIHULLLQIRUPDĠLOSHQRXO
úRIHUSULYLQGOLPLWDGHYLWH]ăPHPRUDWă
8WLOL]DĠL63(('7521,&YDULDELOQXPDLGDFăQX
YDWUHEXLVăDFFHOHUDĠLEUXVFSkQăODRYLWH]ă
FHRGHSăúHúWHSHFHDPHPRUDWăGUHSWOLPLWă
GHYLWH]ăÌQFD]FRQWUDUSXWHĠLSURYRFDXQ
DFFLGHQW
 6LVWHPHGHDVLVWDUHDFRQGXFHULL

3XWHĠLGHSăúLOLPLWDGHYLWH]ăPHPRUDWăGDFă 5HDOL]DUHDUHJODMHORUvQWUHSWHGH
GH]DFWLYDĠL63(('7521,&YDULDELO NPK
=FXDMXWRUXOPDQHWHLSHQWUXFRQWUROXOFURD  $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO

]LHUHL FURD]LHUHLGLQFRORGHSXQFWXOGHSUHVLXQH
&RQGXFHUHúLSDUFDUH

=SULQDSăVDUHDSHGDOHLGHDFFHOHUDĠLHGLQ
vQVXVCSHQWUXRYLWH]ăPDLPDUHVDXvQ
MRV…SHQWUXRYLWH]ăPDLUHGXVă
FRORGHSXQFWXOGHSUHVLXQHUHWURJUDGDUHD
IRUĠDWă VDX
1XHVWHSRVLELOVăGH]DFWLYDĠL6SHHGWURQLF  0HQĠLQHĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
YDULDELOSULQIUkQDUH UHLDSăVDWăGLQFRORGHSXQFWXOGHSUHVLXQH
SkQăFHVHVHWHD]ăYLWH]DGRULWă$SăVDĠL
0HPRUDUHDYLWH]HLFXUHQWH PDQHWDSHQWUXFRQWUROXOFURD]LHUHLvQ
3XWHĠLXWLOL]DPDQHWDSHQWUXFRQWUROXOFURD VXVCSHQWUXRYLWH]ăPDLULGLFDWăVDXvQ
]LHUHLSHQWUXDUHGXFHYLWH]DODRULFHYLWH]ăGH MRV…SHQWUXRYLWH]ăUHGXVă
SHVWHNPKvQWLPSFHPRWRUXOHVWHvQ
IXQFĠLXQH 5HDOL]DUHDUHJODMHORUvQWUHSWHGHNPK
 $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO  $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQVXVCVDXvQMRVSkQăODSXQF FURD]LHUHLODSXQFWXOGHSUHVLXQHvQ
WXOGHSUHVLXQH… VXVCSHQWUXRYLWH]ăPDLPDUHVDXvQ
9LWH]DFXUHQWăHVWHPHPRUDWă7LPSGH MRV…SHQWUXRYLWH]ăPDLUHGXVă
FLQFLVHFXQGHSHDILúDMXOPXOWLIXQFĠLRQDO VDX
DSDUHYLWH]DPHPRUDWăGHH[/LPLW  0HQĠLQHĠLPDQHWDSHQWUXFRQWUROXOFURD]LH
/LPLWÆNPK
$XWRYHKLFXOHFXYRODQPXOWLIXQFĠLRQDOFX
EXWRDQHYLWH]DPHPRUDWăHVWHvQSHUPD
QHQĠăDILúDWăSHLQGLFDWRUXOGHVWDUHGHH[
/,0NPK
$XWRYHKLFXOHFXYRODQPXOWLIXQFĠLRQDOFX
EXWRDQHSHYLWH]RPHWUXVHDSULQGVHJ
PHQWHOHGHODSXQFWXOGHSRUQLUHDOVFDOHL
JUDGDWHSkQăODYLWH]DPHPRUDWă
0HPRUDUHDYLWH]HLFXUHQWHVDXDFWLYDUHD
XOWLPHLYLWH]HPHPRUDWH
 $9(57,60(17
6HOHFWDĠLRYLWH]ăPHPRUDWăGDFăúWLĠLFDUHH
YLWH]DúLGDFăHVWHDGHFYDWăSHQWUXVLWXDĠLD
FXUHQWăGHFRQGXFHUHúLGLQWUDILFÌQFD]FRQ
WUDURIUkQDUHEUXVFăYDUSXWHDSXQHvQSHUL
FROSHGXPQHDYRDVWUăúLSHDOĠLL
 7UDJHĠLVFXUWGHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLFăWUHGXPQHDYRDVWUă‡
UHLDSăVDWăSkQăODSXQFWXOGHSUHVLXQH
SkQăFHVHVHWHD]ăYLWH]DGRULWă$SăVDĠL
PDQHWDSHQWUXFRQWUROXOFURD]LHUHLvQ
VXVCSHQWUXRYLWH]ăPDLULGLFDWăVDXvQ
MRV…SHQWUXRYLWH]ăUHGXVă
'H]DFWLYDUHD63(('7521,&YDULDELO
([LVWăPDLPXOWHPRGXULGHDGH]DFWLYD
63(('7521,&YDULDELO
 $SăVDĠLVFXUWSHPDQHWDSHQWUXFRQWUROXO
FURD]LHUHL„vQDLQWH
VDX
 $SăVDĠLVFXUWPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQGLUHFĠLDLQGLFDWăGHVăJHDWD
ƒ
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHVWLQJH63(('
7521,&YDULDELOHVWHGH]DFWLYDW
&RQWUROXOFURD]LHUHLHVWHVHOHFWDW
63(('7521,&YDULDELOHVWHGH]DFWLYDWDXWR
PDW
=FkQGDSăVDĠLSHGDODGHDFFHOHUDĠLHSHVWH
SXQFWXOGHSUHVLXQHUHWURJUDGDUHIRUĠDWă

GDUQXPDLGDFăvQWUHYLWH]DGXPQHDYRDVWUă
FXUHQWăúLYLWH]DPHPRUDWăQXHVWHRGLIH
UHQĠăPDLPDUHGHNPKÌQDFHDVWă
VLWXDĠLHYHĠLDX]LXQVXQHWGHDYHUWL]DUH
=ODDXWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
GDFăFXSODĠLvQWURWUHDSWăGHYLWH]ăVXSH
ULRDUăúLGUHSWUH]XOWDWWXUDĠLDPRWRUXOXL
HVWHSUHDPLFă
 $9(57,60(17
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
&DOLEUDUHDVXVSHQVLHLGHSLQGHGH
=VWLOXOGXPQHDYRDVWUăGHFRQGXFHUH
=FRQGLĠLLOHVXSUDIHĠHLFDURVDELOH
=VHOHFĠLDGXPQHDYRDVWUăLQGLYLGXDOăFRQ
&RQGXFHUHúLSDUFDUH
VXOWDĠLXUPăWRDUHDGHVFULHUH
'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăHVWH
GRWDWFXWUDQVPLVLHDXWRPDWăSDFKHWXOGH
PDQHYUDELOLWDWHGLQDPLFăFXPRGVSRUWLY
LQFOXGHúLPDQHWDGHVFKLPEDUHDYLWH]HORU
1XHVWHSRVLELOVăGH]DFWLYDĠL6SHHGWURQLF VLWXDWăSHYRODQ3DJLQDFXXQSURJUDP
YDULDELOSULQIUkQDUH GHFRQGXFHUHvQUHJLPPDQXDO
3DJLQD
G 8OWLPDYLWH]ăPHPRUDWăHVWHúWHDUVă
FkQGRSULĠLPRWRUXO

63(('7521,&SHUPDQHQW
3XWHĠLXWLOL]DFDOFXODWRUXOGHERUGSHQWUXD
OLPLWDYLWH]DSHUPDQHQWODRYDORDUHFXSULQVă
vQWUHNPKGHH[SHQWUXFRQGXFHUHDFX
SQHXULGHLDUQăúLYLWH]DPD[LPă
3DJLQD
,PHGLDWvQDLQWHGHDDWLQJHYLWH]DPHPRUDWă
DFHDVWDDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
([HPSOXSR]LĠLDSDFKHWXOXLGHPDQHYUDELOLWDWH
63(('7521,&SHUPDQHQWUăPkQHDFWLY GLQDPLFăFXEXWRQGHPRGVSRUWLY
FKLDUúLGDFă63(('7521,&YDULDELOHVWH  3RUQLĠLPRWRUXO
GH]DFWLYDW
1XSXWHĠLGHSăúLOLPLWDGHYLWH]ăPHPRUDWă
5HJODMVSRUW
FKLDUúLGDFăDSăVDĠLSHGDODGHDFFHOHUDĠLH
GLQFRORGHSXQFWXOGHSUHVLXQHUHWURJUDGD 2IL[DUHPDLULJLGăDVXVSHQVLHLvQPRGXOVSRUW
UHDIRUĠDWă
3DFKHWGHPDQHYUDELOLWDWHGLQDPLFă
FXPRGVSRUWLY
1RWHJHQHUDOH
&HDPDLLPSRUWDQWăSDUWHDSDFKHWXOXLGH
PDQHYUDELOLWDWHGLQDPLFăFXPRGVSRUWLYHVWH
VLVWHPXOGHVXVSHQVLHUHJODELO$FHVWDFRQ
WUROHD]ăúLDGDSWHD]ăDXWRPDWVXVSHQVLDOD
VLWXDĠLDGHFRQGXFHUHUHVSHFWLYă
DVLJXUăRDGHUHQĠăúLPDLEXQăODúRVHD
6HOHFWDĠLDFHVWPRGFkQGUHFXUJHĠLODXQVWLO
GHFRQGXFHUHVSRUWLYGHH[SHGUXPXULGH
ĠDUăúHUSXLWH
6HOHFĠLDGXPQHDYRDVWUăUăPkQHPHPRUDWă
SkQăFHRSULĠLPRWRUXO
 $SăVDĠLEXWRQXOD
/DPSDLQGLFDWRDUHCVHDSULQGH(VWH
VHOHFWDWUHJODMXOVSRUWLYDOVXVSHQVLHLÌQ
IXQFĠLHGHSXWHUHDPRWRUXOXLSHGDODGH
DFFHOHUDĠLHUăVSXQGHPDLUDSLG/DDXWRYH
KLFXOHOHFXWUDQVPLVLHDXWRPDWăSURJUD
PXOGHFRQGXFHUH6HVWHVHOHFWDW
 6LVWHPHGHDVLVWDUHDFRQGXFHULL

5HJODMFRQIRUW $FWLYDUHDIXQFĠLHL+2/'
ÌQPRGXOFRQIRUWFDUDFWHULVWLFLOHGHFRQGX  $VLJXUDĠLYăFăVDXvQGHSOLQLWFRQGLĠLLOHGH
FHUHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWUăVXQW DFWLYDUH
PDLFRQIRUWDELOH6HOHFWDĠLDFHVWPRGGDFă  $SăVDĠLSHGDODGHIUkQă
&RQGXFHUHúLSDUFDUH

SUHIHUDĠLXQVWLOGHFRQGXFHUHPDLFRQIRUWDELO
GDUúLFkQGFRQGXFHĠLUDSLGSHGUXPXUL
GUHSWHGHH[DXWRVWUă]L
 $SăVDĠLEXWRQXOD
/DPSDLQGLFDWRDUHCVHVWLQJH(VWHVHOHF
WDWUHJODMXOFRQIRUWDELODOVXVSHQVLHL/D
DXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
SURJUDPXOGHFRQGXFHUH(HVWHVHOHFWDW ([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
 $SăVDĠLSHGDODGHIUkQăUDSLGSkQăFkQG
)XQFĠLH+2/'
1RWHJHQHUDOH
)XQFĠLD+2/'SRDWHDVLVWDúRIHUXOvQ
XUPăWRDUHOHVLWXDĠLL G 'DFăODSULPDDSăVDUHDSHGDOHLGHIUkQă
=FkQGGHPDUHD]ăPDLDOHVSHSDQWHDEUXSWH
=FkQGPDQHYUHD]ăSHSDQWHDEUXSWH
=FkQGDúWHDSWăvQWUDILF
$XWRYHKLFXOXOHVWHPHQĠLQXWvQORFIăUăFD
úRIHUXOVăWUHEXLDVFăVăDSHVHSHGDODGH
IUkQă
(IHFWXOGHIUkQDUHHVWHDQXODWúLIXQFĠLD+2/'
PHVDMXO+2/'0(1ą,1(5(CDSDUHSH
DILúDMXOPXOWLIXQFĠLRQDO
)XQFĠLD+2/'HVWHDFWLYDWă3XWHĠLHOLEHUD
SHGDODGHIUkQă
QXVHDFWLYHD]ăIXQFĠLD+2/'DúWHSWDĠL
SXĠLQúLDSRLvQFHUFDĠLGLQQRX
 $9(57,60(17
)UkQHOHDXWRYHKLFXOXOXLVXQWDFĠLRQDWHFkQG
IXQFĠLD+2/'HVWHDFWLYDWă'LQDFHVWPRWLY
GH]DFWLYDĠLIXQFĠLD+2/'GDFăDXWRYHKLFXOXO
YDILSXVvQPLúFDUHSULQDOWHPLMORDFHGHH[
vQWURVSăOăWRULHDXWRVDXSULQWUDFWDUH
HVWHGH]DFWLYDWăFkQGDSăVDĠLSHGDODGHDFFH
OHUDĠLHSHQWUXDGHPDUD
'H]DFWLYDUHDIXQFĠLHL+2/'
&RQGLĠLLGHDFWLYDUH )XQFĠLD+2/'HVWHGH]DFWLYDWăDXWRPDW
3XWHĠLDFWLYDIXQFĠLD+2/'GDFă GDFă
=DXWRYHKLFXOXOHVWHRSULW =DFFHOHUDĠL7UDQVPLVLDHVWHvQSR]LĠLD'VDX

=PRWRUXOIXQFĠLRQHD]ăVDXGDFăDIRVWRSULW
5ODDXWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
=WUDQVPLVLDHVWHvQSR]LĠLD3ODDXWRYHKLFXOH
DXWRPDWGHIXQFĠLDVWDUWVWRS(&2
=SRUWLHUDúRIHUXOXLHVWHvQFKLVăVDXFHQWXUD FXWUDQVPLVLHDXWRPDWă
=DFĠLRQDĠLIUkQHOHGLQQRXDSăVkQGSkQăOD
GXPQHDYRDVWUăGHVLJXUDQĠăHVWHFXSODWă
=IUkQDGHSDUFDUHQXHVWHDFĠLRQDWă XQDQXPLWQLYHOSkQăFkQG+2/'GLVSDUHGH
SHDILúDMXOPXOWLIXQFĠLRQDO
=FDSRWDHVWHvQFKLVă
=DFWLYDĠL',67521,&3/86
=PDQHWDVHOHFWRDUHVHDIOăvQSR]LĠLD'5
VDX1ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWR  $9(57,60(17
PDWă 1XLHúLĠLQLFLRGDWăGLQDXWRYHKLFXOFkQGIXQF
=',67521,&3/86HVWHGH]DFWLYDW ĠLD+2/'HVWHDFWLYDWă

)XQFĠLD+2/'QXWUHEXLHVăILHQLFLRGDWă
DFĠLRQDWăVDXGH]DFWLYDWăGHXQSDVDJHUVDX
GLQDIDUDDXWRYHKLFXOXOXL
)XQFĠLD+2/'QXvQORFXLHúWHIUkQDGHSDUFDUH
úLQXWUHEXLHVăILHXWLOL]DWăSHQWUXSDUFDUH
(IHFWXOGHIUkQDUHDOIXQFĠLHL+2/'HVWHDQXODW
úLDXWRYHKLFXOXOVHSRDWHSXQHvQPLúFDUH
GDFă YDOHUHJXODWHGDFăIXQFĠLD+2/'HVWHDFWLYDWă
=IXQFĠLD+2/'HVWHGH]DFWLYDWăSULQ
DSăVDUHDSHGDOHLGHDFFHOHUDĠLHVDXDSHGD
OHLGHIUkQă
=H[LVWăRGHIHFĠLXQHvQVLVWHPVDXRvQWUHUX
SHUHvQDOLPHQWDUHDHOHFWULFăGHH[R
GHIHFĠLXQHODEDWHULH
=VHLQWHUYLQHQHDXWRUL]DWODVLVWHPXOHOHFWULF
GLQFRPSDUWLPHQWXOPRWRUXOXLODEDWHULH
VDXODVLJXUDQĠH
=EDWHULDHVWHGHFRQHFWDWă
'DFăSăUăVLĠLDXWRYHKLFXOXOVDXvOSDUFDĠL
GH]DFWLYDĠLIXQFĠLD+2/'úLDVLJXUDĠLDXWRYH
KLFXOXOFRQWUDSXQHULLvQPLúFDUH
9HĠLYHGHDXQPHVDMGHDYHUWL]DUHvQDILúDMXO
PXOWLIXQFĠLRQDOGDFăIXQFĠLD+2/'HVWHDFWL
YDWăúL
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
 'HSODVDĠLPDQHWDVHOHFWRDUHvQSR]LĠLD3
SHQWUXDSUHYHQLSXQHUHDvQPLúFDUHDDXWR
YHKLFXOXOXL
)XQFĠLD+2/'HVWHGH]DFWLYDWă0HVDMXOGH
&RQGXFHUHúLSDUFDUH
DYHUWL]DUHGLQDILúDMXOPXOWLIXQFĠLRQDOGLV
SDUH
'HDVHPHQHDFOD[RQXOVHYDDFĠLRQDODLQWHU
úLGXPQHDYRDVWUă
=RSULĠLPRWRUXOGHVFKLGHĠLSRUWLHUDúRIHUXOXL
úLYăVFRDWHĠLFHQWXUDGHVLJXUDQĠă
=GHVFKLGHĠLFDSRWD
&OD[RQXODFWLYDWYăDYHUWL]HD]ăDVXSUDIDSWX
OXLFăDXWRYHKLFXOXODIRVWSDUFDWFkQGIXQFĠLD
+2/'HVWHvQFRQWLQXDUHDFWLYDWă7RQXO
GHYLQHPDLSXWHUQLFGDFăvQFHUFDĠLVăvQFXLDĠL
DXWRYHKLFXOXO$XWRYHKLFXOXOQXHVWHvQFXLDW
SkQăFHIXQFĠLD+2/'QXHVWHGH]DFWLYDWă
G 'DFăPRWRUXODIRVWRSULWDFHVWDQXSRDWH
ILUHSRUQLWSkQăFHIXQFĠLD+2/'QXDIRVW
GH]DFWLYDWă
'DFăH[LVWăRGHIHFĠLXQHvQVLVWHPVDXvQDOL
PHQWDUHDHOHFWULFăFkWIXQFĠLD+2/'HVWH
DFWLYDWăPHVDMXO%UDNHLPPHGLDWHO\
=SRUWLHUDúRIHUXOXLHVWHGHVFKLVăúLFHQWXUD
GHVLJXUDQĠăDúRIHUXOXLQXHVWHFXSODWă
=PRWRUXOHVWHRSULWFXH[FHSĠLDFD]XOXLvQ
FDUHHVWHRSULWDXWRPDWGHIXQFĠLDVWDUW
VWRS(&2
=FDSRWDHVWHGHVFKLVă
3HQWUXDXWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
)U¥QDĆLLPHGLDWDSDUHSHDILúDMXOPXOWL
IXQFĠLRQDO$SăVDĠLIUkQDIHUPúLLPHGLDWSkQă
FHPHVDMXOGHDYHUWL]DUHGLQDILúDMXOPXOWL
IXQFĠLRQDOVHVWLQJH
/DDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
SXWHĠLGHDVHPHQHDFXSODvQSR]LĠLD3$VWIHO
VHGH]DFWLYHD]ăIXQFĠLD+2/'
%UDNHLPPHGLDWHO\)U¥QDĆLLPHGLDW
 $SăVDĠLSHGDODGHIUkQăIHUPúLLPHGLDW
5$&(67$57
SkQăFHPHVDMXOGHDYHUWL]DUHGLQDILúDMXO 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
PXOWLIXQFĠLRQDOVHVWLQJH$VWIHOVHGH]DF
WLYHD]ăIXQFĠLD+2/' G 5$&(67$57HVWHGLVSRQLELOQXPDLvQ
DXWRYHKLFXOHOH$0*
/DDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
6HOHFW3DUN36HOHFWDĆL3DUN3 5$&(67$57SHUPLWHRDFFHOHUDUHRSWLPă
FkQGSRUQLĠLGHSHORF3UHPLVDDFHVWHLDFFH
OHUăULHVWHRVXSUDIDĠăDGUXPXOXLDGHFYDWă
GHvQDOWăDGHUHQĠă


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

 $9(57,60(17 67$57FDQFHOOHG5$&(67$57DQXњ

5$&(67$57HVWHGLVSRQLELOGRDUFkQGPRGXO ODW
GHPDQHYUDUH63257HVWHDFWLYDW0RGXOGH  3HQWUXDQXODUHWUDJHĠLPDQHWDGHVFKLP
PDQHYUDUH63257YDSXWHDVWDELOL]DDXWRYH EDUHDYLWH]HLVWkQJDGHSHYRODQ
&RQGXFHUHúLSDUFDUH

KLFXOXOQXPDLvQWURDQXPLWăPăVXUăGDFă 3DJLQD
DXWRYHKLFXOXOvQFHSHVăGHUDSH]HVDXRURDWă VDX
vQFHSHVăSDWLQH]H$XWRYHKLFXOXOHVWHSULQ  3HQWUXFRQILUPDUHWUDJHĠLPDQHWDGH
XUPDUHPDLJUHXGHFRQWURODWvQLQWHUYDOXOGH VFKLPEDUHDYLWH]HLGUHDSWDGHSHYRODQ
SUDJ(VWHSRVLELOVăSLHUGHĠLFRQWUROXODXWR 3DJLQD
YHKLFXOXOXLúLVăSURYRFDĠLXQDFFLGHQW $ILúDMXOPXOWLIXQFĠLRQDOLQGLFăPHVDMXO
5$&(67$57WUHEXLHVăILHXWLOL]DWGRDUSHFLU 5$&(67$57DYDLODEOH'HSUHVVDFFHњ
FXLWHvQFKLVH$GDSWDĠLYăvQWRWGHDXQDVWLOXO OHUDWRU5$&(67$57GLVSRQLELO
GHFRQGXFHUHvQIXQFĠLHGHFRQGLĠLLOHGHGUXP $SÆVDĆLSHGDODGHDFFHOHUDĆLH
úLPHWHRSUHGRPLQDQWH G 'DFăQXDSăVDĠLSHGDODGHDFFHOHUDĠLH
SkQăODFDSăWvQGHFXUVGHGRXăVHFXQGH
&RQGLĠLLGHDFWLYDUH 5$&(67$57HVWHDQXODW$ILúDMXOPXOWL
5$&(67$57SRDWHILDFWLYDWFkQG IXQFĠLRQDOLQGLFăPHVDMXO5$&(67$57
QRWSRVVLEOH6HH2ZQHU
V0DQXDO
=SRUWLHUHOHVXQWvQFKLVH
5$&(67$57LPSRVLELO&RQVXOWDĆL
=PRWRUXOIXQFĠLRQHD]ăúLDDWLQVRWHPSHUD 0DQXDOXOGHXWLOL]DUH
WXUăGHIXQFĠLRQDUHGHDSUR[LPDWLY‚
$SăVDĠLSHGDODGHDFFHOHUDĠLHSkQăOD
$FHDVWăVLWXDĠLHDSDUHFkQGWHPSHUDWXUD
FDSăW
XOHLXOXLGHPRWRUGHSHDILúDMXOPXOWLIXQF
7XUDĠLDPRWRUXOXLFUHúWHSkQăODDSUR[LPD
ĠLRQDOQXPDLOXPLQHD]ăLQWHUPLWHQW
WLYURWPLQ
=0RGXOGHPDQHYUDUH63257HVWHDFWLYDW
$ILúDMXOPXOWLIXQFĠLRQDOLQGLFăPHVDMXO
3DJLQD
5$&(67$575HOHDVHEUDNHWRVWDUW
=YRODQXOVHDIOăvQSR]LĠLHGUHSWvQDLQWH
5$&(67$57(OLEHUDĆLIU¥QDSHQWUX
=DXWRYHKLFXOXOVWDĠLRQHD]ăúLSHGDODGH DSRUQL
IUkQăHVWHDSăVDWăSLFLRUXOVWkQJ G 'DFăQXHOLEHUDĠLSHGDODGHIUkQăvQ
=WUDQVPLVLDHVWHvQSR]LĠLD' GHFXUVGHúDSWHVHFXQGH5$&(67$57
HVWHDQXODW$ILúDMXOPXOWLIXQFĠLRQDOSUH
$FWLYDUHD5$&(67$57 ]LQWăPHVDMXO5$&(67$57FDQFHOOHG
 $SăVDĠLSHGDODGHIUkQăFXSLFLRUXOVWkQJúL 5$&(67$57DQXODW
PHQĠLQHĠLRDSăVDWă  /XDĠLSLFLRUXOGHSHIUkQăvQVăĠLQHĠLSHGDOD
 5RWLĠLVHOHFWRUXOSURJUDPXOXLGHFRQGXFHUH GHDFFHOHUDĠLHDSăVDWă
vQVHQVRUDU3DJLQDSkQăFHODPSD $XWRYHKLFXOXOSRUQHúWHGHSHORFFXDFFH
56VHDSULQGH OHUDĠLHPD[LPă
$ILúDMXOPXOWLIXQFĠLRQDOLQGLFăPHVDMXO $ILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăPHVDMXO
5$&(67$57&RQILUP3DGGOH83&DQњ 5$&(67$57DFWLYH5$&(67$57
FHO3DGGOH'2:15$&(67$57&RQњ DFWLY
ILUPDUH0DQHWÆ686$QXODUH 5$&(67$57HVWHGH]DFWLYDWFkQGDXWRYHKL
0DQHWÆ-26 FXOXODWLQJHRYLWH]ăGHDSUR[LPDWLY
G 'DFăQXVHPDLvQWUXQHVFFRQGLĠLLOH NPK3URJUDPXOGHFRQGXFHUH6HVWH
DFWLYăULL5$&(67$57HVWHDQXODW$ILúDMXO DFWLYDW0RGXOGHPDQHYUDUH63257UăPkQH
PXOWLIXQFĠLRQDOSUH]LQWăPHVDMXO5$&( DFWLYDW
 6LVWHPHGHDVLVWDUHDFRQGXFHULL 

5$&(67$57HVWHGH]DFWLYDWLPHGLDWFHHOL 3$5.7521,&PRQLWRUL]HD]ă]RQDGLQMXUXO
EHUDĠLSHGDODGHDFFHOHUDĠLHvQWLPSXO5$&( DXWRYHKLFXOXOXLGXPQHDYRDVWUăFXDMXWRUXOD
67$57VDXGDFăQXVHPDLvQGHSOLQHúWHRUL úDVHVHQ]RULGLQEDUDGHSURWHFĠLHIDĠăúLD
FDUHGLQWUHFRQGLĠLLOHGHDFWLYDUH$ILúDMXOPXO SDWUXVHQ]RULGLQEDUDGHSURWHFĠLHVSDWH

&RQGXFHUHúLSDUFDUH
WLIXQFĠLRQDOLQGLFăPHVDMXO5$&(67$57QRW
SRVVLEOH6HH2ZQHU
V0DQXDO5$&(
67$57LPSRVLELO&RQVXOWDĆL0DQXDOXO
GHXWLOL]DUH
G 'DFă5$&(67$57HVWHXWLOL]DWvQPRG
UHSHWDWvQWURSHULRDGăVFXUWăGHWLPS
DFHVWDUHGHYLQHGLVSRQLELOGXSăFHDĠLFRQ
GXVDXWRYHKLFXOXOSHRDQXPLWăGLVWDQĠă

3$5.7521,&
C 6HQ]RULLGLQEDUDGHSURWHFĠLHIDĠăGHSH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
3$5.7521,&HVWHGRDUXQVLVWHPGHDVLV
WHQĠăúLHVWHSRVLELOVăQXGHWHFWH]HWRDWH
REVWDFROHOH$FHVWDQXSRDWHVXEVWLWXLRFRQ
GXFHUHDWHQWă
6XQWHĠLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQĠă
úLWUHEXLHVăFRQWLQXDĠLVăDFRUGDĠLDWHQĠLH
SDUWHDVWkQJăH[HPSOX
5D]ăVHQ]RUL
1RWHJHQHUDOH
6HQ]RULLQXWUHEXLHVăILHDFRSHULĠLGHPL]HULH
JKHDĠăúLODSRYLĠăvQFD]FRQWUDUHVWHSRVLELO
VăQXIXQFĠLRQH]HFRUHFW&XUăĠDĠLVHQ]RULL
UHJXODWDYkQGJULMăVăQXvL]JkULDĠLVDXVăvL
vPSUHMXUăULORULPHGLDWHFkQGSDUFDĠLúLPDQH GHWHULRUDĠL3DJLQD
YUDĠLÌQFD]FRQWUDUSXWHĠLSXQHvQSHULFRO
VLJXUDQĠDGXPQHDYRDVWUăúLDFHORUODOĠL

 3HULFROGHUăQLUH
$VLJXUDĠLYăFăvQVSDĠLXOGHPDQHYUăDODXWR
YHKLFXOXOXLQXVHDIOăSHUVRDQHVDXDQLPDOH
ÌQFD]FRQWUDUDFHVWHDSRWILUăQLWH

3$5.7521,&HVWHXQVLVWHPGHDVLVWHQĠăOD
SDUFDUHHOHFWURQLFFXVHQ]RULFXXOWUDVXQHWH
$FHVWDLQGLFăYL]XDOúLDXGLWLYGLVWDQĠDGLQWUH
DXWRYHKLFXOXOGXPQHDYRDVWUăúLXQRELHFW 9HGHUHGLQODWHUDO
3$5.7521,&HVWHDFWLYDWDXWRPDWFkQG
=SXQHĠLFRQWDFWXO
=FXSODĠLvQSR]LĠLD'5VDX1ODDXWRYHKLFX
OHOHFXWUDQVPLVLHDXWRPDWă
=HOLEHUDĠLIUkQDGHSDUFDUH

3$5.7521,&HVWHGH]DFWLYDWODYLWH]HGH
SHVWHNPK/DYLWH]HPDLPLFLDFHVWDVH
UHDFWLYHD]ă


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

'DFăXQREVWDFROVHDIOăvQDFHVWLQWHUYDODIL
úDMHOHGHDYHUWL]DUHUHOHYDQWHVHDSULQGúLVH
HPLWHXQVXQHWGHDYHUWL]DUH'DFăGLVWDQĠD
VFDGHVXEPLQLPHVWHSRVLELOFDGLVWDQĠDVă
&RQGXFHUHúLSDUFDUH

QXVHPDLDILúH]H

$ILúDMHGHDYHUWL]DUH
$ILúDMHOHGHDYHUWL]DUHLQGLFăGLVWDQĠDGLQWUH
VHQ]RULúLREVWDFRO$ILúDMXOGHDYHUWL]DUHSHQ
WUX]RQDIURQWDOăHVWHDPSODVDWSHSODQúDGH
9HGHUHGHVXV ERUGGHDVXSUDRULILFLLORUGHYHQWLODĠLHFHQ
WUDOH$ILúDMXOGHDYHUWL]DUHSHQWUX]RQDSRV
6HQ]RULIDĠă WHULRDUăHVWHDPSODVDWSHFăSWXúHDODSDYLOLR
&HQWUX DSUR[LPDWLYFP QXOXLGLQFRPSDUWLPHQWXOVSDWH

&ROĠXUL DSUR[LPDWLYFP

6HQ]RULVSDWH
&HQWUX DSUR[LPDWLYFP
&ROĠXUL DSUR[LPDWLYFP

 &kQGSDUFDĠLDFRUGDĠLRDWHQĠLHGHRVHELWă
RELHFWHORUGHGHDVXSUDVDXGHVXEVHQ]RUL
FXPDUILJKLYHFHOHGHIORULVDXEDUHOHGH
WUDFWDUHSHQWUXUHPRUFL3$5.7521,&QX
GHWHFWHD]ăDVWIHOGHRELHFWHFkQGVHDIOăvQ
LPHGLDWDDSURSLHUHDDXWRYHKLFXOXOXL
3XWHĠLGHWHULRUDDXWRYHKLFXOXOVDXRELHF
WHOH
(VWHSRVLELOFDVHQ]RULLVăQXGHWHFWH]H
]ăSDGăúLRELHFWHFHDEVRUEVXUVHOHGH
XOWUDVXQHWH
6XUVHOHGHXOWUDVXQHWHSUHFXPR
VSăOăWRULHDXWRPDWăIUkQHOHFXDHUFRP
SULPDWDOHXQXLFDPLRQVDXXQSLFDPăUDU
SXWHDIDFHFD3$5.7521,&VăIXQFĠLRQH]H
GHIHFWXRV
(VWHSRVLELOFD3$5.7521,&VăQXIXQFĠLR
QH]HFRUHFWSHWHUHQQHXQLIRUP
'LVWDQĠDPLQLPă
&HQWUX DSUR[LPDWLYFP
&ROĠXUL DSUR[LPDWLYFP
$ILúDMGHDYHUWL]DUHSHQWUX]RQDIURQWDOă
C 6HJPHQWHGHSHSDUWHDVWkQJăDDXWRYH
KLFXOXOXL
D 6HJPHQWHGHSHSDUWHDGUHDSWăDDXWRYH
KLFXOXOXL
‡ 6HJPHQWHFDUHLQGLFăGLVSRQLELOLWDWHDGH
IXQFĠLRQDUH
$ILúDMXOGHDYHUWL]DUHSHQWUXILHFDUHSDUWHD
DXWRYHKLFXOXOXLHVWHvPSăUĠLWvQFLQFLVHJ
PHQWHJDOEHQHúLGRXăURúLL3$5.7521,&
HVWHIXQFĠLRQDOGDFăVHJPHQWHOHJDOEHQH
FDUHLQGLFăGLVSRQLELOLWDWHDODIXQFĠLRQDUH
‡VHDSULQG
3R]LĠLDPDQHWHLVFKLPEăWRUXOXLGHYLWH]HVDX
SR]LĠLDWUDQVPLVLHLGLQWUDQVPLVLDDXWRPDWăúL
GLUHFĠLDGHUXODUHDDXWRYHKLFXOXOXLGHWHUPLQă
FHDILúDMGHDYHUWL]DUHHVWHDFWLYFkQGPRWRUXO
IXQFĠLRQHD]ă
 6LVWHPHGHDVLVWDUHDFRQGXFHULL 

7UDQVPLVLHPDQXDOă 'H]DFWLYDUHDDFWLYDUHD3$5.7521,&
3R]LĠLHPDQHWă $ILúDMGHDYHUWL]DUH
VFKLPEăWRUGH
YLWH]H

&RQGXFHUHúLSDUFDUH
7UHDSWăGHPHUV =RQăIURQWDOăDFWL
vQDLQWH YDWă
VDX
3R]LĠLHQHXWUă
7UHDSWDGHPHUV =RQHOHSRVWHULRDUăúL
vQDSRLVDXDXWRYH IURQWDOăDFWLYDWH
KLFXOXOVDSXVvQ C /DPSăLQGLFDWRDUH
PLúFDUHvQDSRL D 3HQWUXDGH]DFWLYDDFWLYD3$5.7521,&
'DFăODPSDLQGLFDWRDUHCVHDSULQGH3$5.
7UDQVPLVLHDXWRPDWă 7521,&HVWHGH]DFWLYDW$VLVWDUHDSDUFăULL
3R]LĠLHWUDQVPLVLH $ILúDMGHDYHUWL]DUH HVWHGHDVHPHQHDGH]DFWLYDWă
G 3$5.7521,&HVWHDFWLYDWDXWRPDWFkQG
' =RQăIURQWDOăDFWL
URWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
YDWă
FRQWDFW
51VDXDXWRYHKL =RQHOHSRVWHULRDUăúL
FXOXOVDSXVvQPLú IURQWDOăDFWLYDWH 7UDFWDUHDUHPRUFLL
FDUHvQDSRL
3$5.7521,&HVWHGH]DFWLYDWSHQWUX]RQDGLQ
3 1LFLR]RQăDFWLYDWă VSDWHFkQGVWDELOLĠLRFRQH[LXQHHOHFWULFă
vQWUHDXWRYHKLFXOXOGXPQHDYRDVWUăúLR
8QXOVDXPDLPXOWHVHJPHQWHVHDSULQGSH UHPRUFă
PăVXUăFHDXWRYHKLFXOXOVHDSURSLHGHXQ  5DEDWDĠLvQLQWHULRUFXSODVIHULFăvQFD]XO
REVWDFROvQIXQFĠLHGHGLVWDQĠDDXWRYHKLFXOX vQFDUHFkUOLJXOGHWUDFWDUHDUHPRUFLLQX
OXLIDĠăGHREVWDFRO HVWHQHFHVDU3$5.7521,&PăVRDUăUD]D
'HOD PLQLPăGHGHWHFWDUHGLQWUHXQREVWDFROúL
=vQFHSkQGFXDOúDVHOHDVHJPHQWYHĠLDX]L EDUDGHSURWHFĠLHQXFXSODVIHULFă
XQVXQHWGHDYHUWL]DUHLQWHUPLWHQWWLPSGH
DSUR[LPDWLYGRXăVHFXQGH
=vQFHSkQGFXDOúDSWHOHDVHJPHQWYHĠLDX]L
XQVXQHWGHDYHUWL]DUHWLPSGHDSUR[LPDWLY
GRXăVHFXQGH$FHDVWDLQGLFăIDSWXOFăDĠL
DWLQVGLVWDQĠDPLQLPă


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

3UREOHPHOD3$5.7521,&

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
1XPDLVHJPHQWHOHURúLL 3$5.7521,&VDGHIHFWDWúLVDGH]DFWLYDW
&RQGXFHUHúLSDUFDUH

GLQGLVSOD\XULOHGH  'DFăSUREOHPHOHSHUVLVWăVROLFLWDĠLYHULILFDUHD3$5.7521,&OD
DYHUWL]DUH3$5.752 XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
1,&VXQWDSULQVH'H
DVHPHQHDYHĠLDX]LXQ
VXQHWGHDYHUWL]DUH
WLPSGHDSUR[LPDWLY
GRXăVHFXQGH
3$5.7521,&HVWH
GH]DFWLYDWGXSăDSUR[L
PDWLYGHVHFXQGH
LDUODPSDLQGLFDWRDUH
GLQEXWRQXO3$5.752
1,&VHDSULQGH

1XPDLVHJPHQWHOHURúLL 6HQ]RULL3$5.7521,&VXQWPXUGDULVDXH[LVWăLQWHUIHUHQĠH
GLQGLVSOD\XULOHGH  &XUăĠDĠLVHQ]RULL3$5.7521,&3DJLQD
DYHUWL]DUH3$5.752  3XQHĠLGLQQRXFRQWDFWXO
1,&VXQWDSULQVH
3$5.7521,&HVWH 3UREOHPDSRDWHILSURYRFDWăGHRVXUVăUDGLRH[WHUQăVDXGHXOWUD
GH]DFWLYDWGXSăDSUR[L VXQHWH
PDWLYGHVHFXQGH
 9HGHĠLGDFă3$5.7521,&IXQFĠLRQHD]ăvQDOWORF

$VLVWDUHDSDUFăULL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$VLVWDUHDSDUFăULLHVWHXQVLVWHPHOHFWURQLF
GHDVLVWHQĠăODSDUFDUHFXXOWUDVXQHWH8OWUD
VXQHWHOHVXQWXWLOL]DWHSHQWUXDPăVXUDGUX
PXOSHDPEHOHSăUĠLDOHDXWRYHKLFXOXOXL8Q
VSDĠLXGHSDUFDUHDGHFYDWHVWHLQGLFDWGH
VLPEROXOGHSDUFDUH3ULPLĠLLQVWUXFĠLXQLGH
GLULMDUHFkQGSDUFDĠL3XWHĠLGHDVHPHQHDVă
$VLVWDUHDSDUFăULLPăVRDUăVSDĠLXOGHSDUFDUH
FkQGFRQGXFHĠLSHOkQJăHO1XVHĠLQHFRQW
GHQLFLRPRGLILFDUHXOWHULRDUăDGXVăVSDĠLXOXL
GHSDUFDUH'HH[HPSOXDFHDVWăVLWXDĠLH
SRDWHVXUYHQLFkQGDXWRYHKLFXOXOSDUFDWvQ
IDĠDVDXvQVSDWHOHVSDĠLXOXLvúLPRGLILFăSR]L
ĠLDVDXFkQGVHDGXFHXQREVWDFROvQVSDĠLXO
GHSDUFDUH
$VLVWDUHDSDUFăULLQXYăDEVROYăGHUăVSXQGH
UHDGHDUăPkQHDOHUW'DFăYăED]DĠLQXPDL
XWLOL]DĠL3$5.7521,&3DJLQD SH$VLVWDUHDSDUFăULLSXWHĠLVăSURYRFDĠLXQ
DFFLGHQWúLUăQLUHDGXPQHDYRDVWUăúLDDOWRU
 $9(57,60(17 SHUVRDQH
$VLVWDUHDSDUFăULLHVWHXQVLPSOXVLVWHPGH
6XQWHĠLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQĠă
DVLVWHQĠăúLSRDWHUHFRPDQGDVSDĠLLGHSDU
úLWUHEXLHVăFRQWLQXDĠLVăDFRUGDĠLDWHQĠLH
FDUHLQDGHFYDWHSHQWUXSDUFDUH'HH[HPSOX
vPSUHMXUăULORULPHGLDWHFkQGSDUFDĠLúLPDQH
DFHVWHDDUSXWHDILVSDĠLLXQGHSDUFDUHDHVWH
YUDĠL
LQWHU]LVăDOHLVXSUDIHĠHLQDGHFYDWHHWF

 $9(57,60(17
2ELHFWHOHVLWXDWHGHDVXSUDUD]HLGHDFĠLXQHD
$VLVWăULLSDUFăULLQXYRUILGHWHFWDWHFkQGVSD
ĠLXOGHSDUFDUHHVWHPăVXUDW'HDFHVWHDQX
VHĠLQHFRQWFkQGVHFDOFXOHD]ăSURFHGXUDGH
SDUFDUHGHH[OXQJLPLvQFRQVROăVHFĠLXQL
SRVWHULRDUHVDXUDPSHGHvQFăUFDUHFXEXQXUL
úLDXWRYHKLFXOHÌQDQXPLWHVLWXDĠLL$VLVWDUHD
SDUFăULLDUSXWHDSULQXUPDUHVăJHQHUH]HSUH
PDWXULQVWUXFĠLXQLGHGLULMDUH$VWIHOVDU
SXWHDSURYRFDRFROL]LXQH'LQDFHVWPRWLY
HYLWDĠLVăXWLOL]DĠL$VLVWDUHDSDUFăULLvQDVWIHO
GHVLWXDĠLL
 3HULFROGHUăQLUH
$VLJXUDĠLYăFăvQVSDĠLXOGHPDQHYUăDODXWR
YHKLFXOXOXLQXVHDIOăSHUVRDQHVDXDQLPDOH
ÌQFD]FRQWUDUDFHVWHDSRWILUăQLWH
&kQG3$5.7521,&HVWHGH]DFWLYDW$VLVWDUHD
SDUFăULLHVWHGHDVHPHQHDLQGLVSRQLELOă
8WLOL]DĠL$VLVWDUHDSDUFăULLSHQWUXVSDĠLLOHGH
SDUFDUH SXWHĠLGHWHULRUDURĠLOHVDXSQHXULOH
=FDUHVXQWSDUDOHOHFXVHQVXOGHPHUV
=FDUHVHDIOăSHGUXPXULGUHSWHúLQXvQFXUEH
=FDUHVHDIOăSHDFHODúLQLYHOFDGUXPXOPDL
H[DFWQXSHWURWXDUGHH[HPSOX(VWHSRVL
ELOFD$VLVWDUHDSDUFăULLVăQXGHWHFWH]H
ERUGXUL
5HFRPDQGăULSULYLQGSDUFDUHD
=SHGUXPXULvQJXVWHWUHFHĠLGHVSDĠLXOGH
SDUFDUHFkWPDLDSURDSHSRVLELO
=VSDĠLLOHGHSDUFDUHFXJXQRLLDUEăVDXSDU
ĠLDORFXSDWHGHEDUHGHWUDFWDUHDUHPRUFLL
SRWILLGHQWLILFDWHLQFRUHFWVDXGHORF
=]ăSDGDVDXSORDLDDEXQGHQWăSRWGXFHOD
PăVXUDUHDLQFRUHFWăDXQXLVSDĠLXGHSDU
FDUH
=DFRUGDĠLDWHQĠLHPHVDMHORUGHDYHUWL]DUH
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
=QXXWLOL]DĠLQLFLRGDWă$VLVWDUHDSDUFăULL
FkQGDYHĠLODQĠXULGH]ăSDGăVDXRURDWăGH
UH]HUYăGHX]WHPSRUDUPRQWDWH
=DVLJXUDĠLYăFăSUHVLXQHDvQSQHXULDUH
&RQGXFHUHúLSDUFDUH
vQWRWGHDXQDYDORDUHDFRUHFWă$FHDVWDDUH
XQHIHFWGLUHFWDVXSUDLQVWUXFĠLXQLORUGH
GLULMDUH
=PRGXOvQFDUHDXWRYHKLFXOXOGXPQHD
YRDVWUăHVWHSR]LĠLRQDWvQVSDĠLXOGHSDUFDUH
GXSăSDUFDUHGHSLQGHGHGLYHUúLIDFWRUL
3ULQWUHDFHúWLDVHQXPăUăSR]LĠLDúLIRUPD
DXWRYHKLFXOHORUSDUFDWHvQIDĠDúLvQVSDWHOH
VăXúLVWDUHDORFXOXLUHVSHFWLYÌQDQXPLWH
FD]XUL$VLVWDUHDSDUFăULLSRDWHVăYăJKL
GH]HSUHDGHSDUWHVDXLQVXILFLHQWGH
GHSDUWHvQWUXQVSDĠLXGHSDUFDUHÌQDOWHOH
HDYDUSXWHDJKLGDvQWUXQWURWXDUVDX
SHVWHHO'DFăVLWXDĠLDRFHUHDQXODĠLSUR
FHGXUDGHSDUFDUHFX$VLVWDUHDSDUFăULL
 'DFăQXDYHĠLDOWHVROXĠLLSXWHĠLFRQGXFH
SHVWHREVWDFROHSUHFXPWURWXDUHOHOHQWúL
QXvQWUXQXQJKLDVFXĠLWÌQFD]FRQWUDU
'HWHFWDUHDVSDĠLLORUGHSDUFDUH
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
C 6SDĠLXGHSDUFDUHGHWHFWDWSHVWkQJD
D 6LPEROGHSDUFDUH
‡ 6SDĠLXGHSDUFDUHGHWHFWDWSHGUHDSWD
$VLVWDUHDSDUFăULLHVWHDFWLYDWăDXWRPDWFkQG
FRQGXFHĠLvQDLQWH6LVWHPXOHVWHIXQFĠLRQDOOD
YLWH]HGHSkQăODDSUR[LPDWLYNPKÌQ
3$5.7521,&3DJLQDvQWLPSXOSUR
FHGXULLGHSDUFDUH
=FkQGWUDQVSRUWDĠLRVDUFLQăFHGHSăúHúWH
JDEDULWXODXWRYHKLFXOXOXLQXWUHEXLHVăXWL
OL]DĠL$VLVWDUHDSDUFăULL
WLPSXOIXQFĠLRQăULLVLVWHPXOUHSHUHD]ăúL
PăVRDUăLQGHSHQGHQWVSDĠLLOHGHSDUFDUHGH
SHDPEHOHODWXULDOHDXWRYHKLFXOXOXL&kQG
FRQGXFHĠLODYLWH]HGHVXENPKYHĠL
YHGHDVLPEROXOGHSDUFDUHDFDLQGLFDWRUGH
VWDUHSHSDQRXOGHLQVWUXPHQWH
 6LVWHPHGHDVLVWDUHDFRQGXFHULL

&kQGVSDĠLXOGHSDUFDUHDIRVWGHWHFWDWDSDUH ±PSUHMXULPLOHDXWRYHKLFXOXOXL&RQњ
úLRVăJHDWăFăWUHGUHDSWD‡VDXFăWUH ILUPDĆLFX2.
VWkQJDC$VLVWDUHDSDUFăULLDILúHD]ăQXPDL  $SăVDĠLEXWRQXOvGHSHYRODQXOPXOWL
VSDĠLLOHGHSDUFDUHGHSHSDUWHDSDVDJHUXOXL IXQFĠLRQDOSHQWUXDFRQILUPD
&RQGXFHUHúLSDUFDUH

IDĠăvQUHJLPVWDQGDUG6SDĠLLOHGHSDUFDUHGH $ILúDMXOPXOWLIXQFĠLRQDOFRPXWăSH$VLVWD
SHSDUWHDúRIHUXOXLVXQWDILúDWHLPHGLDWFH UHDSDUFăULL
VHPQDOL]DWRUXOGHGLUHFĠLHGHSHSDUWHDúRIH ÌQIXQFĠLHGHGLVWDQĠDGHODVSDĠLXOGHSDU
UXOXLHVWHDFWLYDW3HQWUXDSDUFDSHSDUWHD FDUHPHVDMXO3OHDVHGULYHEDFNZDUG
úRIHUXOXLWUHEXLHVăOăVDĠLVHPQDOL]DWRUXOGH 9ÆUXJÆPVÆFRQGXFHĆL±QDSRL
GLUHFĠLHGHSHSDUWHDúRIHUXOXLDFWLYDWSkQăFH DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
DĠLFXSODWWUHDSWDGHPHUVvQDSRL
$VLVWDUHDSDUFăULLYDGHWHFWDGRDUVSDĠLLOHGH
SDUFDUH
=FDUHVXQWSDUDOHOHFXVHQVXOGHPHUV
=FDUHDXROăĠLPHGHFHOSXĠLQP
=FDUHVXQWFXFHOSXĠLQPPDLOXQJLGHFkW
DXWRYHKLFXOXOGXPQHDYRDVWUă
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
8QVSDĠLXGHSDUFDUHHVWHDILúDWFkQGFRQGX
FHĠLSHOkQJăHOúLSkQăFHYDĠLvQGHSăUWDWFX  'DFăVLWXDĠLDRFHUHPHUJHĠLFXVSDWHOH
DSUR[LPDWLYPGHDFHVWD FăWUHVSDĠLXOGHSDUFDUH$FHVWOXFUXYă
HVWHLQGLFDWGHRVăJHDWăRULHQWDWăvQDSRL
3DUFDUH &RQWLQXDĠLVăPHUJHĠLvQDSRLSkQăFHDX]LĠL
XQVHPQDOVRQRU2SULĠLYă±DĠLDMXQVvQ
 $9(57,60(17 SR]LĠLDGHSDUFDUH6ăJHDWDHVWHDOEă
3$5.7521,&úL$VLVWDUHDSDUFăULLVXQWQXPDL 0HVDMXO3OHDVHVWHHUWRWKHULJKW
VLVWHPHGHDMXWDUHDúRIHUXOXLODSDUFDUHILLQG 9LUDĆLODGUHDSWDVDX3OHDVH
SRVLELOVăQXGHWHFWH]HWRDWHREVWDFROHOH VWHHUWRWKHOHIW9LUDĆLOD
$FHVWHDQXYăDEVROYăGHUăVSXQGHUHDGHD VW¥QJDDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
PDQLIHVWDRDWHQĠLHGHRVHELWă
6XQWHĠLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQĠă
úLWUHEXLHVăFRQWLQXDĠLVăDFRUGDĠLDWHQĠLH
vPSUHMXUăULORULPHGLDWHFkQGSDUFDĠLúLPDQH
YUDĠLÌQFD]FRQWUDUDĠLSXWHDSXQHvQSHULFRO
VLJXUDQĠDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH

 2SULĠLDXWRYHKLFXOXOFkQGVLPEROXOVSDĠLXOXL
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
GHSDUFDUHSUH]LQWăVSDĠLXOGHSDUFDUHGRULW
vQSDQRXOGHLQVWUXPHQWH  &kQGDXWRYHKLFXOXOVWDĠLRQHD]ăURWLĠLYROD
 $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă QXOvQGLUHFĠLDVSHFLILFDWăSkQăFHVăJHDWD
FXSODĠLvQWUHDSWDGHPHUVvQDSRL HVWHDOEăúLDX]LĠLXQVXQHWGHDYHUWL]DUH
 3HQWUXDLQWUDFXVSDWHOHvQVSDĠLXOGH
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
FXSODĠLvQSR]LĠLD5 SDUFDUHPHQĠLQHĠLXQJKLXOYRODQXOXLúLGDĠL
8UPăWRUXOPHVDMDSDUHSHDILúDMXOPXOWL FXVSDWHOHFXDWHQĠLH
IXQFĠLRQDO&KHFNYHKLFOHVXUURXQњ
GLQJV&RQILUPZLWK2.9HULILFDĆL
 6LVWHPHGHDVLVWDUHDFRQGXFHULL 

 2SULĠLGHvQGDWăFHDX]LĠLXQVXQHWGHDYHU 7UDFWDUHDUHPRUFLL
WL]DUH
/DDXWRYHKLFXOHOHFXXQFkUOLJGHWUDFWDUHD
$XWRYHKLFXOXODLQWUDWvQSR]LĠLDvQFDUHWUH
UHPRUFLLOXQJLPHDPLQLPăDVSDĠLLORUGHSDU
EXLHVăFRQWUDYLUDĠLURĠLOH
FDUHFUHúWHXúRU

&RQGXFHUHúLSDUFDUH
0HVDMXO3OHDVHVWHHUWRWKHOHIW
'DFăDĠLIL[DWRUHPRUFăODDXWRYHKLFXOXOGXP
9LUDĆLODVW¥QJDVDX3OHDVHVWHHU
QHDYRDVWUăQXWUHEXLHVăXWLOL]DĠL$VLVWDUHD
WRWKHULJKW9LUDĆLODGUHDSWD
SDUFăULL&kQGVDUHDOL]DWFRQH[LXQHDHOHF
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
WULFăvQWUHDXWRYHKLFXOXOGXPQHDYRDVWUăúL
 &RQWUDYLUDUHFkQGDXWRYHKLFXOXOVWDĠLR
UHPRUFă$VLVWDUHDSDUFăULLQXPDLHVWHGLV
QHD]ăURWLĠLYRODQXOvQGLUHFĠLDVSHFLILFDWă SRQLELOă3$5.7521,&HVWHGH]DFWLYDWSHQWUX
SkQăFHVăJHDWDHVWHDOEăúLDX]LĠLXQVXQHW ]RQDSRVWHULRDUă
GHDYHUWL]DUH
 3HQWUXDLQWUDFXVSDWHOHvQVSDĠLXOGH
SDUFDUHPHQĠLQHĠLXQJKLXOYRODQXOXLúLGDĠL &DPHUăGHPHUVvQDSRL
FXVSDWHOHFXDWHQĠLH
 2SULĠLYăLPHGLDWFHDX]LĠLXQVXQHWGHDYHU
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
WL]DUHFHOPDLWkU]LXFkQG3$5.7521,& &DPHUDGHPHUVvQDSRLHVWHXQLQVWUXPHQW
HPLWHXQVXQHWGHDYHUWL]DUHFRQWLQXX RSWLFGHDVLVWHQĠăODSDUFDUH(DDUDWă]RQD
0HVDMXO3DUNLQJ*XLGDQFHILQLVKHG GLQVSDWHOHDXWRYHKLFXOXOXLGXPQHDYRDVWUă
$VLVWDUHSDUFDUHILQDOL]DWÆDSDUH
SHDILúDMXOPXOWLIXQFĠLRQDOúLVHHPLWHXQ
VXQHWGHDYHUWL]DUH(VWHSRVLELOVăYLVH
FHDUăVăYLUDĠLvQWURDOWăGLUHFĠLHúLDSRLVă
VFKLPEDĠLWUHDSWDGHYLWH]ăÌQDFHVWFD]
DOWHDILúDMHGLQDILúDMXOPXOWLIXQFĠLRQDOYă
YRUvQGUXPDVSUHSR]LĠLDILQDOă
 0DQHYUDĠLGDFăVLWXDĠLDRFHUH
 5HVSHFWDĠLvQWRWGHDXQDPHVDMHOHGHDYHU
WL]DUHDILúDWHGH3$5.7521,&
SHGLVSOD\XO&20$1'2QOLQH
 3HULFROGHUăQLUH
$VLJXUDĠLYăFăvQVSDĠLXOGHPDQHYUăDODXWR
YHKLFXOXOXLQXVHDIOăSHUVRDQHVDXDQLPDOH
ÌQFD]FRQWUDUDFHVWHDSRWILUăQLWH
&DPHUDGHPHUVvQDSRLHVWHVLWXDWăSHEDQGD
PkQHUXOXLGHODFDSRWDSRUWEDJDMXOXL
3DJLQD

$QXODUHDDVLVWăULLSDUFăULL
 $SăVDĠLEXWRQXO3$5.7521,&GHSHFRQ
VRODFHQWUDOă3DJLQD
$VLVWDUHDSDUFăULLHVWHDQXODWăLPHGLDWúL
3$5.7521,&HVWHGH]DFWLYDW
$VLVWDUHDSDUFăULLHVWHDQXODWăDXWRPDWGDFă
QXPDLSXWHĠLILJKLGDWvQVSDĠLXOGHSDUFDUH C &DPHUăGHPHUVvQDSRL
VDXGDFăVXUYLQHRGHIHFĠLXQH
6LPEROXOVSDĠLXOXLGHSDUFDUHVHVWLQJHúLVH 9HGHUHSULQFDPHUă
HPLWHXQVXQHWGHDYHUWL]DUH0HVDMXO3DUњ =RQDGLQVSDWHOHDXWRYHKLFXOXOXLHVWHDILúDWă
NLQJ*XLGDQFHFDQFHOOHG$VLVWDUHD FDRLPDJLQHvQRJOLQGăFDvQRJOLQGDUHWURYL
SDUFÆULLDQXODWÆDSDUHSHDILúDMXOPXOWL ]RDUH
IXQFĠLRQDO


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

 $9(57,60(17
&DPHUDGHPHUVvQDSRLHVWHGRDUXQVLVWHP
GHDVLVWHQĠăúLSRDWHDILúDREVWDFROHOHvQWUXQ
PRGGHIRUPDWVDXLQFRUHFWVDXSRDWHVăQXOH
&RQGXFHUHúLSDUFDUH
1XXWLOL]DĠLFDPHUDGHPHUVvQDSRLvQDFHVW
JHQGHVLWXDĠLLÌQFD]FRQWUDUHVWHSRVLELOVă
SURYRFDĠLUăQLUHDDOWRUSHUVRDQHGDUúLGHWH
ULRUDUHDRELHFWHORUúLDDXWRYHKLFXOXOXLGXP

DILúH]HGHORF&DPHUDGHPHUVvQDSRLQXYă QHDYRDVWUăvQWLPSFHSDUFDĠL
DEVROYăGHUăVSXQGHUHDGHDILDWHQW&DPHUD
QXSRDWHDILúDRELHFWH $FWLYDUHDFDPHUHLGHPHUVvQDSRL
=IRDUWHDSURSLDWHGHEDUDGHSURWHFĠLHVSDWH
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
=VXEEDUDGHSURWHFĠLHVSDWH
FKHLDVHDIOăvQSR]LĠLD
=vQ]RQDLPHGLDWGHDVXSUDPkQHUXOXLFDSRWHL
 $VLJXUDĠLYăFăHVWHVHOHFWDWăIXQFĠLD
SRUWEDJDMXOXL &DPHUăGHPHUVvQDSRLvQ&20$1'
6XQWHĠLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQĠă 2QOLQHFRQVXOWDĠLLQVWUXFĠLXQLOHGHXWLOL]DUH
úLWUHEXLHVăFRQWLQXDĠLVăDFRUGDĠLDWHQĠLH
vPSUHMXUăULORULPHGLDWHFkQGSDUFDĠLúLPDQH
YUDĠL$FHDVWăDILUPDĠLHHVWHYDODELOăSHQWUX
]RQHOHGLQVSDWHOHGLQIDĠDúLGHOkQJăDXWR
YHKLFXOÌQFD]FRQWUDUSXWHĠLSXQHvQSHULFRO
VLJXUDQĠDGXPQHDYRDVWUăúLDFHORUODOĠL
 $9(57,60(17
ÌQXUPăWRDUHOHVLWXDĠLLFDPHUDGHPHUVvQDSRL
QXYDIXQFĠLRQDVDXYDIXQFĠLRQDvQWUXQPRG
OLPLWDW OXOXLOLQLLOHGHJKLGDUHVXQWSUH]HQWDWHSHGLV
=GDFăFDSRWDSRUWEDJDMXOXLHVWHGHVFKLVă
=SHSORDLH]ăSDGăVDXFHDĠăDEXQGHQWă
=QRDSWHDVDXvQORFXULIRDUWHvQWXQHFDWH
=vQFD]XOvQFDUHFDPHUDDIRVWH[SXVăXQHL
OXPLQLLQWHQVH
=GDFă]RQDHVWHLOXPLQDWăGHROXPLQăIOXR
UHVFHQWăHVWHSRVLELOFDDILúDMXOVăDLEăXQ
VHSDUDWHSHQWUX&20$1'2QOLQH
 &XSODĠLWUHDSWDGHPHUVvQDSRL
=RQDGLQVSDWHOHDXWRYHKLFXOXOXLHVWHSUH
]HQWDWăSHGLVSOD\XO&20$1'2QOLQHFX
OLQLLGHJKLGDUH
/LQLLGHJKLGDUHSHGLVSOD\XO&20$1'
2QOLQH
ÌQIXQFĠLHGHGDWDGHIDEULFDĠLHDDXWRYHKLFX
SOD\XO&20$1'2QOLQH
 $9(57,60(17
3RDWHILSHULFXORVVăXWLOL]DĠLFDPHUDGHPHUV
vQDSRLGDFăVXIHULĠLGHGDOWRQLVPVDXGDFăYă
HVWHDIHFWDWăFDSDFLWDWHDGHDGLVWLQJHFXOR
ULOH
8WLOL]DĠLFDPHUDGHPHUVvQDSRLQXPDLGDFă
SkOSkLW YHGHĠLúLIDFHĠLGLIHUHQĠDvQWUHWRDWHOLQLLOHGH
=GDFăH[LVWăRPRGLILFDUHEUXVFăDWHPSH
JKLGDUHFRORUDWHFDUHVXQWDILúDWHGHFDPHUD
GHPHUVvQDSRLSHGLVSOD\XO&20$1'2QOLQH
UDWXULLGHH[FkQGLQWUDĠLvQWUXQJDUDM
vQFăO]LWSHWLPSGHLDUQă
 $9(57,60(17
=GDFăOHQWLODFDPHUHLHVWHPXUGDUăVDX
5HĠLQHĠLFăRELHFWHOHQHDIODWHODQLYHOXOVROXOXL
REVWUXFĠLRQDWă
SRWSăUHDPDLvQGHSăUWDWHGHFkWVXQWvQUHD
=GDFăVSDWHOHDXWRYHKLFXOXOXLGXPQHD
OLWDWH3ULQWUHDFHVWHDVHQXPăUă
YRDVWUăHVWHGHWHULRUDWÌQDFHVWFD]VROLFL
=EDUDGHSURWHFĠLHDXQXLDXWRYHKLFXOSDUFDW
WDĠLYHULILFDUHDSR]LĠLHLúLVHWăULORUFDPHUHL
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW0HU vQVSDWHOHDXWRYHKLFXOXOXLGXPQHDYRDVWUă
FHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ&HQ =REDUăGHWUDFWDUHDUHPRUFLL
WUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW =FXSODVIHULFăDXQXLFkUOLJGHWUDFWDUHD
VFRS UHPRUFLL

=SDUWHDGLQVSDWHDXQXLFDPLRQ
=VWkOSLLvQFOLQDĠL
/LQLLOHDXGRDUUROXOGHDYăvQGUXPDúLQX
FRQVWLWXLHPăVXUăWRULH[DFWHDOHGLVWDQĠHLIDĠă
GHXQREVWDFRO
3ULQXUPDUHQXWUHEXLHVăGHSăúLĠLQLFLRGDWă
OLQLDURúLHFkQGYăDSURSLDĠLGHXQREVWDFROÌQ
FD]FRQWUDUSXWHĠLSURYRFDXQDFFLGHQW
UăQLQGXYăSHGXPQHDYRDVWUăúLDOWHSHU
VRDQH
([HPSOXLQIRUPDĠLLSHGLVSOD\XO&20$1'2QOLQH
/LQLLOHGHJKLGDUHDúL‡DUDWăGLVWDQĠDDSUR
[LPDWLYăIDĠăGH]RQDSRVWHULRDUă/LQLDGH
JKLGDUHJDOEHQăDLQGLFăRGLVWDQĠăGHDSUR
[LPDWLYPLDUOLQLDGHJKLGDUHURúLH‡
LQGLFăRGLVWDQĠăGHDSUR[LPDWLYP'LV
WDQĠHOHVHDSOLFăQXPDLODRELHFWHOHGHODQLYH
OXOVROXOXL/LQLLOHGHJKLGDUHDOEDVWUHCGHV
FULXOăĠLPHDQHFHVDUăSHQWUXDXWRYHKLFXO(OH
VXQWXWLOL]DWHSHQWUXDDOLQLDDXWRYHKLFXOXOFX
PDUJLQHDFDURVDELOXOXLGHH[ERUGXUD
$6,67(170(1ğ,1(5($7(1ğ,(
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$6,67(178/'(0(1ğ,1(5($7(1ğ,(Yă
DMXWăvQWLPSXOFăOăWRULLORUOXQJLúLPRQRWRQH
FXPDUILFHOHSHDXWRVWUă]LúLGUXPXULSULQFL
SDOH(VWHDFWLYGHODNPKODNPK
'DFăGHWHFWHD]ăODúRIHUVHPQHWLSLFHGH
RERVHDOăVDXVHPQHWRWPDLPDULGHOLSVăGH
FRQFHQWUDUH$6,67(178/'(0(1ğ,1(5(
$7(1ğ,(vLVXJHUHD]ăVăLDRSDX]ă
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
 $9(57,60(17
$6,67(178/'(0(1ğ,1(5($$7(1ğ,(,HVWH
QXPDLXQVLVWHPGHDVLVWHQĠăúLHVWHSRVLELO
VăYăGHWHFWH]HRERVHDODVDXSLHUGHUHDFRQ
&RQGXFHUHúLSDUFDUH
FHQWUăULLSUHDWkU]LXVDXGHORF$FHVWDQX
SRDWHĠLQHORFXOXQXLúRIHUELQHRGLKQLWúL
DWHQW
2ERVHDODYăSRDWHIDFHVăUHFXQRDúWHĠLWDUGLY
VLWXDĠLLOHSHULFXORDVHVăOHHYDOXDĠLLQFRUHFW
VDXVăUHDFĠLRQDĠLPDLOHQW'LQDFHVWPRWLY
DVLJXUDĠLYăFăYăVLPĠLĠLELQHRGLKQLWvQDLQWH
GHDvQFHSHVăFRQGXFHĠLúLvQWLPSXO
FăOăWRULHL)DFHĠLvQWRWGHDXQDSDX]HvQWLPS
XWLOúLUHJXODWPDLDOHVODFăOăWRULLOHOXQJLÌQ
FD]FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠL
SHULFROHOHODWLPSSURYRFkQGXQDFFLGHQWúL
UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH
$6,67(178/'(0(1ğ,1(5($7(1ğ,(HYD
OXHD]ăQLYHOXOGXPQHDYRDVWUăGHRERVHDOă
VDXGHOLSVăGHFRQFHQWUDUHĠLQkQGFRQWGH
XUPăWRULLIDFWRUL
=VWLOXOGXPQHDYRDVWUăGHFRQGXFHUHGHH[
FDUDFWHULVWLFLOHGLUHFĠLHL
=FRQGLĠLLOHGHFăOăWRULHGHH[RUDWLPSXOGH
FRQGXFHUH
)XQFĠLRQDOLWDWHD$6,67(178/8,'(0(1ğ,
1(5($7(1ğ,(HVWHUHGXVăLDUDYHUWLVPHQ
WHOHDUSXWHDILvQWkU]LDWHVDXVDUSXWHDVăQX
ILHHPLVHGHORF
=GDFăVWDUHDGUXPXOXLHVWHVODEăGHH[
H[LVWăGHQLYHOăULVDXJURSL
=vQFD]GHYkQWODWHUDOSXWHUQLF
=GDFăDĠLDGRSWDWXQVWLOGHFRQGXFHUHVSRU
WLYFXYLWH]HPDULvQYLUDMHVDXUDWHULGLFDWH
DOHDFFHOHUDĠLHL
=GDFăFRQGXFHĠLvQSULQFLSDOFXPDLSXĠLQGH
NPKVDXFXSHVWHNPK
=GDFăvQDFHOPRPHQWXWLOL]DĠL&20$1'
2QOLQHVDXHIHFWXDĠLXQDSHOWHOHIRQLFFX
DFHVWD
=GDFăRUDDIRVWVHWDWăLQFRUHFW
=vQVLWXDĠLLDFWLYHGHFRQGXFHUHFXPDUIL
FkQGVFKLPEDĠLEDQGDVDXVFKLPEDĠLYLWH]D
 6LVWHPHGHDVLVWDUHDFRQGXFHULL
0HVDMHGHDYHUWL]DUHúLGHSHGLVSOD\SH
DILúDMXOPXOWLIXQFĠLRQDO
&RQGXFHUHúLSDUFDUH
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
 $FWLYDĠL$6,67(178/'(0(1ğ,1(5(
$7(1ğ,(FXDMXWRUXOFDOFXODWRUXOXLGHERUG
$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
G $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLQXHVWH
IXQFĠLRQDOăvQWRDWHĠăULOH
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLYăDUDWă
OLPLWăULGHYLWH]ăGHWHFWDWHSHDILúDMXOPXOWL
IXQFĠLRQDO'DWHGHODVLVWHPXOGHQDYLJDĠLH
VXQWGHDVHPHQHDIRORVLWHvQDFHVWVFRS
$ILúDMXODSDUHGDFăHVWHGHWHFWDWXQVHPQGH
FLUFXODĠLHFDUHLQGLFăROLPLWDUHGHYLWH]ăVDX
VIkUúLWXOXQHLOLPLWăULGHYLWH]ă'DFăDVLVWDUHD
3DJLQD
6LPEROXOCDSDUHSHDILúDMXOPXOWLIXQFĠLR
QDO
'DFă$6,67(178/'(0(1ğ,1(5($7(1ğ,(
HVWHDFWLYQXYHĠLILDYHUWL]DWGHFkWGXSă
PLQLPGHPLQXWHGHODvQFHSHUHD
FăOăWRULHL9HĠLDX]LGHGRXăRULXQVXQHWGH
DYHUWL]DUHLQWHUPLWHQWúLDSRLSHDILúDMXOPXO
WLIXQFĠLRQDOYDDSăUHDPHVDMXO$WWHQWLRQ
$VVLVW'URZVLQHVVGHWHFWHG$VLVњ
WHQWPHQĆLQHUHDWHQĆLH6RPQROHQĆÆ
SHQWUXOLPLWDUHDYLWH]HLQXGHWHFWHD]ăQLFLXQ
VHPQGHFLUFXODĠLHOLPLWDUHDGHYLWH]ăGHSH
KDUWDUXWLHUăGLJLWDOăHVWHSUHOXDWăúLDILúDWă
SHGLVSOD\
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLGHWHFWHD]ă
VHPQHGHFLUFXODĠLHFXRFDPHUăDIODWăSH
SDUWHDVXSHULRDUăDSDUEUL]XOXL
GHWHFWDWÆ
 'DFăVLWXDĠLDRFHUHIDFHĠLRSDX]ă
 $SăVDĠLEXWRQXOvSHQWUXDFRQILUPD
PHVDMXO
ÌQWLPSXOXQRUFăOăWRULLOXQJLIDFHĠLSDX]H
UHJXODWHvQWLPSXWLOSHQWUXDYăRGLKQLFRUHV
SXQ]ăWRU'DFăQXIDFHĠLRSDX]ăLDU$6,6 C &DPHUăGHDVLVWDUHSHQWUXOLPLWDUHDYLWH
7(178/'(0(1ğ,1(5($7(1ğ,(GHWHFWHD]ă ]HL
vQFRQWLQXDUHVHPQHWLSLFHGHRERVHDOăVDX
 $9(57,60(17
VHPQHWRWPDLPDULGHOLSVăGHFRQFHQWUDUH
YHĠLILDYHUWL]DĠLGLQQRXGXSăPLQLP $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGRDUXQ
PLQXWH VLVWHPGHDVLVWHQĠăHDSXWkQGVăGHWHFWH]H
OLPLWHOHGHYLWH]ăLQFRUHFWVDXFKLDUGHORF
$6,67(178/'(0(1ğ,1(5($7(1ğ,(VH
UHVHWHD]ăFkQGFRQWLQXDĠLFăOăWRULDúLSRU 6LVWHPXOSRDWHDYHDRIXQFĠLRQDUHUHGXVăVDX
QHúWHHYDOXkQGGLQQRXRERVHDODGXPQHD DEVHQWăGDFă
YRDVWUăGDFă =H[LVWăRYL]LELOLWDWHVFă]XWăGHH[GLQFDX]D

=RSULĠLPRWRUXO
=YăVFRDWHĠLFHQWXUDGHVLJXUDQĠăúLGHVFKL
GHĠLSRUWLHUDúRIHUXOXLGHH[SHQWUXR
VFKLPEDUHGHúRIHUVDXSHQWUXDOXDR
SDX]ă
]ăSH]LLSORLLFHĠLLVDXDSHLSXOYHUL]DWH
=H[LVWăUHIOH[LLGHH[GHODVRDUHVDXGHOD
WUDILFXOGHSHFRQWUDVHQV
=SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW
GHH[HPSOXFXRHWLFKHWăDXWRFRODQWăvQ
DSURSLHUHDFDPHUHL

=VHPQHOHGHFLUFXODĠLHVXQWDFRSHULWHGH
H[HPSOXGHPL]HULH]ăSDGăVDXFRSDFL
=VHPQHOHGHFLUFXODĠLHVXQWVODELOXPLQDWH
=H[LVWăVHPQHGHFLUFXODĠLHDPELJXHGH
H[HPSOXOkQJăOXFUăULOHGHSHGUXPVDXSH
GUXPXULOHFXPDLPXOWHEHQ]L
6HPQHOHGHFLUFXODĠLHDXvQWRWGHDXQDSULRUL
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
DILúDMXOPXOWLIXQFĠLRQDO6HPQXOGHFLUFXODĠLH
DSDUHDSUR[LPDWLYFLQFLVHFXQGHGHvQGDWăFH
HVWHGHWHFWDW2ULFHDOWHLQIRUPDĠLLGHSHDIL
úDMXOPXOWLIXQFĠLRQDOVXQWDVFXQVHvQDFHDVWă
&RQGXFHUHúLSDUFDUH
SHULRDGă
 $FWLYDĠLIXQFĠLDGHDYHUWL]DUHDVLVWDUHSHQ
WUXOLPLWDUHDYLWH]HLFXDMXWRUXOFDOFXODWRUX
WDWHIDĠăGHDILúDMXODVLVWăULLSHQWUXOLPLWDUHD
YLWH]HL$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLQX
SRDWHGHWHFWDFRQGLĠLLOHGHWUDILF$FHVWDQX
SRDWHVXEVWLWXLRFRQGXFHUHDWHQWă
$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ
WUDILFúLvPSUHMXULPLORUGXPQHDYRDVWUăÌQFD]
FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠLSHUL
FROHOHODWLPSSURYRFkQGXQDFFLGHQWúL
UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH
,QIRUPDĠLLSHDILúDMXOPXOWLIXQFĠLRQDO
OXLGHERUG3DJLQD
6LPEROXODDSDUH
$ILúDUHSHUPDQHQWăDVHPQHORUGHFLUFX
ODĠLHGHWHFWDWHSHDILúDMXOPXOWLIXQFĠLRQDO
'DFăDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWH
VHOHFWDWăvQFDOFXODWRUXOGHERUGXQVHPQGH
FLUFXODĠLHFDUHLQGLFăOLPLWDUHGHYLWH]ăVDX
VIkUúLWXOXQHL]RQHGHOLPLWDUHGHYLWH]ăC
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOGHvQGDWăFH
HVWHGHWHFWDW
6HPQXOGHFLUFXODĠLHFDUHLQGLFăOLPLWDUHGH
YLWH]ăCHVWHvQJHQHUDODILúDWSkQăFkQG
=HVWHGHWHFWDWXQVHPQGHFLUFXODĠLHFDUH
LQGLFăVIkUúLWXOXQHLOLPLWăULGHYLWH]ă
=IDFHĠLXQYLUDM
=LHúLĠLVDXLQWUDĠLvQWUXQRUDú
=VHVFKLPEăWLSXOGHGUXPGHH[DXWRV
WUDGăGUXPGHĠDUă
=DĠLSDUFXUVRDQXPLWăGLVWDQĠăPLQLPăIăUă
FDVHPQXOGHFLUFXODĠLHVăVHUHSHWHVDXVă
ILHGHWHFWDWGLQQRX
([HPSOXDXWRYHKLFXOHOHFDUHGLVSXQGHWUDQVPLVLH
DXWRPDWăFXRPDQHWăVHOHFWRDUH  $ILúDUHDVLVWDUHSHQWUXOLPLWDUHDYLWH]HLFX

C 6HPQGHFLUFXODĠLHFDUHLQGLFăROLPLWDUH DMXWRUXOFDOFXODWRUXOXLGHERUG
GHYLWH]ăVDXVIkUúLWXOXQHLOLPLWăULGH
YLWH]ă
D $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLV
SRQLELOăLDUIXQFĠLDGHDYHUWL]DUHHVWH
DFWLYDWăSHFDOFXODWRUXOGHERUG
‡ 8QLWăĠLXWLOL]DWHvQVHPQXOGHFLUFXODĠLHDIL
úDW
$ILúDUHVFXUWăDVHPQHORUGHFLUFXODĠLH
GHWHFWDWHSHDILúDMXOPXOWLIXQFĠLRQDO
&kQGDFWLYDĠLIXQFĠLDGHDYHUWL]DUHDVLVWDUH
SHQWUXOLPLWDUHDYLWH]HLXQVHPQGHFLUFXODĠLH
FDUHLQGLFăOLPLWDUHGHYLWH]ăVDXVIkUúLWXOXQHL
3DJLQD
G 3XWHĠLDFWLYDDVLVWDUHDSHQWUXOLPLWDUHD
YLWH]HLúLSH&20$1'2QOLQH9LWH]D
PD[LPăSHUPLVăHVWHDSRLDILúDWăSHGLV
SOD\XO&20$1'2QOLQHFRQVXOWDĠLLQVWUXF
ĠLXQLOHGHXWLOL]DUH&20$1'2QOLQH
3DFKHWXOGHXUPăULUHDEHQ]LLGHPHUV
1RWHJHQHUDOH
3DFKHWXOGHXUPăULUHDEHQ]LLGHPHUVFRQVWă
GLQDVLVWHQĠDODXQJKLXOPRUW3DJLQD
]RQHGHOLPLWDUHGHYLWH]ăCSRDWHDSăUHDSH


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

úLDVLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGH EXLHVăILHDFWLYDW3DJLQDúLVăIXQF

PHUV3DJLQD ĠLRQH]H
5D]DGHPRQLWRUL]DUHDVHQ]RULORU
$VLVWHQĠăODXQJKLXOPRUW
$VLVWHQĠDODXQJKLXOPRUWPRQLWRUL]HD]ăR
&RQGXFHUHúLSDUFDUH

1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD ]RQăGHSkQăODWUHLPHWULvQVSDWHOHDXWRYH
$VLVWHQĠDODXQJKLXOPRUWXWLOL]HD]ăXQVLVWHP KLFXOXOXLGXPQHDYRDVWUăúLLPHGLDWOkQJă
GHVHQ]RULUDGDUSHQWUXDPRQLWRUL]D]RQHOH DXWRYHKLFXOGXSăFXPVHSUH]LQWăvQVFKHPă
GHSHDPEHOHSăUĠLDOHDXWRYHKLFXOXOXLGXP
QHDYRDVWUă$VLVWHQĠDODXQJKLXOPRUWRIHUă
DVLVWHQĠăODYLWH]HGHSHVWHNPK8QDIL
úDMGHDYHUWL]DUHSHRJOLQ]LOHH[WHULRDUHYă
DWUDJHDWHQĠLDDVXSUDDXWRYHKLFXOHORUGHWHF
WDWHvQ]RQDPRQLWRUL]DWă'DFăDSRLSRUQLĠL
VHPQDOL]DWRUXOGHGLUHFĠLHFRUHVSXQ]ăWRU
SHQWUXDVFKLPEDEDQGDYHĠLSULPLúLXQDYHU
WLVPHQWYL]XDOúLDFXVWLFGHFROL]LXQH6LVWH
PXOGHPRQLWRUL]DUHDVLVWHQĠăODXQJKLXOPRUW
XWLOL]HD]ăVHQ]RULvQEDUDGHSURWHFĠLHVSDWH
 $9(57,60(17
$VLVWHQĠDODXQJKLXOPRUWHVWHQXPDLXQVLV
WHPGHDVLVWHQĠăFDUHYăDMXWăFkQGFRQGX
FHĠL$FHDVWDSRDWHVăQXGHWHFWH]HDQXPLWH
DXWRYHKLFXOHQHFRQVWLWXLQGXQVXEVWLWXWSHQ
WUXFRQGXFHUHDDWHQWă  $9(57,60(17
$VLVWHQĠDODXQJKLXOPRUWQXSRDWHGHWHFWD $VLVWHQĠDODXQJKLXOPRUWPRQLWRUL]HD]ăDQX
FRQGLĠLLOHGHGUXPúLWUDILF(VWHSRVLELOFD PLWH]RQHGLQLPHGLDWDDSURSLHUHDDXWRYHKL
DFHDVWDVăQXGHWHFWH]HDXWRYHKLFXOH FXOXOXLGXPQHDYRDVWUă$XWRYHKLFXOHOHFDUH
vQJXVWHSUHFXPPRWRFLFOHWHVDXELFLFOHWHVDX VHDSURSLHúLYăGHSăúHVFODYLWH]HPDULQX
OHSRDWHGHWHFWDSUHDWkU]LX VXQWGHWHFWDWH1XH[LVWăQLFLXQGLVSOD\úL
QLFLXQDYHUWLVPHQW
0RQLWRUL]DUHSRDWHILDIHFWDWăGHVHQ]RULLPXU
GDULDSDSXOYHUL]DWăGHQVăVDXYL]LELOLWDWHD 'DFăEHQ]LOHVXQWIRDUWHODUJLHVWHSRVLELOVă
VFă]XWăSURYRFDWăGH]ăSDGăSORDLHVDX QXVHSRDWăPRQLWRUL]DOăĠLPHDFRPSOHWăD
FHDĠăGHH[HPSOXÌQDFHVWFD]DXWRYHKLFX EHQ]LLGLQDSURSLHUH'LQDFHVWPRWLYDXWRYH
OHOHVXQWGHWHFWDWHWDUGLYVDXGHORF KLFXOHOHGLQEDQGDGHDOăWXULSRWVăQXILH
GHWHFWDWHPDLDOHVGDFăUXOHD]ăvQIRUPDĠLH
$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ
HúDORQDWăSHEHQ]LGLIHULWH$FHDVWăVLWXDĠLH
WUDILFúLvPSUHMXULPLORUGXPQHDYRDVWUăÌQFD]
SRDWHDSăUHDGDFăDXWRYHKLFXOHOHFRQGXFOD
FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠLSHUL
PDUJLQHDEHQ]LLFHOHPDLvQGHSăUWDWHGHDXWR
FROHOHODWLPSSURYRFkQGXQDFFLGHQWúL
YHKLFXOXOGXPQHDYRDVWUă
UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH
$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ
6LVWHPXOGHVHQ]RUUDGDUHVWHDXWRPDWGH]DF WUDILFúLvPSUHMXULPLORUGXPQHDYRDVWUăÌQFD]
WLYDWOkQJăXQLWăĠLOHUDGLRWHOHVFRS FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠLSHUL
3DJLQD FROHOHODWLPSSURYRFkQGXQDFFLGHQWúL
3HQWUXFDDVLVWHQĠDODXQJKLXOPRUWVăYăDMXWH UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH
FkQGFRQGXFHĠLVLVWHPXOGHVHQ]RULUDGDUWUH

'DFăEHQ]LOHVXQWvQJXVWHVLVWHPXODUSXWHD
VăQXGLVWLQJăEDQGDDOăWXUDWăGHFHDGHGXSă
DFHDVWD'LQDFHVWPRWLYVDUSXWHDVăILH
LQGLFDWHDXWRYHKLFXOHOHGHSHEDQGDPDL
vQGHSăUWDWăPDLDOHVGDFăDXWRYHKLFXOHOH
UXOHD]ăvQIRUPDĠLH]LJ]DJSHEHQ]LGLIHULWH
$FHDVWăVLWXDĠLHSRDWHVXUYHQLvQVSHFLDOFkQG
DXWRYHKLFXOHOHUXOHD]ăODPDUJLQHDEHQ]LLORU
FDUHVHDIOăFHOPDLDSURDSHGHDXWRYHKLFXOXO
GXPQHDYRDVWUă
1DWXUDVLVWHPXOXLIDFHFD
=vQDQXPLWHVLWXDĠLLDYHUWLVPHQWHOHVăILH
HPLVHLQFRUHFWFkQGUXODĠLDSURDSHGH
EDULHUHGHSURWHFĠLHVDXGHDOWHPDUJLQL
VROLGHDOHEHQ]LL
=vQDQXPLWHVLWXDĠLLDYHUWLVPHQWHOHVăILH
vQWUHUXSWHFkQGUXODĠLvQSDUDOHOFXDXWRYH
KLFXOHIRDUWHOXQJLGHH[HPSOXFDPLRDQH
PDLPXOWWLPS
&HLGRLVHQ]RULSHQWUXDVLVWHQĠDODXQJKLXO
PRUWVXQWLQWHJUDĠLvQSăUĠLOHODWHUDOHDOHEDUHL
GHSURWHFĠLHVSDWH$VLJXUDĠLYăFăEDUDGH
SURWHFĠLHQXDUHvQMXUXOVHQ]RULORUPXUGăULH
JKHDĠăVDXQRURL'HH[HPSOXVHQ]RULLUDGDU
QXWUHEXLHDFRSHULĠLGHVXSRUWXULSHQWUXELFL
FOHWăVDXGHvQFăUFăWXULLHúLWHvQDIDUă'XSă
XQLPSDFWSXWHUQLFVDXvQFD]GHGHWHULRUDUH
DEDUHORUGHSURWHFĠLHVROLFLWDĠLYHULILFDUHD
IXQFĠLRQăULLVHQ]RULORUUDGDUODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DWGHH[XQ&HQWUXGH
6HUYLFH0HUFHGHV%HQ]ÌQFD]FRQWUDUDVLV
WHQĠDODXQJKLXOPRUWDUSXWHDVăQXIXQFĠLR
QH]HvQPRGFRUHVSXQ]ăWRU
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
$ILúDMLQGLFDWRUúLGHDYHUWL]DUH
&RQGXFHUHúLSDUFDUH
C /DPSăLQGLFDWRDUHJDOEHQăODPSăGH
DYHUWL]DUHURúLH
'DFăDVLVWHQĠDODXQJKLXOPRUWHVWHSRUQLWă
ODPSDLQGLFDWRDUHCGLQRJOLQ]LOHH[WHULRDUH
VHDSULQGHvQJDOEHQSkQăODRYLWH]ăGH
NPK/DRYLWH]ăFHGHSăúHúWHNPK
ODPSDLQGLFDWRDUHVHVWLQJHLDUDVLVWHQĠDOD
XQJKLXOPRUWHVWHIXQFĠLRQDOă
'DFăHVWHGHWHFWDWXQDXWRYHKLFXOvQUD]DGH
PRQLWRUL]DUHDDVLVWHQĠHLODXQJKLXOPRUWODR
YLWH]ăFHGHSăúHúWHNPKODPSDGHDYHU
WL]DUHCGHSHSDUWHDFRUHVSXQ]ăWRDUHVH
DSULQGHvQURúX$FHVWDYHUWLVPHQWHVWHHPLV
vQWRWGHDXQDFkQGXQDXWRYHKLFXOLQWUăvQUD]D
GHPRQLWRUL]DUHDXQJKLXOXLPRUWGLQVSDWH
VDXGLQODWHUDO&kQGGHSăúLĠLXQDXWRYHKLFXO
DYHUWLVPHQWXODSDUHGRDUGDFăGLIHUHQĠDGH
YLWH]ăHVWHVXENPK
/DPSDLQGLFDWRDUHJDOEHQăVHVWLQJHGDFă
HVWHFXSODWăWUHDSWDGHPHUVvQDSRL$VLV
WHQĠDODXQJKLXOPRUWHVWHDSRLGH]DFWLYDWă
,QWHQVLWDWHDOăPSLORULQGLFDWRDUHOăPSLORUGH
DYHUWL]DUHVHUHJOHD]ăDXWRPDWvQIXQFĠLHGH
OXPLQDDPELHQWDOă
 $9(57,60(17
$VLVWHQĠDODXQJKLXOPRUWQXHVWHDFWLYăOD
YLWH]HVXENPKLDUOăPSLOHLQGLFDWRDUH
GLQRJOLQ]LOHH[WHULRDUHVXQWJDOEHQH$XWRYH
KLFXOHOHGLQUD]DGHPRQLWRUL]DUHQXYRUILDVW
IHOLQGLFDWH
$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ
WUDILFúLvPSUHMXULPLORUGXPQHDYRDVWUăÌQFD]
FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠLSHUL
 6LVWHPHGHDVLVWDUHDFRQGXFHULL

FROHOHODWLPSSURYRFkQGXQDFFLGHQWúL
UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH
$YHUWLVPHQWFROL]LXQH
&RQGXFHUHúLSDUFDUH
ÌQDFHVWVFRSGH]DFWLYDĠLDVLVWHQĠDOD
XQJKLXOPRUWGDFă
=FKHLDHVWHvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW

'DFăXQDXWRYHKLFXOHVWHGHWHFWDWvQUD]DGH =PRWRUXOQXHVWHvQIXQFĠLXQH
PRQLWRUL]DUHDDVLVWHQĠHLODXQJKLXOPRUWúL
=FRQH[LXQHDHOHFWULFăODUHPRUFăDIRVW
SRUQLĠLVHPQDOL]DWRUXOGHGLUHFĠLHYDILHPLV
VWDELOLWă
XQVXQHWGHDYHUWL]DUHGXEOX/DPSDGHDYHU
WL]DUHURúLHCFOLSHúWH'DFăVHPQDOL]DWRUXO
GHGLUHFĠLHUăPkQHSRUQLWDXWRYHKLFXOHOH
$VLVWHQĠăSHQWUXPHQĠLQHUHDEHQ]LLGH
GHWHFWDWHVXQWLQGLFDWHSULQFOLSLUHDOăPSLLGH
PHUV
DYHUWL]DUHURúLLC1XVHPDLHPLWDOWHVXQHWH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
GHDYHUWL]DUH
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV
$FWLYDUHDDVLVWHQĠHLODXQJKLXOPRUW PRQLWRUL]HD]ă]RQDGLQIDĠDDXWRYHKLFXOXOXL
 /DDXWRYHKLFXOHIăUăXQVLVWHPGHQDYLJD GXPQHDYRDVWUăSULQLQWHUPHGLXOXQHLFDPHUH
DIODWHvQSDUWHDGHVXVDSDUEUL]XOXL$VLVWHQĠD
ĠLHDVLJXUDĠLYăFăHVWHFRQHFWDW%HFNHUŠ
SHQWUXPHQĠLQHUHDEHQ]LLGHPHUVGHWHFWHD]ă
0$33,/27FRQVXOWDĠLLQVWUXFĠLXQLOHGHXWL
PDUFDMHOHGHEDQGăGHSHGUXPúLYăDYHUWL
OL]DUHVHSDUDWHSHQWUX$XGLR
]HD]ăvQDLQWHGHDLHúLQHLQWHQĠLRQDWGHSH
 $VLJXUDĠLYăFăVLVWHPXOGHVHQ]RULUDGDU
EDQGDGXPQHDYRDVWUăGHPHUV
3DJLQDúLDVLVWHQĠDODXQJKLXOPRUW
3DJLQDVXQWDFWLYDWHvQFDOFXODWRUXO
GHERUG
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
/ăPSLOHGHDYHUWL]DUHCVHDSULQGvQURúX
vQRJOLQ]LOHH[WHULRDUHWLPSGHDSUR[LPDWLY
VHFXQGHúLDSRLvQJDOEHQ

7UDFWDUHDUHPRUFLL
'DFăDWDúDĠLRUHPRUFăDVLJXUDĠLYăFăDĠL
VWDELOLWFRUHFWFRQH[LXQHDHOHFWULFă$FHVW C &DPHUăGHDVLVWHQĠăSHQWUXPHQĠLQHUHD
OXFUXVHSRDWHUHDOL]DSULQYHULILFDUHDLOX EHQ]LLGHPHUV
PLQăULLUHPRUFLLÌQDFHVWFD]DVLVWHQĠDOD
'DFăDĠLDOHVIXQFĠLD'LVSOD\XQLW6SHHG
XQJKLXOPRUWHVWHGH]DFWLYDWă/DPSDLQGLFD
RGRPHWHU8QLWDWHDILĂDUHYLWH]Æ
WRDUHGLQRJOLQ]LOHH[WHULRDUHVHDSULQGHvQ
FRQWRUGHSDUFXUV3DJLQDvQFDO
JDOEHQLDUPHVDMXO%OLQG6SRW$VVLVW
FXODWRUXOGHERUGúLVHOHFWDĠLNPNPFDXQLWDWH
FXUUHQWO\XQDYDLODEOH6HH2ZQHU
V
GHPăVXUăDVLVWHQĠDSHQWUXPHQĠLQHUHDEHQ
0DQXDO$VLVWHQĆDODXQJKLXOPRUW
]LLGHPHUVYDILDFWLYăGHODRYLWH]ăGHSHVWH
PRPHQWDQLQGLVSRQLELOÆ&RQVXOWDĆL
NPK'DFăHVWHVHOHFWDWăXQLWDWHDGHDIL
0DQXDOXOGHXWLOL]DUHDSDUHSHDILúDMXO
úDUHPLOHVPLOHLQWHUYDOXOGHDVLVWHQĠă
PXOWLIXQFĠLRQDO
vQFHSHODPK
G 3XWHĠLVăGH]DFWLYDĠLOăPSLOHLQGLFDWRDUH
GLQRJOLQ]LOHH[WHULRDUH  $9(57,60(17
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV
QXPHQĠLQHDXWRYHKLFXOXOGXPQHDYRDVWUăSH

EDQGDVD(VWHGRDUXQVLVWHPGHDVLVWHQĠăúL
HVWHSRVLELOVăGHWHFWH]HLQFRUHFWVDXGHORF
PDUFDMHOHGHEDQGă
6LVWHPXOSRDWHDYHDRIXQFĠLRQDUHUHGXVăVDX
DEVHQWăGDFă PDUFDMXOGHEDQGăVLVWHPXOUHFXQRDúWHDQX
=YL]LELOLWDWHDHVWHUHGXVăGHH[GLQFDX]D
LOXPLQăULLLQVXILFLHQWHDGUXPXOXLVDXGLQ
FDX]D]ăSH]LLSORLLFHĠLLVDXDSHLSXOYHUL
]DWH
=H[LVWăOXPLQLRUELWRDUHGHH[GHODWUDILFXO
GLQVHQVRSXVVRDUHVDXUHIOH[LLOHGHODDOWH
DXWRYHKLFXOH
=SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW
GHH[HPSOXFXRHWLFKHWăDXWRFRODQWăvQ
DSURSLHUHDFDPHUHL
=VXQWSUH]HQWHPDLPXOWHPDUFDMHGHEDQGă
VDXQLFLXQXOODRVLQJXUăEDQGă
=PDUFDMHOHGHEDQGăVXQWX]DWHvQWXQHFDWH
VDXDFRSHULWHGHH[FXQRURLVDX]ăSDGă
=GLVWDQĠDIDĠăGHDXWRYHKLFXOXOGLQIDĠăHVWH
SUHDPLFăúLPDUFDMHOHGHEDQGăQXSRWIL
DVWIHOGHWHFWDWH
=PDUFDMHOHGHEDQGăGHSHGUXPVXQW
QHFODUHGHH[OkQJăOXFUăULOHUXWLHUH
=PDUFDMHOHGHEDQGăVHPRGLILFăUDSLGGH
H[EHQ]LOHVHELIXUFăVHLQWHUVHFWHD]ăVDX
VHXQHVF
=GUXPXOHVWHvQJXVWúLVLQXRV
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV
QXSRDWHGHWHFWDFRQGLĠLLOHUXWLHUH$FHVWDQX
SRDWHVXEVWLWXLRFRQGXFHUHDWHQWă'YVSXU
WDĠLUăVSXQGHUHDYLWH]HLDXWRYHKLFXOXOXLD
IUkQăULLvQWLPSXWLOúLDYLUăULLFRUHFWH$GDS
WDĠLYăvQWRWGHDXQDVWLOXOGHFRQGXFHUHvQ
IXQFĠLHGHFRQGLĠLLOHGHGUXPúLPHWHRSUHGR
PLQDQWH$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGL
ĠLLORUGLQWUDILFúLvPSUHMXULPLORUGXPQHD
YRDVWUăÌQFD]FRQWUDUHVWHSRVLELOVăQX
UHFXQRDúWHĠLSHULFROHOHODWLPSSURYRFkQGXQ
DFFLGHQWúLUăQLUHDGXPQHDYRDVWUăúLDDOWRU
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
YLEUDĠLLLQWHUPLWHQWHvQYRODQWLPSGHPD[LP
VHFXQGH
3HQWUXDILDYHUWL]DĠLGRDUFkQGHVWHQHFHVDU
úLvQWLPSXWLOvQFD]XOvQFDUHWUHFHĠLSHVWH
&RQGXFHUHúLSDUFDUH
PLWHFRQGLĠLLúLYăDYHUWL]HD]ăvQFRQVHFLQĠă
9LEUDĠLDGHDYHUWL]DUHVHSURGXFHPDL
GHYUHPHGDFă
=YăDSURSLDĠLGHPDUFDMXOH[WHULRUDOEHQ]LL
vQWURFXUEă
=GUXPXODUHEHQ]LIRDUWHODWHGHH[RDXWRV
WUDGă
=VLVWHPXOUHFXQRDúWHPDUFDMHOHVROLGHDOH
EHQ]LL
9LEUDĠLDGHDYHUWL]DUHVHSURGXFHPDLWkU]LX
GDFă
=GUXPXODUHEHQ]LvQJXVWH
=WăLDĠLGUXPXOvQWURFXUEă
1XVHSURGXFHYLEUDĠLHGHDYHUWL]DUHGDFă
=YLUDĠLIUkQDĠLVDXDFFHOHUDĠLFODUúLDFWLY
=WăLDĠLGUXPXOvQWURFXUEăEUXVFă
=LQWHUYLQHXQVLVWHPGHVLJXUDQĠăODFRQGX
FHUHFXPDUIL$%6%$6VDX(63Š
=DĠLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFĠLHÌQ
DFHVWFD]DYHUWLVPHQWHOHVXQWHOLPLQDWH
SHQWUXRDQXPLWăSHULRDGăGHWLPS
$FWLYDUHDDVLVWHQĠHLSHQWUXPHQĠLQHUHD
EHQ]LLGHPHUV
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
 $FWLYDĠLDVLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LL
GHPHUVFXDMXWRUXOFDOFXODWRUXOXLGHERUG
SHUVRDQH 3DJLQD
6LPEROXOCDSDUHSHDILúDMXOPXOWLIXQFĠLR
'DFăRURDWăGLQIDĠăWUHFHSHVWHXQPDUFDM QDO
GHEDQGăHVWHSRVLELOVăVHHPLWăXQDYHUWLV
PHQW9HĠLILDYHUWL]DWSULQLQWHUPHGLXOXQHL


 6LVWHPHGHDVLVWDUHDFRQGXFHULL
ÌQFD]XOvQFDUHFRQGXFHĠLFXSHVWH
NPKLDUPDUFDMHOHGHEDQGăVXQW
GHWHFWDWHVLPEROXOCHVWHDILúDWvQYHUGH
$VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGH
&RQGXFHUHúLSDUFDUH
PHUVHVWHJDWDSHQWUXXWLOL]DUH
3DFKHWXOGH$VLVWHQĠăSHQWUXFRQGX
FHUHDDFWLYă
1RWHJHQHUDOH
3DFKHWXOGH$VLVWHQĠăSHQWUXFRQGXFHUHD
DFWLYăFRQVWăGLQ',67521,&3/86
6LVWHPXOSRDWHDYHDRIXQFĠLRQDUHUHGXVăVDX
DEVHQWăGDFă
=H[LVWăRYL]LELOLWDWHVFă]XWăGHH[GLQFDX]D
]ăSH]LLSORLLFHĠLLVDXDSHLSXOYHUL]DWH
=VHQ]RULLVSDWHúLVDXIDĠăVXQWPXUGDUL
$VLVWHQĠDDFWLYăODXQJKLXOPRUWQXSRDWH
GHWHFWDDXWRYHKLFXOHvQJXVWHSUHFXPPRWR
FLFOHWHVDXELFLFOHWHVDXSRDWHVăOHGHWHFWH]H
SUHDWkU]LX(DQXSRDWHGHWHFWDDXWRYHKLFX
OHOHFDUHVXQWGHSăúLWHODGLVWDQĠăPLFăúLDSRL
LQWUăvQ]RQDGHSXQFWPRUW
$VLVWHQĠDDFWLYăODXQJKLXOPRUWQXSRDWH
3DJLQDDVLVWHQĠDDFWLYăODXQJKLXO GHWHFWDFRQGLĠLLOHGHGUXPúLWUDILF$FHVWDQX
PRUW3DJLQDúLDVLVWHQĠDDFWLYăSHQ SRDWHVXEVWLWXLRFRQGXFHUHDWHQWă'YVSXU
WUXPHQĠLQHUHDEHQ]LLGHPHUV WDĠLUăVSXQGHUHDYLWH]HLDXWRYHKLFXOXOXLD
3DJLQD
$VLVWHQĠăDFWLYăODXQJKLXOPRUW
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
$VLVWHQĠDODXQJKLXOPRUWDFWLYăXWLOL]HD]ăXQ
VLVWHPGHVHQ]RULUDGDUSHQWUXDPRQLWRUL]D
]RQHOHODWHUDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUăFDUHVXQWvQVSDWHOHúRIHUXOXL8QDIL
úDMGHDYHUWL]DUHSHRJOLQ]LOHH[WHULRDUHYă
DWUDJHDWHQĠLDDVXSUDDXWRYHKLFXOHORUGHWHF
IUkQăULLvQWLPSXWLOúLDYLUăULLFRUHFWH$GDS
WDĠLYăvQWRWGHDXQDVWLOXOGHFRQGXFHUHvQ
IXQFĠLHGHFRQGLĠLLOHGHGUXPúLPHWHRSUHGR
PLQDQWH$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGL
ĠLLORUGLQWUDILFúLvPSUHMXULPLORUGXPQHD
YRDVWUăÌQFD]FRQWUDUHVWHSRVLELOVăQX
UHFXQRDúWHĠLSHULFROHOHODWLPSSURYRFkQGXQ
DFFLGHQWúLUăQLUHDGXPQHDYRDVWUăúLDDOWRU
SHUVRDQH
6LVWHPXOGHVHQ]RUUDGDUHVWHDXWRPDWGH]DF
WLYDWOkQJăXQLWăĠLOHUDGLRWHOHVFRS
WDWHvQ]RQDPRQLWRUL]DWă'DFăDSRLSRUQLĠL
VHPQDOL]DWRUXOGHGLUHFĠLHFRUHVSXQ]ăWRU
SHQWUXDVFKLPEDEDQGDYHĠLSULPLúLXQDYHU
WLVPHQWYL]XDOúLDFXVWLFGHFROL]LXQH'DFă
HVWHGHWHFWDWXQSHULFROGHFROL]LXQHODWHUDOă
3DJLQD
3HQWUXFDDVLVWHQĠDODXQJKLXOPRUWDFWLYăVă
YăDMXWHvQWLPSFHFRQGXFHĠLVLVWHPXOGH
VHQ]RULUDGDUWUHEXLHVăILHDFWLYDW
IUkQDUHDGHFRUHFWDUHYăSRDWHDMXWDVăHYLWDĠL
RFROL]LXQH3HQWUXDVXVĠLQHDSOLFDUHDIUkQHL
GHFRUHFWDUHDGLUHFĠLHLDVLVWHQĠDODXQJKLXO
PRUWDFWLYăXWLOL]HD]ăúLXQVLVWHPGHVHQ]RUL
UDGDURULHQWDWvQDLQWH$VLVWHQĠDODXQJKLXO
PRUWDFWLYăRIHUăDVLVWHQĠăODYLWH]HGHSHVWH
NPK
 $9(57,60(17
$VLVWHQĠDDFWLYăODXQJKLXOPRUWHVWHGRDUXQ
VLVWHPGHDVLVWHQĠăúLSRDWHVăGHWHFWH]H
DXWRYHKLFXOHOHREVWDFROHOHLQFRUHFWVDX
FKLDUGHORF
3DJLQDúLIXQFĠLRQDO
5D]ăGHPRQLWRUL]DUH
$VLVWHQĠDODXQJKLXOPRUWDFWLYăPRQLWRUL
]HD]ăR]RQăGHSkQăODWUHLPHWULvQVSDWHOH
DXWRYHKLFXOXOXLGXPQHDYRDVWUăúLLPHGLDW
OkQJăDXWRYHKLFXOGXSăFXPHVWHSUH]HQWDW
vQVFKHPăÌQDFHVWVFRSDVLVWHQĠDODXQJKLXO
PRUWDFWLYăXWLOL]HD]ăVHQ]RULUDGDUGLQEDUD
GHSURWHFĠLHVSDWH

 $9(57,60(17
$VLVWHQĠDDFWLYăODXQJKLXOPRUWPRQLWRUL]HD]ă
DQXPLWH]RQHGLQLPHGLDWDDSURSLHUHDDXWR
YHKLFXOXOXLGXPQHDYRDVWUă$XWRYHKLFXOHOH
FDUHVHDSURSLHúLYăGHSăúHVFODYLWH]HPDUL
QXVXQWGHWHFWDWH1XVHHPLWDYHUWLVPHQWH
YL]XDOHVDXDXGLWLYHLDUVLVWHPXOQXIUkQHD]ă
DXWRYHKLFXOXOSHQWUXDYăFRUHFWDWUDLHFWRULD
'DFăEHQ]LOHVXQWIRDUWHODUJLHVWHSRVLELOVă
QXVHSRDWăPRQLWRUL]DOăĠLPHDFRPSOHWăD
EHQ]LLGLQDSURSLHUH'LQDFHVWPRWLYDXWRYH
KLFXOHOHGLQEDQGDGHDOăWXULSRWVăQXILH
GHWHFWDWHPDLDOHVGDFăUXOHD]ăvQIRUPDĠLH
HúDORQDWă$FHDVWăVLWXDĠLHSRDWHDSăUHD
GDFăDXWRYHKLFXOHOHFRQGXFODPDUJLQHDEHQ
]LLFHOHPDLvQGHSăUWDWHGHDXWRYHKLFXOXOGXP
QHDYRDVWUă
$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ
WUDILFúLvPSUHMXULPLORUGXPQHDYRDVWUăÌQFD]
FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠLSHUL
FROHOHODWLPSSURYRFkQGXQDFFLGHQWúL
UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH
'DFăEHQ]LOHVXQWvQJXVWHHVWHSRVLELOVăILH
LQGLFDWHDXWRYHKLFXOHOHFDUHUXOHD]ăSHEDQGD
GHGLQFRORGHEDQGDGHOkQJăDXWRYHKLFXOXO
GXPQHDYRDVWUăPDLDOHVGDFăDXWRYHKLFXOHOH
QXUXOHD]ăSHPLMORFXOEHQ]LLORU$FHDVWă
VLWXDĠLHSRDWHVXUYHQLGDFăDXWRYHKLFXOHOH
UXOHD]ăSHSDUWHDLQWHULRDUăDEHQ]LLORU
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
1DWXUDVLVWHPXOXLIDFHFD
=vQDQXPLWHVLWXDĠLLDYHUWLVPHQWHOHVăILH
HPLVHLQFRUHFWFkQGUXODĠLDSURDSHGH
EDULHUHGHSURWHFĠLHVDXGHDOWHPDUJLQL
&RQGXFHUHúLSDUFDUH
VROLGHDOHEHQ]LL
=vQDQXPLWHVLWXDĠLLDYHUWLVPHQWHOHVăILH
vQWUHUXSWHFkQGUXODĠLvQSDUDOHOFXDXWRYH
KLFXOHIRDUWHOXQJLGHH[HPSOXFDPLRDQH
PDLPXOWWLPS
'RLVHQ]RULUDGDUDLDVLVWHQĠHLODXQJKLXOPRUW
DFWLYăVXQWLQWHJUDĠLvQEDUDGHSURWHFĠLHIDĠă
UHVSHFWLYVSDWH8QVHQ]RUUDGDUVXSOLPHQWDU
HVWHVLWXDWvQVSDWHOHFDSDFXOXLGLQPDVFD
UDGLDWRUXOXL$VLJXUDĠLYăFăEDUHOHGHSURWHF
ĠLHQXDXPXUGăULHJKHDĠăVDXQRURLvQMXUXO
VHQ]RULORU6HQ]RULLVSDWHQXWUHEXLHVăILH
DFRSHULĠLGHH[HPSOXGHVXSRUWXULSHQWUX
ELFLFOHWăVDXGHvQFăUFăWXULLHúLWHvQDIDUă
'XSăXQLPSDFWSXWHUQLFVDXvQFD]GHGHWH
ULRUDUHDEDUHORUGHSURWHFĠLHVROLFLWDĠLYHULIL
FDUHDIXQFĠLRQăULLVHQ]RULORUUDGDUODXQDWH
OLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ&HQWUX
GH6HUYLFH0HUFHGHV%HQ]ÌQFD]FRQWUDU
DVLVWHQĠDODXQJKLXOPRUWDFWLYăVDUSXWHDVă
QXIXQFĠLRQH]HFRUHFW
$ILúDMLQGLFDWRUúLGHDYHUWL]DUH
C /DPSăLQGLFDWRDUHJDOEHQăODPSăGH
DYHUWL]DUHURúLH
&kQGDVLVWHQĠDODXQJKLXOPRUWDFWLYăHVWH
DFWLYDWăODPSDLQGLFDWRDUHCGLQRJOLQ]LOH
H[WHULRDUHVHDSULQGHvQJDOEHQFkQGFRQGX
FHĠLFXFHOPXOWNPK/DYLWH]HGHSHVWH
NPKODPSDLQGLFDWRDUHVHVWLQJHLDU
DVLVWHQĠDODXQJKLXOPRUWDFWLYăHVWHIXQFĠLR
QDOă
 6LVWHPHGHDVLVWDUHDFRQGXFHULL
'DFăXQDXWRYHKLFXOHVWHGHWHFWDWvQUD]DGH
PRQLWRUL]DUHDDVLVWHQĠHLODXQJKLXOPRUWOD
YLWH]HGHSHVWHNPKODPSDGHDYHUWL
]DUHCGHSHODWXUDFRUHVSXQ]ăWRDUHVH
&RQGXFHUHúLSDUFDUH
DSULQGHvQURúX$FHVWDYHUWLVPHQWHVWHHPLV
vQWRWGHDXQDFkQGXQDXWRYHKLFXOLQWUăvQUD]D
GHPRQLWRUL]DUHDXQJKLXOXLPRUWGLQVSDWH
VDXGLQODWHUDO&kQGGHSăúLĠLXQDXWRYHKLFXO
DYHUWLVPHQWXODSDUHGRDUGDFăGLIHUHQĠDGH
YLWH]ăHVWHVXENPK
/DPSDLQGLFDWRDUHJDOEHQăVHVWLQJHGDFă
HVWHFXSODWăWUHDSWDGHPHUVvQDSRL$SRL
DVLVWHQĠDODXQJKLXOPRUWDFWLYăQXPDLHVWH
DFWLYă
,QWHQVLWDWHDOăPSLORULQGLFDWRDUHOăPSLORUGH
DYHUWL]DUHVHUHJOHD]ăDXWRPDWvQIXQFĠLHGH
OXPLQDDPELHQWDOă
 $9(57,60(17
$VLVWHQĠDDFWLYăODXQJKLXOPRUWQXHVWHDFWLYă
ODYLWH]HVXENPK/ăPSLOHLQGLFDWRDUH
GLQRJOLQ]LOHH[WHULRDUHVXQWJDOEHQH$XWRYH
KLFXOHOHGLQUD]DGHPRQLWRUL]DUHQXYRUILDVW
IHOLQGLFDWH
$FRUGDĠLvQWRWGHDXQDDWHQĠLHFRQGLĠLLORUGLQ
WUDILFúLvPSUHMXULPLORUGXPQHDYRDVWUăÌQFD]
FRQWUDUHVWHSRVLELOVăQXUHFXQRDúWHĠLSHUL
FROHOHODWLPSSURYRFkQGXQDFFLGHQWúL
UăQLUHDGXPQHDYRDVWUăúLDDOWRUSHUVRDQH
$YHUWLVPHQWGHFROL]LXQHYL]XDOúLDFXVWLF
'DFăSRUQLĠLVHPQDOL]DWRDUHOHGHGLUHFĠLH
FRUHVSXQ]ăWRDUHSHQWUXDVFKLPEDEDQGDúL
XQDXWRYHKLFXOHVWHGHWHFWDWvQUD]DGHPRQL
WRUL]DUHODWHUDOăDDVLVWHQĠHLODXQJKLXOPRUW
DFWLYăYHĠLSULPLXQDYHUWLVPHQWGHFROL]LXQH
YL]XDOúLDFXVWLF$SRLYHĠLDX]LXQVXQHWGH
DYHUWL]DUHGXEOXLDURODPSăGHDYHUWL]DUH
URúLHCYDFOLSL'DFăVHPQDOL]DWRUXOGH
GLUHFĠLHUăPkQHDFWLYDXWRYHKLFXOHOHGHWHF
WDWHVXQWLQGLFDWHSULQODPSDGHDYHUWL]DUH
URúLHFDUHFOLSHúWHC1XPDLVXQWHPLVHDOWH
VXQHWHGHDYHUWL]DUH
$SOLFDUHDIUkQHLGHFRUHFWDUHDGLUHFĠLHL
'DFăDVLVWHQĠDODXQJKLXOPRUWDFWLYăGHWHF
WHD]ăXQSHULFROGHFROL]LXQHODWHUDOăvQUD]D
GHPRQLWRUL]DUHVHHIHFWXHD]ăRDSOLFDUHD
IUkQHLGHFRUHFWDUHDGLUHFĠLHL$FHDVWDDUH
PHQLUHDVăYăDMXWHVăHYLWDĠLFROL]LXQHD
$SOLFDUHDIUkQHLGHFRUHFWDUHDGLUHFĠLHLHVWH
GLVSRQLELOăvQWUHNPKúLNPK
'DFăDUHORFRDSOLFDUHDIUkQHLGHFRUHFWDUH
DGLUHFĠLHLODPSDGHDYHUWL]DUHURúLHCFOL
SHúWHvQRJOLQGDH[WHULRDUăLDUSHDILúDMXO
PXOWLIXQFĠLRQDODSDUGHH[HPSOXXUPăWRD
UHOH
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
 $9(57,60(17
$VLVWHQĠDDFWLYăODXQJKLXOPRUWHVWHQXPDLXQ
VLVWHPGHDVLVWHQĠăFDUHYăDMXWăFkQGFRQ
GXFHĠL$FHVWDQXSRDWHVXEVWLWXLRFRQGXFHUH
DWHQWă(VWHSRVLELOFDIUkQDUHDDXWRPDWă
HIHFWXDWăGHVLVWHPVăQXILHvQWRWGHDXQDVXIL
FLHQWăSHQWUXDHYLWDRFROL]LXQHÌQDVWIHOGH
FD]XULWUHEXLHVăYLUDĠLVăIUkQDĠLVDXVăDFFH
OHUDĠLVLQJXU
ÌQFD]XULIRDUWHUDUHVLVWHPXOSRDWHGHWHFWD
XQULVFGHFROL]LXQHFkQGDFHVWDQXH[LVWă
IUkQkQGHURQDWOkQJăEDULHUHGHSURWHFĠLHVDX
DOWHDVWIHOGHOLPLWHUXWLHUH$VLVWHQĠDDFWLYăOD
XQJKLXOPRUWQXSRDWHGHWHFWDWRDWHFRQGLĠLLOH
UXWLHUHúLSDUWLFLSDQĠLLODWUDILF$VLJXUDĠLYă
FRQVWDQWFăH[LVWăRGLVWDQĠăODWHUDOăVXIL
FLHQWăvQWUHGXPQHDYRDVWUăúLDOĠLSDUWLFLSDQĠL
ODWUDILFVDXREVWDFROH3XWHĠLGHH[HPSOX
FRQWUDYLUDXúRUVDXDSăVDSHGDODGHDFFHOH
UDĠLHRULFkQGSHQWUXDDQXODRIUkQDUHLQDGHF
YDWă
'XPQHDYRDVWUăSXUWDĠLUăVSXQGHUHDYLWH]HL
DXWRYHKLFXOXOXLDYLUăULLFRUHFWHúLDIUkQăULLvQ
WLPSXWLO$GDSWDĠLYăvQWRWGHDXQDVWLOXOGH
FRQGXFHUHvQIXQFĠLHGHFRQGLĠLLOHGHGUXPúL

PHWHRSUHGRPLQDQWH$FRUGDĠLvQWRWGHDXQD
DWHQĠLHFRQGLĠLLORUGLQWUDILFúLvPSUHMXULPLORU
GXPQHDYRDVWUăÌQFD]FRQWUDUHVWHSRVLELOVă
V
QXUHFXQRDúWHĠLSHULFROHOHODWLPSSURYRFkQG
XQDFFLGHQWúLUăQLUHDGXPQHDYRDVWUăúLD
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
WRDUHGLQRJOLQ]LOHH[WHULRDUHVHDSULQGvQJDO
EHQúLPHVDMXO$FWLYH%OLQG6SRW$VVLVW
FXUUHQWO\XQDYDLODEOH6HH2ZQHU
0DQXDO$VLVWDUHDODSXQFWPRUW
&RQGXFHUHúLSDUFDUH
DFWLYÆPRPHQWDQLQGLVSRQLELOÆ&RQњ
DOWRUSHUVRDQH VXOWDĆL0DQXDOXOGHXWLOL]DUHDSDUH
SHDILúDMXOPXOWLIXQFĠLRQDO
3RDWHVXUYHQLILHRIRDUWHXúRDUăDSOLFDUHD
IUkQHLGHFRUHFWDUHDGLUHFĠLHLILHQLFLXQD $VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHD
GDFă EHQ]LLGHPHUV
=H[LVWăDXWRYHKLFXOHVDXREVWDFROHGHH[
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
EDULHUHGHSURWHFĠLHSHDPEHOHSăUĠLDOH
DXWRYHKLFXOXOXLGXPQHDYRDVWUă $VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
=XQDXWRYHKLFXOVHDSURSLHSUHDDSURDSHGLQ
PHUVPRQLWRUL]HD]ă]RQDGLQIDĠDDXWRYHKL
FXOXOXLGXPQHDYRDVWUăSULQLQWHUPHGLXOXQHL
ODWHUDO
FDPHUHDIODWHvQSDUWHDVXSHULRDUăDSDUEUL
=DĠLDGRSWDWXQVWLOGHFRQGXFHUHVSRUWLYFX
]XOXL$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHD
YLWH]HPDULvQYLUDMH EHQ]LLGHPHUVGHWHFWHD]ăPDUFDMHOHGH
=IUkQDĠLVDXDFFHOHUDĠLIHUP EDQGăúLYăDYHUWL]HD]ăvQDLQWHGHDLHúLQHLQ
=LQWHUYLQHXQVLVWHPGHVLJXUDQĠăODFRQGX WHQĠLRQDWGHSHEDQGDGXPQHDYRDVWUăGH
FHUHFXPDUIL(63ŠVDXIUkQD35(6$)(Š PHUV'DFăQXUHDFĠLRQDĠLODDYHUWLVPHQWR
=(63ŠHVWHGH]DFWLYDW DSOLFDUHDIUkQHORUSHQWUXFRUHFWDUHDEHQ]LL
=VDGHWHFWDWRSLHUGHUHDSUHVLXQLLvQSQHXUL
GHPHUVSRDWHDGXFHDXWRYHKLFXOXOvQDSRLSH
EDQGDLQLĠLDOă
VDXXQSQHXGHIHFW
$FWLYDUHDDVLVWHQĠHLODXQJKLXOPRUW
DFWLYă
 /DDXWRYHKLFXOHIăUăXQVLVWHPGHQDYLJD
ĠLHDVLJXUDĠLYăFăHVWHFRQHFWDW%HFNHUŠ
0$33,/27FRQVXOWDĠLLQVWUXFĠLXQLOHGHXWL
OL]DUHVHSDUDWHSHQWUX$XGLR
 $VLJXUDĠLYăFăVLVWHPXOGHVHQ]RULUDGDU
3DJLQDúLDVLVWHQĠDODXQJKLXOPRUW
DFWLYă3DJLQDVXQWDFWLYDWHvQFDO
FXODWRUXOGHERUG
C &DPHUăSHQWUXDVLVWHQĠDDFWLYăSHQWUX
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
PHQĠLQHUHDEHQ]LLGHPHUV
FRQWDFW
/ăPSLOHGHDYHUWL]DUHCVHDSULQGvQURúX 'DFăDĠLDOHVIXQFĠLD'LVSOD\XQLW6SHHG
vQRJOLQ]LOHH[WHULRDUHDSUR[LPDWLY RGRPHWHU8QLWDWHDILĂDUHYLWH]Æ
VHFXQGHúLDSRLVHDSULQGvQJDOEHQ
7UDFWDUHDUHPRUFLL
'DFăDWDúDĠLRUHPRUFăDVLJXUDĠLYăFăDĠL
VWDELOLWFRUHFWFRQH[LXQHDHOHFWULFă$FHVW
OXFUXVHSRDWHUHDOL]DSULQYHULILFDUHDLOX
PLQăULLUHPRUFLL$VLVWDUHDDFWLYăODSXQFW
PRUWHVWHDSRLGH]DFWLYDWă/DPSDLQGLFD
FRQWRUGHSDUFXUV3DJLQDvQFDO
FXODWRUXOGHERUGúLVHOHFWDĠLNPNPFDXQLWDWH
GHPăVXUăDVLVWHQĠDDFWLYăSHQWUXPHQĠLQH
UHDEHQ]LLGHPHUVHVWHDFWLYăGHOD
NPK'DFăHVWHVHOHFWDWăXQLWDWHDGHDIL
úDUHPLOHLQWHUYDOXOGHDVLVWHQĠăvQFHSHOD
PSK
 6LVWHPHGHDVLVWDUHDFRQGXFHULL
 $9(57,60(17
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
PHUVQXPHQĠLQHDXWRYHKLFXOXOGXPQHD
YRDVWUăSHEDQGDVD(VWHGRDUXQVLVWHPGH
&RQGXFHUHúLSDUFDUH
DVLVWHQĠăúLHVWHSRVLELOVăGHWHFWH]HLQFRUHFW
VDXGHORFPDUFDMHOHGHEDQGă
6LVWHPXOSRDWHDYHDRIXQFĠLRQDUHUHGXVăVDX
DEVHQWăGDFă úLvQWLPSXWLOvQFD]XOvQFDUHWUHFHĠLSHVWH
=VXQWSUH]HQWHPDLPXOWHPDUFDMHGHEDQGă
VDXQLFLXQXOODRVLQJXUăEDQGă
=YL]LELOLWDWHDHVWHUHGXVăGHH[GLQFDX]D
LOXPLQăULLLQVXILFLHQWHDGUXPXOXLVDXGLQ
FDX]D]ăSH]LLSORLLFHĠLLVDXDSHLSXOYHUL
]DWH
=H[LVWăOXPLQLRUELWRDUHGHH[GHODWUDILFXO
GLQVHQVRSXVVRDUHVDXUHIOH[LLOHGHODDOWH
DXWRYHKLFXOH
=SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW
GHH[HPSOXFXRHWLFKHWăDXWRFRODQWăvQ
DSURSLHUHDFDPHUHL
=PDUFDMHOHGHEDQGăVXQWX]DWHvQWXQHFDWH
VDXDFRSHULWHGHH[FXQRURLVDX]ăSDGă
=GLVWDQĠDIDĠăGHDXWRYHKLFXOXOGLQIDĠăHVWH
SUHDPLFăúLPDUFDMHOHGHEDQGăQXSRWIL
DVWIHOGHWHFWDWH
=PDUFDMHOHGHEDQGăGHSHGUXPVXQW
QHFODUHGHH[OkQJăOXFUăULOHUXWLHUH
=PDUFDMHOHGHEDQGăVHPRGLILFăUDSLGGH
H[EHQ]LOHVHELIXUFăVHLQWHUVHFWHD]ăVDX
VHXQHVF
=GUXPXOHVWHvQJXVWúLVLQXRV
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
PHUVQXSRDWHGHWHFWDFRQGLĠLLOHGHGUXPúL
WUDILF$FHVWDQXSRDWHVXEVWLWXLRFRQGXFHUH
DWHQWă'YVSXUWDĠLUăVSXQGHUHDYLWH]HLDXWR
YHKLFXOXOXLDIUkQăULLvQWLPSXWLOúLDYLUăULL
FRUHFWH$GDSWDĠLYăvQWRWGHDXQDVWLOXOGH
FRQGXFHUHvQIXQFĠLHGHFRQGLĠLLOHGHGUXPúL
PHWHRSUHGRPLQDQWH$FRUGDĠLvQWRWGHDXQD
DWHQĠLHFRQGLĠLLORUGLQWUDILFúLvPSUHMXULPLORU
GXPQHDYRDVWUăÌQFD]FRQWUDUHVWHSRVLELOVă
QXUHFXQRDúWHĠLSHULFROHOHODWLPSSURYRFkQG
XQDFFLGHQWúLUăQLUHDGXPQHDYRDVWUăúLD
DOWRUSHUVRDQH
9LEUDĠLHGHDYHUWL]DUHvQYRODQ
'DFăRURDWăGLQIDĠăWUHFHSHVWHXQPDUFDM
GHEDQGăHVWHSRVLELOVăVHHPLWăXQDYHUWLV
PHQW9HĠLILDYHUWL]DWSULQLQWHUPHGLXOXQRU
YLEUDĠLLLQWHUPLWHQWHvQYRODQSkQăOD
VHFXQGH
3HQWUXDILDYHUWL]DĠLGRDUFkQGHVWHQHFHVDU
PDUFDMXOGHEDQGăVLVWHPXOUHFXQRDúWHDQX
PLWHFRQGLĠLLúLYăDYHUWL]HD]ăvQFRQVHFLQĠă
9LEUDĠLDGHDYHUWL]DUHVHSURGXFHPDL
GHYUHPHGDFă
=YăDSURSLDĠLGHPDUFDMXOH[WHULRUDOEHQ]LL
vQWURFXUEă
=GUXPXODUHEHQ]LIRDUWHODWHGHH[RDXWRV
WUDGă
=VLVWHPXOUHFXQRDúWHPDUFDMHOHVROLGHDOH
EHQ]LL
9LEUDĠLDGHDYHUWL]DUHVHSURGXFHPDLWkU]LX
GDFă
=GUXPXODUHEHQ]LvQJXVWH
=WăLDĠLGUXPXOvQWURFXUEă
1XVHSURGXFHYLEUDĠLHGHDYHUWL]DUHGDFă
=YLUDĠLIUkQDĠLVDXDFFHOHUDĠLFODUúLDFWLY
=WăLDĠLGUXPXOvQWURFXUEăEUXVFă
=LQWHUYLQHXQVLVWHPGHVLJXUDQĠăODFRQGX
FHUHFXPDUIL$%6%$6VDX(63Š
=DĠLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFĠLHÌQ
DFHVWFD]DYHUWLVPHQWHOHVXQWHOLPLQDWH
SHQWUXRDQXPLWăSHULRDGăGHWLPS
$SOLFDUHDIUkQHORUSHQWUXFRUHFWDUHDEHQ
]LLGHPHUV
'DFăSăUăVLĠLEDQGDvQDQXPLWHVLWXDĠLLDXWR
YHKLFXOXOYDIUkQDEUXVFSHRSDUWH$FHVW
OXFUXHVWHFRQFHSXWSHQWUXDYăDMXWDVăDGX
FHĠLDXWRYHKLFXOXOvQDSRLSHEDQGDLQLĠLDOă
$FHDVWăIXQFĠLHHVWHGLVSRQLELOăvQLQWHUYDOXO
NPKúLNPK
2DSOLFDUHDIUkQHORUSHQWUXFRUHFWDUHDEHQ]LL
GHPHUVSRDWHILUHDOL]DWăGRDUGXSăWUHFHUHD
SHVWHXQPDUFDMVROLGDOEHQ]LLúLFDUHVHSRDWH
UHFXQRDúWHÌQDLQWHGHDFHDVWDWUHEXLHHPLV
XQDYHUWLVPHQWSULQLQWHUPHGLXOXQHLYLEUDĠLL

LQWHUPLWHQWHvQYRODQÌQSOXVREDQGăFXPDU
FDMHGHEDQGăSHDPEHOHSăUĠLWUHEXLHUHFX
QRVFXWă'HDVHPHQHDDSOLFDUHDIUkQHL
UHGXFHXúRUYLWH]DGHUXODUH
'DFăDSDUHRDSOLFDUHDIUkQHLSHQWUXFRUHF
WDUHDEHQ]LLGHPHUVDSDUHXUPăWRUXOPHVDM
SHDILúDMXOPXOWLIXQFĠLRQDO GXPQHDYRDVWUăÌQFD]FRQWUDUHVWHSRVLELOVă
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
G 2DOWăDSOLFDUHDIUkQHLGHFRUHFWDUHD
EHQ]LLGHPHUVSRDWăVăPDLDSDUăGRDU
GXSăFHDXWRYHKLFXOXODUHYHQLWSHEDQGD
LQLĠLDOă
 $9(57,60(17
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
PHUVQXPHQĠLQHDXWRYHKLFXOXOGXPQHD
YRDVWUăSHEDQGDVD$FHDVWDHVWHQXPDLXQ
VLVWHPGHDVLVWHQĠăFDUHYăDMXWăFkQGFRQ
GXFHĠL$FHVWDQXSRDWHVXEVWLWXLRFRQGXFHUH
DWHQWă)UkQDUHDFRUHFWLYăSRDWHVăQXILH
vQWRWGHDXQDVXILFLHQWăSHQWUXDUHDGXFHDXWR
YHKLFXOXOGXPQHDYRDVWUăSHEDQGDVDLQLĠLDOă
ÌQDQXPLWHFD]XULWUHEXLHVăGLULMDĠLDXWRYHKL
FXOXOVLQJXUSHQWUXDYăDVLJXUDFăQX
SăUăVHúWHEDQGD
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
PHUVQXSRDWHGHWHFWDVLWXDĠLDFXUHQWăGLQ
WUDILFVDXDOĠLSDUWLFLSDQĠLODWUDILF$VLJXUDĠL
YăFRQVWDQWFăH[LVWăRGLVWDQĠăODWHUDOăVXIL
FLHQWăvQWUHGXPQHDYRDVWUăúLDOĠLSDUWLFLSDQĠL
ODWUDILFVDXREVWDFROHÌQVLWXDĠLLUDUHVLVWH
PXOSRDWHGHWHFWDOLQLLvQWUHUXSWHVDXDQXPLWH
VWUXFWXULGHSHVXSUDIDĠDGUXPXOXLFDPDUFDMH
GHEDQGăVROLGH3XWHĠLGHH[HPSOXVăFRQ
WUDYLUDĠLRULFkQGXúRUSHQWUXDDQXODDFĠLRQD
UHDLQDGHFYDWăDIUkQHORUGHH[GDFăWUDYHU
VDĠLLQWHQĠLRQDWXQPDUFDMGHEDQGăVROLG
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
PHUVQXSRDWHĠLQHFRQWGHFRQGLĠLLOHPHWHR
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
'XPQHDYRDVWUăSXUWDĠLUăVSXQGHUHDYLWH]HL
DXWRYHKLFXOXOXLDYLUăULLFRUHFWHúLDIUkQăULLvQ
WLPSXWLO$GDSWDĠLYăvQWRWGHDXQDVWLOXOGH
FRQGXFHUHvQIXQFĠLHGHFRQGLĠLLOHGHGUXPúL
&RQGXFHUHúLSDUFDUH
PHWHRSUHGRPLQDQWH$FRUGDĠLvQWRWGHDXQD
DWHQĠLHFRQGLĠLLORUGLQWUDILFúLvPSUHMXULPLORU
QXUHFXQRDúWHĠLSHULFROHOHODWLPSSURYRFkQG
XQDFFLGHQWúLUăQLUHDGXPQHDYRDVWUăúLD
DOWRUSHUVRDQH
1XDUHORFQLFLRDSOLFDUHDIUkQHORUSHQWUX
FRUHFWDUHDEHQ]LLGHPHUVGDFă
=YLUDĠLIUkQDĠLVDXDFFHOHUDĠLFODUúLDFWLY
=WăLDĠLGUXPXOvQWURFXUEăEUXVFă
=DĠLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFĠLH
=LQWHUYLQHXQVLVWHPGHVLJXUDQĠăODFRQGX
FHUHFXPDUIL(63Š)UkQD35(6$)(ŠVDX
$VLVWDUHDDFWLYăODXQJKLPRUW
=DĠLDGRSWDWXQVWLOGHFRQGXFHUHVSRUWLYFX
YLWH]ăPDUHvQYLUDMHVDXFXUDWHULGLFDWHDOH
DFFHOHUDĠLHL
=ODDXWRYHKLFXOHFXXQFkUOLJGHWUDFWDUHD
UHPRUFLLFRQH[LXQHDHOHFWULFăODUHPRUFăD
IRVWVWDELOLWăFRUHFW
=(63ŠHVWHGH]DFWLYDW
=WUDQVPLVLDQXHVWHvQSR]LĠLD'
=DIRVWGHWHFWDWăúLHVWHDILúDWăRSLHUGHUH
GHSUHVLXQHvQSQHXULVDXXQSQHXGHIHFW
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LLGH
PHUVQXSRDWHGHWHFWDFRQGLĠLLOHGHGUXPúL
WUDILF2DSOLFDUHDIUkQHLQHSRWULYLWăDUSXWHD
ILvQWUHUXSWăRULFkQGGDFă
=YLUDĠLXúRUvQGLUHFĠLDRSXVă
=IRORVLĠLVHPQDOL]DWRUXOGHGLUHFĠLH
=IUkQDĠLVDXDFFHOHUDĠLFODU
2DSOLFDUHDIUkQHLSHQWUXFRUHFWDUHDEHQ]LL
GHPHUVHVWHvQWUHUXSWăDXWRPDWGDFă
=LQWHUYLQHXQVLVWHPGHVLJXUDQĠăODFRQGX
FHUHFXPDUIL(63Š)UkQD35(6$)(ŠVDX
$VLVWDUHDDFWLYăODXQJKLPRUW
=PDUFDMHOHGHEDQGăQXPDLSRWILUHFXQRV
FXWH
 7UDFWDUHDUHPRUFLL
$FWLYDUHDDVLVWHQĠHLDFWLYHSHQWUXPHQĠL
QHUHDEHQ]LLGHPHUV
&RQGXFHUHúLSDUFDUH
([HPSOXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
 $FWLYDĠLDVLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LL
GHPHUVFXDMXWRUXOFDOFXODWRUXOXLGHERUG
=VDUFLQDDGPLVăSHSXQWHDVSDWHDDXWRYH
KLFXOXOXLWUDFWDQW
=PDVDWRWDOăPD[LPăDGPLVăDWkWDDXWRYH
KLFXOXOXLWUDFWDQWFkWúLDUHPRUFLL
9HĠLJăVLYDORULOHDGPLVHDSOLFDELOHFDUHQX
WUHEXLHVăILHGHSăúLWHvQGRFXPHQWDĠLDDXWR
YHKLFXOXOXL
9HĠLJăVLYDORULOHDSUREDWHGHSURGXFăWRUSH
SOăFXĠHOHGHLGHQWLILFDUHDDXWRYHKLFXOXOXLúL
FHOHSHQWUXDXWRYHKLFXOXOWUDFWDQWvQVHFĠLX
QHDÄ'DWHWHKQLFH´
3DJLQD  $9(57,60(17
6LPEROXOCDSDUHSHDILúDMXOPXOWLIXQFĠLR 'DFăDSDUHPHVDMXO&KHFNWUDLOHUKLWFK
QDO ORFNLQJPHFKDQLVP9HULILFDĆLPHFDњ
ÌQFD]XOvQFDUHFRQGXFHĠLFXSHVWH QLVPXOGHEORFDUHDF¥UOLJXOXLUHPRUњ
NPKLDUPDUFDMHOHGHEDQGăVXQW
GHWHFWDWHVLPEROXOCHVWHDILúDWvQYHUGH
$VLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHDEHQ]LL
GHPHUVHVWHJDWDSHQWUXXWLOL]DUH
7UDFWDUHDUHPRUFLL
'DFăDWDúDĠLRUHPRUFăDVLJXUDĠLYăFăDĠL
VWDELOLWFRUHFWFRQH[LXQHDHOHFWULFă$FHVW
OXFUXVHSRDWHUHDOL]DSULQYHULILFDUHDLOX
PLQăULLUHPRUFLL
7UDFWDUHDUHPRUFLL
1RWHSULYLQGWUDFWDUHDXQHLUHPRUFL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
&kQGDXWRYHKLFXOXOPHUJHvQDSRLFăWUH
UHPRUFăDVLJXUDĠLYăFăQXVHDIOăQLPHQL
vQWUHUHPRUFăúLDXWRYHKLFXO
&XSODĠLúLGHFXSODĠLUHPRUFDFXDWHQĠLH'DFă
QXFXSODĠLFRUHFWUHPRUFDODDXWRYHKLFXOXO
WUDFWDQWUHPRUFDVHSRDWHGHVSULQGH
$VLJXUDĠLYăFăQXVHGHSăúHVFXUPăWRDUHOH
YDORUL
=VDUFLQDYHUWLFDOăSHEDUDGHWUDFWDUHD
UHPRUFLL
=VDUFLQDDGPLVăDUHPRUFLL
FLLSHDILúDMXOPXOWLIXQFĠLRQDOFkWWLPSDXWR
YHKLFXOXOHVWHvQPLúFDUHWUDJHĠLLPHGLDWSH
GUHDSWDúLYHULILFDĠLGDFăFXSODVIHULFăHVWH
vPELQDWăFRUHFW
 $9(57,60(17
5HVSHFWDĠLvQWRWGHDXQDYLWH]DPD[LPăSHU
PLVăvQ*HUPDQLDSHQWUXFRPELQDĠLLOHDXWRYH
KLFXOUHPRUFăFKLDUúLvQĠăULvQFDUHVXQW
SHUPLVHYLWH]HPDLPDUL$VWIHOUHGXFHĠLSHUL
FROXOGHDFFLGHQW
 3HULFROGHDFFLGHQW
1XDSăVDĠLQLFLRGDWăFRQWLQXXSHGDODGHIUkQă
vQWLPSXOGHSODVăULLDXWRYHKLFXOXOXLGHH[HP
SOXQXX]DĠLIUkQHOHSULQDSOLFDUHDFRQVWDQWă
úLXúRDUăGHSUHVLXQHDVXSUDSHGDOHL$FHVW
IDSWSURYRDFăVXSUDvQFăO]LUHDVLVWHPXOXLGH
IUkQDUHPăUHúWHGLVWDQĠDGHIUkQDUHúLSRDWH
FRQGXFHODGHWHULRUDUHDFRPSOHWăDIUkQHORU
 3HULFROGHDFFLGHQW
1XvQFHUFDĠLvQQLFLXQFD]VăUHHFKLOLEUDĠL
DQVDPEOXODXWRYHKLFXOUHPRUFăPăULQGYLWH]D
GHGHSODVDUH
 7UDFWDUHDUHPRUFLL 

,QIRUPDĠLLJHQHUDOH GUXPYHULILFDĠLGRFXPHQWDĠLDUHPRUFLLSHQWUX
DYHGHDFDUHHVWHYLWH]DPD[LPăSHUPLVă
G /DWUDFWDUHDXQHLUHPRUFLUHJODĠLSUHVLX
QHDvQSQHXULSHSXQWHDVSDWHDDXWRYHKL /DDQXPLWHDXWRYHKLFXOH0HUFHGHV%HQ]VDU
FXOXOXLWUDFWDQWSHQWUXRVDUFLQăPD[LPă FLQDPD[LPăSHUPLVăSHSXQWHDVSDWHFUHúWH

&RQGXFHUHúLSDUFDUH
FRQVXOWDĠLWDEHOXOFXSUHVLXQLOHvQSQHXULGH ODWUDFWDUHDXQHLUHPRUFL&RQVXOWDĠLVHFĠLX
SHFODSHWDJXULLGHXPSOHUHFXFDUEXUDQW QHDÄ'DWHWHKQLFH³SHQWUXDDIODGDFăDFHDVWă
3DJLQD VLWXDĠLHHVWHYDODELOăúLSHQWUXDXWRYHKLFXOXO
GXPQHDYRDVWUă'DFăXWLOL]DĠLRULFDUHGLQWUH
9HĠLJăVLGLPHQVLXQLOHGHPRQWDUHúLVDUFLQLOH VDUFLQLOHPD[LPHDGăXJDWHSHSXQWHDVSDWH
GLQVHFĠLXQHDÄ'DWHWHKQLFH´ ODWUDFWDUHDXQHLUHPRUFLFRPELQDĠLDDXWRYH
3DJLQD
6DUFLQDYHUWLFDOăPD[LPăDGPLVăFXEDUDGH
WUDFWDUHDUHPRUFLLSHFXSODVIHULFăHVWH
NJ&XWRDWHDFHVWHDVDUFLQDYHUWLFDOă
UHDOăQXWUHEXLHVăGHSăúHDVFăYDORDUHDLQGL
FDWăSHFkUOLJXOGHWUDFWDUHDUHPRUFLLúLSH
SOăFXĠHOHGHLGHQWLILFDUHDUHPRUFLL(VWHYDOD
ELOăFHDPDLVFă]XWăVDUFLQă
 8WLOL]DĠLRVDUFLQăYHUWLFDOăFkWPDLDSUR
SLDWăSRVLELOGHVDUFLQDYHUWLFDOăPD[LPă
DGPLVă1XXWLOL]DĠLRVDUFLQăYHUWLFDOăGH
PDLSXĠLQGHNJvQFD]FRQWUDUHVWHSRVL
ELOFDUHPRUFDVăVHGHVSULQGă
5HĠLQHĠLFăVDUFLQDGHvQFăUFDUHúLVDUFLQD
GHSHSXQWHDVSDWHVXQWUHGXVHGHVDUFLQD
YHUWLFDOăUHDOă
1XRPLWHĠLIDSWXOFăODWUDFWDUHDXQHLUHPRUFL
KLFXOUHPRUFăQXWUHEXLHVăGHSăúHDVFăR
YLWH]ăPD[LPăGHNPKGLQPRWLYHFH
YL]HD]ăDXWRUL]DĠLDGHIXQFĠLRQDUH$FHDVWă
DILUPDĠLHHVWHGHDVHPHQHDYDODELOăvQĠăULOH
vQFDUHYLWH]DPD[LPăSHUPLVăSHQWUXFRPEL
QDĠLLOHDXWRYHKLFXOUHPRUFăGHSăúHúWH
NPK
/DWUDFWDUHDXQHLUHPRUFLDXWRYHKLFXOXOGXP
QHDYRDVWUăYDPDQLIHVWDFDUDFWHULVWLFLGH
PDQHYUDELOLWDWHGLIHULWHIDĠăGHVLWXDĠLLOHvQ
FDUHFRQGXFHĠLIăUăUHPRUFă
&RPELQDĠLDDXWRYHKLFXOUHPRUFă
=HVWHPDLJUHD
=DUHFDSDFLWăĠLGHDFFHOHUDUHúLGHXUFDUHvQ
SDQWăUHGXVH
=DUHRGLVWDQĠăGHIUkQDUHVSRULWă
=HVWHDIHFWDWăPDLWDUHGHYkQWXOODWHUDO
3$5.7521,&3DJLQDDVLVWDUHD SXWHUQLF
SDUFăULL3DJLQDúL$VLVWHQĠDODXQJKLXO =QHFHVLWăRPDQHYUDUHPDLVHQVLELOă
PRUW3DJLQDVXQWGLVSRQLELOHQXPDLvQ
UHJLPOLPLWDWVDXFKLDUGHORF
G ÌQăOĠLPHDFXSOHLVIHULFHVHPRGLILFăRGDWă
FXVDUFLQDGHvQFăUFDUHDDXWRYHKLFXOXOXL
'DFăVLWXDĠLDRFHUHXWLOL]DĠLRUHPRUFăFX
EDUăGHWUDFWDUHUHJODELOăSHvQăOĠLPH
6IDWXULSULYLQGFRQGXFHUHD
G 5HVSHFWDĠLQRWHOHSULYLQGVWDELOL]DUHD
=FRQVXPăPDLPXOWFDUEXUDQW
ÌQSDQWHOHGHVFHQGHQWHOXQJLúLDEUXSWHWUH
EXLHVăFXSODĠLRWUHDSWăGHYLWH]ăLQIHULRDUă
vQWLPSXWLOVDXODDXWRYHKLFXOHOHFXWUDQVPL
VLHDXWRPDWăVăVHOHFWDĠLJDPDGHYLWH]H
VDX
G $FHDVWăDILUPDĠLHHVWHYDODELOăúLGDFăDĠL
DFWLYDWFRQWUROXOFURD]LHUHL63(('7521,&
VDX',67521,&3/86
UHPRUFLLFX(63Š3DJLQD
ÌQ*HUPDQLDYLWH]DPD[LPăSHUPLVăSHQWUX
FRPELQDĠLLOHDXWRYHKLFXOUHPRUFăGHSLQGH
GHWLSXOGHUHPRUFăúLHVWHILHGHNPKILH
GHNPKÌQDQXPLWHĠăULVXQWSHUPLVH
YLWH]HPD[LPHPDLPDULSHQWUXFRPELQDĠLLOH
DXWRYHKLFXOUHPRUFăÌQDLQWHGHDSRUQLOD
$VWIHOYHĠLXWLOL]DHIHFWXOGHIUkQDUHDOPRWR
UXOXLILLQGQHFHVDUăRIUkQDUHPDLUHGXVăSHQ
WUXDPHQĠLQHYLWH]D$VWIHOVHYDHOLPLQDVDU
FLQDODFDUHHVWHVXSXVVLVWHPXOGHIUkQDUHúL
VHSUHYLQHVXSUDvQFăO]LUHDúLX]XUDSUHPDWXUă
DIUkQHORU'DFăHVWHQHFHVDUăRIUkQDUHVXSOL
 7UDFWDUHDUHPRUFLL

PHQWDUăDSăVDĠLSHGDODGHIUkQăUHSHWDWúL
QXFRQWLQXX

6IDWXULSULYLQGFRQGXFHUHD
&RQGXFHUHúLSDUFDUH

=3ăVWUDĠLRGLVWDQĠăPDLPDUHIDĠăGHDXWR
YHKLFXOXOGLQIDĠăGHFkWDWXQFLFkQGFRQGX
FHĠLIăUăUHPRUFă
=(YLWDĠLVăIUkQDĠLEUXVF'DFăHVWHSRVLELO
IUkQDĠLXúRUPDLvQWkLSHQWUXDLSHUPLWH
UHPRUFLLVăvQYLQJăLQHUĠLD$SRLFUHúWHĠL
UDSLGIRUĠDGHIUkQDUH  3HQWUXDGHVFKLGHFDSDFXOURWLĠLPkQH
=9DORULOHGDWHSHQWUXFDSDFLWăĠLOHGHXUFDUH UXOCvQVHQVDQWLRUDUúLUDEDWDĠLFDSDFXOvQ
vQSDQWăGHSHORFDXFDUHIHULQĠăQLYHOXO MRVD
PăULL&kQGFRQGXFHĠLvQ]RQHPRQWDQH
UHĠLQHĠLFăSXWHUHDXWLOăDPRWRUXOXLúLFDSD
FLWDWHDGHXUFDUHvQSDQWăDDXWRYHKLFXOXOXL
vQFRQVHFLQĠăVFDGRGDWăFXFUHúWHUHDDOWL
WXGLQLL
'DFăUHPRUFDRVFLOHD]ăGLQWURSDUWHvQFHD
ODOWă
 1XDFFHOHUDĠL
 1XFRQWUDYLUDĠL
 )UkQDĠLGDFăVLWXDĠLDRFHUH

 7UDJHĠLvQDIDUăURWLĠDGHHOLEHUDUH‡
([WLQGHUHDFXSOHLVIHULFH  ÌQYkUWLĠLURWLĠDGHHOLEHUDUH‡vQVHQVDQWLR
UDUSkQăFHFXSODVIHULFăVHHOLEHUHD]ăúLVH
ÌQDLQWHGHDSXWHDWUDFWDRUHPRUFăFXDXWR H[WLQGHvQDIDUăGHVXEEDUDGHSURWHFĠLH
YHKLFXOXOGXPQHDYRDVWUăWUHEXLHVăH[WLQGHĠL VSDWH/DPSDLQGLFDWRDUH…FOLSHúWH
FXSODVIHULFă
5RWLĠDGHHOLEHUDUHHVWHDPSODVDWăvQVSDWHOH
SDQRXOXLRUQDPHQWDOODWHUDOGHSHSDUWHD
VWkQJăvQSRUWEDJDM
 $9(57,60(17
$VLJXUDĠLYăFăVDIL[DWFXSODVIHULFăILHvQ
SR]LĠLHH[WLQVăILHvQSR]LĠLHUHWUDFWDWăúLYHUL
ILFDĠLGDFăODPSDLQGLFDWRDUHVDVWLQV
1XvQYkUWLĠLURWLĠDGHHOLEHUDUHFkQGDYHĠL
FXSODWăRUHPRUFăÌQFD]FRQWUDUUHPRUFDVH
SRDWHGHVSULQGH
 7UDJHĠLFXSODVIHULFăvQGLUHFĠLDVăJHĠLLSkQă
FHVHDQJUHQHD]ăvQSR]LĠLHYHUWLFDOă
0DUWRUXOLQGLFDWRU…VHVWLQJH3UL]DHOHF
WULFăVHUDEDWHD]ăvQMRVDXWRPDW
 7UDFWDUHDUHPRUFLL 

$XWRYHKLFXOHFXXQYRODQPXOWLIXQFĠLR $VLJXUDĠLYăFăQXVHDIOăQLPHQLvQDSURSLHUHD
QDOFXEXWRDQHPHVDMXO7UDLOHU SDVDMXOXLGHURDWăVDXDVFXWXOXLSHQWUXFDUR
KLWFK&KHFNORFNPHFK&¥UOLJ VHULHÌQFD]FRQWUDUGXPQHDYRDVWUăVDXDOWH
UHPRUFÆ9HULILFDĆLPHFEORF SHUVRDQHSXWHĠLUăPkQHSULQVHvQWUHHOH

&RQGXFHUHúLSDUFDUH
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOSkQăFH PHQWH
FXSODVIHULFăDIRVWFXSODWă
$XWRYHKLFXOHFXXQYRODQPXOWLIXQFĠLR  $9(57,60(17
QDOFXEXWRDQHPHVDMXO7UDLOHU $XWRYHKLFXOXOHVWHFRERUkWLPHGLDWFHGHFR
KLWFK&KHFNORFNPHFK&¥UOLJ QHFWDĠLFDEOXOGHUHPRUFă$VLJXUDĠLYăFăQX
UHPRUFÆ9HULILFDĆLPHFEORF VHDIOăQLPHQLvQDSURSLHUHDSDVDMXOXLGHURDWă
DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOSkQăFH VDXDVFXWXOXLSHQWUXFDURVHULHÌQFD]FRQWUDU
FXSODVIHULFăDIRVWFXSODWă GXPQHDYRDVWUăVDXDOWHSHUVRDQHSXWHĠL
 6FRDWHĠLFDSDFXOGHSURWHFĠLHGLQFXSODVIH UăPkQHSULQVHvQWUHHOHPHQWH
ULFăúLGHSR]LWDĠLOvQWUXQORFVLJXU ,PHGLDWFHGHFXSODĠLUHPRUFDDXWRYHKLFXOXO
 $VLJXUDĠLYăFăELODGLQFXSODVIHULFăHVWH GHVFăUFDWVHULGLFăXúRU$VLJXUDĠLYăFăGXP
FXUDWăúLFăvQIXQFĠLHGHVSHFLILFDĠLD QHDYRDVWUăVDXDOWHSHUVRDQHQXVXIHULĠLUăQL
UHPRUFLLHVWHXQVăVDXXVFDWăIăUă SHSDUFXUVXOSURFHVXOXL
XQVRDUHFkQGRXWLOL]DĠL
 1XFXSODĠLRUHPRUFăSUHYă]XWăFXIUkQă
&XSODUHDXQHLUHPRUFL
 $9(57,60(17
1XGHFRQHFWDĠLRUHPRUFăFXRIUkQăGHVXSUD 
VROLFLWDUHFXSODWăÌQFD]FRQWUDUPkQDGXP
QHDYRDVWUăDUSXWHDUăPkQHSULQVăvQWUHEDUD 
GHSURWHFĠLHúLEDUDGHWUDFWDUHDUHPRUFLL

 $VLJXUDĠLYăFăWUDQVPLVLDVHDIOăvQSR]LĠLD
3 
LQHUĠLDOăDWXQFLFkQGIUkQDUHVSHFWLYăHVWH
DFĠLRQDWăGHRDUHFHSULQGHEORFDUHDIUkQHL
LQHUĠLDOHVHSRDWHSURGXFHGHWHULRUDUHD
DXWRYHKLFXOXOXLGXPQHDYRDVWUă
$VLJXUDĠLYăFăWUDQVPLVLDVHDIOăvQSR]LĠLD
3
$FĠLRQDĠLIUkQDGHSDUFDUH
$VLJXUDĠLUHPRUFDFRQWUDSXQHULLVDOHvQ
PLúFDUH
6FRDWHĠLFDEOXOUHPRUFLLúLGHFXSODĠL

 $FĠLRQDĠLIUkQDGHSDUFDUH
 3R]LĠLRQDĠLUHPRUFDODQLYHOvQVSDWHOHDXWR
YHKLFXOXOXL
 &XSODĠLUHPRUFD
 6WDELOLĠLFRQH[LXQHDHOHFWULFăvQWUHDXWRYH
KLFXOúLUHPRUFă
 9HULILFDĠLGDFăVLVWHPXOGHLOXPLQDUHDO
UHPRUFLLIXQFĠLRQHD]ă
'HFXSODUHDXQHLUHPRUFL
 $9(57,60(17
,PHGLDWFHULGLFDĠLEDUDGHWUDFWDUHDUHPRUFLL
DXWRYHKLFXOXOGHVFăUFDWVHULGLFăXúRU$XWR
YHKLFXOXOFRERDUăDSRLODQLYHOXOGHFRQGXFHUH
UHPRUFD
5DEDWDUHDFXSOHLVIHULFH
G 5DEDWDĠLvQăXQWUXFXSODVIHULFăGDFăQX
XWLOL]DĠLFkUOLJXOGHWUDFWDUHDUHPRUFLL
 $9(57,60(17
$VLJXUDĠLYăFăQXVHDIOăSHUVRDQHVDXDQL
PDOHvQUD]DGHSLYRWDUHDFXSOHLVIHULFHÌQFD]
FRQWUDUDFHVWHDSRWVXIHULUăQL
 $úH]DĠLFDSDFXOGHSURWHFĠLHSHFXSODVIH
ULFă
5RWLĠDGHHOLEHUDUHHVWHDPSODVDWăvQVSDWHOH
SDQRXOXLRUQDPHQWDOODWHUDOGHSHSDUWHD
VWkQJăvQSRUWEDJDM
 7UDFWDUHDUHPRUFLL
&RQGXFHUHúLSDUFDUH
&RXSp
 3HQWUXDGHVFKLGHFDSDFXOURWLĠLPkQH
UXOCvQVHQVDQWLRUDUúLUDEDWDĠLvQMRV
FDSDFXOD
 7UDJHĠLvQDIDUăURWLĠDGHHOLEHUDUH‡
 ÌQYkUWLĠLURWLĠDGHHOLEHUDUH‡vQVHQVDQWLR
UDU
&XSODVIHULFăVHGHEORFKHD]ăúLFRERDUă
/DPSDLQGLFDWRDUH…FOLSHúWH
 $SăVDĠLFXSODVIHULFăvQGLUHFĠLDVăJHĠLL
SkQăFHVHDQJUHQHD]ăvQVSDWHOHEDUHLGH
SURWHFĠLH
/DPSDLQGLFDWRDUH…VHVWLQJHúLPHVDMXO
GHSHDILúDMXOPXOWLIXQFĠLRQDOGLVSDUH
$OLPHQWDUHHOHFWULFăDUHPRUFLL
/DLHúLUHDGLQIDEULFăSUL]DUHPRUFLLDXWRYH
KLFXOXOXLGXPQHDYRDVWUăHVWHSUHYă]XWăFXR
DOLPHQWDUHHOHFWULFăSHUPDQHQWăúLFXRDOL
PHQWDUHHOHFWULFăDFWLYDWăSULQFRPXWDWRUXO
GHFRQWDFW
$OLPHQWDUHDHOHFWULFăSHUPDQHQWăHVWHDVL
JXUDWăSULQSLQXODOSUL]HLUHPRUFLL
$OLPHQWDUHDHOHFWULFăDFWLYDWăSULQFRPXWD
WRUXOGHFRQWDFWHVWHDVLJXUDWăSULQSLQXO
DOSUL]HLUHPRUFLL
 3XWHĠLFRQHFWDFRQVXPDWRULFXRSXWHUH
QRPLQDOăGH:ODDOLPHQWDUHDHOHFWULFă
SHUPDQHQWăúLGHSkQăOD:ODDOLPHQ
WDUHDHOHFWULFăDFWLYDWăSULQFRPXWDWRUXOGH
FRQWDFW
1XWUHEXLHVăvQFăUFDĠLREDWHULHGH
UHPRUFăFXDMXWRUXODOLPHQWăULLHOHFWULFH
$OLPHQWDUHDHOHFWULFăSHUPDQHQWăDUHPRUFLL
HVWHGH]DFWLYDWăvQFD]XOXQHLWHQVLXQL
VFă]XWHGHDOLPHQWDUHDDXWRYHKLFXOXOXLúL
GXSăFHOWkU]LXúDVHRUH
3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHSULYLQG
LQVWDODUHDVLVWHPHORUHOHFWULFHDOHUHPRUFLLGH
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[
XQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]
 3HQWUXDDFWLYDVDXGH]DFWLYDDOLPHQWD
UHDHOHFWULFăURWLĠLFKHLDvQFRPXWDWRUXOGH
FRQWDFWvQSR]LĠLDVDXUHVSHFWLY
,QGLFDWRUXOGHGHIHFWDUHDEHFXOXL
SHQWUXOăPSLOHFX/('
G 'DFăUHPRUFDHVWHSUHYă]XWăFXOăPSLFX
/('HVWHSRVLELOVăDSDUăXQPHVDMGH
HURDUHvQDILúDMXOPXOWLIXQFĠLRQDOFKLDU
GDFăQXH[LVWăQLFLRGHIHFĠLXQH0RWLYXO
 7UDFWDUHDUHPRUFLL 

DSDULĠLHLPHVDMXOXLGHHURDUHSRDWHIL
VFăGHUHDFXUHQWXOXLVXESUDJXOPLQLPGH
PLOLDPSHULP$
3HQWUXDDVLJXUDRIXQFĠLRQDUHILDELOăDLQGL

&RQGXFHUHúLSDUFDUH
FDWRUXOXLGHGHIHFĠLXQHDEHFXOXLILHFDUHODQĠ
GH/('XULGLQLOXPLQDUHDUHPRUFLLWUHEXLHVă
DLEăXQFXUHQWPLQLPJDUDQWDWGHP$

5HPRUFăFXFRQHFWRUFXSLQL
,QIRUPDĠLLJHQHUDOH
'DFăUHPRUFDGXPQHDYRDVWUăGLVSXQHGHXQ
FRQHFWRUFXSLQLRSXWHĠLFRQHFWDODPXID
FXSLQLGHSHFXSODVIHULFăFXDMXWRUXOXQXL
DGDSWRUVDXGDFăVLWXDĠLDRFHUHFXXQFDEOX
DGDSWRU$PEHOHSRWILREĠLQXWHGHODXQDWH
OLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[GHODXQ
&HQWUXGH6HUYLFH0HUFHGHV%HQ]

0RQWDUHDDGDSWRUXOXL

 'HVFKLGHĠLFDSDFXOSUL]HL
 ,QWURGXFHĠLFRQHFWRUXOFXXUHFKHDCvQ
úDQĠXODGHSHSUL]ăúLURWLĠLFRQHFWRUXOvQ
VHQVRUDUSkQăODRSULWRU
 /ăVDĠLFDSDFXOVăVHDQJUHQH]H
 'DFăXWLOL]DĠLXQFDEOXDGDSWRUIL[DĠLFDEOXO
ODUHPRUFăFXFROLHUHGHFDEOX
 $VLJXUDĠLVXILFLHQWăOLEHUWDWHGHPLúFDUH
FDEOXOXLSHQWUXDQXVHGHVSULQGHODHIHF
WXDUHDYLUDMHORU



 

,QIRUPDĠLLXWLOH 

&DOFXODWRUGHERUGúLGLVSOD\XUL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
$ILúDMHúLXWLOL]DUHYRODQPXOWL
IXQFĠLRQDOFXEXWRDQH 
$ILúDMHúLXWLOL]DUHYRODQPXOWL
IXQFĠLRQDOFXEXWRDQH 
0HVDMHGHSHGLVSOD\ 
/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUH
GLQSDQRXOGHLQVWUXPHQWH 
 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
,QIRUPDĠLLXWLOH
&DOFXODWRUGHERUGúLGLVSOD\XUL
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH
ULWRDUHODVLJXUDQĠă
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH

PDQGăVăXWLOL]DĠLXQ&HQWUXGH6HUYLFH0HU
FHGHV%HQ]vQDFHVWVFRSÌQVSHFLDOWRDWH
LQWHUYHQĠLLOHDVXSUDVLVWHPHORUGHVLJXUDQĠă
VDXFRUHODWHFXVLJXUDQĠDVHYRUHIHFWXDODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 3HULFROGHDFFLGHQW
&RPSXWHUXOGHERUGvQUHJLVWUHD]ăúLDILúHD]ă
QXPDLPHVDMHGHHURDUHúLDYHUWLVPHQWHSUR
YHQLWHGHODDQXPLWHVLVWHPH'LQDFHVWPRWLY
WUHEXLHVăYăDVLJXUDĠLSHUVRQDOFăDXWRYHKL
FXOXOSUH]LQWăVLJXUDQĠăvQXWLOL]DUHÌQFD]FRQ
WUDUHVWHSRVLELOăSURGXFHUHDXQXLDFFLGHQW
GDWRULWăFRQGXFHULLXQXLDXWRYHKLFXOQHVLJXU
FLDOLWDWHDXWRUL]DWH3DJLQD
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
9HĠLJăVLRLOXVWUDĠLHDSDQRXOXLGHLQVWUX
PHQWHvQVHFĠLXQHDÄ3UH]HQWDUHJHQHUDOă
 3HULFROGHDFFLGHQWúLUăQLUH
6LJXUDQĠDIXQFĠLRQDOăDDXWRYHKLFXOXOXLSRDWH
ILDIHFWDWăGHHIHFWXDUHDLQFRUHFWăDOXFUăULORU
GHvQWUHĠLQHUH&DXUPDUHDĠLSXWHDSLHUGH
FRQWUROXODVXSUDDXWRYHKLFXOXOXLúLSURYRFDXQ
DFFLGHQWÌQSOXVHVWHSRVLELOFDVLVWHPHOHGH
3DJLQD
 3HULFROGHDFFLGHQW
8WLOL]DĠLFRPSXWHUXOGHERUGQXPDLFkQGFRQ
GLĠLLOHGHGUXPúLGHWUDILFRSHUPLWÌQFD]
FRQWUDUDWHQĠLDGXPQHDYRDVWUăYDILGLVWUDVă
úLQXYăYHĠLPDLSXWHDFRQFHQWUDvQPRG
FRUHVSXQ]ăWRUDVXSUDFRQGXFHULLSURYRFkQG
DVWIHOXQDFFLGHQW
 $9(57,60(17
'DFăSDQRXOGHLQVWUXPHQWHVDXDILúDMXOPXO
WLIXQFĠLRQDOVDGHIHFWDWQXPDLSRDWHILDILúDW
QLFLXQPHVDM
$FHDVWDvQVHDPQăFăQXYHĠLPDLYHGHDLQIRU
PDĠLLGHVSUHVLWXDĠLDGHFRQGXFHUHFXPDUIL
VLJXUDQĠăVăQXPDLDVLJXUHSURWHFĠLDFRUHV
SXQ]ăWRDUHDúRIHUXOXLúLDSDVDJHULORU
/XFUăULOHGHvQWUHĠLQHUHWUHEXLHvQFUHGLQĠDWH
vQWRWGHDXQDXQXLDWHOLHUGHVSHFLDOLWDWHDXWR
UL]DW$WHOLHUXOGHVSHFLDOLWDWHDXWRUL]DWWUH
EXLHVăGHĠLQăHFKLSDPHQWXOúLFXQRúWLQĠHOH
WHKQLFHQHFHVDUHHIHFWXăULLOXFUăULORUÌQDFHVW
VFRS0HUFHGHV%HQ]YăUHFRPDQGăVăDSH
ODĠLODXQFHQWUXDXWRUL]DWGHYkQ]ăULúLVHUYLFH
0HUFHGHV%HQ](VWHSULRULWDUăvQFUHGLQĠDUHD
OXFUăULORUFHLPSOLFăVLJXUDQĠDúLVLVWHPHOHGH
VLJXUDQĠăXQXLDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW
$ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLR
YLWH]DWHPSHUDWXUDH[WHULRDUăOăPSLGHDYHU
WL]DUHLQGLFDWRDUHPHVDMHGHSHGLVSOD\VDX
GHIHFWăULDOHVLVWHPXOXL(VWHSRVLELOVăILH
DIHFWDWHFDUDFWHULVWLFLOHGHPDQHYUDELOLWDWH
DOHDXWRYHKLFXOXOXL$GDSWDĠLYăVWLOXOGHFRQ
GXFHUHúLYLWH]DvQFRQVHFLQĠă
&RQVXOWDĠLLPHGLDWXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DWFDUHGLVSXQHGHFXQRúWLQĠHOHGHVSH
FLDOLWDWHúLVFXOHOHQHFHVDUHHIHFWXăULLLQWHU
YHQĠLLORUUHVSHFWLYH0HUFHGHV%HQ]UHFR
QDOFXEXWRDQH
,QGLFDWRUGHWHPSHUDWXUăDOLFKLGXOXL
GHUăFLUH
,QGLFDWRUXOGHWHPSHUDWXUăDOLFKLGXOXLGH
UăFLUHVHDIOăvQSDQRXOGHLQVWUXPHQWHSH
SDUWHDVWkQJă
ÌQFRQGLĠLLGHXWLOL]DUHQRUPDOăúLODQLYHOXOGH
OLFKLGGHUăFLUHVSHFLILFDWWHPSHUDWXUDOLFKL
GXOXLGHUăFLUHSRDWHXUFDSkQăOD‚
 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

7HPSHUDWXUDOLFKLGXOXLGHUăFLUHSRDWHXUFD ([HPSOX
SkQăODSDUWHDVXSHULRDUăDVFDOHLODWHPSH

&DOFXODWRUGHERUGúLGLVSOD\XUL
=vQFXLHUHDXWRPDWăDSRUWLHUHORU
UDWXULH[WHULRDUHvQDOWHúLSHSRUĠLXQLOXQJLGH =OLPLWăGHYLWH]ăSHQWUXSQHXULOHGHLDUQă
GUXPvQSDQWăDVFHQGHQWă
3XWHĠLREĠLQHLQIRUPDĠLLSHDFHVWVXELHFWGH
ODRULFH&HQWUXGH6HUYLFH0HUFHGHV%HQ]
7XURPHWUX 3XWHĠLFRQWURODDILúDMXOPXOWLIXQFĠLRQDOúL
%DQGDURúLHGLQWXURPHWUXLQGLFăLQWHUYDOXOGH VHWăULOHvQFDOFXODWRUXOGHERUGFXDMXWRUXO
VXSUDWXUDUHDOPRWRUXOXL EXWRDQHORUGHSHYRODQXOPXOWLIXQFĠLRQDO

 1XFRQGXFHĠLDXWRYHKLFXOXOFXPRWRUXO
VXSUDWXUDWÌQFD]FRQWUDUPRWRUXOYDIL
GHWHULRUDW
$OLPHQWDUHDFXFDUEXUDQWHVWHvQWUHUXSWă
SHQWUXDSURWHMDPRWRUXOFkQGVHLQWUăvQ
EDQGDURúLH

'LVSOD\WHPSHUDWXUăH[WHULRDUă
'LVSOD\XOSHQWUXWHPSHUDWXUăH[WHULRDUăVH
DIOăvQSDQRXOGHLQVWUXPHQWH3DJLQD
 $9(57,=$5(
/DWHPSHUDWXULXúRUSHVWHSXQFWXOGHvQJKHĠ
úRVHDXDSRDWHILvQJKHĠDWăPDLDOHVvQ]RQHOH
GHSăGXUHVDXSHSRGXULÌQFD]XOXQXLPRGGH C $ILúDMPXOWLIXQFĠLRQDO
FRQGXFHUHQHDGDSWDWFRQGLĠLLORUGHGUXP D $PSOLILFăYROXPXO
DXWRYHKLFXOXOSRDWHLQWUDvQGHUDSDM'LQ ‡ ‚$WHQXHD]ăYROXPXO
DFHDVWăFDX]ăWUHEXLHVăYăDGDSWDĠLvQWRW
… F3DUFXUJHOLVWHUHJOHD]ăYDORULFRQ
GHDXQDPRGXOGHFRQGXFHUHúLYLWH]DODFRQ
ILUPăPHVDMHOHGHSHGLVSOD\
GLĠLLOHPHWHR
ƒ €6HOHFWHD]ăXQPHQLX
6FKLPEăULOHWHPSHUDWXULLH[WHULRDUHVXQWDIL G 'DFăDSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO
úDWHGXSăRVFXUWăvQWkU]LHUH
€DSDUHDILúDMXOVWDQGDUG
G 'LQPHQLXO'D\GULYOLJKWV
8WLOL]DUHDFDOFXODWRUXOXLGHERUG )DUXULWLPS]LSXWHĠLXWLOL]DEXWRQXO
&DOFXODWRUXOGHERUGHVWHDFWLYDWLPHGLDWFH VDX‚SHQWUXDDFWLYDVDX
URWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH GH]DFWLYDIXQFĠLD1XSXWHĠLUHJODYROXPXO
FRQWDFW3XWHĠLXWLOL]DFDOFXODWRUXOGHERUG FkQGYăDIODĠLvQPHQLXO'D\GULY
SHQWUXDDFWLYDLQIRUPDĠLLSULYLQGDXWRYHKLFX OLJKWV)DUXULWLPS]L
OXOúLSHQWUXDUHJODVHWăULOH
G 3XWHĠLVROLFLWDVHWDUHDDQXPLWRUIXQFĠLLOD
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[
XQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]


 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

$ILúDMPXOWLIXQFĠLRQDO
&DOFXODWRUGHERUGúLGLVSOD\XUL

3HQWUXDDFWLYDDILúDMXOPXOWLIXQFĠLRQDO
=SXQHĠLFRQWDFWXO
=SRUQLĠLOXPLQLOH
=GHVFKLGHĠLSRUWLHUDúRIHUXOXL

9DORULOHúLVHWăULOHSUHFXPúLPHVDMHOHGHSH
GLVSOD\VXQWLQGLFDWHSHDILúDMXOPXOWLIXQFĠLR
QDOC
 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

3UH]HQWDUHJHQHUDOăDPHQLXOXL

&DOFXODWRUGHERUGúLGLVSOD\XUL
)XQFĠLH
C $ILúDMVWDQGDUG3DJLQD
3UH]LQWăDILúDMXOVWDQGDUGVDXUHVHWHD]ăFRQWRUXOGHUXODMSDUĠLDO
D &DOFXODWRUGHSDUFXUV3DJLQD
$ILúHD]ăVDXUHVHWHD]ăFDOFXODWRUXOGHSDUFXUV
‡ ,QWHUYDO3DJLQD
… &RQVXPXOFXUHQWGHFDUEXUDQW
ƒ 9LWH]RPHWUXGLJLWDO
„ 0HPRULHGHPHVDMH3DJLQD
k 6HUYLFH3DJLQD
$FWLYHD]ăGDWDVFDGHQWăSHQWUXVHUYLFH
l 6LVWHPGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXUL3DJLQD
m 0RGGHIXQFĠLRQDUHSHWLPSGH]LDIDUXULORU3DJLQD

$ILúDMVWDQGDUG  $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO€
GHSHYRODQSkQăFHDSDUHDILúDMXOVWDQGDUG
FXFRQWRUGHUXODMSDUĠLDOCúLFRQWRUXOGH
UXODMWRWDOD


 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

 3HQWUXDUHVHWDFRQWRUXOGHUXODMSDU $FWLYDUHDGH]DFWLYDUHDPRGXOXLGH
ĠLDODSăVDĠLúLPHQĠLQHĠLDSăVDW€SkQă
&DOFXODWRUGHERUGúLGLVSOD\XUL

IXQFĠLRQDUHSHWLPSGH]LDIDUXULORU
FHDSDUHDILúDMXOVWDQGDUG
'DFăDĠLDFWLYDWIXQFĠLD'D\GULYOLJKWV
 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOF
SkQăFHYDORDUHDVDUHVHWDW
&DOFXODWRUGHSDUFXUV
 $SăVDĠLEXWRQXO€GHSHYRODQvQPRG
UHSHWDWSkQăFHDSDUHFDOFXODWRUXOGHSDU
FXUV
0RGIFĆWLPS]LIDUXULúLFRPXWD
WRUXOGHOXPLQLHVWHvQSR]LĠLDXPRGXOGH
IXQFĠLRQDUHSHWLPSGH]LDIDUXULORUHVWHDFWL
YDWDXWRPDWSHWLPSGH]LFkQGPRWRUXOIXQF
ĠLRQHD]ă3HvQWXQHULFOXPLQLOHGHSR]LĠLHODWH
UDOHúLIDUXULOHSHQWUXID]ăVFXUWăVXQWGHDVH
PHQHDDFWLYDWHDXWRPDW
/DDXWRYHKLFXOHOHFXIDUXULFXIXQFĠLRQDUHSH
WLPSGH]LVHWDUHDGLQIDEULFăHVWHRQDFWLњ
YDW
'DFăGRULĠLVăVFKLPEDĠLVHWDUHDSHQWUXIXQF
ĠLD'D\GULYOLJKWV0RGIFĆWLPS
]LIDUXULWUHEXLHVăURWLĠLFKHLDvQFRPX
WDWRUXOGHFRQWDFWvQSR]LĠLD
 $SăVDĠLEXWRQXO€GHSHYRODQvQPRG
C 'LVWDQĠă UHSHWDWSkQăFHDSDUHPHQLXO'D\GULY
D 9LWH]ăPHGLH OLJKWV0RGIFĆWLPS]LIDUXUL
‡ 2Uă 9HĠLYHGHDVHWDUHDVHOHFWDWăRQSRUњ
QLWVDXRIIRSULW
… &RQVXPPHGLXGHFDUEXUDQW
 $SăVDĠLEXWRQXOVDX‚SHQWUXD
 3HQWUXDUHVHWDFDOFXODWRUXOGHSDU VFKLPEDVHWDUHD
FXUVDSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO
FGHSHYRODQSkQăFkQGYDORULOHDXIRVW
UHVHWDWH $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLR
$FWLYDUHDLQWHUYDOXOXL
 $SăVDĠLEXWRQXO€GHSHYRODQvQPRG
UHSHWDWSkQăFHDSDUHDXWRQRPLDDSUR[L
PDWLYă
$XWRQRPLDDSUR[LPDWLYăFHSRDWHILDFRSHULWă
GHSLQGHGHQLYHOXOGHFDUEXUDQWúLVWLOXOGXP
QHDYRDVWUăGHFRQGXFHUHFXUHQW'DFăH[LVWă
GRDURFDQWLWDWHVFă]XWăGHFDUEXUDQWUăPDVă
vQUH]HUYRUXOGHFDUEXUDQWDILúDMXOSUH]LQWăXQ
DXWRYHKLFXOFDUHHVWHDOLPHQWDW¨vQORF
GHDXWRQRPLH
QDOFXEXWRDQH
,QGLFDWRUGHWHPSHUDWXUăDOLFKLGXOXL
GHUăFLUH
,QGLFDWRUXOGHWHPSHUDWXUăDOLFKLGXOXLGH
UăFLUHVHDIOăvQSDQRXOGHLQVWUXPHQWHSH
SDUWHDVWkQJă
ÌQFRQGLĠLLGHXWLOL]DUHQRUPDOăúLODQLYHOXOGH
OLFKLGGHUăFLUHVSHFLILFDWWHPSHUDWXUDOLFKL
GXOXLGHUăFLUHSRDWHXUFDSkQăOD‚
/DWHPSHUDWXULH[WHULRDUHULGLFDWHúLFkQG
FRQGXFHĠLvQSDQWăDVFHQGHQWăWHPSHUDWXUD
OLFKLGXOXLGHUăFLUHSRDWHDWLQJHFDSăWXOVFD
OHL
 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH 
7XURPHWUX
%DQGDURúLHGLQWXURPHWUXLQGLFăLQWHUYDOXOGH
VXSUDWXUDUHDOPRWRUXOXL
 1XFRQGXFHĠLDXWRYHKLFXOXOFXPRWRUXO
VXSUDWXUDWÌQFD]FRQWUDUPRWRUXOYDIL
GHWHULRUDW
$OLPHQWDUHDFXFDUEXUDQWHVWHvQWUHUXSWă
SHQWUXDSURWHMDPRWRUXOFkQGVHLQWUăvQ
EDQGDURúLH
'LVSOD\WHPSHUDWXUăH[WHULRDUă
$ILúDMXOGHWHPSHUDWXUăH[WHULRDUăVHDIOăvQ
6HJPHQWHOHGLQWUHYLWH]DDXWRYHKLFXOXOXLGLQ
IDĠăúLYLWH]DPHPRUDWăVHDSULQG
&DOFXODWRUGHERUGúLGLVSOD\XUL
8WLOL]DUHDFDOFXODWRUXOXLGHERUG
3UH]HQWDUHJHQHUDOă
&DOFXODWRUXOGHERUGHVWHDFWLYDWLPHGLDWFH
URWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
3XWHĠLFRQWURODDILúDMXOPXOWLIXQFĠLRQDOúL
VHWăULOHvQFDOFXODWRUXOGHERUGFXDMXWRUXO
EXWRDQHORUGHSHYRODQXOPXOWLIXQFĠLRQDO
DILúDMXOPXOWLIXQFĠLRQDO3DJLQD
 $9(57,=$5(
/DWHPSHUDWXULXúRUSHVWHSXQFWXOGHvQJKHĠ
úRVHDXDSRDWHILvQJKHĠDWăPDLDOHVvQ]RQHOH
GHSăGXUHVDXSHSRGXULÌQFD]XOXQXLPRGGH
FRQGXFHUHQHDGDSWDWFRQGLĠLLORUGHGUXP
DXWRYHKLFXOXOSRDWHLQWUDvQGHUDSDM'LQ
DFHDVWăFDX]ăWUHEXLHVăYăDGDSWDĠLvQWRW
GHDXQDPRGXOGHFRQGXFHUHúLYLWH]DODFRQ
GLĠLLOHPHWHR

6FKLPEăULOHWHPSHUDWXULLH[WHULRDUHVXQWDIL
úDWHGXSăRVFXUWăvQWkU]LHUH

C $ILúDMPXOWLIXQFĠLRQDO
9LWH]RPHWUXFXVHJPHQWH D $FWLYHD]ă/,1*8$7521,&FRQVXOWDĠL
6HJPHQWHOHGLQYLWH]RPHWUXLQGLFăFHWUHDSWD LQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
GHYLWH]ăHVWHGLVSRQLELOă ‡ 3DQRXOGHFRPDQGăGUHDSWD
&RQWUROXOFURD]LHUHL3DJLQDDFWLYDW … 3DQRXOGHFRPDQGăVWkQJD
6HJPHQWHOHVHDSULQGGHODYLWH]DPHPRUDW㠃 %XWRQXOGHUHYHQLUH
ODYLWH]DPD[LPă
63(('7521,&YDULDELO3DJLQDDFWL
YDW
6HJPHQWHOHVHDSULQGGHODvQFHSXWXOVFDOHL
SkQăODOLPLWDGHYLWH]ăVHOHFWDWă
',67521,&3/863DJLQDDFWLYDW
8QXOVDXGRXăVHJPHQWHGLQWUHDSWDGHYLWH]ă
VHWDWăVHDSULQG
',67521,&3/86GHWHFWHD]ăXQDXWRYHKLFXO
vQIDĠă


 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

3DQRXOGHFRPDQGăVWkQJD  =5HJOHD]ăYROXPXO
&DOFXODWRUGHERUGúLGLVSOD\XUL

‚
Y =$SHOHD]ăPHQLXOúLEDUDGH
e PHQLX l =6XUGLQă

c $SăVDĠLVFXUW
%XWRQXOGHUHYHQLUH
d ='HUXOHD]ăOLVWHOH
=6HOHFWHD]ăXQVXEPHQLXVDXR A $SăVDĠLVFXUW
IXQFĠLH =ÌQDSRL
=ÌQPHQLXO$XGLRVHOHFWHD]ăXQ =2SUHúWH/,1*8$7521,&
SRVWPHPRUDWRSLVWăDXGLRVDX =$VFXQGHPHVDMHOHGHSHGLVSOD\
XQFOLSYLGHR
VDXDSHOHD]ăXOWLPDIXQFĠLHGLQ
=ÌQPHQLXO7HOWHOHSKRQHWHOHIRQ
FRPXWăODDJHQGDWHOHIRQLFăúL
VHOHFWHD]ăXQQXPHVDXXQ
QXPăUGHWHOHIRQ
c $SăVDĠLúLPHQĠLQHĠLDSăVDW A
d =ÌQPHQLXO$XGLRVHOHFWHD]ăSRV
WXODQWHULRUXUPăWRUVDXVHOHF
PHQLXO7ULS3DUFXUVXWLOL
]DWă
=6HLHVHGLQDJHQGDWHOHIRQLFă
PHPRULDGHUHDSHODUH
$SăVDĠLúLPHQĠLQHĠLDSăVDW
=$SHOHD]ăDILúDMXOVWDQGDUGvQ
PHQLXO7ULS3DUFXUV
WHD]ăRSLVWăDXGLRVDXXQFOLS
YLGHRFXDMXWRUXOGHUXOăULLUDSLGH
=ÌQPHQLXO7HOWHOHSKRQHWHOHIRQ
$ILúDMPXOWLIXQFĠLRQDO
ODQVHD]ăGHUXODUHDUDSLGăSULQ
DJHQGDWHOHIRQLFă 3HDILúDMXOPXOWLIXQFĠLRQDODSDUYDORULúL
VHWăULSUHFXPúLPHVDMHGHSHGLVSOD\
v =&RQILUPăVHOHFĠLDPHVDMXOGHSH
GLVSOD\
=ÌQPHQLXO7HOWHOHSKRQHWHOHIRQ
FRPXWăODDJHQGDWHOHIRQLFăúL
vQFHSHVăDSHOH]HQXPăUXOVHOHF
WDW
=ÌQPHQLXO$XGLRRSUHúWHIXQFĠLD
GHFăXWDUHDSRVWXULORUODSRVWXO
GRULW

3DQRXOGHFRPDQGăGUHDSWD
C &kPSGHVFULHUH
 =5HVSLQJHVDXvQFKHLHXQDSHO D %DUăGHPHQLXUL
=6HLHVHGLQDJHQGDWHOHIRQLFă ‡ 3URJUDPGHFRQGXFHUH
PHPRULDGHUHDSHODUH … 7HPSHUDWXUăH[WHULRDUăVDXYLWH]ă
j =6HHIHFWXHD]ăVDXVHDFFHSWăXQ 3DJLQD
DSHO ƒ 3R]LĠLHWUDQVPLVLH
=6HFRPXWăSHPHPRULDGHUHD  3HQWUXDDILúDEDUDGHPHQLXULD
SHODUH DSăVDĠLEXWRQXOYVDXeGHSHYRODQ
 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOăLQGL
FDWRULLGLQSDUWHDLQIHULRDUăDDILúDMXOXLPXOWL

&DOFXODWRUGHERUGúLGLVSOD\XUL
IXQFĠLRQDOGLIHUăGHGLVSOD\XOSUH]HQWDWDLFL
8UPăWRDUHOHPHVDMHSRWDSăUHDSHDILúDMXO
PXOWLIXQFĠLRQDO
  5HFRPDQGDUHSULYLQGVFKLPEDUHD
YLWH]HORU3DJLQD
ž]Ÿ $VLVWDUHDSDUFăULL3DJLQD
Î $VLVWHQĠăSHQWUXID]DOXQJăDGDS
WLYă3DJLQD
­ $6,67(170(1ğ,1(5($7(1ğ,(
3DJLQD
§ )XQFĠLDVWDUWVWRS
(&23DJLQD
¸ $VLVWDUHSHQWUXOLPLWDUHDYLWH]HL
3DJLQD
° $VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ
]LLGHPHUV3DJLQDVDX
DVLVWHQĠDDFWLYăSHQWUXPHQĠLQH
UHDEHQ]LLGHPHUV
3DJLQD
+2/' )XQFĠLH+2/'3DJLQD
Ç )UkQă35(6$)(Š3DJLQD
NPK 9LWH]DPD[LPăDGPLVăDIRVW
GHSăúLWăQXPDLSHQWUXDQXPLWH
ĠăUL


 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

3UH]HQWDUHJHQHUDOăDPHQLXOXL
&DOFXODWRUGHERUGúLGLVSOD\XUL

1XPăUXOGHPHQLXULLQGLFDWGHSLQGHGHHFKLSDUHDRSĠLRQDOăGLQDXWRYHKLFXO

)XQFĠLH
C 0HQLX3DUFXUV3DJLQD
D 0HQLX1DYLLQVWUXFĠLXQLSULYLQGQDYLJDUHD3DJLQD
‡ 0HQLX$XGLR3DJLQD
… 0HQLX7HOWHOHIRQ3DJLQD
ƒ 0HQLX$VLVWDVLVWHQĠă3DJLQD
„ 0HQLXO6HUYLFH3DJLQD
=DFWLYHD]ăPHVDMHGHSHGLVSOD\3DJLQD
=DYHUWLVPHQWSLHUGHUHSUHVLXQHvQSQHXUL3DJLQD
=0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL3DJLQD
=$ILúDMLQWHUYDOGHVHUYLFH$66<673/863DJLQD

k 0HQLX6HWÆUL3DJLQD
l 0HQLXO$0*ODDXWRYHKLFXOH$0*3DJLQD

0HQLXULOH$XGLR1DYLúL7HOGLIHUăSXĠLQODDXWRYHKLFXOHFXXQVLVWHPDXGLRúLDXWRYHKLFXOH
FX&20$1'2QOLQH([HPSOHOHGLQDFHVW0DQXDOGHXWLOL]DUHVHDSOLFăDXWRYHKLFXOHORUGRWDWH
FX&20$1'2QOLQH
 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

0HQLXSDUFXUV =FRQWDFWXODIRVWGHFXSODWWLPSGHSHVWH
SDWUXRUH

&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúDMVWDQGDUG =$XWUHFXWGHRUH
=$XWUHFXWGHNLORPHWUL

&DOFXODWRUXOGHERUG)URPUHVHW'HOD
UHVHWDUHHVWHUHVHWDWvQFD]XOvQFDUH
FăOăWRULDGHSăúHúWHGHRUHVDX
GHNLORPHWUL

$ILúDUHDLQWHUYDOXOXLúLFRQVXPXOXLGH
 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOA FDUEXUDQWFXUHQW
GHSHYRODQSkQăFHPHQLXO7ULS5XODM
SDUĆLDOFXFRQWRUXOGHGLVWDQĠă  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
WRWDOăCúLFRQWRUXOGHUXODMSDUĠLDODHVWH
SUH]HQWDW 
&DOFXODWRUGHSDUFXUV'HODSRUQLUH
VDX'HODUHVHWDUH
9DORULOHGLQVXEPHQLXO)URPVWDUW'HOD
SHQWUXDVHOHFWDPHQLXO7ULS3DUFXUV
$SăVDĠLEXWRQXOcVDXdSHQWUXD
VHOHFWDFRQVXPXOFXUHQWGHFDUEXUDQWúL
DXWRQRPLDDSUR[LPDWLYă
SRUQLUHVXQWFDOFXODWHGHODvQFHSXWXO
FăOăWRULHLLDUYDORULOHGLQVXEPHQLXO)URP
UHVHW'HODUHVHWDUHVXQWFDOFXODWH
vQFHSkQGFXXOWLPDUHVHWDUHDVXEPHQLXOXL
3DJLQD
$XWRQRPLDDSUR[LPDWLYăFHSRDWHILDFRSHULWă
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
GHSLQGHGHQLYHOXOGHFDUEXUDQWúLVWLOXOGXP
SHQWUXDVHOHFWDPHQLXO7ULS3DUFXUV QHDYRDVWUăGHFRQGXFHUHFXUHQW'DFăH[LVWă
 $SăVDĠLcVDXdSHQWUXDVHOHFWD GRDURFDQWLWDWHVFă]XWăGHFDUEXUDQWUăPDVă
)URPVWDUW'HODSRUQLUHVDX)URP vQUH]HUYRUXOGHFDUEXUDQWDILúDMXOSUH]LQWăXQ
UHVHW'HODUHVHWDUH DXWRYHKLFXOFDUHHVWHDOLPHQWDW¨vQORF
GHDXWRQRPLH

9LWH]RPHWUXGLJLWDO
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7ULS3DUFXUV
 $SăVDĠLEXWRQXOcVDXdSHQWUXD

&DOFXODWRUXOGHSDUFXUV'HODSRUQLUHH[HPSOX VHOHFWDYLWH]RPHWUXOGLJLWDO

C 'LVWDQĠă
D 2Uă
‡ 9LWH]DPHGLH
… &RQVXPPHGLXGHFDUEXUDQW
&DOFXODWRUXOGHSDUFXUV)URPVWDUW'HOD
SRUQLUHHVWHUHVHWDWDXWRPDWFkQG
 1XVHDSOLFăODDXWRYHKLFXOH$0*


 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

0HQLXGHQDYLJDĠLH
&DOFXODWRUGHERUGúLGLVSOD\XUL

$ILúDUHDLQVWUXFĠLXQLORUGHQDYLJDĠLH
ÌQPHQLXO1DYLDILúDMXOPXOWLIXQFĠLRQDOSUH
]LQWăLQVWUXFĠLXQLOHGHQDYLJDĠLH3HQWUXLQIRU
PDĠLLVXSOLPHQWDUHFRQVXOWDĠLLQVWUXFĠLXQLOH
GHXWLOL]DUHVHSDUDWH
C 5HFRPDQGDUHSULYLQGVFKLPEDUHDYLWH]H
ORU  3RUQLĠLVLVWHPXODXGLRFX%HFNHUŠ0$3
D 9LWH]RPHWUXGLJLWDO 3,/27VDX&20$1'2QOLQHFRQVXOWDĠL
G 'DFăUHFRPDQGDUHDGHVFKLPEDUHDYLWH
]HLDSDUHSHDILúDMXOPXOWLIXQFĠLRQDOHDQX
DSDUHSHEDUDGHVWDUH
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGUHFR
PDQGăULOHGHVFKLPEDUHDYLWH]HLFRQVXOWDĠL
LQVWUXFĠLXQLOHGHXWLOL]DUHVHSDUDWH
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO1DYL
*KLGDUHDSHWUDVHXLQDFWLYă
3DJLQD

9DORULGHUHVHWDUH
3XWHĠLUHVHWDYDORULOHXUPăWRDUHORUIXQFĠLL
=&RQWRUGHUXODMSDUĠLDO
=FDOFXODWRUGHSDUFXUVÄ'HODSRUQLUH
C 6HQVXOGHPHUV
=FDOFXODWRUGHSDUFXUVÄ'HODUHVHWDUH
D 6WUDGDFXUHQWă
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7ULS3DUFXUV *KLGDUHDSHWUDVHXDFWLYDWă
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
VHOHFWDIXQFĠLDSHFDUHGRULĠLVăRUHVHWDĠL 1XVDDQXQĠDWQLFLRPRGLILFDUHGHGLUHF
 $SăVDĠLv ĠLH

C 'LVWDQĠDSkQăODGHVWLQDĠLH
5HVHWDUHDFDOFXODWRUXOXLGHSDUFXUVÄ'HODSRUQLUH
H[HPSOX D 'LVWDQĠDSkQăODXUPăWRDUHDVFKLPEDUHD
GLUHFĠLHL
 $SăVDĠLdSHQWUXDVHOHFWD<HV'DúL
‡ 6WUDGDFXUHQWă
DSăVDĠLvSHQWUXDFRQILUPD
… 6LPEROSHQWUXÄXUPDĠLWUDVHXOGUXPXOXL
 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

6FKLPEDUHGHGLUHFĠLHDQXQĠDWăIăUăR
UHFRPDQGDUHGHEDQGă

&DOFXODWRUGHERUGúLGLVSOD\XUL
C 'UXPXOODFDUHGXFHVFKLPEDUHDGHGLUHF
ĠLH
D 'LVWDQĠDSkQăODVFKLPEDUHDGLUHFĠLHLúL
DILúDMXOYL]XDODOGLVWDQĠHL
‡ 6WUDGDFXUHQWă
… 3LFWRJUDPăGHVFKLPEDUHDGLUHFĠLHL
&kQGVDDQXQĠDWRVFKLPEDUHGHGLUHFĠLHYHĠL
YHGHDDILúDMXOYL]XDOGHGLVWDQĠăDOkQJăVLP
$ILúDMXOFXUHFRPDQGDUHDSULYLQGEDQGDH[HPSOX
C %DQGDFRQWLQXăSHSDUFXUVXOVFKLPEăULL
GHGLUHFĠLH
D %DQGăQRXăvQWLPSXOXQHLVFKLPEăULGH
GLUHFĠLH
$OĠLLQGLFDWRULGHVWDUHDLVLVWHPXOXLGH
QDYLJDĠLH
=TDĠLDMXQVODGHVWLQDĠLHVDXODRGHVWLQD
ĠLHLQWHUPHGLDUă
=1HZURXWH7UDVHXQRXVDX
EROXOSHQWUXVFKLPEDUHDGLUHFĠLHL…$FHVWD
VHPLFúRUHD]ăSHPăVXUăFHYăDSURSLDĠLGH &DOFXODWLQJURXWH6HFDOFXOHD]Æ
VFKLPEDUHDGHGLUHFĠLHDQXQĠDWă WUDVHXOVHFDOFXOHD]ăXQQRXWUDVHX
=2IIPDS‘QDIDUDKÆUĆLLVDX2II
6FKLPEDUHGHGLUHFĠLHDQXQĠDWăFXRUHFR URDG‘QDIDUDGUXPXOXLSR]LĠLDDXWR
PDQGDUHGHEDQGă YHKLFXOXOXLVHUHJăVHúWHvQDIDUD]RQHLKăUĠLL
5HFRPDQGăULOHSULYLQGEDQGDVXQWDILúDWH GLJLWDOHSR]LĠLDvQDIDUDKăUĠLL
QXPDLGDFăGDWHOHUHOHYDQWHVXQWGLVSRQLELOH
SHKDUWDGLJLWDOă
C 'UXPXOODFDUHGXFHVFKLPEDUHDGHGLUHF
ĠLH
D 'LVWDQĠDSkQăODVFKLPEDUHDGLUHFĠLHLúL
DILúDMXOYL]XDODOGLVWDQĠHL
=1RURXWH)ÆUÆWUDVHXQXVDSXWXW
FDOFXODQLFLXQWUDVHXSkQăODGHVWLQDĠLD
VHOHFWDWă
0HQLXDXGLR
6HOHFWDUHDXQXLSRVWGHUDGLR
3XWHĠLVăVFKLPEDĠLEDQGDGHIUHFYHQĠăúLVă
PHPRUDĠLSRVWXULQRLQXPDLFXDMXWRUXOVLVWH
PXOXLDXGLRVDX&20$1'2QOLQH
 3RUQLĠLVLVWHPXODXGLRVDX&20$1'2QOLQH
úLVHOHFWDĠL5DGLRFRQVXOWDĠLLQVWUXFĠLXQLOH
‡ %DQGDUHFRPDQGDWă GHXWLOL]DUHVHSDUDWH
… 3LFWRJUDPăGHVFKLPEDUHDGLUHFĠLHL  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ

3HGUXPXULOHFXPDLPXOWHEHQ]LUHFRPDQ SHQWUXDVHOHFWDPHQLXO$XGLR$XGLR

GDUHDSULYLQGEDQGD‡SRDWHDSăUHDOD
XUPăWRUXOVFKLPEGHGLUHFĠLHÌQWLPSXO
VFKLPEăULLGLUHFĠLHLVHSRWDILúDEHQ]LVXSOL
PHQWDUH


 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

 3HQWUXDVHOHFWDSLHVDXUPăWRDUHDQWH
ULRDUăDSăVDĠLVFXUWEXWRQXOc
&DOFXODWRUGHERUGúLGLVSOD\XUL

VDXd
 3HQWUXDVHOHFWDRSLHVăGLQOLVWDGH
C %DQGăGHIUHFYHQĠă
D 3RVW
 3HQWUXDVHOHFWDXQSRVWPHPRUDW FUHVFXWă1XWRDWHGLVSR]LWLYHOHDXGLRVDX
DSăVDĠLVFXUWEXWRQXOcVDXd
 3HQWUXDVHOHFWDXQSRVWGLQWUROLVWăGH
SRVWXULDSăVDĠLúLPHQĠLQHĠLDSăVDWVFXUW
EXWRQXOcVDXd
 3HQWUXDVHOHFWDXQSRVWFXDMXWRUXO
FăXWăULLSRVWXOXLDSăVDĠLúLPHQĠLQHĠL
SLHVHGHUXODUHUDSLGăDSăVDĠLúLPHQĠL
QHĠLDSăVDWEXWRQXOcVDXdSkQăFH
DĠLDMXQVODSLHVDGRULWă
'DFăDSăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXO
cVDXdYLWH]DGHGHUXODUHUDSLGăHVWH
PHGLDDFFHSWăDFHDVWăIXQFĠLH
'DFăLQIRUPDĠLLOHSULYLQGSLHVDVXQWPHPR
UDWHSHGLVSR]LWLYXODXGLRVDXPHGLDDILúDMXO
PXOWLIXQFĠLRQDOYDLQGLFDQXPăUXOúLGHQXPL
UHDSLHVHL3LHVDFXUHQWăQXDSDUHvQPRGXO
DXGLR$8;PRGXODXGLR$X[LOLDUVXUVDDXGLR
DSăVDWVFXUWEXWRQXOcVDXd H[WHUQăFRQHFWDWă

G 0RGXOUDGLR'$%'LJLWDO$XGLR%URDGFDV 8WLOL]DUHD'9'XULORUYLGHR

WLQJFRQVXOWDĠLLQVWUXFĠLXQLOHGHXWLOL]DUH
VHSDUDWă  3RUQLĠL&20$1'2QOLQHúLVHOHFWDĠLYLGHR
'9'FRQVXOWDĠLLQVWUXFĠLXQLOHGHXWLOL]DUH
8WLOL]DUHDSOD\HUXOXLDXGLRVDXDPLMORD VHSDUDWH
FHORUGHUHGDUHDXGLR  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO$XGLR
6HSRWUHGDGDWHDXGLRGHODGLYHUVHGLVSR]L
WLYHDXGLRVDXGLVSR]LWLYHPHGLDvQIXQFĠLHGH
HFKLSDPHQWXOFXFDUHHVWHSUHYă]XWDXWRYH
KLFXOXO
 $FWLYDĠLVLVWHPXODXGLRVDX&20$1'
2QOLQHúLVHOHFWDĠLGLVSR]LWLYXODXGLRVDX
GLVSR]LWLYXOPHGLDFRQVXOWDĠLLQVWUXFĠLXQLOH
GHXWLOL]DUHVHSDUDWH
$ILúDMXOPDJD]LHLGH'9'XULH[HPSOX
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
C 6FHQDFXUHQWă
SHQWUXDVHOHFWDPHQLXO$XGLR
 3HQWUXDVHOHFWDVFHQDXUPăWRDUHVDX
DQWHULRDUăDSăVDĠLVFXUWEXWRQXOc
VDXd
 3HQWUXDVHOHFWDRVFHQăGLQOLVWDGH
VFHQHGHUXODUHUDSLGăDSăVDĠLúLPHQ
ĠLQHĠLDSăVDWEXWRQXOcVDXdSkQă
FHDĠLDMXQVODVFHQDGRULWă
$ILúDMXOPDJD]LHLGH&'XULH[HPSOX
C 3LHVăFXUHQWă

 'DFăSRVWXODIRVWPHPRUDWYDILDILúDWăGHDVHPHQHDSR]LĠLDGHPHPRUDUH
 1XPDLGDFăQXHVWHSULPLWăQLFLROLVWăGHSRVWXUL
 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

0HQLXWHOHIRQ  ,QWURGXFHĠL3,1XOFXDMXWRUXOWHOHIRQXOXL
PRELO/,1*8$7521,&VLVWHPXOXLDXGLR

&DOFXODWRUGHERUGúLGLVSOD\XUL
,QWURGXFHUH VDX&20$1'2QOLQH
)XQFĠLLOHúLGLVSOD\XULOHGHSLQGGHHFKLSDUHD 7HOHIRQXOPRELOYDFăXWDRUHĠHD
RSĠLRQDOăLQVWDODWăvQDXWRYHKLFXOXOGXPQHD =7HOHSKRQHUHDG\7HOHIRQSUHJÆWLW
YRDVWUă VDXQXPHOHUHĠHOHLWHOHIRQXOPRELODJăVLW
9ăSXWHĠLSODVDWHOHIRQXOPRELOvQFRQVRODGH RUHĠHDúLHVWHJDWDVăSULPHDVFăVHPQDO
WHOHIRQPRELO3DJLQDVDXSXWHĠLUHD =7HOHSKRQH1R6HUYLFH7HOHIRQIÆUÆ
OL]DRFRQH[LXQH%OXHWRRWKŠODVLVWHPXODXGLR VHPQDOQLFLRUHĠHDQXHVWHGLVSRQLELOă
VDX&20$1'2QOLQHFRQVXOWDĠLLQVWUXFĠLX VDXWHOHIRQXOPRELOFDXWăRUHĠHD
QLOHGHXWLOL]DUHVHSDUDWH
G 3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHV $FFHSWDUHDXQXLDSHO
SUHWHOHIRDQHOHPRELOHDGHFYDWHúLFRQHF 'DFăYăDSHOHD]ăFLQHYDDWXQFLFkQGYăDIODĠL
WDUHDWHOHIRDQHORUPRELOHSULQ%OXHWRRWKŠ vQPHQLXO7HO7HOXQPHVDMGHSHGLVSOD\
=ODRULFH&HQWUXGHVHUYLFH0HUFHGHV DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOGHH[HPSOX
%HQ]
=GHSHLQWHUQHWODDGUHVDKWWS
ZZZPHUFHGHVEHQ]FRPFRQQHFW
 3HULFROGHDFFLGHQW
5HVSHFWDĠLQRUPHOHOHJDOHFXSULYLUHODXWLOL]D
UHDWHOHIRQXOXLPRELOvQDXWRYHKLFXOvQYLJRDUH
vQĠDUDGXPQHDYRDVWUă  $SăVDĠLEXWRQXOjGHSHYRODQSHQWUXD
ÌQFD]XOvQFDUHXWLOL]DUHDWHOHIRQXOXLPRELOvQ DFFHSWDXQDSHOSULPLW
WLPSXOGHSODVăULLDXWRYHKLFXOXOXLHVWHSHUPLVă
'DFăQXYăDIODĠLvQPHQLXO7HO7HOSXWHĠL
GHOHJLVODĠLDORFDOăDFHVWDWUHEXLHXWLOL]DW
WRWXúLVăSUHOXDĠLXQDSHO
QXPDLFkQGFRQGLĠLLOHGHGUXPúLWUDILFVXQW
IDYRUDELOHÌQFD]FRQWUDUH[LVWăSHULFROXOGLV
WUDJHULLDWHQĠLHLGHODFRQGLĠLLOHGHWUDILFúLSUR
5HVSLQJHUHDVDXvQFKHLHUHDXQHLFRQ
GXFHULLXQXLDFFLGHQWFXXUPăULDVXSUDGXP
YRUELUL
QHDYRDVWUăúLDDOWRUSHUVRDQH  $SăVDĠLEXWRQXOGHSHYRODQ
 3RUQLĠLWHOHIRQXOPRELOVDXVLVWHPXODXGLR 'DFăQXYăDIODĠLvQPHQLXO7HO7HOSXWHĠL
VDX&20$1'2QOLQHFRQVXOWDĠLLQVWUXFĠLX WRWXúLVăUHIX]DĠLVDXVăvQFKHLDĠLRFRQYRU
QLOHGHXWLOL]DUHVHSDUDWH ELUH
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
)RUPDUHDXQXLQXPăUGLQDJHQGDWHOH
SHQWUXDVHOHFWDPHQLXO7HO
IRQLFă
9HĠLYHGHDXQXOGLQWUHXUPăWRDUHOHPHVDMHGH
SHGLVSOD\SHDILúDMXOPXOWLIXQFĠLRQDO 'DFăWHOHIRQXOGXPQHDYRDVWUăPRELOSRDWH
=3OHDVHHQWHU3,1,QWURGXFHĆL3,1
SULPLDSHOXULSXWHĠLFăXWDúLIRUPDXQQXPăU
GLQDJHQGDWHOHIRQLFăvQVLVWHPXODXGLRVDX
WHOHIRQXOPRELODIRVWSODVDWvQFRQVRODGH
&20$1'2QOLQHRULFkQG
WHOHIRQPRELOúL3,1XOQXDIRVWLQWURGXV


 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ 0HQLX$VLVWHQĠă
&DOFXODWRUGHERUGúLGLVSOD\XUL

SHQWUXDVHOHFWDPHQLXO7HO
 $SăVDĠLEXWRQXOcdVDXvSHQ
,QWURGXFHUH
WUXDDSHODDJHQGDWHOHIRQLFă
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
VHOHFWDQXPHOHGRULW
3HQWUXDvQFHSHVăGHUXODĠLUDSLGDSăVDĠLúL
PHQĠLQHĠLDSăVDWEXWRQXOcVDXd
WLPSGHSHVWHRVHFXQGă'XSăVFXUWWLPS
GHUXODUHDUDSLGăVHDFFHOHUHD]ă
'HUXODUHDUDSLGăVHvQFKHLHFkQGHOLEHUDĠL
EXWRQXOVDXDMXQJHĠLODFDSăWXOOLVWHL
 'DFăHVWHPHPRUDWQXPDLXQQXPăUGH
WHOHIRQSHQWUXXQQXPHDSăVDĠLEXWRQXO
jVDXvSHQWUXDvQFHSHVăIRUPDĠL
VDX
 'DFăH[LVWăPDLPXOWGHXQQXPăUSHQ
WUXXQQXPHVSHFLILFDSăVDĠLEXWRQXO
jVDXvSHQWUXDDILúDQXPHUHOH
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
VHOHFWDQXPăUXOSHFDUHGRULĠLVăvODSHODĠL
 $SăVDĠLEXWRQXOjVDXvSHQWUXD
vQFHSHVăIRUPDĠL
VDX
 'DFăQXGRULĠLVăHIHFWXDĠLXQDSHO
DSăVDĠLEXWRQXOVDXA
5HDSHODUH
'LQPHQLXO$VVLVW$VLVWDUHSXWHĠL
=DILúDDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HLúL
DFWLYDGH]DFWLYDIXQFĠLDGHPHVDMHD
DVLVWăULLSHQWUXOLPLWDUHDYLWH]HL
=SUH]HQWDDILúDMXOGLVWDQĠHL
=DFWLYDGH]DFWLYD(63Š
=DFWLYDGH]DFWLYDIUkQD35(6$)(Š
=DFWLYDGH]DFWLYD$6,67(170(1ğ,1(5(
$7(1ğ,(
=DFWLYDGH]DFWLYDDVLVWHQĠDODXQJKLXOPRUW
VDXDVLVWHQĠDDFWLYăODXQJKLXOPRUW
=DFWLYDGH]DFWLYDDVLVWHQĠDSHQWUXPHQĠL
QHUHDEHQ]LLGHPHUVVDXDVLVWHQĠDDFWLYă
SHQWUXPHQĠLQHUHDEHQ]LLGHPHUV
$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL
$ILúDUHDDVLVWăULLSHQWUXOLPLWDUHDYLWH]HL
ÌQIXQFĠLD6SHHG/LP$VVW$VLVWSW
&DOFXODWRUXOGHERUGVDOYHD]ăXOWLPHOHQXPH OLPYLWH]HLROLPLWDGHYLWH]ăGHWHFWDWă
VDXQXPHUHDSHODWHvQPHPRULDGHUHDSHODUH HVWHDILúDWăvQDQXPLWHFRQGLĠLL
3DJLQD
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
 $SăVDĠLYVDXeGHSHYRODQSHQWUX
SHQWUXDVHOHFWDPHQLXO7HO
DVHOHFWDPHQLXO$VVLVW$VLVњ
 $SăVDĠLEXWRQXOjSHQWUXDFRPXWDSH
WHQĆÆ$VVLVWDQFH$VLVWHQĠă
PHPRULDGHUHDSHODUH
 $SăVDĠLcVDXdSHQWUXDVHOHFWD
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
6SHHG/LP$VVW$VLVWSWOLP
VHOHFWDQXPHOHVDXQXPăUXOGRULW
YLWH]HL
 $SăVDĠLEXWRQXOjVDXvSHQWUXD
 $SăVDĠLv
vQFHSHVăIRUPDĠL
$ILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăDVLVWDUHD
VDX SHQWUXOLPLWDUHDYLWH]HL
 'DFăQXGRULĠLVăHIHFWXDĠLXQDSHO
DSăVDĠLEXWRQXOVDXA
 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

$FWLYDUHDGH]DFWLYDUHDIXQFĠLHLGHPHVDM 'H]DFWLYDUHDDFWLYDUHD(63Š
GHDVLVWDUHSHQWUXOLPLWDUHDYLWH]HL

&DOFXODWRUGHERUGúLGLVSOD\XUL
3XWHĠLVHWDDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HL  $9(57,60(17
3DJLQDVăDILúH]HROLPLWăGHYLWH]ă 'DFăODPSDGHDYHUWL]DUHåGLQSDQRXOGH
GHWHFWDWăDXWRPDWWLPSGHFLQFLVHFXQGH LQVWUXPHQWHFOLSHúWHSURFHGDĠLGXSăFXP
&HOHODOWHPHVDMHGLQDILúDMXOPXOWLIXQFĠLRQDO XUPHD]ă
YRUILDWHQXDWHvQDFHVWLQWHUYDO =1XGH]DFWLYDĠL(63ŠVXEQLFLRIRUPă

 $SăVDĠLYVDXeGHSHYRODQSHQWUX =/DGHPDUDUHDSăVDĠLSHGDODGHDFFHOHUDĠLH
DVHOHFWDPHQLXO$VVLVW$VLVњ QXPDLFkWGHWDUHHVWHQHFHVDU
WHQĆÆ$VVLVWDQFH$VLVWHQĠă =$GDSWDĠLYăVWLOXOGHFRQGXFHUHODFRQGLĠLLOH
 $SăVDĠLcVDXdSHQWUXDVHOHFWD GHGUXPúLPHWHRSUHGRPLQDQWH
6SHHG/LP$VVW$VLVWSWOLP ÌQFD]FRQWUDUDXWRYHKLFXOXODUSXWHDGHUDSD
YLWH]HL
 $SăVDĠLv
$ILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăDVLVWDUHD
SHQWUXOLPLWDUHDYLWH]HL
 $SăVDĠLd
6HOHFĠLDFXUHQWăHVWHDILúDWă
 3HQWUXDDFWLYDVDXGH]DFWLYDDSăVDĠL
ÌQFD]XOvQFDUHFRQGXFHĠLSUHDUDSLG(63ŠQX
SRDWHUHGXFHSHULFROXOGHDFFLGHQW(63ŠQX
VHSRDWHVXVWUDJHOHJLORUIL]LFLL
$FHDVWăIXQFĠLHQXHVWHGLVSRQLELOăODDXWR
YHKLFXOH$0*3HQWUXDFWLYDUHVDXGH]DFWL
YDUH(63ŠODDXWRYHKLFXOH$0*FRQVXOWDĠL
3DJLQD
v
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHGHVSUH(63Š
'DFăDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWH
IXQFĠLRQDOăúLIXQFĠLDGHPHVDMHVWHDFWLYDWă
DILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăVLPEROXO
¸FkQGFRQWDFWXOHVWHFXSODW
FRQVXOWDĠL3DJLQD
 3RUQLĠLPRWRUXO
 $SăVDĠLYVDXeGHSHYRODQSHQWUX
3UH]HQWDUHDDILúDMXOXLGLVWDQĠHL 
$FHDVWăIXQFĠLHHVWHGLVSRQLELOăGRDUFX',6

7521,&3/86

 $SăVDĠLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$VVLVW$VLVњ
DVHOHFWDPHQLXO$VVLVW$VLVWHQĆÆ
$SăVDĠLEXWRQXOcVDXdSHQWUXD
VHOHFWD(63
$SăVDĠLEXWRQXOv
3HQWUXDGH]DFWLYDDSăVDĠLvGLQQRX
/DPSDGHDYHUWL]DUH»GLQSDQRXOGH
WHQĆÆ$VVLVWDQFH$VLVWHQĠă LQVWUXPHQWHVHDSULQGH
 $SăVDĠLEXWRQXOcVDXdSHQWUXD  $9(57,60(17
VHOHFWD'LVWDQFHGLVSOD\$ILĂDM 'DFăODPSDGHDYHUWL]DUH»GLQSDQRXOGH
GLVWDQĆÆ LQVWUXPHQWHVHDSULQGHFkQGPRWRUXOIXQFĠLR
 $SăVDĠLv QHD]ă(63ŠHVWHGH]DFWLYDWVDXHVWHLQGLV
$ILúDMXOGLVWDQĠHL',67521,&3/86 SRQLELOGLQFDX]DXQHLGHIHFĠLXQL5LVFXOFD
3DJLQDDSDUHSHDILúDMXOPXOWLIXQF DXWRYHKLFXOXOGXPQHDYRDVWUăVăvQFHDSăVă
ĠLRQDO GHUDSH]HFUHúWHvQDQXPLWHVLWXDĠLL
$GDSWDĠLYăvQWRWGHDXQDVWLOXOGHFRQGXFHUHOD
FRQGLĠLLOHGHGUXPúLPHWHRSUHGRPLQDQWH

 3HQWUXDDFWLYDDSăVDĠLvGLQQRX
/DPSDGHDYHUWL]DUH»GLQSDQRXOGH
LQVWUXPHQWHVHVWLQJH


 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

$FWLYDUHDGH]DFWLYDUHDIUkQHL35( $FWLYDUHDGH]DFWLYDUHD$VLVWHQĠHLOD
6$)(Š XQJKLXOPRUW
&DOFXODWRUGHERUGúLGLVSOD\XUL

)UkQD35(6$)(ŠHVWHGLVSRQLELOăQXPDLOD 3XWHĠLXWLOL]DIXQFĠLD%OLQG6SRW$VVW
DXWRYHKLFXOHOHFX',67521,&3/86 $VLVWODXQJKLPRUWSHQWUXDDFWLYD
 $SăVDĠLYVDXeGHSHYRODQSHQWUX
VDXGH]DFWLYDDVLVWHQĠDODXQJKLPRUW
3DJLQDVDXDVLVWHQĠDDFWLYăODXQJKLXO
DVHOHFWDPHQLXO$VVLVW$VLVњ
PRUW3DJLQD
WHQĆÆ$VVLVWDQFH$VLVWHQĠă
 $SăVDĠLYVDXeGHSHYRODQSHQWUX
 $SăVDĠLcVDXdSHQWUXDVHOHFWD
3UH6DIH%UDNH)U¥QD3UH6DIH DVHOHFWDPHQLXO$VVLVW$VLVњ
WHQĆÆ$VVLVWDQFH$VLVWHQĠă
 $SăVDĠLEXWRQXOv
 $SăVDĠLcVDXdSHQWUXDVHOHFWD
6HOHFĠLDFXUHQWăHVWHDILúDWă
%OLQG6SRW$VVW$VLVWODXQJKL
 3HQWUXDDFWLYDGH]DFWLYDDSăVDĠLv
PRUW
GLQQRX
 $SăVDĠLv
&kQGIUkQD35(6$)(Š3DJLQDHVWH 'DFăIXQFĠLDHVWHDFWLYDWă]RQHOHPRQLWR
DFWLYDWăDILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăVLP UL]DWHGHSHDILúDMXOPXOWLIXQFĠLRQDOVH
EROXOÇDWkWDWLPSFkWIXQFĠLD+2/'QX DSULQGvQURúX
HVWHDFWLYDWă3DJLQD
$XWRYHKLFXOHOHFXDVLVWDUHDSDUFăULLGDFă
3$5.7521,&HVWHDFWLYDWúLFRQGXFHĠLODR
YLWH]ăVXENPKVLPEROXO]SHQWUXDVLV
WDUHDSDUFăULLHVWHSUH]HQWDWvQORFXOVLPER
OXOXLÇ
$FWLYDUHDGH]DFWLYDUHDDVLVWHQWXOXLGH
 3HQWUXDDFWLYDGH]DFWLYDDSăVDĠLv
GLQQRX
$FWLYDUHDGH]DFWLYDUHD$VLVWHQĠHLSHQ
WUXPHQĠLQHUHDEHQ]LLGHPHUV
3XWHĠLXWLOL]DIXQFĠLD/DQH.HHS$VVW
$VLVWHQĆDSHQWUXPHQĆLQHUHDEHQ]LL
PHQĠLQHUHDWHQĠLH GHPHUVSHQWUXDDFWLYDGH]DFWLYD$VLV
WHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUV
 $SăVDĠLYVDXeGHSHYRODQSHQWUX 3DJLQDVDXDVLVWHQĠDDFWLYăSHQWUX
DVHOHFWDPHQLXO$VVLVW$VLVњ PHQĠLQHUHDEHQ]LLGHPHUV3DJLQD
WHQĆÆ$VVLVWDQFH$VLVWHQĠă  $SăVDĠLYVDXeGHSHYRODQSHQWUX
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
DVHOHFWDPHQLXO$VVLVW$VLVњ
VHOHFWD$WWHQWLRQ$VVW$VWPHQĆ WHQĆÆ$VVLVWDQFH$VLVWHQĠă
DWHQĆLH  $SăVDĠLcVDXdSHQWUXDVHOHFWD
 $SăVDĠLv
/DQH.HHS$VVW$VLVWHQĆDSHQWUX
6HOHFĠLDFXUHQWăHVWHDILúDWă PHQĆLQHUHDEHQ]LLGHPHUV
 3HQWUXDDFWLYDGH]DFWLYDDSăVDĠLv  $SăVDĠLv
GLQQRX 'DFăIXQFĠLDHVWHDFWLYDWăVLPEROXOPDU
&kQG$6,67(178/3(17580(1ğ,1(5($ FDMXOXLGHEDQGăGHSHDILúDMXOPXOWLIXQF
$7(1ğ,(,3DJLQDHVWHDFWLYDWVLPEROXO ĠLRQDOVHDSULQGHvQURúX
­DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOFkQG  3HQWUXDDFWLYDGH]DFWLYDDSăVDĠLv
FRQWDFWXOHVWHFXSODW GLQQRX
&kQGDVLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGH
PHUVVDXDVLVWHQĠDDFWLYăSHQWUXPHQĠLQHUHD
EHQ]LLGHPHUVHVWHDFWLYDWăVLPEROXO°
 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOFkQGFRQ 3DQRXGHLQVWUXPHQWH
WDFWXOHVWHFXSODW

&DOFXODWRUGHERUGúLGLVSOD\XUL
6HOHFWDUHDXQLWăĠLLGHPăVXUăSHQWUXGLV
WDQĠă
0HQLX6HUYLFH )XQFĠLD'LVSOD\XQLW6SHHGRGRPHWHU
8QLWDWHGHDILĂDM9LWH]RPHWUX.LORњ
PHWUDMYăSHUPLWHVăDOHJHĠLGDFăDQX
PLWHGLVSOD\XULDSDUvQNLORPHWULVDXvQPLOH
8QLWDWHDGHPăVXUăVHOHFWDWăSHQWUXGLVWDQĠă
HVWHYDODELOăSHQWUX
=YLWH]RPHWUXOGLJLWDOGLQPHQLXO7ULS3DUњ
FXUV
ÌQPHQLXO6HUYLFH6HUYLFHSXWHĠL =FRQWRUXOGHGLVWDQĠăWRWDOăúLFRQWRUXOGH
=DFWLYDPHVDMHGHSHGLVSOD\ UXODMSDUĠLDO
3DJLQD =FDOFXODWRUXOGHSDUFXUV
=UHVHWDVLVWHPXOGHDYHUWL]DUHSULYLQGSLHU =FRQVXPXOFXUHQWúLDXWRQRPLD
GHUHDSUHVLXQLLvQSQHXUL3DJLQD =LQVWUXFĠLXQHGHQDYLJDĠLHGLQPHQLXO1DYL
=UHVHWDVLVWHPXOGHDYHUWL]DUHSULYLQGSLHU
1DYLJDĆLH
GHUHDSUHVLXQLLvQSQHXUL3DJLQD =FRQWUROXOFURD]LHUHL
VDXYHULILFDHOHFWURQLFSUHVLXQHDvQSQHXUL
=63(('7521,&
3DJLQD
=',67521,&3/86
=DFWLYDGDWDVFDGHQWăSHQWUXVHUYLFH
=$ILúDMLQWHUYDOGHVHUYLFH$66<673/86
3DJLQD
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
0HQLXVHWăUL 6HWÆUL6HWWLQJV6HWăUL
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
,QWURGXFHUH
VHOHFWDVXEPHQLXO,QVWFOXVWHU
3DQRXLQVWU
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFĠLD'LVSOD\XQLW6SHHG
RGRPHWHU8QLWDWHGHDILĂDM9LWHњ
]RPHWUXNLORPHWUDM
0HQLXO6HWWLQJV6HWÆULSRDWHILXWLOL]DW 9HĠLYHGHDVHWDUHDVHOHFWDWăNPVDXPLOH
SHQWUX  $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
=VFKLPEDUHDVHWăULORUGLQSDQRXOGHLQVWUX UHD
PHQWH
$FWLYDUHDGH]DFWLYDUHDYLWH]RPHWUXOXL
=VFKLPEDUHDVHWăULORUGHOXPLQă
VXSOLPHQWDU
=VFKLPEDUHDVHWăULORUDXWRYHKLFXOXOXL
1XPDLDXWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
=VFKLPEDUHDVHWăULORUGHvQFăO]LUHDX[LOLDUă
DXDFHDVWăIXQFĠLH
=VFKLPEDUHDVHWăULORUGHFRQIRUW
G $XWRYHKLFXOHSHQWUX5HJDWXO8QLW
=5HYHQLUHDODVHWăULOHGLQIDEULFă
DFHDVWăIXQFĠLHHVWHLQGLVSRQLELOă


 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

)XQFĠLD'LJVSHHGRP>PSK@9LWH]Rњ /XPLQL

&DOFXODWRUGHERUGúLGLVSOD\XUL

PHWUXGLJ>PSK@YăSHUPLWHVăDOHJHĠL
GDFă]RQDGHVWDUHDDILúDMXOXLPXOWLIXQFĠLRQDO $FWLYDUHDGH]DFWLYDUHDPRGXOXLGHIXQF
LQGLFăvQWRWGHDXQDYLWH]DvQPSKvQORFXOWHP ĠLRQDUHSHWLPSGH]LDIDUXULORU
SHUDWXULLH[WHULRDUH 'DFăDĠLDFWLYDWIXQFĠLD'D\OLJKWV
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ )DUXULGH]LúLFRPXWDWRUXOGHOXPLQL
SHQWUXDVHOHFWDPHQLXO6HWWLQJV HVWHVHWDWSHXPRGXOGHIXQFĠLRQDUHSH
6HWÆUL6HWWLQJV6HWăUL
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO,QVWFOXVWHU
WLPSGH]LDIDUXULORUHVWHDFWLYDWDXWRPDWSH
WLPSGH]LFkQGPRWRUXOIXQFĠLRQHD]ă3HvQWX
QHULFOXPLQLOHGHSR]LĠLHODWHUDOHúLIDUXULOH
SHQWUXID]ăVFXUWăVXQWGHDVHPHQHDDFWLYDWH
3DQRXLQVWU
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
 $SăVDĠLdVDXcSHQWUXDVHOHFWD
IXQFĠLD'LJVSHHGR>PSK@
DXWRPDW
 2SULĠLPRWRUXO
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
9HĠLYHGHDVHWDUHDVHOHFWDWăRQSRUњ 6HWÆUL6HWWLQJV6HWăUL
QLWVDXRIIRSULW
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
VHOHFWDVXEPHQLXO/LJKW/XPLQÆ
UHD
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH

6HOHFWDUHDIXQFĠLHLGHDILúDMSHUPDQHQW  $SăVDĠLEXWRQXOdVDXcSHQWUXD
$XWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWăDX VHOHFWDIXQFĠLD'D\OLJKWV)DUXULGH
DFHDVWăIXQFĠLH ]L
G $XWRYHKLFXOHSHQWUX5HJDWXO8QLW
DFHDVWăIXQFĠLHHVWHLQGLVSRQLELOă
)XQFĠLD3HUPDQHQWGLVSOD\'LVSOD\ 
'DFă'D\OLJKWV)DUXULGH]LDIRVW
DFWLYDWăUD]DGHOXPLQăúLVLPEROXO†GH
SHDILúDMXOPXOWLIXQFĠLRQDODSDUvQURúX
$SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
SHUPDQHQWYăSHUPLWHVăDOHJHĠLGDFăDIL
úDMXOPXOWLIXQFĠLRQDOSUH]LQWăvQWRWGHDXQD
WHPSHUDWXUDH[WHULRDUăVDXYLWH]DvQPSK
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
UHD
$FWLYDUHDGH]DFWLYDUHDVLVWHPXOXLGH
OXPLQLLQWHOLJHQWH
'DFăDFWLYDĠLIXQFĠLD,QWHOO/LJKW6\V
6HWÆUL 6LVWHPGHOXPLQLLQWHODFWLYDĠLúL
 $SăVDĠLEXWRQXOdVDXcSHQWUXD XUPăWRDUHOHIXQFĠLL
VHOHFWDVXEPHQLXO,QVWFOXVWHU =0RGDXWRVWUDGă
3DQRXLQVWU =IXQFĠLDGHOXPLQăDFWLYă
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH =,OXPLQDUHVXSOLPHQWDUăvQYLUDMH
 $SăVDĠLdVDXcSHQWUXDVHOHFWD =3URLHFWRDUHGHFHDĠăFXUD]ăH[WLQVă
IXQFĠLD3HUPDQHQWGLVSOD\'LVSOD\  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHUPDQHQW SHQWUXDVHOHFWDPHQLXO6HWWLQJV
9HĠLYHGHDVHWDUHDVHOHFWDWăRXWVLGH 6HWÆUL6HWWLQJV6HWăUL
WHPSHUDWXUHWHPSHUDWXUDH[WHњ  $SăVDĠLEXWRQXOdVDXcSHQWUXD
ULRDUÆVDX'LJVSHHGRP>PSK@
VHOHFWDVXEPHQLXO/LJKW/XPLQÆ
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
UHD
 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

 $SăVDĠLdVDXcSHQWUXDVHOHFWD VDX/HIWVLGHWUDIILF7UDILFSH

&DOFXODWRUGHERUGúLGLVSOD\XUL
IXQFĠLD,QWHOO/LJKW6\V6LVWGH VW¥QJD
OXPLQLLQWHO  $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
'DFăIXQFĠLD,QWHOO/LJKW6\V6LVњ UHD
WHPGHOXPLQLLQWHODIRVWDFWLYDWă
FRQXOGHOXPLQăúLVLPEROXOXGLQDILúD
MXOPXOWLIXQFĠLRQDODSDUvQURúX
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
UHD
'DFăVHWDĠLIDUXULOHSHQWUXID]ăVFXUWăSHQWUX
FRQGXFHUHDSHGUHDSWDVWkQJD
&kQGVFKLPEDĠLVHWDUHDFRQYHUVLDQXDUH
ORFGHFkWGDWDXUPăWRDUHFkQGDXWRYHKLFX
OXOHVWHVWDĠLRQDW
$YHĠLúLSRVLELOLWDWHDVăVROLFLWDĠLVHWDUHDIDUX
ULORUSHQWUXID]ăVFXUWăSHQWUXFRQGXFHUHSH
VWkQJDGUHDSWDODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DWGHH[ODXQ&HQWUXGH6HUYLFH0HU
3DJLQDDILúDMXOPXOWLIXQFĠLRQDOSUH FHGHV%HQ]
]LQWăPHVDMXO6\VWHPLQRSHUDWLYH6LVњ
$FWLYDUHDGH]DFWLYDUHD$VLVWHQĠHLSHQWUX
WHPQHIXQFĆLRQDOVXELPDJLQHDDXWRYHKL
ID]DOXQJăDGDSWLYă
FXOXOXLSHQWUXIXQFĠLD,QWHOO/LJKW6\V
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
6LVWOXPLQLLQWHOvQVXEPHQLXO
/LJKW/XPLQL SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWÆUL
6HWDUHDIDUXULORUSHQWUXID]DVFXUWăSHQ  $SăVDĠLEXWRQXOdVDXcSHQWUXD
WUXFRQGXFHUHSHGUHDSWDVWkQJD VHOHFWDVXEPHQLXO/LJKW/XPLQÆ
$FHDVWăIXQFĠLHHVWHGLVSRQLELOăQXPDLOD  $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
DXWRYHKLFXOHFX6LVWHPGHOXPLQLLQWHOLJHQWH
 $SăVDĠLdVDXcSHQWUXDVHOHFWD
3XWHĠLXWLOL]DDFHDVWăIXQFĠLHSHQWUXDFRPXWD
IXQFĠLD$VLVWHQĆÆSHQWUXID]D
vQWUHID]ăVLPHWULFăúLID]ăVFXUWăDVLPHWULFă
OXQJÆDGDSWLYÆ)D]ÆOXQJÆDGDSW
3DJLQD
'DFăIXQFĠLD$GDSWPDLQEHDP)D]Æ
'DFăVHWDĠLIDUXULOHSHQWUXID]ăVFXUWăSHQWUX
FRQGXFHUHSHGUHDSWDVWkQJDDWXQFLQXVXQW
GLVSRQLELOHPRGXODXWRVWUDGăúLSURLHFWRDUHOH
GHFHDĠăFXUD]ăH[WLQVă

 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
OXQJÆDGDSWDIRVWDFWLYDWăFRQXOGH
OXPLQăúLVLPEROXOÎVXQWDILúDWHvQURúX
SHDILúDMXOPXOWLIXQFĠLRQDO
$SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
UHD
6HWÆUL $FWLYDUHDGH]DFWLYDUHDLOXPLQăULL
 $SăVDĠLEXWRQXOdVDXcSHQWUXD DPELHQWDOHúLRSULUHDWHPSRUL]DWăDLOX
VHOHFWDVXEPHQLXO/LJKW/XPLQÆ
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
 $SăVDĠLdVDXcSHQWUXDVHOHFWD
IXQFĠLD'LSSHGEHDPV6HWWLQJIRU
PLQăULLH[WHULRDUH
'DFăDĠLDFWLYDWIXQFĠLD,OXPLQDUHDPELHQњ
WDOÆúLFRPXWDWRUXOGHOXPLQLHVWHvQSR]LĠLD
X
=LOXPLQDUHDH[WHULRDUăUăPkQHDSULQVăvQFă
6HWDUHID]ÆVFXUWÆSHQWUX
9HĠLYHGHDDSRLVHOHFWDWăVHWDUHD5LJKW GHVHFXQGHGXSăFHDĠLGHVFXLDWDXWR
VLGHWUDIILF7UDILFSHGUHDSWD YHKLFXOXOFXFKHLD
,OXPLQDUHDH[WHULRDUăVHVWLQJHFkQGGHV
FKLGHĠLSRUWLHUDúRIHUXOXL
=,OXPLQDUHDH[WHULRDUăUăPkQHDSULQVăvQFă
VHFXQGHGXSăvQFKLGHUHDSRUWLHUHORU
FkQGHVWHvQWXQHULF


 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

'DFăPRWRUXOHVWHRSULWúLQLFLXQDGLQWUH $FWLYDUHDGH]DFWLYDUHDRSULULLWHPSRUL
SRUWLHUHQXHVWHGHVFKLVăVDXGDFăQXvQFKL ]DWHDLOXPLQăULLLQWHULRDUH
&DOFXODWRUGHERUGúLGLVSOD\XUL

GHĠLRSRUWLHUăGHVFKLVăLOXPLQDUHDH[WH 'DFăDFWLYDĠLIXQFĠLD/LJKWGHOD\7HPS

ULRDUăVHVWLQJHGXSăGHVHFXQGH OXPLOXPLQDUHDLQWHULRDUăUăPkQHDFWLYă
'DFăDFWLYDĠLIXQFĠLD,OXPLQDUHDPELHQњ WLPSGHGHVHFXQGHGXSăFHVFRDWHĠLFKHLD
WDOÆXUPăWRDUHOHVHDSULQGvQIXQFĠLHGH GLQFRPXWDWRUXOGHFRQWDFW
HFKLSDPHQWXODXWRYHKLFXOXOXL  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
=OXPLQLOHGHSR]LĠLHODWHUDOH SHQWUXDVHOHFWDPHQLXO6HWWLQJV
=SURLHFWRDUHOHGHFHDĠă 6HWÆUL
=PRGXOGHIXQFĠLRQDUHSHWLPSGH]LDIDUX  $SăVDĠLEXWRQXOdVDXcSHQWUXD
ULORU VHOHFWDVXEPHQLXO/LJKW/XPLQÆ
=LOXPLQDUHDDPELHQWDOăGLQRJOLQ]LOHH[WH  $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
ULRDUH  $SăVDĠLEXWRQXOdVDXcSHQWUXD
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ VHOHFWDIXQFĠLD/LJKWGHOD\7HPS
SHQWUXDVHOHFWDPHQLXO6HWWLQJV OXPLQL
6HWÆUL &kQGIXQFĠLD/LJKWGHOD\7HPS
 $SăVDĠLEXWRQXOdVDXcSHQWUXD OXPLQLHVWHDFWLYDWăLQWHULRUXODXWRYHKL
VHOHFWDVXEPHQLXO/LJKW/XPLQÆ
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH

 $SăVDĠLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFĠLD6XUURXQGOLJKWLQJ
FXOXOXLHVWHDILúDWvQURúXSHDILúDMXOPXOWL
IXQFĠLRQDO
$SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
UHD
,OXPLQDUHDPELHQWDOÆ
&kQGIXQFĠLD6XUURXQGOLJKWLQJ,OXњ $XWRYHKLFXO
PLQDUHDPELHQWDOÆHVWHDFWLYDWăUD]D
GHOXPLQăúL]RQDGLQMXUXODXWRYHKLFXOXOXL 6HWDUH63(('7521,&SHUPDQHQW
VXQWDILúDWHvQURúXSHDILúDMXOPXOWLIXQF 3XWHĠLVHWD63(('7521,&SHUPD
ĠLRQDO QHQW3DJLQDFXDMXWRUXOIXQFĠLHL
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
6SHHGOLPLWZLQWHUW\UHV/LPLњ
WDUHYLWH]ÆSQHXULGHLDUQÆ
UHD
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
'H]DFWLYDUHDWHPSRUDUăDRSULULLWHPSRUL]DWH
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
DLOXPLQăULLH[WHULRDUH
6HWÆUL6HWWLQJV6HWăUL
 ÌQDLQWHGHDSăUăVLDXWRYHKLFXOXOURWLĠL  $SăVDĠLEXWRQXOdVDXcSHQWUXD
FKHLDvQSR]LĠLDGLQFRPXWDWRUXOGHFRQ VHOHFWDVXEPHQLXO9HKLFOH$XWRYHKLњ
WDFW FXO
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
FRQWDFWúLvQDSRLvQSR]LĠLD
 $SăVDĠLdVDXcSHQWUXDVHOHFWD
2SULUHDWHPSRUL]DWăDLOXPLQăULLH[WHULRDUH
HVWHGH]DFWLYDWă IXQFĠLD/LPLWVSHHGZLQWHUW\UHV
/LPLWDUHYLWH]ÆSQHXULGH
2SULUHDWHPSRUL]DWăDLOXPLQăULLH[WHULRDUH LDUQÆ
HVWHUHDFWLYDWăODXUPăWRDUHDSRUQLUHDPRWR 9HĠLYHGHDVHWDUHDFXUHQWă
UXOXL
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

 $SăVDĠLdVDXcSHQWUXDUHJOD  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ

&DOFXODWRUGHERUGúLGLVSOD\XUL
63(('7521,&SHUPDQHQWvQWUHSWHGHFkWH SHQWUXDVHOHFWDPHQLXO6HWWLQJV
NPKSkQăODNPK6HWDUHD 6HWÆUL6HWWLQJV6HWăUL
2II'H]DFWLYDWGH]DFWLYHD]ă63(('  $SăVDĠLEXWRQXOdVDXcSHQWUXD
7521,&SHUPDQHQW VHOHFWDVXEPHQLXO9HKLFOH$XWRYHKLњ
 $SăVDĠLEXWRQXOvSHQWUXDPHPRUD FXO
LQWUDUHD  $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
$FWLYDUHDGH]DFWLYDUHDFDUDFWHULVWLFLLGH
EORFDUHDXWRPDWă VHOHFWDIXQFĠLD$FRXVWLF/RFN
‘QFXLHUHDFXVWLFÆ
'DFăVHOHFWDĠLIXQFĠLD$XWRPDWLFGRRU
'DFăIXQFĠLD$FRXVWLF/RFN‘QFXLHUH
ORFN‘QFXLHUHDXWRPDWÆSRUWLHUH
DXWRYHKLFXOXOHVWHvQFXLDWFHQWUDOL]DWODR
YLWH]ăGHSHVWHDSUR[LPDWLYNPK
G 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQG 
FDUDFWHULVWLFDGHvQFXLHUHDXWRPDWăFRQ
DFXVWLFÆHVWHDFWLYDWăVLPEROXO7GH
SHDILúDMXOPXOWLIXQFĠLRQDOVHDSULQGHvQ
URúX
$SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
UHD
VXOWDĠL3DJLQD
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ $FWLYDUHDGH]DFWLYDUHDVLVWHPXOXLGH
SHQWUXDVHOHFWDPHQLXO6HWWLQJV VHQ]RUUDGDU
6HWÆUL G 7UHEXLHVăGH]DFWLYDĠLVLVWHPXOGHVHQ]RUL
 $SăVDĠLEXWRQXOdVDXcSHQWUXD UDGDUvQDQXPLWHĠăULúLOkQJăXQLWăĠLOHUDGLR
VHOHFWDVXEPHQLXO9HKLFOH$XWRYHKLњ WHOHVFRS3HQWUXLQIRUPDĠLLVXSOLPHQWDUH
FXO
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFĠLD$XWRPDWLFGRRUORFN
FRQVXOWDĠL3DJLQD
&kQGVXQWHĠLDSURDSHGHXQLWăĠLUDGLRWHOHV
FRSVLVWHPXOGHVHQ]RULUDGDUYDILGH]DFWLYDW
DXWRPDW
‘QFXLHUHDXWRPDWÆSRUWLHUH 8UPăWRDUHOHVLVWHPHVXQWRSULWHFkQGVLVWH
&kQGIXQFĠLD$XWRPDWLFGRRUORFNV PXOGHVHQ]RULUDGDUHVWHGH]DFWLYDW
‘QFXLHWRULDXWRPDWHSRUWLHUHHVWH =',67521,&3/863DJLQD
DFWLYDWăSRUWLHUHOHDXWRYHKLFXOXOXLVXQWDIL =%$63/863DJLQD
úDWHvQURúXSHDILúDMXOPXOWLIXQFĠLRQDO =)UkQă35(6$)(Š3DJLQD
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
=$VLVWHQĠăODXQJKLXOPRUW3DJLQD
UHD
=$VLVWHQĠăDFWLYăODXQJKLXO

$FWLYDUHDGH]DFWLYDUHDFRQILUPăULLDFXV PRUW3DJLQD

WLFHDvQFXLHULL  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
'DFăDFWLYDĠL$FRXVWLF/RFN‘QFXLHUH SHQWUXDVHOHFWDPHQLXO6HWWLQJV
DFXVWLFÆVHHPLWHXQVHPQDODFXVWLFFkQG 6HWÆUL
DXWRYHKLFXOXOHVWHvQFXLDWVDXGHVFXLDW&kQG  $SăVDĠLEXWRQXOdVDXcSHQWUXD
GHVFXLDĠLVHPQDOXOVXQăRGDWă&kQG VHOHFWDVXEPHQLXO9HKLFOH$XWRYHKLњ
vQFXLDĠLVXQăGHWUHLRUL FXO
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
VHOHFWD5DGDUVHQVRU6HH2ZQHU
V


 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

0DQ6HQ]RUUDGDU&RQVXOWDĆL $OHJHĠLYăSULQXUPDUHXQORFGHSDUFDUHDGHF

0DQXWLOL]
&DOFXODWRUGHERUGúLGLVSOD\XUL

YDW
9HĠLYHGHDVHWDUHDVHOHFWDWăRQSRUњ 8WLOL]DUHDvQFăO]LULLDX[LOLDUHHVWHGLQDFHVW
QLWVDXRIIRSULW PRWLYLQWHU]LVăvQEHQ]LQăULLVDXFkQGDXWRYH
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD KLFXOXOGXPQHDYRDVWUăHVWHDOLPHQWDWFXFDU
UHD EXUDQW3ULQXUPDUHWUHEXLHVăGH]DFWLYDĠL
vQFăO]LUHDDX[LOLDUăvQEHQ]LQăULL
0HQLXGHvQFăO]LUH
 8WLOL]DUHDvQFăO]LULLYHQWLODĠLHLDX[LOLDUH
2UăGHSOHFDUHSHQWUXvQFăO]LUHDDX[LOLDUă FRQVXPăEDWHULDDXWRYHKLFXOXOXL'XSăFH
$FHDVWăIXQFĠLHHVWHGLVSRQLELOăQXPDLOD DĠLvQFăO]LWVDXYHQWLODWDXWRYHKLFXOXOGH
DXWRYHKLFXOHOHFXvQFăO]LUHDX[LOLDUă PD[LPXPGRXăRULFRQGXFHĠLRGLVWDQĠă
3DJLQD PDLPDUH
'LQVXEPHQLXO+HDWLQJ‘QFÆO]LUH
SXWHĠLVHOHFWDRRUăGHSOHFDUHPHPRUDWăVDX
VFKLPEDRRUăGHSOHFDUH
)XQFĠLDWHPSRUL]DWRUXOXLGHvQFăO]LUHDX[LOLDUă
FDOFXOHD]ăRUDGHDFWLYDUHvQIXQFĠLHGHWHP
SHUDWXUDH[WHULRDUăDVWIHOvQFkWDXWRYHKLFXOXO
VăILHSUHvQFăO]LWSkQăODRUDGHSOHFDUH&kQG
VDDWLQVRUDGHSOHFDUHvQFăO]LUHDDX[LOLDUă
G 3RUQLĠLvQFăO]LUHDDX[LOLDUăUHJXODWFHO
SXĠLQRGDWăSHOXQăWLPSGHDSUR[LPDWLY
PLQXWH
6HOHFWDUHDRUHLGHSOHFDUHVDXGH]DFWLYD
UHDXQHLRUHGHSOHFDUHVHOHFWDWH
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
FRQWLQXăVăvQFăO]HDVFăWLPSGHvQFăFLQFL 6HWÆUL
PLQXWHúLDSRLVHGH]DFWLYHD]ăÌQFăO]LUHD  $SăVDĠLEXWRQXOdVDXcSHQWUXD
DX[LOLDUăDGRSWăVHWDUHDGHWHPSHUDWXUă VHOHFWDVXEPHQLXO+HDWLQJ
7+(50$7,&VDX7+(5027521,& ‘QFÆO]LUH
3XWHĠLGH]DFWLYDvQFăO]LUHDDX[LOLDUăFXDMXWR  $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
UXOWHOHFRPHQ]LLVDXFXEXWRQXOSHQWUXvQFăO]L 9HĠLYHGHDVHWDUHDVHOHFWDWă
UHDDX[LOLDUăGHSHFRQVRODFHQWUDOă  $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH

 $9(57,60(17  $SăVDĠLEXWRQXOdVDXcSHQWUXD
6HSURGXFJD]HGHHúDSDPHQWFkQGvQFăO]LUHD VHOHFWDXQDGLQFHOHWUHLRUHGHSOHFDUHVDX
DX[LOLDUăHVWHvQIXQFĠLXQH,QKDODUHDDFHVWRU 7LPHURII7HPSRUL]DWRUGH]DFWLњ
JD]HGHHúDSDPHQWYăSRDWHILQRFLYă3ULQ
XUPDUHDUWUHEXLVăGH]DFWLYDĠLvQFăO]LUHD
DX[LOLDUăvQVSDĠLLvQFKLVHIăUăXQVLVWHPGH
YHQWLODUHSULQDVSLUDĠLHGHH[vQWUXQJDUDM
 $9(57,60(17
&kQGXWLOL]DĠLvQFăO]LUHDDX[LOLDUăDQXPLWHSăUĠL
DOHDXWRYHKLFXOXOXLVHSRWvQFLQJHSXWHUQLF
$VLJXUDĠLYăFăVLVWHPXOGHHYDFXDUHQXLQWUă
YDWQLFLXQWHPSRUL]DWRUDFWLY
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
&kQGHVWHVHOHFWDWăRRUăGHSOHFDUHODPSD
LQGLFDWRDUHJDOEHQăVHDSULQGHvQEXWRQXO
SHQWUXvQFăO]LUHDDX[LOLDUă
6FKLPEDUHDRUHLGHSOHFDUH
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
VXEQLFLRIRUPăvQFRQWDFWFXPDWHULDOHOHXúRU 6HWÆUL
LQIODPDELOHSUHFXPLDUEDXVFDWăVDXFDUEX  $SăVDĠLEXWRQXOdVDXcSHQWUXD
UDQĠLL0DWHULDOHOHVDUSXWHDvQFD]FRQWUDU VHOHFWDVXEPHQLXO+HDWLQJ
DSULQGHLDUIRFXOVDUUăVSkQGLODDXWRYHKLFXO ‘QFÆO]LUH
 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH  $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH

&DOFXODWRUGHERUGúLGLVSOD\XUL
9HĠLYHGHDVHWDUHDVHOHFWDWă  $SăVDĠLEXWRQXOdVDXcSHQWUXD
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH VHOHFWDIXQFĠLD(DV\(QWU\([LW
 $SăVDĠLEXWRQXOdVDXcSHQWUXD ,QWUDUH,HĂLUHXĂRDUÆ
VHOHFWD&KDQJH$6FKLPEÆ$%VDX& 'DFăIXQFĠLD(DV\(QWU\([LW
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
$FXPSXWHĠLVFKLPEDRUDGHSOHFDUH
 $SăVDĠLEXWRQXOYVDXeSHQWUXD
VHOHFWDDILúDMXOGHPRGLILFDWRUHPLQXWH
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
VHWDDILúDMXOVHOHFWDW
 $SăVDĠLEXWRQXOvSHQWUXDPHPRUD
,QWUDUH,HĂLUHXĂRDUÆHVWHDFWLYDWă
YRODQXODXWRYHKLFXOXOXLHVWHDILúDWvQURúX
SHDILúDMXOPXOWLIXQFĠLRQDO
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
UHD
$FWLYDUHDGH]DFWLYDUHDUHJOăULLFHQWXULL
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGUHJOD
LQWUDUHD UHDFHQWXULLFRQVXOWDĠL3DJLQD
/DPSDLQGLFDWRDUHJDOEHQăGHSHEXWRQXO  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXvQFăO]LUHDDX[LOLDUăVHDSULQGH SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWÆUL6HWWLQJV6HWăUL
&RQIRUW  $SăVDĠLEXWRQXOdVDXcSHQWUXD

$FWLYDUHDGH]DFWLYDUHDFDUDFWHULVWLFLL VHOHFWDVXEPHQLXO&RQYHQLHQFH$VLVњ

($6<(175<(;,7 WDUH
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
3XWHĠLXWLOL]DIXQFĠLD(DV\(QWU\([LW
,QWUDUH,HĂLUHXĂRDUÆSHQWUXDDFWLYD  $SăVDĠLEXWRQXOdVDXcSHQWUXD
VDXGH]DFWLYDFDUDFWHULVWLFD($6<(175< VHOHFWDIXQFĠLD%HOWDGMXVWPHQW
(;,7,175$5(,(ù,5(8ù2$5Ă 5HJODUHDFHQWXULL
3DJLQD &kQGIXQFĠLD%HOWDGMXVWPHQW5HJODњ
 $9(57,60(17
9RODQXOVHGHSODVHD]ăFkQGFDUDFWHULVWLFD
($6<(175<(;,7HVWHDFWLYă([LVWăSHULFR
OXOFDSDVDJHULLVăUăPkQăSULQúLvQWUHHOH
PHQWHÌQDLQWHGHDDFWLYDFDUDFWHULVWLFD
($6<(175<(;,7DVLJXUDĠLYăFăQXSRDWH
UăPkQHQLPHQLSULQVvQWUHHOHPHQWH
1XOăVDĠLFRSLLLQHVXSUDYHJKHDĠLvQDXWRYHKL
UHDFHQWXULLHVWHDFWLYDWăFHQWXUDGH
VLJXUDQĠăDDXWRYHKLFXOXOXLHVWHDILúDWăvQ
URúXSHDILúDMXOPXOWLIXQFĠLRQDO
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
UHD
$FWLYDUHDGH]DFWLYDUHDIXQFĠLHLGHUDED
WDUHDRJOLQ]LORUODvQFXLHUH
'DFăDFWLYDĠLIXQFĠLD$XWRIROGLQ
FXOFKLDUGDFăVXQWIL[DĠLvQWUXQVLVWHPGH
UHWHQĠLHSHQWUXFRSLL&RSLLLDUSXWHDGHVFKLGH
SRUWLHUDúRIHUXOXLDFWLYkQGvQFRQVHFLQĠă
QHLQWHQĠLRQDWFDUDFWHULVWLFD($6<(175<
(;,7úLUăPkQkQGSULQúLvQWUHHOHPHQWH
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
5DEDWDUHDXWRRJOLQ]LOHH[WHULRDUHVH
UDEDWHD]ăFkQGvQFXLDĠLDXWRYHKLFXOXO&kQG
GHVFXLDĠLDXWRYHKLFXOXOúLDSRLGHVFKLGHĠLR
SRUWLHUăRJOLQ]LOHH[WHULRDUHVHH[WLQGGLQ
QRX
'DFăDĠLDFWLYDWIXQFĠLDúLUDEDWDĠLRJOLQ]LOH
H[WHULRDUHFXDMXWRUXOEXWRQXOXLGHSHSRU
6HWÆUL
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO&RQYHQLHQFH&RQњ
WLHUă3DJLQDHOHQXVHYRUPDL
H[WLQGHDXWRPDW2JOLQ]LOHH[WHULRDUHYRU
SXWHDILDSRLH[WLQVHFXDMXWRUXOEXWRQXOXLGH
SHSRUWLHUă
IRUW

 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ 0HQLX$0*ODDXWRYHKLFXOH$0*
&DOFXODWRUGHERUGúLGLVSOD\XUL

SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWÆUL $ILúDMH$0*
 $SăVDĠLEXWRQXOdVDXcSHQWUXD  $SăVDĠLYVDXeGHSHYRODQSHQWUX
VHOHFWDVXEPHQLXO&RQYHQLHQFH&RQњ DVHOHFWDPHQLXO$0*
IRUW
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
 $SăVDĠLdVDXcSHQWUXDVHOHFWD
IXQFĠLD5DEDWDUHRJOLQ]LOD
±QFXLHUH5DEDWDUHDXWR
'DFăHVWHDFWLYDWăIXQFĠLD$XWRIROGLQ
5DEDWDUHDXWRRJOLQGDH[WHULRDUăD
DXWRYHKLFXOXOXLHVWHDILúDWăvQURúXSHDIL
úDMXOPXOWLIXQFĠLRQDO
 $SăVDĠLEXWRQXOvSHQWUXDVDOYDVHWD
UHD
5HVHWDUHDVHWăULORUGLQIDEULFă
'LQPRWLYHGHVLJXUDQĠăQXWRDWHIXQFĠLLOH
C 9LWH]RPHWUXGLJLWDO
D ,QGLFDWRUWUHDSWăGHYLWH]ă
‡ ,QGLFDWRUGHVFKLPEDUHODWUHDSWDVXSH
ULRDUă
… 7HPSHUDWXUDXOHLXOXLGHPRWRU
ƒ 7HPSHUDWXUDOLFKLGXOXLGHUăFLUH
,QGLFDWRUXOGHVFKLPEDUHvQWUHDSWăVXSH
VXQWUHVHWDWHIXQFĠLD/LPLW6SHHGZLQњ ULRDUă83686‡LQGLFăIDSWXOFăPRWRUXO
WHUW\UHV/LPLWÆYLWH]ÆSQHXUL DLQWUDWvQLQWHUYDOXOGHVXSUDWXUDUHFkQGVH
LDUQÆGLQ63(('7521,&SHUPDQHQWSRDWH DIOăvQSURJUDPXOGHVFKLPEDUHPDQXDOăD
ILVHWDWăGRDUvQVXEPHQLXO9HKLFOH$XWRњ YLWH]HORU,QGLFDWRUXOGHVFKLPEDUHvQWUHDSWă
YHKLFXO'DFăGRULĠLVăUHVHWDĠLIXQFĠLD VXSHULRDUă83686‡VXSULPăSURJUHVLY
'D\WLPHGULYLQJOLJKWV0RGGHIXQFњ DOWHPHVDMHSkQăFHDĠLVFKLPEDWvQWUHDSWD
ĆLRQDUHSHWLPSGH]LDIDUXULORUGLQ VXSHULRDUă
VXEPHQLXO/LJKW/XPLQÆWUHEXLHVăURWLĠL &kQGWHPSHUDWXUDXOHLXOXLGHPRWRUHVWHVXE
FKHLDvQFRPXWDWRUXOGHFRQWDFWvQSR]LĠLD ‚LQGLFDWRUXOGHWHPSHUDWXUăDXOHLXOXL
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ HVWHDILúDWvQDOEDVWUX(YLWDĠLFRQGXFHUHDOD
SHQWUXDVHOHFWDPHQLXO6HWWLQJV SXWHUHDPRWRUXOXLPD[LPăvQDFHVWLQWHUYDO
6HWÆUL
 $SăVDĠLEXWRQXOdVDXcSHQWUXD 6(783
VHOHFWDVXEPHQLXO)DFWRU\VHWWLQJ 6(783SUH]LQWăSURJUDPXOGHFRQGXFHUH
6HWDUHGLQIDEULFÆ PRGXO(63Š3URJUDPGHVWDELOLWDWHHOHFWUR
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH QLFăúLPRGXOGHPDQHYUDUH63257
0HVDMXO5HVHWDOOVHWWLQJV"5HVHњ  $SăVDĠLYVDXeGHSHYRODQSHQWUX
WDĆLWRDWHVHWÆULOH"DSDUH
DVHOHFWDPHQLXO$0*
 $SăVDĠLEXWRQXOdVDXcSHQWUXD
 $SăVDĠLEXWRQXOcvQPRGUHSHWDWSkQă
VHOHFWD1R1XVDX<HV'D
6(783HVWHDILúDW
 $SăVDĠLEXWRQXOvSHQWUXDFRQILUPD
VHOHFĠLD
'DFăVHOHFWDĠL<HV'DDILúDMXOPXOWL
IXQFĠLRQDOSUH]LQWăXQPHVDMGHFRQILUPDUH
 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH 

 $SăVDĠLYVDXeSHQWUXDVHOHFWD

&DOFXODWRUGHERUGúLGLVSOD\XUL
,QWHUP7LPH7LPSLQWHUPHGLDU
 $SăVDĠLEXWRQXOvSHQWUXFRQILUPDUH
7LPSXOLQWHUPHGLDUHVWHDILúDWFLQFL
VHFXQGH

3RUQLUHDXQXLQRXWXU
C 3URJUDPXOGHFRQGXFHUH&660
(VWHSRVLELOVăPHPRUDĠLPD[LPúDLVSUH]HFH
D 0RGXO(63Š212))VDXPRGXOGH WXUXUL
PDQHYUDUH6325763257  $SăVDĠLvSHQWUXDFRQILUPD1HZ/DS
7XUQRX
5$&(7,0(5
$ILúDUHúLSRUQLUH5$&(7,0(5
3XWHĠLXWLOL]D5$&(7,0(5SHQWUXDPHPRUD
WLPSXOSHWXU
 $SăVDĠLYVDXeSHYRODQSHQWUXD
VHOHFWDPHQLXO$0*
 $SăVDĠLEXWRQXOcvQPRGUHSHWDWSkQă
C 5$&(7,0(5
FkQGVHDILúHD]ă5$&(7,0(5
D &HOPDLUDSLGWLPSSHWXUFHOPDLEXQWXU
G 'DFăHVWHVHOHFWDW5$&(7,0(5EXWRD ‡ 7XU
QHOHYúLeQXVXQWIXQFĠLRQDOH
2SULUHD5$&(7,0(5
 $SăVDĠLEXWRQXOAGHSHYRODQ

C 7XU
D 5$&(7,0(5
3XWHĠLSRUQL5$&(7,0(5FkQGPRWRUXOHVWHvQ
IXQFĠLXQHVDXGDFăFKHLDHVWHvQSR]LĠLDGLQ
FRPXWDWRUXOGHFRQWDFW
 3HQWUXDSRUQLDSăVDĠLEXWRQXOvSHQ
WUXDSRUQL5$&(7,0(5
 $SăVDĠLvSHQWUXDFRQILUPD<(6'$
5$&(7,0(5vQWUHUXSHFURQRPHWUDMXOFkQG
RSULĠLDXWRYHKLFXOXOúLURWLĠLFKHLDvQSR]LĠLD
GLQFRPXWDWRUXOGHFRQWDFW&kQGURWLĠLFKHLD
vQSR]LĠLDVDXúLDSRLDSăVDĠLvSHQWUX
DFRQILUPD6WDUW6WDUFURQRPHWUDMXO
$ILúDUHDWLPSXOXLLQWHUPHGLDU FRQWLQXă


 $ILúDMHúLXWLOL]DUHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

5HVHWDUHDWXUXOXLFXUHQW
&DOFXODWRUGHERUGúLGLVSOD\XUL

 2SULĠL5$&(7,0(5
 $SăVDĠLYVDXeSHQWUXDVHOHFWD
5HVHW/DS5HVHWDUHWXU
 $SăVDĠLvSHQWUXDUHVHWDWLPSXOSHWXU
ODÄ´
C (YDOXDUHJHQHUDOă5$&(7,0(5
ùWHUJHUHDWXWXURUWXUXULORU
D 7LPSWRWDOFRQGXV
'DFăRSULĠLPRWRUXO5$&(7,0(5VHUHVHWHD]ă
‡ 9LWH]DPHGLH
ODÄGXSăGHVHFXQGH7RDWHWXUXULOHVXQW
úWHUVH … 'LVWDQĠDSDUFXUVă
1XSXWHĠLúWHUJHWXUXULLQGLYLGXDOHPHPRUDWH ƒ 9LWH]ăPD[LPă
'DFăDĠLRSULWGXSăWXUXULWXUXOFXUHQWQX
WUHEXLHUHVHWDW (YDOXDUHWXU
 5HVHWDĠLWXUXOFXUHQW
$FHDVWăIXQFĠLHHVWHGLVSRQLELOăQXPDLGDFă
 $SăVDĠLvSHQWUXDFRQILUPD5HVHW DĠLPHPRUDWFHOSXĠLQGRXăWXUXULúLDĠLRSULW
5HVHWDUH 5$&(7,0(5
5HVHW5DFH7LPHU"5HVHWDĆL5DFH  $SăVDĠLYVDXeGHSHYRODQSHQWUX
7LPHU"DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO

 $SăVDĠLEXWRQXOdSHQWUXDVHOHFWD<HV
DVHOHFWDPHQLXO$0*
$SăVDĠLEXWRQXOcvQPRGUHSHWDWSkQă
FHHVWHDILúDWăHYDOXDUHDWXUXOXL
)LHFDUHWXUDSDUHvQWUXQVXEPHQLXVHSDUDW
&HOPDLUDSLGWXUHVWHLQGLFDWSULQVLPEROXO
LQWHUPLWHQWC
'DúLDSăVDĠLEXWRQXOvSHQWUXDFRQ
ILUPD
7RDWHWXUXULOHVXQWúWHUVH

(YDOXDUHJHQHUDOă C 7XU
$FHDVWăIXQFĠLHHVWHDILúDWăGDFăDĠLPHPRUDW D 7LPSSHWXU
FHOSXĠLQXQWXUúLDĠLRSULW5$&(7,0(5 ‡ 9LWH]ăPHGLHSHWXU
 $SăVDĠLYVDXeGHSHYRODQSHQWUX … /XQJLPHWXU
DVHOHFWDPHQLXO$0* ƒ 9LWH]ăPD[LPăvQWLPSXOWXUXOXL
 $SăVDĠLEXWRQXOcvQPRGUHSHWDWSkQă  $SăVDĠLEXWRQXOcVDXdSHQWUXD
FHHVWHDILúDWăHYDOXDUHDJHQHUDOă VHOHFWDRHYDOXDUHGLIHULWăDWXUXOXL
 0HVDMHGHSHGLVSOD\ 

0HVDMHGHSHGLVSOD\

&DOFXODWRUGHERUGúLGLVSOD\XUL
1RWHJHQHUDOH
0HVDMHOHGHSHGLVSOD\DSDUSHDILúDMXOPXOWLIXQFĠLRQDO
0HVDMHOHGHSHGLVSOD\FXGLVSOD\XULJUDILFHSRWDSăUHDvQIRUPăVLPSOLILFDWăvQ0DQXDOXOGH
XWLOL]DUHúLSRWGLIHULGHPHVDMHOHLQGLFDWHSHDILúDMXOPXOWLIXQFĠLRQDO
5ăVSXQGHĠLvQFRQIRUPLWDWHFXPHVDMHOHGHSHGLVSOD\úLUHVSHFWDĠLQRWHOHVXSOLPHQWDUHGLQ
0DQXDOXOGHXWLOL]DUH
$QXPLWHPHVDMHGHSHGLVSOD\VXQWvQVRĠLWHGHXQVXQHWGHDYHUWL]DUHVDXGHXQVXQHWFRQWLQXX
&kQGRSULĠLúLSDUFDĠLDXWRYHKLFXOXOUHVSHFWDĠLQRWHOHSULYLQGIXQFĠLD+ROG3DJLQDúL
SDUFDUH3DJLQD

$VFXQGHUHDPHVDMHORUGHSHGLVSOD\
3XWHĠLDVFXQGHXQHOHPHVDMHGHSHGLVSOD\FXSULRULWDWHVFă]XWă
 $XWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOFXEXWRDQHDSăVDĠLFSHYRODQSHQWUXD
úWHUJHPHVDMXOGHSHGLVSOD\
0HVDMXOGHSHGLVSOD\HVWHúWHUV
 $XWRYHKLFXOHOHFXYRODQPXOWLIXQFĠLRQDOFXEXWRDQHDSăVDĠLvVDXASHYRODQ
SHQWUXDúWHUJHPHVDMXOGHSHGLVSOD\
0HVDMXOGHSHGLVSOD\HVWHúWHUV
0HVDMHOHGHSHGLVSOD\FXSULRULWDWHULGLFDWăDSDUvQURúX
1XSXWHĠLDVFXQGHPHVDMHOHGHSHGLVSOD\FXSULRULWDWHPD[LPă$ILúDMXOPXOWLIXQFĠLRQDOSUH
]LQWăDFHVWHPHVDMHFRQWLQXXSkQăFHFDX]DPHVDMHORUDIRVWUHPHGLDWă

0HPRULHGHPHVDMH
$XWRYHKLFXOHFXXQYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUXOGHERUGVDOYHD]ăDQXPLWHPHVDMHGHSHGLVSOD\3XWHĠLDFWLYDDFHVWHPHVDMHGH
SHGLVSOD\vQPHPRULHPHVDMH
 $SăVDĠLEXWRQXO€GHSHYRODQvQPRGUHSHWDWSkQăFkQGDSDUHPHPRULHPHVDMH
'DFăQXH[LVWăQLFLXQPHVDMGHSHGLVSOD\YHĠLYHGHDVDX1RPHVVDJHV1LFLXQ
PHVDM'DFăH[LVWăPHVDMHGHSHGLVSOD\DILúDMXOPXOWLIXQFĠLRQDODUDWăGHH[HPSOX
PHVVDJHVPHVDMH
 )RORVLQGEXWRQXOFGHUXODĠLPHVDMHOHGHSHGLVSOD\

3HQWUXXQHOHPHVDMHGHSHGLVSOD\SHDILúDMXOPXOWLIXQFĠLRQDODSDUHVLPEROXO‘9HĠLJăVL
LQIRUPDĠLLGHWDOLDWHGHVSUHDFHVWHPHVDMHGHSHGLVSOD\vQVHFĠLXQHDXUPăWRDUH
&kQGFRQWDFWXOHVWHGHFXSODWWRDWHPHVDMHOHGHSHGLVSOD\VXQWúWHUVHFXH[FHSĠLDXQRU
PHVDMHGHSHGLVSOD\IRDUWHLPSRUWDQWH'XSăFHPHVDMHOHIRDUWHLPSRUWDQWHGHSHGLVSOD\
VXQWFRUHFWDWHVXQWúWHUVHúLPHVDMHOHDIHUHQWHGHSHGLVSOD\


 0HVDMHGHSHGLVSOD\

$XWRYHKLFXOHFXXQYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL

&DOFXODWRUXOGHERUGVDOYHD]ăDQXPLWHPHVDMHGHSHGLVSOD\3XWHĠLDFWLYDPHVDMHOHGHSH
GLVSOD\vQPHPRULDGHPHVDMH
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQSHQWUXDVHOHFWDPHQLXO6HUY6HUY
'DFăH[LVWăPHVDMHGHGLVSOD\DILúDMXOPXOWLIXQFĠLRQDODUDWăGHH[HPSOXPHVVDJHV
PHVDMH
 $SăVDĠLEXWRQXOcVDXdSHQWUXDVHOHFWDLQWUDUHDGHH[PHVVDJHV
PHVDMH
 &RQILUPDĠLFXv
 $SăVDĠLEXWRQXOcVDXdSHQWUXDGHUXODPHVDMHOHGHSHGLVSOD\

&kQGFRQWDFWXOHVWHGHFXSODWWRDWHPHVDMHOHGHSHGLVSOD\VXQWúWHUVHFXH[FHSĠLDXQRU
PHVDMHGHSHGLVSOD\IRDUWHLPSRUWDQWH'XSăFHPHVDMHOHIRDUWHLPSRUWDQWHGHSHGLVSOD\
VXQWFRUHFWDWHVXQWúWHUVHúLPHVDMHOHDIHUHQWHGHSHGLVSOD\
 0HVDMHGHSHGLVSOD\ 

6LVWHPHGHVLJXUDQĠăYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
$%6  3HULFROGHDFFLGHQW
FXUUXQDYDLO $%66LVWHPDQWLEORFDUHODIUkQDUH(63Š3URJUDPGHVWDELOLWDWH
PRPHQWDQLQGLVS
HOHFWURQLFă%$66LVWHPGHDVLVWDUHODIUkQDUH35(6$)(Š
IXQFĠLD+2/'$VLVWHQĠDODSRUQLUHDvQSDQWăúL6WDELOL]DUHDUHPRU
FLLFX(63ŠVXQWWHPSRUDULQGLVSRQLELOH
(VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYăVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHå»úL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWH
(VWHSRVLELOFDIXQFĠLDGHDXWRGLDJQRVWLFDUHVăQXILHILQDOL]DWăGH
H[HPSOX
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
 &RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHFDURVDELOăDGHFYDWăDFĠLR
QkQGGLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
'DFăPHVDMXOGHSHGLVSOD\GLVSDUHIXQFĠLLOHPHQĠLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

 3HULFROGHDFFLGHQW
$%6(63Š%$635(6$)(ŠIXQFĠLD+2/'$VLVWHQĠDODSRUQLUHD
vQSDQWăúL6WDELOL]DUHDUHPRUFLLFX(63ŠVXQWWHPSRUDULQGLVSR
QLELOH
(VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYăVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHå»úL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWH
'HH[HPSOXWHQVLXQHDGHODERUGSRDWHILLQVXILFLHQWă
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
 &RQGXFHĠLFXDWHQĠLH
'DFăPHVDMXOGHSHGLVSOD\GLVSDUHIXQFĠLLOHPHQĠLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

$%6  3HULFROGHDFFLGHQW
LQRSHUDWLYH $%6(63Š%$635(6$)(ŠIXQFĠLD+2/'$VLVWHQĠDODSRUQLUHD
QHIXQFĆLRQDO
vQSDQWăúL6WDELOL]DUHDUHPRUFLLFX(63ŠVXQWLQGLVSRQLELOHGLQ
FDX]DXQHLGHIHFĠLXQL
(VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYăVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHå»%úLMVHDSULQG
SHSDQRXOGHLQVWUXPHQWH
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

(%'DQG$%6(%'  3HULFROGHDFFLGHQW

ĂL$%6
(%'GLVWULEXĠLDHOHFWURQLFăDIRUĠHLGHIUkQDUH$%6(63Š%$6
LQRSHUDWLYH
35(6$)(ŠDVLVWHQĠDODSRUQLUHDvQSDQWăúLVWDELOL]DUHDUHPRUFLL
QHIXQFĆLRQDOH
FX(63ŠVXQWLQGLVSRQLELOHGLQFDX]DXQHLGHIHFĠLXQL
(VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYăVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHå»úL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWHúLVHHPLWHXQVXQHWGHDYHUWL]DUH
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW

M 6DGHWHFWDWFRQGXFHUHDFXIUkQDGHSDUFDUHDFĠLRQDWă6HHPLWH
úLXQVXQHWGHDYHUWL]DUH
5HOHDVHSDUNLQJ  (OLEHUDĠLIUkQDGHSDUFDUH
EUDNH(OLEHUDĆL
IU¥QDGHSDUFDUH
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
M $VXUYHQLWRGHIHFĠLXQHFkWIXQFĠLD+2/'HUDDFWLYă
VDX
%UDNHLPPHGLDWHO\
)U¥QDĆLLPHGLDW $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOăFXIXQFĠLD+2/'DFWLYDWă
DĠL
=GHVFKLVSRUWLHUDúRIHUXOXLúLHOLEHUDWFHQWXUDGHVLJXUDQĠăVDX
=RSULWPRWRUXOVDX
=GHVFKLVFDSRWD

(VWHSRVLELOVăVHHPLWăXQWRQODLQWHUYDOHUHJXODWH7RQXOGHYLQH
PDLSXWHUQLFGDFăvQFHUFDĠLVăvQFXLDĠLDXWRYHKLFXOXO
1XSXWHĠLSRUQLPRWRUXO
 ğLQkQGFRQWGHVLWXDĠLDGLQWUDILFDSăVDĠLSHGDODGHIUkQăLPHGLDW
úLIHUPúLĠLQHĠLRDSăVDWăSkQăFHGLVSDUHPHVDMXOGHSHGLVSOD\
 3UHYHQLĠLSXQHUHDvQPLúFDUHDDXWRYHKLFXOXOXLvQDLQWHGHDO
SăUăVL3DJLQD
3XWHĠLUHSRUQLPRWRUXO

M  3HULFROGHDFFLGHQW
&KHFNEUDNHIOXLG 5H]HUYRUXOSHQWUXOLFKLGGHIUkQăFRQĠLQHLQVXILFLHQWOLFKLGGH
OHYHO9HULILFDĆL IUkQăÌQSOXVODPSDGHDYHUWL]DUHURúLHMVHDSULQGHSHSDQRXO
QLYHOXOOLFKLGXOXL GHLQVWUXPHQWHúLVHHPLWHXQVXQHWGHDYHUWL]DUH
GHIU¥QÆ  7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOFkWPDLFXUkQGSRVLELO
DFRUGkQGDWHQĠLHFRQGLĠLLORUUXWLHUHvQWLPSFHHIHFWXDĠLRSULUHD
1XFRQWLQXDĠLVXEQLFLRIRUPăVăFRQGXFHĠL
 $FĠLRQDĠLIUkQDGHSDUFDUH
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 1XFRPSOHWDĠLFXOLFKLGGHIUkQă$VWIHOQXVHHOLPLQăHURDUHD

& 3OăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăDXDWLQVOLPLWDORUGHX]XUă
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&KHFNEUDNHZHDU
9HULILFDĆLX]XUD
IU¥QHORU
35(6$)(  3HULFROGHUăQLUH
LQRSHUDWLYH )XQFĠLLLPSRUWDQWHDOH35(6$)(ŠVDXGHIHFWDW7RDWHFHOHODOWH
QHIXQFĆLRQDOÆ VLVWHPHGHVLJXUDQĠăDSDVDJHULORUGHH[DLUEDJXULOHUăPkQGLV
SRQLELOH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

é 'DFăVLPEROXODSDUHSHDILúDMXOPXOWLIXQFĠLRQDOROLPEăDXQHL
FHQWXULGHVLJXUDQĠăDIRVWFXSODWăvQWURFDWDUDPăGHEORFDUHD
XQXLVFDXQVSDWH
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUX
FHQWXULOHVFDXQHORUVSDWH3DJLQD

ê  3HULFROGHUăQLUH
'DFăVLPEROXODSDUHSHDILúDMXOPXOWLIXQFĠLRQDOROLPEăDXQHL
FHQWXULGHVLJXUDQĠăQXDIRVWFXSODWăvQWURFDWDUDPăGHEORFDUH
DXQXLVFDXQVSDWH
 'DFăVLWXDĠLDRFHUHFHUHĠLOHSDVDJHULORUGLQVSDWHVăúLFXSOH]H
FHQWXULOHGHVLJXUDQĠă
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUX
FHQWXULOHVFDXQHORUVSDWH3DJLQD
&KLOGVHDWSRVLњ  3HULFROGHUăQLUH
WLRQ3R]LĆLH
$XWRYHKLFXOHOHFXUHFXQRDúWHUHDXWRPDWăDVFDXQXOXLSHQWUXFRSLO
VFDXQFRSLO
GHSHVFDXQXOSDVDJHUXOXLIDĠăVFDXQXOSHQWUXFRSLOHVWHSR]LĠLR
QDWLQFRUHFW
 0RQWDĠLVFDXQXOSHQWUXFRSLOvQSR]LĠLDFRUHFWă

 3HULFROGHUăQLUH
$XWRYHKLFXOHFXUHFXQRDúWHUHDXWRPDWăDVFDXQXOXLSHQWUXFRSLO
GHSHVFDXQXOSDVDJHUXOXLIDĠăVHQ]RUXOGHUHFXQRDúWHUHDXWR
PDWăDVFDXQXOXLSHQWUXFRSLOIXQFĠLRQHD]ăGHIHFWXRV
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

u  3HULFROGHUăQLUH
0DOIXQFWLRQ ([LVWăRGHIHFĠLXQHOD6566LVWHPXO6XSOLPHQWDUGH5HWHQĠLH'H
:RUNVKRS'HIHFњ DVHPHQHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGH
ĆLXQH$WHOLHUVHUњ LQVWUXPHQWH
YLFH  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

u  3HULFROGHUăQLUH
)/PDOIXQF:RUNVњ 656VDGHIHFWDWSHIDĠăVWkQJDVDXIDĠăGUHDSWD'HDVHPHQHD
KRS'HIHF)6 VHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGHLQVWUXPHQWH
$WHOLHUVHUYLFH‫  ڋ‬$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VDX‫)ڋ‬5PDOIXQF
:RUNVKRS'HIHF
)'$WHOLHUVHUњ
YLFH
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
u  3HULFROGHUăQLUH
5/PDOIXQF:RUNVњ 656VDGHIHFWDWSHVSDWHVWkQJDVDXVSDWHGUHDSWD'HDVHPH
KRS'HIHF66 QHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGHLQVWUX
$WHOLHUVHUYLFH‫ ڋ‬PHQWH
VDX‫ڋ‬55PDOIXQF  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
:RUNVKRS'HIHF
6'$WHOLHUVHUњ
YLFH
/HIWZLQGRZEDJPDOњ  3HULFROGHUăQLUH
IXQFWLRQZNVKS
([LVWăRGHIHFĠLXQHODDLUEDJXOWLSFRUWLQăGHSHSDUWHDVWkQJăúL
'HIHFDLUEDJFRUњ
VDXGHSHSDUWHDGUHDSWă'HDVHPHQHDVHDSULQGHODPSDGH
WLQÆVW¥QJDDWHњ
DYHUWL]DUHuGLQSDQRXOGHLQVWUXPHQWH
OLHU
VDX  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
5LJKWZLQGRZEDJ
PDOIXQFWLRQZNVKS
'HIHFDLUEDJFRUњ
WLQÆGUHDSWDDWHњ
OLHU


 0HVDMHGHSHGLVSOD\

6LVWHPHGHVLJXUDQĠăYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

%å  3HULFROGHDFFLGHQW
FXUUHQWO\XQDYDLњ $%66LVWHPDQWLEORFDUHODIUkQDUH(63Š3URJUDPGHVWDELOLWDWH
ODEOH6HH2ZQHU
V HOHFWURQLFă%$66LVWHPGHDVLVWDUHODIUkQDUH35(6$)(Š
0DQXDOPRPHQWDQ IXQFĠLD+2/'$VLVWHQĠDODSRUQLUHDvQSDQWăúL6WDELOL]DUHDUHPRU
LQGLVSRQLELO&RQњ FLLFX(63ŠVXQWWHPSRUDULQGLVSRQLELOH
VXOWDĆL0DQXDOXO (VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
GHXWLOL]DUH 35(6$)(ŠVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHå»úL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWH
(VWHSRVLELOFDIXQFĠLDGHDXWRGLDJQRVWLFDUHVăQXILHILQDOL]DWăGH
H[HPSOX
$6,67(170(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
 &RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHFDURVDELOăDGHFYDWăDFĠLR
QkQGGLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
'DFăPHVDMXOGHSHGLVSOD\GLVSDUHIXQFĠLLOHPHQĠLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

 3HULFROGHDFFLGHQW
$%6(63Š%$635(6$)(ŠIXQFĠLD+2/'$VLVWHQĠDODSRUQLUHD
vQSDQWăúL6WDELOL]DUHDUHPRUFLLFX(63ŠVXQWWHPSRUDULQGLVSR
QLELOH
(VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
35(6$)(ŠVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHå»úL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWH
'HH[HPSOXWHQVLXQHDGHODERUGSRDWHILLQVXILFLHQWă
$6,67(170(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
 &RQGXFHĠLFXDWHQĠLH
'DFăPHVDMXOGHSHGLVSOD\GLVSDUHIXQFĠLLOHPHQĠLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

%å  3HULFROGHDFFLGHQW
LQRSHUDWLYH6HH $%6(63Š%$635(6$)(ŠIXQFĠLD+2/'$VLVWHQĠDODSRUQLUHD
2ZQHU
V0DQXDO vQSDQWăúL6WDELOL]DUHDUHPRUFLLFX(63ŠVXQWLQGLVSRQLELOHGLQ
QHIXQFĆLRQDO&RQњ FDX]DXQHLGHIHFĠLXQL
VXOWDĆL0DQXDOXO (VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
GHXWLOL]DUH 35(6$)(ŠVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHMå»úL%VHDSULQG
SHSDQRXOGHLQVWUXPHQWH
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
$6,67(170(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

å  3HULFROGHDFFLGHQW
FXUUHQWO\XQDYDLњ (63Š%$635(6$)(ŠIXQFĠLD+2/'DVLVWHQĠDODSRUQLUHDvQ
ODEOH6HH2ZQHU
V SDQWăúLVWDELOL]DUHDUHPRUFLLFX(63ŠVXQWWHPSRUDULQGLVSRQLELOH
0DQXDOPRPHQWDQ (VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
LQGLVSRQLELO&RQњ 35(6$)(ŠVăVHILGHIHFWDW
VXOWDĆL0DQXDOXO ÌQSOXVOăPSLOHGHDYHUWL]DUHåúL»VHDSULQGvQSDQRXOGH
GHXWLOL]DUH LQVWUXPHQWH
(VWHSRVLELOFDIXQFĠLDGHDXWRGLDJQRVWLFDUHVăQXILHILQDOL]DWăGH
H[HPSOX
$6,67(170(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRU
 &RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHFDURVDELOăDGHFYDWăDFĠLR
QkQGGLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
'DFăPHVDMXOGHSHGLVSOD\GLVSDUHIXQFĠLLOHPHQĠLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

å  3HULFROGHDFFLGHQW
LQRSHUDWLYH6HH (63Š%$635(6$)(ŠIXQFĠLD+2/'DVLVWHQĠDODSRUQLUHDvQ
2ZQHU
V0DQXDO SDQWăúLVWDELOL]DUHDUHPRUFLLFX(63ŠVXQWLQGLVSRQLELOHGLQFDX]D
QHIXQFĆLRQDO&RQњ XQHLGHIHFĠLXQL
VXOWDĆL0DQXDOXO (VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
GHXWLOL]DUH 35(6$)(ŠVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHåúL»VHDSULQGvQSDQRXOGH
LQVWUXPHQWH
$6,67(170(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRU
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

z%  3HULFROGHDFFLGHQW
å (%'GLVWULEXĠLDHOHFWURQLFăDIRUĠHLGHIUkQDUH$%6(63Š%$6
35(6$)(ŠIXQFĠLD+2/'DVLVWHQĠDODSRUQLUHDvQSDQWăúLVWDEL
LQRSHUDWLYH6HH OL]DUHDUHPRUFLLFX(63ŠVXQWLQGLVSRQLELOHGLQFDX]DXQHLGHIHF
2ZQHU
V0DQXDO ĠLXQL
QHIXQFĆLRQDO&RQњ
(VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
VXOWDĆL0DQXDOXO
GHXWLOL]DUH 35(6$)(ŠVăVHILGHIHFWDW
ÌQSOXVOăPSLOHGHDYHUWL]DUHå»úL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWHúLVHHPLWHXQVXQHWGHDYHUWL]DUH
$6,67(170(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

M 6DGHWHFWDWFRQGXFHUHDFXIUkQDGHSDUFDUHDFĠLRQDWă6HHPLWH
GHDVHPHQHDXQVXQHWGHDYHUWL]DUH
5HOHDVHSDUNLQJ  (OLEHUDĠLIUkQDGHSDUFDUH
EUDNH(OLEHUDĆL
IU¥QDGHSDUFDUH
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
M $VXUYHQLWRGHIHFĠLXQHFkWIXQFĠLD+2/'VDX',67521,&3/86
HUDDFWLYă
%UDNHLPPHGLDWHO\ VDX
)U¥QDĆLLPHGLDW
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOăFXIXQFĠLD+2/'DFWLYDWă
DĠL
=GHVFKLVSRUWLHUDúRIHUXOXLúLHOLEHUDWFHQWXUDGHVLJXUDQĠăVDX
=RSULWPRWRUXOVDX
=GHVFKLVFDSRWD

(VWHSRVLELOVăVHHPLWăXQWRQODLQWHUYDOHUHJXODWH7RQXOGHYLQH
PDLSXWHUQLFGDFăvQFHUFDĠLVăvQFXLDĠLDXWRYHKLFXOXO
1XSXWHĠLSRUQLPRWRUXO
 ğLQkQGFRQWGHVLWXDĠLDGLQWUDILFDSăVDĠLSHGDODGHIUkQăLPHGLDW
úLIHUPúLĠLQHĠLRDSăVDWăSkQăFHGLVSDUHPHVDMXOGHSHGLVSOD\
 3UHYHQLĠLSXQHUHDvQPLúFDUHDDXWRYHKLFXOXOXLvQDLQWHGHDO
SăUăVL3DJLQD
3XWHĠLUHSRUQLPRWRUXO

M  3HULFROGHDFFLGHQW
&KHFNEUDNHIOXLG 5H]HUYRUXOSHQWUXOLFKLGGHIUkQăFRQĠLQHLQVXILFLHQWOLFKLGGH
OHYHO9HULILFDĆL IUkQăÌQSOXVODPSDGHDYHUWL]DUHURúLHMVHDSULQGHvQSDQRXO
QLYHOXOGHOLFKLG GHLQVWUXPHQWHúLVHHPLWHXQVXQHWGHDYHUWL]DUH
GHIU¥QÆ  7UDJHĠLSHGUHDSWDúLRSULĠLvQVLJXUDQĠăDXWRYHKLFXOXOFkWPDL
FXUkQGSRVLELODFRUGkQGDWHQĠLHFRQGLĠLLORUGHGUXPúLWUDILF1X
FRQWLQXDĠLVXEQLFLRIRUPăVăFRQGXFHĠL
 $FĠLRQDĠLIUkQDGHSDUFDUH
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 1XFRPSOHWDĠLFXOLFKLGGHIUkQă$VWIHOQXVHHOLPLQăHURDUHD

& 3OăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăDXDWLQVOLPLWDORUGHX]XUă
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&KHFNEUDNHZHDU
9HULILFDĆLX]XUD
IU¥QHL
35(6$)(  3HULFROGHUăQLUH
LQRSHUDWLYH6HH )XQFĠLLLPSRUWDQWHDOH35(6$)(ŠVDXGHIHFWDW7RDWHFHOHODOWH
2ZQHU
V0DQ VLVWHPHGHVLJXUDQĠăDSDVDJHULORUGHH[DLUEDJXULOHUăPkQGLV
QHIXQFĆLRQDO&RQњ SRQLELOH
VXOWDĆL0DQXDOXO
 $SHODĠLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GHXWLOL]DUH


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

35(6$)(  3HULFROGHDFFLGHQW
)XQFWLRQVFXUњ )UkQD35(6$)(ŠHVWHWHPSRUDUQHIXQFĠLRQDOăGDFă
UHQWO\OLPLWHG6HH
=FDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXLHVWHPXUGDU
2ZQHU
V0DQXDO
)XQFĆLLOLPLWDWH =VHQ]RULLGLQEDUDGHSURWHFĠLHVXQWPXUGDUL
PRPHQWDQ&RQVXOњ =IXQFĠLRQDUHDDFHVWXLDHVWHDIHFWDWăGLQFDX]DSORLLVDX]ăSH]LL
WDĆL0DQXDOXOGH DEXQGHQWH
XWLOL]DUH =VLVWHPXOGHVHQ]RULUDGDUHVWHWHPSRUDUQHIXQFĠLRQDOGHH[GLQ
FDX]DUDGLDĠLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDĠLLHOHFWURPDJQH
WLFH
=1XPDLDXWRYHKLFXOH$0*GH]DFWLYDĠL(63Š
=VLVWHPXOQXVHDIOăvQLQWHUYDOXOGHWHPSHUDWXUăGHIXQFĠLRQDUH
=WHQVLXQHDGHODERUGHVWHSUHDVFă]XWă

)UkQD35(6$)(ŠHVWHGLQQRXIXQFĠLRQDOăLDUPHVDMXOGHSHGLV
SOD\GLVSDUHGDFă
=PXUGăULDGHH[QRURLXOFDGHFkQGDXWRYHKLFXOXOHVWHvQPLú
FDUH
=VLVWHPXOGHWHFWHD]ăIDSWXOFăVHQ]RULLVXQWFRPSOHWGLVSRQLELOL
GLQQRX
=QXPDLDXWRYHKLFXOH$0*UHDFWLYDĠL(63Š
=VLVWHPXOVHDIOăvQLQWHUYDOXOGHWHPSHUDWXUăGHIXQFĠLRQDUH

'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 &XUăĠDĠLFDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXL
3DJLQD
 &XUăĠDĠLEDUHOHGHSURWHFĠLH3DJLQD
 5HSRUQLĠLPRWRUXO
 $úWHSWDĠLSkQăFHEDWHULDHVWHvQFăUFDWăVXILFLHQW

35(6$)(  3HULFROGHDFFLGHQW
)XQFWLRQVOLPLWHG )UkQD35(6$)(ŠHVWHGHIHFWă(VWHSRVLELOFDúL%$63/86VDX
6HH2ZQHU
V0DQXDO VHPQDOXOGHDYHUWL]DUHSULYLQGGLVWDQĠDVăVHILGHIHFWDW
)XQFĆLLOLPLWDWH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&RQVXOWDĆL0DQXDњ
OXOGHXWLOL]DUH

é 'DFăVLPEROXODSDUHSHDILúDMXOPXOWLIXQFĠLRQDOROLPEăDXQHL
FHQWXULGHVLJXUDQĠăDIRVWFXSODWăvQWURFDWDUDPăGHEORFDUHD
XQXLVFDXQVSDWH
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUX
FHQWXULOHVFDXQHORUVSDWH3DJLQD
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
ê  3HULFROGHUăQLUH
'DFăVLPEROXODSDUHSHDILúDMXOPXOWLIXQFĠLRQDOROLPEăDXQHL
FHQWXULGHVLJXUDQĠăQXDIRVWFXSODWăvQWURFDWDUDPăGHEORFDUH
DXQXLVFDXQVSDWH
 'DFăVLWXDĠLDRFHUHFHUHĠLOHSDVDJHULORUGLQVSDWHVăúLFXSOH]H
FHQWXULOHGHVLJXUDQĠă
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUX
FHQWXULOHVFDXQHORUVSDWH3DJLQD
&KLOGVHDWLQ  3HULFROGHUăQLUH
ZURQJSRVLWLRQ
$XWRYHKLFXOHOHFXUHFXQRDúWHUHDXWRPDWăDVFDXQXOXLSHQWUXFRSLO
6FDXQSHQWUX
GHSHVFDXQXOSDVDJHUXOXLIDĠăVFDXQXOSHQWUXFRSLOHVWHSR]LĠLR
FRSLO±QSR]LĆLH
QDWLQFRUHFW
LQFRUHFWÆ
 0RQWDĠLVFDXQXOSHQWUXFRSLOvQSR]LĠLDFRUHFWă
6HH2ZQHU
V0DQXDO
&RQVXOWDĆL0DQXDњ
OXOGHXWLOL]DUH  3HULFROGHUăQLUH
$XWRYHKLFXOHFXUHFXQRDúWHUHDXWRPDWăDVFDXQXOXLSHQWUXFRSLO
GHSHVFDXQXOSDVDJHUXOXLIDĠăVHQ]RUXOGHUHFXQRDúWHUHDXWR
PDWăDVFDXQXOXLSHQWUXFRSLOIXQFĠLRQHD]ăGHIHFWXRV
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

u  3HULFROGHUăQLUH
5HVWUDLQWV\VW ([LVWăRGHIHFĠLXQHOD6566LVWHPXO6XSOLPHQWDUGH5HWHQĠLH'H
PDOIXQFWLRQ&RQњ DVHPHQHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGH
VXOWZRUNVKRS LQVWUXPHQWH
'HIHFĆLXQHVLVW  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GHUHWHQĆLH&RQVXOњ
WDĆLDWHOLHUXOGH
VHUYLFH


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

u  3HULFROGHUăQLUH
)URQWOHIWPDOIXQFњ 656VDGHIHFWDWSHIDĠăVWkQJDVDXIDĠăGUHDSWD'HDVHPHQHD
WLRQ&RQVXOWZRUNVњ VHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGHLQVWUXPHQWH
KRS'HIHFĆLXQH  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
IDĆÆVW¥QJD&RQVXOњ
WDĆLDWHOLHUGH
VHUYLFH‫ڋ‬VDX‫ڋ‬
)URQWULJKWPDOњ
IXQFWLRQ&RQVXOW
ZRUNVKRS'HIHFњ
ĆLXQHIDĆÆGUHDSWD
&RQVXOWDĆLDWHOLHU
GHVHUYLFH

u  3HULFROGHUăQLUH
5HDUOHIWPDOIXQFњ 656VDGHIHFWDWSHVSDWHVWkQJDVDXVSDWHGUHDSWD'HDVHPH
WLRQ&RQVXOWZRUNVњ QHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGHLQVWUX
KRS'HIHFĆLXQH PHQWH
VSDWHVW¥QJD&RQњ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VXOWDĆLDWHOLHUGH
VHUYLFH‫ڋ‬VDX‫ڋ‬5HDU
ULJKWPDOIXQFWLRQ
&RQVXOWZRUNVKRS
'HIHFĆLXQHVSDWH
GUHDSWD&RQVXOWDĆL
DWHOLHUGHVHUYLFH

u  3HULFROGHUăQLUH
/HIWZLQGRZEDJPDOњ ([LVWăRGHIHFĠLXQHODDLUEDJXOWLSFRUWLQăGHSHSDUWHDVWkQJăúL
IXQFWLRQ&RQVXOW VDXGHSHSDUWHDGUHDSWă'HDVHPHQHDVHDSULQGHODPSDGH
ZRUNVKRS'HIHFњ DYHUWL]DUHuGLQSDQRXOGHLQVWUXPHQWH
ĆLXQHDLUEDJXUL  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WLSFRUWLQÆVW¥QJD
&RQVXOWDĆLDWHOLHU
GHVHUYLFH‫ڋ‬VDX‫ڋ‬
5LJKWZLQGRZEDJ
PDOIXQFWLRQ&RQњ
VXOWZRUNVKRS
'HIHFĆLXQHDLUEDњ
JXULWLSFRUWLQÆ
GUHDSWD&RQVXOWDĆL
DWHOLHUGHVHUYLFH
 0HVDMHGHSHGLVSOD\ 

/XPLQLYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

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

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

I ,OXPLQDUHDVXSOLPHQWDUăvQYLUDMHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ă
GHIHFWXRV
/HIWFRUQHUOLJKW 
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
,OXPVXSOLP±Q
3DJLQD
YLUDMHVW¥QJD‫ڋ‬
VDX‫ڋ‬5LJKWFRUQHU VDX
OLJKW,OXP  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VXSOLP±QYLUDMH
GUHDSWD

I )DUXOSHQWUXID]ăVFXUWăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWGLSSHGEHDP  9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
)D]ÆVFXUWÆ
3DJLQD
VW¥QJD‫ڋ‬VDX‫ڋ‬5LJKW
GLSSHGEHDP)D]Æ VDX
VFXUWÆGUHDSWD  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDVSDWHDUHPRUFLLVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
7UDLOHUOHIWWDLO  9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
ODPS/DPSÆVSDWH
VW¥QJDUHPRUFÆ‫ڋ‬ VDX
VDX‫ڋ‬7UDLOHUULJKW  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WDLOODPS/DPSÆ
VSDWHGUHDSWD
UHPRUFÆ

I 6HPQDOL]DWRUXOGHGLUHFĠLHVWkQJDVDXGUHDSWDDOUHPRUFLLIXQFĠLR
QHD]ăGHIHFWXRV
7UDLOHUOHIW  9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
LQGLF6HPQDOL]Dњ
WRUVW¥QJD VDX
UHPRUFÆ‫ڋ‬VDX‫ڋ‬7UDLњ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OHUULJKWLQGLF
6HPQDOL]DWRU
GUHDSWDUHPRUFÆ

I /DPSDGHIUkQăDUHPRUFLLIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
7UDLOHUEUDNHODPS
/DPSÆGHIU¥QÆ VDX
UHPRUFÆ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

I 6HPQDOL]DWRUXOVSDWHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
5HDUOHIWLQGLFDњ
3DJLQD
WRU6HPQDOL]DWRU
VSDWHVW¥QJD‫ڋ‬VDX‫ڋ‬ VDX
5HDUULJKWLQGLFDњ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WRU6HPQDOL]DWRU
VSDWHGUHDSWD

I 6HPQDOL]DWRUXOGHGLUHFĠLHIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ă
GHIHFWXRV
)URQWOHIWLQGLFDњ 
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
WRU6HPQDOL]DWRU
3DJLQD
IDĆÆVW¥QJD‫ڋ‬VDX‫ڋ‬
)URQWULJKWLQGLFDњ VDX
WRU6HPQDOL]DWRU  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
IDĆÆGUHDSWD

I 6HPQDOL]DWRUXOGHGLUHFĠLHGLQRJOLQGDH[WHULRDUăGHSHSDUWHD
VWkQJăVDXGHSHSDUWHDGUHDSWăIXQFĠLRQHD]ăGHIHFWXRV
/HIWPLUURULQGLFDњ 
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
WRU6HPQDOL]DWRU
3DJLQD
RJOLQGÆVW¥QJD‫ڋ‬
VDX‫ڋ‬5LJKWPLUURU VDX
LQGLFDWRU6HPQDњ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OL]DWRURJOLQGÆ
GUHDSWD

I $WUHLDODPSăGHIUkQăDUHPRUFLLIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
7KLUGEUDNHODPS
3DJLQD
$WUHLDODPSÆGH
IU¥QÆ VDX
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDVSDWHGHIUkQăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
7DLOEUDNHODPS  9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
OHIW/DPSDVSDWH
3DJLQD
GHIU¥QÆVW¥QJD‫ڋ‬
VDX‫ڋ‬7DLOEUDNH VDX
ODPSULJKW/DPSD  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VSDWHGHIU¥QÆ
GUHDSWD
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
I )D]DOXQJăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
/HIWPDLQEHDP
3DJLQD
)D]ÆOXQJÆ
VW¥QJD‫ڋ‬VDX‫ڋ‬5LJKW VDX
PDLQEHDP)D]Æ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OXQJÆGUHDSWD

I 3URLHFWRUXOGHFHDĠăIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWIRJODPS3URњ 
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
LHFWRUGHFHDĆÆ
3DJLQD
VW¥QJD‫ڋ‬VDX‫ڋ‬5LJKW
IRJODPS3URLHFњ VDX
WRUGHFHDĆÆ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GUHDSWD

I /DPSDGHFHDĠăVSDWHIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
5HDUIRJODPS3URњ
3DJLQD
LHFWRUGHFHDĆÆ
VSDWH VDX
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDGHSR]LĠLHIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
)URQWOHIWSDUNLQJ
3DJLQD
ODPS/DPSÆGH
SR]LĆLHVW¥QJD VDX
IDĆÆ‫ڋ‬VDX‫)ڋ‬URQW  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ULJKWSDUNLQJODPS
/DPSÆGHSR]LĆLH
GUHDSWDIDĆÆ

I /DPSDGHPHUVvQDSRLIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
5HYHUVLQJOLJKW
3DJLQD
/DPSÆGHPHUV±QDњ
SRL VDX
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

I /DPSDGHJDEDULWVSDWHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
5HDUOHIWPDUNHU  9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
ODPS/DPSÆGH
3DJLQD
JDEDULWVSDWH
VW¥QJD‫ڋ‬VDX‫ڋ‬5HDU VDX
ULJKWPDUNHUODPS  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/DPSÆGHJDEDULW
VSDWHGUHDSWD

I /DPSDGHFRQGXFHUHSHWLPSGH]LVWkQJDVDXGUHDSWDHVWH
GHIHFWă
/HIWGD\WLPHGULњ  9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
YLQJODPS/DPSD
3DJLQD
GHFRQGXFHUHSH
WLPSGH]LVW¥QJD VDX
VDX  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
5LJKWGD\WLPHGULњ
YLQJODPS/DPSD
GHFRQGXFHUHSH
WLPSGH]LGUHDSWD

I ,OXPLQDUHDH[WHULRDUăIXQFĠLRQHD]ăGHIHFWXRV
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0DOIXQFWLRQ
'HIHFĆLXQH $XWRYHKLFXOHFXFkUOLJGHWUDFWDUHDUHPRUFLLHVWHSRVLELOVăVHIL
DUVRVLJXUDQĠă
 9HULILFDĠLVLJXUDQĠHOH3DJLQD
 'DFăHVWHQHFHVDUvQORFXLĠLVLJXUDQĠDDUVă5HVSHFWDĠLQRWHOH
GHDYHUWLVPHQWDWXQFLFkQGIDFHĠLDFHVWOXFUX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

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

I /XPLQLOHUăPkQDFWLYDWHFkQGSăUăVLĠLDXWRYHKLFXOXO6HHPLWHGH
DVHPHQHDXQVXQHWGHDYHUWL]DUH
6ZLWFKRIIOLJKWV  5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLDX
'H]DFWLYDĆLOXPLњ
QLOH
 0HVDMHGHSHGLVSOD\ 

/XPLQLYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

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

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

I ,OXPLQDUHDVXSOLPHQWDUăvQYLUDMHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ă
GHIHFWXRV
/HIWFRUQHULQJ  9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
OLJKW/XPLQDGH
3DJLQD
YLUDMVW¥QJD‫ڋ‬VDX‫ڋ‬
5LJKWFRUQHULQJ VDX
OLJKW/XPLQDGH  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
YLUDMGUHDSWD

I )DUXOSHQWUXID]ăVFXUWăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWGLSSHGEHDP  9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
)D]ÆVFXUWÆ
3DJLQD
VW¥QJD‫ڋ‬VDX‫)ڋ‬D]Æ
VFXUWÆGUHDSWD VDX
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDVSDWHDUHPRUFLLVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
7UDLOHUOHIWWDLO  9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
ODPS/DPSÆVSDWH
VW¥QJDUHPRUFÆ‫ڋ‬ VDX
VDX‫ڋ‬7UDLOHUULJKW  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WDLOODPS/DPSÆ
VSDWHGUHDSWD
UHPRUFÆ

I 6HPQDOL]DWRUXOGHGLUHFĠLHVWkQJDVDXGUHDSWDDOUHPRUFLLIXQFĠLR
QHD]ăGHIHFWXRV
7UDLOHUOHIWLQGLњ  9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
FDWRU,QGLFDWRU
VW¥QJDUHPRUFÆ‫ڋ‬ VDX
VDX‫ڋ‬7UDLOHUULJKW  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LQGLFDWRU,QGLFDњ
WRUGUHDSWD
UHPRUFÆ

I /DPSDGHIUkQăDUHPRUFLLIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLVLQJXUEHFXO
7UDLOHUEUDNHODPS
/DPSÆGHIU¥QÆ VDX
UHPRUFÆ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

I 6HPQDOL]DWRUXOVSDWHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
5HDUOHIWLQGLFDњ
3DJLQD
WRU,QGLFDWRU
VW¥QJDVSDWH‫ڋ‬VDX‫ڋ‬ VDX
5HDUULJKWLQGLFDњ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WRU,QGLFDWRU
GUHDSWDVSDWH

I 6HPQDOL]DWRUXOGHGLUHFĠLHIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ă
GHIHFWXRV
)URQWOHIWLQGLFDњ 
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
WRU,QGLFDWRU
3DJLQD
VW¥QJDIDĆÆ‫ڋ‬VDX‫ڋ‬
)URQWULJKWLQGLFDњ VDX
WRU,QGLFDWRU  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GUHDSWDIDĆÆ

I 6HPQDOL]DWRUXOGHGLUHFĠLHGLQRJOLQGDH[WHULRDUăGHSHSDUWHD
VWkQJăVDXGHSHSDUWHDGUHDSWăIXQFĠLRQHD]ăGHIHFWXRV
/HIWPLUURULQGLFDњ 
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
WRU,QGLFDWRU±Q
3DJLQD
RJOLQGÆVW¥QJD‫ڋ‬
VDX‫ڋ‬5LJKWPLUURU VDX
LQGLFDWRU,QGLFDњ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WRU±QRJOLQGÆ
GUHDSWD

I $WUHLDODPSăGHIUkQăDUHPRUFLLIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
7KLUGEUDNHODPS
3DJLQD
$WUHLDODPSÆGH
IU¥QÆ VDX
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDVSDWHGHIUkQăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWKDQGWDLO  9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
ODPSEUDNHODPS
3DJLQD
/DPSÆVSDWHODPSÆ
GHIU¥QÆVW¥QJD‫ڋ‬ VDX
VDX‫ڋ‬5LJKWKDQG  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WDLOODPSEUDNH
ODPS/DPSÆVSDWH
ODPSÆGHIU¥QÆ
GUHDSWD
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
I )D]DOXQJăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
/HIWPDLQEHDP
3DJLQD
)D]ÆOXQJÆ
VW¥QJD‫ڋ‬VDX‫ڋ‬5LJKW VDX
PDLQEHDP)D]Æ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OXQJÆGUHDSWD

I 3URLHFWRUXOGHFHDĠăIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
/HIWIRJODPS3URњ 
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
LHFWRUGHFHDĆÆ
3DJLQD
VW¥QJD‫ڋ‬VDX‫ڋ‬5LJKW
IRJODPS3URLHFњ VDX
WRUGHFHDĆÆ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GUHDSWD

I /DPSDGHFHDĠăVSDWHIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
5HDUIRJODPS
3DJLQD
/DPSÆGHFHDĆÆ
VSDWH VDX
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDGHSR]LĠLHIDĠăVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
)URQWOHIWSDUNLQJ
3DJLQD
ODPS/DPSÆGH
SR]LĆLHVW¥QJD VDX
IDĆÆ‫ڋ‬VDX‫)ڋ‬URQW  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ULJKWSDUNLQJODPS
/DPSÆGHSR]LĆLH
GUHDSWDIDĆÆ

I /DPSDGHPHUVvQDSRLIXQFĠLRQHD]ăGHIHFWXRV
 9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
5HYHUVLQJOLJKW
3DJLQD
/DPSÆGHPHUV±QDњ
SRL VDX
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

I /DPSDGHJDEDULWVSDWHVWkQJDVDXGUHDSWDIXQFĠLRQHD]ăGHIHF
WXRV
5HDUOHIWVLGHPDUњ 
9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
NHUODPS/DPSÆGH
3DJLQD
JDEDULWODWHUDOÆ
VW¥QJDVSDWH‫ڋ‬VDX‫ڋ‬ VDX
5HDUULJKWVLGH  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
PDUNHUODPS/DPSÆ
GHJDEDULWODWHњ
UDOÆGUHDSWDVSDWH

I /DPSDGHFRQGXFHUHSHWLPSGH]LVWkQJDVDXGUHDSWDHVWH
GHIHFWă
/HIWGD\WLPHGULњ  9HULILFDĠLGDFăYLVHSHUPLWHVăVFKLPEDĠLSHUVRQDOEHFXO
YLQJODPS/DPSD
3DJLQD
GHFRQGXFHUHSH
WLPSGH]LVW¥QJD‫ڋ‬ VDX
VDX‫ڋ‬5LJKWGD\WLPH  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GULYLQJODPS
/DPSDGHFRQGXњ
FHUHSHWLPSGH]L
GUHDSWD

I 6LVWHPXOGHOXPLQLLQWHOLJHQWHIXQFĠLRQHD]ăGHIHFWXRV/XPLQLOH
UăPkQGLVSRQLELOHIăUăVLVWHPGHOXPLQLLQWHOLJHQWH
,QWHOO/LJKW6\Vњ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WHPLQRSHUDWLYH
6LVWHPGHOXPLQL
LQWHOLJHQWH
QHIXQFĆLRQDO

I ,OXPLQDUHDH[WHULRDUăIXQFĠLRQHD]ăGHIHFWXRV
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0DOIXQFWLRQ6HH
2ZQHU
V0DQXDO $XWRYHKLFXOHFXFkUOLJGHWUDFWDUHDUHPRUFLLHVWHSRVLELOVăVHIL
'HIHFĆLXQH&RQњ DUVRVLJXUDQĠă
VXOWDĆL0DQXDOXO
 9HULILFDĠLVLJXUDQĠHOH3DJLQD
GHXWLOL]DUH
 'DFăHVWHQHFHVDUvQORFXLĠLVLJXUDQĠDDUVă5HVSHFWDĠLQRWHOH
GHDYHUWLVPHQWDWXQFLFkQGIDFHĠLDFHVWOXFUX
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
I 6HQ]RUXOGHOXPLQăHVWHGHIHFW
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$872OLJKWVLQRSHњ
UDWLYH)DUXUL
$872QHIXQFĆLRњ
QDOH

I /XPLQLOHUăPkQDFWLYDWHFkQGSăUăVLĠLDXWRYHKLFXOXO6HHPLWHGH
DVHPHQHDXQVXQHWGHDYHUWL]DUH
6ZLWFKRIIOLJKWV  5RWLĠLFRPXWDWRUXOGHOXPLQLvQSR]LĠLDX
2SULĆLIDUXULOH
$GDSWLYH0DLQEHDP $VLVWHQĠDSHQWUXID]DOXQJăDGDSWLYăIXQFĠLRQHD]ăGHIHFWXRV
$VVLVWLQRSHUDWLYH  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$VLVWHQĆÆSHQWUX
ID]ÆOXQJÆDGDSњ
WLYÆQHIXQFĆLRњ
QDOÆ

$GDSWLYH0DLQEHDP $VLVWHQĠăSHQWUXID]ăOXQJăDGDSWLYăHVWHGH]DFWLYDWăúLWHPSRUDU
$VVLVWFXUUHQWO\ QHIXQFĠLRQDOăGDFă
XQDYDLODEOH6HH =SDUEUL]XOHVWHPXUGDUvQUD]DGHILOPDUHDFDPHUHL
2ZQHU
V0DQXDO =YL]LELOLWDWHDHVWHDIHFWDWăGLQFDX]DSORLL]ăSH]LLVDXFHĠLLDEXQ
$VLVWHQĆDSHQWUX
GHQWH
ID]ÆOXQJÆDGDSњ
WLYÆPRPHQWDQ  &XUăĠDĠLSDUEUL]XO
LQGLVSRQLELOÆ $VLVWHQĠDSHQWUXID]ăOXQJăDGDSWLYăHVWHGLVSRQLELOăGLQQRXGDFă
&RQVXOWDĆL0DQXDњ =PXUGăULDGHH[QRURLXOFDGHFkQGDXWRYHKLFXOXOHVWHvQPLú
OXOGHXWLOL]DUH
FDUH
=VLVWHPXOGHWHFWHD]ăIDSWXOFăDUHGHYHQLWFRPSOHWIXQFĠLRQDOă
FDPHUD
6HDILúHD]ăPHVDMXO$GDSWLYH0DLQEHDP$VVLVWDYDLODEOH
DJDLQ$VLVWHQĆDSHQWUXID]ÆOXQJÆDGDSWLYÆGLVSRQLњ
ELOÆGLQQRX


 0HVDMHGHSHGLVSOD\

0RWRUYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
7RSXS 1LYHOXOOLFKLGXOXLGHUăFLUHHVWHSUHDVFă]XW
FRRODQW&RPSOHњ  &RPSOHWDĠLFXOLFKLGGHUăFLUHUHVSHFWkQGWRWRGDWăQRWHOHGH
WDĆLFXOLFKLGGH DYHUWL]DUH3DJLQD
UÆFLUH  'DFăOLFKLGXOGHUăFLUHWUHEXLHVăILHFRPSOHWDWPDLGHVFDGH
RELFHLVROLFLWDĠLYHULILFDUHDVLVWHPXOXLGHOLFKLGGHUăFLUHDPRWR
UXOXLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

¬ /LFKLGXOGHUăFLUHVDvQFLQV
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
6WRSYHKLFOH6Z
 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
HQJ2II2SULĆL
DXWRYHKLFXOXO úLWUDILFúLRSULĠLPRWRUXO
2SULĆLPRWRUXO  $VLJXUDĠLYăFăDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
HVWHEORFDWăGHH[GHODSRYLĠăvQJKHĠDWă
 6DXDúWHSWDĠLFDPHVDMXOGHSHGLVSOD\VăGLVSDUăvQDLQWHGHD
UHSRUQLPRWRUXOÌQFD]FRQWUDUH[LVWăULVFXODYDULHULLPRWRUXOXL
 $FRUGDĠLDWHQĠLHDILúDMXOXLWHPSHUDWXULLOLFKLGXOXLGHUăFLUH
 'DFăWHPSHUDWXUDFUHúWHGLQQRXDSHODĠLODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWLPHGLDW

(VWHSRVLELOVăVHILUXSWFXUHDXDWUDSH]RLGDOă
 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
úLWUDILFúLRSULĠLPRWRUXO
 'HVFKLGHĠLFDSRWD
 9HULILFDĠLGDFăHVWHUXSWăFXUHDXDWUDSH]RLGDOă

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

ÌQFD]XOvQFDUHFXUHDXDWUDSH]RLGDOăHVWHLQWDFWă
 6DXDúWHSWDĠLFDPHVDMXOGHSHGLVSOD\VăGLVSDUăvQDLQWHGHD
UHSRUQLPRWRUXOÌQFD]FRQWUDUH[LVWăULVFXODYDULHULLPRWRUXOXL
 $FRUGDĠLDWHQĠLHDILúDMXOXLWHPSHUDWXULLOLFKLGXOXLGHUăFLUH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
¬ 0RWRUXOYHQWLODWRUXOXLHVWHGHIHFW
 'DFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXE‚SXWHĠL
FRQWLQXDVăFRQGXFHĠLSkQăODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDĠLVDUFLQLOHJUHOHDVXSUDPRWRUXOXLFkQGIDFHĠLDFHVWOXFUX
GHH[FRQGXFHĠLSHGUXPXULGHPXQWHúLvQWUDILFFXRSULULúL
SRUQLUL

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

 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
úLWUDILFúLRSULĠLPRWRUXO
 'HVFKLGHĠLFDSRWD
 9HULILFDĠLGDFăHVWHUXSWăFXUHDXDWUDSH]RLGDOă

ÌQFD]XOvQFDUHFXUHDXDWUDSH]RLGDOăHVWHUXSWă
 1XFRQWLQXDĠLVăFRQGXFHĠLÌQFD]FRQWUDUPRWRUXOVHSRDWH
VXSUDvQFăO]L
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ÌQFD]XOvQFDUHFXUHDXDWUDSH]RLGDOăHVWHLQWDFWă
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

² 1LYHOXOXOHLXOXLGHPRWRUDVFă]XWODXQQLYHOFULWLF
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
&KHFNHQJRLO
 9HULILFDĠLQLYHOXOXOHLXOXL3DJLQD
OHYHO9HULILFDĆL
QLYHOXOXOHLXOXL  'DFăVLWXDĠLDRFHUHFRPSOHWDĠLFXXOHLGHPRWRU
GHPRWRU 3DJLQD
 6ROLFLWDĠLYHULILFDUHDGHVFXUJHULDPRWRUXOXLvQFD]XOvQFDUH
FRPSOHWDUHDFXXOHLGHPRWRUHVWHQHFHVDUăPDLIUHFYHQWGHFkW
GHRELFHL

¶ 1LYHOXOGHFDUEXUDQWDVFă]XWSkQăvQLQWHUYDOXOGHUH]HUYă
)XQFĠLRQDUHDvQFăO]LULLDX[LOLDUHHVWHGH]DFWLYDWăFkQGQLYHOXOGH
5HVHUYHIXHOOHYHO FDUEXUDQWLQWUăvQLQWHUYDOXOGHUH]HUYă
1LYHOFDUEXUDQW
 $OLPHQWDĠLODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH
GHUH]HUYÆ


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

¨ ÌQUH]HUYRUXOGHFDUEXUDQWVHPDLDIOăGRDURFDQWLWDWHLQILPăGH
FDUEXUDQW
ÌQFăO]LUHDDX[LOLDUăQXSRDWHILDFĠLRQDWă
 $OLPHQWDĠLREOLJDWRULXODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH

ž $XWRYHKLFXOHFXPRWRUGLHVHOILOWUXOGHDHUDOPRWRUXOXLHVWHDQFUD
VDWúLQHFHVLWăvQORFXLUH
SLFLRDUH5HSODFH  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
DLUFOHDQHU‘QORњ
FXLĆLILOWUXOGH
DHU

I $XWRYHKLFXOHFXPRWRUGLHVHOH[LVWăDSăvQILOWUXOGHFDUEXUDQW
$SDWUHEXLHVăILHGUHQDWă
SLFLRDUH&OHDQWKH  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
IXHOILOWHU
&XUÆĆDĆLILOWUXO
GHFDUEXUDQW

0RWRUYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

½ 1LYHOXOOLFKLGXOXLGHUăFLUHHVWHSUHDVFă]XW
 &RPSOHWDĠLFXOLFKLGGHUăFLUHUHVSHFWkQGWRWRGDWăQRWHOHGH
7RSXSFRRODQW6HH
DYHUWL]DUH3DJLQD
2ZQHU
V0DQXDO
 'DFăOLFKLGXOGHUăFLUHWUHEXLHVăILHFRPSOHWDWPDLGHVFDGH
&RPSOHWDĆLFX
OLFKLGGHUÆFLUH RELFHLVROLFLWDĠLYHULILFDUHDVLVWHPXOXLGHOLFKLGGHUăFLUHDPRWR
&RQVXOWDĆL0DQXDO UXOXLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GHXWLOL]DUH

¬ /LFKLGXOGHUăFLUHVDvQFLQV
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
&RRODQW6WRSYHKLњ
 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
FOH6ZLWFKHQJLQH
RII/LFKLGGH úLWUDILFúLRSULĠLPRWRUXO
UÆFLUH2SULĆL  $VLJXUDĠLYăFăDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
PDĂLQDRSULĆL HVWHEORFDWăGHH[GHODSRYLĠăvQJKHĠDWă
PRWRUXO  6DXDúWHSWDĠLFDPHVDMXOGHSHGLVSOD\VăGLVSDUăvQDLQWHGHD
UHSRUQLPRWRUXOÌQFD]FRQWUDUH[LVWăULVFXODYDULHULLPRWRUXOXL
 $FRUGDĠLDWHQĠLHDILúDMXOXLWHPSHUDWXULLOLFKLGXOXLGHUăFLUH
 'DFăWHPSHUDWXUDFUHúWHGLQQRXDSHODĠLODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWLPHGLDW
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
(VWHSRVLELOVăVHILUXSWFXUHDXDWUDSH]RLGDOă
 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
úLWUDILFúLRSULĠLPRWRUXO
 'HVFKLGHĠLFDSRWD
 9HULILFDĠLGDFăHVWHUXSWăFXUHDXDWUDSH]RLGDOă

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

ÌQFD]XOvQFDUHFXUHDXDWUDSH]RLGDOăHVWHLQWDFWă
 6DXDúWHSWDĠLFDPHVDMXOGHSHGLVSOD\VăGLVSDUăvQDLQWHGHD
UHSRUQLPRWRUXOÌQFD]FRQWUDUH[LVWăULVFXODYDULHULLPRWRUXOXL
 $FRUGDĠLDWHQĠLHDILúDMXOXLWHPSHUDWXULLOLFKLGXOXLGHUăFLUH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

¬ 0RWRUXOYHQWLODWRUXOXLHVWHGHIHFW
 'DFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXE‚SXWHĠL
FRQWLQXDVăFRQGXFHĠLSkQăODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDĠLVDUFLQLOHJUHOHDVXSUDPRWRUXOXLFkQGIDFHĠLDFHVWOXFUX
GHH[FRQGXFHĠLSHGUXPXULGHPXQWHúLvQWUDILFFXRSULULúL
SRUQLUL

= %DWHULDQXHVWHvQFăUFDWă
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
&DX]HSRVLELOHVXQW
=XQDOWHUQDWRUGHIHFW
=RFXUHDWUDSH]RLGDOăUXSWă
=RGHIHFĠLXQHODVLVWHPHOHHOHFWURQLFH

 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
úLWUDILFúLRSULĠLPRWRUXO
 'HVFKLGHĠLFDSRWD
 9HULILFDĠLGDFăHVWHUXSWăFXUHDXDWUDSH]RLGDOă

ÌQFD]XOvQFDUHFXUHDXDWUDSH]RLGDOăHVWHUXSWă
 1XFRQWLQXDĠLVăFRQGXFHĠLÌQFD]FRQWUDUPRWRUXOVHSRDWH
VXSUDvQFăO]L
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ÌQFD]XOvQFDUHFXUHDXDWUDSH]RLGDOăHVWHLQWDFWă
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

² 1LYHOXOXOHLXOXLGHPRWRUDVFă]XWODXQQLYHOFULWLF
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
&KHFNHQJRLO
 9HULILFDĠLQLYHOXOXOHLXOXL3DJLQD
OHYZKHQQH[W
UHIXHOOLQJ9HULњ  'DFăVLWXDĠLDRFHUHFRPSOHWDĠLFXXOHLGHPRWRU
ILFDĆLQLYHOXO 3DJLQD
XOHLGHPRWRUGDWD  6ROLFLWDĠLYHULILFDUHDGHVFXUJHULDPRWRUXOXLvQFD]XOvQFDUH
XUPÆWRDUHF¥QGDOLњ FRPSOHWDUHDFXXOHLGHPRWRUHVWHQHFHVDUăPDLIUHFYHQWGHFkW
PHQWDĆL GHRELFHL

¶ 1LYHOXOGHFDUEXUDQWDVFă]XWSkQăvQLQWHUYDOXOGHUH]HUYă
)XQFĠLRQDUHDvQFăO]LULLDX[LOLDUHHVWHGH]DFWLYDWăFkQGQLYHOXOGH
5HVHUYHIXHOOHYHO FDUEXUDQWLQWUăvQLQWHUYDOXOGHUH]HUYă
1LYHOXOFDUEXUDQњ
 $OLPHQWDĠLODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH
WXOXLGHUH]HUYÆ

¨ ÌQUH]HUYRUXOGHFDUEXUDQWVHPDLDIOăGRDURFDQWLWDWHLQILPăGH
FDUEXUDQW
ÌQFăO]LUHDDX[LOLDUăQXSRDWHILDFĠLRQDWă
 $OLPHQWDĠLREOLJDWRULXODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH

ž $XWRYHKLFXOHFXPRWRUGLHVHOILOWUXOGHDHUDOPRWRUXOXLHVWHDQFUD
VDWúLQHFHVLWăvQORFXLUH
SLFLRDUH5HSODFH  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
DLUFOHDQHU‘QORњ
FXLĆLILOWUXOGH
DHU

I $XWRYHKLFXOHFXPRWRUGLHVHOH[LVWăDSăvQILOWUXOGHFDUEXUDQW
$SDWUHEXLHVăILHGUHQDWă
SLFLRDUH&OHDQWKH  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
IXHOILOWHU
&XUÆĆDĆLILOWUXO
GHFDUEXUDQW
 0HVDMHGHSHGLVSOD\ 

6LVWHPHGHDVLVWDUHDFRQGXFHULLYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
+2/' )XQFĠLD+2/'HVWHGH]DFWLYDWă$XWRYHKLFXOXOGHUDSHD]ă
2II2SULW 6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
 5HDFWLYDĠLIXQFĠLD+2/'PDLWkU]LX3DJLQD

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

&UXLVHFWUO/,0 &RQWUROXOFURD]LHUHLúL63(('7521,&IXQFĠLRQHD]ăGHIHFWXRV
&WUOFURD]LHUÆ 6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
/,0  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LQRSHUDWLYH
QHIXQFĆLRQDO
&UXLVHFRQWURO 1XVDvQGHSOLQLWRFRQGLĠLHGHDFWLYDUHDFRQWUROXOXLFURD]LHUHL
&RQWUROFURDњ $ĠLvQFHUFDWVăVWRFDĠLRYLWH]ăVXENPKGHH[HPSOX
]LHUÆ  ÌQFD]XOvQFDUHFRQGLĠLLOHRSHUPLWFRQGXFHĠLFXRYLWH]ăGHSHVWH
NPK NPKúLPHPRUDĠLYLWH]D
 9HULILFDĠLFRQGLĠLLOHGHDFWLYDUHSHQWUXFRQWUROXOFURD]LHUHL
3DJLQD

NPK 1XPDLvQDQXPLWHĠăULYLWH]DPD[LPăDIRVWGHSăúLWă
NPK  &RQGXFHĠLPDLvQFHW


 0HVDMHGHSHGLVSOD\

6LVWHPHGHDVLVWDUHDFRQGXFHULLYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

­ 3HED]DXQRUFULWHULLVSHFLILFH$6,67(178/'(0(1ğ,1(5($7(1
ğ,(DVWDELOLWFăúRIHUXOHVWHRERVLWVDXFăQLYHOXOVăXGHDWHQĠLHD
$WWHQWLRQ$VVLVW VFă]XW6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
'URZVLQHVVGHWHFњ  'DFăVLWXDĠLDRFHUHIDFHĠLRSDX]ă
WHG$VLVWHQWPHQњ
ĆLQHUHDWHQĆLH ÌQWLPSXOFăOăWRULLORUOXQJLIDFHĠLSDX]HUHJXODWHvQWLPSXWLOSHQWUX
6RPQROHQĆÆGHWHFњ DYăRGLKQLVXILFLHQW
WDWÆ

­ $6,67(178/'(0(1ğ,1(5($7(1ğ,(VDGHIHFWDW
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$WWHQWLRQ$VVLVW
LQRSHUDWLYH$VLVњ
WHQWPHQĆLQHUH
DWHQĆLHQHIXQFĆLRњ
QDO
6SHHG/LPLW$VVLVW $VLVWDUHSHQWUXOLPLWDUHDYLWH]HLHVWHGH]DFWLYDWăúLQHIXQFĠLRQDOă
$VLVWDUHSHQWUX WHPSRUDUGDFă
OLPLWDUHDYLWH]HL =SDUEUL]XOHVWHPXUGDUvQUD]DGHILOPDUHDFDPHUHL
&XUUHQWO\XQDYDLњ =YL]LELOLWDWHDHVWHDIHFWDWăGLQFDX]DSORLL]ăSH]LLVDXFHĠLLDEXQ
ODEOH6HH2ZQHU
V GHQWH
0DQXDO0RPHQWDQ
$VLVWDUHSHQWUXOLPLWDUHDYLWH]HLHVWHGLQQRXIXQFĠLRQDOăLDUPHVD
LQGLVSRQLELO&RQњ
MXOGHSHGLVSOD\GLVSDUHGDFă
VXOWDĆL0DQXDOXO
GHXWLOL]DUH =PXUGăULDGHH[QRURLXOFDGHFkQGDXWRYHKLFXOXOHVWHvQPLú
FDUH
=VLVWHPXOGHWHFWHD]ăIDSWXOFăDUHGHYHQLWFRPSOHWIXQFĠLRQDOă
FDPHUD
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 &XUăĠDĠLSDUEUL]XO

6SHHG/LPLW $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLVSRQLELOăQXPDLvQDQX
$VVLVW$VLVWDUH PLWHĠăUL
SHQWUXOLPLWDUHD  &RQWLQXDĠLVăFRQGXFHĠL
YLWH]HL $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLVSRQLELOăGLQQRXFkQG
8QDYDLODEOHLQ FRQGXFHĠLvQWURĠDUăvQFDUHXWLOL]DUHDVDHVWHDSUREDWă
WKLVFRXQWU\
,QGLVSRQLELO±Q
DFHDVWÆĆDUÆ
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
6SHHG/LPLW$VVLVW $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLIXQFĠLRQHD]ăGHIHFWXRV
$VLVWDUHSHQWUX  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OLPLWDUHDYLWH]HL
LQRSHUDWLYH
QHIXQFĆLRQDO
+2/' )XQFĠLD+2/'HVWHGH]DFWLYDWă$XWRYHKLFXOXOGHUDSHD]ă
2II'H]DFWLYDW 6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
 5HDFWLYDĠLIXQFĠLD+2/'PDLWkU]LX3DJLQD

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

5DGDUVHQVRU6HQњ $XWRYHKLFXOHFXXQVLVWHPGHQDYLJDĠLHDXWRYHKLFXOXOHVWH

]RUUDGDU DSURDSHGHRXQLWDWHUDGLRWHOHVFRSQHILLQGXLDVWIHOSHUPLVăWUDQV
GHDFWLYDWHGDXWRP PLWHUHDVHPQDOHORUUDGDU6LVWHPXOGHVHQ]RUUDGDUVDGH]DFWLYDW
6HH2ZQHU
V0DQXDO DXWRPDW3DJLQD
GH]DFWLYDWDXWRP ',67521,&3/863DJLQDHVWHGH]DFWLYDWDXWRPDWGDFă
&RQVXOWDĆL0DQXDњ HVWHDFWLYDW6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
OXOGHXWLOL]DUH $VLVWHQĠDODXQJKLXOPRUW3DJLQDVDX$VLVWHQĠDDFWLYăOD
XQJKLXOPRUW3DJLQDHVWHGH]DFWLYDWăDXWRPDWGDFăHVWH
DFWLYDWă/ăPSLOHLQGLFDWRDUHcJDOEHQHVHDSULQGGHDVHPH
QHDvQRJOLQ]LOHH[WHULRDUH
%$63/866LVWHPGHDVLVWDUHODIUkQDUH3/863DJLQDúL
IUkQD35(6$)(Š3DJLQDVXQWDSRLGHDVHPHQHDLQGLVSR
QLELOH
 &RQWLQXDĠLVăFRQGXFHĠL
2GDWăFHYDĠLvQGHSăUWDWVXILFLHQWGHUDGLRWHOHVFRSIXQFĠLLOHGH
PDLVXVVXQWGLVSRQLELOHGLQQRX

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


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

5DGDUVHQVRU6HQњ 6LVWHPXOGHVHQ]RUUDGDUHVWHGH]DFWLYDW

]RUUDGDU  9HULILFDĠLGDFăVLVWHPXOGHVHQ]RULUDGDUSRDWHVDXQXVăILH
GHDFWLYDWHG6HH DFWLYDW3DJLQD
2ZQHU
V0DQXDO  $FWLYDĠLVLVWHPXOGHVHQ]RULUDGDU3DJLQD
GH]DFWLYDW&RQњ
VXOWDĆL0DQXDOXO
GHXWLOL]DUH
/DQH.HHSLQJ $VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUVVDXDVLVWHQĠDDFWLYă
$VVLVWFXUUHQWO\ SHQWUXPHQĠLQHUHDEHQ]LLGHPHUVHVWHGH]DFWLYDWăúLQHIXQFĠLR
XQDYDLODEOH6HH QDOăWHPSRUDUGDFă
2ZQHU
V0DQXDO =SDUEUL]XOHVWHPXUGDUvQUD]DGHILOPDUHDFDPHUHL
$VLVWHQĆDSHQWUX =YL]LELOLWDWHDHVWHDIHFWDWăGLQFDX]DSORLL]ăSH]LLVDXFHĠLLDEXQ
PHQĆLQHUHDEHQ]LL
GHQWH
GHPHUVPRPHQWDQ
=QXH[LVWăPDUFDMHGHEDQGăSHGLVWDQĠHPDLPDUL
LQGLVSRQLELOÆ
&RQVXOWDĆL0DQXDњ =PDUFDMHOHGHEDQGăVXQWGHWHULRUDWHREVFXUHVDXDFRSHULWHGH
OXOGHXWLOL]DUH‫ڋ‬ H[HPSOXGHPXUGăULHVDXGH]ăSDGă
VDX‫ڋ‬$FWLYH/DQH $VLVWHQĠDSHQWUXPHQĠLQHUHDEHQ]LLGHPHUVVDXDVLVWHQĠDDFWLYă
.HHSLQJ$VVLVWFXUњ SHQWUXPHQĠLQHUHDEHQ]LLGHPHUVHVWHGLQQRXIXQFĠLRQDOăLDU
UHQWO\XQDYDLODEOH PHVDMXOGHSHGLVSOD\GLVSDUHGDFă
6HH2ZQHU
V0DQXDO =PXUGăULDGHH[QRURLXOFDGHFkQGDXWRYHKLFXOXOHVWHvQPLú
$VLVWHQĆDDFWLYÆ FDUH
SHQWUXPHQĆLQHUHD
=VLVWHPXOGHWHFWHD]ăIDSWXOFăDUHGHYHQLWFRPSOHWIXQFĠLRQDOă
EHQ]LLGHPHUV
PRPHQWDQLQGLVSRњ FDPHUD
QLELOÆ&RQVXOWDĆL 'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
0DQXDOXOGHXWLOLњ  &XUăĠDĠLSDUEUL]XO
]DUH

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

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
%OLQG6SRW$VVLVW $VLVWHQĠDODXQJKLXOPRUWVDXDVLVWHQĠDDFWLYăODXQJKLXOPRUWHVWH
FXUUHQWO\XQDYDLњ WHPSRUDUQHIXQFĠLRQDOăGDFă
ODEOH6HH2ZQHU
V =DĠLVWDELOLWFRQH[LXQHDHOHFWULFăGLQWUHUHPRUFăúLDXWRYHKLFXOXO
0DQXDO$VLVWHQĆD GXPQHDYRDVWUă
ODXQJKLXOPRUW =VHQ]RULLVXQWPXUGDUL
PRPHQWDQLQGLVSRњ
=IXQFĠLRQDUHDDFHVWXLDHVWHDIHFWDWăGLQFDX]DSORLLVDX]ăSH]LL
QLELOÆ&RQVXOWDĆL
0DQXDOXOGHXWLOLњ DEXQGHQWH
]DUH‫ڋ‬VDX‫ڋ‬$FWLYH =VLVWHPXOGHVHQ]RULUDGDUQXVHDIOăvQLQWHUYDOXOGHWHPSHUDWXUă
%OLQG6SRW$VVLVW GHIXQFĠLRQDUH
FXUUHQWO\XQDYDLњ =VLVWHPXOGHVHQ]RULUDGDUHVWHWHPSRUDUQHIXQFĠLRQDOGHH[GLQ
ODEOH6HH2ZQHU
V FDX]DUDGLDĠLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
0DQXDO$VLVWHQĆD UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDĠLLHOHFWURPDJQH
DFWLYÆODXQJKLXO WLFH
PRUWPRPHQWDQ /ăPSLOHLQGLFDWRDUHcJDOEHQHVHDSULQGGHDVHPHQHDvQRJOLQ
LQGLVSRQLELOÆ ]LOHH[WHULRDUH
&RQVXOWDĆL0DQXDњ
 &kQGWUDFWDĠLRUHPRUFăFRQILUPDĠLPHVDMXOGHSHGLVSOD\SULQ
OXOGHXWLOL]DUH
v
&kQGFRQGXFHĠLIăUăRUHPRUFă
$VLVWHQĠDODXQJKLXOPRUWVDXDVLVWHQĠDDFWLYăODXQJKLXOPRUWHVWH
GLQQRXIXQFĠLRQDOăLDUPHVDMXOGHSHGLVSOD\GLVSDUHGDFă
=PXUGăULDGHH[QRURLXOFDGHFkQGDXWRYHKLFXOXOHVWHvQPLú
FDUH
=VLVWHPXOGHWHFWHD]ăIDSWXOFăVHQ]RULLVXQWFRPSOHWGLVSRQLELOL
GLQQRX
=VLVWHPXOGHVHQ]RULUDGDUVHDIOăGLQQRXvQLQWHUYDOXOGHWHP
SHUDWXUăGHIXQFĠLRQDUH
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 &XUăĠDĠLVHQ]RULL3DJLQD
 5HSRUQLĠLPRWRUXO

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


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

3DUNLQJ*XLGDQFH $VLVWDUHDSDUFăULLHVWHGHIHFWă3DJLQD

$VLVWDUHD  5HSRUQLĠLPRWRUXO
SDUFÆULL
'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
LQRSHUDWLYH  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QHIXQFĆLRQDO
3DUNLQJ*XLGDQFH $VLVWDUHDSDUFăULLDIRVWGH]DFWLYDWăGHRDUHFH
$VLVWDUHD =DXWRYHKLFXOXOGHUDSHD]ă
SDUFÆULL =VHQ]RULLVXQWPXUGDUL
DQXODW =VDSURGXVRGHIHFĠLXQH

6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
 5HDFWLYDĠL$VLVWDUHDSDUFăULLPDLWkU]LX3DJLQD

'DFăVLPEROXOVSDĠLXOXLGHSDUFDUHQXDSDUHSHDILúDMXOPXOWLIXQF
ĠLRQDOODYLWH]HVXENPK
 &XUăĠDĠLVHQ]RULL3DJLQD
 5HSRUQLĠLPRWRUXO

'DFăVLPEROXOVSDĠLXOXLGHSDUFDUHFRQWLQXăVăQXDSDUăSHDILúDMXO
PXOWLIXQFĠLRQDOODYLWH]HVXENPK
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

$VLVWDUHDSDUFăULLDIRVWGH]DFWLYDWăGHRDUHFHQXPDLXUPDĠLWUD
VHXOUHFRPDQGDW
 3DUFDĠLGLQQRXúLvQWUHWLPSUHVSHFWDĠLPHVDMHOHGHSHGLVSOD\
GLQDILúDMXOPXOWLIXQFĠLRQDO

3DUNLQJ*XLGDQFH $XWRYHKLFXOXOHVWHSDUFDW6HHPLWHGHDVHPHQHDXQVXQHWGH
$VLVWDUHD DYHUWL]DUH
SDUFÆULL 0HVDMXOGHSHGLVSOD\GLVSDUHDXWRPDW
ILQLVKHGWHUPLњ
QDW
',67521,&3/86 ',67521,&3/86DIRVWGH]DFWLYDW3DJLQD'DFăDIRVW
RIIGH]DFWLYDW GH]DFWLYDWDXWRPDWVHHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH

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

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
',67521,&3/86 ',67521,&3/86HVWHGH]DFWLYDWúLHVWHWHPSRUDUQHIXQFĠLRQDO
FXUUHQWO\XQDYDLњ GDFă
ODEOH6HH2ZQHU
V =FDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXLHVWHPXUGDU
0DQXDOPRPHQWDQ =VHQ]RULLGLQEDUDGHSURWHFĠLHVXQWPXUGDUL
LQGLVSRQLELO&RQњ =VLVWHPXOGHVHQ]RULUDGDUHVWHWHPSRUDUQHIXQFĠLRQDOGHH[GLQ
VXOWDĆL0DQXDOXO
FDX]DUDGLDĠLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
GHXWLOL]DUH
UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDĠLLHOHFWURPDJQH
WLFH
=IXQFĠLRQDUHDDFHVWXLDHVWHDIHFWDWăGLQFDX]DSORLLVDX]ăSH]LL
DEXQGHQWH
=VLVWHPXOQXVHDIOăvQLQWHUYDOXOGHWHPSHUDWXUăGHIXQFĠLRQDUH
=WHQVLXQHDGHODERUGHVWHSUHDVFă]XWă

6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
',67521,&3/86HVWHGLQQRXIXQFĠLRQDOLDUPHVDMXOGHSHGLVSOD\
GLVSDUHGDFă
=PXUGăULDGHH[QRURLXOFDGHFkQGDXWRYHKLFXOXOHVWHvQPLú
FDUH
=VLVWHPXOGHWHFWHD]ăIDSWXOFăVHQ]RULLVXQWFRPSOHWGLVSRQLELOL
GLQQRX
=VLVWHPXOVHDIOăvQLQWHUYDOXOGHWHPSHUDWXUăGHIXQFĠLRQDUH

'DFăPHVDMXOGHSHGLVSOD\FRQWLQXăVăILHDILúDW
 &XUăĠDĠLFDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXL
3DJLQD
 &XUăĠDĠLEDUHOHGHSURWHFĠLH3DJLQD
 5HSRUQLĠLPRWRUXO

',67521,&3/86 ',67521,&3/86IXQFĠLRQHD]ăGHIHFWXRV(VWHSRVLELOFDúL%$6
LQRSHUDWLYH 3/86úLIUkQD35(6$)(ŠVăVHILGHIHFWDW
QHIXQFĆLRQDO 6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

',67521,&3/86 $ĠLDSăVDWSHGDODGHDFFHOHUDĠLH',67521,&3/86QXPDLFRQ
VXVSHQGHGVXVSHQњ WUROHD]ăYLWH]DDXWRYHKLFXOXOXL
GDW  /XDĠLSLFLRUXOGHSHSHGDODGHDFFHOHUDĠLH

',67521,&3/86 1XHVWHvQGHSOLQLWăRFRQGLĠLHGHDFWLYDUHD',67521,&3/86
NPK  9HULILFDĠLFRQGLĠLLOHGHDFWLYDUHDOH',67521,&3/86
3DJLQD


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

',67521,&3/86DQG ',67521,&3/86úL63(('7521,&IXQFĠLRQHD]ăGHIHFWXRV6H
63(('7521,&',6њ HPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
7521,&3/86ĂL  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
63(('7521,&
LQRSHUDWLYH
QHIXQFĆLRQDO
&UXLVHFRQWURODQG &RQWUROXOFURD]LHUHLúL63(('7521,&IXQFĠLRQHD]ăGHIHFWXRV
63(('7521,&&RQњ 6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
WUROXOFURD]LHUHL 
$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ĂL63(('7521,&
LQRSHUDWLYH
QHIXQFĆLRQDO
&UXLVHFRQWURO 1XVDvQGHSOLQLWRFRQGLĠLHGHDFWLYDUHDFRQWUROXOXLFURD]LHUHL
&RQWUROXOFURDњ $ĠLvQFHUFDWVăVWRFDĠLRYLWH]ăVXENPKGHH[HPSOX
]LHUHL  ÌQFD]XOvQFDUHFRQGLĠLLOHRSHUPLWFRQGXFHĠLFXRYLWH]ăGHSHVWH
NPK NPKúLPHPRUDĠLYLWH]D
 9HULILFDĠLFRQGLĠLLOHGHDFWLYDUHSHQWUXFRQWUROXOFURD]LHUHL
3DJLQD

NPK 1XPDLvQDQXPLWHĠăULYLWH]DPD[LPăDIRVWGHSăúLWă
0D[LPXPVSHHG ÌQSOXVDILúDMXOPXOWLIXQFĠLRQDOLQGLFăNPK
H[FHHGHG9LWH]Æ  &RQGXFHĠLPDLvQFHW
PD[LPÆGHSÆĂLWÆ
 0HVDMHGHSHGLVSOD\ 

3QHXULYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&KHFN9HULILFDĆL  3HULFROGHDFFLGHQW
W\UHVSQHXUL 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULD
GHWHFWDWRSLHUGHUHVHPQLILFDWLYăGHSUHVLXQH
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
 2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
HIHFWXDĠLRSULUHD
 9HULILFDĠLSQHXULOHúLGDFăVLWXDĠLDRFHUHVFKLPEDĠLURDWD
3DJLQD
 9HULILFDĠLSUHVLXQHDvQSQHXULúLGDFăVLWXDĠLDRFHUHUHJODĠLROD
SUHVLXQHDvQSQHXULFRUHFWă
 5HSRUQLĠLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXULFkQGSUHVLXQHDvQSQHXULHVWHFRUHFWă3DJLQD

&KHFNW\UHV9HULњ 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDJHQH

ILFDĆLSQHXULOH UDWXQPHVDMSHGLVSOD\úLQXDPDLIRVWUHSRUQLWGHDWXQFL
5HVWDUWV\VWHP  5HJODĠLWRDWHFHOHSDWUXSQHXULODSUHVLXQHDFRUHFWă
5HSRUQLĆLVLVWHњ  5HSRUQLĠLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
PXO SQHXUL3DJLQD

5XQ)ODW,QGLFDWRU 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULIXQF
,QGLFDWRUGH ĠLRQHD]ăGHIHFWXRV
UXODUHFXSDQÆ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LQRSHUDWLYH
QHIXQFĆLRQDO


 0HVDMHGHSHGLVSOD\

3QHXULYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
7\UHSUHVVXUH3UHњ  3HULFROGHDFFLGHQW
VLXQHD±QSQHXUL
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULD
&KHFNW\UHV9HULњ GHWHFWDWRSLHUGHUHVHPQLILFDWLYăGHSUHVLXQH
ILFDĆLSQHXULOH
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
 2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
HIHFWXDĠLRSULUHD
 9HULILFDĠLSQHXULOHúLGDFăVLWXDĠLDRFHUHVFKLPEDĠLURDWD
3DJLQD
 9HULILFDĠLSUHVLXQHDvQSQHXULúLGDFăVLWXDĠLDRFHUHUHJODĠLROD
SUHVLXQHDvQSQHXULFRUHFWă
 5HSRUQLĠLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXULFkQGSUHVLXQHDvQSQHXULHVWHFRUHFWă3DJLQD

&KHFNW\UHSUHVVXњ 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDJHQH
UHV9HULILFDĆL UDWXQPHVDMSHGLVSOD\úLQXDPDLIRVWUHSRUQLWGHDWXQFL
SUHVLXQHDSQHXULњ  5HJODĠLWRDWHFHOHSDWUXSQHXULODSUHVLXQHDFRUHFWă
ORU  5HSRUQLĠLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
WKHQUHVWDUW5XQ SQHXUL3DJLQD
)ODW,QGLFDWRU
DSRLUHSRUQLĆL
LQGLFDWRUXOGH
UXODUHFXSDQÆ
5XQ)ODW,QGLFDWRU 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULIXQF
,QGLFDWRUGH ĠLRQHD]ăGHIHFWXRV
UXODUHFXSDQÆ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LQRSHUDWLYH
QHIXQFĆLRQDO
7\UHSUHVVXUH3UHњ 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULPăVRDUăSUHVLXQHDvQSQHXUL
VLXQH±QSQHXUL  &RQWLQXDĠLVăFRQGXFHĠL
ZLOOEHGLVSOD\HG 3UHVLXQLOHvQSQHXULDSDUSHDILúDMXOPXOWLIXQFĠLRQDOGXSăFHDĠL
DIWHUDIHZPLQXњ FRQGXFHUHFkWHYDPLQXWH
WHVRIGULYLQJYD
ILDILĂDWGXSÆFH
DĆLFRQGXFHUH
F¥WHYDPLQXWH
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
7\UHSUHVVPRQLњ 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULIXQFĠLRQHD]ăGHIHFWXRV
WRU0RQLWRUL]DWRњ  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
UXOSUHV±Q
SQHXUL
LQRSHUDWLYH
QHIXQFĆLRQDO
7\UHSUHVVPRQLњ 5RĠLOHPRQWDWHQXDXXQVHQ]RUDGHFYDWSHQWUXSUHVLXQHDvQ
WRULQRSHUDWLYH SQHXUL0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULHVWHGH]DFWLYDW
0RQLWRUL]DWRU  0RQWDĠLURĠLOHFXVHQ]RULDGHFYDĠLSHQWUXSUHVLXQHDvQSQHXUL
SUHV±QSQHXUL 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULVHDFWLYHD]ăDXWRPDWGXSă
QHIXQFĆLRQDO FkWHYDPLQXWHGHFRQGXFHUH
1RZKHHOVHQVRUV
)ÆUÆVHQ]RUL
URDWÆ
&KHFN9HULILFDĆL  3HULFROGHDFFLGHQW
W\UHVSQHXUL 3UHVLXQHDvQXQXVDXPDLPXOWHSQHXULDVFă]XWVHPQLILFDWLY3R]L
ĠLDURĠLLHVWHDILúDWăSHDILúDMXOPXOWLIXQFĠLRQDO
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
 2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
HIHFWXDĠLRSULUHD
 &RUHFWDĠLSUHVLXQHDvQSQHXUL3DJLQD
 'DFăHVWHQHFHVDUVFKLPEDĠLRURDWă3DJLQD

&DXWLRQ$WHQњ  3HULFROGHDFFLGHQW

ĆLH
3UHVLXQHDvQXQXVDXPDLPXOWHSQHXULDVFă]XWEUXVF3R]LĠLDURĠLL
W\UHGHIHFWSQHX HVWHDILúDWăSHDILúDMXOPXOWLIXQFĠLRQDO
GHIHFW
 2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
HIHFWXDĠLRSULUHD
 'DFăHVWHQHFHVDUVFKLPEDĠLRURDWă3DJLQD

5HFWLI\&RUHFњ 3UHVLXQHDvQSQHXULHVWHSUHDVFă]XWăvQFHOSXĠLQXQXOGLQWUH

WDĆL SQHXULVDXGLIHUHQĠDGHSUHVLXQHvQSQHXULODURĠLHVWHSUHDPDUH
W\UHSUHVVXUH  9HULILFDĠLSUHVLXQHDvQSQHXULFXSUR[LPăRFD]LH'DFăHVWH
SUHVLXQH±Q QHFHVDUFRUHFWDĠLSUHVLXQHDvQSQHXUL3DJLQD
SQHXUL


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

:KHHOVHQVRUV 1XH[LVWăQLFLXQVHPQDOGHODVHQ]RUXOSUHVLXQLLvQSQHXULGHODXQD
6HQ]RULURDWÆ VDXPDLPXOWHURĠL3UHVLXQHDSQHXOXLDIHFWDWQXHVWHSUH]HQWDWă
PLVVLQJOLSVÆ SHDILúDMXOPXOWLIXQFĠLRQDO
 6ROLFLWDĠLvQORFXLUHDVHQ]RUXOXLGHSUHVLXQHvQSQHXULGHIHFWODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

7\UHSUHVVPRQLњ 'LQFDX]DXQHLVXUVHGHLQWHUIHUHQĠHUDGLRQXVHSRDWHSULPLQLFLXQ
WRU0RQLWRUL]DWRU VHPQDOGHODVHQ]RULLURĠLORU0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL
SUHV±QSQHXUL PRPHQWDQIXQFĠLRQHD]ăGHIHFWXRV
FXUUHQWO\XQDYDLњ  &RQWLQXDĠLVăFRQGXFHĠL
ODEOHPRPHQWDQ 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULUHSRUQHúWHDXWRPDWLPHGLDW
LQGLVSRQLELO FHSUREOHPDVDUH]ROYDW

w  3HULFROGHDFFLGHQW
7\UHSUHVVXUH&DXњ 3UHVLXQHDvQXQXVDXPDLPXOWHSQHXULDVFă]XWEUXVF
WLRQW\UHPDOI 6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
$YHUWLVPHQWSUHњ  2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
VLXQH±QSQHXUL VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
GHIHFĆSQHX HIHFWXDĠLRSULUHD
 'DFăHVWHQHFHVDUVFKLPEDĠLRURDWă3DJLQD

w  3HULFROGHDFFLGHQW
7\UHSUHVVXUH 3UHVLXQHDvQXQXVDXPDLPXOWHSQHXULDVFă]XWVHPQLILFDWLY
&KHFNW\UHV3UHњ  2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
VLXQH±QSQHXUL VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
9HULILFDĆL HIHFWXDĠLRSULUHD
SQHXUL  'DFăHVWHQHFHVDUVFKLPEDĠLRURDWă3DJLQD
 9HULILFDĠLSUHVLXQHDvQSQHXUL'DFăHVWHQHFHVDUFRUHFWDĠLSUH
VLXQHDvQSQHXUL3DJLQD

w 3UHVLXQHDvQSQHXULHVWHSUHDVFă]XWăvQFHOSXĠLQXQXOGLQWUH
SQHXULVDXGLIHUHQĠDGHSUHVLXQHvQSQHXULODURĠLHVWHSUHDPDUH
3OHDVHFRUUHFW  9HULILFDĠLSUHVLXQHDvQSQHXULFXSUR[LPăRFD]LH'DFăHVWH
W\UHSUHVVXUH9Æ
QHFHVDUFRUHFWDĠLSUHVLXQHDvQSQHXUL3DJLQD
UXJÆPFRUHFWDĆL
SUHVLXQHDGLQ
SQHXUL
 0HVDMHGHSHGLVSOD\ 

$XWRYHKLFXOYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
7RVWDUWHQJLQH $ĠLvQFHUFDWVăSRUQLĠLPRWRUXOFXWUDQVPLVLDvQSR]LĠLD5VDX'
3HQWUXDSRUQL  &XSODĠLWUDQVPLVLDvQSR]LĠLD3VDX1
PRWRUXO
VKLIWWR3RU1
FXSODĆL±Q3VDX
1
3 $ĠLRSULWPRWRUXOFXEXWRQXO6WDUW6WRSúLDĠLGHVFKLVSRUWLHUD
6HOHFW3DUN3 úRIHUXOXL
6HOHFWDĆL3DUN $ĠLGRULWVăvQFXLDĠLDXWRYHKLFXOXO
3 6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
VDX
$ĠLRSULWPRWRUXOFXEXWRQXO6WDUW6WRSúLDĠLGHVFKLVSRUWLHUD
úRIHUXOXLFXWUDQVPLVLDvQSR]LĠLD1
 &XSODĠLWUDQVPLVLDvQSR]LĠLD3

&XIXQFĠLD+2/'DFWLYDWăDĠL
=GHVFKLVSRUWLHUDúRIHUXOXLúLHOLEHUDWFHQWXUDGHVLJXUDQĠăVDX
=RSULWPRWRUXOVDX
=GHVFKLVFDSRWD

(VWHSRVLELOVăVHHPLWăXQWRQODLQWHUYDOHUHJXODWH7RQXOGHYLQH
PDLSXWHUQLFGDFăvQFHUFDĠLVăvQFXLDĠLDXWRYHKLFXOXO
1XSXWHĠLSRUQLPRWRUXO
 &XSODĠLWUDQVPLVLDvQSR]LĠLD3
3XWHĠLUHSRUQLPRWRUXO

„ &DSRWDSRUWEDJDMXOXLHVWHGHVFKLVă
 ÌQFKLGHĠLFDSRWDSRUWEDJDMXOXL

ƒ  3HULFROGHDFFLGHQW
$XWRYHKLFXOHOHFXVLVWHPGHDODUPăDQWLIXUWFDSRWDHVWHGHVFKLVă
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
 7UDJHĠLSHGUHDSWDúLRSULĠLvQVLJXUDQĠăDXWRYHKLFXOXOFkWPDL
FXUkQGSRVLELODFRUGkQGDWHQĠLHFRQGLĠLLORUGHGUXPúLWUDILF
 $FĠLRQDĠLIUkQDGHSDUFDUH
 ÌQFKLGHĠLFDSRWD

Q &HOSXĠLQRSRUWLHUăHVWHGHVFKLVă6HHPLWHGHDVHPHQHDXQVXQHW
GHDYHUWL]DUH
 ÌQFKLGHĠLWRDWHSRUWLHUHOH


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

o 6SăWDUXOVFDXQXOXLúRIHUXOXLVDXDOSDVDJHUXOXLIDĠăQXHVWHFXSODW
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
)URQWOHIWVHDW  ÌPSLQJHĠLVSăWDUXOvQDSRLSkQăFHVHDQJUHQHD]ă
EDFNUQRWORFNHG
6SÆWDUVFDXQIDĆÆ
VW¥QJDQHEORFDW‫ڋ‬
VDX‫)ڋ‬URQWULJKW
VHDWEDFNUHVWQRW
ORFNHG6SÆWDU
VFDXQIDĆÆGUHDSWD
QHEORFDW
&KHFNWUDLOHU  3HULFROGHDFFLGHQW
KLWFKORFN9HULILњ $XWRYHKLFXOHFXRFXSOăUHPRUFăUHWUDFWDELOă
FDĆLEORFDUHDF¥Uњ
&kUOLJXOGHWUDFWDUHDUHPRUFLLQXHVWHFXSODWFRUHFW
OLJXOXLUHPRUFLL
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
úLWUDILFúLRSULĠLPRWRUXO
 $FĠLRQDĠLIUkQDGHSDUFDUH
 3HUPLWHĠLLFXSOHLVIHULFHDFkUOLJXOXLGHWUDFWDUHDUHPRUFLLVăVH
DQJUHQH]HvQSR]LĠLDGHFDSăW3DJLQD

3ZUVWHHULQJ6HUњ  3HULFROGHDFFLGHQW

YRGLUHFĆLH
'LUHFĠLDDVLVWDWăIXQFĠLRQHD]ăGHIHFWXRV9DWUHEXLVăXWLOL]DĠLPDL
PDOIXQFGHIHFњ PXOWăIRUĠăSHQWUXDGLULMDDXWRYHKLFXOXO
ĆLXQH
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
 9HULILFDĠLGDFăSXWHĠLH[HUFLWDIRUĠDVXSOLPHQWDUăQHFHVDUă
 'DFăSXWHĠLGLULMDDXWRYHKLFXOXOvQVLJXUDQĠăFRQGXFHĠLFX
DWHQĠLHSkQăODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 'DFăQXSXWHĠLGLULMDDXWRYHKLFXOXOvQVLJXUDQĠăQXFRQWL
QXDĠLVăFRQGXFHĠL/XDĠLOHJăWXUDFXFHOPDLDSURSLDWDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW

7RSXS&RPSOHWDUH 1LYHOXOOLFKLGXOXLGHVSăODUHGLQUH]HUYRUXOSHQWUXOLFKLGGHVSăODUH

ZDVKHUIOXLG&RPњ DVFă]XWVXEPLQLP
SOHWDĆLFXOLFKLG  &RPSOHWDĠLFXOLFKLGGHVSăODUH3DJLQD
GHVSÆODUH
 0HVDMHGHSHGLVSOD\ 

$XWRYHKLFXOYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

&DOFXODWRUGHERUGúLGLVSOD\XUL
$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
7RVWDUWHQJLQH $ĠLvQFHUFDWVăSRUQLĠLPRWRUXOFXWUDQVPLVLDvQSR]LĠLD5VDX'
3HQWUXDSRUQL  &XSODĠLWUDQVPLVLDvQSR]LĠLD3VDX1
PRWRUXO
VKLIWWR
HLWKHUSHQWUXD
SRUQLFXSODĆLILH
±Q3RU13ILH
±Q1
3 $ĠLRSULWPRWRUXOFXEXWRQXO6WDUW6WRSúLDĠLGHVFKLVSRUWLHUD
6HOHFW3DUN3 úRIHUXOXL
6HOHFWDĆL3DUN $ĠLGRULWVăvQFXLDĠLDXWRYHKLFXOXO
3 6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
VDX
$ĠLRSULWPRWRUXOFXEXWRQXO6WDUW6WRSúLDĠLGHVFKLVSRUWLHUD
úRIHUXOXLFXWUDQVPLVLDvQSR]LĠLD1
 &XSODĠLWUDQVPLVLDvQSR]LĠLD3

&kWIXQFĠLD+2/'VDX',67521,&3/86VXQWDFWLYHDĠL
=GHVFKLVSRUWLHUDúRIHUXOXLúLHOLEHUDWFHQWXUDGHVLJXUDQĠăVDX
=RSULWPRWRUXOVDX
=GHVFKLVFDSRWD

(VWHSRVLELOVăVHHPLWăXQWRQODLQWHUYDOHUHJXODWH7RQXOGHYLQH
PDLSXWHUQLFGDFăvQFHUFDĠLVăvQFXLDĠLDXWRYHKLFXOXO
1XSXWHĠLSRUQLPRWRUXO
 &XSODĠLWUDQVPLVLDvQSR]LĠLD3
3XWHĠLUHSRUQLPRWRUXO

„ &DSRWDSRUWEDJDMXOXLHVWHGHVFKLVă
 ÌQFKLGHĠLFDSRWDSRUWEDJDMXOXL


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

ƒ  3HULFROGHDFFLGHQW
&DSRWDHVWHGHVFKLVă6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL
]DUH
 7UDJHĠLSHGUHDSWDúLRSULĠLvQVLJXUDQĠăDXWRYHKLFXOXOFkWPDL
FXUkQGSRVLELODFRUGkQGDWHQĠLHFRQGLĠLLORUGHGUXPúLWUDILF
 $FĠLRQDĠLIUkQDGHSDUFDUH
 ÌQFKLGHĠLFDSRWD

ÌQFD]XOvQFDUHFDSRWDDFWLYăSURWHFĠLHSHQWUXSLHWRQLDIRVW

GHFODQúDWă
 5HIL[DĠLFDSRWD3DJLQD
 ÌQFKLGHĠLFDSRWD

$FWLYHERQQHW &DSRWDDFWLYăSURWHFĠLHSHQWUXSLHWRQLQXHVWHDFWLYăGLQFDX]D

&DSRWDDFWLYÆ XQHLGHIHFĠLXQL
PDOIXQFWLRQ6HH  $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
2ZQHU
V0DQXDO
GHIHFĆLXQH&RQњ
VXOWDĆL0DQXDOGH
XWLOL]DUH

Q &HOSXĠLQRSRUWLHUăHVWHGHVFKLVă6HHPLWHGHDVHPHQHDXQVXQHW
GHDYHUWL]DUH
 ÌQFKLGHĠLWRDWHSRUWLHUHOH

o 6SăWDUXOVFDXQXOXLúRIHUXOXLVDXDOSDVDJHUXOXLIDĠăQXHVWHFXSODW
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
)URQWOHIWVHDW  ÌPSLQJHĠLVSăWDUXOvQDSRLSkQăFHVHDQJUHQHD]ă
EDFNUHVWQRWORFњ
NHG6SÆWDUVFDXQ
IDĆÆVW¥QJDQHEORњ
FDW‫ڋ‬VDX‫)ڋ‬URQW
ULJKWVHDWEDFNњ
UHVWQRWORFNHG
6SÆWDUVFDXQIDĆÆ
GUHDSWDQHEORFDW
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
x  3HULFROGHDFFLGHQW
&KHFNWUDLOHU &kUOLJXOGHWUDFWDUHDUHPRUFLLQXHVWHFXSODWFRUHFW
KLWFKORFN9HULILњ 6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
FDĆLEORFDUHDF¥Uњ  2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
OLJXOXLUHPRUFLL úLWUDILFúLRSULĠLPRWRUXO
 $FĠLRQDĠLIUkQDGHSDUFDUH
 3HUPLWHĠLLFXSOHLVIHULFHDFkUOLJXOXLGHWUDFWDUHDUHPRUFLLVăVH
DQJUHQH]HvQSR]LĠLDGHFDSăW3DJLQD

R  3HULFROGHDFFLGHQW
3RZHUVWHHULQJPDOњ 'LUHFĠLDDVLVWDWăIXQFĠLRQHD]ăGHIHFWXRV
IXQFWLRQ6HH 9DWUHEXLVăXWLOL]DĠLPDLPXOWăIRUĠăSHQWUXDGLULMDDXWRYHKLFXOXO
2ZQHU
V0DQXDO 6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
'HIHFĆLXQHVHUYRњ  9HULILFDĠLGDFăSXWHĠLH[HUFLWDIRUĠDVXSOLPHQWDUăQHFHVDUă
GLUHFĆLH&RQVXOњ
 'DFăSXWHĠLGLULMDDXWRYHKLFXOXOvQVLJXUDQĠăFRQGXFHĠLFX
WDĆL0DQXDOGHXWLњ
OL]DUH DWHQĠLHSkQăODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 'DFăQXSXWHĠLGLULMDDXWRYHKLFXOXOvQVLJXUDQĠăQXFRQWL
QXDĠLVăFRQGXFHĠL/XDĠLOHJăWXUDFXFHOPDLDSURSLDWDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW

J 7HQVLXQHDGHODERUGHVWHSUHDVFă]XWăÌQFăO]LUHDDX[LOLDUăVD
GH]DFWLYDWVDXQXSRDWHILDFWLYDWă3DJLQD
LQRSHUDWLYH%DWњ  &RQGXFHĠLSHRGLVWDQĠăPDLPDUH
WHU\ORZQHIXQFњ
%DWHULDHVWHvQFXUVGHvQFăUFDUHÌQFăO]LUHDDX[LOLDUăUHGHYLQH
ĆLRQDO%DWHULH
IXQFĠLRQDOăLPHGLDWFHWHQVLXQHDVLVWHPXOXLHOHFWULFGHODERUG
VFÆ]XWÆ
HVWHVXILFLHQWă

J 1LYHOXOGHFDUEXUDQWGLQUH]HUYRUXOGHFDUEXUDQWHVWHSUHDVFă]XW
ÌQFăO]LUHDDX[LOLDUăQXSRDWHILDFWLYDWă3DJLQD
LQRSHUDWLYH5HIXHO 
$OLPHQWDĠLODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH
YHKLFOHQHIXQFњ
ĆLRQDO$OLPHQWDĆL
DXWRYHKLFXO

J ÌQFăO]LUHDDX[LOLDUăSUH]LQWăRGHIHFĠLXQHWHPSRUDUăVDXIXQFĠLR
QHD]ăGHIHFWXRV
LQRSHUDWLYH6HH  &kQGDXWRYHKLFXOXOVHDIOăSHRVXSUDIDĠăSODQăúLPRWRUXOVD
2ZQHU
V0DQ
UăFLWHIHFWXDĠLSkQăODSDWUXvQFHUFăULGHDDFWLYDvQFăO]LUHD
QHIXQFĆLRQDO&RQњ
DX[LOLDUăDúWHSWkQGFkWHYDPLQXWHvQWUHILHFDUHvQFHUFDUH
VXOWDĆL0DQXDOXO
3DJLQD
GHXWLOL]DUH
 'DFăvQFăO]LUHDDX[LOLDUăQXVHDFWLYHD]ăFRQVXOWDĠLXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

7HOHSKRQH1R6HUњ $XWRYHKLFXOXOGXPQHDYRDVWUăQXVHDIOăUD]DGHDFRSHULUHDUHOHX
YLFH7HOHIRQ)ÆUÆ OXLGHWUDQVPLVLHUHFHSĠLHDIXUQL]RUXOXLGXPQHDYRDVWUăGHVHUYLFLL
VHPQDO GHWHOHIRQLHPRELOă
 $úWHSWDĠLFDVLPEROXOGHGLVSRQLELOLWDWHIXQFĠLRQDOăDWHOHIRQXOXL
PRELOVăDSDUăSHDILúDMXOPXOWLIXQFĠLRQDO

² 1LYHOXOOLFKLGXOXLGHVSăODUHGLQUH]HUYRUXOSHQWUXOLFKLGGHVSăODUH
DVFă]XWVXEPLQLP
7RSXSZDVKHU  &RPSOHWDĠLFXOLFKLGGHVSăODUH3DJLQD
IOXLG&RPSOHWDĆL
FXOLFKLGGH
VSÆODUH

&KHLHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL
.H\GRHVQRW $ĠLLQWURGXVFKHLDLQFRUHFWăvQFRPXWDWRUXOGHFRQWDFW
EHORQJWRYHKLFOH  8WLOL]DĠLFKHLDFRUHFWă
&KHLDQXDSDUњ
ĆLQHDXWRYHKLFXOXњ
OXL

9 &KHLDWUHEXLHvQORFXLWă
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
5HSODFHNH\‘QORњ
FXLĆLFKHLD

9 %DWHULLOHFKHLL.(</(66*2VXQWGHVFăUFDWH
 6FKLPEDĠLEDWHULLOH3DJLQD
&KDQJHEDWWHU\
6FKLPEDĆLEDWHњ
ULD
.H\QRWGHWHFWHG &KHLD.(</(66*2QXVHDIOăvQDXWRYHKLFXO
&KHLHQHGHWHFњ 6HHPLWHúLXQVXQHWGHDYHUWL]DUH
WDWÆ 'DFăPRWRUXOHVWHRSULWQXPDLSXWHĠLEORFDDXWRYHKLFXOXOFHQ
0HVDMGHSHGLVSOD\ WUDOL]DWVDXSRUQLPRWRUXO
URúX  7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOFkWPDLFXUkQGSRVLELO
DFRUGkQGDWHQĠLHFRQGLĠLLORUUXWLHUHvQWLPSFHHIHFWXDĠLRSULUHD
 $FĠLRQDĠLIUkQDGHSDUFDUH
 5HSHUDĠLFKHLD.(</(66*2
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
&KHLD.(</(66*2QXHVWHGHWHFWDWăFkQGPRWRUXOIXQFĠLRQHD]ă
GHRDUHFHH[LVWăLQWHUIHUHQĠHGHODRVXUVăSXWHUQLFăGHXQGHUDGLR
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
 7UDJHĠLSHGUHDSWDúLRSULĠLDXWRYHKLFXOXOFkWPDLFXUkQGSRVLELO
DFRUGkQGDWHQĠLHFRQGLĠLLORUUXWLHUHvQWLPSFHHIHFWXDĠLRSULUHD
 $FĠLRQDĠLIUkQDGHSDUFDUH
 $FĠLRQDĠLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFWGDFă
VLWXDĠLDRFHUH

.H\QRWGHWHFWHG &KHLD.(</(66*2QXSRDWHILGHWHFWDWăPRPHQWDQ
&KHLHQHGHWHFњ  6FKLPEDĠLORFXOFKHLLFXIXQFĠLLOH.(</(66*2GLQDXWRYHKLFXO
WDWÆ
'DFăFKHLD.(</(66*2QXHVWHvQFRQWLQXDUHGHWHFWDWă
0HVDMGHSHGLVSOD\
DOE  6FKLPEDĠLORFXOFKHLLFXIXQFĠLLOH.(</(66*2GLQDXWRYHKLFXO
 $FĠLRQDĠLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFWGDFă
VLWXDĠLDRFHUH

9 &KHLD.(</(66*2DIRVWGHWHFWDWăvQLQWHULRUXODXWRYHKLFXOXOXLvQ
WLPSXOEORFăULL
.H\VWLOOLQYHKLњ  6FRDWHĠLFKHLD.(</(66*2GLQDXWRYHKLFXO
FOH&KHLDVHDIOÆ
±QFƱQDXWRYHKLњ
FXO

9 .(</(66*2IXQFĠLRQHD]ăWHPSRUDUGHIHFWXRVVDXHVWHGHIHFW
6HHPLWHúLXQVXQHWGHDYHUWL]DUH
,QVHUWNH\,QWURњ  ,QWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQWDFWúLURWLĠLRvQSR]LĠLD
GXFHĆLFKHLD
GRULWă
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

&ORVHGRRUV‘QFKLњ &HOSXĠLQRSRUWLHUăHVWHGHVFKLVă6HHPLWHúLXQVXQHWGHDYHU

GHĆLSRUWLHUHOH WL]DUH
WRORFNYHKSHQњ  ÌQFKLGHĠLWRDWHSRUWLHUHOHúLvQFXLDĠLDXWRYHKLFXOXOGLQQRX
WUXDEORFDDXWRњ
YHK


 0HVDMHGHSHGLVSOD\

&KHLHYRODQPXOWLIXQFĠLRQDOFXEXWRDQH
&DOFXODWRUGHERUGúLGLVSOD\XUL

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

¯ $ĠLLQWURGXVFKHLDLQFRUHFWăvQFRPXWDWRUXOGHFRQWDFW
 8WLOL]DĠLFKHLDFRUHFWă
.H\GRHVQRW
EHORQJWRYHKLFOH
&KHLDQXDSDUĆLQH
DXWRYHKLFXOXOXL

¯ &KHLDWUHEXLHvQORFXLWă
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
5HSODFHNH\‘QORњ
FXLĆLFKHLD

¯ %DWHULLOHFKHLL.(</(66*2VXQWGHVFăUFDWH
 6FKLPEDĠLEDWHULLOH3DJLQD
&KDQJHNH\EDWWHњ
ULHV6FKLPEDĆL
EDWHULLOHGHOD
FKHLH

¯ &KHLD.(</(66*2QXVHDIOăvQDXWRYHKLFXO
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
.H\QRWGHWHFWHG
&KHLHQHGHWHFњ 'DFăPRWRUXOHVWHRSULWQXPDLSXWHĠLEORFDDXWRYHKLFXOXOFHQ
WDWÆ‫ڋ‬0HVDMGHSH WUDOL]DWVDXSRUQLPRWRUXO
GLVSOD\URúX  7UDJHĠLSHGUHDSWDúLRSULĠLvQVLJXUDQĠăDXWRYHKLFXOXOFkWPDL
FXUkQGSRVLELODFRUGkQGDWHQĠLHFRQGLĠLLORUGHGUXPúLWUDILF
 $FĠLRQDĠLIUkQDGHSDUFDUH
 5HSHUDĠLFKHLD.(</(66*2

&KHLD.(</(66*2QXHVWHGHWHFWDWăFkQGPRWRUXOIXQFĠLRQHD]ă
GHRDUHFHH[LVWăLQWHUIHUHQĠHGHODRVXUVăSXWHUQLFăGHXQGHUDGLR
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
 7UDJHĠLSHGUHDSWDúLRSULĠLvQVLJXUDQĠăDXWRYHKLFXOXOFkWPDL
FXUkQGSRVLELODFRUGkQGDWHQĠLHFRQGLĠLLORUGHGUXPúLWUDILF
 $FĠLRQDĠLIUkQDGHSDUFDUH
 $FĠLRQDĠLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFWGDFă
VLWXDĠLDRFHUH

¯ &KHLD.(</(66*2QXSRDWHILGHWHFWDWăPRPHQWDQ
 6FKLPEDĠLORFXOFKHLLFXIXQFĠLLOH.(</(66*2GLQDXWRYHKLFXO
.H\QRWGHWHFWHG
&KHLHQHGHWHFњ 'DFăFKHLD.(</(66*2QXHVWHvQFRQWLQXDUHGHWHFWDWă
WDWÆ‫ڋ‬0HVDMGHSH  6FKLPEDĠLORFXOFKHLLFXIXQFĠLLOH.(</(66*2GLQDXWRYHKLFXO
GLVSOD\DOE  $FĠLRQDĠLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFWGDFă
VLWXDĠLDRFHUH
 0HVDMHGHSHGLVSOD\ 

$ILúăULSHGLVSOD\ 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
¯ &KHLD.(</(66*2DIRVWGHWHFWDWăvQLQWHULRUXODXWRYHKLFXOXOXLvQ
WLPSXOEORFăULL
.H\VWLOOLQYHKLњ 
6FRDWHĠLFKHLD.(</(66*2GLQDXWRYHKLFXO
FOH&KHLHGHWHFњ
WDWƱQDXWRYHKLњ
FXO

¯ .(</(66*2IXQFĠLRQHD]ăWHPSRUDUGHIHFWXRVVDXHVWHGHIHFW
6HHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH
5HPRYHVWDUWLQJ  ,QWURGXFHĠLFKHLDvQFRPXWDWRUXOGHFRQWDFWúLURWLĠLRvQSR]LĠLD
EXWWRQWKHQ
GRULWă
LQVHUWNH\(OLEHњ
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
UDĆLEXWRQXOGH
SRUQLUHDSRL
LQWURGXFHĆLFKHLD

¯ &HOSXĠLQRSRUWLHUăHVWHGHVFKLVă6HHPLWHGHDVHPHQHDXQVXQHW
GHDYHUWL]DUH
&ORVHGRRUVWR  ÌQFKLGHĠLWRDWHSRUWLHUHOHúLvQFXLDĠLDXWRYHKLFXOXOGLQQRX
ORFNYHKLFOH
‘QFKLGHĆLSRUWLHњ
UHOHSHQWUXD
±QFXLDDXWRYHKLFXњ
OXO


 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

/ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH
&DOFXODWRUGHERUGúLGLVSOD\XUL

&HQWXUăGHVLJXUDQĠă

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
v /DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJXUDQĠăOHDPLQWHúWH
1XPDLvQDQXPLWHĠăUL úRIHUXOXLúLSDVDJHUXOXLIDĠăVăvúLSULQGăFHQWXULOHGHVLJXUDQĠă
ODPSDGHDYHUWL]DUH  6WUkQJHĠLYăFHQWXUDGXPQHDYRDVWUăGHVLJXUDQĠă
URúLHSULYLQGFHQWXUDGH 3DJLQD
VLJXUDQĠăVHDSULQGH
WLPSGHúDVHVHFXQGH
GXSăSRUQLUHDPRWRUX
OXL

v  3HULFROGHUăQLUH
1XPDLvQDQXPLWHĠăUL FHQWXUDGHVLJXUDQĠăDúRIHUXOXLQXHVWHFXSODWă
ODPSDGHDYHUWL]DUH
URúLHSULYLQGFHQWXUDGH  6WUkQJHĠLYăFHQWXUDGXPQHDYRDVWUăGHVLJXUDQĠă
VLJXUDQĠăVHDSULQGH 3DJLQD
GXSăSRUQLUHDPRWRUX 6XQHWXOGHDYHUWL]DUHVHvQWUHUXSH
OXLÌQSOXVVHDXGHXQ
VXQHWGHDYHUWL]DUH
WLPSGHSkQăODúDVH
VHFXQGH

v  3HULFROGHUăQLUH
/DPSDGHDYHUWL]DUH ùRIHUXOVDXSDVDJHUXOIDĠăQXúLDXFXSODWFHQWXUDGHVLJXUDQĠă
URúLHSULYLQGFHQWXUDGH
 6WUkQJHĠLYăFHQWXUDGXPQHDYRDVWUăGHVLJXUDQĠă
VLJXUDQĠăVHDSULQGH
GXSăSRUQLUHDPRWRUX 3DJLQD
OXLLPHGLDWFHSRUWLHUD /DPSDGHDYHUWL]DUHVHVWLQJH
úRIHUXOXLVDXDSDVDJH
UXOXLIDĠăHVWHvQFKLVă  3HULFROGHUăQLUH
6HDIOăRELHFWHSHVFDXQXOSDVDJHUXOXLIDĠă
 6FRDWHĠLRELHFWHOHGHSHVFDXQXOSDVDJHUXOXLIDĠăúLGHSR]LWDĠL
OHODORFVLJXU
/DPSDGHDYHUWL]DUHVHVWLQJH
 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH 

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
v  3HULFROGHUăQLUH
/DPSDGHDYHUWL]DUH ùRIHUXOVDXSDVDJHUXOIDĠăQXúLDXFXSODWFHQWXUDGHVLJXUDQĠăÌQ
URúLHSULYLQGFHQWXUDGH DFHODúLWLPSFRQGXFHĠLFXRYLWH]ăGHSHVWHNPKVDXDĠLFRQ
VLJXUDQĠăOXPLQHD]ă GXVVFXUWWLPSODRYLWH]ăGHSHVWHNPK
LQWHUPLWHQWúLVHHPLWH
XQDYHUWLVPHQWDXGLELO  6WUkQJHĠLYăFHQWXUDGXPQHDYRDVWUăGHVLJXUDQĠă
LQWHUPLWHQW 3DJLQD
/DPSDGHDYHUWL]DUHVHVWLQJHúLVXQHWXOLQWHUPLWHQWGHDYHUWL
]DUHVHvQWUHUXSH

 3HULFROGHUăQLUH
6HDIOăRELHFWHSHVFDXQXOSDVDJHUXOXLIDĠăÌQDFHODúLWLPSFRQ
GXFHĠLFXRYLWH]ăGHSHVWHNPKVDXDĠLFRQGXVVFXUWWLPSOD
RYLWH]ăGHSHVWHNPK
 6FRDWHĠLRELHFWHOHGHSHVFDXQXOSDVDJHUXOXLIDĠăúLGHSR]LWDĠL
OHODORFVLJXU
/DPSDGHDYHUWL]DUHVHVWLQJHúLVXQHWXOLQWHUPLWHQWGHDYHUWL
]DUHVHvQWUHUXSH


 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

6LVWHPHGHVLJXUDQĠă
&DOFXODWRUGHERUGúLGLVSOD\XUL

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
M  3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH 1XH[LVWăVXILFLHQWOLFKLGGHIUkQăvQUH]HUYRUXOGHOLFKLG
URúLHDVLVWHPXOXLGH
 7UDJHĠLSHGUHDSWDúLRSULĠLvQVLJXUDQĠăDXWRYHKLFXOXOFkWPDL
IUkQDUHVHDSULQGHvQ
WLPSFHPRWRUXOHVWHvQ FXUkQGSRVLELODFRUGkQGDWHQĠLHFRQGLĠLLORUGHGUXPúLWUDILF1X
IXQFĠLXQH6HHPLWHGH FRQWLQXDĠLVXEQLFLRIRUPăVăFRQGXFHĠL
DVHPHQHDXQVXQHWGH  $FĠLRQDĠLIUkQDGHSDUFDUH
DYHUWL]DUH  &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
 5HVSHFWDĠLPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
1XFRPSOHWDĠLFXOLFKLGGHIUkQă$VWIHOQXVHHOLPLQăHURDUHD
%  3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH $%6VLVWHPDQWLEORFDUHODIUkQDUHDIRVWGH]DFWLYDWGLQFDX]D
JDOEHQă$%6HVWH XQHLGHIHFĠLXQL'LQDFHVWPRWLY%$66LVWHPGHDVLVWDUHODIUk
DSULQVăvQWLPSFH
QDUH%$63/86(63Š3URJUDPGHVWDELOLWDWHHOHFWURQLFă
PRWRUXOHVWHvQIXQF
35(6$)(ŠIUkQD35(6$)(ŠIXQFĠLD+2/'DVLVWHQĠăODSRUQLUHD
ĠLXQH
vQSDQWăOXPLQLOHGHIUkQDUHDGDSWLYăúLVWDELOL]DUHDUHPRUFLLFX
(63ŠVXQWGHDVHPHQHDGH]DFWLYDWHGHH[HPSOX
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
 5HVSHFWDĠLPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

'DFăXQLWDWHDGHFRPDQGă$%6HVWHGHIHFWăH[LVWăSRVLELOLWDWHD
FDQLFLDOWHVLVWHPHFXPDUILVLVWHPXOGHQDYLJDĠLHVDXWUDQVPLVLD
DXWRPDWăVăQXILHGLVSRQLELOH
 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH 

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
%  3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH $%6HVWHWHPSRUDULQGLVSRQLELO3ULQXUPDUH%$6%$63/86
JDOEHQă$%6HVWH
(63Š(%'GLVWULEXĠLDHOHFWURQLFăDIRUĠHLGHIUkQDUH
DSULQVăvQWLPSFH
35(6$)(ŠIUkQD35(6$)(ŠIXQFĠLD+2/'DVLVWHQĠăODSRUQLUHD
PRWRUXOHVWHvQIXQF
vQSDQWăOXPLQLOHGHIUkQDUHDGDSWLYăúLVWDELOL]DUHDUHPRUFLLFX
ĠLXQH
(63ŠGHH[HPSOXVXQWGHDVHPHQHDGH]DFWLYDWH
$XWRGLDJQRVWLFDUHDQXHVWHvQFăILQDOL]DWă
VDX
'HH[HPSOXWHQVLXQHDGHODERUGSRDWHILLQVXILFLHQWă
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
$6,67(170(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
 &RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHFDURVDELOăDGHFYDWăDFĠLR
QkQGGLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
)XQFĠLLOHPHQĠLRQDWHDQWHULRUVXQWGLVSRQLELOHGLQQRXFkQG
ODPSDGHDYHUWL]DUHVHVWLQJH
'DFăODPSDGHDYHUWL]DUHHVWHvQFRQWLQXDUHGHVFKLVă
 5HVSHFWDĠLPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

%  3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH (%'IXQFĠLRQHD]ăGHIHFWXRV3ULQXUPDUH$%6%$6%$63/86
JDOEHQă$%6HVWH
(63Š35(6$)(ŠIUkQD35(6$)(ŠIXQFĠLD+2/'DVLVWHQĠDOD
DSULQVăvQWLPSFH
SRUQLUHDvQSDQWăOXPLQLOHGHIUkQDUHDGDSWLYăúLVWDELOL]DUHD
PRWRUXOHVWHvQIXQF
UHPRUFLLFX(63ŠGHH[HPSOXVXQWGHDVHPHQHDLQGLVSRQLELOH
ĠLXQH6HHPLWHGHDVH
PHQHDXQVXQHWGH 6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
DYHUWL]DUH IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
$6,67(170(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
 5HVSHFWDĠLPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

Må»%  3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH
$%6úL(63ŠIXQFĠLRQHD]ăGHIHFWXRV3ULQXUPDUH%$6%$63/86
URúLHDIUkQHLOăPSLOH
(%'35(6$)(ŠIUkQD35(6$)(ŠIXQFĠLD+2/'DVLVWHQĠăOD
GHDYHUWL]DUHJDOEHQH
SRUQLUHDvQSDQWăOXPLQLOHGHIUkQDUHDGDSWLYăúLVWDELOL]DUHD
(63ŠúL(63Š2))úL
UHPRUFLLFX(63ŠGHH[HPSOXVXQWGHDVHPHQHDLQGLVSRQLELOHGLQ
ODPSDGHDYHUWL]DUH
FDX]DXQHLGHIHFĠLXQL
$%6JDOEHQăVXQW
DSULQVHvQWLPSFH 6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
PRWRUXOHVWHvQIXQF IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
ĠLXQH IUkQDĠLWDUHGHH[HPSOX
$6,67(170(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
 5HVSHFWDĠLPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

å  3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH
(63ŠVDXFRQWUROXOWUDFĠLXQLLDLQWHUYHQLWGHRDUHFHH[LVWăSHULFRO
JDOEHQă(63ŠFOLSHúWH GHGHUDSDUHVDXFHOSXĠLQRURDWăDvQFHSXWVăSDWLQH]H
vQWLPSFHDXWRYHKLFXOXO
&RQWUROXOFURD]LHUHLVDX',67521,&3/86HVWHGH]DFWLYDW
HVWHvQPLúFDUH
 $SăVDĠLSHGDODGHDFFHOHUDĠLHQXPDLFkWGHWDUHHVWHQHFHVDUOD
SRUQLUHDGHSHORF
 (OLEHUDĠLSHGDODGHDFFHOHUDĠLHvQWLPSFHDXWRYHKLFXOXOHVWHvQ
PLúFDUH
 $GDSWDĠLYăVWLOXOGHFRQGXFHUHODFRQGLĠLLOHUXWLHUHúLPHWHR
 'RDUSHQWUXDXWRYHKLFXOHFXXQYRODQPXOWLIXQFĠLRQDOFX
EXWRDQHQXGH]DFWLYDĠL(63Š
3HQWUXH[FHSĠLL3DJLQD
»  3HULFROGHDFFLGHQW
1XPDLSHQWUXDXWRYHKL
(63ŠúLVWDELOL]DUHDUHPRUFLLFX(63ŠVXQWGH]DFWLYDWH(63ŠQX
FXOHFXXQYRODQPXOWL
YDVWDELOL]DDXWRYHKLFXOXOGDFăvQFHSHVăGHUDSH]HVDXGDFăR
IXQFĠLRQDOFX
URDWăvQFHSHVăSDWLQH]H
EXWRDQH
/DPSDGHDYHUWL]DUH
 5HDFWLYDĠL(63Š
JDOEHQă(63Š2))HVWH ([FHSĠLL3DJLQD
DSULQVăvQWLPSFH  $GDSWDĠLYăVWLOXOGHFRQGXFHUHODFRQGLĠLLOHUXWLHUHúLPHWHR
PRWRUXOHVWHvQIXQF 'DFă(63ŠQXSRDWHILDFWLYDW
ĠLXQH
 6ROLFLWDĠLYHULILFDUHD(63ŠODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH 

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
t  3HULFROGHDFFLGHQW
1XPDLDXWRYHKLFXOH
0RGXOGHPDQHYUDELOLWDWH63257HVWHDFWLYDW(63ŠVWDELOL]HD]ă
$0*
DXWRYHKLFXOXOGRDUvQVLWXDĠLLH[WUHPH(VWHSRVLELOFDLQWHUYHQĠLD
/DPSDGHDYHUWL]DUH (63ŠVăQXDVLJXUHVXILFLHQWăDVLVWHQĠăvQDVWIHOGHVLWXDĠLLLDU
JDOEHQăSHQWUXPRGXO DXWRYHKLFXOXODUSXWHDvQFHSHVăGHUDSH]H
GHPDQHYUDELOLWDWH
63257HVWHDSULQVăvQ
 5HDFWLYDĠL(63Š
WLPSFHPRWRUXOHVWHvQ 3HQWUXH[FHSĠLL3DJLQD
IXQFĠLXQH 'DFă(63ŠQXSRDWHILDFWLYDW
 6ROLFLWDĠLYHULILFDUHD(63ŠODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

å»  3HULFROGHDFFLGHQW
/ăPSLOHGHDYHUWL]DUH
(63Š%$6%$63/8635(6$)(ŠIUkQD35(6$)(ŠIXQFĠLD
JDOEHQH(63ŠúL(63Š +2/'DVLVWHQĠDODSRUQLUHDvQSDQWăOXPLQLOHGHIUkQDUHDGDSWLYă
2))VXQWDSULQVHvQ
úLVWDELOL]DUHDUHPRUFLLFX(63ŠVXQWLQGLVSRQLELOHGLQFDX]DXQHL
WLPSFHPRWRUXOHVWHvQ
GHIHFĠLXQL(63ŠQXYDVWDELOL]DDXWRYHKLFXOXOGDFăvQFHSHVăGHUD
IXQFĠLXQH
SH]HVDXGDFăRURDWăvQFHSHVăSDWLQH]H
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRU
$6,67(170(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
 5HVSHFWDĠLPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

å»  3HULFROGHDFFLGHQW
/ăPSLOHGHDYHUWL]DUH
(63Š%$635(6$)(ŠIXQFĠLD+2/'DVLVWHQĠDODSRUQLUHDvQ
JDOEHQH(63ŠúL(63Š
SDQWăúLVWDELOL]DUHDUHPRUFLLFX(63ŠVXQWWHPSRUDULQGLVSRQLELOH
2))VXQWDSULQVHvQ
WLPSFHPRWRUXOHVWHvQ (VWHSRVLELOFDúLOXPLQLOHGHIUkQDUHDGDSWLYă%$63/86úLIUkQD
IXQFĠLXQH 35(6$)(ŠVăVHILGHIHFWDW
(63ŠHVWHWHPSRUDULQGLVSRQLELO(63ŠQXYDVWDELOL]DDXWRYHKL
FXOXOGDFăvQFHSHVăGHUDSH]HVDXGDFăRURDWăvQFHSHVăSDWLQH]H
$XWRGLDJQRVWLFDUHDQXHVWHvQFăILQDOL]DWă
6LVWHPXOGHIUkQDUHFRQWLQXăVăIXQFĠLRQH]HQRUPDOvQVăIăUă
IXQFĠLLOHLQGLFDWHDQWHULRUÌQFRQVHFLQĠăURĠLOHVHSRWEORFDGDFă
IUkQDĠLWDUHGHH[HPSOX
$6,67(170(1ğ,1(5($7(1ğ,(HVWHGH]DFWLYDW
 &RQGXFHĠLFXDWHQĠLHSHRSRUĠLXQHFDURVDELOăDGHFYDWăDFĠLR
QkQGGLUHFĠLDFXPLúFăULXúRDUHODRYLWH]ăGHSHVWHNPK
)XQFĠLLOHPHQĠLRQDWHDQWHULRUVXQWGLVSRQLELOHGLQQRXFkQG
ODPSDGHDYHUWL]DUHVHVWLQJH
'DFăODPSDGHDYHUWL]DUHHVWHvQFRQWLQXDUHGHVFKLVă
 5HVSHFWDĠLPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

M 6DGHWHFWDWFRQGXFHUHDFXIUkQDGHSDUFDUHDFĠLRQDWă
/DPSDGHDYHUWL]DUH  (OLEHUDĠLIUkQDGHSDUFDUH
URúLHDVLVWHPXOXLGH /DPSDGHDYHUWL]DUHVHVWLQJHLDUVXQHWXOGHDYHUWL]DUHvQFH
IUkQDUHVHDSULQGHvQ WHD]ă
WLPSFHDXWRYHKLFXOXO
HVWHvQPLúFDUH6H
HPLWHGHDVHPHQHDXQ
VXQHWGHDYHUWL]DUH

u  3HULFROGHUăQLUH
/DPSDGHDYHUWL]DUH 6LVWHPHOHGHUHWHQĠLHIXQFĠLRQHD]ăGHIHFWXRV$LUEDJXULOHVDX
URúLH656HVWHDSULQVă vQWLQ]ăWRDUHOHFHQWXULLSRWILHVăVHGHFODQúH]HLQYROXQWDUILHvQ
vQWLPSFHPRWRUXOHVWH FD]GHDFFLGHQWVăQXVHGHFODQúH]HGHORF
vQIXQFĠLXQH
 &RQGXFHĠLFXDWHQĠLH
 $SHODĠLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH 

0RWRU

&DOFXODWRUGHERUGúLGLVSOD\XUL
3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
¹ $USXWHDILRGHIHFĠLXQHGHH[HPSOX
/DPSDGHDYHUWL]DUH =ODPDQDJHPHQWPRWRU
JDOEHQăSHQWUXGLDJ =vQVLVWHPXOGHLQMHFĠLHFDUEXUDQW
QRVWLFDUHPRWRUVH =vQVLVWHPXOGHHYDFXDUH
DSULQGHvQWLPSFH
=vQVLVWHPXOGHDSULQGHUHSHQWUXDXWRYHKLFXOHFXPRWRUSHEHQ
PRWRUXOHVWHvQIXQF
ĠLXQH ]LQă
=vQVLVWHPXOGHDOLPHQWDUHFXFDUEXUDQW

9DORULOHOLPLWăDOHHPLVLLORUDUSXWHDILGHSăúLWHLDUPRWRUXODUSXWHD
IXQFĠLRQDvQPRGXOGHXUJHQĠă
 6ROLFLWDĠLFkWPDLFXUkQGSRVLELOYHULILFDUHDDXWRYHKLFXOXOXLODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

$XWRYHKLFXOHFXPRWRUGLHVHOUH]HUYRUXOGHFDUEXUDQWVDJROLW
3DJLQD
 3RUQLĠLPRWRUXOGHWUHLVDXSDWUXRULGXSăDOLPHQWDUHDFXFDU
EXUDQW
'DFăODPSDGHDYHUWL]DUHJDOEHQăSHQWUXGLDJQRVWLFDUHPRWRU
VHVWLQJHPRGXOIXQFĠLRQDUHGHXUJHQĠăHVWHDQXODW$XWRYHKL
FXOXOQXWUHEXLHYHULILFDW
¶ 1LYHOXOGHFDUEXUDQWDVFă]XWSkQăvQLQWHUYDOXOGHUH]HUYă
/DPSDGHDYHUWL]DUH )XQFĠLRQDUHDvQFăO]LULLDX[LOLDUHHVWHGH]DFWLYDWăFkQGQLYHOXOGH
JDOEHQăSHQWUXFDUEX FDUEXUDQWLQWUăvQLQWHUYDOXOGHUH]HUYă
UDQWXOGHUH]HUYăVH  $OLPHQWDĠLODFHDPDLDSURSLDWăVWDĠLHGHDOLPHQWDUH
DSULQGHvQWLPSFH
PRWRUXOHVWHvQIXQF
ĠLXQH

¬ 6HQ]RUXOGHWHPSHUDWXUăSHQWUXLQGLFDWRUXOGHWHPSHUDWXUăD
/DPSDGHDYHUWL]DUH OLFKLGXOXLGHUăFLUHHVWHGHIHFW
URúLHSHQWUXOLFKLGXOGH 7HPSHUDWXUDOLFKLGXOXLGHUăFLUHQXPDLHVWHPRQLWRUL]DWă([LVWă
UăFLUHVHDSULQGHFkQG ULVFXOGHWHULRUăULLPRWRUXOXLGDFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUH
PRWRUXOHVWHvQIXQF HVWHSUHDULGLFDWă
ĠLXQHLDULQGLFDWRUXOGH  2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
WHPSHUDWXUăDOLFKLGX úLWUDILFúLRSULĠLPRWRUXO1XFRQWLQXDĠLVXEQLFLRIRUPăVăFRQ
OXLGHUăFLUHVHDIOăOD GXFHĠL
SXQFWXOGHSRUQLUHDO  $FĠLRQDĠLIUkQDGHSDUFDUH
VFDOHLJUDGDWH
 &RQVXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
&DOFXODWRUGHERUGúLGLVSOD\XUL

¬ 1LYHOXOOLFKLGXOXLGHUăFLUHHVWHSUHDVFă]XW
/DPSDGHDYHUWL]DUH 'DFăQLYHOXOOLFKLGXOXLGHUăFLUHHVWHFRUHFWFXUHQWXOGHDHUOD
URúLHSHQWUXOLFKLGXOGH UDGLDWRUXOPRWRUXOXLDUSXWHDILEORFDWVDXYHQWLODWRUXOHOHFWULFDO
UăFLUHVHDSULQGHvQ UDGLDWRUXOXLPRWRUXOXLDUSXWHDVăIXQFĠLRQH]HGHIHFWXRV
WLPSFHPRWRUXOHVWHvQ /LFKLGXOGHUăFLUHHVWHSUHDILHUELQWHLDUPRWRUXOQXPDLHVWHUăFLW
IXQFĠLXQH VXILFLHQW
 5HVSHFWDĠLPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
úLWUDILFúLRSULĠLPRWRUXO
 /ăVDĠLPRWRUXOúLOLFKLGXOGHUăFLUHVăVHUăFHDVFă
 9HULILFDĠLQLYHOXOOLFKLGXOXLGHUăFLUHúLFRPSOHWDĠLFXOLFKLGGH
UăFLUH3DJLQD5HVSHFWDĠLQRWHOHGHDYHUWLVPHQWDWXQFL
FkQGIDFHĠLDFHVWOXFUX
 'DFăWUHEXLHVăFRPSOHWDĠLIUHFYHQWFXOLFKLGGHUăFLUHVROLFLWDĠL
YHULILFDUHDVLVWHPXOXLGHUăFLUHDPRWRUXOXL
 $VLJXUDĠLYăFăDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
HVWHEORFDWăGHH[GHODSRYLĠăvQJKHĠDWă
 'DFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXE‚SXWHĠL
FRQWLQXDVăFRQGXFHĠLSkQăODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDĠLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULGHPXQWHúLvQWUDILFFXRSULULúL
SRUQLULIUHFYHQWH
¬ 7HPSHUDWXUDOLFKLGXOXLGHUăFLUHDGHSăúLW‚&XUHQWXOGHDHU
/DPSDGHDYHUWL]DUH ODUDGLDWRUXOPRWRUXOXLDUSXWHDILEORFDWVDXQLYHOXOOLFKLGXOXLGH
URúLHSHQWUXOLFKLGXOGH UăFLUHDUSXWHDILSUHDVFă]XW
UăFLUHVHDSULQGHvQ 0RWRUXOQXHVWHUăFLWVXILFLHQWúLDUSXWHDILGHWHULRUDW
WLPSFHPRWRUXOHVWHvQ  5HVSHFWDĠLPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
IXQFĠLXQH6HHPLWHGH PXOWLIXQFĠLRQDO
DVHPHQHDXQVXQHWGH  2SULĠLDXWRYHKLFXOXOLPHGLDWĠLQkQGFRQWGHFRQGLĠLLOHGHGUXP
DYHUWL]DUH
úLWUDILFúLRSULĠLPRWRUXO
 /ăVDĠLPRWRUXOúLOLFKLGXOGHUăFLUHVăVHUăFHDVFă
 9HULILFDĠLQLYHOXOOLFKLGXOXLGHUăFLUHúLFRPSOHWDĠLFXOLFKLGGH
UăFLUH3DJLQD5HVSHFWDĠLQRWHOHGHDYHUWLVPHQWDWXQFL
FkQGIDFHĠLDFHVWOXFUX
 'DFăWUHEXLHVăFRPSOHWDĠLIUHFYHQWFXOLFKLGGHUăFLUHVROLFLWDĠL
YHULILFDUHDVLVWHPXOXLGHUăFLUHDPRWRUXOXL
 $VLJXUDĠLYăFăDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
HVWHEORFDWăGHH[GHODSRYLĠăvQJKHĠDWă
 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH 

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL

&DOFXODWRUGHERUGúLGLVSOD\XUL
 'DFăWHPSHUDWXUDOLFKLGXOXLGHUăFLUHHVWHVXE‚SXWHĠL
FRQWLQXDVăFRQGXFHĠLSkQăODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDĠLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULGHPXQWHúLvQWUDILFFXRSULULúL
SRUQLULIUHFYHQWH

6LVWHPHGHDVLVWDUHDFRQGXFHULL

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
º  3HULFROGHDFFLGHQW
/DPSDURúLHGHDYHUWL 'LVWDQĠDSkQăODDXWRYHKLFXOXOGLQIDĠăHVWHSUHDPLFăSHQWUX
]DUHSULYLQGGLVWDQĠDVH YLWH]DVHOHFWDWă
DSULQGHFkWYHKLFXOXO
 &UHúWHĠLGLVWDQĠD
HVWHvQPLúFDUH

º  3HULFROGHDFFLGHQW
/DPSDURúLHGHDYHUWL $YHUWLVPHQWXOHVWHHPLVGDFăYăDSURSLDĠLGHXQDXWRYHKLFXOVWD
]DUHSULYLQGGLVWDQĠDVH ĠLRQDWVDXGHXQDXWRYHKLFXOFDUHFRQGXFHvQIDĠăODRYLWH]ăSUHD
DSULQGHFkWYHKLFXOXO PDUH
HVWHvQPLúFDUH6H
 )LĠLJDWDVăIUkQDĠLLPHGLDW
HPLWHúLXQVXQHWGH
DYHUWL]DUH  $FRUGDĠLRDWHQĠLHDSDUWHVLWXDĠLHLGLQWUDILF(VWHSRVLELOVăWUH
EXLDVFăVăIUkQDĠLVDXVăHIHFWXDĠLPDQHYUHGHHYLWDUH
,QIRUPDĠLLVXSOLPHQWDUHGHVSUH',67521,&3/863DJLQD
úLIUkQD35(6$)(Š3DJLQD


 /ăPSLGHDYHUWL]DUHúLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

3QHXUL
&DOFXODWRUGHERUGúLGLVSOD\XUL

3UREOHPD 3RVLELOHFDX]HXUPăULúLPVROXĠLL
w  3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULDGHWHFWDWRSLHUGHUHGHSUH
JDOEHQăSULYLQGPRQLWR VLXQHvQFHOSXĠLQXQXOGLQWUHSQHXUL
UL]DWRUXOSUHVLXQLLvQ
 2SULĠLDXWRYHKLFXOXOIăUăDHIHFWXDPDQHYUHEUXúWHFXGLUHFĠLD
SQHXULHVWHDSULQVă
VDXIUkQHOH$FRUGDĠLDWHQĠLHFRQGLĠLLORUGLQWUDILFvQWLPSFH
HIHFWXDĠLRSULUHD
 ğLQHĠLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILúDMXO
PXOWLIXQFĠLRQDO
 9HULILFDĠLSUHVLXQHDvQSQHXUL'DFăHVWHQHFHVDUFRUHFWDĠLSUH
VLXQHDvQSQHXUL3DJLQD
 'DFăHVWHQHFHVDUVFKLPEDĠLRURDWă3DJLQD
 

,QIRUPDĠLLXWLOH 
,QGLFDĠLLSULYLQGvQFăUFDUHD 
=RQHGHGHSR]LWDUH 
&DUDFWHULVWLFL 

'HSR]LWDUHúLFDUDFWHULVWLFL
 =RQHGHGHSR]LWDUH

,QIRUPDĠLLXWLOH DGPLVHSHQWUXDXWRYHKLFXOLQFOXVLYSDVD

G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
'HSR]LWDUHúLFDUDFWHULVWLFL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH
ULWRDUHODVLJXUDQĠă
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
JHULL
=SXQHĠLvQFăUFăWXULOHJUHOHFkWPDLvQDLQWH
SRVLELOúLFkWPDLMRVSRVLELOvQSRUWEDJDM
=vQFăUFăWXUDQXWUHEXLHVăLDVăvQDIDUDPDU
JLQLLVXSHULRDUHDVSăWDUHORUGHVFDXQ
=VSULMLQLĠLvQWRWGHDXQDvQFăUFăWXUDGH
VSăWDUXOVFDXQXOXLVSDWHVDXIDĠă$VLJX
UDĠLYăFăVSăWDUHOHGHVFDXQVXQWIL[DWH
ELQH
=SXQHĠLvQWRWGHDXQDvQFăUFăWXUDvQVSDWHOH
VFDXQHORUQHRFXSDWHGDFăHVWHSRVLELO
=IL[DĠLvQFăUFăWXUDFXPDWHULDOGHDQFRUDUH
VXILFLHQWGHSXWHUQLFUH]LVWHQWODX]XUă
FLDOLWDWHDXWRUL]DWH3DJLQD
,QGLFDĠLLSULYLQGvQFăUFDUHD
 $9(57,60(17
$VLJXUDĠLúLSR]LĠLRQDĠLvQFăUFăWXUDFRQIRUP
LQGLFDĠLLORUGHvQFăUFDUH
ÌQFD]FRQWUDUSDVDJHULLDXWRYHKLFXOXOXLDU
SXWHDILUăQLĠLGHvQFăUFăWXUDSURLHFWDWăSULQ
DXWRYHKLFXOvQFD]GHIUkQDUHEUXVFăVFKLP
EDUHEUXVFăDGLUHFĠLHLVDXGHDFFLGHQW
9HĠLJăVLLQIRUPDĠLLVXSOLPHQWDUHvQVHFĠLXQHD
Ä$VLJXUDUHDXQHLvQFăUFăWXUL
&KLDUúLGDFăXUPDĠLWRDWHLQGLFDĠLLOHGH
vQFăUFDUHvQFăUFăWXUDYDFUHúWHSHULFROXOGH
UăQLUHvQFD]GHDFFLGHQW
 $9(57,60(17
0HQĠLQHĠLFDSRWDSRUWEDJDMXOXLvQFKLVăFkQG
DXWRYHKLFXOXOHVWHvQIXQFĠLXQHÌQFD]FRQWUDU
SXWHĠLVXIHULRLQWR[LFDĠLHFXJD]HOHGHHúDSD
PHQWFDUHSăWUXQGvQDXWRYHKLFXO
&DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHDOHXQXL
DXWRYHKLFXOvQFăUFDWGHSLQGGHGLVWULEXLUHD
vQFăUFăWXULLvQDXWRYHKLFXO'LQDFHVWPRWLY
WUHEXLHVăUHVSHFWDĠLXUPăWRDUHOHQRWHFkQG
WUDQVSRUWDĠLRvQFăUFăWXUă QDUHOHSRUWKDUWă
=FkQGWUDQVSRUWDĠLRvQFăUFăWXUăQXGHSăúLĠL
QLFLRGDWăPDVDWRWDOăPD[LPăDGPLVăD
DXWRYHKLFXOXOXLVDXVDUFLQLOHSHSXQWH
FăSWXúLĠLPXFKLLOHDVFXĠLWHSHQWUXSURWHF
ĠLH
G 5HWHQĠLLGHvQFăUFăWXUăVXQWGLVSRQLELOHOD
RULFHDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[
XQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
=RQHGHGHSR]LWDUH
&RPSDUWLPHQWHGHGHSR]LWDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
&RPSDUWLPHQWHOHGHGHSR]LWDUHWUHEXLHVăILH
vQFKLVHFkQGVHGHSR]LWHD]ăDUWLFROHvQDFHV
WHD3ODVHOHSHQWUXEDJDMHQXVXQWFRQFHSXWH
VăVXVĠLQăEDJDMHJUHOH
'XPQHDYRDVWUăVDXDOĠLSDVDJHULDLDXWRYHKL
FXOXOXLDUSXWHDILUăQLĠLGHRELHFWHSURLHFWDWH
vQFDELQăGDFă
=IUkQDĠLSXWHUQLF
=VFKLPEDĠLEUXVFGLUHFĠLD
=VXQWHĠLLPSOLFDWvQWUXQDFFLGHQW
1XDúH]DĠLRELHFWHFXPDUJLQLDVFXĠLWHúLIUD
JLOHvQSODVDSHQWUXEDJDMH
1XSODVDĠLRELHFWHGXUHvQEX]XQDUHOHSRU
WKDUWă2ELHFWHOHQXWUHEXLHVăLDVăGLQEX]X
 =RQHGHGHSR]LWDUH 

&RPSDUWLPHQWHGHGHSR]LWDUHIDĠă &RPSDUWLPHQWGHGHSR]LWDUHGLQFRQVROD
FHQWUDOă
7RUSHGR
G 7RUSHGRXOSRDWHILYHQWLODW
3DJLQD
 3HQWUXDGHVFKLGHWUDJHĠLGHPkQH
UXOCúLGHVFKLGHĠLXúLĠDWRUSHGRXOXLD
 3HQWUXDvQFKLGHUDEDWDĠLXúLĠDWRUSHGRX
OXLDvQVXVSkQăFHVHFXSOHD]ă
7RUSHGRXOSRDWHILvQFXLDWúLGHVFXLDWGRDUFX
DMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQĠă
'HSR]LWDUHúLFDUDFWHULVWLFL
 3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC
vQDSRL
&RPSDUWLPHQWGHGHSR]LWDUHFRPSDUWL
PHQWSHQWUXWHOHIRQVXEFRWLHUă
G ÌQIXQFĠLHGHHFKLSDPHQWXODXWRYHKLFXOX
OXLvQFRPSDUWLPHQWXOGHGHSR]LWDUHVXQW
LQVWDODWHXQSRUW86%úLRFRQH[LXQH$8;
,1VDXRLQWHUIDĠăPHGLD2LQWHUIDĠăPHGLD
HVWHRLQWHUIDĠăXQLYHUVDOăSHQWUXHFKLSD
PHQWDXGLRSRUWDELOGHH[XQL3RGŠVDXXQ
GLVSR]LWLY86%FRQVXOWDĠLLQVWUXFĠLXQLOHGH
XWLOL]DUHVHSDUDWH$XGLRVDX&20$1'
$36

 3HQWUXDvQFXLDLQWURGXFHĠLHOHPHQWXO
FKHLHGHXUJHQĠăvQvQFXLHWRDUHúLURWLĠLOD
ƒvQVHQVRUDUvQSR]LĠLDH
 3HQWUXDGHVFXLDLQWURGXFHĠLHOHPHQWXO
FKHLHGHXUJHQĠăvQvQFXLHWRDUHúLURWLĠLOD  3HQWUXDGHVFKLGHDSăVDĠLEXWRQXOGLQ
ƒvQVHQVDQWLRUDUvQSR]LĠLDG VWkQJDDVDXEXWRQXOGLQGUHDSWDC
&RPSDUWLPHQWXOGHGHSR]LWDUHVHGHV
FKLGH


 =RQHGHGHSR]LWDUH

3ODVHSHQWUXEDJDMH 5DEDWDUHDvQDLQWHDVSăWDUXOXLVFDXQX
OXL
 $9(57,60(17
$úH]DĠLQXPDLRELHFWHXúRDUHvQSODVDSHQWUX
EDJDMH1XRXWLOL]DĠLODWUDQVSRUWXOGHRELHFWH
JUHOHFXPDUJLQLDVFXĠLWHVDXIUDJLOH3ODVD
SHQWUXEDJDMHQXSRDWHIL[DRELHFWHOHVXIL
'HSR]LWDUHúLFDUDFWHULVWLFL

FLHQWvQFD]GHDFFLGHQW

3ODVHOHSHQWUXEDJDMHVHDIOăvQVSDĠLXOSHQWUX
SLFLRDUHSDVDJHUIDĠăúLSHSDUWHDVWkQJăD
SRUWEDJDMXOXL

8QLWDWHGHvQFăUFDUHSULQEDQFKHWD
VSDWH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
1XWUDQVSRUWDĠLRELHFWHJUHOHVDXGXUHvQDXWR
YHKLFXOVDXvQSRUWEDJDMGDFăQXVXQWELQH
IL[DWH
ÌQFD]FRQWUDUGXPQHDYRDVWUăúLFHLODOĠLSDVD
JHULDLDXWRYHKLFXOXOXLDĠLSXWHDILUăQLĠLGH
RELHFWHOHSURLHFWDWHSULQDXWRYHKLFXOvQFD]GH
IUkQDUHSXWHUQLFăGHVFKLPEDUHEUXVFăD
GLUHFĠLHLVDXGHDFFLGHQW
 $9(57,60(17
&RQGXFHĠLvQWRWGHDXQDFXFDSRWDSRUWEDJDMX
OXLvQFKLVăÌQFD]FRQWUDUHVWHSRVLELOFD
JD]HOHGHHúDSDPHQWVăSăWUXQGăvQLQWHULRUXO
DXWRYHKLFXOXOXL
G $XWRYHKLFXOHOHFXIXQFĠLHGHPHPRUDUH
FkQGUDEDWDĠLXQDVDXDPEHOHSăUĠLDOH
VSăWDUXOXLVFDXQXOXLVSDWHvQDLQWHVFDXQXO
IDĠăUHVSHFWLYVHGHSODVHD]ăXúRUvQDLQWH
FkQGHVWHFD]XOSHQWUXDHYLWDFRQWDFWXO
 $XWRYHKLFXOHIăUăIXQFĠLDGHPHPRUDUH
GDFăVLWXDĠLDRFHUHGHSODVDĠLVFDXQXO
úRIHUXOXLVDXVFDXQXOSDVDJHUXOXLIDĠă
vQDLQWH
 'HVFKLGHĠLSRUWEDJDMXO
 7UDJHĠLPDQHWDGHHOLEHUDUHDVSăWDUXOXL
VFDXQXOXLVSDWHGHSHSDUWHDVWkQJăVDXGH
SHSDUWHDGUHDSWăC
6SăWDUXOVFDXQXOXLVSDWHDIHUHQWHVWHHOL
EHUDW

6SăWDUHOHVFDXQHORUVSDWHGHSHSDUWHD
VWkQJăúLGHSHSDUWHDGUHDSWăSRWILUDEDWDWH
vQMRVVHSDUDWSHQWUXDFUHúWHFDSDFLWDWHD
SRUWEDJDMXOXL

 5DEDWDĠLVSăWDUXOVFDXQXOXLVSDWHD
vQDLQWH
 'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO
SDVDJHUXOXLIDĠăvQDSRLGDFăVLWXDĠLDRFHUH

5DEDWDUHDvQDSRLDVSăWDUXOXLVFDXQXOXL
 'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO
SDVDJHUXOXLIDĠăvQDLQWHGDFăVLWXDĠLDR
FHUH
 $VLJXUDĠLYăFăFHQWXUDGHVLJXUDQĠăQXVH
SULQGHvQWUHHOHPHQWHFkQGUDEDWDĠL
VSăWDUXOVFDXQXOXLVSDWHvQDSRLÌQFD]FRQ
WUDUSRDWHVXIHULGHWHULRUăUL
 5DEDWDĠLvQDSRLVSăWDUXOVFDXQXOXL
VSDWHCSkQăFHVHDQJUHQHD]ă
 $9(57,60(17
$VLJXUDĠLYăFăVSăWDUXOVFDXQXOXLVSDWHHVWH
DQJUHQDWFRUHFWÌQFD]FRQWUDUSDVDJHULL
DXWRYHKLFXOXOXLDUSXWHDILUăQLĠLGHRELHFWH
SURLHFWDWHvQFDELQăGDFă ĠLH
=IUkQDĠLSXWHUQLF
=VFKLPEDĠLEUXVFGLUHFĠLD
=VXQWHĠLLPSOLFDWvQWUXQDFFLGHQW
'DFăVSăWDUXOVFDXQXOXLVSDWHQXHVWHFXSODW
DFHVWOXFUXYDILLQGLFDWSHDILúDMXOPXOWLIXQF
ĠLRQDOGLQSDQRXOGHLQVWUXPHQWH
G 7UHEXLHVăFXSODĠLvQWRWGHDXQDVSăWDUXO
VFDXQXOXLVSDWHGDFăQXYăHVWHQHFHVDUă
FDUDFWHULVWLFDGHvQFăUFDUHSULQEDQFKHWă
$VWIHOYHĠLSUHYHQLDFFHVXOQHDYL]DWODSRUW
EDJDMGLQLQWHULRUXODXWRYHKLFXOXOXL
 'HSODVDĠLVFDXQXOúRIHUXOXLVDXVFDXQXO
SDVDJHUXOXLIDĠăvQDSRLGDFăVLWXDĠLDRFHUH
=RQHGHGHSR]LWDUH 
$VLJXUDUHDXQHLvQFăUFăWXUL
2FKLXULGHDQFRUDUH
 $9(57,=$5(
ÌQFăUFDĠLXQLIRUPLQHOHOHGHSULQGHUH
ÌQFD]FRQWUDUGYVVDXDOWHSHUVRDQHSXWHĠLIL
'HSR]LWDUHúLFDUDFWHULVWLFL
UăQLĠLGHvQFăUFăWXUDFDUHVHGHSODVHD]ă
QHFRQWURODWvQFD]XULOHvQFDUH
=IUkQDĠLEUXVF
=VFKLPEDĠLUDSLGGLUHFĠLD
=VXQWHĠLLPSOLFDWvQWUXQDFFLGHQW
ÌQOHJăWXUăFXDFHDVWDDYHĠLvQYHGHUHLQVWUXF
ĠLXQLOHGHvQFăUFDUH
ğLQHĠLFRQWGHXUPăWRDUHOHQRWHSULYLQGDVL
JXUDUHDVDUFLQLORU
=DVLJXUDĠLVDUFLQDFXDMXWRUXORFKLXULORUGH
DQFRUDUH
=QXXWLOL]DĠLFKLQJLVDXSODVHHODVWLFHSHQWUX
DDVLJXUDRVDUFLQăvQWUXFkWDFHVWHDVXQW
FRQFHSXWHGRDUFDSURWHFĠLHDQWLDOXQHFDUH
SHQWUXRELHFWHXúRDUH
=QXSXQHĠLPDWHULDOHOHGHDQFRUDUHSHVWH
PXFKLLDVFXĠLWHVDXFROĠXUL
=FăSWXúLĠLPXFKLLOHDVFXĠLWHSHQWUXSURWHF
([LVWăSDWUXRFKLXULGHDQFRUDUHvQSRUWEDJDM
$XWRYHKLFXOFXIXQFĠLDGHvQFăUFDUHSULQEDQFKHWD
VSDWH
C 2FKLXULGHDQFRUDUH
 =RQHGHGHSR]LWDUH

&kUOLJGHJHDQWă
 $9(57,60(17
6XVSHQGDĠLQXPDLRELHFWHXúRDUHSHVXSRU
WXULOHGHJHQĠL1XOHXWLOL]DĠLODWUDQVSRUWXOGH
RELHFWHJUHOHFXPDUJLQLDVFXĠLWHVDXIUDJLOH
&kQGIUkQDĠLSXWHUQLFVFKLPEDĠLUDSLGGLUHFĠLD
'HSR]LWDUHúLFDUDFWHULVWLFL

VDXvQFD]GHDFFLGHQWFkUOLJHOHGHJHDQWăQX
YRUIL[DVXILFLHQWRELHFWHOH$FHVWOXFUXDU
SXWHDGXFHODDFFLGHQWDUHDGXPQHDYRDVWUă
VDXDDOWRUSHUVRDQH
 $JăĠDĠLPkQHUXOCvQMJKHDEXOGH
 &kUOLJXOGHJHDQWăSRDWHUH]LVWDODRVDU SORDLHD
FLQăPD[LPăGHNJ1XvOXWLOL]DĠLSHQWUX
DIL[DRVDUFLQă  6FRDWHĠLPkQHUXOGLQQRXvQDLQWHGHD
vQFKLGHFDSRWDSRUWEDJDMXOXLúLIL[DĠLOIHUP
vQLQWHULRUSHQWUXDSUHYHQLLHúLUHDFODSHWHL
PkQHUXOXLvQDIDUăÌQFD]FRQWUDUDĠLSXWHD
GHWHULRUDPkQHUXO

6XSRUWGHSDYLOLRQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
 $9(57,60(17
8QVXSRUWGHSDYLOLRQXQVXSRUWSHQWUXVFKLXUL
C &kUOLJGHJHDQWă
VDXRVDUFLQăIL[DWHLQFRUHFWVHSRWGHVSULQGH
GHSHDXWRYHKLFXO$FHVWHRELHFWHSRWILSUR
LHFWDWHvQH[WHULRUUăQLQGXYăSHGXPQHD
6SDĠLXGHGHSR]LWDUHGHVXESODQúHXO YRDVWUăVDXSHDOĠLLVDXSURYRFkQGXQDFFL
SRUWEDJDMXOXL GHQW5HVSHFWDĠLLQVWUXFĠLXQLOHGHLQVWDODUHDOH
7UXVD7,5(),7WUXVDGHVFXOHDDXWRYHKLFXOX SURGXFăWRUXOXLVXSRUWXOXLGHSDYLOLRQVXSRU
OXLHWFVHDIOăvQFRPSDUWLPHQWXOGHGHSR]L WXOXLSHQWUXVFKLXULúLLQVWUXFĠLXQLOHVSHFLDOH
WDUH GHXWLOL]DUH
6DUFLQDSHSDYLOLRQULGLFăFHQWUXOGHJUHXWDWH
DODXWRYHKLFXOXOXLDIHFWkQGvQFRQVHFLQĠă
PDQHYUDELOLWDWHDDXWRYHKLFXOXOXL7UHEXLHVă
UHVSHFWDĠLvQWRWGHDXQDVDUFLQDPD[LPăSH
SDYLOLRQGHNJ$GDSWDĠLYăvQWRWGHDXQD
VWLOXOGHFRQGXFHUHODFRQGLĠLLOHGHGUXPGH
WUDILFúLPHWHRSUHGRPLQDQWHúLFRQGXFHĠLFX
GHRVHELWăSUXGHQĠăGDFăSDYLOLRQXOHVWH
vQFăUFDW

 0HUFHGHV%HQ]YăUHFRPDQGăVăXWLOL]DĠL
 3HQWUXDGHVFKLGHWUDJHĠLPkQHUXOCvQ QXPDLVXSRUWXULGHSDYLOLRQFDUHDXIRVW
VXV WHVWDWHúLDSUREDWHSHQWUXDXWRYHKLFXOH
 &DUDFWHULVWLFL 

0HUFHGHV%HQ]$VWIHOSUHYHQLĠLDYDULHUHD &DUDFWHULVWLFL
DXWRYHKLFXOXOXL
3R]LĠLRQDĠLVDUFLQDSHVXSRUWXOGHSDYLOLRQ 6XSRUWXULSHQWUXSDKDU
DVWIHOvQFkWDXWRYHKLFXOXOVăQXVXIHUHDYD 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
ULLFKLDUúLGDFăVHDIOăvQPLúFDUH
ÌQIXQFĠLHGHHFKLSDUHDDXWRYHKLFXOXOXLDVL  $9(57,60(17

'HSR]LWDUHúLFDUDFWHULVWLFL
JXUDĠLYăFăDWXQFLFkQGVXSRUWXOGHSDYL ğLQHĠLvQFKLVVXSRUWXOSHQWUXSDKDUvQWLPSFH
OLRQHVWHPRQWDWSXWHĠL DXWRYHKLFXOXOHVWHvQPLúFDUHÌQFD]FRQWUDU
=GHVFKLGHFRPSOHWWUDSDJOLVDQWăSDQRUD SDVDJHULLDXWRYHKLFXOXOXLDUSXWHDILUăQLĠLGH
PLFă RELHFWHOHSURLHFWDWHSULQDXWRYHKLFXOGDFă
=IUkQDĠLEUXVF
=GHVFKLGHFRPSOHWFDSRWDSRUWEDJDMXOXL
=VFKLPEDĠLEUXVFGLUHFĠLD

$WDúDUHVXSRUWGHSDYLOLRQ =VXQWHĠLLPSOLFDWvQWUXQDFFLGHQW

8WLOL]DĠLVXSRUWXULSHQWUXSDKDUGRDUSHQWUX
UHFLSLHQWHGHGLPHQVLXQLSRWULYLWHúLFDUHDX
FDSDFHÌQFD]FRQWUDUOLFKLGHOHVHSRWYăUVD
6XSRUWXULOHSHQWUXSDKDUHQXWUHEXLHVăILH
XWLOL]DWHSHQWUXEăXWXULILHUELQĠLÌQFD]FRQ
WUDUHVWHSRVLELOVăYăRSăULĠL

6XSRUWSHQWUXSDKDUvQFRQVRODFHQWUDOă
DFRPSDUWLPHQWXOXLIDĠă

$XWRYHKLFXOHFXSDYLOLRQGLQRĠHO

C 6XSRUWXULSHQWUXSDKDU
D &DSDF
$XWRYHKLFXOHFXWUDSăJOLVDQWăSDQRUDPLFă  3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOD
 'HVFKLGHĠLFDSDFHOHCFXDWHQĠLHvQGLUHF vQDSRL
ĠLDVăJHĠLL
 5DEDWDĠLFDSDFHOHCvQVXV
 $VLJXUDĠLVXSRUWXOGHSDYLOLRQQXPDLOD
SXQFWHOHGHDQFRUDUHGHVXEFDSDFHOHC
 5HVSHFWDĠLLQVWUXFĠLXQLOHGHLQVWDODUHDOH
SURGXFăWRUXOXL


 &DUDFWHULVWLFL

6FRDWHUHDúLIL[DUHDVXSRUWXOXLSHQWUX ULRDUHDVXSRUWXOXLSHQWUXSDKDUCVăILH
SDKDU RULHQWDWăvQDLQWH
6FRDWHUHD  $SăVDĠLVXSRUWXOSHQWUXSDKDUSkQăFkQGVH
DQJUHQHD]ăSHSDUWHDSDVDJHUXOXLIDĠă

6XSRUWSHQWUXSDKDUvQFXWLDGHGHSR]L
'HSR]LWDUHúLFDUDFWHULVWLFL

WDUHVSDWH

 7UDJHĠLFXDWHQĠLHDIDUăFDQHOXUDDGHSH
SDUWHDSDVDJHUXOXLIDĠăFXDMXWRUXOXQHL
VFXOHSRWULYLWHSkQăFkQGXUHFKHD‡
GHYLQHYL]LELOă
 7UDJHĠLVXSRUWXOSHQWUXSDKDUXúRUvQVXV  3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC
SkQăODRSULWRU vQDLQWH
 7UDJHĠLFXDWHQĠLHDIDUăFDQHOXUDCGHSH
SDUWHDúRIHUXOXLFXDMXWRUXOXQHLVFXOHSRWUL
YLWH7RWRGDWăWUDJHĠLVXSRUWXOSHQWUX 3DUDVRODUH
SDKDUXúRUvQVXVSkQăODRSULWRU
 7UDJHĠLDOWHUQDWLYFDQHOXUDGHSHSDUWHD
3UH]HQWDUHJHQHUDOăDSDUDVRODUXOXL
úRIHUXOXLCúLGHSHSDUWHDSDVDJHUXOXL  $9(57,60(17
IDĠăDvQWLPSFHULGLFDĠLVXSRUWXOSHQWUX 0HQĠLQHĠLRJOLQ]LOHGLQSDUDVRODUHDFRSHULWHvQ
SDKDUSkQăFkQGSRDWHILVFRV WLPSXOFRQGXFHULLÌQFD]FRQWUDUDĠLSXWHDIL
RUELWQHPDLSXWkQGREVHUYDFRQGLĠLLOHGLQWUD
0RQWDUHD
ILFúLSXWkQGSURYRFDXQDFFLGHQWGUHSWFRQ
VHFLQĠă

 ,QWURGXFHĠLFDQHOXULOHGHSHVWkQJDúL
GUHDSWDDDOHVXSRUWXOXLSHQWUXSDKDUvQ
C /XPLQDGLQRJOLQGă
DUFXULODWHUDOH‡,QWURGXFHĠLVXSRUWXOSHQ
WUXSDKDUDVWIHOvQFkWSDQDVHFĠLXQLLVXSH D &RQVROD
 &DUDFWHULVWLFL 

‡ &OHPăGHIL[DUHGHH[SHQWUXXQWLFKHW  3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC
GHSDUFDUH vQDLQWHSkQăFHVHDQJUHQHD]ă
… 2JOLQGăGHPDFKLDM  3HQWUXDVFRDWHLQVHUĠLDĠLQHĠLLQVHUĠLD
ƒ &DSDFXORJOLQ]LL ‡GHQHUYXULOHODWHUDOHULGLFDĠLRDúL
VFRDWHĠLR
2JOLQGDGHPDFKLDMGLQSDUDVRODU  3HQWUXDSXQHODORFLQVHUĠLDDSăVDĠL

'HSR]LWDUHúLFDUDFWHULVWLFL
LQVHUĠLD‡vQVXSRUWSkQăFHVHDQJUH
/XPLQDGLQRJOLQGăCIXQFĠLRQHD]ăQXPDL
QHD]ă
GDFăSDUDVRODUXOHVWHSULQVvQGLVSR]LWLYXOGH
 3HQWUXDvQFKLGHDSăVDĠLVFXUWFDSD
SULQGHUHDúLFDSDFXORJOLQ]LLƒDIRVWSOLDW
FXOCvQIDĠă
vQVXV
&DSDFXOVHGHSODVHD]ăvQDSRL
5HIOH[LHGLQWURSDUWH
6FUXPLHUăvQFRQVRODFHQWUDOăvQFRP
 3OLDĠLvQMRVSDUDVRODUXO SDUWLPHQWXOGLQVSDWH
 7UDJHĠLSDUDVRODUXOGLQGLVSR]LWLYXOGHSULQ
GHUHD
 5RWLĠLSDUDVRODUXOvQODWHUDO

6FUXPLHUă
6FUXPLHUăvQFRQVRODFHQWUDOăvQFRP
SDUWLPHQWXOGLQIDĠă
G 3XWHĠLVFRDWHLQVHUĠLDGHVFUXPLHUăúL
SXWHĠLXWLOL]DVSDĠLXOUH]XOWDWSHQWUXGHSR]L
WDUH  3HQWUXDGHVFKLGHWUDJHĠLDIDUăFDSD
FXODGHPDUJLQHDGHVXV
 6SDĠLXOGHGHSR]LWDUHGHVXEVFUXPLHUăQX
 3HQWUXDVFRDWHLQVHUĠLDDSăVDĠLEXWRQXO
HVWHWHUPRUH]LVWHQWÌQDLQWHGHDSXQH
ĠLJăULDSULQVHvQVFUXPLHUăDVLJXUDĠLYăFă GHHOLEHUDUH‡ULGLFDĠLLQVHUĠLDúLVFRDWHĠL
VFUXPLHUDHVWHFXSODWăFRUHVSXQ]ăWRUÌQ R
FD]FRQWUDUVSDĠLXOGHGHSR]LWDUHSRDWH  3HQWUXDSXQHODORFLQVHUĠLDSXQHĠLODORF
VXIHULGHWHULRUăUL LQVHUĠLDCvQVXSRUWGLQSDUWHDVXSHULRDUă
úLDSăVDĠLvQVXSRUWSkQăFHVHDQJUHQHD]ă

%ULFKHWă
 3HULFROGHUăQLUHúLLQFHQGLX
3HQWUXPDQLSXODUHDEULFKHWHLILHUELQĠLXWLOL]DĠL
QXPDLPkQHUXODFHVWHLDÌQFD]FRQWUDUSXWHĠL
VXIHULDUVXUL
/XDĠLPăVXULSHQWUXHOLPLQDUHDSHULFROXOXLGH
DFFLGHQWDUHDFRSLLORUFHFăOăWRUHVFvQDXWR
YHKLFXOSULQDWLQJHUHDEULFKHWHLILHUELQĠLVDX


 &DUDFWHULVWLFL

GHSURYRFDUHDXQXLLQFHQGLXSULQPDQLSXOD 3UL]ăvQFRQVRODFHQWUDOăvQFRPSDUWL
UHDDFHVWHLD PHQWXOGLQIDĠă
'HSR]LWDUHúLFDUDFWHULVWLFL


 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW

 3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC
vQDLQWHSkQăFHVHDQJUHQHD]ă 
3HQWUXDGHVFKLGHFXOLVDĠLFDSDFXOC
vQDLQWHSkQăFHVHDQJUHQHD]ă
5LGLFDĠLFDSDFXOSUL]HLD
3HQWUXDvQFKLGHDSăVDĠLVFXUWFDSD

 $SăVDĠLEULFKHWDD
FXOCvQIDĠă
%ULFKHWDDYDLHúLvQDIDUăDXWRPDWFkQG &DSDFXOVHGHSODVHD]ăvQDSRL
UH]LVWHQĠDHVWHvQFăO]LWăODURúX
 3HQWUXDvQFKLGHDSăVDĠLVFXUWFDSD
3UL]ăvQFRQVRODFHQWUDOăDFRPSDUWL
FXOCvQIDĠă PHQWXOXLVSDWH
&DSDFXOVHGHSODVHD]ăvQDSRL 2SUL]ăHVWHPRQWDWăvQFRQVRODFHQWUDOăGLQ
FRPSDUWLPHQWXOVSDWHODDXWRYHKLFXOHFXR
VFUXPLHUăúLREULFKHWă
3UL]HGH9
$VSHFWHGHUHVSHFWDWvQDLQWHGHXWLOL
]DUH
3UL]HOHSRWILXWLOL]DWHSHQWUXDFFHVRULLGHH[
OăPSLVDXvQFăUFăWRDUHGHWHOHIRDQHPRELOH
FXRDEVRUEĠLHGHFXUHQWPD[LPăGH:
$
'DFăXWLOL]DĠLSUL]HOHSHULRDGHOXQJLFkQG
PRWRUXOHVWHRSULWEDWHULDVDUSXWHD
GHVFăUFD
 7UDJHĠLDIDUăFDSDFXODGHPDUJLQHDGH
G 3XWHĠLXWLOL]DSUL]HOHúLFkQGFRQWDFWXOHVWH
VXV
GHFXSODW2vQWUHUXSHUHGHXUJHQĠăQXSHU
 5LGLFDĠLFDSDFXOSUL]HLC
PLWHFDWHQVLXQHDGHODERUGVăVFDGăSUHD
PXOW'DFăWHQVLXQHDGHODERUGHVWHSUHD
VFă]XWăFXUHQWXOHOHFWULFGHODSUL]HHVWH
vQWUHUXSWDXWRPDW$FHDVWDDVLJXUăIDSWXO
FăH[LVWăVXILFLHQWFXUHQWHOHFWULFSHQWUXD
SRUQLPRWRUXO

7HOHIRQPRELO
1RWHLPSRUWDQWH
 $9(57,60(17
5HVSHFWDĠLQRUPHOHOHJDOHGLQĠDUDvQFDUH
FRQGXFHĠLODPRPHQWXOUHVSHFWLYSULYLQGXWLOL
]DUHDHFKLSDPHQWXOXLPRELOGHFRPXQLFDĠLL
vQWUXQDXWRYHKLFXO
'DFăOHJHDSHUPLWHXWLOL]DUHDHFKLSDPHQWXOXL
PRELOGHFRPXQLFDĠLLFkWDXWRYHKLFXOXOHVWHvQ
PLúFDUHWUHEXLHVăvOXWLOL]DĠLQXPDLGDFă
VLWXDĠLDGLQWUDILFRSHUPLWHÌQFD]FRQWUDU
DWHQĠLDYDUSXWHDILGLVWUDVăGHODFRQGLĠLLOH
GLQWUDILFDĠLSXWHDSURYRFDXQDFFLGHQWúL
GXPQHDYRDVWUăúLDOWHSHUVRDQHDĠLSXWHD
VXIHULUăQL
6WDĠLLOHELGLUHFĠLRQDOHúLHFKLSDPHQWXOID[XWL
OL]DWHIăUăDQWHQHH[WHULRDUHFXUHIOH[LH
VFă]XWăSRWSHUWXUEDVLVWHPHOHHOHFWURQLFH
DOHDXWRYHKLFXOXOXLSHULFOLWkQGvQFRQVHFLQĠă
VLJXUDQĠDvQIXQFĠLRQDUHDDXWRYHKLFXOXOXLúL
VLJXUDQĠDGXPQHDYRDVWUă3ULQXUPDUHWUH
EXLHVăXWLOL]DĠLDFHVWHFKLSDPHQWQXPDLGDFă
HVWHFRQHFWDWFRUHFWODRDQWHQăH[WHULRDUă
VHSDUDWăIăUăUHIOH[LH
 $9(57,60(17
1LYHOXULOHH[FHVLYHGHUDGLDĠLLHOHFWURPDJQH
WLFHYăSRWDIHFWDVăQăWDWHDDWkWDGXPQHD
YRDVWUăFkWúLDFHORUODOĠL8WLOL]DUHDXQHL
DQWHQHH[WHULRDUHHVWHSHUPLVăGRDUOXkQGX
VHvQFDOFXOúLGH]EDWHULOHúWLLQĠLILFHFXUHQWH
SULYLQGSRVLELOHOHULVFXULDVXSUDVăQăWăĠLLFRP
&DUDFWHULVWLFL 
2DQWHQăH[WHULRDUăDUHXUPăWRDUHOHDYDQ
WDMH
=GLULMHD]ăFkPSXULOHHOHFWURPDJQHWLFH
JHQHUDWHGHXQGLVSR]LWLYIăUăILUvQH[WHULRU
=SXWHUHDFkPSXOXLvQLQWHULRUXODXWRYHKLFX
OXOXLHVWHPDLVFă]XWăGHFkWvQWUXQDXWR
'HSR]LWDUHúLFDUDFWHULVWLFL
YHKLFXOIăUăDQWHQăH[WHULRDUă
G ([LVWăPDLPXOWHFRQVROHGHWHOHIRQPRELO
FDUHVDUSXWHDSRWULYLODDXWRYHKLFXOXO
GXPQHDYRDVWUăvQXQHOHFD]XULDFHVWHD
VXQWVSHFLILFHILHFăUHLĠăUL
G &KLDUGDFăDXWRYHKLFXOXOGXPQHDYRDVWUă
HVWHHFKLSDWFXWHOHIRQLHFRQYHQĠLRQDOă
SXWHĠLFRQHFWDXQWHOHIRQPRELOFRPSDWLELO
%OXHWRRWKŠFX$XGLRVDX&20$1'
2QOLQHSULQLQWHUIDĠD%OXHWRRWKŠ
,QIRUPDĠLLVXSOLPHQWDUHSULYLQGWHOHIRDQHOH
PRELOHSRWULYLWHFRQVROHOHGHWHOHIRQPRELOúL
FRQHFWDUHDWHOHIRDQHORUPRELOHFRPSDWLELOH
%OXHWRRWKŠFX$XGLRVDX&20$1'2QOLQH
SRWILREĠLQXWH
=OD&HQWUXOGH6HUYLFH0HUFHGHV%HQ]ORFDO
=GHSHLQWHUQHWODDGUHVDKWWS
ZZZPHUFHGHVEHQ]FRPFRQQHFW
G )XQFĠLLOHúLVHUYLFLLOHGLVSRQLELOHFkQGXWL
OL]DĠLWHOHIRQXOGHSLQGGHPRGHOXOWHOHIRQX
OXLPRELOúLGHIXUQL]RUXOGHVHUYLFLL
,QWURGXFHUHDWHOHIRQXOXLPRELO
 'HVFKLGHĠLFRPSDUWLPHQWXOSHQWUXWHOHIRQ
3DJLQD
SRUWDWHGHFkPSXULOHHOHFWURPDJQHWLFH
 3XQHĠLFRQVRODWHOHIRQXOXLPRELOvQFRQVROD
0HUFHGHV%HQ]UHFRPDQGăXWLOL]DUHDXQHL SUHLQVWDODWăFRQVXOWDĠLLQVWUXFĠLXQLOHVHSD
DQWHQHH[WHULRDUHDSUREDWH$FHDVWDDVLJXUă UDWHGHLQVWDODUHDFRQVROHLWHOHIRQXOXL
=FDOLWDWHDRSWLPăDUHFHSĠLHLSULQWHOHIRQ
PRELO
 3XQHĠLWHOHIRQXOPRELOvQFRQVRODWHOHIRQX
PRELOvQDXWRYHKLFXO
=LQWHUIHUHQĠHOHUHFLSURFHGLQWUHVLVWHPHOH
OXLPRELOFRQVXOWDĠLLQVWUXFĠLXQLOHVHSDUDWH
HOHFWURQLFHDOHDXWRYHKLFXOXOXLúLWHOHIRD
QHOHPRELOHVXQWUHGXVH
GHLQVWDODUHDFRQVROHLWHOHIRQXOXLPRELO
'DFăWHOHIRQXOPRELOHVWHLQWURGXVvQFRQVROD
WHOHIRQXOXLPRELOSXWHĠLYRUELFXSHUVRDQDSH
FDUHRVXQDĠLFXDMXWRUXOVLVWHPXOXLKDQGV
IUHH
 &DUDFWHULVWLFL

G /DXQHOHFRQVROHSHQWUXWHOHIRQPRELO
PDLvQWkLWUHEXLHVăFRQHFWDĠLWHOHIRQXO
PRELOSULQ%OXHWRRWKŠFXRFRQVROăGHWHOH
IRQPRELOFRQVXOWDĠLLQVWUXFĠLXQLOHVHSD
UDWHGHXWLOL]DUHDFRQVROHLWHOHIRQXOXL
PRELO
'HSR]LWDUHúLFDUDFWHULVWLFL

/DDFHVWHFRQVROHGHWHOHIRQPRELOWHOHIR
QXOPRELOQXWUHEXLHVăILHLQWURGXVvQFRQ
VROăSHQWUXFDGXPQHDYRDVWUăVăSXWHĠLXWL
OL]DIXQFĠLLOHWHOHIRQXOXLÌQDFHVWFD]IXQF
ĠLDGHvQFăUFDUHúLIXQFĠLDDQWHQăQXVXQW
GLVSRQLELOH  3HQWUXDUDEDWDvQVXVFRQVRODDSăVDĠL
EXWRQXOC
8WLOL]DUHDWHOHIRQXOXLPRELO  3HQWUXDUDEDWDvQMRVFRQVRODDSăVDĠL
FRQVRODvQMRVúLSHUPLWHĠLVăVHDQJUHQH]H
3XWHĠLXWLOL]DWHOHIRQXOFXDMXWRUXOEXWRDQHORU
júLGHSHYRODQXOPXOWLIXQFĠLRQDOGH
OX[3XWHĠLXWLOL]DDOWHIXQFĠLLDOHWHOHIRQXOXL 'HVFKL]ăWRUSHQWUXXúDJDUDMXOXL
PRELOFXDMXWRUXOFDOFXODWRUXOXLGHERUG
3DJLQD
&kQGVFRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQ
WDFWWHOHIRQXOPRELOUăPkQHIXQFĠLRQDOGDU
QXPDLSXWHĠLIRORVLVLVWHPXOKDQGVIUHH
'DFăGDĠLXQWHOHIRQúLGRULĠLVăVFRDWHĠLFKHLD
GLQFRPXWDWRUXOGHFRQWDFWPDLvQWkLVFRDWHĠL
WHOHIRQXOPRELOGLQFRQVROăÌQFD]FRQWUDU
DSHOXOVHYDvQFKHLD
G &kQGHVWHXWLOL]DWăRFRQVROăGHWHOHIRQ
PRELOFDUHHVWHFRQHFWDWăODWHOHIRQPRELO
SULQ%OXHWRRWKŠGDFăGRULĠLVăFRQWLQXDĠL
XQDSHOvQ0RGXOSULYDWWUHEXLHVăHIHF
WXDĠLSDúLLQHFHVDULSHWHOHIRQXOPRELOFRQ
VXOWDĠLLQVWUXFĠLXQLOHVHSDUDWHGHXWLOL]DUHD
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
'HVFKL]ăWRUXOSHQWUXXúDJDUDMXOXL+RPH
/LQNŠLQWHJUDWvQRJOLQGDUHWURYL]RDUHYăSHU
PLWHVăDFĠLRQDĠLSkQăODWUHLVLVWHPHGLIHULWH
SHQWUXXúăúLSRDUWă
G 'HVFKL]ăWRUXOSHQWUXXúDJDUDMXOXLHVWH
GLVSRQLELOQXPDLvQDQXPLWHĠăUL5HVSHFWDĠL
QRUPHOHOHJDOHvQILHFDUHĠDUă
'HVFKL]ăWRUXOSHQWUXXúDJDUDMXOXL+RPH
/LQNŠHVWHFRPSDWLELOFXPDMRULWDWHDVLVWH
PHORUGHGHVFKLGHUHDJDUDMXOXLúLDSRUĠLORU
GLQ(XURSD0DLPXOWHLQIRUPDĠLLSULYLQG
+RPH/LQNŠúLVDXSURGXVHOHFRPSDWLELOH
SRWILREĠLQXWHGHOD
WHOHIRQXOXLPRELO
=RULFH&HQWUXGH6HUYLFH0HUFHGHV%HQ]
3XWHĠLUDEDWDvQVXVFRQVRODSUHLQVWDODWăSHQ
=OLQLDGHDVLVWHQĠăWHOHIRQLFă+RPH/LQNŠ
WUXDvPEXQăWăĠLDFFHVXOODVSDĠLXOGHGHSR]L
WDUHGHVXEHDÌQIXQFĠLHGHHFKLSDPHQWXO JUDWXLWVDX
DXWRYHKLFXOXOXLH[LVWăRFRQH[LXQH86%úLR QXPăUWDULIDW
FRQH[LXQH$8;,1,QWHUIDĠă0HGLDPRQWDWă =GHSHLQWHUQHWODDGUHVD

vQFRPSDUWLPHQWXOGHGHSR]LWDUH KWWSZZZKRPHOLQNFRP
3DJLQD

3URJUDPDUHDGHVFKL]ăWRUXOXLSHQWUX
XúDJDUDMXOXLLQWHJUDWvQRJOLQGDUHWUR
YL]RDUH
3URJUDPDUH
 $9(57,60(17
$SăVDĠLEXWRQXOWUDQVPLĠăWRUGHSHGHV
FKL]ăWRUXOSHQWUXXúDJDUDMXOXLLQWHJUDWGDFă
QXVXQWSHUVRDQHVDXRELHFWHvQUD]DGH
DFĠLXQHDXúLLJDUDMXOXLÌQFD]FRQWUDUSHU
VRDQHOHDUSXWHDILUăQLWHvQWLPSFHXúDVH
PLúFă
'HVFKL]ăWRUSHQWUXXúDJDUDMXOXLLQWHJUDWvQRJOLQGD
UHWURYL]RDUH
7HOHFRPDQGDSHQWUXXúDJDUDMXOXLƒQXIDFH
SDUWHGLQGHVFKL]ăWRUXOSHQWUXXúDJDUDMXOXL
LQWHJUDW
G 3HQWUXDREĠLQHFHOHPDLEXQHUH]XOWDWH
LQWURGXFHĠLEDWHULLQRLvQWHOHFRPDQGDSHQ
WUXXúDJDUDMXOXLƒvQDLQWHGHSURJUDPDUH
 ÌQDLQWHGHSULPDSURJUDPDUHúWHUJHĠL
PHPRULDGHVFKL]ăWRUXOXLSHQWUXXúDJDUD
&DUDFWHULVWLFL 
LQGLFDWRDUHCvQFHSHVăFOLSHDVFăvQJDO
EHQQXPDLGXSăVHFXQGH
(OLEHUDĠLEXWRQXOWUDQVPLĠăWRU
ÌQGUHSWDĠLEXWRQXOWUDQVPLĠăWRU„DOWHOH
FRPHQ]LLSHQWUXXúDJDUDMXOXLƒVSUH
EXWRDQHOHWUDQVPLĠăWRDUHSHRRJOLQGă
'HSR]LWDUHúLFDUDFWHULVWLFL
UHWURYL]RDUHODGLVWDQĠDGHSkQăODFP
G 'LVWDQĠDVROLFLWDWăvQWUHWHOHFRPDQGD
SHQWUXXúDJDUDMXOXLƒúLGHVFKL]ăWRUXO
SHQWUXXúăLQWHJUDWGHSLQGHGHVLVWHPXOGH
WUDQVPLVLHDOXúLLJDUDMXOXL$USXWHDILQHFH
VDUHPDLPXOWHvQFHUFăUL$UWUHEXLVăWHVWDĠL
ILHFDUHSR]LĠLHFHOSXĠLQGHVHFXQGH
vQDLQWHGHDvQFHUFDRDOWăSR]LĠLH
 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRQXOWUDQV
PLĠăWRU„SHWHOHFRPDQGDSHQWUXXúD
JDUDMXOXLƒSkQăFkQGODPSDLQGLFD
WRDUHCVHDSULQGHvQYHUGH
3URJUDPDUHDDIRVWUHXúLWăGDFăODPSDLQGL
FDWRDUHCVHDSULQGHVDXFOLSHúWHvQYHUGH
 (OLEHUDĠLEXWRQXOWUDQVPLĠăWRUD‡
VDX…GHSHGHVFKL]ăWRUXOSHQWUXXúDJDUD
MXOXLLQWHJUDWúLEXWRQXOWUDQVPLĠăWRUGHSH
WHOHFRPDQGDSHQWUXXúDJDUDMXOXL„
'DFăODPSDLQGLFDWRDUHCVHDSULQGHvQURúX
 5HSHWDĠLSURFHGXUDGHSURJUDPDUHSHQWUX
EXWRDQHOHWUDQVPLĠăWRDUH&kQGSURFHGDĠL
DVWIHOYDULDĠLGLVWDQĠDvQWUHWHOHFRPDQGDGH
WUDQVPLVLHSHQWUXXúDJDUDMXOXLúLRJOLQGD
UHWURYL]RDUH
G 'DFăODPSDLQGLFDWRDUHFOLSHúWHvQYHUGH
MXOXLLQWHJUDW3DJLQD
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
 $SăVDĠLúLPHQĠLQHĠLDSăVDWXQXOGLQWUH
EXWRDQHOHWUDQVPLĠăWRDUHDOD…SHGHV
FKL]ăWRUXOSHQWUXXúDJDUDMXOXLLQWHJUDW
'XSăSXĠLQWLPSODPSDLQGLFDWRDUHC
vQFHSHVăFOLSHDVFăvQJDOEHQ
G /DPSDLQGLFDWRDUHCFOLSHúWHvQJDOEHQ
LPHGLDWFHEXWRQXOWUDQVPLĠăWRUHVWHSUR
JUDPDWSHQWUXSULPDGDWă'DFăEXWRQXO
WUDQVPLĠăWRUDIRVWGHMDSURJUDPDWODPSD
GXSăRSURJUDPDUHUHXúLWăVLVWHPXOXúLL
JDUDMXOXLIRORVHúWHXQFRGGHDFĠLRQDUH
'XSăSURJUDPDUHWUHEXLHVăVLQFURQL]DĠL
GHVFKL]ăWRUXOSHQWUXXúDJDUDMXOXLLQWHJUDW
GLQRJOLQGDUHWURYL]RDUHFXUHFHSWRUXOVLV
WHPXOXLXúLLJDUDMXOXL
6LQFURQL]DUHDFRGXOXLGHDFĠLRQDUH
$XWRYHKLFXOXOGXPQHDYRDVWUăWUHEXLHVăVH
DIOHvQUD]DGHDFĠLRQDUHDGHVFKL]ăWRUXOXL
JDUDMXOXLVDXSRUĠLL$VLJXUDĠLYăFăQLFLDXWR
YHKLFXOXOGXPQHDYRDVWUăQLFLDOWHSHUVRDQH
 &DUDFWHULVWLFL

RELHFWHQXVHDIOăvQUD]DGHDFĠLXQHDXúLLVDX =UHPDUFDĠLFăXQHOHWHOHFRPHQ]LWUDQVPLW
DSRUĠLL GRDURSHULRDGăOLPLWDWăODPSăLQGLFDWRDUH
5HVSHFWDĠLQRWHOHSULYLQGVLJXUDQĠDFkQG GHSHWHOHFRPDQGăVHVWLQJH$SăVDĠL
HIHFWXDĠLVLQFURQL]DUHDFRGXOXLGHDFĠLRQDUH EXWRQXOGHSHWHOHFRPDQGăvQFăRGDWă
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
vQDLQWHGHvQFKHLHUHDWUDQVPLVLHL
=DOLQLDĠLFDEOXODQWHQăDOXQLWăĠLLGHV
FRQWDFW
'HSR]LWDUHúLFDUDFWHULVWLFL

 $SăVDĠLEXWRQXOGHSURJUDPDUHDOXúLLVDX
FKL]ăWRUXOXLSHQWUXXúDJDUDMXOXL$FHDVWD
SRDWHvPEXQăWăĠLVHPQDOXOUHFHSĠLHWUDQV
DOSRUĠLLFRQVXOWDĠLLQVWUXFĠLXQLOHGHXWLOL
PLVLH
]DUHDDFĠLRQăULLXúLLVDXDSRUĠLLGHH[OD
3URJUDPDUHWHOHFRPHQ]LVXSOLPHQWDUH
G 'HRELFHLDYHĠLGHVHFXQGHSHQWUXD
WUHFHODXUPăWRUXOSDV
 $SăVDĠLEXWRQXOSURJUDPDWDQWHULRUDOGHV
FKL]ăWRUXOXLSHQWUXXúDJDUDMXOXLLQWHJUDW
+RPH/LQNŠvQPRGUHSHWDWSkQăFkQGXúD
vQFHSHVăVHPLúWH
6LQFURQL]DUHDFRGXOXLGHDFĠLRQDUHHVWH
DSRLILQDOL]DWă
3UREOHPHODSURJUDPDUH
'DFăDYHĠLSUREOHPHODSURJUDPDUHDGHV
FKL]ăWRUXOXLSHQWUXXúDJDUDMXOXLLQWHJUDWYă
UXJăPVăUHVSHFWDĠLXUPăWRDUHOH QH]HXúDJDUDMXOXL
=YHULILFDĠLIUHFYHQĠDWUDQVPLĠăWRUXOXLWHOHFR
PHQ]LLSHQWUXXúDJDUDMXOXLƒDFHDVWDVH
DIOăGHRELFHLSHSDUWHDGLQVSDWHDWHOHFR
'HVFKLGHUHDVDXvQFKLGHUHDXúLLJDUDMX
OXL
'XSăFHDIRVWSURJUDPDWGHVFKL]ăWRUXOLQWH
JUDWSHQWUXXúDJDUDMXOXLYDSUHOXDIXQFĠLDGH
WHOHFRPDQGăDVLVWHPXOXLXúLLJDUDMXOXL9ă
UXJăPVăFLWLĠLúLLQVWUXFĠLXQLOHGHXWLOL]DUH
SHQWUXVLVWHPXOXúLLJDUDMXOXL
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
 $SăVDĠLEXWRQXOWUDQVPLĠăWRUXOXLGHOD
SDQRXOGHFRPDQGăVLWXDWSHSODIRQD
‡VDX…SHFDUHODĠLSURJUDPDWVăDFĠLR
6LVWHPGHXúăJDUDMFXXQFRGIL[ODPSD
LQGLFDWRDUHCVHDSULQGHvQYHUGH
6LVWHPGHXúăJDUDMFXXQFRGGHDFĠLRQDUH
PHQ]LL ODPSDLQGLFDWRDUHCFOLSHúWHvQYHUGH
=VFKLPEDĠLEDWHULLOHGLQWHOHFRPDQGDXúLL G 7UDQVPLĠăWRUXOYDWUDQVPLWHXQVHPQDO
JDUDMXOXLƒ$FHDVWDFUHúWHSRVLELOLWDWHD DWkWWLPSFkWHVWHDSăVDWEXWRQXOWUDQV
FDWHOHFRPDQGDXúLLJDUDMXOXLƒVăWULPLWă PLĠăWRUXOXL7UDQVPLVLDHVWHvQWUHUXSWă
XQVHPQDOSXWHUQLFúLH[DFWODWHOHFRPDQGD GXSăPD[LPVHFXQGHLDUODPSDLQGLFD
LQWHJUDWăGLQRJOLQGDUHWURYL]RDUH WRDUHCFOLSHúWHvQJDOEHQ$SăVDĠLGLQQRX
=ODSURJUDPDUHĠLQHĠLWHOHFRPDQGDXúLL EXWRQXOWUDQVPLĠăWRUXOXLGDFăHVWHQHFH
JDUDMXOXLƒODGLVWDQĠHúLXQJKLXULGLIHULWH VDU
GHEXWRQXOWUDQVPLĠăWRUSHFDUHvOSURJUD
PDĠLÌQFHUFDĠLPDLPXOWHXQJKLXULODRGLV
WDQĠăvQWUHúLFPVDXDFHODúLXQJKLOD
GLVWDQĠHGLIHULWH
='DFăH[LVWăRDOWăWHOHFRPDQGăSHQWUX
DFHHDúLDFĠLRQDUHDXúLLJDUDMXOXLHIHFWXDĠL
SDúLLGHSURJUDPDUHGLQQRXFXDMXWRUXO
WHOHFRPHQ]LLÌQDLQWHGHHIHFWXDUHDSDúLORU
DVLJXUDĠLYăFăDXIRVWIL[DWHEDWHULLQRLOD
WHOHFRPDQGDGHDFĠLRQDUHDXúLLJDUDMXOXL
 &DUDFWHULVWLFL 

ùWHUJHUHDPHPRULHLGHVFKL]ăWRUXOXL
SHQWUXXúDJDUDMXOXLLQWHJUDWvQRJOLQGD
UHWURYL]RDUH
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
 $SăVDĠLEXWRDQHOHWUDQVPLĠăWRDUHD

'HSR]LWDUHúLFDUDFWHULVWLFL
úL…
/DPSDLQGLFDWRDUHVHDSULQGHvQJDOEHQ
 $SăVDĠLúLPHQĠLQHĠLDSăVDWEXWRDQHOH
WUDQVPLĠăWRDUHDúL…SkQăFkQGODPSD
LQGLFDWRDUHVHIDFHYHUGH
G $VLJXUDĠLYăFăDĠLúWHUVPHPRULDGHV
FKL]ăWRUXOXLSHQWUXXúDJDUDMXOXLLQWHJUDW
vQDLQWHGHDYLQGHDXWRYHKLFXOXO


 &DUDFWHULVWLFL

)UHFYHQĠHSHQWUXGHVFKL]ăWRUXOSHQWUXXúDJDUDMXOXL
1XPăUXOGHRPRORJDUHUDGLRúLJDPDGHIUHFYHQĠăSHQWUXGHVFKL]ăWRUXOSHQWUXXúDJDUDMXOXL
SRWILJăVLWHSH,QWHUQHWODKWWSZZZPHUFHGHVEHQ]GHEHWULHEVDQOHLWXQJ

&RYRUDúSHSDUWHDúRIHUXOXL UDGLRWHOHIRQPRELO$FHDVWăDILUPDĠLHHVWH
'HSR]LWDUHúLFDUDFWHULVWLFL

YDODELOăPDLDOHVvQFD]XOSHOLFXOHORUFRQGXF
 $9(57,60(17 WRDUHVDXFXVWUDWPHWDOLF,QIRUPDĠLLOHSULYLQG
$VLJXUDĠLYăFăH[LVWăVXILFLHQWVSDĠLXvQMXUXO SHOLFXODDQWLRUELUHSRWILREĠLQXWHGHODRULFH
SHGDOHORUGDFăVHXWLOL]HD]ăFRYRUDúHúLFă &HQWUXGHVHUYLFH0HUFHGHV%HQ]
DFHVWHFRYRUDúHVXQWIL[DWHFRUHVSXQ]ăWRU
&RYRUDúHOHWUHEXLHVăILHvQWRWGHDXQDIL[DWH
FRUHFWFXDMXWRUXOGLVSR]LWLYHORUGHSULQGHUHúL
DOFDSVHORU
ÌQDLQWHGHDSOHFDvQFăOăWRULHYHULILFDĠLFRYR
UDúHOHúLSULQGHĠLOHGDFăVLWXDĠLDRFHUH8Q
FRYRUDúQHIL[DWFRUHVSXQ]ăWRUSRDWHDOXQHFD
úLvQFRQVHFLQĠăSRDWHLQWHUIHUDFXPLúFDUHD
SHGDOHORU
1XDúH]DĠLFRYRUDúHOHXQXOGHDVXSUDFHOXLODOW

 &XOLVDĠLVFDXQXOvQDSRL
 3HQWUXDPRQWDDúH]DĠLFRYRUDúXOvQVSD
ĠLXOSHQWUXSLFLRDUH
 $SăVDĠLFDSVHOHCSHGLVSR]LWLYHOHGHSULQ
GHUHD
 3HQWUXDVFRDWHWUDJHĠLFRYRUDúXOGLQGLV
SR]LWLYHOHGHSULQGHUHD
 6FRDWHĠLFRYRUDúXO

3HOLFXOăDQWLRUELUHPRGHUQL]DWă
3HOLFXODDQWLRUELUHFXFDUHVHPRGHUQL]HD]ă
LQWHULRUXOJHDPXULORUSRDWHSHUWXUEDUHFHSĠLD
 

,QIRUPDĠLLXWLOH 
&RPSDUWLPHQWPRWRU 
ÌQWUHĠLQHUH 
ÌQJULMLUH 

ÌQWUHĠLQHUHúLvQJULMLUH
 &RPSDUWLPHQWPRWRU
,QIRUPDĠLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH
ÌQWUHĠLQHUHúLvQJULMLUH
ULWRDUHODVLJXUDQĠă
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
3XWHĠLUHDúH]DúLGXPQHDYRDVWUăRFDSRWă
DFWLYăGHFODQúDWă
 1XvQFHUFDĠLVăDSăVDĠLSHFDSRWDULGLFDWă
vQVSDWHÌQFD]FRQWUDUFDSRWDSRDWHVXIHUL
GHWHULRUăUL
&KLDUúLvQFD]XOvQFDUHFDSRWDDFWLYăDIRVW
GHFODQúDWăSXWHĠLFRQWLQXDVăFRQGXFHĠLúLVă
VROLFLWDĠLUHDúH]DUHDVDODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW'DFăWUDJHĠLPDQHWDGHHOL
EHUDUHDFDSRWHLWUHEXLHVăUHDúH]DĠLFDSRWD
vQDLQWHGHDFRQGXFHPDLGHSDUWH
 $9(57,60(17
'DFăWUDJHĠLGHPDQHWDGHHOLEHUDUHDFDSRWHL
FLDOLWDWHDXWRUL]DWH3DJLQD úLDSRLXLWDĠLVăUHDúH]DĠLFDSRWDDFHDVWDQX
VHYDEORFDvQIDĠăGXSăvQFKLGHUH&DSRWDVH
SRDWHGHVFKLGHFkQGDXWRYHKLFXOXOHVWHvQ
&RPSDUWLPHQWPRWRU PLúFDUHúLYăSRDWHOLPLWDFkPSXOYL]XDO'DFă
WUDJHĠLPDQHWDGHHOLEHUDUHDFDSRWHLWUHEXLH
&DSRWă VăUHDúH]DĠLFDSRWDvQDLQWHGHDFRQGXFHPDL
GHSDUWH
&DSRWăDFWLYăSURWHFĠLDSLHWRQLORU
3ULQFLSLXGHXWLOL]DUH
G &DSRWDDFWLYăHVWHGLVSRQLELOăQXPDLvQ
DQXPLWHĠăUL
&DSRWDDFWLYăSRDWHUHGXFHSHULFROXOGH
UăQLUHDSLHWRQLORUvQDQXPLWHVLWXDĠLLGHDFFL
GHQW5LGLFDUHDFDSRWHLDFWLYHFUHúWHGLVWDQĠD
GHVLJXUDQĠăIDĠăGHFRPSRQHQWHOHGXUHFXP
DUILPRWRUXO
5HVHWDUHD
 3HULFROGHUăQLUH
([LVWăSHULFROXOGHDFFLGHQWDUHFkQGFDSRWD
HVWHGHVFKLVăFKLDUGDFăPRWRUXOQXHVWHvQ
IXQFĠLXQH
8QHOHSLHVHDOHPRWRUXOXLVHSRWvQFăO]LH[FH
VLY
3HQWUXDHYLWDSHULFROXODUVXULORUDWLQJHĠLGRDU
FRPSRQHQWHOHPRWRUXOXLGHVFULVHvQ0DQXDOXO
GHXWLOL]DUHúLUHVSHFWDĠLLQVWUXFĠLXQLOHUHIHUL
WRDUHODVLJXUDQĠăvQDFHDVWăSULYLQĠă

 'HVFKLGHĠLFDSRWD3DJLQD

ÌQFD]XOvQFDUHFDSRWDDFWLYăCDIRVWGHFODQ
úDWăHVWHULGLFDWăvQVSDWHFXDSUR[LPDWLY
PP$SRLFDSDFHOHDQXVHPDLDúD]ăSH
FDUFDVH‡

 5LGLFDĠLFDSRWDvQFHQWUXƒFXDPEHOH
PkLQLSkQăFkQGFHOHGRXăFDSDFHDOHGLV
SR]LWLYXOXLGHULGLFDUHDFDSRWHLDQXVH
PDLPLúFă
'DFăvPSLQJHĠLFDSDFHOHvQDSRLYHĠL
REVHUYDFăvQWkPSLQDĠLUH]LVWHQĠă
 (OLEHUDĠLFDSRWDC
 9HULILFDĠLGDFăFDSDFHOHGLVSR]LWLYXOXLGH
ULGLFDUHDOFDSRWHLDVHDúD]ăSHFDUFDVH
&RPSDUWLPHQWPRWRU 
OXOXLÌQFD]FRQWUDUFDSRWDVHSRDWHGHVFKLGH
úLYăSRDWHREWXUDYL]LELOLWDWHD
 3HULFROGHUăQLUH
([LVWăSHULFROXOGHDFFLGHQWDUHFkQGFDSRWD
HVWHGHVFKLVăFKLDUGDFăPRWRUXOQXHVWHvQ
IXQFĠLXQH
8QHOHSLHVHDOHPRWRUXOXLVHSRWvQFăO]LH[FH
VLY
‡VăJHDWă 3HQWUXDHYLWDSHULFROXODUVXULORUDWLQJHĠLGRDU
 &DSDFHOHGLVSR]LWLYXOXLGHULGLFDUHDO
FRPSRQHQWHOHPRWRUXOXLGHVFULVHvQ0DQXDOXO

ÌQWUHĠLQHUHúLvQJULMLUH
GHXWLOL]DUHúLUHVSHFWDĠLLQVWUXFĠLXQLOHUHIHUL
FDSRWHLDVHDúD]ăSHFDUFDVHvQFKLGHĠL
WRDUHODVLJXUDQĠăvQDFHDVWăSULYLQĠă
FDSRWDC3DJLQD
VDX
 &DSDFHOHGLVSR]LWLYXOXLGHULGLFDUHDO
FDSRWHLDQXVHDúD]ăSHFDUFDVHULGL
FDĠLPDLvQWkLFDSRWDCSHSDUWHD
VWkQJă…úLDSRLSHSDUWHDGUHDSWă„
5LGLFDĠLFDSRWDCSkQăFHFDSDFXODIHUHQW
DOGLVSR]LWLYXOXLGHULGLFDUHDOFDSRWHLDQX
VHPDLGHSODVHD]ă
&DSDFHOHGLVSR]LWLYXOXLGHULGLFDUHDOFDSR
WHLDWUHEXLHVăVHDúH]HSHFDUFDVH‡
 $9(57,60(17
9HQWLODWRUXOUDGLDWRUXOXLGLQWUHUDGLDWRUúL
PRWRUSRDWHSRUQLDXWRPDWFKLDUúLGDFă
FKHLDDIRVWVFRDVăGLQFRPXWDWRUXOGHFRQ
WDFW'LQDFHVWPRWLYQXWUHEXLHVăYăDSUR
SLDĠLGH]RQDGHURWLUHDYHQWLODWRUXOXLÌQFD]
FRQWUDUSXWHĠLVXIHULUăQL
$XWRYHKLFXOHOHFXPRWRUSHEHQ]LQă6LV
WHPXOGHDSULQGHUHHOHFWURQLFXWLOL]HD]ăvQDOWă
WHQVLXQH'LQDFHVWPRWLYQXWUHEXLHVăDWLQ
VăJHDWă JHĠLQLFLRGDWăFRPSRQHQWHOHVLVWHPXOXLGH
 ÌQFKLGHĠLFDSRWDC3DJLQD DSULQGHUHERELQDGHDSULQGHUHFDEOXULOHGH
DSULQGHUHFRQHFWRULLEXMLLORUVDXSUL]DGHWHV
'DFăQXSXWHĠLvQFKLGHFDSRWDCVDXGDFă
VLPEROXOZDSDUHSHDILúDMXOPXOWLIXQFĠLR
QDOUHSHWDĠLSDúLL
 $9(57,60(17
ÌQFD]XOvQFDUHFDSRWDQXSRDWHILvQFRQWL
QXDUHvPELQDWăFRUHVSXQ]ăWRUVDXGDFăVLP
EROXOZDSDUHSHDILúDMXOPXOWLIXQFĠLRQDO
QXFRQWLQXDĠLVăFRQGXFHĠL&DSRWDVHSRDWH
GHVFKLGHFkQGDXWRYHKLFXOXOHVWHvQPLúFDUH
úLYăSRDWHOLPLWDFkPSXOYL]XDO&RQVXOWDĠLXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWÌQFD]FRQ
WUDUSXWHĠLSURYRFDXQDFFLGHQWUăQLQGXYă
SHGXPQHDYRDVWUăúLDOWHSHUVRDQH
'HVFKLGHUHDFDSRWHL
 3HULFROGHDFFLGHQW
1XDFĠLRQDĠLFODSHWDGHGHVLJXUDQĠDUHDFDSR
WHLPRWRUXOXLvQWLPSXOGHSODVăULLDXWRYHKLFX
WDUHFkQG
=PRWRUXOHVWHSRUQLW
=PRWRUXOHVWHvQFXUVGHSRUQLUH
=FRQWDFWXOHVWHFXSODWúLPRWRUXOHVWHDFĠLR
QDWFXPkQD
ÌQFD]FRQWUDUSXWHĠLVXIHULRHOHFWURFXWDUHúL
UăQLJUDYHVDXFKLDUIDWDOH
$XWRYHKLFXOHOHFXPRWRUGLHVHO&RQWUROXO
HOHFWURQLFDOLQMHFĠLHLXWLOL]HD]ăvQDOWăWHQ
VLXQH'LQDFHVWPRWLYQXWUHEXLHVăDWLQJHĠL
QLFLRGDWăFRPSRQHQWHOHVLVWHPXOXLGHLQMHF
ĠLHFkQG
=PRWRUXOHVWHSRUQLW
=PRWRUXOHVWHvQFXUVGHSRUQLUH
=FRQWDFWXOHVWHFXSODW
ÌQFD]FRQWUDUSXWHĠLVXIHULRHOHFWURFXWDUHúL
UăQLJUDYHVDXFKLDUIDWDOH
 &RPSDUWLPHQWPRWRU
 $VLJXUDĠLYăFăúWHUJăWRDUHOHGHSDUEUL]
VXQWRSULWH
 $9(57,60(17
ùWHUJăWRDUHOHGHSDUEUL]úLPHFDQLVPXODUWL
FXODWDOúWHUJăWRUXOXLVHSRWSXQHvQPLúFDUH
&kQGFDSRWDHVWHGHVFKLVăGXPQHDYRDVWUă
VDXDOWHSHUVRDQHSXWHĠLILUăQLĠLGHPHFDQLV
PXODUWLFXODWDOúWHUJăWRUXOXL
$VLJXUDĠLYăFăúWHUJăWRDUHOHGHSDUEUL]VXQW
RSULWH6FRDWHĠLFKHLDVDXDVLJXUDĠLYăFăQX
VDVHOHFWDWQLFLRSR]LĠLHGLQFRQWDFWFX.(<
ÌQWUHĠLQHUHúLvQJULMLUH
/(66*27RDWHOăPSLOHLQGLFDWRDUHWUHEXLHVă
ILHVWLQVHvQSDQRXOGHLQVWUXPHQWH
 7UDJHĠLPDQHWDGHHOLEHUDUHCGHSH
FDSRWă
&DSRWDHVWHHOLEHUDWă
 $VLJXUDĠLYăFăúWHUJăWRDUHOHGHSDUEUL]
QXVXQWULGLFDWHÌQFD]FRQWUDUúWHUJăWRD
UHOHVDXFDSRWDPRWRUXOXLSRWILGHWHULRUDWH
 ,QWURGXFHĠLPkQDvQDFHOVSDĠLXWUDJHĠLvQ
VXVPDQHWDGHODvQFKL]ăWRUXOFDSRWHLDúL
ULGLFDĠLFDSRWD
'DFăULGLFDĠLFDSRWDDSUR[LPDWLYFP
FDSRWDHVWHGHVFKLVăúLVXVĠLQXWăDXWRPDW
vQDFHDVWăSR]LĠLHGHDPRUWL]RUXOFXJD]
ÌQFKLGHUHFDSRWă
 3HULFROGHUăQLUH
ÌQFKLGHĠLFDSRWDPRWRUXOXLFXDWHQĠLHSHQWUX
DHYLWDDFFLGHQWDUHDSHUVRDQHORUGLQMXU
 &RERUkĠLFDSRWDúLOăVDĠLRVăFDGăGHODR
vQăOĠLPHGHDSUR[LPDWLYFP
 9HULILFDĠLGDFăFDSRWDVDDQJUHQDWFRUHV
SXQ]ăWRU
'DFăFDSRWDSRDWHILULGLFDWăXúRUHDQX
HVWHFXSODWăFRUHVSXQ]ăWRU5HGHVFKLGHĠL
RúLvQFKLGHĠLRFXSXĠLQPDLPXOWăIRUĠă
8OHLGHPRWRU
1RWHSULYLQGQLYHOXOGHXOHL
ÌQIXQFĠLHGHVWLOXOGHFRQGXFHUHDXWRYHKLFX
OXOFRQVXPăPD[LPXPOGHXOHLOD
NP&RQVXPXOGHXOHLSRDWHILPDLULGL
FDWGHFkWDFHDVWăYDORDUHGDFăDXWRYHKLFXOXO
HVWHQRXVDXGDFăFRQGXFHĠLIUHFYHQWODWXUD
ĠLLPDULDOHPRWRUXOXL
9HULILFDUHDQLYHOXOXLGHXOHLFXDMXWRUXO
MRMHLGHXOHL
ÌQIXQFĠLHGHPRWRUMRMDGHXOHLSRDWHILLQVWD
ODWăvQWUXQORFGLIHULW
&kQGYHULILFDĠLQLYHOXOGHXOHL
=SDUFDĠLDXWRYHKLFXOXOSHRVXSUDIDĠăSODQă
=PRWRUXOWUHEXLHVăILHRSULWDSUR[LPDWLY
FLQFLPLQXWHGDFăPRWRUXOHVWHODWHPSH
UDWXUDQRUPDOăGHIXQFĠLRQDUH
 &RPSDUWLPHQWPRWRU 

([HPSOXDXWRYHKLFXOHFXPRWRUSHEHQ]LQă ([HPSOXFDSDFXOHLGHPRWRU

ÌQWUHĠLQHUHúLvQJULMLUH
 5RWLĠLFDSDFXOCvQVHQVDQWLRUDUúLVFRD
WHĠLO
 &RPSOHWDĠLFXFDQWLWDWHDGHXOHLQHFHVDUă

8PSOHĠLFXDWHQĠLHSkQăODPDUFDMXOPD[LPGH
SHMRMDGHXOHL
G ÌQIXQFĠLHGHPRWRUGLIHUHQĠDGLQWUHPDU
FDMXOPLQLPúLPDUFDMXOPD[LPHVWHGH
DSUR[LPDWLY±OLWUL
 1XDGăXJDĠLSUHDPXOWXOHL'DFăQLYHOXO
([HPSOXDXWRYHKLFXOHFXPRWRUGLHVHO XOHLXOXLGHSăúHúWHPDUFDMXOPD[GHSH
 6FRDWHĠLMRMDGHXOHLCGLQWXEXOMRMHLGH MRMăVDDGăXJDSUHDPXOWXOHL$FHDVWD
SRDWHGXFHODGHWHULRUDUHDPRWRUXOXLVDXD
XOHL
FRQYHUWRUXOXLFDWDOLWLF6ROLFLWDĠLJROLUHD
 ùWHUJHĠLMRMDGHXOHLC
VXUSOXVXOXLGHXOHL
 &XOLVDĠLOHQWMRMDGHXOHLCvQWXEXOGHJKL
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGXOHLXO
GDUHSkQăODRSULWRUúLVFRDWHĠLRGLQQRX GHPRWRUFRQVXOWDĠL3DJLQD
1LYHOXOGHXOHLHVWHFRUHFWGDFăHVWHvQWUH
 ÌQORFXLĠLFDSDFXOCGHSHJkWXOGHXPSOHUH
PDUFDMXO0,1‡úLPDUFDMXO0$;D
úLVWUkQJHĠLvQVHQVRUDU
 &RPSOHWDĠLFXXOHLGDFăHVWHQHFHVDU
$VLJXUDĠLYăFăVHvQFKLGHELQHFDSDFXO

$GăXJDUHDGHXOHLGHPRWRU
 1RWăSULYLQGSURWHFĠLDPHGLXOXL
&kQGFRPSOHWDĠLFXXOHLDYHĠLJULMăVăQXvO
YăUVDĠL'DFăXOHLXOSăWUXQGHvQVROVDXvQDSă
DFHVWDFRQVWLWXLHXQSHULFROSHQWUXPHGLX
 $9(57,60(17
'DFăXOHLXOGHPRWRULQWUăvQFRQWDFWFXSLH
9HULILFDUHDúLDGăXJDUHDDOWRUSUR
GXVHGHVHUYLFH
9HULILFDUHDQLYHOXOXLOLFKLGXOXLGHUăFLUH
9HULILFDĠLQLYHOXOOLFKLGXOXLGHUăFLUHQXPDL
FkQGDXWRYHKLFXOXOVHDIOăSHRVXSUDIDĠă
SODQăúLPRWRUXOVDUăFLW
 5RWLĠLFKHLDvQSR]LĠLD3DJLQDGLQ
VHOHvQFLQVHDOHPRWRUXOXLDFHVWDVHSRDWH
DSULQGHDU]kQGXYă1XYăUVDĠLXOHLGHPRWRU FRPXWDWRUXOGHFRQWDFW
SHSLHVHOHvQFLQVHDOHPRWRUXOXL


 &RPSDUWLPHQWPRWRU

/DDXWRYHKLFXOHOHFX.(</(66*2DSăVDĠL 3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGOLFKL
EXWRQXO6WDUW6WRSGHGRXăRUL GXOGHUăFLUHFRQVXOWDĠL3DJLQD
3DJLQD
 9HULILFDĠLLQGLFDWRUXOGHWHPSHUDWXUăDOLFKL
GXOXLGHUăFLUHGLQSDQRXOGHLQVWUXPHQWH
 $9(57,60(17
6LVWHPXOGHUăFLUHHVWHSUHVXUL]DW3ULQ
XUPDUHGHVILOHWDĠLFDSDFXORGDWăFHPRWRUXO
VDUăFLW,QGLFDWRUXOGHWHPSHUDWXUăDOLFKL
GXOXLGHUăFLUHWUHEXLHVăLQGLFHVXE‚ÌQ
FD]FRQWUDUYăSXWHĠLRSăULGDFăH[LVWă
ÌQWUHĠLQHUHúLvQJULMLUH
VFăSăULGHOLFKLGGHUăFLUH
6LVWHPVSăOăWRUGHSDUEUL]úLVLVWHP
FXUăĠDUHIDUXUL
5H]HUYRUXOGHOLFKLGGHVSăODUHHVWHXWLOL]DWúL
SHQWUXVLVWHPXOVSăOăWRUGHSDUEUL]úLSHQWUX
VLVWHPXOGHFXUăĠDUHDIDUXULORU
G &RPSRQHQWHOHúLSURGXVHOHGHVHUYLFH
WUHEXLHVăFRUHVSXQGă0HUFHGHV%HQ]Yă
UHFRPDQGăVăXWLOL]DĠLSURGXVHWHVWDWHúL
DSUREDWHGH0HUFHGHV%HQ]$FHVWHDVXQW
LQGLFDWHvQ0DQXDOXOGHXWLOL]DUH0HUFHGHV
%HQ]vQVHFĠLXQHDFRUHVSXQ]ăWRDUH
3XWHĠLLGHQWLILFDSURGXVHOHGHVHUYLFHDSUR
EDWHGH0HUFHGHV%HQ]GXSăXUPăWRDUHOH
LQVFULSĠLLGHSHUHFLSLHQW
=$SUREDUH0%GHH[$SUREDUH0%
=$SUREDUH0%GHH[$SUREDUH0%

$OWHHWLFKHWHúLUHFRPDQGăULFDUHYL]HD]ă
QLYHOXOGHFDOLWDWHVDXVSHFLILFDĠLDvQFRQ
 5RWLĠLOHQWFDSDFXOCFXMXPăWDWHGHURWD
ĠLHvQVHQVDQWLRUDUúLOăVDĠLVXUSOXVXOGH
SUHVLXQHVăVFDSH
 5RWLĠLEXúRQXOCPDLGHSDUWHvQVHQVDQWLR
UDUúLVFRDWHĠLO
'DFăOLFKLGXOGHUăFLUHVHDIOăODQLYHOFX
EDUDGHJUDGDĠLH‡vQJkWXOGHXPSOHUH
FkQGHVWHUHFHYDVXOGHH[SDQVLXQHDOOLFKL
GXOXLGHUăFLUHDFRQĠLQHVXILFLHQWOLFKLG
GHUăFLUH
'DFăQLYHOXOOLFKLGXOXLGHUăFLUHHVWHOD
DSUR[LPDWLYFPGHDVXSUDEDUHLGHJUD
GDĠLH‡GLQJkWXOGHXPSOHUHFkQGHVWH
FDOGYDVXOGHH[SDQVLXQHDOOLFKLGXOXLGH
UăFLUHDFRQĠLQHVXILFLHQWOLFKLGGHUăFLUH
 'DFăVLWXDĠLDRFHUHFRPSOHWDĠLFXOLFKLGGH
UăFLUHFDUHDIRVWWHVWDWúLDSUREDWGH0HU
FHGHV%HQ]
 3XQHĠLODORFEXúRQXOCúLURWLĠLOvQVHQV
RUDUSkQăODFDSăW
IRUPLWDWHFX)LúD0%QUGHH[0%
QXVXQWQHDSăUDWDSUREDWHGH0HUFHGHV
%HQ]
3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHOD
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]
 $9(57,60(17
/LFKLGXOGHVSăODUHDOSDUEUL]XOXLHVWHH[WUHP
GHLQIODPDELO)RFXOIOăFăULOHGHVFKLVHúL
IXPDWXOVXQWLQWHU]LVHFkQGPDQHYUDĠLFRQ
FHQWUDWGHOLFKLGGHVSăODUH
 8WLOL]DĠLH[FOXVLYOLFKLGGHVSăODUHDSDU
EUL]XOXLDGHFYDWSHQWUXVXSUDIHĠHOHGLQ
PDWHULDOSODVWLFDOHOHQWLOHORUOăPSLORU
/LFKLGXOGHVSăODUHQHDGHFYDWSRDWHGHWH
ULRUDOHQWLOHOHGLQSODVWLFDOHIDUXULORU
 1XXWLOL]DĠLDSăGLVWLODWăVDXGHLRQL]DWăvQ
UH]HUYRUXOGHOLFKLGGHVSăODUHÌQFD]FRQ
WUDUVHQ]RUXOGHQLYHOSRDWHVXIHULGHWH
ULRUăUL
G $GăXJDĠLFRQFHQWUDWSHQWUXVSăOăWRUGH
SDUEUL]GHH[0%6XPPHU)LWvQOLFKLGXOGH
VSăODUHSHWRWSDUFXUVXODQXOXL
 ÌQWUHĠLQHUH 

$ILúDMXOLQWHUYDOXOXLGHVHUYLFH$66<673/86
YăLQIRUPHD]ăFkQGHVWHVFDGHQWăXUPăWRD
UHDYL]LWăvQVHUYLFH
$ILúDMXOPXOWLIXQFĠLRQDOSUH]LQWăFkWHYD
VHFXQGHXQPHVDMGHVHUYLFHGHH[
1H[WVHUYLFH$GXHLQGD\V
8UPÆWRDUHDUHYL]LH$VFDGHQWƱQ]LOH
6HUYLFH$GXH6HUYLFH$VFDGHQW
6HUYLFH$RYHUGXHE\GD\V
([HPSOXUH]HUYRUXOGHOLFKLGGHVSăODUH
 $PHVWHFDĠLOLFKLGXOGHVSăOăWRUGHSDUEUL]
vQWUXQUHFLSLHQWGLQWLPS
 /DWHPSHUDWXULSHVWHSXQFWXOGH
vQJKHĠXPSOHĠLUH]HUYRUXOGHOLFKLGGH
VSăODUHFXXQDPHVWHFGHDSăúLFRQFHQWUDW
SHQWUXVSăOăWRUGHSDUEUL]GHH[0%6XP
6HUYLFH$GHSÆĂLWFX]LOH
/LWHUDLQGLFăPRPHQWXOvQFDUHYL]LWDvQVHU
ÌQWUHĠLQHUHúLvQJULMLUH
YLFHHVWHVFDGHQWă$LQGLFăRQHFHVLWDWHGH
VHUYLFHPLQRUăLDU%RQHFHVLWDWHGHVHUYLFH
PDMRUă(VWHSRVLELOVăVHDILúH]HXQQXPăU
VDXRDOWăOLWHUăGXSăOLWHUDUHVSHFWLYă$FHVW
FDUDFWHULQGLFăRULFHRSHUDĠLLGHvQWUHĠLQHUH
VXSOLPHQWDUHFHWUHEXLHH[HFXWDWH
PHU)LW 'DFăVHPQDODĠLDFHVWHLQIRUPDĠLLDILúDWHODXQ
 /DWHPSHUDWXULVXESXQFWXOGHvQJKHĠ DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[HPSOX
XPSOHĠLUH]HUYRUXOGHOLFKLGGHVSăODUHFX ODXQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]
XQDPHVWHFGHDSăúLFRQFHQWUDWSHQWUX UHSUH]HQWDQĠLLYăSRWLQIRUPDSULYLQGFRVWXULOH
VSăOăWRUGHSDUEUL]GHH[0%:LQWHU)LW
$GDSWDĠLSURFHQWXOGHDPHVWHFDUHODWHP
SHUDWXULOHH[WHULRDUH
 3HQWUXDGHVFKLGHWUDJHĠLFDSDFXOCvQ
VXVGHSURHPLQHQĠă
 &RPSOHWDĠLFXOLFKLGGHVSăODUHSUHDPHV
WHFDW
 3HQWUXDvQFKLGHDSăVDĠLFDSDFXOCSH
JkWXOGHXPSOHUHSkQăFHVHDQJUHQHD]ă
ÌQWUHĠLQHUH
$ILúDMLQWHUYDOGHVHUYLFH$66<67
3/86
0HVDMHGHVHUYLFH
DIHUHQWHDFHVWHLYL]LWHvQVHUYLFH
$ILúDMXOLQWHUYDOXOXLGHVHUYLFH$66<673/86
QXĠLQHFRQWGHSHULRDGHOHGHWLPSvQFDUH
EDWHULDHVWHGHFRQHFWDWă
0HQĠLQHUHDSURJUDPXOXLGHVHUYLFHFRQGLĠLR
QDWWHPSRUDO
 &RQVHPQDĠLGDWDVFDGHQWăSHQWUXVHUYLFH
DILúDWăSHDILúDMXOPXOWLIXQFĠLRQDOvQDLQWH
GHDGHFRQHFWDEDWHULD
VDX
 6FăGHĠLSHULRDGHOHGHGHFRQHFWDUHDEDWH
ULHLGLQGDWDGHVHUYLFHLQGLFDWăSHDILúDM
GXSăUHFRQHFWDUHDEDWHULHL
G $ILúDMXOLQWHUYDOXOXLGHVHUYLFH$66<67
3/86QXSUH]LQWăLQIRUPDĠLLSULYLQGQLYHOXO
XOHLXOXLGHPRWRU5HVSHFWDĠLQRWHOHSULYLQG
SLFLRDUH,QIRUPDĠLLSULYLQGWLSXOGHVHUYLFHúL QLYHOXOXOHLXOXLGHPRWRU3DJLQD
LQWHUYDOHOHGHVHUYLFHFRQVXOWDĠL%URúXUDGH
VHUYLFHVHSDUDWă
3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHODXQ
&HQWUXGH6HUYLFH0HUFHGHV%HQ]
$VFXQGHUHDXQXLPHVDMGHVHUYLFH
 9RODQPXOWLIXQFĠLRQDOFXEXWRDQH
DSăVDĠLF
 9RODQPXOWLIXQFĠLRQDOFXEXWRDQH
DSăVDĠLAVDXv
 ÌQJULMLUH

$ILúDUHDPHVDMHORUGHVHUYLFH YLFHK0HUFHGHV%HQ]GLQ%URúXUDGHVHU
YLFH
 &XSODĠLFRQWDFWXO

9RODQPXOWLIXQFĠLRQDOFXEXWRDQH
ÌQJULMLUH
 8WLOL]DĠL€SHQWUXDVHOHFWDPHQLXO6HU
YLFH 1RWHSULYLQGvQJULMLUHD
'DWDVFDGHQWăSHQWUXVHUYLFHDSDUHSHDIL
2vQJULMLUHUHJXODWăDDXWRYHKLFXOXOXLGXPQHD
úDMXOPXOWLIXQFĠLRQDO
YRDVWUăHVWHFRQGLĠLDSăVWUăULLFDOLWăĠLLSHWHU
9RODQPXOWLIXQFĠLRQDOFXEXWRDQH PHQOXQJ
 $SăVDĠLEXWRQXOYVDXeSHQWUXD 8WLOL]DĠLSURGXVHGHvQJULMLUHúLDJHQĠLGH
FXUăĠDUHUHFRPDQGDĠLúLDSUREDĠLGH0HUFH
ÌQWUHĠLQHUHúLvQJULMLUH

VHOHFWDPHQLXO6HUY6HUY
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
VHOHFWDVXEPHQLXO$66<673/86úLDFRQ
ILUPDDSăVkQGEXWRQXOv
'DWDVFDGHQWăSHQWUXVHUYLFHDSDUHSHDIL
úDMXOPXOWLIXQFĠLRQDO
9ăUXJăPVăUHĠLQHĠLXUPăWRDUHOH
5HVHWDUHDDILúDMXOXLLQWHUYDOXOXLGHVHU
YLFH$66<673/86
8QDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ
&HQWUXGH6HUYLFH0HUFHGHV%HQ]YDUHVHWD
DILúDMXOLQWHUYDOXOXLGHVHUYLFH$66<673/86
GXSăHIHFWXDUHDLQWHUYHQĠLLORUvQVHUYLFH
GHV%HQ]
 3HQWUXDYăFXUăĠDDXWRYHKLFXOXOQXXWLOL
]DĠLQLFLXQDGLQWUHXUPăWRDUHOH
=FkUSHXVFDWHDEUD]LYHVDXGXUH
=DJHQĠLGHFXUăĠDUHDEUD]LYL
=VROYHQĠLL
=DJHQĠLGHFXUăĠDUHFXVROYHQĠL
1XIUHFDĠL
1XDWLQJHĠLVXSUDIHĠHOHSHOLFXOHORUGHSUR
WHFĠLHFXRELHFWHGXUHGHH[RUDFOHWăVDX
XQLQHOÌQFD]FRQWUDUDĠLSXWHD]JkULDVDX
GHWHULRUDVXSUDIHĠHOHúLSHOLFXODGHSURWHF
ĠLH
3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHH[
UHIHULWRDUHODLQWHUYHQĠLLOHvQVHUYLFHGHODXQ
&HQWUXGH6HUYLFH0HUFHGHV%HQ]VDXGLUHFW
GHOD0HUFHGHV%HQ]
 'DFăDILúDMXOLQWHUYDOXOXLGHVHUYLFH
$66<673/86DIRVWUHVHWDWQHLQWHQĠLRQDW
DFHDVWăVHWDUHSRDWHILFRUHFWDWăODXQ&HQ
WUXGHVHUYLFH0HUFHGHV%HQ]
6ROLFLWDĠLHIHFWXDUHDLQWHUYHQĠLLORUvQVHU
YLFHFRQIRUPGHVFULHULLGLQEURúXUDGHVHU
YLFHÌQFD]FRQWUDUDFHDVWDSRDWHGXFHOD
RX]XUăVSRULWăúLODDYDULHUHDDQVDPEOXULORU
SULQFLSDOHVDXDDXWRYHKLFXOXOXLvQJHQHUDO
&RQGXFHUHDvQVWUăLQăWDWH
2UHĠHDYDVWă0HUFHGHV%HQ]6HUYLFHHVWH
GLVSRQLELOăúLvQDOWHĠăUL1XPHUHOHGHWHOHIRQ
FXUHQWHDOHOLQLHLGHDVLVWHQĠăWHOHIRQLFăSHQ
WUXVHUYLFHSHFDUHOHSXWHĠLXWLOL]DFkQGVXQ
WHĠLvQVWUăLQăWDWHVHJăVHVFvQVHFĠLXQHDÄ6HU
 1RWăSULYLQGSURWHFĠLDPHGLXOXL
(OLPLQDĠLDPEDODMHOHJRDOHúLFkUSHOHGH
FXUăĠDUHvQWUXQPRGHFRORJLF
 1XSDUFDĠLDXWRYHKLFXOXORSHULRDGăSUH
OXQJLWăGXSăFHODĠLFXUăĠDWPDLDOHVGXSă
FHDĠLFXUăĠDWURĠLOHFXDJHQWGHFXUăĠDUH
SHQWUXURĠL$JHQĠLLGHFXUăĠDUHDURĠLORUSRW
SURYRFDRFRURGDUHPDLLQWHQVăDGLVFXULORU
GHIUkQăúLDSOăFXĠHORUGHIUkQăJDUQLWXUL
ORUGHIUkQă'LQDFHVWPRWLYWUHEXLHVă
FRQGXFHĠLWLPSGHFkWHYDPLQXWHGXSă
FXUăĠDUH3ULQIUkQDUHGLVFXULOHGHIUkQăúL
SOăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăVH
vQFLQJXVFkQGXVH$XWRYHKLFXOXOSRDWHIL
DSRLSDUFDW

ÌQJULMLUHDH[WHULRUXOXL
6SăOăWRULHDXWRPDWă
 $9(57,60(17
(ILFLHQĠDODIUkQDUHHVWHUHGXVăGXSăVSăODUHD
DXWRYHKLFXOXOXL$VWIHOSXWHĠLSURYRFDXQ
DFFLGHQW'LQDFHVWPRWLYGXSăVSăODUHDOD
VSăOăWRULHFRQGXFHĠLFXGHRVHELWăSUXGHQĠă
SkQăFHIUkQHOHVHXVXFă
 $9(57,60(17
$XWRYHKLFXOXOHVWHIUkQDWFkQGIXQFĠLD+2/'
VDX',67521,&3/86HVWHDFWLYDWă3ULQ
XUPDUHGH]DFWLYDĠLIXQFĠLD+2/'úL',6752
1,&3/86vQDLQWHFDDXWRYHKLFXOXOVăILH
VSăODWvQWURVSăOăWRULHDXWRPDWă
3XWHĠLVSăODDXWRYHKLFXOXOvQWURVSăOăWRULH
DXWRPDWăvQFăGHODEXQvQFHSXW
'DFăDXWRYHKLFXOXOHVWHIRDUWHPXUGDUDSOL
FDĠLRSUHVSăODUHvQDLQWHGHDOFXUăĠDOD
VSăOăWRULDDXWRDXWRPDWă
 $VLJXUDĠLYăFăWUDQVPLVLDDXWRPDWăVH
DIOăvQSR]LĠLD1FkQGYăVSăODĠLDXWRYHKL
FXOXOvQWURVSăOăWRULHDXWRFXSXQWH
UXODQWă$XWRYHKLFXOXOSRDWHVXIHULGHWH
ULRUăULGDFăWUDQVPLVLDVHDIOăvQDOWăSR]L
ĠLH
 $VLJXUDĠLYăFă =HOHPHQWHRUQDPHQWDOH
=JHDPXULOHODWHUDOHúLWUDSDJOLVDQWăVXQW
vQFKLVHFRPSOHW
=YHQWLODWRUXOSHQWUXYHQWLODUHvQFăO]LUH
ÌQJULMLUH 
(FKLSDPHQWGHFXUăĠDUHFXSUHVLXQH
vQDOWă
 $9(57,60(17
1XXWLOL]DĠLGLVSR]LWLYHGHFXUăĠDUHODSUHVLXQH
vQDOWăFXGX]HFXMHWFLUFXODUSHQWUXDYăFXUăĠD
DXWRYHKLFXOXOúLvQVSHFLDOSQHXULOHÌQFD]FRQ
WUDUSXWHĠLGHWHULRUDSQHXULOHúLSURYRFDXQ
DFFLGHQW
 3ăVWUDĠLvQWRWGHDXQDRGLVWDQĠăGHFHO
SXĠLQFPvQWUHDXWRYHKLFXOúLGX]DGLV
ÌQWUHĠLQHUHúLvQJULMLUH
SR]LWLYXOXLGHFXUăĠDUHODSUHVLXQHvQDOWă
,QIRUPDĠLLOHSULYLQGGLVWDQĠDFRUHFWăVXQW
GLVSRQLELOHGHODSURGXFăWRUXOHFKLSDPHQ
WXOXL
'HSODVDĠLGX]DGLVSR]LWLYXOXLGHFXUăĠDUHOD
SUHVLXQHvQDOWăvQWLPSFHFXUăĠDĠLDXWRYH
KLFXOXOGXPQHDYRDVWUă
1XRRULHQWDĠLGLUHFWFăWUHXUPăWRDUHOH
=SQHXUL
=VSDĠLLLQWHUPHGLDUHDOHSRUWLHUHORUSDYL
OLRQXOXLvPELQăULHWF
=FRPSRQHQWHOHHOHFWULFH
=%DWHULH
=FRQHFWRUL
=/XPLQL
=JDUQLWXUL
=IDQWHGHYHQWLODĠLH
*DUQLWXULOHVDXFRPSRQHQWHOHHOHFWULFH
GHWHULRUDWHSRWGXFHODVFăSăULVDXGHIHF
HVWHRSULWEXWRQXO2))HVWHDSăVDW
=FRPXWDWRUXOúWHUJăWRDUHORUGHSDUEUL]VH
DIOăvQSR]LĠLD
9HKLFXOXOSRDWHVXIHULGHWHULRUăULvQFD]
FRQWUDU
'XSăFHXWLOL]DĠLRVSăOăWRULHDXWRPDWăúWHU
JHĠLFHDUDGHSHSDUEUL]úLGHSHODPHOH
úWHUJăWRDUHORU$VWIHOYHĠLSUHYHQLDSDULĠLD
XUPHORUúLYHĠLUHGXFH]JRPRWHOHODúWHUJHUH
SURYRFDWHGHUH]LGXXULOHGHSHSDUEUL]
ĠLXQL
&XUăĠDUHURĠL
 1XXWLOL]DĠLSURGXVHDFLGHSHQWUX
FXUăĠDUHDURĠLORUSHQWUXDHOLPLQDSUDIXOGH
IUkQă$VWIHOSXWHĠLGHWHULRUDúXUXEXULOHGH
URDWăúLFRPSRQHQWHOHGHIUkQDUH
 1XSDUFDĠLDXWRYHKLFXOXORSHULRDGăSUH
OXQJLWăGXSăFHODĠLFXUăĠDWPDLDOHVGXSă
FHDĠLFXUăĠDWURĠLOHFXDJHQWGHFXUăĠDUH
SHQWUXURĠL$JHQĠLLGHFXUăĠDUHDURĠLORUSRW
SURYRFDRFRURGDUHPDLLQWHQVăDGLVFXULORU
 ÌQJULMLUH
GHIUkQăúLDSOăFXĠHORUGHIUkQăJDUQLWXUL
ORUGHIUkQă'LQDFHVWPRWLYWUHEXLHVă
FRQGXFHĠLWLPSGHFkWHYDPLQXWHGXSă
FXUăĠDUH3ULQIUkQDUHGLVFXULOHGHIUkQăúL
SOăFXĠHOHGHIUkQăJDUQLWXULOHGHIUkQăVH
vQFLQJXVFkQGXVH$XWRYHKLFXOXOSRDWHIL
DSRLSDUFDW
&XUăĠDUHYRSVHD
=JkULHWXULOHGHSXQHULOHFRUR]LYH]RQHOHDIHF
WDWHGHFRUR]LXQHúLGHWHULRUăULOHSURYRFDWH
ÌQWUHĠLQHUHúLvQJULMLUH
SULQvQJULMLUHLQFRUHFWăQXSRWILvQWRWGHDXQD
UHPHGLDWHFRPSOHWÌQDVWIHOGHFD]XULDSHODĠL
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[
XQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
 (OLPLQDĠLLPHGLDWLPSXULWăĠLOHGDFăHVWH
SRVLELOHYLWkQGVăIUHFDĠLSUHDSXWHUQLF
 ÌPELEDĠLUHVWXULOHGHLQVHFWHFXDJHQWGH
HOLPLQDUHDQWLLQVHFWHúLFOăWLĠL]RQHOHWUD
WDWHXOWHULRU
 ÌPELEDĠLGHMHFĠLLOHGHODSăVăULFXDSăúL
$FHVWHQRWHVXQWGHDVHPHQHDYDODELOHSHQ
WUXMDQWHOHGLQDOLDMXúRUFXILQLVDMPDW
 1XSROLúDĠLQLFLRGDWăDXWRYHKLFXOXOVDX
MDQWHOHGLQDOLDMXúRU3ROLúDUHDYDIDFHFD
YRSVHDXDVăVWUăOXFHDVFă
 8UPăWRDUHOHSRWIDFHFDYRSVHDXDVă
VWUăOXFHDVFăUHGXFkQGHIHFWXOGHPDWL
VDUH
=)UHFDUHDSXWHUQLFăFXPDWHULDOHLQDGHF
YDWH
=8WLOL]DUHDIUHFYHQWăDVSăOăWRULLORUDXWR
=6SăODUHDDXWRYHKLFXOXOXLvQOXPLQăVRODUă
GLUHFWă
 1XXWLOL]DĠLDJHQWGHFXUăĠDUHSHQWUXYRS
VHDSURGXVHGHOXVWUXLUHVDXSROLúDUHVDX
DJHQWGHSăVWUDUHDDVSHFWXOXLOXFLRVGH
H[FHDUă$FHVWHSURGXVHVXQWDGHFYDWH
QXPDLSHQWUXVXSUDIHĠHIRDUWHOXFLRDVH
8WLOL]DUHDORUODDXWRYHKLFXOHOHFXILQLVDM
PDWGXFHODGHWHULRUDUHDVHPQLILFDWLYăD
FOăWLĠL]RQHOHWUDWDWHXOWHULRU
 ÌQGHSăUWDĠLOLFKLGXOGHUăFLUHOLFKLGXOGH
IUkQăUăúLQDGHFRSDFXOHLXULOHFDUEXUDQĠLL
úLXQVRULOHIUHFkQGXúRUFXRFkUSăvPELEDWă
vQHWHUGHSHWUROVDXOLFKLGGHvQFăUFDWEUL
FKHWD
 8WLOL]DĠLDJHQWGHHOLPLQDUHDJXGURQXOXL
SHQWUXDVFRDWHSHWHOHGHJXGURQ
 8WLOL]DĠLDJHQWGHHOLPLQDUHDVLOLFRQXOXL
SHQWUXDVFRDWHFHDUD
 1XOLSLĠL GHQĠă
=(WLFKHWHDXWRFRODQWH
=SHOLFXOH
=SOăFLPDJQHWLFHVDXHOHPHQWHVLPLODUH
SHVXSUDIHĠHOHYRSVLWHÌQFD]FRQWUDU
SXWHĠLGHWHULRUDYRSVHDXD
ÌQJULMLUHDúLWUDWDUHDYRSVHOHLPDWH
'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăDUHXQ
ILQLVDMPDWUHVSHFWDĠLXUPăWRDUHOHLQVWUXF
ĠLXQLSHQWUXDHYLWDGHWHULRUDUHDYRSVHOHLvQ
XUPDXQHLvQJULMLULLQFRUHFWH
VXSUDIHĠHL]RQHFXSHWHOXFLRDVH
6ROLFLWDĠLvQWRWGHDXQDHIHFWXDUHDUHSDUDĠLL
ORUDVXSUDYRSVHOHLODXQDWHOLHUGHVSHFLD
OLWDWHDXWRUL]DWGHH[ODXQ&HQWUXGHVHU
YLFH0HUFHGHV%HQ]
 1XXWLOL]DĠLVXEQLFLRIRUPăSURJUDPHGH
VSăODUHFXWUDWDPHQWFXFHDUăILHUELQWH
G (VWHGHSUHIHUDWFDDXWRYHKLFXOXOVăILH
VSăODWPDQXDOFXDMXWRUXOXQXLEXUHWH
PRDOHDXQXLúDPSRQDXWRúLDSăGLQDEXQ
G 8WLOL]DĠLQXPDLDJHQĠLGHvQGHSăUWDUHD
LQVHFWHORUúLúDPSRQDXWRGLQJDPDGHSUR
GXVHGHvQJULMLUHUHFRPDQGDWHúLDSUREDWH
GH0HUFHGHV%HQ]
&XUăĠDUHJHDPXUL
 $9(57,60(17
'H]DFWLYDĠLúWHUJăWRDUHOHGHSDUEUL]úLVFRD
WHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFWvQDLQWH
GHDFXUăĠDSDUEUL]XOVDXODPHOHúWHUJăWRDUH
ORU/DDXWRYHKLFXOHOHFX.(</(66*2
DSăVDĠLEXWRQXO6WDUW6WRSvQPRGUHSHWDW
 ÌQJULMLUH 

SkQăFHWRDWHOăPSLOHLQGLFDWRDUHGLQSDQRXO
GHLQVWUXPHQWHVDXVWLQVÌQFD]FRQWUDU
úWHUJăWRDUHOHGHSDUEUL]VDUSXWHDSXQHvQ
PLúFDUHúLYDUUăQL
 ([WLQGHĠLúWHUJăWRDUHOHGHSDUEUL]IDĠăGH
SDUEUL]GRDUFkQGVXQWYHUWLFDOHÌQFD]FRQ
WUDUYHĠLGHWHULRUDFDSRWD
 &XUăĠDĠLLQWHULRUXOúLH[WHULRUXOJHDPXULORU
FXRFkUSăXPHGăúLFXXQDJHQWGH
FXUăĠDUHUHFRPDQGDWúLDSUREDWGH0HUFH
GHV%HQ]
 1XFXUăĠDĠLODPHOHúWHUJăWRDUHORUSUHD
GHVúLQXOHIUHFDĠLSUHDSXWHUQLFÌQFD]
FRQWUDUVWUDWXOGHJUDILWSRDWHVXIHULGHWH
ULRUăUL$FHDVWDSRDWHGXFHODDSDULĠLDXQRU
]JRPRWHGHODúWHUJăWRDUH
 ([WLQGHĠLúLvQGHSăUWDĠLEUDĠHOHúWHUJăWRDUH
ORUGHSDUEUL]GHSDUEUL]
 &XUăĠDĠLODPHOHúWHUJăWRDUHORUFXDWHQĠLH
FXDMXWRUXOXQHLFkUSHXPHGH
 5DEDWDĠLúWHUJăWRDUHOHGHSDUEUL]vQDSRLGLQ
QRXvQDLQWHGHDFXSODFRQWDFWXO

ÌQWUHĠLQHUHúLvQJULMLUH
 ğLQHĠLEUDĠXOúWHUJăWRUXOXLIHUPFkQGvO
 1XXWLOL]DĠLFkUSHXVFDWHSURGXVHDEUD UDEDWDĠLvQDSRL3DUEUL]XOSRDWHVXIHULGHWH
]LYHVDXDJHQĠLGHFXUăĠDUHFDUHFRQĠLQVRO ULRUăULGDFăEUDĠXOúWHUJăWRUXOXLVHORYHúWH
YHQĠLSHQWUXDFXUăĠDLQWHULRUXOJHDPXULORU EUXVFGHHO
1XDWLQJHĠLLQWHULRUXOJHDPXULORUFXRELHFWH
GXUHGHH[RUDFOHWăVDXXQLQHOÌQFD]
&XUăĠDUHLOXPLQDUHH[WHULRDUă
FRQWUDUH[LVWăULVFXOGHWHULRUăULLJHDPXUL
ORU  &XUăĠDĠLOHQWLOHOHGLQSODVWLFDOHOXPLQLORU
H[WHULRDUHXWLOL]kQGXQEXUHWHXGúLXQ
 &XUăĠDĠLFDQDOHOHGHVFXUJHUHDDSHLGLQ
DJHQWGHFXUăĠDUHQHXWUXGHH[HPSOXúDP
SDUEUL]úLOXQHWăODLQWHUYDOHUHJXODWH'HSX
SRQDXWR0HUFHGHV%HQ]VDXODYHWH
QHULOHGHIUXQ]HSHWDOHúLSROHQSRWvQDQX
PLWHVLWXDĠLLVăvPSLHGLFHVFXUJHUHDDSHL  8WLOL]DĠLGRDUDJHQĠLGHFXUăĠDUHVDXODYHWH
$FHDVWDSRDWHGXFHODFRURGDUHDúLGHWH DGHFYDWHSHQWUXOHQWLOHGLQSODVWLF3URGX
ULRUDUHDFRPSRQHQWHORUHOHFWURQLFH VHOHQHSRWULYLWHSRW]JkULDVDXGHWHULRUD
OHQWLOHOHGLQSODVWLFDOHOXPLQLORUH[WHULRDUH
&XUăĠDUHODPHOHúWHUJăWRDUH
&XUăĠDUHVHQ]RUL
 $9(57,60(17
'H]DFWLYDĠLúWHUJăWRDUHOHGHSDUEUL]úLVFRD
WHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFWvQDLQWH
GHDFXUăĠDSDUEUL]XOVDXODPHOHúWHUJăWRDUH
ORU/DDXWRYHKLFXOHOHFX.(</(66*2
DSăVDĠLEXWRQXO6WDUW6WRSvQPRGUHSHWDW
SkQăFHWRDWHOăPSLOHLQGLFDWRDUHGLQSDQRXO
GHLQVWUXPHQWHVDXVWLQVÌQFD]FRQWUDU
úWHUJăWRDUHOHGHSDUEUL]VDUSXWHDSXQHvQ
PLúFDUHúLYDUUăQL

 ([WLQGHĠLúWHUJăWRDUHOHGHSDUEUL]IDĠăGH
SDUEUL]GRDUFkQGVXQWYHUWLFDOHÌQFD]FRQ
WUDUYHĠLGHWHULRUDFDSRWD
 1XWUDJHĠLGHODPDúWHUJăWRUXOXLÌQFD]
FRQWUDUODPDúWHUJăWRUXOXLSRDWHVXIHUL
GHWHULRUăUL


 ÌQJULMLUH
 &XUăĠDĠLVHQ]RULLCVLVWHPXOXLGHDVLVWDUH
DFRQGXFHULLFXDSăúDPSRQDXWRúLRFkUSă
PRDOH
 'DFăFXUăĠDĠLVHQ]RULLFXXQGLVSR]LWLYGH
FXUăĠDUHODSUHVLXQHvQDOWăQXRPLWHĠLVă
OăVDĠLRGLVWDQĠăGHFPvQWUHDXWRYHKLFXO
úLGX]DGLVSR]LWLYXOXLGHFXUăĠDUHODSUH
VLXQHvQDOWă,QIRUPDĠLLOHSULYLQGGLVWDQĠD
FRUHFWăVXQWGLVSRQLELOHGHODSURGXFăWRUXO
HFKLSDPHQWXOXL
ÌQWUHĠLQHUHúLvQJULMLUH
&XUăĠDUHFDPHUăGHPHUVvQDSRL
 8WLOL]DĠLDSăFXUDWăúLRFkUSăPRDOHSHQWUX
DFXUăĠDOHQWLODFDPHUHLC
 1XFXUăĠDĠLOHQWLODFDPHUHLúL]RQDGLQ
MXUXOFDPHUHLGHPHUVvQDSRLFXXQGLVSR
]LWLYGHFXUăĠDUHODSUHVLXQHvQDOWă
&XUăĠDUHĠHYLGHHúDSDPHQW
,PSXULWăĠLOHvQFRPELQDĠLHFXHIHFWHOHSLHWUL
úXOXLúLIDFWRULDPELDQĠLFRUR]LYLSRWIDFHFD
VXSUDIDĠDVăUXJLQHDVFăvQSXQFWHÌLSXWHĠL
UHGDOXFLXOLQLĠLDOĠHYLLGHHúDSDPHQWGDFăR
&XUăĠDUHDFkUOLJXOXLGHWUDFWDUHD
UHPRUFLL
&XSODVIHULFăWUHEXLHVăILHFXUăĠDWăGDFăVH
PXUGăUHúWHVDXVHFRURGHD]ă
 ÌQGHSăUWDĠLRULFHSDWăGHUXJLQăFXRSHULH
GHVkUPă
 ÌQGHSăUWDĠLPXUGăULDFXRODYHWăFXUDWă
IăUăVFDPHVDXFXRSHULH
 1XFXUăĠDĠLFXSODVIHULFăFXXQGLVSR]LWLY
GHFXUăĠDUHODSUHVLXQHvQDOWă1XXWLOL]DĠL
VROYHQĠL
 'XSăFXUăĠDUHXQJHĠLXúRUFXXOHLVDX
XQVRDUHFXSODVIHULFăC
 9HULILFDĠLGDFăFkUOLJXOGHWUDFWDUHDUHPRU
FLLDXWRYHKLFXOXOXLIXQFĠLRQHD]ăFRUHV
SXQ]ăWRU
 5HVSHFWDĠLQRWDSULYLQGvQJULMLUHDRIHULWă
GHSURGXFăWRUXOUHPRUFLL
G ÌQWUHĠLQHUHDFXSOHLVIHULFHúLFkUOLJXOXLGH
WUDFWDUHDUHPRUFLLSRWILHIHFWXDWHúLODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ
&HQWUXGH6HUYLFH0HUFHGHV%HQ]
FXUăĠDĠLUHJXODWPDLDOHVLDUQDúLGXSă  1RWăSULYLQGSURWHFĠLDPHGLXOXL
VSăODUH (OLPLQDĠLKDLQHOHXOHLRDVHúLFXXQVRDUHvQWU
 1XFXUăĠDĠLĠHYLOHGHHúDSDPHQWFXDJHQĠL XQPRGHFRORJLF
GHFXUăĠDUHDOFDOLQLSUHFXPVXEVWDQĠHSHQ
WUXFXUăĠDUHDURĠLORU
 &XUăĠDĠLĠHYLOHGHHúDSDPHQWFXXQSURGXV
GHvQJULMLUHDFURPXOXLWHVWDWúLDSUREDWGH
0HUFHGHV%HQ]

ÌQJULMLUHLQWHULRU
&XUăĠDUHGLVSOD\
 ÌQDLQWHGHFXUăĠDUHDGLVSOD\XOXLDVLJXUDĠL
YăFăDFHVWDHVWHVWLQVúLVDUăFLW
 &XUăĠDĠLVXSUDIDĠDGLVSOD\XOXLFXRODYHWă
RELúQXLWăGLQPLFURILEUăúLXQDJHQWGH
FXUăĠDUHSHQWUXHFUDQH7)7/&'
 3HQWUXXVFDUHDVXSUDIHĠHLGLVSOD\XOXLIROR
VLĠLRODYHWăXVFDWăGLQPLFURILEUă
 1XFXUăĠDĠLQLFLRGDWăGLVSOD\XOFXSUR
GXVHSUHFXP
=GLOXDQĠLFDUHFRQĠLQDOFRROVDXEHQ]LQă
=DJHQĠLGHFXUăĠDUHDEUD]LYL
=GHWHUJHQĠLFDVQLFLGLVSRQLELOLvQFRPHUĠ
$FHúWLDSRWGHWHULRUDVXSUDIDĠDGLVSOD\
XOXL1XDSăVDĠLSHVXSUDIDĠDGLVSOD\XOXLvQ
WLPSFHvOFXUăĠDĠLÌQFD]FRQWUDUGLVSOD\XO
SRDWHILGHWHULRUDWvQPRGLUHPHGLDELO
&XUăĠDUHRUQDPHQWHGLQSODVWLF
 3HULFROGHUăQLUH
1XXWLOL]DĠLDJHQĠLGHFXUăĠDUHSHED]ăGHVRO
YHQĠLVDXSXOYHUL]DWRDUHSHQWUXDFXUăĠD
SODQúDGHERUGVDXVHFĠLXQHDFDSLWRQDWăD
YRODQXOXL$JHQĠLLGHFXUăĠDUHFDUHFRQĠLQVRO
YHQĠLSRWFRQIHULVXSUDIHĠHLXQDVSHFWSRURV
FHHDFHSRDWHFRQGXFHODOH]LXQLJUDYHvQFD]XO
GHVSULQGHULLúLSURLHFWăULLvQLQWHULRUDSăUĠLORU
GLQPDWHULDOSODVWLFvQPRPHQWXOGHFODQúăULL
XQXLDLUEDJ
 1XSULQGHĠLXUPăWRDUHOHSHVXSUDIHĠHOH
GLQSODVWLF
=(WLFKHWHDXWRFRODQWH
=SHOLFXOH
=UHFLSLHQWHFXXOHLDURPDWLFVDXDUWLFROH
VLPLODUH
ÌQFD]FRQWUDUSXWHĠLGHWHULRUDSODVWLFXO
 1XSHUPLWHĠLFRVPHWLFHORUVROXĠLLORU
DQWLLQVHFWHVDXORĠLXQLORUVRODUHVăLQWUHvQ
FRQWDFWFXRUQDPHQWXOGLQSODVWLF$FHVWD
ÌQJULMLUH 
PHQĠLQHDVSHFWXOGHvQDOWăFDOLWDWHDOVXSUD
IHĠHORU
 ùWHUJHĠLRUQDPHQWXOGLQSODVWLFFXRODYHWă
IăUăVFDPHXPH]LWăGHH[FXRODYHWăGLQ
PLFURILEUH
 0XUGăULHDEXQGHQWăXWLOL]DĠLSURGXVHGH
vQJULMLUHúLFXUăĠDUHDXWRUHFRPDQGDWHúL
DSUREDWHGH0HUFHGHV%HQ]
6XSUDIDĠDvúLSRDWHPRGLILFDFXORDUHDWHP
SRUDU$úWHSWDĠLFDVXSUDIDĠDVăVHXVXFH
GLQQRX
ÌQWUHĠLQHUHúLvQJULMLUH
&XUăĠDUHDRUQDPHQWHORUGLQOHPQúLSLH
VHORURUQDPHQWDOH
 ùWHUJHĠLRUQDPHQWXOGLQOHPQúLFRPSRQHQ
WHOHRUQDPHQWDOHFXRODYHWăIăUăVFDPH
XPH]LWăGHH[FXRODYHWăGLQPLFURILEUH
 0XUGăULHDEXQGHQWăXWLOL]DĠLSURGXVHGH
vQJULMLUHúLFXUăĠDUHDXWRUHFRPDQGDWHúL
DSUREDWHGH0HUFHGHV%HQ]
 1XXWLOL]DĠLDJHQĠLGHFXUăĠDUHSHED]ăGH
VROYHQĠLSUHFXPDJHQĠLLGHHOLPLQDUHD
JXGURQXOXLDJHQĠLLGHFXUăĠDUHDURĠLORU
VXEVWDQĠHGHSROLúDWVDXFHDUăÌQFD]FRQ
WUDUH[LVWăULVFXOGHWHULRUăULLVXSUDIHĠHL
&XUăĠDUHKXVHVFDXQ
 1XXWLOL]DĠLODYHWHFXPLFURILEUHSHQWUXD
FXUăĠDSLHOHDQDWXUDOăFHDDUWLILFLDOăVDX
KXVHOH$OFDQWDUDŠ'DFăOHXWLOL]DĠLIUHF
YHQWDFHVWHDSRWGHWHULRUDWDSLĠHULD
 5HVSHFWDĠLXUPăWRDUHOHODFXUăĠDUH
=FXUăĠDĠLFXJULMăKXVHOHGLQSLHOHQDWXUDOă
FXRODYHWăXPHGăúLDSRLúWHUJHĠLKXVHOH
FXRODYHWăXVFDWă$VLJXUDĠLYăFăSLHOHD
QXVHvPELEăFXDSăÌQFD]FRQWUDU
DFHDVWDVHYDvQWăULúLVHYDUXSH8WLOL]DĠL
GRDUDJHQĠLGHFXUăĠDUHDSLHOLLFDUHDX
IRVWWHVWDĠLúLDSUREDĠLGH0HUFHGHV
%HQ]ÌLSXWHĠLREĠLQHGHODXQDWHOLHUGH
 ÌQJULMLUH

VSHFLDOLWDWHDXWRUL]DWGHH[XQ&HQWUX
GHVHUYLFH0HUFHGHV%HQ]
=FXUăĠDĠLKXVHOHGLQSLHOHDUWLILFLDOăFXR
ODYHWăvPELEDWăFXRVROXĠLHFDUHFRQĠLQH
GHWHUJHQWGHH[GHWHUJHQWGHYDVH
=FXUăĠDĠLKXVHOHWH[WLOHFXRODYHWăFX
PLFURILEUHvPELEDWăFXRVROXĠLHFDUH
FRQĠLQHGHWHUJHQWGHH[GHWHUJHQW
GHYDVH)UHFDĠLFXDWHQĠLHúLúWHUJHĠL
vQWRWGHDXQDVHFĠLXQLvQWUHJLDOHVFDXQXOXL
SHQWUXDHYLWDVăOăVDĠLXUPHYL]LELOH
/ăVDĠLVFDXQXOVăVHXVXFHDSRL5H]XO
ÌQWUHĠLQHUHúLvQJULMLUH

WDWHOHFXUăĠăULLGHSLQGGHWLSXOGHLPSX
ULWăĠLúLGHFkWWLPSDXUăPDVvQORFXOUHV
SHFWLY
=FXUăĠDĠLKXVHOH$OFDQWDUDŠFXRODYHWă
XPHGă1XRPLWHĠLVăúWHUJHĠLVHFĠLXQL
vQWUHJLDOHVFDXQXOXLSHQWUXDQXOăVD
XUPHYL]LELOH
G 5HĠLQHĠLFăvQJULMLUHDUHJXODWăHVWHHVHQ
ĠLDOăSHQWUXDYăDVLJXUDFăDVSHFWXOúLFRQ
IRUWXOKXVHORUHVWHSăVWUDWvQWLPS

&XUăĠDUHFHQWXULGHVLJXUDQĠă
 8WLOL]DĠLDSăFXUDWăFăOGXĠăúLVROXĠLHFX
VăSXQ
 1XFXUăĠDĠLFHQWXULOHGHVLJXUDQĠăFXDMX
WRUXODJHQĠLORUGHFXUăĠDUHFKLPLFL1X
XVFDĠLFHQWXULOHGHVLJXUDQĠăODWHPSHUDWXUL
GHSHVWH‚VDXSULQH[SXQHUHDORUOD
OXPLQDVRODUăGLUHFWă
 

,QIRUPDĠLLXWLOH 
8QGHJăVHVF" 
3DQăGHFDXFLXF 
%DWHULH 
3RUQLUHIRUĠDWă 
7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH 
6LJXUDQĠHHOHFWULFH 

$VLVWHQĠăvQFD]GHSDQă
 8QGHJăVHVF"

,QIRUPDĠLLXWLOH 0RQWDUHDWULXQJKLXOXLGHDYHUWL]DUH

G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH
ULWRDUHODVLJXUDQĠă  3OLDĠLSLFLRDUHOH‡vQMRVúLvQODWHUDO
$VLVWHQĠăvQFD]GHSDQă

G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH  7UDJHĠLODWXULOHUHIOHFWRUL]DQWHDvQVXV
FLDOLWDWHDXWRUL]DWH3DJLQD
8QGHJăVHVF"
7ULXQJKLGHDYHUWL]DUH
6FRDWHUHDWULXQJKLXOXLGHDYHUWL]DUH
7ULXQJKLXOGHDYHUWL]DUHHVWHSULQVSHLQWHULR
UXOFDSRWHLSRUWEDJDMXOXL
 'HVFKLGHĠLFDSRWDSRUWEDJDMXOXL
 $SăVDĠLVXSRUWXOWULXQJKLXOXLGHDYHUWL
]DUHCvQVXVvQGLUHFĠLDVăJHĠLLGHVFKLGHĠL
OúLVFRDWHĠLWULXQJKLXOGHDYHUWL]DUH
SHQWUXDIRUPDXQWULXQJKLúLEORFDĠLOHvQ
SDUWHDVXSHULRDUăFXDMXWRUXOFDSVHLC
7UXVăGHSULPDMXWRU
ÌQIXQFĠLHGHJUDGXOGHGRWDUHDDXWRYHKLFX
OXOXLWUXVDGHSULPDMXWRUVHDIOăILHvQWUXQ
VSDĠLXGHGHSR]LWDUHGHVFKLVILHvQVSDWHOH
SDQRXOXLRUQDPHQWDOODWHUDOGHSHSDUWHD
VWkQJă
 'HVFKLGHĠLFDSRWDSRUWEDJDMXOXL
([HPSOXWUXVDGHSULPDMXWRUGLQVSDWHOHSDQRXOXL
RUQDPHQWDOODWHUDO
 3HQWUXDGHVFKLGHFDSDFXOURWLĠLEXWRQXO
URWDWLYCvQGLUHFĠLDVăJHĠLLúLUDEDWDĠL
FDSDFXODvQMRV
 6FRDWHĠLWUXVDGHSULPDMXWRU
 8QGHJăVHVF" 

7UXVăGHVFXOHDDXWRYHKLFXOXOXL
7UXVDGHVFXOHDDXWRYHKLFXOXOXLVHJăVHúWHvQ
VSDĠLXOGHGHSR]LWDUHGHVXESODQúHXOSRUWED
JDMXOXL
G $XWRYHKLFXOHOHIăUăRURDWăGHUH]HUYăQX
VXQWGRWDWHFXVFXOHOHQHFHVDUHVFKLPEăULL
XQHLURĠLODLHúLUHDGLQIDEULFăGHH[FXXQ
FULFVDXRFKHLHGHURDWă(VWHSRVLELOVă
H[LVWHGLIHUHQĠHvQIXQFĠLHGHĠDUă$QXPLWH
VFXOHSHQWUXVFKLPEDUHDXQHLURĠLVXQWVSH
([HPSOXWUXVDGHSULPDMXWRUvQVSDĠLXOGHGHSR
]LWDUHGHVFKLV
FLILFHDXWRYHKLFXOXOXL3HQWUXDREĠLQHVFX
OHOHDSUREDWHSHQWUXDXWRYHKLFXOXOGXP

 6FRDWHĠLWUXVDGHSULPDMXWRUC
G 9HULILFDĠLGDWDGHH[SLUDUHGHSHWUXVDGH
SULPDMXWRUFHOSXĠLQRGDWăSHDQÌQORFXLĠL
FRQĠLQXWXOGDFăHVWHQHFHVDUúLvQORFXLĠL 
$VLVWHQĠăvQFD]GHSDQă
QHDYRDVWUăDSHODĠLODXQDWHOLHUGHVSHFLD
OLWDWHDXWRUL]DWGHH[XQ&HQWUXGHVHUYLFH
0HUFHGHV%HQ]
$XWRYHKLFXOHFXRWUXVă7,5(),7ULGLFDĠL
FRPSRQHQWHOHDEVHQWH SODQúHXOSRUWEDJDMXOXL3DJLQD

([WLQFWRU
([WLQFWRUXOVHDIOăVXESDUWHDGLQIDĠăDVFDX
QXOXLúRIHUXOXL

C 5HFLSLHQWFXSDVWăGHHWDQúDUHSHQWUX
SQHXUL
D &RPSUHVRUGHXPIODUHDSQHXULORU
‡ 2FKLGHWUDFWDUH
… &DOăGHURDWăSOLDQWă
 7UDJHĠLSOăFXĠDCvQVXV ƒ &KHLHGHURDWă
 6FRDWHĠLH[WLQFWRUXOD „ &ULF
k 2SHUHFKHGHPăQXúLvQVSDWHOHFULFXOXL
G 6ROLFLWDĠLXPSOHUHDH[WLQFWRUXOXLGXSăILH
FDUHXWLOL]DUHúLYHULILFDUHDVDRGDWăODXQX  $XWRYHKLFXOHFXRURDWăGHUH]HUYă
VDXGRLDQLÌQFD]FRQWUDUDFHVWDVHSRDWH URDWăGHUH]HUYăÄ0LQLVSDUH´ULGLFDĠLvQ
GHIHFWDODXUJHQĠH VXVSODQúHXOSRUWEDJDMXOXL3DJLQD
5HVSHFWDĠLFHULQĠHOHOHJDOHvQWRDWHĠăULOH
YL]DWH
 3DQăGHFDXFLXF

 3HQWUXDVFRDWHURDWDGHUH]HUYăVDX
URDWDGHUH]HUYăÄ0LQLVSDUH´VFRDWHĠL
WDYDWUXVHLGHVFXOHDDXWRYHKLFXOXOXLC
 5RWLĠLVSDĠLXOGHGHSR]LWDUHDvQVHQV
DQWLRUDUúLVFRDWHĠLO
 6FRDWHĠLURDWDGHUH]HUYăVDXURDWDGH
UH]HUYăÄ0LQLVSDUH´‡
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGVFKLP
EDUHDURĠLLúLPRQWDUHDURĠLLGHUH]HUYăFRQ
VXOWDĠL3DJLQD
C 7DYDWUXVHLGHVFXOHDDXWRYHKLFXOXOXL
D 6SDĠLXGHGHSR]LWDUH
$VLVWHQĠăvQFD]GHSDQă

‡ 5RDWăGHUH]HUYă5RDWăGHUH]HUYăGHX] 3DQăGHFDXFLXF
WHPSRUDUÄ0LQLVSDUH´
3UHJăWLUHDDXWRYHKLFXOXOXL
7UXVDGHVFXOHDDXWRYHKLFXOXOXLFRQĠLQH
$XWRYHKLFXOXOGXPQHDYRDVWUăSRDWHILHFKL
=&DOăGHURDWăSOLDELOă
SDWFX
=7DEHOGHDORFDUHDVLJXUDQĠHORU
=RWUXVă7,5(),7
=&ULF
=RURDWăGHUH]HUYăGHX]WHPSRUDU
=2SHUHFKHGHPăQXúL
=3QHXUL02([WHQGHGSQHXULFXFDUDFWHULV
=&KHLHGHURDWă
WLFLGHUXODUHvQFD]GHSDQă
=2FKLGHWUDFWDUH 3DJLQD
G 3UHJăWLUHDDXWRYHKLFXOXOXLQXHVWHQHFH
VDUăODDXWRYHKLFXOHFXSQHXUL02([WHQ
5RDWăGHUH]HUYă5RDWăGHUH]HUYăGH
GHG
X]WHPSRUDUÄ0LQLVSDUH´
G $XWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX
5RDWDGHUH]HUYăVDXURDWDGHUH]HUYăÄ0LQLV
SDUH´VHDIOăvQVSDĠLXOGHGHSR]LWDUHGHVXE VXQWGRWDWHGLQIDEULFăFXRWUXVă7,5(),7
SODQúHXOSRUWEDJDMXOXL 3ULQXUPDUHVHUHFRPDQGăGRWDUHDVXSOL
PHQWDUăDDXWRYHKLFXOXOXLGXPQHDYRDVWUă
 5LGLFDĠLSODQúHXOSRUWEDJDMXOXLvQVXV
FXRWUXVă7,5(),7GDFăPRQWDĠLSQHXULIăUă
3DJLQD SURSULHWăĠLGHUXODUHvQFD]GHSDQăGHH[
SQHXULGHLDUQă2WUXVă7,5(),7SRDWHIL
REĠLQXWăGHODXQ&HQWUXGH6HUYLFH0HUFH
GHV%HQ]
 2SULĠLDXWRYHKLFXOXOFkWPDLGHSDUWHGHWUD
ILFSHXQWHUHQVROLGQHDOXQHFRVúLGUHSW
 $FWLYDĠLVHPQDOL]DWRDUHOHGHDYDULH
 $SăVDĠLIHUPIUkQDGHSDUFDUH
 $GXFHĠLURĠLOHGLQIDĠăvQSR]LĠLDGUHSW
vQDLQWH
 3DQăGHFDXFLXF 

 $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă  $9(57,60(17
FXSODĠLvQSULPDWUHDSWăGHYLWH]ăVDXvQ ÌQXUPăWRDUHOHVLWXDĠLLPDLDOHVVLJXUDQĠD
WUHDSWDGHPHUVvQDSRL GXPQHDYRDVWUăHVWHSHULFOLWDWăGHRDUHFH
 $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă SDVWDGHHWDQúDUHDSQHXULORUQXSRDWHRIHUL
GHSODVDĠLPDQHWDVHOHFWRDUHOD3 RDVLVWHQĠăVXILFLHQWăvQFD]GHSDQă
 2SULĠLPRWRUXO =H[LVWăWăLHWXULVDXvQĠHSăWXULvQSQHXPDL

 $XWRYHKLFXOHIăUă.(</(66*2VFRDWHĠL PDULGHPP
=MDQWDSQHXOXLHVWHGHWHULRUDWă
FKHLDGLQFRPXWDWRUXOGHFRQWDFW
 $XWRYHKLFXOHFX.(</(66*2GHVFKL =DĠLFRQGXVODSUHVLXQLIRDUWHVFă]XWHvQ

GHĠLSRUWLHUDúRIHUXOXL SQHXULVDXFXRSDQăGHFDXFLXF
6LVWHPHOHHOHFWURQLFHGHODERUGDXVWDUHD 1XFRQGXFHĠLvQFRQWLQXDUH&RQVXOWDĠLXQDWH
FHHDFHHVWHVLPLODUFXVFRDWHUHDFKHLL OLHUGHVSHFLDOLWDWHDXWRUL]DWFHGLVSXQHGH

$VLVWHQĠăvQFD]GHSDQă
 $XWRYHKLFXOHFX.(</(66*2HOLEHUDĠL FXQRúWLQĠHOHGHVSHFLDOLWDWHúLLQVWUXPHQWHOH
EXWRQXO6WDUW6WRSGLQFRPXWDWRUXOGH QHFHVDUHSHQWUXDHIHFWXDLQWHUYHQĠLDQHFH
FRQWDFW3DJLQD
 7RĠLSDVDJHULLWUHEXLHVăLDVăGLQDXWRYHKL
FXO$VLJXUDĠLYăFăQXVXQWvQSHULFROvQ
WLPSFHIDFDFHVWOXFUX
 $VLJXUDĠLYăFăQLPHQLQXVHDIOăvQDSUR
SLHUHD]RQHLGHSHULFROvQWLPSXOVFKLPEăULL
XQHLURĠL2ULFLQHQXDMXWăGLUHFWODVFKLP
EDUHDURĠLLDUWUHEXLGHH[HPSOXVăVWHDvQ 
VSDWHOHEDULHUHL
 ,HúLĠLGLQDXWRYHKLFXO)LĠLDWHQWODFRQGLĠLLOH 
GHWUDILFFkQGIDFHĠLDFHVWOXFUX
 ÌQFKLGHĠLSRUWLHUDúRIHUXOXL
 $úH]DĠLWULXQJKLXOGHDYHUWL]DUH
VDUă
0HUFHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ
&HQWUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
VFRSÌQVSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLV
WHPHORUGHVLJXUDQĠăVDXFRUHODWHFXVLJX
UDQĠDVHYRUHIHFWXDODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW
1XVFRDWHĠLRELHFWHVWUăLQHFDUHDXSHUIRUDW
SQHXOGHH[úXUXEXULVDXFXLH
6FRDWHĠLUHFLSLHQWXOFXSDVWăGHHWDQúDUH
SHQWUXSQHXULHWLFKHWDvQVRĠLWRDUHÄPD[
NPK³úLFRPSUHVRUXOGHXPIODUHD
SQHXULORUGLQVSDĠLXOGHGHSR]LWDUHGHVXE
3DJLQDODRGLVWDQĠăSRWULYLWă5HV SODQúHXOSRUWEDJDMXOXL3DJLQD
SHFWDĠLQRUPHOHOHJDOH

7UXVă7,5(),7
8WLOL]DUHWUXVă7,5(),7
3XWHĠLXWLOL]DWUXVD7,5(),7SHQWUXDHWDQúD
vQĠHSăWXULPLFLPDLDOHVFHOHGLQVXSUDIDĠDGH
UXODUHDSQHXOXL3XWHĠLXWLOL]D7,5(),7ODWHP
SHUDWXULH[WHULRDUHGHSkQăODPLQLPXP
‚
 )L[DĠLSDUWHDCDHWLFKHWHLDXWRFRODQWHvQ
FkPSXOYL]XDODOúRIHUXOXL
 )L[DĠLSDUWHDDDHWLFKHWHLDXWRFRODQWH
OkQJăVXSDSDGHSHURDWăFXSQHXOGHIHFW


 3DQăGHFDXFLXF

 $9(57,60(17 7UXVă7,5(),7YHUVLXQHD
7,5(),7QXWUHEXLHVăYLQăvQFRQWDFWFXSLHOHD
RFKLLVDXvPEUăFăPLQWHDGXPQHDYRDVWUă
='DFă7,5(),7YLQHvQFRQWDFWFXSLHOHDVDX
FXRFKLLFOăWLĠLLPHGLDWFXDSăFXUDWă
=6FKLPEDĠLYăLPHGLDWGHKDLQHOHFDUHDX
LQWUDWvQFRQWDFWFX7,5(),7
='DFăVXIHULĠLUHDFĠLLDOHUJLFHFRQVXOWDĠL
LPHGLDWXQPHGLF
1XOăVDĠL7,5(),7ODvQGHPkQDFRSLLORU
='DFăvQJKLĠLĠL7,5(),7FOăWLĠLYăLPHGLDWúL
ELQHJXUDúLEHĠLDSăGLQDEXQGHQĠă  7UDJHĠLEXúRQXO…FXFDEOXOúLIXUWXQXO
$VLVWHQĠăvQFD]GHSDQă

=1XLQGXFHĠLYRPD&RQVXOWDĠLLPHGLDWXQ ƒGLQFDUFDVă
GRFWRU  ÌQILOHWDĠLIXUWXQXOƒSHIODQúD„DUHFL
=1XLQKDODĠLYDSRUL7,5(),7
SLHQWXOXLFXSDVWăGHHWDQúDUHSHQWUX
SQHXULC
G 'DFăH[LVWăVFXUJHULGH7,5(),7OăVDĠLOVă
 ,QWURGXFHĠLUHFLSLHQWXOFXSDVWăGHHWDQ
VHXVXFH$FHVWDSRDWHILDSRLvQGHSăUWDW
FDRSHOLFXOăVXEĠLUH úDUHSHQWUXSQHXULCFXFDSXOvQMRVvQ
'DFă7,5(),7DMXQJHSHKDLQHOHGXPQHD GHJDMDUHDDFRPSUHVRUXOXLGHXPIODUHD
YRDVWUăVROLFLWDĠLFXUăĠDUHDVDFkWPDL SQHXULORU
FXUkQGSRVLELOFXSHUFORUHWLOHQă
$XWRYHKLFXOXOGXPQHDYRDVWUăHVWHSUHYă]XW
FXXQDGLQWUHFHOHGRXăWUXVH7,5(),7GLIHULWH
=9HUVLXQHDFRPSUHVRUXOGHXPIODUHD
SQHXULORUúLUHFLSLHQWXOFXSDVWăGHHWDQ
úDUHSHQWUXSQHXULGLVSXQGHIXUWXQXULOHORU
IL[H
=9HUVLXQHDFRPSUHVRUXOGHXPIODUHD
SQHXULORUúLUHFLSLHQWXOFXSDVWăGHHWDQ
úDUHSHQWUXSQHXULQXVXQWSUHYă]XWHFXXQ
IXUWXQIL[$FHVWDVHDIOăvQFDUFDVDFRP  6FRDWHĠLFDSDFXOGHSHYHQWLOXOkGHSH
SUHVRUXOXLGHXPIODUHDSQHXULORU SQHXOGHIHFW
 ÌQILOHWDĠLIXUWXQXOGHXPSOHUHlSHYHQWLOXO
k
 ,QWURGXFHĠLPXID…vQSUL]DEULFKHWHL
3DJLQDVDXvQWURSUL]ăGH9GLQ
DXWRYHKLFXOXOGXPQHDYRDVWUă
3DJLQD
 5RWLĠLFKHLDvQSR]LĠLD3DJLQDGLQ
FRPXWDWRUXOGHFRQWDFW

$SăVDĠLFRPXWDWRUXOGHSRUQLUHRSULUH‡
GHSHFRPSUHVRUXOGHXPIODUHDSQHXULORU
vQSR]LĠLD, 
&RPSUHVRUXOGHXPIODUHDSQHXULORUHVWH
DFWLYDW3QHXOHVWHXPIODW
G 0DLvQWkLVHSRPSHD]ă7,5(),7vQSQHX 
3UHVLXQHDSRDWHVăFUHDVFăWHPSRUDUOD
3DQăGHFDXFLXF 
FRPSUHVRUXOXLGHXPIODUHDSQHXULORUD
SkQăFHEXúRQXOVHDQJUHQHD]ă
6FRDWHĠLIXUWXQXOGHXPSOHUH„úLEXúRQXO
‡GLQVHFĠLXQHDLQIHULRDUăDFDUFDVHLFRP
SUHVRUXOXLGHXPIODUHDSQHXULORU
&XOLVDĠLFRQHFWRUXOJDOEHQDOIXUWXQXOXLGH
XPSOHUHvQHOHPHQWXOGHSHEXúRQXOJDOEHQ
DSUR[LPDWLYN3DEDULSVL
1XGH]DFWLYDĠLFRPSUHVRUXOGHXPIODUH
DSQHXULORUvQDFHDVWăID]ă
 /ăVDĠLFRPSUHVRUXOGHXPIODUHDSQHXULORU
VăIXQFĠLRQH]HWLPSGHFLQFLPLQXWH3QHXO
WUHEXLHVăILDWLQVRSUHVLXQHGHFHOSXĠLQ
ƒDOUHFLSLHQWXOXLFXSDVWăGHHWDQúDUH
SHQWUXSQHXULCSkQăFHEXúRQXOVHDQJUH
QHD]ă
$VLJXUDĠLYăFăDPELLGLQĠLVHDQJUHQHD]ă
$VLVWHQĠăvQFD]GHSDQă
N3DEDULSVL
 1XDFĠLRQDĠLFRPSUHVRUXOGHXPIODUHD
SQHXULORUvQUHSUL]HGHSHVWHúDVHPLQXWH
IăUăvQWUHUXSHUHÌQFD]FRQWUDUVHSRDWH
VXSUDvQFăO]L
&RPSUHVRUXOGHXPIODUHDSQHXULORUSRDWH
ILDFĠLRQDWGLQQRXRGDWăFHVDUăFLW
'DFăVDDWLQVRSUHVLXQHGHN3D
EDUSVLGXSăFLQFLPLQXWHFRQVXOWDĠL  6FRDWHĠLFDSDFXOGHSHYHQWLOXOkGHSH
3DJLQD
SQHXOGHIHFW
'DFăQXVDDWLQVRSUHVLXQHGHN3D  ÌQILOHWDĠLIXUWXQXOGHXPSOHUHlSHYDOYă
EDUSVLGXSăFLQFLPLQXWHFRQVXOWDĠL
 ,QWURGXFHĠLPXID‡vQSUL]DEULFKHWHL
3DJLQD
3DJLQDVDXvQWURSUL]ăHOHFWULFăGH
7UXVă7,5(),7YHUVLXQHD 9GLQDXWRYHKLFXOXOGXPQHDYRDVWUă
3DJLQD
 5RWLĠLFKHLDvQSR]LĠLD3DJLQDGLQ
FRPXWDWRUXOGHFRQWDFW
 $SăVDĠLFRPXWDWRUXOGHSRUQLUHRSULUH…
GHSHFRPSUHVRUXOGHXPIODUHDSQHXULORU
vQSR]LĠLD21
&RPSUHVRUXOGHXPIODUHDSQHXULORUHVWH
DFWLYDW3QHXOHVWHXPIODW
G 0DLvQWkLVHSRPSHD]ă7,5(),7vQSQHX
3UHVLXQHDSRDWHVăFUHDVFăWHPSRUDUOD
 &XLQHOHOHGHHWDQúDUHvQIDĠăFXOLVDĠLEXúR
QXOJDOEHQƒDOUHFLSLHQWXOXLFXSDVWăGH
HWDQúDUHSHQWUXSQHXULCvQHOHPHQWXO 
DSUR[LPDWLYN3DEDULSVL
1XGH]DFWLYDĠLFRPSUHVRUXOGHXPIODUH
DSQHXULORUvQDFHDVWăID]ă
/ăVDĠLFRPSUHVRUXOGHXPIODUHDSQHXULORU
VăIXQFĠLRQH]HWLPSGHFLQFLPLQXWH3QHXO
 3DQăGHFDXFLXF

WUHEXLHVăILDWLQVRSUHVLXQHGHFHOSXĠLQ 3UHVLXQHDvQSQHXULGHN3D
N3DEDULSVL 
 1XDFĠLRQDĠLFRPSUHVRUXOGHXPIODUHD 
SQHXULORUvQUHSUL]HGHSHVWHúDVHPLQXWH
IăUăvQWUHUXSHUHÌQFD]FRQWUDUVHSRDWH 
VXSUDvQFăO]L
&RPSUHVRUXOGHXPIODUHDSQHXULORUSRDWH
 'XSăXWLOL]DUHHVWHSRVLELOFDVXUSOXVXOGH
ILDFĠLRQDWGLQQRXRGDWăFHVDUăFLW
'DFăGXSăFLQFLPLQXWHVDDMXQVODRSUH
EDUSVLDIRVWDWLQVă
'H]DFWLYDĠLFRPSUHVRUXOGHXPIODUHD
SQHXULORU
'HVILOHWDĠLIXUWXQXOGHXPSOHUHGLQYHQWLOXO
SQHXOXLGHIHFW
7,5(),7VăVHVFXUJăSULQIXUWXQXOGH
XPSOHUH$FHVWDSRDWHSăWD
VLXQHGHN3DEDULSVLFRQVXOWDĠL 3ULQXUPDUHDúH]DĠLIXUWXQXOGHXPSOHUHvQ
3DJLQD SXQJDGLQSODVWLFvQFDUHVHDIODWUXVD7,5(
'DFăGXSăFLQFLPLQXWHQXVDDMXQVODR ),7
$VLVWHQĠăvQFD]GHSDQă

SUHVLXQHGHN3DEDULSVLFRQ

 'HSR]LWDĠLUHFLSLHQWXOFXSDVWăGHHWDQúDUH
VXOWDĠL3DJLQD
SHQWUXSQHXULFRPSUHVRUXOGHXPIODUHD
SQHXULORUúLWULXQJKLXOGHDYHUWL]DUH
3UHVLXQHDvQSQHXULGHFHOSXĠLQN3D
 'HPDUDĠLLPHGLDW
EDUSVLQXDIRVWDWLQVă
'DFăGXSăFLQFLPLQXWHQXVDDWLQVRSUH  3HULFROGHDFFLGHQW
VLXQHGHN3DEDUSVL 1XGHSăúLĠLYLWH]DPD[LPăGHNPK
 'H]DFWLYDĠLFRPSUHVRUXOGHXPIODUHD
SQHXULORU
 'HVILOHWDĠLIXUWXQXOGHXPSOHUHGLQYHQWLOXO
SQHXOXLGHIHFW
 &RQGXFHĠLIRDUWHOHQWvQDLQWHVDXvQDSRL
DSUR[LPDWLYP

 3RPSDĠLGLQQRXSUHVLXQHvQSQHX
 $9(57,60(17
'DFăGXSăFLQFLPLQXWHQXVHSRDWHDWLQJHR
$XWRFRODQWXOFXLQVFULSĠLDÄPD[NPK´
WUHEXLHVăILHDPSODVDWvQFkPSXOYL]XDODO
úRIHUXOXL
0DQHYUDELOLWDWHDDXWRYHKLFXOXOXLSRDWHIL
DIHFWDWă
2SULĠLYăGLQFRQGXVGXSăDSUR[LPDWLY]HFH
PLQXWHúLYHULILFDĠLSUHVLXQHDvQSQHXULFX
FRPSUHVRUXOGHXPIODUHDSQHXULORU
 $9(57,60(17
SUHVLXQHGHN3DEDUSVLSQHXO 'DFăSUHVLXQHDvQSQHXULVHVLWXHD]ăVXE
DVXIHULWGHWHULRUăULSUHDJUDYH
1XFRQGXFHĠLvQFRQWLQXDUH&RQVXOWDĠLXQDWH
OLHUGHVSHFLDOLWDWHDXWRUL]DWFHGLVSXQHGH
FXQRúWLQĠHOHGHVSHFLDOLWDWHúLLQVWUXPHQWHOH
QHFHVDUHSHQWUXDHIHFWXDLQWHUYHQĠLDQHFH
VDUă0HUFHGHV%HQ]UHFRPDQGăVăXWLOL]DĠL
XQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
VFRSÌQVSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLV
WHPHORUGHVLJXUDQĠăVDXFRUHODWHFXVLJX
UDQĠDVHYRUHIHFWXDODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW

N3DEDUSVLSQHXOHVWHSUHDJUDY
GHWHULRUDW1XFRQGXFHĠLvQFRQWLQXDUH&RQ
VXOWDĠLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWFH
GLVSXQHGHFXQRúWLQĠHOHGHVSHFLDOLWDWHúL
LQVWUXPHQWHOHQHFHVDUHSHQWUXDHIHFWXD
LQWHUYHQĠLDQHFHVDUă0HUFHGHV%HQ]UHFR
PDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH0HU
FHGHV%HQ]vQDFHVWVFRSÌQVSHFLDOWRDWH
LQWHUYHQĠLLOHDVXSUDVLVWHPHORUGHVLJXUDQĠă
VDXFRUHODWHFXVLJXUDQĠDVHYRUHIHFWXDODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&RUHFWDĠLSUHVLXQHDvQSQHXULvQFD]XOvQ
FDUHFRQWLQXăVăILHGHFHOSXĠLQ
 3DQăGHFDXFLXF 

N3DEDUSVLSHQWUXYDORUL DSQHXULORUXQLĠLSULQvPSLQJHUHPHFDQLV

FRQVXOWDĠLFODSHWDJXULLGHXPSOHUHFXFDU PHOHGHEORFDUHGHSHEXúRQXOJDOEHQ
EXUDQW 
 3HQWUXDFUHúWHSUHVLXQHDvQSQHXULDFWL
YDĠLFRPSUHVRUXOGHXPIODUHDSQHXULORU



([HPSOXWUXVD7,5(),7YHUVLXQHD
 3HQWUXDUHGXFHSUHVLXQHDvQSQHXUL
7UXVD7,5(),7YHUVLXQHDWUDJHĠLUHFL
SLHQWXOFXSDVWăGHHWDQúDUHSHQWUXSQHXUL
GLQFRPSUHVRUXOGHXPIODUHDSQHXULORU
)XUWXQXOGHXPSOHUHUăPkQHIL[DWODUHFL
SLHQWXOFXSDVWăGHHWDQúDUHSHQWUXSQHXUL
'HSR]LWDĠLUHFLSLHQWXOFXSDVWăGHHWDQúDUH
SHQWUXSQHXULFRPSUHVRUXOGHXPIODUHD
SQHXULORUúLWULXQJKLXOGHDYHUWL]DUH
&RQGXFHĠLODFHOPDLDSURSLDWDWHOLHUGHVHU
YLFHúLVROLFLWDĠLVFKLPEDUHDSQHXOXLDFROR
$VLVWHQĠăvQFD]GHSDQă
6ROLFLWDĠLvQORFXLUHDUHFLSLHQWXOXLFXSDVWă
GHHWDQúDUHSHQWUXSQHXULúLDIXUWXQXOXLGH
XPSOHUHFkWPDLFXUkQGSRVLELOODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DWGHH[ODXQ&HQ
WUXGHVHUYLFH0HUFHGHV%HQ]
DSăVDĠLEXWRQXOGHHOLEHUDUHDSUHVLXQLLC
GHOkQJăPDQRPHWUXOD
 7UXVD7,5(),7YHUVLXQHDVFRDWHĠLUHFL
SLHQWXOFXSDVWăGHHWDQúDUHSHQWUXSQHXUL
GLQGHJDMDUHDFRPSUHVRUXOXLGHXPIODUHD
SQHXULORU 
 7UXVD7,5(),7YHUVLXQHDGHúXUXEDĠL
IXUWXQXOGLQFRPSUHVRUXOGHXPIODUHD
SQHXULORUODIODQúDUHFLSLHQWXOXLFXSDVWăGH
HWDQúDUHSHQWUXSQHXUL
3UHJăWLUHDDXWRYHKLFXOXOXL
7UXVă7,5(),7YHUVLXQHD
 7UXVă7,5(),7YHUVLXQHDSHQWUXD
VFRDWHUHFLSLHQWXOFXSDVWăGHHWDQúDUH
SHQWUXSQHXULGLQFRPSUHVRUXOGHXPIODUH
 1RWăSULYLQGSURWHFĠLDPHGLXOXL
6ROLFLWDĠLHOLPLQDUHDvQPRGSURIHVLRQLVWD
UHFLSLHQWXOXLFXSDVWăGHHWDQúDUHSHQWUX
SQHXULGHH[ODXQ&HQWUXGHVHUYLFH0HUFH
GHV%HQ]
6ROLFLWDĠLvQORFXLUHDUHFLSLHQWXOXLFXSDVWă
GHHWDQúDUHSHQWUXSQHXULGLQSDWUXvQSDWUX
DQLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGH
H[ODXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
6FKLPEDUHDXQHLURĠLúLPRQWDUHDURĠLL
GHUH]HUYă
 $9(57,60(17
0ăULPHDURĠLORUúLDSQHXULORUSHQWUXURDWDGH
UH]HUYăURDWDGHUH]HUYăGHX]WHPSRUDUSRW
GLIHULIDĠăGHFHDDURĠLLGHWHULRUDWH&kQGXWL
OL]DĠLRURDWăGHUH]HUYăURDWăGHUH]HUYăGH
X]WHPSRUDUFDUDFWHULVWLFLOHGHPDQHYUDELOL
WDWHDOHDXWRYHKLFXOXOXLSRWVXIHULPRGLILFăUL
$GDSWDĠLYăVWLOXOGHFRQGXFHUHvQFRQVHFLQĠă
1XXWLOL]DĠLDXWRYHKLFXOXOFXPDLPXOWGHR
URDWDGHUH]HUYăURDWDGHUH]HUYăGHX]WHP
SRUDUFXPăULPHGLIHULWă
 3DQăGHFDXFLXF
8WLOL]DĠLRURDWăGHUH]HUYăGHX]WHPSRUDU
URDWăGHUH]HUYăGHPăULPHGLIHULWăQXPDL
SHQWUXVFXUWWLPSúLQXGH]DFWLYDĠL(63Š
&kQGXWLOL]DĠLRURDWăGHUH]HUYăGHX]WHPSR
UDUQXWUHEXLHVăGHSăúLĠLYLWH]DPD[LPăGH
$VLJXUDUHDDXWRYHKLFXOXOXLSHQWUXD
SUHYHQLSXQHUHDVDvQPLúFDUH
'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăHVWH
GRWDWFXFDOăGHURDWăDFHDVWDVHUHJăVHúWH
vQWUXVDGHVFXOHDDXWRYHKLFXOXOXL
NPK 3DJLQD
&DODGHURDWăSOLDQWăHVWHRPăVXUăGHVLJX
 $9(57,60(17 UDQĠăVXSOLPHQWDUăFDUHSUHYLQHSXQHUHDvQ
6ROLFLWDĠLvQORFXLUHDURĠLLGHUH]HUYăGHX]WHP PLúFDUHDDXWRYHKLFXOXOXLGHH[HPSOXFkQG
SRUDUURĠLLGHUH]HUYăFXRQRXăURDWăFkWPDL VFKLPEDĠLRURDWă
FXUkQGSRVLELOODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DWFHGLVSXQHGHFXQRúWLQĠHOHGHVSH
FLDOLWDWHúLVFXOHOHQHFHVDUHSHQWUXDHIHFWXD
$VLVWHQĠăvQFD]GHSDQă

LQWHUYHQĠLDQHFHVDUă0HUFHGHV%HQ]UHFR
PDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH0HU
FHGHV%HQ]vQDFHVWVFRSÌQVSHFLDOWRDWH
LQWHUYHQĠLLOHDVXSUDVLVWHPHORUGHVLJXUDQĠă
VDXFRUHODWHFXVLJXUDQĠDVHYRUHIHFWXDODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

G $XWRYHKLFXOHOHIăUăURDWăGHUH]HUYăGHX]
WHPSRUDUURDWăGHUH]HUYăQXVXQWGRWDWH
 3OLDĠLDPEHOHSOăFLvQVXVC
FXVFXOHGHVFKLPEDUHDURĠLORUGLQIDEULFă
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGVFX  3OLDĠLvQDIDUDSODFDLQIHULRDUăD
OHOHQHFHVDUHHIHFWXăULLXQXLVFKLPEGH  *KLGDĠLXUHFKLOHGHSHSODFDLQIHULRDUăSkQă
URDWăODDXWRYHKLFXOXOGXPQHDYRDVWUăGH ODFDSăWvQGHVFKL]ăWXULOHGLQSODFDGHVXV
H[FDODGHURDWăFKHLDGHURĠLVDXúWLIWXOGH ĠLQHUH‡
FHQWUDUHFRQVXOWDĠLXQ&HQWUXGHVHUYLFH
0HUFHGHV%HQ]
 3UHJăWLĠLDXWRYHKLFXOXOFRQIRUPGHVFULHULL
3DJLQD
 'DFăRUHPRUFăHVWHFXSODWăODDXWRYHKL
FXOGHFXSODĠLR
 6FRDWHĠLXUPăWRDUHOHDUWLFROHvQIXQFĠLHGH
JUDGXOGHGRWDUHDDXWRYHKLFXOXOXLGLQVSD
ĠLXOGHGHSR]LWDUHGHVXESODQúHXOSRUWED
JDMXOXL
=URDWDGHUH]HUYăGHX]WHPSRUDUVDX
$VLJXUDUHDDXWRYHKLFXOXOXLSHWHUHQSODQ
URDWDGHUH]HUYă
=FDODGHURDWăSOLDQWă  3HWHUHQSODQDúH]DĠLFDOHOHVDXDOWHDUWL
=FKHLDGHURDWă
FROHFRUHVSXQ]ăWRDUHVXEURDWDIDĠăúL
VSDWHGLDJRQDORSXVăFHOHLSHFDUHGRULĠLVă
=FULFXO
RVFKLPEDĠL
 $VLJXUDĠLDXWRYHKLFXOXOSHQWUXDSUHYHQL
SXQHUHDVDvQPLúFDUH

$VLJXUDUHDDXWRYHKLFXOXOXLSHSDQWHGHVFHQGHQWH
XúRDUH
 3HSDQWHGHVFHQGHQWHDúH]DĠLFDOHVDX
DOWHDUWLFROHFRUHVSXQ]ăWRDUHvQIDĠDURĠLORU
GHSHSXQWHDIDĠăúLVSDWH
5LGLFDUHDDXWRYHKLFXOXOXL
 $9(57,60(17
&ULFXOHVWHGHVWLQDWQXPDLULGLFăULLDXWRYHKL
FXOXOXLWHPSRUDUSHQWUXVFKLPEXULGHURDWă
$XWRYHKLFXOXOWUHEXLHVăILHIL[DWSHVXSRUWXUL
GDFăLQWHQĠLRQDĠLVăOXFUDĠLVXEHO
$VLJXUDĠLYăFăDĠLIL[DWFULFXOSHRVXSUDIDĠă
VROLGăSODQăúLFDUHQXSHUPLWHDOXQHFDUHD
1XXWLOL]DĠLFDOHGHOHPQVDXRELHFWHVLPLODUH
SHQWUXDVXVĠLQHFULFXOÌQFD]FRQWUDUDXWR
YHKLFXOXODUSXWHDDOXQHFDGHSHFULFúLYDU
SXWHDUăQLJUDY
1XSRUQLĠLPRWRUXOQLFLRGDWăvQWLPSFHVFKLP
EDĠLURDWD
1XYăvQWLQGHĠLVXEDXWRYHKLFXOFkQGDFHVWD
3DQăGHFDXFLXF 
 $9(57,60(17
'DFăQXSR]LĠLRQDĠLFULFXOFRUHFWDXWRYHKLFX
OXODUSXWHD
=VăFDGăGHSHFULF
=VăYăUăQHDVFăSHGXPQHDYRDVWUăVDXSH
DOĠLL
=VăVXIHUHDYDULL
3ULQXUPDUHDVLJXUDĠLYăFăHVWHSR]LĠLRQDW
FRUHFWFULFXOvQSXQFWHOHGHULGLFDUHFXFULFXO
UHVSHFWLYHÌQDLQWHGHDSR]LĠLRQDFULFXO
vQGHSăUWDĠLSRWHQĠLDOHOHPDWHULLVWUăLQHFDUHV
DXDGXQDWvQSXQFWHOHGHULGLFDUHFXFULFXO
$VLVWHQĠăvQFD]GHSDQă
5HĠLQHĠLFăWUHEXLHVăSR]LĠLRQDĠLFULFXOvQGHV
FKL]ăWXUDSXQFWXOXLGHULGLFDUHFXFULFXO
 &XDMXWRUXOFKHLLGHURDWăCVOăELĠLúXUX
EXULOHGHSHURDWDSHFDUHGRULĠLVăRVFKLP
EDĠLFXDSUR[LPDWLYRURWDĠLHFRPSOHWă1X
GHVILOHWDĠLFRPSOHWúXUXEXULOH
3XQFWHOHGHULGLFDUHFXFULFXOSHQWUXFULFVH
DIOăvQVSDWHOHSDVDMHORUURĠLORUIDĠăúLvQIDĠD
HVWHVXVĠLQXWGHFULF'DFăQXULGLFDĠLDXWRYH SDVDMHORUURĠLORUVSDWHVăJHĠL
KLFXOXOFRQIRUPLQVWUXFĠLXQLORUDFHVWDDU
SXWHDDOXQHFDGHSHFULFGHH[GDFăPRWRUXO
HVWHSRUQLWVDXRSRUWLHUăVDXFDSRWDSRUWED
JDMXOXLHVWHGHVFKLVăVDXvQFKLVăUăQLQGXYă
JUDY


 3DQăGHFDXFLXF

0RQWDUHDXQHLURĠLQRL
 $9(57,60(17
ÌQORFXLĠLúXUXEXULOHGHURDWăGHWHULRUDWHVDX
FRURGDWH
1XXQJHĠLQLFLRGDWăFXXOHLVDXXQVRDUHúXUX
EXULOHGHURDWă$FHDVWDSRDWHGXFHODVOăELUHD
úXUXEXULORUGLQEXWXFXOGHURDWă

 $9(57,=$5(
'DFăXQILOHWGLQEXWXFXOURĠLLHVWHGHWHULRUDW
 3R]LĠLRQDĠLFULFXO‡ODSXQFWXOGHULGLFDUH QXYăGHSODVDĠLPDLGHSDUWH$SHODĠLODXQDWH
FXFULFXOD OLHUGHVSHFLDOLWDWHFDOLILFDWFDUHGLVSXQHGH
$VLVWHQĠăvQFD]GHSDQă

FXQRúWLQĠHOHGHVSHFLDOLWDWHúLVFXOHOHSHQWUX
UHDOL]DUHDOXFUăULORUQHFHVDUH0HUFHGHV
%HQ]YăUHFRPDQGăSHQWUXDFHDVWDXQSXQFW
GHVHUYLFHVDXXQÄ6HUYLFHK³0HUFHGHV
%HQ]([HFXWDUHDvQVSHFLDODOXFUăULORUFH
DIHFWHD]ăVLJXUDQĠDSUHFXPúLDOXFUăULORUOD
VLVWHPHOHUHOHYDQWHSHQWUXVLJXUDQĠăGHFăWUH
XQDWHOLHUFDOLILFDWGHVSHFLDOLWDWHHVWHREOLJD
WRULH

 $9(57,60(17
 $VLJXUDĠLYăFăED]DFULFXOXLHVWHSR]LĠLR 8WLOL]DĠLQXPDLúXUXEXULOHGHURDWăFRQFHSXWH
QDWăGLUHFWVXESXQFWXOGHULGLFDUHFXFUL SHQWUXURDWăúLDXWRYHKLFXO'LQUDĠLXQLGH
FXO VLJXUDQĠă0HUFHGHV%HQ]YăUHFRPDQGăVă
 5RWLĠLPDQLYHOD…vQVHQVRUDUSkQăFHFUL
XWLOL]DĠLQXPDLúXUXEXULGHURDWăFDUHDXIRVW
RPRORJDWHVSHFLDOSHQWUXDXWRYHKLFXOHOH0HU
FXO‡HVWHDúH]DWFRPSOHWSHSXQFWXOGH
FHGHV%HQ]úLURDWDORUUHVSHFWLYă$OWHúXUX
ULGLFDUHFXFULFXODúLED]DFULFXOXLVWăXQL
EXULGHURDWăVDUSXWHDGHVSULQGHúLDUSXWHD
IRUPSHVRO GHWHULRUDVLVWHPXOGHIUkQDUH
 5RWLĠLPDQLYHOD…SkQăFHSQHXOHVWHULGL
1XVWUkQJHĠLúXUXEXULOHGHURDWăFRPSOHWFkQG
FDWODPD[LPXPFPGHVRO DXWRYHKLFXOXOHVWHSHFULF$XWRYHKLFXOXOVDU
SXWHDUăVWXUQDGHSHFULF
'HPRQWDUHDXQHLURĠL
 &XUăĠDĠLVXSUDIHĠHOHGHFRQWDFWDOHURĠLLúL
 'HVILOHWDĠLúXUXEXULOHGHURDWă EXWXFXOXLGHURDWă
 1XDúH]DĠLúXUXEXULOHvQQLVLSVDXSH
VXSUDIHĠHPXUGDUHÌQFD]FRQWUDUILOHWXO
úXUXEXULORUURĠLORUúLEXWXFXOURĠLLDUSXWHDIL
GHWHULRUDWHvQWLPSXOvQúXUXEăULL
 6FRDWHĠLURDWD


VDX

 &XOLVDĠLURDWDGHUH]HUYăGHX]WHPSRUDU
URDWDGHUH]HUYăSHEXWXFXOGHURDWăúL
G &kQGFRQGXFHĠLFXURDWDGHUH]HUYăGHX]
vPSLQJHĠLRvQLQWHULRU
 6WUkQJHĠLúXUXEXULOHGHURDWăSkQăFHVXQW
VWUkQVHODSUHVLXQHPDQXDOă
&RERUkUHDDXWRYHKLFXOXOXL
 5RWLĠLPDQLYHODFULFXOXLvQVHQVDQWLRUDU
SkQăFHDXWRYHKLFXOXOVWăGLQQRXIHUPSH
VRO
3DQăGHFDXFLXF 
DDXWRYHKLFXOXOXLvQVSDĠLXOGHGHSR]LWDUH
VXESODQúHXOSRUWEDJDMXOXL
7UDQVSRUWDĠLURDWDGHIHFWăvQSRUWEDJDM
ÌQIXQFĠLHGHPăULPHDURĠLLHVWHSRVLELOGH
DVHPHQHDVăSXWHĠLVăIL[DĠLURDWDGHIHFWă
vQVSDĠLXOSHQWUXURDWDGHUH]HUYăÌQDFHVW
FD]YDWUHEXLVăVFRDWHĠLWăYLĠDGHGHSR]L
WDUHGLQVSDĠLXOSHQWUXURDWDGHUH]HUYăúL
VăRGHSR]LWDĠLSULQ]kQGRIHUPvQSRUWED
JDM
$VLVWHQĠăvQFD]GHSDQă
WHPSRUDUPRQWDWăVLVWHPXOGHDYHUWL]DUH
SULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULQX
SRDWHIXQFĠLRQDILDELO5HSRUQLĠLVLVWHPXOGH
DYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXULQXPDLFkQGURDWDGHIHFWăDIRVWvQOR
FXLWăFXXQDQRXă
3QHXUL02([WHQGHGSQHXULFXFDUDF
 $úH]DĠLFULFXOGHRSDUWH WHULVWLFLGHUXODUHvQFD]GHSDQă
3QHXULOH02([WHQGHGSQHXULFXFDUDFWHULV
WLFLGHUXODUHvQFD]GHSDQăYăSHUPLWVă
FRQGXFHĠLDXWRYHKLFXOXOFKLDUúLFkQGXQXO
VDXPXOWHSQHXULSLHUGWRDWăSUHVLXQHDDHUX
OXL
3QHXULOH02([WHQGHGSRWILXWLOL]DWHvQFRP
ELQDĠLHFXVLVWHPXOGHDYHUWL]DUHSULYLQGSLHU
GHUHDSUHVLXQLLvQSQHXULDFWLYDWVDXFXPRQL
WRUL]DWRUXOSUHVLXQLLvQSQHXUL
'LVWDQĠDPD[LPăSHUPLVăFDUHSRDWHILSDU
FXUVăvQPRGXOGHUXODUHvQFD]GHSDQă
 6WUkQJHĠLúXUXEXULOHGHURDWăXQLIRUP
GHSLQGHGHVDUFLQDGLQLQWHULRUXODXWRYHKLFX
XUPkQGXQPRGHOGHVWUkQJHUHvQFUXFHvQ
OXOXL(DHVWHNPGDFăDXWRYHKLFXOXOHVWH
VHFYHQĠDLQGLFDWăCSkQăODƒ&XSOXO
GHVWUkQJHUHWUHEXLHVăILHGH1P
 $9(57,60(17
6ROLFLWDĠLYHULILFDUHDFXSOXOXLGHVWUkQJHUH
LPHGLDWFHRURDWăDIRVWVFKLPEDWă5RĠLOHVH
SRWVOăELGDFăQXVXQWVWUkQVHODXQFXSOXGH
1P
 3XQHĠLFULFXOvQDSRLvQSR]LĠLDLQLĠLDOăúL
GHSR]LWDĠLODOăWXULGHUHVWXOWUXVHLGHVFXOH
SDUĠLDOvQFăUFDWúLNPGDFăHVWHFRPSOHW
vQFăUFDW
'LVWDQĠDPD[LPăSHUPLVăFHSRDWHILSDUFXUVă
vQPRGXOGHUXODUHvQFD]GHSDQăHVWH
QXPăUDWăGLQPRPHQWXOvQFDUHDYHUWLVPHQWXO
SULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDSDUHSH
DILúDMXOPXOWLIXQFĠLRQDO
1XWUHEXLHVăGHSăúLĠLRYLWH]ăPD[LPăGH
NPK
 %DWHULH

 $9(57,60(17
&DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHDOHDXWR
YHKLFXOXOXLGXPQHDYRDVWUăVHGLPLQXHD]ăvQ
PRGXOGHUXODUHvQFD]GHSDQăGHH[HPSOX SHQWUXDXWRYHKLFXO
=vQYLUDMH
=FkQGIUkQDĠL
=FkQGDFFHOHUDĠLUDSLG
$GDSWDĠLYăVWLOXOGHFRQGXFHUHvQFRQVHFLQĠă
úLHYLWDĠLVFKLPEăULOHEUXúWHGHGLUHFĠLHúL
DFFHOHUDUHDEUXVFăSUHFXPúLWUHFHUHDSHVWH
G &kQGvQORFXLĠLXQXOVDXWRDWHSQHXULOHDVL
JXUDĠLYăFăXWLOL]DĠLQXPDLSQHXULFXPDU
FDMXO02([WHQGHGúLGHPăULPHDVSHFLILFă
G DXWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX
VXQWGRWDWHFXRWUXVă7,5(),7GLQIDEULFă
3ULQXUPDUHVHUHFRPDQGăGRWDUHDVXSOL
PHQWDUăDDXWRYHKLFXOXOXLGXPQHDYRDVWUă
FXRWUXVă7,5(),7GDFăPRQWDĠLSQHXULIăUă
SURSULHWăĠLGHUXODUHvQFD]GHSDQăGHH[
SQHXULGHLDUQă2WUXVă7,5(),7SRDWHREĠL
REVWDFROHFXPDUILERUGXULVDXJURSLúLFRQ
GXFHUHDÄRIIURDG´$FHDVWăDILUPDĠLHHVWH
$VLVWHQĠăvQFD]GHSDQă
YDODELOăPDLDOHVFkQGDXWRYHKLFXOXOHVWHJUHX
vQFăUFDW
'LVWDQĠDPD[LPăSHUPLVăFHSRDWHILSDUFXUVă
vQPRGXOGHUXODUHvQFD]GHSDQăGHSLQGHvQ
PDUHPăVXUăGHVDUFLQLOHODFDUHHVWHVXSXV
DXWRYHKLFXOXO(DVHSRDWHUHGXFHVXE
LQIOXHQĠDYLWH]HORUULGLFDWHDXQHLVDUFLQLPDUL
DVFKLPEăULORUEUXúWHGHGLUHFĠLHDVWăULL
VXSUDIHĠHLGUXPXOXLDWHPSHUDWXULLH[WHULRDUH
HWFVDXSRDWHILFUHVFXWăGDFăFRQGXFHĠLFX
DWHQĠLHúLSUHYHQWLY
1XFRQWLQXDĠLVăUXODĠLvQPRGXOGHUXODUHvQ
FD]GHSDQăGDFă ÌQORFXLĠLEDWHULDQXPDLFXREDWHULHFDUHDIRVW
=DX]LĠLEăWăL
=DXWRYHKLFXOXOvQFHSHVăWUHSLGH]H
=YHGHĠLIXPúLVLPĠLĠLPLURVGHFDXFLXF
=(63ŠLQWHUYLQHFRQVWDQW
=H[LVWăUXSWXULvQSHUHĠLLODWHUDOLDLSQHXOXL
'XSăFRQGXFHUHDvQPRGXOGHUXODUHvQFD]GH
SDQăWUHEXLHVăVROLFLWDĠLYHULILFDUHDGHWH
QXWăGHODXQ&HQWUXGHVHUYLFH0HUFHGHV
%HQ]
%DWHULH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
3HQWUXFDEDWHULDVăRIHUHRGXUDWăGHYLDĠă
XWLOăPD[LPăHDWUHEXLHVăILHvQWRWGHDXQD
vQFăUFDWăVXILFLHQW
6ROLFLWDĠLYHULILFDUHDVDUFLQLLEDWHULHLPDLIUHF
YHQWGDFăXWLOL]DĠLDXWRYHKLFXOXOvQVSHFLDO
SHQWUXFăOăWRULLVFXUWHVDXGDFăQXvOXWLOL]DĠL
SHSHULRDGHvQGHOXQJDWH
UHFRPDQGDWăGH0HUFHGHV%HQ]
&RQVXOWDĠLXQ&HQWUXGHVHUYLFH0HUFHGHV
%HQ]GDFăGRULĠLVăOăVDĠLDXWRYHKLFXOXOGXP
QHDYRDVWUăvQSDUFDUHPDLPXOWWLPS
 $9(57,60(17
5HVSHFWDĠLLQVWUXFĠLXQLOHGHVLJXUDQĠăúLOXDĠL
PăVXULGHSURWHFĠLHFkQGPDQLSXODĠLEDWHULL
ULRUăULORUODURDWăĠLODXQDWHOLHUGHVSHFLDOL 3HULFROGHH[SOR]LH
WDWHDXWRUL]DWFHGLVSXQHGHFXQRúWLQĠHOHGH
VSHFLDOLWDWHúLVFXOHOHQHFHVDUHSHQWUXDHIHF
WXDLQWHUYHQĠLDQHFHVDUă3QHXOGHIHFWWUHEXLH
VăILHvQORFXLWvQILHFDUHVLWXDĠLH )RFXOIOăFăULOHGHVFKLVHúL
IXPDWXOVXQWLQWHU]LVHFkQG
0HUFHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ
PDQLSXODĠLEDWHULD(YLWDĠL
&HQWUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
FUHDUHDGHVFkQWHL
VFRSÌQVSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLV
WHPHORUGHVLJXUDQĠăVDXFRUHODWHFXVLJX $FLGXOGLQEDWHULHHVWH
UDQĠDVHYRUHIHFWXDODXQDWHOLHUGHVSHFLDOL FDXVWLF(YLWDĠLFRQWDFWXOFX
WDWHDXWRUL]DW SLHOHDRFKLLVDX
vPEUăFăPLQWHD

3XUWDĠLvPEUăFăPLQWHGH
SURWHFĠLHDGHFYDWăvQVSH
FLDOPăQXúLXQúRUĠúLR
PDVFăWLSYL]LHUă
&OăWLĠLLPHGLDWDFLGXO
vPSURúFDWFXDSăFXUDWă
&RQVXOWDĠLXQGRFWRUGDFă
HVWHQHFHVDU
3XUWDĠLSURWHFĠLHRFXODUă
ğLQHĠLFRSLLLODGLVWDQĠă
5HVSHFWDĠLLQGLFDĠLLOHGLQ
DFHVW0DQXDOGHXWLOL]DUH
%DWHULH 
YHKLFXOXOXLVăVXIHUHDUVXULFXDFLGGDFăEDWH
ULDHVWHGHWHULRUDWăvQFD]GHDFFLGHQW
3HQWUXDSUHYHQLDUVXULOHFXDFLGUHVSHFWDĠL
XUPăWRDUHOHQRWHSULYLQGVLJXUDQĠDFkQG
PDQLSXODĠLEDWHULL
=QXYăDSOHFDĠLGHDVXSUDEDWHULHL
=QXSODVDĠLRELHFWHPHWDOLFHSHEDWHULHÌQ
FD]FRQWUDUDĠLSXWHDSURYRFDXQVFXUWFLU
FXLWLDUDPHVWHFXOJD]RVDOEDWHULHLVDU
SXWHDDSULQGH
=DVLJXUDĠLYăFăQXDĠLFUHDWRVDUFLQăHOHF
WURVWDWLFăGHH[SXUWkQGvPEUăFăPLQWH
$VLVWHQĠăvQFD]GHSDQă
VLQWHWLFăVDXvQXUPDIUHFăULLGHPDWHULDOH
WH[WLOH3ULQXUPDUHQXWUHEXLHVăWUDJHĠL
VDXVăFXOLVDĠLEDWHULDSHVWHPRFKHWHVDX
DOWHPDWHULDOHVLQWHWLFH
=QXDWLQJHĠLEDWHULDPDLvQWkL3HQWUXD
GHVFăUFDRSRVLELOăVDUFLQăHOHFWURVWDWLFă
LHúLĠLPDLvQWkLGLQDXWRYHKLFXOúLDWLQJHĠL
 5HFRPDQGăULSULYLQGSURWHFĠLDPHGLX
OXL
%DWHULLOHFRQĠLQVXEVWDQĠH
SROXDQWH(VWHLQWHU]LVSULQ
OHJHFDDFHVWHDVăILHHOLPL
QDWHvPSUHXQăFXUHVWXULOH
PHQDMHUH(OHYRUILFROHFWDWH
VHSDUDWúLHOLPLQDWHvQPRG
HFRORJLF
(OLPLQDĠLEDWHULLOHvQPRG
HFRORJLFÌQFUHGLQĠDĠLEDWH
ULLOHX]DWHXQXLDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWGHH[HP
SOXXQXLFHQWUXDXWRUL]DWGH
YkQ]ăULúLVHUYLFH0HUFHGHV
%HQ]VDXXQXLSXQFWGH
FROHFWDUHVSHFLDOSHQWUX
EDWHULLX]DWH
 $9(57,60(17
'LQUDĠLXQLGHVLJXUDQĠă0HUFHGHV%HQ]Yă
UHFRPDQGăVăXWLOL]DĠLQXPDLEDWHULLFDUHDX
IRVWVSHFLDOWHVWDWHúLRPRORJDWHSHQWUXDXWR
YHKLFXOXOGXPQHDYRDVWUăGHFăWUH0HUFHGHV
%HQ]$FHVWHEDWHULLRIHUăRSURWHFĠLHVSRULWă
ODLPSDFWSHQWUXDvPSLHGLFDSDVDJHULLDXWR
FDURVHULD
=QXúWHUJHĠLEDWHULDFXDMXWRUXOXQHLFkUSH
%DWHULDSRDWHH[SORGDvQXUPDIRUPăULLVDU
FLQLORUHOHFWURVWDWLFHVDXGLQFDX]DVFkQ
WHLORUSURLHFWDWH
 2SULĠLPRWRUXOúLVFRDWHĠLFKHLDvQDLQWHGH
DGHFRQHFWDFOHPHOHGHERUQăGHODEDWHULH
/DDXWRYHKLFXOHOHFX.(</(66*2DVLJX
UDĠLYăFăDĠLGHFXSODWFRQWDFWXO9HULILFDĠL
GDFăWRDWHOăPSLOHLQGLFDWRDUHGLQSDQRXO
GHLQVWUXPHQWHVDXVWLQVÌQFD]FRQWUDU
HVWHSRVLELOVăGLVWUXJHĠLFRPSRQHQWHOH
HOHFWURQLFHSUHFXPDOWHUQDWRUXO
G &kQGSDUFDĠLDXWRYHKLFXOXOVFRDWHĠLFKHLD
GDFăQXDYHĠLQHYRLHGHFRQVXPDWRULHOHF
WULFL$XWRYHKLFXOXOYDFRQVXPDDVWIHO
IRDUWHSXĠLQăHQHUJLHFRQVHUYkQGDOLPHQ
WDUHDGHODEDWHULH
0HUFHGHV%HQ]YăUHFRPDQGăVăQXHIHFWXDĠL
LQWHUYHQĠLLDVXSUDEDWHULLORUSHFRQWSURSULX
GHH[VFRDWHUHDVDXvQFăUFDUHDORU6ROLFLWDĠL
HIHFWXDUHDDFHVWRULQWHUYHQĠLLODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DWGHH[XQ&HQWUXGH
VHUYLFH0HUFHGHV%HQ]
 %DWHULH

/RFGHLQVWDODUHDEDWHULHL /DDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
WUDQVPLVLDHVWHEORFDWăvQSR]LĠLD3GXSă
$XWRYHKLFXOXOGXPQHDYRDVWUăHVWHGRWDWFXR GHFRQHFWDUHDEDWHULHL$XWRYHKLFXOXOHVWH
EDWHULHvQFRPSDUWLPHQWXOPRWRU$FHDVWD SURWHMDWFRQWUDSXQHULLVDOHvQPLúFDUH1X
HVWHPRQWDWăvQIDĠDSHUHWHOXLGHVSăUĠLWRUGLQ PDLSXWHĠLGHSODVDDXWRYHKLFXOXO
IDĠăGHSHSDUWHDGUHDSWăDDXWRYHKLFXOXOXL
SULYLWvQVHQVXOGHPHUV
 $FĠLRQDĠLIUkQDGHSDUFDUHIHUPúLODDXWR
YHKLFXOHFXWUDQVPLVLHDXWRPDWăFXSODĠL
WUDQVPLVLDvQSR]LĠLD3
 'H]DFWLYDĠLWRĠLFRQVXPDWRULLHOHFWULFLGH
H[UDGLRYHQWLODWRUHWF
 5RWLĠLFKHLDvQSR]LĠLD3DJLQDGLQ
$VLVWHQĠăvQFD]GHSDQă

FRPXWDWRUXOGHFRQWDFWúLVFRDWHĠLRVDXOD
DXWRYHKLFXOHFX.(</(66*2DVLJXUDĠLYă
FăFRPXWDWRUXODIRVWGHFXSODW
3DJLQD7RDWHOăPSLOHLQGLFDWRDUH C %DWHULH
GLQSDQRXOGHLQVWUXPHQWHWUHEXLHVăILH D %RUQăSR]LWLYă
VWLQVH ‡ %RUQăQHJDWLYă
 'HVFKLGHĠLFDSRWD3DJLQD …




 (OLEHUDĠLFOHPHOHDGHSHFXWLDILOWUX
OXLCFXXQRELHFWDGHFYDWGHH[HPSOXR 
)XUWXQVXSDSăGHDHULVLUH
6OăELĠLFOHPDGHERUQăQHJDWLYăGHODEDWH
ULHúLVFRDWHĠLR
6FRDWHĠLFDSDFXOGHODFOHPDGHERUQăSR]L
WLYă
6OăELĠLFOHPDGHERUQăSR]LWLYăGHODEDWHULH
úLVFRDWHĠLR
6FRDWHĠLIXUWXQXOVXSDSHLGHDHULVLUH…GLQ
SDUWHDODWHUDOăDEDWHULHL
6FRDWHUHDPRQWDUHDEDWHULHL
3HQWUXDGHPRQWDGHFRQHFWDĠLEDWHULD
úXUXEHOQLĠă
 6FRDWHĠLFXWLDILOWUXOXLC 

G ,QIRUPDĠLLGHVSUHGHFRQHFWDUHDEDWHULHL

3DJLQD
6OăELĠLúXUXEXOFDUHIL[HD]ăEDWHULD
6FRDWHĠLEDWHULD
3HQWUXDPRQWDXUPDĠLSDúLLGHVFULúLvQ
3DJLQD
3HQWUXDGHPRQWDvQRUGLQHLQYHUVă

'HFRQHFWDUHDEDWHULHL
5HFRQHFWDUHDEDWHULHL
 'HFRQHFWDĠLvQWRWGHDXQDEDWHULDvQRUGL
QHDGHVFULVăPDLMRV1XSHUPXWDĠLQLFLR  &RQHFWDĠLvQWRWGHDXQDEDWHULDvQRUGLQHD
GDWăFOHPHOHGHERUQăÌQFD]FRQWUDU GHVFULVăPDLMRV1XSHUPXWDĠLQLFLRGDWă
SXWHĠLGHWHULRUDVLVWHPHOHHOHFWURQLFHDOH FOHPHOHGHERUQăÌQFD]FRQWUDUSXWHĠL
DXWRYHKLFXOXOXL
 %DWHULH 

GHWHULRUDVLVWHPHOHHOHFWURQLFHDOHDXWRYH  $9(57,60(17
KLFXOXOXL $FLGXOGLQEDWHULHHVWHFDXVWLF(YLWDĠLFRQWDF
 'H]DFWLYDĠLWRĠLFRQVXPDWRULLHOHFWULFLGH WXOFXSLHOHDRFKLLVDXvPEUăFăPLQWHD
H[UDGLRYHQWLODWRUHWF
 &RQHFWDĠLFOHPDGHERUQăSR]LWLYăúLIL[DĠL
FDSDFXO
 &RQHFWDĠLFOHPDGHERUQăQHJDWLYă
 3XQHĠLFXWLDILOWUDQWăvQDSRLODORFXOVăX
DSRLSULQGHĠLúLvQFKLGHĠLFOHPHOHGHUHĠL
QHUH
 ÌQFKLGHĠLFDSRWD
G 'DFăDOLPHQWDUHDHOHFWULFăDIRVWvQWUH
UXSWăGHH[GDFăEDWHULDDIRVWUHFRQHF
WDWăWUHEXLHVăHIHFWXDĠLXUPăWRDUHOHRSH
UDĠLL VHDIOăvQFRPSDUWLPHQWXOPRWRUXOXL
 ÌQFăUFDĠLEDWHULDLQVWDODWăQXPDLFXXQ
vQFăUFăWRUGHEDWHULHWHVWDWúLDSUREDWGH
0HUFHGHV%HQ]$FHVWHvQFăUFăWRDUHGH
EDWHULHvLSHUPLWEDWHULHLVăILHvQFăUFDWăvQ
WLPSFHHVWHLQVWDODWă
 8WLOL]DĠLQXPDLvQFăUFăWRDUHGHEDWHULHFX
RWHQVLXQHGHvQFăUFDUHPD[LPăGH9
 ÌQFăUFDĠLEDWHULDQXPDLFXDMXWRUXOSXQF
$VLVWHQĠăvQFD]GHSDQă
WXOXLGHFRQH[LXQHSHQWUXSRUQLUHIRUĠDWă
3XQFWXOGHFRQH[LXQHSHQWUXSRUQLUHDIRUĠDWă
3DJLQD
=VHWDĠLFHDVXOFRQVXOWDĠLLQVWUXFĠLXQLOHGH
 'HVFKLGHĠLFDSRWD3DJLQD
XWLOL]DUHVHSDUDWH
=UHVHWDĠLIXQFĠLDSHQWUXUDEDWDUHDXWR  &RQHFWDĠLvQFăUFăWRUXOEDWHULHLODERUQD

PDWăDRJOLQ]LORUH[WHULRDUHvQăXQWUXvQ SR]LWLYăúLSXQFWXOGHPDVăvQDFHHDúL
DIDUăUDEDWkQGRJOLQ]LOHvQDIDUăRGDWă RUGLQHFDDWXQFLFkQGFRQHFWDĠLEDWHULD
3DJLQD GRQDWRDUHvQSURFHGXUDGHSRUQLUHIRUĠDWă
3DJLQD
 &LWLĠLLQVWUXFĠLXQLOHGHXWLOL]DUHDOH
ÌQFăUFDUHDEDWHULHL vQFăUFăWRUXOXLEDWHULHLvQDLQWHGHDvQFăUFD
EDWHULD
 $9(57,60(17
ÌQFăUFDĠLEDWHULDQXPDLvQ]RQHELQHDHULVLWH
3HPăVXUăFHEDWHULDHVWHvQFăUFDWăVHSRW
HPDQDJD]HSURYRFkQGPLFLH[SOR]LL$FHVWHD
YDUSXWHDUăQLSHGXPQHDYRDVWUăVDXDOWH
SHUVRDQHSURYRFkQGGHWHULRUDUHDYRSVHOHL
VDXFRURGDUHDDXWRYHKLFXOXOXL
3XWHĠLREĠLQHLQIRUPDĠLLGHVSUHvQFăUFăWRDUHOH
GHEDWHULHFDUHSHUPLWvQFăUFDUHDDFHVWHLDvQ
WLPSFHHVWHLQVWDODWăGHODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWGHH[XQ&HQWUXGHVHUYLFH
0HUFHGHV%HQ]

 $9(57,60(17
([LVWăSHULFROXOGHDUVXULVXEDFĠLXQHDDFLGXOXL
vQGHFXUVXOSURFHVXOXLGHvQFăUFDUHGLQFDX]D
JD]HORUHPDQDWHGLQEDWHULH1XYăDSOHFDĠL
SHVWHEDWHULHvQGHFXUVXOSURFHVXOXLGH
vQFăUFDUH


 3RUQLUHIRUĠDWă

3RUQLUHIRUĠDWă

 $9(57,60(17
([LVWăSHULFROXOGHDUVXULVXEDFĠLXQHDDFLGXOXLvQGHFXUVXOSRUQLULLIRUĠDWHDDXWRYHKLFXOXOXLGLQ
FDX]DJD]HORUHPDQDWHGLQEDWHULH1XYăDSOHFDĠLGHDVXSUDEDWHULHLFkWWLPSPRWRUXOHVWHSRUQLW
IRUĠDW

 $9(57,60(17
*D]HOHHPDQDWHGLQEDWHULHvQWLPSXOSRUQLULLIRUĠDWHSRWSURYRFDPLFLH[SOR]LL(YLWDĠLFUHDUHDGH
VFkQWHLğLQHĠLIOăFăULOHGHVFKLVHGHSDUWHGHEDWHULHúLQXIXPDĠL
5HVSHFWDĠLLQVWUXFĠLXQLOHGHVLJXUDQĠăFkQGPDQLSXODĠLEDWHULLOH$FHVWHDVHUHJăVHVFVXE%DWH
ULHvQLQGH[
$VLVWHQĠăvQFD]GHSDQă

 (YLWDĠLvQFHUFăULOHUHSHWDWHúLSUHOXQJLWHGHSRUQLUHÌQFD]FRQWUDUFDUEXUDQWXOFDUHQXD
IRVWVXSXVFRPEXVWLHLSRDWHGHWHULRUDFRQYHUWRUXOFDWDOLWLFúLFUHDSHULFROXOGHLQFHQGLX
1XXWLOL]DĠLXQGLVSR]LWLYGHvQFăUFDUHUDSLGăSHQWUXDSRUQLPRWRUXO
$VLJXUDĠLYăFăQXVXQWGHWHULRUDWHFDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXO
$VLJXUDĠLYăFăQXVHDWLQJFDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOFXDOWHRELHFWH
PHWDOLFHFkQGFDEOXULOHVXQWFRQHFWDWHODEDWHULH
'DFăEDWHULDDXWRYHKLFXOXOXLGXPQHDYRDVWUăHVWHGHVFăUFDWăPRWRUXOSRDWHILSRUQLWIRUĠDW
GHODXQDOWDXWRYHKLFXOVDXGHODRDGRXDEDWHULHFXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHOD
EDWHULDDOWXLYHKLFXO
5HVSHFWDĠLLQGLFDĠLLOHGHPDLMRV
 %DWHULDQXHVWHDFFHVLELOăODWRDWHDXWRYHKLFXOHOH'DFăEDWHULDDOWXLDXWRYHKLFXOHVWHLQDF
FHVLELOăSRUQLĠLIRUĠDWDXWRYHKLFXOXOFXDMXWRUXOXQHLDGRXDEDWHULLVDXDOXQXLGLVSR]LWLYGH
SRUQLUHIRUĠDWă
 3RUQLĠLIRUĠDWDXWRYHKLFXOXOGRDUFkQGPRWRUXOHVWHUHFHúLFRQYHUWRUXOFDWDOLWLFVDUăFLW
 1XSRUQLĠLPRWRUXOGDFăEDWHULDHVWHvQJKHĠDWă/ăVDĠLEDWHULDVăVHGH]JKHĠHPDLvQWkL
 3RUQLUHDIRUĠDWăSRDWHILHIHFWXDWăQXPDLGHODEDWHULLFXRWHQVLXQHQRPLQDOăGH9
 8WLOL]DĠLQXPDLFDEOXULGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOFXVHFĠLXQHWUDQVYHUVDOă
VXILFLHQWăúLFOHPHGHERUQăL]RODWH
 $VLJXUDĠLYăFăQXSRWLQWUDFDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOvQFRQWDFWFX
FRPSRQHQWHSUHFXPSXOLDVDXYHQWLODWRUXO$FHVWHFRPSRQHQWHLQWUăvQPLúFDUHFkQGPRWR
UXOHVWHSRUQLWúLFkWHVWHvQIXQFĠLXQH
 'DFăEDWHULDHVWHFRPSOHWGHVFăUFDWăOăVDĠLEDWHULDXWLOL]DWăODSRUQLUHDIRUĠDWăFRQHFWDWă
WLPSGHFkWHYDPLQXWHvQDLQWHGHDvQFHUFDVăSRUQLĠL$VWIHOEDWHULDHSXL]DWăVHvQFDUFă
SXĠLQ
G &DEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOúLLQIRUPDĠLLVXSOLPHQWDUHSULYLQGSRUQLUHD
IRUĠDWăSRWILREĠLQXWHGHODRULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]GHH[HPSOX
 $VLJXUDĠLYăFăFHOHGRXăDXWRYHKLFXOHQXVHDWLQJ
 $FĠLRQDĠLIHUPIUkQDGHSDUFDUH
 1XPDLDXWRYHKLFXOHOHFXPRWRUSHEHQ]LQă
 1XPDLDXWRYHKLFXOHOHFXPRWRUSHEHQ]LQă
 3RUQLUHIRUĠDWă 

 7UDQVPLVLHPDQXDOăFXSODĠLSR]LĠLDQHXWUă
 7UDQVPLVLHDXWRPDWăGHSODVDĠLPDQHWDVHOHFWRDUHSH3
 'H]DFWLYDĠLWRĠLFRQVXPDWRULLHOHFWULFLGHH[UDGLRYHQWLODWRUHWF
 'HVFKLGHĠLFDSRWD3DJLQD

$VLVWHQĠăvQFD]GHSDQă
1XPăUXOGHSR]LĠLH„LGHQWLILFăEDWHULDvQFăUFDWăDFHOXLODOWDXWRYHKLFXOVDXXQGLVSR]LWLYGH
SRUQLUHIRUĠDWăHFKLYDOHQW
 &XOLVDĠLFDSDFXOCGHSHERUQDSR]LWLYăDvQGLUHFĠLDVăJHĠLL
 &RQHFWDĠLERUQDSR]LWLYăDODDXWRYHKLFXOXOGXPQHDYRDVWUăODERUQDSR]LWLYă‡DEDWHULHL
GRQDWRDUH„FXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOvQFHSkQGFX
SURSULDEDWHULH
 3RUQLĠLPRWRUXODXWRYHKLFXOXOXLGRQDWRUúLOăVDĠLOVăUXOH]HODWXUDĠLDGHUDODQWL
 &RQHFWDĠLERUQDQHJDWLYă…DEDWHULHLGRQDWRDUH„ODSXQFWXOGHPDVăƒDODXWRYHKLFX
OXOXLGXPQHDYRDVWUăFXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOFRQHF
WkQGFDEOXOGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOODEDWHULDGRQDWRDUH„PDLvQWkL
 3RUQLĠLPRWRUXO
 /ăVDĠLPRWRUXOVăUXOH]HWLPSGHFkWHYDPLQXWHvQDLQWHGHDGHFRQHFWDFDEOXOGHDOLPHQWDUH
GHODEDWHULDDOWXLYHKLFXO
 0DLvQWkLVFRDWHĠLFDEOXOGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOGHODSXQFWXOGHPDVă
ƒúLERUQDQHJDWLYă…DSRLGHODERUQDSR]LWLYăDúLERUQDSR]LWLYă‡GHFRQHFWkQGGH
ILHFDUHGDWăGHODFRQWDFWHOHGHODSURSULXODXWRYHKLFXOPDLvQWkL
 'XSăFHDĠLVFRVFDEOXOGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOvQFKLGHĠLFDSDFXOCGHSH
ERUQDSR]LWLYăD
 6ROLFLWDĠLYHULILFDUHDEDWHULHLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ&HQWUXGH
VHUYLFH0HUFHGHV%HQ]3URFHGXUDGHSRUQLUHIRUĠDWăQXHVWHRVWDUHGHIXQFĠLRQDUHVWDQ
GDUGSULQXUPDUHVROLFLWDĠLYHULILFDUHDEDWHULHL


 7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH
7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
5HVSHFWDĠLQRUPHOHOHJDOHSHQWUXĠăULOHUHV
SHFWLYHODWUDFWDUHúLSRUQLUHSULQWUDFWDUH
 $9(57,60(17
'DFăWUDFWDĠLDXWRYHKLFXOXOWUHEXLHVăXWLOL]DĠL
REDUăGHWUDFWDUHULJLGăGDFă
=PRWRUXOQXHVWHSRUQLW
=H[LVWăRGHIHFĠLXQHODVLVWHPXOGHIUkQDUH
=H[LVWăRGHIHFĠLXQHODDOLPHQWDUHDHOHFWULFă
VDXODVLVWHPXOHOHFWULFDODXWRYHKLFXOXOXL
$VLVWHQĠăvQFD]GHSDQă
$VLVWDUHDHOHFWULFăDGLUHFĠLHLúLVHUYRIUkQDQX
IXQFĠLRQHD]ăFkQGPRWRUXOQXHVWHSRUQLW9D
ILQHFHVDUXQSOXVGHIRUĠăSHQWUXDPDQHYUD
úLIUkQDúLHVWHSRVLELOVăILHQHFHVDUVăDSăVDĠL
SHGDODGHIUkQăFXIRUĠăPD[LPă
ÌQDLQWHGHDvQFHSHWUDFWDUHDDVLJXUDĠLYăFă
GLUHFĠLDSRDWHILGHSODVDWăúLFăQXHVWHEOR
FDWă
'DFăWUDFWDĠLVDXSRUQLĠLSULQWUDFWDUHXQDOW
DXWRYHKLFXOJUHXWDWHDVDQXWUHEXLHVă
GHSăúHDVFăPDVDWRWDOăPD[LPăDGPLVăD
DXWRYHKLFXOXOXLGXPQHDYRDVWUă
 $9(57,60(17
 1XXWLOL]DĠLRFKLXOGHWUDFWDUHSHQWUXUHFX
SHUDUHGHRDUHFHDVWIHOSXWHĠLDYDULDDXWR
YHKLFXOXO'DFăDYHĠLGXELLUHFXSHUDĠLDXWR
YHKLFXOXOFXRPDFDUD
 'HPDUDĠLXúRUFkQGWUDFWDĠLVDXFkQGSRU
QLĠLSULQWUDFWDUHXQDXWRYHKLFXO'DFăSXWH
UHDGHWUDFĠLXQHHVWHSUHDULGLFDWăDXWRYH
KLFXOXOSRDWHVXIHULGHWHULRUăUL
 /DDXWRYHKLFXOHOHFX.(</(66*2XWLOL
]DĠLFKHLDvQORFGHEXWRQXO6WDUW6WRS
5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFWúLFXSODĠLWUDQVPLVLDDXWRPDWăvQ
SR]LĠLD1$SRLURWLĠLFKHLDvQDSRLvQúL
OăVDĠLRvQFRPXWDWRUXOGHFRQWDFW
&kQGWUDFWDĠLXQDXWRYHKLFXOFXWUDQVPLVLH
DXWRPDWăWUDQVPLVLDWUHEXLHVăILHvQSR]LĠLD
1
%DWHULDWUHEXLHFRQHFWDWăúLvQFăUFDWăÌQFD]
FRQWUDU
=QXSXWHĠLURWLFKHLDvQFRPXWDWRUXOGHFRQ
WDFWvQSR]LĠLD
=QXSXWHĠLFXSODWUDQVPLVLDvQSR]LĠLD1OD
DXWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWăHOL
EHUDĠLEORFDUHDPDQHWHLVHOHFWRDUHPDQXDO
SHQWUXDRVFRDWHGLQSR]LĠLD3
$XWRYHKLFXOXOHVWHIUkQDWFkQGIXQFĠLD+2/' 3DJLQD
VDX',67521,&3/86HVWHDFWLYDWă3ULQ
XUPDUHGH]DFWLYDĠL+2/'úL',67521,&3/86 G ÌQDLQWHGHWUDFWDUHDDXWRYHKLFXOXOXL
GDFăDXWRYHKLFXOXOYDILWUDFWDW GH]DFWLYDĠLFDUDFWHULVWLFDGHvQFKLGHUH
(VWHPDLELQHFDDXWRYHKLFXOXOVăILHWUDQV
SRUWDWGHFkWWUDFWDW
 3XWHĠLWUDFWDDXWRYHKLFXOXOPD[LPXP
DXWRPDWă3DJLQDÌQFD]FRQWUDUDĠL
SXWHDILvQFXLDWSHGLQDIDUăFkQGvPSLQJHĠL
VDXWUDFWDĠLDXWRYHKLFXOXO
'H]DFWLYDĠLSURWHFĠLDODWUDFWDUH
NP1XGHSăúLĠLYLWH]DGHWUDFWDUHGH
NPK
ÌQFD]XOGLVWDQĠHORUGHWUDFWDUHGHSHVWH
NPvQWUHJXODXWRYHKLFXOWUHEXLHVăILH
ULGLFDWúLWUDQVSRUWDW
 $VLJXUDĠLúXIDGHWUDFWDUHVDXEDUDGH
WUDFWDUHQXPDLODRFKLXULOHGHWUDFWDUHÌQ
FD]FRQWUDUDXWRYHKLFXOXOSRDWHVXIHUL
GHWHULRUăUL
3DJLQDvQDLQWHGHWUDFWDUHDDXWRYH
KLFXOXOXL
0RQWDUHDVFRDWHUHDRFKLXOXLGHWUDF
WDUH
0RQWDUHDRFKLXOXLGHWUDFWDUH
$XWRYHKLFXOHFXXQFkUOLJGHWUDFWDUHDUHPRU
FLLGDFăLQWHQĠLRQDĠLVăXWLOL]DĠLDXWRYHKLFXOXO
SHQWUXWUDFWDUHH[WLQGHĠLFXSODVIHULFăúL
 7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH 

FRQHFWDĠLODHDEDUDGHWUDFWDUH 7UDFWDUHDDXWRYHKLFXOXOXLFXSXQWHD
3DJLQD VSDWHULGLFDWă
 6FRDWHĠLRFKLXOGHWUDFWDUHGLQWUXVDGH
&kQGWUDFWDĠLDXWRYHKLFXOXOGXPQHDYRDVWUă
VFXOHDDXWRYHKLFXOXOXL3DJLQD FXSXQWHDVSDWHULGLFDWăHVWHLPSRUWDQWVă
 $9(57,60(17 UHVSHFWDĠLLQVWUXFĠLXQLOHGHVLJXUDQĠă
ğHDYDGHHúDSDPHQWSRDWHILILHUELQWH9ă
SXWHĠLDUGHGDFăDWLQJHĠLĠHDYDGHHúDSDPHQW
$FRUGDĠLRDWHQĠLHGHRVHELWăVFRDWHULLFDSD
FXOXLVSDWH
(OHPHQWHOHGHPRQWDUHSHQWUXRFKLXULOHGH
WUDFWDUHGHPRQWDELOHVXQWVLWXDWHvQEDUHOHGH
SURWHFĠLH(OHVXQWvQIDĠăúLvQVSDWHVXE
3DJLQD
 &RQWDFWXOWUHEXLHVăILHGHFXSODWGDFăYă
WUDFWDĠLDXWRYHKLFXOXOFXSXQWHDVSDWHULGL
FDWă,QWHUYHQĠLLOHGLQSDUWHD(63ŠDUSXWHD
vQFD]FRQWUDUVăGHWHULRUH]HVLVWHPXOGH
IUkQDUH
 $FWLYDĠLVHPQDOL]DWRDUHOHGHDYDULH
$VLVWHQĠăvQFD]GHSDQă
FDSDFH 3DJLQD
 5RWLĠLFKHLDvQFRPXWDWRUXOGHFRQWDFWvQ
SR]LĠLDúLVFRDWHĠLFKHLDGLQFRPXWDWRUXO
GHFRQWDFW
 &kQGLHúLĠLGLQDXWRYHKLFXOOXDĠLFKHLDVDX
FKHLD.(</(66*2FXGXPQHDYRDVWUă

7UDFWDUHDDXWRYHKLFXOXOXLFXDPEHOH
SXQĠLSHVRO
(VWHLPSRUWDQWVăUHVSHFWDĠLLQVWUXFĠLXQLOHGH
VLJXUDQĠăFkQGWUDFWDĠLDXWRYHKLFXOXOGXP
QHDYRDVWUă3DJLQD
 6FRDWHĠLFDSDFXOCGHSHGHVFKLGHUH
 ÌQILOHWDĠLRFKLXOGHWUDFWDUHvQVHQVRUDU
SkQăODRSULWRUúLVWUkQJHĠLO

 $9(57,60(17
$VLVWDUHDHOHFWULFăDGLUHFĠLHLúLVHUYRIUkQDQX
IXQFĠLRQHD]ăFkQGPRWRUXOQXHVWHSRUQLW9D
ILQHFHVDUXQHIRUWPXOWPDLPDUHSHQWUXD
IUkQDúLDGLULMDDXWRYHKLFXOXO$GDSWDĠLYăVWL
OXOGHFRQGXFHUHvQFRQVHFLQĠă
$FWLYDĠLVHPQDOL]DWRDUHOHGHDYDULH
'HPRQWDUHDRFKLXOXLGHWUDFWDUH
 6OăELĠLRFKLXOGHWUDFWDUHúLGHVILOHWDĠLO
 $WDúDĠLFDSDFXOCODEDUDGHSURWHFĠLHúL
DSăVDĠLSkQăFHVHvPELQă
 3XQHĠLRFKLXOGHWUDFWDUHvQWUXVDGHVFXOH
DDXWRYHKLFXOXOXL
3DJLQD
G &kQGUHPRUFDĠLFXVHPQDOL]DWRDUHOHGH
DYDULHDFWLYDWHXWLOL]DĠLFRPXWDWRUXOPL[W
FDGHRELFHLSHQWUXDVHPQDODRVFKLPEDUH
GHGLUHFĠLHÌQDFHVWFD]QXPDLVHPQDOL]D
WRDUHOHGHGLUHFĠLHSHQWUXGLUHFĠLDGRULWă
FOLSHVF&kQGFRPXWDWRUXOPL[WHVWHUHVH
WDWVHPQDOL]DWRDUHOHGHDYDULHvQFHSVăFOL
SHDVFăGLQQRX
 5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
FRQWDFW
 7UDFWDUHDúLSRUQLUHDSULQWUDFWDUH

 &kQGDXWRYHKLFXOXOVWDĠLRQHD]ăDSăVDĠL 3RUQLUHDSULQWUDFWDUHSRUQLUHDGH

SHGDODGHIUkQăúLPHQĠLQHĠLRDSăVDWă XUJHQĠăDPRWRUXOXL
 $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOă
&kQGSRUQLĠLSULQWUDFWDUHHVWHLPSRUWDQWVă
DSăVDĠLSHGDODGHDPEUHLDM
UHVSHFWDĠLLQVWUXFĠLXQLOHGHVLJXUDQĠă
 $GXFHĠLVFKLPEăWRUXOvQSR]LĠLDQHXWUă
VDX
 $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDWă
FXSODĠLWUDQVPLVLDDXWRPDWăvQSR]LĠLD1
 (OLEHUDĠLSHGDODGHIUkQă
 (OLEHUDĠLIUkQDGHSDUFDUH
$VLVWHQĠăvQFD]GHSDQă
7UDQVSRUWDUHDDXWRYHKLFXOXOXL
2FKLXULOHGHWUDFWDUHVDXFkUOLJXOGHWUDFWDUH
DUHPRUFLLSRWILXWLOL]DWHSHQWUXDWUDJHDXWR
YHKLFXOXOSHUHPRUFăVDXDXWRSODWIRUPăGDFă
3DJLQDúLFHULQĠHOHOHJDOHvQILHFDUH
ĠDUă
 $XWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWă
QXWUHEXLHVăILHSRUQLWHSULQWUDFWDUHÌQFD]
FRQWUDUWUDQVPLVLDSRDWHVXIHULGHWHULRUăUL
ÌQDLQWHGHSRUQLUHDSULQWUDFWDUHWUHEXLHVă
VHUHXQHDVFăXUPăWRDUHOHFRQGLĠLL
=EDWHULDHVWHFRQHFWDWă
=PRWRUXOVDUăFLW
=FRQYHUWRDUHOHFDWDOLWLFHVDXUăFLW
 $FWLYDĠLVHPQDOL]DWRDUHOHGHDYDULH

GRULĠLVăOWUDQVSRUWDĠL 3DJLQD
 0RQWDĠLRFKLXOGHWUDFWDUH3DJLQD
 $XWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
DGXFHĠLVFKLPEăWRUXOvQSR]LĠLDQHXWUă  $VLJXUDĠLEDUDGHUHPRUFDUHULJLGăVDXúXID

 $XWRYHKLFXOHOHFXWUDQVPLVLHDXWR  $SăVDĠLúLĠLQHĠLDSăVDWăSHGDODGHIUkQă
PDWăURWLĠLFKHLDvQSR]LĠLDGLQFRPXWD  5RWLĠLFKHLDvQSR]LĠLDGLQFRPXWDWRUXOGH
WRUXOGHFRQWDFW FRQWDFW
 'HSODVDĠLPDQHWDVHOHFWRDUHvQ1  $SăVDĠLSHGDODGHDPEUHLDMúLPHQĠLQHĠLR

,PHGLDWFHDXWRYHKLFXOXOHVWHvQFăUFDW DSăVDWă
 $GXFHĠLVFKLPEăWRUXOvQSR]LĠLDQHXWUă
 1XSHUPLWHĠLDXWRYHKLFXOXOXLVăVHSXQăvQ
 (OLEHUDĠLSHGDODGHIUkQă
PLúFDUHSULQDFĠLRQDUHDIUkQHLGHSDUFDUH
 3RUQLĠLDXWRYHKLFXOXOSULQWUDFWDUH
 $XWRYHKLFXOHOHFXWUDQVPLVLHPDQXDOă
FXSODĠLvQSULPDWUHDSWăGHYLWH]ăVDXvQ  &XSODĠLWUHDSWDDGRXD

WUHDSWDGHPHUVvQDSRL  (OLEHUDĠLSHGDODGHDPEUHLDMOHQWQXDFĠLR
 $XWRYHKLFXOHOHFXWUDQVPLVLHDXWR QDĠLSHGDODGHDFFHOHUDĠLHvQWUHWLPS
PDWăGHSODVDĠLPDQHWDVHOHFWRDUHvQ3 0RWRUXOHVWHSRUQLW
 5RWLĠLFKHLDvQFRPXWDWRUXOGHFRQWDFWvQ  $SăVDĠLSHGDODGHDPEUHLDMúLDGXFHĠL

SR]LĠLDúLVFRDWHĠLFKHLDGLQFRPXWDWRUXO VFKLPEăWRUXOvQSR]LĠLDQHXWUă
GHFRQWDFW  2SULĠLYăvQWUXQORFDGHFYDW

 $VLJXUDĠLDXWRYHKLFXOXO  $FĠLRQDĠLIUkQDGHSDUFDUH
 6FRDWHĠLEDUDGHUHPRUFDUHULJLGăVDXúXID
 $QFRUDĠLDXWRYHKLFXOXOQXPDLGHURĠLVDX
 6FRDWHĠLRFKLXOGHWUDFWDUH3DJLQD
MDQWHQXGHSăUĠLDOHDXWRYHKLFXOXOXLSUH
FXPSXQWHDVDXFRPSRQHQWHOHGLUHFĠLHL  2SULĠLVHPQDOL]DWRDUHOHGHDYDULH

9HKLFXOXOSRDWHVXIHULGHWHULRUăULvQFD]
FRQWUDU

6LJXUDQĠHHOHFWULFH
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
6LJXUDQĠHOHGLQDXWRYHKLFXOXOGXPQHDYRDVWUă
DXUROXOGHDvQFKLGHFLUFXLWHOHGHIHFWH'DFă
RVLJXUDQĠăVHDUGHWRDWHFRPSRQHQWHOHGLQ
FLUFXLWúLIXQFĠLLOHORUvQFHWHD]ăVăIXQFĠLR
QH]H
 3HULFROGHLQFHQGLX
8WLOL]DĠLQXPDLVLJXUDQĠHRPRORJDWHSHQWUX
6LJXUDQĠHHOHFWULFH 
6LJXUDQĠHOHVHDIOăvQGLYHUVHFXWLLFXVLJX
UDQĠH
=FXWLDFXVLJXUDQĠHGLQFRPSDUWLPHQWXO
PRWRUXOXLGHSHSDUWHDVWkQJăDDXWRYHKL
FXOXOXLSULYLQGvQGLUHFĠLDGHPHUV
=FXWLDFXVLJXUDQĠHGLQSRUWEDJDMGHSHSDU
WHDGUHDSWăDDXWRYHKLFXOXOXLSULYLQGvQ
GLUHFĠLDGHPHUV
7DEHOXOGHDORFDUHDVLJXUDQĠHORUVHDIOăvQ
WUXVDGHVFXOHDDXWRYHKLFXOXOXL
DXWRYHKLFXOHOH0HUFHGHV%HQ]FXDPSHUDMXO
FRUHVSXQ]ăWRUSHQWUXVLVWHPXOUHVSHFWLY1X
vQFHUFDĠLUHSDUDUHDVLJXUDQĠHORUGHIHFWHVDX
vQORFXLUHDDFHVWRUDFXGLVSR]LWLYHDUWL]DQDOH
6XSUDVROLFLWDUHDFLUFXLWXOXLSRDWHFDX]DXQ
LQFHQGLX$SHODĠLODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DWGHH[HPSOXODXQ&HQWUXDXWRUL]DW
GHYkQ]ăULúLVHUYLFH0HUFHGHV%HQ]SHQWUX
LGHQWLILFDUHDúLUHPHGLHUHDSUREOHPHL
6LJXUDQĠHOHDUVHWUHEXLHVăILHvQORFXLWHFX
VLJXUDQĠHFXDFHHDúLSXWHUHFHSRDWHILUHFX
QRVFXWăSHED]DFXORULLúLDYDORULL9DORULOH
VLJXUDQĠHORUVXQWLQGLFDWHvQWDEHOXOGHDOR
FDUHDVLJXUDQĠHORU3HUVRQDOXOGHOD&HQWUHOH
GH6HUYLFH0HUFHGHV%HQ]YăYDRIHULFX
SOăFHUHLQIRUPDĠLL
'DFăVLJXUDQĠDUHFHQWLQWURGXVăVHDUGHOD
UkQGXOHLVROLFLWDĠLLGHQWLILFDUHDúLUHPHGLHUHD
FDX]HLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
3DJLQDvQFRPSDUWLPHQWXOGHGHSR]L
WDUHGHVXESODQúHXOSRUWEDJDMXOXL
$VLVWHQĠăvQFD]GHSDQă
&XWLHFXVLJXUDQĠHGLQFRPSDUWLPHQ
WXOPRWRUXOXL
 $VLJXUDĠLYăFăúWHUJăWRDUHOHGHSDUEUL]
VXQWRSULWH
 $9(57,60(17
$VLJXUDĠLYăFăúWHUJăWRDUHOHGHSDUEUL]VXQW
RSULWHúLFăDĠLVFRVFKHLDGLQFRPXWDWRUXOGH
FRQWDFWvQDLQWHGHDGHVFKLGHFDSDFXOFXWLHL
FXVLJXUDQĠHÌQFD]FRQWUDUúWHUJăWRDUHOHGH
SDUEUL]úLWLMHOHúWHUJăWRDUHORUGHGHDVXSUD
FDSDFXOXLVDUSXWHDSXQHvQPLúFDUH$VWIHO
GXPQHDYRDVWUăVDXDOWHSHUVRDQHDĠLSXWHD
VXIHULUăQLvQXUPDDFĠLXQLLWLMHORUúWHUJăWRDUH
ORU
GHH[ODXQ&HQWUXGHVHUYLFH0HUFHGHV  'HVFKLGHĠLFDSRWD3DJLQD
%HQ]
 8WLOL]DĠLQXPDLVLJXUDQĠHFDUHDXIRVW
DSUREDWHSHQWUXDXWRYHKLFXOH0HUFHGHV
%HQ]úLFDUHDXDPSHUDMXOFRUHFWSHQWUX
VLVWHPXOYL]DWÌQFD]FRQWUDUFRPSRQHQ
WHOHVDXVLVWHPHOHSRWVXIHULGHWHULRUăUL

ÌQDLQWHGHDVFKLPEDRVLJXUDQĠă
 3DUFDĠLDXWRYHKLFXOXOúLDFĠLRQDĠLIUkQDGH
SDUFDUH  ÌQGHSăUWDĠLRULFHXUPHGHXPH]HDOăGLQ
 ÌQWUHUXSHĠLWRĠLFRQVXPDWRULLHOHFWULFL
FXWLDFXVLJXUDQĠHFXDMXWRUXOXQHLFkUSH
 6FRDWHĠLFKHLDGLQFRPXWDWRUXOGHFRQWDFW XVFDWH
 6FRDWHĠLOLQLLOHDGLQJKLGDMH


 6LJXUDQĠHHOHFWULFH

 3HQWUXDGHVFKLGHGHVFKLGHĠLFOH
PHOHC
 6FRDWHĠLFDSDFXOFXWLHLGHVLJXUDQĠHvQIDĠă

 $VLJXUDĠLYăFăQXSRDWHSăWUXQGHXPLGL
WDWHvQFXWLDFXVLJXUDQĠHFkQGFDSDFXOHVWH
GHVFKLV
 3HQWUXDvQFKLGHYHULILFDĠLGDFăJDUQLWXUD
GHFDXFLXFHVWHIL[DWăFRUHFWvQFDSDF
 ,QWURGXFHĠLFDSDFXOvQVSDWHOHFXWLHLFX
VLJXUDQĠHvQGLVSR]LWLYXOGHSULQGHUH
 3OLDĠLvQMRVFDSDFXOúLvQFKLGHĠLFOH
$VLVWHQĠăvQFD]GHSDQă

PHOHC
 3ULQGHĠLOLQLLOHDvQJKLGDMH

 &DSDFXOWUHEXLHVăILHPRQWDWFRUHV
SXQ]ăWRUvQFD]FRQWUDUXPLGLWDWHDVDX
PL]HULDDUSXWHDDIHFWDIXQFĠLRQDUHDVLJX
UDQĠHORU
 ÌQFKLGHĠLFDSRWD3DJLQD

&XWLDFXVLJXUDQĠHGLQSRUWEDJDM
 'HVFKLGHĠLFDSRWDSRUWEDJDMXOXL
3DJLQD

 3HQWUXDGHVFKLGHHOLEHUDĠLFDSDFXOC
GLQSDUWHDVXSHULRDUăúLGHVFKLGHĠLOvQMRV
vQGLUHFĠLDVăJHĠLL
 

,QIRUPDĠLLXWLOH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD 
)XQFĠLRQDUH 
)XQFĠLRQDUHSHWLPSGHLDUQă 
3UHVLXQHDvQSQHXUL 
6FKLPEDUHDXQHLURĠL 
&RPELQDĠLLGHURDWăúLSQHX 

5RĠLúLSQHXUL
 )XQFĠLRQDUH
,QIRUPDĠLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH
ULWRDUHODVLJXUDQĠă
=&kQGSDUFDĠLDXWRYHKLFXOXODVLJXUDĠLYăFă
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
QHRELúQXLWHGHH[DXWRYHKLFXOXOWUDJHvQWU
RSDUWH$FHDVWDDUSXWHDLQGLFDIDSWXOFă
URĠLOHVDXSQHXULOHVXQWGHWHULRUDWH'DFă
EăQXLĠLFăXQSQHXHVWHGHIHFWUHGXFHĠL
LPHGLDWYLWH]D2SULĠLDXWRYHKLFXOXOFkWPDL
UHSHGHSRVLELOSHQWUXDYHGHDGDFăVDX
GHWHULRUDWURĠLOHúLSQHXULOH2GHWHULRUDUH
DVFXQVăDSQHXOXLDUSXWHDILFDX]DFDUDF
WHULVWLFLORUGHPDQHYUDELOLWDWHQHRELúQXLWH
'DFăQXJăVLĠLVHPQHGHGHWHULRUDUHVROL
FLWDĠLYHULILFDUHDURĠLORUúLSQHXULORUODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[ODXQ
&HQWUXGH6HUYLFH0HUFHGHV%HQ]
SQHXULOHQXVHGHIRUPHD]ăGLQFDX]DERU
FLDOLWDWHDXWRUL]DWH3DJLQD
GXULORUVDXDDOWRUREVWDFROH'DFăHVWH
QHFHVDUVăWUHFHĠLSHVWHERUGXULSUDJXUL
SHQWUXUHGXFHUHDYLWH]HLVDXGHQLYHOăUL
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
DVHPăQăWRDUHvQFHUFDĠLVăUXODĠLvQFHWúLOD
XQJKLREWX]ÌQFD]FRQWUDUSQHXULOHPDL
 $9(57,60(17 DOHVIODQFXULOHVHSRWGHWHULRUD
5RĠLúLSQHXUL

3QHXULOHURĠLOHVDXDFFHVRULLOHFDUHQXDXIRVW
DSUREDWHGH0HUFHGHV%HQ]SHQWUXDXWRYHKL
FXOXOGXPQHDYRDVWUăVDXQXVXQWXWLOL]DWH 1RWHSULYLQGYHULILFDUHDUHJXODWăD
FRQIRUPVFRSXOXLSUHYă]XWSRWUHGXFHVLJX URĠLORUúLSQHXULORU
UDQĠDvQFRQGXFHUH'UHSWXUPDUHDĠLSXWHD
=9HULILFDĠLFXUHJXODULWDWHURĠLOHúLSQHXULOH
SURYRFDXQDFFLGHQWÌQDLQWHGHDOHDFKL]L
DXWRYHKLFXOXOXLSHQWUXDYHGHDGDFăVDX
ĠLRQDúLXWLOL]DLQWHUHVDĠLYăSULYLQGJUDGXOORU
GHWHULRUDWGHH[WăLHWXULJăXULULFUăSăWXUL
GHDGHFYDUHQRUPHOHOHJDOHúLUHFRPDQGăULOH
XPIOăWXULúLGHIRUPDUHILVXULVDXFRUR]LXQH
SURGXFăWRUXOXLODXQ&HQWUXGHVHUYLFH0HU
FHGHV%HQ]
1XHVWHSHUPLVăDGXFHUHDGHPRGLILFăULVLV
WHPXOXLGHIUkQDUHúLURĠLORUGDUQLFLXWLOL]DUHD
SOăFLORUGHGLVWDQĠDUHVDXDVFXWXULORUDQWLSUDI
SHQWUXIUkQH$VWIHOVHDQXOHD]ăFHUWLILFDWXO
GHvQPDWULFXODUHDDXWRYHKLFXOXOXL
JUDYăSHURĠLODFHOSXĠLQ]LOHSUHFXP
úLGXSăDĠLFRQGXVÄRIIURDG´VDXSHGUX
PXULDFFLGHQWDWH5RĠLOHGHWHULRUDWHSRW
FDX]DSLHUGHUHGHSUHVLXQHvQSQHXUL
=9HULILFDĠLFXUHJXODULWDWHDGkQFLPHDVXSUD
IHĠHLGHUXODUHDSQHXOXLúLVWDUHDVXSUDIHĠHL
GHUXODUHSHWRDWăOăĠLPHDSQHXOXL
3DJLQD'DFăHVWHQHFHVDUURWLĠL
G ,QIRUPDĠLLOHVXSOLPHQWDUHSULYLQGSQHXULOH
URĠLOHGLQIDĠăSkQăODFDSăWSHQWUXDH[D
úLURĠLOHSRWILREĠLQXWHGHODRULFH&HQWUXGH PLQDSDUWHDLQWHULRDUăDVXSUDIHĠHLSQHXOXL
VHUYLFH0HUFHGHV%HQ]
=7RDWHURĠLOHWUHEXLHVăDLEăFăSăFHOGHYDOYă
SHQWUXDSURWHMDYDOYDGHPXUGăULHúLXPH
)XQFĠLRQDUH ]HDOă1XIL[DĠLQLPLFDOWFHYDSHYDOYăGH
H[HPSOXVLVWHPHGHPRQLWRUL]DUHDSUHVLX
1RWHSULYLQGFRQGXFHUHD QLLvQSQHXULGHFkWFăSăFHOXOGHYDOYăVWDQ
=&kQGFRQGXFHĠLILĠLDWHQWODYLEUDĠLL]JR
GDUGVDXDOWHFăSăFHOHGHYDOYăDSUREDWH
PRWHúLODFDUDFWHULVWLFLGHPDQHYUDELOLWDWH
 )XQFĠLRQDUHSHWLPSGHLDUQă 

GH0HUFHGHV%HQ]SHQWUXDXWRYHKLFXOXO =1XUXODĠLFXSQHXULFDUHDXRDGkQFLPHD
GXPQHDYRDVWUă VXSUDIHĠHLGHUXODUHSUHDPLFăvQWUXFkW
=9HULILFDĠLUHJXODWSUHVLXQHDvQWRDWHSQHX DFHDVWDUHGXFHVHPQLILFDWLYWUDFĠLXQHDSH
ULOHLQFOXVLYvQURDWDGHUH]HUYăGHX]WHP GUXPXPHGDFYDSODQDUH
SRUDUVDXURDWDGHUH]HUYăPDLDOHVvQDLQWH =6FKLPEDĠLSQHXULOHGXSăFHOPXOWúDVHDQL
GHFăOăWRULLOXQJLúLFRUHFWDĠLSUHVLXQHD LQGLIHUHQWGHJUDGXOGHX]XUă$FHDVWDVH
GXSăFXPHVWHQHFHVDU3DJLQD DSOLFăúLODURDWDGHUH]HUYăGHX]WHPSR
UDUURDWDGHUH]HUYă

6XSUDIDĠDGHUXODUHDSQHXOXL
3QHXUL02([WHQGHGSQHXULFXFDUDF
 $9(57,60(17 WHULVWLFLGHUXODUHvQFD]GHSDQă
5HĠLQHĠLFă
3QHXULOH02([WHQGHGSQHXULFXFDUDFWHULV
=DGHUHQĠDSQHXOXLVFDGHUDSLGSHGUXPXUL
XPHGHFkQGDGkQFLPHDVXSUDIHĠHLGH
UXODUHHVWHVXEPP3ULQXUPDUHWUHEXLH
VăvQORFXLĠLSQHXULOHFXRVXSUDIDĠăGHUXODUH
LQVXILFLHQWă
=SQHXULOHGHLDUQăWUHEXLHVăILHvQORFXLWH
FkQGDMXQJODRDGkQFLPHDVXSUDIHĠHLGH
UXODUHGHPPVDXPDLSXĠLQGHRDUHFHQX
DVLJXUăRDGHUHQĠăDGHFYDWă
=HVWHSRVLELOFDVXSUDIDĠDGHUXODUHDXQXL
SQHXVăQXVHX]H]HXQLIRUP3ULQXUPDUH
WUHEXLHVăYHULILFDĠLUHJXODWDGkQFLPHD
VXSUDIHĠHLGHUXODUHúLVWDUHDVXSUDIHĠHLGH
UXODUHSHvQWUHDJDOăĠLPHDWXWXURUSQHXUL
ORU'DFăVLWXDĠLDRFHUHEUDFDĠLURĠLOHIDĠă
SkQăODFDSăWSHQWUXDH[DPLQDPDLXúRU
VXSUDIDĠDGHUXODUHDSQHXOXL
ÌQFD]FRQWUDUSXWHĠLSLHUGHFRQWUROXODVXSUD
DXWRYHKLFXOXOXLúLSXWHĠLSURYRFDXQDFFLGHQW
GLQFDX]DDGHUHQĠHLUHGXVHDSQHXULORUSH
GUXP
WLFLGHUXODUHvQFD]GHSDQăYăSHUPLWVă
FRQWLQXDĠLVăFRQGXFHĠLDXWRYHKLFXOXOFKLDUúL
DWXQFLFkQGXQXOVDXPDLPXOWHGLQWUHSQHXUL
SLHUGvQWUHDJDSUHVLXQHDDHUXOXL
3QHXULOH02([WHQGHGSRWILXWLOL]DWHQXPDL
vPSUHXQăFXVLVWHPXOGHDYHUWL]DUHSULYLQG
SLHUGHUHDSUHVLXQLLvQSQHXULVDXFXPRQLWRUL
]DWRUXOSUHVLXQLLvQSQHXULúLSHURĠLWHVWDWH
5RĠLúLSQHXUL
VSHFLDOGH0HUFHGHV%HQ]
G $XWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX
VXQWGRWDWHGLQIDEULFăFXRWUXVă7,5(),7
3ULQXUPDUHVHUHFRPDQGăGRWDUHDVXSOL
PHQWDUăDDXWRYHKLFXOXOXLGXPQHDYRDVWUă
FXRWUXVă7,5(),7vQFD]XOvQFDUHPRQWDĠL
SQHXULIăUăSURSULHWăĠLGHUXODUHvQFD]GH
SDQăGHH[SQHXULGHLDUQă2WUXVă7,5(
),7SRDWHILREĠLQXWăGHODXQ&HQWUXGH
6HUYLFH0HUFHGHV%HQ]
3XWHĠLJăVLQRWHSULYLQGFRQGXFHUHDFXSDQă
GHSQHXvQVHFĠLXQHDÄ$VLVWHQĠăvQFD]GH
1RWHSULYLQGDOHJHUHDPRQWDUHDúL
VFKLPEDUHDSQHXULORU
=0RQWDĠLGRDUSQHXULúLURĠLGHDFHODúLWLSúL
PDUFă
=0RQWDĠLQXPDLSQHXULGHGLPHQVLXQL
FRUHFWHSHURĠL
='XSăPRQWDUHDQRLORUSQHXULUXODĠLODYLWH]ă
PRGHUDWăSULPLLNPvQWUXFkWHOHDWLQJ
SDQă´3DJLQD
)XQFĠLRQDUHSHWLPSGHLDUQă
9ăUXJăPVăUHĠLQHĠLXUPăWRDUHOH
/DvQFHSXWXOLHUQLLVROLFLWDĠLSUHJăWLUHDDXWR
YHKLFXOXOXLSHQWUXLDUQăODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWGHH[ODXQ&HQWUXGHVHU
YLFH0HUFHGHV%HQ]
5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ6FKLPEDUHD
SHUIRUPDQĠDPD[LPăGRDUGXSăDFHDVWă XQHLURĠL3DJLQD
GLVWDQĠă


 )XQFĠLRQDUHSHWLPSGHLDUQă

&RQGXFHUHFXSQHXULGHYDUă DXWRUL]DWGHH[GHODXQ&HQWUXGHVHUYLFH
0HUFHGHV%HQ]
/DWHPSHUDWXULVXE‚SQHXULOHGHYDUăvúL
ÌQDFHDVWăVLWXDĠLHWUHEXLHGHDVHPHQHDVă
SLHUGHODVWLFLWDWHDúLSULQXUPDUHWUDFĠLXQHDúL
OLPLWDĠLYLWH]DPD[LPăDDXWRYHKLFXOXOXLFX
SXWHUHDGHIUkQDUHVFKLPEDĠLSQHXULOHDXWR
DMXWRUXOVLVWHPXOXL63(('7521,&SHUPDQHQW
YHKLFXOXOXLGXPQHDYRDVWUăFXSQHXUL06
DVWIHOvQFkWVăQXGHSăúHDVFăYLWH]DPD[LPă
8WLOL]DUHDSQHXULORUGHYDUăODWHPSHUDWXUL
SHUPLVăSHQWUXSQHXULOH063DJLQD
IRDUWHUHGXVHSRDWHGXFHODIRUPDUHDUXSWX
ULORUGHWHULRUkQGvQFRQVHFLQĠăSHUPDQHQW &kQGDĠLPRQWDWSQHXUL06
SQHXULOH0HUFHGHV%HQ]QXvúLDVXPă  9HULILFDĠLSUHVLXQLOHvQSQHXUL
UăVSXQGHUHDSHQWUXDFHVWWLSGHGHWHULRUăUL 3DJLQD
 5HSRUQLĠLVLVWHPXOGHDYHUWL]DUHSULYLQG
SLHUGHUHDSUHVLXQLLvQ
3QHXUL06
/DWHPSHUDWXULVXE‚XWLOL]DĠLSQHXULGH
LDUQăVDXSQHXULLDUQăYDUă$PEHOHWLSXULGH
SQHXVXQWLGHQWLILFDWHSULQPDUFDMXO06
1XPDLSQHXULOHGHLDUQăSUHYă]XWHFXVLPER
OXOIXOJXOXLGH]ăSDGăMúLFXPDUFDMXO
06RIHUăDGHUHQĠăPD[LPăSHGUXPXULFX
]ăSDGă1XPDLDFHVWHSQHXULYRUSHUPLWHVLV
5RĠLúLSQHXUL
WHPHORUGHVLJXUDQĠăODFRQGXFHUHSUHFXP
$%6úL(63ŠVăIXQFĠLRQH]HRSWLPSHWLPSGH
LDUQăGHRDUHFHDFHVWHSQHXULDXIRVWFRQFH
SXWHVSHFLDOSHQWUXFRQGXFHUHDSH]ăSDGă
8WLOL]DĠLSQHXUL06FXDFHHDúLPDUFăúL
VXSUDIDĠăGHUXODUHODWRDWHURĠLOHSHQWUXD
REĠLQHFDUDFWHULVWLFLGHPDQHYUDELOLWDWH
VLJXUH
 $9(57,60(17
3QHXULOH06FXRDGkQFLPHDEHQ]LLGHUXODUH
PDLPLFăGHPPWUHEXLHVăILHvQORFXLWH
$FHVWHDQXPDLVXQWDGHFYDWHSHQWUXXWLOL]D
UHDSHWLPSGHLDUQăúLQXPDLSRWRIHULRDGH
UHQĠăVXILFLHQWă$VWIHOSXWHĠLSLHUGHFRQWUROXO
DXWRYHKLFXOXOXLúLSXWHĠLSURYRFDXQDFFLGHQW
5HVSHFWDĠLvQWRWGHDXQDYLWH]DPD[LPăSHU
PLVăVSHFLILFDWăSHQWUXSQHXULOH06PRQ
WDWH
'DFăPRQWDĠLSQHXUL06FXRYLWH]DPD[LPă
SHUPLVăPDLPLFăGHFkWFHDDDXWRYHKLFXOX
OXLIL[DĠLXQVHPQGHDYHUWL]DUHFRUHV
SXQ]ăWRUvQFkPSXOYL]XDODOúRIHUXOXL$FHVWD
SRDWHILREĠLQXWGHODXQDWHOLHUGHVSHFLDOLWDWH
SQHXUL3DJLQD
 $9(57,60(17
'DFăPRQWDĠLURDWDGHUH]HUYăFkQGFRQGXFHĠL
FXSQHXUL06UHĠLQHĠLFăVWDELOLWDWHDvQUXODUH
YDDYHDGHVXIHULWGLQFDX]DFDUDFWHULVWLFLORU
GHYLUDUHLQFRQVWDQWHDSăUXWHSULQXWLOL]DUHD
XQRUSQHXULGLIHULWH3ULQXUPDUHWUHEXLHVăYă
DGDSWDĠLVWLOXOGHFRQGXFHUHúLVăFRQGXFHĠL
FXDWHQĠLH
6ROLFLWDĠLvQORFXLUHDURĠLLGHUH]HUYăODFHOPDL
DSURSLDWDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWFDUH
GLVSXQHGHFXQRúWLQĠHOHGHVSHFLDOLWDWHúL
LQVWUXPHQWHOHQHFHVDUHHIHFWXăULLLQWHUYHQĠLL
ORUUHVSHFWLYH0HUFHGHV%HQ]UHFRPDQGăVă
XWLOL]DĠLXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
vQDFHVWVFRSÌQVSHFLDOWRDWHLQWHUYHQĠLLOH
DVXSUDVLVWHPHORUGHVLJXUDQĠăVDXFRUHODWH
FXVLJXUDQĠDVHYRUHIHFWXDODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW
/DQĠXULGH]ăSDGă
'LQPRWLYHGHVLJXUDQĠă0HUFHGHV%HQ]Yă
UHFRPDQGăVăXWLOL]DĠLQXPDLODQĠXULGH
]ăSDGăDSUREDWHVSHFLDOSHQWUXDXWRYHKLFXOXO
GXPQHDYRDVWUăGH0HUFHGHV%HQ]VDXFDUH
UHVSHFWăXQVWDQGDUGFRUHVSXQ]ăWRUGHFDOL
WDWH
'DFăGRULĠLVăPRQWDĠLODQĠXULGH]ăSDGăUHĠL
QHĠLXUPăWRDUHOH
=QXHVWHSHUPLVVăVHPRQWH]HODQĠXULGH
]ăSDGăODFRPELQDĠLLOHGHURDWăSQHXFRQ
 3UHVLXQHDvQSQHXUL 

VXOWDĠLLQIRUPDĠLLOHGHOD&RPELQDĠLLURDWă GHILQLWHvQWDEHOFDQXPHUHGHSDVDJHULúL
SQHXGLQVHFĠLXQHD5RĠLúLSQHXUL YROXPHGHEDJDMGLIHULWH1XPăUXOUHDOGH
=ODQĠXULOHGH]ăSDGăQXWUHEXLHVăILHPRQ VFDXQHSRDWHYDULD±SHQWUXLQIRUPDĠLLVXSOL
WDWHSHURĠLOHGHUH]HUYăGHX]WHPSRUDUGH PHQWDUHYăUXJăPVăFRQVXOWDĠLGRFXPHQWHOH
H[RURDWăGHUH]HUYăGHX]WHPSRUDU GHvQPDWULFXODUHDOHDXWRYHKLFXOXOXL
0LQLVSDUH 'DFăQXVXQWLQGLFDWHDOWHGDWHSUHVLXQLOHvQ
=PRQWDĠLODQĠXULOHGH]ăSDGăQXPDLvQSHUH SQHXULVSHFLILFDWHSHFODSHWDJXULLGHXPSOHUH
FKLúLQXPDLSHURĠLOHVSDWH5HVSHFWDĠL FXFDUEXUDQWVXQWYDODELOHSHQWUXWRDWHSQHX
LQVWUXFĠLXQLOHGHLQVWDODUHDOHSURGXFăWRUX ULOHDSUREDWHSHQWUXDFHVWDXWRYHKLFXO
OXL
 $XWRYHKLFXOHOHFXMDQWHGHRĠHOGDFă
GRULĠLVăPRQWDĠLODQĠXULGH]ăSDGăSHMDQ
WHOHGHRĠHOQXRPLWHĠLVăVFRDWHĠLFDSDFHOH
GHURDWăGHODURĠLOHUHVSHFWLYHPDLvQWkLÌQ
FD]FRQWUDUFDSDFHOHGHURDWăSRWVXIHUL
GHWHULRUăUL
1XGHSăúLĠLYLWH]DPD[LPăDGPLVăGH
NPK
G (VWHSRVLELOVăGRULĠLVăGH]DFWLYDĠL(63Š
3DJLQDFkQGGHPDUDĠLFXODQĠXULGH 'DFăRGLPHQVLXQHGHSQHXSUHFHGăRSUH

5RĠLúLSQHXUL
]ăSDGăPRQWDWH$VWIHOYHĠLSXWHDSHUPLWH VLXQHvQSQHXLQIRUPDĠLLOHXUPăWRDUHSULYLQG
URĠLORUVăSDWLQH]HFRQWURODWREĠLQkQGR SUHVLXQHDvQSQHXULVXQWYDODELOHQXPDLSHQ
IRUĠăGHWUDFĠLXQHVSRULWăDFĠLXQHGH WUXDFHDGLPHQVLXQHGHSQHX
SăWUXQGHUH

3UHVLXQHDvQSQHXUL
6SHFLILFDĠLLSULYLQGSUHVLXQHDvQ
SQHXUL
9HĠLJăVLXQWDEHOFXSUHVLXQLvQSQHXULSHQWUX
GLYHUVHVLWXDĠLLGHXWLOL]DUHSHSDUWHDLQWH
ULRDUăDFODSHWHLJXULLGHXPSOHUHFXFDUEX
UDQWDDXWRYHKLFXOXOXLGXPQHDYRDVWUă
8WLOL]DUHDFXURDWăGHUH]HUYăGHX]WHP ÌQORFGHGLPHQVLXQHDFRPSOHWăSQHXOXLDU
SRUDU9DORDUHDDSOLFDELOăSHQWUXURDWDGH SXWHDILLQGLFDWGRDUGLDPHWUXOMDQWHLGH
UH]HUYăGHX]WHPSRUDUHVWHLQGLFDWăSHURDWD H[HPSOX5
GHUH]HUYăúLvQVHFĠLXQHDGHGDWHWHKQLFH
8WLOL]DUHDFXRUHPRUFă9DORDUHDDSOLFDELOă
SHQWUXSQHXULOHVSDWHHVWHYDORDUHDPD[LPă
DSUHVLXQLLvQSQHXULLQGLFDWăSHWDEHOXOGLQ
FODSHWDJXULLGHXPSOHUHFXFDUEXUDQW
7DEHOXOGLQFODSHWDJXULLGHXPSOHUHFXFDU
EXUDQWSRDWHLQGLFDSUHVLXQLOHvQSQHXULSHQ
WUXGLIHULWHVLWXDĠLLGHVDUFLQă$FHVWHDVXQW


 3UHVLXQHDvQSQHXUL
'LDPHWUXOMDQWHLCIDFHSDUWHGLQGLPHQVLX
QHDSQHXOXLúLSRDWHILJăVLWSHIODQFXOSQHXOXL
3UHVLXQLOHSUHDVFă]XWHvQSQHXULDXXQHIHFW
QHJDWLYDVXSUDVLJXUDQĠHLDXWRYHKLFXOXOXL
SXWkQGXYăIDFHVăSURYRFDĠLXQDFFLGHQW
'DFăHVWHSRVLELOFRUHFWDĠLSUHVLXQLOHvQ
SQHXULQXPDLFkQGSQHXULOHVXQWUHFL3QHXULOH
VXQWUHFLGXSăFHDXWRYHKLFXOXODVWDWvQSDU
FDUHFHOSXĠLQWUHLRUHVDXDIRVWvQFRQGXFHUH
PDLSXĠLQGHNPÌQIXQFĠLHGHWHPSHUD
WXUDDPELDQWăYLWH]DODFDUHFRQGXFHĠLúLGH
VDUFLQDDVXSUDSQHXULORUWHPSHUDWXUDSQHX
ULORUúLSULQXUPDUHúLSUHVLXQHDvQSQHXULSRW
VXIHULPRGLILFăULFXDSUR[LPDWLYN3D
 $9(57,60(17
3UHVLXQHDSUHDPDUHVDXSUHDPLFăvQSQHXUL
DUHXQHIHFWQHJDWLYDVXSUDVLJXUDQĠHLvQFRQ
GXFHUHDDXWRYHKLFXOXOXLúLYDUSXWHDIDFHVă
SURYRFDĠLXQDFFLGHQW3ULQXUPDUHYHULILFDĠL
UHJXODWSUHVLXQHDvQWRDWHSQHXULOHPDLDOHV
vQDLQWHDXQRUFăOăWRULLOXQJLúLFRUHFWDĠLSUH
VLXQHDvQIXQFĠLHGHVLWXDĠLH
5RĠLúLSQHXUL
3HQWUXDWHVWDSUHVLXQHDvQSQHXULXWLOL]DĠLXQ
PDQRPHWUXDGHFYDW$VSHFWXOH[WHULRUDOXQXL
SQHXQXSHUPLWHREĠLQHUHDXQRUFRQFOX]LL
EDUSVLSHU‚ğLQHĠLFRQWGH
DFHDVWăLQIRUPDĠLHFkQGYHULILFDĠLSUHVLXQHD
vQSQHXULOHFDOGHúLFRUHFWDĠLRQXPDLGDFă
HVWHSUHDVFă]XWăSHQWUXVLWXDĠLLOHGHXWLOL]DUH
GHODPRPHQWXOUHVSHFWLY
&RQGXFHUHDFXRSUHVLXQHvQSQHXULSUHDULGL
FDWăVDXSUHDVFă]XWăSRDWH
=UHGXFHYLDĠDXWLOăDSQHXULORU
=SURYRFDGHWHULRUăULFUHVFXWHDOHSQHXULORU
=DYHDXQHIHFWQHJDWLYDVXSUDFDUDFWHULVWL
FLORUGHPDQHYUDELOLWDWHúLDVWIHODVXSUD
VLJXUDQĠHLvQFRQGXFHUHGHH[SULQSURYR
FRUHFWHSULYLQGSUHVLXQHDvQSQHXUL
 $9(57,60(17
1XPRQWDĠLDOWFHYDSHVXSDSDSQHXOXLvQDIDUă
GHFDSDFXOGHVXSDSă0RQLWRUL]DWRDUHOHSUH
VLXQLLvQSQHXULPRQWDWHSULQPRGHUQL]DUHFH
VXQWvQILOHWDWHSHVXSDSăRSRWVXSUDVROLFLWD
GXFkQGODFHGDUHDDFHVWHLD'LQPRWLYHVWUXF
WXUDOHVXSDSDHVWHPHQĠLQXWăFRQWLQXXGHV
FKLVăFHHDFHSRDWHGXFHODSLHUGHUHDDHUXOXL
FDUHDDFYDSODQăULL
G 9DORULOHGHSUHVLXQHvQSQHXULGDWHSHQWUX
VDUFLQLUHGXVHVXQWYDORULPLQLPHFDUHYă
RIHUăFDUDFWHULVWLFLEXQHGHFRQIRUWvQ
UXODUH
&XWRDWHDFHVWHDSXWHĠLXWLOL]DúLYDORULOH
GDWHSHQWUXVDUFLQLPDUL$FHVWHDVXQW
YDORULDGPLVHúLQXYRUDIHFWDQHJDWLYUXOD
UHDDXWRYHKLFXOXOXL

 $9(57,60(17  1RWăSULYLQGSURWHFĠLDPHGLXOXL
ÌQFD]XOvQFDUHSUHVLXQHDvQSQHXULVFDGH 9HULILFDĠLUHJXODWSUHVLXQHDvQSQHXULODFkWH
UHSHWDW FHOSXĠLQ]LOH
=YHULILFDĠLGDFăQXH[LVWăFRUSXULVWUăLQHvQ
SQHX
=YHULILFDĠLGDFăURDWDDUHSLHUGHULGHDHUVDX
GDFăVXSDSDDUHVFăSăUL
=DVLJXUDĠLYăFăVHPRQWHD]ăQXPDLXQ
FDSDFGHVXSDSăDSUREDWGH0HUFHGHV
%HQ]SHVXSDSDSQHXOXL
 3UHVLXQHDvQSQHXUL 

6LVWHPGHDYHUWL]DUHSULYLQGSLHUGH =DGRSWDĠLXQVWLOGHFRQGXFHUHIRDUWHVSRUWLY

UHDSUHVLXQLLvQSQHXUL YLUDMHODYLWH]HPDULVDXFRQGXFHUHDFX
DFFHOHUDUHSXWHUQLFă
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD =WUDFWDĠLRUHPRUFăIRDUWHJUHDVDXPDUH

&kQGDXWRYHKLFXOXOHVWHvQPLúFDUHVLVWHPXO =FRQGXFHĠLFXRVDUFLQăJUHDvQDXWRYHKLFXO

GHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXULPRQLWRUL]HD]ăSUHVLXQHDvQSQHXUL
VHWDWăFXDMXWRUXOYLWH]HLGHURWDĠLHDURĠLORU
$FHDVWDSHUPLWHVLVWHPXOXLVăGHWHFWH]HR
SLHUGHUHVHPQLILFDWLYăGHSUHVLXQHvQWUXQ
SQHX'DFăYLWH]DGHURWDĠLHDXQHLURĠLVH
PRGLILFăvQXUPDXQHLSLHUGHULGHSUHVLXQHYD
DSăUHDXQPHVDMGHDYHUWL]DUHFRUHVSXQ]ăWRU
SHDILúDMXOPXOWLIXQFĠLRQDO
 $9(57,60(17
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUH
VLXQLLvQSQHXULQXYăDYHUWL]HD]ăSULYLQGRSUH
VLXQHvQSQHXULUHJODWăLQFRUHFW7DEHOXOGLQ
LQWHULRUXOFODSHWHLJXULLGHXPSOHUHFXFDUEX
UDQWYăYDDMXWDVăYăKRWăUkĠLGDFăSUHVLXQLOH
vQSQHXULWUHEXLHVăILHFRUHFWDWH
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUH
VDXSHSDYLOLRQ
5HSRUQLUHDVLVWHPXOXLGHDYHUWL]DUHSUL
YLQGSLHUGHUHDSUHVLXQLLvQSQHXUL
5HSRUQLĠLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHU
GHUHDSUHVLXQLLvQSQHXULGDFăDĠL
=VFKLPEDWSUHVLXQHDvQSQHXUL
=VFKLPEDWURĠLOHVDXSQHXULOH
=PRQWDWURĠLVDXSQHXULQRL
 ÌQDLQWHGHUHSRUQLUHFRQVXOWDĠLWDEHOXOFX
SUHVLXQLvQSQHXULGHSHLQWHULRUXOFODSHWHL
JXULLGHXPSOHUHFXFDUEXUDQWSHQWUXDYă
DVLJXUDFăSUHVLXQHDvQWRDWHFHOHSDWUX
SQHXULHVWHUHJODWăFRUHFWSHQWUXFRQGLĠLLOH
5RĠLúLSQHXUL
GHXWLOL]DUHUHVSHFWLYH
 5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDSULYLQGSUH
VLXQLLvQSQHXULQXVHSRDWHVXEVWLWXLQHFH
VLWăĠLLGHYHULILFDUHUHJXODWăDSUHVLXQLORUvQ
SQHXULSHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUă
GHRDUHFHRSLHUGHUHHJDOăGHSUHVLXQHODPDL
PXOWHSQHXULVLPXOWDQQXSRDWHILGHWHFWDWă
GHVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHD
SUHVLXQLLvQSQHXUL
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXYăSRDWH
DYHUWL]DSULYLQGRSLHUGHUHEUXVFăDSUHVLXQLL
GHH[GDFăSQHXODIRVWSHUIRUDWGHXQRELHFW
VWUăLQ
ÌQFD]XOXQHLSLHUGHULEUXúWHGHSUHVLXQHRSULĠL
DXWRYHKLFXOXOIUkQkQGFXDWHQĠLH1XIDFHĠL
PDQHYUHEUXúWHFXGLUHFĠLDvQDFHVWWLPS
)XQFĠLRQDUHDVLVWHPXOXLGHDYHUWL]DUHSULYLQG
SLHUGHUHDSUHVLXQLLvQSQHXULHVWHOLPLWDWăVDX
vQWkU]LDWăGDFă FKHLDVHDIOăvQSR]LĠLD
=SQHXULOHDXWRYHKLFXOXOXLGXPQHDYRDVWUă
VXQWSUHYă]XWHFXODQĠXULGH]ăSDGă
VLXQLOHvQSQHXUL3DJLQD
 $9(57,60(17
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUH
VLXQLLvQSQHXULSRDWHRIHULDYHUWLVPHQWHSH
FDUHVăYăSXWHĠLED]DGRDUGDFăDĠLUHJODW
SQHXULOHODSUHVLXQHDFRUHFWă
'DFăVHUHJOHD]ăRSUHVLXQHvQSQHXULLQFR
UHFWăDFHVWHYDORULLQFRUHFWHYRUILPRQLWRUL
]DWH
8QSQHXFXSUHVLXQHLQVXILFLHQWăGHVWDELOL
]HD]ăDXWRYHKLFXOXOFkQGFRQGXFHĠLFUHVFkQG
SHULFROXOGHDFFLGHQW
5HSRUQLUHDFXDMXWRUXOYRODQXOXLPXOWL
IXQFĠLRQDOFXEXWRDQH
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
 $SăVDĠLEXWRQXO€SHQWUXDVHOHFWD
7\UHSUHVVXUH0HQX50HQLXSUHњ
=FLUFXODĠLSHXQGUXPvQFRQGLĠLLGHLDUQă VLXQH±QSQHXUL5
=FRQGXFHĠLSHQLVLSVDXSLHWULú


 3UHVLXQHDvQSQHXUL

 $SăVDĠLEXWRQXOF 'DFăGRULĠLVăFRQILUPDĠLUHSRUQLUHD
0HVDMXO5),DFWLYH5HVWDUW55),  $SăVDĠLEXWRQXOv
DFWLY5HSRUQLUH5DSDUHSHDILúDMXO 0HVDMXO7\UHSUHVVQRZ2."3UHV
PXOWLIXQFĠLRQDO ±QSQHXULDFXP2."DSDUHSHDILúDMXO
 $SăVDĠLEXWRQXOF PXOWLIXQFĠLRQDO
0HVDMXO7\UHSUHVV2."3UHV±Q  $SăVDĠLEXWRQXOcVDXdSHQWUXD
SQHXUL2."DSDUHSHDILúDMXOPXOWLIXQF VHOHFWD<HV'D
ĠLRQDO
 $SăVDĠLEXWRQXOv
'DFăGRULĠLVăFRQILUPDĠLUHSRUQLUHD 0HVDMXO5XQ)ODW,QGLFDWRUUHVWDUњ
 $SăVDĠLEXWRQXO WHG,QGLFDWRUGHUXODUHFXSDQÆ
0HVDMXO5XQ)ODW,QGLFDWRUUHVWDUњ UHSRUQLWDSDUHSHDILúDMXOPXOWLIXQFĠLR
WHG,QGLFDWRUGHUXODUHFXSDQÆ QDO
UHSRUQLWDSDUHSHDILúDMXOPXOWLIXQFĠLR
QDO
'XSăRSHULRDGăGHSURJUDPDUHVLVWHPXO
GHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXULYDPRQLWRUL]DSUHVLXQLOHvQSQHXUL
VHWDWHODWRDWHFHOHSDWUXSQHXUL
VDX
5RĠLúLSQHXUL
'DFăGRULĠLVăDQXODĠLUHSRUQLUHD VDX
 $SăVDĠLEXWRQXO‚
'XSăRSHULRDGăGHSURJUDPDUHVLVWHPXO
GHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXULYDPRQLWRUL]DSUHVLXQLOHvQSQHXUL
VHWDWHODWRDWHFHOHSDWUXSQHXUL
VDX
'DFăGRULĠLVăDQXODĠLUHSRUQLUHD
 $SăVDĠLEXWRQXOA
 'DFăPHVDMXO7\UHSUHVVQRZ2."
9DORULOHGHSUHVLXQHvQSQHXULPHPRUDWHOD 3UHV±QSQHXULDFXP2."DSDUHXWL
XOWLPDUHSRUQLUHYRUILPRQLWRUL]DWHvQFRQ OL]DĠLcVDXdSHQWUXDVHOHFWD&DQњ
WLQXDUH FHO$QXODUH
 $SăVDĠLEXWRQXOv
5HSRUQLUHDFXDMXWRUXOYRODQXOXLPXOWL
IXQFĠLRQDOFXEXWRDQH 9DORULOHGHSUHVLXQHvQSQHXULPHPRUDWHOD
XOWLPDUHSRUQLUHYRUILPRQLWRUL]DWHvQFRQ
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
WLQXDUH
FKHLDVHDIOăvQSR]LĠLD
 $SăVDĠLEXWRQXOYVDXeSHQWUXD
VHOHFWDPHQLXO6HUYLFH 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL
 $SăVDĠLEXWRQXOcVDXdSHQWUXD
VHOHFWD7\UHSUHVVXUH3UHVLXQHD±Q 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
SQHXUL
 $SăVDĠLEXWRQXOv
0HVDMXO5XQ)ODW,QGLFDWRUDFWLYH
5HVWDUWZLWK2.,QGLFDWRUGH
UXODUHFXSDQÆDFWLY5HSRUQLĆLFX
'DFăHVWHPRQWDWXQVLVWHPPRQLWRUL]DWRUDO
SUHVLXQLLvQSQHXULURĠLOHDXWRYHKLFXOXOXLVXQW
GRWDWHFXVHQ]RULFDUHPRQLWRUL]HD]ăSUHVLX
QHDGLQWRDWHFHOHSDWUXSQHXUL0RQLWRUL]D
WRUXOSUHVLXQLLvQSQHXULYăDYHUWL]HD]ăFkQG
2.DSDUHSHDILúDMXOPXOWLIXQFĠLRQDO SUHVLXQHDVFDGHvQXQXOVDXPDLPXOWHSQHXUL
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULIXQFĠLR
QHD]ăQXPDLGDFăVHQ]RULLFRUHVSXQ]ăWRUL
VXQWPRQWDĠLODWRDWHURĠLOH
 3UHVLXQHDvQSQHXUL 

 $9(57,60(17  $SăVDĠLEXWRQXOcVDXdSHQWUXD
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXYăDYHU VHOHFWD7\UHSUHVVXUH3UHVLXQH
WL]HD]ăSULYLQGRSUHVLXQHvQSQHXULUHJODWă
LQFRUHFW7DEHOXOGLQLQWHULRUXOFODSHWHLJXULL
GHXPSOHUHFXFDUEXUDQWYăYDDMXWDVăYă
KRWăUkĠLGDFăSUHVLXQLOHvQSQHXULWUHEXLHVă
ILHFRUHFWDWH
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXYăSRDWH
DYHUWL]DSULYLQGRSLHUGHUHEUXVFăDSUHVLXQLL
GHH[GDFăSQHXODIRVWSHUIRUDWGHXQRELHFW
VWUăLQÌQFD]XOXQHLSLHUGHULEUXúWHGHSUH
VLXQHRSULĠLDXWRYHKLFXOXOIUkQkQGFXDWHQĠLH
SQHX
 $SăVDĠLEXWRQXOv
3UHVLXQHDvQSQHXULFXUHQWăSHQWUXILHFDUH
URDWăYDILDILúDWăSHDILúDMXOPXOWLIXQFĠLR
QDO
'DFăDXWRYHKLFXOXODIRVWSDUFDWPDLPXOWGH
GHPLQXWHDSDUHPHVDMXO7\UHSUHVVXњ
UHVZLOOEHGLVSOD\HGDIWHUDIHZ
PLQXWHVRIGULYLQJ3UHVLXQH±Q
SQHXULDILĂDWÆGXSÆF¥WHYDPLQXWHGH
1XIDFHĠLPDQHYUHEUXúWHFXGLUHFĠLDvQDFHVW FRQGXFHUH
WLPS 'XSăRSHULRDGăGHSURJUDPDUHPRQLWRUL]D
WRUXOSUHVLXQLLvQSQHXULUHFXQRDúWHDXWRPDW
,QIRUPDĠLLGHVSUHSUHVLXQLOHvQSQHXULVXQWDIL
URĠLOHQRLVDXVHQ]RULLQRL$WkWWLPSFkWQX
úDWHSHDILúDMXOPXOWLIXQFĠLRQDO'XSăFkWHYD
HVWHSRVLELOăRDORFDUHFODUăDYDORULORUSUH
PLQXWHGHFRQGXFHUHSUHVLXQHDFXUHQWăD
VLXQLLvQSQHXULSHILHFDUHURDWăSHGLVSOD\vQ
ILHFăUXLSQHXHVWHDILúDWăSHDILúDMXOPXOWL
ORFGHDILúDUHDSUHVLXQLLvQSQHXULYDDSăUHD
IXQFĠLRQDO
PHVDMXO7\UHSUHVVXUHPRQLWRUDFWLYH
G 9DORULOHSUHVLXQLLvQSQHXULLQGLFDWHGHFDO

5RĠLúLSQHXUL
0RQLWRUL]DWRUSUHVLXQH±QSQHXUL
FXODWRUXOGHERUGDUSXWHDVăGLIHUHGHFHOH
PăVXUDWHFXXQPDQRPHWUXODRVWDĠLHGH
DOLPHQWDUH3UHVLXQLOHGLQSQHXULSUH]HQ
WDWHGHFDOFXODWRUXOGHERUGDXFDUHIHULQĠă
FHOHPăVXUDWHODQLYHOXOPăULL/DDOWLWXGLQL
PDULYDORULOHSUHVLXQLLSQHXULORULQGLFDWHGH
XQPDQRPHWUXVXQWPDLPDULGHFkWFHOH
SUH]HQWDWHGHFDOFXODWRUXOGHERUGÌQDFHVW
FD]QXUHGXFHĠLSUHVLXQHDGLQSQHXUL
G )XQFĠLRQDUHDPRQLWRUL]DWRUXOXLSUHVLXQLL
vQSQHXULSRDWHILDIHFWDWăGHLQWHUIHUHQĠH
GHODHFKLSDPHQWHUDGLRGHHPLVLHGHH[
DFWLY3UHVLXQLOHvQSQHXULVXQWGHMDPRQL
WRUL]DWH
G 'DFăHVWHPRQWDWăRURDWăGHUH]HUYă
URDWăGHUH]HUYăGHX]WHPSRUDUVLVWHPXO
DUSXWHDFRQWLQXDFkWHYDPLQXWHVăSUH
]LQWHSUHVLXQHDSQHXOXLGHODURDWDFDUHD
IRVWGHPRQWDWăÌQDFHVWFD]UHĠLQHĠLFă
YDORDUHDDILúDWăSHQWUXSR]LĠLDvQFDUHVD
PRQWDWURDWDGHUH]HUYăURDWDGHUH]HUYă
GHX]WHPSRUDUQXFRUHVSXQGHFXSUHVLX
QHDFXUHQWăDSQHXOXLURĠLLGHUH]HUYăURĠLL
GHUH]HUYăGHX]WHPSRUDU
FăúWLGHUDGLRVWDĠLLUDGLRELGLUHFĠLRQDOă
FDUHDUSXWHDILDFĠLRQDWHvQVDXOkQJăDXWR 0HVDMHGHDYHUWL]DUHDOHPRQLWRUL]DWR
YHKLFXO UXOXLSUHVLXQLLvQSQHXUL

9HULILFDUHDHOHFWURQLFăDSUHVLXQLLvQ 'DFăPRQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL
SQHXUL GHWHFWHD]ăRSLHUGHUHVHPQLILFDWLYăGHSUH
VLXQHvQXQXVDXPDLPXOWHSQHXULDSDUHXQ
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW PHVDMGHDYHUWL]DUHSHDILúDMXOPXOWLIXQFĠLR
FKHLDVHDIOăvQSR]LĠLD3DJLQD QDO6HHPLWHGHDVHPHQHDXQVXQHWGHDYHU
 $SăVDĠLEXWRQXOYVDXeGHSHYRODQ WL]DUHúLVHDSULQGHODPSDGHDYHUWL]DUHSHQWUX
SHQWUXDVHOHFWDPHQLXO6HUYLFH6HUњ SUHVLXQHDGLQSQHXULGLQSDQRXOGHLQVWUX
YLFH PHQWH


 3UHVLXQHDvQSQHXUL

)LHFDUHSQHXFDUHHVWHDIHFWDWGHRSLHUGHUH  $SăVDĠLEXWRQXOYVDXeGHSHYRODQ
VHPQLILFDWLYăGHSUHVLXQHHVWHHYLGHQĠLDWSH SHQWUXDVHOHFWDPHQLXO6HUYLFH6HUњ
GLVSOD\XOFXSUHVLXQHD YLFH
'DFăSHDILúDMXOPXOWLIXQFĠLRQDODSDUHPHVD  $SăVDĠLEXWRQXOcVDXdSHQWUXD
MXO3OHDVHFRUUHFWW\UHSUHVVXUH9Æ VHOHFWD7\UHSUHVVXUH3UHVLXQH
UXJÆPFRUHFWDĆLSUHVLXQHDGLQ SQHX
SQHX  $SăVDĠLEXWRQXOv
 9HULILFDĠLSUHVLXQHDvQSQHXULODWRDWHFHOH $ILúDMXOPXOWLIXQFĠLRQDODUDWăSUHVLXQHD
SDWUXURĠLúLFRUHFWDĠLGDFăHVWHQHFHVDU FXUHQWăDILHFăUXLSQHXVDXPHVDMXO7\UH
SUHVVXUHVZLOOEHGLVSOD\HGDIWHU
G 'DFăSR]LĠLLOHURĠLLGHODDXWRYHKLFXOVXQW
DIHZPLQXWHVRIGULYLQJ3UHVLXњ
VFKLPEDWHvQWUHHOHHVWHSRVLELOFDSHQWUX
QLOH±QSQHXULYRUILDILĂDWHGXSÆ
VFXUWWLPSVăILHDILúDWăSUHVLXQHDvQSQHXUL
SHQWUXSR]LĠLLOHLQFRUHFWH$FHVWOXFUXHVWH

FRUHFWDWGXSăFkWHYDPLQXWHGHFRQGXFHUH
LDUSUHVLXQHDvQSQHXULHVWHDILúDWăSHQWUX
SR]LĠLLOHFRUHFWH
5HSRUQLUHDPRQLWRUL]DWRUXOXLSUHVLXQLL
F¥WHYDPLQXWHGHFRQGXFHUH
$SăVDĠLEXWRQXOd
3HDILúDMXOPXOWLIXQFĠLRQDODSDUHPHVDMXO
8VHFXUUHQWSUHVVXUHVDVQHZUHIHњ
UHQFHYDOXHV8WLOL]DĆLSUHVLXњ
QLOHFXUHQWHFDQRLYDORULGHUHIHњ
vQSQHXUL ULQĆÆ

&kQGUHSRUQLĠLPRQLWRUL]DWRUXOSUHVLXQLLvQ 'DFăGRULĠLVăFRQILUPDĠLUHSRUQLUHD
5RĠLúLSQHXUL

SQHXULWRDWHPHVDMHOHGHDYHUWL]DUHH[LVWHQWH  $SăVDĠLEXWRQXOv
VXQWúWHUVHLDUOăPSLOHGHDYHUWL]DUHVHVWLQJ 3HDILúDMXOPXOWLIXQFĠLRQDODSDUHPHVDMXO
0RQLWRUL]DWRUXOXWLOL]HD]ăSUHVLXQLOHvQSQHXUL 7\UHSUHVVPRQLWRUUHVWDUWHG
VHWDWHvQPRPHQWXOUHVSHFWLYFDYDORULGH 0RQLWRUL]DWRUSUHVSQHXUHSRUњ
UHIHULQĠăSHQWUXPRQLWRUL]DUHÌQPDMRULWDWHD
FD]XULORUPRQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL
YDGHWHFWDDXWRPDWQRLOHYDORULGHUHIHULQĠă
GXSăFHDĠLVFKLPEDWSUHVLXQHDvQSQHXUL
G 3HQWUXRSUH]HQWDUHJHQHUDOăDPHQLXUL
QLW
'XSăFHFRQGXFHĠLFkWHYDPLQXWHVLVWHPXO
YHULILFăGDFăSUHVLXQHDFXUHQWăGLQSQHXUL
VHvQFDGUHD]ăvQLQWHUYDOXOVSHFLILFDW1RLOH
SUHVLXQLGLQSQHXULVXQWDFFHSWDWHDSRLFD
ORUFRQVXOWDĠL3DJLQD
'DFăGRULĠLVăGHILQLĠLPDQXDOQRLOHYDORULGH
UHIHULQĠă  $SăVDĠLEXWRQXOA
 8WLOL]DĠLWDEHOXOGHSHLQWHULRUXOFODSHWHL
JXULLGHXPSOHUHFXFDUEXUDQWSHQWUXDYă
DVLJXUDFăSUHVLXQHDvQWRDWHFHOHSDWUX
SQHXULHVWHUHJODWăFRUHFWSHQWUXFRQGLĠLLOH
GHXWLOL]DUHFXUHQWH
5HVSHFWDĠLGHDVHPHQHDQRWHOHGLQVHF
ĠLXQHDSULYLQGSUHVLXQLOHvQSQHXUL
YDORULGHUHIHULQĠăúLPRQLWRUL]DWH
'DFăGRULĠLVăDQXODĠLUHSRUQLUHD
9DORULOHGHSUHVLXQHvQSQHXULPHPRUDWHOD
XOWLPDUHSRUQLUHYRUILPRQLWRUL]DWHvQFRQ
WLQXDUH
2PRORJDUHUDGLRSHQWUXPRQLWRUL]DWRU
SUHVLXQHvQSQHXUL
ÌQXQHOHĠăULVDUSXWHDFHUHRRPRORJDUH
3DJLQD
 $VLJXUDĠLYăFăvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOăvQSR]LĠLD
UDGLRSHQWUXPRQLWRUL]DWRUXOSUHVLXQLLvQ
SQHXUL1XPăUXOGHRPRORJDUHUDGLRSHQWUX
PRQLWRUL]DWRUXOSUHVLXQLLvQSQHXULSRDWHIL
JăVLWODKWWSZZZPHUFHGHVEHQ]GH
EHWULHEVDQOHLWXQJ
 6FKLPEDUHDXQHLURĠL 

6FKLPEDUHDXQHLURĠL JUDGXOGHX]XUăDSQHXULORU1XLQYHUVDĠLVHQ
VXOGHURWDĠLHDOSQHXULORU
3DQăGHFDXFLXF &XUăĠDĠLWHPHLQLFVXSUDIHĠHOHGHFRQWDFWDOH
6HFĠLXQHDÄ$VLVWHQĠăvQFD]GHSDQă URĠLLúLGLVFXOGHIUkQăGHILHFDUHGDWăFkQG
3DJLQDFRQĠLQHLQIRUPDĠLLúLQRWHSUL
YLQGPRGXOvQFDUHVăSURFHGDĠLFkQGDYHĠLR
SDQăGHFDXFLXF(DRIHUăGHDVHPHQHD
LQVWUXFĠLXQLSULYLQGVFKLPEDUHDXQHLURĠLVDX
PRQWDUHDURĠLLGHUH]HUYăVDXDURĠLLGH
UH]HUYăGHX]WHPSRUDU
3HUPXWDUHDURĠLORU
 $9(57,60(17
3HUPXWDĠLURĠLOHIDĠăúLVSDWHQXPDLGDFăDX
DFHOHDúLGLPHQVLXQLGHH[HPSOXPăULPHD
GHSODVDUHDHWF
'XSăILHFDUHSHUPXWDUHVFKLPEDUHDURĠLORU
VROLFLWDĠLYHULILFDUHDFXSOXOXLGHVWUkQJHUHOD
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWFDUHGLV
SXQHGHFXQRúWLQĠHOHGHVSHFLDOLWDWHúLVFXOHOH
QHFHVDUHHIHFWXăULLLQWHUYHQĠLLORUUHVSHFWLYH
0HUFHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ
&HQWUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
VFRSÌQVSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLV
WHPHORUGHVLJXUDQĠăVDXFRUHODWHFXVLJX
UDQĠDVHYRUHIHFWXDODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW
5RĠLOHVHSRWVOăELGDFăQXVXQWVWUkQVHODXQ
FXSOXGH1P
'LQUDĠLXQLGHVLJXUDQĠă0HUFHGHV%HQ]Yă
UHFRPDQGăVăXWLOL]DĠLQXPDLúXUXEXULGH
URDWăGHPăULPHFRUHFWăFDUHDXIRVWRPROR
JDWHVSHFLDOSHQWUXDXWRYHKLFXOHOH0HUFHGHV
%HQ]
0RGHOHOHGHX]XUăGHSHSQHXULOHIDĠăúLVSDWH
GLIHUăvQIXQFĠLHGHFRQGLĠLLOHGHXWLOL]DUH3HU
PXWDĠLURĠLOHvQDLQWHVăVHIRUPH]HXQPRGHO
GHX]XUăHYLGHQWSHSQHXUL3QHXULOHIDĠăVH
X]HD]ăGHUHJXOăPDLPXOWSHPDUJLQLLDU
SQHXULOHVSDWHvQFHQWUX
/DDXWRYHKLFXOHOHFXDFHHDúLPăULPHODURĠLOH
IDĠăúLVSDWHSXWHĠLSHUPXWDURĠLOHODILHFDUH
NPSkQăODNPvQIXQFĠLHGH
SHUPXWDĠLRURDWă9HULILFDĠLSUHVLXQHDvQ
SQHXULúLGDFăVLWXDĠLDRFHUHUHSRUQLĠLVLV
WHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLX
QLLvQSQHXULVDXPRQLWRUL]DWRUXOSUHVLXQLLvQ
SQHXUL
 /DDXWRYHKLFXOHOHSUHYă]XWHFXPRQLWRUL
]DWRUDOSUHVLXQLLvQSQHXULFRPSRQHQWHOH
HOHFWURQLFHVHDIOăvQURDWă
1XWUHEXLHVăLQWHUYHQLĠLFXVFXOHOHGHPRQ
WDUHDSQHXULORUvQ]RQDYDOYHLGHRDUHFH
DVWIHOSXWHĠLGHWHULRUDFRPSRQHQWHOHHOHF
WURQLFH
6ROLFLWDĠLvQWRWGHDXQDVFKLPEDUHDSQHXUL
ORUODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGH
H[ODXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
5RĠLúLSQHXUL
6HQVXOGHURWDĠLH
3QHXULOHFXXQVHQVVSHFLILFDWGHURWDĠLHDX
DYDQWDMHVXSOLPHQWDUHGHH[GDFăH[LVWă
SHULFROXOGHDFYDSODQDUH9HĠLEHQHILFLDGH
DFHVWHDYDQWDMHQXPDLGDFăVHUHVSHFWăVHQ
VXOGHURWDĠLHFRUHFW
2VăJHDWăGHSHIODQFXOSQHXOXLLQGLFăVHQVXO
GHURWDĠLHFRUHFW
3XWHĠLPRQWDRURDWăGHUH]HUYăGHX]WHPSR
UDUURDWăGHUH]HUYăvQVHQVLQYHUVVHQVXOXL
GHURWDĠLH5HVSHFWDĠLOLPLWDUHDWHPSRUDOă
DVXSUDXWLOL]ăULLSUHFXPúLOLPLWDUHDGHYLWH]ă
VSHFLILFDWăSHURDWDGHUH]HUYăGHX]WHPSR
UDUURDWDGHUH]HUYă
'HSR]LWDUHDURĠLORU
'HSR]LWDĠLURĠLOHQHXWLOL]DWHvQWUXQORF
UăFRURVXVFDWúLGHSUHIHUDWXVFDW3URWHMDĠL
SQHXULOHFRQWUDXOHLXOXLXQVRULLEHQ]LQHLúL
PRWRULQHL
 &RPELQDĠLLGHURDWăúLSQHX
&XUăĠDUHDURĠLORU
 $9(57,60(17
1XXWLOL]DĠLGLVSR]LWLYHGHFXUăĠDUHODSUHVLXQH
vQDOWăFXGX]HFXMHWFLUFXODUSHQWUXDYăFXUăĠD
DXWRYHKLFXOXOúLvQVSHFLDOSQHXULOHÌQFD]FRQ
WUDUSXWHĠLGHWHULRUDSQHXULOHúLSURYRFDXQ
DFFLGHQW
&RPELQDĠLLGHURDWăúLSQHX
9ăUXJăPVăUHĠLQHĠLXUPăWRDUHOH
 'LQUDĠLXQLGHVLJXUDQĠă0HUFHGHV%HQ]
YăUHFRPDQGăVăXWLOL]DĠLQXPDLSQHXULúL
URĠLFDUHDXIRVWRPRORJDWHVSHFLDOSHQWUX
DXWRYHKLFXOXOGXPQHDYRDVWUăGHFăWUH
0HUFHGHV%HQ]
$FHVWHSQHXULDXIRVWDGDSWDWHVSHFLDOSHQ
WUXXWLOL]DUHDFXVLVWHPHGHFRQWUROFXPDU
IL$%6VDX(63ŠILLQGPDUFDWHGXSăFXP
5RĠLúLSQHXUL
XUPHD]ă FROHFUHúWH
=02 0HUFHGHV%HQ]2ULJLQDO
=02( 0HUFHGHV%HQ]2ULJLQDO([WHQGHG
SQHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]
,QIRUPDĠLLOHVXSOLPHQWDUHSULYLQGSQHXULOH
URĠLOHúLFRPELQDĠLLOHDSUREDWHSRWILREĠL
QXWHGHODRULFH&HQWUXGHVHUYLFH0HUFH
GHV%HQ]
 3QHXULOHUHúDSDWHQXVXQWQLFLWHVWDWHQLFL
UHFRPDQGDWHGH0HUFHGHV%HQ]GHRDUHFH
GHWHULRUăULOHDQWHULRDUHQXSRWILvQWRW
GHDXQDGHWHFWDWHvQFD]XOSQHXULORUUHúD
SDWH'UHSWXUPDUH0HUFHGHV%HQ]QX
SRDWHJDUDQWDVLJXUDQĠDDXWRYHKLFXOXOXL
GDFăVHPRQWHD]ăSQHXULUHúDSDWH1X
PRQWDĠLSQHXULGHMDXWLOL]DWHGDFăQXGHĠL
QHĠLLQIRUPDĠLLSULYLQGXWLOL]DUHDORUDQWH
ULRDUă
 5RĠLPDULFXFkWOăĠLPHDVHFĠLXQLLXQHL
DQXPLWHPăULPLGHURDWăHVWHPDLVFă]XWă
FXDWkWVFDGHúLFRQIRUWXOODUXODUHSHVXSUD
IHĠHGHGUXPGHFDOLWDWHVODEă&RQIRUWXOOD
UXODUHúLFRQIRUWXORIHULWGHVXVSHQVLHVXQW
UHGXVHLDUULVFXOGHGHWHULRUDUHDURĠLORUúL
SQHXULORUvQXUPDFRQGXFHULLSHVWHREVWD
G 9HĠLJăVLXQWDEHOFXSUHVLXQLvQSQHXULSH
SDUWHDLQWHULRDUăDFODSHWHLJXULLGH
XPSOHUHFXFDUEXUDQWDDXWRYHKLFXOXOXL
GHSDQă GXPQHDYRDVWUă3HQWUXLQIRUPDĠLLVXSOL
=02 0HUFHGHV%HQ]2ULJLQDOQXPDL
PHQWDUHSULYLQGSUHVLXQHDvQSQHXULFRQ
DQXPLWHSQHXUL$0* VXOWDĠL3DJLQD
3QHXULOH0HUFHGHV%HQ]2ULJLQDO([WHQGHG
G 1RWHSULYLQGHFKLSDUHDDXWRYHKLFXOXOXL±
SRWILXWLOL]DWHQXPDLFXURĠLFDUHDXIRVW
vQWRWGHDXQDPRQWDĠLvQDXWRYHKLFXO
DSUREDWHVSHFLDOGH0HUFHGHV%HQ]
=SQHXULGHDFHHDúLPăULPHSHRSXQWH
8WLOL]DĠLQXPDLSQHXULURĠLVDXDFFHVRULL
WHVWDWHúLDSUREDWHGH0HUFHGHV%HQ]ÌQ DQXPHVWkQJDGUHDSWD
FD]FRQWUDUDQXPLWHFDUDFWHULVWLFLGHH[ =SQHXULGHDFHODúLWLSvQPRPHQWHOHVSH
PDQHYUDELOLWDWHDHPLVLLOHGH]JRPRWDOH FLILFHGLQDQSQHXULGHYDUăSQHXULGH
DXWRYHKLFXOXOXLVDXFRQVXPXOGHFDUEX LDUQăSQHXUL02([WHQGHG
UDQWSRWILDIHFWDWHQHJDWLYÌQSOXVFkQG G 3UH]HQWDUHJHQHUDOăDDEUHYLHULORUXWLOL
FRQGXFHĠLVXEVDUFLQăYDULDĠLLOHGLPHQVLX ]DWHvQXUPăWRDUHOHWDEHOHGHSQHXUL
QLORUSQHXULORUSRWIDFHFDSQHXULOHVăLQWUH
=%$DPEHOHSXQĠL
vQFRQWDFWFXFRPSRQHQWHOHFDURVHULHLúL
SXQĠLL$VWIHOSQHXULOHVDXDXWRYHKLFXOXODU =)$SXQWHDIDĠă
SXWHDVXIHULGHWHULRUăUL =5$SXQWHDVSDWH
0HUFHGHV%HQ]QXDFFHSWăQLFLRUăVSXQ
GHUHSHQWUXGDXQHFHGHFXUJGLQXWLOL]DUHD
DOWRUSQHXULURĠLVDXDFFHVRULLvQDIDUDFHORU
WHVWDWHúLDSUREDWH
 &RPELQDĠLLGHURDWăúLSQHX 

ÌQXUPăWRUXOWDEHOFRPELQDĠLLOHURDWăSQHX
VXQWDWULEXLWHPRGHOHORUGHDXWRYHKLFXOSH
ED]DYHUVLXQLORUGHH[99HWF

9 &
9 &&',
9 &&&',
9 &
9 &$0*

5RĠLúLSQHXUL

 %OXH()),&,(1&<


 &RPELQDĠLLGHURDWăúLSQHX

3QHXUL

3QHXULGHYDUă 5RĠLGLQDOLDMXúRU 9 9 9 9 9
%$ 59 -[+(7 ; ² ² ² ²
%$ 59 -[+(7 ; ; ² ² ²
%$ 5: -[+(7 ; ; ; ² ²
%$ 59 -[+(7 ; ; ² ² ²
%$ 5: -[+(7 ; ; ; ² ²
%$ 5: -[+(7 ; ; ; ; ²
%$ 5: -[+(7 ; ; ; ; ²
02([WHQGHG
)$ 5: -[+(7 ; ; ; ; ²
5$ 5: -[+(7
)$ 5: -[+(7 ; ; ; ; ²
 02([WHQGHG 
5RĠLúLSQHXUL

5$ 5: -[+(7
02([WHQGHG
%$ 5<;/ -[+(7 ; ; ; ; ²
)$ 5<;/ -[+(7 ; ; ; ; ²
5$ 5<;/ -[+(7

)$ 5<;/ -[+(7 ; ; ; ; ²
5$ 5<;/ -[+(7

)$ 5<;/ -[+(7 ; ; ; ; ²
5$ 5<;/ -[+(7

)$ =5<;/ -[+(7 ; ; ; ; ²
5$ =5<;/ -[+(7

 1XvQFRPELQDĠLHFXVXVSHQVLDVSRUWFRGVDXSDFKHWXOGHPDQHYUDELOLWDWHGLQDPLFăFRG
 1XVXQWGLVSRQLELOHGLQIDEULFă
 3QHXUL02([WHQGHGSQHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]GHSDQăQXPDLvQFRPELQDĠLHFXXQVLVWHPGH
DYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDFWLYDWVDXXQPRQLWRUL]DWRUDOSUHVLXQLLvQSQHXUL
 1XHVWHSHUPLVăXWLOL]DUHDODQĠXULORUGH]ăSDGă5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ/DQĠXULGH]ăSDGă³
 5HVSHFWDĠLQRWHOHSULYLQGÄURĠLOHPDUL³vQVHFĠLXQHDÄ&RPELQDĠLLURDWăSQHX³
 6XQWQHFHVDUHPăVXULVXSOLPHQWDUHFDSDFHGHURDWăSHSXQWHDVSDWHFRG
 &RPELQDĠLLGHURDWăúLSQHX 

3QHXULGHYDUă 5RĠLGLQDOLDMXúRU 9 9 9 9 9
)$ =5<;/ -[+(7 ² ² ² ² ;
5$ =5<;/ -[+(7
)$ =5;/ -[+(7 ² ² ² ² ;
5$ =5;/ -[+(7

3QHXULGHLDUQă 5RĠLGLQDOLDMXúRU 9 9 9 9 9
%$ 5+06M -[+(7 ; ² ² ² ²
%$ 5+06M -[+(7 ; ; ² ² ²
%$ 5+06M -[+(7 ; ; ; ² ²

%$ 5+06M -[+(7 ; ; ; ; ²
%$ 5+ -[+(7 ; ; ; ; ²
06M02([WHQGHG
%$ 5+;/ -[+(7 ; ; ; ; ²
06M

5RĠLúLSQHXUL
%$ 59;/ -[+(7 ² ² ² ² ;
06M
%$ 5+;/ -[+(7 ; ; ; ; ²
06M
%$ 59;/ -[+(7 ² ² ² ² ;
06M
)$ 59;/06M -[+(7 ² ² ² ² ;
5$ 59;/ -[+(7
06M

 1XHVWHSHUPLVăXWLOL]DUHDODQĠXULORUGH]ăSDGă5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ/DQĠXULGH]ăSDGă³
 5HVSHFWDĠLQRWHOHSULYLQGÄURĠLOHPDUL³vQVHFĠLXQHDÄ&RPELQDĠLLURDWăSQHX³
 1XVXQWGLVSRQLELOHGLQIDEULFă
 3QHXUL02([WHQGHGSQHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]GHSDQăQXPDLvQFRPELQDĠLHFXXQVLVWHPGH
DYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDFWLYDWVDXXQPRQLWRUL]DWRUDOSUHVLXQLLvQSQHXUL

 &RPELQDĠLLGHURDWăúLSQHX

5RDWăGHUH]HUYăGHX]WHPSRUDUÄ0LQLVSDUH´
3QHXUL 5RĠL 9 9 9 9 9
750 %[+(7 ; ; ; ² ²
3UHVLXQHvQSQHXULN3DEDU
SVL
750 %[+(7 ; ; ; ; ²
3UHVLXQHvQSQHXULN3DEDU
SVL
750 %[+(7 ² ² ² ² ;
3UHVLXQHvQSQHXULN3DEDU
SVL

$XWRYHKLFXOXOGXPQHDYRDVWUăSRDWHILGRWDWFX7,5(),7VDXRURDWăGHUH]HUYăGHX]WHPSRUDU
Ä0LQLVSDUH´vQIXQFĠLHGHĠDUăPRWRUXOúLURĠLOHPRQWDWH
G 3UHVLXQHDvQSQHXULVSHFLILFDWăHVWHLPSULPDWăvQJDOEHQSHURDWDGHUH]HUYăGHX]WHP
SRUDU
5RĠLúLSQHXUL

 1XHVWHSHUPLVăXWLOL]DUHDODQĠXULORUGH]ăSDGă5HVSHFWDĠLQRWHOHGLQVHFĠLXQHDÄ/DQĠXULGH]ăSDGă³
 

,QIRUPDĠLLXWLOH 
1RWHSULYLQGGDWHOHWHKQLFH 
3LHVH0HUFHGHV%HQ]DXWHQWLFH 
6LVWHPHOHHOHFWURQLFHDOHDXWRYH
KLFXOXOXL 
3OăFXĠăGHLGHQWLILFDUHDDXWRYHKL
FXOXOXL 
3URGXVHGHVHUYLFHúLFDSDFLWăĠL 
'DWHSULYLQGDXWRYHKLFXOXO 
'LPHQVLXQLGHGHVFKLGHUHDOH
FDSRWHLSRUWEDJDMXOXL 
&kUOLJGHWUDFWDUHDUHPRUFLL 
6LVWHPXOGHVHQ]RUUDGDUGH
*+]SUH]HQWDUHJHQHUDOăSHĠăUL 

'DWHWHKQLFH
 3LHVH0HUFHGHV%HQ]DXWHQWLFH
,QIRUPDĠLLXWLOH
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHúLWRDWHHFKLSDPHQWHOHVWDQGDUG
úLRSĠLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUăGLVSRQLELOHODGDWDSXEOLFăULL
PDQXDOXOXLGHIDĠă(VWHSRVLELOVăH[LVWH
YDULDĠLLvQIXQFĠLHGHĠDUă9ăUXJăPVăUHĠL
QHĠLFăHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUăVăQXDLEăvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
úLvQFHSULYHúWHVLVWHPHOHúLIXQFĠLLOHUHIH
ULWRDUHODVLJXUDQĠă
G &LWLĠLLQIRUPDĠLLOHGHVSUHDWHOLHUHOHGHVSH
7RDWHSLHVHOH0HUFHGHV%HQ]DXWHQWLFH
FRUHVSXQGDFHVWHLFHULQĠH8WLOL]DUHDXQRU
SLHVHQHDSUREDWHSRDWHGXFHODDQXODUHDFHU
WLILFDWXOGHvQPDWULFXODUHDDXWRYHKLFXOXOXL
$FHDVWăLQGLFDĠLHHVWHYDODELOăGDFă
=SURYRDFăRVFKLPEDUHDWLSXOXLDXWRYHKLFX
OXOXLGHODFHOSHQWUXFDUHFHUWLILFDWXOGH
vQPDWULFXODUHDDXWRYHKLFXOXOXLDIRVWDFRU
GDW
=DOĠLSDUWLFLSDQĠLODWUDILFDUSXWHDILSXúLvQ
SHULFRO
=QLYHOXULOHGHHPLVLLVDX]JRPRWVXQWDIHF
WDWHQHJDWLY
 $9(57,60(17
FLDOLWDWHDXWRUL]DWH3DJLQD
1RWHSULYLQGGDWHOHWHKQLFH
G 'DWHOHWHKQLFHDXIRVWVWDELOLWHvQFRQIRU
PLWDWHFX'LUHFWLYHOH&(7RDWHGDWHOHVH
DSOLFăHFKLSDPHQWXOXLVWDQGDUGDODXWRYH
KLFXOXOXL3ULQXUPDUHGDWHOHSRWVăGLIHUH
'DWHWHKQLFH
ODDXWRYHKLFXOHFXHFKLSDPHQWRSĠLRQDO
3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHOD
XQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]
3XWHĠLJăVLGDWHWHKQLFHSH,QWHUQHWOD
KWWSZZZPHUFHGHVEHQ]FRP
 $LUEDJXULOHúLvQWLQ]ăWRDUHOHFHQWXULORUGH
3LHVH0HUFHGHV%HQ]DXWHQWLFH
0HUFHGHV%HQ]WHVWHD]ăILDELOLWDWHDVLJX
UDQĠDúLDGHFYDUHDSLHVHORUDXWHQWLFHúLDSLH
VHORUGHFRQYHUVLHúLDFFHVRULLORUDSUREDWH
VSHFLDOSHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUă
'HúLVHHIHFWXHD]ăVWXGLLFRQWLQXHGHSLDĠă
0HUFHGHV%HQ]QXSRDWHHYDOXDDOWHSLHVH
3ULQXUPDUH0HUFHGHV%HQ]QXvúLDVXPă
UăVSXQGHUHDSULYLQGXWLOL]DUHDXQRUDVWIHOGH
SLHVHvQDXWRYHKLFXOHOH0HUFHGHV%HQ]FKLDU
úLGDFăDXIRVWDSUREDWHLQGHSHQGHQWVDXRIL
FLDO
ÌQ*HUPDQLDúLvQDOWHĠăULDQXPLWHSLHVHVXQW
DSUREDWHRILFLDOSHQWUXLQVWDODUHVDXPRGLIL
FDUHQXPDLGDFăUHVSHFWăQRUPHOHOHJDOH
6LJXUDQĠDvQFRQGXFHUHSRDWHILUHGXVăGDFă
VHXWLOL]HD]ăSLHVHSQHXULúLURĠLVDXDFFHVRULL
UHOHYDQWHSHQWUXVLJXUDQĠăFDUHQXVXQWDSUR
EDWH
$FHDVWDSRDWHGXFHODGHIHFĠLXQLODQLYHOXO
VLVWHPHORUFXUROvQVLJXUDQĠăGHH[VLVWHPXO
GHIUkQDUH$VWIHOSXWHĠLSLHUGHFRQWUROXO
DXWRYHKLFXOXOXLúLSXWHĠLSURYRFDXQDFFLGHQW
'LQDFHVWPRWLY0HUFHGHV%HQ]YăUHFR
PDQGăVăXWLOL]DĠLSLHVH0HUFHGHV%HQ]
DXWHQWLFHVDXSLHVHGHFDOLWDWHHJDOă8WLOL]DĠL
QXPDLSQHXULURĠLúLDFFHVRULLFDUHDXIRVW
DSUREDWHVSHFLDOSHQWUXDXWRYHKLFXOXOGXP
QHDYRDVWUă
VLJXUDQĠăSUHFXPúLXQLWăĠLOHGHFRQWUROúL
VHQ]RULLSHQWUXDFHVWHVLVWHPHGHUHĠLQHUH
SRWILLQVWDODWHvQXUPăWRDUHOH]RQHDOH
DXWRYHKLFXOXOXLGXPQHDYRDVWUă
=3RUWLHUH
=VWkOSLLSRUWLHUHORU
=SUDJXULOHSRUWLHUHORU
=6FDXQH
=SODQúDGHERUG
=3DQRXGHLQVWUXPHQWH
=FRQVRODFHQWUDOă
1XLQVWDODĠLDFFHVRULLSUHFXPVLVWHPH
DXGLRvQDFHVWH]RQH1XHIHFWXDĠLUHSDUDĠLL
VDXVXGXUL3XWHĠLDIHFWDHILFLHQĠDvQXWLOL
]DUHDVLVWHPHORUGHUHĠLQHUH
 6LVWHPHOHHOHFWURQLFHDOHDXWRYHKLFXOXOXL 

6ROLFLWDĠLLQVWDODUHDDFFHVRULLORUSRVWYkQ WHOHDXWRYHKLFXOXOXLVDUSXWHDX]DPDL
]DUHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW UDSLGúLFHUWLILFDWXOGHvQPDWULFXODUHDDXWR
0HUFHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ YHKLFXOXOXLSRDWHILDQXODW
&HQWUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
VFRS
0RGHUQL]DUHDFXVWDĠLLUDGLRELGLUHF
 1RWăSULYLQGSURWHFĠLDPHGLXOXL ĠLRQDOHúLWHOHIRDQHPRELOHWUDQV
'DLPOHU$*IXUQL]HD]ăGHDVHPHQHDSLHVHúL
DQVDPEOXULUHFRQGLĠLRQDWHFDUHDXDFHHDúL
FDOLWDWHFDúLFRPSRQHQWHOHQRL3HQWUXDFHV
WHDVHRIHUăDFHHDúLJDUDQĠLHFDúLSHQWUXSLH
VHOHQRL
PLĠăWRDUH5)
&RQVXOWDĠLQRUPHOHGHLPSOHPHQWDUHGLQ6SH
FLILFDĠLDWHKQLFă,6276FkQG
PRGHUQL]DĠLDXWRYHKLFXOXOFXWUDQVPLĠăWRDUH
5)UDGLRIUHFYHQĠă
3UHFL]DĠLvQWRWGHDXQDQXPăUXOGHLGHQWLILFDUH 'DFăDXWRYHKLFXOXOGXPQHDYRDVWUăGLVSXQH
DYHKLFXOXOXL9,13DJLQDúLVHULD GHVXSRUWXULSHQWUXHFKLSDPHQWWLSVWDĠLH
PRWRUXOXL3DJLQDFkQGFRPDQGDĠL
SLHVH0HUFHGHV%HQ]DXWHQWLFH
6LVWHPHOHHOHFWURQLFHDOHDXWRYHKLFX
OXOXL
,QWHUYHQĠLLQHDXWRUL]DWHODVLVWHPHOH
HOHFWURQLFHDOHPRWRUXOXL
 $9(57,60(17
6ROLFLWDĠLFDLQWHUYHQĠLLOHDVXSUDVLVWHPHORU
HOHFWURQLFHDOHPRWRUXOXLúLFRPSRQHQWHOH
DIHUHQWHVăILHHIHFWXDWHQXPDLODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DWFHGLVSXQHGHFXQRú
WLQĠHOHGHVSHFLDOLWDWHúLVFXOHOHQHFHVDUHSHQ
UDGLRELGLUHFĠLRQDOăXWLOL]DĠLDOLPHQWDUHDHOHF
WULFăVDXFRQH[LXQLOHGHDQWHQăGHVWLQDWHXWL
OL]ăULLFXFDEODMXOGHED]ă1XRPLWHĠLVăUHV
SHFWDĠLLQVWUXFĠLXQLOHVXSOLPHQWDUHDOHSUR
GXFăWRUXOXLFkQGLQVWDODĠLVXSRUWXULOH
 6ROLFLWDĠLLQVWDODUHDHFKLSDPHQWXOXLGH
WUDQVPLVLHSULQUDGLRIUHFYHQĠăODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW0HUFHGHV%HQ]
UHFRPDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH
'DWHWHKQLFH
0HUFHGHV%HQ]vQDFHVWVFRS
3XWHUHDGHWUDQVPLVLHGHODED]DDQWHQHLQX
WUHEXLHVăGHSăúHDVFăYDORULOHPD[LPHGHPDL
MRV
%DQGăGHIUHF 3XWHUHGHWUDQVPL
WUXDHIHFWXDLQWHUYHQĠLDQHFHVDUă0HUFHGHV YHQĠă VLHPD[LPă3($.
%HQ]UHFRPDQGăVăXWLOL]DĠLXQ&HQWUXGHVHU
YLFH0HUFHGHV%HQ]vQDFHVWVFRSÌQVSHFLDO 8QGHVFXUWH :
WRDWHLQWHUYHQĠLLOHDVXSUDVLVWHPHORUGHVLJX I0+]
UDQĠăVDXFRUHODWHFXVLJXUDQĠDVHYRUHIHFWXD %DQGăGHIUHFYHQĠă :
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWÌQFD] GHP
FRQWUDUILDELOLWDWHDDXWRYHKLFXOXOXLSRDWHIL
FRPSURPLVă %DQGăGHIUHFYHQĠă :
GHP
 6ROLFLWDĠLFDRSHUDĠLLOHGHvQWUHĠLQHUHDVX
SUDVLVWHPHORUHOHFWURQLFHDOHPRWRUXOXLúL 5HĠHDGHUDGLR7UXQ :
SLHVHORUDVRFLDWHSUHFXPXQLWăĠLOHGHFRQ NLQJ7HWUD
WUROVHQ]RULLúLFRQGXFWRULLGHFRQHFWDUHVă %DQGăGHIUHFYHQĠă :
ILHHIHFWXDWHODXQDWHOLHUGHVSHFLDOLWDWH FP
DXWRUL]DWGHH[ODXQ&HQWUXGHVHUYLFH
0HUFHGHV%HQ]ÌQFD]FRQWUDUFRPSRQHQ *60$036 :
 ,6276±6SHFLILFDĠLDWHKQLFăSHQWUXYHKLFXOHUXWLHUH(0&SHQWUXLQVWDODUHDHFKLSDPHQWXOXLGH
WUDQVPLVLHUDGLRSRVWYkQ]DUH

 6LVWHPHOHHOHFWURQLFHDOHDXWRYHKLFXOXOXL

%DQGăGHIUHF 3XWHUHGHWUDQVPL FXUHQWHSULYLQGSRVLELOHOHULVFXULDVXSUD

YHQĠă VLHPD[LPă3($. VăQăWăĠLLFRPSRUWDWHGHFkPSXULOHHOHFWUR
PDJQHWLFH
*60 : 6ROLFLWDĠLLQVWDODUHDHFKLSDPHQWXOXLGHWUDQV
8076 : PLVLHSULQUDGLRIUHFYHQĠăODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW0HUFHGHV%HQ]UHFR
PDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH0HU
6HSRWXWLOL]DXUPăWRDUHOHSR]LĠLLGHDQWHQă
FHGHV%HQ]vQDFHVWVFRS
GDFăWUDQVPLĠăWRDUHOH5)DXIRVWLQVWDODWH
FRUHVSXQ]ăWRU $EDWHULOHGHODDPSODVDUHDDQWHQHLSXWHUHD
úLIUHFYHQĠHOHVDOHWUHEXLHVăILHDSUREDWHGH
0HUFHGHV%HQ]
1XH[LVWăUHVWULFĠLLSHQWUXDPSODVDUHDDQWHQHL
vQ]RQDH[WHULRDUăDDXWRYHKLFXOXOXLSHQWUX
DFHVWHEHQ]LGHIUHFYHQĠăUDGLRWUXQNLQJ
7HWUDEDQGDGHIUHFYHQĠăGHFP
*60$036*60úL8076
6HYRUUHVSHFWDSUHYHGHULOHOHJDOHSULYLQG
VXSRUWXULOHGHPRQWDUH
6HSRWXWLOL]DWUDQVPLĠăWRDUH5)FXRSXWHUH
C =RQDIURQWDOăDSDYLOLRQXOXL GHWUDQVPLVLHPD[LPăGHP:3($.vQ
D =RQDVSDWHDSDYLOLRQXOXL DXWRYHKLFXOIăUăUHVWULFĠLL
‡ $ULSăVSDWH  3HUPLVXOGHXWLOL]DUHSRDWHILDQXODWGDFă
'DWHWHKQLFH

… &DSRWDSRUWEDJDMXOXL LQVWUXFĠLXQLOHSULYLQGLQVWDODUHDúLXWLOL]DUHD
WUDQVPLĠăWRDUHORU5)QXVXQWUHVSHFWDWH
 $9(57,60(17 GHH[FXPDUILFHOHSULYLQGEHQ]LOHGHIUHF
0RGHUQL]DUHDLQFRUHFWăFXWUDQVPLĠăWRDUH5) YHQĠăSXWHUHDPD[LPăúLDPSODVăULOHDQWH
SRDWHIDFHFDVLVWHPHOHHOHFWURQLFHDOHDXWR QHLSHDXWRYHKLFXO
YHKLFXOXOXLVăIXQFĠLRQH]HLQFRUHFW6LJXUDQĠD
vQIXQFĠLRQDUHDDXWRYHKLFXOXOXLúLLPSOLFLWúLD
GXPQHDYRDVWUăSRWDYHDGHVXIHULW
6ROLFLWDĠLLQVWDODUHDHFKLSDPHQWXOXLGHWUDQV
PLVLHSULQUDGLRIUHFYHQĠăODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW0HUFHGHV%HQ]UHFR
PDQGăVăXWLOL]DĠLXQ&HQWUXGHVHUYLFH0HU
FHGHV%HQ]vQDFHVWVFRS

 $9(57,60(17
0RGHUQL]DUHDLQFRUHFWăFXWUDQVPLĠăWRDUH5)
SRDWHJHQHUDUDGLDĠLLHOHFWURPDJQHWLFHVSR
ULWHvQLQWHULRUXODXWRYHKLFXOXOXL8WLOL]DUHD
XQHLDQWHQHH[WHULRDUHHVWHSHUPLVăGRDU
OXkQGXVHvQFDOFXOúLGH]EDWHULOHúWLLQĠLILFH

 $XWRYHKLFXOHFXWUDSăJOLVDQWăSDQRUDPLFăDFHDVWă]RQăQXHVWHSHUPLVă
 3R]LĠLHGHLQVWDODUHUHFRPDQGDWăSHSDUWHDRULHQWDWăVSUHFHQWUXOúRVHOHL
 3URGXVHGHVHUYLFHúLFDSDFLWăĠL 

3OăFXĠăGHLGHQWLILFDUHDDXWRYHKLFX 1XPăUGHLGHQWLILFDUHDDXWRYHKLFX
OXOXL OXOXL9,1
3OăFXĠDGHLGHQWLILFDUHDDXWRYHKLFX 3HOkQJăIDSWXOFăHVWHúWDQĠDWSHSOăFXĠDGH
OXOXLFXQXPăUXOGHLGHQWLILFDUHD LGHQWLILFDUHDDXWRYHKLFXOXOXLQXPăUXOGH
DXWRYHKLFXOXOXL9,1úLQXPăUXO
FRGXOXLGHYRSVHD
 'HVFKLGHĠLSRUWLHUDGLQGUHDSWD
9HĠLYHGHDSOăFXĠDGHLGHQWLILFDUHDDXWR
YHKLFXOXOXLC
LGHQWLILFDUHDYHKLFXOXOXL9,1HVWHGHDVH
PHQHDúWDQĠDWSHFDURVHULDDXWRYHKLFXOXOXL
$FHVWDHVWHDPSODVDWăSHSODQúHXvQIDĠD
VFDXQXOXLIDĠăGHSHSDUWHDGUHDSWă
 &XOLVDĠLVFDXQXOIDĠăGHSHSDUWHDGUHDSWă
vQSR]LĠLDVDGHFDSăWVSDWH
 5DEDWDĠLDSăUăWRDUHDSODQúHXOXLCvQVXV
9HĠLYHGHDQXPăUXOGHLGHQWLILFDUHDYHKL
'DWHWHKQLFH
FXOXOXL9,1D

6HULHPRWRU
6HULDPRWRUXOXLHVWHúWDQĠDWăvQFDUWHU,QIRU
PDĠLLVXSOLPHQWDUHSRWILREĠLQXWHGHODRULFH
&HQWUXGHVHUYLFH0HUFHGHV%HQ]
3OăFXĠăGHLGHQWLILFDUHDDXWRYHKLFXOXOXLH[HPSOX
C 3OăFXĠăGHLGHQWLILFDUHDDXWRYHKLFXOXOXL
3URGXVHGHVHUYLFHúLFDSDFLWăĠL
D 3URGXFăWRUXODXWRYHKLFXOXOXL
‡ 1XPăUXOGHRPRORJDUH8( 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
… 1XPăUXOGHLGHQWLILFDUHDDXWRYHKLFXOXOXL 3ULQWUHSURGXVHOHGHVHUYLFHVHQXPăUă
9,1 XUPăWRDUHOH
ƒ 0DVDWRWDOăPD[LPăDGPLVăDDXWRYHKL =FDUEXUDQĠLLGHH[EHQ]LQăGLHVHO
FXOXOXL =OXEULILDQĠLGHH[XOHLXOGHPRWRUXOHLXOGH
„ 0DVDWRWDOăDGPLVăFRPELQDWă WUDQVPLVLH
k 6DUFLQăPD[LPăDGPLVăSHSXQWHDIDĠă =OLFKLGGHUăFLUH
l 6DUFLQăPD[LPăDGPLVăSHSXQWHDVSDWH =OLFKLGGHIUkQă
m &RGXOGHYRSVHD =OLFKLGVSăOăWRUGHSDUEUL]


 3URGXVHGHVHUYLFHúLFDSDFLWăĠL

&RPSRQHQWHOHDXWRYHKLFXOXOXLúLOXEULILDQĠLL &DUEXUDQW
DIHUHQĠLORUWUHEXLHVăFRUHVSXQGă0HUFHGHV
%HQ]YăUHFRPDQGăVăXWLOL]DĠLSURGXVHFDUH 1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD
DXIRVWWHVWDWHúLDSUREDWHVSHFLDOGH0HUFH
GHV%HQ]$FHVWHSURGXVHVXQWLQGLFDWHvQ
 $9(57,60(17
0DQXDOXOGHXWLOL]DUH0HUFHGHV%HQ]vQVHF &DUEXUDQWXOHVWHSXWHUQLFLQIODPDELO)RFXO
ĠLXQHDUHOHYDQWă IOăFăULOHGHVFKLVHúLIXPDWXOVXQWSULQXUPDUH
LQWHU]LVHFkQGPDQLSXODĠLFDUEXUDQĠL
3XWHĠLUHFXQRDúWHSURGXVHOHGHVHUYLFHDSUR
EDWHGH0HUFHGHV%HQ]GXSăXUPăWRDUHD 2SULĠLPRWRUXOúLvQFăO]LUHDDX[LOLDUăvQDLQWHGH
LQVFULSĠLHGHSHUHFLSLHQWH DOLPHQWDUHDFXFDUEXUDQW
=$SUREDUH0%GHH[$SUREDUH0%
 3HULFROGHUăQLUH
=$SUREDUH0%GHH[$SUREDUH0%
1XDWLQJHĠLFDUEXUDQWXO
$OWHGHQXPLULVDXUHFRPDQGăULFDUHYL]HD]ă
&RQWDFWXOGLUHFWDOFDUEXUDQWXOXLFXSLHOHDVDX
XQQLYHOGHFDOLWDWHVDXRVSHFLILFDĠLHvQFRQ
LQKDODUHDYDSRULORUGăXQHD]ăVăQăWăĠLL
IRUPLWDWHFXQXPăUXO)LúHL0%SUHFXP0%
QXDXIRVWQHDSăUDWDSUREDWHGH0HU
FHGHV%HQ] &DSDFLWDWHUH]HUYRU
3XWHĠLREĠLQHLQIRUPDĠLLVXSOLPHQWDUHGHOD
&DSDFLWDWHWRWDOă O
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]
&
 $9(57,60(17 &
&kQGPDQLSXODĠLGHSR]LWDĠLúLHOLPLQDĠLRULFH
&&',
SURGXVHGHVHUYLFHUHVSHFWDĠLQRUPHOHUHOH
YDQWHGHRDUHFHvQFD]FRQWUDUSXWHĠLSHUL &&',
'DWHWHKQLFH

FOLWDVLJXUDQĠDGXPQHDYRDVWUăúLDFHORUODOĠL
&DSDFLWDWHWRWDOă O
1XOăVDĠLSURGXVHOHGHVHUYLFHODvQGHPkQD
&
FRSLLORU
$XWRYHKLFXOH$0*
3HQWUXVăQăWDWHDGXPQHDYRDVWUăQXSHUPL
WHĠLSURGXVHORUGHVHUYLFHVăLQWUHvQFRQWDFW &DUEXUDQWGHUH]HUYăOD $SUR[LPDWLY
FXRFKLLGXPQHDYRDVWUăVDXFXUăQLOHGHV DXWRYHKLFXOH$0* O
FKLVH&RQVXOWDĠLLPHGLDWXQGRFWRUGDFăDĠL
vQJKLĠLWRULFHSURGXVGHVHUYLFH &DUEXUDQWGHUH]HUYăOD $SUR[LPDWLY
WRDWHFHOHODOWHPRGHOH O
 ,QGLFDĠLHSULYLQGPHGLXODPELDQW
6FRDWHĠLGLQX]GHúHXULOHúLPDWHULDOHOHFRQ
VXPDELOHĠLQkQGFRQWGHPHGLX
 1XXWLOL]DĠLEHQ]LQăSHQWUXDOLPHQWDUHD
DXWRYHKLFXOHORUFXPRWRUGLHVHO1XXWLOL]DĠL
PRWRULQăSHQWUXDOLPHQWDUHDDXWRYHKLFXOH
ORUFXPRWRUSHEHQ]LQă&KLDUúLFDQWLWăĠLOH
PLFLGHFDUEXUDQWLQDGHFYDWGXFODGHWHULR
UDUHDVLVWHPXOXLGHFDUEXUDQWúLDPRWRUX
OXL
3HQWUXLQIRUPDĠLLVXSOLPHQWDUHSULYLQGDOL
PHQWDUHDFXFDUEXUDQWúLFDUEXUDQĠLLFRQVXO
WDĠL3DJLQD

 %OXH()),&,(1&<

1RWHSULYLQGFRQVXPXOGHFDUEXUDQW
$XWRYHKLFXOXOYDIRORVLPDLPXOWFDUEXUDQW
GHFkWGHRELFHLvQXUPăWRDUHOHVLWXDĠLL
=ODWHPSHUDWXULH[WHULRDUHIRDUWHVFă]XWH
=vQWUDILFXUEDQ
=SHQWUXGUXPXULVFXUWH
=ODWUDFWDUHDXQHLUHPRUFL
=SHWHUHQPXQWRV
G 1XPDLSHQWUXDQXPLWHĠăULSXWHĠLJăVL
FRQVXPXOFXUHQWúLYDORULOHHPLVLLORUDXWR
YHKLFXOXOXLvQGRFXPHQWHOH&2&&(57,),
3URGXVHGHVHUYLFHúLFDSDFLWăĠL 
FXDWHQĠLHúLVROLFLWkQGLQWHUYHQĠLLUHJXODWHvQ
VHUYLFH
8OHLGHPRWRU
9ăUXJăPVăUHĠLQHĠLXUPăWRDUHOH
&DOLWDWHDXOHLXULORUGHPRWRUHVWHXQIDFWRU
KRWăUkWRUvQIXQFĠLRQDUHDúLYLDĠDXWLOăDXQXL
PRWRU'XSăWHVWHDPSOH0HUFHGHV%HQ]
DSUREăXOHLXULOHGHPRWRUFDUHFRUHVSXQG
VWDQGDUGXOXLWHKQLFFXUHQW
&$7'(&21)250,7$7(8($FHVWHGRFX
PHQWHvQVRĠHVFDXWRYHKLFXOXOODOLYUDUH
&LIUHOHFRQVXPXOXLVXQWvQILHFDUHFD]
ED]DWHSHYHUVLXQHDDSOLFDELOăFXUHQW
=SHQWUXDXWRYHKLFXOHSkQăODVWDQGDUGXO
(852vQFRQIRUPLWDWHFX'LUHFWLYD8(
5/(:*
=SHQWUXDXWRYHKLFXOHFRQIRUPVWDQGDUGX
OXL(852VDXPDLPDUHvQFRQIRUPLWDWH
3ULQXUPDUHHVWHSHUPLVăXWLOL]DUHDQXPDLD
XOHLXULORUGHPRWRUDSUREDWHGH0HUFHGHV
%HQ]SHQWUXPRWRDUHOH0HUFHGHV%HQ]
,QIRUPDĠLLVXSOLPHQWDUHSULYLQGXOHLXULOHGH
PRWRUWHVWDWHúLDSUREDWHSRWILREĠLQXWHGHOD
RULFH&HQWUXGH6HUYLFH0HUFHGHV%HQ]0HU
FHGHV%HQ]UHFRPDQGăHIHFWXDUHDVFKLPEX
OXLGHXOHLODXQ&HQWUXGH6HUYLFH0HUFHGHV
%HQ]$SUREDUHD0HUFHGHV%HQ]HVWHLQGL
FDWăSHUHFLSLHQWXOGHXOHLSULQLQVFULSĠLD0%
FX'LUHFWLYD&(1U $SSURYDO$SUREDUH0%úLLQGLFHOHFRUHV

'DWHWHKQLFH
$EDWHULGHODDFHVWHYDORULSRWDSăUHDvQ SXQ]ăWRUGHH[0%$SSURYDO
FRQGLĠLLQRUPDOHGHIXQFĠLRQDUH 7DEHOXOSUH]LQWăXOHLXULOHGHPRWRUDSUREDWH
 1XXWLOL]DĠLDGLWLYLSHQWUXFRPEXVWLELOL SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUă
GHRDUHFHDFHúWLDSRWFDX]DGHIHFĠLXQLúL 0RWRDUHSHEHQ]LQă 0%$SSURYDO
DYDULHUHDPRWRUXOXL $SUREDUH0%
 1RWăSULYLQGSURWHFĠLDPHGLXOXL & 
&2GLR[LGGHFDUERQHVWHJD]XOFRQVLGHUDW 
&
GHFHUFHWăWRULFDSULQFLSDOXODJHQWvQvQFăO]L
UHDJOREDOăHIHFWXOGHVHUă(PLVLLOHGH&2 & 
DOHDXWRYHKLFXOXOXLGXPQHDYRDVWUăVXQWFRUH
ODWHGLUHFWFXFRQVXPXOGHFDUEXUDQWúLSULQ
&$0* 
XUPDUHGHSLQGGH
=XWLOL]DUHDHILFLHQWăDFDUEXUDQWXOXLGHFăWUH 0RWRDUHGLHVHO 0%$SSURYDO
PRWRU $SUREDUH0%
=6WLOXOGHFRQGXFHUH
$XWRYHKLFXOHFXILOWUXGHSDUWLFXOHGLH
=DOĠLIDFWRULQRQWHKQLFLSUHFXPLQIOXHQĠHOH
VHO
PHGLXOXLúLFRQGLĠLLOHGHGUXP
3XWHĠLUHGXFHODPLQLPXPHPLVLLOHGH&2DOH &&', 
DXWRYHKLFXOXOXLGXPQHDYRDVWUăFRQGXFkQG &&', 

 %OXH()),&,(1&<
 5HVWULFĠLHVHSRWXWLOL]DQXPDLXOHLXULGHPRWRU6$(:6$(:


 3URGXVHGHVHUYLFHúLFDSDFLWăĠL

3XWHĠLDFWLYDRSUH]HQWDUHJHQHUDOăDXOHLXUL FRQIRUPLWDWHFXFODVLILFDUHD6$(YkVFR]L

ORUGHPRWRUDSUREDWHSHLQWHUQHWODDGUHVD WDWH7DEHOXOGHPDLMRVYăSUH]LQWăFHFODVL
KWWSEHYRPHUFHGHVEHQ]FRPSULQLQWUR ILFăUL6$(VHYRUXWLOL]D3URSULHWăĠLOHGHMRDVă
GXFHUHDLQGLFHOXLGHH[ WHPSHUDWXUăDOHXOHLXULORUGHPRWRUSRWIL
DIHFWDWHVHPQLILFDWLYvQWLPSXOIXQFĠLRQăULLGLQ
G 'DFăXOHLXULOHGHPRWRULQGLFDWHvQWDEHO
FDX]DX]XULLúLIXQLQJLQLLúLGHDFXPXODUHDGH
VXQWLQGLVSRQLELOHSXWHĠLDGăXJDPD[LPXP
FDUEXUDQWGHH[HPSOX3ULQXUPDUHVHUHFR
OGLQXUPăWRDUHOHXOHLXULGHPRWRU
PDQGăFXLQVLVWHQĠăVăUHVSHFWDĠLVFKLPEX
QXPDLRVLQJXUăGDWăSkQăODXUPăWRUXO
ULOHGHXOHLUHJXODWHIRORVLQGXQXOHLGHPRWRU
VFKLPEGHXOHL
FXLQGLFHOHGHFODVLILFDUH6$(FRUHVSXQ]ăWRU
=DXWRYHKLFXOHFXPRWRUSHEHQ]LQă
$SUREDUH0%VDX$&($$
=DXWRYHKLFXOHFXPRWRUGLHVHO$SUREDUH
0%VDX$&($&

&DSDFLWăĠL
8UPăWRDUHOHYDORULYL]HD]ăVFKLPEXOGHXOHL
LQFOXVLYILOWUXOGHXOHL
0RGHODXWRYHKLFXO &DSDFLWDWHLQFOX
VLYILOWUXOGHXOHL
& O
& /LFKLGGHIUkQă
'DWHWHKQLFH

&&', O  $9(57,60(17

&&', /LFKLGXOGHIUkQăDEVRDUEHSHUPDQHQWXPH
]HDODGLQDHUDFHDVWDUHGXFHSXQFWXOVăXGH
& ILHUEHUH
&$0* O 'DFăSXQFWXOGHILHUEHUHDOOLFKLGXOXLGHIUkQă
HVWHSUHDVFă]XWVDUSXWHDIRUPDEXOHGH
YDSRULvQVLVWHPXOGHIUkQDUHFkQGIUkQHOHVXQW
$GLWLYL
DFĠLRQDWHSXWHUQLFGHH[FkQGFRERUkĠLR
 1XXWLOL]DĠLDGLWLYLvQXOHLXOGHPRWRU$VW
IHOSXWHĠLGHWHULRUDPRWRUXO
9kVFR]LWDWHXOHLGHPRWRU
9kVFR]LWDWHDGHVFULHFDUDFWHULVWLFLOHGHFXU
JHUHDOHXQXLIOXLG'DFăXQXOHLGHPRWRUDUH
RYkVFR]LWDWHPDUHDFHDVWDvQVHDPQăFăHVWH
JURVRYkVFR]LWDWHPLFăvQVHDPQăFăHVWH
VXEĠLUH
6HOHFĠLDXOHLXULORUGHPRWRUHVWHED]DWăSH
WHPSHUDWXULOHH[WHULRDUHUHVSHFWLYHúLHVWHvQ
 5HVWULFĠLHVHSRWXWLOL]DQXPDLXOHLXULOHGHPRWRU6$(:6$(:SHQWUXDXWRYHKLFXOHOH$0*
 %OXH()),&,(1&<
 ,QFOXVLYUăFLWRUXOGHXOHLH[WHUQ
SDQWă$FHVWOXFUXDUDIHFWDHILFLHQĠDIUkQăULL
7UHEXLHVăvQORFXLĠLOLFKLGXOGHIUkQăODLQWHU
YDOHUHJXODWH,QWHUYDOHOHGHVFKLPEDUHDOLFKL
GXOXLGHIUkQăVHJăVHVFvQ%URúXUDGHVHUYLFH
8WLOL]DĠLQXPDLOLFKLGGHIUkQăDSUREDWGH0HU
FHGHV%HQ],QIRUPDĠLLOHSULYLQGOLFKLGHOHGH
IUkQăDSUREDWHSRWILREĠLQXWHGHODRULFH&HQ
WUXGH6HUYLFH0HUFHGHV%HQ]
G 'HRELFHLH[LVWăRQRWăvQFRPSDUWLPHQ
WXOPRWRUFDUHYăDPLQWHúWHGDWDVFDGHQWă
 'DWHSULYLQGDXWRYHKLFXOXO 

SHQWUXXUPăWRUXOVFKLPEDOOLFKLGXOXLGH &RQFHQWUDĠLDDQWLJHOLQKLELWRUGHFRUR]LXQH
IUkQă GLQVLVWHPXOGHUăFLUHDPRWRUXOXLWUHEXLH
=VăILHGHFHOSXĠLQ$FHDVWDYDSURWHMD
VLVWHPXOGHUăFLUHDPRWRUXOXLvPSRWULYD
/LFKLGGHUăFLUH vQJKHĠXOXLSkQăODDSUR[LPDWLY‚
1RWHLPSRUWDQWHSULYLQGVLJXUDQĠD =VăQXGHSăúHDVFăSURWHFĠLHFRQWUD
/LFKLGXOGHUăFLUHHVWHXQDPHVWHFGHDSăúL
DQWLJHOLQKLELWRUGHFRUR]LXQH(OvQGHSOLQHúWH
XUPăWRDUHOHVDUFLQL 'DFăDXWRYHKLFXOXODSLHUGXWOLFKLGGHUăFLUH
=SURWHFĠLHDQWLFRUR]LXQH
=SURWHFĠLHDQWLJHO
=ULGLFDUHDSXQFWXOXLGHILHUEHUH
G /DOLYUDUHDLQLĠLDOăDXWRYHKLFXOXOHVWH
XPSOXWFXXQDPHVWHFGHOLFKLGGHUăFLUH
FDUHDVLJXUăSURWHFĠLHDGHFYDWăFRQWUD
vQJKHĠXOXLúLDFRUR]LXQLL
 $GăXJDĠLQXPDLOLFKLGGHUăFLUHSUHDPHV
WHFDWFXOLFKLGGHSURWHFĠLHDQWLJHOGRULWÌQ
FD]FRQWUDUPRWRUXOSRDWHVXIHULGHWH
ULRUăUL
,QIRUPDĠLLVXSOLPHQWDUHSULYLQGOLFKLGHOHGH
UăFLUHúLXPSOHUHDFXDFHVWHDVHUHJăVHVF
vQVSHFLILFDĠLLOH0HUFHGHV%HQ]SHQWUXSUR
GXVHGHVHUYLFHDSUREDUH0%GHH[
vQJKHĠXOXLSkQăOD‚vQFD]FRQWUDU
FăOGXUDQXYDILGLVLSDWăODIHOGHHILFLHQW
FRPSOHWDĠLFXFDQWLWăĠLHJDOHGHDSăúLDQWL
JHOLQKLELWRUGHFRUR]LXQH0HUFHGHV%HQ]
UHFRPDQGăXQDQWLJHOLQKLELWRUGHFRUR]LXQH
FDUHDIRVWDSUREDWSHQWUX0HUFHGHV%HQ]
 6LVWHPXOGHUăFLUHDPRWRUXOXLHVWH
XPSOXWFXOLFKLGGHUăFLUHFHWUHEXLHVăILH
vQORFXLWGXSăDQLVDXGXSăFHOPXOW
NP
'DWHSULYLQGDXWRYHKLFXOXO
'DWHSULYLQGDXWRYHKLFXOXO&
%OXH()),&,(1&<
'DWHWHKQLFH
'LPHQVLXQLDXWRYHKLFXO
/XQJLPHDDXWRYH PP
SHLQWHUQHWOD KLFXOXOXL(&(
KWWSEHYRPHUFHGHVEHQ]FRP3XWHĠL
GHDVHPHQHDFRQVXOWDXQ&HQWUXGHVHUYLFH /ăĠLPHDDXWRYHKL PP
0HUFHGHV%HQ] FXOXOXLLQFOXVLY
RJOLQ]LOHH[WH
 8WLOL]DĠLvQWRWGHDXQDXQDPHVWHFFRUHV ULRDUH
SXQ]ăWRUGHOLFKLGGHUăFLUHFKLDUúLvQĠăULOH
XQGHH[LVWăSUHSRQGHUHQWWHPSHUDWXULULGL /ăĠLPHDDXWRYHKL PP
FDWH FXOXOXLIăUăRJOLQ
ÌQFD]FRQWUDUVLVWHPXOGHUăFLUHQXYDIL ]LOHH[WHULRDUH
SURWHMDWVXILFLHQWvPSRWULYDFRUR]LXQLLLDU ÌQăOĠLPHDXWRYHKL PP
SXQFWXOGHILHUEHUHDUSXWHDILSUHDVFă]XW FXO
'DFăDQWLJHOXOLQKLELWRUXOGHFRUR]LXQHHVWH
SUH]HQWvQFRQFHQWUDĠLDFRUHFWăSXQFWXOGH $PSDWDPHQW PP
ILHUEHUHDOOLFKLGXOXLGHUăFLUHYDILvQMXUGH
‚

 9DORULOHVSHFLILFDWHSRWGLIHULGHYDORULOHUHDOHvQIXQFĠLHGHSQHXULVDUFLQăHFKLSDPHQWRSĠLRQDOúLVWDUHD
VXVSHQVLHL

 'DWHSULYLQGDXWRYHKLFXOXO

0DVăDXWRYHKLFXO 'LPHQVLXQLDXWRYHKLFXO
0DVăSURSULHOD /ăĠLPHDDXWRYHKL PP
JROvQFRQIRUPL FXOXOXLIăUăRJOLQ
WDWHFX'LUHFWLYD ]LOHH[WHULRDUH
&(WUDQVPLVLH
ÌQăOĠLPHDXWRYHKL PP
PDQXDOă
FXO
0DVăSURSULHOD
JROvQFRQIRUPL $PSDWDPHQW PP
WDWHFX'LUHFWLYD
&(WUDQVPLVLH 0DVăDXWRYHKLFXO
DXWRPDWă
0DVăSURSULHOD
0DVDSURSULHODJROLQFOXGHúRIHUXONJ JROvQFRQIRUPL
EDJDMXONJúLWRDWHOLFKLGHOHUH]HUYRUGH WDWHFXGLUHFWLYD
FDUEXUDQWSOLQvQSURSRUĠLHGH$UWLFR &(
OHOHGLQHFKLSDUHDRSĠLRQDOăFUHVFPDVD
SURSULHODJROúLUHGXFVDUFLQDPD[LPă 0DVDSURSULHODJROLQFOXGHúRIHUXONJ
EDJDMXONJúLWRDWHOLFKLGHOHUH]HUYRUGH
6DUFLQDPD[LPă NJ FDUEXUDQWSOLQvQSURSRUĠLHGH$UWLFR
SHSDYLOLRQ OHOHGLQHFKLSDUHDRSĠLRQDOăFUHVFPDVD
6DUFLQăPD[LPăvQ NJ SURSULHODJROúLUHGXFVDUFLQDPD[LPă
SRUWEDJDM 6DUFLQDPD[LPă NJ
SHSDYLOLRQ
'DWHWHKQLFH

,QIRUPDĠLLOHSULYLQGJUHXWDWHDVSHFLILFH
DXWRYHKLFXOXOXLVHUHJăVHVFSHSOăFXĠDGH 6DUFLQăPD[LPăvQ NJ
LGHQWLILFDUHDDXWRYHKLFXOXOXL SRUWEDJDM
3DJLQD
,QIRUPDĠLLOHSULYLQGJUHXWDWHDVSHFLILFH
DXWRYHKLFXOXOXLVHUHJăVHVFSHSOăFXĠDGH
'DWHSULYLQGDXWRYHKLFXOXO& LGHQWLILFDUHDDXWRYHKLFXOXOXL
%OXH()),&,(1&< 3DJLQD

'LPHQVLXQLDXWRYHKLFXO
/XQJLPHDDXWRYH PP
KLFXOXOXL(&(
/ăĠLPHDDXWRYHKL PP
FXOXOXLLQFOXVLY
RJOLQ]LOHH[WH
ULRDUH

 9DORULOHOLSVăQXHUDXGLVSRQLELOHvQPRPHQWXOWULPLWHULLODWLSDU
 9DORULOHVSHFLILFDWHSRWGLIHULGHYDORULOHUHDOHvQIXQFĠLHGHSQHXULVDUFLQăHFKLSDPHQWRSĠLRQDOúLVWDUHD
VXVSHQVLHL
 9DORULOHOLSVăQXHUDXGLVSRQLELOHvQPRPHQWXOWULPLWHULLODWLSDU
 'DWHSULYLQGDXWRYHKLFXOXO 

'DWHSULYLQGDXWRYHKLFXOXO& 'DWHSULYLQGDXWRYHKLFXOXO&$0*
%OXH()),&,(1&<
'LPHQVLXQLDXWRYHKLFXO
'LPHQVLXQLDXWRYHKLFXO
/XQJLPHDDXWRYH PP
/XQJLPHDDXWRYH PP KLFXOXOXL(&(
KLFXOXOXL(&(
/ăĠLPHDDXWRYHKL PP
/ăĠLPHDDXWRYHKL PP FXOXOXLLQFOXVLY
FXOXOXLLQFOXVLY RJOLQ]LOHH[WH
RJOLQ]LOHH[WH ULRDUH
ULRDUH
/ăĠLPHDDXWRYHKL PP
/ăĠLPHDDXWRYHKL PP FXOXOXLIăUăRJOLQ
FXOXOXLIăUăRJOLQ ]LOHH[WHULRDUH
]LOHH[WHULRDUH
ÌQăOĠLPHDXWRYHKL PP
ÌQăOĠLPHDXWRYHKL PP FXO
FXO
$PSDWDPHQW PP
$PSDWDPHQW PP
*UHXWăĠLDXWRYHKLFXO
0DVăDXWRYHKLFXO
0DVăSURSULHOD NJ
0DVăSURSULHOD JROvQFRQIRUPL
JROvQFRQIRUPL WDWHFXGLUHFWLYD

'DWHWHKQLFH
WDWHFXGLUHFWLYD &(
&(
0DVDSURSULHODJROLQFOXGHúRIHUXONJ
0DVDSURSULHODJROLQFOXGHúRIHUXONJ EDJDMXONJúLWRDWHOLFKLGHOHUH]HUYRUGH
EDJDMXONJúLWRDWHOLFKLGHOHUH]HUYRUGH FDUEXUDQWSOLQvQSURSRUĠLHGH$UWLFR
FDUEXUDQWSOLQvQSURSRUĠLHGH$UWLFR OHOHGLQHFKLSDUHDRSĠLRQDOăFUHVFPDVD
OHOHGLQHFKLSDUHDRSĠLRQDOăFUHVFPDVD SURSULHODJROúLUHGXFVDUFLQDPD[LPă
SURSULHODJROúLUHGXFVDUFLQDPD[LPă
6DUFLQDPD[LPă NJ
6DUFLQDPD[LPă NJ SHSDYLOLRQ
SHSDYLOLRQ
6DUFLQăPD[LPăvQ NJ
6DUFLQăPD[LPăvQ NJ SRUWEDJDM
SRUWEDJDM
,QIRUPDĠLLOHSULYLQGJUHXWDWHDVSHFLILFH
,QIRUPDĠLLOHSULYLQGJUHXWDWHDVSHFLILFH DXWRYHKLFXOXOXLVHUHJăVHVFSHSOăFXĠDGH
DXWRYHKLFXOXOXLVHUHJăVHVFSHSOăFXĠDGH LGHQWLILFDUHDDXWRYHKLFXOXOXL
LGHQWLILFDUHDDXWRYHKLFXOXOXL 3DJLQD
3DJLQD

 9DORULOHVSHFLILFDWHSRWGLIHULGHYDORULOHUHDOHvQIXQFĠLHGHSQHXULVDUFLQăHFKLSDPHQWRSĠLRQDOúLVWDUHD
VXVSHQVLHL
 9DORULOHOLSVăQXHUDXGLVSRQLELOHvQPRPHQWXOWULPLWHULLODWLSDU
 9DORULOHVSHFLILFDWHSRWGLIHULGHYDORULOHUHDOHvQIXQFĠLHGHSQHXULVDUFLQăHFKLSDPHQWRSĠLRQDOúLVWDUHD
VXVSHQVLHL

 'DWHSULYLQGDXWRYHKLFXOXO

'DWHSULYLQGDXWRYHKLFXOXO&&', 0DVăDXWRYHKLFXO
%OXH()),&,(1&<
6DUFLQăPD[LPăvQ NJ
'LPHQVLXQLDXWRYHKLFXO SRUWEDJDM
/XQJLPHDDXWRYH PP ,QIRUPDĠLLOHSULYLQGJUHXWDWHDVSHFLILFH
KLFXOXOXL(&( DXWRYHKLFXOXOXLVHUHJăVHVFSHSOăFXĠDGH
LGHQWLILFDUHDDXWRYHKLFXOXOXL
/ăĠLPHDDXWRYHKL PP 3DJLQD
FXOXOXLLQFOXVLY
RJOLQ]LOHH[WH
ULRDUH
'DWHSULYLQGDXWRYHKLFXOXO&&',
/ăĠLPHDDXWRYHKL PP %OXH()),&,(1&<
FXOXOXLIăUăRJOLQ
]LOHH[WHULRDUH 'LPHQVLXQLDXWRYHKLFXO

ÌQăOĠLPHDXWRYHKL PP /XQJLPHDDXWRYH PP

FXO KLFXOXOXL(&(

$PSDWDPHQW PP /ăĠLPHDDXWRYHKL PP

FXOXOXLLQFOXVLY
RJOLQ]LOHH[WH
0DVăDXWRYHKLFXO ULRDUH
0DVăSURSULHOD /ăĠLPHDDXWRYHKL PP
JROvQFRQIRUPL FXOXOXLIăUăRJOLQ
'DWHWHKQLFH

WDWHFX'LUHFWLYD ]LOHH[WHULRDUH
&(WUDQVPLVLH
PDQXDOă ÌQăOĠLPHDXWRYHKL PP
FXO
0DVăSURSULHOD
JROvQFRQIRUPL $PSDWDPHQW PP
WDWHFX'LUHFWLYD
&(WUDQVPLVLH
DXWRPDWă
0DVDSURSULHODJROLQFOXGHúRIHUXONJ
EDJDMXONJúLWRDWHOLFKLGHOHUH]HUYRUGH
FDUEXUDQWSOLQvQSURSRUĠLHGH$UWLFR
OHOHGLQHFKLSDUHDRSĠLRQDOăFUHVFPDVD
SURSULHODJROúLUHGXFVDUFLQDPD[LPă
6DUFLQDPD[LPă NJ
SHSDYLOLRQ

 9DORULOHVSHFLILFDWHSRWGLIHULGHYDORULOHUHDOHvQIXQFĠLHGHSQHXULVDUFLQăHFKLSDPHQWRSĠLRQDOúLVWDUHD
VXVSHQVLHL
 9DORULOHOLSVăQXHUDXGLVSRQLELOHvQPRPHQWXOWULPLWHULLODWLSDU
 9DORULOHVSHFLILFDWHSRWGLIHULGHYDORULOHUHDOHvQIXQFĠLHGHSQHXULVDUFLQăHFKLSDPHQWRSĠLRQDOúLVWDUHD
VXVSHQVLHL
 &kUOLJGHWUDFWDUHDUHPRUFLL 

0DVăDXWRYHKLFXO C

0DVăSURSULHOD ±PP

JROvQFRQIRUPL
WDWHFX'LUHFWLYD G 9DORULOHVSHFLILFDWHSRWGLIHULGHYDORULOH
&(WUDQVPLVLH UHDOHvQIXQFĠLHGHSQHXULVDUFLQăHFKLSD
PDQXDOă PHQWRSĠLRQDOúLVWDUHDVXVSHQVLHL
0DVăSURSULHOD
JROvQFRQIRUPL
WDWHFX'LUHFWLYD &kUOLJGHWUDFWDUHDUHPRUFLL
&(WUDQVPLVLH 'LPHQVLXQLGHPRQWDUH
DXWRPDWă
 $9(57,60(17
0DVDSURSULHODJROLQFOXGHúRIHUXONJ
6ROLFLWDĠLHIHFWXDUHDPRGHUQL]ăULLFXXQFkUOLJ
EDJDMXONJúLWRDWHOLFKLGHOHUH]HUYRUGH
GHWUDFWDUHDUHPRUFLLQXPDLODXQDWHOLHUGH
FDUEXUDQWSOLQvQSURSRUĠLHGH$UWLFR
VSHFLDOLWDWHDXWRUL]DWFDUHGLVSXQHGHFXQRú
OHOHGLQHFKLSDUHDRSĠLRQDOăFUHVFPDVD
WLQĠHOHGHVSHFLDOLWDWHúLLQVWUXPHQWHOHQHFH
SURSULHODJROúLUHGXFVDUFLQDPD[LPă
VDUHHIHFWXăULLLQWHUYHQĠLLORUUHVSHFWLYH0HU
6DUFLQDPD[LPă NJ FHGHV%HQ]UHFRPDQGăVăXWLOL]DĠLXQ&HQWUX
SHSDYLOLRQ GH6HUYLFH0HUFHGHV%HQ]vQDFHVWVFRSÌQ
VSHFLDOWRDWHLQWHUYHQĠLLOHDVXSUDVLVWHPHORU
6DUFLQăPD[LPăvQ NJ GHVLJXUDQĠăVDXFRUHODWHFXVLJXUDQĠDVHYRU
SRUWEDJDM HIHFWXDODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

'DWHWHKQLFH
,QIRUPDĠLLOHSULYLQGJUHXWDWHDVSHFLILFH
DXWRYHKLFXOXOXLVHUHJăVHVFSHSOăFXĠDGH
 'DFăVROLFLWDĠLPRGHUQL]DUHDXQXLFkUOLJ
LGHQWLILFDUHDDXWRYHKLFXOXOXL GHWUDFWDUHDUHPRUFLLHVWHSRVLELOVăILH
3DJLQD QHFHVDUHPRGLILFăULODVLVWHPXOGHUăFLUHvQ
IXQFĠLHGHWLSXODXWRYHKLFXOXOXL
'DFăVROLFLWDĠLPRGHUQL]DUHDXQXLFkUOLJGH
'LPHQVLXQLGHGHVFKLGHUHDOHFDSRWHL WUDFWDUHDUHPRUFLLUHVSHFWDĠLSXQFWHOHGH
SRUWEDJDMXOXL DQFRUDUHGHSHFDGUXOúDVLXOXL

C ÌQăOĠLPHGHGHVFKLGHUH

 9DORULOHOLSVăQXHUDXGLVSRQLELOHvQPRPHQWXOWULPLWHULLODWLSDU


 &kUOLJGHWUDFWDUHDUHPRUFLL

3XQFWHGHDQFRUDUHSHQWUXFkUOLJXOGHWUDFWDUHD 3XQFWHGHDQFRUDUHSHQWUXFkUOLJXOGHWUDFWDUHD
UHPRUFLLDXWRYHKLFXOHIăUăSDFKHWVSRUW$0* UHPRUFLLDXWRYHKLFXOHFXSDFKHWVSRUW$0*
C 3XQFWHGHDQFRUDUH C 3XQFWHGHDQFRUDUH
D /XQJLPHvQFRQVROă D /XQJLPHvQFRQVROă
‡ /LQLHPHGLDQăSXQWHVSDWH ‡ /LQLHPHGLDQăSXQWHVSDWH
'DWHWHKQLFH

3HQWUXFkUOLJHOHGHWUDFWDUHDUHPRUFLLPRQ
WDWHGLQIDEULFăOXQJLPHDvQFRQVROăHVWHGH
PPDXWRYHKLFXOHIăUăSDFKHWVSRUW
$0*VDXGHPPDXWRYHKLFXOHFX
SDFKHWVSRUW$0*

6DUFLQLUHPRUFă

 7RDWHPRGH
OHOH
6DUFLQăDGPLVă NJ
UHPRUFăQHIUkQDWă
6DUFLQăDGPLVă NJ
UHPRUFăIUkQDWă
6DUFLQăYHUWLFDOă NJ
PD[LPăSHEDUDGHWUDF
WDUH

 &$0*QXSRDWHILXWLOL]DWODWUDFWDUHDXQHLUHPRUFL
 &XRFDSDFLWDWHPLQLPăGHXUFDUHvQSDQWăGHGHSHORF
 6DUFLQDYHUWLFDOăSHEDUDGHWUDFWDUHQXHVWHLQFOXVăvQVDUFLQDUHPRUFLL
 6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOăSHĠăUL 

6DUFLQDDGPLVăSHSXQWHDVSDWHODWUDFWDUHDXQHLUHPRUFL

&RXSp
7UDQVPLVLHPDQXDOă 7UDQVPLVLHDXWRPDWă
& NJ NJ

& ± NJ

& ± NJ

&&', NJ NJ

&&', NJ NJ

6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOăSHĠăUL

6LVWHPXOGHVHQ]RULUDGDUGH*+]QHFHVLWăDSUREDUHVHSDUDWăSHQWUXILHFDUHĠDUă&kQG
FRQGXFHĠLvQWURĠDUăvQFDUHVLVWHPXOGHVHQ]RULUDGDUQXHVWHDSUREDWWUHEXLHVăGH]DFWLYDĠL
VLVWHPXOFXDMXWRUXOFDOFXODWRUXOXLGHERUG3DJLQD3UH]HQWDUHDJHQHUDOăSHĠDUD
FXUHQWăSRDWHILREĠLQXWăGHODXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
$XWRYHKLFXOHOHFXXQVLVWHPGHQDYLJDĠLHVLVWHPXOGHVHQ]RULUDGDUHVWHGH]DFWLYDWDXWR
PDWOkQJăXQLWăĠLUDGLRWHOHVFRS
6LVWHPHOHDFWLYHPRPHQWDQVXQWGH]DFWLYDWHDXWRPDW

'DWHWHKQLFH
=',67521,&3/863DJLQD
=$VLVWHQĠăODXQJKLXOPRUW3DJLQD
=$VLVWHQĠDDFWLYăODSXQFWXOPRUW3DJLQD
=)UkQă35(6$)(Š3DJLQD

8QPHVDMGHGLVSOD\DSDUHSHDILúDMXOPXOWLIXQFĠLRQDOSHQWUXDYăLQIRUPDFăVLVWHPXOGH
VHQ]RULUDGDUHVWHvQFXUVGHGH]DFWLYDUH3DJLQD
%$63/863DJLQDHVWHDSRLGHDVHPHQHDLQGLVSRQLELO
'DFăGH]DFWLYDUHDQXVXUYLQHDXWRPDWWUHEXLHVăGH]DFWLYDĠLVLVWHPXOGHVHQ]RULUDGDUFX
DMXWRUXOFDOFXODWRUXOXLGHERUG3DJLQD
$XWRYHKLFXOHIăUăQDYLJDĠLHúLDXWRYHKLFXOHSHQWUX$XVWUDOLDWUHEXLHVăGH]DFWLYDĠLVLV
WHPXOGHVHQ]RULUDGDUFXDMXWRUXOFDOFXODWRUXOXLGHERUGFkQGYăDIODĠLOkQJăRXQLWDWHUDGLR
WHOHVFRS3DJLQD
ğDUă 8QLWăĠLUDGLRWH /DWLWXGLQHúLORQJLWXGLQH 'LVWDQĠDGHPHQ
OHVFRS JHRJUDILFă ĠLQXWSkQăODXQL
WDWH
(JLSW ± ± ±
$QGRUD ± ± ±

 %OXH()),&,(1&<


 6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOăSHĠăUL

ğDUă 8QLWăĠLUDGLRWH /DWLWXGLQHúLORQJLWXGLQH 'LVWDQĠDGHPHQ

OHVFRS JHRJUDILFă ĠLQXWSkQăODXQL
WDWH
$XVWUDOLD 3DUNHV ƒ
6ƒ
( NP
1DUUDEUL ƒ
6ƒ
( NP
&DQEHUUD ƒ
6ƒ
( NP
$XVWUDOLDGH9HVW ƒ
6ƒ
( NP
%DKUHLQ ± ± ±
%HOJLD ± ± ±
%RVQLD+HUĠHJR ± ± ±
YLQD
%XOJDULD ± ± ±
'DQHPDUFD ± ± ±
*HUPDQLD (IIHOVEHUJ ƒ
1ƒ
( NP
(VWRQLD ± ± ±
)LQODQGD 0HWVlKRYL ƒ
1ƒ
( NP
'DWHWHKQLFH

7XRUOD ƒ
1ƒ
( NP
)UDQĠD 3ODWHDXGH%XUH ƒ
1ƒ
( NP
)ORLUDF ƒ
1ƒ
: NP
*LEUDOWDU ± ± ±
*UHFLD ± ± ±
5HJDWXO8QLW &DPEULGJH ƒ
1ƒ
( NP
'DUQKDOO ƒ
1ƒ
: NP
-RGUHOO%DQN ƒ
1ƒ
: NP
.QRFNLQ ƒ
1ƒ
: NP
3LFNPHUH ƒ
1ƒ
: NP
,UODQGD ± ± ±
,VODQGD ± ± ±
,WDOLD 0HGLFLQD ƒ
1ƒ
( NP
1RWR ƒ
1ƒ
( NP
6DUGLQLD ƒ
1ƒ
( NP
6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOăSHĠăUL 

ğDUă 8QLWăĠLUDGLRWH /DWLWXGLQHúLORQJLWXGLQH 'LVWDQĠDGHPHQ

OHVFRS JHRJUDILFă ĠLQXWSkQăODXQL
WDWH
<HPHQ ± ± ±
,RUGDQLD ± ± ±
&DQDGD ± ± ±
4DWDU ± ± ±
&URDĠLD ± ± ±
.XZHLW ± ± ±
/HWRQLD 9HQWVSLOV ƒ
1ƒ
( NP
/LEDQ ± ± ±
/LWXDQLD ± ± ±
/X[HPEXUJ ± ± ±
0DOD\VLD ± ± ±
0DOWD ± ± ±
0DFHGRQLD ± ± ±

'DWHWHKQLFH
0H[LF ± ± ±
0RQJROLD ± ± ±
1RXD=HHODQGă ± ± ±
2ODQGD ± ± ±
1RUYHJLD ± ± ±
2PDQ ± ± ±
$XVWULD ± ± ±
3DNLVWDQ ± ± ±
3RORQLD .UDNyZ)RUW6NDáD ƒ
1ƒ
( NP
7RUXĔ3LZQLFH ƒ
1ƒ
( NP
3RUWXJDOLD ± ± ±
5RPkQLD ± ± ±
5XVLD 'LPLWURY ƒ
1ƒ
( NP
.DO\D]LQ ƒ
1ƒ
( NP
3XVKFKLQR ƒ
1ƒ
( NP

 6LVWHPXOGHVHQ]RUUDGDUGH*+]SUH]HQWDUHJHQHUDOăSHĠăUL

ğDUă 8QLWăĠLUDGLRWH /DWLWXGLQHúLORQJLWXGLQH 'LVWDQĠDGHPHQ

OHVFRS JHRJUDILFă ĠLQXWSkQăODXQL
WDWH
=HOHQFKXNVND\D ƒ
1ƒ
( NP
$UDELD6DXGLWă ± ± ±
6XHGLD 2QVDOD ƒ
1ƒ
( NP
(OYHĠLD %OHLHQ ƒ
1ƒ
( NP
6LQJDSRUH ± ± ±
6ORYDFLD ± ± ±
6ORYHQLD ± ± ±
6SDQLD <HEHV ƒ
1ƒ
: NP
5REOHGR ƒ
1ƒ
: NP
$IULFDGH6XG ± ± ±
6LULD ± ± ±
5HSXEOLFD&HKă ± ± ±
7XUFLD ± ± ±
'DWHWHKQLFH

8FUDLQD ± ± ±
8QJDULD 3HQF ƒ
1ƒ
( NP
68$ ± ± ±
(PLUDWHOH$UDEH ± ± ±
8QLWH
&LSUX ± ± ±


'HWDOLLOHSXEOLFDĠLHL
,QWHUQHW

,QIRUPDĠLLVXSOLPHQWDUHGHVSUHDXWRYHKLFX
OHOH0HUFHGHV%HQ]úLGHVSUH'DLPOHU$*VH
UHJăVHVFSHXUPăWRDUHOHVLWHXUL
KWWSZZZPHUFHGHVEHQ]FRP
KWWSZZZGDLPOHUFRP

%LURXOUHGDFĠLHL

(FKLSDGHUHGDFWRULWHKQLFLDúWHDSWăFX
SOăFHUHRULFHvQWUHEăULVDXVXJHVWLLDĠLDYHD
SULYLQGDFHVW0DQXDOGHXWLOL]DUHODXUPăWRD
UHDDGUHVă
'DLPOHU$*+3&5
'6WXWWJDUW*HUPDQLD
1XHVWHSHUPLVăUHWLSăULUHDWUDGXFHUHDVDX
UHSURGXFHUHDvQRULFHDOWPRGLQWHJUDOăVDX
SDUĠLDOăIăUăSHUPLVLXQHDVFULVăD'DLPOHU
$*

'DWDHGLĠLHL
q1st


1UGHFRPDQGă 1USLHVă (GLĠLD1$E