Вы находитесь на странице: 1из 96



0LRULD*RW

67,/,67,&$/,0%,,5201(










































(GLWXUD)XQGDLHL5RPQLDGH0LQH
(GLWXUDFUHGLWDWGH0LQLVWHUXO(GXFDLHLL&HUFHWULL
SULQ&RQVLOLXO1DLRQDODO&HUFHWULLWLLQLILFHGLQQYPQWXO6XSHULRU




'HVFULHUHD&,3D%LEOLRWHFLL1DLRQDOHD5RPQLHL
*270,25,$
67,/,67,&$/,0%,,5201(0LRULWD*RW%XFXUHWL
(GLWXUD)XQGDLHL5RPQLDGH0LQH
%LEOLRJU
,6%1
n  



5HSURGXFHUHDLQWHJUDOVDXIUDJPHQWDUSULQRULFHIRUP
LSULQPLMORDFHWHKQLFHHVWHVWULFWLQWHU]LV
LVHSHGHSVHWHFRQIRUPOHJLL

5VSXQGHUHDSHQWUXFRQLQXWXOLRULJLQDOLWDWHDWH[WXOXL
UHYLQHH[FOXVLYDXWRUXOXLDXWRULORU




























81,9(56,7$7($63,58+$5(7
)$&8/7$7($'(/,0%$,/,7(5$785$5201





&RQIXQLYGU0LRULD*RW

































(GLWXUD)XQGDLHL5RPQLDGH0LQH
%XFXUHWL








&835,16

&XYkQWvQDLQWH

,6WLOLVWLFDLOLWHUDWXUD
6WLOLVWLFDOLQJYLVWLF LVWLOLVWLFDOLWHUDU 
/LWHUDWXUD&XYkQWWH[WLFRQWH[W
2SHUDOLWHUDW LFRPXQLFDUHDDUWLVWLF 
(YDOXDUH

,,6WLOXULVXSUDLQGLYLGXDOH6WLOXULOHIXQF LRQDOH
6WLOXO&DOLW LOHVWLOXOXL
6WLOXULOHIXQF LRQDOH
(YDOXDUH

,,,6WLOXODUWLVWLF5HJLVWUHLYDORULVWLOLVWLFH
6WLOXOEHOHWULVWLFLVWLOXOLQGLYLGXDODOVFULLWRUXOXL
5HJLVWUHVWLOLVWLFHXWLOL]DWHvQRSHUDOLWHUDU 
9DORULVWLOLVWLFHDOHWLPSXULORUYHUEDOH
9DORULVWLOLVWLFHDOHPRGXULORUYHUEDOH
9DORULVWLOLVWLFHDOHSHUVRDQHORUJUDPDWLFDOH
(YDOXDUH

,9,PDJLQDUXOSRHWLF6WLOLVWLFDWH[WXOXLOLULF
6WUXFWXUDUHDWH[WXOXLOLULF
6SHFLLDOHJHQXOXLOLULF
,PDJLQHDDUWLVWLF 
(OHPHQWHGHYHUVLILFD LH
)LJXULGHVWLOLSURFHGHHVWLOLVWLFH
0RGHOGHDQDOL] VWLOLVWLF 
(YDOXDUH

99DOHQ HVWLOLVWLFHDOHWH[WXOXLQDUDWLY
(OHPHQWHGHVWUXFWXU LGHFRPSR]L LHvQWH[WHOHQDUDWLYH
7LSRORJLDLIXQF LLOHQDUDWRUXOXL
3HUVSHFWLYDQDUDWLY 
3HUVSHFWLYHWHPSRUDOH
2UGLQHDQDUDWLY 
0RGDOLW LOHQDU ULL
3HUVRQDMXO3RUWUHWXOOLWHUDU
&RQFHSWHVSHFLILFHQDUDWRORJLHL
0RGHOHGHDQDOL] VWLOLVWLF 
(YDOXDUH














































9,$ERUGDUHDVWLOLVWLF DWH[WXOXLGUDPDWLF
3DUWLFXODULW LVWLOLVWLFHDOHRSHUHLGUDPDWLFH
&RQFHSWHVSHFLILFHGUDPDWXUJLHL
0RGHOGHDQDOL] VWLOLVWLF 
(YDOXDUH

%LEOLRJUDILHVHOHFWLY 
























































&89171$,17(

5H]XOWDW  GLQ H[SHULHQ D GH SHVWH WUHL GHFHQLL DYXW  GH DXWRDUH OD
FDWHGU OXFUDUHDGHID VHYUHDXQXWLOPDQXDOGHVWLOLVWLFDOLPELLURPkQHDWkW
SHQWUXWLQHULLVWXGLRLFkWLSHQWUXFHUFHW WRULLvQGRPHQLXLDFHDVWDvQWUXFkW
I U  D IDFH UDEDW ULJRULL WLLQ LILFH DXWRDUHD RSWHD]  SHQWUX FRPXQLFDWLYLWDWHD
SURSLFHDFFHVLELOLW LLLGHLORUWUH]LQGFXULR]LWDWHDFLWLWRULORU
&DUWHD VH VWUXFWXUHD]  vQ DVH FDSLWROH 6WLOLVWLFD L OLWHUDWXUD 6WLOXUL
VXSUDLQGLYLGXDOH 6WLOXULOH IXQF LRQDOH 6WLOXO DUWLVWLF 5HJLVWUH L YDORUL VWLOLVWLFH
,PDJLQDUXO SRHWLF 6WLOLVWLFD WH[WXOXL OLULF 9DOHQ H VWLOLVWLFH DOH WH[WXOXL QDUDWLY
$ERUGDUHDVWLOLVWLF DWH[WXOXLGUDPDWLF3DUFXUJkQGWLWOXULOHDFHVWRUFDSLWROHVH
SXQHILUHDVFDvQWUHEDUHFDUHHVWHQRXWDWHDLLQGLYLGXDOLWDWHDOXFU ULLGHID vQ
GRPHQLX"
Q SULPXO UkQG FDUWHD SRDWH IL Y ]XW  FD XQ H[FHOHQW FXUV XQLYHUVLWDU GH
WHRULD OLWHUDWXULL QHFHVDU VWXGHQ LORU ILORORJL GDU L FD XQ SUH LRV DMXWRU RIHULW
WXWXURU SURIHVRULORU GH OLPED L OLWHUDWXUD URPkQ  SHGHRSDUWHFHORUDIOD LOD
vQFHSXWXOFDULHUHLGLGDFWLFHLSHGHDOW SDUWHFHORUFDUHYRUV VHvQVFULHOD
GLIHULWHOH H[DPHQH GLQ vQY PkQW  SHQWUX RE LQHUHD XQHL VXSOLQLUL SHQWUX
RE LQHUHD WLWXODUL] ULL SHQWUX RE LQHUHD GHILQLWLYDWXOXL VDX D JUDGHORU GLGDFWLFH
,,L,
Q DO GRLOHD UkQG FHUFHWDUHD GHVSRY UDW  GH SUHMXGHF L L GH XQHOH
MXGHF L DIODWH vQ Y GLW  FRQWUDGLF LH FX UHDOLWDWHD WH[WHORU HVWH I FXW  FX XQ
RFKLSURDVS WLFXLQVWUXPHQWHGHOXFUXPRGHUQH
1X vQ XOWLPXO UkQG FDUWHD GRDPQHL SURI GU 0LRUL D *RW VH VSULMLQ  SH R
ELEOLRJUDILHLPSRUWDQW GRYHGHWHRH[SXQHUHVREU RIUD] VLJXU RDWLWXGLQH
RELHFWLY  ID  GH DP QXQWXO FRPHQWDW IDSWH FDUH FRQIHU  vQWUHJXOXL R LQXW 
WLLQ LILF LUHSURDELO 
6WXGHQ LL ILORORJL SRW IRORVL DFHDVW  OXFUDUH vQ SUHJ WLUHD FXUVXULORU GH
WHRULD OLWHUDWXULL GDU L GH OLPED URPkQ  FRQWHPSRUDQ  HD DMXWkQGXL vQWUR
PDQLHU  ORJLF  L DFFHVLELO  VXE IRUP  GH ILH VLQWHWLFH V  FXQRDVF 
PHFDQLVPXO GH IXQF LRQDUH D OLPELL L V  LQWHUSUHWH]H vQ PRG FRUHVSXQ] WRU
GLYHUVHOH WLSXUL VWLOLVWLFH L FRPSR]L LRQDOH GH WH[WH 7RW vQ DMXWRUXO VWXGHQ LORU
YLQ WHVWHOH GLQ ILQDOXO F U LL GH ID  vQWUR YDULHWDWH D FHULQ HORU D JUDGXOXL GH
GLILFXOWDWHLDVFRSXOXLXUP ULWSHQWUXDOHIRUPDGHSULQGHULFRUHFWHGHOXFUX
3H GH DOW  SDUWH OXFUDUHD GRDPQHL SURI GU 0LRUL D *RW vL VSULMLQ  SH
VWXGHQ LODVHPLQDUHOHGHLVWRULDOLWHUDWXULLURPkQHvQLQWHUSUHWDUHDULJXURDV D
WH[WHORUOLULFHHSLFHVDXGUDPDWLFH8QXOGLQWUHRELHFWLYHOHPDMRUHXUP ULWHGH
SURIHVRUXOGHOLWHUDWXUDURPkQ vOUHSUH]LQW IRUPDUHDODHOHYLLODVWXGHQ LD
GHSULQGHULLGHDUHFHSWDGHDDQDOL]DLGHDHODERUDDSRL GHDFRPSXQH XQ
WH[WFXvQ HOHV'LQS FDWHDVW ]LH[LVW SURIHVRULGHOLFHXLGHIDFXOWDWHFDUH
SXULVLPSOXQXWLXV vLvQGUXPHFRUHFWSHHOHYLLSHVWXGHQ LvQDQDOL]DXQXL
WH[W OLWHUDU UHXLQG vQ VFKLPE SHUIRUPDQ D V  vL SOLFWLVHDVF  GH PRDUWH




GLVFLSROLL L vQ IRQG V  vL vQGHS UWH]H GH OLWHUDWXU  L GH OHFWXU  vQ JHQHUDO
&DUWHDGRDPQHLSURIGU0LRUL D*RWUH]ROY vQPRGIHULFLWDFHDVW SUREOHP 
RIHULQGXQVROLGVXSRUWWHRUHWLFSUHFXPLDQDOL]HPRGHOGRX WH[WHGH0DULQ
6RUHVFXXQXOOLULF 3RUWUHWXODUWLVWXOXL LDOWXOGUDPDWLF ,RQD XQIUDJPHQWGLQ
URPDQXO ,RQ GH /LYLX 5HEUHDQX L R SDUDOHO  vQWUH SHUVRQDMHOH OLWHUDUH DOH
QXYHOHL0RDUDFXQRURFGH,RDQ6ODYLFL SHQWUXJHQXOHSLF 
1RQPXOWDVHGPXOWXPLDW SULQFLSLXOFHVW ODED]DOXFU ULLGHID SH
FDUHRUHFRPDQGFXWRDW F OGXUD6XQWFRQYLQVF HDQXGRDUYDLQIRUPDFL
YDLHGXFDvQVHQVXOPRGHO ULLJXVWXOXLHVWHWLFDOWLQHULORUFXSULQLvQSURFHVXO
GHvQY PkQW

&RQIXQLYGU9DOHULX0$5,1(6&8












,67,/,67,&$,/,7(5$785$

67,/,67,&$/,1*9,67,& ,67,/,67,&$/,7(5$5 


3XV vQ FLUFXOD LH vQ D GRXD MXP WDWH D VHFROXOXL DO ;,;OHD FRQFHSWXO GH
VWLOLVWLF GHVHPQHD] XQGRPHQLXWHRUHWLFFDUHVWXGLD] DVSHFWHOHJHQHUDOHLFHOH
SDUWLFXODUHDOHVWLOXOXL1RYDOLVGHSLOG GHILQHDVWLOLVWLFDGUHSWWHRULHDVWLOXOXLFDUH
SUHLDSUHURJDWLYHOHUHWRULFLLDQVDPEOXGHFRQFHSWHYL]kQGVWXGLXOYDORULORUH[SUHVLYH
DOH OLPEDMXOXL FH vL SLHUGXVH DXWRULWDWHD QRUPDWLY  L IXQF LD GH FULWHULX HVWHWLF
VXIRFDW  vQ H[FHVXO GH FODVLILF UL L vQ ULJLGLWDWHD SURSULHL FRQFHS LL 'LF LRQDU GH
WLLQ H DOH OLPELL  Q WHRULD PRGHUQ  D OLWHUDWXULL VWLOLVWLFD HVWH GHILQLW  FD R WLLQ 
FDUH UHXQHWH GRX  GRPHQLL IXQGDPHQWDOH VWLOLVWLFD OLQJYLVWLF  DO F UHL FUHDWRU
HVWH &KDUOHV %DOO\ LQWHUHVDW GH VSHFLILFLWDWHD GLVFXUVXOXL UDSRUWDW OD IRUPD
SDUDGLJPDWLF  D OLPEDMXOXL OpWXGH GH OD ODQJDJH GH WRXW OH PRQGH  7UDLWp GH
VW\OLVWLTXH IUDQoDLVH  L VWLOLVWLFD OLWHUDU  vQWHPHLDW  GH /HR 6SLW]HU FDUH DUH vQ
YHGHUHVWLOXOLQGLYLGXDOFDUDFWHULVWLFLOHOLPEDMXOXLILHF UXLVFULLWRU
6WLOLVWLFD OLQJYLVWLF  VWLOLVWLFD JHQHUDO  VDX FROHFWLY  DUH XQ FDUDFWHU GHVFULSWLY
LGHQWLILFkQG L]ROkQG L DQDOL]kQG IDSWHOH GH H[SUHVLH DOH OLPEDMXOXL RUJDQL]DW GLQ
SXQFWXOGHYHGHUHDOFRQ LQXWXOXLORUDIHFWLY &K%DOO\ QIRUPXODUHDDFHVWHLRS LXQL
GH OLPLWDUH D GRPHQLXOXL H[SORUDW &KDUOHV %DOO\ SRUQHWH GH OD SUHPLVD F  XQ
FRQ LQXW DIHFWLY VH FRPXQLF  SULQ PRGDOLW L OLQJYLVWLFH L YLUWXDOLW L H[SUHVLYH SURSULL
XQHL OLPEL UHSUH]HQWkQG DEDWHUL vQ UDSRUW FX OLPEDMXO VWDQGDUG FDUDFWHUL]DW SULQ
JUDGXO ]HUR DO H[SUHVLYLW LL Q 1RXO GLF LRQDU HQFLFORSHGLF DO WLLQ HORU OLPEDMXOXL
-HDQ0DULH 6FKDHIIHU GHILQHWH VWLOLVWLFD OLPELL FD GLVFLSOLQ  FDUH DUH GUHSW RELHFW
DQDOL]DPXO LPLLGHP UFLYDULDELOH RSXVHP UFLORUREOLJDWRULLDOHFRGXOXL SURSULLXQHL
DQXPLWHOLPEL
6WLOLVWLFD OLWHUDU  QXPLW  L VWLOLVWLFD JHQHWLF VDXVWLOLVWLFD LQGLYLGXDO DSHOHD] 
ODPHWRGDLQGXFWLYGHGXFWLY  FHUFXOILORORJLF/HR6SLW]HU SHQWUXDERUGDUHDRSHUHL
OLWHUDUH vQ FDUH VH UHYHOHD]  XQLFLWDWHD VWLOLVWLF  D VFULLWRUXOXL &DUDFWHUXO DSOLFDW DO
VWLOLVWLFLL LQGLYLGXDOH UH]LG  vQ FRUHODUHD DEDWHULL H[SUHVLYH L D VW ULL SVLKLFH
SDUWLFXODUHFDUHDSURGXVRGHFLDWU LULORUVLQJXODUHDOHHXOXLDXFWRULDO>@ILHF UHL
HPR LLDILUP /6SLW]HUPDLH[DFWILHF UHLDEDWHULGHODVWDUHDQRDVWU QRUPDO vL
FRUHVSXQGH vQ FkPS H[SUHVLY R DEDWHUH GH OD vQWUHEXLQ DUHD OLQJYLVWLF  QRUPDO  L
LQYHUVRDEDWHUHGHODOLPEDMXOX]XDOHXQLQGLFLXDOXQHLVW ULSVLKLFHQHRELQXLWH2
H[SUHVLH OLQJYLVWLF  SDUWLFXODU  HVWH SH VFXUW UHIOH[XO L RJOLQGD XQHL FRQGL LL
SDUWLFXODUH D VSLULWXOXL 1XDQ kQG DFHVWH RSLQLL (WXGHV GH VW\OH   6SLW]HU YD
SXQHDFFHQWXODVXSUDDQVDPEOXOXLGHSURFHGHHVWLOLVWLFHUHOLHIDWHvQFRQWH[WXORSHUHL


 $QJHOD %LGX9UkQFHDQX &ULVWLQD & O UDX /LOLDQD ,RQHVFX5X[ QGRLX 0LKDHOD 0DQFD
*DEULHOD3DQ 'LQGHOHJDQ'LF LRQDUGHWLLQ HDOHOLPELL(GLWXUD1HPLUD%XFXUHWLS

&KDUOHV%DOO\7UDLWpGHVW\OLVWLTXHIUDQoDLVH(G:LQWHU+HLGHOEHUJS

/HR6SLW]HU(WXGHVGHVW\OH3DULV*DOOLPDUG

 2VZDOG 'XFURW -HDQ0DULH 6FKDHIIHU 1RXO GLF LRQDU HQFLFORSHGLF DO WLLQ HORU OLPEDMXOXL
(GLWXUD%DEHO%XFXUHWLS



QSUDFWLFDDQDOL]HLVWLOLVWLFHFHOHGRX GRPHQLLGHYLQFRPSOHPHQWDUHILLQGF 
RULFH WH[W OLWHUDU VDX QRQOLWHUDU HVWH R VWUXFWXU  OLQJYLVWLF  ILQLW  FDUH vL GHILQHWH
LGHQWLWDWHD SULQ PRGXO VSHFLILF GH FRQYHUJHQ  D FHORU SDWUX GLPHQVLXQL FRQVWLWXWLYH
>@ GLPHQVLXQHD IRQHPDWLF  GLPHQVLXQHD VHPDQWLF  GLPHQVLXQHD VLQWDFWLF 
GLPHQVLXQHD VWLOLVWLF  'XPLWUX ,ULPLD ,QWURGXFHUH vQ VWLOLVWLF   $QDOL]D FHORU SDWUX
GLPHQVLXQL UHOLHIHD]  GLQ SHUVSHFWLYH PXOWLSOH  OLQJYLVWLF  VWLOLVWLF  HVWHWLF 
VWUXFWXUDO  KHUPHQHXWLF  HWF   UDSRUWXO GLQWUH DFWDQ LL FRPXQLF ULL DUWLVWLFH VDX
SUDJPDWLFH GLQWUH HPL WRU L OXPHD UHDO  GLQWUH VFULLWRU L XQLYHUVXO ILF LRQDO GLQWUH
VHPQXOOLQJYLVWLFLUHIHUHQWGLQWUHWH[WLPHVDMGLQWUHGLVFXUVLOLPE 




/,7(5$785$&89177(;7,&217(;7

'HILQLW FDVXP GHFUHD LLOLQJYLVWLFHVWUXFWXUDWHSHSULQFLSLLHVWHWLFHOLWHUDWXUD
HVWH XQ GRPHQLX DO H[SUHVLHL SHUVRQDOH DO GLPHQVLXQLL UHIOH[LYH D OLPEDMXOXL DO
ILF LXQLL HVWH R DUW  D FXYkQWXOXL FDUH vQVHDPQ  VHOHF LH D PDWHULDOXOXL XWLOL]DUHD
FHORUPDLvQGUHSW LWHSURFHGHHFRPSR]L LHVWLO *KHRUJKH&U FLXQ 
&XYkQWXO HVWH XQ VHPQ OLQJYLVWLF SULQ FDUH VH FUHHD]  R UHOD LH GH
LQWHUGHSHQGHQ FRQYHQ LRQDO vQWUHXQVHPQLILFDQWLXQVHPQLILFDW UHIHUHQW HVWHR
XQLWDWHVHPQLILFDWLY PLQLPDO GHWLSWHUQDUUHDOL]DW VLPXOWDQFD
x XQLWDWHIRQHWLF  XQFRPSOH[VRQRUVWDELO 
x XQLWDWHJUDPDWLFDO  SDUDGLJPDIRUPHORUIOH[LRQDUHDPRGHOHORUFRPELQDWRULL
vQHQXQ 
x XQLWDWH VHPDQWLF  VHQV GHQRWDWLY VHQVXUL FRQRWDWLYH UHOD LL VHPDQWLFH FX
DOWHFXYLQWH 
$FWXDOL]DUHD FXYLQWHORU vQ GLVFXUVXO DUWLVWLF GHWHUPLQ  vQYHVWLUHD ORU FX DWULEXWXO
OLWHUDULW LL SH FDUH *pUDUG *HQHWWH R GHILQHWH FD RUGLQH vQWHPHLDW  SH
DPELJXLWDWHDVHPQHORUSHVSD LXOvQJXVWGDUYHUWLJLQRVFDUHVHGHVFKLGHvQWUHGRX 
FXYLQWHFXDFHODLVHQVvQWUHGRX VHQVXULDOHDFHOXLDLFXYkQWvQWUHGRX OLPEDMXUL
DOHDFHOXLDLOLPEDM6HQDWHDVWIHOOLPEDMXODUWLVWLFPLMORFXOSULQFDUHRDPHQLORUOL
VHYRUEHWHGHVSUHOXFUXULSHFDUHHLOHFXQRVFGDUQXDXFXYLQWHV OHQXPHDVF 
5REHUW)URVW 
5DSRUWXO GLQWUH FXYkQWXO DUWLVWLF VHPQLILFDQW  L UHIHUHQWXO UHDO GHVHPQDW vQ
OLPEDMXO FRPXQ OLPEDMXO LQVWUXPHQWDO  *KHRUJKH &U FLXQ  VH PRGLILF  3ULQ
DF LXQHD FUHDWLYLW LL HVWHWLFH FXYkQWXO QX PDL GHVFULH OXPHD H[WUDYHUEDO  FL
vQWHPHLD]  R OXPH VHPDQWLF  'XPLWUX ,ULPLD  GH]YROWkQG VHQVXUL QHE QXLWH FDUH
QX VXQW FLUFXPVFULVH QXFOHXOXL GHQRWDWLY 2ULFH FXYkQW SRDWH IL IRU DW V  vQVHPQH
FHYDFHQXFRQ LQHvQVHPQLILFD LDVDSRWHQ LDO DOWIHOVSXVVHSRDWHPRGLILFDVHQVXO
GHED] DOFXYkQWXOXL %RULV7RPDHYVNL 
$FHDVW  OXPH VHPDQWLF  DPSOLILF  IXQF LD GH UHSUH]HQWDUH RELHFWXDO  VDX
QR LRQDO DFXYLQWHORUvQVSD LXOPDLDPSOXDOHQXQ XULORUDOWH[WXOXLDUWLVWLF
7H[WXO HWLPRQXO ODWLQHVF WH[WXV vQVHDPQ  HV WXU  HVWH GHILQLW FD R XQLWDWH
IXQF LRQDO  GH RUGLQ FRPXQLFD LRQDO DYkQG FDUDFWHU DXWRQRP vQFKLV +HLQULFK )
3OHWW WLLQ D WH[WXOXL L DQDOL]D GH WH[W  XQ PDFURVHPQ (XJHQ &RHULX 
FDUDFWHUL]DWSULQ
x FRH]LXQHVLQWDFWLF  PHFDQLVPHOLQJYLVWLFHFDUHDVLJXU XQLWDWHDVHFYHQ HORU
WH[WXDOH 


'XPLWUX,ULPLD,QWURGXFHUHvQVWLOLVWLF (GLWXUD3ROLURP,DLS


FRHUHQ  VHPDQWLF  HQXQ XULOH DX DFHODL UHIHUHQW  VXQW FRUHIHUHQ LDOH
VHQVXO JOREDO DO WH[WXOXL DGXFH vQWRWGHDXQD XQ VXSOLPHQW GH VHPQLILFD LH 
'LF LRQDUGHWLLQ HDOHOLPELL 
7H[WXOvLGHILQHWHLGHQWLWDWHDSULQPRGXOVSHFLILFGHFRQYHUJHQ DFHORUSDWUX
GLPHQVLXQLFRQVWLWXWLYH
x GLPHQVLXQHD IRQHPDWLF  WH[WXO OLQJYLVWLF DFWXDOL]HD]  OLPED VDX SULQ VHPQH
YRFDODUWLFXODWHFDWH[WRUDOVDXSULQVHPQHJUDILFHFDWH[WVFULV 
x GLPHQVLXQHD VHPDQWLF  RULFH WH[W OLQJYLVWLF DUH ILQDOLWDWH FRJQLWLY  L
FRPXQLFDWLY DUHXQVHQVSULQDFWXDOL]DUHDXQXLUHIHUHQW 
x GLPHQVLXQHD VLQWDFWLF  RULFH WH[W OLQJYLVWLF HVWH XQ DQVDPEOX RUJDQL]DW GH
VHPQHXQLW LOH[LFDOHXQLW LVLQWDFWLFHvQED]DXQRUUHOD LLVLQWDFWLFH 
x GLPHQVLXQHD VWLOLVWLF  RULFH WH[W OLQJYLVWLF DUH R LGHQWLWDWH VSHFLILF  SXUWkQG
DPSUHQWDHPL WRUXOXLLDFRRUGRQDWHORUSULQFLSDOHDOHVLWXD LHLGHFRPXQLFDUH
WLPSVSD LXFXOWXU >FI'XPLWUX,ULPLD,QWURGXFHUHvQVWLOLVWLF @
7H[WXO OLWHUDU VH GLIHUHQ LD]  GH WH[WHOH QRQDUWLVWLFH SULQ UHIHUHQWXO ILF LRQDO
DXWRQRP vQ UDSRUW FX UHDOLWDWHD RELHFWLY  SULQ GHJUHYDUHD OLPEDMXOXL GH VFRSXULOH
SUDJPDWLFH VXEVWLWXLWH GH ILQDOLW L HVWHWLFH SULQ FRQVWLWXLUHD QLYHOXULORU PXOWLSOH GH
VHPQLILFDUH 6HPDQWLFD vQ PDL PXOWH WUHSWH , /RWPDQ  D WH[WXOXL DUWLVWLF VH
UHYHOHD]  vQV  QXPDL SULQ LQWHUIHUHQ D FRQWH[WXOXL VWLOLVWLF XQ PRGHO >SDWWHUQ@
OLQJYLVWLF vQWUHUXSW GH XQ HOHPHQW FDUH HVWH LPSUHYL]LELO FRQWUDVWXO UH]XOWDW ILLQG XQ
VWLPXO VWLOLVWLF  05LIIDWHUUH  L D FRQWH[WXOXL FRPXQLFD LRQDO FDUH SUHVXSXQH
FRRSHUDUH vQWUH DFWDQ LL FRPXQLF ULL DUWLVWLFH FRQGXFkQG VSLULWXO GH OD DVSHFWXO
FRJQLWLYUD LRQDOODFHODOUHSUH]HQW ULLDOVHQVLELOL] ULL>@FXOWLYkQGDPELJXLWDWHDL
DQWUHQDUHD UHFHSWRUXOXL vQWUR SDUWLFLSDUH OD SUREOHPDWL]DUHD VLWXD LLORU SUH]HQWDWH
%RJGDQ3kUYX'LF LRQDUGHJHQHWLF OLWHUDU 
x






23(5$/,7(5$5 ,&2081,&$5($$57,67,& 

&DWHJRULH VSHFLILF  OLWHUDWXULL SRSXODUH VDX FXOWH  R S H U D  O L W H U D U  HVWH R


FUHD LHDUWLVWLF RUJDQL]DW FDVWUXFWXU WH[WXDO FRPSOH[ vQFDUHVLVWHPXOGHVHPQH
RUJDQL]DWvQVWUDWXULPXOWLSOHGHVHPQLILFDUHLQVWLWXLHXQXQLYHUVILF LRQDO6LQWDJPD
RSHUDOLWHUDU GHQXPHWHLWRWDOLWDWHDFUHD LLORUDUWLVWLFHDOHXQXLVFULLWRU
2 S H U D  O L W H U D U  HVWHGHWHUPLQDW GHGRX VHULLGHIDFWRUL
D )DFWRULL LQWULQVHFL DX vQ YHGHUH WH[WXO vQYHVWLW FX IXQF LH SRHWLF 
5 -DNREVRQ   IXQF LH VWLOLVWLF  0 5LIIDWHUUH  PRGDOLW LOH GH RUJDQL]DUH D GLVFXU
VXOXLILF LRQDOLVWUXFWXULOHVSHFLILFHGHSURGXFHUHDVHQVXOXLDLGHLL
E )DFWRUL H[WULQVHFL YL]HD]  UHIHUHQWXO FRQWH[WXO FDUH OD JHQHUDW  FXOWXUDO
LVWRULF VRFLDO HWF  PRGHOXO HVWHWLF FRGXO GH OHFWXU  L GH LQWHUSUHWDUH SUHFXP L
WU LUHDHVWHWLF DUHFHSWRUXOXL
$OW  FDUDFWHULVWLF  D FUHD LHL DUWLVWLFH HVWH FRQYHUJHQ D D GRX  SODQXUL VROLGDUH
SODQXOIRUPHL SODQXOH[SUHVLHLDOGLVFXUVXOXLDUWLVWLFOXPHDYHUEDO 5-DNREVRQ L
FHODOFRQ LQXWXOXL SODQXOVHPQLILFD LLORUOXPHDVHPDQWLF 5-DNREVRQ QDFHODL
WLPS RSHUD OLWHUDU  VH VWUXFWXUHD]  SH PDL PXOWH SDOLHUH IRQHWLF  JUDILF OH[LFR
VHPDQWLF PRUIRVLQWDFWLF VWLOLVWLF LPDJLVWLF WHPDWLF  2SHUD VH FRQFUHWL]HD]  vQWUR
GHVI XUDUHYHUEDO GDUHDWU LHWHGRDUSULQUHDOL] ULPHQWDOHLHPRWLYH>@)LHFDUH
RSHU HVWHRRSHU GHVFKLV SHUPL kQGPDLPXOWHLQWHUSUHW ULYDULDELOHLDFHVWHDvQ
IXQF LHGHGLVWDQ DvQWLPSVDXGHSHUVSHFWLYDOHFWXULL *KHRUJKH&U FLXQ 
& R P X Q L F D U H D  D U W L V W L F  HVWH R IRUP  VSHFLILF  GH WUDQVPLWHUH D
PHVDMXOXLDUWLVWLFGHODFUHDWRUODUHFHSWRUSULQLQWHUPHGLXORSHUHLGHDUW  QOHFWXUD




FHOXL PDL VLPSOX HSLVRG GLQWUXQ URPDQ VXQW PHUHX LPSOLFDWH WUHL SHUVRDQH DXWRUXO
OHFWRUXO HURXO  0LFKHO %XWRU  , Q V W D Q H O H  F R P X Q L F U L L  D U W L V W L F H  VXQW
RUJDQL]DWHvQGRX VHULLXQDH[WUDWH[WXDO LXQDLQWUDWH[WXDO 


7LSXO
FRPXQLF ULL
,QVWDQ HOH
FRPXQLF ULL
QDUDWLYH

,QVWDQ HOH
FRPXQLF ULL
OLULFH

,QVWDQ HH[WUDWH[WXDOHFRQFUHWHDEVWUDFWH
HPLWHQW
UHFHSWRU
$8725&21&5(7
$8725$%675$&7 &,7,725&21&5(7
&,7,725$%675$&7


FUHDWRUXOLPDJL

 FUHDWRUXOUHDO QDUXOXLDUWLVWLFFX SHUVRDQD
LQVWDQ QDUDWLY SH
DORSHUHLHXO
RYL]LXQHRULJLQDO  UHDO FXRLGHQ FDUHDXWRUXODEVWUDFWR
GHVSUHOXPHLRP WLWDWHVRFLRFXO DUHvQYHGHUHFkQGvL
HPSLULF
 SHUVRQDOLWDWH  vLFRQVWUXLHWH WXUDO SUHFLV  FUHHD] RSHUD
XQLYHUVXOILF LRQDO OHFWRUXOUHDO GHVWLQDWDUXOVSUHFDUH
FXRELRJUDILH
SHED]DXQRULGHL DORSHUHLUHFHS vLRULHQWHD] VFULLWRUXO
FXQRVFXW FX
LUHSUH]HQW UL
DQXPLWHWU V 
WRUDOXQLYHUVX LGHLOHPHVDMXO
WXULSVLKRIL]LFH ILORVRILFHDXQRU
OHFWRUXOYLUWXDOSULYLW
OXLDUWLVWLF
SULQFLSLLHVWHWLFH
0&RUWLGHVWL FDIXQF LHQXFDSHU
:%RRWKDXWRU QDWDUH[WHUQ  VRDQ 
LPSOLFLW 
SULQFLSLXOGXEOHLHQXQ

,QVWDQ HOH
FRPXQLF ULL
GUDPDWLFH

,QVWDQ HOH
FRPXQLF ULL
QDUDWLYH

,QVWDQ HOH
FRPXQLF ULL
OLULFH
,QVWDQ HOH
FRPXQLF ULL
GUDPDWLFH


Q RSHUD GUDPDWLF  IRUP  VLQFUHWLF 


GHDUW VHULDHPLWHQ LORUVHPXOWLSOLF 
DXWRUXOXLGUDPDWLF FRQFUHWLDEVWUDFW 
LVHDGDXJ DFWRUXOSHUVRDQDUHDO 
FDUH URVWHWH UHSOLFLOH SH VFHQ  
UHXQLQGSULQLQWHUSUHWDUHDVDYL]LXQHD
GUDPDWXUJXOXLLSHFHDDUHJL]RUXOXL
ODFDUHVHDGDXJ PRGXOSURSULXGHD
vQWUXFKLSDSHUVRQDMXOGHDMXFDUROXO

UL $QQH8EHUVIHOG 

3ULQFLSLXO GXEOHL HQXQ UL VSHFLILF


RSHUHL WHDWUDOH GHWHUPLQ  L R GXEO 
UHFHSWDUH
UHFHSWRUXOSULPHVWHDFWRUXOGLQVFHQ 
VSUHFDUHHVWHRULHQWDWGLVFXUVXO
 UHFHSWRUXO ILQDO HVWH VSHFWDWRUXO GLQ
VDO  (O HVWH &HO ODOW DO DFWRUXOXL SHU
SHWXXOV XDORFXWRUGHVWLQDWDUXOMRFXOXL
V X $QQH8EHUVIHOG 

,QVWDQ HLQWUDWH[WXDOH ILF LRQDOH 


3(5621$-(
1$5$7$5
1$5$725
 LQVWDQ D QDUDWLY  SULQ LQVWDQ HQDUDWLYHGHILQL  LQVWDQ  QDUDWLY  DOHD
FLSDO QDUDWRUXOHVWH
WRULLSHQWUXRSHUDHSLF  WRULH SURLHF LD FLWLWRUXOXL vQ
SURLHF LDDXWRUXOXLvQWH[W  DFWDQ L DL vQWkPSO  WH[W WXYRL 
 HPL WRUXO VHULHL GH ULORU QDUDWH SUH]HQ H  UHFHSWRUXO F UXLD L VH
HYHQLPHQWH YRFHD GLHJHWLFHILF LRQDOHGHIL DGUHVHD] QDUDWRUXO
FDUH QDUHD]  VXELHFW QLWHFDVXELHFWDOHQXQ   WXXO UHFHSWRU HVWH R
XULORU -XOLD.ULVWHYD 
DOHQXQ ULL -.ULVWHYD 
FRQYHQ LHOLWHUDU 
vQQDUD LXQHDKRPRGLHJHWLF DXWR  QDUDWRUXO L QDUDWDUXO SRW IL UHXQL L
GLHJHWLF QDUDWRUXOHVWHLSHUVRQDM SULQDFHODLLQGLFHWH[WXDOQRL SURQX
HXOQDUDWRUHVWHRFRQYHQ LHOLWHUDU  PHOHSRDWHDYHDLYDORDUHJHQHULF 
(8//,5,&
'(67,1$7$58//,5,&
LQVWDQ FRQYHQ LRQDO DEVWUDFW SULQ LQVWDQ DEVWUDFW VDXFRQFUHW WH[
FDUH SRHWXO VH SURLHFWHD]  vQ WH[W FD WXDOL]DW  SULQ IRUPXOH GH DGUHVDUH L
YRFHDGLVFXUVXOXLOLULF DOWHUHJR 
SULQLQGLFLDLSHUVRDQHLD,,D
HXOURVWLWRUvQLSRVWD]HGLYHUVH
WXXOUHIHUHQ LDOLQYRFDWGHHXOOLULF
3(5621$-(/('5$0$7,&(
LQVWDQ HOHFRPXQLF ULLWHDWUDOHvQWUXFKLSDWHVFHQLFGHDFWRULFXIXQF LLPXOWLSOH
x HPL WRULLLUHFHSWRULLLPSOLFD LvQGLDORJXOGUDPDWLF
x DFWDQ LDLHYHQLPHQWHORUSUH]HQWDWHVFHQLFVDXUHODWDWHvQGLVFXUVXOGUDPDWLF

)XQF LLOH FRPXQLF ULL DUWLVWLFH VXQW LQIOXHQ DWH GH ILQDOLWDWHD HVWHWLF  D
OLWHUDWXULLLGHSURFHVHOHUHFHSW ULLLFXQRDWHULLDUWLVWLFH
D )81& ,$ 32(7,&   67,/,67,&   (67(7,&  SUHVXSXQH FHQWUDUHD DVXSUD
PHVDMXOXLWH[WXOXLDFWXDOL]kQGvQPRGSULYLOHJLDWGLPHQVLXQHDHVWHWLF DOLPELLQ
FRPXQLFDUHD DUWLVWLF  DF LRQHD]  QX QXPDL OD QLYHOXO H[SUHVLHL FD vQ FD]XO
FRPXQLF ULLQRQDUWLVWLFH FLLODQLYHOVHPDQWLFLQVWLWXLQGOLPEDMXOSRHWLFFDVLVWHP
DXWRQRPGHVHPQH
E )81& ,$ (027,9   (;35(6,9   5()/(;,9  HVWH IRFDOL]DW  DVXSUD
HPL WRUXOXLFDUHDSDUHvQRSHUDOLWHUDU vQGRX LSRVWD]HVROLGDUH

HXODXFWRULDOGLVFXUVXODUWLVWLFUHIOHFW RLPDJLQHDLQGLYLGXDOLW LLFUHDWRUXOXL
',ULPLD 

HXOWH[WXDOGLVFXUVXOSRDUW LP UFLOHHXOXLQDUDWRUHXOXLOLULFHXOXLURVWLWRU
vQWHDWUX 
F )81& ,$ 5()(5(1 ,$/   '(127$7,9   &2*1,7,9  DF LRQHD]  SULQ
VXVSHQGDUHD UDSRUWXOXL VHPDQWLF UHIHUHQW H[WUDYHUEDO SUHH[LVWHQW   PHVDM
',ULPLD LSULQLQVWLWXLUHDXQXLUHIHUHQWILF LRQDO2ELHFWXOFXQRDWHULLDUWLVWLFHHVWH
]RQD FH vQJOREHD]  DFHO UHDO FDUH VFDS  LQYHVWLJ ULL UD LRQDOH HVWH HVHQ LDOXO GLQ
RPLQDSWSHQWUXORJLF  (6DEDWR QUDSRUWFXUHIHUHQWXOFRQWH[WXOGLVFXUVXODUH
XQGXEOXUROGHUHSUH]HQWDUHLGHQRWDUH (&RHULX 
G )81& ,$ 0(7$/,1*9,67,&  HVWH RULHQWDW  VSUH FRGXUL OLQJYLVWLFH FXOWXUDOH
HVWHWLFH  VHWXUL GH QRUPH GH UHJXOL L FRQYHQ LL SULQ FDUH VH LQVWLWXLH FRHUHQ D
VHPDQWLF  D WH[WXOXL 0HWDOLWHUDWXUD DFWLYHD]  SUHSRQGHUHQW DFHDVW  IXQF LH
LQWHUWH[WXDOLWDWHD  DXWRUHIHUHQ LDOLWDWHD SDURGLHUHD PRWWRXO LPSXQ FRGXUL GH
OHFWXU  L GH LQWHUSUHWDUH VSHFLILFH vQ UHOD LH FX SUHWH[WXO L FX DUKLWH[WXO
-.ULVWHYD  DUWHOH SRHWLFH IDFLOLWHD]  GHFRGDUHD VHPQLILFD LLORU RIHULQG FKHL GH
OHFWXU 
H )81& ,$ &21$7,9   3(568$6,9   5(725,&  RULHQWHD]  GLVFXUVXO F WUH
OHFWRUXO FDUH GHYLQH SUH]HQ  WH[WXDOL]DW  QDUDWDU VDX DVFXOW WRU  SULQ LQGLFL DL
SHUVRDQHLD,,DSULQIRUPXOHGHDGUHVDUHSULQHQXQ XULLQWHURJDWLYHH[FODPDWLYH
3RDWHILFHQWUDW SHXQGHVWLQDWDUILF LRQDO LQYRFD LDRG HSLVWRO HWF DSHODW
GLUHFWvQWH[W
I )81& ,$ )$7,&  YL]HD]  FDQDOXO GH FRPXQLFDUH FUHD LLOH SRSXODUH RUDOH  L
FRQWUROXO FRQWDFWXOXL GLQWUH LQVWDQ H DOH FRPXQLF ULL DUWLVWLFH QDUDWRUQDUDWDU
SHUVRQDMSHUVRQDM HXO OLULFLQVWDQ D LQYRFDW   OHFWRU  6H DFWLYHD]  vQ VHFYHQ HOH
UDP DOHSRYHVWLULLvQFDGUXVDXSULQIRUPXOHPHGLDQHGLQEDVPHWF

0DFURVWUXFWXUDYHUEDO DRSHUHLDUWLVWLFHHVWHGHWHUPLQDW GHIXQF LDGHILQLWRULHD
RSHUHL OLWHUDUH IXQF LD SRHWLF  5 -DNREVRQ   IXQF LD VWLOLVWLF  0 5LIIDWHUUH 
)XQF LDSRHWLF DEVROXWL]HD] PHVDMXOvQHOvQVXLVWUXFWXUDOXLYHUEDO SULPHWHXQ
JUDGPD[LPGHDXWRQRPLH ',ULPLD 
&RPXQLFDUHD DUWLVWLF  SUHVXSXQH R DWLWXGLQH SDUWLFLSDWLY  D OHFWRUXOXL FDUH
DSOLF  R JULO  SDUWLFXODU  GH UHFHSWDUH L LQWHUSUHWDUH SUDJPDWLF  VRFLRORJLF 
SVLKRORJLF SVLKDQDOLWLF PLWLF VLPEROLF VWUXFWXUDOLVW WH[WXDOLVW FRPSDUDWLYLVW 
HWF )HQRPHQXOOLWHUDUQXHVWHQXPDLWH[WXOFLLFLWLWRUXOV XLDQVDPEOXOGHUHDF LL
SRVLELOHDOHFLWLWRUXOXLID GHWH[W 05LIIDWHUUH 





&RGXULOHGHOHFWXU LGHLQWHUSUHWDUHVXQWLQIOXHQ DWHGH



PRGHOHOH FXOWXUDOH DOH HSRFLL )LHFDUH HSRF  YHGH vQ RSHU  DFHOH DVSHFWH
FDUHVHSRWULYHVFFRVPRYL]LXQLLVDOHDILUPD&DUORV%DXVRQR 

FRPSHWHQ DOLQJYLVWLF LFRPSHWHQ DFXOWXUDO DUHFHSWRUXOXL

WU LULOHHVWHWLFHLRUL]RQWXOGHDWHSWDUHDOOHFWRUXOXL
5HFHSWDUHD RSHUHL OLWHUDUH VH vQWHPHLD]  SH GRX  FRQYHQ LL DFFHSWDWH GH
SDUWLFLSDQ LLODMRFXOOLWHUDWXULL 3DXO&RUQHD OLWHUDULWDWHDLILF LRQDOLWDWHD
/,7(5$5,7$7($SRDWHILGHILQLW FDRFDOLWDWHFRQIHULW WH[WXOXLDUWLVWLFGHIXQF LD
SRHWLF   VWLOLVWLF  D OLPEDMXOXL OLWHUDULWDWHD UHXQHWH QLYHOXO H[SUHVLHL L QLYHOXO
VHPQLILFD LLORUJHQHUkQGXQVLVWHPGHVHPQHFRPSOH[
),& ,21$/,7$7($ HVWH DFHD WU V WXU  HVHQ LDO  D WH[WXOXL DUWLVWLF FDUH QX
GHVHPQHD]  UHIHUHQ L UHDOL FL  vL FUHHD]  SURSULXO UHIHUHQW LPDJLQDW vQ UDSRUW
PLPHWLFVDXQRQPLPHWLFFXXQLYHUVXOXPDQFXOXPHDIL]LF 

&HOH GRX  FDUDFWHULVWLFL DOH RSHUHL DUWLVWLFH  OLWHUDULWDWHD L ILF LRQDOLWDWHD 
JHQHUHD]  OXPL VHPDQWLFH DXWRQRPH L XQ UHIHUHQW ILF LRQDO 8QLW LOH VHPDQWLFH
SURSR]L LLOH L VLVWHPHOH GH SURSR]L LL VH UHIHU  OD RELHFWH FRQVWUXLHVF UHDOLW L
LPDJLQDWLYHFDGHH[HPSOXSHLVDMHLQWHULRDUHSHUVRQDMHDF LXQLVDXLGHL>@FDUH
H[LVW QXPDLvQFDGUXOXQRUVWUXFWXULOLQJYLVWLFH :HOOHNL:DUUHQ7HRULDOLWHUDWXULL 
$FHVWH VWUXFWXUL OLQJYLVWLFH RJOLQGHVF LQGLYLGXDOLWDWHD L FUHDWLYLWDWHD VFULLWRUXOXL
SULQFLSLLLFDQRDQHHVWHWLFHFRQYHQ LLSDUWLFXODULW LDOHVWLOXOXLEHOHWULVWLF


(9$/8$5(

D7HPHSHQWUXHYDOXDUH
6WLOLVWLFDOLWHUDU 3ULQFLSLLLVWUDWHJLLGHDERUGDUHDWH[WXOXL
&XYkQWWH[WLFRQWH[W0RGDOLW LVWLOLVWLFHGHUHDOL]DUHDFRH]LXQLL
3HUVSHFWLYHVWLOLVWLFHDVXSUDFRHUHQ HLWH[WXDOH
&RPXQLFDUHDDUWLVWLF ,PSOLFD LLVWLOLVWLFH
2SHUDOLWHUDU LSDUWLFXODULW LOHVWLOXOXLDUWLVWLF
,QVWDQ HOHFRPXQLF ULLDUWLVWLFHvQRSHUDOLULF GLQSHUVSHFWLYDVWLOLVWLFLL
OLQJYLVWLFH
,QVWDQ HOHFRPXQLF ULLDUWLVWLFHvQWH[WXOQDUDWLYGLQSHUVSHFWLYDVWLOLVWLFLL
OLQJYLVWLFH
,QVWDQ HOHFRPXQLF ULLVSHFLILFHRSHUHLWHDWUDOH5RVWLUHDVFHQLF GLQSHUV
SHFWLYDVWLOLVWLFLLOLQJYLVWLFH
&RGXULGHOHFWXU LFRGXULGHLQWHUSUHWDUH,PSOLFD LLVWLOLVWLFH
/LWHUDULWDWHLILF LRQDOLWDWH&RQVHFLQ HvQSODQVWLOLVWLF

E)RUPHGHHYDOXDUH
)LHFDUH VWXGHQW YD VFULH XQ HVHX FX R WHP  OD DOHJHUH GLQWUH FHOH HQXQ DWH
DQWHULRU(VHXULOHYRUILSUHGDWHLHYDOXDWHODVIkULWXOVHPHVWUXOXL,














,,67,/85,6835$,1',9,'8$/(
67,/85,)81&,21$/(

67,/8/&$/,7

,/(67,/8/8,

6WLOXO ODWVW\OXVFRQGHLFRPSR]L LH SRDWHILGHILQLWFDUH]XOWDWXOFRPELQ ULL


GLQWUH DOHJHUHD SH FDUH RULFH GLVFXUV WUHEXLH VR IDF  GLQWUXQ DQXPLW QXP U GH
GLVSRQLELOLW L DSDU LQkQG OLPELL L YDULD LLOH SH FDUH OH LQWURGXFH vQ UDSRUW FX DFHVWH
GLVSRQLELOLW L -HDQ0DULH 6FKDHIIHU  /LQJYLVWXO , &RWHDQX vO GHILQHWH FD
DFWXDOL]DUH FRQWLHQW  D XQRU PLMORDFH OLQJYLVWLFH vQ YHGHUHD DWLQJHULL XQRU DQXPLWH
HOXULDOHH[SULP ULL
3DUWLFXODULW LOH VWLOXOXLVHLGHQWLILF SULQUDSRUWDUHODRFDWHJRULHLGHDO OLPED
MXOVWDQGDUGFDUHSUHVXSXQHHOLPLQDUHDDWRWFHvQYRUELUHHVWHWRWDOLQHGLWYDULDQW 
LQGLYLGXDO RFD]LRQDO VDXPRPHQWDQ S VWUkQGDVSHFWHOHFRPXQHvQIHQRPHQHOH
OLQJYLVWLFHFRQVLGHUDWHGUHSWPRGHO (XJHQ&RHULX6LVWHPQRUP LYRUELUH 

&DOLW LOH JHQHUDOH DOH VWLOXOXL VXQW FODULWDWHD FRUHFWLWXGLQHD SUHFL]LD
SURSULHWDWHDLSXULWDWHD
D &/$5,7$7($  FRQVW vQIRUPXODUHDOLPSHGHDHQXQ XULORUvQWURVXFFHVLXQH
ORJLF  D LGHLORU FDUH WUHEXLH V  ILH H[SOLFLWH HYLWkQG WHUPHQL DPELJXL VDX FRQVWUXF LL
VLQWDFWLFH HFKLYRFH GH]DPELJXL]DUHD SULQ FRQWH[W D FXYLQWHORU SROLVHPDQWLFH L D
FHORUFXVHQVXULFRQRWDWLYH 
x 6XSUDOLFLWDUHD FODULW LL H[FHVXO H[SOLFDWLY GHWHUPLQ  UHGXQGDQ D VXE
IRUPDWUXLVPXOXL HQXQ DUHDXQRUDGHY UXULDUKLFXQRVFXWH DSOHRQDVPXOXL
12'(; (URDUH GH H[SULPDUH FRQVWkQG vQ IRORVLUHD SDUDOHO  D XQRU
FXYLQWH VDX H[SUHVLL LGHQWLFH VDX DSURSLDWH FD VHQV  VDX D WDXWRORJLHL
JUHHDO FRQVWkQGvQUHSHWDUHDXQXLFXYkQWVDXDXQXLGHULYDWDOV XFX
VFKLPEDUHDIXQF LHLVLQWDFWLFH 
x $EVHQ DFODULW LLJHQHUHD] REVFXULWDWHD HQXQ XULFDUHQXSRWILvQ HOHVH
GLQFDX]DXQRUIRUPXO ULFRQIX]HDXQRUWHUPHQLQHFXQRVFX LVDXDXQRU
FRQVWUXF LL VLQWDFWLFH QHRELQXLWH  QRQVHQVXO FRQWUDGLF LH ORJLF  vQWUH
WHUPHQLL HQXQ XOXL  SDUDGR[XO DILUPD LH FRQWUDU  XQHL RSLQLL JHQHUDO
DFFHSWDWH 
x $EDWHULH[SUHVLYHFXIXQF LLVWLOLVWLFHvQSUR] LGUDPDWXUJLHUHSUH]LQW 
VXUVH DOH FRPLFXOXL GH OLPEDM vQ SRH]LH HUPHWLVPXO HVWH FRQVHFLQ D
XWLOL] ULLXQRUPHWDIRUHWRWDOHvQFKLVHDOLPEDMXOXLDXWRUHIHUHQ LDOHWF
E &25(&7,78',1($  UH]LG  vQ UHVSHFWDUHD QRUPHORU OLPELL OLWHUDUH DFWXDOH OD
WRDWH QLYHOXULOH RUWRHSLF RUWRJUDILF L GH SXQFWXD LH PRUIRVLQWDFWLF OH[LFDOVHPDQWLF
LVWLOLVWLFWH[WXDO
x +LSHUFRUHFWLWXGLQHD KLSHUXUEDQLVPXO VHPDQLIHVW SULQPRGLILF ULIRQHWLFH
JUDILFHVDXIOH[LRQDUHGHWHUPLQDWHGHIDOVHDQDORJLLFXVHULLGHFXYLQWHvPSUX
PXWDWHGLQWURDQXPLW OLPE  KLSHUIUDQ X]LVPHOHKLSHUJHUPDQLVPHOHHWF 




x

x

$EDWHUL IUHFYHQWH DQDFROXWXO GLVFRQWLQXLWDWH VLQWDFWLF  JHQHUDW  GH


VXVSHQGDUHD XQHL FRQVWUXF LL LQL LDOH FRQWLQXDWH FX R FRQVWUXF LH GLIHULW 
GH]DFRUGXOVDXDOWWLSGHJUHHDO VLQWDFWLF  VROHFLVPXO 
$EDWHUL H[SUHVLYH FX IXQF LL VWLOLVWLFH OLFHQ HOH SRHWLFH VXQW P UFL DOH
XQXLUHJLVWUXVWLOLVWLF SRSXODUUHJLRQDORUDOHWF VDXVXQWGHWHUPLQDWHGH
FRQVWUkQJHULIRUPDOHSUR]RGLFH

F 35(&,=,$  YL]HD]  FRH]LXQHD WH[WXOXL UHDOL]DW  SULQ VHOHFWDUHD PLMORDFHORU


OLQJYLVWLFHDGHFYDWHSHQWUXH[SULPDUHDFXDFXUDWH HDLGHLORUVDXDVHQWLPHQWHORU
x 6XSUDOLFLWDUHD SUHFL]LHL SRDWH FRQGXFH OD LQGHWHUPLQDUH FRQWH[WXDO  D
XQRULGHLFRQFHSWHODHQXQ XULLQFRPSOHWH
x /LSVDSUHFL]LHLDUHFDUH]XOWDWSUROL[LWDWHD HQXQ XULFRPSOLFDWHFXUHOX UL
VDX GLYDJD LL FDUH SLHUG GLQ YHGHUH LGHHD FHQWUDO  RUL GLJUHVLXQHD
GHYLHUHD GLVFXUVXOXL GH OD LGHLOH SULQFLSDOH vQORFXLWH FX LGHL GHULYDWH I U 
UHOHYDQ 
x $EDWHUL H[SUHVLYH FX IXQF LL VWLOLVWLFH OLPEDMXO SUROL[ SRDWH DYHD URO vQ
FDUDFWHUL]DUHD SHUVRQDMHORU LDU GLJUHVLXQL FDUH LDX IRUPD FRQVWUXF LLORU
LQFLGHQWHVDXDQRWD LLORUSDUDQWHWLFHSRWDYHDUROVWLOLVWLF
G 35235,(7$7($  FRQVW  vQ UHDOL]DUHD FRQFRUGDQ HL GLQWUH FRQ LQXW L
H[SUHVLHGLQWUHVFRSXOFRPXQLF ULLLLQWHQ LLOHHPL WRUXOXLSULQVHOHFWDUHDFHORUPDL
SRWULYLWHPLMORDFHOLQJYLVWLFH FXYLQWHVHQVXULIRUPHVWUXFWXUL 
x &DUDFWHUXO LPSURSULX DO WHUPHQLORU DO VLQWDJPHORU VDX DO FRQVWUXF LLORU
VLQWDFWLFH GHWHUPLQ  vQWUHEXLQ DUHD QHSRWULYLW  vQWUXQ FRQWH[W GDW D XQXL
FXYkQW GLQWUR VHULH VLQRQLPLF  D XQRU H[SUHVLL  VLQWDJPH VDX D XQRU
FRQVWUXF LL LQDGHFYDWH VSHFLILFH DOWXL VWLO IXQF LRQDO VDX DOWXL UHJLVWUX
VWLOLVWLF
x $EDWHUL H[SUHVLYH FX IXQF LL VWLOLVWLFH vQ WH[WXO OLWHUDU IRORVLUHD XQRU
FXYLQWHVLQWDJPHLPSURSULLvQWUXQDQXPLWFRQWH[WGHWHUPLQ XQWUDQVIHU
GH VHQV FDUH OH FRQIHU  YDORDUH PHWDIRULF   PHWRQLPLF  HWF DPHVWHFXO
YDULDQWHORU IXQF LRQDOH GHWHUPLQ  YDULD LD VWLOLVWLF  UHOHYDQW  SHQWUX
OLWHUDWXUDSRVWPRGHUQLVW GHH[HPSOX
H 385,7$7($DUHvQYHGHUHFRUHFWLWXGLQHDLGHRPDWLF UHDOL]DW SULQXWLOL]DUHD
PLMORDFHORU OLQJYLVWLFH DGPLVH GH OLPED OLWHUDU  FRQVDFUDWH SULQ X]  SULQ WUDGL LH
OLWHUDU 
x $EVHQ DSXULW LLJHQHUHD] HURULIRQHWLFHSURWH]D DG XJDUHDXQXLVXQHW
LQL LDO DO PkL D VFRERUv  DIHUH]D HOLGDUHD XQXL VXQHW LQL LDO VDX D XQHL
VLODEH
FRSHUL
IHWDQLH  HSHQWH]D LQVHUDUHD XQXL VXQHW vQ LQWHULRUXO
FXYkQWXOXL LQGHQWLWDWH  VLQFRSD GLVSDUL LD XQXL VXQHW PHGLDQ GHOL
FYHQW 
HWF/DQLYHOOH[LFDOOLSVDSXULW LLVHPDQLIHVW SULQXWLOL]DUHDXQRUFXYLQWH
LQVXILFLHQW FXQRVFXWH DUKDLVPH DUJRWLVPH QHRORJLVPH  FDUH  SURGXF
EORFDMHvQFRPXQLFDUH
x $EDWHUL H[SUHVLYH FX IXQF LL VWLOLVWLFH vQ FRPXQLFDUHD DUWLVWLF 
FDWHJRULLOHOH[LFDOHLVWRULFRVRFLDOHDXYDORDUHH[SUHVLY PDUFkQGGLYHUVH
UHJLVWUHVWLOLVWLFH DUKDLFDUJRWLFSRSXODUFXOWHWF 

x &DOLW LSDUWLFXODUHDOHVWLOXOXLFRQFL]LDFXUVLYLWDWHDRUDOLWDWHDDUPRQLDHWF
D &21&,=,$  YL]HD]  R PD[LP  FRQFHQWUDUH D GLVFXUVXOXL UHDOL]DW  SULQ
VHOHFWDUHDPLMORDFHORUOLQJYLVWLFHVWULFWQHFHVDUHH[SULP ULLLGHLORUVDXVHQWLPHQWHORU


(VWH GHILQLWRULH SHQWUX GLVFXUVXO RUDO VDX VFULV  FDUH LOXVWUHD]  VWLOXO WLLQ LILF VWLOXO
RILFLDODGPLQLVWUDWLYLIUHFYHQWVWLOXOSXEOLFLVWLF
x 0 UFL OLQJYLVWLFH SUH]HQ D XQRU HQXQ XUL HOLSWLFH D IRUPHORU OH[LFDOH L
JUDPDWLFDOHVLQWHWLFHvQORFXOFHORUDQDOLWLFH
E &856,9,7$7($DUHvQYHGHUHIOXHQ DFRPXQLF ULLUHDOL]DW SULQVXFFHVLXQHD
ORJLF  D LGHLORU L SULQ vQO Q XLUHD VHFYHQ HORU  D XQLW LORU IRUPDOH FDUH FRPSXQ
GLVFXUVXO $FHDVW  FDOLWDWH SDUWLFXODU  SRDWH IL LGHQWLILFDW  vQ GLYHUVH WH[WH GH WLS
DUJXPHQWDWLY GHPRQVWUDWLY VDX LQIRUPDWLY vQ GLDORJXUL RUDOH VDX VFULVH LQFOXVLY vQ
GLDORJXOGUDPDWLF vQRSHUHOLWHUDUHGHIRUPXO FODVLF WUDGL LRQDO HWFFDUDFWHUL]DWH
SULQFRH]LXQHODQLYHOVLQWDFWLFLFRHUHQ vQSODQVHPDQWLF


x 0 UFLWH[WXDOHSUH]HQ DFRQHFWRULORU DUHFXUHQ HLGHWLSDQDIRULF VDX
FDWDIRULFXWLOL]DUHDSDUDIUD]HLDSDUDOHOLVPXOXL
F 25$/,7$7($  FRQVW  vQ SUHOXDUHD XQRU IRUPH IRQHWLFH L OH[LFRJUDPDWLFDOH
vQ XWLOL]DUHD XQRU SURFHGHH GLVFXUVLYH L H[SUHVLYH VSHFLILFH OLPELL YRUELWH vQWUR
DQXPLW  ]RQ  OLQJYLVWLF   vQWUXQ DQXPLW PHGLX VRFLDO (VWH R FDOLWDWH SDUWLFXODU  D
GLVFXUVXOXL FRORFYLDO HVWH GHILQLWRULH SHQWUX UHJLVWUXO VWLOLVWLF XWLOL]DW GH VFULLWRULL FDUH
FUHHD] LOX]LDDXWHQWLFLW LLSULQVHOHFWDUHDLVWLOL]DUHDYDULDQWHORUYRUELWHDOHOLPELL
x 0 UFL OLQJYLVWLFH XWLOL]DUHD IUHFYHQW  D GLVFXUVXOXL GLUHFW  LQGLUHFW OLEHU
PDUFDWVXELHFWLYLDIHFWLYSULQLQWHUMHF LLIRUPXOHGHDGUHVDUHH[FODPD LL
LQWHURJD LL SDX]H H[SUHVLYH HWF SUH]HQ D IRUPHORU VDX D VWUXFWXULORU
IDPLOLDUH SRSXODUH VDX UHJLRQDOH IRUPH IRQHWLFH QHOLWHUDUH HOLGDUHD
DG XJDUHDVDXPRGLILFDUHDXQRUVXQHWHUHJLRQDOLVPHIRQHWLFHHWF IRUPH
OH[LFDOH VSHFLILFH WHUPHQL IDPLOLDUL H[SUHVLL L ORFX LXQL SRSXODUH
UHJLRQDOLVPH IRUPH DUJRWLFH HWF  IRUPH JUDPDWLFDOH YLLWRUXO FRORFYLDO
SUHGRPLQDQ D FRRUGRQ ULL FRSXODWLYH L QDUDWLY WRSLF  DIHFWLY  JUHHOL
GHH[SULPDUHGH]DFRUGDQDFROXWHWF 
G $5021,$YL]HD] DFRUGXOSHUIHFWDOXQLW LORUFRPSR]L LRQDOHFDUHDOF WXLHVF
WH[WXO 6H UHDOL]HD]  SULQ HFKLOLEUXO S U LORU  DO VHFYHQ HORU SULQ IOXHQ  GLVFXUVLY 
SULQFRHUHQ VWLOLVWLF 
x 0 UFL WH[WXDOH SULQFLSLXO VLPHWULHL vQ VWUXFWXUDUHD WH[WXOXL SDUDOHOLVP
VLQWDFWLF  QDUDWLY FLUFXODULWDWH ODLWPRWLY UHIUHQ HWF  SUH]HQ D XQRU
FRQVWUXF LL VLQWDFWLFH UHFXUHQWH D XQRU WRSRVXUL vQ SRH]LH DUPRQLD VH
UHDOL]HD] LSULQFDGHQ ULWPULP 

&DOLW L SDUWLFXODUH DOH VWLOXOXL EHOHWULVWLF FDUDFWHULVWLFL DOH OLPEDMXOXL
DUWLVWLFDPELJXLWDWHDH[SUHVLYLWDWHDHXIRQLDVXJHVWLDYDULD LDVWLOLVWLF HWF
D $0%,*8,7$7($ GHQRW  FDUDFWHUXO GHVFKLV DO VSD LXOXL VHPDQWLF DO
GLVFXUVXOXL YDORULILFDUHD YDOHQ HORU GH VHPQLILFDUH PXOWLSO  DOH XQXL FXYkQW VDX DOH
XQHL VLQWDJPH DOH XQXL HQXQ  VDX DOH vQWUHJXOXL WH[W HVWH R WU V WXU  GHILQLWRULH D
OLPEDMXOXL DUWLVWLF ILLQG vQV  SUH]HQW  FLUFXPVWDQ LDO L vQ FHOHODOWH OLPEDMH PDUFDWH


FRQHFWRUFXYkQWVDXVLQWDJP FXUROMRQF LRQDO FRQMXQF LLDGYHUEH FDUHDVLJXU ROHJ WXU 
IRUPDO ORJLF LVHPDQWLF vQWUHVHJPHQWHOHXQXLWH[W

DQDIyUDWH[WXDO SURFHGHXPLMORFGHDVLJXUDUHDFRHUHQ HLWH[WXOXLSULQUHOXDUHDXQXLFXYkQW
FXYLQWHWHPDWLFHODvQFHSXWXOXQRUVHJPHQWHWH[WXDOHWHUPHQDQDIRULFFXYkQWFDUHUHLDRLQIRUPD LH
VDXFDUHHVWHUHOXDWODvQFHSXWXOXQRUVHFYHQ HWH[WXDOH

 FDWDIyUD WH[WXDO   PLMORF GH DVLJXUDUH D FRHUHQ HL WH[WXOXL SULQ DQWLFLSDUHD XQXL FXYkQW  D
XQRU FXYLQWH WHUPHQLL FDWDIRULFL VXQW GH RELFHL SURQXPH VDX DGYHUEH GHLFWLFH FDUH SUHFHG
VXEVWDQWLYXOUHIHUHQW



VXELHFWLY 2 FRQVHFLQ  D DPELJXLW LL vQ WH[WHOH OLWHUDUH HVWH PXOWLSOLFDUHD QLYHOXULORU
GH VHPQLILFDUH L D FRGXULORU FXOWXUDOH VDX LQGLYLGXDOH GH LQWHUSUHWDUH 'HVFKLGHUHD
VDX DPELJXLWDWHD IXQGDPHQWDO  D RULF UXL WH[W OLWHUDU PDL DOHV FkQG HVWH UHOHYDW 
SULQWUXQ DFW GH UHOHFWXU  G  FULWLFLORU SRVLELOLWDWHD V  SURSXQ  LQWHUSUHW UL WRWDO
FRPSHWLWLYHDOHDFHOXLDLWH[W 0DWHL& OLQHVFX$FLWLDUHFLWL (PLQHVFLDQD2G  vQ
PHWUX DQWLF  GH H[HPSOX HVWH LQWHUSUHWDW  FD HOHJLH GH GUDJRVWH 'LPLWULH
3RSRYLFL  FD DUW  SRHWLF  XQ FkQWHF GH ODXG  DGXV LGHLL GH JHQLX SRHWLF 
3HUSHVVLFLXV LFDHOHJLHH[LVWHQ LDO GHF WUH,RDQD(P3HWUHVFXFDUHRQXPHWH
UXJ FLXQHGHPkQWXLUHDFHOXLFDUHQXPDLS VWUHD] QLFLRFDUDFWHULVWLF URPDQWLF 
GH HURX VDX GH SRHW D FHOXL FDUH UHSUH]LQW  SXU L VLPSOX R LPDJLQH SULQ QLPLF
H[FHS LRQDO DFRQGL LHLXPDQH
0HFDQLVPHOHGHSURGXFHUHDDPELJXLW LLPDLIUHFYHQWHvQFUHD LLOHSRHWLFHSRW
DF LRQDODPDLPXOWHQLYHOXULGHVWUXFWXUDUHDWH[WXOXL

OD QLYHOXO RS LXQLL HVWHWLFH D VFULLWRUXOXL VLPEROLVPXO HUPHWLVPXO
LQWHUWH[WXDOLWDWHD HWF FXOWLY  GHOLEHUDW DPELJXLWDWHD DPSOLILFkQG
SOXULYRFLWDWHD VSHFLILF  WXWXURU FUHD LLORU DUWLVWLFH $FHDVW  SOXULYRFLWDWH
HVWHFDUDFWHULVWLF WH[WXOXLFRQVLGHUDWFDWRWDOLWDWHHDGHVFKLGHRSOXUDOLWDWH
GHOHFWXULLFRQVWUXF LL 3DXO5LFRHXU(VHXULGHKHUPHQHXWLF 

OD QLYHOXO FRQVWLWXLULL YL]LXQLL DUWLVWLFH UHIHULQ D FXOWXUDO  VLPEROXUL
UHSUH]HQW UL FRQFHSWH HWF GLQ GRPHQLL GLYHUVH DOH FXOWXULL $UKLPHGH L
VROGDWXO  GH 5DGX 6WDQFD & WUH *DODWHHD GH 1LFKLWD 6W QHVFX HWF  VDX
LQGHWHUPLQDUHD UHIHUHQWXOXL ILF LRQDO JHQHUHD]  DPELJXLWDWHD DYkQG GUHSW
FRQVHFLQ  XQ FXPXO WHPDWLF vQ SRH]LD (YRFDUH GH 1LFKLWD 6W QHVFX 
(DHUDIUXPRDV FDXPEUDXQXLJkQGQWUHDSHQXPDLHDHUDS PkQW
SURQXPHOH HD SRDWH FRQRWD LXELWD LXELUHD DPLQWLUHD LXELULL SRH]LD
WLQHUH HDYLD DHWFFHHDFHGHWHUPLQ VXSUDSXQHUHDWHPHORUWHPDLXELULL
LWHPDFUHD LHLDH[LVWHQ HLXPDQHDYkUVWHORU 

OD QLYHOXO FRQILJXU ULL LPDJLQDUXOXL SRHWLF XWLOL]DUHD XQRU WHKQLFL VDX
SURFHGHH DUWLVWLFH SUHFXP WHKQLFD VXJHVWLHL D FRUHVSRQGHQ HORU VDX D
VLPEROXULORUSOXULVHPQLILFDWLYHIDYRUL]HD] GHVFKLGHUHDOXPLLVHPDQWLFHD
RSHUHL OLWHUDUH VSUH VHQVXUL FRQWH[WXDOH PXOWLSOH VLPEROXO SOXPEXOXL VDX
VLPEROXULOHFURPDWLFHvQSRH]LDEDFRYLDQ GHSLOG 

vQVIHUDOH[LFXOXLSRHWLFVHOHFWDUHDXQRUFXYLQWHSROLVHPDQWLFHLQVWLWXLUHD
XQRU MRFXUL GH FXYLQWH JHQHUDWH GH IHQRPHQXO RPRQLPLHL PDL DOHV 
PXOWLSOLFDUHDVHQVXULORUFRQRWDWLYHWUDQVIHUXOGHVHQVGHFRQVWUXLUHDORFX
LXQLORULQRYD LLOH[LFDOHPHWDOLPEDMHWFFRQWULEXLHODFUHDUHDDPELJXLW LL
GHH[HPSOXSRH]LD)UXQ] YHUGHGHDOEDVWUXGH1LFKLWD6W QHVFX 

SDOLHUXOVLQWD[HLSRHWLFHDUHFDUHVXUVHGHSURGXFHUHDDPELJXLW LLWRSLFD
DIHFWLY GLVORF ULOHVLQWDFWLFHLQGHWHUPLQDUHDUHOD LLORUVLQWDFWLFHHQXQ XULOH
HOLSWLFHHUPHWLVPXOVLQWDFWLF ,%DUEX7LPEUX-RFVHFXQG 

VWUDWXO PRUIRORJLF LQGXFH DPELJXLWDWHD SULQ XWLOL]DUHD H[FOXVLY  D
VWUXFWXULORU QRPLQDOH FD vQ SULPD VWURI  GLQ -RF VHFXQG GH , %DUEX  SULQ


LQWHUWH[WXDOLWDWHSURFHGHXSULQFDUHVHLQVHUHD] vQWUXQWH[WXQHQXQ RVHFYHQ GLQWUXQ
DOW WH[W vQGHREWH FXQRVFXW  I U  PDUFDUHD JUDILF  D FLWDWXOXL vQ VHQV ODUJ GHVHPQHD]  UHOD LD SH
FDUHILHFDUHWH[WRVWDELOHWHFXWH[WHSUHH[LVWHQWHSHFDUHOHUHPRGHOHD] DEVRUELQGXOHvQSURSULXO
GLVFXUV

PHWDOLPEDM6LVWHPOLQJYLVWLFFXFDUHVHGHVFULXLVHDQDOL]HD] HQWLW LOHLVWUXFWXUDXQHL
OLPEL QDWXUDOH  12'(; 


SUH]HQ DSURIRUPHORU PDLDOHVDSURQXPHOXLvQDEVHQ DXQXLVXEVWDQWLY


FDUHV LDWULEXLHXQFRQ LQXWQR LRQDOSUHFLV(OvQFHSHFXVLQHLVIkUHWH
FXVLQH1XOYHVWHWHQLFLRDXU QXOXUPHD] QLFLRFRDG GHFRPHW 
 1LFKLWD 6W QHVFX (OHJLD vQWkLD  SULQ VFKLPEDUHD FODVHL PRUIRORJLFH
6DWXUQ FHQWXUDW vQ DSDUWH  8UDQ FD XQ WLY  1HSWXQ DGLWLY  ,RQ %DUEX
3D]QLFLL HWF

ODQLYHOVWLOLVWLFSUH]HQ DXQRUDOHJRULLPHWRQLPLLVDXPHWDIRUHDEVROXWH
WRWDOH PHWDIRUH vQFKLVH FRQVWUXLWH vQ DEVHQ D XQHL FRPSDUD LL LPSOLFLWH
DOHF URUVHPQLILFD LLQXSRWILGHFkWDSUR[LPDWHvQFRQWH[WXOVWLOLVWLF SRDWH
JHQHUD DPELJXLWDWHD ,RQ %DUEX 7LPEUX 'DU SLDWUDQ UXJ FLXQH D KXPHL
GHVSXLDUHLXQGDORJRGLW VXEFHUYRUVSXQHFXP" 
E (;35(6,9,7$7($  DUH FD SUHPLV  GLPHQVLXQHD UHIOH[LY  D OLPELL GHQRWkQG
FDSDFLWDWHD OLPEDMXOXL GH D UHIOHFWD GLUHFW VDX LQGLUHFW R UHDOLWDWH LQGLYLGXDO  XQ
UHOLHI SVLKRORJLF XQ FRQ LQXW VXIOHWHVF DGLF  IRQGXO VXELHFWLY DO YRUELWRUXOXL 7XGRU
9LDQX 'XEOD LQWHQ LH D OLPEDMXOXL L SUREOHPD VWLOXOXL  PDMRULWDWHD FRPXQLF ULORU
YHUEDOH H[FHS LD HVWH UHSUH]HQWDW  GH WH[WHOH WLLQ LILFH L GH FHOH RILFLDO
DGPLQLVWUDWLYH VWDQGDUGL]DWH  DUH XQ FRHILFLHQW GH H[SUHVLYLWDWH VSRQWDQ  RUL
GHOLEHUDW  'LVWLQJHP vQ IDSWHOH GH OLPE  XQ QXFOHX DO FRPXQLF ULL L R ]RQ 
vQFRQMXU WRDUH D H[SUHVLYLW LL LQGLYLGXDOH  7 9LDQX &HUFHWDUHD VWLOXOXL  Q FD]XO
FRPXQLF ULL DUWLVWLFH VH PDQLIHVW  QX QXPDL OD QLYHOXO H[SUHVLHL FD vQ FD]XO
GLVFXUVXOXL QRQDUWLVWLF  FL L OD QLYHO VHPDQWLF ILLQG DFWLYDW  GH IXQF LD SRHWLF  D
OLPEDMXOXL([SUHVLYLWDWHDHVWHWLF HVWHGHILQLW GH'XPLWUX,ULPLDGUHSWFDSDFLWDWHD
WH[WXOXL OLWHUDU GH D FRQVWUXL L UHYHOD XQLYHUVXO VSHFLILF GH VHQVXUL DUWLVWLFH L
FRQFRPLWHQWGHDGHFODQDVWDUHDHVWHWLF  ,QWURGXFHUHvQVWLOLVWLF 

5HVXUVHOH H[SUHVLYLW LL VH VLWXHD]  vQ ]RQD LQRYD LHL VWLOLVWLFH vQ FDUH
VHOHFWDUHD FXYLQWHORU GLPHQVLXQHD SDUDGLJPDWLF  L FRPELQDUHD ORU vQ
HQXQ  SODQXOVLQWDJPDWLF VXQWGHWHUPLQDWHGHUD LXQLDUWLVWLFHGHFRPSR
QHQWD LPDJLQDWLYFUHDWLY  L DIHFWLY  FDUH GHILQHVF SHUVRQDOLWDWHD VFULLWR
UXOXL DFHHODLVLPEROFRVPRJRQLFYkUWHMXODSHORUSULPRUGLDOHHVWHQXPLW
GH (PLQHVFX FXLEDU URWLQG GH DSH LDU GH 1LFKLWD 6W QHVFX FHUF GHDGXUD 
FkQGPDLODUJFkQGPDLDSURDSHFDRVWUkQJHUHGHDSHGHH[HPSOX 

,QGLFLWH[WXDOLDLH[SUHVLYLW LLVXQWDVRFLHULQHDWHSWDWHGHFXYLQWHDWLSLFH
vQ UDSRUW FX OLPEDMXO FRPXQ PRGLILF UL VHPDQWLFH LQGXVH SULQ FRQWH[WXO
VWLOLVWLF VHQVXUL FRQRWDWLYH FRQWDPLQ UL WUDQVIHU GH VHQV DPELJXL]DUH
FXPXO LQWHUWH[WXDO HWF  FRQVWUXF LL WRSLFH QHRELQXLWH VHPQLILFDUHD
HOHPHQWHORU JUDILFH VDX GH SXQFWXD LH DH]DUH vQ SDJLQ  SDX]H WLSR
JUDILFHSXQFWHGHVXVSHQVLHPDMXVFXOHHWF SUH]HQ DLPDJLQLORUDUWLVWLFH
DVLPEROXULORUDILJXULORUGHVWLOSXUW WRDUHGHQXPHURDVHYDORULH[SUHVLYH
79LDQX 
F(8)21,$VHPDQLIHVW ODQLYHOXOIRQHWLFDOGLVFXUVXOXLSULQFUHDUHDXQRUYDORUL
DFXVWLFH VXSHULRDUH FX URO vQ UHDOL]DUHD GLPHQVLXQLL HPR LRQDOH D OLPEDMXOXL (IHFWXO
PX]LFDORE LQXWSULQUHSHWDUHDXQRUVXQHWHRULSULQFRPELQDUHDVXJHVWLY DFXYLQWHORU
vQ HQXQ  FUHHD]  WRQDOLWDWHD GRPLQDQW  WLPEUXO VSHFLILF DGHFYDW LGHLL $FHDVW 
FDOLWDWH SDUWLFXODU  D VWLOXOXL HVWH YDORULILFDW  LQWHQVLY SULQ WLSDUXO PHORGLF DO WH[WXOXL
SRHWLF vQ FDUH UH]RQDQ D PHWUXOXL D ULWPXOXL L ULPHL VH DGDXJ  ILJXULORU GH VXQHW


 SURIRUPH  S U L GH YRUELUH DO F URU UHIHUHQW QX SRDWH IL SUHFL]DW GHFkW SULQ UDSRUWDUH OD
FRQWH[WXO OLQJYLVWLF OD R VXUV  UHIHUHQ LDO  DX YDORDUH GH SURIRUPH SURQXPHOH L DGMHFWLYHOH
SURQRPLQDOHDGYHUEHGHLFWLFHGHORFVDXGHWLPSQXPHUDOHFXYDORDUHVXEVWDQWLYDO 



/H[LFXO SRHWLF VLQWD[D SRHWLF  L HXIRQLD VXQW FHOH WUHL VHF LXQL FDUH HSXL]HD] 
SUREOHPHOHVWLOLVWLFLLSRHWLFH %RULV7RPDHYVNL7HRULDOLWHUDWXULL 

0 UFL WH[WXDOH SUH]HQ D ILJXULORU GH VXQHW L D XQRU PRGLILF UL IRQHWLFH
QXPLWH GH WHRUHWLFLHQLL *UXSXOXL  PHWDSODVPH DVRQDQ D DOLWHUD LD RQR
PDWRSHHD ED]DWH SH DUPRQLL LPLWDWLYH DIHUH]D HSHQWH]D HWF 
YDORULILFDUHD VLPEROLVPXOXL IRQHWLF FXYkQWXO SOXPE GH H[HPSOX  D XQRU
SURFHGHHVSHFLILFHPX]LFLL WHKQLFDUHIUHQXOXL DXQRUIDFWRULGHWHPSRUD
OLWDWH PX]LFDO  1LFRODH 0DQROHVFX 'HVSUH SRH]LH  D UHVXUVHORU
SUR]RGLFH P VXU  ULWP ULP  ULP  LQWHULRDU  vQ SUR]  HXIRQLD HVWH
JHQHUDW GHLPDJLQLDXGLWLYHGHDUPRQLLLPLWDWLYHGHUHFXUHQ HLJUDGD LL
UHWRULFHGHFDGHQ HULWPLFHDOHIUD]HL VLQWD[DULWPLF HVWHVSHFLILF SUR]HL
RUDWRULFH UHOLJLRDVH SUR]HL ULWPLFH SRHPHORU vQ SUR]   GH VHOHFWDUHD
PDWHULDOXOXLYHUEDOSHSULQFLSLLDOHHXIRQLHL

(OHPHQWHOH SDUDYHUEDOH  DFFHQWHOH LQWRQD LD ULWPXO SDX]HOH  FRQWUL
EXLH L HOH OD FUHDUHD XQRU VRQRULW L DUPRQLRDVH VDX FRQWUDSXQFWLFH
GL]DUPRQLFHvQDFRUGFXOXPHDVHPDQWLF DWH[WXOXL

(XIRQLDDILUP FULWLFXO*KHRUJKH&U FLXQHVWHRFDOLWDWHFXSUHF GHUH
FODVLF  L FODVLFLVW  >@ SRH]LD PRGHUQ  SUHIHU  GLPSRWULY  V L
SURGXF HIHFWHOHDSHOkQGODHOHPHQWHOHGLVRQDQWHVWULGHQWHDPX]LFDOHDOH
OLPEDMXOXL ,QWURGXFHUHvQWHRULDOLWHUDWXULL 
G 68*(67,$ HVWH FDOLWDWHD SDUWLFXODU  D VWLOXOXL FDUH FRQVW  vQ YDORULILFDUHD
UHVXUVHORUOLQJYLVWLFHGHVHPQLILFDUHLPSOLFLW GHH[SULPDUHDOX]LY SULQFDUHLGHHDQX
VHRIHU GLUHFWFXQRDWHULLUD LRQDOHFLLQWXL LHLLPDJLQD LHLLVHQVLELOLW LL

0RGDOLW LOLQJYLVWLFHGHUHDOL]DUHIUHFYHQ DFXYLQWHORUSROLVHPDQWLFHLD
VHQVXULORUFRQRWDWLYH UHFXUHQ D XQRU FXYLQWH  VLQWDJPHFKHLH ODLWPRWLYXO
UHIUHQXO VDX WLWOXO FDUH SRDWH VXJHUD WHPD GRPLQDQWD DIHFWLY  FDUDFWHUXO
HYRFDWLY HWF  HQXQ XUL HOLSWLFH vQWUHUXSWH VXVSHQGDWH SUH]HQ D XQRU
HOHPHQWHSDUDWH[WXDOH VXEWLWOXPRWWRGHGLFD LH VDXPHWDWH[WXDOH SXQFWH
GHVXVSHQVLH HWF

0RGDOLW L VWLOLVWLFH SUH]HQ D VLPEROXULORU PXOWLVHPQLILFDWLYH D XQRU
LPDJLQL DUWLVWLFH QHFRQYHQ LRQDOH FX VHPQLILFD LL HFKLYRFH SUH]HQ D
PHWDIRUHORUWRWDOHvQFKLVHDXQRUDQDORJLLDOHJRULLHWF
H 9$5,$ ,$ 67,/,67,&  UH]LG  vQ DVRFLHUHD D GRX  VDX PDL PXOWH UHJLVWUH
VWLOLVWLFHVFKLPEDUHDEUXVF  DQWLFOLPD[XO RULDOWHUQDQ DFRQWUDSXQFWLF DUHJLVWUHORU
HVWHRFDUDFWHULVWLF DPRGHUQLVPXOXLLSRVWPRGHUQLVPXOXLVHPQDOkQGVFLQGDUHDvQ
YRFLDOWHULWDWHDUXSWXUDGHQLYHOVDXSDURGLDSDVWLDLQWHUWH[WXDOLWDWHD

0 UFL LQGLFL WH[WXDOL  GH QLYHO IRQHWLF OH[LFRJUDPDWLFDO VDX VWLOLVWLF  DL
PDLPXOWRUUHJLVWUHVWLOLVWLFH


67,/85,/()81& ,21$/(


6WLOXULOH IXQF LRQDOH  OLPEDMHOH IXQF LRQDOH VXQW YDULDQWH VSHFLDOL]DWH DOH
OLPELL OLWHUDUH VXSUDLQGLYLGXDOH FDUH DVLJXU  FRPXQLFDUHD vQ VIHUH GH DFWLYLWDWH
VSHFLILFH Q PRG WUDGL LRQDO vQ OLPED URPkQ  VXQW GHILQLWH DSWH VWLOXUL IXQF LRQDOH
RILFLDO MXULGLFRDGPLQLVWUDWLY  WHKQLFRWLLQ LILF SXEOLFLVWLF FRORFYLDO EHOHWULVWLF
RUDWRULFLHSLVWRODU0RGHOXOUHGXFWLYDOVWLOXULORUIXQF LRQDOHDVLPLOHD] VWLOXORUDWRULF
FHOXL MXULGLFRDGPLQLVWUDWLY SOHGRDULLOH DYRFD LORU GH H[HPSOX  vQ WLPS FH VWLOXO


HSLVWRODU HVWH LQWHJUDW ILH VWLOXOXL RILFLDO FRUHVSRQGHQ D RILFLDO  ILH FHOXL FRORFYLDO
FRUHVSRQGHQ D DPLFDO   IDPLOLDO  'XPLWUX ,ULPLD ,QWURGXFHUH vQ VWLOLVWLF 
GLIHUHQ LD]  vQ WHPHLXO XQRU IDFWRUL GLVFULPLQDWRULL  QDWXUD L ILQDOLWDWHD PHVDMXOXL
WLSXO GH FXQRDWHUH L GH FRPXQLFDUH  VWLOXULOH FROHFWLYH LQIRUPDOH VWLOXO
FRQYHUVD LHL L VWLOXO HSLVWRODU  GH FHOH FLQFL VWLOXUL FROHFWLYH IXQF LRQDOH VWLOXO
EHOHWULVWLFFHOWLLQ LILFVWLOXOSXEOLFLVWLFMXULGLFRDGPLQLVWUDWLYLVWLOXOUHOLJLRV

67,/8/

'(),1, ,(7,385,63(&,),&('(
7(;7(

(VWHVWLOXOUHOD LLORURILFLDOHDOQHJR
FLHULORULDOFRUHVSRQGHQ HLRILFLDOH

6H IRORVHWH vQ GRFXPHQWH VDX vQ
H[SXQHUL RUDOH FX FDUDFWHU MXULGLF DGPL
QLVWUDWLYGLSORPDWLFHFRQRPLFSROLWLF

6XEFDWHJRULL OLPEDMXO DGPLQLVWUDWLY
OLPEDMXOFRUHVSRQGHQ HLGHDIDFHULFHO
SROLWLFMXULGLFGLSORPDWLFDFDGHPLF

&RPSXQHUL VSHFLILFH VFULVH VXQW
FHUHUHDDGHYHULQ DLQIRUPDUHDUDSRUWXO
FLUFXODUDQRWDUHIHUDWXOSURFHVXOYHUEDO
GRFXPHQWHOHJLVODWLYHDFDGHPLFHSROLWL
FHGLSORPDWLFHFRUHVSRQGHQ DGHDIDFHUL
FXUULFXOXPYLWDHUHFRPDQGDUHDFDUDFWH
UL]DUHD IRUPXODUH VWDQGDUGL]DWH FKLWDQ D
ERQXOHWF

&RPXQLFDUHDDUHFDGRPLQDQW IXQF LD
LQIRUPDWLY  WH[WXO MXULGLF DUH L IXQF LH
QRUPDWLY 

&RPSXQHUL RUDOH DORFX LXQHD WRDVWXO
GLVFXUVXOLQWHUYHQ LD


(VWHIRORVLWvQOXFU ULOHFRPXQLF ULOH
GH]EDWHULOHWLLQ LILFHLWHKQLFH

&RPSXQHUL VSHFLILFH GHVFULHUHD WLLQ L
ILF  UHIHUDWXO FRPXQLFDUHD RUDO   VFULV 
DUWLFROXO VWXGLXO SURLHFWXO SURVSHFWXO
WHKQLFVLQWH]DGL]HUWD LDWUDWDWXOQRWD

7H[WHQRQOLWHUDUHFXIXQF LHLQIRUPDWLY 

6WXGLLOH  HVHXULOH GH LVWRULH OLWHUDU  GH
FULWLF VDXHVWHWLF DOF WXLHVFRFDWHJRULH
DSDUWH GH WH[WH WLLQ LILFH vQ FDUH VXQW
IRUPXODWH DVHU LXQL MXGHF L GH YDORDUH
VXELHFWLYH vQWUXQ GLVFXUV SHUVRQDOL]DW
FDUH YDORULILF  UHVXUVHOH H[SUHVLYH DOH
OLPEDMXOXL &ULWLFXO SRVWPRGHUQ QX PDL
YUHD V  VWHD vQ DIDUD GLVFXUVXOXL V X
5HIX] V PDLIRORVHDVF SHUVRDQDD,,,
D VLQJXODU VDX SHUVRDQD vQWkL SOXUDO
6FULH FX SUHF GHUH OD SHUVRDQD vQWkL
VLQJXODU  (XJHQ 6LPLRQ 6ILGDUHD
UHWRULFLL 


3$57,&8/$5,7

,

 0 UFLFDUDFWHULVWLFH

6WLOQRQDUWLVWLFRELHFWLYQHXWUXLPSHU
VRQDO FODU SUHFLV DFFHVLELO FUHD LD
OLQJYLVWLF  HVWH HOLPLQDW  vQ IDYRDUHD
VWHUHRWLSLLORUGHOLPEDM

7H[WHOH UHGDFWDWH vQ VWLO RILFLDO VH FD
UDFWHUL]HD] SULQXQLIRUPLWDWHSULQDEVHQ D
P UFLORU VXELHFWLYH L D LQWHQ LLORU
VWLOLVWLFH

(OH DEXQG  vQ IRUPXOH FOLHH WLSDUH
VLQWDFWLFH RILFLDOL]DWH SULQ X] H[ 6XE
VHPQDWXO GRPLFLOLDW vQ  SRVHVRU DO
F U LLGHLGHQWLWDWHFXVHULDQUY 
URJDPLDSURED 

)RORVLUH IUHFYHQW  D IRUPHORU LPSHU
VRQDOH YHUEDOH YL VH FRPXQLF  VD
GHFLVHWFFOLHHDYkQGvQYHGHUHF 

6HIRORVHWHRWHUPLQRORJLHVSHFLILF 
DGHFYDW  YDULDQWHORU DGPLQLVWUDWLY 
SROLWLF DFDGHPLF MXULGLF GLSORPDWLF 

Q FRUHVSRQGHQ D RILFLDO  VH DGPLW
IRUPXOH SHUVRQDOL]DWH GH DGUHVDUH  GH
vQFKHLHUH

 0 UFLFDUDFWHULVWLFH

(VWH XQ VWLO QRQDUWLVWLF LJQRUkQG
GHOLEHUDWRULFHPDUF VXELHFWLY 

&RPXQLFDUHD HVWH QHXWU  OLSVLW  GH
DFFHQWH SHUVRQDOH SUHIHULQ  SHQWUX
SOXUDOXO DXWRUXOXL  HVWH FDUDFWHUL]DW 
SULQ UHVSHFWDUHD WXWXURU QRUPHORU OLPELL
OLWHUDUH IRQHWLFH JUDPDWLFDOH GH
SXQFWXD LH 

/H[LFXO HVWH OLSVLW GH DPELJXLWDWH
VLQRQLPLD HVWH UHGXV  VH HYLW  RPRQL
PLD FXYLQWHOH VXQW PDL DOHV PRQR
VHPDQWLFH VH IRORVHVF QHRORJLVPH
LQWHUQD LRQDOH L FXYLQWH FX SUHIL[RLGH L
VXIL[RLGH

(VWH XQ VWLO GHQRWDWLY ED]DW SH
SURSULHWDWHDWHUPHQLORU9DULDQWHOHVXQW
VSHFLDOL]DWH SHQWUX ILHFDUH GRPHQLX GH
DFWLYLWDWHWLLQ LILF  PHWDOLPEDMHOHSURSULL
ILHF UHLWLLQ H VDXWHKQLF 



6HIRORVHWHvQPDVVPHGLD

&RPSXQHUL VSHFLILFH DUWLFROXO GH
SUHV  FURQLFD IRLOHWRQXO LQWHUYLXO
UHSRUWDMXO GH]EDWHUHD SXEOLF  PDVD
URWXQG UHFHQ]LDDQXQ XOUHFODPDHWF

$UH FDUDFWHU HWHURJHQ vPSUXPX
WkQG WLSXUL GH GLVFXUV VSHFLILFH DOWRU
VWLOXUL IXQF LRQDOH UH]XOW  R PDUH
YDULHWDWH D UHJLVWUHORU VWLOLVWLFH  UHIOH[ DO
GLYHUVLW LLWHPDWLFHDDFHVWRUWH[WH

7H[WHOH SXEOLFLVWLFH DX IXQF LH
LQIRUPDWLY  L SHUVXDVLY  LQGXFHUHD
XQXLFXUHQWGHRSLQLHLQIOXHQ DUHDOHFWR
ULORU  IXQF LD HGXFDWLY  VH DFWLYHD]  vQ
WH[WHOH FDUH PRGHOHD]  FRPSRUWDPHQWH
VRFLDOHLQGLYLGXDOHSR]LWLYH

6XEFDWHJRULH FX P UFL GLVWLQFWLYH
VWLOXO SXEOLFLWDU SUHGRPLQ  IXQF LD
SHUVXDVLY  VWUDWHJLL WH[WXDOH PHQLWH V 
FDSWH]H DWHQ LD V  FRQYLQJ  SRWHQ LDOLL
FXPS U WRULEHQHILFLDULDLVHUYLFLLORU 


6HIRORVHWHvQRSHUHOHOLWHUDUH


&RPXQLF ULOHVSHFLILFHVXQWVFULVHVDX
RUDOH IROFORUXOOLWHUDUVSHFWDFROXOWHDWUDO
IRUP VLQFUHWLF DFRPXQLF ULLDUWLVWLFH 
vQWRDWHJHQXULOHLVSHFLLOHOLWHUDUH


&UHD LD OLWHUDU  DFWLYHD]  FD IXQF LH
SULPRUGLDO DOLPEDMXOXLIXQF LDSRHWLF 
QXPLW  L OLULF  OXGLF  HVWHWLF  VDX
UHWRULF DYkQGFDILQDOLW LFRPXQLFDUHD
OLWHUDU  FXQRDWHUHD DUWLVWLF  L HPR LD
HVWHWLF 


'LVFXUVXO OLWHUDU WH[WXO DUWLVWLF  HVWH
FRQVWUXLW SH FRQYHQ LL HVWHWLFH 6WLOXO
EHOHWULVWLF UHFXUJH OD LPDJLQL FD
SURFHGHXGHFRPXQLFDUH ,RQ&RWHDQX 




 0 UFLFDUDFWHULVWLFH

6WLOXO vPELQ  HOHPHQWH LQIRUPDWLYH L
DIHFWLYH DWLWXGLQH PDUFDW  VXELHFWLY
H[SUHVLYLWDWH VWULGHQW  PHQLW  D FDSWD
LQWHUHVXO SDOHW  OH[LFDO  FX DFFHQW SH
WHUPHQLL GH FXORDUH QHRORJLVPH FXOWLV
PH UHJLRQDOLVPH DUJRWLVPH WHUPHQL
SRSXODULVDXWHUPHQLOLWHUDUDUWLVWLFL 

/H[LFXO IRORVLW HVWH ERJDW L YDULDW
VLQRQLPLD HVWH ELQH LOXVWUDW  RPRQLPLD
SRDWHILYDORULILFDW vQMRFXULOLQJYLVWLFH
VLQWD[D SRDWH IL PDUFDW  VXELHFWLY SULQ
UHFXUHQ GLVORF ULHOLSVH

7LWOXULOHVXQWGHRELFHLFRQVWUXF LLQR
PLQDOHFRQWUDVHLQFLWDQWHFDSDELOHGHD
VLQWHWL]DLQIRUPD LDLGHHD

Q VWLOXO SXEOLFLVWLF VH UHJ VHVF PXOWH
HOHPHQWH DOH VWLOXOXL EHOHWULVWLF VWUXFWXUL
LFRQVWUXF LLLQHGLWHILJXULGHVWLOIUDSDQ
WH IRUPXOH UHWRULFH FXYLQWH L VLQWDJPH
VLPERO WLWOXULPD[LPHFLWDWHSDUDIUD]H 

 0 UFLFDUDFWHULVWLFH

7H[WXO DUH IRU  GH VXJHVWLH L
H[SUHVLYLWDWH VH DGUHVHD]  LPDJLQD LHL
LVHQVLELOLW LLDYkQGFDPDUF GLVWLQFWL
Y  OLWHUDULWDWHD OLPEDMXO GHJUHYDW GH
IXQF LLOH SUDFWLFH H vQYHVWLW FX YDORUL
HVWHWLFH

)RORVHWH VXJHVWLD SULQ LPDJLQH DUWLV
WLF  PDL PXOW GHFkW H[SOLFD LD IXQF LD
WUDQ]LWLY  D OLPEDMXOXL HVWH FRSOHLW  GH
IXQF LDUHIOH[LY 

9DORULILF  WRDWH FDWHJRULLOH OH[LFDOH
DUKDLVPH UHJLRQDOLVPH DUJRX MDUJRQ
QHRORJLVPH VHOHFWkQGPDLDOHVWHUPHQL
SROLVHPDQWLFLFDUHFUHHD] DPELJXLWDWHD
GH]YROWkQG VHQVXUL FRQRWDWLYH O UJLQG
QHP VXUDW FkPSXO GH GRU DO FXYLQWHORU
&1RLFD  JHQHUkQG XQ VSD LX LQWHUQ DO
OLPEDMXOXL **HQHWWH)LJXUL 

9DORULILF  UHVXUVHOH H[SUHVLYH DOH
IRQHWLFLL OH[LFXOXL PRUIRORJLHL VLQWD[HL
JHQHUkQG PHVDMH SROLYDOHQWH )LJXULOH
VWLOXOXLVXQWFHOHPDLLPSRUWDQWHPLMORDFH
GHH[SUHVLH/DQLYHOVLQWDFWLFSRWDS UHD
GLVORF ULvPSOHWLULLQHGLWHGHSURSR]L LL
LQYHUVLXQL WRSLFH FRQYHUVLXQL HOLSVH
DIHUH]HLQVHU LLLQFLGHQWDOH

6WLOXO EHOHWULVWLF HVWH SXWHUQLF PDUFDW
VXELHFWLY FDUDFWHUL]DW SULQ DEDWHUL
H[SUHVLYHGHODQRUPHOHOLPELLOLWHUDUH


6HIRORVHWHvQFRQYHUVD LDSDUWLFXODU 
X]XDO  vQ FRUHVSRQGHQ D SDUWLFXODU 
VFULVRDUHD ELOHWXO MXUQDOXO QRWL D WHOH
JUDPDHWF 

-XUQDOXO OLWHUDU L PHPRULLOH VXQW
VFULHULGHJUDQL WH[WHQRQILF LRQDOHvQ
FDUHVWLOXOFRORFYLDOFRQIHVLYVHDVRFLD] 
FHOXLEHOHWULVWLF







 0 UFLFDUDFWHULVWLFH

$UH FDUDFWHU VSRQWDQ QHHODERUDW
VWUXFWXULOLEHUHFDUDFWHULVWLFLDOHRUDOLW LL
OH[LF YDULDW QDWXUDO QHSUHWHQ LRV WLFXUL
YHUEDOH P UFL DOH VXELHFWLYLW LL DOH
LPSOLF ULLDIHFWLYH

(VWH SXWHUQLF LQGLYLGXDOL]DW UHOLHIkQG
JUDGXO GH LQVWUXF LH FXOWXUD PHGLXO
VRFLRSURIHVLRQDOHWF

/DQLYHOXOUHJLVWUXOXLVWLOLVWLFSDUWLFXOD
ULW LOH GH OLPEDM SRW LOXVWUD UHJLVWUXO
QHXWUX UHJLVWUXO VROHPQ IDPLOLDU LURQLF
OXGLFXPRULVWLFJQRPLF

(9$/8$5(

D7HVWGHHYDOXDUH
&RQFL]LDHVWHRFDOLWDWHSDUWLFXODU DVWLOXOXLGHILQLW SULQ
DVWLOUHWRULFWRQDOLWDWHGHFODPDWRDUHH[SULPDUHHPIDWLF 
EVWLOODSLGDUH[SULPDUHDFRQFHQWUDW HVHQ LDOL]DW 
FVWLOHUPHWLFH[SUHVLDDEUHYLDW HOLSWLF 
GVWLODOX]LYXWLOL]DUHDVXJHVWLHLDPELJXLWDWH
 5HFXQRDWH L VWLOXO IXQF LRQDO LOXVWUDW vQ HQXQ XO /LPED URPkQ  DUH FDOHD
GHVFKLV  OD WH]DXUXO LQWHOHFWXDO DO OLPELORU URPDQLFH PRGHUQH LDU SULQ FKHLD OLPELL
ODWLQHDUHDFFHVXOODFLYLOL]D LDDQWLF  0LKDL(PLQHVFX 
DVWLOXOWLLQ LILF
EVWLOXORILFLDODGPLQLVWUDWLY
F VWLOXOEHOHWULVWLF
GVWLOXOMXUQDOLVWLF
 ,GHQWLILFD L VHULD FDUH FRQ LQH HQXPHUDUHD XQRU FDOLW L JHQHUDOH L
SDUWLFXODUH LOXVWUDWH SULQ IUDJPHQWXO XUP WRU 6LQJXUXO OXFUX GH FDUHPL DPLQWHVF
IRDUWH ELQH HVWH F  OD YkUVWD GH  DQL DP GHYHQLW FRQWLHQW GH PLQH 0LDP GDW
VHDPDF HUDvQPLQHRDQXPLW ILLQ GHFDUHHUDPFRQWLHQW7RFPDLFLWLVHP%LEOLD
L'HVFDUWHVSHL]OD] 0DULQ3UHGD 
DOLPEDMIRUPDOL]DWVWHUHRWLSLLOLQJYLVWLFHRELHFWLYLWDWH
EOLPEDMVSHFLDOL]DWLPSHUVRQDORELHFWLYLWDWH
FOLPEDMSHUVRQDOL]DWVXELHFWLYLWDWHH[SUHVLYLWDWH
GOLPEDMHWHURJHQYDULD LHVWLOLVWLF DPELJXLWDWH
 8QLYHUVLWDWHD VLELDQ  >@ D GHFHUQDW WLWOXO GH 'RFWRU +RQRULV &DXVD vQ
PRPHQWHOHHLDVWUDOHOXLWHIDQ$XJXVWLQ'RLQDL1LFRODH%DORW L]LOHOHDFHVWHD
SRHWXOXL HVHLVW WUDGXF WRU L F UWXUDU GH UHSXWD LH LQWHUQD LRQDO  0LUFHD ,Y QHVFX
SRHWXOvQGU JRVWLWGHFHWDWH 7ULEXQDDSULOLH &RQWH[WXOGHPDLVXVVFULV
vQVWLOSXEOLFLVWLF
D XUP UHWHLQIRUPDUHDSXEOLFXOXLDVXSUDXQXLHYHQLPHQWFXOWXUDO
E YDOLGHD] IXQF LDHVWHWLF DOLPEDMXOXL
F FRPXQLF XQPHVDMSROLYDOHQWGHRPDUHvQF UF WXU DIHFWLY 
G UHDOL]HD] RFRPXQLFDUHGHWLSIRUPDOLLJQRU GHOLEHUDWRULFHPDUF 
VXELHFWLY 




,GHQWLILFD LVHULDFDUHFRQ LQHHQXPHUDUHDXQRUFDOLW LJHQHUDOHLSDUWLFXODUH


FH QX FDUDFWHUL]HD]  IUDJPHQWXO XUP WRU Q PLQWHD ILHF UXLD GLQWUH QRL L DGHVHD vQ
VXEFRQWLHQWXO FROHFWLY DO XQXL SRSRU UXOHD]  vQ DQXPLWH PRPHQWH GLIHULWH FLWDWH
VHPQLILFDWLYH FDUH QL VH SDUH F  O PXUHVF VDX FHO SX LQ FLUFXPVFULX UHDOLWDWHD DD
FXPRVLPWHILHFDUH>@3UREDELOF RDPHQLLPDLFUHGGDF QXvQSXWHUHDFUHDWRDUH
FHO SX LQ vQ FHD RUGRQDWRDUH D FXYkQWXOXL * VHWL FLWDWXO SRWULYLW L JDWD WHDL OLQLWLW
VLWXD LDHFODU &DvQ(PLQHVFX&DvQ&DUDJLDOH&DvQ5 VFRDOD 0RQLWRUXOGH&OXM 
DFODULWDWHFRQFL]LHFRUHFWLWXGLQH
EOLPEDMVSHFLDOL]DWLPSHUVRQDORELHFWLYLWDWH
FYDULD LHVWLOLVWLF VXELHFWLYLWDWHH[SUHVLYLWDWH
GSURSULHWDWHSUHFL]LHFXUVLYLWDWH
0 UFLOHWH[WXDOHVSHFLILFHRUDOLW LLVWLOXOXLVXQWHQXPHUDWHvQVHULD
DSDUDOHOLVPVLQWDFWLFFLUFXODULWDWHODLWPRWLYUHIUHQ
ELQWHUMHF LLIRUPXOHGHDGUHVDUHH[FODPD LLLQWHURJD LLSDX]HH[SUHVLYH
FPRGLILF ULIRQHWLFHILJXULGHVXQHWUHFXUHQ JUDGD LHUHWRULF FDGHQ H
ULWPLFH
GDFFHQWHGHLQWHQVLWDWHLQWRQD LDDVFHQGHQW ULWPXOULPDSDX]HOH
 5,&  &XFRDQ   V  SULPL L DVLJXUDUHD vQDOWHL VWLPH L SURIXQGXOXL
UHVSHFW FX FDUH DP RQRDUHD D IL DO GRPQLHLYRDVWUH SUHD VXSXV L SUHD SOHFDW 
,/&DUDJLDOH 
QIUDJPHQWXOFLWDWFODULWDWHDVWLOXOXLHVWHvQF OFDW SULQ
DSOHRQDVP
EDIHUH] 
F WDXWRORJLH
GVROHFLVP
 Q YHUVXO $UJLQW H SH DSH L DXU vQ DHU 0 (PLQHVFX  HXIRQLD HVWH
UHDOL]DW SULQ
DUHFXUHQ 
EULP LQWHULRDU 
F RQRPDWHSHH
GDVRQDQ 
(DQXDYHDJUHXWDWHFDUHVSLUDUHD
5k]kQG LSOkQJkQG FXODFULPLPDUL
HUDV UDW FDVDUHD
VO YLW ODRVSH HGHEDUEDUL 16W QHVFX 
QIUDJPHQWXOFLWDWDPELJXLWDWHDHVWHFUHDW SULQ
DWUDQVIHUXOGHVHQV
ELQRYD LDOH[LFDO 
FLQGHWHUPLQDUHDUHIHUHQWXOXLILF LRQDO
GXWLOL]DUHDWHKQLFLLFRUHVSRQGHQ HORU
2UFKHVWUDvQFHSXFXRLQGLJQDUHJUD LRDV 
6DORQXODOEYLVDFXUR]HDOEH
8QYDOVGHYRDOXULDOEH
6SD LXLQILQLWGHRWULVWH HDUPRQLRDV  *%DFRYLD 
6WRIDUHSURGXV PDLVXVLOXVWUHD] XUP WRDUHOHFDOLW LDOHVWLOXOXL
DFXUVLYLWDWHYDULD LHVWLOLVWLF 
ERUDOLWDWHFRQFL]LH
FVXJHVWLHDPELJXLWDWH
GHXIRQLHFODULWDWH










,,,67,/8/$57,67,&
5(*,675(,9$/25,67,/,67,&(

67,/8/%(/(75,67,&,67,/8/,1',9,'8$/
$/6&5,,7258/8,

6WLOXO DUWLVWLF  EHOHWULVWLF HVWH GHILQLW vQ RSR]L LH FX WRDWH FHOHODOWH VWLOXUL
IXQF LRQDOHWHUPHQLLGHGLIHUHQ LHUHILLQGDUWLVWLFQRQDUWLVWLF
D 7H[WH QRQOLWHUDUH DX FDUDFWHU QRQILF LRQDO UHIHUHQW UHDO FUHGLWDELO VDX
QHFUHGLWDELO SXWkQG IL UDSRUWDW OD FDWHJRULLOH DGHY UDW  IDOV  )XQF LD SULQFLSDO  D
WH[WXOXL QRQOLWHUDU HVWH FHD LQIRUPDWLY  LDU VFRSXO FRPXQLF ULL HVWH vQ JHQHUDO
SUDJPDWLF /LPEDMXO FRPXQ DUH URO SUHSRQGHUHQW LQVWUXPHQWDO WHUPHQLL ILLQG XWLOL]D L
PDLDOHVFXVHQVXULOHGHQRWDWLYH6XQWLOXVWUDWHFDOLW LOHJHQHUDOHDOHVWLOXOXLvQWLPS
FHUHJLVWUHOHVWLOLVWLFHVXQWvQPDUHP VXU FRQYHQ LRQDOH
E 7H[WH OLWHUDUH VH UHPDUF  SULQ FDUDFWHUXO ILF LRQDO SULQ UHIHUHQWXO LPDJLQDU
GLFRWRPLD DGHY UDW  IDOV  GHYLQH  LUHOHYDQW  ,QVWDQ HOH FRPXQLF ULL DUWLVWLFH VXQW
UHDOH DXWRUXO FRQFUHW L DEVWUDFW OHFWRUXO  VSHFWDWRUXO FRQFUHW L DEVWUDFW  L
ILF LRQDOH Q RSR]L LH FX WH[WXO QRQDUWLVWLF RSHUD OLWHUDU  DUH FD IXQF LH SULQFLSDO 
IXQF LD SRHWLF  LDU VFRSXO FRPXQLF ULL HVWH FHO HVWHWLF /LPEDMXO DUWLVWLF FX URO
SUHSRQGHUHQW VWLOLVWLF VH UHPDUF  SULQ VHQVXULOH FRQRWDWLYH FUHDWH GHOLEHUDW  L SULQ
GLYHUVLWDWHDUHJLVWUHORUVWLOLVWLFH

6WLOXO DUWLVWLF VSHFLILF OLWHUDWXULL SRSXODUH DUH XQ SURQXQ DW FDUDFWHU FROHFWLY
ILLQGF UDSVRGXOSRSXODUSDUWLFLS ODDFWXOFROHFWLYGHFUHD LHFDHXQDUDWRUHXSRHWLF
DQRQLP DFWXDOL]kQG WH[WXO IROFORULF SUHH[LVWHQW VDX FUHkQG SULQ DQDORJLH FDUDFWHU
WUDGL LRQDO 
QFD]XOOLWHUDWXULLFXOWHFRQVWDQWHOHDEVWUDFWHDOHVWLOXOXLEHOHWULVWLFGHWHUPLQDWH
GHVSHFLILFXOFRPXQLF ULLLDOFXQRDWHULLDUWLVWLFHVXQWDVXPDWHGHVWLOXOLQGLYLGXDO
FDUH UHSUH]LQW  R FRQFUHWL]DUH GLVWLQFW  YDULDELO  vQ IXQF LH GH (XO FUHDWRU vQ
SURFHVXOGHvQWHPHLHUHSULQFXYkQWDOXPLLVHPDQWLFHDWH[WXOXL ',ULPLD 
&DH[SUHVLHDLQGLYLGXDOLW LLVWLOXOHVWHPDQLHUDVSHFLILF vQFDUHVXQWVHOHFWDWH
L IRORVLWH SRVLELOLW LOH FRPXQLFDWLYH DOH OLPELL vQ FRPXQLFDUHD FRWLGLDQ  VDX vQ FHD
DUWLVWLF 6WLOXULOHLQGLYLGXDOHVHFRQVWLWXLHvQPRGHOHYDULDELOHGHDFWXDOL]DUHDOLPELL
VLVWHPvQWHPHLDWHSHYDULDELOLWDWHDFRQVWDQW DRS LXQLLVWLOLVWLFHLDUDSRUWXOXLGLQWUH
SURFHGHH L FRQWH[W vQ JHQHUDUHD P UFLORU VWLOLVWLFH ' ,ULPLD  RS LXQLOH VWLOLVWLFH
DOH HPL WRUXOXL VH PDQLIHVW  FRQFRPLWHQW SH FHOH GRX  D[H DOH OLPELL D[D SDUD
GLJPDWLF  VHULLOH VLQRQLPLFH JHQHUDWH GH YDULDQWHOH LVWRULFH JHRJUDILFH FXOWXUDOH
IXQF LRQDOHHWFDOHOLPELLQD LRQDOH LFHDVLQWDJPDWLF  SRVLELOLW LOHGHFRPELQDUHD
FXYLQWHORUvQVLQWDJPHHQXQ XULVWUXFWXULWH[WXDOH 
2S LXQLOHVWLOLVWLFHDOHVFULLWRUXOXLJXYHUQDWHGHIXQF LDSRHWLF LGHSULQFLSLXO
FUHDWLYLW LLHVWHWLFHVHFRQFUHWL]HD] SHWUHLQLYHOXUL
 QLYHOXO H[WHUQ DO (XOXL FUHDWRU FDUH VH GHILQHWH SULQ P UFL DOH LGHQWLW LL
DXFWRULDOH VRFLRFXOWXUDOH HVWHWLFH VSLULWXDOH HWF  GHWHUPLQ  VWLOXO LQGLYLGXDO DUKL
VWLOXOVFULLWRUXOXL VWLOXOHPLQHVFLDQVWLOXODUJKH]LDQHWF




 QLYHOXO LQWHUQ GH VXSUDID  DO RSHUHL FDUH DF LRQHD]  UHVWULFWLY LPSXQH XQ
VWLO DO WH[WXOXL vQ IXQF LH GH PDFURVWUXFWXULOH DUWLVWLFH JHQ VSHFLH FXUHQW OLWHUDU 
FDWHJRULL HVWHWLFH UDSRUWXO UHDOLWDWHILF LXQH LQVWDQ HOH FRPXQLF ULL DUWLVWLFH WHPH
FRRUGRQDWH VSD LRWHPSRUDOH HWF  Q RSHUD OXL &DUDJLDOH GH H[HPSOX VH SRW
LGHQWLILFD WUHL YDULDQWH VWLOLVWLFH VWLOXUL LQWHUQH  DORVWLOXUL  LPSXVH GH WUHL WLSXUL GH
GHVI XUDUHDvQWUHE ULORUILLQ HLXPDQHVWLOXOOXPLLFRPLFH FRPHGLLVFKL HPRPHQWH 
 UDSRUWXO ILLQ HL XPDQH FX OXPHD VH GHVI RDU  vQWUH FRRUGRQDWH WHPSRUDOH L
VSD LDOH vQFKLVH VWULFW GHOLPLWDWH LVWRULF  VWLOXO OXPLL WUDJLFH GUDPD 1 SDVWD  
UDSRUWXO ILLQ HL XPDQH FX OXPHD HVWH HOLEHUDW GH GLPHQVLXQL VSD LDOH L WHPSRUDOH
ILLQ D XPDQ  VH FRQIUXQW  FX HD vQV L SULQ DFWLYDUHD XQRU GLPHQVLXQL LQWHULRDUH
H[LVWHQ LDOH  VWLOXO OXPLL UHDOLVWH QXYHOH  FDUDFWHUL]DW SULQWUR VLWXDUH D ILLQ HL vQWUH
FRPLFLWUDJLF 'XPLWUX,ULPLD,QWURGXFHUHvQVWLOLVWLF 
 QLYHOXO LQWHUQ GH DGkQFLPH DO RSHUHL GHWHUPLQ  YDULDQWHOH VWLOLVWLFH
LQWHUQH  UHJLVWUHOH VWLOLVWLFH vQ IXQF LHGHPLFURVWUXFWXULOHWH[WXOXL UDSRUWXOGLQWUH
(XO WH[WXOXL L OXPHD ILF LRQDO  UDSRUWXO QDUDWRUSHUVRQDMH SHUVRQDMSHUVRQDMH 
UHOD LD GLQWUH HXO SRHWLF L WXXO OLULF GLQWUH XQLW LOH ORJLFH VDX VHFYHQ HOH
FRPSR]L LRQDOH WLSXULOH GH VWUXFWXUL GLVFXUVLYH QLYHOXULOH GH VHPQLILFDUH  GH
VLPEROL]DUH HWF  Q VWUXFWXUD WH[WXOXL  LDX QDWHUH GLVFRQWLQXLW L VWLOLVWLFH >@ vQ
VWUkQV OHJ WXU FXLGHQWLWDWHDVHPDQWLF DSHUVRQDMHORULFXSXQFWXOGHYHGHUHDO
(XOXL FUHDWRU L DO QDUDWRUXOXL >@ vQ DFHVW VHQV UHSUH]LQW  LGHQWLW L VWLOLVWLFH
GLVWLQFWHvQWH[WXOOXPLLFRPLFHDOXL&DUDJLDOHVWLOXO&D DYHQFXVWLOXO)DUIXULGLVWLOXO
7LS WHVFXHWF 'XPLWUX,ULPLDRSFLW 


5(*,675(67,/,67,&(87,/,=$7(
123(5$/,7(5$5 


'HILQLWH vQ 1RXO GLF LRQDU HQFLFORSHGLF DO WLLQ HORU OLPEDMXOXL 2VZDOG 'XFURW L
-HDQ0DULH 6FKDHIIHU  FD QLYHOXUL VWLOLVWLFH GH FDUH GLVSXQ ORFXWRULL SHQWUX DL
PRGXOD PHVDMXO vQ IXQF LH GH FLUFXPVWDQ H UHJLVWUHOH GH OLPE  VXQW FRQVLGHUDWH
VXEFRGXUL OLQJYLVWLFH VHOHFWDWH FRQWLHQW VDX VSRQWDQ vQ LQWHULRUXO XQHL FRPXQLW L
VRFLROLQJYLVWLFH vQ VFRSXO DGHFY ULL OD VLWXD LD GH HQXQ DUH L OD FRQWH[WXO
FRQYHUVD LRQDO
6WUDWXULOH VWLOLVWLFH DOH OLPEDMXOXL DUWLVWLF vQJOREHD]  L UHJLVWUHOH VWLOLVWLFH SULQ
FDUHVHWUDQVSXQGLYHUVHOHYDULDQWHDOHOLPELLvQVWLOXOEHOHWULVWLFLVHFRGLILF UHSHUH
VSD LRWHPSRUDOH DOH XQLYHUVXOXL ILF LRQDO UHJLVWUXO DUKDLF VDX FHO UHJLRQDO UHJLVWUXO
SRSXODU VDX FXOW  FRPSRQHQWH SVLKRVRFLDOH L WLSDUH FRPSRUWDPHQWDOH DOH SHUVR
QDMHORU UHJLVWUXOFXOWRULSRSXODUUHJLVWUXODUJRWLFVDXFXHOHPHQWHGHMDUJRQUHJLVWUXO
FRORFYLDOUHWRULFVDXHPIDWLFHWF VWUDWHJLLGLVFXUVLYHDOHHXOXLURVWLWRU UHJLVWUXORUDO
UHJLVWUXOVFULV 

5HJLVWUHVWLOLVWLFHXWLOL]DWHvQFUHD LLOLWHUDUH









5HJLVWUXO

&DUDFWHULVWLFLP UFLWH[WXDOH
([HPSOH
5HJLVWUHVWLOLVWLFHJHQHUDOH
8WLOL]DW FD YDULDQW  VWLOLVWLF  vQ RSHUD OLWHUDU  IROFORULF  VDX 7ULLQHOHMRVSLFD
FXOW  UHJLVWUXO SRSXODU SUHVXSXQH VLWXDUHD QDUDWRUXOXL D 7ULvQJHULOHULGLFD
SHUVRQDMHORU  D HXOXL OLULF vQ VIHUD FXOWXULL SRSXODUH SULQWUXQ 7ULvQJHULFXWULELFLXUL
/DWULFRUQXULGHS PkQW
OLPEDMPDUFDWGHVSRQWDQHLWDWHLLQGLFLDLLPSOLF ULLDIHFWLYH
7RWWU VQHVFLWRWSOHVQHVF
/D QLYHO IRQHWLF P UFL DOH RUDOLW LL DFFHQWH DIHFWLYH 6 ULGLFHPXQ LLFUXQ L
YDULDQWHIRQHWLFHIDPLOLDUHLJQRUkQGQRUPHOHRUWRHSLFHULPHL
 &ROLQGHGLQ$UGHDO
&HVDU L" 
ULWPXULVLPSOHDOLWHUD LL

/DQLYHOOH[LFDOVHOHFWDUHDXQRUFXYLQWHLH[SUHVLLLGLRPD & FLHUDERERFGHWUDQGDILU
WLFH VSHFLILFH XQLYHUVXOXL UXVWLF LQFOXVLY UHJLRQDOLVPH  GLQ OXQD OXL PDLX >@ 6DX
IUHFYHQ DPDUHDGLPLQXWLYHORUDEDWHULGHWLSXOSOHRQDVPXOXL FXP VDU PDL ]LFH OD QRL vQ
U QHWH HUD IUXPRDV  GH
DOWDXWRORJLHL
/D QLYHO PRUIRVLQWDFWLF SUH]HQ D XQRU IRUPH QHOLWHUDUH PDPD IRFXOXL OD VRDUH WH
IRUPH IOH[LRQDUH QHOLWHUDUH DFX]DWLYXO FX SUHSR]L LH vQ ORFXO SXWHDLXLWDLDUODGkQVDED
L GH DFHHD +DUDS$OE R
GDWLYXOXL IRUPH SURQRPLQDOH FRORFYLDOH GH]DFRUGXO HWF 
SU S GHDGLQRFKLGHGUDJ 
YLLWRUXO SRSXODU SUH]XPWLYXO VXSHUODWLYXO SRSXODU IUHFYHQ D FHLHUD
PDUHDLQWHUMHF LHLPRGHOHVLQWDFWLFHED]DWHSHUHSHWL LLVDXSH
 ,&UHDQJ 
3RYHVWHDOXL+DUDS$OE 
UHFXUHQ DOXLLQDUDWLYDQDFROXWXOHWF 
/DQLYHOVWLOLVWLFFDUDFWHUXOWUDGL LRQDODOILJXULORUGHVWLO


5HJLVWUX VWLOLVWLF FDUH GHILQHWH vQ JHQHUDO FUHD LLOH OLWHUDUH
8QWkQ
UPHWDO
FXOWH LPSOLF  VLWXDUHD LQVWDQ HORU FRPXQLF ULL DUWLVWLFH vQ
WUDQVSDUHQW
RUL]RQWXO FXOWXULL SULQ DSOLFDUHD QRUPHORU OLPELL OLWHUDUH SULQ
VXE LUHFDODPDW LRDV 
LQIRUPD LDFXOWXUDO ERJDW 
W LDRUL]RQWXULFXUEDWHL

1LYHOXO IRQHWLF H GHILQLW SULQ HXIRQLH vQ SRH]LH ULWPXUL L OHQWGHVS U HDSULYLUHDGH
ULPHFRPSOH[H
RFKLFXYkQWXOGHLGHH

1LYHO OH[LFDO FDUDFWHUL]DW SULQ GLYHUVLWDWH L ERJ LH UD]DGHVWHDSHFkQGSOXWHD
RIORDUHGHWHL
VLQRQLPLF SULQJUDGXOULGLFDWGHFRQFHSWXDOL]DUHDWHUPHQLORU
SULQ YDORULILFDUHD SRWHQ LDOLW LORU PXOWLSOH GH VHPQLILFDUH vQO XQWUXOXQHLJkQGLUL
DEVWUDFWH
DPELJXL]DUHGHOLEHUDW 
 16W QHVFX

1LYHOVLQWDFWLFIUD] FRPSOH[ HODERUDW 
6HPQ

/DQLYHOVWLOLVWLFSUHGLOHF LDSHQWUXWURSLLILJXULGHJkQGLUH
YDULD LHVWLOLVWLF RULJLQDOLWDWH

2UDOLWDWHD YL]HD]  GRX  VWUDWXUL VWLOLVWLFH XQ VWUDW SULPDU +HLKHLF O WRUXOH'DF 
LQWULQVHF OLWHUDWXULL SRSXODUH L WXWXURU FUHD LLORU WHDWUDOH L XQ LL YRUED GHDD DL V  L
VWUDWGHULYDWVSHFLILFVWUXFWXULORUGLDORJDOH GLQSUR] VDXGLQ UXSL FLRFKLQHOH XPEOkQG L
WRW QDL V  J VHWL VOXJ 
SRH]LH  L VWLOXOXL PDULORU SRYHVWLWRUL D F URU VFULLWXU  VLPX FXP FDX L GWD F  SHDLFL
OHD] FLUFXPVWDQ HOHFRPXQLF ULLRUDOH
VXQW QXPDL RDPHQL VSkQL

3DUWLFXODULW LFRPXQLFDUHGLUHFW SUHSRQGHUHQWFRORFYLDO  DSRLFkQGHVWHODDGLF OHD
DIHFWLY LVSRQWDQ FXUHODWLYHOLEHUW LID GHQRUPHOHOLPELL WHD vQWUHED FD
 FH IHO GH
VWDQGDUGGDUFXJUDGULGLFDWGHFRQYHQ LRQDOLWDWHLVWHUHRWLSLH ] WLFQHDO  DL SXWHD V 
vQ SURGXFHUHD IDSWHORU GH VWLO UHOHYDQ D HOHPHQWHORU vQWkPSLQLGLQSULFLQDDVWD"
,&UHDQJ 
SDUDYHUEDOH L QRQYHUEDOH vQ FRQVWLWXLUHD VHQVXULORU ]RQH GH
3RYHVWHDOXL+DUDS$OE 
LQFLGHQ FXUHJLVWUXOVWLOLVWLFSRSXODUGLIHUHQ LHULvQIXQF LHGH 
WLSXOGHFXOWXU YDULDQWDRUDOLW LLUXVWLFHYDULDQWDFLWDGLQ   (L 6  O V P IUD]HOH

0 UFL GLVWLQFWLYH IRUPXOH DOH DGUHV ULL GLUHFWH HQXQ XUL QHQH &D DYHQFXOH $VWHD
H[FODPDWLYH L LQWHURJDWLYH HOLG UL IRQHWLFH WRSLF  DIHFWLY  VXQW EXQH SHQWUX JXU 
FDVF  (X VXQW RPXO SH
IUHFYHQ DXQRUVLQWDJPHH[SUHVLLFRORFYLDOHDVXEVWDQWLYHORU FDUH V O vPEH L FX DS 
vQYRFDWLYDYHUEHORUODLPSHUDWLYDLQWHUMHF LLORUDEDWHULGHOD UHFH"6SXQHXQGHV ILH"
QRUP SUHFXPGH]DFRUGXODQDFROXWXOHWF
,/&DUDJLDOH

2VFULVRDUHSLHUGXW 



5HJLVWUXO



&DUDFWHULVWLFLP UFLWH[WXDOH
([HPSOH

5HJLVWUX VWLOLVWLF VFULV SUHVXSXQH FRPXQLFDUH DUWLVWLF  
PHGLDW  SULQ SURGXFHUHD XQHL VFULLWXUL DO F UXL FULWHULX YDORULF $PH LQG WRWXO DFHDVW 
HVWH RULJLQDOLWDWHD vQWUXQ OLPEDM DXWRUHIOH[LY FRQWLHQW GH LXELUHvQIORUHDI U VHDP Q
FXP vQIORUHVF V OEDWLF vQ
IRU DVDGHDvQWHPHLDXQLYHUVXULDXWRQRPHGDULGHOLPLWHOH OXQD PDL QLPIHOH OXMHULORU
DFHVWRUOXPLVHPDQWLFH
GH FULQ &X RFKLL PDUL

1LYHOXOIRQHWLFQXPDLSX LQLPSRUWDQWGHFkWvQUHJLVWUXORUDO DOEDWUL YLL FD QLWH vQWUH
DUPRQLL LPLWDWLYH ULWPXUL vQ HXIRQLH VDX UXSWXUL GH ULWP ULPH E ULGHFOHWDUFXQHDVWkP
FRPSOH[H HWF  HVWH GXEODW GH QLYHOXO JUDIHPDWLF H[SORD S UXO WUXSXOXL WkQ U FX
WDUHD UHVXUVHORU SRHWLFH DOH JUDILVPXOXL L DOH SXQHULL vQ JXUD QHFRQWHQLW XPHG  L
SDJLQ   * *HQHWWH  GH VHPQDOL] ULOH PHWDWH[WXDOH YHUVXO IUDJHG  FX R LQWHOLJHQ 
DOE YHUVXO VSD LDO HWF  FKLDU GDF  SLFWRSRH]LD VDX FDOLJUD FDUH LUXPSHD L]YRUkW  WRW
DWkW GH PXOW GLQ LQLP  FkW
PHOHU PkQIRUPHGHH[SUHVLYLWDWHDUWLVWLF H[SHULPHQWDOH
GH VXE IUXQWH HUD XQ

1LYHOXOOH[LFDOHVWHFDUDFWHUL]DWSULQWURRULHQWDUHGHOLEHUDW  VSHFWDFROPLQXQDW
DOLPEDMXOXLVSUHSROLVHPLHPD[LP FDUHFRQIHU XQFDUDFWHU
 &DPLO3HWUHVFX
8OWLPDQRDSWH 
GHVFKLV VHPQLILFD LLORU UH HOH OH[LFDOH WHPDWLFH FkPSXUL 
VHPDQWLFHWHUPHQLFXRFXUHQ UDU 
2GDF QDUILHURDUHD

1LYHOXO VLQWDFWLF VWUXFWXUDUHD ULJXURDV  D WH[WXOXL DVWIHO GDF DPILFXUD L
vQFkW ILHFDUH VHFYHQ  WH[WXDO  V  SDUWLFLSH OD UHOHYDQ D &XPVXQWSHWLLGLQPDUHD
HVWHWLF  D VHPQXOXL OLQJYLVWLF SURFHGHHOH L ILJXULOH GH FHDVIHULF IUD L
FRQVWUXF LH DX URO GHILQLWRULX vQ SURGXFHUHD VHPQLILFD LHL LILHFDUHVHFXQG QDUIL
PHUHXDWUHFXWXOXL
UHFXUHQ DVLPHWULDGLVORFDUHDHOLSVDRSR]L LDUHSHWL LD 
 16W QHVFX

/D QLYHO VWLOLVWLF VXE DF LXQHD SULQFLSLXOXL PHWDIRULF
2GDF  
UDSRUWXULOHVLQWDFWLFHVHGH]YROW vQVWUXFWXULLPDJLVWLFHvQVSD LXO
F URUDVHFRQIUXQW XQXQLYHUVUHDOFXXQXOLPDJLQDU ',ULPLD 
5HJLVWUHVWLOLVWLFHSDUWLFXODUH

5HJLVWUX VWLOLVWLF FDUH HYLGHQ LD]  GLPHQVLXQHD LVWRULF  D / SXQHDQXOSRUXQFLV vPSOH
OLPEDMXOXLVLWXHD] LQVWDQ HOHFRPXQLF ULLDUWLVWLFHvQWUXQRUL]RQW FXOHPQHWRDWHFHW LOH0ROGD
GHWLPSUHYROXWSULQDFWXDOL]DUHDXQXLOLPEDMvQYHFKLWLHLWGLQX] YLHLDIDU GH+RWLQLOHDUVH
YUkQG V  VWULFH SULQ DFHDVWD

'RPLQDQWD VWLOLVWLF  RFXUHQ D DUKDLVPHORU OD WRDWH QLYH D]LOXOQHPXO PL LORUFDULLGH
OXULOH GLVFXUVXOXL L UHYLWDOL]DUHD XQRU FRQVWUXF LL  WLSDUH PXOWH RUL XU]HDX FRPSORWXUL
OLQJYLVWLFHvQYHFKLWH
LD k DXUHYROWH
 &1HJUX]]L

7LSXUL GH DUKDLVPH OH[LFDOH FXYLQWH LHLWH GLQ X] VWROQLF
$OH[DQGUX/ SXQHDQXO 
ORJRI W HWF  IRQHWLFH IRUPH VRQRUH vQYHFKLWH SUH VDP  D 
vPSOH D UXPSH O FD  VHPDQWLFH FXYLQWH XWLOL]DWH RGLQLRDU  WHIDQ OXL 5DUH  ,D FDUWHD
FX DOW VHQV SURVWLPH  RDPHQL VH UkQG D W E Uv  D DH]D DVWD %DJR vQ VkQ ,D
WDE U DFHUWDDSHGHSVLHWF PRUIRORJLFH IRUPHIOH[LRQDUH VHDPD OD SHFHWLH 3XQH FDLL
YHFKLLQLPHDULSHSDODWXULY ]XPSOkQVXPVDXIRVWGHVFKLV ODXQRODF$OHJHXQXOELQH
HWF VLQWDFWLFH *D]HWDGH7UDQVLOYDQLDGRPQ ULL0ROGRYHL  IHUHFDW L OD GUXP
6FKLPE  FDLL GLQ SRSDV vQ

)XQF LD VWLOLVWLF  D DUKDLVPHORU XWLOL]DWH vQ SUR]D GH SRSDV L V  QX WH RSUHWL
LQVSLUD LH LVWRULF  HVWH DFHHD GH D FUHD XQ WDEORX GH HSRF  GHFkWvQ DULJUDG$FRORVR
VDXGHDGLIHUHQ LDGLVFXUVXOQDUDWRUXOXLGHFHODOSHUVRQDMHORU GDLvQPkQ PDUHOXLYL]LU
 'HODYUDQFHD
vQWHDWUXOLVWRULFDUKDLVPHOHFUHHD] LPSUHVLDGHYHURVLPLOLWDWH
$SXVGHVRDUH 
SULQUHFRQVWLWXLUHDOLPEDMXOXLYUHPLLHYRFDWH

5HJLVWUX VWLOLVWLF FDUH FRQIHU  LGHQWLWDWH JHRJUDILFOLQJYLVWLF  )UDWHOH FHO V UDF  V UDF V 
XQLYHUVXOXL ILF LRQDO SHUVRQDMXOXL  QDUDWRUXOXL VDX LQVWDQ HL ILH GH S FDWH  WRW DYHD L
HORSHUHFKHGHERLGDUFROq
OLULFHH[SULPDWH
SRUXPELODS UWLQHULQDO L

7LSXUL GH UHJLRQDOLVPH XWLOL]DWH vQ VFRS H[SUHVLY OH[LFDOH GH WUXS HSRL OD FRDUQH
FXYLQWHFXFLUFXOD LHUHVWUkQV ODRDULHJHRJUDILF GLDOHFWDO  DPkQGRL FXGDOEL LQWD L vQ
RP WROHDF QL HOS SXRLFXFXUX]HWF IRQHWLFH SURQXQ LL IUXQWH FLRO QRL L JURL
GLIHUHQ LDWH vQ IXQF LH GH DULD GLDOHFWDO  JKLQH FKLDWU  V  FXP VXQW PDL EXQL GH
VSXLHV SULQ] HWF VHPDQWLFH VHQVXULGLIHULWHDOHDFHOXLDL vQMXJDW OD FDU GH LHLW FX
FXYkQWvQ]RQHGLIHULWHPHUHXvQFHWvQ%DQDW JUDPDWLFDOH GkQLLvQOXPHLGHI FXW

5HJLVWUXO

&DUDFWHULVWLFLP UFLWH[WXDOH
([HPSOH
IRUPH VSHFLILFH DQXPLWRU UHJLXQL DLVWD DLDVWD vQ 0ROGRYD WUHDE  'DU SOXJ JUDS 
VWD DLD vQ 0XQWHQLD YLLWRUXO PROGRYHQHVF  RL PHUJH WHOHDJ  VDQLH FDU WkQMDO 
SUH]HQWXO OXFU  PkQF  vQ 7UDQVLOYDQLD GH]DFRUGXO VXELHFW FkUFHLH FRDV  KUHDSF 
SRL JUHEO  L FkWH DOWH
SUHGLFDWvQ0XQWHQLDHWF 
OXFUXUL FH WUHEXLHVF RPXOXL

9DORDUH H[SUHVLY  O UJLUHD VHULHL VLQRQLPLFH FRQIHU  JRVSRGDUQLFLF VHDIODXOD
FXORDUH ORFDO  UHDOLVP GHVFULSWLY  DX URO GH FDUDFWHUL]DUH D FDVDDFHVWXLRPQHVRFRWLW
SHUVRQDMHORU FD HOHPHQWH GH OLPEDM SRSXODUIDPLOLDU 
 ,&UHDQJ 
' QLO 3UHSHOHDF 
DVSHFWHOH IRQHWLFLL UHJLRQDOH DSOLFDWH XQRU QHRORJLVPH DX
IXQF LHVDWLULF vQOLPEDMXOHURLORUOXL&DUDJLDOH FDILQp 

Q RSHUD OLWHUDU  UHJLVWUXO VWLOLVWLF IDPLOLDU UHSUH]LQW  XQ 1XPDLSOkQJHVWHDQX
PDLMHOL
VSD LXGHLQWHUIHUHQ DVWLOXOXLEHOHWULVWLFFXFHOFRORFYLDO

3DUWLFXODULW L YDORUL]HD]  HVWHWLF YDULDQWD VSRQWDQ  1RDSWHQXP GRMHQL
% GLHVRDUHI WXGUHSWDWH
QHHODERUDW  D OLPELL YRUELWH FX VWUXFWXUL OLQJYLVWLFH OLEHUH FX LDPV  LILXIUDWH
P UFL DOH RUDOLW LL L DOH LPSOLF ULL DIHFWLYH FX OH[LF YDULDW  (%RWWD5HFROWD 
HQXQ XUL QHSUHWHQ LRDVH FX WLFXUL YHUEDOH L HOHPHQWH GH 
' PLFHDVXOV  LOUHSDU
FUHDWLYLWDWHH[SUHVLY 
6XQWVSHFLDOLVWvQGHFHVHGH

5RO VWLOLVWLF FDUDFWHUL]DUHD SHUVRQDMHORU VDX D XQXL PHGLX
VHFXQGDU
FXOWXUDO  VRFLRSURIHVLRQDO vQ SRH]LD SRVWPRGHUQLVW  9LQRODPLQHFXRUD
JHQHUHD]  SUR]DLVPXO GHOLEHUDW SULQ FDUH HVWH VXUSULQV  YLQRODPLQHFXRUDV 
EDQDOLWDWHDFRWLGLDQ LvQDFHODLWLPSFRQVWUXLHWHFRQWH[WXO UHVSLU PvPSUHXQ 
VWLOLVWLFFRQWUDVWLYPHQLWV UHOLHIH]HUDUHOHPHWDIRUH SODVDWH EHWRQLPRUWDU
QV SHPkQDPHDVWkQJ 
IUHFYHQWFDSRDQW vQILQDO 
GLQFHDVGHGXV

-XUQDOXO OLWHUDU L PHPRULLOH VXQW VFULHUL GH JUDQL  vQ
FDUH UHJLVWUXO VWLOLVWLF IDPLOLDU FRQIHVLY VH DVRFLD]  FHOXL FUHVFXVHXQLHUEDU ),DUX
EHOHWULVWLF FKLDU GDF  UHIHUHQWXO UHDO ELRJUDILF FRQIHU  R
0DUFDMHQRLIXQGD LLFHDVXUL 
GLPHQVLXQHQRQILF LRQDO WH[WXOXL

8WLOL]DW vQ OLWHUDWXU  FD UHVXUV  GH vQQRLUH D OLPEDMXOXL  6H ULGLF  DLFL R SUREOHP 
UHJLVWUXO VWLOLVWLF DUJRWLF FUHHD]  ILJXUL VHPDQWLFH SULQ VSXVHYL]LUXO>@ LQPLQWH
VHQVXULOH QRL DWULEXLWH XQRU FXYLQWH GLQ OLPED FRPXQ  XQRU F  DFXP YUHR SDWUX]HFL GH
DQLHUDPFRSLOGHFDV LvQ
UHJLRQDOLVPHDUKDLVPHQHRORJLVPHVDXXQRUFXYLQWHvPSUX ORF V  IUHF SRGHOHOH IUHFDP
PXWDWHGLQOLPED LJ QHDVF JHQHUkQGXQOLPEDMFRGLILFDW PDQJDOX
 FXP VH ]LFH 0 

([SUHVLYLWDWHD DUWLVWLF  HVWH GHWHUPLQDW  GH PHWDIRUD YHGH VXOWDQXO LPL VSXQH
PHWRQLPLD HXIHPLVPXO DQWRQRPD]D HWF SULQ FDUH VH &H IDFL EUH" 0 
SURGXFHWUDQVIHUXOVHPDQWLFLFRQYHUWLUHDWHUPHQLORUDUJRWLFL JkQGHVF SUHD P ULWH ]LF
HXQFDVDPHDEUH"IDFH
vQVHPQLILFDQ LDUWLVWLFL

5RO VWLOLVWLF vQVFULHUHD OXPLL QDUDWH vQ SHUVSHFWLYD UHDOLV HO L G L L DUGHL F  GH
DWXQFL JkQGHVF QXPDL vQ
PXOXL V X OLQJYLVWLF ',ULPLD  PLMORF GH SURGXFHUH D
DHU OLEHU >@ &DS DL
LPSUHVLHL GH YHURVLPLOLWDWH vQ FDUDFWHUL]DUHD XQRU SHUVRQDMH JkQGLUH FH L PDL WUHEXLH"
VDXDXQXLJUXSVRFLDOvQFKLVvQSRH]LHDFHVWOLPEDMDQWLOLULF ) LWXRSDX] 
YL]HD]  VSLULWXO GH IURQG  L QHYRLD GH H[SUHVLYLWDWH 
 ,*URDQ2VXW GHDQL
5 =DILX  HIHFWXO VWLOLVWLF ILLQG FRQVWUXLUHD XQHL YL]LXQL
GH]LOHODSRU LOH2ULHQWXOXL 
DQWLPHWDIL]LFH DVXSUD XQHL OXPL DEVXUGH VDX GHFRQVWUXLUHD
XQRUPRGHOHOLULFHYHWXVWH
URPkQ 

3UH]HQ D WHUPHQLORU GH MDUJRQ vQ OLPEDMXO DUWLVWLF DGXFH 0RIWDQJLRDLFD
YRUEHWH
URPkQHWH
QXPDL
HOHPHQWH GH QRXWDWH QX GRDU vQ VIHUD OH[LFXOXL FL L OD QLYHO
DYHFOHVGRPHVWLTXHVvQFROR
IRQHWLF RIHULQG R DOWHUQDWLY  PRGHUQ  OD PDL YHFKLXO UHJLVWUX
IUDQ X]HWH
HPIDWLF
 ,/&DUDJLDOH0RIWXOURPkQ 

(IHFWXO GH VWLO SULQFLSDO HVWH UXSWXUD GH QLYHO FUHDUHD
L ]kPEHWL VSUH ILHFDUH
UHOD LHLFRQWUDVWLYHvQFRQWH[WXOVWLOLVWLF
GvQWUHRDVSH LLQVHPQD L

9DORDUHD H[SUHVLY  D HOHPHQWHORU GH MDUJRQ vQ VFULHULOH 2Kv LYLQHDPHUYHOLX vQ7
WUDGL LRQDOH HUD OLPLWDW  OD FDUDFWHUL]DUHD XQRU SHUVRQDMH VDWLUL VKLUW LQSUHVS OD L
]DWHDXQXLJUXSFDUHvLFUHHD] RLGHQWLWDWHVRFLRSURIHVLRQDO   0LUFHD& UW UHVFX/HYDQWXO 




5HJLVWUXO

&DUDFWHULVWLFLP UFLWH[WXDOH
RULODFRQVWUXLUHDXQHLGLPHQVLXQLLURQLFHvQSODQXOQDUDWRUXOXL
vQ OLPEDMXO DUWLVWLF PRGHUQ XWLOL]DUHD MDUJRQXOXL SRDWH IL
FRQVLGHUDW  L R PDUF  VWLOLVWLF  D RPXOXL FRQWHPSRUDQ FDUH
VHPLF GH]LQYROWvQVSD LXOPXOWLFXOWXUDOLW LLVDXRWHQWDWLY 
GHDWUDQVJUHVDOLPLWHOHXQHLOLPELQD LRQDOHSULQSOXULOLQJYLVP

([HPSOH

D PHUYHOLX j PHUYHLOOH ORF


DGYvQOLPEDIUDQFH] IRDUWH
ELQHPLQXQDWH[WUDRUGLQDU
7VKLUW 7VKLUWHQJO WULFRX


5HJLVWUX VWLOLVWLF DVRFLDW IUHFYHQW UHJLVWUXOXL FXOW GHILQLWRULX 3VLKRORJLD DUDW  F  DX R
WHQGLQ  GH VWDELOL]DUH VW ULOH
SHQWUXGLVFXUVXOHOHYDWFRQFHSWXDOL]DWPRGHUQ

'RPLQDQWDVWLOLVWLF IUHFYHQ DPDUHDWHUPHQLORUQHRORJLFL VXIOHWHWLUHSHWDWHLF PHQ L
QXWHFXYRLQ GXFODRDGH
VSHFLDOL]D LvQVIHUDWLLQ HORU ILORVRILHSVLKRORJLHPDWHPDWLF  Y UDW QHYUR] 2ULFHLXELUHH
IL]LF HWF VDXvQGRPHQLLOHWHKQLFHDVSHFWHUXGLWDOVFULLWXULL FDXQPRQRLGHLVPYROXQWDUOD

)XQF LLVWLOLVWLFHSRDWHGLIHUHQ LDSODQXOQDUDWRUXOXLGHFHODO vQFHSXWSDWRORJLFSHXUP 
&3HWUHVFX
SHUVRQDMHORU VDX DUH URO vQ FDUDFWHUL]DUHD XQRU HURL vQ
8OWLPDQRDSWHGHGUDJRVWH 
VXUSULQGHUHD XQRU PHGLL LQWHOHFWXDOH RUL DUWLVWLFH
H[SUHVLYLWDWHD PD[LP  HVWH FRQIHULW  GH FRQWH[WH VWLOLVWLFH 2UGRQDW  6SLU   6XQHW 
)UXFW GH OLU   &DS W
FRQWUDVWLYHvQFDUHQHRORJLVPHOHVXQWUHOLHIDWHSULQDVRFLHUHD SDUDORJLF/HDJ QPLWRORJLF
FXWHUPHQLSRSXODULFRORFYLDOLVDXFXHOHPHQWHGHMDUJRQ  ,%DUEX8YHGHQURGH 

5HJLVWUX VWLOLVWLF VROHPQ FDUDFWHULVWLF XQRU VSHFLL FODVLFH %ULJEHOXUHJHWkQDUGLQ
SUHFXPWUDJHGLDLPQXORGDvLvQVFULHVWUXFWXULOHGLVFXUVLYHvQ YUHPHDFHDF UXQW 
3H]HLLYHFKLL'DFLLLDIRVW
PRGHOHFRQYHQ LRQDOHVSHFLILFHVWLOXOXLvQDOW
FKHPDWODQXQW 

'LPHQVLXQHD VWLOLVWLF  WRQDOLWDWH JUDY  FHUHPRQLRDV  )UXPRVDXDUVvQIO F UL
UHDOL]DW  SULQ FDWHJRULD HVWHWLF  D VXEOLPXOXL SULQ OH[LFXO SULQRVXOGHSHYDWU 
HOHYDWSULQILJXULUHWRULFHHWF
3HFkQGLQWUDU RDVSH LL

9DORDUH H[SUHVLY  GLVFXUVXO HOHYDW HVWH PHQLW V  VXEERO LOHLGHSLDWU 
HPR LRQH]H SXWHUQLF V  FRQIHUH R P UH LH VREU  LGHLORU QFDSXOPHVHLDGH
HYHQLPHQWHORU SHUVRQDOLW LORU HYRFDWH  SHUVRQDMHORU vQ =DPRO[H]HXOJHWLF
FUHD LLOHSRVWPRGHUQLVWHHIHFWXOGHVWLOHVWHRSXVH[DJHUDUHD &HOHVQHXUF OXPHDFX
XP UXLDWOHWLF
VROHPQLW LL SULQ WRQXO HQFRPLDVWLF VDX PHORGUDPDWLF
0(PLQHVFX*HPHQLL
GHWHUPLQ SDVWLDFDULFDWXUDDFHVWXLUHJLVWUXVWLOLVWLF

5HJLVWUX VWLOLVWLF FDUH vL DUH RULJLQHD vQ DUWD UHWRULFLL WLLQ  2PRDUWHDHXQFKDRVRPDUH
DQWLF DHODERU ULLGLVFXUVXOXLSHUVXDVLYFDUHDHYROXDWVSUHDUWD GHVWHOH
RUQ ULLVWLOLVWLFHvQFKHLQGXLH[LVWHQ DvQVHFDO;,;OHD FDUDFWH &kQGYLD DLREDOW GHYLVH
UHEHOH
UL]DWSULQWRQDOLW LH[DOWDWHSULQIUHFYHQ DPDUHDILJXULORUGHVWLO 2PRDUWHDLXQVHFROFXVRUL

([SUHVLYLWDWHD DUWLVWLF  UH]LG  vQ VXSUDPDUFDUHD VHFYHQ vQIORULW
HORU WH[WXDOH WLUDGD SHULRDGD IUD]D VHFYHQ D SRHWLF  HWF  &kQGYLD DLXQEDVPXSXVWLX
SULQ JUDQGLORFYHQ  LQWHURJD LD L H[FODPD LD UHWRULF  LXUkW
HQXPHUD LD L JUDGD LD  DQWLWH]H L PHWDIRUH vQGU ]QH H HWF  0(PLQHVFX0RUWXDHVW 
VLPHWULLUHFXUHQ HLRSR]L LLVLQWDFWLFHHWF 
$XGRDUQXPLD LMXUDWLPLH

5RO VWLOLVWLF GLVFXUVXO UHWRULF SRDWH FUHD R WRQDOLWDWH FUHGLQ  FkQG HUDP VWROQLFXO
SDWHWLF  SULQ FDUH VH H[SULP  H[DOWDUHD HXOXL URVWLWRU 3HWUH" 1X PD L DOHV YRL"
WHQVLXQHD SDUR[LVWLF  D XQRU FRQIOLFWH RUL LQWHQVLWDWHD WU LULORU &XPDXIRVWREO GXLUHDPHD"
&HVkQJHDPY UVDW"&DUHVDX
LQWHULRDUH D SDVLXQLORU XQRU SHUVRQDMH GLQ RSHUD HSLF  VDX vQWRUV GH OD XD PHD I U  V 
GUDPDWLF  VXSUDOLFLWDUHD SURFHGHHORU UHWRULFH SRDWH GHFODQD FkWLJHGUHSWDWHLPkQJkLHUH"
&1HJUX]]L 
vQV HIHFWHFRPLFHSDURGLFHVDXLQIOH[LXQLLURQLFH
,VPDwO
HVWH
FRPSXV
GLQ RFKL

5HJLVWUX VWLOLVWLF FDUH UHFXUJH OD LPLWDUHD XQHL RSHUH GLQ
IDYRUL
LLURFKLHLVHJ
VHWH
JHQXO vQDOW vQ VFRSXO FRPSURPLWHULL DFHVWHLD DSHOHD]  OD
]LFXIRDUWHPDUHJUHXWDWH
DVW
LQWHUWH[WXDOLWDWH UHOD LD GH FRSUH]HQ  vQWUH GRX  VDX PDL
QDLQWH YUHPH FUHWHD L vQ
PXOWH WH[WH  * *HQHWWH  VDX OD KLSHUWH[WXDOLWDWH GHULYDUHD *U GLQD %RWDQLF  LDU PDL
XQXLWH[WGLQDOWXOSULQWUDQVIRUPDUHVDXSULQLPLWD LH 
WvU]LX JUD LH SURJUHVXOXL

'RPLQDQWDVWLOLVWLF GLVFXUVXODUHRJUDYLWDWHVLPXODW VDX WLLQ HLPRGHUQHVDUHXLWV 
VH IDEULFH XQXO SH FDOH
GLPSRWULY XQFDUDFWHUVDWLULFDFFHQWXDW

([SUHVLYLWDWHDDUWLVWLF HVWHUHDOL]DW SULQGHFRQVWUXLUHDWH[WXOXL FKLPLF SULQV\QWKH] 
 8UPX],VPDLO 
VXUV SULQHIHFWHQHDWHSWDWHJHQHUDWHGHQRXOFRQWH[WVWLOLVWLF


5HJLVWUXO




&DUDFWHULVWLFLP UFLWH[WXDOH

5HJLVWUXVWLOLVWLFFDUDFWHUL]DWSULQGLVLPXODUHDXQHLDWLWXGLQL
FULWLFHVXEDSDUHQ DODXGDWLY SHUIRUPDUHDVHQVXOXLLURQLFVH
UHDOL]HD]  vQ FRQWH[WXO VWLOLVWLF FDUH SHUPLWH L LGHQWLILFDUHD
FRPSRQHQWHL JUDGXDOH D UHJLVWUXOXL GH OD LURQLD ERQRP  OD
GLVSUH GHODPDOL LHODVDUFDVP 

3DUWLFXODULW L IRUPXO ULOH LURQLFH QDX DOW PLMORF GH D VH
IDFHUHFXQRVFXWHvQDIDU GHLQWRQD LLOHFXFDUHVXQWGHELWDWH
79LDQX 

5RO VWLOLVWLF LQVWLWXLH XQ VWUDW GH DGkQFLPH DO VHPQLILFD LHL
PDUFkQG UXSWXUD vQWUH DSDUHQ  L HVHQ  SUHFXP L
GLVWDQ DUHD FULWLF  GLVSUH XLWRDUH D ORFXWRUXOXL QDUDWRU
SHUVRQDM  HXO OLULF  L D OHFWRUXOXL GH XQ UHIHUHQW SHUVRQDM
RELHFWHYHQLPHQWVLWXD LHHWF SHFDUHvOSHUVLIOHD] HVHQ D
LURQLHL HVWH V  SURYRDFH WRFPDL DIHFWHOH FRQWUDULL DFHORUD
OHJDWHGHH[SUHVLLOHvQWUHEXLQ DWH 79LDQX 

([HPSOH

&HOFDUHPLEDJ QVSDWHXQ
FX LW
%LQHYHQLWILHLIHULFLW
LDDPLVHS UHDWUXSXO
SUHDJUHX
LDDQXPDLWLDPGDF 
VXQWHX

%LQHYHQLWILHLEXFXURV
& ]DFSDUFDGRUPLWFXID D
QMRV
9LVkQGODFHVHQWkPSO SH
S PkQW
vQWUXQDLYRLFkQWDVXIOHWXO
EOkQG


$FHOXLDFHPLEDJ XQFX LW


vQVSDWH)LHYHQLFIHULFLW
 (%UXPDUX'XOFLGLVWLKXUL 
8QSHWHPLFLIRDUWHWULVW
'LQKHOHWHXOFRQWHOXL
6DQGU JRVWLWGHXQ
DPHWLVW
'HODLQHOXOFRQWHOXL
LQWURFDOHDF DVRVLW
6 FHDU PkQDFRQWHOXL
'DUUHIX]DWLDGkQFMLJQLW
0XULVXERFKLLFRQWHOXL


5HJLVWUX VWLOLVWLF LQVWLWXLW SULQWUR VWUDWHJLH WH[WXDO  GH
VXEPLQDUH GLQ LQWHULRU D XQHL VWUXFWXUL OLWHUDUH IRUPXO  VDX
LQVWDQ  QDUDWLY  FRQVWUXFW SRHWLF VDX WHDWUDO WRSRV OLWHUDU
VFULLWXU  HWF  SULQ UHVFULHUH vQ FKHLH PLQRU  vQ UHJLPXO
GHUL]RULXOXL

'RPLQDQWD VWLOLVWLF  GHFRQVWUXLUHD FOLHHORU D SRQFLIHORU
JHQXOXL FRQWUDIDFHUHD ORU GH]LQYROW  SULQWUXQ MRF VWLOLVWLF
DELO
 (%UXPDUX&kQWHFQDLY 

([SUHVLYLWDWHD DUWLVWLF  UH]LG  vQ QRXD YL]LXQH GHJUHYDW 
GHFOLHHLvQMRFXULVFOLSLWRDUHGHFXYLQWH

5HJLVWUX VWLOLVWLF GHILQLWRULX SHQWUX FUHD LLOH  VHFYHQ HOH 9UHPHWUHFHYUHPHYLQH
WRDWH
WH[WXDOH vQ FDUH VXQW IRUPXODWH UHIOHF LL DVXSUD FRQGL LHL 7RDWHVYHFKLLQRX
&HHU XLFHHELQH
XPDQH
7XWHQWUHDE LVRFRDWH

'RPLQDQWD VWLOLVWLF  GLVFXUVXO FRQFHSWXDOL]DW SULQ FDUH VH 1XVSHUDLQXDLWHDP 
LQVWLWXLH IRUPXO UL SUHJQDQW VHQWHQ LRDVH XWLOL]DUHD XQRU &HHYDOFDYDOXOWUHFH
'HWHQGHDPQ GHWH
VWUXFWXUL OLQJYLVWLFH LPSHUVRQDOH SHUVRDQH JUDPDWLFDOH FX FKHDP 
YDORDUHJHQHULF 
7XU PkLODWRDWHUHFH

([SUHVLYLWDWHD DUWLVWLF  HVWH GHWHUPLQDW  GH OLPEDMXO FX  0(PLQHVFX*ORVV 
PDUH YDORDUH FRJQLWLY  UHIHUHQW JHQHUDOXPDQ WHUPHQL
FRQFHSWXDOL]D LIRUPXO ULPHPRUDELOHFDUHH[SULP vQLPDJLQL
DUWLVWLFH UDSRUWXO GLQWUH RP L XQLYHUV RP L H[LVWHQ 
FXQRDWHUHFUHD LHWLPSHWF

5HJLVWUX VWLOLVWLF VSHFLILF FUHD LLORU FX XQ UHIHUHQW LPDJLQDU &XPVHVSULMLQ QRXULLQHJUL
WUDQVFHQGHQW vQ FDUH HVWH VXUSULQV  UHOD LD ILLQ HL FX GHFHUDDVHVSULMLQ 
GLYLQLWDWHD ILRUXO PHWDIL]LF QHOLQLWHD RQWRORJLF  L VXIOHWXOPHX
GHXPEUDWD'RDPQH
JQRVHRORJLF  DVSLUD LD VD VSUH VDFUX QHYRLD GH FHUWLWXGLQL  1LFKLWD'DQLORY3HLVDMFX
OXPkQ ULDSULQVHQYkQW 
HWF

'RPLQDQWDVWLOLVWLF HVWHUHSUH]HQWDW GHXQIRQGOH[LFDOL
XQIRQGGHPRGHOHVLQWDFWLFHFHVHVXVWUDJHYROX LHLOLPELL '
,ULPLD 

([SUHVLYLWDWHD DUWLVWLF  HVWH DVRFLDW  LGHLORU vQDOWH
UHSUH]HQW ULORU L VLPEROXULORU UHOLJLRDVH IRUPXODWH vQ OLPEDMXO
SVDOPRGLHULLFHUHPRQLRDVH






9$/25,67,/,67,&($/(7,0385,/259(5%$/(

7H[WXOOLWHUDURSLQHD] 'XPLWUX,ULPLDvQVWXGLXO,QWURGXFHUHvQVWLOLVWLF SRDWH
ILFRQVLGHUDWFDRUHDOLWDWHFXGRX LSRVWD]HFRQVXEVWDQ LDOH  VWUXFWXU VWLOLVWLF L
 IXQF LDGHVHPQLILFDUHSRHWLF QSULPDLSRVWD] VWUXFWXUDVWLOLVWLF SRDUW P UFLOH
(XOXLDXFWRULDOvQLSRVWD]DDGRXDVWUXFWXUDVWLOLVWLF JHQHUHD] OXPHDVHPDQWLF D
WH[WXOXLLSRDUW WRWRGDW P UFLOH(XOXLWH[WXOXL$PEHOHVHULLGHP UFLVWLOLVWLFHDOH
HXOXL DXFWRULDO L DOH HXOXL WH[WXDO  vL GHILQHVF LGHQWLWDWHD L LPSOLFLW RULJLQDOLWDWHD
SULQ PRGXO GH YDORULILFDUH D SRWHQ LDOXOXL H[SUHVLY DO OLPELL D GLYHUVHORU FDWHJRULL
HVWHWLFHVHPDQWLFHPRUIRORJLFHLVLQWDFWLFH
9(5%8/SULQUHJLPXOV XSULYLOHJLDWGHQXFOHXDOHQXQ ULLUHSUH]LQW RVXUV 
PDMRU  GH H[SUHVLYLWDWH DUWLVWLF  $FHDVWD VH FRQVWUXLHWH QX QXPDL OD QLYHOXO
FRQ LQXWXOXL VHPDQWLF L DO VWUXFWXULL OLQJYLVWLFH YHUEH  ORFX LXQL YHUEDOH  FL L OD
QLYHOXOFDWHJRULLORUPRUIRVLQWDFWLFHVSHFLILFHWLPSXULOHPRGXULOHSHUVRDQHOH
7LPSXO FHD PDL FRPSOH[  FDWHJRULH JUDPDWLFDO  GH]YROW  JUDGXO FHO PDL vQDOW
GH FRPSOH[LWDWH vQ VWLOXO EHOHWULVWLF >@ 6WLOXO EHOHWULVWLF vL GHILQHWH VSHFLILFXO SULQ
FRQVWLWXLUHD WLPSXOXL JUDPDWLFDO vQWUR FDWHJRULH QDUDWLY  ' ,ULPLD  LPSOLFkQG
SHUVSHFWLYHWHPSRUDOHLFDSDFLWDWHGHVSD LDOL]DUH SULPSODQLSODQXULGHDGkQFLPH 


9DORULVWLOLVWLFHDOHFDWHJRULLORUJUDPDWLFDOH

([HPSOH

35(=(178/HVWHIRUPDYHUEDO FDUHGH]YROW UHJLVWUXOVHPDQWLFFHOPDLERJDWDFRSHULQG


IXQF LRQDOWRDWHFHOHWUHLSHUVSHFWLYHWHPSRUDOHWUHFXWSUH]HQWYLLWRUVDXGH]YROWkQGXQVHQV
SDQWHPSRUDO 'XPLWUX,ULPLD 
 SUH]HQWXO QDUDWLY  SURSXQH R SHUVSHFWLY 
VLQFURQLF  vQ FDUH WLPSXO QDU ULL L WLPSXO HYHQLPHQWHORU
QDUDWHVHVXSUDSXQWLPSXOOHFWXU ULLLQWU LHOvQUH]RQDQ 
FX DFHVW WLPS LQWHJUDWRU JHQHUkQG R WHPSRUDOLWDWH
FRLQFLGHQW  vQ FDUH VH vQWkOQHVF QDUDWRUXO HURLL L
OHFWRUXO VFULLWRUXO DGXFH WLPSXO QDUD LXQLL vQ WLPSXO
FLWLWRUXOXL ',ULPLD 
 FDUDFWHULVWLF QDUD LXQLL vQ VLPXOWDQHLWDWH SUH]HQWXO
QDUDLYGLQDPL]HD] DF LXQHDLQGXFHOHFWRUXOXLVHQWLPHQWXO
SDUWLFLS ULLGLUHFWHODHYHQLPHQWHOHLVWRULVLWHFUHkQGLOX]LD
F DFHVWHDVXQWUHODWDWHSHP VXU FHVHGHVI RDU 
 YDORUL H[SUHVLYH PXOWLSOH UHOLHIDUHD GUDPDWLVPXO
UDSLGLWDWHD SODVWLFLWDWHD  GDU L UXSWXUD HYDOXDUHD
VXUSUL]D 5=DILX 
 vQ SRH]LD HSLF  L vQ FUHD LD OLULF  vQ FDUH YL]LXQHD
SRHWLF  VH vQWHPHLD]  SH XQ VFHQDULX QDUDWLY SUH]HQWXO
GHWHUPLQ  DQXODUHD KRWDUHORU VHPDQWLFWHPSRUDOH
VSHFLILFH ',ULPLD  FRQIHULQG XQ UHOLHI VWLOLVWLF GHRVHELW
VLWXD LHL  HYHQLPHQWXOXL  H[SHULHQ HL GH FXQRDWHUH
VXUSULQVHvQGHVI XUDUH
SUH]HQWXOLVWRULFGUDPDWLFDQXOHD] RSR]L LDFDWH
JRULDO SUH]HQWWUHFXWSULQDFWXDOL]DUHDXQRUHYHQLPHQWH
DQWHULRDUH vQ SUH]HQWXO QDUDWRUXOXL L LPSOLFLW DO
OHFWRUXOXL
 vQ DOWHUQDQ  FX YHUEH OD WLPSXUL WUHFXWH SURGXFH
LHUDUKLD SODQXULORU GH DGkQFLPH SULQ WHKQLFD
EDVRUHOLHIXOXL DGXFkQG ILJXUD L IDSWHOH HURXOXL vQ
FODU OXPLQ DSUH]HQWXOXLvQFRQWUDVWFXDGYHUVDULLOXLL
DF LXQLOH FRQH[H FDUH VXQW vPSLQVH vQ SHQXPEUD
WUHFXWXOXL 79LDQX 


([SOR]LLOHVHVXFFHGRUJDQL]DW8QHOHOHDXGODFk LYD
SDLDOWHOHvQPLQH8QYkMkLWVFXUWSHFDUHXUHFKHDvO
SULQGH FX XQ VRL GH DQWLFLSD LH vQFOHWH]L GLQ LL FX
PkQD vQGRLW  GHDVXSUD FDSXOXL vQWUR FRQYXOVLH
HSLOHSWLF 

&3HWUHVFX 

2PXOVHVFRDO WUH]HWHFRSLLvQKDP FDLLLXPEO GH


FRORSkQ FRORSULQFXUWH

03UHGD 

(O]ERDU JkQGSXUWDWGHGRU
3kQ
SLHUHWRWXOWRWXO
2UHOHSOXWHVFSHOkQJ XP UXOW X
VIHUHDOEDVWUHLQWUHHOHH6DWXUQ
LFXPVHGXFVHPLFRUHD] 
PDLvQVHUDWLPDLQRFWXUQ

0(PLQHVFX 

16W QHVFX 

0LKDLVHJU EHWHWUHFH'XQ UHDvLvQGHDPQ RWLOH


FDUHQ Y OHVFDVXSUDWXUFLORULvLXFLGVDXvLSULQGPDL
SH WR L>@ 'DU +DVVDQ3DD IXJHD vQVS LPkQWDW L
QXVHSXWHD LQHSHSLFLRDUHGHJURD] 
1% OFHVFX 

0LKQHDvQFDOHF FDOXOV XWURSRW 


)XJHFDYkQWXO

 '%ROLQWLQHDQX 

9DORULVWLOLVWLFHDOHFDWHJRULLORUJUDPDWLFDOH
 3UHIHULQ D SHQWUX SHUIHFWXO VLPSOX FD WLPS QDUDWLY vQ
SUR]  L SHQWUX SUH]HQWXO LVWRULF vQ SRH]LH HVWH vQ
VHFROXO WUHFXW VHF DO ;,;OHD QQ  SULQFLSDOD GLIHUHQ 
GLQWUH QRUPD QDUDWLY  D SUR]HL L FHD D SRH]LHL
5=DILX 
 SUH]HQWXO HWHUQ  DWHPSRUDO  PLMORF DO SRWHQ ULL
UHWRULFH 79LDQX  SULQ FDUH WLPSXO QDUD LXQLL WLPSXO
HQXQ ULL L DO UHFHSW ULL VH vQVFULX vQWUXQ FRQWLQXXP
WHPSRUDO I U  vQFHSXW L I U  VIkULW SHUFHSXW GLQ
SHUVSHFWLY FRVPLF VDXPHWDIL]LF 
GHUHDOL]HD] FDWHJRULDWLPSXOXL FRQVLGHUDW LUHOHYDQW 
H[SULPkQG FRQGL LD RQWRORJLF  D XQRU HQWLW L FRQVL
GHUDWH DWHPSRUDOH 'LYLQLWDWHD 1DWXUD &UHD LD $UWD
,XELUHD/LEHUWDWHDHWF
YDORDUHDH[SUHVLY YL]HD] vQVFULHUHDIHQRPHQDOXOXL
vQWUR SHUVSHFWLY  XQLYHUVDO  vQFDGUDUHD H[SHULHQ HL
LQGLYLGXDOHDHYHQLPHQWXOXLSDUWLFXODUvQWUXQWLSDUPLWLF
FD PRGDOLWDWH VWLOLVWLF  D VXERUGRQ ULL IDSWHORU OD LGHH
79LDQX  SUH]HQWXO HWHUQ DUH URO GH UHOLHIDUH D XQRU
FDWHJRULL ILORVRILFH D XQRU FRQFHSWH HWLFH HVWHWLFH VDX
FRJQLWLYHDXQRUYDORULXPDQHFRQVLGHUDWHDWHPSRUDOH
 SUH]HQWXO JQRPLF  SDQWHPSRUDO  DUH FD HIHFW
VWLOLVWLF VXVSHQGDUHD RSR]L LLORU WHPSRUDOH FRQIHULQG
HQXQ XULORURYDORDUHRPQLWHPSRUDO LXQJUDGPDUHGH
JHQHUDOLWDWH
 HVWH VSHFLILF HQXQ XULORU VHQWHQ LRDVH DXWRQRPH SUR
YHUEH ]LF WRUL PD[LPH DIRULVPH  PHGLWD LLORU ILORVRILFH
FXJHW ULORUGLYHUVHDVXSUDFRQGL LHLXPDQHDVXSUDUDSRU
WXOXLRPOXPHRPGLYLQLWDWHILLQ FUHDWRDUHFUHD LHHWF
 vQ SODQ VHPDQWLF LPSULP  R GLPHQVLXQH FRJQLWLY 
WH[WXOXLLRYDORDUHPRUDO JHQHUDOXPDQ PHVDMXOXL
 vQ SODQ VWLOLVWLF YDORDUHD H[SUHVLY  H JHQHUDW  GH
FRQFL]LDSODVWLF DGLVFXUVXOXLLIUHFYHQWGHYDOHQ HOH
PHWDIRULFHPHWRQLPLFH DOH YHUEHORU OD SUH]HQWXO
JQRPLF vQ FUHD LL QHR  SRVWPRGHUQLVWH SUH]HQWXO
JQRPLFHVWHDVRFLDWXQRUUHDOLW LSUR]DLFH
 SUH]HQWXO OLULF  UHDOL]HD]  XQ GHFXSDM vQ IOX[XO
WHPSRUDO FRQWLQXX H[SULPkQG LQWHQVLWDWHD WU LULL vQWUR
GXUDW FRQFHQWUDW 
vQSODQXOVHPQLILFD LLORUSUHVXSXQHFRQWLLQ DOLPLWHORU
RQWLFHDOHILLQ HLLDVXPDUHDFRQGL LHLH[LVWHQ LDOHH[SULP 
 H[SOLFLW VDX LPSOLFLW  GRULQ D GH D GD XQ VHQV GXUDWHL
IUDJPHQWDUHRULUHIX]XOQHSXWLQ DVW ULLSHORFHWF
 OD QLYHO VWLOLVWLF SUH]HQWXO OLULF DFFHQWXHD]  RSR]L LD
vQWUH SHUVSHFWLYHOH WHPSRUDOH YDORUL]kQG FOLSD FHD
UHSHGHFHQLVDGDWvQFRQWUDVWFXWUHFXWXOVDXFXYLLWRUXO
 SUH]HQWXO HYRFDWLY  DO UHSUH]HQW ULL ILF LRQDOH 
DUHRYDORDUHGXUDWLY SURSXQkQGRSHUVSHFWLY DXQXL
WUHFXWFDUHVHGHVFKLGHVSUHSUH]HQWXOQDU ULLDOURVWLULL
OLULFHLDOOHFWXU ULL
 VHPDQWL]DUHD SRHWLF  D SUH]HQWXOXL HYRFDWLY
GHWHUPLQ  DQXODUHD VXFFHVLXQLL OLQHDUH D GRX  GXUDWH
SHFDUHOHGL]ROY vQWUXQIOX[WHPSRUDOFRQWLQXX
 YDORDUHD H[SUHVLY  D SUH]HQWXOXL HYRFDWLY UH]LG  vQ
GHVFKLGHUHDSHUVSHFWLYHORUWHPSRUDOHLLQVWDODUHDHXOXL
URVWLWRUD QDUDWRUXOXL vQWUR GXUDW  FRQWLQX 
GLQDPL]HD]  LPDJLQLOH DUWLVWLFHDF LXQHD SULQ UHIHUHQWXO
WHPSRUDOGHDVSHFWGXUDWLY


([HPSOH
0LUFHDvQVXLPkQ QOXSW YLMHOLDQJUR]LWRDUH
&DUHYLQHYLQHYLQHFDOF WRWXOvQSLFLRDUH


&HPLLYUHPHDFkQGGHYHDFXUL
6WHOHPLVFkQWHLHSHODFXUL
& GHLYUHPHDUHDVDXEXQ 
9kQWXPLEDWHIUXQ]DPLVXQ 
1XPDLSRHWXO
&DS V ULFH]ERDU 
'HDVXSUDYDOXULORU
7UHFHSHVWHQHP UJLQLUHDWLPSXOXL

 0(PLQHVFX 

0(PLQHVFX 

0(PLQHVFX 

3HVWH ]YkUFROLULOH YLH LL YUHPHD YLQH QHS V WRDUH


WHUJkQG WRDWH XUPHOH 6XIHULQ HOH SDWLPLOH
Q ]XLQ HOHPDULVDXPLFLVHSLHUGvQWURWDLQ GXUHURV
GH QHFXSULQV  FD QLWH WUHPXU UL SO SkQGH vQWUXQ
XUDJDQXULD

/5HEUHDQX 

3VLKRORJLDDUDW F DXRWHQGLQ GHVWDELOL]DUHVW ULOH


VXIOHWHWLUHSHWDWHLF PHQ LQXWHFXYRLQ GXFODR
DGHYDUDW  QHYUR]  2ULFH LXELUH H FD XQ PRQRLGHLVP
YROXQWDUODvQFHSXWSDWRORJLFSHXUP 

 &3HWUHVFX 

9UHPHWUHFHYUHPHYLQH
7RDWHVYHFKLLQRX WRDWH


7RDW OXPHDVHXLW SHIHUHDVWU 


&LWHWHVSDO LXEHWHPRDUH
LGLQFkQGvQFkQGG IXJD
LVHXLW SHIHUHDVWU 

0(PLQHVFX 

06RUHVFX 

3XUXULWkQ UvQI XUDWvQPDQWDPL


2FKLLPHLQ O DPYLV WRULODVWHDXD6LQJXU W LL
&kQGGHRGDW WXU V ULLvQFDOHPL

-DOQLFDUGGHYLXFKLQXLWFD1HVVXV
2ULFD+HUFXOvQYHQLQDWGHKDLQDL
)RFXOPHXDOVWLQJHQXSRWFXWRDWH


$SHOHP ULL

0(PLQHVFX 

'HDWXQFLQHJXUDHWHUQ VHGHVIDFHvQI LL


'HDWXQFLU VDUHOXPHDOXQ VRDUHLVWLKLL
'HDOPHXSURSULXIRFP WRSHVFGHDWXQFHD
'HDOPHXSURSULXFkQWPLVWXLWP PkQWXL
'HDWkWHDQRS LDXGSORXkQG
$XGPDWHULDSOkQJkQG

 0(PLQHVFX 

*%DFRYLD 

6 DLQRURFvQYLD YRUED$XULFKLLDVWDHWRW8QXOVH
]EDWH GH PLF vQY  vL XPSOH SO PkQXO GH RIWLF  L
DOWXLDvLSLF PRWHQLUHDGHDJDWD

*& OLQHVFX 



9DORULVWLOLVWLFHDOHFDWHJRULLORUJUDPDWLFDOH

([HPSOH

SUH]HQWXODQWLFLSDWLYSURVSHFWLYLPSXQHRSHUV
SHFWLY RULHQWDW VSUHYLLWRU
 OD QLYHOXO VHPQLILFD LLORU SUH]HQWXO DQWLFLSDWLY DO
YHUEHORU OD PRGXO LQGLFDWLY H[SULP  FHUWLWXGLQHD QDUDWR
UXOXLDHXOXLOLULFLLPLQHQ DHYHQLPHQWXOXLvQYUHPHFH
SUH]HQWXOFRQMXQFWLYXOXLFUHHD] XQRUL]RQWGHDWHSWDUH
SHRFRRUGRQDW DSUREDELOLW LL
 vQVFULHUHD SUH]HQWXOXL L D YLLWRUXOXL vQWUR VWUXFWXU 
YHUEDO  D VLPXOWDQHLW LL GHWHUPLQ  vQ SODQ VWLOLVWLF R
GLPHQVLXQH YL]LRQDU  R SURLHF LH H[SOLFLW  vQ LPDJLQDU
vQVSD LLLSRWHWLFH

$WHSWV vPLDSXQ ]LXD


L]DUHDPHDSOHRDSDV LvQFKLG 
PLDWHSWDPXUJXOQRDSWHDLGXUHUHD
V PLVHQWXQHFHWRWFHUXO
LV U VDU QPLQHVWHOHOH

SUH]HQWXOLWHUDWLYUHOLHIHD] FDUDFWHUXOUHSHWDELODO
FLFOXULORUFRVPLFHVDXH[LVWHQ LDOHDOXQRUDF LXQLHWF
 HVWH H[SULPDW SULQ YHUEH FX VHQV LWHUDWLY VDX SULQ
YHUEH FDUH SULPHVF XQ DVHPHQHD FRQ LQXW VHPDQWLF vQ
FRQWH[WXOVWLOLVWLF
YDORDUHDVWLOLVWLF LWHUDWLY UH]LG vQILJXUDUHDH[LVWHQ HL
FDVXFFHVLXQHGHVLWXD LLUHSHWDELOHGHFLFOXULvQFKLVHGH
DXWRPDWLVPHFRWLGLHQHGHDF LXQLUHSHWLWLYH

,DUFRORE WUkQXOGDVF OFXDOXLKDLQ URDV QFRDWH


QWUXQFDOFXOI U FDS WWRWVRFRDWHLVRFRDWH

 /%ODJD 

&XUJLvQ+LPHULD7HQWRUFLvQWUHJLPXWL LYLQHV 
FkQ L OD WURPSHW  >@ V QR L SH VXE DS  FX RFKLL
GHVFKLLV GLVSDULvQWUXQQRUVFOLSLFLRV

63RSHVFX 

 0(PLQHVFX 

'HFRUGHGROLXIXQHUDU
QSDUFQLQVRDUHDFDGHLDU

*%DFRYLD 

3ULQvQWXQHULFEkMEkLHVFSULQFDV 
LFDGUHFDGLQXPDLWDFGLQJXU 

*%DFRYLD 

,03(5)(&78/9DORDUHDVWLOLVWLF DLPSHUIHFWXOXLYLUWXWHDOXLGHDYU MLPLFDUHDvOLQGLF 


GUHSWWLPSXOSURSULXOLWHUDWXULLGHDPLQWLULDGLF DODFHOHLDFDUHvQI LHD] RVXFFHVLXQH
GHHYHQLPHQWHDOHWUHFXWXOXL 79LDQX 
 LPSHUIHFWXO QDUDWLY  HYRFDWLY RSHUHD]  R GXEO 
GHVFKLGHUH WHPSRUDO  WLPSXO QDUD LXQLL HVWH SUHOXQJLW
VSUHWLPSXOLVWRULVLULLLVSUHFHODOOHFWXU ULLLDUSUH]HQWXO
VFULLWRUXOXL L DO FLWLWRUXOXL VH GHVFKLGH VSUH UHIHUHQWXO
WHPSRUDO WUHFXW VSUH FRQWHPSRUDQHLWDWHD HYHQLPHQ
WHORULDHURLORU
 DUH R IXQF LH GLQDPLFHYRFDWLY  FD WLPS DO HYRF ULORU
FRQFUHWH >@ L LPDJLQH YLH D PLF ULL 7 9LDQX  SURLHF
WHD]  XQ HYHQLPHQW XQ SURFHV VDX R VWDUH vQWUR GXUDW 
QHGHWHUPLQDW LLQVWLWXLHRSHUVSHFWLY VXELHFWLY XQSXQFW
GHYHGHUHDOQDUDWRUXOXLDOSHUVRQDMXOXLDOHXOXLOLULF
FkQGHVWHXWLOL]DWvQSRH]LHLPSHUIHFWXOGHYLQHWLPSXO
QDUDWLYLW LLVXELHFWLYHHYRFDWRDUHOLULFHLPSUHVLRQLVWH
' ,ULPLD  LPSXQH SODQXO UHIHUHQ LDO DO XQHL H[SHULHQ H
RQWRORJLFHVDXJQRVHRORJLFHSURJUHVLYHRULSHUVSHFWLYD
LQWHULRDU  D HXOXL URVWLWRU (IHFWXO RE LQXW SRDWH IL GH
XQLIRUPL]DUH GH LQFRPSOHWLWXGLQH GDU L GH ULWXDOL]DUH
VDXVLPEROL]DUH 5=DILX 
 vQ SRH]LD SRSXODU   HSLF  VDX OLULF   YDORDUHD
H[SUHVLY HVWHFRQIHULW IUHFYHQWGHVLWXDUHDvQWURGXUDW 
LQGHWHUPLQDW  VSHFLILF  WLPSXOXL EDODGHVF PLWLF  OD ILQDO
GHYHUVYHUEHOHODLPSHUIHFWJHQHUHD] PRQRULPD

%RLHULL>@I U DUPHF GHDXI UDVHPDLvPSRWULYL


&HL PDL E WUvQL PXUHDX I FkQGXL FUXFH PXO L vQV 
GLQ FHL PDL MXQL VH DS UDX FX WXUEDUH >@ 'DF 
YUHXQXODSXFDYUHRVDELHvLYLQGHDVFXPSYLD D
&1HJUX]]L 

&RSLOXOPHUJHD]JULEXOLWLGLQFkQGvQFkQGVHRSUHD
LL VWUkQJHD EUD HOH FO Q QLQG VH vQFKLUFHD L
GkUGkLDSDUF DUILVXIODWFULY XOSHVWHHO
(ODVFXOWDWUHPXU WRU
6HDSULQGHDPDLWDUH
LVDUXQFDIXOJHU WRU
6HFXIXQGDvQPDUH

03UHGD 

 0(PLQHVFX 

0 ULGLFDPVFXWXUkQGXPLOLQXQGHOH
$SHOHVHUHWU JHDXW FXWHJHORDVH
3ORSLLPLDWLQJHDXXPHULLWkPSOHOH
FXXPEUHOHORUPHORGLRDVH
,DU0DQROLVWD
1LFLF PDLOXFUD
&LPLVHFXOFD
LXQYLVYLVD

16W QHVFX 

0 Q VWLUHD$UJHXOXL 

(UDRGDW RFDSU FDUHDYHDWUHLLH]L




LPSHUIHFWXOGHVFULSWLYDFWXDOL]HD] vQLPDJLQLSODVWLFHR
UHDOLWDWHWUHFXW VLWXkQGRvQWURGXUDW LQGHWHUPLQDW 
 DFFHQWXHD]  YL]LXQHD DXFWRULDO  VXELHFWLY  L vQ
DFHODL WLPS LPSULP  UHSUH]HQW ULL DFWXDOL]DWRDUH R
SHUVSHFWLY SURJUHVLY 
IXQF LDGHVFULSWLYHYRFDWLY VHUHDOL]HD] SULQDVSHFWXO
LPSHUIHFWLY DO YHUEXOXL FDUH FRQIHU  GHVFULHULL OLULFH VDX
LQVHUDWHvQWH[WXOQDUDWLY XQFDUDFWHUGLQDPLFvQRSR]L LHFX
GHFXSDMXO VWDWLF GHWHUPLQDW GH XWLOL]DUHD SUH]HQWXOXL
$VWIHO FKLDU FkQG HVWH H[FOXVLY GHVFULSWLY LPSHUIHFWXO
FRQVWUXLHWHRSRWHQ LDOLWDWHQDUDWLY 5=DILX 




,&UHDQJ 

Q DFHDVW  REVFXULWDWH VWUDGD DYHD XQ DVSHFW EL]DU


1LFLRFDV QXHUDSUHDvQDOW LDSURDSHQLFLXQDQX
DYHD FDW VXSHULRU QV  YDULHWDWHD FHD QHSUHY ]XW  D
DUKLWHFWXULL >@ FLXEXF UDLD ULGLFXO  SULQ JUDQGRDUH
XPH]HDOD FDUH GH]JKLRFD YDUXO L XVF FLXQHD FDUH
XPIOD OHPQ ULD I FHDX GLQ VWUDGD EXFXUHWHDQ  R
FDULFDWXU vQPROR]DXQHLVWU ]LLWDOLFH
(DHUDIUXPRDV FDXPEUDXQHLLGHL
DSLHOHGHFRSLOPLURVHDVSLQDUHDHL

*& OLQHVFX 
16W QHVFX 

9DORULVWLOLVWLFHDOHFDWHJRULLORUJUDPDWLFDOH

([HPSOH

 LPSHUIHFWXO LWHUDWLY FRQYHUWHWH FDSDFLWDWHD VSHFL


ILF  LPSHUIHFWXOXL GH D SUHOXQJL GXUDWD DF LXQLL )
%UXQHWLqUH  vQ SRVLELOLWDWH GH D H[SULPD IOX[XO WHPSRUDO
FD vQO Q XLUH D GXUDWHORU FLUFXODUH D VLWXD LLORU
UHSHWDELOH
 YDORDUHD H[SUHVLY  D LPSHUIHFWXOXL XQRU YHUEHORU FX
VHQV LWHUDWLY VDX D YHUEHORU FDUH SULPHVF FRQRWD LL
HFKLYDOHQWH SULQ GHWHUPLQ UL DGYHUELDOH  VXEVWDQWLYDOH
HWF  UH]LG  vQ IRU D FX FDUH H[SULP   VXJHUHD]  R
GXEO  vQVFULHUH D ILLQ HL vQWUXQ FRQWLQXXP WHPSRUDO L
vQWUXQWLSDUUHSHWDELODOH[LVWHQ HL

3DUWHD GH]DJUHDELO  HUD F  XUFDP L FRERUDP I U  V 


WLPGHFHLDUDVWDQLVHFRPXQLFDVLPSOXGHF WUHFHL
vPEXIQD L L LQL LD L VXPDU >@ PL UHSHWDP
QHFRQWHQLWFDLGLRWL]DW1DILFUH]XWRQLFLRGDW vQ
VWDUHV IDF DVWD
3HFDOHQOXPHDQHDJU DPSOHFDW
8PEODPYHGHDPGDUQXP vQFKHJDP
9HGHDPXPEODPGDUvQF QXHUDP
3ULQDQXOOXQJDKOXQJGHDOW GDW
'HDELDLXELUHDPDvQWHPHLDW


 LPSHUIHFWXO RQLULF VLWXHD]  OXPHD QDUDW  vQWUXQ


WLPS LPDJLQDU GH JUDG VHFXQG GXUDW  ILF LRQDO 
LQWHULRDU  LQVHUDW  vQWUR WHPSRUDOLWDWH ILF LRQDO 
H[WHULRDU HVWHWLPSXOODFDUHVHSRYHVWHVFYLVHOHVDX
FRPDUXULOH 8(FR 
 IXQF LD VWLOLVWLF  HVWH DFHHD GH D LQVWLWXL XQ SODQ DO
LPDJLQDUXOXL RQLULF L GH D VHPQDOD FDUDFWHUXO LUHDO DO
VXFFHVLXQLLGHHYHQLPHQWHVDXGHVW ULLWU LULOLULFH
 LPSHUIHFWXO DQWLFLSDWLY PRGLILF  DVSHFWXO LPSHU
IHFWLY GH]YROWkQG VHQVXO GH SUH]HQW L DPELJXL]kQG
UHOD LD GLQWUH UHDO L LUHDO GHYLHUHD GH OD QRUPD
VSHFLILF  X]XOXL WUDQVIRUP  DFHVW WLPS vQWUXQ L]YRU GH
PLVWHULRDVH WULVWH L ILLQGF  vQ FOLSD vQV L vQ FDUH QH
HYRF  DF LXQL UHDOH VDX SRVLELOH OH IDFH LOX]RULL L OH
QLPLFHWHvQWUHFXW 03URXVW 
 UROXO VWLOLVWLF GH LQGLFH DO WUHFHULL GH OD UHDOLWDWH OD
LPDJLQDU vQ MRFXULOH GH FRSLL , &RWHDQX  GHYLQH R
VWUDWHJLH GLVFXUVLY  SULQ FDUH VH FRQVWUXLHVF SUHPLVH
DOH YL]LXQLL SRHWLFH VH vQWHPHLD]  OXPL SRVLELOH VH
LPDJLQHD] H[SHULHQ HLSRWHWLFH

6HI FHDF HUDQHDS UDW


1HFHVDUVDMXQJHPSHPXQWHOH$UDUDW

&3HWUHVFX 

/%ODJD 

/'LPRY 

6HI FHDF ODRFXUWHYHFKHvQSDUDFOLVXOSDWLPLORU


UHOHFHLWUHL&UDLPDULHJXPHQLDLWDJPHLSUHDVHQLQH
VOXMHDXSHQWUXFHDGLQXUP RDU YHFHUQLD

 0DWHLX&DUDJLDOH 

vQFHSXYHFKLXOMRFGHDLPDJLQLOHvQFHUFDV DGXF 
ODVXSUDID LPDJLQLFkWPDLYHFKLFkWPDLGHS UWDWH
V OHP UHDVF V OHGHDYLD >@LQXHUDGHORFXRU
SHQWUXF WUHEXLDV ILHWRWWLPSXODWHQW

7XHUDLSLDWUDWXHUDLQRUXO
WXHUDLYXOWXUXOWXHUDLRUD
GLQFDUHLFXUPDXDVXSU QH]ERUXO
VHFXQGHOHGkQGXVHWXWXURUD

16W QHVFX 

3(5)(&78/6,03/8SX LQIUHFYHQWvQOLPEDOLWHUDU FRPXQ HVWHvQVWLOXOEHOHWULVWLF


XQDOGRLOHDWLPSDOQDUDWLYLW LL ',ULPLD 
SHUIHFWXOVLPSOXQDUDWLYH[SULP RGXUDW DEVROXW 
GH PDUH FRQFHQWUDUH HSLF  VLWXkQG SULPSODQXO
HYHQLPHQWHORU  DO PRPHQWHORU UHODWDWH DO VW ULORU
HQXQ DWHvQWUXQWUHFXWUHFHQWDSURSLDWGHWLPSXOQDU ULL
 HVWH WLPSXO QDUD LXQLL XOWHULRDUH WLPS DO QDUDWLYLW LL
RELHFWLYH GHVFULSWLYH QHXWUH HSLFH PLFDUHD FRQVWUXLW 
SULQSHUIHFWXOVLPSOXHVWHUDSLG LI U GXUDW  ',ULPLD 
 IXQF LD VWLOLVWLF  SULQFLSDO  HVWH GHWHUPLQDW  GH
FDUDFWHUXO vQFKLV DVSHFW SHUIHFWLY  L GH FDUDFWHUXO
SXQFWXDO DVSHFWXO PRPHQWDQ  DO DF LXQLL  DO VW ULL
SRDWH PDUFD VWLOLVWLF SHUVSHFWLYD GXEOX vQFKLV  DVXSUD
DF LXQLL  PRPHQWXO LQL LDO L FHO ILQDO  VDX QXPDL
vQFHSXWXO DFHVWHLD UHOLHIHD]  GHUXODUHD UDSLG  D
HYHQLPHQWHORURULYDORDUHDPRPHQWDQ DXQHLVW UL
VLWXDUHDvQILQDOXOWH[WXOXLvQFDUHSUHGRPLQ DOWWLPSQD
UDWLYLPSHUIHFWXOVDXSUH]HQWXOSURYRDF RVFKLPEDUHGH
ULWPQDUDWLYDYkQGUROXOGHDFFHOHUDUHEUXVF DUHODW ULL

LSRYHVWHDE WUkQXOGHQHDPXULFXUJkQGUkXUL
'LQFRGULLU V ULWHLHLWHGLQSXVWLXUL
LFXPSLHLU WRDWHSHUkQGSUHFXPYHQLU 
LFXPF WkQGQRURFXOPRUPkQWXOLOJ VLU 

 SHUIHFWXO VLPSOX GHVFULSWLY SUHVXSXQH R GHYLHUH


H[SUHVLY GHODFDUDFWHUXOSULQH[FHOHQ QDUDWLYDODFHVWXL
WLPSYHUEDOXWLOL]DUHDDWLSLF VLWXHD] VHFYHQ DGHVFULSWLY 
vQSULPSODQvQUHOD LHFRQWUDVWLY FXSODQXOGHDGkQFLPH
vQFDUHVHvQVFULXvQPRGRELQXLWYHUEHODLPSHUIHFW

'HRGDW  VH I FX UHFH L vQFHSX V  EDW  YkQWXO >@


3ORDLDvQFHSXV FD] vQVWURSLPDULWXQHWHOHvQFHSXU 
V  U VXQH GHD OXQJXO Y LL FX QLWH ]JXGXLWXUL PDL
SXWHUQLFHLWRWPDLSXWHUQLFH

 0(PLQHVFX 

*U LQGDFHVWHHOVHUHSH]LSHFDOLHLF ODUHSHXDFHD
VSDUW VHvQWRDUVHVSUHS GXUH>@DSRLLHLvQGUXP
LVORER]LFDOXOODYDOHVSUH0RDUDFXQRURF

 ,6ODYLFL 

6H DSOHF  OX  vQ PkLQL XQ EXOJ UH LO VI UkP  vQWUH
GHJHWHFXRSO FHUHvQIULFRDW 

 /5HEUHDQX 

0RURPHWH VH DH]  SH SLDWUD DOE  GH KRWDU L vL OX 


FDSXOvQPkLQL
$WXQFLDVILQ LGXS FUHWHWHOXQD
LFRUQXOVXQ vQV IRDUWHSX LQ

03UHGD 

W$XJ'RLQD

,6ODYLFL 



9DORULVWLOLVWLFHDOHFDWHJRULLORUJUDPDWLFDOH
IXQF LDGLQDPLF VSHFLILF SHUIHFWXOXLVLPSOXFRQIHU 
YLYDFLWDWHLPDJLQLORUGHVFULSWLYHRUJDQL]kQGHOHPHQWHOH
vQWUR VXFFHVLXQH DOHUW  GHVFULHUHD GH DFHVW WLS DUH
FDUDFWHUOLYUHVF

([HPSOH
&XWXQHWXOVHSU EXLU LQRULL
QvQF SHUHDXQLYHUVXOXLvQFKLV
9LMHOLDDGXVHFRFRULL
$OELQHOHIUXQ]HOH

7$UJKH]L 

3(5)(&78/&20386FRQYHUWLWvQWLPSQDUDWLYSULQFDUDFWHUXOSHUIHFWLYDOWHPSRUDOLW LL
VDOH>@IL[HD] vQWURSHUVSHFWLY GHDQWHULRULWDWHLUHYHUVLELO vQFKHLHUHDLPSODFDELO 
DXQRUSURFHVHVLWXDWHvQVXFFHVLYLWDWH ',ULPLD 
SHUIHFWXO FRPSXV vQVFULH HYHQLPHQWHOH QDUDWH
SURFHVHOH VW ULOH VDX H[SHULHQ HOH OLULFH vQWUR GXUDW 
WUHFXW vQFKLV vQWUXQLQWHUYDOGHWLPSDQWHULRUWLPSXOXL
HQXQ ULL
 IXQF LD VWLOLVWLF  SULQFLSDO  HVWH DFHHD GH D FUHD XQ
GHFXSDM vQ IOX[XO GXUDWHL GHOLPLWkQG R VHFYHQ  GH
WHPSRUDOLWDWH VLWXDW  vQ DQWHULRULWDWHD LPHGLDW  D
SUH]HQWXOXL VDX GLPSRWULY  vQWUXQ WUHFXW IRDUWH
vQGHS UWDW FXP HVWH FHO DO EDVPXOXL GLQ SHUVSHFWLYD
PRPHQWXOXL HQXQ ULL DFHVW WUHFXW LUHYHUVLELO HVWH
SUH]HQWDW FD DF LXQH vQFKHLDW  FD UH]XOWDW DO XQXL
SURFHV VDX FD HIHFW DO XQHL VW UL DUH URO GH QDUDUH D
XQRU HYHQLPHQWH WUHFXWH LVWRULVLWH vQ VXFFHVLXQH
FURQRORJLF  VDX URO GH HYRFDUH PDUFDW  GH LQGLFL DL
VXELHFWLYLW LL IRUPHOH LQYHUVDWH GH H[HPSOX  2
DF LXQH WUHFXW  DOH F UHL HFRXUL VXQW vQF  YLL vQ VXIOHWXO
QRVWUXRH[SULP PSULQSHUIHFWXOFRPSXV ,,RUGDQ 
 DOW  IXQF LH VWLOLVWLF  HVWH GHOLPLWDUHD SODQXOXL
QDUDWRUXOXL D F UXL RELHFWLYLWDWH SRDWH IL H[SULPDW  SULQ
SHUIHFWXO VLPSOX  GH SODQXO SHUVRQDMHORU PDUFDW
VXELHFWLYSULQSHUIHFWXOFRPSXV
 VLWXDUHD vQ ILQDOXO WH[WXOXL  DO HSLVRGXOXL QDUDWLY vQ
FRQWUDVWFXWLPSXOQDUDWLYSULQFLSDOSUH]HQWXOSHUIHFWXO
VLPSOX VDX LPSHUIHFWXO  SRDWH DYHD XQ URO UH]XPDWLY
VDX FRQFOX]LY UHOLHIkQG DVWIHO FDUDFWHUXO LUHYHUVLELO DO
HYHQLPHQWHORU
 IRUPD vQYHFKLW  D SHUIHFWXOXL FRPSXV DYkQG GRX 
DX[LOLDUHHXODPIRVW] ULW HVWHRPDUF DUHJLVWUXOXL
VWLOLVWLFDUKDLF

,XELUHDS PkQWXOXLODVW SkQLWGHPLFFRSLO9HQLFD


SL]PXLW SH FHL ERJD L L YHQLF VD vQDUPDW vQWUR
KRW UkUH S WLPD  WUHEXLH V  DLE  S PkQW PXOW
WUHEXLH'HSHDWXQFLS PkQWXOLDIRVWPDLGUDJFDR
PDP 
$SRLVmOEmWLFLDPLDFUHVFXW
FkQWmULOHPLDXSLHULW
LImUmVmPLILIRVWYUHRGDWmDSURDSH
WHDPSLHUGXWSHQWUXWRWGHDXQD
vQ UkQ vQIRFvQYm]GXKLSHDSH

/5HEUHDQX 

/%ODJD 

QQRDSWHDDVWDF WU ]RULDDYXWFHOGLQW LVHPQvQ


YLV FDUH D vPSXQVR vQ LQLP  LD WXOEXUDWR L PDL
PXOW
3HWUHLFRYRDUHGHU FRDUH
/LQDGRUPLWRUFkQGYHUGHD 
&kQGOkQJ VkQXQULJ VSkQ
&XHXQXFXOOXLE WUkQ
9HQLVRvPELHFXGXOFHD 
(QLJHO(QLJHO
LDPDGXVGXOFHD LDF 

06DGRYHDQX 

$PUkV$PYRUELW$PSO WLW
3HFHUU V UHDXVWHOHOHGHMXF ULH

,%DUEX 

$0XLQD 

3 UHDF SULQWUHQRXULVDIRVWGHVFKLVRSRDUW 

 0(PLQHVFX 

0$,08/7&$3(5)(&78/VWDELOHWHFDGUXOWHPSRUDOOLPLWDGHODFDUHXUPHD] 
DVHGHVI XUDHSLVRGXOUHVSHFWLYDFHDVW QHFRQWHQLW UDSRUWDUHODHYHQLPHQWH
DQWHULRDUHUHDOL]HD] FHHDFHVDUSXWHDQXPLVWLOXOQDUD LXQLLDGLF DFHOPRG
GHSUH]HQWDUHDIDSWHORUFDUHSXQHYLXvQOXPLQ VXFFHVLXQHDORUOHJ WXUDORU
GXS RUGLQHDWHPSRUDO  79LDQX 
 PDLPXOWFDSHUIHFWXO vQFDGU ULL  FDWDIRULF  VLWXDW
vQ LQFLSLW GHVFKLGH VHULD GH HYHQLPHQWH SULQ HYRFDUHD
XQRUFLUFXPVWDQ HDQWHULRDUHQDUD LXQLLSURSULX]LVHVFKL
HD] IXQGDOXOHYHQLPHQWHORUFDUHXUPHD] DILQDUDWH
 FD VWUDWHJLH GLVFXUVLY  HVWH XWLOL]DW FX SUHF GHUH vQ
SUR]D WUDGL LRQDO  PDUFkQG VXFFHVLXQHD FURQRORJLF  D
HYHQLPHQWHORU RUJDQL]DWH SH GRX  SODQXUL XQ SODQ
VHFXQG DO DQWHULRULW LL GRPLQDW GH PDLPXOWFDSHUIHFWXO
YHUEHORU LXQSULPSODQDODFWXDOLW LL DF LXQHDSURSULX
]LV  UHODWDW  FX DMXWRUXO YHUEHORU OD SHUIHFWXO VLPSOX 
FRPSXVRULODSUH]HQWXOQDUDWLY 




,DFRY (UDFOLG SRUHFOLW 'HVSRWXO SHULVH XFLV GH


EX]GXJDQXOOXLWHIDQ7RPDFDUHDFXPFkUPXLD DUD
GDU $OH[DQGUX / SXQHDQXO GXS  vQIUkQJHUHD VD vQ
GRX  UkQGXUL GH RWLOH 'HVSRWXOXL IXJLQG OD
&RQVWDQWLQRSROL]EXWLVHDOXDRWLWXUFHWLLVHvQWXUQD
DFXPV L]JRQHDVF SUHU SLWRUXO7RPD

&1HJUX]]L 

QSULPDYDUDDQXOXLFDVXEORFRWHQHQWSURDVS W
vQWkLD GDWD FRQFHQWUDW OXDVHP SDUWH FX XQ UHJLPHQW
GH LQIDQWHULH GLQ FDSLWDO  OD IRUWLILFDUHD Y LL
3UDKRYHLvQWUH%XWHQLL3UHGHDO

&3HWUHVFX 

9DORULVWLOLVWLFHDOHFDWHJRULLORUJUDPDWLFDOH
 UROXO VWLOLVWLF HVWH DFHOD GH D GLIHUHQ LD WLPSXO
GLHJHWLF  VLWXDW vQWUXQ WUHFXW vQGHS UWDW  GH WLPSXO
LVWRULVLULLLDOUHFHSW ULLFUHkQGRWHQVLXQHQDUDWLY SULQ
UHOD LD FRQWUDVWLY  vQWUH SODQXO GH DGkQFLPH DO UHODW ULL
VLQWHWLFH  DO HYRF ULL L SULPSODQXO HYHQLPHQ LDO vQ
OLWHUDWXUDVHFDO;;OHDHVWHXWLOL]DWLFDPLMORFVWLOLVWLF
GHDUKDLFL]DUH
PDLPXOWFDSHUIHFWXOQDUDWLYDQDIRULFvQWUHUXSH
VHULD HYHQLPHQWHORU GLQ SULPSODQXO QDUDWLY SHQWUX D
LQVHUDXQHQXQ RVHFYHQ UHWURVSHFWLY FDXQPLMORF
GHDIL[DWUHSWHOHWLPSXOXL 79LDQX 
 YDORDUHD H[SUHVLY  HVWH FRQIHULW  GH vQWUHUXSHUHD
IOX[XOXL WHPSRUDO GH R GLVORFDUH VHPQLILFDWLY  vQ RUGL
QHD FURQRORJLF  D HYHQLPHQWHORU D VLWXD LLORU VDX D
VW ULORUFRPXQLFDWHLQWHUIHUHQ DvQWUHPDLPXOWFDSHUIHFWXO
L WLPSXUL FH H[SULP  XOWHULRULWDWHD FUHHD]  DFURQLD
QDUDWLY 
5RVWXOPDLPXOWFDSHUIHFWXOXLVHPRGLILF ODVFULLWRULL
PDL QRL FDUH QX YRU V  H[SULPH SULQ HO DQWHULRULWDWHD
FURQRORJLF  FL IRDUWH GHVHRUL L DQWHULRULWDWHD FDX]DO 
79LDQX 

([HPSOH
1XPLVHPQXQ LLQRDVWUHXQEXUJ
6O YLWFXDSHDELDGHFXUJ

,%DUEX 

'XS FHDVFXOWDVHFXOXDUHDPLQWHYRUEHOHWkQJXLWRDUH
DOHOXL%DU]RYLH9RG KDQXOFHOWkQ UI FXVHPQV VH
IDF OLQLWH

 ,*URDQ 

1LFLRGDW IHPHLDDFHDVWDQXP LXELVH5HOXDPWRWFH


DIRVWOD2GREHWLOD DU LDFXPVLP HDPF DFROR
DPDYXWGUHSWDWHF DWXQFLY ]XVHPOLPSHGHF VHULD
HLDFHHDIXVHVH

 &DPLO3HWUHVFX 

)DPLOLD 0RURPHWH VH vQWRUVHVH PDL GHYUHPH GH OD


FkPS&kWDMXQVHVHU DFDV 3DUDVFKLY>@VHG GXVH
MRVGLQF UX O VDVHSHDO LLV GHVKDPHLV GHDMRV
XQHOWHOHLDUHOVHvQWLQVHVHSHSULVS 

03UHGD 

PSUHMXUvQWXQHULFXOVHvQ VSULVHvQFkWvQ HSDRFKLL


7X LDLVWUHFXUDWFkQWHFXOvQPLQH
QWURGXSDPLD] FkQG
)HUHDVWUDVXIOHWXOXL] YRUkW ELQH
6HGHVFKLVHVHQYkQW

/5HEUHDQX 

 7$UJKH]L 

9,,7258/FRQIRUPGHILQL LLORUFODVLFHRVHFYHQ GHHQXQ XULvQFDUHWLPSXOYHUEHORU


HYLLWRUXOQXDUSXWHDV FRQVWLWXLHRQDUD LXQHvQOLWHUDWXU HOSRDWHWRWXLGHYHQLXQWLPS
DOUHSUH]HQW ULLXQHLOXPLSRVLELOHGHWLSXOYLVXOXLVDXDOYL]LXQLLFDUHUHGXFHGLIHUHQ D
GLQWUHFDWHJRULLOHUHDOLLUHDO 5=DILX 
 YLLWRUXO FX IXQF LH QDUDWLY  HVWH R GHYLHUH H[SUHVLY 
FRQYHQ LRQDOL]DW  DYkQG FD SXQFW GH UHIHULQ 
SUH]HQWXO HQXQ ULL SH FDUH vO SUHOXQJHWH vQWUR GXUDW 
LPDJLQDU  SURJUHVLD vQ LUHDO QX DUH R OLPLW  SRDWH
FRQGXFHVSUHLQILQLW
 SURLHFWDUHD XQHL VXLWH HYHQLPHQ LDOH  D XQHL VHULL GH
VLWXD LL LPDJLQDWH vQ YLLWRU HVWH PDL IUHFYHQW  vQ WH[WHOH
SRHWLFH VWUDWHJLLOH GLVFXUVLYH FDQRQLFH VXQW ED]DWH
SH FURQRORJLH GLUHFW  SUH]HQW  YLLWRU  VDX LQYHUVDW 
DFURQLD PDUFkQGvQSULPXOFD]FRQWLLQ DLUHDOLW LLLDU
vQ DO GRLOHD LOX]LD LPLQHQ HL XQXL YLLWRU FH YD V  ILH
YLLWRUXODSDUHvQLQFLSLWLQVWLWXLQGFDGUXOLUHDOSUHPLV D
XQHL UHDOLW L ILF LRQDOH FDUH GHYLQH WUHSWDW R FHUWLWXGLQH
H[SULPDW vQILQDOSULQWLPSXOSUH]HQW 
 UROXO VWLOLVWLF SULQFLSDO HVWH FUHDUHD XQHL SHUVSHFWLYH
YL]LRQDUH UHSUH]HQWDUHD XQXL SODQ LQWHULRU DO UHYHULHL
VDXDOGRULQ HLDODQWLFLS ULLSURIHWLFHRULDOSUHVLP LULORU
QHOLQLWLWH UHIHUHQWXO LOX]RULX SURLHFWDW FD SRWHQ LDOLWDWH
VDX FD UHDOLWDWH ILF LRQDO  VH FRQVWUXLHWH IUHFYHQW SH
VFHQDULL FRQVDFUDWH F O WRULD LQL LDWLF  YLVXO GH LXELUH
DVSLUD LDVSUHLGHDOFRQIUXQWDUHDDSRFDOLSVDHWF 
IRUPHOHLQYHUVDWHFXDX[LOLDUXOSRVWSXVDXUROXOGHD
DFFHQWXDVWLOLVWLFSODQXOVHPDQWLFDOYHUEXOXLSULQWRSLFD
PDUFDW DIHFWLY

0DLDPXQVLQJXUGRU>@
9DJHPHGHSDWHPL
$OP ULLDVSUXFkQW
&LHXYRLILS PkQW
QVLQJXU WDWHPL

0(PLQHVFX 

 &X YRLD P ULHLWDOH ]LVH 6WURLFL YHGHP F  PRLD


QRDVWU  D V  FDG  GH LVQRDY  vQ F OFDUHD S JkQLORU
&kQGDVW QHJXU GHWXUFLYDSU GDLYDSXVWLL DUD
SHFHYHLGRPQLP ULDWD"

 &1HJUX]]L 

/DQRDSWHYD]YkUOLSHFRDVW PDUHD
2SDV UHFXFKLSXOIHPHLHVF
,DUQRLDIOkQGFXJURD] vQWkPSODUHD
9RPVRFRWLRGUHSWXQVHPQFHUHVF

56WDQFD 

3OHXYHPRQXWHVSHULD
& XPEUDWDQDUHV YLQ 
LYRPJ VLSHXQGHYD
2PDLPXOWLSO U G FLQ 

/'LPRY 

3DWUXHYDQJKHOLLVFULHYRPGHVSUHF GHUHD
IUXQ]HLvQWRDPQ 

16W QHVFX 




9DORULVWLOLVWLFHDOHFDWHJRULLORUJUDPDWLFDOH
 YLLWRUXO FRORFYLDO SRSXODU  GLIHUHQ LDW OD QLYHOXO
JUDLXULORU 0XQWHQLD 2OWHQLD 'REURJHD R V  SOHF P
0ROGRYD DP  DL  DUH  FRQMXQFWLY  DP V  SOHF vQ
UHVWXO]RQHORUIRUPHRE LQXWHGHODFRQVWUXF LDVWDQGDUG
D YLLWRUXOXL SULQ DIHUH]  SULPHL FRQVRDQH D DX[LOLDUXOXL
RLSOHFDvLSOHFDDSOHFDHWF DUHRPDUHIUHFYHQ OD
QLYHOXOOLPELLYRUELWH VWLOXOFRORFYLDO 
 YDORDUHD H[SUHVLY  UH]LG  vQ PDUHD vQF UF WXU 
DIHFWLY vQFRQRWD LLOHGXELWDWLYHLvQDVSHFWXOPRGDOFDUH
vODSURSLHGHFRQMXQFWLYIRUPDVDDQDOLWLF PDLFRPSOH[ 
GHFkWDYLLWRUXOXLOLWHUDUDFFHQWXHD] FRPSRQHQWDGXUDWLY 
L R vQFDUF  GH XQ FRQ LQXW VXIOHWHVF  GLYHUV vQ OLWHUDWXUD
FXOW XWLOL]DUHDDFHVWHLIRUPHQXPDLPDUFKHD] H[FOXVLY
UHJLVWUXOVWLOLVWLFRUDOLSRSXODUFLLXQUHJLVWUXOLULFPDUFDW
VXELHFWLYRULXQUHJLVWUXIDPLOLDUGHOLEHUDWSUR]DLF
 YLLWRUXO DQWHULRU FRQVWUXLHWH R VXFFHVLXQH GH
VHFYHQ H DQWLFLSDWLYH VLWXkQG VWDUHD VDX HYHQLPHQWXO
H[SULPDWvQDLQWHDDOWHLDF LXQLVW ULSURLHFWDWHvQYLLWRU
 DEVHQW GLQ OLPED DFWXDO  YLLWRUXO DQWHULRU FRQIHU 
GLVFXUVXOXLXQFDUDFWHUOLYUHVFLDSDUHQ DGHYHFKLPH
 vQ FD]XO SDUWLFXODU DO FRQVWUXF LHL GLIHUHQ LDWH SULQ
XWLOL]DUHDJHUXQ]LXOXL YHLILIRVWYHLILILLQGFRQVLGHUDW R
IRUP  D PRGXOXL SUH]XPWLY  YDORDUHD VWLOLVWLF  HVWH FHD
GH H[SULPDUH D LQFHUWLWXGLQLL ORFXWRUXOXL VDX D XQHL
SRVLELOLW LGH]LUDELOHQHVLJXUHRULLUHDOL]DELOH





([HPSOH
$VW ]LQXPDLFkQW PQXPDL]kPELP
6WkQGODvQFHSXWGHDQRWLPSIHUPHFDW
DVW ]LQHGHVS U LP
FXPVDXGHVS U LWDSHOHGHXVFDW
1XSHVWHPXOWWXYHLILFHUXOU VIUkQW
HXYRLILVRDUHOHQHJUXS PkQWXO
1XSHVWHPXOWDUHV EDW YkQW
1XSHVWHPXOWDUHV EDW YkQWXO

W$XJ'RLQD 

(XDPV VFULX5RPDQXODGROHVFHQWXOXLPLRS'DU
DPV OVFULXFDXQ-XUQDODODXWRUXOXL&DUWHDPHDQX
YDILXQURPDQFLFRPHQWDULLQRWHVFKL HSHQWUX
URPDQ

 0(OLDGH 

9RLILE WUkQLVLQJXUYHLILPXULWGHPXOW

0(PLQHVFX 

3HXQGH'RDPQHYHLPDLILILLQG"
&HYLVFROWHDvQ] SH]LWSHJULQG"
&LQHWHDU VWLJQLWvQQHOXPLQ "
3OkQJkQGF ERWH]DWXQHDLFXYLQ 
SHXQGH'RDPQHYHLPDLILILLQG"

+% GHVFX 

9$/25,67,/,67,&($/(02'85,/259(5%$/(

([SULPkQGDWLWXGLQHDHPL WRUXOXLID GHDF LXQHDSURFHVXOVDXVWDUHDHQXQ DWH


PRGXULOH YHUEDOH DQJDMHD]  HXO URVWLWRU vQ VWUXFWXULOH GLHJHWLFH vQ GLVFXUVXO HSLF OLULF
VDX GUDPDWLF 5HVXUVHOH GH H[SUHVLYLWDWH DUWLVWLF  DOH DFHVWHL FDWHJRULL JUDPDWLFDOH
VSHFLILFHYHUEXOXLVXQWDFWXDOL]DWHSULQPDUFDUHDPRGXOXLvQFDUHHPL WRUXO QDUDWRUXO
HXOOLULFSHUVRQDMXOHSLFVDXGUDPDWLF VHUDSRUWHD] ODRELHFWXOHQXQ ULLSULQIHOXOvQ
FDUH vO SHUFHSH L SULQ LSRVWD]D OXL  LPSOLFDW  VXELHFWLY  VDX QRQSDUWLFLSDWLY 
RELHFWLY ID GHHYHQLPHQWHOHVLWXD LLOHRULVW ULOHFRPXQLFDWHSULQGLVFXUV

9$/25,(;35(6,9($/(02'85,/259(5%$/(
0 2 ' 8 /  , 1 ' , & $ 7 , 9   LPSULP  XQ FDUDFWHU RELHFWLY
DF LXQLORUSURFHVHORUVW ULORUSHFDUHOHH[SULP 

&DPRGDOHQXQ ULLXQRUIDSWHFRQVLGHUDWHUHDOHLDXQRU
VW UL DSUHFLDWH FD VLJXUH LQGLFDWLYXO DSDUH vQ OLPEDMXO
FRPXQFDXQPRGQHXWUXGLQSXQFWGHYHGHUHVWLOLVWLF

Q WH[WXO OLWHUDU FDSDFLWDWHD GH D H[SULPD FHUWLWXGLQHD
ORFXWRUXOXL QDUDWRUSHUVRQDMHHXOOLULF vQUDSRUWFXRELHFWXO
HQXQ ULLFRQIHU UHIHUHQWXOXLDSDUHQ DXQHLUHDOLW LYDOLGDWH
vQXQLYHUVXOILF LRQDO

3ULQ SDUDGLJPD VD WHPSRUDO   PDL ERJDW  GHFkW D
FHORUODOWH PRGXUL  SHUPLWH LQVWLWXLUHD XQRU UDSRUWXUL GLYHUVH
vQWUH HYHQLPHQWHOH LVWRULVLWH FURQRORJLH DQWHULRULWDWH
VLPXOWDQHLWDWH XOWHULRULWDWH VDX DFURQLH  vQWUH WLPSXO QDUDW
LWLPSXOQDU ULLvQWUHPRPHQWHHYRFDWHLSUH]HQWXOOLULF


(;(03/(

([SOR]LLOH VH VXFFHG RUJDQL]DW 8QHOH OH
DXGODFk LYDSDLDOWHOHvQPLQH>@$
IRVWGHVWXOV DSDU QHP LLIRFXODGRX 
EDWHULL L WRWXL DFXP VRDUHOH HUD VXV
SULHWHQLLP DWHSWDX

&DPLO3HWUHVFX 


0DL ORYLW GHVWXO SkQDFXP >@ 6HDU 
GH VHDU  VHFXQG  GH VHFXQG  GH DQL L
DQLGH]LOH0DLI UkPL DWPDLMXSXLW
PDL GLVWUXV $L I FXW GLQ PLQH R
IDQWRP  R IDQWR  PDL XPLOLW VWDL
SHUVRQDM"


09LQLHF 

9$/25,(;35(6,9($/(02'85,/259(5%$/(

(;(03/(


9DORULOH H[SUHVLYH DOH LQGLFDWLYXOXL VXQW GLIHUHQ LDWH vQ

LHOXPHDWRDW DFRSHU PkQW


2PLHUO VFRDWHVRDUHOHGLQDS 
IDFHUHDOXPLLSRDWHV vQFHDS 
DvQIORULWXQYLLQSHS PkQW
1XVSXQHDPIRVWQLFLF YRLILFLVXQW

0 2 ' 8 /  , 0 3 ( 5 $ 7 , 9   LQVWLWXLH R UHOD LH GH FRPXQLFDUH


GLUHFW  H[SULPkQG GRULQ D VDX YRLQ D HPL WRUXOXL GH D
GHWHUPLQDRDF LXQHRULGHDRvPSLHGLFD

9DORDUHDVWLOLVWLF DLPSHUDWLYXOXLUH]LG vQFDSDFLWDWHDGH
H[SULPDUHDXQRUDWLWXGLQLLWU LULVXELHFWLYHSULQWUXQGXEOX
VLVWHP GH VHPQDOH YHUEDOH L SDUDYHUEDOH DFFHQWHOH
DIHFWLYH SDX]HOH H[SUHVLYH LQWRQD LD VSHFLILF  RUGLQXOXL
DPHQLQ ULLvQGHPQXOXLUXJ PLQ LLFRQFHVLHLLURQLHLHWF 

&DPDUF WH[WXDO DVWLOXOXLGLUHFWLPSHUDWLYXODUHUROGH
WHDWUDOL]DUH L vQ DFHODL WLPS URO GH GLQDPL]DUH D
GLVFXUVXOXL SHUVRQDMHORU LPSHUDWLYXO GUDPDWLF L QDUDWLY 
DO WXULGHVXEVWDQWLYHOHDGMHFWLYHOHvQYRFDWLYUHSUH]LQW XQ
LQGLFH DO RUDOLW LL VWLOXOXL vQ OLPEDMXO SRSXODU SRDWH DS UHD
I U  UHIHULUH OD R SHUVRDQ  DQXPH LPSHUDWLYXO IRUPDO vL
SLHUGH YDORULOH VSHFLILFH SHUVRDQD D GRXD DYkQG YDORDUH
JHQHULF 1)RU VFX 

3UH]HQ D LPSHUDWLYXOXL vQ WH[WXO OLULF VHPQDOL]HD] 
GLVFXUVXO GLDORJLF VDX PRQRORJXO DGUHVDW FDUH SRDWH OXD
IRUPDLQYRFD LHLUHWRULFH 
0 2 ' 8 /  & 2 1 - 8 1 & 7 , 9  H[SULP SRWHQ LDOLWDWHDXQHLDF LXQL
UHDOL]DELOHSRVLELOHSUREDELOHVDXDWLWXGLQHDHPL WRUXOXLID 
GHDF LXQHDVWDUHDWU LUHDHQXQ DWHLQFHUWLWXGLQHDH]LWDUHD
DSUR[LPD LDGHOLEHUD LDGRULQ DSURWHVWXOLQGLJQDUHDHWF

9DORDUHDH[SUHVLY DFRQMXQFWLYXOXLHVWHGDW GHP UFLOH
DIHFWLYH SH FDUH OH H[SULP  vQ FRQWH[WXO VWLOLVWLF DWLWXGLQL L
WU LULVXELHFWLYH 

Q GLVFXUVXO QDUDWRUXOXL DO SHUVRQDMHORU GLVFXUV GLUHFW
LQGLUHFW  LQGLUHFW OLEHU  RUL DO HXOXL OLULF FRQMXQFWLYXO SRDWH
DYHD UROXO GH D LQVWLWXL XQ QLYHO DO DF LXQLORU DO WU LULORU
LQWHULRDUH DO VW ULORU LSRWHWLFH DOWHUQDWLYH RUL DQWLFLSDWLYH vQ
DFHVWXOWLPFD]SUH]HQWXOFRQMXQFWLYXOXLvQGHSOLQHWHVWLOLVWLF
IXQF LD LQGLFDWLYXOXL YLLWRU FKLDU GDF  QX SDUWLFLS  OD
FRQVWUXLUHDYLLWRUXOXLFRORFYLDO

)XQF LDVWLOLVWLF DFRQMXQFWLYXOXLSRDWHILGHHFKLYDOHQ FX
FRQGL LRQDORSWDWLYXO SUHVXSXQkQG GHSHQGHQ D DF LXQLL
HQXQ DWHGHRDOW DF LXQHVDXGHRVWDUHGHRGRULQ 

2 IXQF LH VWLOLVWLF  SDUWLFXODU  HVWH FHD GH VXEVWLWXLUH D
LPSHUDWLYXOXLFXUROGHDFFHQWXDUHDVXELHFWLYLW LLvQFD]XO
VSHFLDODOYHUEHORUODSHUVRDQDD,,,DDFRQMXQFWLYXOXL FkQG
SRDWH DS UHD I U  PRUIHPXO V  UROXO VWLOLVWLF HVWH GH
FRPSOHWDUH D SDUDGLJPHL LPSHUDWLYXOXL FDUH QX DUH GHFkW
SHUVRDQDD,,D

Q WH[WXO OLULF PRGXO FRQMXQFWLY UHSUH]LQW  GHVHRUL R
PDUF WH[WXDO DXQXLSODQDOLPDJLQDUXOXLDYkQGUROXOGHD
VHPQDOL]DWUHFHUHDGHODGLPHQVLXQHDUHDO ODFHDLGHDO 


'HVWXOVWULJ / SXQHDQXOQXWHPDL
ERFL FD R PXLHUH ILL URPkQ YHUGH>@
+DLGH OXD LO GHO GD L QRURGXOXL LL
VSXQH LF DFHVWIHOSO WHWH$OH[DQGUX
YRG FHORUFHSUDG  DUD

IXQF LH GH IRUPD WHPSRUDO  D YHUEXOXL ILHFDUH GLQWUH FHOH


DSWHWLPSXULDOHLQGLFDWLYXOXLDYkQGSURSULLOHYDOHQ HVWLOLVWLFH
SUH]HQWXOLPSHUIHFWXOSHUIHFWXOVLPSOXSHUIHFWXOFRPSXVL
PDLPXOWFDSHUIHFWXOYLLWRUXOVLPSOXLYLLWRUXODQWHULRU 

 +% GHVFX 

 &1HJUX]]L 

1XPDLYRUELQXUkGHQXWHJkQGLQX
SOkQJH
1XPDLYLVD]DGDUQLFHSUHDWkU]LX
DFXP

,3LOODW 

6WLKXUL]EXUD LDFXPGLQPkQDPHD
LFKLRS WD LvQDHUXOFXIORDUH

7$UJKH]L 

6D vQWRUV V O FDXWH GDU GXWH FDXW 


VXFHWHWH vQYkUWHWHWH RPXO SDUF 
LQWUDVHvQS PkQW

 ,&UHDQJ 


0RURPHWHvLVSXVHI U PXOW YRUE F 
VDWHUPLQDWLFXLVWRULDOXLFXVWXGLLOH
V VWHDDFDV LV SXQ PkQDSHVDS 

 03UHGD 

 GD LPL YRLH RUL V  VH UHYL]XLDVF 


SULPHVF 'DU V  QX VH VFKLPEH QLPLFD
RUL V  QX VH UHYL]XLDVF  SULPHVF GDU
DWXQFLV VHVFKLPEHSHLFLSHFROR
 ,/&DUDJLDOH 
LGHRGDW DPvQFHSXWV WLX
PHUVXOOXPLQLLLDOVWULJ ULL>@
6 XUOXVIkLDWGHS V ULUHSH]L
V DUGORYLWGHXQPHWHRU
VDGRUPSHJkWXULOXQJLGHOHEH]L
LGHORSH LGHE UFLL]ELWV PRU
 16W QHVFX 
8QGHV PHUJGHDFXP"
3HFLQHV PDLDWHSW"

,3LOODW 

3LDU PLRFKLLWXOEXU WRULGLQFDOH


9LQRLDUvQVkQQHS VDUHWULVW 

 0(PLQHVFX 

6 SUHJ WHWLFX0LWUHDVDQLDvL]LVH
9LWRULD6RXPSOLFXIkQV SXLXQ
VDFGHRU]SHQWUXFDL
 06DGRYHDQX 



9$/25,(;35(6,9($/(02'85,/259(5%$/(
02'8/ &21', ,21$/237$7,9 GH]YROW  SULQ DFHHDL
SDUDGLJP  YHUEDO  GRX  YDORUL PRGDOH H[SULPDUHD XQHL
DF LXQL GHSHQGHQWH GH R FRQGL LH H[SOLFLW  VDX LPSOLFLW  L
H[SULPDUHD XQHL DF LXQL UHDOL]DELOH  LUHDOL]DELOH SUH]HQWDWH
FDRS LXQHDVXPDW ODWLPSXOSHUIHFWDF LXQHDHVWHLUHDO 

)XQF LLOH VWLOLVWLFH VXQW GHWHUPLQDWH GH LQWHUIHUHQ D
YDORULORU PRGDOH  H[SULPDUHD HYHQWXDOLW LL D SRVLELOLW LL D
XQRULSRWH]HVFHQDULLSRVLELOHVDXLPSRVLELOHDXQRUDF LXQL
SUHVXSXVHUHDOL]DELOHVDXQHUHDOL]DWHHWF LGHDPELJXLWD
WHD FRQRWD LLORU VXELHFWLYH  GH OD LQFHUWLWXGLQH OD DVHU LXQH
IHUP GHODGRULQ FRQFUHW ODDVSLUD LHYDJ HWF
9DORUL H[SUHVLYH SDUWLFXODUH DUH RSWDWLYXO FDUH SUHLD IXQF LD
LQGLFDWLYXOXL FD RSWDWLY DO PRGHVWLHL DO SROLWH LL ' ,ULPLD 
FkQG QX H[SULP  QLFL FRQGL LD QLFL GRULQ D FL DUDW  F 
DF LXQHDYHUEXOXLHVWHSRVLELO UHDOL]DELO  (&kPSHDQX 
2DOW IXQF LHVWLOLVWLF DFRQGL LRQDORSWDWLYXOXLHVWHFHDGH
VXEVWLWXLUH D PRGXOXL FRQMXQFWLY vQ HQXQ XUL LQWHURJDWLYH VDX
H[FODPDWLYHYDORDUHDH[SUHVLY HVWHFHDGHDFFHQWXDUHDXQHL
WRQDOLW L VXELHFWLYH  XLPLUHD LQGLJQDUHD VDX DPHQLQ DUHD
YHKHPHQW  VSHFLILF  EOHVWHPXOXL  LPSUHFD LHL vQ DVHPHQHD
HQXQ XUL DSDUH IUHFYHQW IRUPD LQYHUVDW  FDUH DPSOLILF  UROXO
H[SUHVLYDOYHUEXOXLVLWXDWvQDLQWHDDX[LOLDUXOXLVSHFLILF

Q WH[WXO OLULF PRGXO FRQGL LRQDORSWDWLY DSDUH PDL UDU
DYkQG PDL DOHV UROXO GH D H[SULPD R VLWXD LH LSRWHWLF  R
H[SHULHQ OLULF LPDJLQDW 
02'8/,1),1,7,9HVWHRIRUP YHUEDO FXWU V WXULGXEOHGH
WLS YHUEDO L QRPLQDO 'LF LRQDU GH WLLQ H DOH OLPELL 
QRPLQDOL]DUHD ILLQG LQWHJUDO  vQ FD]XO LQILQLWLYXOXL OXQJ
PRWHQLW GLQ OLPED ODWLQ  YHUEHOH OD LQILQLWLY QXPHVF vQ FKLS
JHQHUDODEVWUDFWDF LXQHDSURFHVXOVDXVWDUHD

9DORDUHD H[SUHVLY  D LQILQLWLYXOXL HVWH JHQHUDW  GH
FDSDFLWDWHD OXL GH D PDUFD UHJLVWUH VWLOLVWLFH GLIHULWH FX
YDORDUH VHQWHQ LRDV  DFHVW PRG GHYLQH LQGLFH DO UHJLVWUXOXL
JQRPLF vQ WLPS FH YDORDUHD OLYUHVF  RE LQXW  SULQ
VXEVWLWXLUHD FRQMXQFWLYXOXL GXS  R FRQVWUXF LH LPSHUVRQDO 
VDX GXS  YHUEXO D SXWHD  HVWH VSHFLILF  UHJLVWUXOXL VWLOLVWLF
FXOW  FRQVHUYDUHD YDORULL YHUEDOH D LQILQLWLYXOXL OXQJ
VHPQDOL]HD]   UHJLVWUXO VWLOLVWLF DUKDLF VDX UHJLVWUXO SRSXODU
vQFDUHVHXWLOL]HD] LvQIRUPHOHLQYHUVDWHDOHYLLWRUXOXLDOH
FRQGL LRQDOXOXL  LDU DVRFLHUHD YDORULL LPSHUDWLYH  FDUH
FRQIHU XQWRQLPSHUVRQDOPDUFKHD] VWLOXORILFLDO

)RDUWH UDU IRORVLW  vQ OLPED DFWXDO  IRUPD GH SHUIHFW D
LQILQLWLYXOXL vQGHSOLQHWH IXQF LD VWLOLVWLF  GH PDUF  D
QDUDWLYLW LLSULQLQVWLWXLUHDXQHLVXFFHVLXQLWHPSRUDOH

,QILQLWLYXO OXQJ FKLDU GDF  HVWH VXEVWDQWLYL]DW vQ OLPED
URPkQ  S VWUHD]  XUPH VHPDQWLFH DOH DF LXQLL QXPLQG
UH]XOWDWXODFHVWHLDDSDUHIUHFYHQWvQWLWOXULOHSRH]LLORU
02'8/ *(581=,8 HVWH VLQJXUXO PRG QHSHUVRQDO FDUH
FRQVHUY  FRQ LQXWXO GLQDPLF VSHFLILF YHUEXOXL VXUSULQ]kQG R
DF LXQH vQ GHVI XUDUH XQ SURFHV R VWDUH GXUDWLY 
vQVFULHUHD DFHVWRUD vQWUR WHPSRUDOLWDWH I U  UHIHULUH OD


(;(03/(
$ILSXWXWV VSXQLHXXQFXYkQW
2ULFHFXYkQW'HSLOG DILSXWXWV 
VSXQQX&HVDUILvQWkPSODWGDF D
IL VSXV L HX QX" L VSXQ F  QX VDU IL
vQWkPSODWQLPLF

 09LQLHF 

1DLO XGDGHQDLWLLV EOHVWHPL


6XUkGQXPDLDFHLFDUHVXVSLQ 
$]LQDLLXELGHQDUILIRVWV JHPL
'HQDLILSOkQVQDLGXFHQRFKLOXPLQ 
 5DGX*\U 

'LQFRQWUDGRDPQ DGRULWHDUXJD
V ILLEXQ DPLDFRUGDRSUHOXQJLUHGH
WHUPHQ
 ,/&DUDJLDOH 
8VFDVDUL]YRDUHOHWRDWHLPDUHD
LVWLQJHVDUVRDUHOHFDOXPkQDUHD

 7$UJKH]L 

6SXQHPLGDF WHDSULQGHQWUR]L
L LDV UXWDWDOSDSLFLRUXOXL
QXLDDFDDLFKLRS WDSX LQGXS DFHHD
GHWHDPDV QXPLVWULYHWLV UXWXO"
 16W QHVFX 

5 ]ERLXO G GX OXL )HOL[ SHVWH Fk LYD


DQLSULOHMXOGHDVHDILUPDvQF GHWkQ U
 *& OLQHVFX 
0kQGULDGHDRIHULRPDV OXDSURSRU LL
GH HYHQLPHQW >@ H[FXUVLD OD 0RL L
WUHQJ ULD GH D QH GD vQ F OXHL GH D
PkQFD IORULFHOH L D EHD XQ DS GH EHUH
HUDRUJLH
 &DPLO3HWUHVFX 

& FLHLVHQDVFVSUHDPXUL
LPRUVSUHDVHQDWH
 0(PLQHVFX 
$SLHUGHWRWFHVHSRDWHSLHUGH
LDPFkQWDWGLQFRDVWDPHD
GLQYHUWHEUDFDRVWHD
GHDQF OHFDUHSHRD
SHRDGHFDOP LDVWUX
IRDLHYHUGHGHDOEDVWUX
 16W QHVFX 

WHIDQ9RG DvQFHSXWDLEDWHUHSkQ FH


LDXWUHFXWGH'XQ UH
 ,1HFXOFH 

PLHUDDVF SDUHGHGkQVXO

 ,&UHDQJ 

'DU0RURPHWHSDUF QLFLQXDX]HD>@
FRQGXFkQGPDLGHSDUWHWRUHQWHOHGHDS 
I FkQGXOH ORF FX VDSD L FRQWLQXkQG
OLQLWLWLQHWXUEXUDWV YRUEHDVF 
 03UHGD 

9$/25,(;35(6,9($/(02'85,/259(5%$/(
PRPHQWXO HQXQ ULL SHUPLWH H[SULPDUHD RULF UHL GXUDWH 
SUH]HQWHWUHFXWHRULYLLWRDUHvQIXQF LHGHFRQWH[W

3ULQFLSDODIXQF LHVWLOLVWLF DJHUXQ]LXOXLHVWHFDSDFLWDWHD
GH D FUHD LPDJLQL GLQDPLFH IUHFYHQW JHUXQ]LXO GHWHUPLQ 
FLUFXPVWDQ HOH DF LXQLL H[SULPDWH SULQ YHUEXO UHJHQW VDX vL
DGDXJ  DFHVWXLD R DOW  DF LXQH vQWUXQ ULWP DOHUW DQWHSXV
UHJHQWXOXL HO SRDWH DYHD R IXQF LRQDOLWDWH SROLYDOHQW 
H[SULPkQG vQ DFHODL WLPS WHPSRUDOLWDWHD L FDX]DOLWDWHD
FHHDFHFUHHD] DPELJXLWDWHVWLOLVWLF 

&kQG HVWH DVRFLDW JUXSXOXL QRPLQDO DUH UROXO GH D DWULEXL
VXEVWDQWLYXOXLRvQVXLUHGLQDPLF DYkQG GHFHOHPDLPXOWH
RUL  IXQF LD VWLOLVWLF  GH HSLWHW DFHDVW  IXQF LH HVWH
DFFHQWXDW  IUHFYHQW SULQ YDORDUHD DGMHFWLYDO  D JHUXQ]LXOXL
DFRUGDW vQ JHQ L QXP U FX UHJHQWXO QRPLQDO RFXUHQ D
UHGXV vQOLPEDMXOFXUHQWDJHUXQ]LXOXLFXIXQF LHGHDWULEXWvL
FRQIHU LXQUROGHVHPQDOL]DUHDUHJLVWUXOXLVWLOLVWLFFXOW

9DOHQ HOHH[SUHVLYHDOHJHUXQ]LXOXLVHPDQLIHVW SUHJQDQW
L OD QLYHO IRQHWLF  SULQ VRQRULWDWHD VSHFLILF  D WHUPLQD LHL
FDUHVXV LQHGHVHRULYDORDUHDRQRPDWRSHLF DYHUEXOXLVDX
OD QLYHOXO VLQWD[HL SRHWLFH GDF  R VXLW  GH JHUXQ]LL VXQW
VLWXDWH OD VIkULWXO YHUVXULORU JHQHUkQG PRQRULPD IUHFYHQW 
vQSRH]LLOHSRSXODUH 

2 YDORDUH VWLOLVWLF  SDUWLFXODU  SULPHWH JHUXQ]LXO GLQ
VWUXFWXUDXQXLJUXSYHUEDO FXPHVWHSUH]XPWLYXOSUH]HQW SULQ
FDUHVHDFFHQWXHD] FDUDFWHUXOGXUDWLYDODF LXQLLVDXDOVW ULL
LvQDFHODLWLPSVHUHOLHIHD] SHUFHS LDVXELHFWLY  DF LXQH
LSRWHWLF SUREDELO LQFHUW SUHVXSXV E QXLW GRULW 
02'8/ 3$57,&,3,8 SUH]LQW  R DF LXQH vQFKHLDW  VDX
UH]XOWDWXODFHVWHLDLPSOLFkQGRYDORDUHWHPSRUDO WUHFXW FX
HIHFWHFDUHSHUVLVW VDXDXvQFHWDWvQPRPHQWXOXLHQXQ ULL
DYkQG XQ FRPSRUWDPHQW GXEOX YHUEDO L DGMHFWLYDO
'LF LRQDU GH WLLQ H DOH OLPELL  SDUWLFLSLXO FXPXOHD]  IXQF LL
VWLOLVWLFHVSHFLILFHFHORUGRX FODVHPRUIRORJLFH

9DORDUHDH[SUHVLY DSDUWLFLSLXOXLFDUHFRQVHUY SDUWLFXOD
ULW LOH YHUEXOXL FD HOHPHQW IRUPDWLY SHQWUX GLDWH]D SDVLY 
SHQWUX SHUIHFWXO FRQMXQFWLYXOXL DO FRQGL LRQDOXOXL VDX DO
LQILQLWLYXOXL SHQWUX LQGLFDWLY  SHUIHFWXO FRPSXV VDX YLLWRUXO
DQWHULRU  HVWH DFWXDOL]DW  SULQ WLSDUH VLQWDFWLFH FDUH VH DEDW
GH OD QRUPHOH OLPELL VWDQGDUG LQYHUVLXQL WRSLFH UHFXUHQ 
GLVORFDUHVLQWDFWLF 

5HVXUVHOHH[SUHVLYHDOHSDUWLFLSLXOXLFXYDORDUHDGMHFWLYDO 
VHvQVFULXvQVIHUDIXQF LLORUVWLOLVWLFHGHQLYHOVHPDQWLF HSLWHW
PHWDIRU  PHWRQLPLH HWF  DGMHFWLYXO SDUWLFLSLDO SRDWH SULPL
GHWHUPLQDQ LFLUFXPVWDQ LDOLVSHFLILFLYHUEXOXLVDXSRDWHDYHD
JUDGH GH FRPSDUD LH VSHFLILFH DGMHFWLYHORU FHHD FH vL
FRQIHU YDOHQ HVWLOLVWLFHPXOWLSOH

3DUWLFLSLXO VXEVWDQWLYL]DW SULQ DUWLFXODUH  FX IRUP  DILU
PDWLY  VDX QHJDWLY  DUH URO vQ GLYHUVLILFDUHD  vPERJ LUHD
OH[LFXOXL L vQ VWUXFWXUDUHD XQRU ILJXUL VWLOLVWLFH VSHFLILFH
VXEVWDQWLYXOXL


(;(03/(
&DLFXPDLYHGHDPXQ LLSOkQJkQG
FDLFXPDLFHWLvQGHHUWXULXQJkQG
FDLFXPDLILPRUWLWRWXLDOHUJkQG
FDLFXPLHULDUILvQFXUkQG
DVWIHOVWDXSDOLGLWULVWIXPHJkQG

 16W QHVFX 

5X[DQGUDLHLWUHPXUkQG LJDOE Q L


U ]HPkQGXVHGHS UHWH9RLV GD L
VHDP vQDLQWHDOXL'XPQH]HX]LVH
VXVSLQkQG

 &1HJUX]]L 

7XOXPLQ DOHUJkQG 
UHvQWRUFkQGXWHDFDV 
EUXVF GHYHQLQGIO PkQG 
UHFKHPkQGXLLDUPLUHDV 

 16W QHVFX 

0 LFX E WUkQ 
&XEUkXOGHOkQ 
'LQRFKLO FULPkQG
3HFkPSLDOHUJkQG
3HWR LvQWUHEkQG
LODWR L]LFkQG

 0LRUL D 

LSRDWHLDFXPDPDLILWU LQGGDF 
QDILPXULW

 ,&UHDQJ 

,HUWDWV ILHFHOFHODPkQLH
0LDvPSOkQWDWFXWL XOSkQODRV
'DUQHXLWDWLQHLHUWDWV ILH
&HOFDUHDUkVGHJkQGXPLE W LRV

 1/DEL 

&DVD OXL PR &RVWDFKH HUD OHSURDV 


vQQHJULW 3RDUWDHUD LQXW FXXQODQ 
LFXUWHDWRDW Q S GLW GHVFDLH L

 *& OLQHVFX 

8PDQLWDWHDvQIRPHWDW LUDGLDW 
DWRPL]DW 
HSUHDRFXSDW 

 08UVDFKL 

&RQIX]vQQHEXQLWGH]DJUHJDW6WDPDWH
DELDSXWXV DSDU FXF UXFLRUXOSULQ
FDQDO

 8UPX] 

5RWLWGHGRX RULODP UXOVRDUH


QPLQXWDUHDSULQVLvQFUHVWDW
 ,%DUEX 
'DF RFKLORUW LOHDUSO FHD
1HY ]XWXOLQHWLXWXO

 7$UJKH]L 



9$/25,(;35(6,9($/(02'85,/259(5%$/(
02'8/ 683,1 H[SULP vQFKLSJHQHUDODEVWUDFWDF LXQHD
SURFHVXO VDX VWDUHD Y ]XWH FD SRWHQ LDOLWDWH DYkQG R IRUP 
YHUEDO LQYDULDELO SUHFHGDW GHXQPRUIHPSUHSR]L LHFDUH
SRDWH FUHD OHJ WXUL VLQWDFWLFH DWkW vQWUXQ JUXS YHUEDO FkW L
vQWUR VWUXFWXU  QRPLQDO   VXSLQXO DUH YDOHQ H FRPELQDWRULL
PXOWLSOHLLPSOLFLWIXQF LLVWLOLVWLFHGLYHUVH

9DORDUHD H[SUHVLY  D VXSLQXOXL FDUH vL PHQ LQH VWDWXWXO
YHUEDO HVWH PDL DOHV FHD GH HSLWHW DO YHUEXOXL RUL DO
VXEVWDQWLYXOXL UHJHQW  VDX PDL UDU DFWXDOL]DW  YDORDUHD
PHWDIRULF  VXSLQXO VXEVWDQWLYL]DW DFWLYHD]  SUHSRQGHUHQW
IXQF LD PHWRQLPLF  LDU VXSLQXO DGYHUELDOL]DW vQGHSOLQHWH
IUHFYHQWIXQF LDVWLOLVWLF GHHSLWHW

2 YDORDUH SDUWLFXODU  D VXSLQXOXL HVWH FHD GH HFKLYDOHQ 
FXLPSHUDWLYXOFDLLQILQLWLYXOVXSLQXOSULQFDUHVHH[SULP R
VROLFLWDUHLPSHUDWLY XQRUGLQXQvQGHPQFRQIHU HQXQ XOXL
XQ WRQ LPSHUVRQDO GHYHQLQG XQ LQGLFH WH[WXDO DO VWLOXOXL
RILFLDO Q WH[WXO OLWHUDU SRDWH VXSUDPDUFD LQVHU LLOH QRQDUWLV
WLFHGHFXSDMHOHFXYDORDUHGRFXPHQWDU PHQLWHV DPSOLILFH
HIHFWXOGHUHDO



(;(03/(

/XD LY JkQGXO
FLQHDIRVWGHYHQLWDYHQLW
&LQHDIRVWGHSOHFDWDSOHFDW
&HDIRVWGHWUHFXWSULQGUHSWXOYRVWUX
DWUHFXW

 06RUHVFX 

,DU0DQHDRIWD
LVHDSXFD
=LGXOGH]LGLW
9LVXOGHPSOLQLW

0 Q VWLUHD$UJHXOXL 

$HUXOPLURDVHDXPHGDVIkULWGHLDUQ 

 *$GDPHWHDQX 

(UD R JRVSRG ULH ERHP  FX SULHWHQL


WLQHUL FX V UEDWRUL PLFL LPSURYL]DWH
SOLQHGHYHVHOLHLGHQHSUHY ]XW

 &DPLO3HWUHVFX 


9$/25,67,/,67,&($/(3(562$1(/25*5$0$7,&$/(

6SHFLILF  SURQXPHOXL DGMHFWLYXOXL SRVHVLY L YHUEXOXL FDWHJRULD SHUVRDQHL


JUDPDWLFDOH SUHFL]HD]  UROXO SDUWLFLSDQ LORU vQ DFWXO FRPXQLF ULL SULQ UDSRUWDUH OD
HPL WRU UROXO ORFXWRUXOXL HVWH DVXPDW SULQ SHUVRDQD , LQWHUORFXWRUXO HVWH GHVHPQDW
SULQ SHUVRDQD D ,,D vQ WLPS FH SHUVRDQD D ,,,D HVWH XWLOL]DW  SHQWUX XQ UHIHUHQW
QHLPSOLFDWGLUHFWvQVLWXD LDGHFRPXQLFDUH 
Q RSHUD OLWHUDU  RS LXQHD SHQWUX R DQXPLW  SHUVRDQ  JUDPDWLFDO  QX PDL
UHSUH]LQW  GRDU R VHOHF LH IRUPDO  GHWHUPLQDW  GH UHJXOD DFRUGXOXL FDUH DVLJXU 
FRH]LXQHDWH[WXOXL FLGHYLQHRS LXQHVWLOLVWLF PRGDOLWDWHGHVWUXFWXUDUHDGLVFXUVXOXL
LDSODQXOXLVHPDQWLFVHPQ LPRWRU DOGH]YROW ULLVSHFLILFHDSHUVRDQHLQDUDWLYH
SULQ UHRUJDQL]DUHD UDSRUWXOXL HPL WRU  WH[W  UHFHSWRU vQ VHQVXO GH]YROW ULL XQRU
SHUVSHFWLYHQDUDWLYHIXQGDPHQWDOHvQVWUXFWXUDWH[WXOXL ',ULPLD 





















n3 H U V R D Q D  ,   H[SUHVLHOLQJYLVWLF DFRQWLLQ HLGHVLQHDHXOXLURVWLWRU


DQGLVFXUVXOQDUDWLY

xLQGLFH
WH[WXDO DO HXOXL QDUDWRU vQ QDUD LXQHD KRPRGLHJHWLF  DYkQG UROXO VWLOLVWLF GH D

FRQIHUL
YHURVLPLOLWDWH $P DIODW FX DFHVW SULOHM F  RPXO PHX HUD XQ PDUH YU MLWRU GH OXSL 

99RLFXOHVFX 
YDORDUH H[SUHVLY  DFFHQWXDW  DUH GDWLYXO HWLF DO SURQXPHOXL VDX

DGMHFWLYXO
SRVHVLY HWLF LRGDW  PL LO vQI F  FX GLQ LL GH FDS $WXQFL OXSXO QRVWUX vQFHSH D PkQFD


KvOSDY,&UHDQJ


xSHUVRDQ
QDUDWLY FDUHvQJOREHD] HXOQDUDWRULHXOQDUDWvQWH[WHOHDXWRGLHJHWLFHGH

JUDQL  MXUQDOPHPRULL VDXILF LRQDOHFRQIHU XQJUDGULGLFDWGHDXWHQWLFLWDWH 6LP HDP

F IHPHLDDFHDVW HUDDPHDvQH[HPSODUXQLFDDFDHXOPHXFDPDPDPHD&DPLO3HWUHVFX 
DRUDOLW LLFDUHIXQF LRQHD] FDLQGLFHDOUHJLVWUXOXLVWLOLVWLFRUDOFRORFYLDO 'DU
xPDUF


vQWRUFL]LFPDLWLLFXPYLQHYUHPHD",&UHDQJ 
LDUP

xVHPQ
VWLOLVWLF DO SODQXOXL QDUDWRUXOXL GLVWLQFW GH SODQXO SHUVRQDMHORU vQ QDUD LXQHD

KHWHURGLHJHWLF  SURLHF LH vQ WH[W D QDUDWRUXOXL FX URO GH GLIHUHQ LHUH vQWUH FHOH GRX 

VWUDWXULVWLOLVWLFHLGHLQVHU
LHFDUHUXSHLUXOGHHYHQLPHQWHQDUDWH 'DULDFDFHPDP

DSXFDWGHVSXV0DLELQHY
VSXQHDPF
WXUWXULFDDMXQVHVHODvPS UDWXO9HUGH,&UHDQJ 


xVHPQOLQJYLVWLFDOGLVFXUVXOXLSHUVRQDMHORUDYkQGUROXOGHDPDUFDVWLOXOGLUHFWLGHD

FDUDFWHUL]DSHUVRQDMXOSULQOLPEDMXODWULEXLW (XVXQW/LF
V P G XO0XOWHVH]LFGHVSUHPLQH

,6ODYLFL 

xSOXUDOXO
SHUVRDQHL , SRDWH QXPL  HPIDWLF SDURGLF  QDUDWRUXO SOXUDOXO DXWRUXOXL

'DF

ELQH
LL PLQWH P ULWH &HWLWRULXOH  L QX YHGHP FH WHDU SXWHD vPSLHGLFD  ,*URDQ  SRDWH

LQFOXGHQDUDWRUXOLQDUDWDUXO 'DULDV
QXQHGHS UW PFXYRUEDLV vQFHSDGHS QDILUXOSRYHWLL

,&UHDQJ
VDXSRDWHGHVHPQDXQFXSOXXQJUXSGHSHUVRQDMHXQSHUVRQDMFROHFWLY


vQFDUHVHLQWHJUHD]
VDXQXLQDUDWRUXO 1HOXDVHPGLQGUDJRVWHV UDFLDPkQGRL>@6XQWHPFD

QLWHF
O WRULDWDFD LGHOXSLLWUHEXLHV QHDS U PVSDWHvQVSDWHF FLRULXQGHGHMXUvPSUHMXUHPRDUWHDGH

ILHULJORDQ
H&DPLO3HWUHVFX 



EQGLVFXUVXOOLULF
x  PDUF WH[WXDO DHXOXLOLULFGHVHPQkQGLQVWDQ DUHIOHFWRDUHGLQSHUVSHFWLYDF UHLD
 FRQVWUXLHWH YL]LXQHD SRHWLF  DFWLYHD]  IXQF LL VWLOLVWLFH FRPSOH[H UHOLHIDUHD
VH

OLULVPXOXL
VXELHFWLY VWUXFWXUDUHD GLVFXUVXOXL OLULF L H[SULPDUHD vQWkPSO ULORU ILLQ HL D

H[SHULHQ HORU RQWLFHVDXFRJQLWLYHDVW ULORUHPR LRQDOHDVXPDWHGHHXOSRHWLF &D V 

SRWPXULOLQLWLWSHPLQH0LHUHG
P 0(PLQHVFX 

x  SHUVRDQD,SOXUDODUHGLVSRQLELOLW LVHPDQWLFHLVWLOLVWLFHPXOWLSOH
FD H[SUHVLH D XQXL FXSOX vQ FDUH HXO OLULF VH DXWRLQFOXGH DUH UROXO GH D GHVHPQD

SUH]HQ
H OLULFH FRQFUHWH SULQ PRWLYXO GHGXEO ULL SULQ PRWLYXO FXSOXOXL GH vQGU JRVWL L

HWF 1HRP U ]LPD FDSHWHOHXQXO GH DOWXO  L VXUk]kQG YRP DGRUPL VXE vQDOWXO  9HFKLXO VDOFkP

0(PLQHVFX 

FDH[SUHVLHDXQHLLQVWDQ HOLULFHGLVWLQFWHGHHXOSRHWLFPDUFKHD] GLVFXUVXOGLUHFWDO

XQHL
HQWLW L FRQFUHWH VDX DEVWUDFWH SHUVRQLILFDWH  DQWURSRPRUIL]DWH ILLQG XWLOL]DW vQ

WH[WHGLDORJLFH 5HYHGHUH 

SRDWH DYHD YDORDUH JHQHULF  GHVHPQkQG XPDQLWDWHD D F UHL YRFH SRHWLF  GHYLQH
HXOOLULFDUHUROXOGHDULGLFDH[SHULHQ
DOLULF ODUDQJGHH[SHULHQ JHQHUDOXPDQ L


GHDVHPQDODFDUDFWHUXOUHIOH[LYDOSRH]LHLUHJLVWUXOVWLOLVWLFJQRPLF2GDF
QDUILHURDUHD

GDF
DPILFXUD L&XPVXQWSHWLLGLQPDUHDFHDVIHULF IUD L16W QHVFX 


FQGLVFXUVXOGUDPDWLF

x  SHUVRDQD,VLQJXODUVDXSOXUDOHVWHGHILQLWRULHSHQWUXGLVFXUVXOWHDWUDOGHVHPQkQG

SHILHFDUHGLQWUHSHUVRQDMHOHLQWHUSUHWDWHVFHQLF 0LDPDGXVDPLQWH,RQD(XVXQW,RQD>@
5 ]ELPQRLFXPYDODOXPLQ 06RUHVFX 





p3
3 H U V R D Q D  D  , , ,  D   GHQRW XQUHIHUHQWFDUHSRDWHDYHDWU V WXULVHPDQWLFH

IRDUWHGLYHUVH XPDQQRQXPDQDQLPDWLQDQLPDWFRQFUHWDEVWUDFWUHDOLUHDOHWF 


DQFUHD
LDHSLF 


xSHUVRDQDD,,,DQDUDWLY
HVWHSULQH[FHOHQ SHUVRDQDOXPLLQDUDWH ',ULPLD HVWH

XQPHFDQLVPJHQHUDWLYDOHSLFXOXLRELHFWLYDWFDUHSUHVXSXQHGLVWDQ
DUHDQDUDWRUXOXLGH

XQLYHUVXO
GLHJHWLF GHVHPQHD]  QX QXPDL SHUVRQDMHOH L HYHQLPHQWHOH FH DOF WXLHVF

WUDPD
FL
L
GLYHUVHOH FRPSRQHQWH DOH OXPLL ILF LRQDOH 'DU ELQHFXYkQWDW HUD ORFXO DFHVWD PDL

DOHVGHFkQGYHQLVHU
FkUFLXPDUXOFHOQRXFXQHYDVWDOXLWkQ U LFXVRDFU VDFHDE WUkQ F FLHLQXSULPHDX

 GUXPH  FD SH XQ VWU LQ YHQLW GLQ OXPH FL FD SH XQ SULHWHQ DWHSWDW GH PXOW  YUHPH OD FDVD ORU
SH

,6ODYLFL 

xvQ
 QDUD LXQHD KHWHURGLHJHWLF  SHUVRDQD D ,,,D HVWH SUH]HQW  GHRSRWULY  vQ
GLVFXUVXO
QDUDWRUXOXL L vQ GLVFXUVXO SHUVRQDMHORU UHSUH]HQWkQG XQ IDFWRU GH FRHUHQ 


WH[WXDO   'DU 9LFWRU DO W X (O QX PDL LHVH OD VDS  % ORVXOH" 6DX GH FkQG HVWH YRLDMRU QXO PDL

DUDQMHD] "]LVH0RURPHWH$GLF DGPLWHPFD]XOF ILLQGRFXSDWPDLDG XJ HO03UHGD 

xSHUVRDQD
D ,,,D SRDWH DS UHD vQ PLFURFRQWH[WH FDUH SUHVXSXQ R FRQFHSWXDOL]DUH D


H[SHULHQ
HORU D VLWXD LLORU D WLSRORJLLORU XPDQH DYkQG YDORDUH JHQHULF  RUL

GHVHPQkQGRLQVWDQ
VXSUDLQGLYLGXDO  7UHEXLHV VHWLHF LLXELUHDDUHULVFXULOHHL& DFHL

FDUHVHLXEHVFDXGUHSWGHYLD
LGHPRDUWHXQXODVXSUDFHOXLODOW&DPLO3HWUHVFX 



EQRSHUDOLULF


xvQ
 GLVFXUVXO OLULF SHUVRDQD D ,,,D HVWH UHOHYDQW  OD QLYHO VWLOLVWLF vQ IXQF LH GH
LGHQWLWDWHD
ILF LRQDO  D UHIHUHQWXOXL GHVHPQDW SRDWH JHQHUD R WHQVLXQH OLULF  SULQ


RSR]L
LDFXSODQXOHXOXLURVWLWRU (XPXWR]LDOE (OPXW R]LQHDJU (XvQDLQWH]XQYLV(O

PLOLDODU
]ERL06RUHVFX 

xvQ
 SRH]LD GHVFULSWLY  HQXQ XULOH OD SHUVRDQD D ,,,D DX UROXO GH D HVWRPSD SUH]HQ D
HXOXLOLULF DF
UXLDWLWXGLQHQXHVWHH[SOLFLWSDUWLFLSDWLY 5HOLHIkQGVWLOLVWLFUHSHUHOHL


VLPEROXULOHLPDJLQDUXOXLSRHWLF &XWRWFHOOLPLWHD] LOOHDJ vPS FDWQWRDPQDOXLFRSDFXOVH

QFOLQ
 F WUH JOLH   , %DUEX  Q SODQXO VHPDQWLF DO SHUVRDQHL D ,,,D VH DIO  GL]ROYDW  L

SHUVRDQD,DVFULLWRUXOXLLVHvQJOREHD]
LSHUVRDQDD,,DDFLWLWRUXOXL ',HUHPLD 

vQ
 SRH]LD GH WLSXO SRUWUHWXOXL OLULF L DO SVHXGRSRUWUHWXOXL SULQ SHUVRDQD D ,,,D HVWH

GHVHPQDWVXELHFWXOSHFDUHVHIRFDOL]HD]
YL]LXQHDDUWLVWLF  (DHUDIUXPRDV FDXPEUDXQXL

JkQGQWUHDSHQXPDLHDHUDS PkQW16W QHVFX 

xvQ
 SRH]LD UHIOH[LY  FD VHPQ OLQJYLVWLF DO RELHFWLY ULL vQ SODQXO VHPDQWLF DO WH[WXOXL

PDUFKHD]
 FDUDFWHUXO JHQHUDOXPDQ DO H[SHULHQ HL OLULFH L UHJLVWUXO VWLOLVWLF JQRPLF

9UHPHWUHFHYUHPHYLQH7RDWHVYHFKLLQRX WRDWH0(PLQHVFX 



FQRSHUDGUDPDWLF


x vQ GLVFXUVXO SHUVRQDMHORU GHVHPQHD]  RULFH HOHPHQW XPDQ VDX QRQXPDQ DO

UHDOXOXLHVWHWLFUHSUH]HQWDWVFHQLF 1XPDLHQLPLFGHI
FXWFXHO6DGHVWU PDWKRUDLHOHORU (

RPXO
FDUH D Y ]XW LGHL  &  3HWUHVFX  VDX GHQRWDW QXPDL vQ UHSOLFLOH SHUVRQDMHORU 7UHFH

IO F XO SULQ S GXUH DXGH R PX]LF  QHS PkQWHDVF  L YHGH vQ OXPLQL vQ OXPLQD OXQLL LHOHOH

&DPLO3HWUHVFX 

x vQ GLGDVFDOLL GUDPDWXUJXO XWLOL]HD]  H[FOXVLY SHUVRDQD D ,,,D DYkQG FD UHIHUHQW
LQVWDQ
HOHGUDPDWL]DWHVDXHOHPHQWHOHVSHFWDFROXOXL *HOXHXQE UEDWFDODGHDQLGHR


IUXPXVH HPDLFXUkQGIHPLQLQ >@$UHQHUYR]LWDWHDLQVWDELO DDQLPDOHORUGHUDV &DPLO3HWUHVFX 

 




(9$/8$5(

D7HPHSHQWUXSURLHFWH
3DUWLFXODULW LDOHUHJLVWUXOXLVWLOLVWLFSRSXODUvQRUD LLOHGHQXQW 
 9DULDQWD FLWDGLQ  D RUDOLW LL vQ SRH]LD SRVWPRGHUQLVW  XQ VFULLWRU OD
DOHJHUH 
$VSHFWHDOHUHJLVWUXOXLVWLOLVWLFDUKDLFvQWHDWUXOLVWRULFFRQWHPSRUDQ
9DORDUHDH[SUHVLY DUHJLRQDOLVPHORUvQSRH]LDOXL9DVLOH9RLFXOHVFXvQ
SUR]DVFXUW DOXL0DULQ3UHGD
9DORULILFDUHDHVWHWLF DHOHPHQWHORUGHDUJRXvQSRHWLFDDUJKH]LDQ 
 0RGDOLW L GH YDORULILFDUH D UHJLVWUXOXL VWLOLVWLF QHRORJLF vQ SRH]LD PRGHU
QLVW  XQVFULLWRUODDOHJHUH 
6WLOXOSDURGLFvQSUR]DVFXUW SRVWPRGHUQLVW  XQVFULLWRUODDOHJHUH 
 9DORUL H[SUHVLYH DOH WLPSXULORU YHUEDOH vQ SRH]LD URPDQWLF   vQ SRH]LD
VLPEROLVW 
9DORULVWLOLVWLFHDOHPRGXOXLFRQMXQFWLYvQSRH]LDFRQWHPSRUDQ  XQSRHW
ODDOHJHUH 
9DORULVWLOLVWLFHDOHSHUVRDQHLvQWkLvQURPDQXOLQWHUEHOLF

E)RUPHGHHYDOXDUH
6WXGHQ LL YRU UHDOL]D XQ SURLHFW FX R WHP  OD DOHJHUH GLQWUH FHOH HQXQ DWH
DQWHULRU6HVLXQHDGHVXV LQHUHDSURLHFWHORUYDDYHDORFvQSHQXOWLPDV SW PkQ D
VHPHVWUXOXL,


































,9,0$*,1$58/32(7,&
67,/,67,&$7(;78/8,/,5,&







6758&785$5($7(;78/8,/,5,&

*(18/ /,5,& JU O\UD  OLU  LQVWUXPHQW PX]LFDO  UHXQHWH RSHUHOH OLWHUDUH FDUH

VH FRQVWLWXLH SH ED]D FDWHJRULHL HVWHWLFH D OLULFXOXL FD WH[W PRQRORJLF PDL UDU SULQ
GLDORJLVP FXRLQWHQVLILFDUHDIXQF LHLVWLOLVWLFHSRHWLFHLDFHOHLHPRWLYHH[SUHVLYH
5-DNREVRQDFFHQWXHD] IXQF LDSRHWLF RSHUDSRHWLF WUHEXLHvQUHDOLWDWHV ILH
GHILQLW FDPHVDMYHUEDOvQFDUHIXQF LDHVWHWLF HVWHGRPLQDQW DVRFLLQGXLIXQF LD
UHIHUHQ LDO vQFD]XOSRH]LHLHSLFHLIXQF LDHPRWLY SHQWUXSRH]LDOLULF 
/XPHD VRQRU  L ULWPLF  D SRH]LHL VH DOF WXLHWH FD GLVFXUV DXWRQRP vQ FDUH
UHSUH]HQW ULOHLGHLOHFRQFHS LLOHWU LULOHDIHFWLYHLFRJQLWLYHDOHVFULLWRUXOXLVHFRPX
QLF GLUHFW7U V WXULOHLQWULQVHFLSULQFDUHVHGHILQHWHSRHWLFLWDWHDVXQWFDUDFWHUXO
VXELHFWLYDOHQXQ ULLRUJDQL]DUHDIRUPDO VSHFLILF  SULQFLSLXOYHUVLILFD LHL FDUDFWHUXO
DXWRWHOLFLFDUDFWHUXOILF LRQDODOUHIHUHQWXOXL
6WUDWHJLLOH GLVFXUVLYH FDUH FRQIHU  XQLFLWDWH OLPEDMXOXL SRHWLF VXQW DPEL
JXL]DUHD VXJHVWLD VLPEROL]DUHD WRWDOL]DUHD DFWXO VHPQLILF ULL VH UHDOL]HD]  SULQ
vQWUHJXO FRQWH[W VWLOLVWLF  GHYLHUHD GH OD QRUPHOH OLPELL OLWHUDUH L GH OD X]DQ HOH
FRPXQLF ULL SUDJPDWLFH  FD PHFDQLVP GH PHWDIRUL]DUH L GH SURGXFHUH D XQRU QRL
VHPQLILFD LLHWF
'LQWUH WRDWH VIHUHOH OLWHUDWXULL GRPHQLXO SRHWLFXOXL HVWH FHO FDUH VH VXVWUDJH
XQHL GHILQLUL ULJXURDVH HO ILLQG GRDU DSUR[LPDW SULQ GLIHUHQ LHUL VSHFLILFH vQ FDGUXO
DUKLJHQXOXLFDUHHVWHOLWHUDWXUDLSULQRSR]L LHFXFHOHODOWHJHQXULOLPEDMHOLWHUDUH
I U FDDFHVWHGHWHUPLQ ULV LGH]Y OXLHVXEVWDQ DLQHIDELO 
3RH]LD  DILUPD 3DXO 9DOpU\ vQ 'LDORJXUL  HVWH R DUW  D /LPEDMXOXL DQXPLWH
FRPELQ ULGHFXYLQWHSRWSURGXFHRHPR LHSHFDUHDOWHOHQXRSURGXFLSHFDUHQRLR
QXPLPSRHWLF >@$FHVWHOXFUXULLILLQ HFXQRVFXWHVDXPDLGHJUDE LGHLOHFDUHOH
UHSUH]LQW   vL VFKLPE  vQWUXQ DQXPLW IHO YDORDUHD 6H FKHDP  XQHOH SH DOWHOH VH
DVRFLD]  FX WRWXO DOWIHO GHFkW vQ PRGXULOH RELQXLWH HOH VH J VHVF PX]LFDOL]DWH
DYkQG UH]RQDQ H XQHOH SULQ DOWHOH L FRUHVSXQG SDUF  DUPRQLF 8QLYHUVXO SRHWLF
DVWIHO GHILQLW SUH]LQW  PDUL DQDORJLL FX FHHD FH SXWHP SUHVXSXQH GHVSUH XQLYHUVXO
YLVXOXL $FHVW XQLYHUV SRHWLF DOF WXLW GLQ IDQWDVPHOH YLVXOXL LPDJLQHD]  R OXPH
O XQWULF I U FRUHVSRQGHQWvQUHDOLWDWHFUHHD] XQVSD LXLQWHULRULRGXUDW LOX]RULH
FDUH ILLQ HD]  QXPDL SULQ FXYLQWHOH SRHWLFH FDUH OH QXPHVF L OH IDF V  H[LVWH
,PDJLQDUXO SRHWLF HVWH DDGDU DXWRQRP vQ UDSRUW FX UHDOLWDWHD HO H[LVW  QXPDL vQ
OXPHD VHPDQWLF  D WH[WXOXL HVWH FRQVWUXLW SH UHSHUH VSD LRWHPSRUDOH SVLKLFH FKLDU
LDWXQFLFkQGFUHHD] LOX]LDUHDOLW LL LUHXQHWHWHPHOHPRWLYHOHLVLPEROXULOHSH
FDUH VH VWUXFWXUHD]  YL]LXQHD SRHWLF  LGHLOH UHSUH]HQW ULOH L VHQWLPHQWHOH
FRPXQLFDWH GH HXO OLULF Q WH[WXO SRHWLF OXPLOH LPDJLQDUH VXQW FUHDWH GLQWUR
SHUVSHFWLY VXELHFWLY  OLULF LVXQWL]RODWHVHPQDOL]DWHvQSDUWHFKLDUFRQVWUXLWH
GHSURSULHW LOHIRUPDOHDOHGLVFXUVXOXL 5RGLFD=DILX1DUD LXQHLSRH]LH 


DXWRWHOLFFDUHFRQ LQHvQVLQHVFRSXOFDUHvLHVWHVXILFLHQW FXILQDOLWDWHLQWHUQ 


7LSXULOHGHOLULVPVXQWJHQHUDWHGHPRGDOLWDWHDGHH[SULPDUHDLGHLORUSRHWLFH
DVW ULORUDIHFWLYHDVXPDWHVDXQXGHHXOOLULF
c /LULVPXO VXELHFWLY HVWH H[SUHVLD FHD PDL GLUHFW  D FRPXQLF ULL SRHWLFH
UHDOL]DWH FD OLULF  D HXOXL URVWLWRU SRHWXO VH LGHQWLILF  FX HXO FDUH YRUEHWH  WLSXULOH
GLVFXUVLYH VSHFLILFH VXQW PRQRORJXO OLULF PRQRORJXO DGUHVDW LQYRFD LD UHWRULF  VDX
DXWRDGUHVDWGLVFXUVXOGLDORJLFGLVFXUVXOHYRFDWRUHWF

LQGLFL WH[WXDOL P UFL OH[LFRJUDPDWLFDOH DOH SHUVRDQHL ,  D ,,D SURQXPH L
DGMHFWLYHSURQRPLQDOHODSHUVRDQD,D,,DVLQJXODUVDXSOXUDOYHUEHODSHUV,D,,D 
P UFL DOH DIHFWLYLW LL LQWHUMHF LL  DGYHUEH GHLFWLFH GH ORF VDX GH WLPS  DVHU LXQL
UHIOHF LLMXGHF LGHYDORDUHDVXPDWH
d /LULVPXO RELHFWLY GLVLPXOHD]  SUH]HQ D HXOXL OLULF VXEVWLWXLQGR FX DOWH
SUH]HQ HOLULFH
OLULFDP WLORUSUHVXSXQHH[SULPDUHDLGHLORULVHQWLPHQWHORUVXERLGHQWLWDWH
VWU LQ 
OLULFDUROXULORUvQFDUHSRHWXOLGHQWLILFkQGXVHFXXQSHUVRQDMH[SULP 
VHQWLPHQWHFDUHQXVXQWSURSULX]LVDOHVDOH
OLULFDJQRPLF PHGLWD LLSHWHPHILORVRILFHSRWILIRUPXODWHODSHUVRDQDD,,,D
VXEDSDUHQ DRELHFWLYLW LLFKLDUGDF UHIOHF LLOHVXQWGHIDSWDOHSRHWXOXL
OLULFDGHVFULSWLY  GHWLSWDEORXVDXGHWLSSRUWUHW GLVLPXOHD] SHUVSHFWLYD
VXELHFWLY DSRHWXOXLVXEDSDUHQ DXQHLYL]LXQLQRQIRFDOL]DWHFKLDUGDF SULQ
HSLWHWHFDOLILFDWLYHVHHYLGHQ LD] SHUFHS LDVXELHFWLY SULPDU 
e/LULVPXOQDUDWLYHVWHDVRFLDWOLULFLLFRQWHPSRUDQHLDUHFDSUHPLV LSRVWD]H
DOH RPXOXL PRGHUQ FDUH QX PDL HVWH FRQWHPSODWLYXO URPDQWLF L]RODW RUJROLRV vQ
KLPHULFD VIHU  D YLVXOXL FL R SUH]HQ  HVHQ LDO DFWLY  GLQDPLF  WUDYHUVkQG
H[SHULHQ H H[LVWHQ LDOH DYHQWXUL vQ RUL]RQWXULOH FXQRDWHULL VDX EDQDOH HYHQLPHQWH
FRWLGLHQHFRQIUXQWkQGXVHFXVLQHVDXFXFHLODO LFXWLPSXOFXLXELUHDFXPRDUWHD
1DUDWLYXOSRDWHFRQILJXUDRH[SHULHQ VXELHFWLY  OLULF FRQVWUXLHWHOXPLLPDJLQDUH
GHSHQGHQWH GH WHPSRUDOLWDWH RIHU  SRVLELOLW L VSHFLILFH GH DPELJXL]DUH L
VLPEROL]DUH 5RGLFD =DILX 1DUD LXQH L SRH]LH  $FHVW WLS GH OLULVP HVWH GHILQLW GH
+HQU\N 0DUNLHZLF] &RQFHSWHOH WLLQ HL OLWHUDWXULL  FD UHDOLWDWH GLQDPLF  SUH]HQWDW 
vQWURIRUP VXELHFWLY VDXVLPEROLF 

LQGLFL WH[WXDOL SUH]HQ D XQXL QXFOHX QDUDWLY D XQXL VFHQDULX PLWLF VDX
LQL LDWLF IUHFYHQ D YHUEHORU D LQGLFLORU WHPSRUDOLW LL DGYHUEH GH WLPS VXJHUkQG R
VXFFHVLXQH GH VW UL GH VLWXD LL VDX HYHQLPHQWH WLPSXUL YHUEDOH HWF  DL
SURFHVXDOLW LLDLVFKLPE ULLHWF

&ODVLILFDUHDFUHD LLORUOLULFHvQFODVHVSHFLILFH VSHFLL HVWHGHWHUPLQDW GHPDL
PXOWHFULWHULL
c FULWHULXO WHPDWLF OLULFD HURWLF  LGLO  HJORJ  URPDQ  HOHJLH HURWLF  HWF 
OLULFD SHLVDJLVW  SDVWHO SDVWHO SVLKRORJLF  OLULFD FHW LL SRH]LD SDWULRWLF  L SRH]LD
VRFLDO  LPQ RG  PHGLWD LH VDWLU  EOHVWHP HWF  OLULFD ILORVRILF  DUW  SRHWLF 
PHGLWD LHHOHJLHH[LVWHQ LDO HWF 
dFULWHULXOIRUPDOSRH]LLOHFXIRUP IL[  VRQHWURQGHOJD]HOJORV KDLNXHWF 
eFULWHULXOGRPLQDQWHLDIHFWLYH LPQRG GRLQ HOHJLHVDWLU SDURGLHHWF 

6WUXFWXUDUHDWH[WXOXLSRHWLF
'RPHQLXOSRHWLFXOXL GLIHULWGHDFHODVHPLRWLFLGHDFHODVHPDQWLF HVWHXQWH[W
RXQLWDWHIRUPDO GHVLQHVW W WRDUHFDUHSRDUW XQFRQ LQXWLPDJLQDULG QDWHUH
XQHLH[SUHVLL'LVWLQJHPvQHO>@IRUPDWH[WXOXLSHFDUHDPGHILQLWRSHGHRSDUWH




GUHSWRUGLQHDQXPLW DOLPELL SUR]RGLD LDUSHGHDOWDGUHSWRUHOD LHvQWUHVWUXFWXUL


DVHP Q WRDUHUHOD LHGHVXERUGRQDUHID GHXQJHQ LQWHUWH[WXDOLWDWHD FRQ LQXWXO
WH[WXOXL DGLF  XQLYHUVXO OXL LQWULQVHF L ILFWLY LQH[LVWHQW vQDLQWHD L vQ DIDUD IRUPHL
SURSULLSUR]RGLFHLLQWHUWH[WXDOHvQILQHH[SUHVLDFDUHHVWHIXQF LDWH[WXOXLFHHDFH
IDFH GLQ HO XQ SRHP FRQFUHW VLQJXODU L QHUHSHWDELO PDQLIHVWDUH D DGHY UXOXL
SDUWLFXODUDOSRHWXOXL 1LFRODH0DQROHVFX'HVSUHSRH]LH 
&D DUW  D /LPEDMXOXL PDL PXOW GHFkW FHOHODOWH JHQXUL JHQXO OLULF DSHOHD]  OD
SURFHGHH H[SUHVLYH FDUH HYROXHD]  GH OD VLPSOXO VWULJ W HPR LRQDO OD UDILQDWD
XWLOL]DUHDWXWXURUWLSXULORUGHLPDJLQLGHILJXULGHVWLOVDXGHPHWULF LODRUJDQL]DUHD
vQFHOHPDLGLYHUVHIRUPHGHSRH]LH GHODIRUPHOHFODVLFHODVSD LDOLWDWHDSODVWLF D
FDOLJUDPHORU 
(OHPHQWHOH GH FRPSR]L LH SRHWLF  DX vQ YHGHUH XQLW LOH SUR]RGLFH YHUVXO
VWURID  L XQLW LOH ORJLFH  VHFYHQ HOH SRHWLFH  FDUH SRW FRLQFLGH VDX QX FX FHOH
IRUPDOH3ULQFLSLLOHFDUHRUGRQHD] WH[WXOSRHWLFVXQWGHPDUHGLYHUVLWDWHUHFXUHQ D
VLPHWULD SDUDOHOLVPXO UHSHWL LD FX URO FRPSR]L LRQDO UHIUHQXO ODLWPRWLYXO DQDIRUD
HSLIRUD DQWLWH]DFRQWUDSXQFWXOHWF

63(&,,$/(*(18/8,/,5,&

63(&,,/,5,&(
ODW$UVSRHWLFDGH+RUD LX
 6SHFLH D OLULFLL ILORVRILFH WUDQVILJXUkQG
vQ LPDJLQL SRHWLFH FUH]XO DUWLVWLF DO
SRHWXOXL SULQFLSLLOH VDOH HVWHWLFH YL]LXQHD
SURSULH GHVSUH VXUVHOH L DFWXO FUHD LHL
GHVSUHIXQF LDHLFRJQLWLY GHVSUHPHQLUHD
LGHVWLQXODUWHLLDUWLVWXOXL
 PHVDMXOSURJUDP DO XQXL DUWLVW
H[SULPkQGFUH]XOV XGHVSUHFUHD LH

LWSDVWHOORSLFWXU FXFUHLRDQHPRL
 7HUPHQXO GHQXPHWH QXPDL vQ OLWHUDWXUD
URPkQ  R VSHFLH D JHQXOXL OLULFR SRH]LH
GHVFULSWLY  vQ FDUH VH FRQWXUHD]  XQ
WDEORX GLQ QDWXU  vQWUR YL]LXQH UHODWLY
RELHFWLY FODVLF 
ODWHOHJLDFkQWHFGHGROLX
6SHFLHDOLULFLLvQFDUHVHQWLPHQWH
GRPLQDQWHVXQWWULVWH HDQRVWDOJLD
UHJUHWXOGRUXO GHPRDUWH HWF

([7HVWDPHQWXOOXL,HQ FKL 9 F UHVFX


6HULOH OD 0LUFHWL GH $OHFVDQGUL (SLJRQLL
1XPDLSRHWXO3RHW2GLQLSRHWXO2G  vQ
PHWUXDQWLF 6FULVRDUHD,,(PLQHVFX
1RDSWHD GH GHFHPYULH GH 0DFHGRQVNL
5XJ FLXQH1RDSWHD3RHWXOGH*RJD3RHWXO
GH &REXF ,PQ 'H DUW  %DFRYLD  3RUWUHW
([ OLEULV 7HVWDPHQW 5XJ  GH VHDU  
$UJKH]L
(X QX VWULYHVF FRUROD GH PLQXQL D OXPLL
&kQW UH LLEROQDYL%ODJD
-RFVHFXQG7LPEUXGH,%DUEX1HFXYLQWHOH
3RH]LD7HVWDPHQW6HPQ16W QHVFX
 7LWOX GDW GH $OHFVDQGUL FLFOXOXL GH SRH]LL
SXEOLFDWH vQWUH  L  vQ &RQYRUELUL
OLWHUDUH
 WHUPHQXO QX DFRSHU  vQWUHDJD VIHU  GH
PDQLIHVW ULDVHQWLPHQWXOXLQDWXULLvQSRH]LH
GH DFHHD VH SRDWH YRUEL GH XQ SDVWHO
FRVPLF vQ /XFHDI UXO GH XQ SDVWHO
VLPEROLVWOD0DFHGRQVNLL%DFRYLDSDVWHO
H[SUHVLRQLVWOD%ODJD
 Q OLULFD PRGHUQ  DYkQGXO FD PRGHO SH
%DXGHODLUH  HOHJLD VH GLYHUVLILF  L VH
QXDQ HD]  H[SULPkQG R WULVWH H RQWRORJLF  L
PHWDIL]LF  5LONH *DUFLD /RUFD (VHQLQ
(PLQHVFX%DFRYLD,RQ9LQHDHWF 

ODWPHGLWDWLRUHIOHF LH
 FXOWLYDW  GH URPDQWLFL PHGLWD LL SH WHPD
 VSHFLH D SRH]LHL ILORVRILFH vQ FDUH
WLPSXOXLDLVWRULHLLXELULLPRU LLGLYLQXOXLHWF
OLULVPXO VH ULGLF  OD R WUHDSW  GH FRQWHP ([0HGLWD LLOHSRHWLFHDOHOXL/DPDUWLQH
SOD LHLQWHOHFWXDO 



63(&,,/,5,&(

IULG\OOHPLFWDEORXSRHPDWLF
([%XFROLFHOHOXL9HUJLOLX
 6SHFLH GH SRH]LH SDVWRUDO  DYkQG FD
WHPDQDWXULLFDPSHVWUHVHDVRFLD] FX
RELHFW YLD D UXVWLF  EXFROLF  DUFDGLF  WHPDLXELULLFDvQLGLOHOHHPLQHVFLHQH
QDLYVHQWLPHQWDO 
ODWK\PQXVFkQWHFGHELUXLQ 
 6SHFLH VROHPQ  D JHQXOXL OLULF FkQWHF
GH VODY  FRQVDFUDW XQXL HYHQLPHQW VDX
XQHLSHUVRQDOLW LH[HPSODUH

/DRULJLQHHUDRLQYRFD LHPLVWLF 
DGUHVDW XQHLGLYLQLW L ,PQXULF WUH$SROOR 
SHDQ ,PQXULF WUHQRDSWHGH1RYDOLV
6HDVRFLD] vQF FXPX]LFDLPQXUL
QD LRQDOH

IUJURGH
 6SHFLH D JHQXOXL OLULF H[SULPkQG R 1XVHDVRFLD] FXPX]LFDSUHFXPLPQXO
LQFLSLWXOSRDWHILRLQYRFD LHFDvQLPQ
VWDUH GH MXELOD LH VSLULWXDO  XQ HODQ H[2GHWULXPIDOHGH3LQGDU2G RVWDLORU
DGPLUDWLY SHQWUX R LGHH R SHUVRDQ  XQ URPkQLGH$OHFVDQGUL2G  vQPHWUXDQWLF 
HYHQLPHQW
(OHPHQWHGHILQLWRULL
ODWVDWXUDIUVDWLUHPXVWUDUH
DWLWXGLQHDGH]DSUREDWRDUHPDUFDW GH
 2SHU OLWHUDU FXFDUDFWHUFULWLF
  VSHFLH OLULF  vQ YHUVXUL vQ FDUH VH GLVSUH DDXWRUXOXLDSHOXOODLURQLHVDUFDVP
ULGLFXOL]HD]  VDX VH FRQGDPQ  YHKHPHQW OLPEDMLURQLF GHSLOG DQWLIUD]D VDXYLUXOHQW
IHQRPHQH QHJDWLYH DOH VRFLHW LL VDX YLFLL DGHFYDWDWLWXGLQLLGHGLVWDQ DUHLURQLF GH
SURWHVW
RPHQHWL
VODYRQ SVDOPXFkQWHFUHOLJLRV
&HLGH3VDOPLDLOXL'DYLGDOF WXLHVF
6SHFLHDOLULFLLUHOLJLRDVHFXFDUDFWHUGH XQDGLQWUHF U LOHFDQRQLFHDOH9HFKLXOXL
UXJ FLXQHLGHRG VDFU 
7HVWDPHQWvQOLPEDURPkQ 3VDOWLUHDvQ
  SVDOPLL GLQ OLULFD PRGHUQ  VXQW PHGLWD LL YHUVXULDOXL'RVRIWHL  
ILORVRILFH DVXSUD UDSRUWXOXL GLQWUH RP L ([3VDOPLPRGHUQLDLOXL0DFHGRQVNL
FLFOXO3VDOPLORUOXL$UJKH]L
GLYLQLWDWHDVXSUDFRQGL LHLXPDQH
HWLPRORJLH FRQWURYHUVDW  ' &DQWHPLU
FXYkQW GLQ OLPED GDFLORU OLWXDQLDQXO GDLQD  QOLWHUDWXUDFXOW WHUPHQXOHVWHLPSXVGH
FkQWHFSRSXODU
9$OHFVDQGUL
 'HQXPHWH FkQWHFXO SRSXODU HOHJLDF $XFUHDWGRLQHFXOWH$OHFVDQGUL(PLQHVFX
VSHFLLOH OLULFH IROFORULFH vQ vQWUHJXO ORU  L &REXFW2,RVLI$UJKH]L
FUHD LLFXOWHvQWLSDUSUR]RGLFIROFORULF




32(=,,&8)250 ),; 







3RH]LHFXIRUP IL[ vQVXPkQGYHUVXULFDUHSRWILJUXSDWH
GXS PRGHOXOLWDOLDQ 3HWUDUFD FDWUHQHWHU LQH
GXS PRGHOXOHQJOH]FDWUHQHXQGLVWLKILQDO FXYDORDUHGHFRQFOX]LH 
 6KDNHVSHDUH LD VFULV VRQHWHOH I U  L]RODUHD VWURIHORU SULQ EODQF VSD LX DOE  GkQG
GRDURDOW DOLQLHUHGLVWLKXOXLILQDO

3RH]LHFXIRUP IL[ DOF WXLW GLQYHUVXULFHDSHOHD] ODUHIUHQLDUHGRDUGRX 
ULPH GXS  PRGHOXO DEEDEDDEDEDED  SULPHOH GRX  YHUVXUL UHDSDU vQ SR]L LH
PHGLDQ  FD YHUVXULOH   SRH]LD vQFKHLQGXVH FX YHUVXO LQL LDO VXQW GHFL LGHQWLFH
YHUVXULOH  L  

5RQVHWXOFUHDWGH+RULD% GHVFXHVWHRFRPELQD LHvQWUHVRQHWLURQGHO

3RH]LHFXIRUP IL[ DOF WXLW GLQWURVWURI WHP LWRWDWkWHDVWURIHPHGLDQHFkWH
YHUVXUL DUH VWURIDWHP  ILHFDUH VWURI  PHGLDQ  VH vQFKHLH FX FkWH XQ YHUV GLQ VWURID
WHP DFHDVWDUHDS UkQGvQILQDOFXLQYHUVDUHDRUGLQLLYHUVXULORU



,0$*,1($$57,67,& 

,PDJLQHD DUWLVWLF  HVWH IRUP  FRQFUHW  D XQHL LGHL DUWLVWLFH UHSUH]HQWDUH
VXELHFWLY  SURGXV  GH LPDJLQD LD FUHDWRDUH FX DMXWRUXO FXYkQWXOXL FX UHIHUHQW
FRQFUHW VDX DEVWUDFW FX DMXWRUXO VXQHWHORU FXORULORU HWF ,PDJLQHD DUWLVWLF  DUH XQ
FDUDFWHU VLQJXODU LUHSHWDELO VXJHUkQG FRPSRQHQWHOH YL]LXQLL DUWLVWLFH UHSUH]HQW UL
PHQWDOHVDXVHQ]RULDOH
QIXQF LHGHFULWHULXOSHUFHS LHLVHQ]RULDOHLPDJLQLOHDUWLVWLFHVHFODVLILF vQ

YL]XDOH /XPLQL VF SDWH GLQ FXSWRU VH ]EDW vQWUH SHUH L   /XFLDQ %ODJD
7 PkLHLIXOJL 

DXGLWLYH$XGPDWHULDSOkQJkQG *HRUJH%DFRYLD/DFXVWU 

ROIDFWLYH&ODUGHQRDSWHSDUIXPDW *HRUJH%DFRYLD1RFWXUQ 

WDFWLOH $]LVXQWQHSXWLQFLRVFDRP WDV (PLO%UXPDUX$VWHQLH 

JXVWDWLYH ,XELWD PHD GH QHJUX L GH VDUH 1LFKLWD 6W QHVFX 9LD D PHD VH
LOXPLQHD] 

GLQDPLFHFKLQHVWH]LFH2KR DOHUJ L VDOW L FXUJ 1LFKLWD6W QHVFX9LD D
PHDVHLOXPLQHD] 

VLQHVWH]LFH)RQLUHDP W VRDV DP ULORUFXVDUH ,RQ%DUEX7LPEUX 


(/(0(17('(9(56,),&$ ,(

(OHPHQWHOH GH SUR]RGLH JU SURVRGLD  LQWRQDUH DFFHQWXDUH  DX IRVW
FRQVLGHUDWH SkQ  vQ HSRFD PRGHUQ  VHPQ REOLJDWRULX DO SRHWLFLW LL PHWULFD
SUR]RGLD  GHYHQLQG R WLLQ  SUH XLW  D $QWLFKLW LL L D HSRFLORU FODVLFL]DQWH
5HQDWHUHD (SRFD /XPLQLORU VHFROXO &ODVLFLVPXOXL HSRFD PDQLHULVPXOXL D
SDUQDVLDQLVPXOXLHWF LXQVXELHFWFRQWURYHUVDWSHQWUXSRH LLLWHRUHWLFLHQLLXOWLPHORU
GRX  YHDFXUL 3UR]RGLD VWXGLD]  DQVDPEOXO GH SURFHGHH L WHKQLFL IRUPDOH SH ED]D
F URUD HVWH FUHDW GLVFXUVXO SRHWLF UHJXOL PHWULFH UHODWLY VWDELOH XWLOL]DWH vQ
FRPSXQHUHDYHUVXULORULDVWURIHORU
'HVSUH PXWD LLOH VXUYHQLWH vQ SRH]LD PRGHUQLVW  GHVSUH VFKLPEDUHD FDQRQXOXL
SUR]RGLF L UHJkQGLUHD FRQFHSWXOXL GH SRHWLFLWDWH FULWLFXO 1LFRODH 0DQROHVFX DILUP 
7LPSGHVHFROHSRH]LDHXURSHDQ DIRVWJXYHUQDW GHXQVLVWHPSUHFLVLFRPSOH[GH
UHJXOLPHWULFHLGHXQXOQXPDLSX LQVWULFWGHILJXULGHVHQV>@6LVWHPXOUHWRULFL
VLVWHPXOPHWULFVDXSU EXLWDPkQGRX FXPVHWLHSHODVIkULWXOURPDQWLVPXOXLGLQ
FDX]HSUREDELOGLIHULWH>@0RGLILFDUHDLQWHUSUHW ULLIRQLFHLSUR]RGLFHDSRH]LHLSRDWH
DWUDJH R VFKLPEDUH D FULWHULXOXL SRHWLFXOXL ([LVW  QXPHURDVH P UWXULL F  S U VLUHD
UHJXOLORU FODVLFHGHYHUVLILFD LHDFUHDWXQIHOGHFUL] DSRH]LHLvQVHLFDUHVDWUH]LW
SULYDW GHXQXOGLQPLMORDFHOHFHOHPDLVLJXUHGHDVHDXWRLGHQWLILFD1XPDLFkQGLD
FUHDWRFRPSHQVD LHVXILFLHQW DLHLWSRH]LDGLQDFHDVW FUL]  'HVSUHSRH]LH 




 5LWPXO SRHWLF UHSUH]LQW  R VXFFHVLXQH UHFXUHQW  GH XQLW L SUR]RGLFH HFKLYDOHQWH


$FHVWH XQLW L SUR]RGLFH VXQW SLFLRDUHOH PHWULFH GHILQLWH FD XQLW L ULWPLFH vQ FDUH
VLODEHOH DFFHQWXDWH    L FHOH QHDFFHQWXDWH 8 VHVXFFHGGXS XQDQXPLWPRGHO
8QLW LOHULWPLFHSRWIL
xELVLODELFH WURKHXO    8  &RGUXOH FRGUX XOH  L LDPEXO 8    $ IRVW RGDW  FDQ
SRYHWL 
xWULVLODELFHGDFWLOXO 88 DPILEUDKXO 88 DQDSHVWXO 88 
%DUEDOXLIOXWXU QYkQWXULFDQHJXUDFHDDUJLQWLH 88888888888 
7UHFXWDLFkQGFHUXLFkPSLHVHQLQ  88888888 
3ULQWUHFUHQJLOXPLQDSDOLGJOREGHDUJLQW 8888888888 
xWHWUDVLODELFHFXXQVLQJXUDFFHQWSHRQXO DYkQGLQGLFHGXS ORFXOVLODEHL
DFFHQWXDWH
9kQWXULOHYDOXULOH SHRQ888888 
6RPQRURDVHS V UHOH SHRQ888888 
xWHWUDVLODELFHFXGRX DFFHQWHFRULDPEXO 886DUDSHGHDO 
5LWPXOSRH]LHLPRGHUQHQXPDLXUPHD] VXFFHVLXQHDIRUPDO DSLFLRDUHORUPHWULFH
vQORFXLQG DFFHQWHOH GH LQWHQVLWDWH FX DFFHQWH DIHFWLYH L VWLOLVWLFH FRQVWUXLQGXL
FDGHQ HOH FRQWUDSXQFWLF SULQ FRQWUDVWXO GLQWUH FXYLQWHOHFKHLH DFFHQWXDWH L FRQWH[WXO
FXIOXHQ ILUHDVF DULWPXOXLYRUELULL
0 VXUDHVWHWRWDOLWDWHDVLODEHORUXQXLYHUVJUXSDWHvQXQLW LULWPLFH9HUVXULOHFXP VXU 
VFXUW  SkQ ODVLODEH FRQIHU XQULWPDOHUWGLVFXUVXOXLSRHWLFvQYUHPHFHP VXUDPHGLH
 LFHDOXQJ  SHVWHVLODEH LPSXQRFDGHQ ULWPLF JUDY VROHPQ OLWXUJLF HWF
$FHVWH YHUVXUL VXQW PDUFDWH GH R SDX]  ULWPLF  FH]XU  FDUH OH VHJPHQWHD]  vQ GRX 
HPLVWLKXULGHRELFHLHJDOH GHH[HPSOXDOH[DQGULQXOYHUVXOGLQVLODEHFXULWPLDPELF
DUHGRX HPLVWLKXULGHFkWHVLODEH 8QHOHPHQWGHPDUHPRGHUQLWDWHFXXQHIHFWVRQRU
GHRVHELW HVWH SODVDUHD FH]XULL vQ LQWHULRUXO XQXL FXYkQW VDX GHFRQVWUXLUHD HL SULP
PXOWLSOLFDUHDSDX]HORUULWPLFH 6DXQXRPDLDPFXQRVFXW7$UJKH]L 
 0 VXUD YDULDELO  D YHUVXULORU GLQ SRH]LD PRGHUQ  VHPQDOHD]  JUDILF LPSXOVXULOH
HPR LRQDOHGHLQWHQVLWDWHLGXUDW GLIHULWHVDXIOX[XOLQWHUPLWHQWDOLGHLORU

3ULQPHWUXVHvQ HOHJHVFKHPDXQHLSRH]LLFDUHH[LVW LQGHSHQGHQWGHUHDOL]DUHDHL
OLQJYLVWLF (OLQGLF >@QXP UXOGHVLODEHDOYHUVXULORUIHOXOSLFLRDUHORULQXP UXOORU
ORFXO FH]XULORU DOF WXLUHD IUD]HL SR]L LD ULPHL HYHQWXDO L IRUPD SRH]LHL :ROIJDQJ
.D\VHU2SHUDOLWHUDU 

5LPD HOHPHQW DO YHUVLILFD LHL FODVLFH HVWH FRQVRQDQ D VXQHWHORU ILQDOH D GRX  VDX
PDL PXOWH YHUVXUL vQFHSkQG FX XOWLPD YRFDO  DFFHQWXDW  5LPHOH PRQRVLODELFH VXQW
QXPLWH ULPH PDVFXOLQH VLODEHOH ILQDOH VXQW DFFHQWXDWH GpV LpV  LDU ULPHOH
ELVLODELFH SHQXOWLPD VLODE  DFFHQWXDW  O~QH V~QH  ULPH IHPLQLQH 5LPHOH ERJDWH
VXQW FHOH WULVLODELFH ULPD GDFWLOLF  vQFHSH FX DQWHSHQXOWLPD VLODE  FDUH H DFFHQWXDW 
FOtSHOH  DUtSHOH  VDX WHWUDVLODELFH ULPD KLSHUGDFWLOLF   SHRQLF  UHDOL]HD] 
LGHQWLWDWHD IRQHWLF  D XOWLPHORU SDWUX VLODEH PiOXULOH  YiOXULOH  'XS  SR]L LD ORU vQ
VWURI ULPHOHVXQW

ULPD vPSHUHFKHDW  DDEE     7X HWL R XQG  HX VXQW R ]DUH (X VXQW XQ
UPXUWXHWLRPDUH7XHWLRQRDSWHHXVXQWRVWHD,XELWDPHD

ULPD vQFUXFLDW   DEDE     7RW DVWIHO FvQG DO QRVWUX GRU  3LHUL vQ QRDSWH
DGkQF /XPLQDVWLQVXOXLDPRU1HXUP UHWHvQF 

ULPDvPEU LDW  DEED 6WHOHOHQFHU'HDVXSUDP ULORU$UGGHS UW ULORU
3kQ FHSLHU

ULPDvQO Q XLW  DEDEFEFGFvQURQGHODEEDDEDEEDEDD 

PRQRULPD DDD EEEE    'LQ RFKL O FULPkQG3H FXOPL DOHUJkQG3H WR L
vQWUHEkQGLODWR L]LFkQG

5LPD LQWHULRDU  GRX  FXYLQWH VDX FHOH GRX  HPLVWLKXUL GLQWUXQ YHUV ULPHD] 
/LQHOHFROLQHOHVWUkQJGHVXVOXPLQLOH/%ODJD DFFHQWXHD] HXIRQLDYHUVXOXL





5LPDHFRX FRQFHQWULF  VH UHDOL]HD]  SULQ UHOXDUHD XQXL FXYkQW vQ ULP  GH
H[HPSOX VXEVWDQWLYXO SOXPE vQ SRH]LD OXL %DFRYLD  SULQ ULPDUHD XQRU RPRQLPH 
RPRIRQH FXYkQWXO FX YkQWXO  VDX SULQ ULPDUHD XQRU FXYLQWH GLQWUH FDUH XQXO vO
vQFRUSRUHD] SHFHO ODOW FULVWDOLQ DOLQ 

5LPD LPSHUIHFW  QXPLW  L DVRQDQ  FRQVW  vQ GLIHUHQ H GH VXQHWH GH RELFHL
FRQVRDQH  vQ VHJPHQWHOH DFXVWLFH FDUH IRUPHD]  ULPD L SHQWUX FLQH YUHL V  PRUL" 
QWRDUFHWHWHQGUHDSW 6SUHDFHOS PkQWU W FLWRU 

6HPLULPDUHSUH]LQW XQPRGHOFRPELQDWvQWUHYHUVXOFODVLFLFHOPRGHUQFRQVWkQG
vQDOWHUQDQ DYHUVXULORUDOEHFXYHUVXULULPDWHvQFUXFLDW DEFE2UHOHSOXWHVF
SH OkQJ  XP UXO W X VIHUHDOEDVWUH LQWUH HOH H 6DWXUQ  L FXP VH GXF VH
PLFRUHD] PDLvQVHUDWLPDLQRFWXUQ16W QHVFX 
9HUVXO SRDWH IL GHILQLW FD R VXSUDVWUXFWXU  >@ D F UHL FDUDFWHULVWLF  HVWH GDW  GH
IDSWXOF VXEGLYLGHLUXOVRQRUFRQWLQXXDOWH[WXOXLvQVHFYHQ HHFKLYDOHQWH +HLQULFK
3OHWWWLLQ DWH[WXOXL ,]RODUHDILHF UXLYHUVVHUHDOL]HD] VRQRU SULQSDX] LJUDILF
SULQVSD LXODOEFDUHXUPHD] FXYkQWXOXLFHvQFKLGHYHUVXO
&D VXSUDVWUXFWXU  VSHFLILF  SRH]LHL YHUVXO VH FDUDFWHUL]HD]  vQ IXQF LH GH SDWUX
HOHPHQWHVWUXFWXUDQWHULWPP VXU ULP LSDX]H SDX]DGHWLSFH]XU LSDX]DGH
ODILQDOXOYHUVXOXL 
9HUVXO DOE S VWUHD]  ULWPXO P VXUD L SDX]D OD VIkULW GH YHUV GDU HVWH OLSVLW GH
ULP  2HUDL XQ RP IUXPRV L VXE LUH IRDUWH SDOLG 3ULQWUH RFKLL W L FXUJHD  XQ
P QXQFKLGHDULSLDOEH 16W QHVFX 
9HUVXO DULWPLF DUH ULP  L SDX]  ILQDO  GDU P VXUD L ULWPXO VXQW YDULDELOH
SROLULWPLH  0  ULGLFDP GLQ VRPQ FD GLQ PDUH VFXWXUkQGXPL XYL HOH F ]XWH SH
IUXQWHYLVHOHVSUkQFHQHOHFULVWDOL]DWHGHVDUHDELVHOH 16W QHVFX 
9HUVXO OLEHU HVWH FDUDFWHUL]DW SULQ ULWP YDULDELO P VXU  LQHJDO  DEVHQ D ULPHL
DYkQGvQV SDX] ODVIkULWGHYHUV6HLDREXFDW GHSLDWU VHFLRSOHWHFXRGDOW 
GHVkQJHVHOXVWUXLHWHFXRFKLXOOXL+RPHUVHU ]XLHWHFXUD]HSkQ FXEXOLHVH
SHUIHFW 16W QHVFX 
9HUVXULOHvQO Q XLWHDXFDVHPQGLVWLQFWLYLQJDPEDPHQWXOFDUHGLPLQXHD] RULFKLDU
VXVSHQG  SDX]D GH OD VIkULWXO YHUVXOXL FRQWLQXkQG HQXQ XO vQ YHUVXO XUP WRU
6HJPHQWDUHD XQLW LL VLQWDFWLFROH[LFDOH DWULEXWXO VDX FRPSOHPHQWXO L]RODW GH
FXYkQWXOUHJHQWDUWLFROXORULSUHSR]L LDGHVXEVWDQWLYHWF vQGRX YHUVXULVXFFHVLYH
DUH FD HIHFW VWLOLVWLF FUHDUHD XQRU ULPH UDUH L D XQRU FDGHQ H VRQRUH QHRELQXLWH
6WU EDWHP DPXUJXUL FX FULQL DOEL vQ JXU   QFKLGHP vQ QRL XQ VIkULW VXE DUPXU 
 /%ODJD 
6WURIDHVWHRXQLWDWHFRPSR]L LRQDO VSHFLILF SRH]LHLFDUHFRLQFLGHGHRELFHLFX
XQ HQXQ  SURSR]L LH VDX IUD]  FDUDFWHUL]DW  FD VLVWHP vQFKLV FDUH SRVHG 
FRHUHQ JUDPDWLFDO VHPDQWLF LPHWULF  'LF LRQDUGHWLLQ HDOHOLPELL *UXSDMXO
GHYHUVXULFDUHDOF WXLHWHRVWURI HVWHL]RODWJUDILFSULQVSD LHUH EODQFXUL 
1XP UXO YHUVXULORU GLQWUR VWURI  HVWH YDULDELO vQFHSkQG FX VWURIH GLQWUXQ VLQJXU
YHUV PRQRVWLK  L DMXQJkQG SkQ  OD VWDQ H GH GRX ]HFL GH YHUVXUL VSHFLILF 
5HQDWHULL LWDOLHQH  6WURIHOH PDL IUHFYHQW XWLOL]DWH VXQW GLVWLK GRX  YHUVXUL  WHU LQD
WUHLYHUVXUL FDWUHQXO SDWUXYHUVXUL FYLQDULD FLQFLYHUVXUL VWURIHOHDPSOH VH[WLQD
DVH YHUVXUL VHSWLPD DSWH YHUVXUL RFWDYD RSW YHUVXUL QRQD QRX  YHUVXUL
GHFLPD]HFH VXQWPDLSX LQIRORVLWH
6WURID VDILF  6DSSKR SRHWD GLQ /HVERV  XWLOL]DW  vQ HPLQHVFLDQD 2G  vQ PHWUX
DQWLF  HVWH DOF WXLW  GLQ WUHL YHUVXUL OXQJL  VLODEH  HQGHFDVLODE  L XQ YHUV ILQDO
VFXUW VLODEHYHUVXODGRQLFDGRQHXSHQWDPHWUX 
'LVFXUVXOSRHWLFPRGHUQVHDOF WXLHWHIUHFYHQWGLQVWURIHLQHJDOHFDUHPDUFKHD] 
DVWIHO VHFYHQ HOH SRHWLFH GH OXQJLPL GLIHULWH VDX FD SRH]LH DVWURILF  GLVFXUV
FRQWLQXX 





),*85,'(67,/,352&('((67,/,67,&(

)LJXULOH GH VWLO L SURFHGHHOH VWLOLVWLFH VXQW FRQVLGHUDWH VXEVWDQ D YLH D
OLPEDMXOXL DUWLVWLF GHVHPQkQG PRGDOLW LOH SULQ FDUH VH PRGLILF  H[SUHVLY VDX VH
vPERJ HWH VHQVXO XQXL FXYkQW RUL VH SURGXFH R DEDWHUH GH OD R FRQVWUXF LH
JUDPDWLFDO  X]XDO  SHQWUX D FUHD LPDJLQHD DUWLVWLF  7UDQVIRUPDUHD FXYLQWHORU
XWLOLWDUHGLQOLPEDMXOFRPXQQHXWUHGLQSXQFWGHYHGHUHH[SUHVLYvQVHPQDUWLVWLFHVWH
GHWHUPLQDW  GH FRQWH[WXO VWLOLVWLF L GH LQWHQ LRQDOLWDWHD VFULLWRUXOXL PRGLILFDUHD
H[SUHVLY  SUHVXSXQH XQ SURFHV GH UHVHPDQWL]DUH GH VHPQLILFDUH L GH VLPEROL]DUH
FDUH JHQHUHD]  PHWDEROHOH 9RP QXPL PHWDERO  RULFH IHO GH VFKLPEDUH D XQXL
DVSHFWRDUHFDUHDOOLPEDMXOXL>@9RPGLVWLQJHGRX PDULIDPLOLLGHRSHUD LLUHWRULFH
RSHUD LLOH VXEVWDQ LDOH L RSHUD LLOH UHOD LRQDOH SULPHOH DOWHUkQG VXEVWDQ D vQV L D
XQLW LORU DVXSUD F URUD VH H[HUFLW  FHOHODOWH P UJLQLQGXVH V  PRGLILFH UHOD LLOH GH
SR]L LHFDUHH[LVW vQWUHDFHVWHXQLW L *UXSXO 5HWRULF JHQHUDO 
)LJXULGHVXQHWGHQLYHOIRQHWLF PHWDSODVPH 
DOLWHUD LHL
DVRQDQ 
RQRPDWRSHH

)LJXU GHVWLOGHQLYHOIRQHWLFFRQVWkQGvQVHOHFWDUHDFXYLQWHORUvQFDUHVH
UHSHW XQVXQHWRDO WXUDUHGHVXQHWH
DOLWHUD LDUHSHWDUHDFRQVRDQHORU3ULQYXOWXULYkQWXOYLXYXLD Y 
DVRQDQ DUHSHWDUHDYRFDOHORU$UJLQWHSHDSHLDXUvQDHU DH 
 )LJXU  GH VWLO GH QLYHO IRQHWLF FRQVWkQG vQ XWLOL]DUHD FXYLQWHORU FDUH
VXJHUHD] VXQHWH]JRPRWHGLQQDWXU SULQFKLDUFRUSXOORUVRQRUYkMkLQG
FDYLMHOLDLFDSOHVQHWXOGHSORDLH

)LJXULGHFRQVWUXF LHGHQLYHOVLQWDFWLF PHWDWD[H 


LQYHUVLXQH

UHSHWL LH

HQXPHUD LH

JUDGD LH

GLVORFDUH
VLQWDFWLF 


 )LJXU  GH VWLO GH QLYHO VLQWDFWLF FDUH FRQVW  vQ PRGLILFDUHD H[SUHVLY  D
WRSLFLLRELQXLWHvQSURSR]L LHVDXvQIUD] vQPkQGUXOvQWXQHULF
)LJXU GHVWLOGHQLYHOVLQWDFWLFFHFRQVW vQUHLWHUDUHDXQXLWHUPHQVDXD
XQHLVLQWDJPHvQVFRSH[SUHVLY
x VLPSO YLQHYLQHYLQHFDOF WRWXOvQSLFLRDUH
x DQDIRU  ODvQFHSXWXOXQHLXQLW LSUR]RGLFHYHUVXULVWURIH LWRWQXVH
DUDW FHWDWHDSUHDVIkQW LWRWFRQVWUXF LDDQDIRULF GLQLGDF 
x HSLIRU  ODVIkULWXOXQHLXQLW LSUR]RGLFH GHSOXPEGHSOXPE
x DQDGLSOR]  ODvQFHSXWLODVIkULWGHYHUVODvQFHSXWXOXQXLYHUVLvQ
ILQDOXOYHUVXOXLXUP WRU 0HUHXVHYRUWRWEDWHWXYHLGRUPLPHUHX8QFHU
GHVWHOHGHGHVXEWGHDVXSUDLFHUGHVWHOH
x HSDQDGLSOR]   OD VIkULWXO XQXL YHUVVWURIH L OD vQFHSXWXO YHUVXOXL
XUP WRU  DO VWURIHL XUP WRDUH  L WRW QX VHDUDW  FHWDWHD GLQ YLVH 
&HWDWHDGLQYLVHGHSDUWHHvQF 
x FKLDVP UHSHWDUHD D GRL WHUPHQL FX VFKLPEDUHD RUGLQLL  &D YLVXO XQHL
XPEUHLXPEUDXQXLYLV)HPHLHvQWUHVWHOHLVWHDvQWUHIHPHL
 )LJXU  GH VWLO GH QLYHO VLQWDFWLF FDUH FRQVW  vQ UHDOL]DUHD XQHL FRRUGRQ UL
VLQWDFWLFHvQVFRSH[SUHVLY& FLHXLXEHVFLIORULLRFKLLEX]HLPRUPLQWH
)LJXU GHFRQVWUXF LHFDUHFRQVW vQWUHFHUHDWUHSWDW GHODRLGHHODDOWD
SHQWUXDQXD DH[SULPDUHD
x JUDGD LH DVFHQGHQW  >FOLPD[@ R VHWH HUD GH S FDWH GH GRUXUL GH
DYkQWXULGHSDWLPLRVHWHGHOXPHGHVRDUH
x JUDGD LHGHVFHQGHQW >DQWLFOLPD[@>@LDPHDFkQWDUH6DvQ VSULW
VDDGkQFLWVDVWLQV
 )LJXU  GH VWLO GH QLYHO VLQWDFWLF FDUH FRQVW  vQ PRGLILFDUHD DIHFWLY  D
WRSLFLL RELQXLWH vQ SURSR]L LH VDX vQ IUD]  JHQHUkQG DPELJXL]DUHD L
LPSOLFLW VSRULUHD H[SUHVLYLW LL WH[WXOXL /DFXO FRGULORU DOEDVWUX 3 V UL FD
vQJHULGHDS  S V ULGHDS 


DQDFROXW

 3URFHGHX OLYUHVF ILJXU  GH QLYHO VLQWDFWLF  SULQ FDUH VH vQWUHUXSH
FRQWLQXLWDWHDVLQWDFWLF vQSURSR]L LHVDXvQIUD] 7XUPDYLVXULORUPHOHHX
OHSDVFFDRLGHDXU

)LJXULVHPDQWLFHGHQLYHOOH[LFRVHPDQWLF PHWDVHPHPH 

HSLWHW

FRPSDUD LH

VLPERO

PHWDIRU 

PHWRQLPLH

VLQHFGRF 

R[LPRURQ
VXSHUODWLY
VWLOLVWLF


)LJXU GHVWLOGHQLYHOVLQWDFWLFLVHPDQWLFFRQVWkQGvQDO WXUDUHDXQXL


GHWHUPLQDQW H[SUHVLY SH OkQJ  XQ VXEVWDQWLY VDX YHUE GHWHUPLQDQW FH
VFRDWHvQHYLGHQ RvQVXLUHQHRELQXLW DRELHFWXOXLDF LXQLL
x HSLWHWRUQDQW GHPDUHJHQHUDOLWDWH SU SDVWLDP UHD 
x HSLWHW FURPDWLF &X R ]DOH DUJLQWLH VH vPEUDF  PkQGUD DU   OHRDLF 
DU PLH
x HSLWHWPHWDIRULFS GXUHGHDUJLQWS GXUHGHDUDP 
x HSLWHW SHUVRQLILFDWRU $XG PDWHULD SOkQJkQG FRGUXOXL E WXW GH
JkQGXUL
x HSLWHWKLSHUEROLF*LJDQWLF SRDUWRFXSRO SHIUXQWH
x HSLWHWPRUDO DSUHFLDWLYFDOLILFDWLY VXUkVXLFDOG
x HSLWHWVLQHVWH]LF3ULP YDU 2SLFWXU SDUIXPDW FXYLEU ULGHYLROHW
)LJXU GHVWLOGHQLYHOVLQWDFWLFLVHPDQWLFFHFRQVW vQDO WXUDUHDDGRL
WHUPHQL FRQFUH L VDX DEVWUDF L  SH ED]D XQXL UDSRUW GH DVHP QDUH
HOHPHQWGHUHOD LHFDSUHFXPDVHPHQLvQWRFPDLFDHWF,HVHOXQDFD
RYDWU GHMHUDWLF
 )LJXU  GH VWLO FRPSOH[  FRQVWkQG vQ XWLOL]DUHD QXPHOXL XQXL RELHFW
FRQFUHWVSUHDH[SULPDRLGHHDEVWUDFW vQWHPHLXOXQHLDQDORJLLDOXQXL
SURFHVDFFHQWXDWGHVHPQLILFDUHVHRE LQHSULQGH]YROWDUHDXQHLPHWDIRUH
VDX SULQ UHFXUHQ D XQHL LPDJLQL (X SRUW vQ PLQH QRDSWHD LQ EH]QD HL
DGkQF 0LHVXIOHWXOXQYXOWXUvQO Q XLWGHRVWkQF 
)LJXU GHVWLOGHQLYHOVHPDQWLFSULQFDUHVHVXEVWLWXLHXQWHUPHQSURSULX
FXXQXOLPSURSULXGDUH[SUHVLYSRHWLFGHRELFHLSHED]DXQHLUHOD LLORJLFH
GHDVHP QDUH PHWDIRUDSODVWLFL]DQW FkQGvQWUHWHUPHQXOSURSULXLFHO
PHWDIRULF QX H[LVW  R DQDORJLH R FRPSDUD LH LPSOLFLW  PHWDIRU 
UHYHODWRULH FRURODGHPLQXQLDOXPLL 
x PHWDIRUD H[SOLFLW  LQ SUDHVHQWLD  SUHVXSXQH SUH]HQ D DPELORU
WHUPHQL QX L D HOHPHQWXOXL GH OHJ WXU  R VWUXFWXU  GH WLS DSR]L LRQDO 
/HRDLF WkQ U LXELUHD
x PHWDIRUD vQFKLV WRWDO  HVWH JHQHUDW  SULQWUXQ SURFHV GH PD[LP 
DPELJXL]DUH D UHOD LHL GLQWUH FXYkQWXO PHWDIRULF L VHPQLILFD LD FH SRDWH IL
GRDU DSUR[LPDW  'DU SLDWUDQ UXJ FLXQH D KXPHL GHVSXLDUH  L XQGD
ORJRGLW VXEFHUYRUVSXQHFXP"
)LJXU GHVWLOGHQLYHOVHPDQWLFSULQFDUHVHVXEVWLWXLHXQWHUPHQSURSULX
FXXQWHUPHQLPSURSULXGDUH[SUHVLYSRHWLFSHED]DXQHLUHOD LLORJLFHGH
RUGLQ FDOLWDWLY WHPSRUDO  VSD LDO  FDX]DO  FDX]  HIHFW HIHFW FDX] 
DXWRU RSHU  RELHFWXO FDUH FRQ LQH FRQ LQXW ORFXO GH SURYHQLHQ 
SURGXVXOVHQWLPHQWXOvQVXLUHDQXPHOHRUJDQXOXLS U LLFRUSXOXLFXFDUH
VHDVRFLD] RELHFWXOVLPEROXO
'LQWUXQERORYDQFRERDU SDVXOW XGHGRPQLRDU 
)LJXU GHVWLOGHQLYHOVHPDQWLFSULQFDUHVHVXEVWLWXLHXQWHUPHQSURSULX
FXXQWHUPHQLPSURSULXGDUH[SUHVLYSRHWLFSHED]DXQHLUHOD LLGHRUGLQ
FDQWLWDWLYVLQJXODUSOXUDOSOXUDOVLQJXODUJHQVSHFLHSDUWHvQWUHJHWF
& FL WRDW  IORDUHDY FXQRDWHLWRDW IUXQ]DHLY WLHPLLGHFDSHWH
SOHWRDVH
 )LJXU  GH VWLO GH QLYHO VHPDQWLF FH FRQVW  vQ DO WXUDUHD D GRL WHUPHQL
FDUHvQOLPEDMXOFRPXQVHH[FOXGDYkQGVHQVXULRSXVH
VXIHULQ WXGXUHURVGHGXOFHQHJXULDOEHVWU OXFLWH
 )LJXU  GH VWLO GH QLYHO VHPDQWLF SULQ FDUH FRQVWUXF LD RELQXLW  GH
VXSHUODWLY DEVROXW H vQORFXLW  FX R H[SUHVLH LQHGLW  IUHFYHQW SULQWUR
SHULIUD] PHWDIRULF 
vQRFKLLLXFLJ WRUGHGXOFL$DVGHQHJULRFKLLW LHUDIUXPRDV GHQHVSXV

 )LJXU  GH QLYHO VHPDQWLF FDUH HYLGHQ LD]  R LGHH DSDUHQW DEVXUG  GDU
FDUH VH vQFDUF  GH R VHPQLILFD LH ORJLF  vQ FRQWH[W 'XOFL FXYLQWH QH
Q HOHVHvQV SOLQHGHQ HOHV(PLQHVFXQDH[LVWDW
 )LJXU  GH VWLO D DPELJXLW LL SULQ FDUH VH DWHQXHD]  R H[SUHVLH GXU 
VXEVWLWXLW FXRDOWDPDLSX LQGLUHFW (UDFDOXOGLQSRYHVWHvQDLQWHGHD
PkQFDWLSVLDFXMDU8FLJ OWRDFD
 )LJXU  GH VWLO FX FDUDFWHU LURQLF FRQVWkQG vQ XWLOL]DUHD XQXL FXYkQW D
XQHL ORFX LXQL  FX XQ VHQV RSXV FHOXL GHQRWDWLY %D V  YH]L SRVWHULWDWHD
HVWHvQF LPDLGUHDSW 

SDUDGR[
HXIHPLVP
DQWLIUD] 

)LJXULGHJkQGLUHODQLYHOXOYL]LXQLLDUWLVWLFH PHWDORJLVPH 
DQWLWH] 

KLSHUERO 

OLWRW 

SHUVRQLILFDUH

DOHJRULH

 3URFHGHX VWLOLVWLF L ILJXU  GH QLYHO VHPDQWLF SULQ FDUH VH FUHHD]  R
RSR]L LH VWLOLVWLF  vQWUH GRX  FXYLQWH LGHL FRQFHSWH LPDJLQL SHUVRQDMH
OLULFH QJHULGHPRQ 7XYHQHDLGHVXVHXYHQHDPGHMRV
7XYHQHDLGLQYLH LHXYHQHDPGLQPRU L
x DQWLWH]HURPDQWLFHUHDOLGHDOWHOXULFFHOHVWHIHPHUHWHUQYLD PRDUWHHWF
 )LJXU  VWLOLVWLF  GH JkQGLUH FH FRQVW  vQ H[DJHUDUHD GLPHQVLXQLORU D
SURSRU LLORUUHDOHDOHXQXLRELHFWIHQRPHQHWFFXVFRSXOVSRULULLH[SUHVLYLW LL
*LJDQWLF SRDUWRFXSRO SHIUXQWHSR L]LGLROXPHQWUHDJ SR LVRVIDUHPL
 )LJXU  VWLOLVWLF  GH JkQGLUH FH FRQVW  vQ GLPLQXDUHD H[DJHUDW  D
GLPHQVLXQLORU D SURSRU LLORU UHDOH DOH XQXL RELHFW IHQRPHQ HWF FX VFRSXO
VSRULULLH[SUHVLYLW LL
ROXPHPLF GHVHP VXU FXFRWXOPLFURVFRSLFHSRSRDUH
 )LJXU  VWLOLVWLF  GH JkQGLUH SULQ FDUH VH DWULEXLH XQRU RELHFWH YLHW L
FRQFHSWH DEVWUDFWH HWF FDUDFWHULVWLFL VDX FRPSRUWDPHQW L OLPEDM
RPHQHVF
DXGPDWHULDSOkQJkQGEOkQGDOXQ /XQ WXVW SkQDP ULL
 3URFHGHX VWLOLVWLF FRPSOH[ FDUH DSHOHD]  OD R VXLW  GH VLPEROXUL
PHWDIRUHFRPSDUD LLSHUVRQLILF ULVSUHDIRUPDRLPDJLQHXQLWDU SULQFDUH
VFULLWRUXO FRPXQLF  R YL]LXQH SURSULH GHVSUH OXPH vQ HOHVXUL  FRQFHSWH
H[LVWHQ LDOHSURIXQGH
x QLYHOXOILJXUDWLYHGXEODWGHXQQLYHOGHVHPQLILFDUHVXJHUDWSHED]DXQHL
DQDORJLL
x XWLOL]DW vQIDEXOHvQSRHPHDOHJRULFHHWF

)LJXULUHWRULFHODQLYHOXOGLVFXUVXOXL GHDGUHVDUH 
LQYRFD LH
UHWRULF 

DSRVWURI 
LQWHURJD LH
UHWRULF 
LPSUHFD LH

LQYHFWLY 



)LJXU GHVWLOUHWRULF XWLOL]DW vQVFRSH[SUHVLYFDUHFRQVW vQDGUHVDUHD


F WUH XQ SHUVRQDM LPDJLQDU RUL UHDO GDU DEVHQW F WUH R HQWLWDWH DEVWUDFW 
SHUVRQLILFDW HWF
6XIHULQ WXGXUHURVGHGXOFH&XPQXYLLWX HSHGRDPQH"
 )LJXU  UHWRULF  GH DGUHVDUH FRQVWkQG vQ vQWUHUXSHUHD QHDWHSWDW  D
GLVFXUVXOXL SULQ LQWHUSHODUHD XQXL LQWHUORFXWRU VLPEROLF XQHRUL SH XQ WRQ
VDUFDVWLF LURQLF DJUHVLY  8UD VWUkQVH UDPXUL QHJUH  $X]L IUHDP WXO
vQWXQHULFXOXLVSRULQGSULHWHQH"
 )LJXU  UHWRULF  GH VWLO FH FRQVW  vQ IRUPXODUHD XQHL vQWUHE UL FRQ LQkQG vQ
VLQHU VSXQVXOVDXODFDUHQXVHDWHDSW U VSXQVXWLOL]DW vQVFRSH[SUHVLY
$VWIHOGHQRDSWHERJDW FLQHSHHDQXDUGDYLD DOXLWRDW "
 )LJXU  UHWRULF  SULQ FDUH VH H[SULP  vQ WRQDOLW L GH EOHVWHP GRULQ D
SHGHSVLULL XQHL SHUVRDQH 2ULXQGH YHL PHUJH V  FDOFL R WLUDQH6  FDOFL
SHXQFDGDYUXLQYLVX LV OYH]L
)LJXU GHVWLOFHFRQVW vQXWLOL]DUHDXQXLFXYkQWMLJQLWRUDXQHLYLROHQ H
GHOLPEDM
3UHDI FXU LQHDPXOQRVWUXGHUXLQHLRFDU 3UHDYD LE WXWMRFGHOLPE 
GHVWU EXQLGHRELFHL&DV QXVDUDWHRGDW FHVXQWH LQLWHPLHL


02'(/'($1$/,=
3RUWUHWXODUWLVWXOXL
GH0DULQ6RUHVFX

67,/,67,&


$PvQF O DWFXSDQWRILLPHL
'UXPXO
&XSDQWDORQLLDPvPEU FDWFRSDFLL
3kQ ODIUXQ]H
+DLQDLDPSXVRYkQWXOXL
3HXPHUL
3ULPXOXLQRUFDUHPLDLHLWvQFDOH
,DPSXVvQFDS
3 O ULDPHDYHFKH

$SRLPDPGDWvQDSRL
QPRDUWH
6 P SULYHVF

$XWRSRUWUHWXO
PLUHXLVHGHPLQXQH
$VHP QDUHDHUDDWkWGHSHUIHFW 
QFkWXLWkQGV P LVF OHVF
2DPHQLLDXVFULVHLVLQJXUL
1XPHOHPHX
3HRSLDWU 

3RH]LDOXL0DULQ6RUHVFXHVWHRDUW SRHWLF vQFDUHUDSRUWXOGLQWUHHXOFUHDWRUL
XQLYHUV HVWH VXUSULQV vQWUR PDQLHU  LQVROLW  7HPD GHVWLQXOXL DUWLVWXOXL FHD D
H[LVWHQ HL VDOH FUHDWRDUH L WHPD PRU LL DX FD VXSRUW LPDJLVWLF PRWLYXO OLWHUDU DO
DXWRSRUWUHWXOXLFHODOGUXPXOXLHWF
6XLWD GH LPDJLQL GLQ SULPD VWURI  VXJHUHD]  LGHHD F  DUWLVWXO WUDQVILJXUHD] 
UHDOLWDWHDQXDEVRUELQGRvQVLQHLvQRSHUDVDFLSURLHFWkQGXVHFRVPLFG UXLQGXVH
OXPLL 5HSHWkQG DFWXO GHPLXUJLF SRHWXO UHFUHHD]  OXPHD GXS  FKLSXO L
DVHP QDUHD VD ,GHQWLILFDUHD GLQWUH FUHDWRU L XQLYHUVXO FUHDW VH UHDOL]HD]  WUHSWDW
vQWUR PLFDUH DVFHQVLRQDO  H[SULPDW  SULQ VXFFHVLXQHD GUXPXO FRSDFLL YkQWXO
QRUXO FDUHVXJHUHD] GHPDWHULDOL]DUHDJUDGDW WUDQVIHUXOGLQVSUHWHOXULFVSUHFHOHVW
GLQVSUH UHDO VSUH LPDJLQDU /D QLYHOXO H[SUHVLHL FHOH GRX  SUH]HQ H FDUH WLQG V  VH
DUPRQL]H]H HXXQLYHUV  VXQW GHVHPQDWH SULQ GRX  VHULL PHWRQLPLFH DOF WXLWH GXS 
DFHHDL OHJH D PLF ULL vQ VXV GUXPXO FRSDFLL YkQWXO QRUXO  SDQWRILL PHL
SDQWDORQLL KDLQD S O ULD PHD  $VWIHO FRPXQLFDUHD HX  XQLYHUV VH UHDOL]HD] 
VLPSDWHWLFXQLYHUVXOvQWUHJLPSUHJQDWFXLPDJLQHDVDFXOXFUXULOHFDUHvLvPEUDF 
ILLQ DGHYHQLQG3RUWUHWXODUWLVWXOXLXQLFXODXWRSRUWUHWFDUHH[SULPkQGXOGHSOLQvL
YDIL[DQXPHOHSHRSLDWU 
3ULQ FRQFHQWUDUHD HL H[WUHP  FDUH FRQWUDVWHD]  FX VWURIHOH SROLPRUIH WHU LQD
FRPXQLF  XQD GLQWUH LGHLOH HVHQ LDOH DOH SRH]LHL H[SHULHQ D PDULL WUHFHUL 0RDUWHD
FHOXLFDUHDGDWYHPkQWGHFXYLQWHXQLYHUVXOXLHVWHLPDJLQDW FDVFLQGDUHDHXOXLvQ
ILLQ DSLHULWRDUHFDUHFRERDU vQPRDUWHLGXEOXOV XHVWHWLFFDUHvQFUHPHQHWHFDXQ
DXWRSRUWUHW vQ FUHD LH /D QLYHOXO H[SUHVLHL DFHDVW  GHGXEODUH HVWH H[SULPDW  SULQ
UHIOH[LYHOH PDP GDW vQDSRL V  P  SULYHVF FDUH vL FRQIHU  HXOXL URVWLWRU VWDWXWXO


VLPXOWDQGHVXELHFWLGHRELHFWDOFRQWHPSO ULL3HUVSHFWLYDGHWDDW OXFLG DVXSUD


PRU LL HVWH FRQVWUXLW  vQWUR H[SUHVLH SRHWLF  GH R VLPSOLWDWH GHOLEHUDW  vQ DFRUG FX
LGHHDGHLQWHJUDUHILUHDVF DVWLQJHULLvQWUHOHJLOHH[LVWHQ HL0HWDIRUDYHUEDO LMRFXO
VXEWLO GH FXYLQWH GLQ YHUVXO $SRL PDP GDW vQDSRL FUHHD]  R DPELJXLWDWH VSHFLILF 
GLVFXUVXOXL SRHWLF PRGHUQ SULQ VXSUDSXQHUHD VHQVXOXL XQLWDU DO ORFX LXQLL D VH GD
vQDSRL  D VH UHWUDJH  L D VHQVXOXL SULPDU DO ILHF UXL WHUPHQ 7HQVLXQHD OLULF  VH
QDWH DVWIHO vQWUH QLYHOXO SULP DO WH[WXOXL L VWUDWXO GH DGkQFLPH GLQ FDUH U ]EDWH R
WULVWH HGLIX] LRDFFHSWDUHVHQLQ DFRQGL LHLGHILLQ PXULWRDUH
$VRFLDWHVLPEROLVPXOXLPRU LL SULQUHOD LHPHWRQLPLF VHPQLILFD LLOHFRQWH[WXDOH
DOH FXYkQWXOXL SLDWU  SRW IL FHD GH SLDWU  IXQHUDU  GH FUXFH Q FRQWH[WXO VWLOLVWLF DO
DUWHLSRHWLFHVXEVWDQWLYXOSRDWHFRQRWDVWDWXLDvQFKLQDW DUWLVWXOXL&RQWH[WXOSRHWLFvQ
FDUHHVWHXWLOL]DWDGMHFWLYXOSHUIHFWvLFRQIHU YDORDUHDXQXLVXSHUODWLYVWLOLVWLF GHLvQ
OLPEDVWDQGDUGDGMHFWLYXOQXDUHJUDGHGHFRPSDUD LHH[SULPkQGVHPDQWLFJUDGXOFHO
PDLvQDOWDOFDOLW LL 3ULQFRQVWUXF LDFRQVHFXWLY SUHFHGDW GHFRUHODWLYXODWkWGHVH
FUHHD] RILJXU DLQVLVWHQ HLFDUHUHOLHIHD] GHV YkULUHDFRQWRSLULLFXQDWXUD
0RGHUQLWDWHD SUR]RGLF  D GLVFXUVXOXL SRHWLF HVWH HYLGHQW  vQ XWLOL]DUHD YHUVXOXL
OLEHU P VXU  YDULDELO  vQWUH  L  VLODEH DEVHQ D ULWPXOXL FODVLF L D ULPHL  L D
VWURIHORULQHJDOH8QDOWDUJXPHQWvQVSULMLQXOPRGHUQLW LLWLSDUXOXLGHYHUVLILFD LHHVWH
SUH]HQ D LQJDPEDPHQWXOXL FDUH IUDJPHQWHD]  GLVFXUVXO SRHWLF L]ROkQG vQ YHUVXUL
IRDUWHVFXUWHFXYLQWHFKHLH $SRLPDPGDWvQDSRLQPRDUWH 
$OHJRULVPXO SRH]LHL OXL 0 6RUHVFX SRDWH IL PRWLYDW SULQ YDORDUHD ILJXUDWLY 
PHWDIRULF  D VHULHL GH LPDJLQL SULQ LQWHUPHGLXO F URUD VH VXJHUHD]  H[LVWHQ D
DUWLVWXOXL (QXQ XULOH GLQ SULPD VWURI  GH H[HPSOX $P vQF O DW FX SDQWRILL PHL 
'UXPXO  DX XQ FRQ LQXW VHPDQWLF ILJXUDW GH WLSXO PHWDIRUHORU vQO Q XLWH  DO
PHWDIRUHLILODWH FDUHvOVXEVWLWXLHSHFHOGHQRWDWLYH[SULPkQGLQGLUHFWLGHHDF HXO
FUHDWRU UHPRGHOHD]  XQLYHUVXO GXS  FKLSXO L DVHP QDUHD VD $OHJRULVPXO HVWH
GHILQLWLSULQFDUDFWHUXOXQLWDUDOVXLWHLGHLPDJLQLPHWDIRULFHvQYLUWXWHDVHPQLILFD LHL
XQLFH Q SRH]LD OXL 0 6RUHVFX WRDWH UHSUH]HQW ULOH VXQW FRQYHUJHQWH VXE VHPQXO
DFHOHLDL LGHL SRHWLFH FUHD LD HFKLYDOHD]  FX XQ DFW GHPLXUJLF FX R WUDQVILJXUDUH D
UHDOXOXLFDUHGHYLQHSRUWUHWXODUWLVWXOXL


(9$/8$5(

7HPHSHQWUXFRORFYLXOGHODVIkULWXOVHPHVWUXOXL,
 6WUXFWXUDUHDWH[WXOXLOLULF
 6SHFLLDOHJHQXOXLOLULF
 ,PDJLQHDDUWLVWLF 
 (OHPHQWHGHYHUVLILFD LH
 )LJXULGHVWLOLSURFHGHHVWLOLVWLFH

1RW  6XELHFWHOH SHQWUX FRORFYLXO SULPXOXL VHPHVWUX YRU FRQ LQH R SUREOHP 
WHRUHWLF  GLQ WHPDWLFD PHQ LRQDW  L R DSOLFD LH SUDFWLF  DQDOL]D VWLOLVWLF  D XQXL
IUDJPHQWGHWH[WOLWHUDUODSULPDYHGHUH 



$OHJRULDFDILJXU GHH[SUHVLH>@FRQVW vQWURSURSR]L LHFXXQGXEOXVHQVXQVHQVOLWHUDO
LXQXOILJXUDWDIODWHvPSUHXQ SULQFDUHHVWHH[SULPDW RJkQGLUHVXEKDLQDDOWHLJkQGLULFDSDELO V 
RIDF PDLVHQVLELO >@(DQXWUHEXLHFRQIXQGDW FXPHWDIRUDFRQWLQX VDXFXDOHJRULVPXOFDUHQX
QHRIHU QLFLRGDW GHFkWXQVLQJXUVHQVVHQVXOILJXUDW 3)RQWDQLHU)LJXULOHOLPEDMXOXL 












99$/(1(67,/,67,&($/(7(;78/8,1$5$7,9

(/(0(17('(6758&785 ,'(&2032=, ,(


17(;7(/(1$5$7,9(

*(18/(3,& JUHSRVHSLNRVODWHSLFXVFXYkQWVSXQHUHGLVFXUVSRYHVWLUH 
vQVXPHD] FODVHGHRSHUHFDUHDSHOHD] ODQDUD LXQHFDPRGSULQFLSDOGHH[SXQHUH
&RQFHSWXO GH 1$5$ ,81( IU QDUUDWLRQ  ODW QDUUDWLR vQVHDPQ  SRYHVWLUH
LVWRULVLUH GLHJH]  GHVHPQHD]  XQ PRG GH H[SXQHUH FDUDFWHULVWLF JHQXOXL HSLF
FRQVWkQG vQ UHODWDUHD GLQ SHUVSHFWLYD XQXL XQRU  QDUDWRU L  D XQRU vQWkPSO UL
LQVSLUDWH GLQ UHDOLWDWH VDX LPDJLQDUH OD FDUH SDUWLFLS  SHUVRQDMH SULQ H[WHQVLH
QXPHWHRFUHD LHOLWHUDU FDUHDSDU LQHJHQXOXLHSLFWH[WOLWHUDUHSLF
7H[WXO HSLF SUH]HQWDUH PHGLDW  D XQRU HYHQLPHQWH ( 0 )RUVWHU  VH
VWUXFWXUHD] SHGRX QLYHOXUL
$ LVWRULD IDEXOD VXELHFWXO HVWH VWUDWXO HYHQLPHQWHORU SRYHVWLWH UHDOH
SRYHVWLUHIDFWXDO VDXILF LRQDOH SRYHVWLUHGHILF LXQH XQLYHUVXOSRYHVWLW FHHDFH
VHSRYHVWHWH VHRUJDQL]HD] vQWURVHULHHYHQLPHQ LDO vQFDUHvQWkPSO ULOHUHODWDWH
VXQW GLVSXVH vQWUR VXFFHVLXQH WHPSRUDO  ( 0 )RUVWHU  vQ SRYHVWLUHD IDFWXDO  VH
DGDXJ  L HYHQLPHQWHOH GHQRWDWH DGLF  XQLYHUVXO FLWDW vQ SRYHVWLUHD GH ILF LXQH
HYHQLPHQWHOH VXQW R SURLHF LH PHQWDO  LPDJLQDU  I U  HIHFW GH GHQRWDUH D UHDOXOXL
XQLYHUVXOFLWDWHRDVHU LXQHVLPXODW 
% LVWRULVLUH GLVFXUV HQXQ DUH IDEXOD LH PRGXO FXP VH QDUHD]  DUH vQ
YHGHUH GLVFXUVXO SULQ FDUH VH SRYHVWHWH VWUXFWXULOH WH[WXDOH XQLYHUVXO SRYHVWLULL
GLVFXUVXO QDUDWLY  * *HQHWWH  vQVXPkQG GLVFXUVXO QDUDWRUXOXL L GLVFXUVXO
SHUVRQDMHORU HVWH DOF WXLW GLQ GRX  VWUDWXUL VWLOLVWLFH SODQXO QDUDWRUXOXL L SODQXO
QDUD LXQLL vQ SODQXO QDUD LXQLL VXELHFWXO H RUJDQL]DW SH R VFKHP  FRPSR]L LRQDO 
FODVLF  PRPHQWHOH VXELHFWXOXL H[SR]L LXQHD LQWULJD GHVI XUDUHD DF LXQLL SXQFWXO
FXOPLQDQWGH]QRG PkQWXO 

7LSRORJLDQDUD LXQLLDUHvQYHGHUHPDLPXOWHFULWHULL
DFULWHULXOUHOD LHLGLQWUHUHDOLWDWHDRELHFWLY LUHDOLWDWHDDUWLVWLF 

SRYHVWLUHD IDFWXDO  HVWH R QDUD LXQH GH HYHQLPHQWH UHDOH SUR]D
PHPRULDOLVWLF 

SRYHVWLUHD GH ILF LXQH  QDUD LXQH GH HYHQLPHQWH ILFWLYH  WUDQVILJXUHD] 
UHDOXO VDX LPDJLQHD]  OXPL SRVLELOH FUHkQG XQ XQLYHUVXO HSLF ILF LRQDO
SUR]DVFXUW URPDQHOH 
EFULWHULXOWLSXOXLGHHYHQLPHQWHQDUDWH

QDUD LXQH GH HYHQLPHQWH H[WHULRDUH HSLFXO SXU $ 0DULQR URPDQ GH
FUHD LHFXPvOQXPHWHFULWLFXO*DUDEHW,EU LOHDQX 

QDUD LXQH GH HYHQLPHQWH LQWHULRDUH HSLFXO DQDOLWLF SUR]D SVLKRORJLF 
URPDQGHDQDOL] *,EU LOHDQX 
FFULWHULXOSULYLQGUHOD LDGLQWUHQDUDWRULXQLYHUVXOQDUD LXQLL

QDUD LXQHD KHWHURGLHJHWLF  KHWHUR  GLIHULW GLHJHVLV  PRGXO QDUDWLY GH
H[SXQHUH  HVWH GLVFXUVXO HSLF vQ FDUH QDUDWRUXO VH VLWXHD]  vQ DIDUD


XQLYHUVXOXL SRYHVWLW QDUDWRU H[WUDGLHJHWLF  QDUDUHD VH IDFH OD SHUVRDQD D


,,,D SODQXO QDUDWRUXOXL HVWH GLIHULW GH SODQXO QDUD LXQLL QDUDWRUXO QX VH
SURLHFWHD]  vQ GLVFXUV SULQ LQGLFL WH[WXDOL HVWH QDUDWRU DQRQLP VDX QDUDWRU
UHSUH]HQWDELORELHFWLYVDXVXELHFWLYSHUVSHFWLYDQDUDWLY HVWHRPQLVFLHQW 
IRFDOL]DUH]HUR VDXH[WHUQ 

QDUD LXQHD KRPRGLHJHWLF  KRPR  OD IHO  QXPHWH FUHD LD HSLF  vQ FDUH
QDUDWRUXOVHVLWXHD] vQLQWHULRUXOXQLYHUVXOXLSRYHVWLW QDUDWRULQWUDGLHJHWLF 
QDUDUHD VH IDFH OD SHUVRDQD , SODQXO QDUDWRUXOXL VH VXSUDSXQH SODQXOXL
QDUD LXQLL QDUDWRUXO VH SURLHFWHD]  vQ GLVFXUV SULQ LQGLFL WH[WXDOL ILLQG R
SUH]HQ FRQFUHW vQVSD LXOGLHJHWLF SHUVRQDMXOQDUDWRUSRDWHILSURWDJRQLVW
VDX PDUWRU DO HYHQLPHQWHORU UHODWDWH SRDWH DS UHD vQ LSRVWD]D QDUDWRUXOXL
DXFWRULDO RUL QXPDL FD PHVDJHU FDUH UHSRYHVWHWH HYHQLPHQWH DX]LWH 
SHUVSHFWLYDQDUDWLY HVWHvQDFHVWFD]LQWHUQ LSXWHUQLFPDUFDW VXELHFWLY

QDUD LXQHD VXSUDHWDMDW   SROLIRQLF  DVRFLD]  FHOH GRX  PRGHOH GLHJHWLFH
DOWHUQkQG SHUVRDQD , QDUDWLY  GLVFXUVXO SHUVRQDMXOXL QDUDWRU  FX SHUVRDQD D
,,,D QDUDWLY  GLVFXUVXO QDUDWRUXOXL H[WUDGLHJHWLF  SHUVSHFWLYD QDUDWLY  LQWHUQ 
LFHDH[WHUQ RPQLVFLHQW YL]LXQHDVXELHFWLY DOWHUQkQGFXFHDRELHFWLY 

3DUWLFXODULW LOHFRPSR]L LHLILHF UXLWH[WQDUDWLYVXQWJHQHUDWHGHFRPELQDUHD


IDFWRULORU HVHQ LDOL DL VLWXD LHL QDUDWLYH SHUVRDQD QDUDWLY  SHUVSHFWLYD GLQ FDUH VH
IDFHQDUDUHDLSHUVSHFWLYDWHPSRUDO RUGLQHDQDUDWLY LPRGDOLW LOHQDUDWLYH DSXG
**HQHWWH 

3HUVRDQD QDUDWLY  HVWH XQ FRQVWUXFW VSHFLILF JHQXOXL HSLF GHVHPQkQG R
WUDQVSXQHUH D FDWHJRULHL JUDPDWLFDOH D SHUVRDQHL vQ VWUXFWXUD QDUD LHL 'LF LRQDU GH
WLLQ H DOH OLPELL  3HUVRDQD JUDPDWLFDO  FDUH SUHGRPLQ  vQ UHGDFWDUHD WH[WXOXL HVWH
GHWHUPLQDW GHWLSXOGHQDUDWRU ODW1DUUDWRUSRYHVWLWRU SHQWUXFDUHRSWHD] VFULLWRUXO


7,32/2*,$,)81& ,,/(1$5$7258/8,

1$5$7258/ HVWH SULQFLSDOD LQVWDQ  vQ FRPXQLFDUHD QDUDWLY  YRFHD FDUH
UHODWHD] HPL WRUXOVHULHLGHHYHQLPHQWHFDUHDOF WXLHVFVXELHFWXORSHUHLHSLFH&D
LQVWDQ  LQWHUPHGLDU  vQWUH DXWRUXO DEVWUDFW OXPHD QDUDW  L FLWLWRUXO DEVWUDFW
QDUDWRUXOHVWHRILLQ GHKkUWLHSHUVRDQ ILFWLY GLVWLQFW GHDXWRUXOFRQFUHW
)81& ,,/(1$5$7258/8,

 IXQF LD QDUDWLY  'ROHHO IXQF LD GH UHSUH]HQWDUH  FRQVW  vQ UHODWDUHD
HYHQLPHQWHORU
IXQF LDGHUHJLH 'ROHHOIXQF LDGHFRQWURO DUHvQYHGHUHUROXOGHGLULMDUHD
LQWU ULL vQ VFHQ  D SHUVRQDMHORU L FDSDFLWDWHD GH D FLWD GLVFXUVXOHURLORUvQSURSULXO
GLVFXUV VWLOXO LQGLUHFW VHPQDODW SULQ YHUEH GLFHQGL  VHQWHQGL  D ]LFH D VSXQH D
VXVSLQDDVWULJDHWF 
 IXQF LD GH LQWHUSUHWDUH QX HVWH REOLJDWRULH FD SULPHOH GRX  FRQVW  vQ
DVXPDUHDXQXLGLVFXUVHYDOXDWLYLHPRWLYFDUHUHOLHIHD] RSHUVSHFWLY VXELHFWLY R
LPSOLFDUHDIHFWLY 
$1$5$725(;75$',(*(7,&+(7(52',(*(7,&QXHPDUFDWSULQLQGLFLWH[WXDOL

QDUDWRU DQRQLP  UHODWDUH RELHFWLY  OD SHUVRDQD D ,,,D UHSUH]LQW  R
LQVWDQ QDUDWLY VXSUDLQGLYLGXDO LQGLFLWH[WXDOLHQXQ XULODSHUVRDQDD,,,D




RELHFWLYH QHXWUH GLQ SXQFW GH YHGHUH DIHFWLY GH RELFHL HVWH DVRFLDW
LSRVWD]HLGHQDUDWRURELHFWLYDOF UXLGLVFXUVHVWHLPSHUVRQDO

QDUDWRU UHSUH]HQWDELO HVWH VXELHFWLY H[SULPkQG GLUHFW VDX LQGLUHFW
DVHU LXQLDOHDXWRUXOXLLQWHUSUHWHD] FDOLILF VDXFRPHQWHD] HYHQLPHQWHOH
 SHUVRQDMHOH GLQWUR SHUVSHFWLY  SHUVRQDOL]DW  DVXPkQGXL R DWLWXGLQH
SDUWLFLSDWLY LQGLFLWH[WXDOLHQXQ XULODSHUVRDQDD,,,DPDUFDWHVXELHFWLYL
VDXDIHFWLY
% 1$5$725 ,175$',(*(7,&  +202',(*(7,& HVWH SURLHFWDW vQ WH[W FD HX
QDUDWRUSULQLQGLFLDLSHUVRDQHL,3RDWHIL

QDUDWRUDXFWRULDOvLDVXP H[SOLFLWUROXOGHDXWRUDOWH[WXOXL

SHUVRQDMQDUDWRU  vL DVXP  XQ GXEOX URO HX QDUDWRU QDUDWRU
DXWRGLHJHWLF LDFWDQW SURWDJRQLVW LQGLFLWH[WXDOLSHUVRDQD,P UFLOH[LFR
VHPDQWLFHDOHLPSOLF ULLVXELHFWLYHLDIHFWLYH

QDUDWRUPDUWRU  MRDF  UROXO HXOXL QDUDWRU L URO GH REVHUYDWRU DO OXPLL
QDUDWHLQGLFLWH[WXDOLVHFYHQ HODSHUVRDQD,DOWHUQkQGFXQDUDUHDODSHUV
DD,,,DLQGLFLWH[WXDOLDLVXELHFWLYLW LL

QDUDWRUPHVDJHU  FX URO GH WUDQVPL WRU DO XQHL vQWkPSO UL DX]LWH VH
SURLHFWHD]  vQ SODQ VHFXQG FD HX QDUDWRU LQGLFL WH[WXDOL SUHGRPLQ 
SHUVRDQDD,,,DVHFYHQ LDODSDULLQGLFLDLSHUVRDQHL,


3(563(&7,9$1$5$7,9 

3HUVSHFWLYDQDUDWLY HVWHXQFRQFHSWSULQFDUHVHGHILQHWHSXQFWXOGHYHGHUH
DOQDUDWRUXOXLvQUDSRUWFXXQLYHUVXOGLHJHWLFFXSHUVRQDMHOHFDUHHYROXHD] vQVSD LXO
ILF LXQLL DUWLVWLFH 0RGHOXO QDUDWLY WUDGL LRQDO DYHD FD SUH]HQ  GRPLQDQW  QDUDWRUXO
RPQLVFLHQW GH OD &LRFRLL YHFKL L QRL GH 1LFRODH )LOLPRQ OD ,RQ DO OXL 5HEUHDQX GH
H[HPSOX vQWLPSFHSUR]DPRGHUQ RSWHD] SHQWUXYL]LXQHLQWHUQ DXQXLSHUVRQDM
QDUDWRU WHIDQ *KHRUJKLGLX HURXO OXL &DPLO 3HWUHVFX GH SLOG  RUL SHQWUX IRFDOL
]DUHDPXOWLSO DVRFLLQGSXQFWHOHGHYHGHUHDOHPDLPXOWRULQVWDQ HQDUDWLYH QDUDWRU
L SHUVRQDMH  3 GXUHD VSkQ]XUD LORU GH /LYLX 5HEUHDQX (QLJPD 2WLOLHL GH *HRUJH
& OLQHVFX 0RURPH LL GH 0DULQ 3UHGD HWF  VDX QXPDL SHUVRQDMH FD vQ 3DWXO OXL
3URFXVW GH &DPLO 3HWUHVFX  &DUDFWHULVWLFLOH ILHF UXL WLS GH SHUVSHFWLY  QDUDWLY 
QXPLW LYL]LXQHQDUDWLY VDXIRFDOL]DUH**HQHWWH VXQW
cSHUVSHFWLY RPQLVFLHQW  IRFDOL]DUH]HURSRYHVWLUHQRQIRFDOL]DW 
 QDUDWRUXO HVWH RPQLVFLHQW WLH WRWXO GHVSUH SHUVRQDMHOH VDOH  LQIRUPD LL ELR
JUDILFH UHIOHF LL LQWHULRDUH WU LUL SVLKRDIHFWLYH HWF  HO GHVFULH LQWHUSUHWHD] 
PRWLYHD] WU LULOHFRJQLWLYHLDIHFWLYHVW ULOHGHFRQWLLQ DOHSHUVRQDMHORUVDOH
 LQIRUPD LLOHGDWHGHF WUHQDUDWRUGHS HVFLQIRUPD LLOHGH LQXWHGHILHFDUH
SHUVRQDMvQSDUWH
 VH UHODWHD]  HYHQLPHQWH H[WHULRDUH L LQWHULRDUH XWLOL]kQGXVH WHKQLFL
DQDOLWLFHLQGLUHFWH REVHUYD LDLDQDOL]DSVLKRORJLF UHWURVSHF LDHWF 
 GHVWLQHOH HURLORU VXQW GLULMDWH ULJXURV GH F WUH QDUDWRUXOGHPLXUJ SUR]D
UHDOLVW GHREVHUYD LHVRFLDO LGHSUREOHPDWLF PRUDO 
dSHUVSHFWLY LQWHUQ  GLQLQWHULRUIRFDOL]DUHLQWHUQ 
 QDUDWRUXO DGRSW  SXQFWXO GH YHGHUH DO XQXL SHUVRQDMQDUDWRU VDX SHUVRQDM
IRFDOL]DWRU QDUD LH FX SXQFW GH YHGHUH FDUH SUH]LQW  R RPQLVFLHQ 
VHOHFWLY **HQHWWH 


 UHDOLWDWHDHVWHSHUFHSXW LLQWHUSUHWDW VXELHFWLYGLQSXQFWXOGHYHGHUHDO


SHUVRQDMXOXL FHYHGHFHDXGHFHJkQGHWHHURXOSHUVSHFWLYDDYHF 
 VH UHODWHD]  HYHQLPHQWH LQWHULRDUH XWLOL]kQGXVH WHKQLFL DQDOLWLFH GLUHFWH
DXWRVFRSLH  LQWURVSHF LD PRQRORJ LQWHULRU  FRQIHVLXQH VXQW IUHFYHQWH vQ
SUR]DGHDQDOL] SVLKRORJLF 
eSHUVSHFWLYDH[WHUQ  GLQH[WHULRUIRFDOL]DUHH[WHUQ 
 QDUDWRUXO VH VLWXHD]  vQ SHUVSHFWLYD GH REVHUYDWRU LPSDU LDO RELHFWLY DO
HYHQLPHQWHORU
 QDUDWRUXOWLHPDLSX LQGHFkWSHUVRQDMHOHVXUSULQ]kQGXLGRDUFRPSRUWDPHQWXO
 VXQWQDUDWHHYHQLPHQWHH[WHULRDUHVHQRWHD] XQHRULUHDF LLOHPDQLIHVWH
DOH WU LULORU SVLKRDIHFWLYH XWLOL]kQGXVH WHKQLFL DQDOLWLFH LQGLUHFWH REVHU
YD LHFRPSRUWDPHQWDO 
 QDUDWRUXOQXvLDVXP MXGHF LGHYDORDUHRSLQLL
 XQHRULVHWH[WXDOL]HD] LSRVWD]DXQLVFLHQW DQDUDWRUXOXLSULQWUXQMRFDODSUR[L
P ULORUSULQVXSR]L LLLSRWH]H SUR]DPRGHUQ URPDQXOFRPSRUWDPHQWLVW 
fSOXULSHUVSHFWLYLVPIRFDOL]DUHPXOWLSO  YDULDELO GLIX] 
 PXOWLSOLFDUHDSHUVSHFWLYHORUHVWHJHQHUDW GHSUROLIHUDUHDYRFLORUQDUDWLYH
DHXULORUQDUDWRU
 WUHFHUHDGHODXQWLSGHIRFDOL]DUHODDOWXOSURGXFHRUXSWXU GHSHUVSHFWLY 
H[WHUQ oLQWHUQ  VDX R DPELJXL]DUH SULQ WUDQVIHUXO GH SHUVSHFWLY 
SXQFWXOGHYHGHUHDOQDUDWRUXOXLHVWHvQORFXLWGHSHUVSHFWLYDXQXLSHUVRQDM
IRFDOL]DWRU FKLDU GDF  GLVFXUVXO QXL PRGLILF  LQGLFLL  GLVFXUV U PkQH DO
QDUDWRUXOXLGDUSXQFWXOGHYHGHUHHVWHDOSHUVRQDMXOXL 
 VHFRPELQ vQIRUPXOHGLYHUVHSHUVSHFWLYHFRQYHUJHQWHFRPSOHPHQWDUH
GLYHUJHQWHUH]XOWDQWDILLQGRSHUVSHFWLY GLIX] FDUHUHODWLYL]HD] HURLLL
OXPHDORUGHKkUWLH


3(563(&7,9(7(0325$/(

3HUVSHFWLYHOH WHPSRUDOH FDUH VWUXFWXUHD]  WH[WXO QDUDWLY VXQW GHWHUPLQDWH GH
UHOD LD LQVWLWXLW  vQWUH WLPSXO QDUDW GXUDWD ILF LRQDO  D HYHQLPHQWHORU FDUH DOF WXLHVF
WUDPD  L WLPSXO QDU ULL DO LVWRULVLULL &D HOHPHQW FRQVWLWXWLY VSHFLILF GLVFXUVXOXL HSLF
WHPSRUDOLWDWHD JHQHUHD]  WUHL PRGHOH QDUDWLYH SULQFLSDOH GLQ FRPELQDUHD F URUD
UH]XOW  PDL PXOWH IRUPXOH QDUDWLYH QDUD LXQHD vQ UDP  SRYHVWLUHD vQ SRYHVWLUH
MXUQDOXOFRPHQWDWHWF 
c 1DUD LXQHD XOWHULRDU  vQ FDUH HYHQLPHQWHOH VXQW UHODWDWH GLQ SHUVSHFWLYD
IDSWHORUSHWUHFXWHGHMDRULHQWHD] D[DWHPSRUDO VSUHWUHFXW PRPHQWXOQDU ULLHVWH
VLWXDWGXS WLPSXOLVWRULVLW QDUDWRUXOLUHFHSWRUXOVHVLWXHD] SVLKLFvQGXUDWDWUHFXW 
DHYHQLPHQWHORU6XQWIUHFYHQWHWLPSXULOHYHUEDOHWUHFXWH LPSHUIHFWSHUIHFWVLPSOX
VDX FRPSXV PDLPXOWFDSHUIHFWXO  (UD vQFHSXWXO YHULL )DPLOLD 0RURPHWH VH
vQWRUVHVHPDLGHYUHPHGHODFkPS 03UHGD0RURPH LL 
d1DUD LXQHDVLPXOWDQ DQXOHD] KRWDUXOGLQWUHWLPSXOQDUD LXQLLWLPSXOQDU ULL
LWLPSXOOHFWXU ULLPRPHQWXOQDU ULLSDUHVLPXOWDQFXWLPSXOGHVI XU ULLvQWkPSO ULORU
LDU QDUDWRUXO SDUH D LVWRULVL IDSWHOH SH P VXU  FH HOH VH GHVI RDU  3ULQ DFWXO
FRPXQLF ULLODSUH]HQWWLPSXOQDUD LXQLLHVWHDGXVvQWLPSXOFLWLWRUXOXL&DWLPSQDUDWLY
HVWH SUHGRPLQDQW SUH]HQWXO 'LFRPHVLHQLL UHYLQ D GRXD ]L L LQYDGHD]  LQVXOD >@
&DLLVHVSHULHGHIRFLIXJ WHIDQ% QXOHVFX&DUWHDPLOLRQDUXOXL 




e 1DUD LXQHD DQWHULRDU  HVWH XWLOL]DW  SH VSD LL PDL UHGXVH ILLQGF  PRPHQWXO
LVWRULVLULLDQWLFLSHD] WLPSXOXQRUHYHQLPHQWHQHvQWkPSODWHvQF SURLHFWDWHLSRWHWLFvQ
YLLWRU SULQ FRPXQLFDUHD QDUDWLY  DQWHULRDU  WLPSXO QDUD LXQLL L FHO DO UHFHSW ULL VH
GHVFKLG VSUH R GXUDW  SRWHQ LDO  D XQRU HYHQLPHQWH SRVLELOH D[D WHPSRUDO  ILLQG
RULHQWDW  VSUH YLLWRU QDUD LXQHD GH WLS SUHGLFWLY H[LVW  GRDU FD H[SHULPHQW vQ PRG
RELQXLWSUR]DWRULLUHFXUJkQGODVHFYHQ HQDUDWLYHGHWLSSURIH LH 7]HWDQ7RGRURY 
LQVHUDWHvQQDUD LXQHDDQWHULRDU RULVLPXOWDQ 0RGXULOHLWLPSXULOHYHUEDOHIUHFYHQW
XWLOL]DWH VXQW LQGLFDWLY YLLWRU  SUH]XPWLY FRQMXQFWLY FRQGL LRQDO FX YDORDUHD
YLLWRUXOXL  SUH]HQWXO RQLULF FD YL]LXQH  'XS  YUHR ]HFH PHWUL YH L PHUJH L PDL
UHSHGHFXSULQVGHDQ[LHWDWHQXVH] UHWHLHLUHDLvQVIkULWYH LVWDSHORFSX LQ
RERVLW vQWUR SHQXPEU  URLDWLF  S WUXQV GH DHUXO UHFH FDUH WUHFH GH QXVHWLH
XQGHVSUHQXVHWLHXQGH (YLGHQW QX VH YD PDL ] UL QLFL LQWUDUHD ,RDQ 3HWUX
&XOLDQX,PSDV 
f1DUD LXQHDLQWHUFDODW FRPELQ PRGHOHOHSULPDUHvQWUHVHFYHQ HOHQDUDWLYH
H[LVWkQGGLIHUHQ HGHSHUVSHFWLY WHPSRUDO IRUPXOHOHQDUDWLYHJHQHUDWHDVWIHOVXQW
YDULDWH SRYHVWLULvQVHUWDUSRYHVWLUHDvQSRYHVWLUHSRYHVWLULvQUDP MXUQDOFRPHQWDW
URPDQHSLVWRODUHWF 


25',1($1$5$7,9 

2UGLQHDQDUDWLY VHUHIHU ODFRQVWUXF LDQDUD LXQLLODPRGHOXOGLHJHWLFvQFDUH
VHFYHQ HOH QDUDWLYH SDX]HOH GHVFULSWLYH VDX H[SOLFDWLYH VHFYHQ HOH GLDORJDWH RUL
PRQRORJXULOH VH vQO Q XLH DOWHUQHD]  VXQW LQVHUDWH VDX MX[WDSXVH HWF 0RGHOHOH
GLHJHWLFHSULQFLSDOHVXQW
c 1DUD LXQHD FURQRORJLF  HVWH PRGHOXO SULPDU DO HSRVXOXL VWUXFWXUDW SH
SULQFLSLXOFURQRORJLFHSLVRDGHOHVHFYHQ HOHQDUDWLYHvQWkPSO ULOHVHVXFFHGOLQHDUSH
D[D WHPSRUDO  vQ FURQRORJLH GLUHFW  VDX PDL UDU vQ FURQRORJLH LQYHUV  /D QLYHOXO
GLVFXUVXOXLPRGHOXOHVWHPDUFDWSULQSUH]HQ DXQRUVLQWDJPHWHPSRUDOHFDUHH[SULP 
VHPDQWLFLGHHDGHVXFFHVLXQHDHYHQLPHQWHORUvQWLPS $ GRXD ]L )HOL[>@ Q]LXD
XUP WRDUH)HOL[>@3HODvQFHSXWXOOXQLLDXJXVW>@&kQGSHWRDPQ WkU]LX)HOL[
>@QPDUWLH)HOL[>@3HODVIkULWXOOXLVHSWHPEULH *& OLQHVFX(QLJPD2WLOLHL 
d 1DUD LD VLQFURQ  WLQGH V  H[SULPH vQ HSLVRDGH QDUDWLYH FDUH VH VXFFHG
DF LXQLVLPXOWDQHGXUDWHHYHQLPHQ LDOHSDUDOHOH&DUDFWHUXOVLPXOWDQDOvQWkPSO ULORU
HVWHVHPQDODWSULQVHFYHQ HOLQJYLVWLFHSUHFXPvQWRWWLPSXODFHVWDvQDFHODLWLPS
PRPHQW HWF 6D UXSW GLQ ORFXO V X GH VXV 3LHULQG PDL PXOWH ]LOH  Q YUHPHD
DVWD& W OLQ 0(PLQHVFX/XFHDI UXO 
e 1DUD LXQL SDUDOHOH  FRQWUDSXQFWLFH VXQW IUHFYHQWH vQ SUR]D URPDQWLF  L vQ
FHDPRGHUQLVW ILLQGFDUDFWHUL]DWHSULQDOWHUQDQ DXQRUVHFYHQ HHSLVRDGHGLQSODQXUL
QDUDWLYH GLIHULWH DOWHUQDQ D UHDO  LUHDO GH H[HPSOX vQ SUR]D IDQWDVWLF  DOWH PRGHOH
GLHJHWLFH DOWHUQHD]  GRX  SDOLHUH WHPSRUDOH WLPS UHDO RELHFWLY  GXUDW  LQWHULRDU 
VXELHFWLY  /D QLYHOXO GLVFXUVXOXL HVWH IUHFYHQW  DEVHQ D FRQHFWRULORU VH XWLOL]HD] 
WLPSXULYHUEDOHGLIHULWH HYHQWXDOFRQWUDVWLYHSUH]HQWSHUIHFWFRPSXVGHH[HPSOX 
f 1DUD LXQHD GLVFRQWLQX  UHSUH]LQW  XQ WLSDU QDUDWLY PRGHUQ VXJHUkQG OLSVD
GH VHQV GH FRHUHQ  D OXPLL VDX GH]RUGLQHD PHPRULHL LQYROXQWDUH SULQ
VXVSHQGDUHD GHOLEHUDW  D RUGLQLL WHPSRUDOH (SLVRDGHOH QDUDWLYH DFWXDOL]HD] 
DOHDWRULXPRPHQWHFDUHQXVHVXFFHGFURQRORJLFVDXVHUHDOL]HD] SULQDFURQLLGH


 DFURQLH  IRUP  GH GLVFRUGDQ  WHPSRUDO  vQWUH VHFYHQ D HYHQLPHQWHORU UHDOH VDX ILFWLYH 
SRYHVWLWHLRUGLQHDLQFOXGHULLORUvQWH[W 'LF LRQDUGHWLLQ HDOHOLPELL 


WLSXO DQDOHSVHL DPkQDUH UHODWDUH XOWHULRDU  D XQXL HYHQLPHQWFDX]   HYHQLPHQW


DQWHULRU  DO SUROHSVHL DQWLFLS UL  SULQ HOLSVH WHPSRUDOH VXSULPDUHD XQRU GXUDWH
LQWHUPHGLDUHvQWUHHYHQLPHQWH RULSULQIUDJPHQWDULVPXOGLVFXUVXOXL


02'$/,7
,/(1$5 5,,

0RGDOLW LOHPRGXULOHQDUDWLYHFRQVWLWXLHXQHOHPHQWIXQGDPHQWDODOVWUXFWXULL
HSLFHYL]kQGRUJDQL]DUHDLQIRUPD LHLQDUDWLYHFDGLVFXUVSULQFLSLLLWHKQLFLQDUDWLYH
SURFHGHHGHRUJDQL]DUHDLQFLSLWXOXLLDILQDOXOXLDHSLVRDGHORUQDUDWLYH QDUD LHSULQ
UHODWDUH  D VHFYHQ HORU GLDORJDWH VDX PRQRORJDWH QDUD LH SULQ UHSUH]HQWDUH  D
VHFYHQ HORU UH]XPDWLYH RUL D SDX]HORU GHVFULSWLYH ULWPXO QDUDWLY HWF 0RGDOLW LOH
QDUDWLYH LQFOXG L YRFLOH QDUDWLYH FRQVWUXF LD SHUVRQDMHORU PRGXO GH UHGDUH D
GLVFXUVXOXLHURLORU VWLOGLUHFWLQGLUHFWLQGLUHFWOLEHU UHJLVWUHVWLOLVWLFHHWF
c3ULQFLSLLOHFRPSR]L LRQDOHRUJDQL]HD] PDFURVWUXFWXULOHWH[WXOXLFRQIHULQGXL
FRH]LXQH FRHUHQ  ORJLF  DUWLVWLF  vQ WLPS FH WHKQLFLOH QDUDWLYH VXQW SURFHGXUL GH
RUJDQL]DUHWH[WXDO ODQLYHOXOXQLW LORUFRPSR]L LRQDOH$VWIHOFDvQURPDQXO,RQDOOXL
/LYLX 5HEUHDQX SULQFLSLXO FURQRORJLF VH PDWHULDOL]HD]  SULQ WHKQLFD vQO Q XLULL
PRGDOLWDWH QDUDWLY  GH D  FRQVWUXL VXELHFWXO SULQ VXFFHVLXQHD OLQHDU  D HSLVRDGHORU
RUGRQDWH FURQRORJLF  L SULQ WHKQLFD DOWHUQDQ HL PRGDOLWDWH QDUDWLY  GH D  UHODWD
DF LXQLHYHQLPHQWHFDUHVHSHWUHFVLPXOWDQvQSODQXULGLIHULWHvQVHFYHQ HDO WXUDWH
SHD[DWHPSRUDO QSUR]DFODVLF DFHVWSULQFLSLXVHDVRFLD] IUHFYHQWFXSULQFLSLXO
VLPHWULHL L FX FHO DO FLUFXODULW LL DQDORJLD SODQXULORU  D HSLVRDGHORU QDUDWLYH
UHFXUHQ DPRWLYXOXLWHPHLVHFYHQ HLGLQLQFLSLWvQILQDOXOWH[WXOXLJHQHUHD] PRGHOXO
RSHUHL vQFKLVH HFKLYDODWH GH 5HEUHDQX FX XQ FRUS VIHURLG  3ULQFLSLXO PRGHUQ DO
PHPRULHLDIHFWLYH DSOLFDWGH&DPLO3HWUHVFXvQURPDQXO8OWLPDQRDSWHGHGUDJRVWH
vQWkLDQRDSWHGHU ]ERL GHYLQHRSHUDQWSULQWHKQLFDLQVHU LHLLWHKQLFDIODVKEDFNXOXL
PRGDOLW LQDUDWLYHSULQFDUHHVWHVXVSHQGDWSUH]HQWXOQDUD LXQLLSULQFLSDOHVSUHD
LQWHUFDODRQDUD LXQHVHFXQGDU RvQWkPSODUHUHPHPRUDW 0RGHUQHVWHLSULQFLSLXO
SDUDOHOLVPXOXL HSLF FRQFUHWL]DW SULQ DOWHUQDQ  SULQ WHKQLFD VLPHWULHL QDUDWLYH
DQDORJLD XQRU HSLVRDGH  VHFYHQ H  VDX SULQ WHKQLFD QXPLW  D FRQWUDSXQFWXOXL
HSLVRDGH  VHFYHQ H  PRWLYH FRQWUDVWLYH vQ VLPHWULH LQYHUV  SUHFXP L SULQFLSLXO
GLVFRQWLQXLW LL QDUDWLYH FDUH G  DSDUHQ D GH]RUJDQL] ULL GHOLEHUDWH D WH[WXOXL DOF WXLW
SULQ WHKQLFD GHFXSDMXOXL VDX SULQ FHD D FRODMXOXL FRQVWUkQG vQ IUDJPHQWDULVPXO
GLVFXUVXOXL vQ MX[WDSXQHUHD XQRU VHFYHQ H WH[WXDOH FDUH SDU D QX DYHD R OHJ WXU 
WHPDWLF VDXORJLF 
d,QFLSLWXOLILQDOXO GHVLQLWXO VXQWSXQFWHVWUDWHJLFHvQWH[WXOOLWHUDUDYkQG
UROXO GH D PHGLD vQWUH OXPHD UHDO  L XQLYHUVXO ILF LRQDO ,QFLSLWXO FODVLF GH WLS
GHVFULSWLYUH]XPDWLYVDXHQXQ LDWLY IRUPXOHD] HQXQ XULGHRULHQWDUH UHSHUHVSD LR
WHPSRUDOH LQVWDQ HOH QDUDWLYH VLWXD LD LQL LDO  HWF  FDUH SURGXF HIHFWXO GH UHDO
DWHQXkQG SUDJXO GLQWUH UHDOLWDWH L ILF LXQH ,QFLSLWXO PRGHUQ IL[HD]  IUHFYHQW XQ
SURWRFROGHOHFWXU SULQVHPQDOHPHWDWH[WXDOHFDUHH[SOLF DFWXOSURGXFHULLWH[WXOXL
(O SRDWH IL GH WLSXO SXQHULL vQ DELV IRUPDOL]HD]  GLVFXUVXO QDUDWLY  GH WLSXO SUHIH HL
SUDJPDWLFH VHQHJRFLD] FRQYHQ LDQDUD LXQLLRIHULQGFLWLWRUXOXLXQFRGFRGXULGH


 DQDOHSV   QDUD LD UHWURVSHFWLY  HVWH XQ WLSDU QDUDWLY IUHFYHQW vQ SRYHVWLUH VDX vQ URPDQXO
SVLKRORJLFVWUXFWXUDWSHSULQFLSLXOPHPRULHLLQYROXQWDUH

LQFLSLWVHFYHQ WH[WXDO SULQFDUHOHFWRUXOHVWHLQWURGXVvQXQLYHUVXOILF LXQLLDUHGLPHQVLXQL
YDULDELOHGHODSULPXOHQXQ ODSULPXODOLQHDWVDXODSULPXOJUXSDMGHDOLQHDWHFDUHDGXFHRLQIRUPD LH
QRX  UHPDGLVFXUVXOXL 



OHFWXU  GH WLSXO H[ DEUXSWR VH SUH]LQW  HOHPHQWH WH[WXDOH FD L FkQG DU IL GHMD
FXQRVFXWH OHFWRUXOXL  GH WLSXO GHFXSDMXOXL R IRUPXODUH D[LRPDWLF  XQ IUDJPHQW GH
GLVFXUV LQVHUDW XQ GHVHQ VLPEROLF FDUH FRGLILF  PHVDMXO WH[WXOXL HWF  VDX
FRPELQkQG PDL PXOWH PRGHOH GH WLSXO LQWU ULORU PXOWLSOH SHQWUX D VXSUDPDUFD
vQFHSXWXO GLVFXUVXOXL QDUDWLY )LQDOXULOH WH[WHORU OLWHUDUH UHOLHIHD]  R GLYHUVLWDWH
FRPSR]L LRQDO LVLPEROLF WRWDWkWGHDFFHQWXDW FDLLQFLSLWXULOH5HOD LDGLQWUHFHOH
GRX  VHFYHQ H FRPSR]L LRQDOH HVWH GHWHUPLQDW  GH OLQHDULWDWHD WUDGL LRQDO  D
GLVFXUVXOXL QDUDWLY PRGHOXO vQFKLGHULL IRUPDOH FX URO UH]XPDWLY VDX FRQFOX]LY DO
vQFKLGHULL FLUFXODUH  FX UHOXDUHD WHPHL VDX UHPHL GLQ LQFLSLW  PRGHOXO ILQDOXOXL
GHVFULSWLY RUL PRGHOXO vQFKHLHULL FRQFHSWXDOH FX FDUDFWHU JQRPLF VDX PRUDOL]DWRU 
VDX GH PRGHUQLWDWHD DFHVWXLD 6WUDWHJLLOH PRGHUQH GH FRQVWUXLUH D ILQDOXOXL YL]HD] 
FRPXQLFDUHDDUWLVWLF SDFWXOQDUDWLYFDUDFWHUXOILFWLYDOOXPLLGHFXYLQWHUHIHUHQWXO
LPDJLQDU HWF 7LSXUL PRGHUQH GH ILQDOXUL VXQW vQFKLGHUHD SUDJPDWLF  ILQDO
PHWDGLVFXUVLY FX UHIHULUH OD VIkULWXO SRYHVWLULL VDX OD XQ QRX vQFHSXW  vQFKHLHUHD
GH]Y OXLUH  ILQDO vQ SRDQW  FDUH GHWXUQHD]  VHPQLILFD LLOH FRQVROLGDWH GHD OXQJXO
WH[WXOXL  L PDL DOHV ILQDOXO GHVFKLV FDUH SRDWH VXVSHQGD UH]ROYDUHD FRQIOLFWHORU
SRDWHDPELJXL]DVLWXD LDILQDO VDXRSRDWHSURLHFWDLSRWHWLFvQWUXQYLLWRULQFHUW
e (SLVRDGHOH QDUDWLYH VH GHILQHVF FD XQLW L FRPSR]L LRQDOH HVHQ LDOH vQ
VWUXFWXUDUHD GLHJH]HL HOH DVLJXU  SURJUHVLD WHPDWLF  D GLVFXUVXOXL SURJUHVLD
FRQIOLFWXOXL  FRQIOLFWHORU L GH]YROWDUHD VXELHFWXOXL &RQFHQWUkQG VXEVWDQ D HSLF  D
WH[WXOXLvQWURVXLW GHDF LXQLGHHYHQLPHQWHFDUHVHFRQVWLWXLHFDRXQLWDWHQDUDWLY 
HSLVRGXO HVWH FDUDFWHUL]DW SULQ FRHUHQ  WHPDWLF  L FRH]LXQH IRUPDO  $F LXQLOH
HSLVRGLFHDXXQUHOLHIVWLOLVWLFHYLGHQWvQ HV WXUDQDUDWLY FRQVWLWXLQGVSD LLGHPDUH
GHQVLWDWH D VHPQLILFD LLORU HSLVRGXO XFLGHULL FHORU  GH ERLHUL vQ $OH[DQGUX
/ SXQHDQXOGH&1HJUX]]LHSLVRGXOV UXW ULLS PkQWXOXLvQ,RQHSLVRGXOSHUPLVLHL
OD&kPSXOXQJ>FDSLWROXO8OWLPDQRDSWHGHGUDJRVWH@DOE W OLHLGHOD6 V X>FDSLWROXO
1HDDFRSHULWS PkQWXOOXL'XPQH]HX@vQSULPXOURPDQDOOXL&DPLO3HWUHVFXHWF 
f 6HFYHQ D HVWH FHD PDL PLF  XQLWDWH FRPSR]L LRQDO  vQ DUKLWHFWXUD RSHUHL
UHXQLQG HQXQ XUL FX DFHOHDL FDUDFWHULVWLFL WH[WXDOH QDUDWLYH GHVFULSWLYH GLDORJLFH
DUJXPHQWDWLYHH[SOLFDWLYHDVHUWLYHHVHLVWLFHHWF FDUHIRUPHD] RVWUXFWXU VROLGDU 
vQ DQVDPEOXO WH[WXDO 9DULHWDWHD WLSXULORU GH VHFYHQ H HVWH JHQHUDW  GH FDUDFWHUXO
LQWHJUDWRU DO GLVFXUVXOXL QDUDWLY FDUH vL VXERUGRQHD]  L GHVFULHUHD GLDORJXO VDX
PRQRORJXODEVRUELQGXOHQDF LXQHDURPDQXOXLWUDGL LRQDO HXD]LFHGRULF H[LVW 
PRPHQWH SOLQH IDSWH  LQWURGXVH JUDPDWLFDO SULQ SHUIHFWXO VLPSOX RUL SHUIHFWXO
FRPSXV OHJDWH vQWUH HOH SULQ VSD LL JRDOH GHVFULS LL HYRF UL SRUWUHWH FRPHQWDULX
DQDOLWLF LQWURGXVHSULQLPSHUIHFW$FHDVWDHVFKHPDRULF UHLQDUD LXQLFODVLFH3URXVW
U VWRDUQ  VSHFWDFXORV UDSRUWXO FHHD FH SUHGRPLQ  OD HO ILLQG JROXULOH GHYHQLWH
FHQWUDOH L OHJDWH SULQ SOLQXUL 1LFRODH 0DQROHVFX $UFD OXL 1RH (VHX GHVSUH
URPDQXO URPkQHVF  3OLQXULOH GHVSUH FDUH YRUEHWH FULWLFXO 1 0DQROHVFX VXQW
VHFYHQ HOHQDUDWLYHFDUHVHRUJDQL]HD] vQWURUH HDDOF WXLQGHSLVRDGHOH*ROXULOH
VXQWVHFYHQ HGHVFULSWLYH GHWLSWDEORXVDXGHWLSSRUWUHW FRPHQWDWLYHHVHLVWLFHHWF
QWUHUXSkQG IOX[XO HSLF vQFHWLQLQG ULWPXO QDUDWLY DFHVWH VHFYHQ H IRUPHD]  SDX]HOH
GHVFULSWLYH FDUH DX UROXO GH D  SUHJ WL XQ PRPHQWFKHLH vQ GHVI XUDUHD HSLF 
WHKQLFD DPkQ ULL  D VXVSDQVXOXL  GH D IL[D UHSHUH VSD LRWHPSRUDOH VHFYHQ HOH
H[SR]LWLYH PDL DOHV  GH D VFKL D GHWDOLLOH SVLKRIL]LFH DOH XQXL SHUVRQDM GH D
GHWHUPLQDRUXSWXU GHQLYHOHWF5XSWXUDGHQLYHODVWIHOFUHDW HVWHDFFHQWXDW L
SULQ VFKLPEDUHD ULWPXOXL QDUDWLY 'DF  SDX]HOH GHVFULSWLYH VXVSHQG  WLPSXO QDUDWLY
vQFHWLQLQGULWPXOUHODW ULLVHFYHQ HOHQDUDWLYH PDLDOHVFHOHGHWLSUH]XPDWLYVDXGH


WLSXO HOLSVHL  LPSXQ XQ WHPSR QDUDWLY DOHUW QWUH FHOH GRX  WLSXUL GH VHFYHQ H VH
VLWXHD]  VHFYHQ HOH GLDORJDWH  PRQRORJDWH QDUDUH SULQ UHSUH]HQWDUH  FDUH
UHSUH]LQW XQULWPQDUDWLYFDQRQLFILLQGF WLPSXOQDU ULLFRLQFLGHFXWLPSXOQDUDW
g0RGXULOHSULQFLSDOHGHQDUDUHVXQW
9
1DUDUHD SULQ UHSUH]HQWDUH HVWH R VWUDWHJLH WH[WXDO  SULQ FDUH VH LPSXQH
GLVFXUVXO SHUVRQDMHORU FH VXEVWLWXLH SH VSD LL DPSOH GLVFXUVXO QDUDWRUXOXL FRQIHU 
QDUD LXQLLFDUDFWHUVFHQLFGHWHUPLQkQGSUHGRPLQDQ DVWLOXOXLGLUHFW9RUELUHDGLUHFW 
DSHUVRQDMHORUHVWHPDUFDW VXELHFWLYDIHFWLYLVWLOLVWLFSULQSUH]HQ DLQGLFLORUOH[LFR
JUDPDWLFDOLDLSHUVRDQHL,LD,,DDVXEVWDQWLYHORULDGMHFWLYHORUvQFD]XOYRFDWLYD
YHUEHORU OD LPSHUDWLY SULQ P UFL DIHFWLYH H[SULPDWH SULQ LQWHUMHF LL VDX DGYHUEH
H[FODPDWLYH SULQ GHOLPLWDUHD VLQWDFWLF  D GLVFXUVXOXL QDUDWRUXOXL GH YRUELUHD
SHUVRQDMHORU SURSR]L LL SULQFLSDOH LQGHSHQGHQWH DYkQG IUHFYHQW VWDWXW GH
LQFLGHQWDOH  SULQ XWLOL]DUHD GLDORJXOXL L PRQRORJXOXL L D XQRU UHJLVWUH VWLOLVWLFH
YDULDWH 0HGLHUHD QDUDWRULDO  VH UHDOL]HD]  SULQ SUH]HQ D YHUEHORU GLFHQGL D ]LFH D
VSXQH D U VSXQGH D vQWUHED D H[FODPD D UHSOLFD HWF  L D XQRU VHPQH GH
SXQFWXD LHVSHFLILFHGRX SXQFWHOLQLHGHGLDORJVDXVHPQHOHFLW ULL JKLOLPHOH 
+PVSXVHHDDU JRVLFXXQJODVU JXLWvQV IRUWH(WLIO F XvQOHJH>@
$VFXOW &RVWDFKHODFLQHRV VWHDE LDWXO"
/DQRLH[SOLF 2WLOLD *HRUJH& OLQHVFX(QLJPD2WLOLHL 
9
1DUDUHD SULQ UHODWDUH HVWH PRGDOLWDWHD WUDGL LRQDO  GH LVWRULVLUH LPSXQkQG
GLVFXUVXO QDUDWRUXOXL vQ FDUH HVWH LQVHUDW  L YRUELUHD SHUVRQDMHORU 7UDQVSXQHUHD
GLVFXUVXOXLHURLORUvQGLVFXUVXOQDUDWRUXOXLDFWXDOL]HD] VWLOLQGLUHFW0 UFLWH[WXDOHDOH
YRUELULL LQGLUHFWH VXQW LQGLFL DL SHUVRDQHL D ,,,D SHUVRDQD , L D ,,D FDUDFWHULVWLFH
VWLOXOXL GLUHFW VXQW WUDQVIHUDWH OD SHUVRDQD D ,,,D  VXERUGRQDUHD HQXQ XULORU GLQ
YRUELUHD WUDQVSXV  D SHUVRQDMHORU SUH]HQ D YHUEHORU GLFHQGL VDX D VXEVWDQWLYHORU
QXPH GH DF LXQL FX URO GH UHJHQW DO VXERUGRQDWHORU XWLOL]DUHD FRQHFWRULORU GH
VXERUGRQDUH F  V  GDF  XQGH FkQG HWF  VXEVWLWXLUHD LPSHUDWLYXOXL FX YHUEH OD
PRGXO FRQMXQFWLY SUH]HQ D LQWHURJD LLORU LQGLUHFWH FDUH QX VXQW PDUFDWH JUDILF SULQ
VHPQXO vQWUHE ULL  HWF 6W QLF  VH vQVXU  FX *HRUJHWD FX FDUH QX DYX ILL GDU DYX
SURWHFWRUL DVLGXL I FX SROLWLF  GHFODU  F  VLPWH XQ ULWP QRX IX FKLDU SUHIHFW vQWUR
VFXUW JXYHUQDUH *& OLQHVFX(QLJPD2WLOLHL 2DOW VWUDWHJLHWH[WXDO GHDVRFLHUH
D GLVFXUVXOXL QDUDWRUXOXL L D YRUELULL SHUVRQDMHORU HVWH XWLOL]DUHD VWLOXULORU PL[WH
GHULYDWH  VWLOXO GLUHFW OHJDW L  VDX VWLOXO LQGLUHFW OLEHU $FHVWHD UHSUH]LQW  IRUPH
LQWHUPHGLDUHvQWUHGLVFXUVXOGLUHFWLFHOLQGLUHFWDYkQGFDHIHFWVWLOLVWLFVXSUDSXQHUHD
YRFLORU QDUDWLYH  D QDUDWRUXOXL L D SHUVRQDMXOXL FLWDW 6WLOXO GLUHFW OHJDW VSHFLILF
YRUELULLIDPLOLDUHQHOLWHUDUH VHFDUDFWHUL]HD] SULQGHSHQGHQ DVLQWDFWLF DGLVFXUVXOXL
FLWDW GH YRFHD QDUDWRUXOXL SUH]HQ D FRQHFWRUXOXL GH VXERUGRQDUH vQWUH VHFYHQ D
WH[WXDO DVXPDW GHQDUDWRULGLVFXUVXOUDSRUWDWDOSHUVRQDMXOXLSUHFXPLPHQ LQHUHD
SHUVRDQHL,D,,DvQYRUELUHDUHSURGXV VXQWSULQFLSDOHOHVHPQDOHWH[WXDOHDOHDFHVWXL
VWLOGHULYDW>@LQWUDLG GHDEXQ VHDUDQXPDL&DWULQHLVSXQkQGGHILHFDUHGDW F OD
SURWLL LODO LQXGDXEXQ VHDUD 0DULQ3UHGD0RURPH LL 6WLOXOLQGLUHFWOLEHUDUHLHO
HIHFWSROLIRQLFGDUGLVFXUVXOQDUDWRUXOXLLFHODOSHUVRQDMXOXLVXQWMX[WDSXVHGLVS UkQG
H[SUHVLLOH GLFHQGL VHPQHOH GH SXQFWXD LH VSHFLILFH VWLOXOXL GLUHFW VDX FRQHFWRULL GH
VXERUGRQDUH QHFHVDUL vQ VWLOXO LQGLUHFW 1LO  PRUP L FHYD FDUH SXWHD V  vQVHPQH F 
WDW O V X YRUEHWH V  QX WDF  2 OX  SH OkQJ  JDUGXUL F OFkQG vQ DFHODL IHO FX
PRUP LWXUDDGLF VLJXUV QXVHGXF QLPHQLGDUXLWHF VHGXFHLWHVLOHWHLSH
WLQHV WHGXFL 03UHGD0RURPH LL 


HOLSVDHVWHXQSURFHGHXQDUDWLYFDUHUHFXUJHODXQVDOWvQWLPSWUHFkQGVXEW FHUHRSDUWHD
HYHQLPHQWHORURGXUDW vQFDUHGHRELFHLQXVHSHWUHFvQWkPSO ULGHRVHELWH



3(5621$-8/32575(78//,7(5$5

3HUVRQDMXO OLWHUDU SHUVRQD ODW PDVF  GH WHDWUX URO DFWRU  HVWH R SUH]HQ 
SULQLQWHUPHGLXOF UHLDVFULLWRUXOvLH[SULP LQGLUHFWFRQFHS LLOHUHSUH]HQW ULOHLGHLOH
vQ RSHUD HSLF  VDX GUDPDWLF  &D LQVWDQ  QDUDWLY  SULQFLSDO  SHUVRQDMXO UHSUH]LQW 
XQ HOHPHQW HVHQ LDO vQ VWUXFWXUD WH[WXOXL HSLF VDX GUDPDWLF 5HSUH]HQWkQG RDPHQL
WUDQVILJXUD L DUWLVWLF ILLQ H LPDJLQDWH GH VFULLWRU GHYHQLWH DFWDQ L DL vQWkPSO ULORU
QDUDWHVDXSUH]HQWDWHFDDF LXQLVFHQLFHSHUVRQDMHOHDXIRVWQXPLWHvQFKLSGLIHULWGH
WHRUHWLFLHQLL DUWHL OLWHUDUH ILLQ  GH KkUWLH 5%DUWKHV  ILLQ  ILF LRQDO  7RPD
3DYHO  DFWDQW $ - *UHLPDV  DFWRU - /LQWYHOW  HURX 0 %DKWLQ - /LQWYHOW  Q
'LF LRQDUGHWHUPHQLOLWHUDULFULWLFXO0LUFHD$QJKHOHVFXGHILQHWHSHUVRQDMXOOLWHUDUFD
SHUVRDQ  SUH]HQWDW  GXS  UHDOLWDWH VDX URG DO ILF LXQLL FDUH DSDUH vQWUR RSHU 
HSLF  VDX GUDPDWLF  ILLQG LQWHJUDW  SULQ LQWHUPHGLXO OLPEDMXOXL vQ VLVWHPXO GH
LQWHUDF LXQLDODFHVWHLD
)XQF LLOHSHUVRQDMXOXLVXQWGHWHUPLQDWHGHVWUXFWXULOHVSHFLILFHWH[WXOXLQDUDWLY
LGHRS LXQLOHHVWHWLFHDOHVFULLWRUXOXL
9
SHUVRQDM RELHFWLY DFWDQWXO  HVWH XUP ULW vQ SODQXO HYHQLPHQ LDO DYkQG
QXPDL IXQF LH DFWDQ LDO  vLMRDF UROXOvQDF LXQHDQDUDW VDXUHSUH]HQWDW VFHQLF 
HVWHWH[WXDOL]DWSULQLQGLFLDLSHUVRDQHLD,,,D
9
SHUVRQDMXOUHIOHFWRU UDLVRQQHXU  HURX vQYHVWLW FX IXQF LH UHIOH[LY  GXEODW 
IUHFYHQW GH IXQF LD DFWDQ LDO  REVHUY  IRUPXOHD]  MXGHF L GH YDORDUH FXJHW UL vQ
GLVFXUVDVHUWLYVDXDSRGLFWLFSHUVRDQDD,,,D,
9
SHUVRQDMIRFDOL]DWRU SHUVRQDM GLQ DO F UXL SXQFW GH YHGHUH VH SUH]LQW 
VLWXD LLOHLHYHQLPHQWHOHQDUDWH *3ULQFH DUHIXQF LHGHREVHUYDWRUFDUHSRDWHIL
DVRFLDW IXQF LHLDFWDQ LDOH SHUVRDQDD,,,DFDSURWDJRQLVW10DQROHVFX 
9
SHUVRQDMQDUDWRU HURXO GHYHQLW YRFH QDUDWLY  DYkQG IXQF LL QDUDWLYH
PXOWLSOH

UHODWHD]  HYHQLPHQWH HXO QDUDWRU  QDUDQW  WH[WXDOL]DW FD QDUDWRU
KRPRGLHJHWLF GRPLQDQWDSHUVRDQD, 

DUHURODFWDQ LDO HXOQDUDW QDUDWRUDXWRGLHJHWLFGHFLSURWDJRQLVWFDUHVH
SRYHVWHWHSHVLQH

SRDWH DYHD IXQF LH DFWRULDO  MRDF  PDL PXOWH UROXUL LQWHUSUHWHD]  R
SDUWLWXU SHPDLPXOWHYRFL

DUH URO GH UHJLH UHJL]HD]  LQWU ULOH vQ VFHQ  DOH FHORUODO L HURL OH FLWHD] 
GLVFXUVXOvQSURSULXOGLVFXUV 
9
SHUVRQDMQDUDWRU DXFWRULDO HVWH FHO F UXLD vL HVWH DWULEXLW UROXO GH FUHDWRU DO
WH[WXOXL HURXVFULLWRUvQURPDQXOGHVSUHURPDQURPDQLQGLUHFWvQURPDQXOMXUQDOvQ
URPDQXOHSLVWRODULvQWRDW SUR]DSRVWPRGHUQLVW 
9
SHUVRQDMQDUDWRUPDUWRUDUHURO QDUDWLY LIXQF LH GH UHJLHQHILLQGLPSOLFDW
vQFRQIOLFW SHUV,D,,,D 
9
SHUVRQDMQDUDWRUPHVDJHUIXQF LHQDUDWLY LGHUHJLHYRFHQDUDWLY FDUH
UHODWHD]  HYHQLPHQWH DX]LWH GH OD XQ DOW SRYHVWLWRU UHODWDUHD OD SHUVRDQD D ,,,D
SUHYDOHD] DVXSUDSHUVRDQHL, 
7LSRORJLD SHUVRQDMHORU OLWHUDUH HVWH GHILQLW  FDUHSUH]HQWDUHFRQYHQ LRQDO D
XQHLFDWHJRULLXPDQH VRFLDOHVDXSVLKRORJLFH vQWUXSDW vQWUXQSHUVRQDMOLWHUDUFDUH
FRQFHQWUHD] DQXPLWHFDUDFWHULVWLFLVWDELOHSHUPDQHQWHGHILQLWRULL 0$QJKHOHVFX 
'LYHUVLWDWHD WLSRORJLF  D HURLORU OLWHUDUL DUH FD SUHPLV  GLYHUVLWDWHD WLSXULORU XPDQH
ILLQG vQ DFHODL WLPS PRWLYDW  GH RS LXQLOH HVWHWLFH GLIHULWH DOH FROLORU OLWHUDUH DOH


ILHF UXL VFULLWRU 3HUVRQDMXO WLSRORJLF HVWH HURXO UHSUH]HQWDWLY SHQWUX R ODUJ 
FDWHJRULHXPDQ VDXHVWHWLF 
9
WLSRORJLLOH JHQHUDOXPDQH VXQW FRQILJXUDWH vQF  GLQ OLWHUDWXUD $QWLFKLW LL L
SHUIHF LRQDWH GH FODVLFL HURXO DYDUXO LSRFULWXO IDWD E WUkQ  FRFKHWD QDLYXO
YLV WRUXOFXJHW WRUXOHWF 
9
WLSRORJLLOH VRFLDOH UDQXO VROGDWXO DULVWRFUDWXO EXUJKH]XO SDUYHQLW
LQWHOHFWXDOXO DUWLVWXO HWF  VXQW RELHFWXO GH REVHUYD LH DO UHDOLWLORU LDU vQ YHUVLXQL
SDURGLFHDOSRVWPRGHUQLWLORU
9
WLSRORJLLOH HVWHWLFH YL]HD]  FDQRQXO LPSXV GH R FRDO  OLWHUDU  GH XQ FXUHQW
DVWIHOVHSRDWHYRUELGHVSUHSHUVRQDMXOFODVLF WLSRORJLFSODWVWDWLF VDXGHVSUHHURXO
URPDQWLF DWLSLF FRPSOH[ GLQDPLF  GHVSUH SHUVRQDMXO UHDOLVW WLSRORJLF URWXQG
GLQDPLF  RUL GHVSUH FHO PRGHUQ LQGLYLGXDOL]DW GLOHPDWLF FRQWUDGLFWRULX UHODWLYL]DW 
HWF Q OLWHUDWXUD VHFROXOXL DO ;;OHD OLWHUDWXUD PRGHUQLVW  H[LVWHQ LDOLVW  OLWHUDWXUD
DEVXUGXOXL QHRPRGHUQLVW  SRVWPRGHUQLVW  HURLL QX PDL VXQW FRQVWUXL L FD
LQGLYLGXDOLW L FRHUHQWH DYkQG R LGHQWLWDWH YDJ  ILLQG VXUSULQL vQ F XWDUHD VLQHOXL
1RLOH PRGHOH VXQW SHUVRQDMHOH SXOYHUL]DWH vQ YRFL FDUH vL FHUWLILF  H[LVWHQ D
QXPDL SULQ DFWXO GH OLPEDM  VDX UROXUL  P WL SHUVRQDMHOH FRQWUDGLFWRULL FRQWUD
SXQFWLFHFXGXEO PXOWLSO SHUVRQDOLWDWHRPXOI U vQVXLULLQVDEVXUGQRQHURX
SHUVRQDM VXFLW EXIRQ QHEXQ SDURGLF HWF ,GHQWLWDWHD WH[WXDO  HVWH FRQIHULW  SULQ
QRPLQDOL]DUH VLPEROLF  VDX GH VHULH RUL SULQ DEVHQ D QXPHOXL  SULQ UDSRUWDUH OD
SURSULDH[LVWHQ  PHPRULDDIHFWLY ODOLPLWHOHH[LVWHQ LDOHODLGHHDGHOLEHUWDWHHWF
$OWHWLSXULGHSHUVRQDMHVXQW
9
SHUVRQDMHOH FDUDFWHUH SHUVRQDMH XQLWDUH FX WU V WXUL FRPSOH[H IRFDOL]DWH
SHRGRPLQDQW PRUDO  GXS PRGHOXOSHUVRQDMHORUEDO]DFLHQH 
9
SHUVRQDMXO DUKHWLSDO SHUVRQDM FX JUDG PDUH GH FRQYHQ LRQDOLWDWH UHSUH
]HQWkQGXQPRGHORULJLQDUXQHURXH[HPSODUPLWLFOHJHQGDUGHEDVP
9
SHUVRQDMXOVLPEROLFHURXGHQDWXU FDWHJRULDO vQYHVWLWFXSXWHUQLFHVHPQL
ILFD LLPRUDOHVDXSVLKRORJLFH
9
SHUVRQDMXODOHJRULFYLHW LSODQWHRELHFWHFRQFHSWHSHUVRQLILFDWHFXYDOHQ H
DFFHQWXDWHGHVHPQLILFDUH
9
SHUVRQDMSDURGLFSHUVRQDMFRQVWUXLWvQWUXQUHJLVWUXFDULFDWXUDOLURQLFOXGLF
DQWLHURXORPXOVXFLW

3RUWUHWXOOLWHUDU0LMORDFHGHFDUDFWHUL]DUHDSHUVRQDMXOXL

3RUWUHWXO OLWHUDU IU SRUWUDLW  GHVFULHUH D XQHL SHUVRDQH  HVWH XQ SURFHGHX
OLWHUDULXQWLSGHGLVFXUVGHVFULSWLYFDUHFRQVW vQSUH]HQWDUHDXQXLSHUVRQDMOLWHUDU
SULQ UHOLHIDUHD HOHPHQWHORU GHILQLWRULL WU V WXUL IL]LFH PRUDOH SVLKLFH PRGHO
FRPSRUWDPHQWDOUDSRUWFXUHDOLWDWHDFXDOWHSHUVRQDMHYL]LXQHDDXFWRULDO VDXFHD
D XQXL SHUVRQDM  D XQHL FRPXQLW L DVXSUD OXL  VLVWHPXO GH VHPQH VWLOLVWLFH SULQ
FDUH HVWH GHVHPQDW  LQGLYLGXOL]DW SHUVRQDMXO 3ULQ FDUDFWHUL]DUH D SHUVRQDMXOXL
vQ HOHJHPVLVWHPXOGHPRWLYHOHJDWQHPLMORFLWGHSHUVRQDMXOGDW %RULV7RPDHYVNL 
3RUWUHWXOSRDWHILvQSUR] vQYHUVXULODUHDOL]DUHDOXLVHSRDWHDSHODODRULFDUH
PRGGHH[SXQHUH QDUD LXQHGLDORJPRQRORJ 
9
)XQF LLOHSRUWUHWXOXLOLWHUDUVXQW
 IXQF LD GH LQIRUPDUH UHIHUHQ LDO  VH UHDOL]HD]  SULQ HQXPHUDUHD FDUDFWH
ULVWLFLORU FDUH SHUPLW LGHQWLILFDUHD LQGLYLGXDOL]DUHD L GLIHUHQ LHUHD XQXL
SHUVRQDM IUHFYHQW DFHDVW  IXQF LH HVWH DFWLYDW  SULQWUXQ SRUWUHW LQL LDO




DVRFLDW SULPHL DSDUL LL vQ VSD LXO ILF LXQLL D SHUVRQDMXOXL  WLS GH SRUWUHW
LPSXVvQURPDQXOUHDOLVWGH%DO]DF 
 IXQF LD DQWLFLSDWLY  SRUWUHWXO H FRQVWUXLW FD XQ FXPXO GH SUHPLVH FDUH
MXVWLILF HYROX LDHURXOXL
 IXQF LD VLPEROLF  HVWH DFWLYDW  PDL DOHV GH SRUWUHWHOH XQRU SHUVRQDMH FH
VXQWSXUW WRDUHDOHXQRUYDORULHWLFHHVWHWLFHRQWRORJLFHJQRVHRORJLFHSRW
DS UHDvQSRYHVWLULPLWLFHvQQDUD LXQLDOHJRULFHvQSDUDEROH
 IXQF LD DVHUWLY  HVWH DOHDWRULH H VHPQDOL]DW  OD QLYHO WH[WXDO SULQ LQGLFL DL
LPSOLF ULLDIHFWLYHvQGLVFXUVXOSRUWUHWLVWLFFDUHILJXUHD] XQPRGHOXPDQXQ
LGHDORULXQDQWLPRGHO
 IXQF LH GH VWUXFWXUDUH D LPDJLQDUXOXL DUWLVWLF SRUWUHWXO SRDWH GHYHQL XQ
PRWLYRUGRQDWRUDOYL]LXQLLFDvQ'RPQLRDUD&KULVWLQDGH0(OLDGHRULvQ
6 UPDQXO'LRQLVDOOXL(PLQHVFX3RUWUHWXORYDOGH($3RH
 IXQF LH GH SDURGLHUH D XQRU FOLHH SRUWUHWLVWLFH  GHVWUXFWXUDUH D XQRU
WRSRVXUL DQWLSRUWUHWHOH OXL 8UPX] LDX QDWHUH SULQWUR FRQGHQVDUH
FDULFDWXUDO  >@ SRUQLQG GH OD VXJHVWLLOH XQXL QXPH >@ 3ULQ SURFHGHXO
OHFWXULL OLWHUDOH D LPDJLQLORU L D PHWDIRUHORU 8UPX] FUHHD]  VXEVWDQ D
LPDJLQDU DSHUVRQDMHORU&RULQ%UDJD 
7LSXULOHGHSRUWUHWOLWHUDUSRWIL

3RUWUHWXO IL]LF HVWH FRQVWUXLW SH R GRPLQDQW  H[WHULRDU  DFHVW WLS GH SRUWUHW
vQVXPHD]  FDUDFWHULVWLFL DOH vQI L ULL SHUVRQDMXOXL WU V WXUL OHJDWH GH IL]LRQRPLH
SRDWHGHVFULH LQXWDYHVWLPHQWD LDHWFODQLYHOXOGLVFXUVXOXLWHUPHQLFRQFUH LGHWLS
DQDWRPLFFkPSXULOH[LFDOHFDUHQXPHVFSHUFHS LLVHQ]RULDOH

3RUWUHWXOPRUDOGHWDOLD] FDOLW LOHVXIOHWHWLGHIHFWHOHWU V WXULOHGHFDUDFWHU
VLVWHPXOGHYDORULSULQFLSLLHWLFHGXS FDUHVHFRQGXFHSHUVRQDMXOVSHFLILFURPDQXOXL
UHDOLVW  WUDGL LRQDO GRULF  10DQROHVFX 3UHSRQGHUHQ D PRUDOXOXL DVXSUD
SVLKRORJLFXOXLVXELHFWXOVHSLHUGHvQRELHFW&DUDFWHULRORJLHWLSLFLWDWH VHUHDOL]HD] 
SULQHQXQ XULFDUHGH]YROW FRQFHSWHHWLFHFDWHJRULLDOHFRQWLLQ HLLDOHDIHFWHORU

3RUWUHWXO SVLKLF VXUSULQGH FDUDFWHULVWLFL DOH SHUVRQDOLW LL HURXOXL DSWLWXGLQL
vQQ VFXWH ]HVWUHD JHQHWLF  VDX GREkQGLWH QDWXU  LQWURYHUWLW   H[WUDYHUWLW 
WHPSHUDPHQWLPSXOVLYFROHULFPHODQFROLFH]LWDQWILUHUD LRQDO OXFLG SUDJPDWLF 
 SDVLRQDO   YLV WRDUH  RY LHOQLF   FRQWUDGLFWRULH LPSUHYL]LELO  JkQGLUH ORJLF  
DVRFLDWLY   LPDJLQDWLY   FUHDWLY   SUDFWLF  HWF  HVWH XWLOL]DW IUHFYHQW vQ SUR]D
PRGHUQ  LRQLF  vQ FDUH YDORULOH GRPLQDQWH VXQW GH RUGLQ SHUVRQDO $XWHQWLFLWDWH
LQWHULRULWDWH LQWLPLWDWH 1 0DQROHVFX  WH[WXDOL]DW PDL DOHV SULQ YRFDEXODU DEVWUDFW
WHUPHQL VSHFLDOL]D L VDX QX GLQ VIHUD JkQGLULL D FXQRDWHULL D SVLKRORJLHL 
SVLKDQDOL]HLGLQVIHUDPDQLIHVW ULORUFRPSRUWDPHQWDOH 

3RUWUHWXOFRPSOH[ PL[W vQVXPHD] WU V WXULIL]LFHWU V WXULGHFDUDFWHULGH
SHUVRQDOLWDWH

3URFHGHHGHFDUDFWHUL]DUH
&DUDFWHUL]DUHD GLUHFW  HVWH R PRGDOLWDWH FODVLF  IRUPDOL]DW  PDL DOHV FD
GLVFXUV GHVFULSWLY GH WLS SRUWUHW VH SRDWH UHDOL]D SULQ FRQYHUJHQ D XQRU IRFDOL] UL 
SHUVSHFWLYHGLIHULWH
GLQSHUVSHFWLYDQDUDWRUXOXLIRFDOL]DUH]HURVDXH[WHUQ GLVFXUVKHWHURGLHJHWLF
ODSHUVRDQDD,,,D 
GLQ SHUVSHFWLYD H[WHUQ  D DOWRU SHUVRQDMH RELHFWLY  VDX VXELHFWLY  GLVFXUV
DGUHVDWVDXQRQDGUHVDWODSHUVRDQDD,,DVDXODSHUVRDQDD,,,DSRDWHFRQGXFHOD
SOXULSHUVSHFWLYLVP LQWUDGLHJHWLF DFHVWH SHUVSHFWLYH PXOWLSOH SRW IL FRQYHUJHQWH


GHWHUPLQkQG XQ SHUVRQDM XQLWDU L FRHUHQW VDX GLYHUJHQWH DYkQG FD HIHFW
UHODWLYL]DUHDSHUVRQDMXOXLGLVWUXJHUHDFRHUHQ HLSkQ ODSXOYHUL]DUHDSHUVRQDMXOXL
SULQDXWRFDUDFWHUL]DUHSHUVSHFWLY LQWHUQ VXELHFWLY GLVFXUVKRPRGLHJHWLF
PRQRORJ LQWHULRU 
&DUDFWHUL]DUHDLQGLUHFW YDORULILF WHKQLFDVXJHVWLHLVSUHDFRQILUPDVDXLQILUPD
FDUDFWHUL]DUHDGLUHFW vQSUR]DFRPSRUWDPHQWLVW HVWHXQLFDPRGDOLWDWHGHVXJHUDUH
DUHOLHIXOXLPRUDOLSVLKLFDOSHUVRQDMXOXL
 SUH QXPHOHSRUHFOD FRJQRPHQXO QLYHOFXPDUHSRWHQ LDOGHVHPQLILFDUH
GHVLPEROL]DUH
PRGHOXO FRPSRUWDPHQWDO IDSWH DWLWXGLQL ID  GH YDORULOH H[LVWHQ LDOH UHDF LL
IL]LRORJLFH

FDUDFWHULVWLFL FRJQLWLYH H[SHULHQ H GH FXQRDWHUH UHSUH]HQW UL LGHL JkQGXUL
GLOHPHPRUDOHHWF

FDUDFWHULVWLFLDOHSHUVRQDOLW LLDFWHGHYRLQ PDQLIHVW ULDOHWHPSHUDPHQWXOXL
LQWHUHVHDSWLWXGLQL

DFWHOH GH FRPXQLFDUH YRUELUH OLPEDM FOLHH YHUEDOH DFFHQWH ULWP JHVWLF 
PLPLF WLFXULQHUYRDVH

UHJLP DIHFWLY L LQVWLQFWXDO VW UL HPR LRQDOH VHQWLPHQWH DILQLW L WU LUL
HPSDWLFHSHUFHS LLLQVWLQFWH

UDSRUWVXSUDHXHXVLQH HXOFRQWLHQWVXEFRQWLHQWLQFRQWLHQW LSRVWD]H
HYROX LH

LGHQWLWDWHDVRFLDO UDSRUWFXUHDOLWDWHDLQWHUDF LXQHFXFHOHODOWHSHUVRQDMH

GHVFULHUHDPHGLXOXLIDPLOLDOVRFLDOGHVFULHULGHLQWHULRUGHVFULHULGHQDWXU FX
UROvQFDUDFWHUL]DUH






























&21&(37




&21&(37(63(&,),&(1$5$72/2*,(,
'(),1, ,$
 7RWDOLWDWHD UHSUH]HQW ULORU VFULLWRUXOXL
GHVSUHXQLYHUVGHVSUHVWUXFWXULDOHH[LVWHQ HL
LFRQGL LDXPDQ GHVSUHGHVWLQXOFUHD LHLL
DO DUWLVWXOXL DYkQG ILQDOLWDWH FRJQLWLY  L
HVWHWLF vQRSHUDOLWHUDU 
ODWVWUXFWXUDFRQVWUXF LH
 0RGDOLWDWH GH FRQILJXUDUH D XQLYHU
VXOXL ILF LRQDO GXS  R ORJLF  DUWLVWLF 
LQWHUQ GHWHUPLQkQGSRODUL]DUHDXQHLXQRU
DULL WHPDWLFH L D XQHL UH HOH GH PRWLYH SH
XQXOVDXPDLPXOWHSODQXULDFHVWHDSRWIL
SODQQDUDWLYvQFDUHVHFULVWDOL]HD] XQILU
HSLF  XQ GHVHQ HSLF DOF WXLW GLQ  ILUH
HSLFH SODQ VXSUDHWDMDW  H GLQDPL]DW GH
XQXOVDXPDLPXOWHFRQIOLFWH
SODQDQDOLWLFvQFDUHVHGHWDOLD] XQLYHUVXO
O XQWULF DO HURLORU FRQWLHQW VXEFRQWLHQW
LQFRQWLHQWSVLKRORJLDWU LULOHUHIOHF LLOH
GLOHPHOH OD QLYHOXO UD LXQLL DO FRQWLLQ HL DO
DIHFWHORUFRQIOLFWHLQWHULRDUH
SODQHVHLVWLFDOFRPHQWDULLORUQDUDWRUXOXL
DO DVHU LXQLORU VDOH  DO DVRFL LLORU OLEHUH GH
LGHLDOGLYDJD LLORU
SODQFDGUXSODQPRQRJUDILFFDUHvQVX
PHD]  PDFURVWUXFWXUL DOH XQLYHUVXOXL
ILF LRQDOUHSHUHVSD LRWHPSRUDOHHOHPHQWH
GHILQLWRULLDOHXQHLVRFLHW LFODVHHWF
 SODQXO DXFWRULDO SRDWH GXEOD SODQXULOH
FRQILJXUDWH vQ WH[W vQGHSOLQLQG IXQF LLOH
PHWDWH[WXOXL
 WLSDU SDUDGLJP  PDWULFH  FDUH JHQH
UHD]  R VFKHP  R UH HD LQWHUQ  D
HOHPHQWHORU HVHQ LDOH DOH WH[WXOXL OLWHUDU
Y ]XWFDXQFRUSXV
IUFRPSRVLWLRQ  DVDPEODUH D S U LORU XQXL
vQWUHJ
  0RG GH RUJDQL]DUH LQWHUQ  D WH[WXOXL
UHIOHFWDWvQ
 DOF WXLUHD IRUPDO  D RSHUHL YROXPH DOH
XQXL FLFOX S U L FDSLWROH HSLVRDGH QDUD
WLYHVHFYHQ H 
 IRUPXOD QDUDWLY   WLSDUXO HSLF SRYHVWL
UHD vQ SRYHVWLUH  SRYHVWLUHD vQ UDP 
MXUQDOXOFRPHQWDWHWF
 SULQFLSLLOH FRPSR]L LRQDOH  FULWHULLOH GH
RUJDQL]DUH D WH[WXOXL H[ RUJDQL]DUHD vQ
FURQRORJLH OLQHDU  vQ VLPXOWDQHLWDWH  vQ
GLVFRQWLQXLWDWH D HYHQLPHQWHORU  WHKQLFL
QDUDWLYHULWPXOHSLFVWUDWHJLLGLVFXUVLYH

2%6(59$ ,,(;(03/(
 (VWH UHDOL]DW  FX DMXWRUXO WXWXURU
VWUXFWXULORU RSHUHL WHPH PRWLYH
VXELHFW SHUVRQDMH VWUXFWXUL QDUDWLYH
GUDPDWLFH VDX OLULFH LPDJLQL DUWLVWLFH
WURSL

 *UDGXO GH FRPSOH[LWDWH D VWUXFWXUL


ORU QDUDWLYH HVWH HOHPHQW GH GLIHUHQ
LHUHvQWUHVSHFLL
 SUR]D VFXUW  IDEXOD VFKL D DQHF
GRWD EDVPXO SRHPXO EDODGD  VH
VWUXFWXUHD] SHXQVLQJXUSODQQDUDWLY
vQ FDUH VH VFKL HD]  L XQ FURQRWRS
FRQWH[WVLWXD LRQDODODF LXQLL UHGXVOD
UHSHUHVFKHPDWLFHFRQYHQ LRQDOH
SUR]DQXYHOLVWLF VHVWUXFWXUHD] 
vQQXYHO SHGRX SODQXUL
 QXYHOD LVWRULF  DO WXU  SODQXOXL
QDUDWLY XQ SODQFDGUX vQ FDUH VH
VFKL HD] XQWDEORXGHHSRF 
 QXYHOD IDQWDVWLF  DVRFLD]  GRX 
SODQXUL QDUDWLYH XQXO DO UHDOXOXL DOWXO
DO LUHDOXOXL  DO IDQWDVWLFXOXL  FDUH
IX]LRQHD] vQILQDO
 QXYHOD SVLKRORJLF  VH FRQVWUX
LHWH SULQ DOWHUQDQ D vQWUH SODQXO
HYHQLPHQ LDO L SODQXO DQDOLWLF DO
FRQWLLQ HLDOSVLKLFXOXL 
URPDQXODUHRVWUXFWXU FRPSOH[ 
DG XJkQG SODQXULORU QDUDWLYH XQ SODQ
DQDOLWLFLXQXOPRQRJUDILF&3HWUHVFX
FRQVWUXLHWH L XQ SODQ DXFWRULDO
L]RODWvQQRWHOHGHVXEVRO

 /HJLOH FODVLFH DOH FRPSR]L LHL VXQW


ED]DWH SH HFKLOLEUX DUPRQLH VLPH
WULHFLUFXODULWDWHFURQRORJLH
 Q SUR]D PRGHUQ  SULQFLSLXO FRP
SR]L LRQDO DO FURQRORJLHL HVWH vQORFXLW
FX FHO DO PHPRULHL LQYROXQWDUH
DIHFWLYH  FX WHKQLFD SDUDOHOLVPXOXL
HSLF D VLPXOWDQHLW LL  D GLVFRQWLQXL
W LL D FRODMXOXL  D GHFXSDMXOXL D
FRQWUDSXQFWXOXLDSOD\EDFNXOXLHWF

02'85,'((;381(5(
ODWQDUUDWLRSRYHVWLUHLVWRULVLUH
 0RG GH H[SXQHUH  GH RUJDQL]DUH WH[
WXDO FRQVWkQGvQUHODWDUHDXQRUHYHQLPHQ  (VWH IXQGDPHQWDO  vQ HSLFD WUDGL
WH vQWUR VXFFHVLXQH GH VHFYHQ H WHPSRUDOH LRQDO 
 Q RSHUD PRGHUQ  vL SLHUGH UHOH
VWUXFWXU VLQWDJPDWLF 
DGHYHQLQGDGHVHDXQSUHWH[W
YDQ
 vQVXPHD]  IDEXOD SRYHVWHD LVWRULD
1DUD
LXQHDFDGLVFXUVFXSULQGH
LUXO GH vQWkPSO UL  L GLVFXUVXO WH[WXO

QXFOHHOH
QDUDWLYH HSLVRDGH HYHQL
PRGDOLW LOHQDU ULL 
PHQWH 
FDWHJRULLOHQDUD LXQLLOLWHUDUHVXQW
 LQGLFLL GHVFULHUHD SHUVRQDMHORU D
WLPSXOSRYHVWLULLDOGLVFXUVXOXL
FDGUXOXLLDRELHFWHORU 
 DVSHFWHOH QDUD LXQLL PRGXO vQ FDUH VH FDWDOL]HOH GHVI XUDUHDIDSWHORU 
UDSRUWHD] QDUDWRUXOODGLVFXUV 
LQIRUPD LLOHFXUROGHDVLWXDDF LXQHDvQ
 PRGDOLW LOH QDUD LXQLL PRGXO vQ FDUH WLPSLVSD LX FRQWH[WXOXLVLWXD LRQDO 
QDUDWRUXO H[SXQH IDEXOD SULQ UHSUH]HQWDUH SHUVRQDMHOHDFWDQ LL GXS 5%DUWKHV 
GLDORJ PRQRORJ  SULQ UHODWDUH QDUD LXQH 
KHWHURGLHJHWLF VDXKRPRGLHJHWLF 7]7RGRURY
&DWHJRULLOHQDUD LXQLLOLWHUDUH 

 2 VHFYHQ  GH VXSUDID  FDUH VH


RSXQH GLDORJXOXL SRYHVWLULL HWF $ -
*UHLPDV 
VXVSHQG WHPSRUDOLWDWHDILLQGVWUXFWX
UDW  PDL DOHV VSD LDO L VLQFURQLF
SDUDGLJPDWLF 
 SRDWH IL DVXPDW  GH QDUDWRU GH XQ
SHUVRQDM
 SRDWH IL RELHFWLY  VXELHFWLY  VDX
VLPEROLF 
 0RG GH H[SXQHUH  XQLWDWH WH[WXDO   Q SUR]D SRVWPRGHUQ GHFRQVWUXLUHD
vQVXPkQG R VXLW  GH UHSOLFL SULQ FDUH YRFLOH WH[WXOXL QDUDWLY FODVLF GHWHUPLQ  VXSUD
SHUVRQDMHORU vQORFXLHVF GLVFXUVXO QDUDWRUXOXL SXQHUHD YRFLORU VWLO LQGLUHFW OLEHU 
LQGLUHFWvQO Q XLW 
FRQIHULQGYL]LXQLLFDUDFWHUVFHQLF

ODWGHVFULSWLR]XJU YLUH
0RGGHH[SXQHUHVHFYHQ WH[WXDO FX
URO GH SDX]  QDUDWLY  FRQVWkQG vQ VXEVWLWXL
UHD GLVFXUVXOXL GLHJHWLF FX XQ GLVFXUV
HQXPHUDWLY  ILJXUDWLY RUJDQL]DW WHPDWLF
SHLVDM LQWHULRU RELHFW IHQRPHQ HYHQLPHQW
WDEORX VWDWLFGLQDPLF  VDX SHUVRQDM GHV
FULHUHSRUWUHW 

0RGGHH[SXQHUHVHFYHQ WH[WXDO FH  'H]YROWDUHD FRPSRQHQWHL UHWRULFH VH


FRQVW  vQ UHGDUHD vQ VWLO GLUHFW D XQHL UHSOLFL UHDOL]HD] SHSDWUXQLYHOXULVWLOLVWLFH
PDL DPSOH D XQXL SHUVRQDM VDX D UHIOHF LLORU IRQHWLFHOHPHQWHSDUDYHUEDOHVSHFLILFH
DFHVWXLD PRQRORJLQWHULRU 
PRUIRORJLF RFXUHQ D LQGLFLORU SHUVRD
 VWUDWHJLH GLVFXUVLY  VSHFLILF  QDUD LXQLL QHL,
KRPRGLHJHWLFH SUR]D FRQIHVLY  IRUPXOD VLQWDFWLF WRSLF  DIHFWLY  P UFL DOH
RUDOLW LL
MXUQDOXOXLHWF 
 vQ SUR]D SRVWPRGHUQ  PRQRORJXUL SH OH[LFRVHPDQWLF OLPEDM SHUVRQDOL]DW
GLYHUVH YRFL PRQRORJXO QDUDWLY  DGUHVDW  VHQVXUL FRQRWDWLYH YDULD LH VWLOLVWLF 
UH HOHOH[LFDOH
UHIOH[LYHVHLVWLFHWF 
&RQVWUXF LDVXELHFWXOXLvQRSHUDHSLF 
 Q SUR]D WUDGL LRQDO  XQLWDWHD VXELHF
ODWVXEMHFWXV FHHDFHHVWHVSXV
6HULDHYHQLPHQ LDO FHDOF WXLHWHIDEXOD WXOXL HVWH DVLJXUDW  GH SULQFLSLXO FURQR
WUDPDQDUDWLY FRQ LQXWXORSHUHLOLWHUDUHHSLFH ORJLF L GH FRQIOLFWHOH FDUH VH DPSOLILF 
VDX GUDPDWLFH RUJDQL]DW vQWUXQ WLSDU QDUDWLY JUDGDW
GHFRQVWUXF LDSRVWPRGHUQ DVFKHPHL
VSHFLILF
QDUDWLYH FODVLFH DQXOHD]  LQGLFLL GH
6XELHFWXOSRDWHILFRQVLGHUDWXQDQVDPEOX FRHUHQ  WH[WXDO  WHPSRUDOLWDWH OLQHDU 
GLQDPLF GH VLWXD LLWLS GHYHQLWH IXQF LL FX URO RUJDQL]DUHSDUDGLJPDWLF DPRPHQWHORU
GH VWUXFWXUDUH D GLHJHVLVXOXL FX JUDG PDUH VXELHFWXOXL UDSRUW VWDELO vQWUH LQVWDQ HOH
GHVWDELOLWDWH
QDUDWLYHHWF


ODWFRQIOLFWXV FLRFQLUHRF
 6WUXFWXU  WH[WXDO  VSHFLILF  RSHUHL HSLFH
GUDPDWLFH GHVHPQkQG OLQLLOH GH IRU  DOH
DF LXQLL vQWUH FDUH VH LQVWLWXLH R RSR]L LH R
WHQVLXQHFXIXQF LHGHFDWDOL] 
 GH]DFRUG vQWUH LQWHUHVH IDSWH FDUDFWHUH
SHUVRQDMHSULQFLSLLLGHLSDVLXQLFDUHJHQHUHD
] VLWXD LDFRQIOLFWXDO LPRWLYHD] DF LXQHD
ODWSURORJXV YRUELUHvQDLQWHSUHDPEXO
,QWURGXFHUHH[SOLFDWLY FXUROGHSUHPLV 
3ULP VHFYHQ DRSHUHLFXRDFFHQWXDW 
IXQF LH UHWRULF  PHQLW  V  LQGLFH R FKHLH GH
OHFWXU   XQ FRG GH VHPQLILFDUH RUL V 
FRPXQLFHPHVDMXORSHUHL

 &RQIOLFWH H[WHULRDUH GH LGHL GH


LQWHUHVHHFRQRPLFVRFLDOSROLWLFPRUDO
UHOLJLRVHWQLFHURWLFH[LVWHQ LDOHWF
 FRQIOLFWH LQWHULRDUH GH QDWXU  PR
UDO  SVLKRORJLF  YROLWLY  LQWHOHFWXDO
FRJQLWLY  FUL]  GH LGHQWLWDWH  GHYDORUL
FUL]  GH FRQWLLQ  FUL]  H[LVWHQ LDO 
HWF 

 Q WHDWUXO DQWLF SURORJXO DQJDMD


IUHFYHQW SURWDJRQLVWXO VDX DQXQ D
GH]QRG PkQWXO
 Q 3URORJXO OD &LRFRLL YHFKL L QRL
1 )LOLPRQ VFKL HD]  XQ SRUWUHW JHQHULF
DO FLRFRLXOXL vQ PDQLHUD IL]LRORJLLORU
SDRSWLVWH
2FDUDFWHULVWLF DURPDQXOXLEDO]DFLDQ
 6HFYHQ  WH[WXDO  LQWURGXFWLY  XUPkQG SUHOXDW  L GH *& OLQHVFX  HVWH
LQFLSLWXOXL  vQ FDUH VH GHWDOLD]  FRQWH[WXO VLWXDUHD SUHFLV  vQ VSD LX L WLPS vQF 
VLWXD LRQDO DO DF LXQLL FURQRWRSXO  SUHFXP L GLQ LQFLSLW ([SR]L LXQHD FRQWLQX  FX
GHVFULHUHD PHGLXOXL SULQWUR WHKQLF  D
tQGLFLLSDUDGLJPDWLFLDLSHUVRQDMHORU
FHUFXULORU FRQFHQWULFH  FDUH DUH IXQF LH
VLWXD LDLQL LDO 
GHFDUDFWHUL]DUH










ODW ,QWULFDUH  D FRPSOLFD IU LQWULTXH 


XQHOWLUHLQWULJ 
 7RWDOLWDWHD vQWkPSO ULORU GHWHUPLQDQWH FH
VH VXFFHG vQWUR DQXPLW  RUGLQH VLPSO  
FRPSOH[  WLSLF   DWLSLF  GXS  XQ PRGHO
VWUXFWXUDQWFODVLFURPDQWLFUHDOLVWHWF
6LWXD LD FRQFUHW FDUHLQVWLWXLHFRQIOLFWXO
RSHUHL HSLFH VDX GUDPDWLFH JHQHUkQG XQ
UDSRUWGHIRU HFRQWUDUHSULQFDUHVHPRGLILF 
VLWXD LDLQL LDO 

 Q URPDQHOH VDX GUDPHOH PRGHUQH


H[ 3DWXO OXL 3URFXVW GH & 3HWUHVFX
SLHVD /LYDGD FX YLLQL D OXL &HKRY 
LQWULJD vL SLHUGH LPSRUWDQ D LQWHUHVXO
QDUDWRUXOXL  GUDPDWXUJXOXL QHPDLILLQG
RULHQWDW VSUH HYHQLPHQWXO H[WHULRU FL
VSUH GHYHQLUHD O XQWULF  D SHUVRQDMXOXL
LVSUHVLWXDUHDH[LVWHQ LDO DRPXOXL

 6HFYHQ  WH[WXDO  GH PD[LP  WHQVLXQH D


FRQIOLFWXOXL vQ FDUH HYROX LD XOWHULRDU  D
SHUVRQDMHORUHVWHJUHXSUHYL]LELO 

 Q 0LRUL D QX H[LVW  XQ SXQFW


FXOPLQDQW vQ UHJLVWUXO HSLF FL XQ
PRPHQWGHWHQVLXQHPD[LP vQUHJLVWUXO
OLULF FHOHEUDDOHJRULH 

0RPHQWXOXOWLPDOVXELHFWXOXLvQFDUHVH
UH]ROY  FRQIOLFWXO L VH ILQDOL]HD]  HYROX LD
SHUVRQDMHORU
VLWXD LDILQDO 
ODWHSLORJXV FRQFOX]LH
6HFYHQ ILQDO XUPkQGGH]QRG PkQWXOXL
SUH]HQWkQG VXFFLQW HYROX LD vQ WLPS D SHU
VRQDMHORUVDXXOWLPHOHFRQVHFLQ HDOHDF LXQLL
 vQ UHWRULF  SDUWHD ILQDO  D GLVFXUVXOXL vQ
FDUHRUDWRUXOUH]XPDDUJXPHQWDUHDUHLWHUkQG
LvQW ULQGLSRWH]D

3RDWHILORJLF SUHYL]LELO QHSUHY ]XW


GH WLSXO GHXV H[ PDFKLQD VDX DO
DFFLGHQWXOXL PRGHUQ  DEVXUG VDX
LQGHFLV ILQDOGHVFKLV 
 (SLORJXO L]RODW DO URPDQXOXL 8OWLPD
QRDSWH GH GUDJRVWH vQWkLD QRDSWH GH
U ]ERL DS UXW FD QRW  LQIUDSDJLQDO  vQ
3DWXO OXL 3URFXVW  H vQWUR UHOD LH
FRQWUDSXQFWLF  ID  GH ILQDOXO SULPXOXL
FDSLWROFDUHLPSXQHPRWLYXOGH]HUW ULL

63(&,,$/(*(18/8,(3,&

&ODVLILFDUH HURLF  ILOR]RILF  UHOL
IUHSRSpHJUHSRVHSRSRLD
 6SHFLH vQ YHUVXUL D JHQXOXL HSLF SRH]LH JLRDV LVWRULF HURLFRPLF 
6HUHODWHD] vQWkPSO ULHURLFHOHJHQ
HSLF QDUD LXQH GH PDUL SURSRU LLSURLHF 
GDUH
VDX LVWRULFH OD FDUH SDUWLFLS  L
WkQG vQWkPSO UL HURLFH vQWUR DXU 
IRU HVXSUDQDWXUDOH
PLUDFXORDV 
ODWEDOODUHIUEDOODGH FkQWHFGHMRFGDQV
 3RH]LH QDUDWLY  SRSXODU  VDX FXOW 
GH]YROWkQGWHPHHURLFHLVWRULFHOHJHQGDUH
IDQWDVWLFH
ODWSRHPDJUSRLHLQSRLLPD SRHP
&UHD LHOLWHUDU vQYHUVXUL VDXvQSUR] GH
PDUL SURSRU LL vQ FDUH LQVSLUD LD OLULF  VH
DVRFLD] FXFHDHSLF 
VODYEDVQv Q VFRFLUH
 6SHFLH HSLF  vQ FDUH VH QDUHD]  vQWkP
SO UL IDEXORDVH DYkQG GUHSW SHUVRQDMH HURL
FXSXWHULVXSUDQDWXUDOH
RJOLQGLUH D YLH LL vQ PRGXUL IDEXORDVH
*& OLQHVFX 
 WHPD WULXPIXOXL ELQHOXL VH GH]YROW  IUHF
YHQWSULQPRWLYXOF O WRULHLLQL LDWLFHPDUFDW
GH FHOH WUHL SUREH SH FDUH VH VWUXFWXUHD] 
VFKHPDHSLF 
ODWOHJHQGD QDUD LXQHFHHDFHWUHEXLHFLWLW
 6SHFLH HSLF  vQ FDUH VH H[SOLF  SULQ
FDX]DOLWDWHPDJLF RULJLQHDvQVXLULOHFDUDF
WHULVWLFLOH XQRU IUDJPHQWH DOH XQLYHUVXOXL
DVWUHSODQWHYLHW LIRUPHGHUHOLHI 
 1DUHD]  vQWkPSO UL PLUDFXORDVH vQWUXQ
DPHVWHFGHDGHY ULILF LXQH
VODYL]QRYD GLQQRX ODWIDFHWLD 
 6FXUW  QDUD LXQH FX LQWHQ LL XPRULVWLFR
VDWLULFHvQFDUHGRPLQ HOHPHQWHOHUHDOLVWH

VODYSRYHVWL DLVWRULVL
 Q VHQV JHQHUDO GHVHPQHD]  QDUD LXQHD
FDPRGDOLWDWHGHH[LVWHQ DJHQXOXLHSLF
 6SHFLH D JHQXOXL HSLF FX R DF LXQH
UHGXV  OD XQ HSLVRG QDUDW GLQ SHUVSHFWLYD
XQXL SHUVRQDMQDUDWRU PDUWRU VDX DFWDQW
QDUD LXQHVXELHFWLYL]DW 


6HGHVFKLGHFXLQYRFD LDF WUHPX] 

&ODVLILFDUH YLWHMHWL KDLGXFHWL
LVWRULFHS VWRUHWLIDQWDVWLFHIDPLOLDOH

1DUD LXQHD LQVHUHD]  L HOHPHQWH
OLULFRGUDPDWLFH UHDO L IDEXORV EDODGD
PRGHUQ  HVWH HFKLYDOHQW  SRHPXOXL
ILORVRILF

&ODVLILFDUH HURLF GLGDFWLF VRFLR
JRQLF ILORVRILF vQ SUR]  %XF L GH
QRDSWHGH*%DFRYLD

DFFHS LHPRGHUQ SRH]LHUHIOH[LY vQ
FDUH LGHHD ILORVRILF  H GH]YROWDW  vQWUR
VWUXFWXU OLULFRHSLF VDXOLULFRGUDPDWLF 

&ODVLILFDUH IDQWDVWLFH GRPLQDWH GH
HOHPHQWXO PLUDFXORV  QXYHOLVWLFH FX
HOHPHQWHUHIOHFWkQGUHDOLWDWHDFRQFUHW L
DQLPDOLHUH GH]YROWDWH GLQ YHFKL OHJHQGH
WRWHPLFHFRQWDPLQDWHFXDOHJRULLOH 

, VHDWULEXLHRULJLQH LQGRHXURSHDQ 
IHQRPHQXOSROLJHQH]HL LVXUVHPLWLFH
OHJHQGDUHRQLULFH

&RPSR]L LRQDO VH UHPDUF  SUH]HQ D
IRUPXOHORU WLSLFH LQL LDOH PHGLDQH
ILQDOH 
&ODVLILFDUH PLWRORJLFH H[ FRVPR
JRQLFH  L UHOLJLRDVH KDJLRJUDILFH 
HWLRORJLFH H[SOLFkQG RULJLQHD L FDUDF
WHULVWLFLOHXQRUHOHPHQWHGHIORU IDXQ 
IRUPHGHUHOLHIWRSRQLPLFH LLVWRULFH
(URLL VXQW DGHVHD I SWXUL LPDJLQDUH
DVHP Q WRDUH FHORU GLQ EDVPH SLWLFL
]kQH0XPD3 GXULLHWF 
$X vQ YHGHUH YLD D VRFLDO  L
IDPLOLDO UHOD LLGHIHFWHXPDQH
(URL DL VQRDYHORU URPkQHWL VXQW
3 FDO L7kQGDO 

,QWHUHVXO QX VH FHQWUHD]  vQ MXUXO
SHUVRQDMXOXLFLDOVLWXD LHLFDUDFWHUHWLF
H[HPSODU

2UJDQL]DUHD GLVFXUVXOXL QDUDWLY HVWH
GHWHUPLQDW  GH UHOD LD QDUDWRU
UHFHSWRULPSOLFkQG
 RUDOLWDWHD GLDORJ vQWUH QDUDWRU L
DVFXOW WRU
 FHUHPRQLDOXO LVWRULVLULL VLVWHPXO GH
FRQYHQ LL DUWD GH D SRYHVWL FUHDUHD
DWPRVIHUHL HYRFDWRDUH PRWLYDUHD GHFL
]LHL GH D LVWRULVL IRUPXOHOH DGUHVDWLYH
WHKQLFDDPkQ ULLHWF 



LWVFKL]]DUH DFUHLRQD IXJLWLY 


)RUPDFHDPDLFRQFHQWUDW GHQDUD LXQH
vQ SUR]  DYkQG XQ QXP U UHGXV GH SHUVR
QDMHLQVWDQWDQHXHSLFFXDF LXQHHSLVRGLF 
VLPSWRPDWLF 
 6XUSULQGH XQ VLQJXU HSLVRG GLQ H[LVWHQ D
SHUVRQDMHORU
ODWIDEXOD SRYHVWLUH
 6XFFHVLXQHD GH IDSWH DQHFGRWLFD
IDEXOD LD GLQFDUHVHFRQVWLWXLHDF LXQHDXQHL
RSHUHOLWHUDUH
 6SHFLH D JHQXOXL HSLF VFXUW  QDUD LXQH
DOHJRULF 
IUQRXYHOOHLWQRYHOOD QRXWDWHQXYHO 
 1DUD LXQH vQ SUR]  FX XQ VLQJXU ILU
HSLFIDEXODWLY XUP ULQG XQ FRQIOLFW XQLF
FRQFHQWUDWLRLQWULJ ULJXURVFRQVWUXLW 
SHUVRQDMHSXWHUQLFFRQWXUDWH
IUURPDQ
 1DUD LXQH vQ SUR]  GH PDUH vQWLQGHUH FX
DF LXQH FRPSOH[  GHVI XUDW  SH PDL
PXOWH SODQXUL FX LQWULJ  FRPSOLFDW  FX
SHUVRQDMHQXPHURDVH
 5RPDQXO H XQ VXEVWLWXW DO PRU LL YUHD V 
IL[H]H XQ GHVWLQ5RPDQXO D vQORFXLW LGHHD
GH HWHUQLWDWH 5RPDQXO PRGHUQ H R FUHD LH
FDUH VH IRORVHWH GH R SRYHVWLUH SHQWUX D
H[SULPD DOWFHYD (O FRQWLQX  V  UHSUH]LQWH
WRWDOLWDWHD RPXOXL PRGHUQ 50$OEpUqV
,VWRULDURPDQXOXLPRGHUQ 

IUHVVDL vQFHUFDUH
 &UHD LH GH JUDQL  FRQ LQkQG GLYHUVH
UHIOHF LL vQWUR vQO Q XLUH VXELHFWLY  GH PDUH
OLEHUWDWHDVRFLDWLY 
 )RUP  GH QRWD LH D XQRU REVHUYD LL
SHUVRQDOH FX FDUDFWHU UHIOH[LY FX R GHSOLQ 
OLEHUWDWHDDVRFLD LLORULDIRUPHL





6LQRQLPFXPRPHQWXO &DUDJLDOH 

$F LXQH OLQHDU  FRPSR]L LH ULJXURV
GLULMDW VSUHGH]QRG PkQWVWLOFRQFLV

6HOHFWHD]  YHULGLFXO VHPQLILFDWLYXO L
WLSRORJLFXO
3HUVRQDMHOH VXQW DQLPDOH SODQWH
OXFUXULSXVHvQVLWXD LLRPHQHWL
3RDWH IL vQ SUR]  VDX vQ YHUVXUL
DGHVHDHVWHGUDPDWL]DW 
$UH FDUDFWHU PRUDOL]DWRU VDWLUL]kQG
DQXPLWHWU V WXULGHFDUDFWHUVDXIRUPH
GHFRPSRUWDPHQW
&ODVLILFDUH URPDQWLF  UHDOLVW 
LVWRULF 
IDQWDVWLF 
QDWXUDOLVW 
ILORVRILF SVLKRORJLF DQHFGRWLF 
$UH IUHFYHQW XQ FDUDFWHU RELHFWLY
SUH]HQWkQGIDSWHYHURVLPLOH WHQGLQ GH
RELHFWLYDUH 

&ODVLILFDUHPHGLHYDOURPDQWLFEDURF
UHDOLVW QDWXUDOLVW PRGHUQ URPDQIUHVF 
HSRSHLF URPDQFURQLF  LVWRULF  VDX GH
IDPLOLH  SVLKRORJLF LQWHOHFWXDO DOHJRULF
IDQWDVWLF PLWLF DEVXUG VDWLULF SDURGLF
HSLVWRODU URPDQXO FRPSRUWDPHQWLVW DPH
ULFDQ URPDQMXUQDO URPDQSDUDERO 
URPDQHVHX6)DQWLURPDQXOHWF

VWUXFWXULOH L SHUVSHFWLYHOH QDUDWLYH
VXQW IRDUWH GLYHUVH GH OD SXQFWXO GH
YHGHUH RPQLVFLHQW WUDGL LRQDO OD QDUD
LXQHD LPSHUVRQDO  FRPSRUWDPHQWLVW 
RUL PHGLDW  GH FRQWLLQ D XQXLSHUVRQDM
GH OD FURQRORJLH OD PHWDPRUIR]H DOH
WLPSXOXL GH OD WRSRV UHDO OD DOHJRUL]D
UHDVSD LXOXLHWF

WHUPHQ SXV vQ FLUFXOD LH GH 0RQWDLJQH
(VHXUL  vQ OLWHUDWXUD URPkQ  $O
2GREHVFX3VHXGRN\QHJKHWLNRV

2SHU  DSDU LQkQG XQXL JHQ VHPLOL
WHUDU OD LQWHUVHF LD VWUXFWXULORU LPDJLV
WLFHLLGHRORJLFHRLQWHUIHUHQ GHOLULVP
LUHIOH[LH $0DULQR 

02'(/('($1$/,= 67,/,67,& 

D *ODVXO S PkQWXOXL S WUXQGHD Q YDOQLF vQ VXIOHWXO IO F XOXL FD R FKHPDUH
FRSOHLQGXO6HVLP HDPLFLVODEFkWXQYLHUPHSHFDUHOFDOFLvQSLFLRDUHVDXFDR
IUXQ] SHFDUHYkQWXORYkOWRUHWHFXPvLSODFH6XVSLQ SUHOXQJXPLOLWLvQIULFRDW
vQID DXULDXOXL&kWS PkQW'RDPQHQDFHODLWLPSvQV VHVLP HDDWkW
GHSXWHUQLFvQFkWV GRPQHDVF SHVWHWRWFXSULQVXO /LYLX5HEUHDQX,RQ 
)UDJPHQWXO DSDU LQH FDSLWROXOXL DO ,,OHD =YkUFROLUHD WLWOX VLPSWRPDWLF SHQWUX
GLOHPD VXIOHWHDVF  D OXL ,RQ  3ULQ WHKQLFD GLVSXQHULL DQWLQRPLFH D XQRU VFHQHFKHLH
PHWRGD PRGHUQ  D FRQWUDSXQFWXOXL  DFHVW HSLVRG DUH R SHUHFKH FRQVWUXLW  SULQ


VLPHWULHLQYHUV vQFDSLWROXODO,;OHD6 UXWDUHD FkQG,RQVHVLPWHFDXQXULDFDUHD


ELUXLWEDODXUXO 7H[WXOFLWDWDUHIXQF LHGHFDUDFWHUL]DUHVXUSULQ]kQGHURXOSULQFLSDOvQ
UHOD LD VD FRPSOH[  FX S PkQWXO $FHVWD DSDUH FD R ]HLWDWH vQ ID D F UHLD RPXO
WU LHWH VHQWLPHQWXO QLPLFQLFLHL 7U LULOH O XQWULFH DOH HURXOXL VXQW HYLGHQ LDWH GLQ
SHUVSHFWLYD QDUDWRUXOXL RPQLVFLHQW FDUH VXUSULQGH UHDF LLOH VXIOHWHWL DQWLWHWLFH
'HWDOLHUHD DFHVWRUD VH UHDOL]HD]  SULQ FRPSDUD LL FX VLPEROXUL VHOHFWDWH GLQ SODQXO
QDWXULLILJXUkQGGHUL]RULXOLHIHPHULWDWHD YLHUPHIUXQ] SULQHSLWHWXOGXEOX PLFL
VODEXPLOLWLvQIULFRDW SULQPHWDIRUDSHUVRQLILFDWRDUH JODVXOS PkQWXOXLXULDXO 
3ULPD PHWDIRU  FDUH G  L WLWOXO S U LL vQWkL  DUH IXQF LH GHILQLWRULH SHQWUX RUL]RQWXO
LQWHULRUDOSURWDJRQLVWXOXL9RFHDFDUHYLQHGLQDGkQFLPLLQVRQGDELOHDOHLQFRQWLHQ
WXOXL FROHFWLY GHILQHWH DUKHWLSXO 3 WUXQ]kQG Q YDOQLF vQ VXIOHWXO IO F XOXL FD R
FKHPDUHFRSOHLQGXOHDDSDUHFDRYRFHDIDWDOLW LLDXQXLGHVWLQSXVVXEVHPQXO
K\EULVXOXL &KHPDUHD S PkQWXOXL PDL SXWHUQLF  GHFkW FHD D LXELULL PRGHOHD] 
FRPSRUWDPHQWXO L RS LXQLOH OXL ,RQ 6XVSLQXO XPLOLW L vQIULFRDW H[SULP  QX QXPDL
FRQWLLQ D QLPLFQLFLHL XPDQH vQ UDSRUW FX GLYLQXO L FX S PkQWXO ULGLFDW OD UDQJ GH
GLYLQLWDWH FL L XQ WUDJLF SUHVHQWLPHQW DO IDWDOLW LL $FHVWD YD IL vQV  DQXODW GH
vQILRUDUHD RUJROLRDV  D RPXOXL FDUH SULQ JHVWXO ULWXDOLF DO U VWXUQ ULL EUD]GHL DUH
VHQWLPHQWXOL]EkQ]LLDOSXWHULLVDOHGHDVFKLPEDID DS PkQWXOXL7RDWHDFHVWHWU LUL
DOH SHUVRQDMXOXL VXQW GHVFULVH vQWUXQ OLPEDM IDPLOLDU FXYLQWH GLQ YRFDEXODUXO
IXQGDPHQWDO  vQF UFDW vQV  GH R VXUSULQ] WRDUH SRH]LH L]YRUkW  GLQ VHQWLPHQWXO
DXWHQWLFDOQDWXULLLGLQFXQRDWHUHDILULLXPDQH


E3DUDOHO vQWUHSHUVRQDMHOLWHUDUH
0RDUDFXQRURF
GH,RDQ6ODYLFL
3UH]HQ H LQGLVSHQVDELOH vQ VSD LXO HSLF VDX vQ FHO VFHQLF SHUVRQDMHOH OLWHUDUH
VXQW LQVWDQ H QDUDWLYH SULQ FDUH VFULLWRUXO WUDQVILJXUHD]  DUWLVWLF GLYHUVH WLSXUL L
LSRVWD]H XPDQH )LLQ HOH LPDJLQDWH GH DXWRUXO HSLF VDX GUDPDWLF GHYLQ DFWDQ L DL
vQWkPSO ULORU FDUH DOF WXLHVF VXELHFWXO RSHUHL $VWIHO vQ XQLYHUVXO ILF LRQDO DO RSHUHL
SULQGYLD ILLQ HGHKkUWLH 5%DUWKHV DFWDQ LL $-*UHLPDV DFWRULL -/LQWYHOW 
HURLL 0%DKWLQ-/LQWYHOW QWUHSHUVRQDMHOHGLYHUVHDOHRSHUHLVHLQVWLWXLHRUH HD
GH UHOD LL FDUH GHWHUPLQ  VWUXFWXUL GH WLSXO FXSOXOXL VDX DO WULXQJKLXOXL $VHPHQHD
VWUXFWXULRUJDQL]HD] XQLYHUVXOGLHJHWLFLvQQXYHOD0RDUDFXQRURFGH,RDQ6ODYLFL
3XEOLFDW vQ YROXPXO1RYHOHGLQSRSRU 0RDUDFXQRURFHVWHRQXYHO 
GH DQDOL]  SVLKRORJLF  L GH SUREOHPDWLF  PRUDO  FDUH VH vQVFULH vQ HVWHWLFD
UHDOLVPXOXL SULQ LPDJLQHD YHULGLF  D XQHL OXPL GH VIkULW GH YHDF DO ;,;OHD SULQ
REVHUYD LD VRFLDO  PLQX LRDV  L SULQ FRPSOH[LWDWHD SHUVRQDMHORU $FHVWHD VXQW
VXUSULQVHSUHGRPLQDQWGLQSHUVSHFWLYDXQXLQDUDWRURPQLVFLHQW IRFDOL]DUH]HUR GDU
LGLQDOWHSHUVSHFWLYHH[WHUQHDOHFHORUODO LDFWDQ L
7HPD GHJUDG ULL XPDQH SURYRFDWH GH SDWLPD vQDYX LULL IRFDOL]HD]  GLVFXUVXO
QDUDWLYDVXSUDOXL*KL SHUVRQDMFRPSOH[LGLOHPDWLFFDUHDUHUROXOSURWDJRQLVWXOXL
&HDGHDGRXDWHP FHDDGHVWLQXOXLvORSXQHOXL/LF 6 P G XODQWDJRQLVWXOFDUH
H[HUFLW  DVXSUD VD R VWUDQLH IDVFLQD LH D U XOXL $DGDU SULQFLSDOXO FXSOX GH
SHUVRQDMH DO QXYHOHL HVWH GH WLS FRQIOLFWXDO RSXQkQGXO SH *KL  FL]PDUXO FDUH D
DUHQGDW KDQXO 0RDUD FX QRURF OXL /LF  SRUFDUXO FDUH VW SkQHWH SULQ IRU  SXVWD
DU GDQ 7LWOXOQXYHOHLIL[HD] SULQFLSDOXOUHSHUVSD LDODODF LXQLLLvQDFHODLWLPS
XQPRWLYOLWHUDUIUHFYHQWvQSUR]DURPkQHDVF KDQXO0RDUDFXQRURFHVWHQXPHOH
KDQXOXL DH]DW OD U VFUXFH GH GUXPXUL ILJXUkQG U VSkQWLD FH vQWRDUFH GHVWLQXO




HURLORU VSUH ]RGLD WUDJLFXOXL VFKLPEkQG OLQLWHD FROLEHL vQ ]EXFLXP QHIHULFLUH
vQVLQJXUDUH WU GDUH LPRDUWH1RURFXOOXL*KL VHGRYHGHWHHIHPHULvQHO WRU
LVSLW  VFRDV  vQ FDOHD RPXOXL VODE $F LXQHD QXYHOHL HVWH VLWXDW  vQWUXQ VSD LX
JHRJUDILF UHDO vQ SXVWD DU GHDQ  )XQGXUHQL ,QHX 2UDGHD VXQW WRSRQLPLFH UHDOH 
vQWUR]RQ GHU VFUXFHV OEDWLF SOLQ GHPLVWHU'HVFULHUHDORFXULORU FDS,, HVWH
PDUFDW GHVLPEROXULWKDQDWLFHFXUROSUHPRQLWRULX$F LXQHDVHGHVI RDU SHGXUDWD
XQXLDQ $QXOWUHFXW3DWLOHF ]XVHU WRFPDLvQWLPSXOPXW ULLORUOD0RDUDFXQRURF 
7LPSXO UHDO RELHFWLY HVWH FRQVHPQDW ODFRQLF DVWIHO WUHFX WRDPQD L YHQL LDUQD
WUHFXLLDUQDLVRVLSULP YDUD&DLVSD LXOvQFDUHVHvQWkOQHVFORFXOELQHFXYkQWDW
LORFXOU XFDWHJRULDWLPSXOXLHVWHLHDGXEOXYDORUL]DW 6 SW PkQLLOXPLQDWHvL
FRUHVSXQGH FRQWUDSXQFWLF R GXUDW  PDOHILF  XQ WLPS VLPEROLF DO WkU]LXOXL HUD
WkU]LXvQWUXQWkU]LXWkU]LXGXS PLH]XOQRS LL 1XvQWkPSO WRUMDIXOFULPDWU GDUHD
XFLGHUHD $QHL L VLQXFLGHUHD VH SHWUHF QRDSWHD vQWUXQ WLPS DO VWLKLLORU GH]O Q XLWH
&RQVHFLQ HOHQHIDVWHSHFDUHVHWHDGHvPERJ LUHOHDUHDVXSUDIRQGXOXLVXIOHWHVFL
PRUDO DO RPXOXL DVXSUD GHVWLQXOXL V X VXQW XUP ULWH SULQWUXQ GHVHQ HSLF GH PDUH
WHQVLXQH6LWXD LDLQL LDO VXUSULQGHQHPXO XPLUHDOXL*KL ID GHFRQGL LDVDVRFLDO 
6 U FLD SUH XLW  GH VRDFUD VD SHQWUX SXWHUHD PLUDFXORDV  GH D PHQ LQH HFKLOLEUXO
VXIOHWHVF DO RPXOXL GHYLQH SHQWUX *KL  FL]PDUXO PRWLY GH SXWHUQLFH IU PkQW UL
GkQGXL XQ VHQWLPHQW GH LQIHULRULWDWH (O LGHQWLILF  V U FLD FX OLSVD GH GHPQLWDWH L
GRUHWHV VHvPERJ HDVF SHQWUXDRIHULIDPLOLHLRH[LVWHQ PDLEXQ LSHQWUXDIL
UHVSHFWDW Q FLXGD UH]HUYHORU H[SULPDWH GH VRDFUD VD KRW U WH V  DEDQGRQH]H
OLQLWHD FROLEHL VDOH L V  LD vQ DUHQG  FkUFLXPD GH OD 0RDUD FX QRURF /D vQFHSXW
WRWXOPHUJHELQHLIDPLOLDSURVSHU 'DUvQOXPHDvQFDUHvLGRUHWHV ILHQXVOXJ 
FL VW SkQ *KL  VH FRQIUXQW  FX /LF  6 P G XO VW SkQXO WHPXW DO DFHVWRU ORFXUL
$SDUL LD OD KDQ D V P G XOXL FRQVWLWXLH PRPHQWXO LQWULJ  GHFODQkQG FRQIOLFWXO L
vQWUHDJD GHVI XUDUH D DF LXQLL $VWIHO vQ FDSLWROXO DO ,,,OHD VH FRQVWLWXLH FXSOXO GH
SHUVRQDMHFDUHLDvQF GHODvQFHSXWIRUPDXQHLVWUXFWXULFRQIOLFWXDOH$QDQHYDVWD
OXL *KL  FX XQ VLP  IHPLQLQ FDUDFWHULVWLF LQWXLHWH F  /LF  HVWH RP U X L
SULPHMGLRV Q VLQHD OXL L *KL  DUH DFHHDL E QXLDO  GDU vQ HOHJH FD SHQWUX D
U PkQH OD 0RDUD FX QRURF WUHEXLH V  GHYLQ  RPXO V P G XOXL &RQIOLFWXO SVLKR
ORJLF VH DPSOLILF  WUHSWDW SH P VXU  FH *KL  LQWU  vQ PHFDQLVPXO QHFUX WRU DO
DIDFHULORU QHFLQVWLWH DOH OXL /LF  0RPHQWH GH PDUH WHQVLXQH VXQW FHOH vQ FDUH HVWH
MHIXLW DUHQGDXO L HVWH XFLV  IHPHLD vQ QHJUX L FRSLOXO HL 3URFHVXO OD FDUH *KL 
GHSXQHP UWXULHIDOV FRQWULEXLQGODFRQGDPQDUHDOXL6 LO %RDUXOL%X] 5XSW vQ
ORFXO OXL /LF  UHSUH]LQW  PRPHQWXO FKHLH FDUH PDUFKHD]  GHILQLWLYD UXSWXU  vQ
FRQWLLQ D HURXOXL $FXP VH PRGLILF  UHOD LD GLQWUH DQWDJRQLVW L SURWDJRQLVW LDU
SU EXLUHDOXL*KL HVWHLQHYLWDELO 6W SkQLWGHVHWHDGHEDQL*KL VHYDvQVWU LQD
WUHSWDW GH $QD L VH YD O VD PDQHYUDW GH /LF  GHYHQLQGXL FRPSOLFH 7HQVLXQHD
GUDPDWLF  VH DPSOLILF  QHP VXUDW IDSWHOH VH SUHFLSLW  VSUH SXQFWXO FXOPLQDQW Q
GXPLQLFD 3DWHOXL *KL  vL vQWLQGH R FXUV  OXL /LF  KRW UkQG V O GHD SULQV
MDQGDUPXOXL 3LQWHD 2UELW GH JHOR]LH L GH GRULQ D U ]EXQ ULL SOHDF  GXS  MDQGDUP
GDUODvQWRDUFHUHvQ HOHJHF LDGLVWUXVLUHPHGLDELOF VQLFLD'H]QRG PkQWXODGXFH
UH]ROYDUHD FRQIOLFWHORU SULQ PRDUWHD HURLORU FD vQ WUDJHGLD DQWLF  ,QWUDWH VXE ]RGLD
XQHL VWUDQLL IDWDOLW L GHFODQDWH GH YLQD WUDJLF  SHUVRQDMHOH FH DOF WXLHVF FXSOXO L
DSRLWULXQJKLXOGHIRU DOWH[WXOXLWUHFPDUJLQLOHUD LXQLLvQVSUHSDVLXQHDSDUR[LVWLF 
L GH DFROR vQ PRDUWH *KL  vL XFLGH VR LD L HVWH OD UkQGXO OXL XFLV GH 5 X  GLQ
SRUXQFDOXL/LF 2UJROLRVSkQ ODFDS WDFHVWDQXVHG SULQVOXL3LQWHDLDOHJH
VLQXFLGHUHDL]ELQGXVHFXFDSXOGHXQVWHMDU+DQXOORFXODH]DWVLPEROLFODKRWDUXO
GLQWUH%LQHL5 XHVWHSXULILFDWSULQIRF,PDJLQHDRDVHORUDOEHLHLQGSHLFLSHFROR


GLQFHQXDJURDV GHYLQHVLPERODOLGHLLF QLPHQLQXHPDLSUHVXVGHOHJHDPRUDO 


LF vQF OFDUHDDFHVWHLFRQGL LLHVHQ LDOHDH[LVWHQ HLOXPLLVHSO WHWHFXYLD D
'HD OXQJXO FHORU  FDSLWROH I U  WLWOX  FDUH DOF WXLHVF QXYHOD LUXO vQWkP
SO ULORU HVWH XUP ULW vQ VXFFHVLXQH FURQRORJLF   L GHWHUPLQ  GRX  SODQXUL ILHFDUH
GLQDPL]DWGHXQFRQIOLFW3ODQXOUHDOLW LLH[WHULRDUHHVWHXQSODQQDUDWLYvQFDUHVH
DFXPXOHD]  vQWkPSO UL LPRPHQWHGH PDUH WHQVLXQH$LFLHVWHVXUSULQV H[LVWHQ D
VRFLDO  D HURLORU FDUH OH LQIOXHQ HD]  IHQRPHQRORJLD YLH LL VXIOHWHWL $O GRLOHD SODQ
HVWHGHWLSDQDOLWLFSODQXOLQWHULRUvQFDUHVXQWXUP ULWHGLOHPHOHPRUDOHLPLF ULOH
VXIOHWHWL FH PRWLYHD]  DFWHOH SHUVRQDMHORU &HOH GRX  SODQXUL VXQW vQ HFKLOLEUX OD
vQFHSXW FkQG *KL  UHVSHFW  FRGXO HWLF DO FROHFWLYLW LL L DS U  YDORULOH PRUDOH
vQFHUFkQGV VHvPSRWULYHDVF GHPQOXL/LF &XUkQGvQV VHLQVWDOHD] XQSXWHUQLF
FRQIOLFWH[WHULRUvQWUH*KL LV P G XJHQHUDWQXQXPDLGHLQWHUHVHPDWHULDOHFL
L GH R FRQIUXQWDUH D RUJROLLORU E UE WHWL 3H SODQ LQWHULRU VH SURGXFH R JUDY 
VFLQGDUHO XQWULF GHWHUPLQDW GHXQFRQIOLFWPRUDO vQWUHYDORULOHHWLFHSHFDUHLD
VSULMLQLW SkQ  DFXP H[LVWHQ D *KL  L LVSLWD U XOXL F UHLD QXL SRDWH UH]LVWD  L
SVLKRORJLF UD LXQH  SDVLXQH  FDUH RSXQH GRULQ HL GH D U PkQH RP FLQVWLW  VHWHD
PHUHX PDL DU] WRDUH GH vPERJ LUH 9LD D O XQWULF  D FHORU GRL HURL FDUH DOF WXLHVF
FXSOXOSULQFLSDOGHSHUVRQDMHHVWHXUP ULW SULQSURFHGHHDOHDQDOL]HLSVLKRORJLFH
DGHFYDW  PRWLY ULL VRFLDOH L SVLKRORJLFH D GUDPHL QDUDWH 7HKQLFLOH SULQ FDUH VXQW
VXUSULQVHVHLVPHOHO XQWULFHDOHSHUVRQDMHORUVXQWGLYHUVHGHODDFXPXODUHDOHQW D
IDSWHORU OD GHVFULHUHD FHORU PDL ILQH PXWD LL VXIOHWHWL GH OD QRWDUHD UHDF LLORU
IL]LRORJLFH OD PRQRORJXO LQWHULRU L GLDORJXO FRQIOLFWXDO OD LQVWLWXLUHD XQXL DFRUG vQWUH
FUL]DVXIOHWHDVF LFDGUXOQDWXUDO
6XUSULQ]kQG YLD D L PRUDYXULOH XQHL OXPL 6ODYLFL vL FUHHD]  FHOH GRX 
SHUVRQDMH PDVFXOLQH VXE VHPQXO FRPSOH[LW LL SVLKLFH L DO UHOD LLORU VRFLDOH
YHURVLPLOH(YROX LDSHUVRQDMXOXLHSUH]HQWDW GLQWURSHUVSHFWLY UHDOLVWSVLKRORJLF 
9L]LXQHD GH DQVDPEOX FDUH SULYHWH GHVWLQHOH WXWXURU HURLORU H FODVLF  $QGUHL
%RGLX  'HVWLQXO SHUVRQDMHORU SDUH GLULMDW GH SXWHUHD GH VHGXF LH D EDQLORU L GH
IDVFLQD LD SXWHULL 'LQFROR GH DFHDVW  DSDUHQ  vQV  SULQ ILHFDUH HURX VH vPSOLQHWH
XQ GHVWLQ SXV VXE VHPQXO K\EULVXOXL FD vQ WUDJHGLD JUHDF  &XYLQWHOH GLQ ILQDO DOH
E WUkQHL H[SULP  FRQYLQJHUHD F  QLPHQL QX VH SRDWH VXVWUDJH VRU LL 5HOD LLOH GLQWUH
FHOH GRX  SHUVRQDMH DQWDJRQLFH VH FRQVWUXLHVF L HOH SH VLPHWULL FODVLFH &XSOXOXL
PDVFXOLQ OHJDW SULQ RUJROLL E UE WHWL LUHSUHVLELOH vL FRUHVSXQGH XQ FXSOX IHPLQLQ vQ
FDUH E WUkQD UHSUH]LQW  RPXO PRUDO LDU $QD ILLQ D GLOHPDWLF  DOXQHFkQG GLQVSUH
OHJHDPRUDO VSUHvQF OFDUHDHL
$QWLWHWLFH OD vQFHSXW UDSRUWXULOH GLQWUH *KL  L /LF  GHYLQ WUHSWDW
FRPSOHPHQWDUHLDUGHVWLQHOHORUVHvQFUXFLHD] VHvPSOHWHVFVHXQHVFvQPRDUWH
3URWDJRQLVWXO QXYHOHL *KL  HVWH FHQWUXO GH LUDGLHUH D VHPQLILFD LLORU GHVWLQXO
V X LOXVWUkQG WRDWH FHOH WUHL VWUDWXUL WHPDWLFH DOH QXYHOHL VRFLDO SVLKRORJLF L
PRUDO LOXVWUkQGWH]DPRUDO DWH[WXOXL IRUPXODW GHSHUVRQDMXOUDLVRQQHXUDOF U LL
E WUkQD &HOFHSRDUW QXPHOHGHVDFUDOL]DWDO6IkQWXOXL*KHRUJKHQXSRDWHILGHFkW
DQWLHURXOFHVHODV vQYLQVGHEDODXU6FHQDULXODUKHWLSDOSHFDUHOUHHGLWHD] WUDVHXO
V XH[LVWHQ LDOQXHVWHGHFkWRDOW LVSLWLUHLF GHUHvQS FDW'LQDPLFDSVLKLF D
SHUVRQDMXOXL UHOLHIHD]  vQV  QX R LQYROX LH OLQHDU  R GHJUDGDUH FRQWLQX  FL R
WUDLHFWRULH VLQXRDV  JHQHUDW  GH FUL]D PRUDO   (URXO OXL 6ODYLFL HVWH DDGDU XQ
SHUVRQDM FRPSOH[ GLOHPDWLF GH PDUH IRU  vQ UHSUH]HQWDUHD RPXOXL FDUH VH ODV 
GRPLQDW GH VO ELFLXQHD VD 3URFHVXO GHYHQLULL OXL *KL  HVWH VXUSULQV SULQ PLMORDFHOH
PRGHUQH DOH DQDOL]HL SVLKRORJLFH SULQ PRQRORJXO LQWHULRU L GLDORJXO SROHPLF SULQ
IDSWHOH L JkQGXULOH SURWDJRQLVWXOXL SULQ vQVXPDUHD RSLQLLORU  MXGHF LORU GH YDORDUH




DOH FHORUODOWH SHUVRQDMH 'HYHQLUHD VD WUDJLF  VH DGkQFHWH SULQ F GHUHD GLQWUR
LSRVWD] vQDOWDGLQVSUHRPXOPRUDOVSUHFHOLPRUDO
3ULPD LSRVWD]  HVWH FHD GH RP PRUDO FDUH UHVSHFW  FRGXO HWLF DO
FRPXQLW LL L LQH OD UHVSHFWXO RDPHQLORU &D DGHY UDW SDWHU IDPLOLDV HO PDQLIHVW 
LXELUH L UHVSRQVDELOLWDWH ID  GH DL V L GRULQ D GH DL SURWHMD L GRULQ  GH
DXWRGHS LUHVSUHPDLELQHOHIDPLOLHL$FHVWXLPRGHOXPDQLVHDVRFLD] GLPHQVLXQLOH
HURXOXLFLYLOL]DWRUFHYUHDV SXQ RRUGLQHFHDDOHJLLPRUDOHvQOXPHDV OEDWLF 
DIODW  VXE VW SkQLUHD 6 P G XOXL 'DU ELQHFXYkQWDW HUD ORFXO DFHVWD PDL DOHV GH
FkQG YHQLVHU  FkUFLXPDUXO FHO QRX FX QHYDVWD OXL WkQ U  L FX VRDFU VD FHD
E WUkQ  + UQLFLD L SULFHSHUHD HURXOXL GHVWRLQLFLD L VSLULWXO SUDFWLF VH Y GHVF vQ
UDSLGLWDWHD FX FDUH WUDQVIRUP  KDQXO vQ UXLQ  vQWUXQ ORF F XWDW GH GUXPH LL FDUH QX
PDL YRUEHDX GH 0RDUD FX QRURF FL GH FkUFLXPD OXL *KL  ,PDJLQHD FDVQLF  D
VHULORU GH VkPE W  FkQG *KL  QXP UD FkWLJXO GH SHVWH V SW PkQ  FX $QD L FX
E WUkQD HYLGHQ LD]  UHJLPXO VXIOHWHVF FH VH DVRFLD]  DFHVWHL SULPH LSRVWD]H
PXO XPLUHLQWHULRDU HFKLOLEUXRSWLPLVPvQFUHGHUHvQVLQHIHULFLUHFDOP vPS UW LW 
FX IDPLOLD VD &kQG OLQLWHD FHORU FLQFL HVWH WXOEXUDW  GH DSDUL LD OXL /LF  6 P G XO
*KL vQFHDUF V LVHvPSRWULYHDVF IHUPLGHPQ1XPDLF SULPDHURDUHDFHHD
GHDQXUHQXQ DODDUHQGDKDQXOXLFkQGvQ HOHJHF QXSRDWHU PkQHDFRORvPSRWULYD
YRLQ HLOXL/LF GHFODQHD] VLWXD LDGHFUL]  (OHUDRPFXPLQWHLvQ HOHJHDFHOH
FHVHSHWUHF>@vQ]DGDUWHvQ HOHJLFXDUHQGDXOvQ]DGDUWHSXLELQHFXVW SkQLUHD
F FLSHQWUXFDV SR LVWDOD0RDUDFXQRURFPDLWUHEXLHV WHIDFLLRPDOOXL/LF 
,DU *KL  YRLD FX WRW GLQDGLQVXO V  U PkLH OD 0RDUD FX QRURF SHQWUX F L PHUJHD
ELQH  &HD GHD GRXD LSRVWD]  DGXFH vQ SULPSODQ RPXO GLOHPDWLF FDUH
SHQGXOHD]  vQWUH GRULQ D GH D U PkQH RP FLQVWLW L LVSLWD FkWLJXOXL QHPXQFLW
7HQWDWLYD HXDW  GH D VH vPSRWULYL OXL /LF  H XUPDW  GH DOXQHFDUHD WUHSWDW  VXE
LQIOXHQ DV P G XOXLGHDFFHSWDUHDFRPSURPLVXOXLPRUDOQWUHFHLGRLE UED LHXQ
FRQIOLFWGHLQWHUHVHLRFRQIUXQWDUHGHYRLQ HLRUJROLLE UE WHWL HLVWHWHU W FX L
ID  vQ ID  KRW Uk L DPkQGRL L VLP LQG ILHFDUH F  LD J VLW RPXO  9RLQ D L IRU D
O XQWULF  D OXL *KL  VH Q UXLH vQV  WUHSWDW VXE LVSLWD Q YDOQLF  GH D YHGHD EDQLL
JU PDG vQDLQWHDVDLVXEIDVFLQD LDIRU HLPDOHILFHDOXL/LF 6IkLDWGHLPEROGXUL
L WU LUL VXIOHWHWL FRQWUDGLFWRULL *KL  VH vQFKLGH vQ VLQH UHIX]kQG FRPXQLFDUHD FX
$QDGHYLQHWDFLWXUQVXPEUXLUDVFLELOQOXSWDVLQHOXLFXVLQHOHWHDPDVXVSLFLXQHD
VHQWLPHQWXO vQVWU LQ ULL DOWHUQHD]  FX UHPXF ULOH L VHQWLPHQWXO FXOSDELOLW LL Q
UDSRUWFXIDPLOLDJULMDWDQGU LGXLRLDVXQWWRWPDLGHVvQORFXLWHGHU FHDO LYRUE 
U VWLW  HO DMXQJkQG V L GRUHDVF  V  QDLE  QHYDVW  L FRSLL Q UDSRUW FX OXPHD
F UHLDvLDSDU LQH*KL DOHJHGXSOLFLWDWHDYUkQGV SDU RPFLQVWLWGDUGHYHQLQG
FRPSOLFH L S UWD OD IDSWHOH QHFLQVWLWH DOH 6 P G XOXL $XWRUXO VXUSULQGH GLQWUR
GXEO  SHUVSHFWLY   FHD D QDUDWRUXOXL RPQLVFLHQW L FHD D SHUVRQDMXOXL vQVXL 
IU PkQW ULOHOXL*KL RVFLOD LLOHGHOXPLQ LXPEU PRPHQWHOHGHvQVLQJXUDUHGDUL
FHOH GH RPHQLH FkQG vL DGXFH DPLQWH GH QHYDVW  L FRSLL P FLQDW GH UHPXF UL
6FHQDSURFHVXOXL FDS;, UHSUH]LQW XQPRPHQWFKHLHvQGHYHQLUHDSHUVRQDMXOXLXQ
PRPHQW GH FXOPLQD LH D FUL]HL PRUDOH 'HL FRQYLQV GH YLQRY LD V P G XOXL vQ
MHIXLUHD DUHQGDXOXL L GXEOD FULP  GLQ S GXUH *KL  GHSXQH P UWXULH IDOV  FH
FRQWULEXLH OD GLVFXOSDUHD OXL /LF  L OD FRQGDPQDUHD OXL 6 LO  %RDULX L %X] 5XSW 
2S LXQHD HURXOXL HVWH GHWHUPLQDW  QX GH IULF  FL GH FRQWLLQ D IDSWXOXL F  /LF  DUH
VW SkQL SXWHUQLFL FDUH vO SURWHMHD]  /LF  QX H RP VLQJXU FL XQ vQWUHJ UkQG GH
RDPHQLGLQFDUHXQLLVHU ]EXQ SHDO LL*KL HVWHDVWIHOQXQXPDLYLFWLPDSDWLPHL
GH vPERJ LUH FL L vQYLQVXO XQXL GHVWLQ WUDJLF 8OWLPD LSRVWD]  HVWH FHD D RPXOXL
LPRUDO F ]XW GLQ GHPQLWDWHD ILLQ HL PRUDOH vQ ]RQHOH REVFXUH DOH LQVWLQFWHORU


O FRPLH RUJROLX L VHWH GH U ]EXQDUH RDUE  JHOR]LH  Q VXIOHWXO HURXOXL VH SURGXF
PXWD LLHVHQ LDOHFDUHvOvQVWU LQHD] LUHPHGLDELOGHDLV L*UDYXOGH]HFKLOLEUXLQWHULRU
HVWH JHQHUDW GH DFFHSWDUHD VO ELFLXQLORU D YLFLXOXL O FRPLHL L GH MXVWLILFDUHD
DFHVWRUD &H V PL IDF GDF  DD PD O VDW 'XPQH]HX" PRQRORJ LQWHULRU  6XE
FRPSOLFLWDWHD DFFHSWDW  WDFLW vQWUH *KL  L /LF  DUH ORF R FRQIUXQWDUH VXEWHUDQ  SH
YLD LSHPRDUWH7XHWLRPFLQVWLW*KL LDPI FXWGLQWLQHRPYLQRYDW>@7X
HWLRP*KL RPFXPXOW XU vQVXIOHWXOW XLHWLRPFXPLQWHGDF WHDDYHD
WRYDU  SH WLQH D UkGH L GH GUDFXO 0  VLPW FKLDU HX PDL YUHGQLF FkQG P  WLX
DO WXUHDFXXQRPFDWLQHDILUP /LF vQYUHPHFH*KL JkQGHWH7HFUH]LPDL
WDUHGHFkWPLQH"6 YHGHP7HGXFODVSkQ]XU WRDUHFKLDUGDFDUWUHEXLV PHUJL
HX GH K  FX WLQH FDS ;,,  $FHDVW  vQIUXQWDUH GH YRLQ H L LQWHUHVH YD VIkUL SULQ
KRW UkUHD OXL *KL  GH DL DGXFH OXL 3LQWHD GRYH]LOH YLQRY LHL V P G XOXL 'HFL
RS LXQHD ILQDO  D SURWDJRQLVWXOXL HVWH DFHHD GH D VH VLWXDFXVDFULILFLXOVXSUHPGH
SDUWHD /HJLL 8OWLPHOH VFHQH  SXWHUQLF LPSUHJQDWH GH YL]LXQHD IROFORULF  D SUHGHV
WLQ ULLVXQWGHXQLQWHQVGUDPDWLVPQ HOHJkQGF LDGLVWUXVLUHPHGLDELOF VQLFLDL
YLD D *KL  UHQXQ  OD MRFXO GXEOX L OD GLVLPXODUHD JHOR]LHL LD XULL L DF LRQHD] 
vQWkLDRDU FXIHUPLWDWH5HYHQLUHDODYDORULOHPRUDOHDXWHQWLFHQXLvQV FXSXWLQ L
HURLL YRU SO WL FX YLD D DEDWHUHD GH OD QRUPD HWLF  'HVWLQHOH FHORU  SHUVRQDMH VH
vQVFULXVXEVHPQXOXQHLIDVFLQD LLDU XOXLFDGUDPHDOHDEGLF ULLGHODGHPQLWDWHL
PRUDOLWDWHGUDPHDOHLQFRPXQLF ULLLvQVLQJXU ULLFDHHFXULH[LVWHQ LDOHJHQHUDWHGH
VO ELFLXQLLYDQLWDWHGHDPEL LLI U GHP VXU 
/LF  6 P G XO HVWH XQ SHUVRQDM WRW DWkW GH FRPSOH[ FD L *KL  (O HVWH
V P G XO DGLF  SRUFDU L HO GDU RP FX VWDUH DVSUX L QHvQGXU WRU >@ GH FDUH
WUHPXU WRDW OXQFD$FHVWHSUHFL] ULDOHQDUDWRUXOXLGHVSUHVWDWXWXOVRFLDOLUHJLPXO
SVLKLF DO V P G XOXL SUHJ WHVF LQWUDUHD vQ VFHQ  D OXL /LF  6LPEROLF DFHVWD VH
LYHWHODKDQXOOXL*KL vQWUR]LGHOXQL6SUHGHRVHELUHGHFHLODO LHURLFDUHQXVXQW
LQGLYLGXDOL]D LSULQWUXQSRUWUHWIL]LFSURSULX]LVOXL/LF LVHVFKL HD] vQOLQLLIHUPHXQ
SRUWUHW LQL LDO FDUDFWHUL]DUH GLUHFW  GLQ SHUVSHFWLYD QDUDWRUXOXL  3HVWH SX LQ VRVL L
6 P G XOYHVWLWXO/LF 6 P G XOOD0RDUDFXQRURF/LF XQRPFDGHGHDQL
vQDOWXVF LYLVXSWODID FXPXVWD DOXQJ FXRFKLPLFLLYHU]LLFXVSUkQFHQHOH
GHVH L vPSUHXQDWH OD PLMORF 'HWDOLLOH IL]LFH DX ILHFDUH XQ URO VHPQLILFDWLY vQ
DQWLFLSDUHD FDUDFWHULRORJLF  VXJHUkQG XQ RP GH PDUH YRLQ  VSUkQFHQHOH GHVH L
vPSUHXQDWH OD PLMORF  DJHU YLFOHDQ L SOLQ GH U XWDWH FX RFKL PLFL L YHU]L  FX
WHPSHUDPHQW HQHUJLF L YLD D GLQDPLF  vQDOW XVF LY L VXSW OD ID  'HWDOLLOH
YHVWLPHQWDUHvOVLQJXODUL]HD] vQUDSRUWFXSRUFDULLGHUkQGSHFDUHvLVW SkQHWHSULQ
YRLQ  L IRU  /LF  HUD SRUFDU vQV  GLQWUH FHL FH SRDUW  F PD  VXE LUH L DOE  FD
IORULFHOHSLHSWDUFXEXPELGHDUJLQWLELFLGHFDUPDMLQFXFRGLULWHDGHRVvPSRGRELW
FXIORULW LDWHLFXJKLQWXOH HGHDXU$VHPHQLXQXLKDLGXFPRGHUQFDUHDVFKLPEDW
vQV IOLQWDFXELFLXO VLPERODOSXWHULLDOVW SkQLULLSULQIRU LYLROHQ /LF UHSUH]LQW 
RPXO FDUH vL IDFH VLQJXU OHJHD (O LOXVWUHD]  R WLSRORJLH UHDOLVW  VRFLDO  
UHSUH]HQWkQG 6 P G XO  GDU L R WLSRORJLH JHQHUDOXPDQ  GH FXORDUH URPDQWLF 
3ULQFKLSXOV XGHPRQLF 7XQXHWLRP/LF FLGLDYRO HOH[HUFLW DVXSUDWXWXURUR
IDVFLQD LH FDUH SDUDOL]HD]  YRLQ D L DVSLUD LD VSUH HWLF $XWRULWDWH VXSUHP  D
ORFXULORUHVWHXQFDUDFWHUSOLQGHFRQWUDGLF LLILLQGGkU]LKRW UkWGDUvQDFHODLWLPS
VDGLF L DPHQLQ WRU VDX FX L]EXFQLUL GH DXWHQWLF  GXLRLH &DUDFWHUL]DW GLUHFW GH
F WUHFHOHODOWHLQVWDQ HQDUDWLYH $QDHRPU XLSULPHMGLRVDVWDVHYHGHvQRFKLL
OXLGLQUkQMHWXOOXLLPDLDOHVGLQF XW WXUDFHDUHFkQGvLURDGHPXVWD DFXGLQ LL(
RP S WLPD *KL  L QX H ELQH V  WH GDL SUHD DSURDSH GH HO  VDX LQGLUHFW SULQ
IDSWHOLPEDMJHVWXULDWLWXGLQLPHGLXYHVWLPHQWD LHHWF HODSDUHvQ]HVWUDWFXFDOLW L




FHUWH SUHFXP LQWHOLJHQ D QDWLY  OXFLGLWDWH WHPHULWDWH FDSDFLWDWH GH D LQWXL


SVLKRORJLD L FDUDFWHUXO RDPHQLORU FDSDFLWDWH GH GLVLPXODUH DELOLWDWH GDU DFHVWH
FDOLW LVXQWSXVHvQVOXMEDU XOXL&kQGDSDUHODKDQLQWU SHXDGLQGRVVXJHUkQG
DVWIHOF HOHVWHDGHY UDWXOVW SkQDOORFXULORU$FLOD0RDUDFXQRURFQXSXWHDV 
VWHD QLPHQL I U  YRLD OXL /LF  DIDU  GH DUkQGD L DIDU  GH VW SkQLUH PDL HUD L
GkQVXO FDUH VW SkQHD GUXPXULOH L vQ ]DGDU WH vQ HOHJL FX DUHQGDXO vQ ]DGDU WH SXL
ELQHFXVW SkQLUHDF FLSHQWUXFDV SR LVWDOD0RDUDFXQRURFPDLWUHEXLHV WH
IDFLLRPDOOXL/LF &KLDUGHODSULPDGLVFX LH/LF vLSXQHvQYHGHUHOXL*KL F 
WUHEXLH V  FRODERUH]H FX HO 2UL vPL YHL IDFH SH SODF RUL vPL IDF UkQG GH DOW RP OD
0RDUD FX QRURF  GH]Y OXLQGXL EUXWDOLWDWHD L FLQLVPXO (X VXQW /LF  V P 
G XOWXYH]LXQOXFUXF XPEOX]LXDQDPLD]DPDUHSHGUXPXOGH DU LQLPHQLQX
P RSUHWHvQFDOHF P GXFvQRUDLVWDXGHYRUE FXGRPQL%XQSVLKRORJ/LF 
LQWXLHWHVO ELFLXQHDFkUFLXPDUXOXL7HWLXRPFDUH LQHODEDQL3HQWUXDSDUDOL]D
RULFHLQWHQ LHGHQHVXSXQHUH/LF LDWR LEDQLLFkUFLXPDUXOXLVXEIRUP GHvPSUXPXW
)DSWHOH OXL /LF  GH]Y OXLH ODWXUD vQWXQHFDW  D QDWXULL XPDQH VHWH GHYRUDWRDUH GH
SXWHUH vQHO FLXQH IXUW FULP  (O VH FRQGXFH GXS  XQ FRG SURSULX vQ DIDUD OHJLORU
PRUDOH L OHJLORU VWDWXOXL Q UDSRUWXULOH FX *KL  vL FDOFXOHD]  FX DELOLWDWH ILHFDUH
PLFDUHORYLQGvQGHPQLWDWHDRPXOXLvQPkQGULDE UEDWXOXLvQDXWRULWDWHDVDGHVR 
L S ULQWH GH VW SkQ DO KDQXOXL vQ LPDJLQHD VD GH RP FLQVWLW &kQG SR]L LD VD vQ
OXPHD SH FDUH R VW SkQHWH SULQ YRLQ  FUX]LPH L LQIOH[LELOLWDWH HVWH DPHQLQ DW 
V P G XOJ VHWHvQHOSXWHUHDGHDVHVLQXFLGHQWUHFHLGRLE UED L$QDVR LDOXL
*KL  HVWH R YLFWLP  D LQFDSDFLW LL GH DL DS UD YDORULOH PRUDOH L IDPLOLD GDU L
HURLQ  WUDJLF  YLFWLP  D XQHL IDWDOLW L REVFXUH ,SRVWD]D LQL LDO  VH FULVWDOL]HD]  GLQ
SHUVSHFWLYD OXL *KL  FDUH R SULYHWH FX RFKL GH vQGU JRVWLW L LQLPD vL UkGH FkQG
$QD FHD vQ HOHDSW  L DH]DW  GHRGDW  vL SLHUGH FXPS WXO L VH DUXQF  U VI DW 
DVXSUD OXL F FL $QD HUD WkQ U  L IUXPRDV  $QD HUD IUDJHG  L VXE LULF  $QD HUD
VSULQWHQ LPO GLRDV Q HOHDSWD$QDYHGHvQ/LF XQRPU XLSULPHMGLRVLvO
DYHUWL]HD]  SH *KL  $QD FHD vQ HOHDSW  L DH]DW  VH YUHD VR LH DGHY UDW 
S UWD  OD ELQH L OD U X VR XOXL HL L VXIHU  FkQG *KL  WRW PDL vQVLQJXUDW L
]EXFLXPDW VH vQVWU LQHD]  (D vQFHDUF  FX GLVSHUDUH V  VDOYH]H HFKLOLEUXO IDPLOLDO
DSRL DVLVW  QHSXWLQFLRDV  OD FRQWLQXD HURGDUH D DUPRQLHL L LXELULL GLQ F VQLFLD ORU
&kQG*KL RvPSLQJHvQEUD HOHV P G XOXLIRUP VXSUHP DXPLOLQ HL$QDVH
VLPWH WU GDW  L vQFHSH V L GLVSUH XLDVF  VR XO LQWUkQG WUHSWDW VXE IDVFLQD LD OXL
/LF &RSLOXOXLPLWFHPDLV O OXLHWHvQHD $QDHVWHODYkUVWDODFDUHFkQWHFXOL
MRFXO VXQW vQF  EXFXULL DOH YLH LL JHQHUkQG HPR LL VLP PLQWH L YLEUD LL SXUH  HVWH
LPSUHVLRQDW  GH FDUDFWHUXO SXWHUQLF L GH YRLQ D V P G XOXL &kQG LXELUHD SHQWUX
*KL  VH Q UXLH SX LQ FkWH SX LQ $QD GHYLQH FRQWLHQW  GH SULPHMGLD SLHUGHULL
LQRFHQ HLGHWHQWD LDF GHULLvQYkUWHMXOSDWLPLLGHYDVWDWRDUH7XP RPRUL*KL P 
VHFLGHYLD P FKLQXLHWLP ODLV P RPRUHXGLQPLQH8OWLPHOH]YkFQLULGLQ
ILQDO FkQG HVWH XFLV  GH *KL  H[SULP  R FRSOHLWRDUH VHWH GH YLD  L vQ DFHODL
WLPSVHWHDGHU ]EXQDUH
'HILQLWRULHSHQWUXDUWDUHDOL] ULLSHUVRQDMHORUOXL6ODYLFLHVWHLGHVFKLGHUHDVSUH
SVLKRORJLF SULQ FDUH VH GHPRQVWUHD]  F  VXIOHWXO RPXOXL GH UkQG HVWH XQ XQLYHUV
FRPSOH[GHPQGHLQWHUHV6FULLWRURELHFWLY6ODYLFLXUP UHWHJUDGDWLQVWDODUHDFUL]HL
VXIOHWHWLLHYROX LDHLGHODSULPHOHVHPQHSkQ vQID DGH]QRG PkQWXOXLLPSODFDELO
3HUVRQDMHOHOXL6ODYLFLQXVXQWVFKHPDWLFHVLPSOHSULPLWLYHFLVXQWLQGLYL]LvQ]HVWUD L
FXRERJDW YLD LQWHULRDU FDSDELOLGHWU LULSURIXQGHGHRUGLQPRUDOVDXDIHFWLY(L
DX FRPSOH[LWDWH SVLKRORJLF  DX DFHO DPHVWHF GH ELQH L U X FH VH DIO  OD RDPHQLL
DGHY UD L GXS  FXP REVHUYD * & OLQHVFX ,OX]LD YLH LL DGHY UDWH HVWH VXV LQXW  L


GHOLPEDMXOSHUVRQDMHORU'LDORJXULOHDXRPDUHSXWHUHGHFDUDFWHUL]DUHSVLKLF (OH
FRQIHU  YL]LXQH VFHQLF  L GHILQHVF OXPHD RDPHQLORU VLPSOL D F URU YRUELUH HVWH
PDUFDW  GH RUDOLWDWH GH VSRQWDQHLWDWHD FRPXQLF ULL IDPLOLDUH &DUDFWHUXO JQRPLF DO
DFHVWXLOLPEDMHVWHHYLGHQWvQFXJHW ULOHFXUROPRUDOL]DWRUDOHE WUkQHLFDUHUHSUH]LQW 
RDYHUWL]DUHDVXSUDIRU HORUFRQIOLFWXDOHvQLQFLSLW WHUPHQLLFRQIOLFWXDOLVXQWV U FLD
 QX  ERJ LD OLQLWHD FROLEHL  QRURF QRX  L URO GH UHIOHF LH WUDJLF  DVXSUD
GHVWLQXOXLvQILQDO6LP HDPHXF QXDUHV LDV ELQHGDUDDOHDIRVWGDWD
1DUD LXQHDHVWHDVWIHOSXV vQUDPDFXJHW ULORUE WUkQHLYRFHFDUHH[SULP 
PHQWDOLWDWHD XQHL OXPL PRUDOH FDUHL vQWHPHLD]  H[LVWHQ D SH YDORUL DXWHQWLFH L SH
FUHGLQ DvQVRDUW QYLUWXWHDDFHVWHLPHQWDOLW LFHLFDUHVHDEDWGHODFRGXOPRUDO
SLHUG DQVD PkQWXLULL DD FXP R SLHUG *KL  L /LF  SHUVRQDMH GH PDUH IRU 
DUWLVWLF PHPRUDELOHSULQJUDGXOPDUHGHH[SULPDUHDQDWXULLJHQHUDOXPDQH


(9$/8$5(

7HPHSHQWUXFRORFYLXOGHODVIkULWXOVHPHVWUXOXL,
(OHPHQWHGHVWUXFWXU LGHFRPSR]L LHvQWH[WHOHQDUDWLYH
7LSRORJLDLIXQF LLOHQDUDWRUXOXL
3HUVSHFWLYDQDUDWLY 
3HUVSHFWLYHWHPSRUDOH
2UGLQHDQDUDWLY 
0RGDOLW LOHQDU ULL
3HUVRQDMXO3RUWUHWXOOLWHUDU
&RQFHSWHVSHFLILFHQDUDWRORJLHL

1RW  6XELHFWHOH SHQWUX FRORFYLXO FX FDUH VH YD ILQDOL]D SULPXO VHPHVWUX YRU
FRQ LQHRSUREOHP WHRUHWLF GLQWHPDWLFDPHQ LRQDW LRDSOLFD LHSUDFWLF  DQDOL]D
VWLOLVWLF DXQXLIUDJPHQWGHWH[WOLWHUDUODSULPDYHGHUH 



























9,$%25'$5($67,/,67,&$7(;78/8,'5$0$7,&







3$57,&8/$5,7
,67,/,67,&($/(23(5(,
'5$0$7,&(

*(18/ '5$0$7,&UHSUH]LQW RIRUP FRPSOH[ GHDUW vQFDUHRSHUHLOLWHUDUH

VFULVH FX VFRSXO GH D IL UHSUH]HQWDW  VFHQLF L VH DGDXJ  HOHPHQWH  PRGDOLW L GH
H[SUHVLH VSHFLILFH DUWHL WHDWUDOH VSUH D GHYHQL XQ VSHFWDFRO 9L]LXQHD GHVSUH OXPH
LGHLOHFRQFHS LLOHVHQWLPHQWHOHVFULLWRUXOXLGUDPDWLFVXQWRELHFWLYDWHSULQLQWHUPHGLXO
SHUVRQDMHORU DO DF LXQLL VFHQLFH L DO PRGDOLW LORU VSHFWDFROXOXL 'LVFXUVXO GLUHFW DO
VFULLWRUXOXLVHOLPLWHD] ODGLGDVFDOLLWH[WQRQOLWHUDUFXIXQF LLSUDJPDWLFHFDUHDUHURO
GLUHFWLYvQPRQWDUHDVSHFWDFROXOXL&UHD LDGUDPDWLF HVWHRIRUP GHDUW VLQFUHWLF 
DYkQG XQ GXEOX VLVWHP GH VHPQLILFDUH GXDOLWDWH VHPLRWLF   GLVFXUVXO GUDPDWLF
GLDORJXULOHLPRQRORJXULOHURVWLWHSHVFHQ LOLPEDMHOHVFHQLFH IRUPHQRQYHUEDOH
VSHFLILFH GH VHPQLILFDUH MRFXO VFHQLF DO DFWRULORU GHFRUXO UHFX]LWD IXQGDOXO VRQRU
MRFXOGHOXPLQLHWF 
2SHUD GUDPDWLF  vQVXPHD]  WH[WXO OLWHUDU SURSULX]LV GLVFXUVXO GUDPDWLF
FRQFUHWL]DW FD GLDORJ L PRQRORJ GUDPDWLF  SDUDWH[WXO UHSUH]HQWDW GH GLGDVFDOLL
FXSULQ]kQGOLVWDGHSHUVRQDMHLSUHFL] ULOHFDUHvQVR HVFQXPHOHDFHVWRUDLQGLFD LLOH
VFHQLFHSURSULX]LVHLQRWD LLOHSULYLQGXQLW LFRPSR]L LRQDOHDFWHVFHQHWDEORXUL 
L PHWDWH[WXO DOF WXLW GLQ HOHPHQWHOH VSHFWDFROXOXL GUDPDWLF DQVDPEOXO P UFLORU
SDUWLFXODUHDOHDUWHLGUDPDWLFHUHJLHVFHQRJUDILHGHFRUFRVWXPHUHFX]LW FRORDQ 
VRQRU OXPLQLHWFLMRFXOVFHQLFDODFWRULORU 
(OHPHQWHOH VSHFWDFROXOXL YL]HD]  DUWD OLWHUDWXULL L DUWD GUDPDWLF  UHXQLQG
SHUHFKL DOH LQVWDQ HORU WHDWUDOH VXE UHJLPXO XQXL SULQFLSLX VSHFLILF FHO DO GXEOHL
HQXQ UL $QQH8EHUVILHOG SHFDUHVHFRQVWUXLHVFSHUHFKLPXOWLSOH

GXDOLWDWHDXFWRULDO  GUDPDWXUJXOLUHJL]RUXOVXQWHPL WRULLFDUHvLDVXP 
SDWHUQLWDWHDVSHFWDFROXOXL 

GXDOLWDWHVFULSWXUDO GLVFXUVXOVFHQLF WH[WXOSURSULX]LV LGLVFXUVXOGLGDVFDOLF

GXDOLWDWHDFWRULDO DFWRUXOHVWHSHUVRDQDUHDO vQYUHPHFHSHUVRQDMXOSH
FDUHvOLQWHUSUHWHD] HVWHSHUVRDQ ILF LRQDO 

GXDOLWDWHVHPLRWLF GLVFXUVXOGUDPDWLFHVWHGXEODWGHOLPEDMHOHVFHQLFH
FDUHDXLHOHUROGHVHPQLILFDUH

6SHFWDFROXOWHDWUDOVHVWUXFWXUHD] SHWUHLSDOLHUH
c 'LVFXUVXO GUDPDWLF GLDORJXO L PRQRORJXO VFHQLF  DUH FD UHIHUHQW ILF LRQDO
XQLYHUVXOSRYHVWLWvQUHSOLFLOHSHUVRQDMHORU
d$F LXQHDGUDPDWLF UHXQHWHWUHLHOHPHQWH
9
HYHQLPHQWHOHSHWUHFXWHSHVFHQ LHYHQLPHQWHUHODWDWH VXELHFWLVWRULD
IDEXOD 


 VHPLRWLFD  WLLQ  FDUH VWXGLD]  VLVWHPHOH GH VHPQH vQWUHEXLQ DWH vQ VIHUD YLH LL VRFLDOH
2ULHQWDUHODUJU VSkQGLW vQJkQGLUHDWHRUHWLF FRQWHPSRUDQ FDUHVWXGLD] IHQRPHQHOHLvQVSHFLDO
IDSWHOH GH FXOWXU  FD VLVWHPH GH VHPQLILFDUH L SURFHVH GH FRPXQLFDUH IU VpPLRWLTXH FI JU
VHPHLRWLNHVHPHLRQVHPQ 'LF LRQDUGHQHRORJLVPH


9
VLWXD LLOH VXUSULQVH SULQ OLPEDM VFHQLF VLPEROXUL DXGLRYL]XDOH PHWDIRU  
SDUDERO DOHJRULHVFHQLF 
9
VWUXFWXULOHGUDPDWLFH SULQFLSLLOHGHVHQXOXLHSLF 
e /LPEDMHOH VFHQLFH DX vQ YHGHUH HOHPHQWH  VSHFLILFH DUWHL GUDPDWLFH MRFXO
VFHQLF DO DFWRULORU SDQWRPLP  FRVWXPH GHFRU PRELOLHU UHFX]LW  HIHFWH VRQRUH
OXPLQLHWF
&RPSR]L LD RSHUHL GUDPDWLFH DUH FD VHPQ GLVWLQFWLY XQLW LOH FRPSR]L LRQDOH
VSHFLILFH DFWHWDEORXULVFHQH SULQFLSLLOHLWHKQLFLOHFRPSR]L LRQDOHDXHYROXDWGH
ODWHDWUXODULVWRWHOLFvQFDUHVFHQDHUDXQVSD LXDOPLPHVLVXOXLLDUGUDPDWXUJXOFUHD
XQ DQDORJRQ LGHDOL]DW DO UHDOLW LL OD WHDWUXO VHFROXOXL DO ;;OHD GHYHQLW VSD LX DO
H[SULP ULL SULQ FRQYHQ LLOH WHDWUDOLW LL D XQHL YL]LXQL GHVSUH OXPH L GHVSUH FRQGL LD
XPDQ  XQ ORF DO GH]EDWHULORU JHQHUDWH GH FRPSOH[LWDWHD YLH LL UHDOH L GLOHPHOH
RPXOXLPRGHUQSUHFXP

vQ WHDWUXO FODVLF  SURJUHVLD DF LXQLL SULQ vQO Q XLUHD HYHQLPHQWHORU SURFHGHXO
DFXPXO ULL H[SRQHQ LDOH D HYHQLPHQWHORU WHKQLFD EXOJ UHOXL GH ] SDG 
FRQVWUXF LDSLUDPLGDO DIDEXOHLSURFHGHXOU VWXUQ ULLVSHFWDFXORDVHGHVLWXD LH
GHXV H[ PDFKLQD  WHKQLFD TXLSURTXRXOXL VXEVWLWXLUH GH SHUVRDQH  WHKQLFD
WUDYHVWLXOXL DSHO OD GHJKL]DUH OD PDVF   WHKQLFD LPEURJOLRXOXL vQFXUF WXUL
FRQIX]LLGHSHUVRQDMH WHKQLFDVLPHWULLORUDUHSHWL LHLVLWXD LLORUGUDPDWLFH

vQ WHDWUXO PRGHUQ  QXPLW L GUDPDWXUJLH I U  HYHQLPHQWH  VLWXD LLOH
GUDPDWLFH VH VXFFHG SULQ DVRFLD LL GH LGHL SULQ DJOXWLQDUHD vQWkPSO ULORU
P UXQWH FDUH VXQW DGXVH OD QLYHOXO FRQWLLQ HL GH IOX[XO PHPRULHL /RJLFD
DF LXQLL LD PRGHOXO XQHL FXUEHL LPSUHYL]LELOH D YLH LL LQWHULRDUH IDEXOD LD VH
ED]HD]  SH XQ GHVHQ HSLF SULPRUGLDO FRPSR]L LD HVWH FLUFXODU  VDX
VLQXVRLGDO vQIRUP GHVSLUDO VDXDWHFWRQLF 
&RQVWUXF LD VXELHFWXOXL vQ RSHUD GUDPDWLF  HVWH LQIOXHQ DW  GH LPSHUDWLYXO
GXUDWHLOLPLWDWHDVSHFWDFROXOXL RUH LGHFHODOFRQYHQ LLORUWHDWUDOH

([SR]L LXQHD HVWH FRQFHQWUDW  ILLQG vQORFXLW  XQHRUL SULQ SURORJ Q WHDWUXO
PRGHUQ SURSXQH R VLWXD LH VLPEROLF  VROLWXGLQHD RPXOXL vQ XQLYHUV
FRQIUXQWDUHDILLQ HLFXDEVXUGXOFXWLPSXOFXOLPLWHOHFRQGL LHLXPDQHHWF VDX
R LSRVWD]  XPDQ  VHPQLILFDWLY  DUWLVWXO vQVLQJXUDWXO ILLQ D DOLHQDW  RPXO vQ
F XWDUHD'LYLQLW LLDVHQVXOXLH[LVWHQ HLHWF 

,QWULJD SXWHUQLF HYLGHQ LDW  VXUSULQGH HYHQLPHQWXO FHO PDL LPSRUWDQW VXE
DVSHFWXO FDX]DOLW LL UHOLHIkQG FRQIOLFWXO GUDPDWLF GH PDUH LQWHQVLWDWH 7HDWUXO
FRQWHPSRUDQ SURSXQH QX XQ HYHQLPHQW FL R VLWXD LHOLPLW  FRQILJXUDW  SULQ
OLPEDM VILGDUHDGHVWLQXOXLVHQWLPHQWXOWUHFHULLWLPSXOXLGHH[HPSOX 

'HVI XUDUHDDF LXQLLHVWHFRQILJXUDW WUDGL LRQDOFDVXFFHVLXQHFURQRORJLF 
OLQHDU GHHYHQLPHQWHFDVHULLSURJUHVLYHGHVLWXD LLGUDPDWLFH FOLPD[ VDX
PRGHUQ FD SURJUHVLH JHQHUDW  GH HYROX LD VSLULWXDO  D SHUVRQDMHORU GH
VXFFHVLXQHDVW ULORUGHFRQWLLQ  REVHVLLDQJRDVHFRPDUXUL 

3XQFWXO FXOPLQDQW HVWH IRDUWH ELQH PDUFDW VSUH HO FRQYHUJkQG WRDWH
HYHQLPHQWHOHIDEXOHL'UDPDWXUJXOPRGHUQPXOWLSOLF PRPHQWHOHGHPD[LP 
vQFRUGDUHDUHOD LLORUGLQWUHSHUVRQDMHRULGHLUHSUHVLELO WHQVLXQHvQFRQWLLQ D
SURWDJRQLWLORUGLVSHUVkQGDFHVWHPRPHQWHGXS XQGHVHQHSLFVLQXVRLGDO

'H]QRG PkQWXO LD IRUPD DQWLFOLPD[XOXL VDX D HSLORJXOXL XUPkQG UDSLG
SXQFWXOXL FXOPLQDQW RUL ILLQG FKLDU VROLGDU FX DFHVWD Q WHDWUXO PRGHUQ
GH]QRG PkQWXO OLSVHWH IUHFYHQW VDX UHLD VLWXD LD LQL LDO  ILQDOXO GHVFKLV
VXJHUkQGDEVHQ DRULF UHLVROX LLGHUH]ROYDUHDFRQIOLFWHORUVDXLQFDSDFLWDWHD




RPXOXLPRGHUQGHDUHFXSHUDFHUWLWXGLQLGHDRSWDSHQWUXYDORULDXWHQWLFHGH
DDF LRQD
7HDWUXO PRGHUQ GHFRQVWUXLHWH QX QXPDL VXELHFWXO WUDPD FL L VWUXFWXULOH
ORJLFH L FRQYHQ LLOH GUDPDWXUJLHL FODVLFH 2 XOWLP  LSRVWD]  D WUDJLFXOXL vQ FRQWHP
SRUDQHLWDWH FDUH QX SRDWH IL RFROLW  VH GDWRUHD]  WHDWUXOXL DEVXUG VDX DO GHUL]LXQLL
OXL(XJHQ,RQHVFX6DPXHO%HFNHWW$UWKXU$GDPRYVRFRWL LDXWRULLUHSUH]HQWDWLYL>@
6SUH GHRVHELUH GH H[LVWHQ LDOLWL vQ WHDWUXO DEVXUG QX H[LVW  UHYROW  QX H[LVW 
DF LXQHD SHUVRQDMXOXL QX DIO P SRVLELOLWDWHD XQHL RS LXQL 1X H[LVW  FRQIOLFW )DWDOL
WDWHDQXSURYRDF FRQIOLFWXOWUDJLFvLHVWHFRQVHFLQ D>@)DWDOLWDWHDLDORFXOWLPSXOXL
vL DQXOHD]  VFXUJHUHD ( YHQLF  9HQLF HVWH VXSOLFLXO PRDUWHD -XVWLQ &HXFD
(YROX LDIRUPHORUGUDPDWLFH 








7($758/&/$6,&
 VSD LXO VFHQLF H FRQVWUXLW
GXS PRGHOXOFXWLHLGHVFKLVH
 VXJHUDW SULQ GHFRU L SULQ
LQGLFD LLVFHQLFH
 XQLWDWH GH VSD LX vQ WUDJHGLD
DQWLF 
 WLPS UHDO OLPLWDW DO VSHFWDFR
OXOXL
 WLPSXO FD HYROX LH D UHSUH
]HQW ULL HVWH VXJHUDW SULQ
LQGLFD LLVFHQLFH
 WLPS IL]LF OLQHDU  WLPS LVWRULF
VXFFHVLXQHGHHYHQLPHQWHUHDOH 
 XQLWDWH GH WLPS vQ WUDJHGLD
DQWLF 
 HOHPHQW GH PDUH IRU  GH
FODQDWRU GH HYHQLPHQWH
FRQVWUXLW IUHFYHQW SH RSR]L LD
vQWUH GRX  SHUVRQDMH VDX
JUXSXULGHSHUVRQDMH
6WUXFWXUD WLSRORJLF  D SHUVR
QDMHORU
x WU V WXULJHQHUDOXPDQH
x 6XQW FDUDFWHUH DUKHWLSXUL
DOHSURVWLHL]JkUFHQLHLO XG UR
HQLHLLSRFUL]LHL
x QP VXUDvQFDUHDUKHWLSXOH
LHOFRQVWUXLWGLQDFWHLJHVWXUL
PHUHX UHSHWDELOH SRDWH V 
DSDU  FD XQ VWHUHRWLS
1RUWKRS)U\H 
x ,QGLYLGXDOL]DUHDUHDOL]DW SULQ
QRPLQDOL]DUH VXJHVWLY  GDWH
FDUDFWHULRORJLFHSURILOSVLKROR
JLF GHWDOLL YHVWLPHQWDUH FRP
SRUWDPHQWDOH  LHUDUKLH VRFLDO 
UDSRUWDUHODDOWHSHUVRQDMHHWF

7($758/02'(51
VSD LXO VFHQLF FRQVWUXLW SULQ DSHOXO OD VLPEROXUL
ODELULQWXO PDWULFH D H[LVWHQ HL vQ OXPHD FRQWHP
SRUDQ  VSD LXO vQFKLV  GHVFKLV DUWLILFLDO  QDWXUDO
HWF  PXOWLSOLFDUHD SODQXULORU VSD LDOH LQYDGDUHD
VSD LXOXL VSHFWDWRUXOXL HWF  WHQWDWLY  GH IX]LRQDUH D
FDWHJRULLORUUHDOLW LLVSD LDOL]DUHDWLPSXOXL
 PXOWLSOLFDUHDSODQXULORUWHPSRUDOH
WLPSRELHFWLYSHUFHSXWFDWUHFHUHLUHYHUVLELO WLPS
VXELHFWLY UHYHUVLELO UHPHPRUDWH VDX SURLHFWDW vQ
YLLWRU
WLPSSHUFHSXWFDvQFUHPHQLUHvQSUH]HQWFDVXLW 
GHDFXPFDWLPSELRORJLFFDGXUDW LQWHULRDU FD
WLPSLPDJLQDUPLWLFHWFWLPSXOFDSHUVRQDMLQYL]LELO

FRQIOLFWXO HYLGHQ LDW VFHQLF SULQ GLDORJXO


FRQIOLFWXDO  DUH OD ED]D RSR]L LD GLQWUH HX L VLQH
GLQWUHLQGLYLGLH[LVWHQ GLQWUHLQGLYLGLVLVWHP


(URLL QX PDL UHSUH]LQW  LQGLYLGXDOLW L FL YDORUL


LGHL DWLWXGLQL  VXSUDLQGLYLGXDOH SHUVRQDMH JHQHULFH
6ROGDWXO0DPDHWF
1X HVWH XQ FDUDFWHU FL XQ LQV FX LGHQWLWDWH
YDJ  DIODW vQ F XWDUHD VLQHOXL LQV DPRUI  QRQHURX
VXFLWEXIRQQHEXQOLULFHSLFHWF
,GHQWLWDWHD VFHQLF  H FRQIHULW  SULQ OLPEDM L
FRPSRUWDPHQW VFHQLF SULQ QRPLQDOL]DUH GH VHULH 
DEVHQ DQXPHOXLSULQUDSRUWDUHODSURSULDH[LVWHQ 
OD VSD LX L WLPS 3ULYDW GH GLPHQVLXQL WUDJLFH
DXWHQWLFHQRQHURXOGLQWHDWUXOFRQWHPSRUDQHULGLFRO
SULQ SUH]HQ D VD L WUDJLF SULQ UH]RQDQ D
LPSOLFD LLORU 5RPXO0XQWHDQX 
/LPEDMXO H PRGDOLWDWHD SULQFLSDO  GH FHUWLILFDUH D
H[LVWHQ HL L D OXSWHL vPSRWULYD OLPLWHORU H[LVWHQ LDOH
DOHJRUL]DUH VLPEROL]DUH PLWL]DUHGHPLWL]DUH SDUR
GLHUHVFLQGDUHvQYRFLHWF


&21&(37(63(&,),&('5$0$785*,(,



&21&(37

'(),1, ,$
JU GLGDVFDOLD  FDLHW FX LQGLFD LL GHVWLQDW
DFWRUXOXL
 7RWDOLWDWHD QRWD LLORU GUDPDWXUJXOXL VFULVH
FXVFRSXOGHDSUHFL]DHOHPHQWHOHUHSUH]HQ
W ULLVFHQLFHOLVWDGHSHUVRQDMH vQFDUHDSDU
VLPSOHQRWD LLGHLGHQWLILFDUHVDXHOHPHQWHGH
FDUDFWHUL]DUH  SUHFL] ULOH SULYLQG VSD LXO
WLPSXO L XQLW LOH FRPSR]L LRQDOH DFW
VFHQHWDEORXUL LQGLFD LLOHGHUHJLH
 8QLWDWH FRPSR]L LRQDO  VSHFLILF  RSHUHL
GUDPDWLFHGLYL]LXQHSULQFLSDO UHSUH]HQWkQG
HWDSH ORJLFH vQ GHVI XUDUHD DF LXQLL
VFHQLFH
 6HFYHQ  D WH[WXOXL GUDPDWLF GHWHUPL
QDW  GH PRGLILFDUHD SUH]HQ HL SHUVRQDMHORU
vQVSD LXOVFHQLF LQWUDUHDVDXLHLUHDvQGLQ
VFHQ 
 HVWH R VXEGLYL]LXQH D DFWHORU XQHL SLHVH
GHWHDWUX
 WHUPHQXO GHVHPQHD]  L VSD LXO GHVWLQDW
MRFXOXLDFWRULORU
  'LYL]LXQH D WH[WXOXL GUDPDWLF FDUH HVWH
PDUFDW GHVFKLPEDUHDGHFRUXOXL
 vQ GUDPDWXUJLD FRQWHPSRUDQ  WHUPHQXO
WDEORX WLQGH V O vQORFXLDVF  SH FHO GH
DFW VSUH D VXJHUD DEVHQ D XQHL DF LXQL
VFHQLFHSURSULX]LVH
 'LDORJXO GUDPDWLF HVWH SULQFLSDOXO PRG
GH H[SXQHUH vQ WHDWUX HOHPHQW HVHQ LDO vQ
FRQWXUDUHD SHUVRQDMHORU D DF LXQLL L D
PHVDMXOXLRSHUHL
 LOXVWUHD]  SULQFLSLXO GXEOHL HQXQ UL GRL
HPL WRUL GUDPDWXUJXO L DFWRUXO  GRL
UHFHSWRULFRQORFXWRUXOSHUVRQDMGLQVFHQ L
VSHFWDWRUXOGLQVDO 

 )RUP  GH GLVFXUV WHDWUDO FDUH FRQVW 


vQWURUHSOLF PDLDPSO URVWLW GHF WUHXQXO
GLQWUH  SHUVRQDMH vQ SUH]HQ D VDX vQ
DEVHQ DGLQVFHQ DDOWRUDFWRUL
 PRQRORJXO DGUHVDW GLVFXUVXO WLUDGD
PRQRORJQDUDWLY
 VROLORFYLXO SHUVRQDM U PDV VLQJXU vQ
VFHQ 
 DSDUWpXO VH IDFH DEVWUDF LH GH
SHUVRQDMHOHGLQVFHQ 


2%6(59$ ,,(;(03/(
 ,QGLFD LLOH GH UHJLH VXQW QRWD LL
SDUDQWHWLFHUHIHULWRDUHODGHWDOLLOH
WHKQLFH DOH PRQW ULL VSHFWDFROX
OXL HOHPHQWHOH GHFRUXOXL YHVWL
PHQWD LD L MRFXO DFWRULORU PL
FDUHDVFHQLF 
 VXQW DGUHVDWH HFKLSHL GH SUDF
WLFLHQL UHJL]RU VFHQRJUDI DFWRUL
HWF DOF WXLQGPHWDWH[WXOFHDUH
vQWHDWUXFDUDFWHUGLUHFWLY
 3DX]D GLQWUH DFWH VH QXPHWH
DQWUDFW
 vQ WHDWUXO DQWLF L vQ FHO FODVLF
HUDXGHRELFHLSDWUXDFWH
  Q WHDWUXO WUDGL LRQDO VFHQD DUH
IRUPDFXWLHLGHVFKLVHILLQGGHOLPL
WDW  GH VSD LXO GHVWLQDW VSHFWD
WRULORUSULQUDPS 
vQVHFDO;;OHDVSD LXOVFHQLFLD
IRUPHGLYHUVHSODWRXULFXVXSUDIH H
IUDFWXUDWH VFHQD GLYL]DW  vQ SODQ
RUL]RQWDO  YHUWLFDO  VFHQD GHVFKLV 
GHIRUP FLUFXODU VDXELIURQWDO
 Q WHDWUXO FDPLOSHWUHVFLDQ HVWH
VXEGLYL]LXQH D DFWXOXL -RFXO
LHOHORU vQ DFWXO ,  WDEORXUL DFWXO
,,WDEORXULDFWXO,,,WDEORXUL 
 SLHVD ,RQD HVWH WUDJHGLH vQ
SDWUXWDEORXUL
 )XQF LLOH FRPXQLF ULL DFWLYDWH
SULQ GLDORJXO GUDPDWLF VXQW FHOH
DOHRULF UHLVLWXD LLGHFRPXQLFDUH
SRHWLF  UHIHUHQ LDO  H[SUHVLY 
FRQDWLY  IDWLF  PHWDOLQJYLVWLF  
3-DNREVRQ 
IXQF LLOHHVWHWLFHDOHGLDORJXOXL
GUDPDWLF VXQW GH FDUDFWHUL]DUH
QDUDWLY  GHVFULSWLY  UHIOH[LY 
DUJXPHQWDWLY H[SOLFDWLY 
'LVFXUVXULOHGHODvQWUXQLUHDSROLWL
F  DFWXO ,,,  DOH OXL )DUIXULGL L
&D DYHQFXGLQ2VFULVRDUHSLHUGXW 
WLUDGD PDUFDWGHDUWDUHWRULF 
PRQRORJXO OXL WHIDQ vQ DFWXO ,,,
GLQ$SXVGHVRDUH
PRQRORJQDUDWLYUHODWDUHDOXL'DQ
GDQDFKHGHVSUHVFULVRDUHDEHFKH
UXOXLGLQ2VFULVRDUHSLHUGXW 
 VROLORFYLX DXWRDGUHVDW ,RQD GH
0DULQ6RUHVFX


&21&(37

'(),1, ,$
 7RWDOLWDWHD HOHPHQWHORU SULQ FDUH VH
VSHFWDFROXO
FRQFUHWL]DUHD
UHDOL]HD] 
GLGDVFDOLLORU D YL]LXQLL UHJL]RUDOH RUJDQL]D
UHD VSD LXOXL VFHQLF UHFX]LW  HWF  L D
LQWHUSUHW ULLDFWRULORU
 7RWDOLWDWHD FRGXULORU VFHQLFH SULQ FDUH
UHJL]RUXO L HFKLSD VD FRPXQLF  XQ PRG
SHUVRQDOGHDLQWHUSUHWDRSHUDGUDPDWLF SH
FDUH R SXQH vQ VFHQ  DG XJkQG SURSULXO
PHVDMODFHODOGUDPDWXUJXOXL
6XFFHVLXQHDGHHYHQLPHQWHSUH]HQWDWH
VDXUHODWDWHVFHQLF
 6XELHFWXO GUDPDWLF VH FRQVWLWXLH SULQ
VFKLPEXO GH UHSOLFL L   SULQ DF LXQHDVFHQL
F LQWULJDSXQFWFXOPLQDQWGH]QRG PkQW
FRQIOLFWXOHVWHRFRPSRQHQW HVHQ LDO vQ
RSHUDGUDPDWLF GHVHPQkQGRRSR]L LHR
GLVSXW  R WHQVLXQH SULQ FDUH VH PRWL
YHD]  DF LXQHD GH]DFRUG SXWHUQLF UHOLHIDW
vQWUH SHUVRQDMH  FDUDFWHUH LQWHUHVH 
SDVLXQLLGHLSULQFLSLL

ODWFRPRHGLDIUFRPpGLH
 6SHFLH D JHQXOXL GUDPDWLF vQ FDUH VXQW
]XJU YLWH vQWUR PDQLHU  VDWLULF  WLSXUL
XPDQH FDUHQ H GH FDUDFWHU PRUDYXUL DOH
VRFLHW LL vQWUXQ FKLS PHQLW V  VWkUQHDVF 
UkVXODYkQGvQWRWGHDXQDXQILQDOIHULFLW
 &RPHGLD DSDUH vQYHVWLW  FX DWULEXWHOH
VDWLUHLLDOHFULWLFLLPRUDOHVLVWHPDWL]DWHvQWUXQ
DGHY UDWWRSRVHVWHWLF $GULDQ0DULQR 



2%6(59$ ,,(;(03/(
 3UHFL]DUHD vQ ]LOHOH QRDVWUH
GLQ2VFULVRDUHSLHUGXW vQJ GXLH
UHJL]RULORURVXUSULQ] WRDUHDFWXD
OL]DUH
SULQ
YHVWLPHQWD LD
SHUVRQDMHORU YL]LXQHD UHJL]RUXOXL
L MRFXO DFWRULORU  R SDURGLH
PRGHUQ DSLHVHL
(VWHUHDOL]DW FXDMXWRUXOWXWXURU
HOHPHQWHORUVSHFLILFHVSHFWDFROX
OXL FDUH VXQW SXUW WRDUH GH VHQV
GLIHUHQ LLQG OXPHD VFHQHL GH
OXPHD UHDO  GHFRU FRVWXPH
UHFX]LW  VFHQRJUDILH MRFXO DFWR
ULFHVF 
&RQIOLFWHH[WHULRDUHGHLQWHUH
VH HFRQRPLFH  SROLWLFH VRFLDOH
HWQLFH HURWLF GH LGHL  SULQFLSLL
PRUDOH ILOR]RILFH H[LVWHQ LDOH
UHOLJLRDVH
 FRQIOLFWH LQWHULRDUHGHQDWXU 
PRUDO  SVLKRORJLF  YROLWLY 
LQWHOHFWXDOFRJQLWLY  FUL]  GH
LGHQWLWDWH  GH YDORUL FUL]  GH
FRQWLLQ FUL] H[LVWHQ LDO HWF 
&ODVLILFDUHFRPHGLHGHPRUD
YXUL FRPHGLH GH FDUDFWHUH
FRPHGLH EXI  GH VLWXD LL 
FRPPHGLD GHOODUWH ED]DW  SH
LPSURYL]D LDDFWRULORU 
 9DULDQWH DOH FRPHGLHL YRGHYL
OXOIDUVDIHHULD
 3HUVRQLILFDUHD YLFLLORU VH IDFH
SULQ LQWHUPHGLXO FDUDFWHUHORU L DO
P WLORU FRPLFH FX WHQGLQ D
LQHYLWDELO  GH WLSL]DUH GHIHFWHOH
PRUDOH ILLQG XQLYHUVDOH 2EVHU
YD LD FRPLF  VH RULHQWHD]  VSUH
JHQHUDOLWDWHLWLSRORJLH7HQGLQ D
FRPHGLHL HVWH GH DL UHGXFH
SHUVRQDMHOH OD VFKHPH PRUDOH
DEVWUDFWH FX VLPSO  IXQF LRQD
OLWDWHFRPLF  $0DULQR 

&21&(37

'(),1, ,$
 &DWHJRULH HVWHWLF  GLQ FDUH IDF SDUWH
VLWXD LL UHSOLFL WLSXUL XPDQH PRUDYXUL FDUH
SURYRDF UkVXO
 HVWH JHQHUDW GH UHJXO  GH XQ FRQWUDVW
vQWUH DSDUHQ   HVHQ  IUXPRV  XUkW
$ULVWRWHO  YDORDUH  QRQYDORDUH VFRS 
PLMORDFH YLX  PHFDQLF + %HUJVRQ 
LQWHQ LHILQDOLWDWHHIRUWUH]XOWDWXOGHUL]RULX
DODFHVWXLD .DQW 
 IRUPH DVRFLDWH XPRUXO VDWLUD LURQLD
VDUFDVPXOJURWHVFXO

JUWUDJRGLD FkQWHFXO DSXOXLIUWUDJpGLH


 6SHFLH D JHQXOXL GUDPDWLF ED]DW  SH
UHSUH]HQWDUHD vQ DF LXQH D FDWHJRULHL
HVWHWLFH D WUDJLFXOXL RSHU  GUDPDWLF  vQ
FDUH VXQW UHSUH]HQWDWH SHUVRQDMH HURLFH vQ
VLWXD LL FRQIOLFWXDOH I U  LHLUH DO F UXL
GH]QRG PkQW HVWH vQIUkQJHUHD VDX SLHLUHD
XQRU YDORUL XPDQH vQP VXU V WUH]HDVF 
VSDLPDFRPSDVLXQHDPLOD

ODWWUDJLFRPRHGLD
 6SHFLH D JHQXOXL GUDPDWLF vQ FDUH
WUDJLFXOLFRPLFXOVXQWOHJDWHvQDFHHDL
VWUXFWXU OXPLQkQGXVHUHFLSURF
VXEVSHFLHIDUVDWUDJLF 



JUGUDPD DF LXQH


 3LHVD GH WHDWUX vQ FDUH XQ FRQ LQXW
VHULRV XQHRUL WUDJLF HVWH SUH]HQWDW vQWUR
IRUP  IDPLOLDU  FKLDU FRPLF  DUH XQ WRQ
PDLSX LQHOHYDWGHFkWWUDJHGLDSUH]HQWkQG
R DF LXQH YLROHQW  VDX GXUHURDV  vQ FDUH
FRPLFXOVHSRDWHvPSOHWLFXWUDJLFXO

02'(/'($1$/,=

7HDWUXOSDUDERO ,RQDGH0DULQ6RUHVFX

2%6(59$ ,,(;(03/(
7LSXULGHFRPLF
xGH PRUDYXUL LPRUDOLWDWHD FR
UXS LDHWF 
xGHVLWXD LH
xGH LQWULJ  VLWXD LDLQWULJ  HVWH
KLODU 
xGHFDUDFWHU
xGHOLPEDM
xFRPLFXOQXPHORUSURSULL
 &HHD FH FRQWHD]  vQ WUDJHGLH
H XQ FRQIOLFW UHDO DO OLEHUW LL
VXELHFWXOXL FX QHFHVLWDWHD RELHF
WLY FDUHFRQIOLFWQXVHVIkUHWH
FX vQIUkQJHUHD XQXLD VDX DOWXLD
FL FX DSDUL LD ORU VLPXOWDQ  vQ
FRPSOHW LQGHSHQGHQ FXYLFWR
ULD L vQIUkQJHUHD DPkQGXURUD
) : 6FKHOOLQJ   6XELHFWXO
WUDJHGLHLHROXSW vQWUHH[LVWHQ D
H[WHULRDU  ILQLW  L DVSLUD LD
LQWHULRDU LQILQLW  )6FKOHJHO 
 FRQIOLFW WUDJLF  LPSRVLELO GH
DQXODWI U VROX LH
 K\EULV YLQDWUDJLF 
3ULYDW GH GLPHQVLXQL WUDJLFH
DXWHQWLFH QRQHURXO GLQ WHDWUXO
FRQWHPSRUDQ H ULGLFRO SULQ
SUH]HQ D VD L WUDJLF SULQ UH]R
QDQ DLPSOLFD LLORULDVRFLHULORUSH
FDUH GHVWLQXO V X H[LVWHQ LDO OH
SRDWH WUH]L vQ FRQWLLQ D VSHFWD
WRUXOXL 5RPXO0XQWHDQX 
 &ODVLILFDUH GUDP  URPDQWLF 
UHDOLVW  EXUJKH]  PRGHUQ 
GUDP  LVWRULF  PRUDO  GUDP 
GH LGHL GUDP  H[SUHVLRQLVW 
GUDP  H[LVWHQ LDOLVW  DEVXUG 
PHORGUDP HWF

67,/,67,&

7UDJHGLD vQ SDWUX WDEORXUL VFULV  GH 0DULQ 6RUHVFX VFULLWRU FX R VFOLSLWRDUH
SHUVRQDOLWDWH FDUH SRVHG  DWkW SURIXQ]LPHD ILOR]RILF  D OXL %HFNHWW FkW L R YL]LXQH
DSDUWHFXWRWXOSHUVRQDO DVXSUDQHSXWLQ HLGHFRPXQLFDUH *UHWD%URWKHUXV DIRVW
MXFDW FXU VXQ WRUVXFFHVSHPDULOHVFHQHDOHOXPLL,QFOXV DO WXULGH3DUDFOLVHUXO
L0DWFDvQWULORJLD6HWHDPXQWHOXLGHVDUH WLWOXOWULORJLHLHVWHRPHWDIRU DVHWHLGH




DEVROXWDRPXOXL SDUDERODGUDPDWLF ,RQDLOXVWUHD] SHUIHFWWHDWUXOPHWDIRULF VDX


PHWDIL]LFFXPODQXPLWSRHWXOGUDPDWXUJ 
&HOH WUHL SLHVH VXQW PRQRGUDPH VDX WUDJHGLL FROHFWLYH 0DULQ 6RUHVFX
([WHPSRUDO GHVSUH PLQH  SH WHPD GHVWLQXOXL XPDQ GUDPH DOH F XW ULL VSLULWXDOH
VHWHDGHDGHY UGHFXQRDWHUHGHOLEHUWDWHLGHPQLWDWHVXQWSHQWUXHURLLWUDJHGLLORU
PRGHUQHDOHOXL0DULQ6RUHVFXF LGHDLHLGLQDEVXUGXOYLH LL
6XQW LQVSLUDWH GLQ PLWXUL IXQGDPHQWDOH ELEOLFH PLWXO OXL ,RQD PLWXO SRWRSXOXL vQ
0DWFD  VDX IROFORULFH PLWXO PHWHUXOXL 0DQROH vQ 3DUDFOLVHUXO  SH FDUH GUDPDWXUJXO
OHSDUDIUD]HD] DGRSWkQGIRUPXODPRQRORJXOXLDEVXUGvQFDUHWUDJLFXOLFRPLFXO
JURWHVFXOLOLULVPXOVHvPSOHWHVF
3HUVRQDMHOH VXQW SURLHF LL DOH HXOXL HVHQ LDO L SURIXQG 'DF  ,RQD L
3DUDFOLVHUXOVXQWHXWRWHXVXQWLWHDWUXOPHXLVWRULF 
,RQD VFULV  vQ  SXEOLFDW  vQ  HVWH R WUDJHGLH vQ SDWUX WDEORXUL R
SLHV GHVSUHXQRPVLQJXUQHPDLSRPHQLWGHVLQJXU7HPDFRQGL LHLRPXOXLvQWU
XQXQLYHUVFRQILJXUDWFDVSD LXYLVFHUDOvQFKLVVXSUDSXVVHGH]YROW FDRGH]EDWHUH
GHVSUH OLEHUWDWH L QHFHVLWDWH GHVSUH UDSRUWXO GLQWUH LQGLYLG L FROHFWLYLWDWH GLQWUH
LQGLYLG L VLQHOH HVHQ LDO GHVSUH VLQJXU WDWH L PRDUWH GHVSUH VHQV L QRQVHQV
H[LVWHQ LDOPLYLQHV VSXQF ,RQDVXQWHX&HOFDUHWU LHWHvQ DUDGH)RFHVWH
WRW,RQDRPHQLUHDvQWUHDJ HVWH,RQDGDF PLSHUPLWH,RQDHVWHRPXOvQFRQGL LDOXL
XPDQ vQID DYLH LLLvQID DPRU LL
7LWOXO SLHVHL FDUH QXPHWH XQLFXO SHUVRQDM FH GLDORJKHD]  FX VLQH vQ VFHQ 
VWDELOHWH R UHOD LH GLUHFW  FX PLWXO ELEOLF GHVSUH ,RQD ILXO OXL $PLWDL $FHVWD HVWH
vQJKL LW GH XQ FKLW ILLQGF  vQ ORF V  SURSRY GXLDVF  FXYkQWXO 'RPQXOXL vQ FHWDWHD
1LQLYHIXJHFXRFRUDELHVSUH7DUVLV'XS WUHL]LOHLWUHLQRS L,RQDHVWHHOLEHUDWGLQ
SkQWHFXOPRQVWUXOXLPDULQ
3RYHVWHDVDFU FRQVWLWXLHSHQWUX0DULQ6RUHVFXGRDUXQGHVHQHSLFSULPRUGLDO
SHFDUHVHED]HD] IDEXOD LDGUDPHL'H]YROWDUHDVFHQLF DSDUDEROHLRPXOXLvQJKL LW
GH R EDOHQ  HVWH IRDUWH PRGHUQ  SROHPLF LSDURGLF DSURSLLQGXOSH6RUHVFXGH
PDULL DSRORJH L DL VLQJXU W LL 1LHW]VFKH FDUH IRUPXODVH DIRULVPXO 6ROLWXGLQHD PD
vQJKL LWFDREDOHQ &DPXV6DUWUH+HLGHJJHU(PLO&LRUDQ)RDUWHPRGHUQ HVWHL
IRUPXODGUDPDWLF DOHDV GHSRHWXOGUDPDWXUJ&HOHSDWUXDFWHVHvQO Q XLHvQWUXQ
PRQRORJ DSURDSH LPSRVLELO GH VXEvPS U LW FDUH SRDWH FRQVWLWXL SURWRWLSXO XQXL  WH[W
GHVFKLV
8QLYHUVXOGUDPDWLFDOSLHVHLVHFRQVWUXLHWHWUHSWDWQXSULQDFXPXODUHGHIDSWH
SULQSURJUHVLDDF LXQLLFLSULQGLDORJXOFRQIOLFWXDO7UHSWDWSHUVRQDMXOXQLFDOSLHVHL
VH GLYLGH vQ YRFL H[SULPkQG ILHFDUH R FRPSRQHQW  D HXOXL VFLQGDW ,RQDSHVFDUXO
RPXOSUDJPDWLFY ]XWPDLDOHVvQLSRVWD]DVDGHILLQ VRFLDO ,RQDJKLQLRQLVWXO
WU LQGvQRUL]RQWXOQHQRURFXOXL,RQDYLV WRUXO Q ]XLQGvQVRPQVDXWUHD]V SULQG 
SHWHOHFHOPDUH ,RQDYLFWLPD RPXOFDSWLYvQVIHUHOHFRQFHQWULFHDOHGHWHUPLQ ULORU
FDUHvLDQXOHD] OLEHUWDWHD ,RQDF XW WRUXOSURSULXOXLDGHY UDOLGHQWLW LLVLQHOXLGH
DGkQFLPH RPXO OXFLG FDUH PHGLWHD]  DVXSUD FRQGL LHL VDOH H[LVWHQ LDOH  ,RQD
OXSW WRUXO FDUH VH RSXQH DEVXUGXOXL H[LVWHQ HL ,RQDDUKHXO FDUH UHIDFH VLPEROLF
WRDW LVWRULDRPHQLULLQ ]XLQGV VHQDVF LDU LLLDU L,RQDDVFHWXOFXEDUE FDD
VFKLYQLFLORU GH SH IUHVFH ,RQDLOXPLQDWXO FDUH KRW UkW V  U ]EDW  OD OXPLQ 
GHVFRSHU F OLEHUWDWHDHvQO XQWUXOV XvQVSLULW
)RUPXOD GLDORJXOXL FX VLQHOH PRQRORJ GLDORJDW  HVWH MXVWLILFDW  vQ
GHVFKLGHUHDSLHVHL&DRULFHRPVLQJXU,RQDYRUEHWHWDUHFXVLQHvQVXL
6LWXD LDLQL LDO  DFWXO, vQFDUHHVWHVXUSULQVHURXOHVWHRPHWDIRU DDEVXUGXOXL
OXPLL &X ID D VSUH PDUH vQWUXQ RUL]RQW DO DWHSW ULL SHUSHWXH FD L HURLL  GLQ


$WHSWkQGXO SH *RGRW GH 6DPXHO %HFNHWW  ,RQD VH DIO  I U  VR WLH vQ JXUD
LPHQV  D EDOHQHL GHFL vQWUR VLWXD LH QHIDVW  $FHVW DIDU  LQL LDO HVWH LOX]RULX F FL
,RQD HVWH FDSWLY vQ SODVD UXWLQHL FRWLGLHQH vQ DXWRPDWLVPHOH GH ILLQ  VRFLDO  DOH
SURIHVLXQLL  6XQW SHVFDU L WUHEXLH V  VH J VHDVF  RULFkQG XQ SHWH vQ FDVD PHD
$OWIHOFHDU]LFHOXPHD"LDOHUHVSRQVDELOLW LORUGHFDSGHIDPLOLH6R LDPHDP 
LXEHWHGDUQXFkQGVWDXLP XLWODSHWL &RQWHPSODUHD HOVW FHDVXULvQWUHJLV 
SULYHDVF SHWLLGLQDFYDULX LYLVXO FDLHURXOGLQ% WUkQXOLPDUHDGH+HPLQJZD\
,RQD YLVHD]  GH R YLD  V  SULQG  SHWHOH FHO PDUH  VXQW WHQWDWLYH DOH HYDG ULL GLQ
PHGLRFULWDWHD L DEVXUGXO UHDOLW LL 6H FRQILJXUHD]  DVWIHO XQ SULP FRQIOLFW
H[LVWHQ LDOvQWUHUHDOLWDWH DIL LYLV DYRL vQWUHUHDOLLGHDO1XPDLF YLVXO
SHVFDUXOXL ,RQD HVWH XQ SVHXGRLGHDO ILLQGF  YLVDUHDHvQFKLV vQFHUFXOVWUkPWDO
RUL]RQWXOXLV XH[LVWHQ LDO FDLDS GXUDUXOXLFDUHYLVHD] FRSDFL (OQXHYDGHD] 
FXDGHY UDWGLQFRWLGLDQLGHVXE]RGLDQHQRURFXOXLQFHDUF vQV V OHGHS HDVF 
SULQ MRF SULQ VLPXODUHD XQHL DOWH UHDOLW L SHVFXLHWH vQ DFYDULXO DGXV GH DFDV 
vQWUH LQkQGXLVSHUDQ DF JKLQLRQXO DEVXUGXO vQVFULVvQGHVWLQXOV XSRDWHILDQXODW
-RFXO DUH IXQF LH FRJQLWLY  F FL SULYLQG SHWLL GLQ DFYDULX ,RQD LQWU  vQWUR QRX 
UHDOLWDWH GHVFRSHULQG VLPLOLWXGLQHD vQWUH GHVWLQXO V X GH SHVFDU JKLQLRQLVW L FHO DO
SHWLORU 0HWDIRUD RPXOXLSHWH UHOLHIHD]  GXDOLWDWHD LUHPHGLDELO  D I SWXULL FDUH vL
DSDUHvQDFHODLWLPSFDYkQ WRULYkQDWFDvQJKL LWRU L vQJKL LW    1RL SHWLL
vQRW PSULQWUHQDGH9LVXOQRVWUXGHDXUHV vQJKL LPXQDELQHvQ HOHVSHFHDPDL
PDUHVSXQH,RQDLFXYLQWHOHURVWLWHSXQXQVHQVLXQURVWvQOXPHDDEVXUG SkQ 
DFXP 9LVXO GH D SULQGH SHWHOH FHO PDUH VH UHYHOHD]  DFXP FD IDOV LGHDO FD R
QDG  FH DVFXQGH SULPHMGLD PRUWDO  SHQWUX RP GH D Q ]XL VSUH YDORUL PDWHULDOH
/LPEDMXO YRUE ULH I U  LU OD vQFHSXW DYkQG DSDUHQ D XQHL LPSURYL]D LL  GHYLQH
WUHSWDW IRUP  D WU LULL FRQWLHQWH PLMORF GH LQYHVWLJDUH RQWRORJLF  LQVWUXPHQW DO
FXQRDWHULL 'H FkQG VSXQ FXYLQWH I U  LU VLPW F PL  UHFXSHUH] DQLL IUXPRL GH
YLD 
,]RPRUILVPXO SHVFDU  SHWH L FLWDUHD SURYHUEXOXL SRSXODU GHVSUH SHWHOH FHO
PDUHFDUHOvQJKLWHSHFHOPLFGHYLQVXSRUWXOWH[WXDODOQRLLVLWXD LLGUDPDWLFHSURSXVH
vQDFWXODO,,OHDQJKL LWGHEDOHQDvQJXUDF UHLDVHDIODvQF GHODvQFHSXW,RQDvL
vQFHSH F XWDUHD LQL LDWLF  L DYHQWXUD FXQRDWHULL 3ULPHOH FXYLQWH VSXVH GH ,RQD
vQDLQWH GH D VH GHVFRSHUL SUL]RQLHU  vQ SkQWHFHOH FKLWXOXL VXQW VHPQXO LQWU ULL vQWUR
DOW  GLPHQVLXQH WHPSRUDO  0L VH SDUH PLH VDX H WkU]LX" (URXO WU LHWH PDL vQWkL OD
QLYHO DIHFWLY 6HQWLPHQWXO WkU]LXOXL HVWH XUPDW GH FHO DO UHVHPQ ULL QFHSH V  ILH
WkU]LXvQPLQH8LWHVDI FXWvQWXQHULFvQPkQDGUHDSW LQVDOFkPXOGLQID DFDVHL
>@7UHEXLHV GRUPL'HFHWUHEXLHV VHFXOFHWR LRDPHQLLODVIkULWXOYLH LL"
+DL SXQH FDSXO MRV 0HWDIRUD PRU LL Y ]XWH FD VRPQ VXEOLQLD]  VWHUHRWLSLD FH
GHILQHWHvQF JkQGLUHDOXL,RQD0RPHQWXOLHLULLGLQFOLHXOUHSUH]HQW ULORUFROHFWLYH
FDLGHS LUHDDIHFWHORUSULQJkQGLUHHPDUFDW SULQHIHFWXOVFHQLFDOOXPLQLL' V 
VH FXOFH Q DFHVW PRPHQW OXPLQD VH DSULQGH EUXVF ( FD R LGHH FDUH LD YHQLW OXL
,RQD$VWDHUD3HWHOH0DvQJKL LWGHYLXVDXGHPRUW
 &RQIOLFWXO FDUH VH HYLGHQ LD]  DFXP vQWUH WU LUH L JkQGLUH HVWH XQXO
SVLKRORJLF 5LGLFkQGXVH SH WUHDSWD UD LXQLL ,RQD vL vQYLQJH WHDPD GH PRDUWH L
UHVHPQDUHD vQ ID D HL (URXO VH LQVWDOHD]  DVWIHO OXFLG vQWUXQ WLPS DO UXSWXULL
GHWHUPLQDWGHGRX IRU HSULPDHVWHIRU DRSUHVLY DPHPRULHLFDUHvODVDOWHD] FX
DPLQWLULOH DXWRPDWLVPHORU FH LDX DOF WXLW YLD D DIDU  FHDODOW  H IRU D GH HOLEHUDUH
FDUH vO PkQ  vQDLQWH GLVWUXJkQG SURJUHVLY QHHVHQ LDOXO LQVWDXUDW vQ H[LVWHQ D
H[WHULRDU 7UHSWDW,RQDVHvQGHS UWHD] GHPRGHOXOYLH XLULLLQFRQWLHQWH YHQLFD
PLVWXLUH GHYHQLUH vQWUX GHYHQLUH  ILJXUDW SULQ LSRVWD]D SHVFDUXOXL FDUH vL YHGH




SUDJPDWLF GH WUHEXRDUD OXL 6H HOLEHUHD]  GH VWHUHRWLSLL L DGHU  OD XQ
FRPSRUWDPHQW PLWLF HVHQ LDO (YROX LD VSLULWXDO  D SHUVRQDMXOXL HVWH PDUFDW  SULQ
UHDFWXDOL]DUHDSRYHWLLFXXQXOFDUHDIRVWvQJKL LWGHXQFKLW1XPDLF ,RQDOXFLGXO
VH RSUHWH DFXP OD MXP WDWH QHvQ HOHJkQG vQF  VROX LD PLWLF  D SDUDEROHL ,QVWDODW
GHSOLQ vQ VIHUD UD LXQLL ,RQD LD SURJUHVLY vQ VW SkQLUH FD XQ DGHY UDW H[SORUDWRU
VSD LXOYLVFHUDODF UXLOHJHXQLF HVWHOXSWDSHQWUXVXSUDYLH XLUH YHQLFDPLVWXLUH 
$UPHOHVDOHVXQWORJRVXOFDIRUP GHOLEHUWDWHSULQFDUHvQYLQJHVLQJXU WDWHDIL]LF 
)DFFHYUHDX9RUEHVF6 YHGHPGDF SRWV LWDFQFHDUF 1XPLHIULF  
DF LXQHD PHUVXO F XWDUHD XQHL LHLUL VXQW QHLVWRYLWH WLQ]kQG V  FRQWLHQWL]H]H
OLPLWHOH3RWV PHUJXQGHYUHDX0HUJHvQWURGLUHF LHSkQ VHL]EHWHGHOLPLW  
DVXPDUHD FRQWLHQW  D SURSULHL H[LVWHQ H GHVFRSHULUHD FX LWXOXL FX FDUH vQFHSH V 
VSLQWHFH EXUWD EDOHQHL  L PDL DOHV UD LXQHD ,RQD YLVHD]  DFXP V  vQWHPHLH]H XQ
VSD LX DO FXJHW ULL R EDQF  GH OHPQ vQ PLMORFXO P ULL  >@ O FD GH VWDW FX FDSXO vQ
PkLQLvQPLMORFXOVXIOHWXOXL /DELULQWXOSHFDUHOVWU EDWHvORULHQWHD] SH,RQDVSUHXQ
PHUHXDOWvQFHSXW(OVSLQWHF EXUWDEDOHQHLGDUVHYDUHJ VLSUL]RQLHUvQWUXQVSD LX
YLVFHUDO PDL DPSOX $FWXO DO WUHLOHD VH FRQVXP  PHUHX vQ XQWUX SHWHOH ,, L
SHWHOH ,,, FHL WUHL SHWL VSLQWHFD L DPLQWHVF GH FHOH WUHL SUREH LQL LDWLFH GHS LWH GH
HURXO GLQ EDVPH  (HFXO UHSHWDW DO vQFHUF ULL GH D LHL GLQ FDSWLYLWDWH GLQ EDOHQD
vQJKL LW GHRDOWDPDLPDUHUHSUH]LQW WHQWDWLYDGHDGHS LFRQWLLQ DQHIHULFLULLD
VLQJXU W LL D FRQGL LRQ ULORU PXOWLSOH DOH H[LVWHQ HL XPDQH (URXO  vQFHDUF  V  LD vQ
VW SkQLUHSULQFRQWLLQ LSULQDF LXQHVSD LXOH[LVWHQ LDODODEVXUGXOXLDOGH]RUGLQLL
(OGHYLQHRPXOUHYROWDWFDUHUHIX] V VHODVHSULQVvQYkUWHMXOPRULORUGHYkQWDOH
]HLORU VDX vQ FDSFDQD LOX]LLORU GRQTXLMRWHWL  $SDUL LD SHVFDULORU , ,, vQ FHO GHDO
GRLOHD SHWH QXO VDOYHD]  SH ,RQD GHFkW GH VLQJXU WDWHD IL]LF  ,PSRVLELOLWDWHD
FRPXQLF ULL FX FHL DVHPHQL OXL vO SURLHFWHD]  vQWUR VLQJXU WDWH  PHWDIL]LF  vQ
DMXWRUXO RPXOXL DIODW vQWUR VLWXD LHOLPLW  QX YD V UL QLPHQL GLQ VDW 1LPHQL GH SH
S PkQW1LPHQLGLQFHU$VDOWDWGHFRQWLLQ DDFHVWHLVLQJXU W L,RQDVHUHIXJLD] vQ
SRYHVWH vQ PLW $FWXDOL]DUHD PLWXOXL 0XPHORU HVWH VXSRUWXO XUP WRDUHL DYHQWXUL
LQL LDWLFHDOXL,RQDUHJUHVLDvQVSUHXQWLPSPLWLFDORULJLQLORU$FHDVWDVHV YkUHWH
SULQ LHLUH GLQ GHVWLQ LQGLYLGXDO HFKLYDOkQG FX VSLQWHFDUHD EXU LL SHWHOXL ,,  L
UHIDFHUHDvQVHQVLQYHUVDvQWUHJLLLVWRULLDXPDQLW LL ,QWU PXQGHYUHPLLHLPFkQG
YUHP 7UDYHUVkQG VLPEROLF GH]DVWUH 1D PDL J VLW ORFXO FD YHQLW XQ FXWUHPXU  L
PXULQG FkWH SX LQ vQ U ]ERDLH U ]ERLXO SOHFDP OD U ]ERL 1H VFDS  PHUHX FkWH
FHYDvQYLD 6ROGD LORUOHVFDS PDLDOHVSDFHDODSULPDOLQLWHGHVFKLGRFKLLDWkW
GHODUJvLGHVFKLGF LQWU vQHLLDUEDLS V ULOHFDvQFUDWHUHOHYXOFDQLORUVWLQL ,RQD
GHYLQH DUKHWLSXO DUKHXO FH VH QDWH LDU L LDU 0DP  PL VD vQWkPSODW R PDUH
QHQRURFLUH0DLQDWHP RGDW 7XQXWHVSHULDGLQDWkWDLQDWHP PHUHX6H
LQVWDOHD] DVWIHOXQFRQIOLFWRQWRORJLFvQWUHYLD LPRDUWHFHQXVHSRDWHUH]ROYD
vQDEVHQ DOXL'XPQH]HX&HSXVWLHWDWH$YUHDV WUHDF 'XPQH]HXSHDLFL'DU
vQ ORFXO GLYLQLW LL vQ RUL]RQWXO vQWXQHFDW DO EXU LL SHWHOXL ,,, VHDUDW  GRDU SXLL
QHQ VFX LDLPRQVWUXOXLVLPEROXULDOHXQXLYLLWRUDPHQLQ WRU9LVXOGHDDYHDXQYLLWRU
VH WUDQVIRUP  DFXP vQ FRPDU SRVLELO DUJXPHQW SHQWUX LQWHUSUHWDUHD SLHVHL FD
SDUDERO  SROLWLF  QWUXQ XOWLP HIRUW DFWXO DO ,9OHD  ,RQD DSDUH vQ VS UWXUD EXU LL
XOWLPXOXLSHWH3DUHvPE WUkQLWFXEDUEDGHPXFHQLFIOXWXUkQG3ULYHWHvQ]DUHFD
vQWUR RJOLQG  'HVFRSHU  FX GLVSHUDUH F  RUL]RQWXO H GRDU XQ LU QHVIkULW GH EXU L
1RXDUHYHODUHRUHDOLW LLFDLUGHGHWHUPLQ ULGLQFDUHQXVHSRDWHLHLFULVWDOL]HD] 
XQ QRX FRQIOLFW H[LVWHQ LDO GLIHULW vQV  GH FHO GLQ SULPXO DFW $FXP LGHDOXO DIODW vQ
UDSRUW FRQIOLFWXDO FX UHDOXO HVWH XQXO DXWHQWLF DVSLUD LD VSUH OLEHUWDWH D RPXOXL
UHSUH]HQWDW SULQVLPEROXOOXPLQLL


 'HFL]LD ILQDO  H VXUSULQ] WRDUH vQV  vQWUR SHUIHFW  ORJLF  D GLVFXUVXOXL


GUDPDWLF 1HGHVFRSHULQG QLFLR FDOH GH VDOYDUH GLQ XQLYHUVXO vQFKLV vQ FDUH HVWH
LUHPHGLDELO FDSWLY HO FDXW  LHLUHD vQ VHQV LQYHUV DGkQFLQGXVH vQ SURSULXO RUL]RQW
O XQWULF $VXPkQGXL FRQWLHQW SURSULXO GHVWLQ DPLQWLUH SURJUHVLY  D YkUVWHORU L D
FHORU GUDJL GLQ IDPLOLH  DVXPkQGXL LGHQWLWDWHD (X VXQW ,RQD  L UHFXSHUkQG
XQLWDWHDILLQ HLVDOH DOWHUHJRXULOHOXL,RQDVHUHFRQFLOLD] vQWUXQQRLDOVROLGDULW LL 
vL VSLQWHF  SkQWHFXO VSUH D U ]EL FXPYD OD OXPLQ  *HVWXO QX ILJXUHD]  QHDS UDW R
VLQXFLGHUH FL SRDWH IL R VXJHVWLH L R UH]ROYDUH VFHQLF  D FRQIOLFWXOXL ,RQD vL
FRUHFWHD] DVWIHOWUDLHFWRULDGHPHUVXOXLFRJQLWLY0RDUWHDULWXDOLF DHURXOXLDSDUHFD
LQWUDUHvQDOW HWDS H[LVWHQ LDO VXSHULRDU vQRUGLQHDFXQRDWHULL(DHFKLYDOHD] FX
DQVDHOLEHU ULLWRWDOHFXRQRX QDWHUHFDILLQ VSLULWXDO FDUHWUDQVFHQGHSURSULD
PDWHULH (URXO SRDWH DVWIHO DWLQJH YLVDWD OLEHUWDWH XQ DIDU  DGHY UDW  DFHD SDOP 
GH ORF SH FDUH V L vQWLS UHDVF  WDOSD DUV  GH QRDSWH  XUP  D WUHFHULL VDOH SULQ
OXPHDYLH LLWU LWHFDGHYHQLUHvQWUXILLQ 
3HUVRQDMVLPERO ,RQD H R YRFH D XPDQLW LL H XQ HURX WUDJLF FH VH UHYROW 
VXSHULRU vPSRWULYD OLPLW ULORU RQWRORJLFH 8FLJkQGXL HXO PDWHULDO HO HOLEHUHD]  HXO
VSLULWXDOFHOGLYLQ(URXOVRUHVFLDQILLQ HD] PDLDOHVSULQOLPEDM,URQLDXPRUXOQHJUX
SDUDGR[XO DEVXUGXO SDUDEROD VLPEROXO DOWHUQHD]  FX PHGLWD LL GHVSUH RDPHQL L
OXFUXUL GHVSUH VHQV L QRQVHQV vQ OXPH GHVSUH YLD  L PRDUWH 2ULJLQDO  HVWH L
DVRFLHUHD VWLOXOXL FRORFYLDO FX FHO LQWHQV SRHWLF GH R XOXLWRDUH DGkQFLPH ILORVRILF 
$GHY UDW RSHU DQWRORJLF ,RQDSRDWHILFRQVLGHUDW FDSRGRSHUDGUDPDWXUJLHLOXL
6RUHVFX SULQ IRUPXOD DUWLVWLF  RULJLQDO  SULQ SUREOHPDWLFD H[LVWHQ LDO  D RPXOXL DIODW
vQF XWDUHDDGHY UXOXLGHVSUHVLQHvQDYHQWXUDGHVFRSHULULLOLEHUW LL


(9$/8$5(


3DUWLFXODULW LVWLOLVWLFHDOHRSHUHLGUDPDWLFH
&RQFHSWHVSHFLILFHGUDPDWXUJLHL

1RW  6XELHFWHOH SHQWUX FRORFYLXO SULPXOXL VHPHVWUX YRU FRQ LQH R SUREOHP 
WHRUHWLF  GLQ WHPDWLFD PHQ LRQDW  L R DSOLFD LH SUDFWLF  DQDOL]D VWLOLVWLF  D XQXL
IUDJPHQWGHWH[WOLWHUDUODSULPDYHGHUH 










































































%,%/,2*5$),(6(/(&7,9





$GULDQ0DULQR,QWURGXFHUHvQFULWLFDOLWHUDU %XFXUHWL(7ID
$GULDQ0DULQR+HUPHQHXWLFDLGHLLGHOLWHUDWXU &OXM1DSRFD(GLWXUD'DFLD
$OEHUW7KLEDXGHW)L]LRORJLDFULWLFLL%XFXUHWL(3/8
$QJHOD %LGX9UkQFHDQX &ULVWLQD & O UDX /LOLDQD ,RQHVFX5X[ QGRLX 0LKDHOD
0DQFD *DEULHOD 3DQ  'LQGHOHJDQ 'LF LRQDU GH WLLQ H DOH OLPELL  %XFXUHWL (GLWXUD
1HPLUD
%DUWKHV 5RODQG *UDGXO ]HUR DO VFULLWXULL  3RHWLF  L VWLOLVWLF   %XFXUHWL (GLWXUD
8QLYHUV
%RXVR R&DUORV7HRULDH[SUHVLHLSRHWLFH%XFXUHWL
&RUWL0DULD3ULQFLSLLOHFRPXQLF ULLOLWHUDUH%XFXUHWL(GLWXUD8QLYHUV
&HVDUH%UDQGL7HRULDJHQHUDO DFULWLFLL%XFXUHWL8QLYHUV
&KDUOHV%DOO\7UDLWpGHVW\OLVWLTXHIUDQoDLVH+HLGHOEHUJ(GLWXUD:LQWHU
'LUHF LLvQFULWLFDLSRHWLFDIUDQFH] FRQWHPSRUDQ ,DL(GLWXUD-XQLPHD
'XPLWUX ,ULPLD 6WUXFWXUD VWLOLVWLF  D OLPELL URPkQH FRQWHPSRUDQH %XFXUHWL (GLWXUD
WLLQ LILF L(QFLFORSHGLF 
'XPLWUX,ULPLD,QWURGXFHUHvQVWLOLVWLF ,DL(GLWXUD3ROLURP
(UZLQ+XIQDJHO,QWURGXFHUHvQKHUPHQHXWLF %XFXUHWL8QLYHUV
(/RYLQHVFX,VWRULDFLYLOL]D LHLURPkQHPRGHUQH9RO%XF
*LDQQL9DWLPR(WLFDLQWHUSUHW ULL&RQVWDQ D3RQWLFD
*DEULHOD3DQ 'LQGHOHJDQ FRRUG 'LF LRQDUGHWLLQ HDOHOLPELLHGL LDD,,D%XFXUHWL
(GLWXUD1HPLUD
* & OLQHVFX 7HRULD FULWLFLL L D LVWRULHL OLWHUDUH L ,VWRULD FD WLLQ  LQHIDELO  L VLQWH] 
HSLF vQ3ULQFLSLLGHHVWHWLF %XFXUHWL(3/
+HQU\N0DUNLHZLF]&RQFHSWHOHWLLQ HLOLWHUDUH%XFXUHWL8QLYHUV
+5-DXVV([SHULHQ DHVWHWLF LKHUPHQHXWLF OLWHUDU %XFXUHWL8QLYHUV
,RQ &RWHDQX 6WLOLVWLFD IXQF LRQDO  D OLPELL URPkQH 6WLO VWLOLVWLF  OLPEDM YRO ,,,
%XFXUHWL(GLWXUD$FDGHPLHLL
,RQ&RWHDQX6WLOXULOHPRGHUQHDOHOLPELLURPkQHOLWHUDUHvQ/5,;
,RQ&RWHDQX5HIOHF LLDVXSUDVWLOLVWLFLLIXQF LRQDOHvQ6WXGLLGHOLPE OLWHUDU LILORORJLH
,,%XFXUHWL(GLWXUD$FDGHPLHL
,RDQ3kQ]DUX3UDFWLFLDOHLQWHUSUHW ULLGHWH[W%XFXUHWL3ROLURP
-HDQ6WDURELQVN\5HOD LDFULWLF %XFXUHWL8QLYHUV
/HR6SLW]HU(WXGHVGHVW\OH3DULV*DOOLPDUG
0DWHL& OLQHVFX$FLWLWDUHFLWL%XFXUHWL3ROLURP
0LFKHO)RXFDXOW+HUPHQHXWLFDVXELHFWXOXL%XFXUHWL3ROLURP




0LUFHD0DUWLQ6LQJXUDFULWLF &DUWHD5RPkQHDVF 


0XUU\.ULHJHU7HRULDFULWLFLL%XFXUHWL8QLYHUV
1RUWKURS)U\H$QDWRPLDFULWLFLL%XFXUHWL8QLYHUV
1RUWKURS)U\H'XEODYL]LXQH%XFXUHWL(GLWXUD)XQGD LHL&XOWXUDOH5RPkQH
3DXO&RUQHD,QWHUSUHWDUHLUD LRQDOLWDWH%XFXUHWL3ROLURP
3DXO &RUQHD &RQFHSWXO GH LVWRULH OLWHUDU  vQ FXOWXUD URPkQHDVF  6WXGLX L DQWRORJLH
%XFXUHWL(GLWXUD(PLQHVFX
3DXO5LFRHXU(VHXULGHKHUPHQHXWLF %XFXUHWL+XPDQLWDV
3LHUUH)RQWDQLHU)LJXULOHOLPEDMXOXL%XFXUHWL(GLWXUD8QLYHUV
3OHWW+HLQULFKWLLQ DWH[WXOXLLDQDOL]DGHWH[W%XFXUHWL(GLWXUD8QLYHUV
5HQH:HOOHN,VWRULDFULWLFLLOLWHUDUHPRGHUQHYRO,,9%XFXUHWL8QLYHUV
5RODQG%DUWKHV3O FHUHDWH[WXOXL&KLLQ X&DUWLHU
2VZDOG'XFURW-HDQ0DULH6FKDHIIHU1RXOGLF LRQDUHQFLFORSHGLFDOWLLQ HORUOLPEDMXOXL
%XFXUHWL(GLWXUD%DEHO
2YLGLX*KLGLUPLF+HUPHQHXWLFDOLWHUDU URPkQHDVF &UDLRYD6FULVXO5RPkQHVF
6HUJH'RXEURYVN\3HQWUXFHQRXDFULWLF 8QLYHUV
8PEHUWR(FR2SHUDGHVFKLV %XFXUHWL(3/8
8PEHUWR(FR/LPLWHOHLQWHUSUHW ULL%XFXUHWL8QLYHUV








































































5HGDFWRU$QGUHHD',18
7HKQRUHGDFWRU)ORUHQWLQD67(0$7(
&RSHUWD&RUQHOLD352'$1
%XQGHWLSDU&ROLWLSDU
)RUPDW[

(GLWXUD)XQGDLHL5RPQLDGH0LQH
%XOHYDUGXO7LPLRDUD1U%XFXUHWL6HFWRU
7HO)D[ZZZVSLUXKDUHWUR
(PDLOFRQWDFW#HGLWXUDURPDQLDGHPDLQHUR