Académique Documents
Professionnel Documents
Culture Documents
Carte Info
Carte Info
,1)250$7,&
FODVDD,;D
$XWRUL
SURI6LPRQD+DLGX
SURI'DQD9DLGD
SURI(XJHQ,RQHVFX
&RRUGRQDWRUL
OHFWRUXQLYGU&ODUD,RQHVFX
SURI$GLQD%ODQ
3UHID
$WXQFLFkQGDPSRUQLWODGUXPvQSURLHFWDUHDFRQLQXWXOXLDFHVWHLFULPDLvQWkLDWUH
EXLWVUVSXQGHPODRPXOLPHGHvQWUHEULFXLVHDGUHVHD]DFHDVWFDUWHFDUHVXQW
RELHFWLYHOHSHFDUHOHXUPULPDWkWGLQSXQFWGHYHGHUHDOFRQLQXWXOXLFkWLDODVSHF
WHORUGLGDFWLFH
(VWHLPSRUWDQWFDGHODvQFHSXWVFODULILFPXQDVSHFWLPSRUWDQWQXHVWHYRUEDGH
XQPDQXDORELQXLWFDUHSHED]DXQHLSURJUDPHFRODUHRIHUFXQRWLQHDFRSHULWRDUH
LQWUvQGHWDOLLFDUHVXQWQHFHVDUHHOHYLORUSHQWUXDvQHOHJHLDGREkQGLFRQFHSWHIXQ
GDPHQWDOH$FHDVWFDUWHVHDGUHVHD]DFHORUFRSLLFDUHVXQWGRULWRULGHFXQRWLQHVX
SOLPHQWDUH GRUHVF V vQYHH PDL UHSHGH L V DWLQJ SHUIRUPDQH vQ LQIRUPDWLF FX
SUHFGHUHvQDOJRULWPLFLSURJUDPDUHQFRQVHFLQFXQRWLQHOHWHRUHWLFHVXQWSUH
]HQWDWHVXPDUVXQWRULHQWDWHVSUHVFRSXOFODUGHDFUHDGHSULQGHULOHQHFHVDUHSHQWUX
DDWDFDFkWPDLUHSHGHSUREOHPHOHSURSXVHVSUHUH]ROYDUHGLQGRPHQLX
QYPkQWXO GH LQIRUPDWLF GLQ 5RPkQLD D FXQRVFXW PXOWH VXFFHVH $EVROYHQLL
IRVWHORUOLFHHGHLQIRUPDWLFvQILLQDWHvQD]LVXQWSURIHVRULXQLYHUVLWDULFHUFHW
WRULFRQGXFWRULGHILUPHFXXQFXYkQWRDPHQLGHVXFFHV$FHVWOXFUXVHGDWRUHD]L
FDOLWLLvQYPkQWXOXLGLQDFHVWHFROLGDULIDSWXOXLFLQIRUPDWLFDvLDWUJHDSHFHL
PDLGRWDLWLQHUL(VWHODIHOLD]LGDUvQYPkQWXOGHLQIRUPDWLFSHGHRSDUWHVD
H[WLQV vQ VHQVXO QXPUXOXL GH FRSLL FDUH vQYD LQIRUPDWLF vQ 5RPkQLD SH GH DOW
SDUWHVDUHGXVDVF]XWQXPUXOGHRUHSHVSWPkQDORFDWHGLVFLSOLQHLGHODOD
(VWHFODUFQXVHSRDWHOXFUDSHUIRUPDQvQRUHFXWRLFRSLLLDDFDDSUXWQH
FHVLWDWHDGHDRIHULFHORUSDVLRQDLLGRULWRULGHSHUIRUPDQXQFDGUXVXSOLPHQWDUXQ
GHVHSRWRFXSDFXFHHDFHvLLQWHUHVHD]
(OHYLLGLQ5RPkQLDFURUDOHSODFHSURJUDPDUHDSRWSDUWLFLSDODRVHULHGHFRQFXU
VXULVLPSR]LRDQHWDEHUHXQGHSRWvQYDLSRWDUWDFHHDFHWLX2OLPSLDGHOHGHLQ
IRUPDWLF VXQW FX SUHFGHUH GH DOJRULWPLF L SURJUDPDUH 3ULPD FRQGLLH SH FDUH XQ
HOHY WUHEXLH VR vQGHSOLQHDVFSHQWUXDDYHDVXFFHVODDFHVWHROLPSLDGHHVWHVILHvQ
VWDUHVVHJkQGHDVFVLQJXUVVHFRQFHQWUH]HLVDLEFXUDMSHQWUXLPSOHPHQWDUHD
XQHLVROXLLRULJLQDOH)LHFDUHSURLHFWGHDOJRULWPILHFDUHSURJUDPHVWHRFUHDLHQRX
LWUHEXLHVvQGHSOLQHDVFWRDWHFHULQHOHLUHVWULFLLOHLPSXVHvQVSHFLILFDLLOHSUREOH
3UHID
PHORUGHUH]ROYDW3HQWUXDDMXQJHvQVLWXDLDUHVSHFWLYHVWHQHYRLHGHPXOWHH[HUFLLL
GHPXOWHDQWUHQDPHQWH$FHVWHDELOLWLVHSRWIRUPDGRDUUH]ROYkQGPXOWHIRDUWHPXO
WHSUREOHPH
QFRQFOX]LHFDUWHDHVWHPDLPXOWRFXOHJHUHGHSUREOHPHGHFkWXQPDQXDOQFRQ
FHSLDDXWRULORUHDWRWXLWUHEXLHSDUFXUVvQVXFFHVLXQHDFDSLWROHORUDDFXPVXQWHOH
vQLUXLWHvQFDUWH5HFRPDQGPDFHVWOXFUXGHRDUHFHFDUWHDQHILLQGRYHUVLXQHvPERJ
LWDXQXLPDQXDOHODERUDWFRQIRUPSURJUDPHLFRODUHFXQRWLQHOHGLQFDUWHGHSHVF
FRQLQXWXODFHVWHLSURJUDPHHVWHQHYRLHGHRDERUGDUHWUHSWDWDSUREOHPHORU$FFHQ
WXPGHDVHPHQHDFGDFXQLLHOHYLDXGHMDFXQRWLQHGHSURJUDPDUHGLQJLPQD]LX
GHOD&OXEXO&RSLLORUHWFHLQXWUHEXLHFRQVWUkQLGHH[HPSOXVQXIRORVHDVFVXE
SURJUDPHDQWHULRUFDSLWROXOXLvQFDUHVHSUH]LQWDFHVWFRQFHSW$OWIHOVSXVRULFHSDV
vQDLQWHHVWHSHUPLVFKLDUELQHYHQLWFXFRQGLLDFDUH]ROYLWRULLVUHVSHFWHVSHFLILFD
LLOHSUREOHPHL
3URIHVRUXOHVWHVIWXLWVOXFUH]HFXHOHYLLLQkQGFRQWGHvQWUHEULOHLGHUVSXQVX
ULOHORUVLPRGHOH]HDFWLYLWDWHDvQIXQFLHGHQLYHOXOJUXSXOXL'DFDFWLYLWDWHDGH
FXUJHIUSUREOHPHHYLGHQWVHSRDWHDYDQVDUHSHGHLVHSRWVWXGLDLSUREOHPHGLQ
DOWHVXUVHVDXFKLDUGLQPDQXDOHOHFDUHFRQVWLWXLHFRQWLQXDUHDFHOXLGHID6HWLHF
ODROLPSLDGHQXSUHDVHLQHFRQWGHSURJUDPDFRODULDUODROLPSLDGHOHLQWHUQDLR
QDOHH[LVWRVLQJXUFDWHJRULHGHYkUVWDQL
5H]ROYULOHSUREOHPHORUSURSXVHVXQWSUH]HQWDWHVXEIRUPGHH[SOLFDLLLHYHQWXDO
SVHXGRFRGXODOJRULWPXOXL7H[WHOHVXUVOHYHLSXWHDFRQVXOWDvQVRIWZDUHXOFDUHvQVR
HWHDFHVWHPDQXDOH1XDYHPSUHWHQLDFvQWRWGHDXQDDPSURSXVFHDPDLHOHJDQWL
FHDPDLHILFLHQWUH]ROYDUH'DFQHFRQWDFWDLLYHLILGHDFRUGFDVROXLLOHLQWHUHVDQ
WH L RULJLQDOH DOH GXPQHDYRDVWU V GHYLQ SXEOLFH DFHVWHD YRU IL vQJOREDWH vQ VRIW
ZDUHLYRUILDGXJDWHQRLORUHGLLLDOHPDQXDOHORU
9GRULPVXFFHV
$XWRULL
3URJUDPDFRODU
*HQHUDOLWL
vQ SURJUDPDUH QX SUHFL]HD] OLPEDMXO GH SURJUDPDUH Q IXQFLH GH FHULQHOH
HOHYLORULGLVSRQLELOLWLOHSURIHVRULORUWRDWHWHPHOHVHSRWWUDWDUHDOL]kQGDSOLFDLL
vQOLPEDMXOPascalLVDXC++'HDVHPHQHDVHYRUIDFHDSOLFDLLLvQFreePascal
UHVSHFWLYgnu C(YLGHQWQXVXQWH[FOXVHQLFLPHGLLOHYL]XDOH'HOSKL9LVXDO&
9LVXDO%DVLFVDX-DYD
x &RQLQXWXOSURJUDPHLHVWHJUXSDWvQGHVSWPkQLSHSDUFXUVXOFURUDDSUR[L
PDWLYGLQSDWUXvQSDWUXVSWPkQLVHYRURUJDQL]DPLQLFRQFXUVXULGLQGRPHQLXO
GRPHQLLOHGHFXQRWLQHDERUGDWHGHMD(OHYLLYRUOXFUDvQFRQGLLLVLPLODUHYLLWRD
UHORU FRQFXUVXUL OD FDUH YRU SDUWLFLSD (YDOXDUHD VH YD IDFH DXWRPDW XWLOL]kQG
VRIWZDUHXOGHHYDOXDUHFDUHYDILIRORVLWLvQFHOHODOWHVSWPkQLSHQWUXDYHULILFD
OXFUULOHHOHYLORULDHYDOXDPRGXOvQFDUHHLDYDQVHD]
2ELHFWLYHJHQHUDOH
(OHYLLSDUWLFLSDQLYRUILFDSDELOL
VDQDOL]H]HHQXQXULGHSUREOHPHFDUHGHSHVFQLYHOXOSURJUDPHLFRODUH
V DOHDJ WLSXO GDWHORU V FUHH]H VWUXFWXUL GH GDWH DGHFYDWH vQ VFRSXO PRGHOULL
GDWHORUGHLQWUDUHLGHLHLUH
VSURLHFWH]HDOJRULWPLGHUH]ROYDUHSHQWUXSUREOHPH
VLPSOHPHQWH]HDOJRULWPLLSURLHFWDLXWLOL]kQGXQOLPEDMGHSURJUDPDUH
VSUHOXFUH]HGDWHVWUXFWXUDWHODQLYHOGHFRPSRQHQWHLODQLYHOGHVWUXFWXU
VOXFUH]HFXGDWHRUJDQL]DWHvQILLHUH
VOXFUH]HFXVXESURJUDPH
VDOHDJDOJRULWPXOGHRUGRQDUHUHVSHFWLYGHFXWDUHDGHFYDW
VIRORVHDVFRSHUDWRULLSHELLvQYHGHUHDRSWLPL]ULLSURJUDPHORU
VSUHOXFUH]HQXPHUHGHRULFHGLPHQVLXQH
VOXFUH]HUHFXUVLYvQVLWXDLDvQFDUHDFHVWOXFUXHVWHQHFHVDULQXDIHFWHD]WLPSXO
GHH[HFXWDUHDSURJUDPHORU
VUH]ROYHSUREOHPHDSOLFkQGPHWRGDEDFNWUDFNLQJ
3URJUDPDFRODU
*UXSDUHDWHPHORUSHVSWPkQL
6SWPkQLOH5HFDSLWXODUHDFXQRWLQHORUDFXPXODWHvQ
JLPQD]LX
2ELHFWLYHVSHFLILFH
$FHLHOHYLFDUHDXSDUWLFLSDWODDFWLYLWLOHFHQWUXOXLGHH[FHOHQODLQIRUPDWLFvQ
JLPQD]LXVDXDXIRVWDWUDLVSUHFRQFXUVXULGHSURJUDPDUHYRUHIHFWXDRUHFDSLWXODUH
VXEFRQGXFHUHDSURIHVRUXOXL'DUvQWRWGHDXQDH[LVWLHOHYLFDUHLDXFRQWDFWFXDOJR
ULWPLLLFXSURJUDPDUHDGRDUvQFODVDDD$FWLYLWDWHDVHYDGHVIXUDvQDDPDQLH
U vQFkW vQFHSWRULL VL DMXQJ GLQ XUP SH FHL DYDQVDL FkW VH SRDWH GHUHSHGHQ
DFHVWVFRSSHQWUXDFHWLHOHYLFRQLQXWXOFDSLWROXOXLGHUHFDSLWXODUHVHYDHDORQDSH
WUHLSDWUXVSWPkQL(OHYLLFDSDELOLYRUUH]ROYDSUREOHPHOHSURSXVHvQDFHVWFDSLWRO
SHQWUXDILHYDOXDLLJUXSDLvQVXEJUXSHvQIXQFLHGHQLYHOXOGHFXQRWLQH
x 6WUXFWXUDSURJUDPHORU3DVFDO9RFDEXODUXOOLPEDMXOXL
x &RQVWDQWHWLSXULVWDQGDUGGHGDWHYDULDELOHH[SUHVLL
x &LWLUHDLVFULHUHDGDWHORU
x ,QVWUXFLXQL
3UREOHPHSHQWUXvQFHSWRULQYDUHDDOIDEHWXOXL*KLRFHLLYLRUHOH6HUYLFLXO
SHFODVWLHUHDFRSDFLORU/DVFOGDW'UXPXOVSUHFRDO
$YDQVDL1XPHUHSULPHFXGLYL]RUL0DWHPDWLFDSHFDOFXODWRU/DSHVFXLW
([FHOHQL6HUYLFLXOGHJDUG3ODVDUHDRJOLQ]LORU3DOLQGURP1XPHUHDSURSLDWH
6SWPkQD)LLHUH
2ELHFWLYHVSHFLILFH
(OHYLLVHYRUIDPLOLDUL]DFXGDWHVWRFDWHSHVXSRUWHOHFWURQLF6HWLHFvQWLPSXO
UHDOL]ULLSURJUDPHORULvQWLPSXOYHULILFULLORUDFHVWHDVHWHVWHD]vQPRGUHSHWDW
SHQWUXGLYHUVHGDWHGHLQWUDUHFDUHGHUHJXOVXQWIXUQL]DWHvQILLHUH'HDVHPHQHD
GDWHOHGHLHLUHUH]XOWDWHOHWUHEXLHSVWUDWHvQIRUPDWHOHFWURQLF/DPDUHDPDMRULWD
WHDFRQFXUVXULORUGHSURJUDPDUHGDWHOHGHLQWUDUHVXQWFLWLWHGLQILLHUHLDUFHOHGH
LHLUHVXQWVFULVHvQILLHUHPRWLYSHQWUXFDUHHOHYLLWUHEXLHVVHIDPLOLDUL]H]HFXDFHVW
DVSHFWvQFGHODvQFHSXW
x 'HWDOLLJHQHUDOHGHVSUHILLHUH
x $VLJQDUHGHVFKLGHUHSHQWUXVFULHUHFLWLUHvQFKLGHUH
FLWLUHDXQXLQXPUGLQWUXQILLHULVFULHUHDVDvQDOWILLHU
FLWLUHDWXWXURUQXPHUHORUGLQWUXQILLHUFDUHFRQLQHFkWHXQQXPUSHROLQLHL
VFULHUHDORUvQDOWILLHUFkWHXQXOSHROLQLH
FLWLUHD GDWHORU GLQWUXQ ILLHU FDUH FRQLQH QXPHUH PDL PXOWH SH R OLQLH L
VFULHUHDORUvQWUXQDOWILLHUvQDFHHDLIRUP
3URJUDPDFRODU
FLWLUHDXQHLVHFYHQHGHQXPHUHGLQWUXQILLHULVFULHUHDHLvQDOWILLHU
FLWLUHDXQRUQXPHLUXULGHFDUDFWHUHGLQWUXQILLHULVFULHUHDORUvQWUXQDOW
ILLHU
FLWLUHDXQXLQXPUQDWXUDO1GLQWUXQILLHULVFULHUHDvQWUXQDOWILLHUDWXWXURU
QXPHUHORUQDWXUDOHFXSULQVHvQWUHL1FkWHXQXOSHROLQLH
FLWLUHDXQXLQXPUQDWXUDO1GLQWUXQILLHULD1QXPHDIODWHSHXUPWRDUHOH
OLQLLDOHILLHUXOXLLVFULHUHDFHORU1QXPHvQWUXQDOWILLHU
FRSLHUHDLQWHJUDODFRQLQXWXOXLXQXLILLHUvQWUXQDOWILLHU
6SWPkQD&DOFXOHHIHFWXDWHSHLUXULGHGDWH
IUSVWUDUHDORUVXEIRUPGHWDEORXUL
2ELHFWLYHVSHFLILFH
(OHYLLYRUILFDSDELOLVUHFXQRDVFFODVDGHSUREOHPHvQFDUHDYkQGODGLVSR]LLH
RVHFYHQGHGDWHFDUHWUHEXLHSUHOXFUDWHOLQLDUQXHVWHQHFHVDUSVWUDUHDORUVXE
IRUPDVWUXFWXULORUGHGDWHvQPHPRULH'HDVHPHQHDYRUvQYDVDSOLFHWHRUHPDGH
SURJUDPDUHFDUHSUHOXFUHD]VHFYHQHGHGDWHFDUHWUDQVPLWHUH]XOWDWXOXQRUGHFL
]LL
x ,QLLDOL]DUHDVXPHLSURGXVXOXLFXHOHPHQWXOQHXWUXDORSHUDLHL
x (IHFWXDUHDXQRURSHUDLLvQSDUDOHOFXFLWLUHDGDWHORUvQFD]XOSUREOHPHORUFDUHQX
QHFHVLWSVWUDUHDLUXOXLGHGDWHvQPHPRULH
x 5HDOL]DUHD SURWHFLHL H[SOLFLWH GLQ LQWHULRUXO SURJUDPXOXL vQ FD]XO XQRU SRVLELOH
GHSLULLDXQRUGDWHFDUHQXFRUHVSXQGVSHFLILFDLLORUGLQHQXQ
FLWLUHDXQRUQXPHUHGLQWUXQILLHULVFULHUHDVXPHLORUvQWUXQDOWILLHU
FLWLUHDXQRUQXPHUHGLQWUXQILLHULVFULHUHDSURGXVXOXLORUvQWUXQDOWILLHU
FLWLUHDXQRUQXPHUHGLQWUXQILLHULVFULHUHDLVFULHUHDPHGLHLDULWPHWLFHvQWU
XQDOWILLHU
FLWLUHDXQRUFDUDFWHUHGLQWUXQILLHUXQXOSHOLQLHLVFULHUHDLUXOXLGHFDUDF
WHUHvQWUXQDOWILLHU
6SWPkQD'HWHUPLQDUHDPLQLPXOXLUHVSHFWLYDPD[LPXOXL
2ELHFWLYHVSHFLILFH
(OHYLLIDPLOLDUL]DLFXGDWHVWRFDWHSHVXSRUWHOHFWURQLFYRUvQYDFXPVHUHGHVFKL
GH XQ ILLHU SHQWUXFLWLUHUHVSHFWLYSHQWUXVFULHUHDvQFRQWLQXDUHDXQRUUH]XOWDWHvQ
DFHVWD 'H DVHPHQHD HL YRU IL FDSDELOL V UH]ROYH SUREOHPH GH PD[LP L GH PLQLP
IXUQL]kQG GDF SUREOHPD FHUH L SR]LLD SR]LLLOH YDORULORU HJDOH FX DFHVWHD &X
DFHDVW RFD]LH VH IDPLOLDUL]HD] FX VHOHFLD VHOHFWDUHD WXWXURU HOHPHQWHORU DYkQG R
SURSULHWDWHGDWLFXUHDOL]DUHDRSWLPDDFHVWRUD
x 5HGHVFKLGHUHDILLHUHORUDWXQFLFkQGHVWHQHFHVDU
x 'HWHUPLQDUHDPLQLPXOXLPD[LPXOXLGLQWUXQLUGHGDWH
x ,QLLDOL]DUHDPLQLPXOXLPD[LPXOXLFXHOHPHQWXOQHXWUXVDXFXSULPXOHOHPHQW
3URJUDPDFRODU
FLWLUHDXQRUQXPHUHGLQWUXQILLHULVFULHUHDvQWUXQILLHUDPLQLPXOXLORUSUH
FXPLDSULPHLSR]LLLSHFDUHDSDUHDFHVWPLQLP
FLWLUHDXQRUQXPHUHGLQWUXQILLHULVFULHUHDvQWUXQILLHUDPLQLPXOXLORUSUH
FXPLDXOWLPHLSR]LLLSHFDUHDSDUHDFHVWPLQLP
FLWLUHDXQRUQXPHUHGLQWUXQILLHULVFULHUHDvQWUXQILLHUDPLQLPXOXLORUSUH
FXPLDWXWXURUSR]LLLORUSHFDUHDSDUHDFHVWPLQLP
FLWLUHDXQRUQXPHUHGLQWUXQILLHULVFULHUHDvQWUXQILLHUDPLQLPXOXLORUSUH
FXPLDWXWXURUSR]LLLORUSHFDUHDSDUHDFHVWPLQLPXUPDWGHPD[LPXOORUL
DWXWXURUSR]LLLORUSHFDUHDSDUHDFHVWPD[LP
FLWLUHDXQRUQXPHGLQWUXQILLHULDILDUHDWXWXURUQXPHORUFDUHGLQSXQFWGH
YHGHUHOH[LFRJUDILFVXQWPDLPDULGHFkWXOWLPXOQXPHGLQILLHU
6SWPkQD&RQFXUV,
2ELHFWLYHVSHFLILFH
6HYDWHVWDFDSDFLWDWHDHOHYLORUGHDXWLOL]DILLHUHOHSHQWUXFLWLUHDLVFULHUHDGDWH
ORU9RUILWUHLSUREOHPHFDUHYRUILUH]ROYDWHvQGRXRUH
6SWPkQD1XPHUH,
3URJUDPDFRODU
6SWPkQD1XPHUH,,,
2ELHFWLYHVSHFLILFH
(OHYLLYRUILFDSDELOLVSUHOXFUH]HQXPHUHSHED]DFLIUHORUDFHVWRUDGDWHVXEIRU
PGHFDUDFWHUHVDXQXPHUHLYRUvQYDVDSOLFHVFKHPDOXL+RUQHU
x
'HVFRPSXQHUHFRPSXQHUHQXPHUHvQGLQFLIUH
DILDUHDFLIUHORUXQXLQXPU
GHWHUPLQDUHDQXPUXOXLGHFLIUHDOHXQXLQXPU
GHWHUPLQDUHDFHOHLPDLPDULPLFLFLIUHDXQXLQXPU
GHWHUPLQDUHD FHOHL PDL PDUL PLFL FLIUH D XQXL QXPU L D SR]LLLORU SH FDUH
DSDUHDFHDVWD
GHWHUPLQDUHDLQYHUVXOXLXQXLQXPU
JHQHUDUHDXQXLQXPUGLQWUXQLUGHFDUDFWHUHFDUHVXQWFLIUHSURWHFLHvQFD]
GHGHSLUHLGHFDUDFWHUHFDUHQXVXQWFLIUH
YHULILFDUHDIDSWXOXLFXQQXPUHVWHSDOLQGURP
GHWHUPLQDUHDWXWXURUQXPHUHORUSDOLQGURDPHGLQWUXQLQWHUYDOGDW
FLWLUHDXQXLQXPUUHDOGHIRUPD[\LDILDUHDQXPUXOXL\[
2ELHFWLYHVSHFLILFH
(OHYLL YRU IL FDSDELOL V JHQHUH]H VHFYHQH GH QXPHUH DYkQG R SURSULHWDWH GDW
IUSVWUDUHDORUvQPHPRULH
x *HQHUDUHDQXPHUHORUDYkQGRSURSULHWDWHFHUXW
GHWHUPLQDUHDSULPHORU1QXPHUHSULPH
GHWHUPLQDUHDWXWXURUQXPHUHORUSULPHGLQWUXQLQWHUYDO
GHWHUPLQDUHDWXWXURUQXPHUHORUGHWLSYDOHGLQWUXQLQWHUYDO
GHWHUPLQDUHDWXWXURUQXPHUHORUGHWLSPXQWHGLQWUXQLQWHUYDO
GHWHUPLQDUHD WXWXURU QXPHUHORU GH WLS YDOH L D WXWXURU GH WLS PXQWH
GLQWUXQLQWHUYDO
JHQHUDUHDWHUPHQLORULUXOXLOXL)LERQDFFL
QXPHUHSULHWHQH
DOWHQXPHUHVSHFLDOH
2ELHFWLYHVSHFLILFH
(OHYLLYRUILFDSDELOLVUHFXQRDVFSUREOHPHOHFDUHFHUVWDELOLUHDXQHLSURSULHWL
DOXQXLQXPUGDW5VSXQVXULOHGDWHvQFD]XODFHVWRUSUREOHPHHVWHELYDOHQW'D1X
GLQFDX]DDFHDVWDUH]ROYULOHORUVHYRUWHVWDSHSDFKHWHGHWHVWH'HDVHPHQHDvQ
FD]XOvQFDUHVHFHUHJHQHUDUHDXQRUQXPHUHDYkQGRSURSULHWDWHFHUXWYRUH[HUVD
2ELHFWLYHVSHFLILFH
0XOWH SUREOHPH FHU H[SOLFLW VDX LPSOLFLW FD XQ QXPU VDX QXPHUHOH GDWH V VH
FRQYHUWHDVFvQWURDOWED]$FHVWHRSHUDLLVHYRUUHDOL]DIUXWLOL]DUHGHWDEORXUL
x &RQYHUVLLGHQXPHUHGLQWURED]vQDOWD
FRQYHUVLHGLQED]DvQED]D
6SWPkQD1XPHUH,,
6SWPkQD1XPHUH,9
3URJUDPDFRODU
FRQYHUVLHGLQED]DvQED]D
FRQYHUVLHGLQED]DvQED]D
FRQYHUVLHGLQED]DvQED]D
FRQYHUVLHGLQED]DvQED]DE
FRQYHUVLHGLQED]DEvQED]D
FRQYHUVLHGLQED]DDvQED]DE
FRQYHUVLHGLQED]DvQED]D
FRQYHUVLHGLQED]DvQED]D
FRQYHUVLHGLQED]DDvQED]DE
FRQYHUVLHGLQED]DvQED]DERULFkWGHPDUH
FRQYHUVLHGLQED]DERULFkWGHPDUHvQED]D
FRQYHUVLHGLQED]DDRULFkWGHPDUHvQED]DERULFkWGHPDUH
6SWPkQD&RQFXUV,,
2ELHFWLYHVSHFLILFH
6H YD WHVWD FDSDFLWDWHD HOHYLORU GH D PDQLSXOD FLIUHOH XQXL QXPU GH D YHULILFD
DQXPLWHSURSULHWLDOHDFHVWRUDLGHDJHQHUDQXPHUHFXDQXPLWHSURSULHWL9RUIL
FLQFLSUREOHPHVLPSOHFDUHVHYRUUH]ROYDvQGRXRUH
6SWPkQDLUXUL,
2ELHFWLYHVSHFLILFH
(OHYLLYRUILFDSDELOLVUHFXQRDVFDFHOHSUREOHPHFDUHQHFHVLWGHFODUDUHDXQRU
WDEORXUL XQLGLPHQVLRQDOH vQ FRQVHFLQ SVWUDUHD GDWHORU vQ PHPRULH SH SDUFXUVXO
H[HFXWULLSURJUDPXOXL(LVHYRURELQXLFXSUHOXFUDUHDORU6HYRUUH]ROYDSUREOHPH
FDUHSHOkQJYHULILFDUHDSURSULHWLLFHULUHWXUQDUHDDILDUHDSR]LLHLSHFDUHVH
DIODFHVWDFHVWHHOHPHQWH
x 'HILQLUHDLUXULORUFXDMXWRUXOWDEORXULORUXQLGLPHQVLRQDOHLUH]ROYDUHDSUREOHPH
ORUGHILQLWHSHQWUXVSWPkQLOHL
GHWHUPLQDUHDVXPHLHOHPHQWHORUXQXLLU
GHWHUPLQDUHDPLQLPXOXLLPD[LPXOXLXQXLLU
GHWHUPLQDUHDSURSULHWLLXQXLHOHPHQWGLQWUXQLU
FXWDUHDOLQLDUDXQXLHOHPHQWvQWUXQLU
FXWDUHDOLQLDUDXQXLHOHPHQWvQWUXQLULGHWHUPLQDUHDWXWXURUDSDULLLORU
FXWDUHDOLQLDUDXQXLHOHPHQWvQWUXQLULHOLPLQDUHDOXL
FXWDUHDOLQLDUWXWXURUHOHPHQWHORUGLQWUXQLULHOLPLQDUHDORU
GHWHUPLQDUHDGXEOXULORUvQWUXQLULHOLPLQDUHDORU
FLWLUHDDGRXLUXULFXQXPUGLIHULWGHHOHPHQWHLGHWHUPLQDUHDLUXOXLFDUH
DUHVXPDHOHPHQWHORUPD[LPPLQLP
FLWLUHDD1LUXULFXQXPUGLIHULWGHHOHPHQWHLGHWHUPLQDUHDLUXOXLFDUHDUH
VXPDHOHPHQWHORUPD[LPPLQLP
3URJUDPDFRODU
6SWPkQDLUXUL,,2UGRQUL
2ELHFWLYHVSHFLILFH
2UGRQDUHD HVWH XQD GLQWUH RSHUDLLOH FHOH PDL IUHFYHQWH vQ DSOLFDLL (OHYLL YRU IL
FDSDELOLFDvQIXQFLHGHSURSULHWLOHGDWHORUVDOHDJPHWRGDGHRUGRQDUHFHDPDL
SRWULYLW0HWRGHGHRUGRQDUHPDLSHUIRUPDQWHVHYRUvQYDGHRGDWFXPHWRGDGLYL
GHHWLPSHUDUHVSHFWLYVWUXFWXULGHGDWHDYDQVDWH'HDVHPHQHDHOHYLLYRUIDFHGLV
WLQFLHvQWUHYHULILFDUHDSURSULHWLLXQXLHOHPHQWGLQLULSURSULHWDWHDJOREDODLUX
OXL
x 2UGRQDUHDLUXULORU
YHULILFDUHDIDSWXOXLFXQLUHVWHRUGRQDW
YHULILFDUHDIDSWXOXLFHOHPHQWHOHXQXLLUVXQWvQSURJUHVLHDULWPHWLFJHRPH
WULF
RUGRQDUHFXPHWRGDEXOHORU
VRUWDUHSULQVHOHFLH
VRUWDUHSULQLQVHULH
VRUWDUHSULQQXPUDUH
6SWPkQDLUXUL,,,LUXULRUGRQDWH
2ELHFWLYHVSHFLILFH
&XWDUHDHVWHRSHUDLDFDUHSRDWHILHIHFWXDWFXDOJRULWPLPXOWPDLHILFLHQLGDF
GDWHOHVXQWRUGRQDWHVDXVXQWSVWUDWHvQVWUXFWXULGHGDWHGHFXWDUH(OHYLLYRUvQY
DDOJRULWPXOGHFXWDUHELQDUHIUDvQYDvQGHWDOLLPHWRGDGLYLGHHWLPSHUDLVH
YRUIDPLOLDUL]DFXUH]ROYULOHSUREOHPHORUFDUHFHUGHWHUPLQDUHDFHOHLPDLOXQJLVHF
YHQHGHGDWHDYkQGHOHPHQWHFRQVHFXWLYHGHRSURSULHWDWHGDWIRORVLQGDOJRULWPLOL
QLDUL
x &XWDUHDvQLUXULRUGRQDWH
FXWDUHELQDU
LQWHUFODVDUHDGRXLUXUL
FXWDUHELQDUFXGHWHUPLQDUHDH[WUHPLWLORUDSDULLLORU
LQVHUDUHDXQXLHOHPHQWvQWUXQLURUGRQDWFXSVWUDUHDRUGLQLL
HOLPLQDUHDXQXLHOHPHQWvQWUXQLURUGRQDWFXSVWUDUHDRUGLQLL
GHWHUPLQDUHDGLQWUXQLUDGRXVXELUXULSHED]DXQHLSURSULHWLGDWHFUHkQG
GRXVXELUXULQRLFUHkQGXQVLQJXUVXELUQRXSHORF
GHWHUPLQDUHDGLQWUXQLUDPDLPXOWRUVXELUXULSHED]DDPDLPXOWRUSURSULH
WLGDWH
GHWHUPLQDUHDFHOHLPDLOXQJLVHFYHQHIRUPDWGLQHOHPHQWHDYkQGRSURSULHWD
WHGDW
3URJUDPDFRODU
GHWHUPLQDUHD FHOHL PDL OXQJL VHFYHQH FDUH HVWH IRUPDW GLQ HOHPHQWH DYkQG
VXPDPD[LP
6SWPkQD3ROLQRDPH
2ELHFWLYHVSHFLILFH
8WLOL]DUHDWDEORXULORUQXHVWHDEVROXWQHFHVDUSHQWUXDSUHOXFUDSROLQRDPH(OHYLL
YRUILFDSDELOLVLPSOHPHQWH]HRSHUDLLSHSROLQRDPH
x &DOFXOHFXSROLQRDPH
FLWLUHDXQXLSROLQRPGDWSULQJUDGLFRHILFLHQL
FLWLUHDXQXLSROLQRPGDWSULQPRQRDPH
GHWHUPLQDUHDYDORULLXQXLSROLQRPSHQWUXXQDUJXPHQWGDW
DGXQDUHDDGRXSROLQRDPH
vQPXOLUHDDGRXSROLQRDPH
vPSULUHDDGRXSROLQRDPH
GHWHUPLQDUHDDFHOXLSROLQRPGLQWUH1SROLQRDPHFDUHSHQWUXXQDUJXPHQWGDW
DUHYDORDUHPD[LP
6SWPkQD&RQFXUV,,,
2ELHFWLYHVSHFLILFH
6HYDWHVWDFDSDFLWDWHDHOHYLORUGHDOXFUDFXLUXUL'HDVHPHQHDVHYDWHVWDFD
SDFLWDWHDGHDDOHJHDOJRULWPXOGHVRUWDUHUHVSHFWLYFXWDUHDGHFYDWSUHFXPLPHWR
GDDGHFYDWGHVWRFDUHDXQXLSROLQRP9RUILWUHLSUREOHPHFDUHYRUILUH]ROYDWHvQ
GRXRUH
6SWPkQD7DEORXULPXOWLGLPHQVLRQDOH,
2ELHFWLYHVSHFLILFH
7HRULDPDWULFHORUVHvQYDvQFODVDD;,DGHFLQXHVWHQHYRLHFDHOHYLLVILHLQ
WURGXLvQFDSLWROXOUHVSHFWLYDOPDWHPDWLFLL7DEORXULOHGHQXPHUHVDXGHFDUDFWHUHVH
SRWSUHOXFUDIUDFHVWHFXQRWLQH(OHYLLVHYRURELQXLVGHILQHDVFWDEORXULELGL
PHQVLRQDOHVSUHOXFUH]HHOHPHQWHOHDFHVWRUWDEORXULLVDFFHVH]HHOHPHQWHOHWDEOR
XULORUELGLPHQVLRQDOHIRORVLQGH[SUHVLLGHLQGLFL
x &DOFXOHVLPSOHFXHOHPHQWHOHXQHLPDWULFH
VXPDHOHPHQWHORUXQHLPDWULFH
LGHQWLILFDUHDOLQLHLLFRORDQHLSHFDUHVHDIOPLQLPXOPD[LPXO
VXPDHOHPHQWHORUGHSHGLDJRQDODSULQFLSDO
VXPDHOHPHQWHORUGHSHGLDJRQDODVHFXQGDU
VXPDHOHPHQWHORUGHGHDVXSUDGHGHGHVXEWXOGLDJRQDOHLSULQFLSDOH
VXPDHOHPHQWHORUGHGHDVXSUDGHGHGHVXEWXOGLDJRQDOHLVHFXQGDUH
GHWHUPLQDUHDVXPHLFHORURSWYHFLQLDLXQXLHOHPHQW
3URJUDPDFRODU
GHWHUPLQDUHDVXPHORUHOHPHQWHORUDIODWHvQWULXQJKLXOGH16(L9GHOLPLWDW
GHGLDJRQDOHOHPDWULFHL
6SWPkQD7DEORXULPXOWLGLPHQVLRQDOH,,
2ELHFWLYHVSHFLILFH
7DEORXULOHVHSRWSDUFXUJHvQPXOWHIHOXUL(OHYLLVHIDPLOLDUL]DFXDFHVWHSDUFXU
JHUL IRUPkQGXL GH[WHULWDWHD GH D VH SOLPED vQWUR PDWULFH ELGLPHQVLRQDO FRQ
IRUPFHULQHORU
x 3UHOXFUDUHDWDEORXULORUELGLPHQVLRQDOH
URWLUHDFXGHJUDGHDXQXLWDEORXELGLPHQVLRQDO
GHWHUPLQDUHDPDWULFHLVLPHWULFHIDGHGLDJRQDODSULQFLSDOVHFXQGDU
vQORFXLUHDHOHPHQWHORUGLQWULXQJKLXOGHQRUGFXFHOHGLQWULXQJKLXOGHYHVWL
YDULDQWH
SDUFXUJHUHDSHGLDJRQDOHDXQHLPDWULFH
SDUFXUJHUHDvQVSLUDODXQHLPDWULFH
GHWHUPLQDUHDSR]LLHLSXQFWXOXLDvQWURPDWULFH
FDOFXODUHDVXPHORUGHDOXQJXOODWXULORUPDWULFHORUSWUDWLFH
YHULILFDUHDXQHLSURSULHWLJOREDOHDXQXLWDEORXELGLPHQVLRQDO
6SWPkQD7DEORXULPXOWLGLPHQVLRQDOH,,,
2ELHFWLYHVSHFLILFH
7DEORXULOH ELGLPHQVLRQDOH VH FRPSXQ GH LUXUL GH LUXUL (OHYLL VH YRU RELQXLV
VWDELOHDVFFkQGDQXPHHVWHDYDQWDMRVVSUHOXFUH]HWDEORXULELGLPHQVLRQDOHIRORVLQG
DFHDVWSURSULHWDWHDGLFPDQHYUkQGLUXUL
x 2SHUDLLFXPDWULFH
SURGXVXODGRXPDWULFH
SURGXVXOD1PDWULFH
LQYHUVDUHDDGRXOLQLLFRORDQH
RUGRQDUHDOLQLLORUDVWIHOvQFkWHOHPHQWHOHGHSHGLDJRQDODSULQFLSDOVHFXQGDU
VILHvQRUGLQHFUHVFWRDUHGHVFUHVFWRDUH
LQWHUFODVDUHDD1LUXULRUGRQDWH
YHULILFDUHDWULXQJKLXODULWLLXQHLPDWULFHLQIHULRUVXSHULRUWULXQJKLXODU
6SWPkQD7DEORXULPXOWLGLPHQVLRQDOH,9
2ELHFWLYHVSHFLILFH
QSUREOHPHSRWVDSDULWDEORXULFXPDLPXOWHGLPHQVLXQLGHFkW(OHYLLvLYRU
IRUPDDELOLWLGHDSUHOXFUDDVHPHQHDWDEORXUL
x 3UHOXFUDUHDWDEORXULORUDYkQGGLPHQVLXQHPDLPDUHGHFkW
VXPDHOHPHQWHORUXQXLWDEORXQGLPHQVLRQDO
3URJUDPDFRODU
6SWPkQD&RQFXUV,9
2ELHFWLYHVSHFLILFH
6H YD WHVWD FDSDFLWDWHD HOHYLORU GH D OXFUD FX WDEORXUL PXOWLGLPHQVLRQDOH 9RU IL
SDWUXSUREOHPHFDUHYRUILUH]ROYDWHvQGRXRUH
6SWPkQD$UWLFROH
2ELHFWLYHVSHFLILFH
$FHOHGDWHFDUHVHFRPSXQGLQPDLPXOWHFRPSRQHQWHDYkQGWLSXULGLIHULWHGHPXO
WHRULVHVWUXFWXUHD]vQDUWLFROH(OHYLLYRUvQYDFXPVHGHFODUHILFLHQWLFXPVH
SUHOXFUHD]DVHPHQHDGDWH(LYRUUH]ROYDSUREOHPHDVHPQWRDUHFXFHOHGLQYLDD
FX]LGH]LDSOLFkQGIDFLOLWLOHRIHULWHGHPHGLXOGHSURJUDPDUHDOHV
x 'HILQLUHDXQRUVWUXFWXULGHGDWHGHWLSDUWLFROLQFOXVLYFXYDULDQWHLSUHOXFUDUHD
ORU
FUHDUHDXQXLFDWDORJSHQWUXRFODV
DILDUHDvQRUGLQHGHVFUHVFWRDUHGXSPHGLHDHOHYLORUDGPLLLDOIDEHWLFD
HOHYLORUUHVSLQLODXQH[DPHQ
DILDUHDWXWXURUHOHYLORUFDUHDXGRPLFLOLXOvQWUXQDQXPLWRUD
RUGRQDUHD HOHYLORU vQ IXQFLH GH vQOLPH L SHQWUX vQOLPL HJDOH vQ RUGLQHD
JUHXWLL
FUHDUHDXQXLILLHUFDUHVFRQLQDUWLFROHSULYLQGFULOHGLQWURELEOLRWHF
FUHDUHDXQXLILLHUFDUHVFRQLQDUWLFROHSULYLQGFULOHGLQWURELEOLRWHFDVW
IHOvQFkWvQFD]XOPDQXDOHORUVVHVSHFLILFHGLVFLSOLQDFODVDSHQWUXFDUHHVWH
YDODELOPDQXDOXODXWRULLHWFLDUSHQWUXFULOHFDUHQXVXQWPDQXDOHQXPUXO
DXWRULORUDXWRULLWLWOXOHGLWXUDHWFVHYDOXFUDFXvQUHJLVWUULFXYDULDQWH
FUHDUHD XQXL ILLHU FX DUWLFROH SULYLQG UH]XOWDWHOH SDUWLFLSDQLORU OD ROLPSLDGD
LQWHUQDLRQDOGHLQIRUPDWLF
6SWPkQD0XOLPLLVLPXODUHDORU
2ELHFWLYHVSHFLILFH
0XOWHSUREOHPHQHFHVLWHIHFWXDUHDRSHUDLLORUGLQWHRULDPXOLPLORUQIXQFLHGH
PHGLXOGHSURJUDPDUHLGHSURSULHWLOHFRQFUHWHDOHGDWHORUDFHVWHDSRWILRUJDQL]D
WHvQPXOLPLVDXVHSRWRUJDQL]DvQDOWHVWUXFWXULGHGDWHWDEORXULVLPXOkQGRSHUD
LLOHUHVSHFWLYH
3URJUDPDFRODU
FUDUHDORU
DILDUHDUHXQLXQLLDGRXPXOLPLGHQXPHUHOLWHUH
DILDUHDLQWHUVHFLHLDGRXPXOLPLGHQXPHUHOLWHUH
DILDUHDGLIHUHQHLDGRXPXOLPLGHQXPHUHOLWHUH
YHULILFDUHDDSDUWHQHQHLXQXLQXPUXQHLOLWHUHODRPXOLPHGDW
JHQHUDUHDFODVHORUGHHFKLYDOHQSHED]DSHUHFKLORUGHQXPHUHFDUDFWHUHFDUH
VHDIOvQWURUHODLHGDW
6SWPkQD$ULWPHWLFDQXPHUHORUPDUL
2ELHFWLYHVSHFLILFH
'DFXQQXPUGHXQDQXPLWWLSGHSHWHFHOPDLPDUHQXPUSRVLELOGHUHSUH
]HQWDWFXWRDWHFLIUHOHH[DFWHGDUSUREOHPDQHFHVLWXQUH]XOWDWH[DFWRSHUDLLOHDULW
PHWLFHFDUHWUHEXLHHIHFWXDWHVHYRUVLPXODIRORVLQGLUXULGHFDUDFWHUH$FHVWHSUHOX
FUULQHFHVLWFXQRDWHUHDVXESURJUDPHORUGHILQLWHvQXQLWXOVWDQGDUGDOPHGLXOXLSH
VWULQJXUL(OHYLLYRUUH]ROYDSUREOHPHvQFDUHHVWHQHFHVDULPSOHPHQWDUHDRSHUDLL
ORUDULWPHWLFHSHQXPHUHPDUL
x $ULWPHWLFDQXPHUHORUPDUL
LPSOHPHQWDUHDRSHUDLLORUFXQXPHUHPDULDGXQDUHVFGHUHvQPXOLUHvPSU
LUHUHVWXOvPSULULLvQWUHJLULGLFDUHODSXWHUHUDGLFDO
JHQHUDUHDSULPHORU11!WHUPHQLDLLUXOXLOXL)LERQDFFL
JHQHUDUHDYDORULL11!
FDOFXODUHDYDORULLDE
6SWPkQD2SHUDLLSHELL
2ELHFWLYHVSHFLILFH
(OHYLLVHYRUIDPLOLDUL]DFXXWLOL]DUHDRSHUDWRULORUFDUHSHUPLWSUHOXFUDUHDGDWHORU
SHELLQUH]ROYDUHDGHSUREOHPHXWLOL]DUHDDFHVWRUDPUHWHSHUIRUPDQHOHSURJUD
PHORU
x 8WLOL]DUHDRSHUDLLORUSHELLvQVFRSXODFFHOHUULLDQXPLWRURSHUDLLGLQDOJRULWPL
VFKLPEDUHDVHPQXOXLXQXLQXPU
VFKLPEDUHDYDORULLXQXLELWGLQWUXQQXPU
FRGLILFDUHDLGHFRGLILFDUHDXQXLQXPUSHED]DXQHLFKHL
LQWHUVFKLPEDUHDDGRXQXPHUHIUYDULDELODX[LOLDUIRORVLQGRSHUDLDxor
vQPXOLUHDLvPSULUHDFXSXWHULDOHOXL
QXPUDUHDELLORUDYkQGYDORDUHDVDXGLQUHSUH]HQWDUHDXQXLQXPUvQED
]D
GHVFRPSXQHUHDXQXLQXPUvQWUHJvQRFWHWXOGLQVWkQJDLRFWHWXOGLQGUHDSWD
RELQHUHDUHSUH]HQWULLvQED]DDXQXLQXPUvQWUHJIRORVLQGRSHUDLLSHELL
URWLUHDFLIUHORUELQDUHDOHXQXLQXPUvQWUHJ
3URJUDPDFRODU
VFKLPEDUHDFLIUHORUELQDUHHJDOHFXvQLLQYHUV
JHQHUDUHDWXWXURUVXEPXOLPLORUPXOLPLL^1`
JHQHUDUHDWXWXURULUXULORUFDUHFRQLQQXPDLYDORULOHL
6SWPkQD&RQFXUV9
2ELHFWLYHVSHFLILFH
6HYDWHVWDFDSDFLWDWHDHOHYLORUGHDOXFUDFXWLSXULOHDUWLFROLPXOLPHSUHFXPL
FDSDFLWDWHDGHDXWLOL]DQXPHUHOHPDULLRSHUDLLOHSHELL9RUILSDWUXSUREOHPHFDUH
YRUILUH]ROYDWHvQGRXRUH
6SWPkQD)XQFLLLSURFHGXUL
2ELHFWLYHVSHFLILFH
(OHYLLDXIRORVLWGHMDPXOWHVXESURJUDPHSUHGHILQLWHGDUHLWUHEXLHVILHFDSDELOL
VLPSOHPHQWH]HUH]ROYDUHDXQRUVXESUREOHPHVXEIRUPGHVXESURJUDPHSURSULL(L
YRULPSOHPHQWDDOJRULWPLLGHUH]ROYDUHVXEIRUPJHQHUDOL]DWDVWIHOvQFkWDFHVWHDV
VH SRDW UHXWLOL]D vQ UH]ROYDUHD PDL PXOWRU SUREOHPH 9D FUHWH OL]LELOLWDWHD
SURJUDPHORULVHYDXXUDGHSDQDUHD
x 8WLOL]DUHDIXQFLLORULSURFHGXULORUSUHGHILQLWHLXWLOL]DWRU
UH]ROYDUHDPDMRULWLLSUREOHPHORUWUDWDWHIRORVLQGVXESURJUDPH
UH]ROYDUHDXQRUSUREOHPHvQFDUHSUREOHPDLQLLDOVHGHVFRPSXQHvQVXESUR
EOHPH
UH]ROYDUHD XQRU SUREOHPH vQ FDUH XQ DFHODL VXESURJUDP VH DSHOHD] vQ PRG
UHSHWDWSHQWUXGDWHGLIHULWH
UHDOL]DUHDXQXLXQLWSURSULXFDUHFRQLQHWRDWHSUREOHPHOHUH]ROYDWHFXVXESUR
JUDPHLVFULHUHDXQRUSURJUDPHFDUHIRORVHVFDFHVWXQLW
6SWPkQD5HFXUVLYLWDWH
2ELHFWLYHVSHFLILFH
5HFXUVLYLWDWHDHVWHXQFRQFHSWGHVvQWkOQLWvQSURJUDPDUH(DWRWXLWUHEXLHDSOLFD
WFXJULMIUFDIRORVLQGRVVHPUHDVFLQXWLOFRPSOH[LWDWHDDOJRULWPLORU6XE
SURJUDPHOHUHFXUVLYHVXQWOL]LELOHFRPSDFWHLVHDSOLFPDLDOHVDVXSUDVWUXFWXULORU
GHGDWHGHILQLWHUHFXUVLYVDXvQFD]XOSUREOHPHORUDOHFURUPRGHOPDWHPDWLFHVWHGH
ILQLWvQWHUPHQLUHFXUVLYL6HYDUHYHQLODUHFXUVLYLWDWHvQFODVDD;DFkQGVHYRUvQY
DOLVWHLDUERUL
x 'HILQLUHDFRQFHSWXOXLLUH]ROYDUHDXQRUSUREOHPHHQXQDWHvQWHUPHQLUHFXUVLY
LQYHUVDUHDFLIUHORUGLQFRQILJXUDLDXQXLQXPUGDWIUVWULQJXUL
LQYHUVDUHDQXPHUHORUGLQWUXQLUGDWIUWDEORXUL
FDOFXOXOUHFXUVLYDOIDFWRULDOXOXL
FDOFXOXOUHFXUVLYDOFHOXLPDLPDUHGLYL]RUFRPXQDGRXQXPHUHvQWUHJL
3URJUDPDFRODU
FDOFXOXOUHFXUVLYDOWHUPHQLORUXQXLLUSHED]DXQHLUHODLLGHUHFXUHQ
JHQHUDUHDVXEPXOLPLORUPXOLPLL^1`
GHWHUPLQDUHDRELHFWHORUGLQFDUHVHFRPSXQHRIRWRJUDILH
6SWPkQD%DFNWUDFNLQJ,
2ELHFWLYHVSHFLILFH
8WLOLWDWHDPHWRGHLEDFNWUDFNLQJHVWHFRQWHVWDWvQOLWHUDWXUDGHVSHFLDOLWDWHWR
WXLDYkQGvQYHGHUHFH[LVWPXOWHSUREOHPHSHQWUXUH]ROYDUHDFURUDQXH[LVWDOW
PHWRGPDLEXQHOHYLLRYRUFXQRDVFLYRUvQYDVRDSOLFHGDFHVWHFD]XOVDX
GDFQXJVHVFQLFLRDOWHUQDWLYYLDELO(LYRUGHYHQLFDSDELOLVLGHQWLILFHDFHDVW
FODVGHSUREOHPHLVLPSOHPHQWH]HUH]ROYULGH]YROWDWHSHED]DPHWRGHL/DvQFHSXW
VHYRUWUDWHSUREOHPHFDUHSUHOXFUHD]LUXULLFHUIXUQL]DUHDWXWXURUVROXLLORU
x 'HILQLUHD PHWRGHL L LGHQWLILFDUHD FODVHL GH SUREOHPH FDUH VH UH]ROY FX PHWRGD
EDFNWUDFNLQJ
JHQHUDUHDWXWXURUSHUPXWULORULUXOXLGHQXPHUH1
DH]DUHDDUHJLQHSHWDEODGHDKIUFDDFHVWHDVVHDWDFH
JHQHUDUHDSURGXVXOXLVFDODUDGRXPXOLPL
JHQHUDUHDWXWXURUDUDQMDPHQWHORUGH1OXDWHFkWH0
JHQHUDUHDWXWXURUSHUHFKLORUGHSDUDQWH]HFDUHVHvQFKLGFRUHFW
JHQHUDUHDWXWXURUIXQFLLORULQMHFWLYHFXQRVFkQGPXOLPHDGHDUJXPHQWHLFHD
DYDORULORUIXQFLLORU
JHQHUDUHD WXWXURU IXQFLLORU VXUMHFWLYH FXQRVFkQG PXOLPHD GH DUJXPHQWH L
FHDDYDORULORUIXQFLLORU
JHQHUDUHDWXWXURUSDUWLLLORUXQXLQXPUGDW
JHQHUDUHDSDUWLLLORUPXOLPLL^1`
JHQHUDUHDWXWXURUWXUQXULORUGHFXEXULvQIXQFLHGHDQXPLWHSURSULHWLGDWH
6SWPkQD%DFNWUDFNLQJ,,
2ELHFWLYHVSHFLILFH
(OHYLLYRUILFDSDELOLVLGHQWLILFHFODVDGHSUREOHPHFDUHVHUH]ROYFXPHWRGD
EDFNWUDFNLQJSHGDWHGHILQLWHvQGRXGLPHQVLXQL
x 'HILQLUHD PHWRGHL L LGHQWLILFDUHD FODVHL GH SUREOHPH FDUH VH UH]ROY FX PHWRGD
EDFNWUDFNLQJvQGRXGLPHQVLXQL
LHLUHDGLQODELULQW
ODELULQWFXSHUHLLFHOXOHORUSVWUDLSHELL
DUDQMDUHD XQRU SLHVH GH WHWULV DVWIHO vQFkW VH FRPSOHWHD] LQWHJUDO XQ GUHSW
XQJKLGHGLPHQVLXQLGDWH
&XSULQV
3UHID
3URJUDPDFRODU
3URJUDPDFRODU
6SWPkQD%DFNWUDFNLQJ,,,
2ELHFWLYHVSHFLILFH
Q FD]XULOH vQ FDUH VD KRWUkW DSOLFDUHD PHWRGHL SHQWUX SUREOHPH FDUH QHFHVLW
GHWHUPLQDUHDXQXLPLQLPSURJUDPXOSRDWHILRSWLPL]DW(OHYLLYRUILFDSDELOLVLGHQ
WLILFHFODVDGHSUREOHPHvQFDUHDVHPHQHDRSWLPL]ULVXQWSRVLELOHLYRUvQYDVOH
LPSOHPHQWH]H'HDVHPHQHDHLYRUvQYDPRGDOLWLSULQFDUHSRWVPVRDUHWLPSXO
GHH[HFXWDUHDOSURSULXOXLSURJUDPLVORSUHDVFvQPRPHQWXOvQFDUHDUXUPDFD
DFHVWDVUXOH]HPDLPXOWGHFkWWLPSXOSHUPLV9RUvQYDWHKQLFLGHRSWLPL]DUHFXP
DU IL VFULHUHD vQ ILLHU D XQRU SDFKHWH GH UH]XOWDWH JHQHUDUHD XQRU UH]XOWDWH DOH
SUREOHPHLvQWLPSXOOXFUXOXLLLQWURGXFHUHDDFHVWRUDvQWDEORXULGHFRQVWDQWHHWF
x 'HILQLUHDPHWRGHLLLGHQWLILFDUHDFODVHLGHSUREOHPHvQFDUHUH]ROYDUHDFXPHWR
GDEDFNWUDFNLQJQHFHVLWLSHUPLWHRSWLPL]UL
GHWHUPLQDUHDWXUQXOXLGHFXEXULGHvQOLPHPLQLP
GHWHUPLQDUHDGUXPXOXLSHFDUHEURDVFDDMXQJHODOFXVWLVHvQWRDUFHODORFXO
GHSkQGSHVXSUDIDDXQXLODFvQJKHDWXQGHJKHDDVHUXSHvQXUPDHIHFWXULL
VULWXULORU
YL]LWDUHDXQHLPDWULFHGHGLPHQVLXQL01DVWIHOvQFkWVHFUHHD]XQLU$DOH
FUXL HOHPHQWH VXQW QXPHUHOH GLQ PDWULFH GRX HOHPHQWH DIODWH SH SR]LLL
FRQVHFXWLYHvQLUXO$WUHEXLHVILHYHFLQHvQPDWULFH6XPD$$
01$01WUHEXLHVILHPLQLP
6SWPkQD&RQFXUV9,
2ELHFWLYHVSHFLILFH
6HYDWHVWDFDSDFLWDWHDHOHYLORUGHDIRORVLWHKQLFLUHFXUVLYHLGHDUH]ROYDSUREOH
PHSULQPHWRGDEDFNWUDFNLQJ9RUILGRXSUREOHPHFDUHYRUILUH]ROYDWHvQGRXRUH
5HFDSLWXODUH
6WUXFWXUDSURJUDPHORU3DVFDO
9RFDEXODUXOOLPEDMXOXL
&RQVWDQWH
7LSXULVWDQGDUGGHGDWH
9DULDELOH
'HILQLUHDFRQVWDQWHORU
([SUHVLL
&LWLUHDLVFULHUHDGDWHORU
,QVWUXFLXQL
3UREOHPHSURSXVH
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
([SORDWDUHDXQXLILLHUGHWLSWH[W
3UHOXFUULVLPSOHDOHGDWHORUFLWLWHGLQILLHUH
'HWHUPLQDUHDHOHPHQWXOXLPLQLPPD[LP
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
Cuprins
6LVWHPHGHQXPHUDLH
&RQYHUVLLvQWUHGRXED]HGHQXPHUDLH
2SHUDLLFXQXPHUHQDWXUDOHvQGLYHUVHED]HGHQXPHUDLH
&ULWHULLGHGLYL]LELOLWDWHvQGLYHUVHED]HGHQXPHUDLH
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
7DEORXULXQLGLPHQVLRQDOH
$WULEXLUHD
6HOHFWDUHDXQHLFRPSRQHQWH
'HFODUDUHDWDEORXULORUXQLGLPHQVLRQDOH
&LWLUHDWDEORXULORUXQLGLPHQVLRQDOH
$ILDUHDWDEORXULORUXQLGLPHQVLRQDOH
3UHOXFUULVLPSOHSHWDEORXUL
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
6XESURJUDPH
1RLXQHDGHPRGXO
'HFODUDUHDLDSHOXOXQXLVXESURJUDP
)XQFLLLSURFHGXULvQ3DVFDO
'H]YROWDUHDSURJUDPHORU
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
6WLYD
2SHUDLLFXVWLYH
(YDOXDUHDH[SUHVLLORUDULWPHWLFH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
2UGRQULLFXWUL
$OJRULWPLGHRUGRQDUH
$OJRULWPLGHFXWDUH
,QWHUFODVDUHDDGRXWDEORXULXQLGLPHQVLRQDOH
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
Cuprins
2SHUDLLFXYDULDELOHGHWLSstring
6XESURJUDPHSUHGHILQLWHSHQWUXstringXUL
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
Cuprins
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
2SHUDLLSHELL
1RLXQLGHED]
5HSUH]HQWDUHDQXPHUHORUvQPHPRULH
2SHUDLLSHELL
QPXOLUHFXRSHUDLLSHELL
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
5HFXUVLYLWDWH
1RLXQHDGHUHFXUVLYLWDWH
3URLHFWDUHDXQXLDOJRULWPUHFXUVLY
([HFXLDDSHOXULORUUHFXUVLYH
5HFXUVLYLWDWHLQGLUHFWvQFUXFLDW
*UHHOLIUHFYHQWHvQVFULHUHDSURJUDPHORUUHFXUVLYH
&kQGPHULWVXWLOL]PWHKQLFDUHFXUVLYLWLL"
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
0HWRGDEDFNWUDFNLQJ
%DFNWUDFNLQJLWHUDWLY
%DFNWUDFNLQJUHFXUVLY
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
5HFDSLWXODUH
6WUXFWXUDSURJUDPHORU3DVFDO
9RFDEXODUXOOLPEDMXOXL
&RQVWDQWH
7LSXULVWDQGDUGGHGDWH
9DULDELOH
'HILQLUHDFRQVWDQWHORU
([SUHVLL
&LWLUHDLVFULHUHDGDWHORU
,QVWUXFLXQL
3UREOHPHSURSXVH
&DSLWROXO
/LPEDMXO3DVFDODIRVWFRQFHSXWPDLDOHVvQVFRSGLGDFWLFXUPULQGSUHGDUHDDUWHL
SURJUDPULL FDOFXODWRDUHORU FRQIRUP SULQFLSLLORU SURJUDPULL VWUXFWXUDWH /LPEDMXO
PRGHOHD]QDWXUDOFRQFHSWHGHED]vQSURJUDPDUHLSHUPLWHLPSOHPHQWULHILFLHQWH
6WUXFWXUDSURJUDPHORU3DVFDO
QGHVFULHUHDXQXLSURJUDP3DVFDOVHGLIHUHQLD]DFLXQLOHGHHIHFWXDWLGHVFULHUHDGD
WHORUGHSUHOXFUDWQVWUXFWXUDXQXLSURJUDP3DVFDOLQWU
x DQWHWXO SURJUDPXOXL RSLRQDO FRQLQH FXYkQWXO UH]HUYDW XUPDW GH
QXPHOHSURJUDPXOXL
x GHFODUDLHRSLRQDODQXPHORUXQLWXULORUFDUHVHYRUIRORVLvQSURJUDPLQWURGX
VGHFXYkQWXOUH]HUYDW
;
x SDUWHREOLJDWRULHIRUPDWGLQWUXQEORFXUPDWGHFDUDFWHUXOSXQFW'.'
8QXQLWHVWHRFROHFLHGHGHFODUDLLGHFRQVWDQWHWLSXULYDULDELOHLVXESURJUDPH
8QXQLWVHFRPSLOHD]LVHXWLOL]HD]vQSURJUDPHOHvQFDUHVHGRUHWHIRORVLUHDDFHV
WRU FRQVWDQWH WLSXUL YDULDELOH L VXESURJUDPH )RORVLUHD XQLWXULORU SHUPLWH VFULHUHD
XQRUSURJUDPHPDULFDUHSRWGHSL.'LPHQVLXQHDXQXLSURJUDPFDLFHDDXQXL
XQLWQXSRDWHVGHSHDVF.8QLWXULOHVWDQGDUGRIHULWHGHPHGLXO%RUODQG3DVFDO
VXQW System Dos Graph CrtHWF8QLWXO SystemHVWHvQFRUSRUDWvQWRDWHSURJUD
PHOH3DVFDOIUVILHQHFHVDULQFOXGHUHDGHFODUDLHL
$FHVWXQLWFXSULQGHSUR
FHGXULOHLIXQFLLOHFHOPDLGHVIRORVLWH
5HFDSLWXODUH
%ORFXOHVWHFHDPDLLPSRUWDQWSDUWHGLQWUXQSURJUDPLFXSULQGHRVHFLXQHGHGH
FODUDLLRSLRQDOLRVHFLXQHGHSURJUDP
'HFODUDLLOHVHSRWSUHFL]DvQRULFHRUGLQHSRWDOWHUQDLVHSRWUHSHWD$FHVWHDVXQW
VWUXFWXUDWHDVWIHO
GHFODUDLLGHFRQVWDQWH
GHILQLLLGHWLSXUL
GHFODUDLLGHYDULDELOH
GHFODUDLLGHHWLFKHWH
GHFODUDLLGHVXESURJUDPH
,QVWUXFLXQLOHFDUHVHYRUH[HFXWDYRUILVFULVHvQVHFLXQHDGHSURJUDP$LFLVHSRW
DSHODVXESURJUDPHGHFODUDWHDQWHULRUvQSDUWHDGHGHFODUDLLVDXvQXQLWXUL
,DWXQH[HPSOXGHSURJUDP3DVFDO
{
{
{
{
{
{
{
}
}
}
}
}
}
}
triunghi;
pozitiv=1..MaxLongint;
a,b,c,peri:pozitiv;
sp,aria:Real;
{ sp ==> semiperimetrul triunghiului }
Write('Introduceti lungimea laturii a-->'); ReadLn(a);
Write('Introduceti lungimea laturii b-->'); ReadLn(b);
Write('Introduceti lungimea laturii c-->'); ReadLn(c);
a*b*c=0
WriteLn('Cel putin o latura are lungimea 0! Reluati!)
WriteLn(a,' ',b,' ',c,' nu pot fi laturile unui triunghi!')
.
5HFDSLWXODUH
Q VHFLXQHD
DP GHILQLW WLSXO GH GDWH pozitiv FX YDORUL PDUL DVWIHO SXWHP
FDOFXODSHULPHWUXOLDULDXQXLWULXQJKLDYkQGOXQJLPLOHODWXULORUQXPHUHSR]LWLYHFDUH
SRWGHSLYDORDUHDGHGRXPLOLDUGHGDUWUHEXLHVILHPDLPLFLVDXHJDOHFXYDORDUHD
FRQVWDQWHL MaxLongint21474836475H]XOWDWHOHOHYRPGHFODUDGHWLS RealGH
RDUHFHGRDUWLSXODFHVWDSHUPLWHSVWUDUHDUH]XOWDWXOXLFX]HFLPDOHH[DFWH
9DULDELOHOHGHFODUDWHvQVHFLXQHD VXQW a b c periLDXWLSXO pozitivLDU
spLariaVXQWGHWLSXOReal,QVWUXFLXQLOHGLQSURJUDPDSDUvQWUHFXYLQWHOHUH]HUYD
WH
L
LVXQWVHSDUDWHSULQSXQFWLYLUJXO;7H[WHOHFXSULQVHvQWUHDFROD
GH{}VXQWFRPHQWDULL
9RFDEXODUXOOLPEDMXOXL
6HWXO GH FDUDFWHUH DO OLPEDMXOXL FXSULQGH OLWHUHOH PDULL PLFL DOH DOIDEHWXOXL HQJOH]
FLIUHOHGLQED]DLFDUDFWHUHOHVSHFLDOH+-*/^<>()[]{}.,:;
#$@_LVSDLXOEODQFXO
,GHQWLILFDWRULLVXQWIRUPDLGLQOLWHUHFLIUHLFDUDFWHUXO '_'OLQLXDGHVXEOLQLHUH
GDU SULPXO FDUDFWHU GLQWUXQ LGHQWLILFDWRU QX SRDWH IL R FLIU (VWH LQGLFDW FD QXPHOH
XQXL LGHQWLILFDWRU V ILH DOHV GXS VHPQLILFDLD OXL vQ SURJUDP /XQJLPHD QXPHOXL
LGHQWLILFDWRUXOXL QX LQIOXHQHD] OXQJLPHD FRGXOXL RELHFW &RPSLODWRDUHOH 3DVFDO QX
IDFGLVWLQFLHvQWUHOLWHUHOHPDULLOLWHUHOHPLFL
,GHQWLILFDWRULLminmax2BSum13aprodVXQWDFFHSWDLGHFRPSLODWRUXO3DVFDOvQ
VFKLPE a+b 5a z yQXVXQWLGHQWLILFDWRULSULPXOH[HPSOXHVWHRH[SUHVLHDOGRLOHD
vQFHSHFXFLIULDUDOWUHLOHDFRQLQHXQVSDLX
,GHQWLILFDWRULLSRWGHVHPQDQXPHGHSURJUDPHFRQVWDQWHWLSXULYDULDELOHVXESUR
JUDPHSDUDPHWULXQLWXULHWF,GHQWLILFDWRULLFDUHDXVHPQLILFDLHIL[DWLFDUHQXSRW
ILIRORVLLGHFkWvQFRQWH[WXOvQFDUHVXQWGHILQLLvQOLPEDMDOFWXLHVFPXOLPHDFXYLQ
WHORUUH]HUYDWHDOHOLPEDMXOXL
,GHQWLILFDWRULLFUHDLLUHIHULLGHXWLOL]DWRUWUHEXLHGHFODUDLvQSURJUDPvQWUROLQLH
VXUVVFULVDQWHULRUUHIHULULL
&RQVWDQWH
7LSXULOHGHFRQVWDQWHvQWkOQLWHvQOLPEDMXO%RUODQG3DVFDOVXQW
x FRQVWDQWHOH vQWUHJL 1977 6 3 -127 VXQW QXPHUH vQWUHJL vQ ED]D $afe2
HVWHXQQXPUvQED]D16
x FRQVWDQWHOHUHDOH-4.230.067E-2HVWHHJDOFX6710-2 = 0.67
x LUXULOHGHFDUDFWHUHSRWIL
XQLUGHFDUDFWHUHLPSULPDELOHFXSULQVvQWUHDSRVWURIXUL'elev'
XQLUGHQXPHUHvQWUHJLGHODODSUHFHGDWHILHFDUHGHFDUDFWHUXOVFUL
VHIUVHSDUDWRULFRQFDWHQDWH
5HFDSLWXODUH
'DFGRULPFDUDFWHUXODSRVWURIDWXQFLDFHVWDWUHEXLHGXEODWvQLU
&RQVWDQWHOHVLPEROLFH VXQWGHVHPQDWHSULQWUXQLGHQWLILFDWRU'DFIRORVLPDFHVWH
FRQVWDQWHRIHULPSURJUDPXOXLFODULWDWHLLQGHSHQGHQIDGHHYHQWXDOHOHPRGLILFUL
DOHDFHVWRUFRQVWDQWH2FRQVWDQWVLPEROLFQXSRDWHILPRGLILFDWvQWLPSXOH[HFXLHL
SURJUDPXOXL
7LSXULVWDQGDUGGHGDWH
3ULQGDWvQHOHJHPRHQWLWDWHDVXSUDFUHLDSRDWHRSHUDFDOFXODWRUXO/LPEDMHOHGHQL
YHOvQDOWIRORVHVFWLSXULOHGHGDWHSHQWUXDEVWUDFWL]DUHDUHSUH]HQWULLXQHLGDWH7LSXOGH
GDWSUHFL]HD]PXOLPHDGHGDWHLRSHUDLLOHFDUHVHSRWHIHFWXDFXHD
7LSXULOHVLPSOHGHGDWHVXQWQHVWUXFWXUDWHLVHvPSDUWvQWLSXULUHDOHLWLSXULRUGL
QDOH8QWLSRUGLQDOGHILQHWHRPXOLPHILQLWLRUGRQDWGHYDORUL2ULFHWLSRUGLQDO
DUHRYDORDUHPLQLPLXQDPD[LP2ULFHYDORDUHGHWLSRUGLQDODUHRYDORDUHSUHGH
FHVRUH[FHSLHIFkQGPLQLPXOLRYDORDUHVXFFHVRUH[FHSLHIFkQGPD[LPXO
Tipuri de date
7LSXULVLPSOHGH
GDWH
VFDODUH
QHVWUXFWXUDOH
5HDOH
2UGLQDOH
3UHGHILQLWHvQ
XQLWXOSystem
8WLOL]DWRU
Pred(x)
Ord(x)
'Windows''98'
5HFDSLWXODUH
Succ(x)
)XUQL]HD]VXFFHVRUXOOXL[GDF[QXHVWHPD[LPvQWLSXOVXVDXUHWXU
QWUHJL
Boolean
Char
(QXPHUDW
6XEGRPHQLXLQWHUYDO
7DEORX
6WULQJ
$UWLFRO
6WUXFWXUDWH
vQUHJLVWUDUH
0XOLPH
)LLHU
7LSXOUHSHUSRLQWHU
UHIHULQ
QXQLWXOSystemH[LVWGHILQLWHIXQFLLOHDSOLFDELOHXQHLYDORULGHWLSRUGLQDO
QHD]SULPDYDORDUHFRUHVSXQ]WRDUHWLSXOXLGDF[FRLQFLGHFXYDORDUHD
PD[LPGLQWLSXOVXUH]XOWDWXODUHDFHODLWLSFDL[
)XUQL]HD]SUHGHFHVRUXOOXL[GDF[QXHVWHPLQLPvQWLSXOVXVDXXOWL
PDYDORDUHFRUHVSXQ]WRDUHWLSXOXLGDF[FRLQFLGHFXYDORDUHDPLQLP
GLQWLSXOVXUH]XOWDWXODUHDFHODLWLSFDL[
)XUQL]HD]QXPUXOGHRUGLQHSHFDUHvODUH[vQPXOLPHDYDORULORUGLQWL
SXOOXL[UH]XOWDWXOIXQFLHLHVWHGHWLSvQWUHJ
&RPSDUDUHD YDORULORU RUGLQDOH [ L \ VH SRDWH IDFH FX DMXWRUXO RSHUDWRULORU UHOD
LRQDOL =HJDO <>GLIHULW < > <= >=5H]XOWDWXOFRPSDUULLHVWHGHWLS Boolean
DGLFSRDWHDYHDYDORULOHtrueVDXfalse
3ULQUHJXOLVWDELOLWHvQOLPEDMWLSXULOHVLPSOHGHGDWHVWDXODED]DDOFWXLULLWLSXULORU
VWUXFWXUDWH
7LSXO
ORJLF
2YDULDELOGHWLSBooleanSRDWHDYHDGRXYDORULDGHYUDWVDXIDOV([LVWPDLPXOL
RSHUDWRULORJLFLFDUHSRWILDSOLFDLDVXSUDGDWHORUERROHHQH([SUHVLDYDDYHDUH]XOWDW
GHWLSBoolean
2SHUDWRULELQDUL
LORJLF
VDXORJLF
VDXH[FOXVLYx yHVWHtrueQXPDLGDFx<>y
QHJDLHORJLFRSHUDWRUXQDU
9DORDUHD falseDUHDVRFLDWQXPUXOGHRUGLQHLDUYDORDUHDtrueDUHDVRFLDWQX
PUXOGHRUGLQH9DORULORUERROHHQHOLVHSRWDSOLFDRSHUDWRULLUHODLRQDOLRELQkQG
RULFHRSHUDLHORJLFGRULW2SHUDWRUXO=H[SULPHFKLYDOHQDORJLFLDURSHUDWRUXO<=
H[SULPLPSOLFDLDORJLFx<=yDUHYDORDUHDfalseGDFLQXPDLGDF[HVWHtrueL
\HVWHfalse
7LSXO
6HWXO H[WLQV GH FDUDFWHUH $6&,, UHSUH]LQW GRPHQLXO GH YDORUL SHQWUX R GDW GH WLS
Char2GDWGHWLSCharVHUHSUH]LQWSHXQRFWHWELL
([HPSOHGHGDWHGHWLS Char 'k' #10FDUDFWHUXODYkQGFRGXO$6&,, ''''
FDUDFWHUXODSRVWURI^AFDUDFWHUXOFDUHVHRELQHSULQDSVDUHDWDVWHORU&WUO$
)XQFLLOHFDUHVXQWGHILQLWHvQXQLWXOSystemSHQWUXGDWHGHWLSRUGLQDOVHSRWXWLOL
]DLSHQWUXGDWHOHGHWLSChar
x Succ('b')IXUQL]HD]FDUDFWHUXO'c'
5HFDSLWXODUH
x Pred('c')IXUQL]HD]FDUDFWHUXO'b'
x Ord('C')IXUQL]HD]FRGXO$6&,,DOFDUDFWHUXOXL'C'FRGXOUHWXUQDWHVWH
x Chr(68)IXUQL]HD]FDUDFWHUXO'D'
)XQFLD Chr(n)UHWXUQHD]FDUDFWHUXODOFUXLFRG$6&,,HVWHHJDOFXQXPUXOQ
1XPUXOQWUHEXLHVVHvQFDGUH]HvQLQWHUYDOXO>@'DFYDORDUHDOXLQHVWHPDL
PLF GHFkW DWXQFL IXQFLD Chr JHQHUHD] FDUDFWHUXO FDUH DUH FRGXO $6&,, HJDO FX
NQXQGHNHVWHFHOPDLPLFQXPUQDWXUDOSHQWUXFDUHH[SUHVLDNQHVWH
PDLPDUHVDXHJDOFX'DFQXPUXOQHVWHPDLPDUHGHFkWDWXQFLIXQFLD Chr
UHWXUQHD]FDUDFWHUXODYkQGFRGXO$6&,,HJDOFXUHVWXOvPSULULLvQWUHJLDOXLQOD
2YDORDUHGHWLSCharVHSRDWHVFULHLVHSRDWHFLWL'DWHOHGHWLSCharVHSRWFRPSDUD
XWLOL]kQGRSHUDWRULLUHODLRQDOL
7LSXULvQWUHJL
Q3DVFDOH[LVWFLQFLWLSXULvQWUHJLSUHGHILQLWHShortintIntegerLongintByte
Word'RPHQLXOGHYDORULLPRGXOGHUHSUH]HQWDUHVHSRWYHGHDvQPHQLXOHelp
$VXSUDGDWHORUGHWLSvQWUHJVHSRWDSOLFDXUPWRULLRSHUDWRULDULWPHWLFLDGXQD
UHDVFGHUHD
vQPXOLUHD vPSULUHDvQWUHDJ UHVWXOvPSULULLvQ
WUHJLDSULPXOXLRSHUDQGODDOGRLOHDLRSHUDWRULLSHELLQHJDLHILHFDUHELWHJDO
FXGHYLQHLILHFDUHELWHJDOFXGHYLQH LORJLFIDFHFRQMXQFLDELWFXELW
vQWUHRSHUDQ]LVDXORJLFIDFHGLVMXQFLDELWFXELWvQWUHRSHUDQ]LVDXH[FOX
VLYvQWUHRSHUDQ]L GHSODVHD]ODVWkQJDXQQXPUGHSR]LLLELQDUHHJDOFXYDORD
UHDFHOXLGHDOGRLOHDRSHUDQGSULPLLELLVHSLHUGvQORFXOXOWLPLORUELLVHJHQHUHD]
YDORDUHD GHSODVHD]ODGUHDSWDXQQXPUGHSR]LLLELQDUHHJDOFXYDORDUHDFH
OXLGHDOGRLOHDRSHUDQGXOWLPLLELLDLSULPXOXLRSHUDQGVHSLHUGSHSULPHOHSR]LLLVH
FRSLD]YDORDUHD
2SHUDLDGHGHSODVDUHODVWkQJDFXRSR]LLHHVWHHFKLYDOHQWFXRvQPXOLUHDSULPX
OXL RSHUDQG FX LDU GHSODVDUHD VSUH GUHDSWD FX R SR]LLH D XQXL QXPU SR]LWLY HVWH
HFKLYDOHQW FX R vPSULUH vQWUHDJ OD $FHVWH RSHUDLL GH GHSODVDUH OD VWkQJD L OD
GUHDSWD D YDORULL ELLORU VH UHDOL]HD] PXOW PDL UDSLG GHFkW DWXQFL FkQG VH XWLOL]HD]
RSHUDWRULL*VDX
7LSXULOHvQWUHJLVXQWWLSXULRUGLQDOH)LHFDUHQXPUvQWUHJDUHDVRFLDWXQQXPUGH
RUGLQHFDUHFRLQFLGHFXYDORDUHDUHVSHFWLY2SHUDQ]LORUGHWLSvQWUHJOLVHSRWDSOLFD
IXQFLLOH Succ Pred OrdLRSHUDWRULLUHODLRQDOL$OWHIXQFLLFDUHVHSRWDSOLFDRSH
UDQ]LORUGHWLSvQWUHJVDXUHDOLFDUHUHWXUQHD]XQUH]XOWDWGHWLSvQWUHJVXQW
x Abs(n)UHWXUQHD]YDORDUHDDEVROXWDDUJXPHQWXOXLQ
x Sqr(n)GHWHUPLQSWUDWXODUJXPHQWXOXLQ
x Trunc(n)IXUQL]HD]FHOPDLPDUHvQWUHJPDLPLFVDXHJDOFXQSHQWUXQ!VDX
FHOPDLPLFvQWUHJPDLPDUHVDXHJDOFXQSHQWUXQ
x Round(n)IXUQL]HD]FHOPDLDSURSLDWvQWUHJIDGHDUJXPHQWXOQ
5HFDSLWXODUH
7LSXULUHDOH
'DWHOHGHWLSUHDOSULPHVFYDORULUHDOHDSDULQkQGGRPHQLXOXLGHYDORULFRUHVSXQ]WRU
WLSXOXLUHVSHFWLY&DOFXOHOHFXYDORULvQWUHJLPRGHOHD]H[DFWDULWPHWLFDvQWUHJLORUGDU
RSHUDLLOHFXGDWHGHWLSUHDOSURGXFUH]XOWDWHDSUR[LPDWLYH$FHVWHDSUR[LPULSURYLQ
GLQHURULOHGHURWXQMLUHJHQHUDWHGHQXPUXOILQLWGHFLIUHVHPQLILFDWLYHIRORVLWHvQUH
SUH]HQWDUHD YDORULORU UHDOH 7LSXULOH UHDOH FDUH H[LVW vQ OLPEDMXO 3DVFDO VXQW Real
Single Double Extended Comp'RPHQLXOGHYDORULLPRGXOGHUHSUH]HQWDUHVH
SRWYHGHDvQPHQLXOHelp9DORULOHGDWHORUGHWLSCompVXQWQXPHUHvQWUHJLFXSULQVHvQ
LQWHUYDOXO>@'DFGLQGRLRSHUDQ]LFHOSXLQXQXOHVWHGHWLS RealDWXQFLSX
WHPDSOLFDRSHUDWRULLDGXQDUHVFGHUH
vQPXOLUHvPSULUHFXUH]XOWDWGH
WLSUHDODFHVWRSHUDWRUVHSRDWHDSOLFDLRSHUDQ]LORUGHWLSvQWUHJvQVUH]XOWDWXOYDIL
GHWLSUHDO'DFDSOLFPRSHUDWRULLUHODLRQDOLDVXSUDXQRURSHUDQ]LGHWLSUHDOYRP
RELQHXQUH]XOWDWGHWLSBoolean
7LSXULOHUHDOHQXVXQWRUGLQDOHSULQXUPDUHDVXSUDYDORULORUUHDOHQXSXWHPDSOLFD
IXQFLLOHOrdSuccPred
9DORULOHUHDOHSRWILFLWLWHLVFULVH3ULQFLSDOHOHIXQFLLVWDQGDUGGHOXFUXFXYDORUL
UHDOHVDXvQWUHJLVHJVHVFSUH]HQWDWHvQPHQLXO HelpAbs Sqr Sin Cos Arctan
LnExpSqrtIntFracPi
7LSXULRUGLQDOHGHILQLWHGHXWLOL]DWRU
QOLPEDMXO3DVFDOXWLOL]DWRUXOSRDWHVGHILQHDVFWLSXULRUGLQDOHSURSULLWLSXOHQXPH
UDWLWLSXOVXEGRPHQLX
7LSXOenumeratPRGHOHD]FD]XULOHvQFDUHH[SULPDUHDQXHVWHQXPHULF'HH[HP
SOXDWXQFLFkQGOXFUPvQWUXQSURJUDPGHWLSDJHQGFX]LOHOHVSWPkQLLSURJUDPXO
YDILPXOWPDLOL]LELOGDFVHOXFUHD]FKLDUFXGHQXPLUHD]LOHORUVSWPkQLLLQXFX
QXPHUHOHGHRUGLQHFRUHVSXQ]WRDUHORU
8QWLSHQXPHUDWGHILQHWHRPXOLPHRUGRQDWGHYDORULSULQHQXPHUDUHDLGHQWLILFD
WRULORUFDUHYRUGHVHPQDYDORULOH3ULPXOLGHQWLILFDWRUGHVHPQHD]FHDPDLPLFYDORD
UH FX QXPUXO &HLODOL LGHQWLILFDWRUL DX QXPHUHOH XUPWRDUH FRQIRUP VXFFHVLXQLL
ORU3UHOXFUDUHDGDWHORUGHDFHVWWLSVHIDFHUDSLGGHRDUHFHYDORULOHFRUHVSXQ]WRDUHVH
UHSUH]LQWvQPHPRULHSULQQXPHUHOHORUGHRUGLQH$FHWLLGHQWLILFDWRULVXQWWUDWDLvQ
SURJUDPODIHOFDLFRQVWDQWHOH
)LLQGXQWLSVSHFLDOGLIHULWGHRULFHDOWWLSQXSXWHPXWLOL]DLGHQWLILFDWRULLXQXLWLS
HQXPHUDWvQGHILQLLDDOWXLWLSHQXPHUDW
$VXSUDGDWHORUGHWLSHQXPHUDWQXVHSRWDSOLFDRSHUDWRULDULWPHWLFL'DWHOHGHWLS
HQXPHUDWVHFRPSRUWVLPLODUFRQVWDQWHORUVLPEROLFHGHDVHPHQHDQXVHSRWFLWLVDX
VFULH,QLLDOL]DUHDGDWHORUGHWLSHQXPHUDWVHIDFHSULQDWULEXLUL'DFGHH[HPSOXDP
GHFODUDWWLSXO
Saptamana=(luni,marti,miercuri,joi,vineri,sambata,duminica)
DSHOXOOrd(marti)UHWXUQHD]2Pred(marti)UHWXUQHD]luni
5HFDSLWXODUH
7LSXO subdomeniu VH RELQH GLQWUXQ WLS RUGLQDO GHILQLW DQWHULRU VDX SUHGHILQLW
QXPLWWLSGHED]DOVXEGRPHQLXOXL0XOLPHDYDORULORUDFHVWXLWLSFXSULQGHXQLQWHU
YDOGHYDORULDOHWLSXOXLGHED]DOHFUXLOLPLWHVHVSHFLILFvQGHILQLLDWLSXOXLVXEGR
PHQLXOXL&RQVWDQWHOHFDUHUHSUH]LQWOLPLWHOHGLQVWkQJDLGUHDSWDDOHVXEGRPHQLXOXL
VXQWGHDFHODLWLSRUGLQDOLDUFHDGLQVWkQJDWUHEXLHVILHVWULFWPDLPLFGHFkWFHDGLQ
GUHDSWD
2SHUDLLOHSHUPLVHDVXSUDGDWHORUGHWLSVXEGRPHQLXVXQWFHOHSHUPLVHGHWLSXOGH
ED]DODFHVWXLD
9DULDELOH
9DULDELOHOHUHLQGDWHLDUFRQLQXWXOXQHLYDULDELOHSRDWHILPRGLILFDWSHSDUFXUVXOH[H
FXLHL SURJUDPXOXL )LHFUHL YDULDELOH L VH DVRFLD] XQ LGHQWLILFDWRU L XQ WLS GH GDW
7LSXOSUHFL]HD]PXOLPHDGHGDWHGLQFDUHSRDWHOXDYDORULYDULDELODUHVSHFWLYLRSH
UDLLOHFDUHSRWILHIHFWXDWHFXDFHDYDULDELO7LSXOVHDVRFLD]YDULDELOHLSULQWURGH
FODUDLHFDUHSRDWHXWLOL]DLGHQWLILFDWRULGHWLSVDXSRDWHUHIHULXQWLSDQRQLP'RXWL
SXULDQRQLPHVHFRQVLGHUGLIHULWHFKLDUGDFGHVFULXDFHHDLVWUXFWXUGDULGHQWLILFD
WRULL DSDULQkQG DFHOHLDL OLVWH vQWUR GHFODUDLL GH YDULDELOH IRORVLQG WLSXUL DQRQLPH
YRUDYHDWLSXULLGHQWLFH
3HQWUXILHFDUHYDULDELOGHFODUDWvQSURJUDPVHDORFR]RQGHPHPRULHvQWLPSXO
FRPSLOULL'LPHQVLXQHD]RQHLGHPHPRULHSHQWUXYDULDELODUHVSHFWLYGHSLQGHGHWL
SXOYDULDELOHL
'HILQLUHDFRQVWDQWHORU
{ constanta simbolica }
{ constanta cu tip }
5HFDSLWXODUH
([SUHVLL
2H[SUHVLHGHVFULHRUHJXOGHFDOFXOvQWUXQLUGHRSHUDWRULLRSHUDQ]L)LHFDUHH[
SUHVLHHYDOXDWUHWXUQHD]XQUH]XOWDWQHYDOXDUHDXQHLH[SUHVLLVHUHVSHFWSULRULWDWHD
RSHUDWRULORU'DFDYHPRSHUDWRULFXDFHHDLSULRULWDWHDWXQFLVHH[HFXWRSHUDLLOHGH
OD VWkQJD OD GUHDSWD 'DF GRULP VFKLPEDUHD RUGLQLL YRP IRORVL SDUDQWH]H URWXQGH
2UGLQHDGHVFUHVFWRDUHDSULRULWLLRSHUDWRULORUHVWH
3ULRULWDWH
PD[LP
PLQLP
2SHUDWRU
+-RSUDWRULXQDUL
*/ RSHUDWRULPXOWLSOLFDWLYL
+-RSHUDWRULDGLWLYL
=<><<=>>=RSHUDWRULUHODLRQDOL
2 H[SUHVLH HVWH DOFWXLW ILH GLQWUR H[SUHVLH VLPSO ILH GLQ GRX H[SUHVLL OHJDWH
SULQWUXQRSHUDWRUUHODLRQDOQFDOFXOXOYDORULLH[SUHVLHLVHYRUHYDOXDPDLvQWkLIDFWR
ULLDSRLWHUPHQLLGXSDFHHDH[SUHVLLOHVLPSOHLDUvQILQDOH[SUHVLDUHODLRQDO
&LWLUHDLVFULHUHDGDWHORU
'DWHOHGHLQWUDUHDOHXQXLSURJUDPVHSRWFLWLGHODGLVSR]LWLYXOVWDQGDUGGHLQWUDUHVDX
GLQWUXQILLHURFROHFLHGHGDWHVWRFDWvQPHPRULDH[WHUQDVLVWHPXOXLGHFDOFXO
'DWHOHGHLHLUHvQXUPDH[HFXLHLXQXLSURJUDPVHSRWDILDODGLVSR]LWLYXOVWDQGDUGGH
LHLUHVDXvQWUXQILLHUUHLQXWvQPHPRULDH[WHUQDVLVWHPXOXLGHFDOFXO
&LWLUHDGDWHORUVHUHDOL]HD]SULQH[HFXWDUHDSURFHGXULORUVWDQGDUGReadLReadLn
6FULHUHDGDWHORUVHUHDOL]HD]SULQH[HFXWDUHDSURFHGXULORU WriteL WriteLn$FHV
WHDVXQWGHFODUDWHvQXQLWXOSystem
6LQWD[D DSHOXOXL SURFHGXULL Read HVWH Read(OLVWBGHBYDULDELOH) XQGH OLVWBGHB
YDULDELOHSRDWHFRQLQHYDULDELOHGHWLSvQWUHJUHDOVDXLUGHFDUDFWHUH
QXUPDDSHOULLILHFUHLYDULDELOHSUH]HQWHvQOLVWDGHYDULDELOHLVHDWULEXLHRYDORD
UH9DORULOHVHLDXGHSHVXSRUWXOH[WHUQvQFHSkQGGLQSXQFWXOvQFDUHVDDMXQVGXS
FLWLUHDDQWHULRDU9DORULOHVXQWOXDWHDVWIHOvQFkWVFRUHVSXQGWLSXOXLYDULDELOHLUHV
SHFWLYH'DFDFHVWOXFUXQXHVWHSRVLELOVHYDVHPQDODHURDUHvQH[HFXLH'HH[HPSOX
GDF[HVWHRYDULDELOGHWLSvQWUHJLDUXLYVXQWYDULDELOHGHWLSFDUDFWHUDWXQFLLQ
VWUXFLXQHD Read(x,u,v)DWULEXLHRYDORDUHvQWUHDJYDULDELOHL[LFkWHRYDORDUHGH
WLSFDUDFWHUYDULDELOHORUXLY
'DFSHVXSRUWXOH[WHUQVHDIO'125 A'DWXQFL[YDSULPLYDORDUHD125YDULDELOD
XYDSULPLYDORDUHD' 'FDUDFWHUXOVSDLXLDUYYDSULPLYDORDUHD'A''DFVXSRUWXO
H[WHUQFRQLQH'12.4 A'DWXQFLH[HFXLDVHYDWHUPLQDFXXQPHVDMGHHURDUHvQWUXFkW
YDORDUHD 12.4QXDUHWLSXOvQWUHJ7RWFXHURDUHVHYDWHUPLQDH[HFXLDGDFSHVXSRU
WXOH[WHUQDYHP'text 15'GHRDUHFHSULPDYDORDUHvQWkOQLWQXHVWHXQQXPUvQWUHJ
5HFDSLWXODUH
3URFHGXUD Write DVLJXU WUDQVIHUXO LQIRUPDLHL GLQ PHPRULD LQWHUQ SH VXSRUWXO
H[WHUQ$SHOXOSURFHGXULLDUHIRUPDJHQHUDO Write(OLVWBGHBH[SUHVLL)/LVWDGHH[
SUHVLL3DVFDOSRDWHFRQLQHH[SUHVLLGHRULFHWLSFXH[FHSLDWLSXULORUVWUXFWXUDWH
(IHFWXODFHVWXLDSHOHVWHHYDOXDUHDH[SUHVLLORUSUH]HQWHvQOLVWDSRLWLSULUHDYDOR
ULORURELQXWH
3HVXSRUWXOH[WHUQGDWHOHGHWUDQVIHUDWVHDIOVFULVHVDXYRUILWLSULWHSHRVXFFHVL
XQH GH vQUHJLVWUUL &RQVLGHUP F R vQUHJLVWUDUH HVWH FRQVWLWXLW GLQWUR VHFYHQ GH
GDWHXUPDWGHPDUFDGHVIkULWGHOLQLHQFD]XODSHOULLSURFHGXULORUReadLWrite
DWXQFLFkQGVHHSXL]HD]RvQUHJLVWUDUHVHvQFHSHRDOWvQUHJLVWUDUH'DUDGHVHRULHVWH
QHFHVDU V VH WUHDF OD R DOW vQUHJLVWUDUH vQDLQWH GH D IL HSXL]DW SUHFHGHQWD 3HQWUX
DFHDVWD VH SRW IRORVL SURFHGXULOH ReadLn L WriteLn FDUH DX VLQWD[D LVHPQLILFDLD
SURFHGXULORU ReadL WriteGDUFHUvQSOXVFDODWHUPLQDUHDH[HFXLHLORUVVHWUHDF
ODvQFHSXWXOXQHLQRLvQUHJLVWUUL
,QVWUXFLXQL
,QVWUXFLXQHDGHDWULEXLUH
,QVWUXFLXQHDGHDWULEXLUHDUHVFRSXOGHDGDYDORULXQRUYDULDELOH(DDUHVLQWD[D
YDULDELOD:=H[SUHVLH;
XQGHYDULDELODLH[SUHVLHVXQWGHDFHODLWLSYDULDELODLH[SUHVLHSRWILGHWLSvQWUHJ
UHDOERROHDQHQXPHUDUHVDXRULFHDOWWLSVWUXFWXUDWFXQRVFXWvQSURJUDPXOvQFDUHDSD
UHLQVWUXFLXQHDFXH[FHSLDWLSXOXLILLHU
,QVWUXFLXQHDPDLvQWkLHYDOXHD]H[SUHVLDGLQSDUWHDGUHDSWDVHPQXOXLGHDWULEXL
UH ':=''DFWLSXOH[SUHVLHLLFHODOYDULDELOHLVXQWLGHQWLFHDWXQFLYDORDUHDH[SUHVL
HLHVWHDWULEXLWYDULDELOHLGLQVWkQJDVHPQXOXLGHDWULEXLUH'DFWLSXOYDULDELOHLLFHO
DOH[SUHVLHLGLIHUDWXQFLVHVHPQDOHD]HURDUHGDUH[LVWLH[FHSLL
'DFWLSXOH[SUHVLHLHVWHIntegerLDUFHODOYDULDELOHLHVWHRealDWXQFLVHFRQYHU
WHWHYDORDUHDvQWUHDJDH[SUHVLHLvQWURYDORDUHUHDOFDUHVHDWULEXLHYDULDELOHL
'DF WLSXO YDULDELOHL L FHO DO H[SUHVLHL VXQW GH WLS HQXPHUDW VDX VXEGRPHQLX FX
DFHODLWLSGHED]LGDFYDORDUHDH[SUHVLHLDSDULQHWLSXOXLYDULDELOHLDFHDVWYD
ORDUHVHDWULEXLHYDULDELOHL
'DFYDULDELODLH[SUHVLDVXQWGHWLSPXOLPHDWXQFLHVWHSRVLELOFDXQXOVDXDP
EHOHWLSXULVILHVXEGRPHQLLDOHDFHOXLDLWLSRUGLQDO$WULEXLUHDHVWHSHUPLVGDF
YDORULOHGLQPXOLPHDUH]XOWDWVXQWLQFOXVHvQWLSXOGHED]DOYDULDELOHLGLQVWkQJD
VHPQXOXLGHDWULEXLUH
$SDWUDH[FHSLHVHUHIHUODWLSXO LUGHFDUDFWHUHWLSXOYDULDELOHLLFHODO
H[SUHVLHLSXWkQGILWLSXUL GLIHULWHLUXULGHFDUDFWHUHGHOXQJLPLGLIHULWH
$WULEXLUHDHVWHFRUHFWGDFYDORDUHDHLVHSRDWHDWULEXLYDULDELOHLGLQVWkQJDDWULEX
LULL
5HFDSLWXODUH
QSDUWHDVWkQJDVHPQXOXLGHDWULEXLUHYDULDELODSRDWHILXQDVLPSOVDXRFRPSR
QHQWDXQXLWDEORXVDXDDOWXLWLSGHGDWVWUXFWXUDW$WULEXLUHDA:=BHVWHSRVLELOGD
F AL BVXQWYDULDELOHGHDFHODLWLSQWRDWHFD]XULOHVHFHUHFDSDUWHDGUHDSWDDWUL
EXLULLVSRDWILHYDOXDWvQPRGVLJXUWRDWHYDULDELOHOHVILHLQLLDOL]DWHVDXFLWLWH
HYHQWXDOVDLEYDORDUHRELQXWGLQFDOFXOHSUHFHGHQWHDOWIHOYRPVSXQHFYDULDELOD
BHVWHQHLQLLDOL]DWLDUDWULEXLUHDYDSXWHDJHQHUDUH]XOWDWHURQDW
,QVWUXFLXQHDFRPSXV
6LQWD[D XQRU LQVWUXFLXQL LPSXQH IRORVLUHD vQ FDGUXO HL D XQHL VLQJXUH LQVWUXFLXQL
3HQWUXDSXWHDLQFOXGHvQDFHVWHORFXULJUXSXULGHLQVWUXFLXQLvQ3DVFDOOHYRPJUXSD
vQWURHQWLWDWHVLPSO$FHDVWHQWLWDWHVHQXPHWHLQVWUXFLXQHFRPSXVLDUHVLQWD[D
LQVWUXFLXQH
LQVWUXFLXQH
LQVWUXFLXQHQ
QOLPEDMXO3DVFDOFDUDFWHUXOSXQFWLYLUJXO;VHSDUGRXLQVWUXFLXQL(OQXDUH
UROXOGHDPDUFDVIkULWXODFHVWRUDFDDWDUHDFHVWFDUDFWHUQXWUHEXLHVFULVvQIDDFX
YkQWXOXL
GDU DFHVW OXFUX QX HVWH LQWHU]LV Q DFHVW FD] VH FRQVLGHU F vQWUH ; L
VHDIORLQVWUXFLXQHYLGDYkQGHIHFWQXO
,QVWUXFLXQLFRQGLLRQDOH
([LVW GRX LQVWUXFLXQL 3DVFDO FDUH SHUPLW H[HFXLD XQRU LQVWUXFLXQL vQ IXQFLH GH
vQGHSOLQLUHDXQRUFRQGLLLLQVWUXFLXQLOHL
,QVWUXFLXQHDDUHVLQWD[D
FRQGLLH
LQVWUXFLXQH;
VDX
FRQGLLH
LQVWUXFWLXQH
LQVWUXFWLXQH;
XQGHFRQGLLHHVWHRH[SUHVLHORJLFLDULQVWUXFLXQHLLQVWUXFLXQHVXQWLQVWUXFLXQL
3DVFDOQDPEHOHYDULDQWHLQVWUXFLXQHDPDLvQWkLHYDOXHD]H[SUHVLDORJLFFRQGLLH
'DFYDORDUHDRELQXWHVWHtrueDWXQFLVHH[HFXWLQVWUXFLXQHDLQVWUXFLXQHFXFDUH
VH vQFKHLH H[HFXLD LQVWUXFLXQLL 'DF YDORDUHD RELQXW HVWH false DWXQFL vQ
FD]XO YDULDQWHL D GRXD VH H[HFXW LQVWUXFLXQHD LQVWUXFLXQH LDU vQ FD]XO SULPHL YD
ULDQWHQXVHH[HFXWQLPLF
([HPSOX
x < 0
v:=-x
v:=x;
5HFDSLWXODUH
,QVWUXFLXQHD
SHUPLWHVHOHFWDUHDXQHLLQVWUXFLXQLGLQWURPXOLPHGHLQVWUXF
LXQLPDUFDWHvQIXQFLHGHYDORDUHDXQXLVHOHFWRU6LQWD[DLQVWUXFLXQLLHVWH
H[SUHVLHBRUGLQDO
OLVWDBFLQVWUXFLXQH
OLVWDBFLQVWUXFLXQH
OLVWDBFLQVWUXFLXQHQ
>
LQVWUXFLXQHQ@
5HFDSLWXODUH
XQGHYHVWHXQLGHQWLILFDWRUGHYDULDELOQXPLWFRQWRULDUOLPLOLPVXQWH[SUHVLL
7RDWH DX DFHODL WLS RUGLQDO 9DORULOH OXL OLP L OLP VH FDOFXOHD] R VLQJXU GDW OD
vQFHSXWXOH[HFXLHLLQVWUXFLXQLL9DULDELODFRQWRUYYDOXDYDORULvQWUHOLPLWHOHOLP
LOLPFUHVFWRUGDFILJXUHD]FXYkQWXO LGHVFUHVFWRUGDFILJXUHD]FXYkQWXO
6HPQLILFDLDDFHVWHLLQVWUXFLXQLHVWHGDWGHXUPWRUXODOJRULWP
VHFDOFXOHD]YDORULOHH[SUHVLLORUOLPLOLP
YDORDUHDOXLOLPdYDORDUHDOXLOLP
YmYDORDUHDOXLOLP
VHH[HFXWLQVWUXFLXQH
Write('alta litera!!!')
;
,QVWUXFLXQLUHSHWLWLYH
Q3DVFDOH[LVWWUHLLQVWUXFLXQLFDUHH[HFXWUHSHWDWRLQVWUXFLXQHDFHVWHDVXQW
L
$,QVWUXFLXQHD
$FHDVW LQVWUXFLXQH H[HFXW UHSHWDW vQ QXPU FXQRVFXW GH SDL R LQVWUXFLXQH vQ
IXQFLHGHYDORDUHDXQXLFRQWRU(DDUHVLQWD[D
Y:=OLPOLPLQVWUXFLXQH
VDX
Y:=OLPOLPLQVWUXFLXQH
YYDORDUHDOXLOLP
Ym6XFFY
$VWIHOVHH[HFXWUHSHWDWRLQVWUXFLXQHvQIXQFLHGHYDORDUHDGHDGHYUDXQHLH[
SUHVLLORJLFH'DFLQLLDOH[SUHVLDORJLFHVWHIDOVH[HFXLDLQVWUXFLXQLLUHVSHFWLYHQX
YDDYHDORFQLFLRGDW
&,QVWUXFLXQHD
,QVWUXFLXQHD
SHUPLWH H[HFXLD UHSHWDW vQ QXPU QHFXQRVFXW GH SDL D XQXL
JUXSGHLQVWUXFLXQL,QVWUXFLXQHDHVWHSRVWHULRUFRQGLLRQDWLDUHVLQWD[D
LQVWUXFLXQLFRQGLLH
XQGHFRQGLLHHVWHRH[SUHVLHORJLF6HPQLILFDLDLQVWUXFLXQLLHVWH
6HH[HFXWLQVWUXFLXQLOHVFULVHvQWUHFXYLQWHOH
L
6HHYDOXHD]H[SUHVLDORJLFFRQGLLH
'DF YDORDUHD H[SUHVLHL HVWH true DWXQFL H[HFXLD VH WHUPLQ DOWIHO VH UHYLQH OD
SDVXO
5HFDSLWXODUH
2EVHUYDLL
x H[SUHVLDFRQGLLHQXVHUHFRPDQGDILIRDUWHFRPSOLFDWDYkQGvQYHGHUHFVH
HYDOXHD]ODILHFDUHSDV
x FHOSXLQRYDULDELOGLQH[SUHVLDORJLFFRQGLLHWUHEXLHVLVFKLPEHYDORDUHD
vQ PRG REOLJDWRULX DOWIHO H[LVW SHULFROXO FD LQVWUXFLXQHD V VH WUDQVIRUPH vQ
FLFOXLQILQLW
3UREOHPHSURSXVH
3UREOHPHOHSURSXVHvQDFHDVWVHFLXQHSRWILUH]ROYDWHvQFDGUXOXQHLHYDOXULWHVWUL
HIHFWXDWHGHSURIHVRUGXSUHFDSLWXODUHFXVFRSXOVWDELOLULLQLYHOXOXLGHFXQRWLQHD
HOHYLORU3UREOHPHOHVXQWJUXSDWHSHQLYHOXUL
vQFHSWRUL
DYDQVDL
H[FHOHQL
QFHSWRUL
$QYDUHDDOIDEHWXOXL
&RSLLLGLQFODVHOHPLFLvQYDGLQJUHXDOIDEHWXOSHFkQGFHLPDLPDULWUDJFKLXOXOQ
FODVD,XQFRSLODSFWXLWSHQWUXFDvQFHUFDWVYDGFXPHVWHGDFQXvLvQYD
OHFLD SHQWUX RUD YLLWRDUH QYWRDUHD OD SHGHSVLW SXQkQGXO V VFULH Q OLWHUH PDUL
SULQWUHFDUHDFHVWDWUHEXLHVVFULHFHOSXLQRGDWWRDWHOLWHUHOHPDULSHFDUHOHDvQY
DWSkQDWXQFL
&LWLL QXPUXO GH OLWHUH Q SH FDUH WUHEXLH V OH VFULH FRSLOXO SUHFXP L OLWHUHOH SH
FDUHDFHVWDOHDVFULVLVFULHLXQSURJUDPFDUHYHULILFGDFvQLUXOGHOLWHUHDSDUVDX
QXDQXPLWHOLWHUHGHPDLPXOWHRUL$ILDLOLWHUHOHFDUHDSDUGHPDLPXOWHRULDXQX
PUXOGHDSDULLLPDLPDUHGHFkWLQXPUXODSDULLLORUDFHVWRUD
([HPSOX
5
A B C A C
A 2
C 2
%*KLRFHLLYLRUHOH
&RSLLLGLQFODVDD9,DDXPHUVODSGXUHGXSJKLRFHL(LDXFXOHVJKLRFHLLYLRUHOH
vQ WRWDO XQ QXPU GH Q IORUL GH SULPYDU $X REVHUYDW F JKLRFHLL L YLRUHOHOH DX
FUHVFXWGXSRDQXPLWUHJXOvQWUHGRXYLRUHOHHUDXQJKLRFHODSRLFkWHGRLLWRW
DDPDLGHSDUWH
&LWLL XQ QXPU QDWXUDO Q UHSUH]HQWkQG QXPUXO IORULORU L LQLLDOHOH ORU G SHQWUX
JKLRFHL VSHQWUXYLRUHOHVWDELOLLGDFIORULOHVHJVHVFVDXQXvQWURFRQILJXUDLHFDUH
5HFDSLWXODUH
DA
1 3 6
NU
&6HUYLFLXOSHFODV
/DvQFHSXWXODQXOXLFRODUGLULJLQWHOHDvQWRFPLWSODQLILFDUHDVHUYLFLXOXLvQFODVILLQG
SODQLILFDLFkWHGRLHOHYLSHQWUXILHFDUH]L'HRDUHFHHOHYLLDXGHFODUDWFGRUHVFVILH
GHVHUYLFLXFkWHRIDWLXQELDWGLULJLQWHOHDVWDELOLWXUPWRDUHDUHJXOSULPDIDW
GLQFDWDORJYDVWDFXSULPXOELDWDGRXDFXDOGRLOHDLDDPDLGHSDUWH'LULJLQWHOH
WLHFDUHQHOHYLvQFODVGDUQXDQXPUDWFkWHIHWHLFkLELHLVXQWDDFVHSRDWH
vQWkPSODVFRQVWDWHODVIkULWFXQLLFRSLLDXUPDVIUSHUHFKH
&LWLL QXPUXO GH HOHYL QXPHOH L JHQXO ORU 'f' SHQWUX IHWH 'b' SHQWUX ELHL
DSRLVWDELOLLGDFDXUPDVHOHYLIUSHUHFKHLFDUHVXQWDFHWLD
([HPSOX
n=5
Ana f
Ioana f
Andrei b
Anca f
Paul b
'7LHUHDFRSDFLORU
3HGUXPXOQDLRQDO(VXQWFRSDFLQXPHURWDLvQ]LJ]DJSHSDUWHDGUHDSWDGUXPX
OXLFRSDFLLVXQWQXPHURWDLFXQXPHUHSDUHLSHVWkQJDFXQXPHUHLPSDUH/DXQPR
PHQWGDWDXIRVWDOHLFRSDFLSHQWUXWLHUHGHSHILHFDUHSDUWHDGUXPXOXLGXSXUP
WRDUHDUHJXOVHYDWLDSULPXODFHOFRSDFFDUHHVWHQXPHURWDWFXXQQXPUDOHFUXL
FLIUHvQVXPDWHIRUPHD]XQSWUDWSHUIHFWDSRLXUPWRUXOFRSDFDYkQGDFHHDLSURSULH
WDWHLWRWDDPDLGHSDUWHSkQODFDSWXOGUXPXOXL
&LWLLQXPUXOFRSDFLORUDSRLGHWHUPLQDLFkLFRSDFLDXIRVWDOHLSHQWUXWLHUHSH
FDUHSDUWHDGUXPXOXLVXQWDFHWLDSUHFXPLQXPUXOFXFDUHDXIRVWQXPHURWDL1X
PHURWDUHDFRSDFLORUvQFHSHGHOD
5HFDSLWXODUH
([HPSOX
n = 20
(/DVFOGDW
6 copaci
de pe dreapta: 4 10 18
de pe stanga: 1 9 13
/DWUDQGXOGLQRUDVDRUJDQL]DWXQFRQFXUVGHvQRWGRWDWFXSUHPLL'LQGRULQDGHD
FkWLJDPDUHOHSUHPLXVDXvQVFULVLFRSLLFDUHQXWLDXVvQRDWH3HQWUXVLJXUDQDORU
HLQXDXIRVWDFFHSWDLvQFRQFXUV'HRDUHFHFRQFXUHQLLDYHDXYkUVWHGLIHULWHVDKRW
UkW FD OD WLPSXO ILHFUXL FRQFXUHQW PVXUDW vQ VHFXQGH V VH DGXQH YkUVWD DFHVWXLD
'HRDUHFH D vQFHSXW SORDLD VD DQXQDW F VH RIHU XQ DERQDPHQW FHOXL FDUH VFULH XQ
SURJUDPFDUHYDVWDELOLRUGLQHDILQDOSHQWUXFDSUHPLHUHDVDLEORFFkWPDLUHSHGH
)LLHUXOGHLQWUDUH !"#$%&$DUHXUPWRUXOIRUPDW
x SHSULPDOLQLHHVWHVFULVQXPUXOQDOFRSLLORUvQVFULLFRSLLLVXQWLGHQWLILFDLFXQX
PHUHFXSULQVHvQWUHLQ
x SHOLQLDDGRXDHVWHVFULVQXPUXONDOFRSLLORUHOLPLQDL
x SHOLQLDDWUHLDDYHPNQXPHUHLQGLFkQGFRSLLLHOLPLQDL
x SHOLQLDDSDWUDVXQWVFULVHQNQXPHUHFDUHUHSUH]LQWWLPSLLFHORUUPDLvQFRQ
FXUVvQRUGLQHDQXPHUHORUSULPLWHODvQVFULHUH
x SHOLQLDDFLQFLDDYHPQNQXPHUHLQGLFkQGYkUVWHOHFHORUUPDLvQFRQFXUVvQRU
GLQHDQXPHUHORUSULPLWHODvQVFULHUH
QILLHUXOGHLHLUH !"#$%&'(!VHYDDILDRUGLQHDILQDODFRSLLORUSDUWLFLSDQLOD
FRQFXUV3HILHFDUHOLQLHVHYDVFULHXQXOVDXPDLPXOWHQXPHUHDVWIHOvQFkWQXPUXO
GH RUGLQH D OLQLHL V ILH HJDO FX SR]LLD SH FDUH FRSLLL VFULL SH OLQLD UHVSHFWLY DX
WHUPLQDWFRQFXUVXO
([HPSOX
!"#$%&$
7
2
1 3
60 55 58 55 70
8 14 10 10 9
)'UXPXOVSUHFRDO
!"#$%&'(!
6
2 5
4
7
*LJHOHVWHXQHOHYFUXLDQXLSUHDSODFHFRDODLDUIDFHRULFHVQXPDLDMXQJDFROR
QDD]LDDQXOXLFRODUPDPDVDODWULPLVODFRDOODRUD3L3
PLQXWH(OWUHEXLD
VDMXQJODFRDOODRUD6L6
PLQXWH
5HFDSLWXODUH
QGUXPVSUHFRDOHOVHvQWkOQHWHFXFkLYDSULHWHQLFDUHvOLQGHYRUEGHODRUD
'L'
PLQXWHSkQODRUD''L''
PLQXWH'DFGLVFXWPDLPXOWGHGHPLQXWH
DWXQFLHLYRUPDLGLVFXWDvQFGHPLQXWH
6FULHLXQSURJUDPFDUHYHULILFGDF*LJHODMXQJHODWLPSODFRDOLvQFD]XOvQ
FDUHDMXQJHVVHGHWHUPLQHRUDLPLQXWXOODFDUHDDMXQV
'XUDWDGHSODVULLGHDFDVSkQODFRDOHVWHGHGHPLQXWH
'DWHGHLQWUDUH
'DWHOHGHLQWUDUHVHFLWHVFGLQILLHUXO))*&$FDUHDUHXUPWRUXOIRUPDW
x SHSULPDOLQLHVHDIORUD3LPLQXWXO3
ODFDUH*LJHOSOHDFGHDFDV
x SHDGRXDOLQLHVHDIOQXPUXO1DOSULHWHQLORUFXFDUHVHvQWkOQHWH*LJHOSHGUXP
x ILHFDUHGLQWUHXUPWRDUHOH1OLQLLFRQLQRUD'LPLQXWXO'
GHvQWkOQLUHLRUD''
LPLQXWXO''
ODFDUHVHWHUPLQFRQYHUVDLD
x SH XOWLPD OLQLH HVWH VFULV RUD 6 L PLQXWXO 6
OD FDUH WUHEXLH V DMXQJ *LJHO OD
FRDO
'DWHGHLHLUH
5H]XOWDWXOVHYDWLSULODLHLUHDVWDQGDUG'DF*LJHODMXQJHODFRDOvQWLPSXWLOVH
YDDILDFXYkQWXO 'DA'LDUGDFQXVHYDWLSULFXYkQWXO 'NU'QFD]XOvQFDUH*LJHO
UHXHWHVDMXQJODFRDOVHYDPDLWLSULRUDLPLQXWXOODFDUHDMXQJH
([HPSOX
))*&$
7 30
2
7 32 7 34
7 36 7 37
8 43
DA
8 16
$YDQVDL
$1XPHUHSULPHFXGLYL]RUL
(OHYLL FODVHL D 9D DX vQYDW OD PDWHPDWLF GHVSUH QXPHUHOH SULPH F DX H[DFW GRL
GLYL]RULLQXPUXOvQVXL/DLQIRUPDWLFDXvQYDWFQXPHUHOHVHSRWUHSUH]HQWD
L vQ DOWH ED]H QX GRDU vQ ED]D &HL GRL SURIHVRUL FHO GH PDWHPDWLF L FHO GH
LQIRUPDWLFVDXJkQGLWVOHGHDRWHPFRSLLORUGHFODVDD9DFDUHVFRPELQHFHOH
GRX LQIRUPDLLvQYDWH(LYRUWUHEXLVJVHDVFWRDWHQXPHUHOHPDLPLFLGHFkWXQ
QXPUGDWQFDUHDXSURSULHWDWHDFVFULVHvQED]DQXVXQWSULPHGDUVFULVHvQDOW
ED]LFLWLWHvQED]DVXQWSULPH
6FULHLXQSURJUDPFDUHJVHWHDFHVWHQXPHUHSUHFXPLED]HOHvQFDUHDXDFHDVW
SURSULHWDWH
5HFDSLWXODUH
([HPSOX
n = 4
numar in baza 10: 4 nu este prim
numar in baza 3: 31 (citit in baza 10 este prim)
%0DWHPDWLFDSHFDOFXODWRU
/DOHFLDGHPDWHPDWLFSURIHVRUXOOHFHUHHOHYLORUVHIHFWXH]HRvQPXOLUHDXQRUQX
PHUHDOFURUSURGXVGHSHWHOLPLWHOHPDWHPDWLFLL3ULPXOFDUHYDUH]ROYDDFHDVW
SUREOHPYDDYHDPHGLDvQDFHOVHPHVWUX8QXOGLQWUHHLILLQGPDLLVWHLDYkQG
OkQJHOXQFDOFXODWRUGHEX]XQDUDvQFHSXWVHIHFWXH]HvQPXOLULOHSHFDOFXODWRUGDU
DREVHUYDWFvQDFHVWFD]QLFLFDOFXODWRUXOGHEX]XQDUQXvLHVWHGHIRORV'DUGDFWRW
HVWH HO PDL LVWH D DSHODW OD LQIRUPDWLFLHQL L LD UXJDW 3ULPXO FDUH vPL YD UH]ROYD
SUREOHPDYDSULPLWHPHOHFRUHFWHODPDWHPDWLFvQWRWDFHVWVHPHVWUX
6HFLWHVFQQXPHUHvQWUHJL6HFHUHVVHGHWHUPLQHSURGXVXODFHVWRUQXPHUH
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOGHLQWUDUH"'%( &$VHDIOXQQXPUQDWXUDOQLDUSHXUP
WRDUHOHQOLQLLH[LVWFkWHXQQXPUvQWUHJ
'DWHGHLHLUH
3URGXVXOFHORUQQXPHUHVHYDVFULHvQILLHUXOGHLHLUH"'%( &'(!
5HVWULFLLLSUHFL]UL
x dQd
x d[Ld
([HPSOX
"'%( &$
3
1234
-12345
2457
&/DSHVFXLW
"'%( &'(!
-37429274610
(OHYLLLQIRUPDWLFLHQLDYkQGSUHDPXOWHFRQFXUVXULGHLQIRUPDWLFVDXJkQGLWFDUIL
ELQH V DLE R SHULRDG GH UHFUHHUH L DX RUJDQL]DW XQ FRQFXUV GH SHVFXLW OD FDUH DX
SDUWLFLSDWIRDUWHPXOLFRQFXUHQL)LHFDUHHOHYDSULQVSHWLGHGLIHULWHVSHFLLVSHFLLOH
ILLQGLGHQWLILFDWHSULQQXPHUH1XPUXOSHWLORUSULQLHVWHDFHODLSHQWUXILHFDUHHOHY
6HVSXQHFvQWUHGRLHOHYLH[LVWUHODLHGHOHJWXUGDFHLDXSULQVFHOSXLQXQSHWH
GHDFHHDLVSHFLHDVWIHOIRUPkQGXVHJUXSXULGLQWUHFRSLLLFDUHDXvQSUDGFHOSXLQ
XQSHWHFRPXQ
5HFDSLWXODUH
'HWHUPLQDLQXPUXOGHJUXSXULFDUHVHYRUIRUPDLDILDLPHPEULLILHFUXLJUXS
'DWHGHLQWUDUH
'DWHOHGHLQWUDUHVHFLWHVFGLQILLHUXO !&$FDUHDUHXUPWRUXOIRUPDW
x SHSULPDOLQLHHVWHVFULVQXPUXOQDOHOHYLORU
x SHDGRXDOLQLHDYHPQXPUXONDOSHWLORUSULQLGHILHFDUHHOHY
x SHILHFDUHGLQWUHXUPWRDUHOHQOLQLLDYHPFkWHNQXPHUHFDUHLQGLFVSHFLDILHFUXL
SHWHSULQVGHXQDQXPLWHOHY
'DWHOHGHLHLUH
)LLHUXO !&'(!DUHXUPWRUXOIRUPDW
x SHSULPDOLQLHVHYDVFULHQXPUXOJDOJUXSXULORUIRUPDWH
x SH ILHFDUH GLQWUH XUPWRDUHOH J OLQLL VH YRU VFULH QXPHUHOH GH RUGLQH DOH FRSLLORU
FDUHIDFSDUWHGLQFkWHXQJUXS
([HPSOX
!&$
10
3
1 2 1
1 2 2
3 3 3
3 4 5
7 8 7
7 8 7
8 8 7
9 9 9
1 1 2
7 7 8
!&'(!
4
1 2 9
3 4
5 6 7 10
8
([FHOHQL
$6HUYLFLXOGHJDUG
QYHGHUHDVWDELOLULLVHUYLFLXOXLGHJDUGODRXQLWDWHPLOLWDUFRPDQGDQWXOQRPLQDOL
]HD]QVROGDL6LQJUDGDL*&RPDQGDQWXOWLLQGFODXQPRPHQWGDWvQSRVW
LQWUGRXSHUVRDQHLFRILHUXOUHVSRQVDELOvLSXQHvQSHUHFKHSHFHLSUHY]XLvQOLV
WSULPXOFXXOWLPXODOGRLOHDFXSHQXOWLPXOHWFVWDELOHWHRUGLQHDvQOLVWDVWIHOvQ
FkWVQXVHIRUPH]HSHUHFKLPL[WHXQVROGDWLXQJUDGDW&RPDQGDQWXOPDLWLHFQ
HVWHQXPUSDULYDIRORVLDFHDVWSURSULHWDWHvQPRPHQWXOvQFDUHYDvQWRFPLOLVWD
6FULHLXQSURJUDPFDUHDILHD]SHHFUDQOLVWDGLQFDUHRILHUXOYDIRUPDSHUHFKL
FRQIRUPFHULQHL'HDVHPHQHDSURJUDPXOWUHEXLHVDILH]HLSHUHFKLOHFDUHLQWUvQ
VHUYLFLX
5HFDSLWXODUH
([HPSOX
n=4
Chirila
Macarie
Coza
Domsa
Lador
Orlea
Hila
Pacurar
S, S, G, G, S, G, S, G
RVROXLHSRVLELO
Chirila
Coza
Lador
Pacurar,
Domsa
Macarie
Orlea
Hila
Chirila - Hila
Coza - Orlea
Lador - Macarie
Pacurar Domsa
%3ODVDUHDRJOLQ]LORU
6HFRQVLGHUXQLUGHQHOHPHQWHFDUHDXYDORULOHL'HILQLPRSHUDLDSODVDUHD
GRXRJOLQ]LXQDvQVWkQJDHOHPHQWXOXLGHSHSR]LLDLLDUDOWDvQGUHDSWDHOHPHQWXOXL
GHSHSR]LLDM$FHDVWRSHUDLHDUHFDHIHFWLQWHUVFKLPEDUHDHOHPHQWHORUHJDOGHSUWD
WHGHH[WUHPHDHOHPHQWHORUFXSULQVHvQWUHSR]LLLOHLLMLQFOXVLY
6FULHLXQSURJUDPFDUHYDFLWLGRXLUXULGHOXQJLPHQLYDVWDELOLSR]LLLOHvQFDUH
YRUWUHEXLSODVDWHFHOHGRXRJOLQ]LvQFDGUXOSULPXOXLLUDVWIHOvQFkWvQXUPDSODVULL
RJOLQ]LORUSULPXOLUVGHYLQLGHQWLFFXDOGRLOHDLU
([HPSOX
n = 8
0 0 1 1 0 1 1 0
0 1 0 1 1 0 1 0
&3DOLQGURP
2 6
8QLL PDWHPDWLFLHQL DX IRVW FXULRL L DX vQFHSXW V VH MRDFH FX QXPHUHOH HL DX
RELQXW WRW IHOXO GH UH]XOWDWH LQWHUHVDQWH 3HQWUX XQ QXPU RDUHFDUH [ GDW vQ ED]D E
GHILQLPXUPWRUXOSURFHVLWHUDWLYODSULPXOSDVVHDGXQQXPUXOXL[RJOLQGLWXOVX
UHSHWkQGVXFFHVLYSURFHGHXOFXUH]XOWDWXORELQXW
([HPSOX
)LHQ LE
x SDVXO
x SDVXO
x SDVXO
x SDVXO
5HFDSLWXODUH
'1XPHUHDSURSLDWH
4
4884
6H G XQ QXPU QDWXUDO Q FDUH FRQLQH FHO PXOW GH FLIUH 'HWHUPLQDL FHO PDL
PLFQXPUQDWXUDOPtQFDUHDFFHSWFDGLYL]RUXQQXPUGDWGdGd
1XPHUHOH Q L G VH FLWHVF GH SH SULPHOH GRX OLQLL DOH ILLHUXOXL $(+"&$ LDU
QXPUXOPYDILVFULVSHSULPDOLQLHDILLHUXOXL$(+"&'(!
([HPSOX
$(+"&$
14
5
$(+"&'(!
15
)LLHUHGHWLSWH[WL
SUHOXFUULVLPSOH
([SORDWDUHDXQXLILLHUGHWLSWH[W
3UHOXFUULVLPSOHDOHGDWHORUFLWLWHGLQILLHUH
'HWHUPLQDUHDHOHPHQWXOXLPLQLPPD[LP
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
&DSLWROXO
8QILLHUGHWLSWH[WHVWHRFROHFLHGHvQUHJLVWUULXQGHvQUHJLVWUULOHVXQWFDUDFWHUHVDX
LUXULGHFDUDFWHUHVWUXFWXUDWHSHOLQLL/LQLLOHVXQWVHSDUDWHSULQPDUFDMHIRUPDWHGLQ
FDUDFWHUHOHVIkULWGHOLQLHDGLF/)&5
8QDVWIHOGHILLHUVHSRDWHFUHDFXHGLWRUXOGLQPHGLXOGHSURJUDPDUHSULQSURJUDP
VDXFXRULFHDOWHGLWRUFXFDUHVHSRWFUHDILLHUH$6&,,
/XQJLPHDOLQLLORUILLQGYDULDELOQXVHSRDWHUHDOL]DXQDFFHVGLUHFWODRDQXPLWOL
QLHGLQILLHU
([SORDWDUHDXQXLILLHUGHWLSWH[W
9DULDELODGHOXFUXFDUHVHDVRFLD]SULQSURJUDPXQXLILLHUGHSHVXSRUWVHGHFODUvQ
VHFLXQHDGHGHFODUDLL
LGHQWLILFDWRU,
3URFHGXUDSUHGHILQLWFDUHUHDOL]HD]OHJWXUDvQWUHRYDULDELOGHWLSILLHULILLH
UXOH[LVWHQWSHVXSRUWHVWH
LGHQWLILFDWRUQXPHBILLHUXQGHQXPHBILLHUHVWHR
H[SUHVLHGHWLSLUGHFDUDFWHUHHYLGHQWSRDWHILRYDULDELOVDXRFRQVWDQWGHWLSLU
GHFDUDFWHUH
'HVFKLGHUHQFKLGHUH
3URFHGXULOHSUHGHILQLWHFUHDWHSHQWUXDGHVFKLGHUHVSHFWLYvQFKLGHXQILLHUGHWLSWH[W
LGHQWLILFDWSULQYDULDELOD
VXQW
x
DSHOXODFHVWHLSURFHGXULDUHFDHIHFWFUHDUHDILLHUXOXLVDXUHVFULHUHD
DFHVWXLDGDFHOH[LVWDOWIHOVSXVGDFXQILLHUGHWLS HVWHGHVFKLVFX
YRPSXWHDVFULHvQDFHVWD
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
x
DSHOXODFHVWHLSURFHGXULDUHFDHIHFWGHVFKLGHUHDILLHUXOXLSHQWUXFLWLUH
LQGLFDWRUXOGHILLHUDIOkQGXVHODvQFHSXWXOILLHUXOXLDGLFGXSGHVFKLGHUHDOXL
SR]LLDFXUHQWSHQWUXFLWLUHHVWHSULPDGLQILLHU
x
SURYRDFSR]LLRQDUHDLQGLFDWRUXOXLSHPDUFDMXOGHVIkULWGHILLHUvQ
YHGHUHD DGXJULL GH vQUHJLVWUUL SUHFL]P F VFULHUHD vQFHSH GLQ SR]LLD FXUHQW
FHHD FH vQVHDPQ VXSUDVFULHUHD PDUFDMXOXL GH VIkULW GH ILLHU DSRL FRQWLQXDUHD
VFULHULLvQUHJLVWUULORUGRULWHvQILLHU
x
UHDOL]HD]vQFKLGHUHDILLHUXOXL6FULHUHDHIHFWLYDGDWHORUvQILLHUXOGH
LHLUH VH UHDOL]HD] SH EORFXUL SkQ OD XPSOHUHD XQXL EORF DFHVWHD VH SVWUHD]
WHPSRUDU vQ]RQHWDPSRQGHPHPRULH8OWLPHOHGDWHDGLFEORFXOvQFHSXWLQH
XPSOXWvQvQWUHJLPHVHVFULHHIHFWLYvQILLHUODvQFKLGHUHDDFHVWXLD5H]XOWFGDF
QXvQFKLGHPILLHUXOGHLHLUHVDUSXWHDFDvQILLHUVVHWUDQVIHUHGRDURSDUWHGLQ
UH]XOWDWHVDXvQFD]XOvQFDUHDFHVWHUH]XOWDWHIFHDXSDUWHGLQWUXQSULPEORFvQFH
SXWLQHXPSOXWVDYHPILLHUYLG
,QWUUL,HLUL
'LQWUXQvQWUXQILLHUGHWLSWH[WVHSRWFLWLVDXVHSRWVFULHFDUDFWHUHLUXULGHFDUDFWH
UH QXPHUH vQWUHJL L QXPHUH UHDOH 6XESURJUDPHOH FDUH UHDOL]HD] FLWLUHD L VFULHUHD
VXQW
x
DUHFDHIHFWFLWLUHDDQGDWHGLQILLHU
x
DUHFDHIHFWFLWLUHDDQGDWHGLQILLHUGXSFDUHXUP
WRDUHDFLWLUHVHYDIDFHGHSHOLQLHQRX
x
VHUHDOL]HD]VFULHUHDDQGDWHvQILLHU
x
VHUHDOL]HD]VFULHUHDDQGDWHvQILLHULDPDUFDMX
OXLGHVIkULWGHOLQLH
x
UHGHQXPHWHXQILLHUODQLYHOIL]LFDGLFSHVXSRUW
x "
IXQFLH ERROHDQ FDUH UHWXUQHD] YDORDUHD GDF XUPWRUXO FDUDFWHU
FDUHDUXUPDVILHFLWLWGLQILLHUHVWHPDUFDMXOGHVIkULWGHILLHUL
DOWIHO
x "
IXQFLH ERROHDQ FDUH vQWRDUFH YDORDUHD GDF XUPWRUXO FDUDFWHU
FDUHDUXUPDVILHFLWLWGLQILLHUHVWHPDUFDMXOGHVIkULWGHOLQLHVDXPDUFDMXOGH
VIkULWGHILLHUL
vQFD]FRQWUDU
3UHOXFUULVLPSOHDOHGDWHORUFLWLWHGLQILLHUH
3ULQSUHOXFUDUHVLPSOYRPvQHOHJHFDOFXODUHDXQRUVXPHSURGXVHPHGLLDULWPHWLFH
VDXJHRPHWULFHFXWDUHDXQXLHOHPHQWDYkQGRDQXPLWSURSULHWDWHQXPUDUHDHOH
PHQWHORUDYkQGRDQXPLWSURSULHWDWH
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
6XPHLSURGXVH
2ULFH VXP WUHEXLH LQLLDOL]DW FX HOHPHQWXO QHXWUX ID GH DGXQDUH L DQXPH FX
$SRLFXRSUHOXFUDUHVLPSOVHFDOFXOHD]VXPD6LQJXUDSUREOHPFDUHSRDWHVDSDU
VHUHIHUODIDSWXOFPHGLLOHGHSURJUDPDUHQXQHDWHQLRQHD]FkQGRDVWIHOGHVXP
VDXSURGXVGHSHWHYDORDUHDPD[LPSRVLELOGHUHSUH]HQWDWvQFDGUXOWLSXOXLYDULD
ELOHLVXPQDQXPLWHPHGLLGHSURJUDPDUHH[LVWWRWXLSRVLELOLWDWHDGHDFHUHFRQWUR
ODUHDGHSLULL'HH[HPSOXGDFvQFD]XOXUPWRUXOXLSURJUDPVLPSOXSR]LLRQPRS
LXQHD2SWLRQV&RPSLOHU5DQJHFKHFNLQJSH21H[HFXLDDFHVWXLDVHYDvQWUHUXSHFX
XQPHVDMGHHURDUH
%&%? DOWIHOVHDILHD]XQUH]XOWDWHURQDWV
IUQLFLRDWHQLRQDUH
JKJ
JQXYKJ
J
JJQ\`KJ
JJJQ\JJ||JQ\~KJJ
JJ
J
J
^VQXYDvQFDSHSHXQRFWHW`
'DUXQSURJUDPFDUHVHvQWUHUXSHFXXQPHVDMGHHURDUHQXQHSRDWHPXOXPL&KLDU
GDFQXVHSRDWHFDOFXODVXPDGHPDLVXVSURJUDPXOQRVWUXWUHEXLHVVHILQDOL]H]HFD
XQSURGXVIXQFLRQDOLVQHFRPXQLFHILHUH]XOWDWXOFRUHFWILHVQHFRPXQLFHSULQWU
XQPHVDMSUHY]XWSHQWUXDVHPHQHDFD]XULFQXDIRVWSRVLELOILQDOL]DUHDFDOFXOHORU
3UREOHPDSURWHFLHLIDGHGHSLULVHSRDWHvQOWXUDGHFODUkQGYDULDELODVXPGH
XQWLSGHGDWHVLJXU'DUSHQWUXFD]XULOHvQFDUHDFHDVWVROXLHQXHVWHODvQGHPkQ
QHSXWHPIHULFXRGHFL]LHVLPSO'HH[HPSOXVSUHVXSXQHPFvQFD]XOSURJUDPX
OXLGHPDLVXVYUHPVWLPFDUHHVWHYDORDUHDFHDPDLPDUHDYDULDELOHL[FDUHvQFVH
PDL SRDWH DGXQD IU V VH SURGXF GHSLUH (IHFWXO SURJUDPXOXL XUPWRU YD IL
DILDUHDYDORULL
JKJ
JQXYKJ
JJJJQX
KJ
JJQ\`KJQ\KJ
JJQ\
KJ
JJ
JJ\||JJ
JJJJJJ\J||JJJ
J
JJJJJJQ\~KJ
JJJJJJ
%J
JJJJ
JQ\KJ
JJJJ
J
JJJ
JJ
JJ
J
J
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
0HGLL
3HQWUXDFDOFXODRPHGLHDULWPHWLFPDLvQWkLVHFDOFXOHD]RVXP'DFQXPUXOWHU
PHQLORU GLQ VXP VH FXQRDWH PHGLD VH FDOFXOHD] vPSULQG VXPD OD DFHVW QXPU
'DUVHvQWkPSOIUHFYHQWFvQVXPVHDGXQGRDUDQXPLWHQXPHUHGHH[HPSOXGRDU
FHOHSR]LWLYH$FHVWHDVHYRUQXPUDvQSDUDOHOFXFDOFXODUHDVXPHL6QXXLWPVvQ
WUHEP vQDLQWH GH vPSULUH GDF QXPUXO WHUPHQLORU GLQ VXP QX FXPYD HVWH
SHQWUXDHYLWDRvPSULUHQHSHUPLV'HDVHPHQHDvQDFHVWFD]ILHDILPXQPHVDM
ILHUHDOL]PVDUFLQLOHVSHFLILFDWHvQHQXQXOSUREOHPHL
&XWDUHDVHFYHQLDO
3XWHPFXWDXQHOHPHQWDYkQGRYDORDUHFXQRVFXWVDXDYkQGRDQXPLWSURSULHWDWH
5H]XOWDWXOYDILXQUVSXQVGDODPJVLWVDXQXODPJVLW5HIHULWRUODDFHDVW
VXESUREOHPGRULPVDWUDJHPDWHQLDDVXSUDIDSWXOXLFRYDORDUHFXWDWLJVLWQX
WUHEXLHFXWDWvQUHVWXOGDWHORU'UHSWFRQVHFLQQXYRPFXWDFX FLFXRVWUXF
WXUUHSHWLWLYFXQXPUQHFXQRVFXWGHSDLQDOJRULWPXOXUPWRUSUHVXSXQHPFVH
FDXWRYDORDUHGDWGHQXPLWFXWDWSULQWUHGDWHGHDFHODLWLSFLWLWHGLQWUXQILLHU
#J%QJ
JJ
J%J
JJ
JJ
JJ
JQXXUPHD]PDUFDGHVIkULWGHILLHUJJzJ%J
,JJ
JJJJ
JJ
JJ
^DPLHLWGLQFLFOXILHGLQFDX]DFVDJVLWHOHPHQWXOFXWDW`
^ILHGLQFDX]DFXUPHD]PDUFDGHVIkULWGHILLHUvQFRQFOX]LH`
^WUHEXLHVDIOPFDUHGLQFHOHGRXFD]XULDFRQGXVODSUVLUHDFLFOXOXL`
JJJJ\J%JJJ
JJJJ
JJ J
JJ
JJ J
J
'DFDOHJHPYHUVLXQHDvQFDUHOXFUPFXRYDULDELOORJLFFRPSDUDUHDHOHPHQWX
OXL FXUHQW FX FHO FXWDWRIDFHPH[SOLFLWvQFRUSXOVWUXFWXULLUHSHWLWLYH'HDVHPHQHD
GDFGLQWUXQPRWLYRDUHFDUHYUHPWRWXLVOXFUPFX vQ3DVFDODYHPSRVLELOLWD
WHDVvQWUHUXSHPFXWDUHDvQPRPHQWXOJVLULLHOHPHQWXOXLFXWDWDSHOkQGVXESURJUD
PXOX?
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
'HWHUPLQDUHDHOHPHQWXOXLPLQLPPD[LP
Q IRDUWH PXOWH SUREOHPH LQWHUYLQH R VXESUREOHP vQ FDUH VH FHUH GHWHUPLQDUHD FHOXL
PDL PLF VDX FHOXL PDL PDUH HOHPHQW GLQWUR PXOLPH GH GDWH &RQLQXWXO XQXL ILLHU
SRDWHILSULYLWFDILLQGRDVWIHOGHPXOLPHELQHvQHOHVFkWWLPSQHUHIHULPODXQFRQL
QXWIRUPDWGLQDFHODLWLSGHGDWH
3UH]HQWDUHDDOJRULWPXOXLRYRPIDFHSHQWUXGHWHUPLQDUHDYDORULLPLQLPHGLQWUHPDL
PXOWHGDWHGHWLSvQWUHJFDUHVHFLWHVFGLQWUXQILLHUGHWLSWH[W9DULDELODGHVHPQDWV
UHLQYDORDUHDPLQLPXOXLPLQYDILLQLLDOL]DWILHFXSULPDYDORDUHFLWLWGLQILLHU
ILHFXRYDORDUHVWULQDOHDVFXJULMSHQWUXDQXULVFDVILHFHDPDLPLFvQFRP
SDUDLHFXGDWHOHGLQILLHU$FHDVWDGRXDVROXLHVHUHFRPDQGGRDUvQFD]XOvQFDUH
SULPDYDULDQWQXHVWHSRVLELOVDXHVWHPXOWSUHDDQHYRLRDV
QDOJRULWPvQFRQWLQXDUHVHFLWHVFSHUkQGGDWHOHGLQILLHULILHFDUHVHFRPSDU
FXYDORDUHDFXUHQWDYDULDELOHLPLQFDUHVHDFWXDOL]HD]GXSFD]
#J
QJJ
JJ
J
J
JJ
JmJ
J
JJ
QXXUPHD]PDUFDGHVIkULWGHILLHUJ
QJ
JJJJ
J
J
JJJJJ
JJ
JJ
JJJJJJ
JmJ
J
J
QFD]XOPD[LPXOXLYRPSURFHGDVLPLODUILLQGDWHQLODRSHUDWRUXOUHODLRQDOXWLOL
]DW(VWHSRVLELOFDHQXQXOVFHDULQXPUXOGHRUGLQHDOHOHPHQWXOXLPLQLPPD
[LPQDFHVWFD]SHUDPXUD GLQVWUXFWXUDDOWHUQDWLYYRPDGXJDLDFWXDOL
]DUHDQXPUXOXLGHRUGLQHFDUHWUHEXLHLQLLDOL]DWFXYDORDUHDGDFSUHOXFUDUHDDvQ
FHSXWFXHOHPHQWXOGHLQGLFHvQDLQWHGHDLQWUDvQVWUXFWXUDUHSHWLWLY
Q
DFHVWIHOFKLDUGDFvQILLHUVHDIOPDLPXOWHGDWHHJDOHFXYDORDUHDFHDPDLPLFQX
PUXOGHRUGLQHYDILDOSULPXOXLDVWIHOGHQXPU
'DFQLVHFHUHXOWLPXOQXPUHJDOFXYDORDUHDPLQLPWUHEXLHGRDUVPRGLILFP
RSHUDWRUXOUHODLRQDOvQt
'DFWUHEXLHVDILPWRDWHQXPHUHOHGHRUGLQHDOHGDWHORUFDUHVXQWHJDOHFXPL
QLPXODWXQFLWUHEXLHVUHFXUJHPODRDOWWHKQLF,PHGLDWGXSLQLLDOL]DUHDYDULDELOHL
PLQVFULHPYDORDUHDOXLLQXPUXOGHRUGLQHvQILLHUXOGHLHLUH8UPHD]FRPSDUD
UHDFHORUODOWHGDWHFXPLQ'DFQXPUXOFXUHQWHVWHPDLPDUHGHFkWPLQQXWUHEXLHV
IDFHPQLPLFQFD]FRQWUDUYRPvQWUHEDGDFQXPUXOFXUHQWHVWHHJDOFXPLQQFD]
DILUPDWLYGHVFKLGHPILLHUXOGHLHLUHSHQWUXDGXJDUHvQ3DVFDOFX
LVFUL
HPvQHOQXPUXOGHRUGLQHDOHOHPHQWXOXLFDUHDDYXWYDORDUHDHJDOFXPLQ'DFQX
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
PUXO FXUHQW HVWH PDL PLFGHFkWPLQGHVFKLGHPILLHUXOSHQWUXVFULHUHvQ3DVFDOFX
L VFULHP QRXD YDORDUHD D PLQLPXOXL L QXPUXO GH RUGLQH FRUHVSXQ]WRU
$VWIHOSUDFWLFWHUJHPYHFKLXOFRQLQXWDOILLHUXOXLVFULLQGvQHOUH]XOWDWXOFDUHFRQ
IRUPVWDGLXOXLSUHOXFUULLHVWHFRUHFWQILQDOYRPDYHDXQXOVDXPDLPXOWHQXPHUH
GHRUGLQHFDUHFRUHVSXQGHOHPHQWHORUHJDOHFXYDORDUHDPLQLPVFULVvQILLHU
,PSOHPHQWULVXJHUDWH
3HQWUXDYIDPLOLDUL]DFXPRGXOvQFDUHWUHEXLHUH]ROYDWHSUREOHPHOHvQFDUHLQWHUYLQ
RSHUDLLFXILLHUGHWLSWH[WYVXJHUPVvQFHUFDLVLPSOHPHQWDLDOJRULWPLSHQWUX
FLWLUHDXQXLQXPUGLQWUXQILLHULVFULHUHDVDvQDOWXO
FLWLUHD WXWXURU QXPHUHORU GLQWUXQ ILLHU FDUH FRQLQH FkWH XQ QXPU SH R OLQLH L
VFULHUHDORUvQDOWILLHUFkWHXQXOSHROLQLH
FLWLUHDGDWHORUGLQWUXQILLHUFDUHFRQLQHQXPHUHPDLPXOWHSHROLQLHLVFULHUHD
ORUvQWUXQDOWILLHUvQDFHHDLIRUP
FLWLUHDXQHLVHFYHQHGHQXPHUHGLQWUXQILLHULVFULHUHDHLvQDOWILLHU
FLWLUHDXQRUQXPHLUXULGHFDUDFWHUHGLQWUXQILLHULVFULHUHDORUvQWUXQDOWILLHU
FLWLUHDXQXLQXPUQDWXUDO1GLQWUXQILLHULVFULHUHDvQWUXQDOWILLHUDWXWXURUQX
PHUHORUQDWXUDOHFXSULQVHvQWUHL1FkWHXQXOSHROLQLH
FLWLUHDXQXLQXPUQDWXUDO1GLQWUXQILLHULD1QXPHDIODWHSHXUPWRDUHOHOLQLL
DOHILLHUXOXLLVFULHUHDFHORU1QXPHvQWUXQDOWILLHU
FRSLHUHDLQWHJUDODFRQLQXWXOXLXQXLILLHUvQWUXQDOWILLHU
UHGHVFKLGHUHDILLHUHORUDWXQFLFkQGHVWHQHFHVDU
3HQWUXDYIDPLOLDUL]DFXSUHOXFUULVLPSOHFXPVXQWFDOFXOXOVXPHORUGHWHUPLQD
UHDPLQLPXOXLPD[LPXOXLYVXJHUPVvQFHUFDLVLPSOHPHQWDLDOJRULWPLSHQWUX
x FDOFXODUHDVXPHLSULPHORU1QXPHUHQDWXUDOH
x FDOFXODUHDVXPHLXQRUGDWHSVWUDWHvQWUXQILLHUGHWLSWH[W
x GHWHUPLQDUHD PLQLPXOXLPD[LPXOXL GLQWUXQ LU GH GDWH SVWUDWH vQWUXQ ILLHU GH
WLSWH[W
x LQLLDOL]DUHDPLQLPXOXLPD[LPXOXLFXHOHPHQWXOQHXWUXVDXFXSULPXOHOHPHQW
x FLWLUHDXQRUQXPHUHGLQWUXQILLHULVFULHUHDvQWUXQILLHUDPLQLPXOXLORUSUHFXP
LDSULPHLSR]LLLSHFDUHDSDUHDFHVWPLQLP
x FLWLUHDXQRUQXPHUHGLQWUXQILLHULVFULHUHDvQWUXQILLHUDPLQLPXOXLORUSUHFXP
LDXOWLPHLSR]LLLSHFDUHDSDUHDFHVWPLQLP
x FLWLUHDXQRUQXPHUHGLQWUXQILLHULVFULHUHDvQWUXQILLHUDPLQLPXOXLORUSUHFXP
LDWXWXURUSR]LLLORUSHFDUHDSDUHDFHVWPLQLP
$FHWLDOJRULWPLVHYRUWUDWDGLQQRXvQFD]XOvQFDUHGDWHOHYRUILVWUXFWXUDWHvQWDEORXUL
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
1XPUSDU
6WDELOLLGDFSULQWUHQXPHUHOHvQWUHJLVFULVHvQWUXQILLHUGHWLSWH[WH[LVWVDXQXFHO
SXLQXQQXPUSDU
'DWHGHLQWUDUH
QILLHUXOGHLQWUDUH#"&$VHDIOPDLPXOWHQXPHUHvQWUHJL
'DWHGHLHLUH
'DFvQILLHUH[LVWFHOSXLQXQQXPUSDUvQILLHUXOGHLHLUH #"&'(!VHYDVFULHJ
DOWIHOVHYDVFULH
5HVWULFLLLSUHFL]UL
x dQXPUd
([HPSOX
#"&'(!J
J
1XPHUHSDUHSWUDWHSHUIHFWHvQILLHU
QWUXQILLHUVXQWVFULVHPDLPXOWHQXPHUHQDWXUDOH$OHJHLQXPHUHOHSDUHFDUHVXQW
SWUDWHSHUIHFWHLVFULHLOHvQWUXQDOWILLHU
'DWHGHLQWUDUH
1XPHUHOH VXQW VFULVH vQ ILLHUXO GH LQWUDUH $(+"&$ SH PDL PXOWH UkQGXUL 3H XQ
UkQGVXQWVFULVHXQQXPURDUHFDUHGHQXPHUHVHSDUDWHSULQXQXOVDXPDLPXOWHVSDLL
'DWHGHLHLUH
1XPHUHOHSDUHFDUHVXQWSWUDWHSHUIHFWHVHYRUVFULHFkWHXQXOSHOLQLHvQILLHUXOGH
LHLUH$(+"&'(!
5HVWULFLLLSUHFL]UL
x dQXPUd
([HPSOX
$(+"&$
JJJJJJJJJJ
``JJJJJJJ|J
JJ``
&RQFDWHQDUHGHILLHUH
3UREOHPHSURSXVH
#"&$J
JJJ
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
$(+"&'(!
J
``J
``
-/&$J
J%JJ
JJ
-0&'(!J
JJJ
JJ
|J
OLQLHYLG
J%JJ
J
&DUDFWHUH
6HFRQVLGHUGRXQXPHUHQDWXUDOHDLEFDUHUHSUH]LQWFDSHWHOHXQXLLQWHUYDOGHQX
PHUHvQWUHJLLXQQXPURDUHFDUHGHFDUDFWHUH$OHJHLGLQWUHDFHVWHFDUDFWHUHSHDFH
OHDFDUHDXFRGXULOH$6&,,FXSULQVHvQLQWHUYDOXO>DE@
'DWHGHLQWUDUH
3H SULPD OLQLH D ILLHUXOXL #"#!"&$ VH DIO QXPHUHOH D L E VHSDUDWH SULQWUXQ
VSDLX3HILHFDUHGLQWUHXUPWRDUHOHOLQLLVXQWVFULVHPDLPXOWHFDUDFWHUH
'DWHGHLHLUH
&DUDFWHUHOHFDUHFRUHVSXQGFHULQHLSUREOHPHLVHYRUVFULHvQILLHUXO #"#!"&'(!
SHDFHHDLOLQLHVHSDUDWHSULQFkWHXQVSDLX
5HVWULFLLLSUHFL]UL
x dDdEd
([HPSOX
#"#!"&$
|`JJ
JJ`JJ
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
#"#!"&'(!J
J
JJJJJJJJJ
J
0HGLL
&XQRVFkQGPHGLLOHVHPHVWULDOHODGLVFLSOLQDLQIRUPDWLFDOHXQRUHOHYLGLQWURFODVV
VHGHWHUPLQHPHGLDVHPHVWULDODFODVHLODDFHDVWGLVFLSOLQ
'DWHGHLQWUDUH
QILLHUXO+%&$VXQWVFULVHPHGLLOHHOHYLORUFkWHXQQXPUUHDOSHILHFDUHOLQLH
'DWHGHLHLUH
0HGLD FODVHL VH YD VFULH vQ ILLHUXO GH LHLUH +%&'(! 'DF GLQ QHIHULFLUHQXVH
SRDWH FDOFXOD PHGLD GHRDUHFH WRL HOHYLL DX UPDV FRULJHQL vQ ILLHU VH YD VFULH
PHVDMXOJJJ%%J
5HVWULFLLLSUHFL]UL
x PHGLLOHVXQWQXPHUHUHDOHFXGRX]HFLPDOHH[DFWH
x dPHGLHd
x PHGLLOHPDLPLFLGHFkWQXSDUWLFLSODFDOFXOH
([HPSOX
+%&$J
+%&'(!J
([SOLFDLH
J
|J
0HGLDQXSDUWLFLSOD
|`J
FDOFXOH0HGLDDULWPHWLF
J
VDFDOFXODWGLQPHGLL
J
)DFWRULDO
6VHFDOFXOH]HSURGXVXOSULPHORU1QXPHUHQDWXUDOHIDFWRULDOXO
'DWHGHLQWUDUH
QILLHUXOGHLQWUDUH-#!&$HVWHVFULVXQVLQJXUQXPUQDWXUDO
'DWHGHLHLUH
9DORDUHDIDFWRULDOXOXLVHYDVFULHvQILLHUXOGHLHLUH-#!&'(!
5HVWULFLLLSUHFL]UL
x d1d
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
([HPSOX
-#!&$J
|J
-#!&'(!J
`J
9kUVWH
'LQWUXQILLHUGHWLSWH[WVHFLWHVFQXPHUHQDWXUDOHUHSUH]HQWkQGDQLLGHQDWHUHDXQRU
SHUVRDQH$ILDLDQXOGHQDWHUHLQXPUXOGHRUGLQHDOLQLHLGLQILLHUSHFDUHVHDIO
DQXOQDWHULLDOFHOHLPDLWLQHUHSHUVRDQH3URFHGDLODIHOvQFD]XOFHOHLPDLYkUVWQLFH
SHUVRDQH
'DWHGHLQWUDUH
3HILHFDUHOLQLHDILLHUXOXL #$&$VHDIOXQQXPUvQWUHJUHSUH]HQWkQGDQXOQDWHULL
XQHLSHUVRDQH
'DWHGHLHLUH
3HSULPDOLQLHDILLHUXOXLGHLHLUH #$&'(!VHYDVFULHDQXOGHQDWHUHDFHOHLPDLWL
QHUH SHUVRDQH 3H OLQLD D GRXD VH YD VFULH QXPUXO GH RUGLQH D FHOHL PDL WLQHUH SHU
VRDQH3HDWUHLDOLQLHVHYDVFULHDQXOGHQDWHUHDFHOHLPDLYkUVWQLFHSHUVRDQH3HD
SDWUDOLQLHVHVFULHQXPUXOGHLGHQWLILFDUHDFHOHLPDLYkUVWQLFHSHUVRDQH'DFvQWUXQ
DFHODLDQVDXQVFXWPDLPXOWHSHUVRDQHVHYRUIXUQL]DWRDWHQXPHUHOHGHRUGLQHFR
UHVSXQ]WRDUHGHVSULWHSULQFkWHXQVSDLX
5HVWULFLLLSUHFL]UL
x dDQd
([HPSOX
#$&$
J
J
```J
``J
J
J
``J
&DUDFWHUH
#$&'(!
``J
JJ
J
|JJ
6HFRQVLGHUXQILLHUGHWLSWH[WFDUHFRQLQHFDUDFWHUH$ILDLvQRUGLQHDvQFDUHDSDU
vQILLHUDFHOHFDUDFWHUHFDUHVXQWPDLPDULGHFkWXOWLPXOFDUDFWHUGLQILLHU
'DWHGHLQWUDUH
3HILHFDUHOLQLHDILLHUXOXLGHLQWUDUH#"#!"&$VHDIOXQFDUDFWHU
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
'DWHGHLHLUH
3H SULPD OLQLH D ILLHUXOXL GH LHLUH #"#!"&'(! VH YD VFULH XOWLPXO FDUDFWHU FLWLW
GLQILLHUXOGHLQWUDUH3HXUPWRDUHDOLQLHVHYRUVFULHFDUDFWHUHOHFHUXWHVHSDUDWHSULQ
FkWHXQVSDLX
([HPSOX
#"#!"&$J
J
J
J
J
J
J
J
J
J
#"#!"&'(!J
J
JJJJJ
3DUHLPSDUH
'LQWUXQILLHUGHWLSWH[WVHFLWHVFPDLPXOWHQXPHUHQDWXUDOHGHSHILHFDUHOLQLH3HQ
WUXILHFDUHOLQLHGLQILLHUDILDLFHDPDLPLFYDORDUHSDULFHDPDLPDUHYDORDUHLP
SDUSUHFL]kQGLQXPUXOGHRUGLQHDOLQLHL
'DWHGHLQWUDUH
)LHFDUHOLQLHDILLHUXOXLGHLQWUDUH *$&$FRQLQHQXPHUHQDWXUDOHVHSDUDWHSULQ
FkWHXQVSDLX
'DWHGHLHLUH
)LLHUXOGHLHLUH *$&'(!YDDYHDWRWDWkWHDOLQLLFkWHOLQLLH[LVWvQILLHUXOGHLQ
WUDUH 3HILHFDUHOLQLHYRUILVFULVHGRXQXPHUHFDUHUHSUH]LQWFHOPDLPLFQXPUSDU
LFHOPDLPDUHQXPULPSDUGHSHOLQLDFRUHVSXQ]WRDUHDILLHUXOXLGHLQWUDUH
5HVWULFLLLSUHFL]UL
x QXPUd
x SHILHFDUHOLQLHGLQILLHUXOGHLQWUDUHH[LVWDWkWQXPHUHSDUHFkWLLPSDUH
([HPSOX
*$&$J
JJJJ|JJJJ
JJJJJJJJ
JJJ|JJJJ
JJJJ
*$&'(!
J|J
JJ
JJ
J
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
6ROXLLOHSUREOHPHORUSURSXVH
1XPUSDU
$FHDVWSUREOHPFHUHVVWDELOLPGDFSULQWUHRPXOLPHGHQXPHUHDSDUHFHOSXLQ
XQQXPUSDU
J
#J"QJ
JJ JmJIDOVJ
JJ
QXDPDMXQVODVIkULWXOILLHUXOXL J
,J
^FLWLPDOWQXPU`
JJJJ
J
J
JJJJ JmJ J J
HVWHSDUJ
JJ
J
J
JJ
JJ
JJJJ
J
'DFYUHPVHYLWPIRORVLUHDYDULDELOHLORJLFH SXWHPSURFHGDvQIHOXOXU
PWRU
#J"QJ
JJ
J
J
JJ
QXDPDMXQVODVIkULWXOILLHUXOXLQXPUXOHVWHLPSDU
,J
^FLWLPDOWQXPU`
JJJJ
J
J
JJJQXDPDMXQVODVIkULWXOILLHUXOXL
HVWHSDUJ
^GDFQXXUPHD]PDUFDGHVIkULWGHILLHUvQVHDPQFDPJVLWXQQXPU`
^SDUDOWIHOPDLHVWHSRVLELOFDQUGLQIDDPUFLLGHVIkULWGHILLHUVILIRVWSDU`
JJJJ
J
JJ
JJ
JJJJ
J
J
1XPHUHSDUHSWUDWHSHUIHFWHvQILLHU
9DULDELOHOH
L GH WLS VH YRU DVRFLD ILLHUHORU $(+"&$ UHVSHFWLY $(+1
"&'(!1XPHOHILLHUHORUSUHFL]DWHvQHQXQVXQWGHFODUDWHVXEIRUPDXQRUFRQVWDQWH
VLPEROLFHODvQFHSXWXOSURJUDPXOXL%LQHvQHOHVDFHVWHFRQVWDQWHGHWLSLUGHFDUDFWH
UHVDUILSXWXWVFULHFDSDUDPHWULDFWXDOLvQDSHOXOSURFHGXULORU
3ULPXOILLHU
VHGHVFKLGHFX
FHHDFHvQVHDPQFVHYDSDUFXUJHGHODvQFHSXWvQVFRSXO
FLWLULLGDWHORUVFULVHvQHO$OGRLOHDILLHUVHGHVFKLGHFX SHQWUXVFULHUH
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
6HSDUFXUJHSULPXOILLHUFkWWLPSDFHVWDFRQLQHGDWHSkQODVIkULWXOILLHUXOXL
3HQWUXILHFDUHQXPUFLWLWGLQILLHUVHYHULILFGDFHVWHSWUDWSHUIHFWLGDFHVWHSDU
'DFDFHVWHFRQGLLLVXQWvQGHSOLQLWHQXPUXOVHYDVFULHvQILLHUXOGHLHLUH
$OJRULWPXOFDUHUHDOL]HD]DFHVWHRSHUDLLHVWH
#J
%QJ
JXUPHD]PDUFDMXOGHVIkULWGHILLHUJ
,J
JJJJ
J
JJ
JJJJJ
HVWHQXPUSDU
JJJJJJ
JmJJJ
J
JJ
,
JJJJJJJJ
JmJ
J~JJJ
J\J
J
JJJJJJJJ
J
J
J
^GLQILLHU`
^vQILLHU`
9HULILFDUHD SURSULHWLL GH SWUDW SHUIHFW VH UHDOL]HD] JHQHUkQG SH UkQG SWUDWHOH
QXPHUHORUQDWXUDOHvQFHSkQGGHODGHRDUHFHQXDUHURVWVJHQHUPSWUDWHOHXQRU
QXPHUHLPSDUHDFHVWHDILLQGLHOHLPSDUH&kWWLPSXQDVWIHOGHSWUDWHVWHPDLPLF
GHFkWQXPUXOJHQHUPXUPWRUXOSWUDW'DFDFHVWDQXHVWHPDLPLFSRDWHILHJDOFX
QXPUXOGDWVDXSRDWHILPDLPDUHGHFkWHOQFD]GHHJDOLWDWHVFULHPQXPUXOvQILL
HUXOGHLHLUH
&RQFDWHQDUHGHILLHUH
3ULQFLSDOHOHRELHFWLYHSHFDUHQLOHSURSXQHPvQUH]ROYDUHDDFHVWHLSUREOHPHVXQW
x IRORVLUHD FRUHFW D VXESURJUDPHORU SUHGHILQLWH SHQWUX ILLHUH
x SDUFXUJHUHDFRUHFWDXQHLOLQLLLFLWLUHDPDUFDMXOXLGHVIkULWGHOLQLH
x FLWLUHDLVFULHUHDFRUHFWGLQLUHVSHFWLYvQWUXQILLHUGHWLSWH[W
x UHDOL]DUHDVFULHULLXQHLOLQLLYLGHvQILLHU
6HSDUFXUJSHUkQGFRQLQXWXULOHFHORUGRXILLHUHFDUDFWHUFXFDUDFWHU)LHFDUHFD
UDFWHUFLWLWVHVFULHvQILLHUXO-0&'(!&kQGVHvQWkOQHWHPDUFDMXOGHVIkULWGHOLQLHvQ
ILLHUXOGHLHLUHVHYDIDFHVDOWODOLQLHQRX'XSFHSULPXOGLQFHOHGRXILLHUHGH
LQWUDUHDIRVWSDUFXUVvQvQWUHJLPHVHVFULHROLQLHYLGvQILLHUXOGHLHLUH
3UH]HQWPFLWLUHDGDWHORUGLQILLHUXO-.&$LVFULHUHDDFHVWRUDvQ-0&'(!SUHFXP
LVFULHUHDOLQLHLYLGH9DULDELOD%HVWHGHWLSFDUDFWHU
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
#%
%
QJ
JXUPHD]PDUFDGHVIkULWGHILLHUvQ
J
,J
JJJJJJJJJJJ
JJJJ
JXUPHD]PDUFDGHVIkULWGHOLQLHvQ
J
JJ
JJJJJJ
J%JJJ
^VHFLWHWHXQFDUDFWHUGLQILLHUXO
`J
JJJJJJ
J%JJJ
^VHVFULHFDUDFWHUXOvQ
`J
JJJJ
J
J
JJJJ
JPDUFDMXOGHVIkULWGHOLQLHvQ
J
JJJJ
JPDUFDMGHVIkULWGHOLQLHvQ
JJ
JJ
JPDUFDMGHVIkULWGHOLQLHJvQ
VHODVROLQLHYLGJ
6HFRSLD]vQDFHHDLPDQLHUFRQLQXWXOILLHUXOXL-/&$vQ-0&'(!
0HGLL
3UREOHPD FHUH GHWHUPLQDUHD XQHL PHGLL DULWPHWLFH Q SDUDOHO FX FLWLUHD YRP QXPUD
WHUPHQLLVXPHLSHED]DFUHLDVHYDGHWHUPLQDPHGLDDULWPHWLFGHRDUHFHQXFXQRD
WHP QXPUXO GDWHORU 1X HVWH VXILFLHQW V QXPUP SXU L VLPSOX GDWHOH GHRDUHFH
HYHQWXDOHOH PHGLL PDL PLFL GHFkW QX LQWU vQ FDOFXOH Q ILQDO VXPD VH vPSDUWH OD
QXPUXOWHUPHQLORUGDFDFHVWQXPUHVWHGLIHULWGH
#JQJ
^HOHPHQWQHXWUXSHQWUXDGXQDUH`
JJJmJ`J
JJ
JmJ`J
^QXPUXOWHUPHQLORU`
JQXXUPHD]PDUFDGHVIkULWGHILLHU
,
J
^PHGLDFXUHQWvQILLHU`J
JJJJJJtJ|J^GRDUPHGLLOHPDLPDULVDXHJDOHFXLQWHUHVHD]`
JJJJJJ
JmJ
J~JJ
^FUHWHQXPUXOWHUPHQLORU`J
^DGXQPWHUPHQXOFXUHQW`J
JJJJJJJmJJ~JJJ
JJJJ
JJ
JzJ`J ^GDFDYHPFHOSXLQRPHGLHPDLPDUHVDXHJDOFX`
JJJJ
J
^DILPPHGLDDULWPHWLF`J
JJ
J
JJJJ
JJJJ%%J
)DFWRULDO
QDFHDVWSUREOHPYRPFLWLYDORDUHDOXLQLSHED]DOXLFXDMXWRUXOXQHLLQVWUXFLXQL
YRPJHQHUDWRDWHQXPHUHOHQDWXUDOH
#J%QJJ
JJJmJJ
J
JJ
J\
J
,J
JJJJJmJJJJJ
JJ
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
^vQSYRPRELQHYDORDUHDIDFWRULDOXOXL`J
^HOHPHQWQHXWUXSHQWUXvQPXOLUH`
^vQPXOLPFXIDFWRUXOFXUHQW`J
'DUVIDFHPDEVWUDFLHSHQWUXPRPHQWGHSUHFL]DUHDGLQHQXQFXSULYLUHODOLPLWH
OHOXLQ6YHULILFPSURJUDPXOGHPDLVXVSHUkQGSHQWUXYDORULOH
SRDWH L Q IXQFLH GH WLSXO YDULDELOHL S VH SRW vQWkPSOD OXFUXUL LQWHUHVDQWH 'H
H[HPSOXGDFUH]XOWDWXOHVWHGHFODUDWFDILLQGGHWLSXO XYYRPRELQH \`LDU
\'DU DUWUHEXLVILHHJDOFX `'DFPRGLILFPWLSXOOXLSGLQ XYvQ
L UXOP SURJUDPXO SHQWUX Q RELQHP `\` QXPU
QHJDWLYLDUSHQWUXQ |`\`'DFRGHFODUPSHSGHWLS SURJUDPXOVH
vQWUHUXSHSHQWUXQ!FXPHVDMXOGHHURDUH
J
J
6OXPvQFRQVLGHUDUHVLWXDLDvQFDUHVHSUHIHUFDUH]XOWDWXOVILHGHWLS
(YLGHQWvQFHUFULOHQHDXFRQYLQVFvQFHSkQGFXRDQXPLWYDORDUHDOXLQVH
SURGXFHGHSLUH0DLDOHVDWXQFLFkQGWUHEXLHFDOFXODWIDFWRULDOXOXQXLQFDUHFRQVWLWX
LHXQUH]XOWDWFDOFXODWvQSURJUDPQHWUHEXLHXQLQVWUXPHQWFDUHVQHSURWHMH]HGH
QHSOFHULFXPDUILRELQHUHDXQXLUH]XOWDWIDOV&HOPDLPDUHQXPUGHWLSXO
SRVLELOGHUHSUH]HQWDWvQFDOFXODWRUHVWH UHLQXWGHFRQVWDQWDVLP
EROLFDXQLWXOXL6\VWHPQXPLWvQ3DVFDO
$UXUPDVSXWHPSXQHRvQ
WUHEDUHGHJHQXO JJJ
J
'DUHVWHDEVXUGVvQWUHEPGDF
XQQXPUHVWHPDLPDUHGHFkWFHOPDLPDUHQXPUSRVLELO
QFRQVHFLQYRPSXQHvQWUHEDUHDFXXQSDVvQDLQWHGHHIHFWXDUHDvQPXOLULLFXUHQ
WHFDUHDUSXWHDSURGXFHRGHSLUHvQIHOXOXUPWRU
J
JJQ\KJJ
JJQ\KJ
JJ
J`JJ\
J
JJJJJJJ
JJJ
JJ
JJJJJJQ\`J
JJJJ
JJ
JJJJJJQ\KJJ
JJJJJJ
%JJ
JJJJ
J
JJ
&&&
9DORDUHDOXLS VHYDWHVWDvQEORFXODSHODQWSHQWUXDGHFLGHGDFVDSXWXWFDOFXOD
IDFWRULDOXOFHUXWVDXQXGHRDUHFHVDUILSURGXVRGHSLUH
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
&DUDFWHUH
QDFHDVWSUREOHPvQILLHUXOGHLQWUDUHDYHPFDUDFWHUH$6&,,FDUHSRWILFLIUHOLWHUH
VDX DOWH VHPQH $YkQG vQ YHGHUH F GLQWUH DFHVWHD WUHEXLH V FXOHJHP FDUDFWHUHOH
DYkQGFRGXO$6&,,vQLQWHUYDOXO>DE@YRPDQDOL]DILHFDUHFDUDFWHUFLWLWGLQILLHUXOGH
LQWUDUHLGDFDFHVWDDUHFRGXO$6&,,vQLQWHUYDOXOGDWvOFRSLHPvQILLHUXOGHLHLUH
)LHGHH[HPSOXFRQLQXWXOILLHUXOXLGHLQWUDUH#"#!"&$J
|`J|J
JJ`JJ
,QWHUYDOXOHVWH>@6HSDUFXUJFDUDFWHUHOHGHSHDGRXDOLQLHLVHFRPSDUSH
UkQG FRGXULOH $6&,, DOH FDUDFWHUHORU FLWLWH FX FDSHWHOH LQWHUYDOXOXL &RGXO $6&,, DO
XQXL FDUDFWHU % VH SRDWH RELQH vQ 3DVFDO IRORVLQG IXQFLD % 'H H[HPSOX
\|
\`JHWF
3HQWUXILLHUXOGDWFDH[HPSOXGRDUFDUDFWHUHOH ` LFDUDFWHUXOVSDLXFDUH
DXFRGXULOH$6&,, UHVSHFWLY QXVHDIOvQLQWHUYDOXOFHUXWQFRQFOX]LHvQ
ILLHUXOGHLHLUHYRPDYHDXUPWRDUHOHFDUDFWHUHVHSDUDWHSULQFkWHXQVSDLX
J
JJJJJJJJJ
#%Q
XUPHD]PDUFDMXOGHVIkULWGHILLHUvQ#"#!"&$
,J
XUPHD]PDUFDMXOGHVIkULWGHOLQLHvQ#"#!"&$
,J
JJJJJJ
J%J
JJJJJJJFRGXO$6&,,DOFDUDFWHUXOXL%tJJ
JJJJJJJJJJJFRGXO$6&,,DOFDUDFWHUXOXL%d
J%JJJ
^VFULHPvQILLHUXOGHLHLUH`
JJJJJJ J
JJJJ
PDUFDMXOGHVIkULWGHOLQLHGLQ#"#!"&$J
J
9kUVWH
2ELHFWLYHOHSURSXVHvQDFHDVWSUREOHPVXQW
x DIODUHDYDORULLPLQLPHLPD[LPHGLQWUHYDORULOHSVWUDWHvQWUXQILLHUGHWLSWH[W
x FXWDUHD DFHVWRU YDORUL vQ ILLHU L UDSRUWDUHD SR]LLLORU SH FDUH YDORDUHD PLQLP
UHVSHFWLYPD[LPDSDUHvQILLHU
x SDUFXUJHUHDILLHUXOXLWH[WGHPDLPXOWHRULFHHDFHSUHVXSXQHvQFKLGHUHDLGHVFKL
GHUHDOXLvQPRGUHSHWDW
$IODUHD FHOHL PDL WLQHUH SHUVRDQH VH UHGXFH OD DIODUHD PD[LPXOXL GLQ ILLHU L VH
UHDOL]HD]vQDOJRULWPXOXUPWRU
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
#JQJ
J
J
JJJmJ
J
QXXUPHD]PDUFDMXOGHVIkULWGHILLHU
,J
J
J
JJJJJJJ
JJJ
JJJJJJJmJ
J
J
J
JJJ
J
'XSFHVDVFULVSHSULPDOLQLHDILLHUXOXLGHLHLUHYDORDUHDPD[LPXOXLXUPHD]
VVHUHJVHDVFDFHDVWYDORDUHvQILLHUXOGHLQWUDUH5HJVLUHDVHUHDOL]HD]SULQUH
GHVFKLGHUHDILLHUXOXLGHLQWUDUHSHQWUXSDUFXUJHUHLFXWDUHDYDORULLPD[LPH/DILH
FDUHDSDULLHDPD[LPXOXLvQILLHUXOGHLQWUDUHVHVFULHYDORDUHDQXPUXOXLGHRUGLQHD
OLQLHLSHFDUHVHDIORYDORDUHHJDOFXYDORDUHDPD[LPLXQVSDLXVHSDUDWRUSHQWUX
FD]XOvQFDUHVHYDPDLVFULHXQQXPUGHRUGLQHvQILLHU'XSHSXL]DUHDHOHPHQWHORU
GLQILLHUXOGHLQWUDUHVHVFULHPDUFDMXOGHVIkULWGHOLQLHvQILLHUXOGHLHLUHSHQWUXFD
VFULHUHDYDORULLPLQLPHVVHUHDOL]H]HSHUkQGQRX
$OJRULWPXOHVWH
#J%Q
JJJmJJJ
^QXPUXOGHRUGLQHDOOLQLHLvQILLHUXOGHLQWUDUH`
QXXUPHD]PDUFDMXOGHVIkULWGHILLHU
,J
J
J
J
J\JJJJJ
JJJJJJ
JJJJ
J
JJJJJmJJ~JJ
$OJRULWPXOSHQWUXPLQLPHVWHDQDORJFXFHOGHVFULVPDLVXVGDUVHSRDWHSURLHFWD
XQDOJRULWPFDUHGHWHUPLQYDORDUHDPLQLPLPD[LPFXRVLQJXUSDUFXUJHUHDILL
HUXOXLGHLQWUDUH'DFYRPOXFUDDVWIHOVWUXFWXUDUHSHWLWLY
YDFRQLQHSUH
OXFUULOHDIHUHQWHPLQLPXOXLLPD[LPXOXLXUPkQGFDUHJVLUHDORUVVHUHDOL]H]HVH
SDUDW GHRDUHFH QXPHUHOH GH RUGLQH FRUHVSXQ]WRDUH PD[LPXOXL UHVSHFWLY PLQLPXOXL
WUHEXLHVOHDILPJUXSDWH
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
&DUDFWHUH
(WDSHOHUH]ROYULLDFHVWHLSUREOHPHVXQW
x FLWLUHDLQWHJUDODILLHUXOXLGHLQWUDUHLVFULHUHDXOWLPXOXLFDUDFWHUFLWLWvQILLHUXO
GHLHLUH
x GHVFKLGHUHDILLHUXOXLGHLQWUDUHSHQWUXRDGRXDSDUFXUJHUH
x VFULHUHD vQ ILLHUXO GH LHLUH D WXWXURU FDUDFWHUHORU GLQ ILLHUXO GH LQWUDUH FDUH VXQW
PDLPDULGHFkWXOWLPXOFDUDFWHUFLWLWSVWUDWvQYDULDELODF
3HQWUXJVLUHDFDUDFWHUHORUPDLPDULGHFkWFvQILLHUXOGHLQWUDUHDFHVWDVHGHVFKLGH
SHQWUXSDUFXUJHUH6HFLWHVFSHUkQGFkWHXQFDUDFWHUEGHSHILHFDUHOLQLHLVHFRPSDU
FXF'DFEHVWHPDLPDUHGHFkWFDWXQFLDFHVWDVHVFULHSHDGRXDOLQLHvQILLHUXOGH
LHLUHXUPDWGHFDUDFWHUXOVSDLX
#%QJ
JQXXUPHD]PDUFDMXOGHVIkULWGHILLHU
,J
J%J
J
%JJ
^vQFDYHPXOWLPXOFDUDFWHUFLWLWGLQILLHUXOGHLQWUDUH`J
QXXUPHD]PDUFDMXOGHVIkULWGHILLHU
,
J
J%JJJ
JJJ^vQILLHUXOGHLHLUHVFULHPFDUDFWHUHOHPDLPDULGHFkWF`J
J
3DUHLPSDUH
3UREOHPDFRQVWvQWUDWDUHDVHSDUDWDILHFUHLOLQLLGLQILLHUXOGHLQWUDUHvQLGHHDJVL
ULLYDORULLPLQLPHSDUHLDYDORULLPD[LPHLPSDUH
#
,
QXXUPHD]PDUFDMXOGHVIkULWGHILLHU
,
JJJJ
JmJ
JJ
^VXQWHPVLJXULFYRPJVLXQXOPDLPLF`J
^VXQWHPVLJXULFYRPJVLXQXOPDLPDUH`
JJJJJmJ`JJ
QXXUPHD]PDUFDMXOGHVIkULWGHOLQLH
,
HVWHSDU
JJ
JmJ
1XPHUH
3UHOXFUULDOHQXPHUHORU
&RQVWUXLUHDQXPUXOXLvQWUHJGLQFDUDFWHUHFLIUH
6FKHPDOXL+RUQHU
'HVFRPSXQHUHDXQXLQXPUGDWvQFLIUH
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
&DSLWROXO
JJ
JmJ
JJJ
)LLHUHGHWLSWH[WLSUHOXFUULVLPSOH
3UHOXFUULDOHQXPHUHORU
&RQVWUXLUHDQXPUXOXLvQWUHJGLQFDUDFWHUHFLIUH
6FKHPDOXL+RUQHU
$WXQFLFkQGvQWUXQSURJUDPVHFLWHWHXQQXPUvQWUHJDXORFFkWHYDRSHUDLLDVFXQVH
GHRFKLLXWLOL]DWRUXOXLQSULPXOUkQGFLIUHOHFRQVWLWXLHFDUDFWHUHFDUHLPHGLDWGXSFH
DXIRVWFLWLWHGLQILLHUXOVWDQGDUGVDXXQXOFUHDWGHXWLOL]DWRUVXQWYHULILFDWH1LPHQL
QXWLHGHGLQDLQWHFkWHFLIUHYDDYHDQXPUXO'HDVHPHQHDQLPHQLQXWLHGDFGLQ
JUHHDOQXYDDSUHDvQWUHGRXFLIUHXQFDUDFWHUQHSHUPLV'DUFHDQXPHHVWHQHSHU
PLV" &DUDFWHUHOH VSDLX 7DE L PDUFD GH VIkULW GH OLQLH FRQVWLWXLH VHSDUDWRUL $OWIHO
VSXVDSDULLDORUVHPQDOHD]IDSWXOFQXPUXOQXPDLDUHFLIUH'DULPDUFDGHVIkU
LW GH ILLHU VHPQDOHD] DFHODL OXFUX GLIHUHQD ID GH FHOH vQLUDWH DQWHULRU HVWH F
PDUFDGHVIkULWGHILLHUQXMRDFUROGHVHSDUDWRUFLGHWHUPLQDWRU5HYHQLQGOD
FDUDFWHUHOHSHUPLVHLQHSHUPLVHVHYRUUHVSHFWDUHJXOLOHVLQWDFWLFHDOHOLPEDMXOXLGH
SURJUDPDUHIRORVLW
Q FHOH FH XUPHD] YRP UHDOL]DXQDOJRULWPSHQWUXFLWLUHDXQRUFDUDFWHUHGLQFDUH
YRPFUHDXQQXPUvQWUHJGDFDFHVWOXFUXYDILSRVLELO
1XPHUH
([HPSOX
)LHLUXOGHFDUDFWHUHLQWURGXVGHODWDVWDWXULGRULPFDDFHDVWYDORDUH
VLVHDWULEXLHYDULDELOHLQGHWLSvQWUHJUHSUH]HQWDWSHGRXFXYLQWHvQOLPEDMXO3DV
FDOWLSXOSUHGHILQLWHVWH
vQ&HVWH
QFHOHFHXUPHD]YRPFRQWLQXD
SUH]HQWDUHDFRQIRUPSRVLELOLWLORUGLQ3DVFDO
'XS FH VH SUHLD SULPXO FDUDFWHU vQF QX VH WLH UDQJXO FLIUHL FRUHVSXQ]WRDUH vQ
QXPUGDUHDWUHEXLHWRWXLSUHOXFUDW3HQWUXDvQHOHJHLGHHDFDUHSRDUWGHQXPLUHD
VFKHPDOXL+RUQHUYRPVFULHQXPUXOVXEIRUPDXQHLVXPH
$OJRULWPXOVHFRQWXUHD]PDLFODUGLQWDEHOXOXUPWRU
FLIUDFXUHQW QXPUvQFRQVWUXFLH
#J
QJ
JJ
JmJ`JJ
JJ
PDLH[LVWFLIUH
,
%
JJJ
JJJJ
JmJ
`J~J%
JJ
J
^LQLLDOL]DUHDQXPUXOXLQ`
^FLIUDFXUHQWGHODVWkQJDODGUHDSWD`J
^LQWURGXFHUHDFLIUHLvQQXPUXOQ`J
$FHVW DOJRULWPQXHVWHvQVVXILFLHQWGHSUHFLVGDUPDLDOHVQXHVWHSUHFDXWQ
SULPXOUkQGHOVHED]HD]SHIDSWXOFvQPRGJDUDQWDWVHFLWHVFFLIUH'HFLDUWUHEXLV
LQWURGXFHPLYHULILFDUHDFDUDFWHUXOXLSHQWUXDILVLJXULFYRPSUHOXFUDFLIUH
$GRXDREVHUYDLHVHUHIHUODFRQGLLDGLQLQVWUXFLXQHDUHSHWLWLYWUHEXLHVWLP
FkQGVHWHUPLQGHIDSWLUXOGHFDUDFWHUHLPDLDYHPRSUREOHPVDUSXWHDFDQX
PUXOQVQXSRDWILUHSUH]HQWDWSHVSDLXOUH]HUYDWvQPHPRULDFDOFXODWRUXOXLSHQWUX
YDULDELOHGHWLSXOOXLQQFRQFOX]LHWUHEXLHVQHSURWHMPSURJUDPXOGHVXUSUL]HQH
SOFXWHFDUHDUvQVHPQDFXQQXPUSR]LWLYvQPXOLWFXVGHYLQvQFDOFXODWRUQX
PUQHJDWLYVDXSR]LWLYGDUPDLPLFGLQFDX]DGHSLULLVSDLXOXLGHPHPRUDUHDOR
FDW$SDULLDDFHVWRUHURULVHH[SOLFSULQIDSWXOFUHSUH]HQWDUHDQXPUXOXLQXPDLvQ
FDSHSHSR]LLLOHELQDUHDORFDWHLXQELWVHPQLILFDWLYDMXQJHSHELWXOVHPQLDUUHVWXO
1XPHUH
ELLORUGLQVWkQJDVHSLHUG'DFSHELWXOVHPQDMXQJHXQELWHJDOFXYRPDYHDXQ
QXPUQHJDWLYGDFDFHVWDHVWHQXPUXOHVWHSR]LWLYGDUGLQFDX]DELLORUVHPQLIL
FDWLYL GH UDQJ FHO PDL PDUH SLHUGXL GLQ UHSUH]HQWDUHD QXPUXOXL DYHP XQ UH]XOWDW
HURQDWYH]LSUREOHPDIDFWRULDOGLQFDSLWROXO
3UHVXSXQHP F Q HVWH GHFODUDW GH WLS
L HVWH FLWLW FDUDFWHU GXS FDUDFWHU
GHWLS&SkQODPDUFDGHVIkULWGHOLQLH$OJRULWPXOvPEXQWLWHVWHXUPWRUXO
#J
QJ
JJ
JmJ`JJ
^LQLLDOL]DUHDQXPUXOXLQ`
JJJmJIDOV
JJ%%
JmJIDOVJ
JJ
JJ%%
JJJ
J J J
JXUPHD]PDUFDGHVIkULWGHOLQLH
,
%%JJJ
^FDUDFWHUXOFXUHQWGHODVWkQJDODGUHDSWD`J
JJJJJ%%HVWHFLIU
%
JmJYDORDUHDQXPHULFDFDUDFWHUXOXL
HVWHPDLPDUHGHFkWFHOPDLPDUHQXPUvPSULWODJ
JJJJJJJJ
JmJ
`J~J%
J
^LQWURGXFHUHDFLIUHLvQQXPUXOQ`J
JJJJJJ
J
JJJJJJJJJmJDGHYUDWJ
%%
JmJDGHYUDW
J
JJJ
JJJJ
2JJ
JJ
J
%%
JJ
JJ
2%J
J
JJJJ
J
JJJJJJ
J
J
J
J
J
'HVFRPSXQHUHDXQXLQXPUGDWvQFLIUH
2SHUDLDLQYHUVDGLFIXUQL]DUHDFLIUHORUXQXLQXPUHVWHQHFHVDURULGHFkWHRUL
GRULPVUHDOL]PRSUHOXFUDUHFLIUFXFLIU3HQWUXDGHVFRPSXQHXQQXPUvQWUHJvQ
FLIUHYRPIRORVLRSHUDLLOHGHvPSULUHvQWUHDJLGHWHUPLQDUHDUHVWXOXLvPSULULLvQ
WUHJL3HQWUXDFHVWHGRXRSHUDLLvQSVHXGRFRGYRPIRORVLQRWDLLOH>PQ@LUHVW>PQ@
1XPHUH
([HPSOLILFPDOJRULWPXOSHQWUXDGHWHUPLQDGDFQXPUXOQGDWHVWHVDXQXSDOLQ
GURP8QQXPUSDOLQGURPDUHDFHHDLYDORDUHGDFvOFLWLPGHODGUHDSWDODVWkQJD
LGHODVWkQJDODGUHDSWD$OWIHOVSXVXQQXPUSDOLQGURPHVWHHJDOFXQXPUXOIRUPDW
GLQFLIUHOHVDOHOXDWHvQRUGLQHLQYHUVDFHVWDvQDOJRULWPHVWHQXPLW1LQYHUV
#J
QJ
JJ
J
JJ
JmJ`JJ
^LQLLDOL]DUHDQXPUXOXL1LQYHUV`
JJJmJ
J
^FkWWLPSQPDLDUHFLIUH`
JJ
JzJ`J
,
%
JmJ
`JJJ
^FLIUDFXUHQWGHODGUHDSWDODVWkQJD`J
^HOLPLQPXOWLPDFLIUGLQQXPUXOQ`J
JJJJ
JmJ
`JJ
JmJ
`J~J%
J
J
J J J
^FRQVWUXLPQXPUXO1LQYHUVFXVFKHPDOXL+RUQHU`
J\JJ
2
2J
JJ
JJ
JJJJ
J2JJ
2
J
,PSOHPHQWULVXJHUDWH
3HQWUXDYIDPLOLDUL]DFXPRGXOvQFDUHWUHEXLHUH]ROYDWHSUREOHPHOHvQFDGUXOFURUD
LQWHUYLQRSHUDLLFXFLIUHYVXJHUPVvQFHUFDLVLPSOHPHQWDLDOJRULWPLSHQWUX
DILDUHDFLIUHORUXQXLQXPU
GHWHUPLQDUHDQXPUXOXLGHFLIUHDOHXQXLQXPU
GHWHUPLQDUHDFHOHLPDLPDULPLFLFLIUHDXQXLQXPU
GHWHUPLQDUHDFHOHLPDLPDULPLFLFLIUHDXQXLQXPULDSR]LLLORUSHFDUHDSDUH
DFHDVWD
GHWHUPLQDUHDLQYHUVXOXLXQXLQXPU
JHQHUDUHDXQXLQXPUGLQWUXQLUGHFDUDFWHUHFDUHVXQWFLIUHSURWHFLHvQFD]GH
GHSLUHLGHFDUDFWHUHFDUHQXVXQWFLIUH
YHULILFDUHDIDSWXOXLFXQQXPUHVWHSDOLQGURP
GHWHUPLQDUHDWXWXURUQXPHUHORUSDOLQGURDPHGLQWUXQLQWHUYDOGDW
FLWLUHDXQXLQXPUUHDOGHIRUPD[\LDILDUHDQXPUXOXL\[
GHWHUPLQDUHDWXWXURUQXPHUHORUGHWLSYDOHGLQWUXQLQWHUYDO
GHWHUPLQDUHDWXWXURUQXPHUHORUGHWLSPXQWHGLQWUXQLQWHUYDO
GHWHUPLQDUHDWXWXURUQXPHUHORUGHWLSYDOHLDWXWXURUQXPHUHORUGHWLSPXQWH
GLQWUXQLQWHUYDO
1XPHUH
3UREOHPHSURSXVH
3ULPD]L
/RFXLWRULLGLQDUDOXL3DSXU9RGRELQXLDXVLSXQSHFVXHQXPHUHFLXGDWHL
OXQJL3LWLFXO$FKLXDQJDMDWGHSUREOD2ILFLXOSHQWUX(YLGHQD&OGLULORU3XEOLFH
VD SXV SH WUHDE vQF GLQ SULPD ]L H[SHULPHQWkQG XQHOH PRGLILFUL vQ QXPHURWDUHD
FOGLULORU3HQWUXvQFHSXWHODHOLPLQDWFLIUDGLQQXPUXOvQVFULVSHFOGLUHDvQFDUH
OXFUD
6FULHLXQSURJUDPFDUHFLWHWHXQQXPUQDWXUDOLHOLPLQGLQDFHVWDWRDWHDSDULLL
OHFLIUHL
'DWHGHLQWUDUH
'LQILLHUXOGHLQWUDUH3(#.&$VHYDFLWLXQQXPUQDWXUDOQ
'DWHGHLHLUH
QILLHUXOGHLHLUH3(#.&'(!VHYDVFULHQXPUXOGLQFDUHVDXHOLPLQDWWRDWHFLIUHOH
HJDOHFX
5HVWULFLLLSUHFL]UL
x dQd
x GDFWRDWHFLIUHOHVXQWHJDOHFXUH]XOWDWXOYDILQXPUXO
([HPSOX
3(#.&$
|J
$GRXD]L
3(#.&'(!J
|J
$GRXD]LSLWLFXO$FKLXILLQGDQJDMDWGHSUREOD2ILFLXOSHQWUX(YLGHQD&OGLUL
ORU3XEOLFHVDMXFDWGLQQRXFXFLIUDOXLSUHIHUDWQXPUkQGGHFkWHRULDSDUHFLIUD
vQWRWDOvQWRDWHQXPHUHOHFDVHORUGHSHVWUDGDVD
5HDOL]DL XQ SURJUDP FDUH V QXPHUH GH FkWH RUL DSDUH FLIUD vQ WRDWH QXPHUHOH
H[LVWHQWHvQWUXQILLHUGDW
'DWHGHLQWUDUH
QILLHUXOGHLQWUDUH3(#/&$VHDIOQXPHUHQDWXUDOHDH]DWHFkWHXQXOSHROLQLH
'DWHGHLHLUH
1XPUXOGHDSDULLLDOHFLIUHLVHYDVFULHvQILLHUXOGHLHLUH3(#/&'(!
([HPSOX
3(#/&$
|J
||J
`J
J
J
1XPHUH
3(#/&'(!J
|J
$WUHLD]L
QFHDGHDWUHLD]LGHOXFUXSLWLFXO$FKLXVDSOLFWLVLWLVDKRWUkWVURWHDVFFLIUH
OHQXPHUHORUFDVHORUWXWXURUYHFLQLORUVSUHGUHDSWD&XQRVFkQGQXPUXOGHURWDLLHIHF
WXDWHDVXSUDFLIUHORUSUHFXPLQXPHUHOHFDVHORUYHFLQLORUGHSHVWUDGDILDLQXPH
UHOHRELQXWHvQXUPDURWDLLORUFLIUHORU
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXL3(#0&$VHDIOXQQXPUQDWXUDOQUHSUH]HQWkQGQXPUXO
GHURWDLLFDUHWUHEXLHHIHFWXDWHDVXSUDQXPHUHORUFVXHORUYHFLQLORUGHSHVWUDG3H
XUPWRDUHOHOLQLLVHDIOQQXPHUHQDWXUDOHFkWHXQQXPUSHROLQLH
'DWHGHLHLUH
QILLHUXOGHLHLUH3(#0&'(!VHYRUVFULHQXPHUHOHURWLWHFkWHXQXOSHROLQLH
5HVWULFLLLSUHFL]UL
x dQd
([HPSOX
3(#0&$
J
|J
|J
J
J
3(#0&'(!J
|J
|J
1XPHUH
'DWHGHLQWUDUH
1XPUXOQDWXUDOQVHFLWHWHGLQILLHUXOGHLQWUDUH3(#4&$
'DWHGHLHLUH
&LIUDUH]XOWDWVHYDVFULHvQILLHUXO3(#4&'(!QFD]XOvQFDUHQXPUXOQXVHSRDWH
UHGXFHODRFLIUvQILLHUXOGHLHLUHVHYDVFULHPHVDMXO
5HVWULFLLLSUHFL]UL
x dQdRVXWGHPLOLRDQH
([HPSOH
3(#4&'(!
3(#4&$
9DORULOHVXFFHVLYHDOHQXPUXOXLSkQOD
J
JJ
RELQHUHDUH]XOWDWXOXLVXQW
J
J
5H]XOWDWXOILQDOHVWH
3(#4&$
|J J
J
3(#4&$
`J
J
J
3(#4&'(!
J
J
J
J
3(#4&'(!J
$FLQFHD]L
9DORULOHVXFFHVLYHDOHQXPUXOXLSkQOD
RELQHUHDUH]XOWDWXOXLVXQW
5H]XOWDWXOILQDOHVWH
9DORULOHVXFFHVLYHDOHQXPUXOXLSkQOD
RELQHUHDUH]XOWDWXOXLVXQW
FLFOXLQILQLW
DFHVWQXPUQXVHSRDWHUHGXFHODRFLIU
$SDWUD]LSLWLFXO$FKLXDOXDWKRWUkUHDGHDVFXUWDQXPHUHOHFDVHORUGHRDUHFHLVH
SUHDXSUHDOXQJL(ODvQFHSXWVH[SHULPHQWH]HLGHHDGHDvQORFXLILHFDUHFLIUDQX
PUXOXLFXFRPSOHPHQWXOFLIUHLUHVSHFWLYHIDGHFHDPDLPDUHFLIUGLQQXPUHIHF
WXkQGDFHHDLSUHOXFUDUHSHUH]XOWDWXORELQXWHODREVHUYDWFDQXPLWHQXPHUHVHUH
GXFODRFLIU
6FULHLXQSURJUDPFDUHUHGXFHXQQXPUGDWODRFLIUFXPHWRGDOXL$FKLXGDF
DFHVWOXFUXHVWHSRVLELO
'XSFXPWLPGHMDORFXLWRULLGLQDUDOXL3DSXU9RGRELQXLDXVLSXQSHFVX
HQXPHUHIRDUWHFLXGDWHLOXQJL3LWLFXO$FKLXDQJDMDWOD2ILFLXOSHQWUX(YLGHQD
&OGLULORU 3XEOLFH vQ FHD GHD FLQFHD ]L GH OXFUX VD DSXFDW GH IFXW VWDWLVWLFL (O D
FXWDWvQFD]XOXQXLQXPUQFLIUHOHDYkQGFHDPDLPDUHIUHFYHQ
6FULHLXQSURJUDPFDUHGHWHUPLQIUHFYHQDPD[LPGHDSDULLHDXQHLFLIUHLFL
IUHOHFDUHDXDFHDVWIUHFYHQGHDSDULLHvQQXPU
'DWHGHLQWUDUH
1XPUXOQDWXUDOQVHFLWHWHGLQILLHUXO3(#5&$
'DWHGHLHLUH
QILLHUXO3(#5&'(!VHYDVFULHIUHFYHQDPD[LPXUPDWGHVSDLXDSRLVHYDVFULH
FLIUDVDXFLIUHOHFDUHDXDFHDVWIUHFYHQGHDSDULLHvQQXPU
$SDWUD]L
5HVWULFLLLSUHFL]UL
x dQd
x &LIUHOHDYkQGIUHFYHQDPD[LPVHYRUGHVSULSULQFkWHRYLUJXO
([HPSOX
3(#5&$
|J
$DVHD]L
3(#5&'(!J
JJ
1XPHUH
1XPHUH
([HPSOX
3(#6&$
|JJ|JJ|J|J
JJJ
J
3(#6&'(!J
%QJ
%QJ
QJ
QJ
%Q
$DSWHD]L
QFHDGHDDSWHD]LOXL$FKLXvLWUHFXSULQPLQWHFDUILPDLLQWHUHVDQWGDFQXPH
UHOHFDVHORUDUILvQXUPWRDUHDVXFFHVLXQH
6VHJHQHUH]HQQXPHUHGHFDVHFRQIRUPUHJXOLLOXL$FKLX
$DVHD]LSLWLFXO$FKLXDXPEODWSULQWRWUHJDWXOSHQWUXDIDFHRVWDWLVWLFSULYLQG
QXPUXOGHFDVHFDUHVXQWQXPHURWDWHFXQXPHUHvQDVSHFWGHXUFXFRERUkGHDOVDX
YDOH
6SXQHPFXQQXPUDUHDVSHFWGHGHDOGDFFLIUHOHVDOHVHVXFFHGvQWkLFUHVFWRUL
DSRLGHVFUHVFWRULFRQVLGHUPXQQXPUFDDYkQGDVSHFWGHYDOHGDFFLIUHOHVDOHVH
VXFFHG vQWkL GHVFUHVFWRU L DSRL FUHVFWRU QWUXQ QXPU FX DVSHFW GH XUFX FLIUHOH
DSDUvQRUGLQHFUHVFWRDUHLDUvQWUXQXOFXDVSHFWGHFRERUkvQRUGLQHGHVFUHVFWRDUH
6VHVFULHXQSURJUDPFDUHUHDOL]HD]VWDWLVWLFDGRULWGH$FKLX
'DWHGHLQWUDUH
QILLHUXOGHLQWUDUH3(#6&$VHDIOPDLPXOWHQXPHUHQDWXUDOH
'DWHGHLHLUH
QILLHUXO3(#6&'(!VWDWLVWLFDUH]XOWDWYDILDILDWDVWIHO
x SH SULPD OLQLH VH YD VFULH FXYkQWXO % XUPDW GH FDUDFWHUXO Q DSRL GH
QXPUXOGHQXPHUHDYkQGDVSHFWGHXUFX
x SHDGRXDOLQLHVHYDVFULHFXYkQWXO%XUPDWGHFDUDFWHUXOQDSRLGHQX
PUXOGHQXPHUHDYkQGDVSHFWGHFRERUk
x SHDWUHLDOLQLHVHYDVFULHFXYkQWXOXUPDWGHFDUDFWHUXOQDSRLGHQXPUXO
GHQXPHUHDYkQGDVSHFWGHGHDO
x SHDSDWUDOLQLHVHYDVFULHFXYkQWXO XUPDWGHFDUDFWHUXO QDSRLGHQXP
UXOGHQXPHUHDYkQGDVSHFWGHYDOH
x GDFvQILLHUXOGHLQWUDUHH[LVWQXPHUHFDUHQXVHvQFDGUHD]vQQLFLXQDGLQWUHFH
OHSDWUXJUXSHSHDFLQFHDOLQLHVHYDVFULHFXYkQWXO%XUPDWGHFDUDFWHUXO
QDSRLGHQXPUXOGHQXPHUHFRUHVSXQ]WRU
5HVWULFLLLSUHFL]UL
x dQXPUFLWLWd
3ULPD]L
)LHGHH[HPSOXQXPUXOQWDEHOXOXUPWRUFRORDQDQUFRQLQHYDORDUHDFX
UHQWDQXPUXOXLFDUHVHSUHOXFUHD]FRORDQDFLIUDUHLQHYDORDUHDFLIUHLDQDOL]DWHLDU
SXWHUH UHSUH]LQW YDORDUHD SXWHULL OXL vQ SURFHVXO GH FRQVWUXLUH D UH]XOWDWXOXL Q
DFHDVWSUREOHPQXYRPDSOLFDVFKHPDOXL+RUQHUGHRDUHFHDSOLFDUHDHLDUFRQGXFH
ODXQQXPUvQFDUHFLIUHOHDUILDH]DWHvQRUGLQHLQYHUV9DORDUHDYDULDELOHLSXWHUHQH
YDDMXWDFDvQPXOLQGQXPUXOFXSXWHUHDOXLFRUHVSXQ]WRDUHVDH]PFLIUDH[DFW
SHSR]LLDDYkQGUDQJXOGRULW
'DWHGHLQWUDUH
QILLHUXOGHLQWUDUH3(#7&$DYHPVFULVXQQXPUQDWXUDOQ
'DWHGHLHLUH
1XPHUHOHJHQHUDWHGXSUHJXODGHPDLVXVYRUILVFULVHvQILLHUXO3(#7&'(!FkWHXQ
QXPUSHILHFDUHOLQLH
5HVWULFLLLSUHFL]UL
x dQd
([HPSOX
3(#7&$
|J
3(#7&'(!J
JJ
JJ
JJ
JJ
||J
6ROXLLOHSUREOHPHORU
1XPHUH
QU
FLIUD SXWHUH UH]XOWDW
9RPGHVFULHDOJRULWPXOFRQIRUPFUXLDDPFRPSOHWDWWDEHOXOGHYDULDLH
#JQJ
J
J
J
JJJmJ`JJ^UH]XOWDWXOYDILXQQXPUQRXFDUHVHFDOFXOHD]FDVXPGH`
^WHUPHQLHOHPHQWQHXWUX`J
JJJmJJ^SXWHULOHOXLVHRELQvQXUPDXQRUvQPXOLULHOHPHQWQHXWUX`J
JJ
J
JzJ`J
,J
^UHLQHPXOWLPDFLIUGLQQXPUXOGDW`
JJJJ%
JmJ
`
JJJJ
JmJ
`
^WLHPXOWLPDFLIUGLQQXPUXOGDW`J
JJJJJ%
JzJJJ^GDFFLIUDUHLQXWQXHVWHRDGXJPODUH]XOWDW`
JJJJJJJmJJ~J%
J
JJJJJJJmJ`J
^SUHJWLPSSHQWUXSDVXOXUPWRU`
JJJJ
JJ
$GRXD]L
3HQWUXH[HPSOLILFDUHYRPFRQVLGHUDXQVLQJXUQXPULYRPUHLQHDFLXQLOHFDUHWUH
EXLHUHDOL]DWHDVXSUDQXPHUHORUSHQWUXDQXPUDFLIUHOHHJDOHFXvQWRDWHQXPHUHOH
FLWLWH
FLIU
FRQWRU
QXPU
1XPHUH
5H]XOWDWXORELQXWHVWHUHSUH]HQWkQGQXPUXOFLIUHORUHJDOHFXvQWRWDOvQQXP
UXO
#JQJ
JJ%JmJ`J
JJ
QXXUPHD]PDUFDGHVIkULWGHILLHU
,J
JJJJ
J
J
JJJJ
J
JzJ`J
,J
^UHLQHPXOWLPDFLIUGLQQXPUXOGDW`
JJJJJJ%
JmJ
`
JJJJJJ
JmJ
`J
^WLHPXOWLPDFLIUGLQQXPUXOGDW`J
JJJJJJJ%
J\JJJ
^GDFFLIUDHVWHRQXPUP`
JJJJJJJJ%JmJ%J~JJ
JJJJJJ
JJJJ
%
$WUHLD]L
9RPFRQVLGHUDXQH[HPSOXSHFDUHYRPDQDOL]DSDLLDOJRULWPXOXLGHUH]ROYDUH9UHP
VURWLPQXPUXOFXSR]LLLVSUHGUHDSWD2EVHUYPFQXPUXOYDILURWLW
RGDWFRPSOHWLFXvQFWUHLSR]LLL
3HQWUXILHFDUHQXPUFLWLWWUHEXLHV
x QXPUPFkWHFLIUHDUHQXPUXOvQH[HPSOXFLIUH
x GHWHUPLQPQXPUXOGHURWDLLFDUHPHULWHIHFWXDWHREVHUYPFURWDLLOHFRP
SOHWHQXPRGLILFFRQILJXUDLDFLIUHORUQXPHUHORUvQIXQFLHGHUHODLDGLQWUHQQX
PUXO URWDLLORU L QXPUXO FLIUHORU QXPUXOXL FDOFXOP QXPUXO GH URWDLL DVWIHO
vQFkWVILHPDLPLFGHFkWQXPUXOGHFLIUHDOHQXPUXOXLREVHUYPFQXPUBUR
WDLLBGHBHIHFWXDWHVWHUHVWXOvPSULULLOXLQODQXPUXOGHFLIUH
x H[WUDJHPvQEORFXOWLPHOHQXPUBURWDLLBGHBHIHFWXDWFLIUHvQH[HPSOXH[WUDJHP
GHFLUHLQHPQXPUXO
x FDOFXOPODSXWHUHDQXPUXOBFLIUHORUQXPUBURWDLLBGHBHIHFWXDWSHQWUXDGH
SODVD FLIUHOH GH URWLW vQ IDD QXPUXOXL SXWHUHD OXL GH FDUH DYHP QHYRLH vQ
H[HPSOXOQRVWUXHVWH
x FDOFXOPVXPDGLQWUHQXPUXOUPDVLFLIUHOHH[WUDVHvQPXOLWHFXSXWHUHDOXL
SUHJWLWSHQWUXH[HPSOXOQRVWUXUH]XOWDWXOHVWH
3UH]HQWPDOJRULWPXOGHVFULVPDLVXVvQSVHXGRFRG
J
#JQJJJ
JJ
J?JJ
^QXPUXOURWDLLORUFHUXWHLQLLDO`J
3HQWUXDGHWHUPLQDDOJRULWPXOGHUH]ROYDUHYRPFRQVLGHUDXQH[HPSOX9RPFRPSOH
PHQWD FLIUHOH QXPUXOXL ID GH FLIUD PD[LP $VXSUD UH]XOWDWXOXL DSOLFP
DFHHDLSUHOXFUDUHOXkQGvQFRQVLGHUDUHFLIUDPD[LPDQXPUXOXLRELQXWODSDVXOSUH
FHGHQW
3HQWUXILHFDUHYDORDUHQRXYRPHIHFWXDXUPWRDUHOHRSHUDLL
x GHWHUPLQPFLIUDGHYDORDUHPD[LPGLQWUHFLIUHOHQXPUXOXL
x FRPSOHPHQWPFLIUHOHQXPUXOXLIDGHDFHDVWFLIU
QDOJRULWPXOSURSXVYRPOXFUDFXXUPWRDUHOHYDULDELOHDYkQGVHPQLILFDLLOHSUH
FL]DWH
QHVWHQXPUXOQDWXUDOGDW
PHVWHRYDULDELODX[LOLDUvQFDUHYRPFRSLDYDORDUHDOXLQ
1XPHUH
FLIHVWHFLIUDFXUHQW
QRXOQHVWHQRXOQXPUIRUPDW
FPD[HVWHFLIUDPD[LPDQXPUXOXL
SHVWHRSXWHUHDOXLFDUHQHDMXWvQIRUPDUHDQXPUXOXLQRX
([SOLFDLL
P
FLI QRXOQ FPD[
S
Q
FDOFXOFLIUPD[LP
FDOFXOFLIUPD[LP
6HREVHUYFODILHFDUHFRPSOHPHQWDUHDPSDUFXUVFLIUHOHXQXLQXPUGHGRXRUL
1HSXQHPSUREOHPDGHDIDFHRVLQJXUSDUFXUJHUHQFHUFPGHFLVGHWHUPLQPFLIUD
PD[LPvQFLFOXOGHFRPSOHPHQWDUHDQXPUXOXL,QFRQYHQLHQWXOFDUHDSDUHvQDFHDVW
VLWXDLHHVWHFODSULPXOSDVQXDYHPQLFLRFLIUFXFDUHVSXWHPLQLLDOL]DYDULDELOD
FDUHSVWUHD]FLIUDPD[LP'HFLILHGHWHUPLQPSULPDFLIUDQWHULRUGHVFRPSXQHULL
QXPUXOXLvQFLIUHILHLQLLDOL]PYDULDELODFXFHDPDLPLFFLIU
9RPIRORVLGRXFRSLLDOHOXLQYHUVLXQHDPDLYHFKHDOXLQLYHUVLXQHDDQWHULRDU
D DFHVWXLD FDUH DMXW OD GHSLVWDUHD VLWXDLHL vQ FDUH WUDQVIRUPDUHD WRWDO D QXPUXOXL
HVWHLPSRVLELOGHRDUHFHVDUDMXQJHvQWUXQFLFOXLQILQLW'HH[HPSOXGDFWUDQVIRU
PPODSULPXOSDVVHRELQHLDUODDOGRLOHDGLQQRX
1XPHUH
JJ
QXXUPHD]PDUFDGHVIkULWGHILLHU
,J
^QXPUXOFXUHQWvQFDUHYRPURWLFLIUHOH`J
JJJJ
J
J
JJJJ
%
JmJ`J
^QXPUXOFLIUHORUvQQXPUXOFXUHQWvQFDUHYRPURWLFLIUHOH`J
JJJJJmJ
JJ
^FRSLHDOXLQGHRDUHFHXUPHD]VOPRGLILFP`J
^SHGHDOWSDUWHPDLDYHPQHYRLHGHYDORDUHDOXLQ`J
^QXPUPFkWHFLIUHDUHQXPUXO`J
JJJJ
JJzJ`J
,JJ
JJJJJJ
%
JmJ
%
J~JJ
JJJJJJJmJ`JJ
^FkWXOvPSULULLvQWUHJLDOXLQOD`J
J J??JmJ?
%
JJ
^QXPUXOURWDLLORUFDUHWUHEXLHHIHFWXDWH`JJ
^GHNRULJLQDOPDLDYHPQHYRLH`J
J J J
JJJJJmJJ
^H[WUDJHPvQEORFXOWLPHOHNFLIUH`
JJJJ
J\??J
,J
JJJJJJJmJ`J
^FDOFXOPDNNDSXWHUHDOXL`
JJJJJmJ
J
JJJJ
JmJ
^FHHDFHDUPDVGLQQXPUGXSFHVHFYHQDGHPXWDWDIRVWH[WUDV`J
JJJJJmJJ
^FDOFXOPSXWHUHDOXL`
JJJJ
J\
%
??J
,J
JJJJJJJmJ`J
JJJJ
JmJ
J~JJ
^FRQVWUXLPUH]XOWDWXOvQQ`
JJJJ
J
J
$SDWUD]L
1XPHUH
1XPHUH
#JQJJJ
JJ
J
J
JJ
JmJ`J
JJJmJIDOVJ
JJ%JmJ`J
^YDORDUHLQLLDOSHQWUXFLIUDGHYDORDUHPD[LP`
JJJmJ
J
^PHVWHFRSLDOXLQGHQPDLDYHPQHYRLH`
JJ
JJzJ`J
,J
^VWDELOLPFLIUDGHYDORDUHPD[LP`
JJJJ%
JmJ`J
^FLIUDFXUHQW`
JJJJJ%
JJ%JJJ
^DFWXDOL]DUHDFLIUHLPD[LPH`
JJJJJJ%JmJ%
JJ
JJJJJmJ`J
^FRPSOHPHQWDUH`
JJ
JJJJJ
,J
JJJJJmJ
J
JJJJJmJJ
JJJJ%&JmJ
J
^YHFKHHVWHYHUVLXQHDPDLYHFKHDOXLQ`
JJJJ
JmJ
J
^DQWHULRUHVWHYHUVLXQHDDQWHULRDUDOXLQ`J
^QXPUQRX`J
JJJJ
JmJ`J
JJJJ
%JmJ`J
JJJJ
JJzJ`J
,J
JJJJJJ%
JmJ%JJ` ^FRPSOHPHQWPXOWLPDFLIUGLQQXPU`
JJJJJJ
JmJ
J~J%
J
^FRQVWUXLPQXPUXO`
JJJJJJJmJ`J
^XUPWRDUHDSXWHUHDOXL`
JJJJJJJmJ`J
JJJJJJJ%
JJ
%JJJ
J J JJJ
%JmJ%
J ^DFWXDOL]DUHDFLIUHLPD[LPHSHQWUXSDVXOXUPWRU`J
JJJJ%JmJ
%J
JJJJJ
J\J%&JJ
^DPLQWUDWvQFLFOXLQILQLW`
JJJJJJJmJDGHYUDWJ
JJJJJJJmJIDOV
JJJJJ
JJJJ
JJ
JJ
JJ
JJJJ
J
J
$FLQFHD]L
9RP FXWD V GHVFRSHULP DOJRULWPXO GH UH]ROYDUH SRUQLQG GH OD XQ H[HPSOX V VH
GHWHUPLQHFLIUHOHFXQXPUPD[LPGHDSDULLLvQQXPUXOQUHSUH]HQWDUHD
DOJRULWPXOXLYRPIRORVLXUPWRDUHOHQRWDLL
QUHVWHQXPUXOGDW
FRSLHYDSVWUDYDORDUHDQXPUXOXLSHQWUXDOSXWHDVWXGLDvQFD]XOILHFUHLFLIUHFLI
FLIYDILFLIUDDFUHLIUHFYHQGRULPVRGHWHUPLQP
FLIFXUHQWUHSUH]LQWFLIUDGLQQUFXFDUHYRPFRPSDUDFLIUDFLI
DSDUFXUHQWUHSUH]LQWQXPUXOGHDSDULLLDOHFLIUHLFLIvQQU
DSDUPD[UHSUH]LQWQXPUXOPD[LPGHDSDULLL
$QDOL]kQG SRVLELOLWLOH GH D QXPUD DSDULLLOH XQHL FLIUH REVHUYP F DWkWD WLPS
FkWQXPUXOPDLDUHFLIUHYDWUHEXLVGHVSULQGHPGLQQXPUXOWLPDFLIULYDWUHEXL
V R FRPSDUP FX YDORDUHD FLIUHL FLI JHQHUDW FX
'DF FHOH GRX FRLQFLG
PULPFRQWRUXODSDUFXUHQW$VWIHOSDUFXUJkQGFLIUHOHQXPUXOXLSXWHPFRQWRUL]DILH
FDUHFLIUvQWUHL'HDVHPHQHDVHSRDWHDFWXDOL]DLYDORDUHDFRQWRUXOXLPD[LP
DSDUPD['DUQHL]ELPGHXUPWRDUHDSUREOHPvQHQXQQLVHFHUHVVFULHPvQIL
LHUWRDWHFLIUHOHDYkQGIUHFYHQDGHDSDULLHPD[LP'HFLVSUHVXSXQHPFDPJVLW
GHMDvQQUGRLGHGDUQXWLPGDFWUHEXLHVVFULHPDFHDVWYDORDUHvQILLHUVDXQX
GHRDUHFH QX WLP GDF GH H[HPSOX GLQ FLIUD YRP JVL PDL PXOWH DSDULLL VDX QX
6ROXLDHVWHVLPSOYRPVFULHvQILLHUYDORDUHDSUHVXSXVPD[LPLFLIUD'DF
FLIUDDSDUHRVLQJXUGDWQXPRGLILFPQLPLF'DFQXPUXOHLGHDSDULLHHVWHHJDO
FX GHVFKLGHP ILLHUXO SHQWUX DGXJDUH L vO VFULHP L SH 'DF vQV QXPUXO GH
DSDULLH HVWH PDL PDUH GHFkW GHVFKLGHP ILLHUXO SHQWUX VFULHUH vQ 3DVFDO FX
DVWIHODQXOkQGFRQLQXWXOOXLYHFKLLVFULHPQXPUXOPD[LPGHDSDULLLvP
SUHXQFXFLIUDFRUHVSXQ]WRDUH
#J|QJ
JJ
J
JJ
^QXPUXOGDW`J
^FRSLHDOXLQU`
JJ%JmJ
J
JJJmJ`
^LQLLDOL]PIUHFYHQDGHDSDULLHPD[LP`
JJ
J%
\`J
,J
^JHQHUPFLIUHOHSRVLELOHvQFLI`
JJJJ%
JmJ`J
^LQLLDOL]PIUHFYHQDFLIUHLFLI`
JJJJ
J
JzJ`J
,J
^FkWWLPSvQQUPDLDYHPFLIUH`
JJJJJJ%
%
JmJ
`
^XOWLPDFLIUGLQQU`
JJJJJJ
JmJ
`
^RWLHPGLQQU`
JJJJJJJ%
%
J\J%
J
% ^GDFFLIUDFXUHQWHVWHHJDOFXFLI`
JJJJJJJJ%
JmJ%
J~J
^FUHWHPIUHFYHQDFLIUHLFLI`
JJJJJJ
JJJJ
^DPSDUFXUVFLIUHOHQXPUXOXLQU`
1XPHUH
^GDFDYHPXQPD[LPQRX`
JJJJJJJ%
JJJ
JJJJJJJmJ%
J
^DFWXDOL]PPD[LPXO`J
JJJJJJGHVFKLGHPILLHUXOGDFDDYXWFRQLQXWXQPD[LPPDLPLFDFHVWDVHSLHUGH
JJJJJJ
JJ%
J
^VFULHPPD[LPXOLFLIUDFLI`
JJJJ
J
JJJJJJJJ\J%
JJJ ^DYHPRIUHFYHQHJDOFX`
^DSDUPD[FDUHGHMDHVWHVFULVvQILLHUvPSUHXQFXRYDORDUHFLI`
JJJJJJJJGHVFKLGHPILLHUXOSHQWUXDGXJDUH
JJJJJJJJ
J%
^VFULHPFLIUDFLIDYkQGDFHHDLIUHFYHQ`
JJJJJJ
JJJJ
JJJJ
JmJ%J
^UHIDFHPQUSHQWUXDSXWHDFXWDvQHOXUPWRDUHDFLIUFLI`
JJ
$DVHD]L
,GHHDGHUH]ROYDUHDDFHVWHLSUREOHPHHVWHGHDQXPUDQXPUXOVFKLPEULORUvQVHQVXO
RUGRQULLLUXOXLFLIUHORUQXPUXOXL
9RPSVWUDvQWURYDULDELOGGLUHFLDLQLLDOFUHVFFLIUHOHVDXGHVFUHVF"DRUGRQ
ULLFLIUHORUQXPUXOXL'HRDUHFHQHHVWHPDLXRUVDQDOL]PXOWLPDFLIUGLQQXPU
DFHDVWGLUHFLHYDILFDOFXODWGLQGLIHUHQDGLQWUHXOWLPDLSHQXOWLPDFLIUDQXPUX
OXLGDW'HFLGVHLQLLDOL]HD]FX
`JJ
``
QFRQWLQXDUHQHYDLQWHUHVDGRDUVHPQXOVDXDOYDULDELOHLG
x 'DF vQ ILQDO QXPUXO VFKLPEULORU GLUHFLHL HVWH HJDO FX L GDF G ! DWXQFL
DYHPXQQXPUFXDVSHFWGHXUFXH[HPSOXQ G !LDUGDF
GDWXQFLDYHPFRERUkH[HPSOXQ G
x 'DFG FLIUHOHVXQWLGHQWLFHGHFLWUHEXLHVFDOFXOPGSHED]DSULPHORUFLIUH
GLVWLQFWHDOHQXPUXOXL
x 'DFQXPUXOVFKLPEULORUGLUHFLHLHVWHHJDOFXLG!DWXQFLDYHPXQQXPU
FXDVSHFWGHYDOHH[HPSOXQ !LDUGDFGDWXQFLDYHP
XQGHDOH[HPSOXQ
x 1XPHUHOHFDUHQXLQWUvQQLFLXQDGLQWUHDFHVWHFDWHJRULLVXQWFRQVLGHUDWHRDUHFDUH
GHH[HPSOX
#JQJJJ
JJ
%JmJ`J
JJ
%JmJ`J
JJ
JmJ`J
JJ
JmJ`J
JJ
%JmJ`J
^LQLLDOL]DUHDFRQWRDUHORU`
1XPHUH
JJ
QXXUPHD]PDUFDMXOGHVIkULWGHILLHU
,J
JJJJ
J
J
J
^FkWWLPSXOWLPHOHGRXFLIUHVXQWLGHQWLFHHOLPLQPXOWLPDFLIU`
J J J
JJJJ
J
JJJJ
`J\J
``J
,J
JJJJJJ
JmJ
`J
JJJJ
^QXPUXOVFKLPEULORUGHGLUHFLH`
JJJJ?JmJ`J
JJJJJmJ`J
^GLUHFLD`J
JJJJJ
JJJ^GDFQXPUXOUPDVHVWHIRUPDWPFDUGLQGRXFLIUH`J
JJJJJJJ
`J
``JJ ^LQLLDOL]PGLUHFLD`J
JJJJJJJJJmJ
JJJJJJ
JJ ^QXSRWILHJDOHGHRDUHFHDPHOLPLQDWFLIUHOHHJDOHGHODvQFHSXW`
JJJJJJJJJmJJ
JJJJJJ J
JJJJJJ
JmJ
`
^UHQXQPODXOWLPDFLIU`
JJJJJJ
J
JJJ
,J ^FkWWLPSPDLH[LVWFHOSXLQFLIUHvQQ`
^GDFGLUHFLDFXUHQWLGLIHUHQDXOWLPHORUGRXFLIUHQXDXDFHODLVHPQ`
JJ
J%Q
%J
JJ
J%Q
%J
JJ
JQ
J
JJ
JQ
J
JJ
J%Q
%J
1XPHUH
^DILDUH`
$DSWHD]L
(QXQXO SUREOHPHL QH FHUH V JHQHUP SULPLL Q WHUPHQL DL LUXOXL
6DQDOL]PFkWHYDPRGDOLWLGHDERUGDUHDSUREOHPHL3ULPLLGRLDOJRULWPLSRWIL
XWLOL]DL SHQWUX Q d FD] vQ FDUH XOWLPXO WHUPHQ vQ LU HVWH QXPUXO IRUPDW GLQ
FLIUHHJDOHFX
x 2LGHHDUILVIRUPPQXPHUHOHGLQFLIUHGLQLGLQL
J
#JQJ
JJ
J
J
JJ%
JmJJ
JJ
%
JmJJ
JJ
J\
J
,JJ ^VHIRUPHD]QQXPHUHGLQQUBFLIUHHJDOHFXFLI`
JJJJ
JmJ%
J
JJJJ
J\
%
J
,J
JJJJJJ
JmJ
`J~J%
J
JJJJ
JJJJ
J
J
JJJJJ%
JJJ
^SUHJWLPFLIUDLQUBFLIUHSHQWUXSDVXOXUPWRU`JJ
JJJJJJ%
JmJ%
J~JJ
JJJJ
JJ
JJJJJJ%
JmJJ
JJJJJJ
%
JmJ
%
J~JJ
JJJJ
JJ
x 2DOWLGHHPDLVLPSOHVWHGHDDGXQDODILHFDUHQXPUIRUPDWGLQGRXFLIUHYD
ORDUHDODILHFDUHQXPUIRUPDWGLQWUHLFLIUHYDORDUHDLDDPDLGHSDUWHQ
DFHVWFD]LUXODUSXWHDILSULYLWDVWIHO
9DULDELODGHBDGXQDWYDDYHDVXFFHVLYYDORDUHDDSRLLDDPDLGHSDUWH
1XPHUH
#JQJ
JJ
J
J
JJ
JmJJ
JJ
JmJJ
JJ
J\
J
,J
JJJJ
J
J
JJJJJJJJJJJJJJJ^SUHJWLPYDORDUHDYDULDELOHL
SHQWUXSDVXOXUPWRU`
JJJJ
JmJ
J~J
J
JJJJJ
`J\J`JJ
^GDFDYHPFD]XO VDX `
J J J
JJJJJJ
JmJ
J~JJ
^ `J
JJJJJJ
JmJ
`J~JJ
JJJJ
x 'DFVHGRUHWHUH]ROYDUHDDFHVWHLSUREOHPHSHQWUXQ!YRPVFULHvQILLHUSXU
L VLPSOX FLIUH DOWXUDWH 1XPUXO FLIUHORU GLQWUXQ QXPU VH JHQHUHD] FRQIRUP
UHJXOLLJHQHUULLQXPHUHORUGLQLU
#JQJ
JJ
J
JJ
^OXQJLPHDLQLLDODQXPHUHORU`J
JJ
JmJJJ
^SULPDFLIUHVWH`
JJ%JmJJJJJJJ
^JHQHUPQWHUPLQLvQLU`J
JJ
J\
J
QJJ
^WLSULUHDHOHPHQWXOXLFXUHQWGLQLU`
JJJJ
J\
J
QJ
JJJJJJ
J%J
JJJJ
JJJJJ%J\JJJJ
J
JJJJJJJ%JmJJJ
^XUPHD]GLQQRXXQQXPUIRUPDWGLQFLIUHHJDOHFX`
^FUHWHQXPUXOGHFLIUHvQQXPU`J
JJJJJJJ
JmJ
J~JJ
JJJJ
J
^XUPWRDUHDFLIU`J
JJJJJJ%JmJ%J~JJ
JJJJ
JJ
J
J
1XPHUHVSHFLDOH
1XPHUHSHUIHFWH
1XPHUHSULHWHQH
1XPHUHWULDQJXODUH
1XPHUHSWUDWLFH
1XPHUHSLUDPLGDOH
1XPHUHSLWDJRUHLFH
1XPHUHSULPH
1XPHUH)LERQDFFL
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
1XPHUHVSHFLDOH
([LVWPXOWHPRWLYHSHQWUXFDUHFHUFXOUHSUH]LQWRLPDJLQHPDLDGHFYDWXQXLQX
PUFDUHVHGLYL]HD]vQSULQDFHVWFD]QXPUXOVDUSXWHDUHSUH]HQWDDVWIHO
&DSLWROXO
QDQWLFKLWDWHQXPHUHOHHUDXDSUHFLDWHvQSULPXOUkQGSHQWUXFDOLWLOHORULDELDGXS
DFHHDSHQWUXFDQWLWDWHDSHFDUHRUHSUH]LQW$VWIHOILHFDUHQXPUDIRVWSULYLWFDRLQ
GLYLGXDOLWDWH GLVWLQFW 5XGROI 6WHLQHU QH H[SOLF WHRULD FRQIRUP FUHLD XQ QXPU VH
SRDWHRELQHGLQvQWUHJSULQWUXQSURFHVGHvPSULUHGLYL]LXQHDVHPQWRUSURFHVHORU
QDWXUDOH GH GLYL]LXQH FHOXODU &HOODOW SURFHGHX GH RELQHUH D XQXL QXPU DU IL SULQ
DGXQDUH&HOHGRXSURFHGHHVHSRWSUH]HQWDFRPSDUDWLYDVWIHO
2SHUDLHGHvPSULUH2SHUDLHGHDGXQDUH
8QLWDWHD VH FRQVLGHUD PDPD WXWXURU QXPHUHORU ILLQG VXSHULRDU RULFUXL QXPU
1XPHUHOHVHFDUDFWHUL]DXSULQGHSHQGHQDORUIDGHDOWHQXPHUHFXFDUHIRUPHD]R
vQOQXLUH'HH[HPSOXQXPUXOVDUSXWHDUHSUH]HQWDDVWIHO
8QLWDWHDGLQQXPUXOVHUHJVHWHGHDVHPHQHDFDXQLWDWHvQQXPHUHOHGRLLWUHL
GLYL]RULDLOXLSHFkQGXQLWDWHDGLQVHUHJVHWHGRDUSHQWUXVLQHvQVXLFFLFLQFL
QXHVWHPXOWLSOXOQLFLXQXLDGLQWUHQXPHUHOHFDUHvOSUHFHG
'DF vO SULYLP DD FLQFL SRDWH IL QXPLW SULPXO QXPU QXPU SULP FXP vO QX
PLPQRL$FHHDLGHQXPLUHOHHVWHDSRLDWULEXLWLFHORUODOWHQXPHUHFDUHQXDXDOLGL
YL]RULGHFkWSHLSHHLvQLL
$QDOL]kQGQXPUXOREVHUYPFDGXQkQGGLYL]RULLVLQXPHUHOHLDMXQ
JHPGLQQRXODQXPUXO
1XPHUHSHUIHFWH
9HFKLLJUHFLDYHDXXQUHVSHFWGHRVHELWSHQWUXDFHVWHQXPHUHLOHQXPHDXDULWKPRV
WHOHLRVDGLFQXPUXOOLPLWDWODHOvQVXLvQWUDGXFHUHDDFWXDOQXPUSHUIHFW
6HVSXQHF(XFOLGDUILDUWDWFGDFQ HVWHQXPUSULPDWXQFLQQ
HVWHQXPUSHUIHFW3kQvQSUH]HQWQXVDJVLWQLFLXQQXPUSHUIHFWFDUHVQXYHULIL
FHFRQGLLDOXL(XFOLG
Q Q
3ULPDOLWDWH QQ
6XPDGLYL]RULORU
SULP
SULP
QX
SULP
QX
SULP
1XPHUHVSHFLDOH
$OWHSURSULHWLDOHQXPHUHORUSHUIHFWH
7RDWHQXPHUHOHSHUIHFWHVHWHUPLQFXFLIUDVDXFXFLIUDGXSFXPVHSRD
WHREVHUYDGLQWDEHOXOXUPWRU
Q Q Q QQ
1XPHUHOHGHIRUPDQVHQXPHVFQXPHUH0HUVHQQH
3ULPHOHSDWUXQXPHUHSHUIHFWHvQUHSUH]HQWDUHELQDUVXQW
1XPHUHSHUIHFWH 5HSUH]HQWDUHELQDU
'DFIDFHPRFRPSDUDLHvQWUHXQQXPULVXPDGLYL]RULORUVLREVHUYPFDYHP
WUHLVLWXDLL
x 'DFVXPDGLYL]RULORUHVWHHJDOFXQXPUXOVSXQHPFQXPUXOHVWHSHUIHFW
x 'DFVXPDGLYL]RULORUHVWHPDLPLFGHFkWQXPUXOVSXQHPFQXPUXOHVWHGHILFLHQW
x 'DFVXPDGLYL]RULORUHVWHPDLPDUHGHFkWQXPUXOVSXQHPFQXPUXOHVWHERJDW
1XPHUHSULHWHQH
3HUHFKLOHGHQXPHUHFDUHVHDFRSHUUHFLSURFVHEXFXUDXGHXQPDUHLQWHUHVvQYH
FKHD*UHFLHLHUDXQXPLWHSKLORLDULWKPRLDGLFQXPHUHSULHWHQHvQXQHOHVXUVHOH
JVLPFXQXPHOHGHQXPHUHDPLDELOH$LFLSULQDFRSHULUHvQHOHJHPSURSULHWDWHDF
ILHFDUHGLQWUHFHOHGRXQXPHUHDUHVXPDGLYL]RULORUHJDOFXFHOODOWQXPU
1XPHUHVSHFLDOH
3ULPDSHUHFKHGHQXPHUHSULHWHQHHVWHFX6XPDGLYL]RULORUOXLHVWH
LDUVXPDGLYL]RULORUOXL
HVWH
0DWHPDWLFLDQXODUDE7DELWLEQ.RUUDVHFROXO;DJVLWXQDOJRULWPGHJHQHUDUHD
XQRUSHUHFKLGHQXPHUHSULHWHQH$FHVWDOJRULWPDIRVWSXEOLFDWIUGHPRQVWUDLHGH
FWUH'HVFDUWHVvQDQXO
3UH]HQWPvQFRQWLQXDUHDOJRULWPXOUHHWDOXL7DELWvQIRUPDvQFDUHVHFXQRWHD
vQDFHOHYUHPXUL
3DVXO6HSOHDFGHODQXPUXO
3DVXO6HFRQVWUXLHWHSULQGXEOULVXFFHVLYHLUXO
3DVXOQFRQWLQXDUHVHLDXSHUkQGGLQDFHVWLUSHUHFKLVXFFHVLYH([HPSOXL
LL
3DVXO)LHFUHLSHUHFKLGHQXPHUHLVHDGDXJXQDOWUHLOHDQXPUFDUHFRQLQHDPELL
PHPEULDLGXDOLWLLDGLFSURGXVXOORU6HRELQDVWIHO
3DVXO6HVFDGHGLQILHFDUHGLQFHOHWUHLQXPHUH6HRELQH
3DVXO6HFRQVWUXLHWHVHULDGXEOXULORUSHQWUXQXPUXOFDUHVH
VFULHVXEQXPHUHOHRELQXWHODSDVXODQWHULRU
3DVXOQFHSkQGFXDFHVWSDVQHLQWHUHVHD]QXPDLWULSOHWHOHGHQXPHUHSULPHQFD
]XOQRVWUXVHSVWUHD]
3DVXO/DDFHVWSDVVHvQPXOHVFFHOHGRXQXPHUHDOHSHUHFKLLLVHRELQH
3DVXO Q ILQDO FHOH GRX QXPHUH VFULVH GHDVXSUD PXOWLSOLORU OXL VH vQPXOHVF FX
PXOWLSOXOFRUHVSXQ]WRU6HRELQDVWIHOSHUHFKLGHQXPHUHSULHWHQH
2EVHUYDLH
$OJRULWPXO OXL 7DELW QX JHQHUHD] WRDWH SHUHFKLOH GH QXPHUH SULHWHQH (O D JVLW
GRDURUHJXOGHDJHQHUDDQXPLWHQXPHUHSHUIHFWH
QFRQWLQXDUHSUH]HQWPDOWHQXPHUHFURUDDQWLFLLOHDFRUGDXRGHRVHELWDWHQLH
1XPHUHVSHFLDOH
1XPHUHWULDQJXODUH
8QQXPU[VHQXPHWHWULDQJXODUGDFH[LVWXQQXPUQDWXUDOQDVWIHOvQFkWVX
PDSULPHORUQQXPHUHQDWXUDOHHVWHHJDOFXQXPUXOGDW[
Q QQ [
5HODLLvQWUHQXPHUHOHSHUIHFWHLFHOHWULDQJXODUH
'DFVHSULYHWHLUXOQXPHUHORUWULDQJXODUHVHREVHUY
FvQLUDSDUQXPHUHOHSHUIHFWHL(VWHXRUGHGHPRQVWUDWFRULFHQXPUSHUIHFW
HVWH WRWRGDW L QXPU WULDQJXODU /VP SH VHDPD FLWLWRULORU YHULILFDUHD DFHVWHL
REVHUYDLLLQkQGFRQWGHLSRWH]DFRULFHQXPUSHUIHFWDUHIRUPDQQ
1XPHUHSWUDWLFH
8QQXPU[VHQXPHWHSWUDWLFGDFH[LVWXQQXPUQDWXUDOQDVWIHOvQFkWQXPUXO
GDW[VILHHJDOFXVXPDSULPHORUQQXPHUHQDWXUDOHLPSDUH
Q Q
1XPHUHSLUDPLGDOH
8Q QXPU VH QXPHWH SLUDPLGDO GDF SRDWH IL VFULV FD VXP GH QXPHUH WULDQJXODUH
FRQVHFXWLYH
1XPHUHSLWDJRUHLFH
1XPHUHSULPH
1XPHUHVSHFLDOH
5HODLDFDUDFWHULVWLFODWXULORUXQXLWULXQJKLGUHSWXQJKLFFXQRVFXWHPSLULFLGHHJLS
WHQLHVWH
[\ ]
1XPHUHOHFDUHUHVSHFWRDVWIHOGHUHODLHVHQXPHVFQXPHUHSLWDJRUHLFH
8Q QXPU SULP DUH H[DFW GRL GLYL]RUL 5H]XOW LPHGLDW F QX HVWH SULP L VLQJXUXO
QXPUSULPSDUHVWH9HULILFDUHDSULPDOLWLLVHSRDWHUHDOL]DVLPSOXSRUQLQGGHOD
GHILQLLHGDUVHSRWVFULHLDOJRULWPLPDLSHUIRUPDQLFDUHVHYRURSULLPHGLDWGXSFH
VDJVLWXQGLYL]RUSURSULX'HDVHPHQHDSXWHPHYLWDFXWDUHDXQRUGLYL]RULFDUHVXQW
QXPHUH SDUH vQ FD]XO vQ FDUH QXPUXO GDW HVWH LPSDU YH]L UH]ROYDUHD SUREOHPHL
*HQHUDUHDQXPHUHORUSULPHPDLPLFLGHFkWXQQXPUGDWLDSUHRFXSDWLSHPDWH
PDWLFLHQLLGLQ*UHFLDDQWLF6WUDWHJLDOXL(UDWRVWHQHLDVW]LHVWHXQDOJRULWPDSOL
FDW(ODVFULVSHXQSDSLUXVvQFHSkQGGHODXQLUGHQXPHUHQDWXUDOHFRQVHFXWLYH
$SRLODPDUFDWSHFDILLQGSULPLDWLDWWRDWHQXPHUHOHGLYL]LELOHFX$SURFHGDW
ODIHOFX3HQXODPDLJVLWSULQWUHQXPHUHDFHVWDILLQGWLDWGHFLDFRQWLQXDW
FXQILQDOSHSDSLUXVDXUPDVQHWLDWHGRDUQXPHUHOHSULPH
1XPHUH)LERQDFFL
LUXOQXPHUHORUFDUHSRDUWQXPHOHFHOHEUXOXLPDWHPDWLFLDQ)LERQDFFLDUHIRDUWHPXO
WHSURSULHWLLQWHUHVDQWH
*HQHUDUHDWHUPHQLORUPDLPLFLVDXHJDOLFXXQQXPUQDWXUDOQ!GDWDLDFHVWXLLU
HVWHRSUREOHPVLPSOLVHUHDOL]HD]FXXUPWRUXODOJRULWP
#J
%%QJ
JJ
J
JJ
JJJmJJ
JJJmJJ
JJ%JmJJ~JJ
JJ
JJJ
JJ
%JdJ
J
QJJ
JJJJ
J%J
JJJJJmJJ
JJJJJmJ%J
JJJJ%JmJJ~JJ
J
^YDORDUHDFHDPDLPDUHDXQXLWHUPHQ`J
^SULPXOWHUPHQ`J
^DOGRLOHDWHUPHQ`J
^DOWUHLOHDWHUPHQ`J
^GHRDUHFHQ!SULPLLGRLVHSRWVFULH`J
^FkWWLPSVXPDFHORUGRLWHUPHQLDQWHULRUL`J
^VDWLVIDFHFHULQDRVFULHP`J
^QRXODYDILYHFKLXOE`J
^QRXOEYDILYHFKLXOF`J
^FDOFXOPQRXOWHUPHQ`J
2SUREOHPLQWHUHVDQWFDUHVHSRDWHIRUPXODHVWHXUPWRDUHDGDWILLQGXQQXPU
QDWXUDOVVHVWDELOHDVFGDFDFHVWDHVWHVDXQXQXPU)LERQDFFLLvQFD]QHJDWLYV
VHVFULHQXPUXOVXEIRUPGHVXPGHQXPUPLQLPGHQXPHUH)LERQDFFL
1XPHUHVSHFLDOH
9RP JHQHUD FX DOJRULWPXO GH PDL VXV QXPHUH )LERQDFFL L QH YRP RSUL vQ PR
PHQWXOvQFDUHXOWLPXOWHUPHQHVWHPDLPDUHVDXHJDOFXQXPUXOGDW'DFXOWLPDYD
ORDUHDYDULDELOHLFHVWHQXPU)LERQDFFLDOJRULWPXOVHWHUPLQQFD]FRQWUDUDILP
FHOPDLPDUHQXPU)LERQDFFLPDLPLFVDXHJDOFXQXPUXOGDWGLVSRQLELOvQYDULDEL
ODELVFGHPGLQQXPUXOGDWYDORDUHDDFHVWXLD'DFEDIRVWHJDOFXQXPUXOGDW
DOJRULWPXOVHWHUPLQvQFD]FRQWUDUUHOXPDOJRULWPXOGHYHULILFDUH&kWWLPSQGLQ
FDUH PHUHX VH VFDGH QXPUXO )LERQDFFL E FDUH VH DILHD] HVWH SR]LWLY GHWHUPLQP
FkWHXQQXPU)LERQDFFLEPDLPLFVDXHJDOFXYDORDUHDDFWXDODOXLQSHFDUHRVF
GHPGLQQLRDILP
#J
%%QJ
JJ
J
JJ
^YDORDUHDGDW`
JJJmJJ
JJJmJJ
JJ%JmJJ~JJ
JJ
J%JJ
J
QJJ
JJJJJmJJ
JJJJJmJ%J
JJJJ%JmJJ~JJ
J
^DFXPEHVWHFHOPDLPDUHQXPU)LERQDFFLdQ`
JJJ%J\J
JJ
JJJJ
JJ
%%J
JJ
J
JJJJ
J
\J
JJJJ
JmJ
JJJ
JJJJ
J
JJ`J
QJJ
^FkWWLPSPDLDYHPUHVW`
JJJJJJ
JJJ
J
QJJ
JJJJJJJJ%JmJJ
JJJJJJJJJmJJ
JJJJJJJJJmJ%JJJ
JJJJJJ
JJ ^DFXPEHVWHFHOPDLPDUHQXPU)LERQDFFLdQ`J
JJJJJJ
J~J
JJJJJJ
JmJ
JJJ
J
1XPHUHVSHFLDOH
,PSOHPHQWULVXJHUDWH
3HQWUXDYIDPLOLDUL]DFXPRGXOvQFDUHVHUH]ROYSUREOHPHOHvQFDUHYHULILFDUHDGLYL
]LELOLWLLDUHUROLPSRUWDQWYVXJHUPVvQFHUFDLVLPSOHPHQWDLDOJRULWPLSHQWUX
QXPUDUHDJHQHUDUHDGLYL]RULORUXQXLQXPU
GHVFRPSXQHUHDXQXLQXPUvQIDFWRULSULPL
GHWHUPLQDUHDIDFWRUXOXLSULPDOXQXLQXPUGDWFDUHHVWHODSXWHUHDFHDPDLPDUH
FHOPDLPDUHGLYL]RUFRPXQDGRXQXPHUHvQWUHJL
FHOPDLPLFPXOWLSOXFRPXQDGRXQXPHUHvQWUHJL
YHULILFDUHDSULPDOLWLLXQXLQXPU
GHWHUPLQDUHDFHOXLPDLPLFQXPUSULPPDLPDUHGHFkWXQQXPUGDW
GHWHUPLQDUHDFHOXLPDLPDUHQXPUSULPPDLPLFGHFkWXQQXPUGDW
GHWHUPLQDUHDSUHIL[HORUSULPHDOHXQXLQXPU
GHWHUPLQDUHDVXIL[HORUSULPHDOHXQXLQXPU
GHWHUPLQDUHDSULPHORUQQXPHUHSULPH
GHWHUPLQDUHDWXWXURUQXPHUHORUSULPHGLQWUXQLQWHUYDO
GHWHUPLQDUHDSULPHORUQQXPHUHSHUIHFWH
GHWHUPLQDUHDSULPHORUQQXPHUHSHUIHFWHIRORVLQGLGHHDOXL(XFOLG
GHWHUPLQDUHDSULPHORUQSHUHFKLGHQXPHUHSULHWHQH
JHQHUDUHDSHUHFKLORUGHQXPHUHSULHWHQHIRORVLQGDOJRULWPXOOXL7DELWLEQ.RUUD
DILDUHDQXPHUHORUWULDQJXODUHGLQWUXQLUGHQXPHUHQDWXUDOH
DILDUHDQXPHUHORUWULDQJXODUHFDUHVXQWSWUDWHSHUIHFWHLVXQWPDLPLFLVDXHJDOH
FXXQQXPUQDWXUDOQGDW
DILDUHDQXPHUHORUSWUDWLFHGLQWUXQLUGDWGHQXPHUHQDWXUDOH
DILDUHDQXPHUHORUSWUDWLFHFDUHVXQWSWUDWHSHUIHFWHLVXQWPDLPLFLVDXHJDOH
FXXQQXPUQDWXUDOQGDW
JHQHUDUHDSULPHORUQSHUHFKLGHQXPHUHSLWDJRUHLFH
JHQHUDUHDWHUPHQLORULUXOXL)LERQDFFLPDLPLFLGHFkWXQQXPUQDWXUDOGDW
JHQHUDUHDSULPLORUQWHUPHQLDLLUXOXL)LERQDFFL
VFULHUHDXQXLQXPUQDWXUDOQVXEIRUPGHVXPGHQXPHUH)LERQDFFL
3UREOHPHSURSXVH
'LYL]RUL
6 VH VFULH XQ SURJUDP FDUH GHWHUPLQ FHO PDL PLF QXPU FDUH DUH H[DFW N GLYL]RUL
XQGHNHVWHXQQXPUQDWXUDOGDWJ
'DWHGHLQWUDUH
1XPUXOQDWXUDONVHFLWHWHGLQILLHUXOGHLQWUDUH$(+#"&$
1XPHUHVSHFLDOH
'DWHGHLHLUH
3ULPXOQXPUQDWXUDODYkQGH[DFWNGLYL]RULVHYDVFULHvQILLHUXO$(+#"&'(!
5HVWULFLLLSUHFL]UL
x dNd
([HPSOX
1XPHUHVSHFLDOH
5HVWULFLLLSUHFL]UL
x dRULFHQXPUGDWd
x GXSXOWLPXOQXPUH[LVWHQWvQILLHUXUPHD]LPHGLDWPDUFDMXOGHVIkULWGHILLHU
([HPSOX
7LPSPD[LPGHH[HFXLHVHFXQGH
6HFRQVLGHULUXOGHQXPHUH
6VHFDOFXOH]HYDORDUHDFHOXLGHDONOHDHOHPHQWGLQLUNQXPUQDWXUDOGDWIU
VVHJHQHUH]HLUXOGHHOHPHQWH
'DWHGHLQWUDUH
1XPUXOQDWXUDONVHFLWHWHGLQILLHUXOGHLQWUDUH "&$
'DWHGHLHLUH
9DORDUHD FRUHVSXQ]WRDUH FHOXL GHDO NOHD HOHPHQW GLQ LU VH YD VFULH vQ ILLHUXO GH
LHLUH "&'(!
5HVWULFLLLSUHFL]UL
x dNd
([HPSOX
$(+#"&$
J
$(+#"&'(!J
1XPHUHSHUIHFWH
6VHJHQHUH]HWRDWHQXPHUHOHSHUIHFWHSRVLELOHGHUHSUH]HQWDWFXXQQXPUGHWLSvQ
WUHJSHGRXFXYLQWH,PSOHPHQWDLDOJRULWPXOVXJHUDWGH(XFOLGSHQWUXRELQHUHDQX
PHUHORUSHUIHFWH
'DWHGHLHLUH
1XPHUHOHSHUIHFWHPDLPLFLGHFkWFHOPDLPDUHQXPUvQWUHJSRVLELOGHUHSUH]HQWDWVH
YRUVFULHvQILLHUXO"-!&'(!
1XPHUHSULHWHQH
6 VH JHQHUH]H SHUHFKL GH QXPHUH SULHWHQH SRVLELOH GH UHSUH]HQWDW FXQXPHUHGHWLS
vQWUHJSHGRXFXYLQWH,PSOHPHQWDLDOJRULWPXOOXL7DELW
'DWHGHLHLUH
3HUHFKLOHGHQXPHUHSULHWHQHVHYRUVFULHSHFkWHROLQLHDILLHUXOXL"!$&'(!
1XPHUHWULDQJXODUH
6HFRQVLGHUPDLPXOWHQXPHUHQDWXUDOHVFULVHvQWUXQILLHU6VHFRSLH]HvQWUXQDOW
ILLHUWRDWHQXPHUHOHWULDQJXODUHLvQWUXQDOWUHLOHDDFHOHDFDUHQXVXQWWULDQJXODUH
'DWHGHLQWUDUH
1XPHUHOHQDWXUDOHVHYRUFLWLGHSHSULPDOLQLHDILLHUXOXL!"&$
'DWHGHLHLUH
1XPHUHOHFLWLWHGLQILLHUXOGHLQWUDUHFDUHVXQWWULDQJXODUHVHYRUVFULHSHSULPDOLQLHD
ILLHUXOXL !"&'(!GHVSULWHSULQFkWHXQVSDLXLDUFHOHFDUHQXVXQWWULDQJXODUHVH
YRUVFULHSHSULPDOLQLHDILLHUXOXL" !&'(!
!"&$
JJ||JJ`J
!"&'(!
J||JJ`J
$SOLFDLHODQXPHUHOHWULDQJXODUH
"&$
$OWHQXPHUHVSHFLDOH
" !&'(!
J
"&'(!J
|
1XPHUHVSHFLDOH
3ULP
6WDELOLLGDFXQQXPUGDWHVWHSULPVDXQX
'DWHGHLQWUDUH
QILLHUXOGHLQWUDUH"+&$HVWHVFULVXQVLQJXUQXPUQDWXUDO
'DWHGHLHLUH
'DFQXPUXOFLWLWGLQILLHUXOGHLQWUDUHHVWHSULPvQILLHUXOGHLHLUH"+&'(!VH
YDVFULHDOWIHOVHYDVFULH
([HPSOX
"+&$J
J
"+&'(!J
J
6ROXLLOHSUREOHPHORUSURSXVH
'LYL]RUL
3HQWUXDDQDOL]DPRGXOGHUH]ROYDUHDDFHVWHLSUREOHPHYRPSURLHFWDDOJRULWPXOSHQ
WUXXQH[HPSOX)LHN 9RPGHWHUPLQDGLYL]RULLQXPHUHORUQDWXUDOHvQFHSkQGFX
LWHUPLQkQGvQPRPHQWXOvQFDUHDPJVLWSULPXOQXPUFDUHDUHH[DFWNGLYL]RUL
([HPSOX
DUHGLYL]RULL
DUHGLYL]RUL
DUHGLYL]RULLGHFLQHRSULP1XPUXOFXWDWHVWH
$QDOL]kQGH[HPSOXOGDWDDSDUHFGLYL]RULLVXQWQXPHUHSULPHGDUWUHEXLHVILP
DWHQL'HH[HPSOXQXPUXODUHGHGLYL]RUL
GHFLSULQWUHGLYL]RULDYHPQXPHUHSULPHLSXWHULDOHORUUHVSHF
WLYSURGXVHGHGRXVDXPDLPXOWHQXPHUHSULPH
QGHVFULHUHDXUPWRUXOXLDOJRULWPQRWPFXQUQXPUXOQDWXUDOFXUHQWFXGLYL]RU
YDORDUHDFXFDUHHIHFWXPvPSULUHDLFXQUBGQXPUXOGLYL]RULORUOXLQU$FHVWDOJR
ULWP JHQHUHD] QXPHUH QDWXUDOH L vQFHSkQG FX QXPUXO GHWHUPLQ WRL GLYL]RULL
DFHVWRUDQXPUkQGXOH*HQHUDUHDQXPHUHORUVHRSUHWHvQPRPHQWXOvQFDUHVDJVLW
SULPXOQXPUDYkQGNGLYL]RUL'DFvQVQXVXQWHPDWHQLLQXFXWPSRVLELOLWLGH
RSWLPL]DUHSURJUDPXOQRVWUXYDUXODSHQWUXN PXOWPDLPXOWWLPSGHFkWSHUPLWH
UHVWULFLDSULYLQGWLPSXOGHH[HFXLH
1XPHUHVSHFLDOH
Q FRQFOX]LH YRP FXWD GLYL]RUL SkQ OD UGFLQD SWUDW D QXPUXOXL GHRDUHFH
FKLDU GDF H[LVW GLYL]RUL PDL PDUL GHFkW DFHDVW YDORDUH DFHWLD VXQW HJDOL FX FkWXO
vPSULULLvQWUHJLDLXQXLGLYL]RUPDLPLFGHFkWUGFLQDSWUDWQFRQFOX]LHSHQWUX
ILHFDUHGLYL]RUJVLWPULPFRQWRUXOGLYL]RULORUFXRGDWSHQWUXGLYL]RUXO
LvQFRGDWSHQWUXGLYL]RUXO
6REVHUYPFGDFQXPUXOHVWHS
WUDW SHUIHFW GLYL]RUXO HVWH HJDO FX GLYL]RUXO
GHFLvQFD]XO
QXPHUHORU FDUH VXQW SWUDWH SHUIHFWH vQ ILQDO YRP PLFRUD FX QXPUXO GLYL]RULORU
FRQWRUL]DLJ
#Q
JJ
J?J
JJ
JmJJ
JJ
JJJJ
JmJ
J~JJJ ^GDFN DWXQFLFHOPDLPLFQXPUFXGLYL]RULHVWH`
JmJJJ
^RULFHQXPUDUHGRLGLYL]RULSURSULL`
JJJJ
J\SDUWHvQWUHDJGLQUGFLQDSWUDWDOXL
J
QJ
JJJJJJJ
J\J`JJJ
JJJJJJJJ
JmJ
J~JJJ
^QXPUPGLYL]RULLOXLQU`
JJJJJJ
JJJJ
J
JJJJJ
HVWHSWUDWSHUIHFWJ
JJJJJJJJ
JmJ
JJJ
^SkQFkQGRELQHPNGLYL]RUL`
JJ
J
J\J?JJ
JJ
J
J
J
J
1XPHUHSHUIHFWH
QHQXQXOSUREOHPHLQLVHFHUHVJHQHUPWRDWHQXPHUHOHSHUIHFWHPDLPLFLGHFkWXQ
QXPUGDWQ'XSFXPVDVXJHUDWvQHQXQYRPIRORVLFRQGLLDQHFHVDUHQXQDWGH
FWUH(XFOLGSUH]HQWDWDQWHULRU
&RQGLLDVSXQHFGDFQXPUXOPHVWHSULPDWXQFLQXPUXOPPHVWH
SHUIHFW
$VWIHOFHOPDLVLPSOXSURFHGHXHVWHGHDGDSHUkQGYDORULOXLPLvQFD]XOvQFDUH
QXPUXOPHVWHSULPGHDDILDQXPUXOSHUIHFWPP
J
#J
%QJ
JJ
J
J
JJ%JmJ
^SULPDSXWHUHDOXL`J
JJ
^ODSXWHUHDP`J
JJJJ%JmJ%J
JJJJJmJDGHYUDW
^YHULILFPGDF%JJHVWHSULP`J
1XPHUHVSHFLDOH
JJJJ
J\SDUWHvQWUHDJGLQUGFLQDSWUDWDOXL%J
QJ
JJJJJJJ%J\J`JJ
JJJJJJJJJmJIDOV
JJJJJJJJLHLUHIRUDWGLQ
J
JJJJJJJ
JJJJJmJIDOV
^QHIHULPGHRvQPXOLUHFDUHDUSURYRFDGHSLUH`
JJJJJJJJFDOFXODUHDYDORULL%%DUSURGXFHGHSLUH
J
JJJJJJJJJJJmJDGHYUDWJ
JJJJJJJJ
J
JJJJJJJJJJJ
J%%J
JJ
JJ
1XPHUHSULHWHQH
1LVHFHUHLPSOHPHQWDUHDXQXLDOJRULWPGHVFULVLH[HPSOLILFDW$FHVWDOJRULWPJHQH
UHD]XQHOHSHUHFKLGHQXPHUHSULHWHQHFRQIRUPXQXLPRGHOGHVFULVGH7DELW
QDOJRULWPDPQRWDWFHOHGRXQXPHUHGLQSHUHFKHDFXUHQWFXDLFXEPXOWLSOL
OXLLFXSURGSURGXVXOORU9DULDELOHOHORJLFHSULPDSULPELSULPSURGSVWUHD]
YDORDUHDGHDGHYUSULYLQGSULPDOLWDWHDQXPHUHORUDELSURG&XFRHIVD
QRWDWYDORDUHDFXUHQWDPXOWLSOLORUOXLSULQvQPXOLUHFX'HVFULHUHDDOJRULWPXOXL
vQSVHXGRFRGHVWHXUPWRUXO
J
#J
%&
KJ
JJ%
JmJ^YDORDUHLQLLDOSHQWUXGXEOLLOXLvLYRPRELQHSULQvQPXOLUHFX`
JJJmJ
^SULPXOQXPUGLQSULPDSHUHFKH`
^YDORDUHLQLLDOQHFHVDUODSULPXOSDV`J
JJJmJDGHYUDWJ
JJJmJIDOVJ
JJ
J
^SULPXOQXPUvQSHUHFKHDFXUHQWHVWHDOGRLOHDQXPUGLQSHUHFKHDSUHFHGHQW`
JJJJJmJJ
^DOGRLOHDQXPUvQSHUHFKHDFXUHQWHVWHGXEOXOSUHFHGHQWXOXL`
JJJJJmJJ
^SULPDOLWDWHDFHOXLGHDOGRLOHDQXPUGLQSHUHFKHDSUHFHGHQW`J
JJJJJmJ
JJJJJDUSURGXFHGHSLUH
^QHIHULPGHRSRVLELOGHSLUH`J
JJJJJJJmJDGHYUDWJJ
1XPHUHVSHFLDOH
JJJJ
J
^HIHFWXPSURGXVXOGHRDUHFHQXYRPDYHDGHSLUH`
JJJJJJJmJ
JJJJJmJDGHYUDWJ
^QHSUHJWLPVVWDELOLPSULPDOLWDWHDOXLD`J
JJJJJmJDGHYUDWJ
^LDOXLSURG`J
JJJJJmJJ
JJJJ
JJdUGFLQDSWUDWDOXL
QJJ
JJJJJJJJ\J`JJ
JJJJJJJJJmJIDOV
JJ
JJJJJJJJ\J`JJ
JJJJJJJJJmJIDOV
JJ
JJJJJJJmJJ~JJ
JJJJ
JJ
JJJJ%
JmJ%
J
^SUHJWLPXUPWRUXOPXOWLSOXDOOXLSULQGXEODUH`
J
^GDFDESHUHFKHDLSURGVXQWQXPHUHSULPH`
JJJJJJJJJJJ
JJJJJJ
J%
J%
J
JJ
JJ
J
1XPHUHWULDQJXODUH
&HULQDODDFHDVWSUREOHPHVWHVVHHOLPLQHQXPHUHOHWULDQJXODUHGLQWUXQLUGHQX
PHUHGDWH5HDPLQWLPFXQQXPUVHQXPHWHWULDQJXODUGDFVHSRDWHRELQHSULQvQ
VXPDUHDXQXLQXPUGHQXPHUHQDWXUDOHFRQVHFXWLYHvQFHSkQGFXQXPUXO
$OJRULWPXOGHUH]ROYDUHSUH]HQWDWvQFRQWLQXDUHYHULILFSHUkQGGDFQXPHUHOHGLQ
ILLHUVXQWWULDQJXODUHVFULLQGvQILLHUXOUH]XOWDWDFHOHQXPHUHFDUHQXYHULILFDFHDVW
SURSULHWDWH
#J
QJ
JJ
QXXUPHD]PDUFDGHVIkULWGHILLHU
,J
JJJJ
JJ
JJJJm`
^YHULILFPGDF[HVWHWULDQJXODU`
JJJJ
m
^SULPXOQXPUQDWXUDOvQVXP`J
JJJJ
J
JJJJJJmJ~J
J
JJJJJJ
m
J~J
^FUHWHYDORDUHDWHUPHQXOXL`J
JJJJ
JJdJJ
JJJJJJzJJJ
J
^GDF[QXHVWHWULDQJXODUvOFRSLHPvQ" !&'(!`J
JJJJJJ
JJ
1XPHUHVSHFLDOH
JJJJ
J
JJJJJJ
JJJJJ
^GDF[HVWHWULDQJXODUvOFRSLHPvQ!"&'(!`J
$SOLFDLHODQXPHUHOHWULDQJXODUH
3HQWUXDvQHOHJHPDLELQHDFHDVWSUREOHPVHXUPULPvQWDEHOXOGHPDLMRVPRGXO
GHFRQVWUXLUHDLUXOXLGDW
J
N
(OHPHQWHOHLUXOXL
6WXGLLQGWDEHOXOGHPDLVXVSXWHPWUDJHFkWHYDFRQFOX]LL
x 2EVHUYPFSHQWUXXQQXPUGHRUGLQHNYDORDUHDHOHPHQWXOXLSRDWHILGHWHUPL
QDWSULQFDOFXODUHDQXPUXOXLWULDQJXODUFHOPDLDSURSLDWGHN
x 9DORDUHDFXWDWYDILHJDOFXXOWLPXOQXPUQDWXUDOSHFDUHODPDGXJDWQXP
UXOXLWULDQJXODU
$SOLFkQGREVHUYDLLOHGHPDLVXVDOJRULWPXOHVWHXUPWRUXOYUHFRPDQGPVUHD
OL]DLRUH]ROYDUHDDFHVWHLSUREOHPHIRORVLQGVXPDSULPHORUQQXPHUHQDWXUDOH
J
#J|QJ
J?J
JJJmJJ
JJJmJJ
JJJ?J
J
J JJJmJJ~JJ
J JJJmJJ~JJ
J
JJJ
J
1XPHUHVSHFLDOH
$OWHQXPHUHVSHFLDOH
8QH[HPSOXGHQXPUFDUHvQGHSOLQHWHDFHDVWSURSULHWDWHHVWH
$OJRULWPXOVXJHUDWYDFXWDSHQWUXILHFDUHOXQJLPHFGHODODQXPUXOFDUHvQ
GHSOLQHWHSURSULHWDWHDFHUXWSHQWUXRULFHQXPUDYkQGFLIUHLGHQWLFHSHOXQJLPHDF
6HFUHWXOFRQVWvQDREVHUYDFQXPUXOFXWDWHVWHGHIDSWXQFkWFRPXQvQFD]XOFHORU
QXPHUHvPSULWHODUkQGXOORUODVXPDFLIUHORUFRUHVSXQ]WRDUH
$P QRWDW YDULDELOHOH DYkQG VHPQLILFDLLOH GLQ HQXQ YHFKL UHSUH]LQW YDORDUHD QU
RELQXWODSDVXOSUHFHGHQW
J
#J%QJ
JJ
J%\J
Q
^QXPHUHGHOXQJLPLFXSULQVHvQWUHL`
JJJJ?JmJDGHYUDWJ
JJJJ?JmJJ
JJJJ
J?JdJJJ?J
QJ
^FRQVWUXLPQXPUXOGLQFFLIUH`J
JJJJJJ
JmJ`J
^FRQVWUXLPQXPUXOGLQFFLIUH`
JJJJJJ
J\%J
Q
JJJJJJJJ
JmJ
`J~J?J
JJJJJJ
JJJJJJJmJ%?J
JJJJJJJ
\`JJ
^QXPUXOFXWDWWUHEXLHVILHFkWXOvQWUHJGLQWUHQXPUXOIRUPDW`
JJJJJJJJ
JmJ
^GLQFFLIUHLGHQWLFHLVXPDFHORUFFLIUH`
JJJJJJJJJ?JJJ
^GDFN vQFQXDYHPYHFKL`J
JJJJJJJJJJJ
J\J%&JJJ
JJJJJJJJJJJJ?JmJDGHYUDWJ ^GDFDPRELQXWDFHODLQXPUYRPFRQWLQXD`
JJJJJJJJJJ
J
JJJJJJJJJJJJ?JmJIDOVJJ
JJJJJJJJJJ
JJJJJJJJ
JJJJJJJJ%&JmJ
J
JJJJJJJJ?JmJ?J~JJ
1XPHUHVSHFLDOH
JJJJJJ
J
JJJJJJJJ?JmJIDOVJ
JJJJJJJ?JJ
JJJJJJJJ
J
%J
J
JJ
1XPHUHVSHFLDOH
3ULP
QWURSULPDERUGDUHSRUQLPGHODGHILQLLDQXPUXOXLSULPXQQXPUSULPDUHH[DFW
GRLGLYL]RULLHOvQVXLQFRQFOX]LHYRPYHULILFDGDFQXPUXOGDWDUHYUHXQGLYL
]RUSULQWUHQXPHUHOHQ
#JQ
JJ
J
J
^QXPUXOGHYHULILFDW`J
^SULPXOGLYL]RUGLIHULWGH`J
JJJmJJ
JJ
JJdJ
JJ
JzJ`J
,
JJJJJmJJ~JJ
JJJJJ
JJ^GDFQXDPJVLWQLFLXQGLYL]RUPDLPLFGHFkW`J
JJJJJmJDGHYUDW
^
QXPUXOHVWHSULPvQFD]FRQWUDUQXHVWH`J
JJ
JJ
JJJJJmJIDOVJ
J
JJDILDUH
$OJRULWPXOSRDWHILvPEXQWLWFRQVLGHUDELOGDFWUDWPVHSDUDWFD]XODFHORUQXPH
UHFDUHQXQHFHVLWQLFLRvPSULUHSHQWUXVWDELOLUHDSURSULHWLL$FHVWHDVXQWQXPUXO
LQXPHUHOHSDUHQUHVWSURSULHWDWHDGHGLYL]LELOLWDWHRYRPYHULILFDGRDUFXQXPHUH
LPSDUHWLLQGFXQQXPULPSDUQXSRDWHDYHDQLFLXQGLYL]RUSDUQSOXVQXYRP
JHQHUD GLYL]RUL PDL PDUL GHFkW UGFLQD SWUDW D QXPUXOXL GHRDUHFH GLYL]RULL PDL
PDULDXIRVWJVLLGDFH[LVWVXEIRUPDXQXLFkWDOvPSULULLQXPUXOXLFXXQGL
YL]RUPDLPLF
#JQ
JJ
J
J
JJJ
J\JJJJ
JJJJJmJIDOVJ
J
^QXHVWHSULP`J
JJ
J
JJJJ
JHVWHQXPUSDUJJ
^QXPHUHSDUH`
JJJJJJJmJ
\JJJJJJJJJJJJJJJJ
^VLQJXUXOQXPUSDUSULPHVWH`
JJJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
^QXPHUHLPSDUH`J
JJJJJJJmJJ
^SULPXOGLYL]RUSRVLELODOXQXLQXPULPSDU`J
JJJJJJJmJSDUWHvQWUHDJGLQUGFLQDSWUDWDOXL
J
J J J J
^FDOFXOPUDGLFDOXORVLQJXUGDWvQDIDUDVWUXFWXULLUHSHWLWLYH`J
^SUHVXSXQHPFQXPUXOHVWHSULP`J
JJJJJJJmJDGHYUDWJ
JJJJJJ
JJdJJJJ
,J
JJJJJJJJJ
\`JJ
JJJJJJJJJJJmJIDOVJ
^DPJVLWXQGLYL]RUGHFLQUQXHVWHSULP`J
JJJJJJJJ
JJ
JJJJJJJJJJJmJJ~JJ
J
^XQQXPULPSDUVHSRDWHGLYLGHGRDUFXQXPHUHLPSDUH`J
J J J J
J
JJJJ J
JJ J
JJDILDUHJ
J
&RQYHUVLL
&DSLWROXO
6LVWHPHGHQXPHUDLH
&RQYHUVLLvQWUHGRXED]HGHQXPHUDLH
2SHUDLLFXQXPHUHQDWXUDOHvQGLYHUVHED]HGH
QXPHUDLH
&ULWHULLGHGLYL]LELOLWDWHvQGLYHUVHED]HGHQXPHUDLH
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
6LVWHPHGHQXPHUDLH
3ULQVLVWHPGHQXPHUDLHvQHOHJHPDQVDPEOXOUHJXOLORUGHJUXSDUHDHOHPHQWHORUXQHL
PXOLPLILQLWHFXVFRSXOQXPUULLORULDUHJXOLORUGHUHSUH]HQWDUHVLPEROLFDQXP
UXOXLRELQXW
6LPEROXULOHVHPQHOHJUDILFHFXDMXWRUXOFURUDVHUHSUH]LQWQXPHUHOHVHQXPHVF
FLIUH
QIXQFLHGHPRGXOGHJUXSDUHLGHRUGRQDUHDVHPQHORUFDUHVHIRORVHVFSHQWUX
UHSUH]HQWDUHDVLPEROLFDQXPHUHORUGHRVHELPVLVWHPHOHDGLWLYHGHVLVWHPHOHSR]LLR
QDOH
3ULQWUHVLVWHPHOHGHQXPHUDLHDGLWLYHVHQXPUVLVWHPXOGHQXPHUDLHHJLSWHDQL
VLVWHPXOGHQXPHUDLHURPDQ
6LVWHPXOGHQXPHUDLHURPDQIRORVHWHDSWHVHPQHGLVWLQFWHQXPLWHFLIUHURPDQH
8
. 5
9 *
.: 5: .::
%
5::
+
.:::
'LQWUHFHOHDSWHFLIUHOH 9 L +QXVHSRWUHSHWDVFULLQGDOWXUDWGHPDLPXOW
GHWUHLRULvQGHVFULHUHDXQXLQXPU
,QLLDOVLVWHPXOGHIRUPDUHDQXPHUHORUURPDQHHUDED]DWVWULFWSHDGXQDUH&LIUHOH
XQXL QXPU VH DH]DX vQ RUGLQH GHVFUHVFWRDUH D YDORULORU LDU YDORDUHD QXPUXOXL VH
FDOFXODSULQvQVXPDUHDWXWXURUYDORULORUFLIUHORU
([HPSOX
+%99
&RQYHUVLL
$VWIHOXQHOHQXPHUHDYHDXRUHSUH]HQWDUHIRDUWHOXQJLSHQWUXDOHVFXUWDVDLQ
WURGXVYDULDQWDGHUHSUH]HQWDUHSULQGLIHUHQ'DFXQDGLQFLIUHOH 9VDX VHDIO
vQDLQWHDXQHLFLIUHFXYDORDUHPDLPDUHDWXQFLYDORDUHDFLIUHLUHVSHFWLYHYDILVF]XW
GLQYDORDUHDFLIUHLPDLPDUL
([HPSOH
8 9 9*
$FHVWHIRUPHGHUHSUH]HQWDUHVXQWVXSXVHFkWRUYDUHVWULFLLFDUHDVLJXUXQLFLWDWHD
UHSUH]HQWULLXQXLQXPU'HH[HPSOX
&LIUHOH9VDX+QXVHSRWUHSHWDSHPDLPXOWGHWUHLSR]LLLFRQVHFXWLYH
&LIUHOH8*L%QXVHSRWUHSHWD
1XPDLFLIUHOH9LSRWILVF]XWH
1XPDLYDORDUHDXQHLVLQJXUHFLIUHSRDWHILVF]XWGHH[HPSOXQXPUXO 8QX
H[LVW
&LIUDVF]XWWUHEXLHVDLERYDORDUHGHFHOSXLQR]HFLPHGLQFLIUDGLQFDUHVH
VFDGHGHH[HPSOXQXPUXO%QXH[LVW
&HOPDLPDUHQXPUSHFDUHvOSXWHPUHSUH]HQWDIRORVLQGDFHVWHVLPEROXULLUHV
SHFWkQG UHJXOLOH GH PDL VXV HVWH ++++99 'DWRULW IDSWXOXL F QXPHUHOH
URPDQHVXQWIRDUWHOXQJLRSHUDLLOHFXQXPHUHDVWIHOUHSUH]HQWDWHVHHIHFWXHD]JUHRL
2EVHUYPFRFLIUGLQFDGUXOXQXLDVWIHOGHQXPUDUHDFHHDLYDORDUHDEVROXW
LQGLIHUHQWGHSR]LLDSHFDUHRRFXS
&HOPDLUVSkQGLWVLVWHPGHQXPHUDLHvQ]LOHOHQRDVWUHHVWHVLVWHPXO]HFLPDOFDUH
XWLOL]HD]]HFHVLPEROXULQXPLWHFLIUHDUDEH
1XPUXOVLPEROXULORUUHSUH]LQWED]DVLVWHPXOXLGHQXPHUDLH
6LVWHPXO]HFLPDOHVWHXQVLVWHPGHQXPHUDLHSR]LLRQDODGLFSR]LLDXQHLFLIUHvQ
QXPULQGLFUDQJXODFHVWHLD9DORDUHDUDQJXOXLSUHFL]HD]FXFHSXWHUHDOXLVHYD
vQPXOLFLIUDSHQWUXDGHWHUPLQDYDORDUHDQXPUXOXL
3HQWUXDQXVHSURGXFHFRQIX]LLvQWUHGRXQXPHUHVFULVHvQVLVWHPHGHQXPHUDLH
SR]LLRQDOHGLIHULWHVDFRQYHQLWFDILHFUXLQXPUVLVHDWDH]HXQLQGLFHFRUHVSXQ
]WRUED]HLGHQXPHUDLHvQFDUHHVWHVFULV
([HPSOX
VHYDFLWLGRXVXWHDSWH]HFLLWUHL
2ULFHQXPUQDWXUDOQSRDWHILVFULVvQVLVWHPXO]HFLPDOvQPRGXQLFvQIRUPD
Q DQDQ DXQGHDLL QVXQWFLIUHGLQPXOLPHD^`LDU
YDORDUHDOXLQHVWHGDWGHVXPDDQQDQQD
&RQYHUVLL
&RQYHUVLL
3HQWUXDGHILQLXQVLVWHPGHQXPHUDLHVHGHVFULHPXOLPHDGHVLPEROXULIRORVLWvQ
UHSUH]HQWDUHUHJXOLOHGHJUXSDUHDVLPEROXULORUvQQXPULVHSUH]LQWRSHUDLLOHGHIL
QLWHSHPXOLPHDQXPHUHORUUHSUH]HQWDWHvQVLVWHPXOGHQXPHUDLHUHVSHFWLY
Q VLVWHPXO GH QXPHUDLH ]HFLPDO SHQWUX D QXPUD RELHFWHOH DFHVWHD VH JUXSHD]
FkWH1XPUXOJUXSXULORUUHSUH]LQWGHFkWHRULVHFXSULQGHvQQXPU$FHVWHD
JUXSDWHGLQQRXFkWH]HFHQHGDXQXPUXOVXWHORUHWFQPRGVLPLODUvQWUXQVLVWHP
SR]LLRQDODYkQGED]DERELHFWHOHVHYRUJUXSDFkWHE5HJXOLOHGHUHSUH]HQWDUHDXQXL
QXPUvQRULFHVLVWHPGHQXPHUDLHSR]LLRQDOVXQWVLPLODUHUHJXOLORUFDUHIXQFLRQHD
]vQVLVWHPXO]HFLPDO
6LVWHPXOGHQXPHUDLHELQDUHVWHFDUDFWHUL]DWGH
x %D]DVLVWHPXOXLGHQXPHUDLHHVWH
x 0XOLPHDGHVLPEROXULFDUHVWODED]DVLVWHPXOXLHVWH^`
x
x
'HH[HPSOXQXPUXOUHSUH]LQWYDORDUHD
6LVWHPXOGHQXPHUDLHRFWDODUHXUPWRDUHOHFDUDFWHULVWLFL
%D]DVLVWHPXOXLHVWH
0XOLPHDGHVLPEROXULFDUHVWODED]DVLVWHPXOXLHVWH^`
&RQYHUVLLvQWUHGRXED]HGHQXPHUDLH
&RQYHUVLDXQXLQXPUGLQWURED]GDWvQED]D
$$OJRULWPGHFRQYHUVLHSHQWUXQXPHUHvQWUHJL
(IHFWXkQGFDOFXOHOHFHUXWHGHGHVFRPSXQHUHDGXSSXWHULOHED]HLSXWHPRELQHvQFD
]XORULFUXLVLVWHPGHQXPHUDLHYDORDUHQXPUXOXLGDWvQED]D
([HPSOX
7UDJHPFRQFOX]LDFSHQWUXDRELQHUHSUH]HQWDUHDvQED]DDXQXLQXPUQDWXUDO
UHSUH]HQWDW vQWUR ED] E WUHEXLH V GHVFRPSXQHP QXPUXO GXS SXWHULOH ED]HL L V
HIHFWXPFDOFXOHOHvQED]D
%$OJRULWPGHFRQYHUVLHSHQWUXSDUWHDIUDFLRQDUDXQXLQXPU
3HQWUXDFRQYHUWLXQQXPUIUDFLRQDUGLQWURED]EvQED]DDSOLFPDFHODLDOJR
ULWPFDLSHQWUXSDUWHDvQWUHDJGH]YROWPQXPUXOFLIUFXFLIUGXSSXWHULOHED]HL
LDSRLHIHFWXPFDOFXOHOHvQED]D
([HPSOX
&RQYHUVLDGLQED]DvQWURDOWED]GHQXPHUDLH
$$OJRULWPGHFRQYHUVLHSHQWUXQXPHUHvQWUHJL
&RQYHUVLDXQXLQXPUQDWXUDOUHSUH]HQWDWvQED]DvQWURDOWED]GHQXPHUDLHEVH
IDFHSULQvPSULULVXFFHVLYHODEYDORDUHDQXPUXOXLILLQGvQORFXLWODILHFDUHSDVSULQ
FkWXOvPSULULL5HVWXULOHVFULVHvQRUGLQHLQYHUVUHSUH]LQWFLIUHOHQXPUXOXLFXWDW
([HPSOX
GHFL
&RQYHUVLL
%$OJRULWPGHFRQYHUVLHSHQWUXSDUWHDIUDFLRQDUDXQXLQXPU
&RQYHUVLDXQXLQXPUIUDFLRQDUUHSUH]HQWDWvQED]DvQWURED]EVHIDFHSULQvQ
PXOLULVXFFHVLYHFXE/DILHFDUHSDVSDUWHDvQWUHDJDUH]XOWDWXOXLvQPXOLULLQHGFk
WHRFLIUGLQUH]XOWDWvQPXOLUHDFRQWLQXkQGFXSDUWHDIUDFLRQDUDUH]XOWDWXOXL$OJR
ULWPXOYDDYHDDWkLDSDLFkWHFLIUH]HFLPDOHGRULPVGHWHUPLQP
([HPSOX
9RPFRQYHUWLQXPUXOGLQED]DvQED]DFXWUHL]HFLPDOH
1XPUvQED]D
&DOFXO 3URGXV 1XPUvQED]D
$OJRULWPGHFRQYHUVLHGLQED]DvQWURED]GHIRUPDN
LLQYHUV
3HQWUX D DUWD FRUHVSRQGHQD GLQWUH QXPHUHOH VFULVH vQ VLVWHPXO ELQDU L VLPEROXULOH
VLVWHPHORUGHQXPHUDLHFXED]DNSUH]HQWPXUPWRUXOWDEHO
YDORDUH N N N
N
]HFLPDO ED]D ED]D ED]D ED]D
$
%
&
'
(
)
&RQYHUVLL
$$OJRULWPGHFRQYHUVLHGLQED]DvQED]DN
3HQWUXDFRQYHUWLGHH[HPSOXQXPUXOvQED]D VHFRPSOHWHD]QX
PUXOFXXULQHVHPQLILFDWLYHvQVWkQJDLvQGUHDSWDSkQFkQGDYHPJUXSXULFRPSOH
WHGHFkWHWUHLFLIUH*UXSXULOHGHFLIUHVHIRUPHD]SRUQLQGGHODYLUJXOD]HFLPDOVSUH
VWkQJDUHVSHFWLYVSUHGUHDSWD1XPUXOGHYLQH/DSDVXOXUPWRUvQOR
FXLPILHFDUHJUXSGHFkWHWUHLFLIUHELQDUHFXVLPEROXOED]HLFRUHVSXQ]WRDUHJUXSX
OXLYH]LYDORULOHGLQWDEHOLRELQHPQXPUXOFRQYHUWLWvQED]DFDILLQG
*HQHUDOL]DUH
3HQWUXDFRQYHUWLXQQXPUVFULVvQED]DvQWURED]GHQXPHUDLHGHIRUPDN VH
FRPSOHWHD]QXPUXOFXFLIUHDVWIHOvQFkWDWkWQXPUXOGHFLIUHDOSULLvQWUHJLFkWL
QXPUXOGHFLIUHDOSULLIUDFLRQDUHVILHPXOWLSOXGHNDSRLDFHVWHJUXSXULGHFkWHN
FLIUHELQDUHVHvQORFXLHVFFXVLPEROXOFRUHVSXQ]WRUGLQWDEHOXOGHFRGLILFDUH
%$OJRULWPGHFRQYHUVLHGLQED]DNvQED]D
3HQWUX D FRQYHUWL XQ QXPU UHSUH]HQWDW vQ ED]D N vQ UHSUH]HQWDUHD FRUHVSXQ]WRDUH
ED]HLVHHIHFWXHD]RVLPSOvQORFXLUHDVLPEROXULORUED]HLNFXJUXSXOGHNFLIUH
ELQDUH FDUH FRUHVSXQGH VLPEROXOXL FRQIRUP WDEHOXOXL SUH]HQWDW $WXQFL FkQG vQ WDEHO
QXVXQWWUHFXWHNFLIUHELQDUHUHSUH]HQWDUHDVHYDFRPSOHWDFXXULvQIDSkQODRE
LQHUHDDH[DFWNFLIUHQILQDOXULOHQHVHPQLILFDWLYHYRUILLJQRUDWH
([HPSOX
$
$
2EVHUYDLH
8QQXPUGDWvQED]DESRDWHILFRQYHUWLWGLUHFWvQED]DEDPEHOHED]HILLQGGLIH
ULWHGHED]DIUDVHLQWHUPHGLDWUHFHUHDSULQED]DGHQXPHUDLH$OJRULWPXOHV
WH DFHODL FD vQ FD]XO FRQYHUVLHL vQ ED]D FX GHRVHELUHD F WRDWH FDOFXOHOH VH YRU
HIHFWXDvQED]DE
2SHUDLLFXQXPHUHQDWXUDOHvQGLYHUVHED]HGH
QXPHUDLH
$GXQDUHD
3HQWUXDDGXQDGRXQXPHUHQDWXUDOHVFULVHvQWURED]GHQXPHUDLHEYRPDGXQDFL
IUHOH GH DFHODL UDQJ GH OD GUHDSWD OD VWkQJD 'DF QXPUXO UH]XOWDW GLQ DGXQDUHD D
GRXFLIUHVHUHSUH]LQWFXRVLQJXUFLIUDWXQFLDPRELQXWFLIUDUH]XOWDW'DFUH]XO
WDWXODGXQULLHVWHIRUPDWGLQGRXVLPEROXULDWXQFLUHVWXOvPSULULLODEHVWHFLIUDUH
]XOWDWLYRPDYHDFLIUGHWUDQVSRUWvQFD]XODGRXQXPHUHDFHDVWDHVWHHJDOFX
([HPSOX
&RQYHUVLL
$GXQPFLIUHOHGHUDQJ
&LIUDHVWHFLIUDGHUDQJvQUH]XOWDWHVWHFLIUGHWUDQVSRUW
$GXQPFLIUHOHGHUDQJ
&LIUDHVWHFLIUDGHUDQJvQUH]XOWDWQXDYHPFLIUGHWUDQVSRUW
$GXQPFLIUHOHGHUDQJ
&LIUDHVWHFLIUDGHUDQJvQUH]XOWDWHVWHFLIUGHWUDQVSRUW
$GXQPFLIUHOHGHUDQJ
&LIUDHVWHFLIUDGHUDQJvQUH]XOWDWQXDYHPFLIUGHWUDQVSRUW
6FGHUHD
2SHUDLD GH VFGHUH VH HIHFWXHD] DVHPQWRU VFGHULL vQ ED]D FX GHRVHELUHD F
XQLWDWHDvPSUXPXWDWYDFRQLQHEVXEXQLWLLQX
([HPSOX
&DOFXOPFLIUDGHUDQJFDVSXWHPHIHFWXDvPSUXPXWPGLQ
FLIUDGHUDQJRELQHP
&DOFXOPFLIUDGHUDQJ
&DOFXOPFLIUDGHUDQJFDVSXWHPHIHFWXDvPSUXPXWPGLQ
FLIUDGHUDQJRELQHP
&DOFXOPFLIUDGHUDQJ
QPXOLUHD
QPXOLUHDDGRXQXPHUHVFULVHvQWURED]GHQXPHUDLHEVHHIHFWXHD]DVHPQWRU
vQPXOLULLvQED]DGDUVHYDLQHFRQWGHWDEODDGXQULLLvQPXOLULLvQED]DE
([HPSOX
7DEODvQPXOLULLvQED]DVHFRPSOHWHD]HIHFWXkQGFDOFXOHOHvQED]D'HH[HP
SOX
9RPFDOFXODu
&DOFXOPFLIUDGHUDQJ VFULHPWUDQVSRUW
u
&DOFXOPFLIUDGHUDQJ VFULHPWUDQVSRUW
&DOFXOPFLIUDGHUDQJ
VFULHPWUDQVSRUW
DGXQkQGFXRELQHP
&RQYHUVLL
PSULUHD
3HQWUXHIHFWXDUHDvPSULULLDGRXQXPHUHVFULVHvQED]DEYRPXWLOL]DDFHOHDLUHJXOL
GLQVLVWHPXO]HFLPDOLQkQGFRQWGHWDEODvQPXOLULLLWDEODDGXQULLvQED]DE
([HPSOX
VHFXSULQGHvQGHRUL
VHFRERDUXUPWRDUHDFLIUvQVHFXSULQGHGHRUL
VHPDLFRERDURFLIUvQVHFXSULQGHGHRUL
&ULWHULLGHGLYL]LELOLWDWHvQGLYHUVHED]HGH
QXPHUDLH
&RQVLGHUPFDILLQGLPSRUWDQWFXQRDWHUHDLXWLOL]DUHDFULWHULLORUGHGLYL]LELOLWDWHvQ
SUHJWLUHD HOHYLORU SHQWUX FRQFXUVXULOH FRODUH GH SURJUDPDUH PRWLY SHQWUX FDUH DP
LQFOXVDFHDVWSUH]HQWDUH5H]XOWDWHOHDXIRVWSUHOXDWHIUGHPRQVWUDLLOHDIHUHQWHGLQ
OXFUDUHD6LVWHPHGHQXPHUDLHDXWRU,OLH'LDFRQX(GLWXUD6WXGLXP&HLFDUH
GRUHVFVDSURIXQGH]HDFHDVWWHPSRWFRQVXOWDELEOLRJUDILDGHVSHFLDOLWDWH
QFHOHFHXUPHD]QRWPFXERED]GHQXPHUDLHRDUHFDUH
'LYL]LELOLWDWHDFXQXPUXOE
8QQXPUQDWXUDOVFULVvQED]DEVHGLYLGHFXEGDFLQXPDLGDFVXPDFLIUHORU
VDOHHVWHXQQXPUPXOWLSOXGHE
'LYL]LELOLWDWHDFXE
8QQXPUQDWXUDOVFULVvQED]DEVHGLYLGHFXEGDFLQXPDLGDFGLIHUHQDGLQWUH
VXPDFLIUHORUGHRUGLQLPSDULVXPDFLIUHORUGHRUGLQSDUHVWHPXOWLSOXGHE
'LYL]LELOLWDWHDFXEvQED]HGHIRUPDEN
8QQXPUQDWXUDOVFULVvQED]DENVHGLYLGHFXEGDFLQXPDLGDFVXPDFLIUH
ORUVDOHHVWHXQQXPUPXOWLSOXGHE
'LYL]LELOLWDWHDFXEvQED]HGHIRUPDEN
8QQXPUQDWXUDOVFULVvQED]DENVHGLYLGHFXEGDFLQXPDLGDFGLIHUHQD
GLQWUHVXPDFLIUHORUGHRUGLQLPSDULVXPDFLIUHORUGHRUGLQSDUHVWHPXOWLSOXGHE
&RQYHUVLL
'LYL]LELOLWDWHDFXEEEvQED]DE
8QQXPUQDWXUDOVFULVvQED]DEVHGLYLGHFXEEEGDFLQXPDLGDFQXPUXO
VHWHUPLQFXGRLGH
'LYL]LELOLWDWHDFXEvQED]HGHIRUPDEN
8QQXPUQDWXUDOVFULVvQED]DENVHGLYLGHFXEGDFLQXPDLGDFXOWLPDFLIUD
QXPUXOXLHVWHXQPXOWLSOXGHE
'LYL]LELOLWDWHDFXENVDXENvQED]DE
8QQXPUQDWXUDOVFULVvQVLVWHPXOGHQXPHUDLHDYkQGED]DEVHGLYLGHFXEN
ENGDFLQXPDLGDFVXSULPkQGXLXOWLPDFLIULVF]kQGUHVSHFWLYDGXQkQG
GHNRULFLIUDVXSULPDWVHRELQHXQQXPUGLYL]LELOFXENUHVSHFWLYEN
&ULWHULXOGHGLYL]LELOLWDWHFXvQGLYHUVHED]HGH
QXPHUDLH
8QQXPUQDWXUDOHVWHGLYL]LELOFXvQED]DGHQXPHUDLH
D E NGDFLQXPDLGDFXOWLPDVDFLIUHVWHPXOWLSOXGH
E E NGDFLQXPDLGDFVXPDFLIUHORUVDOHHVWHPXOWLSOXGH
&ULWHULXOGHGLYL]LELOLWDWHFXvQGLYHUVHED]HGH
QXPHUDLH
8QQXPUQDWXUDOHVWHGLYL]LELOFXvQED]DGHQXPHUDLH
D E NGDFLQXPDLGDFXOWLPDVDFLIUHVWHPXOWLSOXGH
E E NGDFLQXPDLGDFVXPDFLIUHORUVDOHHVWHPXOWLSOXGH
F E NGDFLQXPDLGDFGLIHUHQDGLQWUHVXPDFLIUHORUGHRUGLQLPSDULVXPD
FLIUHORUGHRUGLQSDUHVWHPXOWLSOXGH
&ULWHULXOGHGLYL]LELOLWDWHFXvQGLYHUVHED]HGH
QXPHUDLH
8QQXPUQDWXUDOHVWHGLYL]LELOFXvQED]DGHQXPHUDLH
D E NGDFLQXPDLGDFXOWLPDVDFLIUHVWHPXOWLSOXGH
E E NGDFLQXPDLGDFVXPDFLIUHORUVDOHHVWHPXOWLSOXGH
F E NGDFLQXPDLGDFVXPDGLQWUHGXEOXOSHQXOWLPHLFLIUHLXOWLPDFLIU
HVWHPXOWLSOXGH
G E NGDFLQXPDLGDFGLIHUHQDGLQWUHVXPDFLIUHORUGHRUGLQLPSDULVXPD
FLIUHORUGHRUGLQSDUHVWHPXOWLSOXGHFLIUHOHVHFRQVLGHUQXPUDWHGHODGUHDSWDOD
VWkQJD
&RQYHUVLL
&ULWHULXOGHGLYL]LELOLWDWHFXvQGLYHUVHED]HGH
QXPHUDLH
,PSOHPHQWULVXJHUDWH
3HQWUXDYIDPLOLDUL]DFXPRGXOvQFDUHVHUH]ROYSUREOHPHOHvQFDUHLQWHUYLQLPSOH
PHQWULDOHFRQYHUVLLORUYVXJHUPVvQFHUFDLVUHDOL]DLDOJRULWPLSHQWUX
FRQYHUVLHGLQED]DvQED]D
FRQYHUVLHGLQED]DvQED]D
FRQYHUVLHGLQED]DvQED]D
FRQYHUVLHGLQED]DL
vQED]D
FRQYHUVLHGLQED]DvQED]DE
FRQYHUVLHGLQED]DEvQED]D
FRQYHUVLHGLQED]DDvQED]DE
FRQYHUVLHGLQED]DvQED]D
FRQYHUVLHGLQED]DvQED]D
FRQYHUVLHGLQED]DDvQED]DE
FRQYHUVLHGLQED]DvQED]DERULFkWGHPDUH
FRQYHUVLHGLQED]DERULFkWGHPDUHvQED]D
FRQYHUVLHGLQED]DDRULFkWGHPDUHvQED]DERULFkWGHPDUH
6HSRWDPkQDGXSvQYDUHDSUHOXFUULLLUXULORUGHFDUDFWHUH
&RQYHUVLL
3UREOHPHSURSXVH
&RQYHUVLH
6VHFRQYHUWHDVFXQQXPUQDWXUDOQVFULVvQWURED]GHQXPHUDLHEvQWURDOWED
]GHQXPHUDLHEQDLQWHGHDVHHIHFWXDFRQYHUVLDVHYDYHULILFDGDFQXPUXOGDW
HVWHFRUHFWVFULVvQVFULHUHDOXLVDXIRORVLWFLIUHSHUPLVHGHED]DGHQXPHUDLHvQFDUH
VHSUHVXSXQHFDIRVWVFULV
'DWHGHLQWUDUH
&HOHGRXED]HGHQXPHUDLHELEVHFLWHVFGHSHSULPDOLQLHDILLHUXOXLGHLQWUDUH
'$8&$3HOLQLDXUPWRDUHVHDIOQXPUXOQDWXUDOFDUHWUHEXLHFRQYHUWLW
'DWHGHLHLUH
1XPUXOFRQYHUWLWVHYDVFULHvQILLHUXO '$8&'(!QFD]XOvQFDUHQXPUXOQXHVWH
FRUHFWVFULVvQILLHUXOGHLHLUHVHYDVFULHPHVDMXO
J
%%
5HVWULFLLLSUHFL]UL
x QXPHUHOHYRUDYHDFHOPXOWFLIUHvQDPEHOHED]HELE
x dEEd
([HPSOH
'$8&$
JJ
````
'$8&'(!J
|
'$8&$
|JJ
``|
'$8&'(!J
J
%%
2SHUDLLvQWURED]GHQXPHUDLHGDW
6VHHIHFWXH]HRSHUDLDGHDGXQDUHVDXGHVFGHUHFRQIRUPFHULQHLGLQILLHUXOGHLQ
WUDUHDGRXQXPHUHQDWXUDOHGDWHUHSUH]HQWDWHvQWURED]GHQXPHUDLHGDWEIU
VVHHIHFWXH]HFRQYHUVLLvQED]D
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXLGHLQWUDUH'"&$VHDIOXQQXPUQDWXUDOEUHSUH]HQWkQG
ED]DGHQXPHUDLHvQFDUHVHYDHIHFWXDRSHUDLD3HXUPWRDUHOHOLQLLDOHDFHOXLDLIL
LHUVHDIOSULPXOQXPUDSRLRSHUDWRUXOVDXLDUSHXOWLPDOLQLHVHDIOFHOGHDO
GRLOHDQXPU
&RQYHUVLL
'DWHGHLHLUH
5H]XOWDWXORSHUDLHLVHYDVFULHvQILLHUXO'"&'(!
5HVWULFLLLSUHFL]UL
x dQXPUQXPUdE
x QXPUtQXPU
x dEd
([HPSOX
'"&$
J
J
~J
'"&'(!J
``
&ULWHULLGHGLYL]LELOLWDWHvQWURED]GHQXPHUDLHGDW
6HFRQVLGHURED]GHQXPHUDLHELXQQXPUQDWXUDOVFULVvQDFHDVWED]6VHYH
ULILFHGDFQXPUXOGDWHVWHGLYL]LELOFXLXWLOL]kQGFULWHULLGHGLYL]LELOLWDWH
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXLGHLQWUDUH $"&$VHDIOXQQXPUQDWXUDOEUHSUH]HQWkQG
ED]DGHQXPHUDLH3HOLQLDXUPWRDUHVHDIOQXPUXOFDUHXUPHD]VILHDQDOL]DW
'DWHGHLHLUH
QILLHUXO $"&'(!VHYRUVFULHFLIUHOHLVDXvQFD]XOvQFDUHQXPUXOGDWHVWH
GLYL]LELO FX DFHVWHD Q VLWXDLD vQ FDUH QXPUXO HVWH GLYL]LELO FX GRX VDX PDL PXOWH
QXPHUH GLQWUH FHOH HQXPHUDWH DFHVWHD YRU IL VHSDUDWH SULQ FkWH XQ VSDLX 'DF
QXPUXOQXHVWHGLYL]LELOFXQLFLXQXOGLQWUHQXPHUHOHLvQILLHUXOGHLHLUH
VHYDVFULH
5HVWULFLLLSUHFL]UL
x dQdE
x dEd
([HPSOH
$"&$
J
`
$"&$
`J
$"&'(!J
J|
$"&'(!
&RQYHUVLL
6LVWHPXOGHQXPHUDLH)LERQDFFL
&LIUHOHVLVWHPXOXLGHQXPHUDLH)LERQDFFLVXQWLQDFHVWVLVWHPGHQXPHUDLHVH
SRW UHSUH]HQWD QXPHUHOH DVHPQWRU VLVWHPXOXL ]HFLPDO 1XPUXO P FQFQFFF
VFULVvQED]D)LERQDFFLvQVLVWHPXO]HFLPDODUHYDORDUHDFQDQFF
XQGHDLVXQWQXPHUH)LERQDFFL
6VHVFULHXQSURJUDPFDUHFRQYHUWHWHXQQXPUGDWvQED]DvQED]D)LERQDFFL
LXQQXPUGDWvQED]D)LERQDFFLvQVLVWHPXO]HFLPDO
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXLGHLQWUDUH -'&$VHDIOXQQXPUQDWXUDOPUHSUH]HQWDW
vQED]D)LERQDFFL3HOLQLDXUPWRDUHVHDIOXQQXPUvQED]D
'DWHGHLHLUH
3HSULPDOLQLHDILLHUXOXL-'&'(!VHYDVFULHUHSUH]HQWDUHDSULPXOXLQXPUGLQILL
HUXOGHLQWUDUHUHSUH]HQWDWvQED]D3HFHDGHDGRXDOLQLHVHYDVFULHUHSUH]HQWDUHD
FHOXLGHDOGRLOHDQXPUvQED]D)LERQDFFL
5HVWULFLLLSUHFL]UL
x dQUQUd
([HPSOH
-'&$
````J
|
$"&'(!J
|J
````
6ROXLLOHSUREOHPHORUSURSXVH
QDLQWHGHDSUH]HQWDUH]ROYULOHSUREOHPHORUGRULPVFODULILFPXUPWRDUHOHvQFDO
FXODWRURULFHQXPUHVWHUHSUH]HQWDWvQED]DLDULPDJLQHDSHFDUHRYHGHPDILkQG
XQDVWIHOGHQXPUHVWHXQQXPUUHSUH]HQWDWvQED]DQFRQFOX]LHDWXQFLFkQGvQ
DFHVWH UH]ROYUL YRUELP GHVSUH FRQYHUVLL GH IDSW FRQVWUXLP LPDJLQHD QXPHUHORU
IRUPDWHGLQFLIUHFRQIRUPVLVWHPXOXLGHQXPHUDLH'LQDFHVWPRWLYvQFRQWLQXDUHSULQ
FRQYHUVLL vQHOHJHP FRQVWUXLUHD QXPHUHORU vQ ED]D FDUH DUDW FD L FXP DU IL vQ
ED]DE
&RQYHUVLH
3HQWUXDFRQYHUWLXQQXPUGLQWURED]GHQXPHUDLHvQDOWDH[LVWvQSULQFLSLXGRX
SRVLELOLWL
x VHFRQYHUWHWHQXPUXOvQED]DLDSRLDFHVWDVHFRQYHUWHWHvQED]DGRULW
x VHFRQYHUWHWHQXPUXOvQED]DGHQXPHUDLHGRULWSULQDSOLFDUHDDOJRULWPXOXLGH
FRQYHUVLHFODVLFFXFRQGLLDFWRDWHFDOFXOHOHVHYRUHIHFWXDvQED]DVSHFLILFDW
&RQYHUVLL
$OJRULWPXO GHVFULV vQ SVHXGRFRG IRORVHWH SULPD PHWRG 'DF ED]D E HVWH ED]D
QXHVWHQHFHVDUFRQYHUVLDQXPUXOXLGLQED]DEvQED]DLVLPLODUGDFEHVWH
HJDOFXQXHVWHQHYRLHVFRQYHUWLPUH]XOWDWXOSDULDO
J
#J
QJ
JJ
J
^VHFLWHVFFHOHGRXED]HGHQXPHUDLH`J
JJ
J
^VHFLWHWHQXPUXOGDW`
^VHYHULILFGDFQXPUXOHVWHVFULVFRUHFWvQED]DGDW`
JJJmJDGHYUDWJ
^SUHVXSXQHPFQXPUXOHVWHFRUHFWVFULV`
JJ
JmJ
J
^FRSLHDQXPUXOXLGDW`
JJ
JJ
JzJ`J
QJ
JJJJJ
`JtJJJ
J
^QXPUXOFRUHFWVFULVDUHGRDUFLIUHPDLPLFLGHFkWE`J
JJJJJJJmJIDOV
JJJJ JJ
JJJJ
JmJ
`J
JJ
JJJJJJ
JJJJ
J
J
%%J
JJ
^FRQYHUVLHGLQED]DEvQED]D`J
JJJJJJ\J`JJ
JJJJJJJmJ
J
JJJJ
^GDFE QXHVWHQHFHVDUHWDSDGHFRQYHUVLHvQED]D`J
^UH]XOWDWXOSDULDODOFRQYHUVLHLGLQEvQ`
JJJJJJJmJ`J
JJJJJJJmJJ
^SSVWUHD]SXWHULOHED]HL`J
JJJJJJ
J
JzJ`J
QJ
JJJJJJJJ%
JmJ
`J
JJJJJJJJ
JmJ
`J
JJJJJJJJJmJJ~J%
J
JJJJJJJJJmJJ
JJJJ
JJJJJJ\J`JJ
^GDFE QXHVWHQHFHVDUFRQYHUVLD`J
JJJJJJJmJJ
JJJJ
^FRQYHUVLHGLQED]DvQED]DE`J
JJJJJJJmJ`J
JJJJJJJmJ
^SSVWUHD]SXWHULOHED]HL`J
JJJJJJ
J
JJJJJJJJ%
JmJJ
JJJJJJJJJmJJ
&RQYHUVLL
JJJJJJJJJmJJ~J%
J
JJJJJJJJJmJ`J
JJJJJJ
JJ\J`J
JJJJ
JJJJ
JJ
JJ
J
J
2SHUDLLvQWURED]GHQXPHUDLHGDW
:
.
.
:
.
.
'DFRSHUDWRU
vPSUXPXW
RSHUDLD
/.://01
/:..0
./:..0
J
:.:
:.:
:.:
0.:
:.:
:
.
.
:
:
.
:;/0;.0<0.:<.:0
.;/0;.0<4.:<..0
.;:0;:0<..:<.0
:;.0;/0<0.:<.:0
.;/0;:0<0.:<.:0
.;:0;:0<..:<.0J
FDOFXOH
:.:;/01.0<.0
:.:;/01.0<.0
:.:;:01:0<:0
0.:;.01/0</0
:.:;=/01.0><.0
.
.
:
.
.
:
FLIUDUH]XOWDW WUDQVSRUW
.0
.0
:0
/0
.0
$OJRULWPXOFDUHGHVFULHDFHVWHRSHUDLLHVWHSUH]HQWDWvQFRQWLQXDUHJ
J
:
:
:
:
1.
#JQJJJJJJJJJJJ
JJ
JJ
^ED]DGHQXPHUDLHvQFDUHVHHIHFWXHD]RSHUDLD`J
JJ
J
J
JJ
JJ
^~VDX`
JJ
J
J
^LQLLDOL]DUHDUH]XOWDWXOXL`J
JJJmJ`J
&RQYHUVLL
JJ
JmJ`J
^LQLLDOL]DUHDFLIUHLGHWUDQVSRUW`J
^SVHLQLLDOL]HD]FXODSXWHUHD`J
JJJmJJ
JJ
J
JzJ`J J
JzJ`J
QJ
JJJJJJJ
^FkWPDLH[LVWFLIUHFHOSXLQvQWUXQQXPU`
JJJJJJ\J~JJ
J J
^VHDGXQXOWLPHOHFLIUHDOHFHORUGRXQXPHUH`
JJJJJJJmJ
J~J
`J~J
`J
JJJJJJJJtJJJ
JJJJJJJJJmJJJJ
JJJJJJJJ
JmJJ
JJJJJJ
J
JmJ`J
JJJJJJ
^VHVFDGXOWLPHOHFLIUHDOHFHORUGRXQXPHUH`J
JJJJJJJmJ
`JJ
JJ
`J
^HVWHQHYRLHGHvPSUXPXW`J
JJJJJJJJJ`JJ
JJJJJJJJJmJJ~JJ
JJJJJJJJ
JmJJ
JJJJJJ
J
JmJ`J
JJJJJJ
JJJJ J
JJJJJmJJ~JJ
J J
^FLIUDRELQXWVHDGDXJODUH]XOWDW`
JJJJJmJ`
^VHSUHJWHWHSXWHUHDSHQWUXSDVXOXUPWRU`J
JJJJ
JmJ
`J
^VHWUHFHODXUPWRDUHDFLIU`J
JJJJ
JmJ
`J
JJJ
JJ`JJ
^XOWLPDFLIUGHWUDQVSRUW`J
JJJJJmJJ~JJ
J
JJ
JJ
J
&ULWHULLGHGLYL]LELOLWDWHvQWURED]GHQXPHUDLHGDW
3URJUDPXOSRDWHILUHDOL]DWYHULILFkQGFULWHULLOHGHGLYL]LELOLWDWHFXLFULWHULL
FDUH DX IRVW SUH]HQWDWH vQ VXSRUWXO WHRUHWLF DO OHFLHL &RQGLLLOH DX IRVW JUXSDWH GXS
IRUPDED]HLGHQXPHUDLHGHRDUHFHVHREVHUYVLPLOLWXGLQLvQGHILQLUHDDFHVWRUFULWHULL
'HH[HPSOXDWXQFLFkQGED]DGHQXPHUDLHHVWHPXOWLSOXGHFLIUDWRDWHFULWHULLOHFHU
FRQGLLDFDXOWLPDFLIUDQXPUXOXLVILHPXOWLSOXGHFLIUDVDQRWDWFXFLIUDYDORDUHD
VDX'HDVHPHQHDvQFD]XOvQFDUHED]DGHQXPHUDLHHVWHGHIRUPDNFLIUD
WRDWHFULWHULLOHSXQFRQGLLDFDVXPDFLIUHORUQXPUXOXLVVHGLYLGODFLIUD
&RQYHUVLL
6HGHVFULHvQFRQWLQXDUHXQDOJRULWPGHUH]ROYDUHGLIHULWGHFHOSUH]HQWDWPDLVXVQ
VXEDOJRULWP YRP WUDWD GRDU GLYL]LELOLWDWHD FX D XQXL QXPU UHSUH]HQWDW vQ ED]D E
GHRDUHFHFULWHULXOSUH]HQWDWvQSDUWHDWHRUHWLFHVWHYDODELOGRDUSHQWUXED]HPDLPDUL
VDXHJDOHFX1XYRPJHQHUDQXPUvQED]DGRDUXOWLPDFLIUQHLQWHUHVHD]GDU
FDOFXOHOHWUHEXLHVOHHIHFWXPvQED]DGHRDUHFHED]DHVWHPDLPLFGHFkW
J
QJ
JJ
JmJ
J
JJJmJJ
JJ
J
JJJ
QJJ
^WUDYHUVPFLIUHOHQXPUXOXLLSUHJWLP`J
JJJJ
JmJ
`
^SHQWUXDRELQHSXWHUHDFXFDUHYRPvPSUL`J
JJJJJmJ`J
JJ%
JmJ
J
JJ
JJJ`J
QJ^WUDYHUVPFLIUHOHGHODVWkQJDODGUHDSWD`J
JmJ`
JJJJ%
JmJ%
J~J
`JJ
%
J\J` %
J\J|J
JJJJ
JJJJ%J|J
JJ
6LVWHPXOGHQXPHUDLH)LERQDFFL
$OJRULWPXOGHFRQYHUVLHVHED]HD]SHGHVFRPSXQHUHDXQXLQXPUQDWXUDOvQVXPGH
QXPHUH)LERQDFFLSUH]HQWDWvQFDSLWROXO
6XEDOJRULWPXOXUPWRUWUDQVIRUPXQQXPUGDWvQVLVWHPXOGHQXPHUDLH)LERQDFFL
QQvQQXPU]HFLPDOQ9RPFXWDvQQXPUXOQQFLIUHHJDOHFXGHRDUHFHHOHUH
SUH]LQWSUH]HQDvQVXPDFDUHUHSUH]LQWQXPUXOQDXQXLQXPU)LERQDFFLQQX
PUGRDUDQXPLLWHUPHQLGLQLUSDUWLFLSGDUWUHEXLHVLJHQHUPSHWRLSkQFkQG
vPSULUHDFXVHILQDOL]HD]FXXQFkWHJDOFX
J
`
QJJ
J
J J J
J ^QQQXPUvQVLVWHPXOGHQXPHUDLH)LERQDFFLQQXPUvQED]D`
JJ
JmJJ
JJJ
JzJJJ
JJJJJ
`J\J`JJ
JJJJJJ
JmJ`J
JJJJ
JJJJ
JmJ
`J
J
&RQYHUVLL
JJJJJmJJJ
JJJJJmJJJ
JJJJ%JmJJ~JJ
^FkWWLPSPDLDYHPFLIUH`
JJJJ
J
JJ`J
QJJ
JJJJJJ%
JmJ
`J
JJJJJJJ%
J\JJ
^FLIUDDGXFHXQQXPU)LERQDFFLvQYDORDUHDQXPUXOXLQ`
JJJJJJJJ
JmJ
J~J%J
J
JJJJJJJJJmJJJ
JJJJJJJJJmJ%J
JJJJJJJJ%JmJJ~JJ
JJJJJJJJ
JmJ
`J
JJJJ
J
JJ
J
6XEDOJRULWPXOXUPWRUWUDQVIRUPXQQXPU]HFLPDOvQQXPUUHSUH]HQWDWvQVLVWH
PXO GH QXPHUDLH )LERQDFFL 'DF QXPUXO GDW HVWH QXPU )LERQDFFL vQVHDPQ F
DFHVWDWLVDRELQXWDGXQkQGGRLWHUPHQLFRQVHFXWLYLWLLWLGLQLUQDFHVWFD]WL
QX DUH R UHSUH]HQWDUH XQLF GHRDUHFH SRDWH IL VFULV L VXE IRUPD P XQGH
QXPUXO XULORU HVWH HJDO FX QXPUXO QXPHUHORU )LERQDFFL PDL PLFL GHFkW QXPUXO
GDW GDU L VXE IRUPD XQGH QXPUXO XULORU HVWH HJDO FX QXPUXO QXPHUHORU
)LERQDFFLPDLPLFLGHFkWWL6XEDOJRULWPXOYDGHWHUPLQDSULPXOPRGGHDILDUH
J
`
%%
QJ
JJ
JmJJJ
^GDFQHVWHHJDOFXLQQYDIL`J
JJJ
JzJJ
JJJJJmJJ
^vQFHSHPJHQHUDUHDQXPHUHORU)LERQDFFL`J
JJJJJmJJ
JJJJ%JmJJ~JJ
JJJJJmJJ
JJJJ
JJJ
J
QJJ
JJJJJJJmJJ
JJJJJJJmJ%J
JJJJJJ%JmJJ~JJ
JJJJJJJmJ`J
^GDFQHVWHQXPU)LERQDFFLQQHVWHGHIRUPDSXWHUH`
JJJJ
JmJJ
J
7DEORXULXQLGLPHQVLRQDOH
&RQYHUVLL
JJJJJ%JzJ
J
^GDFQQXHVWHQXPU)LERQDFFLvOGHVFRPSXQHPvQVXPGHQXPHUH)LERQDFFL`J
JJJJJJ
JmJ
JJJ
JJJJJJ
J
JJ`J
QJ
^FkWWLPSPDLDYHPUHVW`J
JJJJJJJJ
JJJ
J
QJ
JJJJJJJJJJ%JmJJ
JJJJJJJJJJJmJJ
JJJJJJJJJJJmJ%JJJ
JJJJJJJJJJJmJ`J
JJJJJJJJ
JJJJJJJJ
JmJ
J~JJ
JJJJJJJJ
JmJ
JJJ
J
J
&DSLWROXO
$WULEXLUHD
6HOHFWDUHDXQHLFRPSRQHQWH
'HFODUDUHDWDEORXULORUXQLGLPHQVLRQDOH
&LWLUHDLDILDUHDWDEORXULORUXQLGLPHQVLRQDOH
3UHOXFUULVLPSOHSHWDEORXUL
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
3HQWUXDGHILQLVWUXFWXUDGHGDWH WDEORXFRQVLGHUPRPXOLPH0GHYDORULRDUHFDUH
$SOLFDLD I ^ Q` o 0 DWDHD] ILHFUXL LQGLFH L ^ Q` XQ HOHPHQW
PL0(DGHILQHWHXQWDEORXXQLGLPHQVLRQDO7QQXPLWYHFWRUVDXLUDYkQGHOHPHQ
WHOHP IP IPQ IQ
QPHPRULDLQWHUQHOHPHQWHOHDFHVWXLWDEORXYRURFXSDvQRUGLQHORFDLLVXFFHVLYH
GHPHPRULH3UHVXSXQkQGFSULPXOHOHPHQWDOWDEORXOXLHVWHPHPRUDWODDGUHVDDL
FXQHOHPHQWRFXSOORFDLLDGUHVDUHODWLYDLIDGHvQFHSXWXOWDEORXOXLDORFDLHL
RFXSDWHGHHOHPHQWXOLYDIL
DL DOLL^Q`
,QGLFHOHHVWHRH[SUHVLHGHWLSRUGLQDOFDUHFRQLQHLQIRUPDLLFXSULYLUHODSR]LLD
HOHPHQWXOXLvQFDGUXOVWUXFWXULL
(OHPHQWHOHWDEORXOXLWUHEXLHVILHGHDFHODLWLSDGLFWDEORXODUHRVWUXFWXURPR
JHQ 8Q WDEORX XQLGLPHQVLRQDO HVWH R VWUXFWXU GH GDWH FDUH FXSULQGH XQ QXPU GH
HOHPHQWHPDLPLFVDXHJDOFXXQQXPUSUHFL]DWSULQWLSXOLQGLFHOXL
Q GLIHULWHOH PHGLL GH SURJUDPDUH GHILQLUHD XQXL WLS WDEORX vQVHDPQ SUHFL]DUHD
PXOLPLLGLQFDUHDFHVWDSRDWHOXDYDORULWLSXOGHED]SUHFXPLRSHUDLLOHFDUHVH
SRWHIHFWXDDVXSUDXQHLYDULDELOHGHWLSWDEORXODQLYHOJOREDO
$WULEXLUHD
3ULQDFHDVWRSHUDLHRYDULDELOGHWLSWDEORXSULPHWHYDORDUHDXQHLDOWHYDULDELOHGH
DFHODLWLSWDEORX3RVLELOLWDWHDHIHFWXULLDWULEXLULORUODQLYHOXOXQXLvQWUHJWDEORXUH
SUH]LQWRIDFLOLWDWHLPSRUWDQWRIHULWGHDQXPLWHOLPEDMHGHSURJUDPDUHGHH[HPSOX
3DVFDO $FHDVW DWULEXLUH VH SRDWH UHDOL]D QXPDL GDF WLSXO FHORU GRX WDEORXUL HVWH
LGHQWLF
7DEORXULXQLGLPHQVLRQDOHLUXUL
6HOHFWDUHDXQHLFRPSRQHQWH
2FRPSRQHQWDWDEORXOXLVHSUHFL]HD]SULQVSHFLILFDUHDYDULDELOHLGHWLSWDEORXXU
PDWvQWUHSDUDQWH]HGUHSWHGHRH[SUHVLHLQGLFHDO'HH[HPSOX~
'HFODUDUHDXQXLWDEORXvQ3DVFDO
)RUPDJHQHUDODXQHLGHFODUDLLGHWDEORXXQLGLPHQVLRQDOHVWHXUPWRDUHD
QXPHBWLS\WLSBLQGLFHJJWLSBGHBED]KJ
QXPHBWDEORX,QXPHBWLS
Q IRUPD JHQHUDO GH PDL VXV QXPHBWLS HVWH XQ LGHQWLILFDWRU DOHV GH XWLOL]DWRU
WLSBGHBED]LWLSBLQGLFHVXQWWLSXULSUHGHILQLWHVDXWLSXULXWLOL]DWRUWLSBLQGLFHHVWHvQ
PRGREOLJDWRULXXQWLSRUGLQDOLvQFD]XOvQFDUHHVWHGHWLSVXEGRPHQLXSRDWHILSUH
FL]DWFXDMXWRUXOXQRUH[SUHVLLFD]vQFDUHvQHDSRWLQWHUYHQLGRDUFRQVWDQWHLFRQV
WDQWH VLPEROLFH WLSBGHBED] SRDWH IL RULFH WLS HOHPHQWDU VDX VWUXFWXUDW FXQRVFXW vQ
PRPHQWXOGHFODUDLHL
([HPSOX
\`K
\KJ
JJJJJ
%\`
K
\
%JJ
KJ
JJJJJ\
JJKJ
JQKJQKJ
([LVWSRVLELOLWDWHDGHDGHFODUDXQWDEORXGHVFULLQGVWUXFWXUDvQVHFLXQHD LQ
WURGXFkQGDVWIHOXQWLSDQRQLP
JQ`JJ
K
0HQLRQP F GRX WLSXUL DQRQLPH VH FRQVLGHU GLIHULWH FKLDU GDF GH IDSW GH
VFULXDFHHDLVWUXFWXUGHGDWH
JQ`JJ
K
Q`JJ
K
QDFHVWFD] L YRUDYHDWLSXULGLIHULWHvQFRQFOX]LHLQVWUXFLXQHDGHDWULEXLUH
Q\KQXHVWHSHUPLVQVFKLPEGDWRULWIDSWXOXLFFHOHGRXWDEORXULDXDFHODLWLS
GHED]LQVWUXFLXQHDQ\HVWHFRUHFW
&LWLUHDWDEORXULORUXQLGLPHQVLRQDOH
2YDULDELOGHWLSWDEORXQXSRDWHILFLWLWvQ3DVFDODFHDVWRSHUDLHVHUHDOL]HD]FL
WLQGWDEORXOHOHPHQWFXHOHPHQWSUHFL]kQGHOHPHQWHOHSULQLQGLFLLORU
7DEORXULXQLGLPHQVLRQDOHLUXUL
#JQJ
JJ
J
JJ
JJ
J\
J
QJ
JJJJ
JJJ
^FLWLPGLPHQVLXQHDWDEORXOXL`
^FLWLPHOHPHQWHOH`J
'DFQXFXQRDWHPGLPHQVLXQHDH[DFWDWDEORXOXLGDUFXQRDWHPXQQXPUFDUH
H[SULPYDORDUHDPD[LPSRVLELODDFHVWXLDDWXQFLYRPSURFHGDGXSFXPXUPHD]
#JQJ
JJ
JmJ`J
JJ
QXXUPHD]PDUFDGHVIkULWGHILLHU
QJJJ
JJJJ
JmJ
J~JJ
^GDFSULPXOLQGLFHDOWDEORXOXLHVWH`J
JJJJ
J
JJ
^FLWLPHOHPHQWHOH`J
^vQQDYHPGLPHQVLXQHDWDEORXOXLFLWLW`
J
$ILDUHDWDEORXULORUXQLGLPHQVLRQDOH
2 YDULDELO GH WLS WDEORX QX SRDWH IL DILDW vQ 3DVFDO DFHDVW RSHUDLH VH UHDOL]HD]
VFULLQGSHVXSRUWXOGHLHLUHWDEORXOHOHPHQWFXHOHPHQWSUHFL]kQGHOHPHQWHOHSULQLQ
GLFLLORU
#J
QJ
JJ
J\
J
QJ
JJJJ
JJ
&RQVWDQWHGHWLSWDEORX
Q3DVFDOWDEORXULOHVHSRWLQLLDOL]DvQVHFLXQHDGHGHFODUDLL&XWRDWHFHOHVHGH
FODU FX DMXWRUXO FXYkQWXOXL HOHPHQWHOH XQXL WDEORX GHFODUDW DVWIHO vL SRW
VFKLPEDYDORULOH$FHVWHDVHGHFODUvQPRGXOXUPWRU
WLSBWDEORX WLSBLQGLFHWLSBED]
QXPHBWDEORXQWLSBWDEORX\FRQVWDQWDFRQVWDQWDKJ
([HPSOX
J\JJ&KJ
JQ\%KJ
7DEORXULXQLGLPHQVLRQDOHLUXUL
3UHOXFUULVLPSOHSHWDEORXUL
3UREOHPHOHUH]ROYDWHSkQDFXPvQPDUHDORUPDMRULWDWHSRWILDERUGDWHLvQWURPD
QLHUFDUHSUHVXSXQHFLWLUHDWXWXURUGDWHORUvQDLQWHGHDILSUHOXFUDWHFDDWDUHVHLPSX
QHSVWUDUHDORUvQPHPRULH$FHVWOXFUXVHUHDOL]HD]UHLQkQGDFHVWHYDORULvQWUXQWD
EORXXQLGLPHQVLRQDOLU7RWXLvQVLWXDLDvQFDUHQXPUXOGDWHORUGHSUHOXFUDWHVWH
PDUHWUHEXLHPDLvQWkLVDQDOL]PVROXLDDOHDVSHQWUXVWUXFWXUDUHDGDWHORUGHRDUHFH
HVWHSRVLELOFDDFHVWHDVQXDLEVXILFLHQWVSDLXGLVSRQLELOvQPHPRULH'HDVHPHQHD
DWUDJHP DWHQLD F GLPHQVLXQHD PHPRULHL LQWHUQH GLVSRQLELO SHQWUX GDWHOH FDUH XU
PHD]VILHSUHOXFUDWHGHXQDQXPLWSURJUDPGLIHUGHODXQPHGLXGHSURJUDPDUHOD
DOWXO
6HUHFRPDQGPHPRUDUHDGDWHORUvQWDEORXULGDFDVWIHOFUHWHOL]LELOLWDWHDSURJUD
PXOXLGDUPDLDOHVDWXQFLFkQGHVWHQHYRLHDWLQJHUHDHOHPHQWHORUGHPDLPXOWHRUL
SHSDUFXUVXOSUHOXFUULL'DFQXOXFUPFXWDEORXULDFHVWHUH]ROYULDUSXWHDQHFHVLWD
GHVFKLGHUHD ILLHUXOXL GH LQWUDUH GH IRDUWH PXOWH RUL L FLWLUHD UHSHWDW D FRQLQXWXOXL
FHHDFHFRQGXFHODFUHWHUHDWLPSXOXLGHH[HFXLH
QSULPDID]DDQDOL]HLXQHLSUREOHPHGHDOJRULWPLFSURJUDPDUHGHUHJXOFX
WPVVWDELOLPFODVDGHSUREOHPHvQFDUHDUSXWHDILvQFDGUDWDFHDVWDQFHOHFHXU
PHD]YRPWUDWDVXESUREOHPHFODVLFHFDUHSUHOXFUHD]LUXUL
6XPHLSURGXVH
QWURFODVLPSRUWDQWGHSUREOHPHFXFDUHQHvQWkOQLPIUHFYHQWVHFHUHGHWHUPLQDUHD
XQXLVLQJXUUH]XOWDWSHED]DXQXLLUGHGDWHGHLQWUDUH(VWHYRUEDGHSUREOHPHvQFDUH
WUHEXLHVDSOLFPXQRSHUDWRULVGHWHUPLQPRVXPVDXXQSURGXV3HQWUXDFHVWH
RSHUDLLPDLvQWkLYRPVWDELOLHOHPHQWXOQHXWUXDVWIHOvQFkWRSHUDLDHIHFWXDWDVXSUD
XQXLHOHPHQW\DOHVDUELWUDUVFRQGXFOD\
QXUPWRULLDOJRULWPLSUH]HQWDLvQSVHXGRFRGSHQWUXDDFFHQWXDSUHOXFUDUHDSUR
SULX]LVQXYRPH[SOLFLWDRSHUDLLOHGHFLWLUHDGDWHORUGHLQWUDUHLGHVFULHUHDUH]XO
WDWHORU3UHVXSXQHPvQFRQWLQXDUHFGDFQXYDILPHQLRQDWDOWIHOVHSUHOXFUHD]XQ
WDEORXXQLGLPHQVLRQDO[DYkQGGLPHQVLXQHDQLHOHPHQWHQXPHUHvQWUHJL
2EVHUYDLH
'XS FH VH YRU GREkQGL FXQRWLQHOH SULYLQG VXESURJUDPHOH DFHWL DOJRULWPL VH
YRUSXWHDLPSOHPHQWDVXEIRUPGHIXQFLLVDXvQ3DVFDOSURFHGXULLGDWHOHSULPLWH
VSUHSUHOXFUDUHUHVSHFWLYFHOHRELQXWHLWUDQVPLVHFHORUODOWHXQLWLDOHSURJUDPXOXL
VHYRUPHQLRQDvQOLVWDGHSDUDPHWUL
QDOJRULWPXOFXFDUHFDOFXOPVXPHVDXSURGXVHUH]XOWDWXORELQXWGXSSUHOXFUD
UHDHOHPHQWHORULUXOXLGDW[GHGLPHQVLXQHQvORELQHPvQYDULDELODUH]XOWDWLDURSH
UDLDDSOLFDWHVWHQRWDWFXRS
7DEORXULXQLGLPHQVLRQDOHLUXUL
#J%QJ
JJFLWLUHGDWH
JJJmJHOHPHQWQXO
JJ
J\
J
,
JJJJJmJJRSJJ
JJ
JJDILDUHUH]XOWDW
^SUHOXFUPWRDWHHOHPHQWHOH`J
'HFL]LD
9RP vQWkOQL SUREOHPH vQ FDUH VH FHUH YHULILFDUHD XQHL SURSULHWL D LUXOXL $FHDVWD
SRDWHVYL]H]HH[LVWHQDXQXLVLQJXUHOHPHQWDYkQGSURSULHWDWHDUHVSHFWLYVDXRSUR
SULHWDWHJOREDODLUXOXL7UVWXUDFRPXQDDFHVWRUSUREOHPHFRQVWvQIHOXOvQFDUH
DOJRULWPXOYDIXUQL]DUVSXQVXO6ROXLDYDILGDWVXEIRUPDXQXLPHVDMSULQFDUHVH
FRQILUP VDX VH LQILUP SURSULHWDWHD FHUXW $FHVW PHVDM SRDWH IL VLPSOX VDX
LVHDILHD]vQIXQFLHGHYDORDUHDXQHLYDULDELOHORJLFHVWDELOLWvQDOJRULWP
QWURSULPYDULDQWSXWHPGH]YROWDDOJRULWPXO %QDFHVWDOJR
ULWPUH]XOWDWXOVHSVWUHD]vQYDULDELODJVLWDFUHLYDORDUHGHDGHYUFRQVWLWXLHUV
SXQVXOODvQWUHEDUHDSXVvQSUREOHP
#J%QJ
JJFLWLUHGDWHJ
JJ JmJIDOVJ
JJ
J
J
QJ
JJJJ JmJ J JDUHSURSULHWDWHDFXWDWJ
JJDILDUHUH]XOWDW
6REVHUYPFGDFODXQPRPHQWGDWYDORDUHDYDULDELOHL GHYLQHDGHY
UDWYDORDUHDHLQXVHYDPDLVFKLPEDSkQODVIkULWXOH[HFXWULLDOJRULWPXOXLQFRQ
FOX]LHYRPPRGLILFDSHED]DDFHVWHLREVHUYDLLDOJRULWPXOGHPDLVXV
QSULPXOUkQGYRPVFKLPEDVWUXFWXUDUHSHWLWLYGHWLSXO
vQWURVWUXFWXUFX
QXPUQHFXQRVFXWGHSDLSHQWUXDSXWHDvQWUHUXSHH[HFXLDvQPRPHQWXOvQFDUHDP
RELQXWUVSXQVXOODvQWUHEDUH(YLGHQWGDFQLFLXQHOHPHQWDOLUXOXLDQDOL]DWQXDUH
SURSULHWDWHDFXWDWVHYDSDUFXUJHvQWUHJLUXO
QXUPWRUXODOJRULWPFRQWRUXOLUHSUH]LQWLQGLFLvQLUXO[LDUYDULDELODJVLWQXYD
ILLQLLDOL]DWHDSULPHWHYDORDUHvQIXQFLHGHPRWLYXOSUVLULLFLFOXOXL
'DFH[LVWL dQ SHQWUXFDUH[LDUHSURSULHWDWHDFHUXWJVLWSULPHWHYDORDUHDDGHY
UDWGDFQLFLXQHOHPHQWQXDUHSURSULHWDWHDFXWDWYDORDUHDOXLLHVWHPDLPDUHGHFkW
QLJVLWSULPHWHYDORDUHDIDOV
7DEORXULXQLGLPHQVLRQDOHLUXUL
#J%QJ
JJFLWLUHGDWHJ
JJmJ
JJ
JdJ
JJDUHSURSULHWDWHDFXWDWJ
QJ
JJJJmJ~JJ
JJ mJd
^VHHYDOXHD]H[SUHVLDUHODLRQDO`
^LYDORDUHDGHDGHYURELQXWVHDWULEXLHYDULDELOHL `
JJDILDUHUH]XOWDW
6DQDOL]PDFXPSUREOHPHOHGLQFHDODOWFDWHJRULHPDLH[DFWFHOHvQFDUHVHYHUL
ILFILHFDUHHOHPHQWDOLUXOXLGDW$FHVWHDWUHEXLHVDLERDFHHDLSURSULHWDWH$FHDV
WFDUDFWHULVWLFDLUXOXLVHSRDWHIRUPXODLvQIHOXOXUPWRUvQLUQXH[LVWQLFLXQ
HOHPHQW FDUH QX DUH SURSULHWDWHD FHUXW 7UDQVIRUPkQG DOJRULWPXO % SULQ
DSOLFDUHDQHJDLHLvQGRXORFXULRELQHPDOJRULWPXOGHUH]ROYDUHSHQWUXDFHDVWFODV
GHSUREOHPH'HRDUHFHVHPQLILFDLDGHFL]LHLVHUHIHUODWRDWHHOHPHQWHOHLUXOXLvQOR
FXLPYDULDELOD FX
#J%QJ
JJFLWLUHGDWHJ
JJmJ
JJ
Jd
DUHSURSULHWDWHDFXWDW
QJJJJJJJ
^DPQHJDWVXEH[SUHVLDJDUHSURSULHWDWHDFXWDW`
JJJJmJ~JJ
^DPQHJDWVXEH[SUHVLDJd
`
JJmJJ
JJDILDUHUH]XOWDW
QPRPHQWXOFRGLILFULLDOJRULWPLORUGHWLS %SRWDSUHDGLYHUVHSUREOHPH
Q XQHOH OLPEDMH GH SURJUDPDUH R H[SUHVLH ORJLF IRUPDW GLQ VXEH[SUHVLL vQWUH FDUH
DSDURSHUDWRULLORJLFLUHVSHFWLY VHHYDOXHD]vQvQWUHJLPHGDUH[LVWLOLPED
MHvQFDUHvQIXQFLHGHRSHUDWRULYDORDUHDSULPHLVXEH[SUHVLLHYDOXDUHDVHvQWUHUXSH
GXSVWDELOLUHDYDORULLSULPHLVXEH[SUHVLL'HH[HPSOXGDFYDORDUHDSULPHLVXEH[SUH
VLLHVWHDGHYUDWLXUPHD]RSHUDWRUXO FHDGHDGRXDVXEH[SUHVLHQXVHPDLHYD
OXHD]GHRDUHFHLQGLIHUHQWGHYDORDUHDDFHVWXLDUH]XOWDWXOILQDOYDILDGHYUDWDGHY
UDW DGHYUDWHVWHDGHYUDWLDGHYUDW IDOVHVWHWRWDGHYUDW'HDVHPHQHD
GDF YDORDUHD GH DGHYU D SULPHLVXEH[SUHVLLHVWHIDOVLXUPHD]RSHUDWRUXO FHD
GHDGRXDVXEH[SUHVLHQXVHPDLHYDOXHD]GHRDUHFHLQGLIHUHQWGHYDORDUHDDFHVWHLD
UH]XOWDWXOILQDOYDILIDOVIDOVDGHYUDWHVWHIDOVUHVSHFWLYIDOVIDOVHVWHWRWIDOV
7DEORXULXQLGLPHQVLRQDOHLUXUL
QFD]XODFHORUOLPEDMHGHSURJUDPDUHFDUHvQVFKLPEQXvQWUHUXSHYDOXDUHDDFHV
WRUH[SUHVLLORJLFHVDXGDFSURJUDPDWRUXOQXDOHJHDWHQWRUGLQHDVXEH[SUHVLLORUvQFD
]XOSULPHLFDWHJRULLGHOLPEDMHGHSURJUDPDUHFRGLILFDUHDGHFL]LHLFRQIRUPDOJRULWPL
ORUSUH]HQWDLSRWJHQHUDHURULQHSOFXWH)LHH[SUHVLDORJLF
JdJ
JJDUHSURSULHWDWHDFXWDW
GLQ VWUXFWXUD UHSHWLWLY
GLQ DOJRULWPXO % 'DF L ! Q vQ XUPD
HYDOXULLVXEH[SUHVLHL JdJ
RELQHPIDOVGDUVHHYDOXHD]LVXEH[SUHVLD
DUHSURSULHWDWHDFXWDWvQFRQGLLLOHvQFDUHWLPGHMDFL!QGHFLVHYDYHULILFDXQ
HOHPHQWFDUHQXH[LVWvQLUXOGDW
QFRQFOX]LHvQLPSOHPHQWDUHDDOJRULWPLORUGHWLSXOFHORUSUH]HQWDLWUHEXLHVF
XWPVROXLLSULQFDUHVHYLWPSURGXFHUHDXQRUHURULvQWLPSXOH[HFXWULLSURJUDPXOXL
VDX RELQHUHD XQRU UH]XOWDWH LQFRUHFWH Q FHOH FH XUPHD] SURSXQHP FkWHYD VROXLL
SHQWUXHYLWDUHDDFHVWHLFDSFDQH
D SXWHPFUHDXQDOQOHDHOHPHQWILFWLYQXPLWIUHFYHQWVDQWLQHO
E SXWHPRSULUHOXDUHDH[HFXWULLQXFOHXOXLVWUXFWXULLUHSHWLWLYHFXXQSDVPDLUHSH
GHXUPkQGVDQDOL]PPRWLYHOHLHLULLGLQFLFOX
F SXWHP GHVSUL VXEH[SUHVLLOH XUPkQG FD SH FHD GHD GRXD VR HYDOXP GRDU
DWXQFLFkQGDFHVWOXFUXHVWHQHFHVDU
G SXWHPVHYLWPIRORVLUHDvQFHDGHDGRXDVXEH[SUHVLHDYDORULL DFHVW
OXFUXHVWHSRVLELOGDFLQWURGXFHPRYDULDELOORJLFSHQWUXDUHLQHYDORDUHDGH
DGHYU D VXEH[SUHVLHL DUH SURSULHWDWHD FXWDW GH OD SDVXO SUHFHGHQW
DVWIHOSHUPLkQGLHLUHDGLQVWUXFWXUDUHSHWLWLYvQPRPHQWXOvQFDUHDYHPFRQ
ILUPDUHDSURSULHWLLVDXGXSSDUFXUJHUHDvQWUHJXOXLLUvQFD]XOvQFDUHDFHVW
OXFUXQXDDYXWORF
6HOHFLD
6ROXLLOH SUREOHPHORU UH]ROYDWH FX DOJRULWPL GH WLSXO % YHULILF R DQXPLW
SURSULHWDWHvQWUXQLUGHGDWHLFRPXQLFSUH]HQDVDXDEVHQDHL$QDOL]kQGPDLDWHQW
UH]ROYULOHFRQVWDWPFDPSXWHDIUXFWLILFDDOJRULWPXODILkQGvQSOXVLQIRUPDLLFXP
DUILSR]LLDSHFDUHVHDIOHOHPHQWXOFXSURSULHWDWHDFHUXW
6 SUHVXSXQHP F HQXQXO JDUDQWHD] DSDUWHQHQD D FHO SXLQ XQXL DVWIHO GH HOH
PHQW5H]XOWFWUHEXLHGRDUVJVLPDFHOHOHPHQWLVVWDELOLPQXPUXOVXGHRUGL
QH QUBRUG 3ULPXO QXPU GH RUGLQH LQGLFH SHQWUX FDUH SURSULHWDWHD HVWH DGHYUDW
FRQVWLWXLHUH]XOWDWXODOJRULWPXOXL
1XYRPYHULILFDGDFYDORDUHDFRQWRUXOXLDDMXQVODGLPHQVLXQHDLUXOXLGDWWRFPDL
GDWRULWIDSWXOXLFHQXQXOJDUDQWHD]H[LVWHQDvQLUDYDORULLFXWDWH(OHPHQWXOFX
SURSULHWDWHDFHUXWYDILJVLWFHOWkU]LXDWXQFLFkQGSUHOXFUPXOWLPXOHOHPHQW
7DEORXULXQLGLPHQVLRQDOHLUXUL
#J%QJ
JJFLWLUHGDWHJ
JJ
mJ
JJ
JDUHSURSULHWDWHDFXWDWJ
,J
JJJJ
m
J~JJ
JJ
JJDILDUHUH]XOWDW
&XWDUHDVHFYHQLDO
$FXP YRP SUHVXSXQH F HQXQXO QX JDUDQWHD] SUH]HQD D FHO SXLQ XQXL HOHPHQW
DYkQG SURSULHWDWHD FHUXW vQ LUXO GDW Q DFHVW WLS GH SUREOHP FHOH GRX FHULQH GLQ
XOWLPHOH GRX FODVH GH SUREOHPH VH FRPELQ UHVSHFWLY GXS DIODUHD UVSXQVXOXL OD
vQWUHEDUHDH[LVW"DILPGHH[HPSOXSR]LLDSHFDUHVHDIOHOHPHQWXOFXWDW
(YLGHQWPRGHOXOGHUH]ROYDUHVHED]HD]SHPRGHOHOHSUH]HQWDWHSkQDFXP9DUL
DELOHOHIRORVLWHDXVHPQLILFDLLOHGLQDOJRULWPLLSUHFHGHQL
#JQJ
JJFLWLUHGDWHJ
JJmJ
JJ
JJdJ
JJDUHSURSULHWDWHDFXWDWJ
,JJ
JJJJmJ~JJ
JJ
^GDFDPSUVLWFLFOXOvQDLQWHFDLVGHYLQPDLPDUH`
JJ mJdJ
JJ
JJDILDUHUH]XOWDW
^GHFkWQvQVHDPQFDPJVLWHOHPHQWXOFXWDW`
6HREVHUYFVROXLDSRUQHWHFXPRGHOXODOJRULWPXOXL %FDUHVHFRPSOH
WHD]FXGHWHUPLQDUHDQXPUXOXLGHRUGLQHFRQIRUPDOJRULWPXOXL%
'DFvQWURSUREOHPGHFXWDUHWUHEXLHVUHJVLPWRDWHHOHPHQWHOHDYkQGRSUR
SULHWDWHGDWHYLGHQWYRPSDUFXUJHLUXOSkQODFDSWFHHDFHvQVHDPQFYRPOXFUD
FXRVWUXFWXUUHSHWLWLYGHWLS
'DFGXSFXWDUHVHFHUHHOLPLQDUHDHOHPHQWXOXLUHVSHFWLYGLQLUXOGDWvQIXQF
LHGHVSHFLILFDLLOHGLQHQXQYRPDOHJHXQDGLQXUPWRDUHOHSRVLELOLWL
x GDFVHFHUHHOLPLQDUHDHOHPHQWXOXLLQXFRQWHD]GDFVHVFKLPERUGLQHDFR
SLHPXOWLPXOHOHPHQWSHVWHFHOFDUHWUHEXLHHOLPLQDWLVFXUWPLUXOFX
x GDFHOLPLQDUHDHVWHWHPSRUDUYRPSVWUDXQLUFXYDORULORJLFHvQFDUHYD
ORDUHDGHDGHYUDHOHPHQWXOXLFRUHVSXQ]WRUFHOXLHOLPLQDWYDILPRGLILFDWGXS
FD]
7DEORXULXQLGLPHQVLRQDOHLUXUL
x GDFVHFHUHHOLPLQDUHDHOHPHQWXOXLLVHLPSXQHSVWUDUHDRUGLQLLLUXOXLYRP
WUDQVODWDHOHPHQWHOHvQDDIHOvQFkWFHOFDUHWUHEXLHHOLPLQDWVVHVXSUDVFULHFX
XUPWRUXOHOHPHQWGLQLUGXSWHUPLQDUHDWUDQVODWULLVFXUWPLUXOFX
x H[LVW L SRVLELOLWDWHD FUHULL XQXL LU QRX vQ FDUH VH YRU FRSLD GRDU HOHPHQWHOH
FDUHQXWUHEXLHHOLPLQDWHXUPkQGFDvQILQDOYDULDELODGHWLSWDEORXFDUHSVWUHD
]LUXOLQLLDOVVHVXSUDVFULHFXYDULDELODGHWLSWDEORXQRXFUHDW
2FXWDUHVSHFLDOVHUHIHUODGHSLVWDUHDGXEOXULORUvQWUXQLU'HUHJXORDVWIHO
GHSUHOXFUDUHVHILQDOL]HD]ILHFXXQLUFDUHFRQLQHHOHPHQWHGLVWLQFWHGXSHOLPL
QDUHD GXEOXULORU ILH FX XQXO FDUH FRQLQH GXEOXULOH 3ULPD HVWH HFKLYDOHQW FX
WUDQVIRUPDUHDLUXOXLvQPXOLPHLYDILWUDWDWODVIkULWXODFHVWXLFDSLWRO
1XPUDUHD
Q DFHDVW FODV GH SUREOHPH VH FHUH QXPUXO HOHPHQWHORU GLQ LU DYkQG R DQXPLW
SURSULHWDWH(QXQXULOHQXJDUDQWHD]FH[LVWFXVLJXUDQXQDVWIHOGHHOHPHQWGHFL
VROXLDIXUQL]DWSRDWHILL
$YkQGvQYHGHUHFILHFDUHHOHPHQWWUHEXLHYHULILFDWHVWHSRVLELOFDRULFDUHGLQWUH
HOHPHQWHVDLESURSULHWDWHDFHUXWYRPOXFUDFXRVWUXFWXUUHSHWLWLYGHWLSXO
1
&RQWRUXOFXFDUHQXPUPHOHPHQWHOHDYkQGSURSULHWDWHDGDWHVWHQRWDWFXEXF
#JQJ
JJFLWLUHGDWHJ
JJ%m`J
JJ
J\
J
,J
JJJJJJDUHSURSULHWDWHDFXWDWJJ
JJJJJJ%m%J~JJ
JJJJ J
JJ
JJDILDUHUH]XOWDW
6HOHFWDUHDHOHPHQWXOXLPD[LP
3UREOHPDGHWHUPLQULLPLQLPXOXLUHVSHFWLYPD[LPXOXLDPPDLWUDWDWRvQFDSLWROXO
5H]ROYULOHDFHVWRUSUREOHPHYRUILDVHPQWRDUHGHRDUHFHvQDFHVWHDVHFHUHVWDELOL
UHDXQHLYDORULFDUHHVWHILHFHDPDLPDUHILHFHDPDLPLFvQLUXOGDW%LQHvQHOHV
SRW H[LVWD PDL PXOWH DVWIHO GH YDORUL HJDOH FX YDORDUHD PLQLP VDX PD[LP L HVWH
SRVLELOFDvQDQXPLWHSUREOHPHVWUHEXLDVFVOHQXPUP
$OJRULWPXOFDUHUH]ROYDFHDVWSUREOHPvQWHUPHQLJHQHUDOLYDOXFUDFXREXFO
GHWLS
GHRDUHFHILHFDUHHOHPHQWWUHEXLHSUHOXFUDW9DORDUHDHOHPHQWXOXLPD
[LPVHUHLQHvQYDULDELODPD[
7DEORXULXQLGLPHQVLRQDOHLUXUL
#JQJ
JJFLWLUHGDWHJ
JJJmJJ
JJ
J\
J
QJ
JJJJJJJJJ
JJJJJJJmJJJ
JJJJ
JJDILDUHUH]XOWDW
5HDPLQWLPFVHUHFRPDQGLQLLDOL]DUHDPD[LPXOXLPLQLPXOXLFXRYDORDUHH[LV
WHQWvQLULGHRDUHFHGHUHJXOSUHOXFUPLUXULOHvQFHSkQGFXSULPXOHOHPHQWFHO
PDLILUHVFHVWHFDvQLQLLDOL]DUHDUHVSHFWLYVIRORVLPDFHDVWYDORDUH
8WLOL]kQGDFHVWDOJRULWPYRPRELQHLQGLFHOHSULPXOXLHOHPHQWDYkQGYDORDUHDPD
[LP PLQLP 'DF QL VDU FHUH XOWLPXO DVWIHO GH HOHPHQW DWXQFL DU IL VXILFLHQW V
VFKLPEPRSHUDWRUXOUHODLRQDOvQd
QFRQWLQXDUHSUH]HQWPRDOWHUQDWLYLQWHUHVDQWFDUHSRDWHILXWLOvQFD]XOXQXLLU
vQFDUHXQHOHPHQWRFXSXQVSDLXUHODWLYPDUHGHPHPRULHUHVSHFWLYGDFVHFHUHL
SR]LLDHOHPHQWXOXLPD[LPQORFVVHOXFUH]HFXYDULDELODPD[DYkQGDFHODLWLSFD
HOHPHQWHOH GLQ LU VH YD SVWUD GRDU LQGLFHOH VX LQGBPD[ 3HQWUX DILDUHD YDORULL
PD[LPHVHYDVSHFLILFD
#JQJ
JJFLWLUHGDWHJ
^
HVWHLQLLDOL]DWFXLQGLFHOHSULPXOXLHOHPHQW`J
JJ
JmJJ
JJ
J\?
J
,J
JJJJJ
JJJJJ
JJJJJJ
JmJJ
^LQGLFHOHHOHPHQWXOXLPD[LP`
JJJJ
JJDILDUHUH]XOWDWH
6HOHFWDUHDHOHPHQWHORU
$PY]XWFDOJRULWPXO %GHWHUPLQSR]LLDXQXLVLQJXUHOHPHQWDYkQGSUR
SULHWDWHD GDW 'DF GRULP V UHLQHP WRDWH SR]LLLOH SH FDUH VH DIO HOHPHQWH DYkQG
DFHDSURSULHWDWHYRPDSOLFDXQDOJRULWPGHWLS%FDUHSHGHRSDUWHVHDPQ
FXFXWDUHDOLQLDUSHGHDOWSDUWHFXQXPUDUHD'DFLUXOSR]LLLORUQHHVWHQHFH
VDU vQ FRQWLQXDUH vQ UH]ROYDUHD SUREOHPHL YRP FUHD XQ WDEORX \ vQ FDUH YRP UHLQH
DFHVWHSR]LLL&RQWRUL]DUHDHOHPHQWHORUGLQDFHVWDRUHDOL]PFXYDULDELODEXF
7DEORXULXQLGLPHQVLRQDOHLUXUL
#J%QJ
JJFLWLUHGDWHJ
JJ%JmJ`J
JJ
J\
J
QJ
JJJJJJDUHSURSULHWDWHDFXWDWJJ
JJJJJJ%JmJ%J~JJ
JJJJJJY%JmJ ^vQYSVWUPLQGLFLLHOHPHQWHORUDYkQGSURSULHWDWHD`J
^FXWDW`
JJDILDUHUH]XOWDWH
6HREVHUYFSHQWUXSVWUDUHDUH]XOWDWXOXLDPDYXWQHYRLHGHXQWDEORXQRXvQFD
]XOFUXLDQXFXQRDWHPH[DFWFkWHHOHPHQWHYDFXSULQGH'DUGLQPRPHQWFHQXHVWH
H[FOXVFDILHFDUHHOHPHQWDOLUXOXLGDWVDLESURSULHWDWHDGDWDFHVWDYDILGHFODUDW
DYkQGDWkWHDHOHPHQWHFkWHDUHLUXOGDW0RGHOXOGHPDLVXVDGXQLQGLFLLHOHPHQ
WHORUDYkQGSURSULHWDWHDSUHFL]DWvQYHFWRUXO\LWRWRGDWRELQHLQXPUXODFHVWRUD
vQEXF'DFQXDYHPQHYRLHGHHOHPHQWHOHUHVSHFWLYHFROHFLRQDWHvQYHFWRUXO\GH
RDUHFHWUHEXLHGRDUVOHIXUQL]PFDUH]XOWDWDOJRULWPXOHVWHLPDLVLPSOX
#J%QJ
JJFLWLUHGDWHJ
JJ
J\
J
QJ
JJJJJJDUHSURSULHWDWHDFXWDWJJ
JJ
QDWUHLDYDULDQWDDFHVWXLDOJRULWPFRQVLGHUPFGXSVHOHFWDUHDHOHPHQWHORUF
XWDWHQXPDLDYHPQHYRLHGHLUXOGDW'HFLvQORFVIRORVLPXQDOGRLOHDLUSHQWUX
HOHPHQWHOHVHOHFWDWHYRPIRORVLFKLDULUXOGDW,GHHDHVWHGHDVXSUDVFULHHOHPHQWHOH
GHODvQFHSXWXOLUXOXLGDWFXFHOHVHOHFWDWH9DULDELODEXFUHLQHOXQJLPHDDFHVWXLLU
QRX3VHXGRFRGXODFHVWXLDOJRULWPHVWHXUPWRUXO
#%QJ
JJFLWLUHGDWH
JJ%JmJ`J
JJ
J\
J
QJ
JJJJJJDUHSURSULHWDWHDFXWDWJJ
JJJJJJ%JmJ%J~J
JJJJJJ%JmJ
^VDXLvQIXQFLHGHFHULQH`J
JJDILDUHUH]XOWDWH
7DEORXULXQLGLPHQVLRQDOHLUXUL
6HSRDWHREVHUYDFvQFD]H[WUHPILHFDUHHOHPHQWDUHSURSULHWDWHDFHUXWFHHDFH
YDFRQGXFHODXQLUQRX[LGHQWLFFXFHOGDW
'DFVHFHUHSVWUDUHDHOHPHQWHORUFDUHQXDXDFHDVWSURSULHWDWHYRPQHJDFRQGL
LDGLQ 'DFYUHPVSVWUPDFHVWHHOHPHQWHSHSR]LLLOHRULJLQDOHvQLUXOGDW
SXWHPDQXODSUH]HQDDFHVWRUHOHPHQWHVXSUDVFULLQGXOHFXRYDORDUHVSHFLDODOHDV
vQDFHVWVFRS$VWIHOYRPDYHDXQDOJRULWPFDUHUHDOL]HD]RVHOHFWDUHSHORF$FHDVW
VROXLHYDILDYDQWDMRDVGRDUGDFHYLWDUHDSUHOXFUULLDFHVWRUHOHPHQWHDYkQGYD
ORDUHDVSHFLDOYDILPDLVLPSOXGHUHDOL]DWGHFkWYHULILFDUHDSURSULHWLL
#J%QJ
JJFLWLUHGDWHJ
JJ
J\
J
QJ
JJJJJJDUHSURSULHWDWHDFXWDWJJ
^RYDORDUHFRQYHQLRQDOVWDELOLW`
JJJJJJJmJ%JJ
JJDILDUHUH]XOWDWH
J
3DUWLLRQDUHDXQXLLUvQGRXVXELUXUL
QVHFLXQHDSUHFHGHQWDPSUH]HQWDWPDLPXOLDOJRULWPLFXFDUHUH]ROYPSUREOHPH
vQFDUHVHGXQLULVHFHUHVHOHFWDUHDPDLPXOWRUHOHPHQWHDYkQGRDFHHDLSURSULH
WDWHGDW6HSXQHvQWUHEDUHDFHVHvQWkPSOFXHOHPHQWHOHQHVHOHFWDWH"
(YLGHQWYRUILSUREOHPHvQFDUHVHYDFHUHGHVFRPSXQHUHDXQXLLUvQGRXVDXPDL
PXOWHVXELUXUL
3ULPD SDUWLFXODULWDWH D DFHVWRU SUREOHPH FRQVW vQ IDSWXO F VH G XQ LU L VH FHU
PDL PXOWH 3UDFWLF YD WUHEXL V HIHFWXP XQD GXS DOWD PDL PXOWH VHOHFWUL LQkQG
FRQW GH SURSULHWLOH SUHFL]DWH 0DL vQWkL YRP VHOHFWD DFHOH HOHPHQWH FDUH DX SULPD
SURSULHWDWHDSRLGLQLUXOHOHPHQWHORUSXVHGHRSDUWHUPDVHGXSVHOHFWDUHVHOHFWP
HOHPHQWHOHDYkQGFHDGHDGRXDSURSULHWDWHLDDPDLGHSDUWH5H]XOWFDOJRULWPXO
FRQVWGLQDSOLFDUHDUHSHWDWDSDUWLLRQULLvQGRXLUXULDLUXOXLGDW'DFSDUWLLRQD
UHDVHIDFHvQGRXVXELUXULHVWHFODUFHOHPHQWHOHQHVHOHFLRQDWHSHQWUXSULPXOLU
YRUIRUPDSHFHOGHDOGRLOHD
$FHVWWLSGHSUREOHPVHSRDWHUH]ROYDSHED]DPDLPXOWRUPRGHOHQSULPDYDUL
DQWHOHPHQWHOHDYkQGSURSULHWDWHDFHUXWLFHOHFDUHQXDXDFHDVWSURSULHWDWHOHYRP
DH]D vQ GRX LUXUL QRL $FHVWH LUXUL OH YRP GHFODUD DYkQG GLPHQVLXQHD LUXOXLGDW
GHRDUHFHQXVHSRDWHDQWLFLSDQXPUXOH[DFWGHHOHPHQWH(VWHSRVLELOFDWRDWHHOHPHQ
WHOHVILHVHOHFWDWHvQSULPXOLUVDXDFHVWDVQXDLEQLFLXQHOHPHQW
QDOJRULWPXOXUPWRUYDULDELOHOHEXF\LEXF]UHSUH]LQWQXPUXOHOHPHQWHORUDH
]DWHvQLUXO\UHVSHFWLYLUXO]LUXULQRLUH]XOWDWHvQXUPDSDUWLLRQULL
7DEORXULXQLGLPHQVLRQDOHLUXUL
#J
QJ
JJFLWLUHGDWHJ
JJ%YJmJ`J
JJ%JmJ`J
JJ
J\
J
QJ
JJJJJJDUHSURSULHWDWHDFXWDWJJ
JJJJJJ%YJmJ%YJ~JJJ
^HOHPHQWHOHFDUHDXSURSULHWDWHDGDW`JJ
^OHDH]PvQLUXO\`J
JJJJJJY%YJmJJJ
JJJJ
JJ
JJJJJJ%JmJ%J~JJJ
^HOHPHQWHOHFDUHQXDXSURSULHWDWHDGDW`J
^OHDH]PvQLUXO]`J
JJJJJJ%JmJJJ
JJDILDUHUH]XOWDWH
J
'DFYUHPVHFRQRPLVLPVSDLXOULVLSLWFXRDVWIHOGHVROXLHSXWHPXWLOL]DXQVLQ
JXU LU (OHPHQWHOH VHOHFLRQDWH OH UHLQHP vQ DFHVWD DH]kQGXOH GH OD vQFHSXW VSUH
VIkULWLDUFHOHUPDVHGHODXOWLPXOHOHPHQWVSUHSULPXO(YLGHQWQXH[LVWSHULFROXO
VQHFLRFQLPGHRDUHFHDYHPH[DFWQHOHPHQWHFDUHWUHEXLHDH]DWHSHQORFXUL
6REVHUYPFDFHDVWUH]ROYDUHQHIXUQL]HD]LUXOHOHPHQWHORUQHVHOHFWDWHvQRU
GLQHLQYHUVIDGHSR]LLLOHHOHPHQWHORUVDOHvQLUXOGDW
#J
QJ
JJFLWLUHGDWHJ
JJ%YJmJ`J
JJ%JmJ`J
\
J
,
JJJJJJDUHSURSULHWDWHDFXWDWJJ
^HOHPHQWHOHFDUHDXSURSULHWDWHDGDW`J
JJJJJJ%YJmJ%YJ~JJJJ
^OHDH]PvQLUXO\vQFHSkQGFXSULPDSR]LLH`J
JJJJJJY%YJmJJJ
^HOHPHQWHOHFDUHQXDXSURSULHWDWHDGDW`J
JJJJ
JJ
JJJJJJ%JmJ%J~JJ
JJJJJJY
%Y~JmJJJ ^OHDH]PWRWvQ\vQFHSkQGFXXOWLPDSR]LLH`J
JJDILDUHUH]XOWDWH
QFD]XOvQFDUHGXSSDUWLLRQDUHQXDYHPQHYRLHGHLUXOGDWvQIRUPDVDRULJLQDO
SDUWLLRQDUHDH[DFWFDVHOHFWDUHDSRDWHILUHDOL]DWIRORVLQGVSDLXODORFDWLUXOXLGDW
DGLFSHORF
7DEORXULXQLGLPHQVLRQDOHLUXUL
1HSXWHPLPDJLQDRVROXLHFDUHDUIRORVLXQDOJRULWPFRQIRUPFUXLDDPDYDQVDvQ
LUSkQODGHVFRSHULUHDSULPXOXLHOHPHQWFDUHQXDUHSURSULHWDWHDFHUXWLODPLQWHU
VFKLPEDFXSULPXOFDUHDUHSURSULHWDWHDFHUXW
$FHDVW VROXLH QHILLQG VXILFLHQW GH HILFLHQW SURSXQHP XUPWRUXO DOJRULWP SX
QHPSULPXOHOHPHQWGHRSDUWHSVWUkQGXLYDORDUHDvQWURYDULDELODX[LOLDULFXWP
XQHOHPHQWDYkQGSURSULHWDWHDFHUXWSRUQLQGGHODFDSWXOGLQGUHDSWDDOLUXOXLLvO
SXQHP SH ORFXO HOLEHUDW OD vQFHSXWXO LUXOXL $FXP YRP FXWD SRUQLQG GH OD DFHDVW
SR]LLHVSUHGUHDSWDXQHOHPHQWFDUHQXDUHSURSULHWDWHDFHUXWLvODH]PSHORFXO
HOLEHUDWGHODVIkULWXOLUXOXL&RQWLQXPDFHVWSURFHGHXSkQFkQGvQXUPDDYDQVULL
vQFHOHGRXGLUHFLLQHYRPvQWkOQL
QDOJRULWPYDULDELODVWDUWUHLQHLQGLFHOHFXUHQWDOHOHPHQWXOXLFDUHDUHSURSULHWDWHD
FHUXWSDUFXUJkQGLUXOGHODVWkQJDVSUHGUHDSWDLDUVWRSUHLQHLQGLFHOHFXUHQWDOHOH
PHQWXOXLFDUHQXDUHSURSULHWDWHDFHUXWSDUFXUJkQGLUXOGHODGUHDSWDVSUHVWkQJD
#J
QJ
JJFLWLUHGDWHJ
JJJmJJ
JJJmJ
J
JJJmJJ
JJ
JJJJJ
DUHSURSULHWDWHDFXWDW,J
JJJJJJJmJJJJ
JJJJ
JJJJJJJJJ
JJJJJJJmJJJ
JJJJJJJmJJ~JJ
JJJJJJ
JJJJJJDUHSURSULHWDWHDFXWDWQJ
JJJJJJJJJmJJ~JJ
JJJJJ
JJJJJJJJJmJJJ
JJJJJJJJJmJJJJ
J
JJJmJJ
JJJJDUHSURSULHWDWHDFXWDWJJ%JmJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
J%JmJJJJ
JJDILDUHUH]XOWDWH
J
7DEORXULXQLGLPHQVLRQDOHLUXUL
0XOLPLUHSUH]HQWDWHFXLUXUL
'HRFDPGDW QH YRP ED]D SH FXQRWLQHOH SULYLQG PXOLPLOH GREkQGLWH OD GLVFLSOLQD
PDWHPDWLF6HWLHFRPXOLPHILHHVWHYLGILHFRQLQHXQQXPURDUHFDUHGHRELHF
WHQDFHVWVHQVGDFRPXOLPHHVWHUHSUH]HQWDWFXDMXWRUXOXQXLLUHOHPHQWHOHVDOH
WUHEXLHVILHGLVWLQFWHXQDFHODLRELHFWHVWHSUH]HQWRVLQJXUGDW
$6WDELOLUHDSURSULHWLLGHPXOLPH
1HSXQHPvQWUHEDUHDFXPVWDELOLPFGHH[HPSOXXQLUGHQXPHUHUHDOHFRQVWLWXLH
VDXQXRPXOLPH"$OWIHOVSXVFXPYHULILFPGDFHOHPHQWHOHXQXLLUGDWVXQWGLVWLQFWH"
#JQJ
JJFLWLUHGDWH
JmJJ
JJJmJDGHYUDWJ
JJ
JJJJJ
J
,J
JJJJJmJJ~JJ
JJJJ
JJdJ
JJJzJJ
,J
JJJJJJJmJJ~JJJ
JJJ!J
JJmJDGHYUDWJ
JJJJJJJJJJJJJJJ
JJmJDGHYUDWJ
J
JJJJJmJJ~JJ
JJDILDUHUH]XOWDWH
J
%(OLPLQDUHDGXEOXULORU
7UDQVIRUPDUHD XQXL LU DVWIHO vQFkW V GHYLQPXOLPHvQVHDPQHOLPLQDUHDGXEOXUL
ORU7UHEXLHVILPDWHQLFDGXSGHSLVWDUHDLHOLPLQDUHDXQHLGXEOXUL[MDOOXL[LV
QXDYDQVPFXLFLVHIHFWXPvQFRFXWDUHGHGXEOXULSHQWUXDFHODL[L'XSILHFD
UHHOLPLQDUHGHXQHOHPHQWOXQJLPHDLUXOXLYDVFGHDFX
#JQJ
JJFLWLUHGDWH
JmJJ
JJ
JJJ
J
,J
JJJJJmJJ~JJ
JJJJ
JJdJ
JJJzJJ
,J
JJJJJJJmJJ~JJJ
JJJdJ
JJ
JJJJJJJmJ
JJ
JJJJJJ
JmJ
JJJ
JJJJ
J
JJJJJJJmJJ~JJ
J
JJDILDUHUH]XOWDWH
7DEORXULXQLGLPHQVLRQDOHLUXUL
^VXSUDVFULHPGXEOXUDFXXOWLPXOHOHPHQW`J
^VFXUWPLUXO`J
J
&,QWHUVHFLD
$PY]XWFXPVHSURFHGHD]DWXQFLFkQGVHGXQLULWUHEXLHFUHDWHPDLPXOWHLUXUL
SHED]DXQHLSURSULHWLFDUHSHUPLWHSDUWLLRQDUHDLUXOXL(YLGHQWVHSRDWHSXQHvQWUH
EDUHDFXPSURFHGPFkQGVHGDXPDLPXOWHLUXULLWUHEXLHVFUHPXQVLQJXULUFDUH
VFRQLQLQWHUVHFLDORU$LFLSULQLQWHUVHFLHvQHOHJHPLUXOFDUHFRQLQHHOHPHQWHOH
FRPXQH WXWXURU LUXULORU GDWH $YHP GHFL R SUREOHP vQ FDUH VH LPSXQH VHOHFWDUHD
DQXPLWRUHOHPHQWHSHED]DSURSULHWLLGHDILSUH]HQWHvQILHFDUHLUGDW
(YLGHQW vQ GLYHUVH OLPEDMH GH SURJUDPDUH DFHDVW SUREOHP VH UH]ROY vQ IXQFLH
GHLQVWUXPHQWHOHSHFDUHDFHVWDOHSXQHODGLVSR]LLDSURJUDPDWRULORU'HH[HPSOXvQ
3DVFDOH[LVWWLSXO
YRPvQYDGHVSUHDFHVWWLSPDLWkU]LXFDUHSRDWHVLPSOLILFD
PXOWHIHFWXDUHDDFHVWHLRSHUDLLGDFWLSXOGHED]LGRPHQLXOYDORULORUHOHPHQWHORU
SHUPLWGHFODUDUHDGDWHORUFDILLQGGHDFHVWWLS$FXPQHDPSURSXVVWUDWPSUREOH
PDHQXQDWvQFRQGLLLJHQHUDOHLQGHSHQGHQWGHOLPEDMXOGHSURJUDPDUHDOHVGRDUGLQ
SXQFWGHYHGHUHDOJRULWPLF'HDVHPHQHDSUHVXSXQHPFILHFDUHLUFRQLQHHOHPHQWH
GLVWLQFWHLFDFHVWHLUXULQXVXQWRUGRQDWH
3UH]HQWP XQ DOJRULWP JHQHUDO FDUH VWDELOHWH VXELUXO DFHORU HOHPHQWH GLQLUXO[
FDUHVHJVHVFLvQLUXO\'LPHQVLXQLOHLUXULORUVXQWQUHVSHFWLYPLDUGLPHQVLXQHD
LUXOXLLQWHUVHFLH]YDILEXF
#J
%QJ
JJFLWLUHGDWHJ
JJ%JmJ`J
JJ
J
J
,J
JJJmJJ
JJJJ
JJdJJJJzJYJ
,J
JJJJJJJmJJ~JJJ
JJJJJJdJJJJ
JJJJJJ%JmJ%J~JJJ
7DEORXULXQLGLPHQVLRQDOHLUXUL
JJJJJJ%JmJJJ
'5HXQLXQHD
'DF YUHP VUH]ROYPSUREOHPHFDUHSUHOXFUHD]PXOLPLLPSOHPHQWDWHFXDMXWRUXO
LUXULORUWUHEXLHVWUDWPLSUREOHPDUHXQLXQLL
6HPQLILFDLDYDULDELOHORUvQDOJRULWPXOXUPWRUHVWHDFHODLFDPDLvQDLQWHQUH]RO
YDUHPDLvQWkLYRPFRSLDWRDWHHOHPHQWHOHGLQLUXO[vQLUXO]LQLLDOL]kQGOXQJLPHD
EXF FX OXQJLPHD DFHVWXL LU $SRL YRP VHOHFWD GLQ LUXO \ DFHOHHOHPHQWHFDUHQXVH
DIOvQ[
#J
QJ
JJFLWLUHGDWHJ
JJJmJJ
JJ%JmJ
J
JJ
J\J
,J
JJJJJmJJ
JJJJ
JdJ
JJJzJYJ
,J
JJJJJJJmJJ~JJJ
JJJJJJJ
JJJ
JJJJJJ%JmJ%J~JJJ
JJJJJJ%JmJYJJ
JJDILDUHUH]XOWDWH
J
,PSOHPHQWULVXJHUDWH
3HQWUXDYIDPLOLDUL]DFXPRGXOvQFDUHVHDERUGHD]SUREOHPHOHvQFDUHVHSUHOXFUHD
]WDEORXULXQLGLPHQVLRQDOHYVXJHUPVLPSOHPHQWDLDOJRULWPLSHQWUX
GHWHUPLQDUHDVXPHLHOHPHQWHORUXQXLLU
GHWHUPLQDUHDPLQLPXOXLLPD[LPXOXLXQXLLU
YHULILFDUHDH[LVWHQHLDFHOSXLQXQXLHOHPHQWDYkQGRSURSULHWDWHGDWGLQWUXQLU
FXWDUHDOLQLDUDXQXLHOHPHQWvQWUXQLU
FXWDUHDOLQLDUDXQXLHOHPHQWvQWUXQLULGHWHUPLQDUHDWXWXURUDSDULLLORU
FXWDUHDOLQLDUDXQXLHOHPHQWDYkQGRSURSULHWDWHGDWvQWUXQLULHOLPLQDUHDOXL
7DEORXULXQLGLPHQVLRQDOHLUXUL
FXWDUHDOLQLDUDWXWXURUHOHPHQWHORUDYkQGRSURSULHWDWHGDWvQWUXQLULHOLPLQD
UHDORU
FLWLUHDDGRXLUXULFXQXPUGLIHULWGHHOHPHQWHLGHWHUPLQDUHDLUXOXLFDUHDUH
VXPDHOHPHQWHORUPD[LPPLQLP
FLWLUHD D Q LUXUL FX QXPU GLIHULW GH HOHPHQWH L GHWHUPLQDUHD LUXOXL FDUH DUH
VXPDHOHPHQWHORUPD[LPPLQLP
FLWLUHDDQLUXULFXQXPUGLIHULWGHHOHPHQWHLLGHQWLILFDUHDLUXOXLFDUHDUHFHOH
PDLPXOWHHOHPHQWH
YHULILFDUHDSURSULHWLLGHPXOLPHDXQXLLU
GHWHUPLQDUHDGXEOXULORUvQWUXQLULHOLPLQDUHDORU
GHWHUPLQDUHDUHXQLXQLLDGRXPXOLPLUHSUH]HQWDWHFXLUXUL
GHWHUPLQDUHDLQWHUVHFLHLDGRXPXOLPLUHSUH]HQWDWHFXLUXUL
HOLPLQDUHDXQXLHOHPHQWGLQWUXQLUFXSVWUDUHDRUGLQLL
GHWHUPLQDUHD GLQWUXQ LU D GRX VXELUXUL SH ED]D XQHL SURSULHWL GDWH FUHkQG
GRXVXELUXULQRLDSRLFUHkQGVXELUXULQRLSHORF
3UREOHPHSURSXVH
6XP
6HFRQVLGHUSQXPHUHvQWUHJL6VHFDOFXOH]HVXPD
6
Q
Q
QS
'DFH[LVWL^S`DVWIHOvQFkWQL WHUPHQXOFRUHVSXQ]WRUQXVHFDOFX
OHD]7RWRGDWVVHQXPHUHYDORULOHHJDOHFXSULQWUHQXPHUHOHGDWH
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXL (+#&$VHDIOVFULVQXPUXOQDWXUDOS3HXUPWRDUHOHS
OLQLLVHDIOFkWHXQQXPUvQWUHJ
'DWHGHLHLUH
3HSULPDOLQLHDILLHUXOXLGHLHLUH (+#&'(!VHYDVFULHVXPDFDOFXODWLDUSHDGRXD
QXPUXOQXPHUHORUHJDOHFX
5HVWULFLLLSUHFL]UL
x dSd
x dQLdL S
7DEORXULXQLGLPHQVLRQDOHLUXUL
([HPSOX
(+#&$
|J
J
`J
J
J
(+#&'(!J
|``J
J
3HUHFKL
6HFRQVLGHUQQXPHUHvQWUHJL6VHDILH]HQXPHUHOHGHRUGLQHDOHSHUHFKLORUGHHOH
PHQWHIRUPDWHGLQGRXQXPHUHvQWUHJLHJDOH
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXL "@&$VHDIOQXPUXOQDWXUDOQ3HILHFDUHOLQLHGLQ
XUPWRDUHOHQOLQLLVHDIOXQQXPUvQWUHJ
'DWHGHLHLUH
QILLHUXOGHLHLUH "@&'(!VHYRUVFULHSHFkWHROLQLHSHUHFKLOHGHQXPHUHGH
RUGLQHVHSDUDWHSULQWUXQVSDLXDOHHOHPHQWHORUFRQVHFXWLYHHJDOHDOHLUXOXL
5HVWULFLLLSUHFL]UL
x dQd
x dQULdL Q
([HPSOX
"@&$J
J
J
J
5DSRUW
"@&'(!J
J
6HFRQVLGHUQQXPHUHvQWUHJL6VHGHWHUPLQHUDSRUWXOGLQWUHQXPUXOQXPHUHORUSDUH
LQXPUXOQXPHUHORULPSDUHGDWH
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXLGHLQWUDUH "#'"!&$VHDIOXQQXPUQDWXUDOQ8UPWRD
UHOHQOLQLLFRQLQILHFDUHFkWHXQQXPUvQWUHJ
7DEORXULXQLGLPHQVLRQDOHLUXUL
'DWHGHLHLUH
)LLHUXOGHLHLUH "#'"!&'(!YDFRQLQHRVLQJXUOLQLHSHFDUHVHYDVFULHUDSRUWXO
FHUXWFXGRX]HFLPDOHH[DFWH'DFvQILLHUXOGHLQWUDUHQXH[LVWQLFLXQQXPULP
SDUvQILLHUXOGHLHLUHVHYDVFULHPHVDMXOJJ
J
5HVWULFLLLSUHFL]UL
x dQd
x dQULdL Q
([HPSOX
"#'"!&$J
|J
J
J
J
J
|
"#'"!&'(!J
`
7HPSHUDWXUL
3HGXUDWDOXQLLLXQLHVDPVXUDWWHPSHUDWXUDDSHL0ULL1HJUHLYDORULOHVDXVFULVvQ
WUXQILLHU6WDELOLLGDFDSDPULLVDvQFO]LWvQFRQWLQXXVDXQX
'DWHGHLQWUDUH
Q ILLHUXO GH LQWUDUH !+&$ VH DIO GH QXPHUH UHDOH UHSUH]HQWkQG WHPSHUDWXUD
DSHL
'DWHGHLHLUH
'DFWHPSHUDWXULOHIRUPHD]XQLUPRQRWRQFUHVFWRUvQILLHUXOGHLHLUH !+&'(!
VHYDVFULHDOWIHOVHYDVFULH
([HPSOX
"+&'(!J
!+&$J
([SOLFDLH
J
J
$LFLQXVXQWPHQLRQDWHWRDWHFHOHGHWHP
|J
SHUDWXULGLQPRWLYHGHVSDLXGDUHVWHFODU
J
FWHPSHUDWXULOHQXDXFUHVFXWPRQRWRQ
J
QWUHEDUHDHIXOXL
5HFHQWVDUHDOL]DWUHFHQVPkQWXOSRSXODLHLGLQ5RPkQLD8QDQJDMDWFXULRVDFUHDWXQ
ILLHUvQFDUHDSVWUDWGRDUDQXOQDWHULLSHUVRDQHORUFDUHORFXLHVFvQFRPXQDVDQDWDO
HIXOOXLREVHUYkQGFSLHUGHWLPSXOFXOXFUXULQHLPSRUWDQWHvODFX]FILLHUXOUHV
7DEORXULXQLGLPHQVLRQDOHLUXUL
SHFWLYQXHVWHEXQODQLPLFLSHQWUXDILFRQYLQJWRUvOvQWUHDEGDFSRDWHVVSXQ
FkWHSHUVRDQHQVFXWHDQWHULRUDQXOXLWULHVFvQFRPXQDOXL"
6FULHLXQSURJUDPHILFLHQWFDUHUVSXQGHODvQWUHEDUHDHIXOXLLvQSOXVFUHHD]XQ
ILLHUQRXvQFDUHVHYRUDIODDQLLGHQDWHUHPDLPLFLGHFkW
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXLGHLQWUDUH -&$VHDIOQXPUXOQUHSUH]HQWkQGQXPUXO
ORFXLWRULORUGLQFRPXQDQDWDODDQJDMDWXOXL3HXUPWRDUHOHQOLQLLVHDIOQXPHUHQD
WXUDOHUHSUH]HQWkQGDQXOQDWHULLDOORFXLWRULORU
'DWHGHLHLUH
3HSULPDOLQLHDILLHUXOXLGHLHLUH -&'(!VHYDVFULHQXPUXOSHUVRDQHORUQVFXWH
DQWHULRUDQXOXL3HXUPWRDUHOHOLQLLVHYRUDIODDQLLGHQDWHUHUHVSHFWLYL
5HVWULFLLLSUHFL]UL
x dQd
x GDFQXVHJVHWHQLFLRSHUVRDQQVFXWDQWHULRUDQXOXLvQILLHUVHYDVFULH
PHVDMXO
x ILLHUXOGHLHLUHQXWUHEXLHVFRQLQQXPHUHGLVWLQFWH
([HPSOX
-&$
|J
`J
```J
J
|J
|
'LULJLQWD
-&'(!
J
`J
|J
|
/DVIkULWXODQXOXLGLULJLQWDFODVHLWUHEXLHVFRPSOHWH]HXQIRUPXODUvQFDUHHVWHvQWUH
EDWFkLHOHYLGLQFODVDXPHGLDILQDOvQWUHLLQFOXVLYFkLDXPHGLDvQWUHL
LQFOXVLYHWF'DUFXPQXvLSODFHVOXFUH]HFXVWDWLVWLFLOHYURDJVVFULHLXQSUR
JUDPFDUHvLYDOLVWDGDWHOHQHFHVDUHQSOXVHDYVROLFLWFDOLVWDVFRQLQLPHGLLOH
GLQILHFDUHFDWHJRULH
'DWHGHLQWUDUH
3HSULPDOLQLHGLQILLHUXOGHLQWUDUH %")&$VHDIOXQQXPUQDWXUDOQUHSUH]HQ
WkQGQXPUXOHOHYLORUGLQFODV3HXUPWRDUHOHQOLQLLVHDIOvQRUGLQHDGLQFDWDORJ
PHGLLOHJHQHUDOHDOHORU0HGLLOHVXQWQXPHUHUHDOHVFULVHFXGRXD]HFLPDOHH[DFWH
7DEORXULXQLGLPHQVLRQDOHLUXUL
'DWHGHLHLUH
QILLHUXOGHLHLUH%")&'(!YHLVFULHVWDWLVWLFDVXEXUPWRDUHDIRUP
x 3HSULPDOLQLHVHYDVFULHWH[WXOJ
J
J`QJXUPDWGH
QU XQGH QU UHSUH]LQW QXPUXO HOHYLORU DYkQG PHGLD JHQHUDO vQWUH L LQ
FOXVLY3HXUPWRDUHDOLQLHYHLVFULHPHGLLOHHOHYLORUGHVSULWHSULQFkWHXQVSDLX
vQRUGLQHDGLQILLHUXOGHLQWUDUHDSDULQkQGFDWHJRULHLUHVSHFWLYH
x 9HLSURFHGDODIHOvQFD]XOILHFUHLFDWHJRULLPHGLLJHQHUDOHvQWUHLLQFOXVLY
vQWUHLLQFOXVLYvQWUHLLQFOXVLYUHVSHFWLYvQWUHLLQFOXVLY
x 'DFQXPUXOPHGLLORUGLQWURFDWHJRULHHVWHOLQLDFRUHVSXQ]WRDUHPHGLHLUPk
QHYLGvQILLHU
5HVWULFLLLSUHFL]UL
x PHGLLd
x vQDFHDVWFODVQXVXQWFRULJHQL
([HPSOX
%")&$
|J
|J
J
J
||J
``J
%")&'(!
J
J
J`QJJ
JJJJJ
J
J
JQJJ
J``JJ
J
J
JQJ`J
J
J
J
JQJJ
J|JJ
J
J
J|QJJ
J||J
*HQHUDUHLU
6H FRQVLGHU XUPWRUXO LU FRQVWUXLW DVWIHO vQFkW ILHFDUH HOHPHQW DO OXL FX H[FHSLD
SULPXOXLVHRELQHGLQFHOSUHFHGHQW5HJXODGHJHQHUDUHD
WHUPHQLORUHVWHXUPWRDUHD
x VHQXPUGHODVWkQJDODGUHDSWDFkWHFLIUHH[LVWvQWHUPHQXOSUHFHGHQW
x vQWHUPHQXOQRXVHWUHFHSHQWUXILHFDUHFLIUQXPUXOGHDSDULLLDFLIUHLLFLIUD
6VHGHWHUPLQHDOQOHDHOHPHQWGLQLU
'DWHGHLQWUDUH
1XPUXOQDWXUDOQVHFLWHWHGLQILLHUXOGHLQWUDUH)$"#"&$J
J
'DWHGHLHLUH
$OQOHDWHUPHQGLQLUVHYDVFULHvQILLHUXO)$"#"&'(!J
7DEORXULXQLGLPHQVLRQDOHLUXUL
5HVWULFLLLSUHFL]UL
x Qd
([HPSOX
)$"#"&$
)$"#"&'(!
6XSUDSXQHUH
6HFRQVLGHUXQWDEORXXQLGLPHQVLRQDO$FDUHFRQLQHQQXPHUHQDWXUDOHLXQDOWWD
EORX%DYkQGHOHPHQWHHJDOHFXGHOXQJLPHNXQGHNdQ3ULQVXSUDSXQHUHDWDEOR
XOXL%SHVWHWDEORXO$HOHPHQWHOHDFRSHULWHGLQ$vLPLFRUHD]YDORDUHDFXRXQLWDWH
6VHVWDELOHDVFGDFHVWHSRVLELOFDSULQDSOLFULVXFFHVLYHDOHWDEORXOXL%SHVWHWD
EORXO$VVHRELQvQ$QXPDLYDORULHJDOHFX
'DWHGHLQWUDUH
'DWHOHGHLQWUDUHVHFLWHVFGLQILLHUXOGHLQWUDUH ("#&$vQFDUHSHSULPDOLQLHHVWH
VFULVQXPUXOQDWXUDOQSHDGRXDOLQLHHVWHVFULVQXPUXOQDWXUDONLDUSHDWUHLDOLQLH
VXQWFHOHQHOHPHQWHGLQWDEORXO$
'DWHGHLHLUH
'DWHOHGHLHLUHVHYRUVFULHvQILLHUXO ("#&'(!'DFSUREOHPDQXDGPLWHVROXLH
vQILLHUXOGHLHLUHVHYDVFULHPHVDMXO DOWIHOVHYDVFULHRVXFFHVLXQH
GHLQGLFLDLLUXOXL$SHVWHFDUHVHDSOLFSR]LLDGHvQFHSXWDWDEORXOXL%
5HVWULFLLLSUHFL]UL
x dQd
x dNdQ
x dDLd
x RVXSUDSXQHUHHVWHSRVLELOGDFvQWUHJWDEORXO%vQFDSHvQ$
([HPSOH
("#&$J
J
J
JJJJ`J`J`J`J
J
("#&$J
`J
J
JJJJJJJ`J`J`JJJJJJJJ`J`J`
("#&'(!J
J
J
J
("#&'(!J
JJJJJ
7DEORXULXQLGLPHQVLRQDOHLUXUL
6ROXLLOHSUREOHPHORU
6XPD
6HFLWHWHGLPHQVLXQHDSDLUXOXL6XPDVVHLQLLDOL]HD]vQDFHDVWSUREOHPFXYD
ORDUHDFRQIRUPH[SUHVLHLGDWHLDUFRQWRUXO]HURXULORUFX
)LHFDUHQXPUGLQLUVHYHULILFSHQWUXDSXWHDGHFLGHGDFSDUWLFLSODVXPVDX
ILLQGVHPUHWHFRQWRUXOFRUHVSXQ]WRUYDORULORUQXOH'DFQXPUXOFLWLWHVWHQXO
DWXQFLQXSDUWLFLSODVXPGHRDUHFHQXSXWHPHIHFWXDvPSULUHFXQILQDOVHVFULH
YDORDUHDVXPHLvQILLHUXOGHLHLUHSUHFXPLQXPUXOHOHPHQWHORUHJDOHFX
#QJ
JJ
JJ
\J
,
JJJJ
J
JJ
JJ
JJ
JJJmJ`
^QXPUXO]HURXULORU`J
^LQLLDOL]PVXPDFXFRQIRUPH[SUHVLHLGDWH`J
JJJmJJ
\J
,
JJJJ
J
JJ
JJJJJ
JzJ`JJJ
JJJJJJJmJJ~J
JJ
JJJJ
J
JJJJJJJmJJ~JJ
JJ
JJ
JJ
JJ
JJJ
J
3HUHFKL
'XS FLWLUHD GLPHQVLXQLL LUXOXL L D HOHPHQWHORU VDOH SUHOXFUDUHD VH UHDOL]HD] FX R
VWUXFWXUUHSHWLWLYGHWLS
QDFHDVWLQVWUXFLXQHWUHEXLHVILPDWHQLODYD
ORDUHDILQDODFRQWRUXOXLSHQWUXDQXFRPSDUDXOWLPXOHOHPHQWFXXQDOQOHDFDUH
QXH[LVW'DFYRPDYHDXQFRQWRUFDUHSRUQHWHFXYDORDUHDDWXQFLYDORDUHDILQDO
YDILQGDFSRUQLPFXYDORDUHDILQDOYDILQQSULPXOFD]YRPFRPSDUDHOH
PHQWHOHGHLQGLFHLLLvQDOGRLOHDFD]FRPSDUPHOHPHQWHOHGHLQGLFHLLL
#J%&QJ
JJ
J
JJ
J\
J
QJ
JJJJ
JJJ
^GLPHQVLXQHDLUXOXL`J
7DEORXULXQLGLPHQVLRQDOHLUXUL
JJ
J\
J
Q
^HFKLYDOHQWFX
J\
J%Q`
JJJJJ\~J
^%J\J
%`
JJJJJJ
JJ~J
J
5DSRUW
1RWPFXQUSDUHQXPUXOQXPHUHORUSDUHLFXQULPSDUHQXPUXOQXPHUHORULPSDUH
JVLWH$PEHOHYDULDELOHVHLQLLDOL]HD]FX
8UPHD] R SUHOXFUDUH VLPSO D HOHPHQWHORU LUXOXL vQ FDUH FRQWRUL]P QXPHUHOH
LPSDUHLSDUH
QILQDODQWHULRUFDOFXOULLLDILULLUDSRUWXOXLWUHEXLHVYHULILFPGDFDPvQWkOQLW
FHOSXLQXQQXPULPSDUSHQWUXDQXULVFDVvPSULPFXQFD]XOvQFDUHQXDH[LV
WDWQLFLXQQXPULPSDUvQILLHUVFULHPPHVDMXOFRUHVSXQ]WRU
J
#JQJ
J
JJJ
JJ
J\
J
QJ
JJJJ
JJ
JJ
JmJ`J
JJ
JmJ`
J\
J
QJ
JJJJJHVWHJJJ
JJJJJJ
JmJ
J~JJ
JJJJ
JJ
JJJJJJ
JmJ
J~JJ
J
JJJ
JJ`JJ
JJJJ
J
J
JJ
J
JJJJ
JJJ
JJ
JJ
JJ
7HPSHUDWXUL
9RPUH]ROYDSUREOHPDLPSOHPHQWkQGDOJRULWPXO %'XSFLWLUHDLUXOXLGH
WHPSHUDWXULYRPFRPSDUDHOHPHQWHOHGRXFkWHGRX
QDOJRULWPQXYRPFLWLGLPHQVLXQHDGHRDUHFHWLPFOXQDLXQLHDUHGH]LOH
7DEORXULXQLGLPHQVLRQDOHLUXUL
#JQJ
JJ
J\`J
QJ
JJJJ
JJ
JJmJ
^FkWWLPSvQDLD]LWHPSHUDWXUDHVWHPDLPLFVDXHJDOFXFHDGLQDLD]L`J
JJ
J`JdJ~
QJJJJJJJ
^WUHFHPODXUPWRDUHD]L`J
JJJJmJ~JJ
^GDFYDORDUHDOXLLDDWLQVYDORDUHDvQVHDPQFSkQDFXPWRDWH`
^SHUHFKLOHVXFFHVLYHGHWHPSHUDWXULDXUHVSHFWDWSURSULHWDWHD`
JJJJ\J`JJ
JJJJ
JJ
JJ
J
JJJJ
JJ
QWUHEDUHDHIXOXL
3UREOHPDVHUH]ROYFXXQDOJRULWPGHVHOHFWDUH'HRDUHFHvQILLHUXOGHLHLUHPDLvQ
WkLWUHEXLHVVFULHPQXPUXOSHUVRDQHORUVHOHFWDWHQXSXWHPVLVFULHPGLUHFWvQILL
HUSHED]DSURSULHWLLFLWUHEXLHVFUHPLUXOORU
9RP FLWL LUXO GDW L vO YRP UHLQH LQWHJUDO vQ PHPRULH 3HQWUX LUXO QXPHUHORU
VHOHFWDWH QX SXWHP GHFODUD XQ DOW LU GHRDUHFH vQ PHPRULH QX DP DYHD ORF L SHQWUX
DFHVWDQFRQFOX]LHYRPOXFUDSHORFDGLFYRPSVWUDvQDFHVWLURULJLQDOHOHPHQ
WHOHFDUHQHLQWHUHVHD]3XWHPVWULFDLUXOFLWLWGHRDUHFHLUXOWXWXURUDQLORUGHQD
WHUHUPkQHQHDOWHUDWvQILLHUXOGHLQWUDUH
3VWUDUHDHOHPHQWHORUFDUHQHLQWHUHVHD]GLQLUXOGDWVHSRDWHUHDOL]DvQPDLPXOWH
IHOXULGDUGHRDUHFHQLVDFHUXWXQSURJUDPUDSLGQXYRPHIHFWXDWUDQVODWUL
#%QJ
JJ
J
^QXPUXOORFXLWRULORUGLQFRPXQ`J
JJ
J\
J
QJ
JJJJ
J
^DQLLGHQDWHUH`J
JJ
JmJ`
^GHRFDPGDWQXDPJVLWQLFLXQDQPDLPLFGHFkW`J
JJ
J\
J
QJ
JJJJJ
JJJJ
JJJJJJ
JmJ
J~
^FUHWHQXPUXODQLORUPDLPLFLGHFkW`
JJJJJJ
JmJ
^SHVWHHOHPHQWXO
VHFRSLD]YDORDUHD
`J
7DEORXULXQLGLPHQVLRQDOHLUXUL
J\J`
2J
^QXPUXOORFXLWRULORUQVFXLDQWHULRUOXL`J
JJ
J
JJ
J\
J
QJ
^DQLLGHQDWHUH`J
JJJJ
J
'LULJLQWD
3UREOHPDIDFHSDUWHGLQFDWHJRULDDFHORUDFDUHVHUH]ROYFXDOJRULWPXOGHSDUWLLRQDUH
9RPDOHJHPRGHOXO
FKLDUGDFDFHDVWSUREOHPQXULGLFSUREOH
PHGHVSDLXGHPHPRUDUHSHQWUXDRIHULXQPRGHOGHUH]ROYDUHSHQWUXSUREOHPHOHvQ
FDUHPHWRGDQXSRDWHILRFROLW
QDOJRULWPYRPDYDQVDFXSULPXOGHODVWkQJDODGUHDSWDvQFXWDUHDPHGLLORUFDUH
QXLQWUvQFDWHJRULDFXUHQWLFXXOWLPGHODGUHDSWDODVWkQJDvQFXWDUHDPHGLLORUFD
UHWUHEXLHVLQWUHvQFDWHJRULDFXUHQW&XYDULDELODOLPLWDGHILQLPFDWHJRULDGHPHGLL
FDUHVHFDXWLDUEXFUHSUH]LQWLQGLFHOHXOWLPXOXLHOHPHQWFDUHIDFHSDUWHGLQVXELUXO
FXUHQWQEXFVHYDGHWHUPLQDOXQJLPHDVXELUXOXLFXUHQWQHFHVDUvQDILDUH
#JQJ
^QXPUXOHOHYLORUGLQFODV`J
JJ
J
JJ
J\
J
QJ
^PHGLLOH`
JJJJ
J
JJJmJJ
^SULPXOLQGLFHDOLUXOXLFXUHQW`J
JJJmJ
JJJ
^XOWLPXOLQGLFHDOLUXOXLFXUHQW`J
JQ\|J
Q
^PHGLLSRVLELOH`J
JJJJJmJJJJ ^YDULDELODX[LOLDUUHLQHSULPXOLQGLFHDOLUXOXLFXUHQW`
JJJJJmJ
^SULPDPHGLHRSXQHPGHRSDUWH`
JJJJ
JJJJ
QJ
^FXWPSULPXOHOHPHQWDYkQGSURSULHWDWHDGHODGUHDSWDVSUHVWkQJD`
7DEORXULXQLGLPHQVLRQDOHLUXUL
^QXDUHSURSULHWDWHDFHUXWvOVFULHPSHVWH`
JJJJJJJJJJJ
J
JJJJJJJJJJJmJJ
JJJJJJJJJJJmJJJJ
^DYDQVPGHODVIkULWVSUHvQFHSXW`J
JJJJJJJJ J
JJJJJJ J
JJJJ
JJJJJmJJJ
^HOHPHQWXOSXVvQVHSXQHSHORFXOOLEHU`
^GDFHOHPHQWXOFDUHDIRVWvQDUHSURSULHWDWHDFHUXW`
^IDFHSDUWHGLQVXELUXOFXUHQW`
JJJJJJJJJJ
^LQGLFHOHXOWLPXOXLHOHPHQWFDUHIDFHSDUWHGLQVXELUXOFXUHQW`J
JJJJJJ%JmJJ
J
JJJJ
^JIDFHSDUWHGLQVXELUXOFDUHVHYDSDUWLLRQDvQFRQWLQXDUH`
JJJJJJ%JmJJJJ
^QXPUXOHOHPHQWHORUGLQVXELUXOFXUHQW`
J%JJJ~JJJ
JJJJ
J\%J
QJ
JJJJJJ
JJ
JJJJJmJ%J~JJ^LQGLFHOHGHvQFHSXWDOVXELUXOXLFDUHVHYDSDUWLLRQD`
JmJ
JJ
^UHIDFHPYDULDELODSHQWUXRQRXSUHOXFUDUH`J
J
J
$FHDVWUH]ROYDUHUHVSHFWvQWRFPDLFHULQHOHSUREOHPHLUHVSHFWLYPHGLLOHHOHYLORU
VXQWDILDWHvQRUGLQHDGLQLUXOGDW'DFQXDUILH[LVWDWDFHDVWFHULQLUXOGHPHGLL
SXWHDILRUGRQDW
*HQHUDUHLU
'HRDUHFHUHJXODGHJHQHUDUHDHOHPHQWHORUVDGDWvQHQXQYRPFRQVLGHUDXQH[HP
SOXLYRPGHVFULHDOJRULWPXOGHUH]ROYDUH
6 SUHVXSXQHP F GRULP DILDUHD FHOXL GHDO OHD WHUPHQ DO LUXOXL *HQHUP SH
UkQGWRLWHUPHQLLSkQODDOOHD
x 7 FRQLQHRVLQJXUFLIUGHGHFL7
x 7FRQLQHGRXFLIUHGHDYHP7
x 'HRDUHFHvQ7DYHPRFLIUGHLXQDGHUH]XOW7
x Q7DYHPXQRFLIUDSRLGRXFLIUHGHFL7
x Q7YRPDYHD7 GHRDUHFHvQ7DPDYXWGHGHLXQ
7DEORXULXQLGLPHQVLRQDOHLUXUL
9RP OXFUD FX DMXWRUXO D GRX WDEORXUL GH FLIUH 8QXO GLQWUH WDEORXUL VH IRORVHWH
SHQWUXDUHLQHFLIUHOHGLQFDUHVHIRUPHD]SULQDOLSLUHXOWLPXOWHUPHQJHQHUDWYHFKL
LFHOODOWSHQWUXWHUPHQXOFDUHVHJHQHUHD]SHED]DSUHFHGHQWXOXLQRX$PFRQYHQLW
FD QXPUXO GH HOHPHQWH SHQWUX WDEORXO YHFKL V ILH UHLQXW vQ YDULDELOD NYHFKL LDU
SHQWUXLUXOQRXvQNQRX9RPOXFUDGRDUFXDFHVWHGRXLUXULGHRDUHFHQXGRULPV
SVWUPWRDWHHOHPHQWHOHLUXOXLDYkQGvQYHGHUHFVHFHUHGRDUDOQOHDWHUPHQ'XS
FRQVWUXLUHD WHUPHQXOXL QRX WHUPHQXO YHFKL LD YDORDUHD WHUPHQXOXL QRX SUHFXP L
NYHFKLVHVXEVWLWXLHFXNQRXXUPkQGVVHJHQHUH]HXQDOWWHUPHQQRX
#J
QJ
^SULPXOWHUPHQVHLQLLDOL]HD]LGHYLQHLPHGLDWYHFKL`J
JJ%&JmJJJ
JJ?%&JmJJ
^OXQJLPHDLUXOXLDFXPHVWH`J
^FRQWRUSHQWUXWHUPHQLLLUXOXL`J
JJ?JmJJJ
JJ
J?JJ
J
,
^DOJRULWPXOVHWHUPLQFkQGDPGHWHUPLQDWDOQOHDWHUPHQ`
J J
JJJJ?
JmJ`JJ
^GHRFDPGDWQXDYHPQLFLRFLIUvQQRXOWHUPHQ`
JJJJJmJJJ
JJdJ?%&J
, ^YRPSDUFXUJHFLIUHOHYHFKLXOXLWHUPHQ`
JJ JJJJ%
JmJJ
^vQ%
VHQXPUWRDWHHOHPHQWHOHHJDOHFX%&`
JJJ?%&JJ%&J\J%&~J
,
%
JmJ%
J~JJ
JJJJJJJJJmJJ~JJ
J
^LUXOYDDYHDFXXQWHUPHQPDLPXOW`J
JJJJJJ?
JmJ?
J~JJJ
JJJJJJ
?
JmJ%
J
^VHWUHFHvQLUXO
QXPUXOFLIUHORUFXUHQWH`J
JJJJJJ?
JmJ?
J~JJJ
^PDLDYHPQHYRLHGHRSR]LLH`J
JJJJJJ
?
JmJ%&JJ
^SHQWUXFLIUDFXUHQW`J
^WUHFHPODXUPWRDUHDFLIUGLQWHUPHQXOYHFKL`J
JJJJJJJmJJ~JJ
J
JJJJ%&JmJ
J
JJJJ?%&JmJ?
J
JJJJ?JJmJ?J~JJ
JJ
J\?
J
QJ
JJJJ
J
J
6XSUDSXQHUH
3HSDUFXUVXODOJRULWPXOXLYRPILDWHQLFDSULQWURVXSUDSXQHUHGHFLGHFUHPHQWDUHD
YDORULORUHOHPHQWHORUVXFFHVLYHGLQ$VQXDSDUHOHPHQWHQHJDWLYH
([HPSOX
Q N LDUWDEORXO$HVWH
7DEORXULXQLGLPHQVLRQDOHLUXUL
$
6HUHDOL]HD]SULPDVXSUDSXQHUHvQFHSkQGGHODSR]LLD
$
QWDEORXOUH]UHLQHPSULPDSR]LLHGHVXSUDSXQHUH
UH]
$FXPDQDOL]PHOHPHQWHOHWDEORXOXL$
D GHFLVHvQFHDUFVXSUDSXQHUHvQFHSkQGGHODSR]LLD
D GHFLQLFLDLFLQXHVWHQHFHVDUVXSUDSXQHUHVHYHULILFSR]LLD
D QXQHFHVLWVXSUDSXQHUH
D GHFLVHvQFHDUFVXSUDSXQHUHvQFHSkQGFXSR]LLD
D VHUHDOL]HD]VXSUDSXQHUHvQFHSkQGGHODSR]LLD
$
QWDEORXOUH]UHLQHPDGRXDSR]LLHGHVXSUDSXQHUH
UH]
D!GHFLVHUHDOL]HD]RVXSUDSXQHUHGHODSR]LLD
$
QWDEORXOUH]UHLQHPLDFHDVWSR]LLHGHVXSUDSXQHUH
UH]
QFRQWLQXDUHVHvQFHDUFVXSUDSXQHUHODSR]LLDLQFHSkQGFXSR]LLD
QX DUH VHQV V vQFHUFP VXSUDSXQHUH GHRDUHFH WDEORXO % QX VH PDL SRDWH VXSUDSXQH
QHILLQGVXILFLHQWHHOHPHQWHvQWDEORXO$
3HSDUFXUVXOSUHOXFUULLVHYHULILFGDFHOHPHQWHOHWDEORXOXL$DXUPDVQHQHJDWL
YHLvQFD]XOvQFDUHDSDUHXQQXPUQHJDWLYVHvQWUHUXSHSUHOXFUDUHD
QILQDOVHYHULILFGDFLUXO$PDLDUHVDXQXHOHPHQWHQHQXOH$FHVWHDSRWILGRDU
OD VIkULWXO LUXOXL GHRDUHFH GDF LUXO%QXSRDWHILVXSUDSXVDOJRULWPXOVHRSUHWH
'DFWRDWHHOHPHQWHOHVXQWQXOHDWXQFLVHVFULXHOHPHQWHOHWDEORXOXLUH]vQILLHUXOGH
LHLUHDOWIHOVHVFULHPHVDMXO
$OJRULWPXOFDUHUHDOL]HD]VXSUDSXQHUHDHVWH
#
QJ
JJFLWLUHDGDWHORUJ
JJJmJJ
7DEORXULXQLGLPHQVLRQDOHLUXUL
JJJmJ`J
JJJmJDGHYUDW
^LQLLDOWRDWHQXPHUHOHGLQ$VXQWQHQHJDWLYH`
^FkWWLPSQXPHUHOHGLQ$VXQWQHQHJDLWLYHL%vQFDSHvQ$`
6XESURJUDPH
1RLXQHDGHPRGXO
'HFODUDUHDLDSHOXOXQXLVXESURJUDP
)XQFLLLSURFHGXULvQ3DVFDO
'H]YROWDUHDSURJUDPHORU
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
0RGXO
&DSLWROXO
1RLXQHDGHVXESURJUDPDDSUXWGLQQHFHVLWDWHDGHDGLPLQXDFRPSOH[LWDWHDXQXLSUR
JUDPSULQGHVFRPSXQHUHDDFHVWXLDvQVXESURJUDPH$SOLFDUHDDFHVWXLFRQFHSWUHIOHFW
ODXQDQXPLWQLYHOSULQFLSLXOSURJUDPULLPRGXODUH&RQIRUPDFHVWXLSULQFLSLXDOLQ
JLQHULHLSURJUDPULLDOJRULWPLLVHSURLHFWHD]DVWIHOvQFkWDFHWLDVIRORVHDVFPRGX
OH XQGH SULQ PRGXOvQHOHJHPRXQLWDWHVWUXFWXUDOGHVLQHVWWWRDUHSURJUDPVXE
SURJUDPVDXXQLWDWHGHSURJUDP)LHFDUHPRGXOWUHEXLHVDLEXQUROELQHGHWHUPLQDW
LVILHFRQFHSXWDVWIHOvQFkWVSRDWILIRORVLWODQHYRLHLvQFDGUXOXQXLDOWSURJUDP
IUDILPRGLILFDW2ULFHPRGXOSRDWHILODUkQGXOVXFRQVWUXLWGLQDOWHPRGXOH
3ULQWUH DYDQWDMHOHSURJUDPULLPRGXODUH GHFDUHEHQHILFLD]LFRQFHSWXOGHVXE
SURJUDPDPLQWLP
x VLPSOLWDWHDLFODULWDWHDSURJUDPXOXL
x PRGXOHOHVXQWPDLXRUGHGHVFULVGHWHVWDWGHFRUHFWDWLHYHQWXDOGHPRGLILFDW
RSWLPL]DUHDXQXLSURJUDPVHSRDWHUHDOL]DDGHVHDGRDUSULQvQORFXLUHDXQXLPRGXO
LQHILFLHQWFXDOWXOPDLSHUIRUPDQW
x VHHYLWUHVFULHUHDXQXLDOJRULWPGHFkWHRULHVWHQHYRLHGHDFHVWD
x XQPRGXORGDWSXVODSXQFWYDIXQFLRQDODIHOGHELQHLvQWUXQDOWSURJUDPFDUH
DUHQHYRLHGHHO
x VHFUHHD]SUHPLVHOHUHDOL]ULLXQRUDSOLFDLLPDULSULQPXQFDvQHFKLSDPDLPXO
WRUSURJUDPDWRUL
6XEOLQLHP F HVWH LPSRUWDQW V VH XUPUHDVF FUHWHUHD LQGHSHQGHQHL VXESURJUD
PHORUSHQWUXDPULDQVHOHUHXWLOL]ULLORUvQFkWPDLPXOWHSURJUDPH
6XESURJUDPH
$SOLFDUHDvQSUDFWLFDSULQFLSLXOXLPRGXODULWLLLPSOLFVWDELOLUHDXQRUGHWDOLLSUL
YLQG
x DOHJHUHDYDULDQWHLRSWLPHGHGHVFRPSXQHUH
x YHULILFDUHDFRUHFWLWXGLQLLPRGXOXLvQFDUHVDUHDOL]DWGHVFRPSXQHUHD
x DVLJXUDUHDFRPXQLFULLDGHFYDWHvQWUHVXESURJUDPH
'DWHOHFDUHDVLJXUFRPXQLFDUHDvQWUHVXESURJUDPLPRGXOXODSHODQWVXQWGHILQLWH
vQWUR LQWHUID D VXESURJUDPXOXL FX H[WHULRUXO QXPLW OLVWD SDUDPHWULORU IRUPDOL
5HVWXOGDWHORUGDWHORFDOHVXQWDVFXQVHSHQWUXH[WHULRU
'DWHOHGHILQLWHvQVXESURJUDPVHQXPHVFORFDOHLYRUWULFkWWLPSVXESURJUDPXO
UHVSHFWLYHVWHDFWLYGLQPRPHQWXODFWLYULLDSHOULLSkQODH[HFXLDXOWLPHLLQVWUXFL
XQLDVXESURJUDPXOXL
'DWHOH GHILQLWH vQ SURJUDPXO SULQFLSDO VH QXPHVF JOREDOH L YRU IL Y]XWH FX
H[FHSLDFHORUUHGHFODUDWHvQVXESURJUDPXOUHVSHFWLYvQWRDWHVXESURJUDPHOHGHRDUHFH
SURJUDPXOSULQFLSDOHVWHSULPXOEORFFDUHVHDFWLYHD]LXOWLPXOFDUHVHGH]DFWLYHD]
/LVWDSDUDPHWULORUIRUPDOLHVWHGHFODUDWvQDQWHWXOVXESURJUDPXOXLLFRQLQHSDUD
PHWULGHLQWUDUHLVDXSDUDPHWULGHLHLUH
Q SULQFLSLX XQ SDUDPHWUX FDUH GHVHPQHD] GDWH VWULFW GH LQWUDUH SHQWUX VXESUR
JUDP VH YD WUDQVPLWH SULQ YDORDUH LDU FHO FDUH HVWH GH LHLUH GLQ VXESURJUDP VH YD
WUDQVPLWHSULQUHIHULQ
'HFODUDUHDLDSHOXOXQXLVXESURJUDP
6WUXFWXUDXQXLVXESURJUDPVHDPQFXVWUXFWXUDXQXLSURJUDP
7LSB6XESURJUDP1XPHOLVWDSDUDPHWULORUIRUPDOL
^DQWHWXOVXESURJUDPXOXL`
GHFODUDLLOHGDWHORUORFDOH
LQVWUXFLXQHFRPSXV
^GHVFULHUHDDOJRULWPXOXLGHUH]ROYDUHDVXESUREOHPHL`
XQGH SULQ 7LSB6XESURJUDP vQHOHJHP SUHFL]DUHD WLSXOXL VXESURJUDPXOXL vQ 3DVFDO
IXQFLHVDXSURFHGXU&RUSXOVXESURJUDPXOXLHVWHIRUPDWGLQGHFODUDLLOHORFDOHDOH
VDOHLRLQVWUXFLXQHFRPSXV
$SHOXOVXESURJUDPXOXLVHIDFHvQSDUWHDGHDFLXQLDPRGXOXOXLDSHODQW'DFVXE
SURJUDPXOUHWXUQHD]RVLQJXUYDORDUHDYHPVXESURJUDPGHWLSIXQFLHDSHOXOSRDWH
VDSDUvQWURH[SUHVLHRULXQGHVLQWD[DOLPEDMXOXLSHUPLWHSUH]HQDXQHLH[SUHVLL'D
FXQVXESURJUDPFDOFXOHD]PDLPXOWHYDORULvQ3DVFDODYHPVXESURJUDPGHWLSSUR
FHGXU DSHOXO VXESURJUDPXOXL DUH ORF vQ LQVWUXFLXQHD SURFHGXUDO YD IL vQ VLQH R
DFLXQHLYDDSUHDRULXQGHSRDWHVDSDURLQVWUXFLXQH
QSULQFLSLXXQDSHOVHVFULHSUHFL]kQGQXPHOHVXESURJUDPXOXLXUPDWvQWUHSDUDQ
WH]HGHOLVWDSDUDPHWULORUDFWXDOL(IHFWXODSHOXOXLFRQVWvQDFWLYDUHDVXESURJUDPXOXL
LWUDQVIHUXOH[HFXLHLSURJUDPXOXLODSULPDLQVWUXFLXQHH[HFXWDELOGLQVXESURJUDP
6XESURJUDPH
QSUHDODELOYDORULOHSDUDPHWULORUDFWXDOLWUDQVPLLSULQYDORDUHVHFRSLD]vQYDULDELOH
OHFDUHVXQWSDUDPHWULIRUPDOLDFHWLDVHSVWUHD]vQWLPSXOH[HFXWULLVXESURJUDPX
OXLvQVWLYDGHH[HFXLHLDUFRUHVSXQ]WRUSDUDPHWULORUWUDQVPLLSULQUHIHULQVHFR
PXQLFDGUHVHOHSDUDPHWULORUDFWXDOL2ULFHPRGLILFDUHGHYDORDUHDVXSUDSDUDPHWUX
OXL IRUPDO GH WLS UHIHULQ GH WLS DGUHV VH YD HIHFWXD GH IDSWDVXSUDSDUDPHWUXOXL
DFWXDO FRUHVSXQ]WRU 3HQWUX FD DFHVW OXFUX V ILH SRVLELO SDUDPHWUXO DFWXDO DIHUHQW
XQXLSDUDPHWUXIRUPDOGHWLSUHIHULQWUHEXLHVILHRYDULDELO
/LVWDSDUDPHWULORUDFWXDOLWUHEXLHVDLEWRWDWkLDSDUDPHWULFDLOLVWDSDUDPHWULORU
IRUPDOLLSHUHFKLOHFRUHVSRQGHQWHGHSDUDPHWULWUHEXLHVILHFRPSDWLELOHFDWLS
6SWUXQGHPDFXPPDLDGkQFvQSURFHVXODSHOULLXQXLVXESURJUDP
3HQWUX JHVWLRQDUHD VLPSO L QDWXUDO D H[HFXLHL VXESURJUDPHORU VH XWLOL]HD] R
]RQVSHFLDODPHPRULHLQXPLWVWLYGHH[HFXLH6WDFN
$PLQWLPFvQJHQHUDOVHQXPHWHVWLYRVWUXFWXUGHGDWHFXGRXFDSHWHED]L
YkUI,QWURGXFHUHDFkWLH[WUDJHUHDGHGDWHvQGLQWURVWLYHVWHSRVLELOGRDUODXQXO
GLQWUHFDSHWHQXPLWYkUIXOVWLYHL6WLYDGHH[HFXLHHVWHR]RQGHPHPRULHvQFDUHVH
GHSXQLGLQFDUHVHH[WUDJGDWHFRQIRUPDFHVWXLSULQFLSLX
QXUPDDSHOXOXLXQXLVXESURJUDP
x VHvQWUHUXSHH[HFXWDUHDPRGXOXOXLDSHODQW
x VHVDOYHD]SHVWLYDGHH[HFXLHXUPWRDUHOHLQIRUPDLL
DGUHVDLQVWUXFLXQLLODFDUHVHYDUHYHQLGXSH[HFXLDVXESURJUDPXOXOXLDSHODW
YDORULOHSDUDPHWULORUWUDQVPLLSULQYDORDUH
DGUHVHOHSDUDPHWULORUGHWLSUHIHULQ
x VHDORFVSDLXSHVWLYYDULDELOHORUORFDOH
x VHDFWLYHD]VXESURJUDPXOVHSUHGFRQWUROXOSULPHLLQVWUXFLXQLDDFHVWXLD
x VHH[HFXWLQVWUXFLXQLOHVXESURJUDPXOXL
QPRPHQWXOWHUPLQULLH[HFXLHLVXESURJUDPXOXLVHHOLPLQGHSHVWLYWRDWHLQIRU
PDLLOHFDUHVDXGHSXVGXSDSHOXODFHVWXLDLFRQWUROXOUHYLQHSULPHLLQVWUXFLXQLGH
GXSDSHOGLQPRGXOXODSHODQW
([HPSOX
)LH WUHL YDULDELOH D E L F GHFODUDWH vQ SURJUDPXO SULQFLSDO $FHVWH YDULDELOH VXQW
LQLLDOL]DWHFXLVHDSHOHD]VXESURJUDPXO8QX'XSUHYHQLUHDGLQVXESURJUDPVH
DILHD]YDORULOHDELF
6XESURJUDPXO8QXDUHGRLSDUDPHWULIRUPDOL[HVWHSDUDPHWUXWUDQVPLVSULQYDORD
UH LDU \ HVWH SDUDPHWUX GH WLS UHIHULQ Q VXESURJUDP VH GHFODU YDULDELOD ORFDO ]
$FHVWVXESURJUDPDWULEXLHFHORUWUHLYDULDELOH[\L]YDORDUHD
QXUPWRDUHDILJXUSURJUDPXOSULQFLSDOHVWHVLPEROL]DWSULQVHJPHQWXOYHUWLFDOGH
6XESURJUDPH
ODODSXQFWXOFRUHVSXQ]kQGDSHOXOXLGHVXESURJUDPLDUSXQFWXOSULPHLLQVWUXF
LXQLGHGXSDSHO6XESURJUDPXOHVWHUHSUH]HQWDWGHVHJPHQWXOYHUWLFDODYkQGODFDSH
WHSXQFWHOHSULPDLQVWUXFLXQHDVXESURJUDPXOXLLXOWLPDLQVWUXFLXQH/LQLLOH
FXVJHLDUDWRUGLQHDGHH[HFXLHDLQVWUXFLXQLORUGLQFHOHGRXXQLWLGHSURJUDP
3URJUDPXOSULQFLSDO
6XESURJUDP8QXOLVWDSDUDPHWULORUIRUPDOL
YDULDELOHJOREDOHDEF
[WUDQVPLVSULQYDORDUH\SULQUHIHULQ
YDULDELOORFDO]
Dm
Em[m
Fm\m
$SHO8QXDE]m
3HQWUXDSUH]HQWDPRGXOGHOXFUXFXVWLYDGHH[HFXLHYRPXUPULFRQLQXWXODFHV
WHLDvQFHOHSXQFWHPRPHQWHPDUFDWH9DULDELOHOHJOREDOHDELFQXVHDORFSH
VWLY FL vQ VHFLXQHD GH GDWH H[LVWHQW OD GLVSR]LLD SURJUDPXOXL SULQFLSDOGDUOHYRP
SUHFL]DYDORULOHvQFHOHPRPHQWH
0RPHQW 9DULDELOHJOREDOH &RQLQXWXOVWLYHL
QHGHWHUPLQDWH
YLG
D E F YLG
D E F [ DGUHVDOXL\ ]QHGHWHUPLQDW
D E F [ DGUHVDOXL\ ]
D E F YLG
2EVHUYPGLQWDEHOFLQVWUXFLXQHDGHDWULEXLUH[mQXDUHHIHFWDVXSUDSDUDPH
WUXOXLDFWXDODGHRDUHFHDIRVWWUDQVPLVSULQYDORDUHvQVFKLPEEGHYLQHGHRDUHFH
DFLXQHDDVXSUDSDUDPHWUXOXLIRUPDO\WUDQVPLVSULQUHIHULQVDHIHFWXDWDVXSUDSDUD
PHWUXOXLDFWXDOE
QOLPEDMXO3DVFDOvQWUXQSURJUDPSULQFLSDOVDXVXESURJUDPYRPDYHD
2SDUWHGHGHILQLLLLGHFODUDLL
&&&
^GHILQLLLGHWLS`
&&&
^GHILQLLLGHFRQVWDQWH`
&&&
^GHFODUDLLGHYDULDELOH`
&&&
^GHFODUDLLGHVXESURJUDPH`
&&&
2SDUWHGHDFLXQLRLQVWUXFLXQHFRPSXV
6XESURJUDPH
&&&
LQVWUXFLXQL
&
2EVHUYDLH
2ULFDUHVHFLXQHGHGHILQLLHVDXGHFODUDLHSRDWHVOLSVHDVFvQVFKLPELQVWUXFLX
QHDFRPSXVWUHEXLHVILHSUH]HQWGDUSRDWHILYLG
)XQFLLLSURFHGXULvQ3DVFDO
QOLPEDMXO3DVFDOVXESURJUDPHOHSRWIL
x IXQFLLFDOFXOHD]PDLPXOWHYDORULXQDVHUHWXUQHD]SULQQXPHOHIXQFLHL
x SURFHGXULFDOFXOHD]PDLPXOWHYDORULVDXQLFLXQD
'HFODUDUHDXQHLIXQFLLvQOLPEDMXO3DVFDO
1XPHBIXQFLHOLVWDSDUDPHWULORUIRUPDOLQWLSBUH]XOWDW
GHFODUDLLOHLGHILQLLLOHORFDOHIXQFLHL
LQVWUXFLXQHFRPSXV
2EVHUYDLH
3ULQWUH LQVWUXFLXQLOH GLQ FDGUXO LQVWUXFLXQLL FRPSXVH D IXQFLHL FRUSXO IXQFLHL
WUHEXLH V H[LVWH FHO SXLQ R LQVWUXFLXQH GH DWULEXLUH SULQ FDUH QXPHOXL IXQFLHL L VH
DWULEXLHRYDORDUH
'HFODUDUHDXQHLSURFHGXULvQOLPEDMXO3DVFDO
1XPHB3URFHGXUOLVWSDUDPHWULORUIRUPDOL
GHFODUDLLLGHILQLLLORFDOHSURFHGXULL
LQVWUXFLXQHFRPSXV
2EVHUYDLLYDODELOHvQOLPEDMXO3DVFDO
Q IDD RULFUXL SDUDPHWUX IRUPDO WUDQVPLV SULQ UHIHULQ VH VFULH FXYkQWXO FKHLH
3DUDPHWULLIRUPDOLFDUHQXDXFXYkQWXO vQIDVHFRQVLGHUDILSDUDPHWUL
WUDQVPLLSULQYDORDUH
7LSXOSDUDPHWULORUIRUPDOLVHSRDWHSUHFL]DGRDUFXLGHQWLILFDWRUGHWLS
'HFODUDLLOH vQ OLVWD SDUDPHWULORU IRUPDOL VXQW VHSDUDWH SULQ K $WXQFL FkQG DYHP
PDL PXOL SDUDPHWUL GH DFHODL WLS DFHWLD VH VHSDU SULQ YLUJXO Q XUPWRUXO
H[HPSOXDGHLIVXQWSDUDPHWULGHLHLUHWUDQVPLLSULQUHIHULQEHVWHSDUD
PHWUXWUDQVPLVSULQYDORDUH
JJQ
KJQ&KJJ
QKJ
3DUDPHWULLDFWXDOLPHQLRQDLvQDSHOVXQWVHSDUDLSULQYLUJXO
6XESURJUDPH
9DORDUHD UHWXUQDW GH R IXQFLH LQkQG FRQW GH IDSWXO F DFHDVWD UHWXUQHD] SULQ
LGHQWLILFDWRUXOHLRVLQJXUYDORDUHSRDWHILGRDUGHXUPWRDUHOHWLSXUL
x RULFHWLSvQWUHJ
x RULFHWLSUHDO
x FDUDFWHU&
x X
x HQXPHUDUHDYkQGGHILQLWLGHQWLILFDWRUGHWLS
x VXEGRPHQLXDYkQGGHILQLWLGHQWLILFDWRUGHWLS
x
([HPSOXO
Q
6VHFDOFXOH]HXUPWRDUHDH[SUHVLH & Q N
N > Q N @
6HREVHUYFvQQXPUWRUWUHEXLHVFDOFXOPIDFWRULDOXOOXLQvQQXPLWRUIDFWRUL
DOXOOXLNLIDFWRULDOXOOXLQN9RPVFULHXQVXESURJUDPSHQWUXFDOFXODUHDIDFWRULD
OXOXLOXL[LvOYRPDSHODSHQWUXQSHQWUXNLSHQWUXQN'HRDUHFHDFHVWVXESUR
JUDPFRUHVSXQ]WRUXQXLDSHOYDFDOFXODRVLQJXUYDORDUHHDYDILDWULEXLWLGHQWLIL
FDWRUXOXLIXQFLHLFXFDUHRFDOFXOP
QSURJUDPXOSULQFLSDOGHFODUPYDULDELOHOHQLNHOHUHSUH]LQWGDWHOHGHLQWUDUH
5H]XOWDWXOXLQXLSODQLILFPQLFLRYDULDELOGHRDUHFHDFHVWDYDILDFFHVDWSHQWUXDILD
UHSULQLGHQWLILFDWRUXOIXQFLHLvQPRPHQWXODSHOXOXL
)XQFLD
%YDDYHDXQSDUDPHWUXIRUPDO[FDUHYDILSHQWUXDFHVWVXESURJUDPXQ
SDUDPHWUXGHLQWUDUHGHFLVHYDWUDQVPLWHSULQYDORDUH)XQFLDYDUHWXUQDYDORDUHD
IDFWRULDOXOXLOXL[9DULDELODORFDOSHVWHQHFHVDUGHRDUHFHvQDEVHQDHLDUWUHEXLV
VFULHPvQLQVWUXFLXQHD LQVWUXFLXQHDGHDWULEXLUH
%Q\
%FDUHDUvQVHP
QDDSHODUHDIXQFLHL
%vQPRPHQWXOvQFDUHDFHDVWDvQFHVWHDFWLY'HIDSWGDF
DPVFULHLQVWUXFLXQHDGHDWULEXLUHH[DFWvQDFHDVWIRUPFRPSLODWRUXOQHDUFHUHSD
UDPHWUXDFWXDOvQPHPEUXOGUHSWGXSLGHQWLILFDWRUXO
%GHRDUHFHGRDUvQPHPEUXO
VWkQJSXWHPVFULHLGHQWLILFDWRUGHIXQFLHIUSDUDPHWULDSDULLDvQPHPEUXOGUHSWDO
DFHVWXLDILLQGFRQVLGHUDWDSHOGHIXQFLH
J
J"KJ
J
?Q
KJJ
^YDULDELOHJOREDOH`J
^DQWHWXOIXQFLHL`J
^YDULDELOHORFDOH`J
6XESURJUDPH
JJ
JJQ\KJJ
JJJQ\JJJQ\KJ
JJ
%Q\J
KJ
^LQLLDOL]DUHDIDFWRULDOXOXL`J
^FDOFXODUHDIDFWRULDOXOXL`J
^DWULEXLUHLGHQWLILFDWRUXOXLIXQFLHL`J
J
JJ
?KJ
JJ
%
%?
%
?J
([HPSOXO
6HFRQVLGHUXUPWRUXOSURJUDP&HDILHD]DFHVWD"
J"KJ
JQ
KJ
J
J
Q
Q
KJ
JQ
KJ
JJ
JJQ\`KJ
JJJQ\JJ|JJ
JJJJQ\~
KJ
JJQ\J
KJ
J
J
JJJQ\JJ|J
J
JJJJJKJ
JJJJJKJ
JJJJ
J
JJ
J
J
x
x
x
x
x
x
x
6XUPULPYDULDLDYDULDELOHORU
SURJUDPXOSULQFLSDOvQFHSHFXFLFOXOSULPDYDORDUHDYDULDELOHLLHVWH
VHDILHD]
VHDSHOHD]VXESURJUDPXOFXSDUDPHWUXODFWXDOLDFUXLYDORDUHVHFRSLD]vQQ
GHRDUHFHHVWHWUDQVPLVSULQYDORDUH
vQVXESURJUDPVHFDOFXOHD]6FDUHYDDYHDYDORDUHD
VHDWULEXLHYDORDUHDLGHQWLILFDWRUXOXLGHIXQFLH
VHDILHD]YDORDUHD
XUPHD]RDOWDILDUHDYDULDELOHLLLVXUSUL]VHDILHD]XOWLPDYDORDUHDOXL
LFRQIRUPFLFOXOXL GLQVXESURJUDPFHHDFHFRQGXFHLODWHUPLQDUHDLQVWUXF
LXQLLGLQSURJUDPXOSULQFLSDO
6XESURJUDPH
6HREVHUYFYDORDUHDYDULDELOHLJOREDOHLVDPRGLILFDWGLQJUHHDOvQVXESUR
JUDP 3HQWUX D HYLWD DVWIHO GH JUHHOL VH YD XUPUL FD YDULDELOHOH IRORVLWH GH VXESUR
JUDPVILHvQWRWGHDXQDGHILQLWHORFDOVXESURJUDPXOXLvQFDUHVHIRORVHVF
3HQWUXDRELQHUH]XOWDWHOHGRULWHvQSURJUDPXOGHPDLVXVVHYDDGXJDvQSDUWHDGH
GHFODUDLLORFDOHDIXQFLHLGHFODUDLDJQ
'H]YROWDUHDSURJUDPHORU
'DFvQSURFHVXOSURLHFWULLDOJRULWPLORURSUREOHPVHGHVFRPSXQHvQVXESUREOHPH
LDFHVWHDVHGHVFRPSXQODUkQGXOORUvQDOWHVXESUREOHPHSkQFkQGVHRELQVXESUR
EOHPH FDUH QX QHFHVLW FRQWLQXDUHD SURFHVXOXL GH GLYL]DUH VSXQHP F DYHP XQ
SURJUDP GH]YROWDW GHVFHQGHQW WRS GRZQ $FHDVW WHKQLF FRUHVSXQGH PRGXOXL vQ
FDUH X]XDO VH SURLHFWHD] DOJRULWPLL IRORVLQG VXEDOJRULWPL 7HKQLFD GH SURLHFWDUH vQ
FDUHVHSRUQHWHGHODXQHOHSURJUDPHLQLLDOHDFHVWHDILLQGIRORVLWHSHQWUXDFRQVWUXL
PRGXOH GLQ FH vQ FH PDL VRILVWLFDWH FDUH DVDPEODWH V UH]ROYH SUREOHPDVHQXPHWH
ERWWRPXS
'H]YROWDUHDDVFHQGHQWERWWRPXS
8QSURJUDPGH]YROWDWDVFHQGHQWYDDYHDWRDWHVXESURJUDPHOHGHFODUDWHXQXOGXSDOWXO
vQ SURJUDPXO SULQFLSDO 2 DVWIHO GH DERUGDUH DUH FD DYDQWDM IDSWXO F VXESURJUDPHOH
VXQWPDLXRUGHWHVWDWLGHFRQWURODW
3URJUDPSULQFLSDO
6XESURJUDP$
6XESURJUDP%
6XESURJUDP&
,QVWUXFLXQHDFRPSXVD
SURJUDPXOXLSULQFLSDO
7UHEXLHPHQLRQDWIDSWXOFILHFDUHVXESURJUDPYDSXWHDDSHODQXPDLVXESURJUDPH
GHFODUDWH DQWHULRU SURSULHL GHFODUDLL 'LQ DFHDVW UHVWULFLH GH YL]LELOLWDWH GHFXUJH L
GH]DYDQWDMXODFHVWXLVWLOGHOXFUXFDUHFRQVWvQGHSHQGHQDVXESURJUDPHORUGHXQHOH
VXESURJUDPHGHILQLWHDQWHULRU
6XESURJUDPH
'H]YROWDUHDGHVFHQGHQWWRSGRZQ
QWUXQSURJUDPGH]YROWDWGHVFHQGHQWILHFDUHVXESURJUDPYDDYHDvQSURSULD]RQGH
GHILQLLLLGHFODUDLLVXESURJUDPHOHSHFDUHOHIRORVHWHQFD]XOVXESURJUDPHORULP
EULFDWHXQXOvQFHOODOWIXQFLRQHD]DFHOHDLUHJXOLFDvQWUHXQLWDWHDGHSURJUDPSULQFL
SDOLVXESURJUDPDGLFHQWLWLOHGHFODUDWHGHH[HPSOXFRQIRUPILJXULLXUPWRDUHvQ
VXESURJUDPXO$VHYGvQVXESURJUDPHOH%&L'$VWIHOGHUHJXOOLVWDSDUDPH
WULORUVHVFXUWHD]
3URJUDPSULQFLSDO
6XESURJUDP$
6XESURJUDP%
6XESURJUDP&
6XESURJUDP'
,QVWUXFLXQHDFRPSXVD
VXESURJUDPXOXL%
,QVWUXFLXQHDFRPSXVD
VXESURJUDPXOXL$
,QVWUXFLXQHDFRPSXVD
SURJUDPXOXLSULQFLSDO
,PSOHPHQWULVXJHUDWH
QVFRSXOIRUPULLGHSULQGHULORUGHDOXFUDFXVXESURJUDPHYUHFRPDQGPV
UH]ROYDL PDMRULWDWHD SUREOHPHORU WUDWDWH SkQ DFXP vQ FDUH SUREOHPD LQLLDO VH
GHVFRPSXQHvQVXESUREOHPHIRORVLQGVXESURJUDPH
UH]ROYDLSUREOHPHvQFDUHXQDFHODLVXESURJUDPVHDSHOHD]vQPRGUHSHWDWSHQ
WUXGDWHGLIHULWH
UHDOL]DLXQXQLWSURSULXFDUHFRQLQHWRDWHSUREOHPHOHUH]ROYDWHFXVXESURJUDPHL
VFULHUHDXQRUSURJUDPHFDUHIRORVHVFDFHVWXQLW
6XESURJUDPH
3UREOHPHSURSXVH
&LIUHFRPXQH
6VHDILH]HFLIUHOHFRPXQHDGRXQXPHUHQDWXUDOHGDWH
'DWHGHLQWUDUH
&HOHGRXQXPHUHVHFLWHVFGHSHSULPHOHGRXOLQLLDOHILLHUXOXL'+($&$
'DWHGHLHLUH
&LIUHOHFRPXQHDOHFHORUGRXQXPHUHVHYRUVFULHvQILLHUXO '+($&'(!GHVSULWH
SULQFkWHXQVSDLXQFD]XOvQFDUHQXH[LVWQLFLRFLIUFRPXQvQILLHUXOGHLHLUH
VHYDVFULHJJ%
J%
5HVWULFLLLSUHFL]UL
x dQXPUQXPUd
([HPSOH
'+($&$
|J
J
'+($&$
|J
J
'+($&'(!J
J
'+($&'(!
JJ%
J%
J
3ULPHLLQYHUVHOHORUSULPH
6VHJHQHUH]HWRDWHSHUHFKLOHGHQXPHUHSULPHIRUPDWHGLQWUHLFLIUHFDUHDXSURSULH
WDWHDGHDILXQXOLQYHUVXOFHOXLODOW$LFLSULQLQYHUVvQHOHJHPQXPUXOIRUPDWGLQ
FLIUHOHQXPUXOXLGDWvQRUGLQHLQYHUV
'DWHGHLHLUH
QILLHUXOGHLHLUH "+&'(!VHYRUVFULHSHUHFKLOHGHQXPHUHFkWHXQDSHILHFDUH
OLQLHGHVSULWHSULQFkWHXQVSDLX
([HPSOX
"+&'(!
`J`J
`J`J
JJ
JJ
J
6XESURJUDPH
(OLPLQDUHGHQXPHUHSHUIHFWHLSULHWHQH
6HFRQVLGHUXQLUGHQXPHUHQDWXUDOH6VHHOLPLQHGLQDFHVWLUWRDWHQXPHUHOHSHU
IHFWHSUHFXPLSHUHFKLOHGHQXPHUHSULHWHQHDIODWHSHSR]LLLFRQVHFXWLYH
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXL "&$VHDIOHOHPHQWHOHLUXOXLVHSDUDWHSULQVSDLL
'DWHGHLHLUH
(OHPHQWHOH UPDVH vQ LU GXS HOLPLQDUH VH YRU VFULH vQ ILLHUXO "&'(! VHSDUDWH
SULQFkWHXQVSDLX
5HVWULFLLLSUHFL]UL
x dQUd
([HPSOH
"&$
JJJJ`JJJ
"&'(!J
JJJ
*HQHUDUHDFXYkQWXOXLGHOXQJLPHPD[LP
6VHGHWHUPLQHFXYkQWXOGHOXQJLPHPD[LPFDUHSRDWHILFRQVWUXLWGLQOLWHUHOHXQXL
WH[W DVWIHO vQFkW FDUDFWHUHOH FXYkQWXOXL V ILH vQ RUGLQH DOIDEHWLF L V ILH FXOHVH GLQ
WH[WH[DFWvQRUGLQHDvQFDUHVHDIOvQFXYkQWQXQHDSUDWSHSR]LLLVXFFHVLYH
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXLGHLQWUDUH(8&$VHDIOWH[WXOGDW
'DWHGHLHLUH
&XYkQWXOGHWHUPLQDWFDUHDUHOXQJLPHPD[LPVHYDVFULHvQILLHUXO(8&'(!
5HVWULFLLLSUHFL]UL
x WH[WXODUHFHOPXOWGHFDUDFWHUH
x vQWH[WH[LVWFXYLQWHIRUPDWHGLQOLWHUHPLFLDOHDOIDEHWXOXLHQJOH]LVSDLL
([HPSOX
(8&$
JJ%
(8&'(!J
6XESURJUDPH
6ROXLLOHSUREOHPHORUSURSXVH
&LIUHFRPXQH
9HUVLXQHDGHDOJRULWPSUH]HQWDWvQFRQWLQXDUHVHED]HD]SHRSHUDLLOHFXPXOLPLQ
DFHVWFD]HVWHQHFHVDUXQVXESURJUDPFDUHVFRQVWUXLDVFRPXOLPHGLQFLIUHOHXQXL
QXPU6XESUREOHPHOHFDUHYRUILLPSOHPHQWDWHFXVXESURJUDPHvQFD]XODFHVWHLSUR
EOHPHYRUIL
x FLWLUHDQXPHUHORU
x FUHDUHD PXOLPLL GH FLIUH PXOLPLOH OH LPSOHPHQWP FX DMXWRUXO LUXULORU GDU
GXS FH VH YD vQYD WLSXO
vQ 3DVFDO VH UHFRPDQG FD H[HUFLLX LPSOH
PHQWDUHDSURJUDPXOXLIRORVLQGDFHVWWLSGHVWUXFWXUGHGDWH
x DILDUHDFLIUHORUDSDULQkQGLQWHUVHFLHLGHPXOLPL
J
Q3DVFDOGHFODUDLDLUXOXLFDUHUHSUH]LQWPXOLPHDYDIL
J%
\`JJX
KJ
JX
Q%
KJ
'DF GH H[HPSOX YDORDUHD HOHPHQWXOXL HVWH DGHYUDW vQVHDPQ F FLIUD J
IDFHSDUWHGLQPXOLPHD
J
J
QJJ
^VXESURJUDPWLSSURFHGXU`J
JJ
J%
\`J
QJ
^GHRFDPGDWPXOLPHD0HVWHYLG`
JJJJ%
JmJIDOV
JJ
JJ
J
JzJ`J
QJ
JJJJ%
JmJ
`J
^FLIUD%
H[LVWvQQXPU`
JJJJ%
JmJDGHYUDWJ
JJJJ
JmJ
`J
J
J
,QWHUVHFLDPXOLPLL FX XHVWHXQLUGHYDORULORJLFHXQGHXQHOHPHQWDUHYDORD
UHDDGHYUDWGDFFLIUDFRUHVSXQ]WRDUHVHUHJVHWHLvQLvQX
^VXESURJUDPWLSSURFHGXU`J
J
%X
QJJ
^GHRFDPGDWLQWHUVHFLDHVWHYLG`J
JJ
J%
\`J
QJ
JJJJ
%
JmJIDOV
JJ
J
J
6XESURJUDPH
JJ
J%
\`J
QJ
JJJJJ%
JJX%
JJ^GDF%
VHDIOLvQ$LvQ%`J
JJJJJJ
%
JmJDGHYUDWJ
JJ
J
3HQWUXDILDUHYHULILFPDSDUWHQHQDFLIUHLFLIUDFLIUD ODPXOLPHDLQ
WHUVHFLH
'DFPXOLPHDHVWHYLGDILPPHVDMXOFHUXWvQHQXQ
^VXESURJUDPWLSSURFHGXU`J
^DPJVLWRFLIUFRPXQ`
3URJUDPXO SULQFLSDO YD DSHOD VXESURJUDPHOH vQ RUGLQHD ORU ILUHDVF FLWLUH FUHDUH
PXOLPH$FUHDUHPXOLPH%GHWHUPLQDUHLQWHUVHFLHLDILDUHDLQWHUVHFLHL
3ULPHLLQYHUVHOHORUSULPH
2SULPLGHHGHUH]ROYDUHDUILGHDJHQHUDSHUkQGWRDWHQXPHUHOHGHWUHLFLIUHGHOD
OD HYHQWXDO GH OD ODLGHDYHULILFDGDFDWkWQXPUXOFkWLDFHO
QXPUFDUHFRQLQHFLIUHOHQXPUXOXLGDWvQRUGLQHLQYHUVVXQWVDXQXQXPHUH SULPH
QFD]DILUPDWLYDFHVWHDOHDPVFULHvQILLHUXOGHLHLUH
2EVHUYPFSHQWUXILHFDUHQXPUVWXGLDWVXQWHPQHYRLLVYHULILFPGHGRXRUL
GDFXQQXPUHVWHSULPRGDWSHQWUXQXPUXOGDWDGRXDRDUSHQWUXQXPUXOJHQH
UDWGLQFLIUHOHQXPUXOXLOXDWHvQRUGLQHLQYHUV$FHVWDHVWHXQPRWLYVXILFLHQWGHSX
WHUQLFSHQWUXDVFULHXQVXEDOJRULWPSHQWUXYHULILFDUHDSULPDOLWLLXQXLQXPU6XESUR
JUDPXOYDILDSHODWRGDWSHQWUXQXPUXOGDWLDSRLSHQWUXLQYHUVXOVX
J
J
QJJ
^VXESURJUDPWLSIXQFLH`J
JJJmJSDUWHvQWUHDJGLQUGFLQDSWUDWDOXLQUJ
JJJmJJ
JJ
J
QXVHvPSDUWHH[DFWODJ
,J
JJJJJmJJJJ
J
6XESURJUDPH
^GDFVDJVLWFHOSXLQXQGLYL]RU!QXPUXOQUQXHVWHSULP`
JJJJ\JJJJmJDGHYUDWJ
JJJJJJJJJJJJJJJJJJJ
JJmJIDOVJ
JJ
J
'HWHUPLQDUHDQXPUXOXLIRUPDWGLQFLIUHOHQXPUXOXLGDWvQRUGLQHLQYHUVRSXWHP
UHDOL]DFXVXEDOJRULWPXO
FDUHvQ3DVFDOYDILRIXQFLHFDUHYDUHWXUQDYDORD
UHDQXPUXOXLQRX
J
QJJ
^VXESURJUDPWLSIXQFLH`J
JJ
JmJ`J
JJ
J
JzJ`J
,
JJJJ%
JmJ
`J
JJJJ
JmJ
`J~J%
J
JJJJ
JmJ
`J
JJ
JJ
JmJ
J
#JQJ
^DOJRULWPXOFRUHVSXQ]WRUSURJUDPXOXLSULQFLSDO`J
J
\`J
,J
JJJJJ
JJ
J
J
JJ
JJJJ
QXUPDH[HFXWULLSURJUDPXOXLFDUHLPSOHPHQWHD]DFHVWDOJRULWPREVHUYPFIL
HFDUHSHUHFKHHVWHDILDWGHGRXRUL'DFGRULPVHYLWPDILDUHDGXEOHVWHQHFH
VDUPRGLILFDUHDDOJRULWPXOXL
'DFSXQHPFRQGLLDFDSULPDFLIUDSULPXOXLQXPUVILHPDLPLFVDXHJDOFX
XOWLPDFLIUDSULPXOXLQXPUYRPHYLWDDILULOHGXEOH$OGRLOHDQXPUVHFRQVWUX
LHWHvQWRWGHDXQDGLQSULPXOLGHFLQXHVWHQHFHVDUVSXQHPFRQGLLLDVXSUDOXL1X
PHUHOHGLQSHUHFKLDVWIHOFRQVWUXLWHYRUILJHQHUDWHFUHVFWRU,QVWUXFLXQHDDOWHUQDWLY
GLQVWUXFWXUDGHWLS
VDUSXWHDVFULHDVWIHO
``JdJ
`J&&&J
QDFHVWDOJRULWPLQVWUXFLXQHD
VHYDUHOXDGH RUL
QWURDOWDERUGDUHDDFHVWHLSUREOHPHJHQHUPSULPXOQXPUGLQFLIUHOHDELFL
DOGRLOHDGLQDFHOHDLFLIUHGDUvQRUGLQHLQYHUVLQkQGFRQWWRWRGDWLGHFRQGLLDFD
SULPDFLIUVILHPDLPDUHVDXHJDOFXDWUHLD$FHDVWYDULDQWDUHLDYDQWDMXOGHD
6XESURJUDPH
HYLWDJHQHUDUHDGXEOXULORUIUDIRORVLRFRQGLLHVXSOLPHQWDU'HDVHPHQHDQXYRP
OXD vQ FRQVLGHUDUH FD SRVLELO QXPU DYkQG SURSULHWDWHD VROLFLWDW GHFkW QXPHUHOH
LPSDUH8QQXPULPSDUDUHXOWLPDFLIULPSDUGHFLvQFLFOXO FDUHJHQHUHD]D
WUHLDFLIUVHYRUFRQVWUXLQXPHUHGRDUFXFHOHFLIUHLPSDUH
$VWIHOQXPUXOH[HFXWULORUFRUSXOXLFLFOXOXLHVWH FDUHHVWHPDL
PLFGHFkWQXPUXOH[HFXWULORUvQFD]XOSULPHLYDULDQWHQSOXVDFHDVWYDULDQW
QXQHFHVLWDSHOXOVXEDOJRULWPXOXL
GHRDUHFHLQYHUVXOQXPUXOXLSRDWHILFRQ
VWUXLWSULQWURVLPSODWULEXLUH6XEDOJRULWPXOGHYHULILFDUHDSULPDOLWLLVHYDH[HFXWD
GRDUGHGHRULGHRDUHFHGDFGHVSUH
VHFRQVWDWFQXHVWHSULPQXPUXO
QXVHPDLYHULILF
#J
QJ
JJ
J\J
,J
^SULPDFLIUGLQQXPUQXSRDWHIL`J
JJJJ
J\`JJJ
,J
^XOWLPDFLIUWUHEXLHVILHFHOSXLQHJDOFXSULPDFLIU`
JJJJJJ
J%\JJJ
,JJ
JJJJJJJJJ%HVWHQXPULPSDU^OLPLWPJHQHUDUHDODQXPHUHLPSDUH`J
JJJJJJJJJJ
JmJ``J~J`J~J%J
JmJ%``J~J`J~JJ
J
JJ
J
J
JJ
J
(OLPLQDUHGHQXPHUHSHUIHFWHLSULHWHQH
&HULQDDFHVWHLSUREOHPHHVWHGHDHOLPLQDGLQWUXQLUQXPHUHOHSHUIHFWHVDXSHUHFKLOH
GHQXPHUHSULHWHQHDIODWHSHSR]LLLFRQVHFXWLYHvQLU6HREVHUYFDFLXQHDSULQFL
SDOHVWHGHDHOLPLQDXQXOVDXGRXHOHPHQWHGLQWUXQLUSHED]DXQHLFRQGLLLGDWH
6XEDOJRULWPXO"
YDHOLPLQDHOHPHQWXODYkQGLQGLFHOHSR]LLHGLQLUXODLYD
UHWXUQDLUXOPRGLILFDWSUHFXPLGLPHQVLXQHDDFWXDOL]DWDDFHVWXLD
^VXESURJUDPWLSSURFHGXU`J
J"
QJJ
^VHGHSODVHD]HOHPHQWHOHWDEORXOXL`
JJ
\
J
,
JJJJJmJ~JJ
^FXRSR]LLHODVWkQJDvQFHSkQGFXJ~J`
JJ
^QXPUXOGHHOHPHQWHVFDGH`
JJ
JmJ
JJJJ
J
6XESURJUDPH
3URSULHWLOHQXPHUHORUFDUHWUHEXLHHOLPLQDWH
x QXPUSHUIHFWHVWHHJDOFXVXPDGLYL]RULORUPDLPLFLGHFkWHOvQVXL
x QXPHUHSULHWHQHSHUHFKLGHQXPHUHvQFDUHXQQXPUHVWHHJDOFXVXPDGLYL]RULORU
FHOXLODOWPDLPLFLGHFkWDFHVWDLLQYHUVYH]LFDSLWROXO
QJJ
JJJmJJJ
JJ
J\
J
,J
JJJJJ
J\J`JJ
JJJJJJJmJJ~JJ
JJJJ
JJ
JJJmJJ
J J
^VXESURJUDPWLSIXQFLH`J
^vQDFHDVWVXPVHDGDXJL`
&HOH GRX VXESURJUDPH FDUH YHULILF GDF XQ QXPU HVWH SHUIHFW UHVSHFWLY GDF
GRXQXPHUHGDWHVXQWSULHWHQHYRUUHWXUQDRYDORDUHGHDGHYUDGHYUDWVDXIDOV
J
QJJ
^VXESURJUDPWLSIXQFLH`J
J\J
J
J\J
JJJ
JJJJ
JmJDGHYUDWJ
JJ
J
JmJIDOVJ
JJ
*HQHUDUHFXYkQWGHOXQJLPHPD[LP
QUH]ROYDUHDDFHVWHLSUREOHPHDYHPQHYRLHGHGRXWDEORXULGHOXFUX
x (OHPHQWHOHLUXOXL/YRUILOXQJLPLGHFXYLQWH/LSVWUHD]OXQJLPHDFHDPDLPDUH
SRVLELODFXYkQWXOXLFDUHvQFHSHFXOLWHUDFDUHvQWH[WVHDIOSHSR]LLDL$FHVWH
FXYLQWHWUHEXLHVUHVSHFWHFHULQDFDOLWHUHOHGLQFRPSRQHQDORUVILHvQRUGLQH
DOIDEHWLF
6XESURJUDPH
x 7DEORXOXUPvOFRQVWUXLPSHQWUXDDVLJXUDSRVLELOLWDWHDGHDDILDFHOPDLOXQJFX
YkQWJVLWXUPLYDFRQLQHSHQWUXDLDOLWHUGLQFHOPDLOXQJFXYkQWLQGLFHOHvQ
WH[WXOGDWDOLWHUHLXUPWRDUHvQFXYkQW
7H[WXOGDWvOYRPSDUFXUJHGHODVIkULWVSUHvQFHSXWFHHDFHvQVHDPQFYRPLQLL
DOL]DYDORDUHD/QFXDYkQGVHPQLILFDLDFFHOPDLOXQJFXYkQWFDUHvQFHSHFXDQD
OLWHU GLQ WH[W DUH OXQJLPHD 'H DVHPHQHD SXWHP LQLLDOL]D LYDORDUHDHOHPHQWXOXL
XUPQFXGHRDUHFHWLPFGXSXOWLPXOHOHPHQWQXSRDWHXUPDQLFLXQXO
J
%J
J
J
J
J
J
J
J
J
J
J
J %
J
| `
J J J J J J J J
J J J J J J J J
J J
J
J J
J
J J
J
J `J
QFHOHFHXUPHD]YRPFXWDVGHWHUPLQPDFHOFHOPDLOXQJFXYkQWvQIDDFUXLD
HVWHSHUPLVVDOLSLPDLDOLWHUGLQWH[WXOGDW(YLGHQWDFHDVWDGDFHVWHSHUPLVQX
SRDWHILODDFHVWSDVGHFkWXOWLPDOLWHUQFRQFOX]LH/YDILHJDOFXFHOPDLOXQJ
FXYkQWFDUHvQFHSHFXDDOLWHUGLQWH[WDUHOXQJLPHDLDUXUPYDILGXSD
DOLWHUXUPHD]DD
J
%J
J
J
J
J
J
J
J
J
J
J
J %
J
| `
J J J J J J J J
J J J J J J J J
J J
J
J J
J J J
J J `J
6WXGLHPOLWHUD $FHDVWDQXSRDWHILSXVvQIDDOLWHUHL GHRDUHFHvQFDOFFHULQD
SULYLQG RUGRQDUHD DOIDEHWLF GDU VH SRDWH SXQH vQ IDD OLWHUHL
'HFL FHO PDL OXQJ
FXYkQWFDUHvQFHSHFXOLWHUD DUHOXQJLPHDLDUXUPWRDUHDOLWHUGLQFXYkQWHVWHGLQ
QRXDD
J
%J
J
J
J
J
J
J
J
J
J
J
J %
J
| `
J J J J J J J J
J J J J J J J J
J J
J
J J
J J J
J `J
&DUDFWHUXO XUPWRU HVWH VSDLX $FHVWD QX LQWU vQ FRQILJXUDLD QLFL XQXL FXYkQW
GHFLHOHPHQWHOHFRUHVSXQ]WRDUHGLQLUXO/LXUPYRUILHJDOHFX8UPHD]VVWXGL
HPFDUDFWHUXO$FHVWDVHSRDWHSXQHvQIDDOXLvQIDDOXLLvQIDDOXL
$OHJHP
GLQWUHFHOHWUHLSRVLELOLWLSHDFHHDFDUHFRQGXFHODXQFXYkQWPDLOXQJ'LQWUHOLWHUHOH
LRDOHJHPSHSULPDLDVWIHOFHOPDLOXQJFXYkQWFDUHvQFHSHFXOLWHUDDUHOXQJL
PHDLDUXUPWRDUHDOLWHUHVWHDD
6XESURJUDPH
J
%J
J
J
J
J
J
J
J
J
J
J
J % J J J J
J
| J ` J J
J J J J J J J `J J J J
J J J J J J `J J `J
/LWHUD QXSRDWHILSXVvQIDDOXL vQVFKLPESRDWHILSXVvQIDDOXL L
3URFHGPFXOLWHUD ODIHOFXPDPSURFHGDWFX/LWHUHOHLQXSRWILSXVHvQIDD
QLFLXQHLDGLQWUHOLWHUHOHOXDWHvQFRQVLGHUDUHSkQDFXPGHFLYDORULOHFRUHVSXQ]WRDUH
ORUVXQWvQLUXO/LvQLUXOXUP/LWHUD%SRDWHILSXVvQIDDWXWXURUFDUDFWHUHORU
DOHJHPDFHDSRVLELOLWDWHFDUHGQDWHUHODXQFXYkQWPDLOXQJ$FHDVWDHVWH &RQWL
QXkQGDFHVWSURFHGHXSkQODHSXL]DUHDLUXOXLDMXQJHPODXUPWRDUHOHYDORULvQFHOH
GRXLUXUL/LXUP
J
%J
J
J
J
J
|J
|J
J
J
J
J
J
J
|J
|J
`
`
%
|
`
`
J J J J J
J
J J ` J J
J J `J J J J
`J J `J
'XSFHDPFRQVWUXLWDFHVWHGRXLUXULOXQJLPHDFHOXLPDLOXQJFXYkQWHVWHHJDO
FXYDORDUHDHOHPHQWXOXLPD[LPGLQLUXO/'HRDUHFHQRLWUHEXLHVDILPQXOXQJL
PHD FL FXYkQWXO YRP SURFHGD vQ IHOXO XUPWRU $ILP DFHO FDUDFWHU GLQ WH[W FDUH
DUHLQGLFHOHHJDOFXLQGLFHOHHOHPHQWXOXLPD[LPGLQLUXO/FXDFHDVWOLWHUvQFHSHFHO
PDLOXQJFXYkQW(OHPHQWXOLUXOXLXUPDYkQGDFHVWLQGLFHFRQLQHLQGLFHOHOLWHUHLXU
PWRDUHFDUHVHDILHD]8UPULQGDVWIHOFRQLQXWXOLUXOXLXUPDILPOLWHUHOHFHOXL
PDL OXQJ FXYkQW SkQ OD VIkULWXO DFHVWXLD YDORDUHD FRUHVSXQ]WRDUH XOWLPHL OLWHUH vQ
LUXOXUPHVWH
J
%J
J
J
J
|J
|J
J
J
J
J
J
J
|J
|J
`
`
|
`
`
J J J
J J ` J J
J J `J J J J
`J J `J
$ILPGHRDUHFHYDORDUHDPD[LPvQLUXO/VHDIOSHSR]LLD$SRL
XUP DILPFDUDFWHUXO%SR]LLD
XUP DILPOLWHUD SR]LLD
XUP DILPOLWHUDSR]LLDO
XUP DILPOLWHUD
SR]LLD
XUP GHFLDILDUHDVHWHUPLQ
6XEDOJRULWPXOFDUHPRGHOHD]SUHOXFUDUHDGHVFULVHVWHXUPWRUXO
6XESURJUDPH
J
QJ
JJ
JmJ
^FHOPDLOXQJFXYkQWFDUHvQFHSHFXDQDOLWHUDDUHOXQJLPHD`
JJ
JmJ`J
^GXSXOWLPDOLWHUQXXUPHD]DOWFDUDFWHU`
JJ
J\
J
QJ
JJJJJmJ`J
JJJJ
%JmJ`J
JJJJ
J\~
J
QJ
^vQFHUFPVSXQHPOLWHUDvQIDDOXL`
JJJJJJJJzJJJJJzJJJJJ
J J J
JJJJ
^GLQWUHOLWHUHOHvQIDDFURUDVHSRDWH`
JJJJJJJJJJJJJ
^SXQHDLDOLWHURDOHJHPSHFHDFXFDUHvQFHSHFHOPDLOXQJFXYkQW`
JJJJJJJJJJJmJJ
JJJJJJJJJJ
%JmJJ
JJJJJJJJ
JJJJJJ
JJJJ
JzJJ
^FHOPDLOXQJFXYkQWFDUHvQFHSHFXDLDOLWHUHVWHHJDOFXOXQJLPHDFHOXLPDL`J
JJJJJJJmJJ~J^OXQJFXYkQWvQIDDFUXLDSXQHPDLDOLWHU`
JJJJ
^GDFDPDYXWFDUDFWHUVSDLX`
JmJ`J
J
JJJJJmJ
%J ^vQ
%DPLQXWPLQWHvQIDDFUHLOLWHUHRSXQHP`
JJJJJJJJJJJ
^FXWPOXQJLPHDPD[LPGLQ/`
JJ%J
QVXEDOJRULWPXOGHDILDUHLQGLFHUHSUH]LQWLQGLFHOHHOHPHQWXOXLPD[LPvQLUXO/
J%QJ
JJ
J
%J
^DILPOLWHUDFXFDUHvQFHSHFHOPDLOXQJFXYkQW`
JJJJJmJ
%J
^LQGLFHOHOLWHUHLXUPWRDUH`
JJJJ
JJJ`J
QJJ
^FkWWLPSH[LVWXUPWRU`
JJJJJJ
JJ
^LQGLFHOHOLWHUHLFDUHXUPHD]GXSFHDDILDW`
JJJJJJJmJJ
6WLYD
&DSLWROXO
6WLYDRVWUXFWXUGHGDWHVSHFLDO
2SHUDLLFXVWLYH
(YDOXDUHDH[SUHVLLORUDULWPHWLFH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
'HILQLLH
3ULQVWLYvQHOHJHPRVWUXFWXUOLQLDUGHGDWHvQFDUHDWkWRSHUDLLOHGHLQWURGXFH
UHFkWLFHOHGHH[WUDJHUHVHHIHFWXHD]QXPDLODXQXOGLQWUHFDSHWHQXPLWYkUI9
3HFHOODOWFDSWvOQXPLPED]%
0RGXOvQFDUHLQWULLHVHOHPHQWHOHGLQVWLYMXVWLILFLGHQXPLUHDGHOLVW/,)2
/DVW,Q)LUVW2XW
9
HOHPHQWQRX
m YI
HOHPHQWHOLPLQDW
m YI
%
%
3UHOXFUDUHDXQHLVWLYHQHFHVLWSVWUDUHDLJHVWLRQDUHDXQXLLQGLFDWRUGHVWLYYI
2VWLYVHQXPHWHYLGGDFQXFRQLQHQLFLXQHOHPHQWYI %
2VWLYVHQXPHWHSOLQGDFVSDLXOGHPHPRULHUH]HUYDWDFHVWXLDHVWHXWLOL]DW
vQvQWUHJLPHYI 9
2LPDJLQHVXJHVWLYDXQHLVWLYHvQWkOQLWvQYLDDGH]LFX]LHVWHFHDDXQHLVWLYH
GH O]L FX PHUH O]LOH VXQW DH]DWH XQD SHVWH DOWD $FHVWHD ILLQG IRDUWH JUHOH QX
SHUPLW GHFkW H[WUDJHUHD O]LL GH GHDVXSUD VWLYHL VDX DGXJDUHD XQHL O]L SHVWH FHOH
GHMDH[LVWHQWH
6WLYD
,PSOHPHQWDUHDVWLYHORUVHSRDWHUHDOL]DXRUSULQXWLOL]DUHDXQXLWDEORXXQLGLPHQ
VLRQDOvQFD]XOFUXLDYRPGHFODUD
'
LP6WLYRFRQVWDQWFDUHUHSUH]LQWGLPHQVLXQHDPD[LPDVWLYHL
V
W YD IL R VWLY GHFODUDW VXE IRUPD XQXL WDEORX XQLGLPHQVLRQDO DYkQG HOHPHQWH
LQGH[DWHGHODOD'LP6WLY
Y
ILQGLFDWRUXOGHVWLYXQQXPUQDWXUDOFXSULQVvQWUHL'LP6WLY
2SHUDLLFXVWLYH
9HULILFDUHDGDFVWLYDHVWHYLG
$FHDVW RSHUDLH R YRP UHDOL]D FX VXEDOJRULWPXO
FDUH UHWXU
QHD]YDORDUHDDGHYUDWvQFD]XOvQFDUHVWLYDHVWHYLGLIDOVvQFD]FRQWUDU
^VXEDOJRULWPGHWLSIXQFLHERROHDQ`J
9HULILFDUHDGDFVWLYDHVWHSOLQ
3HQWUXDUHDOL]DDFHDVWRSHUDLHYRPIRORVLVXEDOJRULWPXO
FDUHGHDVH
PHQHD UHWXUQHD] YDORDUHD DGHYUDW vQ FD]XO vQ FDUH VWLYD HVWH SOLQ L IDOV vQ FD]
FRQWUDU
J
QJ
JJJ
J\JJ
JJJJ
JmJDGHYUDW
JJ
JJJJ
JmJIDOVJJJ
JJ J
QFHOHFHXUPHD]YDORDUHDGLQYkUIXOVWLYHLYDILUHIHULWSULQ
,QWURGXFHUHDXQXLHOHPHQWvQVWLY
6WLYD
'DF GRULP V DGXJP XQ HOHPHQW QRX vQ VWLYD VW PDL vQWkL YRP FUHWH QXPUXO
HOHPHQWHORUYIDLUXOXLFDUHLPSOHPHQWHD]VWLYDLDGXJPSHDFHDVWSR]LLHYD
ORDUHD GH LQWURGXV FH QDLQWH GH DGXJDUHD XQXL HOHPHQW WUHEXLH V YHULILFP GDF
VWLYDQXFXPYDHVWHGHMDSOLQ$FHDVWYHULILFDUHRUHDOL]PvQXQLWDWHDGHSURJUDP
FDUHDSHOHD]VXEDOJRULWPXOGHDGXJDUHSHQWUXDHYLWDvQFHUFDUHDLQWURGXFHULLXQXL
HOHPHQWQRXvQFD]GHVWLYSOLQ
([WUDJHUHDXQXLHOHPHQWGLQVWLY
QXUPDH[WUDJHULLXQXLHOHPHQWGLQWURVWLYRELQHPILHRVWLYYLGGDFDPH[WUDV
XOWLPXOHOHPHQWILHXQDFDUHDUHXQHOHPHQWPDLSXLQIDGHVLWXDLDDQWHULRDUH[
WUDJHULL'HDVHPHQHDvQYDULDELODFHYRPDYHDFRQLQXWXODFHVWXLHOHPHQWvQGHSUWDW
GLQYkUIXOVWLYHL$FHDVWRSHUDLHQXSRDWHILHIHFWXDWGHFkWGDFVWLYDQXHVWHYLG
GLIHULW GH FRQGLLH FDUH VH YD YHULILFD vQ XQLWDWHD GH SURJUDP DSHODQW DO
VXESURJUDPXOXL"
%
5HSUH]HQWDUHDFHDPDLVXJHVWLYDXQHLVWLYHVHIDFHSHYHUWL
FDOED]DVWLYHLILLQGMRVLDUYkUIXOFDSWXOvQFDUHSXWHPDFLR
QDILLQGVXVDDFXPVHYHGHvQILJXUDDOWXUDW
6WLYD RYRPSVWUDvQWUXQWDEORXXQLGLPHQVLRQDOED]DVWLYHL
ILLQGFDSWXOGLQVWkQJDLDUYkUIXOILLQGUHSUH]HQWDWvQFDSWXOGLQ
GUHDSWD
([HPSOX
$P GHFODUDW XQ LU DYkQG HOHPHQWH LQGH[DWH GH OD OD
,QLLDOL]DUHDVWLYHLFRQVWvQLQLLDOL]DUHDYkUIXOXLYI
YI
,QWURGXFHPvQVWLYFH
DFXPYI
ED]D
,QWURGXFHPvQVWLYQX YI
PUXOFH DFXPYI
6WLYD
YI
,QWURGXFHPvQVWLYQX YI
PUXOQU DFXPYI
([WUDJHPHOHPHQWXOGLQYkUIXOVWLYHLRELQHPFH LDFXPYI
YI
2EVHUYDLH
&RQIRUPXQHLDVWIHOGHLPSOHPHQWULYDORULOHH[WUDVHGLQVWLYQXVHWHUJIL]LF
HOHQXYRUPDLILDFFHVDWHGLQFDX]DYkUIXOXLFDUHDIRVWGHSODVDW
(YDOXDUHDH[SUHVLLORUDULWPHWLFH
9RP FRQVLGHUD H[SUHVLL DULWPHWLFH FDUH FRQLQ RSHUDWRUL ELQDUL L YDULDELOH FDUH DX
LGHQWLILFDWRULIRUPDLGLQWURVLQJXUOLWHUPLFDDOIDEHWXOXLHQJOH]$ERUGDUHDDFHVWHL
WHPHFRQGXFHVSUHVWXGLXOXUPWRDUHORUWUHLDVSHFWH
D 9HULILFDUHDFRUHFWLWXGLQLLXQHLH[SUHVLL
9DORDUHDXQHLH[SUHVLLQXVHSRDWHFDOFXODGHFkWGDFH[SUHVLDHVWHFRUHFWVFULV3HQ
WUXDGHFLGHGDFRH[SUHVLHHVWHFRUHFWVFULVYRPYHULILFD
G
DFH[SUHVLDQXFRQLQHDOWHFDUDFWHUHGHFkWFHOHSHUPLVHvQVSHFLILFDUHDSUREOHPHL
G
DFILHFDUHRSHUDWRUDUHGRLRSHUDQ]LVHFRQVLGHUGRDURSHUDWRULELQDUL
G
DFQXPHOHILHFUXLRSHUDQGHVWHFRUHFWHVWHIRUPDWGLQWUROLWHUPLF
G
DFQXPUXOGHSDUDQWH]HGHVFKLVHHVWHHJDOFXQXPUXOFHORUvQFKLVHLQXVHvQFKLGH
QLFLXQDIUVILHGHVFKLV
E $GXFHUHDH[SUHVLHLODIRUPDSRORQH]SRVWIL[DW
)RUPDSRORQH]DXQHLH[SUHVLLDULWPHWLFHHVWHRVFULHUHIUSDUDQWH]HDXQHLH[SUHVLL
DULWPHWLFH FDUH vQ VFULHUHD FODVLF SRDWH V FRQLQ L SDUDQWH]H Q IRUPD SRORQH]
RSHUDWRUXO HVWH VFULV LPHGLDW GXS FHL GRL RSHUDQ]L 'DF XQXO GLQ RSHUDQ]L HVWH OD
UkQGXOOXLRH[SUHVLHRVXEH[SUHVLHDWXQFLLDFHDVWDVHVFULHSHED]DUHJXOLLGHPDL
VXV'PFkWHYDH[HPSOH
([SUHVLH
)RUPDSRORQH]
([SOLFDLL
DULWPHWLF
SRVWIL[DW
6WLYD
DE
F
DEF
DEFGH DEFGH
)LHE
F [([SUHVLDGHYLQHD[ DE
F
)LHDE [([SUHVLDGHYLQH[FGH
)LHGH \([SUHVLDGHYLQH[F\
)LHF
\ ]([SUHVLDGHYLQH[]QORFXLQG
YDORULOH[\]RELQHPDEFGH
$OJRULWPXO SURSXV SHQWUX WUDQVIRUPDUHD XQHL H[SUHVLL DULWPHWLFH VFULV vQ IRUPD
FODVLFvQIRUPDSRORQH]SRVWIL[DWIRORVHWHGRXVWLYH
x RSHUvQFDUHVHYRULQWURGXFHRSHUDWRULLLSDUDQWH]HOHGHVFKLVH
x SRORQvQFDUHVHYDRELQHH[SUHVLDvQIRUPSRVWIL[DW
6HWUDWHD]UkQGSHUkQGILHFDUHFDUDFWHUDOH[SUHVLHLDVWIHO
x GDFHVWHOLWHURSHUDQGVDXSDUDQWH]GHVFKLVVHLQWURGXFHvQSRORQ
x GDFHVWHRSHUDWRUVHLQWURGXFHvQRSHUGDUXQRSHUDWRUFXSULRULWDWHPLFQXSRD
WHILLQWURGXVGLUHFWSHVWHXQRSHUDWRUFXSULRULWDWHPDLPDUHQWUXQDVWIHOGHFD]
LQWURGXFHUHDvQRSHUVHYDIDFHQXPDLGXSFHvQSUHDODELORSHUDWRULLFXSULRULWDWH
PDLPDUHDXIRVWH[WUDLGLQRSHULLQWURGXLvQSRORQ
x GDF DYHP FDUDFWHU SDUDQWH] vQFKLV DWXQFL VH PXW SH UkQG WRL RSHUDWRULL GLQ
RSHU vQ SRORQ SkQ OD vQWkOQLUHD SDUDQWH]HL GHVFKLVH FRUHVSXQ]WRDUH 3DUDQWH]D
GHVFKLVVHHOLPLQGLQRSHUIUDPDLILLQWURGXVvQSRORQ
([HPSOX
)LHH[SUHVLDG
D
EFH
6HLQWURGXFRSHUDWRULLvQRSHURSHUDQ]LLvQSRORQSkQODvQWkOQLUHDVHPQXOXLFDUH
QXSRDWHILLQWURGXVSHVWH
GHRDUHFH
DUHSULRULWDWHPDLPDUHGHFkW2SHUDWRUXO
VH
PXWvQSRORQWRWDFRORVHLQWURGXFHLOLWHUDF$SDULLDFDUDFWHUXOXLSDUDQWH]vQFKLV
DUHFDHIHFWPXWDUHDRSHUDWRUXOXLvQSRORQLHOLPLQDUHDSDUDQWH]HLGHVFKLVHGLQRSHU
6WLYD
FH
H
H
E
E
D
D
G
G
SRORQ
RSHU
SRORQ
RSHU
SRORQ
QDFHVWFD]RELQHPH[SUHVLDvQIRUPSRORQH]SRVWIL[DWvQSRORQGDE
F
H
F(YDOXDUHDXQHLH[SUHVLLGDWHVXEIRUPSRORQH]SRVWIL[DW
6FRQVLGHUPFVHFLWHVFYDORULSHQWUXYDULDELOHOHDEFGLHGHH[HPSOXILHD
E F G H 6HFRQVWUXLHWHLUXOGHYDORULYFRUHVSXQ]WRUH[SUHVLHL
$FHVWLUYDFRQLQHDWkWHDHOHPHQWHFkWHFDUDFWHUHOLWHUHLRSHUDWRULH[LVWvQH[SUH
VLHLDUYDORULOHFRUHVSXQ]WRDUHSR]LLLORURFXSDWHGHYDULDELOHYRUILYDORULOHFLWLWHDOH
DFHVWRUDvQUHVWFRUHVSXQ]WRUFDUDFWHUHORUFDUHUHSUH]LQWRSHUDWRULYDORDUHDHVWH
LQGLFH
H[SUHVLD G D E
F
H
Y
3HPVXUFHVHHIHFWXHD]FkWHRRSHUDLHGLQFHOHGRXLUXULVHYRUHOLPLQDHOH
PHQWHOH FRUHVSXQ]kQG RSHUDWRUXOXL L RSHUDQGXOXL FDUH vO SUHFHGH GHRDUHFH YDORDUHD
UH]XOWDWGLQRSHUDLHvLYDILDWULEXLWHOHPHQWXOXLGHSHSR]LLDFRUHVSXQ]WRDUHSUL
PXOXLRSHUDQG
Q H[HPSOX SULPD RSHUDLH FDUH VH HIHFWXHD] HVWH DE
UH]XOWDWXO RELQXW HVWH
YDORDUHFDUHYDILDWULEXLWLUXOXLYSHSR]LLDFRUHVSXQ]WRDUHFDUDFWHUXOXLD
HVWHSULPXORSHUDQGDOH[SUHVLHLHYDOXDWHDE
LUXULOHGHYLQ
LQGLFH
H[SUHVLD G D F
H
Y
8UPWRDUHDRSHUDLHGHHIHFWXDWHVWHDFDGLF 6WUXFWXUDFHORUGRXL
UXULVHPRGLILFDVWIHO
LQGLFH
H[SUHVLD G D
H
Y
F
RSHU
6WLYD
LQGLFH
H[SUHVLD G H
Y
QILQDOGHDGLF GHFLVHRELQH
LQGLFH
H[SUHVLD G
Y
2EVHUYDLH
QFD]XOXQHLH[SUHVLLvQFDUHDYHPGRLRSHUDWRULFRQVHFXWLYLGLIHULLGDUDPELLDX
SULRULWDWHPD[LPRUGLQHDDFHVWRUDvQIRUPDSRORQH]SRVIL[DWWUHEXLHLQYHUVDWSHQ
WUXDSHUPLWHHIHFWXDUHDRSHUDLLORUGHODVWkQJDODGUHDSWD
([HPSOX
)LH GDWHOH GH LQWUDUH D
EF L D E F )RUPD SRVWIL[DW FRUHFW HVWH
DE
FLDUYDORDUHDFRUHVSXQ]WRDUHH[SUHVLHLHVWH'DFQXVDULQYHUVDRSHUDWRULL
DOJRULWPXOGHPDLVXVDUIXUQL]DH[SUHVLDDEF
LYDORDUHD
3UREOHPHSURSXVH
&RQYHUVLHGLQED]DvQDOWED]
6 VH FRQYHUWHDVF QXPUXO QDWXUDO Q GDW vQ ED]D vQWUR ED] GH QXPHUDLH PDL
PLFGHFkW&LIUHOHQRXOXLQXPUVHYRUSVWUDvQWURVWLY
'DWHGHLQWUDUH
'LQ ILLHUXO %#!&$ VH FLWHVF GRX QXPHUH QDWXUDOH 3ULPXO UHSUH]LQW ED]D GH QX
PHUDLHEvQFDUHVHGRUHWHFRQYHUVLDDOGRLOHDHVWHQXPUXOQUHSUH]HQWDWvQED]D
6WLYD
'DWHGHLHLUH
)LLHUXOGHLHLUH%#!&'(!YDFRQLQHRVLQJXUOLQLHSHFDUHVHYRUDIODFLIUHOHQXP
UXOXLUH]XOWDWGLQFRQYHUVLH
5HVWULFLLLSUHFL]UL
x dQd
x dEd
([HPSOX
%#!&$
JJJ
6WLYD
!A#&$
J
JJJJJJ
([SOLFDLH
!A#&'(!J
J
%JJQJJJJJJJ
J QJJJJJJ
JJJQJJJJJ
VHH[WUDJH 44
21
9
%#!&'(!J
7LMDFXELOH
3HRWLMYHUWLFDOVXGDWODED]VXQWGLVSXVHQELOHSHUIRUDWHvQFHQWUXLQXPHURWDWH
FXQXPHUHvQWUHJLRDUHFDUH6HGRUHWHHOLPLQDUHDELOHLHWLFKHWDWHFXQXPUXO[IROR
VLQGXVHRDOWWLMYHUWLFDOSHFDUHSRWILPXWDWHWHPSRUDUELOH
6FULHLXQSURJUDPFDUHFLWHWHQXPHUHOHDVRFLDWHFHORUQELOHGHSXQHELOHOHSHWLM
DSRLIRORVLQGWLMDGHPDQHYUHOLPLQELODDYkQGHWLFKHWDQXPUXO[
'DWHGHLQWUDUH
3ULPDOLQLHDILLHUXOXLGHLQWUDUH!A#&$FRQLQHQXPUXO[DVRFLDWELOHLFDUHWUHEXLH
HOLPLQDWGHSHWLM3HXUPWRDUHDOLQLHVHDIOQXPHUHOHDVRFLDWHELOHORU$FHVWHQX
PHUHYRUILVHSDUDWHSULQFkWHXQVSDLX
'DWHGHLHLUH
)LLHUXOGHLHLUH!A#&'(!YDDYHDXUPWRDUHDVWUXFWXU
3HSULPDOLQLHVHYDVFULHPHVDMXOJ
%JJQJXUPDWGHYDORUL
OHDVRFLDWHELOHORUvQRUGLQHDFLWLULLGLQILLHUXOGHLQWUDUH
3HDGRXDOLQLHVHYDVFULHPHVDMXOJ QJXUPDWGHYDORULOHDVRFLDWHEL
OHORUFDUHVHH[WUDJGHSHWLMDSkQODELODQXPHURWDWFXYDORDUHD[LQFOXVLY
3HDWUHLDOLQLHVHYDVFULHPHVDMXO J J J QJ XUPDWGHDILDUHD
YDORULORUDVRFLDWHELOHORUUPDVHSHWLMGXSHOLPLQDUHDELOHLDYkQGFDHWLFKHWQXP
UXO [ L GXS UHSXQHUHD SH WLMD D ELOHORU SVWUDWH WHPSRUDU SH WLMD $ILDUHD VH YD
IDFHvQFHSkQGFXYkUIXOWLMHLPHUJkQGVSUHED]
5HVWULFLLLSUHFL]UL
x dQd
x QXPHUHOHGHSHELOHL[VXQWQXPHUHvQWUHJL
([HPSOX
21
44
21
12
12
12
ID]D
ID]D
7LMFXELOHFRORUDWH
ID]D
3HRWLMYHUWLFDOVHJVHVFDPHVWHFDWHPELOHFRORUDWHDYkQGQFXORULSRVLELOH6VH
VHSDUHDFHVWHELOHSXQkQGXOHSHQWLMHFRORUDWHILHFDUHELOGHSHRDQXPLWWLMDYkQG
FXORDUHDWLMHL%LOHOHVXQWQXPHURWDWHGHODODPLDUFXORULOHVXQWFRGLILFDWHFXQXPH
UHGHODODQ
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXL *#&$VHDIOQXPUXOGHELOHPLQXPUXOGHFXORUL
Q3HXUPWRDUHDOLQLHVHDIOLUXOFXORULORUFHORUPELOHVHSDUDWHSULQFkWHXQVSDLX
'DWHGHLHLUH
)LLHUXOGHLHLUH *#&'(!YDFRQLQHQOLQLLFRUHVSXQ]WRDUHILHFUHLFXORULDYkQG
XUPWRUXOFRQLQXW
JJ%QJXUPDWGHXQQXPUFDUHUHSUH]LQWFXORDUHDDVRFLDWWLMHL
DSRLSHUkQGXOXUPWRUYDILVFULVLUXOQXPHUHORUGHRUGLQHDOHELOHORUDIODWHSHDFHDVW
WLM$FHVWHQXPHUHYRUILVHSDUDWHSULQFkWHXQVSDLX'DFSHRDQXPLWWLMQXH[LVW
ELOHSHOLQLDUHVSHFWLYVHYDVFULHJ
5HVWULFLLLSUHFL]UL
x dPd
x dQd
([HPSOX
*#&$
JJ
JJJJJJJ
J
6WLYD
*#&'(!
JJ%JJ
J|JJ
JJ%JJ
JJ
JJ%JJ
JJ
JJ%JJ
JJ
9DORDUHDXQHLH[SUHVLLDULWPHWLFH
6WLYD
6HFLWHWHRH[SUHVLHDULWPHWLFvQFDUHVHIRORVHVFRSHUDWRULLELQDUL
XQGH
SULQRSHUDWRUXOYRPvQHOHJHFkWXOvPSULULLvQWUHJLDOSULPXOXLRSHUDQGODDOGRL
OHD LDU SULQ RSHUDWRUXO UHVWXO vPSULULL vQWUHJL 9DULDELOHOH DFHVWHL H[SUHVLL DX
LGHQWLILFDWRULIRUPDLGLQWURVLQJXUOLWHU1XVHIRORVHVFFRQVWDQWH
6VHYHULILFHGDFH[SUHVLDHVWHFRUHFWVFULVLDUvQFD]DILUPDWLYVVHGHWHUPLQH
IRUPDSRORQH]SRVWIL[DWDDFHVWHLDLVVHFDOFXOH]HYDORDUHDH[SUHVLHLSHQWUXYDORUL
DOHYDULDELOHORUFLWLWHFDGDWHGHLQWUDUH
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXLGHLQWUDUH9" &$VHJVHWHH[SUHVLD3HXUPWRDUHD
OLQLH VH DIO YDORULOH YDULDELOHORU VHSDUDWH SULQ FkWH XQ VSDLX vQ RUGLQHD DOIDEHWLF D
GHQXPLULLDFHVWRUDLQXQHDSUDWvQRUGLQHDGHDSDULLHvQH[SUHVLH
'DWHGHLHLUH
)LLHUXOGHLHLUH 9" &'(!YDFRQLQHSHSULPDOLQLHH[SUHVLDDULWPHWLFvQIRU
PDSRORQH]SRVWIL[DWLDUSHDGRXDOLQLHVHYDDIODYDORDUHDH[SUHVLHLSHQWUXYDORULOH
YDULDELOHORUFLWLWHGLQILLHUXOGHLQWUDUH
Q FD]XO vQ FDUH H[SUHVLD QX HVWH FRUHFW VFULV ILLHUXO GH LHLUH YD FRQLQH QXPDL
PHVDMXO"J
%%
5HVWULFLLLSUHFL]UL
x H[SUHVLDFLWLWDUHFHOPXOWGHFDUDFWHUH
x WRDWHYDORULOHYDULDELOHORUVXQWQXPHUHvQWUHJL
x H[SUHVLDQXFRQLQHRSHUDWRULXQDUL
([HPSOH
9" &$
~J
J|
9" &'(!
~J
9" &$J
~%J
J|JJ|J
9" &$
%~%J
JJ
9" &'(!
"J
%%
9" &'(!
%%~J
6ROXLLOHSUREOHPHORUSURSXVH
&RQYHUVLHGLQED]DvQDOWED]
7UHFHUHD XQXL QXPU vQWUHJ GLQ ED]D GH QXPHUDLH vQWUR DOW ED] VH IDFH SULQ
vPSULULVXFFHVLYHDOHQXPUXOXLODQRXDED]QXPUXOILLQGDFWXDOL]DWODILHFDUHSDV
FXFkWXORELQXW
([HPSOX
3HQWUXDWUHFHQXPUXOGLQED]DvQED]DDYHPXUPWRDUHDVXFFHVLXQHGH
vPSULUL
&kW %D]D 5HVW
1XPU
2EVHUYPFUH]XOWDWXOGRULWHVWHFRQVWUXLWSULQFXOHJHUHDUHVWXULORUvQRUGLQHLQYHU
VQFRQFOX]LH
3HQWUXDUHDOL]DFRQYHUVLDXQXLQXPUGLQWURED]vQDOWDDPSXWHDIRORVLRYDULD
ELOvQFDUHDPSVWUDSXWHUHDOXLFDUHFRUHVSXQGHUDQJXOXLDFHOHLFLIUHDSRLODILH
FDUHSDVDPDGXQDODUH]XOWDWFLIUDvQPXOLWFXDFHDVWSXWHUH
([HPSOX
5H]XOWDW
5HVW 3
6WLYD
2VROXLHPXOWPDLQDWXUDODUFRQVWDvQSVWUDUHDFLIUHORUvQWUXQYHFWRUSHPVXU
FHDFHVWHDVHRELQDILDUHDFLIUHORUIFkQGXVHGXSWHUPLQDUHDDOJRULWPXOXLvQRUGL
QHLQYHUVDRELQHULLORUQIXQFLHGHFHULQGLQLUXOFLIUHORUSDUFXUVGHODVIkULW
VSUHvQFHSXWVDUSXWHDFRQVWUXLLQXPUXOIRORVLQGVFKHPDOXL+RUQHU
([HPSOX
,QWURGXFHUHDFLIUHORU
vQWLPSXOFRQYHUVLHL
6WLYD
'DF UHVWXO vPSULULL U HVWH PDL PLF GHFkW FDUDFWHUXO FLIU FRUHVSXQ]WRU YD
DYHDFRGXOHJDOFXFRGXOFDUDFWHUXOXL`SOXVUHVWXORELQXWGLQvPSULUH
FDUDFWHU
FRG
`J |
J J |`J |J |J |J |J ||J |J |J
'H H[HPSOX SHQWUX U FRGXO FDUDFWHUXOXL HVWH HJDO FX FRGXO FDUDFWHUXOXL
`SOXVUQOLPEDMXO3DVFDODFHDVWH[SUHVLHVHVFULHDVWIHO
&`~
QPRPHQWXO
WHUPLQULL
FRQYHUVLHL
Q PRG VLPLODU GDF UHVWXO vPSULULL HVWH PDL PDUH VDX HJDO FX DFHVWVXUSOXV
SHVWHHVWHDGXQDWODFRGXOFDUDFWHUXOXL RELQkQGXVHFRGXOOLWHUHLFRUHVSXQ]
WRDUHUHVWXOXL
([HPSOX
3HQWUXU VXUSOXVXOHVWH&RGXOOXLHVWH|DGXQPLRELQHPFDUH
UHSUH]LQWFRGXOFDUDFWHUXOXL"
Q DOJRULWPXO SURSXV SHQWUX UH]ROYDUHD DFHVWHL SUREOHPH DP QRWDW FX QU QXPUXO
vQWUHJFDUHWUHEXLHFRQYHUWLWFXEED]DGHQXPHUDLHvQFDUHVHIDFHFRQYHUVLDFXUH]
LUXOGHFDUDFWHUHvQFDUHRELQHPUH]XOWDWXOFRQYHUVLHL
$ILDUHDFLIUHORU
RELQXWH
2DVWIHOGHVWUXFWXUvQFDUHDGXJPLH[WUDJHPHOHPHQWHQXPDLODXQFDSWVH
QXPHWHVWLYQFD]XOvQFDUHVWLYDHVWHUHSUH]HQWDWIRORVLQGXQLURSHUDLLOHGHDG
XJDUHLH[WUDJHUHVXQWXRUGHUHDOL]DWSULQDGXJDUHDXQXLHOHPHQWQRXGXSXOWLPXO
H[LVWHQWUHVSHFWLYSULQHOLPLQDUHDXOWLPXOXLHOHPHQWDGXJDW
([HPSOXODQDOL]DWDQWHULRUDIRVWUHDOL]DWSHQWUXRED]GHQXPHUDLHPDLPLFGH
FkW6FRQVLGHUPXQH[HPSOXQRXXQGHED]DGHQXPHUDLHVILHPDLPDUHGHFkW
&LIUHOHED]HLYRUDYHDYDORULOH2EVHUYPF
L VXQW QXPHUH IRUPDWH GLQ PDL PXOWH FLIUHvQFRQFOX]LHQXSRWILXWLOL]DWHFD
FLIUH DOH QXPUXOXL UH]XOWDW Q ORFXO ORU YRP IRORVL VLPEROXUL OLWHUH DOH DOIDEHWXOXL
FRQIRUPXQHLFRQYHQLLELQHFXQRVFXWH
YDILVLPEROL]DWSULQOLWHUD$
YDILVLPEROL]DWSULQOLWHUD%
QFD]XOXQRUED]HGHQXPHUDLHPDLPDULGHFkWYRUDSUHDLDOWHOLWHUHvQIXQF
LHGHQXPUXOGHYDORULFDUHVWDXODED]DVLVWHPXOXLGHQXPHUDLHUHVSHFWLYQHQXQ
VDVSHFLILFDWFED]DGHQXPHUDLHHVWHPDLPLFGHFkWGHFLFHDPDLPDUHSRDWHIL
FDUHQHFHVLWGHVLPEROXULGHODFLIUDODFLIUD3HQWUXFLIUHOHDFHVWHLED]H
YRPIRORVLFDUDFWHUHOHGHODODFDUDFWHUHLGHOD$OD=FDUDFWHUH/LWHUD
$FRUHVSXQGHFLIUHLL=FLIUHL
3HQWUXUH]ROYDUHDSUREOHPHLHQXQDWHIRORVLPFDVWLYXQLUGHFDUDFWHUHGHRDUHFH
FLIUHOHQXPUXOXLUH]XOWDWYRUILFDUDFWHUHFLIUHVDXOLWHUH
J
QJ
JJJJmJJ
JJ
J
JJJJ%JmJ
JJ
^FDOFXOPFkWXOLUHVWXOvPSULULLODED]`
JJJJJmJ
JJ
^GLQFRQVWUXLPFLIUDFRUHVSXQ]WRDUHvQED]DE`J
JJJJJJJ`JJJ
JJJJJJ%JmJ&`J~JJ
JJJJ
JJJ
JJJJJJ%JmJ&J~JJJ`J
JJJJ
JJJJ
JmJ%JJ
^VFKLPEPYDORDUHDOXL
SHQWUXSDVXOXUPWRU`J
JJJJJmJ%J~JJJJJJ
^DGXJPFLIUDODUH]XOWDWRDOLSLP`
JJ
J\J`J
7LMDFXELOH
'LQHQXQXOSUREOHPHLVHREVHUYFVHGRUHWHXWLOL]DUHDDGRXVWUXFWXULGHWLSVWLY
SHQWUXILHFDUHGLQFHOHGRXWLMHQDFHDVWVLWXDLHQHVXQWH[WUHPGHXWLOLVXEDOJRULW
PLLGHLQWURGXFHUHvQVWLYUHVSHFWLYH[WUDJHUHGLQVWLYVXEDOJRULWPLDFURUXWLOL]DUH
XXUHD]PXOWvQWUHJXODOJRULWP$FHWLVXEDOJRULWPLDXIRVWGHVFULLvQSDUWHDWHRUHWLF
DFDSLWROXOXLLYRUILXWLOL]DLH[DFWvQDFHHDLIRUPLvQXUPWRDUHOHDSOLFDLLFXVWLYH
3HQWUXUHSUH]HQWDUHDVWUXFWXULLGHGDWHGHWLSVWLYYRPGHFODUDXQWLSWDEORXXQLGL
6WLYD
PHQVLRQDODYkQGHOHPHQWHQXPHUHvQWUHJL9kUIXOVWLYHLYDILFRQVLGHUDWWRWWLPSXOLQ
GLFHOHXOWLPXOXLHOHPHQWDOLUXOXL
6XEDOJRULWPXOGHFUHDUHDVWLYHLFRUHVSXQ]WRDUHWLMHL
J
J
QJ
JJ
JmJ`J
^'LP6WLYD `J
^LQLLDOL]DUHVWLYD`
^FLWLUHDQXPHUHORULFUHDUHDVWLYHLFRUHVSXQ]WRDUHWLMHL`
JJ
JJ
%JJQJJ
JJJmJ`JJ
^YDULDELODX[LOLDU`J
JJ
ILLHUXOQXHVWHJROJJJ
,J
JJJJ
J
J
JJJJJmJJ~JJ
JJJJ
J
JJ
JJJJ
J
JJJILLHUXOQXHVWHJROJJJ ^QXDPSXWXWFLWLvQWUHJXOILLHUGHLQWUDUH`J
JJJJ
JJJ
J
JJJJ2SULUHIRUDWDOJRULWP
JJ J
6XEDOJRULWPXOvQFDUHVHUHDOL]HD]FXWDUHDELOHLDYkQGHWLFKHWD[LFUHDUHDVWLYHL
FRUHVSXQ]WRDUHWLMHL
%LOHOHUPDVHSHWLMDOHYRPPXWDvQDSRLSHWLMD
6WLYD
JJ
J
JJ`J
QJ
JJJJ"
J
JJJJ
J
3HQWUX D SXWHD DILD ELOHOH GH SH WLMD FRQIRUP FHULQHL GH OD YkUI VSUH ED] YD
WUHEXLVOHPXWPGLQQRXSHWLMD'HILHFDUHGDWFkQGYRPOXDvQPkQRELOYRP
VFULHQXPUXOFRUHVSXQ]WRUvQILLHUXOGHLHLUH
J
%LOHFRORUDWH
5H]ROYDUHDDFHVWHLSUREOHPHQHFHVLWXWLOL]DUHDXQXLLUGHQVWLYHvQFDUHYRUILSVWUD
WHQXPHUHOHGHRUGLQHDOHELOHORUUHSDUWL]DWHSHFXORUL6XQWIRORVLWHGLQQRXSURFHGXUL
OHFODVLFHGHLQWURGXFHUHvQVWLYLH[WUDJHUHGLQVWLY
9RPGHFODUDWLSXOvQIHOXOXUPWRU
J\JJXYKJ
XQGHHVWHHJDOFXQXPUPD[LPGHELOH
QVXEDOJRULWPLLGHUH]ROYDUHDPQRWDWFXVWLYHXQLUGHVWLYHDYkQGFHOPXOW
GHHOHPHQWHQXPUXOPD[LPGHFXORULHVWH9kUIXULOHFHORUQVWLYHVXQWSVWUDWH
vQLUXOGHQXPHUHQDWXUDOHYkUIXUL6WLYDVWGHYkUIYkUIFXSULQGHLQLLDOFXORULOHWXWX
URUELOHORUFLWLWH1XPUXOGHRUGLQHDOELOHLFXUHQWHHVWHQUBELOD
J
QJJ
^VHFUHHD]VWLYDLQLLDOFXWRDWHELOHOH`J
JJ
JmJ`J
JJ
J
JJJ
JJ
\J
,J
JJJJ
J%JJ
JJJJ
%J
^QXPUXOELOHORULFXORULORU`
^FXORDUHDELOHL`
6XEDOJRULWPXOGHUH]ROYDUHDSUREOHPHL
6WLYD
J
J
QJ
^LQLLDOL]DUHDFHORUQVWLYH`
JJ
J\
J
,
JJJJ
JmJ`J
JJ
^OXPELOHOHGHSHWLMDLQLLDOLOHGLVWULEXLPSHVWLYHFRQIRUPFXORULORU`J
JJ
JmJJJ
J
JJ
JJ`J
,J
JJJJ"
%J
JJJJ
%
%
J
JJJJ
JmJ
JJJ
J
$ILDUHDVWLYHORUOHYRPUHDOL]DFXDMXWRUXOVXEDOJRULWPXOXL"
6XEDOJRULWPXOGHDILDUHvOFRQFHSHPSHQWUXDILDUHDXQHLVLQJXUHVWLYHLvOYRPDSHOD
GLQSURJUDPXOSULQFLSDOSHQWUXFHOHQFXORUL'DFYRUILVWLYHYLGHRDQXPLWFXORDUH
OLSVHWHvQVXEDOJRULWPXO"
YRPDILDXQPHVDMFRUHVSXQ]WRU
9DORDUHDXQHLH[SUHVLLDULWPHWLFH
QSUH]HQWDUHDWHRUHWLFVXVLQXWFXH[HPSOHVHFRQWXUHD]WUHLHWDSHQHFHVDUHHYDOX
ULLXQHLH[SUHVLL
x YHULILFDUHDFRUHFWLWXGLQLLH[SUHVLHL
x WUDQVIRUPDUHDH[SUHVLHLvQWURIRUPIUSDUDQWH]H
x HYDOXDUHDSURSULX]LVDH[SUHVLHL
$OJRULWPLL GH UH]ROYDUH DOH FHORU WUHL VXESUREOHPH vL YRP GHVFULH VHSDUDW vQ WUHL
VXEDOJRULWPL
D9HULILFDUHDFRUHFWLWXGLQLLXQHLH[SUHVLL
J%QJ
JJ
JmJOXQJLPHDLUXOXLGHFDUDFWHUHJ
JJ%&JmJ`J
6WLYD
^YDULDELODX[LOLDUODVIkULWYDORDUHDHLVHDWULEXLHLGHQWLILFDWRUXOXLGHIXQFLH`J
JJ%JmJDGHYUDW
^SULPXOFDUDFWHUvOWUDWPVHSDUDW`J
JJJ\JJJ
JJJJ%&JmJ%&J~JJ
JJ
JJJJ\JJJJ
JJJJ%JmJIDOVJ
JJ
^VQXvQFHDSVDXVQXVHWHUPLQHFXRSHUDWRU`
^GDFQXPHOHXQHLYDULDELOHHVWHIRUPDWGLQPDLPXOWHOLWHUH`
^VDXGDFH[LVWGRLRSHUDWRULFHVHVXFFHGH[SUHVLDQXHVWHFRUHFW`
^GDFvQIDDXQHLSDUDQWH]HvQFKLVHHVWHXQRSHUDWRU`
6WLYD
JJJJJJJHVWHRSHUDWRUJJ
JJJJJJJJ%JmJIDOVJ
JJJJJJ
JmJJ~J
%%JmJ%
JJ
E$GXFHUHDH[SUHVLHLODIRUPDSRORQH]SRVWIL[DW
9RPUHDOL]DRLPSOHPHQWDUHFDUHIRORVHWHFHOHGRXVWLYHSUH]HQWDWHvQVXSRUWXOWHR
UHWLF DO OHFLHL Q YDULDELOD V FLWLP H[SUHVLD GDW FX SDUDQWH]H LDU UH]XOWDWXO VH YD
FRQVWUXL vQ UH]XOW DPEHOH YDULDELOH ILLQG GH WLS &HOH GRX VWLYH RSHU L
SRORQDXYkUIXULOHvQYIRSHULYISRORQ
J
QJ
JJ
JmJ`JJ
JJ
JmJ`JJ
JJJmJJJ
^IRUPPPXOLPHDQXPHORUGHYDULDELOHGLQH[SUHVLH`
J\OXQJLPHDOXL
,^SUHOXFUPILHFDUHFDUDFWHUDOH[SUHVLHL`J
^FDUDFWHUXOOLWHUVDXSDUDQWH]GHVFKLVVHLQWURGXFHvQSRORQLVHDGDXJOD`
^PXOLPHDGHOLWHUHGHFDUHYRPDYHDQHYRLHSHQWUXDFLWLYDORULOHYDULDELOHORU`
JHVWHOLWHUJ
JJJJJJ
JJ
^VHDGDXJvQSRORQ`
JJJJJJJmJJJJ
JJ\JJ
JJJJJJ
JJ
^VHDGDXJvQRSHU`
^FDUDFWHUXORSHUDWRUVHLQWURGXFHvQRSHU`
^GRLRSHUDWRULFRQVHFXWLYLGHDFHHDLSULRULWDWHVHLQYHUVHD]`
^RSHUDWRULLFXSULRULWDWHPLFVHPXWGLQRSHUvQSRORQSkQFkQG`
^vQYkUIXOVWLYHLRSHUQXVHYDPDLDIODXQRSHUDWRUVDX`
6WLYD
^RSHUDWRULLFXSULRULWDWHPDLPDUHVHVFRWGLQRSHULVHLQWURGXFvQSRORQ`
JJJJJJ
JzJ`J
JJJ
,
JJJJJJJJ"
%J
JJJJJJJJ
%J
JJJJJJ
^VHDGDXJRSHUDWRUXOVDX`
JJJJJJ
JJ
^FDUDFWHUXOFXUHQWHVWHSDUDQWH]vQFKLVVHPXWWRLRSHUDWRULL`
^GLQRSHUvQSRORQSkQODvQWkOQLUHDSDUDQWH]HLGHVFKLVHFRUHVSXQ]WRDUH`
^SDUDQWH]DGHVFKLVVHHOLPLQGLQRSHU`
JJ\JJ
^H[SUHVLDGLQWUHGRXSDUDQWH]HGHVFKLVH`
^VHPXWvQSRORQLVHHOLPLQGLQRSHUSDUDQWH]DGHVFKLV`
F(YDOXDUHDXQHLH[SUHVLLDIODWHvQIRUPSRORQH]SRVWIL[DW
3HQWUXvQFHSXWVHFRQVWUXLHWHXQLUYGLQYDORULOHYDULDELOHORUGLQH[SUHVLHvQRUGLQHD
vQFDUHDSDUvQH[SUHVLH3R]LLLOHFRUHVSXQ]WRDUHRSHUDWRULORUVDXSDUDQWH]HORUVHLQL
LDOL]HD]FXYDORDUHD
([SUHVLDILLQGvQIRUPSRORQH]SRVWIL[DWODILHFDUHSDVFXWPSULPXORSHUDWRU
SHQWUXDHIHFWXDvQWkLDFHDRSHUDLH
QDOJRULWPQRWPFXQOXQJLPHDH[SUHVLHLGHFLLDLUXOXLYLDUvQUH]FDOFXOP
YDORDUHDH[SUHVLHL9DULDELODORJLFJDWDYDSULPLYDORDUHDDGHYUDWvQPRPHQWXOvQ
FDUH VD WHUPLQDW FDOFXODUHD YDORULL H[SUHVLHL 'XS HIHFWXDUHD XQHLRSHUDLLVHWHUJH
XQXOGLQWUHRSHUDQ]LGHH[HPSOXDOGRLOHDSUHFXPLRSHUDWRUXOHIHFWXDWDWkWGLQH[
SUHVLHFkWLGLQLUXOY9DORDUHDFDOFXODWVHDHD]vQLUXOYSHSR]LLDFRUHVSXQ]
WRDUHYDULDELOHLSVWUDWH
&kQGLUXOHYDOXULORUVDvQFKHLDWDYHPRVLQJXUYDULDELODFUHLYDORDUHHVWHYD
ORDUHDH[SUHVLHLGDWH2EVHUYPFLGHQWLILFDWRUXOYDULDELOHLQXDUHQLFLRVHPQLILFDLH
SHQWUXUH]XOWDW
6WLYD
JQJ
^UHWXUQHD]XQvQWUHJ`
JJ
J\
J
,J
JJJJJHVWHOLWHUJ
JJJJJJJmJYDORDUHDQXPHULFDYDULDELOHLDYkQGLGHQWLILFDWRUXOvQJJJ
JJJJ
JJ
JJJJJJJmJ`J
JJJJ
JJ
JJ
^FXWPSULPXORSHUDWRUSHQWUXDHIHFWXDvQWkLDFHDRSHUDLH`J
JJJJJmJJ
JJJJ
JJzJ~JJJzJJJzJJJJ
J
JzJJJJzJ JJ
J
,JJ
JJJJJJJmJJ~JJ
JJJJ
J
^HIHFWXPRSHUDLD`
JJJJJJ\J~JJJmJJ~JJ
JJJJJJJJ\JJJJmJJJJ
JJJJJJ
JJJ
JJJJJJJJJJ\JJJJmJJ
JJJJJJJJJJJ\JJJmJJ
JJJJJJJJJJ
JJJJJ
JJJJJJJJJJJJJJ\JJJJmJJ
JJJJJJJJJJJJ J
JJJJJJJJJJ
JJJJ
JJJJJJ\J
JHVWHOLWHUJJ JmJDGHYUDWJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
J JmJIDOVJJ
JJJJJJ J
^WHUJHPXQXOGLQWUHRSHUDQ]LLRSHUDWRUXOHIHFWXDWGLQH[SUHVLHLGLQLUXOY`
VHWHUJGLQGRXFDUDFWHUHvQFHSkQGFXSR]LLDJ
^YDORDUHDFDOFXODWGHYLQHvQLUXOYYDORDUHDYDULDELOHLSVWUDWH`
JJJJJJJmJJ
^WHUJHPGLQYGRXHOHPHQWHvQFHSkQGFXSR]LLD`J
JJJJJJ
J?\
J
,
JJJJJJJJ?JmJ?~J
JJJJJJJJ
JmJ
JJJ
JJJJJJ
6WLYD
^DPUPDVFXRVLQJXUYDULDELOFDUHFRQLQHYDORDUHDH[SUHVLHL`
JJJmJJ
2UGRQULLFXWUL
$OJRULWPLGHRUGRQDUH
$OJRULWPLGHFXWDUH
,QWHUFODVDUHDDGRXWDEORXULXQLGLPHQVLRQDOH
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
&DSLWROXO
2UGRQUL
0HWRGDEXOHORU
6SUHVXSXQHPFGRULPRRUGRQDUHFUHVFWRDUHDLUXOXL$OJRULWPXOFRQVWvQSDUFXU
JHUHDWDEORXOXL$GHPDLPXOWHRULSkQFkQGGHYLQHRUGRQDW/DILHFDUHSDVVHFRP
SDUGRXHOHPHQWHDOWXUDWH'DFDL!DL L QDWXQFLFHOHGRXYD
ORULVHLQWHUVFKLPEvQWUHHOH&RQWUROXODFLXQLLUHSHWLWLYHHVWHGDWGHYDULDELODERROHD
QRNFDUHODILHFDUHUHOXDUHDDOJRULWPXOXLSULPHWHYDORDUHDLQLLDODGHYUDWFDUHVH
VFKLPEvQIDOVGDFVDHIHFWXDWRLQWHUVFKLPEDUHGHGRXHOHPHQWHDOWXUDWHQPR
PHQWXOvQFDUHWDEORXO$VDSDUFXUVIUVVHPDLHIHFWXH]HQLFLRVFKLPEDUHRNU
PkQHFXYDORDUHDLQLLDODGHYUDWLDOJRULWPXOVHWHUPLQGHRDUHFHWDEORXOHVWHRU
GRQDW
,QWHUVFKLPEDUHDDGRXHOHPHQWHVHUHDOL]HD]SULQLQWHUPHGLXOYDULDELOHLDX[LOLDUH
DX[FDUHDUHDFHODLWLSFDLHOHPHQWHOHWDEORXOXL
J
J
QJ
JJJJ?JmJDGHYUDWJ
J\
J
,
JJJ~J
JJJJJJJJ?JmJIDOVJ
JJJJJJJJJmJJ
2UGRQULLFXWUL
JJJJJJJJJmJ~J
JJJJJJJJ~JmJJ
JJJJJJ
J?J
J
)LHGHH[HPSOXWDEORXO$DYkQGHOHPHQWHQXPHUHUHDOHL
3ULPDSDUFXUJHUHDWDEORXOXLRNHVWHLQLLDOL]DWFXDGHYUDW
D D D D D RN
IDOV
IDOV
UPkQ QHVFKLPEDWH ! OH LQWHUVFKLPEP 'HRDUHFH
DYDQVPLFRQVWDWPF!GHFLGLQQRXDYHPLQWHUVFKLPEDUHQFRQVHFLQ
ODLHLUHGLQVWUXFWXUD
RNHVWHIDOV2EVHUYPFDDMXQVSHORFXOOXLGHIL
QLWLY8UPHD]DGRXDSDUFXUJHUHDWDEORXOXLRNSULPHWHGLQQRXYDORDUHDDGHYUDW
D D D D D RN
IDOV
$PDYXWLQWHUVFKLPEDUHLGHGDWDDFHDVWDGHFLLHLPFXRN IDOV/DDFHVWSDV
DDMXQVSHORFXOVXGHILQLWLY$WUHLDSDUFXUJHUHDWDEORXOXLvQFHSHFXUHLQLLDOL]DUHD
OXLRNFXYDORDUHDDGHYUDW
D D D D D RN
IDOV
$PLQWHUVFKLPEDWFXFHOGLQXUPDVWIHODDMXQVSHORFXOVXvQLUXORUGR
QDW$SDWUDSDUFXUJHUHDWDEORXOXLVHILQDOL]HD]FXYDORDUHDRN DGHYUDWGHRDUHFH
QXDPHIHFWXDWQLFLRLQWHUVFKLPEDUHFHHDFHvQVHDPQFSURFHVXOGHRUGRQDUHVDvQ
FKHLDW
D D D D D
RN
DGHYUDW
2EVHUYDLDFXSULYLUHODIDSWXOFODILHFDUHSDUFXUJHUHDDMXQVFHOSXLQXQHOHPHQW
SHORFXOVXGHILQLWLYvQLUXORUGRQDWSRDWHILIUXFWLILFDWGHRDUHFHFRQVWDWPFDVW
IHOODXUPWRUXOSDVQXPDLVXQWQHFHVDUHYHULILFULOHvQFDUHLQWHUYLQHDFHVWHOHPHQWL
FHOHFDUHVHDIOGXSHOvQLU5H]XOWFODILHFDUHSDUFXUJHUHDPSXWHDPLFRUDFX
QXPUXOHOHPHQWHORUYHULILFDWH'DUHVWHSRVLELOFDODRSDUFXUJHUHVDMXQJPDLPXOWH
2UGRQULLFXWUL
HOHPHQWH vQ ORFXOORUGHILQLWLY5H]XOWFYRPLQHPLQWHLQGLFHOHXOWLPXOXLHOHPHQW
FDUH D LQWHUYHQLW vQ LQWHUVFKLPEDUH L YHULILFULOH OH YRP HIHFWXD GRDU SkQ OD DFHVW
HOHPHQW 6LPLODU VH SRDWH UHVWUkQJH L LQGLFHOH SULPXOXL HOHPHQW FDUH D LQWHUYHQLW vQ
LQWHUVFKLPEUL$VWIHODMXQJHPODXUPWRUXOVXEDOJRULWPvPEXQWLWFDSHUIRUPDQ
JX
QJ
JJ%&JmJJ ^PDUJLQHDGLQVWkQJDDVXELUXOXLFDUHXUPHD]VILHYHULILFDW`J
JJ%&JmJ
JJJ
^PDUJLQHDGLQGUHDSWD`J
JJ
J
JJJJ?JmJDGHYUDWJ
^SUHVXSXQHPFLUXOHVWHRUGRQDW`J
JJJJJmJ`J
^LQGLFHOHXOWLPXOXLHOHPHQWLQWHUVFKLPEDW`
J
^YHULILFPHOHPHQWHOHGLQVXELUXOFXUHQW`J
JJJJ
J\%&%&J
QJ
JJJJJJJJJ~JJ
JJJJJJJJ
%&~J
JJJJJJJJ?JmJIDOVJ
^DPLQWHUVFKLPEDWHOHPHQWXOGHLQGLFHL`J
JJJJJJJJJJJJJJ
JJJJJJJJJJJmJJ
^LQGLFHOHXOWLPXOXLHOHPHQWLQWHUVFKLPEDW`J
JJJJJJJJ
JJJJJJ
JJJJ
JJJJJJ?JJ
^DDYXWORFRLQWHUVFKLPEDUH`J
JJJJJJ%&JmJJ
^DFWXDOL]PPDUJLQHDGLQGUHDSWD`J
JJJJJJJmJ
J
^PDUJLQHDGLQVWkQJD`
J ^YHULILFPHOHPHQWHOHGLQVXELUXOFXUHQWDYDQVkQGGLQGUHDSWDVSUHVWkQJD`J
JJJJJJ
J\%&%&J
QJ
JJJJJJJJJJJ~JJ
JJJJJJJJJJ
%&~J
JJJJJJJJJJ?JmJIDOVJ
^DPLQWHUVFKLPEDWHOHPHQWXOGHLQGLFHL`J
JJJJJJJJJJJJJJJ
JJJJJJJJJJJJJmJJJJ
^LQGLFHOHSULPXOXLHOHPHQWLQWHUVFKLPEDW`J
JJJJJJJJJJ
JJJJJJJJ
JJJJJJ
JJJJJJ%&JmJJ
^DFWXDOL]PPDUJLQHDGLQVWkQJD`J
JJJJ J
J?J
0HWRGDEXOHORUQXHVWHFHDPDLSHUIRUPDQWPRGDOLWDWHGHDRUGRQDXQLUFXPXOWH
HOHPHQWHGDUvQFD]XOLUXULORUDSURDSHRUGRQDWHFXRSWLPL]ULOHGHPDLVXVSRDWH
GHYHQLPDLHILFLHQWGHFkWDOWHPHWRGH
2UGRQULLFXWUL
6RUWDUHVWDELOLQGSR]LLDGHILQLWLYSULQQXPUDUH
$FHDVWPHWRGFRQVWvQFRQVWUXLUHDXQXLQRXWDEORX%FDUHDUHDFHHDLGLPHQVLXQHFD
LWDEORXO$vQFDUHGHSXQHPHOHPHQWHOHGLQ$RUGRQDWHFUHVFWRU
9RPDQDOL]DILHFDUHHOHPHQWLvOYRPFRPSDUDFXILHFDUHDOWHOHPHQWGLQLUSHQWUX
DSXWHDUHLQHvQYDULDELOD NQXPUXOHOHPHQWHORUFDUHVXQWPDLPLFLGHFkWHOHPHQWXO
FRQVLGHUDW$VWIHOYRPDIODSR]LLDSHFDUHWUHEXLHVOSXQHPSHDFHVWDvQLUXO%'D
F vQ SUREOHP DYHP QHYRLHGH LUXORUGRQDWWRWvQWDEORXO$YRPFRSLDvQ $vQWUHJ
WDEORXO%
QJ
\
,
JJJJ?JmJ`J
\
J
,
JtJJJzJJ
J?JmJ?J~JJ ^QXPUPFkWHHOHPHQWHVXQWPDLPLFLVDXHJDOHFX`J
^SHvOSXQHPSHXUPWRDUHDSR]LLHGLQE`J
JJJJ?~JmJ
^FRSLHPSHVWHLUXODvQWUHJLUXOE`J
JJJmJJ
J
J
([HPSOX
)LHWDEORXO$FXHOHPHQWH
L
M 5HODLD N EN
L M
!
!
! EJmJ
L M
! EJmJ
!
L M
! EJmJ
L M EJmJ
2UGRQULLFXWUL
6RUWDUHSULQVHOHFLHGLUHFW
0HWRGDSUHFHGHQWDUHGH]DYDQWDMXOFQHFHVLWGHGRXRULPDLPXOWPHPRULHGHFkW
WDEORXO$'DFGRULPVHYLWPDFHDVWULVLSSXWHPDSOLFDPHWRGDGHRUGRQDUHSULQ
VHOHFWDUHDXQXLHOHPHQWLSODVDUHDOXLSHSR]LLDVDILQDO
'HH[HPSOXvQFD]GHRUGRQDUHFUHVFWRDUHSRUQLQGGHODSULPXOHOHPHQWVHFDXW
YDORDUHDPLQLPGLQWDEORX$FHDVWDVHDHD]SHSULPDSR]LLHSULQWURLQWHUVFKLPED
UH vQWUH HOHPHQWXO GH SH SULPD SR]LLH L HOHPHQWXO PLQLP $SRL VH UHLD DOJRULWPXO
SRUQLQGGHODDGRXDSR]LLHLVHFDXWPLQLPXOvQWUHHOHPHQWHOHDDQ $FHVWDVH
LQWHUVFKLPEFXDOGRLOHDGDFHVWHFD]XO3URFHGHXOVHFRQWLQXSkQODXOWLPXOHOH
PHQW
3VHXGRFRGXODOJRULWPXOXLGHVRUWDUHSULQVHOHFLDPLQLPXOXLHVWH
%
,
\
J
,
JJJJ
JmJJ
J\~
J
,J
J
JJJJ
JJJJJJJJ
JmJJ
JJJJJJJJ?JmJJ
J
J
JzJJ
JJJJJJJJJmJJ
JJJJJJJJJmJ?J
JJJJJJJJ?JmJJ
J
J
J
J
$OJRULWPXO VH SRDWH VFULH L SULQ GHWHUPLQDUHD YDORULORU PD[LPH L PXWDUHD ORU vQ
WDEORXGHODGUHDSWDODVWkQJDDVWIHOUH]XOWkQGGHDVHPHQHDXQLURUGRQDWFUHVFWRU
J
([HPSOX
)LHWDEORXO$
3DV 7DEORXO$ (OHPHQWPLQLP 3R]LLDPLQLPXOXL 1RXOWDEORX$
2UGRQULLFXWUL
6RUWDUHDSULQLQVHULHGLUHFW
,GHHDDOJRULWPXOXLHVWHGHDFRQVLGHUDSHUkQGILHFDUHHOHPHQWDOWDEORXOXLLGHDOLQ
VHUDvQVXEWDEORXORUGRQDWSkQODPRPHQWXOUHVSHFWLYSHORFXOVX$FHVWORFVDUSX
WHDVQXILHGHILQLWLYGHRDUHFHHVWHSRVLELOFDXUPWRUXOHOHPHQWVVHLQVHUH]HXQGH
YDvQIDDDFHVWXLD
'DFVDDMXQVODHOHPHQWXODMM QLWRDWHHOHPHQWHOHDDDMDX
IRVWRUGRQDWHvQVHDPQFWUHEXLHVOLQVHUPSHDMvQWUHDFHVWHHOHPHQWHOFRPSD
UPSHUkQGFXDMDMSkQFkQGDMXQJHPODXQSULPHOHPHQWDLDYkQGSURSULHWD
WHDDLDM3ULQXUPDUHDMVHLQVHUHD]GXSDL$FHDVWLQVHUDUHSURYRDFGHSODVDUHD
HOHPHQWHORUFDUHOVXFFHGSHDLFXRSR]LLHVSUHGUHDSWD
Q
J\
J
,
JJJJ%JmJJJ^VDOYPDOLOHDHOHPHQWVDUSXWHDSLHUGHFXWUDQVODWULOH`J
^vQSYRPDYHDLQGLFHOHXQGHvOYRPSXQH`
JJJJJmJ`J
JJJJJmJJJ
^YRPFXWDORFXOSULQWUHHOHPHQWHOHGLQIDDOXL`
JJJJ JmJIDOVJ
JJJJ
JJtJJJ J
QJ
JJdJ%JJ
^GDFJdJDLFLWUHEXLHVOSXQHP`
JJJJJJJJJmJJ
JJJJJJJJ JmJDGHYUDW
^DPJVLWORFXO`
JJJJJJJJ~JmJ^SkQQXDPJVLWORFXOPXWPHOHPHQWHOHODGUHDSWD`
JJ
JJJJJJJmJJJJ
J
^vOSXQHPSHSHORFXOHOLEHUDW`
JJJJ~JmJ%
J
J
([HPSOX
)LHWDEORXO$
L M L FRSLH DL
$
5HODLH
JVLW
S
IDOV
d DGHYUDW
IDOV
DGHYUDW
d
!
IDOV
!
IDOV
2UGRQULLFXWUL
!
!
!
!
IDOV
IDOV
IDOV
IDOV
DGHYUDW
6RUWDUHSULQQXPUDUHDDSDULLLORUJ
$OJRULWPLLSUH]HQWDLDQWHULRUVXQWUHODWLYPDULFRQVXPDWRULGHWLPS'HH[HPSOXSHQ
WUXDRUGRQDXQLUGHGHHOHPHQWHQXPUXOFRPSDUDLLORUSHFDUHOHYDH[HFXWD
RULFDUHGLQWUHDOJRULWPLLSUH]HQWDLYDILDSUR[LPDWLYGHPLOLRQQFODVDDDYRP
vQYDDOWHPHWRGHGHRUGRQDUHFXXQWLPSGHH[HFXLHPDLEXQ'DUFRQVLGHUPLP
SRUWDQWVVHvQYHHLFHOSXLQRPHWRGGHRUGRQDUHFDUHVHLPSOHPHQWHD]FXXQDO
JRULWPOLQLDU8QDOJRULWPOLQLDUH[HFXWXQQXPUGHRSHUDLLSURSRULRQDOFXQXPUXO
HOHPHQWHORUDGLFSHQWUXDRUGRQDGHHOHPHQWHYRUILQHFHVDUHFGHRSHUD
LLXQGHFHVWHRFRQVWDQW
'DFDYHPXQLUGHHOHPHQWHGHWLSRUGLQDOFDUHVXQWGLQWUXQLQWHUYDOGHFDUGLQDOL
WDWHQXIRDUWHPDUHYRPSXWHDUHDOL]DRRUGRQDUHOLQLDU&RUHVSXQ]WRUILHFUHLYD
ORULvQWkOQLWHvQLUvQWLPSXOSUHOXFUULLPULPFXYDORDUHDHOHPHQWXOXLDYkQGLQGLFH
OHvQDFHVWLUGHFRQWRDUHHJDOFXYDORDUHDHOHPHQWXOXLvQLUXOGHRUGRQDWQILQDO
YRPVXSUDVFULHvQLUXOGDWDWkWHDHOHPHQWHFXYDORULDLLQGLFLORUHOHPHQWHORUGLIHULWHGH
FkWHVWHYDORDUHDHOHPHQWXOXLvQDFHVWLUDQXPHUHORUGHDSDULLL
,PSRUWDQWHVWHVUHLQHPSDUWLFXODULWLOHSHFDUHWUHEXLHVOHDLELUXOGDWSHQWUX
FDDFHDVWPHWRGVVHSRDWDSOLFD
YDORULOHHOHPHQWHORUWUHEXLHVILHGHWLSRUGLQDO
QXPUXO HOHPHQWHORU PXOLPLL GLQ FDUH LUXO SULPHWH YDORUL WUHEXLH V ILH UHODWLY
PLFGDFvQSURJUDPQXH[LVWDOWHVWUXFWXULGHGDWHGLQFHL.%DLPHPRULHL
VFGHPVSDLXOQHFHVDULUXOXLGHRUGRQDWLSXWHPFDOFXODVSDLXOSHFDUHvODYHP
ODGLVSR]LLH
YDORULOHSRVLELOHvQLUXOGHRUGRQDWWUHEXLHVILHGLQLQWHUYDOXO>[\@XQGH\[
YDILGLPHQVLXQHDLUXOXLGHFRQWRDUH
([HPSOX
JQ````JJ
KJJ
^FHOPXOWGHQXPHUH`
JJJJ
%Q|``|``JJ
KJ^YDORULSRVLELOHvQWUHL`
J
%%
YQJ
JJ
J\YJ
QJJJ
JJJJ
%JmJ`J
2UGRQULLFXWUL
JJ
J\
J
QJ
JJJJ
%JmJ
%J~JJ
?JmJ`J
JJ
J\YJ
QJ
JJJJ
J\
%J
QJ
JJJJJJ?JmJ?J~JJ
JJJJJJ?JmJJ
LUXOGHIUHFYHQHYDIL
&RUHVSXQ]WRUXOWLPHLVHFYHQHGLQDOJRULWPVHYRUVFULHWUHLYDORULFRQVHFXWLYH
vQDDSRLHOHPHQWYDILHJDOFXXUPHD]WUHLEXFLGHXUPDWGHRYDORDUH
$OJRULWPLGHFXWDUH
&XWDUHVHFYHQLDO
&XWDUHELQDU
'DFWDEORXO$HVWHVRUWDWvQRUGLQHFUHVFWRDUHDWXQFLvQVFKLPEVHSRDWHUHDOL]DRF
XWDUHPDLUDSLG3UHVXSXQHPDDGDUFHOHPHQWHOHWDEORXOXL$VXQWDUDQMDWHvQRUGLQH
FUHVFWRDUH
QWUHHOHPHQWHOHWDEORXOXL$DYHPUHODLLOHDdDddDPdDPdDPdDQ
XQGHDPUHSUH]LQWHOHPHQWXOGLQPLMORFSR]LLHFDOFXODWFXIRUPXODP >Q@
9DORDUHDFXWDWHVWHS'HDVHPHQHDFRQYHQLPVQRWPFXVH[WUHPLWDWHDVWkQJL
FXGH[WUHPLWDWHDGUHDSWDLQWHUYDOXOXLvQFDUHHIHFWXPFXWDUHD,QLLDOV LG Q
2UGRQULLFXWUL
&RPSDUPYDORDUHDSFXYDORDUHDHOHPHQWXOXLGLQLUGHSHSR]LLDGLQPLMORFP
'DFS DPDWXQFLFXWDUHDVHvQFKHLHFXVXFFHV'DFSzDPDWXQFLYRPGHFLGHvQFDUH
SDUWHDLUXOXLvPSULWGHDPvQGRXVXELUXULYRPFRQWLQXDFXWDUHD'DFSDP
DWXQFLFXWDUHDVHYDFRQWLQXDvQSULPDMXPWDWHDLUXOXLLDUGDFS!DPDWXQFLFXWD
UHDVHWUDQVIHUvQDGRXDMXPWDWHDWDEORXOXL$VWIHOHOLPLQPXQQXPUFRQVLGHUDELO
GHFRPSDUDLLLWLPSXOGHOXFUXDOSURJUDPXOXLVHUHGXFH
6SUHVXSXQHPFSDPQDFHVWFD]SDUWLFXODUL]PFDSHWHOHLQWHUYDOXOXLvQFDUH
YRPFXWDvQFRQWLQXDUHDVWIHOV LG PLQkQGFRQWGHIDSWXOFHOHPHQWXODP
QXPDLQHFHVLWYHULILFUL
'DFS!DPDWXQFLV PYDILLQGLFHOHH[WUHPLWLLVWkQJLDOLQWHUYDOXOXLQRXL
QYDILH[WUHPLWDWHDGUHDSW
QIXQFLHGHUHODLDGLQWUHSLDPVHDOHJHXQXOGLQWUHVXELUXULSHQWUXFDUHVHGHWHU
PLQLQGLFHOHHOHPHQWXOXLGLQPLMORFvQPRGDVHPQWRU>VG@
$OJRULWPXOVHFRQWLQXSkQFkQGILHODXQPRPHQWGDWDP SFHHDFHvQVHDPQF
DPvQFKHLDWFXWDUHDFXVXFFHVILHDMXQJHPODXQVXELUFXUHQWYLGDGLFDYkQGPDU
JLQHD GLQ VWkQJD PDL PDUH GHFkW PDUJLQHD GLQ GUHDSWD V ! G FHHD FH vQVHDPQ F
DYHPRFXWDUHIUVXFFHV
$OJRULWPXOGHVFULVPDLVXVHVWH
J
Q
JJJmJJ
JJJmJ
J
JJJmJIDOVJ
JJdJJJJ
JJJJJmJ~J
JJ\JJ
JJJJJJJmJDGHYUDWJJ
JJJJ
JJJJJJJJJJJJ
JJJJJJJJJmJJJJ
JJJJJJ
JJ
JJJJJJJJJmJJ~JJ
JJJJJJ J
J
J
JJ
JJJJ
JJJJ
JJJJ
JJ
J
JJJJ
JJJ
JJ
J
JJ
J
J
([HPSOX
)LHWDEORXOGHQXPHUHvQWUHJLLS
2UGRQULLFXWUL
5HODLDGLQWUHDPLS
HVWH
V G P S DP S"
DP zS SDPWUHFHPvQVXELUXOVWkQJ
IDOV
DP S S DP FXWDUHFXVXFFHV
DGHYUDW
9RPFXWDvQDFHODLWDEORXYDORDUHDS
5HODLDGLQWUHDPLS
V G P S DP S"
DP zS S!DP!WUHFHPvQVXELUXOGUHSW
DP zS S!DP!WUHFHPvQVXELUXOGUHSW
DP zS S!DP!WUHFHPvQVXELUXOGUHSW
DP zS S!DP!WUHFHPvQVXELUXOGUHSW
V!GLHVWH IDOVDOJRULWPXOVHWHUPLQFXFXWDUHIUVXFFHV
HVWH
IDOV
IDOV
IDOV
IDOV
,QWHUFODVDUHDDGRXWDEORXULXQLGLPHQVLRQDOH
QFDSLWROXODPY]XWFXPSURFHGPvQFD]XOvQFDUHGRULPVFUHPXQLUQRXGLQ
GRXLUXULGDWHDVWIHOvQFkWILHFDUHYDORDUHVDSDURVLQJXUGDWGHRDUHFHFXDFHOH
LUXULDPVLPXODWPXOLPLQFD]XOvQFDUHLUXULOHVXQWRUGRQDWHSUREOHPDLQWHUVHF
LHLLDUHXQLXQLLVHSUH]LQWDOWIHOJ
)LH$ DDDQDYkQGHOHPHQWHOHDdDdDQL% EEEPDYkQG
HOHPHQWHOHEdEddEP6HFHUHVVHFRQVWUXLDVFWDEORXO& FFFQ P
DYkQGHOHPHQWHOHFdFddFQPFDUHVFRQLQWRDWHHOHPHQWHOHOXL$L%
J
([HPSOX
$ Q
% P
& N
QUH]ROYDUHYRPDYDQVDvQSDUDOHOvQFHOHGRXLUXULGDWH3ULPXOHOHPHQWvQLUXO
QRXYDILILHDILHE3HQWUXDWLFDUHGLQWUHFHOHGRXQXPHUHYDILDOHVWUHEXLHVOH
FRPSDUP'DFDHVWHPDLPLFGHFkWEDWXQFLSHDFHVWDvOFRQVXPPGLQLUXOD
LSUHJWLPLQGLFHOHHOHPHQWXOXLXUPWRUGLQDFHVWDQFD]DOWHUQDWLYSURFHGPODIHO
FXLQGLFHOHMGXSFHDH]PHOHPHQWXOEvQLUXOF'DFQLVDUFHUHFDILHFDUHYD
ORDUHVDSDURVLQJXUGDWvQFD]GHHJDOLWDWHDPFRSLDXQXOGLQWUHDFHWLDvQFL
DP DYDQVD vQ DPEHOH LUXUL 9RP HIHFWXD DFHWL SDL SkQ FkQG FDUHYD GLQ LUXUL VH
VIkUHWHPRPHQWvQFDUHFRSLHPHOHPHQWHOHUPDVHGLQFHOODOWLUvQLUXOQRX'LQ
PRPHQWFHQXSXWHPWLFDUHLUVDFRQVXPDWLQWHJUDOYRPVFULHVHFYHQDUHVSHFWL
YSHQWUXDPEHOHLUXUL
2UGRQULLFXWUL
J
%
%%QJ
JJ%JmJ`JJ
JJJmJJ
JJJmJJ
JJ
JJdJ
JJJdJJ
,J
JJJJ%JmJ%J~JJ
JJJJJJJJJJ
JJJJJJ%%JmJJJ
JJJJJJJmJJ~JJJ
JJJJ
J
JJJJJJ%%JmJJJ
JJJJJJJmJJ~JJJ
JJdJ
J
QJ
JJJJ%JmJ%J~JJ
JJJJ%%JmJJJ
JJJJJmJJ~JJJ
JdJJ
,J
JJJJ%JmJ%J~JJ
JJJJ%%JmJJJ
JJJJJmJJ~JJJ
$QDOL]kQGDFHVWDOJRULWPREVHUYPFGDFDPILDYXWQRURFXOFDDQVILHHJDO
FXEPDWXQFLXOWLPHOHGRXVWUXFWXUL
QXVHH[HFXWDXQLFLRGDW9RPH[SOR
DWDDFHDVWREVHUYDLHDH]kQGGRXHOHPHQWHILFWLYHQXPLWHIUHFYHQWVDQWLQHOHGXS
XOWLPHOHHOHPHQWHGLQFHOHGRXLUXUL'HRDUHFHLUXULOHVXQWRUGRQDWHFUHVFWRUYRP
ILDWHQLVDLEYDORULOHPDLPDULGHFkWXOWLPXOFHOPDLPDUHGLQFHOODOWLUODPQR
WDWFX
J
%
%%QJ
JJ%JmJ`J
JJJmJJ
JJJmJJ
JJ
~JmJ
J
JJ~JmJ
J
JJJ
~J JJJ~J
QJ
JJJJ%JmJ%J~JJ
2UGRQULLFXWUL
JJJJJJJJJJ
JJJJJJ%%JmJJJ
JJJJJJJmJJ~JJJ
JJJJ
J
JJJJJJ%%JmJJJ
JJJJJJJmJJ~JJJ
'HRDUHFHVHWLHFQXPUXOHOHPHQWHORUvQLUXOFHVWHQPVHDGPLWLHOHPHQWH
LGHQWLFHvQLUXOUH]XOWDWVWUXFWXUDUHSHWLWLYXWLOL]DWYDILGHWLS
J
%
%%QJ
JJJmJJ
JJJmJJ
JJ
~JmJ
J
JJ~JmJ
J
JJ
J%\
~J
,J
JJJJJJJJJJ
JJJJJJ%%JmJJJ
JJJJJJJmJJ~JJJ
JJJJ
J
JJJJJJ%%JmJJJ
JJJJJJJmJJ~JJJ
,PSOHPHQWULVXJHUDWH
3HQWUXDILSUHJWLLVUH]ROYDLFXXXULQSUREOHPHvQFDUHGHPXOWHRULFKHLDVXFFH
VXOXLHVWHRRUGRQDUHVDXRFXWDUHFRUHFWLHILFLHQWLPSOHPHQWDWYUHFRPDQGPV
UH]ROYDLXUPWRDUHOHH[HUFLLL
YHULILFDUHDIDSWXOXLFXQLUHVWHRUGRQDW
YHULILFDUHDIDSWXOXLFHOHPHQWHOHXQXLLUVXQWvQSURJUHVLHDULWPHWLFJHRPHWULF
RUGRQDUHFXPHWRGDEXOHORU
VRUWDUHSULQVHOHFLH
VRUWDUHSULQLQVHULH
VRUWDUHSULQQXPUDUH
FXWDUHELQDU
LQWHUFODVDUHDGRXLUXUL
FXWDUHELQDUFXGHWHUPLQDUHDH[WUHPLWLORUDSDULLLORU
2UGRQULLFXWUL
LQVHUDUHDXQXLHOHPHQWvQWUXQLURUGRQDWFXSVWUDUHDRUGLQLL
GHWHUPLQDUHDFHOHLPDLOXQJLVHFYHQHFDUHHVWHIRUPDWGLQHOHPHQWHDYkQGRSUR
SULHWDWHGDW
GHWHUPLQDUHDFHOHLPDLOXQJLVHFYHQHIRUPDWGLQHOHPHQWHDYkQGVXPDPD[LP
3UREOHPHSURSXVH
/XFUULFRGLILFDWH
/D VIkULWXO H[DPHQXOXL GH FDSDFLWDWH vQDLQWH V VH GHVIDF OXFUULOH WUHEXLH DILDWH
GRXOLVWHFDUHVFRQLQFRGXULOHFXFDUHVDXQXPHURWDWOXFUULOHLPHGLLOHVFULVHSH
DFHVWHD3ULPDOLVWYDILRUGRQDWFUHVFWRUGXSFRGXULDGRXDYDFRQLQHDFHOHDLLQ
IRUPDLLGDUOLVWDYDILRUGRQDWGHVFUHVFWRUGXSPHGLL
'DWHGHLQWUDUH
'LQILLHUXOGHLQWUDUH*8&$VHFLWHVFPDLPXOWHOLQLLILHFDUHOLQLHFXSULQ]kQGGD
WHGHVSUHFkWHROXFUDUH3HDFHVWHOLQLLYRPDYHDXQQXPUvQWUHJUHSUH]HQWkQGFRGXO
OXFUULLLXQQXPUUHDOUHSUH]HQWkQGPHGLD
J
'DWHGHLHLUH
)LLHUXO GH LHLUH '%("&'(! YD FRQLQH OLVWD OXFUULORU DUDQMDW FUHVFWRU GXS FR
GXULLDUILLHUXO+%&'(!YDFRQLQHOLVWDGHOXFUULRUGRQDWGHVFUHVFWRUGXSPH
GLLQDPEHOHILLHUHVHYRUVFULHSHUHFKLGHFRGPHGLHGHVSULWHSULQWUXQVSDLX
J
5HVWULFLLLSUHFL]UL
x DILDUHDvQILLHUHOHGHLHLUHDPHGLLORUVHYDIDFHFXGRX]HFLPDOHH[DFWH
x QXPUXOOXFUULORUd
([HPSOX
*8&$
J`J
JJ
|J`J
J```J
J`J
'%("&'(!
J`J
JJ
J`J
J```J
|J`J
8QLILFDUHDOLVWHORU
+%&'(!
J```J
J`J
|J`J
J`J
JJ
/DLQVSHFWRUDWXOFRODUVDXVWUkQVQOLVWHGLQFROLOHMXGHXOXLGHODH[DPHQXOGHFDSD
FLWDWH'LQSFDWHXQHOHOLVWHVXQWRUGRQDWHFUHVFWRUGXSPHGLLDOWHOHGHVFUHVFWRU
$MXWDLLQVSHFWRUDWXOFRODULVFULHLXQSURJUDPFDUHFUHHD]RVLQJXUOLVWGLQFHOHQ
OLVWHvQFDUHPHGLLOHVILHRUGRQDWHGHVFUHVFWRU
2UGRQULLFXWUL
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXLGHLQWUDUH * !&$VHDIOXQQXPUQDWXUDOUHSUH]HQWkQG
QXPUXOOLVWHORU3HDGRXDOLQLHVHDIOXQQXPUQDWXUDOUHSUH]HQWkQGGLPHQVLXQHDG
DSULPHLOLVWH3HXUPWRDUHOHGOLQLLVHDIOSHUHFKLGHFRGPHGLHVHSDUDWHSULQWUXQ
VSDLX3HXUPWRDUHOHOLQLLVHDIOGHVFULHUHDFHORUODOWHOLVWHvQPRGVLPLODUFXSULPDJ
'DWHGHLHLUH
)LLHUXO * !&'(! YD FRQLQH FRPSRQHQWHOH OLVWHL XQLILFDWH 3H ILHFDUH OLQLH VH YD
DIODFkWHRSHUHFKHFRGPHGLHGHVSULWHSULQWUXQVSDLXJJ
5HVWULFLLLSUHFL]UL
x QXPUXOGHHOHPHQWHGLQILHFDUHWDEORXHVWHFHOPXOW
([HPSOX
* !&$
J
JJ
J|`JJ
J|JJ
J`J
|J
J|JJ
JJJ
|J|JJ
J|JJ
J|`J
J
J```JJ
J|`J
J
J|JJ
`J`JJ
J|JJ
J|`JJ
* !&'(!
J```JJ
JJ|`JJ
JJJ|`JJ
JJJ|JJ
JJ|JJ
JJJ`JJ
JJJ|JJ
J|JJ|JJ
JJJJJ
JJJ|JJ
`JJ`JJ
JJJ|JJ
JJJ|`JJ
JJ|`J
$OHJHULSUH]LGHQLDOH
6HDSURSLHDOHJHULOHLRUJDQL]DWRULLVHSUHJWHVFFXSDFKHWHGHSURJUDPHFXFDUHVL
XXUH]HPXQFDvQYLLWRUXODSURSLDW6HSUHYHGHFODDOHJHULOHSUH]LGHQLDOHYRUILIRDU
WHPXOLFDQGLGDL6FULHLXQSURJUDPFDUHYDVWDELOLSHED]DYRWXULORUGDFH[LVWVDX
QXXQFkWLJWRUODDFHVWHDOHJHUL6HFRQVLGHUFSHQWUXDFkWLJDXQFDQGLGDWWUHEXLH
VWRWDOL]H]HXQQXPUGHYRWXULFHOSXLQFXPDLPXOWGHFkWMXPWDWHGLQQXPUXO
WRWDOGHYRWXUL
2UGRQULLFXWUL
'DWHGHLQWUDUH
)LLHUXOGHLQWUDUH 8'!&$FRQLQHDWkWHDOLQLLFkWHYRWXULH[LVW3HILHFDUHOLQLHHVWH
VFULVXQQXPUQDWXUDOUHSUH]HQWkQGQXPUXOGHRUGLQHDOXQXLFDQGLGDWJ
'DWHGHLHLUH
QILLHUXOGHLHLUH8'!&'(!VHYDVFULHFXYkQWXOvQFD]XOvQFDUHH[LVWFkWLJ
WRUODDOHJHULLvQFD]FRQWUDUQFD]XOvQFDUHH[LVWFkWLJWRUSHXUPWRDUHDOL
QLHGLQILLHUVHYDVFULHQXPUXOGHRUGLQHDOFkWLJWRUXOXLJJ
5HVWULFLLLSUHFL]UL
x dQXPUXOYRWXULORUd
x dQXPUGHRUGLQHd
([HPSOH
8'!&$
J
JJ
J
JJ
J
8'!&$
JJ
JJ
J
3OLLvQFDVUL
8'!&'(!
J
J
8'!&'(!
&DVLHUXOXQHLILUPHWUHEXLHVSDUFXUJ]LOQLFXQWUDVHXOLQLDUSULQFHOHQPDJD]LQHDOH
VDOH0DJD]LQHOHVXQWQXPHURWDWHGHODODQLVHSDUFXUJ]LOQLFvQRUGLQHDQXPHUHORU
ORUGHRUGLQHvQFHSkQGFXSULPXOPDJD]LQLWHUPLQkQGFXDOQOHD(YLGHQWFDVLHUXO
YD WUHFH GRDU R VLQJXU GDW SULQ ILHFDUH PDJD]LQ 6FRSXO SDUFXUJHULL DFHVWXL WUDVHX
HVWHHIHFWXDUHDXQRUSOLUHVSHFWLYDXQRUvQFDVUL6HWLHFH[LVWFHOSXLQXQPD
JD]LQGHXQGHFDVLHUXOYDvQFDVDEDQL'HDVHPHQHDVHFXQRVFVXPHOHFDUHWUHEXLHSO
WLWHUHVSHFWLYvQFDVDWH
QWUR]LSDWURQXOQXDUHEDQLSHQWUXSOLLFHUHFDVLHUXOXLVDOHDJGRXPDJD]L
QHPLLPMGHSHWUDVHXDVWIHOvQFkWSDUFXUJkQGWUDVHXOvQFHSkQGFXPLLvQFKHLQGXO
FXPMvQFDVULOHVUHSUH]LQWHVXPDPD[LPSRVLELOGHDGXVvQDSRLODILUP&DVLHUXO
WUHEXLHVLQWUHvQWRDWHPDJD]LQHOHDIODWHSHWUDVHXODOHVFKLDUGDFvQXQHOHWUHEXLHV
HIHFWXH]HSOLQSOXVSHQWUXDQXFUHDVXVSLFLXQLSULQWUHDQJDMDLLPDJD]LQHORUSD
WURQXOGRUHWHVILHYL]LWDWHFkWPDLPXOWHPDJD]LQH
2UGRQULLFXWUL
6FULHLXQSURJUDPFDUHGHWHUPLQVXPDPD[LPSRVLELOGHvQFDVDWGLQPDJD]LQHOH
ILUPHL 'H DVHPHQHD GHWHUPLQDL VHFYHQD FHD PDL OXQJ GH PDJD]LQH FDUH SHUPLWH
RELQHUHDDFHVWHLVXPH'DFDFHHDLVXPPD[LPVHSRDWHRELQHSHQWUXPDLPXOWH
DOHJHULGLIHULWHYL]LWkQGDFHODLQXPUPD[LPGHPDJD]LQHDWXQFLvQILLHUXOGHLHLUH
VHYDVFULHXQDVLQJXULDQXPHFHDFDUHvQFHSHGHODPDJD]LQXOFXQXPUXOGHRUGL
QHFHOPDLPLF
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXLGHLQWUDUH # "&$VHDIOQXPUXOQDWXUDOQUHSUH]HQ
WkQG QXPUXO PDJD]LQHORU GH SH WUDVHXO LQLLDO 3H XUPWRDUHD OLQLH VH DIOQQXPHUH
vQWUHJLGHVSULWHSULQFkWHXQVSDLXUHSUH]HQWkQGVXPHOHSHFDUHFDVLHUXODUWUHEXLV
OHSOWHDVFVDXVOHvQFDVH]HvQGLQFHOHQPDJD]LQHQXPHUHOHSR]LWLYHUHSUH]LQWVX
PHFDUHVHYRUvQFDVDLDUQXPHUHOHQHJDWLYHFRUHVSXQGVXPHORUFDUHVHYRUSOWL
'DWHGHLHLUH
3HSULPDOLQLHDILLHUXOXLGHLHLUH# "&'(!VHYDVFULHXQQXPUQDWXUDOQHQXO
UHSUH]HQWkQGVXPDPD[LPFXFDUHFDVLHUXOVHvQWRDUFHODILUP3HXUPWRDUHDOLQLHVH
YRU VFULH GRX QXPHUH QDWXUDOH QHQXOH DSDULQkQG LQWHUYDOXOXL > Q@ FDUH UHSUH]LQW
QXPHUHOHGHRUGLQHDOHPDJD]LQHORUDOHVHGHFDVLHUSHQWUXvQFHSXWXOLVIkULWXOSRULX
QLLGHWUDVHX
5HVWULFLL
x dQd
x d6XPDLdL Q
x d6XPD0D[d
([HPSOX
# "&$
`JJ J J J J J J
JJJ|JJJJJJ
# "&'(!
J
J
6ROXLLOHSUREOHPHORUSURSXVH
/XFUULFRGLILFDWH
9RPOXFUDFXGRXWDEORXULFRGLPHGvQFDUHYRPUHLQHSHSR]LLLLGHQWLFHFRGXULOH
OXFUULORULPHGLLOHVFULVHSHHOH
&LWLUHDGDWHORUGLQILLHUXOGHLQWUDUHFRQWLQXSkQODDSDULLDPUFLLGHVIkULWGH
ILLHU&RQFRPLWHQWYRPQXPUDLQXPUXOSHUHFKLORUGHGDWHFLWLWHSHQWUXDWLQX
PUXOOXFUULORUQ
2UGRQULLFXWUL
3HQWUXVRUWDUHDGXSFRGXULIRORVLPPHWRGDEXOHORUvPEXQWLW(VWHLPSRUWDQWV
UHLQHPFDWXQFLFkQGLQWHUVFKLPEPGRXHOHPHQWHGLQWDEORXOGHFRGXULWUHEXLHV
LQWHUVFKLPEPLHOHPHQWHOHUHVSHFWLYHORUGLQWDEORXOGHPHGLLSHQWUXDPHQLQHFR
UHVSRQGHQDGLQWUHHOHPHQWH
$OJRULWPXOFDUHIRUPHD]FHDGHDGRXDOLVWWUHEXLHVUHDOL]H]HRVRUWDUHGHVFUHV
FWRDUHDHOHPHQWHORUGLQWDEORXOGHPHGLL9RPDSOLFDPHWRGDVRUWULLSULQVHOHFWDUHD
PD[LPXOXLLDH]DUHDOXLSHSR]LLDVDGHILQLWLY&DLvQFD]XOSUHFHGHQWODRLQWHU
VFKLPEDUHGHPHGLLWUHEXLHUHDOL]DWLLQWHUVFKLPEDUHDFRGXULORU
/LVWH
6OXPH[HPSOXOGLQHQXQ3HQWUXRDILDUHPDLSRWULYLWYRPVFULHOLVWHOHSHFRORD
QH
JJ
J|`JJ
J|JJ
J`
|J
JJ|JJ
JJJJ
J|J|JJ
JJ|JJ
J|`
J
J```JJ
JJ|`
J
J|JJ
`J`JJ
JJ|JJ
JJ|`
$YHPGHLQWHUFODVDWOVkQGODRSDUWHSHQWUXPRPHQWFRGXULOHWDEORXULDYkQGGL
PHQVLXQLOH
1H SURSXQHP V LQWHUFODVP OD ILHFDUH SDV FkWH GRX WDEORXUL SVWUkQG vQ SULPXO
UH]XOWDWXOLQWHUFODVULL7UHEXLHVLQWHUFODVPLUXULRUGRQDWHGDUGLQQHIHULFLUHDFHV
WHDQXVXQWRUGRQDWHvQDFHODLVHQV'LQDFHVWPRWLYvQDLQWHGHDLQWHUFODVDGRXGLQ
WUHHOHPDLvQWkLWUHEXLHVYHGHPGDFVXQWRUGRQDWHvQDFHODLVHQVQSOXVUH]XOWDWXO
WUHEXLHVILHRUGRQDWGHVFUHVFWRUGXSPHGLHQFD]GHRUGRQULQHFRUHVSXQ]WRDUH
DOJRULWPXOGHLQWHUFODVDUHYDSDUFXUJHLUXOUHVSHFWLYvQRUGLQHLQYHUV
5HYHQLQGODH[HPSOXOFRQVLGHUDWGDFODSULPXOSDVLQWHUFODVPSULPHOHGRXWD
EORXULRELQHP
J
|`J|`J|J`J|J|JJ|J
1HDPDWLQVGHSOXVHOHPHQWHLDUH]XOWDWXQLUGHHOHPHQWH$FHVWDVHYDLQ
WHUFODVDFXXUPWRUXOSUHOXFUkQGvQWRWDO HOHPHQWHXUPkQGFDvQILQDODFHVW
LUVVHLQWHUFODVH]HFXXOWLPXOSUHOXFUkQG HOHPHQWHFHHDFHvQVHDPQF
vQWRWDODPHIHFWXDWGHSUHOXFUULGHHOHPHQWH6HREVHUYXRUFGDFDPDOHJHV
LQWHUFODVPPHUHXFHOHPDLVFXUWHGRXLUXULQXPUXOHOHPHQWHORUSUHOXFUDWHvQWRWDO
VFDGHLQWHUFODVPLUXOGHOXQJLPHFXFHOGHOXQJLPHHOHPHQWHPLFDWHLUXO
UH]XOWDWFXFHOGHOXQJLPHDYHPPLFULLvQILQDOPDLDYHP SUHOX
FUUL1XPUXOWRWDOGHSUHOXFUULGHHOHPHQWHDFXPHVWH
2UGRQULLFXWUL
6WUDWHJLDSHFDUHRYRPDERUGDvQUH]ROYDUHHVWHGHDDIODODILHFDUHSDVFHOHPDL
VFXUWHGRXWDEORXULvQYHGHUHDLQWHUFODVULLORU
QUHSUH]HQWDUHDDOJRULWPXOXLDPIRORVLWXUPWRDUHOHQRWDLL
PHGLUXOvQFDUHILHFDUHHOHPHQWHVWHXQLUGHPHGLL
FRGLUXOvQFDUHILHFDUHHOHPHQWHVWHXQLUGHFRGXUL
GLPLUXOOXQJLPLORUOLVWHORU
DPHGEPHGGRXLUXULGHPHGLLGLQGRXOLVWHFDUHXUPHD]VILHLQWHUFODVDWH
DFRG EFRG GRX LUXUL GH FRGXUL GLQ GRX OLVWH FDUH XUPHD] V ILH LQWHUFODVDWH vQ
SDUDOHOFXPHGLLOH
DGLPEGLPGLPHQVLXQLOHLUXULORUDPHGUHVSHFWLYEPHG
FPHGOLVWDGHPHGLLUH]XOWDWvQXUPDLQWHUFODVULLOXLDPHGLEPHG
FFRGOLVWDGHFRGXULUH]XOWDWvQXUPDLQWHUFODVULLOXLDFRGLEFRG
QHVWHQXPUXOOLVWHORU
$OJRULWPXOXUPHD]VWUDWHJLDGHLQWHUFODVDUHVXJHUDWSULQH[HPSOXOWUDWDW
J
#JQJ
JJFLWLUHDGDWHORUGHLQWUDUH
^
%`
JJ
J
JdJJ
Q
^SkQODLQWHUFODVDUHDXOWLPHORUGRXLUXUL`J
JJJJ
JmJ
^LQGLFHOHLUXOXLGHGLPHQVLXQHPLQLP`J
JJJJJmJ
^vQSVWUPGLPHQVLXQHDFHOXLPDLVFXUWLU`J
^vQ%SVWUPFHOPDLVFXUWLUGHFRGXUL`J
JJJJ%JmJ%
JJ
JJJJJmJ
JJ
^vQSVWUPFHOPDLVFXUWLUGHPHGLL`J
JJJJ"
%JJ
^HOLPLQPFHOPDLVFXUWLU`J
JJJJ
JmJ
JJ^SURFHGPODIHOFXDOGRLOHDFHOPDLVFXUWLU`J
JJJJJmJ
J
JJJJ%JmJ%
J
JJJJJmJ
J
JJJJ"
%J
^YHULILFPVHQVXOGHRUGRQDUH`J
JJJJJJJJJ
JJJJJJ
%JJ ^GDFHVWHvQVHQVFUHVFWRUvOLQYHUVP`J
JJJJJJJJJ
JJJJJJ
%J
J J J
^LQWHUFODVP%FX%vQ%%LFXvQ%`J
J
JJJJ
%%%%%~J
JJJJ
%%%~%J
^UH]XOWDWXOHVWHvQXOWLPXOUH]XOWDWDOLQWHUFODVULL`
2UGRQULLFXWUL
QDOJRULWPXOSULQFLSDOVHDSHOHD]FkLYDVXEDOJRULWPLGLQWUHFDUH
L
vL FRQVLGHUP FXQRVFXL Q DOJRULWPXO GH LQWHUFODVDUH VDQWLQHOHOH YRU IL GRX YDORUL
VWULQHGHLUXOGHPHGLLHJDOHFXGHRDUHFHLUXULOHVXQWRUGRQDWHGHVFUHVFWRUJ
JJ
~JmJ`J
JJ~JmJ`J
J
6XEDOJRULWPXOGHHOLPLQDUHDLUXOXLDYkQGLQGLFHOHLQGFDUHVHYDLQWHUFODVDODXQ
PRPHQWGDWGLQWUHLUXULOHFDUHXUPHD]VILHLQWHUFODVDWH
J
J"
%QJ
J J
^HOLPLQPLUXULOHFDUHVHYRULQWHUFODVD`
JJJmJJ
JJdJ
JJJzJ
J
QJ
JJJJJmJJ~JJ
JJ
J\
J
QJJ ^vQFHSkQGFXDOLOHDWUDQVODWPODVWkQJD`
JJJJJmJ~J
JJJJ%JmJ%~J
JJJJJmJ~J
JJ
JmJ
JJJ
^LUXOGHYLQHPDLVFXUW`J
J
J
JJ
JmJ
J~JJ
JJ
JmJJ
JJ%
JmJ%%J
JJ
JmJ%J
J
J
^DGXJPLUXOLQWHUFODVDW`
^LUXOGHYLQHPDLOXQJ`J
LUXULOH FDUH QX VXQW GHVFUHVFWRU RUGRQDWH WUHEXLH WUDQVIRUPDWH DVWIHO vQFkW V ILH
FRUHVSXQ]WRDUHFHULQHORU(YLGHQWVHSXWHDVFULHLRLQWHUFODVDUHFDUHSHDFHVWHDV
OHSDUFXUJvQVHQVLQYHUVGDUVDUILOXQJLWvQWUHJFRGXOSURJUDPXOXLQFD]XOvQFDUH
WLPSXOGHH[HFXLHWUHEXLHUHGXVODPLQLPUHFRPDQGPLPSOHPHQWDUHDXQHLLQWHUFOD
VULvQDFHVWVHQV
J
J
J
2UGRQULLFXWUL
J
%QJ
^GDFLUXOGHPHGLLHVWHRUGRQDWFUHVFWRULQYHUVPRUGLQHD`
JJ
J\J
QJ
JJJJJmJJ
JJJJJmJ~J
JJJJ~JmJJ
JJJJJmJ%J
JJJJ%JmJ%~J
JJJJ%~JmJJ
J
$OHJHULSUH]LGHQLDOHJ
$FHDVWSUREOHPIDFHSDUWHGLQFDWHJRULDDFHORUDFDUHQHFHVLWRSUHOXFUDUHDGDWHORU
SHVHJPHQWHGHOXQJLPHYDULDELO/XQJLPHDXQXLDVWIHOGHVXELUGHSLQGHGHYDORDUHD
HOHPHQWHORU LUXOXL 'H DOWIHO GDWRULW OXQJLPLL PD[LPH SRVLELOH HVWH H[FOXV V FLWLP
WRDWH GDWHOH L V OH SVWUP vQ PHPRULH Q FRQFOX]LH YRP DFLRQD SH ED]D YDORULL
XQXLVLQJXUQXPU
1XPUXOFXUHQWvOQRWPFXQULDUFDQGLGDWXOFXUHQWFXFDQGLGDW'DFXQQXPU
FLWLWGLQILLHUHVWHHJDOFXFDQGLGDWPULPFRQWRUXOFkWHvQFDUHLQHPHYLGHQDDSDUL
LLORU FDQGLGDWXOXL 'DF QXPUXO FLWLW GLIHU GH FDQGLGDW LQGLIHUHQW GH YDORDUHD OXL
VFGHPGLQFRQWRUXOFkWH'XSILHFDUHDVWIHOGHVFGHUHYHULILFPFRQWRUXOFkWHGH
RDUHFHvQPRPHQWXOvQFDUHDFHVWDGHYLQHvQVHDPQFVDVIkULWXQVHJPHQWLvQFH
SHDOWXOFXXQFDQGLGDWQRX
J
^GDFSULQPLFRUDUHQXPUXOYRWXULORUGHYLQH`
^VFKLPEPFDQGLGDWXOFXXOWLPXOYRWDW`
^SHQWUXDFHVWDDDSUXWSULPXOYRW`
JJJJJJJ%J\J`JJ
JJJJJJJJ%
JmJ
J
JJJJJJJJ%JmJJ
JJJJ
JJ
2UGRQULLFXWUL
^DPWHUPLQDWSUHOXFUDUHDILLHUXOXLDPLHLWFXXQFDQGLGDW`
J J J
^GHRDUHFHQXHVWHVLJXUFDFHVWDDUHVXILFLHQWHYRWXUL`
JJ%JmJ`
^SDUFXUJHPILLHUXOGLQQRX`
JJ
JmJ`J
JJ
XUPHD]PDUFDGHVIkULWGHILLHU
QJ
JJJJ
J
J
JJJJ
JmJ
J~JJ
^QXPUPQXPUXOYRWXULORU`
JJJJJ
J\J%
JJ ^LQXPUXOYRWXULORUSULPLWHGHFDQGLGDW`
JJJJJJ%JmJ%J~JJ
JJJ%JJ
JJ
JJJJ
JJ
JJJJ
J%
J
JJ
J
JJJJ
JJ
J
3OLLvQFDVULJ
QDLQWHGHWRDWHREVHUYPFWUHEXLHVGHWHUPLQPRVXEVHFYHQVXELUIRUPDWGLQ
HOHPHQWHFRQVHFXWLYHGLQLUDYkQGSURSULHWDWHDFHVWHFHDPDLOXQJSULQWUHDFHOHD
FDUHDXVXPPD[LP
9RPFRQVLGHUDH[HPSOXOGLQHQXQ
)LHQ LLUXO
5H]ROYkQGSUREOHPDPDQXDOSHQWUXDFHVWH[HPSOXRELQHP
6XPDPD[LP
/XQJLPHDVXEVHFYHQHL
6XEVHFYHQDFXWDW
,GHHDFHDPDLVLPSOGHUH]ROYDUHFRQVWvQJHQHUDUHDWXWXURUSHUHFKLORUSRVLELOHGH
QXPHUH VWkQJD L GUHDSWD DVWIHO vQFkW d VWkQJD d GUHDSWD dQXUPkQGFDOFXODUHD
VXPHORU VXEVHFYHQHORU FRUHVSXQ]WRDUH 7>VWkQJDGUHDSWD@ 3H SDUFXUVXO JHQHUULL
YRPSVWUDDFHDVXEVHFYHQFDUHDUHVXPDPD[LP
J%
QJ
JJJmJJ
^7HVWHLUXOGDW0D[HVWHVXPDPD[LPFXWDW`
J
\
J
, ^
HVWHSULPXOLQGLFHDOVXEVHYHQHL`
^HVWHXOWLPXOLQGLFHDOVXEVHYHQHL`
J\
J
,JJJJJJJ
JJJJJJJmJ`J
^VXPDVXEVHFYHQHLDFWXDOH`
J\
J
,
JJJJJJJJJmJJ~J
2UGRQULLFXWUL
JJJJJJ
JJJJJJJJJmJJ
$FHVW DOJRULWP FRQLQH WUHL VWUXFWXUL UHSHWLWLYH LQFOXVH XQD vQ FHDODOW LPEULFDWH
'DFQ XQFDOFXODWRUGHSHUIRUPDQHPHGLLDUOXFUDDSUR[LPDWLYRRU$FHDVW
FRPSOH[LWDWHHVWHGHQHDFFHSWDWGHFLFXWPXQDOJRULWPPDLHILFLHQW
2EVHUYPGHH[HPSOXFvQVXPDVXEVHFYHQHL7>@H[LVWGHMDVXPDDIHUHQW
VXEVHFYHQHL 7>@ $GLF 7>@ 7>@ 7>@ HWF *HQHUDOL]kQG VXPD VXEVHF
YHQHL7>VWkQJDGUHDSWD@VHSRDWHFDOFXODFXDMXWRUXOVXPHLGHWHUPLQDWHODSDVXOSUH
FHGHQWFRUHVSXQ]WRUVXEVHFYHQHL7>VWkQJDGUHDSWD@
9RP FRPSDUD VXPHOH FRUHVSXQ]WRDUH ILHFUHL VXEVHFYHQH 7>VWkQJDGUHDSWD@ FX
VXPD PD[LP GHWHUPLQDW SkQ vQ PRPHQWXO UHVSHFWLY LPHGLDW GXS FDOFXODUHD ORU
$VWIHODOJRULWPXOYDFRQLQHGRDUGRXFLFOXULLPEULFDWH
J%
QJ
^7HVWHLUXOGDW0D[HVWHVXPDPD[LPFXWDW`
JJJmJJ
JJ
J
\
J
, ^
HVWHSULPXOLQGLFHDOVXEVHYHQHL`
JJJJJmJ`J
^vQFHSkQGFXILHFDUHVWkQJDQRXDYHPVXPQRX`
J\
J
,JJJJJJJ
^DGXJPXQHOHPHQWQRX`
JJJJJJJmJJ~JJ
JJJJJJ
^DFWXDOL]P`
JJJJJJJJJmJJJ
'DFDPUHXLVUH]ROYPSUREOHPDDVWIHOvQFkWVSDUFXUJHPLUXORVLQJXUGDW
DOJRULWPXOYDILOLQLDUQSOXVVQHDGXFHPDPLQWHFSUREOHPDJDUDQWHD]FvQLU
H[LVWFHOSXLQXQQXPUSR]LWLY
'HFLGDFLUXOFRQLQHQHOHPHQWHQHJDWLYHLXQVLQJXUHOHPHQWSR]LWLYDWXQFL
VXEVHFYHQDDYkQGVXPDPD[LPDUILFRQVWLWXLWGLQDFHVWVLQJXUHOHPHQWSR]LWLY
5H]XOWFDWkWDYUHPHFkWRVXPDFWXDOHVWHSR]LWLYFRQWLQXPDGXQULOH'DF
ODXQPRPHQWGDWDFHDVWVXPGHYLQHQHJDWLYDWXQFLvQFHSHPFDOFXODUHDXQHLVXPH
QRLSHVHJPHQWXOFDUHvQFHSHFXSULPXOQXPUSR]LWLY
'DFDPREVHUYDWFSUREOHPDSRDWHILUH]ROYDWSHVHJPHQWHXUPWRDUHDRSWLPL
]DUHFRQVWvQDUHQXQDODFLWLUHDWXWXURUGDWHORULUHLQHUHDORUvQPHPRULH/DXQPR
PHQWGDWYRPFLWLXQVLQJXUQXPULvOYRPSUHOXFUD
2UGRQULLFXWUL
#JQJ
JJ
J
J
JJ
JJ
JJJmJJ
^LQLLDOL]DUHDVXPHLPD[LPH`
JJ%JmJJ
^LQLLDOL]DUHDVXPHLFXUHQWH`
JJ
%JmJJ
JJ
JmJJ
JJ
%JmJJ
^FRQWLQXPFLWLUHDQXPHUHORU`J
JJ
J\
J
QJJ
JJJJ
JJ
^GDF%HVWHQHJDWLY`J
JJJJJ%JJ`J
QJ
JJJJJJ%JmJJ
^DFHDVWDVHUHLQLLDOL]HD]FX7`J
JJJJJJ
%JmJJ
^QRXOVXELUSRVLELOvQFHSHvQSR]LLDL`J
JJJJ
J
JJJJJJ%JmJ%J~JJ
^OXL%LVHDGDXJ7`J
JJJJJJJJdJ%J ^VHDFWXDOL]HD]`
JJJJJJJJJJJ%J
JJJJJJJJJJJmJ%J
JJJJJJJJJJ
%JmJ
%J
JJJJJJJJJJ
JmJJ
JJJJJJJJ
^vQFD]GHHJDOLWDWH`J
JJJJJJJJJJJ
%J\J
%JJ
JJJJJJJJJJJJ
JmJJ
JJ
JJ
JJ
J
%J
J
LUXULGHFDUDFWHUH
2SHUDLLFXYDULDELOHGHWLS
6XESURJUDPHSUHGHILQLWHSHQWUXstringXUL
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
&DSLWROXO
7LSXO LU GH FDUDFWHUH VH LGHQWLILF vQ 3DVFDO SULQ WHUPHQXO VWULQJ GHRDUHFH vQ DFHVW
OLPEDMGHSURJUDPDUHH[LVWWLSXOSUHGHILQLW SHQWUXWDEORXULXQLGLPHQVLRQDOH
FDUHDXHOHPHQWHFkWHXQFDUDFWHU'LIHUHQHOHLPSRUWDQWHGLQWUHXQLUGHFDUDFWHUHL
XQVWULQJVHGHVSULQGGLQXUPWRDUHOHREVHUYDLL
x 8QXL WDEORX L VH VSHFLILF GH OD vQFHSXW QXPUXO PD[LP GH FRPSRQHQWH SH FDUH
SRDWHVOHFRQLQSHFkQGRYDULDELOGHWLS DUHLPSOLFLWFHOPXOWGH
HOHPHQWH
x 'DFODGHFODUDUHVHVSHFLILFSHQWUXGLPHQVLXQHDPD[LPDXQHLYDULDELOHGHWLS
XQQXPUPDLPLFGHFkWYDILYDODELOGHFODUDLDIFXWH[SOLFLW
x 8QVWULQJVHPHPRUHD]SHDWkLDRFWHLFkWHFDUDFWHUHVXQWVSHFLILFDWHvQGHFODUD
UHODFDUHVHDGDXJXQRFWHWvQFDUHVHPHPRUHD]OXQJLPHDVWULQJXOXL$FHVWOX
FUXQXVHvQWkPSOODWDEORXULOHGHFDUDFWHUHFDUHVHPHPRUHD]SHH[DFWDWkLDRF
WHLFkWHFDUDFWHUHDSDUvQGHFODUDUH
Declararea variabilelor de tip
&XWRDWHFWLSXOGHVFULHRVWUXFWXULUGHFDUDFWHUHQXHVWHREOLJDWRULXVSUHFL]P
RDQXPLWOXQJLPHGDUGDFGRULPVGHFODUPXQVWULQJPDLVFXUWGHFkWOXQJLPHDLP
SOLFLWDWXQFLDFHVWOXFUXHVWHSRVLELO
([HPSOX
^YDULDELOD
DUHFHOPXOWGHFDUDFWHUH`J
^YDULDELOD%SRDWHDYHDFHOPXOWGHFDUDFWHUH`J
QFHOHFHXUPHD]DWXQFLFkQGYRPVFULHVWULQJvQDFHVWPDWHULDOQHUHIHULPODXQLUGHFD
UDFWHUH$WXQFLFkQGYRPVFULH HVWHYRUEDGHWLSXOSUHGHILQLWvQOLPEDMXO3DVFDO
LUXULGHFDUDFWHUH
2SHUDLLFXYDULDELOHGHWLS
&LWLUHD
2YDULDELOGHWLS VHSRDWHFLWLvQ3DVFDOVSHFLILFkQGXLQXPHOH$YDQWDMXOID
GHWDEORXULFRQVWvQIDSWXOFQXWUHEXLHVWLPH[DFWQXPUXOFDUDFWHUHORUQPR
PHQWXOvQFDUHDPDSVDW(QWHUVDXvQFD]GHFLWLUHGLQWUXQILLHUGHWLSDWXQFL
FkQGXUPHD]FDUDFWHUXOVIkULWGHOLQLHVWULQJXOVDWHUPLQDWLSULPDFRPSRQHQW
DYDULDELOHLFHDFXLQGLFHSULPHWHRYDORDUHHJDOFXQXPUXOFDUDFWHUHORUFLWLWH
([HPSOX
JQ KJ
JJJJQ |KJ
J
JJ
KJ
JJ
KJ
J
J
'DFSHQWUXVLSHQWUXVVLQWURGXFHPLUXOGHFDUDFWHUH XYDORDUHDDPEHORU
YDULDELOH YD IL X 'DF SHQWUX VV LQWURGXFHP XX YDORDUHD OXL VV YD IL
XXDGLFVHYRUSVWUDFHOPXOWDWkWHDHOHPHQWHFkWHSHUPLWHGHFODUDLD
$ILDUHD
$ILDUHDVHUHDOL]HD]VSHFLILFkQGRH[SUHVLHGHWLS
([HPSOX
JQ KJ
JJJJQ |KJ
J
JJ
XXKJ
^GDF L
VHYDDILD
`J
JJ
~K
J
$WULEXLUHD
8QHL YDULDELOH GH WLS L VH SRDWH DWULEXL YDORDUHD XQHL H[SUHVLL FDUH DUH WLSXO
'DFYDULDELODDUHXQWLSFDUHSUHFL]HD]ROXQJLPHPDLPLFGHFkWVWULQJXO
GLQH[SUHVLHFDUDFWHUHOHFDUHGHSHVFOXQJLPHDYDULDELOHLVHSLHUG
([HPSOX
)LHGHFODUDLD
Q |K
LUXULGHFDUDFWHUH
'DFYDORDUHDOXL \DWULEXLUHD Q\~|`KVHYDILQDOL]DFXYD
ORDUHD|SHQWUX
&RQFDWHQDUHD
&RQFDWHQDUHDVHSRDWHUHDOL]DXWLOL]kQGRSHUDWRUXO~GDUvQ3DVFDOH[LVWLRSURFH
GXUSUHGHILQLWvQDFHVWVFRS
%
J
([HPSOX
Q\J~JKJ ^GDFJ\JLJ\JDWXQFLYDORDUHDOXLYDIL`J
^YDORDUHDOXLYDIL`J
Q\J~JJ~JK
6 REVHUYP F XQ VWULQJ SRDWH IL FRQVWUXLW SULQ DGXJDUH GH FDUDFWHUH OD XQ
VWULQJLQLLDOYLG
([HPSOX
Q |K
JJJJQXYKJ
^VWULQJXOYLG`
JJQ\KJJ
JJQ\`KJ
|J
JJJJ
%KJ
JJJJQ\J~JJ
JJ
`KJ ^FRPSRQHQWDFDUHSVWUHD]OXQJLPHDVWULQJXOXL`J
JJ
J
^VHYDDILD`J
&
2SHUDLLUHODLRQDOH
QFD]XOH[SUHVLLORUGHWLS VHSRWIRORVLRSHUDWRULLUHODLRQDOLFXQRVFXL
\\\J
5H]XOWDWXODGRXFRPSDUDLLHVWHRFRQVWDQWORJLFDGHYUDWVDXIDOV
([HPSOX
JQ KJ
$YkQGGHFODUDLLOHGHPDLVXVvQWDEHOXOXUPWRUSUH]HQWPFkWHYDH[HPSOHGHH[
SUHVLLUHODLRQDOHGXSHIHFWXDUHDXUPWRDUHORURSHUDLLGHDWULEXLUH
Q\KJ
Q\XKJ
Q\J~JKJ
LUXULGHFDUDFWHUH
([SUHVLH
5H]XOWDW
J\J
JVDFRPSDUDWFX
JJXJ
JVDFRPSDUDWXFXX
JJXJ VDFRPSDUDW XFX XL
JJXSHFHDGHDGRXDSR]LLH
JJJ
JVDFRPSDUDWFXJ
J\JJ
JVDFRPSDUDWXFXJ
$FFHVXOODRFRPSRQHQW
&RPSRQHQWDUHSUH]LQWDOOHDFDUDFWHUGLQYDULDELODGHWLS
6XESURJUDPHSUHGHILQLWHSHQWUXstringXUL
8QLWXO6\VWHPGLQ%RUODQG3DVFDOFRQLQHPDLPXOWHVXESURJUDPHSUHGHILQLWHFDUH
SRWILXWLOL]DWHvQSUHOXFUDUHDVWULQJXULORU)LHVLVVYDULDELOHGHWLS
x )XQFLDUHWXUQHD]YDORDUHDSR]LLHLvQFHSkQGGHODFDUHVHUHJVHWHVV
vQVGDFVVQXVHJVHWHvQVDWXQFLLLDYDORDUHD
x )XQFLD YUHWXUQHD]VXEVWULQJXOGLQVFDUHvQFHSHODSR]LLDLLDUHM
FDUDFWHUH'DFvQVQXH[LVWMFDUDFWHUHvQFHSkQGFXSR]LLDLVHYRUUHWXUQDDWkWHD
FkWHVXQW
x )XQFLD
&UHWXUQHD]OXQJLPHDVWULQJXOXLQXPUXOFDUDFWHUHORUGLQV
x 3URFHGXUDDUHFDHIHFWWHUJHUHDGLQVvQFHSkQGGHODSR]LLDLDM
FDUDFWHUH'DFvQVQXH[LVWMFDUDFWHUHvQFHSkQGFXSR]LLDLVHYRUWHUJHDWkWHD
FkWHVXQW
x 3URFHGXUD
LQVHUHD] FDUDFWHUHOH GLQ VWULQJXO VV vQ V vQFHSkQG
GHODSR]LLDL
,PSOHPHQWULVXJHUDWH
3HQWUXDYIDPLOLDUL]DFXSUHOXFUULOHLUXULORUGHFDUDFWHUHLPSOHPHQWDLSURJUDPHOH
DIHUHQWHXUPWRDUHORUH[HUFLLL
FLWLUHDXQXLQXPUFDUDFWHUFXFDUDFWHU
FLWLUHDXQXLFXYkQWFDUDFWHUFXFDUDFWHU
QXPUDUHDOLWHUHORUGLQWUXQWH[WGDW
QXPUDUHDFXYLQWHORUGLQWUXQWH[WGDW
QXPUDUHDSURSR]LLLORUGLQWUXQWH[WGDW
GHVFRPSXQHUHDvQFXYLQWHDXQXLWH[WGDW
RUGRQDUHDXQXLLUGHFXYLQWH
HOLPLQDUHDVSDLLORUGXEOHGLQWUHFXYLQWHOHXQXLWH[WGDW
LUXULGHFDUDFWHUH
3UREOHPHSURSXVH
/LWHUH
)LHXQWH[WFLWLWGLQWUXQILLHU6VHDILH]HDFHOHFXYLQWHGLQWH[WvQFRPSRQHQDFUR
UDQXPUXOPDMXVFXOHORUHVWHVWULFWPDLPDUHGHFkWQXPUXOOLWHUHORUPLFL
'DWHGHLQWUDUH
)LLHUXOGHLQWUDUH*!"&$FRQLQHWH[WXOVFULVSHPDLPXOWHOLQLL
'DWHGHLHLUH
&XYLQWHOHVHYRUVFULHvQILLHUXOGHLHLUH *!"&'(!SHOLQLLGLVWLQFWHILHFDUHFX
YkQWILLQGVFULVSHFkWHROLQLHQRX
5HVWULFLLLSUHFL]UL
x FXYLQWHOHVXQWVHSDUDWHSULQVSDLLLVDXFDUDFWHUHGHVIkULWGHOLQLH
x ILLHUXOQXFRQLQHOLQLLYLGH
x OLQLLOHFRQLQFXYLQWHQHGHVSULWH
x SHROLQLHVXQWVFULVHFHOPXOWGHFDUDFWHUH
x XQFXYkQWSRDWHDYHDFHOPXOWGHFDUDFWHUH
x FXYLQWHOHFRQLQQXPDLOLWHUHPDULLPLFL
([HPSOX
*!"&'(!
*!"&$
J"JJJJJJJJJJ
JJ"JJ
J
JJJ
"J
J
"J
J
([SOLFDLL
x
DUHGRXOLWHUHPLFLLXQDPDUHGHFLQXVHVFULH
x "DUHSDWUXOLWHUHPDULLQLFLXQDPLFGHFLVHVFULH
x DUHWUHLOLWHUHPDULLGRXPLFLGHFLVHVFULH
x DUHROLWHUPDUHLWUHLPLFLGHFLQXVHVFULH
x "DUHSDWUXOLWHUHPDULLROLWHUPLFGHFLVHVFULH
x DUHROLWHUPDUHLWUHLOLWHUHPLFLGHFLQXVHVFULH
x
QXDUHQLFLROLWHUPDUHGHFLQXVHVFULH
x DUHOLWHUHPDULLWUHLOLWHUHPLFLGHFLVHVFULH
LUXULGHFDUDFWHUH
7H[W
6HFLWHVFPDLPXOWHSURSR]LLLGLQWUXQILLHU6HFHUH
x VVHDILH]HQXPUXOGHFXYLQWHGLQILHFDUHSURSR]LLH
x VVHGHWHUPLQHSHQWUXILHFDUHSURSR]LLHQXPUXOFXYLQWHORUGLVWLQFWH
x VVHDILH]HFXYLQWHOHFDUHVHUHSHWvQFDGUXODFHOHLDLSURSR]LLL
'DWHGHLQWUDUH
3URSR]LLLOHVXQWVFULVHvQILLHUXOGHLQWUDUH !9!&$SHPDLPXOWHOLQLL'RXSURSR
]LLLVXQWVHSDUDWHSULQFDUDFWHUHOH
'DWHGHLHLUH
5H]XOWDWHOHVHYRUVFULHvQILLHUXOGHLHLUH !9!&'(!. 3HOLQLDLGLQILLHUVHDILHD]
GDWHOHUHIHULWRDUHODDLDSURSR]LLH$FHVWHGDWHVHYRUVHSDUDSULQVSDLXLYRUDSUHD
vQ RUGLQHD QXPUXO FXYLQWHORU GLQ SURSR]LLH QXPUXO FXYLQWHORU GLVWLQFWH OLVWD FX
YLQWHORUFDUHQXVXQWGLVWLQFWHvQFDGUXOSURSR]LLHL
5HVWULFLLLSUHFL]UL
x GLQFXYLQWHSRDWHVIDFSDUWHFDUDFWHUXO
x GRXFXYLQWHVHVHSDUSULQFDUDFWHUHOHJQ
x SRWH[LVWDVHSDUDWRULLQXWLOL
x QXPUXOPD[LPGHFXYLQWHSHQWUXILHFDUHSURSR]LLHHVWH
x vQWH[WH[LVWOLWHUHPDULLPLFL
([HPSOX
!9!&$
J
J J%
JJ%JJJ
J
JJ&J
%JJJ
JJJ
J%JJ
%J
JJ%
J
J
JJ%JJJJ
J J %J
J J
J
J KJ J
%
%J J %
%J J
J
J
J J
J
J
JJJJ%
%JJ%J%JJJ
%J
!9!&'(!
JJJ%J
`J`J
`JJ
JJ%
%JJ
7UDGXFHUH
8QHOHYDUHGHVFULVXQWH[WvQOLPEDHQJOH]GDUQXFXQRDWHGHVWXOGHELQHDFHDVW
OLPE6HKRWUWHVODVHFXYLQWHOHSHFDUHQXOHSRDWHWUDGXFHvQOLPEDURPkQDSRL
LUXULGHFDUDFWHUH
VOHFDXWHvQGLFLRQDU'LQDFHVWHFXYLQWHYDDOFWXLROLVWXUPkQGFDXOWHULRUVOH
vQORFXLDVFvQWH[W
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXL !"#%( &$VHDIOWH[WXOHOHYXOXLLDUSHILHFDUHGLQWUHXU
PWRDUHOHOLQLLVHDIOXQFXYkQWvQOLPEDURPkQXUPDWGXSXQVSDLXGHFRUHVSRQ
GHQWXOVXvQOLPEDHQJOH]
'DWHGHLHLUH
7H[WXOWUDGXVvPSUHXQFXVHPQHOHGHSXQFWXDLHH[LVWHQWHvQWH[WXOGDWvQILLHUXOGH
LQWUDUHVHYDDILDvQILLHUXOGHLHLUH!"#%( &'(!
5HVWULFLLLSUHFL]UL
x WH[WXOvQILLHUXOGHLQWUDUHWUHEXLHVFRQLQFHOPXOWGHFDUDFWHUH
x VHSDUDWRULLIRORVLLvQWH[WSRWILJ
x WH[WXOGLQILLHUXOGHLHLUHYDDYHDH[DFWDFHHDLVHSDUDWRULFDLFHOGHLQWUDUH
([HPSOX
!"#%( &$J
J&J
YJJJ&JJ
JJ&JJJ
J&J
JJ
JJ
J?%J
J
!"#%( &'(!J
J&J
YJJJ&JJ
JJ&J?%JJJ&
&XORUL
/DRJUGLQLVHYDUHDOL]DXQVSHFWDFROXQGHFRSLLLWUHEXLHVILHvPEUFDLvQFRVWX
PH GH FXORUL GLIHULWH )LHFDUH FRSLO vL VSXQH FXORDUHD SUHIHUDW LDU vQYWRDUHD IRU
PHD]JUXSXULGHFRSLLvPEUFDLvQFRVWXPHGHDFHHDLFXORDUH3HVFHQFRSLLLVHYRU
DH]DvQJUXSXULDVWIHOvQFkWFHOPDLQXPHURVJUXSYDVWDvQIXQGDOvQIDDDFHVWRUDYD
VWDJUXSXOGLQFDUHIDFSDUWHPDLSXLQLFRSLLHWFLDUvQIDJUXSXOFHOPDLSXLQQX
PHURV
'DWHGHLQWUDUH
'DWHOHGHLQWUDUHVHFLWHVFGLQILLHUXO(*'"&$JFDUHDUHXUPWRDUHDVWUXFWXU
x SHSULPDOLQLHVHDIOQXPUXOQDWXUDOQUHSUH]HQWkQGQXPUXOGHFRSLL
x SHXUPWRDUHOHQOLQLLVXQWVFULVHQXPHOHLSUHQXPHOHFRSLLORUQXPHOHHVWHVHSDUDW
GHSUHQXPHSULQWUXQVSDLX
LUXULGHFDUDFWHUH
x SHXUPWRDUHDOLQLHHVWHVFULVQXPUXOQDWXUDOPUHSUH]HQWkQGQXPUXOGHFXORUL
x SH XUPWRDUHOH Q OLQLL VXQW WUHFXWH FXORULOH SUHIHUDWH DOH FHORU Q FRSLL VXE IRUPD
XQRU QXPHUH QDWXUDOH GLQ LQWHUYDOXO > P@ FX FDUH VDX FRGLILFDW FXORULOH ILHFDUH
FRSLODOHJHRVLQJXUFXORDUH
'DWHGHLHLUH
'DWHOHGHLHLUHVHVFULXvQILLHUXO(*'"&'(!SHPOLQLL)LHFDUHOLQLHFRQLQHFRGXO
FXORULLXUPDWGHQXPHOHFRSLLORUFDUHSUHIHUFXORDUHDUHVSHFWLY1XPHOHYRUILGHV
SULWHSULQWUXQVSDLX1XPUXOQXPHORUYDILFHOPDLPDUHSHSULPDOLQLHPDLPLF
SHOLQLDDGRXDLFHOPDLPLFSHXOWLPDOLQLH
5HVWULFLLLSUHFL]UL
x dQd
x dPd
x ILHFDUHFXORDUHGLQWUHFHOHPYDILSUHIHUDWGHFHOSXLQXQFRSLO
x vQFD]XOvQFDUHH[LVWGRXVDXPDLPXOWHFXORULSUHIHUDWHGHXQQXPUHJDOGHFR
SLLDWXQFLRUGLQHDvQFDUHJUXSXULOHFRUHVSXQ]WRDUHVHYRUDH]DSHVFHQQXFRQ
WHD]
([HPSOX
(*'"&$
J
J&J
J
J
J
J
%JJ
J
J
JJ
J
J
J
J
J
J
J
J
J
(*'"&'(!
J%JJJ
JJJ
JJ&J
J
J
JJ
J
J
JJ
LUXULGHFDUDFWHUH
6ROXLLOHSUREOHPHORUSURSXVH
/LWHUH
9RPFLWLFkWHXQVWULQJGHSHROLQLHGLQILLHULvOYRPSDUFXUJHvQIHOXOXUPWRUYRP
LJQRUDVSDLLOHSkQODDSDULLDSULPXOXLFDUDFWHUGLIHULWGHVSDLX$SRLYRPFRQVWUXL
GLQFDUDFWHUHFRQVHFXWLYHOLWHUHXQFXYkQWQXPUkQGvQSDUDOHOLPDMXVFXOHOHQPR
PHQWXOvQFDUHDSDUHSULPXOVSDLXVDXDPDMXQVODVIkULWXOVWULQJXOXLSUHOXFUPFX
YkQWXOUHVSHFWLYGHFLGHPGDFWUHEXLHVOVFULHPvQILLHUVDXQX5HOXPDOJRULWPXO
SHQWUXUHVWXOFDUDFWHUHORUGLQVWULQJXOFLWLWDSRLSHQWUXUHVWXOOLQLLORUGLQILLHU
J
JQJ
JJ
JXUPHD]PDUFDGHVIkULWGHILLHUJ
,J
^FLWLPROLQLHGLQILLHU`
JJJJ
JJ
^YRPSDUFXUJHVWULQJXOFLWLW`J
JJJJJmJJ
JJJJ
JJdJOXQJLPHDWH[WXOXLJ
,J
JJJJJJ
JJdJOXQJLPHDWH[WXOXLJJ\JJ
,J
JJJJJJJJJmJJ~JJ
^VSDLLOHOHLJQRUP`J
^YRPFRQVWUXLFXYkQWXOFXUHQW`J
JJJJJJ%JmJ
JJJJJJJmJ`J
JJJJJJ
JJdJOXQJLPHDWH[WXOXLJJJzJJJ
,J
JJJJJJJJtJJJJdJJJJ
^PDMXVFXO`J
JJJJJJJJJJJmJJ~JJ
JJJJJJJJ%JmJ%J~JJ^FRQFDWHQPFDUDFWHUXOFXUHQWvQFXYkQWXOFXUHQW`
JJJJJJJJJmJJ~JJ
JJJJ
JJ
JJJJJJJJJOXQJLPHDFXYkQWXOXL%J
JJJJJJJJ
J%J
JJ
JJ
JJ
JJ
JJ
7H[W
9RPUHLQHILHFDUHSURSR]LLHvQWUXQLUGHFDUDFWHUHLYRPFRQVWUXLLUXOFXYLQWHORU
FDUHIDFSDUWHGLQHDSHQWUXDIDFLOLWDFXWDUHDFXYLQWHORUFDUHQXVXQWXQLFHvQFDGUXO
SURSR]LLHL
'LQFDX]DFRSURSR]LLHVHSRDWHFRQWLQXDvQILLHUXOGHLQWUDUHSHPDLPXOWHOLQLL
YRPIRUPDSURSR]LLLOHFLWLQGGLQILLHUFDUDFWHUH1RWPFXSULUXOGHFDUDFWHUHFDUH
UHLQH SURSR]LLD FXUHQW L FX F FDUDFWHUXO FLWLW GLQ ILLHU ,QLLDOL]P SURSR]LLD FX
LUXULGHFDUDFWHUH
VWULQJXOYLGLFDUDFWHUHOHFLWLWHOHFRQFDWHQPvQSUSkQODDSDULLDXQXLVHSDUDWRUVDX
DPDUFDMXOXLGHVIkULWGHOLQLH
x QFD]XOvQFDUHSURSR]LLDVHvQFKHLHDDSUXWXQVHSDUDWRUvQORFXLPVHSDUDWRUXO
DGXJkQGODVIkULWXOYDULDELOHLSUXQVSDLXSHQWUXDVLPSOLILFDvPSULUHDSHFX
YLQWH7UHFHPODDQDOL]DSURSR]LLHL
x 'DFSHSDUFXUVXOFLWLULLDDSUXWPDUFDMGHVIkULWGHOLQLHIUFDSURSR]LLDVVH
WHUPLQHDFHVWDVHFLWHWHGLQILLHUFRQWLQXkQGFLWLUHDFDUDFWHUHORULFRQFDWHQDUHD
ORUvQDFHHDLSURSR]LLHGHSHOLQLDXUPWRDUH
$OJRULWPXOFDUHUHDOL]HD]IRUPDUHDXQHLSURSR]LLLHVWH
#JQJ
^LQLLDOL]DUHDSULPHLSURSR]LLHL`J
JJmJ
QXXUPHD]PDUFDGHVIkULWGHILLHU
,J
JJJJ
J%J
%QXHVWHVHSDUDWRUGHSURSR]LLL
QXXUPHD]PDUFDGHVIkULWGHOLQLHJJ
^DOLSLPFDUDFWHUXOFXUHQWSURSR]LLHL`J
JJJJJJJJJmJJ~J%J
JJJJJJ
J%JHVWHVHSDUDWRUGHSURSR]LLL
^VXSUDVFULHPVHSDUDWRUXOFXVSDLX`J
JJJJJJJJJJJmJJ~JJJ
^DQDOL]DSURSR]LLHL`J
JJJJJJJJJJ
J
JJJJJJJJJJ
PDUFDGHVIkULWGHOLQLHJ
^LQLLDOL]DUHDXUPWRDUHLSURSR]LLL`J
JJJJJJJJJJJmJJ
JJJJJJJJ
JJ
JJJJJJJJJJ
JPDUFDGHVIkULWGHOLQLHJ
JJJJJ J
J
$QDOL]DSURSR]LLHLUHLQXWHvQLUXOGHFDUDFWHUHSUvQFHSHFXvQORFXLUHDVHSDUDWRUL
ORUFXVSDLLDSRLVHHOLPLQVSDLLOHLQXWLOHLVHIRUPHD]WDEORXOGHFXYLQWH6HVFULH
QXPUXOQDOFXYLQWHORUGHSLVWDWHvQILLHUXOGHLHLUH$OJRULWPXO
DSH
OHD]VXEDOJRULWPXO
%%
FDUHQXPUFXYLQWHOHFDUHDSDUR
VLQJXUGDWvQSURSR]LLHLVFULHDFHVWQXPUvQILLHUXOGHLHLUH
'HDVHPHQHDVHLQHLHYLGHQDFXYLQWHORUFDUHVHUHSHWLvQFHSkQGGHODDGRXD
DSDULLHVHvQORFXLHVFFXVSDLXSHQWUXDQXOHPDLOXDvQFDOFXO
'XSVFULHUHDFHORUGRXQXPHUHvQILLHUXOGHLHLUHVHWUHFHODFXWDUHDFXYLQWHORU
FDUHVHUHSHW6HQXPUILHFDUHDSDULLHLVHvQORFXLHWHGXEOXUDOXLFXVSDLX'DF
VHJVHVFFXYLQWHFDUHVHUHSHWDFHVWHDVHYRUVFULHvQILLHUXOGHLHLUH
LUXULGHFDUDFWHUH
J
Q
^DQDOL]PRSURSR]LLH`J
VXSUDVFULHPVHSDUDWRULLFXVSDLL
HOLPLQPVSDLLOHvQSOXV
FXWPFXYLQWHOHUHLQHPvQLUXO%
LOHWHUJHPGLQSURSR]LLH
JJ
J
JJJ
^QXPUXOFXYLQWHORUGLQSURSR]LLH`J
JJ
%%
J
^DSHOPVXEDOJRULWPXO
%`J
JJ
JJJ
J\
J
,
JJJJJmJJ
^QXPUXOFXYLQWHORUFDUHQXVXQWGLVWLQFWH`J
J%
JzJJJ
JJJJJJ
J\~
J
,
JJJJJJJJJ%
J\J%
J
^XQFXYkQWHVWHvQORFXLWFXVSDLXODDGRXDDSDULLH`
JJJJJJJJJJ%
JmJJJ
JJJJJJJJJJJmJJ~JJ
JJJJJJJJ J
JJJJJJ
J
JJJJJJJJJJ
^FXYkQWXOQXHVWHGLVWLQFW`
JJJJJJJJ
JJJ
JJJJJJ J
JJJJ J
J
QDOJRULWPXOFDUHFDOFXOHD]QXPUXOGHFXYLQWHFDUHDSDURVLQJXUGDWvQSURSR
]LLDSUVHQXPUDSDULLLOHILHFUXLFXYkQWvQLUXOFXYLQWHORU'DFDFHVWDDSDUHRVLQ
JXUGDWVHLQFUHPHQWHD]FRQWRUXOFXYLQWHORUGLVWLQFWH
%%
J
JJJmJ`J
JJ
J\
J
,J
JJJJJmJ`J
JJJJ
\
J
QJ
JJJJJJJ%
J\J%
JJ
JJJJJJJJJmJJ~JJ
JJJJJJ
J
JJJJJJ\JJ ^GDF%
DDSUXWRVLQJXUGDW`
JJJJJJJmJJ~JJ
^DYHPXQFXYkQWGLVWLQFW`J
J
J
J
LUXULGHFDUDFWHUH
7UDGXFHUH
'LILFXOWDWHDDFHVWHLSUREOHPHFRQVWvQIDSWXOFGLQWH[WXOLQLLDOQXPDLDQXPLWHFX
YLQWH VH vQORFXLHVF &HOH FDUH WUHEXLH vQORFXLWH L WUDGXFHULOH ORU DSDU vQ ILLHUXO GH
LQWUDUHvQFHSkQGGHSHOLQLDDGRXD
6HSDUFXUJHWH[WXOLQLLDOWLVHUHLQSHUkQGFXYLQWHOHvQYDULDELODFXYkQW3HQWUX
ILHFDUHFXYkQWFXYkQWVHYHULILFGDFDFHVWDDSDUHSULQWUHFXYLQWHOHFDUHVXQWVFULVHvQ
GLFLRQDU'DFDFHVWDH[LVWvQGLFLRQDUVHUHLQHWUDGXFHUHDOXLXUPkQGFDDFHDVWDV
VXEVWLWXLHFXYkQWXOvQWH[WXOLQLLDO
&XWPFXYkQWXOFXYkQWvQILLHUXOFDUHFRQLQHGLFLRQDUXOFXXUPWRUXOVXEDOJR
ULWP
J%
QJ
PDUFDMXOGHVIkULWGHOLQLHGLQILLHUXOGHLQWUDUHJ
JJ
QXXUPHD]PDUFDGHVIkULWGHILLHU
QJ
JJJJFLWLPvQ%ROLQLHGLQILLHURSHUHFKHGHFXYLQWHJ
JJJJFXWPFXYkQWXO%
vQ%J
JJJJODPJVLWvQFHSkQGFXSR]LLDJJJJ
JJJJJJWHUJHPGLQSHUHFKHDGHFXYLQWHRULJLQDOXO
JJJJJJUHWXUQPWUDGXFHUHD
JJJJJJLHLPIRUDWGLQ
JJJJ
J
JJJJJJUHWXUQPVWULQJXOYLG
JJJJ
JJ
JJ
QILLHUXOGHLQWUDUHSULPDOLQLHHVWHRFXSDWGHWH[WXOFDUHWUHEXLHWUDGXV'HILHFD
UHGDWFkQGVHFDXWWUDGXFHUHDXQXLFXYkQWvQILLHUWUHEXLHVVHUHDOL]H]HVDOWXOSHVWH
SULPDOLQLHGHFLVHFLWHWHGRDUPDUFDMXOGHVIkULWGHOLQLH
6HOHFWDUHDFXYLQWHORUFDUHVHFDXWvQGLFLRQDUVHIDFHvQIHOXOXUPWRU
J%QJ
JJ%
JmJJ
JJJmJJ
JJdJOXQJLPHDWH[WXOXLJJ
,
JJJJ
JHVWHOLWHU
QJ
JJJJJJ%
JmJ%
J~JJ
^vQ%
FRQVWUXLPFXYLQWHGLQWH[W`J
JJJJJJJmJJ~JJ
J
LUXULGHFDUDFWHUH
JJJJJmJWUDGXFHUHDOXL%
UHWXUQDWGHVXEDOJRULWPXO%
JJJJJJzJJJ
^GDFH[LVWWUDGXFHUH`J
JJJJJJLQVHUPWUDGXFHUHDFXYkQWXOXLvQvQFHSkQGFXSR]LLDL
JJJJJJWHUJHPFXYkQWXOGHWUDGXVGLQJ
JJJJJJJmJJ~OXQJLPHDFXYkQWXOXLJJOXQJLPHDFXYkQWXOXL%
J~JJ
J
^UHFDOFXOPSR]LLDGLQFDUHFRQWLQXPSUHOXFUDUHDOXL`
JJJJJJ%
JmJ^UHLQLLDOL]P%
SHQWUXDILXWLOSHQWUXXQFXYkQWQRX`
JJJJ
J
JJJJJJJmJ~
^DYDQVPFXYkQWXOQXWUHEXLHWUDGXV`
JJJJJJ%
JmJJ
JJ
&XORUL
Q UH]ROYDUH YDULDELOD QXP UHSUH]LQW WDEORXO FDUH FRQLQH QXPHOH FHORU Q FRSLL vQ
WDEORXO SUHI SVWUP WDEORXO FDUH FRQLQH QXPUXO GH RUGLQH D FXORULL SUHIHUDWH GH
FRSLLLDUFXOHVWHWDEORXOvQFDUHVHUHLQHQXPUXOGHDSDULLLDILHFUHLFXORUL
([HPSOX
)LHWDEORXOQXP 3RS0LKDL3RSDQ$QD3RSD,RQ3RSHVFX0DULXV5XV$QGUHL
5XVX7HRGRU7ULI,RQXW3UHVXSXQHPFH[LVWFXORULP LDULUXOFXORULORUSUH
IHUDWHGHFRSLLvQRUGLQHDQXPHORUGLQWDEORXOQXPHVWHSUHI
(OHPHQWHOHWDEORXOXLFXOVHGHWHUPLQvQSDUDOHOFXFLWLUHD$FHVWDYDFRQLQHSHSR
]LLDLQXPUXOFRSLLORUFDUHSUHIHUFXORDUHDLGHFLFXO FXVHPQLILFDLDFX
ORDUHDDSDUHGHSDWUXRULFXORDUHDDSDUHRGDWFXORDUHDDSDUHGHGRXRUL
J
%QJ
JJ
J
J
JJ
J\
J
QJ
JJJJ
J
J
JJ J
JJ
JJ
JJ
JJ
J\J
QJ
JJJJ%JmJ`J
J
JJ
JJ
J\
J
QJ
JJJJ
J
J
JJJJ%
JmJ%
J~JJ
J J
^FXORDUHD
DDSUXWvQFRGDW`J
JJ J
JJ
J JJ
LUXULGHFDUDFWHUH
QDOJRULWPYRPFXWDYDORDUHDPD[LPvQDFHVWLUDSRLSHDFHLFRSLLFDUHDXDOHV
FXORDUHDLXQGHLHVWHSR]LLDSHFDUHVDJVLWYDORDUHDPD[LPQH[HPSOXYDORDUHD
PD[LPvQWDEORXOFXOHVWHHJDOFXLVHJVHWHSHSR]LLDSR] $FHDVWYDULDELO
DVWIHOUHLQHFRGXOXQHLFXORUL6HFDXWvQWDEORXOSUHILQGLFLLHOHPHQWHORUHJDOHFX
VHOHFWDUH$FHWLDVXQW3RS0LKDL3RSDQ$QD3RSD,RQ3RSHVFX0DULXV
$FXPWUHEXLHVJVLPJUXSXOvQFDUHVXQWPDLSXLQLFRSLLGDUFDUHGXSFHDP
SXVSULPXOJUXSGHRSDUWHVXQWFHLPDLQXPHURLQVHDPQFQHLQWHUHVHD]DOGRL
OHDPD[LPGLQWDEORXOFXO3HQWUXDXXUDJVLUHDDFHVWXLDYRPvQORFXLvQWDEORXOFXO
YDORDUHDFX/DSDVXOXUPWRUPD[LPXOGLQWDEORXOFXO HVWHSHSR]LLD
DGLFFXORDUHDQWDEORXOSUHIVHFDXWWRLLQGLFLLFRSLLLHOHPHQWHORUGHYDORDUH
SR]$FHWLDVXQW5XV$QGUHL5XVX7HRGRU
6HvQORFXLHWHYDORDUHDFXGHFLFXO $FXPPD[VHJVHWHSHSR]LLD
LHVWHHJDOFX6HFDXWSHED]DWDEORXOXLSUHIWRLFRSLLLFDUHSUHIHUFXORDUHD
$FHWLDVXQW7ULI,RQX
6HvQORFXLHWHYDORDUHDFXvQWDEORXOFXODFHVWDGHYHQLQGFXO LSUR
FHVXOVHvQFKHLH
$ULWPHWLFDQXPHUHORU
PDUL
&DSLWROXO
&DOFXODUHDYDORULLn
$GXQDUHD
6FGHUHD
QPXOLUHD
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
QSUREOHPHOHGHFRQFXUVSRWVDSDUFHULQHFDUHLPSXQSUHOXFUDUHDDQXPLWRUQXPHUH
vQWUHJLPDULFDUHQXSRWILUHSUH]HQWDWHFXWRDWHFLIUHOHORUH[DFWHIRORVLQGWLSXULOH
vQWUHJLFXQRVFXWHGHOLPEDMHOHGHSURJUDPDUH5HSUH]HQWDUHDORUFDUHDOHQXHVWHRVR
OXLHGHRDUHFHQLFLvQWLSXULOHUHDOHQXSXWHPOXFUDFXXQQXPUPDUHGHFLIUHH[DFWH
'DFWUHEXLHVHIHFWXPFDOFXOHFXDFHVWHQXPHUHLFHULQHOHVXQWGHDDPDQLHUvQ
FkW WUHEXLH GHWHUPLQDWH WRDWH FLIUHOH H[DFWH DOH QXPUXOXL WUHEXLH V LPSOHPHQWP
DULWPHWLFDQXPHUHORUPDUL
&DOFXODUHDYDORULLn
9RP SUH]HQWD DFHDVW WHKQLF vQ FD]XO GHWHUPLQULL YDORULL OXL Q XQGH Q Qd
HVWHQXPUQDWXUDOSR]LWLY
([HPSOX
Q Q
QFHOHFHXUPHD]SHQWUXDH[HPSOLILFDWHKQLFDGHLPSOHPHQWDUHDRSHUDLLORUGH
DFHVWIHOYRPSUH]HQWDPRGXOvQFDUHVHVLPXOHD]FDOFXODUHDOXL
,GHHD HVWH GH D OXFUD SH FLIUH L GH D LQH HYLGHQD WUDQVSRUWXOXL RELQXW vQ XUPD
HIHFWXULLRSHUDLHL5H]XOWDWHOHSDULDOHDOHHIHFWXULLRSHUDLLORUSHFLIUHOHYRPUHLQH
vQWUXQWDEORXUH]
N
N
UH]
$ULWPHWLFDQXPHUHORUPDUL
6HREVHUYFvQWDEORXOUH]DPDGXJDWHOHPHQWHSHPVXUFHVDXUHDOL]DWvQPXO
LULOHFX3HQWUXDDILDYDORDUHDQYRPSDUFXUJHWDEORXOUH]GHODGUHDSWDVSUHVWkQ
JD'HRDUHFHODILHFDUHSDVVHJHQHUHD]UH]XOWDWXOSULQvQPXOLUHDFLIUFXFLIUDUH
]XOWDWXOXL RELQXW OD SDVXO DQWHULRU FX WLPSXO GH OXFUX HVWH PLF PDL DOHV GDF vQ
3DVFDOvQORFGHvQPXOLUHHIHFWLYOXFUPFXRSHUDWRUXO
6 SUHVXSXQHP F VD UHDOL]DW FDOFXOXO OXL N L WDEORXO UH] DUH GLP WHUPHQL 8U
PHD] V HIHFWXP R QRX vQPXOLUH FX SHQWUX DO RELQH SH N 3HQWUXILHFDUHHOH
PHQWGLQLUXOUH]XOWDWUH]LL GLPHIHFWXPvQPXOLUHDFX'DFUH]XOWDWXO
vQPXOLULLHVWHPDLPDUHGHFkWDWXQFLvQUH]LVHUHLQHGRDUFLIUDXQLWLORULDUFLIUD
]HFLORUWUDQVSRUWXOVHGHSXQHvQDOWYDULDELOUHVWXUPkQGVILHDGXQDWODWHUPH
QXOXUPWRU
'DFGXSHIHFWXDUHDFHORUGLPvQPXOLULYDULDELODUHVWHVWHGLIHULWGHXOWLPDvQ
PXOLUHDJHQHUDWFLIUGHWUDQVSRUWDWXQFLVHPDLDGDXJXQDOGLPOHDHOHPHQWvQ
WDEORX
$OJRULWPXOFDUHUHDOL]HD]DFHDVWvQPXOLUHUHSHWDWHVWHXUPWRUXO
J
QJ
JJJmJ`J
JJJmJJ
^DYHPRFLIU`J
^DFHDVWDHVWH`
JJJmJJ
^vQYRPGHWHUPLQDODILHFDUHSDVFLIUDGHWUDQVSRUW`J
JJJJJmJ`J
J\J
^FDOFXOPFLIUDFXUHQWGLQ`J
JJJJJJ
JmJJ~J
^vQORFGHvQ3DVFDOSXWHPIRORVL `J
^FDOFXOPWUDQVSRUWXO`J
JJJJJJJmJ
JJ`JJ
JJJJJJJmJ
JJ`JJ
^LFLIUDFXUHQWGLQ`J
JJ
JJzJ`J
^GDFH[LVWFLIUGHWUDQVSRUWvQQHWUHEXLHvQFXQHOHPHQW`J
JJJJJJJmJJ~JJ
J
JJJJJJJmJJ
^vQDFHVWHOHPHQWSXQHPFLIUDGHWUDQVSRUW`J
JJJJ J
^DPHIHFWXDWRvQPXOLUHFXFUHWH`
JJJJJmJJ~JJ
^SkQFkQGVHDWLQJHYDORDUHDGDWvQ
`J
JJ\J
JJ
J
$ILDUHD UH]XOWDWXOXL vQ ILLHUXO GH LHLUH VH IDFH WLSULQG LUXO UH] GH GLPHQVLXQH
GLPvQRUGLQHLQYHUV
$ULWPHWLFDQXPHUHORUPDUL
3UREOHPHSURSXVH
$GXQDUHDQXPHUHORUPDUL
6VHUHDOL]H]HDGXQDUHDDGRXQXPHUHvQWUHJLPDULFDUHDXPDLPXOWGHFLIUHILH
FDUH
'DWHGHLQWUDUH
9DORULOHFHORUGRXQXPHUHVHFLWHVFGLQILLHUXO$(+&$GHSHGRXOLQLLGLVWLQFWH
'DWHGHLHLUH
5H]XOWDWXODGXQULLVHYDVFULHvQILLHUXO$(+&'(!
5HVWULFLLLSUHFL]UL
x QXPHUHOHDXFHOPXOWGHFLIUH
([HPSOX
$(+&$
|`J
|
$(+&'(!
|`|J
6FGHUHDQXPHUHORUPDUL
6VHUHDOL]H]HVFGHUHDDGRXQXPHUHvQWUHJLPDULFDUHDXPDLPXOWGHFLIUHILH
FDUH
'DWHGHLQWUDUH
9DORULOHFHORUGRXQXPHUHVHFLWHVFGLQILLHUXO$(+&$GHSHGRXOLQLLGLVWLQFWH
'DWHGHLHLUH
5H]XOWDWXOVFGHULLVHYDVFULHvQILLHUXO$(+&'(!
5HVWULFLLLSUHFL]UL
x QXPHUHOHDXFHOPXOWGHFLIUH
([HPSOX
$(+&$
$(+&'(!
|`J
||||
|
$ULWPHWLFDQXPHUHORUPDUL
QPXOLUHDQXPHUHORUPDUL
6VHUHDOL]H]HvQPXOLUHDDGRXQXPHUHvQWUHJLPDULFDUHDXPDLPXOWGHFLIUHILH
FDUH
'DWHGHLQWUDUH
9DORULOHFHORUGRXQXPHUHVHFLWHVFGLQILLHUXO$(+&$GHSHGRXOLQLLGLVWLQFWH
'DWHGHLHLUH
5H]XOWDWXOvQPXOLULLVHYDVFULHvQILLHUXO$(+&'(!
5HVWULFLLLSUHFL]UL
x QXPHUHOHDXFHOPXOWGHFLIUH
([HPSOX
$(+&$
$(+&'(!
J
|J
J
6ROXLLOHSUREOHPHORUSURSXVH
$GXQDUHDQXPHUHORUPDUL
3UH]HQWPXQH[HPSOXGHDGXQDUHDGRXQXPHUHPDUL&LWLPQXPHUHOHvQGRXLUXUL
GHFDUDFWHUHDSRLOHFRQYHUWLPvQWDEORXULGHFLIUHQULQU5H]XOWDWXODGXQULLVHYD
PHPRUDvQWDEORXOGHFLIUHQU
'HODvQFHSXWFRQVLGHUPDPEHOHWDEORXULDYkQGFkWHXQHOHPHQWvQSOXVSHSR]L
LDGHRDUHFHGDFFHOHGRXQXPHUHDXDFHODLQXPUGHFLIUHVDUSXWHDFDSULQD
GXQDUHVUH]XOWHXQQXPUDYkQGFXXQDPDLPXOWHFLIUHGHFkWFHOHGRXQXPHUHGDWH
QU Q FLIUHGLQIDHVWHSHSR]LLD
QU P FLIUH
QVFRSXODGXQULLHOHPHQWHOHWDEORXOXLQUVHPXWSHXOWLPHOHPSR]LLLFRQVLGH
UDWHSHROXQJLPHHJDOFXQSUHVXSXQkQGFQtPLDUSR]LLLOHUPDVHOLEHUHvQ
IDDFLIUHORUQXPUXOXLVHFRPSOHWHD]FX]HURXUL
QU
QUYDFRQLQHFLIUHOHVXPHLHVWHLQLLDOL]DWFXQU
$GXQDUHDSURSULX]LVRHIHFWXPFLIUFXFLIUSRUQLQGGHODFLIUDXQLWLORU
$ULWPHWLFDQXPHUHORUPDUL
QU
QU
QU
/DSULPXOSDV GDUvQQUQXYRPSXWHDDYHDGHFkWHOHPHQWHDYkQG
YDORDUHPDLPLFGHFkW5HLQHPvQHOHPHQWXOGHSHSR]LLDFXUHQWUHVWXOvPSULULL
vQWUHJLODDDFHVWHLVXPHLDUvQHOHPHQWXOSUHFHGHQWFLIUDGHWUDQVSRUW
QU
QU
QU
QU
QU
QU
QU
QU
QU
8UPHD]DGXQDUHD QU
QU
QU
QU
QU
QU
QU
QU
QU
$ULWPHWLFDQXPHUHORUPDUL
6XEDOJRULWPXO FDUH SUHJWHWH QXPHUHOH SHQWUX DGXQDUHD FLIU FX FLIU DVLJXU FD
SULPXOQXPUVILHFHOFDUHDUHPDLPXOWHFLIUHLDUSHDOGRLOHDvODUDQMHD]DVWIHOvQ
FkWvQSURFHVXOGHDGXQDUHVVHDGXQHFLIUHGHUDQJHJDOQDFHVWVFRSFLIUHOHQXP
UXOXLDYkQGPDLSXLQHFLIUHVHPXWSHOXQJLPHDFHOXLFXPDLPXOWHDOLQLDWHODGUHDS
WDLDUSR]LLLOHUPDVHOLEHUHVHFRPSOHWHD]FX
J
QJ
^GDF
DUHPDLSXLQHFLIUHGHFkW
OHLQWHUVFKLPEP`J
J J
JJJ
JJJJJ
JJJJJmJ
KJJmJ
J
JJJJ
JmJ
KJ
JmJJ
JJJJ
JmJKJJmJJ
JJJmJ
JJJ
^DH]PFLIUHOHVDOHSHSR]LLLFRUHVSXQ]WRDUHFLIUHORU`J
J J
JJ
J\
~J
,
JJJJ
JmJ
J
^GLQ
FXFDUHVHYRUDGXQD`
\`J
,
^UHVWXOFLIUHORUVHFRPSOHWHD]FX`
JJJJ
JmJ`J
$OJRULWPXOFDUHUHDOL]HD]DGXQDUHDHVWH
J
QJ
JJ
J\`
J
,JJ
JJJJ
JmJ`
^LQLLDOFLIUHOHUH]XOWDWXOXLVXQWHJDOHFX`
^DGXQPFLIUHOHGHUDQJQGLQFHOHWUHLQXPHUH`
JJ
J\
J
,JJ
JJJJJmJ
J~J
J~J
JJJJJJJ`JJ
^GDFVXPDFLIUHORUHVWHGLQLQWHUYDOXO>@`J
JJJJJJ
JmJJ
^FLIUDFRUHVSXQ]WRDUHGLQ
YDILDFHDVWVXP`
JJJJ
J^vQFD]FRQWUDUFLIUDSUHFHGHQWSULPHWHYDORDUHDFLIUHLGHWUDQVSRUW`
JJJJJJ
JmJJ
^FkQGL DYHPXOWLPXOWUDQVSRUW`
^FLIUDFXUHQWSULPHWHUHVWXOvPSULULLvQWUHJLDVXPHLOD`
JJJJJJ
JmJJJ`JJ
JJJJ J
JJ
J
J J
$ULWPHWLFDQXPHUHORUPDUL
$ILDUHDUH]XOWDWXOXLVHUHGXFHODVFULHUHDHOHPHQWHORULUXOXLQUvQILLHU6LQJXUD
VDUFLQFDUHPDLWUHEXLHvQGHSOLQLWHVWHGHDYHULILFDFLIUDGHSHSR]LLDvQQU'DF
DFHDVWDHVWHHJDOFXDGLFODXOWLPDDGXQDUHQXDPDYXWWUDQVSRUWGLIHULWGHQXR
VFULHPvQILLHU
6FGHUHDQXPHUHORUPDUL
3UH]HQWPXQH[HPSOXGHVFGHUHDGRXQXPHUH&LWLPQXPHUHOHvQGRXLUXULGHFD
UDFWHUHDSRLOHFRQYHUWLPvQWDEORXULGHFLIUHQULQU5H]XOWDWXOVFGHULLVHYDPH
PRUDvQWDEORXOGHFLIUHQU
([HPSOX
7DEORXOQUDUHQ HOHPHQWH
7DEORXOQUDUHP HOHPHQWH
7DEORXOQUVHFRPSOHWHD]FX]HURXULODvQFHSXWFDVDLEDFHHDLGLPHQVLXQHFD
WDEORXOQU7DEORXOQUHVWHLQLLDOL]DWFX
6FGHUHDVHUHDOL]HD]FRQIRUPXUPWRULORUSDL
QU
QU
QU
/DDOGRLOHDSDVDUWUHEXLVVFGHPGLQ$GXJPODLDUGLQGHSHSR]L
LDVXWHORUVFGHP6FGHPGLQRELQkQG
QU
QU
QU
$FXPVFGHPGLQ
QU
QU
QU
8OWLPDVFGHUH
QU
QU
QU
5H]XOWDWXORELQXWHVWH
QSURJUDPDVHPQWRUDGXQULLQXPUXOIRUPDWGLQPDLSXLQHFLIUHGHFkWFHOODOW
VHYDFRPSOHWDFXFLIUHGH
$ULWPHWLFDQXPHUHORUPDUL
$OJRULWPXOFDUHUHDOL]HD]DFHDVWFRPSOHWDUHFX]HURXULHVWHVLPLODUFXFHOIRORVLW
vQSURJUDPXOFDUHUHDOL]DDGXQDUHD
J
KJ
JJJmJ
JJJ
JJ
J\
~J
,JJ
JJJJ
JmJ
J
JJ
J
JJJmJ
J
JJ
\J
JJJJ
JmJ`J
JJ
J
J
$OJRULWPXOGHPDLVXVVHDSOLFGXSFHVHVWDELOHWHFDUHWDEORXWUHEXLHFRPSOHWDW
FX]HURXUL$FHDVWGHFL]LHVHLDvQDOJRULWPXOGHPDLMRV
J%
QJ
J
JtJJJJ
JJJJ
J
JJJJ%
J
JJ
JJ
^GDFDOGRLOHDQXPUHVWHPDLPDUHGHFkWSULPXOHOYDILGHVF]XWXO`J
J J
JJJJ
JJJJJm
KJ
JmJ
KJ
JmJ
JJJJ?JmJ
KJ
JmJKJJmJ?J
JJJJ%
J
JJ
J
$OJRULWPXOFDUHUHDOL]HD]VFGHUHDHVWH
J%
QJ
J\
J
,
J
JJ
JJ
JJJJJJ
JmJ
J~J`J
JJJJJJ
JmJ
JJ
J
JJJJJJ
JmJ
J
JJJJ
JJJJJJ
JmJ
JJ
J
J JJ J
J
J
$ULWPHWLFDQXPHUHORUPDUL
/DILHFDUHVFGHUHYHULILFPGDFYDORDUHDGHVF]XWXOXLHVWHPDLPDUHGHFkWYDORD
UHDVF]WRUXOXLQFD]DILUPDWLYUHDOL]PVFGHUHDLUHLQHPUH]XOWDWXOvQFLIUDFRUHV
SXQ]WRDUHDOXLQUQFD]FRQWUDUvPSUXPXWPGHODHOHPHQWXOGLQVWkQJDvOGH
FUHPHQWPSHDFHVWDLHIHFWXPVFGHUHD
$ILDUHDvQILLHUXOGHLHLUHVHIDFHvQVXEDOJRULWPXOGHPDLMRV
J
J
QJ
JJJmJJ
J
J\J`J
,JJ
JJJJJmJJ~JJJ
J
JJJ
JJJ
^ULOHGHODvQFHSXWQXOHYRPDILD`J
J
^GDFQXPHUHOHVXQWHJDOHWDEORXO
FRQLQHQXPDLYDORULQXOH`
JJ
J`
^VHYDVFULHGRDUXQVLQJXU`
JJJJ
JJdJ
J
,
JJJJJJ
J%J
JJJJJJJmJJ~JJ
JJJJ
J
J
QPXOLUHDQXPHUHORUPDUL
3UH]HQWPXQH[HPSOXGHvQPXOLUHDGRXQXPHUH9RPUHLQHFHOHGRXQXPHUHvQ
WDEORXULOHGHFLIUHQULQU5H]XOWDWXOVHYDPHPRUDvQWDEORXOGHFLIUHQU
)LHQU LQU 3URGXVXOORUHVWH
1XPU &LIUDGH &LIUDGH &LIUDGH &LIUDGH &LIUDGH ([SOLFDLL
UDQJ UDQJ UDQJ UDQJ UDQJ
QU
FLIUHOHSULPXOXLQXPU
QU
FLIUHOHFHOXLGHDOGRLOHD
UH]XOWDWXOSDULDOGXS
vQPXOLUHDFXFLIUD
UH]XOWDWXOSDULDOGXS
vQPXOLUHDFXFLIUD
QU
UH]XOWDWXOvQPXOLULLGXS
DGXQDUHDUH]XOWDWHORUSDU
LDOH
$ULWPHWLFDQXPHUHORUPDUL
8UPHD]SUHOXFUDUHDFLIUHORUUH]XOWDWXOXL3HQWUXILHFDUHHOHPHQWPDLPDUHGHFkW
GHWHUPLQPUHVWXOvPSULULLDFHVWXLDODFLIUDFDUHYDvQORFXLQXPUXOUHVSHFWLY
LFkWXOFDUHUHSUH]LQWWUDQVSRUWXOFDUHVHYDDGXQDODXUPWRUXOQXPUGLQLU
1XPU
&LIUDGH
&LIUDGH
&LIUDGH
&LIUDGH
&LIUDGH
UDQJ
UDQJ
UDQJ
UDQJ
UDQJ
QU
>@
UHVW>@ >@
>@
>@
UHVW>@ UHVW>@ UHVW>@
QU
5H]XOWDWXOvQPXOLULLHVWH
6HREVHUYFVHUHDOL]HD]vQPXOLUHDFHORUGRXQXPHUHFLIUFXFLIUFDvQDULW
PHWLF 5H]XOWDWHOH vQPXOLULL SRW IL QXPHUH IRUPDWH GLQ XQD VDX GRX FLIUH VH
SVWUHD]vQWDEORXO
vQRUGLQHLQYHUVDGLFGHODVWkQJDODGUHDSWDLIUVVH
UHDOL]H]HWUDQVIHUXOFLIUHL]HFLORUODILHFDUHSDV$FHVWHUH]XOWDWHSDULDOHVHYRUSVWUD
vQ WDEORXO
DVWIHO vQFkW UH]XOWDWHOH vQPXOLULORU FXUHQWH VH YRU DGXQD LPHGLDW OD
HOHPHQWXODQWHULRUGHSODVkQGXQHFXRSR]LLHODGUHDSWDODILHFDUHvQPXOLUHFXRFLIU
QRXGLQvQPXOLWRU
/D VIkULWXO DGXQULORU SUHOXFUP WDEORXO
DVWIHO vQFkW DFHVWD V FRQLQ FLIUH
SRUQLPGHODVWkQJDODGUHDSWDvQHOHPHQWXOFXUHQWSVWUPUHVWXOvPSULULLvQWUHJLOD
DDFHVWXLDLDUSDUWHDvQWUHDJDvPSULULLODDGXQPODHOHPHQWXOXUPWRU
$OJRULWPXOFDUHUHDOL]HD]DFHDVWvQPXOLUHHVWH
J
QJJ
^NYDFRQLQHYDORDUHDFXFDUHVHGHSODVHD]UH]XOWDWHOHSDULDOH`
JJ?JmJ`JJ
^vQIXQFLHGHQXPUXOGHRUGLQHDOFLIUHLFXUHQWHGLQvQPXOLWRU`
J\J
,
J\
J
,
^FDOFXODUHDSURGXVXOXL`
J
JJJJJJ
~~?JmJ
~~?J~J
J
JJJJ
^GXSFHVDvQPXOLWvQWUHJLUXOFXRFLIUVHWUHFHODXUPWRDUHD`
J J
^UH]XOWDWXOFDUHVDUVFULHVXEFHODQWHULRUHVWHGHSODVDWVSUHGUHDSWDFXRSR]LLH`J
JJJJ?JmJ?J~J
5H]XOWDWXOGLQWDEORXO
VHSUHOXFUHD]GHRDUHFHFRQLQHQXPHUHLQXFLIUH
$ULWPHWLFDQXPHUHORUPDUL
J%
Q
J\
~J
,
J
JJ`JdJJ
JJJJJJ
~JmJ
~J~J
JJ`J
JJJJJJ
JmJ
JJ`J
J
J
LUXOFLIUHORUVHDILHD]vQRUGLQHLQYHUV
7DEORXUL
ELGLPHQVLRQDOH
'HILQLLH
2SHUDLLFXWDEORXULELGLPHQVLRQDOH
&DUHXULPDJLFH
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
&DSLWROXO
$P Y]XW F vQWUXQ WDEORX XQLGLPHQVLRQDO VH SRW SVWUD PDL PXOWH YDORUL GH DFHODL
WLS )LH GH H[HPSOX PHGLLOH JHQHUDOH DOH WXWXURU HOHYLORU XQHL FODVH 7RDWH PHGLLOH
QXPHUHUHDOHVHGHQXPHVFFXDFHODLLGHQWLILFDWRUGHH[HPSOX0HG*HQLDUXQHOH
PHQWvQDFHDVWJUXSDUHVHJVHWHSHED]DSR]LLHLRFXSDWHvQJUXSXOGHYDORULDUDQMD
WHOLQLDU'DFSULYLPLUXOQXPHORUDFHVWHDODUkQGXOORUIRUPHD]XQDOWLUvQFDUH
ILHFDUHHOHPHQWHVWHXQLUGHFDUDFWHUH
([HPSOX
0HG*HQ
1XPH
3R]LLH
9DORDUH
3R]LLH
9DORDUH $OEX %DQ =HFLX
&RUHVSXQ]WRUDFHVWXLH[HPSOXQHSXWHDPUHIHULODQRWDXQXLHOHYSULQ0HG*HQ>QU@
XQGHQUHVWHQXPUXOGHRUGLQHGLQFDWDORJDOHOHYXOXLUHVSHFWLY$FHDVWYDORDUHHVWH
LQGLFHOHHOHPHQWXOXLvQLU
1HSURSXQHPVUHIHULPWRDWHPHGLLOHSHGLVFLSOLQHDOHILHFUXLHOHYSULQWURVLQJX
UYDULDELO&RQIRUPFDWDORJXOXLFXQRVFXWGLQFRDODYHPXUPWRDUHOHGDWH
/LPEDURPkQ 0DWHPDWLF (GXFDLHIL]LF
$OEX
%DQ
=HFLX
7DEORXULELGLPHQVLRQDOH
0HGLLOHWXWXURUHOHYLORUXQHLFODVHODWRDWHGLVFLSOLQHOHVWXGLDWHSRWILSVWUDWHvQWUR
VLQJXUVWUXFWXUGHGDWHvQFDUHYDORULOHVXQWDUDQMDWHOLQLDUSHOLQLLLFRORDQHROLQLH
FRUHVSXQGHXQXLHOHYRFRORDQFRUHVSXQGHXQHLGLVFLSOLQHVWXGLDWHQH[HPSOXOGH
PDLVXVOLQLDFRUHVSXQGHHOHYXOXL%DQvQFRORDQDVXQWVFULVHPHGLLOHODHGXFDLH
IL]LF
7DEORXOELGLPHQVLRQDOHVWHRVWUXFWXUGHGDWHvQFDUHILHFUXLHOHPHQWvLHVWHDVRFL
DWRSHUHFKHGHLQGLFLSULPXOSUHFL]kQGQXPUXOGHRUGLQHDOOLQLHLvQFDUHVHDIOHOH
PHQWXOLDUFHOGHDOGRLOHDQXPUXOGHRUGLQHDOFRORDQHL0HGLDDIODWSHOLQLDLL
FRORDQDMVHYDQRWDFX0HGLH>LM@LUHSUH]LQWPHGLDHOHYXOXLLODGLVFLSOLQDM2ULF
UXLWDEORXELGLPHQVLRQDOLVHDORFVSDLXGHPHPRULHvQWUR]RQFRQWLQXGHPHPR
ULHHOHPHQWHOHDIOkQGXVHvQORFDLLVXFFHVLYHGHPHPRULHDH]DWHOLQLHGXSOLQLH
([HPSOX
8QWDEORXELGLPHQVLRQDODYkQGWUHLOLQLLLSDWUXFRORDQHVHYDUHSUH]HQWDvQPHPR
ULHDVWIHO
/LQLD/LQLD/LQLD
9RPGDGHILQLLDWDEORXOXLELGLPHQVLRQDO
vQFD]JHQHUDO
'HILQLLH
D D
D
D
$
D
P D P
DQ
D Q
D PQ
1RLXQHDGHWDEORXELGLPHQVLRQDOGHULYGLQQRLXQHDGHPDWULFHFXQRVFXWGLQPDWHPDWLF
7DEORXULELGLPHQVLRQDOH
&D]XULSDUWLFXODUH
'DFQ DYHPXQWDEORXGHGLPHQVLXQLP uFDUHVHQXPHWHWDEORXFRORDQL
HVWHGHIRUPD
D
D
$
D
P
'DFP WDEORXOGHGLPHQVLXQHuQVHQXPHWHWDEORXOLQLHLHVWHGHIRUPD
$ DDDQ
'DFP QDYHPXQWDEORXGHGLPHQVLXQHQuQQXPLWWDEORXSWUDWLF
([HPSOX
)LHXQWDEORXSWUDWLFGHGLPHQVLXQHP Q
L MLM
D D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
L!M
x (OHPHQWHOH vQ FD]XO FURUD LQGLFHOH GH OLQLH FRLQFLGH FX LQGLFHOH GH FRORDQ D
DDQQIRUPHD]GLDJRQDODSULQFLSDODWDEORXOXL
x 3DUDOHOHOHODGLDJRQDODSULQFLSDODWDEORXOXLYRUDWLQJHDFHOHHOHPHQWHvQFD]XOF
URUDL MNXQGHQNQ3HQWUXILHFDUHYDORDUHDOXLNYDULLQGMREL
QHPRSDUDOHOODGLDJRQDODSULQFLSDO
x (OHPHQWHOH GH GHDVXSUD GLDJRQDOHL SULQFLSDOH VDWLVIDF SURSULHWDWHD L M LDU FHOH
FDUHVHVLWXHD]VXEGLDJRQDODSULQFLSDODXSURSULHWDWHDFLQGLFLLORUVDWLVIDFUHOD
LDL!M
7DEORXULELGLPHQVLRQDOH
x QPRGVLPLODULUXOGHHOHPHQWHDQDQDQ IRUPHD]GLDJRQDODVHFXQGDU
DWDEORXOXLQFD]XODFHVWRUDLQGLFLLHOHPHQWHORUUHVSHFWUHODLDLM Q
x Q FD]XO HOHPHQWHORU DIODWH GHDVXSUD GLDJRQDOHL VHFXQGDUH LQGLFLL DX SURSULHWDWHD
LMQLDUFHOHFDUHVHDIOVXEGLDJRQDODSULQFLSDODXLQGLFLFXSURSULHWDWHD
LM!Q
2EVHUYPFSHQWUXDSDUFXUJHGRDUHOHPHQWHOHGHVXEGLDJRQDODSULQFLSDOLQGLFLL
GH OLQLH L GH FRORDQ YDULD] DVWIHO vQFkW V DFRSHUH XQ WULXQJKL GUHSWXQJKLF GLQ
WDEORX$FHVWWULXQJKLDUHLSRWHQX]DVXEGLDJRQDODSULQFLSDOLFHOHGRXFDWHWHVXQW
FRORDQDLOLQLDQQFRQFOX]LHODDFHVWWULXQJKLGHSHOLQLDLYRUSDUWLFLSDHOHPHQWHOH
GHSHFRORDQHOHL
2SHUDLLFXWDEORXULELGLPHQVLRQDOH
Q DOJRULWPL YRP SUHOXFUD WDEORXUL ELGLPHQVLRQDOH vQ FHOH PDL YDULDWH PRGXUL 9RP
IDFH GLVWLQFLH vQWUH RSHUDLL FDUH DFFHVHD] WDEORXO FD SH XQ vQWUHJ L RSHUDLL FDUH
DFFHVHD]HOHPHQWHOHWDEORXOXL'DUvQDLQWHGHWRDWHXQWDEORXWUHEXLHGHFODUDW
'HFODUDUHDWDEORXULORUELGLPHQVLRQDOH
'HFODUDLDDUHXUPWRDUHDIRUPJHQHUDO
\WLSBLQGLFHWLSBLQGLFHWLSBGHBED]KJ
QK
XQGHSULQWLSBLQGLFHWLSBLQGLFHVHvQHOHJHWLSXOYDORULORUGLQFDUHVHDOLPHQWHD]LQ
GLFLLHVWHREOLJDWRULXXQWLSRUGLQDOLDUWLSBGHBED]HVWHWLSXOHOHPHQWHORUWDEORXOXL
$FHVWWLSGHED]SRDWHILRULFHSXWHPDYHDHOHPHQWHGHRULFHWLSQXPHULFGHFDUDFWH
UHVDXLUXULGHFDUDFWHUHYDORULERROHHQHvQUHJLVWUULYH]LWLSXO
WDEORXULGH
FHOHPDLGLYHUVHWLSXULHWF
WLSBLQGLFHWLSBLQGLFHSRWILLGHQWLILFDWRULGHWLSSUHGHILQLWVDXGHILQLWGHXWLOL]DWRU
LGHDVHPHQHDSRWILH[SUHVLLFXPHQLXQHDFvQDFHVWHDSRWLQWHUYHQLGRDUFRQVWDQ
WHLFRQVWDQWHVLPEROLFH
([HPSOX
\|K
J\
JJXYKJ
JJJJ\X
XYJJ
KJ
'DFVWUXFWXUDXQXLWDEORXHVWHGHVFULVvQVHFLXQHD DWXQFLHOYDDYHDXQWLS
DQRQLP$VRFLLQGWLSXOXLUHVSHFWLYXQLGHQWLILFDWRUGHWLSvQWURGHFODUDLH
DFHVWD
YDSXWHDILIRORVLWvQSURJUDPRULXQGHYUHPVUHIHULPDFHVWWLS
7DEORXULELGLPHQVLRQDOH
5HDPLQWLPFGRXWDEORXULGHFODUDWHvQGRXGHFODUDLLDQRQLPHGLIHULWHYRUILGH
WLSXULGLIHULWHFKLDUGDFvQHOHVDGHVFULVDFHHDLVWUXFWXU
([HPSOX
J\`|JJXYKJ
JYQKJ
JJJJQ`|JJXYKJ
JJJJ%Q`|JJXYKJ
Q SURJUDPXO FDUH FRQLQH DFHVWH GHFODUDLL WDEORXULOH [ L \ YRU IL FRQVLGHUDWH GH
DFHODLWLSELFGHDVHPHQHDYRUDYHDXQWLSFRPXQDQRQLPLDUDYD
ILGHWLSDQRQLPGLIHULWGHUHVSHFWLYGHWLSXODQRQLPDOOXLELF
&LWLUHDWDEORXULORUELGLPHQVLRQDOH
QSURJUDPHGHUHJXOSULPDRSHUDLHYDILFLWLUHDXQXLDVWIHOGHWDEORXQOLPEDMHOH
3DVFDOL&QXVHSRDWHFLWLRYDULDELOGHWLSWDEORX$FHDVWRSHUDLHVHYDUHDOL]DHOH
PHQWFXHOHPHQW
J
QJ
JJ
J
JJ
J\J
,JJ
JJJJ
J\
J
,J
JJJJJJ
JJ
^WDEORXO[DUHPOLQLLLQFRORDQH`J
$ILDUHDWDEORXULORUELGLPHQVLRQDOH
$ILDUHD WDEORXULORU VH UHDOL]HD] DVHPQWRU 'DF GRULP V UHDOL]P R DILDUH OLQLH
GXS OLQLH D WDEORXOXL GH WLSXO DYkQG OLQLL L
FRORDQH vQ 3DVFDO YRP
VFULHSURFHGXUDvQIHOXOXUPWRU
J
J
QXYKJQKJ
JQ\JJJJ
J
JJJJJQ\JJ
JJ
JJJJJJJKJ
JJJJ
JJ
J
$WULEXLUHD
$WULEXLUHDODQLYHOGHWDEORXHVWHSHUPLVGRDUGDFLGHQWLILFDWRULLPHQLRQDLvQSDUWHD
VWkQJLFHDGUHDSWDRSHUDLHLGHDWULEXLUHDXDFHODLWLS'HH[HPSOXFRQIRUPGH
FODUDLLORUGLQH[HPSOXOPHQLRQDW[SRDWHSULPLYDORDUHDOXL\LDUESRDWHOXDYDORD
UHDOXLF3XWHPVFULHvQSURJUDPQ\YKLQ\%KGDUQXSXWHPVFULHQ\K
LQkQGFRQWGHIDSWXOFvQPXOWHDSOLFDLLYDILQHFHVDUHIHFWXDUHDXQRURSHUDLLFX
HOHPHQWHOHWDEORXULORUELGLPHQVLRQDOHDVHPQWRURSHUDLLORUGLQWHRULDPDWULFHORUvQ
PDWHPDWLFYRPSUH]HQWDFkWHYDGLQDFHVWHRSHUDLL
$GXQDUHDPDWULFHORU
)LH$L%GRXPDWULFHGHGLPHQVLXQHPuQ
$ DLMdLdPdMdQ
% ELMdLdPdMdQ
'HILQLPPDWULFHD
& FLMdLdPdMdQ
DOHFUHLHOHPHQWHVXQWGDWHGHHJDOLWLOH
FLM DLMELM
RULFDUHDUILL PM Q
0DWULFHD&VHQXPHWHVXPDGLQWUHPDWULFHOH$L%LVHQRWHD]
& $%
QSURJUDPYRPUHDOL]DDGXQDUHDHOHPHQWFXHOHPHQWFRQIRUPIRUPXOHL
0HQLRQPFDGXQDUHDDGRXPDWULFHHVWHFRPXWDWLY$% %$LHVWHDVR
FLDWLY$%& $%&0DWULFHDHOHPHQWQHXWUXIDGHDGXQDUHVHQXPH
WHPDWULFHQXOLDUHWRDWHHOHPHQWHOHHJDOHFX6HYDQRWDPQ
2PDWULFHIRUPDWGLQHOHPHQWXOPDLSXLQSHGLDJRQDODSULQFLSDOXQGHDUHQX
PDLYDORULHJDOHFXVHQXPHWHPDWULFHXQLWDWHLVHQRWHD]FX,Q
0DWULFHDRSXV
2ULFDUHDUILPDWULFHD$H[LVWRPDWULFHQRWDWFX$DVWIHOvQFkW
$$ $$ PQ
&DUHXULPDJLFH
^WUHFHPODOLQLHQRX`J
7DEORXULELGLPHQVLRQDOH
([LVW R ERJDW WUDGLLH D SWUDWHORU PDJLFH 5HIHULULOH OD SULPHOH SWUDWH PDJLFH VH
SLHUGvQQHJXUDWLPSXULORU
'HILQLLH
8QFDUHXGHGLPHQVLXQHQFDUHFRQLQHQXPHUHGHODODQVHQXPHWHPDJLFGDF
VXPDQXPHUHORUGHSHRULFDUHOLQLHDFDUHXOXLHVWHHJDOFXVXPDQXPHUHORUGHSHRUL
7DEORXULELGLPHQVLRQDOH
FDUHFRORDQLVXQWHJDOHFXVXPDQXPHUHORUDIODWHSHRULFDUHGLQWUHFHOHGRXGLDJR
QDOH$FHDVWYDORDUHVHQXPHWHVXPPDJLFLVHFDOFXOHD]FXIRUPXOD
VXPBPDJLFQ QQ
3UH]HQWP WUHL DOJRULWPL GLIHULL SHQWUX JHQHUDUHD SWUDWHORU PDJLFH vQ IXQFLH GH
SURSULHWDWHDOXLQ
D QHVWHLPSDU
E QHVWHPXOWLSOXGH
F QHVWHSDUGDUQXHVWHPXOWLSOXGH
3WUDWXOPDJLFGHRUGLQLPSDU
7UDVHXORELQXWSULQSDUFXUJHUHDvQRUGLQHDQXPHUHORUGLQDFHVWFDUHXPDJLFHVWH
FXQRVFXW VXE QXPHOH GH GUXPXO vPSUDWXOXL 9HQ 8UPULQG DFHVW WUDVHX SXWHP
GHGXFHPRGXOGHJHQHUDUHDORULFUXLFDUHXPDJLFGHRUGLQLPSDU6HREVHUYXUP
WRDUHOHUHJXOL
x 3RUQLPGLQSR]LLDDYkQGLQGLFLLLQSDUWHvQWUHDJVXSHULRDU
x 'DFVXQWHPSHSULPDOLQLHGUXPXOFRQWLQXSHXOWLPDOLQLHLSHFRORDQDSUHFH
GHQWGDFH[LVWRDVWIHOGHFRORDQ
x 'DFVXQWHPSHSULPDFRORDQGUXPXOFRQWLQXSHXOWLPDFRORDQLSHOLQLDSUH
FHGHQWGDFH[LVWRDVWIHOGHOLQLH
x Q UHVW vQFHUFP V DYDQVP SH GLDJRQDO SDUDOHO FX GLDJRQDOD SULQFLSDO VSUH
VWkQJDVXVGDFDYHPSR]LLHOLEHUvQFDUHXvQDFHDGLUHFLH&kQGQXPDLSXWHP
DYDQVDDVWIHOFRERUkPFXROLQLHSHDFHHDLFRORDQ
7DEORXULELGLPHQVLRQDOH
([HPSOX
Q SDLL
SDLLSkQODSDVXO
3WUDWXOPDJLFGHRUGLQPXOWLSOXGH
$OJRULWPXOGHJHQHUDUHDXQXLSWUDWPDJLFGHRUGLQQXQGHQ PLPHVWHQXPU
LPSDUHVWHRPHWRGHOHJDQWDMXQVSULPDGDWvQ(XURSDSULQ6LDP
7DEORXULELGLPHQVLRQDOH
$FHVWDOJRULWPVHDSOLFFRQIRUPXUPWRULORUSDL
x 6HFDOFXOHD]YDORDUHDOXLP
x 6HJHQHUHD]RPDWULFHGHOLWHUHFRQVWUXFLHDMXWWRDUHDVWIHO
SULPHOH>P@OLQLLVHFRPSOHWHD]FXOLWHUD/
OLQLDXUPWRDUHVHFRPSOHWHD]FXOLWHUD8
UHVWXOOLQLLORUVHFRPSOHWHD]FXOLWHUD;
OLWHUD/DIODWvQPLMORFXOFDUHXOXLVHLQWHUVFKLPEFXOLWHUD8DIODWVXEHD
([HPSOX
'DFQ DYHPP
/ / / / /
/ / / / /
/ / / / /
/ / / / /
/ / / / /
/ / 8 / /
8 8 8 8 8
8 8 / 8 8
; ; ; ; ;
; ; ; ; ;
x SWUDWXOPDJLFGHGLPHQVLXQHPVHFRQVWUXLHWHXUPULQGDOJRULWPXOGHJHQHUDUH
DSWUDWHORUPDJLFHLPSDUHFRQVLGHUkQGSWUDWXOGHGLPHQVLXQHPPHVWHLPSDU
IRUPDWGLQSWUDWHGHGLPHQVLXQH
x )LHFDUHSWUDWGHGLPHQVLXQHuYDDYHDFDLFRUHVSRQGHQWROLWHU/8VDX
;LYDILFRPSOHWDWvQRUGLQHDVXJHUDWGHDFHDVWOLWHU
/8;
$SOLFPSDLLDOJRULWPXOXL9HQSUH]HQWDWDQWHULRU
7DEORXULELGLPHQVLRQDOH
2ELQHP
,PSOHPHQWULVXJHUDWH
3HQWUXDYIDPLOLDUL]DFXPRGXOvQFDUHWUHEXLHUH]ROYDWHSUREOHPHOHvQFDGUXOFURUD
LQWHUYLQRSHUDLLFXILLHUHWH[WYVXJHUPVvQFHUFDLVLPSOHPHQWDLDOJRULWPLSHQWUX
VXPDHOHPHQWHORUXQXLWDEORXELGLPHQVLRQDO
LGHQWLILFDUHDOLQLHLLFRORDQHLSHFDUHVHDIOPLQLPXOPD[LPXOXQXLWDEORXELGL
PHQVLRQDO
VXPDHOHPHQWHORUGHSHGLDJRQDODSULQFLSDO
VXPDHOHPHQWHORUGHSHGLDJRQDODVHFXQGDU
VXPDHOHPHQWHORUGHGHDVXSUDGHGHGHVXEWXOGLDJRQDOHLSULQFLSDOH
VXPDHOHPHQWHORUGHGHDVXSUDGHGHGHVXEWXOGLDJRQDOHLVHFXQGDUH
7DEORXULELGLPHQVLRQDOH
GHWHUPLQDUHDVXPHLFHORURSWYHFLQLDLXQXLHOHPHQW
GHWHUPLQDUHDVXPHORUHOHPHQWHORUDIODWHvQWULXQJKLXOGH16(L9GHOLPLWDWGH
GLDJRQDOHOHPDWULFHL
URWLUHDXQXLWDEORXELGLPHQVLRQDOFXGHJUDGH
GHWHUPLQDUHDPDWULFHLVLPHWULFHIDGHGLDJRQDODSULQFLSDOVHFXQGDU
vQORFXLUHDHOHPHQWHORUGLQWULXQJKLXOGHQRUGFXFHOHGLQWULXQJKLXOGHYHVWLYD
ULDQWH
SDUFXUJHUHDSHGLDJRQDOHDXQHLPDWULFH
SDUFXUJHUHDvQVSLUDODXQHLPDWULFH
FDOFXODUHDVXPHORUGHDOXQJXOODWXULORUPDWULFHORUSWUDWLFH
YHULILFDUHDXQHLSURSULHWLJOREDOHDXQXLWDEORXELGLPHQVLRQDO
SURGXVXODGRXPDWULFHGHQXPHUH
SURGXVXODQPDWULFH
LQYHUVDUHDDGRXOLQLLFRORDQHvQWURPDWULFH
RUGRQDUHDOLQLLORUDVWIHOvQFkWHOHPHQWHOHGHSHGLDJRQDODSULQFLSDOVHFXQGDUV
ILHvQRUGLQHFUHVFWRDUHGHVFUHVFWRDUH
YHULILFDUHDWULXQJKLXODULWLLXQHLPDWULFHLQIHULRUVXSHULRUWULXQJKLXODU
VXPDHOHPHQWHORUXQXLWDEORXQGLPHQVLRQDO
LGHQWLILFDUHDFRRUGRQDWHORUXQXLHOHPHQWDYkQGRYDORDUHGDWWRDWHDSDULLLOHvQ
WUXQWDEORXQGLPHQVLRQDO
YHULILFDUHDSURSULHWLLGHSWUDWPDJLF
3UREOHPHSURSXVH
3HWHUD
2SHWHUDUHQvQFSHULQXPHURWDWHGHODODQQWUHDQXPLWHvQFSHULVDXDPHQDMDW
FRULGRDUHGHDFFHVDOWHOHDXUPDVL]RODWH$GPLQLVWUDWRUXOFRPSOH[XOXLWXULVWLFFUXLD
LVDGDWvQJULMSHWHUDDUYUHDVWLHUVSXQVXOODXUPWRDUHOHvQWUHEUL
&DUHVXQWvQFSHULOHvQFDUHLQWUFHOHPDLPXOWHFRULGRDUH"
&DUHVXQWvQFSHULOHXQGHSHWHUDVHvQIXQG"
&DUHVXQWvQFSHULOHL]RODWH"
'DWHGHLQWUDUH
3ULPDOLQLHDILLHUXOXLGHLQWUDUH !"#&$FRQLQHQXPUXOQDWXUDOQHQXOQDOvQ
FSHULORU SHWHULL 3H XUPWRDUHOH Q OLQLL VXQW VFULVH FkWH Q YDORUL L YDORULOH HOH
PHQWHORUXQXLWDEORXELGLPHQVLRQDOS9DORULOHLDXXUPWRDUHDVHPQLILFDLH
x SLM GDFvQWUHvQFSHUHDLLvQFSHUHDMH[LVWFDOHGHDFFHVDPHQDMDW
x SLM vQFD]FRQWUDU
9DORULOHVFULVHSHRDFHHDLOLQLHGLQILLHUVXQWGHVSULWHSULQFkWHXQVSDLX
7DEORXULELGLPHQVLRQDOH
'DWHGHLHLUH
3HSULPDOLQLHDILLHUXOXLGHLHLUH !"#&'(!VHYRUVFULHQXPHUHOHGHRUGLQHDOH
vQFSHULORUvQFDUHLQWUVDXGLQFDUHLHVXQDFHODLQXPUPD[LPGHFRULGRDUH
3H D GRXD OLQLH VH YRU DIOD QXPHUHOH GH RUGLQH DOH vQFSHULORU vQ FDUH SHWHUD VH
vQIXQGQFD]XOvQFDUHQXH[LVWDVWIHOGHvQFSHULvQILLHUVHYDVFULHPHVDMXO J
$ WUHLD OLQLH D ILLHUXOXL L XOWLPD YD FRQLQH QXPHUHOH GH RUGLQH DOH vQFSHULORU
L]RODWH'DFDVHPHQHDvQFSHULQXH[LVWVHYDDILDPHVDMXOJ
5HVWULFLLLSUHFL]UL
x dQd
([HPSOH
!"#.&$
|J
`J`JJ`J`JJ
`J`J`J`J`J
J`J`J`JJ
`J`J`J`JJ
`J`JJJ`
!"#/&$
|J
`JJJ`J`JJ
J`J`J`J`J
J`J`J`JJ
`J`J`J`JJ
`J`JJJ`J
$FYDULXOFXSHWL
!"#.&'(!
J|J
JJ
!"#/&'(!
JJ|J
JJ
JJ
QWUXQDFYDULXVXQWLQWURGXLQSHWLGHGLIHULWHVSHFLLSULQWUHFDUHLXQHOHFDUQLYRUH
3HQWUX ILHFDUH SHWH VH FXQRVF SHWLL SH FDUH DFHVWD LDU PkQFD vQ FD]XO vQ FDUH P
QkQFDOLSHWL'HRDUHFHQXWRLSHWLLVXQWIRDUWHvQIRPHWDLQXVHFXQRDWHRUGLQHD
vQFDUHDFHWLDVHYRUDWDFD6WDELOLLVSHFLLOHGHSHWLFDUHGXSXQLQWHUYDOGHWLPS
YRUUPkQHvQYLDvQPRGVLJXU
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXLGHLQWUDUH !&$VHJVHWHQXPUXOQDWXUDOQHQXOQUH
SUH]HQWkQGQXPUXOGHSHWL3HXUPWRDUHOHQOLQLLVHDIOHOHPHQWHOHWDEORXOXLELGL
PHQVLRQDOSDYkQGYDORULLGHVSULWHSULQVSDLLFXXUPWRDUHDVHPQLILFDLH
x SLM GDFVSHFLDLPQkQFVSHFLDM
x SLM vQFD]FRQWUDU
7DEORXULELGLPHQVLRQDOH
'DWHGHLHLUH
3HSULPDOLQLHDILLHUXOXLGHLHLUH !&'(!VHYDVFULHXQLUGHQXPHUHVHSDUDWH
SULQFkWHXQVSDLXUHSUH]HQWkQGQXPHUHOHGHRUGLQHDVSHFLLORUGHSHWLFDUHVXSUDYLH
XLHVFvQPRGVLJXUvQDFYDULX
5HVWULFLLLSUHFL]UL
x dQd
x 'DF XQ SHWH GH VSHFLD L PQkQF SHWL GH VSHFLD M L VSHFLD M PQkQF SHWL GH
VSHFLDLQLFLXQXOQXUPkQHvQPRGVLJXUvQYLDGHRDUHFHQXWLPQLPLFUHIHULWRU
ODRUGLQHDvQFDUHHLVHYRUPkQFDvQWUHHL
([HPSOX
!&$
!&'(!
([SOLFDLH
J
J|
3HWHOHPQkQFSHWHOH
`J`JJ`J`J`J
3HWHOHQXHVWHFDUQLYRU
`J`J`J`J`J`J
3HWHOHPQkQFSHWHOH
`JJ`J`J`J`J
3HWHOHPQkQFSHWHOHL
J`J`J`J`JJ
3HWHOHLSHWHOHQXVXQWFDUQLYRUL
`J`J`J`J`J`J
'HFLGHRDUHFHSHWLLLSRWIL
`J`J`J`J`J`J
PkQFDLGHDOLSHWLUPkQvQYLDFX
VLJXUDQSHWLLL
7LUVSRUWLY
8QPDWHPDWLFLDQLXELWRUGHWLUVSRUWLYLDSXVSUREOHPDFRQVWUXLULLXQHLLQWHSWUDWH
GHODWXUQvQFDUHSXQFWDMHOHVILHGLVWULEXLWHGXSUHJXOLPDWHPDWLFHSURSULL(OPDL
vQWkLDJHQHUDWLUXOSXQFWDMHORUSHED]DXQHLUHJXOLRELQkQG
7DEORXULELGLPHQVLRQDOH
6H REVHUY F ILHFDUH QXPU QDWXUDO QHSULP HVWH XUPDW GH FHO PDL PDUH GLYL]RU
SULP VDX QX DO VX 3HQWUX R EXQ GLVWULEXLH D DFHVWRU QXPHUH PDWHPDWLFLDQXO VD
JkQGLWVOHDH]HSHLQWDSWUDWLFGHDOXQJXOXQHLVSLUDOHvQFHSkQGGLQFROXOVWkQ
JDVXVFRQWLQXkQGVSUHGUHDSWDDSRLvQMRVXUPkQGDSRLPDUJLQHDGHMRVGHODGUHDSWD
ODVWkQJDDSRLvQVXVLFRQWLQXkQGVSLUDODFkWWLPSHVWHSRVLELO
6FULHLXQSURJUDPFDUHFRQVWUXLHWHLQWDSHQWUXXQSWUDWGHODWXUQUHVSHFWkQG
UHJXOLOHPDWHPDWLFLDQXOXL
'DWHGHLQWUDUH
QILLHUXOGHLQWUDUH !"&$VHJVHWHQXPUXOQDWXUDOQHQXOQUHSUH]HQWkQGOXQJL
PHDODWXULLLQWHL
'DWHGHLHLUH
LQWD JHQHUDW VH YD VFULH VXE IRUPD XQXL WDEORX ELGLPHQVLRQDO vQ ILLHUXO GH LHLUH
!"&'(!XQGHSHOLQLDLVHYRUVFULHHOHPHQWHOHVLWXDWHSHFHDGHDLDOLQLHvQLQW
1XPHUHOHVFULVHSHOLQLLYRUILVHSDUDWHSULQFkWHXQVSDLX
5HVWULFLLLSUHFL]UL
x dQd
([HPSOX
!"&$
|J
%LOLDUG
2ELOHVWHORYLWFXWDFXOSHRPDVGHELOLDUGGUHSWXQJKLXODUGHGLPHQVLXQHP uQ
vQWURGLUHFLHREOLFGUHDSWDVXVGUHDSWDMRVVWkQJDMRVVDXVWkQJDVXV$WXQFLFkQG
ELODVHORYHWHGHRPDUJLQHDPHVHLFXH[FHSLDFROXULORUHDULFRHD]QRXOWUDVHXDO
HLIRUPkQGXQXQJKLGHqFXYHFKLXOWUDVHX'DFELODDMXQJHvQWUXQFROHDLHVHGH
SHPDV&XQRVFkQGGLPHQVLXQLOHPHVHLSR]LLDGHSOHFDUHDELOHLLGLUHFLDGHGHSOD
VDUHLQLLDOVVHVLPXOH]HPLFDUHDELOHLSkQODLHLUHDGHSHPDVVDXSkQFkQGVH
REVHUYFWUDVHXODFHVWHLDLQWUvQFLFOX
!"&'(!
JJJJJJJJJ|J
JJJJJJJ
JJJJJJJJ
J|JJJ|J|JJJ
`JJJJJJJJ
'DWHGHLQWUDUH
3ULPDOLQLHDILLHUXOXLGHLQWUDUH *#"%&$FRQLQHQXPHUHOHPLQUHSUH]HQWkQG
GLPHQVLXQHDPHVHL3HOLQLDDGRXDVHJVHVFFRRUGRQDWHOHSR]LLHLLQLLDOHDELOHLLDU
SHDWUHLDOLQLHVHDIORFLIUGLQPXOLPHD^`UHSUH]HQWkQGGLUHFLDGHSRUQL
UHDELOHLFRUHVSXQGHGLUHFLHLGUHDSWDVXVGLUHFLHLGUHDSWDMRVGLUHFLHLVWkQJD
MRVLDUGLUHFLHLVWkQJDVXV
7DEORXULELGLPHQVLRQDOH
'DWHGHLHLUH
)LLHUXO GH LHLUH *#"%&'(! YD FRQLQH WUDVHXO ELOHL VXE IRUPD XQXL WDEORX ELGL
PHQVLRQDO GH GLPHQVLXQL FRUHVSXQ]WRDUH PHVHL )LHFDUH OLQLHDWDEORXOXLVHYDVFULH
SHOLQLHQRXvQILLHU(OHPHQWXOFRUHVSXQ]WRUSR]LLHLLQLLDOHDELOHLVHPDUFKHD]FX
XUPWRDUHDSR]LLHDWLQVGHELOFRQIRUPGLUHFLHLGHPLFDUHFXHWFQFD]XOvQ
FDUHELODWUHFHDGRXDRDUSULQWURSR]LLHVHSVWUHD]SULPXOPDUFDM3R]LLLOHQHVWU
EWXWHYRUFRQLQHYDORDUHD
'DFELODQXSRDWHLHLGHSHPDVGHRDUHFHWUDVHXOHLIRUPHD]XQFLFOXvQILLHU
VHYDVFULHPHVDMXOXJ
JJJJJDSRLVHYDVFULHvQILL
HUWDEORXOELGLPHQVLRQDOFRUHVSXQ]WRUPLFULORUELOHL
5HVWULFLLLSUHFL]UL
x dQd
x dPd
x 1XPHUHOHWDEORXOXLVXQWGLVWLQFWH
([HPSOH
5HVWULFLLLSUHFL]UL
x dPQd
5DPHGHWDEORXULFDUHWUHEXLHVXSUDSXVH
([HPSOH
*#"%.&$
JJ
JJ
J
J
*#"%.&'(!
XJ
JJJJJJ
`JJ`JJ
J`JJJ
`JJ`J
*#"%/&$
|JJ
JJ
J
JJ
*#"%/&'(!
JJ`J`J`JJ`J`JJ
J`JJ`JJ`J|J`J
J`JJ`JJ`J`J`JJJ
J`JJJ`JJ`JJ`J
J`JJ`J`J`JJ`J`
3XQFWHD
6HQXPHWHSXQFWDvQWUXQWDEORXELGLPHQVLRQDOSR]LLDvQFDUHHOHPHQWXOHVWHPL
QLP SH FRORDQD OXL L PD[LP SH OLQLH VDX LQYHUV 6FULHL XQ SURJUDP FDUH GHWHUPLQ
WRDWHSXQFWHOHDvQWURPDWULFHELGLPHQVLRQDOGUHSWXQJKLXODU
'DWHGHLQWUDUH
3ULPDOLQLHDILLHUXOXLGHLQWUDUH #&$FRQLQHQXPHUHOHPLQUHSUH]HQWkQGGLPHQ
VLXQLOH WDEORXOXL 3H ILHFDUH GLQWUH XUPWRDUHOH P OLQLL VH DIO FkWH Q QXPHUH vQWUHJL
GHVSULWHSULQFkWHXQVSDLXUHSUH]HQWkQGHOHPHQWHOHPDWULFHL
'DWHGHLHLUH
)LLHUXOGHLHLUH #&'(!YDFRQLQHDWkWHDOLQLLFkWHSXQFWHDVDXJVLW&RUHVSXQ]
WRUXQXLDVWIHOGHSXQFWvQILLHUVHYRUVFULHGRXQXPHUHQDWXUDOHGHVSULWHSULQWUXQ
VSDLXUHSUH]HQWkQGLQGLFLLSXQFWXOXLD'DFWDEORXOGDWQXDUHQLFLXQSXQFWDvQ
ILLHUVHYDVFULHPHVDMXOJJ
%J
#&$
JJ
JJJ`J
JJ`JJ`J
|JJJ
7DEORXULELGLPHQVLRQDOH
#&'(!
JJ
JJ
QWUXQVSDLXGUHSWXQJKLXODUGHGLPHQVLXQHP uQWUHEXLHDH]DWHXQDGXSDOWDSUD
PHGHWDEORXULGHGLPHQVLXQHGDW5DPHOHVHSRWDH]DXQHOHSHVWHDOWHOHDVWIHOvQFkW
ODWXULOHORUYRUILSDUDOHOHFXPDUJLQLOHVSDLXOXLGHGHSR]LWDUH
6VHDILH]HVXEIRUPDSUHFL]DWODGDWHGHLHLUHFHHDFHYDYHGHDGLQUDPHOHVX
SUDSXVHRSHUVRDQFDUHVHYDXLWDODWHDQFXOGHUDPHGLQWURSR]LLHVLWXDWGHDVXSUD
VSDLXOXLvQFDUHDFHVWHDVDXDH]DW
'DWHGHLQWUDUH
'HSHSULPDOLQLHDILLHUXOXLGHLQWUDUH"#+&$VHYRUFLWLQXPHUHOHPLQUHSUH]HQ
WkQGGLPHQVLXQLOHVSDLXOXLvQFDUHVHDHD]UDPHOH3HXUPWRDUHDOLQLHVHDIOQXP
UXOQDWXUDOSUHSUH]HQWkQGQXPUXOUDPHORUFDUHWUHEXLHVXSUDSXVH8UPWRDUHOHSOLQLL
FRQLQILHFDUHFRRUGRQDWHOHFROXOXLVWkQJDVXVLQGLFHOHGHOLQLHLGHFRORDQDOXQHL
UDPHOXQJLPHDvQQXPUGHOLQLLLOLPHDvQQXPUGHFRORDQHDUDPHL
'DWHGHLHLUH
QILLHUXOGHLHLUH "#+&'(!VHYDVFULHXQWDEORXELGLPHQVLRQDOGHFDUDFWHUHUHSUH
]HQWkQGLPDJLQHDFXUDPHOHVXSUDSXVH3HQWUXRUDPVHYDVSHFLILFDGRDUFKHQDUXOHL
$FHVWHDVHYRUFRGLILFDFXOLWHUHOHPDULDOHDOIDEHWXOXLHQJOH]vQRUGLQHDvQFDUHVXQW
GHVFULVHvQILLHUXOGHLQWUDUHvQFHSkQGFXOLWHUD$WXQFLFkQGRUDPVHVXSUDSXQH
SHVWHXQDDH]DWGHMDvLYDDFRSHULFDUDFWHUHOHGLQFKHQDUvQSR]LLLOHvQFDUHFHOHGRX
UDPHVHLQWHUVHFWHD]SHOLPHDXQXLVLQJXUFDUDFWHUFRORDQ
5HVWULFLLLSUHFL]UL
x dPd
x dQd
x dSd
x 'DF GLPHQVLXQLOH XQHL UDPH GHSHVF VSDLXO GH GHSR]LWDUH UDPD UHVSHFWLY QX
YDILGHSR]LWDWLDUOLWHUDFDUHvLFRUHVSXQGHQXYDILXWLOL]DW
7DEORXULELGLPHQVLRQDOH
([HPSOX
"#+&$
J
JJJ
JJJ
JJJ
"#+&'(!
XJ
J J XJ
J
XJ
J
XJ
J
J
J
J
J J J
5DPHGHWDEORXULVXSUDSXVH
X
X
X
X
QWUXQVSDLXGUHSWXQJKLXODUGHGLPHQVLXQHPuQDXIRVWDH]DWHXQDGXSDOWDSUDPH
GHWDEORXUL5DPHOHSRWILDH]DWHXQHOHSHVWHDOWHOHDVWIHOvQFkWODWXULOHORUYRUILSD
UDOHOHFXPDUJLQLOHVSDLXOXLGHGHSR]LWDUH
&XQRVFkQGLPDJLQHDSHFDUHRYHGHGLQUDPHOHVXSUDSXVHRSHUVRDQFDUHVHXLWOD
WHDQFXOGHUDPHGLQWURSR]LLHVLWXDWGHDVXSUDVSDLXOXLvQFDUHDFHVWHDVDXDH]DWV
VHGHWHUPLQHRUGLQHDvQFDUHHVWHSRVLELOULGLFDUHDWXWXURUUDPHORU6HWLHFILHFDUH
UDPHVWHGHVFULVvQPRGXQLFIRORVLQGROLWHUPDUHDDOIDEHWXOXLHQJOH]LFDWXQFL
FkQGDXIRVWVXSUDSXVHGRXUDPHVHYDYHGHDFRPSOHWQXPDLUDPDGHGHDVXSUD
'DWHGHLQWUDUH
'HSHSULPDOLQLHDILLHUXOXLGHLQWUDUH"#+&$VHFLWHVFGLPHQVLXQLOHPLQDVSDL
XOXLvQFDUHDH]PUDPHOH'HSHXUPWRDUHOHPOLQLLVHFLWHWHLPDJLQHDSHFDUHRYH
GHSHUVRDQD&RGLILFDUHDLPDJLQLLHVWHUHDOL]DWvQWUXQWDEORXELGLPHQVLRQDOFRUHVSXQ
]WRU VSDLXOXL GH GHSR]LWDUH vQ FDUH SHQWUX R UDP VH YD VSHFLILFD GRDU FKHQDUXO HL
$FHVWHDVXQWFRGLILFDWHFXOLWHUHOHPDULDOHDOIDEHWXOXLHQJOH]vQRUGLQHDvQFDUHDXIRVW
GHSR]LWDWH$WXQFLFkQGRUDPVDVXSUDSXVSHVWHXQDDH]DWGHMDHDDFRSHUFDUDFWH
UHOHGLQFKHQDUvQSR]LLLOHvQFDUHFHOHGRXUDPHVHLQWHUVHFWHD]SHOLPHDXQXLVLQ
JXUFDUDFWHUFRORDQ
'DWHGHLHLUH
)LLHUXO "#+&'(! YD FRQLQH XQ LU GH OLWHUH PDUL DOH DOIDEHWXOXL HQJOH] GHVSULWH
SULQWUXQVSDLXFDUHFRUHVSXQGUDPHORUvQRUGLQHDvQFDUHDFHVWHDVHSRWULGLFD
5HVWULFLLLSUHFL]UL
x dPd
x dQd
7DEORXULELGLPHQVLRQDOH
x dSd
x 'LQILHFDUHODWXUDILHFUHLUDPHVHYHGHFHOSXLQXQSXQFW
([HPSOX
"#+&$
"#+&'(!
J J
JJ
J J J J J J J J
J J J J J J J J
J J J J J J J J
J J J J J J J J
J J J J J J J J
J J J J J J J J J
J J J J J J J J J
J J J J J J J J J
J J J J J J J J J
J J J J J J J J
J J J J J J J J J
J J J J J J J J
3UHOXFUDUHGHLPDJLQH
2 LPDJLQH DOEQHJUX HVWH SUHOXDW FRGLILFDW vQWUXQ WDEORX ELGLPHQVLRQDO GH YDORUL
VDXGHGLPHQVLXQHP uP$VXSUDDFHVWHLLPDJLQLVHSRWHIHFWXDXUPWRDUHOHWUDQV
IRUPUL
x 7UDQVIRUPDUHDYLGHR,QYHUVYDORULOHVHWUDQVIRUPvQLDUYDORULOHvQ
x 5RWLUHFXVHFUHHD]XQWDEORXURWLWvQVHQVXODFHORUGHFHDVRUQLF
x =RRPLPDJLQHDVHPUHWHODGLPHQVLXQHDPuP
6HGHILQHWHRVHFYHQGHWUDQVIRUPULFDILLQGRVXFFHVLXQHGHOLWHUH,5L=
6VHDILH]HWDEORXOELGLPHQVLRQDOODFDUHVDDMXQVvQXUPDXQXLLUGHWUDQVIRU
PULFHUXWH
'DWHGHLQWUDUH
'HSHSULPDOLQLHDILLHUXOXLGHLQWUDUH+#)&$VHFLWHWHXQQXPUQDWXUDOPUHSUH
]HQWkQGGLPHQVLXQHDWDEORXOXL3HXUPWRDUHOHPOLQLLVHDIOHOHPHQWHOHWDEORXOXLEL
GLPHQVLRQDO FRUHVSXQ]WRU XQHL LPDJLQL OLQLH GXS OLQLH (OHPHQWHOH VXQW VHSDUDWH
SULQFkWHXQVSDLX
'LQILLHUXOGHLQWUDUH!"#$ &$VHFLWHWHVXFFHVLXQHDGHOLWHUH,5L=FRUHVSXQ
]WRDUHXQRUWUDQVIRUPULGRULWH$FHVWHFDUDFWHUHQXVXQWGHVSULWHGHVSDLX
'DWHGHLHLUH
3H SULPD OLQLH D ILLHUXOXL +#)&'(! VH YRU VFULH GLPHQVLXQLOH DFWXDOH DOH WDEORXOXL
3HXUPWRDUHOHOLQLLVHYRUDIODHOHPHQWHOHWDEORXOXLELGLPHQVLRQDORELQXWHFDXUPDUH
DWUDQVIRUPULORUHIHFWXDWH
7DEORXULELGLPHQVLRQDOH
5HVWULFLLLSUHFL]UL
x dPdLQGLIHUHQWGHWUDQVIRUPULOHDSOLFDWH
x OLWHUHOHVXQWPDMXVFXOHGLQDOIDEHWXOHQJOH]
([HPSOH
+#)&$
J
`J`J`J`J`J`J`J`J
`JJ`J`J`J`JJ`J
JJJ`J`JJJJ
`J`J`J`J`J`J`J`J
`JJ`J`J`J`JJ`J
`J`JJ`J`JJ`J`J
`J`J`JJJ`J`J`J
`J`J`J`J`J`J`J`
+#)&$
J
JJJJ
J`J`JJ
J`J`JJ
JJJ
&DUHXPDJLF
!"#$ &$J
!"#$ &$
J
([HPSOH
+#)&$
J
+#)&'(!
J
JJJJJJJ
JJJ`J`JJJJ
JJ`JJJ`JJ
J`JJJJJ`JJ
JJJJJJJJ
`J`J`JJJ`J`J`J
J`JJJJJ`JJ
JJJJJJJ
+#)&'(!
J
JJJJJJJJ
JJJJJJJJ
JJ`J`J`J`JJJ
JJ`J`J`J`JJJ
JJ`J`J`J`JJJ
JJ`J`J`J`JJJ
JJJJJJJJ
JJJJJJJ
6VHJHQHUH]HXQSWUDWPDJLFGHGLPHQVLXQHQXQGHQHVWHXQQXPUvQWUHJSR]LWLY
'DWHGHLQWUDUH
QILLHUXOGHLQWUDUH +#)&$VHJVHWHQXPUXOQUHSUH]HQWkQGGLPHQVLXQHDFDUHXOXL
FDUHWUHEXLHJHQHUDW
'DWHGHLHLUH
3HSULPDOLQLHDILLHUXOXLGHLHLUH+#)&'(!VHYDDIODQXPUXOQ3HXUPWRDUHOHQOL
QLL VH YRU VFULH QXPHUHOH GH SH FHOH Q OLQLL DOH FDUHXOXL GRX QXPHUH ILLQG VHSDUDWH
SULQFkWHXQVSDLX
5HVWULFLLLSUHFL]UL
x dQd
+#)&$
J
+#)&$
J
7DEORXULELGLPHQVLRQDOH
+#)&'(!J
J
JJJJJJ|JJJ
JJJJJJJ`JJ
JJJ|JJJ
J`JJJJJ
|JJ`JJJJJ
JJ|JJJJJJJ
+#)&'(!J
J
JJJ|JJJ
JJJJJJJJ
J|JJ`JJJ
JJJJJJ
([SOLFDLH
QHVWHQXPUSDUIUDIL
PXOWLSOXGH
+#)&'(!J
J
JJJ
J|JJ
JJ
([SOLFDLH
QHVWHQXPULPSDU
([SOLFDLH
QHVWHPXOWLSOXGH
6ROXLLOHSUREOHPHORUSURSXVH
3HWHUD
9RPGHVFRPSXQHSUREOHPDvQVXESUREOHPHLYRPSURLHFWDSHQWUXILHFDUHVXESUREOH
PUH]ROYULSHFDUHOHYRPLPSOHPHQWDIRORVLQGVXESURJUDPH
7DEORXOELGLPHQVLRQDOFDUHFRQLQHSDUWLFXODULWLOHSHWHULLvOFLWLPGLQILLHU
QJ
JJ
J
J
JJ
J\
J
,J
JJJJ
J\
J
,J
JJJJJJ
JJJ
1XPUP FRULGRDUHOH FDUH LQWU vQ vQFSHUL &XQRDWHP VHPQLILFDLD YDORULORU
SLMGHFLSHQWUXDGHWHUPLQDQXPUXOFRULGRDUHORUFDUHVHvQWkOQHVFvQvQFSHUHD
LSHQWUXLIL[DWLYDORULSRVLELOHL QYRPDGXQDYDORULOHSLMXQGH
M QDGLFYRPDGXQDHOHPHQWHOHSHOLQLL
7DEORXULELGLPHQVLRQDOH
%QJ
JJ
J\
J
,JJ
JJJJ
%JmJ`J
JJJJ
J\
J
,J
JJJJJJ
%JmJ
%J~JJ
J
'HWHUPLQPYDORDUHDPD[LPDQXPHUHORUFDUHUHSUH]LQWQXPUXOFRULGRDUH
ORUFDUHVHvQWkOQHVFvQWURvQFSHUH
%QJ
JJJmJ
%J
JJ
J\
J
,J
JJJJJ
%JJJJ
JJJJJJJmJ
%J
J
6HOHFWDUHD QXPHUHORU GH RUGLQH DOH vQFSHULORU vQ FDUH LQWU VDX LHVXQDFHODL
QXPUPD[LPGHFRULGRDUHVHUHDOL]HD]FXXQDOJRULWPGHVHOHFWDUH
J
%QJ
JJ
J\
J
,J
JJJJJ
%J\JJJ
JJJJJJ
JJ
'HWHUPLQPvQFSHULOHvQFDUHSHWHUDVHvQIXQGIRORVLQGLUXOFRQVWUXLWDQWH
ULRU'DFYDORDUHDHOHPHQWXOXLDYkQGLQGLFHOHLHVWHHJDOFXDPSXWXWYHQL
GHXQGHYDSHXQFRULGRUSkQDLFLDWXQFLSHWHUDVHvQIXQGvQvQFSHUHDL
%QJ
JJ JmJIDOVJ
JJ
J\
J
,J
JJJJJ
%J\JJJJ
JJJJJJ
JJ
JJJJJJ JmJDGHYUDWJ
7DEORXULELGLPHQVLRQDOH
'HSLVWDUHDvQFSHULORUL]RODWHRUHDOL]PFXDMXWRUXODFHOXLDLLUFXWkQGHOH
PHQWHHJDOHFXQXLQWUQXLHVHQLFLXQFRULGRU
J
%QJ
JJ JmJIDOVJ
JJ
J\
J
,J
JJJJJ
%J\J`JJJ
JJJJJJ
JJ
JJJJJJ JmJDGHYUDWJ
JJJ JJJ
JJJJ
JJJ
J
$FYDULXOFXSHWL
(VWHHYLGHQWFGLQFDX]DFQXWLPQLPLFGHVSUHRUGLQHDvQFDUHVHPQkQFSHWLL
SHQWUXDGHSLVWDVSHFLLOHFDUHUPkQVLJXUvQYLDHVWHVXILFLHQWVFXWPvQWDEORXO
GDWFRORDQHOHFDUHQXFRQLQQLFLRYDORDUH,QGLFLLDFHVWRUFRORDQHUHSUH]LQWQXPH
UHOHGHRUGLQHDOHVSHFLLORUFXWDWH
9RPSDUFXUJHWDEORXOGDWSHOLQLLLYRPPDUFDvQWURYDULDELOERROHDQYLFWLP
FXYDORDUHDDGHYUDWGDFSHOLQLDUHVSHFWLYJVLPFHOSXLQRYDORDUH&XDOWHFX
YLQWHSHWLLFDUHSRWILPkQFDLGHXQDOWSHWHLQGLIHUHQWFDUHVXQWPDUFDLFDYLFWLPH
$FHDVWSUHOXFUDUHRSXWHPUHDOL]DvQSDUDOHOFXFLWLUHDGDWHORU'HDVHPHQHDvQDLQWH
VWUHFHPODDOWOLQLHvQFD]XOvQFDUHSHWHOHGHLQGLFHLQXHVWHYLFWLPvOVFULHPvQ
ILLHU
#%%
%QJ
J
J
J\
J
,
JJJJ%JmJIDOVJ
JJJJ
J\
J
,J
JJJJJJ
JJJ
JJJJJJJJ\JJJJ
JJJJJJJJ%JmJDGHYUDWJ
JJJJJJ
7DEORXULELGLPHQVLRQDOH
%
JJJJJJ
JJJ
JJJJ
^DILDUHDVSHFLLORUVXSUDYLHXLWRDUH`J
7LUVSRUWLY
3HQWUXUH]ROYDUHDDFHVWHLSUREOHPHHVWHXWLOVFUHPvQSUHDODELOLUXOGHQXPHUHGXS
UHJXODHQXQDW3HQWUXYDORULPLFLDOHOXLQLUXOYDILFUHDWvQWUXQWDEORXXQLGLPHQVL
RQDOSHQWUXYDORULPDULDOHOXLQSXWHPFUHDLUXOUHVSHFWLYvQWUXQILLHUGHWLSWH[W
'HDVHPHQHDOVPSHVHDPDFLWLWRULORUVUHDOL]H]HRLPSOHPHQWDUHvQFDUHQXPHUHOH
JHQHUDWHVHVFULXGLUHFWSHLQWHYLWkQGDVWIHOXWLOL]DUHDXQXLLUVDXILLHUGHOXFUX
QSVHXGRFRGXOGHVFULVvQFRQWLQXDUHQXYHULILFPVHSDUDWGDFQXPUXOHVWHSULP
VDX QX FL vQ SULPXO UkQG GXS FH RULFH QXPU FXUHQW N VD VFULV vQ LU YRP FXWD
SULPXOVXFHOPDLPLFGLYL]RUXUPkQGVIRORVLPvQLUFkWXOvPSULULLvQWUHJLDOOXLN
ODDFHVWDDGLFSHFHOPDLPDUHGLYL]RU'DFQXJVLPXQDVWIHOGHGLYL]RUvQVHDPQ
FQXPUXOQXHVWHSULPLDUGLYL]RUXOJVLWvOVFULHPvQILLHU
J
QJ
^QQ Q
QQXPUXOQXPHUHORUSHLQW`J
JJJmJ`JJ
^L QXPUQXPHUHJHQHUDWH`J
^N QXPHUHOHSHFDUHOHVFULHPvQILLHUSULPXOQXPUHVWH`J
JJ?JmJJ
JJ
J
J
,J
JJJJJmJJ~JJJ
^FUHWHFRQWRUXOSWUHOHORURFXSDWH`J
JJJJ
J?J
^vOVFULHPSHNvQILLHU`J
JJJJJmJSDUWHvQWUHDJGLQUGFLQDSWUDWDOXLNJ
JJJJJ?JHVWHQXPUSDUJJJ
JJJJJJJmJJJ
JJJJ
JJJJJJJmJJ
^FHOPDL0,&GLYL]RUDOOXLN`J
JJJJJJ
J?JJJzJ`JJJdJJ
,
JJJJJJJJJmJJ~JJ
^GLYL]RULLPSDUL`J
JJJJJJ
J
JJJJJJdJJ
^DYHPXQGLYL]RU`J
^QHSUHJWLPVVFULHPXQQXPUvQILLHU`J
JJJJJJJmJJ~JJ
JJJJJJJJdJ
J
^vOVFULHPQXPDLGDFDYHPQHYRLHGHHO`J
JJJJJJJJ
J?JJJJ
^VFULHPFHOPDL0$5(GLYL]RU`J
JJJJ J
JJJJ?JmJ?J~JJ
^XUPWRUXOQXPU`J
JJ
J
7DEORXULELGLPHQVLRQDOH
$YkQGQXPHUHOHQHFHVDUHLQWHLJHQHUDWHvQILLHUOHYRPFLWLXQXOFkWHXQXOLOH
YRPDH]DvQWDEORXOELGLPHQVLRQDOSHSR]LLDFRUHVSXQ]WRDUHSDUFXUJHULLDFHVWXLDvQ
VSLUDO
9RPUHLQHFkWHYDSURSULHWLSHFDUHOHYRPIUXFWLILFDvQDOJRULWP
0DLvQWkLREVHUYPFDFHDVWVSLUDOVHWHUPLQILHGXSRSDUFXUJHUHDXOWLPHORU
SR]LLLGLQVWkQJDVSUHGUHDSWDGLPHQVLXQHDWDEORXOXLHVWHQXPULPSDUILHGXSR
SDUFXUJHUHDXOWLPHORUSR]LLLGLQGUHDSWDVSUHVWkQJDGLPHQVLXQHDWDEORXOXLHVWHQX
PUSDU
QILJXULOHGHPDLMRVVXQWSUH]HQWDWHFHOHGRXFD]XULSHQWUXQ UHVSHFWLYQ
2DOWREVHUYDLHVHUHIHUODIDSWXOFDWXQFLFkQGVXQWHPSHFHUFXOH[WHULRUDO
VSLUDOHLDYHPGHSDUFXUVOLQLDGHODSULPXOVXHOHPHQWODXOWLPXODQDFRORDQGH
ODDOGRLOHDHOHPHQWDOVXSULPXODIRVWSDUFXUVDWXQFLFkQGDPOXFUDWSHOLQLDODXO
WLPXODSRLDQDOLQLHGHODSHQXOWLPXOHOHPHQWODSULPXOQILQDOYRPSDUFXUJHSULPD
FRORDQGHODSHQXOWLPXOVXHOHPHQWSkQODDOGRLOHDXOWLPXODIRVWSDUFXUVDWXQFL
FkQG DP SUHOXFUDW XOWLPD OLQLH LDU SULPXO DWXQFL FkQG DP SUHOXFUDW OLQLD &HHD FH
HVWHLPDLLPSRUWDQWGHREVHUYDWVHUHIHUODIDSWXOFDWXQFLFkQGYRPSDUFXUJHXQ
FHUF LQWHULRU LPHGLDW XUPWRU H[WHULRUXOXL WRDWH OLPLWHOH GH vQFHSXW FUHVF FX LDU
OLPLWHOHGHVIkULWVFDGFXQFRQVHFLQYRPLQLLDOL]DGRXYDULDELOHFX
L FX
FDUHvLYRUVFKLPEDYDORULOHGXSvQFKLGHUHDXQXLFHUFDVSLUDOHL
mmJJ
'LQREVHUYDLDUH]XOWFYRPvQFHSHDH]DUHDQXPHUHORUGLQILLHULQGLIHUHQWGH
SDULWDWHDOXLQSDUFXUJkQGHOHPHQWHOHWDEORXOXLSHOLQLDGHLQGLFHSULPXOVSUHGUHDSWD
$UXUPDSDUFXUJHUHDGHVXVvQMRVDFRORDQHLGHLQGLFHXOWLPXOGDUDFHDVWSDUFXUJHUH
QXvQWRWGHDXQDHVWHSRVLELOQHFHVDULDQXPHGDFQHVWHLPSDUGXSRDVHPHQHD
SDUFXUJHUHVHWHUPLQSUHOXFUDUHD6XEDOJRULWPXOFDUHFUHHD]LQWDHVWHXUPWRUXO
J
QJ
JJmJ
JJm
J
JJ
m`J
JJSDUFXUJHPSULPDOLQLHGHODVWkQJDODGUHDSWDJ
JJJ
HVWHQXPULPSDUJ
JJJJ
J
JJ
J
,
^vQYDULDELOD
QXPUPSR]LLLOHSUHOXFUDWHSHLQW`J
JJJJJJSDUFXUJHPFRORDQDGHLQGLFHGHVXVvQMRV
7DEORXULELGLPHQVLRQDOH
JJJJJJSDUFXUJHPOLQLDGHLQGLFHGHODGUHDSWDODVWkQJDJ
JJJJJJSDUFXUJHPFRORDQDGHLQGLFHGHMRVvQVXVJ
JJJJJJmJ
JJJJJJmJJJ
JJJJJJSDUFXUJHPOLQLDGHLQGLFHGHODVWkQJDODGUHDSWDJ
J
,
^vQYDULDELOD
QXPUPSR]LLLOHSUHOXFUDWHSHLQW`J
JJJJSDUFXUJHPFRORDQDGHLQGLFHGHMRVvQVXVJ
JJJJmJ
JJJJmJJJ
JJJJSDUFXUJHPOLQLDGHLQGLFHGHODVWkQJDODGUHDSWD
JJJJSDUFXUJHPFRORDQDGHLQGLFHGHVXVvQMRV
JJJJSDUFXUJHPOLQLDGHLQGLFHGHODGUHDSWDODVWkQJDJ
3DUFXUJHULOHPHQLRQDWHPDLVXVQXVXQWSUREOHPDWLFH7UHEXLHGRDUVDYHPJULM
VQXSUHOXFUPXQDFHODLHOHPHQWGHGRXRULGHRDUHFHDVWIHODPVXSUDVFULHDQXPLWH
YDORULLvQILQDOQXQHDUDMXQJHQXPHUHOHJHQHUDWHvQILLHU3HQWUXH[HPSOLILFDUHV
YHGHPSDUFXUJHUHDGHMRVvQVXV
%LOLDUG
5H]ROYDUHDSUREOHPHLQHFHVLWVLPXODUHDDQXPLWRUGHSODVULGHDOXQJXOXQRUOLQLLFDUH
VXQW SDUDOHOH FX GLDJRQDOHOH SWUDWXOXL GHFXSDW GH PLFDUHD ELOHL GLQ WDEORXO ELGL
PHQVLRQDO GUHSWXQJKLXODU FRUHVSXQ]WRU PHVHL L R VWSkQLUH FRUHFW D VFKLPEULORU
GHGLUHFLHDWXQFLFkQGELODVHORYHWHGHPDUJLQHDPHVHL
7DEORXULELGLPHQVLRQDOH
9RPGHILQLGRXLUXULGHFkWHSDWUXHOHPHQWHvQFDUHYRPSVWUDYDORULOHFDUHWUH
EXLHDGXQDWHFRRUGRQDWHL[UHVSHFWLYFRRUGRQDWHL\SHQWUXDQHGHSODVDSHRGLUHFLH
GDWG'HSODVDUHDvQFHOHSDWUXGLUHFLLOHSXWHPFRGLILFDvQIHOXOXUPWRU
G
SR]LLDFXUHQW
QRXDSR]LLH
'[
'\
LM
LM
VFDGHOLQLD
FUHWHFRORDQD
LM
LM
FUHWHOLQLD
FUHWHFRORDQD
LM
LM
FUHWHOLQLD
VFDGHFRORDQD
LM
LM
VFDGHOLQLD
VFDGHFRORDQD
/D ILHFDUH SDV FRRUGRQDWHOH L L M VH PRGLILF vQ L '[>G@ UHVSHFWLY M '\>G@
$FHVWPRGGHUHSUH]HQWDUHQHYDXXUDJHVWLRQDUHDVFKLPEULORUGHGLUHFLH
2EVHUYPFODvQWkOQLUHDXQHLPDUJLQLDPHVHLFRUHVSXQ]WRDUHXQHLPDUJLQLYHU
WLFDOHvQWDEORXGLUHFLDGHGHSODVDUHVHPRGLILFDVWIHO
GLUHFLDVHWUDQVIRUPvQGLUHFLDLLQYHUV
GLUHFLDVHWUDQVIRUPvQGLUHFLDLvQ
/DvQWkOQLUHDXQHLPDUJLQLDPHVHLFRUHVSXQ]WRDUHXQHLPDUJLQLRUL]RQWDOHvQWD
EORXGLUHFLDVHVFKLPEvQGLUHFLDLvQLDUGLUHFLDVHWUDQVIRUPvQL
vQ9RPDVLJXUDVFKLPEDUHDGLUHFLHLFXRVWUXFWXUGHWLS
FDUHVHYDH[HFX
WDSkQFkQGELODLHVHSULQWUXQFROVDXLQWUvQFLFOX
Q VXEDOJRULWPXO XUPWRU vQ YDULDELOD SDV JHQHUP YDORDUHD FDUH PDUFKHD] PR
PHQWXOvQFDUHELODWUDYHUVHD]XQDQXPLWSXQFWGHSHPDV'DFPLQJHDDUXUPDV
LUHLDWUDVHXOLDVWIHOVLQWUHvQFLFOXLQILQLWYDULDELODERROHDQLQILQLWSULPHWHYDORD
UHD DGHYUDW 3HQWUX D DYHD FRQWURO DVXSUD PRPHQWXOXL vQ FDUH ELOD LHVH GH SH PDV
DMXQJHvQWUXQFROQHIRORVLPGHRIXQFLHERROHDQ
7DEORXULELGLPHQVLRQDOH
5H]ROYDUHDSUREOHPHLFRQVWvQVLPXODUHDPLFULLELOHL$QWHULRUDSHOXOXLVXEDOJR
ULWPXOXL%VDXFLWLWGDWHOHGHLQWUDUHLVDLQLLDOL]DWWDEORXODFXHOHPHQWHQXOH
J
J%
QJ
JJJmJJ
JJYJmJYJ
JJJmJ
^FRQWRUXOSHQWUXPDUFDUHDSR]LLLORUVWUEWXWH`J
JJJmJJ
JJJmJIDOVJJ
JJ
JmJIDOVJJ
JJ
PLQJHDQXDLHLWDIDUJJ
J
QJ
JJJJJmJJ~J
^FUHWHFRQWRUXOGHSR]LLL`J
^GHSODVDUHSHGLUHFLDSkQODvQWkOQLUHDXQHLPDUJLQL`
JJJJJmJJ~J
JJJJJmJJ~JYJ
JJJJJJ\J`J JJJJ^ELODVDORYLWGHRPDUJLQHRUL]RQWDO`J
JJJJJJJmJJ
JJJJJJJmJ~J
JJJJ
JJJJJJ\J`J JJJ
J^ELODVDORYLWGHRPDUJLQHYHUWLFDO`J
JJJJJJYJmJYJ
JJJJJJJmJJ~JYJ
JJJJ
JJJJJ\`J ^GDFDFHDVWSR]LLHQXDIRVWVWUEWXWvQF`J
JJJJJJJJmJIDOVJ
^RPDUFP`J
JJJJJJJmJ
^GDFDFHDVWSR]LLHDPDLIRVWPDUFDWLHVWHSHRPDUJLQH`J
JJJJ
JJJJJJJJJJ\JJJ
JJJJJJJ
mDGHYUDW
^ELODDLQWUDWvQPLFDUHFLFOLFGHRDUHFH`
^GLQSR]LLDPDUFDWFXDDMXQVvQSR]LLDPDUFDWFX`
JJJJJJ
JJ
JJJJJJJJJJ\JJJJ
JJJJJJJJJJJmJDGHYUDW
JJJJJJJJ
JJmJIDOVJ
JJJJJJJJ J
JJJJJJ JJ
JJJJ J
JJ
JJ
J
7DEORXULELGLPHQVLRQDOH
$ILDUHDWDEORXOXLDFRUHVSXQ]WRUPHVHLGHELOLDUGHVWHSUHFHGDWGHYHULILFDUHD
YDULDELOHLLQILQLWSHQWUXDVWDELOLGDFVHYDVFULHPHVDMXOUHIHULWRUODPLFDUHDELOHL
Q
JJJ
JJ
JJJJ
J
J
JJJJJJ
JJ
JJ
J\J
QJ
JJJJ
J\
J
QJ
JJJJJJ
JJ
JJ
JJ
JJ
J
3XQFWHD
6XESUREOHPHOHvQFDUHGHVFRPSXQHPDFHDVWSUREOHPVXQW
FLWLUHDWDEORXOXL
GHWHUPLQDUHDPLQLPXOXLSHROLQLHDWDEORXOXL
GHWHUPLQDUHDPD[LPXOXLSHRFRORDQDWDEORXOXL
GHWHUPLQDUHDPD[LPXOXLSHROLQLHDWDEORXOXL
GHWHUPLQDUHDPLQLPXOXLSHRFRORDQDWDEORXOXL
FRPSDUDUHDUH]XOWDWHORURELQXWHODSXQFWXOL
FRPSDUDUHDUH]XOWDWHORURELQXWHODSXQFWXOL
J
\JJ
KJ
JJJJJ\JJ
KJ
JQKJ
JJJJQ
KJ
J
$VWIHOOLQLDLGLQWDEORXOWVHYDSXWHDWUDQVPLWHFDSDUDPHWUXGHWLS
VXESUR
JUDPHORUFDUHGHWHUPLQPLQLPXOUHVSHFWLYPD[LPXOGLQOLQLDUHVSHFWLY'LQSFDWH
QXSXWHPSURFHGDODIHOvQFD]XOFRORDQHORUGHFkWGDFOHWUDQVIRUPPWHPSRUDUFXXQ
VXESURJUDPVLPSOXvQLUGHWLS
J
?QJ
J
^WUDQVIRUPFRORDQDNGLQWDEORXvQLUGHWLSOLQLH`
JJ
J\J
QJ
^FRORDQHOHDXPHOHPHQWH`J
JJJJJmJ?J
7DEORXULELGLPHQVLRQDOH
)XQFLLOH
L
GHWHUPLQ YDORDUHD PD[LP
UHVSHFWLY PLQLP GLQWUXQ LU UHWXUQkQG WRWRGDW L SR]LLD XQGH VD JVLW PD[LPXO
UHVSHFWLYPLQLPXO
QDOJRULWPYRPWUDYHUVDWDEORXOOLQLHGXSOLQLH3HQWUXILHFDUHOLQLHLYRPGHWHU
PLQDPLQLPXOPLQLPLSR]LLDOXLSHOLQLHSR]PLQDSRLYRPWUDQVIRUPDFRORDQDGH
LQGLFH SR]PLQ vQ LU L YRP FXWD PD[LPXO OXL PD[LP 'DF FHOH GRX YDORUL VXQW
HJDOHPLQLP PD[LPDILPLQGLFHOHOLQLHLLLLQGLFHOHFRORDQHLSR]PD[3URFH
GPODIHOFXWkQGPD[LPXOSHOLQLHLPLQLPXOSHFRORDQDSHFDUHDPJVLWPD[LPXO
J
#J
%QJ
JJ&LWLUHDGDWHORUGHLQWUDUHPQW
JJ JmJIDOVJ
JJ
J\J
QJ
JJJJ
JmJ
J
J
^PLQLPXOSHOLQLDLVHDIOSHFRORDQDSR]PLQ`J
^WUDQVIRUPPFRORDQDSR]PLQvQLU`
JJJJ
JJJJJmJJ
^PD[LPXOGHSHFRORDQDSR]PLQ`
JJJJJ
J\JJJ
JJJJJJ
JJJ
JJJJJJ JmJDGHYUDWJJ
JJJJ
JJJJJmJ
J
^PD[LPXOSHOLQLDLVHDIOSHFRORDQDSR]PD[`
^WUDQVIRUPPFRORDQDSR]PD[vQLU`
^PLQLPXOGHSHFRORDQDSR]PD[`
JJJJ
J
JJJJ
JmJ
J
JJJJJJ\J
JJ
JJJJJJ
JJJ
JJJJJJ JmJDGHYUDWJJ
JJ JJ
JJJJ
JJJ
%JJ
J
9DULDELODJVLWSULPHWHYDORDUHDDGHYUDWGDFDPJVLWXQSXQFWD$IRVWQHYRLH
GHUHLQHUHDIDSWXOXLFDPUHXLWVGHWHUPLQPXQUH]XOWDWSHQWUXDVFULHPHVDMXOVROL
FLWDWvQFD]XOvQFDUHQXH[LVWSXQFWDvQWDEORX
7DEORXULELGLPHQVLRQDOH
5DPHGHVXSUDSXV
$OJRULWPXO XUPWRU WUDVHD] UDPHOH SH UkQG FX OLWHUHOH PDUL DOH DOIDEHWXOXL HQJOH]
vQFHSkQGFXOLWHUD LOHGHSXQHvQWUXQWDEORXELGLPHQVLRQDOGHFDUDFWHUH7DEORXO
YDILvQSUHDODELOLQLLDOL]DWFXFDUDFWHUXOVSDLX
Q LPSOHPHQWDUHD SURSXV GHVHQP SULPD UDP vQ VSDLXO GH GHSR]LWDUH DSRL vQ
DFHODLWDEORXGHVHQPDGRXDUDP1XHVWHQHYRLHGHYHULILFULFDUDFWHUXOFFXUHQW
ILHVXSUDVFULHXQFDUDFWHUVSDLXILHXQFDUDFWHUDSDULQkQGXQHLUDPHDH]DWHGHMD
JQJ
JJ%JmJJ
JJ
J?\J
QJ
JJJJ
JYJ
^LQGLFHOHGHOLQLHLGHFRORDQDFROXOXLVWkQJDVXV`J
JJJJ
JYJ
^OXQJLPLOHODWXULORUUDPHLFXUHQWH`J
JJJJYJmJYJ~JYJJJ
^LQGLFHOHGHOLQLHDFROXOXLGUHDSWDMRV`
JJJJJmJJ~JJJJ
^LQGLFHOHGHFRORDQDFROXOXLGUHDSWDMRV`J
JJJJJJdJ
JJYJdJJJ
^GHVHQPUDPD`J
JJJJJJ
J\YYJ
QJ
JJJJJJJJJmJ%J
^YHUWLFDODGLQVWkQJD`J
JJJJJJJJJmJ%J
^YHUWLFDODGLQGUHDSWD`J
JJJJJJ
JJJJJJ
J\~J
QJ
JJJJJJJJYJmJ%J
^RUL]RQWDODGHVXV`J
^RUL]RQWDODGHMRV`J
JJJJJJJJYJmJ%J
JJJJJJ
JJJJ
^FDUDFWHUXOFXFDUHVHYDWUDVDXUPWRDUHDUDP`
JJJJ%JmJVXFFHVRUXOFDUDFWHUXOXL%J
5DPHVXSUDSXVH
3UREOHPDHVWHGHVFRPSXVvQVXESUREOHPHGXSFXPXUPHD]
x &LWLUHDGDWHORUGHLQWUDUHGLPHQVLXQLOHVSDLXOXLGHGHSR]LWDUHLWDEORXOGH
FDUDFWHUH
x 'HWHUPLQDUHDFRRUGRQDWHORUFROXULORUUDPHORU
x 'HWHUPLQDUHDSR]LLLORUUHODWLYHDUDPHORUVXSUDSXQHULOH
x $ILDUHDFDUDFWHUHORUFXFDUHVDXGHVHQDWUDPHOHvQRUGLQHDvQFDUHDFHVWHDVHSRW
ULGLFD
1RWPFXPLQ[LPLQ\LPD[[LPD[\LFRRUGRQDWHOHFROXOXLVWkQJDVXVLDFHOXLGLQ
GUHDSWDMRVDFHOHLGHDLDUDPH$FHVWHYDORULVHSRWLQLLDOL]DFXFRRUGRQDWHOHVSDLX
OXLGHGHSR]LWDUHGHRDUHFHVLJXUYRPJVLFHOSXLQRUDPPDLPLFGHFkWVSDLXO
7DEORXULELGLPHQVLRQDOH
J
YYQJ
JJ
J%\J
QJJ
^LQLLDOL]DUHDFRRUGRQDWHORUFROXULORU`
JJJJ
%JmJ
J
JJJJ
Y%JmJJ
JJJJ%JmJ`J
JJJJY%JmJ`J
JJ
J\J
QJ
^GHWHUPLQDUHDFRRUGRQDWHORUFROXULORU`J
JJJJ
J\
J
QJ
J J ^GHWHUPLQPFRRUGRQDWHOHFROXULORUUDPHLGLQFDUHIDFHSDUWHSR]LLDFXUHQW`J
JJJJJJ%JmJJ
JJJJJJJ
%JJJJ
JJJJJJJJ
%JmJJ
JJJJJJ JJ
JJJJJJJ
Y%JJJJ
JJJJJJJJ
Y%JmJJ
JJJJJJ JJ
JJJJJJJ%JJJ
JJJJJJJJ%JmJJ
JJJJJJ JJ
JJJJJJJY%JJJ
JJJJJJJJY%JmJJJ
JJJJJJ JJ
JJJJ
JJ
JJ
JJ
J
J
3HQWUXDGHWHUPLQDSR]LLLOHUHODWLYHDOHUDPHORUYRPFRQVWUXLXQWDEORXGHFRQV
WDQWHORJLFHSHVWHvQFDUHYDORDUHDHOHPHQWXOXLSHVWH[\YDILDGHYUDWGDFUDPDGHVH
QDWFXFDUDFWHUXO\HVWHGHDVXSUDUDPHLGHVHQDWHFXFDUDFWHUXO[$FHVWWDEORXVHLQLL
DOL]HD]FXIDOVSHQWUXWRDWHUDPHOHWRDWHFDUDFWHUHOHFXFDUHHVWHSRVLELOGHVHQDUHD
XQHLUDPH9RPUHDOL]DFXWULSHQWUXILHFDUHFDUDFWHUSRVLELOvQWUHOLPLWHOHGLPHQVLX
QLORUUDPHLGHVHQDWHFXFDUDFWHUXOFXUHQW&XWULOHWUHEXLHHIHFWXDWHvQDPEHOHGLUHFLL
RUL]RQWDOLYHUWLFDO
J
7DEORXULELGLPHQVLRQDOH
$ILDUHD vQ DFHDVW SUREOHP QHFHVLW FkWHYD YHULILFUL vQ SOXV 'H DVHPHQHD YD
WUHEXLVLQHPHYLGHQDUDPHORUDILDWHGHMDvQLUXOGHDILDWDYkQGYDORULERROHHQH
SHQWUXDHYLWDDILDUHDORUUHSHWDW$FHVWLUVHLQLLDOL]HD]FXIDOV'DFRUDPQX
DUHQLFLXQDGHDVXSUDHLSRDWHILULGLFDWLGHFLDILDW9RPFRQWLQXDDILULOHFkW
WLPSPDLH[LVWUDPQHDILDW'XSDILDUHDUDPHLGHVHQDWHFXFDUDFWHUXO\ULGLFDUHD
HLYDvQVHPQDPRGLILFDUHDYDORULLOXLSHVWH[\FDUHYDGHYHQLIDOV
J
YYQJ
JJ
J%\J
QJJ
J J
^GDFJJ`vQVHDPQFH[LVWUDPGHVHQDWFXF`J
JJJJJ%JJ`JJJ
^GHFLWUHEXLHDILDW`
JJJJJJ
%JmJDGHYUDWJ
JJJJJJ
%JmJIDOVH
JJ
JJ
JJ
JJ
JmJDGHYUDWJJ
JJ
J
J
QJ^FkWWLPSDYHPUDPHGHDILDWOHDILP`
JJJJ
JmJIDOVJ
JJ
7DEORXULELGLPHQVLRQDOH
JJJ
J%Q\J
QJ
JJJJJJJ
%JJ
JJJJJJJJ?JmJDGHYUDWJJ
JJJJJJJJ%&JmJJ
JJJJJJJJ
J?JJ%&JdJJ
QJ
^YHULILFPGDFUDPDGHVHQDWFXFSRDWHILULGLFDW`
JJJJJJJJJJJ%%&JJ
JJJJJJJJJJJJ?JmJIDOVJJ
J
JJJJJJJJJJ%&JmVXFFHVRUXOOXL%&J
JJJJJJJJ
J
JJJJJJJJJ?JJ
^GDFGDRDILPLRULGLFP`
JJJJJJJJJJ
J%J
JJJJJJJJJJ
J%&\J
QJ
JJJJJJJJJJJJ%&%JmJIDOVJJ
J
^QXPDLWUHEXLHDILDW`
JJJJJJJJJJ
%JmJIDOVJ
JJJJJJJJJJ
mJDGHYUDWJJ
JJJJJJJJ J
JJJJJJ
J
JJ
J
J
3UHOXFUDUHLPDJLQH
QWUXFkWFHULQHOHDFHVWHLSUREOHPHVXQWIRUPXODWHSHVXESXQFWHVHSDUDWHVHGHVFULXvQ
FRQWLQXDUHDOJRULWPLVHSDUDLSHQWUXILHFDUHWUDQVIRUPDUHvQSDUWH$PQRWDWFXDWDEOR
XOELGLPHQVLRQDOSWUDWLFFRQLQkQGLPDJLQHDLDUFXPGLPHQVLXQHDDFHVWXLD
$,QYHUVDUHDYDORULORUFXYDORULLYLFHYHUVD
QPRGQRUPDOLQYHUVDUHDYDORULORUVHIDFHSDUFXUJkQGWDEORXOLDUGDFHOHPHQWXODUH
YDORDUHDDFHDVWDVHVFKLPEvQLLQYHUV
J\JJJJmJ`J
JJJJJJJJJJJJJJJJ
JJmJJ
$FHDVWVFKLPEDUHGHYDORDUHVHSRDWHH[SULPDVLQWHWLFDSOLFkQGRSHUDWRULLSHELL
DVWIHOJmJJ([SULPULOHVXQWHFKLYDOHQWHGHRDUHFH
`J\JLJ\J`
QDFHVWHFRQGLLLSVHXGRFRGXODOJRULWPXOXLGHLQYHUVDUHHVWHXUPWRUXO
7DEORXULELGLPHQVLRQDOH
J
J
J\J
,J
JJJJ
J\J
,J
JJJJJJJmJJJ
J
%5RWLUHDWDEORXOXLFXvQVHQVXODFHORUGHFHDVRUQLF
3HQWUXDURWLWRDWHHOHPHQWHOHWDEORXOXLWUHEXLHVOXPSHUkQGILHFDUHHOHPHQWLVO
DH]P vQWUXQ DOW WDEORX ELGLPHQVLRQDO SH SR]LLD SRWULYLW 'H]DYDQWDMXO DFHVWHL
YDULDQWH GH DOJRULWP HVWH FRQVXPXO H[FHVLY GH VSDLX GH PHPRULH 6H SUH]LQW vQ
FRQWLQXDUH R YDULDQW PDL HFRQRPLFRDV FDUH VH ED]HD] SH URWLUHD VXFFHVLY D FHORU
SDWUXSXQFWH
'DF SHQWUX XQ HOHPHQW VH DUDQMHD] SDWUX
DLM
HOHPHQWHODORFXOORUIRORVLQGRYDULDELODX[LOL
DUvQVHDPQFWUHEXLHUHSHWDWDFHDVWRSHUD
LHGRDUSHQWUXRSWULPHGLQHOHPHQWHOHWDEORX
OXL 6H SDUFXUJH GH H[HPSOX QXPDL WULXQJKLXO
VXSHULRU GLQWUH GLDJRQDOH LQFOXVLY GLDJRQDOD
SULQFLSDO(OHPHQWXODLMVHVDOYHD]vQYDULDELOD
DX[LOLDU GXS FDUH VH HIHFWXHD] FHOH WUHL DWUL
EXLULHYLGHQLDWHSHILJXU
([HPSOH
P D D D D P D D D D D
D D D D
D D D D D
D D D D
D D D D D
D D D D
D D D D D
D D D D D
x P DVHYDvQORFXLFXDFDUHVHYDvQORFXLFXDFDUHVHYDvQORFXLFXD
x P DVHYDvQORFXLFXDFDUHVHYDvQORFXLFXDFDUHVHYDvQORFXLFXD
QFRQFOX]LHLQGLFHOHGHOLQLHGHYLQHLQGLFHGHFRORDQLDULQGLFHOHGHFRORDQQH
DMXWODFDOFXODUHDQRXOXLLQGLFHGHOLQLHPIRVWXOLQGLFHFRORDQ
7DEORXULELGLPHQVLRQDOH
P D D
D D
D D
D D
D
D
D
D
D
D
D
D
P
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
3UH]HQWPvQFRQWLQXDUHSVHXGRFRGXOFRUHVSXQ]WRUDOJRULWPXOXLGHVFULV
&'XEODUHDLPDJLQLL=RRP
3HQWUX D H[WLQGH WDEORXO SH XQ WDEORX GH GRX RUL PDL PDUH VH YRU FRQVWUXL vQ QRXO
WDEORXFkWHSDWUXHOHPHQWHFXDFHDYDORDUHDH]DWHvQIRUPDXQHLPDWULFHSWUDWLFHGH
GLPHQVLXQH
'HH[HPSOXXQHOHPHQWDYkQGYDORDUHDvQPDWULFHDLQLLDOVHvQORFXLHWHFX
`
1HSURSXQHPvQFRQWLQXDUHVGHWHUPLQPPRGDOLWDWHDvQFDUHVHRELQLQGLFLLHOH
PHQWHORUPDWULFHLPULWHGLQPDWULFHDLQLLDO
J
LQGLFLGHOLQLH
LQGLFLGH J
FRORDQ J
J
J
J
J
`
J
J
`
J
LQGLFLGHOLQLH
LQGLFLGH
FRORDQ
`
`
`
`
`
`
`
`
J
J
J
J
J
(OHPHQWXOXLDvLFRUHVSXQGHOHPHQWHOHDDDD(OHPHQWXOXLDvLFRUHV
SXQGHOHPHQWHOHDDDD*HQHUDOL]kQGFHOHREVHUYDWHHOHPHQWXOXLDLMvLFRUHV
SXQGHOHPHQWHOHDLMDLMDLMDLM
7DEORXULELGLPHQVLRQDOH
#J%QJ
^VHFLWHVFGLPHQVLXQHDLHOHPHQWHOHWDEORXOXLGDW`
&&&
JJ
JVDDMXQVODVIkULWXOILLHUXOXL
,J
JJJJ
J
JJJJ
J\JJJJ
JJJJJJ
J
JJJJ
JJJJJJ
J\JJJJ
JJJJJJJJJ
JJJJJJ
JJ
J\JJJJ
JJJJJJJJJJJ
JJJJJJJJ
J
^VHDILHD]WDEORXOELGLPHQVLRQDORELQXW`
&&&
J
&DUHX0DJLF
$OJRULWPXOGHUH]ROYDUHDDFHVWHLSUREOHPHvQFHSHSULQDWHVWDGLPHQVLXQHDFDUHXOXLGH
JHQHUDWQIXQFLHGHSURSULHWDWHDSHFDUHDFHVWQXPURDUHLPSDUSDUPXOWLSOXGH
VDXSDUIUDILPXOWLSOXGHDSOLFPDOJRULWPXOSUH]HQWDWODWHRULH
6XUPULPGHVFULHUHDLPSOHPHQWULORUSHQWUXILHFDUHGLQWUHFHLWUHLDOJRULWPL
D'UXPXOPSUDWXOXL9HQVDXJHQHUDUHDSWUDWHORUPDJLFHGHRUGLQLPSDU
'HVFULHPvQFRQWLQXDUHRYDULDQWGHJHQHUDUHDXQXLSWUDWPDJLFGHRUGLQLPSDUFDUH
UHVSHFW GUXPXO PSUDWXOXL 9HQ &DUHXO PDJLF vO JHQHUP vQ WDEORXO D $OJRULWPXO
7DEORXULELGLPHQVLRQDOH
DWULEXLHSHUkQGYDORULOHFXSULQVHvQLQWHUYDOXO>Q@YDULDELOHLQUXUPkQGFDDFHDVW
YDORDUHVVHDWULEXLHHOHPHQWHORUFDUHXOXLSHED]DUHJXOLORUSUHFL]DWH
J
J
QJ
JJYJmJ
J
JJJmJ
~J
JJ
JmJJ
JJ
J\
J
QJ
JJJJYJmJ
J
JJJJ
J\
J
QJ
JJJJJJJJ\JJ
JJJJJJJJJmJ
J
JJJJJJ
J
JJJJJJJJJmJJJJ
JJJJJJJYJ\JJ
JJJJJJJJYJmJ
J
JJJJJJ
J
JJJJJJJJYJmJYJJJ
JJJJJJ
JmJ
J~JJ
JJJJJJYJmJ
J
JJJJ
JJJJJYJ\J
J
JJJJJJYJmJJ
JJJJ
J
JJJJJJYJmJYJ~JJ
JJJJ
JmJ
J~JJ
E&DUHXOPDJLFGHGLPHQVLXQHSDUQ P
3HQWUX D JHQHUD FDUHXO PDJLF GH GLPHQVLXQH SDU SRUQLP GH OD PDWULFHD GH RUGLQ Q
IRUPDWFXQXPHUHOHQDH]DWHvQRUGLQHSHOLQLL
'LQGHVFULHUHDDOJRULWPXOXLVHGHVSULQGHFHOHPHQWHOHDIODWHSHOLQLLDYkQGQXPU
GHRUGLQHSHQWUXFDUHUHVWXOvPSULULLODHVWHVDXLFRORDQHFDUHQXDXDFHDVW
SURSULHWDWHVDXSHFRORDQHDYkQGQXPUGHRUGLQHSHQWUXFDUHUHVWXOvPSULULLODHVWH
VDXLOLQLLFDUHQXDXDFHDVWSURSULHWDWHWUHEXLHVFKLPEDWHFXHOHPHQWHOHDIODWHvQ
SR]LLLVLPHWULFHIDGHPLMORFXOFDUHXOXL$FHDVWSURSULHWDWHSULYLQGSR]LLDHOHPHQ
WXOXLRYRPH[SULPDIRORVLQGRSHUDWRUXOORJLF 6FKLPEDUHDFXHOHPHQWXOVLPHWULF
VHDVLJXUIRORVLQGYDORDUHDYDULDELOHLQQ
7DEORXULELGLPHQVLRQDOH
JmJ
J~JJ
JJ
J\
J
QJ
JJJJ
J\
J
QJ
JJJJJJJJdJJJJdJJJ
JJJJJJJJJmJ
JJ
J
JJJJJJ
J
JJJJJJJJJmJ
J
JJJJJJ
JmJ
J~JJ
J
F3WUDWPDJLFGHRUGLQQXQGHQ PLPHVWHQXPULPSDU
6XUPULPSDLLDOJRULWPXOXLGHJHQHUDUHDXQXLSWUDWPDJLFGHRUGLQQXQGHQ P
LPHVWHQXPULPSDU7UHEXLHVvPSULPFDUHXOvQFDUHXULPLFLGHGLPHQVLXQH
DVXSUD FURUD GHFLGHP vQ FH IRUP VH YRU FRPSOHWD $FHDVW IRUP VH VWDELOHWH vQ
VXEDOJRULWPXOY
DSHODWGHVXEDOJRULWPXOXUPWRU
7DEORXULELGLPHQVLRQDOH
JJJJ
YJmJYJ~JJ
JJJJ
JJ
JmJ
J
JY
QJ
JJJYJJ
J~JJJJ
JJJJY
J
JJ
J
JJJJJYJ\J
J~JJJJ
JJJJJJJJ\J
~JJJ
JJJJJJJJY
J
JJJJJJ
JJ
JJJJJJJJY
J
JJJJJJ
J
JJJJJJJYJ\J
J~JJJJ
JJJJJJJJJJ\J
J~JJJJ
JJJJJJJJJJY
J
JJJJJJJJ
JJ
JJJJJJJJJJY
J
JJJJJJJJ J
JJJJJJ
JJ
JJJJJJJJY
J
JJJJJJ
J
JJ
JmJ
J~JJ
J
J
JJJ
JJJ
JJJ
JJJ
7DEORXULELGLPHQVLRQDOH
7DEORXUL
PXOWLGLPHQVLRQDOH
&DSLWROXO
$SOLFDLLFXWDEORXULWULGLPHQVLRQDOH
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
$PY]XWFvQWUXQWDEORXXQLGLPHQVLRQDOVHSRWSVWUDPHGLLOHJHQHUDOHDOHHOHYLORU
XQHLFODVH0HG*HQQRWDXQXLHOHYILLQGUHIHULWSULQFRQVWUXFLD0HG*HQ>QU@XQGH
QUHVWHQXPUXOGHRUGLQHGLQFDWDORJDOHOHYXOXLUHVSHFWLY
0HG*HQ
QXPHUHGHRUGLQHo
PHGLLo
0HGLLOHSHGLVFLSOLQHDOHILHFUXLHOHYVHSRWSVWUDvQWUXQWDEORXELGLPHQVLRQDO
LQGLFL GH
OLQLH
0HGLLOH OD ILHFDUH GLVFLSOLQ SH WRL FHL SDWUX DQL GH OLFHX SHQWUX WRL DEVROYHQLL
XQHLFODVHVHYRUFRGLILFDvQWUXQWDEORXPXOWLGLPHQVLRQDODVWIHO
LQGLFHN$QGHVWXGLX
$QGHVWXGLX
$QGHVWXGLX
N
$QGHVWXGLX LQGLFHM
(GIL]
PHGLH /EURP 0DWHP
J
J
J
J
LQGLFHL
M
$OEX
%DQ
L
=HFLX
7DEORXULWULGLPHQVLRQDOH
9RP QXPL DFHVW WDEORX UHJLVWUX 8Q WDEORX WULGLPHQVLRQDO VH UHSUH]LQW vQ VSDLX
SULQWUXQSDUDOHOLSLSHGGUHSWXQJKLFDFFHVXOODXQHOHPHQWDOVXQHFHVLWkQGSUHFL]DUHD
YDORULORUDWUHLLQGLFLFkWHXQXOSHQWUXILHFDUHGLPHQVLXQH
QWDEORXOSUH]HQWDWFDH[HPSOXYDORDUHDXQXLHOHPHQWHVWHRPHGLHLHVWHORFDOL
]DWFXWUHLLQGLFL
x SULPXOLQGLFHOHYXOQXPUGHRUGLQHGLQFDWDORJ
x DOGRLOHDLQGLFHSUHFL]HD]PDWHULDGHvQYPkQWODFDUHDIRVWRELQXWDFHDVW
PHGLHQXPUXOGHRUGLQHDOGLVFLSOLQHL
x DOWUHLOHDLQGLFHFRUHVSXQGHDQXOXLGHVWXGLXvQFDUHHOHYXODRELQXWDFHDPHGLH
ODGLVFLSOLQDSUHFL]DW
'H H[HPSOX UHJLVWUX>@ UHSUH]LQW PHGLD RELQXW GH HOHYXO %DQ OD /LPED L
OLWHUDWXUDURPkQvQFHOGHDOWUHLOHDDQGHOLFHX
QPRGVLPLODUVHSRWLPDJLQDVLWXDLLDFURUUHSUH]HQWDUHVHSUHWHD]ODVWUXFWXUL
FXVDXPDLPXOWHGLPHQVLXQL*HQHUDOL]kQGSXWHPVSXQHFvQWUXQWDEORXQGL
PHQVLRQDOXQHOHPHQWVHUHJVHWHSUHFL]kQGQXPHOHWDEORXOXLSUHFXPLYDORULOHFHORU
QLQGLFL
$SOLFDLLFXWDEORXULWULGLPHQVLRQDOH
3DUFXUJHUHDXQHLIHHDXQXLWDEORXWULGLPHQVLRQDO
&RQVLGHUPSUREOHPDvQFDUHWUHEXLHVFDOFXOPVXPDHOHPHQWHORUGLQWDEORXOWULGL
PHQVLRQDOGHGLPHQVLXQLPQSDIODWHSHIDDLQIHULRDUDSDUDOHOLSLSHGXOXLFRUHVSXQ
]WRUWDEORXOXL(OHPHQWHOHFDUHIDFSDUWHGLQ]RQDPHQLRQDWDXYDORDUHDFHOXLGHDO
WUHLOHDLQGLFHN 6XEDOJRULWPXOFDUHGHVFULHFDOFXOXODFHVWHLVXPHHVWH
3DUFXUJHUHDXQHLVHFLXQL
9RPSUH]HQWDPRGDOLWDWHDvQFDUHVHDILHD]HOHPHQWHOHWDEORXOXLWULGLPHQVLRQDODGH
GLPHQVLXQLPuPuPDIODWHvQWDEORXOELGLPHQVLRQDOPUJLQLWGHHOHPHQWHOHGHIRU
PDD>N@LHOHPHQWHOHGHIRUPDD>PPN@VXSUDIDDIRUPDWGLQWRDWHGLDJRQDOHOH
SULQFLSDOHDOHWDEORXULORUELGLPHQVLRQDOHGHFRRUGRQDWHLM
7DEORXULWULGLPHQVLRQDOH
$FHVWWDEORXELGLPHQVLRQDOVHYDDILDSHOLQLLGHVXVvQMRV
N
M
L
%
QJ
J?\J
,
JJJJ
J\J
,J
JJJJJJ
J?J
JJJJ
9RPJHQHUDXQWDEORXWULGLPHQVLRQDOFXELFGHGLPHQVLXQHQDVWIHOvQFkWSHIHHOHH[
WHULRDUHVFRQLQQXPDLYDORULFXRSR]LLHPDLvQLQWHULRUVFRQLQQXPDLYDORUL
LDDPDLGHSDUWH/DILHFDUHQLYHORGDWFXILHFDUHHOHPHQWDOXQHLIHHVHYRULQLL
DOL]DLFHOHODOWHFLQFLHOHPHQWHFRUHVSXQ]WRDUHFHORUODOWHIHHDOHFXEXOXL6HGHWHUPL
QPDLvQWkLQXPUXOQLYHOXULORUGHDGkQFLPHSHQWUXFDUHWUHEXLHJHQHUDWHIHH
Q
7DEORXULWULGLPHQVLRQDOH
#
QJ
\
J~J
J
,
?J
$GXQDUHDDGRXWDEORXULWULGLPHQVLRQDOH
3DUFXUJHUHDWDEORXOXLWULGLPHQVLRQDOSRUQLQGGHOD
IHHOHH[WHULRDUHVSUHLQWHULRU
([HPSOX
Q
$GXQDUHDDGRXWDEORXULWULGLPHQVLRQDOHVHIDFHVLPLODUDGXQULLDGRXWDEORXULELGL
PHQVLRQDOH6LQJXUXOHOHPHQWGHQRXWDWHHVWHDSDULLDXQHLGLPHQVLXQLvQSOXV
'DFDLEVXQWGRXWDEORXULWULGLPHQVLRQDOHGHGLPHQVLXQLPQLSVXPDDE
VHFDOFXOHD]DVWIHO
%Q
J\J
,J
JJJJ
J\
J
,
JJJJJJ
J?Q\J
,
JJJJJJJJ%?m?J~J?J
JJJJJJ
JJJJ
J
$ILDUHDHOHPHQWHORUXQXLWDEORXWULGLPHQVLRQDO
$ILDUHDHOHPHQWHORUXQXLDVWIHOGHWDEORXSRDWHILIFXWSHIHOLL8QH[HPSOXGHDVW
IHOGHDILDUHHVWHGDWGHXUPWRUXOVXEDOJRULWP
Q
\
J
,
\
J
,
?\
,
?J
6WUXFWXUDGHGDWHGHWLSWDEORXDUHQXPHURDVHDSOLFDLLvQSUDFWLFGDUPDMRULWDWHD
PHWRGHORUODUJXWLOL]DWHVHFRQFHQWUHD]SHWDEORXULXQLLELGLPHQVLRQDOHQDQXPLWH
VLWXDLLPHWRGDSURJUDPULLGLQDPLFH
QHFHVLWWDEORXULDX[LOLDUHWULGLPHQVLRQDOHSHQ
WUXDSVWUDLQIRUPDLLXWLOHvQFRQVWUXLUHDUH]XOWDWXOXL
0HWRGDSURJUDPULLGLQDPLFHVHYDvQYDvQFODVDD;D
7DEORXULWULGLPHQVLRQDOH
,PSOHPHQWULVXJHUDWH
3HQWUX D Y IDPLOLDUL]D FX PRGXO GH OXFUX FX WDEORXUL GH GLPHQVLXQL PDL PDUL GHFkW
GRLYSURSXQHPVUHDOL]DLLPSOHPHQWDUHDH[HUFLLLORU
VXPDHOHPHQWHORUXQXLWDEORXQGLPHQVLRQDO
LGHQWLILFDUHDFRRUGRQDWHORUXQXLHOHPHQWGDWWRDWHDSDULLLOHvQWUXQWDEORXQGL
PHQVLRQDO
SDUFXUJHUHDXQXLWDEORXWULGLPHQVLRQDOGLQVSUHH[WHULRUvQVSUHLQWHULRU
GHWHUPLQDUHD PDWULFHL GLQWUXQ WDEORX WULGLPHQVLRQDO FDUH DUH VXPD HOHPHQWHORU
PD[LP
3UREOHPHSURSXVH
3RSXODLHYLUXVDW
6H XUPUHWH HYROXLD vPEROQYLULL XQHL SRSXODLL FX XQ YLUXV SH SDUFXUVXO D S ]LOH
,QLLDOSRSXODLDHVWHGDWvQWUXQWDEORXELGLPHQVLRQDO5HIHULWRUODYLQGHFDUHDLQGLYL
]LORUEROQDYLVDXvPEROQYLUHDFHORUVQWRLIXQFLRQHD]XUPWRDUHOHUHJXOL
x 8QLQGLYLGVQWRVDYkQGFHOSXLQWUHLYHFLQLLQIHVWDLvQMXUVHvPEROQYHWHLHO
x 8QLQGLYLGEROQDYvQFRQMXUDWQXPDLGHEROQDYLVHPRELOL]HD]LVHYLQGHF
x 2ULFHLQGLYLGEROQDYSHGXUDWDDFHOSXLQGH]LOHVHvQVQWRHWH
3ULQ YHFLQL VH vQHOHJ QXPDL LQGLYL]LL DIODL vQ LPHGLDWD DSURSLHUH SH DFHHDL OLQLH
VDXSHDFHHDLFRORDQFXXQDQXPLWHOHPHQWFRQVLGHUDW
6VHJHQHUH]HWDEORXOWULGLPHQVLRQDOFXSULQ]kQGHYROXLDSRSXODLHLvQFHOHS]LOH
6VHGHWHUPLQH]LXDVDX]LOHOHvQFDUHQXPUXOLQGLYL]LORUEROQDYLDIRVWPD[LP
6VHDILH]HFRRUGRQDWHOHLQGLYL]LORUFDUHDXIRVWEROQDYLSHvQWUHDJDSHULRDGGHS
]LOH
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXL 8"( &$VHDIOGLPHQVLXQLOHWDEORXOXLELGLPHQVLRQDOP
QXUPDWHGHQXPUXOGH]LOHSSHFDUHVHHIHFWXHD]VWXGLXO3HXUPWRDUHOHPOLQLL
VH DIO HOHPHQWHOH WDEORXOXL LQLLDO FXSULQ]kQG VWDUHD LQGLYL]LORU vQ SULPD ]L 7DEORXO
FRQLQHYDORULLDYkQGVHPQLILFDLDXQXLLQGLYLGVQWRVLDUvQVHPQkQGXQLQ
GLYLGDWLQVGHYLUXV
'DWHGHLHLUH
3HSULPDOLQLHDILLHUXOXL 8"( &'(!VHYRUVFULH]LOHOHvQFDUHQXPUXOvPEROQYLUL
ORUDIRVWPD[LP3HXUPWRDUHOHOLQLLVHYRUVFULHSHUHFKLGHQXPHUHQDWXUDOHUHSUH
]HQWkQGFRRUGRQDWHOHDFHORULQGLYL]LFDUHDXIRVWEROQDYLvQWRDWSHULRDGDFHORUS]LOH
7RDWHQXPHUHOHVFULVHSHDFHHDLOLQLHVHYRUVHSDUDSULQFkWHXQVSDLX
5HVWULFLLLSUHFL]UL
x dPQd
x dSd
([HPSOX
8"( &$
|J|J|J
J`JJ`JJ
`JJ`JJ`J
`JJ`JJ`J
J`JJ`JJ
`JJ`JJ`
8"( &'(!
J|J
JJ
JJ
J|J
JJ
JJ
7DEORXULWULGLPHQVLRQDOH
JJ
JJ
JJ
JJ
J|J
|JJ
|JJ
([SOLFDLH
)LLHUXO GH LHLUH HVWH YL]XDOL]DW SH
GRXFRORDQHSHPRWLYGHVSDLX
6ROXLLOHSUREOHPHORUSURSXVH
3RSXODLHYLUXVDW
QDFHDVWDSOLFDLHWDEORXOWULGLPHQVLRQDOHVWHGHILQLWFDLUGHWDEORXULELGLPHQVLRQDOH
DVWIHO vQFkW ILHFUHL ]LOH VL FRUHVSXQG FkWH XQ WDEORX ELGLPHQVLRQDO SULYLQG VWDUHD
VQWLLGLQ]LXDUHVSHFWLY
$OJRULWPXOGHUH]ROYDUHFRQLQHVXEDOJRULWPLSHQWUXUH]ROYDUHDVXESUREOHPHORU
&RQVWUXLUHD WDEORXOXL WULGLPHQVLRQDO SRUQLQG GH OD WDEORXO ELGLPHQVLRQDO GDW SH
ED]DUHJXOLORUGHWUDQVPLWHUHDEROLLVDXGHVWRSDUHDHL3ULPXOSDVvQDERUGDUHDDFHV
WHLVXESUREOHPHHVWHFLWLUHDGLPHQVLXQLORUWDEORXOXLWULGLPHQVLRQDOFDUHVHYDFRQVWUXL
LDWDEORXOXLFXLQIRUPDLLOHSULYLQGVWDUHDGHVQWDWHGLQSULPD]L
J
QJ
JJ
J
JJ
^GLPHQVLXQLOHWDEORXOXLWULGLPHQVLRQDO`
JJ
J\
J
QJ
JJJJ
J\
J
,J
JJJJJJ
JJJ
^FLWLUHDWDEORXOXLFRUHVSXQ]WRUSULPHL]LOH`
JJJJ
JJ
J
*HQHUDUHDWDEORXOXLWULGLPHQVLRQDOVHUHDOL]HD]FRQVWUXLQGWDEORXULOHELGLPHQVLR
QDOHFRUHVSXQ]WRDUH]LOHLSRUQLQGGLQVLWXDLDFRUHVSXQ]WRDUH]LOHLSUHFHGHQWH
7DEORXULWULGLPHQVLRQDOH
J
QJ ^SHQWUXDQHSXWHDUHIHULLODYHFLQLLXQXL`
^HOHPHQWDIODWSHPDUJLQHERUGPPDWULFHDLQLLDOFX`
JJ
J\`~J
QJ
JJJJ`JmJ`J
JJJJ
~JmJ`J
JJ
JJ
J\`
~J
,J
JJJJ`JmJ`J
JJJJ~JmJ`J
JJ
^JHQHUDUHDSURSULX]LV`
JJ
J\J
QJJ
^SHQWUXILHFDUH`
JJJJ
J\J
QJ
JJJJJJ
J\
J
QJ^SHQWUXILHFDUHHOHPHQWDOPDWULFHLGLQ]LXD`
^VHQXPUYHFLQLLYLUXVDLGLQ]LXDSUHFHGHQW`
JJJJJJJJ
JmJJ~J~J~JJ~JJ
J J J
~KJ
^DGDFQXHUDYLUXVDWGDUDUHFHOSXLQWUHLYHFLQLYLUXVDLVHYLUXVHD]LHO`
JJJJJJJJJJ\J`JJ
JJJJJJJJJJJ
JtJJJJmJJ
JJJJJJJJJJJJJJJJJJJJJJJJJ
JJmJ`J
JJJJJJJJJJ
^EGDFHUDYLUXVDWLHVWHvQFRQMXUDWGLQWRDWHSULOHGHYLUXLVHvQVQWRHWH`
JJJJJJJJ
J
JJJJJJJJJJJ
J\JJJJ
JJJJJJJJJJJJJmJ`J
JJJJJJJJJJ
JJ
JJJJJJJJJJJJJmJJ
^HUDYLUXVDWJ\J`J
^FGDFHUDYLUXVDWGHGH]LOHVHvQVQWRHWH`
$FHVWVXEDOJRULWPDSHOHD]XQDOWVXEDOJRULWPFDUHSRUQLQGGHOD]LXD]LFDOFXOHD
]GHFkWH]LOHSHUVRDQDLGHQWLILFDWSULQFRRUGRQDWHOHLMHVWHEROQDY3UH]HQWPvQ
FRQWLQXDUHDFHVWVXEDOJRULWP
7DEORXULWULGLPHQVLRQDOH
^UHWXUQHD]QXPUXOGH]LOHGHERDOFRQWLQXDOHSHUVRDQHLGHSHSR]LLDLM`
JJ?JmJJJJ
JJ
?JJJJ?J\JJ
QJ
JJJJ?JmJ?JJJ
JJ
JJ
JmJJJ?J~JJ
5H]ROYDUHDSULPHLFHULQHGLQHQXQQHFHVLWFRQVWUXLUHDvQSUHDODELODXQXLLUFRQ
LQkQGQXPUXOWRWDOGHSHUVRDQHYLUXVDWHSHILHFDUH]L$FHDVWDVHSRDWHUHDOL]DDSH
OkQGSHQWUXILHFDUH]LRIXQFLHFDUHvQVXPHD]FD]XULOHGHERDOSHED]DXQXLDOJRULWP
FDUHvQVXPHD]HOHPHQWHOHXQXLWDEORXELGLPHQVLRQDO
J
'HWHUPLQDUHDPD[LPXOXLGLQLUXOVXPHORURUHDOL]PFXVXEDOJRULWPXOFXQRVFXW
J
QJ
^UHWXUQHD]YDORDUHDFHOXLPDLPDUHHOHPHQWGLQWUXQLUGHQXPHUH`
JJJmJJ
J\
J
JJJJJJJJJJ
JJJJJJJmJJ
JJ
JJJmJJ
J
'XS FH QXPUXO PD[LP GH vPEROQYLUL D IRVW GHWHUPLQDW QX UPkQH GHFkWVVH
DILH]H]LOHOHvQFDUHDFHDVWYDORDUHPD[LPDIRVWDWLQVYH]LDOJRULWPXOSULQFLSDO
3HQWUXDUH]ROYDFHOGHDOGRLOHDVXESXQFWWUHEXLHVYHULILFPSHQWUXILHFDUHLQGL
YLGGDFDIRVWFRQWLQXXEROQDYSHSDUFXUVXOFHORUS]LOH$FHDVWFHULQHVWHUH]ROYDW
vQDOJRULWPXOSULQFLSDOvQFDUHDPQRWDWFXVLUXOVXPHORUGHLQGLYL]LEROQDYLSHILH
FDUH]LJ
7DEORXULWULGLPHQVLRQDOH
#JQJ
JJ
QJ
^JHQHUDUHDWDEORXOXLWULGLPHQVLRQDOFXSULQ]kQGHYROXLDYLUXVULORU`
JJ
KJ
^VHFRQVWUXLHWHLUXOQXPUXOXLWRWDOGHLQGLYL]LYLUXVDLSHQWUXILHFDUH]L`
JJ
J\J
QJ
JJJJJmJ
J
JJ
^VHGHWHUPLQQXPUXOPD[LPGHLQGLYL]LYLUXVDL`
JJ
JmJJ
^VHDILHD]]LOHOHvQFDUHVDDWLQVJUDGXOPD[LPGHYLUXVDUH`
JJ
J\J
QJ
JJJJJJ\J
JJJ
JJJJJJ
JJ
JJJJ
^FXWPSHUVRDQHEROQDYHQXPDLGDFQXPUXOSGH]LOHHVWHPDLPLF`
^GHFkWQXPUXOPD[LPGH]LOHvQFDUHYLUXVXOWULHWH`
JJJJJ`JJ
JJJJ
J\
J
QJ
JJJJJJ
J\
J
QJ
JJJJJJJJJmJDGHYUDWJJ^LQLLDOL]DUHPDUFPLQGLYLGXOFDILLQGYLUXVDW`
JJJJJJJJ
J\J
QJ
JJJJJJJJJJJJ\J`JJJ
JJJJJJJJJJJJJmJIDOV^GDFFHOSXLQR]LQXDIRVWYLUXVDWvOGHPDUFP`
JJJJJJJJJJJJJJ
JJJJJJJJJJJJ
JJJ
3ROLQRDPH
'HILQLUHDQRLXQLLGHSROLQRP
)RUPDDOJHEULFDSROLQRDPHORU
5HSUH]HQWDUHDSROLQRDPHORUvQPHPRULDFDOFXODWRUXOXL
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
&DSLWROXO
'HILQLUHDQRLXQLLGHSROLQRP
([HPSOH
LUXOI DUHWUHLWHUPHQLQHQXOL
LUXOJ DUHGRLWHUPHQLQHQXOL
3HDFHDVWPXOLPHVHGHILQHVFGRXRSHUDLLDOJHEULFH
$GXQDUHD
IJ DEDEDE
QPXOLUHD
IJ FFFXQGH
F DE
F DEDE
F DEDEDE
DU DEUDEUDEUDUE
6HREVHUYFVXPDIJLSURGXVXOIJDSDULQDFHOHLDLPXOLPL
'HILQLLH
)LHFDUHHOHPHQWDOPXOLPLLGHILQLWHDQWHULRUSHFDUHVXQWGHILQLWHFHOHGRXRSHUD
LLVHQXPHWHSROLQRP
3ROLQRDPH
'DFI DDDDQHVWHXQSROLQRPQXPHUHOHDDDVHQXPHVFFRH
ILFLHQLLOXLI
$3URSULHWLDOHDGXQULLSROLQRDPHORU
)LHIJLKWUHLSROLQRDPH
$GXQDUHDHVWHFRPXWDWLYIJ JI
$GXQDUHDHVWHDVRFLDWLYIJK IJK
(OHPHQWQHXWUXSHQWUXDGXQDUHDSROLQRDPHORUHVWHSROLQRPXOFRQVWDQW
$YHPI I I
2ULFHSROLQRPDUHXQRSXVQRWDWFXIDVWIHOvQFkWII II
%3URSULHWLDOHvQPXOLULLSROLQRDPHORU
QPXOLUHDHVWHFRPXWDWLYIJ JI
QPXOLUHDHVWHDVRFLDWLYIJK IJK
(OHPHQWQHXWUXSHQWUXvQPXOLUHDSROLQRDPHORUHVWHSROLQRPXOFRQVWDQW
$YHPI I I
QPXOLUHDHVWHGLVWULEXWLYIDGHDGXQDUHIJK IJIKL
$YHPIJK IKJK
'DFILJVXQWSROLQRDPHQHQXOHDWXQFLSURGXVXOORUHVWHXQSROLQRPQHQXOIz
LJzIJz
3RVLELOLWDWHD VLPSOLILFULL FX XQ IDFWRU QHQXO GDF I J L K VXQW SROLQRDPH DVWIHO
vQFkWIJ IKLIzDWXQFLJ K
)RUPDDOJHEULFDSROLQRDPHORU
QQ
)RORVLPvQPXOLUHDLDGXQDUHDSHQWUXDVFULHI DD;D;DP;PXQGH
DDDDPVXQWFRHILFLHQLLSROLQRPXOXLI
3ROLQRDPHOHGHIRUPD D;QXQGHD&PXOLPHDQXPHUHORUFRPSOH[HLQHVWH
XQQXPUQDWXUDOVHQXPHVFPRQRDPH
3ROLQRDPH
QPXOLPHDSROLQRDPHORUFXFRHILFLHQLFRPSOHFLVHGLVWLQJXUPWRDUHOHVXEPXO
LPLLPSRUWDQWH
5>;@ PXOLPHDSROLQRDPHORUFXFRHILFLHQLUHDOL
4>;@ PXOLPHDSROLQRDPHORUFXFRHILFLHQLUDLRQDOL
=>;@ PXOLPHDSROLQRDPHORUFXFRHILFLHQLvQWUHJL
5HSUH]HQWDUHDSROLQRDPHORUvQPHPRULD
FDOFXODWRUXOXL
5HSUH]HQWDUHDSULQLUXOFRHILFLHQLORU
&RHILFLHQLLXQXLSROLQRPVHYRUSVWUDvQWUXQWDEORXXQLGLPHQVLRQDOvQRUGLQHFUHVF
WRDUHVDXGHVFUHVFWRDUHGXSSXWHUHDOXL;1XPLPJUDGXOSROLQRPXOXLSXWHUHDFHD
PDLPDUHDOXL;SHQWUXFDUHFRHILFLHQWXOHVWHGLIHULWGHQFRQFOX]LHLUXOFRUHV
SXQ]WRUFRHILFLHQLORUYDDYHDFHOSXLQDWkWHDHOHPHQWHSHQWUXWHUPHQXOOLEHU
FkWHVWHJUDGXOSROLQRPXOXL
$FHVWPRGGHUHSUH]HQWDUHDUHDYDQWDMXOFvQFD]XODGRXSROLQRDPHFRHILFLHQLL
DFHORUDLSXWHULDOHOXL;VXQWDH]DLvQFHLGRLYHFWRULSHSR]LLLFRUHVSXQ]WRDUH
([HPSOXGHDGXQDUHLVFGHUHDGRXSROLQRDPH
([HPSOXGHvQPXOLUHDGRXSROLQRDPH
)LH3; ;;
L3; ;
3ROLQRDPH
;;;
;;;
;;
;;;
9DORDUHDXQXLSROLQRP
3
3
3;
3
33
3ULQGHILQLLHQXPUXOI DDDDQQVHQXPHWHYDORDUHDSROLQRPX
OXLIvQ
([HPSOX
9DORDUHDSROLQRPXOXL3; ;;vQSXQFWXO; HVWH
3
6DGHPRQVWUDWFFHDPDLUDSLGPHWRGGHDFDOFXODYDORDUHDXQXLSROLQRPHVWH
FHDED]DWSHVFKHPDOXL+RUQHU
3ROLQRPXO3;VHVFULHVXEIRUPD
3; DQ[DQ[D[D[D
L VH DSOLF XQ DOJRULWP VLPSOX vQ FDUH [ HVWH DUJXPHQWXO SHQWUX FDUH VH FDOFXOHD]
YDORDUHDSROLQRPXOXL3GHFRHILFLHQLDLLJUDGQ
J
QJ
JJJmJ
J
JJ
J\
`J
QJ
JJJJJmJJ~JJ
PSULUHDSROLQRDPHORU
3UH]HQWPvQFRQWLQXDUHRVHULHGHGHILQLLLLWHRUHPHDFURUFXQRDWHUHHVWHQHFHVDU
vQUH]ROYDUHDSUREOHPHLSURSXVHODVIkULWXODFHVWXLFDSLWRO
$7HRUHPDvPSULULLFXUHVW
)LLQGGDWHGRXSROLQRDPHRDUHFDUHFXFRHILFLHQLLFRPSOHFLILJXQGHJzDWXQFL
H[LVWGRXSROLQRDPHFXFRHILFLHQLGHWLSFRPSOH[TLUDVWIHOvQFkWI JTUXQ
GHJUDGXOSROLQRPXOXLUHVWHPDLPLFGHFkWJUDGXOSROLQRPXOXLJ
3ROLQRDPHOHTLUVXQWXQLFHGDFVDWLVIDFDFHDVWSURSULHWDWH
&HL FDUH VLPW QHYRLD XQXL VWXGLX DSURIXQGDW SRW FRQVXOWD ELEOLRJUDILH GH VSHFLDOLWDWH GH
H[HPSOXPDQXDOXOGHPDWHPDWLFSHQWUXFODVDD;D
([HPSOX
)LH3; ;;;
L3; ;
3ROLQRDPH
;;;; ;
;;
;;
;
;
2EVHUYDLH
'DFFHOHGRXSROLQRDPHDXFRHILFLHQLQXPHUHvQWUHJLLFRHILFLHQWXOWHUPHQXOXL
GHJUDGPD[LPDOvPSULWRUXOXLHVWHrDWXQFLFkWXOLUHVWXOVXQWSROLQRDPHFXFRHIL
FLHQLvQWUHJL
)LHILJGRXSROLQRDPH6SXQHPFSROLQRPXOJGLYLGHSROLQRPXOIVDXIHVWH
GLYL]LELOSULQJVDXJHVWHXQGLYL]RUDOOXLIVDXIHVWHXQPXOWLSOXDOOXLJGDFH[LVW
XQSROLQRPKDVWIHOvQFkWI JK
)LHIXQSROLQRPQHQXOFXFRHILFLHQLGHWLSFRPSOH[8QQXPUFRPSOH[DHVWHU
GFLQDSROLQRPXOXLIGDFID
7HRUHPDOXL%p]RXW
)LHIzXQSROLQRPQHQXO1XPUXOD&HVWHUGFLQDSROLQRPXOXLIGDFL
QXPDLGDF;DvOGLYLGHSHI
7HRUHP
)LHI DD;D;DQ;QXQSROLQRPFXDQzQt'DF[[[Q
VXQWUGFLQLOHOXLIDWXQFLI DQ;[;[;[QLvQSOXVDFHDVW
GHVFRPSXQHUHDOXLIvQIDFWRULOLQLDULHVWHXQLF
7HRUHP
5HVWXOvPSULULLXQXLSROLQRPIzSULQELQRPXO;DHVWHHJDOFXYDORDUHDIDD
SROLQRPXOXLIvQD
6FKHPDOXL+RUQHURIHUXQSURFHGHXGHDIODUHDFkWXOXLLDUHVWXOXLvPSULULLSR
OLQRPXOXLISULQELQRPXO;DQFD]XOvQFDUHUHVWXOvPSULULLHVWHDHVWHUGFLQ
DSROLQRPXOXL2ULFHUGFLQDSROLQRPXOXLHVWHGLYL]RUDOQXPUXOXLDDQGLQXOWLPD
UHODLHDOXL9LpWH
QWDEHOXOXUPWRUSUH]HQWPVFKHPDOXL+RUQHUSHQWUXvPSULUH
)LHDLFRHILFLHQLLSROLQRPXOXL3(IHFWXPvPSULUHDODPRQRPXO;Y
3ROLQRDPH
SXWHULOHQHGHWHUPLQDWHL Q
Q
Q
FRHILFLHQL
DQ
DQ
D
D
DQ
FRHILFLHQLLFkWXOXL
DQYEQ DQYEQ DYE DYE
DQ
vLQRWP
EQ EQ
EQ
E
U
$FHVWWDEHOVHFRPSOHWHD]DVWIHO
x vQUkQGXOGRLDOWDEHOXOXLVHVFULXFRHILFLHQLLSROLQRPXOXLI
x XUPWRDUHDOLQLHDWDEHOXOXLYDFRQLQHFRHILFLHQLLELVHIRUPHD]DVWIHO
EQSULPHWHYDORDUHDDQ
SHFHOHODOWHFRORDQHGHODQODHOHPHQWHOHELVHFDOFXOHD]FXIRUPXOD
EL DLYEL
x 'DF D YE HVWH vQVHDPQ F Y HVWH UGFLQ D SROLQRPXOXL &kWXOvPSULULL
SROLQRPXOXLGDWODDFHVWPRQRP;YHVWHSROLQRPXODLFUXLFRHILFLHQLVXQWFR
HILFLHQLLELQHQXOLGRDUFXXQJUDGPDLPLFLDUUHVWXOHVWHDYE
([HPSOX
PSULPSROLQRPXO;;;OD;
Y
SXWHUHD
FRHILFLHQL
FkWXOE
E
E
E
E
U
&kWXOvPSULULLHVWH;;;LDUUHVWXOHVWH
3HQWUXDGHVFRPSXQHXQSROLQRPFXFRHILFLHQLvQWUHJLVXEIRUPGHSURGXVGHEL
QRDPHVHDSOLFVFKHPDOXL+RUQHUSHQWUXILHFDUHGLYL]RUSRVLELODOOXLDDQ QFD]XO
vQFDUHDFHVWDHVWHUGFLQDSROLQRPXOXLVHUHLQHLVHFRQWLQXSURFHGHXOFXSROLQR
PXOFkWQILQDOSHQWUXILHFDUHUGFLQGHWHUPLQDWDYHPXQPRQRP'DFUHVWXOHV
WHXQSROLQRPQHQXOvQVHDPQFDFHVWDQXVHSRDWHGHVFRPSXQHvQSURGXVGHPRQRD
PHvQPXOLPHDQXPHUHORUvQWUHJL
([HPSOX
6VHGHVFRPSXQSROLQRPXO;;;;
6HGHWHUPLQUGFLQLOHvQWUHJLSRVLELOHGHFLGLYL]RULLOXL
$SOLFP VFKHPD OXL +RUQHU SHQWUX DFHVWH YDORUL 3RW H[LVWD UGFLQL PXOWLSOH DGLF
SXWHPJVLRYDORDUHSHQWUXFDUHSROLQRPXOVVHGLYLGOD[YNXQGHN!
SXWHUHD
FRHILFLHQL
HVWHUGFLQ
GDUQXGXEO
QXHVWHUGFLQ
HVWHUGFLQ
QXHVWHUGFLQ
3ROLQRDPH
Y
&RHILFLHQLLSROLQRPXOXLFkWVXQW
QXHVWHUGFLQ
; ; ;
5HSUH]HQWDUHDSROLQRDPHORUSULQPRQRDPHOHVDOH
'DFXQSROLQRPDUHPXOLFRHILFLHQLHJDOLFXUHSUH]HQWDUHDSULQLUXOFRHILFLHQLORU
QXPDLHVWHDYDQWDMRDVQDFHVWFD]VHSUHIHUUHSUH]HQWDUHDSULQLUXOPRQRDPHORU
'HDVHPHQHDGDFDFHVWHPRQRDPHQXVXQWDFFHVLELOHvQRUGLQHDFUHVFWRDUHVDXGHV
FUHVFWRDUHDSXWHULLOXL;QXYRUDSUHDSUREOHPHGHRDUHFHvQFD]XOILHFUXLPRQRP
VHSUHFL]HD]GRXLQIRUPDLLYDORDUHDFRHILFLHQWXOXLLJUDGXOWHUPHQXOXL5HSUH]HQ
WDUHDSULQPRQRDPHVHSRDWHUHDOL]DFXPDLPXOWHWLSXULGHVWUXFWXULGHGDWH
x FX GRX LUXUL XQXO SHQWUX FRHILFLHQLL GLIHULL GH DL SROLQRPXOXLLXQXOSHQWUX
JUDGHOHFRUHVSXQ]WRDUHDOHWHUPHQLORU
x FXXQLUGHDUWLFROH
x FXDMXWRUXOXQHLOLVWHOLQLDUHDORFDWGLQDPLF
7LSXO
VHYDvQYDODVIkULWXOFODVHLDD
$ORFDUHDGLQDPLFRYRPvQYDvQFODVDDD
3ROLQRDPH
,PSOHPHQWULVXJHUDWH
3HQWUXDYIDPLOLDUL]DFXLPSOHPHQWDUHDRSHUDLLORUFXSROLQRDPHYUHFRPDQGPV
UH]ROYDLXUPWRDUHOHH[HUFLLLSULQFDUHVUHDOL]DLRSHUDLLOH
FLWLUHDXQXLSROLQRPGDWSULQJUDGLFRHILFLHQL
FLWLUHDXQXLSROLQRPGDWSULQPRQRDPH
YDORDUHDXQXLSROLQRPSHQWUXXQDUJXPHQWGDW
DGXQDUHDDGRXSROLQRDPH
vQPXOLUHDDGRXSROLQRDPH
vPSULUHDDGRXSROLQRDPH
GHWHUPLQDUHDDFHOXLSROLQRPGLQWUHQSROLQRDPHFDUHSHQWUXXQDUJXPHQWGDWDUH
YDORDUHPD[LP
3UREOHPHSURSXVH
2SHUDLLFXSROLQRDPH
QIXQFLHGHFHULQDSUHFL]DWvQILLHUXOGHLQWUDUHVHYDHIHFWXDXQDGLQWUHXUPWRDUH
OHRSHUDLLDVXSUDXQRUSROLQRDPHFXFRHILFLHQLvQWUHJL
x DGXQDUHDDGRXSROLQRDPH
x VFGHUHDDGRXSROLQRDPH
x vQPXOLUHDDGRXSROLQRDPH
x vPSULUHDDGRXSROLQRDPH
x FDOFXODUHDYDORULLXQXLSROLQRPvQWUXQSXQFWQXPUvQWUHJGDW
x GHVFRPSXQHUHDXQXLSROLQRPvQSURGXVGHELQRDPH
'DWHGHLQWUDUH
'HSHSULPDOLQLHDILLHUXOXLGHLQWUDUH '*&$VHFLWHWHXQFDUDFWHUFDUHFRPXQLF
RSHUDLDFDUHWUHEXLHHIHFWXDW&DUDFWHUHOHSRVLELOHVXQW
x ~VHVROLFLWDGXQDUHDDGRXSROLQRDPH
x VHVROLFLWVFGHUHDFHOXLGHDOGRLOHDSROLQRPGLQSULPXO
x VHVROLFLWSURGXVXODGRXSROLQRDPH
x VHVROLFLWFkWXOLUHVWXOGXSFHSULPXOSROLQRPVDvPSULWODDOGRLOHD
x VHVROLFLWFDOFXODUHDYDORULLXQXLSROLQRPvQWUXQSXQFWGDW
x VHVROLFLWGHVFRPSXQHUHDSROLQRPXOXLvQELQRDPH
QFD]XOvQFDUHVHGRUHWHRRSHUDLHDULWPHWLFFRHILFLHQLLFHORUGRXSROLQRDPH
VHYRUDIODSHOLQLLOHDGRXDLUHVSHFWLYDWUHLDDILLHUXOXL
3ROLQRDPH
3HQWUXFDOFXOXOYDORULLXQXLSROLQRPYDORDUHDQXPHULFvQWUHDJSHQWUXFDUHVHFH
UHFDOFXODUHDYDORULLSROLQRPXOXLVHYDFLWLGHSHDGRXDOLQLHDILLHUXOXLSHOLQLDDWUH
LDDIOkQGXVHFRHILFLHQLLSROLQRPXOXLGDW
'DFRSLXQHDHVWH FRHILFLHQLLSROLQRPXOXLGHGHVFRPSXVVHDIOSHDGRXD
OLQLHDILLHUXOXL
&RHILFLHQLLSROLQRDPHORUVHYRUFLWLGLQILLHUXO'*&$vQRUGLQHFUHVFWRDUHGX
S SXWHULOH QHGHWHUPLQDWHL $VWIHO DYkQG L FRHILFLHQLL QXOL JUDGXO SROLQRPXOXL VH
YDGHWHUPLQDSHED]DQXPUXOXLFRHILFLHQLORU
'DWHGHLHLUH
QILLHUXO'*&'(!VHYDVFULHvQIXQFLHGHRSHUDLDVROLFLWDW
x SHQWUXRSHUDLLOH ~ L VHYDDILDSROLQRPXOUH]XOWDWvQXUPDHIHFWXULL
RSHUDLHLUHVSHFWLYH
x vQXUPDRSHUDLHLGHvPSULUHYRUUH]XOWDGRXSROLQRDPHFkWXOLUHVWXOFRHIL
FLHQLLDFHVWRUSROLQRDPHVHYRUVFULHSHSULPDFkWXOLUHVSHFWLYDGRXDOLQLHDIL
LHUXOXLUH]XOWDWUHVWXO
x YDORDUHD XQXL SROLQRP FX FRHILFLHQL vQWUHJL vQWUXQ SXQFW GDW QXPU vQWUHJ HVWH
XQQXPUvQWUHJFDUHYDILVFULVvQILLHUXOGHLHLUH
x vQ XUPDGHVFRPSXQHULLXQXLSROLQRPFDSURGXVGHELQRDPHUH]XOWRH[SUHVLHGH
IRUPDSROLQRPSROLQRPSROLQRPN
3ROLQRDPHOH VH YRU DILD vQ IRUP DOJHEULF vQ RUGLQHD GHVFUHVFWRDUH D JUDGHORU
WHUPHQLORU3XWHULOHOXL;VHYRUDILDVXEIRUPD
;SXWHUHGDFSXWHUH!
;VHYDDILD;
;QXVHYDDILDDSDUHGRDUFRHILFLHQWXO
WHUPHQLLDLFURUFRHILFLHQLVXQWQXVHYRUVFULHH[FHSLHIFkQGSROLQRPXOQXO
5HVWULFLLLSUHFL]UL
x WRDWHSROLQRDPHOHDXFRHILFLHQLvQWUHJL
x GDWHOHGHLQWUDUHVXQWFRUHFWHLFRQIRUPHFXGHVFULHUHDGLQHQXQ
x FRHILFLHQWXOWHUPHQXOXLGHJUDGPD[LPDSROLQRPXOXLvPSULWRUvQFD]XORSHUDLHL
HVWH
([HPSOH
'*&$
~J
JJ`JJ
JJ
'*&'(!J
~
3ROLQRDPH
'*&$
J
JJ`JJ
JJ
'*&$J
J
JJ`JJ
JJ
J
'*&$J
J
JJ`JJ
JJJ
J
'*&$
J
|J
JJ`JJ
'*&$
J
J`JJJ
'*&'(!J
~
'*&'(!J
|~~
JJQ
KJ QXYKJJ QXYKJ
J J
^FRPSOHWHD]SROLQRPXOSFXXULSkQODQRXOJUDG`
J
J
JQ
KJ QXYKJ
J J
^LQLLDOL]HD]FRHILFLHQLLSROLQRPXOXLSGHJUDGJFXXUL`
'*&'(!J
'*&'(!J
~~JJ
J
J
J
\``JJ
KJ
J
JQ
KJ QXYKJQ
Q
KJ
^FDOFXOHD]YDORDUHDSROLQRPXOXLSvQWUXQSXQFWGDW[FXVFKHPDOXL+RUQHU`
J
J%JQ
KJJ QXYKJJ
QKJ
JJQ
KJJ QXYKJ
^vQPXOHWHSROLQRPXOSFX;`
J J
&RPSOH[LWDWHDDFHVWHLDSOLFDLLREOLJODXWLOL]DUHDVXESURJUDPHORUXQHOHGLQWUHHOHIL
LQGQHFHVDUHvQFD]XOUHDOL]ULLPDLPXOWRURSHUDLL'LQVXESURJUDPHOHFDUHSUHOXFUHD
]SROLQRDPHOHDPFRQVWUXLWXQXQLWQDFHVWXQLWDPGHILQLWWLSXO
LVXESUR
JUDPHOHFDUHUHDOL]HD]RSHUDLLOHGHFDUHYRPDYHDQHYRLH8QHOHVXESURJUDPHVXQW
DSHODWHGRDUGHVXESURJUDPHLQXVHYGGLQSURJUDPXOXWLOL]DWRUDOXQLWXOXL
,QWHUIDDDFHVWXLXQLW
J
Q
KJ QXYKJJ QKJ
^DILHD]XQSROLQRPvQIRUPDVDDOJHEULF`
J J
2SHUDLLFXSROLQRDPH
3ROLQRDPH
'*&'(!J
~J
6ROXLLOHSUREOHPHORUSURSXVH
^UHWXUQHD]SROLQRPXOFLWLWGLQILLHULJUDGXOOXL`
J
%%JQ
KJ QXYKJJ
J J
%
Q
KJ
^UHWXUQHD]SROLQRPXOUH]XOWDWGLQvQPXOLUHDOXLFXRFRQVWDQW`
J
Q
KJ QXYKJJQ
KJJ
J J
J QXYKJ
^DGXQDUHDDGRXSROLQRDPHSLSGHJUDGJUHVSHFWLYJ`
J
J%Q
KJ QXYKJJQ
KJJ
J J
J QXYKJ
J
Q
KJ QXYKJJQ
KJJ
J J
J QXYKJ
^UHWXUQHD]SROLQRPXOUH]XOWDWGLQvQPXOLUHDDGRXSROLQRDPH`
J
JQ
KJ QXYKJJ
J J
J%Q
KJJ % QXYKJ
^UHWXUQHD]SROLQRPXOFkWLUHVWUH]XOWDWHGLQvPSULUHDDGRXSROLQRDPH`
J%
Q
KJ QXYKJJ QK
^GHVFRPSXQHSROLQRPXOvQSURGXVGHELQRDPH`
6XEDOJRULWPXO FLWHWHGHSHOLQLDFXUHQWDILLHUXOXLGHLQWUDUHFRHILFLHQ
LLXQXLSROLQRPLGHWHUPLQJUDGXODFHVWXLDvQIXQFLHGHQXPUXOGHFRHILFLHQL
3ROLQRDPH
QVXEDOJRULWPXOFDUHDILHD]XQSROLQRPVXEIRUPDOJHEULFLFRQIRUPFHULQH
ORUHQXQDWHVDXVHSDUDWXUPWRDUHOHVLWXDLL
x GDFSROLQRPXODUHJUDGVHDILHD]WHUPHQXOOLEHU
x GDFSROLQRPXODUHJUDGPDLPDUHGHFkW
VHDILHD]SULPXOWHUPHQGHJUDGPD[LP
VHDILHD]WHUPHQLLGHJUDG
VHDILHD]WHUPHQXOOLEHU
'HDVHPHQHD
x vQIDDFRHILFLHQLORUSR]LWLYLYRPVFULH ~DYHPGHDILDWRVXPGHPRQRDPH
SHFkQGvQIDDFHORUQHJDWLYLVHPQXO VHDILHD]LPSOLFLWQXHVWHFD]XOVVH
DGDXJHQLPLF
x GDFFRHILFLHQWXOHVWHWHUPHQXOUHVSHFWLYQXVHDILHD]
J
Q
^DYHPQXPDLWHUPHQOLEHU`J
JJJ J\J`J
J JJ
JJ
J
JJJJJ J\JJ
J
^WHUPHQGHWLSXO`J
JJJJ
J
JJJJJJJ JzJJ
^WHUPHQGHWLSXO
`J
JJJJJJJJ
J J
JJJJJ JJJ
^WHUPHQGHWLSXO?`J
JJJJJJ
J J
^WHUPHQGHWLSXO`J
JJJJ
J
JJ
J
JJJJ
J\ J
QJ
JJJJJJJJzJ`J
^GDFWHUPHQXODUHFRHILFLHQWQHQXO`
JJJJJJJJJJ\JJJ
JJ
JJJJJJJJ
J
JJJJJJJJJJJJ\JJ
J~J
JJJJJJJJJJ
J
JJJJJJJJJJJJJJJJJ
J~J
JJJJJJJJJJJJ
J
JJ
JJJJJJJJJJJJ
JJJJJJJJJJJJJ
JJ
JJJJJJJJJJJJJJJJJJJ
J
JJ
J
JJJJJJ J
JJJJ
J
3ROLQRDPH
JJJJJ`JJ`JJ
JJJJJJ
J~`J
JJJJ J
JJJJJ`JJ`JJ
JJJJJJ
J`J
JJ J
^DILDUHDWHUPHQXOXLOLEHU`
^FDOFXOHD]YDORDUHDSROLQRPXOXLSvQWUXQSXQFWGDW[FXVFKHPDOXL+RUQHU`
JJJmJ`J
JJ
J\ `J
QJ
JJJJJmJJ~JJ
JJJmJJ
J
J
2SLXQHD2;2
J
J
^VHFRPSOHWHD]FXXULSROLQRPXOPDLVFXUWSkQODOXQJLPHDFHOXLODOW`
^LVHGHWHUPLQJUDGXOUH]XOWDWXOXL`
J J
JJJ JJ JJ
JJJJ JmJ J
JJJJ J
JJ
J
JJJJ JmJ J
3ROLQRDPH
JJJJ J
JJ
J\` J
QJ
JJJJJmJJ~JJ
^VHDGXQWHUPHQFXWHUPHQ`
^GDFvQXUPDDGXQULLFHORUGRXSROLQRDPHVDUHGXVJUDGXO`
^SROLQRPXOXLUH]XOWDWVHPRGLILFJUDGXOSROLQRPXOXLVXP`
^DGXQPFX`
$FHDVWUH]ROYDUHDUHGH]DYDQWDMXOFvOPRGLILFSHSUHVSHFWLYSHSGXSFD]
'DFvQVLDPWUDQVPLWHSULQYDORDUHGXSUHYHQLUHDGLQDSHOLDPUHJVLQHPRGLIL
FDWH
2SLXQHD212
6FGHUHDDGRXSROLQRDPHSRDWHILSULYLWFDRDGXQDUHDSULPXOXLSROLQRPFXSR
OLQRPXOUH]XOWDWGLQvQPXOLUHDFHOXLGHDOGRLOHDSROLQRPFX
SS SS
J% Q
JJ
%% J
JJ
KJ
3ROLQRDPH
^GDFvQXUPDVFGHULLFHORUGRXSROLQRDPHVDUHGXVJUDGXO`
^SROLQRPXOXLUH]XOWDWVHPRGLILFJUDGXOSROLQRPXOXLGLIHUHQ`
QPXOLUHDSRDWHILSULYLWFDDGXQDUHDSROLQRDPHORURELQXWHGLQvQPXOLUHDOXLS
FXFkWHXQPRQRPGHDOOXLS3ROLQRPXOSURGXVvOYRPLQLLDOL]D
'DFYUHPVHYLWPDFHDVWRSHUDLHGHFRPSOHWDUHFXXULFDUHFDX]HD]FUHWH
UHDRSHUDLLORUHOHPHQWDUHGHDGXQDUHSXWHPSURFHGDvQIHOXOXUPWRU
J
J
QJ
J J
JJJ JJ JJJ
JJJJ
J\`
J
QJ
JJJJJJJmJJ~JJ
JmJJ
JmJ J
JJJJ
J\`
J
QJ
JJJJJJJmJJ~JJ
JmJJ
JJJJ JmJ J
J
J
J
QJ
^LQLLDOL]HD]FRHILFLHQLLSROLQRPXOXLSGHJUDGJFXXUL`
JJ
J\` J
QJ
JJJJJmJ`J
JJ
J
J
0RQRDPHOHFXFDUHVHYDvQPXOLSOHRELQHPGLQSVXEIRUPGHFRHILFLHQLQ
FRQVHFLQQHWUHEXLHXQVXEDOJRULWPFDUHvQPXOHWHXQSROLQRPFXXQQXPUvQWUHJ
J
J
%% %
QJ
^UHWXUQHD]SROLQRPXOUH]XOWDWGLQvQPXOLUHDOXLFX%
`
JJ
J\` J
QJ
JJJJJmJ%
J
JJ
J
Q VXEDOJRULWPXO
YRP XWLOL]D WUHL SROLQRD
PHGHOXFUXGHJUDG
L
3ROLQRPXOSULPHWHYD
ORDUHD SROLQRPXOXL S vQ
VWUkQJHP SROLQRPXO UH]XOWDW S LDU vQ
SVWUPWHPSRUDUSROLQRPXOFDUHODILHFDUHSDVVHvQPXOHWHFX;'HDVH
PHQHDODILHFDUHSDVvQQXPUGHFkLWHUPHQLVXQWvQSYRPvQPXOLSFXFRHILFLHQ
WXOFRUHVSXQ]WRUGLQSLUH]XOWDWXOVHDGXQODSSVWUDWvQ
J
QJ
J J
^UHWXUQHD]SROLQRPXOUH]XOWDWGLQvQPXOLUHDDGRXSROLQRDPH`
JJ JmJ J~J J
JJ
J
^VHLQLLDOL]HD]UH]XOWDWXO`
JJJmJJ
^JJ\JSROLQRPGHOXFUX`J
JJ JmJ J
^VHDGXQODILHFDUHSDVSROLQRPXOODSROLQRPXOUH]XOWDW`J
J
3ROLQRDPH
JJ
J\` J
QJ
^SHQWUXILHFDUHFRHILFLHQWDOSROLQRPXOXL`
JJJJ
JmJJ
JJJJ
JmJJ
JJJJ
%%
J
JJJJ
J
JJJJ J
^VHSUHJWHWHSHQWUXSDVXOXUPWRU`
JJ
(IHFWXOVXEDOJRULWPXOXL HVWHHFKLYDOHQWFXvQPXOLUHDSROLQRPXOXL
SFX;'HIDSWVHGHSODVHD]FRHILFLHQLLvQLUFXRSR]LLHODGUHDSWDHOLEHUkQGDVWIHO
ORFXOWHUPHQXOXLOLEHUFDUHVHLQLLDOL]HD]FXLvQILQDOVHPUHWHJUDGXOSROLQRPX
OXLFX
J QJ
J J
^vQPXOHWHSROLQRPXOSFX;`
JJ
J\ `J
QJ^VHGHSODVHD]FRHILFLHQLLFXRSR]LLHVSUHGUHDSWD`J
JJJJ~JmJJ
JJ
J
JJ`JmJ`J
JJ JmJ J~JJ
'DF vQWUR SUREOHP DP DYHD QHYRLH GH XQ VXEDOJRULWP VLPSOX GH vQPXOLUHDP
SXWHDIRORVLXUPWRUXO
J
J
QJ
JJ JmJ J~J J
^VHLQLLDOL]HD]UH]XOWDWXO`J
JJ
JJ
J\` J
QJ
JJJJ
J\` J
QJ
JJJJJ~JmJ~J~JJ
2SLXQHD2C2J
'HRDUHFHDFHDVWDSOLFDLHGHWHUPLQFkWXOLUHVWXODGRXSROLQRDPHFXFRHILFLHQL
vQWUHJL FRQIRUP XQXL UH]XOWDW SUH]HQWDW vQ VXSRUWXO WHRUHWLF DO OHFLHL FRHILFLHQWXO GH
JUDGPD[LPDOSROLQRPXOXLvPSULWRUWUHEXLHVILHVDX
3ROLQRDPH
^UHWXUQHD]SROLQRPXOFkWLUHVWUH]XOWDWHGLQvPSULUHDDGRXSROLQRDPH`
JJ %JmJ JJ ^JUDGXOSROLQRPXOXLFkWHVWHGLIHUHQDJUDGHORUSROLQRDPHORU`
^VHLQLLDOL]HD]FRHILFLHQLLSROLQRPXOXL%FX`
JJ
% %J
^FkWXOLUHVWXOYRUILSROLQRDPHFXFRHILFLHQLvQWUHJL`J
JJJ J\JJ J J\JJ
^JUDGXOGHvPSULWXOXLtJUDGXOvPSULWRUXOXL`J
JJJJ
J JtJ J
QJ
^FRHILFLHQWXOWHUPHQXOXLGHJUDG YDILUH]XOWDWXOvPSULULL`
JJJJJJ% JmJ J
JJJJJJ
% J
JJJJJJ% J
^VHUHSHWSURFHVXOvPSULQGUHVWXODFWXDOOD`J
JJJJJJJmJJ
JJJJJJ JmJ J
J
J
2SLXQHD22
3HUkQGSHQWUXILHFDUHSRVLELOGLYL]RUVHFRQVWUXLHWHSROLQRPXOSFRQIRUPVFKHPHL
OXL+RUQHU
J%
,
JJJ` J\J`JJ ^QXPDLGDFDUHFRHILFLHQLvQWUHJL`
JJJJ
JmJ`
^VHLQWURGXFvQLUXOGLYL]RULLOXL``J
JJJJ
J\`J
QJ
JJJJJJJ`J\J`J^LVHLQWURGXFvQLUXOGLYL]RULORU`J
JJJJJJJJ
JmJ
~J
JJJJJJJJ
JmJJ
JJJJJJJJ
JmJ
~J
JJJJJJJJ
JmJJ
JJJJJJ
^YDULDELODX[LOLDUvQFDUHVHSVWUHD]JUDGXOSROLQRPXOXL`
JJJJ JmJ
JJJJ?JmJJJ
^LQGLFHvQLUXOGLYL]RULORU`J
^QXPUXOUGFLQLORUJVLWH`J
JJJJ
JmJ`JJ
^VHFRQVWUXLHWHSROLQRPXOFRQIRUPVFKHPHLOXL+RUQHU`
JJJJ
J
JJJJJJ JmJ J
^FRHILFLHQWXOWHUPHQXOXLGHJUDGPD[LP`
JJJJJJ
J\ `J
QJ
JJJJJJJJJmJJ~J~?J
3ROLQRDPH
JJJJJJJ`J\J`JJ
^?HVWHUGFLQDOXL`J
JJJJJJJJ
JmJ
J~JJ
JJJJJJJJ
JmJ?JJJJ ^SVWUPUGFLQDvQLUXOUGFLQLORU`
JJJJJJJJ
J\ J
QJ
JJJJJJJJJJJJmJJ
J
JJJJJJJJ JmJ JJJJJJJJJJJJJJJJJJJJJJJ ^VFDGHJUDGXOSROLQRPXOXL`J
JJJJJJ
J
JJJJJJJJ?JmJ?J~JJ
J
JJJJ
J?JJ
J J
J\J J
^SkQFkQGQXPDLVXQWGLYL]RULVDXDPJVLWWRDWHUGFLQLOH`
JJJJ
X
JJ J
6XEDOJRULWPXOGHPDLVXVDSHOHD]RSURFHGXUVSHFLDOGHDILDUH3URFHGXUDIDFH
SDUWHGLQ]RQDGHGHFODUDLLDVXESURJUDPXOXL%
X
Q
^VHDILHD]SURGXVXOGHSROLQRDPHGHWHUPLQDW`
$FHVWHVXESURJUDPHVXQWWRDWHvQFRUSRUDWHvQXQLWXOSVWUDWvQILLHUXO
FDUHWUHEXLHLQFOXVvQSURJUDPXOFDUHvOYDXWLOL]D3URJUDPXOSULQFLSDOFXSULQGHFLWLUHD
FDUDFWHUXOXLFDUHFRGLILFRSHUDLDGHHIHFWXDWQIXQFLHGHYDORDUHDDFHVWXLFDUDFWHU
VH H[HFXW VHFYHQD GH LQVWUXFLXQL FDUH FLWHWH GDWHOH GH LQWUDUH HIHFWXHD] RSHUDLD
SUHFL]DWLDILHD]UH]XOWDWHOHvQIRUPDVROLFLWDWLVXQWSROLQRDPHGH
JUDGH LUHVSHFWLY
J
0XOLPL
7LSXOPXOLPH
2SHUDLLOHSRVLELOHFXGDWHOHGHWLSPXOLPH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
&DSLWROXO
7LSXOPXOLPH
0XOLPHDHVWHRVWUXFWXUVWDWLFGHGDWHFXDMXWRUXOFUHLDVHSRDWHUHSUH]HQWDRFR
OHFLH ILQLW GH HOHPHQWH &DUDFWHUXO ILQLW QH SHUPLWH LQGH[DUHD HOHPHQWHORU VDOH
0 ^PPPQ` FHHD FH vQVHDPQ F OD QLYHOXO UHSUH]HQWULL LQWHUQH PXOLPHD
SRDWHILDVLPLODWFXXQLUPPPQ
3HQWUXDSXWHDSUHFL]DPRGXOvQFDUHVHYRUHIHFWXDRSHUDLLOHFXPXOLPLYRPGHIL
QLVWUXFWXUDGHVXEPXOLPH$FHDVWDVHSRDWHUHDOL]DFXDMXWRUXOXQXLYHFWRUIRUPDWGLQ
YDORULOHIXQFLHLFDUDFWHULVWLFHDVRFLDWHVXEPXOLPLL
GDF PL 6
YV VVVQXQGH VL
GDF PL 6
)LH660L Y V Y V YHFWRULLORUFRUHVSXQ]WRUL$WXQFL
7LSXOPXOLPHHVWHXQWLSVWUXFWXUDWGLIHULWGHFHOHODOWHWLSXULVWUXFWXUDWHHOFRUHV
SXQGHQRLXQLLGHPXOLPHGLQPDWHPDWLF
2YDORDUHDXQXLWLSPXOLPHHVWHRVXEPXOLPHDYDORULORUXQXLWLSRUGLQDOVWDQ
GDUGVDXGHILQLWGHXWLOL]DWRUQXPLW WLSXOGHED]DOPXOLPLL'HH[HPSOXvQOLPED
MXO 3DVFDO WLSXO GH ED] DO PXOLPLL DUH FHO PXOW GH YDORUL YDORULOH RUGLQDOH DOH
DFHVWRUDWUHEXLHVDSDULQLQWHUYDOXOXL>@
0XOLPHD
8QWLSPXOLPHDUHDWkWHDYDORULFkWHVXEPXOLPLDGPLWHPXOLPHDYDORULORUWLSXOXL
GHED]LPXOLPHDYLGUHVSHFWLYQVXEPXOLPLGDFWLSXOGHED]DUHQYDORUL
2SHUDLLOHSRVLELOHFXGDWHOHGHWLSPXOLPH
$WULEXLUHD
8QHLYDULDELOHGHWLSPXOLPHLVHDWULEXLHYDORDUHDXQHLH[SUHVLLGHDFHODLWLSPXOLPH
([HPSOH3DVFDO
Q\K
^LQLLDOL]DUHFXPXOLPHDYLG`
XQ\|KJ
Q\"KJ
'HFODUDUHDWLSXOXLPXOLPH3DVFDO
QXPHBWLS
WLSBGHBED]
JLGHQWLILFDWRUBYDULDELOQQXPHBWLS
XQGHWLSBGHBED]HVWHWLSXOGHED]DOPXOLPLLLDUHFHOPXOWGHYDORUL
([HPSOH
\
XYK
^QXPHUHvQWUHJLPDLPLFLGHFkW`
\
`K
^PXOLPHGHFLIUH`
\
&
^PXOLPHGHFDUDFWHUH`
\
K
^PXOLPHDOLWHUHORUPLFL`
2SHUDLLFXPXOLPL
2SHUDLLOH FXQRVFXWH GLQ WHRULD PXOLPLORU VH LPSOHPHQWHD] vQ IXQFLH GH LQVWUX
PHQWHOHOLPEDMXOXLGHSURJUDPDUH
D2SHUDWRULELQDUL
5HXQLXQHDDGRXPXOLPL~
,QWHUVHFLDDGRXPXOLPL
'LIHUHQDDGRXPXOLPL
E2SHUDWRULUHODLRQDOL
dLQFOX]LXQHtLQFOXGHSH\HJDOLWDWHGLIHULWH
([HPSOH
J\JX
JJ
%JJX
0XOLPHD
J\JX
JJ
%JJX
J X
J J%JX
JJX
JJ
JJX
F7HVWGHDSDUWHQHQDXQXLHOHPHQWODRPXOLPH
6HIRORVHWHRSHUDWRUXOUHODLRQDO
([HPSOH
J
JJ
J
JJ
J
J
JJ
J
JJ
G&LWLUHDXQHLYDULDELOHGHWLSPXOLPH
QOLPEDMXO3DVFDOQXHVWHSHUPLVFLWLUHDXQHLYDULDELOHGHWLSPXOLPHQFRQFOX]LH
VHYDSURFHGDVLPLODUFXFLWLUHDXQHLYDULDELOHGHWLSWDEORXFLWLQGFRPSRQHQWHOHPXO
LPLLXQDFkWHXQD
Q
JJJmJJ
^vQ3DVFDOPXOLPHDYLGVHQRWHD]FXDMXWRUXOFRQVWUXFWRUXOXL`
PDLH[LVWHOHPHQWH
,
J
^
WUHEXLHVILHGHDFHODLWLSFXWLSXOGHED]DOPXOLPLL`
JJJJJmJJ~J
JJ
^RSHUDLDGHUHXQLXQHVHHIHFWXHD]vQWUHGRLRSHUDQ]LGHWLSPXOLPH`
H6FULHUHDXQHLYDULDELOHGHWLSPXOLPH
Q OLPEDMXO 3DVFDO QX HVWH SHUPLV VFULHUHD XQHL YDULDELOH GH WLS PXOLPH L GH GDWD
DFHDVWDVHYDSURFHGDVLPLODUFXVFULHUHDXQHLYDULDELOHGHWLSWDEORXVFULLQGFRPSR
QHQWHOHPXOLPLLXQDFkWHXQD
QVXEDOJRULWPXOXUPWRUSUHVXSXQHPFPXOLPHDDUHWLSXOGHED]XY
0XOLPHD
%Q
\`||J
,
^JHQHUPILHFDUH
FDUHDSDULQHWLSXOXLGHED]DOPXOLPLL`
JJJ
^GDF
DSDULQHPXOLPLL`
^DWXQFLvOVFULHP`
2EVHUYDLH
1XRULFHVWUXFWXUGHGDWHGHWLSPXOLPHSRDWHILLPSOHPHQWDWFXXQWLSSUHGHILQLW
vQOLPEDMXOGHSURJUDPDUHUHVSHFWLY'HH[HPSOXFKLDUGDFvQ3DVFDOH[LVWSRVLEL
OLWDWHDIRORVLULLWLSXOXL
DFHVWDQXHVWHXWLOL]DELOvQFD]XOXQHLPXOLPLDYkQGFDUGL
QDOLWDWHPDLPDUHGHFkWVDXvQFD]XOvQFDUHHOHPHQWHOHXQHLPXOLPLQXVXQWGH
WLSRUGLQDOQDFHVWHFD]XULYRPLPSOHPHQWDXQWLSPXOLPHSURSULXDSHOkQGODWLSXO
WDEORXQFD]XOLPSOHPHQWULORUSURSULLYDWUHEXLVFUHPVXEDOJRULWPLLFDUH
DVLJXURSHUDLLOHVSHFLILFHFXPVXQWUHXQLXQHDLLQWHUVHFLDYH]LFDSLWROXO
3UREOHPHSURSXVH
&LIUHFRPXQH
'LQWUXQILLHUWH[WVHFLWHVFQXPHUHvQWUHJL$ILDLFLIUHOHFRPXQHWXWXURUQXPHUHORU
FLWLWHLFLIUHOHFDUHQXDSDUvQFRPSRQHQDQLFLXQXLQXPUGLQILLHU
'DWHGHLQWUDUH
)LLHUXOGHLQWUDUH $(+"&$FRQLQHXQQXPURDUHFDUHGHOLQLLSHFDUHVXQWVFULVH
XQQXPURDUHFDUHGHQXPHUHvQWUHJLVHSDUDWHSULQFkWHXQVSDLX
'DWHGHLHLUH
QILLHUXOGHLHLUH $(+"&'(!VHYRUVFULHFLIUHOHFRPXQHSHSULPDOLQLHvQRUGLQH
FUHVFWRDUHGRXFLIUHILLQGVHSDUDWHSULQWUXQVSDLX&LIUHOHFDUHQXDSDUvQFRPSR
QHQD QLFL XQXL QXPU VH YRU VFULH SH D GRXD OLQLH vQ RUGLQH FUHVFWRDUH GRX FLIUH
ILLQGVHSDUDWHSULQWUXQVSDLX'DFQXH[LVWFLIUHFDUHVILHFRPXQHWXWXURUQXPHUH
ORUGLQILLHUXOGHLQWUDUHSHSULPDOLQLHGLQILLHUXOGHLHLUHVHYDVFULHPHVDMXO J
J %
J %
'DF WRDWH FHOH FLIUH DSDU vQ VFULHUHD QXPHUHORU GLQ
ILLHUvQILLHUXOGHLHLUHVHYDVFULHPHVDMXOJJ%
5HVWULFLLLSUHFL]UL
x QXPHUHOHGLQILLHUXOGHLQWUDUHDXFHOPXOWFLIUHILHFDUH
([HPSOX
$(+"&$
J`JJ
JJ|||J
|
0XOLPHD
$(+"&'(!
JJJ
J
$JHQGD
9DVLOHLDFXPSUDWRDJHQGQRXLLDQRWDWvQHDQQXPHUHGHWHOHIRQDOHFXQR
WLQHORUVDOHvQWURRUGLQHGRULWGHHO&KLDUGDFDUHDJHQG9DVLOHDUYUHDVvQYHH
WRDWHQXPHUHOHGHWHOHIRQQRWDWH'HRDUHFHHODREVHUYDWFFHOPDLXRUVHSRWSVWUD
vQPLQWHDFHOHQXPHUHGHWHOHIRQFDUHDXXQQXPUPLQLPGHFLIUHGLVWLQFWHvLSURSX
QHVOHvQYHHPDLvQWkLSHDFHVWHD$SRLDUXUPDQXPHUHOHGHWHOHIRQGLQFHOHUPDVH
FDUHDFXPDXQXPUPLQLPGHFLIUHGLVWLQFWHLDDPDLGHSDUWH
6FULHLXQSURJUDPFDUHVWDELOHWHFDUHVXQWQXPHUHOHGHWHOHIRQGLQFHOHH[LVWHQWH
vQDJHQGDOXL9DVLOHSHFDUHOHYDvQYDvQSULPD]LDSRLFDUHVXQWFHOHSHFDUHOH
YDUHLQHvQDGRXDHWF
'DWHGHLQWUDUH
'LQILLHUXOGHLQWUDUH#)$%#&$VHFLWHVFQXPHUHOHGHWHOHIRQGHSHOLQLLGLVWLQFWH
'DWHGHLHLUH
QILLHUXOGHLHLUH#)$%#&'(!VHYRUVFULHSHDFHHDLOLQLHVHSDUDWHSULQVSDLXQX
PHUHOHGHWHOHIRQDYkQGDFHODLQXPUGHFLIUHGLVWLQFWHOLQLDvQFKHLQGXVHFXQXPUXO
GHRUGLQHDO]LOHLvQFDUHVHPHPRUHD]DFHOHQXPHUH
5HVWULFLLLSUHFL]UL
x XQQXPUGHWHOHIRQDUHFHOPXOWFLIUH
x dQd
([HPSOX
#)$%#&$
|J
|J
J
J
|J
|J
J
#)$%#&'(!
JJ
JJ
JJ
|J|JJ
|JJ|J|
0XOLPHD
,QGLYL]L
QWUXQJUXSGHQLQGLYL]LVHVWDELOHVFUHODLLGHSULHWHQLHGLUHFWLLQGLUHFWSULQLQWHU
PHGLXODOWRULQGLYL]L'kQGXVHSHQWUXILHFDUHLQGLYLGSULHWHQLLOXLGLUHFLDILDLSHQ
WUXXQDQXPLWLQGLYLGWRLSULHWHQLLOXLLQGLUHFL
'DWHGHLQWUDUH
'HSHSULPDOLQLHDILLHUXOXLGHLQWUDUH $%83&$VHFLWHWHQXPUXOGHLQGLYL]L
Q'HSHXUPWRDUHOHQOLQLLVHFLWHVFSULHWHQLLGLUHFLDLILHFUXLLQGLYLGLQGLYL]LLGLQ
JUXS VXQW VLPEROL]DLSULQQXPHUHGHODODQQFDGUXOILHFUHLOLQLLDFHVWHQXPHUH
VXQWVHSDUDWHSULQFkWHXQVSDLX3HXOWLPDOLQLHHVWHWUHFXWQXPUXOGHRUGLQHDOLQGL
YLGXOXLFUXLDWUHEXLHVLVHJVHDVFSULHWHQLLLQGLUHFL
'DWHGHLHLUH
)LLHUXOGHLHLUH $%83&'(!YDFRQLQHRVLQJXUOLQLHvQFDUHVHYRUVFULHQXPH
UHOHGHRUGLQHDOHSULHWHQLORULQGLUHFLDLLQGLYLGXOXLGDW$FHVWHQXPHUHVHYRUVHSDUD
SULQWUXQVSDLX
'DFXQLQGLYLGQXDUHSULHWHQLLQGLUHFLDWXQFLvQILLHUVHYDVFULHPHVDMXO
5HVWULFLLLSUHFL]UL
x UHODLDGHSULHWHQLHQXHVWHFRPXWDWLYDGLFGDFLQGLYLGXOLHVWHSULHWHQFXLQGL
YLGXOMDWXQFLQXvQVHDPQFLQGLYLGXOMHVWHSULHWHQFXLQGLYLGXOL
x GDFOLQLDLHVWHYLGvQILLHUXOGHLQWUDUHDFHVWOXFUXvQVHDPQFLQGLYLGXO
DYkQGQXPUXOGHRUGLQHLQXDUHSULHWHQLGLUHFL
([HPSOX
$%83&$
J
JJ
JJ
|J
J|J
J
JJ
QWkOQLUH
$%83&'(!
JJJJ
QWUXQOLFHXVHRUJDQL]HD]RvQWkOQLUHFXIRWLLDEVROYHQL'LQSFDWHSHUVRDQDFDUH
DUHVDUFLQDVWULPLWLQYLWDLLOHDUHODGLVSR]LLHGRDULQIRUPDLLGHJHQXOSHUVRDQD[D
IRVWFROHJGHDQFXSHUVRDQD\SHUVRDQD]DIRVWFROHJGHDQFXSHUVRDQD[HWF
6WDELOLLOLVWDLQYLWDLORUSHED]DLQIRUPDLLORUGHWLSXOFHORUGHVFULVHvQDDIHOvQFkW
FROHJLLGHDQVILHJUXSDL
0XOLPHD
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXLGHLQWUDUH'*)&$VHDIOQXPUXOQDOSHUHFKLORUGHQX
PHUHQDWXUDOHFDUHLGHQWLILFGRXSHUVRDQHFDUHDXIRVWFROHJLGHDQ3HXUPWRDUHOHQ
OLQLL VH DIO SHUHFKL GH QXPHUH QDWXUDOH GHVSULWH SULQWUXQ VSDLX UHSUH]HQWkQG GRL
FROHJLGHDQ
'DWHGHLHLUH
)LLHUXO GH LHLUH '*)&'(! YD FRQLQH DWkWHD OLQLL FkWH JUXSXUL VDX IRUPDW GLQ
QXPHUHOHGHRUGLQHDOHSHUVRDQHORUGLQILLHUXOGHLQWUDUH3HILHFDUHGLQXUPWRDUHOH
OLQLLVHYRUVFULHQXPHUHOHGHRUGLQHDSDULQkQGXQXLDVWIHOGHJUXSGHVSULWHSULQFkWH
XQVSDLX
5HVWULFLLLSUHFL]UL
x SHUVRDQHOHVXQWLGHQWLILFDWHSULQQXPHUHGHRUGLQHvQWUHL
x dQd
x GLQWUXQJUXSQXIDFSDUWHPDLPXOWGHGHSDUVRDQH
([HPSOX
'*)&$
J
JJ
JJ
|JJ
J
'*)&'(!
JJJ
J|JJ
6ROXLLOHSUREOHPHORUSURSXVH
&LIUHFRPXQH
QUH]ROYDUHDDFHVWHLSUREOHPHYRPIRORVLWUHLPXOLPL
PXOLPHDFRPXQHYDUHLQHFLIUHOHFRPXQHWXWXURUQXPHUHORU
PXOLPHDWHPSYDSVWUDFLIUHOHQXPUXOXLFLWLWODSDVXOFXUHQW
PXOLPHDQXVXQWYDSVWUDFLIUHOHFDUHQXDSDUvQQLFLXQXOGLQWUHQXPHUHOHGDWH
([HPSOX
)LHFRQLQXWXOILLHUXOXLGHLQWUDUH
J|J
J
`J|J
0XOLPHDFRPXQHLPXOLPHDQXVXQWVHLQLLDOL]HD]FXPXOLPHDFLIUHORUVLVWHPX
OXL]HFLPDO
FRPXQH ^`
0XOLPHD
QXVXQW ^`
1XPHUHOHVHFLWHVFSHUkQGGLQILLHUXOGHLQWUDUH3UHOXFUDUHDXQXLQXPUvQVHDPQ
GHVFRPSXQHUHDOXLvQFLIUHLGHSXQHUHDDFHVWRUDvQPXOLPHDWHPS'HFLvQFD]XOQX
PUXOXLQ PXOLPHDWHPSYDIL^`
0XOLPHD FRPXQH VH WUDQVIRUP vQ LQWHUVHFLD GLQWUH HD vQVL L PXOLPHD WHPS
DGLFYDFRQLQHGXSDFHDVWSULPFLWLUHGRDUFLIUHOHSULPXOXLQXPUGLQILLHU
FRPXQH FRPXQHWHPSGHFLFRPXQH ^`
'LQPXOLPHDQXVXQWFDUHFRQLQHDLQLLDOWRDWHFLIUHOHVHVFDGFLIUHOHJVLWHvQSUL
PXOQXPU
QXVXQW QXVXQWWHPSGHFLQXVXQW ^`
3URFHGHXOFRQWLQXFXFLWLUHDXUPWRDUHORUQXPHUH,OXVWUPvQWDEHOXOGHPDLMRV
FRQLQXWXOFHORUWUHLPXOLPLSHQWUXILHFDUHQXPUFLWLWvQFD]XOH[HPSOXOXL
FRPXQH
QXVXQW
WHPS
Q
^`
^`
^`
Q
^`
^`
^`
Q
^`
^`
^`
Q Q
^`
^`
^`
^`
^` ^`
5H]XOWDWH
^GXSFHVDXFLWLWWRDWHQXPHUHOHGLQILLHUVHYHULILF`
^FRQLQXWXOPXOLPLORU%
L
J`
^GDFPXOLPHD%
QXHVWHYLGH[LVWFLIUHFRPXQH`J
JJJ%
JzJJJJ
^VHVFULXHOHPHQWHOHPXOLPLLvQILLHU`J
JJJJ
J\`J
Q
JJJJJJJJJ%
JJ
JJJJJJJJ
JJ
JJJJJJ JJ
JJJJ J
J
JJ
JJ
^DOWIHOVHVFULHPHVDMXOFHUXWvQILLHUXOGHLHLUH`J
JJJJ
JJJ%
J%
JJ JJ
0XOLPHD
J
JzJJJJ ^GDFH[LVWHOHPHQWHvQPXOLPHD
`
^H[LVWFLIUHFDUHQXDXDSUXWvQFRPSRQHQDQLFLXQXLQXPU`
JJJJ
J\`J
QJJ^DFHVWHDVHVFULXSHFHDGHDGRXDOLQLHvQILLHU`J
JJJJJJJJJ
JJ
JJJJJJJJ
JJ
JJJJJJ JJ
JJJJ J
J
JJ
JJ
^GDFPXOLPHD
HVWHYLG`J
JJJJ
JJJ%
J^VHVFULHvQILLHUXOGHLHLUHPHVDMXOFHUXW`
JJ KJ
J J
QSURJUDPXO3DVFDOPXOLPLOHIRORVLWHDXFDWLSGHED]VXEGRPHQLXO`GHRDUH
FHYRUFRQLQHFLIUH1XPHUHOHSHFDUHOHFLWLPGLQILLHUVXQWGHWLS
LOHYRP
UHLQHILHFDUHQXPUFLWLWvQYDULDELOD
'HDVHPHQHDDPLQWLPFvQ3DVFDORPXOLPH$
VHFUHHD]FXDMXWRUXOFRQVWUXFWRUXOXL$ >DDDN@XQGHDLL NUHSUH
]LQWHOHPHQWHOHPXOLPLL
$JHQGD
9RPvQFHSHGLVFXLDSULYLQGUH]ROYDUHDSUREOHPHLFXXQH[HPSOX
QWDEORXOQUDYHPFHOHQQXPHUHGHWHOHIRQFLWLWHGLQILLHU
QU
&UHPXQWDEORXGHPXOLPLFLIvQFDUHFLILYDFRQLQHFLIUHOHGLVWLQFWHGLQQXPUXO
GHWHOHIRQQUL
FLI ^`^`^`^`^`
^`^`^`
QWDEORXOFkWHSVWUPQXPUXOGHFRPSRQHQWHFDUGLQDOLWDWHDILHFUHLPXOLPLFLIL
QH[HPSOXOFRQVLGHUDWFkWH
QIXQFLHGHFRQLQXWXOWDEORXOXLFkWHYRPDOHJHvQWLPSXODILULLQXPUXOGHWHOH
IRQQULDYkQGODSDVXOUHVSHFWLYQXPUPLQLPGHFLIUH$FHDVWFHULQRUHDOL]PJH
QHUkQGFDUGLQDOLWLOHSRVLELOHDOHPXOLPLORU$FHVWHDVXQWQXPHUHFXSULQVHvQPXOL
PHD^`SUHVXSXQkQGFvQWUXQQXPUGHWHOHIRQSXWHPDYHDWRDWHFLIUHOH
HJDOHFD]XOVDXWRDWHFLIUHOHGLVWLQFWHGHIDSWFRQIRUPHQXQXOXL
QDLQWHGHDGHVFULHSDLLDOJRULWPXOXLGHUH]ROYDUHYRPREVHUYDFXQQXPUGH
WHOHIRQ SRDWH V vQFHDS L FX FLIUD $FHDVW REVHUYDLH HVWH LPSRUWDQW GHRDUHFH
GDFQXPHUHOHGHWHOHIRQOHDPFLWLFDSHQLWHQXPHUHDFHDFLIUGHODvQFHSXWVDU
SLHUGH QFRQFOX]LHDOHJHPFDPRGDOLWDWHGHUHSUH]HQWDUHSHQWUXQXPHUHOH
GHWHOHIRQLUXOGHFDUDFWHUHVWULQJXO
Q SURJUDP YRP OXFUD FX WLSXO UHSUH]HQWkQG LUXUL GH FDUDFWHUH DYkQG FHO
PXOW FDUDFWHUH FRUHVSXQ]WRU UHVWULFLHL GLQ HQXQ 1XPHUHOH GH WHOHIRQ OH YRP
SVWUDvQWUXQWDEORXDYkQGHOHPHQWHGHWLS GHRDUHFHYRPDYHDQHYRLHGHvQWUHJ
0XOLPHD
WDEORXO vQ PRPHQWXO vQ FDUH YRP GRUL V RUGRQP QXPHUHOH GH WHOHIRQ vQ IXQFLH GH
QXPUXOFLIUHORUGLVWLQFWHvQFRPSRQHQDORU
3HQWUXDRELQHFLIUHOHGLVWLQFWHGLQWUXQQXPUGHWHOHIRQGLQFLIUHOHILHFUXLQX
PUvQSDUWHYRPFUHDFkWHRPXOLPH$VWIHOYRPJHQHUDXQWDEORXGHPXOLPL
J
J
%
QJ
^GHVFRPSXQHPILHFDUHQXPUGHWHOHIRQ
vQPXOLPHDGHFLIUH%
`
JJ
J\
J
QJ
JJJJ%
JmJJ
JJ J
JJJ
JJ
J\
J
QJ
JJJJ
\OXQJLPHDOXL
Q ^GHODSULPDFLIUSkQODXOWLPD`JJ
^DOMOHDFDUDFWHUGLQDOLOHDQXPUGHWHOHIRQ`J
JJJJJJ%
JmJ%
JJ
JJ
JJJJ J
J
JJ J
J
J J
J
6WDELOLPFDUGLQDOLWDWHDPXOLPLORUGHFLIUHGLQILHFDUHPXOLPH%
vQ%J
J
J
%QJ
JJ
J\
J
QJ
JJJJJmJ`J
JJJJ
J\`J
QJ
JJJJJJJJJ%
JJ
JJJJJJJJJmJJ~JJ
JJJJJJ JJ
JJJJ J
J
JJJJ%JmJJ
JJ J
J
J J
0XOLPHD
QVFRSXODILULLQXPHUHORUGHWHOHIRQvQRUGLQHFUHVFWRDUHGXSQXPUXOFLIUHORU
GLVWLQFWHGLQFRPSRQHQDORUYRPFXWDSHUkQGQXPHUHGHWHOHIRQDYkQG
FLIUHGLVWLQFWH
^GDFDPJVLWFHOSXLQXQQXPUGHWHOHIRQDYkQGFXPDLPXOWH`
^FLIUHGHFkWFHOHSURSXVHVSUHvQYDUHSHQWUX]LXDSUHFHGHQW`
^FUHWHPQXPUXOGHRUGLQHDO]LOHLLvOVFULHPvQILLHU`J
JJJJJ JJ
JJJJJJJmJJ~JJ
JJJJJJ
JJJ
JJJJ JJ
JJ J
J
J J
,QGLYL]L
9RPvQFHSHDQDOL]DSUREOHPHLFXXQH[HPSOXQDFHVWH[HPSOXQHSURSXQHPDILDUHD
SULHWHQLORULQGLUHFLSHQWUXLQGLYLGXODYkQGQXPUXOGHRUGLQH
LQGLYL]LL
SULHWHQLGLUHFL
SULHWHQLLQGLUHFL
2UGRQPQXPHUHOHGHWHOHIRQLPXOLPLOHGHFLIUHFUHVFWRUGXSFDUGLQDOLWDWH
J
%
%
QJ
JJ
J\
J
QJ
JJJJ
J\~
J
QJ
JJJJJJJ%JJ%JJ
JJJJJJJJJmJ
KJ
JmJ
KJ
JmJKJ
JJJJJJJJJmJ%
KJ%
JmJ%
KJ%
JmJKJ
JJJJJJJJJmJ%KJ%JmJ%KJ%JmJJ
JJJJJJ JJ
JJJJ J
J
JJ J
J
J J
J J
^`
^`
^`
^`
^`
^`
VHVFDGSULHWHQLLGLUHFL ^`
VHVFDGHSHUVRDQDS
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^` ^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
^`
3HUVRDQDvODUHFDSULHWHQGLUHFWSHDOOHD$GXJPODPXOLPHDSULHWHQLORUGL
UHFLFDUHGHDFXPvQFRORvLYDFRQLQHLSHFHLLQGLUHFLPXOLPHDSULHWHQLORUGLUHFL
DLFHOXLGHDOOHD0XOLPHDGHYLQH^`
0XOLPHD
$OOHDvODUHFDSULHWHQGLUHFWSHDOOHD$GXJPODPXOLPHDFRUHVSXQ]WRDUH
OXLPXOLPHDFRUHVSXQ]WRDUHFHOXLGHDOOHD0XOLPHDDFXPGHYLQH^`
QPXOLPHDUH]XOWDWDSDUHLQGLYLGXOGHFLVHYRUDGXJDLSULHWHQLLDFHVWXLDOD
OLVWDGHSULHWHQLLQGLUHFLDLOXL0XOLPHDHVWH^`
QPXOLPHDUH]XOWDWDSDUHLQGLYLGXOGHFLVHYRUDGXJDLSULHWHQLLDFHVWXLDOD
OLVWDGHSULHWHQLLQGLUHFLDLOXL0XOLPHDHVWH^`
'LQ DFHDVW PXOLPH VH VFDGH PXOLPHD SULHWHQLORU GLUHFL DL OXL L VH RELQH
PXOLPHD^`DSRLVHVFDGHLSHUVRDQD
8QD GLQWUH IDFLOLWLOH OLPEDMXOXL 3DVFDO HVWH IDSWXO F QH SXQH OD GLVSR]LLH WLSXO
FDUHSRDWHILXWLOL]DWSHOkQJPXOWHDOWHOHFDWLSGHED]vQWUXQWDEORX
3UREOHPDGDWHVWHUH]ROYDELOSULQXWLOL]DUHDXQXLWDEORXGHPXOLPL7DEORXODUHQ
HOHPHQWHILHFUXLLQGLYLGLL QvLFRUHVSXQGHRSR]LLHvQWDEORX9DORDUHD
SULHWHQLLHVWHPXOLPHDIRUPDWGLQSULHWHQLLGLUHFLDLOXLL
,QLLDOWDEORXOHVWHIRUPDWGLQQPXOLPLYLGH$FHVWHDVHFRPSOHWHD]FXQXPHUHOH
GHRUGLQHDLSULHWHQLORUGLUHFL
J
QJ
JJ
J\
J
QJ
JJJJ
JmJJJJ ^vQFQXDPGHVFRSHULWSULHWHQLLQLFLXQHLSHUVRDQH`
JJ J
J
^SHQWUXILHFDUHSHUVRDQL`J
JJ
J\
J
Q
JJJJ
J
XUPHD]PDUFDMXOGHVIkULWGHOLQLH
QJ
JJJJJJ
JJJJJJJJJJJJ ^SHUVRDQDLvODUHSULQWUHSULHWHQLLGLUHFLSHS`
JJJJJJ
JmJ
JJJ
J J
^DGXJPSODPXOLPHDSULHWHQLORUGLUHFLDLOXLL`
JJJJ J
J
JJ J
J
^QXPUXOGHRUGLQHDOSHUVRDQHLLQYHVWLJDWH`
JJ
JJ
J J
^vQSVWUPPXOLPHDSHUVRDQHORUSULHWHQHGLUHFWFXS`
JJJmJ
JJ
J\
J
QJJ
^OXPSHUkQGSHUVRDQHOH`
JJJJJJJ
JJ^GDFSHUVRDQDLHVWHSULHWHQGLUHFWFXS`
JJJJJJ
JmJ
JJ
J
J J
^DGXJPPXOLPHDSULHWHQLORUGLUHFLDLDFHVWXLDPXOLPLLSULHWHQLORUOXLS`
JJJJ JJ
^OXPvQFRGDWSHUVRDQHOHSHUkQG`
JJJJ
J\
J
QJJJ
^GDFMHVWHSULHWHQGLUHFWVDXLQGLUHFWFXSDGXJP`
^ODPXOLPHDSULHWHQLORUGLUHFLLLQGLUHFLDLOXLSVHDGDXJ`
^PXOLPHDSULHWHQLORUGLUHFLDLDFHVWXLD`
JJJJJJJJJ
JJ
0XOLPHD
JJJJJJJJ
JmJ
JJ
J
JJJJJJ J
J
J
^vQILQDOGLQPXOLPHDSULHWHQLORUGLUHFLL`
^LQGLUHFLH[WUDJHPPXOLPHDSULHWHQLORUGLUHFLLDPSVWUDWvQ`J
JJ
JmJ
JJJJJ
JJ
JmJ
JJJ
^vOH[WUDJHPLSHS`
^GDFPXOLPHDSULHWHQLORULQGLUHFLQXHVWHYLG`J
JJJ
JzJJJJ
J
^DILPPXOLPHDSULHWHQLORULQGLUHFL`
JJJJ
J\
J
QJ
JJJJJJJJJ
JJ
JJJJJJJJ
JJ
JJJJJJ JJ
JJJJ J
J
JJ
J
JJ
J
QWkOQLUH
J
QJ
JJ
J
J
JJ
J\
J
QJJJ
JJJJ
J
^FLWLPSHUHFKLOHGHQXPHUH`J
^IRUPPFkWHXQJUXSGLQILHFDUHSHUHFKHFLWLW`
JJJJ JmJ
JJ
J
J
J
J
,J
JJ
J\
J
QJ
JJJJ
J\~
J
QJ
J J J
^GDFLQWHUVHFLDDGRXJUXSXULQXHVWHYLG`
JJJJJJJ JJ JzJJJJJ
JJJJJJJJ JmJ JJ
^XQLPJUXSXULOHvQDOGRLOHDJUXS`
JJJJJJJJ JmJJ
^LSHSULPXOJUXSvOIDFHPYLG`J
JJJJJJ J
J
&DSLWROXO
'HFODUDUHDXQXLWLSvQUHJLVWUDUH
2SHUDLL
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
J
QJ
^HOLPLQPJUXSXULOHYLGH`
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
JJ
JmJ`J
JJ
J\
J
QJ
JJJJJ JzJJJJJ
JJJJJJ
JmJ
J~JJ
JJJJJJ
JmJ J
JJJJ J
J
JJ
JmJ
JJJJJJJ
^OXQJLPHDQRXIUJUXSXULYLGH`
J
J
J
QJ
JJ
J
J
JJ%JmJIDOVJ
JJ
J\
J
QJJJ
JJJJ
J\`||J
QJ
JJJJJJJJJ JJJJ
JJJJJJJJ
JJ
JJJJJJJJ%JmJDGHYUDWJ
JJJJJJ
J
JJJJJ%JJ
JJJJJJWUHFHPODOLQLHQRX ^GDFDPDILDWXQJUXSWUHFHPODOLQLHQRXvQILLHU`
J
JJJJ%JmJIDOV
JJ
J
7LSXOvQUHJLVWUDUH
0XOLPHD
7LSXODUWLFROvQUHJLVWUDUHHVWHRVWUXFWXUVWDWLFGHGDWHIOH[LELOGDWRULWIDSWXOXL
FVSUHGHRVHELUHGHWLSXOWDEORXFXSULQGHXQQXPUIL[VDXYDULDELOGHFRPSRQHQWH
FDUHSRWILGHWLSXULGLIHULWH&RPSRQHQWHOHQXVHLQGH[HD]SULQWURH[SUHVLHFDvQFD
]XOWDEORXULORUFLVHVHOHFWHD]SULQLQWHUPHGLXOLGHQWLILFDWRULORUGHFkPSFDUHVHGHIL
QHVFODGHFODUDUHDWLSXOXL
'HFODUDUHDXQXLWLSDUWLFROvQOLPEDMXO3DVFDO
)RUPDJHQHUDODGHILQLLHLXQXLWLSvQUHJLVWUDUHIL[HVWH
LGHQWLILFDWRUBWLS
QXPHBFkPSQWLSKJ
QXPHBFkPSQWLSK
J
QXPHBFkPSQQWLSQ
7LSXOvQUHJLVWUDUH
([HPSOX
2SHUDLL
7LSXOXQXLLGHQWLILFDWRUGHFkPSSRDWHILODUkQGXOOXLWRWDUWLFRO
([HPSOX
$WULEXLUHD
J
\
J
JJJJJJJJJJJJJJJJQ
J
JJJJJJJJJJJJJJJJJJJJJJJJJQ KJ
JJJJJJJJJJJJJJJJJJJJJJJJJ
QXYJ
JJJJJJJJJJJJJJJJJJJJJJJ
KJ
JJJJJJJJJJJJJJJJQ J
JJJJJJJJJJJJJJ
KJ
JQ
KJ
8QHLYDULDELOHGHWLSvQUHJLVWUDUHLVHDWULEXLHYDORDUHDXQHLDOWHYDULDELOHGHDFHODLWLS
vQUHJLVWUDUH)LLQGGDWHGRXYDULDELOHGHWLSvQUHJLVWUDUHDLEFDUHDXDFHODLWLSVH
SRDWHUHDOL]DRSHUDLDGHDWULEXLUHDmJEFHHDFHvQVHDPQFYDORULOHFkPSXULORUOXLD
VHVXEVWLWXLHFXYDORULOHGLQE
6HOHFWDUHDXQXLFkPS
8QLGHQWLILFDWRUGHFkPSWUHEXLHVILHXQLFvQFDGUXOSURSULXOXLWLSvQUHJLVWUDUH
'DFVHGRUHWHLQFOXGHUHDvQVWUXFWXUDDUWLFROXOXLDXQRULQIRUPDLLFDUHGHSLQGGH
R DOW LQIRUPDLH GHMD SUH]HQW vQ VWUXFWXU VH IRUPHD] FHD GHD GRXD FDWHJRULH L
DQXPHGDWHGHWLSvQUHJLVWUDUHFXYDULDQWH
'HFODUDUHDXQXLWLSvQUHJLVWUDUHFXYDULDQWHvQOLPEDMXO3DVFDO
LGHQWLILFDWRUBWLS
QXPHBFkPSQWLSKJ
QXPHBFkPSQWLSK
J
QXPHBFkPSQQWLSQ
FkPSBVHOHFWRUWLSBVHOHFWRU
FRQVWFkPSYBWLSYBFkPSYBWLSB
FRQVWFkPSYBWLSYBFkPSYBWLSB
&&&
([HPSOX
J\KJJ
JJJJJ
\
J
JJJJJJJJJJJJJJJJ
Q KJ
7LSXOvQUHJLVWUDUH
J QJJ
JJJJJJJJJJJJJJJJJJQ%%QKJ
JJJJJJJJJJJJJJJJJJQ%QKJ
JJJJJJJJJJJJJJJJJJQ
%Q KJQJ
JJJJJJJJJJJJJJJ
KJ
JQ
KJ
J\
J
JJJJJJJJJJJJ
Q KJ
JJJJJJJJJJJJQKJ
JJJJJJJJJJJJQ``J
JJJJJJJJJJ
KJ
JQKJ
^WLSHQXPHUDUH`J
/DXQFkPSDOXQHLYDULDELOHGHWLSvQUHJLVWUDUHQHUHIHULPSULQQXPHOHYDULDELOHLXU
PDWGHSXQFWDSRLQXPHOHFkPSXOXL
([HPSOX
2DVWIHOGHVFULHUHHVWHJUHRDLHLSHQWUXHYLWDUHDVSHFLILFULLLGHQWLILFDWRUXOXLGHWLS
vQUHJLVWUDUHvQIDDILHFUXLFkPSFDUHLQWHUYLQHvQSUHOXFUDUHvQ3DVFDOVHSRDWHIRORVL
LQVWUXFLXQHDFDUHVLPSOLILFPRGXOGHVFULHUHDVHOHFWULLFRPSRQHQWHORU
([HPSOX
JJJ
JJ2JJKJ
QFD]XOvQUHJLVWUULORUFXYDULDQWHSHQWUXGHFODUDLLOHGLQH[HPSOXOSUH]HQWDWVHSRW
IDFHXUPWRDUHOHDWULEXLULGHGDWHSHQWUXFkPSXULOHYDULDELOHLD
Q\22KJJ
Q\KJJ
%Q\2
%2KJJ
Q\```KJ
VDX
Q\KJ%%Q\`J
/DXQPRPHQWGDWHVWHDFWLYRVLQJXUYDULDQW
7LSXOvQUHJLVWUDUH
,PSOHPHQWULVXJHUDWH
3HQWUXDYIDPLOLDUL]DFXSUHOXFUDUHDGDWHORUGHWLSvQUHJLVWUDUHVHUHFRPDQGHIHFWXD
UHDXUPWRDUHORUH[HUFLLL
FUHDUHDXQXLFDWDORJSHQWUXRFODV
DILDUHDvQRUGLQHGHVFUHVFWRDUHGXSPHGLHDHOHYLORUDGPLLLDOIDEHWLFDHOHYL
ORUUHVSLQLODXQH[DPHQ
DILDUHDWXWXURUHOHYLORUFDUHDXGRPLFLOLXOvQWUXQDQXPLWRUD
RUGRQDUHDHOHYLORUvQIXQFLHGHvQOLPHLSHQWUXvQOLPLHJDOHvQRUGLQHDJUHXW
LL
FUHDUHDXQXLILLHUFDUHVFRQLQDUWLFROHSULYLQGFULOHGLQWURELEOLRWHF
FUHDUHD XQXL ILLHU FDUH V FRQLQ DUWLFROH SULYLQG FULOH GLQWURELEOLRWHFDVWIHO
vQFkW vQ FD]XO PDQXDOHORU V VH VSHFLILFH GLVFLSOLQD FODVD SHQWUX FDUH HVWH YDODELO
PDQXDOXO DXWRULL HWF LDU SHQWUX FULOH FDUH QX VXQW PDQXDOH QXPUXO DXWRULORU
DXWRULLWLWOXOHGLWXUDHWFVHYDOXFUDFXvQUHJLVWUULFXYDULDQWH
FUHDUHDXQXLILLHUFXDUWLFROHSULYLQGUH]XOWDWHOHSDUWLFLSDQLORUODROLPSLDGDLQWHU
QDLRQDOGHLQIRUPDWLF
3UREOHPHSURSXVH
$JHQG
8QHOHYDFUHDWRDJHQGGHWHOHIRQvQFDUHDLQWURGXVQXPHOHLQXPUXOGHWHOHIRQDOH
FXQRWLQHORU VDOH 'H DVHPHQHD HOHYXO GRUHWH V SRDW HIHFWXD DVXSUD DJHQGHL VDOH
FkWHYDRSHUDLLGHIRUPD
x FRQVXOWDUHDDJHQGHLFXDILDUHDvQWUHJXOXLFRQLQXW
x LQWURGXFHUHDXQHLQRLSHUVRDQHvQDJHQG
x WHUJHUHDXQHLSHUVRDQH
x FXWDUHGXSQXPH
x FXWDUHSHED]DFXQRDWHULLQXPUXOXLGHWHOHIRQ
6FULHLXQSURJUDPFDUHVUHDOL]H]HRSHUDLLOHFHUXWHGHHOHY
'DWHGHLQWUDUH
)LLHUXOGHLQWUDUH#)$%#&$FRQLQHSHILHFDUHOLQLHGDWHOHXQHLFXQRWLQHvQIRUPD
QXPHQXPUGHWHOHIRQ
$FWXDOL]DUHDDJHQGHLVHYDIDFHSHED]DXQRUGDWHLQWURGXVHGHODWDVWDWXU
'DWHGHLHLUH
1XYRPDYHDXQILLHUGHLHLUHFRPSOHWQRX)LLHUXO#)$%#&'(!YDDYHDFRQLQXWXO
ILLHUXOXLGHLQWUDUHLvQUHJLVWUULOHQRLFRQIRUPDFWXDOL]ULORUHIHFWXDWHJ
7LSXOvQUHJLVWUDUH
5HVWULFLLLSUHFL]UL
x QXPUXOGHvQUHJLVWUULHVWHFHOPXOW
x QXPHOHHVWHIRUPDWGLQFHOPXOWGHOLWHUHSULQWUHFDUHQXH[LVWQLFLXQVSDLX
x ILHFDUHQXPUGHWHOHIRQvQFHSHFXFLIUD
x ODILHFDUHDFWXDOL]DUHVHYDVXEVWLWXLILLHUXOGHLQWUDUHFXFHOGHLHLUH
x SURJUDPXOYDFRQLQHXQPHQLXGLQFDUHXWLOL]DWRUXOYDSXWHDVHOHFWDRSHUDLDSHFD
UHGRUHWHVRHIHFWXH]H
x SHUVRDQHOHVXQWLQWURGXVHvQDJHQGvQRUGLQHDOIDEHWLFRSHUDLLOHGHLQWURGXFHUHD
XQHLSHUVRDQHQRLLWHUJHUHDXQHLSHUVRDQHQXWUHEXLHVPRGLILFHRUGRQDUHD
x FXWDUHD XQHL SHUVRDQHWUHEXLHVVHSRDWUHDOL]DODFHUHUHGXSQXPHVDXGXS
QXPUGHWHOHIRQ
x GDFQXPHOHXQHLSHUVRDQHVHJVHWHvQDJHQGvQWLPSXORSHUDLHLGHLQWURGXFHUH
VH YD RIHUL SRVLELOLWDWHD PRGLILFULL QXPUXOXL GH WHOHIRQ vQ FD] F QX VH GRUHWH
PRGLILFDUHDVHYDLQWURGXFHQXPUXODOWIHOQRXOQXPU
([HPSOXPHQLX
JJ%
J
J
JJ
%J
J
J
J
JJ J
J
J
JJ%JJ
J
|JJ%JJ
J
JJJ
JJQ
([SR]LLH
2UJDQL]DWRULLXQHLH[SR]LLLGHSLFWXUGRUHVFVDLERHYLGHQDILHFUXLWDEORXLD
DUWLWLORUFDUHDXFUHDWDFHVWHWDEORXUL2UJDQL]DWRULLDXDGXQDWGDWHOHGHVSUHWDEORXULL
OHDXVFULVvQWUXQILLHU3HQWUXILHFDUHWDEORXVHFXQRDWHQXPHOHDUWLVWXOXLWLWOXOWD
EORXOXLDQXOvQFDUHDIRVWUHDOL]DWSUHXOGHYkQ]DUHSUHFXPLSUHPLLOHRELQXWHOD
H[SR]LLLORFDOHQDLRQDOHLLQWHUQDLRQDOH
([SR]LLLOH VH FRGLILF SULQ FDUDFWHUHOH / ORFDOH 1 QDLRQDOH L ( HXURSHQH
5HIHULWRUODILHFDUHSUHPLXH[LVWLQIRUPDLLGXSFXPXUPHD]
x DQXOLSUHPLXOvQFD]XOH[SR]LLLORUORFDOH
x DQXOSUHPLXOLORFDOLWDWHDvQFD]XOH[SR]LLLORUQDLRQDOH
x DQXOSUHPLXORUDXOLDUDvQFD]XOH[SR]LLLORULQWHUQDLRQDOH
$YkQG OD GLVSR]LLH DFHVWH GDWH RUJDQL]DWRULL vL SURSXQ V UHDOL]H]H XQ SURJUDP
FDUHVFUHH]HXUPWRDUHOHOLVWH
OLVWDOXFUULORUSUHPLDWHSHFDWHJRULLvQRUGLQHDORFDOHQDLRQDOHLHXURSHQH
OLVWDWDEORXULORUvQRUGLQHFUHVFWRDUHDSUHXULORUGHYkQ]DUH
OLVWDDUWLWLORUFDUHDXRELQXWSUHPLXOODFHOSXLQXQFRQFXUVLQGLIHUHQWGHWL
SXODFHVWXLD
7LSXOvQUHJLVWUDUH
'DWHGHLQWUDUH
)LLHUXOGHLQWUDUH 9'&$FRQLQHDWkWHDOLQLLFkWHWDEORXULVDXH[SXV3HILHFDUHOL
QLHHVWHGHVFULVFkWHXQWDEORX5HIHULWRUODXQWDEORXSHROLQLHvQILLHUDYHPXUP
WRDUHOHGDWHGHVSULWHSULQFkWHXQVSDLX
x QXPHBDUWLVW
x WLWOXBWDEORX
x DQ
x SUH
x QUBSUHPLL
x WLSBH[SR]LLH
x DQ
x SUHPLX
'DF XQ WDEORX D IRVW SUHPLDW GH PDL PXOWH RUL FHOHODOWH SUHPLL VXQW GHVFULVH vQ
FRQWLQXDUHSHDFHHDLOLQLH
'DWHGHLHLUH
6HYRUFUHDWUHLILLHUHGHLHLUH* !#.&'(!* !#/&'(!L* !#0&'(!QWRDWH
FHOHWUHLILLHUHROLQLHFRQLQHGDWHUHIHULWRDUHODXQVLQJXUWDEORXQILLHUHVSHFLILFD
WRUXOWLSBH[SR]LLHYDILQRWDWFX/RFDO1DLRQDOVDX"(XURSHDQ
)LLHUXOGHLHLUH * !#.&'(!FRQLQHOLVWDOXFUULORUSUHPLDWH6WUXFWXUDXQHLOLQLL
HVWHXUPWRDUHD
WLSBH[SR]LLHJQJQXPHBDUWLVWJWLWOXBWDEORXJWLSBH[SR]LLHJFDUDFWHULVWLFLJ
XQGH FDUDFWHULVWLFL vQVHDPQ GDWHOH VSHFLILFH ILHFUXL WLS GH H[SR]LLH GHVFULVH vQ
HQXQ$FHVWHDYRUILVHSDUDWHSULQWUXQVSDLX
)LLHUXO * !#/&'(!FRQLQHWDEORXULOHvQRUGLQHFUHVFWRDUHDSUHXULORU)LHFDUH
OLQLHDUHIRUPD
QXPHBDUWLVWJWLWOXBWDEORXJSUH
J
5HVWULFLLLSUHFL]UL
x QXPUXOGHWDEORXULHVWHFHOPXOW
x GDWHOHGHWLS DXFHOPXOWGHFDUDFWHUH
([HPSOX
7LSXOvQUHJLVWUDUH
9'&$
J
JJ``````JJJJ
JJ``J|``````J"J``JJ
JJ
J%JJ|`````JJ```JJXJ
%JJ```J|`````JJ```J
* !#.&'(!
%QJJ
JJJ
%QJ%JJ```JJ
QJJ%J```JJXJ
"
QJJJ``JJ
JJ
J
* !#/&'(!
J%J|`````J
J
J``````J
%JJ|`````J
JJ|``````J
J
* !#0&'(!
J
JJ
%JJJ
6ROXLLOHSUREOHPHORUUH]ROYDWH
$JHQGD
'DWHOHUHIHULWRDUHODSHUVRDQHVHSVWUHD]vQWURVWUXFWXUGHWLSvQUHJLVWUDUHGHIRUPD
%
\
JJJJJJJJJJJ
Q J
KJ
/DRUXODUHDSURJUDPXOXLGDWHOHVHSUHLDXGLQILLHUXOGHLQWUDUH #)$%#&$LVH
GHSXQ vQ WDEORXO D GH WLSXO `` %
7RDWH SUHOXFUULOH FHUXWH vQ
HQXQVHYRUUHDOL]DDVXSUDWDEORXOXLD/DILQDOXOH[HFXLHLSURJUDPXOXLVHIRUPHD]
XQILLHUWHPSRUDU#)$%#&'(!FDUHFRQLQHWDEORXOGXSDFWXDOL]UL)LLHUXOGHLQ
WUDUH #)$%#&$VHWHUJHLDUILLHUXO #)$%#&'(!VHUHGHQXPHWHvQ #)$%#&$
DVWIHOvQFkWODXUPWRDUHDUXODUHDSURJUDPXOXLGDWHOHGHLQWUDUHVVHJVHDVFFXFRQ
LQXWXODFWXDOL]DW
1XPUXOvQUHJLVWUULORUGLQWDEORXODHVWHQ
&LWLUHDGDWHORUGLQILLHUXOGHLQWUDUHLPHPRUDUHDORUvQWDEORXODVHIDFHvQPRGXO
XUPWRU
x FLWLPROLQLHGLQILLHUXOGHLQWUDUHvQWUXQLUGHFDUDFWHUHV
x GHRDUHFHILHFDUHQXPUGHWHOHIRQvQFHSHFXFDUDFWHUXO`FXWPSR]LLDDFHVWXLD
vQLUXOGHFDUDFWHUH
7LSXOvQUHJLVWUDUH
x FRSLHPFDUDFWHUHOHGHODvQFHSXWXOLUXOXLGHFDUDFWHUHIUVSDLXOGHVSULWRUGLQ
WUHQXPHLQXPUXOGHWHOHIRQvQFkPSXO
DOHOHPHQWXOXLFXUHQWGLQLUXOD
x WHUJHPDFHVWHFDUDFWHUHLQFOXVLYVSDLXOGLQLUXOGHFDUDFWHUH
x FHHDFHDUPDVvQLUXOGHFDUDFWHUHHVWHQXPUXOGHWHOHIRQ
J
3ULPDDFLXQHSRVLELOGHVROLFLWDWGHHOHYHVWHDILDUHDGDWHORUGLQILLHUPHPRUDWH
GHMDvQWDEORXOD
,QWURGXFHUHDXQHLSHUVRDQHQRLvQDJHQGVHUHDOL]HD]DVWIHO
x FLWLPQXPHOHLQXPUXOGHWHOHIRQSHFDUHGRULPVOHvQUHJLVWUPvQDJHQG
x DSHOPVXEDOJRULWPXOGHFXWDUH
?FDUHYDUHWXUQDvQ
YDULDELODRNRYDORDUHGHDGHYU
x GDFYDORDUHDOXLRNHVWHDGHYUDWvQVHDPQFDPJVLWQXPHOHSHUVRDQHLDGLF
DFHDVWD H[LVW GHMD vQ DJHQG GXS UHYHQLUHD GLQ DSHOXO VXESURJUDPXOXL
J
DILPXQPHVDMFRUHVSXQ]WRULRIHULPSRVLELOLWDWHDPRGLILFULLQXPUXOXLGHWH
OHIRQDFHVWOXFUXHVWHSRVLELOGHRDUHFHvQYDULDELODLDYHPLQGLFHOHHOHPHQWXOXLGLQ
LUXODFDUHFRQLQHGDWHOHSHUVRDQHLUHVSHFWLYH
'DF VD LQWURGXV RSLXQHD FRUHVSXQ]WRDUH LQWURGXFHULL XQHL QRL vQUHJLVWUUL vQ
VXESURJUDPXO
VH YD VHOHFWD VHFYHQD GH SURJUDP vQ FDUH VH
DSHOHD]VXESURJUDPXO
?
&&&
Q2
?
?
J
JJJ
J
%JJJ%&J
JJ
JJ
J J
%
%J
J
%J`
QJ
JzJ`
^QXPHUHOHGHWHOHIRQVXQWVWULQJXUL`
JJJJJJJmJJ
J
&&&
6XEDOJRULWPXO
?
vQFHSH FX DSHODUHD DOWXL VXESURJUDP
FDUHYDFXWDQXPHOHSHUVRDQHLLQWURGXVH'DFDFHVWQXPHVHJVHWHGHMDvQDJHQG
VHUHYLQHGLQVXEDOJRULWPFXYDORDUHDYDULDELOHLRNHJDOFXDGHYUDWQFD]FRQWUDUVH
7LSXOvQUHJLVWUDUH
FLWHWHLQXPUXOGHWHOHIRQSHQWUXDLQWURGXFHSHUVRDQDvQDJHQG'HRDUHFHDJHQGD
FRQLQH QXPHOH SHUVRDQHORU RUGRQDWH DOIDEHWLF VXEDOJRULWPXO
J
?HVWHDVWIHOUHDOL]DWvQFkWYDUHWXUQDLYDORDUHDYDULDELOHLLFDUHvQFD]GHF
XWDUHFXVXFFHVUHSUH]LQWLQGLFHOHHOHPHQWXOXLGLQLUXODFDUHFRQLQHGDWHOHFXWDWH
LDUvQFD]FRQWUDUUHSUH]LQWLQGLFHOHHOHPHQWXOXLXQGHDUWUHEXLVVHDIOHSHUVRDQDFX
QXPUXOGHWHOHIRQFXWDWQFRQFOX]LHDFHDVWSHUVRDQQRXWUHEXLHVDMXQJSHSR
]LLDL3HQWUXDSXWHDUHDOL]DDFHVWVFRSvQSUHDODELOPULPGLPHQVLXQHDLUXOXLDSRL
WUDQVODWP HOHPHQWHOH DYkQG LQGLFHOH HJDO VDX PDL PDUH FXL FX R SR]LLH OD GUHDSWD
$SRLVFULHPGDWHOHvQHOHPHQWXOGHLQGLFHL
?
QJ
JJ
?J
^SHUVRDQD
QXH[LVWvQDJHQG`
J?JJ
JJJJ
JmJ
J~JJ
^PULPGLPHQVLXQHDLUXOXL`J
^HOLEHUPSR]LLDLWUDQVODWkQGUHVWXO`
JJJJ
J\
~J
QJ
JJJJJJJmJJ
^HOHPHQWHORUFXRSR]LLHODGUHDSWD`
JJJJ
JJJ
QJJ
JJJJ
JJ
JJJJ
JmJ
J
^GDWHOHUHVSHFWLYHVHFRSLD]SHSR]LLDL`
JJJJJmJJ
J
&XWDUHDVHUHDOL]HD]FXVXEDOJRULWPXOFXQRVFXWYH]LFDSLWROXO
J
J
?QJ
^FXWDP
vQDJHQGGDF?\ODPJVLWSHSR]LLDL`
^GDF?\
QXODPJVLWDUILWUHEXLWVILHSHSR]LLDL`
JJJmJJ
JdJ
JJ
JJ
J
QJ
JJJJJmJJ~JJ
JJJ
\
JJ
JJJJ?JmJDGHYUDWJ
JJJJ?JmJIDOV
WHUJHUHDXQXLHOHPHQWGLQDJHQGVHHIHFWXHD]GDFRSLXQHDGHDFWXDOL]DUHVSH
FLILF FRGXO SHQWUX FDUH VH H[HFXW XUPWRDUHD VHFYHQ GLQ VXESURJUDPXO
$SHODUHD VXESURJUDPXOXL
?
VHILQDOL]HD]ILHFX WHUJHUHDHOH
PHQWXOXLFRUHVSXQ]WRUGLQLUILHFXXQPHVDMSHED]DYDORULLSDUDPHWUXOXLRNJ
7LSXOvQUHJLVWUDUH
J
JJ
JQJJ
JJ
J
J
JJ
?
J
J?JJ
JJJJ
J
J
J
JJ
J
J
JJ
&&&
6XEDOJRULWPXO
?
DSHOHD] OD UkQGXO VX VXEDOJRULWPXO
? vQ PRG VLPLODU FX VXEDOJRULWPXO
?J
?
Q
JJ
?J
JJJ?J
^SHUVRDQD
H[LVWvQDJHQG`J
JJJJ
J\
J
QJ
^HOLPLQPHOHPHQWXOGHSHSR]LLDL`J
JJJJJJJmJ~ ^WUDQVODWkQGUHVWXOHOHPHQWHORUFXRSR]LLHODVWkQJD`J
^PLFRUPGLPHQVLXQHDLUXOXL`J
JJJJ
JmJ
JJJ
&XWDUHDQXPUXOXLGHWHOHIRQHVWHLGHQWLFFXFHDDQXPHOXLGLIHUGRDUFkPSXO
DQDOL]DWGLQHOHPHQWHOHLUXOXL
([SR]LLH
6HFUHHD]VWUXFWXUD
J`\ `KJ
JJJJJ\
J
JJJJJJJJJJJJJJ
Q`KJ
JJJJJJJJJJJJJJ
Q
KJ
JJJJJJJJJJJJJJQ`KJ
JQ"JJ
JJJJJJJJJJJJJJJJQ
Q
KJQ&KJ
JJJJJJJJJJJJJJJJQ
Q
KJ
Q&KJ%Q`KJ
JJJJJJJJJJJJJJJJ"Q
Q
KJQ&KJ%Q`J
JJJJJJJJJJJJJJ
KJ
JJJJJ\`J
JKJ
'DWHOHOHYRPSUHOXDGLQILLHUXOGHLQWUDUHLYRPFRPSOHWDILHFDUHvQUHJLVWUDUHvQ
IXQFLHGHYDULDQWHOHVDOHLUXOGDWHORUDDUHPHOHPHQWH
7LSXOvQUHJLVWUDUH
&UHDUHDSULPHLOLVWHFHUXWHvQSUREOHPVHUHDOL]HD]GXSYDORULOHFkPSXOXLVHOHF
WRUH[SR6HSDUFXUJHWDEORXODLVHDOHJGRDUDFHOHHOHPHQWHFDUHDXFkPSXOVHOHFWRU
HJDOFX/6HSURFHGHD]DQDORJSHQWUXFHOHODOWHGRXWLSXULLGHQWLILFDWHFX1L(
&UHDUHD FHOXL GHDO GRLOHD ILLHU GH LHLUH SUHVXSXQH RUGRQDUHD FUHVFWRDUH D vQUH
JLVWUULORU GLQ WDEORX GXS FkPSXO SUH 6HSRDWHIRORVLRULFDUHDOJRULWPGHRUGRQDUH
FXQRVFXW
3HQWUXSVWUDUHDRUGLQLLDOIDEHWLFHvQFD]XOFHOHLGHDWUHLDFHULQHDSUREOHPHLVHUH
DOL]HD]RRUGRQDUHFUHVFWRDUHDvQUHJLVWUULORUGXSFkPSXOQXPHDSRLVHFRPSOHWHD
]FHOGHDOWUHLOHDILLHUGHLHLUHFXDUWLWLLFDUHDXRELQXWSUHPLXOVSHFLILFkQGLWL
SXOH[SR]LLHL
2SHUDLLSHELL
5HSUH]HQWDUHDQXPHUHORUvQPHPRULH
$YkQG vQ YHGHUH F PHPRULD SRDWH UHLQH GRDU FLIUH ELQDUH L QXPHUHOH YRU IL
SVWUDWHSHRULFHVXSRUWPDJQHWLFvQVLVWHPXOGHQXPHUDLHFXED]D
2SHUDLLSHELL
&DSLWROXO
1RLXQLGHED]
5HSUH]HQWDUHDQXPHUHORUvQPHPRULH
2SHUDLLSHELL
QPXOLUHFXRSHUDLLSHELL
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
1RLXQLGHED]
3kQvQSUH]HQWPHPRULLOHXWLOL]DWHGHFDOFXODWRDUHVXQWFRQVWUXLWHGLQPDWHULDOHPDJ
QHWL]DELOHDYkQGGRXVWULFURUDSULQFRQYHQLHOLVHDVRFLD]YDORULOHELQDUHL
8QLWDWHDGHPHPRULHFDUHSRDWHvQPDJD]LQDRYDORDUHGHVDXVHQXPHWHbLt
biQDU\GLJLt
,QIRUPDLLOHUHSUH]HQWDWHFXELLVXQWJUXSDWHvQPHPRULHFkWHIRUPkQGRFWHL
0HPRULDHVWHSULYLWFDRvQLUXLUHGHRFWHLDFHWLDILLQGLGHQWLILFDLSULQWURDGUH
V2FWHLLGHPHPRULHVXQWJUXSDLODUkQGXOORUSHSDJLQLGHPHPRULH
([HPSOX
0HPRULD5$0RDQGRPAFFHVVMHPRU\
3DJLQD
5HSUH]HQWDUHDQXPHUHORUQDWXUDOH
3HQWUXDUHSUH]HQWDXQQXPUWUHEXLHVFXQRDWHPWLSXODFHVWXLDILHFUXLWLSGHGDW
ILLQGXLFDUDFWHULVWLFXQDQXPLWQXPUGHRFWHLSHQWUXUHSUH]HQWDUH
QOLPEDMXO&
QOLPEDMXO3DVFDO
WLS QXPURFWHL
WLS
QXPURFWHL
XY
J&
RFWHW
RFWHW
J
J
RFWHL
RFWHL
J
J
RFWHL
6GHWHUPLQPDFXPFDUHQXPHUHQDWXUDOHSRWILUHSUH]HQWDWHSHXQRFWHW
8QRFWHWHVWHIRUPDWGLQELLSR]LLLOHELQDUHSHFDUHOHRFXSVXQWQXPHURWDWHGH
ODVWkQJDODGUHDSWD%LWXOFLDUHUDQJXOLvQFRPSRQHQDUHSUH]HQWULL
3R]LLLELQDUH
F F F F F F F F
'HH[HPSOXGHVSUHSULPXOELWGLQVWkQJDVSXQHPFDHVWHELWXOGHSHSR]LLDLDUH
UDQJXO
&HOPDLPLFQXPUQDWXUDOFDUHSRDWHILUHSUH]HQWDWSHELLHVWH
3DJLQD
3DJLQD
RFWHW
1XPUXOGHRFWHLDLPHPRULHLLQWHUQHH[SULPFDSDFLWDWHDGHPHPRULHDDFHVWHLD
$OWHXQLWLGHPHPRUDUHIRORVLWHvQH[SULPDUHDFDSDFLWLLGHPHPRUDUHVXQW
x .LORE\WHQRWP.%.% RFWHLE\WHV
x 0HJDE\WHQRWP0%0% .%
x *LJDE\WHQRWP*%*% 0%
&HOPDLPDUHQXPUQDWXUDOFDUHSRDWHILUHSUH]HQWDWSHELLHVWH
3HQWUXDFDOFXODYDORDUHDDFHVWXLQXPUvQVLVWHPXO]HFLPDODSOLFPDOJRULWPXOGH
FRQYHUVLHGLQED]DvQED]D
VDXPDLVLPSOXIRORVLQGRSHUDLLOHGLQED]DQXPUXOVFULLQGXVHFD
3XWHPWUDJHFRQFOX]LDFSHELLVHSRWUHSUH]HQWDQXPHUHvQWUHL
2SHUDLLSHELL
3ULQDQDORJLHSHELLRFWHLVHSRWUHSUH]HQWDQXPHUHQDWXUDOHFXSULQVHvQWUH
L
3HQWUXDUHSUH]HQWDXQQXPUQDWXUDOSHXQQXPUGDWGHRFWHLVHYRUHIHFWXDXU
PWRDUHOHRSHUDLL
6HFRQYHUWHWHQXPUXOvQED]D
6HDOLQLD]ELLLGLQFRPSRQHQDQXPUXOXLODGUHDSWDDSRLvQVWkQJDSULPHLFLIUH
VHPQLILFDWLYHUHSUH]HQWDUHDVHFRPSOHWHD]FXGDFHVWHFD]XO
([HPSOH
D6VHUHSUH]LQWHQXPUXOSHRFWHL
3DVXO1XPUXOVHUHSUH]LQWvQED]D
$SOLFPDOJRULWPXOFXQRVFXWLRELQHP
3DVXODOLQLHPFLIUHOHQXPUXOXLvQED]DODGUHDSWDSHELLRFWHLFRPSOH
WkQGODVWkQJDFXXUL
E6VHUHSUH]LQWHQXPUXOSHRFWHW
3DVXO1XPUXOvQED]D
3DVXO5HSUH]HQWPDFHVWQXPUSHXQRFWHW
6HREVHUYFVDSLHUGXWFLIUDFHDPDLVHPQLILFDWLYDQXPUXOXLFHHDFHvQVHDP
QFQXSRDWHILUHSUH]HQWDWSHRFWHW7LSXOGHGDWWUHEXLHDOHVvQGHSOLQFRQ
FRUGDQFXPULPHDYDORULORULGHFLOXQJLPHDvQELLDDFHVWRUD
5HSUH]HQWDUHDQXPHUHORUvQWUHJLFXVHPQ
QOLPEDMXO3DVFDODYHP
WLS
QXPUGHRFWHL
&
J
RFWHW
J
RFWHL
J
RFWHL
QOLPEDMXO&DYHP
WLS
QXPUGHRFWHL
J
RFWHW
&J
RFWHW
J
RFWHL
1XPHUHOH vQWUHJL FX VHPQ VH YRU UHSUH]HQWD DVHPQWRU QXPHUHORU IU VHPQ FX
GHRVHELUHDFELWXOFHOPDLVHPQLILFDWLYELWXOYDUHSUH]HQWDGHDFHDVWGDWVHPQXO
QXPUXOXLVDX3ULQFRQYHQLHGDFELWXOVHPQDUHYDORDUHDQXPUXOHVWHFRQ
VLGHUDWDILSR]LWLYLDUGDFELWXOVHPQHVWHHJDOFXQXPUXOHVWHFRQVLGHUDWDILQH
JDWLY
2SHUDLLSHELL
5HSUH]HQWDUHDQXPHUHORUSR]LWLYHVHUHDOL]HD]ODIHOFDLSHQWUXQXPHUHOHQDWXUD
OHGDUOXQJLPHDGHUHSUH]HQWDUHHVWHPDLPLFFX
3HQWUXDUHSUH]HQWDXQQXPUQHJDWLYVHDSOLFXUPWRULLSDL
3DVXO6HUHSUH]LQWQXPUXOvQED]DFDLFXPDUILSR]LWLY
3DVXO1XPUXORELQXWVHVFDGHGLQNXQGHNHVWHOXQJLPHDUHSUH]HQWULLvQELL
3DVXO6HUHSUH]LQWQXPUXORELQXWODSDVXOSHNELLFDvQDOJRULWPXOSUHFHGHQW
([HPSOX
6VHUHSUH]LQWHQXPUXOSHXQRFWHWN
3DVXO
3DVXO
3DVXO
$OWHUQDWLYSUDFWLFSHQWUXSXQFWXO
6HSRDWHGHPRQVWUDFGDFVHFRPSOHPHQWHD]QXPUXOELWFXELWRSHUDLHGHQH
JDUHSHELWLDSRLODFHHDFHVDRELQXWVHDGXQYRPDMXQJHODDFHODLUH]XOWDW
QHJDWELWFXELWGHYLQH
5HSUH]HQWDUHDQXPHUHORUUHDOH
5HSUH]HQWDUHDQXPHUHORUUHDOHVHUHDOL]HD]vQFRQYHQLDYLUJXOPRELO
5HDPLQWLPFXQQXPUUHDOVHSRDWHVFULHVXEIRUPDFFFF(SXQGHFXFDP
QRWDWFLIUHOHQXPUXOXLLDUSHVWHIRUPDWGLQXQDVDXGRXFLIUHLUHSUH]LQWSXWHUHDOD
FDUHHVWHULGLFDWH[SRQHQWXO
([HPSOX
(
'DFVSDLXOGHUHSUH]HQWDUHHVWHGHRFWHLELLDFHVWDDUHVWUXFWXUD
0DQWLV
&DUDFWHULVWLF
%LWGHVHPQ
3HQWUXDUHSUH]HQWDvQFDOFXODWRUXQQXPUUHDOVHUHVSHFWXUPWRULLSDL
2SHUDLLSHELL
3DVXO6HUHSUH]LQWQXPUXOvQED]D
3DVXO1XPUXOVHDGXFHODIRUPQRUPDOL]DWDGLFODIRUPDS SDUWHD
vQWUHDJHVWHHJDOFXLDUSULPDFLIUGHGXSYLUJXOHVWHvQIXQFLHGH
DFHDVWWUDQVIRUPDUHVHVWDELOHWHYDORDUHDH[SRQHQWXOXLSPDQWLVDFRQLQH
WRDWHFLIUHOHGHGXSYLUJXO
3DVXO&DUDFWHULVWLFDVHFDOFXOHD]GXSIRUPXODS
3DVXO&DUDFWHULVWLFDLPDQWLVDVHLQWURGXFvQUHSUH]HQWDUHDOLQLDWHODGUHDSWDvQVSD
LLOHFRUHVSXQ]WRDUHLVHVWDELOHWHELWXOVHPQDOQXPUXOXLGDFQXPUXO
HVWHSR]LWLYDFHVWDYDILHJDOFXGDFQXYDIL
([HPSOX
6VHUHSUH]LQWHQXPUXOSHRFWHL
3DVXO7UHFHPQXPUXOGLQED]DvQED]D
&RQYHUWLPSDUWHDIUDFLRQDU 'HFL
3DVXO6HQRUPDOL]HD]QXPUXO
0DQWLVD H[SRQHQWXOS
3DVXO&DUDFWHULVWLFDHVWH
2SHUDLLSHELL
'XS FXP ELQH WLP vQ PHPRULD FDOFXODWRUXOXL WRDWH QXPHUHOH VXQW UHSUH]HQWDWH vQ
VLVWHPXOGHQXPHUDLHELQDU1RLOHYHGHPvQVLVWHPXOGHQXPHUDLH]HFLPDOGRDUSHQ
WUX F VLVWHPXO HIHFWXHD] SHUPDQHQW FRQYHUVLL GH OD WDVWDWXU VSUH PHPRULL L GH OD
PHPRULH vQVSUH PRQLWRU SHQWUX FD XWLOL]DWRULL V QX ILHREOLJDLVGHVFLIUH]HQXPHUH
UHSUH]HQWDWHvQVLVWHPXOELQDU&DDWDUHFXDMXWRUXORSHUDWRULORUSHELLSXWHPDFLRQD
GLUHFWDVXSUDUHSUH]HQWULLELQDUHIUDILQHYRLHGHFRQYHUVLL
'HRDUHFHRSHUDWRULLSHELLVHH[HFXWPDLUDSLGGHFkWRSHUDWRULLDULWPHWLFLvQLP
SOHPHQWDUHDDOJRULWPLORUVHSUHIHUIUHFYHQWXWLOL]DUHDORUvQVFKLPEXOFHORUDULWPHWLFL
1HJDUHD
1HJDUHDHVWHXQRSHUDWRUXQDUFDUHDFLRQHD]DVXSUDXQXLVLQJXURSHUDQGGHWLSvQWUHJ
DYkQGFDHIHFWVFKLPEDUHDILHFUXLELWDOUHSUH]HQWULLQXPUXOXLGLQvQLGLQvQ
1RWDLLvQOLPEDMXO3DVFDOLvQOLPEDMXO&
([HPSOX
6VHFDOFXOH]HYDORDUHDOXLJSHQWUXD
2SHUDLLSHELL
J
JJVDXJJ
9DORDUH]HFLPDO 5HSUH]HQWDUHSHRFWHW
'LVMXQFLD
J
`
`
`
1RWDLLvQOLPEDMXO3DVFDOLJJvQOLPEDMXO&
([HPSOX
6VHFDOFXOH]HYDORDUHDH[SUHVLHLJJSHQWUXD LE
9DORDUH]HFLPDO 5HSUH]HQWDUHSHRFWHW
J
J
JJVDXJJ
&RQMXQFLD
J
`
`
`
`
`
1RWDLLJJvQOLPEDMXO3DVFDOLJJvQOLPEDMXO&
([HPSOX
6VHFDOFXOH]HYDORDUHDH[SUHVLHLJJSHQWUXD LE
9DORDUH]HFLPDO 5HSUH]HQWDUHSHRFWHW
J
J
JJVDXJJ
2SHUDLLSHELL
6DXH[FOXVLY
6DXH[FOXVLYHVWHXQRSHUDWRUELQDUFDUHDFLRQHD]DVXSUDDGRLRSHUDQ]LvQWUHJLELWFX
ELWDYkQGFDHIHFWVHWDUHDELWXOXLUH]XOWDWSHGDFFHLGRLELLQXDXDFHHDLYDORDUHL
SHvQFD]FRQWUDU7DEODGHRSHUDUHDRSHUDWRUXOXLVDXH[FOXVLYSHELWHVWH
J J
J
`
`
`
`
1RWDLLJJvQOLPEDMXO3DVFDOLJJvQOLPEDMXO&
([HPSOX
6VHFDOFXOH]HYDORDUHDOXLJJSHQWUXD LE
9DORDUH]HFLPDO 5HSUH]HQWDUHSHRFWHW
J
J
J
JJVDXJJ
5RWLULSHELL
([LVWGRLRSHUDWRULXQXOSHQWUXURWLUHDELLORUVSUHGUHDSWDLDUFHOODOWSHQWUXURWLUHD
ELLORUVSUHVWkQJD$FHWLDVXQWRSHUDWRULELQDULSULPXORSHUDQGILLQGQXPUXODLFUXL
ELLYRUILURWLLLDUFHOGHDOGRLOHDUHSUH]LQWQXPUXOGHURWDLLQORFXOELLORUGHSOD
VDLGLQPDUJLQHQXPUXOVHFRPSOHWHD]FXXUL
1RWDLL SHQWUXURWLUHODVWkQJDShLIWLHIWL SHQWUXURWLUHODGUHDSWDShLIW
RLJKW
([HPSOX
6VHFDOFXOH]HYDORDUHDOXLJ JLDOXLJ JSHQWUXD
2EVHUYDLL
6HREVHUYFRULFHURWLUHWUDQVODWDUHODVWkQJDFXRSR]LLHHVWHHFKLYDOHQWFXR
vQPXOLUHDQXPUXOXLFXLRULFHURWLUHODGUHDSWDFXRSR]LLHHVWHHFKLYDOHQWFXR
vPSULUHDQXPUXOXLOD
2SHUDLLSHELL
QPXOLUHFXRSHUDLLSHELL
3UH]HQWPXQDOJRULWPFDUHHIHFWXHD]vQPXOLUHDDGRXQXPHUHvQWUHJLDEd
IUFDvQLPSOHPHQWDUHVILHQHYRLHGHRSHUDWRUXOvQPXOLUH
#J
QJ
JJ
zJ`
QJJ
JJJJJELWXOFHOPDLGLQGUHDSWDJ\JJJJ
JJJJJJJmJJ~J
JJJJ JJ
JJJJJmJJJ
JJJJJJmJJ
J
J
^vOYRPLPSOHPHQWDFX `
^vOYRPLPSOHPHQWDFX `
QLQVWUXFLXQHD VHIDFHUHIHULUHODXOWLPXOELWGLQSULPXORSHUDQG$FHVWDVH
SRDWHDFFHVDVLPSOXHIHFWXkQGRSHUDLDvQWUHDLFRQVWDQWDIUVILHQHYRLHGH
XWLOL]DUHDvPSULULLvQWUHJLOD$LFLMRDFUROGHPDVF
2PDVFHVWHXQQXPUFRQVWUXLWvQDDIHOvQFkWVSHUPLWWHVWDUHDYDORULLXQXLD
VDXDPDLPXOWRUELLDLXQXLQXPUGDW
6FRQVLGHUPXQH[HPSOXFRQFUHWLVXUPULPSDLLDOJRULWPXOXLSHQWUXD
LE
D
E
UH]XOWDW
D
'HH[HPSOXVOXPvQFRQVLGHUDUHVLWXDLD
VDXXUPWRDUHD 5H]XOWFODUF
DVWIHOSXWHPRELQHLQIRUPDLDGRULWGHVSUHYDORDUHDXOWLPXOXLELWDOXLD
,PSOHPHQWULVXJHUDWH
3HQWUXDYIDPLOLDUL]DFXXWLOL]DUHDRSHUDWRULORUFDUHSHUPLWSUHOXFUDUHDGDWHORUSHELL
SURSXQHPUH]ROYDUHDXUPWRDUHORUH[HUFLLL
VFKLPEDUHDVHPQXOXLXQXLQXPU
VFKLPEDUHDYDORULLXQXLELWGLQWUXQQXPU
([HPSOX
2SHUDLLSHELL
FRGLILFDUHDLGHFRGLILFDUHDXQXLQXPUSHED]DXQHLFKHL
vQPXOLUHDLvPSULUHDFXSXWHULDOHOXL
QXPUDUHDELLORUDYkQGYDORDUHDVDXGLQUHSUH]HQWDUHDXQXLQXPUvQED]D
GHVFRPSXQHUHDXQXLQXPUvQWUHJvQRFWHWXOGLQVWkQJDLRFWHWXOGLQGUHDSWD
URWLUHDFLIUHORUELQDUHDOHXQXLQXPUvQWUHJ
VFKLPEDUHDFLIUHORUELQDUHHJDOHFXvQLLQYHUV
JHQHUDUHDWXWXURUVXEPXOLPLORUPXOLPLL^1`
JHQHUDUHDWXWXURULUXULORUFDUHFRQLQQXPDLYDORULOHL
%#!&$
`
,QYHUVDUH
3UREOHPHSURSXVH
$ILDUHvQED]D
6FULHLXQSURJUDPFDUHFLWHWHXQQXPUQDWXUDOQLDILHD]FLIUHOHUHSUH]HQWULLEL
QDUHDQXPUXOXL
'DWHGHLQWUDUH
1XPUXOQDWXUDOQVHFLWHWHGLQILLHUXO$"&$
'DWHGHLHLUH
1XPUXOUHSUH]HQWDWvQED]DVHYDVFULHvQILLHUXO$"&'(!
$8" &$
`JJ
$"&$
`
$"&'(!J
````
6XPGHSXWHULDOHOXL
6VHGHVFRPSXQXQQXPUQDWXUDOQFDVXPGHSXWHULDOHOXL
'DWHGHLQWUDUH
1XPUXOQDWXUDOQVHFLWHWHGLQILLHUXO%#!&$
'DWHGHLHLUH
'HVFRPSXQHUHDQXPUXOXLQFDVXPGHSXWHULDOHOXLVHYDVFULHvQILLHUXOGHLHLUH
%#!&'(!2SHUDLDGHULGLFDUHODSXWHUHYDILUHSUH]HQWDWSULQFDUDFWHUXO
5HVWULFLLLSUHFL]UL
x dQd
$8" &'(!
J`J
6ROXLLOHSUREOHPHORUSURSXVH
5HVWULFLLLSUHFL]UL
x dQd
([HPSOX
%#!&'(!J
|~
6HFRQVLGHUGRXQXPHUHvQWUHJLDLE6VHLQYHUVH]HFRQLQXWXOYDULDELOHLDFX
FRQLQXWXOYDULDELOHLEIUXWLOL]DUHDXQHLYDULDELOHDX[LOLDUH
'DWHGHLQWUDUH
&HOHGRXQXPHUHVHDIOSHSULPDOLQLHDILLHUXOXLGHLQWUDUH$8" &$
'DWHGHLHLUH
&HOH GRX QXPHUH VH YRU VFULH GXS FH FRQLQXWXULOH ORU VDX LQYHUVDW vQ ILLHUXO GH
LHLUH$8" &'(!
5HVWULFLLLSUHFL]UL
x dDEd
([HPSOX
2SHUDLLSHELL
J
$ILDUHvQED]D
3HQWUXDDILDUHSUH]HQWDUHDELQDUDQXPUXOXLYDWUHEXLVWHVWPSHUkQGELLLDFHVWX
LD ([LVW PDL PXOWH PRGDOLWL GH D IDFH DFHVW OXFUX 3UH]HQWP vQ FRQWLQXDUH GRX
GLQWUHHOH
D6ROXLHFDUHURWHWHPDVFD
3HQWUXDWHVWDWRLELLLYDWUHEXLVUHSHWPGHRULWHVWDUHDGDFQXPUXOHVWHUHSUH
]HQWDW SH ELL OD ILHFDUH SDV GHSODVkQG ELWXO GH WHVW FX R SR]LLH 'H GDWD DFHDVWD
YUHPVDILPYDORDUHDELLORUvQFHSkQGFXELWXOGHFLPDVFDVHYDLQLLDOL]DFXYD
ORDUHD
/DILHFDUHSDVURWLPPDVFDODGUHDSWDFXRSR]LLH
([HPSOX
2SHUDLLSHELL
L
QU
PDVFD QUPDVFD UH]XOWDW DILP
3H XUPWRDUHOH WUHL SR]LLL DILP 'HFL SH SDUFXUVXO H[HFXWULL SURJUDPXOXL VH
DILHD]
E6ROXLHED]DWSHURWLUHDQXPUXOXLGDW
QDFHDVWDERUGDUHvQORFVVHPRGLILFHSR]LLDELWXOXLGHWHVWGLQPDVFVHYDURWL
QXPUXOGDWELWFXELWWHVWkQGXVHODILHFDUHSDVDFHHDLSR]LLHSULPXOELW5RWLULOHL
WHVWULOHVHYRUUHSHWDGHDWkWHDRULFkLELLDUHUHSUH]HQWDUHDQXPUXOXLQ&LIUHOHGLQ
IDDQXPUXOXLQXYRUILDILDWH
([HPSOX
)LHQ LPDVFD UHSUH]HQWDWHSHELL
/D ILHFDUH SDV VH URWHWH QXPUXO Q OD VWkQJD SHQWUX FD XUPWRUXO ELW ELWXO GHSH
SR]LLDVDMXQJvQSR]LLDGHWHVWDUH
Q SURJUDPXO FX FDUH LPSOHPHQWP DFHVWDOJRULWPDPLQWURGXVRYDULDELOORJLF
FLIUBVHPQLILFDWLY FDUH YD SULPL YDORDUHD DGHYUDW GXS JVLUHD L DILDUHD SULPHL
FLIUHVHPQLILFDWLYHDVWIHORIHULQGSRVLELOLWDWHDGHDHYLWDDILDUHDFLIUHORUHJDOHFXvQ
IDDSULPHLFLIUHVHPQLILFDWLYH
3DV
QU
PDVFD QUPDVFD UH]XOWDW FLIUBVHPQLILFDWLY DILP
IDOV
IDOV
DGHYUDW
DGHYUDW
DGHYUDW
QXUPWRULLWUHLSDLVHYDDILDYDORDUHD
#J
QJ
J
J
JJ%JmJJJ
^VHFRQVWUXLHWHRPDVFSHGHELLFDUHYDDYHD`
^SULPXOELWUHVWXOELLORUILLQG`
JJ%JmJ%J JJJ
%
%JmJIDOV
2SHUDLLSHELL
\J
,J
J
JJ%JzJ`JJJ
JJ
JJJJJJ%
%JmJDGHYUDWJ
JJJJ
J%
%J
J`
^XULOHQHVHPQLILFDWLYHQXVHYRUDILD`
^URWLPQXPUXOFXRSR]LLHODVWkQJD`
JJJJJJ
JmJ
J JJJ
JJJJ
JJ
6XPGHSXWHULDOHOXL
QPRGDVHPQWRUSUREOHPHLDQWHULRDUHVHYRUWHVWDELLLQXPUXOXLQGHGDWDDFHDVWD
vQVDFHWLDYRUILSDUFXULGHODGUHDSWDVSUHVWkQJDFHHDFHQHYDSHUPLWHVSVWUP
vQWUXQFRQWRUSDVUDQJXOILHFUXLELW$WXQFLFkQGXQELWYDDYHDYDORDUHDFRQWRUXO
YDDUWDSXWHUHDOXLFDUHFRUHVSXQGHDFHOXLELW
([HPSOX
Q
3DV
Q
8OWLPXOELW $ILP
A
A
6HREVHUYFODILHFDUHSDVDIRVWWHVWDWXOWLPXOELWFHHDFHQHDUDWFPDVFDYD
WUHEXLVDLEXOWLPXOELWHJDOFXLDUFHLODOLELLHJDOLFX'HFLPDVFDYDILLQLLDOL
]DWFX
QDOJRULWPXOFRUHVSXQ]WRUYRPIRORVLYDULDELODERROHDQSULPXOFDUHQHYDDUDW
GDFVXQWHPVDXQXODSULPXOWHUPHQDOVXPHLSHQWUXDWLGDFYRPDILDXQVDXQX
#J%
QJ
J
J
JJ%JmJJ
JJJmJ`J
2SHUDLLSHELL
JJJmJJ
^FkWWLPSPDLH[LVWELLHJDOLFXvQQXPU`
JJ
J
JzJ`J
,
JJJJJ
JJ%JzJ`J
^GDFDPJVLWXQELWHJDOFX`J
JJJJJ
JJJJJJJJ
J~J
JJ
JJJmJ
JJ
JJJ
^DILPSXWHUHDOXLFRUHVSXQ]WRDUH`
J JJ
J JJ
JmJ
JURWLWODGUHDSWDFXSR]LLH
^WUHFHPODXUPWRUXOELW`
J JJJmJJ~JJ
JJ
,QYHUVDUH
J
J
J
J
JJJ J JJ
J
JJJ
'HFLDYHPvQEYDORDUHDLDUvQDYDORDUHD
#
,J
JJ
JJ
JJJmJJJJ
JJJmJJJJ
JJJmJJJJ
JJ
JJJ
JJ
JJJ
5HFXUVLYLWDWH
1RLXQHDGHUHFXUVLYLWDWH
3URLHFWDUHDXQXLDOJRULWPUHFXUVLY
([HFXLDDSHOXULORUUHFXUVLYH
5HFXUVLYLWDWHLQGLUHFWvQFUXFLDW
*UHHOLIUHFYHQWHvQVFULHUHDSURJUDPHORUUHFXUVLYH
&kQGPHULWVXWLOL]PWHKQLFDUHFXUVLYLWLL"
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
1RLXQHDGHUHFXUVLYLWDWH
9RP IRORVL RSHUDWRUXO FDUH DSOLFDW GH GRX RUL FRQVHFXWLY vL DQXOHD] DFLX
QHD 'DF VH DSOLF vQWUH FHOH GRX QXPHUH vQWUHJL GDWH DSRL DVXSUD UH]XOWDWXOXL FX
SULPXOXPULODIHOFXDOGRLOHDFRQLQXWXOFHORUGRXYDULDELOHVHLQYHUVHD]
)LHD LE
^YDORDUHDSULPXOXLQXPUDMXQJHvQDOGRLOHD`J
^YDORDUHDFHOXLGHDOGRLOHDQXPUDMXQJHvQSULPXO`
&DSLWROXO
1RLXQHDGHUHFXUVLYLWDWHGLQSURJUDPDUHGHULYvQPRGQDWXUDOGLQQRLXQHDPDWHPD
WLF FXQRVFXW VXE QXPHOH GH UHFXUHQ 'DU L YLDD GH ]L FX ]L RIHU QHQXPUDWH
H[HPSOH$WXQFLFkQGQHDSXFPGHIFXWWHPHOHGHVFKLGHPRFDUWHFLWLPGLQHDGDU
OD XQ PRPHQW GDW QH WUHEXLH R DOW FDUWH QWUHUXSHP VWXGLXO GLQ SULPD FDUWH L FLWLP
GLQ FHDODOW (VWH SRVLELO V DYHP QHYRLH vQ FRQWLQXDUH GH DOWH FUL 9D VRVL vQV L
PRPHQWXO FkQG QH vQWRDUFHP OD XOWLPD FDUWH vQWUHUXSW FRQWLQXP VDX QX V FLWLP
GLQHDDSRLQHvQWRDUFHPODSUHFHGHQWDLvQILQDOODSULPD$WXQFLFkQGDPWHUPLQDW
WHPDRvQFKLGHPLSHDFHDVWD
3UH]HQWP vQ FRQWLQXDUH FkWHYD H[HPSOH FODVLFH GH IXQFLL GHILQLWH UHFXUHQW 2
IXQFLHHVWHUHFXUHQWGDFHVWHGHILQLWSULQVLQHvQVL
([HPSOH
'HILQLLDQXPHUHORUQDWXUDOHFRQIRUPD[LRPHORUOXL3HDQR
x HVWHQXPUQDWXUDO
x 2ULFHVXFFHVRUDOXQXLQXPUQDWXUDOHVWHXQQXPUQDWXUDO
6HFLXQHDGHDXU
6HFLXQHD GH DXU VHJPHQWXO GH DXU VDX SURSRULD GLYLQ UHSUH]LQW WRDWH DFHODL
OXFUXDGLFFHDPDLDUPRQLRDVvPSULUHSURSRULRQDUHGLYLQDILJXULORUJHRPHWULFH
QFGLQDQWLFKLWDWH6HFLXQHDGHDXUHUDFXQRVFXWFDILLQGVROXLDHFXDLHL
[[
5HFXUVLYLWDWH
5H]ROYkQGHFXDLDRELQHP [
FHHDFHvQVHDPQDSUR[LPDWLY
$FHDVWFRQVWDQWHVWHSUH]HQWvQWRWFHHDFHHVWHYLXFXPDUILUDSRUWXOGLQWUHGH
JHWLSDOPUDSRUWXOGLQWUHSDOPLDQWHEUDLDDPDLGHSDUWHPRWLYSHQWUXFDUHD
IRVWDGHVHDIRORVLWGHPDULLDUWLWLGHODFRQVWUXFLDSLUDPLGHORULSkQODSLFWXUDUH
QDVFHQWLVW1XPHURDVHVFULHULDXIRVWFRQVDFUDWHVHFLXQLLGHDXUOHJLORUVDOHLSDUWL
FLSULLVDOHODVWUXFWXUDUHDQDWXULLLDDUWHL6XEQXPHOHGHGLYLQHSURSRUWLRQHRJ
VLPOD/XFD3DFLROLSULHWHQLFRODERUDWRUDOOXL/HRQDUGRGD9LQFLVXEIRUPGHIUDF
LHFRQWLQXLQILQLW
[
IRUPQXPLWLFRPELQDUHDXQLWLLFXLQILQLWXO
LUXOOXL)LERQDFFL
6HFRQVLGHUFGHILQLUHDLUXOXLDDSUXW
vQDQXOLDFHVWDVHJHQHUHD]FXIRUPXOHOH
I I IL ILILSHQWUXL!
$FHVWDHVWHGDWRUDWOXL/HRQDUGRGD3LVDILXOOXL%RQDFFLRFDXUPDUHDIRUPXOULL
XQHLSUREOHPHSULYLQGvQPXOLUHDLHSXULORU
3ULPXOWHUPHQHVWHXUPWRULLGRLWHUPHQLDLLUXOXLVXQWLDUILHFDUHWHUPHQGH
LQGLFHPDLPDUHGHFkWHVWHHJDOFXVXPDXOWLPLORUGRLWHUPHQLFDUHvOSUHFHG
2EVHUYDLH
3HPVXUFHLUXOFRQWLQXUDSRUWXOGLQWUHGRLWHUPHQLFRQVHFXWLYLVHDSURSLHGH
YDORDUHDQXPUXOGHDXU
QFRQWLQXDUHYRPHQXPHUDFkWHYDSURSULHWLLQWHUHVDQWHDOHWHUPHQLORULUXOXLOXL
)LERQDFFL
IQ IQIQQ
IQIQ IQIQQ
IIIQ IQ
IIIQ IQ
IIIQ IQIQ
5HFXUVLYLWDWH
)UDFWDOL
)UDFWDOLLVXQWIRUPHJHRPHWULFHGHILQLWHUHFXUHQWSULQvPSULUHDXQXLVHJPHQWVDXD
XQHLVXSUDIHHvQEXFLGXSRSURSRULHGDW)LHFDUHEXFDWDXQXLIUDFWDOHVWHRFR
SLHODVFDUUHGXVDvQWUHJXOXL
'LQSXQFWGHYHGHUHDOPRGHOXOXLGHJHQHUDUH
DIUDFWDOLORUDFHWLDSRWILvPSULLvQIUDFWDOLQD
WXUDOL L IUDFWDOL DUWLILFLDOL )UDFWDOLL QDWXUDOL VXQW
FHLH[LVWHQLvQQDWXUVDXFDUHVXQWFUHDLvQXUPD
XQRUSURFHVHQDWXUDOH1RULLPXQLLFRSDFLLPD
OXULOH SRW IL FRQVLGHUDL IUDFWDOL QDWXUDOL 'H DVH
PHQHDVLVWHPXOQHUYRVLVLVWHPXOGHUDPLILFDLHD
EURQKLLORUVXQWH[HPSOHGHIUDFWDOLQDWXUDOLQQD
WXU FHO PDL DGHVHD vQWkOQLP SURSRULD GLYLQ FD
IDFWRUGHSURSRULRQDOLWDWHDOIUDFWDOLORU
3URLHFWDUHDXQXLDOJRULWPUHFXUVLY
QSURJUDPDUHYRUELPGHVSUHVXESURJUDPUHFXUVLYGDFDFHVWDVHDXWRDSHOHD]$OWIHO
VSXVvQFRUSXOVXESURJUDPXOXLDSDUHXQDSHODOVXESURJUDPXOXLvQVXLvQWLPSFHDFHV
WD HVWH DFWLY 3HQWUX FD DSHOXO V QX VH UHDOL]H]H OD LQILQLW HVWH QHFHVDU H[LVWHQD vQ
VXESURJUDPDXQHLFRQGLLLFRUHFWHGHRSULUHDDFHVWRUDSHOXUL
8QDOWSXQFWGHOLFDWvQUHDOL]DUHDXQXLVXESURJUDPUHFXUVLYHVWHGHVFULHUHDPRGHOX
OXL([LVWSUREOHPHvQFDUHSXWHPDSOLFDRIRUPXOGHUHFXUHQGDWGDULSUREOHPH
vQFDUHDFHDVWUHODLHWUHEXLHGHWHUPLQDWSHED]DHQXQXOXL
3UH]HQWPvQFRQWLQXDUHGRXH[HPSOHGHSURLHFWDUHDXQRUDOJRULWPLUHFXUVLYL
D 'DFIRUPXODUHFXUHQWHVWHFXQRVFXWDOJRULWPXOYDGHVFULHDFHDVWIRUPXO
([HPSOX
9RPVFULHXQVXESURJUDPUHFXUVLYFDUHFDOFXOHD]YDORDUHDOXLDQXQGHDHVWHXQQX
PUUHDOLDUQHVWHQXPUQDWXUDOGLIHULWGH
)RUPXODUHFXUHQWGHFDOFXODUHDIXQFLHLSXWHUHHVWH
GDF Q
DQ
Q
D
D
GDF Q z
$FHDVWIRUPXOVHSRDWHUHVFULH
GDF Q
3XWHUH D Q
D 3XWHUH D Q GDF Q z
5HFXUVLYLWDWH
2YDULDQWGHVXESURJUDPUHFXUVLYFDUHFRUHVSXQGHDFHVWHLGHVFULHULHVWH
J
QJJ
^GHWLSIXQFLHUHWXUQHD]XQQXPUUHDO`
J
J\JJJJ
JJJJJmJJ
JJ
JJ
JJJJJmJJJ
J
J
E 'DFIRUPXODUHFXUHQWQXHVWHGDWDFHDVWDWUHEXLHVILHGHGXV
([HPSOX
9RPVFULHXQVXESURJUDPUHFXUVLYFDUHFDOFXOHD]FHOPDLPDUHGLYL]RUFRPXQD
GRXQXPHUHQDWXUDOHDLEFRQIRUPDOJRULWPXOXLOXL(XFOLG
3HQWUXDGHGXFHIRUPXODUHFXUHQWGHFDOFXODFHOXLPDLPDUHGLYL]RUFRPXQSULQ
DOJRULWPXOOXL(XFOLGYRPXUPULHIHFWXODOJRULWPXOXLSHXQH[HPSOX
E
FkW
UHVW
J%QJ
JJ\J`JJJ
JJJJ%JmJJ
JJ
JJ
JJJJ%JmJ%J
J
5HFXUVLYLWDWH
([HFXLDDSHOXULORUUHFXUVLYH
E
/DUHYHQLUH
%J\J`J
E
D QXUPDDSHOXOXL%``
%J\J`J
E
D QXUPDDSHOXOXL%`` %J\J`J
$OWHH[HPSOH
9RPVFULHXQDOJRULWPFDUHGHWHUPLQFHOGHDOQOHDWHUPHQDOLUXOXLOXL)LERQDFFL
XWLOL]kQGvQDFHVWVFRSXQVXESURJUDPUHFXUVLY,PSOHPHQWkQGDFHVWDOJRULWPYRPYH
GHDFQXvQFD]XORULFUHLSUREOHPHHVWHLQGLFDWVOHUH]ROYPUHFXUVLYQFD]XOLUX
OXLOXL)LERQDFFLVXESURJUDPXOUHFXUVLYHVWHPDUHFRQVXPDWRDUHGHWLPSGHRDUHFHvQ
FD]XOILHFUXLWHUPHQFDOFXOHOHvQFHSGHODWHUPHQXOGHUDQJ
WLLQGFRULFHWHUPHQGLQLUXOOXL)LERQDFFLVHFDOFXOHD]FDVXPDFHORUGRLWHU
PHQLFDUHvOSUHFHGVHYDXUPULPRGXOGHFDOFXODUHDOFHOXLGHDOOHDWHUPHQ)LH
Q &RQVLGHUP F VXESURJUDPXO UHFXUVLY SRDUW QXPHOH )LE Q XUPD DSHOXOXL
)LE VXESURJUDPXO VH YD DXWRDSHOD SHQWUX )LE L )LE 6 XUPULP FH VH
vQWkPSOvQFD]XOOXL)LE6HYDDSHOD)LEL)LEDSRL)LEL)LEvQILQDO
)LEL)LE9DORULOHDFHVWRUWHUPHQLVHFXQRVFGHFLDXWRDSHOULOHSHDFHVWILUVH
RSUHVF$VWIHOVHSRDWHFDOFXODYDORDUHDOXL)LE'DUSHQWUXDOFDOFXODSH)LE
PDLvQWkLHVWHQHYRLHGH)LE$SRLGXSFHVDFDOFXODW)LESHQWUXDOFDOFXODSH
)LEGLQQRXHVWHQHYRLHGH)LEQDLQWHGHDOSXWHDFDOFXODSH)LEGLQQRX
HVWHQHYRLHvQDIDUGH)LEGH)LEFDUH6HREVHUYFXQDFHODLWHUPHQ)LEL
VHFDOFXOHD]GHIRDUWHPXOWHRUL
5HFXUVLYLWDWH
-=6>< D
-=5><5
-=4><0 -=0></
-=4>< 0
.
-=0>< / -=/><
) P Q
-=.><
.
-=/><. -=.><.
6XESURJUDPXOFRUHVSXQ]WRUVHSRDWHLPSOHPHQWDSHED]DVXEDOJRULWPXOXL
J
QJ
J
J\JJ JJ
J\JJJJ
JJJJJmJJ
JJ
JJ
JJJJJmJ
J~J
J
$PY]XWFSHQWUXQ DYHPDSHOXUL3XWHPUHGXFHQXPUXODXWRDSHOXULORU
GDFYDORULOHFDOFXODWHOHSVWUPvQWUXQYHFWRU)LH)DFHVWYHFWRUGHILQLWFDYDULDELO
JOREDO6XEDOJRULWPXOVDUUHVFULHDVWIHO
5HFXUVLYLWDWH
QDFHDVWYDULDQWSHQWUXQ VHYRUHIHFWXDDSHOXUL&XFkWQDUHRYDORDUHPDL
PDUHFXDWkWSULQDGRXDYDULDQWVHHFRQRPLVHWHXQQXPUPDLPDUHGHFDOFXOH
'HVSUHVXESURJUDPXO)LEQSXWHPVSXQHFDUHXQJUDGPDLvQDOWGHUHFXUVLYLWDWH
GHFkWVXESURJUDPXO&PPGFDE([LVWLVXESURJUDPHFXXQJUDGLPDLvQDOWGHUH
FXUVLYLWDWHGHFkW)LEQGHH[HPSOXVXESURJUDPXOUHFXUVLYFDUHDULPSOHPHQWDIXQFLD
OXL$FNHUPDQQGHILQLWDVWIHO
J
QJ
J
J\JJ JJ
J\JJJJ
JJJJJmJJ
JJJJ
JmJJ
JJ
JJ
J
JzJ`JJJ
JJJJJJJmJ
JJ
^GHWHUPLQP
`J
JJJJ
JJ
JJJJJJJmJ
J
JJJJJJJ
JzJ`JJJmJ
^GHWHUPLQP
`J
JJJJJJJJJJJJJJJJJJJJJJ
JJmJ
J
J
JJJJJJJmJJ~JJ
J
GDF P
Q
GDF Q
) P
) P ) P Q GDF P z L Q z
6HREVHUYGLQIRUPXODUHFXUHQWDDFHVWHLIXQFLLFvQVLWXDLDvQFDUHPzLQz
VHHIHFWXHD]DXWRDSHOvQDXWRDSHO
&XFkWXQVXESURJUDPDUHXQJUDGPDLvQDOWGHUHFXUVLYLWDWHFXDWkWFUHWHLQHILFL
HQDOXL9LWH]DGHFDOFXOVFDGHLVHDMXQJHODGHSLUHDVSDLXOXLVWLYHLSHQWUXGDWHGH
LQWUDUHUHODWLYPLFL
2VROXLHGHUHGXFHUHDQXPUXOXLGHDXWRDSHOXULvQDFHVWHFD]XULHVWHFRQVWUXLUHD
XQHLVWUXFWXULGHGDWHWDEORXXQLVDXELGLPHQVLRQDOvQIXQFLHGHFD]vQFDUHVVH
SVWUH]HYDORULOHGHMDFDOFXODWHDDFXPVDDUWDWvQH[HPSOXOSUH]HQWDWPDLVXV
QFKHLHPDFHDVWGLVFXLHFXUHFRPDQGDUHDGHDHYLWDDOWHUQDWLYHOHUHFXUVLYHvQUH
]ROYDUHDSUREOHPHORUvQFD]XOFURUDH[LVWYDULDQWLWHUDWLYFDUHVQXILHPDUHFRQ
VXPDWRDUHGHVSDLXGHPHPRULHFKLDUGDFSURJUDPHOHUHFXUVLYHVXQWPDLFRPSDFWH
5HFXUVLYLWDWHLQGLUHFWvQFUXFLDW
QVLWXDLDvQFDUHGRXVDXPDLPXOWHVXESURJUDPHVHDSHOHD]UHFLSURFVHVSXQHF
UHFXUVLYLWDWHDHVWHLQGLUHFWVDXvQFUXFLDW
([HPSOX
$SHOGLQSURJUDPXOSULQFLSDO6XESURJUDP5HYHQLUHvQSURJUDPXOSULQFLSDO
6XESURJUDP5HYHQLUHvQSURJUDPXOSULQFLSDO
6XESURJUDP5HYHQLUHvQSURJUDPXOSULQFLSDO
5HFXUVLYLWDWH
2EVHUYDLH
(VWHDEVROXWQHFHVDUVVHDVLJXUHLHLUHDGLQUHFXUVLYLWDWH3HQWUXDFHDVWDYDH[LVWD
RFRQGLLHGHLHLUHFHOSXLQvQWUXQXOGLQWUHVXESURJUDPH
([HPSOX
3UH]HQWPvQFRQWLQXDUHXQ SURJUDPGHPRQVWUDWLYFDUHH[HPSOLILFXWLOL]DUHDWHK
QLFLLUHFXUVLYLWLLvQFUXFLDWHvQWUXQSURJUDPFDUHVLPXOHD]XQFURQRPHWUXFDUHSRD
WHIXQFLRQDDWkWFUHVFWRUFkWLGHVFUHVFWRU
)RORVLP GRX SURFHGXUL XQD FDUH FUHWH YDORDUHD FURQRPHWUXOXL LDU FHDODOW FDUH
VFDGHYDORDUHDGHDILDW7DVWDVSDLXRYRPIRORVLSHQWUXDFRPXWDGHODXQVWLOGHFUR
QRPHWUDUHODDOWXO
$OJRULWPXOVHRSUHWHFkQGFURQRPHWUXODMXQJHODVDXDFHDVWYDORDUH
ILLQGDOHDVDUELWUDU
([HPSOXODOHVHVWHXQXOGLQWUHFHOHPDLVLPSOHUH]ROYDUHDED]kQGXVHSHDSHOXULOH
UHFLSURFHDGRXSURFHGXUL8QDFDUHFUHWHYDORDUHDFRQWRUXOXLFHDODOWVFDGHYDORD
UHDDFHOXLDLFRQWRU
'XSFXPVHSRDWHREVHUYDGLQDOJRULWPXOXUPWRUVXEDOJRULWPLLVHDSHOHD]XQXO
SHFHOODOWDWXQFLFkQGVHDSDVWDVWDVSDLX
$OJRULWPXOYDILSUH]HQWDWLPSOHPHQWDWvQOLPEDMXO3DVFDOIRORVLQGFkWHYDVXESUR
JUDPHSUHGHILQLWHGLQXQLWXO&UW
J
J%J
Q
KJKJ
^SULQFXYkQWXO
VHDQXQFRPSLODWRUXOGHVSUHIDSWXOF%`
^HVWHRSURFHGXUFDUHVHYDGH]YROWDXOWHULRU`
JJ
Q
KJ
JJ%KJJ
^WHUJHPHFUDQXO`J
JJY``KJJ
^VHSR]LLRQHD]FXUVRUXOSHHFUDQvQYHGHUHDVFULHULL`
JJ
KJJ
^VHDILHD]FRQWRUXOFXUHQW`
JJJ
`J
J
^GDFQXVFKLPEPGLUHFLDWLPSXOFUHWHDOWIHOGHVFUHWH`
JJJJJYJJ
J
JJ
JJJJJJ
%
KJJ
JJJJJJ
JJ
JJJJ
J
J
JJ
JJJJJJ%
KJJ
JJJJJJ%
JJ
JJJJ
J
KJ
J
5HFXUVLYLWDWH
J%J
Q
KJ
JJ%KJ
JJY``KJJ
JJ
KJJ
JJJ
`J
J
JJJJYJJ
%
KJJ
JJJJJJ%
J
J
%
KJJ
JJJJJJ
J
JJJJ
J
KJ
J
JJ
Q\KJJ
^VHSRUQHWHGHODYDORDUHDDFRQWRUXOXL`
JJ
JJJ
^LODvQFHSXWFUHWHFRQWRUXO`
J
*UHHOLIUHFYHQWHvQVFULHUHDSURJUDPHORUUHFXUVLYH
x 2FRQGLLHGHLHLUHLQFRUHFWGLQUHFXUVLYLWDWHYDGXFHFHOPDLDGHVHDODGHSLUHD
FDSDFLWLLGHPHPRUDUHDVWLYHLFD]vQFDUHSURJUDPXOVHRSUHWHDILkQGPHVDMXO
%?J
x 8QDXWRDSHOLQFRUHFWIRUPXODWGXFHODXQUH]XOWDWLQFRUHFWVDXODXPSOHUHDVWLYHL
x QFD]XOvQFDUHVHGHFODUSDUDPHWULIRUPDOLWUDQVPLLSULQYDORDUHLVDXYDULDELOH
ORFDOHGHWLSXULFDUHRFXSPXOWVSDLXGHPHPRULHVWLYDFDOFXODWRUXOXLVHYDXPSOH
H[WUHP GH UHSHGH DMXQJkQGXVH OD GHSLUHD VSDLXOXL UH]HUYDW DFHVWXLD FKLDU L
SHQWUXXQQXPUPLFGHDXWRDSHOXUL
&kQGPHULWVXWLOL]PWHKQLFDUHFXUVLYLWLL"
$WXQFL FkQG DOJRULWPXO FDUH XUPHD] V ILH LPSOHPHQWDW GHVFULH R QRLXQH UHFXUHQW
VDX DOJRULWPXO vQ VLQH HVWH UHFXUVLY VH YD OXD vQ FRQVLGHUDUH RSRUWXQLWDWHD GHVFULHULL
DFHVWXLD XWLOL]kQG WHKQLFD UHFXUVLYLWLL 6H SXQH vQV SUREOHPD RSWLPDOLWLLYDULDQWHL
UHFXUVLYH D DOJRULWPXOXL 'DF DFHODL DOJRULWP VH SRDWH UHDOL]D UHODWLY VLPSOX XWLOL
]kQGWHKQLFDLWHUDWLYIRORVLQGVWUXFWXULUHSHWLWLYHvQORFXODSHOXOXLUHFXUVLYDWXQFLVH
SUHIHUYDULDQWDLWHUDWLYGDWRULWIDSWXOXLFDVWIHOVHYRUUHDOL]DSURJUDPHPDLUDSLGH
6H HYLW DVWIHO RSHUDLLOH PXOW SUHD GHVH GH VDOYDUH SH VWLYDFDOFXODWRUXOXLSUHFXPL
vQFUFDUHDDFHVWHLDvQFD]XODSHOXULORUUHSHWDWH'HDVHPHQHDGHSDQDUHDSURJUDPHORU
UHFXUVLYHHVWHPDLDQHYRLRDVGHFkWDFHORULWHUDWLYH
5HFXUVLYLWDWH
3ULQFLSDOXODYDQWDMDOXWLOL]ULLWHKQLFLLUHFXUVLYHHVWHFSHUPLWHRGHVFULHUHFRQFLV
DDOJRULWPXOXLRJOLQGLQGSHUIHFWGHILQLLDUHFXUHQWDUHVSHFWLYHLQRLXQL7H[WXOVXUV
DOXQXLDVWIHOGHDOJRULWPHVWHGHUHJXOPXOWPDLVFXUWLPDLFODUGHFkWDOWHYDULDQWH
GHDOJRULWPL$FHVWPRGGHVFULHUHSHUPLWHRGLYL]DUHXRDUDSUREOHPHLvQVXESUREOH
PHGHDFHODLWLS
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6FULHL XQ SURJUDP FDUH FLWHWH XQ QXPU QDWXUDO Q L XQ QXPU GH FLIUH N PDL PLF
GHFkW QXPUXO GH FLIUH DOH QXPUXOXL Q L GHWHUPLQ QXPUXO PD[LP FDUH VH SRDWH
RELQHGLQQSULQHOLPLQDUHDDNFLIUH&LIUHOHQXPUXOXLUH]XOWDWvLYRUSVWUDRUGLQHD
vQQXPU
'DWHGHLQWUDUH
&HOHGRXQXPHUHQDWXUDOHVHYRUFLWLGLQILLHUXO+#9+&$
'DWHGHLHLUH
1XPUXORELQXWSULQHOLPLQDUHDFHORUNFLIUHVHYDVFULHvQILLHUXO+#9+&'(!
5HVWULFLLLSUHFL]UL
x QXPUXOQDWXUDOQSRDWHDYHDFHOPXOWGHFLIUH
x dNdQXPUXOGHFLIUHDOHQXPUXOXLGDWQ
([HPSOX
+#9+&'(!J
6XPGHQXPHUH)LERQDFFL
6FULHLXQSURJUDPFDUHFLWHWHXQQXPUQDWXUDOLGHWHUPLQFHOPDLPLFUDQJDOFLIUHL
PD[LPHGLQQXPUXWLOL]kQGXQVXESURJUDPUHFXUVLY
'DWHGHLQWUDUH
9DORDUHDQXPUXOXLQDWXUDOVHFLWHWHGLQILLHUXO-"#&$
'DWHGHLHLUH
&LIUDPD[LPLUDQJXOHLVHSDUDWHGHXQVSDLXYRUILVFULVHvQILLHUXO-"#&'(!
5HVWULFLLLSUHFL]UL
x dQXPUXOGDWd
([HPSOX
1XPUPD[LP
+#9+&$
J
&LIUDPD[LP
-"#&$
|
5HFXUVLYLWDWH
-"#&'(!J
J
6FULHLXQSURJUDPFDUHGHVFRPSXQHXQQXPUQDWXUDOQFDVXPGHQXPUPLQLPGH
QXPHUH)LERQDFFLXWLOL]kQGSHQWUXDFHDVWDXQVXESURJUDPUHFXUVLY
'DWHGHLQWUDUH
1XPUXOQDWXUDOQVHYDFLWLGLQILLHUXO (+#&$
'DWHGHLHLUH
Q ILLHUXO GH LHLUH (+#&'(! VH YD VFULH QXPUXO GDW XUPDW GH VHPQXO \ L GH
WHUPHQLLVXPHLGHQXPHUH)LERQDFFL
5HVWULFLLLSUHFL]UL
x dQd
([HPSOX
(+#&$
`
(+#&'(!
`\||~~~
5HFXUVLYLWDWH
/DFXOHV
8QIHUPLHUDUHROLYDGGUHSWXQJKLXODULGRUHWHVFXOHDJIUXFWHOHFkWPDLXRU8Q
YHFLQELQHYRLWRUVHRIHUVODMXWHFXXQFDPLRQGDUDUHGRDURVLQJXU]LODGLVSR]L
LH FHHD FH vQVHDPQ F SRDWH IDFH R VLQJXU SDUFXUJHUH D OLYH]LL /LYDGD VH DIO vQ
SDQWLPDLQDSRDWHVVHGHSODVH]HQXPDLVSUHGUHDSWDLvQMRV&DPLRQXOLQWUvQ
OLYDG vQ FROXO VWkQJDVXV DO FDURLDMXOXL FRUHVSXQ]WRU OLYH]LL L YD LHL vQ FROXO GLQ
GUHDSWDMRV
&XQRVFkQGFHOHGRXGLPHQVLXQLDOHOLYH]LLLQXPUXOGHPHUHGLQILHFDUHSRPV
VHJVHDVFXQGUXPRSWLPSRVLELOSHQWUXFDPLRQDVWIHOvQFkWSkQODLHLUHDGLQOLYD
GVILHFXOHVHFkWPDLPXOWHPHUH
,QWUDUH
,HLUH
'DWHGHLQWUDUH
&HOHGRXQXPHUHQDWXUDOHPLQUHSUH]HQWkQGGLPHQVLXQLOHOLYH]LLVHFLWHVFGHSH
SULPD OLQLH D ILLHUXOXL *8#%#&$ 'H SH XUPWRDUHOH P OLQLL DOH DFHOXLDL ILLHU VH
YRUFLWLFkWHQQXPHUHQDWXUDOHGHVSULWHSULQFkWHXQVSDLXUHSUH]HQWkQGQXPUXOGH
PHUHGLQILHFDUHSRPDOUkQGXOXLUHVSHFWLYGLQOLYDG
'DWHGHLHLUH
QILLHUXO *8#%#&'(!VHYDVFULHXQLUGHFDUDFWHUH L XQGH DUHVHP
QLILFDLDGUHDSWDLDU vQVHDPQGLUHFLHGHGHSODVDUHvQMRVOLWHUHFDUHFRUHVSXQG
GHSODVULORUVXFFHVLYHSHFDUHOHYDDYHDFDPLRQXOSHGUXPXORSWLPJVLW
5HVWULFLLLSUHFL]UL
x dPQd
([HPSOX
*8#%#&$
|JJ
J`J|J`J
`J|`J`JJ
`J||J`JJ
JJ`JJ
`J|JJ
*8#%#&'(!J
5HFXUVLYLWDWH
1XPHUHURPDQH
6FULHL XQ SURJUDP FDUH DILHD] XQ QXPU GDW vQ VLVWHPXO GH QXPHUDLH ]HFLPDO FX
FLIUHDUDEHvQVLVWHPGHQXPHUDLHURPDQXWLOL]kQGXQVXESURJUDPUHFXUVLY
'DWHGHLQWUDUH
1XPUXOQDWXUDOGDWFXFLIUHDUDEHVHYDFLWLGLQILLHUXOGHLQWUDUH"'+#$&$
'DWHGHLHLUH
LUXOGHFDUDFWHUHUHSUH]HQWkQGQXPUXOURPDQVHYDVFULHvQILLHUXO"'+#$&'(!
5HVWULFLLLSUHFL]UL
x dQXPUXOGDWd
([HPSOX
"'+#$&$
|
"'+#$&'(!J
6ROXLLOHSUREOHPHORUSURSXVH
&LIUPD[LP
3UH]HQWPDFHDVWSUREOHPFDH[HUFLLXGHVFULHUHDXQXLVXESURJUDPUHFXUVLYUH]RO
YDUHDLWHUDWLYXWLOL]kQGXQFLFOX
HVWHPDLVLPSOLPDLUDSLG
$P SXWHD GHWHUPLQD vQWkL FLIUD PD[LP GLQ QXPU L DSRL SULPD SR]LLH SH FDUH
DFHDVWD DSDUH 'DU DFHVWH GRX RELHFWLYH SRW IL DWLQVH SULQWUR VLQJXU SDUFXUJHUH D
FLIUHORUQXPUXOXL
,GHHDGHUHDOL]DUHUHFXUVLYDUVXQDDVWIHOGDFDYHPPDLPXOWGHRFLIUvQQXPU
FLIUD PD[LP YD IL FHD PDL PDUH FLIU GLQWUH XOWLPD FLIU D QXPUXOXL FXUHQW L FLIUD
PD[LPDQXPUXOXLGLQFDUHDPHOLPLQDWXOWLPDFLIU'DFQXPUXOFXUHQWDUHRFL
IUDFHDVWDHVWHFLIUDPD[LP
3UH]HQWP vQ FRQWLQXDUH R VFKHP GH DSOLFDUH D DFHVWXL DOJRULWP UHFXUVLY SHQWUX
QXPUXO
5HFXUVLYLWDWH
$SHOXULUHFXUVLYH5HYHQLUHDGLQDSHOXUL
YPD[
LPD[
QXPUXOFXUHQW
QU
L
FLIUD SR]LLD
FLIUHL
PD[LP
6XEDOJRULWPXOWUHEXLHVGHWHUPLQHGRXYDORULPRWLYSHQWUXFDUHDFHVWDYDILGH
WLSSURFHGXULDFHVWHYDORULYRUILSDUDPHWULWUDQVPLLSULQUHIHULQ3VHXGRFXGXOGH
PDLMRVUHSUH]LQWDOJRULWPXOVXJHUDW$YHPXUPWRDUHOHVHPQLILFDLLDOHYDULDELOHORUJ
QUHVWHQXPUXOGDW
LSVWUHD]UDQJXOFLIUHLFXUHQWH
YPD[FRQLQHYDORDUHDFLIUHLPD[LPHSkQvQSUH]HQW
LPD[SVWUHD]UDQJXOFLIUHLYPD[
J
JJJJJJJmJ
`JJ
JmJJJ
JJJJ
JJJJJJJmJ
JJ
JJJJJJJmJJJ
JJJJ
JJ
^PDLPDUHGHFkWFLIUDPD[LPGHSkQDFXP`JJ
^VHSVWUHD]FLIUD`
^LUDQJXO`
5HFXUVLYLWDWH
2EVHUYDLH
$OJRULWPXOVHSRDWHvQFKHLDPDLUHSHGHvQFD]XOvQFDUHVHJVHWHRFLIUGHRDUH
FHQXPDLSRDWHH[LVWDDOWDPDLPDUHGHFkWHD
1XPUPD[LP
6SUHVXSXQHPFQXPHUHOHFLWLWHVXQWL1XPUXOGHFLIUHDOHUH]XOWDWX
OXL YD IL HJDO FX QXPUXO FLIUHORU QXPUXOXL GDW PLQXV QXPUXO GH FLIUH FDUH WUHEXLH
HOLPLQDWGHFL
QDOJRULWPXOSURSXVYRPGHWHUPLQDODILHFDUHSDVFkWHRFLIUGLQUH]XOWDW
3DVXO
/DSULPXOSDVVHGHWHUPLQSULPDFLIUFHDGHUDQJPD[LPDUH]XOWDWXOXL$FHDVW
FLIUVHDOHJHGLQWUHFLIUHOHQXPUXOXLGDWH[FHSWkQGXOWLPHOHGRXFLIUHDFHVWHDQXDX
FXPVILHSHSULPDSR]LLHDXQXLQXPUGHWUHLFLIUHGHRDUHFHWUHEXLHSVWUDWRUGL
QHDFLIUHORUvQQXPUXOGDWQH[HPSOXOFRQVLGHUDWFLIUDPD[LPDQXPUXOXL
HVWHFLIUSHFDUHRSXQHPvQUH]XOWDW
3HQWUXDSUHJWLSDVXOXUPWRUYRPWHUJHGLQQXPUXOLQLLDOWRDWHFLIUHOHGHODvQ
FHSXWLSkQLQFOXVLYODSULPDDSDULLHDFLIUHLGHWHUPLQDWHFLIUHOHLGHRDUHFH
DFHVWHDQXPDLSRWIDFHSDUWHGLQQXPUXOUH]XOWDW1XPUXOUPDVHVWH
3DVXO
/D SDVXO GRL VH GHWHUPLQ D GRXD FLIU D UH]XOWDWXOXL XUPULQG DFHODL DOJRULWP
9RP FXWD FLIUD PD[LP GLQ QXPUXO OVkQG OD R SDUWH FLIU GH OD VIkULW
GHRDUHFHGDFDPOXDRLSHDFHDVWDvQFRQVLGHUDUHVDUSXWHDvQWkPSODVRDOHDJL
GXS HOLPLQDUHD HL UHVSHFWLY D FLIUHORU FDUH R SUHFHG QX DP PDL DYHD FLIU SHQWUX D
FRPSOHWDUH]XOWDWXOFRQIRUPFHULQHL6HJVHWHFLIUDFDUHVHDGDXJODUH]XOWDWLVH
UHQXQGLQQRXODFLIUHOHFDUHQXSRWDSUHDODSDVXOXUPWRUGHRDUHFHVXQWDQWHULRDUH
FLIUHLJVLWH6HWHUJHVHFYHQDSkQODSULPDDSDULLHDFLIUHLPD[LPHLQFOXVLY
GLQQXPU
1XPUXOUPDVDFXPHVWH
3DVXO
/DSDVXOWUHLFLIUDFXWDWHVWHLDUQXPUXOUPDVGXSHOLPLQDUHDOXLHVWH
1XPUXOPD[LPFXWDWHVWHGHFL
J
^FkQGDPDMXQVODFLIUDGHUDQJPD[LP`
^VHLQLLDOL]HD]FLIUDPD[LP`
^LUDQJXOFLIUHLPD[LPH`J
QVXEDOJRULWPXOUHFXUVLYFRUHVSXQ]WRUDFHVWXLDOJRULWPDYHPXUPWRDUHOHVHPQL
ILFDLLDOHYDULDELOHORUJ
QUHVWHQXPUXOGDWVXEIRUPGHLUGHFDUDFWHUH
FkWHSVWUHD]QXPUXOFLIUHORUUPDVHGHDOHVSHWUXUH]XOWDW
UH]XOWDWHVWHQXPUXOFDUHVHFDXW
SLQHHYLGHQDQXPUXOXLFLIUHORUFDUHVHSRWDOHJH
5HFXUVLYLWDWH
J
QJ
JJJJJ`JJ
JJJJJmJJJ
^FRQVLGHUPSULPDFLIUFDILLQGPD[LP`
J
J\OXQJLPHDQXPUXOXL
JJJ~JJ
,
^VHGHWHUPLQFLIUDPD[LPGHSHSR]LLLOHSHUPLVH`
JJJJJJJ
JJ
JJJ
JJJJJJJJJmJJJ
JJJJJJ
JJJJ
JJJJJmJJ~J
JJ
^VHSVWUHD]FLIUDJVLW`
JJJJVHWHUJFLIUHOHFDUHQXPDLSRWIDFHSDUWHGLQUH]XOWDW
J J
^GHWHUPLQPXUPWRDUHDFLIUDVROXLHL`
JJJJ
J
JJ
6XPGHQXPHUH)LERQDFFL
6ROXLDSUH]HQWDWvQFRQWLQXDUHGHWHUPLQFHOPDLDSURSLDWQXPU)LERQDFFLGHQXP
UXOGDWGXSFDUHDOJRULWPXOUHSHWUHFXUVLYDFHHDLDFLXQHSHQWUXGLIHUHQDGLQWUHQX
PUXOGDWLQXPUXO)LERQDFFLJVLW
QYDULDQWDUHFXUVLYDDOJRULWPXOXLGHUH]ROYDUHYRPLQLLDOL]DvQSUHDODELOHOHPHQ
WHOHLUXOXLOXL)LERQDFFLSkQODFHOPDLDSURSLDWQXPUGHQXPUXOGDW$VWIHOYRP
HYLWD UHFDOFXODUHD UHSHWDW D XQRU WHUPHQL GLQ LUXO OXL )LERQDFFL FHHD FH DU vQFHWLQL
H[HFXLDSURJUDPXOXL
J
QJ
^JHQHUPLWHUPHQLDLLUXOXLOXL)LERQDFFLXOWLPXOWHUPHQJHQHUDWHVWH`
^FHOPDLDSURSLDWQXPU)LERQDFFLPDLPLFVDXHJDOFXQXPUXOGDW`
JJ
JmJJ
JJ
JmJJ
JJJmJJ
JJ
J
JJ
J
J
JJJJJmJ~J
JJJJ
JmJ
J~J
J
JJ
JJ
JmJJ
8QDOWVXESURJUDPXWLOvQUH]ROYDUHDSUREOHPHLHVWHFHOFDUHGHWHUPLQLQGLFHOHGLQ
LUXO)LERQDFFLFDUHFRUHVSXQGHXQXLQXPU)LERQDFFLGDW
J
5HFXUVLYLWDWH
J
QJ
^UHWXUQHD]SR]LLDSHFDUHDSDUHQXPUXO
vQLUXO)LERQDFFL`
JJ
J
JJ
J
,J
JJJJ
JmJ
J
JJ
JJJmJ
J
J
&XDFHVWHSUHFL]ULSUHOLPLQDULLVXESURJUDPXOUHFXUVLYSURSXVSHQWUXDILDUHDGHV
FRPSXQHULLXQXLQXPUvQVXPGHQXPHUH)LERQDFFLHVWH
J
J%
QJ
JJ?JmJ
JJ
^VHGHWHUPLQLQGLFHOHDFHOXLQXPU)LERQDFFL`
JJ
J
?JJ
^FDUHHVWHFHOPDLDSURSLDWGHQXPUXO
`
JJJ
JzJ
?JJ
JJJJ
J~J
JJJJ%
?J
JJ
J
J QSURJUDPXOSULQFLSDOVXQWGHVFULVHXUPWRDUHOHDFLXQL
VHFLWHWHQXPUXOGDW
VHDSHOHD]LQLLDOL]DUHDFDUHGHWHUPLQLLQGLFHOHFHOXLPDLDSURSLDWQXPU)LER
QDFFLPDLPLFVDXHJDOFXQXPUXOGDW
VHDILHD]QXPUXOGDWXUPDWGHVHPQXO\
VH DSHOHD]VXESURJUDPXOUHFXUVLYSRUQLQGGHODFHOPDLPDUHQXPU)LERQDFFL
GLQGHVFRPSXQHUHDQXPUXOXLGDW
/DFXOHV
5H]ROYDUHDDFHVWHLSUREOHPHvQVHDPQJVLUHDUVSXQVXOXLODGRXFHULQH
D GHWHUPLQDUHD QXPUXOXL PD[LP GH PHUH FDUH SRW IL FXOHVH SULQWUR SDUFXUJHUH
FRQIRUPHQXQXOXL
EGHWHUPLQDUHDGUXPXOXLFDUHDFRQGXVODVROXLDRSWLP
DLQkQGFRQWGHIDSWXOFGHSODVDUHDVHSRDWHIDFHGRDUSHGRXGLUHFLLQXPUXOPD
[LPGHPHUHFDUHSRWILFXOHVHVHSRDWHGHWHUPLQDSkQvQRULFHSXQFWDOOLYH]LL$FHVWH
LQIRUPDLLVHYRUFRQVWUXLSDVFXSDVLVHYRUVWRFDvQWUXQWDEORXELGLPHQVLRQDOE
3ULPXOHOHPHQWDOWDEORXOXLEYDILE>@FDUHYDILLQLLDOL]DWFXQXPUXOGHPHUH
DOHSULPXOXLSRPD>@DIODWSHGLUHFLDGHSRUQLUHQFRQWLQXDUHYRPSXWHDFRP
SOHWDSULPDOLQLHGDFSVWUPGLUHFLDGHSRUQLUHSkQODFDSWXOOLYH]LLLSULPDFR
ORDQDWDEORXOXLELGLPHQVLRQDOGDFVHXUPHD]GLUHFLDvQMRV6XUPULPDFHWLSDL
SHH[HPSOXOGDWvQHQXQ
5HFXUVLYLWDWH
J`J|J`J
`J|`J`JJ
`J||J`JJ
JJ`JJ
`J|JJJ
&RQVWUXLUHDOLQLHL
6HFYHQDvQSVHXGRFRGFRUHVSXQ]WRDUHDFHVWRUDFLXQLHVWH
J
^FUHDUHDSULPHLOLQLL`J
JJJmJ
JJ
J\
J
,^VHDGXQODQXPUXOPD[LPGHPHUHGHSHSR]LLD`
^DQWHULRDUQXPUXOGHPHUHGLQSRPXOFXUHQW`J
JJJJJmJJ~J
JJ
&&&
JJ
&RQVWUXLUHDFRORDQHL
$OJRULWPXOHVWHVLPLODUFHOXLGHPDLVXV
J
J^FUHDUHDSULPHLFRORDQH`
J
J\J
,
^VHDGXQODQXPUXOPD[LP`
JJJJmJ~JJ ^GHPHUHGHSHSR]LLDGHGHDVXSUDSR]LLHL`
^FXUHQWHQXPUXOGHPHUHGLQSRPXOFXUHQW`
J
5HFXUVLYLWDWH
LDDPDLGHSDUWHSkQFkQGVDXFDOFXODWWRDWHHOHPHQWHOHWDEORXOXLELGLPHQVLRQDOE
9DORDUHD GLQ FROXO GUHDSWD MRV E>P Q@ YD IL HJDO FX QXPUXO PD[LP GH PHUH
FDUHSRWILFXOHVHODRSDUFXUJHUHDOLYH]LL
'LQDFHVWPRPHQWVHSRDWHvQFHSHFRPSOHWDUHDUHVWXOXLWDEORXOXLSHOLQLLvQFHSkQG
FXOLQLDVDXSHFRORDQHvQFHSkQGFXFRORDQDFDOFXODUHDYDORULLILHFUXLHOHPHQW
QHDSUDWvQRUGLQHVHYDIDFHSULQDOHJHUHDQXPUXOXLPD[LPGHSRPLvQWUHYDORDUHD
GHGHDVXSUDLFHDGLQVWkQJDFDUHVXQWGHMDFDOFXODWHSOXVQXPUXOGHPHUHGLQSR
PXOODFDUHQHDIOP
'HH[HPSOX
E>@ PD[LP^`D>@
E>@ PD[LP^`D>@
$OJRULWPXOFXFDUHFDOFXOPDFHDVWYDORDUHHVWH
J
^FRPSOHWDUHDWDEORXOXLSHFHOHODOWHOLQLLLFRORDQH`
JJ
J\J
,J
JJJJ
J\
J
,J
JJJJJJJJJJJJ
JJJJJJJJJmJJ~JJ
JJJJJJ
JJ
JJJJJJJJJmJJ~JJ
JJJJJJ
JJJJ
JJ
&&&
EQID]DDGRXDWUHEXLHVQHvQWRDUFHPSRUQLQGGHODHOHPHQWXOE>PQ@SHGUXPXO
SHFDUHVDRELQXWDFHDVWYDORDUHPD[LP
$FHVWSURFHVGHUHJVLUHDGUXPXOXLHVWHFHOPDLDGHVHDGHVFULVSULQWHKQLFUH
FXUVLY
0RGDOLWDWHDGHUHJVLUHDGUXPXOXLSHFDUHDIRVWGHWHUPLQDWYDORDUHDPD[LPVH
SRDWHLQWXLGLQWDEHOXODQWHULRU6HSRUQHWHGHODHOHPHQWXOE>PQ@LVHYHULILFGDF
ODDFHDYDORDUHDPDMXQVGHODHOHPHQWXOGHGHDVXSUDVDXGHODHOHPHQWXOGLQVWkQJDVD
&DOFXOP L 'HRDUHFHD>PQ@ VHWUDJHFRQFOX]LD
FDPDMXQVvQE>PQ@GLQE>PQ@QYHFWRUXOUH]XOWDWLQWURGXFHPFDUDFWHUXO
GHRDUHFHDPDYDQVDWvQDFHDVWSR]LLHPHUJkQGVSUHGUHDSWD
QPRGVLPLODUVHUHIDFHWRWGUXPXO5HVWXOFDUDFWHUHORUOHDOLSLPPHUHXvQIDDL
UXOXL UH]XOWDW FRUHVSXQ]WRU XQXL SDV FDUH SH GUXP HVWH PDL DSURDSH GH SXQFWXO GH
VWDUW
QFD]XOVXESURJUDPHORUUHFXUVLYHHVWHHVHQLDOVVHGHWHUPLQHFRUHFWFRQGLLDGH
RSULUHLIRUPXODUHFXUHQWGXSFDUHVHIDFHDXWRDSHOXOQFD]XOGHIDQHYRPRSUL
DWXQFLFkQGDPDMXQVODHOHPHQWXOGHLQGLFH2EVHUYPFvQWRWGHDXQDVHYDDMXQJH
vQDFHDVWSR]LLHDWDEORXOXLGHRDUHFHDFHVWDDIRVWSXQFWXOGHSOHFDUHvQSULPDSDUWHD
DOJRULWPXOXL$FXPVHUHIDFHGUXPXORSWLPSHFDUHVDDMXQVGLQE>@vQE>PQ@
5HFXUVLYLWDWH
2EVHUYDLH
Q DOJRULWPXO GHVFULV DP DSOLFDW PHWRGD SURJUDPULL GLQDPLFH
6H REVHUY FHOH
GRXID]HDOHDOJRULWPXOXLVSHFLILFHDFHVWHLPHWRGHDXIRVW
&RQVWUXLUHDVROXLHLRSWLPH
5HIDFHUHDGUXPXOXLSHFDUHDIRVWRELQXWDFHDVWVROXLH
6XEDOJRULWPXOUHFXUVLYFDUHUHJVHWHGUXPXOSHFDUHDIRVWFRQVWUXLWVROXLDRSWL
PHVWH
1XPHUHURPDQH
'XSFXPVHWLHH[LVWGRXPHWRGHGHVFULHUHDXQXLQXPUvQVLVWHPXOGHQXPHUDLH
URPDQXQDDGLWLYLXQDSULQGLIHUHQDPEHOHPHWRGHDYkQGWRWXLOLPLWULGHDSOL
FDUH
QYDULDQWDDGLWLYGHH[HPSOXQXSXWHPVFULHPDLPXOWGHWUHLOLWHUHFRQVHFXWLYH
LGHQWLFH9DULDQWDSULQGLIHUHQDDSUXWSHQWUXDSUHVFXUWDQXPHUHOHFDUHDOWIHOHUDX
PXOWSUHDOXQJL3HQWUXFDVFULHUHDVILHWRWXLXQLFVDXHPLVXUPWRDUHOHUHJXOL
1XPDLFLIUHOH,;L&SRWILVF]XWH
'RDUYDORDUHDXQHLVLQJXUHFLIUHSRDWHILVF]XWQXVHSHUPLWHVFGHUHDXQXLJUXS
GHOLWHUH
1XPUXOFDUHVHVFDGHWUHEXLHVDLERYDORDUHPDLPDUHVDXHJDOFXR]HFLPHGLQ
GHVF]XW
([HPSOX
Q &';/,;&' DSRL;/ L,;
'HFLvQWRWDO
'HRVHELPXUPWRDUHOHVLWXDLL
0HWRGDSURJUDPULLGLQDPLFHVHYDVWXGLDvQFODVDD;D
5HFXUVLYLWDWH
'DFFLIUDGHUHSUH]HQWDWHVWHVDXVHIRORVHWHYDULDQWDDGLWLYL
DOLSLPVLPEROXULOH,;L&VDX0
'DFYDORDUHDFLIUHLGHUHSUH]HQWDWvQFHSHFXVDXVHIRORVHWHWRWYDULDQ
WDDGLWLYSULQDOLSLUHDVLPEROXULORU9/VDX'LGXSFD]FXDOLSLUHDVXSOLPHQ
WDUDVLPEROXULORU,;VDX&vQQXPUXOFRUHVSXQ]WRU
'DFYDORDUHDFLIUHLGHUHSUH]HQWDWvQFHSHFXVHIRORVHWHYDULDQWDSULQGLIHUHQ
IDGHVLPEROXO9/VDX'
'DFYDORDUHDFLIUHLGHUHSUH]HQWDWvQFHSHFXVHIRORVHWHYDULDQWDSULQGLIHUHQ
IDGHVLPEROXO;&VDX0
QYDULDQWHOHSULQGLIHUHQIRUPXODGHFDOFXOGLIHUvQIXQFLHGHPRGXOvQFDUHVH
vQGHSOLQHVFFRQGLLLOHL'HH[HPSOXQXPUXOVHFDOFXOHD]FDGLIHUHQvQWUH
LGHRDUHFHHVWHHJDOFXR]HFLPHGLQ5HSUH]HQWDUHDURPDQDQXPUXOXLHVWH
,;1XPUXOQXVHSRDWHFDOFXODFDGLIHUHQvQWUHLFXPDPILvQGUHSWLL
VVSHUPSHQWUXFHVWHPDLSXLQGHR]HFLPHGLQQDFHVWFD]DSOLFPFHDODO
WYDULDQWvQFDUHH[SULPPFDGLIHUHQvQWUHLFHHDFHHVWHSHUPLVXU
PkQGVUHOXPDOJRULWPXOSHQWUXGLIHUHQDUPDV QILQDOQXPUXOvQ
UHSUH]HQWDUHDURPDQHVWH;&,;
$P DOHV V GHVFULHP DFHVW DOJRULWP vQ YDULDQWD UHFXUVLY GHRDUHFH PRGDOLWDWHD
SUDFWLFGHUH]ROYDUHDDFHVWHLSUREOHPHHVWHGHILQLWUHFXUHQWVHGHWHUPLQROLWHUUR
PDQGXSFDUHDOJRULWPXOVHDSOLFLGHQWLFLSHQWUXQXPUXOUPDV
QYDULDQWDXUPWRDUHIRORVLPGRXFRQVWDQWHGHWLSYHFWRUXQDFRQLQkQGYDORULOH
FRUHVSXQ]WRDUHFLIUHORUURPDQHLDUFHDODOWFRQLQkQGFKLDUOLWHUHOHIRORVLWHvQVFULH
UHDURPDQ(VWHGHvQHOHVFSHQWUXRULFHLQGLFHYDORDUHDGLQSULPXOYHFWRUYDFRUHV
SXQGHOLWHUHLGLQFHOGHDOGRLOHDYHFWRUDVWIHO
\JKJJ ^YHFWRUGHFDUDFWHUH`J
JJJJJJ\```````|````|``|KJJ
^YHFWRUGHQXPHUH`J
(OHPHQWXOGHLQGLFHDUHRYDORDUHQHVHPQLILFDWLYSHQWUXVLPSOLWDWHDUH]ROYULL
'HWHUPLQDUHDRUGLQXOXLGHPULPHDFLIUHLURPDQHFRUHVSXQ]kQGXQXLQXPUGDWVH
UHDOL]HD]vQXUPWRUXOVXEDOJRULWP
J%
QJ
^HVWHRUGLQXOGHPULPHPD[LPFRUHVSXQGHOLWHUHL,DYkQGYDORDUHD`J
JJ
JmJJJ
JJ
J
JdJ
J
,J
JJJJ
JmJ
JJJ
JJ
5HFXUVLYLWDWH
JJJ%
J\JJJJ
JJJJ
JmJ
J~JJ
3HQWUXQXPHUHOHFDUHvQFHSFXFLIUDVHHIHFWXHD]RFRUHFLHDVWIHOUDQJXOUHWXUQDW
YDFRUHVSXQGHVLPEROXULORUGHVF]XW,;VDX&GXSFD]vQORFGH9/VDX'
8UPWRUXOVXEDOJRULWPUHFXUVLYGHWHUPLQQXPUXOURPDQFXSDPQRWDWXQLUGH
FDUDFWHUHvQFDUHDPDOLSLWOLWHUHOHLGHQWLFHDWXQFLFkQGDFHVWHDWUHEXLHVVHUHSHWH
J
J
QJ
JJJ
J\J`JJJ
JJJJJmJJ
JJ
JJJJ%
J
JJJJ%
JmJ
J
^YDULDQWDGLWLYFDUHIRORVHWHOLWHUHOH,;&VDX0`
^YDULDQWDGLWLYvQFDUHFLIUDFXUHQWVHVFULHIRORVLQGOLWHUD9/VDX'`
^YDULDQWDSULQGLIHUHQ`
5HFXUVLYLWDWH
QvQFKHLHUHQXSXWHPUH]LVWDWHQWDLHLLYSUH]HQWPLRDOWHUQDWLYLWHUDWLY
SHQWUXUH]ROYDUHDDFHVWHLSUREOHPH&XDUDEDPQRWDWQXPUXODUDEFXURPDQQXP
UXOURPDQQVXEDOJRULWPXO
VH
FDXWSULGLQQXPUXODUDEDSDULQkQGDQXPLWRULQWHUYDOH$FHVWHDVHVFDGGLQQXP
UXODUDELvQQXPUXOURPDQVHDOLSHVFOLWHUHOHFRUHVSXQ]WRDUH SRDWHIL
VDX LDU FDUDFWHUHOH DX YDORUL FRUHVSXQ]WRDUH RUGLQXOXL GH
PULPHDOXL
J
J
QJ
JJ
JtJJ
,J
JJJJ
JmJ
J~JJ
JJJJJmJJJJ
JJ
J
JJJJtJ`JJ
JJJJ
JmJ
J~JJ~JJ
JJJJJmJJJ`J
JJ
JtJJJ
JJJJJJ
JmJ
J~JJ
JJJJJJJmJJJJ
JJJJ
JJ`JJ
JJJJJJJJ
JmJ
J~JJ~JJ
JJJJJJJJJmJJJ`J
JJJJJJ J
J
J
$FHVWVXEDOJRULWPVHDSHOHD]GHWUHLRULGLQSURJUDPXOSULQFLSDODSRLvQFD]XOvQ
FDUHPDLH[LVWYDORULGLIHULWHGHvQQXPUXODUDEDFHVWHDVHVFULXFXFLIUH,
0HWRGDEDFNWUDFNLQJ
%DFNWUDFNLQJLWHUDWLY
%DFNWUDFNLQJUHFXUVLY
,PSOHPHQWULVXJHUDWH
3UREOHPHSURSXVH
6ROXLLOHSUREOHPHORU
5HFXUVLYLWDWH
&&&
JJ
JmJJ
JJ
```J
JJ
``J
JJ
`J
J
JJ\JJ
,J^FHHDFHDUPDVGLQDUDEVHVFULHFXFLIUH,`J
JJJJ
JmJ
J~JJ
JJJJJmJJJJ
JJ
J
&&J
&DSLWROXO
0HWRGDEDFNWUDFNLQJHVWHRPHWRGGHSURJUDPDUHFXDMXWRUXOFUHLDVHUH]ROYSUR
EOHPHOHvQFDUH
x VROXLDVHSRDWHUHSUH]HQWDVXEIRUPDXQXLWDEORX; [[[QFX[0
[0HWF000QILLQGPXOLPLILQLWHDYkQGVVVQHOHPHQWH
x vQWUHHOHPHQWHOHWDEORXOXL;H[LVWDQXPLWHOHJWXULLPSXVHvQHQXQ
&RQGLLLLQWHUQH
QILHFDUHSUREOHPVXQWGDWHDQXPLWHUHODLLFDUHWUHEXLHVH[LVWHvQWUHFRPSRQHQ
WHOH[[[QDOHYHFWRUXOXL;QXPLWHFRQGLLLLQWHUQH
6SDLXOVROXLLORUSRVLELOH
0XOLPHD0u0uu0QVHQXPHWHVSDLXOVROXLLORUSRVLELOH
&RQGLLLGHFRQWLQXDUH
'DFODSDVXONFRQGLLLOHLQWHUQHVXQWVDWLVIFXWHDOJRULWPXOVHFRQWLQXvQIXQFLH
GHFHULQH'DFPDLWUHEXLHFXWDWHFRPSRQHQWHGHRDUHFHQXPUXOORUVHFXQRDWHL
vQFQXOHDPRELQXWSHWRDWHVDXFRPSRQHQWHOHvQFQXFRQVWLWXLHRVROXLHSHED]D
XQRUSURSULHWLFRQGLLLOHGHFRQWLQXDUHYRUSHUPLWHFRQWLQXDUHDDOJRULWPXOXL
6ROXLLUH]XOWDW
$FHOH VROXLL GLQWUH VROXLLOH SRVLELOH FDUH VDWLVIDF FRQGLLLOH LPSXVH GH SUREOHP
FRQGLLLOH LQWHUQH L FRQGLLLOH GH FRQWLQXDUH QX FHU FRPSRQHQWH vQ SOXV VH QXPHVF
VROXLLUH]XOWDW
2 PHWRG GH UH]ROYDUH D DFHVWHL FDWHJRULL GH SUREOHPH DU IL GHWHUPLQDUHD WXWXURU
VROXLLORUSRVLELOHLDSRLFXWDUHDDFHORUDFDUHVDWLVIDFFRQGLLLOHLQWHUQH'H]DYDQWDMXO
HVWHXRUGHREVHUYDWGHRDUHFHWLPSXOFHUXWGHDFHDVWFXWDUHHVWHIRDUWHPDUH
0HWRGDEDFNWUDFNLQJ
0RGXOGHOXFUXDOPHWRGHLEDFNWUDFNLQJ
x (OHPHQWHOHGLQWDEORXO;SULPHVFSHUkQGYDORULDGLFOXL[NLVHDWULEXLHRYDORDUH
QXPDLGDFDXIRVWGHMDDWULEXLWHYDORULHOHPHQWHORU[[[N
x QSOXVOXL[NLVHDWULEXLHRYDORDUHQXPDLGDFSHQWUXYDORULOH[[[NLYD
ORDUHDSURSXVSHQWUX[NVXQWvQGHSOLQLWHFRQGLLLOHLQWHUQHLFHOHGHFRQWLQXDUHLP
SXVHGHSUREOHPQFD]XOvQFDUHDFHVWHFRQGLLLQXVXQWvQGHSOLQLWHRULFXPDP
DOHJHXUPWRULLWHUPHQL[N[QQXYRPDMXQJHODRVROXLHvQFDUHFRQGLLLOHLQ
WHUQHVILHVDWLVIFXWH
x 'DFODSDVXONFRQGLLLOHGHFRQWLQXDUHQXVXQWvQGHSOLQLWHWUHEXLHVVHIDFRDOW
DOHJHUHSHQWUX[NGLQPXOLPHD0N
x 'DFPXOLPHD0NDIRVWHSXL]DWVDXWHVWDWWRDWHYDORULOHGLQPXOLPHVHGHFUH
PHQWHD]NLVHvQFHDUFRDOWDOHJHUHSHQWUX[NGLQPXOLPHD0N
2EVHUYDLL
$FHVWHL GHFUHPHQWUL D OXL N L VH GDWRUHD] QXPHOH PHWRGHL H[SULPkQG IDSWXO F
DWXQFLFkQGQXSXWHPDYDQVDVHDYDQVHD]vQVHQVLQYHUVvQDSRLvQVHFYHQDFX
UHQWDVROXLHL
QWUHFRQGLLLOHLQWHUQHLFHOHGHFRQWLQXDUHH[LVWRVWUkQVOHJWXU2EXQDOHJH
UHDFRQGLLLORUGHFRQWLQXDUHDUHFDHIHFWUHGXFHUHDQXPUXOXLGHFDOFXOH
%DFNWUDFNLQJLWHUDWLY
&RQGLLLOH LQWHUQH YRU IL YHULILFDWH vQ VXEDOJRULWPXO ? $FHVWD UHWXUQHD]
DGHYUDW GDF DGXJDUHD FRPSRQHQWHL [N D LUXOXL VROXLH HVWH SRVLELO L IDOV vQ FD]
FRQWUDU
?QJ
JFRQGLLLOHLQWHUQHVXQWvQGHSOLQLWHJJ
JJJJJmJIDOV
JJJJLHLUHIRUDWJ
J
JJJmJDGHYUDWJ
J
*HQHUDUHDVROXLLORUVHUHDOL]HD]FXVXEDOJRULWPXOX%?
X%?QJ
JJ?JmJJ
JJ?JmJ`J
J?JJ`J
,
JJJJ?JmJIDOVJJ
0HWRGDEDFNWUDFNLQJ
%DFNWUDFNLQJUHFXUVLY
$OJRULWPXO SRDWH IL LPSOHPHQWDW L UHFXUVLY IXQFLD ? DUH IRUPD SUH]HQ
WDW
X%??QJ
JJ\JYDORDUHDPD[LPLPSXVGHSUREOHP
,
JJJJ?JmJJ
JJJJJ?JJJ
^GDFDPDMXQVODVIkULWXOJHQHUULL`
^VDXDOWFRQGLLHGHFRQWLQXDUH`
'DF vQ FRQGLLD GH FRQWLQXDUH H[SUHVLD HVWH IRUPDW GLQ VXEH[SUHVLL ORJLFH
UHODLRQDOH L FRQGLLD QX HVWH vQGHSOLQLW SH UDPXUD
YD WUHEXL V GHFLGHP
PRWLYXO SHQWUX FDUH FRQGLLD QX HVWH vQGHSOLQLW 'DF GH H[HPSOX QXPUXO GH HOH
0HWRGDEDFNWUDFNLQJ
PHQWHFHUXWVDDWLQVGDUGLQDOWHPRWLYHVROXLDRELQXWQXHVWHFRUHFWLGHFLQXVH
VFULHDWXQFLHYLGHQWQXDSHOPVXEDOJRULWPXOX%?SHQWUXYDORDUHDNFLYRPLHL
GLQVXESURJUDPDVLJXUkQGWRWRGDWUHYHQLUHDODSDVXOSUHFHGHQWLFXWDUHDXQHLYDORUL
QRLSHQWUXN
2EVHUYDLH
$OJRULWPLL GH UH]ROYDUH D SUREOHPHORU FX PHWRGD EDFNWUDFNLQJ vQ SULQFLSLX YRU
UHVSHFWDIRUPDJHQHUDOGHPDLVXVGDUGHILHFDUHGDWYRPFXWDSRVLELOLWLOHGHRS
WLPL]DUHLLPSOHPHQWULFkWPDLVXJHVWLYH8QFD]VSHFLDOvOUHSUH]LQWDFHOHSUREOHPH
vQFDUHVROXLDVHFRPSXQHGLQGRXVDXPDLPXOWHLUXULFDUHGHVFULXGHH[HPSOX
FRRUGRQDWHvQSODQ
,PSOHPHQWULVXJHUDWH
3HQWUXDYIDPLOLDUL]DFXDQDOL]DSUREOHPHORUFDUHVHUH]ROYFXPHWRGDEDFNWUDFNLQJ
SUHFXP FX LPSOHPHQWDUHD SURJUDPHORU GH UH]ROYDUH Y UHFRPDQGP V vQFHUFDL V
UH]ROYDLXUPWRDUHOHSUREOHPH
JHQHUDUHDWXWXURUSHUPXWULORULUXOXLGHQXPHUHQ
DH]DUHDDUHJLQHSHWDEODGHDKIUFDDFHVWHDVVHDWDFH
JHQHUDUHDSURGXVXOXLVFDODUDGRXPXOLPL
JHQHUDUHDWXWXURUDUDQMDPHQWHORUGHQOXDWHFkWHP
JHQHUDUHDWXWXURUSHUHFKLORUGHSDUDQWH]HFDUHVHvQFKLGFRUHFW
JHQHUDUHD WXWXURU IXQFLLORU LQMHFWLYH FXQRVFkQG PXOLPHD GH DUJXPHQWH L FHD D
YDORULORUIXQFLLORU
JHQHUDUHDWXWXURUIXQFLLORUVXUMHFWLYHFXQRVFkQGPXOLPHDGHDUJXPHQWHLFHDD
YDORULORUIXQFLLORU
JHQHUDUHDWXWXURUSDUWLLLORUXQXLQXPUGDW
JHQHUDUHDSDUWLLLORUPXOLPLL^Q`
JHQHUDUHDWXWXURUWXUQXULORUGHFXEXULvQIXQFLHGHDQXPLWHSURSULHWLGDWH
LHLUHDGLQODELULQW
LHLUHDGLQODELULQWSHUHLLFHOXOHORUSVWUDLSHELL
DUDQMDUHDXQRUSLHVHGHWHWULVDVWIHOvQFkWVFRPSOHWH]HLQWHJUDOXQGUHSWXQJKLGH
GLPHQVLXQLGDWH
GHWHUPLQDUHDWXUQXOXLGHFXEXULGHvQOLPHPLQLP
GHWHUPLQDUHDGUXPXOXLSHFDUHEURDVFDDMXQJHODOFXVWLVHvQWRDUFHODORFXOGH
SkQGSHVXSUDIDDXQXLODFvQJKHDWXQGHJKHDDVHUXSHvQXUPDHIHFWXULLVULWX
ULORUHIHFWXDWHFRQIRUPVULWXULLFDOXOXLSHWDEODGHDK
PXWDUHD HOHPHQWHORU XQHL PDWULFH GH GLPHQVLXQL P u Q vQWUXQ LU D DVWIHO vQFkW
GRX HOHPHQWH DIODWH SH SR]LLL FRQVHFXWLYH vQ LUXO D V ILH YHFLQH vQ PDWULFH L
VXPDDDPQDPQVILHPLQLP
0HWRGDEDFNWUDFNLQJ
3UREOHPHSURSXVH
1XPHUH
6HGXQWDEORXXQLGLPHQVLRQDOGHQQXPHUHvQWUHJL6VHJHQHUH]HWRDWHWDEORXULOHDO
WHUQDQWHLUXULvQFDUHGXSILHFDUHHOHPHQWVWULFWSR]LWLYXUPHD]XQXOVWULFWQHJDWLYL
GXSILHFDUHHOHPHQWVWULFWQHJDWLYXUPHD]XQXOVWULFWSR]LWLYFDUHVFRQLQHOHPHQ
WHGLQLUXOGDWvQRUGLQHDLQLLDODORU
'DWHGHLQWUDUH
(OHPHQWHOHWDEORXOXLVHDIOvQILLHUXOGHLQWUDUH$(+"&$XQQXPUSHROLQLH
'DWHGHLHLUH
6ROXLLOHVHYRUVFULHvQILLHUXOGHLHLUH $(+"&'(!2VROXLHXQLUDOWHUQDQWVH
YDVFULHSHROLQLHQFDGUXODFHVWRULUXULGRXQXPHUHYRUILVHSDUDWHSULQWUXQVSDLX
5HVWULFLLLSUHFL]UL
x dQdVHGHWHUPLQSHED]DQXPUXOXLQXPHUHORUGLQILLHUXOGHLQWUDUH
x 'DF GLQ WDEORXO GDW QX VH SRDWH IRUPD QLFL XQ VXELU FDUH vQGHSOLQHWH FHULQHOH
SUREOHPHLvQILLHUXOGHLHLUHVHYDVFULHPHVDMXO
([HPSOH
$(+"&$
J`JJ
$(+"&$
JJ
5HFKL]LWH
$(+"&'(!
$(+"&'(!
JJ
J
3HQWUXSULPD]LGHFRDOXQHOHYGRUHWHVLFXPSHUHUHFKL]LWHFRODUHDOHFURUFRV
WXULOHFXQRDWH$FHVWDDUHODGLVSR]LLHRVXPGHEDQL6LGRUHWHVDOHDJGLQPDL
PXOWHRELHFWHFXPDUIL
x FUHLRDQH
x UDGLHUH
x FDLHWH
x OLQLDUH
x UH]HUYHVWLORX
x FUHLRDQHFRORUDWH
x DFXDUHOH
WLLQGFHOHYXODVWDELOLWXQQHFHVDUPD[LPSHQWUXILHFDUHRELHFWDILDLFkWHEXFL
GLQILHFDUHRELHFWUHXHWHVFXPSHUH
0HWRGDEDFNWUDFNLQJ
'DWHGHLQWUDUH
'DWHOHGHLQWUDUHVHFLWHVFGLQILLHUXO"@3!&$FDUHDUHXUPWRDUHDVWUXFWXU
3HSULPDOLQLHVHJVHWHVXPDGHEDQL6GHFDUHGLVSXQHHOHYXO
3HDGRXDOLQLHVHJVHVFFRVWXULOHFHORURELHFWHVHSDUDWHSULQFkWHXQVSDLX
3H D WUHLD OLQLH VH JVHVF FDQWLWLOH PD[LPH QHFHVDUH GLQ ILHFDUH RELHFW VHSDUDWH
SULQFkWHXQVSDLX
'DWHGHLHLUH
'DWHOHGHLHLUHVHYRUVFULHSHOLQLLGLVWLQFWHvQILLHUXOGHLHLUH "@3!&'(!VXE
IRUPDXUPWRDUH
EXF
FRVWQXPHSURGXV
XQGHEXFUHSUH]LQWQXPUXOEXFLORUGLQUHFKL]LWHOHDYkQGGHQXPLUHDQXPHSURGXVL
SUHXOXQLWDUFRVW
'DF HOHYXO QX UHXHWH V HIHFWXH]H FXPSUDWXULOH vQ FRQGLLLOH VSHFLILFDWH vQ
HQXQvQILLHUXOGHLHLUHVHYDVFULHPHVDMXO
5HVWULFLLLSUHFL]UL
x d6d
x FRVWXULOHPD[LPHVXQWQXPHUHSR]LWLYHPDLPLFLGHFkW
x FDQWLWLOHPD[LPHVXQWQXPHUHSR]LWLYHPDLPLFLGHFkW
x QXHVWHQHFHVDUFDHOHYXOVFXPSHUHGLQWRDWHRELHFWHOHOVDLOSHHOVDOHDJFH
DQXPHLvQFHFDQWLWLFXPSUFXFRQGLLDVLFKHOWXLHWRLEDQLL
([HPSOH
"@3!&$
`````J
```J|```J```J```J```J````J````J
JJJJJ`J`
"@3!&$
`````J
```J```J````J```J```J````J````J
JJJJJJJ
"@3!&'(!
([SUHVLH
6HGXQLUGHQQXPHUHvQWUHJL6VHSODVH]HvQWUHDFHVWHQXPHUHQRSHUDWRULDULW
PHWLFL
DVWIHOvQFkWYDORDUHDH[SUHVLHLRELQXWHVILHHJDOFXXQQXPUvQ
WUHJGDWP
'DWHGHLQWUDUH
3HSULPDOLQLHDILLHUXOXLGHLQWUDUH9" &$VHDIOQXPUXOvQWUHJQ3HDGRXDOL
QLHVHDIOFHOHQQXPHUHVHSDUDWHSULQFkWHXQVSDLXLDUSHDWUHLDOLQLHVHDIOQXP
UXOP
'DWHGHLHLUH
QILLHUXOGHLHLUH9" &'(!ILHFDUHVROXLHHVWHVFULVSHOLQLHQRX2VROXLHDUH
IRUPD
P H[SUHVLHXQGHH[SUHVLHHVWHRVXFFHVLXQHGHRSHUDQ]LLRSHUDWRULSULPXOLXOWLPXO
ILLQGRSHUDQ]L
'DFSHQWUXQXPHUHOHGDWHQXVHSRDWHJVLRFRPELQDLHGHRSHUDWRULDVWIHOvQFkW
UH]XOWDWXO H[SUHVLHL RELQXWH V ILH QXPUXO P GDW vQ ILLHU VH YD VFULH PHVDMXO
5HVWULFLLLSUHFL]UL
x dQ
x dQULdL Q
x YDORDUHDH[SUHVLHLWUHEXLHVILHXQQXPUvQWUHJODILHFDUHSDVDOHYDOXULL
x QX VH UHVSHFW SULRULWDWHD RSHUDWRULORU FXQRVFXW GLQ DULWPHWLF RSHUDLLOH VH YRU
HIHFWXDGHODVWkQJDODGUHDSWDvQRUGLQHDvQFDUHDSDUvQH[SUHVLH
([HPSOX
9" &$
J
JJJJ
"@3!&'(!
````J%
J%J
````J%J
J
```%
J
```J
````%J
```
J
```JJ
````J%
0HWRGDEDFNWUDFNLQJ
0DLQXH
9" &'(!
\~~J
\~~J
\~J
\~J
\~J
\~
8QFRSLOGRUHWHVDH]HQPDLQXHQXPHURWDWHGHODODQvQQFXWLLLGHQWLILFDWHSULQ
QXPHUHGHODODQ6VHDILH]HWRDWHPRGDOLWLOHvQFDUHFRSLOXOSRDWHVDH]HPD
LQXHOHvQFXWLLWLLQGFvQWURFXWLHvQFDSFHOPXOWPPDLQXH
0HWRGDEDFNWUDFNLQJ
'DWHGHLQWUDUH
)LLHUXOGHLQWUDUH+# $&$FRQLQHRVLQJXUOLQLHSHFDUHVXQWWUHFXWHYDORULOHQL
PVHSDUDWHSULQWUXQVSDLX
'DWHGHLHLUH
)LLHUXO GH LHLUH +# $&'(! YD FRQLQH SHQWUX ILHFDUH VROXLH RELQXW FkWH Q OLQLL
FDUHYRUGHVFULHFRQLQXWXOFXWLLORU3HOLQLDLL QVHVFULXPQXPHUHGHRU
GLQHDOHPDLQXHORUFDUHVXQWSXVHvQFXWLDDYkQGQXPUXOGHRUGLQHL$FHVWHQXPHUH
VHYRUGHVSULSULQWUXQVSDLXLDUvQIDDQXPHUHORUGHRUGLQHDPDLQXHORUVHYDVFULH
FXYkQWXO%DSRLXQVSDLXLQXPUXOGHRUGLQHLFDUHODUkQGXOOXLHVWHXUPDWGH
,'DFvQWURFXWLHQXVHSXQHQLFLRPDLQXHDQXYDFRQLQHGXSQJQLPLF
5HVWULFLLLSUHFL]UL
x dQPd
([HPSOX
+# $&$
/0
+# $&'(!
%JQJJJJ
%JQJ
%JQJJJ
%JQJJJ
J
%JQJJJ
%JQJJJ
J
%JQJJ
%JQJJJ
'HSR]LW
QWUXQGHSR]LWFRPSDUWLPHQWDWFRQIRUPXQXLFDURLDMDL]EXFQLWIRFXOvQPORFXULGLIH
ULWH0DJD]LRQHUXODIODWvQGHSR]LWDUYUHDVLDVGLQFOGLUHWLLQGFLHLUHDVHDIOvQ
FROXOGLQGUHDSWDMRVDGHSR]LWXOXLVVHGHWHUPLQHWRDWHGUXPXULOHSRVLELOHVSUHLHLUH
Q DQXPLWH FRPSDUWLPHQWH FRUHVSXQ]WRDUH XQRU SWUHOH GLQ FDURLDM VH DIO
RELHFWH SHVWH FDUH PDJD]LRQHUXO QX YD SXWHD WUHFH VDXVUL'HDVHPHQHDSHGUXPXO
VX VSUH LHLUH PDJD]LRQHUXO QX SRDWH WUHFH SULQ FRPSDUWLPHQWHOH YHFLQH RUL]RQWDO
YHUWLFDOVDXSHGLDJRQDOFHORUFXSULQVHGHLQFHQGLX0DJD]LRQHUXOYDSXWHDVWUDYHU
VH]HGHSR]LWXOWUHFkQGSULQWURVXFFHVLXQHGHFRPSDUWLPHQWHYHFLQHRUL]RQWDOVDXYHU
WLFDO
'DWHGHLQWUDUH
QILLHUXOGHLQWUDUH%'3!&$VHYRUDIODGDWHOHUHIHULWRDUHODGHSR]LWXODYkQGIRU
PDSWUDWLFSR]LLDPDJD]LRQHUXOXLLSR]LLLOHFXSULQVHGHIOFUL
0HWRGDEDFNWUDFNLQJ
x 3HSULPDOLQLHDILLHUXOXLVHDIOGLPHQVLXQLOHGHSR]LWXOXLQ
x 3HXUPWRDUHOHQOLQLLVHDIOFkWHQYDORULUHSUH]HQWkQGGDWHOHUHIHULWRDUHODGHSR]LW
UHSUH]LQWVSDLXOLEHU
UHSUH]LQWXQREVWDFRO
UHSUH]LQWXQIRF
UHSUH]LQWSR]LLDPDJD]LRQHUXOXL
'DWHGHLHLUH
6ROXLDVHYDDILDvQILLHUXOGHLHLUH %'3!&'(!VXEIRUPDXQXLWDEORXELGLPHQ
VLRQDO DYkQG Q OLQLL L Q FRORDQH $FHVW WDEORX YD FRQLQH WUDVHXO PDJD]LRQHUXOXL
3HQWUXILHFDUHYDORDUHNFXSULQVvQWUHLOXQJLPHDWUDVHXOXLvQWDEORXYDH[LVWDXQ
VLQJXUHOHPHQWDYkQGYDORDUHDNFRUHVSXQ]WRUSDVXOXLNDOPDJD]LRQHUXOXLvQUHVW
WDEORXOYDFRQLQHHOHPHQWHHJDOHFX
5HVWULFLLLSUHFL]UL
x dQ
x GRXVROXLLvQILLHUXOGHLHLUHYRUILVHSDUDWHSULQWUROLQLHJRDO
x GDFQXVHSRDWHDMXQJHODLHLUHGLQFDX]FHVWHLPSRVLELOVVHLDVGLQGHSR]LW
GDWRULWIRFXULORULREVWDFROHORUvQILLHUXOGHLHLUHVHYDVFULH
([HPSOX
%'3!&$
%'3!&'(!
|J
J`J`JJ`J
`JJ`J`J`J
`J`J`J`J`J
`J`J`JJ`J
J`J`J`J`
J`J`J`J`JJ
J`J`J`J`JJ
JJ|JJJJ
`J`J`J`JJJ
`J`J`J`JJJ
J
J`J`J`J`JJ
J`J`J`J`JJ
JJ|J`J`JJ
`J`JJ`J`JJ
`J`JJJ
&DOLQHEXQSHWDEODGHDK
0HWRGDEDFNWUDFNLQJ
'DWHGHLQWUDUH
)LLHUXOGHLQWUDUH#*$($&$DUHXUPWRDUHDVWUXFWXU
x SHSULPDOLQLHVHDIOXQQXPUQDWXUDOGLIHULWGHUHSUH]HQWkQGGLPHQVLXQHDWD
EOHL
x SHFHDGHDGRXDOLQLHVXQWVFULVHGRXQXPHUHQDWXUDOHGHVSULWHSULQWUXQVSDLX
FRUHVSXQ]WRUSR]LLHLQHEXQXOXL
x SHXUPWRDUHOHGRXOLQLLVXQWvQUHJLVWUDWHvQIRUPDWXOOLQLHLGRLSR]LLDLQLLDOD
FDOXOXLSUHFXPLSR]LLDSHFDUHWUHEXLHVDMXQJ
'DWHGHLHLUH
)LLHUXOGHLHLUH #*$($&'(!YDFRQLQHFkWHROLQLHFRUHVSXQ]WRDUHXQHLVROXLL
)LHFDUHVROXLHYDILVFULVVXEIRUPDXQRUSHUHFKLGHQXPHUHQDWXUDOHLQGLFkQGWUDVHXO
FDOXOXL$FHVWHSHUHFKLUHSUH]LQWFRRUGRQDWHOHSWUDWHORUWDEOHLGHDKDWLQVHGHFDOSH
WUDVHXOOXLvQFHSkQGFXSR]LLDLQLLDOLWHUPLQkQGFXSR]LLDILQDO3HUHFKLOHVHYRU
VFULHvQFDGUDWHvQWUHSDUDQWH]HURWXQGHLvQLQWHULRUXOSDUDQWH]HLGHVSULWHGHRYLUJXO
'DFGLQVWDUWFDOXOVHDIOvQEWDLDQHEXQXOXLVDXFRRUGRQDWHOHFLWLWHGLQILLHUQX
VHDIOvQLQWHULRUXOWDEOHLvQILLHUXOGHLHLUHVHYDVFULHPHVDMXO
5HVWULFLLLSUHFL]UL
x dQd
x FDOXOQXDUHYRLHVLDVGHSHWDEO
x SR]LLDLQLLDOQXSRDWHVFRLQFLGFXSR]LLDILQDO
x vQFD]XOvQFDUHFRRUGRQDWHOHLQLLDOHLILQDOHDOHFDOXOXLVHDIOvQLQWHULRUXOWDEOHL
LSR]LLDLQLLDOQXHVWHDWDFDWGHQHEXQDWXQFLYDH[LVWDvQWRWGHDXQDFHOSXLQR
VROXLH
([HPSOX
#*$($&$
J
JJ
JJ
J
#*$($&'(!
J
||J
||J
|J
|J
|
0HWRGDEDFNWUDFNLQJ
6ROXLLOHSUREOHPHORUSURSXVH
1XPHUH
3UREOHPDGDWVHUH]ROYSULQPHWRGDEDFNWUDFNLQJGHRDUHFHVHFHUHJHQHUDUHDWXWX
URUVXELUXULORUFDUHDXSURSULHWLOHFHUXWHvQHQXQ
)LHDLUXOGDWDYkQGQHOHPHQWHQXPHUHvQWUHJL9RPOXFUDODQLYHOXOLQGLFLORUDGL
FYRPJHQHUDPXOLPLGHLQGLFLDLHOHPHQWHORUGLQDIRUPkQGVROXLDvQLUXOGHLQGLFL[
([HPSOX
6SUHVXSXQHPFLUXODDUHHOHPHQWHQXPHUHvQWUHJLJJJJJJJ
2VROXLHDSUREOHPHLHVWHLUXOGHQXPHUHJJJJJ
LUXOGHLQGLFL[FDUHVHJHQHUHD]vQDFHVWFD]HVWHJJJ|JJ
6HREVHUYFvQHQXQQXVHVSHFLILFOXQJLPHDVROXLHLGHFLHVWHQHFHVDUJHQHUD
UHDWXWXURUVROXLLORUGHOXQJLPLYDULDELOHFHOSXLQGRXHOHPHQWHLFHOPXOWQ9RP
DVLJXUD JHQHUDUHD ORU VSHFLILFkQG OXQJLPLOH SRVLELOH vQ SURJUDPXO SULQFLSDO vQWUR
VWUXFWXUGHWLS
3HQWUXILHFDUHOXQJLPHSRVLELOGHODODQYRPJHQHUDWRDWH
VXELUXULOHGHOXQJLPHDUHVSHFWLYFDUHUHVSHFWFHULQHOHGLQHQXQ
9RPFRQVWUXLXQVXEDOJRULWPGHYDOLGDUHFDUHYHULILFGDFH[LVWFHOSXLQXQHOH
PHQWSR]LWLYvQLUXOGDWLFHOSXLQXQHOHPHQWQHJDWLYDVWIHOvQFkWVILHDVLJXUDWJH
QHUDUHDDFHOSXLQDXQHLVROXLLGHOXQJLPH'DFvQLUXOGDWQXVHJVHWHFHOSXLQ
XQHOHPHQWSR]LWLYLFHOSXLQXQHOHPHQWQHJDWLYvQILLHUXOGHLHLUHVHYDVFULHPH
VDMXO
J
J
Q
^YHULILFPGDFH[LVWFHOSXLQXQHOHPHQWSR]LWLY`
JJJmJ
JJdJ
JJJdJ`J
,
^FkWWLPSQXPUXOQXHVWHSR]LWLYDYDQVP`J
JJJmJJ~JJ
JJJ
^DPJVLWFHOSXLQXQQXPUSR]LWLY"`J
JJ?JmJJdJ
J
^YHULILFPGDFH[LVWFHOSXLQXQHOHPHQWQHJDWLY`J
JJJmJJ
JJ
JJdJ
JJJtJ`J
,
^FkWWLPSQXPUXOQXHVWHQHJDWLYDYDQVP`
JJJmJJ~J
JJ
JJJ
^DPJVLWFHOSXLQXQQXPUQHJDWLY"`J
JJ?
JmJJdJ
J
^GDFDYHPFHOSXLQXQHOHPHQWSR]LWLYLFHOSXLQXQXOQHJDWLY`
^YRPDYHDFHOSXLQRVROXLH`J
JmJ?JJ?
JJ
J
0HWRGDEDFNWUDFNLQJ
&RQGLLLOHGHFRQWLQXDUHVHYHULILFvQWUXQDOWVXEDOJRULWPXQGHQHDVLJXUPF
HOHPHQWXOFDUHVHDGDXJSHSR]LLDNQXDPDLIRVWLQWURGXVvQLUXOVROXLH
GDFVHDGDXJXQHOHPHQWSR]LWLYSHSR]LLDNDWXQFLHOHPHQWXOGHSHSR]LLDN
QXYDILWRWSR]LWLY
GDFVHDGDXJXQHOHPHQWQHJDWLYSHSR]LLDNDWXQFLHOHPHQWXOGHSHSR]LLDN
QXYDILWRWQHJDWLY
LQGLFLLWUHEXLHVDSDUvQRUGLQHFUHVFWRDUHDVWIHOvQFkWvQVROXLLVVHSVWUH]HRU
GLQHDQXPHUHORUGLQLUXOLQLLDODDFXPFHUHSUREOHPD
'DFvQXUPDH[HFXLHLVXEDOJRULWPXOXLGHPDLMRVYDORDUHDDOHDVSHSR]LLDNHVWH
DFFHSWDWVXEDOJRULWPXO ?UHWXUQHD]DGHYUDWvQFD]FRQWUDUIDOV&D]XO
vQFDUHN JHQHUPSULPDFRPSRQHQWGLQVROXLHVHYDWUDWDFXDWHQLHGHRDUHFH
vQDFHDVWVLWXDLHQXH[LVW?
?QJJ
JmJJ
JJdJ?JJJzJ?J
,J
JmJJ~JJ ^GDF?DIRVWLQFOXVGHMDvQVROXLHQXvOPDLSXWHPSXQH`J
JJJmJJJ?J
J
J?JJJJ?JJ`JJ?JJ`JJJ
^GDFvQIDDOXL?QXPUSR]LWLYDYHPWRWXQQXPUSR]LWLYQXvOSXQHP`
JJJJJmJIDOVJ
JJJJLHLUHIRUDWGLQVXESURJUDPJJJ
JJ J
J?JJJJ?JJ`JJ?JJ`JJJ
^GDFvQIDDOXL?QXPUQHJDWLYDYHPWRWXQQXPUQHJDWLYQXvOSXQHP`
JJJJJmJIDOVJ
JJJJLHLUHIRUDWGLQVXESURJUDP
JJ J
J?JJJJ?JJ?JJJ
^GDFLQGLFHOH?HVWHPDLPLFGHFkWFHOGLQIDDOXL`
JJJJJmJIDOV
JJJJLHLUHIRUDWGLQVXESURJUDPJ
JJ
^GDFDPDMXQVSkQDLFLDOHJHUHDOXL?HVWHSRVLELO`J
JJJmJDGHYUDW
J
J
$ILDUHD XQHL VROXLL VH UHDOL]HD] VFULLQG HOHPHQWHOH WDEORXOXL D FRUHVSXQ]WRDUH
LQGLFLORUGDLvQLUXO['HRDUHFHLUXULOHVROXLHDXOXQJLPHYDULDELOWUHEXLHWUDQVPLV
FDSDUDPHWUXLOXQJLPHDNDORU
0HWRGDEDFNWUDFNLQJ
%?J
J\?J
JJJJ
JJ
J
J
QVXEDOJRULWPXOFDUHUHDOL]HD]SDLLPHWRGHLEDFNWUDFNLQJ
YDORDUHDOXL[NHVWHPDLPLFVDXHJDOFXQ[NUHSUH]HQWkQGXQLQGLFHGLQLUXOD
DILDUHD VH IDFH DWXQFL FkQG N T XQGH YDULDELOD T HVWH LQLLDOL]DW vQ SURJUDPXO
SULQFLSDOHDOXkQGYDORULvQWUHLQLRIRORVLPSHQWUXDSXWHDJHQHUDVXELUXULGH
OXQJLPLYDULDELOH
X%?QJ
JJ?JmJJ
JJ?JmJ`J
J?JJ`J
,
^vQFQXDPJVLWYDORDUHDFXUHQWDVROXLHL`
JJJJ?JmJIDOV
J?JJ
JJJ?J
,J
JJJJJJ?JmJ?~J
JJJJJJ?JmJ?JJ
^YHULILFPGDF?SRDWHILSXVvQVROXLH`
JJJJ
J
JJ?JJJ
JJJJJJ?JmJ?JJJJ
^FXWPDOWYDORDUHSHQWUXHOHPHQWXOSUHFHGHQW`
J?J\JJJJ
^GDFDYHPTHOHPHQWHvQVROXLHRVFULHP`J
JJJJJJJJ%?JJ
JJJJJJ
JJ
^GDFQXSUHJWLPXUPWRUXOHOHPHQW`
JJJJJJJJ?JmJ?J~JJJ
JJJJJJJJ?JmJ`J
JJJJJJ J
JJJJ J
J
J
J
3URJUDPXOSULQFLSDOFRQLQHVHFYHQDGHPDLMRVFDUHDVLJXUYHULILFDUHDH[LVWHQHL
FHOSXLQDXQHLVROXLLLODQVDUHDvQH[HFXLHDVXESURJUDPHORUGHVFULVHPDLVXV
J
&&&
J
JJ
J\
J
,
JX%?J
JJJJ
J
JJ
J
JJ
&&&
0HWRGDEDFNWUDFNLQJ
5HFKL]LWH
'HRDUHFHvQSUREOHPVHFHUWRDWHPRGDOLWLOHGHFKHOWXLUHDVXPHL6RYRPUH]ROYD
SULQPHWRGDEDFNWUDFNLQJ3UREOHPDUHYLQHODDVFULHXQQXPUvQWUHJVXEIRUPDXQHL
VXPHGHWHUPHQLQXPHUHvQWUHJLDGLFVXPD6GDWWUHEXLHGHVFRPSXVvQIXQFLHGH
UHVWULFLLOHLPSXVHvQHQXQXOSUREOHPHL
7DEORXOVROXLH[YDFRQLQHSHSR]LLDLQXPUXOGHRELHFWHGHSDSHWULHGHWLSXOL
SHFDUHHOHYXOOHFXPSUFXDOWHFXYLQWHLUHSUH]LQWLQGLFHOHGLQWDEORXOGHDUWLFROH
GHSDSHWULHL[LUHSUH]LQWFDQWLWDWHDGLQDUWLFROXODYkQGLQGLFHOHL
QUH]ROYDUHIRORVLPXQVXEDOJRULWPFDUHFDOFXOHD]FRVWXOWRWDODOSURGXVHORUFXP
SUDWHSkQODLQFOXVLYSDVXOFXUHQWN
J?QJ
JJJmJ`J
J\?J
,
^EXFLGLQSURGXVXOFDUHFRVW
`J
J J
JJJJJmJJ~JJJ
J
E
J
JJJmJJ
QDOJRULWPVHYHULILFODILHFDUHSDVGDFFKHOWXLHOLOHUHDOL]DWHSkQODSDVXOFXUHQW
QXGHSHVFVXPDGHEDQLSHFDUHRDUHHOHYXOODGLVSR]LLH$FHVWWHVWVHUHDOL]HD]vQ
FDGUXOXQXLVXEDOJRULWPGHYDOLGDUH
JQJ
JJJmJ?JdJJ
6XEDOJRULWPXOFDUHLPSOHPHQWHD]PHWRGDEDFNWUDFNLQJDUHFkWHYDSDUWLFXODULWL
x )LHFDUH HOHPHQW GLQ LU UHSUH]HQWkQG FDQWLWL GH SURGXVH SRDWH DYHD FD YDORDUH
PD[LPYDORDUHDFRUHVSXQ]WRDUHGLQLUXO
%
x 'LQPRPHQWFHQXHVWHREOLJDWRULXVVHFXPSHUHGLQILHFDUHRELHFWHVWHSRVLELOL
FDQWLWDWHD
x 'DFODXQDQXPLWSDVFRVWXORELHFWHORUGHMDFXPSUDWHHVWHHJDOFXVXPDGHLQXW
GHHOHYDWXQFLDFHDVWDVHFRQVLGHUDILRVROXLHLVHVFULHvQILLHUXOGHLHLUHDOW
IHOVHvQFHDUFFXPSUDUHDDvQFXQXLRELHFW
X%??QJ
J\`
%?J
^FDQWLWLSRVLELOHvQWUHQLPLFLPD[LP`
JJJJ?JmJJ
J?J
0HWRGDEDFNWUDFNLQJ
^H[LVWvQWRWDORELHFWHGLQFDUHHOHYXOvLIDFHFXPSUWXULOH`
JJJJJJJJJ?JJJJJ
JJJJJJJJJJX%??~KJ
JJJJJJJJ J
JJJJJJ J
JJJJ J
JJ
J
J
'DFQXVHSRDWHVFULHQLFLRVROXLHvQILLHUVHYDVFULHPHVDMXO
([SUHVLL
3UREOHPDVHUH]ROYSULQPHWRGDEDFNWUDFNLQJGHRDUHFHGRULPVRELQHPWRDWHVROX
LLOHFDUHUHVSHFWFHULQHOHSUREOHPHL3HQWUXDFHDVWDDPUHLQXWYDORULOHRSHUDQ]LORUvQ
WDEORXOD9RPJHQHUDWRDWHWDEORXULOH[FDUHFRQLQRSHUDWRULFRGLILFDLDVWIHO
DGXQDUH
VFGHUH
vQPXOLUH
vPSULUH
9RPJHQHUDXQLUGHRSHUDWRULLODILHFDUHDGXJDUHDXQXLRSHUDWRUvQLUXO[YRP
FDOFXODUH]XOWDWXOFXUHQWDOH[SUHVLHL'DFRSHUDWRUXOSHFDUHODPDGXJDWSHSR]LLDN
HVWHDGLFXUPHD]VHIHFWXPRvPSULUHYHULILFPGDFUH]XOWDWXORELQXWHVWHXQ
QXPUvQWUHJVDXQX
3HQWUXUH]ROYDUHDYHPQHYRLHGHXQVXEDOJRULWPFDUHFDOFXOHD]YDORDUHDH[SUHVLHL
LQFOXVLYODSDVXOFXUHQWN
J%?QJ
JJJmJJ
J\?J
,
JJJJJ\JJJmJJ~J~J
JJJJ
J
JJJJJJJ\JJJmJJJ~J
JJJJJJ
J
JJJJJJJJJ\JJJmJJJ~J
JJJJJJJJ
JJmJJJ~J
JJJJJJJJ
JJJJJJ
JJJJ J
JJ
JJ%JmJJ
0HWRGDEDFNWUDFNLQJ
QSURJUDPXO3DVFDOYDULDELODORFDOVLIXQFLD%?YRUILGHWLSGLQ
FDX]DFYRPIRORVLRSHUDWRUXO
&RQGLLLOH LQWHUQH vQ DFHDVW SUREOHP DX IRVW GHILQLWH vQ HQXQ WRDWH UH]XOWDWHOH
SDULDOHWUHEXLHVILHQXPHUHvQWUHJL6XEDOJRULWPXO?YDUHWXUQDDGHYUDW
vQFD]DILUPDWLYLIDOVHvQFD]FRQWUDU
J?QJ
JJJmJJ?J\JJJJ
J J
%??~JzJ%??~J
$OJRULWPXOGHEDFNWUDFNLQJDUHFkWHYDSDUWLFXODULWL
x (OHPHQWHOHGLQVROXLD[YRUDYHDYDORULGHODODGHRDUHFHFHLSDWUXRSHUDWRULV
DXFRGLILFDWFXFLIUH
x *HQHUDUHDVHvQFKHLHDWXQFLFkQGVDDMXQVODSDVXOQLYDORDUHDH[SUHVLHLHVWH
HJDOFXP
x 9DORDUHD H[SUHVLHL VH FDOFXOHD] DSHOkQG VXEDOJRULWPXO %? GHVFULV PDL
VXV
x 'DFQXVDDMXQVODSDVXOQVHFRQWLQXJHQHUDUHD
X%??QJ
JJ
J\J
,
JJJJ?JmJJ
JJJJ?J
^DYHPRSHUDWRULSRVLELOL`J
^SXQHPXQRSHUDWRUvQLUXOVROXLH`J
^YHULILFPFRQGLLLOHLQWHUQH`
^GDFDPRELQXWRVROXLH`
JJJJJJJ?J\J
JJ%?J\JJJJ
J
JJJJJJJJ
J
^RDILP`J
JJJJJJ
J?JJ
JJJ
^GDFPDLDYHPRSHUDQ]L`J
JJJJJJJJJJX%??~J
^vQFHUFPVOHSODVPvQH[SUHVLH`J
J
J
JJJJ J
JJ
J
J
QHQXQXODFHVWHLSUREOHPHVHFHUHFDvQFD]XOvQFDUHSHQWUXH[SUHVLDJHQHUDWQX
VH SRDWH RELQH UH]XOWDWXO P SULQWUR FRPELQDLH GH RSHUDWRUL V VH DILH]H PHVDMXO
$WXQFLFkQGDILPRVROXLHVFKLPEPYDORDUHDYDULDELOHLERROHHQH
JOREDOH vQ DGHYUDW XUPkQG FD vQ SURJUDPXO SULQFLSDO V YHULILFP YDORDUHD
DFHVWHLYDULDELOHLVVFULHPvQILLHUXOGHLHLUHPHVDMXOUHVSHFWLY
0HWRGDEDFNWUDFNLQJ
0DLQXH
$FHDVWSUREOHPVHUH]ROYSULQPHWRGDEDFNWUDFNLQJGHRDUHFHWUHEXLHJHQHUDWHWRDWH
VROXLLOHQDFHDVWLGHHYRPUHDOL]DXUPWRDUHDFRGLILFDUHDGDWHORU
x [YDILLUXOVROXLHLYRPSVWUDvQ[LQXPUXOGHRUGLQHDOFXWLHLvQFDUHSXQHP
PDLQXDL
x vQLUXOQULSVWUPQXPUXOFDQWLWDWHDPDLQXHORUSXVHvQFXWLDL
x vQLUXOSXVLYRPDYHDYDORDUHDDGHYUDWGDFPDLQXDLDIRVWSXVGHMDvQVROXLD
FXUHQWLDUvQFD]FRQWUDUSXVLYDDYHDYDORDUHDIDOV
([HPSOX
)LHQ LP
[ FXVHPQLILFDLDFDWkWPDLQXDFkWLPDLQXDVHLQWURGXFvQFXWLD
[ PDLQXDVHLQWURGXFHvQFXWLDLPDLQXDvQFXWLD
[ PDLQXDVHLQWURGXFHvQFXWLDLPDLQXDvQFXWLD
[ DPEHOHPDLQXHVHLQWURGXFvQFXWLD
3HQWUXUH]ROYDUHDSUREOHPHLDYHPQHYRLHGHXQDOJRULWPFDUHYHULILFFRQGLLLOHGH
FRQWLQXDUH$PSXWHDQXPUDDSDULLLOHILHFUHLFXWLLSkQODSDVXOFXUHQWNLDPSXWHD
YHULILFD DSRL GDF QXPHUHOH RELQXWH QX VXQW FXPYD PDL PDUL GHFkW P 5HQXQP OD
DFHDVWLGHHLYRPYHULILFDODILHFDUHSDVNGDFPDLQXDNQXHVWHSXVGHMDvQYUHR
FXWLHLGDFFXWLDvQFDUHYUHPVRSXQHPQXHVWHGHMDSOLQIRORVLQGXQHGHLUXULOH
SXVLQU
J
J?QJ
JJJmJ
JJJJJ?J
J
$ILDUHD FHUXW vQ HQXQ DUH XQ IRUPDW VSHFLDO DGLF WUHEXLH V VFULHP FXYkQWXO
FXWLDDSRLQXPUXOGHRUGLQHDOFXWLHLLGXSQJQXPHUHOHPDLQXHORUFDUHVXQW
vQDFHDFXWLHVHSDUDWHSULQFkWHXQVSDLX6XEDOJRULWPXOSULQFDUHRELQHPDILDUHDFH
UXWHVWH
0HWRGDEDFNWUDFNLQJ
$OJRULWPXOGHEDFNWUDFNLQJvQIRUPUHFXUVLYHVWH
X%??QJ
JJ
J\
J
,
^SXWHPDOHJHGLQWUHQFXWLL`
JJJJ?JmJJ
^vQFHUFPVSXQHPPDLQXDNvQFXWLDL`
JJJJJ?JJJ
^GDFHVWHSRVLELO`
JJJJJJ?JmJDGHYUDW
^RSXQHPGHFLPDLQXDNHVWHSXV`
JJJJJJ
JmJ
J~J ^FUHWHQXPUXOPDLQXHORUvQFXWLDL`
JJJJJJJ?J\J
J ^GDFDPSXVLDQDPDLQX`
JJJJJJJJ
^DYHPRVROXLHRDILP`
JJJJJJ
J
JJJJJJJJX%??~ ^vQFD]FRQWUDUvQFHUFPVSODVPXUPWRDUHDPDLQX`
JJJJJ
JJJJJJ?JmJIDOV
^ODUHYHQLUHVFRDWHPPDLQXDNGLQFXWLDL`
JJJJJJ
JmJ
JJ
^GHFLGHVFUHWHQXPUXOPDLQXHORUvQFXWLDL`
JJJJ
JJ
J
J
QDFHDVWLPSOHPHQWDUHDPHWRGHLEDFNWUDFNLQJDPvQORFXLWWUDYHUVDUHDLUXOXLVR
OXLHLFXVFRSXOGHDYHULILFDGDFRDQXPLWFRPSRQHQWQXHVWHGHMDSUH]HQWvQVROX
LHSULQXWLOL]DUHDLUXOXLGHYDORULORJLFHQSOXVSHQWUXRPDLXRDUYHULILFDUHD
VSDLXOXLRFXSDWvQFXWLLQHDPIRORVLWGHLUXO
&HHDFHDSDUHFDHOHPHQWQRXGLQ
DFHDVWFDX]VHSRDWHIRUPXODvQIHOXOXUPWRUvQPRPHQWXODOHJHULLXQHLFRPSRQHQ
WHGLQVSDLXOVROXLLORUSRVLELOHSHQWUXVROXLDFXUHQWWRDWHHQWLWLOHFDUHVXQWDWLQ
VH GH DFHDVW DOHJHUH VH PRGLILF vQ PRG FRUHVSXQ]WRU ? GHYLQH DGHYUDW
FUHWHLDUvQPRPHQWXOUHYHQLULLGLQWUXQDSHOUHFXUVLYDFHVWHYDORULVHUHVWDX
UHD]ODVWDUHDDQWHULRDU?GHYLQHIDOV
GHVFUHWHGHRDUHFHUHQXQP
ODYDORDUHDFRPSRQHQWHLNLDVWIHOWRDWHPRGLILFULOHIFXWHGLQFDX]DDOHJHULLDFHVWHLD
OD SDVXO SUHFHGHQW VH DQXOHD] $FHDVW DERUGDUH DFFHOHUHD]DOJRULWPXOGHRDUHFHvQ
ORF V WUDYHUVP XQ LU DGUHVP GLUHFW XQ HOHPHQW YDORDUH ORJLF $VWIHO HYLWP
JHQHUDUHDLQXWLODPXOWRUVROXLLFDUHXOWHULRUVDUGRYHGLDILQHLQWHUHVDQWHLQFRUHFWH
'HSR]LW
QSUREOHPDGDWGHSR]LWXOVHPHPRUHD]SULQWUXQWDEORXELGLPHQVLRQDO
([HPSOX
)LHQ QILJXUDXUPWRDUHGHSR]LWXOFRGLILFDWFXWDEORXOGHQXPHUHVHSRDWH
YHGHDvQVWkQJDLDUYL]XDOL]DWPDLVXJHVWLYvQGUHDSWD
`J`J`J`J`J`J`J`J`JJ
`JJ`J`J`J`J`JJJ`J
`JJ`J`JJ`J`JJJ`J
`J`J`J`JJ`J`J`J`J`JJ
`JJ`J`J`J`J`J`J`J`JJ
`JJ`JJ`JJJJ`J`JJ
`JJ`JJ`J`J`JJ`J`JJ
`JJJJ`JJ`J`J`J`J
`J`JJ`J`J`JJJ`J`JJ
`JJ`JJ`J`J`J`J`J`J
0HWRGDEDFNWUDFNLQJ
2
2 2
)
2
2 2
2
2
2
2
0 2 )
2
2
2
2 ) 2
)
2 2
2
2
(
2
2
2
2
2
2
2
)
2
2
2
2
2
2
2
2
2
2
2
2
2
2
0
2
)
2
2
2
2
2
2
2
2
2
2
)
2
2
)
2
2
2
2
2
2
2
2
2
2
(
2
2
QVHFYHQDGHDOJRULWPFDUHUHDOL]HD]DFHDVWSUHOXFUDUHDGHSR]LWXOXLIRORVLPLUXO
GHSODVDPHQWHORULQGLFLORUGHOLQLHLGHFRORDQFDvQSUREOHPD%LOLDUGFDSLWROXO
J
\``JJJJJ
Y\``J
J?
``,J
JJ
J
JJJ
JJ
J\
J
QJ
JJJJ
J\
J
QJ
JJJJJJ
JJJ
J\
J
,
J\
J
,
JJ\JJ
?\J
,
JJJJJJJJJJJmJJ~J?J
JJJJJJJJJJJmJJ~JY?J
^GLPHQVLXQHDGHSR]LWXOXL`
^FRQLQXWXOGHSR]LWXOXL`
^FXWPSR]LLLOHLQFHQGLDWH`
^FHOHSR]LLLYHFLQH`
0HWRGDEDFNWUDFNLQJ
JJJ
JJJ
JJJ
0HWRGDEDFNWUDFNLQJ
JQJ
^GDFSR]LLDYHFLQHVWHvQLQWHULRUXOGHSR]LWXOXL`
JJJJJJJJJJJJJmJJ
^RFRQVLGHUPGHDVHPHQHDRFXSDW`
^SUHVXSXQHPFVHSRDWHHIHFWXDSDVvQvQFSHUHDGHFRRUGRQDWH`J
JJJmJDGHYUDW
JJJ
J JJJ
JJJ
^GDFvQFSHUHDVHDIOvQDIDUDGHSR]LWXOXLSDVXOQXHVWHSRVLELO`J
JJJJJmJIDOVJ
J
JJzJ`JJ
^GDFSR]LLDHVWHRFXSDWGHREVWDFROVDXHVWHFXSULQVGHLQFHQGLX`J
JJJJJmJIDOVJ
J
^GDFVDPDLWUHFXWSHDLFL`J
JJzJ`JJ
JJJJJmJIDOVJ
J
J
]LWXOXL
0DJD]LRQHUXOSRDWHWUDYHUVDGHSR]LWXODYDQVkQGGLQWURSR]LLHvQDOWDFDUHHVWHYH
FLQSHRUL]RQWDOVDXYHUWLFDOFXFHDvQFDUHVHDIO9RPSUHJWLLUXOGHSODVDPHQWH
ORU LQGLFLORU GH OLQLH L GH FRORDQ FD vQ SUREOHPD %LOLDUG GH GDWD DFHDVWD GLQ SDWUX
FRPSRQHQWH
\``LY\``
'DFPDJD]LRQHUXOVHDIOvQSR]LLDPDUFDWFX0LUXO[FRQLQHYDORULFDUHWUH
EXLHDGXQDWHYDORULLLQGLFHOXLGHOLQLHDSR]LLHLPDJD]LRQHUXOXLSHQWUXDDMXQJHSHOL
QLLOHYHFLQHLDU\FRQLQHYDORULFDUHWUHEXLHDGXQDWHYDORULLLQGLFHOXLGHFRORDQDSR
]LLHLPDJD]LRQHUXOXLSHQWUXDDMXQJHSHFRORDQHOHYHFLQHPDUFDWHFXLvQIL
JXUDGHPDLMRV
0
&RQGLLLOHLQWHUQHVXQWSUHFL]DWHvQHQXQVXEIRUPDUHVWULFLLORUvQGHSODVDUH$FHV
WRUDVHDGDXJLFRQGLLDGHDQXLHLGLQGHSR]LWvQDOWSDUWHGHFkWHVWHLHLUHDSUR
SULX]LV
x FRRUGRQDWHOHvQFSHULLvQFDUHVHWUHFHWUHEXLHVILHvQWUHLQ
x vQvQFSHUHDvQFDUHVHIDFHGHSODVDUHDQXSRDWHH[LVWDREVWDFROVDXIRF
x SULQvQFSHUHDvQFDUHVHWUHFHODSDVXOFXUHQWDFHVWGUXPQXDWUHFXWvQF
$FHVWHFRQGLLLVXQWYHULILFDWHvQVXEDOJRULWPXO HVWHWDEORXOvQFDUHVH
PHPRUHD]GHSR]LWXOLDUHVWHWDEORXOFDUHUHLQHGUXPXOSDUFXUVGHPDJD]LRQHU
6XEDOJRULWPXO HVWH DSHODW vQ DOJRULWPXO X%? DWXQFL
FkQGODSDVXOGLQSR]LLDVHvQFHDUFWUHFHUHDvQWURQRXSR]LLH
JJJJJJJJJJJJJJ\JJJ
JJJJJJJJJJJJJJ`JmJJJJJJ
^SR]LLDvQFDUHVHDIOPDJD]LRQHUXO`
JJJJJJJJJJJJJJ`JmJJ
J
J
J &RRUGRQDWHOHLQLLDOHDOHPDJD]LRQHUXOXL`L`OHGHWHUPLQPGLQGDWHOHGHSR
JX%?QJ
^VHvQFHDUFGHSODVULOHvQFHOHSR]LLLYHFLQH`
J?\J
,
JJJJJmJJ~J?J
^VHGHWHUPLQLQGLFHOHGHOLQLHDSR]LLHLYHFLQH`J
^VHGHWHUPLQLQGLFHOHGHFRORDQDSR]LLHLYHFLQH`J
JJJJJmJJ~JY?J
JJ^GDFSDVXOvQDFHDVWSR]LLHHVWHSRVLELO`
^VHHIHFWXHD]SDVXO`J
JJJJJJJmJJ
J\
J\
JJJ^GDFSR]LLDFXUHQWHVWHLHLUHD`J
^VHDILHD]RVROXLH`J
JJJJJJJJ
JJ
^vQFD]FRQWUDU`J
JJJJJJJJX%?~J
J
^VHvQFHDUFXQSDVQRXFDUHVHHIHFWXHD]GLQSR]LLD`J
J J
^ODUHYHQLUHVHWHUJHXOWLPXOSDVHIHFWXDWGLQSR]LLDvQ`
JJJJJJJmJ`^GHRDUHFHGLQYRPvQFHUFDVWUHFHPvQDOWSR]LLH`J
J
J
J
'DWHOH FX FDUH OXFUHD] DOJRULWPXO X%? VXQW FXQRVFXWH 0DL UPkQH V LQWHUSUH
WPPRGXOvQFDUHDFHVWDOXFUHD]
x 6H GHWHUPLQ FRRUGRQDWHOH SR]LLHL vQ FDUH XUPHD] V WUHDF PDJD]LRQHUXO
0HWRGDEDFNWUDFNLQJ
x 6HYHULILFFRQGLLLOHGHFRQWLQXDUHSULQDSHODUHDDOJRULWPXOXLJ
x 'DFVXQWvQGHSOLQLWHFRQGLLLOHGHFRQWLQXDUHGHFL?DUHYDORDUHD
DGHYUDWDWXQFLSDVXOFXUHQWVHWUHFHvQWDEORXO FDUHUHLQHGUXPXOSDUFXUVVSUH
LHLUH
x 'DFVDDMXQVvQFROXOGLQGUHDSWDMRVDWXQFLVHIDFHDILDUHDWDEORXOXLDOWIHOVH
FRQWLQXGHSODVDUHD
2VROXLHSHQWUXH[HPSOXOFRQVLGHUDW
HVWHYL]XDOL]DWvQILJXUDXUPWRDUH2E
VHUYP F WUDVHXO WUHFH LQXWLO SULQSR]L
LLOH GDU DFHVW OXFUX QX FRQVWLWXLH
JUHHDO GLQ PRPHQW FH QX VDX FHUXW
WUDVHHGHOXQJLPHPLQLP
2
2 2 2
2
2
2 )
2
2
2
2
2 2 2
2
2
2
2
2
2
2
2
)
2
2 2 2 2 2 2
2
2
2 )
2 2 2 2 2 2
2
2
2 2 )
2
2
&DOLQHEXQSHWDEODGHDK
QILJXUDGHPDLMRVVXQWKDXUDWHSR]LLLOHSHFDUHEDWHQHEXQXOFkQGVHDIOSHSR]LLD
1DYkQGFRRUGRQDWHOH&DOXOVHDIOLQLLDOvQSR]LLDGHVWDUWPDUFDWFX&
LWUHEXLHVDMXQJvQSR]LLDILQDO)(ODUHGRXWUDVHHGHDFHHDLOXQJLPHPL
QLPSHQWUXDDMXQJHvQSR]LLDILQDOVLDQXPH
&
1
)
3ULPDREVHUYDLHSHFDUHRIDFHPVHUHIHUODIDSWXOFvQHQXQVHFHUWRDWHVROXLLOH
SUREOHPHLFDUHFRUHVSXQGFHULQHORUQDFHVWPRPHQWWLPFPHWRGDGHUH]ROYDUHYD
ILEDFNWUDFNLQJ$QDOL]kQGFHULQHOHFRQVWDWPFWUHEXLHVGHWHUPLQPXQPLQLPQ
DFHDVWSUREOHPPLQLPXOQXHVWHGRDUXQQXPUFDUHGHDOWIHOQLFLQXWUHEXLHDILDW
ODLHLUHFLXQLUGHFRRUGRQDWHGHSHWDEODGHDKFDUHFRUHVSXQGWUDVHXOXLGHOXQJL
PHPLQLPQSOXVVHFHUWRDWHDFHVWHLUXUL
0HWRGDEDFNWUDFNLQJ
3ULPDLGHHDUILVVWDELOLPFRQIRUPDOJRULWPXOXLFODVLFXQDVWIHOGHPLQLPDSRL
VDILPWRDWHVROXLLOHFDUHFRUHVSXQGDFHVWXLD$VWIHODUWUHEXLVHIHFWXPDOJRULW
PXOUHDOL]DWFXPHWRGDEDFNWUDFNLQJRGDWSHQWUXVWDELOLUHDWXWXURUVROXLLORUUHLQkQG
YDORDUHDPLQLPDWUDVHXOXLDSRLVH[HFXWPvQFRGDWDFHODLDOJRULWPSHQWUXJVL
UHDWXWXURUVROXLLORUWUDVHHORUDYkQGOXQJLPHDPLQLP
(VWH HYLGHQW F R DVWIHO GH VROXLH QX HVWH DFFHSWDELO GHRDUHFH DU FRQGXFH OD XQ
WLPSGHH[HFXLHPXOWSUHDPDUH$QDOL]kQGvQFRQWLQXDUHSUREOHPDDMXQJHPODFRQ
FOX]LDFWUHEXLHVJVLPRPRGDOLWDWHFDUHQXH[HFXWLQWHJUDOSURFHGXUDFDUHLPSOH
PHQWHD]PHWRGDEDFNWUDFNLQJGHGRXRUL
0DLvQWkLQHSURSXQHPVJVLPRUH]ROYDUHvQFDUHVRH[HFXWPRVLQJXUGDW
'DFDPSXWHDVWDELOLPLQLPXOLUXOXLWUDYHUVkQGXORVLQJXUGDWDPJVLWVLPSOLIL
FDUHDSHFDUHQHDPSURSXVR
QXUPWRUXODOJRULWPSUHVXSXQHPFVHFDXWPDLVLPSOXWRDWHSR]LLLOHGLQLUXO
[ SH FDUH VH DIO YDORDUHD PLQLP D LUXOXL [ 5H]XOWDWXO VH YD IXUQL]D SURJUDPXOXL
DSHODQWvQLUXOUH]GHOXQJLPHM
J
J
QJ
JJ
JmJJ
JJJmJJ
JJJmJJ
JJ\JJ
J
J
JJJJJ
JJJJ
JJJJJJJmJJ
JJJJJJJmJJ
JJJJJJ
JmJJ
JJJJ
JJ
JJJJJJJ
J\JJJ
JJJJJJJJJmJJ~JJ
JJJJJJJJJmJJJ
'DUvQFD]XOQRVWUXWUHEXLHUHLQXWHVROXLLFDUHVXQWLUXULGHFRRUGRQDWHLQXGRDU
LQGLFL $OHJHP DOW FDOH GH UH]ROYDUH 9RP VFULH UH]XOWDWXO FXUHQW vQ ILLHU L DWXQFL
FkQGJVLPXQXOFDUHFRUHVSXQGHDFHOXLDLPLQLPGHVFKLGHPILLHUXOFX
LvO
VFULHPLDUFkQGJVLPRVROXLHFRUHVSXQ]WRDUHXQXLPLQLPPDLPLFGHFkWFHOFXUHQW
GHVFKLGHPILLHUXOFXDVWIHOvQFHSkQGVFULHUHDJUXSXOXLQRXGHVROXLL
6H SRDWH REVHUYD F SH OkQJ DFHDVW PRGDOLWDWH PDL H[LVW L DOWHOH FDUH UH]ROY
SUREOHPD'HH[HPSOXSXWHPSUHVXSXQHFWUDVHXOPLQLPDUHOXQJLPHDPLQLP
$SHOPSURFHGXUDX%?LFXWPWUDVHHDYkQGDFHDVWOXQJLPH'DFJ
0HWRGDEDFNWUDFNLQJ
VLPXQDVWIHOGHWUDVHXvOVFULHPvQILLHUGDFQXDWXQFLPULPYDORDUHDPLQLPXOXLOD
LFXWPWUDVHHDYkQGDFHDVWOXQJLPH$OJRULWPXOVHRSUHWHHYLGHQWDWXQFLFkQG
DP JVLW FHO SXLQ R VROXLH FDUH FRUHVSXQGH PLQLPXOXL SUHVXSXV OD SDVXO UHVSHFWLY
6XQWHPVLJXULFDVWIHOJVLPVROXLLOHFRUHVSXQ]WRDUHPLQLPXOXLGHRDUHFHDPOXDWvQ
FRQVLGHUDUHYDORULOHSRVLELOHvQRUGLQHFUHVFWRDUH$FHVWDOJRULWPHVWHXUPWRUXO
QJ
JJ
JmJJ
JJ?JmJIDOVJ
JJ
J
JJJJX%?`Y`
?J
JJJJ
JmJ
J~J
JJ
J?J
6ROXLDRYRPFRGLILFDvQWUXQWDEORX FRUHVSXQ]WRUWDEOHLGHDKLQLLDOL]kQGXL
HOHPHQWHOHFX$WXQFLFkQGvQFXWDUHDVROXLHLHIHFWXPXQSDVSHUPLVvQWURDQXPL
W SR]LLH YDORDUHD DFHOXL HOHPHQW YD IL HJDO FX QXPUXO GH RUGLQH DO SDVXOXL (YL
GHQWODUHYHQLUHYRPDYHDJULMVUHVWDELOLPYDORDUHDLQLLDODHOHPHQWXOXLUHVSHFWLY
SHQWUXFDvQWLPSXOJHQHUULLXQHLVROXLLQRLVSXWHPHIHFWXDXQSDVvQDFHDVWSR]LLH
QSURFHGXUD X%?YRPJHQHUDSR]LLLOH FRUHVSXQ]WRDUHSD
LORU QRL SH FDUH XQ FDO OH SRDWH HIHFWXD GLQWUR SR]LLH FXUHQW FX DMXWRUXO D
GRX LUXUL GH FRQVWDQWH L Y FDUH UHSUH]LQW GHSODVDPHQWHOH OLQLLORU UHVSHFWLY
FRORDQHORUFHORUSR]LLLvQFDUHSRDWHVULXQFDO
\JJKJ
JQ\KJJ
JJJJJJQ\KJ
3HQWUXILHFDUHDVWIHOGHSR]LLHQRXYRPYHULILFDGDFHDVHDIOVDXQXSHWDEODGH
DKJJJ
JJJJ
'DFQHDIOPSHWDEOYRPYHULILFDGDFDFHDVWSR]LLHHVWHvQDIDUDEWLLQHEX
QXOXLDIODWvQSR]LLDYFXLQVWUXFLXQHDJJJY7RW
RGDWYHULILFPLHOHPHQWXOFRUHVSXQ]WRUGLQWDEORXO 'DFDFHVWHOHPHQWDUHYD
ORDUHDvQVHDPQFvQFQXDIRVWLQFOXVvQWUDVHXGHFLSXWHPHIHFWXDXQSDVDLFL
$FXPYRPYHULILFDGDFDFHDVWSR]LLHQXHVWHFXPYDFHDILQDOFD]vQFDUHXUPHD]
VQHFRQYLQJHPFOXQJLPHDWUDVHXOXLHVWHHJDOFXOXQJLPHDPLQLPSURSXV
'DFDPDWLQVSR]LLDILQDOLQXPUXOSDLORUHVWHHJDOFX
DPRELQXWRVROX
LHLRSXWHPDILDQFD]FRQWUDUYRPFRQWLQXDWUDVHXOvQFHSXWGDUQXPDLGDFQX
PUXOGHRUGLQHDOSDVXOXLFXUHQWHVWHPDLPLFGHFkWOXQJLPHDPLQLPSURSXVGHRD
0HWRGDEDFNWUDFNLQJ
UHFHQXDUHVHQVVGHWHUPLQPVROXLLFDUHFRQGXFODROXQJLPHPDLPDUHGHFkWFHD
SURSXVGLQPRPHQWFHDFHVWHDQXVHYDORULILF
QFRQFOX]LHDOJRULWPXOUHFXUVLYFDUHLPSOHPHQWHD]PHWRGDEDFNWUDFNLQJHVWHXU
PWRUXO
JX%?QJ
JJ
J?\J
,J
JJJJJmJJ~J?
JJJJJmJJ~J?
^LQGLFHOHGHOLQLHDSR]LLHLQRL`
^LQGLFHOHGHFRORDQDSR]LLHLQRL`
^GDFSR]LLDDOHDVHVWHSHWDEO`
JJJJJJJ
JJJJ
J
JJJJJJJJzJYJJJ\J`JJ
^GDFSR]LLDQXVHDIOSHWUDLHFWRULLOHQHEXQXOXLL`
^vQDFHDVWSR]LLHQXDPWUHFXWODXQSDVDQWHULRU`
JJJJJJJJJmJJ
^HIHFWXPSDVXOPDUFPSR]LLD`
^GDFDPDMXQVvQSR]LLDILQDO`
JJJJJJJJJJ\JJJJ\JYJ
^GDFQXPUXOSDLORUHIHFWXDLHVWHHJDOFXPLQLPXO`
JJJJJJJJJJJJ\J
JJJ
JJJJJJJJJJJJ
J
JJJJJJJJJJJJ?JmJDGHYUDWJ
JJJJJJJJJJ
JJJJJJJJ
J
JJJJJJJJJJJJJ
J
^GDFQXPUXOSDLORUHIHFWXDLHVWHPDLPLFGHFkWPLQLPXOFXUHQW`
JJJJJJJJJJJJX%?~JJ
^FRQWLQXPGUXPXO`
J
JJJJJJJJJmJ`J
J
^WHUJHPXUPDSDVXOXLHIHFWXDWGHRDUHFHDPUHYHQLWODRVWDUHDQWHULRDU`
$ILDUHDUH]XOWDWXOXLVHUHDOL]HD]SHED]DYDORULORUGLIHULWHGH]HURGLQWDEORXO
'HRDUHFHWLPFQXPUXODFHVWRUHOHPHQWHHVWH
DFFHVLELOGHRDUHFHDOJRULWPXO
VD WHUPLQDW FkQG DP JVLW XQ WUDVHX DYkQG FHD PDL PLF YDORDUH vQ WDEORXO YRP
FXWDYDORULFXSULQVHvQWUHL
vQDFHDVWRUGLQHDILkQGLQGLFLLGHOLQLHLGHFR
ORDQDDFHVWRUD
%LEOLRJUDILH
0HWRGDEDFNWUDFNLQJ
>$QDV@ 'RUX 3RSHVFX $QDVWDVLX &XOHJHUH GH SUREOHPH GH LQIRUPDWLF
(GLWXUD$OO%XFXUHWL
>&HUFD@ (PDQXHOD &HUFKH] &XOHJHUH GH SUREOHPH GH LQIRUPDWLF (GLWXUD
3ROLURP,DL
>&HUFE@ (PDQXHOD &HUFKH] 0DULQHO HUEDQ ,QIRUPDWLFD SHQWUX JLPQD]LX
(GLWXUD3ROLURP,DL
>&LRU@ $QGUHL &LRURLDQX 3URJUDPH 7XUER 3DVFDO vQ GHWDOLX (GLWXUD 7HRUD
%XFXUHWL
>/RJR@ 'RLQD+ULQFLXF/RJRIWX&3UREOHPHUH]ROYDWHLDOJRULWPL(GL
WXUD3ROLURP,DL
>7KRP@ 7KRPDV+&RUPHQ&KDUOHV(/HLVHUVRQ5RQDOG55LYHVW,QWUR
GXFHUH vQ DOJRULWPL (GLWXUD &RPSXWHU /LEULV $JRUD &OXM1DSRFD
*D]HWDGHLQIRUPDWLF(GLWXUD$JRUD0HGLD7kUJX0XUH