Download as pdf or txt
Download as pdf or txt
You are on page 1of 432

0&ODVV

0DQXDOGHXWLOL]DUH
6LPEROXUL
QSUH]HQWXO0DQXDOGHXWLOL]DUHYHLJVL
XUPWRDUHOHVLPEROXUL
$9(57,60(17
1RWHOHGHDYHUWL]DUHYDWUDJDWHQLDODSHUL
FROHFDUHYDUSXWHDSHULFOLWDVQWDWHDVDX
YLDDSUHFXPLVQWDWHDVDXYLDDDOWRUD

1RWSULYLQGSURWHFLDPHGLXOXL
1RWHOHSULYLQGSURWHFLDPHGLXOXLYRIHU
LQIRUPDLLSULYLQGDFLXQLOHGHHOLPLQDUHHFR
ORJLF

 1RWHOHSULYLQGGHWHULRUDUHDPDWHULDOHORU
YDWUDJDWHQLDDVXSUDSHULFROHORUFDUHDU
SXWHDGXFHODGHWHULRUDUHDDXWRYHKLFXOXOXL
GXPQHDYRDVWU
G $FHVWHVLPEROXULLQGLFLQVWUXFLXQLXWLOH
VDXLQIRUPDLLVXSOLPHQWDUHFDUHDUSXWHD
VYDMXWH
 $FHVWVLPEROGHVHPQHD]R
LQVWUXFLXQHSHFDUHWUHEXLHVR
UHVSHFWDL
 0DLPXOWHVLPEROXULFRQVHFXWLYH
LQGLFRLQVWUXFLXQHFXPDLPXOL
SDL
SDJLQD $FHVWVLPEROYLQGLFXQGH
SXWHLJVLLQIRUPDLLVXSOLPHQ
WDUHSULYLQGXQDQXPLWVXELHFW
 $FHVWVLPEROLQGLFXQDYHUWLV
PHQWVDXRLQVWUXFLXQHFDUHVH
FRQWLQXSHSDJLQDXUPWRDUH
'LVSOD\ $FHVWWH[WLQGLFXQPHVDMGHSH
DILDMXOPXOWLIXQFLRQDO
&20$1'
3ULDOHVRIWZDUHXOXLGLQDXWRYHKLFXOVXQW
SURWHMDWHSULQFRS\ULJKW
7KH)UHH7\SH3URMHFW
KWWSZZZIUHHW\SHRUJ7RDWHGUHSWXULOH
UH]HUYDWH
%LQHDLYHQLWvQOXPHD0HUFHGHV%HQ] G 3XWHLFXQRDWHFDUDFWHULVWLFLOHLPSRU
QDLQWHGHDSOHFDvQFOWRULHIDPLOLDUL]DLY WDQWHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWU
FXDXWRYHKLFXOXOGXPQHDYRDVWULFLWLLDFHVW GLQ0DQXDOXOGHXWLOL]DUHLQWHUDFWLYGHSH
PDQXDOvQVSHFLDOLQIRUPDLLOHGHVLJXUDQL LQWHUQHWODDGUHVD
DYHUWLVPHQWHOH,QGLFDLLOHGLQPDQXDOYYRU KWWSZZZPHUFHGHVEHQ]GH
DMXWDVEHQHILFLDLvQPRGRSWLPGHSHUIRU EHWULHEVDQOHLWXQJ
PDQHOHDXWRYHKLFXOXOXLLVHYLWDLVLWXDLLOH (FKLSDGHUHGDFWDUHDGRFXPHQWDLHLWHKQLFH
SHULFXORDVHSHQWUXGXPQHDYRDVWUVDXSHQ 'DLPOHU$*YGRUHWHFRQGXFHUHSOFXWL
WUXDOWHSHUVRDQH vQVLJXUDQ
(FKLSDPHQWXOVDXGHQXPLUHDPRGHOXOXLDXWR
YHKLFXOXOXLGXPQHDYRDVWUSRWYDULDvQIXQF
LHGH
=0RGHO
=FRPDQG
=PRGHOXOGHDU
=GLVSRQLELOLWDWH

,OXVWUDLLOHGLQDFHVWPDQXDOSUH]LQWXQDXWR
YHKLFXOFXYRODQXOSHSDUWHDVWkQJ/DDXWR
YHKLFXOHOHFXYRODQSHSDUWHDGUHDSWGLVSX
QHUHDLDPSODVDUHDFRPSRQHQWHORUDXWRYH
KLFXOXOXLLFRPHQ]LORUGLIHUvQFRQVHFLQ
0HUFHGHV%HQ]DFWXDOL]HD]SHUPDQHQW
DXWRYHKLFXOHOHSURGXVHODFHOHPDLQRLVWDQ
GDUGHvQGRPHQLX
&DDWDUH0HUFHGHV%HQ]vLUH]HUYGUHSWXO
GHHIHFWXDvQRULFHPRPHQWPRGLILFULvQ
PDWHULHGH
=GHVLJQ
=GRWUL
=FDUDFWHULVWLFLWHKQLFH

'LQDFHVWPRWLYRULFHUHFODPDLLED]DWHSH
LOXVWUDLLOHVDXWH[WXOGLQDFHVWPDQXDOVXQW
FRQVLGHUDWHQHIRQGDWH
8UPWRDUHOHFRQVWLWXLHFRPSRQHQWHLQWH
JUDQWHGLQDXWRYHKLFXO
=0DQXDOGHXWLOL]DUH
=%URXUGHVHUYLFH
=$FFHVRULLED]DWHSHHFKLSDUH

0HQLQHLvQWRWGHDXQDDFHVWHGRFXPHQWHvQ
DXWRYHKLFXOQFD]XOYkQ]ULLDXWRYHKLFXOXOXL
WUDQVIHUDLvQWRWGHDXQDGRFXPHQWHOHQRXOXL
SURSULHWDU

q1st

&XSULQV 

,QGH[  3UH]HQWDUHJHQHUDO 

,QWURGXFHUH  6LJXUDQ 

'HVFKLGHUHDLvQFKLGHUHD 

6FDXQHYRODQLRJOLQ]L 

/XPLQLLWHUJWRDUHGHSDUEUL] 

&RQWUROFOLPDWL]DUH 

&RQGXFHUHDLSDUFDUHD 

&DOFXODWRUGHERUGLGLVSOD\XUL 

'HSR]LWDUHLFDUDFWHULVWLFL 

QWUHLQHUHLvQJULMLUH 

$VLVWHQvQFD]GHSDQ 

5RLLSQHXUL 

'DWHWHKQLFH 
 ,QGH[

 $ILDMXOSR]LLHLWUDQVPLVLHL
PDQHWD',5(&76(/(&7  
(76 $VLVWDUHHOHFWURQLFDWUDF $ILDMXOWHPSHUDWXULLH[WHULRDUH 
LXQLL   $LUEDJODWHUDO 
0$7,& WUDFLXQHLQWHJUDOSHU $LUEDJWLSFRUWLQ
PDQHQW   0HVDMGHSHGLVSOD\ 
$LUEDJXOSHQWUXJHQXQFKL 
$ $LUEDJXOWLSFRUWLQ
$%6 VLVWHPDQWLEORFDUHODIUk 8WLOL]DUH 
QDUH $LUEDJXUL
)XQFLHQRWH  $LUEDJIURQWDO RIHUSDVDJHUXO
0HVDMGHSHGLVSOD\  ID  
$%6 6LVWHPDQWLEORFDUHODIUk $LUEDJODWHUDO 
QDUH $LUEDJWLSFRUWLQ 
/DPSDGHDYHUWL]DUH  $LUEDJXOSHQWUXJHQXQFKL 
$%6 6LVWHPGHDQWLEORFDUHODIUk 'HFODQDUH 
QDUH ,QGLFDLLLPSRUWDQWHSULYLQGVLJX
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  UDQD 
$FWLYDUHDGH]DFWLYDUHDIUkQHL $,5)/2: 
35(6$)(  $OLPHQWDUHDFXFDUEXUDQW
$FWLYDUHDGH]DFWLYDUHDPRGXOXL 3URFHVXOGHDOLPHQWDUHFXFDUEX
GHUHFLUFXODUHDDHUXOXL  UDQW 
$FWLYDUHDGH]DFWLYDUHDUFLULLFX $OLPHQWDUHFXFDUEXUDQW
GH]XPLGLILFDUHDDHUXOXL  ,QGLFDWRUQLYHOGHFDUEXUDQW 
$FYDSODQDUH  1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
$G%OXH YH]L&DUEXUDQW
,QGLFDWRUXOGHUHYL]LLWHKQLFH  $VLVWDUHDHOHFWURQLFDWUDFLXQLL
0HVDMGHSHGLVSOD\  YH]L(76 $VLVWDUHDHOHFWURQLFD
$GLWLYL XOHLGHPRWRU   WUDFLXQLL 
$'6 $GDSWLYH'DPSLQJ6\VWHP $VLVWDUHSHQWUXOLPLWDUHDYLWH]HL
6LVWHPXOGHDPRUWL]DUHDGDSWLY $FWLYDUHDGH]DFWLYDUHDIXQFLHL
)XQFLHQRWH  GHDYHUWL]DUH 
$HUFRQGLLRQDW $ILDUH 
5HJODUHDWHPSHUDWXULL FRPSDUWL 0HVDMGHSHGLVSOD\ 
PHQWXOVSDWH   0HVDMXOGHSHGLVSOD\GLQDILDMXO
$ILDMGLVWDQ FDOFXODWRUGHERUG   PXOWLIXQFLRQDO 
$ILDMLQWHUYDOGHVHUYLFH$66<67 1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
3/86 $6,67(170(1,1(5($7(1,(
1RWH  $FWLYDUHDGH]DFWLYDUHD 
$ILDMXOLQWHUYDOXOXLGHVHUYLFH )XQFLHQRWH 
$66<673/86 0HVDMGHSHGLVSOD\ 
$ILDUHDPHVDMHORUGHVHUYLFH  $VLVWHQWXOODYHGHUHDSHWLPSGH
$VFXQGHUHDPHVDMHORUGHVHUYLFH   QRDSWH3OXV
0HVDMHGHVHUYLFH  $FWLYDUHDGH]DFWLYDUHD 
$ILDMXOPXOWLIXQFLRQDO &XUDUH 
$ILDMSHUPDQHQW  )XQFLHQRWH 
)XQFLHQRWH  3UREOHP GHIHFLXQH  
,QGH[ 

$VLVWHQDDFWLYODSDUFDUH $66<673/86
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  YH]L$ILDMXOLQWHUYDOXOXLGHVHUYLFH
$VLVWHQDDFWLYODXQJKLXOPRUW $66<673/86
$FWLYDUHDGH]DFWLYDUHD FDOFXOD $7$ 6LVWHPGHDODUPDQWLIXUW
WRUGHERUG   $FWLYDUHDGH]DFWLYDUHD 
)XQFLHQRWH  'H]DFWLYDUHDDODUPHL 
7UDFWDUHDXQHLUHPRUFL  $7$ VLVWHPXOGHDODUPDQWLIXUW
$VLVWHQDDFWLYSHQWUXPHQLQH 3URWHFLDODWUDFWDUH 
UHDEHQ]LLGHPHUV 6HQ]RUXOGHPLFDUHvQLQWHULRU 
$FWLYDUHDGH]DFWLYDUHD FDOFXOD $7$ 6LVWHPXOGHDODUPDQWLIXUW
WRUGHERUG   )XQFLRQDUH 
)XQFLHQRWH  $WHOLHUGHVHUYLFH
7UDFWDUHDXQHLUHPRUFL  YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$VLVWHQDODSDUFDUH $WHOLHUGHVHUYLFHDXWRUL]DW
YH]L3$5.7521,& YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$VLVWHQDODVFKLPEDUHDEHQ]LL $WHOLHUGHVSHFLDOLWDWH 
YH]L$VLVWHQDODXQJKLPRUW $WHOLHUGHVSHFLDOLWDWHDXWRUL]DW 
$VLVWHQDODXQJKLXOPRUW $XWRYHKLFXO
$FWLYDUHDGH]DFWLYDUHD  &RERUkUH 
1RWHIXQFLH  'HVFXLHUH vQFD]GHXUJHQ  
7UDFWDUHDUHPRUFLL  'HVFXLHUHGHXUJHQ 
$VLVWHQDSHQWUXID]DOXQJDGDS (FKLSDPHQW 
WLY QFXLHUH vQFD]GHXUJHQ  
$FWLYDUHDGH]DFWLYDUHD FDOFXOD QUHJLVWUDUH 
WRUGHERUG   0HVDMGHSHGLVSOD\ 
$VLVWHQDSHQWUXPHQLQHUHDEHQ 5LGLFDUH 
]LLGHPHUV 7UDFWDUH 
$FWLYDUHDGH]DFWLYDUHD  $XWRYHKLFXOXO
)XQFLHLQIRUPDLL  'DWHSULYLQGDXWRYHKLFXOXO 
$VLVWHQDFWLYODSDUFDUH 'HVFXLHUH FKHLH  
0HVDMGHSHGLVSOD\  *DUDQLDLPSOLFLW 
$VLVWHQDFWLYSHQWUXPHQLQH QFXLHUH FKHLH  
UHDEHQ]LLGHPHUV /VDUHDDXWRYHKLFXOXOXLSDUFDW 
0HVDMGHSHGLVSOD\  3RUQLUHDGHSHORF 
$VLVWHQODSDUFDUH 3UHOXDUHDGDWHORU 
YH]L2JOLQ]LH[WHULRDUH 6HWULLQGLYLGXDOH 
YH]L3$5.7521,& 6LVWHPHOHHOHFWURQLFHDOHDXWRYH
$VLVWHQODSRUQLUHDvQSDQW  KLFXOXOXL 
$VLVWHQODXQJKLXOPRUW 7UDQVSRUWDUH 
0HVDMGHSHGLVSOD\  8WLOL]DUHFRUHFW 
$VLVWHQSHQWUXID]OXQJDGDS
WLY %
)XQFLHQRWH 
%$6 6LVWHPXOGHIUkQDUHDVLVWDW  
0HVDMGHSHGLVSOD\ 
%$63/86 6LVWHPGHDVLVWDUHOD
$VLVWHQSHQWUXPHQLQHUHDEHQ
IUkQDUH3OXV  
]LLGHPHUV
%DWHULDDXWRYHKLFXOXOXL
0HVDMGHSHGLVSOD\ 
YH]L%DWHULH DXWRYHKLFXO 
 ,QGH[

%DWHULH DXWRYHKLFXO 8WLOL]DUHDWHOHYL]RUXOXL 


$PSODVDUH  8WLOL]DUHDYLGHR'9' 
&RQHFWDUH  &DOFXODWRUGHSDUFXUV FDOFXODWRU
'HFRQHFWDUH  GHERUG  
QFUFDUH  &DOFXODWRUXOGHERUG
0HVDMGHSHGLVSOD\  $ILDUHDXQXLPHVDMGHVHUYLFH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  0HQLXO$0* 
3RUQLUHIRUDW  0HQLXOGHVHUYLFH 
6FRDWHUHPRQWDUH  6XEPHQLXOVHWULORUGLQIDEULF 
%DWHULH FKHLH &DPHUDGHPHUVvQDSRL
QORFXLUH  )XQFLHQRWH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  ,QVWUXFLXQLGHFXUDUH 
9HULILFDUH  &DSDF
%HFXULOH YH]L&ODSHWDJXULLGHXPSOHUHFX
YH]L6FKLPEDUHDEHFXULORU FDUEXUDQW
%HQ]LQ  &DSDFLWL
%OLQG6SRW$VVLVW $VLVWHQDOD YH]L'DWHWHKQLFH
XQJKLXOPRUW &DSDFSRUWEDJDM 
YH]L$FWLYH%OLQG6SRW$VVLVW $VLV &DSDFLSODVGHEDJDMHFRPEL
WHQDDFWLYODXQJKLXOPRUW  QDWH 
%ORFDUHGLIHUHQLDO PHVDMGHSH &DSRWD
GLVSOD\   'HVFKLGHUH 
%OXH7(& QFKLGHUH 
&RPSOHWDUH$G%OXH  &DSRW
%OXH7(& $G%OXH   &DSRWDFWLY SURWHFLDSLHWRQL
%ULFKHWD  ORU  
%XWRQGHVHOHFWDUHDSURJUDPXOXL  0HVDMGHSHGLVSOD\ 
&DUDFWHULVWLFDGHvQFKLGHUHSH
& WLPSGHSORDLH
7UDSDJOLVDQW 
&DOGHURDW  &DUDFWHULVWLFDGHVXSUDUHJODUH
&DOFXODWRUGHERUG *HDPXULOHODWHUDOHVSDWH 
'LVSOD\VWDQGDUG  &DUDFWHULVWLFD($6<(175<
',67521,&3/86  $FWLYDUHDGH]DFWLYDUHD 
0HPRULDGHPHVDMH  &DUDFWHULVWLFD($6<(175<
0HQLXODXGLR  ,175$5(82$5
0HQLXOGHQDYLJDLH  )XQFLHQRWH 
0HQLXOGHUXODMSDULDO  &DUDFWHULVWLFD($6<(;,7
0HQLXO2QL2IIURDG  $FWLYDUHDGH]DFWLYDUHD 
0HVDMHGHSHGLVSOD\  &DUDFWHULVWLFD($6<(;,7 ,(,5(
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  82$5
3UH]HQWDUHJHQHUDODPHQLXOXL  &XUHDFLHODFROL]LXQL 
5$&(7,0(5  )XQFLHQRWH 
6XEPHQLXQFO]LUH  &DUDFWHULVWLFGHGHVFKLGHUHDVLV
6XEPHQLXODXWRYHKLFXOXOXL  WDW 
6XEPHQLXOSDQRXGHLQVWUXPHQWH  
6XEPHQLX/XPLQL 
8WLOL]DUH 
,QGH[ 

&DUDFWHULVWLFGHvQFKLGHUHSH &HQWXUGHVLJXUDQ
WLPSGHSORDLH &XUDUH 
7UDSJOLVDQWSDQRUDPLF  ,QGLFDWRUXOGHVWDUHDFHQWXULLGH
&DUEXUDQW VLJXUDQVSDWH 
$GLWLYL  ,QVWUXFLXQLLPSRUWDQWHSULYLQG
$OLPHQWDUHFXFDUEXUDQW  VLJXUDQD 
&DOLWDWH EHQ]LQ   /DPSGHDYHUWL]DUH IXQFLH  
&DOLWDWH GLHVHO   &HQWXULOHGHVLJXUDQ
,QGLFDWRUQLYHOGHFDUEXUDQW  'LVSR]LWLYGHSUHWHQVLRQDUHDFHQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  WXULORU 
1RWHSHQWUXDXWRYHKLFXOHOH$0*  /LPLWDWRUGHIRUSHQWUXFHQWXUL 
3UREOHP GHIHFLXQH   5HJODUHDSHvQOLPH 
&DUEXUDQWGHUH]HUY &KHLD
/DPSGHDYHUWL]DUH  0HVDMDILDW 
0HVDMGHSHGLVSOD\  3RUQLUHDPRWRUXOXL 
&DUEXUDQWXO 3R]LLL FRPXWDWRUXOGHFRQWDFW  
$ILDUHDFRQVXPXOXLFXUHQW  VFKLPEDUHDEDWHULHL 
$ILDUHDLQWHUYDOXOXL  &KHLDGHXUJHQ
1RWHSULYLQGFRQVXPXO  'HVFXLHUHDSRUWLHUHLRIHUXOXL 
6WDWLVWLFLGHFRQVXP  &KHLDPDLQLL
&DUGGHPHPRULH DXGLR   YH]L&KHLD
&kUOLJGHJHDQW  &KHLH
&kUOLJHOHGHDQFRUDUH  &DUDFWHULVWLFGHGHVFKLGHUHDVLV
&kUOLJHSHQWUXKDLQH  WDW 
&OGXUUH]LGXDO FRQWUROXOFOLPD (HPHQWXOFKHLHGHXUJHQ 
WL]ULL   )XQFLDGHvQFKLGHUHGHFRQIRUW 
&SWXHDOSDYLOLRQLPRFKHWH QFKLGHUHDGHVFKLGHUHDFHQWUDOL
LQVWUXFLXQLGHFXUDUH   ]DWDSRUWLHUHORU 
&'SOD\HUPDJD]LHGH&'XUL FDO 0RGLILFDUHDSURJUDPULL 
FXODWRUGHERUG   3LHUGHUH 
&HQWUXGHVHUYLFH 3UREOHP GHIHFLXQH  
YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW 9HULILFDUHDEDWHULHL 
&HQWUXGH6HUYLFH0HUFHGHV%HQ] &KLQJVXSHULRDU 
YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW &OLPDWL]DUH
&HQWXUDGHVLJXUDQ 3RUQLUHRSULUH 
$FWLYDUHDGH]DFWLYDUHDUHJOULL 5FLUHFXGH]XPLGLILFDUH 
FHQWXULL FDOFXODWRUGHERUG   5HJODUHDGHELWXOXLGHDHU 
(OLEHUDUH  5HJODUHDGLVWULEXLHLDHUXOXL 
/DPSGHDYHUWL]DUH  5HJODUHDRULILFLLORUGHYHQWLODLH 
0HVDMDILDW  5HJODUHDWHPSHUDWXULL 
3ULQGHUHD  &RGXOGHYRSVHD 
5HJODUHDFHQWXULLGHVLJXUDQ &20$1'2QOLQH
SHQWUXVFDXQXORIHUXOXLLVFDX 0HQLX21 2))52$' 
QXOSDVDJHUXOXLID  YH]L,QVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH
&HQWXU &RPSDUWLPHQWGHGHSR]LWDUH
YH]L&HQWXUGHVLJXUDQ &RPSDUWLPHQWSHQWUXRFKHODUL 
 ,QGH[

&RPSDUWLPHQWHGHGHSR]LWDUH &RQWRUGHSDUFXUV 


&RQVRODFHQWUDO VSDWH   &RQWRUGHUXODMSDULDO
&RQVROFHQWUDO  $SHODUH 
&RWLHU GHGHVXEW   5HVHWDUH FDOFXODWRUGHERUG  
6XSRUWXOSHQWUXSDKDU  &RQWRUGHUXODMWRWDO 
&RPSDUWLPHQWHOHGHGHSR]LWDUH &RQWUROFOLPDWL]DUH
,QIRUPDLLLPSRUWDQWHSULYLQGVLJX $FWLYDUHDGH]DFWLYDUHDIXQFLHL
UDQD  =21( 
3ODVDSHQWUXEDJDMH  &RQWURODXWRPDWDOFOLPDWL]ULL
7RUSHGR  7+(5027521,& WUL]RQ  
&RPSDUWLPHQWSHQWUXRFKHODUL  QFO]LUHDYHQWLODLDDX[LOLDU 
&RPSDUWLPHQWVSDWH QFKLGHUHDGHVFKLGHUHDDVLVWDW
6HWDUHDRULILFLLORUGHYHQWLODLH  PRGGHUHFLUFXODUHDDHUXOXL  
6HWDUHWHPSHUDWXU  1RWHSULYLQGXWLOL]DUHDFRQWUROXOXL
&RPSOHWDUH$G%OXH  DXWRPDWDOFOLPDWL]ULL7+(502
&RPSRQHQWHRUQDPHQWDOH 7521,& 
LQVWUXFLXQLGHFXUDUH   3DQRXGHFRPDQGGLQVSDWH 
&RPSXWHUGHERUG 3RUQLUHDRSULUHDvQFO]LULLOXQHWHL  
0HQLXGHVHWUL  3UH]HQWDUHJHQHUDODVLVWHPHORU  
0HQLXOSHQWUXDVLVWHQ  3UREOHPODvQFO]LUHDOXQHWHL 
0HQLXWHOHIRQ  6HWDUHDPRGXOXLGHFOLPDWL]DUH
6XEPHQLXFRQIRUW  $,5)/2:  
&RPXWDWRUFRPELQDW  &RQWUROFURD]LHU
&RQFHVLXQH $FWLYDUH 
YH]L$WHOLHUGHVSHFLDOLWDWHDXWRUL]DW 'H]DFWLYDUH 
&RQGXFHUHDvQVWULQWDWH 1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
)D]DVFXUWVLPHWULF  &RQWUROQLYHO PHVDMGHSHGLVSOD\  
6HUYLFHK  &RQWUROXOFOLPDWL]ULL
&RQGXFHUHDSHGUXPXULPRQWDQH $FWLYDUHDGH]DFWLYDUHDFOGXULL
8QJKLGHDWDFGHJDMDUH  UH]LGXDOH 
&RQGXFHUHDRIIURDG &RQWUROXODXWRPDWDOFOLPDWL]ULL
,QIRUPDLLJHQHUDOH  7+(50$7,& EL]RQ  
/LVWGHYHULILFDUHGXSFRQGXFH 'H]DEXULUHDJHDPXULORU 
UHDRIIURDG  'H]DEXULUHDSDUEUL]XOXL 
&RQGXFHUHRIIURDG /DPSLQGLFDWRDUH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
YH]L&RQGXFHUHRIIURDG 1RWHSULYLQGXWLOL]DUHDFRQWUROXOXL
&RQGXFHUHRIIURDG DXWRPDWDOFOLPDWL]ULL7+(50$
/LVWGHYHULILFDUHvQDLQWHGHFRQ 7,& 
GXFHUHDRIIURDG  3RUQLUHDRSULUHDPRGXOXLGH
5XODUHDvQSDQW  UHFLUFXODUHDDHUXOXL 
&RQH[LXQHGLDJQRVWLFDUH  3UREOHPHODUFLUHDFXGH]XPLGL
&RQVRODFHQWUDO ILFDUHDDHUXOXL 
6HFLXQHDLQIHULRDU  &RQWUROXOFURD]LHUHL
6HFLXQHDVXSHULRDU  &RQGLLLGHDFWLYDUH 
&RQWRUGHGLVWDQ /DPSDLQGLFDWRDUH/,0 
YH]L&RQWRUGHUXODMSDULDO 0DQHWDSHQWUXFRQWUROXOFURD]LH
UHL 
,QGH[ 

6HOHFWDUH  'HVFKLGHUHDLvQFKLGHUHDSDQRX


6HWDUHDXQHLYLWH]H  ULORURUQDPHQWDOHODWHUDOH 
6LVWHPGHDVLVWDUHDFRQGXFHULL  'HVFKLGHUHSHQWUXYDU
&RQWUROXOQLYHOXOXL DXWRYHKLFXOFX YH]L&DUDFWHULVWLFDGHGHVFKLGHUH
SDFKHWXO$,50$7,& DVLVWDW
)XQFLHQRWH  'HVFKL]WRUSHQWUXXDJDUDMXOXL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  1RWH 
6HWULGHED]  'HVFKL]WRUXOSHQWUXXDJDUDMXOXL
&RQWUROXOQLYHOXOXL DXWRYHKLFXOH 'HVFKLGHUHDvQFKLGHUHDXLL
FXSDFKHWXO21 2))52$' JDUDMXOXL 
)XQFLHQRWH  )UHFYHQH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  3URJUDPDUH EXWRQXOGLQRJOLQGD
6HWULGHED]  UHWURYL]RDUH  
&RSLL WHUJHUHDPHPRULHL 
6LVWHPHGHUHWHQLH  'HVFXLHUH
&RYRUD  'HVFXLHUHDGHXUJHQ 
&ULF 'HVFXLHUHD
/RFGHGHSR]LWDUH  'LQLQWHULRUXODXWRYHKLFXOXOXL
8WLOL]DUH  EXWRQXOGHGHVFKLGHUHFHQWUDOL
&URQRPHWUDUH 5$&(7,0(5   ]DW  
&URQRPHWUX 5$&(7,0(5   'HVFXLHUHGHXUJHQ
&XSOUHPRUF $XWRYHKLFXO 
YH]L7UDFWDUHDXQHLUHPRUFL 'HWHFWDUHDEHQ]LL DXWRPDW
&XSOVIHULF YH]L$VLVWHQDSHQWUXPHQLQHUHD
([WLQGHUHD  EHQ]LLGHPHUV
5DEDWDUHDvQXQWUX  'H]DFWLYDUHDDODUPHL $7$  
&XSOXOGHVWUkQJHUHDOXUXEXULORU 'LHVHO 
GHURDW  'LPHQVLXQLDXWRYHKLFXO 
&XUDUH 'LUHFLH PHVDMGHSHGLVSOD\  
&kUOLJGHWUDFWDUHDUHPRUFLL  'LVSOD\ LQVWUXFLXQLGHFXUDUH  
6HPQDOL]DWRUGHGLUHFLHGLQ 'LVSOD\XOSHQWUXSR]LLDWUDQVPL
RJOLQG  VLHL 
'LVSR]LWLYHFRPDQGDWHSULQXQGH
' UDGLR PRQWDUH  
'LVSR]LWLYHGHFXUDUHODSUHVLXQH
'DWH
vQDOW 
YH]L'DWHWHKQLFH
'LVWULEXLDHOHFWURQLFDIRUHLGH
'DWHSULYLQGDXWRYHKLFXOXO 
IUkQDUH
'DWHWHKQLFH
YH]L(%' GLVWULEXLDHOHFWURQLFD
'DWHSULYLQGDXWRYHKLFXOXO 
IRUHLGHIUkQDUH 
1RWH 
',67521,&3/86
3QHXULMDQWH 
$FWLYDUH 
6DUFLQLOHUHPRUFLL 
$ILDMHGLQDILDMXOPXOWLIXQFLRQDO 
'HEORFDUHGHXUJHQ
&RQGLLLGHDFWLYDUH 
+D\RQ 
'H]DFWLYDUHD 
'HVFKLGHUHDvQFKLGHUHDFODSHWHL
)XQFLHQRWH 
JXULLGHXPSOHUHFXFDUEXUDQW 
/DPSDGHDYHUWL]DUH 
 ,QGH[

0DQHWSHQWUXFRQWUROXOFURD]LH )
UHL 
0HVDMGHSHGLVSOD\  )DU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  6LVWHPXOGHFXUDUH IXQFLH  
6HOHFWDUH  )DUXUL
6HWDUHDGLVWDQHLPLQLPHVSHFLIL $EXULUH 
FDWH  &RPSOHWDUHDVLVWHPXOXLGH
6IDWXULSULYLQGFRQGXFHUHD  FXUDUH 
'UXPXULVFXUWH ILOWUXGHSDUWLFXOH YH]L0RGXOIXQFLRQDUHDXWRPDW
GLHVHO   DIDUXULORU
'65 5HJODUHDYLWH]HLODFRERUkUHD )DUXULOHSHQWUXID]OXQJ
vQSDQW 0HVDMGHSHGLVSOD\ 
)XQFLHQRWH  3RUQLUHDRSULUHDDVLVWULLSHQWUX
0HVDMGHSHGLVSOD\  ID]OXQJDGDSWLY 
'9'DXGLR FDOFXODWRUGHERUG   )DUXULOHSHQWUXID]VFXUW
0HVDMGHSHGLVSOD\ 
( )DUXULSHQWUXID]OXQJ
3RUQLUHRSULUH 
(%' GLVWULEXLDHOHFWURQLFDIRU 6FKLPEDUHDEHFXULORU 
HLGHIUkQDUH )DUXULSHQWUXID]VFXUW
)XQFLHQRWH  3RUQLUHRSULUH 
0HVDMGHSHGLVSOD\  6FKLPEDUHDEHFXULORU 
(OHPHQWXOFKHLHGHXUJHQ 6HWDUHDSHQWUXFRQGXFHUHDvQ
)XQFLHQRWH  VWULQWDWH VLPHWULF  
QFXLHUHDDXWRYHKLFXOXOXL  6HWDUHSHQWUXFRQGXFHUHDSH
(OLEHUDUHDGHXUJHQ GUHDSWDVWkQJD 
3RUWLHUDRIHUXOXL  )LOWUXGHDHU PHVDMGHSHGLVSOD\
(63 3URJUDPGHVWDELOLWDWHHOHF DOE  
WURQLF )LOWUXGHFDUEXUDQW PHVDMGHSH
(76  GLVSOD\DOE  
'H]DFWLYDUHDFWLYDUH  )LOWUXOGHSDUWLFXOHGLHVHO 
)XQFLHQRWH  )LQLVDMXOPDW LQVWUXFLXQLGH
,QGLFDLLLPSRUWDQWHSULYLQGVLJX FXUDUH  
UDQD  )UkQDGHSDUFDUH
/DPSGHDYHUWL]DUH  0HVDMDILDW 
0HQLXO$0* FDOFXODWRUGHERUG   )UkQD35(6$)(
0HVDMXOGHSHGLVSOD\  /DPSGHDYHUWL]DUH 
6WDELOL]DUHUHPRUF  0HVDMGHSHGLVSOD\ 
([WLQFWRU  )51$5($'$37,9 
)UkQGHPkQ
YH]L)UkQGHSDUFDUH
)UkQGHSDUFDUH
)UkQGHSDUFDUHHOHFWULF 
)UkQH
$%6 
%$63/86 
)UkQDGHSDUFDUH 
/LFKLGGHIUkQ QRWH  
,QGH[ 

0HVDMGHSHGLVSOD\  *KLGDUHDSHWUDVHX QDYLJDLH  


1RWHLPSRUWDQWHSULYLQGVLJXUDQD  *UHXWLDXWRYHKLFXO 
6IDWXULSULYLQGFRQGXFHUHD 
6LVWHPGHIUkQDUHGHvQDOWSHU +
IRUPDQ 
)UkQHOH +D\RQ
%$6  'HEORFDUHGHXUJHQ 
/DPSDGHDYHUWL]DUH  'LPHQVLXQLGHGHVFKLGHUH 
)UHFYHQH /LPLWDUHDXQJKLXOXLGHGHVFKLGHUH 
0HVDMGHSHGLVSOD\ 
'HVFKL]WRUXOSHQWUXXDJDUDMX
+D\RQXO
OXL 
6WDLHUDGLRELGLUHFLRQDO  'HVFKLGHUHDvQFKLGHUHD DXWR
7HOHIRQPRELO  PDWGLQH[WHULRU  
)XQFLDGHvQFKLGHUHGHFRQIRUW  'HVFKLGHUHDvQFKLGHUHD DXWR
PDWGLQLQWHULRU  
)XQFLDOXPLQDFWLY 
'HVFKLGHUHDvQFKLGHUHD GLQ
)XQFLDVWDUWVWRS(&2
H[WHULRU  
,QIRUPDLLJHQHUDOH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
)XQFLHQRWHSULYLQGIUkQD35(
6$)( 
,
)XQFLHGHPHPRUDUH 
)XQFLH+2/' ,OXPLQDUHD
)XQFLHQRWH  YH]L/XPLQLOH
0HVDMGHSHGLVSOD\  ,OXPLQDUHDDPELDQW
)XQFLHVWDUWVWRS(&2 6HWDUHDFXORULL FDOFXODWRUGH
'H]DFWLYDUHDFWLYDUH  ERUG  
)XQFLRQDUHDSHWLPSGHLDUQ 6HWDUHDLQWHQVLWLL FDOFXODWRUGH
/DQXULOHGH]SDG  ERUG  
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  ,OXPLQDUHDLQWHULRDU
3URJUDPGHFRQGXFHUHSH]SDG  &RQWUROXOPDQXDO 
6XSUDIHHFDURVDELOHDOXQHFRDVH  ,OXPLQDUHDGHXUJHQ 
)XQFLRQDUHSHWLPSGHLDUQ /DPSDGHOHFWXU 
0DVFUDGLDWRU  2SULUHWHPSRUL]DW FDOFXODWRUGH
ERUG  
* 3UH]HQWDUHJHQHUDO 
6HWDUHDFXORULLLOXPLQULL
*HDPXUL DPELDQWH FDOFXODWRUGHERUG  
&XUDUH  6HWDUHDLQWHQVLWLLLOXPLQULL
YH]L*HDPXULODWHUDOH DPELDQWH FDOFXODWRUGHERUG  
*HDPXULHOHFWULFH 6LVWHPXOGHFRQWURODXWRPDW 
YH]L*HDPXULODWHUDOH ,OXPLQDUHDPELHQWDO FDOFXODWRU
*HDPXULODWHUDOH GHERUG  
'HVFKLGHUHvQFKLGHUH  ,OXPLQDUHDVXSOLPHQWDUvQYLUDMH
'HVFKLGHUHDVLVWDW  )XQFLHQRWH 
QFKLGHUHGHFRQIRUW  ,OXPLQDUHGHXUJHQFXUHDFLLOD
5HVHWDUH  FROL]LXQL 
*HDPXULOHODWHUDOH ,OXPLQDUHH[WHULRDU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  YH]L/XPLQL
3UREOHP GHIHFLXQH  
 ,QGH[

,OXPLQDUHLQVWUXPHQWH QFKLGHUHDFHQWUDOL]DW
YH]L,OXPLQDUHDSDQRXOXLGHLQVWUXPHQWH QFXLHUHDXWRPDW FDOFXODWRUGH
,OXPLQDUHLQWHULRDU  ERUG  
,OXPLQDUHSDQRXGHLQVWUXPHQWH  QFKLGHUHFHQWUDOL]DW
,OXPLQDUHVXSOLPHQWDUvQYLUDMH 'HVFXLHUHvQFXLHUH FKHLH  
0HVDMGHSHGLVSOD\  QFXLHUH SRUWLHUH
,PRELOL]DWRU  $XWRPDW 
,QGLFDWRDUH QFXLHUHGHXUJHQ 
YH]L6HPQDOL]DWRDUHGHGLUHFLH QFXLHUHD SRUWLHUHOH
,QGLFDWRUXOGHUHYL]LLWHKQLFHSHQ 'LQLQWHULRU EXWRQXOGHvQFKLGHUH
WUX$G%OXH  FHQWUDOL]DW  
,QGLFDWRUXOGHVWDUHDFHQWXULLGH QFXLHUHDFHQWUDOL]DW
VLJXUDQGLQFRPSDUWLPHQWXO YH]LQFKLGHUHDFHQWUDOL]DW
VSDWH  QFXLHUHDGHXUJHQDDXWRYHKLFX
,QGLFDWRUXOWUHSWHLGHYLWH] FDOFX OXOXL 
ODWRUXOGHERUG   QFXLHWRULOHFHQXSHUPLWDFFHVXO
,QVWUXFLXQLJHQHUDOHUHIHULWRDUHOD FRSLLORU
vQFUFDUH  1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
,QYRFDUHDXQHLGHIHFLXQL 3RUWLHUHOHVSDWH 
YH]L0HVDMHOHGHSHGLVSOD\ QJULMLUH
$VLVWHQWXOODYHGHUHDSHWLPSGH
QRDSWH3OXV 
&DPHUDGHPHUVvQDSRL 
QFO]LUH &SWXHDOSDYLOLRQ 
YH]L&RQWUROFOLPDWL]DUH &HQWXUDGHVLJXUDQ 
QFO]LUHDDX[LOLDU &RPSRQHQWHRUQDPHQWDOH 
)L[DUHDRUHLGHSOHFDUH  'LVSR]LWLYGHFXUDUHODSUHVLXQH
3UREOHP PHVDMXOGHSHGLVSOD\    vQDOW 
6HWDUH  *HDPXUL 
7HOHFRPDQGD  +XVDGHVFDXQ 
QFO]LUHDOXQHWHL ,QWHULRU 
3RUQLUHRSULUH  /DPHOHWHUJWRDUHORU 
QFO]LUHDX[LOLDU 0RFKHWH 
$FWLYDUHGH]DFWLYDUH  1RWH 
$FWLYDUHGH]DFWLYDUH GHSHFRQ 2UQDPHQWGLQOHPQ 
VRODFHQWUDO   2UQDPHQWGLQSODVWLF 
0HVDMGHSHGLVSOD\  5RL 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  6FKLPEWRUGHYLWH]HVDXPDQHW
QFO]LUHDYRODQXOXL VHOHFWRDUH 
3RUQLUHRSULUH  6HQ]RULL 
3UREOHP GHIHFLXQH   6SODUHPDQXDO 
QFO]LUHOXQHW 6SOWRULHDXWRPDW 
3UREOHP GHIHFLXQH   HYLGHHDSDPHQW 
QFUFDUHSULQEDQFKHW  9RODQ 
QFKLGHUHD 9RSVHD 
YH]LQFKLGHUHDFHQWUDOL]DW 9RSVHDPDW 
QFKLGHUHDGHVFKLGHUHDDVLVWDW QORFXLUHDEDWHULHL WHOHFRPDQG
PRGXOGHUHFLUFXODUHDDHUXOXL   GHvQFO]LUHDX[LOLDU  
,QGH[ 

QWLQ]WRUGHFHQWXU /DPSGHFHDVSDWH
$FWLYDUH  0HVDMGHSHGLVSOD\ 
)XQFLH  3RUQLUHRSULUH 
QWUHLQHUH /DPSGHOHFWXU 
'LVSOD\  /DPSSHQWUXSOFXDGHvQPDWUL
/XPLQLH[WHULRDUH  FXODUH PHVDMGHSHGLVSOD\  
YH]L$ILDMXOLQWHUYDOXOXLGHVHUYLFH /DQXULGH]SDG
$66<673/86 ,QIRUPDLL 
3URJUDPGHFRQGXFHUHSH]SDG 
- /PSL
YH]L/PSLOHGHDYHUWL]DUHLLQGLFDWRDUH
-DOX]HOH
/PSLGHDYHUWL]DUHLLQGLFDWRDUH
7UDSJOLVDQWSDQRUDPLF 
&DUEXUDQWGHUH]HUY 
-DQWH
&HQWXUDGHVLJXUDQ 
'LPHQVLXQHMDQWHGLPHQVLXQH
)UkQHOH 
SQHXUL 
/LFKLGGHUFLUH 
3UH]HQWDUHJHQHUDO 
. 5H]HUYRUGHFDUEXUDQW 
.(</(66*2 /PSLGHIUkQ
%XWRQXO6WDUW6WRS  6FKLPEDUHDEHFXULORU 
'HVFXLHUH  /PSLGHPHUVvQDSRL
QFKLGHUHDVLVWDW  0HVDMGHSHGLVSOD\ 
QFXLHUH  /PSLGHSR]LLH
0HVDMXOGHSHGLVSOD\  0HVDMGHSHGLVSOD\ 
3RUQLUHDPRWRUXOXL  3RUQLUHRSULUH 
.LORPHWUDM 6FKLPEDUHDEHFXULORU 
YH]L&RQWRUGHUXODMSDULDO /PSLGHSR]LLH VFKLPEDUHD
YH]L&RQWRUXOGHGLVWDQWRWDO EHFXULORU  
.LORPHWUDMSDUFXUV /PSLOHGHDYHUWL]DUHLLQGLFD
YH]L&RQWRUGHUXODMSDULDO WRDUH
$%6 
/ ',67521,&3/86 
(63 
/DPHOHWHUJWRDUHORU
(632)) 
&XUDUHD 
/,0 FRQWUROXOFURD]LHUHL  
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
/,0 ',67521,&3/86  
/DPHWHUJWRDUH
/,0 63(('7521,&YDULDELO  
QORFXLUH ODOXQHW  
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL 
QORFXLUH SDUEUL]  
3$66(1*(5$,5%$*2)) $,5
/DPSDGHDYHUWL]DUH3$66(1*(5
%$*3$6$*(5235,7  
$,5%$*2)) DLUEDJSDVDJHUGH]DF
6HPQDOXOGHDYHUWL]DUHSULYLQGGLV
WLYDW  
WDQD 
/DPSDLQGLFDWRDUH/,0
656 
&RQWUROXOFURD]LHUHL 
/PSLOHGHIUkQ
',67521,&3/86 
0HVDMGHSHGLVSOD\ 
63(('7521,&YDULDELO 
 ,QGH[

/PSLOHLQGLFDWRDUH &RPXWDWRUXOGHOXPLQL 


0HVDMGHSHGLVSOD\  &RQGXFHUHDvQVWULQWDWH 
YH]L/PSLOHGHDYHUWL]DUHLLQGLFDWRDUH )DUXULOHSHQWUXID]OXQJ 
/PSLOHLQGLFDWRDUHLOPSLOHGH )DUXULOHSHQWUXID]VFXUW 
DYHUWL]DUH )XQFLDGHLOXPLQDUHVXSOLPHQWDU
'LDJQRVWLFDUHDPRWRUXOXL  vQYLUDMH 
/PSLOHVSDWH )XQFLDOXPLQDFWLY 
0HVDMGHSHGLVSOD\  QOLPHIDUXUL 
/LFKLGGHIUkQ /DPSDGHFHDVSDWH 
0HVDMGHSHGLVSOD\  /PSLOHGHSR]LLH 
1RWH  0HVDMXOGHSHGLVSOD\ 
/LFKLGGHUFLUH PRWRU 0RGXODXWRVWUDG 
/DPSGHDYHUWL]DUH  0RGXOGHIXQFLRQDUHDXWRPDWD
0HVDMGHSHGLVSOD\  IDUXULORU 
7HPSHUDWXU FDOFXODWRUGHERUG    3RUQLUHDRSULUHDPRGXOXLGH
9HULILFDUHDQLYHOXOXL  IXQFLRQDUHSHWLPSGH]LDIDUXUL
/LFKLGGHVSODUH ORU FRPXWDWRU  
0HVDMGHSHGLVSOD\  3URLHFWRDUHOHGHFHD UD]
/LFKLGVSOWRUGHSDUEUL] H[WLQV  
YH]L6LVWHPVSOWRUGHSDUEUL] 6HPQDOL]DWRDUHGHDYDULH 
/LFKLGXOGHUFLUH PRWRU 6HPQDOL]DWRDUHGHGLUHFLH 
,QGLFDWRUXOGHWHPSHUDWXU  6HWDUHDFXORULLLOXPLQULL
1RWH  DPELDQWH FDOFXODWRUGHERUG  
/LPLWDUHDYLWH]HL 6HWDUHDLQWHQVLWLLLOXPLQULL
YH]L63(('7521,& DPELDQWH FDOFXODWRUGHERUG  
/LPLWDWRDUHGHIRUSHQWUXFHQ YH]L,OXPLQDUHDLQWHULRDU
WXU DFWLYDUH   YH]L6FKLPEDUHDEHFXULORU
/RFRIHU /XPLQL$872
YH]L3DQRXGHLQVWUXPHQWH 0HVDMGHSHGLVSOD\ 
/2:5$1*( YH]L/XPLQL
0HVDMGHSHGLVSOD\  /XPLQLGHIUkQ
7UHDSWSHQWUXWHUHQDFFLGHQWDW  $GDSWLYH 
/XPLQL /XPLQLOHGHIUkQDGDSWLYH 
$FWLYDUHGH]DFWLYDUHLOXPLQDUH
DPELHQWDO FDOFXODWRUGHERUG   0
$FWLYDUHGH]DFWLYDUHRSULUHWHP 0DQHWD',5(&76(/(&7
SRUL]DWDLOXPLQULLH[WHULRDUH YH]L7UDQVPLVLHDXWRPDW
FDOFXODWRUGHERUG   0DQHWGHVFKLPEDUHDYLWH]HORU
$FWLYDUHGH]DFWLYDUHRSULUHWHP VLWXDWSHYRODQ 
SRUL]DWDLOXPLQULLLQWHULRDUH 
0DVSURSULH ODJRO  
$FWLYDUHDGH]DFWLYDUHD$VLVWHQ
0DVFDQWLLQVHFWHGHSHUDGLDWRU 
HLSHQWUXID]DOXQJDGDSWLY 
0DVFUDGLDWRU 
$FWLYDUHDGH]DFWLYDUHDPRGXOXL
0DLQD
GHIXQFLRQDUHSHWLPSGH]LDIDUX
YH]L$XWRYHKLFXOXO
ULORU FDOFXODWRUGHERUG  
0HPRULDGHPHVDMH FDOFXODWRUGH
$FWLYDUHDGH]DFWLYDUHDVLVWHPX
ERUG  
OXLGHOXPLQLLQWHOLJHQWH 
0HQLXO$0* FDOFXODWRUXOGHERUG  
&OD[RQXORSWLFIODVK 
,QGH[ 

0HQLXODXGLR FDOFXODWRUGHERUG   0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL


0HQLXOGHVHUYLFH FDOFXODWRUGH )XQFLHQRWH 
ERUG   /DPSDGHDYHUWL]DUH 
0HQLXOSHQWUXDVLVWHQ FRPSXWHU 5HSRUQLUHD 
GHERUG   0RWRU
0HQLXO2QL2IIURDG FDOFXODWRU )XQFLDVWDUWVWRS(&2 
GHERUG   0HVDMHDILDWH 
0HVDMGHHURDUH 2SULUH 
YH]L0HVDMHGHSHGLVSOD\ 3RUQLUHDFX.(</(66*2 
0HVDMGHSHGLVSOD\ 3RUQLUHIRUDW 
$VFXQGHUH FDOFXODWRUGHERUG   3RUQLUHSULQWUDFWDUH DXWRYHKLFXO  
,QIRUPDLLJHQHUDOH  6HULDPRWRUXOXL 
0HVDMGHSHGLVSOD\ODPSGHJDED 0RWRUXO
ULWODWHUDO  )XQFLRQDUHQHUHJXODW 
0HVDMH /DPSDGHDYHUWL]DUH GLDJQRVWLFD
YH]L0HVDMHGHSHGLVSOD\ UHDPRWRUXOXL  
0HVDMHGHSHGLVSOD\ 3RUQLUHDFXFKHLD 
$XWRYHKLFXO  3UREOHPHODSRUQLUH 
0RWRU  03
6LVWHPHGHDVLVWDUHDFRQGXFHULL  8WLOL]DUH 
6LVWHPHGHVLJXUDQ  YH]L,QVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH
0HVDMHOHGHSHGLVSOD\
$ILDMLQWHUYDOGHVHUYLFH$66<67 1
3/86 
1DYLJDLH
$SHODUH FDOFXODWRUGHERUG  
&DOFXODWRUGHERUG 
&KHLD 
0HQLX FDOFXODWRUXOGHERUG  
/XPLQL 
YH]LLQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH
3QHXUL 
1LYHODXWRYHKLFXO PHVDMGHSHGLV
0HVDMXOGHSHGLVSOD\
SOD\  
.(</(66*2 
1LYHOGHFDUEXUDQW
0RGDXWRVWUDG 
,QGLFDWRU 
0RGGHIXQFLRQDUHDXWRPDWD
1LYHOXODXWRYHKLFXOXOXL
IDUXULORU 
6XVSHQVLDVSRUW$0*5,'(&21
0RGGHIXQFLRQDUHFRQVWDQWD
752/ 
IDUXULORU
1LYHOXOGHFDUEXUDQW
YH]L0RGGHIXQFLRQDUHSHWLPS
$FWLYDUHDLQWHUYDOXOXL FDOFXODWR
GH]LDIDUXULORU
UXOGHERUG  
0RGGHIXQFLRQDUHSHWLPSGH]LD
1RWHSULYLQGURGDUHDXQXLQRX
IDUXULORU
DXWRYHKLFXO 
$FWLYDUHGH]DFWLYDUH FDOFXODWRU
1XPUXOGHLGHQWLILFDUHDYHKLFX
GHERUG  
OXOXL
0HVDMGHSHGLVSOD\ 
YH]L9,1
3RUQLUHDRSULUHD FRPXWDWRU  
0RGLILFDUHDSURJUDPULL FKHLH  
0RGXOGHUXODUHGHXUJHQSHQWUX
2
WUDQVPLVLDDXWRPDW  2FKLXULGHDQFRUDUH 
2JOLQGDGHPDFKLDM GLQSDUDVRODU  
 ,QGH[

2JOLQGUHWURYL]RDUH 3
)XQFLH]LQRDSWH PDQXDO  
0RGDQWLRUELUH DXWRPDW   3DFKHWGHVLVWHPHSHQWUXDVLVWD
2JOLQ]L UHDDFWLYDFRQGXFHULL 
YH]L2JOLQGDGHPDFKLDM 3DFKHWXO$,50$7,&
YH]L2JOLQGUHWURYL]RDUH $'6 $GDSWLYH'DPSLQJ6\VWHP
YH]L2JOLQ]LH[WHULRDUH 6LVWHPXOGHDPRUWL]DUHDGDSWLY   
2JOLQ]LH[WHULRDUH &RQWUROXOQLYHOXOXL 
QDIDUDSR]LLHL UHPHGLHUHD )XQFLHQRWH 
GHIHFLXQLORU   3DFKHWXOGHVLVWHPHGHDVLVWDUH
0RGDQWLRUELUH DXWRPDW   SHQWUXPHQLQHUHDEHQ]LLGHFLUFX
3R]LLHGHSDUFDUH  ODLH 
5DEDWDUHH[WLQGHUH DXWRPDW   3DQ
5DEDWDUHH[WLQGHUH HOHFWULF   YH]L3DQGHSQHX
5HJODUH  YH]L5HPRUFDUH
5HVHWDUH  3DQGHFDXFLXF
6HWULGHPHPRUDUH IXQFLDGH 5LGLFDUHDXWRYHKLFXO 
PHPRUDUH   3DQGHSQHX
2JOLQ]LOHH[WHULRDUH 3UHJWLUHDDXWRYHKLFXOXOXL 
5DEDWDUHDvQLQWHULRUODvQFXLHUH 6LVWHPGHUXODUHvQFD]GHSDQ
FDOFXODWRUGHERUG   02([WHQGHG 
2SULUHDDXWRPDWDPRWRUXOXL 3DQRXGHFRPDQGVLWXDWSHSOD
IXQFLDVWDUWVWRS(&2   IRQ 
2SULUHWHPSRUL]DW 3DQRXGHLQVWUXPHQWH
,OXPLQDUHDLQWHULRDU  /PSLGHDYHUWL]DUHLLQGLFDWRDUH 
,OXPLQDUHH[WHULRDU FDOFXODWRU 3UH]HQWDUHJHQHUDO 
GHERUG   3DQRXOGHLQVWUXPHQWH
2U 6HWUL 
YH]L0DQXDOGHXWLOL]DUHVHSDUDW 3DUEUL]
2ULILFLL 'H]DEXULUH 
YH]L2ULILFLLGHYHQWLODLH 7HUPRUHIOHFWDQW 
2ULILFLLGHYHQWLODLH YH]L3DUEUL]
)L[DUHDRULILFLLORUGHYHQWLODLH 3DUFDUH 
ODWHUDOH  &DPHUDGHPHUVvQDSRL 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  )UkQDGHSDUFDUH 
5HJODUHDRULILFLLORUGHYHQWLODLH 1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
FHQWUDOH  3R]LLDRJOLQ]LLH[WHULRDUHSDUWHD
6SDWH  SDVDJHUXOXLID 
7RUSHGR  YH]L3$5.7521,&
2ULILFLLOHGHYHQWLODLH 3$5.7521,&
6HWDUH  'H]DFWLYDUHDDFWLYDUHD 
2UQDPHQWGLQOHPQ LQVWUXFLXQLGH )XQFLRQDUHUHFRPDQGUL 
FXUDUH   3UREOHP GHIHFLXQH  
2UQDPHQWGLQSODVWLF LQVWUXFLXQL 5D]DGHDFLXQHDVHQ]RULORU 
GHFXUDUH   6LVWHPGHDVLVWDUHDFRQGXFHULL 
7UDFWDUHDUHPRUFLL 
3HOLFXODDQWLRUELUH 
3LHVH0HUFHGHV%HQ]DXWHQWLFH 
,QGH[ 

3ODQDGHERUG 3RUQLUHDSULQWUDFWDUH
YH]L%RUG 1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
3ODQHXSRUWEDJDM 3RUQLUHDGHXUJHQDPRWRUXOXL 
GHVFKLGHUHvQFKLGHUH  3RUWEDJDM
VSDLXGHGHSR]LWDUHGHGHVXEW  YH]L+D\RQ
3ODVGHVLJXUDQ 3RUWEDJDMXOGHDFRSHUL 
,QIRUPDLLLPSRUWDQWHSULYLQGVLJX 3RUWLHU
UDQD  'HVFKLGHUHD GLQLQWHULRU  
3ULQGHUH  'HVFXLHUHDGHXUJHQ 
3ODVSHQWUXEDJDMH  QFKLGHUHDGHVFKLGHUHDFHQWUDOL
3OFXDGHLGHQWLILFDUHWLS ]DW FKHLH  
YH]L3OFXDGHLGHQWLILFDUHDDXWR QFXLHUHDXWRPDW FDOFXODWRUXO
YHKLFXOXOXL GHERUG  
3OFXGHLGHQWLILFDUHDDXWRYHKL QFXLHUHDXWRPDW FRPXWDWRU  
FXOXOXL  QFXLHUHGHXUJHQ 
3QHXGH]XPIODW 0HVDMGHSHGLVSOD\ 
6FKLPEDUHDXQHLURLPRQWDUHD 1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
URLLGHUH]HUY  3DQRXGHFRPDQG 
7UXV7,5(),7  3RUWLHURIHU
3QHXUL YH]L3RUWLHU
$GHUHQ  3RVW
'LPHQVLXQHSQHXUL GDWH   YH]L5DGLR
QORFXLUH  3RVWXOGHFRQGXFHUH
0HVDMXOGHSHGLVSOD\  3UH]HQWDUHJHQHUDO 
6HQVXOGHURWDLH  3R]LLLOHFKHLL
6XSUDIDDGHUXODUHDSQHXOXL  &KHLD 
9LDXWLO  .(</(66*2 
YH]L3DQGHSQHX 35(6$)( VLVWHPGHVLJXUDQ
3QHXULGHLDUQ SUHYHQWLYDSDVDJHULORU
/LPLWDUHDYLWH]HL FDOFXODWRUXOGH 0HVDMGHSHGLVSOD\ 
ERUG   8WLOL]DUH 
3QHXUL06  3UHVLXQHDHU
3QHXULOH YH]L3UHVLXQHSQHX
'HSR]LWDUHD  3UHVLXQHDvQSQHXUL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  $SHODUH FDOFXODWRUGHERUG  
9HULILFDUH  $YHUWL]DUHDVXSUDSLHUGHULLGHSUH
3QHXULOHGHYDU  VLXQHGLQSQHXUL 
3QHXUL06  0HVDMHDILDWH 
3RUQLUH PRWRU   1HDWLQV 7,5(),7  
3RUQLUHDDXWRPDWDPRWRUXOXL 5HFRPDQGDW 
IXQFLDVWDUWVWRS(&2   3UHVLXQHvQSQHXUL
3RUQLUHDGHSHORF $WLQV 7,5(),7  
5HPRUFD  3UH]HQD
7UDQVPLVLHDXWRPDW  &RSLLORUODERUG 
3RUQLUHDIRUDW PRWRU   3UL]DGH9
YH]L3RUQLUHDIRUDW PRWRU  YH]L3UL]H
 ,QGH[

3UL] 3URJUDPRIIURDG ODDXWRYHKLFX


$VSHFWHGHFDUHVHYDLQHFRQW OHOHFXSDFKHWXO21 2))52$'
vQDLQWHGHXWLOL]DUH  )XQFLHQRWH 
&RPSDUWLPHQWXOVSDWH  3URLHFWRDUHOHGHFHD UD]
&RQVRODFHQWUDO  H[WLQV  
3RUWEDJDM  3URWHFLDPHGLXOXL
3URGXVHGHVHUYLFH 1RW 
$GLWLYLVSHFLDOL$G%OXH  3URWHFLHFRQWUDVRDUHOXL 
/LFKLGGHVSODUH  3URWHFLHODWUDFWDUH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  3URWHMDUHDPHGLXOXLvQFRQMXUWRU
3URGXVHOHGHVHUYLFH 5HWXUQDUHDDXWRYHKLFXOHORUSHQ
&DUEXUDQW  WUXVFRDWHUHDGLQX] 
/LFKLGGHIUkQ 
/LFKLGXOGHUFLUH PRWRU   5
8OHLXOGHPRWRU 
5DEDWDUHDvQDLQWHvQDSRLDEDQ
3URJUDPGHFRQGXFHUH
FKHWHLGLQVSDWH 
0DQXDO 
5$&(7,0(5 FDOFXODWRUGHERUG  
3URJUDPGHVWDELOLWDWHHOHFWURQLF
5DGLR
YH]L(63 3URJUDPGHVWDELOLWDWH
6HOHFWDUHDXQXLSRVWGHUDGLR 
HOHFWURQLF 
YH]LLQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH
3URJUDPHGHFRQGXFHUH
5FLUH
YH]L3URJUDPHRIIURDG
YH]L&RQWUROFOLPDWL]DUH
YH]L3URJUDPHRQURDG
5HFRPDQGULSULYLQGFRQGXFHUHD
3URJUDPHOHRIIURDG ODDXWRYHKL
DXWRYHKLFXOXOXL
FXOHOHFXSDFKHWXO21 2))52$'
&RQGXFHUHDSHQLVLS 
)XQFLHQRWH 
7UHFHUHDSHVWHREVWDFROH 
3URJUDPHRIIURDG DXWRYHKLFXOH
5HJODMXOVXVSHQVLHL
FXSDFKHWXO21 2))52$'
6(783 FDOFXODWRUGHERUG  
$ILDMHSHDILDMXO&20$1' 
5HJODUHDYLWH]HLvQSDQWGHVFHQ
3URJUDPHRQURDG
GHQW
)XQFLHQRWH 
YH]L'65 5HJODUHDYLWH]HLvQSDQW
3URJUDP$872 
GHVFHQGHQW 
3URJUDPSHQWUXUHPRUF 
5HJODUHvQOLPHIDUXUL 
3URJUDPSHQWUX]SDG 
5HJODUHVXVSHQVLH
3URJUDP63257 
6XVSHQVLHVSRUW$0*5,'(&21
3URJUDPXOGHFRQGXFHUH
752/ 
$XWRPDW 
5HPRUFDUH
'LVSOD\ PDQHWD',5(&76(/(&7   
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
3URJUDPXOGHVFKLPEDUHDYLWH]H
5HWURJUDGDUHDIRUDW
ORU
3URJUDPXOGHFRQGXFHUHvQUHJLP
6(783 FDOFXODWRUGHERUG  
PDQXDO 
3URJUDPXORIIURDG ODDXWRYHKL
6IDWXULSULYLQGFRQGXFHUHD 
FXOHOHFXSDFKHWXO21 2))52$'
5H]HUYDGHFDUEXUDQW
3URJUDPXORIIURDG 
YH]L&DUEXUDQW
3URJUDPXORIIURDG 
5H]HUY UH]HUYRUXOGHFDUEXUDQW
YH]L&DUEXUDQW
,QGH[ 

5H]HUYRU 6FDXQHOH
&RQLQXWUH]HUYRUFDUEXUDQWXOGH 3RUQLUHDRSULUHDYHQWLOULLVFDX
UH]HUY  QXOXL 
YH]L5H]HUYRUGHFDUEXUDQW 6FDXQSHQWUXFRSLL
5H]HUYRUGHFDUEXUDQW 5HFRPDQGUL 
&DSDFLWDWHD  6FDXQSHQWUXFRSLO
3UREOHP GHIHFLXQH   3HVFDXQXOSDVDJHUXOXLID 
5RDWDGHUH]HUY 6FDXQVSDWH
YH]L5RDWDGHUH]HUYGHX]WHPSRUDU 5HJODUH 
5RDWGHUH]HUY 6FDXQXOSHQWUXFRSLL
/RFGHGHSR]LWDUH  3R]LLLDGHFYDWH 
1RWHGDWH  6LVWHPGHUHFXQRDWHUHDXWRPDW 
5RL 6LVWHPXO,62),; 
&XSOXGHVWUkQJHUH  6FDXQXOSHQWUXFRSLO
&XUDUH  3UREOHP GHIHFLXQH  
6FKLPEDUHDXQHLURL  6FDXQXORIHUXOXL
5RLOH YH]L6FDXQH
'HSR]LWDUHD  6FKLPEDUHDEHFXULORU
0RQWDUHDXQHLURL  )DUXULSHQWUXID]OXQJ 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  )DUXULSHQWUXID]VFXUW 
6FKLPEDUHvQORFXLUH  /PSLGHIUkQ 
6FRDWHUHDXQHLURL  /PSLGHRSULUH 
9HULILFDUH  /PSLGHSR]LLH ID  
5XODUHDvQSDQW 1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
&DSDFLWDWHPD[LPGHXUFDUHvQ 3UH]HQWDUHJHQHUDODWLSXULORUGH
SDQW  EHFXUL 
6FRDWHUHDvQORFXLUHDFDSDFXOXL
6 SDVDMXOGHURDWID  
6FKLPEWRUGHYLWH]HVDXPDQHW
6DUFLQDPD[LPSHDFRSHUL 
VHOHFWRDUH LQVWUXFLXQLGH
6FDXQH
FXUDUH  
&XUDUHDKXVHL 
6FUXPLHUD 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
6HPQDOL]DWRDUHGHDYDULH 
3RUQLUHDRSULUHDvQFO]LULLVFDX
6HPQDOL]DWRDUHGHGLUHFLH
QXOXL 
3RUQLUHRSULUH 
3R]LLDFRUHFWDVFDXQXOXLRIH
6HPQDOXOGHDYHUWL]DUHSULYLQGGLV
UXOXL 
WDQD ODPSGHDYHUWL]DUH  
3UREOHPODvQFO]LUHDVFDXQXOXL 
6HPQDOXOGHYHULILFDUHDvQFXLHULL
3UREOHPODYHQWLODUHDVFDXQXOXL 
FDOFXODWRUGHERUG  
5DEDWDUHDvQDLQWHvQDSRLDEDQ
6HQ]RUGHOXPLQ PHVDMGHSHGLV
FKHWHLGLQVSDWH 
SOD\  
5HJODUH HOHFWULF  
6HQ]RUGHPLFDUHvQLQWHULRU 
5HJODUHDVXSRUWXOXLORPEDUFX
6HQ]RULL LQVWUXFLXQLGHFXUDUH  
GLUHFLL 
6HUYLFH
5HJODUHDWHWLHUHL 
6HWULGHPHPRUDUH IXQFLDGH YH]L$ILDMXOLQWHUYDOXOXLGHVHUYLFH
PHPRUDUH   $66<673/86
6HWDUHDFXUHQWXOXLGHDHU 
 ,QGH[

6HWDUHDGLVWULEXLHLDHUXOXL  QDLQWHGHVFKLPEDUH 


6HWUL 1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
&DOFXODWRUXOGHERUG  7DEHOXOGHDORFDUHDVLJXUDQHORU 
)DEULF FDOFXODWRUGHERUG   6LJXUDQHHOHFWULFH
6HWULGHED] YH]L6LJXUDQH
YH]L6HWUL 6LVWHPDFWLYGHDVLVWHQvQYLUDMH
6(783 FDOFXODWRUGHERUG   0HVDMGHSHGLVSOD\ 
6IDWXULSULYLQGFRQGXFHUHD 6LVWHPDQWLEORFDUHODIUkQDUH
$FYDSODQDUHD  YH]L$%6 VLVWHPDQWLEORFDUHODIUkQDUH 
$GHUHQDSQHXULORU  6LVWHPFXUDUHIDUXUL
&RQGXFHUHDvQSDQWDVFHQGHQW   1RWH 
&RQGXFHUHDvQVWULQWDWH  6LVWHPGHDHUFRQGLLRQDW
&RQGXFHUHDSHGUXPXULLQXQGDWH   YH]L&RQWUROFOLPDWL]DUH
&RQGXFHUHDSHGUXPXULXPHGH  6LVWHPGHDODUP
&RQGXFHUHDSHWLPSGHLDUQ  YH]L$7$ VLVWHPXOGHDODUPDQWLIXUW 
&RQGXFHUHDRIIURDG  6LVWHPGHDVLVWDUHDFRQGXFHULL
',67521,&3/86  $VLVWHQDDFWLYSHQWUXPHQLQH
(ILFLHQOLPLWDWODIUkQDUHSHGUX UHDEHQ]LLGHPHUV 
PXULFXVDUHUXWLHU  &RQWUROXOQLYHOXOXL DXWRYHKLFXOFX
)D]DVFXUWVLPHWULF  SDFKHWXO$,50$7,&  
)UkQHOH  3URJUDPHRQURDG 
*HQHUDOLWL  6LVWHPXODFWLYGHDVLVWHQvQ
/DQXULOHGH]SDG  YLUDMH 
3DQWGHVFHQGHQW  6LVWHPGHFOLPDWL]DUH
3OFXHOHGHIUkQJDUQLWXULOHGH 0RGDXWRPDW 
IUkQQRL  6LVWHPGHOXPLQLLQWHOLJHQWH
6IDWXULSULYLQGURGDMXO  3UH]HQWDUHJHQHUDO 
6XSUDIHHFDURVDELOHFXSROHL  6LVWHPGHRSHUDUH
6XSUDIHHGHGUXPXPHGH  YH]L&DOFXODWRUGHERUG
DQXULGHSQHX  6LVWHPGHUHWHQLH
7UDFWDUHDUHPRUFLL  YH]L656 6LVWHPXOVXSOLPHQWDUGH
7UDQVPLVLDDXWRPDW  UHWHQLH 
7UHFHUHDYDGXULORURIIURDG  6LVWHPGHUXODUHvQFD]GHSDQ
6LJXUDQDRFXSDQLORU 02([WHQGHG 
3UH]HQDFRSLLORUODERUG  6LVWHPGHVHQ]RUUDGDU
6LJXUDQDSDVDJHULORU 0HVDMGHSHGLVSOD\ 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  6LVWHPGHVLJXUDQODFRQGXFHUH
6LJXUDQ %$63/86 6LVWHPGHDVLVWDUHOD
3UH]HQDFRSLLORUODERUG  IUkQDUH3OXV  
6LVWHPHGHUHWHQLHSHQWUXFRSLL  'LVWULEXLDHOHFWURQLFDIRUHLGH
6LJXUDQvQIXQFLRQDUH IUkQDUH 
&RQH[LXQHGLDJQRVWLFDUH  ,QGLFDLLLPSRUWDQWHSULYLQGVLJX
6LJXUDQH UDQD 
&XWLDFXVLJXUDQHGHVXEEDQ 6LVWHPHGHDVLVWDUHDFRQGXFHULL
FKHWDGLQVSDWH  $VLVWDUHSHQWUXOLPLWDUHDYLWH]HL 
&XWLDFXVLJXUDQHGLQFRPSDUWL $6,67(170(1,1(5($7(1,( 
PHQWXOPRWRUXOXL  $VLVWHQDODXQJKLXOPRUW 
&XWLHGHVLJXUDQHSODQGHERUG 
,QGH[ 

$VLVWHQDSHQWUXPHQLQHUHDEHQ 6LVWHPSHQWUXVLJXUDQDFRQGXFH
]LLGHPHUV  ULL
&DPHUYLGHRSHQWUXPHUVvQDSRL  (76 6LVWHPHOHFWURQLFGHFRQ
&RQWUROXOQLYHOXOXL DXWRYHKLFXOH WURODOWUDFLXQLL  
FXSDFKHWXO21 2))52$'   (63 3URJUDPXOHOHFWURQLFGH
'LVWURQLF3OXV  FRQWURODOVWDELOLWLL  
)XQFLH+2/'  6LVWHPVSOWRUGHSDUEUL] 
0HVDMGHSHGLVSOD\  1RWH 
3DFKHWGHVLVWHPHSHQWUXDVLVWD 6LVWHPVXSOLPHQWDUGHUHWHQLH
UHDDFWLYDFRQGXFHULL  YH]L656 6LVWHPXOVXSOLPHQWDUGH
3DFKHWXOGHVLVWHPHGHDVLVWDUH UHWHQLH 
SHQWUXPHQLQHUHDEHQ]LLGHFLU 6LVWHPWHPSRPDW
FXODLH  )XQFLRQDUHUHFRPDQGUL 
3DUNWURQLF  6LVWHPXODFWLYGHDVLVWHQvQ
6LVWHPXO1LJKW9LHZ$VVLVW3OXV  YLUDMH
6LVWHPHGHVLJXUDQ )XQFLHQRWH 
YH]L6LVWHPHGHVLJXUDQODFRQGXFHUH  6LVWHPXODQWLIXUW
6LVWHPHGHVLJXUDQODFRQGXFHUH $7$ 6LVWHPGHDODUPDQWLIXUW  
$%6 6LVWHPGHDQWLEORFDUHODIUk 6LVWHPXOGHLPRELOL]DUH 
QDUH   6LVWHPXOGHDODUPDQWLIXUW
%$6 6LVWHPXOGHIUkQDUHDVLV YH]L$7$ VLVWHPXOGHDODUPDQWLIXUW 
WDW   6LVWHPXOGHDVLVWDUHDFRQGXFHULL
)51$5($'$37,9  6LVWHPXOGHDVLVWDUHDFWLYODSDU
)UkQ35(6$)(  FDUH 
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL 6LVWHPXOGHDVLVWDUHDFWLYODSDU
6SHHGWURQLF  FDUH
6XVSHQVLHVSRUW$0*5,'(&21 7UDFWDUHDXQHLUHPRUFL 
752/  6LVWHPXOGHDVLVWDUHODIUkQDUH
7HPSRPDW  YH]L%$6 6LVWHPGHDVLVWDUHODIUkQDUH 
6LVWHPHOHHOHFWURQLFHDOHPRWRUX 6LVWHPXOGHDVLVWDUHODSDUFDUH
OXL 6LVWHPXOGHDVLVWDUHDFWLYODSDU
1RWH  FDUH 
3UREOHP GHIHFLXQH   6LVWHPXOGHIL[DUHDVFDXQXOXLSHQ
6LVWHPHOHSHQWUXVLJXUDQDFRQGX WUXFRSLO,62),; 
FHULL 6LVWHPXOGHOXPLQLLQWHOLJHQWH
6LVWHPXOGHDVLVWDUHDGLUHFLHL $FWLYDUHDGH]DFWLYDUHD 
67((5&21752/  0HVDMGHSHGLVSOD\ 
6LVWHPHORUGHVLJXUDQODFRQGX 6HWDUHDIDUXULORUSHQWUXID]
FHUH VFXUWSHQWUXFRQGXFHUHDSH
3UH]HQWDUHJHQHUDO  GUHDSWDVWkQJD 
6LVWHPHSHQWUXVLJXUDQDFRQGX 6LVWHPXOGHVHQ]RULUDGDU
FHULL $FWLYDUHDGH]DFWLYDUHD 
/XPLQLGHIUkQDGDSWLYH  3UH]HQWDUHJHQHUDOSHUL 
6LVWHP2IIURDG 6LVWHPXOGHVHUYLFHDFWLY3/86
$%6RIIURDG  YH]L$ILDMXOLQWHUYDOXOXLGHVHUYLFH
$66<673/86
 ,QGH[

6LVWHPXOGHVLJXUDQSUHYHQWLYD 656 6LVWHPXO6XSOLPHQWDUGH


SDVDJHULORU 5HWHQLH
YH]L35(6$)( VLVWHPGHVLJX ,QWURGXFHUH 
UDQSUHYHQWLYDSDVDJHULORU  /DPSDGHDYHUWL]DUH 
6LVWHPXOGHWUDQVPLVLH 0HVDMGHSHGLVSOD\ 
$VLVWHQDDFWLYODXQJKLXOPRUW  6WDWLVWLFLSULYLQGFRQVXPXO FDOFX
6LVWHPXO3$5.7521,& ODWRUGHERUG  
,QGLFDWRUGHDYHUWL]DUH  6WDLHGHHPLVLHUHFHSLH
6LVWHPXO67((5&21752/  ,QVWDODUH 
6LVWHPXOWHPSRPDW 6WDLHUDGLRELGLUHFLRQDO
0HVDMDILDW  )UHFYHQH 
6LVWHPXORIIURDG 3XWHUHGHWUDQVPLVLH PD[LP  
(63RIIURDG  6XSOLPHQWDUHDFDSDFLWLLFRPSDU
6LVWHPRIIURDG WLPHQWXOXLSHQWUXEDJDMH 
0$7,&  6XSRUWGHEDJDMH WUXVGHDVLJX
'65  UDUHDvQFUFWXULL($6<3$&.  
3URJUDPHRIIURDG ODDXWRYHKL 6XSRUWORPEDU 
FXOHOHFXSDFKHWXO 6XSRUWXOSHQWUXEXWXUL
21 2))52$'   YH]L6XSRUWXULOHSHQWUXSDKDUH
3URJUDPRIIURDG ODDXWRYHKL 6XSRUWXOSHQWUXSDKDU
FXOHOHIUSDFKHWXO &RPSDUWLPHQWXOVSDWH 
21 2))52$'   &RQVRODFHQWUDO 
7UHDSWDGHYLWH]/2:5$1*( &RQWURODWWHUPLF 
75($37'(9,7(=(,1)( 1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
5,2$5 RIIURDG  6XVSHQVLDVSRUW$0*5,'(&21
6LVWHP2IIURDG 752/ 
(76RIIURDG 
6SOWRULHDXWR vQJULMLUH  
6SHHGWURQLF WHUJWRDUHGHSDUEUL]
0HVDMDILDW  QORFXLUHDODPHORUWHUJWRDUHORU
63(('7521,& GHSDUEUL] 
$FWLYDUHYDULDELO  3RUQLUH2SULUH 
)XQFLRQDUHUHFRPDQGUL  3UREOHP GHIHFLXQH  
/DPSDLQGLFDWRDUH/,0  WHUJWRUGHOXQHW 
1RWHLPSRUWDQWHSULYLQGVLJX WHUJWRUGHOXQHW
UDQD  $FWLYDUHDGH]DFWLYDUHD 
3HUPDQHQW  QORFXLUHDODPHLWHUJWRUXOXL 
6HOHFWDUH 
9DULDELO 
YDULDELO'H]DFWLYDUH 
63(('7521,&YDULDELO
YH]L63(('7521,&
656 6LVWHPXOVXSOLPHQWDUGH
UHWHQLH
/DPSDGHDYHUWL]DUH IXQFLH  
,QGH[ 

7 7LMDWHOHVFRSLF WUXVDGHIL[DUH
(DV\3DFN  
7HOHFRPDQGD 7LPSWXU 5$&(7,0(5  
'HVFKL]WRUXOSHQWUXXDJDUDMX 7RUSHGRXO 
OXL  7UDFWDUH
QFO]LUHDYHQWLODLDDX[LOLDU  &XDPEHOHSXQLODVRO 
3URJUDPDUH VLVWHPXOGHGHVFKL 0RQWDUHDRFKLXOXLGHWUDFWDUH 
GHUHDJDUDMXOXL   6FRDWHUHDRFKLXOXLGHWUDFWDUH 
7HOHFRPDQG 7UDFWDUHDUHPRUFLL
QORFXLUHDEDWHULLORU vQFO]LUH $VLVWHQDODXQJKLXOPRUW 
DX[LOLDU   'LPHQVLXQLGHPRQWDUH 
7HOHIRQ ([WLQGHUHDFXSOHLVIHULFH 
$FFHSWDUHDXQXLDSHO  0HVDMGHSHGLVSOD\SULYLQGOXPL
&RPSDUWLPHQWXOWHOHIRQXOXL  QLOH 
0HQLX FRPSXWHUGHERUG   1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
0HVDMGHSHGLVSOD\  3DUNWURQLF 
5HDSHODUH  3UREOHP GHIHFW  
YH]L7HOHIRQ 5DEDWDUHDFXSOHLVIHULFHvQXQWUX  
7HOHIRQFHOXODU 6DUFLQLOHUHPRUFLL 
YH]L7HOHIRQPRELO 6IDWXULSULYLQGFRQGXFHUHD 
7HOHIRQPRELO 7UHDSWDGHYLWH] 
)UHFYHQH  7UDFWDUHDXQHLUHPRUFL
,QVWDODUH  $VLVWHQDDFWLYODXQJKLXOPRUW 
0HQLX FRPSXWHUGHERUG   $VLVWHQDDFWLYSHQWUXPHQLQH
3XWHUHGHWUDQVPLVLH PD[LP   UHDEHQ]LLGHPHUV 
YH]L7HOHIRQ ,QGLFDWRUGHGHIHFWDUHDEHFXOXL
7HOHIRQXO SHQWUXOPSLFX/(' 
1XPUXOGLQDJHQGDWHOHIRQLF  3RUQLUHDGHSHORFFXRUHPRUF 
5HIX]DUHDvQFKHLHUHDXQHLFRQ 3URJUDPGHFRQGXFHUHUHPRUF 
YRUELUL  6LVWHPXOGHDVLVWDUHDFWLYODSDU
7HOHIRQXOPRELO FDUH 
$GDSWRUXOFXOLVDQW  7UDFWDUHUHPRUF
1RWHIL[DUHDvQFRQVRO  $OLPHQWDUHHOHFWULF 
7HPSHUDWXUD &RQHFWRUFXSLQL 
/LFKLGXOGHUFLUH  &XSODUHDXQHLUHPRUFL 
7HPSHUDWXU &XUDUHFkUOLJGHWUDFWDUHD
/LFKLGGHUFLUH FDOFXODWRUGH UHPRUFLL 
ERUG   'HFXSODUHDXQHLUHPRUFL 
6HWDUH FRQWUROXOFOLPDWL]ULL   (63 
7HPSHUDWXUDH[WHULRDU  7UDFLXQHLQWHJUDOSHUPDQHQW
8OHLGHPRWRU FDOFXODWRUXOGH YH]L0$7,& WUDFLXQHLQWHJUDO
ERUG   SHUPDQHQW 
7HWLHUH 7UDQVPLVLDDXWRPDW
0RQWDUHDVFRDWHUHD VSDWH   &XSODUHDDXWRPDWDSR]LLHLSHQ
5HJODUH  WUXSDUFDUH 
5HJODUH HOHFWULF   &XSODUHDvQSR]LLDQHXWU 
5HJODUH PDQXDO   &XSODUHDSR]LLHLGHFRQGXFHUH 
5HJODUH VSDWH  
 ,QGH[

&XSODUHDWUHSWHLGHPHUVvQDSRL  7UDSJOLVDQWSDQRUDPLF


0RGXOGHUXODUHGHXUJHQ  &DUDFWHULVWLFGHvQFKLGHUHSH
3R]LLDGHFRQGXFHUH )XQFLD WLPSGHSORDLH 
VWDUWVWRS(&2   'HVFKLGHUHvQFKLGHUH 
3R]LLDQHXWU )XQFLDVWDUWVWRS 'HVFKLGHUHDvQFKLGHUHDMDOX]HOH
(&2   ORU 
3R]LLDSHGDOHLGHDFFHOHUDLH  5HVHWDUH 
3UREOHP GHIHFLXQH   7UDVHX QDYLJDLH
5HFRPDQGULSULYLQGFRQGXFHUHD YH]L*KLGDUHSHWUDVHX QDYLJDLH 
DXWRYHKLFXOXOXL  7UHDSWD/2:5$1*( JDPFX
7UDFWDUHDUHPRUFLL  UHGXFWRU SHQWUXWHUHQDFFLGHQWDW 
7UDQVPLVLH 7UHFHUHDYDGXULORU
YH]L7UDQVPLVLHDXWRPDW 3HGUXPXULLQXQGDWH 
7UDQVPLVLHDXWRPDW 2IIURDG 
$ILDMSURJUDPGHFRQGXFHUH  7ULXQJKLXOUHIOHFWRUL]DQW 
$ILDMXOSR]LLHLWUDQVPLVLHL  7UXVGHDVLJXUDUHDvQFUFWXULL
%XWRQXOGHVHOHFWDUHDSURJUDPX ($6<3$&. 
OXL  7UXVGHSULPDMXWRU 
&XSODUHDSR]LLHLSHQWUXSDUFDUH  7UXVGHVFXOHDDXWRYHKLFXOXOXL 
0DQHWD',5(&76(/(&7  7UXV7,5(),7 
0DQHWHGHVFKLPEDUHDYLWH]HORU 7XURPHWUX 
VLWXDWSHYRODQ  79
0HVDMGHSHGLVSOD\  8WLOL]DUH FDOFXODWRUGHERUG  
3RUQLUHDGHSHORF  YH]L,QVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH
3RUQLUHDPRWRUXOXL 
3R]LLLWUDQVPLVLH 
3URJUDPGHFRQGXFHUHvQUHJLP
PDQXDO  HDYDGHHDSDPHQW LQVWUXFLXQL
3URJUDPXOGHFRQGXFHUHvQUHJLP GHFXUDUH  
DXWRPDW 
5HWURJUDGDUHDIRUDW  8
6FKLPEDUHDWUHSWHLGHYLWH]  8OHL
7UHSWHGHYLWH]  YH]L8OHLGHPRWRU
7UDQVSRUWDUHDDXWRYHKLFXOXOXL  8OHLGHPRWRU
7UDSDJOLVDQW $GLWLYL 
&DUDFWHULVWLFDGHvQFKLGHUHSH &DSDFLWDWHGHXPSOHUH 
WLPSGHSORDLH  0HVDMGHSHGLVSOD\ 
'HVFKLGHUHDvQFKLGHUHD  1RWHSULYLQGFDOLWLOHXOHLXOXL 
,QIRUPDLLLPSRUWDQWHSULYLQGVLJX 7HPSHUDWXU FDOFXODWRUXOGH
UDQD  ERUG  
3UREOHP GHIHFLXQH   9kVFR]LWDWH 
5HVHWDUHD  8OHLXOGHPRWRU
7UDSDJOLVDQWSDQRUDPLF &RPSOHWDUHD 
,QIRUPDLLLPSRUWDQWHSULYLQGVLJX 1RWHSULYLQGQLYHOXOFRQVXPXOGH
UDQD  XOHL 
3UREOHP GHIHFLXQH  
7UDSJOLVDQW
YH]L7UDSJOLVDQWSDQRUDPLF
,QGH[ 

9HULILFDUHDQLYHOXOXLGHXOHL  =
9HULILFDUHDQLYHOXOXLGHXOHLFXDMX
WRUXOMRMHL  =RQHGHGHSR]LWDUH 
8QJKLXOGHDWDFGHJDMDUH 
8UFDUHDvQUDPS
&RERUkUHDvQSDQW 
9kUIXOUDPSHL 

9
9HQWLODLDDX[LOLDU
3UREOHP PHVDMXOGHSHGLVSOD\   
7HOHFRPDQGD 
9HQWLODLHDX[LOLDU
$FWLYDUHGH]DFWLYDUH 
$FWLYDUHGH]DFWLYDUH GHSHFRQ
VRODFHQWUDO  
9LGHR '9'  
9LGHR'9' FDOFXODWRUGHERUG  
9,1 
9LWH]FRQWUROXO
YH]L&RQWUROXOFURD]LHUHL
9LWH]RPHWUX
'LJLWDO 
QSDQRXOGHLQVWUXPHQWH 
6HJPHQWH 
6HOHFWDUHDXQLWLLGHPVXU 
9LWH]RPHWUXO
YH]L3DQRXOGHLQVWUXPHQWH
9LWH]RPHWUXOGLJLWDO 
9RODQ
&XUDUH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
5HJODUH HOHFWULF  
5HJODUH PDQXDO  
6HWULGHPHPRUDUH IXQFLDGH
PHPRUDUH  
9RODQPXOWLIXQFLRQDO
8WLOL]DUHFDOFXODWRUGHERUG 
9RODQXO
QFO]LUHDYRODQXOXL 
0DQHWHGHVFKLPEDUHDYLWH]HORU 
3UH]HQWDUHDEXWRDQHORU 
9RODQXOPXOWLIXQFLRQDO
3UH]HQWDUHJHQHUDO 
9RSVHDXD LQVWUXFLXQLGH
FXUDUH  
 ,QWURGXFHUH

3URWHFLDPHGLXOXLvQFRQMXUWRU =FRQGXFHLFXDWHQLHLPHQLQHLRGLVWDQ
GHVLJXUDQGLQIDGHDXWRYHKLFXOXOGLQ
1RWH ID
1RWSULYLQGSURWHFLDPHGLXOXL =HYLWDLDFFHOHUDUHDIUHFYHQWLEUXVF

3ROLWLFDGHFODUDW'DLPOHUHVWHXQDGHSURWH =VFKLPEDLWUHSWHOHGHYLWH]ODWLPSLIROR
MDUHLQWHJUDWDPHGLXOXLvQFRQMXUWRU VLLILHFDUHWUHDSWQXPDLSkQODGLQ
2ELHFWLYHOHQRDVWUHYL]HD]XWLOL]DUHDUHVXU WXUDLDPD[LPDPRWRUXOXL
VHORUQDWXUDOHFDUHIRUPHD]ED]DH[LVWHQHL =RSULLPRWRUXOFkQGVWDLRQDLvQWUDILF
QRDVWUHvQWURPDQLHUFDUHVLDvQFRQVLGH
UDUHDWkWQHFHVLWLOHQDWXULLFkWLSHFHOHDOH
XPDQLWLL 5HWXUQDUHDDXWRYHKLFXOHORUSHQWUX
LGXPQHDYRDVWUSXWHLFRQWULEXLODSURWHMD VFRDWHUHDGLQX]
UHDPHGLXOXLSULQXWLOL]DUHDDXWRYHKLFXOXOXL
0HUFHGHV%HQ]YDDFFHSWDDXWRYHKLFXOXO
GXPQHDYRDVWUvQWURPDQLHUHFRORJLF
0HUFHGHV%HQ]SHQWUXDOHOLPLQDvQWUXQPRG
&RQVXPXOGHFDUEXUDQWLUDWDGHX]XUD HFRORJLFvQFRQIRUPLWDWHFX'LUHFWLYD8QLXQLL
PRWRUXOXLDWUDQVPLVLHLDIUkQHORULDSQHX (XURSHQH 8( SULYLQG968
ULORUGHSLQGGHXUPWRULLIDFWRUL
'LUHFWLYDSHQWUXVFRDWHUHDGLQX]DDXWRYHKL
=FRQGLLLOHGHXWLOL]DUHDDXWRYHKLFXOXOXL FXOHORUYL]HD]DXWRYHKLFXOHOHFXRPDV
=VWLOXOSHUVRQDOGHFRQGXFHUH WRWDODDXWRYHKLFXOXOXLGHSkQODWvQ
3XWHLFRQWURODDPELLIDFWRUL3ULQXUPDUHY FRQIRUPLWDWHFXUHJOHPHQWULOHQDLRQDOH'H
UXJPVUHLQHLXUPWRDUHOH PDLPXOLDQL0HUFHGHV%HQ]UHVSHFWQRU
PHOHVWUXFWXUDOHSUHY]XWHSULQOHJHFDUHSHU
&RQGLLLGHXWLOL]DUH
PLWUHFLFODUHDLUHXWLOL]DUHD/DGLVSR]LLD
=HYLWDLFOWRULLOHVFXUWHvQWUXFkWHOHFUHVF GXPQHDYRDVWUVHDIORUHHDGHSXQFWHGH
FRQVXPXOGHFDUEXUDQW VFRDWHUHGLQX]DDXWRYHKLFXOHORULGHXQLWL
=UHVSHFWDLSUHVLXQHDFRUHFWvQSQHXUL GHGH]DVDPEODUHXQGHDXWRYHKLFXOXOGXP
=QXWUDQVSRUWDLVDUFLQLJUHOHLQXWLOHvQDXWR QHDYRDVWUSRDWHILUHFLFODWvQPRGHFRORJLF
YHKLFXO 2SLXQLOHGHUHFLFODUHDDXWRYHKLFXOHORULSLH
=PRQLWRUL]DLFRQVXPXOGHFDUEXUDQWDODXWR VHORUVXQWFRQVWDQWGH]YROWDWHL
YHKLFXOXOXL vPEXQWLWH3ULQXUPDUHDXWRYHKLFXOXO
=VFRDWHLVXSRUWXOGHSDYLOLRQFkQGQXPDL
GXPQHDYRDVWU0HUFHGHV%HQ]YDFRQWLQXD
GHDVHPHQHDVFRUHVSXQGFXDQWXPXULORU
DYHLQHYRLHGHHO
GHUHFLFODUHVSRULWHvQYLLWRUvQWLPSXWLO3XWHL
=HIHFWXDUHDSHULRGLFDOXFUULORUGHVHUYLFH
RELQHLQIRUPDLLVXSOLPHQWDUHGHSHSDJLQD
ODDXWRYHKLFXOYDFRQWULEXLODSURWHMDUHD SULQFLSDO0HUFHGHV%HQ]QDLRQDOVDXGHOD
PHGLXOXLvQFRQMXUWRU3ULQXUPDUHWUHEXLH QXPUXOGHDVLVWHQWHOHIRQLFQDLRQDO
VUHVSHFWDLLQWHUYDOHOHGHVHUYLFH
=HIHFWXDLWRDWHLQWHUYHQLLOHGHvQWUHLQHUHOD
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW (FKLSDUHDXWRYHKLFXO
6WLOXOSHUVRQDOGHFRQGXFHUH
=QXDSVDLSHGDODGHDFFHOHUDLHFkQGSRU
$FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWHPRGH
OHOHLWRDWHHFKLSDPHQWHOHVWDQGDUGLRSLR
QLLPRWRUXO
QDOHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWUGLV
=QXvQFO]LLPRWRUXOvQWLPSXOVWDLRQULL
SRQLELOHODGDWDSXEOLFULLPDQXDOXOXLGHID
DXWRYHKLFXOXOXL (VWHSRVLELOVH[LVWHYDULDLLvQIXQFLHGHDU
9UXJPVUHLQHLFHVWHSRVLELOFDDXWR
,QWURGXFHUH 

YHKLFXOXOGXPQHDYRDVWUVQXDLEvQGRWDUH 3HULFROGHDFFLGHQWLUQLUH
WRDWHFDUDFWHULVWLFLOHGHVFULVH$FHVWOXFUX /XFUULOHLQFRUHFWHVDXPRGLILFULOHDGXVH
HVWHYDODELOLSHQWUXVLVWHPHOHLIXQFLLOH DXWRYHKLFXOXOXLGHH[HPSOXPRGLILFDUHDWUD
UHIHULWRDUHODVLJXUDQ3ULQXUPDUHHFKLSD VHXOXLFDEOXULORUHOHFWULFHDUSXWHDDYHDFD
PHQWXOGLQDXWRYHKLFXOXOGXPQHDYRDVWUDU UH]XOWDWIXQFLRQDUHDLQFRUHFWDVLVWHPHORU
SXWHDVGLIHUHGHFHOSUH]HQWDWvQGHVFULHULL GHVLJXUDQ$VWIHOHVWHSRVLELOFDVLVWHPHOH
LOXVWUDLL GHVLJXUDQVQXYPDLSURWHMH]HFRUHV
7RDWHVLVWHPHOHFDUHVHJVHVFvQDXWRYHKL SXQ]WRUSHGXPQHDYRDVWUVDXDOWHSHU
FXOXOGXPQHDYRDVWUVXQWPHQLRQDWHvQFRQ VRDQH([LVWGHDVHPHQHDSHULFROXOVSLHU
WUDFWXOGHFXPSUDUHRULJLQDODODXWRYHKLFX GHLFRQWUROXODVXSUDDXWRYHKLFXOXOXLLVSUR
OXOXL YRFDLXQDFFLGHQW
3HQWUXRULFHvQWUHEULUHIHULWRDUHODHFKLSD 'LQDFHVWPRWLYWRDWHOXFUULOHLPRGLILFULOH
PHQWHLIXQFLRQDUHYUXJPVYDGUHVDL DGXVHDXWRYHKLFXOXOXLGHH[HPSOXPRQWDUHD
XQXL&HQWUXGHVHUYLFH0HUFHGHV%HQ] GHHFKLSDPHQWHWUHEXLHHIHFWXDWHGHFWUH
0DQXDOXOGHXWLOL]DUHLEURXUDGHVHUYLFH XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VXQWGRFXPHQWHLPSRUWDQWHLWUHEXLH
SVWUDWHvQDXWRYHKLFXO 3HULFROGHDFFLGHQW
/XFUULOHLQFRUHFWHIHFWXDWHDVXSUDHFKLSD
PHQWHORUHOHFWURQLFHLDVRIWZDUHXOXLDIH
6LJXUDQDvQIXQFLRQDUH UHQWSRWvPSLHGLFDIXQFLRQDUHDDFHVWRUHFKL
SDPHQWH6LVWHPHOHHOHFWURQLFHVXQWLQWHUFR
1RWHSULYLQGVLJXUDQD
QHFWDWHSULQLQWHUIHH0RGLILFDUHDDFHVWRU
$9(57,60(17 VLVWHPHHOHFWURQLFHSRDWHFDX]DGHIHFLXQL
7RDWHLQWHUYHQLLOHDVXSUDDXWRYHKLFXOXOXLL FKLDUVLVWHPHORUFDUHQXDXIRVWPRGLILFDWH
PDLDOHVLQWHUYHQLLOHUHOHYDQWHSHQWUXVLJX $VWIHOGHGHIHFLXQLSRWSHULFOLWDJUDYVLJX
UDQVDXDVXSUDVLVWHPHORUDVRFLDWHVLJXUDQ UDQDIXQFLRQDODDXWRYHKLFXOXOXLLvQFRQ
HLWUHEXLHVILHHIHFWXDWHODXQDWHOLHUGH VHFLQVLJXUDQDSHUVRQDO
VSHFLDOLWDWHDXWRUL]DW$WHOLHUXOGHVSHFLDOLWDWH 'LQDFHVWPRWLYWRDWHOXFUULOHFDUHLPSOLF
DXWRUL]DWWUHEXLHVGLVSXQGHFXQRWLQHOH PRGLILFULDGXVHFRPSRQHQWHORUHOHFWURQLFH
VSHFLDOL]DWHQHFHVDUHLGHXQHOWHDGHFYDWH WUHEXLHHIHFWXDWHGHFWUHXQDWHOLHUGHVSH
SHQWUXDHIHFWXDLQWHUYHQLD0HUFHGHV%HQ] FLDOLWDWHDXWRUL]DW
UHFRPDQGVXWLOL]DLXQ&HQWUXGHVHUYLFH
0HUFHGHV%HQ]vQDFHVWVFRS 3HULFROGHDFFLGHQW
7UHFHUHDFXYLWH]ULGLFDWSHVWHREVWDFROH
3HULFROGHDFFLGHQWLUQLUH VDXFRQGXFHUHDSHXQWHUHQDFFLGHQWDWSRDWH
$QXPLWHVLVWHPHGHVLJXUDQIXQFLRQHD] DYHDXQLPSDFWVHYHUDVXSUD]RQHLGHVXE
GRDUDWXQFLFkQGPRWRUXOHVWHSRUQLW'LQ FDURVHULHSQHXULORUVDXURLORUDXWRYHKLFXOX
DFHVWPRWLYQXRSULLQLFLRGDWPRWRUXOvQ OXL$FHVWOXFUXDUSXWHDGHWHUPLQDGHWHULRUD
WLPSXOFRQGXFHULLDXWRYHKLFXOXOXLQFD]FRQ UHDDXWRYHKLFXOXOXLIDSWFHSRDWHFRQGXFHOD
WUDUHVWHSRVLELOFDVLVWHPHOHGHVLJXUDQGLQ SURGXFHUHDXQXLDFFLGHQW$FHDVWSRVLELOL
DXWRYHKLFXOXOGXPQHDYRDVWUVQXIXQFLR WDWHH[LVWLvQFD]XODXWRYHKLFXOHORUGRWDWH
QH]HFRUHFWLSULQXUPDUHVQXPDLSURWH FXHOHPHQWHGHSURWHFLHSHQWUX]RQDGHVXE
MH]HFRUHVSXQ]WRURFXSDQLLDXWRYHKLFXOXOXL FDURVHULH
([LVWGHDVHPHQHDSHULFROXOVSLHUGHLFRQ 3ULQXUPDUHVHUHFRPDQGFRQGXFHUHDFX
WUROXODVXSUDDXWRYHKLFXOXOXLLVSURYRFDL YLWH]HUHGXVHODWUHFHUHDSHVWHREVWDFROH(YL
XQDFFLGHQW WDLDWLQJHUHDVROXOXLFXSDUWHDLQIHULRDUD


 ,QWURGXFHUH

DXWRYHKLFXOXOXLvQPRPHQWXOGHSODVULLSH &RQH[LXQHGLDJQRVWLFDUH
WHUHQDFFLGHQWDWLGDFHVWHQHFHVDUDSHODL
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUX $9(57,60(17
YHULILFDUHDDXWRYHKLFXOXOXL QFD]XOvQFDUHFRQHFWDLHFKLSDPHQWXOOD
FRQH[LXQHDGLDJQRVWLFULLDFHVWDSRDWH
DIHFWDIXQFLRQDUHDVLVWHPHORUDXWRYHKLFXOX
1RWHJHQHUDOH OXL$VWIHOSXWHLUHGXFHVLJXUDQDvQIXQFLR
QDUHDDXWRYHKLFXOXOXLGXPQHDYRDVWUvQWLP
8UPWRDUHOHLQIRUPDLLVHDSOLFWXWXURUFRP SXOFRQGXFHULL([LVWXQULVFGHDFFLGHQW
SRQHQWHORUDFHVWXLDXWRYHKLFXOFDUHSULPHVF 1XFRQHFWDLQLFLXQHFKLSDPHQWODFRQH[LX
LVDXWUDQVPLWXQGHUDGLRLOD&20$1' QHDGLDJQRVWLFULL
&RPSRQHQWHOHDFHVWXLDXWRYHKLFXOFDUHSUL
PHVFLVDXWUDQVPLWXQGHUDGLRUHVSHFW $9(57,60(17
UHJXOLOHSULQFLSDOHLWRDWHFHOHODOWHFRQGLLL (FKLSDPHQWXOVDXFDEOXULOHGHHFKLSDPHQW
UHOHYDQWHDOH'LUHFWLYHL&(3XWHL GHVSULQVHFRQHFWDWHODFRQH[LXQHDGLDJQRV
RELQHLQIRUPDLLVXSOLPHQWDUHGHODRULFH WLFULLSRWREVWUXFLRQD]RQDGLQMXUXOSHGDOH
&HQWUXGH6HUYLFH0HUFHGHV%HQ] ORU(FKLSDPHQWXOVDXFDEOXULOHVHSRWSULQGH
&RPSRQHQWHOHVXQWDSUREDWHGHSUR vQWUHSHGDOHvQFD]GHIUkQDUHVDXDFFHOHUDUH
GXFWRUXODXWRYHKLFXOXOXLvQFRQIRUPLWDWHFX EUXVF&DXUPDUHGHSODVDUHDSHGDOHORU
'LUHFWLYD&(0DXWRHXURSHDQ&( SRDWHILDIHFWDW([LVWXQULVFGHDFFLGHQW
$VWIHOVHDSUREIXQFLRQDUHDDXWRYHKLFXOX 1XLQHLHFKLSDPHQWHVDXFDEOXULvQVSDLXO
OXLGXPQHDYRDVWUvQFRQIRUPLWDWHFXVFRSXO SHQWUXSLFLRDUHDORIHUXOXL
SUHY]XW(FKLSDPHQWXOQXQHFHVLWFHUWLIL
FDUH  'DFPRWRUXOHVWHRSULWLVHXWLOL]HD]
(FKLSDPHQWXOHVWHFRQIRUPFXVSHFLILFDLLOH HFKLSDPHQWXOFRQH[LXQLLGLDJQRVWLFULL
&(0VSHFLILFHHFKLSDPHQWXOXLLUHOHYDQWHvQ EDWHULDGHSRUQLUHVHSRDWHGHVFUFD
FRQIRUPLWDWHFXXUPWRDUHOHVWDQGDUGHHXUR &RQH[LXQHDGLDJQRVWLFULLHVWHGHVWLQDW
SHQH QXPDLFRQHFWULLHFKLSDPHQWXOXLGHGLDJQRV
=(1 WLFDUHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
=(1 &RQHFWDUHDHFKLSDPHQWXOXLODFRQH[LXQHD
3ULQXUPDUHUHVSHFWDUHDVSHFLILFDLLORUUHOH GLDJQRVWLFULLSRDWHGXFHGHH[HPSOXOD
YDQWHSULYLQGFRPSDWLELOLWDWHDHOHFWURPDJQH UHVHWDUHDLQIRUPDLLORUGHPRQLWRUL]DUHDHPL
WLFHVWHJDUDQWDWSHQWUXDFHVWHFRPSR VLLORU$VWIHOHVWHSRVLELOFDDXWRYHKLFXOXOV
QHQWH QXvQGHSOLQHDVFFHULQHOHODXUPWRUXOWHVW
'UHSWXUPDUHLQWHUIHUHQHOHSURYRFDWHGH GHHPLVLLGLQWLPSXOUHYL]LHLJHQHUDOH
FRPSRQHQWHOHGXPQHDYRDVWUDVXSUDDOWRU
FRPSRQHQWHHOHFWULFHHOHFWURQLFHLLQWHUIH
UHQHOHSURYRFDWHDVXSUDFRPSRQHQWHORU $WHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GXPQHDYRDVWUGHDOWHFRPSRQHQWHHOHF 8QDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGLVSXQHGH
WULFHHOHFWURQLFHSRWILvQPDUHPVXUSUH FXQRWLQHOHVFXOHOHLFDOLILFDUHDQHFHVDUH
YHQLWH SHQWUXDHIHFWXDLQWHUYHQLLOHQHFHVDUHDVX
SUDDXWRYHKLFXOXOXLGXPQHDYRDVWU$FHDVW
VLWXDLHHVWHYDODELOvQSULYLQDLQWHUYHQLLORU
OHJDWHGHVLJXUDQ
5HVSHFWDLLQIRUPDLLOHGLQEURXUDGHVHU
YLFH
,QWURGXFHUH 

6ROLFLWDLvQWRWGHDXQDHIHFWXDUHDLQWHUYHQLL 'DFVFRDWHLHWLFKHWHOHDXWRFRODQWHGHDYHU
ORUXUPWRDUHODXQDWHOLHUGHVSHFLDOLWDWH WLVPHQWGXPQHDYRDVWUVDXDOWHSHUVRDQH
DXWRUL]DW SXWHLVQXUHFXQRDWHLDQXPLWHSHULFROH
=LQWHUYHQLLOHJDWHGHVLJXUDQ
=LQWHUYHQLLGHVHUYLFHLGHvQWUHLQHUH
5HVSHFWDLXUPWRDUHOHLQIRUPDLLFkQGFRQ
GXFHLDXWRYHKLFXOXOGXPQHDYRDVWU
=UHSDUDLL
=QRWHOHSULYLQGVLJXUDQDGLQDFHVWPDQXDO
=VFKLPEULOXFUULGHLQVWDODUHLPRGLILFUL
=VHFLXQHD'DWHWHKQLFHGLQDFHVWPDQXDO
=LQWHUYHQLLODFRPSRQHQWHOHHOHFWURQLFH
=UHJXOLLUHJOHPHQWULGHWUDILF
0HUFHGHV%HQ]YUHFRPDQGVXWLOL]DLXQ
=OHJLLVWDQGDUGHGHVLJXUDQUHIHULWRDUHOD
&HQWUXGHVHUYLFH0HUFHGHV%HQ]
DXWRYHKLFXOH

QUHJLVWUDUHDXWRYHKLFXO
*DUDQLHLPSOLFLW
0HUFHGHV%HQ]OHSRDWHVROLFLWD&HQWUHORU
VDOHGHVHUYLFHVHIHFWXH]HLQVSHFLLWHKQLFH  5HVSHFWDLQRWHOHGLQDFHVWH,QVWUXFLXQL
DVXSUDDQXPLWRUDXWRYHKLFXOHSHQWUXDOH GHXWLOL]DUHvQFHSULYHWHXWLOL]DUHDFRUHFW
vPEXQWLFDOLWDWHDVDXVLJXUDQD DDXWRYHKLFXOXOXLGXPQHDYRDVWULSRVLEL
OHOHGHWHULRUULDOHDXWRYHKLFXOXOXL'HWH
'DFDLDFKL]LLRQDWDXWRYHKLFXOXOGHODR
ULRUULOHDXWRYHKLFXOXOXLUH]XOWDWHvQXUPD
UHSUH]HQWDQDXWRUL]DWLVSHFLDOL]DWLDU
vQFOFULLDFHVWRULQVWUXFLXQLQXVXQWDFR
DXWRYHKLFXOXOGXPQHDYRDVWUQXDIRVWQLFLR
SHULWHGHJDUDQLDLPSOLFLW0HUFHGHV%HQ]
GDWLQVSHFWDWODXQ&HQWUXGHVHUYLFH0HU
D'DLPOHU$*
FHGHV%HQ]HVWHSRVLELOFDDXWRYHKLFXOXO
GXPQHDYRDVWUVQXILHvQUHJLVWUDWSH
QXPHOHGXPQHDYRDVWUOD0HUFHGHV%HQ]
'DWHPHPRUDWHvQDXWRYHKLFXO
0HUFHGHV%HQ]YSRDWHRIHULLQIRUPDLLSUL
YLQGYHULILFULOHDXWRYHKLFXOXOXLGRDUGDFGLV 'DWHSULYLQGGHIHFLXQLOH
SXQHGHGDWHOHGXPQHDYRDVWUGHvQUHJLV
WUDUH &RPSRQHQWHOHHVHQLDOHSHQWUXIXQFLRQDUHD
DXWRYHKLFXOXOXLVXQWGRWDWHFXPHPRULLFX
6HUHFRPDQGVYvQUHJLVWUDLODXQ&HQWUX GDWHGHGHIHFLXQHvQGRWDUHDVWDQGDUG
GHVHUYLFH0HUFHGHV%HQ] ([LVWLGLVSR]LWLYHGHVWRFDUHDGDWHORUFDUH
,QIRUPDL0HUFHGHV%HQ]FkWPDLFXUkQG vQUHJLVWUHD]FRPSRQHQWHOHDXWRYHKLFXOXOXL
SRVLELOGHVSUHRULFHPRGLILFDUHDDGUHVHLVDX vQDQXPLWHVLWXDLLGHFRQGXFHUH GHH[
DSURSULHWDUXOXL GHFODQDUHDDLUEDJXULORUVDXLQWHUYHQLD
(63 
$FHVWHGDWHHVWHXWLOL]DWHH[FOXVLYSHQWUXD
8WLOL]DUHDFRUHFW
=DMXWDODUHPHGLHUHDGHIHFLXQLORULGHIHF
$9(57,60(17 WHORU
3HDXWRYHKLFXOVXQWIL[DWHGLYHUVHHWLFKHWH =DMXWD0HUFHGHV%HQ]VRSWLPL]H]HLV
DXWRFRODQWHGHDYHUWLVPHQW6FRSXOORUHVWH GH]YROWHIXQFLLOHDXWRYHKLFXOXOXL
VDWUDJDWHQLDGXPQHDYRDVWULDOWRUDSUL 'DWHOHQXSRWILXWLOL]DWHSHQWUXDXUPUL
YLQGGLYHUVHSHULFROH3ULQXUPDUHQXVFRDWHL PLFULOHDXWRYHKLFXOXOXL
QLFLRHWLFKHWDXWRFRODQWGHDYHUWLVPHQW
GHFkWGDFHWLFKHWDDXWRFRODQWYRIHUFODU
&kQGDXWRYHKLFXOXOGXPQHDYRDVWUHVWH
SHUPLVLXQHvQDFHVWVHQV
GHSDQDWGH0HUFHGHV%HQ]DFHVWHLQIRUPDLL
WHKQLFHSRWILFLWLWHGLQPHPRULDGHGHIHFLXQL


 ,QWURGXFHUH

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

$OWHGLVSR]LWLYHFDUHVWRFKHD]GDWHOH
QIXQFLHGHQLYHOXOGHHFKLSDUHDXWRYHKLFX
OXOGXPQHDYRDVWUSRDWHFRQLQHVLVWHPHGH
FRPXQLFDLLLVDXGLYHUWLVPHQW GHH[GLV
SR]LWLYHGHQDYLJDLHVLVWHPHWHOHIRQLFH 
$FHVWHDYSHUPLWVVDOYDLLVHGLWDL
GDWHOHQHFHVDUHSHQWUXXWLOL]DUHDGLVSR]LWLYX
OXLUHVSHFWLY
,QIRUPDLLVXSOLPHQWDUHSULYLQGXWLOL]DUHD GH
H[SULYLQGWHUJHUHDGDWHORU VHUHJVHVFvQ
LQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH


3ODQDGHERUG 
3DQRXGHLQVWUXPHQWH 

3UH]HQWDUHJHQHUDO
9RODQPXOWLIXQFLRQDO 
&RQVROFHQWUDO 
3DQRXGHFRPDQGVLWXDWSHSODIRQ 
3DQRXGHFRPDQGVLWXDWSHSRU
WLHU 
 3ODQDGHERUG

3ODQDGHERUG
3UH]HQWDUHJHQHUDO

)XQFLD 3DJLQD )XQFLD 3DJLQD


C 0DQHWGHVFKLPEDUHD n 5HJOHD]YRODQXOPDQXDO 
YLWH]HORUVLWXDWSHYRODQ 
o 5HJOHD]YRODQXOHOHFWULF 
D &RPXWDWRUPL[W  QFO]LUHDYRODQXOXL 
3DQRXGHLQVWUXPHQWH  p 0DQHWSHQWUXFRQWUROXO
&OD[RQ FURD]LHUHL 

q 'HVFKLGHFDSRWDPRWRUXOXL 
0DQHWD',5(&76(/(&7 
r &RQH[LXQHGLDJQRVWLFDUH 
$ILDMGHDYHUWL]DUH3$5.
7521,&  s )UkQHOHFWULFGHSDUFDUH 
k 3DQRXGHFRPDQGVLWXDW t &RPXWDWRUGHOXPLQL 
SHSODIRQ 
u $VLVWHQWXOODYHGHUHDSH
l 6LVWHPHGHFRQWUROFOLPDWL WLPSGHQRDSWH3OXV 
]DUH 
m &RPXWDWRUGHFRQWDFW 
%XWRQ6WDUW6WRS 
3DQRXGHLQVWUXPHQWH 

3DQRXGHLQVWUXPHQWH
$ILDMHLFRPHQ]L

3UH]HQWDUHJHQHUDO
)XQFLD 3DJLQD )XQFLD 3DJLQD
C 9LWH]RPHWUXFXVHJPHQWH  ,QGLFDWRUQLYHOGHFDUEXUDQW
D $ILDMPXOWLIXQFLRQDO  %XWRQXOGHFRQWURODOOXPL
QR]LWLLSHQWUXLOXPLQDUHD
7XURPHWUX  SDQRXOXLGHLQVWUXPHQWH
7HPSHUDWXUDOLFKLGXOXLGH URWLLvQVHQVRUDUVDXDQWLR
UFLUH  UDU
 3DQRXGHLQVWUXPHQWH

/PSLGHDYHUWL]DUHLLQGLFDWRDUH
3UH]HQWDUHJHQHUDO

)XQFLD 3DJLQD )XQFLD 3DJLQD


C X)DUXULSHQWUXID] n u656 
VFXUW 
o v&HQWXUGHVLJXUDQ 
D (63  p (0RWRUGLHVHOSUH
W)DUXULSHQWUXID] vQFO]LUHFXEXMLHLQFDQGHV
OXQJ  FHQW 
$)UkQHOHFWULFGH q /LFKLGGHUFLUH 
SDUFDUH URX  r ^/DPSGHFHDVSDWH 
$)UkQHOHFWULFGH
s 'LDJQRVWLFDUHPRWRU 
SDUFDUH JDOEHQ 
t &DUEXUDQWGHUH]HUY 
M)UkQH JDOEHQ 
u (63'(=$&7,9$7 
k $YHUWL]DUHSULYLQGGLV
WDQD  v %$%6 
l >=6HPQDOL]DWRDUH w M)UkQH URX 
GHGLUHFLH 
m w0RQLWRUL]DWRUXOSUH
VLXQLLvQSQHXUL 
9RODQPXOWLIXQFLRQDO 

9RODQPXOWLIXQFLRQDO

3UH]HQWDUHJHQHUDO
)XQFLD 3DJLQD )XQFLD 3DJLQD
C $ILDMPXOWLIXQFLRQDO  Ye
D $ILDMDXGLR&20$1' 6HOHFWHD]XQPHQLX 
FRQVXOWDLLQVWUXFLXQLOHGH cd
XWLOL]DUHVHSDUDWH 6HOHFWHD]XQVXEPHQLX
VDXSDUFXUJHOLVWHOH 
b
v
$FWLYHD]/,1*8$7521,&
&RQILUPRVHOHFLH 
FRQVXOWDLLQVWUXFLXQLOHGH
XWLOL]DUHVHSDUDWH $VFXQGHPHVDMHOHGHSH
GLVSOD\ 

A
5HVSLQJHVDXvQFKHLHXQ
DSHO  QDSRL 
6HLHVHGLQDJHQGDWHOHIR 'H]DFWLYHD]/,1*8$752
QLFPHPRULDGHUHDSHODUH 1,&FRQVXOWDLLQVWUXFLX
j QLOHGHXWLOL]DUHVHSDUDWH
6HHIHFWXHD]VDXVH
DFFHSWXQDSHO
6HFRPXWSHPHPRULDGH
UHDSHODUH

5HJOHD]YROXPXO
l
6XUGLQ
 &RQVROFHQWUDO

&RQVROFHQWUDO
&RQVRODFHQWUDOVHFLXQHDVXSHULRDU
3UH]HQWDUHJHQHUDO

)XQFLD 3DJLQD )XQFLD 3DJLQD


C 6LVWHPXODXGLR&20$1' /6HPQDOL]DWRDUHGH
2QOLQHFRQVXOWDLLQVWUXF DYDULH 
LXQLOHGHXWLOL]DUHVHSDUDWH
k s/DPSLQGLFDWRDUH
D rQFO]LUHVFDXQ  $,5%$*3$6$*(5235,7 
9HQWLODUHVFDXQ  l (63 
3$5.7521,&  m JQFO]LUHDX[LOLDU 
)XQFLDVWDUWVWRS
(&2 
&RQVROFHQWUDO 

&RQVRODFHQWUDOVHFLXQHDLQIHULRDU

3UH]HQWDUHJHQHUDO
G $XWRYHKLFXOHOHFXPHQLXO21 2))52$' )XQFLD 3DJLQD
)XQFLD 3DJLQD r &RQWUROQLYHO 
n 6XSRUWSHQWUXSDKDU  s 5HJODUHDYLWH]HLOD
6FUXPLHU  FRERUkUHDvQSDQW 
%ULFKHW  t c3URJUDPGHFRQGXFHUH
3UL]HOHFWULF  vQUHJLPPDQXDO 
o &RQWUROHU$XGLR&20$1' u %XWRQVHOHFWRUSHQWUXSUR
FRQVXOWDLLQVWUXFLXQLOHGH JUDPHRQURDG 
XWLOL]DUHVHSDUDWH
%XWRQVHOHFWRUSHQWUXSUR
p %XWRQGHIXQFLRQDUH JUDPHRIIURDG 
PHQLX21 2))52$' 
v 'HVFKLGHFRPSDUWLPHQWXO
q .7UHDSW/2:5$1*( GHGHSR]LWDUH 
75($37'(9,7(=(,1)(
5,2$5 RIIURDG 

3UH]HQWDUHJHQHUDO &RQVROFHQWUDO

G $XWRYHKLFXOHIUPHQLXO21 2))52$' )XQFLD 3DJLQD


LDXWRYHKLFXOH$0*
q 5HJODUHDYLWH]HLOD
)XQFLD 3DJLQD FRERUkUHDvQSDQW 
n 6XSRUWSHQWUXSDKDU  r &RQWUROXOQLYHOXOXL
6FUXPLHU  DXWRYHKLFXOHFXSDFKHWXO
%ULFKHW  $,50$7,& 
3UL]HOHFWULF  s 6LVWHPXOGHDPRUWL
o &RQWUROHU$XGLR&20$1' ]DUHDGDSWLY DXWRYHKLFXOH
FRQVXOWDLLQVWUXFLXQLOHGH FXSDFKHWXO$,50$7,& 
XWLOL]DUHVHSDUDWH 5HJOHD]$0*5,'(
&21752/ DXWRYHKLFXOH
p 6HOHFWHD]SURJUDPXO
$0* 
RIIURDG DXWRYHKLFXOHFX
SDFKHWXO$,50$7,&  t 'HVFKLGHFRPSDUWLPHQWXO
6HOHFWHD]SURJUDPXO GHGHSR]LWDUH 
GHFRQGXFHUH 
6HOHFWHD]SURJUDPXOGH
FRQGXFHUH DXWRYHKLFXOH
$0* 
3DQRXGHFRPDQGVLWXDWSHSODIRQ 

3DQRXGHFRPDQGVLWXDWSHSODIRQ

3UH]HQWDUHJHQHUDO
)XQFLD 3DJLQD )XQFLD 3DJLQD
C =$SULQGHVWLQJH W'HVFKLGHvQFKLGH
ODPSDGHOHFWXUGHSHSDU WUDSDJOLVDQWSDQRUDPLF
WHDVWkQJ  FXMDOX]HOH 

D k &RPSDUWLPHQWSHQWUX
J$SULQGHLOXPLQDUHD
LQWHULRDUID  RFKHODUL 

l 'H]DFWLYHD]SURWHF
B$SULQGHVWLQJHLOXPL
QDUHDLQWHULRDUVSDWH  LDODWUDFWDUH 

m 2JOLQGDUHWURYL]RDUH 
36WLQJHFRPDQGDGH
LOXPLQDUHLQWHULRDUID n %XWRDQHSHQWUXGHV
LOXPLQDUHLQWHULRDUDXWR FKL]WRUXOSHQWUXXDJDUD
PDW  MXOXL 
=$SULQGHVWLQJH o 'H]DFWLYHD]VHQ]R
ODPSDGHOHFWXUGHSHSDU UXOGHPLFDUHvQLQWHULRU 
WHDGUHDSW 
V'HVFKLGHvQFKLGH
WUDSDJOLVDQW 
 3DQRXGHFRPDQGVLWXDWSHSRUWLHU

3DQRXGHFRPDQGVLWXDWSHSRUWLHU
3UH]HQWDUHJHQHUDO

)XQFLD 3DJLQD )XQFLD 3DJLQD


C 'HVFKLGHSRUWLHUD  b'HVFKLGHvQFKLGH
JHDPXULOHODWHUDOH 
D 67'HVFXLHvQFXLH
DXWRYHKLFXOXO  k 'HVFKLGHvQFKLGH
KD\RQXO 
78@
0HPRUHD]VHWULOHSHQWUX l $FWLYHD]GH]DFWL
VFDXQRJOLQ]LOHH[WHULRDUH YHD]FDUDFWHULVWLFDGH
LYRODQ  VXSUDUHJODUHSHQWUXJHD
PXULOHODWHUDOHGLQFRPSDU
5HJOHD]HOHFWULFVFDXQXO 
WLPHQWXOVSDWH 
kpq
5HJOHD]LUDEDWHD]
H[WLQGHHOHFWULFRJOLQ]LOH
H[WHULRDUH 


,QIRUPDLLXWLOH 
6LJXUDQDRFXSDQLORU 
3UH]HQDFRSLLORUODERUG 
6LVWHPHGHVLJXUDQODFRQGXFHUH 

6LJXUDQ
6LVWHPHDQWLIXUW 
 6LJXUDQDRFXSDQLORU

,QIRUPDLLXWLOH FRQVWLWXLHGRDUXQVLVWHPVXSOLPHQWDUGH
UHWHQLHFDUHFRPSOHWHD]IUDvQORFXL
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH vQVFHQWXUDGHVLJXUDQ7RLSDVDJHULL
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG DXWRYHKLFXOXOXLWUHEXLHVvLSRDUWHvQWRW
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD GHDXQDFRUHFWFHQWXUDGHVLJXUDQFKLDU
LGDFDXWRYHKLFXOXOHVWHGRWDWFXDLUED
6LJXUDQ

YRDVWUGLVSRQLELOHODGDWDSXEOLFULL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH JXUL$LUEDJXULOHQXVXQWGHFODQDWHvQWRDWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL WLSXULOHGHDFFLGHQWH'HH[HPSOXvQFD]XO
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP vQFDUHFDSDFLWDWHDGHSURWHFLHRIHULWGH
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF FHQWXULOHGHVLJXUDQFXSODWHFRUHV
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO SXQ]WRUQXFUHWHSULQGHFODQDUHDDLUED
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH JXULORUDLUEDJXULOHQXVHGHFODQHD]
ULWRDUHODVLJXUDQ 'HFODQDUHDDLUEDJXULORUDVLJXURSURWHF
LHFUHVFXWQXPDLGDFFHQWXUDGHVLJX
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH UDQHVWHSXUWDWFRUHFWGHRDUHFH
FLDOLWDWHDXWRUL]DWH 3DJLQD  =FHQWXUDGHVLJXUDQFRQWULEXLHODPHQ
LQHUHDSDVDJHUXOXLDXWRYHKLFXOXOXLvQ
SR]LLHRSWLPvQUDSRUWFXDLUEDJXO
6LJXUDQDRFXSDQLORU
=vQWURFROL]LXQHIURQWDOGHH[HPSOX
1RWHLPSRUWDQWHSULYLQGVLJXUDQD FHQWXUDGHVLJXUDQSUHYLQHSURLHFWDUHD
SDVDJHUXOXLDXWRYHKLFXOXOXLFWUHSXQF
&HQWXULOHGHVLJXUDQvPSUHXQFX656 6LV
WXOGHLPSDFW$VWIHOVHSRDWHUHGXFH
WHPXO6XSOLPHQWDUGH5HWHQLH VXQWVLVWHPH
SHULFROXOGHUQLUH
GHUHWHQLHFRPSOHPHQWDUHLFRRUGRQDWH
3DJLQD $FHVWHDUHGXFSHULFROXOGH QDFFLGHQWHOHvQFDUHXQDLUEDJHVWH
UQLUHvQWLSXULVSHFLILFHLSUHGHILQLWHGHDFFL GHFODQDWHORIHURSURWHFLHFUHVFXW
GHQWHFUHVFkQGvQFRQVHFLQVLJXUDQDRFX QXPDLGDFFHQWXUDGHVLJXUDQHVWHSXU
SDQLORU&XWRDWHDFHVWHDFHQWXULOHGHVLJX WDWFRUHFW
UDQLDLUEDJXULOHQXSRWvQJHQHUDOSUHYHQL $9(57,60(17
UQLUHDFDX]DWGHRELHFWHOHFDUHSWUXQGvQ
'DFLQWHUYHQLLOHvQVHUYLFHQXVXQWHIHFWXDWH
DXWRYHKLFXOGLQH[WHULRU
FRUHFWVLJXUDQDGHXWLOL]DUHDDXWRYHKLFXOXOXL
3HQWUXDYDVLJXUDFVLVWHPHOHGHVLJXUDQ GXPQHDYRDVWUSRDWHILDIHFWDW$VWIHO
SRWDVLJXUDIXQFLDORUGHSURWHFLHSRWHQLDO SXWHLSLHUGHFRQWUROXODXWRYHKLFXOXOXLL
FRPSOHWDVLJXUDLYF SXWHLSURYRFDXQDFFLGHQW0DLPXOWVLVWH
=VFDXQXOLWHWLHUDVXQWUHJODWHFRUHV PHOHGHVLJXUDQQXYPDLSRWSURWHMDSH
SXQ]WRU 3DJLQD  GXPQHDYRDVWUVDXSHDOLLFRQIRUPVFRSXOXL
=FHQWXUDGHVLJXUDQDIRVWFXSODWFRUHV SUHY]XW
SXQ]WRU 3DJLQD  6ROLFLWDLvQWRWGHDXQDHIHFWXDUHDLQWHUYHQLL
=DLUEDJXULOHQXVXQWvPSLHGLFDWHVVHXPIOH ORUGHVHUYLFHODXQDWHOLHUGHVSHFLDOLWDWH
FkQGVHGHVIRDU 3DJLQD  DXWRUL]DW
=YRODQXOHVWHUHJODWFRUHVSXQ]WRU
3DJLQD 
=VLVWHPHOHGHUHWHQLHQXDXIRVWPRGLILFDWH

G 8QDLUEDJFUHWHQLYHOXOGHSURWHFLHD
SDVDJHULORUDXWRYHKLFXOXOXLFDUHSRDUWR
FHQWXUGHVLJXUDQ7RWXLDLUEDJXULOH
6LJXUDQDRFXSDQLORU 

3HULFROGHUQLUH /DPSGHDYHUWL]DUH656
0RGLILFULOHLOXFUULOHHIHFWXDWHLQFRUHFW )XQFLLOH656VXQWYHULILFDWHUHJXODWFkQG
DVXSUDXUPWRDUHORUHOHPHQWHSRWREVWUXF FXSODLFRQWDFWXOLFkQGPRWRUXOIXQFLR
LRQDIXQFLRQDUHDFRUHVSXQ]WRDUHDVLVWH QHD]3ULQXUPDUHGHIHFLXQLOHSRWILGHWHF
PHORUGHUHWHQLH WDWHvQWLPSXWLO

6LJXUDQ
=VLVWHPXOGHUHWHQLHDOFWXLWGLQFHQWXULOH /DPSDGHDYHUWL]DUHu656GLQSDQRXOGH
GHVLJXUDQLSXQFWHOHGHDQFRUDUHDOH LQVWUXPHQWHVHDSULQGHFkQGFRQWDFWXOHVWH
DFHVWRUDGLVSR]LWLYHOHGHSUHWHQVLRQDUH FXSODW$FHDVWDVHVWLQJHODQXPDLWkU]LXGH
OLPLWDWRDUHOHGHIRULDLUEDJXULOH FkWHYDVHFXQGHGXSFHPRWRUXOHVWHSRUQLW
=FDEOXULOHHOHFWULFH
$9(57,60(17
=VLVWHPHOHHOHFWURQLFHLQWHUFRQHFWDWH
'DF656HVWHGHIHFWVLVWHPHOHLQGLYLGXDOH
(VWHSRVLELOFDDLUEDJXULOHVDXGLVSR]LWLYHOHGH SRWILGHFODQDWHQHLQWHQLRQDWVDXHVWHSRVL
SUHWHQVLRQDUHDFHQWXULORUVQXILHGHFODQ ELOVQXVHGHFODQH]HvQFD]XOXQXLDFFLGHQW
DWHvQFD]GHDFFLGHQWvQVLWXDLLvQFDUH FXRGHFHOHUDUHUDSLGDDXWRYHKLFXOXOXL
GHFHOHUDUHDDUILVXILFLHQWSHQWUXDGHFODQD $VXUYHQLWRGHIHFLXQHGDF
vQPRGQRUPDODFHVWHVLVWHPHVDXHVWHSRVL
=ODPSDGHDYHUWL]DUHu656QXVH
ELOFDVLVWHPHOHVILHGHFODQDWHFkQGQXHVWH
FD]XO'LQDFHVWPRWLYVLVWHPHOHGHUHWHQLH DSULQGHFkQGFRQWDFWXOHVWHFXSODW
QXWUHEXLHQLFLRGDWPRGLILFDWH =PRWRUXOIXQFLRQHD]LODPSDGHDYHUWL

1XHIHFWXDLQLFLRGDWPRGLILFULODVLVWHPHOH ]DUHu656QXVHVWLQJHGXSFkWHYD
HOHFWURQLFHVDXODVRIWZDUHXODVRFLDWDFHV VHFXQGH
WRUD =PRWRUXOIXQFLRQHD]LODPSDGHDYHUWL]DUH
u656VHDSULQGHGLQQRX
QDFHVWFD]VROLFLWDLLPHGLDWYHULILFDUHD656
656 6LVWHPXO6XSOLPHQWDUGH5HWHQ ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LH
,QWURGXFHUH 'HFODQDUHDvQWLQ]WRDUHORUFHQWXULLD
OLPLWDWRDUHORUGHIRUSHQWUXFHQWXUL
656FRQVWGLQ DDLUEDJXULORU
=ODPSDGHDYHUWL]DUHu656
QSULPDID]DXQHLFROL]LXQLXQLWDWHGH
=$LUEDJXUL FRPDQGDDLUEDJXULORUHYDOXHD]GDWHIL]LFH
=XQLWDWHDGHFRPDQGDDLUEDJXULORU FXVHQ LPSRUWDQWHSULYLQGGHFHOHUDUHDVDXDFFHOHUD
]RULGHLPSDFW UHDDXWRYHKLFXOXOXLSUHFXP
=vQWLQ]WRDUHOHGHFHQWXUSHQWUXFHQWXULOH =GXUDW
GHVLJXUDQIDLFHQWXULOHGHVLJXUDQ =GLUHFLH
H[WHULRDUHGLQVSDWH =DPSORDUH
=OLPLWDWRDUHOHGHIRUSHQWUXFHQWXU
QIXQFLHGHHYDOXDUHDDFHVWRUGDWHXQLWDWHD
656UHGXFHULVFXOFRQWDFWXOXLGLQWUHSDVDJHUL GHFRPDQGDDLUEDJXULORUGHFODQHD]SUH
LLQWHULRUXODXWRYHKLFXOXOXLvQFD]GHDFFL YHQWLYvQWLQ]WRDUHOHGHFHQWXUvQSULPDID]
GHQW$FHVWDSRDWHGHDVHPHQHDVUHGXF
HIHFWXOIRUHORUODFDUHVXQWVXSXLSDVDJHULL G QWLQ]WRDUHOHGHFHQWXUIDSRWIL
vQFD]GHDFFLGHQW GHFODQDWHGRDUGDFOLPELOHFHQWXULORUGH
VLJXUDQGLQVFDXQHOHIDVXQWFXSODWH
FRUHFWvQFDWDUDPHOHGHEORFDUHDOHFHQWX
ULORUGHVLJXUDQ


 6LJXUDQDRFXSDQLORU

'DFH[LVWRGHFHOHUDUHVDXDFFHOHUDUHD )DFWRULLFDUHSRWGRDUILY]XLLPVXUDL
DXWRYHKLFXOXOXLLPDLPDUHvQGLUHFLHORQJL GXSVXUYHQLUHDXQHLFROL]LXQLQXDXXQURO
WXGLQDODLUEDJXULOHIURQWDOHVXQWGHDVHPH GHFLVLYvQGHFODQDUHDDLUEDJXOXLLQXRIHUR
QHDGHFODQDWH LQGLFDLHSULYLQGGHFODQDUHDDLUEDJXOXL
$XWRYHKLFXOXOGXPQHDYRDVWUGLVSXQHGHDLU $XWRYHKLFXOXOSRDWHVXIHULGHIRUPULVHPQL
6LJXUDQ

EDJXULIURQWDOHDGDSWLYHvQGRXID]H8QLWD ILFDWLYHGHH[ODFDSRWVDXODDULSIUFD
WHDGHFRPDQGDDLUEDJXULORUHYDOXHD] XQDLUEDJVILHGHFODQDW$FHDVWVLWXDLH
GHFHOHUDUHDVDXDFFHOHUDUHDDXWRYHKLFXOXOXL DSDUHGDFQXPDLSULOHUHODWLYXRUGHIRU
vQFD]GHFROL]LXQHQSULPDID]GHGHFODQ PDELOHVXQWDIHFWDWHLYLWH]DGHGHFHOHUDUH
DUHDLUEDJXOIURQWDOHVWHXPSOXWFXGHVWXO QXHVWHPDUH3HGHDOWSDUWHDLUEDJXULOHSRW
JD]SURSXOVRUSHQWUXDUHGXFHSHULFROXOGH ILGHFODQDWHLGDFDXWRYHKLFXOXOVXIHU
UQLUH$LUEDJXOIURQWDOHVWHFRPSOHWGHFODQ QXPDLGHIRUPULPLQRUH/XFUXULOHVWDXDVWIHO
DWGDFXQDOGRLOHDSUDJGHGHFODQDUHHVWH vQFD]XOvQFDUHGHH[HPSOXSULOHIRDUWH
GHSLWvQGHFXUVGHFkWHYDPLOLVHFXQGH ULJLGHDOHDXWRYHKLFXOXOXLFXPDUILHOHPHQWH
3UDJXULOHvQWLQ]WRUXOXLFHQWXULLLDOH ORQJLWXGLQDOHDOHFDURVHULHLVXQWORYLWHLDU
GHFODQULLDLUEDJXOXLVXQWYDULDELOHLVXQW GHFHOHUDUHDVXUYHQLWGUHSWXUPDUHHVWHVXIL
DGDSWDWHODYLWH]DGHGHFHOHUDUHVDXDFFHOH FLHQW
UDUHDDXWRYHKLFXOXOXL$FHVWSURFHVHVWHGH
QDWXUSUHYHQWLY3URFHVXOGHGHFODQDUH
WUHEXLHVVHHIHFWXH]HvQWLPSXWLOODvQFHSX $LUEDJXUL
WXOFROL]LXQLL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
G $LUEDJXULOHQXVXQWGHFODQDWHvQWRDWH
'HFODQDUHDDLUEDJXOXLvQFHWLQHWHLOLPL
WLSXULOHGHDFFLGHQWH'HDVHPHQHDQX
WHD]GHSODVDUHDSDVDJHUXOXLDXWRYHKLFXOX
WRDWHDLUEDJXULOHVXQWGHFODQDWHvPSUHXQ
OXL
ODXQDFFLGHQW6LVWHPHOHGHDLUEDJXULGLIH
ULWHIXQFLRQHD]LQGHSHQGHQWXQXOGH 'DFDLUEDJXULOHVXQWGHFODQDWHYHLDX]LR
FHOODOW H[SOR]LHLHVWHSRVLELOVVHGHJDMH]HLR
PLFFDQWLWDWHGHSXOEHUH=JRPRWXOGHH[SOR
0RGXOGHIXQFLRQDUHDOVLVWHPXOXLGHDLU
]LHDIHFWHD]DX]XOGRDUvQVLWXDLLUDUH'H
EDJXULHVWHGHWHUPLQDWGHJUDYLWDWHDFROL
UHJXOSXOEHUHDGHJDMDWQXFRQVWLWXLHXQ
]LXQLLGHWHFWDWHPDLDOHVGHGHFHOHUDUHD
SHULFROSHQWUXVQWDWH/DPSDGHDYHUWL]DUH
VDXDFFHOHUDUHDDXWRYHKLFXOXOXLLGHWLSXO
656uVHDSULQGH
DSDUHQWGHDFFLGHQW
3XQFWHOHGHLQVWDODUHDDLUEDJXULORUVXQWLGHQ
=FROL]LXQHIURQWDO
WLILFDWHSULQVLPEROXO$,5%$*
=LPSDFWODWHUDO
=UVWXUQDUH
$9(57,60(17
$LUEDJXULOHRIHUXQJUDGVXSOLPHQWDUGHSUR
9LWH]DGHGHFHOHUDUHVDXDFFHOHUDUHDDXWR WHFLHDFHVWHDQXVXQWFXWRDWHDFHVWHDXQ
YHKLFXOXOXLLGLUHFLDIRUHLVXQWvQSULQFLSLX vQORFXLWRUSHQWUXFHQWXULOHGHVLJXUDQ
GHWHUPLQDWHGH
5HVSHFWDLXUPWRDUHOHQRWHSHQWUXDUHGXFH
=GLVWULEXLDIRUHORUvQWLPSXOFROL]LXQLL ULVFXOGHUQLJUDYHVDXFKLDUIDWDOHSURYRFDWH
=XQJKLXOFROL]LXQLL GHGHFODQDUHDDLUEDJXOXL
=FDUDFWHULVWLFLOHGHGHIRUPDUHDOHDXWRYHKL =WRLSDVDJHULLDXWRYHKLFXOXOXLvQVSHFLDO
FXOXOXL IHPHLOHvQVUFLQDWHWUHEXLHVSRDUWH
=FDUDFWHULVWLFLOHRELHFWXOXLFXFDUHDLQWUDWvQ vQWRWGHDXQDFRUHFWFHQWXUDGHVLJXUDQL
FROL]LXQHDXWRYHKLFXOXO VVHVSULMLQHGHVSWDUFDUHWUHEXLHSR]L
6LJXUDQDRFXSDQLORU 

LRQDWFkWPDLDSURDSHGHYHUWLFDO&DSXO XQVLVWHPGHUHWHQLHSHQWUXFRSLLRULHQWDW
WUHEXLHVVHSRDWVSULMLQLSHWHWLHUDSUR VSUHIDvQVFDXQXOSDVDJHUXOXLGLQID
[LPDWLYODQLYHOXORFKLORU WUHEXLHVGHSODVDLVFDXQXOSDVDJHUXOXL
=IL[DLvQWRWGHDXQDFRSLLLPDLPLFLGH GLQIDFkWPDLPXOWvQVSDWHSRVLELO
PVDXVXEDQLvQVLVWHPHGHUHWHQ =$VLJXUDLYFQXDYHLQLFLXQRELHFWJUHX

6LJXUDQ
LHSHQWUXFRSLLDGHFYDWH VDXDVFXLWvQEX]XQDUHOHKDLQHORU
=WRLSDVDJHULLDXWRYHKLFXOXOXLWUHEXLHV =QXYvQFOLQDLvQDLQWHGHH[SHVWHFDSDFXO
VHOHFWH]HRSR]LLHDVFDXQXOXLFkWPDL DLUEDJXOXLIURQWDODORIHUXOXLSDVDJHUXOXL
vQGHSUWDWGHDLUEDJSRVLELO3R]LLDVFDX GLQIDvQGHRVHELFkQGDXWRYHKLFXOXOHVWH
QXOXLRIHUXOXLWUHEXLHVSHUPLWFRQGXFH vQPLFDUH
UHDDXWRYHKLFXOXOXLvQVLJXUDQ3LHSWXO =QXYSXQHLSLFLRDUHOHSHSODQDGHERUG
RIHUXOXLWUHEXLHVILHFkWPDLGHSDUWHSRVL =PDQHYUDLYRODQXOQXPDLGHH[WHULRU$VWIHO
ELOGHFHQWUXOFDSDFXOXLDLUEDJXOXLRIHUXOXL SHUPLWHLGHVIXUDUHDFRPSOHWDDLUEDJX
=GHSODVDLVFDXQXOSDVDJHUXOXLGLQIDFkW OXL(VWHSRVLELOVVXIHULLUQLGDFDLUEDJXO
PDLvQDSRLSRVLELO$FHDVWDILUPDLHHVWH HVWHGHFODQDWLGXPQHDYRDVWULQHL
LPSRUWDQWPDLDOHVGDFDLIL[DWXQFRSLO YRODQXOGHLQWHULRU
vQVLVWHPXOGHUHWHQLHSHQWUXFRSLLGHSH =QXYVSULMLQLLGHSRUWLHUHFkQGYDIODLvQ
VFDXQXOSDVDJHUXOXLGLQID LQWHULRUXODXWRYHKLFXOXOXL
=SDVDJHULLDXWRYHKLFXOXOXLLPDLDOHVFRSLLL
=DVLJXUDLYFQXH[LVWQLFLRSHUVRDQ
QXWUHEXLHVLLQFDSHWHOHvQ]RQDJHD DQLPDOVDXRELHFWvQWUHSDVDJHULLDXWRYHKL
PXOXLvQFDUHVHGHFODQHD]DLUEDJXOODWH FXOXOXLL]RQDvQFDUHVHGHFODQHD]DLU
UDODLUEDJXOWLSFRUWLQ EDJXULOH
=VLVWHPHOHGHUHWHQLHSHQWUXFRSLLRULHQWDWH
=QXDPSODVDLRELHFWHvQWUHVSWDUXOVFDX
VSUHVSDWHQXWUHEXLHVILHIL[DWHSHVFDX QXOXLLSRUWLHU
QXOSDVDJHUXOXLGLQIDGHFkWGDFDLUEDJXO
=QXVXVSHQGDLRELHFWHGXUHGHH[HPSOX
SHQWUXSDVDJHUXOGLQIDDIRVWGH]DFWLYDW
XPHUDHGHPkQHUHOHGHVXVLQHUHVDXGH
/DVFDXQXOSDVDJHUXOXLGLQIDDLUEDJXO
FkUOLJHOHSHQWUXKDLQH
SDVDJHUXOXLGLQIDHVWHGH]DFWLYDWGDFXQ
=1XSXQHLDFFHVRULLGHH[VXSRUWXULSHQWUX
VLVWHPGHUHWHQLHSHQWUXFRSLLFXWUDQV
SRQGHUSHQWUXUHFXQRDWHUHDDXWRPDWD SDKDUHSHSRUWLHUH
VFDXQXOXLSHQWUXFRSLOHVWHPRQWDWSHVFDX QXVHSRDWHHOLPLQDvQWRWDOLWDWHSHULFROXOGH
QXOSDVDJHUXOXLGLQIDvQWUXQDXWRYHKLFXO UQLUHSURYRFDWGHDLUEDJXULGLQFDX]DYLWH]HL
GRWDWFXUHFXQRDWHUHDDXWRPDWDVFDX ULGLFDWHODFDUHDLUEDJXOWUHEXLHVILHGHFODQ
QXOXLSHQWUXFRSLO/DPSDLQGLFDWRDUH DW
s3$66(1*(5$,5%$*2)) $,5%$*
3$6$*(5235,7 WUHEXLHVILHFRQVWDQW $9(57,60(17
DSULQV )XQFLRQDUHDDLUEDJXULORUSRDWHILDVLJXUDW
'DFVFDXQXOSDVDJHUXOXLGLQIDGLQDXWR QXPDLGDFXUPWRDUHOHSULQXVXQWDFRSH
YHKLFXOXOGXPQHDYRDVWUQXGLVSXQHGH ULWHLQXVXQWIL[DWHHPEOHPHVDXHWLFKHWH
UHFXQRDWHUHDDXWRPDWDVFDXQXOXLSHQ DXWRFRODQWHSHHOH
WUXFRSLOVDXGDFVLVWHPXOGXPQHDYRDVWU =SRULXQHDFDSLWRQDWDYRODQXOXL
GHUHWHQLHSHQWUXFRSLLRULHQWDWVSUHVSDWH =FDSDFSHQWUXDLUEDJXOSHQWUXJHQXQFKLVXE
QXGLVSXQHGHUHFXQRDWHUHDDXWRPDWD
FRORDQDGHGLUHFLH
VFDXQXOXLSHQWUXFRSLOFRSLLLWUHEXLHVILH
=FDSDFXODLUEDJXOXLSDVDJHUXOXLID
IL[DLvQWUXQVLVWHPGHUHWHQLHSHQWUXFRSLL
=SDUWHDH[WHULRDUDSHUQHORUGHVFDXQ
SHXQVFDXQDGHFYDWGLQVSDWH'DFIL[DL


 6LJXUDQDRFXSDQLORU

$9(57,60(17 $FHVWHDVXQWGHFODQDWH
QWLPSXOXPIOULLXQXLDLUEDJHVWHHOLEHUDWR =ODvQFHSXWXOXQXLDFFLGHQWFXRGHFHOHUDUH
FDQWLWDWHPLFGHSUDI3UDIXOGHJDMDWSRDWH VDXDFFHOHUDUHDDXWRYHKLFXOXOXLULGLFDW
FDX]DGLILFXOWLWHPSRUDUHGHUHVSLUDLHSHU SHGLUHFLHORQJLWXGLQDO
VRDQHORUFDUHVXIHUGHDVWPVDXGHDOWHEROL =GDFVLVWHPXOVWDELOHWHFGHFODQDUHD
6LJXUDQ

DOHDSDUDWXOXLUHVSLUDWRU DLUEDJXOXLSRDWHRIHULRSURWHFLHVXSOLPHQ
3HQWUXDSUHYHQLSRVLELOHOHGLILFXOWLGHUHV WDUIDGHFHDRIHULWGHFHQWXUDGHVLJX
SLUDLHSUVLLDXWRYHKLFXOXOLPHGLDWFHDFHVW UDQ
OXFUXVHSRDWHUHDOL]DvQFRQGLLLGHVLJXUDQ =GDFFHQWXUDGHVLJXUDQHVWHSULQV
'HDVHPHQHDSXWHLGHVFKLGHJHDPXOSHQWUX =LQGHSHQGHQWGHDOWHDLUEDJXULGLQDXWRYH
DSHUPLWHSWUXQGHUHDDHUXOXLSURDVSWGLQ KLFXO
H[WHULRU3UDIXOQXHVWHvQJHQHUDOSHULFXORV
'DFDXWRYHKLFXOXOVHUVWRDUQDLUEDJXULOH
SHQWUXVQWDWHLQXLQGLFSUH]HQDXQXL
IURQWDOHvQJHQHUDOQXVXQWGHFODQDWH'DF
LQFHQGLXvQDXWRYHKLFXO
VLVWHPXOGHWHFWHD]RGHFHOHUDUHSXWHUQLFD
DXWRYHKLFXOXOXLvQGLUHFLHORQJLWXGLQDODLU
$9(57,60(17
EDJXULOHIURQWDOHVXQWGHFODQDWH
&RPSRQHQWHOHDLUEDJXOXLVHvQFLQJGXSFH
$LUEDJXOSDVDJHUXOXLGLQIDDHVWHDFWLYDW
DLUEDJXODIRVWGHFODQDW(YLWDLDWLQJHUHD
DFHVWRUDvQFD]FRQWUDUHVWHSRVLELOVVXIHULL GRDUGDFVLVWHPXOVWDELOHWHFVFDXQXO
DUVXUL SDVDJHUXOXLGLQIDHVWHRFXSDW/DPSDLQGL
FDWRDUH3$66(1*(5$,5%$*2)) $,5%$*
6ROLFLWDLvQORFXLUHDDLUEDJXULORUODXQDWHOLHU
3$6$*(5235,7 sGHSHFRQVRODFHQ
GHVSHFLDOLWDWHDXWRUL]DWQFD]FRQWUDUSDVD
WUDOQXHVWHDSULQV 3DJLQD $VWIHO
JHULLQXVXQWSURWHMDLGHDLUEDJXULvQHYHQWXD
VHLQGLFIDSWXOFXQVLVWHPGHUHWHQLHSHQ
OLWDWHDSURGXFHULLXQXLQRXDFFLGHQW
WUXFRSLLIUUHFXQRDWHUHDDXWRPDWDVFDX
QXOXLSHQWUXFRSLODIRVWPRQWDWSHVFDXQXO
$LUEDJXULIURQWDOH SDVDJHUXOXLGLQIDVDXFXQVLVWHPGH
$LUEDJXULOHIURQWDOHPUHVFSURWHFLDFDSXOXL UHWHQLHSHQWUXFRSLLFXUHFXQRDWHUHDDXWR
LSLHSWXOXLRIHUXOXLLSDVDJHUXOXLGLQID PDWDVFDXQXOXLSHQWUXFRSLODIRVWPRQWDW
LQFRUHFW
 1XDH]DLRELHFWHJUHOHSHVFDXQXOSDVD
JHUXOXLID6LVWHPXOSRDWHGHWHFWDDVWIHO
GDFVFDXQXOHVWHRFXSDWLGDFH[LVWXQ
DFFLGHQWVLVWHPHOHGHUHWHQLHGHSHSDU
WHDSDVDJHUXOXLIDDUSXWHDILGHFODQDWH
6ROLFLWDLvQORFXLUHDVLVWHPHORUGHVLJXUDQ
GHFODQDWH

$LUEDJSHQWUXJHQXQFKLLRIHUXOXL
$LUEDJXOSHQWUXJHQXQFKLLRIHUXOXLFUHWH
$LUEDJXORIHUXOXLCVHGHFODQHD]vQIDD
SURWHFLDRIHUXOXLFRQWUD
YRODQXOXLDLUEDJXOIURQWDODOSDVDJHUXOXLGLQ
=UQLORUODJHQXQFKL
IDDVHGHFODQHD]vQIDDLGHDVXSUD
WRUSHGRXOXL =UQLORUODFRDSV
=UQLORUODSDUWHDLQIHULRDUDSLFLRUXOXL
6LJXUDQDRFXSDQLORU 

&kQGVXQWGHFODQDWHDLUEDJXULOHODWHUDOH
RIHURSURWHFLHVXSOLPHQWDUDWRUDFHOXLL
SHOYLVXOXLSDVDJHULORUDXWRYHKLFXOXOXLGHSH
SDUWHDDXWRYHKLFXOXOXLXQGHVXUYLQHLPSDFWXO
&XWRDWHDFHVWHDHOHQXSURWHMHD]

6LJXUDQ
=FDSXO
=JkWXO
=EUDHOH

$LUEDJXOSHQWUXJHQXQFKLLRIHUXOXLCHVWH
vQWRWGHDXQDGHFODQDWRGDWFXDLUEDJXORIH
UXOXLLVHXPIOVXEFRORDQDGHGLUHFLH

$LUEDJXULODWHUDOH
$9(57,60(17
'DFGRULLVXWLOL]DLKXVHOHGHVFDXQ0HU
FHGHV%HQ]YUHFRPDQGFDGLQPRWLYHGH
VLJXUDQVXWLOL]DLQXPDLKXVHGHVFDXQ $LUEDJXULOHODWHUDOHIURQWDOHCLDLUEDJXULOH
DSUREDWHSHQWUXDXWRYHKLFXOHOH0HUFHGHV ODWHUDOHVSDWHDVHGHFODQHD]OkQJSHU
%HQ] QHOHVFDXQHORUH[WHULRDUH
+XVHOHVFDXQHORUWUHEXLHVGLVSXQGHR $LUEDJXULOHODWHUDOHVXQWGHFODQDWH
FXVWXUGHUXSHUHVSHFLDOSHQWUXDLUEDJX
=SHODWHUDODSHFDUHVXUYLQHXQLPSDFW
ULOHODWHUDOHQFD]FRQWUDUDLUEDJXULOHODWHUDOH
=ODvQFHSXWXOXQXLDFFLGHQWFXRGHFHOHUDUH
QXVHSRWGHFODQDFRUHFWLQXYRURIHULJUDGXO
GHSURWHFLHSUHY]XWvQFD]GHDFFLGHQW VDXDFFHOHUDUHODWHUDODDXWRYHKLFXOXOXL
+XVHOHFRUHVSXQ]WRDUHDOHVFDXQHORUSRWIL ULGLFDWGHH[vQWUXQLPSDFWODWHUDO
RELQXWHGHH[HPSOXGHODXQ&HQWUXGHVHU =LQGHSHQGHQWGHXWLOL]DUHDFHQWXULLGHVLJX
YLFH0HUFHGHV%HQ] UDQ
=LQGHSHQGHQWGHDLUEDJXULOHIURQWDOH
$9(57,60(17 =LQGHSHQGHQWGHvQWLQ]WRDUHOHGHFHQWXU
6HQ]RULLFDUHFRQWUROHD]DLUEDJXULOHVXQW 'DFDXWRYHKLFXOXOVHUVWRDUQDLUEDJXULOH
DPSODVDLvQSRUWLHUH3ULQXUPDUHQXDGXFHL ODWHUDOHvQJHQHUDOQXVXQWGHFODQDWH([FHS
PRGLILFULSRUWLHUHORUVDXSDQRXULORUSRUWLHUH LHGDFVLVWHPXOGHWHFWHD]RGHFHOHUDUH
ORUGHH[SULQPRGHUQL]DUHDFXGLIX]RDUH VDXRDFFHOHUDUHULGLFDWDDXWRYHKLFXOXOXL
'HWHULRUDUHDSRUWLHUHORUSRDWHDIHFWDIXQFLR vQWURGLUHFLHODWHUDOLVWDELOHWHGDF
QDUHDDLUEDJXULORUODWHUDOH GHFODQDUHDSRDWHRIHULRSURWHFLHVXSOLPHQ
WDUSHOkQJFHDRIHULWGHFHQWXUDGHVLJX
UDQ

$LUEDJXULWLSFRUWLQ
$LUEDJXULOHWLSFRUWLQVSRUHVFQLYHOXOGHSUR
WHFLHSHQWUXFDSvQVQXLSHQWUXSLHSWXO
VDXEUDHOHSDVDJHULORUDXWRYHKLFXOXOXLGHSH


 6LJXUDQDRFXSDQLORU

SDUWHDDXWRYHKLFXOXOXLSHFDUHVXUYLQHLPSDF VLWXDLLODDXWRYHKLFXOHOHFX',67521,&
WXO 3/86
$LUEDJXULOHWLSFRUWLQVXQWLQWHJUDWHvQODWH =vQVLWXDLLGHFRQGXFHUHFULWLFHGHH[FkQG
UDODFDGUXOXLSDYLOLRQXOXLLVHGHFODQHD]vQ OLPLWHOHIL]LFHVXQWGHSLWHLDXWRYHKLFXOXO
]RQDGHODVWkOSXO$ODVWkOSXO& VXEYLUHD]VDXVXSUDYLUHD]SXWHUQLF
6LJXUDQ

35(6$)(LDXUPWRDUHOHPVXULvQIXQFLH
GHVLWXDLDSHULFXORDVGHWHFWDW
=FHQWXULOHGHVLJXUDQGLQIDVXQWSUHWHQ
VLRQDWH
=DXWRYHKLFXOHOHFXIXQFLHGHPHPRUDUH
VFDXQXOSDVDJHUXOXLGLQIDHVWHUHJODW
GDFVHDIOvQWURSR]LLHQHIDYRUDELO
=GDFDXWRYHKLFXOXOGHUDSHD]WUDSDJOL
VDQWWUDSDJOLVDQWSDQRUDPLFLJHDPX
ULOHODWHUDOHVXQWvQFKLVHPHQLQkQGXVH
$LUEDJXULOHWLSFRUWLQCVXQWGHFODQDWH GRDURPLFvQWUHGHVFKLGHUH
'DFVLWXDLDSHULFXORDVWUHFHIUDVHSUR
=SHODWHUDODSHFDUHVXUYLQHXQLPSDFW
GXFHXQDFFLGHQW35(6$)(UHGXFHSUHWHQ
=ODvQFHSXWXOXQXLDFFLGHQWFXRGHFHOHUDUH
VLRQDUHDFHQWXULL7RDWHVHWULOHUHDOL]DWHGH
VDXDFFHOHUDUHODWHUDODDXWRYHKLFXOXOXL 35(6$)(SRWILDSRLLQYHUVDWH
ULGLFDWGHH[vQWUXQLPSDFWODWHUDO
=LQGLIHUHQWGDFVFDXQXOSDVDJHUXOXLID
'DFFHQWXULOHGHVLJXUDQQXVXQWHOLEHUDWH
HVWHRFXSDW  'HSODVDLVSWDUXOVDXVFDXQXOSXLQvQDSRL
=LQGHSHQGHQWGHXWLOL]DUHDFHQWXULLGHVLJX GDUQXPDLFkQGDXWRYHKLFXOXOVWDLRQHD]
UDQ 3UHWHQVLRQDUHDFHQWXULLHVWHUHGXVL
=GDFDXWRYHKLFXOXOVHUVWRDUQLDUVLVWH
PHFDQLVPXOGHEORFDUHHVWHHOLEHUDW
PXOVWDELOHWHFOHSRDWHDVLJXUDSDVDJH $9(57,60(17
ULORUDXWRYHKLFXOXOXLRSURWHFLHVXSOLPHQ &kQGUHJODLVFDXQXODVLJXUDLYFQXSRDWH
WDUIDGHFHDDVLJXUDWGHFHQWXUDGH UPkQHQLPHQLSULQVvQWUHHOHPHQWH
VLJXUDQ
=LQGHSHQGHQWGHDLUEDJXULOHIURQWDOH  $VLJXUDLYFQXVHDIORELHFWHvQVSD
LXOSHQWUXSLFLRDUHVDXvQVSDWHOHVFDXQHORU
FkQGGHSODVDLVFDXQXOvQDSRL([LVWULVFXO
35(6$)( SURWHFLHSUHYHQWLYD FDVFDXQHOHLVDXRELHFWHOHVVXIHUH
SDVDJHULORU GHWHULRUUL
35(6$)(LDPVXULSUHYHQWLYHSHQWUXDSUR ,QIRUPDLLOHVXSOLPHQWDUHSULYLQGUHJODUHD
WHMDSDVDJHULLvQDQXPLWHVLWXDLLSHULFXORDVH FHQWXULLGHVLJXUDQRIXQFLHGHDVLVWDUH
35(6$)(LQWHUYLQH LQWHJUDWvQ35(6$)(VHUHJVHVFvQVHF
LXQHD5HJODUHDFHQWXULLGHVLJXUDQ
=FkQG%$63/86LQWHUYLQHvQIRUODDXWR
3DJLQD 
YHKLFXOHOHFX',67521,&3/86
=GDFVLVWHPXOGHVHQ]RULUDGDUGHWHFWHD]
XQSHULFROLPLQHQWGHFROL]LXQHvQDQXPLWH
6LJXUDQDRFXSDQLORU 

&HQWXULGHVLJXUDQ &RSLLLQXWUHEXLHVFOWRUHDVFQLFLRGDW
vQEUDHOHDOWXLSDVDJHU&RSLOXOQXYDILSUR
1RWHLPSRUWDQWHSULYLQGVLJXUDQD WHMDWvQFD]GHDFFLGHQWIUkQSXWHUQLFVDX
&HQWXULOHGHVLJXUDQVXQWFHOHPDLHILFLHQWH VFKLPEDUHEUXVFGHGLUHFLH$FHVWOXFUX
PLMORDFHGHOLPLWDUHDGHSODVULLSDVDJHULORU DUSXWHDGXFHODDFFLGHQWDUHDJUDYVDX

6LJXUDQ
vQHYHQWXDOLWDWHDXQXLDFFLGHQW$FHVWOXFUX FKLDUPRUWDODFRSLOXOXLVDXDDOWRUSDVD
UHGXFHULVFXOFDSDVDJHULLGLQDXWRYHKLFXOV JHUL
VHORYHDVFGHSULOHDIODWHvQLQWHULRUXODXWR =3HUVRDQHOHFDUHDXVXEPvQOLPHQX
YHKLFXOXOXL SRWSXUWDFRUHFWFHQWXULOHGHVLJXUDQ'LQ
DFHVWPRWLYDVLJXUDLSHUVRDQHOHFDUHDX
$9(57,60(17 VXEPvQOLPHvQVLVWHPHGHUHWHQLH
2FHQWXUGHVLJXUDQSXUWDWQHFRUHV FRUHVSXQ]WRDUHVSHFLDOFRQFHSXWH
SXQ]WRUVDXIL[DWLQFRUHFWvQFDWDUDPDGH =&RSLLLVXEPvQOLPHLVXEDQLQX
EORFDUHQXvLSRDWHvQGHSOLQLIXQFLDGHSUR
SRWSXUWDFHQWXULOHGHVLJXUDQFRUHFW'LQ
WHFLHSHQWUXFDUHDIRVWSURLHFWDWQDQX
DFHVWPRWLYDVLJXUDLLvQVLVWHPHGHUHWHQ
PLWHVLWXDLLDFHDVWDDUSXWHDFDX]DUQLUL
LHSHQWUXFRSLLVSHFLDOHLQVWDODWHSHXQ
JUDYHVDXFKLDUGHFHVXOvQFD]GHDFFLGHQW
VFDXQFRUHVSXQ]WRU,QIRUPDLLVXSOLPHQ
3ULQXUPDUHDVLJXUDLYFWRLSDVDJHULL WDUHSRWILJVLWHvQ,QVWUXFLXQLOHGHXWLOL
vQVSHFLDOIHPHLOHvQVUFLQDWHSRDUWFRUHFW ]DUHODFDSLWROXO6LJXUDQ3UH]HQD
FHQWXULOHGHVLJXUDQvQRULFHPRPHQW FRSLLORUODERUG5HVSHFWDLLQVWUXFLXQLOH
=&HQWXUDGHVLJXUDQWUHEXLHVILHIL[DW GHLQVWDODUHDOHSURGXFWRUXOXLVLVWHPXOXL
IRDUWHDSURDSHGHFRUSLQXWUHEXLHVILH GHUHWHQLHSHQWUXFRSLL
UVXFLW3ULQXUPDUHHYLWDLVSXUWDL =1XIL[DLQLFLRGDWRELHFWHFXDMXWRUXOFHQ
KDLQHYROXPLQRDVHGHH[XQSDOWRQ3RU WXULLGHVLJXUDQGDFDFHDVWDHVWHXWLOL
LXQHDGHXPUDFHQWXULLWUHEXLHVILHWUH ]DWGHXQXOGLQWUHSDVDJHULLDXWRYHKLFXOX
FXWSHVWHPLMORFXOXPUXOXLGXPQHD OXL
YRDVWUvQQLFLXQFD]SHVWHJkWVDXSHVXE
EUDLWUHEXLHWUDVVWUkQVSHVWHSDUWHD $9(57,60(17
VXSHULRDUDFRUSXOXL3RULXQHDSHQWUX QFD]XOvQFDUHVSWDUXOQXHVWHvQSR]LLH
ED]LQWUHEXLHVWUHDFSHVWHROGXULFkW DSURDSHYHUWLFDOFHQWXUDGHVLJXUDQQX
PDLMRVSRVLELOUHVSHFWLYSHVWHDUWLFXODLLOH RIHUQLYHOXOGHSURWHFLHFRUHVSXQ]WRUQ
ROGXULORULQXSHVWHDEGRPHQ'DFHVWH DQXPLWHVLWXDLLDFHDVWDDUSXWHDFDX]DUQLUL
QHFHVDUvPSLQJHLFHQWXUDGHVLJXUDQ JUDYHVDXFKLDUGHFHVXOvQFD]GHDFFLGHQW
XRUvQMRVLDSRLUHJODLRWUJkQGvQGLUHF
QDLQWHGHvQFHSHUHDFOWRULHLDVLJXUDLYF
LDvQFDUHVHUHWUDJH
VFDXQXOHVWHUHJODWFRUHVSXQ]WRULDU
=1XWUHFHLFKLQJDFHQWXULLGHVLJXUDQ
VSWDUXOVHDIOvQSR]LLHDSURDSHYHUWLFDO
SHVWHRELHFWHIUDJLOHVDXDVFXLWH9
UXJPVYDVLJXUDLFQXDYHLDVWIHOGH $9(57,60(17
RELHFWHSHVDXvQvPEUFPLQWHDGXPQHD
&HQWXULOHGHVLJXUDQPXUGDUHVDXGHWHULR
YRDVWUGHH[RFKHODULLQVWUXPHQWHGH
UDWHSUHFXPLFHOHFDUHDXIRVWPRGLILFDWH
VFULVFKHLHWF&KLQJDFHQWXULLGHVLJXUDQ
VDXVROLFLWDWHLQWHQVvQWUXQDFFLGHQWQXPDL
VDUSXWHDGHWHULRUDLUXSHvQFD]XOXQXL
RIHUQLYHOXOGHSURWHFLHFRUHVSXQ]WRUQ
DFFLGHQWLDUGXPQHDYRDVWUVDXDOLSDVD
DQXPLWHVLWXDLLDFHDVWDDUSXWHDFDX]DUQLUL
JHULDLSXWHDILUQLL
JUDYHVDXFKLDUGHFHVXOvQFD]GHDFFLGHQW
=&HQWXUDGHVLJXUDQWUHEXLHSXUWDWQXPDL
'LQDFHVWPRWLYYHULILFDLSHULRGLFGDFFHQ
GHRVLQJXUSHUVRDQODXQPRPHQWGDW
WXULOHGHVLJXUDQVXQWGHWHULRUDWH


 6LJXUDQDRFXSDQLORU

&HQWXULOHGHVLJXUDQGHWHULRUDWHVDXFDUHDX  'DFVLWXDLDRFHUHUHJODLFHQWXUDGH
IRVWVROLFLWDWHLQWHQVvQWUXQDFFLGHQWWUHEXLH VLJXUDQODvQOLPHDFRUHVSXQ]WRDUH
vQORFXLWHGHXQDWHOLHUGHVSHFLDOLWDWHDXWRUL 3DJLQD 
]DW  'DFVLWXDLDRFHUHWUDJHLvQVXVGHVHF
'LQUDLXQLGHVLJXUDQ0HUFHGHV%HQ]Y LXQHDSHQWUXXPUDFHQWXULLGHVLJXUDQ
6LJXUDQ

UHFRPDQGVXWLOL]DLQXPDLFHQWXULFDUHDX SHQWUXDVWUkQJHFHQWXUDSHFRUS
IRVWVSHFLDORPRORJDWHSHQWUXDXWRYHKLFXOXO 3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGHOLEH
GXPQHDYRDVWUGHFWUH0HUFHGHV%HQ] UDUHDFHQWXULLGHVLJXUDQFXEXWRQXOGHHOL
EHUDUHFRQVXOWDL(OLEHUDUHDFHQWXULORU
3ULQGHUHDFHQWXULORUGHVLJXUDQ GHVLJXUDQ 3DJLQD 

5HJODUHDFHQWXULORUGHVLJXUDQ
)XQFLDGHUHJODUHDFHQWXULLGHVLJXUDQ
UHJOHD]VFDXQXORIHUXOXLLVFDXQXOSDVDJH
UXOXLIDvQUDSRUWFXSDUWHDVXSHULRDUDFRU
SXOXLSDVDJHULORU
&KLQJDFHQWXULLHVWHXRUVWUkQVFkQG
=FXSODLOLPEDFHQWXULLvQFDWDUDPDFHQWXULL
LDSRLURWLLFKHLDvQSR]LLDvQFRPXWDWR
UXOGHFRQWDFW
=FKHLDVHDIOvQSR]LLDvQFRPXWDWRUXOGH
FRQWDFWLDSRLFXSODLOLPEDFHQWXULLvQ
FDWDUDP
5HJODUHDFHQWXULLGHVLJXUDQYDH[HUFLWDR
DQXPLWIRUGHVWUkQJHUHGDFVHGHWHF
 5HJODLVFDXQXOLGHSODVDLVSWDUXOvQSR]L WHD]MRFvQWUHSDVDJHULFHQWXUDGHVLJX
LHDSURDSHYHUWLFDO 3DJLQD  UDQ1XLQHLVWUkQVFHQWXUDGHVLJXUDQ
 7UDJHLFHQWXUDGHVLJXUDQXQLIRUPSULQ FkWHVWHUHJODW3XWHLDFWLYDLGH]DFWLYD
JKLGDMXOFHQWXULLC UHJODUHDFHQWXULLGHVLJXUDQvQFDOFXODWRUXO
GHERUG 3DJLQD 
 )UDRUVXFLJKLGDLVHFLXQHDGHXPU
DFHQWXULLGHVLJXUDQSHVWHPLMORFXO 5HJODUHDFHQWXULLHVWHRSDUWHLQWHJUDQWD
XPUXOXLLVHFLXQHDYHQWUDOSHVWHRO IXQFLHLGHDVLVWDUH35(6$)(0DLPXOWH
GXUL LQIRUPDLLGHVSUH35(6$)(VHUHJVHVFvQ
 )L[DLOLPEDFHQWXULLDvQFDWDUDPDGHEOR VHFLXQHD35(6$)( SURWHFLDSUHYHQWLY
FDUH DSDVDJHULORU  3DJLQD 
5HJODUHDFHQWXULLGHVLJXUDQGDFHVWH
QHFHVDUFHQWXULOHGHVLJXUDQDOHRIHUX 5HJODUHDvQOLPLLFHQWXULL
OXLLSDVDJHUXOXLGLQIDVHUHJOHD]DXWR 3XWHLUHJODvQOLPHDFHQWXULLGHVLJXUDQSH
PDWODSDUWHDVXSHULRDUDFRUSXOXL VFDXQXORIHUXOXLLVFDXQXOSDVDJHUXOXLID
3DJLQD 
6LJXUDQDRFXSDQLORU 

FHQWXULOHGHVLJXUDQ$FHDVWDVHSRDWH
DSULQGHFRQWLQXXVDXSRDWHOXPLQDLQWHUPL
WHQWQSOXVHVWHSRVLELOVVHHPLWXQVXQHW
GHDYHUWL]DUH
/DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJX

6LJXUDQ
UDQvVHVWLQJHLVXQHWXOGHDYHUWL]DUH
vQFHWHD]FkQGRIHUXOLSDVDJHUXOGLQID
LDXFXSODWFHQWXUDGHVLJXUDQ
1XPDLvQDQXPLWHULLQGLIHUHQWGDFRIHUXO
VDXSDVDJHUXOGLQIDDXFHQWXULOHGHVLJX
UDQFXSODWHVHDSULQGHODPSDGHDYHUWL]DUH
5HJODLvQOLPHDDVWIHOvQFkWSDUWHDVXSH
SULYLQGFHQWXUDGHVLJXUDQvWLPSGH
ULRDUDFHQWXULLGHVLJXUDQVILHGLULMDW
VHFXQGHGXSSRUQLUHDPRWRUXOXL$FHDVWDVH
SULQFHQWUXOXPUXOXLGXPQHDYRDVWU
VWLQJHDSRLGDFRIHUXOLSDVDJHUXOGLQID
 3HQWUXDULGLFDFXOLVDLJKLGDMXOFHQWXULLvQ LDXFXSODWFHQWXULOHGHVLJXUDQ
VXV
*KLGDMXOFHQWXULLVHFXSOHD]vQGLYHUVH G 3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQG
SR]LLL ODPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJX
 3HQWUXDFRERUvDSVDLLPHQLQHL
UDQvFRQVXOWDL/PSLOHGHDYHUWL
DSVDWHOLEHUDUHDJKLGDMXOXLFHQWXULLC ]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUX
PHQWHFHQWXUDGHVLJXUDQ
 &XOLVDLJKLGDMXOFHQWXULLvQMRV
3DJLQD 
 (OLEHUDLJKLGDMXOFHQWXULLCLDVLJXUDLY
FJKLGDMXOFHQWXULLVDFXSODW ,QGLFDWRUXOGHVWDUHDOFHQWXULLGHVLJX
UDQGLQVSDWH
(OLEHUDUHDFHQWXULORUGHVLJXUDQ ,QGLFDWRUXOGHVWDUHDFHQWXULLGHVLJXUDQGLQ
 $SVDLEXWRQXOGHHOLEH FRPSDUWLPHQWXOVSDWHYLQGLFGDFSDVD
UDUH 3DJLQD LJKLGDLOLPEDFHQ JHULLVSDWHDXFHQWXULOHGHVLJXUDQFXSODWH
WXULLDvQDSRLFWUHJKLGDMXOFHQWXULLC ,QGLFDWRUXOGHVWDUHDFHQWXULLGHVLJXUDQGLQ
FRPSDUWLPHQWXOVSDWHLQGLFVFDXQXOVSDWHOD
 $VLJXUDLYFFHQWXUDGHVLJXUDQHVWH FDUHHVWHFXSODWFHQWXUD6LPEROXOGH
vQIXUDWFRPSOHWQFD]FRQWUDUFHQWXUD SHDILDMLQGLFRFHQWXUGHVLJXUDQ
GHVLJXUDQVDXOLPEDFHQWXULLVHYRU FXSODW'DFRFHQWXUGHVLJXUDQQXHVWH
SULQGHvQSRUWLHUVDXvQPHFDQLVPXOVFDX FXSODWVDXGDFXQVFDXQQXHVWHRFXSDW
QXOXL$VWIHOHVWHSRVLELOVVHGHWHULRUH]H VLPEROXOHVWHDILDW
SRUWLHUDSDQRXOSRUWLHUHLLFHQWXUDGH
,QGLFDWRUXOGHVWDUHDFHQWXULLGHVLJXUDQGLQ
VLJXUDQ&HQWXULOHGHVLJXUDQGHWHULR
FRPSDUWLPHQWXOGLQVSDWHDSDUHSHDILDMXO
UDWHQXvLPDLSRWDVLJXUDIXQFLDGHSUR
PXOWLIXQFLRQDOWLPSGHDSUR[LPDWLY
WHFLHLQHFHVLWvQORFXLUH$SHODLODXQ
VHFXQGHGDF
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
=SOHFDLGHSHORFLDWLQJHLRYLWH]GHDSUR

$YHUWLVPHQWSULYLQGFHQWXUDGHVLJX [LPDWLYNPK
UDQSHQWUXRIHULSDVDJHUXOGLQID =SDVDJHULLVSDWHvLFXSOHD]VDXGHFXSOHD]
FHQWXULOHGHVLJXUDQFkWDXWRYHKLFXOXO
/DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJX HVWHvQPLFDUH
UDQvGLQSDQRXOGHLQVWUXPHQWHOH
=FLQHYDLQWUVDXLHVHGLQDXWRYHKLFXOL
DPLQWHWHWXWXURUSDVDJHULORUVvLIL[H]H
DXWRYHKLFXOXOSOHDFGLQQRX


 6LJXUDQDRFXSDQLORU

3XWHLGHDVHPHQHDDQXODLPHGLDWLQGLFDWRUXO QWLQ]WRDUHOHGHFHQWXUVXQWGHFODQDWHvQ
GHVWDUHDFHQWXULLGHVLJXUDQGLQVSDWH IXQFLHGHWLSXOLJUDYLWDWHDXQXLDFFLGHQW
3DJLQD  =GDFvQFD]XOXQHLFROL]LXQLIURQWDOHLGLQ
G ,QGLFDWRUXOGHVWDUHSHQWUXFHQWXULOHGH VSDWHDXWRYHKLFXOXOGHFHOHUHD]VDXDFFH
VLJXUDQGLQFRPSDUWLPHQWXOVSDWHHVWH OHUHD]UDSLGvQVHQVORQJLWXGLQDOODSULPHOH
6LJXUDQ

GLVSRQLELOQXPDLvQDQXPLWHUL ID]HDOHLPSDFWXOXL
=GDFvQFD]GHLPSDFWODWHUDOSHSDUWHD
QWLQ]WRDUHGHFHQWXUOLPLWDWRDUHGH RSXVLPSDFWXOXLDXWRYHKLFXOXOGHFHOH
IRUSHQWUXFHQWXU UHD]VDXDFFHOHUHD]UDSLGvQWURGLUHFLH
ODWHUDO
&HQWXULOHGHVLJXUDQIDLFHQWXULOHGH
=vQDQXPLWHVLWXDLLvQFDUHDXWRYHKLFXOXOVH
VLJXUDQDOHVFDXQHORUH[WHULRDUHGLQVSDWH
VXQWSUHY]XWHFXvQWLQ]WRDUHGHFHQWXU UVWRDUQLVLVWHPXOVWDELOHWHFSRDWH
DVLJXUDRSURWHFLHVXSOLPHQWDU
QWLQ]WRDUHOHGHFHQWXUVWUkQJFHQWXULOHGH
VLJXUDQvQFD]GHDFFLGHQWWUJkQGXOH 'DFDLUEDJXULOHVXQWGHFODQDWHYHLDX]LR
VWUkQVSHFRUS H[SOR]LHLHVWHSRVLELOVVHGHJDMH]HLR
PLFFDQWLWDWHGHSXOEHUH=JRPRWXOGHH[SOR
QWLQ]WRDUHOHGHFHQWXUQXFRUHFWHD]SR]L
]LHDIHFWHD]DX]XOGRDUvQVLWXDLLUDUH'H
LLOHLQFRUHFWHDOHVFDXQHORUVDXFHQWXULOHGH
UHJXOSXOEHUHDGHJDMDWQXFRQVWLWXLHXQ
VLJXUDQVWUkQVHLQFRUHFW
SHULFROSHQWUXVQWDWH/DPSDGHDYHUWL]DUH
QWLQ]WRDUHOHGHFHQWXUQXWUDJSDVDJHULL 656uVHDSULQGH
DXWRYHKLFXOXOXLvQDSRLFWUHVSWDU
'DFFHQWXUDGHVLJXUDQHVWHGHDVHPHQHD $9(57,60(17
SUHY]XWFXXQOLPLWDWRUGHIRUSHQWUXFHQ 'DFvQWLQ]WRDUHOHFHQWXULLGHVLJXUDQDX
WXULDFHVWDHVWHGHFODQDWIRUDH[HUFLWDW IRVWGHFODQDWHHOHQXRIHUSURWHFLHVXSOL
GHFHQWXUDGHVLJXUDQDVXSUDSDVDJHULORU PHQWDUvQFD]XOXQXLDOWDFFLGHQW3ULQ
DXWRYHKLFXOXOXLHVWHUHGXV XUPDUHVROLFLWDLvQORFXLUHDvQWLQ]WRDUHORUGH
/LPLWDWRDUHOHGHIRUSHQWUXFHQWXUGHSH FHQWXUGHFODQDWHODXQDWHOLHUGHVSHFLDOL
VFDXQHOHIDVXQWVLQFURQL]DWHFXDLUEDJXULOH WDWHDXWRUL]DW
IURQWDOH$FHVWHDDXUROXOORUvQIRUDGHGHFH 5HVSHFWDLQRUPHOHGHVLJXUDQFkQGHOLPL
OHUDUHDVLJXUkQGGLVWULEXLUHDIRUHLH[HUFLWDWH QDLvQWLQ]WRDUHOHGHFHQWXU2ULFH&HQWUX
DVXSUDSDVDJHUXOXLSHRVXSUDIDPDLPDUH GHVHUYLFH0HUFHGHV%HQ]YSRDWHIXUQL]D
QWLQ]WRDUHOHGHFHQWXUSRWILDFWLYDWH GHWDOLLSULYLQGDFHVWHUHJOHPHQWUL
QXPDLFkQG
 'DFVFDXQXOSDVDJHUXOXLIDQXHVWH
=FRQWDFWXOHVWHFXSODW RFXSDWQXFXSODLOLPEDFHQWXULLGHVLJX
=VLVWHPHOHGHUHWHQLHVXQWIXQFLRQDOHFRQ UDQvQFDWDUDPDGHEORFDUHGHSHVFDXQXO
VXOWDL/DPSGHDYHUWL]DUH656 SDVDJHUXOXLIDQFD]FRQWUDUvQWLQ]WRUXO
3DJLQD  FHQWXULLSRDWHILGHFODQDWvQFD]GHDFFL
=VFDXQXOSDVDJHUXOXLIDHVWHRFXSDWL GHQW
OLPEDFHQWXULLHVWHFXSODWvQFDWDUDPDGH
EORFDUHGHSHSDUWHDSDVDJHUXOXLID
QWLQ]WRDUHOHGHFHQWXUGHSHVFDXQHOH
H[WHULRDUHGLQFRPSDUWLPHQWXOVSDWHVXQW
GHFODQDWHLQGHSHQGHQWGHVWDUHDGHEORFDUH
DFHQWXULORUGHVLJXUDQ
3UH]HQDFRSLLORUODERUG 

3UH]HQDFRSLLORUODERUG EUXWHGHGLUHFLH&RSLOXOSRDWHVXIHULUQL
JUDYHVDXFKLDUIDWDOH'LQDFHVWPRWLYFkQG
6LVWHPHGHUHWHQLHSHQWUXFRSLL IL[DLXQVLVWHPGHUHWHQLHSHQWUXFRSLLUHV
1RWHLPSRUWDQWHSULYLQGVLJXUDQD SHFWDLLQVWUXFLXQLOHGHLQVWDODUHDOHSUR
GXFWRUXOXLLGHXWLOL]DUHFRUHFWDVLVWHPXOXL

6LJXUDQ
$9(57,60(17 GHUHWHQLHSHQWUXFRSLL
3HQWUXDUHGXFHULVFXOGHUQLJUDYHVDXFKLDU 6LVWHPXOGHUHWHQLHSHQWUXFRSLLWUHEXLHV
IDWDOHVXIHULWHGHFRSLOvQFD]GHVFKLPEDUH ILHPRQWDWSHVFDXQHOHVSDWH&RSLLLVXQWGH
UDSLGDGLUHFLHLGHGHSODVDUHIUkQDUHVDXGH UHJXOSURWHMDLPDLELQHDFROR
DFFLGHQW %D]DVLVWHPXOXLGHUHWHQLHSHQWUXFRSLLWUH
=FRSLLLVXEPvQOLPHLGRLVSUH]HFH EXLHvQWRWGHDXQDVILHDH]DWvQvQWUHJLPH
DQLWUHEXLHVILHvQWRWGHDXQDIL[DLvQVLV SHSHUQDVFDXQXOXL3ULQXUPDUHQXSXQHL
WHPHOHVSHFLDOHGHUHWHQLHSHQWUXFRSLLSH QLFLRGDWRELHFWHGHH[RSHUQVXEVLVWHPXO
XQVFDXQGHDXWRYHKLFXODGHFYDW$FHDVW GHUHWHQLHSHQWUXFRSLL
SUHFDXLHHVWHQHFHVDUGHRDUHFHFHQWXULOH 8WLOL]DLVLVWHPHOHGHUHWHQLHSHQWUXFRSLL
GHVLJXUDQQXVXQWFRQFHSXWHSHQWUX QXPDLFXKXVDRULJLQDOFRQFHSXWSHQWUX
FRSLL DFHWLDQORFXLLKXVHOHGHWHULRUDWHQXPDLFX
=QXIL[DLFRSLLLVXEPvQOLPHLGRLV KXVHRULJLQDOH0HUFHGHV%HQ]
SUH]HFHDQLSHVFDXQXOSDVDJHUXOXLGLQID 9UHFRPDQGPVXWLOL]DLVLVWHPHGHUHWHQ
([FHSLHGDFDXWRYHKLFXOXOHVWHGRWDWFX LHSHQWUXFRSLLDSUREDWHSHQWUXDXWRYHKLFX
UHFXQRDWHUHDDXWRPDWDVFDXQXOXLSHQ OHOH0HUFHGHV%HQ]
WUXFRSLOSHVFDXQXOSDVDJHUXOXLGLQIDL
FRSLOXOHVWHDVLJXUDWvQWUXQVLVWHPGH 'DFvQDXWRYHKLFXOXOGXPQHDYRDVWU
UHWHQLHSHQWUXFRSLLFXWUDQVSRQGHUHSHQ FOWRUHWHXQFRSLODVLJXUDLFRSLOXOFXDMX
WUXUHFXQRDWHUHDDXWRPDWDVFDXQXOXL WRUXOXQXLVLVWHPGHUHWHQLHSHQWUXFRSLL
SHQWUXFRSLO FRUHVSXQ]WRUPULPLLYkUVWHLLJUHXWLL
=GDFIL[DLXQVLVWHPGHUHWHQLHSHQWUX FRSLOXOXLLFDUHHVWHUHFRPDQGDWSHQWUX
FRSLLRULHQWDWVSUHIDvQVFDXQXOSDVDJH DXWRYHKLFXOH0HUFHGHV%HQ](VWHGHSUHIH
UXOXLGLQIDWUHEXLHVGHSODVDLVFDXQXO UDWVPRQWDLVLVWHPXOGHUHWHQLHvQWUXQ
SDVDJHUXOXLGLQIDFkWPDLPXOWvQVSDWH VFDXQVSDWHDGHFYDW$VLJXUDLYFDIRVW
SRVLELO DVLJXUDWFRSLOXOvQWUXQVLVWHPGHUHWHQLH
=FRSLLLQXWUHEXLHVFOWRUHDVFQLFLRGDW
SHQWUXFRSLLSHSDUFXUVXOFOWRULHL
vQEUDHOHDOWXLSDVDJHU'LQFDX]DIRUHORU 0HUFHGHV%HQ]YUHFRPDQGVXWLOL]DL
FDUHDSDUvQFD]GHVFKLPEDUHEUXVFGH QXPDLVLVWHPHOHGHUHWHQLHSHQWUXFRSLLLQGL
GLUHFLHIUkQDUHSXWHUQLFVDXDFFLGHQW FDWHOD 3DJLQD 
UHLQHUHDFRSLOXOXLQXYDILSRVLELO&RSLOXO 3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHGHVSUH
DUSXWHDILSURLHFWDWFRQWUDXQRUFRPSR VLVWHPXOGHUHWHQLHSHQWUXFRSLLFRUHFWGHOD
QHQWHGLQLQWHULRUXODXWRYHKLFXOXOXLVXIH RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]
ULQGUQLJUDYHVDXFKLDUIDWDOH G 6HUHFRPDQGVXWLOL]DLSURGXVHGH
vQJULMLUH0HUFHGHV%HQ]SHQWUXDFXUDVLV
$9(57,60(17 WHPHOHGHUHWHQLHSHQWUXFRSLL3XWHL
6LVWHPXOGHUHWHQLHSHQWUXFRSLLQXvLSRDWH RELQHLQIRUPDLLGHVSUHDFHVWVXELHFWGHOD
DVLJXUDIXQFLDGHSURWHFLHGDFQXHVWH RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]
PRQWDWFRUHFWSHXQVFDXQGHDXWRYHKLFXO
DGHFYDW&RSLOXOQXSRDWHILUHLQXWvQFD]GH
DFFLGHQWIUkQDUHSXWHUQLFVDXVFKLPEUL


 3UH]HQDFRSLLORUODERUG

$9(57,60(17 6FDXQSHQWUXFRSLOSHVFDXQXOSDVDJH
1XOVDLFRSLLLQHVXSUDYHJKHDLvQDXWRYHKL UXOXLGLQID
FXOFKLDUGDFVXQWIL[DLvQWUXQVLVWHPGH
UHWHQLHSHQWUXFRSLL$FHWLDVDUSXWHDUQL
vQDQXPLWHSULDOHDXWRYHKLFXOXOXL'HDVH
6LJXUDQ

PHQHDHLDUSXWHDVXIHULUQLJUDYHVDXFKLDU
IDWDOHvQXUPDXQHLH[SXQHULSUHOXQJLWHOD
FOGXUVDXIULJH[WUHP
1XH[SXQHLVLVWHPXOGHUHWHQLHSHQWUXFRSLL
OXPLQLLGLUHFWHDVRDUHOXL$QXPLWHSULGLQ
VLVWHPXOGHUHWHQLHSHQWUXFRSLLVDUSXWHD
vQFO]LLDUFRSLOXOVDUSXWHDDUGHvQHOH
QFD]XOvQFDUHXQFRSLOGHVFKLGHRSRUWLHU
$YHUWL]DUHSHSDUDVRODUXOGHSHSDUWHDSDVDJHUXOXL
FRSLOXOVDXDOWHSHUVRDQHDUSXWHDGUHSW GLQID
XUPDUHVILHUQLWH$FHWLDDUSXWHDLHL
UQLQGXVHVDXILLQGUQLLGHXQDXWRYHKLFXO
DIODWvQWUHFHUH
5HVSHFWDLGHDVHPHQHDQRWHOHSULYLQG+2/'
,QIRUPDLLOHUHOHYDQWHVHUHJVHVFvQLQGH[

$9(57,60(17
6DUFLQLOHQHIL[DWHVDXSR]LLRQDWHLQFRUHFW
FUHVFSHULFROXOGHUQLUHSHQWUXFRSLLLWRL
FHLODOLSDVDJHULvQFD]GH
=DFFLGHQW
6LPEROXOGHDYHUWLVPHQWSHQWUXXQVLVWHPGHUHWHQ
=RPDQHYUGHIUkQDUH
LHSHQWUXFRSLLRULHQWDWVSUHVSDWH
=RVFKLPEDUHEUXVFDGLUHFLHL
$9(57,60(17
1XWUDQVSRUWDLRELHFWHJUHOHVDXGXUHvQLQWH
ULRUXODXWRYHKLFXOXOXLGHFkWGDFDXIRVWELQH 'DFDLUEDJXOSDVDJHUXOXLIDQXHVWHGH]DF
IL[DWH9HLJVLLQIRUPDLLVXSOLPHQWDUHvQ WLYDW
LQGH[ODFDSLWROXO/LQLLGLUHFWRDUHSULYLQG =XQFRSLOIL[DWvQWUXQVLVWHPGHUHWHQLHSHQ
vQFUFDUHD WUXFRSLLSHVFDXQXOSDVDJHUXOXLIDDU
SXWHDILUQLWJUDYVDXFKLDUIDWDOvQXUPD
GHFODQULLDLUEDJXOXLSDVDJHUXOXLID
$FHDVWVLWXDLHFRQVWLWXLHXQULVFPDLDOHV
GDFFRSLOXOVHDIOvQLPHGLDWDDSURSLHUHD
DLUEDJXOXLSDVDJHUXOXLIDFkQGDFHVWDVH
GHFODQHD]
=QXIL[DLQLFLRGDWXQFRSLOSHVFDXQXOSDVD
JHUXOXLIDvQWUXQVLVWHPGHUHWHQLHSHQ
WUXFRSLLRULHQWDWVSUHVSDWH0RQWDLXQ
VLVWHPGHUHWHQLHSHQWUXFRSLLRULHQWDW
3UH]HQDFRSLLORUODERUG 

VSUHVSDWHQXPDLSHXQVFDXQVSDWHDGHF 5HFXQRDWHUHDDXWRPDWDVFDXQXOXL
YDW SHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLGLQ
=GHSODVDLvQWRWGHDXQDVFDXQXOSDVDJHUXOXL ID
IDvQSR]LLDGLQFDSWVSDWHGDFIL[DLXQ
FRSLOvQWUXQVLVWHPGHUHWHQLHSHQWUXFRSLL

6LJXUDQ
RULHQWDWVSUHIDSHVFDXQXOSDVDJHUXOXL
ID
$LUEDJXOSDVDJHUXOXLIDQXHVWHGH]DFWLYDW
=ODDXWRYHKLFXOHOHIUUHFXQRDWHUHDDXWR
PDWDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO
SDVDJHUXOXLID
=ODDXWRYHKLFXOHOHFXUHFXQRDWHUHDDXWR
PDWDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO
SDVDJHUXOXLIDGDFQLFLXQVLVWHPGH 'DFDXWRYHKLFXOXOGXPQHDYRDVWUQXGLV
UHWHQLHSHQWUXFRSLLVSHFLDOFXWUDQVSRQ SXQHGHUHFXQRDWHUHDDXWRPDWDVFDXQXOXL
GHUHSHQWUXUHFXQRDWHUHDDXWRPDWD
SHQWUXFRSLOSHVFDXQXOSDVDJHUXOXLGLQID
VFDXQXOXLSHQWUXFRSLOSHVFDXQXOSDVDJH
DFHDVWDHVWHLQGLFDWSULQWURHWLFKHWDXWR
UXOXLIDQXDIRVWPRQWDW
FRODQWVSHFLDO(WLFKHWDDXWRFRODQWHVWH
=ODDXWRYHKLFXOHOHFXUHFXQRDWHUHDDXWR
IL[DWSHPDUJLQHDSODQHLGHERUGGHSHSDU
PDWDVFDXQXOXLSHQWUXFRSLOSHVFDXQXO WHDSDVDJHUXOXLGLQID(WLFKHWDDXWRFRODQW
SDVDJHUXOXLIDGDFODPSDLQGLFDWRDUH HVWHYL]LELOFkQGGHVFKLGHLSRUWLHUDSDVDJH
3$66(1*(5$,5%$*2)) $,5%$*3$6$ UXOXLGLQID
*(5235,7 sQXHVWHDSULQV
3HQWUXFDGXPQHDYRDVWUVFRQWLHQWL]DL
DFHVWSHULFROVDIL[DWRHWLFKHWDXWRFRODQW
GHDYHUWL]DUHSHSODQDGHERUGLSHDPEHOH
SULDOHSDUDVRODUXOXLGHSHSDUWHDSDVDJH
UXOXLID
,QIRUPDLLOHSULYLQGVLVWHPHOHGHUHWHQLHSHQ
WUXFRSLLUHFRPDQGDWHVXQWGLVSRQLELOHOD
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]

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

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

 3UH]HQDFRSLLORUODERUG

EDJXOIDDOSDVDJHUXOXLGLQIDHVWHGH]DF $9(57,60(17
WLYDW 1XSODVDLGLVSR]LWLYHHOHFWURQLFHSHVFDXQXO
$9(57,60(17 SDVDJHUXOXLIDGHH[
'DFsODPSDLQGLFDWRDUH3$66(1*(5 =ODSWRSXULGDFVXQWSRUQLWH
$,5%$*2)) $,5%$*3$6$*(5235,7 QXVH =WHOHIRDQHPRELOH
6LJXUDQ

DSULQGHFkQGVLVWHPXOGHUHWHQLHSHQWUXFRSLL =FDUGXULFXWUDQVSRQGHUHGHH[FDUGXULGH
HVWHPRQWDWDLUEDJXOSDVDJHUXOXLIDQXD WUHFHUHSHQWUXVFKLVDXFDUWHOHGHDFFHV
IRVWGH]DFWLYDW'DFDLUEDJXOSDVDJHUXOXL
6HPQDOHOHGHODHFKLSDPHQWHOHHOHFWURQLFH
IDVHGHFODQHD]FRSLOXODUSXWHDVXIHUL
SRWSURYRFDLQWHUIHUHQHODQLYHOXOVLVWHPXOXL
UQLJUDYHVDXFKLDUIDWDOH
GHUHFXQRDWHUHDXWRPDWDVFDXQXOXLSHQWUX
3URFHGDLGXSFXPXUPHD] FRSLO$FHDVWDSRDWHSURYRFDRGHIHFLXQHvQ
=QXXWLOL]DLXQVLVWHPGHUHWHQLHSHQWUX VLVWHP$FHDVWDSRDWHIDFHFDsODPSD
FRSLLRULHQWDWVSUHVSDWHSHVFDXQXOSDVD LQGLFDWRDUH3$66(1*(5$,5%$*2)) $,5
JHUXOXLID %$*3$6$*(5235,7 VVHDSULQGIUV
=PRQWDLXQVLVWHPGHUHWHQLHSHQWUXFRSLL H[LVWHXQVFDXQSHQWUXFRSLOFXWUDQVSRQGHUH
RULHQWDWVSUHVSDWHSHXQVFDXQVSDWHDGHF SHQWUXUHFXQRDWHUHDDXWRPDWDVFDXQXOXL
YDW SHQWUXFRSLOPRQWDW$VWIHODLUEDJXOSDVDJH
VDX UXOXLIDQXVHYDGHVIXUDvQFD]GHDFFL
GHQW(VWHGHDVHPHQHDSRVLELOFDu
=XWLOL]DLXQVLVWHPGHUHWHQLHSHQWUXFRSLL
ODPSDGHDYHUWL]DUH656VVHDSULQGLVDX
RULHQWDWVSUHIDQXPDLSHVFDXQXOSDVD
sODPSDLQGLFDWRDUH3$66(1*(5$,5%$*
JHUXOXLIDLGHSODVDLVFDXQXOSDVDJHUXOXL
2)) $,5%$*3$6$*(5235,7 VQXVH
IDvQSR]LLDGLQFDSWVSDWH
DSULQGVFXUWFkQGURWLLFKHLDvQFRPXWDWRUXO
=VROLFLWDLYHULILFDUHDUHFXQRDWHULLDXWR
GHFRQWDFWvQSR]LLD
PDWHDVFDXQXOXLSHQWUXFRSLOODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW
6LVWHPXOGHIL[DUHDOVFDXQXOXLSHQWUX
3HQWUXDYDVLJXUDFUHFXQRDWHUHDDXWR
FRSLO,62),;SHQWUXVFDXQHOHGLQVSDWH
PDWDVFDXQXOXLSHQWUXFRSLOGHSHVFDXQXO
SDVDJHUXOXLIDIXQFLRQHD]FRPXQLF ,62),;HVWHXQVLVWHPGHIL[DUHVWDQGDUGL]DW
FRUHFWQXSODVDLQLFLRGDWRELHFWHGHH[R SHQWUXVLVWHPHOHGHUHWHQLHSHQWUXFRSLLFRQ
SHUQVXEVLVWHPXOGHUHWHQLHSHQWUXFRSLL FHSXWHVSHFLDOSHVFDXQHOHGLQVSDWH6XQW
%D]DVLVWHPXOXLGHUHWHQLHSHQWUXFRSLLWUH SUHY]XWHLQHOHGHIL[DUHSHQWUXGRXVLVWHPH
EXLHvQWRWGHDXQDVILHDH]DWvQvQWUHJLPH GHUHWHQLHSHQWUXFRSLL,62),;SHVWkQJDL
SHSHUQDVFDXQXOXL8QVLVWHPGHUHWHQLH GUHDSWDVFDXQHORUGLQVSDWH
SHQWUXFRSLLPRQWDWLQFRUHFWQXvLSRDWHUHD
OL]DIXQFLDGHSURWHFLHvQFD]GHDFFLGHQWL
$9(57,60(17
SRDWHSURYRFDUQLUHD 8QVLVWHPGHUHWHQLHSHQWUXFRSLLDVLJXUDWFX
VLVWHPXOGHIL[DUHDVFDXQXOXLSHQWUXFRSLO
G 'DFDLUEDJXOSDVDJHUXOXLGLQIDHVWH ,62),;QXDVLJXURSURWHFLHVXILFLHQWSHQ
GH]DFWLYDWGHUHFXQRDWHUHDDXWRPDWD WUXFRSLLLFXRJUHXWDWHGHSHVWHNJ'LQ
VFDXQXOXLSHQWUXFRSLOXUPWRDUHOHUPkQ DFHVWPRWLYQXIL[DLFRSLLLFXRJUHXWDWHGH
DFWLYDWHSHSDUWHDSDVDJHUXOXLGLQID SHVWHNJvQWUXQVLVWHPGHUHWHQLHSHQWUX
FRSLLDVLJXUDWFXVLVWHPXOGHIL[DUHDVFDXQX
=DLUEDJXOODWHUDO
OXLSHQWUXFRSLO,62),;QFD]XOvQFDUHFRSLOXO
=DLUEDJXOWLSFRUWLQ
FkQWUHWHSHVWHNJDVLJXUDLVLVWHPXOGH
=vQWLQ]WRUXOFHQWXULL UHWHQLHSHQWUXFRSLLFXDMXWRUXOXQHLFHQWXUL
GHVLJXUDQvQWUHLSXQFWH
3UH]HQDFRSLLORUODERUG 

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

6LJXUDQ
DFFLGHQWIUkQDUHSXWHUQLFVDXVFKLPEUL
EUXWHGHGLUHFLH&RSLOXOSRDWHVXIHULUQL
JUDYHVDXFKLDUIDWDOH'LQDFHVWPRWLYFkQG
IL[DLXQVLVWHPGHUHWHQLHSHQWUXFRSLLUHV
SHFWDLLQVWUXFLXQLOHGHLQVWDODUHDOHSUR
GXFWRUXOXLLGHXWLOL]DUHFRUHFWDVLVWHPXOXL
GHUHWHQLHSHQWUXFRSLL
'LQPRWLYHGHVLJXUDQXWLOL]DLQXPDLVLVWH
PHOHGHUHWHQLHSHQWUXFRSLLFXVLVWHPXOGH C ,QHOHGHIL[DUH
IL[DUHDOVFDXQXOXLSHQWUXFRSLL,62),;SH  ,QVWDODLVLVWHPXOGHUHWHQLHSHQWUXFRSLL
VFDXQHOHVSDWH ,62),;5HVSHFWDLLQVWUXFLXQLOHSUR
9UHFRPDQGPVXWLOL]DLVLVWHPXOGHUHWHQ GXFWRUXOXLFkQGLQVWDODLVLVWHPXOGH
LHSHQWUXFRSLL,62),;UHFRPDQGDWSHQWUX UHWHQLHSHQWUXFRSLL,62),;
0HUFHGHV%HQ]
8QVLVWHPGHUHLQHUHSHQWUXFRSLLPRQWDW &KLQJVXSHULRDU
LQFRUHFWVDUSXWHDGHVSULQGHUQLQGJUDYVDX
FKLDUIDWDOFRSLOXOVDXDOLSDVDJHULDLDXWRYH &KLQJDVXSHULRDUDVLJXURFRQH[LXQHVXSOL
KLFXOXOXL&kQGPRQWDLVLVWHPXOGHUHWHQLH PHQWDUvQWUHVLVWHPXOGHUHWHQLHSHQWUX
SHQWUXFRSLLDVLJXUDLYvQWRWGHDXQDFHVWH FRSLLIL[DWFX,62),;LVFDXQXOVSDWH$FHDVWD
FXSODWFRUHFWvQLQHOHOHGHIL[DUHGHSHDPEHOH UHGXFHvQSOXVSHULFROXOGHUQLUH
SUL 3XQFWHOHGHDQFRUDUHSHQWUXFKLQJDVXSH
ULRDUVHDIOSHSDUWHDSRVWHULRDUDVSWDUH
$9(57,60(17 ORUVFDXQHORUVSDWH
9UXJPVUHLQHLFvQFD]XOvQFDUHVLVWH
PHOHGHUHWHQLHSHQWUXFRSLLVDXVLVWHPHOH
GHIL[DUHDOHDFHVWRUDVHGHWHULRUHD]VDX
VXQWVXSXVHXQHLWHQVLXQLvQWLPSXOXQXLDFFL
GHQWHVWHSRVLELOFDDFHVWHDVQXvLPDL
SRDWvQGHSOLQLIXQFLDGHSURWHFLH$VWIHO
FRSLOXODVLJXUDWDUSXWHDVXIHULUQLJUDYHVDX
FKLDUPRUWDOHvQFD]GHDFFLGHQWIUkQDUH
EUXVFVDXVFKLPEDUHEUXVFDGLUHFLHL
'LQDFHVWPRWLYOXDLPVXULFDVLVWHPHOHGH
UHWHQLHSHQWUXFRSLLLVLVWHPHOHORUGHIL[DUH
FDUHDXIRVWGHWHULRUDWHVDXVXSXVHXQHLWHQ
VLXQLvQWLPSXOXQXLDFFLGHQWVILHYHULILFDWH
LPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

 &kQGPRQWDLVLVWHPXOGHUHWHQLHSHQWUX
FRSLLDVLJXUDLYFFHQWXUDGHVLJXUDQ
SHQWUXVFDXQXOFHQWUDOQXUPkQHSULQV


 3UH]HQDFRSLLORUODERUG

FDSDFXOSRUWEDJDMXOXLCGDFFDSDFXO
SRUWEDJDMXOXLCHVWHPRQWDW
=&HQWXUDFKLQJLLVXSHULRDUHHVWHGLUL
MDWvQWUHVSWDUXOVFDXQXOXLVSDWHDL
SODVDGHVLJXUDQGDFSODVDGHVLJX
6LJXUDQ

UDQHVWHPRQWDW
 7HQVLRQDLFHQWXUDFKLQJLLVXSHULRDUH
5HVSHFWDLLQVWUXFLXQLOHGHPRQWDUHDOH
SURGXFWRUXOXLvQWLPSXOPRQWDMXOXL
 'HSODVDLXRUWHWLHUDvQDSRLvQMRVGLQ
QRXGDFVLWXDLDRFHUH 3DJLQD 
$VLJXUDLYFQXLQWHUIHUDLGLULMDUHD
FRUHFWDFHQWXULLFKLQJLLVXSHULRDUH

 'HSODVDLWHWLHUDvQVXV
 0RQWDLVLVWHPXOGHUHWHQLHSHQWUXFRSLL
,62),;FXFKLQJVXSHULRDU5HVSHFWDL
LQVWUXFLXQLOHGHPRQWDUHDOHSURGXFWRUX
OXLvQWLPSXOPRQWDMXOXL
 'LULMDLFHQWXUDFKLQJLLVXSHULRDUHVXE
WHWLHUvQWUHFHOHGRXEDUHDOHWHWLHUHL
 'LULMDLFHQWXUDFKLQJLLVXSHULRDUHvQMRV
vQWUHFDSDFXOSRUWEDJDMXOXLCLVSWDUXO
VFDXQXOXLVSDWHD
 3ULQGHLFkUOLJXOFKLQJLLVXSHULRDUHDO
FHQWXULLFKLQJLLVXSHULRDUHvQSXQFWXOGH
DQFRUDUHSHQWUXFKLQJDVXSHULRDU
$VLJXUDLYF
=&kUOLJXOFKLQJLLVXSHULRDUHHVWHSULQV
vQSXQFWXOGHDQFRUDUHSHQWUXFKLQJD
VXSHULRDUGXSFXPHVWHLQGLFDWvQ
ILJXU
=&HQWXUDFKLQJLLVXSHULRDUHQXHVWH
UVXFLW
=&HQWXUDFKLQJLLVXSHULRDUHHVWHGLUL
MDWvQWUHVSWDUXOVFDXQXOXLVSDWHDL
3UH]HQDFRSLLORUODERUG 

3UREOHPHODUHFXQRDWHUHDVFDXQXOXLSHQWUXFRSLO

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
/DPSDLQGLFDWRDUH 8QVFDXQVSHFLDOSHQWUXFRSLOPDUFD0HUFHGHV%HQ]SUHY]XWFX
s3$66(1*(5$,5 WUDQVSRQGHUSHQWUXUHFXQRDWHUHDDXWRPDWDVFDXQXOXLSHQWUX

6LJXUDQ
%$*2)) $,5%$* FRSLODIRVWPRQWDWvQVFDXQXOSDVDJHUXOXLID$LUEDJXOSHQWUX
3$6$*(5235,7 GHSH SDVDJHUXOIDDIRVWSULQXUPDUHGH]DFWLYDWFRQIRUPSUHIHULQHORU
FRQVRODFHQWUDOHVWH
DSULQV

/DPSDLQGLFDWRDUH 3HULFROGHUQLUH
s3$66(1*(5$,5
1XH[LVWQLFLXQVFDXQSHQWUXFRSLOPRQWDWvQVFDXQXOSDVDJHUXOXL
%$*2)) $,5%$*
ID5HFXQRDWHUHDDXWRPDWDVFDXQXOXLSHQWUXFRSLOHVWH
3$6$*(5235,7 GHSH
GHIHFW
FRQVRODFHQWUDOHVWH
DSULQV  6FRDWHLHFKLSDPHQWXOHOHFWURQLFGLQVFDXQXOSDVDJHUXOXLID

VDX GHH[
=ODSWRS
/DPSDGHDYHUWL]DUH
=WHOHIRQPRELO
656uVHDSULQGH
LVDXODPSDLQGLFD =FDUGXULFXWUDQVSRQGHUHFXPDUILFDUGXULOHGHWUHFHUHSHQWUX
WRDUHs3$66(1 VFKLVDXFDUWHOHGHDFFHV
*(5$,5%$*2)) $,5 'DFODPSDLQGLFDWRDUHs3$66(1*(5$,5%$*2)) $,5%$*
%$*3$6$*(5235,7 3$6$*(5235,7 FRQWLQXVILHDSULQV
QXVHDSULQGHVFXUW
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
FkQGFXSODLFRQWDFWXO

3R]LLRQDUHDDGHFYDWDVLVWHPHORUGHUHWHQLHSHQWUXFRSLL
/HJHQGDOLWHUHORUXWLOL]DWHvQWDEHO
[ 6FDXQXOFDUHHVWHLQDGHFYDWSHQWUXFRSLLGLQDFHDVWFDWHJRULHGHJUHXWDWH
8 $GHFYDWSHQWUXVLVWHPHGHUHWHQLHSHQWUXFRSLLGLQFDWHJRULD8QLYHUVDOFDUHVXQWDSUR
EDWHSHQWUXXWLOL]DUHvQDFHDVWFDWHJRULHGHJUHXWDWH
8) $GHFYDWSHQWUXVLVWHPHGHUHWHQLHSHQWUXFRSLLRULHQWDWHVSUHIDFDUHVHvQFDGUHD]vQ
FDWHJRULD8QLYHUVDOLVXQWDSUREDWHSHQWUXXWLOL]DUHvQDFHDVWFDWHJRULHGHJUHXWDWH
/ $GHFYDWSHQWUXVLVWHPHGHUHWHQLHSHQWUXFRSLLFRQIRUPUHFRPDQGULORUFRQVXOWDL
XUPWRUXOWDEHOFX6LVWHPHGHUHWHQLHSHQWUXFRSLLUHFRPDQGDWH 3DJLQD 


 3UH]HQDFRSLLORUODERUG

3R]LLLOHVFDXQHORU
&DWHJRULLGH 6FDXQXOSDVDJHUXOXLGLQID 6FDXQXOVSDWH
JUHXWDWH
$LUEDJXOSDVD $LUEDJXOSDVD 6WkQJD &HQWUX
JHUXOXLGLQ JHUXOXLGLQ GUHDSWD
6LJXUDQ

IDQXHVWH IDHVWH
GH]DFWLYDW GH]DFWLYDW
*UXSDSkQ [ 8/ 8 8
ODNJ
*UXSD [ 8/ 8 8
SkQODNJ
*UXSD,SkQ 8) 8/ 8 8
ODNJ
*UXSD,, 8) 8/ 8 8
SkQODNJ
*UXSD,,, 8) 8/ 8 8
SkQODNJ

6LVWHPHOHGHUHWHQLHSHQWUXFRSLLGLQFDWHJRULDXQLYHUVDOSRWILUHFXQRVFXWHGXSHWLFKHWD
ORUGHRPRORJDUHSRUWRFDOLH

([HPSOXHWLFKHWGHRPRORJDUHSHVLVWHPXOGHUHWHQLHSHQWUXFRSLL

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

/HJHQGDOLWHUHORUXWLOL]DWHvQWDEHO
[ 3R]LLD,62),;FDUHQXHVWHDGHFYDWSHQWUXVLVWHPHOHGHUHWHQLHSHQWUXFRSLL,62),;
GLQDFHDVWFDWHJRULHGHJUHXWDWHLVDXFDWHJRULHGHPULPH
,8) $GHFYDWSHQWUXVLVWHPHGHUHWHQLHSHQWUXVFDXQHGHFRSLL,62),;RULHQWDWHVSUHID
FDUHVHvQFDGUHD]vQFDWHJRULD8QLYHUVDOFDUHVXQWDSUREDWHSHQWUXXWLOL]DUHvQDFHDVW

6LJXUDQ
FDWHJRULHGHJUHXWDWH
,/ $GHFYDWSHQWUXVLVWHPHGHUHWHQLHSHQWUXFRSLL,62),;FRQIRUPUHFRPDQGULORUFRQ
VXOWDLXUPWRUXOWDEHOFX6LVWHPHGHUHWHQLHSHQWUXFRSLLUHFRPDQGDWH
3DJLQD 
*UDGXOGHDGHFYDUHDOVFDXQHORUGLQVSDWHSHQWUXSULQGHUHDVLVWHPHORUGHUHWHQLHSHQWUXFRSLL
,62),;

&DWHJRULLGHJUHXWDWH &DWHJRULDGH 'RWUL 6FDXQXOVSDWH


PULPH VWkQJDLGUHDSWD
&RGHEHEHOX ) ,62/ [
* ,62/ [
SkQODNJ ( ,625 ,/
SkQODDSUR[LPDWLY
OXQL
SkQODNJ ( ,625 ,/
SkQODDSUR[LPDWLY ' ,625 ,/
OXQL
& ,625 ,//
,SkQODNJ ' ,625 ,/
vQWUHDSUR[LPDWLY & ,625 ,/
OXQLLDQL
% ,62) ,8)
% ,62); ,8)
$ ,62) ,8)

6LVWHPHGHUHWHQLHSHQWUXFRSLLUHFRPDQGDWH
'DFIL[DLXQVLVWHPGHUHWHQLHSHQWUXFRSLLRULHQWDWVSUHIDIUWUDQVSRQGHUSHQWUXUHFX
QRDWHUHDDXWRPDWDVFDXQXOXLSHQWUXFRSLOvQVFDXQXOSDVDJHUXOXLGLQID
 'HSODVDLVFDXQXOSDVDJHUXOXLGLQIDvQSR]LLHVDGHFDSWVSDWH


 3UH]HQDFRSLLORUODERUG

&DWHJRULLGH 3UR 7LS 1XPURPR 1XPU 5HFXQRDWH


JUHXWDWH GXFWRU ORJDUH ( FRPDQG UHDDXWR
$ PDWDVFDX
QXOXLSHQWUX
FRSLO
6LJXUDQ

*UXSDSkQ %ULWD[ %$%<   'D


ODNJ 5|PHU 6$)( 
SkQODDSUR[L 3/86
PDWLYOXQL
*UXSDSkQ %ULWD[ %$%<   'D
ODNJ 5|PHU 6$)( 
SkQODDSUR[L 3/86
PDWLYOXQL
*UXSD,SkQ %ULWD[ '82   'D
ODNJ 5|PHU 3/86   1X
vQWUHDSUR[LPD
WLYOXQLL
DQL
*UXSD,,,,, %ULWD[ .,'),;   'D
SkQOD 5|PHU
NJ  1X
vQWUHDSUR[LPD
WLYLDQL

6LVWHPXOGHUHWHQLHSHQWUXFRSLL,62),;VXJHUDWHGLQFDWHJRULD8QLYHUVDO

&DWHJRULL &DWHJRULD 3UR 7LS 1XPU 1XPU 5HFX


GHJUHX GH GXFWRU RPROR FRPDQG QRDWH
WDWH PULPH JDUH UHDDXWR
( PDWD
VFDXQXOXL
SHQWUX
FRSLO
&RGH )
EHEHOX
*
*UXSD (
SkQOD
NJ

 'HSODVDLVFDXQXOSDVDJHUXOXLGLQIDvQSR]LLDVDGHFDSWVSDWHLFHDPDLULGLFDW
3UH]HQDFRSLLORUODERUG 

&DWHJRULL &DWHJRULD 3UR 7LS 1XPU 1XPU 5HFX


GHJUHX GH GXFWRU RPROR FRPDQG QRDWH
WDWH PULPH JDUH UHDDXWR
( PDWD
VFDXQXOXL

6LJXUDQ
SHQWUX
FRSLO
*UXSD ( %ULWD[ %$%<6$)(  % 1X
SkQOD 5|PHU ,62),; 
NJ 3/86
'
&
*UXSD, '
SkQOD &
NJ
%
% %ULWD[ '823/86  $ 'D
5|PHU  
$

%ORFULOHFRQWUDDFFHVXOXLFRSLLORU 1XH[SXQHLVLVWHPXOGHUHWHQLHSHQWUXFRSLL
OXPLQLLGLUHFWHDVRDUHOXL$QXPLWHSULGLQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQD VLVWHPXOGHUHWHQLHSHQWUXFRSLLVDUSXWHD
$9(57,60(17 vQFO]LLDUFRSLOXOVDUSXWHDDUGHvQHOH
$FWLYDLvQFXLHWRULOHFHQXSHUPLWDFFHVXO QFD]XOvQFDUHXQFRSLOGHVFKLGHRSRUWLHU
FRSLLORUSHQWUXSRUWLHUHOHVSDWHLFRPXWDWRUXO FRSLOXOVDXDOWHSHUVRDQHDUSXWHDGUHSW
GHVXSUDUHJODUHSHQWUXJHDPXULOHVSDWHFkQG XUPDUHVILHUQLWH$FHWLDDUSXWHDLHL
FRSLLLFOWRUHVFvQDXWRYHKLFXOQFD]FRQ UQLQGXVHVDXILLQGUQLLGHXQDXWRYHKLFXO
WUDUFRSLLLDUSXWHDGHVFKLGHSRUWLHUHVDXJHD DIODWvQWUHFHUH
PXULODWHUDOHFkQGDXWRYHKLFXOXOHVWHvQPL 5HVSHFWDLGHDVHPHQHDQRWHOHSULYLQG+2/'
FDUHLDUSXWHDVXIHULUQLVDXLDUSXWHDUQL ,QIRUPDLLOHUHOHYDQWHVHUHJVHVFvQLQGH[
SHDOLL
%ORFULOHFRQWUDDFFHVXOXLFRSLLORUOD
$9(57,60(17 SRUWLHUHOHGLQVSDWH
1XOVDLFRSLLLQHVXSUDYHJKHDLvQDXWRYHKL
$VLJXUDLILHFDUHSRUWLHULQGLYLGXDOFXvQFXLH
FXOFKLDUGDFVXQWIL[DLvQWUXQVLVWHPGH
WRULOHFHQXSHUPLWDFFHVXOFRSLLORUGHSHSRU
UHWHQLHSHQWUXFRSLL$FHWLDVDUSXWHDUQL
WLHUHOHVSDWH2SRUWLHUDVLJXUDWFXRvQFXLH
vQDQXPLWHSULDOHDXWRYHKLFXOXOXL'HDVH
WRDUHFHQXSHUPLWHDFFHVXOFRSLLORUQXSRDWH
PHQHDHLDUSXWHDVXIHULUQLJUDYHVDXFKLDU
ILGHVFKLVGLQDXWRYHKLFXO&kQGDXWRYHKLFX
IDWDOHvQXUPDXQHLH[SXQHULSUHOXQJLWHOD
OXOHVWHGHVFXLDWSRUWLHUDSRDWHILGHVFKLV
FOGXUVDXIULJH[WUHP
GLQH[WHULRU


 6LVWHPHGHVLJXUDQODFRQGXFHUH

6LVWHPHGHVLJXUDQODFRQGXFHUH
3UH]HQWDUHJHQHUDODVLVWHPHORUGH
VLJXUDQODFRQGXFHUH
QDFHDVWVHFLXQHYHLJVLLQIRUPDLLGHV
6LJXUDQ

SUHXUPWRDUHOHVLVWHPHGHVLJXUDQODFRQ
GXFHUH
=$%6 6LVWHPDQWLEORFDUHODIUkQDUH
=%$6 6LVWHPGHDVLVWDUHODIUkQDUH
=%$63/86 6LVWHPGHDVLVWDUHODIUkQDUH
 3HQWUXDDFWLYDDSVDLPDQHWDvQFXLHWRULL 3OXV
FHQXSHUPLWHDFFHVXOFRSLLORUvQVXVvQ =/PSLGHIUkQDGDSWLYH
GLUHFLDLQGLFDWGHVJHDWDC =(63 3URJUDPXOGHVWDELOLWDWHHOHFWURQLF
 $VLJXUDLYFvQFXLHWRULOHFHQXSHUPLW =(%' 'LVWULEXLDHOHFWURQLFDIRUHLGHIUk
DFFHVXOFRSLLORUIXQFLRQHD]FRUHV QDUH
SXQ]WRU =)51$5($'$37,9
 3HQWUXDGH]DFWLYDDSVDLPDQHWD =)UkQ35(6$)(
vQFXLHWRULLFHQXSHUPLWHDFFHVXOFRSLLORUvQ =&21752/8/',5(&,(,
MRVGLUHFLDLQGLFDWGHVJHDWDD

&DUDFWHULVWLFDGHVXSUDUHJODUHSHQWUX 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
JHDPXULOHODWHUDOHVSDWH
'DFQXYDGDSWDLVWLOXOGHFRQGXFHUHVLV
WHPHOHGHVLJXUDQODFRQGXFHUHQXSRWQLFL
UHGXFHULVFXOGHDFFLGHQWQLFLQXVHSRWVXV
WUDJHOHJLORUIL]LFLL6LVWHPHOHGHVLJXUDQOD
FRQGXFHUHVXQWGRDUVLVWHPHGHDVLVWDUHFDUH
YDMXWFkQGFRQGXFHL'XPQHDYRDVWUVXQ
WHLUHVSRQVDELOGHGLVWDQDIDGHDXWRYHKL
FXOXOGLQIDGHYLWH]DDXWRYHKLFXOXOXLLGH
IUkQDUHDvQWLPSXWLO$GDSWDLYvQWRWGHDXQD
VWLOXOGHFRQGXFHUHODFRQGLLLOHGHGUXPL
PHWHRSUHGRPLQDQWHSUHFXPLODFRQGLLLOH
GLQWUDILFLPHQLQHLRGLVWDQVLJXUID
 3HQWUXDDFWLYDGH]DFWLYDDSVDLEXWR GHDXWRYHKLFXOXOGLQID&RQGXFHLFXDWHQ
QXOC LH
'DFODPSDLQGLFDWRDUHDHVWHDSULQV G 5HLQHLFVLVWHPHOHGHVLJXUDQODFRQ
DFLRQDUHDJHDPXULORUODWHUDOHVSDWHHVWH GXFHUHGHVFULVHIXQFLRQHD]ODHILFLHQ
GH]DFWLYDW8WLOL]DUHDHVWHSRVLELOGRDUFX PD[LPQXPDLGDFH[LVWXQFRQWDFW
DMXWRUXOFRPXWDWRDUHORUGLQSRUWLHUDRIH DGHFYDWvQWUHSQHXULLVXSUDIDDGUXPXOXL
UXOXL'DFODPSDLQGLFDWRDUHDHVWH $FRUGDLRDWHQLHGHRVHELWLQIRUPDLLORU
VWLQVDFLRQDUHDHVWHSRVLELOFXDMXWRUXO SULYLQGSQHXULOHDGkQFLPLOHPLQLPHUHFR
FRPXWDWRDUHORUGLQFRPSDUWLPHQWXOVSDWH PDQGDWHDOHEHQ]LLGHUXODUHHWFGLQVHF
LXQHD5RLLSQHXUL 3DJLQD 
6LVWHPHGHVLJXUDQODFRQGXFHUH 

QFRQGLLLGHFRQGXFHUHSHWLPSGHLDUQ YDPLQWLVPDQLIHVWDLRSUHFDXLHGHRVH
XWLOL]DLvQWRWGHDXQDSQHXULGHLDUQ ELWFkQGFRQGXFHL
SQHXUL06 LGDFVLWXDLDRFHUHODQXUL
GH]SDG1XPDLDVWIHOYRUIXQFLRQDVLV $9(57,=$5(
WHPHOHGHVLJXUDQODFRQGXFHUHGHVFULVH 1XDSVDLVFXUWLUHSHWDWSHGDODGHIUkQ
vQDFHDVWVHFLXQHODHILFLHQPD[LP SRPSDUH 3RPSDUHDSHGDOHLGHIUkQ

6LJXUDQ
UHGXFHHIHFWXOGHIUkQDUH6DUSXWHDVQX
UHXLLVRSULLODWLPSLVSURGXFHLXQDFFL
$%6 6LVWHPDQWLEORFDUHODIUkQDUH GHQW$SVDLSHGDODGHIUkQIHUPLXQLIRUP

1RWHLPSRUWDQWHSULYLQGVLJXUDQD $%6RIIURDG
G 5HVSHFWDLVHFLXQHD1RWHLPSRUWDQWH 8QVLVWHP$%6VSHFLDODGDSWDWODWHUHQXORII
SULYLQGVLJXUDQD 3DJLQD  URDGHVWHDFWLYDWDXWRPDWRGDWFHVHDFWL
$%6UHJOHD]SUHVLXQHDGHIUkQDUHDVWIHO YHD]SURJUDPXORIIURDG 3DJLQD
vQFkWURLOHVQXVHEORFKH]HFkQGIUkQDL /DYLWH]HVXENPKURLOHGLQIDVHEOR
$FHDVWDYSHUPLWHVFRQWLQXDLVPDQH FKHD]FLFOLFODIUkQDUH(IHFWXOGHDGkQFLUH
YUDLDXWRYHKLFXOXOFkQGIUkQDL RELQXWDVWIHOUHGXFHGLVWDQDGHRSULUHSH
$%6IXQFLRQHD]GHODRYLWH]GHDSUR[LPD WHUHQRIIURDG$VWIHOVHOLPLWHD]FDSDFL
WLYNPKvQVXVLQGLIHUHQWGHVWDUHDVXSUD WDWHDGHPDQHYUDUH
IHHLGUXPXOXL$%6IXQFLRQHD]SHVXSUD
IHHDOXQHFRDVHFKLDULGDFIUkQDLXRU
%$6 6LVWHPXOGHDVLVWDUHODIUkQDUH
$9(57,60(17
'DF$%6IXQFLRQHD]GHIHFWXRVURLOHVH G 5HVSHFWDLVHFLXQHD1RWHLPSRUWDQWH
SRWEORFDFkQGIUkQDL$VWIHOVHOLPLWHD] SULYLQGVLJXUDQD 3DJLQD 
PDQHYUDELOLWDWHDDXWRYHKLFXOXOXLFkQGIUkQDL %$6VHDFLRQHD]vQVLWXDLLGHIUkQDUHGH
LGLVWDQDGHIUkQDUHSRDWHFUHWH XUJHQ'DFDSVDLUDSLGSHGDODGHIUkQ
'DF$%6HVWHGH]DFWLYDWGLQFDX]DXQHL %$6RIHUDXWRPDWXQLPSXOVGHIRUGHIUk
GHIHFLXQLDWXQFL%$6L(63VXQWGHDVHPH QDUHUHGXFkQGDVWIHOGLVWDQDGHRSULUH
QHDGH]DFWLYDWH([LVWXQSHULFROFUHVFXWFD  0HQLQHLSHGDODGHIUkQIHUPDSVDW
DXWRYHKLFXOXOGXPQHDYRDVWUVGHUDSH]HvQ SkQFHVLWXDLDFDUHDLPSXVIUkQDUHDGH
DQXPLWHVLWXDLL XUJHQDOXDWVIkULW
7UHEXLHVYDGDSWDLvQWRWGHDXQDVWLOXOGH $%6XOSUHYLQHEORFDUHDURLORU
FRQGXFHUHODFRQGLLLOHGHGUXPLPHWHR )UkQHOHYRUIXQFLRQDFDGHRELFHLFkQGHOL
EHUDLSHGDODGHIUkQ%$6XOHVWHGH]DFWL
)UkQH YDW
'DF$%6LQWHUYLQHFkQGIUkQDLYHLVLPL 3HULFROGHDFFLGHQW
SHGDODGHIUkQSXOVkQG QFD]XOXQHLGHIHFLXQLDVLVWHPXOXL%$6VLV
 'DF$%6LQWHUYLQHFRQWLQXDLVDSVDL WHPXOGHIUkQDUHUPkQHGLVSRQLELOFXDPSOL
SHGDODGHIUkQFXIRUSkQFkQGVLWXDLD ILFDUHDIRUHLGHIUkQDUHFRPSOHWIXQFLRQDO
FDUHDLPSXVIUkQDUHDLDVIkULW 3HGHDOWSDUWHvQDFHDVWVLWXDLHIRUDGH
 3HQWUXDDFLRQDSkQODFDSWIUkQD IUkQDUHQXHVWHDXWRPDWDPSOLILFDWvQFD]XO
DSVDLSHGDODGHIUkQFXIRUPD[LP IUkQULLGHXUJHQLHVWHSRVLELOPULUHD
GLVWDQHLGHIUkQDUH
3HGDODGHIUkQFDUHSXOVHD]SRDWHLQGLFDR
VWDUHSHULFXORDVDGUXPXOXLLDUHUROXOGHD


 6LVWHPHGHVLJXUDQODFRQGXFHUH

%$63/86 6LVWHPGHDVLVWDUHODIUk 6LVWHPXOGHVHQ]RUUDGDUHVWHGH]DFWLYDW


QDUH3OXV DXWRPDWvQDSURSLHUHDXQLWLORUUDGLRWHOHV
FRSODXUPWRDUHOHDXWRYHKLFXOH
%$63/86HVWHGLVSRQLELOQXPDLODDXWRYHKL
=DXWRYHKLFXOHFX&20$1'2QOLQHLQDYLJD
FXOHOHFX',67521,&3/86
LH
6LJXUDQ

G 5HVSHFWDLVHFLXQHD1RWHLPSRUWDQWH =DXWRYHKLFXOHFX$XGLRL%HFNHU0$3
SULYLQGVLJXUDQD 3DJLQD 
3,/27
%$63/86YDVLVWODIUkQDUHvQVLWXDLLSHUL %HFNHU0$33,/27WUHEXLHVILHFRQHFWDW
FXORDVHODYLWH]HGHSHVWHNPKLXWLOL FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUH$XGLR
]HD]VLVWHPXOGHVHQ]RULUDGDUSHQWUXDHYD VHSDUDWH
OXDVLWXDLDGLQWUDILF
6LVWHPXOGHVHQ]RUUDGDUWUHEXLHVILHGH]DF
&XDMXWRUXOVLVWHPXOXLGHVHQ]RUUDGDU%$6 WLYDWFXDMXWRUXOFDOFXODWRUXOXLGHERUGvQ
3/86SRDWHGHWHFWDREVWDFROHDIODWHSHWUD DSURSLHUHDXQLWLORUUDGLRWHOHVFRSOD
VHXODXWRYHKLFXOXOXLGXPQHDYRDVWUSHR XUPWRDUHOHDXWRYHKLFXOH
SHULRDGvQGHOXQJDWGHWLPS
=DXWRYHKLFXOHIU&20$1'2QOLQHLQDYL
/DYLWH]HGHSkQODDSUR[LPDWLYNPK
JDLH
%$63/86SRDWHGHDVHPHQHDVGHWHFWH]H
=DXWRYHKLFXOHIU$XGLRL%HFNHU0$3
REVWDFROHVWDLRQDUHGHH[HPSOXDXWRYHKL
FXOHRSULWHVDXSDUFDWH 3,/27
'DFYDSURSLDLGHXQREVWDFROL%$63/86 =DXWRYHKLFXOHSHQWUX$XVWUDOLD

DGHWHFWDWXQULVFGHFROL]LXQH%$63/86FDO ,QIRUPDLLOHSULYLQGGH]DFWLYDUHDVLVWHPXOXL
FXOHD]IRUDGHIUkQDUHQHFHVDUHYLWULLXQHL GHVHQ]RUUDGDUFXDMXWRUXOFDOFXODWRUXOXLGH
FROL]LXQLGLQVSDWHQWLPSFHDFLRQDLIUkQHOH ERUGVHUHJVHVFvQVHFLXQHD&DOFXODWRUGH
FXSXWHUH%$63/86SRDWHFUHWHDXWRPDW ERUGLGLVSOD\XUL 3DJLQD 
IRUDGHIUkQDUHSkQODXQQLYHODGHFYDWFRQ 3HQWUXFD%$63/86VYDVLVWHvQWLPSXO
GLLLORUGLQWUDILF FRQGXFHULLVLVWHPXOGHVHQ]RUUDGDUWUHEXLH
'DF%$63/86QHFHVLWRIRUGHIUkQDUH VILHDFWLYDWLIXQFLRQDOFRQVXOWDL6LVWH
GHRVHELWGHULGLFDWPVXULOHGHSURWHFLH PXOGHVHQ]RUUDGDUGLQLQGH[
SUHYHQWLYDSDVDJHULORU 35(6$)( VXQW
$9(57,60(17
DFWLYDWHVLPXOWDQ
%$63/86QXSRDWHLGHQWLILFDvQWRWGHDXQD
 0HQLQHLSHGDODGHIUkQDSVDWSkQFH
FODURELHFWHOHLVLWXDLLOHFRPSOH[HGLQWUDILF
VLWXDLDFDUHDLPSXVIUkQDUHDGHXUJHQD %$63/86QXSRDWHLQWHUYHQLvQDFHVWHFD]XUL
OXDWVIkULW
([LVWXQSHULFROGHDFFLGHQW$FRUGDLvQWRW
$%6XOSUHYLQHEORFDUHDURLORU
GHDXQDRDWHQLHGHRVHELWVLWXDLHLGLQWUDILF
)UkQHOHYRUUHYHQLODIXQFLRQDUHDQRUPDOGLQ LILLJDWDVIUkQDL
QRXGDF
=HOLEHUDLSHGDODGHIUkQ 'HWHFWDUHDREVWDFROHORUSRDWHILGLPLQXDW
=QXPDLH[LVWSHULFROXOXQHLFROL]LXQLGLQ
PDLDOHVGDFH[LVW
VSDWH =LPSXULWLSHVHQ]RULVDXRULFHDOWHPDWHULL

=QXHVWHGHWHFWDWQLFLXQREVWDFROvQIDD VWULQHSHVHQ]RUL
DXWRYHKLFXOXOXLGXPQHDYRDVWU =]SDGVDXSORDLHDEXQGHQW

%$63/86HVWHDSRLGH]DFWLYDW'DFDLDFWL =LQWHUIHUHQHFXDOWHVXUVHUDGDU

YDW'65 3DJLQD %$63/86HVWH =SRVLELOLWDWHDGHHPLVLLUDGDUSXWHUQLFHGH


GH]DFWLYDWODUkQGXOVX H[HPSOXvQSDUFULHWDMDWH
6LVWHPHGHVLJXUDQODFRQGXFHUH 

=XQDXWRYHKLFXOvQJXVWFDUHUXOHD]vQID GHFRPXWDUHDVHPQDOL]DWRDUHORUGHDYDULH
GHH[RPRWRFLFOHW 3DJLQD 
=XQDXWRYHKLFXOFDUHUXOHD]vQIDSHR
EDQGGLIHULW
(63 3URJUDPGHVWDELOLWDWHHOHFWUR
$9(57,60(17

6LJXUDQ
QLF
%$63/86QXUHDFLRQHD]
=ODSHUVRDQHVDXODDQLPDOH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
=ODDXWRYHKLFXOHOHFDUHYLQGLQVHQVRSXV G &RQVXOWDLVHFLXQHD1RWHLPSRUWDQWH
=ODDXWRYHKLFXOHOHFDUHYWDLHFDOHD SULYLQGVLJXUDQD 3DJLQD 
=vQYLUDMH 'DF(63GHWHFWHD]IDSWXOFDXWRYHKLFXOXO
'UHSWXUPDUHHVWHSRVLELOFD%$63/86VQX GHYLD]GHODGLUHFLDGRULWGHRIHUVHIUk
LQWHUYLQvQVLWXDLLFULWLFH([LVWXQSHULFROGH QHD]SHXQDVDXPDLPXOWHURLSHQWUXDVWD
DFFLGHQW$FRUGDLvQWRWGHDXQDRDWHQLHGHR ELOL]DDXWRYHKLFXOXO'DFVLWXDLDRFHUH
VHELWVLWXDLHLGLQWUDILFLILLJDWDVIUkQDL SXWHUHDXWLODPRWRUXOXLHVWHGHDVHPHQHD
PRGLILFDWSHQWUXDPHQLQHDXWRYHKLFXOXOSH
QXUPDDYDULHULLSULLIURQWDOHDDXWRYHKLFX WUDVHXOGRULWvQIXQFLHGHOLPLWHOHIL]LFLL
OXOXLVROLFLWDLYHULILFDUHDFRQILJXUULLLIXQF (63vODVLVWSHRIHUODGHPDUDUHSHGUXPXUL
LRQULLVHQ]RULORUUDGDUODXQDWHOLHUGHVSH XPHGHVDXDOXQHFRDVH(63SRDWHGHDVH
FLDOLWDWHDXWRUL]DW$FHDVWLQGLFDLHHVWH PHQHDVVWDELOL]H]HDXWRYHKLFXOXOODIUkQDUH
YDODELOLvQFD]XOFROL]LXQLORUODYLWH]PLF 'DF(63LQWHUYLQHODPSDGHDYHUWL]DUH
DWXQFLFkQGQXH[LVWDYDULLYL]LELOHSHSDUWHD (63GLQSDQRXOGHLQVWUXPHQWHFOL
IURQWDODDXWRYHKLFXOXOXL SHWH
'DF%$63/86HVWHLQGLVSRQLELOGLQFDX]D
XQHLGHIHFLXQLODVLVWHPXOGHVHQ]RUUDGDU $9(57,60(17
VLVWHPXOGHIUkQDUHUPkQHGLVSRQLELOFX 'DFODPSDGHDYHUWL]DUHGLQSDQRXOGH
HIHFWGHDVLVWDUHFRPSOHWODIUkQDUHL%$6 LQVWUXPHQWHFOLSHWHSURFHGDLGXSFXP
XUPHD]
=QXGH]DFWLYDL(63VXEQLFLRIRUP
/PSLGHIUkQDGDSWLYH =DSVDLSHGDODGHDFFHOHUDLHQXPDLFkWGH
G /PSLOHGHIUkQDGDSWLYHVXQWGLVSRQL WDUHHVWHQHFHVDUODGHPDUDUH
ELOHQXPDLvQDQXPLWHUL =DGDSWDLYVWLOXOGHFRQGXFHUHODFRQGLLLOH

'DFIUkQDLSXWHUQLFGHODRYLWH]GHSHVWH GHGUXPLPHWHRSUHGRPLQDQWH
NPKVDXGDFIUkQDUHDHVWHDVLVWDWGH QFD]FRQWUDUDXWRYHKLFXOXOSRDWHGHUDSD
%$6VDX%$63/86OPSLOHGHIUkQOXPL (63QXSRDWHUHGXFHSHULFROXOGHDFFLGHQW
QHD]LQWHUPLWHQWUDSLG$VWIHOWUDILFXOGLQ vQFD]XOvQFDUHFRQGXFHLSUHDUDSLG(63QX
VSDWHOHGXPQHDYRDVWUHVWHDYHUWL]DWvQWUXQ VHSRDWHVXVWUDJHOHJLORUIL]LFLL
PRGLPDLXRUREVHUYDELO
'DFIUkQDLSXWHUQLFGHODRYLWH]GHSHVWH  $FLRQDLDXWRYHKLFXOXOPD[LPXP]HFH
NPKSkQODRSULUHVHPQDOL]DWRDUHOHGH VHFXQGHSHGLQDPRPHWUXOGHWHVWDUHDIUk
DYDULHVXQWDFWLYDWHDXWRPDW'DFIUkQHOH QHORU'HFXSODLFRQWDFWXO
VXQWDFLRQDWHGLQQRXOPSLOHGHIUkQVH $FLRQDUHDIUkQHORUSULQ(63SRDWHGLV
DSULQGFRQWLQXX6HPQDOL]DWRDUHOHGHDYDULH WUXJHvQFD]FRQWUDUVLVWHPXOGHIUkQDUH
VHRSUHVFDXWRPDWGDFUXODLODSHVWH
NPK3XWHLGHDVHPHQHDVRSULLVHP  7HVWHOHGHIXQFLRQDUHVDXSHUIRUPDQ
QDOL]DWRDUHOHGHDYDULHFXDMXWRUXOEXWRQXOXL WUHEXLHHIHFWXDWHQXPDLSHXQGLQDPRPH


 6LVWHPHGHVLJXUDQODFRQGXFHUH

WUXSHQWUXSXQLQDLQWHGHDXWLOL]DDXWR G $XWRYHKLFXOHFXIXQFLHVWDUWVWRS(&2
YHKLFXOXOSHXQDVWIHOGHGLQDPRPHWUXY IXQFLDVWDUWVWRS(&2RSUHWHDXWRPDW
UXJPVFRQVXOWDLXQDWHOLHUGHVHUYLFH PRWRUXOFkQGDXWRYHKLFXOXOVHRSUHWH
DXWRUL]DWQFD]FRQWUDUSXWHLDYDULDWUH 0RWRUXOSRUQHWHDXWRPDWFkQGRIHUXO
QXOGHWUDQVPLVLHVDXVLVWHPXOGHIUkQDUH GRUHWHVSRUQHDVFGHSHORFGLQQRX
6LJXUDQ

G 8WLOL]DLQXPDLURLFXPULPLOHGHSQHX (63UPkQHvQVWDUHDVHOHFWDWDQWHULRU
UHFRPDQGDWH1XPDLDWXQFLYDIXQFLRQD ([HPSOXGDF(63DIRVWGH]DFWLYDW
(63FRUHVSXQ]WRU vQDLQWHGHRSULUHDPRWRUXOXL(63UPkQH
GH]DFWLYDWFkQGPRWRUXOHVWHSRUQLWGLQ
(76 $VLVWDUHHOHFWURQLFDWUDFLXQLL QRX
(VWHSRVLELOVILHGHSUHIHUDWVGH]DFWLYDL
G 5HVSHFWDLVHFLXQHD1RWHLPSRUWDQWH
(63vQXUPWRDUHOHVLWXDLL
SULYLQGVLJXUDQD 3DJLQD 
=FkQGXWLOL]DLODQXULGH]SDG
&RQWUROXOWUDFLXQLLIDFHSDUWHGLQ(63
=vQ]SDGDGkQF
&RQWUROXOWUDFLXQLLIUkQHD]URLOHPRWULFH
=vQQLVLSVDXSLHWUL
LQGLYLGXDOGDFSDWLQHD]$VWIHOSXWHLSRUQL
GHSHORFLDFFHOHUDSHVXSUDIHHDOXQHFRDVH $9(57,60(17
GHH[HPSOXGDFVXSUDIDDGUXPXOXLHVWHDOX $FWLYDL(63LPHGLDWFHVLWXDLLOHGHVFULVH
QHFRDVSHRSDUWHQSOXVXQFXSOXGHWUDF DQWHULRUQXPDLVXQWYDODELOHQFD]FRQWUDU
LXQHPDLPDUHHVWHWUDQVIHUDWODURDWDVDX
(63QXYDSXWHDVWDELOL]DDXWRYHKLFXOXOGDF
URLOHFXWUDFLXQH
DXWRYHKLFXOXOvQFHSHVGHUDSH]HVDXRURDW
&RQWUROXOWUDFLXQLLUPkQHDFWLYGDFGH]DF vQFHSHVSDWLQH]H
WLYDL(63
 QVLWXDLLOHGHFRQGXFHUHFRUHVSXQ]WRDUH &kQGGH]DFWLYDL(63
DFWLYDLSURJUDPXORIIURDG =(63QXPDLvPEXQWHWHVWDELOLWDWHDOD
3DJLQD  FRQGXFHUH
=FXSOXOPRWRUXOXLQXPDLHVWHOLPLWDWLDU
$9(57,60(17
URLOHPRWULFHSRWSDWLQD3DWLQDUHDURLORU
&RQWUROXOWUDFLXQLLQXSRDWHUHGXFHSHULFROXO
UH]XOWvQWURDFLXQHGHSWUXQGHUHFHHD
GHDFFLGHQWvQFD]XOvQFDUHFRQGXFHLSUHD
FHRIHURDGHUHQPDLEXQ
UDSLG&RQWUROXOWUDFLXQLLQXSRDWHDQXOD
=FRQWUROXOWUDFLXQLLUPkQHDFWLYDW
OHJLOHIL]LFLL
=(63FRQWLQXVYDVLJXUHDVLVWHQFkQG
(76RIIURDG $VLVWDUHHOHFWURQLFD IUkQDL
WUDFLXQLL 'DF(63HVWHGH]DFWLYDWLDUXQDVDXPDL
8QVLVWHP(76VSHFLDODGDSWDWODWHUHQXO PXOWHURLvQFHSVSDWLQH]HODPSDGHDYHU
RIIURDGHVWHDFWLYDWDXWRPDWRGDWFHVH WL]DUH(63GLQSDQRXOGHLQVWUXPHQWH
DFWLYHD]SURJUDPXOGHFRQGXFHUHRIIURDG FOLSHWHQDVWIHOGHVLWXDLL(63QXYDVWD
3DJLQD  ELOL]DDXWRYHKLFXOXO

'H]DFWLYDUHDDFWLYDUHD(63
G 5HVSHFWDLVHFLXQHD1RWHLPSRUWDQWH
SULYLQGVLJXUDQD 3DJLQD 
(63HVWHDFWLYDWDXWRPDWFkQGPRWRUXOHVWH
SRUQLW
6LVWHPHGHVLJXUDQODFRQGXFHUH 

QDFHDVWVLWXDLH(63YDVLVWLSRDWH
GHWHFWDGDFFRPELQDLDDXWRYHKLFXO
UHPRUFvQFHSHVVHvQFOLQH(63vQFHWL
QHWHDXWRYHKLFXOXOSULQIUkQDUHLOLPLWDUHD
SXWHULLPRWRUXOXLSkQFkQGFRPELQDLDDXWR

6LJXUDQ
YHKLFXOUHPRUFVDVWDELOL]DW
6WDELOL]DUHDUHPRUFLLHVWHDFWLYODYLWH]HGH
SHVWHDSUR[LPDWLYNPK
$9(57,60(17
QFD]GHFRQGLLLUXWLHUHLPHWHRDGYHUVH
 3HQWUXDGH]DFWLYDDSVDLEXWRQXOC VWDELOL]DUHDUHPRUFLLQXYDSXWHDSUHYHQL
/DPSDGHDYHUWL]DUH(632))GLQ GHYLHUHDUHPRUFLLLQXYDSXWHDDVWIHOV
SDQRXOGHLQVWUXPHQWHVHDSULQGH UHGXFSHULFROXOGHDFFLGHQW5HPRUFLOHFXXQ
FHQWUXGHJUHXWDWHvQDOWVHSRWUVWXUQD
$9(57,60(17 vQDLQWHFD(63VGHWHFWH]HWHQGLQDGH
(63HVWHGH]DFWLYDWGDFODPSDGHDYHUWL UVWXUQDUH
]DUHGLQSDQRXOGHLQVWUXPHQWHVH
DSULQGHFRQWLQXXFkQGPRWRUXOIXQFLRQHD] 6WDELOL]DUHDUHPRUFLLQXIXQFLRQHD]GDF
'DFODPSDGHDYHUWL]DUHLODPSDGH (63HVWHGH]DFWLYDWVDXRSULWGLQFDX]DXQHL
GHIHFLXQL
DYHUWL]DUHVXQWDSULQVHFRQWLQXX(63
HVWHLQGLVSRQLELOGLQFDX]DXQHLGHIHFLXQL
([LVWXQSHULFROFUHVFXWFDDXWRYHKLFXOXO (%' GLVWULEXLDHOHFWURQLFDIRUHLGH
GXPQHDYRDVWUVGHUDSH]HvQDQXPLWHVLWXD IUkQDUH
LL
7UHEXLHVYDGDSWDLvQWRWGHDXQDVWLOXOGH G 5HVSHFWDLVHFLXQHD1RWHLPSRUWDQWH
FRQGXFHUHODFRQGLLLOHGHGUXPLPHWHR SULYLQGVLJXUDQD 3DJLQD 
(%'PRQLWRUL]HD]LFRQWUROHD]SUHVLXQHD
 3HQWUXDDFWLYDDSVDLEXWRQXOC GHIUkQDUHSHURLOHVSDWHSHQWUXDvPEXQWL
/DPSDGHDYHUWL]DUH(632))GLQ VWDELOLWDWHDvQFRQGXFHUHvQWLPSXOIUkQULL
SDQRXOGHLQVWUXPHQWHVHVWLQJH
$9(57,60(17
'DF(%'VDGHIHFWDWVLVWHPXOGHIUkQDUH
(63RIIURDG UPkQHGLVSRQLELOFXVHUYRIUkQFRPSOHW
8QVLVWHP(63VSHFLDODGDSWDWODWHUHQXO IXQFLRQDO&XWRDWHDFHVWHDURLOHVSDWHVH
RIIURDGHVWHDFWLYDWDXWRPDWRGDWFHVH SRWEORFDvQFRQWLQXDUHGHH[ODIUkQDUHFRP
DFWLYHD]SURJUDPXORIIURDG SOHW$VWIHOSXWHLSLHUGHFRQWUROXODXWRYHKL
3DJLQD ,QWHUYLQHFXRRDUHFDUHvQWkU FXOXOXLLSXWHLSURYRFDXQDFFLGHQW3ULQ
]LHUHGDFDUHORFXQVXSUDYLUDMVDXXQVXEYL XUPDUHWUHEXLHVYDGDSWDLVWLOXOGHFRQ
UDMvPEXQWLQGDVWIHOWUDFLXQHD GXFHUHODFDUDFWHULVWLFLOHGHPDQHYUDELOLWDWH
GLIHULWH
6WDELOL]DUHDUHPRUFLLFX(63  5HVSHFWDLQRWHOHSULYLQGOPSLOHGHDYHU
QFD]XOvQFDUHFRPELQDLDDXWRYHKLFXO WL]DUHLLQGLFDWRDUH 3DJLQD SUH
UHPRUFvQFHSHVVHvQFOLQHSHRSDUWHR FXPLPHVDMHOHGHSHGLVSOD\
SXWHLVWDELOL]DSULQDSVDUHDIHUPDIUkQHL 3DJLQD 


 6LVWHPHGHVLJXUDQODFRQGXFHUH

)51$5($'$37,9 'DFRIHUXOLSDVDJHULLLDXFXSODWFHQWXULOH
GHVLJXUDQIUkQD35(6$)(SRDWHHIHFWXD
)51$5($$'$37,9VSRUHWHVLJXUDQDOD
LXUPWRDUHOHODYLWH]HGHSHVWHDSUR[LPDWLY
IUkQDUHLRIHUXQFRQIRUWVSRULWODIUkQDUH
NPK
3HOkQJIXQFLDGHIUkQDUH)51$5($
=IUkQDDXWRYHKLFXOXODXWRPDWvQFHSkQGFXR
$'$37,9GLVSXQHLIXQFLD+2/'
6LJXUDQ

3DJLQD LDVLVWHQDODSRUQLUHDvQ YLWH]GHSkQODDSUR[LPDWLYNPK


SDQW 3DJLQD 3HQWUXLQIRUPDLLVXSOL =GHFODQDPVXULSUHYHQWLYHGHSURWHFLHD
PHQWDUHSULYLQGFRQVXOWDL6IDWXULSULYLQG SDVDJHULORU 35(6$)(  3DJLQD
FRQGXFHUHD 3DJLQD  1DWXUDVLVWHPXOXLIDFHFDvQFRQGLLLGHRVHELW
GHFRPSOLFDWHGHFRQGXFHUHVVHHPLW
DYHUWLVPHQWHLQXWLOHVDXFDIUkQD35(6$)(
)UkQ35(6$)( VLQWHUYLQIUVILHQHFHVDU3HQWUXDFRQ
)UkQD35(6$)(HVWHGLVSRQLELOQXPDLOD WUDFDUDDFHVWHPDQLIHVWULILHDSVDLSHGDOD
DXWRYHKLFXOHOHFX',67521,&3/86 GHDFFHOHUDLHPDLWDUHDFWLYkQGUHWURJUDGD
UHDIRUDWILHHOLEHUDLSHGDODGHIUkQ
G 5HVSHFWDLVHFLXQHD1RWHLPSRUWDQWH
$FLXQHDGHIUkQDUHDIUkQHL35(6$)(HVWH
SULYLQGVLJXUDQD 3DJLQD 
vQFKHLDWDXWRPDWGDF
)UkQD35(6$)(YSRDWHDMXWDVUHGXFHL =FRQGXFHLFXRYLWH]PDLPLFGHDSUR[L
ULVFXOGHFROL]LXQHIURQWDOFXXQDXWRYHKLFXO PDWLYNPK
GLQIDVDXVGLPLQXDLHIHFWHOHXQHLDVWIHO
=HIHFWXDLPDQHYUHSHQWUXDHYLWDREVWDFR
GHFROL]LXQL'DFIUkQD35(6$)(DGHWHFWDW
OXO
XQULVFGHFROL]LXQHYHLSULPLDYHUWLVPHQWH
=QXPDLH[LVWSHULFROXOXQHLFROL]LXQLGLQ
YL]XDOHLDFXVWLFHDXWRYHKLFXOXOIUkQkQG
DXWRPDW)UkQD35(6$)(QXSRDWHSUHYHQL VSDWH
=QXVHPDLGHWHFWHD]XQREVWDFROvQIDD
RFROL]LXQHIULQWHUYHQLDGXPQHDYRDVWU
$FHDVWIXQFLHYDHPLWHXQDYHUWLVPHQWOD DXWRYHKLFXOXOXLGXPQHDYRDVWU
YLWH]HvQMXUGHNPKVDXPDLPDULGDF 'DFDLDFWLYDW'65 3DJLQD IUkQD
=GLVWDQDSkQODDXWRYHKLFXOXOGLQIDHVWH
35(6$)(HVWHGH]DFWLYDW
SUHDPLFSHQWUXYLWH]DFXFDUHFRQGXFHL &XDMXWRUXOVLVWHPXOXLGHVHQ]RUUDGDUIUkQD
WLPSGHFkWHYDVHFXQGH/DPSDGHDYHUWL 35(6$)(SRDWHGHWHFWDREVWDFROHDIODWHvQ
]DUHSULYLQGGLVWDQDVHDSULQGHDSRL IDDDXWRYHKLFXOXOXLGXPQHDYRDVWUSHR
vQSDQRXOGHLQVWUXPHQWH SHULRDGvQGHOXQJDWGHWLPS
=YDSURSLDLUDSLGGHDXWRYHKLFXOXOGLQID /DYLWH]HGHSkQODDSUR[LPDWLYNPK
6HYDHPLWHDSRLXQVXQHWGHDYHUWL]DUH IUkQD35(6$)(SRDWHGHDVHPHQHDV
LQWHUPLWHQWLODPSDGHDYHUWL]DUHSULYLQG GHWHFWH]HREVWDFROHVWDLRQDUHGHH[HPSOX
GLVWDQDVHYDDSULQGHvQSDQRXOGH DXWRYHKLFXOHRSULWHVDXSDUFDWH
LQVWUXPHQWH 'DFYDSURSLDLGHXQREVWDFROLIUkQD35(
 )UkQDLLPHGLDWSHQWUXDFUHWHGLVWDQD 6$)(GHWHFWHD]XQSHULFROGHFROL]LXQHVLV
IDGHDXWRYHKLFXOXOGLQID WHPXOYYDDOHUWDLQLLDODWkWYL]XDOFkWL
DFXVWLF'DFQXIUkQDLVDXQXOXDLPVXUL
VDX
GHHYLWDUHVLVWHPXOYYDDYHUWL]DSULQIUkQD
 (IHFWXDLPDQHYUHGHHYLWDUHGDFVLWXDLD
UHDXRDULDXWRPDWDDXWRYHKLFXOXOXL
YSHUPLWHHIHFWXDUHDORUvQVLJXUDQ 'DFH[LVWXQULVFGHFROL]LXQHFUHVFXWVH
DFWLYHD]PVXULOHSUHYHQWLYHGHSURWHFLHD
SDVDJHULORU 35(6$)(  3DJLQD 'DF
6LVWHPHGHVLJXUDQODFRQGXFHUH 

ULVFXOGHFROL]LXQHSHUVLVWLGXPQHDYRDVWU =XQDXWRYHKLFXOvQJXVWFDUHUXOHD]vQID
QXIUkQDLQXHIHFWXDLPDQHYUHGHHYLWDUHL GHH[RPRWRFLFOHW
QXDFFHOHUDLVHPQLILFDWLYHVWHSRVLELOFD =XQDXWRYHKLFXOFDUHUXOHD]vQIDSHR
DXWRYHKLFXOXOVHIHFWXH]HIUkQDUHDDXWR EDQGGLIHULW
PDWGHXUJHQ)UkQDUHDDXWRPDWGH
XUJHQQXHVWHHIHFWXDWGHFkWLPHGLDW $9(57,60(17

6LJXUDQ
vQDLQWHDXQXLDFFLGHQWFDUHQXPDLSRDWHIL )UkQD35(6$)(QXUHDFLRQHD]
HYLWDW =ODSHUVRDQHVDXODDQLPDOH

$9(57,60(17 =ODDXWRYHKLFXOHOHFDUHYLQGLQVHQVRSXV

&KLDULGDFIUkQD35(6$)(vQFHWLQHWH =ODDXWRYHKLFXOHOHFDUHYWDLHFDOHD
DXWRYHKLFXOXOvQDLQWHGHRFROL]LXQHGLQVSDWH =vQYLUDMH
LPLQHQWVLVWHPXOQXSRDWHHYLWDFROL]LXQHD 'UHSWXUPDUHHVWHSRVLELOFDIUkQD35(
IULQWHUYHQLDRIHUXOXL([LVWXQSHULFROGH 6$)(VQXHPLWDYHUWLVPHQWHLVQX
DFFLGHQW)UkQDLvQIXQFLHGHVLWXDLHVDX LQWHUYLQvQVLWXDLLSHULFXORDVH([LVWXQSHUL
HIHFWXDLPDQHYUHGHHYLWDUH2LQWHUYHQLH FROGHDFFLGHQW$FRUGDLvQWRWGHDXQDRDWHQ
vQWkU]LDWGLQSDUWHDRIHUXOXLSRDWHGXFHOD LHGHRVHELWVLWXDLHLGLQWUDILFLILLJDWDV
XQDFFLGHQW IUkQDL

$9(57,60(17 3HQWUXDPHQLQHRGLVWDQFRUHVSXQ]WRDUH
)UkQD35(6$)(QXSRDWHvQWRWGHDXQDLGHQ IDGHDXWRYHKLFXOXOGLQIDSUHYHQLQGDVW
WLILFDIUSUREOHPHRELHFWHOHLVLWXDLLOH IHORFROL]LXQHWUHEXLHVDFLRQDLFKLDUGXP
FRPSOH[HGLQWUDILF QHDYRDVWUIUkQHOH
QDFHVWHFD]XULIUkQD35(6$)(SRDWHV  3HQWUXDDFWLYDGH]DFWLYDDFWLYDLVDX

=HPLWXQDYHUWLVPHQWLQXWLOIUkQkQGDSRL GH]DFWLYDLIUkQD35(6$)(GLQFDOFXODWR
DXWRYHKLFXOXO UXOGHERUG 3DJLQD 
=VQXHPLWXQDYHUWLVPHQWLVQXLQWHU
6LPEROXODSDUHSHDILDMXOPXOWLIXQF
LRQDOFkWWLPSIXQFLD+2/'QXHVWHDFWL
YLQ
YDW 3DJLQD 
([LVWXQSHULFROGHDFFLGHQW$FRUGDLvQWRW
/DDXWRYHKLFXOHOHFXDVLVWDUHDDFWLYD
GHDXQDRDWHQLHGHRVHELWFRQGLLLORUGLQWUD
SDUFULLVLPEROXOHVWHDILDWFkQG3
ILFLILLJDWDVIUkQDLPDLDOHVGDFIUkQD
HVWHFXSODWVDXFkQGFRQGXFHLFXYLWH]H
35(6$)(YDYHUWL]HD]vQDFHVWVHQV
PDLPDULGHNPK
3XQHLFDSWLQWHUYHQLHLvQWURVLWXDLHGH
FRQGXFHUHQHSHULFXORDV 6LVWHPXOGHVHQ]RUUDGDUHVWHGH]DFWLYDW
DXWRPDWvQDSURSLHUHDXQLWLORUUDGLRWHOHV
'HWHFWDUHDREVWDFROHORUSRDWHILGLPLQXDW FRSODXUPWRDUHOHDXWRYHKLFXOH
PDLDOHVGDFH[LVW =DXWRYHKLFXOHFX&20$1'2QOLQHLQDYLJD
=LPSXULWLSHVHQ]RULVDXRULFHDOWHPDWHULL LH
VWULQHSHVHQ]RUL =DXWRYHKLFXOHFX$XGLRL%HFNHU0$3
=]SDGVDXSORDLHDEXQGHQW 3,/27
=LQWHUIHUHQHFXDOWHVXUVHUDGDU %HFNHU0$33,/27WUHEXLHVILHFRQHFWDW
=SRVLELOLWDWHDGHHPLVLLUDGDUSXWHUQLFHGH FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUH$XGLR
H[HPSOXvQSDUFULHWDMDWH VHSDUDWH


 6LVWHPHDQWLIXUW

6LVWHPXOGHVHQ]RUUDGDUWUHEXLHVILHGH]DF 6LVWHPHDQWLIXUW
WLYDWFXDMXWRUXOFDOFXODWRUXOXLGHERUGvQ
DSURSLHUHDXQLWLORUUDGLRWHOHVFRSOD ,PRELOL]DWRU
XUPWRDUHOHDXWRYHKLFXOH ,PRELOL]DWRUXOSUHYLQHSRUQLUHDDXWRYHKLFXOX
=DXWRYHKLFXOHIU&20$1'2QOLQHLQDYL OXLGXPQHDYRDVWUIUFKHLDFRUHFW
6LJXUDQ

JDLH  3HQWUXDDFWLYDFXFKHLDVFRDWHLFKHLD
=DXWRYHKLFXOHIU$XGLRL%HFNHU0$3 GLQFRPXWDWRUXOGHFRQWDFW
3,/27  3HQWUXDDFWLYDFX.(</(66*2GHFX
=DXWRYHKLFXOHSHQWUX$XVWUDOLD SODLFRQWDFWXOLGHVFKLGHLSRUWLHUDRIH
,QIRUPDLLOHSULYLQGGH]DFWLYDUHDVLVWHPXOXL UXOXL
GHVHQ]RUUDGDUFXDMXWRUXOFDOFXODWRUXOXLGH  3HQWUXDGH]DFWLYDFXSODLFRQWDFWXO
ERUGVHUHJVHVFvQVHFLXQHD&DOFXODWRUGH
ERUGLGLVSOD\XUL 3DJLQD  G ,PRELOL]DWRUXOHVWHvQWRWGHDXQDGH]DFWL
YDWFkQGSRUQLLPRWRUXO
3HQWUXFDIUkQD35(6$)(VYDVLVWHFkQG
FRQGXFHLVLVWHPXOGHVHQ]RULUDGDUWUHEXLH
VILHSRUQLW 3DJLQD LVILHIXQFLR $7$ 6LVWHPGHDODUPDQWLIXUW
QDO
QXUPDDYDULHULLSULLIURQWDOHDDXWRYHKLFX 2DODUPYL]XDOLDFXVWLFHVWHGHFODQDW
OXOXLVROLFLWDLYHULILFDUHDFRQILJXUULLLIXQF GDFVLVWHPXOGHDODUPHVWHDQFODQDWL
LRQULLVHQ]RULORUUDGDUODXQDWHOLHUGHVSH GXPQHDYRDVWUGHVFKLGHL
FLDOLWDWHDXWRUL]DW$FHDVWLQGLFDLHHVWH =RSRUWLHU
YDODELOLvQFD]XOFROL]LXQLORUODYLWH]PLF =DXWRYHKLFXOXOFXHOHPHQWXOFKHLHGH
DWXQFLFkQGQXH[LVWDYDULLYL]LELOHSHSDUWHD XUJHQ
IURQWDODDXWRYHKLFXOXOXL =KD\RQXO
=FDSRWD

&21752/8/',5(&,(, $ODUPDQXHVWHRSULWFKLDULGDFvQFKLGHL
SRUWLHUDGHVFKLVFDUHDGHFODQDWRGH
$VLVWHQWXOGHGLUHFLH67((5&21752/Y H[HPSOX
DMXWSULQWUDQVPLWHUHDXQHLIRUHGHGLUHFLH
LPSRUWDQWHODYRODQvQGLUHFLDQHFHVDUSHQ
WUXVWDELOL]DUHDDXWRYHKLFXOXOXL
$VLVWHQWXOGHGLUHFLHHVWHDFWLYDWPDLDOHV
GDF
=DPEHOHURLGLQGUHDSWDVDXDPEHOHURLGLQ
VWkQJDVHDIOSHRVXSUDIDGHGUXP
XPHGVDXDOXQHFRDVDWXQFLFkQGIUkQDL
=DXWRYHKLFXOXOvQFHSHVGHUDSH]H

'HLQHLFRQWUROXODVXSUDGLUHFLHLvQSHUPD
QHQ
$9(57,60(17
'DFH[LVWRGHIHFLXQHOD(63QXYHLPDL
SULPLQLFLRDVLVWHQGHGLUHFLHGHOD67((5
&21752/'LUHFLDFRQWLQXVIXQFLRQH]H
FXDVLVWHQWXOGHGLUHFLH
6LVWHPHDQWLIXUW 

 3HQWUXDDQFODQDvQFXLDLDXWRYHKLFXOXO 3HQWUXDSUHYHQLRDODUPIDOVGH]DFWLYDL
FXFKHLDVDX.(</(66*2 SURWHFLDODWUDFWDUHPDQXDOGDFDXWRYHKL
/DPSDLQGLFDWRDUHCFOLSHWH6LVWHPXOGH FXOXOGXPQHDYRDVWU
DODUPHVWHDQFODQDWGXSDSUR[LPDWLY =HVWHWUDQVSRUWDW
VHFXQGH =HVWHvQFUFDWSHXQIHULERWVDXSHRSODW

6LJXUDQ
 3HQWUXDRSULGHVFXLDLDXWRYHKLFXOXOFX
IRUPGHWUDQVSRUWDXWRGHH[HPSOX
FKHLDVDX.(</(66*2 =HVWHSDUFDWSHRVXSUDIDPRELOGHH[
 3HQWUXDRSULDODUPDFXDMXWRUXOFKHLL vQWURSDUFDUHHWDMDW
LQWURGXFHLFKHLDvQFRPXWDWRUXOGHFRQ 'H]DFWLYDUHD
WDFW
$ODUPDHVWHRSULW
 6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
VDX
 $SVDLEXWRQXO6VDX7GHSH
FKHLH
$ODUPDHVWHRSULW
 3HQWUXDRSULDODUPDFXDMXWRUXO.(<
/(66*2SULQGHLPkQHUXOH[WHULRUDOSRU
WLHUHL&KHLDWUHEXLHVVHDIOHvQDIDUDDXWR
YHKLFXOXOXL
$ODUPDHVWHRSULW
VDX
 $SVDLEXWRQXO6WDUW6WRSGHSHSODQDGH  $SVDLEXWRQXOC
ERUG&KHLDWUHEXLHVVHDIOHvQLQWHULRUXO /DPSDLQGLFDWRDUHDVHDSULQGHVFXUW
DXWRYHKLFXOXOXL  QFXLDLDXWRYHKLFXOXOFXFKHLDVDX.(<
$ODUPDHVWHRSULW /(66*2
3URWHFLDODWUDFWDUHHVWHGH]DFWLYDW
3URWHFLDODWUDFWDUHUPkQHGH]DFWLYDWSkQ
3URWHFLHODWUDFWDUH FkQG
6HGHFODQHD]RDODUPDFXVWLFLYL]XDO =DXWRYHKLFXOXOHVWHGHVFXLDWGLQQRX
GDFXQJKLXOGHvQFOLQDUHDODXWRYHKLFXOXOXL =RSRUWLHUHVWHGHVFKLVLvQFKLVGLQQRX
GXPQHDYRDVWUHVWHPRGLILFDWvQWLPSFHSUR
=DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX
WHFLDODWUDFWDUHHVWHDQFODQDW$FHDVWD
VXUYLQHGDFDXWRYHKLFXOXOHVWHULGLFDWSHFULF
vQWURSDUWHGHH[HPSOX
6HQ]RUGHPLFDUHvQLQWHULRU
 3HQWUXDDQFODQDvQFXLDLDXWRYHKLFXOXO
FXFKHLDVDX.(</(66*2 $WXQFLFkQGVHQ]RUXOGHPLFDUHvQLQWHULRU
3URWHFLDODWUDFWDUHHVWHDQFODQDWGXS HVWHDQFODQDWHVWHGHFODQDWRDODUP
DSUR[LPDWLYGHVHFXQGH YL]XDOLDFXVWLFGDFVHGHWHFWHD]PL
 3HQWUXDRSULGHVFXLDLDXWRYHKLFXOXOFX FDUHvQLQWHULRUXODXWRYHKLFXOXOXL$FHDVW
FKHLDVDX.(</(66*2 RSHUDLHVHUHDOL]HD]GDFFLQHYDVHvQWLQGH
3URWHFLDODWUDFWDUHHVWHRSULWDXWRPDW vQLQWHULRUXODXWRYHKLFXOXOXLGHH[HPSOX


 6LVWHPHDQWLIXUW

3HQWUXDDFWLYD 6HQ]RUXOGHPLFDUHvQLQWHULRUUPkQHGH]DF
 $VLJXUDLYFJHDPXULOHODWHUDOHLWUDSD WLYDWSkQFkQG
JOLVDQWWUDSDJOLVDQWSDQRUDPLFVXQW =DXWRYHKLFXOXOHVWHGHVFXLDWGLQQRX
vQFKLVH =RSRUWLHUHVWHGHVFKLVLvQFKLVGLQQRX
$VWIHOYHLSUHYHQLDODUPHOHIDOVH =DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX
6LJXUDQ

 6HQ]RUXOGHPLFDUHvQLQWHULRUHVWHDQFODQ
DWGXSDSUR[LPDWLYGHVHFXQGH G 1XPDL5HJDWXO8QLWDXWRYHKLFXOXOGXP
QHDYRDVWUHVWHGRWDWFXRIXQFLHGHGXEO
3HQWUXDGH]DFWLYD vQFXLHUH3RUWLHUHOHQXSRWILGHVFKLVHGLQ
 'HVFXLDLDXWRYHKLFXOXOFXFKHLDVDX.(< LQWHULRUGDFDXWRYHKLFXOXODIRVWvQFXLDWFX
/(66*2 FKHLDVDXFX.(</(66*2 3DJLQD 
6HQ]RUXOGHPLFDUHvQLQWHULRUHVWHGH]DF 'H]DFWLYDLVHQ]RUXOGHPLFDUHvQLQWHULRU
WLYDWDXWRPDW vQDLQWHGHDvQFXLDDXWRYHKLFXOXO3RUWLHUHOH
SRWILDSRLGHVFKLVHGLQLQWHULRUGXSFH
3HQWUXDSUHYHQLRDODUPIDOVGH]DFWLYDL
DXWRYHKLFXOXODIRVWvQFXLDWGLQH[WHULRU
VHQ]RUXOGHPLFDUHvQLQWHULRUGDFvQFXLDL
5HVSHFWDL1RWHLPSRUWDQWHSULYLQGVLJX
DXWRYHKLFXOXOL
UDQD 3DJLQD 
=UPkQSHUVRDQHVDXDQLPDOHvQDXWRYHKL
FXO
=JHDPXULOHODWHUDOHUPkQGHVFKLVH
=WUDSDJOLVDQWWUDSDJOLVDQWSDQRUDPLF
UPkQHGHVFKLV
'H]DFWLYDUHD
 6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW

 $SVDLEXWRQXOC
/DPSDLQGLFDWRDUHDOXPLQHD]LQWHUPL
WHQWVFXUW
 QFXLDLDXWRYHKLFXOXOFXFKHLDVDX.(<
/(66*2
6HQ]RUXOGHPLFDUHvQLQWHULRUHVWHGH]DF
WLYDW


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

'HVFKLGHUHDLvQFKLGHUHD
 &KHLH

,QIRUPDLLXWLOH $9(57,60(17
'DFFRSLLLVXQWOVDLQHVXSUDYHJKHDLvQ
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH DXWRYHKLFXODFHWLDDUSXWHD
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG =GHVFKLGHRULFkQGRSRUWLHUGLQLQWHULRUXO
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD DXWRYHKLFXOXOXLFKLDULGDFDIRVWEORFDW
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL =SRUQLDXWRYHKLFXOXOFXDMXWRUXOXQHLFKHL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
OVDWHvQDXWRYHKLFXO
YDULDLLvQIXQFLHGHDU9UXJPVUHL
'HVFKLGHUHDLvQFKLGHUHD

=HOLEHUDLIUkQDGHSDUFDUHHOHFWULF
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF 3ULQXUPDUHDWkWVLJXUDQDORUFkWLDDOWRUD
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO DUSXWHDILSHULFOLWDW1XOVDLQLFLRGDW
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH FRSLLLQHVXSUDYHJKHDLvQDXWRYHKLFXO/XDL
ULWRDUHODVLJXUDQ vQWRWGHDXQDFKHLDFXGXPQHDYRDVWUFkQG
LHLLGLQDXWRYHKLFXOFKLDULGDFvOSUVLL
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH QXPDLSHQWUXVFXUWWLPS
FLDOLWDWHDXWRUL]DWH 3DJLQD 
$9(57,60(17
'DFLQHOXOGHFKHLHVWHSUHDJUHXVDXSUHD
&KHLH
PDUHJUHXWDWHDH[HUFLWDWDVXSUDFKHLLDU
)XQFLLFKHLH SXWHDIDFHFDFDDFHDVWDVVHvQYkUWvQ
FRPXWDWRUXOGHFRQWDFWVDXVVHDJDHGH
&KHLDvQFXLHGHVFXLHFHQWUDOL]DW
YRODQ$FHDVWDSRDWHGXFHODRSULUHDEUXVFD
=SRUWLHUHOH PRWRUXOXL(VWHSRVLELOVSLHUGHLFRQWUROXO
=KD\RQXO DXWRYHKLFXOXOXLLVSURYRFDLXQDFFLGHQW
=FODSHWDJXULLGHXPSOHUHFXFDUEXUDQW 1XSULQGHLLQHOHGHFKHLJUHOHVDXPDULOD
FKHLDLQWURGXVvQFRQWDFW
$9(57,60(17
1XPDLSHQWUX5HJDWXO8QLWGDFDXWRYHKL
FXOXODIRVWvQFXLDWFXFKHLDVDXFX.(</(66
*2IXQFLDGHGXEOvQFXLHUHHVWHDFWLYDWFD
IXQFLHVWDQGDUG$WXQFLQXHVWHSRVLELOVVH
GHVFKLGSRUWLHUHOHGLQLQWHULRUXODXWRYHKLFX
OXOXL
3ULQXUPDUHQXOVDLDOWHSHUVRDQHvQDXWR
YHKLFXOPDLDOHVFRSLLSHUVRDQHvQYkUVWVDX
SHUVRDQHFDUHQHFHVLWDVLVWHQVSHFLDO
'UHSWXUPDUHHVWHSRVLELOVQXVHSRDWHOL
EHUDvQFD]GHXUJHQ(VWHSRVLELOFDDFHVWHD C 73HQWUXDvQFXLDDXWRYHKLFXOXO
VVXIHUHUQLJUDYHVDXFKLDUIDWDOHvQXUPD
D T3HQWUXDGHVFKLGHvQFKLGHKD\RQXO
H[SXQHULLODWHPSHUDWXULH[WUHPGHULGLFDWH
VDXVF]XWHGHH[HPSOXQDFHVWFD]VDOYD 63HQWUXDGHVFXLDDXWRYHKLFXOXO
UHDSHUVRDQHORUGLQH[WHULRUXODXWRYHKLFXOXOXL &kQGGHVFXLDLVHPQDOL]DWRDUHOHGHGLUHFLH
HVWHGLILFLO FOLSHVFRGDW&kQGvQFXLDLDFHVWHDFOLSHVF
'H]DFWLYDLVHQ]RUXOGHPLFDUHvQLQWHULRU GHWUHLRUL
vQDLQWHGHDvQFXLDDXWRYHKLFXOXO3RUWLHUHOH 3HvQWXQHULFLOXPLQDUHDDPELHQWDOVH
SRWILDSRLGHVFKLVHGLQLQWHULRUGXSFHDXWR DSULQGHGHDVHPHQHDGDFHVWHDFWLYDWvQ
YHKLFXOXODIRVWvQFXLDWGLQH[WHULRU FDOFXODWRUXOGHERUG 3DJLQD 
&KHLH 

3XWHLGHDVHPHQHDVVHWDLXQVHPQDODXGL .(</(66*2YHULILFGDFvQDXWRYHKLFXOVH
ELOSULQFDUHVYLVHFRQILUPHFDXWRYHKLFXOXO DIORFKHLHYDOLGVWDELOLQGSHULRGLFRFRQH
DIRVWvQFXLDW6HPQDOXODXGLELOSRDWHILDFWLYDW [LXQHUDGLRvQWUHDXWRYHKLFXOLFKHLH$FHVW
LGH]DFWLYDWFXDMXWRUXOFDOFXODWRUXOXLGH OXFUXVHvQWkPSO
ERUG 3DJLQD  =DWXQFLFkQGVHDWLQJPkQHUHOHH[WHUQHDOH
 3HQWUXGHVFXLHUHFHQWUDOL]DWDSVDL SRUWLHUHL
EXWRQXO6 =ODSRUQLUHDPRWRUXOXL

'HVFKLGHUHDLvQFKLGHUHD
'DFQXGHVFKLGHLDXWRYHKLFXOXOvQGHFXUVGH =FkQGDXWRYHKLFXOXOHVWHvQPLFDUH
DSUR[LPDWLYGHVHFXQGHGHODGHVFXLHUH
=DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX
=VLVWHPXODQWLIXUWHVWHDQFODQDWGLQQRX

 3HQWUXvQFXLHUHFHQWUDOL]DWDSVDL
EXWRQXO7

.(</(66*2
1RWHLPSRUWDQWHSULYLQGXWLOL]DUHD.(<
/(66*2  3HQWUXDGHVFXLDDXWRYHKLFXOXODWLQJHL
=1XSVWUDLFKHLD.(</(66*2vPSUHXQ VXSUDIDDLQWHULRDUDPkQHUXOXLSRUWLHUHL
FX  3HQWUXDvQFXLDDXWRYHKLFXOXODWLQJHL
 GLVSR]LWLYHHOHFWURQLFHGHH[FXWHOHIR VXSUDIDDVHQ]RUXOXLC
QXOPRELOVDXFXRDOWFKHLH  &DUDFWHULVWLFDGHvQFKLGHUHDVLVWDW
 RELHFWHPHWDOLFHGHH[PRQHGHVDXIROLH DWLQJHLVXSUDIDDVHQ]RUXOXLFXORFDD
PHWDOLF PDLPXOWWLPS 3DJLQD 
$FHVWOXFUXSRDWHDIHFWDIXQFLRQDOLWDWHD 'DFWUDJHLGHPkQHUXOKD\RQXOXLQXPDL
.(</(66*2 SRUWEDJDMXODXWRYHKLFXOXOXLHVWHGHVFXLDW
=5HLQHLIDSWXOFPRWRUXOSRDWHILSRUQLWGH
RULFDUHGLQWUHSDVDJHULGDFH[LVWRFKHLH
.(</(66*2vQDXWRYHKLFXO 6FKLPEDUHDVHWULORUVLVWHPXOXLGH
vQFKLGHUH
QFKLGHUHDLGHVFKLGHUHDFHQWUDOL]DW
3XWHLVFKLPEDVHWDUHDVLVWHPXOXLGHvQFKL
3XWHLSRUQLvQFXLDVDXGHVFXLDDXWRYHKLFXOXO GHUHDVWIHOvQFkWQXPDLSRUWLHUDRIHUXOXLL
FXDMXWRUXO.(</(66*2QDFHVWVFRSWUH FODSHWDJXULLGHXPSOHUHFXFDUEXUDQWVILH
EXLHGRDUVDYHLFKHLDODGXPQHDYRDVWU GHVFXLDWH$FHDVWFDUDFWHULVWLFHVWHXWLOvQ
3XWHLFRPELQDIXQFLLOH.(</(66*2FXFHOH FD]XOvQFDUHFOWRULLIUHFYHQWSHFRQWSUR
DOHXQHLFKHLFRQYHQLRQDOHGHH[IRORVLQG SULX
.(</(66*2SHQWUXDGHVFXLDLDSVkQG  3HQWUXDVFKLPEDVHWDUHDDSVDLL
EXWRQXO7SHQWUXDvQFXLD PHQLQHLDSVDWHEXWRDQHOH6L7
&kQGvQFXLDLVDXGHVFXLDLFX.(</(66*2 VLPXOWDQWLPSGHDSUR[LPDWLY
GLVWDQDGLQWUHFKHLHLPkQHUXOSRUWLHUHL DVHVHFXQGHSkQFkQGODPSDGHYHULIL
FRUHVSXQ]WRDUHQXWUHEXLHVGHSHDVF FDUHDEDWHULHLOXPLQHD]LQWHUPLWHQWGH
P GRXRUL 3DJLQD 


 &KHLH

G 'DFVHWDUHDVLVWHPXOXLGHvQFKLGHUHHVWH  3HQWUXDGH]DFWLYDDODUPDFXFKHLD
VFKLPEDWvQUD]DGHVHPQDODDXWRYHKLFX DSVDLEXWRQXO6VDX7GHSHFKHLH
OXOXLDSVDUHDEXWRDQHORU7VDX6 VDX
GXFHODvQFXLHUHDVDXGHVFXLHUHDDXWRYHKL  ,QWURGXFHLFKHLDvQFRPXWDWRUXOGHFRQ
FXOXOXL WDFW
&KHLDIXQFLRQHD]DFXPGXSFXPXUPHD] VDX
 3HQWUXDGHVFXLDSRUWLHUDRIHUXOXL  3HQWUXDGH]DFWLYDDODUPDFX.(</(66
'HVFKLGHUHDLvQFKLGHUHD

DSVDLEXWRQXO6RGDW *2DSVDLEXWRQXO6WDUW6WRSGLQFRPX
 3HQWUXGHVFXLHUHFHQWUDOL]DWDSVDL WDWRUXOGHFRQWDFW&KHLDWUHEXLHVVHDIOH
EXWRQXO6GHGRXRUL vQDXWRYHKLFXO
 3HQWUXvQFXLHUHFHQWUDOL]DWDSVDL VDX
EXWRQXO7  QFXLDLVDXGHVFXLDLDXWRYHKLFXOXOFXDMX
WRUXO.(</(66*2&KHLDWUHEXLHVVHDIOH
)XQFLD.(</(66*2HVWHPRGLILFDWGXS vQDIDUDDXWRYHKLFXOXOXL
FXPXUPHD]
 3HQWUXDGHVFXLDSRUWLHUDRIHUXOXLDWLQ 6FRDWHUHDHOHPHQWXOXLFKHLHGHXUJHQ
JHLVXSUDIDDLQWHULRDUDPkQHUXOXLSRU
WLHUHLGHSHSRUWLHUDRIHUXOXL
 3HQWUXGHVFXLHUHFHQWUDOL]DWDWLQJHL
VXSUDIDDLQWHULRDUDPkQHUXOXLSRUWLHUHL
GHSHSRUWLHUDSDVDJHUXOXLGLQIDVDXSRU
WLHUDVSDWH
 3HQWUXvQFXLHUHFHQWUDOL]DWDWLQJHL
VXSUDIDDH[WHULRDUDVHQ]RUXOXLGHSH
XQXOGLQWUHPkQHUHOHSRUWLHUHL

5HYHQLUHDODVHWULOHGLQIDEULF  PSLQJHLSLHGLFDGHHOLEHUDUHCvQGLUHFLD
 $SVDLEXWRDQHOH6L7WLPSGH VJHLLLVLPXOWDQVFRDWHLHOHPHQWXO
DSUR[LPDWLYDVHVHFXQGHSkQFkQG FKHLHGHXUJHQDGLQFKHLH
ODPSDGHYHULILFDUHDEDWHULHLFOLSHWHGH
GRXRUL
%DWHULDFKHLL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
(OHPHQWFKHLHGHXUJHQ
6ROLFLWDLVFKLPEDUHDEDWHULLORUODXQDWHOLHUGH
1RWHJHQHUDOH VSHFLDOLWDWHDXWRUL]DW
'DFDXWRYHKLFXOXOQXPDLSRDWHILGHVFXLDW 3HULFROGHLQWR[LFDUH
FXFKHLDXWLOL]DLHOHPHQWXOFKHLHGHXUJHQ
%DWHULLOHFRQLQVXEVWDQHWR[LFHLFDXVWLFH
'DFXWLOL]DLHOHPHQWXOFKHLHGHXUJHQSHQ 'LQDFHVWPRWLYQXWUHEXLHOVDWHODvQGHPkQD
WUXDGHVFXLDLGHVFKLGHSRUWLHUDRIHUXOXL FRSLLORU
VLVWHPXOGHDODUPDQWLIXUWYDILGHFODQDW
QFD]XOLQJHUULLXQHLEDWHULLFRQVXOWDLGH
3DJLQD 
XUJHQXQPHGLF
([LVWPDLPXOWHPRGXULGHDRSULDODUPD
&KHLH 

1RWSULYLQGSURWHFLDPHGLXOXL 6FKLPEDUHDEDWHULHL
%DWHULLOHFRQLQDJHQL $YHLQHYRLHGHREDWHULHWLSFHOXO&5
SROXDQL(VWHLOHJDOVOH 9
DUXQFDLvPSUHXQFX  6FRDWHLHOHPHQWXOFKHLHGHXUJHQGLQ
JXQRLXOPHQDMHU$FHVWHD
FKHLH 3DJLQD 
WUHEXLHFROHFWDWHVHSDUDWL
DUXQFDWHSRWULYLWXQXLVLVWHP
GHUHFLFODUHUHVSRQVDELOID

'HVFKLGHUHDLvQFKLGHUHD
GHPHGLXOvQFRQMXUWRU
$UXQFDLEDWHULLOHvQWUR
PDQLHUUHVSRQVDELOIDGH
PHGLXOvQFRQMXUWRU'XFHL
EDWHULLOHGHVFUFDWHODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL
]DWVDXODXQFHQWUXGHFROHF
WDUHSHQWUXEDWHULLX]DWH

 $SVDLHOHPHQWXOFKHLHGHXUJHQDvQ
9HULILFDUHDEDWHULHL GHVFKL]WXUDGLQFKHLHvQGLUHFLDVJHLL
SkQFHFDSDFXOWYLLEDWHULHLCVHGHV
FKLGHQWLPSFHHIHFWXDLDFHDVWRSHUD
LHQXLQHLFDSDFXOCvQFKLV
 6FRDWHLFDSDFXOWYLLEDWHULHLC

 $SVDLEXWRQXO7VDX6
%DWHULDIXQFLRQHD]FRUHVSXQ]WRUGDF
ODPSDGHYHULILFDUHDEDWHULHLCVHDSULQGH
VFXUW
'DFODPSDGHYHULILFDUHDEDWHULHLCQXVH  %DWHLvQPRGUHSHWDWFKHLDFRQWUDSDOPHL
DSULQGHVFXUWvQWLPSXOWHVWXOXLEDWHULDHVWH SkQFHEDWHULDFDGH
GHVFUFDW
 ,QWURGXFHLQRXDEDWHULHFXERUQDSR]LWLY
 6FKLPEDUHDEDWHULHL 3DJLQD RULHQWDWvQVXV8WLOL]DLRODYHWIU
G 'DFEDWHULDFKHLLHVWHYHULILFDWvQUD]D VFDPHvQDFHVWVFRS
 $VLJXUDLYFVXSUDIDDEDWHULHLQXFRQ
GHUHFHSLHVHPQDODDXWRYHKLFXOXOXL
DSVDUHDEXWRDQHORU7VDX6GXFH LQHVFDPHXQVRDUHLWRDWHFHOHODOWH
ODvQFXLHUHDVDXGHVFXLHUHDDXWRYHKLFXOX IRUPHGHFRQWDPLQDUH
OXL  ,QWURGXFHLFODSHWHOHIDDOHFDSDFXOXL
WYLLEDWHULHLCLDSRLDSVDLSHQWUXDR
vQFKLGH


 &KHLH

 ,QWURGXFHLHOHPHQWXOFKHLHGHXUJHQvQ
FKHLH
 9HULILFDLIXQFLRQDUHDWXWXURUEXWRDQHORU
LPSRUWDQWHDOHDXWRYHKLFXOXOXL
'HVFKLGHUHDLvQFKLGHUHD
&KHLH 

3UREOHPHODFKHLH

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
1XSXWHLvQFXLDVDX %DWHULDFKHLLHVWHGHVFUFDWVDXDSURDSHGHVFUFDW
GHVFXLDDXWRYHKLFXOXO  QFHUFDLGLQQRXVvQFXLDLGHVFXLDLDXWRYHKLFXOXOFXDMXWRUXO
FXDMXWRUXOFKHLL IXQFLHLGHWHOHFRPDQGDFKHLL2ULHQWDLYkUIXOFKHLLFWUH
PkQHUXOSRUWLHUHLRIHUXOXLGHODGLVWDQUHGXVLDSVDLEXWR

'HVFKLGHUHDLvQFKLGHUHD
QXO67
'DFQLFLDFHDVWPVXUQXGUH]XOWDWH
 9HULILFDLEDWHULDFKHLL 3DJLQD LvQORFXLLRGDFHVWH
QHFHVDU 3DJLQD 
 QFXLDL 3DJLQD VDXGHVFXLDL 3DJLQD DXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQ

&KHLDHVWHGHIHFW
 QFXLDL 3DJLQD VDXGHVFXLDL 3DJLQD DXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQ
 6ROLFLWDLYHULILFDUHDFKHLLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

1XPDLSXWHLvQFXLD ([LVWLQWHUIHUHQHGHODRVXUVSXWHUQLFGHXQGHUDGLR
VDXGHVFXLDDXWRYHKL  QFXLDLGHVFXLDLDXWRYHKLFXOXOFXDMXWRUXOIXQFLHLGHWHOHFR
FXOXOFXDMXWRUXO.(< PDQGDFKHLL2ULHQWDLYkUIXOFKHLLFWUHPkQHUXOSRUWLHUHL
/(66*2 RIHUXOXLGHODGLVWDQUHGXVLDSVDLEXWRQXO67

([LVWRGHIHFLXQHOD.(</(66*2
 QFXLDLGHVFXLDLDXWRYHKLFXOXOFXDMXWRUXOIXQFLHLGHWHOHFR
PDQGDFKHLL2ULHQWDLYkUIXOFKHLLFWUHPkQHUXOSRUWLHUHL
RIHUXOXLGHODGLVWDQUHGXVLDSVDLEXWRQXO67
 6ROLFLWDLYHULILFDUHD.(</(66*2ODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
'DFQLFLDFHDVWPVXUQXGUH]XOWDWH
 9HULILFDLEDWHULDFKHLL 3DJLQD LvQORFXLLRGDFHVWH
QHFHVDU 3DJLQD 
 QFXLDL 3DJLQD VDXGHVFXLDL 3DJLQD DXWRYH
KLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQ

$LSLHUGXWRFKHLH  6ROLFLWDLGH]DFWLYDUHDFKHLLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW
 6HPQDODLLPHGLDWSLHUGHUHDODDVLJXUDWRUXODXWRYHKLFXOXOXL
 'DFHVWHQHFHVDUVROLFLWDLLvQORFXLUHDvQFXLHWRULORU

$LSLHUGXWHOHPHQWXO  6HPQDODLLPHGLDWSLHUGHUHDODDVLJXUDWRUXODXWRYHKLFXOXOXL
FKHLHGHXUJHQ  'DFHVWHQHFHVDUVROLFLWDLLvQORFXLUHDvQFXLHWRULORU


 3RUWLHUH

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
0RWRUXOQXSRDWHILSRU 7HQVLXQHDGHODERUGHVWHSUHDVF]XW
QLWFXDMXWRUXOFKHLL  2SULLFRQVXPDWRULLQHHVHQLDOLGHH[vQFO]LUHDVFDXQXOXLVDX
LOXPLQDUHDLQWHULRDULvQFHUFDLVSRUQLLPRWRUXOGLQQRX
'DFQLFLDFHDVWPVXUQXGUH]XOWDWH
 9HULILFDLEDWHULDGHSRUQLUHLvQFUFDLGDFHVWHFD]XO
'HVFKLGHUHDLvQFKLGHUHD

3DJLQD 
VDX
 3RUQLLIRUDWDXWRYHKLFXOXO 3DJLQD 
VDX
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

0RWRUXOQXSRDWHILSRU 2SRUWLHUHVWHGHVFKLV3ULQXUPDUHFKHLDQXSRDWHILGHWHFWDW
QLWFXDMXWRUXO.(< ODIHOGHXRU
/(66*2&KHLDHVWHvQ  QFKLGHLSRUWLHUDLvQFHUFDLVSRUQLLDXWRYHKLFXOXOGLQQRX
DXWRYHKLFXO
([LVWLQWHUIHUHQHGHODRVXUVSXWHUQLFGHXQGHUDGLR
 3RUQLLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFW

3RUWLHUH $9(57,60(17
'DFFRSLLLVXQWOVDLQHVXSUDYHJKHDLvQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
DXWRYHKLFXODFHWLDDUSXWHD
$9(57,60(17 =GHVFKLGHRULFkQGRSRUWLHUGLQLQWHULRUXO
1XPDLSHQWUX5HJDWXO8QLWGDFDXWRYHKL DXWRYHKLFXOXOXLFKLDULGDFDIRVWEORFDW
FXOXODIRVWvQFXLDWFXFKHLDVDXFX.(</(66 =SRUQLDXWRYHKLFXOXOFXDMXWRUXOXQHLFKHL
*2IXQFLDGHGXEOvQFXLHUHHVWHDFWLYDWFD OVDWHvQDXWRYHKLFXO
IXQFLHVWDQGDUG$WXQFLQXHVWHSRVLELOVVH =HOLEHUDLIUkQDGHSDUFDUHHOHFWULF
GHVFKLGSRUWLHUHOHGLQLQWHULRUXODXWRYHKLFX
3ULQXUPDUHDWkWVLJXUDQDORUFkWLDDOWRUD
OXOXL
DUSXWHDILSHULFOLWDW1XOVDLQLFLRGDW
3ULQXUPDUHQXOVDLDOWHSHUVRDQHvQDXWR FRSLLLQHVXSUDYHJKHDLvQDXWRYHKLFXO/XDL
YHKLFXOPDLDOHVFRSLLSHUVRDQHvQYkUVWVDX vQWRWGHDXQDFKHLDFXGXPQHDYRDVWUFkQG
SHUVRDQHFDUHQHFHVLWDVLVWHQVSHFLDO LHLLGLQDXWRYHKLFXOFKLDULGDFvOSUVLL
'UHSWXUPDUHHVWHSRVLELOVQXVHSRDWHOL QXPDLSHQWUXVFXUWWLPS
EHUDvQFD]GHXUJHQ(VWHSRVLELOFDDFHVWHD
VVXIHUHUQLJUDYHVDXFKLDUIDWDOHvQXUPD
H[SXQHULLODWHPSHUDWXULH[WUHPGHULGLFDWH
'HVFXLHUHDLGHVFKLGHUHDSRUWLHUHORU
VDXVF]XWHGHH[HPSOXQDFHVWFD]VDOYD
GLQLQWHULRU
UHDSHUVRDQHORUGLQH[WHULRUXODXWRYHKLFXOXOXL
HVWHGLILFLO 3HQWUXWRDWHULOHFXH[FHSLD5HJDWXOXL
'H]DFWLYDLVHQ]RUXOGHPLFDUHvQLQWHULRU 8QLWSXWHLGHVFKLGHRSRUWLHUGLQLQWHULRUXO
vQDLQWHGHDvQFXLDDXWRYHKLFXOXO3RUWLHUHOH DXWRYHKLFXOXOXLFKLDULGDFDIRVWvQFXLDW
SRWILDSRLGHVFKLVHGLQLQWHULRUGXSFHDXWR 1XPDLSHQWUX5HJDWXO8QLWGDFDXWRYHKL
YHKLFXOXODIRVWvQFXLDWGLQH[WHULRU FXOXODIRVWvQFXLDWFXFKHLDVDXFX.(</(66
3RUWLHUH 

*2IXQFLDGHGXEOvQFXLHUHHVWHDFWLYDWFD
IXQFLHVWDQGDUG$WXQFLQXHVWHSRVLELOVVH
GHVFKLGSRUWLHUHOHGLQLQWHULRUXODXWRYHKLFX
OXOXL'H]DFWLYDLVHQ]RUXOGHPLFDUHvQLQWH
ULRU 3DJLQD vQDLQWHGHDvQFXLDDXWRYH
KLFXOXO3RUWLHUHOHSRWILDSRLGHVFKLVHGLQ
LQWHULRUGXSFHDXWRYHKLFXOXODIRVWvQFXLDW
GLQH[WHULRU

'HVFKLGHUHDLvQFKLGHUHD
3XWHLGHVFKLGHSRUWLHUHOHVSDWHQXPDLGLQ
LQWHULRUXODXWRYHKLFXOXOXLGDFQXVXQWDVLJX
UDWHGHvQFXLHWRULOHFHQXSHUPLWDFFHVXO
FRSLLORU 3DJLQD   3HQWUXDGHVFXLDDSVDLEXWRQXOC
 3HQWUXDvQFXLDDSVDLEXWRQXOD

&DUDFWHULVWLFDGHvQFXLHUHDXWRPDW
$XWRYHKLFXOXOHVWHvQFXLDWDXWRPDWFkQGFRQ
WDFWXOHVWHFXSODWLURLOHVHURWHVF
3ULQXUPDUHSXWHLUPkQHvQFXLDWSHGLQD
IDUFkQG
=DXWRYHKLFXOXOHVWHvPSLQV
=DXWRYHKLFXOXOHVWHWUDFWDW
 7UDJHLPkQHUXOSRUWLHUHLD =DXWRYHKLFXOXOHVWHWHVWDWSHXQGLQDPRPH
'DFSRUWLHUDHVWHvQFXLDWEXWRQXOGHEOR WUX
FDUHCLHVHvQDIDU3RUWLHUDHVWHGHV
FXLDWLSRDWHILGHVFKLV

QFKLGHUHDLGHVFKLGHUHDFHQWUDOL
]DWDDXWRYHKLFXOXOXLGLQLQWHULRU
3XWHLvQFXLDVDXGHVFXLDDXWRYHKLFXOXOGLQ
LQWHULRU
%XWRQXOGHvQFKLGHUHGHVFKLGHUHFHQWUDOL
]DWQXvQFXLHVDXGHVFXLHFODSHWDJXULLGH
XPSOHUHFXFDUEXUDQW  3HQWUXDGH]DFWLYDDSVDLLPHQLQHL
%XWRDQHOHVHDIOSHDPEHOHSRUWLHUHID DSVDWEXWRQXOCWLPSGHDSUR[LPDWLY
G 1XSXWHLGHVFKLGHDXWRYHKLFXOXOFHQWUD FLQFLVHFXQGHSkQFkQGVHHPLWHXQVHP
OL]DWGLQLQWHULRUGDFDXWRYHKLFXOXODIRVW QDO
vQFXLDWFXFKHLDVDXFX.(</(66*2  3HQWUXDDFWLYDDSVDLLPHQLQHL
DSVDWEXWRQXODWLPSGHDSUR[LPDWLY
G $XWRYHKLFXOXOSRDWHILvQFKLVFHQWUDOL]DW
FLQFLVHFXQGHSkQFkQGVHHPLWHXQVHP
GRDUGDFSRUWLHUDSDVDJHUXOXLIDHVWH
QDO
vQFKLV


 3RUWLHUH

G 'DFDSVDLXQXOGLQWUHFHOHGRX QFXLHUHDDXWRYHKLFXOXOXL HOHPHQW


EXWRDQHLQXDX]LLXQVXQHWVHWDUHDUHOH FKHLHGHXUJHQ
YDQWDIRVWGHMDVHOHFWDW
'DFDXWRYHKLFXOXOQXPDLSRDWHILvQFXLDWFX
3XWHLGHDVHPHQHDDFWLYDLGH]DFWLYDIXQF FKHLDXWLOL]DLHOHPHQWXOFKHLHGHXUJHQ
LDGHvQFXLHUHDXWRPDWFXDMXWRUXOFDOFXOD
 'HVFKLGHLSRUWLHUDRIHUXOXL
WRUXOXLGHERUG 3DJLQD 
 QFKLGHLSRUWLHUDSDVDJHUXOXLGLQIDSRU
WLHUHOHGLQVSDWHLKD\RQXO
'HVFKLGHUHDLvQFKLGHUHD

'HVFXLHUHDSRUWLHUHLRIHUXOXL HOH  $SVDLEXWRQXOGHvQFXLHUH 3DJLQD 


PHQWFKHLHGHXUJHQ  9HULILFDLGDFEXWRDQHOHGHEORFDUHGHSH

'DFDXWRYHKLFXOXOQXPDLSRDWHILGHVFXLDW SRUWLHUDSDVDJHUXOXLGLQIDLSRUWLHUHOH
FXFKHLDXWLOL]DLHOHPHQWXOFKHLHGHXUJHQ GLQVSDWHUPkQYL]LELOH$SVDLEXWRDQHOH
GHEORFDUHFXPkQDGDFHVWHQHFHVDU
'DFXWLOL]DLHOHPHQWXOFKHLHGHXUJHQSHQ
 QFKLGHLSRUWLHUDRIHUXOXL
WUXDGHVFXLDLGHVFKLGHSRUWLHUDRIHUXOXL
VLVWHPXOGHDODUPDQWLIXUWYDILGHFODQDW  6FRDWHLHOHPHQWXOFKHLHGHXUJHQGLQ

3DJLQD  FKHLH 3DJLQD 


 6FRDWHLHOHPHQWXOFKHLHGHXUJHQGLQ  ,QWURGXFHLHOHPHQWXOFKHLHGHXUJHQ

FKHLH 3DJLQD  SkQODFDSWvQvQFXLHWRDUHDSRUWLHUHLRIH


UXOXL
 ,QWURGXFHLHOHPHQWXOFKHLHGHXUJHQ
SkQODFDSWvQvQFXLHWRDUHDSRUWLHUHLRIH
UXOXL

 5RWLLHOHPHQWXOFKHLHGHXUJHQvQVHQV
RUDUSkQODFDSWvQSR]LLDG
5RWLLHOHPHQWXOFKHLHGHXUJHQvQVHQV G /DDXWRYHKLFXOHOHFXYRODQXOSHSDUWHD
DQWLRUDUGLQSR]LLDG GUHDSWURWLLHOHPHQWXOFKHLHGHXUJHQ
3RUWLHUDHVWHGHVFXLDW vQVHQVDQWLRUDU
G /DDXWRYHKLFXOHOHFXYRODQXOSHSDUWHD  5RWLLHOHPHQWXOFKHLHGHXUJHQvQDSRLL
GUHDSWURWLLHOHPHQWXOFKHLHGHXUJHQ VFRDWHLO
vQVHQVRUDU  $VLJXUDLYFSRUWLHUHOHLKD\RQXOVXQW

 5RWLLHOHPHQWXOFKHLHGHXUJHQvQDSRLL vQFXLDWH
VFRDWHLO  ,QWURGXFHLHOHPHQWXOFKHLHGHXUJHQvQ

 ,QWURGXFHLHOHPHQWXOFKHLHGHXUJHQvQ FKHLH
FKHLH G 'DFvQFXLDLDXWRYHKLFXOXOFRQIRUPGHV
FULHULLGHPDLVXVFODSHWDJXULLGHXPSOHUH
3RUWEDJDMXO 

FXFDUEXUDQWQXHVWHvQFXLDW6LVWHPXOGH 'HVFKLGHUHDvQFKLGHUHDGLQH[WHULRU
DODUPDQWLIXUWQXHVWHDQFODQDW
'HVFKLGHUH
 $SVDLEXWRQXO6GHSHFKHLH
3RUWEDJDMXO
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
1XOVDLFKHLDvQSRUWEDJDMQFD]FRQWUDU

'HVFKLGHUHDLvQFKLGHUHD
HVWHSRVLELOVUPkQHLSHGLQDIDU
3HULFROGHLQWR[LFDUH
'DFPRWRUXOHVWHSRUQLWLKD\RQXOHVWHGHV
FKLVJD]HOHGHHDSDPHQWSRWSWUXQGHvQ
KDELWDFOX$FHVWIDSWSRDWHDYHDGUHSWXUPDUH
LQWR[LFDUHDSHUVRDQHORUGLQKDELWDFOX$DGDU
DVLJXUDLYFKD\RQXOHVWHvQWRWGHDXQD
vQFKLVFkQGPRWRUXOHVWHvQIXQFLXQH  7UDJHLPkQHUXOC
 5LGLFDLKD\RQXO
 +D\RQXOVHURWHWHvQVXVLvQVSDWHFkQG
HVWHGHVFKLV3ULQXUPDUHDVLJXUDLYF $XWRYHKLFXOHOHFXKD\RQ($6<3$&.GDF
H[LVWXQVSDLXOLEHUVXILFLHQWGHDVXSUDL WUDJHLPkQHUXOCLDSRLvOHOLEHUDLKD\RQXO
vQVSDWHOHKD\RQXOXL VHGHVFKLGHDXWRPDW
G 9HLJVLGHWDOLLSULYLQGGLPHQVLXQLOHGH
QFKLGHUH
GHVFKLGHUHDOHKD\RQXOXLvQVHFLXQHD'DWH
WHKQLFH 3DJLQD  3HULFROGHUQLUH
/DDXWRYHKLFXOHOHIUKD\RQ($6<3$&. $VLJXUDLYFQXVHDIOQLPHQLvQUD]DGH
SXWHL DFLXQHDKD\RQXOXLvQWLPSFHvOvQFKLGHL
=GHVFKLGHLvQFKLGHKD\RQXOPDQXDOGLQ
H[WHULRU
=GHVFXLDKD\RQXOGLQLQWHULRUFXHOLEHUDUHD
GHXUJHQ
/DDXWRYHKLFXOHOHFXKD\RQ($6<3$&.
SXWHL
=vQFKLGHPDQXDOKD\RQXOGLQH[WHULRU
=GHVFKLGHLvQFKLGHKD\RQXODXWRPDWGLQ
H[WHULRU
=GHVFKLGHLvQFKLGHKD\RQXODXWRPDWGLQ
LQWHULRU  7UDJHLKD\RQXOvQMRVFXDMXWRUXO
=OLPLWDXQJKLXOGHGHVFKLGHUHDKD\RQXOXL GHJDMULLC
=GHVFXLDKD\RQXOGLQLQWHULRUFXHOLEHUDUHD
 QFKLGHLSULQvPSLQJHUHKD\RQXOGLQH[WH
GHXUJHQ ULRUXODXWRYHKLFXOXOXL
 'DFHVWHQHFHVDUvQFXLDLDXWRYHKLFXOXO
FXEXWRQXO7GHSHFKHLH
3DJLQD VDXFX.(</(66*2
3DJLQD 


 3RUWEDJDMXO

G 'DFRFKHLH.(</(66*2HVWHGHWHFWDW G 9HLJVLGHWDOLLSULYLQGGLPHQVLXQLOHGH
vQSRUWEDJDMKD\RQXOQXVHYDvQFXLD GHVFKLGHUHDOHKD\RQXOXLvQVHFLXQHD'DWH
WHKQLFH 3DJLQD 

'HVFKLGHUHDvQFKLGHUHDDXWRPDW 'HVFKLGHUH
GLQH[WHULRU
3XWHLGHVFKLGHKD\RQXODXWRPDWFXFKHLDVDX
1RWHLPSRUWDQWHSULYLQGVLJXUDQD FXPkQHUXOGLQKD\RQ
'HVFKLGHUHDLvQFKLGHUHD

 $SVDLLPHQLQHLDSVDWEXWRQXOT
$9(57,60(17
GHSHFKHLHSkQFkQGKD\RQXOVHGHV
1XPDLSHQWUX5HJDWXO8QLWGDFDXWRYHKL
FKLGH
FXOXODIRVWvQFXLDWFXFKHLDVDXFX.(</(66
*2IXQFLDGHGXEOvQFXLHUHHVWHDFWLYDWFD VDX
IXQFLHVWDQGDUG$WXQFLQXHVWHSRVLELOVVH  &kQGKD\RQXOHVWHGHVFXLDWWUDJHLPkQH
GHVFKLGSRUWLHUHOHGLQLQWHULRUXODXWRYHKLFX UXOLHOLEHUDLOGLQQRXLPHGLDW
OXOXL
3ULQXUPDUHQXOVDLDOWHSHUVRDQHvQDXWR QFKLGHUH
YHKLFXOPDLDOHVFRSLLSHUVRDQHvQYkUVWVDX 3XWHLvQFKLGHKD\RQXODXWRPDWFXDMXWRUXO
SHUVRDQHFDUHQHFHVLWDVLVWHQVSHFLDO
FKHLLFXEXWRQXOGHvQFKLGHUHVDXFXEXWRQXO
'UHSWXUPDUHHVWHSRVLELOVQXVHSRDWHOL
GHvQFXLHUH
EHUDvQFD]GHXUJHQ(VWHSRVLELOFDDFHVWHD
VVXIHUHUQLJUDYHVDXFKLDUIDWDOHvQXUPD
H[SXQHULLODWHPSHUDWXULH[WUHPGHULGLFDWH
VDXVF]XWHGHH[HPSOXQDFHVWFD]VDOYD
UHDSHUVRDQHORUGLQH[WHULRUXODXWRYHKLFXOXOXL
HVWHGLILFLO
'H]DFWLYDLVHQ]RUXOGHPLFDUHvQLQWHULRU
vQDLQWHGHDvQFXLDDXWRYHKLFXOXO3RUWLHUHOH
SRWILDSRLGHVFKLVHGLQLQWHULRUGXSFHDXWR
YHKLFXOXODIRVWvQFXLDWGLQH[WHULRU

$9(57,60(17 %XWRQXOGHvQFKLGHUHLEXWRQXOGHEORFDUH H[HP


8UPULLSURFHGXULOHGHGHVFKLGHUHLvQFKL SOXDXWRYHKLFXOXOFXKD\RQ($6<3$&.L.(<
GHUHDKD\RQXOXLSHQWUXDYDVLJXUDFQX /(66*2
UPkQHQLPHQLSULQVvQWUHHOHPHQWH3HQWUXD  3HQWUXDvQFKLGHDSVDLEXWRQXOGHvQFKL
RSULSURFHGXUDGHGHVFKLGHUHVDXvQFKLGHUH GHUHCGHSHKD\RQ
DSVDLEXWRQXOGHvQFKLGHUHGLQKD\RQVDX
VDX
WUDJHLPkQHUXOGHSHH[WHULRUXOKD\RQXOXLGLQ
 $SVDLLPHQLQHLDSVDWEXWRQXOT
QRX
GHSHFKHLHSkQFkQGKD\RQXOVHvQFKLGH
 +D\RQXOVHURWHWHvQVXVLvQVSDWHFkQG  3HQWUXDvQFKLGHLvQFXLDVLPXOWDQ
HVWHGHVFKLV3ULQXUPDUHDVLJXUDLYF $SVDLEXWRQXOGHvQFXLHUHDGHSH
H[LVWXQVSDLXOLEHUVXILFLHQWGHDVXSUDL KD\RQ
vQVSDWHOHKD\RQXOXL

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

G QFKLGHUHDLvQFXLHUHDVLPXOWDQDKD\R  3HQWUXDvQFKLGHURWLLFKHLDvQSR]LLD
QXOXLHVWHSRVLELOQXPDLGDFSRUWLHUHOH VDXvQFRPXWDWRUXOGHFRQWDFW
VXQWvQFKLVHLFKHLDVHDIOvQDSURSLHUHD  $SVDLFRPXWDWRUXOGHDFLRQDUHGHODGLV
KD\RQXOXL WDQSHQWUXKD\RQCSkQFHKD\RQXO
G +D\RQXOSRDWHILGHVFKLVLvQFKLVFXFKHLD HVWHvQFKLV
GDFQXVHDIOQLFLRFKHLHvQFRPXWDWRUXO
GHFRQWDFW
/LPLWDUHDXQJKLXOXLGHGHVFKLGHUHD

'HVFKLGHUHDLvQFKLGHUHD
'DFKD\RQXODWLQJHXQRELHFWvQWLPSXO
vQFKLGHULLSURFHGXUDGHvQFKLGHUHHVWH KD\RQXOXL
vQWUHUXSWLKD\RQXOVHUHGHVFKLGH 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
G 'DFOVDLRFKHLH.(</(66*2vQSRUW
3XWHLOLPLWDXQJKLXOGHGHVFKLGHUHDOKD\R
EDJDMKD\RQXOQXVHYDvQFXLD QXOXL$FHDVWDVHSRDWHUHDOL]DvQMXPWDWHD
+D\RQXOQXHVWHvQFKLVGHFkWGDFVH VXSHULRDUDUD]HLVDOHGHGHVFKLGHUHSkQOD
GHWHFWHD]RFKHLH.(</(66*2 DSUR[LPDWLYFPvQDLQWHGHRSULWRU
$FHDVWRSHUDLHSRDWHILXWLOGDFGHH[HP
SOXVSDLXOGHGHDVXSUDKD\RQXOXLHVWHLQVX
'HVFKLGHUHDvQFKLGHUHDDXWRPDW ILFLHQW
GLQLQWHULRU
 $VLJXUDLYFH[LVWGHVWXOVSDLXOLEHU
$9(57,60(17 SHQWUXDGHVFKLGHKD\RQXOFRPSOHWFkQG
8UPULLSURFHGXULOHGHGHVFKLGHUHLvQFKL UHJODLXQJKLXOGHGHVFKLGHUH+D\RQXO
GHUHDKD\RQXOXLSHQWUXDYDVLJXUDFQX SRDWHVXIHULGHWHULRUULvQFD]FRQWUDU(VWH
UPkQHQLPHQLSULQVvQWUHHOHPHQWH3HQWUXD GHSUHIHUDWVUHJODLXQJKLXOGHGHVFKLGHUH
vQWUHUXSHSURFHGXUDGHGHVFKLGHUHVDXvQFKL vQH[WHULRU
GHUHDSVDLVDXWUDJHLEXWRQXOGHDFLRQDUH
GHODGLVWDQDKD\RQXOXLGLQVFDXQXORIHUX $FWLYDUH
OXLGLQQRX
 3HQWUXDGHVFKLGHKD\RQXOWUDJHL
3XWHLGHVFKLGHLvQFKLGHKD\RQXOGLQVFDX PDQHWDGHSHKD\RQ
QXORIHUXOXLFkQGDXWRYHKLFXOXOVWDLRQHD]  3HQWUXDRSULSURFHGXUDGHGHVFKLGHUH
LHVWHGHVFXLDW vQSR]LLDGRULWDSVDLEXWRQXOGHvQFKL
GHUH 3DJLQD DOKD\RQXOXLVDXWUDJHL
PDQHWDGHSHH[WHULRUXOKD\RQXOXLGLQQRX
 3HQWUXDPHPRUDSR]LLDDSVDLLPHQ
LQHLDSVDWEXWRQXOGHvQFKLGHUHDOKD\R
QXOXLSkQFkQGDX]LLXQVFXUWVHPQDO
VRQRU
/LPLWDWRUXOXQJKLXOXLGHGHVFKLGHUHHVWH
DFWLYDW+D\RQXOVHYDRSULDFXPvQSR]LLD
PHPRUDWFkQGvOGHVFKLGHL

'H]DFWLYDUH
 3HQWUXDGHVFKLGHWUDJHLFRPXWDWRUXOGH
DFLRQDUHGHODGLVWDQCDIHUHQWKD\R  $SVDLLPHQLQHLDSVDWEXWRQXOGH
QXOXLSkQFHKD\RQXOVHGHVFKLGH vQFKLGHUH 3DJLQD DOKD\RQXOXLSkQ
FkQGDX]LLGRXVHPQDOHVRQRUHVFXUWH


 *HDPXULODWHUDOH

(OLEHUDUHGHXUJHQKD\RQ WUDJHLOvQVXVSHQWUXDvQFKLGHJHDPXOODWHUDO
GLQQRX
'DFKD\RQXOQXPDLSRDWHILGHVFKLVGLQ
H[WHULRUXODXWRYHKLFXOXOXLXWLOL]DLHOLEHUDUHD
GHXUJHQGLQLQWHULRUXOKD\RQXOXL 3HULFROGHUQLUH
$VLJXUDLYFQXVHDIOQLPHQLvQUD]DGH
 6FRDWHLHOHPHQWXOFKHLHGHXUJHQGLQ
DFLXQHDJHDPXOXLvQWLPSFHvOvQFKLGHL'DF
FKHLH 3DJLQD 
H[LVWXQDVHPHQHDSHULFROHOLEHUDLFRPX
G 9HLJVLGHWDOLLSULYLQGGLPHQVLXQLOHGH WDWRUXOVDXDSVDLOSHQWUXDGHVFKLGHGLQQRX
'HVFKLGHUHDLvQFKLGHUHD

GHVFKLGHUHDOHKD\RQXOXLvQVHFLXQHD'DWH JHDPXO
WHKQLFH 3DJLQD 
$9(57,60(17
&RSLLLVDUSXWHDUQLGDFGHVFKLGVDXvQFKLG
JHDPXULOHODWHUDOH
1XOVDLQLFLRGDWFRSLLLQHVXSUDYHJKHDLvQ
DXWRYHKLFXO/XDLvQWRWGHDXQDFKHLDFXGXP
QHDYRDVWUFkQGLHLLGLQDXWRYHKLFXOFKLDU
LGDFvOSUVLLQXPDLSHQWUXVFXUWWLPS

$9(57,60(17
1XOVDLFRSLLLQHVXSUDYHJKHDLvQDXWRYHKL
FXOFKLDUGDFVXQWIL[DLvQWUXQVLVWHPGH
 /DGHVFKLGHUHKD\RQXOVHULGLFvQVXVL UHWHQLHSHQWUXFRSLL&RSLLVDUSXWHD
vQH[WHULRU'LQDFHVWPRWLYHVWHQHFHVDU =UQLJUDYVDXFKLDUIDWDOvQDQXPLWHSULDOH
VYDVLJXUDLFH[LVWVSDLXVXILFLHQW DXWRYHKLFXOXOXL
GHDVXSUDLvQVSDWHOHDFHVWXLD =UQLJUDYVDXFKLDUIDWDOSULQH[SXQHUHD
 ,QWURGXFHLHOHPHQWXOFKHLHGHXUJHQD vQGHOXQJDWODWHPSHUDWXULH[WUHPGHULGL
vQGHVFKL]WXUDGLQRUQDPHQWXOC FDWHVDXVF]XWH
 5RWLLHOHPHQWXOFKHLHGHXUJHQDvQ QFD]XOvQFDUHFRSLLLGHVFKLGRSRUWLHUDFH
VHQVRUDU WLDDUSXWHD
 PSLQJHLHOHPHQWXOFKHLHGHXUJHQDvQ =UQLJUDYVDXFKLDUIDWDODOWHSHUVRDQH
GLUHFLDVJHLLLGHVFKLGHLKD\RQXO =LHLGLQDXWRYHKLFXOLVDUSXWHDUQLVDXDU
SXWHDILUQLLJUDYVDXIDWDOGHDXWRYHKLFXOH
DIODWHvQWUHFHUH
*HDPXULODWHUDOH $FWLYDLvQFXLHWRULOHFHQXSHUPLWDFFHVXO
FRSLLORUFDUDFWHULVWLFDGHVXSUDUHJODUHGDF
1RWHLPSRUWDQWHSULYLQGVLJXUDQD vQDXWRYHKLFXOFOWRUHVFFRSLLQFD]FRQWUDU
$9(57,60(17 DFHWLDDUSXWHDGHVFKLGHSRUWLHUHVDXJHD
$VLJXUDLYFQXYDILSULQVQLPHQLvQWUHJHD PXULODWHUDOHFkQGDXWRYHKLFXOXOHVWHvQPL
PXOODWHUDOLFDGUXOSRUWLHUHLFkQGJHDPXO FDUHLDUSXWHDVXIHULUQLVDXLDUSXWHDUQL
ODWHUDOHVWHGHVFKLV1XDWLQJHLLQXYUH]H SHDOLLvQFRQVHFLQ
PDLGHJHDPXOODWHUDOSHSDUFXUVXOSURFHGXULL
GHGHVFKLGHUH(VWHSRVLELOVYSULQGHLvQWUH
JHDPXOODWHUDOLFDGUXOSRUWLHUHLSHPVXU
FHJHDPXOODWHUDOFRERDU'DFH[LVWSHUL
FROXOGHSULQGHUHHOLEHUDLFRPXWDWRUXOVDX
*HDPXULODWHUDOH 

'HVFKLGHUHDvQFKLGHUHDJHDPXULORU &DUDFWHULVWLFGHGHVFKLGHUHDVLVWDW
ODWHUDOH
3XWHLYHQWLODDXWRYHKLFXOXOvQDLQWHGHD
vQFHSHVFRQGXFHLQDFHVWVFRSFKHLDHVWH
XWLOL]DWSHQWUXDH[HFXWDVLPXOWDQXUPWRD
UHOHIXQFLL
=GHVFXLHUHDDXWRYHKLFXOXOXL
=GHVFKLGHUHDJHDPXULORUODWHUDOH

'HVFKLGHUHDLvQFKLGHUHD
=GHVFKLGHUHDWUDSHLJOLVDQWVDXDWUDSHLJOL
VDQWHSDQRUDPLFHLDMDOX]HOHORU
=SRUQLUHDYHQWLOULLVFDXQXOXLSHQWUXVFDXQXO
RIHUXOXL

C )DVWkQJD G &DUDFWHULVWLFDGHGHVFKLGHUHDVLVWDW
SRDWHILDFLRQDWQXPDLFXDMXWRUXOFKHLL
D )DGUHDSWD
&KHLDWUHEXLHVILHDSURSLDWGHPkQHUXO
6SDWHGUHDSWD SRUWLHUHLRIHUXOXL
6SDWHVWkQJD  2ULHQWDLYkUIXOFKHLLFWUHPkQHUXOSRUWLH
&RPXWDWRDUHOHDIHUHQWHWXWXURUJHDPXULORU UHLRIHUXOXL
ODWHUDOHVXQWVLWXDWHSHSRUWLHUDRIHUXOXL  $SVDLLPHQLQHLDSVDWEXWRQXO6
([LVWGHDVHPHQHDXQFRPXWDWRUSHILHFDUH SkQFkQGJHDPXULOHODWHUDOHLWUDSDJOL
SRUWLHUSHQWUXJHDPXOODWHUDOFRUHVSXQ]WRU VDQWVDXWUDSDJOLVDQWSDQRUDPLFVHDIO
&RPXWDWRDUHOHGHSHSRUWLHUDRIHUXOXLDX vQSR]LLDGRULW
SULRULWDWH 'DFMDOX]HOHOHSDUDVRODUDOHWUDSHLJOLVDQWH
G *HDPXULOHODWHUDOHQXSRWILDFLRQDWHGLQ SDQRUDPLFHVXQWvQFKLVHMDOX]HOHVXQWGHV
VSDWHFkQGFDUDFWHULVWLFDGHVXSUDUHJODUH FKLVHSULPHOH
SHQWUXJHDPXULOHODWHUDOHHVWHDFWLYDW  $SVDLLPHQLQHLDSVDWEXWRQXO6
3DJLQD  GLQQRXSkQFkQGWUDSDJOLVDQWSDQRUD
 5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD PLFVHDIOvQSR]LLDGRULW
WRUXOGHFRQWDFW  3HQWUXDvQWUHUXSHGHVFKLGHUHDDVLV
 3HQWUXDGHVFKLGHDSVDLFRPXWDWRUXO WDWHOLEHUDLEXWRQXO6
DIHUHQW
 3HQWUXDvQFKLGHWUDJHLGHFRPXWDWRUXO
DIHUHQW &DUDFWHULVWLFGHvQFKLGHUHDVLVWDW
G 'DFDSVDLFRPXWDWRUXOGLQFRORGH 1RWHJHQHUDOH
SXQFWXOGHUH]LVWHQVHvQFHSHXQSURFHV
GHGHVFKLGHUHvQFKLGHUHDXWRPDWvQGLUHF &kQGvQFXLDLDXWRYHKLFXOXOSXWHLVLPXOWDQ
LDFRUHVSXQ]WRDUH3XWHLRSULIXQFLRQD V
UHDDXWRPDWDSVkQGGLQQRX =vQFKLGHLJHDPXULOHODWHUDOH

G 3XWHLFRQWLQXDVDFLRQDLJHDPXULOH =vQFKLGHLWUDSDJOLVDQWVDXWUDSDJOLVDQW
ODWHUDOHGXSRSULUHDPRWRUXOXLVDXVFRD SDQRUDPLF
WHUHDFKHLL$FHDVWIXQFLHUPkQHDFWLY /DDXWRYHKLFXOHOHFXWUDSJOLVDQWSDQRUD
WLPSGHFLQFLPLQXWHVDXSkQFkQGSRUWLHUD PLFSXWHLDSRLVvQFKLGHLMDOX]HOHOH
RIHUXOXLVDXSDVDJHUXOXLGLQIDHVWHGHV
FKLV


 *HDPXULODWHUDOH

$9(57,60(17 8WLOL]DUHD.(</(66*2
&kQGXWLOL]DLFDUDFWHULVWLFDGHvQFKLGHUHDVLV &KHLD.(</(66*2WUHEXLHVVHDIOHvQDIDUD
WDWDVLJXUDLYFQXSRDWHUPkQHQLPHQL DXWRYHKLFXOXOXL7RDWHSRUWLHUHOHWUHEXLHV
SULQVvQWUHHOHPHQWH3URFHGDLGXSFXP ILHvQFKLVH
XUPHD]GDFH[LVWULVFXOGHSULQGHUHvQWUH
HOHPHQWH
&XFKHLD
'HVFKLGHUHDLvQFKLGHUHD

=(OLEHUDLEXWRQXO7
=DSVDLLPHQLQHLDSVDWEXWRQXO6
SkQFHJHDPXULOHODWHUDOHLWUDSDJOLVDQW
VDXWUDSDJOLVDQWSDQRUDPLFVHUHGHV
FKLG
&X.(</(66*2
=HOLEHUDLVXSUDIDDVHQ]RUXOXLGHSHPkQH
UXOSRUWLHUHL $WLQJHLVXSUDIDDVHQ]RUXOXLDGkQFLWCGH
=WUDJHLPkQHUXOSRUWLHUHLLPHGLDWLPHQL SHPkQHUXOSRUWLHUHLSkQFkQGJHDPXULOH
QHLO ODWHUDOHLWUDSDJOLVDQWVDXWUDSDJOLVDQW
*HDPXULOHODWHUDOHLWUDSDJOLVDQWVDX SDQRUDPLFVXQWFRPSOHWvQFKLVH
WUDSDJOLVDQWSDQRUDPLFVHGHVFKLG G $VLJXUDLYFDWLQJHLQXPDLVXSUDIDD
VHQ]RUXOXLFXGHJDMDUHC
8WLOL]DUHDFKHLL  $VLJXUDLYFWRDWHJHDPXULOHODWHUDOHL
G &KHLDWUHEXLHVILHDSURSLDWGHPkQHUXO WUDSDJOLVDQWVDXWUDSDJOLVDQWSDQRUD
SRUWLHUHLRIHUXOXL PLFVXQWvQFKLVH
 2ULHQWDLYkUIXOFKHLLFWUHPkQHUXOSRUWLH /DDXWRYHKLFXOHFXWUDSJOLVDQWSDQRUD
UHLRIHUXOXL PLF
 $SVDLLPHQLQHLDSVDWEXWRQXO7  $WLQJHLVXSUDIDDVHQ]RUXOXLDGkQFLWCGH
SkQFkQGJHDPXULOHODWHUDOHLWUDSDJOL SHPkQHUXOSRUWLHUHLGLQQRXSkQFkQG
VDQWVDXWUDSDJOLVDQWSDQRUDPLFVXQW MDOX]HOHOHLWUDSDJOLVDQWSDQRUDPLFVH
FRPSOHWvQFKLVH vQFKLG
 $VLJXUDLYFWRDWHJHDPXULOHODWHUDOHL  3HQWUXDvQWUHUXSHvQFKLGHUHDDVLVWDW
WUDSDJOLVDQWVDXWUDSDJOLVDQWSDQRUD HOLEHUDLVXSUDIDDVHQ]RUXOXLFXGHJD
PLFVXQWvQFKLVH MDUHCGHSHPkQHUXOSRUWLHUHL
/DDXWRYHKLFXOHFXWUDSJOLVDQWSDQRUD
PLF
 $SVDLLPHQLQHLDSVDWEXWRQXO7 5HVHWDUHDJHDPXULORUODWHUDOH
GLQQRXSkQFkQGMDOX]HOHOHGLQWUDSDJOL 'DFXQJHDPODWHUDOQXPDLSRDWHILFRPSOHW
VDQWSDQRUDPLFVHvQFKLG vQFKLVWUHEXLHVvOUHVHWDL
 3HQWUXDvQWUHUXSHvQFKLGHUHDDVLVWDW  QFKLGHLWRDWHSRUWLHUHOH
HOLEHUDLEXWRQXO7  5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD
WRUXOGHFRQWDFW
 7UDJHLFRPXWDWRUXODIHUHQWGHSHSDQRXO
GHFRPDQGVLWXDWSHSRUWLHUSkQFkQG
7UDSJOLVDQW 

JHDPXOODWHUDOHVWHFRPSOHWvQFKLV 'DFXQJHDPODWHUDOHVWHREVWUXFLRQDWGLQ
3DJLQD QRXvQWLPSXOvQFKLGHULLLVHUHGHVFKLGHGLQ
 0HQLQHLFRPXWDWRUXOvQFRVHFXQG QRXXRU
'DFJHDPXOODWHUDOVHGHVFKLGHGLQQRXXRU  ,PHGLDWGXSFHJHDPXOVHEORFKHD]WUD
JHLGHFRPXWDWRUXODIHUHQWGLQQRXSkQ
 7UDJHLLPHGLDWFRPXWDWRUXODIHUHQWGHSH FkQGJHDPXOODWHUDOVDvQFKLV
SDQRXOGHFRPDQGVLWXDWSHSRUWLHUSkQ *HDPXOODWHUDOHVWHvQFKLVIUSURWHFLD
FkQGJHDPXOODWHUDOHVWHFRPSOHWvQFKLV DQWLSULQGHUH

'HVFKLGHUHDLvQFKLGHUHD
3DJLQD 
 0HQLQHLFRPXWDWRUXOvQFRVHFXQG
 'DFJHDPXOODWHUDODIHUHQWUPkQHvQFKLV 7UDSJOLVDQW
GXSFHEXWRQXODIRVWHOLEHUDWJHDPXO
ODWHUDOVDUHVHWDWFRUHFW'DFQXVHUHGHV 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
FKLGUHSHWDLSDLLGHPDLVXVGLQQRX $XWRYHKLFXOXOGXPQHDYRDVWUSRDWHIL
SUHY]XWFXRWUDSJOLVDQWVDXFXRWUDS
JOLVDQWSDQRUDPLFQXUPWRDUHDVHFLXQH
3UREOHPHODJHDPXULOHODWHUDOH WHUPHQXOWUDSJOLVDQWVHUHIHUODDPEHOH
3UREOHPXQJHDPODWHUDOQXSRDWHIL WLSXULGHWUDSJOLVDQW
vQFKLVGHRDUHFHHVWHEORFDWGHRELHFWHGH $9(57,60(17
H[IUXQ]HvQJKLGDMXOJHDPXOXL $VLJXUDLYFQLPHQLQXSRDWHILSULQVvQWUH
 6FRDWHLRELHFWHOH HOHPHQWHFkQGGHVFKLGHLLvQFKLGHLWUDSD
 QFKLGHLJHDPXOODWHUDO JOLVDQW
3UREOHPXQJHDPODWHUDOQXSRDWHIL 'DFH[LVWSHULFROXOFDFLQHYDVILHSULQV
vQFKLVLQXSXWHLYHGHDFDX]D vQWUHHOHPHQWHHOLEHUDLLPHGLDWFRPXWDWRUXO
QWLPSXOIXQFLRQULLDXWRPDWHvPSLQJHL
$9(57,60(17 VFXUWFRPXWDWRUXOvQRULFHGLUHFLHSHQWUXD
QFKLGHUHDJHDPXULORUODWHUDOHFXRIRUPDL RSULWUDSDJOLVDQW
PDUHVDXIUSURWHFLDDQWLSULQGHUHSRDWH
GXFHODUQLJUDYHVDXFKLDUIDWDOH$VLJXUDL $9(57,60(17
YFQXYDILSULQVQLPHQLSHPVXUFHvQFKL 6WLFODWUDSHLSDQRUDPLFHVDUSXWHDVSDUJHvQ
GHLJHDPXULOHODWHUDOH FD]GHDFFLGHQW'DFQXSXUWDLRFHQWXUGH
VLJXUDQH[LVWSHULFROXOVILLSURLHFWDWSULQ
'DFXQJHDPODWHUDOHVWHREVWUXFLRQDWvQ GHVFKL]WXUvQFD]XOvQFDUHDXWRYHKLFXOXOVH
WLPSXOvQFKLGHULLLVHUHGHVFKLGHGLQQRX UVWRDUQ3ULQXUPDUHSXUWDLvQWRWGHDXQDR
XRU FHQWXUGHVLJXUDQSHQWUXDUHGXFHSHULFR
 ,PHGLDWGXSFHJHDPXOVHEORFKHD]WUD OXOGHUQLUH
JHLGHFRPXWDWRUXODIHUHQWGLQQRXSkQ
FkQGJHDPXOODWHUDOVDvQFKLV $9(57,60(17
*HDPXOODWHUDOHVWHvQFKLVFXIRUPDL &RSLLLVDUSXWHDUQLGDFDFLRQHD]WUDSD
PDUH JOLVDQW
1XOVDLQLFLRGDWFRSLLLQHVXSUDYHJKHDLvQ
DXWRYHKLFXO/XDLvQWRWGHDXQDFKHLDFXGXP
QHDYRDVWUFkQGLHLLGLQDXWRYHKLFXOFKLDU
LGDFvOSUVLLQXPDLSHQWUXVFXUWWLPS


 7UDSJOLVDQW

 'HVFKLGHLWUDSDJOLVDQWSDQRUDPLF G 'DFDSVDLFRPXWDWRUXOVGLQFROR
QXPDLGDFQXHVWHDFRSHULWGH]SDGL GHSXQFWXOGHUH]LVWHQVHvQFHSHXQSUR
JKHDQFD]FRQWUDUVXQWSRVLELOHGHIHF FHVGHGHVFKLGHUHvQFKLGHUHDXWRPDWvQ
LXQL GLUHFLDFRUHVSXQ]WRDUH3XWHLRSULIXQF
1XOVDLVLDVQLPLFGLQWUDSDJOLVDQWQ LRQDUHDDXWRPDWDSVkQGGLQQRX
FD]FRQWUDUFKHGHUHOHSRWVXIHULGHWH &DSDFXOSDUDVRODUVHGHVFKLGHDXWRPDW
ULRUUL RGDWFXWUDSDJOLVDQW3XWHLGHVFKLGHVDX
vQFKLGHFDSDFXOSDUDVRODUPDQXDOFkQGWUDSD
'HVFKLGHUHDLvQFKLGHUHD

G 3HOkQJ]JRPRWHOHWLSLFHFXUHQLORUGH
JOLVDQWHVWHULGLFDWVDXvQFKLV
DHUSRWDSUHD]JRPRWHGHUH]RQDQFkQG
WUDSDJOLVDQWHVWHGHVFKLV$FHVWHDVXQW
SURYRFDWHGHIOXFWXDLLVODEHDOHSUHVLXQLL &DUDFWHULVWLFGHvQFKLGHUHSHWLPSGH
GLQLQWHULRUXODXWRYHKLFXOXOXL6FKLPEDL SORDLH
SR]LLDWUDSHLJOLVDQWHVDXvQWUHGHVFKLGHL &kQGFKHLDVHDIOvQSR]LLDGLQFRPXWDWRUXO
XQJHDPODWHUDOSHQWUXDUHGXFHVDXHOLPLQD GHFRQWDFWVDXHVWHVFRDVWUDSDJOLVDQWVH
DFHVWH]JRPRWH vQFKLGHDXWRPDW
=GDFvQFHSHVSORX
=ODWHPSHUDWXULH[WHULRDUHH[WUHPH
$FLRQDUHDWUDSHLJOLVDQWH
=GXSDVHRUH
'HVFKLGHUHDLvQFKLGHUHD =GDFH[LVWRGHIHFLXQHvQDOLPHQWDUHD
G 3XWHLFRQWLQXDVDFLRQDLWUDSDJOLVDQW HOHFWULF
GXSRSULUHDPRWRUXOXLVDXVFRDWHUHDFKHLL 3DUWHDSRVWHULRDUDWUDSHLJOLVDQWHHVWHDSRL
$FHDVWIXQFLHUPkQHDFWLYWLPSGHFLQFL ULGLFDWSHQWUXDDHULVLLQWHULRUXODXWRYHKLFX
PLQXWHVDXSkQFkQGSRUWLHUDRIHUXOXL OXOXL
VDXSDVDJHUXOXLGLQIDHVWHGHVFKLV
G 'DFWUDSDJOLVDQWHVWHREVWUXFLRQDW
FkQGHVWHvQFKLVGHFDUDFWHULVWLFDGH
vQFKLGHUHSHWLPSGHSORDLHHDVHvQWUHGHV
FKLGHGLQQRX&DUDFWHULVWLFDGHvQFKLGHUH
SHWLPSGHSORDLHHVWHDSRLGH]DFWLYDW
7UDSDJOLVDQWQXVHvQFKLGHGDF
=HVWHULGLFDWGLQVSDWH
=HVWHvQFXLDW
=QXDMXQJSLFWXULGHSORDLHSHVSDLXOSDU
EUL]XOXLPRQLWRUL]DWGHVHQ]RUXOGHSORDLH
GHH[GHRDUHFHDXWRYHKLFXOXOVHDIOVXE
3DQRXGHFRPDQGVLWXDWSHSODIRQ
XQSRGVDXVXEXQDFRSHUL 
C 3HQWUXDULGLFD
D 3HQWUXDGHVFKLGH 5HVHWDUHD
3HQWUXDvQFKLGHFRERUv
5HVHWDLWUDSDJOLVDQWGDFQXVHPLFXQL
 5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD IRUP
WRUXOGHFRQWDFW  5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD
 $SVDLVDXWUDJHLFRPXWDWRUXOVvQ
WRUXOGHFRQWDFW
GLUHFLDFRUHVSXQ]WRDUH  5LGLFDLWUDSDJOLVDQWFRPSOHWvQVSDWH
3DJLQD 
7UDSJOLVDQW 

 0HQLQHLFRPXWDWRUXOVDSVDWvQFR &DUDFWHULVWLFGHvQFKLGHUHSHWLPSGH
VHFXQG SORDLH
 $VLJXUDLYFWUDSDJOLVDQWSRDWHILFRP
&kQGFKHLDVHDIOvQSR]LLDGLQFRPXWDWRUXO
SOHWGHVFKLVLvQFKLVGLQQRX GHFRQWDFWVDXHVWHVFRDVWUDSDJOLVDQW
3DJLQD  SDQRUDPLFVHvQFKLGHDXWRPDW
 'DFQXVHUHGHVFKLGUHSHWDLSDLLGHPDL
=GDFvQFHSHVSORX
VXVGLQQRX
=ODWHPSHUDWXULH[WHULRDUHH[WUHPH

'HVFKLGHUHDLvQFKLGHUHD
 'DFWUDSDJOLVDQWQXSRDWHILGHVFKLV =GXSDVHRUH
VDXvQFKLVFRPSOHWGXSUHVHWDUHFRQWDF =GDFH[LVWRGHIHFLXQHvQDOLPHQWDUHD
WDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW HOHFWULF
7UDSDJOLVDQWSDQRUDPLFUPkQHULGLFDWvQ
VSDWHSHQWUXDSHUPLWHYHQWLODUHDLQWHULRUXOXL
8WLOL]DUHDWUDSHLJOLVDQWHSDQRUDPLFH
DXWRYHKLFXOXOXL
'HVFKLGHUHDLvQFKLGHUHD G 'DFWUDSDJOLVDQWSDQRUDPLFHVWH
REVWUXFLRQDWFkQGHVWHvQFKLVGHFDUDF
WHULVWLFDGHvQFKLGHUHSHWLPSGHSORDLHHD
VHvQWUHGHVFKLGHGLQQRX&DUDFWHULVWLFDGH
vQFKLGHUHSHWLPSGHSORDLHHVWHDSRL
GH]DFWLYDW
7UDSDJOLVDQWSDQRUDPLFQXVHvQFKLGH
GDF
=HVWHULGLFDWGLQVSDWH
=HVWHvQFXLDW
=QXDMXQJSLFWXULGHSORDLHSHVSDLXOSDU
3DQRXGHFRPDQGVLWXDWSHSODIRQ EUL]XOXLPRQLWRUL]DWGHVHQ]RUXOGHSORDLH
C 3HQWUXDULGLFD GHH[GHRDUHFHDXWRYHKLFXOXOVHDIOVXE
D 3HQWUXDGHVFKLGH XQSRGVDXVXEXQDFRSHUL 
3HQWUXDvQFKLGHFRERUv
 5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD 8WLOL]DUHDMDOX]HOHORUWUDSHLJOLVDQWH
WRUXOGHFRQWDFW SDQRUDPLFH
 PSLQJHLVDXWUDJHLFRPXWDWRUXOVvQ
GLUHFLDFRUHVSXQ]WRDUH 1RWHJHQHUDOH
G 'DFDSVDLFRPXWDWRUXOVGLQFROR -DOX]HOHOHSURWHMHD]LQWHULRUXODXWRYHKLFXOX
GHSXQFWXOGHUH]LVWHQVHvQFHSHXQSUR OXLGHOXPLQDVRODU&HOHGRXMDOX]HOHSRWIL
FHVGHGHVFKLGHUHvQFKLGHUHDXWRPDWvQ GHVFKLVHLvQFKLVHVLPXOWDQQXPDLFkQGWUDSD
GLUHFLDFRUHVSXQ]WRDUH3XWHLRSULIXQF JOLVDQWSDQRUDPLFHVWHvQFKLV
LRQDUHDDXWRPDWDSVkQGGLQQRX
$9(57,60(17
$VLJXUDLYFQXSRDWHILQLPHQLSULQVvQWUH
HOHPHQWHFkQGGHVFKLGHLVDXvQFKLGHLMDOX
]HOHOH


 7UDSJOLVDQW

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

 'DFWUDSDJOLVDQWSDQRUDPLFLMDOX]H
OHOHQXSRWILGHVFKLVHVDXvQFKLVHFRPSOHW
GXSUHVHWDUHFRQWDFWDLXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
3DQRXGHFRPDQGVLWXDWSHSODIRQ
C 3HQWUXDGHVFKLGH
D 3HQWUXDGHVFKLGH
3UREOHPHODWUDSDJOLVDQW
3HQWUXDvQFKLGH $XWRYHKLFXOXOGXPQHDYRDVWUSRDWHIL
SUHY]XWFXRWUDSJOLVDQWVDXFXRWUDS
 5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD JOLVDQWSDQRUDPLFQXUPWRDUHDVHFLXQH
WRUXOGHFRQWDFW WHUPHQXOWUDSJOLVDQWVHUHIHUODDPEHOH
 $SVDLVDXWUDJHLFRPXWDWRUXOVvQ WLSXULGHWUDSJOLVDQW
GLUHFLDFRUHVSXQ]WRDUH 3UREOHPWUDSDQXSRDWHILvQFKLVLQX
G 'DFDSVDLFRPXWDWRUXOVGLQFROR SXWHLYHGHDFDX]D
GHSXQFWXOGHUH]LVWHQVHvQFHSHXQSUR
FHVGHGHVFKLGHUHvQFKLGHUHDXWRPDWvQ $9(57,60(17
GLUHFLDFRUHVSXQ]WRDUH3XWHLRSULIXQF 3XWHLVXIHULUQLJUDYHVDXFKLDUIDWDOHFkQG
LRQDUHDDXWRPDWDSVkQGGLQQRX vQFKLGHLWUDSDJOLVDQWFXIRUGHvQFKLGHUH
FUHVFXWVDXGDFFDUDFWHULVWLFDDQWLSULQGHUH
5HVHWDUHDWUDSHLJOLVDQWHSDQRUDPLFHL HVWHGH]DFWLYDW$VLJXUDLYFQXYDILSULQV
DMDOX]HOHORU QLPHQLSHPVXUFHvQFKLGHLWUDSDJOLVDQW

5HVHWDLWUDSDJOLVDQWSDQRUDPLFLMDOX]H 'DFWUDSDJOLVDQWHVWHREVWUXFLRQDWvQ
OHOHGDFWUDSDJOLVDQWSDQRUDPLFVDXMDOX WLPSXOvQFKLGHULLLVHUHGHVFKLGHGLQQRX
]HOHOHQXVHPLFXQLIRUP XRU
 5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD  ,PHGLDWGXSFHWUDSDJOLVDQWVHEOR
WRUXOGHFRQWDFW FKHD]WUDJHLFRPXWDWRUXOVGLQ
 7UDJHLFRPXWDWRUXOVvQPRGUHSHWDWOD SDQRXOGHFRPDQGVLWXDWSHSODIRQvQMRV
SXQFWXOGHUH]LVWHQvQGLUHFLDLQGLFDWGH SkQODSXQFWXOGHUH]LVWHQLLQHLOSkQ
VJHDWDSkQFkQGWUDSDJOLVDQWSDQR FkQGWUDSDJOLVDQWHVWHvQFKLV
UDPLFHVWHFRPSOHWvQFKLV 7UDSDJOLVDQWHVWHvQFKLVFXIRUFUHV
 0HQLQHLFRPXWDWRUXOVWUDVvQFR
FXW
VHFXQG 'DFWUDSDJOLVDQWHVWHREVWUXFLRQDWGLQ
 7UDJHLFRPXWDWRUXOVUHSHWDWODSXQF QRXvQWLPSXOvQFKLGHULLLVHUHGHVFKLGHGLQ
WXOGHUH]LVWHQvQGLUHFLDLQGLFDWGH QRXXRU
VJHDWDSkQFkQGMDOX]HOHOHVXQWFRP  ,PHGLDWGXSFHWUDSDJOLVDQWVHEOR
SOHWvQFKLVH FKHD]WUDJHLFRPXWDWRUXOVGLQ
SDQRXOGHFRPDQGVLWXDWSHSODIRQvQMRV
7UDSJOLVDQW 

SkQODSXQFWXOGHUH]LVWHQLLQHLOSkQ
FkQGWUDSDJOLVDQWHVWHvQFKLV
7UDSDJOLVDQWHVWHvQFKLVIUSURWHFLD
DQWLSULQGHUH

'HVFKLGHUHDLvQFKLGHUHD





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

6FDXQHYRODQLRJOLQ]L
 3R]LLDFRUHFWDVFDXQXOXLRIHUXOXL

,QIRUPDLLXWLOH =YSXWHLSULQGHFHQWXUDGHVLJXUDQ
FRUHVSXQ]WRU
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH =DLGHSODVDWVSWDUXOvQWURSR]LLH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG DSURDSHYHUWLFDO
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD =DLUHJODWXQJKLXOVFDXQXOXLvQDDIHO
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL vQFkWFRDSVHOHVILHVXVLQXWHXRU
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH =SXWHLDSVDSHGDOHOHFRUHVSXQ]WRU
YDULDLLvQIXQFLHGHDU9UXJPVUHL
 9HULILFDLGDFWHWLHUDHVWHUHJODWFRUHV
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
SXQ]WRU 3DJLQD 
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
&kQGHIHFWXDLYHULILFDUHDDVLJXUDLYF
6FDXQHYRODQLRJOLQ]L

WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH DLUHJODWWHWLHUDDVWIHOvQFkWFHDIDVYILH
ULWRDUHODVLJXUDQ VXVLQXWODQLYHOXORFKLORUGHFWUHWHWLHU
'HDVHPHQHDDVLJXUDLYFSR]LLDGH
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH IDLVSDWHDWHWLHUHLQXHVWHSUHDGHSDUWH
FLDOLWDWHDXWRUL]DWH 3DJLQD  GHFHDI
5HVSHFWDLLQGLFDLLOHGHVLJXUDQSULYLQG
UHJODUHDYRODQXOXL 3DJLQD 
3R]LLDFRUHFWDVFDXQXOXLRIHUXOXL
 9HULILFDLGDFYRODQXOCHVWHUHJODWFRUHV
SXQ]WRU
5HJODUHDPDQXDODYRODQX
OXL 3DJLQD
5HJODUHDHOHFWULFDYRODQXOXL
3DJLQD
&kQGUHJODLYRODQXODVLJXUDLYF
=SXWHLLQHYRODQXOFXEUDHOHXRU
vQGRLWH
=YSXWHLPLFDSLFLRDUHOHOLEHU
=SXWHLYHGHDFODUWRDWHDILDMHOHGLQ
SDQRXOGHLQVWUXPHQWH
5HVSHFWDLLQGLFDLLOHGHVLJXUDQSULYLQG
FHQWXULOHGHVLJXUDQ 3DJLQD 
 9HULILFDLGDFDLSULQVFHQWXUDGHVLJX

5HVSHFWDLLQGLFDLLOHGHVLJXUDQSULYLQG UDQDFRUHVSXQ]WRU 3DJLQD 


UHJODUHDVFDXQXOXL 3DJLQD  &HQWXUDGHVLJXUDQWUHEXLH
 9HULILFDLGDFDLUHJODWVFDXQXOFRUHV =VVHvQWLQGELQHSHFRUS
SXQ]WRU =VILHGLULMDWSHVWHPLMORFXOXPUXOXL
5HJODUHDHOHFWULFDVFDXQXOXL =VILHGLULMDWvQ]RQDSHOYLDQSHVWHRO
3DJLQD GXUL
&kQGUHJODLVFDXQXODVLJXUDLYF  QDLQWHGHDSRUQLUHJODLRJOLQGDUHWURYL
=YDIODLFkWPDLGHSDUWHSRVLELOGHDLUED ]RDUHLRJOLQ]LOHH[WHULRDUH
JXORIHUXOXL
=VWDLvQWURSR]LLHYHUWLFDOQRUPDO
6FDXQH 

3DJLQD DVWIHOvQFkWVDYHLRSHUV )L[DLFRSLLLFRQIRUPUHFRPDQGULORUFRQVXO


SHFWLYEXQDVXSUDFRQGLLLORUUXWLHUH WDLVHFLXQHD3UH]HQDFRSLLORUODERUG
 $XWRYHKLFXOHFXRIXQFLHGHPHPR
UDUHVDOYDLVHWULOHVFDXQXOXLYRODQXOXLL $9(57,60(17
RJOLQ]LLH[WHULRDUH 3DJLQD  $VLJXUDLYFFHDIDYHVWHVSULMLQLWODQLYH
OXORFKLORUGH]RQDFHQWUDODWHWLHUHL'DFQX
YHVWHVSULMLQLWFRUHFWFDSXOGHWHWLHUSXWHL
6FDXQH VXIHULROH]LXQHFHUYLFDOJUDYvQFD]GHDFFL
GHQW1XFRQGXFHLQLFLRGDWGDFWHWLHUHOH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD QXVXQWvPELQDWHLIL[DWHFRUHFW

6FDXQHYRODQLRJOLQ]L
$9(57,60(17
6FDXQHOHSRWILvQFRQWLQXDUHUHJODWHLFkQG
$9(57,60(17
FKHLDQXVHDIOvQFRPXWDWRUXOGHFRQWDFW'LQ 2FHQWXUGHVLJXUDQSRDWHRIHULJUDGXOVX
DFHVWPRWLYFRSLLLQXWUHEXLHVILHOVDL SUHY]XWGHSURWHFLHQXPDLFkQGVSWDUXO
QHVXSUDYHJKHDLvQDXWRYHKLFXO$FHWLDDU HVWHDSURDSHYHUWLFDOLSDVDJHUXOVWGUHSW
SXWHDUHJODVFDXQHOHDMXQJkQGSULQLvQWUH (YLWDLSR]LLLOHVFDXQXOXLFDUHQXSHUPLWWUH
HOHPHQWH FHUHDFRUHFWDFHQWXULLGHVLJXUDQ5HJODL
VSWDUXODVWIHOvQFkWVILHFkWPDLGUHSWSRVL
$9(57,60(17 ELO1XFOWRULLQLFLRGDWFXVSWDUXOvQFOLQDW
SUHDPXOWvQDSRLQFD]FRQWUDUSXWHLVXIHUL
5HJODLVFDXQXORIHUXOXLQXPDLFkQGDXWRYH
UQLJUDYHVDXFKLDUIDWDOHvQFD]GHDFFLGHQW
KLFXOXOVWDLRQHD]QFD]FRQWUDUYLVHYD
VDXIUkQDUHEUXVF
GLVWUDJHDWHQLDGHODFRQGLLLOHUXWLHUHL
SXWHLSLHUGHFRQWUROXODVXSUDDXWRYHKLFXOXOXL  3HQWUXDHYLWDGHWHULRUDUHDVFDXQHORULD
vQXUPDGHSODVULLVFDXQXOXL$VWIHOSXWHL
vQFO]LULLVFDXQXOXLUHVSHFWDLXUPWRDUHOH
SURYRFDXQDFFLGHQW
LQIRUPDLL
=QXYUVDLOLFKLGHSHVFDXQH'DFVDX
$9(57,60(17
'DFQXDFRUGDLDWHQLHUHJOULLvQOLPLL YUVDWOLFKLGHSHVFDXQHXVFDLOHFkW
VFDXQXOXLGXPQHDYRDVWUVDXDOWHSHUVRDQH PDLFXUkQGSRVLELO
='DFKXVHOHVFDXQHORUVXQWXPHGHVDX
DLSXWHDILSULQVHvQWUHHOHPHQWHVXIHULQG
UQL0DLDOHVFRSLLLDUSXWHDDSVDQHLQWHQ XGHQXDFWLYDLvQFO]LUHDVFDXQXOXL1X
LRQDWEXWRDQHOHSHQWUXDUHJODHOHFWULFVFDX XWLOL]DLvQFO]LUHDVFDXQXOXLQLFLSHQWUXD
QHOHUPkQkQGSULQLvQWUHHOHPHQWH XVFDVFDXQHOH
=FXUDLKXVHOHGHVFDXQFRQIRUPUHFR
$FRUGDLDWHQLHXUPWRDUHORUSXQFWH
PDQGULORUFRQVXOWDLVHFLXQHQJULML
=FkQGGHSODVDLVFDXQHOHPkLQLOHGXPQHD
UHDLQWHULRUXOXL
YRDVWUQXWUHEXLHVLQWUHVXEDQVDPEOXO
=QXWUDQVSRUWDLVDUFLQLJUHOHSHVFDXQH
FXPDQHWDOVLVWHPXOXLGHUHJODUHDVFDX
QXOXL 1XDH]DLRELHFWHDVFXLWHSHSHUQHOH
VFDXQXOXLGHH[FXLWHFXLHVDXXQHOWH
=FRSLLLGHODERUGQXWUHEXLHVLLQWURGXF
6FDXQHOHWUHEXLHVILHRFXSDWHQXPDLGH
PkLQLOHVXEPDQHWH
SDVDJHULGDFHVWHSRVLELO
=FkQGvQFO]LUHDVFDXQXOXLHVWHvQIXQF
$9(57,60(17
LXQHQXDFRSHULLVFDXQHOHFXPDWHULDOH
$VLJXUDLYFQXVHSRDWHSULQGHQLPHQL
L]RODWRDUHGHH[SWXULKDLQHSXQJL
vQWUHHOHPHQWHFkQGUHJODLVFDXQHOH
KXVHGHVFDXQVFDXQHSHQWUXFRSLLVDX
5HVSHFWDLQRWHOHSULYLQGDLUEDJXULOH VFDXQHGHvQODUH


 6FDXQH

 $VLJXUDLYFQXVHDIORELHFWHvQVSD G $XWRYHKLFXOHFXIXQFLHGHPHPRUDUH
LXOSHQWUXSLFLRDUHVDXvQVSDWHOHVFDXQHORU GDF35(6$)(DIRVWGHFODQDWVFDXQXO
FkQGGHSODVDLVFDXQXOvQDSRL([LVWULVFXO SDVDJHUXOXLGLQIDYDILGHSODVDWvQWUR
FDVFDXQHOHLVDXRELHFWHOHVVXIHUH SR]LLHPDLEXQGDFVHDIODvQDLQWHvQWUR
GHWHULRUUL SR]LLHQHIDYRUDELO
 &kQGEDQFKHWDGLQVSDWHHVWHUDEDWDW G 3XWHLVWRFDVHWULOHVFDXQXOXLFXDMXWRUXO
vQDLQWHVFDXQHOHGLQIDQXSRWILDGXVHvQ IXQFLHLGHPHPRUDUH 3DJLQD 
SR]LLDORUGHFDSWVSDWHQFD]FRQWUDU
G $XWRYHKLFXOHFXIXQFLHGHPHPRUDUH
HVWHSRVLELOVGHWHULRUDLVFDXQHOHLEDQ
FKHWDGLQVSDWH FkQGVFDXQXOHVWHGHSODVDWvQDLQWHVDXvQD
SRLWHWLHUDHVWHGHSODVDWvQVXVVDXvQMRV
6FDXQHYRODQLRJOLQ]L

 $VLJXUDLYFSDUDVRODUXOHVWHUDEDWDWvQ DXWRPDW
VXVvQDLQWHGHDUHJODVSWDUXOLvQOLPHD
WHWLHUHL7HWLHUDLSDUDVRODUXOVDUSXWHD
ORYLvQFD]FRQWUDUFkQGWHWLHUDHVWHFRPSOHW 5HJODUHDWHWLHUHORU
H[WLQV
5HJODUHDPDQXDODWHWLHUHORU
G 7HWLHUHOHVFDXQHORUQXSRWILVFRDVHGHOD
VFDXQHOHID7RWXLWHWLHUHOHGLQFRPSDU 5HJODUHDvQOLPLLWHWLHUHL
WLPHQWXOGLQVSDWHSRWILVFRDVH  7HWLHUHOHWUHEXLHVILHVFRDVHQXPDLODXQ
3DJLQD  DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
3HQWUXPDLPXOWHLQIRUPDLLFRQWDFWDLXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
G 0DLPXOWHVXELHFWHVLPLODUH
=0ULUHDSRUWEDJDMXOXL UDEDWDUHDvQMRVD
EDQFKHWHLGLQVSDWH

5HJODUHDHOHFWULFDVFDXQHORU

 3HQWUXDULGLFDWUDJHLWHWLHUDvQVXVvQ
SR]LLDGRULW
 3HQWUXDFRERUvDSVDLSLHGLFDGHHOLEH
UDUHCvQGLUHFLDVJHLLLvPSLQJHL
WHWLHUDvQMRVvQSR]LLDGRULW

C QOLPHDWHWLHUHL
D 8QJKLXOSHUQHLVFDXQXOXL
QOLPHDVFDXQXOXL
5HJODUHDIDVSDWHDVFDXQXOXL
8QJKLXOVSWDUXOXL
6FDXQH 

5HJODUHDSR]LLHLGHIDLVSDWHDWHWLHUHL  'DFWHWLHUDHVWHFRPSOHWFRERUkWHVWH
QHFHVDUVDSVDLSLHGLFDGHHOLEH
UDUHC
 3HQWUXDULGLFDWUDJHLWHWLHUDvQVXVvQ
SR]LLDGRULW
 3HQWUXDFRERUvDSVDLSLHGLFDGHHOLEH
UDUHCLvPSLQJHLWHWLHUDvQMRVSkQFkQG
LQWUvQSR]LLDGRULW

5HJODUHDXQJKLXOXLWHWLHUHLVFDXQXOXLGLQ

6FDXQHYRODQLRJOLQ]L
VSDWH
5HJODLWHWLHUHOHDVWIHOvQFkWVILHFkWPDL
$FHDVWIXQFLHYSHUPLWHVUHJODLGLVWDQD
DSURDSHSRVLELOGHFDSXOGXPQHDYRDVWU
GLQWUHWHWLHULFHDI
3XWHLUHJODQXPDLFHOHGRXWHWLHUHH[WH
 3HQWUXDGHSODVDvQDLQWHWUDJHLWHWLHUD
ULRDUH
vQDLQWHvQGLUHFLDLQGLFDWGHVJHDWSkQ
VHFXSOHD]
([LVWPDLPXOWHSLHGLFL
 3HQWUXDGHSODVDvQDSRLDSVDLLPHQ
LQHLDSVDWEXWRQXOCLvPSLQJHLWHWLHUD
vQDSRL
 $WXQFLFkQGWHWLHUDVHDIOvQSR]LLDGRULW
HOLEHUDLEXWRQXOLDVLJXUDLYFWHWLHUD
HVWHFXSODWvQSR]LLH

5HJODUHDHOHFWULFDWHWLHUHORU
 &XDMXWRUXODPEHORUPkLQLvQWLQGHLYvQ
 3HQWUXDUHJODvQOLPHDWHWLHUHLFXOLVDL VSDWHLSULQGHLODWXULOHWHWLHUHL
FRPXWDWRUXOSHQWUXUHJODUHDWHWLHUHL  7UDJHLSDUWHDLQIHULRDUDWHWLHUHLvQDLQWH
3DJLQD vQVXVVDXvQMRVvQGLUHFLD
VDXvQDSRLSkQFkQGLQWUvQSR]LLDGRULW
VJHLL
6FRDWHUHDLPRQWDUHDWHWLHUHORUVFDXQH
7HWLHUHVFDXQHVSDWH ORUGLQVSDWH

5HJODUHDvQOLPLLWHWLHUHLVFDXQXOXLGLQ $9(57,60(17
VSDWH 3DVDJHULLWUHEXLHVFOWRUHDVFQXPDLVWkQG
SHVFDXQHOHSUHY]XWHFXWHWLHUH$VWIHOUHGX
FHLULVFXOGHDFFLGHQWDOSDVDJHUXOXLvQFD]GH
DFFLGHQW


 6FDXQH

VJHDWSkQFkQGVSWDUXOFRUHV
SXQ]WRUCHVWHHOLEHUDWFRPSOHW
 7UDJHLVSWDUXOCvQDLQWHvQGLUHFLDLQGL
FDWGHVJHDWLSHUPLWHLFXSODUHDDFHV
WXLD
 6SULMLQLLYIHUPGHVSWDUXOCSHQWUXDY
DVLJXUDFHVWHFXSODW

5HJODUHDVXSRUWXOXLORPEDUFXGLUHF
6FDXQHYRODQLRJOLQ]L

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

5HJODUHDVSWDUHORUFHOXLGHDOGRLOHD
UkQGGHVFDXQH
3XWHLUHJODXQJKLXOVSWDUHORUvQDOGRLOHD
UkQGGHVFDXQH([LVW]HFHSR]LLLGHSLHGLF C 3HQWUXDULGLFDFRQWXUXOVSWDUXOXL
D 3HQWUXDDWHQXDFRQWXUXOVSWDUXOXL
3HQWUXDFRERUvFRQWXUXOVSWDUXOXL
3HQWUXDULJLGL]DFRQWXUXOVSWDUXOXL

3RUQLUHDRSULUHDvQFO]LULLVFDXQXOXL
3RUQLUHDRSULUHD
3HULFROGHUQLUH
6HWDUHDUHSHWDWDVLVWHPXOXLGHvQFO]LUHD
 7UDJHLPDQHWDGHHOLEHUDUHVWkQJDVDX VFDXQHORUODWUHDSWDSRDWHDYHDGUHSWUH]XO
GUHDSWDDvQVXVvQGLUHFLDLQGLFDWGH WDWWHPSHUDWXULH[FHVLYHDOHVFDXQHORU
6QWDWHDSDVDJHULORUFDUHDXRVHQVLELOLWDWH
OLPLWDWODWHPSHUDWXUVDXRDELOLWDWHOLPLWDW
GHDUHDFLRQDODWHPSHUDWXULH[FHVLYGHvQDOWH
SRDWHILDIHFWDWVDXDFHWLDSRWFKLDUSUH
]HQWDOH]LXQLVLPLODUHDUVXULORU$DGDUQXXWL
OL]DLvQPRGUHSHWDWWUHDSWDGHWHPSHUDWXU
SHQWUXVFDXQH
6FDXQH 

&HOHWUHLOPSLLQGLFDWRDUHURLLGLQEXWRQ 3UREOHPHODvQFO]LUHDVFDXQXOXL
LQGLFQLYHOXOGHvQFO]LUHVHOHFWDWGHGXP
QFO]LUHDVFDXQXOXLVDGH]DFWLYDWSUHPDWXU
QHDYRDVWU
VDXQXSRDWHILDFWLYDW7HQVLXQHDGLQVLVWH
G 'DFWHQVLXQHDEDWHULHLHVWHSUHD PXOHOHFWULFDODXWRYHKLFXOXOXLHVWHSUHD
VF]XWvQFO]LUHDVFDXQXOXLVHSRDWH VF]XWGHRDUHFHVXQWDFWLYDLSUHDPXOL
GH]DFWLYD FRQVXPDWRULHOHFWULFL
 2SULLFRQVXPDWRULLHOHFWULFLGHFDUHQX
DYHLQHYRLHFXPDUILvQFO]LUHDOXQHWHLVDX
LOXPLQDUHDLQWHULRDU

6FDXQHYRODQLRJOLQ]L
3RUQLUHDRSULUHDYHQWLOULLVFDXQXOXL
$FWLYDUHDGH]DFWLYDUHD
&HOHWUHLOPSLLQGLFDWRDUHDOEDVWUHGLQ
EXWRDQHLQGLFQLYHOXOGHYHQWLODLHVHOHFWDW
6FDXQXORIHUXOXLLDOSDVDJHUXOXLGLQID GHGXPQHDYRDVWU
G 'DFWHQVLXQHDEDWHULHLHVWHSUHD
VF]XWYHQWLODUHDVFDXQXOXLVHSRDWH
GH]DFWLYD

6FDXQHOHGLQFRPSDUWLPHQWXOGLQVSDWH
6LVWHPXOFRPXWDXWRPDWGHODQLYHOXOOD
QLYHOXOGXSDSUR[LPDWLYRSWPLQXWH
6LVWHPXOUHYLQHDXWRPDWGHODQLYHOXOOD  $VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
QLYHOXOGXSDSUR[LPDWLY]HFHPLQXWH FKHLDVHDIOvQSR]LLDVDX
6LVWHPXOVHRSUHWHDXWRPDWGXSDSUR[LPD  3HQWUXDDFWLYDDSVDLEXWRQXOCvQPRG
WLYGHPLQXWHGXSFHHVWHVHWDWODQLYHOXO UHSHWDWSkQFkQGQLYHOXOGHYHQWLODUHGRULW
 HVWHVHWDW
 $VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
G 3XWHLGHVFKLGHJHDPXULOHODWHUDOHL
FKHLDVHDIOvQSR]LLDVDX WUDSDJOLVDQWFXDMXWRUXOIXQFLHL'HVFKL
 3HQWUXDDFWLYDDSVDLEXWRQXOCvQPRG GHUHDVLVWDW 3DJLQD 9HQWLODUHD
UHSHWDWSkQFkQGQLYHOXOGHvQFO]LUHGRULW VFDXQXOXLSHQWUXVFDXQXORIHUXOXLFRPXW
HVWHVHWDW DXWRPDWODFHOPDLvQDOWQLYHO
 3HQWUXDRSULDSVDLEXWRQXOCUHSHWDW  3HQWUXDRSULDSVDLEXWRQXOCUHSHWDW
SkQFkQGWRDWHOPSLOHLQGLFDWRDUHVH SkQFkQGWRDWHOPSLOHLQGLFDWRDUHVH
VWLQJ VWLQJ


 9RODQ

3UREOHPHODYHQWLODUHDVFDXQXOXL 5HJODUHDPDQXDODYRODQXOXL
9HQWLODUHDVFDXQXOXLVDGH]DFWLYDWSUHPDWXU
VDXQXSRDWHILDFWLYDW7HQVLXQHDGLQVLVWH
PXOHOHFWULFDODXWRYHKLFXOXOXLHVWHSUHD
VF]XWGHRDUHFHVXQWDFWLYDLSUHDPXOL
FRQVXPDWRULHOHFWULFL
 2SULLFRQVXPDWRULLHOHFWULFLGHFDUHQX
DYHLQHYRLHFXPDUILvQFO]LUHDOXQHWHLVDX
LOXPLQDUHDLQWHULRDU
6FDXQHYRODQLRJOLQ]L

9RODQ C 0DQHWGHHOLEHUDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD D 3HQWUXDUHJODvQOLPHDYRODQXOXL
3HQWUXDUHJODSR]LLDYRODQXOXL UHJODUH
$9(57,60(17 IDLVSDWH
9RODQXOUHJODELOHOHFWULFSRDWHILvQFRQWLQXDUH
UHJODWLFkQGFKHLDQXVHDIOvQFRPXWDWRUXO
 PSLQJHLPDQHWDGHHOLEHUDUHCFRPSOHW
GHFRQWDFW3ULQXUPDUHQXOVDLFRSLLLQHVX vQMRV
SUDYHJKHDLvQDXWRYHKLFXOGHRDUHFHVDU &RORDQDGHGLUHFLHHVWHGHEORFDW
SXWHDSULQGHvQWUHHOHPHQWHFkQGYRODQXOHVWH  5HJODLYRODQXOvQSR]LLDGRULW
UHJODW  PSLQJHLPDQHWDGHHOLEHUDUHCFRPSOHW
vQVXV
$9(57,60(17 &RORDQDGHGLUHFLHHVWHEORFDW
5HJODLYRODQXOGRDUFkQGDXWRYHKLFXOXOVWD  9HULILFDLGDFFRORDQDGHGLUHFLHHVWHEOR
LRQHD]LQXGHPDUDLGHFkWDWXQFLFkQG FDW&kQGHIHFWXDLYHULILFDUHDvQFHUFDL
PHFDQLVPXOGHUHJODUHDOYRODQXOXLHVWHEOR VvPSLQJHLYRODQXOvQVXVVDXvQMRVVDX
FDWvQSR]LLHQFD]FRQWUDUHVWHSRVLELOV vQFHUFDLVOPLFDLvQDLQWHLvQDSRL
FRQGXFHLIUFDPHFDQLVPXOGHUHJODUHDO
YRODQXOXLVILHEORFDWvQSR]LLH'UHSW
XUPDUHHVWHSRVLELOFDGHSODVDUHDDFFLGHQ 5HJOHD]YRODQXOHOHFWULF
WDODYRODQXOXLVYGLVWUDJDWHQLDGHOD
FRQGLLLOHUXWLHUHSXWkQGSURYRFDXQDFFL
GHQW
&XWRDWHDFHVWHDPDQHYUDELOLWDWHDDXWRYHKL
FXOXOXLQXHVWHDIHFWDW

C 3HQWUXDUHJODvQOLPHDYRODQXOXL
D 3HQWUXDUHJODSR]LLDYRODQXOXL UHJODUH
IDLVSDWH
9RODQ 

G 6XELHFWHDIHUHQWH &DUDFWHULVWLFD($6<(175<(;,7
=&DUDFWHULVWLFD($6<(175<(;,7
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
3DJLQD
=6HWULGHPHPRUDUH 3DJLQD &DUDFWHULVWLFD($6<(175<(;,7VLPSOLILF
LQWUDUHDLLHLUHDGLQDXWRYHKLFXO
3XWHLDFWLYDLGH]DFWLYDFDUDFWHULVWLFD($6<
QFO]LUHDYRODQXOXL (175<(;,7 ,175$5(,(,5(82$5 vQ
FDOFXODWRUXOGHERUG 3DJLQD 
$FWLYDUHDGH]DFWLYDUHD
$9(57,60(17

6FDXQHYRODQLRJOLQ]L
$VLJXUDLYFQXVHSRDWHSULQGHQLPHQL
vQWUHHOHPHQWHFkQGDFWLYDLFDUDFWHULVWLFD
($6<(175<(;,7
'DFH[LVWULVFXOFDFLQHYDVUPkQSULQV
vQWUHUXSHLSURFHGXUDGHUHJODUH3HQWUXDRSUL
SURFHGXUD
=DSVDLEXWRQXOGHUHJODUHDFRORDQHLGH
GLUHFLH
=DSVDLVFXUWXQXOGLQWUHEXWRDQHOHGHSR]L
LHDOHIXQFLHLGHPHPRUDUH
 $VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
&RORDQDGHGLUHFLHVHRSUHWHLPHGLDWGLQ
FKHLDVHDIOvQSR]LLD
GHSODVDUH
 3HQWUXDSRUQLRSULURWLLPDQHWDvQ
1XPHQLQHLEXWRQXOGHSR]LLHDOIXQFLHLGH
GLUHFLDLQGLFDWGHVJHDWDCVDXD PHPRUDUHDSVDWvQFD]FRQWUDUIXQFLDGH
/DPSDLQGLFDWRDUHVHDSULQGHVDXVH PHPRUDUHVHYDODQVDLYRODQXOLVFDXQXOYRU
VWLQJH vQFHSHVVHPLWH
$XWRYHKLFXOHIU.(</(66*2DWXQFLFkQG 1XOVDLQLFLRGDWFRSLLLQHVXSUDYHJKHDLvQ
VFRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW DXWRYHKLFXO$FHWLDDUSXWHDGHVFKLGHSRU
vQFO]LUHDYRODQXOXLVHRSUHWH WLHUDRIHUXOXLDFWLYkQGvQFRQVHFLQQHLQ
$XWRYHKLFXOHFX.(</(66*2DWXQFLFkQG WHQLRQDWFDUDFWHULVWLFD($6<(175<L
RSULLFRPXWDWRUXOGHFRQWDFWLGHVFKLGHL UPkQkQGSULQLvQWUHHOHPHQWH
SRUWLHUDRIHUXOXLvQFO]LUHDYRODQXOXLVH
RSUHWH 3R]LLDYRODQXOXLFkQGFDUDFWHULVWLFD
($6<(175<(;,7HVWHDFWLY
3UREOHPHODvQFO]LUHDYRODQXOXL
9RODQXOVHvQFOLQvQVXVGDF
QFO]LUHDYRODQXOXLVDRSULWSUHPDWXUVDXQX =VFRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
SRDWHILSRUQLW7HQVLXQHDGLQVLVWHPXOHOHF
=GHVFKLGHLSRUWLHUDRIHUXOXLL.(</(66
WULFDODXWRYHKLFXOXOXLHVWHSUHDVF]XWGHRD
UHFHVXQWDFWLYDLSUHDPXOLFRQVXPDWRUL *2HVWHvQSR]LLD
=GHVFKLGHLSRUWLHUDRIHUXOXLLFKHLDHVWH
HOHFWULFL
vQSR]LLDVDXvQFRPXWDWRUXOGHFRQWDFW
 2SULLFRQVXPDWRULLHOHFWULFLGHFDUHQX
DYHLQHYRLHFXPDUILvQFO]LUHDOXQHWHLVDX G 9RODQXOVHGHSODVHD]QXPDLvQVXVGDF
LOXPLQDUHDLQWHULRDU QXDDWLQVGHMDRSULWRUXOGHFDSWVXSHULRU


 2JOLQ]L

3R]LLDYRODQXOXLSHQWUXFRQGXFHUH 2JOLQ]L
9RODQXOHVWHGHSODVDWvQSR]LLDVHWDWDQWH 2JOLQGUHWURYL]RDUH
ULRUGDF
=SRUWLHUDRIHUXOXLHVWHvQFKLV 2JOLQGUHWURYL]RDUH DQWLRUELUH
PDQXDO
=LQWURGXFHLFKHLDvQFRPXWDWRUXOGHFRQ
WDFW
VDX
=DSVDLEXWRQXO6WDUW6WRSRGDWODDXWR
YHKLFXOHOHFX.(</(66*2
6FDXQHYRODQLRJOLQ]L

'DFvQFKLGHLSRUWLHUDRIHUXOXLFXFKHLD
LQWURGXVvQFRPXWDWRUXOGHFRQWDFWYRODQXO
HVWHGHDVHPHQHDGHSODVDWDXWRPDWvQSR]LLD
VHWDWDQWHULRU
8OWLPDSR]LLHDYRODQXOXLHVWHPHPRUDW
GXSFHGHFXSODLFRQWDFWXOVDXFkQGPHPR
UDLVHWDUHDFXIXQFLDGHPHPRUDUH  0RGXODQWLRUELUHDFLRQDLFRPXWDWRUXO
3DJLQD  DQWLRUELUHCvQDLQWHVDXvQDSRL

&DUDFWHULVWLFD($6<(;,7 ,(,5(
82$5 FXUHDFLHODFROL]LXQL 2JOLQ]LH[WHULRDUH
'DFVHGHFODQHD]FDUDFWHULVWLFD($6<
5HJODUHDRJOLQ]LORUH[WHULRDUH
(;,7FXUHDFLLODFROL]LXQLvQFD]GHDFFLGHQW
FRORDQDGHGLUHFLHVHYDGHSODVDvQVXVFkQG $9(57,60(17
SRUWLHUDRIHUXOXLHVWHGHVFKLV$FHDVWDVXU 2JOLQ]LOHH[WHULRDUHUHGXFPULPHDLPDJLQLL
YLQHLQGLIHUHQWGHSR]LLDFKHLLvQFRPXWDWRUXO 2ELHFWHOHVXQWGHIDSWPDLDSURSLDWHGHFkW
GHFRQWDFW$VWIHOLHLUHDGLQDXWRYHKLFXOL SDU(VWHSRVLELOVDSUHFLDLLQFRUHFWGLVWDQD
VDOYDUHDRFXSDQLORUHVWHPDLVLPSO IDGHDXWRYHKLFXOHOHGLQVSDWHLVSURYR
&DUDFWHULVWLFD($6<(;,7FXUHDFLLODFROL FDLXQDFFLGHQWGHH[ODVFKLPEDUHDEHQ]LL
]LXQLHVWHIXQFLRQDOGRDUGDFFDUDFWHULV 'LQDFHVWPRWLYDVLJXUDLYSULYLQGGLVWDQD
WLFD($6<(;,7(175<HVWHDFWLYDWvQFDOFX UHDOIDGHDXWRYHKLFXOXOGLQVSDWHDUXQFkQG
ODWRUXOGHERUG RSULYLUHUDSLGSHVWHXPU

2JOLQ]LOHH[WHULRDUHFRQYH[HRIHUXQFkPS
GHYL]LXQHPDLPDUH
2JOLQ]LOHH[WHULRDUHVXQWvQFO]LWHDXWRPDW
GDFvQFO]LUHDOXQHWHLHVWHDFWLYDWLWHP
SHUDWXUDH[WHULRDUHVWHVF]XW
2JOLQ]L 

 $VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOvQSR]LLDVDX
 $SVDLEXWRQXOCVFXUW
$PEHOHRJOLQ]LH[WHULRDUHVHUDEDWHD]VDX
VHH[WLQG
G $VLJXUDLYFRJOLQ]LOHH[WHULRDUHVXQW
vQWRWGHDXQDH[WLQVHFRPSOHWDWXQFLFkQG
FRQGXFHLQFD]FRQWUDUDUSXWHDYLEUD

6HWDUHDRJOLQ]LORUH[WHULRDUH

6FDXQHYRODQLRJOLQ]L
 $VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
FKHLDVHDIOvQSR]LLDVDX 'DFEDWHULDDIRVWGHFRQHFWDWVDXFRPSOHW
GHVFUFDWRJOLQ]LOHH[WHULRDUHWUHEXLHVILH
 $SVDLEXWRQXOCSHQWUXRJOLQGDH[WH
UHVHWDWHQFD]FRQWUDURJOLQ]LOHH[WHULRDUH
ULRDUGHSHSDUWHDVWkQJVDXEXWRQXOD QXVHYRUUDEDWDFkQGVHOHFWDLIXQFLD5DED
SHQWUXRJOLQGDH[WHULRDUGHSHSDUWHD WDUHRJOLQ]LODvQFXLHUHGLQFDOFXODWRUXOGH
GUHDSW ERUG 3DJLQD 
/DPSDLQGLFDWRDUHGLQEXWRQXODIHUHQWVH
 $VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
DSULQGHvQURX
FKHLDVHDIOvQSR]LLD
/DPSDLQGLFDWRDUHVHVWLQJHGLQQRXGXS
 $SVDLEXWRQXOCVFXUW
FkWYDWLPS3XWHLUHJODRJOLQGDVHOHFWDW
FXDMXWRUXOEXWRQXOXLGHUHJODUHFkW
ODPSDLQGLFDWRDUHHVWHDSULQV 5DEDWDUHDVDXH[WLQGHUHDDXWRPDWD
 $SVDLEXWRQXOGHUHJODUHvQVXVvQMRV RJOLQ]LORUH[WHULRDUH
vQVWkQJDVDXvQGUHDSWDSkQODUHJODUHD 'DFIXQFLD5DEDWDUHRJOLQ]LODvQFXLHUH
RJOLQ]LLH[WHULRDUHvQSR]LLDFRUHFW7UHEXLH HVWHDFWLYDWvQFDOFXODWRUXOGHERUG
VDYHLRYHGHUHGHDQVDPEOXEXQDVXSUD 3DJLQD 
FRQGLLLORUGHWUDILF =RJOLQ]LOHH[WHULRDUHVHUDEDWHD]DXWRPDW
LPHGLDWFHvQFXLDLDXWRYHKLFXOXOGLQH[WH
5DEDWDUHDVDXH[WLQGHUHDHOHFWULFD ULRU
RJOLQ]LORUH[WHULRDUH =RJOLQ]LOHH[WHULRDUHVHH[WLQGGLQQRXDXWR
PDWLPHGLDWFHGHVFXLDLDXWRYHKLFXOXOL
DSRLGHVFKLGHLSRUWLHUDRIHUXOXLVDXFHDD
SDVDJHUXOXLGLQID
G 'DFRJOLQ]LOHH[WHULRDUHDXIRVWUDEDWDWH
PDQXDOHOHQXVHPDLH[WLQG

2JOLQGDH[WHULRDUvQDIDUDSR]LLHL
'DFRRJOLQGH[WHULRDUDIRVWVFRDVGLQ
SR]LLDVDSURFHGDLGXSFXPXUPHD]
 $XWRYHKLFXOHIURJOLQ]LH[WHULRDUHFX
UDEDWDUHHOHFWULFGHSODVDLRJOLQGDH[WH
ULRDUvQSR]LLDFRUHFWPDQXDO
 $XWRYHKLFXOHFXRJOLQ]LH[WHULRDUHFX
UDEDWDUHHOHFWULFDSVDLLPHQLQHL


 2JOLQ]L

DSVDWEXWRQXOGHUDEDWDUHDRJOLQ]LLSkQ
FkQGDX]LLXQFOLFLDURJOLQGDVHvPELQvQ
SR]LLH 3DJLQD 
&DUFDVDRJOLQ]LLHVWHGLQQRXvPELQDWL
SXWHLUHJODRJOLQ]LOHH[WHULRDUHGXSFXP
HVWHQRUPDO 3DJLQD 

2JOLQ]LDQWLRUELUHDXWRPDWH
$9(57,60(17
6FDXQHYRODQLRJOLQ]L

'DFOXPLQDLQFLGHQWSURYHQLWGHODIDUXUL  $VLJXUDLYFDXWRYHKLFXOXOVWDLRQHD]L
HVWHvPSLHGLFDWVDMXQJODVHQ]RUXOGLQ FDLDGXVFKHLDvQSR]LLDGLQFRPXWD
RJOLQGDUHWURYL]RDUHGHEDJDMHOHDUDQMDWH WRUXOGHFRQWDFW
SUHDVXVvQDXWRYHKLFXOGHH[HPSOXIXQFLD  &XSODLWUHDSWDGHPHUVvQDSRL
DXWRPDWDQWLRUELUHDRJOLQ]LLQXYDIXQF 2JOLQGDH[WHULRDUGHSHSDUWHDSDVDJHUX
LRQD OXLGLQIDLQWUvQSR]LLDGHSDUFDUHSUH
/XPLQDLQFLGHQWYDUSXWHDDVWIHORUEL(DY VHWDW
SRDWHGLVWUDJHDWHQLDGHODFRQGLLLOHGHWUDILF  8WLOL]DLEXWRQXOGHUHJODUHSHQWUXD
LGUHSWXUPDUHSXWHLSURYRFDXQDFFLGHQW UHJODRJOLQGDH[WHULRDU$UWUHEXLVYHGHL
URDWDGLQVSDWHLERUGXUDvQRJOLQGDH[WH
2JOLQGDUHWURYL]RDUHLRJOLQGDH[WHULRDUGH ULRDU
SHSDUWHDRIHUXOXLLQWUDXWRPDWvQPRGXO 3R]LLDGHSDUFDUHHVWHPHPRUDW
DQWLRUELUHGDFHVWHSXVFRQWDFWXOLOXPLQD
LQFLGHQWGHODIDUXULDMXQJHODVHQ]RUXOGLQ G &kQGFXSODLWUDQVPLVLDvQDOWSR]LLH
RJOLQGDUHWURYL]RDUH RJOLQGDH[WHULRDUGHSHSDUWHDSDVDJHUXOXL
2JOLQ]LOHQXLQWUvQPRGXODQWLRUELUHGDF GLQIDUHYLQHODSR]LLDGHFRQGXFHUH
WUHDSWDGHPHUVvQDSRLHVWHFXSODWVDXLOX G 3XWHLPHPRUDSR]LLDGHSDUFDUHLFX
PLQDUHDLQWHULRDUHVWHSRUQLW DMXWRUXOEXWRQXOXLGHPHPRUDUH0
 $VLJXUDLYFvQFRPXWDWRUXOGHFRQ
3R]LLDGHSDUFDUHSHQWUXRJOLQGD WDFWFKHLDVHDIOvQSR]LLD
H[WHULRDUSHSDUWHDSDVDJHUXOXLGLQ  &XRJOLQGDH[WHULRDUGHSHSDUWHD
ID SDVDJHUXOXLGLQIDDFWLYDWXWLOL]DL
EXWRQXOGHUHJODUHSHQWUXDUHJOD
6HWDUHDLPHPRUDUHDSR]LLHLGHSDU RJOLQGDH[WHULRDU$UWUHEXLVYHGHL
FDUH URDWDGLQVSDWHLERUGXUDvQRJOLQGD
3XWHLSR]LLRQDRJOLQGDH[WHULRDUGHSHSDU H[WHULRDUGHSHSDUWHDSDVDJHUXOXL
WHDSDVDJHUXOXLGLQIDDVWIHOvQFkWVYHGHL GLQID
URDWDVSDWHGHSHSDUWHDUHVSHFWLYLPHGLDW  $SVDLEXWRQXOGHPHPRUDUH0L
FHFXSODLWUHDSWDGHPHUVvQDSRL3XWHL XQDGLQWUHVJHLOHGHSHEXWRQXOGH
PHPRUDDFHDVWSR]LLH UHJODUHvQGHFXUVGHWUHLVHFXQGH
3R]LLDGHSDUFDUHHVWHPHPRUDW
GDFRJOLQGDH[WHULRDUQXVHGHSOD
VHD]
'DFRJOLQGDLHVHGLQSR]LLHUHSHWDLSDLL
)XQFLHGHPHPRUDUH 

$SHODUHDXQHLVHWULGHSR]LLHGHSDU QHD]QFD]FRQWUDUHVWHSRVLELOFDSXQHUHD
FDUHPHPRUDWH vQPLFDUHDYRODQXOXLLDVFDXQXOXLVYGLV
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH WUDJDWHQLDGHODFRQGLLLOHGLQWUDILFSXWkQG
FRQWDFW SURYRFDXQDFFLGHQWvQFRQVHFLQ
 5HJODLRJOLQGDH[WHULRDUGHSHSDUWHD
SDVDJHUXOXLGLQIDFXEXWRQXODIHUHQW
3DJLQD 
 &XSODLWUHDSWDGHPHUVvQDSRL
2JOLQGDH[WHULRDUGHSHSDUWHDSDVDJHUX
OXLGLQIDLQWUvQSR]LLDGHSDUFDUHVWR

6FDXQHYRODQLRJOLQ]L
FDW
2JOLQGDH[WHULRDUGHSHSDUWHDSDVDJHUXOXL
GLQIDUHYLQHvQSR]LLDLQLLDO
=LPHGLDWFHGHSLLRYLWH]GHNPK
=DSUR[LPDWLY]HFHVHFXQGHGXSFHDLGHFX  5HJODLVFDXQXO 3DJLQD 
SODWWUHDSWDGHPHUVvQDSRL  3HSDUWHDRIHUXOXLUHJODLYRODQXO
=GDFDSVDLEXWRQXOCSHQWUXRJOLQGD 3DJLQD LRJOLQ]LOHH[WHULRDUH
H[WHULRDUSHSDUWHDRIHUXOXL 3DJLQD 
 $SVDLEXWRQXOGHPHPRUDUH0LDSRL
DSVDLEXWRQXOSR]LLHLGHVWRFDUHVDX
)XQFLHGHPHPRUDUH vQGHFXUVGHWUHLVHFXQGH
6HWULGHPHPRUDUH 6HWULOHVXQWPHPRUDWHvQSR]LLDGHSUH
VHWDUHVHOHFWDW6HHPLWHXQVHPQDOVRQRU
&XIXQFLDGHPHPRUDUHSXWHLVWRFDSkQOD FkQGVHWULOHDXIRVWILQDOL]DWH
WUHLVHWULGLIHULWHGHH[SHQWUXWUHLSHUVRDQH
GLIHULWH
8UPWRDUHOHVHWULVXQWVWRFDWHFDXQDQVDP $SHODUHDXQHLVHWULPHPRUDWH
EOXSUHVHWDWvQPHPRULHXQLF
=SR]LLDVFDXQXOXLVSWDUXOXLLWHWLHUHL
 $SVDLLPHQLQHLDSVDWEXWRQXOGHSR]L
LHGHPHPRUDUHUHOHYDQWVDXSkQ
=SHSDUWHDRIHUXOXLSR]LLDYRODQXOXL
FkQGVFDXQXOYRODQXOLRJOLQ]LOHH[WHULRDUH
=SHSDUWHDRIHUXOXLSR]LLRQDLRJOLQ]LOH LQWUvQSR]LLDPHPRUDW
H[WHULRDUHSHSDUWHDRIHUXOXLLDSDVDJH
UXOXLGLQID G 3URFHGXUDGHVHWDUHVHvQWUHUXSHLPHGLDW
FHHOLEHUDLEXWRQXOGHSR]LLHGHPHPR
$9(57,60(17 UDUH
)XQFLDGHPHPRUDUHSRDWHILXWLOL]DWvQFRQ
WLQXDUHLGXSFHFKHLDDIRVWVFRDV'LQ
DFHVWPRWLYFRSLLLQXWUHEXLHVILHOVDL
QHVXSUDYHJKHDLvQDXWRYHKLFXOQFD]FRQ
WUDUDFHWLDDUSXWHDUPkQHSULQLvQWUHHOH
PHQWHFkQGUHJOHD]VFDXQXOVDXYRODQXO

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





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

/XPLQLLWHUJWRDUHGHSDUEUL]
 ,OXPLQDUHH[WHULRDU

,QIRUPDLLXWLOH WUDYHUVDUHDJUDQLHLODvQWRDUFHUH
3DJLQD 
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH 'DFIDUXULOHVXQWFRQYHUWLWHODID]DVFXUW
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG VLPHWULFIXQFLLOHPRGDXWRVWUDGLSUR
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD LHFWRDUHGHFHDFXUD]H[WLQV 6LVWHPXO
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL GHOXPLQLLQWHOLJHQWH VXQWLQGLVSRQLELOH
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP &RPXWDWRUGHOXPLQL
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO )XQFLRQDUH
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
ULWRDUHODVLJXUDQ
/XPLQLLWHUJWRDUHGHSDUEUL]

G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH 3DJLQD 

,OXPLQDUHH[WHULRDU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
'LQPRWLYHGHVLJXUDQ0HUFHGHV%HQ]Y
UHFRPDQGVFRQGXFHLFXOXPLQLOHSRUQLWH Gc /PSLOHGHSR]LLHGHSHSDUWHD
FKLDULSHWLPSGH]LQDQXPLWHULXWLOL]DUHD VWkQJ
IDUXULORUYDULD]vQIXQFLHGHFHULQHOHOHJDOH Hd /PSLOHGHSR]LLHGHSHSDUWHD
LGHREOLJDLLOHDXWRLPSXVH GUHDSW
I` /XPLQLGHSR]LLHODWHUDOHLOXPLQDUHD
SOFXHLGHvQPDWULFXODUHLDSDQRX
1RWHSULYLQGFRQGXFHUHDvQ
OXLGHLQVWUXPHQWH
VWULQWDWH
JX 0RGGHIXQFLRQDUHDXWRPDWDIDUX
7UHFHUHDODID]DVFXUWVLPHWULFFkQG ULORUPRGGHIXQFLRQDUHSHWLPSGH
FRQGXFHLvQVWULQWDWHFRPXWDLIDUXULOH ]LDIDUXULORU
SHID]DVFXUWVLPHWULFvQULOHvQFDUHWUDIL KX )DUXULSHQWUXID]VFXUWIDUXULSHQ
FXOVHGHVIRDUSHSDUWHDRSXVGUXPXOXL WUXID]OXQJ
vQDUDvQFDUHDXWRYHKLFXOXOHVWHvQUHJLVWUDW ^ /DPSGHFHDVSDWH
$VWIHOSUHYHQLLRUELUHDWUDILFXOXLGHSHFRQ
WUDVHQV$WXQFLFkQGXWLOL]DLOXPLQLVLPHWULFH 6HPQDOL]DWRDUHOHGHGLUHFLHIDUXULOHSHQWUX
PDUJLQHDFDURVDELOXOXLQXHVWHOXPLQDWODIHO ID]OXQJLFOD[RQXORSWLFIODVKXOVXQW
GHPXOWFDvQPRGQRUPDOLQLFLSHRGLVWDQ DFLRQDWHFXDMXWRUXOFRPXWDWRUXOXLPL[W
PDUHvQDLQWH 3DJLQD 
&RQYHUWLLIDUXULOHFkWPDLDSURDSHSRVLELOGH  'DFEDWHULDDIRVWGHVFUFDWH[FHVLY
JUDQLvQDLQWHGHDFRQGXFHvQDFHVWHUL OXPLQLOHGHSR]LLHODWHUDOHVDXOPSLOHGH
3DJLQD  SR]LLHVXQWDXWRPDWRSULWHSHQWUXDSHU
&RQYHUWLUHDODID]VFXUWDVLPHWULF PLWHXUPWRDUHDSRUQLUHDPRWRUXOXL3DU
GXSvQWRDUFHUHUHFRQYHUWLLIDUXULOHODID] FDLvQWRWGHDXQDDXWRYHKLFXOXOGXPQHD
VFXUWDVLPHWULFFkWPDLFXUkQGSRVLELOGXS YRDVWUODORFVLJXULVXILFLHQWLOXPLQDWvQ
IXQFLHGHVWDQGDUGHOHOHJDOH(YLWDLXWLOL
,OXPLQDUHH[WHULRDU 

]DUHDFRQWLQXDOXPLQLORUGHSR]LLHODWH &kQGIDUXULOHSHQWUXID]VFXUWVXQWSRU
UDOH`WLPSGHFkWHYDRUH'DFHVWH QLWHODPSDLQGLFDWRDUHXGLQSDQRXOGH
SRVLELOSRUQLLODPSDGHSR]LLHd LQVWUXPHQWHVHDSULQGH
GUHDSWDVDXcVWkQJD
,OXPLQDUHDH[WHULRDU FXH[FHSLDOXPLQLORU 0RGGHIXQFLRQDUHDXWRPDWDIDUXULORU
GHSR]LLHODWHUDOHOPSLORUGHSR]LLH VH  3HQWUXDSRUQLPRGXOGHIXQFLRQDUH
RSUHWHDXWRPDWGDF DXWRPDWDIDUXULORUURWLLFRPXWDWRUXO
=VFRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW GHOXPLQLvQSR]LLDX
=GHVFKLGHLSRUWLHUDRIHUXOXLFXFKHLDvQ &KHLDvQSR]LLDvQFRPXWDWRUXOGHFRQ
SR]LLD WDFWOXPLQLOHGHSR]LLHODWHUDOHVXQWSRU
'DFDX]LLXQVXQHWGHDYHUWL]DUHFkQG QLWHVDXRSULWHDXWRPDWvQIXQFLHGHLQWHQ
SUVLLDXWRYHKLFXOXOHVWHSRVLELOFDOXPLQLOH VLWDWHDOXPLQLLDPELHQWDOH

/XPLQLLWHUJWRDUHGHSDUEUL]
VILUPDVDSULQVH &XPRWRUXOSRUQLWvQIXQFLHGHLQWHQVLWDWHD
 5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD
OXPLQLLDPELHQWDOHPRGXOGHIXQFLRQDUH
X SHWLPSGH]LDIDUXULORUVDXGDFIDUXULOH
SHQWUXID]VFXUWVXQWSRUQLWHVDXRSULWH
DXWRPDW
)DUXULSHQWUXID]VFXUW
&kQGIDUXULOHSHQWUXID]VFXUWVXQWSRU
 3HQWUXDDFWLYDIDUXULOHSHQWUXID] QLWHODPSDLQGLFDWRDUHXGLQSDQRXOGH
VFXUWURWLLFKHLDvQFRPXWDWRUXOGHFRQ LQVWUXPHQWHVHDSULQGH
WDFWvQSR]LLDVDXSRUQLLPRWRUXO
 5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD
3HULFROGHDFFLGHQW
X &kQGFRPXWDWRUXOGHOXPLQLHVWHVHWDWvQSR]L
/DPSDLQGLFDWRDUHXGLQSDQRXOGH LDXID]DVFXUWDIDUXULORUQXVHDSULQGH
LQVWUXPHQWHVHDSULQGH DXWRPDWvQFRQGLLLGHFHD$FHVWOXFUXY
SRDWHSXQHvQSHULFRODWkWSHGXPQHDYRDVWU
FkWLSHDOWHSHUVRDQH'HDFHHDvQFRQGLLL
0RGGHIXQFLRQDUHSHWLPSGH]LDIDUX GHFHDURWLLFRPXWDWRUXOGHOXPLQLvQSR]L
ULORU LDX
3XWHLDFWLYDVDXGH]DFWLYDPRGXOGHIXQFLR 0RGXOGHIXQFLRQDUHDXWRPDWDIDUXULORU
QDUHSHWLPSGH]LDIDUXULORUFXDMXWRUXOFDO HVWHRIHULWGRDUFDIDFLOLWDWHRIHUXOHVWH
FXODWRUXOXLGHERUG 3DJLQD  vQWRWGHDXQDSHGHSOLQUHVSRQVDELOGHLOXPL
 0RGGHIXQFLRQDUHSHWLPSGH]LDIDUX QDUHDDXWRYHKLFXOXOXL
ULORUDFWLYDLPRGXOGHIXQFLRQDUHSHWLPS
GH]LDIDUXULORUFXDMXWRUXOFDOFXODWRUXOXLGH /DPSGHFHDVSDWH
ERUG
 3HQWUXDDSULQGHOPSLOHGHFHD
 5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD
VSDWHURWLLFKHLDvQFRPXWDWRUXOGHFRQ
X
WDFWvQSR]LLDVDXSRUQLLPRWRUXO
&kQGPRWRUXOHVWHSRUQLWvQIXQFLHGHFRQ
 5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD
GLLLOHGHOXPLQDPELDQWPRGXOGHIXQF
LRQDUHSHWLPSGH]LDIDUXULORUVDXGH XVDXX
DSULQGHUHDOXPLQLORUGHSR]LLHVDXDOHIDUX
ULORUSHQWUXID]VFXUW

 1XPDLGDFPRGXOGHIXQFLRQDUHSHWLPSGH]LDIDUXULORUDIRVWDFWLYDWSULQFDOFXODWRUXOGHERUG


 ,OXPLQDUHH[WHULRDU

 $SVDLEXWRQXO^ 6LVWHPGHFXUDUHIDUXUL
6HDSULQGHODPSDLQGLFDWRDUH^JDOEHQ
'DFIXQFLDWHUJHUHFXOLFKLGGHVSODUH
GLQSDQRXOGHLQVWUXPHQWH HVWHDFLRQDWGHFLQFLRUL 3DJLQD
 3HQWUXDGH]DFWLYDOPSLOHGHFHD FkQGOXPLQLOHVXQWDSULQVHLPRWRUXOIXQFLR
VSDWHDSVDLEXWRQXO^ QHD]IDUXULOHVXQWFXUDWHDXWRPDW&kQG
/DPSDLQGLFDWRDUHJDOEHQ^GLQ GHFXSODLFRQWDFWXOVLVWHPXOGHFXUDUH
SDQRXOGHLQVWUXPHQWHVHVWLQJH DXWRPDWDIDUXULORUHVWHUHVHWDWL
QXPUWRDUHDHVWHUHOXDWGHOD
G 'DFRSULLPRWRUXO FKHLDvQSR]LLDGLQ
FRPXWDWRUXOGHFRQWDFW LDSRLvOUHSRUQLL
VHUHYLQHODVHWULOHDQWHULRDUHDOHOPSLORU
&RPXWDWRUPL[W
GHFHD
6HPQDOL]DWRDUHGHGLUHFLH
/XPLQLLWHUJWRDUHGHSDUEUL]

5HJODUHDvQOLPLLIDUXULORU IDUXULFX
KDORJHQ
&RQWUROXOvQOLPLLIDUXULORUYSHUPLWHV
UHJODLUD]DGHOXPLQHPLVGHIDUXULvQIXQF
LHGHQLYHOXOGHvQFUFDUHDODXWRYHKLFXOXOXL

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

&RQWUROvQOLPHIDUXUL  3HQWUXDVHPQDOL]DVFXUWDSVDLVFXUW
Z 6FDXQXORIHUXOXLLVFDXQXOSDVDJHUXOXL FRPXWDWRUXOPL[WODSXQFWXOGHSUHVLXQHvQ
IDRFXSDWH GLUHFLDLQGLFDWGHVJHDWDDVDX
G 6FDXQXORIHUXOXLVFDXQXOSDVDJHUXOXL 6HPQDOL]DWRUXOGHGLUHFLHDIHUHQWOXPL
IDLVFDXQHOHVSDWHRFXSDWH QHD]LQWHUPLWHQWGHWUHLRUL
 3HQWUXDVHPQDOL]DDSVDLFRPXWDWRUXO
H 6FDXQXORIHUXOXLVFDXQXOSDVDJHUXOXL
IDLVFDXQHOHVSDWHRFXSDWHLVDUFLQD PL[WGLQFRORGHSXQFWXOGHSUHVLXQHvQ
SHSXQWHDVSDWHPD[LPDGPLVXWLOL]DW GLUHFLDLQGLFDWGHVJHDWDDVDX
FkQGDXWRYHKLFXOXOHVWHvQFUFDW
I 6FDXQXORIHUXOXLRFXSDWLVDUFLQDSH )DUXULSHQWUXID]OXQJ
SXQWHDVSDWHPD[LPDGPLVXWLOL]DW  3HQWUXDDFWLYDIDUXULOHSHQWUXID]
FkQGDXWRYHKLFXOXOHVWHvQFUFDW OXQJURWLLFKHLDvQFRPXWDWRUXOGHFRQ
 3RUQLLPRWRUXO WDFWvQSR]LLDVDXSRUQLLPRWRUXO
 5RWLLFRQWUROXOvQOLPLLIDUXULORUvQSR]LLD  5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD
FDUHFRUHVSXQGHVDUFLQLLGLQDXWRYHKLFXOXO XVDXX
GXPQHDYRDVWU
,OXPLQDUHH[WHULRDU 

 $SVDLFRPXWDWRUXOPL[WGLQFRORGHSXQF QXPDLODPSDVHPQDOL]DWRUXOXLGHGLUHFLH
WXOGHSUHVLXQHvQGLUHFLDLQGLFDWGH GHSHSDUWHDDIHUHQWDDXWRYHKLFXOXOXLYD
VJHDWDC OXPLQDLQWHUPLWHQW
QSR]LLDXIDUXULOHSHQWUXID]OXQJ  3HQWUXDRSULVHPQDOL]DWRDUHOHGHDYD
VXQWDSULQVHQXPDLFkQGHVWHvQWXQHULFL ULHDSVDLEXWRQXOC
PRWRUXOIXQFLRQHD]
6HPQDOL]DWRDUHOHGHDYDULHVHRSUHVFDXWR
/DPSDLQGLFDWRDUHWGLQSDQRXOGH PDWGDFDXWRYHKLFXOXODWLQJHRYLWH]GH
LQVWUXPHQWHVHDSULQGHFkQGIDUXULOHSHQWUX SHVWHNPKGLQQRXGXSDFLRQDUHDFRP
ID]OXQJVXQWDSULQVH SOHWDIUkQHORU
 3HQWUXDGH]DFWLYDIDUXULOHSHQWUXID]
G 6HPQDOL]DWRDUHOHGHDYDULHSRWFRQWLQXD
OXQJDGXFHLFRPXWDWRUXOPL[WvQDSRLvQ
SR]LLDQRUPDO VIXQFLRQH]HGDFDLGHFXSODWFRQWDFWXO
/DPSDLQGLFDWRDUHWGLQSDQRXOGH

/XPLQLLWHUJWRDUHGHSDUEUL]
LQVWUXPHQWHVHVWLQJH
6LVWHPGHOXPLQLLQWHOLJHQWH
&OD[RQRSWLFIODVK 1RWHLPSRUWDQWH
 3HQWUXDDFWLYDURWLLFKHLDvQFRPXWDWRUXO 6LVWHPXOGHOXPLQLLQWHOLJHQWHHVWHXQVLVWHP
GHFRQWDFWvQSR]LLDVDXVDXSRUQLL FDUHUHJOHD]IDUXULOHvQPRGDXWRPDWSHQWUX
PRWRUXO DVHDGDSWDFRQGLLLORUUXWLHUHLPHWHRSUH
 7UDJHLFRPXWDWRUXOPL[WvQGLUHFLDLQGL GRPLQDQWH$FHVWDRIHUIXQFLLDYDQVDWH
FDWGHVJHDWD SHQWUXLOXPLQDUHDvPEXQWLWDVXSUDIHHL
GHGUXPGHH[vQIXQFLHGHYLWH]DDXWRYHKL
FXOXOXLLvQIXQFLHGHFRQGLLLOHPHWHR6LV
WHPXOLQFOXGHIXQFLDOXPLQDFWLYIXQFLD
6HPQDOL]DWRDUHGHDYDULH LOXPLQDUHVXSOLPHQWDUvQYLUDMHPRGXODXWRV
WUDGLSURLHFWRDUHGHFHDFXUD]H[WLQV
6LVWHPXOHVWHDFWLYQXPDLDWXQFLFkQGHVWH
vQWXQHULF
3XWHLDFWLYDVDXGH]DFWLYD6LVWHPGHOXPLQL
LQWHOLJHQWHFXDMXWRUXOFDOFXODWRUXOXLGHERUG
3DJLQD 

)XQFLDOXPLQDFWLY

6HPQDOL]DWRDUHOHGHDYDULHVHDSULQGDXWRPDW
GDF
=XQDLUEDJHVWHGHFODQDW
=DXWRYHKLFXOXOGHFHOHUHD]UDSLGGHODR
YLWH]GHSHVWHNPKLVHRSUHWH
 3HQWUXDSRUQLVHPQDOL]DWRDUHOHGHDYD
ULHDSVDLEXWRQXOC
7RDWHVHPQDOL]DWRDUHOHGHGLUHFLHFOLSHVF
'DFDFXPSRUQLLXQVHPQDOL]DWRUGH )XQFLDOXPLQDFWLYHVWHXQVLVWHPFDUH
GLUHFLHFXDMXWRUXOFRPXWDWRUXOXLPL[W GHSODVHD]IDUXULOHvQIXQFLHGHPLFULOH

 ,OXPLQDUHH[WHULRDU

URLORUID$VWIHO]RQHOHUHOHYDQWHUPkQLOX 0RGDXWRVWUDG
PLQDWHvQWLPSXOFRQGXFHULL$FHDVWDYSHU
PLWHVUHFXQRDWHLSLHWRQLELFLFOLWLLDQL
PDOH
$FWLYFkQGOXPLQLOHVXQWSRUQLWH

,OXPLQDUHVXSOLPHQWDUvQYLUDMH

0RGXODXWRVWUDGFUHWHUD]DID]HLIDUXULORU
/XPLQLLWHUJWRDUHGHSDUEUL]

$FWLY
=GDFFRQGXFHLFXYLWH]HGHSHVWH
NPKLQXHIHFWXDLPLFULDPSOHGH
GLUHFLHSHSDUFXUVXODP
=GDFFRQGXFHLFXSHVWHNPK
,OXPLQDUHDVXSOLPHQWDUvQYLUDMH
vPEXQWHWHLOXPLQDUHDGUXPXOXLSHXQ ,QDFWLYGDFFRQGXFHLFXYLWH]HVXE
XQJKLODUJvQGLUHFLDvQFDUHYLUDLSHUPLkQG NPKGXSDFWLYDUH
RYL]LELOLWDWHPDLEXQvQYLUDMHVWUkQVHGH
H[HPSOX)XQFLDSHQWUXLOXPLQDUHVXSOLPHQ 3URLHFWRDUHGHFHDFXUD]H[WLQV
WDUvQYLUDMHSRDWHILDFWLYDWQXPDLFkQG
IDUXULOHSHQWUXID]VFXUWVXQWDSULQVH
$FWLY
=GDFFRQGXFHLFXYLWH]HVXENPKL
SRUQLLVHPQDOL]DWRUXOGHGLUHFLHVDXURWLL
GHYRODQ
=GDFFRQGXFHLFXYLWH]HvQWUHNPKL
NPKLURWLLGHYRODQ
,QDFWLYGDFFRQGXFHLFXYLWH]HGHSHVWH
NPKVDXRSULLVHPQDOL]DWRUXOGHGLUHFLH
VDXURWLLYRODQXOODSR]LLDGUHSWvQDLQWH 3URLHFWRDUHOHGHFHDFXUD]H[WLQVUHGXF
,OXPLQDUHDVXSOLPHQWDUvQYLUDMHSRDWH VHQ]DLDGHRUELUHUHVLPLWGHRIHUL
UPkQHDSULQVVFXUWWLPSvQVHVWHDXWRPDW vPEXQWHVFLOXPLQDUHDODPDUJLQHDFDURVD
RSULWGXSQXPDLPXOWGHWUHLPLQXWH ELOXOXL
$FWLYGDFFRQGXFHLFXYLWH]HVXE
NPKLVWLQJHLODPSDGHFHDVSDWH
,QDFWLYGDFFRQGXFHLFXYLWH]HGHSHVWH
NPKVDXGDFVWLQJHLODPSDGHFHD
VSDWHGXSDFWLYDUH
,OXPLQDUHH[WHULRDU 

$VLVWHQSHQWUXID]DOXQJDGDSWLY 'DFFRQGXFHLFXSHVWHNPK
vQOLPHDIDUXULORUHVWHVHWDWDXWRPDWvQ
3XWHLXWLOL]DDFHDVWIXQFLHSHQWUXDVHWD
IXQFLHGHGLVWDQDGLQWUHDXWRYHKLFXOLDOL
IDUXULOHVFRPXWHvQWUHID]VFXUWLID]D
SDUWLFLSDQLODWUDILF
OXQJDXWRPDW6LVWHPXOUHFXQRDWHDXWRYH
KLFXOHOHFXIDUXULOHDSULQVHILHFHOHFDUHYLQ 'DFFRQGXFHLFXYLWH]HGHSHVWH
GLQVHQVXORSXVILHFHOHFDUHUXOHD]vQIDD NPKLQXVHUHFXQRVFDOLSDUWLFLSDQL
DXWRYHKLFXOXOXLGXPQHDYRDVWUFRPXWkQGvQ ODWUDILF
FRQVHFLQIDUXULOHGHSHID]OXQJSHID] IDUXULOHSHQWUXID]OXQJVXQWDSULQVHDXWR
VFXUW PDW'HDVHPHQHDVHDSULQGHODPSDLQGL
6LVWHPXODGDSWHD]DXWRPDWEWDLDIDUXOXL FDWRDUHWGLQSDQRXOGHLQVWUXPHQWH
SHQWUXID]VFXUWvQIXQFLHGHGLVWDQDID 'DFFRQGXFHLFXYLWH]HVXENPKVDX
GHFHOODOWDXWRYHKLFXO2GDWFHVLVWHPXOQX DOLSDUWLFLSDQLODWUDILFVXQWUHFXQRVFXL

/XPLQLLWHUJWRDUHGHSDUEUL]
PDLGHWHFWHD]DOWHDXWRYHKLFXOHDFHVWD VDXGUXPXOHVWHLOXPLQDWFRUHVSXQ]WRU
UHDFWLYHD]IDUXULOHSHQWUXID]OXQJ IDUXULOHSHQWUXID]OXQJVXQWRSULWHDXWR
6HQ]RUXORSWLFDOVLVWHPXOXLVHDIOvQVSDWHOH PDW/DPSDLQGLFDWRDUHWGLQSDQRXOGH
SDUEUL]XOXLOkQJSDQRXOGHFRPDQGVLWXDW LQVWUXPHQWHVHVWLQJH/DPSDLQGLFDWRDUH
SHSODIRQ GLQSDQRXOGHLQVWUXPHQWHUPkQH
DSULQV
 3HQWUXDGH]DFWLYDDGXFHLFRPXWDWRUXO
PL[WvQDSRLvQSR]LLDQRUPDO
/DPSDLQGLFDWRDUHGLQSDQRXOGH
LQVWUXPHQWHVHVWLQJH

$9(57,60(17
$VLVWHQSHQWUXID]OXQJDGDSWLYHVWH
QXPDLXQVLVWHPGHDVLVWHQFDUHYDMXW
FkQGFRQGXFHLRIHUXOSRDUWUVSXQGHUHD
UHJOULLLOXPLQULLDXWRYHKLFXOXOXLvQIXQFLHGH
FRQGLLLOHSUHGRPLQDQWHGHLOXPLQDUHYL]LELOL
WDWHLUXWLHUH
6LVWHPXOSRDWHIXQFLRQDODFDSDFLWDWHUHGXV
VDXSRDWHILGH]DFWLYDW
=GDFH[LVWRYL]LELOLWDWHVF]XWGHH[GLQ
 3HQWUXDDFWLYDDFWLYDLIXQFLDGHDVLV FDX]D]SH]LLSORLLFHLLVDXDSHLSXOYHUL
WHQSHQWUXID]OXQJDGDSWLYFXDMXWRUXO ]DWH
FDOFXODWRUXOXLGHERUG 3DJLQD  =GDF]RQDSDUEUL]XOXLGLQMXUXOVHQ]RUXOXL
 5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD RSWLFHVWHPXUGDUDEXULWVDXDFRSHULW
X GHH[FXRHWLFKHWDXWRFRODQW
 $SVDLFRPXWDWRUXOPL[WGLQFRORGHSXQF 6LVWHPXOSRDWHVQXUHFXQRDVFXUPWRULL
WXOGHSUHVLXQHvQGLUHFLDLQGLFDWGH SDUWLFLSDQLODWUDILF
VJHDWDC 3DJLQD 
=SDUWLFLSDQLLODWUDILFIULOXPLQDUHGHH[
'DFHVWHvQWXQHULFLVHQ]RUXOGHOXPLQ
SLHWRQLL
DFWLYHD]IDUXULOHSHQWUXID]VFXUWODPSD
=SDUWLFLSDQLLODWUDILFFXLOXPLQDUHUHGXV
LQGLFDWRDUHGLQSDQRXOGHLQVWUX
PHQWHVHDSULQGH GHH[ELFLFOLWLL


 ,OXPLQDUHLQWHULRDU

=SDUWLFLSDQLLODWUDILFFX,OXPLQDUHFHQXHVWH ,OXPLQDUHLQWHULRDU
FODUYL]LELOGHH[SDUWLFLSDQLLODWUDILFGLQ
VSDWHOHXQHLEDULHUHGHFROL]LXQH 3UH]HQWDUHJHQHUDODLOXPLQULLLQWH
=vQXQHOHFD]XULUDUHSDUWLFLSDQLLODWUDILFFX
ULRDUH
OXPLQLSRWVILHUHFXQRVFXLWDUGLYVDX
GHORF
)DUXULOHDXWRPDWHSHQWUXID]OXQJQXYRUIL
GH]DFWLYDWHVDXSRWILDFWLYDWHFKLDUGDF
H[LVWSDUWLFLSDQLODWUDILFvQIDVDXFDUHVH
DSURSLHGHDXWRYHKLFXO
$VWIHOSXWHLSURYRFDXQDFFLGHQWUQLQGXY
SHGXPQHDYRDVWULDOWHSHUVRDQHLQHL
vQWRWGHDXQDFRQWGHFRQGLLLOHGLQWUDILFL
/XPLQLLWHUJWRDUHGHSDUEUL]

GDFVLWXDLDRFHUHWUHFHLPDQXDOIDUXULOHSH
ID]VFXUW 3DQRXGHFRPDQGVLWXDWSHSODIRQ
C =3HQWUXDDSULQGHVWLQJHODPSDGH
OHFWXUIDGHSHSDUWHDVWkQJ
)DUXULDEXULWHSHLQWHULRU D J3HQWUXDDSULQGHLOXPLQDUHDLQWH
)DUXULOHVHSRWDEXULSHLQWHULRUGDFH[LVWR ULRDUID
XPLGLWDWHULGLFDWvQDWPRVIHU C3HQWUXDDSULQGHVWLQJHLOXPLQDUHD
 &RQGXFHLFXIDUXULOHDFWLYDWH LQWHULRDUVSDWH
1LYHOXOGHXPLGLWDWHVFDGHvQIXQFLHGH 33HQWUXDRSULFRPDQGDGHLOXPLQDUH
GXUDWDFOWRULHLLGHFRQGLLLOHPHWHR LQWHULRDUIDLOXPLQDUHLQWHULRDUDXWR
XPLGLWDWHLWHPSHUDWXU  PDW
'DFQLYHOXOGHXPLGLWDWHQXVFDGH =3HQWUXDDSULQGHVWLQJHODPSDGH
 6ROLFLWDLYHULILFDUHDIDUXULORUODXQDWHOLHUGH
OHFWXUIDGHSHSDUWHDGUHDSW
VSHFLDOLWDWHDXWRUL]DW 3HQWUXDDFWLYDFRPDQGDGHLOXPLQDUH
LQWHULRDUDXWRPDW

&RQWUROXOLOXPLQULLLQWHULRDUH
1RWHLPSRUWDQWH
3HQWUXDSUHYHQLGHVFUFDUHDEDWHULHLDXWR
YHKLFXOXOXLIXQFLLOHLOXPLQULLLQWHULRDUHVXQW
GH]DFWLYDWHDXWRPDWGXSFkWYDWLPSFX
H[FHSLDFD]XOXLFkQGFKHLDVHDIOvQSR]LLD
vQFRPXWDWRUXOGHFRQWDFW
&XORDUHDLLQWHQVLWDWHDOXPLQLLDPELHQWDOH
SRWILVHWDWHFXDMXWRUXOFDOFXODWRUXOXLGHERUG
3DJLQD 
6FKLPEDUHDEHFXULORU 

&RQWUROXOLOXPLQULLLQWHULRDUHDXWR 6FKLPEDUHDEHFXULORU
PDWH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 3HQWUXDDFWLYDVHWDLFRPXWDWRUXOEDV
FXODQWvQSR]LLDFHQWUDO %HFXULFX[HQRQ
 3HQWUXDGH]DFWLYDVHWDLFRPXWDWRUXO 3(5,&2/
EDVFXODQWvQSR]LLD3 %HFXULOHFX[HQRQVXQWVXERWHQVLXQHULGL
,OXPLQDUHDLQWHULRDUVHDFWLYHD]DXWRPDW FDW'DFDWLQJHLFRQWDFWHOHHOHFWULFHDOH
GDF EHFXULORUFX[HQRQYSXWHLHOHFWURFXWDL
SXWHLVXIHULUQLJUDYHVDXFKLDUIDWDOH'H
=GHVFXLHUHDDXWRYHKLFXOXOXL
DFHHDQXVFRDWHLFDSDFXOEHFXULORUFX
=GHVFKLGHLRSRUWLHU
[HQRQ
=VFRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
1XVFKLPEDLVLQJXUEHFXULOHFX[HQRQFLVROL

/XPLQLLWHUJWRDUHGHSDUEUL]
/XPLQDLQWHULRDUHVWHDFWLYDWVFXUWWLPS FLWDLvQORFXLUHDORUODXQDWHOLHUGHVHUYLFH
FkQGFKHLDHVWHVFRDVGLQFRPXWDWRUXOGH DXWRUL]DW
FRQWDFW3XWHLDFWLYDDFHDVWRSULUHWHPSR
UL]DWFXDMXWRUXOFDOFXODWRUXOXLGHERUG 'DFDXWRYHKLFXOXOGXPQHDYRDVWUHVWH
3DJLQD  GRWDWFXEHFXULFX[HQRQSXWHLUHFXQRDWH
DFHDVWGRWDUHGXSXUPWRDUHOHUD]DGH
&RQWUROXOPDQXDODOLOXPLQULLLQWH OXPLQGHODEHFXULOHFX[HQRQVHGHSODVHD]
ULRDUH GLQSDUWHDVXSHULRDUvQFHDLQIHULRDUL
LQYHUVFkQGSRUQLLPRWRUXO3HQWUXDREVHUYD
 3HQWUXDSRUQLLOXPLQDUHDLQWHULRDU DFHDVWGHSODVDUHOXPLQLOHWUHEXLHVILHDFWL
IURQWDODGXFHLFRPXWDWRUXOEDVFXODQWvQ YDWHvQDLQWHGHSRUQLUHDPRWRUXOXL
SR]LLDJ
%HFXULOHLOPSLOHVXQWXQDVSHFWLPSRUWDQW
 3HQWUXDGH]DFWLYDLOXPLQDUHDLQWH
DOVLJXUDQHLDXWRYHKLFXOXOXL3ULQXUPDUHWUH
ULRDUIURQWDODGXFHLFRPXWDWRUXOEDV EXLHVYDVLJXUDLFDFHVWHDIXQFLRQHD]
FXODQWvQSR]LLD3 FRUHFWvQWRWGHDXQD6ROLFLWDLYHULILFDUHD
 3HQWUXDDFWLYDGH]DFWLYDLOXPLQDUHD UHJODMXOXLIDUXULORUUHJXODW
LQWHULRDUVSDWHDSVDLEXWRQXOB
 3HQWUXDDFWLYDGH]DFWLYDOPSLOHGH $OWHEHFXUL
OHFWXUDSVDLEXWRQXO= ([LVWLDOWHEHFXULvQDIDUDFHORUFX[HQRQSH
FDUHQXOHSXWHLvQORFXLQORFXLLQXPDLEHFX
ULOHLQGLFDWH 3DJLQD 6ROLFLWDLVFKLP
,OXPLQDUHGHXUJHQFXUHDFLLODFROL EDUHDEHFXULORUSHFDUHQXOHSXWHLvQORFXLSH
]LXQL FRQWSURSULXODXQDWHOLHUGHVSHFLDOLWDWHDXWR
,OXPLQDUHDLQWHULRDUHVWHDFWLYDWDXWRPDW UL]DW
GDFDXWRYHKLFXOXOHVWHLPSOLFDWvQWUXQDFFL 'DFDYHLQHYRLHGHDVLVWHQFkQGvQORFXLL
GHQW EHFXULOHFRQVXOWDLXQDWHOLHUGHVSHFLDOLWDWH
 3HQWUXDRSULLOXPLQDUHDGHXUJHQFX DXWRUL]DW
UHDFLLODFROL]LXQLDSVDLEXWRQXOVHP 1XDWLQJHLWXEXOGHVWLFODOEHFXULORUQRLFX
QDOL]DWRDUHORUGHDYDULH PkLQLOHJRDOH&KLDULFRQWDPLQDUHDPLQRU
VDX VHSRDWHLPSULPDvQVXSUDIDDGHVWLFOUHGX
FkQGYLDDXWLODEHFXULORU8WLOL]DLvQWRW
 QFXLDLLDSRLGHVFXLDLDXWRYHKLFXOXOFX
GHDXQDRODYHWIUVFDPHVDXDWLQJHL
DMXWRUXOFKHLL QXPDLED]DEHFXOXLODPRQWDUH


 6FKLPEDUHDEHFXULORU

8WLOL]DLvQWRWGHDXQDEHFXULGHWLSXOFRUHFW
'DFQRXOEHFFRQWLQXVQXVHDSULQG
FRQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
%HFXULOHLOPSLOHVXQWXQDVSHFWLPSRUWDQW
DOVLJXUDQHLDXWRYHKLFXOXOXL3ULQXUPDUHWUH
EXLHVYDVLJXUDLFDFHVWHDIXQFLRQHD]
FRUHFWvQWRWGHDXQD6ROLFLWDLYHULILFDUHD
UHJODMXOXLIDUXULORUUHJXODW
3HULFROGHUQLUH
%HFXULOHLOPSLOHSRWGHYHQLIRDUWHILHUELQL
QDLQWHGHDOHvQORFXLDWHSWDLVVHUFHDVF /PSLVSDWH
QFD]FRQWUDUYSXWHLDUGHDWXQFLFkQGOH C /DPSGHIUkQ3:/
/XPLQLLWHUJWRDUHGHSDUEUL]

DWLQJHL
1XOVDLEHFXULOHODvQGHPkQDFRSLLORUQFD]
FRQWUDUDFHWLDSRWGHH[HPSOXGHWHULRUD 6FKLPEDUHDEHFXULORUID
EHFXULOHLVHSRWUQL 0RQWDUHDGHPRQWDUHDFDSDFXOXLGHSH
1XXWLOL]DLEHFXULOHFDUHDXF]XWSHMRV%HFXO SDVDMXOGHURDWID
VDUSXWHDVSDUJHLYDLSXWHDUQL
7UHEXLHVVFRDWHLFDSDFXOGLQSDVDMXOGH
%HFXULOHFXKDORJHQVXQWVXESUHVLXQHLVH
URDWIDvQDLQWHGHDSXWHDVFKLPEDEHFXULOH
SRWVSDUJHvQWLPSXOvQORFXLULLvQVSHFLDOGDF
ID
VXQWIRDUWHILHUELQL8WLOL]DLRFKHODULGHSUR
WHFLHLPQXLDWXQFLFkQGvQORFXLLXQEHF

3UH]HQWDUHJHQHUDODvQORFXLULLEHFX
ULORUEHFXULOH
3XWHLvQORFXLXUPWRDUHOHEHFXUL'HWDOLLOH
DIHUHQWHWLSXOXLGHEHFVHUHJVHVFvQ
OHJHQG

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

)DUXULFXKDORJHQ
C )DUXOSHQWUXID]VFXUW+:
D )DUXOSHQWUXID]OXQJ+:
/XPLQLGHSR]LLHODWHUDOHODPSGHSR]L
LH::%9
6FKLPEDUHDEHFXULORU 

)DUXULSHQWUXID]VFXUW IDUXULFXKDOR  5RWLLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU


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

/XPLQLLWHUJWRDUHGHSDUEUL]
/XPLQLGHSR]LLHODWHUDOHOPSLGH
 6FRDWHLFDSDFXOGLQSDVDMXOGHURDWID
SR]LLH IDUXULFXKDORJHQ
3DJLQD 
 5RWLLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU
LWUDJHLODIDU
 5RWLLIDVXQJXODvQVHQVDQWLRUDULWUDJHL
ODIDU
 6FRDWHLEHFXOGLQIDVXQJXOD
 ,QWURGXFHLQRXOEHFvQIDVXQJXOD
 ,QWURGXFHLIDVXQJXODvQODPSLURWLLO
vQVHQVRUDU
 $OLQLDLFDSDFXOFDUFDVHLCLURWLLOvQVHQV
RUDUSkQFHVHDQJUHQHD]  5RWLLFDSDFXOFDUFDVHLCvQVHQVDQWLRUDU
 3XQHLODORFFDSDFXOGLQSDVDMXOGHURDW LWUDJHLODIDU
ID 3DJLQD   7UDJHLIDVXQJXODDIDU
 6FRDWHLEHFXOGLQIDVXQJXOD
)DUXULSHQWUXID]OXQJ IDUXULFXKDOR
 ,QWURGXFHLQRXOEHFvQIDVXQJXOD
JHQ
 ,QWURGXFHLIDVXQJXOD
 $OLQLDLFDSDFXOFDUFDVHLCLURWLLOvQVHQV
RUDUSkQFkQGVHDQJUHQHD]

6FKLPEDUHDEHFXULORUVSDWH
'HVFKLGHUHDLvQFKLGHUHDFODSHWHLGH
YL]LWDUH
7UHEXLHVGHVFKLGHLFODSDGHYL]LWDUHGLQ
SRUWEDJDMvQDLQWHGHDSXWHDVFKLPEDEHFXULOH
 2SULLOXPLQLOH GLQOPSLOHVSDWH
 'HVFKLGHLFDSRWD


 WHUJWRDUHGHSDUEUL]

&ODSHWDGHYL]LWDUHGHSHSDUWHDVWkQJ C /DPSGHIUkQ
 5RWLLIDVXQJXOvQVHQVDQWLRUDULVFRDWHL
/XPLQLLWHUJWRDUHGHSDUEUL]

O
 6FRDWHLEHFXOGLQIDVXQJ
 ,QWURGXFHLQRXOEHFvQIDVXQJ
 ,QWURGXFHLIDVXQJXOLURWLLvQVHQVRUDU
 QFKLGHLWUDSDGHVHUYLFH 3DJLQD 

WHUJWRDUHGHSDUEUL]
&ODSHWDGHYL]LWDUHGHSHSDUWHDGUHDSW 3RUQLUHDRSULUHDWHUJWRDUHORUGH
 3HQWUXDGHVFKLGHHOLEHUDLFODSHWDC SDUEUL]
GLQSDUWHDVXSHULRDUGHH[FXRXUXEHO $9(57,60(17
QLLURWLLRvQMRVvQGLUHFLDVJHLL 3DUEUL]XOQXYDPDLILWHUVFRUHVSXQ]WRU
 3DUWHDGUHDSWVFRDWHLWUXVDGHSULPDMX GDFODPHOHWHUJWRDUHORUVXQWX]DWH$VWIHO
WRUGLQWLPSLWUDJHLSODVDSHQWUXEDJDMH HVWHSRVLELOVQXREVHUYDLFRQGLLLOHGLQWUDILF
vQMRV LVSURYRFDLvQFRQVHFLQXQDFFLGHQWQOR
 3HQWUXDvQFKLGHUHLQWURGXFHLFODSHWDGH FXLLODPHOHWHUJWRDUHORUGHGRXRULSHDQ
YL]LWDUHC GHSUHIHUDWSULPYDUDLWRDPQD

 1XDFLRQDLWHUJWRDUHOHGHSDUEUL]
/DPSGHIUkQ
FkQGSDUEUL]XOHVWHXVFDWGHRDUHFHHVWH
 2SULLOXPLQLOH SRVLELOVGHWHULRUDLODPHOHWHUJWRDUHORU
 'HVFKLGHLSRUWEDJDMXO QSOXVSUDIXODGXQDWSHSDUEUL]SRDWH]Jk
 'HVFKLGHLWUDSDGHVHUYLFH
ULDVWLFODGDFWHUJHUHDVHHIHFWXHD]FkW
3DJLQD  SDUEUL]XOHVWHXVFDW
 'DFWHUJWRDUHOHGHSDUEUL]ODVXUPH
SHSDUEUL]GXSFHDXWRYHKLFXOXODIRVW
VSODWvQWURVSOWRULHDXWRPDWDFHVW
IHQRPHQSRDWHILSURYRFDWGHFHDUVDX
DOWHUH]LGXXUL&XUDLSDUEUL]XOFXOLFKLGGH
VSODUHGXSVSODUHDODVSOWRULHDXWR
PDW
WHUJWRDUHGHSDUEUL] 

$FWLYDUHDGH]DFWLYDUHDWHUJWRUXOXL
GHOXQHW

&RPXWDWRUPL[W
G ?WHUJWRDUHGHSDUEUL]RSULWH

/XPLQLLWHUJWRDUHGHSDUEUL]
H bWHUJHUHLQWHUPLWHQWVF]XW &RPXWDWRUPL[W
I cWHUJHUHLQWHUPLWHQWULGLFDW C &RPXWDWRUWHUJWRUGHOXQHW
J WHUJHUHFRQWLQXOHQW H 3HQWUXWHUJHUHFXOLFKLGGHVSODUH
K WHUJHUHFRQWLQXUDSLG I 3HQWUXDSRUQLWHUJHUHDLQWHUPL
WHUJHUHXQLF WHQW
k 3HQWUXWHUJHUHFXOLFKLGGHVSODUH J s3HQWUXDRSULWHUJHUHDLQWHUPLWHQW
K 3HQWUXWHUJHUHFXOLFKLGGHVSODUH
 5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD
WRUXOGHFRQWDFW  5RWLLFKHLDvQSR]LLDVDXGLQFRPXWD
 5RWLLFRPXWDWRUXOPL[WvQSR]LLDFRUHV WRUXOGHFRQWDFW
SXQ]WRDUHVDXDSVDLEXWRQXOODWHUDO  &XOLVDLFRPXWDWRUXOCGHSHFRPXWDWRUXO
PL[WvQVXVVDXvQMRVvQSR]LLDDGHFYDW
 WHUJHUHLQWHUPLWHQWFXVHQ]RUGH
&kQGWHUJWRUXOGHOXQHWHVWHDFWLYDW
SORDLHGLQFDX]DHIHFWHORURSWLFHLD
SLFWRJUDPDDSDUHSHSDQRXOGHLQVWUX
PXUGULULLSDUEUL]XOXLSHYUHPHXVFDWHVWH
PHQWH
SRVLELOFDWHUJWRDUHOHGHSDUEUL]VVH
DFWLYH]HQHLQWHQLRQDW(VWHSRVLELOFDDVW
IHOVVHGHWHULRUH]HODPHOHWHUJWRDUHORU
GHSDUEUL]VDXVVH]JkULHSDUEUL]XO QORFXLUHDODPHORUWHUJWRDUHORU
'LQDFHVWPRWLYWUHEXLHVGH]DFWLYDL 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
vQWRWGHDXQDWHUJWRDUHOHGHSDUEUL]SH
YUHPHXVFDW $9(57,60(17
QSR]LLDbVDXcIUHFYHQDGHWHU %UDHOHWHUJWRDUHORUGHSDUEUL]VHSRWSXQH
vQPLFDUHSURYRFkQGUQLUHDGDFOVDL
JHUHFRUHVSXQ]WRDUHHVWHVHWDWDXWRPDWvQ
WHUJWRDUHOHGHSDUEUL]DFWLYDWH
IXQFLHGHLQWHQVLWDWHDSORLLQSR]LLDc
VHQ]RUXOGHSORDLHHVWHPDLVHQVLELOGHFkWvQ 6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
SR]LLDbIFkQGFDWHUJWRUXOGHSDUEUL] vQDLQWHGHDvQORFXLODPHOHWHUJWRDUHORU
VWHDUJPDLIUHFYHQW  3HQWUXDHYLWDGHWHULRUDUHDODPHORU
WHUJWRDUHORUGHSDUEUL]DVLJXUDLYF
DWLQJHLQXPDLEUDXOWHUJWRUXOXLGLQ
WHUJWRUXOGHSDUEUL]
 6HQ]RUGHSORDLHVHWDWSHVHQ]LWLYLWDWHVF]XW
 6HQ]RUGHSORDLHVHWDWSHVHQ]LWLYLWDWHULGLFDW


 WHUJWRDUHGHSDUEUL]

 1XGHVFKLGHLQLFLRGDWFDSRWDGDFXQ QORFXLUHDODPHORUWHUJWRUXOXLGH
EUDGHWHUJWRUGHSDUEUL]DIRVWH[WLQVL OXQHW
vQGHSUWDWGHSDUEUL]
6FRDWHUHDODPHLWHUJWRUXOXL
1XUHDGXFHLQLFLRGDWXQEUDGHWHUJWRU
IUODPvQDSRLSHSDUEUL]OXQHW $9(57,60(17
LQHLIHUPEUDXOWHUJWRUXOXLGHSDUEUL] %UDXOWHUJWRUXOXLVHSRDWHSXQHvQPLFDUH
FkQGVFKLPEDLODPDWHUJWRUXOXL'DF LYSRDWHUQLGDFWHUJWRDUHOHGHSDUEUL]
HOLEHUDLEUDXOWHUJWRUXOXLGHSDUEUL]IU VXQWDFWLYDWH
ODPDWHUJWRUXOXLLDFHVWDFDGHSHSDU 6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
EUL]SDUEUL]XOSRDWHILGHWHULRUDWvQXUPD vQDLQWHGHDvQORFXLODPDWHUJWRUXOXL
IRUHLLPSDFWXOXL
0HUFHGHV%HQ]YUHFRPDQGVDSHODLOD
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUX
/XPLQLLWHUJWRDUHGHSDUEUL]

VFKLPEDUHDODPHORUWHUJWRDUHORU

QORFXLUHDODPHORUWHUJWRDUHORUGH
SDUEUL]
6FRDWHUHDODPHORUWHUJWRDUHORU
 6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
 3OLDLLvQGHSUWDLEUDHOHWHUJWRDUHORU
GHSDUEUL]  6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
 QGHSUWDLEUDXOWHUJWRUXOXLCIDGH
OXQHWSkQFkQGVHDQJUHQHD]
 3R]LLRQDLODPDWHUJWRUXOXLDvQXQJKL
GUHSWIDGHEUDXOWHUJWRUXOXLC
 LQHLEUDXOWHUJWRUXOXLCLDSVDL
ODPDWHUJWRUXOXLDvQGLUHFLDVJHLL
SkQFkQGVHHOLEHUHD]
 6FRDWHLODPDWHUJWRUXOXLD

0RQWDUHDODPHLWHUJWRUXOXL
 $SVDLIHUPEXWRQXOGHHOLEHUDUHCLWUD  $H]DLQRXDODPDWHUJWRUXOXLDSH
JHLvQVXVODPDWHUJWRUXOXLGHSHEUDXO EUDXOWHUJWRUXOXLC
WHUJWRUXOXLvQGLUHFLDVJHLL
 LQHLEUDXOWHUJWRUXOXLCLDSVDL

0RQWDUHDODPHORUWHUJWRDUHORU ODPDWHUJWRUXOXLDvQGLUHFLDRSXV
 3R]LLRQDLQRXDODPDWHUJWRUXOXLSH VJHLLSkQFkQGVHDQJUHQHD]
GLVSR]LWLYXOGHSULQGHUHGLQEUDXO  $VLJXUDLYFODPDWHUJWRUXOXLDHVWH
WHUJWRUXOXLLFXOLVDLODORFvQGLUHFLD IL[DWFRUHFW
RSXVVJHLL  3R]LLRQDLODPDWHUJWRUXOXLDvQSDUDOHO
/DPDWHUJWRUXOXLVHDQJUHQHD]VRQRU FXEUDXOWHUJWRUXOXLC
 $VLJXUDLYFODPDWHUJWRUXOXLHVWH
 3OLDLEUDXOWHUJWRUXOXLCvQDSRLSH
IL[DWFRUHFW OXQHW
 3OLDLEUDXOWHUJWRUXOXLvQDSRLSHSDUEUL]
WHUJWRDUHGHSDUEUL] 

3UREOHPHODWHUJWRDUHOHGHSDUEUL]
WHUJWRDUHOHGHSDUEUL]VXQWREVWUXF
LRQDWH
(VWHSRVLELOFDIUXQ]HOHVDX]SDGDGHH[HP
SOXVvPSLHGLFHGHSODVDUHDWHUJWRDUHORU
GHSDUEUL]0RWRUXOWHUJWRUXOXLDIRVWGH]DF
WLYDW
 'LQPRWLYHGHVLJXUDQWUHEXLHVVFRDWHL
FKHLDGLQFRPXWDWRUXOGHFRQWDFW
VDX
 2SULLPRWRUXOFXDMXWRUXOEXWRQXOXL6WDUW

/XPLQLLWHUJWRDUHGHSDUEUL]
6WRSLGHVFKLGHLSRUWLHUDRIHUXOXL
 QGHSUWDLFDX]DREVWUXFLRQULL
 5HSRUQLLWHUJWRDUHOHGHSDUEUL]

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

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





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

&RQWUROFOLPDWL]DUH
 3UH]HQWDUHJHQHUDODVLVWHPHORUGHFRQWUROFOLPDWL]DUH

,QIRUPDLLXWLOH GHUFLUHLWHPSHUDWXUDGRULWGLQLQWHULR
UXODXWRYHKLFXOXOXLYDILDWLQVPDLUDSLG
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH G )LOWUXOLQWHJUDWSRDWHILOWUDPDMRULWDWHD
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG SDUWLFXOHORUGHSUDILHOLPLQFRPSOHWSROH
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD QXO8QILOWUXDQFUDVDWUHGXFHFDQWLWDWHDGH
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL DHUGHELWDWvQLQWHULRUXODXWRYHKLFXOXOXL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH 'LQDFHVWPRWLYWUHEXLHVUHVSHFWDLvQWRW
YDULDLLvQIXQFLHGHDU9UXJPVUHL GHDXQDLQWHUYDOXOGHvQORFXLUHDILOWUXOXL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP VSHFLILFDWvQ%URXUDGHVHUYLFH'HRDUHFH
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF GHSLQGHGHFRQGLLLOHDPELDQWHGHH[XQ
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO DHUSXWHUQLFSROXDWLQWHUYDOXOSRDWHILPDL
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH VFXUWGHFkWFHOVSHFLILFDWvQ%URXUDGHVHU
ULWRDUHODVLJXUDQ YLFH
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
FLDOLWDWHDXWRUL]DWH 3DJLQD 
&RQWUROFOLPDWL]DUH

3UH]HQWDUHJHQHUDODVLVWHPHORUGH
FRQWUROFOLPDWL]DUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
3HULFROGHDFFLGHQW
5HVSHFWDLVHWULOHUHFRPDQGDWHvQSDJLQLOH
XUPWRDUHQFD]FRQWUDUIHUHVWUHOHVDU
SXWHDDEXUL&DXUPDUHHVWHSRVLELOVQX
SXWHLXUPULFRQGLLLOHGHWUDILFLVSURYR
FDLXQDFFLGHQW

&RQWUROXODXWRPDWDOFOLPDWL]ULL7+(50$
7,&7+(5027521,&FRQWUROHD]WHPSHUD
WXUDLXPLGLWDWHDGLQLQWHULRUXODXWRYHKLFXOX
OXLLHOLPLQSULQILOWUDUHVXEVWDQHOHQHGRULWH
GLQDHU
&RQWUROXODXWRPDWDOFOLPDWL]ULL7+(50$
7,&7+(5027521,&HVWHIXQFLRQDOGRDU
FkQGLPRWRUXOIXQFLRQHD])XQFLRQDUHD
RSWLPHVWHRELQXWQXPDLFkQGFRQGXFHL
FXJHDPXULOHODWHUDOHLWUDSDJOLVDQWWUDSD
JOLVDQWSDQRUDPLFvQFKLVH
G 9HQWLODLDXWRYHKLFXOXORVFXUWSHULRDG
SHYUHPHFDOGGHH[FXDMXWRUXOFDUDFWH
ULVWLFLLGHGHVFKLGHUHDVLVWDW
3DJLQD $VWIHOYHLDFFHOHUDSURFHVXO

 )XQFLDGHFOGXUUH]LGXDOSRDWHILDFWLYDWGH]DFWLYDWQXPDLFkQGFRQWDFWXOHVWHGHFXSODW
3UH]HQWDUHJHQHUDODVLVWHPHORUGHFRQWUROFOLPDWL]DUH 

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

&RQWUROFOLPDWL]DUH
C 3HQWUXDVHWDWHPSHUDWXUDVWkQJD 3DJLQD
D 3HQWUXDGH]DEXULSDUEUL]XO 3DJLQD
3HQWUXDDFWLYDGH]DFWLYDIXQFLD=21( 3DJLQD
3HQWUXDDFWLYDGH]DFWLYDUFLUHDFXGH]XPLGLILFDUHDDHUXOXL 3DJLQD
3HQWUXDDFWLYDGH]DFWLYDIXQFLDGHFOGXUUH]LGXDO 3DJLQD
3HQWUXDSRUQLRSULvQFO]LUHDOXQHWHL 3DJLQD
3HQWUXDVHWDWHPSHUDWXUDGUHDSWD 3DJLQD
k 3HQWUXDDFWLYDGH]DFWLYDPRGXOGHUHFLUFXODUHDDHUXOXL 3DJLQD
l 3HQWUXDVHWDGLVWULEXLDDHUXOXL 3DJLQD
m 3HQWUXDFUHWHFXUHQWXOGHDHU 3DJLQD
n 3HQWUXDUHGXFHFXUHQWXOGHDHU 3DJLQD
o 3HQWUXDSRUQLRSULFRQWUROXOFOLPDWL]ULL 3DJLQD
p 3HQWUXDVHWDFRQWUROXOFOLPDWL]ULLSHDXWRPDW 3DJLQD

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


 3UH]HQWDUHJHQHUDODVLVWHPHORUGHFRQWUROFOLPDWL]DUH

3HQWUXDGLULMDFXUHQWXOGHDHUSULQRULILFLLOHGHYHQWLODLHGLQVSDWH
3HQWUXDGLULMDFXUHQWXOGHDHUSULQRULILFLLOHGHYHQWLODLHSHQWUXVSDLXOSHQWUXSLFLRDUH

1RWHSULYLQGXWLOL]DUHDFRQWUROXODXWR
PDWDOFOLPDWL]ULL7+(50$7,&
QXUPWRDUHOHJVLLQRWHLUHFRPDQGULSUL
YLQGXWLOL]DUHDRSWLPDFRQWUROXOXLDXWRPDWDO
FOLPDWL]ULL7+(50$7,&
=$FWLYDLFRQWUROXOFOLPDWL]ULLFXDMXWRUXO
EXWRDQHORUXLV/PSLOHLQGLFD
WRDUHGLQEXWRDQHOHXLVVHDSULQG
=5HJODLWHPSHUDWXUDSH
=8WLOL]DLIXQFLDGHGH]DEXULUHQXPDLWHP
&RQWUROFOLPDWL]DUH

SRUDUSkQFkQGSDUEUL]XOUHGHYLQHWUDQV
SDUHQW
=8WLOL]DLPRGXOGHUHFLUFXODUHDDHUXOXL
QXPDLWHPSRUDUGHH[GDFH[LVWPLUR
VXULH[WHULRDUHQHSOFXWHVDXFkQGYDIODL
vQWUXQWXQHOQFD]FRQWUDUJHDPXULOHVH
SRWDEXULFDvQPRGXOGHUHFLUFXODUHDDHUX
OXLIUDVHDVSLUDDHUSURDVSWvQDXWRYH
KLFXO
=8WLOL]DLIXQFLD=21(SHQWUXDDGRSWD
VHWULOHGHWHPSHUDWXUGHSHSDUWHDRIH
UXOXLLSHQWUXSDUWHDSDVDJHUXOXLGLQID
/DPSDLQGLFDWRDUHGLQEXWRQXOVH
VWLQJH
3UH]HQWDUHJHQHUDODVLVWHPHORUGHFRQWUROFOLPDWL]DUH 

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

&RQWUROFOLPDWL]DUH
3DQRXGHFRPDQGGLQID
C 3HQWUXDVHWDWHPSHUDWXUDVWkQJD 3DJLQD
D 'H]DEXUHWHSDUEUL]XO 3DJLQD
$FWLYHD]GH]DFWLYHD]IXQFLDGHFOGXUUH]LGXDO 3DJLQD
$FWLYHD]GH]DFWLYHD]UFLUHDFXGH]XPLGLILFDUHDDHUXOXL 3DJLQD
$FWLYHD]GH]DFWLYHD]vQFO]LUHDOXQHWHL 3DJLQD
6HWHD]WHPSHUDWXUDGUHDSWD 3DJLQD
k $FWLYHD]GH]DFWLYHD]IXQFLD=21( 3DJLQD
l $FWLYHD]GH]DFWLYHD]FRQWUROXOFOLPDWL]ULL 3DJLQD
m 6HWHD]GLVWULEXLDDHUXOXL 3DJLQD
n &UHWHFXUHQWXOGHDHU 3DJLQD
o 5HGXFHFXUHQWXOGHDHU 3DJLQD
p 'LVSOD\
q 6HWHD]PRGXOGHFOLPDWL]DUH 3DJLQD
r $FWLYHD]GH]DFWLYHD]PRGXOGHUHFLUFXODUHDDHUXOXL 3DJLQD
s 5HJOHD]FRQWUROXOFOLPDWL]ULLSHDXWRPDW 3DJLQD

3DQRXGHFRPDQGGLQVSDWH
t &UHWHFXUHQWXOGHDHU 3DJLQD
u 6HWHD]WHPSHUDWXUD 3DJLQD
v 5HJOHD]FRQWUROXOFOLPDWL]ULLGLQFRPSDUWLPHQWXOGLQVSDWHSHDXWRPDW 3DJLQD
w 'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOHGHYHQWLODLHGLQVSDWH 3DJLQD
x 'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOHVSDLXOXLSHQWUXSLFLRDUH 3DJLQD


 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL

y $FWLYHD]GH]DFWLYHD]FRQWUROXOFOLPDWL]ULLGLQFRPSDUWLPHQWXOVSDWH 3DJLQD
z 5HGXFHFXUHQWXOGHDHU 3DJLQD

1RWHSULYLQGXWLOL]DUHDFRQWUROXODXWR 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOL
PDWDOFOLPDWL]ULL7+(5027521,& PDWL]ULL
QXUPWRDUHOHJVLLQRWHLUHFRPDQGULSUL 3RUQLUHDRSULUHDFRQWUROXOXLFOLPD
YLQGXWLOL]DUHDRSWLPDFRQWUROXOXLDXWRPDWDO WL]ULL
FOLPDWL]ULL7+(5027521,&
=$FWLYDLFRQWUROXOFOLPDWL]ULLFXDMXWRUXO ,QIRUPDLLLPSRUWDQWH
EXWRDQHORUXLZ/PSLOHLQGLFD G &kQGFRQWUROXOFOLPDWL]ULLHVWHGH]DFWL
WRDUHGLQEXWRDQHOHXLZVHDSULQG YDWGLVWULEXLDDHUXOXLLFLUFXODUHDDHUXOXL
=QPRGXODXWRPDWSXWHLGHDVHPHQHDXWL VXQWGH]DFWLYDWH6HOHFWDLWHPSRUDU
OL]DEXWRQXOSHQWUXDVHWDXQPRGGH DFHDVWVHWDUHQFD]FRQWUDUJHDPXULOHVH
SRWDEXUL
&RQWUROFOLPDWL]DUH

FOLPDWL]DUH )2&86&21&(175$7
0(',800(',8',))86(',63(56$7  G $FWLYDLFRQWUROXOFOLPDWL]ULLvQVSHFLDOFX
6HUHFRPDQGQLYHOXO0(',8 DMXWRUXOEXWRQXOXLX 3DJLQD 
=5HJODLWHPSHUDWXUDSH
QFRPSDUWLPHQWXOGLQVSDWHSXWHLVSRUQLL
=8WLOL]DLIXQFLDGHGH]DEXULUHQXPDLWHP
LVRSULLFRQWUROXOFOLPDWL]ULLXWLOL]kQG
SRUDUSkQFkQGSDUEUL]XOUHGHYLQHWUDQV EXWRDQHOHXLx
SDUHQW
=8WLOL]DLPRGXOGHUHFLUFXODUHDDHUXOXL
3RUQLUHDRSULUHD
QXPDLWHPSRUDUGHH[GDFH[LVWPLUR
VXULH[WHULRDUHQHSOFXWHVDXFkQGYDIODL  5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
vQWUXQWXQHOQFD]FRQWUDUJHDPXULOHVH FRQWDFW
SRWDEXULFDvQPRGXOGHUHFLUFXODUHDDHUX  3HQWUXDDFWLYDDSVDLEXWRQXOX
OXLIUDVHDVSLUDDHUSURDVSWvQDXWRYH /DPSDLQGLFDWRDUHGLQEXWRQXOXVH
KLFXO DSULQGH&XUHQWXOGHDHULGLVWULEXLDDHUX
=8WLOL]DLIXQFLD=21(SHQWUXDDGRSWD OXLVXQWVHWDWHSHPRGXODXWRPDW
VHWULOHGHWHPSHUDWXUGHSHSDUWHDRIH VDX
UXOXLSHQWUXSDUWHDSDVDJHUXOXLGLQIDL  $SVDLEXWRQXOx
FRPSDUWLPHQWXOGLQVSDWH/DPSDLQGLFD
/DPSDLQGLFDWRDUHGLQEXWRQXOxVH
WRDUHGLQEXWRQXOVHVWLQJH
VWLQJH6HWULOHVHOHFWDWHDQWHULRUVXQWGLQ
=8WLOL]DLIXQFLDGHFOGXUUH]LGXDOGDF
QRXYDODELOH
GRULLVvQFO]LLVDXVYHQWLODLLQWHULRUXO  3HQWUXDGH]DFWLYDDSVDLEXWRQXO
DXWRYHKLFXOXOXLFkQGFRQWDFWXOHVWHGHFX
x
SODW)XQFLDGHFOGXUUH]LGXDOSRDWHIL
/DPSDLQGLFDWRDUHGLQEXWRQXOxVH
DFWLYDWVDXGH]DFWLYDWFXFRQWDFWXOGHFX
SODW DSULQGH
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL 

$FWLYDUHDGH]DFWLYDUHDIXQFLHLGH 3UREOHPHODIXQFLDGHUFLUHFXGH]X
UFLUHFXGH]XPLGLILFDUHDDHUXOXL PLGLILFDUHDDHUXOXL

,QIRUPDLLLPSRUWDQWH &kQGDSVDLEXWRQXOZVODPSDLQGL
FDWRDUHGLQEXWRQFOLSHWHGHWUHLRULVDX
)XQFLDGHUFLUHFXGH]XPLGLILFDUHDDHUXOXL UPkQHVWLQV1XPDLSXWHLDFWLYDIXQFLDGH
HVWHGLVSRQLELOGRDUFkQGPRWRUXOIXQFLR UFLUHFXGH]XPLGLILFDUHDDHUXOXL
QHD]$HUXOGLQDXWRYHKLFXOHVWHUFLWL
GH]XPLGLILFDWvQIXQFLHGHWHPSHUDWXUD
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
VHOHFWDW ]DW

3HULFROGHDFFLGHQW
'DFGH]DFWLYDLIXQFLDGHUFLUHFXGH]XPL 6HWDUHDFRQWUROXOXLFOLPDWL]ULLSH
GLILFDUHDDHUXOXLvQFRQGLLLGHWHPSHUDWXUL PRGXODXWRPDW
H[WHULRDUHULGLFDWHDXWRYHKLFXOXOQXYDILUFLW
QPRGXODXWRPDWWHPSHUDWXUDVHWDWHVWH
LDUDHUXOQXYDILGH]XPLGLILFDW(VWHSRVLELOFD
PHQLQXWDXWRPDWODXQQLYHOFRQVWDQW6LV
JHDPXULOHVVHDEXUHDVFPDLUDSLG$FHVW

&RQWUROFOLPDWL]DUH
WHPXOUHJOHD]DXWRPDWWHPSHUDWXUDDHUXOXL
IDSWSRDWHGLPLQXDYL]LELOLWDWHDDVXSUDWUDIL
GHELWDWFXUHQWXOGHDHULGLVWULEXLDDHUXOXL
FXOXLLvQFRQVHFLQSRDWHILFDX]DXQXL
DFFLGHQW 0RGXODXWRPDWYDRIHULRIXQFLRQDUHRSWLP
GDFLUFLUHDFXGH]XPLGLILFDUHDDHUXOXL
(VWHSRVLELOFDGLQSDUWHDGHGHGHVXEWD HVWHODUkQGXOVXDFWLYDW'DFVHGRUHWH
DXWRYHKLFXOXOXLVFXUJFRQGHQVFkQGHVWH UFLUHDFXGH]XPLGLILFDUHDDHUXOXLSRDWHIL
DFWLYPRGXOGHUFLUH$FHVWDHVWHIHQRPHQ GH]DFWLYDW
QRUPDOQHLQGLFkQGRGHIHFLXQH QFRPSDUWLPHQWXOGLQVSDWHSXWHLGHDVH
G )XQFLDGHUFLUHFXGH]XPLGLILFDUHD PHQHDVFRPXWDLvQPRGXODXWRPDWFRQ
WUROXOFOLPDWL]ULLSHQWUXVFDXQHOHGLQVSDWH
DHUXOXLXWLOL]HD]UHIULJHUHQW5D$FHVW
FXDMXWRUXOEXWRQXOXLX
OLFKLGGHUFLUHQXFRQLQHFORURIOXRURFDU
EXULQHDIHFWkQGSULQXUPDUHVWUDWXOGH  5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
R]RQ FRQWDFW
 6HWDLWHPSHUDWXUDGRULW
3RUQLUHDRSULUHD  3HQWUXDDFWLYDDSVDLEXWRQXOX

 3HQWUXDDFWLYDDSVDLEXWRQXOZ /DPSDLQGLFDWRDUHGLQEXWRQXOXVH
V DSULQGH&XUHQWXOGHDHULGLVWULEXLDDXWR
/DPSDLQGLFDWRDUHGLQEXWRQXOZ PDWDDHUXOXLVXQWDFWLYDWH
VVHDSULQGH G &RQWUROXODXWRPDWDOFOLPDWL]ULL7+(5
 3HQWUXDGH]DFWLYDDSVDLEXWRQXO 027521,&FkQGPRGXODXWRPDWHVWHDFWL
ZV YDWSXWHLVHOHFWDRVHWDUHDPRGXOXLGH
/DPSDLQGLFDWRDUHGHSHEXWRQXOZ FOLPDWL]DUH 3DJLQD 
VVHVWLQJH)XQFLDGHUFLUHFXGH]X  3HQWUXDGH]DFWLYDDSVDLEXWRQXO
PLGLILFDUHDDHUXOXLGLVSXQHGHRFDUDFWH 
ULVWLFGHRSULUHWHPSRUL]DW
VDX
 $SVDLEXWRQXOVDX
/DPSDLQGLFDWRDUHGLQEXWRQXOXVH
VWLQJH


 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL

6HWDUHDPRGXOXLGHFOLPDWL]DUH &RQWURODXWRPDWFOLPDWL]DUH7+(502
7521,&
$FHDVWIXQFLHHVWHGLVSRQLELOGRDUFXFRQ
WUROXODXWRPDWDOFOLPDWL]ULL7+(502752
1,&
6HWULOHFRQWUROXOXLFOLPDWL]ULLVXQWHILFLHQWH
PDLDOHVODWHPSHUDWXULvQDOWH
3XWHLVHOHFWDXUPWRDUHOHVHWULDOHFRQWUR
OXOXLFOLPDWL]ULLvQPRGXODXWRPDW
)2&86 FXUHQWGHDHUULGLFDWFDUHGHYLQH
&21 SXLQPDLUHFH
&(1
75$7
0(',80 FXUHQWGHDHUPHGLXVHWDUHVWDQ =RQHOHFRQWUROXOXLFOLPDWL]ULLDXWRPDW7+(502
7521,&
0(',8 GDUG
&RQWUROFOLPDWL]DUH

',))86( FXUHQWGHDHUVF]XWFDUHHVWH 3XWHLVHOHFWDVHWULGHWHPSHUDWXUGLIHULWH


',63(5 SXLQPDLFDOGLFXXQGHELWPDL SHSDUWHDRIHUXOXLLDSDVDJHUXOXLGLQID
6$7 VF]XWDOFXUHQWXOXLGHDHU SUHFXPLSHQWUXFRPSDUWLPHQWXOVSDWH
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
FRQWDFW
 3HQWUXDFUHWHUHGXFHWHPSHUDWXUDvQ
 $SVDLEXWRQXOX
IDURWLLFRPHQ]LOHCLvQVHQVRUDU
 $SVDLUHSHWDWEXWRQXOSkQFkQG
VDXDQWLRUDU 3DJLQD
PRGXOGHFOLPDWL]DUHGRULWDSDUHSHGLVSOD\ 6FKLPEDLVHWDUHDWHPSHUDWXULLQXPDLvQ
WUHSWHPLFLQFHSHLGHOD
 3HQWUXDFUHWHUHGXFHWHPSHUDWXUD
6HWDUHDWHPSHUDWXULL GLQFRPSDUWLPHQWXOVSDWHFXDMXWRUXO
&RQWUROXODXWRPDWDOFOLPDWL]ULL7+(5 SDQRXOXLGHFRPDQGIDDSVDLEXWR
0$7,& QXO
/DPSDLQGLFDWRDUHGLQEXWRQXOVH
6HSRWVHWDWHPSHUDWXULGLIHULWHSHQWUXSDUWHD VWLQJH
RIHUXOXLLSDUWHDSDVDJHUXOXLGLQID  5RWLLFRPDQGDCvQVHQVRUDUVDXDQWLRUDU
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH 3DJLQD 
FRQWDFW 6FKLPEDLVHWDUHDWHPSHUDWXULLQXPDLvQ
 3HQWUXDFUHWHUHGXFHURWLLFRPHQ WUHSWHPLFLQFHSHLGHOD
]LOHCVDXvQVHQVRUDUVDXvQVHQV 5HJODUHDWHPSHUDWXULLSHQWUXSDUWHDRIH
DQWLRUDU 3DJLQD  UXOXLHVWHDGRSWDWODFRPSDUWLPHQWXO
6FKLPEDLVHWDUHDWHPSHUDWXULLQXPDLvQ VSDWHLODSDUWHDSDVDJHUXOXLGLQID
WUHSWHPLFLQFHSHLGHOD  3HQWUXDFUHWHUHGXFHWHPSHUDWXUD
GLQFRPSDUWLPHQWXOGLQVSDWHFXDMXWR
UXOSDQRXOXLGHFRPDQGGLQVSDWHURWLL
EXWRQXOuvQVHQVRUDUVDXDQWLRUDUGHSH
SDQRXOGHFRPDQGGLQVSDWH
3DJLQD 
6FKLPEDLVHWDUHDWHPSHUDWXULLQXPDLvQ
WUHSWHPLFLQFHSHLGHOD
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL 

6HWDUHDGLVWULEXLHLDHUXOXL  5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
3DQRXGHFRPDQGGLQID
 3DQRXGHFRPDQGGLQIDDSVDLEXWR
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH QXOvQPRGUHSHWDWSkQFkQGVLP
GHYHQWLODLHFHQWUDOH EROXOGRULWDSDUHSHDILDM
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH  3DQRXGHFRPDQGGLQVSDWHDSVDL
GHYHQWLODLHGHODVSDLXOSHQWUX EXWRQXOLVDX
SLFLRDUH
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODLHGHODVSDLXOSHQWUX 6HWDUHDFXUHQWXOXLGHDHU
SLFLRDUHLFHOHFHQWUDOH
a 'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH  5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
GHGH]DEXULUH FRQWDFW
 3HQWUXDFUHWHDSVDLEXWRQXO
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODLHSHQWUXGH]DEXULUHLFHOH  3HQWUXDUHGXFHDSVDLEXWRQXO

&RQWUROFOLPDWL]DUH
FHQWUDOH
G 3XWHLXWLOL]DFRQWUROXODXWRPDWDOFOLPD
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH WL]ULL7+(5027521,&SHQWUXDVHWD
DHUXOXLGHODVSDLXOSHQWUXSLFLRDUHL FXUHQWXOGHDHUvQFRPSDUWLPHQWXOVSDWH
FHOHGHGH]DEXULUH VHSDUDW
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH
GHYHQWLODLHSHQWUXGH]DEXULUHSULQ
FHOHFHQWUDOHLSULQFHOHGHODVSDLXO $FWLYDUHDGH]DFWLYDUHDIXQFLHL
SHQWUXSLFLRDUH =21(
3DQRXGHFRPDQGGLQVSDWH  3HQWUXDDFWLYDDSVDLEXWRQXO
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH /DPSDLQGLFDWRDUHGLQEXWRQXOVH
GHYHQWLODLHFHQWUDOHLODWHUDOHvQ DSULQGH
VSDWH &RQWUROXODXWRPDWDOFOLPDWL]ULL7+(50$
'LULMHD]FXUHQWXOGHDHUSULQRULILFLLOH 7,&VHWDUHDGHWHPSHUDWXUSHQWUXSDUWHD
GHYHQWLODLHGHODVSDLXOSHQWUX RIHUXOXLQXHVWHDGRSWDWSHQWUXSDUWHD
SLFLRDUH SDVDJHUXOXLGLQID7HPSHUDWXUDGHSH
SDUWHDSDVDJHUXOXLGLQIDHVWHDGRSWDW
G &XDMXWRUXOSDQRXOXLGHFRPDQGGLQ SHQWUXFRPSDUWLPHQWXOGLQVSDWH
VSDWHSXWHLDFWLYDGHDVHPHQHDDPEHOH
&RQWUROXODXWRPDWDOFOLPDWL]ULL7+(502
SR]LLLGHGLVWULEXLHDDHUXOXLVLPXOWDQ
7521,&VHWDUHDGHWHPSHUDWXUSHQWUX
3HQWUXDHIHFWXDDFHVWOXFUXDSVDL
SDUWHDRIHUXOXLQXHVWHDGRSWDWSHQWUX
DPEHOHEXWRDQHGHGLVWULEXLHDDHUXOXL
SDUWHDSDVDJHUXOXLGLQIDLFRPSDUWL
$HUXOHVWHDSRLGLULMDWSULQWRDWHRULILFLLOHGH
PHQWXOVSDWH
YHQWLODLHGLQVSDWH
&kQGEXWRDQHOHVDXFRPHQ]LOHSHQWUXWHP
G ,QGLIHUHQWFDUHHVWHVHWDUHDGLVWULEXLHL SHUDWXUFXUHQWXOGHDHUVDXGLVWULEXLDDHUX
DHUXOXLFXUHQWXOGHDHUHVWHvQWRWGHDXQD OXLVXQWDFWLYDWHVHWDUHDGHWHPSHUDWXUSHQ
GLULMDWSULQRULILFLLOHGHYHQWLODLHODWHUDOH WUXSDUWHDRIHUXOXLQXHVWHDSOLFDWLSHQWUX
2ULILFLLOHGHYHQWLODLHODWHUDOHSRWILvQFKLVH FHOHODOWH]RQHGHFRQWURODOFOLPDWL]ULL
QXPDLFkQGFRPHQ]LOHGHSHRULILFLLOHGH
YHQWLODLHODWHUDOHVXQWURWLWHvQMRV


 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL

 3HQWUXDGH]DFWLYDDSVDLEXWRQXO VDX
  5RWLLFRPHQ]LOHCVDXvQVHQVRUDUVDX
/DPSDLQGLFDWRDUHGLQEXWRQXOVH vQVHQVDQWLRUDU 3DJLQD 
VWLQJH 3DJLQD 
5HJODUHDWHPSHUDWXULLSHQWUXSDUWHDRIH VDX
UXOXLHVWHDGRSWDWODFRPSDUWLPHQWXOGLQ  $SVDLEXWRQXOVDX
VSDWHLODSDUWHDSDVDJHUXOXLGLQID

'H]DEXULUHDJHDPXULORU
'H]JKHDUHDSDUEUL]XOXL
3XWHLXWLOL]DDFHDVWIXQFLHSHQWUXDGHJLYUD *HDPXULDEXULWHSHLQWHULRU
SDUEUL]XOVDXSHQWUXDGH]DEXULLQWHULRUXOSDU  $FWLYDLIXQFLDGHUFLUHFXGH]XPLGLILFDUH
EUL]XOXLLJHDPXULOHODWHUDOH DDHUXOXLZV
G 6HOHFWDLIXQFLDGHGH]DEXULUHSkQFkQG  $FWLYDLPRGXODXWRPDWX
&RQWUROFOLPDWL]DUH

SDUEUL]XOUHGHYLQHWUDQVSDUHQW  'DFJHDPXULOHFRQWLQXVVHDEXUHDVF

 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH DFWLYDLIXQFLDGHGH]DEXULUH
FRQWDFW 3DJLQD 
 3HQWUXDDFWLYDDSVDLEXWRQXOd G 6HOHFWDLDFHDVWVHWDUHGRDUSkQFkQG
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH SDUEUL]XOUHGHYLQHWUDQVSDUHQW
DSULQGH
6LVWHPXOGHFRQWURODOFOLPDWL]ULLFRPXW *HDPXULDEXULWHSHH[WHULRU
SHXUPWRDUHOHIXQFLL
$FWLYDLWHUJWRDUHOHGHSDUEUL]
=UFLUHDFXGH]XPLGLILFDUHDDHUXOXLSRU
$SVDLUHSHWDWEXWRQXOSkQFkQG
QLW VLPEROXOVDXDSDUHSHDILDM
=FXUHQWGHDHUULGLFDW
G 6HOHFWDLDFHDVWVHWDUHGRDUSkQFkQG
=WHPSHUDWXUULGLFDW SDUEUL]XOUHGHYLQHWUDQVSDUHQW
=GLVWULEXLDDHUXOXLFWUHSDUEUL]LJHD
PXULOHODWHUDOHGLQID
=PRGXOGHUHFLUFXODUHDDHUXOXLGH]DFWLYDW QFO]LUHDOXQHWHL
 3HQWUXDGH]DFWLYDDSVDLEXWRQXO 3RUQLUHDRSULUHD
d
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH
3HULFROGHDFFLGHQW
VWLQJH6HWULOHVHOHFWDWHDQWHULRUVXQWGLQ &XUDLWRDWHJHDPXULOHGHJKHDVDX
QRXYDODELOH)XQFLDGHUFLUHFXGH]XPL ]SDGvQDLQWHGHSRUQLUHDvQFOWRULH'LPL
GLILFDUHDDHUXOXLUPkQHDFWLYDW0RGXO QXDUHDYL]LELOLWLLSRDWHFUHDVLWXDLLSHULFX
GHUHFLUFXODUHDDHUXOXLUPkQHGH]DFWLYDW ORDVHSHQWUXGXPQHDYRDVWUVDXSHQWUXDOWH
SHUVRDQH
VDX
 $SVDLEXWRQXOX QFO]LUHDOXQHWHLDUHXQFRQVXPGHFXUHQW
/DPSDLQGLFDWRDUHGLQEXWRQXOdVH ULGLFDW3ULQXUPDUHWUHEXLHVRRSULLGDF
VWLQJH&XUHQWXOGHDHULGLVWULEXLDDHUXOXL OXQHWDHVWHWUDQVSDUHQWQFD]FRQWUDUVH
VXQWVHWDWHSHPRGXODXWRPDW RSUHWHDXWRPDWGXSFkWHYDPLQXWH
 1XPDLFXPRWRUXOSRUQLW
 QIXQFLHGHWHPSHUDWXUDH[WHULRDU
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL 

'DFWHQVLXQHDEDWHULHLHVWHSUHDVF]XW G QFD]XOXQRUQLYHOXULGHSROXDUHULGL
vQFO]LUHDOXQHWHLVHSRDWHGH]DFWLYD FDWHVDXODWHPSHUDWXULH[WHULRDUHULGL
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH FDWHPRGXOGHUHFLUFXODUHDDHUXOXLHVWH
FRQWDFW DFWLYDWDXWRPDW&kQGPRGXOGHUHFLUFXODUH
 $SVDLEXWRQXOl DDHUXOXLHVWHDFWLYDWDXWRPDWODPSDLQGL
/DPSDLQGLFDWRDUHGLQEXWRQXOlVH FDWRDUHGLQEXWRQXOQXHVWHDSULQV
DSULQGHVDXVHVWLQJH $HUXOH[WHULRUHVWHDGXJDWGXSDSUR[L
PDWLYGHPLQXWH
3UREOHPHODvQFO]LUHDOXQHWHL  3HQWUXDGH]DFWLYDDSVDLEXWRQXO

QFO]LUHDOXQHWHLVDGH]DFWLYDWSUHPDWXUVDX /DPSDLQGLFDWRDUHGLQEXWRQXOVH
QXSRDWHILDFWLYDW
VWLQJH
 'H]DFWLYDLRULFHFRQVXPDWRULLQXWLOLGHH[
OPSLOHGHOHFWXUVDXLOXPLQDUHDLQWH G 0RGXOGHUHFLUFXODUHDDHUXOXLVHGH]DFWL
ULRDU YHD]DXWRPDW

&RQWUROFOLPDWL]DUH
&kQGEDWHULDHVWHVXILFLHQWGHvQFUFDW =GXSDSUR[LPDWLYFLQFLPLQXWHODWHPSH
vQFO]LUHDOXQHWHLHVWHDFWLYDWGLQQRX UDWXULH[WHULRDUHVXEDSUR[LPDWLY
DXWRPDW =GXSDSUR[LPDWLYFLQFLPLQXWHGDF
UFLUHDFXGH]XPLGLILFDUHDDHUXOXLHVWH
GH]DFWLYDW
$FWLYDUHDGH]DFWLYDUHDPRGXOXLGH =GXSDSUR[LPDWLYGHPLQXWHODWHP
UHFLUFXODUHDDHUXOXL SHUDWXULH[WHULRDUHGHSHVWHDSUR[LPDWLY
3XWHLGH]DFWLYDIOX[XOGHDHUSURDVSWGDF 
vQDXWRYHKLFXOSWUXQGPLURVXULQHSOFXWHGLQ =GDFDSVDLEXWRQXOZVL
H[WHULRU$HUXOGLQDXWRYHKLFXOYDILDVWIHO DFWLYDLUFLUHDFXGH]XPLGLILFDUHDDHUX
UHFLUFXODW OXL
8WLOL]DUHDPRGXOXLGHUHFLUFXODUHDDHUXOXL
HVWHVLPLODUODWRDWHSDQRXULOHGHFRPDQG
QFKLGHUHDGHVFKLGHUHDDVLVWDWFX
3HULFROGHDFFLGHQWDUH DMXWRUXOEXWRQXOXLGHUHFLUFXODUHD
/DWHPSHUDWXULH[WHULRDUHIRDUWHVF]XWHDFWL DHUXOXL
YDLPRGXOGHUHFLUFXODUHDDHUXOXLGRDUSHQWUX
VFXUWWLPSQFD]FRQWUDUJHDPXULOHVHSRW $9(57,60(17
DEXULGLPLQXkQGYL]LELOLWDWHDLSXQkQGDVWIHO $VLJXUDLYFQXYDILSULQVQLPHQLvQWUHJHD
vQSHULFROVLJXUDQDSURSULHLSHFHDDDOWRU PXOODWHUDOLFDGUXOSRUWLHUHLFkQGJHDPXULOH
SHUVRDQH'LQDFHDVWFDX]HVWHSRVLELOV ODWHUDOHVXQWGHVFKLVHLvQFKLVH$VLJXUDLY
QXPDLSXWHLXUPULFRQGLLLOHGHWUDILF FWRDWHRELHFWHOHLSULOHFRUSXOXLVXQWOD
SXWkQGSURYRFDXQDFFLGHQW GLVWDQGHJHDPXULOHODWHUDOHFkQGDFHVWHD
VXQWGHVFKLVHVDXvQFKLVH'XPQHDYRDVWU
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH VDXRELHFWHOHSXWHLILWUDLVDXSULQLvQWUH
FRQWDFW JHDPXOODWHUDOLFDGUXOSRUWLHUHLSHPVXU
 3HQWUXDDFWLYDDSVDLEXWRQXO FHJHDPXOVHGHSODVHD]'DFH[LVWSHULFR
/DPSDLQGLFDWRDUHGLQEXWRQXOVH OXOGHSULQGHUHDFLRQDLFRPXWDWRUXOb
DSULQGH SHQWUXDGHSODVDJHDPXOODWHUDOvQVHQVXO
RSXV

 1XPDLFRQWUROXODXWRPDWDOFOLPDWL]ULL7+(5027521,&


 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL

$VLJXUDLYFQXVHSRDWHSULQGHQLPHQL G 'DFDFWLYDLIXQFLDGHFOGXUUH]LGXDO
vQWUHHOHPHQWHFkQGWUDSDJOLVDQWWUDSDJOL ODWHPSHUDWXULvQDOWHVHYDDFWLYDGRDUYHQ
VDQWSDQRUDPLFHVWHGHVFKLVLvQFKLV WLODLD9HQWLODWRUXOUXOHD]ODWXUDLHPHGLH
'DFH[LVWSHULFROXOGHSULQGHUHDFLRQDL  5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRPXWDWRUXOWSHQWUXDGHSODVDWUDSDJOL FRQWDFWVDXVFRDWHLR
VDQWWUDSDJOLVDQWSDQRUDPLFvQVHQVXO  3HQWUXDDFWLYDDSVDLEXWRQXOK
RSXV
V
 &DUDFWHULVWLFDGHvQFKLGHUHDVLVWDW /DPSDLQGLFDWRDUHGLQEXWRQXOK
DSVDLLPHQLQHLDSVDWEXWRQXO VVHDSULQGH
SkQFkQGJHDPXULOHODWHUDOHLWUDSDJOL  3HQWUXDGH]DFWLYDDSVDLEXWRQXO
VDQWWUDSDJOLVDQWSDQRUDPLFVDX KV
vQFKLV /DPSDLQGLFDWRDUHGHSHEXWRQXOK
/DPSDLQGLFDWRDUHGLQEXWRQXOVH VVHVWLQJH
DSULQGH0RGXOGHUHFLUFXODUHDDHUXOXLHVWH
DFWLYDW G &OGXUDUH]LGXDOHVWHGH]DFWLYDWDXWR
&RQWUROFOLPDWL]DUH

PDW
 &DUDFWHULVWLFDGHGHVFKLGHUHDVLVWDW
DSVDLLPHQLQHLDSVDWEXWRQXO =GXSDSUR[LPDWLYGHPLQXWH

SkQFkQGJHDPXULOHODWHUDOHLWUDSDJOL =FkQGFRQWDFWXOHVWHSXV
VDQWWUDSDJOLVDQWSDQRUDPLFVDXGHV =GDFWHQVLXQHDEDWHULHLVFDGH
FKLV*HDPXULOHODWHUDOHLWUDSDJOLVDQW =GDFWHPSHUDWXUDOLFKLGXOXLGHUFLUH
WUDSDJOLVDQWSDQRUDPLFUHYLQvQSR]LLD HVWHSUHDVF]XW
ORULQLLDO
/DPSDLQGLFDWRDUHGLQEXWRQXOVH
VWLQJH0RGXOGHUHFLUFXODUHDDHUXOXLHVWH QFO]LUHDX[LOLDU
GH]DFWLYDW
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
G 'DFGHVFKLGHLJHDPXULOHODWHUDOHVDX
WUDSDJOLVDQWWUDSDJOLVDQWSDQRUDPLF $9(57,60(17
PDQXDOGXSFHOHvQFKLGHLSULQFDUDFWH 6HSURGXFJD]HGHHDSDPHQWFkQGvQFO]LUHD
ULVWLFDGHvQFKLGHUHDVLVWDWHOHYRUUPkQH DX[LOLDUHVWHvQIXQFLXQH,QKDODUHDDFHVWRU
vQDFHDVWSR]LLHFkQGVXQWGHVFKLVHSULQ JD]HGHHDSDPHQWYSRDWHILQRFLY3ULQ
FDUDFWHULVWLFDGHGHVFKLGHUHDVLVWDW XUPDUHDUWUHEXLVGH]DFWLYDLvQFO]LUHD
DX[LOLDUvQVSDLLvQFKLVHIUXQVLVWHPGH
YHQWLODUHSULQDVSLUDLHGHH[vQWUXQJDUDM
$FWLYDUHDGH]DFWLYDUHDIXQFLHLGH
FOGXUUH]LGXDO $9(57,60(17
(VWHSRVLELOVXWLOL]DLFOGXUDUH]LGXDOD &kQGXWLOL]DLvQFO]LUHDDX[LOLDUDQXPLWHSUL
PRWRUXOXLSHQWUXDFRQWLQXDVvQFO]LLDXWR DOHDXWRYHKLFXOXOXLVHSRWvQFLQJHSXWHUQLF
YHKLFXOXOVWDLRQDWWLPSGHSkQOD $VLJXUDLYFVLVWHPXOGHHYDFXDUHQXLQWU
GHPLQXWHGXSFHPRWRUXODIRVWRSULW VXEQLFLRIRUPvQFRQWDFWFXPDWHULDOHOHXRU
'XUDWDGHvQFO]LUHGHSLQGHGHWHPSHUDWXUD LQIODPDELOHSUHFXPLDUEDXVFDWVDXFDUEX
FDUHDIRVWVHWDW UDQLL0DWHULDOHOHVDUSXWHDvQFD]FRQWUDU
DSULQGHLDUIRFXOVDUUVSkQGLODDXWRYHKLFXO
G 9HQWLODWRUXOYDIXQFLRQDODWXUDLHUHGXV $OHJHLYSULQXUPDUHXQORFGHSDUFDUHDGHF
LQGLIHUHQWGHVHWDUHDFXUHQWXOXLGHDHU YDW
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL 

8WLOL]DUHDvQFO]LULLDX[LOLDUHHVWHGLQDFHVW QFO]LUHDYHQWLODLDDX[LOLDUSRDWHILDFWL
PRWLYLQWHU]LVvQEHQ]LQULLVDXFkQGDXWRYH YDWFkQGFRQWUROXOFOLPDWL]ULLHVWHFRQWURODW
KLFXOXOGXPQHDYRDVWUHVWHDOLPHQWDWFXFDU PDQXDO6HSRDWHRELQHXQFRQIRUWRSWLP
EXUDQW3ULQXUPDUHWUHEXLHVGH]DFWLYDL FkQGVLVWHPXOHVWHVHWDWSHPRGXODXWRPDW
vQFO]LUHDDX[LOLDUvQEHQ]LQULL 5HJODLWHPSHUDWXUDSH
QFO]LUHDYHQWLODLDDX[LOLDUSRDWHILDFWL
 8WLOL]DUHDvQFO]LULLYHQWLODLHLDX[LOLDUH YDWVDXGH]DFWLYDWFXDMXWRUXOWHOHFRPHQ]LL
FRQVXPEDWHULDDXWRYHKLFXOXOXL'XSFH VDXDOEXWRQXOXLGLQFRQVRODFHQWUDO
DLvQFO]LWVDXYHQWLODWDXWRYHKLFXOXOGH &DOFXODWRUXOGHERUGSRDWHILXWLOL]DWSHQWUXD
PD[LPXPGRXRULFRQGXFHLRGLVWDQ VSHFLILFDSkQODWUHLRUHGHSOHFDUHGLQWUH
PDLPDUH FDUHXQDSRDWHILSUHVHOHFWDW
G $FWLYDLvQFO]LUHDDX[LOLDUUHJXODWGHH[ 3DJLQD 
WLPSGHDSUR[LPDWLY]HFHPLQXWHvQILHFDUH
OXQ $FWLYDUHDGH]DFWLYDUHDvQFO]LULLYHQ
QFO]LUHDDX[LOLDUvQFO]HWHDHUXOGLQLQWH
WLODLHLDX[LOLDUHFXDMXWRUXOEXWRQXOXL

&RQWUROFOLPDWL]DUH
ULRUXODXWRYHKLFXOXOXLODWHPSHUDWXUDVHWDW
GLQFRQVRODFHQWUDO
IUDVHIRORVLGHFOGXUDPRWRUXOXLvQIXQF
LXQHQFO]LUHDDX[LOLDUHVWHDFLRQDW
GLUHFWSULQLQWHUPHGLXOFDUEXUDQWXOXLDXWRYH
KLFXOXOXL'LQDFHVWPRWLYFRQLQXWXOUH]HUYR
UXOXLWUHEXLHVILHFHOSXLQODQLYHOXOGHFDU
EXUDQWGHUH]HUYSHQWUXDVHDVLJXUDIXQF
LRQDUHDvQFO]LULLDX[LOLDUH
QFO]LUHDYHQWLODLDDX[LOLDUVHDGDSWHD]
DXWRPDWODPRGLILFULGHWHPSHUDWXULFRQ
GLLLPHWHR'LQDFHVWPRWLYvQFO]LUHDDX[L
OLDUDUSXWHDFRPXWDGLQPRGXOGHYHQWLODLH
vQFHOGHvQFO]LUHVDXGLQPRGXOGHvQFO]LUH &XORULOHOPSLORULQGLFDWRDUHGHSHEXWRQDX
vQFHOGHYHQWLODLH XUPWRDUHOHVHPQLILFDLL
QFO]LUHDDX[LOLDUHVWHRSULWDWXQFLFkQG $OEDVWUX 9HQWLODLDDX[LOLDUDFWLYDW
PRWRUXOHVWHRSULW9HQWLODLDDX[LOLDUHVWH 5RX QFO]LUHDDX[LOLDUDFWLYDW
RSULWDWXQFLFkQGURWLLFKHLDvQSR]LLD *DOEHQ 2UGHSOHFDUHSUHVHOHFWDW
QFO]LUHDDX[LOLDUVHRSUHWHDXWRPDWGXS 3DJLQD
GHPLQXWH$FHDVWOLPLWGHWLPSSRDWHIL
PRGLILFDW9UXJPVFRQWDFWDLXQDWHOLHU $FWLYDUHDvQFO]LULLYHQWLODLHLDX[LOLDUH
GHVSHFLDOLWDWHDXWRUL]DWvQDFHVWVFRS  $SVDLEXWRQXOC
1XSXWHLXWLOL]DYHQWLODLDDX[LOLDUSHQWUXD /DPSDLQGLFDWRDUHURLHVDXDOEDVWUGLQ
UFLLQWHULRUXODXWRYHKLFXOXOXLODRWHPSHUD EXWRQXOCVHDSULQGH
WXUPDLMRDVGHFkWWHPSHUDWXUDH[WHULRDU
'H]DFWLYDUHDvQFO]LULLYHQWLODLHLDX[L
QDLQWHGHDFWLYDUH OLDUH
 $SVDLEXWRQXOC
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW /DPSDLQGLFDWRDUHURLHVDXDOEDVWUGLQ
EXWRQXOCVHVWLQJH
 6HWDLWHPSHUDWXUD


 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL

$FWLYDUHDGH]DFWLYDUHDvQFO]LULLYHQ 3HQWUXDDFWLYDvQFO]LUHDYHQWLODLD
WLODLHLDX[LOLDUHFXDMXWRUXOWHOHFRPHQ DX[LOLDU
]LL j3HQWUXDYHULILFDVWDUHDIL[DRUDGH
$XWRYHKLFXOXOGXPQHDYRDVWUHVWHSUHY]XW SOHFDUH
FXRWHOHFRPDQG3XWHLXWLOL]DGRXWHOHFR
$FWLYDUHDvQFO]LULLYHQWLODLHLDX[LOLDUH
PHQ]LVXSOLPHQWDUHSHQWUXDXWRYHKLFXOXO
 $SVDLEXWRQXO
GXPQHDYRDVWU3HQWUXPDLPXOWHLQIRUPDLL
YUXJPVFRQWDFWDLXQDWHOLHUGHVSHFLDOL 21 3251,7 DSDUHSHDILDMXOWHOHFRPHQ
WDWHDXWRUL]DW ]LL
7HOHFRPDQGDDUHRUD]PD[LPGHDSUR[L 'H]DFWLYDUHDvQFO]LULLYHQWLODLHLDX[L
PDWLYGHPHWUL$FHDVWUD]HVWHUHGXV OLDUH
GH
 $SVDLEXWRQXOx
=VXUVHOHGHLQWHUIHUHQUDGLR
2)) GH]DFWLYDW DSDUHSHDILDMXOWHOH
=RELHFWHOHVROLGHGLQWUHWHOHFRPDQGL FRPHQ]LL
DXWRYHKLFXO
&RQWUROFOLPDWL]DUH

=VLWXDUHDWHOHFRPHQ]LLvQWURSR]LLHQHIDYR 9HULILFDUHDVWULLvQFO]LULLYHQWLODLHL
UDELOIDGHDXWRYHKLFXO DX[LOLDUH
=WUDQVPLWHUHDGLQWUXQVSDLXvQFKLV  $SVDLEXWRQXOjVDXf

G 5D]DRSWLPSRDWHILRELQXWGDFLQHL 8UPWRDUHOHPHVDMHSRWDSUHDSHDILDM
WHOHFRPDQGDSHYHUWLFDORULHQWDWvQVXV
'LVSOD\ 6HPQLILFDLH
FkQGDSVDLXQXOGLQWUHEXWRDQH
G 8QVLPEROGHEDWHULHDSDUHSHGLVSOD\ QFO]LUHDYHQWLODLD
DX[LOLDUHVWHGH]DFWL
FkQGEDWHULDWHOHFRPHQ]LLHVWHDSURDSH
YDW
HSXL]DWQORFXLLEDWHULDWHOHFRPHQ]LL
3DJLQD  9HQWLODLDDX[LOLDUHVWH
DFWLYDW1XPUXOGHSH
DILDMLQGLFGXUDWD
UPDV vQPLQXWH SHQ
WUXYHQWLODLDDX[LOLDU
QFO]LUHDDX[LOLDUHVWH
DFWLYDW1XPUXOGHSH
DILDMLQGLFGXUDWD
UPDV vQPLQXWH SHQ
WUXvQFO]LUHDDX[LOLDU
6DDFWLYDWRRUGHSOH
7HOHFRPDQGGHvQFO]LUHDX[LOLDU FDUH2UDGHSOHFDUH
C 'LVSOD\ DSDUHSHGLVSOD\
D f3HQWUXDYHULILFDVWDUHDIL[DRUDGH
SOHFDUH
x3HQWUXDGH]DFWLYDvQFO]LUHDYHQWL
ODLDDX[LOLDU
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL 

6DDFWLYDWRRUGHSOH QORFXLUHDEDWHULHLWHOHFRPHQ]LL
FDUH9HQWLODLDDX[LOLDU $9(57,60(17
HVWHVHOHFWDWODPRPHQ
%DWHULLOHFRQLQVXEVWDQHRWUYLWRDUH
WXOUHVSHFWLY2UDGHSOH
FDUHDSDUHSHGLVSOD\ QJKLLUHDLQJHUDUHDEDWHULLORUSRDWHGXFHOD
YWPDUHSHUVRQDOJUDYVDXFKLDUODGHFHV
6DDFWLYDWRRUGHSOH 1XOVDLQLFLRGDWEDWHULLOHODvQGHPkQDFRSLL
FDUHQFO]LUHDDX[LOLDU ORU'DFREDWHULHHVWHvQJKLLWFHUHLLPH
HVWHVHOHFWDWODPRPHQ GLDWDMXWRUXOPHGLFXOXL
WXOUHVSHFWLY2UDGHSOH
FDUHDSDUHSHGLVSOD\ 1RWSULYLQGSURWHFLDPHGLXOXL
6HWDUHDRUHLGHSOHFDUH %DWHULLOHFRQLQDJHQL
SROXDQL(VWHLOHJDOVOH
 $SVDLEXWRQXOjVDXfvQPRG
DUXQFDLvPSUHXQFX
UHSHWDWSkQFkQGRUDGHPRGLILFDWDSDUH JXQRLXOPHQDMHU$FHVWHD
SHGLVSOD\

&RQWUROFOLPDWL]DUH
WUHEXLHFROHFWDWHVHSDUDWL
 $SVDLVLPXOWDQEXWRDQHOHLx DUXQFDWHSRWULYLWXQXLVLVWHP
6LPEROXOMGHSHDILDMXOWHOHFRPHQ]LLFOL GHUHFLFODUHUHVSRQVDELOID
SHWH GHPHGLXOvQFRQMXUWRU
 $SVDLEXWRQXOjVDXfSHQWUXD $UXQFDLEDWHULLOHvQWUR
VHWDRUDGHSOHFDUHGRULW PDQLHUUHVSRQVDELOIDGH
PHGLXOvQFRQMXUWRU'XFHL
G &XFkWLQHLPDLPXOWDSVDWSHEXWR EDWHULLOHGHVFUFDWHODXQ
QXOjVDXfFXDWkWVHLVFKLPE DWHOLHUGHVSHFLDOLWDWHDXWRUL
PDLUDSLGRUD ]DWVDXODXQFHQWUXGHFROHF
 $SVDLVLPXOWDQEXWRDQHOHLx WDUHSHQWUXEDWHULLX]DWH
1RXDRUGHSOHFDUHHVWHVWRFDW
(VWHQHFHVDUREDWHULHFXSLQGH9GHWLS
$FWLYDUHDRUHLGHSOHFDUHIL[DWH &5
 $SVDLEXWRQXOjVDXfvQPRG
UHSHWDWSkQFkQGRUDGHSOHFDUHGRULW
DSDUHSHGLVSOD\
 $SVDLEXWRQXO
6LPEROXOLLRUDGHSOHFDUHDSDUSHGLV
SOD\

'H]DFWLYDUHDXQHLRUHGHSOHFDUHIL[DWH
 $SVDLEXWRQXOjVDXf
6WDUHDvQFO]LULLDX[LOLDUHHVWHLQGLFDWSH
DILDM
 $SVDLEXWRQXOf
 'HVIDFHLEUDHOHODWHUDOHDOHFDSDFXOXL
EDWHULHLDLVFRDWHLFDSDFXOEDWHULHLD
3ULPDRUGHSOHFDUHPHPRUDWDSDUHSH
 6FRDWHLYHFKHDEDWHULHC
DILDM
 $SVDLEXWRQXOx  ,QWURGXFHLQRXDEDWHULH5HVSHFWDLvQVHP

0HVDMXOGHSHGLVSOD\2)) 235,7 DSDUH QHOHGHSRODULWDWHGHSHVSDWHOHWHOHFRPHQ


SHGLVSOD\ ]LLvQWLPSXORSHUDLHL


 8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL

 &XOLVDLFDSDFXOEDWHULHLDvQDSRLSHWHOH
FRPDQG
 8WLOL]DLWHOHFRPDQGDSHQWUXDYHULILFDIXQF
LLOHGHvQFO]LUHDX[LOLDUDOHDXWRYHKLFXOX
OXL
&RQWUROFOLPDWL]DUH
8WLOL]DUHDVLVWHPXOXLGHFRQWURODOFOLPDWL]ULL 

3UREOHPHODvQFO]LUHDYHQWLODLDDX[LOLDU

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

B 7UDQVPLVLDGHVHPQDOGLQWUHWUDQVPLWRULDXWRYHKLFXOHVWH
GHIHFWXRDV
)$,/ '()(&7
 6FKLPEDLYSR]LLDvQUDSRUWFXDXWRYHKLFXOXODSURSLLQGXY
GHHOGDFVLWXDLDRFHUH
 QFHUFDLGLQQRXVDFWLYDLVDXVGH]DFWLYDLvQFO]LUHDDX[L
OLDUFXDMXWRUXOWHOHFRPHQ]LL

)$,/ '()(&7 0HVDMXOGHSHGLVSOD\YDDSUHDQXPDLGDFvQFHUFDLVDFWLYDL


vQFO]LUHDDX[LOLDU
g 1XH[LVWVXILFLHQWFDUEXUDQWvQUH]HUYRUXOGHFDUEXUDQWVDXvQFO]L
UHDDX[LOLDUIXQFLRQHD]GHIHFWXRV
 $OLPHQWDLODFHDPDLDSURSLDWVWDLHGHDOLPHQWDUH

&RQWUROFOLPDWL]DUH
 QFHUFDLGLQQRXVDFWLYDLvQFO]LUHDDX[LOLDUFXDMXWRUXOWHOH
FRPHQ]LL
 6ROLFLWDLYHULILFDUHDvQFO]LULLDX[LOLDUHODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW

)$,/ '()(&7 $FHVWPHVDMGHSHGLVSOD\SRDWHVDSDUGDFvQFHUFDLVDFWLYDL


vQFO]LUHDDX[LOLDUVDXvQWLPSXOXQHLLQWHURJULGHVWDUH
'DFvQFO]LUHDDX[LOLDUQXSRUQHWHVDXGDFVDvQWUHUXSWvQ
WLPSXOIXQFLRQULLDFHVWOXFUXVDvQWkPSODWGLQXUPWRDUHOH
FDX]H
=vQFO]LUHDDX[LOLDUDIRVWSRUQLWGHPDLPXOWGHGRXRULDWXQFL
FkQGPRWRUXODIRVWRSULW
=EDWHULDGHSRUQLUHQXHVWHvQFUFDWVXILFLHQW
=HVWHSUHDSXLQFDUEXUDQWvQUH]HUYRUXOGHFDUEXUDQW
=vQFO]LUHDDX[LOLDUHVWHGHIHFW

'DFvQFO]LUHDDX[LOLDUDIRVWSRUQLWGHPDLPXOWGHGRX
RUL
 3RUQLLPRWRUXOLOVDLOSRUQLWPDLPXOWGHVHFXQGH
 QFHUFDLGLQQRXVDFWLYDLvQFO]LUHDDX[LOLDUFXDMXWRUXOWHOH
FRPHQ]LL
'DFEDWHULDGHSRUQLUHQXHVWHvQFUFDWVXILFLHQW
 QFUFDLEDWHULDGHPDURUXOXL
 QFHUFDLGLQQRXVDFWLYDLvQFO]LUHDDX[LOLDUFXDMXWRUXOWHOH
FRPHQ]LL


 5HJODUHDRULILFLLORUGHYHQWLODLH

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
'DFQXHVWHFDUEXUDQWVXILFLHQW
 $OLPHQWDLODFHDPDLDSURSLDWVWDLHGHDOLPHQWDUH
 QFHUFDLGLQQRXVDFWLYDLvQFO]LUHDDX[LOLDUFXDMXWRUXOWHOH
FRPHQ]LL
'DFvQFO]LUHDDX[LOLDUHVWHGHIHFW
 6ROLFLWDLYHULILFDUHDvQFO]LULLDX[LOLDUHODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DW

5HJODUHDRULILFLLORUGHYHQWLODLH )L[DUHDRULILFLLORUGHYHQWLODLHFHQ
WUDOH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
&RQWUROFOLPDWL]DUH

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

3HQWUXDDVLJXUDXQGHELWGHDHUSURDVSW
GLUHFWSULQRULILFLLOHGHYHQWLODLHvQLQWHULRUXO C 2ULILFLXOGHYHQWLODLHFHQWUDOVWkQJD
DXWRYHKLFXOXOXLUHVSHFWDLXUPWRDUHOHQRWH D 2ULILFLXOGHYHQWLODLHFHQWUDOGUHDSWD
=PHQLQHLPDVFDGHDGPLVLHDDHUXOXLGLQ %XWRQGHUHJODMSHQWUXRULILFLXOGHYHQWLOD
FDSRWLGLQFRPSDUWLPHQWXOPRWRUXOXLGH LHFHQWUDOGUHDSWD
SHSDUWHDSDVDJHUXOXLGLQIDQHREVWUXF %XWRQGHUHJODMSHQWUXRULILFLXOGHYHQWLOD
LRQDWGHRELHFWHSUHFXPJKHD]SDG LHFHQWUDOVWkQJD
VDXIUXQ]H  3HQWUXDGHVFKLGHvQFKLGHURWLLEXWRD
=QXDFRSHULLQLFLRGDWRULILFLLOHVDXJULODMHOH
QHOHGHUHJODMLODGUHDSWDVDXOD
GHYHQWLODLHGLQLQWHULRUXODXWRYHKLFXOXOXL VWkQJD
G 3HQWUXRYHQWLODUHSUDFWLFOLSVLWGH
FXUHQLGHDHUUHJODLJOLVRDUHOHRULILFLLORU
GHYHQWLODLHvQSR]LLHFHQWUDO
5HJODUHDRULILFLLORUGHYHQWLODLH 

)L[DUHDRULILFLLORUGHYHQWLODLHODWHUDOH

C %XWRQGHUHJODMSHQWUXRULILFLXOGHYHQWLOD
LH
 3HQWUXDGHVFKLGHvQFKLGHURWLLEXWRQXO D 2ULILFLXGHYHQWLODLH
GHUHJODMvQVXVVDXvQMRV
 3HQWUXDGHVFKLGHURWLLEXWRQXOGH
UHJODMCvQVHQVDQWLRUDU

&RQWUROFOLPDWL]DUH
 3HQWUXDvQFKLGHURWLLEXWRQXOGH
5HJODUHDRULILFLXOXLGHYHQWLODLHDOWRU
SHGRXOXL UHJODMCvQVHQVRUDU
&kQGFRQWUROXODXWRPDWDOFOLPDWL]ULLHVWH
DFWLYDWWRUSHGRXOSRDWHILUFLWGHH[HPSOX
5HJODUHDRULILFLLORUGHYHQWLODLHGLQ
SHQWUXDLUFLFRQLQXWXO1LYHOXOFXUHQWXOXL
FRPSDUWLPHQWXOVSDWH
GHDHUGHSLQGHGHVHWULOHGHFXUHQWGHDHUL
GLVWULEXLHDDHUXOXL 6HWDUHDRULILFLLORUGHYHQWLODLHFHQWUDOH
/DWHPSHUDWXULH[WHULRDUHvQDOWHGHVFKLGHL GLQFRPSDUWLPHQWXOVSDWH
RULILFLXOGHYHQWLODLHLDFWLYDLIXQFLD
UFLUHDFXGH]XPLGLILFDUHDDHUXOXL
 QFKLGHLRULILFLXOGHYHQWLODLHGDFQX
GRULLVUFLLWRUSHGRXOVDXGDFQXDL
SRUQLWUFLUHDFXGH]XPLGLILFDUHDDHUXOXL
QFD]FRQWUDUHOHPHQWHOHVHQVLELOHODXPH
]HDOGHSR]LWDWHvQWRUSHGRSRWILGHWHULR
UDWH

2ULILFLLGHYHQWLODLHFHQWUDOHFXSDQRXGHFRPDQG
GLQVSDWH H[HPSOX
C %XWRQXOGHUHJODMSHQWUXRULILFLXOGHYHQ
WLODLHGLQFRPSDUWLPHQWXOVSDWH
D 2ULILFLXGHYHQWLODLHGLQFRPSDUWLPHQWXO
VSDWHGUHDSWD
3DQRXGHFRPDQGGLQVSDWH
2ULILFLXGHYHQWLODLHGLQFRPSDUWLPHQWXO
VSDWHVWkQJD


 5HJODUHDRULILFLLORUGHYHQWLODLH

 3HQWUXDGHVFKLGHvQFKLGHURWLLEXWRQXO
GHUHJODMCvQVXVVDXvQMRV

5HJODUHDRULILFLLORUGHYHQWLODLHODWHUDOH
GLQFRPSDUWLPHQWXOVSDWH
$FHVWHRULILFLLGHYHQWLODLHODWHUDOHGLQFRP
SDUWLPHQWXOGLQVSDWHVXQWGLVSRQLELOHQXPDL
GDFGHLQHLFRQWUROXODXWRPDWDOFOLPDWL]ULL
7+(5027521,&
&RQWUROFOLPDWL]DUH

C 2ULILFLXGHYHQWLODLHODWHUDOGLQFRPSDUWL
PHQWXOVSDWH
D %XWRQGHUHJODMSHQWUXRULILFLXOGHYHQWLOD
LHODWHUDOGLQFRPSDUWLPHQWXOVSDWH
 3HQWUXDGHVFKLGHvQFKLGHURWLLEXWRQXO
GHUHJODMDODVWkQJDVDXODGUHDSWD


,QIRUPDLLXWLOH 
1RWHSULYLQGURGDMXO 
&RQGXFHUH 

&RQGXFHUHDLSDUFDUHD
7UDQVPLVLHDXWRPDW 
$OLPHQWDUHFXFDUEXUDQW 
3DUFDUH 
6IDWXULSULYLQGFRQGXFHUHD 
6LVWHPHGHDVLVWDUHDFRQGXFHULL 
6LVWHPHGHDVLVWDUHDFRQGXFHULL
RIIURDG 
7UDFWDUHDXQHLUHPRUFL 
 &RQGXFHUH

,QIRUPDLLXWLOH WDQSkQOD]RQDURLHGLQDILDMXOWXUR
PHWUXOXL
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH =1XFXSODLPDQXDOvQWURWUHDSWLQIHULRDU
&RQGXFHUHDLSDUFDUHD

PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG SHQWUXDIUkQD
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD =QFHUFDLVHYLWDLVDSVDLSHGDODGH
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL DFFHOHUDLHGLQFRORGHSXQFWXOGHUH]LV
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH WHQ DFFHOHUDUHODPD[LP 
YDULDLLvQIXQFLHGHDU9UXJPVUHL =7UHDSWDGHYLWH]HVDXDUWUHEXL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP FXSODWQXPDLDWXQFLFkQGFRQGXFHLOHQW
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF GHH[FkQGFRQGXFHLSHWHUHQPRQWDQ
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
'XSNPSXWHLDGXFHWUHSWDWDXWRYH
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
KLFXOXOODYLWH]HGHUXODUHLWXUDLLDOHPRWR
ULWRDUHODVLJXUDQ
UXOXLPD[LPH
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH 1RWHVXSOLPHQWDUHSULYLQGURGDMXOSHQWUX
FLDOLWDWHDXWRUL]DWH 3DJLQD  DXWRYHKLFXOHOH$0*
=1XFRQGXFHLFXYLWH]HGHSHVWH

1RWHSULYLQGURGDMXO NPKvQSULPLLNP
=/VDLPRWRUXOVDWLQJWXUDLDPD[LPD
1RWHLPSRUWDQWHSULYLQGVLJXUDQD PRWRUXOXLGHURWPLQQXPDLSHQWUX
VFXUWWLPS
$9(57,60(17
=8WLOL]DLSURJUDPXOGHFRQGXFHUH&SHQWUX
3OFXHOHGHIUkQJDUQLWXULOHGHIUkQQRL
SULPLLNPGDFHVWHSRVLELO
RIHUSHUIRUPDQHRSWLPHODIUkQDUHQXPDL
GXSFkWHYDVXWHGHNLORPHWUL3kQDWXQFL G 7UHEXLHGHDVHPHQHDVUHVSHFWDL
FRPSHQVDLUHGXFHUHDIRUHLGHIUkQDUHSULQ DFHVWHQRWHSULYLQGURGDMXOGDFPRWRUXO
DSVULPDLIHUPHSHSHGDODGHIUkQ$FHDVW VDXFRPSRQHQWHDOHWUHQXOXLGHWUDQVPLVLH
LQGLFDLHHVWHYDODELOLFkQGSOFXHOHGH GHODDXWRYHKLFXOXOGXPQHDYRDVWUDXIRVW
IUkQJDUQLWXULOHGHIUkQVDXGLVFXULOHGH vQORFXLWH
IUkQDXIRVWVFKLPEDWH

&RQGXFHUH
QSULPLLNP 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
'DFDFRUGDLRJULMVXILFLHQWSHQWUXPRWRU
vQFGHODvQFHSXWYHLILUVSOWLWFXSHUIRU $9(57,60(17
PDQH[FHOHQWSHQWUXWRWUHVWXOYLHLLPRWR 1XLQHLRELHFWHvQVSDLXOSHQWUXSLFLRDUHDO
UXOXL RIHUXOXL'DFXWLOL]DLXQFRYRUDVDXR
PRFKHWvQVSDLXOSHQWUXSLFLRDUHDORIHUX
=&RQGXFHLODYLWH]HLWXUDLLDOHPRWRUXOXL
OXLDVLJXUDLYFDFHVWHDVXQWDVLJXUDWH
YDULDWHvQSULPLLNP FRUHFWLFH[LVWVSDLXVXILFLHQWSHQWUX
=(YLWDLVXSUDvQFUFDUHDDXWRYHKLFXOXOXLvQ
SHGDOH
DFHDVWSHULRDGGHH[SULQFRQGXFHUHD 1XDH]DLPDLPXOWHFRYRUDHXQXOGHDVXSUD
ODDFFHOHUDLHPD[LP FHOXLODOW
=6FKLPEDLWUHDSWDGHYLWH]HvQWLPSXWLO
QFD]FRQWUDURELHFWHOHVDXFRYRUDHOHVHSRW
vQDLQWHFDDFXOWXURPHWUXOXLVILHODGLV SULQGHvQWUHSHGDOHvQFD]GHIUkQDUHVDXDFFH
OHUDUHEUXVF$SRLHVWHSRVLELOVQXPDL
&RQGXFHUH 

SXWHLIUkQDVDXDFFHOHUDGXSFXPLQWHQLR 3R]LLLFKHLH
QDL$VWIHOSXWHLVXIHULXQDFFLGHQWLUQL
&KHLH

&RQGXFHUHDLSDUFDUHD
$9(57,60(17
1XUHWURJUDGDLSHQWUXXQHIHFWGHIUkQGH
PRWRUVXSOLPHQWDUSHVXSUDIHHGHGUXPDOX
QHFRDVH$VWIHOURLOHPRWULFHLDUSXWHD
SLHUGHDGHUHQDLDUDXWRYHKLFXOXODUSXWHD
GHUDSD$VWIHOSXWHLSLHUGHFRQWUROXODXWRYH
KLFXOXOXLLSXWHLSURYRFDXQDFFLGHQW

 QFO]LLUDSLGPRWRUXO1XXWLOL]DLSHUIRU
PDQHOHFRPSOHWHDOHPRWRUXOXLSkQQXD
DWLQVWHPSHUDWXUDGHIXQFLRQDUH
6HWDLWUDQVPLVLDDXWRPDWODSR]LLLOHGH Z 3HQWUXDVFRDWHFKHLD
FRQGXFHUHUHVSHFWLYHQXPDLFkQGDXWRYH G $OLPHQWDUHDHOHFWULFSHQWUXDQXPLLFRQ
KLFXOXOVWDLRQHD] VXPDWRULSUHFXPWHUJWRDUHOHGHSDU
'DFHVWHSRVLELOHYLWDLSDWLQDUHDURLORU EUL]
PRWULFHFkQGSRUQLLGHSHORFSHGUXPXUL H &RQWDFWXO DOLPHQWDUHDHOHFWULFSHQWUX
DOXQHFRDVHQFD]FRQWUDUDLSXWHDGHWH WRLFRQVXPDWRULL LSR]LLDGHFRQGXFHUH
ULRUDWUHQXOGHWUDQVPLVLH I 3HQWUXDSRUQLPRWRUXO
 $XWRYHKLFXOH$0*ODWHPSHUDWXUL G 'DFFKHLDQXDSDULQHDXWRYHKLFXOXOXL
VF]XWHDOHXOHLXOXLGHPRWRU VXE  HDSRDWHWRWXLILURWLWvQFRPXWDWRUXOGH
WXUDLDPD[LPDPRWRUXOXLHVWHOLPLWDW FRQWDFW&XWRDWHDFHVWHDFRQWDFWXOQXYD
SHQWUXDSURWHMDPRWRUXO3HQWUXDSURWHMD ILFXSODW0RWRUXOQXSRDWHILSRUQLW
PRWRUXOLDPHQLQHIXQFLRQDUHDOLQD
PRWRUXOXLHYLWDLVFRQGXFHLODDFFHOHUD .(</(66*2
LHPD[LPFkWPRWRUXOHVWHUHFH
1RWHJHQHUDOH
$XWRYHKLFXOHOHFX.(</(66*2VXQWGRWDWH
FXRFKHLHSUHY]XWFXRIXQFLH.(</(66
*2LQWHJUDWLXQEXWRQ6WDUW6WRSGHWDD
ELO
%XWRQXO6WDUW6WRSWUHEXLHVILHDSVDWvQ
FRPXWDWRUXOGHFRQWDFWLDUFKHLD.(</(66
*2WUHEXLHVVHDIOHvQDXWRYHKLFXO
$SVDUHDEXWRQXOXL6WDUW6WRSGHPDLPXOWH
RULODUkQGFRUHVSXQGHGLIHULWHORUSR]LLLDOH
FKHLLvQFRPXWDWRUXOGHFRQWDFW$FHDVW
VLWXDLHDSDUHGRDUGDFQXDSVDLSHGDODGH
IUkQ
'DFDSVDLSHGDODGHIUkQLDSVDLEXWR
QXO6WDUW6WRSPRWRUXOSRUQHWHLPHGLDW



&RQGXFHUHDLSDUFDUHD &RQGXFHUH

 3R]LLDGDFEXWRQXO6WDUW6WRSCQXD  6FRDWHLEXWRQXO6WDUW6WRSCGLQFRPX
IRVWvQFDSVDWDFHDVWDFRUHVSXQGHVFRD WDWRUXOGHFRQWDFWD
WHULLFKHLLGLQFRQWDFW
 3R]LLDDSVDLEXWRQXO6WDUW6WRSCR
G &kQGLQWURGXFHLEXWRQXO6WDUW6WRSC
GDW vQFRPXWDWRUXOGHFRQWDFWDVLVWHPXO
$FXPSXWHLDFWLYDWHUJWRDUHOHGHSDU QHFHVLWXQLQWHUYDOGHUHFXQRDWHUHGH
EUL]GHH[HPSOX DSUR[LPDWLYGRXVHFXQGHvQDLQWHFDGXP
QHDYRDVWUVSXWHLXWLOL]DEXWRQXO6WDUW
G 'DFDSVDLEXWRQXO6WDUW6WRSCGH 6WRSC
GRXRULvQDFHDVWSR]LLHDOLPHQWDUHD
HOHFWULFHVWHGH]DFWLYDWGLQQRX
 3R]LLD FRQWDFW DSVDLEXWRQXO6WDUW
3RUQLUHDPRWRUXOXL
6WRSCGHGRXRUL 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
G 'DFDSVDLEXWRQXO6WDUW6WRSCR 3HULFROGHLQWR[LFDUH
GDWvQDFHDVWSR]LLHLSRUWLHUDRIHUXOXL 1XOVDLQLFLRGDWPRWRUXOvQIXQFLXQHvQ
HVWHGHVFKLVDOLPHQWDUHDHOHFWULFHVWH VSDLLvQFKLVH*D]HOHGHHDSDPHQWFRQLQ
GH]DFWLYDWGLQQRX PRQR[LGGHFDUERQ,QKDODUHDJD]HORUGHHD
6FRDWHUHDEXWRQXOXL6WDUW6WRS SDPHQWSUH]LQWXQULVFSHQWUXVQWDWHL
SRDWHFDX]DSLHUGHUHDFXQRWLQHLVDXFKLDU
3XWHLVFRDWHEXWRQXO6WDUW6WRSGLQFRPX
GHFHVXO
WDWRUXOGHFRQWDFWLSRUQLDXWRYHKLFXOXOvQ
PRGQRUPDOFXDMXWRUXOFKHLL G $XWRYHKLFXOHOHFXPRWRUSHEHQ]LQ
G 1XWUHEXLHVVFRDWHLEXWRQXO6WDUW6WRS FRQYHUWRUXOFDWDOLWLFHVWHSUHvQFO]LWWLPS
GLQFRPXWDWRUXOGHFRQWDFWFkQGSUVLL GHSkQODGHVHFXQGHGXSRSRUQLUHOD
DXWRYHKLFXOXO UHFH6XQHWXOPRWRUXOXLSRDWHVXIHULPRGL
ILFULvQDFHVWLQWHUYDO
G 6HSRDWHFRPXWDvQWUHPRGXO.(</(66
*2LIXQFLRQDUHDFKHLLFkQGWUDQVPLVLDVH 7UDQVPLVLHDXWRPDW
DIOvQSR]LLD3
 &XSODLWUDQVPLVLDvQSR]LLD3
$ILDMXOSR]LLHLWUDQVPLVLHLGLQDILDMXOPXO
WLIXQFLRQDOLQGLF3 3DJLQD 
G 3XWHLGHDVHPHQHDVSRUQLLPRWRUXO
FkQGWUDQVPLVLDVHDIOvQSR]LLD1
&RQGXFHUH 

3URFHGXUDGHSRUQLUHFXFKHLD  $SVDLSHGDODGHIUkQLPHQLQHLR
DSVDW
 3HQWUXDSRUQLXQPRWRUSHEHQ]LQ
 3HQWUXDSRUQLXQPRWRUSHEHQ]LQ
URWLLFKHLDvQSR]LLDvQFRPXWDWRUXOGH

&RQGXFHUHDLSDUFDUHD
FRQWDFW 3DJLQD LHOLEHUDLRLPH DSVDLEXWRQXO6WDUW6WRS
GLDWFHPRWRUXOSRUQHWH 3DJLQD RGDW
0RWRUXOSRUQHWH
 3HQWUXDSRUQLXQPRWRUSHEHQ]LQ
 3HQWUXDSRUQLXQPRWRUGLHVHODSVDL
URWLLFKHLDvQSR]LLDvQFRPXWDWRUXOGH
FRQWDFW 3DJLQD  EXWRQXO6WDUW6WRS 3DJLQD RGDW
6HDSULQGHODPSDLQGLFDWRDUH(GHSUH 3UHvQFO]LUHDFXEXMLHLQFDQGHVFHQWHVWH
vQFO]LUHFXEXMLHLQFDQGHVFHQWGLQSDQRXO DFWLYDWLPRWRUXOSRUQHWH
GHLQVWUXPHQWH
 &kQGODPSDLQGLFDWRDUH(GHSUH
3RUQLUHGHSHORF
vQFO]LUHFXEXMLHLQFDQGHVFHQWVHVWLQJH
URWLLFKHLDvQSR]LLD 3DJLQD L 7UDQVPLVLHDXWRPDW
HOLEHUDLRLPHGLDWFHPRWRUXOSRUQHWH
G 7UDQVPLVLDSRDWHILFXSODWGLQSR]LLD3
G 3XWHLSRUQLPRWRUXOIUSUHvQFO]LUHFX vQSR]LLDGRULWGRDUGDFDSVDLSHGDOD
EXMLHLQFDQGHVFHQWGDFPRWRUXOHVWH GHIUkQ1XPDLDWXQFLHVWHHOLEHUDWEOR
FDOG FDUHDODSDUFDUH'DFSHGDODGHIUkQQX
G 3XWHLXWLOL]DGHDVHPHQHDIXQFLDWRXFK HVWHDSVDWPDQHWD',5(&76(/(&7
VWDUWQDFHVWVFRSURWLLFKHLDvQSR]LLD SRDWHILGHSODVDWvQFRQWLQXDUHvQVEOR
 3DJLQD LHOLEHUDLRLPHGLDW FDUHDODSDUFDUHUPkQHFXSODW
0RWRUXOSRUQHWHDSRLDXWRPDW  $SVDLSHGDODGHIUkQLPHQLQHLR
DSVDW
8WLOL]DUHD.(</(66*2SHQWUXDSRUQL  &XSODLWUDQVPLVLDSHSR]LLD'VDX5
PRWRUXO 3DJLQD 
 (OLEHUDLSHGDODGHIUkQ
$9(57,60(17
 $SVDLFXDWHQLHSHGDODGHDFFHOHUDLH
$XWRYHKLFXOXOGXPQHDYRDVWUSRDWHILSRUQLW
)UkQDHOHFWULFGHSDUFDUH 3DJLQD
QXPDLFXDMXWRUXOXQHLFKHL.(</(66*2
HVWHHOLEHUDWDXWRPDW
YDOLGH'LQDFHVWPRWLYFRSLLLQXWUHEXLHVILH
OVDLQHVXSUDYHJKHDLvQDXWRYHKLFXO/XDL /DPSDLQGLFDWRDUHURLH$GLQSDQRXO
vQWRWGHDXQDFKHLDFXGXPQHDYRDVWUFkQG GHLQVWUXPHQWHVHVWLQJH
LHLLGLQDXWRYHKLFXOFKLDULGDFvOSUVLL G $XWRYHKLFXOXOVHvQFXLHFHQWUDOL]DWRGDW
QXPDLSHQWUXVFXUWWLPS
FHDLGHPDUDW%XWRDQHOHGHvQFXLHUHGLQ
G %XWRQXO6WDUW6WRSSRDWHILXWLOL]DWSHQWUX SRUWLHUHFRERDU
DSRUQLPRWRUXOIUDLQWURGXFHFKHLDvQ 3XWHLGHVFKLGHRULFkQGSRUWLHUHOHGLQLQWH
FRPXWDWRUXOGHFRQWDFW&KHLDWUHEXLHV ULRU
VHDIOHvQDXWRYHKLFXOLDUEXWRQXO6WDUW 'HDVHPHQHDSXWHLGH]DFWLYDFDUDFWHULV
6WRSWUHEXLHVILHDSVDWvQFRPXWDWRUXO WLFDGHvQFXLHUHDXWRPDW 3DJLQD 
GHFRQWDFW$FHVWPRGGHSRUQLUHDPRWR G &XSOULOHvQWUHDSWVXSHULRDUVHHIHF
UXOXLIXQFLRQHD]LQGHSHQGHQWGHIXQFLD WXHD]ODWXUDLLPDLPDULDOHPRWRUXOXL
GHSRUQLUHDXWRPDWDPRWRUXOXL(&2 GXSRSRUQLUHODUHFH$VWIHOFRQYHUWRUXO
VWDUWVWRS FDWDOLWLFSRDWHDWLQJHWHPSHUDWXUDVDGH
IXQFLRQDUHPDLUDSLG


 &RQGXFHUH

3RUQLUHGHSHORFFXRUHPRUF QLUHDvQSDQWQXYDPDLIUkQDDXWRYHKLFXOXO
3HQWUXDYDVLJXUDFQXDOXQHFDLvQDSRL LDUDFHVWDVHSRDWHSXQHvQPLFDUH
DWXQFLFkQGSRUQLLGHSHORFvQSDQWDVFHQ
&RQGXFHUHDLSDUFDUHD

 /XDLSLFLRUXOGHSHSHGDODGHIUkQ
GHQWFXSODLIUkQDHOHFWULFGHSDUFDUH
G 2GDWFHDLULGLFDWSLFLRUXOGHSHSHGDOD
GHIUkQDXWRYHKLFXOXOHVWHPHQLQXWWLPS
GHDSUR[LPDWLYRVHFXQG
 3RUQLLGHSHORF

$VLVWHQDODSRUQLUHDvQSDQWQXYDIXQFLRQD
GDF
=SRUQLLGHSHORFSHXQGUXPSODQVDXSHR
SDQWGHVFHQGHQW
=WUDQVPLVLDVHDIOvQSR]LLD1
=IUkQDHOHFWULFGHSDUFDUHHVWHDFLRQDW
 $SVDLLPHQLQHLDSVDWPkQHUXOC =(63HVWHGHIHFW
)UkQDHOHFWULFGHSDUFDUHFRQWLQXVIUk
QH]HLVSUHYLQDOXQHFDUHDDXWRYHKLFX
OXOXLvQDSRL )XQFLDVWDUWVWRS(&2
/DPSDLQGLFDWRDUHURLH$GLQSDQRXO
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
GHLQVWUXPHQWHUPkQHDSULQV
 $SVDLSHGDODGHDFFHOHUDLH $9(57,60(17
 ,PHGLDWGXSFHFRPELQDLDDXWRYHKLFXO 'DFVLPEROXO(&2HVWHLQGLFDWSHDILDMXO
UHPRUFHVWHPHQLQXWGHIRUDGHWUDF PXOWLIXQFLRQDODWXQFLFkQGPRWRUXOHVWH
LXQHDPRWRUXOXLHOLEHUDLPDQHWDC RSULWLDUSHQWUXDXWRYHKLFXOHOH$0*GDF
)UkQDHOHFWULFGHSDUFDUHHVWHHOLEHUDW DFHVWDHVWHOXPLQDWvQYHUGHPRWRUXOVDRSULW
/DPSDLQGLFDWRDUHURLH$GLQSDQRXO DXWRPDW&XWRDWHDFHVWHDWRDWHVLVWHPHOH
GHLQVWUXPHQWHVHVWLQJH DXWRYHKLFXOXOXLUPkQDFWLYH'DFGHVFKL
GHLSRUWLHUDYGHVIDFHLFHQWXUDGHVLJX
UDQVDXULGLFDLSLFLRUXOGHSHSHGDODGH
$VLVWHQODSRUQLUHDvQSDQW IUkQPRWRUXOYDSRUQLDXWRPDW$XWRYHKLFX
$VLVWHQDODSRUQLUHDvQSDQWYDVLVWFkQG OXOVHSRDWHSXQHvQPLFDUH3ULQXUPDUH
SRUQLLGHSHORFvQDLQWHVDXvQDSRLvQSDQW H[LVWXQULVFGHDFFLGHQW
DVFHQGHQW$FHDVWDPHQLQHDXWRYHKLFXOXO 3HQWUXDSUHYHQLGHPDUDUHDDFFLGHQWDOD
vQORFRVFXUWSHULRDGGXSFHDLULGLFDW DXWRYHKLFXOXOXLQXHOLEHUDLSHGDODGHIUkQ
SLFLRUXOGHSHSHGDODGHIUkQ$VWIHODYHL GHFkWGDFGRULLVFRQWLQXDLVFRQGXFHL
VXILFLHQWWLPSVYWUHFHLSLFLRUXOGHSH 1XSUVLLDXWRYHKLFXOXOSkQFkQGQXDL
SHGDODGHIUkQSHSHGDODGHDFFHOHUDLHLV GHFXSODWFRQWDFWXOLDLDVLJXUDWDXWRYHKLFX
RDSVDLvQDLQWHFDDXWRYHKLFXOXOVVHSXQ OXOSHQWUXDSUHYHQLSXQHUHDVDvQPLFDUH
vQPLFDUHVXEDFLXQHDJUDYLWDLHL
 'HFXSODLvQWRWGHDXQDFRQWDFWXOLOXDL
$9(57,60(17
FKHLDFXGXPQHDYRDVWUFkQGSUVLL
1XSUVLLQLFLRGDWDXWRYHKLFXOXOFkQGHVWH DXWRYHKLFXOXO
PHQLQXWGHDVLVWHQDODSRUQLUHDvQSDQW
'XSDSUR[LPDWLYRVHFXQGDVLVWHQDODSRU
&RQGXFHUH 

1RWHJHQHUDOH 2SULUHDDXWRPDWDPRWRUXOXL
)XQFLDVWDUWVWRS(&2RSUHWHDXWRPDW )XQFLDVWDUWVWRS(&2RSUHWHDXWRPDW
PRWRUXOGDFDXWRYHKLFXOXOVHRSUHWHGLQ PRWRUXOvQDQXPLWHVLWXDLL3HQWUXDFHDVWD

&RQGXFHUHDLSDUFDUHD
PLFDUH DXWRYHKLFXOXOWUHEXLHIUkQDWSkQODRSULUHFX
0RWRUXOSRUQHWHDXWRPDWFkQGSRUQLLGLQ WUDQVPLVLDvQSR]LLD'VDX1LDUSHGDODGH
QRXGHSHORF)XQFLDVWDUWVWRS(&2Y IUkQWUHEXLHVUPkQDSVDW
DMXWvQFRQVHFLQVUHGXFHLFRQVXPXOGH 0RWRUXOHVWHRSULWQXPDLGDF
FDUEXUDQWLHPLVLLOHDXWRYHKLFXOXOXLGXPQHD =DXWRYHKLFXOXOHVWHRSULW
YRDVWU
=WHPSHUDWXUDH[WHULRDUVHvQFDGUHD]vQ
7RDWHDXWRYHKLFXOHOH FXH[FHSLDDXWRYH LQWHUYDOXODGHFYDWSHQWUXVLVWHP
KLFXOHORU$0* =PRWRUXOVHDIOODWHPSHUDWXUDGHIXQFLR
)XQFLDVWDUWVWRS(&2HVWHDFWLYDWGHILH QDUHQRUPDO
FDUHGDWFkQGPRWRUXOHVWHSRUQLW6LVWHPXO =WHPSHUDWXUDVHWDWSHQWUXLQWHULRUXODXWR
HVWHIXQFLRQDOGDFWRDWHFRQGLLLOHSHQWUX YHKLFXOXOXLDIRVWDWLQV
RSULUHDDXWRPDWDPRWRUXOXLDXIRVWvQGHSOL =EDWHULDHVWHvQFUFDWVXILFLHQW
QLWH 3DJLQD LDUVLPEROXOHVWH =VLVWHPXOGHWHFWHD]IDSWXOFSDUEUL]XOQX
LQGLFDWSHDILDMXOPXOWLIXQFLRQDO HVWHDEXULWFkQGVLVWHPXOGHDHUFRQGLLR
'DFQXVHUHXQHVFWRDWHFRQGLLLOHSHQWUX QDWHVWHDFWLYDW
RSULUHDDXWRPDWDPRWRUXOXLVLPEROXO =FDSRWDHVWHvQFKLV
QXYDDSUHDSHDILDMXOPXOWLIXQFLRQDO
=QXVXQWDFWLYHGLDJQRVWLFULDIHUHQWHPRWR
'DFIXQFLDVWDUWVWRS(&2HVWHGH]DFWLYDW UXOXL
3DJLQD VLPEROXOQXHVWHDILDW =SRUWLHUDRIHUXOXLHVWHvQFKLVLFHQWXUDGH
$XWRYHKLFXOH$0* VLJXUDQHVWHFXSODW
)XQFLDVWDUWVWRS(&2HVWHGLVSRQLELO G 'DFFXSODLWUDQVPLVLDGLQ5vQ'IXQFLD
QXPDLvQSURJUDPXOGHFRQGXFHUH& VWDUWVWRS(&2HVWHGLVSRQLELOGLQQRX
)XQFLDVWDUWVWRS(&2HVWHDFWLYDWGHILH RGDWFHVLPEROXOUHDSDUHSHDILDMXO
FDUHGDWFkQGPRWRUXOHVWHSRUQLW6LVWHPXO PXOWLIXQFLRQDO
HVWHIXQFLRQDOGDFWRDWHFRQGLLLOHSHQWUX
G 7RDWHDXWRYHKLFXOHOH FXH[FHSLD
RSULUHDDXWRPDWDPRWRUXOXLDXIRVWvQGHSOL
QLWH 3DJLQD LDUVLPEROXODSDUH DXWRYHKLFXOHORU$0* PRWRUXOSRDWHIL
RSULWDXWRPDWGHPD[LPSDWUXRUL SULPD
vQYHUGHSHDILDMXOPXOWLIXQFLRQDOQSOXV
RSULUHLWUHLRSULULXOWHULRDUH VXFFHVLY
PHVDMXO6WRS6WDUWDFWLYH 6WRS
2SULUHDDXWRPDWDPRWRUXOXLQXHVWHGLV
6WDUWDFWLY DSDUHSHPHQLXO$0*GLQDIL
SRQLELOGLQQRXSkQFkQGVLPEROXO
DMXOPXOWLIXQFLRQDO
UHDSDUHSHDILDMXOPXOWLIXQFLRQDO
'DFQXVHUHXQHVFWRDWHFRQGLLLOHSHQWUX
RSULUHDDXWRPDWDPRWRUXOXLVLPEROXO G 3XWHLDFWLYDvQFRQWLQXDUHIXQFLD+2/'
DSDUHvQJDOEHQSHDILDMXOPXOWLIXQF FkQGDXWRYHKLFXOXOVWDLRQHD]FKLDUL
LRQDOQSOXVPHVDMXO6WRS6WDUWLQDF GDFPRWRUXODIRVWRSULWDXWRPDW$SRLQX
WLYH 6WRS6WDUWLQDFWLY DSDUHSH PDLHVWHQHYRLHVFRQWLQXDLVDFLRQDL
PHQLXO$0*GLQDILDMXOPXOWLIXQFLRQDO IUkQDvQWLPSXOID]HLGHRSULUHDXWRPDW
'DFIXQFLDVWDUWVWRS(&2HVWHGH]DFWLYDW &kQGDSVDLSHGDODGHDFFHOHUDLHPRWR
3DJLQD VLPEROXOQXHVWHDILDW UXOSRUQHWHDXWRPDWLHIHFWXOGHIUkQDUH
DOIXQFLHL+2/'HVWHGH]DFWLYDW$SVDL
SHGDODGHDFFHOHUDLHFXDWHQLHGHRDUHFH
WUHEXLHVSRUQLLPRWRUXOPDLvQWkL

 &RQGXFHUH

G QWLPSXORSULULLDXWRPDWHDPRWRUXOXLVLV 'H]DFWLYDUHDDFWLYDUHDIXQFLHLVWDUW
WHPXOGHFRQWURODOFOLPDWL]ULLIXQFLR VWRS(&2
QHD]GRDUODRFDSDFLWDWHUHGXV'DF
&RQGXFHUHDLSDUFDUHD

DYHLQHYRLHGHFRQWUROXOFOLPDWL]ULLOD
FDSDFLWDWHPD[LPIXQFLDVWDUWVWRS(&2
SRDWHILGH]DFWLYDWSULQDSVDUHDEXWRQX
OXL(&2 3DJLQD 

3RUQLUHDDXWRPDWDPRWRUXOXL
0RWRUXOHVWHSRUQLWDXWRPDWGDF
=DSVDLSHGDODGHDFFHOHUDLH
=HOLEHUDLIUkQHOHFkQGSR]LLDWUDQVPLVLHL
HVWH'VDX1FkQGIXQFLD+2/'QXHVWH ([HPSOXEXWRQXO(&2
DFWLY G 'DFODPSDLQGLFDWRDUHDHVWHGH]DFWL
=IXQFLDVWDUWVWRS(&2HVWHGH]DFWLYDW
YDWIXQFLDVWDUWVWRS(&2DIRVWGH]DF
SULQDSVDUHDEXWRQXOXL(&2 WLYDWPDQXDOVDXvQXUPDXQHLGHIHFLXQL
=DXWRYHKLFXOXOVHSXQHvQPLFDUH
0RWRUXOQXYDILRSULWDXWRPDWFkQGDXWR
=FHQWXUDGHVLJXUDQDRIHUXOXLQXHVWH YHKLFXOXOVHRSUHWH
FXSODWLSRUWLHUDRIHUXOXLHVWHGHVFKLV
G )XQFLDVWDUWVWRS(&2HVWHDFWLYDWOD
=FXSODLWUDQVPLVLDvQSR]LLD5
ILHFDUHUHSRUQLUHDPRWRUXOXLLDUWUDQVPLVLD
=FRPXWDLSHSURJUDPXOGHFRQGXFHUH0 DXWRPDWFRPXWSHSURJUDPXOGHFRQGX
=FRPXWDLSHSURJUDPXOGHFRQGXFHUH6 FHUHvQUHJLPDXWRPDW( DXWRYHKLFXOHOH
DXWRYHKLFXOHOH$0*  $0*SURJUDPXOGHFRQGXFHUH& 
=FRPXWDLSHXQSURJUDPRIIURDG FX 'H]DFWLYDUHD FXH[FHSLDDXWRYHKLFXOH
H[FHSLDDXWRYHKLFXOHORU$0*  ORU$0*
=VLVWHPXOGHIUkQDUHQHFHVLWDFHVWOXFUX
 $SVDLEXWRQXOC
=VLVWHPXOGHWHFWHD]XPH]HDOSHSDUEUL]
/DPSDLQGLFDWRDUHDGHSHEXWRQXOCL
FkQGVLVWHPXOGHDHUFRQGLLRQDWHVWHDFWL VLPEROXOGLQDILDMXOPXOWLIXQFLRQDO
YDW VHVWLQJ
=VWDGLXOGHvQFUFDUHDOEDWHULHLHVWHSUHD
VF]XW 'H]DFWLYDUHD DXWRYHKLFXOHOH$0*
=FDSRWDHVWHGHVFKLV  $SVDLEXWRQXOCvQSURJUDPXOGHFRQGX
=WHPSHUDWXUDGLQLQWHULRUXODXWRYHKLFXOXOXL FHUH&
VHDEDWHGHODLQWHUYDOXOVHWDW VDX
G &XSODUHDWUDQVPLVLHLvQSR]LLD3QXGXFH  &RPXWDLSHSURJUDPXOGHFRQGXFHUH6VDX
ODSRUQLUHDPRWRUXOXL 0 3DJLQD 
/DPSDLQGLFDWRDUHDGHSHEXWRQXOCL
VLPEROXOGLQDILDMXOPXOWLIXQFLRQDO
VHVWLQJ
0HVDMXO6WRS6WDUWDFWLYH 6WRS
6WDUWDFWLY VDX6WRS6WDUWLQDF
WLYH 6WRS6WDUWLQDFWLY GLQPHQLXO
&RQGXFHUH 

$0*GHSHDILDMXOPXOWLIXQFLRQDOVH
VWLQJH
$FWLYDUHD FXH[FHSLDDXWRYHKLFXOHORU

&RQGXFHUHDLSDUFDUHD
$0*
 $SVDLEXWRQXOC
/DPSDLQGLFDWRDUHDVHDSULQGH'DFVH
UHXQHVFWRDWHFRQGLLLOHSHQWUXRSULUHD
DXWRPDWDPRWRUXOXL 3DJLQD VLP
EROXODSDUHSHDILDMXOPXOWLIXQFLR
QDO
'DFQXVHUHXQHVFWRDWHFRQGLLLOHSHQWUX
RSULUHDDXWRPDWDPRWRUXOXL
3DJLQD VLPEROXOQXYD
DSUHDSHDILDMXOPXOWLIXQFLRQDOQ
DFHDVWVLWXDLHIXQFLDVWDUWVWRS(&2
HVWHLQGLVSRQLELO
$FWLYDUHD DXWRYHKLFXOHOH$0*
 $SVDLEXWRQXOC
/DPSDLQGLFDWRDUHDVHDSULQGH'DF
SURJUDPXOGHFRQGXFHUH6VDX0HVWH
DFWLYWUDQVPLVLDDXWRPDWFRPXWSHSUR
JUDPXOGHFRQGXFHUH&
'DFVHUHXQHVFWRDWHFRQGLLLOHSHQWUX
RSULUHDDXWRPDWDPRWRUXOXL
3DJLQD VLPEROXODSDUHvQ
YHUGHSHDILDMXOPXOWLIXQFLRQDOQSOXV
PHVDMXO6WRS6WDUWDFWLYH 6WRS
6WDUWDFWLY DSDUHSHPHQLXO$0*GLQ
DILDMXOPXOWLIXQFLRQDO
'DFQXVDXUHXQLWWRDWHFRQGLLLOHSHQWUX
RSULUHDDXWRPDWDPRWRUXOXL
3DJLQD PHVDMXO6WRS6WDUW
LQDFWLYH 6WRS6WDUWLQDFWLY DSDUH
vQPHQLXO$0*GHSHDILDMXOPXOWLIXQFLR
QDOLVLPEROXODSDUHvQJDOEHQQ
DFHDVWVLWXDLHIXQFLDVWDUWVWRS(&2
HVWHLQGLVSRQLELO


 &RQGXFHUH

3UREOHPHODPRWRU

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&RQGXFHUHDLSDUFDUHD

0RWRUXOQXSRUQHWH =([LVWRGHIHFLXQHODVLVWHPHOHHOHFWURQLFHDOHPRWRUXOXL
6HSRDWHDX]LGHPDUR =([LVWRGHIHFLXQHODDOLPHQWDUHDFXFDUEXUDQW
UXO  QDLQWHGHDvQFHUFDVSRUQLLPRWRUXOGLQQRXURWLLFKHLDvQ
FRPXWDWRUXOGHFRQWDFWvQDSRLvQSR]LLDVDXDSVDLEXWRQXO
6WDUW6WRSvQPRGUHSHWDWSkQFkQGWRDWHOPSLOHLQGLFDWRDUH
GLQSDQRXOGHLQVWUXPHQWHVHVWLQJ
 QFHUFDLVSRUQLLPRWRUXOGLQQRX 3DJLQD (YLWDL
vQFHUFULOHH[FHVLYGHOXQJLLIUHFYHQWHGHDSRUQLPRWRUXO
GHRDUHFHDVWIHOYHLGHVFUFDEDWHULD
'DFPRWRUXOQXSRUQHWHGXSPDLPXOWHvQFHUFUL
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

0RWRUXOQXSRUQHWH 5H]HUYRUXOGHFDUEXUDQWHVWHJRO
6HSRDWHDX]LGHPDUR  $OLPHQWDLDXWRYHKLFXOXO
UXO/DPSDGHDYHUWL
]DUHSULYLQGFDUEXUDQ
WXOGHUH]HUYHVWH
DSULQVLDILDMXOLQGL
FDWRUXOXLGHQLYHODOFDU
EXUDQWXOXLLQGLF

0RWRUXOQXSRUQHWH 7HQVLXQHDGHODERUGHVWHSUHDVF]XWGHRDUHFHEDWHULDHVWHSUHD
1XSXWHLDX]LGHPDUR VODEVDXGHVFUFDW
UXO  3RUQLLIRUDWDXWRYHKLFXOXO 3DJLQD 

'DFPRWRUXOQXSRUQHWHvQFLXGDvQFHUFULORUGHDOSRUQLIRUDW
DFHVWD
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

'HPDURUXODIRVWH[SXVXQHLVDUFLQLWHUPLFHSUHDULGLFDWH
 /VDLGHPDURUXOVVHUFHDVFWLPSGHDSUR[LPDWLYGRX
PLQXWH
 QFHUFDLVSRUQLLPRWRUXOGLQQRX

'DFPRWRUXOFRQWLQXVUHIX]HVSRUQHDVF
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
7UDQVPLVLHDXWRPDW 

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
$XWRYHKLFXOHOHFX ([LVWRGHIHFLXQHODVLVWHPHOHHOHFWURQLFHDOHPRWRUXOXLVDXODR

&RQGXFHUHDLSDUFDUHD
PRWRUSHEHQ]LQ FRPSRQHQWPHFDQLFDVLVWHPXOXLGHPDQDJHPHQWDOPRWRUXOXL
0RWRUXOQXIXQFLR  $SVDLGRDUXRUSHGDODGHDFFHOHUDLH
QHD]URWXQGLG QFD]FRQWUDUFDUEXUDQWXOQHDUVSRDWHSWUXQGHvQFRQYHUWRUXO
UDWHXUL FDWDOLWLFGHWHULRUkQGXO
 6ROLFLWDLUHPHGLHUHDLPHGLDWDGHIHFLXQLLODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW

$ILDMXOWHPSHUDWXULL 1LYHOXOOLFKLGXOXLGHUFLUHHVWHSUHDVF]XW/LFKLGXOGHUFLUHVD
OLFKLGXOXLGHUFLUH vQFLQVLDUPRWRUXOQXPDLHVWHUFLWVXILFLHQW
LQGLFSHVWH'H  2SULLFkWPDLFXUkQGSRVLELOLOVDLPRWRUXOLOLFKLGXOGHUFLUH
DVHPHQHDODPSDGH VVHUFHDVF
DYHUWL]DUHDOLFKLGXOXL  9HULILFDLQLYHOXOOLFKLGXOXLGHUFLUH 3DJLQD 5HVSHFWDL
GHUFLUHSRDWHILSRU
QRWHOHGHDYHUWL]DUHvQWLPSXOYHULILFULLLFRPSOHWDLFXOLFKLG
QLWLXQVXQHWGHDYHU
GHUFLUHGDFHVWHQHFHVDU
WL]DUHSRDWHILHPLV
'DFQLYHOXOOLFKLGXOXLGHUFLUHHVWHFHOFRUHFWYHQWLODWRUXOUDGLD
WRUXOXLSRDWHILGHIHFW/LFKLGXOGHUFLUHVDvQFLQVLDUPRWRUXOQX
PDLHVWHUFLWVXILFLHQW
 /DWHPSHUDWXULDOHOLFKLGXOXLGHUFLUHGHVXEFRQGXFHL
SkQODFHOPDLDSURSLDWDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[
ODXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
 (YLWDLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULPRQWDQWHLvQWUDILFFXRSULULL
SRUQLULIUHFYHQWH

7UDQVPLVLHDXWRPDW QHFRDVH$VWIHOURLOHPRWULFHLDUSXWHD
SLHUGHDGHUHQDLDUDXWRYHKLFXOXODUSXWHD
1RWHLPSRUWDQWHSULYLQGVLJXUDQD GHUDSD$VWIHOSXWHLSLHUGHFRQWUROXODXWRYH
$9(57,60(17 KLFXOXOXLLSXWHLSURYRFDXQDFFLGHQW
'HSODVDUHDSHGDOHORUQXWUHEXLHVILH
REVWUXFLRQDWVXEQLFLRIRUP1XLQHL
RELHFWHvQVSDLXOSHQWUXSLFLRDUHDORIHUXOXL 0DQHWD',5(&76(/(&7
$VLJXUDLYFPRFKHWHOHVDXFRYRUDHOH 3UH]HQWDUHJHQHUDODSR]LLLORUWUDQV
VXQWELQHIL[DWHLFSHGDOHOHDXVXILFLHQW PLVLHL
VSDLXGHFXUV
1XDH]DLPDLPXOWHFRYRUDHXQXOGHDVXSUD 0DQHWD',5(&76(/(&7VHDIOSHGUHDSWD
FHOXLODOW FRORDQHLGHGLUHFLH

$9(57,60(17
1XUHWURJUDGDLSHQWUXXQHIHFWGHIUkQGH
PRWRUVXSOLPHQWDUSHVXSUDIHHGHGUXPDOX


 7UDQVPLVLHDXWRPDW

vQWUDGHYUVHOHFWDW9UHFRPDQGPV
VHOHFWDLSR]LLD'LSURJUDPXO( SURJUD
PXO&SHQWUXDXWRYHKLFXOHOH$0* VDX6
&RQGXFHUHDLSDUFDUHD

1XOLPLWDLJDPDGHYLWH]H

&XSODUHDSR]LLHLSHQWUXSDUFDUH3
 PSLQJHLPDQHWD',5(&76(/(&7vQGLUHF
LDLQGLFDWGHVJHDWD3
G 7UDQVPLVLDDXWRPDWFXSOHD]DXWRPDWvQ
3 3R]LLHSHQWUXSDUFDUHFXEORFDUHDODSDU SR]LLDSHQWUXSDUFDUH3GDFGHVFKLGHL
FDUH SRUWLHUDRIHUXOXLFkQGDXWRYHKLFXOXOVWD
LRQHD]VDXFkQGFRQGXFHLFXYLWH]
5 7UHDSWDGHPHUVvQDSRL
IRDUWHVF]XWLDUWUDQVPLVLDVHDIOvQSR]L
1 3R]LLHQHXWU LD'VDX5
' 0HUVvQDLQWH
G 'DFDSVDLSHGDODGHIUkQLvPSLQJHL
G 0DQHWD',5(&76(/(&7UHYLQHvQWRW PDQHWD',5(&76(/(&7vQVXVVDXvQMRV
GHDXQDvQSR]LLDVDLQLLDO3R]LLDFXUHQW EORFDUHDODSDUFDUHHVWHGHFXSODWLWUDQV
DWUDQVPLVLHL351VDX'DSDUHSHDILDMXO PLVLDFXSOHD]vQSR]LLDQHXWU1
SR]LLHLWUDQVPLVLHL 3DJLQD GLQDIL 'DFGRULLVFXSODLGLQSR]LLDSHQWUX
DMXOPXOWLIXQFLRQDO SDUFDUH3GLUHFWvQ5VDX'DSVDLIUkQDL
vPSLQJHLPDQHWD',5(&76(/(&7vQVXV
3R]LLDWUDQVPLVLHLLDILDMXOSURJUDPX VDXvQMRVGLQFRORGHSULPXOSXQFWGHUH]LV
OXLGHFRQGXFHUH WHQ
3R]LLDFXUHQWDWUDQVPLVLHLLSURJUDPXOGH  'DFWXUDLDPRWRUXOXLHVWHSUHDULGLFDW
FRQGXFHUHDSDUSHDILDMXOPXOWLIXQFLRQDO QXFXSODLWUDQVPLVLDDXWRPDWGLUHFWGLQ
'vQ5GLQ5vQ'VDXGLUHFWvQ3QFD]
FRQWUDUWUDQVPLVLDDXWRPDWSRDWHVXIHUL
GHWHULRUUL

&XSODUHDDXWRPDWDSR]LLHLSHQWUX
SDUFDUH3
([HPSOXSR]LLDWUDQVPLVLHLLDILDMXOSURJUDPXOXL 3R]LLDSHQWUXSDUFDUH3HVWHFXSODWDXWRPDW
GHFRQGXFHUH GDF
C $ILDMXOSR]LLHLWUDQVPLVLHL =RSULLPRWRUXOFXDMXWRUXOFKHLLLVFRDWHL

D $ILDMXOSURJUDPXOXLGHFRQGXFHUH FKHLDVDXGDFRSULLPRWRUXOFXDMXWRUXO
EXWRQXOXL6WDUW6WRSLGHVFKLGHLXQDGLQ
G 6JHLOHGLQDILDMXOSR]LLHLWUDQVPLVLHL WUHSRUWLHUHOHGLQID
DUDWFXPLvQFHSR]LLLDOHWUDQVPLVLHL =+2/' 3DJLQD VDX',67521,&
SXWHLVFKLPEDFXDMXWRUXOPDQHWHL',5(&7 3/86 3DJLQD IUkQDLDXWRYHKLFXOXO
6(/(&7 SkQFkQGVWDLRQHD]LVHvQGHSOLQHWH
 'DFDILDMXOSR]LLHLWUDQVPLVLHLGHSH FHOSXLQXQDGLQWUHXUPWRDUHOHFRQGLLL
GLVSOD\XOPXOWLIXQFLRQDOQXIXQFLRQHD]  H[LVWRGHIHFLXQHvQVLVWHP
HVWHUHFRPDQGDWVFRQGXFHLFXSUXGHQ  DXWRYHKLFXOXOVHDIOSHRSDQWDEUXSW
SHQWUXDYHULILFDGDFSR]LLDGRULWDIRVW DVFHQGHQWVDXGHVFHQGHQW3ULQ
7UDQVPLVLHDXWRPDW 

XUPDUHLIUkQDHOHFWULFGHSDUFDUHHVWH 3R]LLLWUDQVPLVLH
DFLRQDW
E 3R]LLHSHQWUXSDUFDUH

&RQGXFHUHDLSDUFDUHD
&XSODUHDWUHSWHLGHPHUVvQDSRL5 $FHVWOXFUXSUHYLQHSXQHUHDDXWR
 &XSODLWUDQVPLVLDDXWRPDWvQSR]LLD5 YHKLFXOXOXLvQPLFDUHFkQGHVWH
RSULW1XFXSODLWUDQVPLVLDvQSR]L
QXPDLFkQGDXWRYHKLFXOXOVWDLRQHD]
LD3 3DJLQD GHFkWGDF
 PSLQJHLPDQHWD',5(&76(/(&7vQVXV DXWRYHKLFXOXOVWDLRQHD]
GLQFRORGHSULPXOSXQFWGHUH]LVWHQ 7UDQVPLVLDDXWRPDWVHFXSOHD]
vQSR]LLD3DXWRPDWGDF
3R]LLDQHXWU1FXIXQFLHVWDUWVWRS =VFRDWHLFKHLD
(&2DFWLYDW
=RSULLPRWRUXOvQSR]LLD5VDX'
)XQFLDVWDUWVWRS(&2RSUHWHDXWRPDW LGHVFKLGHLXQDGLQWUHSRUWLH
PRWRUXOGDFDXWRYHKLFXOXOHVWHIUkQDWSkQ UHOHGLQID
ODRSULUHFkQGVHDIOvQSR]LLHQHXWU1L
IUkQDFRQWLQXVILHDSVDW F 7UHDSWDGHPHUVvQDSRL
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGIXQFLD &XSODLWUDQVPLVLDvQSR]LLD5
VWDUWVWRS(&2 3DJLQD  QXPDLFkQGDXWRYHKLFXOXOVWDLR
QHD]
$GXFHUHDVFKLPEWRUXOXLvQSR]LLD
QHXWU1
 PSLQJHLPDQHWD',5(&76(/(&7vQVXV
VDXvQMRVODSULPXOSXQFWGHUH]LVWHQ

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

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


 7UDQVPLVLHDXWRPDW

D 3R]LLHQHXWU 6IDWXULSULYLQGFRQGXFHUHD
1XFXSODLWUDQVPLVLDvQSR]LLD1vQ 3R]LLDSHGDOHLGHDFFHOHUDLH
WLPSXOFRQGXFHULLQFD]FRQWUDU
&RQGXFHUHDLSDUFDUHD

WUDQVPLVLDDXWRPDWSRDWHVXIHUL 6WLOXOGXPQHDYRDVWUGHFRQGXFHUHLQIOXHQ
GHWHULRUUL HD]PRGXOvQFDUHWUDQVPLVLDDXWRPDW
1XVHWUDQVPLWHSXWHUHGHODPRWRU FXSOHD]WUHSWHOHGHYLWH]
ODURLOHPRWULFH =DFFHOHUDLHUHGXVFXSODUHDPDLUDSLGvQ

(OLEHUDUHDIUkQHORUYYDSHUPLWHV WUHDSWVXSHULRUDU
GHSODVDLOLEHUDXWRYHKLFXOXOGHH[ =DFFHOHUDLHPDLPDUHFXSODUHDvQWkU]LDWvQ
VvOvPSLQJHLVDXVvOWUDFWDL WUHDSWVXSHULRUDU
'DF(63HVWHGH]DFWLYDWVDX
GHIHFWFXSODLWUDQVPLVLDQXPDLvQ 5HWURJUDGDUHDIRUDW
SR]LLD1GDFDXWRYHKLFXOXOHVWHvQ 8WLOL]DLUHWURJUDGDUHDIRUDWSHQWUXDFFHOH
SHULFROGHGHUDSDUHGHH[SHGUX UDLHPD[LP
PXULFXSROHL
 $SVDLSHGDODGHDFFHOHUDLHGLQFRORGH
'DFRSULLPRWRUXOFXDMXWRUXO
SXQFWXOGHSUHVLXQH
FKHLLVDXEXWRQXO6WDUW6WRS
7UDQVPLVLDVHFXSOHD]vQWURWUHDSWGH
WUDQVPLVLDDXWRPDWVHFXSOHD]vQ
YLWH]HLQIHULRDUvQIXQFLHGHWXUDLDPRWR
SR]LLDQHXWU1DXWRPDW
UXOXL
 'DFUXODLvQSR]LLDQHXWU1  /VDLSHGDODGHDFFHOHUDLHRGDWFHDL
SXWHLGHWHULRUDWUDQVPLVLD DWLQVYLWH]DGRULW
: 7UDQVPLVLDDXWRPDWFXSOHD]GLQQRXvQWU
0HUVvQDLQWH
RWUHDSWVXSHULRDU
7UDQVPLVLDDXWRPDWVFKLPE
WUHSWHOHGHYLWH]DXWRPDW6XQW
GLVSRQLELOHWRDWHWUHSWHOHGHYLWH] 7UDFWDUHDUHPRUFLL
GHPHUVvQDLQWH  &RQGXFHLvQPLMORFXOLQWHUYDOXOXLGHWXUDLH
DPRWRUXOXLvQSDQWHDVFHQGHQWH
 &XSODLvQMRVSkQODWUHDSWDGHYLWH]H
6FKLPEDUHDWUHSWHLGHYLWH] VDX 3DJLQD vQIXQFLHGHSDQWD
7UDQVPLVLDDXWRPDWFXSOHD]DXWRPDWvQ DVFHQGHQWVDXGHVFHQGHQWFKLDUGDF
WUHSWHOHGHYLWH]VSHFLILFHFkQGVHDIOvQ FRQWUROXOFURD]LHUHL',67521,&3/86VDX
SR]LLDGHWUDQVPLVLH'&RPSRUWDPHQWXO 63(('7521,&HVWHDFWLYDW
VFKLPEULLDXWRPDWHDYLWH]HORUHVWHGHWHU
PLQDWGH
=RSRVLELOOLPLWDUHDWUHSWHLGHYLWH]H
%XWRQGHVHOHFWDUHDSURJUDPXOXL
=SURJUDPXOGHFRQGXFHUHVHOHFWDW 1RWHJHQHUDOH
=SR]LLDSHGDOHLGHDFFHOHUDLH
%XWRQXOGHVHOHFWDUHDSURJUDPXOXLYSHU
=YLWH]DGHUXODUH PLWHVDOHJHLvQWUHFDUDFWHULVWLFLGHFRQGX
FHUHGLIHULWH
7UDQVPLVLHDXWRPDW 

G 7UDQVPLVLDDXWRPDWFRPXWSHSURJUD
PXOGHFRQGXFHUHvQUHJLPDXWRPDW( SUR
JUDPXOGHFRQGXFHUH&ODDXWRYHKLFXOHOH

&RQGXFHUHDLSDUFDUHD
$0* GHILHFDUHGDWFkQGPRWRUXOHVWH
SRUQLW

0DQHWGHVFKLPEDUHDYLWH]HORU
VLWXDWSHYRODQ

([HPSOXEXWRQGHVHOHFWDUHDSURJUDPXOXLOD
PRGHOXO0/%OXH7(&0$7,&LODDXWRYHKL
FXOHOH$0*

/DSURJUDPXOGHFRQGXFHUHvQUHJLPDXWRPDW
SXWHLUHVWUkQJHVDXH[WLQGHWUHDSWDGHYLWH]H
FXDMXWRUXOPDQHWHLGHVFKLPEDUHDYLWH]HORU
VLWXDWSHYRODQCLD 3DJLQD 
%XWRQXOGHVHOHFWDUHDSURJUDPXOXLODDXWRYHKLFX QSURJUDPXOGHFRQGXFHUHvQUHJLPPDQXDO
OHOHFXSDFKHW21 2))52$'
SXWHLVFKLPEDWUHDSWDGHYLWH]HVLQJXUFX
/DDXWRYHKLFXOHOH$0*SURJUDPXOGHFRQGX DMXWRUXOPDQHWHLGHVFKLPEDUHDYLWH]HORU
FHUH(HVWHGHQXPLWSURJUDPXOGHFRQGXFHUH VLWXDWSHYRODQCLD 3DJLQD 
&
G 3XWHLVFKLPEDWUHDSWDGHYLWH]HFX
((FRQRPLF &RQGXFHUHFRQIRUWDELO PDQHWDGHVFKLPEDUHDYLWH]HORUVLWXDWSH
&(ILFLHQ HFRQRPLF YRODQFkQGWUDQVPLVLDVHDIOvQSR]LLD'
FRQWURODW
66SRUW 6WLOGHFRQGXFHUHVSRUWLY 3URJUDPGHFRQGXFHUHvQUHJLPDXWR
00DQXDO 6FKLPEWRUGHYLWH]H PDW
PDQXDO 3URJUDPXOGHFRQGXFHUH( SURJUDPXOGH
FRQGXFHUH&ODDXWRYHKLFXOHOH$0* HVWH
G 3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQG FDUDFWHUL]DWGHXUPWRDUHOH
SURJUDPXOGHFRQGXFHUHvQUHJLPDXWRPDW =VHWULDOHPRWRUXOXLLWUDQVPLVLHLD[DWHSH
FRQVXOWDL 3DJLQD  FRQIRUW
 $SVDLEXWRQXOGHVHOHFWDUHDSURJUDPX =FRQVXPGHFDUEXUDQWRSWLPFHGHFXUJHGLQ
OXLCvQPRGUHSHWDWSkQFkQGOLWHUDDIH FXSODUHDPDLUDSLGDXQHLWUHSWHGHYLWH]
UHQWSURJUDPXOXLGRULWGHVFKLPEDUHD VXSHULRDUHODWUDQVPLVLDDXWRPDW
YLWH]HORUDSDUHSHDILDMXOPXOWLIXQFLRQDO =DXWRYHKLFXOXOGHPDUHD]PDLXRUvQWUHS
WHOHGHPHUVvQDLQWHLvQDSRLFXH[FHSLD


 7UDQVPLVLHDXWRPDW

FD]XOXLvQFDUHSHGDODGHDFFHOHUDLHHVWH 8 3HQWUXDXWLOL]DHIHFWXOGHIUkQDUHDO
DSVDWFRPSOHW PRWRUXOXLvQSDQWHGHVFHQGHQWHL
=VHQ]LWLYLWDWHFUHVFXW$VWIHOVH
SHQWUXFRQGXFHUHD
&RQGXFHUHDLSDUFDUHD

vPEXQWHWHVWDELOLWDWHDvQFRQGXFHUHSH
=SHGUXPXULPRQWDQHDEUXSWH
VXSUDIHHGHGUXPDOXQHFRDVHGHH[HP
=SHWHUHQPRQWDQ
SOX
=WUDQVPLVLDDXWRPDWFXSOHD]vQWUR =vQFRQGLLLVROLFLWDQWH

WUHDSWVXSHULRDUPDLUDSLG$VWIHODXWR 7 3HQWUXDXWLOL]DHIHFWXOGHIUkQDUHDO
YHKLFXOXOHVWHFRQGXVODWXUDLLPDLUHGXVH PRWRUXOXLvQSDQWHGHVFHQGHQWH
DOHPRWRUXOXLLSRVLELOLWDWHDGHSDWLQDUHD DEUXSWHLSHSRULXQLGHVFHQGHQWH
URLORUVFDGH OXQJL
3URJUDPXOGHFRQGXFHUH6HVWHFDUDFWHUL]DW
GHXUPWRDUHOH /LPLWDUHDWUHSWHLGHYLWH]
=VHWULVSRUWLYHDOHPRWRUXOXLLWUDQVPLVLHL
 7UDJHLPDQHWDVFKLPEWRUXOXLGHYLWH]HGH
=WUDQVPLVLDDXWRPDWFXSOHD]vQWUR
SHYRODQGHSHSDUWHDVWkQJ
WUHDSWVXSHULRDUPDLWkU]LX 7UDQVPLVLDDXWRPDWFXSOHD]vQWUR
=GDWRULWSXQFWHORUGHFXSODUHGHFDODWHDOH
WUHDSWGHYLWH]HLQIHULRDULOLPLWHD]
WUDQVPLVLHLDXWRPDWHFRQVXPXOGHFDUEX WUHDSWDGHYLWH]HODWUHDSWDGHYLWH]HUHOH
UDQWHVWHSRVLELOVILHPDLULGLFDW YDQW
G 'DFPRWRUXOGHSHWHWXUDLDPD[LP
7UHSWHGHYLWH]H DPRWRUXOXLFkQGFXSODLRWUHDSWLQIH
ULRDUWUDQVPLVLDDXWRPDWSURWHMHD]
,QWURGXFHUH PRWRUXOFRQWUDGHWHULRUULLQHHIHFWXkQG
QSR]LLDWUDQVPLVLHL'SXWHLXWLOL]DPDQHWD FXSODUHDvQWUHDSWLQIHULRDU
VFKLPEWRUXOXLGHYLWH]HGHSHYRODQSHQWUX G 'DFWXUDLDPD[LPDPRWRUXOXLSHQWUX
DOLPLWDVDXSHQWUXDH[WLQGHWUHDSWDGHYLWH]H WUHDSWDGHYLWH]HHVWHDWLQVLFRQWLQXDL
SHQWUXWUDQVPLVLDDXWRPDW 3DJLQD  VDFFHOHUDLWUDQVPLVLDDXWRPDW
7UHDSWDGHYLWH]VHOHFWDWDSDUHSHDILDMXO FXSOHD]vQWURWUHDSWVXSHULRDUFKLDUL
PXOWLIXQFLRQDO7UDQVPLVLDDXWRPDW GDFWUHDSWDGHYLWH]HHVWHOLPLWDW$VWIHO
FXSOHD]QXPDLSkQODWUHDSWDGHYLWH]H VHSUHYLQHVXSUDWXUDUHDPRWRUXOXL
VHOHFWDW
6LWXDLLGHFRQGXFHUH (OLPLQDUHDOLPLWULLWUHSWHLGHYLWH]
 7UDJHLPDQHWDVFKLPEWRUXOXLGHYLWH]HGH
@ 3HQWUXDXWLOL]DHIHFWXOGHIUkQGH
SHYRODQGHSHSDUWHDGUHDSW
PRWRU
/LPLWDUHDWUHSWHLGHYLWH]HVWHHOLPLQDW

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

VDX $XWRYHKLFXOHOHFXPRWRDUH$0*
 8WLOL]DLPDQHWD',5(&76(/(&7SHQWUXD  QSURJUDPXOGHVFKLPEDUHPDQXDOD
FXSODWUDQVPLVLDvQSR]LLD' YLWH]HORU0WUDQVPLVLDDXWRPDWQX

&RQGXFHUHDLSDUFDUHD
7UDQVPLVLDDXWRPDWFXSOHD]GLQWUHDSWD FXSOHD]RWUHDSWVXSHULRDUDXWRPDW
GHYLWH]HFXUHQWGLUHFWvQ' FKLDULFkQGOLPLWDGHWXUDLHDPRWRUXOXL
SHQWUXWUHDSWDFXUHQWHVWHDWLQV&kQG
6HOHFWDUHDWUHSWHLGHYLWH]LGHDOH OLPLWDGHWXUDLHDPRWRUXOXLHVWHDWLQV
DOLPHQWDUHDFXFDUEXUDQWHVWHvQWUHUXSW
 7UDJHLPDQHWDVFKLPEWRUXOXLGHYLWH]HGH SHQWUXDSUHYHQLVXSUDWXUDUHDPRWRUXOXL
SHYRODQGHSHSDUWHDVWkQJLLQHLRvQ 7UHEXLHVYDVLJXUDLFWXUDLDPRWRUXOXL
SR]LLH QXDWLQJH]RQDURLHDWXURPHWUXOXLQFD]
7UDQVPLVLDDXWRPDWFXSOHD]vQWUHDSWD FRQWUDUH[LVWULVFXODYDULHULLPRWRUXOXL
GHYLWH]HFDUHSHUPLWHRDFFHOHUDUHLR
GHFHOHUDUHRSWLPHQDFHVWVFRSWUDQVPL QDLQWHFDYLWH]DPRWRUXOXLVDWLQJ]RQD
VLDDXWRPDWUHWURJUDGHD]FXRWUHDSW URLHXQLQGLFDWRUGHVFKLPEDUHvQWUHDSWD
VDXGRXWUHSWH VXSHULRDUYDILDILDWSHPHQLXO$*0DODIL
DMXOXLPXOWLIXQFLRQDO

3URJUDPGHFRQGXFHUHvQUHJLP
PDQXDO
$FWLYDUHDSURJUDPXOXLGHFRQGXFHUHvQ
UHJLPPDQXDO
3URJUDPXOGHFRQGXFHUHvQUHJLPPDQXDO0
SRDWHILVHOHFWDWFXDMXWRUXOEXWRQXOXLGH  &XSODLvQWURWUHDSWVXSHULRDUGDF
VHOHFWDUHDSURJUDPXOXLQSURJUDPXOGHFRQ FXORDUHDGHSHDILDMXOPXOWLIXQFLRQDOGLQ
GXFHUHvQUHJLPPDQXDO0SXWHLVFKLPED YLWH]RPHWUXVHVFKLPEvQURXLPHVDMXO
WUHDSWDGHYLWH]HFXPDQHWDGHVFKLPEDUHD GHSHGLVSOD\83 686 HVWHDILDW
YLWH]HORUVLWXDWSHYRODQGDFWUDQVPLVLDVH
DIOvQSR]LLD'7UHDSWDGHYLWH]VHOHFWDW 5HWURJUDGDUHD
LFXSODWODPRPHQWXOUHVSHFWLYDSDUHSHDIL
DMXOPXOWLIXQFLRQDO  7UDJHLPDQHWDVFKLPEWRUXOXLGHYLWH]HGH
SHYRODQGHSHSDUWHDVWkQJ
 $SVDLEXWRQXOGHVHOHFWDUHDSURJUDPXOXL
3DJLQD 
3DJLQD vQPRGUHSHWDWSkQFkQG 7UDQVPLVLDDXWRPDWFXSOHD]ODXUPWRD
0DSDUHSHDILDMXOPXOWLIXQFLRQDO UHDWUHDSWGHYLWH]HLQIHULRDU
 /DDXWRYHKLFXOHOHFXSDFKHWXO
21 2))52$'DSVDLEXWRQXOGHVHOHF G 'DFvQFHWLQLLVDXYRSULLIUDVFKLPED
WDUHDSURJUDPXOXL 3DJLQD  vQWUHDSWDLQIHULRDUWUDQVPLVLDDXWRPDW
0DSDUHSHDILDMXOPXOWLIXQFLRQDO VFKLPEDXWRPDWvQWURWUHDSWLQIHULRDU
G 3HQWUXRDFFHOHUDLHPD[LPWUDJHL
6FKLPEDUHDvQWURWUHDSWVXSHULRDU PDQHWDVFKLPEWRUXOXLGHYLWH]HGHSH
YRODQGHSHSDUWHDVWkQJSkQFkQGWUDQV
 7UDJHLPDQHWDVFKLPEWRUXOXLGHYLWH]HGH
PLVLDVHOHFWHD]WUHDSWDGHYLWH]HRSWLP
SHYRODQGHSHSDUWHDGUHDSW
SHQWUXYLWH]DFXUHQW
3DJLQD 
7UDQVPLVLDDXWRPDWFXSOHD]ODXUPWRD
UHDWUHDSWGHYLWH]HVXSHULRDU


 7UDQVPLVLHDXWRPDW

5HWURJUDGDUHDIRUDW
G $XWRYHKLFXOHOHFXPRWRU$0*QXVH
SRDWHXWLOL]DUHWURJUDGDUHDIRUDWvQSUR
&RQGXFHUHDLSDUFDUHD

JUDPXOGHFRQGXFHUHvQUHJLPPDQXDO0
3XWHLXWLOL]DGHDVHPHQHDUHWURJUDGDUHDIRU
DWSHQWUXDFFHOHUDLHPD[LPvQSURJUDPXO
GHFRQGXFHUHvQUHJLPPDQXDO0
 $SVDLSHGDODGHDFFHOHUDLHGLQFRORGH
SXQFWXOGHSUHVLXQH
7UDQVPLVLDVHFXSOHD]vQWURWUHDSWGH
YLWH]HLQIHULRDUvQIXQFLHGHWXUDLDPRWR
UXOXL
 &XSODLGLQQRXvQWUHDSWDVXSHULRDUGXS
FHDLDWLQVYLWH]DGRULW
G $XWRYHKLFXOHIUPRWRU$0*GDF
DFFHOHUDLODPD[LPXPWUDQVPLVLDDXWR
PDWFXSOHD]vQVXVSkQODXUPWRDUHD
WUHDSWGHYLWH]HFkQGVHDWLQJHWXUDLD
PD[LPDPRWRUXOXL$VWIHOVHSUHYLQH
VXSUDWXUDUHDPRWRUXOXL

'H]DFWLYDUHDSURJUDPXOXLGHFRQGX
FHUHvQUHJLPPDQXDO
 $SVDLEXWRQXOGHVHOHFWDUHDSURJUDPXOXL
3DJLQD vQPRGUHSHWDWSkQFkQG
( &ODDXWRYHKLFXOHOH$0* VDX6DSDUHSH
DILDMXOPXOWLIXQFLRQDO
 /DDXWRYHKLFXOHOHFXSDFKHWXO
21 2))52$'DSVDLEXWRQXOGHVHOHF
WDUHDSURJUDPXOXL
0QXPDLHVWHLQGLFDWSHDILDMXOPXOWLIXQF
LRQDO
$OLPHQWDUHFXFDUEXUDQW 

3UREOHPHODWUDQVPLVLH

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL

&RQGXFHUHDLSDUFDUHD
7UDQVPLVLDDUHSUR 7UDQVPLVLDSLHUGHXOHL
EOHPHODVFKLPEDUHD  6ROLFLWDLYHULILFDUHDLPHGLDWDWUDQVPLVLHLODXQDWHOLHUGHVSH
WUHSWHORUGHYLWH]H FLDOLWDWHDXWRUL]DW

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

$OLPHQWDUHFXFDUEXUDQW  1XXWLOL]DLEHQ]LQSHQWUXDOLPHQWDUHD
DXWRYHKLFXOHORUFXPRWRUGLHVHO1XXWLOL]DL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD PRWRULQSHQWUXDOLPHQWDUHDDXWRYHKLFXOH
ORUFXPRWRUSHEHQ]LQ&KLDULFDQWLWLOH
$9(57,60(17
PLFLGHFDUEXUDQWLQDGHFYDWGXFODGHWHULR
&DUEXUDQWXOHVWHSXWHUQLFLQIODPDELO)RFXO
UDUHDVLVWHPXOXLGHFDUEXUDQWLDPRWRUX
IOFULOHGHVFKLVHLIXPDWXOVXQWSULQXUPDUH
OXL
LQWHU]LVHFkQGPDQLSXODLFDUEXUDQL
2SULLPRWRUXOLvQFO]LUHDDX[LOLDUvQDLQWHGH  1XSXQHLFRQWDFWXOGDFDLDOLPHQWDWGLQ
DOLPHQWDUHDFXFDUEXUDQW JUHHDOFXFDUEXUDQWLQFRUHFWQFD]FRQ
WUDUFDUEXUDQWXOYDSWUXQGHvQFRQGXFWHOH
3HULFROGHUQLUH GHFRPEXVWLELOQWLLQDLXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWLVROLFLWDLJROLUHDFRP
1XDWLQJHLFDUEXUDQWXO
SOHWDUH]HUYRUXOXLGHFDUEXUDQWLDFRQ
&RQWDFWXOGLUHFWDOFDUEXUDQWXOXLFXSLHOHDVDX GXFWHORUGHFDUEXUDQW
LQKDODUHDYDSRULORUGXQHD]VQWLL
 QFD]XOVXSUDDOLPHQWULLUH]HUYRUXOXLGH
$9(57,60(17 FDUEXUDQWVLVWHPXOGHDOLPHQWDUHFXFDU
1XDOLPHQWDLFXEHQ]LQUH]HUYRDUHOHGH EXUDQWDUSXWHDVXIHULGHWHULRUUL
PRWRULQ1XDPHVWHFDLPRWRULQFXEHQ  $YHLJULMVQXYUVDLFDUEXUDQWSH
]LQQFD]FRQWUDUVLVWHPXOGHDOLPHQWDUHFX VXSUDIHHYRSVLWHQFD]FRQWUDUSXWHL
FDUEXUDQWLPRWRUXOSRWVXIHULGHWHULRUUL GHWHULRUDYRSVHDXD
$VWIHODXWRYHKLFXOXOSRDWHOXDIRF


 $OLPHQWDUHFXFDUEXUDQW

 8WLOL]DLXQILOWUXFkQGDGXJDLFDUEXUDQW 3RUWLHUDRIHUXOXLSRDWHILvQFKLVGLQQRX
GLQWURFDQLVWUGHFDUEXUDQWQFD]FRQ  $SVDLFODSHWDJXULLGHXPSOHUHFXFDUEX
WUDUFRQGXFWHOHGHFDUEXUDQWLVDXVLVWH UDQWvQGLUHFLDLQGLFDWGHVJHDWDC
&RQGXFHUHDLSDUFDUHD

PXOGHLQMHFLHGLHVHODUSXWHDILFROPDWDWH &ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWVH
GHSDUWLFXOHOHGLQFDQLVWUDGHFDUEXUDQW URWHWHvQVXV
3XWHLJVLPDLPXOWHLQIRUPDLLSULYLQGFDU  5RWLLFODSHWDJXULLGHXPSOHUHPDLGHSDUWH
EXUDQWXOLFDOLWLOHGHFDUEXUDQWvQVHFLXQHD vQVHQVDQWLRUDULVFRDWHLR
&DUEXUDQW 3DJLQD   ,QWURGXFHLFDSDFXOJXULLGHXPSOHUHFXFDU
EXUDQWvQFRQVRODGHVXVLQHUHGLQLQWHULRUXO
FODSHWHLJXULLGHXPSOHUHFXFDUEXUDQWD
$OLPHQWDUHFXFDUEXUDQW  ,QWURGXFHLFRPSOHWJkWXOGHXPSOHUHDO
&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQW GX]HLSRPSHLGHFDUEXUDQWvQUH]HUYRUL
UHDOLPHQWDL
 SLFLRDUH8PSOHLUH]HUYRUXOQXPDLSkQ
FkQGGX]DSRPSHLVHRSUHWH
G 1XPDLDGXJDLFDUEXUDQWGXSRSULUHD
SRPSHLGLQDOLPHQWDUHSHQWUXSULPDGDW
QFD]FRQWUDUFDUEXUDQWXOVHSRDWHVFXUJH

QFKLGHUH
 $H]DLGLQQRXFDSDFXOSHJkWXOGH
XPSOHUHLURWLLvQVHQVRUDUSkQFkQGVH
C 3HQWUXDGHVFKLGHFODSHWDJXULLGH vPELQVRQRU
XPSOHUHFXFDUEXUDQW  QFKLGHLFODSHWDJXULLGHXPSOHUHFXFDU

D 3HQWUXDLQWURGXFHFODSHWDJXULLGH EXUDQW
XPSOHUHFXFDUEXUDQW
7LSFDUEXUDQW
7DEHOXOFXSUHVLXQLOHvQSQHXUL
&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWHVWH
GHEORFDWVDXEORFDWDXWRPDWFkQGGHVFKL
GHLVDXvQFKLGHLDXWRYHKLFXOXOFXFKHLDVDX
FX.(</(66*2
3R]LLDFDSDFXOXLJXULLGHXPSOHUHFXFDUEX
UDQWHVWHDILDWSHSDQRXOGHLQVWUX
PHQWH6JHDWDGHOkQJSRPSDGHFDUEXUDQW
LQGLFODWXUDDXWRYHKLFXOXOXL

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

3UREOHPHFXFDUEXUDQWXOLUH]HUYRUXOGHFDUEXUDQW

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL

&RQGXFHUHDLSDUFDUHD
&DUEXUDQWXOVHVFXUJH 5LVFGHH[SOR]LHVDXLQFHQGLX
GLQDXWRYHKLFXO
&RQGXFWDGHFDUEXUDQWVDXUH]HUYRUXOGHFDUEXUDQWVXQWGHIHFWH
 5RWLLLPHGLDWFKHLDvQSR]LLDGLQFRPXWDWRUXOGHFRQWDFWL
VFRDWHLR 3DJLQD 
 1XUHSRUQLLPRWRUXOVXEQLFLRIRUP
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

0RWRUXOQXSRUQHWH 5H]HUYRUXOGHFDUEXUDQWDODXWRYHKLFXOXOXLFXPRWRUGLHVHODIRVW
JROLWFRPSOHW
 5HDOLPHQWDLDXWRYHKLFXOXOFXFHOSXLQOLWULGHPRWRULQ
 &XSODLFRQWDFWXOWLPSGHDSUR[LPDWLY
VHFXQGH 3DJLQD 
 3RUQLLPRWRUXOFRQWLQXXWLPSGHSkQODVHFXQGHSkQFkQG
IXQFLRQHD]XQLIRUP
'DFPRWRUXOUHIX]VSRUQHDVF
 &XSODLFRQWDFWXOGLQQRXWLPSGHDSUR[LPDWLY
VHFXQGH 3DJLQD 
 3RUQLLPRWRUXOGLQQRXFRQWLQXXWLPSGHSkQODVHFXQGH
SkQFkQGIXQFLRQHD]XQLIRUP
'DFPRWRUXOQXSRUQHWHGXSWUHLvQFHUFUL
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

&ODSHWDJXULLGH &ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWQXHVWHGHVFXLDW
XPSOHUHFXFDUEXUDQW VDX
QXSRDWHILGHVFKLV %DWHULDFKHLLHVWHGHVFUFDW
 'HVFXLDLDXWRYHKLFXOXO 3DJLQD 
VDX
 'HVFXLDLDXWRYHKLFXOXOFXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQ
3DJLQD 

&ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWHVWHGHVFXLDWvQVPHFD
QLVPXOGHGHVFKLGHUHHVWHvQHSHQLW
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 $OLPHQWDUHFXFDUEXUDQW

$G%OXH QXPDLSHQWUXDXWRYHKLFX $G%OXHDGHYHQLWOLFKLGGLQQRX3ULQXUPDUH


OHOH%OXH7(& FRPSOHWDUHDHVWHSRVLELOGLQQRX$OWHUQDWLY
VROLFLWDLFRPSOHWDUHDUH]HUYRUXOXLFX
&RQGXFHUHDLSDUFDUHD

1RWHLPSRUWDQWHSULYLQGXWLOL]DUHD $G%OXHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
3HQWUXDIXQFLRQDFRUHFWWUDWDUHDXOWHULRDU 0DLPXOWHLQIRUPDLLSULYLQGWUDWDUHDXOWH
DJD]HORUGHHDSDPHQW%OXH7(&WUHEXLHUHD ULRDUDJD]HORUGHHDSDPHQW%OXH7(&LSUL
OL]DWFXDJHQWXOUHGXFWRU$G%OXH YLQG$G%OXHSXWHLRELQHGHODXQ&HQWUXGH
&kQGUH]HUYRUXOGH$G%OXHHVWHDSURDSH 6HUYLFH0HUFHGHV%HQ]
HSXL]DWSHDILDMXOPXOWLIXQFLRQDODSDUH
PHVDMXO5HILOO$G%OXH6HH2ZQHU
V &RPSOHWDUHDFX$G%OXH
0DQXDO &RPSOHWDLFX$G%OXH&RQVXO
$9(57,60(17
WDL0DQXDOXOGHXWLOL]DUH 
$G%OXHQXWUHEXLHVYLQvQFRQWDFWFXSLH
&kQGQLYHOXOGH$G%OXHVFDGHSkQODPDU
OHDRFKLLVDXvPEUFPLQWHD
FDMXOPLQLPSHDILDMXOPXOWLIXQFLRQDODSDUH
PHVDMXO5HILOO$G%OXH1RVWDUWLQ ='DF$G%OXHYLQHvQFRQWDFWFXSLHOHDVDX

;;;;NP &RPSOHWDLFX$G%OXH3RU FXRFKLLFOWLLLPHGLDW]RQHOHDIHFWDWHFX


QLUHLPSRVLELOQ;;;;NP  DSFXUDW
'DFPHVDMXO5HILOO$G%OXH1RVWDUW ='DFvQJKLLL$G%OXHFOWLLLPHGLDWJXUD
LQ;;;;NP &RPSOHWDLFX$G%OXH FXPXOWDSFXUDWLEHLFkWPDLPXOW
3RUQLUHLPSRVLELOQ;;;;NP DSDUH DS
SHDILDMXOPXOWLIXQFLRQDOPDLSXWHLVFRQ =6FKLPEDLLPHGLDWKDLQHOHFDUHDXIRVW
GXFHLDXWRYHKLFXOXOQXPDLSHGLVWDQDLQGL PXUGULWHFX$G%OXH
FDW'DF$G%OXHQXHVWHFRPSOHWDWQX ='DFDSDUUHDFLLDOHUJLFHFRQVXOWDLLPH
PDLSXWHLVSRUQLLPRWRUXO8PSOHLUH]HU GLDWXQPHGLF
YRUXOGH$G%OXHVDXVROLFLWDLXPSOHUHD
1XOVDL$G%OXHODvQGHPkQDFRSLLORU
UH]HUYRUXOXLGH$G%OXHODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW'DFPHVDMXO5HILOO $9(57,60(17
$G%OXH(QJVWDUWQRWSRVVLEOH &RP
'DFGHVFKLGHLFDSDFXOUH]HUYRUXOXL
SOHWDLFX$G%OXH3RUQLUHPRWLPSR
VLELO DSDUHSHDILDMXOPXOWLIXQFLRQDOLDU $G%OXHDUSXWHDILHOLEHUDWHPLFLFDQWLWLGH
PRWRUXOQXSRUQHWHWUHEXLHVFRPSOHWDLFX YDSRULGHDPRQLDF$FHDVWDGHSLQGHvQVSHFLDO
FHOSXLQOGH$G%OXH DSUR[LPDWLYVWL GHYHFKLPHD$G%OXH
FOHGHDOLPHQWDUHFX$G%OXH  9DSRULLGHDPRQLDFDXXQPLURVvQHSWRUL
VXQWLULWDQLPDLDOHVSHQWUX
G 'DFFRQGXFHLFXYLWH]HPDLPDULGH
=SLHOH
NPKPHVDMXO5HILOO$G%OXH6HH
=PHPEUDQHOHPXFRDVH
2ZQHU
V0DQXDO &RPSOHWDLFX
$G%OXH&RQVXOWDL0DQXDOXOGHXWL =RFKL
OL]DUH GLVSDUHGXSDSUR[LPDWLYXQ 9DSRULLSRWSURYRFDRVHQ]DLHGHDUVXUvQ
PLQXW RFKLQDVLJkWSUHFXPLLULWDUHDJkWXOXLL
'DFWHPSHUDWXUDH[WHULRDUHVWHVXE OFULPDUHD
FRPSOHWDUHDSRDWHILGLILFLO'DF 1XLQKDODLGHORFYDSRULLGHDPRQLDFFDUHVDU
$G%OXHHVWHvQJKHDWLH[LVWXQLQGLFDWRU SXWHDHOLEHUD8PSOHLUH]HUYRUXO$G%OXH
GHDYHUWL]DUHDFWLYHVWHSRVLELOVQXVHSRDW QXPDLvQ]RQHELQHYHQWLODWH
HIHFWXDFRPSOHWDUHD3DUFDLDXWRYHKLFXOXO
vQWUXQORFPDLFDOGGHH[vQJDUDMSkQFkQG
$OLPHQWDUHFXFDUEXUDQW 

 8WLOL]DL$G%OXHQXPDLFRQIRUP,62 3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQG
1XDPHVWHFDL$G%OXHFXDGLWLYLL $G%OXHFRQVXOWDL 3DJLQD 
QXGLOXDL$G%OXHFXDS$OWIHOSXWHLGLV

&RQGXFHUHDLSDUFDUHD
WUXJHVLVWHPXOGHWUDWDUHXOWHULRDUDJD]H 'HVFKLGHUHDFDSDFXOXLGHXPSOHUHFX
ORUGHHDSDPHQW%OXH7HF $G%OXH
 3HQWUXDXPSOHUH]HUYRUXOGH$G%OXH
DXWRYHKLFXOXOWUHEXLHSDUFDWSHRVXSUDID
SODQ5H]HUYRUXOGH$G%OXHSRDWHIL
XPSOXWQXPDLFRQIRUPVFRSXOXLSUHY]XW
FXDXWRYHKLFXOXOSDUFDWSHRVXSUDID
SODQ$VWIHOYRUILHYLWDWHIOXFWXDLLOHGH
FDSDFLWDWH$OLPHQWDUHDXQXLDXWRYHKLFXO
FDUHVHDIOSHRVXSUDIDQHXQLIRUPQX
HVWHSHUPLV([LVWSHULFROXOGHVXSUDDOL
PHQWDUHFDUHSRDWHFDX]DGHWHULRUULDOH
FRPSRQHQWHORUWUDWULLXOWHULRDUHDJD]HORU
GHHDSDPHQW%OXH7(& &ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWHVWH
GHEORFDWVDXEORFDWDXWRPDWFkQGGHVFKL
 6XSUDIHHOHFDUHYLQvQFRQWDFWFX GHLVDXvQFKLGHLDXWRYHKLFXOXOFXFKHLDVDX
$G%OXHFkQGDOLPHQWDLWUHEXLHFOWLWH FX.(</(66*2
LPHGLDWFXDSVDXvQGHSUWDL$G%OXHFX
 'HFXSODLFRQWDFWXO
RODYHWXPHGLDSUHFH'DF$G%OXH
 $SVDLFODSHWDJXULLGHXPSOHUHFXFDUEX
VDFULVWDOL]DWGHMDXWLOL]DLXQEXUHWHLDS
UHFHSHQWUXDFXUDVXSUDIDD8UPHOHGH UDQWvQGLUHFLDLQGLFDWGHVJHDWDC
$G%OXHVHFULVWDOL]HD]GXSXQDQXPLW &ODSHWDJXULLGHXPSOHUHFXFDUEXUDQWVH
WLPSLPXUGUHVFVXSUDIHHOHDIHFWDWH URWHWHvQVXV
 5RWLLFDSDFXOGHXPSOHUHFX$G%OXHDvQ
 $G%OXHQXHVWHXQDGLWLYGHFDUEXUDQWL
VHQVDQWLRUDULVFRDWHLO
QXWUHEXLHDGXJDWvQUH]HUYRUXOGHFDUEX
&DSDFXOGHDOLPHQWDUHFX$G%OXHDHVWH
UDQW'DF$G%OXHHVWHDGXJDWvQUH]HU
DVLJXUDWFXREDQGGLQPDWHULDOSODVWLF
YRUXOGHFDUEXUDQWDFHVWOXFUXSRDWHFDX]D
GHWHULRUDUHDPRWRUXOXL
%LGRDQHGHDOLPHQWDUHFX$G%OXH
6ROLFLWDLFRPSOHWDUHDUH]HUYRUXOXLFX
$G%OXHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW  1XVWUkQJHLIXUWXQXOGHDOLPHQWDUHFX
7RWXLDYHLSRVLELOLWDWHDGHDVHPHQHDV SUHDPXOWIRUQFD]FRQWUDUIXUWXQXOGH
FRPSOHWDLUH]HUYRUXOFX$G%OXH DOLPHQWDUHSRDWHILGHWHULRUDW
=ODREHQ]LQULHFXRSRPSGHXPSOHUHFX
$G%OXH
=FXVWLFOHGHDOLPHQWDUHFX$G%OXH
=FXXQELGRQGHDOLPHQWDUHFX$G%OXH

&kQGGX]DSRPSHLVHRSUHWHDXWRPDWvQWLP
SXODOLPHQWULLODRSRPSGHDOLPHQWDUH
UH]HUYRUXOGH$G%OXHHVWHXPSOXWFRPSOHW
1XPDLXPSOHLUH]HUYRUXO$G%OXH$G%OXH
VHSRDWHVFXUJH


 $OLPHQWDUHFXFDUEXUDQW

 5RWLLIXUWXQXOCODJkWXOGHXPSOHUHDO
DXWRYHKLFXOXOXLvQVHQVDQWLRUDULVFRDWHL
O
&RQGXFHUHDLSDUFDUHD

 5RWLLIXUWXQXOCODJXUDELGRQXOXLGHDOL
PHQWDUHFX$G%OXHDvQVHQVDQWLRUDUL
VFRDWHLO
 (WDQDLGLQQRXELGRQXOGHDOLPHQWDUHFX
$G%OXHDFXFDSDFXO
3XWHLDFKL]LLRQDELGRDQHGHDOLPHQWDUHFX
$G%OXHGHODPDLPXOWHEHQ]LQULLVDXGHOD
XQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]Q
JHQHUDOELGRDQHOHGHDOLPHQWDUHFX
$G%OXHVXQWFRPHUFLDOL]DWHvPSUHXQFXXQ
IXUWXQGHXPSOHUH8QIXUWXQGHXPSOHUHFDUH
QXVHSRWULYHWHH[DFWFXUH]HUYRUXOGH
$G%OXHDODXWRYHKLFXOXOXLQXRIHUSURWHFLH
vPSRWULYDVXSUDDOLPHQWULL$G%OXHVHSRDWH
VFXUJHvQXUPDVXSUDDOLPHQWULL0HUFHGHV
%HQ]RIHUXQIXUWXQVSHFLDOGHDOLPHQWDUHFX
SURWHFLHvPSRWULYDVXSUDDOLPHQWULLOSXWHL
 'HVILOHWDLFDSDFXOGHODJXUDGHGHVFKLGHUH DFKL]LLRQDGHODRULFH&HQWUXGH6HUYLFH0HU
SkQvQSDUWHDVXSHULRDUDELGRQXOXLGH FHGHV%HQ]$G%OXHHVWHGLVSRQLELOSHQWUX
DOLPHQWDUHFX$G%OXHD GLIHULWHWLSXULGHELGRDQHLUHFLSLHQWH6H
 3R]LLRQDLIXUWXQXODGHFYDWCODJXUDGH UHFRPDQGXWLOL]DUHDIXUWXQXOXLGHDOLPHQWDUH
DOLPHQWDUHDELGRQXOXLGHDOLPHQWDUHFX H[FOXVLYFXELGRDQHGHDOLPHQWDUHFX
$G%OXHDLVWUkQJHLPDQXDOvQVHQV $G%OXHGHOD0HUFHGHV%HQ]
RUDU
G )XUWXQXOCUPkQHvQFKLVSkQIL[DLIXU 6WLFOGHDOLPHQWDUHFX$G%OXH
WXQXODGHFYDWCODJkWXOGHXPSOHUHFX  QILOHWDLPDQXDOVWLFODGHDOLPHQWDUHFX
$G%OXHDODXWRYHKLFXOXOXL $G%OXHQFD]FRQWUDUSRDWHVXIHULGHWH
 3R]LLRQDLIXUWXQXOCODJkWXOGHXPSOHUH ULRUUL
DODXWRYHKLFXOXOXLLvQILOHWDLPDQXDOvQ
VHQVDQWLRUDU&kQGVLPLLUH]LVWHQIXU
WXQXOCHVWHDVLJXUDWVXILFLHQW
 5LGLFDLLUVWXUQDLELGRQXOGHDOLPHQWDUH
FX$G%OXHD
G $OLPHQWDUHDHVWHvQWUHUXSWFkQGUH]HU
YRUXOGH$G%OXHVDXPSOXWFRPSOHW1X
PDLXPSOHLUH]HUYRUXO$G%OXH%LGRQXOGH
DOLPHQWDUHFX$G%OXHDSRDWHIL
vQGHSUWDWQXPDLDWXQFLFkQGDIRVWSDULDO
JROLW
3DUFDUH 

QFKLGHUHDFDSDFXOXLGHXPSOHUHFX
$G%OXHLDFODSHWHLJXULLGHXPSOHUH
FXFDUEXUDQW

&RQGXFHUHDLSDUFDUHD
 'HVILOHWDLFDSDFXOGHSURWHFLHDOVWLFOHLGH
DOLPHQWDUHFX$G%OXHC
 3R]LLRQDLVWLFODGHDOLPHQWDUHFX
$G%OXHCSHJkWXOGHXPSOHUHDDFXP  )L[DLFDSDFXOGHXPSOHUHFX$G%OXHD
HVWHLQGLFDWLVWUkQJHLPDQXDO SHJkWXOGHXPSOHUHLURWLLvQVHQVRUDU
 $SVDLVWLFODGHDOLPHQWDUHFX  3HQWUXDvQFKLGHFODSHWDJXULLGHXPSOHUH
$G%OXHCvQVSUHJkWXOGHXPSOHUH FXFDUEXUDQWDSVDLRvQGLUHFLDLQGLFDW
5H]HUYRUXOGH$G%OXHHVWHXPSOXW GHVJHDWDC
$FHDVWDFLXQHSRDWHGXUDSkQODXQ  &RQGXFHLFXRYLWH]PDLPDUHGH
PLQXW NPK
G 'DFVWLFODGHDOLPHQWDUHFX$G%OXHC 0HVDMXO5HILOO$G%OXH6HH2ZQHU
V
QXPDLHVWHDSVDWXPSOHUHDHVWHvQWUH 0DQXDO &RPSOHWDLFX$G%OXH&RQ
UXSWLDUVWLFODSRDWHILVFRDVFKLDUGDF VXOWDL0DQXDOXOGHXWLOL]DUH GLV
DIRVWJROLWGRDUSDULDO SDUHGXSDSUR[LPDWLYXQPLQXW
 (OLEHUDLVWLFODGHDOLPHQWDUHFX G 'DFPHVDMXO5HILOO$G%OXH6HH
$G%OXHC 2ZQHU
V0DQXDO &RPSOHWDLFX
$G%OXH&RQVXOWDL0DQXDOXOGHXWL
 5RWLLVWLFODGHDOLPHQWDUHFX$G%OXHCvQ
OL]DUH UPkQHSHDILDMXOPXOWLIXQFLR
VHQVDQWLRUDULVFRDWHLR QDOWUHEXLHVPDLFRPSOHWDLFX$G%OXH
 QILOHWDLGLQQRXFDSDFXOGHSURWHFLHDOVWL
FOHLGHDOLPHQWDUHFX$G%OXHC
3DUFDUH
3XWHLDFKL]LLRQDVWLFOHGHDOLPHQWDUHFX
$G%OXHGHODPDLPXOWHEHQ]LQULLVDXGHOD 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
XQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]6WLFOHOH
GHDOLPHQWDUHIUJDUQLWXUILOHWDWQXRIHU $9(57,60(17
SURWHFLHvPSRWULYDVXSUDDOLPHQWULL 6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
$G%OXHVHSRDWHVFXUJHvQXUPDVXSUDDOL QXPDLFkQGDXWRYHKLFXOXOVWDLRQHD]GHRD
PHQWULL0HUFHGHV%HQ]YSXQHODGLVSR]LLH UHFHQXSXWHLPDQHYUDDXWRYHKLFXOXOFkQG
VWLFOHVSHFLDOHGHDOLPHQWDUHFXJDUQLWXUILOH FKHLDHVWHVFRDV
WDW$FHVWHDVXQWGLVSRQLELOHODRULFH&HQWUX 1XOVDLQLFLRGDWFRSLLLQHVXSUDYHJKHDLvQ
GHVHUYLFH0HUFHGHV%HQ] DXWRYHKLFXO$FHWLDDUSXWHDHOLEHUDIUkQDGH
SDUFDUHHOHFWULF$FHDVWDSRDWHSURYRFDXQ
DFFLGHQWJUDYVDXIDWDO


 3DUFDUH

$9(57,60(17 G 'DFRSULLPRWRUXOFXWUDQVPLVLDvQSR]L
6LVWHPXOGHHYDFXDUHQXWUHEXLHVXEQLFLR LD5VDX'WUDQVPLVLDDXWRPDWUHYLQHSH
IRUPVLQWUHvQFRQWDFWFXPDWHULDOHLQIOD 1DXWRPDW
&RQGXFHUHDLSDUFDUHD

PDELOHSUHFXPLDUEDXVFDWVDXEHQ]LQDGH 'DFGHVFKLGHLDSRLXQDGLQWUHSRUWLHUHOH
H[HPSOX1XSDUFDLDXWRYHKLFXOXOSHLDUE GLQIDVDXVFRDWHLFKHLDGLQFRQWDFW
XVFDWVDXPLULWL6LVWHPXOGHHYDFXDUH WUDQVPLVLDDXWRPDWVHFXSOHD]vQSR]LLD
vQFLQVDUSXWHDvQFD]FRQWUDUDSULQGHPDWH 3
ULDOXOLQIODPDELOLDUDXWRYHKLFXOXODUSXWHDOXD 'DFFXSODLWUDQVPLVLDDXWRPDWvQSR]LLD
IRF 1vQDLQWHGHRSULUHDPRWRUXOXLWUDQVPLVLD
DXWRPDWUPkQHvQSR]LLD1FKLDUGDF
3HQWUXDYDVLJXUDFDXWRYHKLFXOXOHVWHDVL HVWHGHVFKLVRSRUWLHU
JXUDWFRQWUDSXQHULLVDOHvQPLFDUHQHLQWHQ
LRQDWH 8WLOL]DUHD.(</(66*2
=IUkQDHOHFWULFGHSDUFDUHWUHEXLHVILH
 $SVDLEXWRQXO6WDUW6WRS
DFLRQDW
3DJLQD 
=WUDQVPLVLDWUHEXLHVVHDIOHvQSR]LLD3L
0RWRUXOVHRSUHWHLWRDWHOPSLOHLQGLFD
FKHLDWUHEXLHVILHVFRDVGLQFRPXWDWRUXO WRDUHGLQSDQRXOGHLQVWUXPHQWHVHVWLQJ
GHFRQWDFW
=vQSDQWHDVFHQGHQWHVDXGHVFHQGHQWH G 'DFXWLOL]DLEXWRQXO6WDUW6WRSSHQWUXD
URLOHGLQIDWUHEXLHEUDFDWHFWUHERU RSULPRWRUXOWUDQVPLVLDDXWRPDWVH
GXU FXSOHD]vQSR]LLD1DXWRPDW'DFGHV
FKLGHLDSRLXQDGLQWUHSRUWLHUHOHGLQID
WUDQVPLVLDDXWRPDWVHFXSOHD]vQSR]LLD
2SULUHDPRWRUXOXL 3

1RWHLPSRUWDQWHSULYLQGVLJXUDQD G 0RWRUXOSRDWHILRSULWFkQGDXWRYHKLFXOXO
HVWHvQPLFDUHGDFDSVDLLPHQLQHL
$9(57,60(17 DSVDWEXWRQXO6WDUW6WRSWLPSGHWUHL
1XRSULLQLFLRGDWPRWRUXOFkWWLPSYHKLFXOXO VHFXQGH$FHDVWIXQFLHRSHUHD]LQGH
HVWHvQPLFDUH SHQGHQWGHIXQFLDGHRSULUHDXWRPDWD
1XH[LVWHIHFWGHIUkQDUHSHQWUXIUkQDGH PRWRUXOXL(&2VWDUWVWRS
VHUYLFLXGDFPRWRUXOQXIXQFLRQHD]'DF
FRQWDFWXOHVWHGHFXSODWGLUHFLDQXHVWHDVLV
WDWHOHFWULF )UkQHOHFWULFGHSDUFDUH
0DQHYUDUHDLIUkQDUHDYRUQHFHVLWDXQHIRUW 1RWHJHQHUDOH
FRQVLGHUDELOPDLPDUHSULQXUPDUHSXWHL
SLHUGHFRQWUROXODVXSUDDXWRYHKLFXOXOXLL G )UkQDHOHFWULFGHSDUFDUHHIHFWXHD]R
SXWHLSURYRFDXQDFFLGHQW YHULILFDUHDIXQFLRQULLODLQWHUYDOHUHJXODWH
FkQGPRWRUXOHVWHRSULW=JRPRWHOHHPLVH
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH VXQWQRUPDOH
 &XSODLWUDQVPLVLDvQSR]LLD3

8WLOL]DUHDFKHLL
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFWLVFRDWHLR
,PRELOL]DWRUXOHVWHDFWLYDW
3DUFDUH 

G )UkQDHOHFWULFGHSDUFDUHQXHVWHDFLR
QDWDXWRPDWGDFPRWRUXOHVWHRSULWGH
IXQFLDVWDUWVWRS(&2

&RQGXFHUHDLSDUFDUHD
(OLEHUDUHDDXWRPDW
)UkQDHOHFWULFGHSDUFDUHDDXWRYHKLFXOXOXL
GXPQHDYRDVWUHVWHHOLEHUDWDXWRPDWFkQG
WRDWHFRQGLLLOHXUPWRDUHVXQWUHXQLWH
=PRWRUXOHVWHSRUQLW
=WUDQVPLVLDHVWHvQSR]LLD'VDX5
=FHQWXUDGHVLJXUDQHVWHSULQV
$FLRQDUHDHOLEHUDUHDPDQXDO
=DSVDLSHGDODGHDFFHOHUDLH
 3HQWUXDDFLRQDvPSLQJHLPkQHUXOC
'DFWUDQVPLVLDVHDIOvQSR]LLD5FDSRWD
/DPSDLQGLFDWRDUHURLH$GLQSDQRXO
SRUWEDJDMXOXLWUHEXLHVILHvQFKLV
GHLQVWUXPHQWHVHDSULQGH
'DFQXDYHLFHQWXUDGHVLJXUDQFXSODW
G )UkQDHOHFWULFGHSDUFDUHSRDWHILDFLR
WUHEXLHVILHvQGHSOLQLWHXUPWRDUHOHFRQGLLL
QDWLFkQGFKHLDHVWHVFRDV SHQWUXDHOLEHUDDXWRPDWIUkQDHOHFWULFGH
 3HQWUXDHOLEHUDWUDJHLPDQHWDC SDUFDUH
/DPSDLQGLFDWRDUHURLH$GLQSDQRXO =SRUWLHUDRIHUXOXLHVWHvQFKLV
GHLQVWUXPHQWHVHVWLQJH =DLVFRVGLQSR]LLDWUDQVPLVLHL3VDXDL
G )UkQDHOHFWULFGHSDUFDUHSRDWHILHOLEH FRQGXVPDLGHYUHPHFXRYLWH]PDLPDUH
UDWQXPDLFkQGFKHLDGLQFRPXWDWRUXOGH GHNPK
FRQWDFWHVWHvQSR]LLDVDXFkQGFRQWDFWXO
HVWHSXVFXDMXWRUXOEXWRQXOXL6WDUW6WRS )UkQDUHGHXUJHQ
3HQWUXDYDVLJXUDFQXDOXQHFDLvQDSRL
DWXQFLFkQGSRUQLLGHSHORFvQSDQWDVFHQ $XWRYHKLFXOXOSRDWHILGHDVHPHQHDIUkQDWvQ
GHQWFXSODLIUkQDHOHFWULFGHSDUFDUH FD]GHXUJHQFXDMXWRUXOIUkQHLHOHFWULFHGH
3DJLQD  SDUFDUH
 QWLPSXOFRQGXFHULLvPSLQJHLPDQHWDC
$FLRQDUHDDXWRPDW DIUkQHLHOHFWULFHGHSDUFDUH
3DJLQD 
)UkQDHOHFWULFGHSDUFDUHDDXWRYHKLFXOXOXL
GXPQHDYRDVWUHVWHDFLRQDWDXWRPDWGDF G $XWRYHKLFXOXOHVWHIUkQDWFkWWLPSLQHL
',67521,&3/86VDXIXQFLD+2/'VWDLR PDQHWDIUkQHLHOHFWULFHGHSDUFDUH
QHD]DXWRYHKLFXOXOVDXHVWHFXSODWSHQWUX DSVDW&XFkWPDQHWDIUkQHLHOHFWULFHGH
DPHQLQHDXWRYHKLFXOXOSHORFQSOXVWUH SDUFDUHHVWHDSVDWPDLPXOWFXDWkW
EXLHVVHvQGHSOLQHDVFFHOSXLQXQDGLQWUH FUHWHLIRUDGHIUkQDUH
XUPWRDUHOHFRQGLLL
QWLPSXOIUkQULL
=PRWRUXOHVWHRSULW
=VHHPLWHXQVXQHWGHDYHUWL]DUH
=SRUWLHUDRIHUXOXLHVWHGHVFKLVLFHQWXUD
=DSDUHPHVDMXO5HOHDVHSDUNEUDNH
GHVLJXUDQQXHVWHFXSODW (OLEHUDLIUQDGHSDUFDUH 
=DXWRYHKLFXOXOVWDLRQHD]SHRSHULRDG
=ODPSDLQGLFDWRDUHURLH$GLQSDQRXOGH
PDLvQGHOXQJDW LQVWUXPHQWHFOLSHWH
/DPSDLQGLFDWRDUHURLH$GLQSDQRXOGH
LQVWUXPHQWHVHDSULQGH

 6IDWXULSULYLQGFRQGXFHUHD

&kQGDXWRYHKLFXOXODIRVWIUkQDWSkQOD PRWRUXOXL3ULQXUPDUHGDFFRQGXFHLvQ
RSULUHIUkQDHOHFWULFGHSDUFDUHHVWH PRGIUHFYHQWSHGLVWDQHVFXUWHWUHEXLHV
FXSODW FRQGXFHLWLPSGHGHPLQXWHSHDXWRV
&RQGXFHUHDLSDUFDUHD

WUDGVDXSHGUXPXULUXUDOHFHOSXLQODILH
FDUHNP
3DUFDUHDDXWRYHKLFXOXOXL
'DFOVDLDXWRYHKLFXOXOSDUFDWWLPSGH
)UkQH
SHVWHSDWUXVSWPkQLEDWHULDSRDWHILGHWH
ULRUDWSULQGHVFUFDUHDVD 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 'HFRQHFWDLEDWHULD 3DJLQD VDX
FRQHFWDLRODXQvQFUFWRULQWHUPLWHQW 3HULFROGHDFFLGHQW
G 3XWHLRELQHPDLPXOWHLQIRUPDLLGHVSUH 1XFRPXWDLvQWURWUHDSWGHYLWH]LQIHULRDU
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
vQFUFWRDUHOHLQWHUPLWHQWHGHODXQDWHOLHU
IHHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
GHVSHFLDOLWDWHDXWRUL]DW
GHUHDDGHUHQHLURLORUPRWULFHLDXWRYHKLFX
'DFOVDLDXWRYHKLFXOXOSDUFDWWLPSGH OXOSRDWHGHUDSD
SHVWHDVHVSWPkQLDXWRYHKLFXOXOSRDWH
VXIHULGHWHULRUULvQXUPDQHIRORVLULL $9(57,60(17
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
$VLJXUDLYFDOLSDUWLFLSDQLODWUDILFQX
]DWLVROLFLWDLvQGUXPUL VXQWSXLvQSHULFROvQXUPDIUkQULL

3DQWHGHVFHQGHQWH
6IDWXULSULYLQGFRQGXFHUHD
QSDQWHOHGHVFHQGHQWHOXQJLLDEUXSWHPDL
6IDWXULJHQHUDOHSULYLQGFRQGXFHUHD DOHVGDFDXWRYHKLFXOXOHVWHvQFUFDWVDX
5XODUHDFXPRWRUXORSULW GDFWUDFWDLRUHPRUFWUHEXLHVVHOHFWDL
WUHDSWDGHYLWH]HVDXvQWLPSXWLO
$9(57,60(17 G $FHDVWDILUPDLHHVWHYDODELOLGDFDL
1XRSULLQLFLRGDWPRWRUXOFkWWLPSYHKLFXOXO DFWLYDWFRQWUROXOFURD]LHUHL63(('7521,&
HVWHvQPLFDUH VDX',67521,&3/86
)UkQDGHVHUYLFLXQXHVWHDVLVWDWHOHFWULF
$VWIHOYHLXWLOL]DHIHFWXOGHIUkQDUHDOPRWR
DWXQFLFkQGPRWRUXOQXIXQFLRQHD]
UXOXLILLQGQHFHVDURIUkQDUHPDLUHGXVSHQ
)UkQDUHDYDQHFHVLWDXQHIRUWFRQVLGHUDELOPDL WUXDPHQLQHYLWH]D$VWIHOVHYDHOLPLQDVDU
PDUHSULQXUPDUHSXWHLSLHUGHFRQWUROXODVX FLQDODFDUHHVWHVXSXVVLVWHPXOGHIUkQDUHL
SUDDXWRYHKLFXOXOXLLSXWHLSURYRFDXQDFFL VHSUHYLQHVXSUDvQFO]LUHDLX]XUDSUHPDWXU
GHQW DIUkQHORU

6DUFLQLJUHOHLXRDUH
'UXPVFXUW
3HULFROGHDFFLGHQW
 $XWRYHKLFXOHFXILOWUXGHSDUWLFXOHGLH
1XDSVDLQLFLRGDWFRQWLQXXSHGDODGHIUkQ
VHOGDFDXWRYHKLFXOXOHVWHXWLOL]DWPDL
vQWLPSXOGHSODVULLDXWRYHKLFXOXOXLGHH[HP
DOHVSHQWUXGLVWDQHVFXUWHHVWHSRVLELOV
SOXQXX]DLIUkQHOHSULQDSOLFDUHDFRQVWDQW
DSDUGHIHFLXQLvQWLPSXOFXUULLDXWR
LXRDUGHSUHVLXQHDVXSUDSHGDOHL$FHVW
PDWHDILOWUXOXLGHSDUWLFXOHGLHVHO$FHDVWD
IDSWSURYRDFVXSUDvQFO]LUHDVLVWHPXOXLGH
SRDWHFRQGXFHODFROHFWDUHDFDUEXUDQWXOXL
vQXOHLXOGHPRWRULSRDWHFDX]DGHIHFWDUHD
6IDWXULSULYLQGFRQGXFHUHD 

IUkQDUHPUHWHGLVWDQDGHIUkQDUHLSRDWH SXWVVHDFXPXOH]HSHGLVFXULOHGHIUkQ
FRQGXFHODGHWHULRUDUHDFRPSOHWDIUkQHORU LSHSOFXHOHGHIUkQJDUQLWXULGHIUkQ
=SVWUDLRGLVWDQPDLPDUHIDGHDXWR

&RQGXFHUHDLSDUFDUHD
'DFIUkQHOHDXIRVWVXSXVHXQHLVDUFLQLULGL YHKLFXOXOGLQIDLVFRQGXFHLFXGHRVH
FDWHQXRSULLDXWRYHKLFXOXOLPHGLDWFLFRQ ELWSUXGHQ
WLQXDLVFRQGXFHLvQFSXLQWLPS$VWIHO =DFLRQDLFXDWHQLHIUkQHOHODFDSWXOXQHL
FXUHQWXOGHDHUYDSXWHDUFLIUkQHOHPDL
FOWRULLLLPHGLDWGXSFHDLvQFHSXWXQD
UDSLG
QRXDVWIHOvQFkWUH]LGXXULOHGHVDUHVILH
'DFIUkQHOHDXIRVWXWLOL]DWHPRGHUDWWHVWDL HOLPLQDWHGHSHGLVFXULOHGHIUkQ
OHGLQFkQGvQFkQGHILFLHQDQDFHVWVFRS
IUkQDLPDLIHUPGHODYLWH]PDLPDUH$VWIHO
vPEXQWLLDGHUHQDIUkQHORU 3OFXHGHIUkQJDUQLWXULGHIUkQQRL
$9(57,60(17
6XSUDIHHFDURVDELOHXPHGH 3OFXHOHGHIUkQJDUQLWXULOHGHIUkQQRL
QFD]XOFRQGXFHULLSHSORDLHDEXQGHQWIU RELQHIHFWXOORUGHIUkQDUHPD[LPQXPDLGXS
VIUkQDLHVWHSRVLELOFDIUkQHOHVUHDFLR FHDLFRQGXVFkWHYDVXWHGHNLORPHWULQDLQWH
QH]HvQWkU]LDWFkQGIUkQDLSHQWUXSULPDGDW GHDRELQHDFHVWHIHFWGHIUkQDUHRSWLPWUH
$FHDVWvQWkU]LHUHSRDWHDSUHDLGDFDXWR EXLHVFRPSHQVDLUHGXFHUHDHIHFWXOXLGH
YHKLFXOXODIRVWVSODW IUkQDUHDSVkQGPDLWDUHvQWLPSXOIUkQULL
7UHEXLHVDSVDLSHGDODGHIUkQPDLIHUP $FHDVWLQGLFDLHHVWHYDODELOGXSFHGLVFX
0HQLQHLRGLVWDQPDLPDUHIDGHDXWR ULOHGHIUkQVDXSOFXHOHGHIUkQJDUQLWXULOH
YHKLFXOXOGLQID GHIUkQDXIRVWvQORFXLWH
'XSFRQGXFHUHDSHFDURVDELOXPHGVDX 'LQPRWLYHGHVLJXUDQ0HUFHGHV%HQ]Y
GXSFHDLVSODWDXWRYHKLFXOXOIUkQDLIHUP UHFRPDQGVPRQWDLSOFXHGHIUkQJDU
DFRUGkQGDWHQLHFRQGLLLORUGLQWUDILF$VWIHO QLWXULGHIUkQODDXWRYHKLFXOXOGXPQHD
VHYRUvQFO]LGLVFXULOHGHIUkQDFHVWHD YRDVWUGRDUGDFDXIRVWDSUREDWHSHQWUX
XVFkQGXVHvQFRQVHFLQPDLUDSLGLILLQG DXWRYHKLFXOHOH0HUFHGHV%HQ]VDXFDUH
SURWHMDWHFRQWUDFRUR]LXQLL FRUHVSXQGXQXLVWDQGDUGGHFDOLWDWHHFKLYD
OHQW3OFXHOHGHIUkQJDUQLWXULOHGHIUkQ
3HUIRUPDQOLPLWDWODIUkQDUHSHGUX QHDSUREDWHSHQWUXDXWRYHKLFXOHOH0HUFHGHV
PXULFXVDUHDQWLGHUDSDQW %HQ]VDXFDUHQXVXQWGHFDOLWDWHHFKLYDOHQW
DUSXWHDDIHFWDVLJXUDQDvQIXQFLRQDUHD
$9(57,60(17
DXWRYHKLFXOXOXLGXPQHDYRDVWU
6WUDWXOGHVDUHGHSHGLVFXULOHGHIUkQL
SOFXHOHGHIUkQJDUQLWXULGHIUkQSRDWH
6LVWHPGHIUkQDUHGHvQDOWSHUIRUPDQ
GXFHODvQWkU]LHUHDHIHFWXOXLGHIUkQDUH
SHQWUXDXWRYHKLFXOH$0*
FUHkQGRGLVWDQGHIUkQDUHVHPQLILFDWLY
FUHVFXWSXWkQGXVHSURYRFDDVWIHOXQDFFL 6LVWHPXOGHIUkQDUHGHvQDOWSHUIRUPDQ
GHQW HVWHFRQFHSXWSHQWUXVDUFLQLJUHOH$FHVWD
3HQWUXDHYLWDDFHVWSHULFROWUHEXLHV SRDWHJHQHUD]JRPRWHvQWLPSXOIUkQULL
=IUkQDLFXDWHQLHGLQFkQGvQFkQGIUDvL $FHVWHDYRUGHSLQGHGH
SXQHvQSHULFROSHDOLSDUWLFLSDQLODWUDILF =YLWH]
FkQGFRQGXFHLSHGUXPXULFXVDUHUXWLHU =IRUDGHIUkQDUH
$VWIHOYHLSXWHDHOLPLQDVDUHDFDUHDvQFH =FRQGLLLOHGHPHGLXSUHFXPWHPSHUDWXUDL
XPLGLWDWHD


 6IDWXULSULYLQGFRQGXFHUHD

8]XUDFRPSRQHQWHORULQGLYLGXDOHDOHVLVWH &RQGXFHUHDSHGUXPXULLQXQGDWH
PXOXLGHIUkQDUHFXPDUILSOFXHOHGHIUkQ
'DFWUHEXLHVFRQGXFHLSHSRULXQLGH
JDUQLWXULOHGHIUkQVDXGLVFXULOHGHIUkQ
GUXPSHFDUHVDDGXQDWDSUHLQHLF
&RQGXFHUHDLSDUFDUHD

GHSLQGHGHVWLOXOGHFRQGXFHUHLGHFRQGLLLOH
GHXWLOL]DUH =DGkQFLPHDPD[LPDGPLVDDSHL

'LQDFHVWPRWLYHVWHLPSRVLELOVVHLQGLFH VWWWRDUHGHSLQGHGHHFKLSDUHDDXWRYHKL
XQNLORPHWUDMFDUHVILHYDODELOvQWRDWHVLWXD FXOXOXL
LLOH8QVWLOGHFRQGXFHUHDJUHVLYYDGXFHOD =QXFRQGXFHLODRYLWH]PDLPDUHGHFkWFHD
RX]XUULGLFDW3XWHLRELQHLQIRUPDLLVXSOL GHPHUVSHMRV
PHQWDUHSHDFHVWVXELHFWGHOD&HQWUXOGH  5HLQHLFDXWRYHKLFXOHOHFDUHUXOHD]vQ
6HUYLFH0HUFHGHV%HQ] IDVDXvQGLUHFLDRSXVFUHHD]YDOXUL
$FHDVWDSRDWHGXFHODGHSLUHDDGkQFLPLL
PD[LPHSHUPLVHDDSHL
7UDFLXQHSQHXUL
$FHVWHQRWHWUHEXLHVILHUHVSHFWDWHvQ
$9(57,60(17 WRDWHVLWXDLLOHQFD]FRQWUDUSXWHLGHWH
'HLDXWRYHKLFXOXOSRDWHILFRQWURODWvQvQWUH ULRUDPRWRUXOVLVWHPHOHHOHFWURQLFHVDX
JLPHODDQXPLWHYLWH]HSHGUXPXULXVFDWHWUH WUDQVPLVLD
EXLHVYUHGXFHLYLWH]DSHGUXPXULXPHGH
VDXFXSROHLSHQWUXDRELQHDFHODLQLYHOGH 7UHFHUHDYDGXULORURIIURDG
VLJXUDQUXWLHUQFD]FRQWUDUSXWHLSUR
YRFDXQDFFLGHQW
$FRUGDLRDWHQLHGHRVHELWVWULLGUXPXOXLOD
WHPSHUDWXULVLWXDWHvQMXUXOSXQFWXOXLGH
vQJKH
'DFVDIRUPDWSROHLSHVXSUDIDDGUXPXOXL
GHH[GLQFDX]DFHLL SHSROHLVHIRUPHD]
RSHOLFXOVXELUHGHDSFkQGIUkQDLUHGX
FkQGFRQVLGHUDELOWUDFLXQHDSQHXULORU&RQ
GXFHLFXGHRVHELWSUXGHQvQDVWIHOGH
VLWXDLLPHWHR
7DEHOXOSUH]LQWDGkQFLPHDGHWUHFHUHD
YDGXULORUCFkQGDXWRYHKLFXOXOHVWHvQFUFDW
&RQGXFHUHDSHGUXPXULXPHGH LJDWDGHFRQGXFHUH
QFUFDWLJDWDGHFRQGXFHUHvQVHDPQ
$FYDSODQDUH UH]HUYRUSOLQFRPSOHWDWFXWRDWHOLFKLGHOHL
'DFVDDFXPXODWDSSkQODRDQXPLW RIHUXOVHDIOvQDXWRYHKLFXO
DGkQFLPHSHVXSUDIDDGUXPXOXLH[LVWSHUL /DDXWRYHKLFXOHOHFXSDFKHW$,50$7,&VDXFX
FROXOGHDFYDSODQDUHFKLDUGDF SDFKHW21 2))52$'VDUFLQLOHSkQODJUD
=FRQGXFHLFXYLWH]HUHGXVH GXOGHvQFUFDUHPD[LPDGPLVQXLQIOXHQHD]
=SQHXULOHDXRDGkQFLPHDGHFYDWDVXSUD
FDSDFLWDWHDGHWUHFHUHDYDGXULORU
IHHLGHUXODUH
'LQDFHVWPRWLYQXFRQGXFHLvQDQXULGH
SQHXLIUkQDLFXDWHQLH
6IDWXULSULYLQGFRQGXFHUHD 

$GkQ QLFHDOHDXWRYHKLFXOXOXLLHFKLSDPHQWXO
FLPHGH LQWHULRU
WUHFHUHD =$SDRSXQHPXOWUH]LVWHQLDUIXQGXODSHL

&RQGXFHUHDLSDUFDUHD
YDGXULORU HVWHDOXQHFRVLvQDQXPLWHFD]XULLQVWDELO
3ULQXUPDUHHVWHGLILFLOLSHULFXORVVSRU
$XWRYHKLFXOHFXDUFXULGLQ FP QLLGHSHORFvQDS
RHO
=$VLJXUDLYFQXVHIRUPHD]XQYDOvQID
$XWRYHKLFXOHOHFXSDFKHW SHPVXUFHFRQGXFHL
$,50$7,&LDXWRYHKLFXOHOH =&XUDLQRURLXOGHSHVXSUDIDDGHUXODUHD
$0* SQHXULORUGXSWUHFHUHDYDGXULORU
=$FLRQDLIUkQHOHSHQWUXDOHXVFDGXSWUH
1LYHOULGLFDW FP
FHUHDYDGXULORU
$XWRYHKLFXOHFXSDFKHW
21 2))52$'
1LYHOXORIIURDG FP
&RQGXFHUHSHWLPSGHLDUQ

1LYHOXORIIURDG FP 1RWHLPSRUWDQWHSULYLQGVLJXUDQD

1LYHOXORIIURDG FP $9(57,60(17


'DFDXWRYHKLFXOXOUPkQHLPRELOL]DWvQ
 $GkQFLPHDDSHLQXWUHEXLHV ]SDGDVLJXUDLYF]SDGDHVWHLQXWOD
GLVWDQGHHDYDGHHDSDPHQWLGLQMXUXO
GHSHDVFYDORDUHDVSHFLILFDWvQWDEHO
DXWRYHKLFXOXOXLDWkWDWLPSFkWPRWRUXOIXQF
5HLQHLFDGkQFLPHDGHWUHFHUHDYDGXUL
LRQHD]QFD]FRQWUDUPRQR[LGXOGHFDUERQ
ORUVFDGHvQDSHOHFXUJWRDUH
WR[LF &2 SRDWHSWUXQGHvQDXWRYHKLFXOSUR
=6WDELOLLFkWGHDGkQFHVWHDSDSUHFXPL
YRFkQGSLHUGHUHDFXQRWLQHLLFKLDUPRDU
FDUDFWHULVWLFLOHDSHLvQDLQWHGHDWUHFH WHD
YDGXO 3HQWUXDDVLJXUDRYHQWLODUHVXILFLHQWFXDHU
=6HOHFWDLFHOPDLULGLFDWQLYHOSRVLELODODXWR
SURDVSWGHVFKLGHLXRUXQJHDPGHSHSDU
YHKLFXOXOXL WHDDXWRYHKLFXOXOXLQHRULHQWDWFWUHYkQW
=/LPLWDLWUHDSWDGHYLWH]HODVDX
=(YLWDLWXUDLLOHULGLFDWHDOHPRWRUXOXL /DvQFHSXWXOLHUQLLVROLFLWDLSUHJWLUHDDXWR
=,QWUDLLLHLLGLQDSvQWUXQORFSODQLvQ
YHKLFXOXOXLSHQWUXLDUQODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
ULWPFRQVWDQWGHPHUVSHMRV
$XWRYHKLFXOHFXSDFKHWXO21 2))52$'
 1XDFFHOHUDLVXEQLFLRIRUPvQDLQWHGHD FkQGFRQGXFHLSH]SDGVDXFXODQXULGH
LQWUDvQDS9DOXOIRUPDWvQIDDUSXWHD ]SDGVHOHFWDLSURJUDPXOSHQWUX]SDG
IDFHFDDSDVSWUXQGLVGHWHULRUH]H 3DJLQD FXDMXWRUXOVHOHFWRUXOXLSUR
PRWRUXOLDQVDPEOXULOHGLQMXU JUDPXOXLRIIURDGGLQFRQVRODFHQWUDO
=&RQGXFHLSULQDSOHQWODYLWH]FRQ 5HVSHFWDLQRWHOHGLQVHFLXQHD)XQFLRQD
VWDQW UHDSHWLPSGHLDUQ 3DJLQD
=1XYRSULL
&RQGXFHUHFXSQHXULGHYDU
 1XGHVFKLGHLSRUWLHUHOHDXWRYHKLFXOXOXL
vQWLPSXOWUHFHULLYDGXULORUQFD]FRQWUDU 5HVSHFWDLQRWHOHGLQVHFLXQHD)XQFLRQD
DSDDUSXWHDSWUXQGHvQLQWHULRUXODXWRYH UHDSHWLPSGHLDUQ 3DJLQD
KLFXOXOXLGHWHULRUkQGVLVWHPHOHHOHFWUR


 6IDWXULSULYLQGFRQGXFHUHD

6XSUDIHHFDURVDELOHDOXQHFRDVH 1XSHUPLWHLQLFLRGDWDXWRYHKLFXOXOXLVVH
GHSODVH]HvQDSRLQSR]LLDQHXWUQXHVWH
$9(57,60(17 SRVLELOXWLOL]DUHDIUkQHLGHPRWRU'DFDFLR
&RQGXFHUHDLSDUFDUHD

1XUHWURJUDGDLSHQWUXXQHIHFWGHIUkQGH QDLGRDUIUkQDGHVHUYLFLXHVWHSRVLELOV
PRWRUVXSOLPHQWDUSHVXSUDIHHGHGUXPDOX SLHUGHLFRQWUROXODVXSUDDXWRYHKLFXOXOXL
QHFRDVH$VWIHOURLOHPRWULFHLDUSXWHD
SLHUGHDGHUHQDLDUDXWRYHKLFXOXODUSXWHD $9(57,60(17
GHUDSD
)LUHGHQLVLSSDUWLFXOHGHPXUGULHLDOWH
&RQGXFHLFXGHRVHELWDWHQLHSHVXSUDIHH PDWHULDOHDEUD]LYHSRWSWUXQGHvQVLVWHPXO
GHGUXPDOXQHFRDVH(YLWDLPDQHYUHOHEUXWH GHIUkQDUH$FHVWOXFUXSRDWHGXFHODX]XU
GHDFFHOHUDUHGLUHFLHLIUkQDUH H[FHVLYLODHILFLHQLPSUHYL]LELODIUkQH
ORU
'DFDXWRYHKLFXOXOvQFHSHVGHUDSH]HVDX
'XSH[SXQHUHDIUkQHORUODFRQGLLLGH
QXSRDWHILRSULWFkQGYGHSODVDLODYLWH]
PXUGULHYHULILFDLOHLFXUDLOHODXQDWH
UHGXV
OLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[HPSOXXQ
 &XSODLWUDQVPLVLDSHSR]LLD1 &HQWUXGH6HUYLFH0HUFHGHV%HQ]$OWIHO
 QFHUFDLVUHGREkQGLLFRQWUROXODVXSUD H[LVWSHULFROXOFDSXWHUHDGHIUkQDUHVQX
DXWRYHKLFXOXOXLFXDMXWRUXOPDQHYUHORU ILHVXILFLHQWvQFD]GHXUJHQVDXFDHIHFWXO
FRUHFWLYHFXGLUHFLD GHIUkQDUHVQXILHSUHYL]LELO
G 3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQG $9(57,60(17
FRQGXFHUHDFXODQXULGH]SDGFRQVXO
'HWHULRUDUHDDXWRYHKLFXOXOXLYSXQHvQSHUL
WDL 3DJLQD 
FROGHDFFLGHQWHSHGXPQHDYRDVWULSHFHL
ODOLRIHUL'DFDYHLGXELLYHULILFDLDXWRYH
KLFXOXOODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&RQGXFHUHRIIURDG
FDUHGLVSXQHGHFXQRWLQHOHLVFXOHOHQHFH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD VDUHSHQWUXDHIHFWXDLQWHUYHQLLOHQHFHVDUH
0HUFHGHV%HQ]UHFRPDQGVXWLOL]DLXQ
3HULFROGHDFFLGHQW &HQWUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
&RQGXFHLFXYLWH]UHGXVSHXQWHUHQDFFL VFRS
GHQWDWFXFDUHQXVXQWHLIDPLOLDUL]DW$VWIHO
YHLSXWHDGHWHFWDREVWDFROHOHQHSUHY]XWH 1RWHJHQHUDOH
PDLXRULLPSOLFLWYHLUHGXFHSHULFROXOSUR
GXFHULLXQXLDFFLGHQW &LWLLDFHDVWVHFLXQHvQDLQWHVFRQGXFHL
1XHIHFWXDLvQWRDUFHULSHWHUHQDFFLGHQWDWQ YHKLFXOXOSHWHUHQRIIURDG0DLvQWkLH[HU
FD]FRQWUDUDXWRYHKLFXOXOVHSRDWHUVWXUQD VDLFRQGXFkQGPDLOHQWSHWHUHQRIIURDG
QFD]XOvQFDUHRSDQWHVWHSUHDDEUXSW 8UPWRDUHOHVLVWHPHGHDVLVWDUHDFRQGXFHULL
vQWRDUFHLYFRQGXFkQGvQWUHDSWDGHPHUV VXQWVSHFLDODGDSWDWHFRQGXFHULLRIIURDG
vQDSRL =3URJUDPRIIURDG ODDXWRYHKLFXOHOHIU
1XFRQGXFHLSHSDQWHIRDUWHDEUXSWHQFD] SDFKHWXO21 2))52$'  3DJLQD
FRQWUDUDXWRYHKLFXOXOVHSRDWHUVWXUQDQ =3URJUDPHOHRIIURDGL ODDXWRYHKL
FD]XOvQFDUHFRQGXFHLSHSDQWHIRDUWH FXOHOHFXSDFKHWXO21 2))52$'
DEUXSWHLDXWRYHKLFXOXOHVWHvQSHULFROGHD 3DJLQD
VHUVWXUQDYLUDLLPHGLDWvQGLUHFLDGH =7UHDSWDGHYLWH]RIIURDG/2:5$1*(
FGHUH 75($37'(9,7(=(,1)(5,2$5  SDFKH
WXO21 2))52$'  3DJLQD
6IDWXULSULYLQGFRQGXFHUHD 

=%ORFDUHGLIHUHQLDO DXWRYHKLFXOHFXSDFKH FkQGFRQGXFHLvQSDQWQFD]FRQWUDU


WXO21 2))52$'  3DJLQD YHKLFXOXOVDUSXWHDUVWXUQD
=$%6RIIURDG 3DJLQD =QWLPSXOFOWRULHLPHQLQHLvQWRWGHDXQD

&RQGXFHUHDLSDUFDUHD
=(76RIIURDG 3DJLQD vQFKLVHJHDPXULOHODWHUDOHLWUDSDJOLVDQW
=(63RIIURDG 3DJLQD SDQRUDPLF
=1XYDEDWHLGHODGUXPXULOHLGLUHFLLOH
=3DFKHWXO$,50$7,& QLYHOXODXWRYHKLFXOX
PDUFDWH
OXL  3DJLQD
='65 5HJODUHDYLWH]HLODFRERUkUHDvQ G ,QIRUPDLLSULYLQGPRGHUQL]DUHDSQHXULORU
SDQW  3DJLQD VSHFLDOHSHQWUXRULFHWHUHQVXQWGLVSRQLELOH
LQHLFRQWGHXUPWRDUHOHQRWH ODRULFHDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
=2SULLDXWRYHKLFXOXOLGDFHVWHQHFHVDU 1RWSULYLQGSURWHFLDPHGLXOXL
VHOHFWDLSURJUDPXORIIURDG 3URWHFLDPHGLXOXLDUHRLPSRUWDQSULPRU
3DJLQD VDXWUHDSWDGHYLWH]HRII GLDO5HVSHFWDLQDWXUD5HVSHFWDLWRDWH
URDG/2:5$1*( 75($37$'(9,7(=( VHPQHOHLQWHU]LV
,1)(5,2$5 3DJLQD vQDLQWHGH
FRQGXFHUHDRIIURDG /LVWGHYHULILFDUHvQDLQWHGHFRQGXFH
=6HOHFWDLQLYHOXODXWRYHKLFXOXOXLDGHFYDW UHDRIIURDG
SHQWUXWHUHQXORIIURDG$VLJXUDLYF
H[LVWvQWRWGHDXQDJDUGODVROVXILFLHQW  1LYHOXOHLGHPRWRUYHULILFDLXOHLXOGH
SHQWUXDSUHYHQLGHWHULRUDUHDDXWRYHKLFX PRWRULFRPSOHWDLGDFHVWHQHFHVDU
OXOXL $WXQFLFkQGFRQGXFHLSHSDQWHDEUXSWH
=9HULILFDLGDFEDJDMHOHLVDUFLQLOHVXQW QLYHOXOXOHLXOXLWUHEXLHVILHVXILFLHQWSHQ
GHSR]LWDWHvQVLJXUDQLVXQWELQHDVLJX WUXDDVLJXUDRDOLPHQWDUHFRUHFWFXXOHLD
UDWH 3DJLQD  DXWRYHKLFXOXOXL
=0HQLQHLvQWRWGHDXQDPRWRUXOSRUQLWLvQ  5H]HUYRU$G%OXH DXWRYHKLFXOH%OXH

YLWH]DWXQFLFkQGFRQGXFHLSHRSDQW 7(& YHULILFDLQLYHOXOGHOLFKLGLGDFHVWH


GHVFHQGHQW$FWLYDL'65 QHFHVDUFRPSOHWDLSkQODPD[LP O
3DJLQD  3DJLQD 
=&RQGXFHLvQFHWLFXYLWH]FRQVWDQW  7UXVGHVFXOHSHQWUXVFKLPEDUHDSQHX

GDFHVWHQHFHVDUvQULWPGHPHUVSHMRV ULORUYHULILFDLGDFFULFXOIXQFLRQHD]L
=$VLJXUDLYFURLOHVXQWvQSHUPDQHQvQ DVLJXUDLYFDYHLFKHLDWXEXODUGH
FRQWDFWFXVROXO URDWRXIVROLGLRORSDWSOLDELOvQ
DXWRYHKLFXO
=$WXQFLFkQGFRQGXFHLSHGUXPXULRII
 5RLLSQHXULYHULILFDLDGkQFLPHDVXSUD
URDGQHFXQRVFXWHFXYL]LELOLWDWHUHGXV
FRQGXFHLFXH[WUHPGHPXOWSUXGHQ IHHLGHUXODUHDSQHXOXLLSUHVLXQHDvQ
'LQPRWLYHGHVLJXUDQFRERUkLGLQDXWR SQHXUL
YHKLFXOPDLvQWkLLFHUFHWDLGUXPXORII  9HULILFDLGHSRVLELOHGHWHULRUULL
URDG vQGHSUWDLRULFHRELHFWHVWULQHGHH[SLH
=9HULILFDLDGkQFLPHDDSHLvQDLQWHGHDWUD WUHPLFLGLQURLSQHXUL
YHUVDUkXULVDXFXUVXULGHDS  QORFXLLFSFHOHOHGHYDOYFDUHOLSVHVF

=$YHLJULMODREVWDFROHSUHFXPSLHWUH  QORFXLLURLOHORYLWHVDXGHWHULRUDWH
JXULEXWXUXJLLDQXUL  5RLURLOHORYLWHVDXvQGRLWHSRWGXFHODR
=$YHLJULMDWXQFLFkQGvQWRDUFHLSHRSDQW SLHUGHUHDSUHVLXQLLvQSQHXULLODGHWHULR
DVFHQGHQWVDXGHVFHQGHQWVDXDWXQFL UDUHDWDORQXOXLSQHXOXLQDLQWHGHFRQGX


 6IDWXULSULYLQGFRQGXFHUHD

FHUHDRIIURDGYHULILFDLURLOHLvQORFXLL GLQFDXFLXFDOHDUWLFXODLLORUSXQLLLDUER
OHGDFHVWHQHFHVDU UHOHFDUGDQLF
 'XSFOWRULHH[DPLQDLFXDWHQLHvQWUHJ
&RQGXFHUHDLSDUFDUHD

/LVWGHYHULILFDUHGXSFRQGXFHUHDRII SDUWHDLQIHULRDUDFDURVHULHLURLOHSQHX
URDG ULOHIUkQHOHVWUXFWXUDFDURVHULHLGLUHFLD
DVLXOLVLVWHPXOGHHYDFXDUHGHSRVLELOH
 'DFGHWHFWDLGHIHFLXQLODDXWRYHKLFXO GHIHFLXQL
GXSFRQGXFHUHDRIIURDGVROLFLWDLLPH
 'XSFRQGXFHUHDSHQWUXSHULRDGHvQGHOXQ
GLDWYHULILFDUHDDXWRYHKLFXOXOXLODXQDWHOLHU
JDWHSULQQLVLSQRURLSLHWULDSVDXvQ
GHVSHFLDOLWDWHDXWRUL]DW
FRQGLLLVLPLODUHGHPXUGULHVROLFLWDLYHUL
&RQGXFkQGSHWHUHQDFFLGHQWDWDXWRYHKLFX ILFDUHDLFXUDUHDGLVFXULORUGHIUkQD
OXOGXPQHDYRDVWUHVWHVROLFLWDWPDLPXOW URLORUDSOFXHORUGHIUkQJDUQLWXULORUGH
GHFkWGDFFRQGXFHLSHGUXPXULQRUPDOH IUkQLDDUWLFXODLLORUSXQLL
'XSFRQGXFHUHDRIIURDGYHULILFDLDXWR  'DFDLGHWHFWDWYLEUDLLSXWHUQLFHGXS
YHKLFXOXOGXPQHDYRDVWU$FHVWOXFUXYSHU FRQGXFHUHDRIIURDGYHULILFDLGHHYHQ
PLWHVGHWHFWDLLPHGLDWGHIHFLXQLOHLV WXDOHRELHFWHVWULQHvQURLLvQWUHQXOGH
UHGXFHLULVFXOXQXLDFFLGHQWSHQWUXGXPQHD WUDQVPLVLHLvQGHSUWDLOHGDFHVWHQHFH
YRDVWULSHQWUXFHLODOLSDUWLFLSDQLODWUDILF VDU2ELHFWHOHVWULQHSRWDIHFWDHFKLOLEUXO
 $XWRYHKLFXOHFXSDFKHWXO LSRWFDX]DYLEUDLL
21 2))52$'DFWLYDLSURJUDPXORII
URDG 3DJLQD  &RQGXFHUHDSHQLVLS
 $XWRYHKLFXOHIUSDFKHWXO
21 2))52$'GH]DFWLYDLSURJUDPXORQ LQHLFRQWGHXUPWRDUHOHUHJXOLDWXQFLFkQG
URDG 3DJLQD  FRQGXFHLSHQLVLS
 'H]DFWLYDLWUHDSWDRIIURDG/2:5$1*( =DXWRYHKLFXOHFXSDFKHWXO

75($37$'(9,7(=(,1)(5,2$5 21 2))52$'VHOHFWDLSURJUDPXORII
3DJLQD  URDG 3DJLQD 
 'H]DFWLYDL'65 3DJLQD  =DXWRYHKLFXOHIUSDFKHWXO

 5HGXFHLGLQQRXQLYHOXODXWRYHKLFXOXOXLOD 21 2))52$'VHOHFWDLSURJUDPXORII
XQQLYHODGHFYDWFRQGLLLORUGHGUXPGHH[ URDG 3DJLQD 
ODQLYHOXODXWRVWUDGYLWH]ULGLFDW =VHOHFWDLXQQLYHODODXWRYHKLFXOXOXLPDL

 &XUDLIDUXULOHLOXPLQLOHVSDWHLYHULIL PDUH
FDLGHSRVLELOHGHIHFLXQL =VHOHFWDLRWUHDSWGHYLWH]HDGHFYDWWHUH

 &XUDLSOFXHOHGHvQPDWULFXODUHGLQID QXOXL
LGLQVSDWH =FRQGXFHLFXYLWH]SHQWUXDvQYLQJHUH]LV

 &XUDLURLOHSQHXULOHFXMHWGHDSL WHQDODUXODUHQFD]FRQWUDUDXWRYHKLFXOXO
vQGHSUWDLRULFHRELHFWHVWULQH DUSXWHDVVHDIXQGHvQQLVLS
=FRQGXFHLSHXUPHOHDOWRUDXWRYHKLFXOH
 &XUDLURLOHSDVDMHOHGHURDWLSDUWHD
GHGHGHVXEWDDXWRYHKLFXOXOXLFXXQMHWGH GDFHVWHSRVLELO$VLJXUDLYFDQXULOH
DSYHULILFDLGHRULFHRELHFWHVWULQHL QXVXQWSUHDDGkQFLFQLVLSXOHVWHGHVWXO
GHIHFLXQL GHVROLGLFDXWRYHKLFXOXOGXPQHDYRDVWU
DUHJDUGODVROVXILFLHQW
 9HULILFDLGDFVDXSULQVUDPXULVDXDOWH
SULGHSODQWH$FHVWHDFUHVFULVFXOGH
LQFHQGLXLSRWGHWHULRUDFRQGXFWHOHGHFDU
EXUDQWIXUWXQXULOHIUkQHLVDXEXUGXIXULOH
6IDWXULSULYLQGFRQGXFHUHD 

'UXPXULFXDQXULLSLHWUL 5XODUHDvQSDQW
LQHLFRQWGHXUPWRDUHOHUHJXOLDWXQFLFkQG 8QJKLGHDSURSLHUHGHSUWDUH
FRQGXFHLSHWHUHQRIIURDGFXDQXULVDX

&RQGXFHUHDLSDUFDUHD
SHGUXPXULFXSLHWUL
 $VLJXUDLYFXUPHOHFUHDWHGHURLOH
DOWRUDXWRYHKLFXOHQXVXQWSUHDDGkQFLLF
DXWRYHKLFXOXODUHVXILFLHQWJDUGODVROQ
FD]FRQWUDUDXWRYHKLFXOXODUSXWHDILGHWH
ULRUDWVDXVDUSXWHDEORFD
=$FWLYDUHDSURJUDPXOXLRIIURDG
3DJLQD 
=$XWRYHKLFXOHOHFXSDFKHWXO$,50$7,&
VHOHFWDLXQQLYHOULGLFDWDODXWRYHKLFXOXOXL
=(YLWDLWXUDLLOHULGLFDWHDOHPRWRUXOXL
7DEHOXOLQGLFXQJKLXULGHDSURSLHUHLGH
GHSUWDUHCLDDWXQFLFkQGDXWRYHKLFXOXO
=/LPLWDLWUHDSWDGHYLWH]HOD
HVWHvQFUFDWLSUHJWLWSHQWUXGUXP
=&RQGXFHLOHQW
3HQWUXDXWRYHKLFXOHOHFXDUFXULGLQRHO
='DFDQXULOHVXQWSUHDDGkQFLFRQGXFHL
vQFUFDWLSUHJWLWSHQWUXGUXPvQVHDPQ
FXURLOHSHRSDUWHDVHFLXQLLGLQPLMORFD UH]HUYRUSOLQWRDWHOLFKLGHOHFRPSOHWDWHL
VROXOXLGDFHVWHSRVLELO RIHUvQDXWRYHKLFXO
/DDXWRYHKLFXOHOHFXSDFKHW$,50$7,&VDXFX
&RQGXFHUHSHVWHREVWDFROH SDFKHW21 2))52$'VDUFLQLOHSkQODJUD
 2EVWDFROHOHDUSXWHDGHWHULRUDSRGHDXD GXOGHvQFUFDUHPD[LPDGPLVQXLQIOXHQHD]
DXWRYHKLFXOXOXLVDXFRPSRQHQWHOHDVLXOXL XQJKLXULOHGHDSURSLHUHGHSUWDUH
5XJDLSDVDJHULLVYJKLGH]HODWUHFHUHD C C D
SHVWHREVWDFROHGHGLPHQVLXQLPDUL2ULFH
GHWHULRUDUHDDXWRYHKLFXOXOXLFUHWHSHUL $XWRYHKLFXOH   
FROXOGHDFFLGHQW FXDUFXULGLQ
5HVSHFWDLXUPWRDUHOHUHJXOLDWXQFLFkQG RHO
FRQGXFHLSHVWHEXWXUXJLSLHWUHPDULLDOWH $XWRYHKLFXOH
REVWDFROH FXSDFKHW
=6HOHFWDLSURJUDPXORIIURDG $,50$7,&
3DJLQD VDXWUHDSWDGHYLWH]HRII
URDG/2:5$1*( 75($37'(9,7(=( 1LYHOXOGH   
,1)(5,2$5  3DJLQD  DXWRVWUDG
=5LGLFDLQLYHOXODXWRYHKLFXOXOXL 1LYHOULGLFDW   
=(YLWDLWXUDLLOHULGLFDWHDOHPRWRUXOXL
$XWRYHKLFXOH
=/LPLWDLWUHDSWDGHYLWH]HOD
FXSDFKHW
=&RQGXFHLIRDUWHvQFHW 21 2))52$'
=&RQGXFHLGUHSWGHDVXSUDFHQWUXOXLREVWD
FROHORU 1LYHOXOGH   
DXWRVWUDG

 &XVWLOL]DUHDFDURVHULHL$0*


 6IDWXULSULYLQGFRQGXFHUHD

C D G 'DFVDUFLQDGHSHSXQWHDIDHVWH
C
UHGXVDWXQFLFkQGSRUQLLGHSHORFSHR
1LYHOXORII    SDQWDVFHQGHQWDEUXSWURLOHGLQID
&RQGXFHUHDLSDUFDUHD

URDG SRWSDWLQD(76UHFXQRDWHDFHDVWDLIUk
QHD]URLOHvQFRQVHFLQ&XSOXOURLORUGLQ
1LYHOXORII    VSDWHHVWHPULWLHVWHPDLXRUVSRUQLL
URDG GHSHORF
1LYHOXORII   
URDG 9kUIXOSDQWHL
$XWRYHKLFXOH $WXQFLFkQGFRQGXFHLvQSDQWUHGXFHLXRU
$0* GLQDSVDUHDSHSHGDODGHDFFHOHUDLHLPHGLDW
GXSDWLQJHUHDSDQWHLGHDOXOXL)RORVLLIRUD
1LYHOXOGH    GLQDPLFDDXWRYHKLFXOXOXLSHQWUXDUXODvQ
DXWRVWUDG  
SDQW
1LYHOULGLFDW    $FHVWVWLOGHFRQGXFHUHHYLW
=ULGLFDUHDDXWRYHKLFXOXOXLGHSHVRODWXQFL
=8UPULLOLQLDGHvQFOLQDUHDWXQFLFkQGFRQ FkQGVHDIOvQSDQW
GXFHLSHSDQWHLSRULXQLDEUXSWH =UXODUHDSUHDUDSLGDDXWRYHKLFXOXOXLvQ
=QDLQWHGHDFRQGXFHSHSDQWHDVFHQGHQWH SDQW
VDXGHVFHQGHQWHDEUXSWHVHOHFWDLSURJUD
PXORIIURDG 3DJLQD VDXWUHDSWD &RQGXFHUHDvQSDQW
GHYLWH]HRIIURDG/2:5$1*( 75($37 =&RQGXFHLOHQW
'(9,7(=(,1)(5,2$5 3DJLQD  =1XFRQGXFHLvQXQJKLSHSDQWHOHDEUXSWH
=5HVSHFWDLDYHUWLVPHQWHOHSHQWUXFRQGX
GHVFHQGHQWH9LUDLvQGLUHFLDGHvQFOLQDUH
FHUHDRIIURDG 3DJLQD  LFRQGXFHLFXURLOHGLQIDvQSR]LLD
=&RQGXFHLOHQW GUHSWvQDLQWHQFD]FRQWUDUDXWRYHKLFXOXO
=$FFHOHUDLXRULDVLJXUDLYFURLOHDX DUSXWHDVDOXQHFHvQODWHUDOVVHvQFOLQH
DGHUHQVXILFLHQW LVVHUVWRDUQH
=(YLWDLWXUDLLOHPDULGHPRWRUFXH[FHSLD =QDLQWHGHDUXODSHSDQWHGHVFHQGHQWH
VLWXDLLORUvQFDUHFRQGXFHLSHGUXPXULFX DEUXSWHVHOHFWDLWUHDSWDGHYLWH]H
QLVLSVDXQRURLFXUH]LVWHQULGLFDWOD =$FWLYDL'65'DFQXHVWHVXILFLHQWIUkQDL
FRQGXFHUH XRU&kQGSURFHGDLDVWIHODVLJXUDLYF
=6HOHFWDLRWUHDSWGHYLWH]HDGHFYDWSDQ DXWRYHKLFXOXOHVWHRULHQWDWvQGLUHFLDGH
WHL vQFOLQDUH
=QDLQWHGHDUXODSHSDQWHGHVFHQGHQWH =9HULILFDLGDFIUkQHOHIXQFLRQHD]QRUPDO
DEUXSWHVHOHFWDLWUHDSWDGHYLWH]H GXSRSRULXQHGHVFHQGHQWOXQJ
G $%6RIIURDGHVWHDFWLYDWDWXQFLFkQG
&DSDFLWDWHPD[LPGHXUFDUHvQSDQW SURJUDPXORIIURDGVDXWUHDSWDGHYLWH]H
3HVXSUDIHHGHGUXPEXQHLFXWUHDSWDGH RIIURDG/2:5$1*( 75($37'(
YLWH]HRIIURDG/2:5$1*( 75($37'( 9,7(=(,1)(5,2$5 VXQWVHOHFWDWH
9,7(=(,1)(5,2$5 FDSDFLWDWHDWRWDOGH /DYLWH]HVXENPKURLOHGLQIDVH
XUFDUHvQSDQWHVWHGLVSRQLELO EORFKHD]FLFOLFODIUkQDUH(IHFWXOGHDGkQ
 &XVWLOL]DUHDFDURVHULHL$0*
 QPRGXOVSRUWLY$0*5,'(&21752/
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

FLUHRELQXWDVWIHOUHGXFHGLVWDQDGHRSULUH GHSLUHDYLWH]HLVHWDWHQSDQWHOHGHVFHQ
SHWHUHQRIIURDG0DQHYUDELOLWDWHDDXWR GHQWHOXQJLLDEUXSWHPDLDOHVGDFDXWRYH
YHKLFXOXOXLHVWHUHGXVFRQVLGHUDELOGDF KLFXOXOHVWHvQFUFDWVDXGDFWUDFWDLR

&RQGXFHUHDLSDUFDUHD
URLOHVHEORFKHD] UHPRUFWUHEXLHVVHOHFWDLWUHDSWDGHYLWH]H
VDXvQWLPSXWLO$VWIHOYHLUHFXUJHOD
HIHFWXOGHIUkQGHPRWRU$VWIHOVHYDHOL
6LVWHPHGHDVLVWDUHDFRQGXFHULL PLQDVDUFLQDODFDUHHVWHVXSXVVLVWHPXOGH
IUkQDUHLVHSUHYLQHVXSUDvQFO]LUHDLX]XUD
&RQWUROFURD]LHU SUHPDWXUDIUkQHORU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 8WLOL]DLFRQWUROXOFURD]LHUHLQXPDLGDFFRQ
GLLLOHUXWLHUHYSHUPLWVPHQLQHLRYLWH]
3HULFROGHDFFLGHQW FRQVWDQWSHRSHULRDGSUHOXQJLW3XWHL
1XFRPXWDLvQWURWUHDSWGHYLWH]LQIHULRDU VWRFDRULFHYLWH]GHUXODUHGHSHVWH
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD NPK
IHHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
GHUHDDGHUHQHLURLORUPRWULFHLDXWRYHKLFX 0DQHWSHQWUXFRQWUROXOFURD]LHUHL
OXOSRDWHGHUDSD

$9(57,60(17
&RQWUROXOFURD]LHUHLQXSRDWHLQHFRQWGH
FRQGLLLOHGHGUXPLGHWUDILF
$FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGLQ
WUDILFFKLDULFkQGFRQWUROXOFURD]LHUHLHVWH
DFWLYDW
&RQWUROXOFURD]LHUHLHVWHQXPDLXQVLVWHPGH
DVLVWHQFDUHYDMXWFkQGFRQGXFHL'XP
QHDYRDVWUVXQWHLVLQJXUXOUHVSRQVDELOGH
YLWH]DYHKLFXOXOXLLGHIUkQDUHDvQWLPSXWLO C 3HQWUXDDFWLYDVDXSHQWUXDFUHWHYLWH]D
D /DPSDLQGLFDWRDUH/,0
$9(57,60(17 $FWLYDUHDODYLWH]DFXUHQWXOWLPDYLWH]
1XXWLOL]DLFRQWUROXOFURD]LHUHL PHPRUDW
=vQFRQGLLLUXWLHUHFDUHQXYSHUPLWVFRQ 3HQWUXDDFWLYDVDXSHQWUXDUHGXFHYLWH]D
GXFHLODYLWH]FRQVWDQW GHH[WUDILFDJOR 3HQWUXDFRPXWDvQWUHFRQWUROXOFURD]LHUHL
PHUDWVDXGUXPXULHUSXLWH QFD]FRQWUDU L63(('7521,&YDULDELO
SXWHLSURYRFDXQDFFLGHQW 3HQWUXDGH]DFWLYDFRQWUROXOFURD]LHUHL
=SHGUXPXULDOXQHFRDVH5RLOHPRWULFHSRW
3XWHLDFLRQDFRQWUROXOFURD]LHUHLL63(('
SLHUGHDGHUHQFkQGIUkQDLVDXDFFHOHUDL
7521,&YDULDELOFXPDQHWDSHQWUXFRQWUROXO
LDXWRYHKLFXOXOSRDWHGHUDSD
FURD]LHUHL
=FkQGH[LVWRYL]LELOLWDWHVF]XWGHH[GLQ
 3HQWUXDFRPXWDvQWUH63(('7521,&
FDX]DFHLLSORLLDEXQGHQWHVDX]SH]LL
YDULDELOLFRQWUROXOFURD]LHUHLDSVDL
PDQHWDSHQWUXFRQWUROXOFURD]LHUHLvQGLUHF
1RWHJHQHUDOH LDLQGLFDWGHVJHDW
&RQWUROXOFURD]LHUHLPHQLQHRYLWH]GH
UXODUHFRQVWDQWvQORFXOGXPQHDYRDVWU
$FHVWDIUkQHD]DXWRPDWSHQWUXDHYLWD


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

/DPSDLQGLFDWRDUH/,0DGHSHPDQHWDSHQ G (VWHSRVLELOFDVLVWHPXOGHFRQWURODOFURD
WUXFRQWUROXOFURD]LHUHLLQGLFFHIXQFLHDL ]LHUHLVQXSRDWPHQLQHYLWH]DPHPRUDW
VHOHFWDW vQSDQWHDVFHQGHQWH6HUHYLQHODYLWH]D
&RQGXFHUHDLSDUFDUHD

=/DPSDLQGLFDWRDUH/,0DVWLQVVD PHPRUDWFkQGDMXQJHLODRVXSUDID
SODQ&RQWUROXOFURD]LHUHLPHQLQHYLWH]D
VHOHFWDWFRQWUROXOFURD]LHUHL
PHPRUDWvQSDQWHGHVFHQGHQWHDFLRQkQG
=/DPSDLQGLFDWRDUH/,0DDSULQVVD
DXWRPDWIUkQHOH
VHOHFWDW63(('7521,&YDULDELO
&kQGDFWLYDLFRQWUROXOFURD]LHUHLYLWH]D $FWLYDUHDODYLWH]DFXUHQWXOWLPD
PHPRUDWDSDUHSHDILDMXOPXOWLIXQFLRQDO YLWH]PHPRUDW
WLPSGHFLQFLVHFXQGH6HJPHQWHOHGLQYLWH]D
PHPRUDWSkQODYLWH]DPD[LPVHDSULQGSH 3HULFROGHDFFLGHQW
DILDMXOPXOWLIXQFLRQDO 6HOHFWDLXQDGLQWUHYLWH]HOHPHPRUDWHGRDU
GDFYDORDUHDYLWH]HLUHVSHFWLYHYHVWH
&RQGLLLGHDFWLYDUH FXQRVFXWLGDFDFHDVWDHVWHDGHFYDWSHQ
WUXFRQGLLLOHFXUHQWHGHGUXPLWUDILFQFD]
3HQWUXDDFWLYDFRQWUROXOFURD]LHUHLWUHEXLH FRQWUDUDFFHOHUDUHDVDXIUkQDUHDEUXVF
vQGHSOLQLWHWRDWHFRQGLLLOHXUPWRDUHGHDFWL SRDWHFUHDVLWXDLLSHULFXORDVHSHQWUXGXP
YDUH QHDYRDVWUVDXSHQWUXDOWHSHUVRDQH
=IUkQDHOHFWULFGHSDUFDUHWUHEXLHVILHHOL
EHUDW  7UDJHLVFXUWGHPDQHWDSHQWUXFRQWUROXO
=WUHEXLHVFRQGXFHLFXYLWH]PDLPDUHGH FURD]LHUHLFWUHGXPQHDYRDVWU
NPK  5LGLFDLSLFLRUXOGHSHSHGDODGHDFFHOHUD
=(63WUHEXLHVILHSRUQLWvQVVQXLQWHU LH
YLQ 'XSSULPDDFWLYDUHDFRQWUROXOXLFURD]LH
=WUDQVPLVLDWUHEXLHVILHvQSR]LLD'
UHLDFHVWDPHPRUHD]YLWH]DFXUHQWVDX
UHJOHD]YLWH]DDXWRYHKLFXOXOXLODYLWH]D
='65WUHEXLHVILHGH]DFWLYDW
PHPRUDWDQWHULRU
=3URJUDPXO2IIURDGWUHEXLHVILHGH]DF
WLYDW DXWRYHKLFXOHOHFXSDFKHW 6HWDUHDXQHLYLWH]H
21 2))52$' 
=IXQFLDFRQWUROXOFURD]LHUHLWUHEXLHVHOHF  $SVDLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
WDW 3DJLQD  vQVXVCSHQWUXRYLWH]PDLULGLFDWVDX
vQMRVSHQWUXRYLWH]UHGXV
$FWLYDUHDFRQWUROXOXLFURD]LHUHL  0HQLQHLPDQHWDSHQWUXFRQWUROXOFURD]LH
UHLDSVDWSkQFkQGDWLQJHLYLWH]DGRULW
3XWHLDFFHSWDYLWH]DFXUHQWGDFUXODLOD
 (OLEHUDLPDQHWDSHQWUXFRQWUROXOFURD]LH
YLWH]HGHSHVWHNPK
UHL
 $FFHOHUDLDXWRYHKLFXOXOSkQFkQGDWLQJHL
1RXDYLWH]HVWHPHPRUDW
YLWH]DGRULW
 6HWDUHvQLQFUHPHQWHGHNPKDSVDL
 $SVDLVFXUWSHPDQHWDSHQWUXFRQWUROXO
PDQHWDSHQWUXFRQWUROXOFURD]LHUHLvQ
FURD]LHUHLvQVXVCVDXvQMRV VXVCVDXvQMRVSkQODSXQFWXOGHSUH
 5LGLFDLSLFLRUXOGHSHSHGDODGHDFFHOHUD VLXQH
LH 8OWLPDYLWH]PHPRUDWFUHWHVDXGHV
&RQWUROFURD]LHUHLHVWHDFWLYDW$XWRYHKL FUHWHvQLQFUHPHQWHGHNPK
FXOXOPHQLQHDXWRPDWYLWH]DPHPRUDW  6HWDUHvQLQFUHPHQWHGHNPK
DSVDLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

]LHUHLvQVXVCVDXvQMRVGLQFRORGH 63(('7521,&
SXQFWXOGHSUHVLXQH
8OWLPDYLWH]PHPRUDWFUHWHVDXGHV 1RWHLPSRUWDQWHSULYLQGVLJXUDQD

&RQGXFHUHDLSDUFDUHD
FUHWHvQLQFUHPHQWHGHNPK
3HULFROGHDFFLGHQW
G &RQWUROXOFURD]LHUHLQXHVWHGH]DFWLYDW 1XDSVDLQLFLRGDWFRQWLQXXSHGDODGHIUkQ
GDFDSVDLSHGDODGHDFFHOHUDLH'H vQWLPSXOGHSODVULLDXWRYHKLFXOXOXLGHH[HP
H[HPSOXGDFDFFHOHUDLVFXUWSHQWUXD SOXQXX]DLIUkQHOHSULQDSOLFDUHDFRQVWDQW
GHSLFRQWUROXOFURD]LHUHLUHJOHD]YLWH]D LXRDUGHSUHVLXQHDVXSUDSHGDOHL$FHVW
DXWRYHKLFXOXOXLODXOWLPDYLWH]PHPRUDW IDSWSURYRDFVXSUDvQFO]LUHDVLVWHPXOXLGH
GXSFHDLILQDOL]DWGHSLUHD IUkQDUHPUHWHGLVWDQDGHIUkQDUHLSRDWH
FRQGXFHODGHWHULRUDUHDFRPSOHWDIUkQHORU
'H]DFWLYDUHDFRQWUROXOXLFURD]LHUHL
3HULFROGHDFFLGHQW
([LVWPDLPXOWHPRGXULGHDGH]DFWLYDFRQ
1XFRPXWDLvQWURWUHDSWGHYLWH]LQIHULRDU
WUROXOFURD]LHUHL
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
 $SVDLVFXUWSHPDQHWDSHQWUXFRQWUROXO IHHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
FURD]LHUHLvQDLQWH GHUHDDGHUHQHLURLORUPRWULFHLDXWRYHKLFX
VDX OXOSRDWHGHUDSD
 )UkQ
3HULFROGHDFFLGHQW
VDX
6LVWHPXO6SHHGWURQLFHVWHFRQFHSXWGRDUFD
 $SVDLVFXUWPDQHWDSHQWUXFRQWUROXO
XQVLVWHPGHDVLVWDUHDFRQGXFHULL6XQWHLSH
FURD]LHUHLvQGLUHFLDLQGLFDWGHVJHDWD
GHSOLQUHVSRQVDELOGHVWDELOLUHDYLWH]HLDXWR

YHKLFXOXOXLLGHIUkQDUHDvQWLPSXWLO
63(('7521,&YDULDELOHVWHVHOHFWDW
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
$9(57,60(17
WUXFRQWUROXOFURD]LHUHLVHDSULQGH
'DFVHVFKLPERIHULLLQIRUPDLOSHQRXO
&RQWUROXOFURD]LHUHLHVWHGH]DFWLYDWDXWRPDW RIHUSULYLQGOLPLWDGHYLWH]PHPRUDW
GDF 8WLOL]DL63(('7521,&YDULDELOQXPDLGDFQX
=FXSODLIUkQDHOHFWULFGHSDUFDUH YDWUHEXLVDFFHOHUDLEUXVFSkQODRYLWH]
=FRQGXFHLFXPDLSXLQGHNPK FHRGHSHWHSHFHDPHPRUDWGUHSWOLPLW
=(63LQWHUYLQHVDXGDFGH]DFWLYDL(63 GHYLWH]QFD]FRQWUDUSXWHLSURYRFDXQ
DFFLGHQW
=DFWLYDL'65
3XWHLGHSLOLPLWDGHYLWH]PHPRUDWGDF
=DFWLYDLSURJUDPXORIIURDGODDXWRYHKL
GH]DFWLYDL63(('7521,&YDULDELO
FXOHOHFXSDFKHW21 2))52$'
=FXDMXWRUXOPDQHWHLSHQWUXFRQWUROXOFURD
=FXSODLWUDQVPLVLDvQSR]LLD1vQWLPSXO
]LHUHL
FRQGXFHULL
=SULQDSVDUHDSHGDOHLGHDFFHOHUDLHGLQ
QFD]XOvQFDUHFRQWUROXOFURD]LHUHLHVWH
FRORGHSXQFWXOGHSUHVLXQH UHWURJUDGDUHD
GH]DFWLYDWYHLDX]LXQVXQHWGHDYHUWL]DUH
IRUDW
9HLYHGHDPHVDMXO&UXLVHFRQWURORII
&RQWUROXOFURD]LHUHLRSULW SHDILD 1XHVWHSRVLELOVGH]DFWLYDL6SHHGWURQLF
MXOPXOWLIXQFLRQDOWLPSGHDSUR[LPDWLYFLQFL YDULDELOSULQIUkQDUH
VHFXQGH
G 8OWLPDYLWH]PHPRUDWHVWHWHDUV
FkQGRSULLPRWRUXO

 6LVWHPHGHDVLVWDUHDFRQGXFHULL

1RWHJHQHUDOH &XPDQHWDSHQWUXFRQWUROXOFURD]LHUHLSXWHL
DFLRQDFRQWUROXOFURD]LHUHLVDX',67521,&
63(('7521,&IUkQHD]DXWRPDWSHQWUXFD
3/86L63(('7521,&YDULDELO
RIHUXOVQXGHSHDVFYLWH]DVHWDWQ
&RQGXFHUHDLSDUFDUHD

SDQWHOHGHVFHQGHQWHOXQJLLDEUXSWHPDL  3HQWUXDFRPXWDvQWUH63(('7521,&

DOHVGDFDXWRYHKLFXOXOHVWHvQFUFDWVDX YDULDELOLFRQWUROXOFURD]LHUHL',6752
GDFWUDFWDLRUHPRUFWUHEXLHVVHOHFWDL 1,&3/86DSVDLPDQHWDSHQWUXFRQWUR
WUHDSWDGHYLWH]HVDXvQWLPSXWLO$VWIHO OXOFURD]LHUHLvQGLUHFLDLQGLFDWGH
YHLUHFXUJHODHIHFWXOGHIUkQGHPRWRU$VW VJHDW
IHOVHYDHOLPLQDVDUFLQDODFDUHHVWHVXSXV /DPSDLQGLFDWRDUH/,0DGHSHPDQHWDSHQ
VLVWHPXOGHIUkQDUHLVHSUHYLQHVXSUDvQFO]L WUXFRQWUROXOFURD]LHUHLLQGLFFHIXQFLHDL
UHDLX]XUDSUHPDWXUDIUkQHORU'DFHVWH VHOHFWDW
QHFHVDURIUkQDUHVXSOLPHQWDUDSVDL
=/DPSDLQGLFDWRDUH/,0DVWLQVVD
SHGDODGHIUkQUHSHWDWLQXFRQWLQXX
3XWHLVHWDROLPLWGHYLWH]YDULDELOVDXSHU VHOHFWDWFRQWUROXOFURD]LHUHLVDX',6752
PDQHQW 1,&3/86
=/DPSDLQGLFDWRDUH/,0DDSULQVVD
=YDULDELOSHQWUXOLPLWHGHYLWH]GHH[vQ
VHOHFWDW63(('7521,&YDULDELO
]RQHFXFOGLUL
=SHUPDQHQWSHQWUXUHVWULFLLSHWHUPHQ
3XWHLXWLOL]DPDQHWDSHQWUXFRQWUROXOFURD
]LHUHLSHQWUXDOLPLWDYLWH]DODRULFHQLYHOPDL
OXQJGHH[FkQGFRQGXFHLHFKLSDWFX
PDUHGHNPKFkWPRWRUXOIXQFLRQHD]
SQHXULGHLDUQ 3DJLQD
G 9LWH]DLQGLFDWSHYLWH]RPHWUXSRDWH $FWLYDUHYDULDELO63(('7521,&
GLIHULXRUGHOLPLWDGHYLWH]PHPRUDW 3XWHLXWLOL]DPDQHWDSHQWUXFRQWUROXOFURD
]LHUHLSHQWUXDOLPLWDYLWH]DODRULFHQLYHOPDL
63(('7521,&9DULDELO PDUHGHNPKFkWPRWRUXOIXQFLRQHD]
 $SVDLVFXUWSHPDQHWDSHQWUXFRQWUROXO
0DQHWSHQWUXFRQWUROXOFURD]LHUHL FURD]LHUHLvQVXVCVDXvQMRV
9LWH]DFXUHQWHVWHPHPRUDWLDILDWSH
DILDMXOPXOWLIXQFLRQDO
6HJPHQWHOHGLQDILDMXOPXOWLIXQFLRQDOVH
DSULQGGHODvQFHSXWXOVFDOHLSkQODYLWH]D
PHPRUDW

$FWLYDUHDODYLWH]DFXUHQWXOWLPDYLWH]
PHPRUDW
$9(57,60(17
6HOHFWDLRYLWH]PHPRUDWGDFWLLFDUHH
C 3HQWUXDDFWLYDVDXSHQWUXDFUHWHYLWH]D YLWH]DLGDFHVWHDGHFYDWSHQWUXVLWXDLD
D /DPSDLQGLFDWRDUH/,0
FXUHQWGHFRQGXFHUHLGLQWUDILFQFD]FRQ
WUDURIUkQDUHEUXVFYDUSXWHDSXQHvQSHUL
3HQWUXDDFWLYDODYLWH]DFXUHQWXOWLPD FROSHGXPQHDYRDVWULSHDOLL
YLWH]PHPRUDW
3HQWUXDDFWLYDVDXSHQWUXDUHGXFHYLWH]D  7UDJHLVFXUWGHPDQHWDSHQWUXFRQWUROXO
3HQWUXDFRPXWDvQWUHFRQWUROXOFURD]LHUHL FURD]LHUHLFWUHGXPQHDYRDVWU
L63(('7521,&YDULDELO
3HQWUXDGH]DFWLYD63(('7521,&YDULDELO
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

6HWDUHDXQHLYLWH]H NPKIDGHYLWH]DPHPRUDW9HLDX]L
 $SVDLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL XQVXQHWGHDYHUWL]DUHGDFHVWHFD]XO
vQVXVCSHQWUXRYLWH]PDLULGLFDWVDX =DFWLYDL'65

&RQGXFHUHDLSDUFDUHD
vQMRVSHQWUXRYLWH]UHGXV =DFWLYDLSURJUDPXORIIURDG DXWRYHKL
 0HQLQHLPDQHWDSHQWUXFRQWUROXOFURD]LH FXOHFXSDFKHW21 2))52$' 
UHLDSVDWSkQFkQGDWLQJHLYLWH]DGRULW G 8OWLPDYLWH]PHPRUDWHVWHWHDUV
 (OLEHUDLPDQHWDSHQWUXFRQWUROXOFURD]LH FkQGRSULLPRWRUXO
UHL
1RXDYLWH]HVWHPHPRUDW 63(('7521,&SHUPDQHQW
 5HJOULvQLQFUHPHQWHGHNPK
3XWHLXWLOL]DFDOFXODWRUXOGHERUGSHQWUXD
DSVDLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
OLPLWDYLWH]DSHUPDQHQWODRYDORDUHFXSULQV
]LHUHLSkQODSXQFWXOGHSUHVLXQH
vQWUHNPK GHH[SHQWUXFRQGXFHUHDFX
8OWLPDYLWH]PHPRUDWFUHWHVDXGHV
SQHXULGHLDUQ LYLWH]DPD[LP
FUHWHvQWUHSWHPLFLGHNPK
3DJLQD 
 5HJOULvQLQFUHPHQWHGHNPK
,PHGLDWvQDLQWHGHDDWLQJHYLWH]DPHPRUDW
DSVDLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
DFHDVWDDSDUHSHDILDMXOPXOWLIXQFLRQDO
]LHUHLGLQFRORGHSXQFWXOGHSUHVLXQH
8OWLPDYLWH]PHPRUDWFUHWHVDXGHV 63(('7521,&SHUPDQHQWUPkQHDFWLY
FUHWHvQWUHSWHPLFLGHNPK FKLDULGDF63(('7521,&YDULDELOHVWH
GH]DFWLYDW
'H]DFWLYDUHYDULDELO63(('7521,& 1XSXWHLGHSLOLPLWDGHYLWH]PHPRUDW
$9(57,60(17 FKLDULGDFDSVDLSHGDODGHDFFHOHUDLH
1XHVWHSRVLELOVGH]DFWLYDL6SHHGWURQLF
GLQFRORGHSXQFWXOGHSUHVLXQH UHWURJUDGD
YDULDELOSULQIUkQDUH
UHDIRUDW 

([LVWPDLPXOWHPRGXULGHDGH]DFWLYD
63(('7521,&YDULDELO ',67521,&3/86
 $SVDLVFXUWSHPDQHWDSHQWUXFRQWUROXO 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
FURD]LHUHLvQDLQWH
3HULFROGHDFFLGHQW
VDX
1XFRPXWDLvQWURWUHDSWGHYLWH]LQIHULRDU
 $SVDLVFXUWPDQHWDSHQWUXFRQWUROXO SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
FURD]LHUHLvQGLUHFLDLQGLFDWGHVJHDWD IHHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
 GHUHDDGHUHQHLURLORUPRWULFHLDXWRYHKLFX
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ OXOSRDWHGHUDSD
WUXFRQWUROXOFURD]LHUHLVHVWLQJH63(('
7521,&YDULDELOHVWHGH]DFWLYDW $9(57,60(17
&RQWUROXOFURD]LHUHLVDX',67521,&3/86 ',67521,&3/86HVWHQXPDLXQVLVWHPGH
HVWHVHOHFWDW DVLVWHQFDUHYDMXWFkQGFRQGXFHLRIH
63(('7521,&YDULDELOHVWHGH]DFWLYDWDXWR UXOSRDUWvQWUHDJDUHVSRQVDELOLWDWHSHQWUX
PDWGDF GLVWDQDDXWRYHKLFXOXOXLIDGHDOWHDXWRYH
KLFXOHYLWH]DDXWRYHKLFXOXOXLLSHQWUXIUkQD
=GDFDSVDLSHGDODGHDFFHOHUDLHGLQFROR
UHDvQWLPSXWLO
GHSXQFWXOGHSUHVLXQH UHWURJUDGDUHDIRU
DW GDUQXPDLGDFYLWH]DGXPQHD
YRDVWUFXUHQWQXGLIHUFXSHVWH


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

',67521,&3/86QXUHDFLRQHD]PDLDOHVOD $FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGLQ
=SLHWRQL WUDILFFKLDULFkQG',67521,&3/86HVWH
DFWLYDWQFD]FRQWUDUHVWHSRVLELOVQXUHFX
&RQGXFHUHDLSDUFDUHD

=REVWDFROHVWDLRQDUHGHSHGUXPGHH[
QRDWHLSHULFROHOHODWLPSSURYRFkQGXQDFFL
DXWRYHKLFXOHRSULWHVDXSDUFDWH
GHQWLUQLUHDGXPQHDYRDVWULDDOWRUSHU
=WUDILFXOGHSHFRQWUDVHQVLFHOFXFDUHY
VRDQH
LQWHUVHFWDL
(VWHSRVLELOFD',67521,&3/86VQXUHFX $9(57,60(17
QRDVFDXWRYHKLFXOHOHvQJXVWHGLQIDGHH[ ',67521,&3/86IUkQHD]DXWRYHKLFXOXO
PRWRFLFOHWHOHLDXWRYHKLFXOHOHFDUHFRQGXF GXPQHDYRDVWUFXSkQODPD[LPXPPV
SHDOWWUDLHFWRULH3ULQXUPDUHDFRUGDLvQWRW vQIXQFLHGHYLWH]DVD$FHDVWDFRUHVSXQGH
GHDXQDDWHQLHFRQGLLLORUGLQWUDILFFKLDUL XQXLSURFHQWGHDSUR[LPDWLYGLQSXWHUHD
FkQG',67521,&3/86HVWHDFWLYDWQFD] GHIUkQDUHPD[LPDDXWRYHKLFXOXOXLGXPQHD
FRQWUDUHVWHSRVLELOVQXUHFXQRDWHLSHUL YRDVWU(VWHQHFHVDUFDLGXPQHDYRDVWUV
FROHOHODWLPSSURYRFkQGXQDFFLGHQWL DFLRQDLVLQJXUIUkQHOHGDFDFHDVWSXWHUH
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH GHIUkQDUHHVWHLQVXILFLHQW
'DF',67521,&3/86GHWHFWHD]XQULVFGH
$9(57,60(17
FROL]LXQHFXXQDXWRYHKLFXOGLQIDVHHPLWH
',67521,&3/86QXSRDWHLQHFRQWGHFRQ XQVXQHWGHDYHUWL]DUHLQWHUPLWHQWQSOXV
GLLLOHGHGUXPLGHWUDILF'DF',67521,& ODPSDGHDYHUWL]DUHSULYLQGGLVWDQDGLQ
QXUHFXQRDWHVDXQXPDLUHFXQRDWHDXWR SDQRXOGHLQVWUXPHQWHVHDSULQGH)UkQDL
YHKLFXOXOGLQIDQXDFWLYDL',67521,&VDX SHQWUXDHYLWDRFROL]LXQH
GDFHVWHGHMDDFWLYGH]DFWLYDLO$FHDVW
LQGLFDLHHVWHYDODELOPDLDOHV
$9(57,60(17
=vQDLQWHGHYLUDMH $XWRYHKLFXOXOSRDWHILIUkQDWFkQG',67521,&
=SHEHQ]LGHDORFDUHDWUDILFXOXLvQFXUEH 3/86HVWHDFWLYDW'LQDFHVWPRWLYGH]DFWL
=FkQGWUHFHLSHREDQGFXWUDILFPDLUDSLG YDLIXQFLD',67521,&3/86GDFDXWRYHKL
=vQVLWXDLLFRPSOH[HGHFRQGXFHUHVDXFkQG FXOXOYDILSXVvQPLFDUHSULQDOWHPLMORDFH GH
H[LVWEHQ]LRFROLWRDUHGHH[SHDXWRVWU]L H[vQWURVSOWRULHDXWRVDXSULQWUDFWDUH 
vQOXFUX
6LVWHPXOGHVHQ]RUUDGDUHVWHDXWRPDWGH]DF
QFD]FRQWUDU',67521,&3/86PHQLQH WLYDWOkQJXQLWLOHUDGLRWHOHVFRS
YLWH]DFXUHQWVHWDWGHGXPQHDYRDVWUVDX 3DJLQD 
DFFHOHUHD]SkQODYLWH]DVHWDW
'DFGRULLFD',67521,&3/86VYDVLVWH
',67521,&3/86QXSRDWHLQHFRQWGHFRQ VLVWHPXOGHVHQ]RULUDGDUWUHEXLHVILHDFWLYDW
GLLLOHPHWHR'H]DFWLYDLVDXQXDFWLYDL',6 3DJLQD LIXQFLRQDO
7521,&3/86
=GDFGUXPXULOHVXQWDOXQHFRDVHDFRSHULWH 1RWHJHQHUDOH
FX]SDGVDXFXJKHD5RLOHvLSRW
',67521,&3/86UHJOHD]YLWH]DLYDMXW
SLHUGHDGHUHQDFkQGIUkQDLVDXDFFHOHUDL
DXWRPDWVPHQLQHLGLVWDQDIDGHDXWR
$XWRYHKLFXOXOSRDWHvQFHSHVGHUDSH]H
YHKLFXOXOGHWHFWDWvQID',67521,&3/86
=GDFVHQ]RULLVXQWPXUGDULVDXFkQGYL]LEL
IUkQHD]DXWRPDWDVWIHOvQFkWYLWH]DVHWDWV
OLWDWHDHVWHVODEGHH[GLQFDX]D]SH]LL QXILHGHSLW
SORLLVDXFHLL&RQWUROXOGLVWDQHLSRDWHIL
QSDQWHOHGHVFHQGHQWHOXQJLLDEUXSWHPDL
DIHFWDW
DOHVGDFDXWRYHKLFXOXOHVWHvQFUFDWVDX
GDFWUDFWDLRUHPRUFWUHEXLHVVHOHFWDL
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

WUHDSWDGHYLWH]HVDXvQWLPSXWLO$VWIHO PDQHWDSHQWUXFRQWUROXOFURD]LHUHLvQGLUHF
YHLUHFXUJHODHIHFWXOGHIUkQGHPRWRU$VW LDLQGLFDWGHVJHDW
IHOVHYDHOLPLQDVDUFLQDODFDUHHVWHVXSXV
/DPSDLQGLFDWRDUH/,0GHSHPDQHWDSHQ

&RQGXFHUHDLSDUFDUHD
VLVWHPXOGHIUkQDUHLVHSUHYLQHVXSUDvQFO]L
WUXFRQWUROXOFURD]LHUHLLQGLFFHIXQFLHDL
UHDLX]XUDSUHPDWXUDIUkQHORU
VHOHFWDW
'DF',67521,&3/86GHWHFWHD]XQDXWR
=/DPSDLQGLFDWRDUH/,0VWLQV',6
YHKLFXOPDLOHQWvQIDDXWRYHKLFXOXOGXP
QHDYRDVWUIUkQHD]SHQWUXDPHQLQHGLV 7521,&3/86HVWHVHOHFWDW
WDQDSUHVHWDWIDGHDXWRYHKLFXOXOGLQID =/DPSDLQGLFDWRDUH/,0DSULQVVD

'DFQXVHDIOQLFLXQDXWRYHKLFXOvQID VHOHFWDW63(('7521,&YDULDELO
',67521,&3/86VHFRPSRUWODIHOFDL
FRQWUROXOFURD]LHUHLvQLQWHUYDOXOGHYLWH]GLQ $FWLYDUHD',67521,&3/86
WUHNPKLNPK'DFXQDXWRYHKL
FXOUXOHD]vQIDDGXPQHDYRDVWU',6752 &RQGLLLGHDFWLYDUH
1,&DFLRQHD]vQLQWHUYDOXOGHYLWH]GLQWUH 3HQWUXDDFWLYD',67521,&3/86WUHEXLHV
NPKLNPK ILHvQGHSOLQLWHXUPWRDUHOHFRQGLLL
1XXWLOL]DL',67521,&3/86SHGUXPXULFX =SHQWUXDXWRYHKLFXOHOHQHGRWDWHFXVLVWHP
SDQWHDEUXSWH GHQDYLJDLH%HFNHU0$33,/27WUHEXLH
VILHFRQHFWDW&RQVXOWDLLQVWUXFLXQLOHGH
0DQHWSHQWUXFRQWUROXOFURD]LHUHL XWLOL]DUH$XGLRVHSDUDWH
=PRWRUXOWUHEXLHVILHvQIXQFLXQH(VWH
SRVLELOVILHQHFHVDUHGRXPLQXWHGHFRQ
GXFHUHvQDLQWHFD',67521,&3/86VILH
JDWDGHXWLOL]DUH
=IUkQDHOHFWULFGHSDUFDUHWUHEXLHVILHHOL
EHUDW
=(63WUHEXLHVILHSRUQLWvQVVQXLQWHU
YLQ
=WUDQVPLVLDWUHEXLHVILHvQSR]LLD'
=SRUWLHUDRIHUXOXLWUHEXLHVILHvQFKLV
C 3HQWUXDDFWLYDVDXSHQWUXDFUHWHYLWH]D FkQGFXSODLGLQ3vQ'VDXFHQWXUDGXP
D 3HQWUXDVHWDGLVWDQDPLQLPVSHFLILFDW QHDYRDVWUGHVLJXUDQWUHEXLHVILH
FXSODW
/DPSDLQGLFDWRDUH/,0
=SRUWLHUDSDVDJHUXOXLGLQIDLSRUWLHUHOH
3HQWUXDDFWLYDODYLWH]DFXUHQWXOWLPD
GLQVSDWHWUHEXLHVILHvQFKLVH
YLWH]PHPRUDW
=3URJUDPXO2IIURDGWUHEXLHVILHGH]DF
3HQWUXDDFWLYDVDXSHQWUXDUHGXFHYLWH]D
WLYDW DXWRYHKLFXOHOHFXSDFKHW
3HQWUXDFRPXWDvQWUH',67521,&3/86L 21 2))52$' 
63(('7521,&YDULDELO ='65WUHEXLHVILHGH]DFWLYDW
k 3HQWUXDGH]DFWLYD',67521,&3/86 =DXWRYHKLFXOXOQXWUHEXLHVGHUDSH]H
&XPDQHWDSHQWUXFRQWUROXOFURD]LHUHLSXWHL =IXQFLD',67521,&3/86WUHEXLHVHOHFWDW
DFLRQD',67521,&3/86L63(('7521,& 3DJLQD 
YDULDELO
 3HQWUXDFRPXWDvQWUH63(('7521,&
YDULDELOL',67521,&3/86DSVDL


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

$FWLYDUHDvQWLPSXOFRQGXFHULL 0HQLQHLPDQHWDSHQWUXFRQWUROXOFURD]LH
&kQGFRQGXFHLFXYLWH]VXENPKSXWHL UHLDSVDWvQVXVCVDXvQMRVSkQ
DFWLYD',67521,&3/86QXPDLGDFDXWRYH FkQGVHWDLYLWH]DGRULW
&RQGXFHUHDLSDUFDUHD

KLFXOXOGLQIDDIRVWGHWHFWDWLDSDUHSHDIL G 3XWHLXWLOL]DPDQHWDSHQWUXFRQWUROXO
DMXOPXOWLIXQFLRQDO'DFDXWRYHKLFXOXOGLQ FURD]LHUHLSHQWUXDVHWDYLWH]DPHPRUDWL
IDQXPDLHVWHGHWHFWDWLDILDW',67521,& FRPDQGDGHSHPDQHWDSHQWUXFRQWUROXO
3/86HVWHRSULWLVHHPLWHXQVXQHW FURD]LHUHLSHQWUXDVHWDGLVWDQDPLQLP
 7UDJHLVFXUWPDQHWDSHQWUXFRQWUROXOFURD VSHFLILFDW 3DJLQD 
]LHUHLFWUHGXPQHDYRDVWUVDXDSVDL
$FWLYDUHDODYLWH]DFXUHQWXOWLPDYLWH]
vQVXVCVDXvQMRV PHPRUDW
',67521,&3/86HVWHVHOHFWDW
 0HQLQHLPDQHWDSHQWUXFRQWUROXOFURD]LH
3HULFROGHDFFLGHQW
UHLDSVDWvQVXVCVDXvQMRVSkQ 6HOHFWDLXQDGLQWUHYLWH]HOHPHPRUDWHGRDU
GDFYDORDUHDYLWH]HLUHVSHFWLYHYHVWH
FkQGVHWDLYLWH]DGRULW
FXQRVFXWLGDFDFHDVWDHVWHDGHFYDWSHQ
 5LGLFDLSLFLRUXOGHSHSHGDODGHDFFHOHUD
WUXFRQGLLLOHFXUHQWHGHGUXPLWUDILFQFD]
LH FRQWUDUDFFHOHUDUHDVDXIUkQDUHDEUXVF
$XWRYHKLFXOXOGXPQHDYRDVWUvLDGDS SRDWHFUHDVLWXDLLSHULFXORDVHSHQWUXGXP
WHD]YLWH]DIDGHFHDDDXWRYHKLFXOXOXL QHDYRDVWUVDXSHQWUXDOWHSHUVRDQH
GLQIDvQVQXPDLSkQODYLWH]DPHPR
UDWGRULW  7UDJHLVFXUWGHPDQHWDSHQWUXFRQWUROXO
G 'DFQXHOLEHUDLSHGDODGHDFFHOHUDLH FURD]LHUHLFWUHGXPQHDYRDVWU
SkQODFDSWPHVDMXO',67521,&3/86  5LGLFDLSLFLRUXOGHSHSHGDODGHDFFHOHUD

LQDFWLYH ',67521,&3/86LQDFWLY LH


DSDUHSHDILDMXOPXOWLIXQFLRQDO'LVWDQD ',67521,&3/86HVWHDFWLYDW/DSULPDVD
VHWDWIDGHXQDXWRYHKLFXOPDLOHQWGLQ DFWLYDUHYLWH]DFXUHQWHVWHPHPRUDWQ
IDQXYDILDSRLPHQLQXW9HLFRQGXFH FD]FRQWUDUYLWH]DGHFURD]LHUDDXWRYHKL
ODYLWH]DVWDELOLWSULQSR]LLDSHGDOHLGH FXOXOXLHVWHVHWDWODYDORDUHDPHPRUDW
DFFHOHUDLH DQWHULRU

$FWLYDUHDvQWLPSXOFRQGXFHULLFWUHDXWR 'LVSOD\FkQG',67521,&3/86HVWHDFWL
YHKLFXOXOVWDLRQDW YDW
'DFDXWRYHKLFXOXOGLQIDVWDLRQHD]
SXWHLDFWLYD',67521,&3/86QXPDLRGDW
FHLDXWRYHKLFXOXOGXPQHDYRDVWUVWDLR
QHD]
 7UDJHLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
]LHUHLFWUHGXPQHDYRDVWUVDXDSVDL
vQVXVCVDXvQMRV
',67521,&3/86HVWHVHOHFWDW
G ',67521,&3/86SRDWHILDFWLYDWODVXE
NPKGDFXQDXWRYHKLFXOGLQIDDIRVW
GHWHFWDW3ULQXUPDUHDILDMXOGHGLVWDQ ([HPSOX',67521,&3/86VHDILHD]vQYLWH]R
PHWUX
',67521,&3/86GLQSDQRXOGHLQVWUX
PHQWHWUHEXLHVILHDFWLYDW
3DJLQD 
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

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

&RQGXFHUHDLSDUFDUHD
 'DFDXWRYHKLFXOXOGLQIDSOHDFGH
G 'LQPRWLYHVWUXFWXUDOHYLWH]DDILDWSH SHORFOXDLSLFLRUXOGHSHSHGDODGHIUkQ
YLWH]RPHWUXSRDWHGLIHULXRUIDGHYLWH]D
 7UDJHLVFXUWGHPDQHWDSHQWUXFRQWUROXO
VHWDWSHQWUX',67521,&3/86
FURD]LHUHL 3DJLQD FWUHGXPQHD
'DF',67521,&3/86GHWHFWHD]XQDXWR YRDVWU
YHKLFXOvQIDVHJPHQWHOHDGLQWUHYLWH]D VDX
DXWRYHKLFXOXOXLGLQIDCLYLWH]DPHPR  $FFHOHUDLVFXUW
UDWVHDSULQG $XWRYHKLFXOXOGXPQHDYRDVWUSOHDFGHSH
ORFLvLDGDSWHD]YLWH]DIDGHFHDD
DXWRYHKLFXOXOXLGLQID

&RQGXFHUH
$9(57,60(17
'DFDSVDLIUkQD',67521,&3/86HVWH
GH]DFWLYDWFXH[FHSLDFD]XOXLvQFDUHDXWRYH
KLFXOXOGXPQHDYRDVWUVWDLRQHD]',6752
1,&3/86QXPDLIUkQHD]DSRLDXWRYHKLFXOXO
QDVWIHOGHVLWXDLLFRQWURODLGLVWDQDIDGH
DXWRYHKLFXOHOHGLQIDQXPDLFXIUkQDQFD]
([HPSOXDILDUHDGLVWDQHLSHDILDMXOPXOWLIXQF
LRQDOFkQG',67521,&3/86DIRVWDFWLYDW FRQWUDUSXWHLSURYRFDXQDFFLGHQWUQLQGX
C ',67521,&3/86DFWLYDW YvQFRQVHFLQSHGXPQHDYRDVWULDOWH
SHUVRDQHRIHUXOSRDUWvQWUHDJDUHVSRQVD
D $XWRYHKLFXOXOSURSULX
ELOLWDWHSHQWUXGLVWDQDDXWRYHKLFXOXOXLIDGH
'LVWDQDPLQLPVSHFLILFDWIDGHDXWR DOWHDXWRYHKLFXOHYLWH]DODFDUHFRQGXFHL
YHKLFXOXOGLQIDUHJODELO SHQWUXIUkQDUHDvQWLPSXWLO
$XWRYHKLFXOXOGLQIDGDFDIRVWGHWHF
WDW 'DFQXVHDIOQLFLXQDXWRYHKLFXOvQID
',67521,&3/86IXQFLRQHD]SUHFXPFRQ
Q0HQLXODVLVWHQ 3DJLQD DOFDOFX
WUROXOFURD]LHUHL
ODWRUXOXLGHERUGSXWHLVHOHFWDDILDMXOGH
GLVWDQ 'DF',67521,&3/86GHWHFWHD]FDXWR
YHKLFXOXOGLQIDDvQFHWLQLWDFHVWDYIUk
 6HOHFWDLIXQFLD'LVWDQFHGLVSOD\
QHD]DXWRYHKLFXOXO$VWIHOHVWHPHQLQXW
$ILDMGLVWDQ FXDMXWRUXOFDOFXODWR
GLVWDQDSHFDUHDLVHOHFWDWR
UXOXLGHERUG 3DJLQD 
'DF',67521,&3/86GHWHFWHD]vQIDXQ
G 9HLYHGHDYLWH]DPHPRUDWWLPSGHDSUR DXWRYHKLFXOFDUHVHGHSODVHD]PDLUHSHGH
[LPDWLYFLQFLVHFXQGHFkQGDFWLYDL',6 DFHVWDYDFFHOHUHD]YHKLFXOXOGDUQXPDL
7521,&3/86 SkQODYLWH]DPHPRUDWGHGXPQHDYRDVWU


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

6FKLPEDUHDEHQ]LL ',67521,&3/86XWLOL]HD]LQIRUPDLLVXSOL
'DFWUHFHLSHEDQGDGHGHSLUH',6752 PHQWDUHGHODVLVWHPXOGXPQHDYRDVWUGH
1,&3/86YRIHUDVLVWHQGDF QDYLJDLHDVWIHOvQFkWVVHDGDSWH]HODDQX
&RQGXFHUHDLSDUFDUHD

=FRQGXFHLFXSHVWHNPK
PLWHVLWXDLLGLQWUDILF$FHDVWVLWXDLHDSDUH
GDFvQWLPSFHXUPDLXQDXWRYHKLFXO',6
=',67521,&3/86PHQLQHGLVWDQDIDGH
7521,&3/86HVWHDFWLYLGXPQHDYRDVWU
DXWRYHKLFXOXOGLQID
=YDSURSLDLVDXWUHFHLSULQWUXQVHQVJLUD
=SRUQLLVHPQDOL]DWRDUHOHGHGLUHFLHFRUHV
WRULX
SXQ]WRDUH
=YDSURSLDLGHRLQWHUVHFLHvQ7
=',67521,&3/86QXGHWHFWHD]XQSHULFRO
=RSULLODRLHLUHGHSHDXWRVWUDG
GHFROL]LXQH
'DFVHvQGHSOLQHVFDFHVWHFRQGLLLDXWRYH &KLDULGDFDXWRYHKLFXOXOGLQIDLHVHGLQ
KLFXOXOGXPQHDYRDVWUDFFHOHUHD]$FFHOH UD]DGHGHWHFWDUH',67521,&3/86PHQLQH
UDUHDYDILvQWUHUXSWGDFVFKLPEDUHDEHQ]L WHPSRUDUYLWH]DGHFRQGXFHUHFXUHQWLQX
ORUGXUHD]SUHDPXOWVDXGDFGLVWDQDGLQWUH DFFHOHUHD]$FHVWDVHED]HD]SHGDWHOH
DXWRYHKLFXOXOGXPQHDYRDVWULDXWRYHKLFX FXUHQWHDOHKULORUGLQVLVWHPXOGHQDYLJDLH
OXOGLQIDVHUHGXFHSUHDPXOW
G /DVFKLPEDUHDEHQ]LORU',67521,&3/86
PRQLWRUL]HD]EDQGDGLQVWkQJDvQFD]XO
DXWRYHKLFXOHORUFXYRODQXOSHSDUWHDVWkQJ
LEDQGDGLQGUHDSWDvQFD]XODXWRYHKLFX
OHORUFXYRODQXOSHSDUWHDGUHDSW
$9(57,60(17
',67521,&3/86LDVLVWHQDDFWLYODXQJKLXO
PRUWVXQWGRDUVLVWHPHGHDVLVWDUHDFRQGX
FHULL
([HPSOXVHQVJLUDWRULX
$FHVWHDQXYDEVROYGHUVSXQGHUHDGHD
PDQLIHVWDRDWHQLHGHRVHELWRIHUXOSRDUW 9LWH]DFXUHQWHVWHPHQLQXW
vQWUHDJDUHVSRQVDELOLWDWHSHQWUXGLVWDQD =DSUR[LPDWLYVHFXQGHvQDLQWHGHVHQVXO
DXWRYHKLFXOXOXLIDGHDOWHDXWRYHKLFXOH JLUDWRULXLQWHUVHFLDvQ7LWLPSGHDSUR[L
YLWH]DDXWRYHKLFXOXOXLLSHQWUXIUkQDUHDvQ PDWLYVHFXQGHFkQGFRQGXFHLSULQVHQ
WLPSXWLO$FRUGDLvQWRWGHDXQDDWHQLHFRQGL VXOJLUDWRULX
LLORUGLQWUDILFLvPSUHMXULPLORUGXPQHD =DSUR[LPDWLYVHFXQGHvQDLQWHGHDDMXQJH
YRDVWUQFD]FRQWUDUHVWHSRVLELOVQX ODLHLUHDGHSHDXWRVWUDGLDSUR[LPDWLY
UHFXQRDWHLSHULFROHOHODWLPSSURYRFkQGXQ VHFXQGHGXSLHLUHDGHSHDXWRVWUDG
DFFLGHQWLUQLUHDGXPQHDYRDVWULDDOWRU $SRLDXWRYHKLFXOXODFFHOHUHD]vQDSRLOD
SHUVRDQH YLWH]DVHWDWVSHFLILFDWGHGXPQHDYRDVWU
$XWRYHKLFXOHOHFX&20$1'2QOLQH 2SULUH
G 8UPWRDUHDIXQFLHQXHVWHRSHUDLRQDO $9(57,60(17
vQWRDWHULOH
1XLHLLQLFLRGDWGLQDXWRYHKLFXOFkQG',6
7521,&3/86HVWHDFWLYDW
',67521,&3/86QXWUHEXLHGHDVHPHQHDV
ILHQLFLRGDWDFLRQDWDFWLYDWVDXGH]DFWLYDW
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

GHXQSDVDJHUVDXGLQH[WHULRUXODXWRYHKLFX )UkQDHOHFWULFGHSDUFDUHDVLJXUDXWRPDW
OXOXL DXWRYHKLFXOXOGDF',67521,&3/86HVWH
',67521,&3/86QXvQORFXLHWHIUkQDGHSDU DFWLYDWL

&RQGXFHUHDLSDUFDUHD
FDUHHOHFWULFLQXWUHEXLHVILHXWLOL]DWSHQ =SRUWLHUDRIHUXOXLHVWHGHVFKLVLFHQWXUD
WUXSDUFDUH GHVLJXUDQDRIHUXOXLQXHVWHFXSODW
(IHFWXOGHIUkQDUHRIHULWGH',67521,&3/86 =PRWRUXOHVWHRSULWFXH[FHSLDFD]XOXLvQ
HVWHDQXODWLDXWRYHKLFXOXOVHSRDWHSXQHvQ FDUHHVWHRSULWDXWRPDWGHIXQFLDVWDUW
PLFDUHGDF VWRS(&2
=',67521,&3/86HVWHGH]DFWLYDWFXDMXWR =VXUYLQHRGHIHFLXQHvQVLVWHP

UXOPDQHWHLSHQWUXFRQWUROXOFURD]LHUHL =DOLPHQWDUHDHOHFWULFHVWHLQVXILFLHQW
=DFFHOHUDL 3HSDQWHDVFHQGHQWHVDXGHVFHQGHQWH
=H[LVWRGHIHFLXQHvQVLVWHPVDXRvQWUHUX DEUXSWHVDXGDFH[LVWRGHIHFLXQHWUDQV
SHUHvQDOLPHQWDUHDHOHFWULFGHH[R PLVLDSRDWHILGHDVHPHQHDFXSODWDXWRPDW
GHIHFLXQHODEDWHULH vQSR]LLD3
=VHLQWHUYLQHQHDXWRUL]DWODVLVWHPXOHOHFWULF
GLQFRPSDUWLPHQWXOPRWRUXOXLODEDWHULH 6HWDUHDXQHLYLWH]H
VDXODVLJXUDQH
=EDWHULDHVWHGHFRQHFWDW

'DFGRULLVSUVLLDXWRYHKLFXOXOVDXVvO
SDUFDLGH]DFWLYDL',67521,&3/86LDVL
JXUDLDXWRYHKLFXOXOFRQWUDSXQHULLvQPLFDUH

'DF',67521,&3/86GHWHFWHD]FDXWR
YHKLFXOXOGLQIDVHRSUHWHDFHVWDYIUk
QHD]DXWRYHKLFXOXOSkQFkQGVWDLRQHD]
2GDWFHDXWRYHKLFXOXOGXPQHDYRDVWUVWD
LRQHD]DFHVWDUPkQHVWDLRQDWQHILLQG
QHFHVDUDSVDUHDIUkQHL  $SVDLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL
vQVXVCSHQWUXRYLWH]PDLULGLFDWVDX
G 'XSRDQXPLWSHULRDGIUkQDHOHFWULF
vQMRVDSHQWUXRYLWH]UHGXV
GHSDUFDUHDVLJXUDXWRYHKLFXOXOLHOLEH
 0HQLQHLPDQHWDSHQWUXFRQWUROXOFURD]LH
UHD]IUkQDGHVHUYLFLX
UHLDSVDWSkQFkQGDWLQJHLYLWH]DGRULW
G QIXQFLHGHGLVWDQDPLQLPVSHFLILFDW  (OLEHUDLPDQHWDSHQWUXFRQWUROXOFURD]LH
DXWRYHKLFXOXOGXPQHDYRDVWUYDIUkQD UHL
SkQODRSULUHODRGLVWDQVXILFLHQWvQ 1RXDYLWH]HVWHPHPRUDW',67521,&
VSDWHOHDXWRYHKLFXOXOXLGLQID'LVWDQD 3/86HVWHDFWLYDWLUHJOHD]YLWH]DDXWR
PLQLPVSHFLILFDWHVWHVHWDWFXDMXWRUXO YHKLFXOXOXLODQRXDYLWH]PHPRUDW
FRPHQ]LLGHSHPDQHWDSHQWUXFRQWUROXO
 6HWDUHvQLQFUHPHQWHGHNPKDSVDL
FURD]LHUHL
VFXUWPDQHWDSHQWUXFRQWUROXOFURD]LHUHLvQ
VXVCVDXvQMRVDSkQODSXQFWXOGHSUH
VLXQH
8OWLPDYLWH]PHPRUDWFUHWHVDXGHV
FUHWHvQLQFUHPHQWHGHNPK
 6HWDUHvQLQFUHPHQWHGHNPK
DSVDLVFXUWPDQHWDSHQWUXFRQWUROXOFURD


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

]LHUHLvQVXVCVDXvQMRVDGLQFRORGH 'H]DFWLYDUHD',67521,&3/86
SXQFWXOGHSUHVLXQH
8OWLPDYLWH]PHPRUDWFUHWHVDXGHV
&RQGXFHUHDLSDUFDUHD

FUHWHvQLQFUHPHQWHGHNPK
G ',67521,&3/86QXHVWHGH]DFWLYDWGDF
DSVDLSHGDODGHDFFHOHUDLH'DFDFFH
OHUDLSHQWUXDGHSL',67521,&3/86
UHJOHD]YLWH]DDXWRYHKLFXOXOXLODXOWLPD
YLWH]PHPRUDWGXSFHDLILQDOL]DW
GHSLUHD

6HWDUHDGLVWDQHLPLQLPHVSHFLILFDWH
([LVWPDLPXOWHPRGXULGHDGH]DFWLYD',6
3XWHLVHWDGLVWDQDPLQLPVSHFLILFDWSHQ 7521,&3/86
WUX',67521,&3/86SULQYDULHUHDLQWHUYDOXOXL  $SVDLVFXUWSHPDQHWDSHQWUXFRQWUROXO
GHWLPSvQWUHXQDLGRXVHFXQGH&XDFHDVW
FURD]LHUHLCvQDLQWH
IXQFLHSXWHLVHWDGLVWDQDPLQLPSVWUDW
GH',67521,&3/86IDGHDXWRYHKLFXOXOGLQ VDX
IDvQIXQFLHGHYLWH]DDXWRYHKLFXOXOXL  )UkQDLFXH[FHSLDFD]XOXLvQFDUHDXWRYH
3XWHLYHGHDDFHDVWGLVWDQSHDILDMXOPXO KLFXOXOVWDLRQHD]
WLIXQFLRQDO 3DJLQD  VDX
 $SVDLVFXUWPDQHWDSHQWUXFRQWUROXO
FURD]LHUHLvQGLUHFLDLQGLFDWGHVJHDWD

63(('7521,&YDULDELOHVWHVHOHFWDW
/DPSDLQGLFDWRDUH/,0DGLQPDQHWDSHQ
WUXFRQWUROXOFURD]LHUHLVHDSULQGH
&kQGGH]DFWLYDL',67521,&3/86PHVDMXO
',67521,&3/86RII ',67521,&3/86
RSULW DSDUHSHDILDMXOPXOWLIXQFLRQDOWLPS
GHDSUR[LPDWLYFLQFLVHFXQGH
 3HQWUXDFUHWHURWLLFRPDQGDDvQ G 8OWLPDYLWH]PHPRUDWUPkQHPHPR
GLUHFLD UDWFkQGRSULLPRWRUXO
',67521,&3/86SVWUHD]DVWIHORGLV ',67521,&3/86HVWHDXWRPDWGH]DFWLYDW
WDQPDLPDUHvQWUHDXWRYHKLFXOXOGXP GDF
QHDYRDVWULDXWRYHKLFXOXOGLQID
=FXSODLIUkQDHOHFWULFGHSDUFDUHVDXGDF
 3HQWUXDUHGXFHURWLLFRPDQGDDvQ
DXWRYHKLFXOXOHVWHDXWRPDWDVLJXUDWFX
GLUHFLDC IUkQDHOHFWULFGHSDUFDUH
',67521,&3/86SVWUHD]DVWIHORGLV =FRQGXFHLFXRYLWH]VXENPKLQX
WDQPDLPLFvQWUHDXWRYHKLFXOXOGXPQHD DYHLQLFLXQDXWRYHKLFXOvQIDVDXGDF
YRDVWULDXWRYHKLFXOXOGLQID DXWRYHKLFXOXOGLQIDQXPDLHVWHGHWHFWDW
G $VLJXUDLYFPHQLQHLRGLVWDQVXIL =(63LQWHUYLQHVDXGDFGH]DFWLYDL(63
FLHQWLVLJXUIDGHDXWRYHKLFXOXOGLQ =WUDQVPLVLDHVWHvQSR]LLD35VDX1
ID5HJODLGLVWDQDIDGHDXWRYHKLFXOXO
GLQIDGDFVLWXDLDRFHUH
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

=DXWRYHKLFXOXOHVWHOkQJRXQLWDWHUDGLRWH 6IDWXULSHQWUXFRQGXFHUHDFX',6752
OHVFRS 3DJLQD  1,&3/86
=GH]DFWLYDLVLVWHPXOGHVHQ]RULUDGDU

&RQGXFHUHDLSDUFDUHD
3DJLQD  1RWHJHQHUDOH
=WUDJHLPDQHWDSHQWUXFRQWUROXOFURD]LHUHL QXUPWRDUHOHJVLLGHVFULHULDOHXQRUDQX
FWUHGXPQHDYRDVWUSHQWUXDSRUQLGHSH PLWHFRQGLLLGHGUXPLWUDILFFURUDWUHEXLH
ORFLSRUWLHUDSDVDJHUXOXLGLQIDVDXXQD VOHDFRUGDLRDWHQLHGHRVHELWQDVWIHOGH
GLQWUHSRUWLHUHOHGLQVSDWHHVWHGHVFKLV VLWXDLLIUkQDLGDFVLWXDLDRFHUH',6752
1,&3/86HVWHDSRLGH]DFWLYDW
=DFWLYDL'65
=DFWLYDLSURJUDPXORIIURDGODDXWRYHKL 9LUDMHLQWUDUHDLLHLUHDGLQFXUE
FXOHOHFXSDFKHW21 2))52$'
=DXWRYHKLFXOXODGHUDSDW

QFD]XOvQFDUH',67521,&3/86HVWHGH]DF
WLYDWYHLDX]LXQVXQHWGHDYHUWL]DUH0HVDMXO
',67521,&3/86RII ',67521,&3/86
RSULW DSDUHSHDILDMXOPXOWLIXQFLRQDOWLPS
GHDSUR[LPDWLYFLQFLVHFXQGH
Q0HQLXODVLVWHQ 3DJLQD DOFDOFX
ODWRUXOXLGHERUGSXWHLVHOHFWDDILDMXOGH
GLVWDQ
&DSDFLWDWHD',67521,&3/86GHDGHWHFWD
DXWRYHKLFXOHvQYLUDMHHVWHOLPLWDW$XWRYHKL
FXOXOGXPQHDYRDVWUSRDWHIUkQDQHDWHSWDW
VDXWDUGLY
$XWRYHKLFXOHOHFDUHFLUFXOSHREDQG
GLIHULW

([HPSOXDILDMGLVWDQFkQG',67521,&3/86D
IRVWGH]DFWLYDW
C $XWRYHKLFXOXOGLQIDGDFDIRVWGHWHF
WDW
D ,QGLFDWRUXOGHGLVWDQGLVWDQDFXUHQW
IDGHDXWRYHKLFXOXOGLQID
'LVWDQDPLQLPVSHFLILFDWIDGHDXWR
YHKLFXOXOGLQIDUHJODELO ',67521,&3/86SRDWHVQXGHWHFWH]HDXWR
$XWRYHKLFXOXOSURSULX YHKLFXOHOHFDUHXUPHD]REDQGGLIHULW'LV
 6HOHFWDLIXQFLD'LVWDQFHGLVSOD\ WDQDIDGHDXWRYHKLFXOXOGLQIDYDILSUHD
$ILDMGLVWDQ FXDMXWRUXOFDOFXODWR VFXUW
UXOXLGHERUG 3DJLQD 


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

$OWHDXWRYHKLFXOHFDUHVFKLPEEDQGD ',67521,&3/86QXIUkQHD]ODREVWDFROH
VDXDXWRYHKLFXOHVWDLRQDWH'DFGHH[HP
SOXDXWRYHKLFXOXOGHWHFWDWYLUHD]LvQIDD
&RQGXFHUHDLSDUFDUHD

VDDSDUHXQREVWDFROVDXXQDXWRYHKLFXOVWD
LRQDW',67521,&3/86QXYDIUkQDFkQGVH
DSURSLHGHDFHVWHD
$XWRYHKLFXOHOHFDUHYWDLHFDOHD

',67521,&3/86QXDGHWHFWDWvQFDXWRYH
KLFXOXOFDUHDLQWUDWvQIDDGXPQHDYRDVWU
'LVWDQDIDGHDFHVWDXWRYHKLFXOYDILSUHD
VFXUW
$XWRYHKLFXOHvQJXVWH

',67521,&3/86SRDWHGHWHFWDGLQJUHHDO
DXWRYHKLFXOHFDUHYWUDYHUVHD]EDQGD$FWL
YDUHD',67521,&3/86ODVHPDIRDUHFXDXWR
YHKLFXOHFDUHYWDLHFDOHDGHH[HPSOXSRDWH
IDFHFDDXWRYHKLFXOXOGXPQHDYRDVWUVSRU
QHDVFGHSHORFQHLQWHQLRQDW

&RQWUROXOQLYHOXOXL DXWRYHKLFXOHFX
SDFKHWXO21 2))52$'
',67521,&3/86QXDGHWHFWDWvQFDXWRYH 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
KLFXOXOGLQIDDPDUJLQLLSULLFDURVDELOHGLQ
FDX]DOLPLLVDOHPLFL'LVWDQDIDGHDXWR &RQWUROXOQLYHOXOXLDGDSWHD]QLYHOXODXWRYH
YHKLFXOXOGLQIDYDILSUHDVFXUW KLFXOXOXLvQPRGDXWRPDWODVLWXDLDFXUHQW
GHFRQGXFHUHLIXQFLRQDUH$VWIHOFRQVX
2EVWDFROHLDXWRYHKLFXOHVWDLRQDWH PXOGHFDUEXUDQWVHUHGXFHLDUPDQHYUDELOL
WDWHDHVWHvPEXQWLW
6FKLPEDLQLYHOXODXWRYHKLFXOXOXLvQWLPSFH
DXWRYHKLFXOXOHVWHvQPLFDUH$VWIHODXWRYH
KLFXOXOHVWHUHJODWODXQQRXQLYHOFkWPDL
UHSHGHSRVLELO
1LYHOXODXWRYHKLFXOXOXLVHSRDWHPRGLILFDvQ
PRGYL]LELOGDFSDUFDLDXWRYHKLFXOXOLDU
WHPSHUDWXUDH[WHULRDUVHPRGLILF'DF
WHPSHUDWXUDVFDGHQLYHOXODXWRYHKLFXOXOXL
VFDGHRGDWFXFUHWHUHDWHPSHUDWXULL
FUHWHLQLYHOXODXWRYHKLFXOXOXL
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

'DFGHEORFDLDXWRYHKLFXOXOVDXGHVFKLGHL 6HOHFWDL
RXDXWRYHKLFXOXOvQFHSHVFRPSHQVH]H =1LYHODXWRVWUDGYLWH]ULGLFDWSHQWUX
GLIHUHQHOHGHVDUFLQFkQGHVWHSDUFDW FRQGXFHUHDSHGUXPXULQRUPDOH

&RQGXFHUHDLSDUFDUHD
7RWXLSHQWUXPRGLILFULGHQLYHOVHPQLILFD =1LYHOXORIIURDGSHQWUXFRQGXFHUHDSH
WLYHGHH[GXSFHDXWRYHKLFXOXODVWDLRQDW
WHUHQXULRIIURDGXRUDFFHVLELOH
SHQWUXRSHULRDGPDLvQGHOXQJDWPRWRUXO
=1LYHOXORIIURDGSHQWUXFRQGXFHUHDSH
WUHEXLHVILHSRUQLW'LQPRWLYHGHVLJXUDQ
DXWRYHKLFXOXOHVWHFRERUkWDWXQFLFkQGXLOH WHUHQXULRIIURDGQRUPDOH
VXQWvQFKLVH&RERUkUHDHVWHvQWUHUXSWGDF =1LYHOXORIIURDGSHQWUXHOLEHUDUHDDXWR
RXHVWHGHVFKLVDFHDVWDFRQWLQXGDF YHKLFXOXOXLGHWHUHQXULOHRIIURDGGLILFLOH
XDHVWHvQFKLV ODYLWH]HUHGXVH
1LYHOXULOHLQGLYLGXDOHDOHDXWRYHKLFXOHORU
3HULFROGHUQLUH
GLIHUGHQLYHOXOGHDXWRVWUDGGXSFXP
$VLJXUDLYFQXVHJVHWHQLPHQLvQDSUR XUPHD]
SLHUHDSDVDMHORUGHURDWVDXDSULLLQIH
=1LYHOXOGHDXWRVWUDGPP
ULRDUHDFDURVHULHLDWXQFLFkQGLQLLDLSURFH
GXUDGHUHJODUHDJU]LLODVROQFD]FRQWUDU =1LYHOXOGHYLWH]ULGLFDWPP
GXPQHDYRDVWUVDXDOWHSHUVRDQHSRWIL =1LYHOXORIIURDGPPSHVWHQLYHOXOGH
SULQVH DXWRVWUDG
=1LYHOXORIIURDGPPSHVWHQLYHOXOGH
3HULFROGHDFFLGHQW DXWRVWUDG
6HOHFWDLvQWRWGHDXQDXQQLYHOFkWPDLFRERUkW =1LYHOXORIIURDGPPSHVWHQLYHOXOGH
DOJU]LLODVRO'DFQLYHOXODXWRYHKLFXOXOXL DXWRVWUDG
HVWHULGLFDWFHQWUXOGHJUHXWDWHDODXWRYHKL
FXOXOXLHVWHPDLVXV$FHVWOXFUXPUHWHULV 1LYHODXWRVWUDGYLWH]ULGLFDW
FXOUVWXUQULLDXWRYHKLFXOXOXL
$GDSWDLYVWLOXOGHFRQGXFHUHODQLYHOXODOHV  $VLJXUDLYFGLVWDQDSkQODVROHVWH
GHGXPQHDYRDVWUSHQWUXDXWRYHKLFXO6LVWH VXILFLHQWDWXQFLFkQGFRERUkLDXWRYHKL
PXO(63QXSRDWHGLPLQXDSHULFROXOGHDFFL FXOXOQFD]FRQWUDUDFHVWDSRDWHDWLQJH
GHQWvQFD]XOvQFDUHFRQGXFHLFXYLWH]H[FH VROXOLSDUWHDGHGHGHVXEWDFDURVHULHL
VLY$FHVWDQXSRDWHDQXODOHJLOHIL]LFLL SRDWHILGHWHULRUDW

 $WXQFLFkQGFRQGXFHLSHWHUHQH[WUHPGH
GLILFLOVHOHFWDLXQQLYHOULGLFDWDODXWRYHKL
FXOXOXLvQWLPSXWLO$VLJXUDLYFDYHL
vQWRWGHDXQDRJDUGODVROVXILFLHQWQFD]
FRQWUDUYHLGHWHULRUDDXWRYHKLFXOXO
3HQWUXLQIRUPDLLDSUR[LPDWLYFRQGXFHUHD
RIIURDGFRQVXOWDL 3DJLQD 

6HWULGHED]
0RGXOvQFDUHDXWRYHKLFXOXOHVWHULGLFDWVDX C 5RWLDVHOHFWRDUH
FRERUkWGHSLQGHGHVHWDUHDGHED]VHOHF D 3HQWUXDULGLFDQLYHOXO
WDW /PSLLQGLFDWRDUH
3HQWUXDFRERUvQLYHOXO


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

 3RUQLLPRWRUXO 1LYHOXULOHRIIURDG
 5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
$9(57,60(17
URWLDVHOHFWRDUHC
&RQGXFHUHDLSDUFDUHD

1LYHOXORIIURDGHVWHLQWHU]LVVILHXWLOL]DW
5RWLDVHOHFWRDUHCH[WLQGH
SHGUXPXULOHSXEOLFH1LYHOXORIIURDG
'DFXQDVDXPDLPXOWHOPSLLQGLFDWRDUH RIHUDXWRYHKLFXOXOXLGXPQHDYRDVWUXQFHQ
VXQWDSULQVH WUXGHJUHXWDWHIRDUWHvQDOW$FHVWOXFUXFUHWH
ULVFXOGHUVWXUQDUHDDXWRYHKLFXOXOXL
 5RWLLURWLDVHOHFWRDUHCvQVHQVDQWLR
=6HOHFWDLQLYHOXORIIURDGQXPDLSHQWUX
UDUSkQFkQGWRDWHOPSLOHLQGLFD
VLWXDLLOHvQFDUHFRQGXFHLRIIURDGSH
WRDUHFDUHVXQWDSULQVHvQFHSVFOL
WHUHQGHRVHELWGHDFFLGHQWDW
SHDVF
=$GDSWDLYVWLOXOGHFRQGXFHUHODFDUDFWH
$XWRYHKLFXOXOHVWHFRERUkWODQLYHOXOGH
DXWRVWUDG,PHGLDWGXSFHQLYHOXOFHOPDL ULVWLFLOHGHPDQHYUDELOLWDWHPRGLILFDWH
=1XFRQGXFHLFXRYLWH]PDLPDUHGH
UHGXVHVWHDWLQVODPSDLQGLFDWRDUHVH
RSUHWHGLQFOLSLWLVHVWLQJH NPK
=(YLWDLPLFULOHPDMRUHGHGLUHFLHEUXWH
QWLPSXOUHJOULLDSDUHXQPHVDMSHDILDMXO
=LQHLFRQWGHFDUDFWHULVWLFLOHGHPDQHYUD
PXOWLIXQFLRQDOGHH[
ELOLWDWHPRGLILFDWH

6HOHFWDLQLYHOXORIIURDGGDFDFHVWDHVWH
DGHFYDWSHQWUXFRQGLLLOHGHGUXPQFD]FRQ
WUDUFRQVXPXOGHFDUEXUDQWDUSXWHDV
FUHDVFLDUSHUIRUPDQHOHGHPDQHYUDUHDU
SXWHDILDIHFWDWH

'DFDSVDLEXWRQXOAVDXvGHSH
YRODQXOPXOWLIXQFLRQDOPHVDMXOYDGLVSUHD
'XSDWLQJHUHDQLYHOXOXLGHDXWRVWUDGWRDWH
OPSLOHLQGLFDWRDUHVHVWLQJ9DDSUHDXQ
PHVDMSHDILDMXOPXOWLIXQFLRQDOGHH[HP
SOX

 3RUQLLPRWRUXO
 5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
URWLDVHOHFWRDUHC
$XWRYHKLFXOXOVHOHFWHD]DXWRPDWQLYHOXOGH 5RWLDVHOHFWRDUHCH[WLQGH
DXWRVWUDGGDFFRQGXFHLFXRYLWH]PDL
PDUHGHNPKVDXFXRYLWH]FXSULQV
vQWUHNPKLNPKWLPSGHDSUR[L
PDWLYGHVHFXQGH$XWRYHKLFXOXOHVWH
FRERUkWODXQQLYHOFXYLWH]ULGLFDWGDF
FRQGXFHLFXYLWH]HPDLPDUL
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

 3HQWUXDULGLFDURWLLURWLDVHOHFWRDUHC
vQVHQVRUDUD
$XWRYHKLFXOXOHVWHULGLFDW

&RQGXFHUHDLSDUFDUHD
VDX
 3HQWUXDFRERUvURWLLURWLDVHOHF
WRDUHCvQVHQVDQWLRUDU
$XWRYHKLFXOXOHVWHFRERUkW
/PSLOHLQGLFDWRDUHLQIHULRDULFHQWUDO
/PSLOHLQGLFDWRDUHSHQWUXQLYHOXORII VXQWDSULQVH
URDGGRULWFOLSHVF $WXQFLFkQGHVWHHIHFWXDWUHJODUHDGHOD
=1LYHOXORIIURDGODPSDLQGLFDWRDUHLQIH QLYHOXORIIURDGODQLYHOXORIIURDGYHL
ULRDUFOLSHWH YHGHDXQPHVDMSUHFXPDFHVWDSHDILDMXO
=1LYHOXORIIURDGOPSLOHLQGLFDWRDUH PXOWLIXQFLRQDO
LQIHULRDULFHQWUDOFOLSHVF
=1LYHOXORIIURDGWRDWHFHOHWUHLOPSL
LQGLFDWRDUHFOLSHVF
$XWRYHKLFXOXOHVWHUHJODWODQLYHOXORIIURDG
VHOHFWDW,PHGLDWGXSDWLQJHUHDQLYHOXOXL
RIIURDGODPSDLQGLFDWRDUHFRUHV
SXQ]WRDUHQXPDLFOLSHWHLOXPLQHD]FRQ
VWDQW 0HVDMXO0D[VSHHG 9LWH]
QWLPSXOUHJOULLDSDUHXQPHVDMSHDILDMXO PD[ NPKYDWUDJHDWHQLDDVXSUDYLWH
PXOWLIXQFLRQDOGHH[ ]HLPD[LPHSHUPLVHSHQWUXQLYHOXORIIURDG

'XSDWLQJHUHDQLYHOXOXLRIIURDGYHL
YHGHDXQPHVDMLQGLFDWvQDOESHDILDMXOPXO
WLIXQFLRQDOGHH[HPSOX

$XWRYHKLFXOXOVHULGLFGHODQLYHOXOGHDXWRV
WUDGODQLYHOXORIIURDG
'DFDSVDLEXWRQXOAVDXvGHSH
YRODQXOPXOWLIXQFLRQDOPHVDMXOYDGLVSUHD
'DFFRQGXFHLFXRYLWH]GHSHVWH
G 3kQODQLYHOXORIIURDGSXWHL NPKODQLYHOXORIIURDGYHLYHGHD
DVFXQGHPHVDMHOHSURJUDPXOXLXWLOL]kQG XUPWRUXOPHVDMLQGLFDWvQURXSHDILDMXO
EXWRQXOAVDXvGHSHYRODQXOPXOWL PXOWLIXQFLRQDO
IXQFLRQDO
'XSDWLQJHUHDQLYHOXOXLRIIURDGYHL
YHGHDXQPHVDMSHDILDMXOPXOWLIXQFLRQDOGH
H[HPSOX


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

6HHPLWHLXQVXQHWGHDYHUWL]DUH$XWRYHKL GHPDLPXOWGHGHVHFXQGHQLYHOXORII
FXOXOHVWHFRERUkW URDGYDILDQXODW$XWRYHKLFXOXOHVWHFRER
UkWODQLYHOXORIIURDG
G 1XSXWHLWHUJHDFHVWHPHVDMH
&RQGXFHUHDLSDUFDUHD

9DDSUHDXQPHVDMSHDILDMXOPXOWLIXQFLR
1LYHOXORIIURDGHVWHDQXODW QDOGHH[HPSOX
'DFFRQWLQXDLVFUHWHLYLWH]DPHVDMXO
URXFRQWLQXVILHLQGLFDWSHDILDMXOPXOWL
IXQFLRQDO1LYHOXOVHWDWUHFHQWQXHVWHDILDW
SkQFkQGDXWRYHKLFXOXOQXDIRVWVHWDWODXQ
QLYHODGHFYDWSHQWUXYLWH]DFXUHQW
'DFPHQLQHLVDXUHGXFHLYLWH]DYHLYHGHD
XQPHVDMLQGLFDWvQDOEvQWLPSFHDXWRYHKL
FXOXOHVWHFRERUkWSUHFXP 'DFFRQGXFHLFXYLWH]HGHSHVWH
NPKVDXFXSULQVHvQWUHNPKL
NPKWLPSGHPDLPXOWGH
GHVHFXQGHQLYHOXORIIURDGYDILDQX
ODWQIXQFLHGHYLWH]DDXWRYHKLFXOXOXLLGH
PRGXO$'6VHOHFWDW 3DJLQD DXWRYH
KLFXOXOHVWHFRERUkWDXWRPDWODQLYHOXOGH
DXWRVWUDGVDXGHYLWH]ULGLFDW
$XWRYHKLFXOXOHVWHFRERUkWODQLYHOXORII 9DDSUHDXQPHVDMSHDILDMXOPXOWLIXQFLR
URDG QDOGHH[HPSOX
'XSFHQLYHOXORIIURDGDIRVWDWLQVYHL
YHGHDXQPHVDMSHDILDMXOPXOWLIXQFLRQDOGH
H[HPSOX

)XQFLH+2/'
'DFVHOHFWDLXQQLYHORIIURDGDWXQFLFkQG 1RWHJHQHUDOH
FRQGXFHLFXYLWH]SUHDULGLFDWPHVDMXO
3OHDVHUHGXFHVSHHG 5HGXFHL )XQFLD+2/'SRDWHDVLVWDRIHUXOvQ
YLWH]D DSDUHSHDILDMXOPXOWLIXQFLRQDO XUPWRDUHOHVLWXDLL
3XWHLVHOHFWDXUPWRDUHOH =FkQGGHPDUHD]PDLDOHVSHSDQWHDEUXSWH

=1LYHOXORIIURDGODYLWH]HGHSkQOD =FkQGPDQHYUHD]SHSDQWHDEUXSWH

NPK =FkQGDWHDSWvQWUDILF
=1LYHOXORIIURDGODYLWH]HGHSkQOD $XWRYHKLFXOXOHVWHPHQLQXWvQORFIUFD
NPK RIHUXOVWUHEXLDVFVDSHVHSHGDODGH
=1LYHOXORIIURDGODYLWH]HGHSkQOD IUkQ
NPK (IHFWXOGHIUkQDUHHVWHDQXODWLIXQFLD+2/'
'DFFRQGXFHLFXYLWH]HGHSHVWHNPK HVWHGH]DFWLYDWFkQGDSVDLSHGDODGHDFFH
VDXFXSULQVHvQWUHNPKLNPKWLPS OHUDLHSHQWUXDGHPDUD
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

&RQGLLLGHDFWLYDUH G 'XSRDQXPLWSHULRDGIUkQDHOHFWULF
GHSDUFDUHDVLJXUDXWRYHKLFXOXOLHOLEH
3XWHLDFWLYDIXQFLD+2/'GDF
UHD]IUkQDGHVHUYLFLX

&RQGXFHUHDLSDUFDUHD
=DXWRYHKLFXOXOHVWHRSULW
=PRWRUXOIXQFLRQHD]VDXGDFDIRVWRSULW $9(57,60(17
DXWRPDWGHIXQFLDVWDUWVWRS(&2 1XLHLLQLFLRGDWGLQDXWRYHKLFXOFkQGIXQF
=SRUWLHUDRIHUXOXLHVWHvQFKLVVDXFHQWXUD
LD+2/'HVWHDFWLYDW
GXPQHDYRDVWUGHVLJXUDQHVWHFXSODW )XQFLD+2/'QXWUHEXLHVILHQLFLRGDW
=IUkQDHOHFWULFGHSDUFDUHHVWHHOLEHUDW
DFLRQDWVDXGH]DFWLYDWGHXQSDVDJHUVDX
GLQDIDUDDXWRYHKLFXOXOXL
=WUDQVPLVLDVHDIOvQSR]LLD'5VDX1
)XQFLD+2/'QXvQORFXLHWHIUkQDGHSDUFDUH
=',67521,&3/86HVWHGH]DFWLYDW
HOHFWULFLQXWUHEXLHVILHXWLOL]DWSHQWUX
SDUFDUH
$FWLYDUHDIXQFLHL+2/' (IHFWXOGHIUkQDUHDOIXQFLHL+2/'HVWHDQXODW
 $VLJXUDLYFVDXvQGHSOLQLWFRQGLLLOHGH LDXWRYHKLFXOXOVHSRDWHSXQHvQPLFDUH
DFWLYDUH GDF
 $SVDLSHGDODGHIUkQ =IXQFLD+2/'HVWHGH]DFWLYDWSULQ
 $SVDLSHGDODGHIUkQUDSLGSkQFkQG DSVDUHDSHGDOHLGHDFFHOHUDLHVDXDSHGD
DSDUHSHDILDMXOPXOWLIXQFLRQDO OHLGHIUkQ
)XQFLD+2/'HVWHDFWLYDW3XWHLHOLEHUD =H[LVWRGHIHFLXQHvQVLVWHPVDXRvQWUHUX
SHGDODGHIUkQ SHUHvQDOLPHQWDUHDHOHFWULFGHH[R
GHIHFLXQHODEDWHULH
G 'DFODSULPDDSVDUHDSHGDOHLGHIUkQ
=VHLQWHUYLQHQHDXWRUL]DWODVLVWHPXOHOHFWULF
QXVHDFWLYHD]IXQFLD+2/'DWHSWDL
GLQFRPSDUWLPHQWXOPRWRUXOXLODEDWHULH
SXLQLDSRLvQFHUFDLGLQQRX
VDXODVLJXUDQH
$9(57,60(17 =EDWHULDHVWHGHFRQHFWDW
)UkQHOHDXWRYHKLFXOXOXLVXQWDFLRQDWHFkQG 'DFSUVLLDXWRYHKLFXOXOVDXvOSDUFDL
IXQFLD+2/'HVWHDFWLYDW'LQDFHVWPRWLY GH]DFWLYDLIXQFLD+2/'LDVLJXUDLDXWRYH
GH]DFWLYDLIXQFLD+2/'GDFDXWRYHKLFXOXO KLFXOXOFRQWUDSXQHULLvQPLFDUH
YDILSXVvQPLFDUHSULQDOWHPLMORDFH GHH[
vQWURVSOWRULHDXWRVDXSULQWUDFWDUH  )UkQDHOHFWULFGHSDUFDUHDVLJXUDXWRPDW
DXWRYHKLFXOXOGDFIXQFLD+2/'HVWHDFWL
'H]DFWLYDUHDIXQFLHL+2/' YDWL
=SRUWLHUDRIHUXOXLHVWHGHVFKLVLFHQWXUD
)XQFLD+2/'HVWHGH]DFWLYDWDXWRPDW
GHVLJXUDQDRIHUXOXLQXHVWHFXSODW
GDF
=PRWRUXOHVWHRSULWFXH[FHSLDFD]XOXLvQ
=DFFHOHUDLLWUDQVPLVLDVHDIOvQSR]LLD'
FDUHHVWHRSULWDXWRPDWGHIXQFLDVWDUW
VDX5 VWRS(&2
=FXSODLWUDQVPLVLDvQSR]LLD3
=VXUYLQHRGHIHFLXQHvQVLVWHP
=DFLRQDLIUkQHOHGLQQRXDSVkQGSkQOD
=DOLPHQWDUHDHOHFWULFHVWHLQVXILFLHQW
XQDQXPLWQLYHOSkQFkQGGLVSDUHGH
3HSDQWHDVFHQGHQWHVDXGHVFHQGHQWH
SHDILDMXOPXOWLIXQFLRQDO
DEUXSWHVDXGDFH[LVWRGHIHFLXQHWUDQV
=DVLJXUDLDXWRYHKLFXOXOFXDMXWRUXOIUkQHL
PLVLDSRDWHILGHDVHPHQHDFXSODWDXWRPDW
HOHFWULFHGHSDUFDUH vQSR]LLD3
=DFWLYDL',67521,&3/86


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

3DFKHW$,50$7,& 5HJODMXOVSRUW
8QUHJODMPDLULJLGDOVXVSHQVLHLvQPRGXO
1RWHJHQHUDOH VSRUWDVLJXURDGHUHQLPDLEXQSHGUXP
&RQGXFHUHDLSDUFDUHD

$,50$7,&DFWLYHD]VHWDUHDGHUHJODUHDVXV 6HOHFWDLDFHVWPRGFkQGUHFXUJHLODXQVWLO
SHQVLHLFDUHSRDWHILVHOHFWDWLUHJOHD] GHFRQGXFHUHVSRUWLYGHH[SHGUXPXULGH
FRPSRUWDPHQWXOGHDPRUWL]DUHLQLYHOXO DUHUSXLWH
DXWRYHKLFXOXOXLGXPQHDYRDVWU$FHVWVLVWHP  $SVDLEXWRQXOC
FXSULQGHPLQLPGRXFRPSRQHQWH$FHVWHD /DPSDLQGLFDWRDUHDVHDSULQGH$LVHOHF
VXQW$'6 $GDSWLYH'DPSLQJ6\VWHP6LVWH WDW5HJODMVSRUWLY$XWRYHKLFXOXOHVWH
PXOGHDPRUWL]DUHDGDSWLY  3DJLQD FRERUkWFXPP
LFRQWUROXOQLYHOXOXL 3DJLQD 'HDVH
PHQHDVLVWHPXOGXPQHDYRDVWUSRDWHIL 5HJODMXOFRQIRUW
HFKLSDWFX6LVWHPXODFWLYGHDVLVWHQvQ QPRGXOFRQIRUWFDUDFWHULVWLFLOHGHFRQGX
YLUDMH 3DJLQD  FHUHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWUVXQW
5HVSHFWDLQRWHOHSULYLQGFRQGXFHUHDFXR PDLFRQIRUWDELOH3ULQXUPDUHVHOHFWDLDFHVW
UHPRUF 3DJLQD  PRGGDFSUHIHUDLXQVWLOGHFRQGXFHUHPDL
FRQIRUWDELO'HDVHPHQHDVHOHFWDLPRGXO
$'6 $GDSWLYH'DPSLQJ6\VWHP6LVWH FRQIRUWDWXQFLFkQGFRQGXFHLSHGUXPXUL
PXOGHDPRUWL]DUHDGDSWLY GUHSWHGHH[SHEHQ]LGUHSWHGHDXWRVWUDG
 $SVDLEXWRQXOC
1RWHJHQHUDOH
/DPSDLQGLFDWRDUHVHDSULQGH$LVHOHF
$'6DGDSWHD]FDUDFWHULVWLFLOHGHDPRUWL]DUH
WDW5HJODMFRQIRUW$XWRYHKLFXOXOHVWHULGL
ODVLWXDLDFXUHQWGHIXQFLRQDUHLGHFRQ
FDWFXPP
GXFHUH
$FHDVWDGHSLQGHGH
6LVWHPXODFWLYGHDVLVWHQvQYLUDMH
=VWLOXOGXPQHDYRDVWUGHFRQGXFHUH
=FRQGLLLOHVXSUDIHHLFDURVDELOH 6LVWHPXODFWLYGHDVLVWHQvQYLUDMHXWLOL]HD]
VWDELOL]DWRDUHDFWLYHSHQWUXDRSWLPL]DDWkW
=VHWDUHD$'6
FRQIRUWXOGHFRQGXFHUHFkWLDJLOLWDWHDDXWR
=VHWDUHDQLYHOXOXLDXWRYHKLFXOXOXL
YHKLFXOXOXLQIXQFLHGHPRGXO$'6VHOHFWDW
6HOHFWDUHDGXPQHDYRDVWUUPkQHPHPR 3DJLQD VLVWHPXODFWLYGHDVLVWHQvQ
UDWLGDFVFRDWHLFKHLDGLQFRPXWDWRUXOGH YLUDMHPRGLILFGHDVHPHQHDVHWDUHD
FRQWDFW 'DFVHOHFWDLPRGXOGHFRQIRUW$'6
=PLFDUHDGHUXODUHHVWHUHGXVvQFD]XOvQ
VFKLPEULLRQGXODLLORUGHVXSUDID
=XQJKLXOGHUXODUHvQYLUDMHHVWHUHGXV
=VWLOXOGHFRQGXFHUHHVWHDJLO

'DFVHOHFWDLPRGXOVSRUW$'6
=XQJKLXOGHUXODUHHVWHUHGXVvQPRGVHPQL
ILFDWLY
=VWLOXOGHFRQGXFHUHHVWHPXOWPDLDJLO

([HPSOXDXWRYHKLFXOHFXSDFKHWXO21 2))52$'
 3RUQLLPRWRUXO
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

&RQWUROQLYHO GXPQHDYRDVWUVDXDOWHSHUVRDQHSRWIL
SULQVH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD

&RQGXFHUHDLSDUFDUHD
&RQWUROXOQLYHOXOXLDGDSWHD]QLYHOXODXWRYH 3HULFROGHDFFLGHQW
KLFXOXOXLvQPRGDXWRPDWODVLWXDLDFXUHQW 6HOHFWDLvQWRWGHDXQDXQQLYHOFkWPDLFRERUkW
GHFRQGXFHUHLIXQFLRQDUH$VWIHOFRQVX DOJU]LLODVRO'DFQLYHOXODXWRYHKLFXOXOXL
PXOGHFDUEXUDQWVHUHGXFHLDUPDQHYUDELOL HVWHULGLFDWFHQWUXOGHJUHXWDWHDODXWRYHKL
WDWHDHVWHvPEXQWLW FXOXOXLHVWHPDLVXV$FHVWOXFUXPUHWHULV
'DFVHOHFWDLPRGXOGHFRQIRUW$'6 FXOUVWXUQULLDXWRYHKLFXOXOXL
3DJLQD DXWRYHKLFXOXOHVWHFRERUkWOD $GDSWDLYVWLOXOGHFRQGXFHUHODQLYHOXODOHV
QLYHOXOGHYLWH]ULGLFDWSHPVXUFHYLWH]D GHGXPQHDYRDVWUSHQWUXDXWRYHKLFXO6LVWH
FUHWH3HPVXUFHGHFHOHUHD]DXWRYHKL
PXO(63QXSRDWHGLPLQXDSHULFROXOGHDFFL
FXOXOHVWHULGLFDWvQDSRLODQLYHOXOGHDXWRV
GHQWvQFD]XOvQFDUHFRQGXFHLFXYLWH]H[FH
WUDG
VLY$FHVWDQXSRDWHDQXODOHJLOHIL]LFLL
'DFVHOHFWDLPRGXOVSRUW$'6
3DJLQD DXWRYHKLFXOXOWUHFHSHVWH  $WXQFLFkQGFRQGXFHLSHWHUHQH[WUHPGH
QLYHOXOGHDXWRVWUDGLFRERDUGLUHFWODQLYH GLILFLOVHOHFWDLXQQLYHOULGLFDWDODXWRYHKL
OXOGHYLWH]ULGLFDWvQIXQFLHGHVHWDUHDGH FXOXOXLvQWLPSXWLO$VLJXUDLYFDYHL
ED] 3DJLQD  vQWRWGHDXQDRJDUGODVROVXILFLHQWQFD]
6FKLPEDLQLYHOXODXWRYHKLFXOXOXLvQWLPSFH FRQWUDUYHLGHWHULRUDDXWRYHKLFXOXO
DXWRYHKLFXOXOHVWHvQPLFDUH$VWIHODXWRYH 3HQWUXLQIRUPDLLGHVSUHFRQGXFHUHDRII
KLFXOXOHVWHUHJODWODXQQRXQLYHOFkWPDL URDGFRQVXOWDL 3DJLQD 
UHSHGHSRVLELO
1LYHOXODXWRYHKLFXOXOXLVHSRDWHPRGLILFDvQ 6HWULGHED]
PRGYL]LELOGDFSDUFDLDXWRYHKLFXOXOLDU 0RGXOvQFDUHDXWRYHKLFXOXOHVWHULGLFDWVDX
WHPSHUDWXUDH[WHULRDUVHPRGLILF'DF FRERUkWGHSLQGHGHVHWDUHDGHED]VHOHF
WHPSHUDWXUDVFDGHQLYHOXODXWRYHKLFXOXOXL WDW6HOHFWDLQLYHOXOULGLFDWSHQWUXFRQGXFH
VFDGHRGDWFXFUHWHUHDWHPSHUDWXULL UHDRIIURDGVDXQLYHOXOGHDXWRVWUDG
FUHWHLQLYHOXODXWRYHKLFXOXOXL YLWH]ULGLFDWSHQWUXGUXPXULQRUPDOH
'DFGHEORFDLDXWRYHKLFXOXOVDXGHVFKLGHL 1LYHOXULOHLQGLYLGXDOHDOHDXWRYHKLFXOHORU
RXDXWRYHKLFXOXOvQFHSHVFRPSHQVH]H GLIHUGHQLYHOXOGHDXWRVWUDGGXSFXP
GLIHUHQHOHGHVDUFLQFkQGHVWHSDUFDW XUPHD]
7RWXLSHQWUXPRGLILFULGHQLYHOVHPQLILFD =1LYHOXOGHDXWRVWUDGPP
WLYHGHH[GXSFHDXWRYHKLFXOXODVWDLRQDW =1LYHOXOGHYLWH]ULGLFDWPP
SHQWUXRSHULRDGPDLvQGHOXQJDWPRWRUXO
=1LYHOXOULGLFDWPP
WUHEXLHVILHSRUQLW'LQPRWLYHGHVLJXUDQ
DXWRYHKLFXOXOHVWHFRERUkWDWXQFLFkQGXLOH 1LYHOULGLFDW
VXQWvQFKLVH&RERUkUHDHVWHvQWUHUXSWGDF
6HOHFWDLQLYHOXOULGLFDWQXPDLGDFDFHVWD
RXHVWHGHVFKLVDFHDVWDFRQWLQXGDF
HVWHDGHFYDWSHQWUXFRQGLLLOHGHGUXPQFD]
XDHVWHvQFKLV
FRQWUDUFRQVXPXOGHFDUEXUDQWDUSXWHDV
3HULFROGHUQLUH FUHDVFLDUPDQHYUDUHDDUSXWHDILDIHFWDW
$VLJXUDLYFQXVHJVHWHQLPHQLvQDSUR
SLHUHDSDVDMHORUGHURDWVDXDSULLLQIH
ULRDUHDFDURVHULHLDWXQFLFkQGLQLLDLSURFH
GXUDGHUHJODUHDJU]LLODVROQFD]FRQWUDU



&RQGXFHUHDLSDUFDUHD 6LVWHPHGHDVLVWDUHDFRQGXFHULL

([HPSOXDXWRYHKLFXOHIUSDFKHWXO ([HPSOXDXWRYHKLFXOHIUSDFKHWXO
21 2))52$' 21 2))52$'
 3RUQLLPRWRUXO  3RUQLLPRWRUXO
'DFODPSDLQGLFDWRDUHDQXHVWHDSULQV 'DFODPSDLQGLFDWRDUHDHVWHDSULQV
 $SVDLEXWRQXOC  $SVDLEXWRQXOC
/DPSDLQGLFDWRDUHDFOLSHWH$XWRYHKL /DPSDLQGLFDWRDUHDFOLSHWH$XWRYHKL
FXOXOVHULGLFODQLYHOXOULGLFDW FXOXOHVWHUHJODWODQLYHOXOGHDXWRVWUDG
QWLPSXOUHJOULLDSDUHXQPHVDMSHDILDMXO YLWH]ULGLFDW
PXOWLIXQFLRQDOGHH[ QWLPSXOUHJOULLDSDUHXQPHVDMSHDILDMXO
PXOWLIXQFLRQDOGHH[

'DFDSVDLEXWRQXOAVDXvGHSH
YRODQXOPXOWLIXQFLRQDOPHVDMXOYDGLVSUHD $SVDLEXWRQXOAVDXvGHSHYRODQXO
'XSDWLQJHUHDQLYHOXOXLULGLFDWGHFWUHDXWR PXOWLIXQFLRQDOPHVDMXOYDGLVSUHD
YHKLFXOODPSDLQGLFDWRDUHDUPkQH 'XSDWLQJHUHDQLYHOXOXLGHDXWRVWUDG
DSULQV0HVDMXO9HKLFOHULVLQJ $XWR ODPSDLQGLFDWRDUHDVHVWLQJH0HVDMXO
YHKLFXOXOVHULGLF GLVSDUHGHSHDILD /RZHULQJ &RERUUH GLVSDUHGHSHDILDMXO
MXOPXOWLIXQFLRQDO PXOWLIXQFLRQDO
'DFvQFHUFDLVVHOHFWDLQLYHOXOULGLFDWFXR $XWRYHKLFXOXOVHOHFWHD]DXWRPDWQLYHOXOGH
YLWH]GHSHVWHNPKDSDUHPHVDMXO DXWRVWUDGGDFFRQGXFHLFXRYLWH]PDL
3OHDVHUHGXFHVSHHG 5HGXFHL PDUHGHNPKVDXFXRYLWH]FXSULQV
YLWH]D  vQWUHNPKLNPKWLPSGHDSUR[LPD
WLYGHVHFXQGHQIXQFLHGHVHWDUHD$'6
1LYHODXWRVWUDGYLWH]ULGLFDW VHOHFWDW 3DJLQD DXWRYHKLFXOXOHVWH
 $VLJXUDLYFGLVWDQDSkQODVROHVWH FRERUkWODQLYHOXOGHYLWH]ULGLFDWDWXQFL
VXILFLHQWDWXQFLFkQGFRERUkLDXWRYHKL FkQGFRQGXFHLFXYLWH]ULGLFDW
FXOXOQFD]FRQWUDUDFHVWDSRDWHDWLQJH
VROXOLSDUWHDGHGHGHVXEWDFDURVHULHL
SRDWHILGHWHULRUDW
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

6XVSHQVLDVSRUW$0*5,'(&21752/ GHFRQGXFHUHVSRUWLYGHH[SHGUXPXULGH
DUHUSXLWH
1LYHOXODXWRYHKLFXOXOXL  $SVDLEXWRQXOCRGDW

&RQGXFHUHDLSDUFDUHD
$XWRYHKLFXOXOVHWHD]DXWRPDWQLYHOXODXWR /DPSDLQGLFDWRDUHDVHDSULQGH$LVHOHF
YHKLFXOXOXLSHSXQWHDVSDWH&RQWUROXOQLYHOX WDWPRGXO6SRUW
OXLSHSXQWHDVSDWHDVLJXURVXVSHQVLH 0HVDMXO$0*5LGH&RQWURO63257DSDUH
RSWLPLPHQLQHUHDXQHLJU]LODVROFRQ SHDILDMXOPXOWLIXQFLRQDO
VWDQWHFKLDULFkQGDXWRYHKLFXOXOHVWH
vQFUFDW$VWIHOVHvPEXQWHWHVLJXUDQD 0RGXO6SRUW
vQFRQGXFHUHLFRQVXPXOGHFDUEXUDQW 6HWDUHDIRDUWHULJLGDUHJODMXOXLVXVSHQVLHLvQ
PRGXO6SRUWDVLJXUXQFRQWDFWRSWLPFX
5HJODUHVXVSHQVLH GUXPXO6HOHFWDLDFHVWPRGGRDUFkQGFRQ
GXFHLSHFLUFXLWHGHFXUVH
1RWHJHQHUDOH
'DFOPSLOHLQGLFDWRDUHLDVXQWVWLQVH
6LVWHPXOGHDPRUWL]DUHFRQWURODWHOHFWURQLF
IXQFLRQHD]FRQWLQXX$VWIHOVH  $SVDLEXWRQXOCGHGRXRUL
vPEXQWHWHVLJXUDQDvQFRQGXFHUHLFRQ /PSLOHLQGLFDWRDUHLDVHDSULQG$L
IRUWXOODUXODUH VHOHFWDWPRGXO6SRUW
$PRUWL]DUHDHVWHUHJODWLQGLYLGXDOSHILHFDUH 0HVDMXO$0*5LGH&RQWURO63257
URDWLGHSLQGHGH DSDUHSHDILDMXOPXOWLIXQFLRQDO
=VWLOXOGXPQHDYRDVWUGHFRQGXFHUHGHH[
'DFODPSDLQGLFDWRDUHDVHDSULQGH
VSRUWLY
=VWDUHDVXSUDIHHLGUXPXOXLGHH[GHQL
 $SVDLEXWRQXOCRGDW
YHOUL $GRXDODPSLQGLFDWRDUHVHDSULQGH$L
=VHOHFLDGXPQHDYRDVWUVSHFLILF6SRUW
VHOHFWDWPRGXO6SRUW
6SRUWVDX&RQIRUW 0HVDMXO$0*5LGH&RQWURO63257
DSDUHSHDILDMXOPXOWLIXQFLRQDO
'DFVHOHFWDLPRGXO6SRUWVDX6SRUWL
UHSRUQLLPRWRUXOVHWULOHVXVSHQVLHLUHYLQOD 0RGXO&RQIRUW
PRGXO&RQIRUW
QPRGXOFRQIRUWFDUDFWHULVWLFLOHGHFRQGX
FHUHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWUVXQW
PDLFRQIRUWDELOH3ULQXUPDUHVHOHFWDLDFHVW
PRGGDFSUHIHUDLXQVWLOGHFRQGXFHUHPDL
FRQIRUWDELO'HDVHPHQHDVHOHFWDLPRGXO
FRQIRUWDWXQFLFkQGFRQGXFHLSHGUXPXUL
GUHSWHGHH[SHEHQ]LGUHSWHGHDXWRVWUDG
 $SVDLEXWRQXOCvQPRGUHSHWDWSkQ
FkQGOPSLOHLQGLFDWRDUHLDVHVWLQJ
$LVHOHFWDWPRGXO&RQIRUW
0HVDMXO$0*5LGH&RQWURO&20)257
0RGXO6SRUW DSDUHSHDILDMXOPXOWLIXQFLRQDO
8QUHJODMPDLULJLGDOVXVSHQVLHLvQPRGXO
VSRUWDVLJXURDGHUHQLPDLEXQSHGUXP
6HOHFWDLDFHVWPRGFkQGUHFXUJHLODXQVWLO


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

3$5.7521,&
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
&RQGXFHUHDLSDUFDUHD

$9(57,60(17
3$5.7521,&HVWHGRDUXQVLVWHPGHDVLV
WHQLHVWHSRVLELOVQXGHWHFWH]HWRDWH
REVWDFROHOH$FHVWDQXSRDWHVXEVWLWXLRFRQ
GXFHUHDWHQW
6XQWHLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQ
LWUHEXLHVFRQWLQXDLVDFRUGDLDWHQLH
vPSUHMXUULORULPHGLDWHFkQGSDUFDLLPDQH C ([HPSOXVHQ]RULLGLQEDUDGHSURWHFLH
YUDLQFD]FRQWUDUSXWHLSXQHvQSHULFRO IDGHSHSDUWHDVWkQJ
VLJXUDQDGXPQHDYRDVWULDFHORUODOL
5D]DVHQ]RULORU
3HULFROGHUQLUH
1RWHJHQHUDOH
$VLJXUDLYFvQVSDLXOGHPDQHYUDODXWR
YHKLFXOXOXLQXVHDIOSHUVRDQHVDXDQLPDOH 6HQ]RULLWUHEXLHVILHOLSVLLGHPXUGULH
QFD]FRQWUDUDFHVWHDSRWILUQLWH JKHDLODSRYL$OWIHOVDUSXWHDVQX
IXQFLRQH]HFRUHFW&XUDLVHQ]RULLUHJXODW
3$5.7521,&HVWHXQVLVWHPGHDVLVWHQOD DYkQGJULMVQXvL]JkULDLVDXVvLGHWHULRUDL
SDUFDUHHOHFWURQLFFXVHQ]RULFXXOWUDVXQHWH 3DJLQD 
$FHVWDLQGLFYL]XDOLDXGLWLYGLVWDQDGLQWUH
DXWRYHKLFXOXOGXPQHDYRDVWULXQRELHFW
3$5.7521,&HVWHDFWLYDWDXWRPDWGDF
=SXQHLFRQWDFWXO
=FXSODLWUDQVPLVLDvQSR]LLD'5VDX1
=HOLEHUDLIUkQDHOHFWULFGHSDUFDUH

3$5.7521,&HVWHGH]DFWLYDWODYLWH]HGH
SHVWHNPK/DYLWH]HPDLPLFLDFHVWDVH
UHDFWLYHD]
3$5.7521,&PRQLWRUL]HD]]RQDGLQMXUXO
DXWRYHKLFXOXOXLGXPQHDYRDVWUFXDMXWRUXOD 9HGHUHGLQODWHUDO
DVHVHQ]RULGLQEDUDGHSURWHFLHIDLD
SDWUXVHQ]RULGLQEDUDGHSURWHFLHVSDWH

9HGHUHGHVXV
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

6HQ]RULID WHULRDUVHDIOvQODPSDSDYLOLRQXOXLGLQFRP
SDUWLPHQWXOVSDWH
&HQWUX DSUR[LPDWLYFP

&RQGXFHUHDLSDUFDUHD
&ROXUL DSUR[LPDWLYFP

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

 &kQGSDUFDLDFRUGDLRDWHQLHGHRVHELW
RELHFWHORUGHGHDVXSUDVDXGHVXEVHQ]RUL
FXPDUILJKLYHFHOHGHIORULVDXEDUHOHGH
WUDFWDUHSHQWUXUHPRUFL3$5.7521,&QX $ILDMGHDYHUWL]DUHSHQWUX]RQDIURQWDO
GHWHFWHD]DVWIHOGHRELHFWHFkQGVHDIOvQ C 6HJPHQWHGHSHSDUWHDVWkQJDDXWRYH
LPHGLDWDDSURSLHUHDDXWRYHKLFXOXOXL KLFXOXOXL
3XWHLGHWHULRUDDXWRYHKLFXOXOVDXRELHF D 6HJPHQWHGHSHSDUWHDGUHDSWDDXWRYH
WHOH KLFXOXOXL
(VWHSRVLELOFDVHQ]RULLVQXGHWHFWH]H 6HJPHQWHFDUHLQGLFGLVSRQLELOLWDWHDGH
]SDGLRELHFWHFHDEVRUEVXUVHOHGH IXQFLRQDUH
XOWUDVXQHWH $ILDMXOGHDYHUWL]DUHSHQWUXILHFDUHSDUWHD
6XUVHOHGHXOWUDVXQHWHSUHFXPR DXWRYHKLFXOXOXLHVWHvPSULWvQFLQFLVHJ
VSOWRULHDXWRPDWIUkQHOHFXDHUFRP PHQWHJDOEHQHLGRXURLL3$5.7521,&
SULPDWDOHXQXLFDPLRQVDXXQSLFDPUDU HVWHIXQFLRQDOGDFVHJPHQWHOHJDOEHQH
SXWHDIDFHFD3$5.7521,&VIXQFLRQH]H FDUHLQGLFGLVSRQLELOLWDWHDODIXQFLRQDUH
GHIHFWXRV VHDSULQG
(VWHSRVLELOFD3$5.7521,&VQXIXQFLR 3R]LLDVHOHFWDWDWUDQVPLVLHLLGLUHFLDGH
QH]HFRUHFWSHWHUHQQHXQLIRUP UXODUHDDXWRYHKLFXOXOXLVWDELOHVFFDUHDILDM
GHDYHUWL]DUHHVWHDFWLYFkQGPRWRUXOIXQF
'LVWDQDPLQLP
LRQHD]
&HQWUX DSUR[LPDWLYFP 3R]LLHWUDQVPLVLH $ILDMGHDYHUWL]DUH
&ROXUL DSUR[LPDWLYFP ' =RQIURQWDODFWL
YDW
'DFXQREVWDFROVHDIOvQDFHVWLQWHUYDODIL
DMHOHGHDYHUWL]DUHUHOHYDQWHVHDSULQGLVH 51VDXDXWRYHKL =RQHOHSRVWHULRDUL
HPLWHXQVXQHWGHDYHUWL]DUH'DFGLVWDQD FXOXOVDSXVvQPL IURQWDODFWLYDWH
VFDGHVXEPLQLPHVWHSRVLELOFDGLVWDQDV FDUHvQDSRL
QXVHPDLDILH]H 3 1LFLR]RQDFWLYDW
$ILDMHGHDYHUWL]DUH
8QXOVDXPDLPXOWHVHJPHQWHVHDSULQGSH
$ILDMHOHGHDYHUWL]DUHLQGLFGLVWDQDGLQWUH PVXUFHDXWRYHKLFXOXOVHDSURSLHGHXQ
VHQ]RULLREVWDFRO$ILDMXOGHDYHUWL]DUHSHQ REVWDFROvQIXQFLHGHGLVWDQDDXWRYHKLFXOX
WUX]RQDIURQWDOHVWHDPSODVDWSHSODQDGH OXLIDGHREVWDFRO
ERUGGHDVXSUDRULILFLLORUGHYHQWLODLHFHQ
WUDOH$ILDMXOGHDYHUWL]DUHSHQWUX]RQDSRV


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

'HOD
=vQFHSkQGFXDODVHOHDVHJPHQWYHLDX]L
XQVXQHWGHDYHUWL]DUHLQWHUPLWHQWWLPSGH
&RQGXFHUHDLSDUFDUHD

DSUR[LPDWLYGRXVHFXQGH
=vQFHSkQGFXDODSWHOHDVHJPHQWYHLDX]L
XQVXQHWGHDYHUWL]DUHWLPSGHDSUR[LPDWLY
GRXVHFXQGH$FHDVWDLQGLFIDSWXOFDL
DWLQVGLVWDQDPLQLP

'H]DFWLYDUHDDFWLYDUHD3$5.7521,&

C /DPSLQGLFDWRDUH
D 3HQWUXDGH]DFWLYDDFWLYD3$5.7521,&
'DFODPSDLQGLFDWRDUHCVHDSULQGH3$5.
7521,&HVWHGH]DFWLYDW$VLVWHQDDFWLYOD
SDUFDUHHVWHDSRLGHDVHPHQHDGH]DFWLYDW
G 3$5.7521,&HVWHDFWLYDWDXWRPDWFkQG
URWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW

7UDFWDUHDXQHLUHPRUFL
3$5.7521,&HVWHGH]DFWLYDWSHQWUX]RQDGLQ
VSDWHFkQGVWDELOLLRFRQH[LXQHHOHFWULF
vQWUHDXWRYHKLFXOXOGXPQHDYRDVWULR
UHPRUF
 5DEDWDLvQLQWHULRUFXSODVIHULFvQFD]XO
vQFDUHFkUOLJXOGHWUDFWDUHDUHPRUFLLQX
HVWHQHFHVDU3$5.7521,&PVRDUUD]D
PLQLPGHGHWHFWDUHGLQWUHXQREVWDFROL
EDUDGHSURWHFLHQXFXSODVIHULF
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

3UREOHPHOD3$5.7521,&

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL

&RQGXFHUHDLSDUFDUHD
1XPDLVHJPHQWHOHURLL 3$5.7521,&VDGHIHFWDWLVDGH]DFWLYDW
GLQDILDMHOHGHDYHUWL  'DFSUREOHPHOHSHUVLVWVROLFLWDLYHULILFDUHD3$5.7521,&OD
]DUH3$5.7521,&VXQW XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
DSULQVH'HDVHPHQHD
YHLDX]LXQVXQHWGH
DYHUWL]DUHWLPSGHDSUR
[LPDWLYGRXVHFXQGH
3$5.7521,&HVWH
GH]DFWLYDWGXSDSUR[L
PDWLYVHFXQGHLDU
ODPSDLQGLFDWRDUHGLQ
EXWRQXO3$5.7521,&
VHDSULQGH

1XPDLVHJPHQWHOHURLL 6HQ]RULL3$5.7521,&VXQWPXUGDULVDXH[LVWLQWHUIHUHQH
GLQDILDMHOHGHDYHUWL  &XUDLVHQ]RULL3$5.7521,& 3DJLQD 
]DUH3$5.7521,&VXQW 
3XQHLGLQQRXFRQWDFWXO
DSULQVH3$5.7521,&
HVWHGH]DFWLYDWGXS 3UREOHPDSRDWHILSURYRFDWGHRVXUVUDGLRH[WHUQVDXGHXOWUD
DSUR[LPDWLY VXQHWH
VHFXQGH
 9HGHLGDF3$5.7521,&IXQFLRQHD]vQDOWORF

$VLVWHQDFWLYODSDUFDUH SDUFDUHDHVWHLQWHU]LVDOHLVXSUDIHHLQD
GHFYDWHHWF
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
$VLVWHQDDFWLYODSDUFDUHPVRDUVSDLXOGH
$VLVWHQDDFWLYODSDUFDUHHVWHXQVLVWHP SDUFDUHFkQGFRQGXFHLSHOkQJHO1XVHLQH
HOHFWULFGHDVLVWHQODSDUFDUHFXXOWUDVX FRQWGHQLFLRPRGLILFDUHXOWHULRDUDGXVVSD
QHWH8OWUDVXQHWHOHVXQWXWLOL]DWHSHQWUXD LXOXLGHSDUFDUH'HH[HPSOXDFHDVWVLWXD
PVXUDGUXPXOSHDPEHOHSULDOHDXWRYHKL LHSRDWHVXUYHQLFkQGDXWRYHKLFXOXOSDUFDWvQ
FXOXOXL8QVSDLXGHSDUFDUHDGHFYDWHVWH IDDVDXvQVSDWHOHVSDLXOXLvLPRGLILFSR]L
LQGLFDWGHVLPEROXOGHSDUFDUH,QWHUYHQLD LDVDXFkQGVHDGXFHXQREVWDFROvQVSDLXO
DFWLYDVXSUDGLUHFLHLYSRDWHDMXWDvQWLPSXO GHSDUFDUH
SDUFULL3XWHLGHDVHPHQHDVXWLOL]DL $VLVWHQDDFWLYODSDUFDUHQXYDEVROYGH
3$5.7521,& 3DJLQD &kQG3$5. UVSXQGHUHDGHDUPkQHDWHQW'DFY
7521,&HVWHRSULWDVLVWHQDDFWLYODSDUFDUH ED]DLQXPDLSHDVLVWHQDDFWLYODSDUFDUH
HVWHGHDVHPHQHDLQGLVSRQLELO SXWHLVSURYRFDLXQDFFLGHQWLUQLUHDGXP
$9(57,60(17 QHDYRDVWULDDOWRUSHUVRDQH
$VLVWHQDDFWLYODSDUFDUHHVWHXQVLPSOXVLV 6XQWHLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQ
WHPGHDVLVWHQLSRDWHUHFRPDQGDXQHRUL LWUHEXLHVFRQWLQXDLVDFRUGDLDWHQLH
VSDLLGHSDUFDUHLQDGHFYDWHSHQWUXSDUFDUH vPSUHMXUULORULPHGLDWHFkQGSDUFDLLPDQH
'HH[HPSOXDFHVWHDDUSXWHDILVSDLLXQGH YUDL


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

$9(57,60(17 5HFRPDQGULSULYLQGSDUFDUHD
2ELHFWHOHVLWXDWHGHDVXSUDUD]HLGHDFLXQHD =SHGUXPXULOHvQJXVWHFRQGXFHLFkWPDL
DVLVWULLDFWLYHODSDUFDUHQXYRUILGHWHFWDWH DSURDSHSHOkQJVSDLXOGHSDUFDUH
&RQGXFHUHDLSDUFDUHD

FkQGVSDLXOGHSDUFDUHHVWHPVXUDW'H =VSDLLOHGHSDUFDUHFXJXQRLLDUEVDXSDU
DFHVWHDQXVHLQHFRQWFkQGVHFDOFXOHD] LDORFXSDWHGHEDUHGHWUDFWDUHDUHPRUFLL
SURFHGXUDGHSDUFDUHGHH[OXQJLPLvQFRQ SRWILLGHQWLILFDWHLQFRUHFWVDXGHORF
VROVHFLXQLSRVWHULRDUHVDXUDPSHGH =]SDGDVDXSORDLDDEXQGHQWSRWGXFHOD
vQFUFDUHFXEXQXULLDXWRYHKLFXOHQDQX PVXUDUHDLQFRUHFWDXQXLVSDLXGHSDU
PLWHFLUFXPVWDQHDVLVWHQDDFWLYODSDUFDUH FDUH
SRDWHSULQXUPDUHVYJKLGH]HvQVSDLXOGH
=DFRUGDLDWHQLHPHVDMHORUGHDYHUWL]DUH
SDUFDUHSUHDGHYUHPH$VWIHOVDUSXWHDSUR
3$5.7521,& 3DJLQD vQWLPSXOSUR
YRFDRFROL]LXQH'LQDFHVWPRWLYHYLWDLV
FHGXULLGHSDUFDUH
XWLOL]DLDVLVWHQDDFWLYODSDUFDUHvQDVWIHOGH
=SXWHLLQWHUYHQLRULFkQGDVXSUDSURFHGXULL
VLWXDLL
GHYLUDUHSHQWUXDRFRUHFWD$VLVWHQD
$9(57,60(17 DFWLYODSDUFDUHYDILDSRLDQXODW
=FkQGWUDQVSRUWDLRVDUFLQFHGHSHWH
3DUWHDIURQWDODDXWRYHKLFXOXOXLYDYLUDvQ
GLUHFLDWUDILFXOXLGHSHFRQWUDVHQVvQWLPSXO JDEDULWXODXWRYHKLFXOXLQXWUHEXLHVXWLOL
RSHUDLHLGHSDUFDUHQDQXPLWHFD]XULDXWR ]DLDVLVWHQDDFWLYODSDUFDUH
YHKLFXOXOYYDGXFHGHDVHPHQHDVSUHVHF =FkQGVXQWPRQWDWHODQXULOHGH]SDGVDX
LXQLDOHEHQ]LLGHSHVHQVXORSXVvQWLPSXO RURDWGHUH]HUYGHX]WHPSRUDUQXWUH
SURFHGXULLGHSDUFDUH EXLHVXWLOL]DLQLFLDVLVWHQDDFWLYODSDU
'XPQHDYRDVWUSXUWDLvQWRWGHDXQDUVSXQ FDUH
GHUHDSULYLQGVLJXUDQDLWUHEXLHVDFRUGDL =DVLJXUDLYFSUHVLXQHDvQSQHXULDUH
DWHQLHRULFURUSDUWLFLSDQLODWUDILFFDUHVH vQWRWGHDXQDYDORDUHDFRUHFW$FHVWHD
DSURSLHVDXWUHFSHOkQJGXPQHDYRDVWU LQIOXHQHD]GLUHFWFRPSRUWDPHQWXODXWR
2SULLDXWRYHKLFXOXOGDFHVWHQHFHVDUVDX YHKLFXOXOXLODSDUFDUH
DQXODLSURFHGXUDGHSDUFDUHFXDVLVWHQD =PRGXOvQFDUHDXWRYHKLFXOXOGXPQHD
DFWLYODSDUFDUH YRDVWUHVWHSR]LLRQDWvQVSDLXOGHSDUFDUH
GXSSDUFDUHGHSLQGHGHGLYHULIDFWRUL
3HULFROGHUQLUH 3ULQWUHDFHWLDVHQXPUSR]LLDLIRUPD
$VLJXUDLYFvQVSDLXOGHPDQHYUDODXWR DXWRYHKLFXOHORUSDUFDWHvQIDDLvQVSDWHOH
YHKLFXOXOXLQXVHDIOSHUVRDQHVDXDQLPDOH VXLVWDUHDORFXOXLUHVSHFWLYQDQXPLWH
QFD]FRQWUDUDFHVWHDSRWILUQLWH FD]XULDVLVWHQDDFWLYODSDUFDUHYJKL
GHD]SUHDGHSDUWHvQWUXQVSDLXGHSDU
8WLOL]DLDVLVWHQDDFWLYODSDUFDUHSHQWUX FDUHVDXLQVXILFLHQWGHGHSDUWHvQDFHVWD
VSDLLOHGHSDUFDUH QDOWHOHHDYDUSXWHDJKLGDvQWUXQWURWXDU
=FDUHVXQWSDUDOHOHFXGLUHFLDGHPHUV VDXSHVWHHO'DFHVWHQHFHVDUWUHEXLHV
=FDUHVHDIOSHGUXPXULGUHSWHLQXvQFXUEH
DQXODLSURFHGXUDGHSDUFDUHFXDVLVWHQ
DFWLYODSDUFDUH
=FDUHVHDIOODDFHODLQLYHOFDGUXPXOGH
=SXWHLGHDVHPHQHDVFXSODLWUHDSWDGH
H[QXSHWURWXDU
PHUVvQDLQWHSUHPDWXU$XWRYHKLFXOXOvL
VFKLPEGLUHFLDLLQWUVXILFLHQWGH
GHSDUWHvQVSDLXOGHSDUFDUHQFD]XOvQ
FDUHRWUHDSWGHYLWH]HHVWHVFKLPEDW
SUHDGHYUHPHSHQWUXDRELQHRSR]LLHGH
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

SDUFDUHDFFHSWDELOSURFHGXUDGHSDUFDUH $VLVWHQDDFWLYODSDUFDUHYDGHWHFWDQXPDL
YDILDQXODW VSDLLOHGHSDUFDUH
 'DFQXDYHLDOWHVROXLLSXWHLFRQGXFH =FDUHVXQWSDUDOHOHFXGLUHFLDGHPHUV

&RQGXFHUHDLSDUFDUHD
SHVWHREVWDFROHSUHFXPWURWXDUHOHOHQWL =FDUHDXROLPHGHFHOSXLQP
QXvQWUXQXQJKLDVFXLWQFD]FRQWUDU =FDUHVXQWFXFHOSXLQPPDLOXQJLGHFkW
SXWHLGHWHULRUDURLOHVDXSQHXULOH DXWRYHKLFXOXOGXPQHDYRDVWU
8QVSDLXGHSDUFDUHHVWHDILDWFkQGFRQGX
'HWHFWDUHDVSDLLORUGHSDUFDUH FHLSHOkQJHOLSkQFkQGYDLvQGHSUWDW
$VLVWHQDDFWLYODSDUFDUHHVWHDFWLYDWDXWR FXDSUR[LPDWLYPGHDFHVWD
PDWFkQGFRQGXFHLvQDLQWH6LVWHPXOHVWH
IXQFLRQDOODYLWH]HGHSkQODDSUR[LPDWLY 3DUFDUH
NPKQWLPSXOIXQFLRQULLVLVWHPXO
UHSHUHD]LPVRDULQGHSHQGHQWVSDLLOHGH $9(57,60(17
SDUFDUHGHSHDPEHOHODWXULDOHDXWRYHKLFX 3$5.7521,&LDVLVWHQDDFWLYODSDUFDUH
OXOXL&kQGFRQGXFHLFXYLWH]HGHVXE VXQWQXPDLVLVWHPHGHDMXWDUHDRIHUXOXLOD
NPKYHLYHGHDVLPEROXOGHSDUFDUHFD SDUFDUHILLQGSRVLELOVQXGHWHFWH]HWRDWH
LQGLFDWRUGHVWDUHSHSDQRXOGHLQVWUXPHQWH REVWDFROHOH$FHVWHDQXYDEVROYGHUVSXQ
$VLVWHQDDFWLYODSDUFDUHDILHD]QXPDL GHUHDGHDPDQLIHVWDRDWHQLHGHRVHELW
VSDLLOHGHSDUFDUHGHSHSDUWHDSDVDJHUXOXL 6XQWHLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQ
GLQIDvQUHJLPVWDQGDUG6SDLLOHGHSDUFDUH LWUHEXLHVFRQWLQXDLVDFRUGDLDWHQLH
GHSHSDUWHDRIHUXOXLVXQWDILDWHLPHGLDWFH vPSUHMXUULORULPHGLDWHFkQGSDUFDLLPDQH
VHPQDOL]DWRUXOGHGLUHFLHGHSHSDUWHDRIH YUDLQFD]FRQWUDUSXWHLSXQHvQSHULFRO
UXOXLHVWHDFWLYDW3HQWUXDSDUFDSHSDUWHD VLJXUDQDGXPQHDYRDVWULDFHORUODOL
RIHUXOXLWUHEXLHVOVDLVHPQDOL]DWRUXOGH
GLUHFLHGHSHSDUWHDRIHUXOXLSRUQLW$FHVWD  2SULLDXWRYHKLFXOXOFkQGVLPEROXOVSDLXOXL
WUHEXLHVUPkQDFWLYDWSkQFkQGFRQILU GHSDUFDUHSUH]LQWVSDLXOGHSDUFDUHGRULW
PDLXWLOL]DUHDDVLVWHQHLDFWLYHODSDUFDUH vQSDQRXOGHLQVWUXPHQWH
DSVkQGEXWRQXOvGHSHYRODQXOPXOWL  &XSODLWUDQVPLVLDSHSR]LLD5
IXQFLRQDO 0HVDMXO6WDUW3DUN$VVLVW"<HV2.
&kQGVSDLXOGHSDUFDUHDIRVWGHWHFWDWDSDUH 1R /DQVDL$VLVWDUHDOD3DUFDUH"
LRVJHDWFWUHGUHDSWDVDXFWUHVWkQJD 'D2.1X ADSDUHSHDILDMXOPXOWL
IXQFLRQDO
 3HQWUXDDQXODSURFHGXUDDSVDLEXWR
QXOAGHSHYRODQXOPXOWLIXQFLRQDOVDX
GHPDUDL
VDX
 3HQWUXDSDUFDFXDVLVWHQDDFWLYOD
SDUFDUHDSVDLEXWRQXOvGHSHYROD
C 6SDLXGHSDUFDUHGHWHFWDWSHVWkQJD QXOPXOWLIXQFLRQDO
D 6LPEROGHSDUFDUH 0HVDMXO3DUN$VVLVWDFWLYH$FFHOH
6SDLXGHSDUFDUHGHWHFWDWSHGUHDSWD UDWHDQGEUDNH2EVHUYHVXUURXQ
GLQJV $VLVWDUHODSDUFDUHDFWLY
$FFHOHUDLLIUQDL8UPULL
VSDLXOGLQMXU DSDUHSHDILDMXOPXO
WLIXQFLRQDO


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

$9(57,60(17  &RQGXFHLvQDLQWHLILLWRWWLPSXOJDWDV
&kQGSDUFDLWUHEXLHVYDVLJXUDLFQXVH IUkQDL
DIOREVWDFROHvQDSURSLHUHDDXWRYHKLFXOXOXL  2SULLYLPHGLDWFH3$5.7521,&HPLWH
&RQGXFHUHDLSDUFDUHD

SHSDUFXUVXOvQWUHJLLRSHUDLL$VLVWHQDDFWLY VXQHWXOGHDYHUWL]DUHFRQWLQXXGDFQX
ODSDUFDUHQXYDEVROYGHUVSXQGHUHDGHD FKLDUvQDLQWH
UPkQHDWHQW$FHDVWDYDMXWGRDUSULQ 0HVDMXO3DUN$VVLVWDFWLYH6HOHFW5
LQWHUYHQLUHDDFWLYDVXSUDGLUHFLHL 2EVHUYHVXUURXQGLQJV $VLVWDUHOD
3HQWUXDRSULDXWRYHKLFXOXOVDXDHYLWDXQ SDUFDUHDFWLY6HOHFWDL58UPULL
DFFLGHQWWUHEXLHVDFLRQDLFKLDUGXPQHD VSDLXOGLQMXU DSDUHSHDILDMXOPXOWL
YRDVWUIUkQHOH IXQFLRQDO
 (VWHSRVLELOVPDLILHQHFHVDUFXSODUHD
(OLEHUDLYRODQXOPXOWLIXQFLRQDO
WUDQVPLVLHL
QFHSHLVPHUJHLvQDSRLILLQGWRWWLPSXO
JDWDVIUkQDL&kQGPHUJHLvQDSRLFRQ ,PHGLDWFHSURFHGXUDGHSDUFDUHHVWHILQDOL
GXFHLFXRYLWH]VXENPKQFD]FRQ ]DWPHVDMXO3DUN$VVLVWVZLWFKHGRII
WUDUDVLVWHQDFWLYODSDUFDUHYDILGH]DF $VLVWDUHODSDUFDUHGH]DFWLYDW
WLYDW DSDUHSHDILDMXOPXOWLIXQFLRQDO3$5.752
1,&UPkQHGLVSRQLELO
G QVSDLLGHSDUFDUHUHVWUkQVHYHLRELQH
 0DQHYUDLGDFVLWXDLDRFHUH
UH]XOWDWHRSWLPHODSDUFDUHPHUJkQGvQDSRL
FkWPDLGHSDUWH3HSDUFXUVXODFHVWHL  5HVSHFWDLvQWRWGHDXQDPHVDMHOHGHDYHU
PDQHYUHXUPULLLPHVDMHOH3$5.752 WL]DUHDILDWHGH3$5.7521,&
1,& 3DJLQD 
 2SULLYLPHGLDWFH3$5.7521,&HPLWH
VXQHWXOGHDYHUWL]DUHFRQWLQXXGDFQX $QXODUHD$VLVWHQHLDFWLYHODSDUFDUH
FKLDUvQDLQWH 3XWHLDQXODRULFkQGDVLVWHQDDFWLYODSDU
(VWHSRVLELOVILHQHFHVDUHPDQHYUHvQVSD FDUH
LLGHSDUFDUHVWUkQVH
 2SULLGHSODVDUHDYRODQXOXLPXOWLIXQFLRQDO
0HVDMXO3DUN$VVLVWDFWLYH6HOHFW' VDXPDQHYUDLVLQJXU
2EVHUYHVXUURXQGLQJV $VLVWDUHOD $VLVWHQDDFWLYODSDUFDUHYDILDQXODW
SDUFDUHDFWLY6HOHFWDL'8UPULL LPHGLDW0HVDMXO3DUN$VVLVWFDQFHO
VSDLXOGLQMXU DSDUHSHDILDMXOPXOWL OHG $VLVWDUHODSDUFDUHDQXODW
IXQFLRQDO DSDUHSHDILDMXOPXOWLIXQFLRQDO
 &XSODLWUDQVPLVLDvQSR]LLD'FkWDXWRYH VDX
KLFXOXOVWDLRQHD]  $SVDLEXWRQXO3$5.7521,&GHSHFRQ
$VLVWHQDDFWLYODSDUFDUHYLUHD]LPHGLDW VRODFHQWUDO 3DJLQD 
vQGLUHFLDFHDODOW 3$5.7521,&HVWHRSULWLDVLVWHQDDFWLY
0HVDMXO3DUN$VVLVWDFWLYH$FFHOH ODSDUFDUHHVWHLPHGLDWDQXODW0HVDMXO
UDWHDQGEUDNH2EVHUYHVXUURXQ 3DUN$VVLVWFDQFHOOHG $VLVWDUHOD
GLQJV $VLVWDUHODSDUFDUHDFWLY SDUFDUHDQXODW DSDUHSHDILDMXOPXO
$FFHOHUDLLIUQDL8UPULL WLIXQFLRQDO
VSDLXOGLQMXU DSDUHSHDILDMXOPXO
WLIXQFLRQDO
G 9HLRELQHUH]XOWDWHRSWLPHGDFDWHS
WDLFDSURFHGXUDGHYLUDUHVILHILQDOL]DW
vQDLQWHGHDSRUQLGHSHORF
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

$VLVWHQDDFWLYODSDUFDUHHVWHDQXODWDXWR
PDWGDF
=SDUFDUHDFXDMXWRUXODVLVWULLDFWLYHD

&RQGXFHUHDLSDUFDUHD
SDUFULLQXPDLHVWHSRVLELO
=FRQGXFHLFXSHVWHNPK
=RURDWSDWLQHD]L(63LQWHUYLQHVDXVH
GHIHFWHD]/DPSDGHDYHUWL]DUHVH
DSULQGHvQSDQRXOGHLQVWUXPHQWH
VHHPLWHXQVXQHWGHDYHUWL]DUH6LPEROXO
VSDLXOXLGHSDUFDUHGLVSDUHLPHVDMXO3DUN
$VVLVWFDQFHOOHG $VLVWDUHODSDU C &DPHUGHPHUVvQDSRL
FDUHDQXODW DSDUHSHDILDMXOPXOWLIXQF
LRQDO 9HGHUHSULQFDPHU
&kQGDVLVWHQDDFWLYODSDUFDUHHVWHDQXODW =RQDGLQVSDWHOHDXWRYHKLFXOXOXLHVWHDILDW
WUHEXLHVPDQHYUDLGLQQRXVLQJXU FDRLPDJLQHvQRJOLQGODIHOFDvQRJOLQGD
UHWURYL]RDUH
7UDFWDUHDXQHLUHPRUFL
$9(57,60(17
/DDXWRYHKLFXOHOHFXXQFkUOLJGHWUDFWDUHD &DPHUDGHPHUVvQDSRLHVWHGRDUXQVLVWHP
UHPRUFLLOXQJLPHDPLQLPDVSDLLORUGHSDU GHDVLVWHQLSRDWHDILDREVWDFROHOHvQWUXQ
FDUHFUHWHXRU PRGGHIRUPDWVDXLQFRUHFWVDXSRDWHVQXOH
'DFDLIL[DWRUHPRUFODDXWRYHKLFXOXOGXP DILH]HGHORF&DPHUDGHPHUVvQDSRLQXY
QHDYRDVWUQXWUHEXLHVXWLOL]DLDVLVWHQD DEVROYGHUVSXQGHUHDGHDILDWHQW&DPHUD
DFWLYODSDUFDUH'XSUHDOL]DUHDFRQH[LXQLL QXSRDWHDILDRELHFWH
HOHFWULFHvQWUHDXWRYHKLFXOXOGXPQHDYRDVWU =IRDUWHDSURSLDWHGHEDUDGHSURWHFLHVSDWH
LUHPRUFDVLVWHQDDFWLYODSDUFDUHQXPDL =VXEEDUDGHSURWHFLHVSDWH
HVWHGLVSRQLELO3$5.7521,&HVWHGH]DFWL
=FDUHVHDIOGHDVXSUDORFDXOXLPkQHUXOXL
YDWSHQWUX]RQDSRVWHULRDU
GLQKD\RQ
6XQWHLvQWRWGHDXQDUHVSRQVDELOGHVLJXUDQ
&DPHUGHPHUVvQDSRL LWUHEXLHVFRQWLQXDLVDFRUGDLDWHQLH
vPSUHMXUULORULPHGLDWHFkQGSDUFDLLPDQH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD YUDL$FHDVWDILUPDLHHVWHYDODELOSHQWUX
&DPHUDGHPHUVvQDSRLHVWHXQVLVWHPRSWLF ]RQHOHGLQVSDWHOHGLQIDDLGHOkQJDXWR
GHDVLVWHQODSDUFDUHLPDQHYUDUH$FHDVWD YHKLFXOQFD]FRQWUDUSXWHLSXQHvQSHULFRO
SUH]LQW]RQDGLQVSDWHOHDXWRYHKLFXOXOXLSH VLJXUDQDGXPQHDYRDVWULDFHORUODOL
DILDMXO&20$1'FXOLQLLGLUHFWRDUH
$9(57,60(17
3HULFROGHUQLUH QXUPWRDUHOHVLWXDLLFDPHUDGHPHUVvQDSRL
$VLJXUDLYFvQVSDLXOGHPDQHYUDODXWR QXYDIXQFLRQDVDXYDIXQFLRQDvQWUXQPRG
YHKLFXOXOXLQXVHDIOSHUVRDQHVDXDQLPDOH OLPLWDW
QFD]FRQWUDUDFHVWHDSRWILUQLWH =GDFKD\RQXOHVWHGHVFKLV

&DPHUDGHPHUVvQDSRLVHDIOvQPkQHUXO =SHSORDLH]SDGVDXFHDDEXQGHQW
KD\RQXOXL =QRDSWHDVDXvQORFXULIRDUWHvQWXQHFDWH


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

=vQFD]XOvQFDUHFDPHUDDIRVWH[SXVXQHL
OXPLQLLQWHQVH
=GDF]RQDHVWHLOXPLQDWGHROXPLQIOXR
&RQGXFHUHDLSDUFDUHD

UHVFHQWVDXFXOHGXUL HVWHSRVLELOFDDIL
DMXOVDLEXQSkOSkLW
=GDFH[LVWRPRGLILFDUHEUXVFDWHPSH
UDWXULLGHH[FkQGLQWUDLvQWUXQJDUDM
vQFO]LWSHWLPSGHLDUQ
=GDFOHQWLODFDPHUHLHVWHPXUGDUVDX
REVWUXFLRQDW
=GDFVSDWHOHDXWRYHKLFXOXOXLGXPQHD  3HQWUXDFRPXWDvQWUHPRGXULOHGHIXQF
YRDVWUHVWHGHWHULRUDWQDFHVWFD]VROLFL LRQDUHXWLOL]kQGFRQWUROHUXO&20$1'
WDLYHULILFDUHDSR]LLHLLVHWULORUFDPHUHL VHOHFWDLVLPEROXOCSHQWUXIXQFLDVDX
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW0HU VLPEROXO3DUFDUHFXVSDWHOHDSHQWUX
FHGHV%HQ]UHFRPDQGVXWLOL]DLXQ&HQ IXQFLD&XSODUHDXQHLUHPRUFLFRQVXOWDL
WUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW LQVWUXFLXQLOHGHXWLOL]DUH&20$1'2QOLQH
VFRS VHSDUDWH
1XXWLOL]DLFDPHUDGHPHUVvQDSRLvQDFHVW 6LPEROXOIXQFLHLVHOHFWDWHHVWHHYLGHQLDW
JHQGHVLWXDLLQFD]FRQWUDUHVWHSRVLELOV
3HQWUXDGH]DFWLYDFDPHUDGHPHUVvQDSRL
SURYRFDLUQLUHDDOWRUSHUVRDQHGDULGHWH
HVWHGH]DFWLYDWGDFGXPQHDYRDVWU
ULRUDUHDRELHFWHORULDDXWRYHKLFXOXOXLGXP
=FXSODLWUDQVPLVLDvQSR]LLD3
QHDYRDVWUvQWLPSFHSDUFDL
=FRQGXFHLvQDLQWH]HFHPHWUL

$FWLYDUHDGH]DFWLYDUHDFDPHUHLGH =FXSODLWUDQVPLVLDGLQSR]LLD5vQWURDOW
PHUVvQDSRL SR]LLH GXSVHFXQGH
=FRQGXFHLvQDLQWHFXRYLWH]GHSHVWH
 3HQWUXDDFWLYDDVLJXUDLYFvQFRPX
NPK
WDWRUXOGHFRQWDFWFKHLDVHDIOvQSR]LLD

$ILDMHSHDILDMXO&20$1'
 $VLJXUDLYFIXQFLD&DPHUDGHPHUV
vQDSRLHVWHVHOHFWDWvQ&20$1'2QOLQH $9(57,60(17
FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUHVHSD 8WLOL]DUHDFDPHUHLGHPHUVvQDSRLSRDWHIL
UDWHSHQWUX&20$1'2QOLQH SHULFXORDVSHQWUXGDOWRQLWLVDXSHQWUXFHL
 &XSODLWUHDSWDGHPHUVvQDSRL FXFDSDFLWLUHGXVHGHGLVWLQJHUHDFXORULORU
=RQDGLQVSDWHOHDXWRYHKLFXOXOXLHVWHSUH 8WLOL]DLFDPHUDGHPHUVvQDSRLGRDUGDF
]HQWDWSHDILDMXO&20$1'FXOLQLLGLUHF SXWHLYHGHDLGLVWLQJHWRDWHOLQLLOHGLUHFWRDUH
WRDUH FRORUDWHDILDWHGHFDPHUDGHPHUVvQDSRLSH
DILDMXO&20$1'
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

$9(57,60(17 PVXUDWSkQODPDUJLQHDH[WHULRDUDURL
5HLQHLFRELHFWHOHQHDIODWHODQLYHOXOVROXOXL ORU
SRWSUHDPDLvQGHSUWDWHGHFkWVXQWvQUHD

&RQGXFHUHDLSDUFDUHD
OLWDWH3ULQWUHDFHVWHDVHQXPU
=EDUDGHSURWHFLHDXQXLDXWRYHKLFXOSDUFDW
vQVSDWHOHDXWRYHKLFXOXOXLGXPQHDYRDVWU
=REDUGHWUDFWDUHDUHPRUFLL
=FXSODVIHULFDXQXLFkUOLJGHWUDFWDUHD
UHPRUFLL
=SDUWHDGLQVSDWHDXQXLFDPLRQ
=VWkOSLLvQFOLQDL

/LQLLOHDXGRDUUROXOGHDYvQGUXPDLQX
/LQLLGLUHFWRDUH
FRQVWLWXLHPVXUWRULH[DFWHDOHGLVWDQHLID
%DUDGHSURWHFLH
GHXQREVWDFRO
/LQLDGLUHFWRDUHURLHODRGLVWDQGH
3ULQXUPDUHQXWUHEXLHVGHSLLQLFLRGDW
OLQLDURLHFkQGYDSURSLDLGHXQREVWDFROQ
DSUR[LPDWLYPGLQVSDWHOHDXWRYHKL
FD]FRQWUDUSXWHLSURYRFDXQDFFLGHQW
FXOXOXL
UQLQGXYSHGXPQHDYRDVWULDOWHSHU /LQLDGLUHFWRDUHJDOEHQODRGLVWDQGH
VRDQH DSUR[LPDWLYPGLQVSDWHOHDXWRYHKL
FXOXOXL
k $[DFHQWUDODDXWRYHKLFXOXOXL DVLVWHQ
PDUFDM
l /LQLDGLUHFWRDUHJDOEHQODRGLVWDQGH
DSUR[LPDWLYPGLQVSDWHOHDXWRYHKL
FXOXOXL
/LQLLOHGLUHFWRDUHVXQWLQGLFDWHQXPDLDWXQFL
FkQGWUDQVPLVLDVHDIOvQSR]LLD5
6SHFLILFDLLOHUHIHULWRDUHODGLVWDQHVXQWYDOD
ELOHGRDUSHQWUXRELHFWHDIODWHODQLYHOXOVROX
OXL
%HQ]L
C %DQGDDOEFDUHLQGLFOLPHDDXWRYHKL
FXOXOXLFXYRODQXOGUHSW VWDWLF
D %DQGDJDOEHQFDUHLQGLFWUDVHXOSHFDUH
SQHXULOHvOYRUXUPDvQXQJKLXOFXUHQWDO
YRODQXOXL GLQDPLF
%DQGDURLHFDUHLQGLFOLPHDDXWRYHKL
FXOXOXLvQXQJKLXOFXUHQWDOYRODQXOXL GLQD
PLF
%DUDGHSURWHFLH
3HQWUXEHQ]LOHDOEHLURLLOLPHDDXWRYHKL
FXOXOXLLQFOXGHRJOLQ]LOHH[WHULRDUH3HQWUX
EDQGDJDOEHQOLPHDDXWRYHKLFXOXOXLHVWH


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

0HUVXOvQDSRLvQWUXQVSDLXGHSDUFDUH
IUURWLUHDYRODQXOXL
&RQGXFHUHDLSDUFDUHD

0HVDMHVXSOLPHQWDUHSHQWUXDXWRYHKLFXOHFX
3$5.7521,&
C 0HVDMGHDYHUWL]DUHIURQWDO
C %DQGDDOEFDUHLQGLFWUDVHXOSHFDUH
D ,QGLFDWRUVXSOLPHQWDUSULYLQGGLVSRQLELOL DXWRYHKLFXOXOvOYDXUPDFXYRODQXOGUHSW
WDWHDODIXQFLRQDUH3$5.7521,& D /LQLDGLUHFWRDUHJDOEHQODRGLVWDQGH
$ILDMGHDYHUWL]DUHVSDWH DSUR[LPDWLYPGLQVSDWHOHDXWRYHKL
$XWRYHKLFXOHFX3$5.7521,&GDF3$5. FXOXOXL
7521,&HVWHIXQFLRQDO 3DJLQD XQ /LQLDGLUHFWRDUHURLHODRGLVWDQGH
LQGLFDWRUVXSOLPHQWDUSULYLQGGLVSRQLELOLWDWHD DSUR[LPDWLYPGLQVSDWHOHDXWRYHKL
ODIXQFLRQDUHYDDSUHDSHDILDMXO FXOXOXL
&20$1'D'DFDILDMXOGHDYHUWL]DUH  &XDMXWRUXOEHQ]LLDOEHCYHULILFDLGDF
3$5.7521,&HVWHDFWLYVDXVHDSULQGHDIL DXWRYHKLFXOXOYDLQWUDvQVSDLXOGHSDUFDUH
DMHOHGHDYHUWL]DUHCLVXQWDFWLYHGH  )RORVLQGEDQGDDOEGUHSWJKLGPHUJHL
DVHPHQHDVDXVHDSULQGFRQIRUPvQDILDMXO vQDSRLFXDWHQLHSkQDWLQJHLSR]LLDGH
&20$1' FDSW
/LQLDGLUHFWRDUHURLHHVWHODFDSWXO
)XQFLD3DUFDUHFXVSDWHOH VSDLXOXLGHSDUFDUH$XWRYHKLFXOXOHVWH
 $VLJXUDLYFIXQFLD&DPHUDGHPHUV DSURDSHSDUDOHOvQVSDLXOGHSDUFDUH
vQDSRLHVWHDFWLYDWLDUIXQFLD3DUFDUH
FXVSDWHOHHVWHVHOHFWDWFRQVXOWDL 0HUJHLvQDSRLSHUSHQGLFXODUFXVSDLXO
LQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWHSHQWUX GHSDUFDUHFXYRODQXOvQXQJKL
&20$1'2QOLQH  &RQGXFHLDXWRYHKLFXOXOSHOkQJVSDLXOGH
6XQWLQGLFDWHEDQGDLOLQLLOHGLUHFWRDUH SDUFDUHLVWDLRQDLDXWRYHKLFXOXO
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

&RQGXFHUHDLSDUFDUHD
5RWLUHDYRODQXOXL &RQGXFHUHDvQSR]LLDILQDO
C %DQGDURLHFDUHLQGLFWUDVHXOSHFDUH C %DQGDDOEFDUHLQGLFWUDVHXOSHFDUH
DXWRYHKLFXOXOvOYDXUPDFXYRODQXOvQSR]L DXWRYHKLFXOXOvOYDXUPDFXYRODQXOvQSR]L
LDFXUHQW LDFXUHQW
D 0DUFDMVSDLXGHSDUFDUH D 0DUFDMVSDLXGHSDUFDUH
 $WXQFLFkQGDXWRYHKLFXOXOHVWHVWDLRQDW  5RWLLYRODQXOvQSR]LLDFHQWUDOvQWLPSFH
URWLLYRODQXOvQGLUHFLDVSDLXOXLGHSDUFDUH DXWRYHKLFXOXOHVWHVWDLRQDW
SkQFkQGEDQGDURLHDWLQJHPDUFDMXOVSD
LXOXLGHSDUFDUHD
 0HQLQHLYRODQXOvQDFHDSR]LLHLGDLFX
VSDWHOHFXDWHQLH

C /LQLDGLUHFWRDUHURLHODRGLVWDQGH
DSUR[LPDWLYPGLQVSDWHOHDXWRYHKL
FXOXOXL
D %DQGDDOEFDUHLQGLFWUDVHXOSHFDUH
0HUVXOFXVSDWHOHFXYRODQXOURWLW DXWRYHKLFXOXOvOYDXUPDFXYRODQXOGUHSW
C %DQGDURLHFDUHLQGLFWUDVHXOSHFDUH &DSWXOVSDLXOXLGHSDUFDUH
DXWRYHKLFXOXOvOYDXUPDFXYRODQXOvQSR]L  'DLFXVSDWHOHFXDWHQLHSkQDLDWLQV
LDFXUHQW SR]LLDGHFDSW
 2SULLDXWRYHKLFXOXODWXQFLFkQGVHDIO /LQLDGLUHFWRDUHURLHCHVWHDWXQFLOD
DSURDSHvQIDDVSDLXOXLGHSDUFDUH FDSWXOVSDLXOXLGHSDUFDUH$XWRYHKL
%DQGDDOEDUWUHEXLVILHFkWVHSRDWHGH FXOXOHVWHDSURDSHSDUDOHOvQVSDLXOGHSDU
SDUDOHOFXPDUFDMXOVSDLXOXLGHSDUFDUH FDUH


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

)XQFLD&XSODUHDXQHLUHPRUFL  8WLOL]DLFRQWUROHUXO&20$1'SHQWUXD
VHOHFWDVLPEROXOFRQVXOWDLLQVWUXFLX
$FHDVWIXQFLHHVWHGLVSRQLELOQXPDLOD
DXWRYHKLFXOHOHFXFkUOLJGHWUDFWDUHDUHPRU QLOHGHXWLOL]DUHVHSDUDWHSHQWUX&20$1'
&RQGXFHUHDLSDUFDUHD

FLL 2QOLQH
)XQFLD&XSODUHDXQHLUHPRUFLHVWHVHOHF
WDW6SHFLILFDLLOHGHGLVWDQVHDSOLF
DFXPQXPDLSHQWUXRELHFWHOHFDUHVHDIO
ODDFHODLQLYHOFXQLYHOXOFXSOHLVIHULFH
 'DLFXVSDWHOHFXDWHQLHDVLJXUkQGXYF
DVLVWHQWXOPDUFDMXOXLEDUHLGHWUDFWDUH
LQGLFDSUR[LPDWLYGLUHFLDEDUHLGHWUDF
WDUH
 'DLFXVSDWHOHFXDWHQLHSkQFkQGEDUD
GHWUDFWDUHDWLQJHOLQLDGLUHFWRDUH
URLHD
C 3XQFWXOFHQWUDODODXWRYHKLFXOXOXLGHSH  &XSODLUHPRUFD 3DJLQD 
OLQLDGLUHFWRDUHJDOEHQODRGLVWDQGH
DSUR[LPDWLYPGHODSDUWHDGLQVSDWH
DDXWRYHKLFXOXOXL
$6,67(170(1,1(5($7(1,(
D %DUGHWUDFWDUHDUHPRUFLL
&XSOVIHULF 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 6HWDLvQOLPHDEDUHLGHWUDFWDUHDDVWIHO
$6,67(178/'(0(1,1(5($7(1,(Y
vQFkWVILHSXLQPDLvQDOWGHFkWFXSODVIH DMXWODFOWRULLOHOXQJLLPRQRWRQHFXPDU
ULF ILFHOHSHDXWRVWUDGLGUXPXULQDLRQDOH
 3R]LLRQDLDXWRYHKLFXOXOvQFHQWUXvQIDD $FHVWDHVWHDFWLYvQLQWHUYDOXONPKSkQ
EDUHLGHWUDFWDUHD ODNPK
'DF$6,67(178/'(0(1,1(5($7(1,(
GHWHFWHD]VHPQHWLSLFHGHRERVHDOVDX
SLHUGHULGLQFHvQFHPDLOXQJLDOHFRQFHQWUULL
GLQSDUWHDRIHUXOXLDFHVWDvLVXJHUHD]V
IDFRSDX]
$9(57,60(17
$6,67(178/'(0(1,1(5($$7(1,(,HVWH
QXPDLXQVLVWHPGHDVLVWHQLHVWHSRVLELO
VYGHWHFWH]HRERVHDODVDXSLHUGHUHDFRQ
FHQWUULLSUHDWkU]LXVDXGHORF$FHVWDQX
SRDWHLQHORFXOXQXLRIHUELQHRGLKQLWL
C &XSOVIHULF
DWHQW
D /LQLDGLUHFWRDUHURLHODRGLVWDQGH
2ERVHDODYSRDWHIDFHVUHFXQRDWHLWDUGLY
DSUR[LPDWLYPGHFXSODVIHULF
VLWXDLLOHSHULFXORDVHVOHHYDOXDLLQFRUHFW
$VLVWHQWPDUFDMEDUGHWUDFWDUH VDXVUHDFLRQDLPDLOHQW'LQDFHVWPRWLY
%DUGHWUDFWDUHDUHPRUFLL DVLJXUDLYFYVLPLLELQHRGLKQLWvQDLQWH
6LPEROSHQWUXIXQFLD&XSODUHDXQHL GHDvQFHSHVFRQGXFHLLvQWLPSXO
UHPRUFL FOWRULHL)DFHLvQWRWGHDXQDSDX]HvQWLPS
XWLOLUHJXODWPDLDOHVODFOWRULLOHOXQJLQ
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

FD]FRQWUDUHVWHSRVLELOVQXUHFXQRDWHL 'DF$6,67(178/'(0(1,1(5($7(1,(
SHULFROHOHODWLPSSURYRFkQGXQDFFLGHQWL HVWHDFWLYYHLSULPLXQDYHUWLVPHQWQXPDL
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH GHYUHPHGHGHPLQXWHGXSFHYDLvQFH

&RQGXFHUHDLSDUFDUHD
SXWFOWRULD9HLDX]LDSRLXQVXQHWGHDYHU
$6,67(178/'(0(1,1(5($7(1,(HYD WL]DUHLQWHUPLWHQWGHGRXRULLDUPHVDMXO
OXHD]QLYHOXOGXPQHDYRDVWUGHRERVHDO $WWHQWLRQ$VVLVW'URZVLQHVVGHWHF
VDXSLHUGHUHDFRQFHQWUULLLQkQGFRQWGH WHG $VLVWHQWXOGHPHQLQHUHDDWHQ
XUPWRDUHOHFULWHULL LHLVRPQROHQGHWHFWDW DSDUHSH
=VWLOXOGHFRQGXFHUHSHUVRQDOGHH[FDUDF DILDMXOPXOWLIXQFLRQDO
WHULVWLFLOHGLUHFLHL  'DFVLWXDLDRFHUHIDFHLRSDX]
=SDUDPHWULLUHIHULWRULODFOWRULHGHH[WLP  $SVDLEXWRQXOvVDXASHQWUXD
SXO]LOHLGXUDWDFOWRULHL FRQILUPDPHVDMXO
$6,67(178/'(0(1,1(5($7(1,(DUHR QFD]XOFOWRULLORUvQGHOXQJDWHIDFHLSDX]H
XWLOLWDWHOLPLWDWLDUDYHUWLVPHQWHOHSRWIL UHJXODWHvQWLPSXWLOSHQWUXDSXWHDVYRGLK
GHFDODWHVDXSRWVDQXILHHPLVHGHORF QLLFRUHVSXQ]WRU'DFQXIDFHLRSDX]
=GDFGUXPXOVHDIOvQWURVWDUHSURDVWGH YHLILDYHUWL]DWGLQQRXGXSFHOSXLQ
H[GDFVXSUDIDDHVWHQHXQLIRUPVDX PLQXWH3UHPLVDHVWHIDSWXOF$6,67(1
GDFH[LVWJURSL 78/'(0(1,1(5($7(1,(FRQWLQXV
=GDFEDWHXQYkQWSXWHUQLFGLQODWHUDO GHWHFWH]HLQGLFDWRULWLSLFLGHRERVHDOVDX
=GDFDLDGRSWDWXQVWLOGHFRQGXFHUHVSRU
SLHUGHULDOHFRQFHQWUULLVSRULWH
WLYFXYLWH]HPDULvQYLUDMHVDXDFFHOHUUL $VLVWHQWXOGHPHQLQHUHDDWHQLHLHVWHUHVH
SXWHUQLFH WDWLvQFHSHVYHYDOXH]HJUDGXOGHRER
=GDFFRQGXFHLSUHGRPLQDQWODYLWH]HVXE
VHDOGLQQRXFkQGYFRQWLQXDLFOWRULD
GDF
NPKVDXPDLPDULGHNPK
=RSULLPRWRUXO
=GDFPRPHQWDQXWLOL]DL&20$1'2QOLQH
VDXGDLXQWHOHIRQFX&20$1'2QOLQH =YVFRDWHLFHQWXUDGHVLJXUDQLGHVFKL

=GDFRUDDIRVWUHJODWLQFRUHFW GHLSRUWLHUDRIHUXOXLGHH[SHQWUXD
=vQVLWXDLLOHGHFRQGXFHUHDFWLYSUHFXP
VFKLPEDRIHULLVDXSHQWUXDIDFHRSDX]
FHOHvQFDUHVFKLPEDLEHQ]LOHVDXYPRGL
ILFDLYLWH]D
$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL
0HVDMHOHGHDYHUWL]DUHLGHSHGLVSOD\ 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
GLQDILDMXOPXOWLIXQFLRQDO
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLYLQGLF
OLPLWHOHGHYLWH]GHWHFWDWHSHDILDMXOPXOWL
IXQFLRQDO'DWHOHGLQVLVWHPXOGHQDYLJDLH
VXQWGHDVHPHQHDXWLOL]DWHvQDFHVWVFRS
'DFHVWHGHWHFWDWXQVHPQGHFLUFXODLHFDUH
LQGLFROLPLWGHYLWH]VDXVIkULWXOXQHL
OLPLWHGHYLWH]HHVWHLQGLFDWSHDILDMXOPXO
WLIXQFLRQDO'DFDVLVWDUHDSHQWUXOLPLWDUHD
 $FWLYDL$6,67(178/'(0(1,1(5( YLWH]HLQXGHWHFWHD]VHPQHGHFLUFXODLHVH
$7(1,(FXDMXWRUXOFDOFXODWRUXOXLGHERUG SUHLDOLPLWDGHYLWH]GHSHKDUWDUXWLHUGLJL
3DJLQD  WDODFHVWDILLQGLQGLFDWSHDILDM
6LPEROXOCDSDUHSHDILDMXOPXOWLIXQFLR
QDO

 6LVWHPHGHDVLVWDUHDFRQGXFHULL

$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLGHWHFWHD] ,QIRUPDLLGHSHDILDMXOPXOWLIXQFLRQDO
VHPQHGHFLUFXODLHFXRFDPHUIL[DWvQVSD
WHOHSULLVXSHULRDUHDSDUEUL]XOXL
&RQGXFHUHDLSDUFDUHD

C 6HPQXOGHFLUFXODLHFDUHLQGLFROLPLW
GHYLWH]VDXVIkULWXOOLPLWHLGHYLWH]
C &DPHUDGHDVLVWDUHSHQWUXOLPLWDUHDYLWH H[HPSOX
]HL D $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLV
$9(57,60(17 SRQLELOLIXQFLDGHDYHUWL]DUHHVWHSRU
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGRDUXQ
QLWvQFDOFXODWRUXOGHERUG
VLVWHPGHDVLVWHQHDSXWkQGVGHWHFWH]H 8QLWLXWLOL]DWHvQVHPQXOGHFLUFXODLHDIL
OLPLWHOHGHYLWH]LQFRUHFWVDXFKLDUGHORF DW
6LVWHPXOSRDWHDYHDRIXQFLRQDUHUHGXVVDX $ILDUHDVFXUWDVHPQHORUGHFLUFXODLH
DEVHQWGDF GHWHFWDWHSHDILDMXOPXOWLIXQFLRQDO
=H[LVWRYL]LELOLWDWHVF]XWGHH[GLQFDX]D  $FWLYDLIXQFLDGHDYHUWL]DUHDDVLVWULLSHQ
]SH]LLSORLLFHLLVDXDSHLSXOYHUL]DWH WUXOLPLWDUHDYLWH]HLFXDMXWRUXOFDOFXODWRUX
=H[LVWUHIOH[LLGHH[GHODVRDUHVDXGHOD OXLGHERUG 3DJLQD 
WUDILFXOGHSHFRQWUDVHQV 6LPEROXODDSDUH
=SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW 8QVHPQGHFLUFXODLHFDUHLQGLFROLPLW
GHH[HPSOXFXRHWLFKHWDXWRFRODQWvQ GHYLWH]VDXVIkULWXOOLPLWHLGHYLWH]C
DSURSLHUHDFDPHUHL DSDUHSHDILDMXOPXOWLIXQFLRQDOWLPSGH
=VHPQHOHGHFLUFXODLHVXQWDFRSHULWHGH DSUR[LPDWLYFLQFLVHFXQGHLPHGLDWFHHVWH
H[HPSOXGHPL]HULH]SDGVDXFRSDFL GHWHFWDW2ULFHDOWHLQIRUPDLLGHSHDILDMXO
=VHPQHOHGHFLUFXODLHVXQWVODELOXPLQDWH
PXOWLIXQFLRQDOVXQWDVFXQVHvQDFHDVW
SHULRDG
=H[LVWVHPQHGHFLUFXODLHDPELJXHGH
H[HPSOXOkQJOXFUULOHGHSHGUXPVDXSH $ILDUHDSHUPDQHQWDVHPQHORUGHFLUFX
GUXPXULOHFXPDLPXOWHEHQ]L ODLHGHWHFWDWHSHDILDMXOPXOWLIXQFLRQDO
6HPQHOHGHFLUFXODLHDXvQWRWGHDXQDSULRUL  $ILDUHDDVLVWULLSHQWUXOLPLWDUHDYLWH]HLFX
WDWHIDGHDILDMXODVLVWULLSHQWUXOLPLWDUHD DMXWRUXOFDOFXODWRUXOXLGHERUG
YLWH]HL$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLQX 3DJLQD 
SRDWHGHWHFWDFRQGLLLOHGHWUDILF$FHVWDQX 8QVHPQGHFLUFXODLHFDUHLQGLFROLPLW
SRDWHVXEVWLWXLRFRQGXFHUHDWHQW GHYLWH]VDXVIkULWXOOLPLWHLGHYLWH]C
$FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGLQ DSDUHSHDILDMXOPXOWLIXQFLRQDOLPHGLDWFH
WUDILFLvPSUHMXULPLORUGXPQHDYRDVWUQFD] HVWHGHWHFWDW
FRQWUDUHVWHSRVLELOVQXUHFXQRDWHLSHUL
FROHOHODWLPSSURYRFkQGXQDFFLGHQWL
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

6HPQXOGHFLUFXODLHFDUHSUH]LQWROLPLW WUHEXLHVFRQGXFHLvQFRQIRUPLWDWHFXFRQ
GHYLWH]CHVWHGHUHJXODILDWSkQ GLLLOHGHWUDILFQFD]FRQWUDUSXWHLSXQHvQ
FkQG SHULFROVLJXUDQDGXPQHDYRDVWULDFHORU

&RQGXFHUHDLSDUFDUHD
=XQVHPQGHFLUFXODLHFDUHSUH]LQWVIkU ODOL
LWXOOLPLWHLGHYLWH]HVWHGHWHFWDW 6LVWHPXOSRDWHDYHDRIXQFLRQDUHUHGXVVDX
=YLUDL DEVHQWGDF
=SUVLLVDXLQWUDLvQWUXQRUD =H[LVWRYL]LELOLWDWHVF]XWGHH[GLQFDX]D
=WLSXOGHGUXPVHVFKLPE GHH[DXWRV ]SH]LLSORLLFHLLVDXDSHLSXOYHUL]DWH
WUDGGUXPGHDU  =SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW
=DLSDUFXUVRDQXPLWGLVWDQPLQLP GHH[HPSOXFXRHWLFKHWDXWRFRODQWvQ
IUFDVHPQXOGHFLUFXODLHVVHUHSHWH DSURSLHUHDFDPHUHL
VDXVILHGHWHFWDWGLQQRX =vQYLUDMHvQSDQWHDVFHQGHQWHVDXSDQWH
GHVFHQGHQWH
G 3XWHLGHDVHPHQHDVDFWLYDLDVLVWDUHD
SHQWUXOLPLWDUHDYLWH]HLFXDMXWRUXO /XPLQDGHODIDUXULOHDXWRYHKLFXOHORUFDUHYLQ
&20$1'2QOLQH9LWH]DPD[LPDGPLV GLQVHQVRSXVQXDIHFWHD]DILDMXODVLVWHQ
DSDUHSHDILDMXO&20$1'FRQVXOWDL WXOXLODYHGHUHDSHWLPSGHQRDSWH3OXVGLQ
LQVWUXFLXQLOHGHXWLOL]DUH&20$1'2QOLQH DILDMXOPXOWLIXQFLRQDO$FHDVWVLWXDLHHVWH
YDODELOLGDFQXSXWHLDFWLYDIDUXULOHSHQWUX
ID]OXQJGLQFDX]DWUDILFXOXLGLQVHQVRSXV
$VLVWHQWXOODYHGHUHDSHWLPSGH
QRDSWH3OXV $9(57,60(17
$VLVWHQWXOODYHGHUHDSHWLPSGHQRDSWH3OXV
1RWHLPSRUWDQWHSULYLQGVLJXUDQD QXGHWHFWHD]RELHFWHGLQLPHGLDWDDSURSLHUH
3HOkQJLOXPLQDUHDDVLJXUDWGHIDUXULOHQRU DDXWRYHKLFXOXOXL3ULYLLSULQSDUEUL]FkQG
PDOHDVLVWHQWXOODYHGHUHDSHWLPSGHQRDSWH HIHFWXDLPDQHYUH$VLJXUDLYFQXH[LVW
3OXVXWLOL]HD]OXPLQDvQLQIUDURXSHQWUXD RDPHQLVDXDQLPDOHvQ]RQDvQFDUHHIHFWXDL
LOXPLQDGUXPXO&DPHUDDVLVWHQWXOXLODYHGH PDQHYUHOH
UHDSHWLPSGHQRDSWH3OXVFDSWHD]OXPLQD G /XPLQDvQLQIUDURXQXSRDWHILVHVL]DWGH
vQLQIUDURXLDILHD]RLPDJLQHPRQRFURP
RFKLXOXPDQSULQXUPDUHHDQXRUEHWH
vQ&20$1',PDJLQHDDILDWvQ&20$1'
$VLVWHQWXOODYHGHUHDSHWLPSGHQRDSWH
FRUHVSXQGHXQXLGUXPLOXPLQDWGHIDUXULOH
3OXVSRDWHSULQXUPDUHVUPkQDFWLYDW
SHQWUXID]OXQJ$FHDVWDYSHUPLWHV
FKLDULGDFH[LVWWUDILFSHFRQWUDVHQV
YHGHLWUDVHXOLRULFHREVWDFROHvQWLPSXWLO
&kQGUHFXQRDWHUHDSLHWRQLORUHVWHDFWLY
SLHWRQLLUHFXQRVFXLGHVLVWHPVXQWHYLGHQ
LDLvQDILDMXODVLVWHQWXOXLODYHGHUHDSHWLPS
GHQRDSWH3OXV
$9(57,60(17
$VLVWHQWXOODYHGHUHDSHWLPSGHQRDSWH3OXV
HVWHGRDUXQVLVWHPFDUHYDMXWVFRQGXFHL
LQXYDEVROYGHUHVSRQVDELOLWDWHDGHD
PDQLIHVWDSUHFDXLH&RQWLQXDLVSULYLLSULQ
SDUEUL]vQORFVYED]DLSHDILDMXODVLVWHQ
WXOXLODYHGHUHDSHWLPSGHQRDSWH3OXV'XP C &DPHUDDVLVWHQWXOXLODYHGHUHDSHWLPSGH
QHDYRDVWUDYHLUVSXQGHUHDVLJXUDQHLL QRDSWH3OXV


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

$FWLYDUHDDVLVWHQWXOXLODYHGHUHDSH
WLPSGHQRDSWH3OXV
QIXQFLHGHGDWDIDEULFULLDXWRYHKLFXOXOXL
&RQGXFHUHDLSDUFDUHD

GXPQHDYRDVWUVLPEROXOqVDXX
SHQWUXSR]LLD/XPLQLGHFRQGXFHUHDXWR
PDWHPRGGHIXQFLRQDUHSHWLPSGH]LD
IDUXULORUHVWHDPSODVDWSHFRPXWDWRUXOGH
OXPLQL

C $ILDMXODVLVWHQWXOXLODYHGHUHDSHWLPSGH
QRDSWH3OXV
D 3LHWRQUHFXQRVFXW
'HOLPLWDUH
6LPEROSHQWUXUHFXQRDWHUHDDFWLYDSLH
WRQLORU
3XWHLFLWLGHVSUHPRGXOGHUHJODUHDOXPLQR
]LWLLDILDMXOXL&20$1'vQLQVWUXFLXQLOHGH
3XWHLDFWLYDDVLVWHQWXOODYHGHUHDSHWLPSGH XWLOL]DUH&20$1'2QOLQH
QRDSWH3OXVQXPDLGDF G )DUXULOHFXLQIUDURXVHDFWLYHD]GRDU
=FKHLDVHDIOvQSR]LLDGLQFRPXWDWRUXOGH FkQGDXWRYHKLFXOXOHVWHFRQGXVODYLWH]HGH
FRQWDFW FHOSXLQNPK3ULQXUPDUHQXYHL
=HVWHvQWXQHULF EHQHILFLDGHXQFkPSYL]XDOFRPSOHWFkQG
=FRPXWDWRUXOGHOXPLQLHVWHSXVSHq
VWDLSHORFLQXSXWHLYHULILFDGDFDVLV
WHQWXOODYHGHUHDSHWLPSGHQRDSWH3OXV
XVDXX
IXQFLRQHD]
=WUHDSWDGHPHUVvQDSRLQXDIRVWFXSODW

 $VLJXUDLYFHVWHSRUQLW&20$1' 5HFXQRDWHUHDSLHWRQLORU
2QOLQH
 $SVDLEXWRQXOC
$9(57,60(17
$ILDMXODVLVWHQWXOXLODYHGHUHDSHWLPSGH 5HFXQRDWHUHDSLHWRQLORUSRDWHILUHGXVVDX
QRDSWH3OXVDSDUHSHDILDMXO&20$1' QHIXQFLRQDOGDF
=SLHWRQLLVXQWDVFXQLSDULDOVDXFRPSOHWGH
RELHFWHGHH[GHDXWRYHKLFXOHSDUFDWH
=VLOXHWDSLHWRQXOXLGLQDILDMXODVLVWHQWXOXLOD
YHGHUHDSHWLPSGHQRDSWH3OXVHVWHLQFRP
SOHWVDXvQWUHUXSWGHH[GHUHIOH[LLSXWHU
QLFHGHOXPLQ
=SLHWRQLLQXLQWUvQFRQWUDVWFXvPSUHMXUL
PLOH
=SLHWRQLLQXVHDIOvQSR]LLHGUHDSWGHH[
VWDXMRVVWDXSHYLQHVDXVXQWvQWLQL

G $QLPDOHOHQXVXQWGHWHFWDWHGHUHFXQRD
WHUHDSLHWRQLORU
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

$VLVWHQWXOODYHGHUHDSHWLPSGHQRDSWH3OXV
SRDWHUHFXQRDWHSLHWRQLLXWLOL]kQGDQXPLWH
FDUDFWHULVWLFLWLSLFHGHH[FkQGHVWHRVLOXHW

&RQGXFHUHDLSDUFDUHD
FXIRUPGHSHUVRDQ
5HFXQRDWHUHDSLHWRQLORUHVWHDSRLDFWLYDW
DXWRPDWGDF
=$VLVWHQWXOODYHGHUHDSHWLPSGHQRDSWH
3OXVHVWHDFWLYDW
=FRQGXFHLFXSHVWHDSUR[LPDWLYNPK
=YDIODLvQ]RQHvQWXQHFDWHGHH[FkQG
LHLLFXPDLQDGLQ]RQHOHFXFRQVWUXFLLL
LQWUDLvQ]RQHIULOXPLQDWSHVWUDG
'DFUHFXQRDWHUHDSLHWRQLORUHVWHDFWLY
VLPEROXODSDUH'DFXQSLHWRQHVWHUHFX
QRVFXWDFXPDFHVWDHVWHvQFDGUDWLvQ
FRQVHFLQHYLGHQLDW'DFVLVWHPXOGHUHFX
QRDWHUHDSLHWRQLORUYDDWUDVDWHQLDDVXSUD
XQXLSLHWRQXLWDLYSULQSDUEUL]SHQWUXD
HYDOXDVLWXDLD'LVWDQDUHDOSkQODRELHFWH
LSLHWRQLQXSRDWHILHYDOXDWFXSUHFL]LHGDF
YXLWDLODXQVLPSOXHFUDQ
QXQHOHVLWXDLLVXQWHYLGHQLDWHLRELHFWH
LSLHWRQL

3DUEUL]DEXULWVDXPXUGDU
'DFSDUEUL]XOGLQIDDFDPHUHLHVWHDEXULW
VDXPXUGDUSHLQWHULRUVDXH[WHULRUDILDMXO
DVLVWHQWXOXLODYHGHUHDSHWLPSGHQRDSWH3OXV
HVWHDIHFWDW
 3HQWUXDGH]DEXULYHULILFDLVHWULOHDHUX
OXLFRQGLLRQDWDXWRPDW 3DJLQD L
UDEDWDLFDSDFXOFDPHUHLvQMRV
3DJLQD 
 3HQWUXDGH]DEXULSDUEUL]XOSHLQWHULRU
UDEDWDLFDSDFXOFDPHUHLvQMRV
3DJLQD LFXUDLSDUEUL]XO
3DJLQD 


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

3UREOHPHOD$VLVWHQWXOODYHGHUHDSHWLPSGHQRDSWH3OXV

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&RQGXFHUHDLSDUFDUHD

&DOLWDWHDLPDJLQLLGLQ WHUJWRDUHOHGHSDUEUL]PXUGUHVFSDUEUL]XO
DVLVWHQWXOODYHGHUHDSH  QORFXLLODPHOHWHUJWRDUHORU 3DJLQD 
WLPSGHQRDSWH3OXVVD
GHJUDGDW 3DUEUL]XOVDPXUGULWGXSFHDXWRYHKLFXOXODIRVWVSODWODR
VSOWRULHDXWR
 &XUDLSDUEUL]XO 3DJLQD 

3DUEUL]XODIRVW]JkULDWGHSLHWULFHOHSURLHFWDWHvQFkPSXOGHYL]LXQH
DOFDPHUHL
 QORFXLLSDUEUL]XO

3DUEUL]XOHVWHDEXULWSHLQWHULRU
 'H]DEXULLSDUEUL]XO 3DJLQD 

3DUEUL]XODvQJKHDW
 'H]JKHDLSDUEUL]XO 3DJLQD 

3HLQWHULRUXOSDUEUL]XOXLVHDIOPL]HULH
 &XUDLSDUWHDLQWHULRDUDSDUEUL]XOXL 3DJLQD 

3DFKHWXOGHXUPULUHDEHQ]LLGHPHUV WHQDDFWLYODXQJKLXOPRUWXWLOL]HD]VHQ]RUL
GLQEDUDGHSURWHFLHVSDWH
1RWHJHQHUDOH
$9(57,60(17
3DFKHWXOGHXUPULUHDEHQ]LLGHPHUVFRQVW $VLVWHQDODXQJKLXOPRUWHVWHQXPDLXQVLV
GLQDVLVWHQDODXQJKLXOPRUW 3DJLQD WHPGHDVLVWHQFDUHYDMXWFkQGFRQGX
LDVLVWHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUV FHL$FHDVWDSRDWHVQXGHWHFWH]HDQXPLWH
3DJLQD  DXWRYHKLFXOHQHFRQVWLWXLQGXQVXEVWLWXWSHQ
WUXFRQGXFHUHDDWHQW
$VLVWHQODXQJKLXOPRUW
$VLVWHQDODXQJKLXOPRUWQXSRDWHGHWHFWD
1RWHLPSRUWDQWHSULYLQGVLJXUDQD FRQGLLLOHGHGUXPLWUDILF(VWHSRVLELOFD
DFHDVWDVQXGHWHFWH]HDXWRYHKLFXOH
$VLVWHQDODXQJKLXOPRUWXWLOL]HD]XQVLVWHP
vQJXVWHSUHFXPPRWRFLFOHWHVDXELFLFOHWHVDX
GHVHQ]RULUDGDUSHQWUXDPRQLWRUL]D]RQHOH
OHSRDWHGHWHFWDSUHDWkU]LX
GHSHDPEHOHSULODWHUDOHDOHDXWRYHKLFXOX
OXLGXPQHDYRDVWU(DYDVLVWvQFHSkQGFX 0RQLWRUL]DUHSRDWHILDIHFWDWGHVHQ]RULLPXU
YLWH]HGHNPK8QDILDMGHDYHUWL]DUHGLQ GDULDSDSXOYHUL]DWGHQVVDXYL]LELOLWDWHD
RJOLQ]LOHH[WHULRDUHYDWUDJHDWHQLDODDXWR VF]XWSURYRFDWGH]SDGSORDLHVDX
YHKLFXOHOHGHWHFWDWHvQ]RQDPRQLWRUL]DW FHDGHH[HPSOXQDFHVWFD]DXWRYHKLFX
'DFDFWLYDLDSRLVHPQDOL]DWRUXOGHGLUHFLH OHOHVXQWGHWHFWDWHWDUGLYVDXGHORF
DIHUHQWSHQWUXDVFKLPEDEDQGDVHYDHPLWH $FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGLQ
GHDVHPHQHDXQDYHUWLVPHQWRSWLFLVRQRU WUDILFLvPSUHMXULPLORUGXPQHDYRDVWUQFD]
SULYLQGFROL]LXQHD3HQWUXPRQLWRUL]DUHDVLV FRQWUDUHVWHSRVLELOVQXUHFXQRDWHLSHUL
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

FROHOHODWLPSSURYRFkQGXQDFFLGHQWL SRDWHDSUHDGDFDXWRYHKLFXOHOHFRQGXFOD
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH PDUJLQHDEHQ]LLFHOHPDLvQGHSUWDWHGHDXWR
YHKLFXOXOGXPQHDYRDVWU

&RQGXFHUHDLSDUFDUHD
6LVWHPXOGHVHQ]RUUDGDUHVWHDXWRPDWGH]DF $FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGLQ
WLYDWOkQJXQLWLOHUDGLRWHOHVFRS WUDILFLvPSUHMXULPLORUGXPQHDYRDVWUQFD]
3DJLQD  FRQWUDUHVWHSRVLELOVQXUHFXQRDWHLSHUL
3HQWUXFDDVLVWHQDODXQJKLXOPRUWVY FROHOHODWLPSSURYRFkQGXQDFFLGHQWL
DVLVWHFkQGFRQGXFHLVLVWHPXOGHVHQ]RUL UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH
UDGDUWUHEXLHVILHDFWLYDW 3DJLQD L
VILHIXQFLRQDO 'DFEHQ]LOHVXQWvQJXVWHSRWILVHPQDODWH
DXWRYHKLFXOHOHFDUHUXOHD]GLQFRORGHEDQGD
5D]DGHPRQLWRUL]DUHDVHQ]RULORU DIODWOkQJDXWRYHKLFXOXOGXPQHDYRDVWU
$VLVWHQDODXQJKLXOPRUWPRQLWRUL]HD]R PDLDOHVGDFDXWRYHKLFXOHOHQXUXOHD]vQ
]RQGHSkQODWUHLPHWULvQVSDWHOHDXWRYH PLMORFXOEHQ]LLORU$FHDVWVLWXDLHSRDWHVXU
KLFXOXOXLGXPQHDYRDVWULLPHGLDWOkQJ YHQLGDFH[LVWDXWRYHKLFXOHODFHDPDLDSUR
DXWRYHKLFXOXOGXPQHDYRDVWUGXSFXPHVWH SLDWPDUJLQHDEHQ]LLIDGHDXWRYHKLFXOXO
LQGLFDWvQVFKHP GXPQHDYRDVWU
'LQFDX]DQDWXULLVLVWHPXOXL
=VHSRWHPLWHDYHUWLVPHQWHIDOVHFkQGFRQ
GXFHLDSURDSHGHEDULHUHGHSURWHFLHVDX
GHPDUJLQLVROLGHVLPLODUHDOHEHQ]LORU
=vQDQXPLWHVLWXDLLDYHUWLVPHQWHOHVILH
vQWUHUXSWHFkQGUXODLvQSDUDOHOFXDXWRYH
KLFXOHIRDUWHOXQJLPDLDOHVGHH[HPSOX
FDPLRDQHPDLPXOWWLPS
&HLGRLVHQ]RULUDGDUSHQWUXDVLVWHQDOD
XQJKLXOPRUWVXQWLQWHJUDLvQSULOHODWHUDOH
DOHEDUHLGHSURWHFLHVSDWH$VLJXUDLYF
EDUDGHSURWHFLHQXDUHLPSXULWLJKHD
VDXODSRYLvQDSURSLHUHDVHQ]RULORU6HQ]RULL
QXWUHEXLHVILHDFRSHULLGHH[HPSOXFX
VXSRUWXULSHQWUXELFLFOHWVDXVDUFLQLvQFRQ
VROQXUPDXQXLLPSDFWSXWHUQLFVDXvQFD]XO
$9(57,60(17 GHWHULRUULLEDUHORUGHSURWHFLHVROLFLWDL
$VLVWHQDODXQJKLXOPRUWPRQLWRUL]HD]DQX YHULILFDUHDIXQFLRQULLVHQ]RULORUODXQDWHOLHU
PLWH]RQHGLQLPHGLDWDDSURSLHUHDDXWRYHKL GHVSHFLDOLWDWHDXWRUL]DWQFD]FRQWUDUHVWH
FXOXOXLGXPQHDYRDVWU$XWRYHKLFXOHOHFDUH SRVLELOFDDVLVWHQDODXQJKLXOPRUWVQX
VHDSURSLHLYGHSHVFODYLWH]HPDULQX IXQFLRQH]HFRUHVSXQ]WRU
VXQWGHWHFWDWH1XH[LVWQLFLXQGLVSOD\L
QLFLXQDYHUWLVPHQW
'DFEHQ]LOHVXQWIRDUWHODUJLHVWHSRVLELOV
QXVHSRDWPRQLWRUL]DOLPHDFRPSOHWD
EHQ]LLGLQDSURSLHUH'LQDFHVWPRWLYDXWRYH
KLFXOHOHGLQEDQGDGHDOWXULSRWVQXILH
GHWHFWDWHPDLDOHVGDFUXOHD]vQIRUPDLH
HDORQDWSHEHQ]LGLIHULWH$FHDVWVLWXDLH


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

,QGLFDWRULDILDMGHDYHUWL]DUH FROHOHODWLPSSURYRFkQGXQDFFLGHQWL
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH
&RQGXFHUHDLSDUFDUHD

$YHUWLVPHQWSULYLQGFROL]LXQHD
'DFXQDXWRYHKLFXOHVWHGHWHFWDWvQUD]DGH
PRQLWRUL]DUHDDVLVWHQHLODXQJKLXOPRUWL
SRUQLLVHPQDOL]DWRUXOGHGLUHFLHFRUHV
SXQ]WRUVHHPLWHXQVXQHWGHDYHUWL]DUH
GXEOX/DPSDGHDYHUWL]DUHURLHCOXPL
QHD]LQWHUPLWHQW'DFVHPQDOL]DWRUXOGH
GLUHFLHUPkQHSRUQLWDXWRYHKLFXOHOHGHWHF
WDWHVXQWLQGLFDWHSULQDSULQGHUHDLQWHUPL
C /DPSLQGLFDWRDUHJDOEHQODPSGH WHQWDOPSLLGHDYHUWL]DUHURLLC1XVHPDL
DYHUWL]DUHURLH HPLWVXQHWHGHDYHUWL]DUH
'DFDVLVWHQDODXQJKLXOPRUWHVWHSRUQLW
$FWLYDUHDDVLVWHQHLODXQJKLXOPRUW
ODPSDLQGLFDWRDUHCGLQRJOLQ]LOHH[WHULRDUH
 /DDXWRYHKLFXOHOHIUVLVWHPGHQDYLJDLH
VHDSULQGHvQJDOEHQSkQODRYLWH]GH
NPK/DYLWH]HGHSHVWHNPKODPSD DVLJXUDLYF%HFNHU0$33,/27HVWH
LQGLFDWRDUHVHVWLQJHLDVLVWHQDODXQJKLXO FRQHFWDWFRQVXOWDLLQVWUXFLXQLOHGHXWLOL
PRUWHVWHIXQFLRQDO ]DUHVHSDUDWHSHQWUX$XGLR
 $VLJXUDLYFVLVWHPXOGHVHQ]RULUDGDU
'DFVHGHWHFWHD]XQDXWRYHKLFXOvQFDGUXO
UD]HLGHPRQLWRUL]DUHDDVLVWHQHLODXQJKLXO 3DJLQD LDVLVWHQDODXQJKLXOPRUW
PRUWODYLWH]HGHSHVWHNPKODPSDGH 3DJLQD VXQWDFWLYDWHvQFDOFXODWRUXO
DYHUWL]DUHCGHSHSDUWHDDIHUHQWVH GHERUG
DSULQGHvQURX$FHVWDYHUWLVPHQWHVWHvQWRW  5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
GHDXQDHPLVFkQGXQDXWRYHKLFXOLQWUvQUD]D FRQWDFW
GHPRQLWRUL]DUHODXQJKLPRUWGLQVSDWHVDX /PSLOHGHDYHUWL]DUHCVHDSULQGvQURX
GLQODWHUDO&kQGGHSLLXQDXWRYHKLFXO vQRJOLQ]LOHH[WHULRDUHWLPSGHDSUR[LPDWLY
DYHUWLVPHQWXOVHHPLWHGRDUGDFGLIHUHQD VHFXQGHLDSRLGHYLQJDOEHQH
GHYLWH]HVWHVXENPK
7UDFWDUHDUHPRUFLL
/DPSDLQGLFDWRDUHJDOEHQVHVWLQJHGDF
WUHDSWDGHPHUVvQDSRLHVWHFXSODW$VLV 'DFIL[DLRUHPRUFDVLJXUDLYFDLUHD
WHQDODXQJKLXOPRUWHVWHDWXQFLGH]DFWLYDW OL]DWFRUHFWFRQH[LXQHDHOHFWULF3XWHLHIHF
WXDDFHVWOXFUXYHULILFkQGLOXPLQDUHDUHPRU
/XPLQR]LWDWHDOPSLORULQGLFDWRDUHGHDYHU
FLL$VLVWHQDODXQJKLXOPRUWHVWHDWXQFL
WL]DUHHVWHUHJODWDXWRPDWvQIXQFLHGH
GH]DFWLYDW/DPSDLQGLFDWRDUHGLQRJOLQ]LOH
OXPLQDDPELDQW
H[WHULRDUHVHDSULQGHvQJDOEHQLDUPHVDMXO
$9(57,60(17 %OLQG6SRW$VVLVWFXUUHQWO\XQDYDL
$VLVWHQDODXQJKLXOPRUWQXHVWHDFWLYOD ODEOH6HH2ZQHU
V0DQXDO $VLVWHQD
YLWH]HVXENPK/PSLOHLQGLFDWRDUHGLQ ODXQJKLXOPRUWPRPHQWDQLQGLVSRQL
RJOLQ]LOHH[WHULRDUHVXQWJDOEHQH$XWRYHKLFX ELO&RQVXOWDL0DQXDOXOGHXWLOL
OHOHGLQUD]DGHPRQLWRUL]DUHQXYRUILDVWIHO ]DUH DSDUHSHDILDMXOPXOWLIXQFLRQDO
LQGLFDWH G 3XWHLGH]DFWLYDOPSLOHLQGLFDWRDUHGLQ
$FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGH RJOLQ]LOHH[WHULRDUH
WUDILFLvPSUHMXULPLORUGXPQHDYRDVWUQFD]
FRQWUDUHVWHSRVLELOVQXUHFXQRDWHLSHUL
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

QDFHVWVFRSRSULLDVLVWHQDODXQJKLXO EDQGDVD(VWHGRDUXQVLVWHPGHDVLVWHQL
PRUWGDF HVWHSRVLELOVGHWHFWH]HLQFRUHFWVDXGHORF
=FKHLDVHDIOvQSR]LLDGLQFRPXWDWRUXO PDUFDMHOHGHEDQG

&RQGXFHUHDLSDUFDUHD
GHFRQWDFW 6LVWHPXOSRDWHDYHDRIXQFLRQDUHUHGXVVDX
=PRWRUXOQXHVWHSRUQLW DEVHQWGDF
=FRQH[LXQHDHOHFWULFODUHPRUFDIRVW =YL]LELOLWDWHDHVWHUHGXVGHH[GLQFDX]D
UHDOL]DW LOXPLQULLLQVXILFLHQWHDGUXPXOXLVDXGLQ
FDX]D]SH]LLSORLLFHLLVDXDSHLSXOYHUL
$VLVWHQSHQWUXPHQLQHUHDEHQ]LLGH ]DWH
PHUV =H[LVWOXPLQLRUELWRDUHGHH[GHODWUDILFXO
GLQVHQVRSXVVRDUHVDXUHIOH[LLOHGHODDOWH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD DXWRYHKLFXOH
$VLVWHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUV =SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW
PRQLWRUL]HD]]RQDGLQIDDDXWRYHKLFXOXOXL GHH[HPSOXFXRHWLFKHWDXWRFRODQWvQ
GXPQHDYRDVWUSULQLQWHUPHGLXOXQHLFDPHUH DSURSLHUHDFDPHUHL
GLQSDUWHDVXSHULRDUDSDUEUL]XOXL$VLVWHQD =VXQWSUH]HQWHPDLPXOWHPDUFDMHGHEDQG
SHQWUXPHQLQHUHDEHQ]LLGHPHUVGHWHFWHD]
VDXQLFLXQXOODRVLQJXUEDQG
PDUFDMHOHGHEDQGGHSHGUXPLYDYHUWL
=PDUFDMHOHGHEDQGVXQWX]DWHvQWXQHFDWH
]HD]vQDLQWHVSUVLLQHLQWHQLRQDWEDQGD
SHFDUHYDIODL VDXDFRSHULWHGHH[FXQRURLVDX]SDG
=GLVWDQDIDGHDXWRYHKLFXOXOGLQIDHVWH
SUHDPLFLPDUFDMHOHGHEDQGQXSRWIL
DVWIHOGHWHFWDWH
=PDUFDMHOHGHEDQGGHSHGUXPVXQW
QHFODUHGHH[OkQJOXFUULOHUXWLHUH
=PDUFDMHOHGHEDQGVHPRGLILFUDSLGGH
H[EHQ]LOHVHELIXUFVHLQWHUVHFWHD]VDX
VHXQHVF
=GUXPXOHVWHvQJXVWLVLQXRV

$VLVWHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUV
QXSRDWHGHWHFWDFRQGLLLOHUXWLHUH$FHVWDQX
C &DPHUDSHQWUXDVLVWHQDSHQWUXPHQLQH
SRDWHVXEVWLWXLRFRQGXFHUHDWHQW'YVSXU
UHDEHQ]LLGHPHUV
WDLUVSXQGHUHDYLWH]HLDXWRYHKLFXOXOXLD
'DFDLDOHVIXQFLD'LVSOD\XQLW6SHHG IUkQULLvQWLPSXWLOLDYLUULLFRUHFWH$GDS
RGRPHWHU 8QLWDWHDILDUHYLWH] WDLYvQWRWGHDXQDVWLOXOGHFRQGXFHUHvQ
FRQWRUGHSDUFXUV  3DJLQD GLQ IXQFLHGHFRQGLLLOHGHGUXPLPHWHRSUHGR
FDOFXODWRUXOGHERUGLVHOHFWDLNPFDXQLWDWH PLQDQWH$FRUGDLvQWRWGHDXQDDWHQLHFRQGL
GHPVXU$VLVWHQDDFWLYSHQWUXPHQLQH LLORUGLQWUDILFLvPSUHMXULPLORUGXPQHD
UHDEHQ]LLGHPHUVHVWHDFWLYGHODYLWH]HGH YRDVWUQFD]FRQWUDUHVWHSRVLELOVQX
NPK'DFVHVHOHFWHD]XQLWDWHDGHDIL UHFXQRDWHLSHULFROHOHODWLPSSURYRFkQGXQ
DUHPLOHV PLOH LQWHUYDOXOGHDVLVWHQ DFFLGHQWLUQLUHDGXPQHDYRDVWULDDOWRU
vQFHSHODPSK SHUVRDQH
$9(57,60(17 (VWHSRVLELOVVHHPLWXQDYHUWLVPHQWGDF
$VLVWHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUV RURDWGLQIDWUHFHSHVWHXQPDUFDMGH
QXPHQLQHDXWRYHKLFXOXOGXPQHDYRDVWUSH EDQG(DYYDDYHUWL]DSULQWURYLEUDLHLQWHU


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

PLWHQWvQYRODQWLPSGHSkQOD =YLUDLDFWLYGHH[WUDJHLGHYRODQSHQWUXD
VHFXQGH HYLWDXQREVWDFROVDXVFKLPEDLUDSLG
EDQGD
$FWLYDUHDDVLVWHQHLSHQWUXPHQLQHUHD
&RQGXFHUHDLSDUFDUHD

=WLDLRFXUEDVFXLWFkQGYLUDL
EHQ]LLGHPHUV
3HQWUXDILDYHUWL]DWQXPDLFkQGHVWHQHFHVDU
LvQWLPSXWLOGDFGHSLLXQPDUFDMGH
EDQGVLVWHPXOUHFXQRDWHDQXPLWHFRQGLLL
LYDYHUWL]HD]vQFRQVHFLQ
9LEUDLLOHGHDYHUWL]DUHDSDUPDLGHYUHPH
GDF
=YDSURSLDLGHPDUFDMXOGHEDQGH[WHULRU
 3RUQLLDVLVWHQDDFWLYSHQWUXPHQLQHUHD vQWURFXUE
EHQ]LLGHPHUVFXDMXWRUXOFDOFXODWRUXOXLGH =GUXPXODUHEHQ]LIRDUWHODUJLGHH[SH
ERUGvQDFHVWVFRSVHOHFWDL6WDQGDUGVDX DXWRVWUDG
$GDSWLYH $GDSWLY  3DJLQD  =VLVWHPXOUHFXQRDWHPDUFDMHOHGHEDQG
6LPEROXOCDSDUHSHDILDMXOPXOWLIXQFLR VROLGH
QDO 9LEUDLLOHGHDYHUWL]DUHDSDUPDLWkU]LXGDF
'DFFRQGXFHLFXYLWH]HGHSHVWH =GUXPXODUHEHQ]LvQJXVWH
NPKLPDUFDMHOHGHEDQGVXQWGHWHF
=WLDLFXUEDFkQGYLUDLSHREDQG
WDWHVLPEROXOCHVWHHYLGHQLDW$VLVWHQD
SHQWUXPHQLQHUHDEHQ]LLGHPHUVHVWHJDWD
GHXWLOL]DUH
3DFKHWXOGH$VLVWHQSHQWUXFRQGX
6WDQGDUG FHUHDDFWLY
'DFVHVHOHFWHD]6WDQGDUGQXDSDUYLEUDLL 1RWHJHQHUDOH
GHDYHUWL]DUHGDF
=DLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFLHQ
3DFKHWXOGH$VLVWHQSHQWUXFRQGXFHUHD
DFWLYFRQVWGLQ',67521,&3/86
DFHVWFD]DYHUWLVPHQWHOHVXQWDQXODWHSHQ
3DJLQD DVLVWHQDDFWLYODXQJKLXO
WUXRDQXPLWSHULRDGGHWLPS
PRUW 3DJLQD LDVLVWHQDDFWLYSHQ
=XQVLVWHPGHVLJXUDQODFRQGXFHUHLQWHU
WUXPHQLQHUHDEHQ]LLGHPHUV
YLQHSUHFXP$%6%$6VDX(63 3DJLQD 
$GDSWLY
$VLVWHQDFWLYODXQJKLXOPRUW
'DFVDVHOHFWDW$GDSWLYH $GDSWLY QX
DSDUYLEUDLLGHDYHUWL]DUHGDF 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
=DLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFLHQ
$VLVWHQDDFWLYODXQJKLXOPRUWXWLOL]HD]XQ
DFHVWFD]DYHUWLVPHQWHOHVXQWDQXODWHSHQ VLVWHPGHVHQ]RULUDGDUSHQWUXDPRQLWRUL]D
WUXRDQXPLWSHULRDGGHWLPS ]RQHOHODWHUDOHDOHDXWRYHKLFXOXOXLGXPQHD
=XQVLVWHPGHVLJXUDQODFRQGXFHUHLQWHU YRDVWUDIODWHvQVSDWHOHRIHUXOXL8QDILDM
YLQHSUHFXP$%6%$6VDX(63 GHDYHUWL]DUHGLQRJOLQ]LOHH[WHULRDUHYDWUDJH
=DFFHOHUDLSXWHUQLFGHH[SULQUHWURJUD DWHQLDODDXWRYHKLFXOHOHGHWHFWDWHvQ]RQD
GDUHIRUDW PRQLWRUL]DW'DFDFWLYDLDSRLVHPQDOL]DWR
=IUkQDLSXWHUQLF UXOGHGLUHFLHDIHUHQWSHQWUXDVFKLPED
EDQGDVHYDHPLWHGHDVHPHQHDXQDYHUWLV
PHQWRSWLFLVRQRUSULYLQGFROL]LXQHD'DF
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

VHGHWHFWHD]XQULVFGHFROL]LXQHODWHUDO 5D]DGHPRQLWRUL]DUH
IUkQDUHDFRUHFWLYYSRDWHDMXWDVHYLWDLR $VLVWHQDDFWLYODXQJKLXOPRUWPRQLWRUL
FROL]LXQH3HQWUXDFRQWULEXLODDFLRQDUHDIUk ]HD]R]RQGHSkQODWUHLPHWULvQVSDWHOH

&RQGXFHUHDLSDUFDUHD
QHORUvQVFRSXOFRUHFWULLWUDLHFWRULHLDVLV DXWRYHKLFXOXOXLGXPQHDYRDVWULLPHGLDW
WHQDDFWLYODXQJKLXOPRUWXWLOL]HD]GHDVH OkQJDXWRYHKLFXOXOGXPQHDYRDVWUGXS
PHQHDVLVWHPXOGHVHQ]RULUDGDURULHQWDW FXPHVWHLQGLFDWvQVFKHPQDFHVWVFRS
IURQWDO$VLVWHQDDFWLYODXQJKLXOPRUWY DVLVWHQDDFWLYODXQJKLXOPRUWXWLOL]HD]VHQ
DVLVWvQFHSkQGFXRYLWH]GHDSUR[LPDWLY ]RULUDGDUGLQEDUDGHSURWHFLHVSDWH
NPK
$9(57,60(17
$VLVWHQDDFWLYODXQJKLXOPRUWHVWHGRDUXQ
VLVWHPGHDVLVWHQLSRDWHVGHWHFWH]H
DXWRYHKLFXOHOHREVWDFROHOHLQFRUHFWVDX
FKLDUGHORF
6LVWHPXOSRDWHDYHDRIXQFLRQDUHUHGXVVDX
DEVHQWGDF
=H[LVWRYL]LELOLWDWHVF]XWGHH[GLQFDX]D
]SH]LLSORLLFHLLVDXDSHLSXOYHUL]DWH
=VHQ]RULLVSDWHLVDXIDVXQWPXUGDUL

$VLVWHQDDFWLYODXQJKLXOPRUWQXSRDWH
GHWHFWDDXWRYHKLFXOHvQJXVWHSUHFXPPRWR
FLFOHWHVDXELFLFOHWHVDXSRDWHVOHGHWHFWH]H
SUHDWkU]LX(DQXSRDWHGHWHFWDDXWRYHKLFX
OHOHFDUHVXQWGHSLWHODGLVWDQPLFLDSRL $9(57,60(17
LQWUvQ]RQDGHSXQFWPRUW $VLVWHQDDFWLYODXQJKLXOPRUWPRQLWRUL]HD]
$VLVWHQDDFWLYODXQJKLXOPRUWQXSRDWH DQXPLWH]RQHGLQLPHGLDWDDSURSLHUHDDXWR
GHWHFWDFRQGLLLOHGHGUXPLWUDILF$FHVWDQX YHKLFXOXOXLGXPQHDYRDVWU$XWRYHKLFXOHOH
SRDWHVXEVWLWXLRFRQGXFHUHDWHQW'YVSXU FDUHVHDSURSLHLYGHSHVFODYLWH]HPDUL
WDLUVSXQGHUHDYLWH]HLDXWRYHKLFXOXOXLD QXVXQWGHWHFWDWH1XVHHPLWDYHUWLVPHQWH
IUkQULLvQWLPSXWLOLDYLUULLFRUHFWH$GDS YL]XDOHVDXDXGLWLYHLDUVLVWHPXOQXIUkQHD]
WDLYvQWRWGHDXQDVWLOXOGHFRQGXFHUHvQ DXWRYHKLFXOXOSHQWUXDYFRUHFWDWUDLHFWRULD
IXQFLHGHFRQGLLLOHGHGUXPLPHWHRSUHGR 'DFEHQ]LOHVXQWIRDUWHODUJLHVWHSRVLELOV
PLQDQWH$FRUGDLvQWRWGHDXQDDWHQLHFRQGL QXVHSRDWPRQLWRUL]DOLPHDFRPSOHWD
LLORUGLQWUDILFLvPSUHMXULPLORUGXPQHD EHQ]LLGLQDSURSLHUH'LQDFHVWPRWLYDXWRYH
YRDVWUQFD]FRQWUDUHVWHSRVLELOVQX KLFXOHOHGLQEDQGDGHDOWXULSRWVQXILH
UHFXQRDWHLSHULFROHOHODWLPSSURYRFkQGXQ GHWHFWDWHPDLDOHVGDFUXOHD]vQIRUPDLH
DFFLGHQWLUQLUHDGXPQHDYRDVWULDDOWRU HDORQDW$FHDVWVLWXDLHSRDWHDSUHD
SHUVRDQH GDFDXWRYHKLFXOHOHFRQGXFODPDUJLQHDEHQ
]LLFHOHPDLvQGHSUWDWHGHDXWRYHKLFXOXOGXP
6LVWHPXOGHVHQ]RUUDGDUHVWHDXWRPDWGH]DF
QHDYRDVWU
WLYDWOkQJXQLWLOHUDGLRWHOHVFRS
3DJLQD  $FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGLQ
WUDILFLvPSUHMXULPLORUGXPQHDYRDVWUQFD]
3HQWUXFDDVLVWHQDDFWLYODXQJKLXOPRUWV
FRQWUDUHVWHSRVLELOVQXUHFXQRDWHLSHUL
YDVLVWHFkQGFRQGXFHLVLVWHPXOGHVHQ]RUL
FROHOHODWLPSSURYRFkQGXQDFFLGHQWL
UDGDUWUHEXLHVILHDFWLYDW 3DJLQD L
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH
VILHIXQFLRQDO


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

'DFEHQ]LOHVXQWvQJXVWHSRWILVHPQDODWH &kQGDVLVWHQDDFWLYODXQJKLXOPRUWHVWH
DXWRYHKLFXOHOHFDUHUXOHD]GLQFRORGHEDQGD DFWLYDWODPSDLQGLFDWRDUHCGLQRJOLQ]LOH
DIODWOkQJDXWRYHKLFXOXOGXPQHDYRDVWU H[WHULRDUHVHDSULQGHvQJDOEHQODYLWH]HGH
&RQGXFHUHDLSDUFDUHD

PDLDOHVGDFDXWRYHKLFXOHOHQXUXOHD]vQ SkQODNPK/DYLWH]HGHSHVWH
PLMORFXOEHQ]LLORU$FHDVWVLWXDLHSRDWHVXU NPKODPSDLQGLFDWRDUHVHVWLQJHLDVLV
YHQLGDFH[LVWDXWRYHKLFXOHODFHDPDLDSUR WHQDDFWLYODXQJKLXOPRUWHVWHIXQFLRQDO
SLDWPDUJLQHDEHQ]LLIDGHDXWRYHKLFXOXO 'DFVHGHWHFWHD]XQDXWRYHKLFXOvQFDGUXO
GXPQHDYRDVWU UD]HLGHPRQLWRUL]DUHDDVLVWHQHLODXQJKLXO
'LQFDX]DQDWXULLVLVWHPXOXL PRUWODYLWH]HGHSHVWHNPKODPSDGH
=VHSRWHPLWHDYHUWLVPHQWHIDOVHFkQGFRQ DYHUWL]DUHCGHSHSDUWHDDIHUHQWVH
GXFHLDSURDSHGHEDULHUHGHSURWHFLHVDX DSULQGHvQURX$FHVWDYHUWLVPHQWHVWHvQWRW
GHPDUJLQLVROLGHVLPLODUHDOHEHQ]LORU GHDXQDHPLVFkQGXQDXWRYHKLFXOLQWUvQUD]D
=vQDQXPLWHVLWXDLLDYHUWLVPHQWHOHVILH GHPRQLWRUL]DUHODXQJKLPRUWGLQVSDWHVDX
vQWUHUXSWHFkQGUXODLvQSDUDOHOFXDXWRYH GLQODWHUDO&kQGGHSLLXQDXWRYHKLFXO
KLFXOHIRDUWHOXQJLPDLDOHVGHH[HPSOX DYHUWLVPHQWXOVHHPLWHGRDUGDFGLIHUHQD
FDPLRDQHPDLPXOWWLPS GHYLWH]HVWHVXENPK
'RLVHQ]RULUDGDUDLDVLVWHQHLDFWLYHOD /DPSDLQGLFDWRDUHJDOEHQVHVWLQJHGDF
XQJKLXOPRUWVXQWLQWHJUDLvQEDUHOHGHSUR WUHDSWDGHPHUVvQDSRLHVWHFXSODW$VLV
WHFLHGLQIDLGLQVSDWHUHVSHFWLY8QVHQ WHQDDFWLYODXQJKLXOPRUWQXPDLHVWH
]RUUDGDUVXSOLPHQWDUVHDIOvQVSDWHOHFDSD DFWLY
FXOXLGLQPDVFDUDGLDWRUXOXL$VLJXUDLYF /XPLQR]LWDWHDOPSLORULQGLFDWRDUHGHDYHU
VHQ]RULLL]RQHOHGLQMXUXOORUQXFRQLQPL]H WL]DUHHVWHUHJODWDXWRPDWvQIXQFLHGH
ULHJKHDVDXODSRYL6HQ]RULLVSDWHQXWUH OXPLQDDPELDQW
EXLHVILHDFRSHULLGHH[FXVXSRUWXULGH $9(57,60(17
ELFLFOHWVDXVDUFLQLvQFRQVROQXUPDXQXL
$VLVWHQDDFWLYODXQJKLXOPRUWQXHVWHDFWLY
LPSDFWSXWHUQLFVDXvQFD]XOGHWHULRUULLEDUH
ODYLWH]HVXENPK/PSLOHLQGLFDWRDUH
ORUGHSURWHFLHVROLFLWDLYHULILFDUHDIXQF
GLQRJOLQ]LOHH[WHULRDUHVXQWJDOEHQH$XWRYH
LRQULLVHQ]RULORUODXQDWHOLHUGHVSHFLDOLWDWH
KLFXOHOHGLQUD]DGHPRQLWRUL]DUHQXYRUILDVW
DXWRUL]DWQFD]FRQWUDUHVWHSRVLELOFDDVLV
IHOLQGLFDWH
WHQDODXQJKLXOPRUWVQXIXQFLRQH]HFRUHV
SXQ]WRU $FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGH
WUDILFLvPSUHMXULPLORUGXPQHDYRDVWUQFD]
,QGLFDWRULDILDMGHDYHUWL]DUH FRQWUDUHVWHSRVLELOVQXUHFXQRDWHLSHUL
FROHOHODWLPSSURYRFkQGXQDFFLGHQWL
UQLUHDGXPQHDYRDVWULDDOWRUSHUVRDQH

$YHUWLVPHQWHYL]XDOHLDFXVWLFHSULYLQG
FROL]LXQHD
'DFXQDXWRYHKLFXOHVWHGHWHFWDWvQUD]DGH
PRQLWRUL]DUHODWHUDOLDUGXPQHDYRDVWUSRU
QLLVHPQDOL]DWRDUHOHGHGLUHFLHFRUHV
SXQ]WRDUHYHLSULPLXQDYHUWLVPHQWSULYLQG
FROL]LXQHD9HLDX]LXQVXQHWGHDYHUWL]DUH
GXEOXLODPSDGHDYHUWL]DUHURLHCOXPL
C /DPSLQGLFDWRDUHJDOEHQODPSGH QHD]LQWHUPLWHQW'DFVHPQDOL]DWRUXOGH
DYHUWL]DUHURLH GLUHFLHUPkQHSRUQLWDXWRYHKLFXOHOHGHWHF
WDWHVXQWLQGLFDWHSULQDSULQGHUHDLQWHUPL
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

WHQWDOPSLLGHDYHUWL]DUHURLLC1XVHPDL 'XPQHDYRDVWUSXUWDLUVSXQGHUHDYLWH]HL
HPLWVXQHWHGHDYHUWL]DUH DXWRYHKLFXOXOXLDYLUULLFRUHFWHLDIUkQULLvQ
WLPSXWLO$GDSWDLYvQWRWGHDXQDVWLOXOGH

&RQGXFHUHDLSDUFDUHD
$FLRQDUHDIUkQHORUSHQWUXFRUHFWDUHD
FRQGXFHUHvQIXQFLHGHFRQGLLLOHGHGUXPL
WUDLHFWRULHL
PHWHRSUHGRPLQDQWH$FRUGDLvQWRWGHDXQD
'DFDVLVWHQDDFWLYODXQJKLXOPRUWGHWHF DWHQLHFRQGLLLORUGLQWUDILFLvPSUHMXULPLORU
WHD]XQULVFGHFROL]LXQHODWHUDOvQUD]DGH GXPQHDYRDVWUQFD]FRQWUDUHVWHSRVLELOV
PRQLWRUL]DUHVHHIHFWXHD]DFLRQDUHDIUkQH QXUHFXQRDWHLSHULFROHOHODWLPSSURYRFkQG
ORUvQVFRSXOFRUHFWULLWUDLHFWRULHL$FHDVWDY XQDFFLGHQWLUQLUHDGXPQHDYRDVWULD
SRDWHDMXWDVHYLWDLRFROL]LXQH DOWRUSHUVRDQH
$FLRQDUHDIUkQHORUvQVFRSXOFRUHFWULL
WUDLHFWRULHLHVWHGLVSRQLELOvQLQWHUYDOXOGLQ 6HSRDWHUHDOL]DRDFLRQDUHDIUkQHORUvQVFR
WUHNPKLNPK SXOFRUHFWULLWUDLHFWRULHLIRDUWHUHGXVVDX
'DFVHHIHFWXHD]RDFLRQDUHDIUkQHORUvQ FKLDUGHORFGDF
VFRSXOFRUHFWULLWUDLHFWRULHLODPSDGHDYHU =H[LVWDXWRYHKLFXOHVDXREVWDFROHGHH[
WL]DUHURLHCOXPLQHD]LQWHUPLWHQWvQ EDULHUHGHSURWHFLHSHDPEHOHSULODWH
RJOLQGDH[WHULRDULXUPWRDUHOHDSDUSHDIL UDOHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWU
DMXOPXOWLIXQFLRQDOGHH[HPSOX =XQDXWRYHKLFXOVHDSURSLHSUHDPXOWSHR
ODWXU
=DLDGRSWDWXQVWLOGHFRQGXFHUHVSRUWLYFX
YLWH]HPDULvQYLUDMH
=IUkQDLVDXDFFHOHUDLSXWHUQLF
=XQVLVWHPGHVLJXUDQODFRQGXFHUHLQWHU
YLQHSUHFXP(63VDXIUkQD35(6$)(
=(63HVWHGH]DFWLYDW
$9(57,60(17 =SURJUDPXO2IIURDGHVWHDFWLYDW DXWRYH
$VLVWHQDDFWLYODXQJKLXOPRUWHVWHQXPDLXQ
KLFXOHIUSDFKHW21 2))52$' 
VLVWHPGHDVLVWHQFDUHYDMXWFkQGFRQ
=SURJUDPXO2IIURDGVDXHVWHDFWLYDW
GXFHL$FHVWDQXSRDWHVXEVWLWXLRFRQGXFHUH
DWHQW(VWHSRVLELOFDIUkQDUHDDXWRPDW DXWRYHKLFXOHFXSDFKHW21 2))52$' 
HIHFWXDWGHVLVWHPVQXILHvQWRWGHDXQDVXIL =WUHDSWDGHYLWH]HRIIURDG/2:5$1*(

FLHQWSHQWUXDHYLWDRFROL]LXQHQDVWIHOGH HVWHDFWLYDW DXWRYHKLFXOHFXSDFKHW


FD]XULWUHEXLHVYLUDLVIUkQDLVDXVDFFH 21 2))52$' 
OHUDLVLQJXU =VHGHWHFWHD]RSLHUGHUHDSUHVLXQLLvQ

QFD]XULIRDUWHUDUHVLVWHPXOSRDWHGHWHFWD SQHXULVDXXQSQHXGHIHFW
XQULVFGHFROL]LXQHFkQGDFHVWDQXH[LVW
$FWLYDUHDDVLVWHQHLDFWLYHODXQJKLXO
IUkQkQGHURQDWOkQJEDULHUHGHSURWHFLHVDX
PRUW
DOWHDVWIHOGHOLPLWHUXWLHUH$VLVWHQDDFWLYOD
 /DDXWRYHKLFXOHOHIUVLVWHPGHQDYLJDLH
XQJKLXOPRUWQXSRDWHGHWHFWDWRDWHFRQGLLLOH
UXWLHUHLSDUWLFLSDQLLODWUDILF$VLJXUDLY DVLJXUDLYF%HFNHU0$33,/27HVWH
FRQVWDQWFH[LVWRGLVWDQODWHUDOVXIL FRQHFWDWFRQVXOWDLLQVWUXFLXQLOHGHXWLOL
FLHQWvQWUHGXPQHDYRDVWULDOLSDUWLFLSDQL ]DUHVHSDUDWHSHQWUX$XGLR
ODWUDILFVDXREVWDFROH3XWHLGHH[HPSOX  $VLJXUDLYFVLVWHPXOGHVHQ]RULUDGDU
FRQWUDYLUDXRUVDXDSVDSHGDODGHDFFHOH 3DJLQD LDVLVWHQDDFWLYOD
UDLHRULFkQGSHQWUXDDQXODRIUkQDUHLQDGHF
YDW


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

XQJKLXOPRUW 3DJLQD VXQWDFWLYDWH


vQFDOFXODWRUXOGHERUG
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
&RQGXFHUHDLSDUFDUHD

FRQWDFW
/PSLOHGHDYHUWL]DUHCVHDSULQGvQURX
vQRJOLQ]LOHH[WHULRDUHWLPSGHDSUR[LPDWLY
VHFXQGHLDSRLGHYLQJDOEHQH

7UDFWDUHDUHPRUFLL
'DFIL[DLRUHPRUFDVLJXUDLYFDLUHD
OL]DWFRUHFWFRQH[LXQHDHOHFWULF3XWHLHIHF C &DPHUDDVLVWHQHLDFWLYHSHQWUXPHQLQH
WXDDFHVWOXFUXYHULILFkQGLOXPLQDUHDUHPRU
UHDEHQ]LLGHPHUV
FLL$VLVWHQDDFWLYODXQJKLXOPRUWHVWHDSRL
GH]DFWLYDW/DPSDLQGLFDWRDUHVHDSULQGHvQ 'DFDLDOHVIXQFLD'LVSOD\XQLW6SHHG
JDOEHQvQRJOLQ]LOHH[WHULRDUHLPHVDMXO RGRPHWHU 8QLWDWHDILDUHYLWH]
$FWLYH%OLQG6SRW$VVLVWFXUUHQWO\ FRQWRUGHSDUFXUV  3DJLQD vQFDO
XQDYDLODEOH6HH2ZQHU
V0DQXDO FXODWRUXOGHERUGLVHOHFWDLNPFDXQLWDWHGH
$VLVWHQDDFWLYODXQJKLXOPRUW PVXUDVLVWHQDDFWLYSHQWUXPHQLQHUHD
PRPHQWDQLQGLVSRQLELO&RQVXOWDL EHQ]LLGHPHUVHVWHDFWLYGHODNPK
0DQXDOXOGHXWLOL]DUH DSDUHSHDILDMXO 'DFVHVHOHFWHD]XQLWDWHDGHDILDUH
PXOWLIXQFLRQDO PLOHV PLOH LQWHUYDOXOGHDVLVWHQvQFHSH
ODPSK
$VLVWHQDDFWLYSHQWUXPHQLQHUHD $9(57,60(17
EHQ]LLGHPHUV
$VLVWHQDDFWLYSHQWUXPHQLQHUHDEHQ]LLGH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD PHUVQXPHQLQHDXWRYHKLFXOXOGXPQHD
YRDVWUSHEDQGDVD(VWHGRDUXQVLVWHPGH
$VLVWHQDDFWLYSHQWUXPHQLQHUHDEHQ]LLGH
DVLVWHQLHVWHSRVLELOVGHWHFWH]HLQFRUHFW
PHUVPRQLWRUL]HD]]RQDGLQIDDDXWRYHKL
VDXGHORFPDUFDMHOHGHEDQG
FXOXOXLGXPQHDYRDVWUSULQLQWHUPHGLXOXQHL
FDPHUHGLQVSDWHOHSULLVXSHULRDUHDSDUEUL 6LVWHPXOSRDWHDYHDRIXQFLRQDUHUHGXVVDX
]XOXL$VLVWHQDDFWLYSHQWUXPHQLQHUHD DEVHQWGDF
EHQ]LLGHPHUVGHWHFWHD]PDUFDMHOHGH =VXQWSUH]HQWHPDLPXOWHPDUFDMHGHEDQG
EDQGGHSHGUXPLYDYHUWL]HD]vQDLQWHV VDXQLFLXQXOODRVLQJXUEDQG
SUVLLQHLQWHQLRQDWEDQGDSHFDUHYDIODL =YL]LELOLWDWHDHVWHUHGXVGHH[GLQFDX]D
'DFQXUHDFLRQDLODDYHUWLVPHQWRDFLR LOXPLQULLLQVXILFLHQWHDGUXPXOXLVDXGLQ
QDUHDIUkQHORUSHQWUXFRUHFWDUHDEHQ]LLSRDWH FDX]D]SH]LLSORLLFHLLVDXDSHLSXOYHUL
DGXFHDXWRYHKLFXOXOvQDSRLvQEDQGDLQLLDO ]DWH
=H[LVWOXPLQLRUELWRDUHGHH[GHODWUDILFXO
GLQVHQVRSXVVRDUHVDXUHIOH[LLOHGHODDOWH
DXWRYHKLFXOH
=SDUEUL]XOHVWHPXUGDUDEXULWVDXDFRSHULW
GHH[HPSOXFXRHWLFKHWDXWRFRODQWvQ
DSURSLHUHDFDPHUHL
=PDUFDMHOHGHEDQGVXQWX]DWHvQWXQHFDWH
VDXDFRSHULWHGHH[FXQRURLVDX]SDG
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

=GLVWDQDIDGHDXWRYHKLFXOXOGLQIDHVWH $FLRQDUHDIUkQHORUSHQWUXFRUHFWDUHD
SUHDPLFLPDUFDMHOHGHEDQGQXSRWIL EHQ]LL
DVWIHOGHWHFWDWH 'DFSUVLLEDQGDvQDQXPLWHVLWXDLLDXWR

&RQGXFHUHDLSDUFDUHD
=PDUFDMHOHGHEDQGGHSHGUXPVXQW YHKLFXOXOYDIUkQDVFXUWSHRSDUWH$FHDVW
QHFODUHGHH[OkQJOXFUULOHUXWLHUH IUkQDUHDUHFDVFRSUHDGXFHUHDDXWRYHKLFX
=PDUFDMHOHGHEDQGVHPRGLILFUDSLGGH OXOXLSHEDQGDLQLLDO
H[EHQ]LOHVHELIXUFVHLQWHUVHFWHD]VDX $FHDVWIXQFLHHVWHGLVSRQLELOvQLQWHUYDOXO
VHXQHVF GLQWUHNPKLNPK
=GUXPXOHVWHvQJXVWLVLQXRV 2DFLRQDUHDIUkQHORUSHQWUXFRUHFWDUHDEHQ
$VLVWHQDDFWLYSHQWUXPHQLQHUHDEHQ]LLGH ]LLVHSRDWHUHDOL]DGRDUGXSFRQGXFHUHD
PHUVQXSRDWHGHWHFWDFRQGLLLOHGHGUXPL SHVWHXQPDUFDMGHEDQGVROLGLGHWHFWDELO
WUDILF$FHVWDQXSRDWHVXEVWLWXLRFRQGXFHUH QDLQWHGHDFLRQDUHWUHEXLHVVHHPLWXQ
DWHQW'YVSXUWDLUVSXQGHUHDYLWH]HLDXWR DYHUWLVPHQWSULQWURYLEUDLHLQWHUPLWHQWvQ
YHKLFXOXOXLDIUkQULLvQWLPSXWLOLDYLUULL YRODQQSOXVREDQGFXPDUFDMHGHEDQG
FRUHFWH$GDSWDLYvQWRWGHDXQDVWLOXOGH SHDPEHOHODWXULWUHEXLHVILHUHFXQRVFXW
FRQGXFHUHvQIXQFLHGHFRQGLLLOHGHGUXPL $FLRQDUHDIUkQHORUUHGXFHGHDVHPHQHDXRU
PHWHRSUHGRPLQDQWH$FRUGDLvQWRWGHDXQD YLWH]DGHFRQGXFHUH
DWHQLHFRQGLLLORUGLQWUDILFLvPSUHMXULPLORU 'DFVXUYLQHRDFLRQDUHDIUkQHORUSHQWUX
GXPQHDYRDVWUQFD]FRQWUDUHVWHSRVLELOV FRUHFWDUHDEHQ]LLXUPWRDUHOHDSDUSHDILD
QXUHFXQRDWHLSHULFROHOHODWLPSSURYRFkQG MXOPXOWLIXQFLRQDO
XQDFFLGHQWLUQLUHDGXPQHDYRDVWULD
DOWRUSHUVRDQH

9LEUDLLGHDYHUWL]DUHvQYRODQ
(VWHSRVLELOVVHHPLWXQDYHUWLVPHQWGDF
RURDWGLQIDWUHFHSHVWHXQPDUFDMGH
EDQG(DYYDDYHUWL]DSULQWURYLEUDLHLQWHU
PLWHQWvQYRODQWLPSGHSkQOD G 2QRXDFLRQDUHDIUkQHORUSHQWUXFRUHF
VHFXQGH WDUHDEHQ]LLSRDWHVXUYHQLGRDUGXSFH
3HQWUXDILDYHUWL]DWQXPDLFkQGHVWHQHFHVDU DXWRYHKLFXOXOGXPQHDYRDVWUDUHYHQLWSH
LvQWLPSXWLOGDFGHSLLXQPDUFDMGH EDQGDLQLLDO
EDQGVLVWHPXOUHFXQRDWHDQXPLWHFRQGLLL
LYDYHUWL]HD]vQFRQVHFLQ $9(57,60(17
9LEUDLLOHGHDYHUWL]DUHDSDUPDLGHYUHPH $VLVWHQDDFWLYSHQWUXPHQLQHUHDEHQ]LLGH
GDF PHUVQXPHQLQHDXWRYHKLFXOXOGXPQHD
YRDVWUSHEDQGDVD$FHDVWDHVWHQXPDLXQ
=YDSURSLDLGHPDUFDMXOGHEDQGH[WHULRU
VLVWHPGHDVLVWHQFDUHYDMXWFkQGFRQ
vQWURFXUE GXFHL$FHVWDQXSRDWHVXEVWLWXLRFRQGXFHUH
=GUXPXODUHEHQ]LIRDUWHODUJLGHH[SH
DWHQW)UkQDUHDFRUHFWLYSRDWHVQXILH
DXWRVWUDG vQWRWGHDXQDVXILFLHQWSHQWUXDUHDGXFHDXWR
=VLVWHPXOUHFXQRDWHPDUFDMHOHGHEDQG YHKLFXOXOGXPQHDYRDVWUSHEDQGDVDLQLLDO
VROLGH QDQXPLWHFD]XULWUHEXLHVGLULMDLDXWRYHKL
9LEUDLLOHGHDYHUWL]DUHDSDUPDLWkU]LXGDF FXOXOVLQJXUSHQWUXDYDVLJXUDFQX
=GUXPXODUHEHQ]LvQJXVWH
SUVHWHEDQGD
=WLDLFXUEDFkQGYLUDLSHREDQG
$VLVWHQDDFWLYSHQWUXPHQLQHUHDEHQ]LLGH
PHUVQXSRDWHGHWHFWDVLWXDLDFXUHQWGLQ


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

WUDILFVDXDOLSDUWLFLSDQLODWUDILF$VLJXUDL =WUHDSWDGHYLWH]HRIIURDG/2:5$1*(

YFRQVWDQWFH[LVWRGLVWDQODWHUDOVXIL HVWHDFWLYDW DXWRYHKLFXOHFXSDFKHW


FLHQWvQWUHGXPQHDYRDVWULDOLSDUWLFLSDQL 21 2))52$' 
&RQGXFHUHDLSDUFDUHD

ODWUDILFVDXREVWDFROHQVLWXDLLUDUHVLVWH =VDGHWHFWDWLVDDILDWSLHUGHUHDSUHVLXQLL
PXOSRDWHGHWHFWDOLQLLvQWUHUXSWHVDXDQXPLWH vQSQHXULVDXXQSQHXGHIHFW
VWUXFWXULGHSHVXSUDIDDGUXPXOXLFDPDUFDMH $VLVWHQDDFWLYSHQWUXPHQLQHUHDEHQ]LLGH
GHEDQGVROLGH3XWHLGHH[HPSOXVFRQ PHUVQXGHWHFWHD]FRQGLLLOHGHGUXPLWUD
WUDYLUDLRULFkQGXRUSHQWUXDDQXODDFLRQD ILF2DFLRQDUHLQDGHFYDWDIUkQHORUSRDWHIL
UHDLQDGHFYDWDIUkQHORUGHH[GDFWUDYHU vQWUHUXSWRULFkQGGDF
VDLLQWHQLRQDWXQPDUFDMGHEDQGVROLG
=YLUDLXRUvQGLUHFLDRSXV
$VLVWHQDDFWLYSHQWUXPHQLQHUHDEHQ]LLGH
=XWLOL]DLXQVHPQDOL]DWRUGHGLUHFLH
PHUVQXSRDWHLQHFRQWGHFRQGLLLOHPHWHR
=IUkQDLVDXDFFHOHUDLVHVL]DELO
'XPQHDYRDVWUSXUWDLUVSXQGHUHDYLWH]HL
DXWRYHKLFXOXOXLDYLUULLFRUHFWHLDIUkQULLvQ 2DFLRQDUHDIUkQHORUSHQWUXFRUHFWDUHDEHQ
WLPSXWLO$GDSWDLYvQWRWGHDXQDVWLOXOGH ]LLHVWHvQWUHUXSWDXWRPDWGDF
FRQGXFHUHvQIXQFLHGHFRQGLLLOHGHGUXPL =XQVLVWHPGHVLJXUDQODFRQGXFHUHLQWHU
PHWHRSUHGRPLQDQWH$FRUGDLvQWRWGHDXQD YLQHSUHFXP(63IUkQD35(6$)(VDX
DWHQLHFRQGLLLORUGLQWUDILFLvPSUHMXULPLORU DVLVWHQDDFWLYODXQJKLXOPRUW
GXPQHDYRDVWUQFD]FRQWUDUHVWHSRVLELOV =PDUFDMHOHGHEDQGQXPDLSRWILUHFXQRV
QXUHFXQRDWHLSHULFROHOHODWLPSSURYRFkQG FXWH
XQDFFLGHQWLUQLUHDGXPQHDYRDVWULD
DOWRUSHUVRDQH $FWLYDUHDDVLVWHQHLDFWLYHSHQWUXPHQL
QHUHDEHQ]LLGHPHUV
1XVHUHDOL]HD]DFLRQDUHDIUkQHORUSHQWUX
FRUHFWDUHDEHQ]LLGDF
=YLUDLIUkQDLVDXDFFHOHUDLVHVL]DELOL
DFWLY
=WLDLRFXUEDVFXLWFkQGYLUDL
=DLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFLH
=XQVLVWHPGHVLJXUDQODFRQGXFHUHLQWHU
YLQHSUHFXP(63IUkQD35(6$)(VDX
 $FWLYDLDVLVWHQDDFWLYSHQWUXPHQLQHUHD
DVLVWHQDDFWLYODXQJKLXOPRUW EHQ]LLGHPHUVFXDMXWRUXOFDOFXODWRUXOXLGH
=DLDGRSWDWXQVWLOGHFRQGXFHUHVSRUWLYFX
ERUGvQDFHVWVFRSVHOHFWDL6WDQGDUGVDX
$GDSWLYH $GDSWLY 3DJLQD 
YLWH]HPDULvQYLUDMHVDXDFFHOHUULSXWHU
6LPEROXOCDSDUHSHDILDMXOPXOWLIXQFLR
QLFH
QDO
=ODDXWRYHKLFXOHOHFXXQFkUOLJGHWUDFWDUHD
UHPRUFLLFRQH[LXQHDHOHFWULFODUHPRUFD 'DFVDVHOHFWDW6WDQGDUGQXDSDUYLEUD
IRVWUHDOL]DWFRUHFW LLGHDYHUWL]DUHGDF
=DLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFLHQ
=(63HVWHGH]DFWLYDW
DFHVWFD]DYHUWLVPHQWHOHVXQWDQXODWH
=WUDQVPLVLDQXHVWHvQSR]LLD'
SHQWUXRDQXPLWSHULRDGGHWLPS
=SURJUDPXO2IIURDGHVWHDFWLYDW DXWRYH =XQVLVWHPGHVLJXUDQODFRQGXFHUH
KLFXOHIUSDFKHW21 2))52$'  LQWHUYLQHSUHFXP$%6%$6VDX(63
=SURJUDPXO2IIURDGVDXHVWHDFWLYDW
'DFVDVHOHFWDW$GDSWLYH $GDSWLY 
DXWRYHKLFXOHFXSDFKHW21 2))52$'  QXDSDUYLEUDLLGHDYHUWL]DUHGDF
6LVWHPHGHDVLVWDUHDFRQGXFHULL 

=DLSRUQLWVHPQDOL]DWRDUHOHGHGLUHFLHQ
DFHVWFD]DYHUWLVPHQWHOHVXQWDQXODWH
SHQWUXRDQXPLWSHULRDGGHWLPS

&RQGXFHUHDLSDUFDUHD
=XQVLVWHPGHVLJXUDQODFRQGXFHUH
LQWHUYLQHSUHFXP$%6%$6VDX(63
=DFFHOHUDLSXWHUQLFGHH[SULQUHWURJUD
GDUHIRUDW
=IUkQDLSXWHUQLF
=YLUDLDFWLYGHH[WUDJHLGHYRODQSHQWUX
DHYLWDXQREVWDFROVDXVFKLPEDLUDSLG
EDQGD
=WLDLRFXUEDVFXLWFkQGYLUDL

7UDFWDUHDUHPRUFLL
'DFIL[DLRUHPRUFDVLJXUDLYFDLUHD
OL]DWFRUHFWFRQH[LXQHDHOHFWULF3XWHLHIHF
WXDDFHVWOXFUXYHULILFkQGLOXPLQDUHDUHPRU
FLL  5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
URWLDVHOHFWRDUHC
5RWLDVHOHFWRDUHCH[WLQGH
3URJUDPRQURDG ODDXWRYHKLFXOHOH  3HQWUXDVHOHFWDURWLLURWLDVHOHF
FXSDFKHWXO21 2))52$'
WRDUHCSkQFkQGODPSDLQGLFDWRDUHD
1RWHJHQHUDOH VHDSULQGH
,QGLFDWRUXO$872DSDUHSHDILDMXOPXO
3URJUDPHOHRQURDGDVLJXUDVLVWHQ
WLIXQFLRQDO
DWXQFLFkQGFRQGXFHLRQURDGLDUSURJUD
=1LYHOXOGHDXWRVWUDGHVWHVHWDW
PHOHRIIURDGDVLJXUDVLVWHQDWXQFLFkQG
FRQGXFHLRIIURDG 3DJLQD  =6LVWHPXOGHDPRUWL]DUHDGDSWLY $'6

8UPWRDUHOHPHVDMHDOHSURJUDPXOXLUPkQ DMXVWHD]FDUDFWHULVWLFLOHGHFRQIRUWSULQ
SHDILDMXOPXOWLIXQFLRQDOSkQODVHWDUHD DPRUWL]DUHSRUQLQGGHODFRQGLLLOH
FRUHVSXQ]WRDUHDQLYHOXOXLDXWRYHKLFXOXOXL FXUHQWHGHFRQGXFHUHLIXQFLRQDUH
3kQODQLYHOXORIIURDGSXWHLDVFXQGH =7UDQVPLVLDDXWRPDWVHOHFWHD]SURJUD
PHVDMHOHSURJUDPXOXLXWLOL]kQGEXWRQXO PXOGHFRQGXFHUHvQUHJLPDXWRPDWSHQ
AVDXvGHSHYRODQXOPXOWLIXQFLRQDO WUXXQVWLOGHFRQGXFHUHFRQIRUWDELOLHIL
FLHQW
3URJUDP$872
3URJUDP63257
6HOHFWDLSURJUDPXO$872SHQWUXRFRQGX
FHUHPDLFRQIRUWDELOvQFRQGLLLQRUPDOHGH 6HOHFWDLSURJUDPXO63257SHQWUXFRQGXFH
FRQGXFHUH UHDVSRUWLY
6HOHFWDLGXPQHDYRDVWUUPkQHPHPRUDW 6HOHFWDLGXPQHDYRDVWUUPkQHPHPRUDW
LGDFVFRDWHLFKHLDGLQFRPXWDWRUXOGH LGDFVFRDWHLFKHLDGLQFRPXWDWRUXOGH
FRQWDFW FRQWDFW


 6LVWHPHGHDVLVWDUHDFRQGXFHULL

G 1XSXWHLVHOHFWDSURJUDPXO63257GDF
DIRVWVHOHFWDW/2:5$1*( 75($37'(
9,7(=(,1)(5,2$5 0HVDMXO'ULYHSUR
&RQGXFHUHDLSDUFDUHD

JUDP632571RWLQ/2:5$1*( 3UR
JUDPXOGHFRQGXFHUH63257QXHVWH
Q/2:5$1*( 75($37'(9,7(=(
,1)(5,2$5 DSDUHDSRLSHDILDMXOPXO
WLIXQFLRQDO

3URJUDPSHQWUX]SDG
6HOHFWDLSURJUDPXOSHQWUX]SDGDWXQFL
FkQGFRQGXFHLSH]SDGVDXFXODQXULGH
]SDG

 5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
URWLDVHOHFWRDUHC
5RWLDVHOHFWRDUHCH[WLQGH
 3HQWUXDVHOHFWDURWLLURWLDVHOHF
WRDUHCSkQFkQGODPSDLQGLFDWRDUHD
VHDSULQGH
,QGLFDWRUXO63257DSDUHSHDILDMXOPXO
WLIXQFLRQDO
=(VWHVHWDWQLYHOXOFXYLWH]ULGLFDW
PPvQFRPSDUDLHFXQLYHOXOGH
DXWRVWUDG
=6LVWHPXOGHDPRUWL]DUHDGDSWLY $'6
DMXVWHD]FDUDFWHULVWLFLOHVSRUWLYHSULQ
DPRUWL]DUHSRUQLQGGHODFRQGLLLOH  5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
FXUHQWHGHFRQGXFHUHLIXQFLRQDUH URWLDVHOHFWRDUHC
=7UDQVPLVLDDXWRPDWVHOHFWHD]SURJUD 5RWLDVHOHFWRDUHCH[WLQGH
PXOGHFRQGXFHUHvQUHJLPDXWRPDWSHQ  3HQWUXDVHOHFWDURWLLURWLDVHOHF
WUXXQVWLOGHFRQGXFHUHVSRUWLY WRDUHCSkQFkQGODPSDLQGLFDWRDUHD
=(VWHVHOHFWDWRDUFXLUHDSHGDOHLGH
VHDSULQGH
DFFHOHUDLHVSRUWLY$FHVWOXFUX ,QGLFDWRUXOSHQWUX]SDGDSDUHSHDIL
vQVHDPQFSHGDODGHDFFHOHUDLHQX DMXOPXOWLIXQFLRQDO
WUHEXLHDSVDWDWXQFLFkQGVHDFFHOH =1LYHOXOGHDXWRVWUDGHVWHVHWDW
UHD]
=6LVWHPXOGHDPRUWL]DUHDGDSWLY $'6
=(VWHVHOHFWDWRDUFXLUHGHGLUHFLHVSRU
DMXVWHD]FDUDFWHULVWLFLOHGHFRQIRUWSULQ
WLY$FHVWOXFUXvQVHDPQFHVWHQHFH
DPRUWL]DUHSRUQLQGGHODFRQGLLLOH
VDUPDLPXOWHIRUWDWXQFLFkQGFRQGXFHL
FXUHQWHGHFRQGXFHUHLIXQFLRQDUH
6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG 

=(76LEORFDUHDGLIHUHQLDOXOXLVXQW =1LYHOXOGHDXWRVWUDGHVWHVHWDW
DGDSWDWHSHQWUXFRQGXFHUHDSHGUXPXUL =6LVWHPXOGHDPRUWL]DUHDGDSWLY $'6
DFRSHULWHFX]SDG DMXVWHD]FDUDFWHULVWLFLOHGHFRQIRUWSULQ

&RQGXFHUHDLSDUFDUHD
=7UDQVPLVLDDXWRPDWVHOHFWHD]SURJUD DPRUWL]DUHSRUQLQGGHODFRQGLLLOH
PXOGHFRQGXFHUHvQUHJLPDXWRPDWSHQ FXUHQWHGHFRQGXFHUHLIXQFLRQDUH
WUXXQVWLOGHFRQGXFHUHFRQIRUWDELOLHIL =7UDQVPLVLDDXWRPDWVHOHFWHD]SURJUD
FLHQW PXOGHFRQGXFHUHvQUHJLPDXWRPDWSHQ
=(VWHVHOHFWDWRDUFXLUHDSHGDOHLGH WUXXQVWLOGHFRQGXFHUHFRQIRUWDELOLHIL
DFFHOHUDLHOLQ$FHVWOXFUXvQVHDPQF FLHQWLDUSXQFWHOHGHFXSODWHVXQW
SHGDODGHDFFHOHUDLHWUHEXLHDSVDW UHJODWHRSWLP
PDLPXOWDWXQFLFkQGVHDFFHOHUHD] =%ORFDUHDGLIHUHQLDOXOXLHVWHFXSODW
=7UHDSWDGHYLWH]RSWLPSHQWUXSRUQLUHD DWXQFLFkQGSRUQLLGHSHORF
GHSHORFHVWHFXSODW

3URJUDPSHQWUXUHPRUF 6LVWHPHGHDVLVWDUHDFRQGXFHULLRII
URDG
6HOHFWDLSURJUDPXOSHQWUXUHPRUFODWUDF
WDUHDXQHLUHPRUFL 0$7,& WUDFLXQHLQWHJUDOSHUPD
QHQW
0$7,&DVLJXUDQWUHQDUHDSHUPDQHQWD
WXWXURUFHORUSDWUXURLPSUHXQFX(63L
(76HOvPEXQWHWHWUDFLXQHDDXWRYHKL
FXOXOXLGXPQHDYRDVWUFkQGRURDWPRWULFH
SDWLQHD]GLQFDX]DXQHLDGHUHQHLQVXIL
FLHQWH
$9(57,60(17
0$7,&QXSRDWHUHGXFHSHULFROXOGHDFFL
GHQWvQFD]XOvQFDUHFRQGXFHLSUHDUDSLG
'DFRURDWPRWULFHSDWLQHD]GLQFDX]DXQHL
DGHUHQHLQVXILFLHQWH
=DSVDLSHGDODGHDFFHOHUDLHQXPDLFkWGH
WDUHHVWHQHFHVDUODGHPDUDUH
=DFFHOHUDLPDLSXLQFkQGFRQGXFHL
=DGDSWDLYVWLOXOGHFRQGXFHUHvQIXQFLHGH

 5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW FRQGLLLOHGHGUXPLWUDILF
URWLDVHOHFWRDUHC  1XWUDFWDLQLFLRGDWDXWRYHKLFXOXOFXR
5RWLDVHOHFWRDUHCH[WLQGH SXQWHULGLFDW$VWIHOSXWHLGHWHULRUDFXWLD
 3HQWUXDVHOHFWDURWLLURWLDVHOHF GHWUDQVIHU'HWHULRUULOHGHDFHVWJHQQX
WRDUHCSkQFkQGODPSDLQGLFDWRDUHD VXQWDFRSHULWHGHJDUDQLDLPSOLFLW0HUFH
VHDSULQGH GHV%HQ]7RDWHURLOHWUHEXLHVUPkQILH
,QGLFDWRUXOUHPRUFLLDSDUHSHDILDMXO SHVROILHVILHFRPSOHWULGLFDWH5HVSHF
PXOWLIXQFLRQDO WDLLQVWUXFLXQLOHGHWUDFWDUHDXQXLDXWR
YHKLFXOFXWRDWHURLOHDYkQGFRQWDFWFRP
SOHWFXVROXO


 6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG

G QFRQGLLLGHFRQGXFHUHSHWLPSGHLDUQ 6HOHFWDLRYLWH]FRUHVSXQ]WRDUHSHQWUX
HIHFWXOPD[LP0$7,&SRDWHILRELQXWGRDU FRQGLLLOHGHGUXPLGDFHVWHQHFHVDUIUk
GDFXWLOL]DLSQHXULGHLDUQ 3QHXUL06  QDLPDQXDO
&RQGXFHUHDLSDUFDUHD

FXODQXULGH]SDGGDFVLWXDLDRFHUH
'65FRQWUROHD]YLWH]DVHWDWDWXQFLFkQG
 7HVWHOHGHIXQFLRQDUHVDXSHUIRUPDQ
HVWHDFWLYLDUWUDQVPLVLDDXWRPDWHVWHvQ
WUHEXLHHIHFWXDWHQXPDLSHXQGLQDPRPH
SR]LLD'5VDX13ULQDFFHOHUDUHVDXIUk
WUXSHQWUXSXQLQDLQWHGHDXWLOL]DDXWR
QDUHSXWHLvQWRWGHDXQDVFRQGXFHLFXR
YHKLFXOXOSHXQDVWIHOGHGLQDPRPHWUXY
YLWH]PDLULGLFDWVDXPDLUHGXVGHFkWFHD
UXJPVFRQVXOWDLXQDWHOLHUGHVHUYLFH
VHWDWSHFDOFXODWRUXOGHERUG
DXWRUL]DWQFD]FRQWUDUSXWHLDYDULDWUH
QXOGHWUDQVPLVLHVDXVLVWHPXOGHIUkQDUH 3HULFROGHDFFLGHQW
3HQWUXLQIRUPDLLDSUR[LPDWLYFRQGXFHUHD 'DFDSVDLSHGDODGHDFFHOHUDLHFkQGVLV
RIIURDGFRQVXOWDL 3DJLQD  WHPXO'65HVWHDFWLYHVWHSRVLELOGHSLUHD
YLWH]HLVHWDWH&RQGXFHLFXDWHQLHGHRVHELW
SHSDQWHLUHLQHLFVLVWHPXO'65IUkQHD]
'65 5HJODUHDYLWH]HLODFRERUkUHDvQ DXWRYHKLFXOXOLPHGLDWFHHOLEHUDLSHGDODGH
SDQW DFFHOHUDLH6LVWHPXO'65SRDWHFDX]DIUkQD
UHDEUXVFDDXWRYHKLFXOXOXLvQIXQFLHGH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD vQFOLQDLDSDQWHLLGHGLIHUHQDvQWUHYLWH]D
'65YDVLVWDWXQFLFkQGFRQGXFHLRII UHDOLYLWH]DVHWDW$FHDVWDSRDWHDYHD
URDG$FHVWDPHQLQHYLWH]DGHUXODUHOD GUHSWUH]XOWDWSLHUGHUHDFRQWUROXOXLDVXSUD
YLWH]DVHWDWSHFDOFXODWRUXOGHERUG&XFkW DXWRYHKLFXOXOXLLSURYRFDUHDXQXLDFFLGHQW
SDQWDGHVFHQGHQWHVWHPDLDEUXSWFXDWkW
3HQWUXLQIRUPDLLDSUR[LPDWLYFRQGXFHUHD
HIHFWXOGHIUkQDUH'65DODXWRYHKLFXOXLHVWH
RIIURDGFRQVXOWDL 3DJLQD 
PDLPDUH$WXQFLFkQGFRQGXFHLSHSRULXQL
GHGUXPSODQHVDXSHRSDQWDVFHQGHQW
HIHFWXOGHIUkQDUH'65HVWHPLQLPVDXLQH $FWLYDUHDGH]DFWLYDUHD'65
[LVWHQW $FWLYDUHD
3HULFROGHDFFLGHQW 3XWHLDFWLYD'65QXPDLDWXQFLFkQGFRQGX
6LVWHPXO'65HVWHFRQFHSXWGRDUFDXQVLV FHLFXYLWH]HVXENPK
WHPGHDVLVWDUHODFRERUkUHDSDQWHORU6XQWHL
SHGHSOLQUVSXQ]WRUGHPHQLQHUHDFRQWUR
OXOXLDVXSUDDXWRYHKLFXOXOXLLGHHYDOXDUHD
JUDGXOXLGHGLILFXOWDWHDOSDQWHL
/DDFWLYDUHDVLVWHPXOXL'65HVWHSRVLELOFD
DXWRYHKLFXOXOVIUkQH]HEUXVFGDWRULWLQWHU
YHQLHLDFHVWXLVLVWHP$FHVWOXFUXGHSLQGHGH
vQFOLQDLDSDQWHLLGHGLIHUHQDvQWUHYLWH]D
UHDOLYLWH]DVHWDW(VWHSRVLELOFDVLVWHPXO
'65VQXSRDWSVWUDvQWRWGHDXQDYLWH]D
VHWDWvQIXQFLHGHVWDUHDVXSUDIHHLFDURVD
ELOXOXLLDSQHXULORU$FHDVWDSRDWHDYHDGUHSW ([HPSOXDXWRYHKLFXOHFXSDFKHWXO21 2))52$'
UH]XOWDWSLHUGHUHDFRQWUROXOXLDVXSUDDXWRYH  $SVDLEXWRQXOC
KLFXOXOXLLSURYRFDUHDXQXLDFFLGHQW /DPSDLQGLFDWRDUHDVHDSULQGH
6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG 

3HDILDMXOPXOWLIXQFLRQDOLSHLQGLFDWRUXOGH
VWDUHDSDUHXUPWRUXOPHVDMGHH[HPSOX

&RQGXFHUHDLSDUFDUHD
'DFYLWH]DDXWRYHKLFXOXOXLHVWHSUHDULGL
FDWVLPEROXO'65DSDUHSHDILDMXO
 3HQWUXDPULVDXSHQWUXDUHGXFH
PXOWLIXQFLRQDOvPSUHXQFXPHVDMXO0D[ YLWH]DVHWDWvQLQFUHPHQWHGHNPK
VSHHG 9LWH]PD[ NPK DSVDLVFXUWPDQHWDSHQWUXFRQWUROXOFURD
G 1XSXWHLDFWLYD'65GDFSURJUDPXORQ ]LHUHLvQVXVCSHQWUXRYLWH]VHWDWPDL
URDG63257HVWHDFWLYDW6LPEROXO'65 ULGLFDWVDXvQMRVDSHQWUXRYLWH]VHWDW
LPHVDMXO1RWLQGULYHSURJUDP PDLUHGXV
63257 1XHVWHQSURJUDPXOGHFRQ 9LWH]DVHWDWDSDUHSHDILDMXOPXOWLIXQF
GXFHUH63257 DSDUDSRLSHDILDMXOPXO LRQDOvPSUHXQFXVLPEROXO'65'H
WLIXQFLRQDO DVHPHQHDHVWHDILDWvQLQGLFDWRUXOGH
VWDUH
'H]DFWLYDUHD
 $SVDLEXWRQXOC G 9LWH]DVHWDW'65HVWHPRGLILFDWvQWRW
/DPSDLQGLFDWRDUHDVHVWLQJH GHDXQDvQLQFUHPHQWHGHNPK$FHDVWD
6LPEROXO'65DSDUHSHDILDMXOPXO HVWHLQGHSHQGHQWGHDSVDUHDPDQHWHL
WLIXQFLRQDOvPSUHXQFXPHVDMXORII SHQWUXFRQWUROXOFURD]LHUHLVDXGLQFRORGH
GH]DFWLYDW  SXQFWXOGHSUHVLXQH

'65HVWHGH]DFWLYDWDXWRPDWGDFUXODLFXR
YLWH]PDLPDUHGHNPK6LPEROXO'65 3URJUDPRIIURDG ODDXWRYHKLFXOHOH
DSDUHSHDILDMXOPXOWLIXQFLRQDO IUSDFKHWXO21 2))52$'
vPSUHXQFXPHVDMXORII GH]DFWLYDW 
,QGLFDWRUXOGHVWDUHVHVWLQJH6HHPLWHL 3URJUDPXORIIURDGRIHUDVLVWHQvQFRQ
GXFHUHDRIIURDG&DUDFWHULVWLFLOHGHSHUIRU
XQVXQHWGHDYHUWL]DUH/DDXWRYHKLFXOHOHFX
PDQDPRWRUXOXLLFDUDFWHULVWLFLOH
SDFKHWXO21 2))52$'GDFVHOHFWDLXQ
VFKLPEWRUXOXLGHYLWH]HDOWUDQVPLVLHLDXWR
SURJUDPGLIHULWRQURDGRIIURDGL'65
PDWHVXQWDGDSWDWHSHQWUXDFHVWVFRS3UR
HVWHGH]DFWLYDW,QGLFDWRUXOGHVWDUHVH
JUDPHOH$%6(63L(76VSHFLDODGDSWDWH
VWLQJH
FRQGXFHULLRIIURDGVXQWDFWLYDWH(VWHVHOHF
WDWRDUFXLUHOLQDSHGDOHLGHDFFHOHUDLH
0RGLILFDUHDYLWH]HLVHWDWH DGLFSHGDODGHDFFHOHUDLHWUHEXLHDSVDW
&kQG'65HVWHDFWLYDWSXWHLPRGLILFDYLWH]D PDLPXOWSHQWUXDDFFHOHUD
VHWDWODRYDORDUHFXSULQVvQWUHNPKL 1XXWLOL]DLSURJUDPXORIIURDGSHGUXPXUL
NPK DFRSHULWHFX]SDGVDXFXJKHDVDXGDF
SQHXULOHDXWRYHKLFXOXOXLGXPQHDYRDVWUVXQW
SUHY]XWHFXODQXULGH]SDG
3HQWUXLQIRUPDLLDSUR[LPDWLYFRQGXFHUHD
RIIURDGFRQVXOWDL 3DJLQD 


 6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG

PHVDMHOHSURJUDPXOXLXWLOL]kQGEXWRQXO
AVDXvGHSHYRODQXOPXOWLIXQFLRQDO
&RQGXFHUHDLSDUFDUHD

3URJUDPXORIIURDG
6HOHFWDLSURJUDPXORIIURDGSHQWUXWHUH
QXULRIIURDGXRUDFFHVLELOHGHH[SHQWUX
VXSUDIHHDFRSHULWHFXSLHWULVDXQLVLSVDX
SHQWUXSLVWH&XSOXOPRWRUXOXLHVWHUHVWULFLR
QDWvQWURPLFPVXULURLOHPRWULFHSRW
SDWLQD3DWLQDUHDURLORUUH]XOWvQWURDFLXQH
 3HQWUXDDFWLYDDSVDLEXWRQXOC GHSWUXQGHUHSHQWUXRWUDFLXQHPDLEXQ
/DPSDLQGLFDWRDUHDVHDSULQGH,QGLFD 3XWHLDFWLYDQXPDLSURJUDPXORIIURDG
WRUXORIIURDGDSDUHSHDILDMXOPXO DWXQFLFkQGFRQGXFHLFXYLWH]HPDLPLFLGH
WLIXQFLRQDO NPK0HVDMXO'ULYHSURJUDP
2))52$'0D[VSHHG 3URJUDPGH
 3HQWUXDGH]DFWLYDDSVDLEXWRQXOC FRQGXFHUH2))52$'9LWH]PD[LP 
/DPSDLQGLFDWRDUHDLLQGLFDWRUXO NPKDSDUHSHDILDMXOPXOWLIXQFLRQDO
RIIURDGVHVWLQJSHDILDMXOPXOWLIXQFLR
QDO

3URJUDPRIIURDG DXWRYHKLFXOHFX
SDFKHWXO21 2))52$'
1RWHJHQHUDOH
3URJUDPHOHRIIURDGRIHUDVLVWHQvQFRQ
GXFHUHDRIIURDG&DUDFWHULVWLFLOHGHSHUIRU
PDQDPRWRUXOXLLFDUDFWHULVWLFLOH
VFKLPEWRUXOXLGHYLWH]HDOWUDQVPLVLHLDXWR
PDWHVXQWDGDSWDWHSHQWUXDFHVWVFRS3UR
JUDPHOH$%6(63L(76VSHFLDODGDSWDWH
FRQGXFHULLRIIURDGVXQWDFWLYDWH3HQWUX
DFHVWWHUHQHVWHLQGLFDWRDUFXLUHDSHGDOHL
GHDFFHOHUDLHDGLFSHQWUXDDFFHOHUD
SHGDODGHDFFHOHUDLHWUHEXLHDSVDWPDL
PXOW  5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
1XXWLOL]DLSURJUDPHRIIURDGSHGUXPXUL URWLDVHOHFWRDUHC
DFRSHULWHFX]SDGVDXFXJKHDVDXGDF 5RWLDVHOHFWRDUHCH[WLQGH
SQHXULOHDXWRYHKLFXOXOXLGXPQHDYRDVWUVXQW  3HQWUXDVHOHFWDURWLLURWLDVHOHF
SUHY]XWHFXODQXULGH]SDG WRDUHCSkQFkQGODPSDLQGLFDWRDUHD
3HQWUXLQIRUPDLLDSUR[LPDWLYFRQGXFHUHD VHDSULQGH
RIIURDGFRQVXOWDL 3DJLQD  ,QGLFDWRUXORIIURDGDSDUHSHDILDMXO
8UPWRDUHOHPHVDMHDOHSURJUDPXOXLUPkQ PXOWLIXQFLRQDO
SHDILDMXOPXOWLIXQFLRQDOSkQODVHWDUHD 1LYHOXORIIURDGHVWHVHWDWODPP
FRUHVSXQ]WRDUHDQLYHOXOXLDXWRYHKLFXOXOXL SHVWHQLYHOXOGHDXWRVWUDG
3kQODQLYHOXORIIURDGSXWHLDVFXQGH
6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG 

3URJUDPXORIIURDGFRPXWSHSURJUDPXO  5RWLDVHOHFWRDUHCFXSODWDSVDLVFXUW
$872GDFFRQGXFHLFXSHVWHNPK URWLDVHOHFWRDUHC
5RWLDVHOHFWRDUHCH[WLQGH

&RQGXFHUHDLSDUFDUHD
3URJUDPXORIIURDG  3HQWUXDVHOHFWDURWLLURWLDVHOHF
6HOHFWDLSURJUDPXORIIURDGSHQWUXWHUHQ WRDUHCSkQFkQGODPSDLQGLFDWRDUHD
DFFLGHQWDWGHH[SHQWUXWHUHQDEUXSWLVDX VHDSULQGH
QHXQLIRUPVDXSHQWUXFRQGXFHUHDSHWHUHQ ,QGLFDWRUXORIIURDGDSDUHSHDILDMXO
VWkQFRV PXOWLIXQFLRQDO
=1LYHOXOGHRIIURDGHVWHVHWDWDXWR
G $XWRYHKLFXOXOGXPQHDYRDVWUHVWH
SUHY]XWFXEORFDUHGLIHUHQLDODFWLYDW YHKLFXOXOHVWHULGLFDWFXPPvQFRP
DXWRPDWSHQWUXFXWLDGHWUDQVIHU$FHDVWD SDUDLHFXQLYHOXOSHQWUXDXWRVWUDG
FRQWUROHD]HFKLOLEUXOGLQWUHSXQWHDIDL ='65HVWHSRUQLW
VSDWH =%ORFDUHDGLIHUHQLDOXOXLHVWHRSULW
%ORFDUHDGLIHUHQLDOXOXLvPEXQWHWH 3URJUDPXORIIURDGFRPXWDXWRPDWSH
WUDFLXQHDDXWRYHKLFXOXOXL(76 SURJUDPXORIIURDGGDFFRQGXFHLFX
3DJLQD FRQWUROHD]HFKLOLEUXOGLQWUH SHVWHNPK
DPEHOHURLGHSHRSXQWH
3XWHLDFWLYDQXPDLSURJUDPXORIIURDG
DWXQFLFkQGFRQGXFHLFXYLWH]HPDLPLFLGH 7UHDSWDGHYLWH]RIIURDG/2:
NPK 5$1*( 75($37'(9,7(=(,1)(
5,2$5  DXWRYHKLFXOHFXSDFKHW
21 2))52$'
1RWHJHQHUDOH
7UHDSWDGHYLWH]/2:5$1*( 75($37'(
9,7(=(,1)(5,2$5 RIIURDGYDVLVW
DWXQFLFkQGFRQGXFHLRIIURDGLDWXQFL
FkQGWUHFHLYDGXULOH$WXQFLFkQGHVWH
FXSODWWUHDSWDGHYLWH]H/2:5$1*(
75($37'(9,7(=(,1)(5,2$5 FDUDFWH
ULVWLFLOHGHSHUIRUPDQDPRWRUXOXLLFDUDF
WHULVWLFLOHVFKLPEWRUXOXLGHYLWH]HDOWUDQV
PLVLHLDXWRPDWHVXQWDGDSWDWHSHQWUXDFHVW
VFRS
3HQWUXLQIRUPDLLDSUR[LPDWLYFRQGXFHUHD
RIIURDGFRQVXOWDL 3DJLQD 9HL
JVLLQIRUPDLLGHVSUHVLVWHPHGHVLJXUDQOD
FRQGXFHUHvQFRPELQDLHFX/2:5$1*(
75($37'(9,7(=(,1)(5,2$5 vQVHFLX
QHD6LJXUDQ 3DJLQD 


 6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG

7UHSWHGHYLWH]H GHGLVWULEXLHVUPkQvQSR]LLDQHXWULDU
WUDQVPLWHUHDSXWHULLPRWRUXOXLFWUHSXQLOH
+,*+ 3R]LLHSHQWUXWRDWHFRQGL PRWULFHVILHvQWUHUXSWQDFHVWFD]DXWR
&RQGXFHUHDLSDUFDUHD

5$1*( LLOHQRUPDOHGHFRQGXFHUH YHKLFXOXOVDUGHSODVDOLEHUFKLDUGDFVH


75($37 RQURDG FXSOHD]RWUHDSWGHYLWH]LDUSXWHDVVH
'(9,7(=( SXQvQPLFDUHDFFLGHQWDOPDLDOHVGDFVH
683( DIOvQSDQW
5,2$5
LQHLFRQWGHGHVFULHUHDXUPWRDUHGLQFDGUXO
/2:5$1*( 3R]LLDRIIURDGSHQWUX VHFLXQLL0HVDMHDILDWHSHHFUDQXOPXOWL
FRQGXFHUHDRIIURDGL IXQFLRQDO
SHQWUXWUHFHUHDYHGXULORU
5DSRUWXOGHWUDQVPLVLHGLQ
WUHPRWRULURLHVWHQXPDL
GHDSUR[LPDWLYRWUHLPHGLQ
SR]LLDGHGUXP+,*+
5$1*( 75($37'(
9,7(=(683(5,2$5 
&XSOXOGHFRQGXFHUHHVWH
SURSRULRQDOPDLPDUHFD
UH]XOWDW
1XXWLOL]DL/2:5$1*(
75($37$'(9,7(=,1)(
5,2$5 
=SHVXSUDIHHGHGUXP
DOXQHFRDVHGHH[
DWXQFLFkQGHVWHODSR
YL
=SHGUXPXULDFRSHULWHFX
]SDGLJKHD
=GDFDXWRYHKLFXOXOGXP
QHDYRDVWUHVWH
SUHY]XWFXODQXULGH
]SDG 'HOD+,*+5$1*( 75($37'(9,7(=(
683(5,2$5 OD/2:5$1*( 75($37
'(9,7(=(,1)(5,2$5
3HULFROGHDFFLGHQW  7UHFHLGHOD+,*+5$1*( WUHDSWGH
$WHSWDLvQWRWGHDXQDILQDOL]DUHDSURFHVXOXL YLWH]HVXSHULRDU OD/2:5$1*( WUHDSW
GHVFKLPEDUHDPRGXOXLGHUXODUHGLQ+,*+ GHYLWH]HLQIHULRDU QXPDLGDF
5$1*(vQ/2:5$1*(LGLQ/2:5$1*(vQ
=PRWRUXOHVWHvQIXQFLXQH
+,*+5$1*(1XRSULLPRWRUXOvQWLPSXO
VFKLPEULLWUHSWHLGHYLWH]LQXFXSODLDOW =WUDQVPLVLDVHDIOvQSR]LLD1
WUHDSWGHYLWH] =GDFFRQGXFHLFXYLWH]VXENPK
'DFQXDWHSWDLILQDOL]DUHDSURFHVXOXLGH  $SVDLEXWRQXO/2:5$1*( 75($37'(
VFKLPEDUHDUDSRUWXOXLGHWUDQVPLWHUHHVWH 9,7(=(,1)(5,2$5 C
SRVLELOFDDFHVWDVQXILHFRUHFWH[HFXWDW /DPSDLQGLFDWRDUHDFOLSHWH
([LVWSRVLELOLWDWHDFDvQDFHDVWVLWXDLHFXWLD
6LVWHPHGHDVLVWDUHDFRQGXFHULLRIIURDG 

'DFSURFHVXOGHVFKLPEDUHDWUHSWHLGH 0HVDMHSHDILDMXOPXOWLIXQFLRQDO
YLWH]DDYXWORFODPSDLQGLFDWRDUHDVH 'DFSURFHVXOGHVFKLPEDUHDYLWH]HLQXD
DSULQGH$ILDMXO/2:5$1*( 75($37'( IRVWUHXLWXUPWRDUHOHPHVDMHSRWILDILDWH

&RQGXFHUHDLSDUFDUHD
9,7(=(,1)(5,2$5 DSDUHSHDILDMXOPXO SHDILDMXOPXOWLIXQFLRQDO
WLIXQFLRQDOLSHLQGLFDWRUXOGHVWDUH /2:5$1*(0D[VSHHG 9LWH]DPD[
$WXQFLFkQGODPSDLQGLFDWRDUHDOXPLQHD] /2:5$1*( NPKDLFRQGXVFXSHVWH
LQWHUPLWHQWSXWHLDQXODVFKLPEDUHDWUHSWHL NPKLODPSDLQGLFDWRDUHDOXPLQHD]
GHYLWH]DSVkQGGLQQRXEXWRQXO/2: LQWHUPLWHQW
5$1*( 75($37'(9,7(=(,1)(  &RQGXFHLPDLvQFHWSHQWUXDWHUPLQDSUR
5,2$5 C FHVXOGHVFKLPEDUHDWUHSWHLGHYLWH]
G 1XSXWHLDFWLYD/2:5$1*( 75($37 /2:5$1*(6KLIWWRSRVLWLRQ1EULH
'(9,7(=(,1)(5,2$5 GDFSURJUDPXO IO\ /2:5$1*(&XSODLVFXUWQSR]L
RQURDG63257HVWHDFWLYDW0HVDMXO LD1 WUDQVPLVLDHVWHvQSR]LLD'LDUGXP
/2:5$1*(1RWLQGULYHSURJUDP QHDYRDVWUFRQGXFHLFXYLWH]HVXE
63257 /2:5$1*(1XHVWHQSUR NPK
JUDPXOGHFRQGXFHUH63257 DSDUHDSRL  &XSODLWUDQVPLVLDvQSR]LLD1SHQWUXD
SHDILDMXOPXOWLIXQFLRQDOROL ILQDOL]DSURFHVXOGHVFKLPEDUHDWUHSWHLGH
YLWH]
'HOD/2:5$1*( 75($37'(9,7(=(
,1)(5,2$5 OD+,*+5$1*( 75($37 /2:5$1*(6KLIWLQJFDQFHOOHG3OHDVH
'(9,7(=(683(5,2$5 UHDFWLYDWH /2:5$1*(&XSODUHDQX
 7UHFHLGHOD+,*+5$1*( WUHDSWGH ODW5HDFWLYDL SURFHVXOGHFXSODUHQX
YLWH]HVXSHULRDU OD/2:5$1*( WUHDSW DIRVWILQDOL]DW
GHYLWH]HLQIHULRDU QXPDLGDF  0HQLQHLWRDWHFRQGLLLOHGHVFKLPEDUHD

=PRWRUXOHVWHvQIXQFLXQH WUHSWHLGHYLWH]LUHOXDLSURFHVXOGH
VFKLPEDUHDWUHSWHLGHYLWH]
=WUDQVPLVLDVHDIOvQSR]LLD1
=GDFFRQGXFHLFXYLWH]HVXENPK /2:5$1*(6WRS$SSO\SDUNLQJEUDNH
/2:5$1*(2SULL$FLRQDLIUQDGH
 $SVDLEXWRQXO/2:5$1*( 75($37'( SDUFDUH HVWHHPLVLXQVXQHWGHDYHUWL
9,7(=(,1)(5,2$5 C ]DUH3URFHVXOGHVFKLPEDUHDYLWH]HLQXDIRVW
/DPSDLQGLFDWRDUHDFOLSHWH ILQDOL]DW/2:5$1*(VHDIOvQSR]LLHQHXWU
&kQGVFKLPEDUHDWUHSWHLGHYLWH]HVWH 1XH[LVWQLFLROHJWXUvQWUHPRWRULURLOH
ILQDOL]DWODPSDLQGLFDWRDUHDVHVWLQJH PRWULFH
3HDILDMXOPXOWLIXQFLRQDODSDUHPHVDMXO  1XFRQGXFHLvQFRQWLQXDUHQFD]FRQ
/2:5$1*(2II 75($37'(9,7(= WUDUDLSXWHDGHWHULRUDWUHQXOGHWUDQVPL
,1)(5,2$5235,7 LDULQGLFDWRUXOGH VLHDODXWRYHKLFXOXOXL
VWDUHVHVWLQJH
 2SULLDXWRYHKLFXOXO&kQGSURFHGDLDVWIHO
$WXQFLFkQGODPSDLQGLFDWRDUHDOXPLQHD] LQHLFRQWGHFRQGLLLOHGHGUXPLWUDILF
LQWHUPLWHQWSXWHLDQXODVFKLPEDUHDWUHSWHL  $FLRQDLIUkQDHOHFWULFGHSDUFDUH
GHYLWH]DSVkQGGLQQRXEXWRQXO/2: 3DJLQD 
5$1*( 75($37'(9,7(=(,1)(  5HSHWDLSURFHVXOGHVFKLPEDUHDWUHSWHORU
5,2$5 C
GHYLWH]H
'DFSURFHVXOGHVFKLPEDUHDWUHSWHLGH
YLWH]DIRVWILQDOL]DWPHVDMXO/2:5$1*(
6WRS$SSO\SDUNLQJEUDNH /2:


 7UDFWDUHDXQHLUHPRUFL

5$1*(2SULL$FLRQDLIUQDGH =FRQGLLDWUHSWHLGHYLWH]RIIURDG/2:
SDUFDUH GLVSDUH 5$1*( 75($37'(9,7(=(,1)(
5,2$5
&RQGXFHUHDLSDUFDUHD

=SURJUDPXOSHQWUXUHPRUFRQURDG
0HQLXO21 2))52$'GHSHDILDMXO HVWHVHOHFWDW
&20$1' DXWRYHKLFXOHFXSDFKHWXO
21 2))52$'
3XWHLDILDFkWHYDVLVWHPHGHFRQGXFHUH 7UDFWDUHDXQHLUHPRUFL
SURJUDPHGHFRQGXFHUHLLQIRUPDLLVXSOL 1RWHSULYLQGWUDFWDUHDXQHLUHPRUFL
PHQWDUHSHDILDMXO&20$1'
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
$9(57,60(17
&kQGDXWRYHKLFXOXOPHUJHvQDSRLFWUH
UHPRUFDVLJXUDLYFQXVHDIOQLPHQL
vQWUHUHPRUFLDXWRYHKLFXO
&XSODLLGHFXSODLUHPRUFDFXDWHQLH'DF
QXFXSODLFRUHFWUHPRUFDODDXWRYHKLFXOXO
WUDFWDQWUHPRUFDVHSRDWHGHVSULQGH
$VLJXUDLYFQXVHGHSHVFXUPWRDUHOH
YDORUL
 $VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW =VDUFLQDYHUWLFDOSHEDUDGHWUDFWDUHD
FKHLDVHDIOvQSR]LLD UHPRUFLL
 $VLJXUDLYFHVWHDFWLYDW&20$1' =VDUFLQDDGPLVDUHPRUFLL
2QOLQHFRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUH =VDUFLQDDGPLVSHSXQWHDVSDWHDDXWRYH
&20$1'VHSDUDWH
KLFXOXOXLWUDFWDQW
 $SVDLEXWRQXOGHIXQFLRQDUHC
=PDVDWRWDOPD[LPDGPLVDWkWDDXWRYH
$ILDMHOHFRUHVSRQGHQWHDSDUSHDILDMXO KLFXOXOXLWUDFWDQWFkWLDUHPRUFLL
&20$1'
9HLJVLYDORULOHDGPLVHDSOLFDELOHFDUHQX
=FRQWUROQLYHO
WUHEXLHVILHGHSLWHvQGRFXPHQWDLDDXWR
=XQJKLGHYLUDM YHKLFXOXOXL
=XQJKLXOGHvQFOLQDUHDDXWRYHKLFXOXOXL 9HLJVLYDORULOHDSUREDWHGHSURGXFWRUSH
=SDQWDVFHQGHQWVDXGHVFHQGHQWvQ SOFXHOHGHLGHQWLILFDUHDDXWRYHKLFXOXOXLL
SURFHQWH FHOHSHQWUXDXWRYHKLFXOXOWUDFWDQWvQVHFLX
=SURJUDPRQURDGRIIURDGVHOHFWDW QHD'DWHWHKQLFH
=FRQGLLDEORFULLGLIHUHQLDOXOXLSHQWUX
FXWLDGHWUDQVIHU $9(57,60(17
=WUHDSWDGHYLWH]HRIIURDG/2:5$1*( 'DFDSDUHPHVDMXO&KHFNWUDLOHUKLWFK
75($37'(9,7(=(,1)(5,2$5 HVWH ORFNLQJPHFKDQLVP 9HULILFDLPHFD
VHOHFWDW QLVPXOGHEORFDUHDFUOLJXOXLUHPRU
FLL SHDILDMXOPXOWLIXQFLRQDOFkWWLPSDXWR
YHKLFXOXOHVWHvQPLFDUHWUDJHLLPHGLDWSH
GUHDSWDLYHULILFDLGDFFXSODVIHULFHVWH
vPELQDWFRUHFW
7UDFWDUHDXQHLUHPRUFL 

$9(57,60(17 =HVWHSRVLELOFDVLVWHPXOSXUWWRUVILHDUXQ

/DWUDFWDUHDXQHLUHPRUFLDXWRYHKLFXOXOGXP FDWvQODWHUDO
QHDYRDVWUYDPDQLIHVWDFDUDFWHULVWLFLGH =FXSODVIHULFLVLVWHPXOSXUWWRUVHSRW

&RQGXFHUHDLSDUFDUHD
PDQHYUDELOLWDWHGLIHULWHIDGHVLWXDLLOHvQ GHVSULQGHGLQDXWRYHKLFXO
FDUHFRQGXFHLIUUHPRUF 'UHSWXUPDUHHVWHSRVLELOVLUQLLSHFHLODOL
&RPELQDLDDXWRYHKLFXOUHPRUF VDXVSURYRFDLXQDFFLGHQW
=HVWHPDLJUHD 1XGHSLLVDUFLQDYHUWLFDOPD[LP&kQG
=DUHFDSDFLWLGHDFFHOHUDUHLGHXUFDUHvQ FRQGXFHLFXXQVLVWHPSXUWWRUVXEVDUFLQ
SDQWUHGXVH DGDSWDLYvQWRWGHDXQDVWLOXOGHFRQGXFHUHOD
FRQGLLLOHUXWLHUHGHWUDILFLPHWHRFRQGX
=DUHRGLVWDQGHIUkQDUHVSRULW
FkQGFXRDWHQLHGHRVHELW
=HVWHDIHFWDWPDLWDUHGHYkQWXOODWHUDO
SXWHUQLF 3XWHLXWLOL]DVLVWHPHSXUWWRDUHGHH[
=QHFHVLWRPDQHYUDUHPDLVHQVLELO VXSRUWXULGHELFLFOHWVDXHOHPHQWHSRUWDQWH
=DUHRUD]GHYLUDUHPDLPDUH SHFXSODVIHULF6DUFLQDYHUWLFDOPD[LPGH
NJHVWHYDODELOFkQGXWLOL]DLVLVWHPH
'UHSWXUPDUHFDUDFWHULVWLFLOHGHPDQHYUDEL
SXUWWRDUHSHFXSODVIHULF
OLWDWHSRWILDIHFWDWHLSXWHLSLHUGHFRQWUROXO
DXWRYHKLFXOXOXL$FHVWOXFUXSRDWHFDX]DXQ
DFFLGHQWFXUQLJUDYHVDXFKLDUIDWDOH 1RWHJHQHUDOH
/DWUDFWDUHDXQHLUHPRUFLUHJODLvQWRWGHDXQD G 9HULILFDLSUHVLXQHDvQSQHXULODWUDFWDUHD
YLWH]DODGUXPXOFXUHQWLODFRQGLLLOHGH XQHLUHPRUFL9HLJVLYDORULOHGLQWDEHOXO
YUHPH1XGHSLLYLWH]DPD[LPDGPLV FXSUHVLXQLvQSQHXULGHSHFODSHWDJXULLGH
SHQWUXFRPELQDLDDXWRYHKLFXOUHPRUF XPSOHUHFXFDUEXUDQWDDXWRYHKLFXOXOXL
3DJLQD 
$9(57,60(17 9HLJVLGLPHQVLXQLOHGHPRQWDUHLVDUFLQLOH
1XDSVDLSHGDODGHIUkQvQPRGFRQWLQXX GLQVHFLXQHD'DWHWHKQLFH
DWXQFLFkQGDXWRYHKLFXOXOHVWHvQPLFDUHGH 3DJLQD 
H[QXFDX]DLQLFLRGDWIUHFDUHDIUkQHORU 6DUFLQDYHUWLFDOPD[LPDGPLVFXEDUDGH
DSVkQGXRUvQPRGFRQVWDQWSHSHGDO WUDFWDUHDUHPRUFLLSHFXSODVIHULFHVWHGH
$FHDVWDFDX]HD]VXSUDvQFO]LUHDVLVWHPXOXL
NJ&XWRDWHDFHVWHDVDUFLQDYHUWLFDO
GHIUkQDUHFUHWHGLVWDQDGHIUkQDUHLSRDWH
UHDOQXWUHEXLHVGHSHDVFYDORDUHDLQGL
GXFHODGHIHFWDUHDFRPSOHWDIUkQHORU
FDWSHFkUOLJXOGHWUDFWDUHDUHPRUFLLVDXSH
SOFXHOHGHLGHQWLILFDUHDUHPRUFLL(VWHYDOD
3HULFROGHDFFLGHQW ELOFHDPDLVF]XWVDUFLQ
1XvQFHUFDLvQQLFLXQFD]VUHHFKLOLEUDL
DQVDPEOXODXWRYHKLFXOUHPRUFPULQGYLWH]D  8WLOL]DLRVDUFLQYHUWLFDOSHEDUDGH
GHGHSODVDUH WUDFWDUHFkWPDLDSURSLDWSRVLELOGHVDU
FLQDYHUWLFDOPD[LPDGPLV1XXWLOL]DL
$9(57,60(17 RVDUFLQYHUWLFDOGHPDLSXLQGHNJvQ
'DFGHSLLVDUFLQDYHUWLFDOPD[LPFkQG FD]FRQWUDUHVWHSRVLELOFDUHPRUFDVVH
XWLOL]DLXQVLVWHPSXUWWRUSHFXSODVIHULF GHVSULQG
5HLQHLFVDUFLQDGHvQFUFDUHLVDUFLQD
GHSHSXQWHDVSDWHVXQWUHGXVHGHVDUFLQD
UHDO

 3HQWUXPRGHOXO0/%OXH7(&0$7,&NJ


 7UDFWDUHDXQHLUHPRUFL

1XRPLWHLIDSWXOFODWUDFWDUHDXQHLUHPRUFL FDUHFRQGXFHLIUUHPRUFLYDFRQVXPD
3$5.7521,& 3DJLQD L$VLVWHQDOD PDLPXOWFDUEXUDQW
XQJKLXOPRUW 3DJLQD VXQWGLVSRQLELOH QSDQWHOHGHVFHQGHQWHOXQJLLDEUXSWHWUH
&RQGXFHUHDLSDUFDUHD

QXPDLFXOLPLWULVDXFKLDUGHORF EXLHVVHOHFWDLWUHDSWDGHYLWH]HVDX
G /DDXWRYHKLFXOHOHIUFRQWUROXOQLYHOXOXL vQWLPSXWLO
vQOLPHDFXSOHLVIHULFHVHYDPRGLILFDvQ G $FHDVWDILUPDLHHVWHYDODELOLGDFDL
IXQFLHGHVDUFLQDODFDUHHVWHVXSXVDXWR DFWLYDWFRQWUROXOFURD]LHUHL63(('7521,&
YHKLFXOXO'DFVLWXDLDRFHUHXWLOL]DLR VDX',67521,&3/86
UHPRUFFXEDUGHWUDFWDUHUHJODELOSH
$VWIHOYHLXWLOL]DHIHFWXOGHIUkQDUHDOPRWR
vQOLPH
UXOXLILLQGQHFHVDURIUkQDUHPDLUHGXVSHQ
WUXDSUHYHQLFkWLJDUHDvQYLWH]DDXWRYHKL
6IDWXULSULYLQGFRQGXFHUHD
FXOXOXL$VWIHOVHYDHOLPLQDVDUFLQDODFDUH
G 5HVSHFWDLLQIRUPDLLOHSULYLQGVWDELOL]D HVWHVXSXVVLVWHPXOGHIUkQDUHLVHSUHYLQH
UHDUHPRUFLLFX(63 3DJLQD LSUL VXSUDvQFO]LUHDLX]XUDSUHPDWXUDIUkQHORU
YLQGSRUQLUHDGHSHORFFXRUHPRUF 'DFHVWHQHFHVDURIUkQDUHVXSOLPHQWDU
3DJLQD  DSVDLSHGDODGHIUkQUHSHWDWLQXFRQWL
QXX
$XWRYHKLFXOHFXSDFKHWXO21 2))52$'
VHOHFWDLSURJUDPXOUHPRUFLL 3DJLQD
FXDMXWRUXOVHOHFWRUXOXLSURJUDPXOXLRII
6IDWXULSULYLQGFRQGXFHUHD
URDGGLQFRQVRODFHQWUDO =3VWUDLRGLVWDQPDLPDUHIDGHDXWR
9LWH]DPD[LPDGPLVSHQWUXFRPELQDLLOH YHKLFXOXOGLQIDGHFkWDWXQFLFkQGFRQGX
DXWRYHKLFXOUHPRUFGHSLQGHGHWLSXOGH FHLIUUHPRUF
UHPRUFQDLQWHGHDSRUQLODGUXPYHULILFDL =(YLWDLVIUkQDLEUXVF'DFHVWHSRVLELO
GRFXPHQWDLDUHPRUFLLSHQWUXDYHGHDFDUH IUkQDLXRUPDLvQWkLSHQWUXDLSHUPLWH
HVWHYLWH]DPD[LPDGPLVLQHLFRQWGH UHPRUFLLVvQYLQJLQHULD$SRLFUHWHL
YLWH]DPD[LPSUHVFULVSULQOHJHvQDUDUHV UDSLGIRUDGHIUkQDUH
SHFWLY =9DORULOHGDWHSHQWUXFDSDFLWLOHGHXUFDUH
/DDQXPLWHDXWRYHKLFXOH0HUFHGHV%HQ]VDU vQSDQWGHSHORFDXFDUHIHULQQLYHOXO
FLQDPD[LPDGPLVSHSXQWHDVSDWHFUHWH PULL&kQGFRQGXFHLvQ]RQHPRQWDQH
ODWUDFWDUHDXQHLUHPRUFL&RQVXOWDLVHFLX UHLQHLFSXWHUHDXWLODPRWRUXOXLLFDSD
QHD'DWHWHKQLFHSHQWUXDDIODGDFDFHDVW FLWDWHDGHXUFDUHvQSDQWDDXWRYHKLFXOXOXL
VLWXDLHHVWHYDODELOLSHQWUXDXWRYHKLFXOXO vQFRQVHFLQVFDGRGDWFXFUHWHUHDDOWL
GXPQHDYRDVWU'DFXWLOL]DLRULFDUHGLQWUH WXGLQLL
VDUFLQLOHPD[LPHDGXJDWHSHSXQWHDVSDWH 'DFUHPRUFDRVFLOHD]GLQWURSDUWHvQFHD
ODWUDFWDUHDXQHLUHPRUFLFRPELQDLDDXWRYH ODOW
KLFXOUHPRUFQXWUHEXLHVGHSHDVFR
YLWH]PD[LPGHNPKGLQPRWLYHFH  1XDFFHOHUDL
YL]HD]FHUWLILFDWXOGHvQPDWULFXODUH$FHDVW  1XFRQWUDYLUDL
DILUPDLHHVWHGHDVHPHQHDYDODELOvQULOH  )UkQDLGDFVLWXDLDRFHUH
vQFDUHYLWH]DPD[LPDGPLVSHQWUXFRPEL
QDLLOHDXWRYHKLFXOUHPRUFGHSHWH
NPK
/DWUDFWDUHDXQHLUHPRUFLDXWRYHKLFXOXOGXP
QHDYRDVWUYDPDQLIHVWDFDUDFWHULVWLFLGH
PDQHYUDELOLWDWHGLIHULWHIDGHVLWXDLLOHvQ
7UDFWDUHDXQHLUHPRUFL 

([WLQGHUHDFXSOHLVIHULFH SULLGLQVSDWHLGHSR]LWDLOvQWUXQORF
VLJXU
$9(57,60(17
 'HVFKLGHLKD\RQXO

&RQGXFHUHDLSDUFDUHD
$VLJXUDLYFQXVHDIOSHUVRDQHVDXDQL
PDOHvQUD]DGHSLYRWDUHDFXSOHLVIHULFHQFD]
FRQWUDUDFHVWHDSRWVXIHULUQL

QDLQWHGHDSXWHDWUDFWDRUHPRUFFXDXWR
YHKLFXOXOGXPQHDYRDVWUWUHEXLHVH[WLQGHL
FXSODVIHULF
 /DDXWRYHKLFXOHOH$0*LODDXWRYHKL
FXOHOHFXVWLOL]DUHDFDURVHULHL$0*
vQGHSUWDLFDSDFXOGHVXEEDUDGHSURWHF
LHvQDLQWHGHDH[WLQGHFXSODVIHULFQFD]
FRQWUDUFXSODVIHULFFDSDFXOLEDUDGH
SURWHFLHDUSXWHDILGHWHULRUDWH $9(57,60(17
 $VLJXUDLYFDXWRYHKLFXOXOVWDLRQHD]
$VLJXUDLYFVDIL[DWFXSODVIHULFILHvQ
SR]LLHH[WLQVILHvQSR]LLHUHWUDFWDW/DPSD
LQGLFDWRDUHGHSHEXWRQXOGHHOLEHUDUHHVWH
VWLQV
1XWUDJHLFRPXWDWRUXOGHHOLEHUDUHDFXSOHL
VIHULFHGDFHVWHFXSODWRUHPRUFVDXGDF
HVWHIL[DWXQVXSRUWELFLFOHW

 7UDJHLEXWRQXOGHHOLEHUDUHCSkQFkQG
FXSODVIHULFVHGHEORFKHD]
&XSODVIHULFVHH[WLQGHGHVXEEDUDGH
SURWHFLHVSDWH
/DPSDLQGLFDWRDUHGHSHEXWRQXOGHHOLEH
 /DDXWRYHKLFXOHOH$0*LODDXWRYHKL UDUHFOLSHWH3UL]DUHPRUFLLVHH[WLQGH
FXOHOHFXVWLOL]DUHDFDURVHULHL$0*WUD DXWRPDW
JHLPkQHUXOCGHSHFDSDFXODvQMRVvQ
GLUHFLDVJHLLSkQFkQGHVWHHOLEHUDW

 $SVDLFXSODVIHULFvQGLUHFLDVJHLL
SkQFkQGVHDQJUHQHD]vQSR]LLHYHUWL
 /DDXWRYHKLFXOHOH$0*LODDXWRYHKL FDO
FXOHOHFXVWLOL]DUHDFDURVHULHL$0*HOL /DPSDLQGLFDWRDUHGHSHEXWRQXOGHHOLEH
EHUDLFDSDFXOGLQFDGUXFXDMXWRUXO UDUHVHVWLQJH

 7UDFWDUHDXQHLUHPRUFL

$ILDMXOPXOWLIXQFLRQDOSUH]LQWPHVDMXO  2SULLPRWRUXO
&KHFNWUDLOHUKLWFKORFN 9HULIL  QFKLGHLSRUWLHUHOHLKD\RQXO
FDLEORFDUHDFUOLJXOXLUHPRUFLL  3R]LLRQDLUHPRUFDODQLYHOvQVSDWHOHDXWR
&RQGXFHUHDLSDUFDUHD

SkQFkQGFXSODVIHULFHVWHFXSODW YHKLFXOXOXL
 6FRDWHLFDSDFXOGHSURWHFLHGLQFXSODVIH
 &XSODLUHPRUFD
ULFLGHSR]LWDLOvQWUXQORFVLJXU
 6WDELOLLFRQH[LXQHDHOHFWULFvQWUHDXWRYH
KLFXOLUHPRUF
 9HULILFDLGDFVLVWHPXOGHLOXPLQDUHDO
&XSODUHDXQHLUHPRUFL
UHPRUFLLIXQFLRQHD]
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
G 'DFDLFXSODWRUHPRUFDXWRYHKLFXOXO
3HULFROGHUQLUH YDUPkQHODQLYHOXOGHDXWRVWUDG
1XvQFXLDLGHVFXLDLGHVFKLGHLVDXvQFKLGHL $XWRYHKLFXOXOFRERDUDXWRPDWODQLYHOXO
SRUWLHUDXQXLDXWRYHKLFXOVDXKD\RQXOvQWLPS GHDXWRVWUDGGDFFRQGXFHLFXRYLWH]
FHFXSODLVDXGHFXSODLRUHPRUF*DUGDOD PDLPDUHGHNPKFXRUHPRUF$XWR
VRODDXWRYHKLFXOXOXLVHSRDWHPRGLILFDLDVW YHKLFXOXOQXHVWHFRERUkWODXQQLYHOFX
IHOSXWHLSXQHvQSHULFROYLDDGXPQHDYRDVWU YLWH]ULGLFDWFKLDUGDFFRQGXFHLFX
LDDOWRUSHUVRDQH YLWH]HPDLPDUL
1XDSVDLQLFLRGDWEXWRQXO$'6LQXPDQH $FHVWOXFUXVHDSOLFLDWXQFLFkQGXWLOL]DL
YUDLFRQWUROXOJU]LLODVROvQWLPSFHFXSODL DFFHVRULLFDUHVXQWFRQHFWDWHODSUL]DFkU
VDXGHFXSODLUHPRUFD OLJXOXLGHWUDFWDUHDUHPRUFLL GHH[XQ
VXSRUWGHELFLFOHW 
$XWRYHKLFXOHFXDUFXULGLQRHO
 $VLJXUDLYFWUDQVPLVLDVHDIOvQSR]LLD 'HFXSODUHDXQHLUHPRUFL
3
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 3R]LLRQDLUHPRUFDODQLYHOvQVSDWHOHDXWR 3HULFROGHUQLUH
YHKLFXOXOXL 1XGHFXSODLUHPRUFDDWXQFLFkQGHVWHDFLR
 &XSODLUHPRUFD QDWIUkQDSULQLQHULHQFD]FRQWUDUYSXWHL
 6WDELOLLFRQH[LXQHDHOHFWULFvQWUHDXWRYH SULQGHPkQDvQWUHEDUDGHSURWHFLHLEDUDGH
KLFXOLUHPRUF UHPRUFDUH
 9HULILFDLGDFVLVWHPXOGHLOXPLQDUHDO
UHPRUFLLIXQFLRQHD] $9(57,60(17
,PHGLDWFHULGLFDLEDUDGHWUDFWDUHDUHPRUFLL
DXWRYHKLFXOXOGHVFUFDWVHULGLFXRU$XWR
$XWRYHKLFXOHFXSDFKHW$,50$7,&
YHKLFXOXOFRERDUDSRLODQLYHOXOGHFRQGXFHUH
 $VLJXUDLYFWUDQVPLVLDVHDIOvQSR]LLD $VLJXUDLYFQXVHDIOQLPHQLvQDSURSLHUHD
3 SDVDMXOXLGHURDWVDXDVFXWXOXLSHQWUXFDUR
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH VHULHQFD]FRQWUDUGXPQHDYRDVWUVDXDOWH
 3RUQLLPRWRUXO SHUVRDQHSXWHLUPkQHSULQVHvQWUHHOH
 6HWDLDXWRYHKLFXOXOSHQLYHOXOGHDXWRV PHQWH
WUDG 3DJLQD 
 6HWDLVLVWHPXOGHDPRUWL]DUHDGDSWLY
$'6 SH$872VDX&20) 3DJLQD 
7UDFWDUHDXQHLUHPRUFL 

$9(57,60(17  $VLJXUDLYFDXWRYHKLFXOXOHVWHVWDLR
$XWRYHKLFXOXOHVWHFRERUkWLPHGLDWFHGHFR QDWLDUFDEOXULOHUHPRUFLLVXQWGHFRQHF
QHFWDLFDEOXOGHUHPRUF$VLJXUDLYFQX WDWH

&RQGXFHUHDLSDUFDUHD
VHDIOQLPHQLvQDSURSLHUHDSDVDMXOXLGHURDW  $H]DLFDSDFXOGHSURWHFLHSHFXSODVIH
VDXDVFXWXOXLSHQWUXFDURVHULHQFD]FRQWUDU ULF
GXPQHDYRDVWUVDXDOWHSHUVRDQHSXWHL  'HVFKLGHLKD\RQXO
UPkQHSULQVHvQWUHHOHPHQWH
,PHGLDWFHGHFXSODLUHPRUFDDXWRYHKLFXOXO
GHVFUFDWVHULGLFXRU$VLJXUDLYFGXP
QHDYRDVWUVDXDOWHSHUVRDQHQXVXIHULLUQL
SHSDUFXUVXOSURFHVXOXL

 1XFXSODLRUHPRUFSUHY]XWFXIUkQ
LQHULDODWXQFLFkQGIUkQDUHVSHFWLYHVWH
DFLRQDWGHRDUHFHSULQGHEORFDUHDIUkQHL
LQHULDOHVHSRDWHSURGXFHGHWHULRUDUHD
DXWRYHKLFXOXOXLGXPQHDYRDVWU
 7UDJHLEXWRQXOGHHOLEHUDUHCSkQFkQG
$XWRYHKLFXOHFXDUFXULGLQRHO FXSODVIHULFVHGHEORFKHD]
 $VLJXUDLYFWUDQVPLVLDVHDIOvQSR]LLD &XSODVIHULFVHUDEDWHD]vQMRVGHVXE
3 EDUDGHSURWHFLHVSDWH/DPSDLQGLFDWRDUH
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH GHSHEXWRQXOGHHOLEHUDUHFOLSHWH
 $VLJXUDLUHPRUFDFRQWUDSXQHULLVDOHvQ
PLFDUH
 6FRDWHLFDEOXOUHPRUFLLLGHFXSODL
UHPRUFD

$XWRYHKLFXOHFXSDFKHW$,50$7,&
 $VLJXUDLYFWUDQVPLVLDVHDIOvQSR]LLD
3
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 3RUQLLPRWRUXO
 QFKLGHLSRUWLHUHOHLKD\RQXO
 $SVDLFXSODVIHULFvQGLUHFLDVJHLL
SkQFkQGVHDQJUHQHD]VRQRUvQVSDWHOH
 $VLJXUDLUHPRUFDFRQWUDSXQHULLVDOHvQ
EDUHLGHSURWHFLH
PLFDUH /DPSDLQGLFDWRDUHGHSHEXWRQXOGHHOLEH
 6FRDWHLFDEOXOUHPRUFLLLGHFXSODL UDUHVHVWLQJHLDUPHVDMXOGHSHDILDMXO
UHPRUFD PXOWLIXQFLRQDOGLVSDUH
 2SULLPRWRUXO

5DEDWDUHDFXSOHLVIHULFH
G 5DEDWDLvQXQWUXFXSODVIHULFGDFQX
XWLOL]DLFkUOLJXOGHWUDFWDUHDUHPRUFLL


 7UDFWDUHDXQHLUHPRUFL

$OLPHQWDUHDHOHFWULFDFWLYDWSULQFRPXWD
WRUXOGHFRQWDFWHVWHDVLJXUDWSULQSLQXO
DOSUL]HLUHPRUFLL
&RQGXFHUHDLSDUFDUHD

 3XWHLFRQHFWDDFFHVRULLFXRSXWHUH
QRPLQDOGHSkQOD:ODRDOLPHQWDUH
HOHFWULFSHUPDQHQWLFXRSXWHUHQRPL
QDOGHSkQOD:ODDOLPHQWDUHDHOHF
WULFFDUHHVWHSRUQLWSULQFRPXWDWRUXOGH
FRQWDFW
(VWHSRVLELOFDEDWHULDUHPRUFLLVQXILH
 /DDXWRYHKLFXOHOH$0*LODDXWRYHKL vQFUFDWGHODDOLPHQWDUHDHOHFWULF
FXOHOHFXVWLOL]DUHDFDURVHULHL$0*SULQ $OLPHQWDUHDHOHFWULFSHUPDQHQWDUHPRUFLL
GHLFkUOLJHOHDFDSDFXOXLvQGLUHFLD HVWHGH]DFWLYDWvQFD]XOXQHLWHQVLXQL
LQGLFDWGHVJHDWvQGHVFKL]WXULOHC VF]XWHGHDOLPHQWDUHDDXWRYHKLFXOXOXLL
FRQIRUPHFXDFHVWVFRS GXSFHOWkU]LXDVHRUH
3XWHLDIODPDLPXOWHLQIRUPDLLGHVSUHLQVWD
ODUHDVLVWHPHORUHOHFWULFHDOHUHPRUFLLGHOD
XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 3HQWUXDDFWLYDVDXGH]DFWLYDDOLPHQWD
UHDHOHFWULFURWLLFKHLDvQFRPXWDWRUXOGH
FRQWDFWvQSR]LLDVDXUHVSHFWLY

,QGLFDWRUXOGHGHIHFLXQHDEHFXOXL
SHQWUXOPSLOHFX/('
G 'DFUHPRUFDHVWHSUHY]XWFXOPSLFX
 /DDXWRYHKLFXOHOH$0*LODDXWRYHKL
FXOHOHFXVWLOL]DUHDFDURVHULHL$0* /('HVWHSRVLELOVDSDUXQPHVDMGH
vPSLQJHLFDSDFXOvQVXVvQGLUHFLDLQGL HURDUHvQDILDMXOPXOWLIXQFLRQDOFKLDU
GDFQXH[LVWQLFLRGHIHFLXQH0RWLYXO
FDWGHVJHDWSkQFkQGVHvPELQ
DSDULLHLPHVDMXOXLGHHURDUHSRDWHIL
 /DDXWRYHKLFXOHOH$0*LODDXWRYHKL
VFGHUHDFXUHQWXOXLVXESUDJXOPLQLPGH
FXOHOHFXVWLOL]DUHDFDURVHULHL$0*YHUL P$
ILFDLIL[DUHDFRUHFWDFDSDFXOXL
3HQWUXDDVLJXUDRIXQFLRQDUHILDELODLQGL
FDWRUXOXLGHGHIHFLXQHDEHFXOXLILHFDUHODQ
GH/('XULGLQLOXPLQDUHDUHPRUFLLWUHEXLHV
$OLPHQWDUHHOHFWULFDUHPRUFLL DLEXQFXUHQWPLQLPJDUDQWDWGHP$
/DLHLUHDGLQIDEULFSUL]DUHPRUFLLDXWRYH
KLFXOXOXLGXPQHDYRDVWUHVWHSUHY]XWFXR
DOLPHQWDUHHOHFWULFSHUPDQHQWLFXRDOL 5HPRUFFXFRQHFWRUFXSLQL
PHQWDUHHOHFWULFDFWLYDWSULQFRPXWDWRUXO
GHFRQWDFW 1RWHJHQHUDOH
$OLPHQWDUHDHOHFWULFSHUPDQHQWHVWHDVL 'DFUHPRUFDGXPQHDYRDVWUGLVSXQHGHXQ
JXUDWSULQSLQXODOSUL]HLUHPRUFLL FRQHFWRUFXSLQLRSXWHLFRQHFWDODPXID
FXSLQLGHSHFXSODVIHULFFXDMXWRUXOXQXL
DGDSWRUVDXGDFVLWXDLDRFHUHFXXQFDEOX
7UDFWDUHDXQHLUHPRUFL 

DGDSWRU$PEHOHSRWILRELQXWHvQWUXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW

&RQGXFHUHDLSDUFDUHD
0RQWDUHDDGDSWRUXOXL

 'HVFKLGHLFDSDFXOSUL]HL
 ,QWURGXFHLFRQHFWRUXOFXXUHFKHDCvQ
DQXODGHSHSUL]LURWLLFRQHFWRUXOvQ
VHQVRUDUSkQODRSULWRU
 /VDLFDSDFXOVVHDQJUHQH]H
 'DFXWLOL]DLXQFDEOXDGDSWRUIL[DLFDEOXO
ODUHPRUFFXFROLHUHGHFDEOX
 $VLJXUDLVXILFLHQWOLEHUWDWHGHPLFDUH
FDEOXOXLSHQWUXDQXVHGHVSULQGHODHIHF
WXDUHDYLUDMHORU


 7UDFWDUHDXQHLUHPRUFL

3UREOHPHFXWUDFWDUHDUHPRUFLL

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&RQGXFHUHDLSDUFDUHD

&XSODVIHULFHOLEHUDW  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QXSRDWHILvPELQDW

&XSODVIHULFQXVH 7HQVLXQHDGHODERUGHVWHLQVXILFLHQW
GHEORFKHD]FKLDU  3RUQLLPRWRUXO
GDF
=DXWRYHKLFXOXOHVWH
QFD]XOvQFDUHFXSODVIHULFQXVHGHEORFKHD]
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
RSULW
=QLFLXQFDEOXGH
UHPRUFQXHVWH
FRQHFWDW
=EXWRQXOGHHOLEHUDUH
SHQWUXGHEORFDUHD
FXSOHLVIHULFHDIRVW
WUDVGHPDLPXOWGHR
VHFXQG


,QIRUPDLLXWLOH 

&DOFXODWRUGHERUGLGLVSOD\XUL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
$ILDMHLIXQFLRQDUH 
0HQLXULLVXEPHQLXUL 
0HVDMHGHSHGLVSOD\ 
/PSLGHDYHUWL]DUHLLQGLFDWRDUH
GLQSDQRXOGHLQVWUXPHQWH 
 $ILDMHLIXQFLRQDUH

,QIRUPDLLXWLOH 3HULFROGHDFFLGHQW
&DOFXODWRUGHERUGLGLVSOD\XUL

&RPSXWHUXOGHERUGvQUHJLVWUHD]LDILHD]
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH QXPDLPHVDMHGHHURDUHLDYHUWLVPHQWHSUR
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG YHQLWHGHODDQXPLWHVLVWHPH'LQDFHVWPRWLY
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD WUHEXLHVYDVLJXUDLSHUVRQDOFDXWRYHKL
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL FXOXOSUH]LQWVLJXUDQvQXWLOL]DUHQFD]FRQ
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH WUDUHVWHSRVLELOSURGXFHUHDXQXLDFFLGHQW
YDULDLLvQIXQFLHGHDU9UXJPVUHL GDWRULWFRQGXFHULLXQXLDXWRYHKLFXOQHVLJXU
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF $9(57,60(17
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO 6LJXUDQDvQIXQFLRQDUHDDXWRYHKLFXOXOXL
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH GXPQHDYRDVWUSRDWHILGLPLQXDWGDFRSH
ULWRDUHODVLJXUDQ UDLLOHGHvQWUHLQHUHVXQWHIHFWXDWHLQFRUHFW
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH $VWIHOSXWHLSLHUGHFRQWUROXODXWRYHKLFXOXOXL
FLDOLWDWHDXWRUL]DWH 3DJLQD  LSXWHLSURYRFDXQDFFLGHQW0DLPXOWVLV
WHPHOHGHVLJXUDQQXYPDLSRWSURWHMDSH
GXPQHDYRDVWUVDXSHDOLLFRQIRUPVFRSXOXL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD SUHY]XW
6ROLFLWDLvQWRWGHDXQDHIHFWXDUHDLQWHUYHQLL
9HLJVLRLOXVWUDLHDSDQRXOXLGHLQVWUX ORUGHVHUYLFHODXQDWHOLHUGHVSHFLDOLWDWH
PHQWHvQVHFLXQHD3UH]HQWDUHJHQHUDO DXWRUL]DW
3DJLQD 
3HULFROGHDFFLGHQW
$ILDMHLIXQFLRQDUH
8WLOL]DLFRPSXWHUXOGHERUGQXPDLFkQGFRQ
GLLLOHGHGUXPLGHWUDILFRSHUPLWQFD] ,QGLFDWRUXOGHWHPSHUDWXUDOLFKLGX
FRQWUDUDWHQLDGXPQHDYRDVWUYDILGLVWUDV OXLGHUFLUH
LQXYYHLPDLSXWHDFRQFHQWUDvQPRG
,QGLFDWRUXOGHWHPSHUDWXUDOLFKLGXOXLGH
FRUHVSXQ]WRUDVXSUDFRQGXFHULLSURYRFkQG
UFLUHVHDIOvQSDQRXOGHLQVWUXPHQWHSH
DVWIHOXQDFFLGHQW
SDUWHDGUHDSW
$9(57,60(17 ,QGLFDLDSRDWHXUFDSkQODvQFRQGLLL
QRUPDOHGHFRQGXFHUHGDFOLFKLGXOGHUFLUH
1XVHYRUDILDPHVDMHGDFSDQRXOGHLQVWUX
DIRVWDOLPHQWDWFRUHFW
PHQWHVDXDILDMXOPXOWLIXQFLRQDOVXQW
QHIXQFLRQDOH /DWHPSHUDWXULH[WHULRDUHULGLFDWHLFkQG
FRQGXFHLvQSDQWDVFHQGHQWWHPSHUDWXUD
'UHSWXUPDUHQXYHLSXWHDVYHGHLLQIRU
OLFKLGXOXLGHUFLUHSRDWHDWLQJHFDSWXOVFD
PDLLSULYLQGFRQGLLLOHvQFDUHFRQGXFHLFXP
OHL
DUILYLWH]DWHPSHUDWXUDH[WHULRDUOPSLOHGH
DYHUWL]DUHLLQGLFDWRDUHPHVDMHOHGHSHGLV
SOD\VDXGHIHFLXQLOHGLQVLVWHP&DUDFWHULVWL
WXURPHWUXO
FLOHGHFRQGXFHUHSRWILDIHFWDWH$GDSWDLY
VWLOXOGHFRQGXFHUHLYLWH]DYHKLFXOXOXLvQFRQ %DQGDURLHGLQWXURPHWUXLQGLFLQWHUYDOXOGH
VHFLQ VXSUDWXUDUHDOPRWRUXOXL
&RQWDFWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW  1XFRQGXFHLDXWRYHKLFXOXOFXPRWRUXO
LPHGLDW VXSUDWXUDWQFD]FRQWUDUPRWRUXOYDIL
GHWHULRUDW
$ILDMHLIXQFLRQDUH 

$OLPHQWDUHDFXFDUEXUDQWHVWHvQWUHUXSW 8WLOL]DUHDFDOFXODWRUXOXLGHERUG
SHQWUXDSURWHMDPRWRUXOFkQGVHLQWUvQ

&DOFXODWRUGHERUGLGLVSOD\XUL
EDQGDURLH 3UH]HQWDUHJHQHUDO
&DOFXODWRUXOGHERUGHVWHDFWLYDWLPHGLDWFH
URWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
$ILDMWHPSHUDWXUH[WHULRDU FRQWDFW
$ILDMXOGHWHPSHUDWXUH[WHULRDUVHDIOvQ 3XWHLFRQWURODDILDMXOPXOWLIXQFLRQDOL
DILDMXOPXOWLIXQFLRQDO 3DJLQD  VHWULOHvQFDOFXODWRUXOGHERUGFXDMXWRUXO
EXWRDQHORUGHSHYRODQXOPXOWLIXQFLRQDO
$9(57,=$5(
/DWHPSHUDWXULXRUSHVWHSXQFWXOGHvQJKH
RVHDXDSRDWHILvQJKHDWPDLDOHVvQ]RQHOH
GHSGXUHVDXSHSRGXULQFD]XOXQXLPRGGH
FRQGXFHUHQHDGDSWDWFRQGLLLORUGHGUXP
DXWRYHKLFXOXOSRDWHLQWUDvQGHUDSDM'LQ
DFHDVWFDX]WUHEXLHVYDGDSWDLvQWRW
GHDXQDPRGXOGHFRQGXFHUHLYLWH]DODFRQ
GLLLOHPHWHR

6FKLPEULOHWHPSHUDWXULLH[WHULRDUHVXQWDIL
DWHGXSRVFXUWvQWkU]LHUH

9LWH]RPHWUXFXVHJPHQWH
6HJPHQWHOHGLQYLWH]RPHWUXLQGLFFHWUHDSWD
GHYLWH]HVWHGLVSRQLELO C $ILDMPXOWLIXQFLRQDO
&RQWUROXOFURD]LHUHL 3DJLQD DFWLYDW D $FWLYHD]/,1*8$7521,&FRQVXOWDL
6HJPHQWHOHVHDSULQGGHODYLWH]DPHPRUDW LQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH
ODYLWH]DPD[LP 3DQRXOGHFRPDQGGUHDSWD
63(('7521,&YDULDELO 3DJLQD DFWL 3DQRXOGHFRPDQGVWkQJD
YDW
%XWRQXOGHUHYHQLUH
6HJPHQWHOHVHDSULQGGHODvQFHSXWXOVFDOHL
SkQODOLPLWDGHYLWH]VHOHFWDW
',67521,&3/86 3DJLQD DFWLYDW
8QXOVDXGRXVHJPHQWHGLQWUHDSWDGHYLWH]
VHWDWVHDSULQG
',67521,&3/86GHWHFWHD]XQDXWRYHKLFXO
vQID
6HJPHQWHOHGLQWUHYLWH]DDXWRYHKLFXOXOXLGLQ
IDLYLWH]DPHPRUDWVHDSULQG


 $ILDMHLIXQFLRQDUH

3DQRXOGHFRPDQGVWkQJD =5HJOHD]YROXPXO
&DOFXODWRUGHERUGLGLVSOD\XUL


Y =$SHOHD]PHQLXOLEDUDGH
e PHQLX l =6XUGLQ

c $SVDLVFXUW
%XWRQXOGHUHYHQLUH
d ='HUXOHD]OLVWHOH
=6HOHFWHD]XQVXEPHQLXVDXR A $SVDLVFXUW
IXQFLH =QDSRL
=QPHQLXO$XGLRVHOHFWHD]XQ ='H]DFWLYHD]/,1*8$7521,&
SRVWPHPRUDWRSLVWDXGLRVDX FRQVXOWDLLQVWUXFLXQLOHGHXWLOL
XQFOLSYLGHR ]DUHVHSDUDWH
=QPHQLXO7HOWHOHSKRQH WHOHIRQ  =$VFXQGHPHVDMHOHGHSHGLVSOD\
FRPXWODDJHQGDWHOHIRQLFL VDXDSHOHD]XOWLPDIXQFLHGLQ
VHOHFWHD]XQQXPHVDXXQ PHQLXO7ULS 3DUFXUV XWLOL
QXPUGHWHOHIRQ ]DW
c $SVDLLPHQLQHLDSVDW =6HLHVHGLQDJHQGDWHOHIRQLF

d =QPHQLXO$XGLRVHOHFWHD]SRV
PHPRULDGHUHDSHODUH
WXODQWHULRUXUPWRUVDXVHOHF A $SVDLLPHQLQHLDSVDW
WHD]RSLVWDXGLRVDXXQFOLS =$SHOHD]DILDMXOVWDQGDUGvQ
YLGHRFXDMXWRUXOGHUXOULLUDSLGH
PHQLXO7ULS 3DUFXUV
=QPHQLXO7HOWHOHSKRQH WHOHIRQ 
ODQVHD]GHUXODUHDUDSLGSULQ
DJHQGDWHOHIRQLF $ILDMPXOWLIXQFLRQDO
v =&RQILUPVHOHFLDPHVDMXOGHSH
9DORULOHLVHWULOHSUHFXPLPHVDMHOHGHSH
GLVSOD\ GLVSOD\VXQWLQGLFDWHSHDILDMXOPXOWLIXQFLR
=QPHQLXO7HOWHOHSKRQH WHOHIRQ  QDO
FRPXWODDJHQGDWHOHIRQLFL
vQFHSHVDSHOH]HQXPUXOVHOHF
WDW
=QPHQLXO$XGLRRSUHWHIXQFLD
GHFXWDUHDSRVWXULORUODSRVWXO
GRULW

3DQRXOGHFRPDQGGUHDSWD

 =5HVSLQJHVDXvQFKHLHXQDSHO
=6HLHVHGLQDJHQGDWHOHIRQLF
PHPRULDGHUHDSHODUH
j =6HHIHFWXHD]VDXVHDFFHSWXQ
DSHO
=6HFRPXWSHPHPRULDGHUHD
SHODUH
$ILDMHLIXQFLRQDUH 

%DUDGHPHQLX

&DOFXODWRUGHERUGLGLVSOD\XUL
3URJUDPGHFRQGXFHUH
3R]LLHWUDQVPLVLH
 3HQWUXDDILDEDUDGHPHQLXDSVDL
YVDXEXWRQXOeGHSHYRODQ
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGDILD
UHDSR]LLHLWUDQVPLVLHLFRQVXOWDL
3DJLQD 
G 3XWHLVHWDRUDXWLOL]kQG$XGLRVDX
&20$1'2QOLQHFRQVXOWDLLQVWUXFLXQLOH
GHXWLOL]DUHVHSDUDWH
8UPWRDUHOHPHVDMHSRWDSUHDSHDILDMXO
PXOWLIXQFLRQDO
$ILDMPXOWLIXQFLRQDO FXH[FHSLDDXWRYHKLFXOHORU ] $VLVWHQDFWLYODSDUFDUH
$0* 3DJLQD
C 2U &RQWUROFURD]LHU
D 7HPSHUDWXUH[WHULRDUVDXYLWH] 3DJLQD
3DJLQD /,0 63(('7521,& 3DJLQD
&kPSGHVFULHUH '65 '65 3DJLQD
%DUDGHPHQLX 3URJUDPRIIURDG
3URJUDPGHFRQGXFHUH 3DJLQD
3R]LLHWUDQVPLVLH /2:5$1*( 7UHDSWRIIURDG/2:5$1*(
75($37'(9,7(=,1)(
5,2$5 3DJLQD
WHUJWRUOXQHW 3DJLQD
$VLVWHQSHQWUXID]DOXQJ
DGDSWLY 3DJLQD
$6,67(17'(0(1,1(5(
$7(1,( 3DJLQD
)XQFLDVWDUWVWRS(&2
3DJLQD
$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL
3DJLQD
$VLVWHQDSHQWUXPHQLQHUHD
EHQ]LLGHPHUV 3DJLQD
VDXDVLVWHQDDFWLYSHQWUXPHQ
LQHUHDEHQ]LLGHPHUV
$ILDMPXOWLIXQFLRQDO DXWRYHKLFXOH$0* 3DJLQD
C 2U )XQFLH+2/' 3DJLQD
D 7HPSHUDWXUH[WHULRDUVDXYLWH] )UkQ35(6$)( 3DJLQD
3DJLQD NPK 9LWH]DPD[LPDGPLVGHSLW
&kPSGHVFULHUH QXPDLvQDQXPLWHUL


 0HQLXULLVXEPHQLXUL

0HQLXULLVXEPHQLXUL
&DOFXODWRUGHERUGLGLVSOD\XUL

3UH]HQWDUHJHQHUDODPHQLXOXL
1XPUXOGHPHQLXULLQGLFDWGHSLQGHGHHFKLSDUHDRSLRQDOGLQDXWRYHKLFXO

)XQFLH
C 0HQLXO7ULS 3DUFXUV 3DJLQD
D 0HQLXO1DYL 1DY LQVWUXFLXQLGHQDYLJDLH  3DJLQD
0HQLXO$XGLR 3DJLQD
0HQLXO7HO WHOHIRQ  3DJLQD
0HQLXO$VVLVW $VLVW  DVLVWHQ  3DJLQD
0HQLXO6HUY 3DJLQD
=DSHOHD]PHVDMHOHGHSHGLVSOD\ 3DJLQD
=DYHUWLVPHQWSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXUL 3DJLQD
=0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL 3DJLQD
=$ILDMLQWHUYDOGHVHUYLFH$66<673/86 3DJLQD

k 0HQLXO6HWWLQJV 6HWUL 3DJLQD


l 0HQLXO21 2))52$' 3DJLQD
m 0HQLXO$0*ODDXWRYHKLFXOH$0* 3DJLQD

0HQLXULOH$XGLR1DYL 1DY L7HOGLIHUXRUODDXWRYHKLFXOHOHFX$XGLRLODDXWRYH


KLFXOHOHFX&20$1'2QOLQH([HPSOHOHGDWHvQDFHVW0DQXDOGHXWLOL]DUHVXQWYDODELOHOD
DXWRYHKLFXOHOHGRWDWHFX&20$1'2QOLQH
0HQLXULLVXEPHQLXUL 

0HQLXSDUFXUV =FRQWDFWXODIRVWGHFXSODWWLPSGHSHVWH
SDWUXRUH

&DOFXODWRUGHERUGLGLVSOD\XUL
$ILDMVWDQGDUG =$XWUHFXWGHRUH
=$XWUHFXWGHNLORPHWUL

&DOFXODWRUXOGHSDUFXUV)URPUHVHW 'HOD
UHVHWDUH HVWHUHVHWDWGDFVHGHSHVF
GHRUHVDXGHNLORPHWUL

$ILDUHDLQWHUYDOXOXLLFRQVXPXOXLGH
FDUEXUDQWFXUHQW
 $SVDLLPHQLQHLDSVDWEXWRQXOA
GHSHYRODQSkQFkQGPHQLXO7ULS 3DU  $SVDLEXWRQXOYVDXeGHSHYRODQ
FXUV 7ULS 3DUFXUV CFXFRQWRUXOGH SHQWUXDVHOHFWDPHQLXO7ULS 3DUFXUV 
UXODMSDULDOLFRQWRUXOGHUXODMWRWDO  $SVDLEXWRQXOcVDXdSHQWUXD
HVWHSUH]HQWDWD VHOHFWDFRQVXPXOFXUHQWGHFDUEXUDQWL
DXWRQRPLDDSUR[LPDWLY FXH[FHSLDDXWR
YHKLFXOHORU$0* 
&DOFXODWRUXOGHSDUFXUV'HODSRUQLUH
VDX'HODUHVHWDUH
9DORULOHGLQVXEPHQLXO)URPVWDUW 'HOD
SRUQLUH VXQWFDOFXODWHGHODvQFHSXWXO
FOWRULHLLDUYDORULOHGLQVXEPHQLXO)URP
UHVHW 'HODUHVHWDUH VXQWFDOFXODWH
vQFHSkQGFXXOWLPDUHVHWDUHDVXEPHQLXOXL
3DJLQD  C $XWRQRPLHDSUR[LPDWLY
 $SVDLEXWRQXOYVDXeGHSHYRODQ
D &RQVXPXOFXUHQWGHFDUEXUDQW QXHVWH
SHQWUXDVHOHFWDPHQLXO7ULS 3DUFXUV  YDODELOSHQWUXDXWRYHKLFXOHOH$0*
 $SVDLEXWRQXOcVDXdSHQWUXD
$XWRQRPLDDSUR[LPDWLYCHVWHFDOFXODWvQ
VHOHFWD)URPVWDUW 'HODSRUQLUH
IXQFLHGHVWLOXOGHFRQGXFHUHFXUHQWLGH
VDX)URPUHVHW 'HODUHVHWDUH  FDQWLWDWHDGHFDUEXUDQWGLQUH]HUYRU'DF
H[LVWGRDURFDQWLWDWHPLFGHFDUEXUDQW
UPDVvQUH]HUYRUXOGHFDUEXUDQWDILDMXO
SUH]LQWXQDXWRYHKLFXOFDUHHVWHDOLPHQWDW
vQORFGHDXWRQRPLHC

9LWH]RPHWUXGLJLWDO
([HPSOXFDOFXODWRUXOGHSDUFXUV'HODSRUQLUH  $SVDLEXWRQXOYVDXeGHSHYRODQ
C 'LVWDQ SHQWUXDVHOHFWDPHQLXO7ULS 3DUFXUV 
 $SVDLEXWRQXOcVDXdSHQWUXD
D 2U
VHOHFWDYLWH]RPHWUXOGLJLWDO
9LWH]DPHGLH
&RQVXPPHGLXGHFDUEXUDQW
&DOFXODWRUXOGHSDUFXUV)URPVWDUW 'HOD
SRUQLUH HVWHUHVHWDWDXWRPDWFkQG


 0HQLXULLVXEPHQLXUL

*KLGDUHDSHWUDVHXLQDFWLY
&DOFXODWRUGHERUGLGLVSOD\XUL

C 9LWH]RPHWUXGLJLWDO
C 6HQVXOGHPHUV
5HVHWDUHDYDORULORU
D 6WUDGDFXUHQW
3XWHLUHVHWDYDORULOHXUPWRDUHORUIXQFLL
=&RQWRUGHUXODMSDULDO *KLGDUHDSHWUDVHXDFWLYDW
=FDOFXODWRUGHSDUFXUV'HODSRUQLUH
1XVDDQXQDWQLFLRPRGLILFDUHGHGLUHF
=FDOFXODWRUGHSDUFXUV'HODUHVHWDUH
LH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7ULS 3DUFXUV 
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWDIXQFLDSHFDUHGRULLVRUHVHWDL
 $SVDLv

C 'LVWDQDSkQODGHVWLQDLH
D 'LVWDQDSkQODXUPWRDUHDVFKLPEDUHD
GLUHFLHL
6WUDGDFXUHQW
6LPEROSHQWUXXUPDLWUDVHXOGUXPXOXL
([HPSOXUHVHWDUHDFDOFXODWRUXOXLGHSDUFXUV'H
ODSRUQLUH 6FKLPEDUHGHGLUHFLHDQXQDWIUR
UHFRPDQGDUHGHEDQG
 $SVDLdSHQWUXDVHOHFWD<HV 'D L
DSVDLvSHQWUXDFRQILUPD

0HQLXGHQDYLJDLH
$ILDUHDLQVWUXFLXQLORUGHQDYLJDLH
QPHQLXO1DYLDILDMXOPXOWLIXQFLRQDOSUH C 'UXPXOODFDUHGXFHVFKLPEDUHDGHGLUHF
]LQWLQVWUXFLXQLOHGHQDYLJDLH3HQWUXLQIRU LH
PDLLVXSOLPHQWDUHFRQVXOWDLLQVWUXFLXQLOH D 'LVWDQDSkQODVFKLPEDUHDGLUHFLHLL
GHXWLOL]DUHVHSDUDWH DILDMXOYL]XDODOGLVWDQHL
 3RUQLL$XGLRFX%HFNHU0$33,/27VDX 3LFWRJUDPGHVFKLPEDUHDGLUHFLHL
&20$1'2QOLQH FRQVXOWDLLQVWUXFLXQLOH
$WXQFLFkQGVFKLPEDUHDGLUHFLHLDIRVWDQXQ
GHXWLOL]DUHVHSDUDWH 
DWYHLYHGHDDILDMXOYL]XDODOGLVWDQHLD
 $SVDLEXWRQXOYVDXeGHSHYRODQ
DOWXULGHVLPEROXOGHVFKLPEDUHDGLUHFLHL
SHQWUXDVHOHFWDPHQLXO1DYL $FHDVWDVHVFXUWHD]GLQSDUWHDLQIH
0HQLXULLVXEPHQLXUL 

ULRDUvQSDUWHDVXSHULRDUDDILDMXOXLSH $OLLQGLFDWRULGHVWDUHDLVLVWHPXOXLGH
PVXUFHYDSURSLDLGHSXQFWXOGHVFKLP QDYLJDLH

&DOFXODWRUGHERUGLGLVSOD\XUL
EDUHDGLUHFLHLDQXQDW =TDLDMXQVODGHVWLQDLHVDXODRGHVWLQD
6FKLPEDUHGHGLUHFLHDQXQDWFXRUHFR LHLQWHUPHGLDU
PDQGDUHGHEDQG =1HZURXWH 7UDVHXQRX VDX
5HFRPDQGULOHSULYLQGEDQGDVXQWDILDWH &DOFXODWLQJURXWH 6HFDOFXOHD]
QXPDLGDFGDWHOHUHOHYDQWHVXQWGLVSRQLELOH WUDVHXO VHFDOFXOHD]XQQRXWUDVHX
SHKDUWDGLJLWDO =2IIPDS QDIDUDKULL VDX2II
URDG QDIDUDGUXPXOXL SR]LLDDXWR
YHKLFXOXOXLVHUHJVHWHvQDIDUD]RQHLKULL
GLJLWDOH SR]LLDvQDIDUDKULL 
=1RURXWH )UWUDVHX QXVDSXWXW
FDOFXODQLFLXQWUDVHXSkQODGHVWLQDLD
VHOHFWDW

C 'UXPXOODFDUHGXFHVFKLPEDUHDGHGLUHF
LH 0HQLXDXGLR
D 'LVWDQDSkQODVFKLPEDUHDGLUHFLHLL
DILDMXOYL]XDODOGLVWDQHL 6HOHFWDUHDXQXLSRVWGHUDGLR
%DQGDUHFRPDQGDW 3XWHLVFKLPEDEDQGDGHIUHFYHQLPHPRUD
3LFWRJUDPGHVFKLPEDUHDGLUHFLHL SRVWXULQRLQXPDLFXDMXWRUXO$XGLRVDX
&20$1'$36
3HGUXPXULOHFXPDLPXOWHEHQ]LUHFRPDQ
 3RUQLL$XGLRVDX&20$1'2QOLQH FRQ
GDUHDSULYLQGEDQGDSRDWHDSUHDOD
XUPWRUXOVFKLPEGHGLUHFLHQWLPSXO VXOWDLLQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH
VFKLPEULLGLUHFLHLVHSRWDILDEHQ]LVXSOL LVHOHFWDL5DGLR
PHQWDUH  $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO$XGLR

C %DQGQRXvQWLPSXOXQHLVFKLPEULGH
GLUHFLH C %DQGGHIUHFYHQ
D %DQGDFRQWLQXSHSDUFXUVXOVFKLPEULL D 3RVW
GHGLUHFLH

 'DFVDPHPRUDWSRVWXOVHYDDILDLSR]LLDGLQPHPRULH


 0HQLXULLVXEPHQLXUL

 3HQWUXDVHOHFWDXQSRVWPHPRUDW 'DFDSVDLLPHQLQHLDSVDWEXWRQXO
DSVDLVFXUWSHEXWRQXOcVDXd cVDXdYLWH]DGHGHUXODUHUDSLGHVWH
&DOFXODWRUGHERUGLGLVSOD\XUL

 3HQWUXDVHOHFWDXQSRVWGLQOLVWDGH FUHVFXW1XWRDWHGLVSR]LWLYHOHDXGLRVDX
SRVWXULDSVDLLPHQLQHLDSVDWVFXUW PHGLDDFFHSWDFHDVWIXQFLH
EXWRQXOcVDXd 'DFLQIRUPDLLOHSULYLQGSLHVDVXQWPHPR
 3HQWUXDVHOHFWDXQSRVWFXDMXWRUXO UDWHSHGLVSR]LWLYXODXGLRVDXPHGLDDILDMXO
FXWULLSRVWXULORUDSVDLLLQHL PXOWLIXQFLRQDOYDLQGLFDQXPUXOLGHQXPL
DSVDWVFXUWEXWRQXOcVDXd UHDSLHVHL3LHVDFXUHQWQXDSDUHvQPRGXO
DXGLR$8; PRGXODXGLR$X[LOLDUVXUVDDXGLR
G 0RGXOUDGLR'$% 'LJLWDO$XGLR%URDGFDV H[WHUQFRQHFWDW 
WLQJ'LIX]DUHDXGLRGLJLWDO FRQVXOWDL
LQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH 8WLOL]DUHDWHOHYL]RUXOXL
 3RUQLL&20$1'2QOLQHLVHOHFWDL79
8WLOL]DUHDSOD\HUXOXLDXGLRVDXDPLMORD FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUHVHSD
FHORUGHUHGDUHDXGLR UDWH 
6HSRWUHGDGDWHDXGLRGHODGLYHUVHGLVSR]L  $SVDLEXWRQXOYVDXeGHSHYRODQ
WLYHDXGLRVDXGLVSR]LWLYHPHGLDvQIXQFLHGH SHQWUXDVHOHFWDPHQLXO$XGLR
HFKLSDPHQWXOFXFDUHHVWHSUHY]XWDXWRYH
KLFXOXO
 $FWLYDL$XGLRVDX&20$1'2QOLQHL
VHOHFWDLGLVSR]LWLYXODXGLRVDXGLVSR]LWLYXO
PHGLD FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUH
VHSDUDWH 
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO$XGLR C &DQDOXOFXUHQW
 3HQWUXDVHOHFWDXQSRVWPHPRUDW
DSVDLVFXUWSHEXWRQXOcVDXd
 3HQWUXDVHOHFWDXQSRVWGLQOLVWDGH
SRVWXULDSVDLLPHQLQHLDSVDWVFXUW
EXWRQXOcVDXd

([HPSOXDILDMXOPDJD]LHLGH&'XUL 8WLOL]DUHD'9'XULORUYLGHR
C &'XOFXUHQWvQPDJD]LDGH&'XUL  3RUQLL&20$1'2QOLQHLVHOHFWDLYLGHR
D 3LHVFXUHQW '9' FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUH
VHSDUDWH 
 3HQWUXDVHOHFWDSLHVDXUPWRDUHDQWH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
ULRDUDSVDLVFXUWEXWRQXOc
VDXd SHQWUXDVHOHFWDPHQLXO$XGLR
 3HQWUXDVHOHFWDRSLHVGLQOLVWDGH
SLHVH GHUXODUHUDSLG DSVDLLPHQL
QHLDSVDWEXWRQXOcVDXdSkQ
FkQGDLDMXQVODSLHVDGRULW

 1XPDLGDFQXHVWHSULPLWQLFLROLVWGHSRVWXUL
0HQLXULLVXEPHQLXUL 

QXPDLFkQGFRQGLLLOHGHGUXPLWUDILFVXQW

&DOFXODWRUGHERUGLGLVSOD\XUL
IDYRUDELOHQFD]FRQWUDUH[LVWSHULFROXOGLV
WUDJHULLDWHQLHLGHODFRQGLLLOHGHWUDILFLSUR
GXFHULLXQXLDFFLGHQWFXXUPULDVXSUDGXP
QHDYRDVWULDDOWRUSHUVRDQH

 3RUQLLWHOHIRQXOPRELOL$XGLRVDX
([HPSOXDILDMXOPDJD]LHLGH'9'XUL &20$1'2QOLQH FRQVXOWDLLQVWUXFLXQLOH
C '9'FXUHQWvQPDJD]LDGH'9'XUL GHXWLOL]DUHVHSDUDWH 
D 6FHQDFXUHQW  $SVDLEXWRQXOYVDXeGHSHYRODQ

 3HQWUXDVHOHFWDVFHQDXUPWRDUHVDX SHQWUXDVHOHFWDPHQLXO7HO
DQWHULRDUDSVDLVFXUWEXWRQXOc 9HLYHGHDXQXOGLQWUHXUPWRDUHOHPHVDMHGH
VDXd SHGLVSOD\SHDILDMXOPXOWLIXQFLRQDO
 3HQWUXDVHOHFWDRVFHQGLQOLVWDGH =3OHDVHHQWHU3,1 ,QWURGXFHL3,1 
VFHQH GHUXODUHUDSLG DSVDLLPHQ WHOHIRQXOPRELODIRVWSODVDWvQFRQVRODGH
LQHLDSVDWEXWRQXOcVDXdSkQ WHOHIRQPRELOL3,1XOQXDIRVWLQWURGXV
FkQGDLDMXQVODVFHQDGRULW  ,QWURGXFHL3,1XOFXDMXWRUXOWHOHIRQXOXL
PRELO/,1*8$7521,&$XGLRVDX
&20$1'2QOLQH
0HQLXWHOHIRQ 7HOHIRQXOPRELOYDFXWDRUHHD
=7HOHSKRQHUHDG\ 7HOHIRQSUHJWLW
,QWURGXFHUH
VDXQXPHOHUHHOHLWHOHIRQXOPRELODJVLW
)XQFLLOHLDILDMHOHGHSLQGGHHFKLSDUHD RUHHDLHVWHJDWDVSULPHDVFVHPQDO
RSLRQDOLQVWDODWvQDXWRYHKLFXOXOGXPQHD =7HOHSKRQH1R6HUYLFH 7HOHIRQIU
YRDVWU VHPQDO QLFLRUHHDQXHVWHGLVSRQLELO
9SXWHLSODVDWHOHIRQXOPRELOvQFRQVRODGH VDXWHOHIRQXOPRELOFDXWRUHHD
WHOHIRQPRELO 3DJLQD VDXSXWHLUHD
OL]DRFRQH[LXQH%OXHWRRWKODVLVWHPXODXGLR $FFHSWDUHDXQXLDSHO
VDX&20$1'2QOLQH FRQVXOWDLLQVWUXF
LXQLOHGHXWLOL]DUHVHSDUDWH  'DFYDSHOHD]FLQHYDDWXQFLFkQGYDIODL
vQPHQLXO7HO 7HO XQPHVDMGHSHGLVSOD\
G 3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHGHV DSDUHSHDILDMXOPXOWLIXQFLRQDOGHH[HPSOX
SUHWHOHIRDQHOHPRELOHDGHFYDWHLFRQHF
WDUHDWHOHIRDQHORUPRELOHSULQ%OXHWRRWK
=ODRULFH&HQWUXGHVHUYLFH0HUFHGHV
%HQ]
=GHSHLQWHUQHWODDGUHVDKWWS
ZZZPHUFHGHVEHQ]FRPFRQQHFW
3HULFROGHDFFLGHQW  $SVDLEXWRQXOjGHSHYRODQSHQWUXD
5HVSHFWDLQRUPHOHOHJDOHFXSULYLUHODXWLOL]D DFFHSWDXQDSHOSULPLW
UHDWHOHIRQXOXLPRELOvQDXWRYHKLFXOvQYLJRDUH
vQDUDGXPQHDYRDVWU 'DFQXYDIODLvQPHQLXO7HO 7HO SXWHL
WRWXLVSUHOXDLXQDSHO
QFD]XOvQFDUHXWLOL]DUHDWHOHIRQXOXLPRELOvQ
WLPSXOGHSODVULLDXWRYHKLFXOXOXLHVWHSHUPLV
GHOHJLVODLDORFDODFHVWDWUHEXLHXWLOL]DW


 0HQLXULLVXEPHQLXUL

5HVSLQJHUHDVDXvQFKHLHUHDXQHLFRQ 5HDSHODUH
YRUELUL
&DOFXODWRUGHERUGLGLVSOD\XUL

&DOFXODWRUXOGHERUGVDOYHD]XOWLPHOHQXPH
 $SVDLEXWRQXOGHSHYRODQ VDXQXPHUHDSHODWHvQPHPRULDGHUHDSHODUH
'DFQXYDIODLvQPHQLXO7HO 7HO SXWHL  $SVDLEXWRQXOYVDXeGHSHYRODQ
WRWXLVUHIX]DLVDXVvQFKHLDLRFRQYRU SHQWUXDVHOHFWDPHQLXO7HO
ELUH  $SVDLEXWRQXOjSHQWUXDFRPXWDSH
PHPRULDGHUHDSHODUH
)RUPDUHDXQXLQXPUGLQDJHQGDWHOH  $SVDLEXWRQXOcVDXdSHQWUXD
IRQLF VHOHFWDQXPHOHVDXQXPUXOGRULW
'DFWHOHIRQXOGXPQHDYRDVWUPRELOSRDWH  $SVDLEXWRQXOjVDXvSHQWUXD
SULPLDSHOXULSXWHLFXWDLIRUPDXQQXPU vQFHSHVIRUPDL
GLQDJHQGDWHOHIRQLFvQ$XGLRVDX VDX
&20$1'$36  'DFQXGRULLVHIHFWXDLXQDSHO
 $SVDLEXWRQXOYVDXeGHSHYRODQ DSVDLEXWRQXOVDXA
SHQWUXDVHOHFWDPHQLXO7HO
 $SVDLEXWRQXOcdVDXvSHQ
WUXDDSHODDJHQGDWHOHIRQLF 0HQLX$VLVWHQ
 $SVDLEXWRQXOcVDXdSHQWUXD
,QWURGXFHUH
VHOHFWDQXPHOHGRULW
3HQWUXDvQFHSHVGHUXODLUDSLGDSVDLL
PHQLQHLDSVDWEXWRQXOcVDXd
WLPSGHSHVWHRVHFXQG'XSVFXUWWLPS
GHUXODUHDUDSLGVHDFFHOHUHD]
'HUXODUHDUDSLGVHvQFKHLHFkQGHOLEHUDL
EXWRQXOVDXDMXQJHLODFDSWXOOLVWHL
 'DFHVWHPHPRUDWQXPDLXQQXPUGH
WHOHIRQSHQWUXXQQXPHDSVDLEXWRQXO 'LQPHQLXO$VVLVW $VLVWDUH SXWHL
=DILDDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HLL
jVDXvSHQWUXDvQFHSHVIRUPDL
DFWLYDGH]DFWLYDIXQFLDGHPHVDMHD
VDX
DVLVWULLSHQWUXOLPLWDUHDYLWH]HL
 'DFH[LVWPDLPXOWGHXQQXPUSHQ
=SUH]HQWDDILDMXOGLVWDQHL
WUXXQQXPHVSHFLILFDSVDLEXWRQXO
=DFWLYDGH]DFWLYDIUkQD35(6$)(
jVDXvSHQWUXDDILDQXPHUHOH
=DFWLYDGH]DFWLYD$6,67(170(1,1(5(
 $SVDLEXWRQXOcVDXdSHQWUXD
VHOHFWDQXPUXOSHFDUHGRULLVvODSHODL $7(1,(
=DFWLYDGH]DFWLYDDVLVWHQDODXQJKLXOPRUW
 $SVDLEXWRQXOjVDXvSHQWUXD
vQFHSHVIRUPDL VDXDVLVWHQDDFWLYODXQJKLXOPRUW
=DFWLYDGH]DFWLYDDVLVWHQDSHQWUXPHQL
VDX
QHUHDEHQ]LLGHPHUVVDXDVLVWHQDDFWLY
 'DFQXGRULLVHIHFWXDLXQDSHO
SHQWUXPHQLQHUHDEHQ]LLGHPHUV
DSVDLEXWRQXOVDXA
0HQLXULLVXEPHQLXUL 

$VLVWDUHSHQWUXOLPLWDUHDYLWH]HL 3UH]HQWDUHDDILDMXOXLGLVWDQHL

&DOFXODWRUGHERUGLGLVSOD\XUL
$ILDUHDDVLVWULLSHQWUXOLPLWDUHDYLWH]HL $FHDVWIXQFLHHVWHGLVSRQLELOGRDUFX',6
7521,&3/86
QIXQFLD6SHHG/LP$VVW $VLVWSW
OLPYLWH]HL ROLPLWDGHYLWH]GHWHFWDW  $SVDLYVDXeGHSHYRODQSHQWUX

HVWHDILDWvQDQXPLWHFRQGLLL DVHOHFWDPHQLXO$VVLVW $VLV


3DJLQD  WHQ $VVLVWDQFH $VLVWHQ 
 $SVDLYVDXeGHSHYRODQSHQWUX  $SVDLEXWRQXOcVDXdSHQWUXD

DVHOHFWDPHQLXO$VVLVW $VLV VHOHFWD'LVWDQFHGLVSOD\ $ILDM


WHQ $VVLVWDQFH $VLVWHQ  GLVWDQ 
 $SVDLcVDXdSHQWUXDVHOHFWD  $SVDLv

6SHHG/LP$VVW $VLVWSWOLP $ILDMXOGLVWDQHL',67521,&3/86


YLWH]HL  3DJLQD DSDUHSHDILDMXOPXOWLIXQF
 $SVDLv
LRQDO
$ILDMXOPXOWLIXQFLRQDOSUH]LQWDVLVWDUHD
SHQWUXOLPLWDUHDYLWH]HL $FWLYDUHDGH]DFWLYDUHDIUkQHL35(
6$)(
$FWLYDUHDGH]DFWLYDUHDIXQFLHLGHPHVDM
GHDVLVWDUHSHQWUXOLPLWDUHDYLWH]HL )UkQD35(6$)(HVWHGLVSRQLELOQXPDLOD
DXWRYHKLFXOHOHFX',67521,&3/86
3XWHLVHWDDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HL
3DJLQD VDILH]HROLPLWGHYLWH]  $SVDLYVDXeGHSHYRODQSHQWUX

GHWHFWDWDXWRPDWWLPSGHFLQFLVHFXQGH DVHOHFWDPHQLXO$VVLVW $VLV


&HOHODOWHPHVDMHGLQDILDMXOPXOWLIXQFLRQDO WHQ $VVLVWDQFH $VLVWHQ 
YRUILDWHQXDWHvQDFHVWLQWHUYDO  $SVDLcVDXdSHQWUXDVHOHFWD
 $SVDLYVDXeGHSHYRODQSHQWUX 35(6$)(%UDNH )UQD35(6$)( 
DVHOHFWDPHQLXO$VVLVW $VLV  $SVDLEXWRQXOv
WHQ $VVLVWDQFH $VLVWHQ  6HOHFLDFXUHQWHVWHDILDW
 $SVDLcVDXdSHQWUXDVHOHFWD  3HQWUXDDFWLYDGH]DFWLYDDSVDLv
6SHHG/LP$VVW $VLVWSWOLP GLQQRX
YLWH]HL  &kQGIUkQD35(6$)( 3DJLQD HVWH
 $SVDLv DFWLYDWDILDMXOPXOWLIXQFLRQDOSUH]LQWVLP
$ILDMXOPXOWLIXQFLRQDOSUH]LQWDVLVWDUHD EROXODWkWDWLPSFkWIXQFLD+2/'QX
SHQWUXOLPLWDUHDYLWH]HL HVWHDFWLYDW 3DJLQD 
 $SVDLd $XWRYHKLFXOHFXDVLVWHQDFWLYODSDU
6HOHFLDFXUHQWHVWHDILDW FDUHGDF3$5.7521,&HVWHDFWLYDWLFRQ
 3HQWUXDDFWLYDVDXGH]DFWLYDDSVDL GXFHLFXRYLWH]VXENPKVLPEROXO]
v SHQWUXDVLVWHQDDFWLYODSDUFDUHHVWHSUH
'DFDVLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWH ]HQWDWvQORFXOVLPEROXOXL
IXQFLRQDOLIXQFLDGHPHVDMHVWHDFWLYDW
DILDMXOPXOWLIXQFLRQDOSUH]LQWVLPEROXO
FkQGFRQWDFWXOHVWHFXSODW


 0HQLXULLVXEPHQLXUL

$FWLYDUHDGH]DFWLYDUHD$6,67(178/8,  $SVDLYVDXeGHSHYRODQSHQWUX
'(0(1,1(5($7(1,(
&DOFXODWRUGHERUGLGLVSOD\XUL

DVHOHFWDPHQLXO$VVLVW $VLV
 $SVDLYVDXeGHSHYRODQSHQWUX WHQ $VVLVWDQFH $VLVWHQ 
 $SVDLcVDXdSHQWUXDVHOHFWD
DVHOHFWDPHQLXO$VVLVW $VLV
WHQ $VVLVWDQFH $VLVWHQ  /DQH.HHS$VVW $VLVWHQDSHQWUX
 $SVDLEXWRQXOcVDXdSHQWUXD
PHQLQHUHDEHQ]LLGHPHUV 
 $SVDLv
VHOHFWD$WWHQWLRQ$VVW $VWPHQ
DWHQLH  6HOHFLDFXUHQWHVWHDILDW
 $SVDLv  $SVDLEXWRQXOvSHQWUXFRQILUPDUH

6HOHFLDFXUHQWHVWHDILDW  $SVDLdVDXcSHQWUXDVHWDSH

 3HQWUXDDFWLYDGH]DFWLYDDSVDLv 2II 2SULW 6WDQGDUGVDX$GDSWLYH


GLQQRX $GDSWLY 
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
&kQG$6,67(178/3(17580(1,1(5($
$7(1,(, 3DJLQD HVWHDFWLYDWVLPEROXO UHD
DSDUHSHDILDMXOPXOWLIXQFLRQDOFkQG &kQGDVLVWHQDSHQWUXPHQLQHUHDEHQ]LLGH
FRQWDFWXOHVWHFXSODW PHUVVDXDVLVWHQDDFWLYSHQWUXPHQLQHUHD
EHQ]LLGHPHUVHVWHDFWLYDWVLPEROXO
$FWLYDUHDGH]DFWLYDUHD$VLVWHQHLOD DSDUHSHDILDMXOPXOWLIXQFLRQDOFkQGFRQ
XQJKLXOPRUW WDFWXOHVWHFXSODW
3XWHLXWLOL]DIXQFLD%OLQG6SRW$VVW
$VLVWODXQJKLPRUW SHQWUXDDFWLYD 0HQLX6HUYLFH
VDXGH]DFWLYDDVLVWHQDODXQJKLPRUW
3DJLQD VDXDVLVWHQDDFWLYODXQJKLXO
PRUW 3DJLQD 
 $SVDLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$VVLVW $VLV
WHQ $VVLVWDQFH $VLVWHQ 
 $SVDLcVDXdSHQWUXDVHOHFWD
%OLQG6SRW$VVW $VLVWODXQJKL QPHQLXO6HUYLFHGLVSXQHLGHXUPWRDUHOH
PRUW  RSLXQL
 $SVDLv =DSHODUHDPHVDMHORUGHSHGLVSOD\
6HOHFLDFXUHQWHVWHDILDW 3DJLQD
 3HQWUXDDFWLYDGH]DFWLYDDSVDLv =UHSRUQLUHDVLVWHPXOXLGHDYHUWL]DUHSULYLQG
GLQQRX SLHUGHUHDSUHVLXQLLvQSQHXUL
3DJLQD VDXYHULILFDUHDHOHFWURQLF
$FWLYDUHDGH]DFWLYDUHD$VLVWHQHLSHQ DSUHVLXQLLvQSQHXUL 3DJLQD
WUXPHQLQHUHDEHQ]LLGHPHUV =DSHODUHDXQHLGDWHVFDGHQWHSHQWUXVHUYLFH
3DJLQD
3XWHLXWLOL]DIXQFLD/DQH.HHS$VVW
$VLVWHQDSHQWUXPHQLQHUHDEHQ]LL
GHPHUV SHQWUXDDFWLYDGH]DFWLYD$VLV
WHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUV
3DJLQD VDXDVLVWHQDDFWLYSHQWUX
PHQLQHUHDEHQ]LLGHPHUV 3DJLQD 
0HQLXULLVXEPHQLXUL 

0HQLX6HWUL  $SVDLEXWRQXOYVDXeGHSHYRODQ

&DOFXODWRUGHERUGLGLVSOD\XUL
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
,QWURGXFHUH 6HWUL 
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO,QVWFOXVWHU
3DQRXLQVWU 
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFLD'LVSOD\XQLW6SHHG
RGRPHWHU 8QLWDWHGHDILDM9LWH
0HQLXO6HWWLQJV 6HWUL SRDWHILXWLOL]DW
]RPHWUXNLORPHWUDM 
SHQWUX
9HLYHGHDVHWDUHDVHOHFWDWNPVDX
=VFKLPEDUHDVHWULORUGLQSDQRXOGHLQVWUX
PLOHV PLOH 
PHQWH
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
=VFKLPEDUHDVHWULORUGHOXPLQ
UHD
=VFKLPEDUHDVHWULORUDXWRYHKLFXOXOXL
=VFKLPEDUHDVHWULORUGHvQFO]LUHDX[LOLDU 6HOHFWDUHDIXQFLHLGHDILDMSHUPDQHQW
=VFKLPEDUHDVHWULORUGHFRQIRUW G $XWRYHKLFXOHSHQWUX5HJDWXO8QLW
=5HYHQLUHDODVHWULOHGLQIDEULF DFHDVWIXQFLHHVWHLQGLVSRQLELO
)XQFLD3HUPDQHQWGLVSOD\ 'LVSOD\
3DQRXGHLQVWUXPHQWH SHUPDQHQW YSHUPLWHVDOHJHLGDFDIL
DMXOPXOWLIXQFLRQDOSUH]LQWvQWRWGHDXQD
6HOHFWDUHDXQLWLLGHPVXUSHQWUXGLV WHPSHUDWXUDH[WHULRDUVDXYLWH]DvQPSK
WDQ
 $SVDLEXWRQXOYVDXeGHSHYRODQ
)XQFLD'LVSOD\XQLW6SHHGRGRPHWHU SHQWUXDVHOHFWDPHQLXO6HWWLQJV
8QLWDWHGHDILDM9LWH]RPHWUX.LOR 6HWUL 
PHWUDM YSHUPLWHVDOHJHLGDFDQX
 $SVDLEXWRQXOdVDXcSHQWUXD
PLWHGLVSOD\XULDSDUvQNLORPHWULVDXvQPLOH
VHOHFWDVXEPHQLXO,QVWFOXVWHU
8QLWDWHDGHPVXUVHOHFWDWSHQWUXGLVWDQ
3DQRXLQVWU 
HVWHYDODELOSHQWUX
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
=YLWH]RPHWUHGLJLWDOHvQPHQLXO7ULS 3DU
 $SVDLdVDXcSHQWUXDVHOHFWD
FXUV
IXQFLD3HUPDQHQWGLVSOD\ 'LVSOD\
=FRQWRUGHUXODMWRWDOLFRQWRUGHUXODMSDULDO
SHUPDQHQW 
=FDOFXODWRUGHSDUFXUV
9HLYHGHDVHWDUHDVHOHFWDWRXWVLGH
=FRQVXPFXUHQWLDXWRQRPLH WHPSHUDWXUH WHPSHUDWXUDH[WH
=LQVWUXFLXQLGHQDYLJDLHGLQPHQLXO1DYL ULRDU VDX'LJVSHHGRP>PSK@
1DY 9LWH]RPHWUXGLJ>PSK@ 
=FRQWUROXOFURD]LHUHL  $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
=63(('7521,& UHD
=',67521,&3/86
=$ILDMLQWHUYDOGHVHUYLFH$66<673/86


 0HQLXULLVXEPHQLXUL

/XPLQL  $SVDLEXWRQXOYVDXeGHSHYRODQ
&DOFXODWRUGHERUGLGLVSOD\XUL

SHQWUXDVHOHFWDPHQLXO6HWWLQJV
$FWLYDUHDGH]DFWLYDUHDPRGXOXLGHIXQF 6HWUL 
LRQDUHSHWLPSGH]LDIDUXULORU
 $SVDLEXWRQXOdVDXcSHQWUXD
'DFDLDFWLYDWIXQFLD'D\OLJKWV VHOHFWDVXEPHQLXO/LJKW /XPLQ 
/XPLQLGH]L LDUFRPXWDWRUXOGHOXPLQL
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
HVWHvQSR]LLDXPRGXOGHIXQFLRQDUHSH
WLPSGH]LDIDUXULORUHVWHSRUQLWDXWRPDWFkQG  $SVDLdVDXcSHQWUXDVHOHFWD

PRWRUXOIXQFLRQHD]QIXQFLHGHFRQGLLLOH IXQFLD,QWHOO/LJKW6\VWHP 6LV


GHOXPLQOXPLQLOHGHSR]LLHODWHUDOHLIDUX WHPGHOXPLQLLQWHO 
ULOHSHQWUXID]VFXUWVHYRUDSULQGHVXSOL &XH[FHSLDDXWRYHKLFXOHORU$0*YHL
PHQWDU YHGHDVHWDUHDVHOHFWDW21 3251,7 VDX
 2SULLPRWRUXO
2)) 235,7 
 $SVDLEXWRQXOYVDXeGHSHYRODQ
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD
,QWHOO/LJKW6\VWHP 6LVWHPGH
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
OXPLQLLQWHO DIRVWDFWLYDWFRQXOGH
6HWUL 
OXPLQLVLPEROXOXGLQDILDMXOPXOWL
 $SVDLEXWRQXOdVDXcSHQWUXD
IXQFLRQDODSDUvQURX
VHOHFWDVXEPHQLXO/LJKW /XPLQ   $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
UHD
 $SVDLdVDXcSHQWUXDVHOHFWD
&XH[FHSLDDXWRYHKLFXOHORU$0*GDFVHWDL
IXQFLD'D\WLPHGULYLQJODPSV 0RG IDUXULOHSHQWUXID]VFXUWSHQWUXFRQGXFHUHD
GHIXQFLRQDUHSHWLPSGH]LD SHGUHDSWDVWkQJD 3DJLQD DILDMXO
IDUXULORU  PXOWLIXQFLRQDOSUH]LQWPHVDMXO,QWHOO
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL /LJKW6\VWHP6\VWHPLQRSHUDWLYH
YHGHDVHWDUHDVHOHFWDW21 3251,7 VDX ,QDFWLYHIRUOHIWVLGHWUDIILF 6LV
2)) 235,7  WHPGHOXPLQLLQWHO6LVWHPQHIXQF
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD LRQDOLQDFWLYSHQWUXWUDILFXOGHSH
'D\WLPHGULYLQJOLJKWV 0RGGH SDUWHDVWQJ VDXPHVDMXO,QWHOO
IXQFLRQDUHSHWLPSGH]LDIDUX /LJKW6\VWHP6\VWHPLQRSHUDWLYH
ULORU DIRVWDFWLYDWFRQXOGHOXPLQL ,QDFWLYHIRUULJKWVLGHWUDIILF
VLPEROXOGLQDILDMXOPXOWLIXQFLRQDO 6LVWHPGHOXPLQLLQWHO6LVWHP
DSDUvQURX QHIXQFLRQDOLQDFWLYSHQWUXWUDIL
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD FXOGHSHSDUWHDGUHDSW vQORFGHIXQF
UHD LD,QWHOO/LJKW6\VWHP 6LVWHP
OXPLQLLQWHO vQVXEPHQLXO/LJKW
$FWLYDUHDGH]DFWLYDUHD6LVWHPXOXLGH /XPLQL 
OXPLQLLQWHOLJHQWH 3HQWUXDXWRYHKLFXOHOH$0*GDFVHWDLIDUX
&kQGDFWLYDL,QWHOO/LJKW6\VWHP ULOHSHQWUXID]VFXUWSHQWUXFRQGXFHUHDSH
6LVWHPXOGHOXPLQLLQWHO DFWLYDL GUHDSWDVWkQJD 3DJLQD DILDMXOPXO
XUPWRDUHOHIXQFLL WLIXQFLRQDOSUH]LQWPHVDMXO6\VWHPLQRSH
=0RGDXWRVWUDG UDWLYH 6LVWHPQHIXQFLRQDO VXELPD
=IXQFLDGHOXPLQDFWLY JLQHDDXWRYHKLFXOXOXLSHQWUXIXQFLD
=,OXPLQDUHVXSOLPHQWDUvQYLUDMH ,QWHOO/LJKW6\V 6LVWOXPLQL
LQWHO vQVXEPHQLXO/LJKW /XPLQL 
=3URLHFWRDUHGHFHDFXUD]H[WLQV
0HQLXULLVXEPHQLXUL 

6HWDUHDIDUXULORUSHQWUXID]VFXUWSHQ WLY  IRU$0*YHKLFOHV$GDSWPDLQ


WUXFRQGXFHUHSHVWkQJDGUHDSWD

&DOFXODWRUGHERUGLGLVSOD\XUL
EHDP  SHQWUXDXWRYHKLFXOHOH$0*
$FHDVWIXQFLHHVWHGLVSRQLELOQXPDLOD )D]OXQJDGDSW 
DXWRYHKLFXOHFXVLVWHPXOGHOXPLQLLQWHOL &XH[FHSLDDXWRYHKLFXOHORU$0*YHL
JHQWH YHGHDVHWDUHDVHOHFWDW$FWLYDWHG
3XWHLXWLOL]DDFHDVWIXQFLHSHQWUXDFRPXWD DFWLYDW VDX'HDFWLYDWHG GH]DFWL
vQWUHID]DVLPHWULFLID]DVFXUWDVLPHWULF YDW 
3DJLQD  3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD
'DFVHWDLIDUXULOHSHQWUXID]VFXUWSHQWUX $GDSWPDLQEHDP )D]OXQJ
FRQGXFHUHDSHGUHDSWDVWkQJDDWXQFLPRGXO DGDSW DIRVWDFWLYDWFRQXOGHOXPLQL
GHDXWRVWUDGLSURLHFWRDUHOHGHFHDFX VLPEROXOGHSHDILDMXOPXOWLIXQFLR
UD]H[WLQVVXQWLQGLVSRQLELOH QDOVXQWLQGLFDWHvQURX
 $SVDLEXWRQXOYVDXeGHSHYRODQ  $SVDLEXWRQXOvSHQWUXDVDOYDVHWD

SHQWUXDVHOHFWDPHQLXO6HWWLQJV UHD
6HWUL 
6HWDUHDLQWHQVLWLLOXPLQLLDPELHQWDOH
 $SVDLEXWRQXOdVDXcSHQWUXD
 $SVDLEXWRQXOYVDXeGHSHYRODQ
VHOHFWDVXEPHQLXO/LJKW /XPLQ 
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
6HWUL 
 $SVDLdVDXcSHQWUXDVHOHFWD  $SVDLEXWRQXOdVDXcSHQWUXD
IXQFLD'LSSHGEHDPV6HWWLQJIRU VHOHFWDVXEPHQLXO/LJKW /XPLQ 
6HWDUHIDUXULID]VFXUWSHQWUX   $SVDLEXWRQXOdVDXcSHQWUXD
9HLYHGHDVHWDUHDVHOHFWDW5LJKWVLGH
VHOHFWDIXQFLD$PELHQWOLJKW%ULJKW
WUDIILF 7UDILFSHGUHDSWD VDX
QHVV /XPLQR]LWDWHLOXPLQDUH
/HIWVLGHWUDIILF 7UDILFSH
DPELDQW  $PEOLJKW ,OXPL
VWQJD 
QDUHDPE SHQWUXDXWRYHKLFXOH
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
$0* 
UHD 9HLYHGHDVHWDUHDVHOHFWDW
&kQGVFKLPEDLVHWDUHDFRQYHUVLDQXDUH  $SVDLEXWRQXOvSHQWUXFRQILUPDUH
ORFSkQGDWDYLLWRDUHFkQGDXWRYHKLFXOXO
 $SVDLEXWRQXOdVDXcSHQWUXD
VWDLRQHD]
UHJODLQWHQVLWDWHDODRULFHQLYHOGHOD2II
3XWHLVHWDGHDVHPHQHDIDUXULOHSHQWUXID] 'H]DFWLYDW OD/HYHO 1LYHO
VFXUWSHQWUXFRQGXFHUHDSHGUHDSWDVDX OXPLQRV 
VWkQJDODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 $SVDLEXWRQXOvVDXASHQWUXD
$FWLYDUHDGH]DFWLYDUHD$VLVWHQHLSHQWUX VDOYDVHWDUHD
ID]DOXQJDGDSWLY
 $SVDLEXWRQXOYVDXeGHSHYRODQ 6HWDUHDFXORULLSHQWUXLOXPLQDUHD
DPELDQW
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
 $SVDLEXWRQXOYVDXeGHSHYRODQ
6HWUL 
 $SVDLEXWRQXOdVDXcSHQWUXD SHQWUXDVHOHFWDPHQLXO6HWWLQJV
VHOHFWDVXEPHQLXO/LJKW /XPLQ  6HWUL 
 $SVDLEXWRQXOdVDXcSHQWUXD
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
VHOHFWDVXEPHQLXO/LJKW /XPLQ 
 $SVDLEXWRQXOdVDXcSHQWUXD
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
VHOHFWDIXQFLD$GDSWLYH0DLQEHDP
$VVLVW $VLVWID]OXQJDGDS

 0HQLXULLVXEPHQLXUL

 $SVDLEXWRQXOdVDXcSHQWUXD  $SVDLEXWRQXOvSHQWUXFRQILUPDUH
&DOFXODWRUGHERUGLGLVSOD\XUL

VHOHFWDIXQFLD$PEOLJKWFRO &XO  $SVDLdVDXcSHQWUXDVHOHFWD


LOXPLQDUHDPE  $PELHQWOLJKW IXQFLD6XUURXQGOLJKWLQJ ,OXPL
,OXPLQDUHDPELHQWDO SHQWUXDXWRYH QDUHDPELHQWDO 
KLFXOHOH$0*  &XH[FHSLDDXWRYHKLFXOHORU$0*YHL
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH YHGHDVHWDUHDVHOHFWDW21 3251,7 VDX
 $SVDLEXWRQXOdVDXcSHQWUXD 2)) 235,7 
VHWDFXORDUHDSH62/$51(875$/VDX 3HQWUXDXWRYHKLFXOHOH$0*FkQGIXQFLD
32/$5 6XUURXQGOLJKWLQJ ,OXPLQDUH
 $SVDLEXWRQXOvVDXASHQWUXD DPELHQWDO HVWHDFWLYDWFRQXOGH
VDOYDVHWDUHD OXPLQL]RQDGLQMXUXODXWRYHKLFXOXOXLVXQW
DILDWHvQURXSHDILDMXOPXOWLIXQFLRQDO
$FWLYDUHDGH]DFWLYDUHDLOXPLQULL  $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
DPELHQWDOHLRSULUHDWHPSRUL]DWDLOX UHD
PLQULLH[WHULRDUH
'H]DFWLYDUHDWHPSRUDUDRSULULLWHPSRUL]DWH
'DFDLDFWLYDWIXQFLD6XUURXQGOLJK DLOXPLQULLH[WHULRDUH
WLQJ ,OXPLQDUHDPELHQWDO LFRPX
WDWRUXOGHOXPLQLHVWHVHWDWSHXVHDFWL  QDLQWHGHDSUVLDXWRYHKLFXOXOURWLL
YHD]XUPWRDUHOHIXQFLLFkQGHVWHvQWXQHULF FKHLDvQSR]LLDGLQFRPXWDWRUXOGHFRQ
=,OXPLQDUHDPELHQWDOLOXPLQDUHDH[WH
WDFW
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
ULRDUUPkQHDSULQVWLPSGHGH
VHFXQGHGXSGHVFXLHUHDFXFKHLD'DF FRQWDFWLvQDSRLvQSR]LLD
SRUQLLPRWRUXOLOXPLQDUHDDPELHQWDOHVWH 2SULUHDWHPSRUL]DWDLOXPLQULLH[WHULRDUH
GH]DFWLYDWLPRGXOGHIXQFLRQDUHDXWR HVWHGH]DFWLYDW
PDWDIDUXULORUHVWHDFWLYDW 2SULUHDWHPSRUL]DWDLOXPLQULLH[WHULRDUH
3DJLQD  HVWHUHDFWLYDWODXUPWRDUHDSRUQLUHDPRWR
=2SULUHWHPSRUL]DWDLOXPLQULLH[WH UXOXL
ULRDUHLOXPLQDUHDH[WHULRDUUPkQH
$FWLYDUHDGH]DFWLYDUHDRSULULLWHPSRUL
DSULQVWLPSGHGHVHFXQGHGXSFH
]DWHDLOXPLQULLLQWHULRDUH
PRWRUXODIRVWRSULW'DFvQFKLGHLWRDWH
SRUWLHUHOHLOXPLQDUHDH[WHULRDUVHVWLQJH 'DFDFWLYDLIXQFLD/LJKWLQJGHOD\HG
GXSVHFXQGH VZRII 2SUWHPSRUL]DWLOXPL
QDUH LOXPLQDUHDLQWHULRDUUPkQHSRUQLW
'DFDFWLYDLIXQFLD6XUURXQGOLJKWLQJ
WLPSGHGHVHFXQGHGXSFHVFRDWHLFKHLD
,OXPLQDUHH[WHULRDU VHDSULQG
GLQFRPXWDWRUXOGHFRQWDFW
XUPWRDUHOHvQIXQFLHGHHFKLSDPHQWXODXWR
YHKLFXOXOXL  $SVDLEXWRQXOYVDXeGHSHYRODQ

=OXPLQLGHSR]LLHODWHUDOH SHQWUXDVHOHFWDPHQLXO6HWWLQJV
=PRGGHIXQFLRQDUHSHWLPSGH]LDIDUXULORU
6HWUL 
 $SVDLEXWRQXOdVDXcSHQWUXD
=LOXPLQDUHDDPELHQWDOGLQRJOLQ]LOHH[WH
ULRDUH VHOHFWDVXEPHQLXO/LJKW /XPLQ 
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL 
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO/LJKW /XPLQ 
0HQLXULLVXEPHQLXUL 

 $SVDLdVDXcSHQWUXDVHOHFWD $XWRGRRUORFNVIRU$0*YHKLFOHV

&DOFXODWRUGHERUGLGLVSOD\XUL
IXQFLD/LJKWLQJGHOD\HGVZRII QFXLHUHDXWRPDWSRUWLHUHSHQWUX
2SUWHPSRUL]DWLOXPLQDUH  DXWRYHKLFXOH$0* DXWRYHKLFXOXOYDIL
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL vQFXLDWFHQWUDOL]DWODRYLWH]GHSHVWHDSUR
YHGHDVHWDUHDVHOHFWDWRQ SRUQLW VDX [LPDWLYNPK
RII RSULW  G 3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQG
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD FDUDFWHULVWLFDGHvQFXLHUHDXWRPDWFRQ
/LJKWGHOD\ 7HPSOXPLQL HVWHDFWL VXOWDL 3DJLQD 
YDWLQWHULRUXODXWRYHKLFXOXOXLHVWHDILDW
 $SVDLEXWRQXOYVDXeGHSHYRODQ
vQURXSHDILDMXOPXOWLIXQFLRQDO
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
6HWUL 
UHD
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO9HKLFOH $XWRYHKL
$XWRYHKLFXOXO FXO 
6HWDUHD63(('7521,&SHUPDQHQW  $SVDLEXWRQXOvSHQWUXFRQILUPDUH

3XWHLVHWD63(('7521,&SHUPD  $SVDLEXWRQXOdVDXcSHQWUXD
QHQW 3DJLQD FXDMXWRUXOIXQFLHL VHOHFWDIXQFLD$XWRPDWLFGRRUORFN
6SHHGOLPLW ZLQWHUW\UHV  /LPL QFXLHUHDXWRPDWSRUWLHUH 
WDUHYLWH] SQHXULGHLDUQ  $XWRGRRUORFNVIRU$0*YHKLFOHV
 $SVDLEXWRQXOYVDXeGHSHYRODQ QFXLHUHDXWRSRUWLHUHSHQWUX
SHQWUXDVHOHFWDPHQLXO6HWWLQJV DXWRYHKLFXOH$0* 
6HWUL  &XH[FHSLDDXWRYHKLFXOHORU$0*YHL
YHGHDVHWDUHDVHOHFWDW21 3251,7 VDX
 $SVDLEXWRQXOdVDXcSHQWUXD
2)) 235,7 
VHOHFWDVXEPHQLXO9HKLFOH $XWRYHKL
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD
FXO 
$XWRGRRUORFNV QFXLHUHDXWR
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
SRUWLHUH HVWHDFWLYDWSRUWLHUHOHDXWR
 $SVDLEXWRQXOdVDXcSHQWUXD YHKLFXOXOXLYRUILDILDWHvQURXSHDILDMXO
VHOHFWDIXQFLD/LPLWVSHHG ZLQWHU PXOWLIXQFLRQDO
W\UHV  /LPLWDUHYLWH] SQHXULGH  $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
LDUQ  UHD
9HLYHGHDVHWDUHDFXUHQW
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH $FWLYDUHDGH]DFWLYDUHDFRQILUPULLDFXV
 $SVDLdVDXcSHQWUXDUHJOD WLFHDvQFXLHULL
63(('7521,&SHUPDQHQWvQLQFUHPHQWH 'DFDFWLYDLIXQFLD$FRXVWLF/RFNIHHG
GHFkWHNPK NPKSkQOD EDFN 5VSXQVQFXLHUHDFXVWLF 
NPK 6HWDUHD2II 2SULW RSUHWH $FRXVWLF/RFN QFXLHUHDFXVWLF
63(('7521,&SHUPDQHQW SHQWUXDXWRYHKLFXOH$0* VHHPLWHXQVHP
 $SVDLEXWRQXOvSHQWUXDPHPRUD
QDODFXVWLFFkQGvQFXLDLDXWRYHKLFXOXO
LQWUDUHD  $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
$FWLYDUHDGH]DFWLYDUHDFDUDFWHULVWLFLLGH 6HWUL 
vQFXLHUHDXWRPDW  $SVDLEXWRQXOdVDXcSHQWUXD
'DFVHOHFWDLIXQFLD$XWRPDWLFGRRU VHOHFWDVXEPHQLXO9HKLFOH $XWRYHKL
ORFNV QFXLHUHDXWRPDWSRUWLHUH  FXO 

 0HQLXULLVXEPHQLXUL

 $SVDLEXWRQXOvSHQWUXFRQILUPDUH 0DQ  6HQ]RUUDGDU &RQVXOWDL


0DQXWLOL] 
&DOFXODWRUGHERUGLGLVSOD\XUL

 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDIXQFLD$FRXVWLF/RFNIHHG 9HLYHGHDVHWDUHDVHOHFWDWRQ SRU
EDFN 5VSXQVQFXLHUHDFXVWLF  QLW VDXRII RSULW 
$FRXVWLF/RFN QFXLHUHDFXVWLF  $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
SHQWUXDXWRYHKLFXOHOH$0*  UHD
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL
YHGHDVHWDUHDVHOHFWDW21 3251,7 VDX 0HQLXGHvQFO]LUH
2)) 235,7 
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD 2UGHSOHFDUHSHQWUXvQFO]LUHDDX[LOLDU
$FRXVWLF/RFN QFXLHUHDFXVWLF $FHDVWIXQFLHHVWHGLVSRQLELOQXPDLOD
HVWHDFWLYDW7VLPEROXOGHSHDILDMXO DXWRYHKLFXOHOHFXvQFO]LUHDX[LOLDU
PXOWLIXQFLRQDOVHDSULQGHvQURX 3DJLQD 
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD 'LQVXEPHQLXO+HDWLQJ QFO]LUH 
UHD SXWHLVHOHFWDRRUGHSOHFDUHPHPRUDWVDX
VFKLPEDRRUGHSOHFDUH
$FWLYDUHDGH]DFWLYDUHDVLVWHPXOXLGH )XQFLDWHPSRUL]DWRUXOXLGHvQFO]LUHDX[LOLDU
VHQ]RUUDGDU FDOFXOHD]RUDGHDFWLYDUHvQIXQFLHGHWHP
G 7UHEXLHVGH]DFWLYDLVLVWHPXOGHVHQ]RUL SHUDWXUDH[WHULRDUDVWIHOvQFkWDXWRYHKLFXOXO
UDGDUvQDQXPLWHULLOkQJXQLWLOHUDGLR VILHSUHvQFO]LWSkQODRUDGHSOHFDUH&kQG
WHOHVFRS3HQWUXLQIRUPDLLVXSOLPHQWDUH VDDWLQVRUDGHSOHFDUHvQFO]LUHDDX[LOLDU
FRQVXOWDL 3DJLQD  FRQWLQXVvQFO]HDVFWLPSGHvQFFLQFL
&kQGVXQWHLDSURDSHGHXQLWLUDGLRWHOHV PLQXWHLDSRLVHGH]DFWLYHD]QFO]LUHD
FRSVLVWHPXOGHVHQ]RULUDGDUYDILGH]DFWLYDW DX[LOLDUDGRSWVHWDUHDGHWHPSHUDWXU
DXWRPDW 7+(50$7,&VDX7+(5027521,&
8UPWRDUHOHVLVWHPHVXQWRSULWHFkQGVLVWH 3XWHLGH]DFWLYDvQFO]LUHDDX[LOLDUFXDMXWR
PXOGHVHQ]RULUDGDUHVWHGH]DFWLYDW UXOWHOHFRPHQ]LLVDXFXEXWRQXOSHQWUXvQFO]L
UHDDX[LOLDUGHSHFRQVRODFHQWUDO
=',67521,&3/86 3DJLQD
=%$63/86 3DJLQD $9(57,60(17
=)UkQ35(6$)( 3DJLQD 6HSURGXFJD]HGHHDSDPHQWFkQGvQFO]LUHD
DX[LOLDUHVWHvQIXQFLXQH,QKDODUHDDFHVWRU
=$VLVWHQODXQJKLXOPRUW 3DJLQD
JD]HGHHDSDPHQWYSRDWHILQRFLY3ULQ
=$VLVWHQDFWLYODXQJKLXO XUPDUHDUWUHEXLVGH]DFWLYDLvQFO]LUHD
PRUW 3DJLQD DX[LOLDUvQVSDLLvQFKLVHIUXQVLVWHPGH
 $SVDLEXWRQXOYVDXeGHSHYRODQ YHQWLODUHSULQDVSLUDLHGHH[vQWUXQJDUDM
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL  $9(57,60(17
 $SVDLEXWRQXOdVDXcSHQWUXD &kQGXWLOL]DLvQFO]LUHDDX[LOLDUDQXPLWHSUL
VHOHFWDVXEPHQLXO9HKLFOH $XWRYHKL DOHDXWRYHKLFXOXOXLVHSRWvQFLQJHSXWHUQLF
FXO  $VLJXUDLYFVLVWHPXOGHHYDFXDUHQXLQWU
VXEQLFLRIRUPvQFRQWDFWFXPDWHULDOHOHXRU
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
LQIODPDELOHSUHFXPLDUEDXVFDWVDXFDUEX
 $SVDLEXWRQXOcVDXdSHQWUXD
UDQLL0DWHULDOHOHVDUSXWHDvQFD]FRQWUDU
VHOHFWD5DGDUVHQVRU 6HH2ZQHU
V DSULQGHLDUIRFXOVDUUVSkQGLODDXWRYHKLFXO
0HQLXULLVXEPHQLXUL 

$OHJHLYSULQXUPDUHXQORFGHSDUFDUHDGHF  $SVDLEXWRQXOvSHQWUXFRQILUPDUH

&DOFXODWRUGHERUGLGLVSOD\XUL
YDW 9HLYHGHDVHWDUHDVHOHFWDW
8WLOL]DUHDvQFO]LULLDX[LOLDUHHVWHGLQDFHVW  $SVDLEXWRQXOvSHQWUXFRQILUPDUH
PRWLYLQWHU]LVvQEHQ]LQULLVDXFkQGDXWRYH  $SVDLEXWRQXOdVDXcSHQWUXD
KLFXOXOGXPQHDYRDVWUHVWHDOLPHQWDWFXFDU VHOHFWD&KDQJH$ 6FKLPE$ %VDX&
EXUDQW3ULQXUPDUHWUHEXLHVGH]DFWLYDL  $SVDLEXWRQXOvSHQWUXFRQILUPDUH
vQFO]LUHDDX[LOLDUvQEHQ]LQULL
$FXPSXWHLVFKLPEDRUDGHSOHFDUH
 8WLOL]DUHDvQFO]LULLYHQWLODLHLDX[LOLDUH  $SVDLEXWRQXOYVDXeSHQWUXD
FRQVXPEDWHULDDXWRYHKLFXOXOXL'XSFH VHOHFWDDILDMXOGHPRGLILFDWRUHPLQXWH
DLvQFO]LWVDXYHQWLODWDXWRYHKLFXOXOGH  $SVDLEXWRQXOdVDXcSHQWUXD
PD[LPXPGRXRULFRQGXFHLRGLVWDQ VHWDDILDMXOVHOHFWDW
PDLPDUH  $SVDLEXWRQXOvSHQWUXDPHPRUD
G 3RUQLLvQFO]LUHDDX[LOLDUUHJXODWFHO LQWUDUHD
SXLQRGDWSHOXQWLPSGHDSUR[LPDWLY /DPSDLQGLFDWRDUHJDOEHQGHSHEXWRQXO
]HFHPLQXWH SHQWUXvQFO]LUHDDX[LOLDUVHDSULQGH

6HOHFWDUHDRUHLGHSOHFDUHVDXGH]DFWLYD
&RQIRUW
UHDXQHLRUHGHSOHFDUHVHOHFWDWH
 $SVDLEXWRQXOYVDXeGHSHYRODQ $FWLYDUHDGH]DFWLYDUHDFDUDFWHULVWLFLL
SHQWUXDVHOHFWDPHQLXO6HWWLQJV ($6<(175<(;,7
6HWUL  3XWHLXWLOL]DIXQFLD($6<(175< ,175$5(
 $SVDLEXWRQXOdVDXcSHQWUXD 82$5 SHQWUXDDFWLYDVDXGH]DFWLYDFDUDF
VHOHFWDVXEPHQLXO+HDWLQJ WHULVWLFD($6<(175<(;,7 ,175$5(
QFO]LUH  ,(,5(82$5 3DJLQD 
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
$9(57,60(17
9HLYHGHDVHWDUHDVHOHFWDW 9RODQXOVHGHSODVHD]FkQGFDUDFWHULVWLFD
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH ($6<(175<(;,7HVWHDFWLY([LVWSHULFR
 $SVDLEXWRQXOdVDXcSHQWUXD OXOFDSDVDJHULLVUPkQSULQLvQWUHHOH
VHOHFWDXQDGLQFHOHWUHLRUHGHSOHFDUHVDX PHQWHQDLQWHGHDDFWLYDFDUDFWHULVWLFD
7LPHURII 7HPSRUL]DWRUGH]DFWL ($6<(175<(;,7DVLJXUDLYFQXSRDWH
YDW  QLFLXQWHPSRUL]DWRUDFWLY  UPkQHQLPHQLSULQVvQWUHHOHPHQWH
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH 1XOVDLFRSLLLQHVXSUDYHJKHDLvQDXWRYHKL
&kQGHVWHVHOHFWDWRRUGHSOHFDUHODPSD FXOFKLDUGDFVXQWIL[DLvQWUXQVLVWHPGH
LQGLFDWRDUHJDOEHQVHDSULQGHvQEXWRQXO UHWHQLHSHQWUXFRSLL&RSLLLDUSXWHDGHVFKLGH
SHQWUXvQFO]LUHDDX[LOLDU SRUWLHUDRIHUXOXLDFWLYkQGvQFRQVHFLQ
QHLQWHQLRQDWFDUDFWHULVWLFD($6<(175<
6FKLPEDUHDRUHLGHSOHFDUH (;,7LUPkQkQGSULQLvQWUHHOHPHQWH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL  SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL 
 $SVDLEXWRQXOdVDXcSHQWUXD
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO+HDWLQJ
QFO]LUH  VHOHFWDVXEPHQLXO&RQYHQLHQFH $VLV
WDUH 


 0HQLXULLVXEPHQLXUL

 $SVDLEXWRQXOvSHQWUXFRQILUPDUH ULRU SHQWUXDXWRYHKLFXOH$0* RJOLQ]LOH


H[WHULRDUHVHUDEDWHD]vQLQWHULRUFkQG
&DOFXODWRUGHERUGLGLVSOD\XUL

 $SVDLdVDXcSHQWUXDVHOHFWD
IXQFLD(DV\(QWU\([LW ,QWUDUH vQFXLDLDXWRYHKLFXOXO&kQGGHVFXLDLDXWR
,HLUHXRDU  YHKLFXOXOLDSRLGHVFKLGHLSRUWLHUDRIHUXOXL
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL VDXFHDDSDVDJHUXOXLGLQIDRJOLQ]LOHH[WH
YHGHDVHWDUHDVHOHFWDWRQ SRUQLW VDX ULRDUHVHH[WLQGGLQQRX
RII RSULW  'DFDLDFWLYDWIXQFLDLUDEDWDLRJOLQ]LOH
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD H[WHULRDUHvQLQWHULRUFXDMXWRUXOEXWRQXOXLGH
(DV\(QWU\([LW ,QWUDUH,HLUH SHSRUWLHU 3DJLQD DFHVWHDQXVHYRU
XRDU HVWHDFWLYDWYRODQXODXWRYHKLFX H[WLQGHDXWRPDW2JOLQ]LOHH[WHULRDUHSRWIL
OXOXLHVWHDILDWvQURXSHDILDMXOPXOWL DSRLH[WLQVHGRDUFXDMXWRUXOEXWRQXOXLGHSH
IXQFLRQDO SRUWLHU
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD  $SVDLEXWRQXOYVDXeGHSHYRODQ

UHD SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL 
$FWLYDUHDGH]DFWLYDUHDUHJOULLFHQWXULL  $SVDLEXWRQXOdVDXcSHQWUXD
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGUHJOD VHOHFWDVXEPHQLXO&RQYHQLHQFH $VLV
UHDFHQWXULLFRQVXOWDL 3DJLQD  WDUH 
 $SVDLEXWRQXOYVDXeGHSHYRODQ  $SVDLEXWRQXOvSHQWUXFRQILUPDUH
SHQWUXDVHOHFWDPHQLXO6HWWLQJV  $SVDLEXWRQXOdVDXcSHQWUXD
6HWUL  VHOHFWDIXQFLD)ROGLQPLUURUVZKHQ
 $SVDLEXWRQXOdVDXcSHQWUXD ORFNLQJ 5DEDWDUHRJOLQ]LH[WH
VHOHFWDVXEPHQLXO&RQYHQLHQFH $VLV ULRDUHQLQWHULRUODQFXLHUH 
WDUH  $XWRIROGLQ 5DEDWDUHDXWRQ
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH LQWHULRU SHQWUXDXWRYHKLFXOHOH$0* 
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL
 $SVDLEXWRQXOdVDXcSHQWUXD
YHGHDVHWDUHDVHOHFWDWRQ DFWLYDW VDX
VHOHFWDIXQFLD%HOWDGMXVWPHQW RII GH]DFWLYDW 
5HJODUHDFHQWXULL 
&XH[FHSLDDXWRYHKLFXOHORU$0*YHL 3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD
YHGHDVHWDUHDVHOHFWDW21 $&7,9$7 VDX $XWRIROGLQ 5DEDWDUHDXWRQ
2)) '(=$&7,9$7  LQWHULRU HVWHDFWLYDWRJOLQ]LOHH[WH
ULRDUHDOHDXWRYHKLFXOXOXLYRUILDILDWHvQ
3HQWUXDXWRYHKLFXOHOH$0*GDFIXQFLD URXSHDILDMXOPXOWLIXQFLRQDO
EHOWDGMXVWPHQW UHJODUHDFHQWX
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD
ULL HVWHDFWLYDWFHQWXUDGHVLJXUDQD
DXWRYHKLFXOXOXLHVWHDILDWvQURXSHDIL UHD
DMXOPXOWLIXQFLRQDO
 $SVDLEXWRQXOvSHQWUXDVDOYDVHWD 5HVHWDUHDVHWULORUGLQIDEULF
UHD 'LQPRWLYHGHVLJXUDQQXWRDWHIXQFLLOH
VXQWUHVHWDWHIXQFLD/LPLW6SHHG ZLQ
$FWLYDUHDGH]DFWLYDUHDIXQFLHLGHUDED WHUW\UHV  /LPLWYLWH] SQHXUL
WDUHDRJOLQ]LORUODvQFXLHUH LDUQ GLQ63(('7521,&SHUPDQHQWSRDWH
'DFDFWLYDLIXQFLD)ROGPLUURUVLQ ILVHWDWGRDUvQVXEPHQLXO9HKLFOH $XWR
ZKHQORFNLQJ 5DEDWDUHQLQWHULRU YHKLFXO 'DFGRULLVUHVHWDL'D\
DRJOLQ]LORUODQFXLHUH  $XWR OLJKWV /XPLQLGH]L GLQVXEPH
IROG,Q 5DEDWDUHDXWRQLQWH
0HQLXULLVXEPHQLXUL 

QLXO/LJKW /XPLQ WUHEXLHVURWLLFKHLD


vQFRPXWDWRUXOGHFRQWDFWvQSR]LLD

&DOFXODWRUGHERUGLGLVSOD\XUL
 $SVDLEXWRQXOYVDXeGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
6HWUL 
 $SVDLEXWRQXOdVDXcSHQWUXD
VHOHFWDVXEPHQLXO)DFWRU\VHWWLQJ C 9LWH]RPHWUXGLJLWDO
6HWDUHGLQIDEULF  D ,QGLFDWRUWUHDSWGHYLWH]H
 $SVDLEXWRQXOvSHQWUXFRQILUPDUH
,QGLFDWRUGHFRPXWDUHODWUHDSWDVXSH
0HVDMXO5HVHWDOOVHWWLQJV" 5HVH ULRDU
WDLWRDWHVHWULOH" DSDUH
7HPSHUDWXUDXOHLXOXLGHPRWRU
 $SVDLEXWRQXOdVDXcSHQWUXD
7HPSHUDWXUDOLFKLGXOXLGHUFLUH
VHOHFWD1R 1X VDX<HV 'D 
,QGLFDWRUGHVWDUHSHQWUXIXQFLDVWDUW
 $SVDLEXWRQXOvSHQWUXDFRQILUPD
VWRS(&2 3DJLQD
VHOHFLD
'DFDLVHOHFWDW<HV 'D DILDMXOPXOWL ,QGLFDWRUXOGHVFKLPEDUHvQWUHDSWVXSH
IXQFLRQDOSUH]LQWXQPHVDMGHFRQILUPDUH ULRDU83 686 LQGLFIDSWXOFPRWRUXO
DLQWUDWvQLQWHUYDOXOGHVXSUDWXUDUHFkQGVH
DIOvQSURJUDPXOGHVFKLPEDUHPDQXDOD
0HQLXO21 2))52$' YLWH]HORU,QGLFDWRUXOGHVFKLPEDUHvQWUHDSW
VXSHULRDU83 686 VXSULPSURJUHVLY
3HPHQLXO21 2))52$'SXWHLDILDVHWULOH DOWHPHVDMHSkQFkQGDLVFKLPEDWvQWUHDSWD
FXUHQWHDOHSURJUDPXOXLRQURDG VXSHULRDU
3DJLQD VDXRIIURDG 3DJLQD 
&kQGWHPSHUDWXUDXOHLXOXLGHPRWRUHVWHVXE
 $SVDLEXWRQXOYVDXeGHSHYRODQ LQGLFDWRUXOGHWHPSHUDWXUDXOHLXOXL
SHQWUXDVHOHFWDPHQLXO21 2))52$' HVWHDILDWvQDOEDVWUX(YLWDLFRQGXFHUHDOD
SXWHUHDPRWRUXOXLPD[LPvQDFHVWLQWHUYDO

6(783
6(783SUH]LQWSURJUDPXOGHFRQGXFHUH
PRGXO(63 3URJUDPGHVWDELOLWDWHHOHFWUR
QLF LUHJODMXOVXVSHQVLHL
 $SVDLEXWRQXOYVDXeGHSHYRODQ
0HVDMSHDILDMXOPXOWLIXQFLRQDO H[HPSOX
SHQWUXDVHOHFWDPHQLXO$0*
 $SVDLEXWRQXOcvQPRGUHSHWDWSkQ
0HQLX$0*ODDXWRYHKLFXOH$0* 6(783HVWHDILDW
$ILDMH$0*
 $SVDLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$0*


 0HQLXULLVXEPHQLXUL

$ILDUHDWLPSXOXLLQWHUPHGLDU
&DOFXODWRUGHERUGLGLVSOD\XUL

C 3URJUDPGHFRQGXFHUH &60
D 0RGXO(63 21 3251,7 2))  $SVDLEXWRQXOYVDXeSHQWUXD
235,7 VHOHFWD,QWHUP7LPH 7LPSLQWHUP 
 5HJODMXOVXVSHQVLHL &20)25763257  $SVDLEXWRQXOvSHQWUXFRQILUPDUH
63257
7LPSXOLQWHUPHGLDUHVWHDILDWWLPSGHFLQFL
VHFXQGH
5$&(7,0(5
QFHSHUHDXQXLQRXWXU
$ILDUHDLSRUQLUHD5$&(7,0(5
 $SVDLvSHQWUXDFRQILUPD1HZ/DS
3XWHLXWLOL]D5$&(7,0(5SHQWUXDVWRFDWLP
7XUQRX 
SLLSHWXU
 $SVDLYVDXeGHSHYRODQSHQWUX
DVHOHFWDPHQLXO$0*
 $SVDLEXWRQXOcvQPRGUHSHWDWSkQ
FkQGHVWHLQGLFDW5$&(7,0(5
G 'DF5$&(7,0(5HVWHVHOHFWDWEXWRD
QHOHYLeQXSRWILXWLOL]DWHSHQWUX
C 5$&(7,0(5
DDSHODEDUDGHPHQLX
D &HOPDLUDSLGWLPSSHWXU FHOPDLEXQWXU
7XU

G 6HSRWPHPRUDPD[LPXPDLVSUH]HFH
WXUXUL$OOHDWXUSRDWHILFRPSOHWDWFX
)LQLVK/DS 7HUPLQDUHWXU 
2SULUHD5$&(7,0(5
C 7XU  $SVDLEXWRQXOAGHSHYRODQ
D 5$&(7,0(5
3XWHLSRUQL5$&(7,0(5FkQGPRWRUXOIXQF
LRQHD]VDXGDFFKHLDVHDIOvQSR]LLDvQ
FRPXWDWRUXOGHFRQWDFW
 3HQWUXDSRUQLDSVDLEXWRQXOvSHQ
WUXDSRUQL5$&(7,0(5
 $SVDLvSHQWUXDFRQILUPD<HV 'D 
5$&(7,0(5vQWUHUXSHFURQRPHWUDUHDFkQG
RSULLDXWRYHKLFXOXOLURWLLFKHLDvQSR]LLD
GLQFRPXWDWRUXOGHFRQWDFW&kQGURWLLFKHLD
0HQLXULLVXEPHQLXUL 

vQSR]LLDVDXLDSRLDSVDLvSHQWUX

&DOFXODWRUGHERUGLGLVSOD\XUL
DFRQILUPD6WDUWFURQRPHWUDUHDFRQWLQX
5HVHWDUHDWXUXOXLFXUHQW
 2SULL5$&(7,0(5
 $SVDLYVDXeSHQWUXDVHOHFWD
5HVHW/DS 5HVHWDUHWXU 
C (YDOXDUHJHQHUDO5$&(7,0(5
 $SVDLvSHQWUXDUHVHWDWLPSXOGHWXU
OD D 7LPSWRWDOFRQGXV
9LWH]DPHGLH
WHUJHUHDWXWXURUWXUXULORU 'LVWDQDSDUFXUV
'DFRSULLPRWRUXO5$&(7,0(5HVWHUHVHWDW 9LWH]PD[LP
ODGXSGHVHFXQGH7RDWHWXUXULOHVXQW
WHUVH
(YDOXDUHWXU
1XSXWHLWHUJHWXUXULPHPRUDWHLQGLYLGXDO
'DFDLRSULWGXSWXUXULWXUXOFXUHQWQX $FHDVWIXQFLHHVWHGLVSRQLELOQXPDLGDF
WUHEXLHVILHUHVHWDW DLPHPRUDWFHOSXLQGRXWXUXULLDLRSULW
 5HVHWDUHDWXUXOXLFXUHQW
5$&(7,0(5
 $SVDLvSHQWUXDFRQILUPD5HVHW  $SVDLYVDXeGHSHYRODQSHQWUX
5HVHWDUH  DVHOHFWDPHQLXO$0*
5HVHW5DFH7LPHU" 5HVHWDUHFURQR  $SVDLEXWRQXOcvQPRGUHSHWDWSkQ
PHWUXFXUV DSDUHSHDILDMXOPXOWLIXQF FkQGHVWHDILDWHYDOXDUHDWXUXOXL
LRQDO )LHFDUHWXUDSDUHvQWUXQVXEPHQLXVHSDUDW
&HOPDLUDSLGWXUHVWHLQGLFDWSULQVLPEROXO
LQWHUPLWHQWC

 $SVDLEXWRQXOdSHQWUXDVHOHFWD<HV
'D LDSVDLEXWRQXOvSHQWUXDFRQ
C 7XU
ILUPD
7RDWHWXUXULOHVXQWWHUVH D 7LPSSHWXU
9LWH]PHGLHSHWXU
(YDOXDUHJHQHUDO /XQJLPHWXU
$FHDVWIXQFLHHVWHDILDWGDFDLPHPRUDW 9LWH]PD[LPvQWLPSXOWXUXOXL
FHOSXLQXQWXULDLRSULW5$&(7,0(5  $SVDLEXWRQXOcVDXdSHQWUXD
 $SVDLYVDXeGHSHYRODQSHQWUX VHOHFWDRHYDOXDUHGLIHULWDWXUXOXL
DVHOHFWDPHQLXO$0*
 $SVDLEXWRQXOcvQPRGUHSHWDWSkQ
FkQGHVWHDILDWHYDOXDUHDJHQHUDO


 0HVDMHGHSHGLVSOD\

0HVDMHGHSHGLVSOD\
&DOFXODWRUGHERUGLGLVSOD\XUL

1RWHJHQHUDOH
0HVDMHOHGHSHGLVSOD\DSDUSHDILDMXOPXOWLIXQFLRQDO
0HVDMHOHGHSHGLVSOD\FXGLVSOD\XULJUDILFHSRWDSUHDvQIRUPVLPSOLILFDWvQ0DQXDOXOGH
XWLOL]DUHLSRWGLIHULGHPHVDMHOHLQGLFDWHSHDILDMXOPXOWLIXQFLRQDO
5VSXQGHLvQFRQIRUPLWDWHFXPHVDMHOHGHSHGLVSOD\LUHVSHFWDLQRWHOHVXSOLPHQWDUHGLQ
0DQXDOXOGHXWLOL]DUH
$QXPLWHPHVDMHGHSHGLVSOD\VXQWvQVRLWHGHXQVXQHWGHDYHUWL]DUHVDXGHXQVXQHWFRQWLQXX
&kQGRSULLLSDUFDLDXWRYHKLFXOXOUHVSHFWDLQRWHOHSULYLQGIXQFLD+ROG 3DJLQD L
SDUFDUH 3DJLQD 

$VFXQGHUHDPHVDMHORUGHSHGLVSOD\
3XWHLDVFXQGHXQHOHPHVDMHGHSHGLVSOD\FXSULRULWDWHVF]XW
 $SVDLEXWRQXOvVDXAGHSHYRODQSHQWUXDDVFXQGHPHVDMXOGHSHGLVSOD\
0HVDMXOGHSHGLVSOD\HVWHWHUV
0HVDMHOHGHSHGLVSOD\FXSULRULWDWHULGLFDWDSDUvQURX
1XSXWHLDVFXQGHPHVDMHOHGHSHGLVSOD\FXSULRULWDWHPD[LP$ILDMXOPXOWLIXQFLRQDOSUH
]LQWDFHVWHPHVDMHFRQWLQXXSkQFHFDX]DPHVDMHORUDIRVWUHPHGLDW

0HPRULHGHPHVDMH
&DOFXODWRUXOGHERUGVDOYHD]DQXPLWHPHVDMHGHSHGLVSOD\3XWHLDSHODODPHVDMHOHGHSH
GLVSOD\vQPHPRULDGHPHVDMH
 $SVDLEXWRQXOYVDXeGHSHYRODQLVHOHFWDLPHQLXO6HUY
'DFH[LVWPHVDMHSHGLVSOD\DILDMXOPXOWLIXQFLRQDOSUH]LQWGHH[HPSOXPHVVDJHV
PHVDMH 
 $SVDLEXWRQXOcVDXdSHQWUXDVHOHFWDLQWUDUHDGHH[PHVVDJHV 
PHVDMH 
 &RQILUPDLFXv
 $SVDLEXWRQXOcVDXdSHQWUXDSDUFXUJHPHVDMHOHGHSHGLVSOD\

&kQGFRQWDFWXOHVWHRSULWWRDWHPHVDMHOHGHSHGLVSOD\VXQWWHUVHFXH[FHSLDXQRUPHVDMH
GHSHGLVSOD\GHvQDOWSULRULWDWH2GDWFHVDXUHPHGLDWFDX]HOHPHVDMHORUGHSHGLVSOD\GH
vQDOWSULRULWDWHPHVDMHOHDIHUHQWHGHSHGLVSOD\VXQWGHDVHPHQHDWHUVH
0HVDMHGHSHGLVSOD\ 

6LVWHPHOHGHVLJXUDQ

&DOFXODWRUGHERUGLGLVSOD\XUL
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

% 3HULFROGHDFFLGHQW
FXUUHQWO\XQDYDL $%6 6LVWHPGHDQWLEORFDUHODIUkQDUH (63 3URJUDPGHVWDEL
ODEOH6HH2ZQHU
V OLWDWHHOHFWURQLF %$6 )UkQDUHDVLVWDW 35(6$)(IXQFLD
0DQXDO PRPHQWDQ +2/'DVLVWHQDODSRUQLUHDvQSDQWLVWDELOL]DUHDUHPRUFLLFX
LQGLVSRQLELO&RQ (63VXQWWHPSRUDULQGLVSRQLELOH
VXOWDL0DQXDOXO (VWHSRVLELOFDLOPSLOHGHIUkQDUHDGDSWLY%$63/86LIUkQD
GHXWLOL]DUH 35(6$)(VVHILGHIHFWDW
QSOXVOPSLOHGHDYHUWL]DUHL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWH
(VWHSRVLELOFDIXQFLDGHDXWRGLDJQRVWLFDUHVQXILHILQDOL]DWGH
H[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
 &RQGXFHLFXDWHQLHSHRSRULXQHGHGUXPDGHFYDWDFLRQkQG
GLUHFLDFXPLFULXRDUHFXRYLWH]GHSHVWHNPK
'DFPHVDMXOGHSHGLVSOD\GLVSDUHIXQFLLOHPHQLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFPHVDMXOGHSHGLVSOD\FRQWLQXVILHDILDW
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3HULFROGHDFFLGHQW
$%6(63%$635(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHD
vQSDQWLVWDELOL]DUHDUHPRUFLLFX(63VXQWWHPSRUDULQGLVSR
QLELOH
(VWHSRVLELOFDLOPSLOHGHIUkQDUHDGDSWLY%$63/86LIUkQD
35(6$)(VVHILGHIHFWDW
QSOXVOPSLOHGHDYHUWL]DUHL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWH
'HH[HPSOXWHQVLXQHDGHODERUGSRDWHILLQVXILFLHQW
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
 &RQGXFHLFXDWHQLH
'DFPHVDMXOGHSHGLVSOD\GLVSDUHIXQFLLOHPHQLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

'DFPHVDMXOGHSHGLVSOD\FRQWLQXVILHDILDW
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

% 3HULFROGHDFFLGHQW
LQRSHUDWLYH6HH $%6(63%$635(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHD
2ZQHU
V0DQXDO vQSDQWLVWDELOL]DUHDUHPRUFLLFX(63VXQWLQGLVSRQLELOHGLQ
QHIXQFLRQDO&RQ FDX]DXQHLGHIHFLXQL
VXOWDL0DQXDOXO (VWHSRVLELOFDLOPSLOHGHIUkQDUHDGDSWLY%$63/86LIUkQD
GHXWLOL]DUH 35(6$)(VVHILGHIHFWDW
QSOXVOPSLOHGHDYHUWL]DUHML%VHDSULQG
SHSDQRXOGHLQVWUXPHQWH
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW

3HULFROGHDFFLGHQW
FXUUHQWO\XQDYDL (63%$635(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHDvQ
ODEOH6HH2ZQHU
V SDQWLVWDELOL]DUHDUHPRUFLLFX(63VXQWWHPSRUDULQGLVSRQLELOH
0DQXDO PRPHQWDQ (VWHSRVLELOFDLOPSLOHGHIUkQDUHDGDSWLY%$63/86LIUkQD
LQGLVSRQLELO&RQ 35(6$)(VVHILGHIHFWDW
VXOWDL0DQXDOXO QSOXVOPSLOHGHDYHUWL]DUHLVHDSULQGSHSDQRXOGH
GHXWLOL]DUH LQVWUXPHQWH
(VWHSRVLELOFDIXQFLDGHDXWRGLDJQRVWLFDUHVQXILHILQDOL]DWGH
H[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRU
 &RQGXFHLFXDWHQLHSHRSRULXQHGHGUXPDGHFYDWDFLRQkQG
GLUHFLDFXPLFULXRDUHFXRYLWH]GHSHVWHNPK
'DFPHVDMXOGHSHGLVSOD\GLVSDUHIXQFLLOHPHQLRQDWHDQWH
ULRUVXQWGLVSRQLELOHGLQQRX
'DFPHVDMXOGHSHGLVSOD\FRQWLQXVILHDILDW
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\ 

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
3HULFROGHDFFLGHQW
LQRSHUDWLYH6HH (63%$635(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHDvQ
2ZQHU
V0DQXDO SDQWLVWDELOL]DUHDUHPRUFLLFX(63VXQWLQGLVSRQLELOHGLQFDX]D
QHIXQFLRQDO&RQ XQHLGHIHFLXQL
VXOWDL0DQXDOXO (VWHSRVLELOFDLOPSLOHGHIUkQDUHDGDSWLY%$63/86LIUkQD
GHXWLOL]DUH 35(6$)(VVHILGHIHFWDW
QSOXVOPSLOHGHDYHUWL]DUHLVHDSULQGSHSDQRXOGH
LQVWUXPHQWH
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRU
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

z% 3HULFROGHDFFLGHQW
(%' GLVWULEXLDHOHFWURQLFDIRUHLGHIUkQDUH $%6(63%$6
35(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHDvQSDQWLVWDEL
LQRSHUDWLYH6HH OL]DUHDUHPRUFLLFX(63VXQWLQGLVSRQLELOHGLQFDX]DXQHLGHIHF
2ZQHU
V0DQXDO LXQL
QHIXQFLRQDO&RQ
(VWHSRVLELOFDLOPSLOHGHIUkQDUHDGDSWLY%$63/86LIUkQD
VXOWDL0DQXDOXO
GHXWLOL]DUH 35(6$)(VVHILGHIHFWDW
QSOXVOPSLOHGHDYHUWL]DUHL%VHDSULQGSH
SDQRXOGHLQVWUXPHQWHLVHHPLWHXQVXQHWGHDYHUWL]DUH
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW

$ /DPSDLQGLFDWRDUHURLH$OXPLQHD]LQWHUPLWHQWLVHHPLWH
XQVXQHWGHDYHUWL]DUH1XVDvQGHSOLQLWRFRQGLLHGHHOLEHUDUH
5HOHDVH3DUNEUDNH DXWRPDWDIUkQHLHOHFWULFHGHSDUFDUH 3DJLQD 
(OLEHUDLIUQD
6DGHWHFWDWFRQGXFHUHDFXIUkQDHOHFWULFGHSDUFDUHDFLRQDW
GHSDUFDUH
 (OLEHUDLPDQXDOIUkQDHOHFWULFGHSDUFDUH

/DPSDLQGLFDWRDUHURLH$OXPLQHD]LQWHUPLWHQWLVHHPLWH
XQVXQHWGHDYHUWL]DUH
6DFRQVWDWDWFUHDOL]DLRRSULUHGHXUJHQFXDMXWRUXOIUkQHL
HOHFWULFHGHSDUFDUH 3DJLQD 


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

$ /DPSDGHDYHUWL]DUHJDOEHQ$VHDSULQGH
)UkQDHOHFWULFGHSDUFDUHHVWHGHIHFW
3DUNLQJEUDNH6HH
2ZQHU
V0DQXDO 3HQWUXDDFLRQD
)UQDGHSDUFDUH  'HFXSODLFRQWDFWXO
&RQVXOWDLPDQXD  $SVDLPkQHUXOIUkQHLHOHFWULFHGHSDUFDUHWLPSGHFHOSXLQ
OXOGHXWLOL]DUH ]HFHVHFXQGH
 'HSODVDLPDQHWDVHOHFWRDUHDWUDQVPLVLHLvQ3
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

/DPSDGHDYHUWL]DUHJDOEHQ$LODPSDLQGLFDWRDUH
URLH$VXQWDSULQVH
)UkQDHOHFWULFGHSDUFDUHHVWHGHIHFW
3HQWUXDHOLEHUD
 'HFXSODLFRQWDFWXOLDSRLFXSODLOGLQQRX
 (OLEHUDLPDQXDOIUkQDHOHFWULFGHSDUFDUH
VDX
 (OLEHUDLIUkQDHOHFWULFGHSDUFDUHDXWRPDW 3DJLQD 

'DFODPSDGHDYHUWL]DUHJDOEHQ$UPkQHDSULQVVDXFRQ
WLQXVFOLSHDVF
 1XFRQWLQXDLVFRQGXFHL
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\ 

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
/DPSDLQGLFDWRDUHURLH$OXPLQHD]LQWHUPLWHQWLODPSDGH
DYHUWL]DUHJDOEHQ$HVWHDSULQV
)UkQDHOHFWULFGHSDUFDUHHVWHGHIHFW
3HQWUXDHOLEHUD
 'HFXSODLFRQWDFWXOLDSRLFXSODLOGLQQRX
 (OLEHUDLPDQXDOIUkQDHOHFWULFGHSDUFDUH
3HQWUXDDFLRQD
 'HFXSODLFRQWDFWXOLDSRLFXSODLOGLQQRX
 &XSODLPDQXDOIUkQDHOHFWULFGHSDUFDUH
'DFODPSDLQGLFDWRDUHURLH$FRQWLQXVOXPLQH]HLQWHUPL
WHQW
 1XFRQWLQXDLVFRQGXFHL
 $VLJXUDLDXWRYHKLFXOXOFRQWUDSXQHULLVDOHvQPLFDUH
3DJLQD 
 'HSODVDLPDQHWDVHOHFWRDUHDWUDQVPLVLHLvQ3
 %UDFDLURLOHGLQIDFWUHERUGXU
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

/DPSDGHDYHUWL]DUHJDOEHQ$VHDSULQGH/DPSDLQGLFDWRDUH
URLH$OXPLQHD]LQWHUPLWHQWWLPSGHDSUR[LPDWLY]HFH
VHFXQGHGXSFHIUkQDHOHFWULFGHSDUFDUHDIRVWDFLRQDWVDX
HOLEHUDW$SRLVHVWLQJHVDXUPkQHDSULQV
)UkQDHOHFWULFGHSDUFDUHHVWHGHIHFW
 'HFXSODLFRQWDFWXOLDSRLFXSODLOGLQQRX
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH

'DFQXVHSRDWHDFLRQDIUkQDHOHFWULFGHSDUFDUH
 'HSODVDLPDQHWDVHOHFWRDUHDWUDQVPLVLHLvQ3
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
'DFQXVHSRDWHHOLEHUDIUkQDHOHFWULFGHSDUFDUH
 (OLEHUDLIUkQDHOHFWULFGHSDUFDUHDXWRPDW 3DJLQD 
'DFIUkQDHOHFWULFGHSDUFDUHQXSRDWHILvQFRQWLQXDUHHOLEHUDW
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

/DPSDGHDYHUWL]DUHJDOEHQ$VHDSULQGH'DFDFLRQDLVDX
HOLEHUDLPDQXDOIUkQDHOHFWULFGHSDUFDUHODPSDLQGLFDWRDUH
URLH$OXPLQHD]LQWHUPLWHQW
)UkQDHOHFWULFGHSDUFDUHHVWHGHIHFW'DFQXVHSRDWHDFLRQD
PDQXDOIUkQDHOHFWULFGHSDUFDUH
 'HSODVDLPDQHWDVHOHFWRDUHDWUDQVPLVLHLvQ3
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

$ /DPSDGHDYHUWL]DUHJDOEHQ$VHDSULQGH/DPSDLQGLFDWRDUH
URLH$OXPLQHD]LQWHUPLWHQWWLPSGHDSUR[LPDWLY]HFH
3DUNLQJEUDNHLQR VHFXQGHGXSFHIUkQDHOHFWULFGHSDUFDUHDIRVWDFLRQDWVDX
SHUDWLYH )UQGH HOLEHUDW$SRLVHVWLQJHVDXUPkQHDSULQV
SDUFDUHQHIXQFLR
)UkQDHOHFWULFGHSDUFDUHHVWHGHIHFWGHH[GLQFDX]DVXSUD
QDO
WHQVLXQLLVDXVXEWHQVLXQLL
 (OLPLQDLFDX]DVXSUDWHQVLXQLLVDXVXEWHQVLXQLLGHH[SULQ
vQFUFDUHDEDWHULHLVDXUHSRUQLUHDPRWRUXOXL
 $FLRQDLVDXHOLEHUDLIUkQDHOHFWULFGHSDUFDUH

'DFDFLRQDUHDVDXHOLEHUDUHDIUkQHLHOHFWULFHGHSDUFDUHFRQ
WLQXVQXILHSRVLELOH
 'HFXSODLFRQWDFWXOLDSRLFXSODLOGLQQRX
 $FLRQDLVDXHOLEHUDLIUkQDHOHFWULFGHSDUFDUH
'DFIUkQDHOHFWULFGHSDUFDUHQXSRDWHILvQFRQWLQXDUHHOLEHUDW
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

0HVDMXOGHSHGLVSOD\HVWHDILDWQXPDLFkWDXWRYHKLFXOXOHVWHvQ
PLFDUH/DPSDLQGLFDWRDUHURLH$OXPLQHD]LQWHUPLWHQWL
ODPSDGHDYHUWL]DUHJDOEHQ$HVWHDSULQV
'DFQXVHSRDWHDFLRQDPDQXDOIUkQDHOHFWULFGHSDUFDUH
 'HSODVDLPDQHWDVHOHFWRDUHDWUDQVPLVLHLvQ3
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

$ /DPSDLQGLFDWRDUHURLH$HVWHDSULQV
$LvQFHUFDWVHOLEHUDLIUkQDHOHFWULFGHSDUFDUHFkWFRQWDFWXO
7XUQRQWKHLJQL
HUDGHFXSODW
WLRQWRUHOHDVH
WKHSDUNLQJEUDNH  &KHLDURWLLFKHLDvQSR]LLDvQFRPXWDWRUXOGHFRQWDFW
&XSODLFRQWDFWXO  .(</(66*2FXSODLFRQWDFWXO
SHQWUXDHOLEHUD
IUQDGHSDUFDUH
0HVDMHGHSHGLVSOD\ 

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
M 3HULFROGHDFFLGHQW
&KHFNEUDNHIOXLG 5H]HUYRUXOSHQWUXOLFKLGGHIUkQFRQLQHLQVXILFLHQWOLFKLGGH
OHYHO 9HULILFDL IUkQQSOXVODPSDGHDYHUWL]DUHURLHMVHDSULQGHSHSDQRXO
QLYHOXOOLFKLGXOXL GHLQVWUXPHQWHLVHHPLWHXQVXQHWGHDYHUWL]DUH
GHIUQ  7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF1X
FRQWLQXDLVXEQLFLRIRUPVFRQGXFHL
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 1XFRPSOHWDLFXOLFKLGGHIUkQ$VWIHOQXVHHOLPLQHURDUHD

& 3OFXHOHGHIUkQJDUQLWXULOHGHIUkQDXDWLQVOLPLWDORUGHX]XU
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&KHFNEUDNHZHDU
9HULILFDLX]XUD
IUQHL
35(6$)( 3HULFROGHUQLUH
LQRSHUDWLYH6HH )XQFLLOHLPSRUWDQWHDOH35(6$)(VDXGHIHFWDW7RDWHFHOHODOWH
2ZQHU
V0DQXDO VLVWHPHGHVLJXUDQDSDVDJHULORUGHH[DLUEDJXULOHUPkQGLV
QHIXQFLRQDO&RQ SRQLELOH
VXOWDL0DQXDOXO
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
GHXWLOL]DUH


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

35(6$)( 3HULFROGHDFFLGHQW
)XQFWLRQVFXU )UkQD35(6$)(HVWHWHPSRUDUQHIXQFLRQDO&DX]HSRVLELOH
UHQWO\OLPLWHG6HH
=FDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXLHVWHPXUGDU
2ZQHU
V0DQXDO
)XQFLLPRPHQWDQ =IXQFLRQDUHDHVWHGLPLQXDWGHSORDLDVDX]SDGDDEXQGHQW
OLPLWDWH&RQVXO =VHQ]RULLGLQEDUDGHSURWHFLHVXQWPXUGDUL
WDLPDQXDOXOGH =VLVWHPXOGHVHQ]RULUDGDUHVWHWHPSRUDUQHIXQFLRQDOGHH[GLQ
XWLOL]DUH FDX]DUDGLDLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDLLHOHFWURPDJQH
WLFH
=$XWRYHKLFXOH$0*(63HVWHLQDFWLY
=VLVWHPXOQXVHDIOvQLQWHUYDOXOGHWHPSHUDWXUGHIXQFLRQDUH
=7HQVLXQHDGHODERUGHVWHSUHDVF]XW

'DFPHVDMXOGHSHGLVSOD\QXGLVSDUH
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &XUDLFDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXL
3DJLQD 
 &XUDLEDUHOHGHSURWHFLH 3DJLQD 
 5HSRUQLLPRWRUXO
 $XWRYHKLFXOH$0*UHDFWLYDL(63 3DJLQD 

'DFVLVWHPXOGHWHFWHD]FVHQ]RULLVXQWFRPSOHWIXQFLRQDOL
PHVDMXOGHSHGLVSOD\GLVSDUH
)UkQD35(6$)(HVWHIXQFLRQDOGLQQRX

35(6$)( 3HULFROGHDFFLGHQW
)XQFWLRQVOLPLWHG )UkQD35(6$)(HVWHGHIHFW%$63/86VDXVHPQDOXOGHDYHU
6HH2ZQHU
V0DQXDO WL]DUHSULYLQGGLVWDQDSRWVVHILGHIHFWDWGHDVHPHQHD
)XQFLLOLPLWDWH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&RQVXOWDLPDQXD
OXOGHXWLOL]DUH

'DFVLPEROXODSDUHSHDILDMXOPXOWLIXQFLRQDOROLPEDXQHL
FHQWXULGHVLJXUDQDIRVWFXSODWvQWURFDWDUDPGHEORFDUHD
XQXLVFDXQVSDWH
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUX
FHQWXULOHVFDXQHORUGLQVSDWH 3DJLQD 
0HVDMHGHSHGLVSOD\ 

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
3HULFROGHUQLUH
'DFVLPEROXODSDUHSHDILDMXOPXOWLIXQFLRQDOROLPEDXQHL
FHQWXULGHVLJXUDQQXDIRVWFXSODWvQWURFDWDUDPGHEORFDUH
DXQXLVFDXQVSDWH
 'DFHVWHQHFHVDUFHUHLOHSDVDJHULORUGLQVSDWHVLFXSOH]H
FHQWXULOHGHVLJXUDQ
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGLQGLFDWRUXOGHVWDUHSHQWUX
FHQWXULOHVFDXQHORUGLQVSDWH 3DJLQD 

u 3HULFROGHUQLUH
5HVWUDLQWV\VPDO ([LVWRGHIHFLXQHOD656 6LVWHPXO6XSOLPHQWDUGH5HWHQLH 'H
IXQFWLRQ&RQVXOW DVHPHQHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGH
ZRUNVKRS 'HIHF LQVWUXPHQWH
LXQHVLVUHWHQ  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LH&RQVXOWDLDWH
OLHUXOGHVHUYLFH

u 3HULFROGHUQLUH
)URQWOHIWPDOIXQF 656VDGHIHFWDWSHIDVWkQJDVDXIDGUHDSWD'HDVHPHQHD
WLRQ&RQVXOWZRUNV VHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGHLQVWUXPHQWH
KRS 'HIHFLXQH  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
IDVWQJD&RQVXO
WDLDWHOLHUXOGH
VHUYLFH VDX)URQW
ULJKWPDOIXQFWLRQ
&RQVXOWZRUNVKRS
'HIHFLXQHID
GUHDSWD&RQVXOWDL
DWHOLHUXOGHVHU
YLFH


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

u 3HULFROGHUQLUH
5HDUOHIWPDOIXQF 656VDGHIHFWDWSHVSDWHVWkQJDVDXVSDWHGUHDSWD'HDVHPH
WLRQ&RQVXOWZRUNV QHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGHLQVWUX
KRS 'HIHFLXQH PHQWH
VSDWHVWQJD&RQ  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VXOWDLDWHOLHUXO
GHVHUYLFH VDX5HDU
ULJKWPDOIXQFWLRQ
&RQVXOWZRUNVKRS
'HIHFLXQHVSDWH
GUHDSWD&RQVXOWDL
DWHOLHUXOGHVHU
YLFH

u 3HULFROGHUQLUH
5HDUFHQWUHPDO 656VDGHIHFWDWSHFHQWUXVSDWH'HDVHPHQHDVHDSULQGHODPSD
IXQFWLRQ&RQVXOW GHDYHUWL]DUHuGLQSDQRXOGHLQVWUXPHQWH
ZRUNVKRS 'HIHF  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LXQHFHQWUXVSDWH
&RQVXOWDLDWHOLH
UXOGHVHUYLFH

u 3HULFROGHUQLUH
/HIWZLQGRZEDJPDO ([LVWRGHIHFLXQHODDLUEDJXOWLSFRUWLQGHSHSDUWHDVWkQJL
IXQFWLRQ&RQVXOW VDXGHSHSDUWHDGUHDSW
ZRUNVKRS 'HIHF 'HDVHPHQHDVHDSULQGHODPSDGHDYHUWL]DUHuGLQSDQRXOGH
LXQHDLUEDJWLS LQVWUXPHQWH
FRUWLQVWQJD&RQ  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VXOWDLDWHOLHUXO
GHVHU
YLFH VDX5LJKWZLQ
GRZEDJPDOIXQFWLRQ
&RQVXOWZRUNVKRS
'HIHFLXQHDLUEDJ
WLSFRUWLQ
GUHDSWD&RQVXOWDL
DWHOLHUXOGHVHU
YLFH

/XPLQL
G 0HVDMHGHSHGLVSOD\SULYLQG/('XULOH
$FHVWPHVDMGHSHGLVSOD\YDDSUHDQXPDLGDFWRDWH/('XULOHVDXGHIHFWDW
0HVDMHGHSHGLVSOD\ 

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
I ,OXPLQDUHDVXSOLPHQWDUvQYLUDMHVWkQJDVDXGUHDSWDIXQFLRQHD]
GHIHFWXRV
/HIWFRUQHULQJ  9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
OLJKW ,OXPLQDUH
3DJLQD 
QYLUDMHVWQJD
VDX5LJKWFRUQH VDX
ULQJOLJKW ,OXPL  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QDUHQYLUDMH
GUHDSWD

I )DUXOSHQWUXID]VFXUWVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHF
WXRV
/HIWGLSSHGEHDP  9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
)D]VFXUW
3DJLQD 
VWQJ VDX5LJKW
GLSSHGEHDP )D] VDX
VFXUWGUHDSWD  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDVSDWHDUHPRUFLLVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHF
WXRV
7UDLOHUOHIWWDLO  9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
ODPS /DPSVSDWH
VWQJDUHPRUF VDX
VDX7UDLOHUULJKW  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WDLOODPS /DPS
VSDWHGUHDSWD
UHPRUF

I 6HPQDOL]DWRUXOGHGLUHFLHVWkQJDVDXGUHDSWDDOUHPRUFLLIXQFLR
QHD]GHIHFWXRV
7UDLOHUOHIWLQGL  9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
FDWRU 6HPQDOL]D
WRUVWQJD VDX
UHPRUF VDX7UDL  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OHUULJKWLQGLFD
WRU 6HPQDOL]DWRU
GUHDSWDUHPRUF

I /DPSDGHIUkQDUHPRUFLLIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
7UDLOHUEUDNHODPS
/DPSGHIUQ VDX
UHPRUF  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

I 6HPQDOL]DWRUXOVSDWHVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
5HDUOHIWLQGLFD
3DJLQD 
WRU 6HPQDOL]DWRU
VSDWHVWQJD VDX VDX
5HDUULJKWLQGLFD  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WRU 6HPQDOL]DWRU
VSDWHGUHDSWD

I 6HPQDOL]DWRUXOGHGLUHFLHIDVWkQJDVDXGUHDSWDIXQFLRQHD]
GHIHFWXRV
)URQWOHIWLQGLFD 
9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
WRU 6HPQDOL]DWRU
3DJLQD 
IDVWQJD VDX
)URQWULJKWLQGLFD VDX
WRU 6HPQDOL]DWRU  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
IDGUHDSWD

I 6HPQDOL]DWRUXOGHGLUHFLHGLQRJOLQGDH[WHULRDUGHSHSDUWHD
VWkQJVDXGHSHSDUWHDGUHDSWIXQFLRQHD]GHIHFWXRV
/HIWPLUURULQGLFD 
9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
WRU 6HPQDOL]DWRU
3DJLQD 
QRJOLQGVWQJD
VDX5LJKWPLUURU VDX
LQGLFDWRU 6HPQD  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OL]DWRURJOLQG
GUHDSWD

I $WUHLDODPSGHIUkQDUHPRUFLLIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
7KLUGEUDNHODPS
3DJLQD 
DWUHLDODPSGH
IUQ VDX
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDGHIUkQVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
/HIWKDQGWDLO
3DJLQD 
ODPSEUDNHODPS
/DPSVSDWHIUQ VDX
VWQJD VDX5LJKW  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
KDQGWDLOODPS
EUDNHODPS /DPS
VSDWHIUQ
GUHDSWD
0HVDMHGHSHGLVSOD\ 

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
I )D]DOXQJVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
/HIWPDLQEHDP
3DJLQD 
)D]OXQJ
VWQJD VDX5LJKW VDX
PDLQEHDP )D]  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OXQJGUHDSWD

I /PSLOHSHQWUXSOFXDGHvQPDWULFXODUHVXQWGHIHFWH
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
1XPEHUSODWHODPS
3DJLQD 
/DPSSOFXFX
QXPUXOGHQPDWUL VDX
FXODUH  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDGHFHDVSDWHIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
5HDUIRJODPS
3DJLQD 
/DPSGHFHD
VSDWH VDX
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDGHSR]LLHIDVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
)URQWOHIWSDUNLQJ
3DJLQD 
ODPS /DPSGH
SR]LLHID VDX
VWQJD RU)URQW  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ULJKWSDUNLQJODPS
/DPSGHSR]LLH
IDGUHDSWD

I /DPSDGHPHUVvQDSRLIXQFLRQHD]GHIHFWXRV
 9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
5HYHUVLQJOLJKW
3DJLQD 
/DPSGHPHUVQD
SRL VDX
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I /DPSDVSDWHVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHFWXRV
VDX
/HIWWDLOODPSVDX
/DPSDGHJDEDULWVSDWHVWkQJDVDXGUHDSWDIXQFLRQHD]GHIHF
5LJKWWDLOODPS
WXRV
/DPSDVSDWH
GUHDSWD  9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
3DJLQD 
VDX
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

I /DPSDGHFRQGXFHUHSHWLPSGH]LVWkQJDVDXGUHDSWDHVWH
GHIHFW
/HIWGD\WLPHGUL  9HULILFDLGDFYLVHSHUPLWHVVFKLPEDLVLQJXUEHFXO
YLQJODPS /DPS
3DJLQD 
GHFRQGXFHUHSH
WLPSGH]LVWQJD VDX
VDX5LJKWGD\WLPH  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GULYLQJODPS
/DPSGHFRQGX
FHUHSHWLPSGH]L
GUHDSWD

I 6LVWHPXOGHOXPLQLLQWHOLJHQWHHVWHGHIHFW/XPLQLOHUPkQGLVSR
QLELOHIUVLVWHPXOGHOXPLQLLQWHOLJHQWH
,QWHOO/LJKW6\V  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WHPLQRSHUDWLYH
6LVWHPXOGH
OXPLQLLQWHO
QHIXQFLRQDO

I ,OXPLQDUHDH[WHULRDUIXQFLRQHD]GHIHFWXRV
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0DOIXQFWLRQ6HH
2ZQHU
V0DQXDO $XWRYHKLFXOHFXFkUOLJGHWUDFWDUHDUHPRUFLLHVWHSRVLELOVVHIL
'HIHFLXQH&RQ DUVRVLJXUDQ
VXOWDLPDQXDOXO
 9HULILFDLVLJXUDQHOH 3DJLQD 
GHXWLOL]DUH
 'DFHVWHQHFHVDUvQORFXLLVLJXUDQDDUV5HVSHFWDLQRWHOH
GHDYHUWLVPHQWDWXQFLFkQGIDFHLDFHVWOXFUX
'DFPHVDMXOGHSHGLVSOD\FRQWLQXVILHDILDW
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

I 6HQ]RUXOGHOXPLQHVWHGHIHFW
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$872OLJKWVLQRSH
UDWLYH /XPLQL
$872QHIXQFLR
QDOH

I /XPLQLOHUPkQDFWLYDWHFkQGSUVLLDXWRYHKLFXOXO6HHPLWHL
XQVXQHWGHDYHUWL]DUH
6ZLWFKRIIOLJKWV  5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLDX
2SULLOXPLQLOH
0HVDMHGHSHGLVSOD\ 

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
$GDSWLYH0DLQEHDP $VLVWHQSHQWUXID]OXQJDGDSWLYIXQFLRQHD]GHIHFWXRV
$VVLVWLQRSHUDWLYH  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$VLVWHQSHQWUX
ID]OXQJDGDS
WLYQHIXQFLR
QDO

$GDSWLYH0DLQEHDP $VLVWHQSHQWUXID]OXQJDGDSWLYHVWHGH]DFWLYDWLWHPSRUDU
$VVLVWFXUUHQWO\ QHIXQFLRQDO&DX]HSRVLELOH
XQDYDLODEOH6HH =SDUEUL]XOHVWHPXUGDUvQFkPSXOGHYL]LXQHDOFDPHUHL
2ZQHU
V0DQXDO =YL]LELOLWDWHDHVWHDIHFWDWGLQFDX]DSORLL]SH]LLVDXFHLLDEXQ
$VLVWHQSHQWUX
GHQWH
ID]OXQJDGDS
WLYPRPHQWDQ  &XUDLSDUEUL]XO
LQGLVSRQLELO&RQ 'DFVLVWHPXOGHWHFWHD]UHYHQLUHDFDPHUHLODSDUDPHWULGHIXQF
VXOWDLPDQXDOXO LRQDUHFRPSOHWPHVDMXO$GDSWLYH0DLQEHDP$VVLVWDYDL
GHXWLOL]DUH ODEOHDJDLQ $VLVWHQSHQWUXID]OXQJDGDSWLY
GLVSRQLELOGLQQRX HVWHDILDW
$VLVWHQSHQWUXID]OXQJDGDSWLYHVWHIXQFLRQDOGLQQRX

0RWRU

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

1LYHOXOOLFKLGXOXLGHUFLUHHVWHSUHDVF]XW
 &RPSOHWDLFXOLFKLGGHUFLUHUHVSHFWkQGWRWRGDWQRWHOHGH
7RSXSFRRODQW6HH
DYHUWL]DUH 3DJLQD 
2ZQHU
V0DQXDO
 'DFOLFKLGXOGHUFLUHWUHEXLHVILHFRPSOHWDWPDLGHVFDGH
&RPSOHWDLFX
OLFKLGGHUFLUH RELFHLVROLFLWDLYHULILFDUHDVLVWHPXOXLGHOLFKLGGHUFLUHDPRWR
&RQVXOWDL0DQXD UXOXLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OXOGHXWLOL]DUH

/LFKLGXOGHUFLUHVDvQFLQV
6HHPLWHLXQVXQHWGHDYHUWL]DUH
&RRODQW6WRSYHKL
FOH6ZLWFKHQJLQH  2SULLDXWRYHKLFXOXOLPHGLDWLQkQGFRQWGHFRQGLLLOHGHGUXP
RII /LFKLGXOGH LWUDILFLRSULLPRWRUXO
UFLUH2SULLDXWR  $VLJXUDLYFDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
YHKLFXOXORSULL HVWHEORFDWGHH[GHODSRYLvQJKHDW
PRWRUXO  6DXDWHSWDLFDPHVDMXOGHSHGLVSOD\VGLVSDUvQDLQWHGHD
UHSRUQLPRWRUXOQFD]FRQWUDUPRWRUXOSRDWHVXIHULGHWHULRUUL
 $FRUGDLDWHQLHDILDMXOXLWHPSHUDWXULLOLFKLGXOXLGHUFLUH
 'DFWHPSHUDWXUDFUHWHGLQQRXDSHODLODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DWLPHGLDW


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

0RWRUXOYHQWLODWRUXOXLHVWHGHIHFW
 'DFWHPSHUDWXUDOLFKLGXOXLGHUFLUHHVWHVXESXWHL
FRQWLQXDVFRQGXFHLSkQODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULPRQWDQWHLvQWUDILFFXRSULULL
SRUQLULIUHFYHQWH

= %DWHULDQXHVWHvQFUFDW
6HHPLWHLXQVXQHWGHDYHUWL]DUH
&DX]HSRVLELOH
=DOWHUQDWRUGHIHFW
=FXUHDXDWUDSH]RLGDOUXSW
=RGHIHFLXQHODVLVWHPHOHHOHFWURQLFH

 2SULLDXWRYHKLFXOXOLPHGLDWLQkQGFRQWGHFRQGLLLOHGHGUXP
LWUDILFLRSULLPRWRUXO
 'HVFKLGHLFDSRWD
 9HULILFDLGDFHVWHUXSWFXUHDXDWUDSH]RLGDO

'DFHVWHUXSWFXUHDXDWUDSH]RLGDO
 1XFRQWLQXDLVFRQGXFHLQFD]FRQWUDUPRWRUXOVHSRDWH
VXSUDvQFO]L
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
'DFHVWHLQWDFWFXUHDXDWUDSH]RLGDO
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

1LYHOXOXOHLXOXLGHPRWRUDVF]XWODQLYHOXOPLQLP
6HHPLWHLXQVXQHWGHDYHUWL]DUH
&KHFNHQJRLO
 9HULILFDLQLYHOXOGHXOHLFHOPDLWkU]LXODXUPWRDUHDDOLPHQWDUH
OHYZKHQQH[W
UHIXHOOLQJ 9HUL FXFDUEXUDQW 3DJLQD 
ILFDLQLYHOXO  'DFVLWXDLDRFHUHFRPSOHWDLFXXOHLGHPRWRU
XOHLXOXLGHPRWRU 3DJLQD 
ODXUPWRDUHDDOL  6ROLFLWDLYHULILFDUHDPRWRUXOXLODXQDWHOLHUGHVSHFLDOLWDWHDXWR
PHQWDUHFXFDUEX UL]DWvQFD]XOvQFDUHFRPSOHWULOHFXXOHLGHPRWRUVXQWQHFHVDUH
UDQW PDLIUHFYHQWGHFkWGHRELFHL

1LYHOXOGHFDUEXUDQWDVF]XWSkQvQLQWHUYDOXOGHUH]HUY
)XQFLRQDUHDvQFO]LULLDX[LOLDUHHVWHGH]DFWLYDWFkQGQLYHOXOGH
5HVHUYHIXHOOHYHO FDUEXUDQWLQWUvQLQWHUYDOXOGHUH]HUY
1LYHOXOFDUEXUDQ
 $OLPHQWDLODFHDPDLDSURSLDWVWDLHGHDOLPHQWDUH
WXOXLGHUH]HUY
0HVDMHGHSHGLVSOD\ 

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
QUH]HUYRUXOGHFDUEXUDQWVHPDLDIOGRDURFDQWLWDWHLQILPGH
FDUEXUDQW
QFO]LUHDDX[LOLDUQXSRDWHILDFLRQDW
 $OLPHQWDLREOLJDWRULXODFHDPDLDSURSLDWVWDLHGHDOLPHQWDUH

$XWRYHKLFXOHFXPRWRUGLHVHOILOWUXOGHDHUDOPRWRUXOXLHVWHPXU
GDULQHFHVLWvQORFXLUH
5HSODFHDLUFOHD  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QHU QORFXLLILO
WUXOGHDHU

I $XWRYHKLFXOHFXPRWRUGLHVHOILOWUXOGHFDUEXUDQWFRQLQHDS$SD
WUHEXLHVILHJROLW
&OHDQWKHIXHOILO 
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WHU &XUDLILO
WUXOGHFDUEXUDQW

1LYHOXO$G%OXHDVF]XWVXELQWHUYDOXOGHUH]HUY6HHPLWHLXQ
VXQHWGHDYHUWL]DUH
5HILOO$G%OXH6HH
2ZQHU
V0DQXDO
 6ROLFLWDLFRPSOHWDUHDFX$G%OXHFkWPDLFXUkQGSRVLELOODXQ
&RPSOHWDLFX DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$G%OXH&RQVXOWDL VDX
0DQXDOXOGHXWLOL  &RPSOHWDLGXPQHDYRDVWUFX$G%OXHFkWPDLFXUkQGSRVLELO
]DUH 3DJLQD 

1LYHOXO$G%OXHYYDDMXQJHGRDUSHGLVWDQDLQGLFDW6HHPLWH
LXQVXQHWGHDYHUWL]DUH
5HILOO$G%OXH1R
 6ROLFLWDLFRPSOHWDUHDFX$G%OXHFkWPDLFXUkQGSRVLELOODXQ
VWDUWLQNP
&RPSOHWDLFX DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$G%OXH3RUQLUH VDX
LPSRVLELOQNP  &RPSOHWDLGXPQHDYRDVWUFX$G%OXHLPHGLDW
3DJLQD 

5H]HUYRUXO$G%OXHHVWHJRO6HHPLWHLXQVXQHWGHDYHUWL]DUH
1XPDLSXWHLSRUQLPRWRUXO
5HILOO$G%OXH(QJ
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
VWDUWQRWSRVVLEOH
&RPSOHWDLFX VDX
$G%OXH3RUQLUH  &RPSOHWDLGXPQHDYRDVWUFX$G%OXHLPHGLDW
PRWLPSRVLELO 3DJLQD 


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

6LVWHPXO$G%OXHHVWHGHIHFW6HHPLWHLXQVXQHWGHDYHUWL]DUH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&KHFN$G%OXH6HH
2ZQHU
V0DQXDO
9HULILFDL$G%OXH
&RQVXOWDL0DQXD
OXOGHXWLOL]DUH

6LVWHPXO$G%OXHHVWHGHIHFW6HHPLWHLXQVXQHWGHDYHUWL]DUH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
(QJVWDUWQRWSRV
VLEOHLQNP
3RUQLUHPRWLPSR
VLELOQNP

6LVWHPXO$G%OXHHVWHGHIHFW6HHPLWHLXQVXQHWGHDYHUWL]DUH
1XPDLSXWHLSRUQLPRWRUXO
(QJVWDUWQRWSRV
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
VLEOH 3RUQLUH
PRWLPSRVLELO

6LVWHPHGHDVLVWDUHDFRQGXFHULL

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

3HED]DXQRUFULWHULLVSHFLILFH$6,67(178/'(0(1,1(5($7(1
,(DVWDELOLWFRIHUXOHVWHRERVLWVDXFQLYHOXOVXGHDWHQLHD
$WWHQWLRQ$VVLVW VF]XW6HHPLWHLXQVXQHWGHDYHUWL]DUH
'URZVLQHVVGHWHF  'DFVLWXDLDRFHUHIDFHLRSDX]
WHG $VLVWHQWPHQ
LQHUHDWHQLH QWLPSXOFOWRULLORUOXQJLIDFHLSDX]HUHJXODWHvQWLPSXWLOSHQWUX
VRPQROHQGHWHF DYRGLKQLVXILFLHQW
WDW

$6,67(178/'(0(1,1(5($7(1,(VDGHIHFWDW
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$WWHQWLRQ$VVLVW
LQRSHUDWLYH $VLV
WHQWPHQLQHUH
DWHQLHQHIXQFLR
QDO
0HVDMHGHSHGLVSOD\ 

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
1XSXWHLVFKLPEDQLYHOXODXWRYHKLFXOXOXL&DX]HSRVLELOH
=FRQGXFHLSUHDUDSLGSHQWUXQLYHOXOVHOHFWDWDODXWRYHKLFXOXOXL
3OHDVHUHGXFH
=WUDFWDLRUHPRUF
VSHHG 5HGXFHL
YLWH]D =SUL]DGHFXSODUHDUHPRUFLLHVWHXWLOL]DWGHH[SHQWUXXQVXSRUW
GHELFLFOHW
 &RQGXFHLPDLOHQWLDSRLVHOHFWDLQLYHOXOGRULWDODXWRYHKLFX
OXOXLGLQQRX
=$XWRYHKLFXOHFXSDFKHW21 2))52$' 3DJLQD
=$XWRYHKLFXOHFXSDFKHW$,50$7,& 3DJLQD
 5HVSHFWDLLQVWUXFLXQLOHSULYLQGWUDFWDUHDXQHLUHPRUFL
3DJLQD 

$LVHOHFWDWXQQLYHOPDLULGLFDWDODXWRYHKLFXOXOXL&RPSUHVRUXO
WUHEXLHVVHUFHDVFPDLvQWkLGLQFDX]DPRGLILFULORUIUHFYHQWH
&RPSUHVVRULVFRR GHQLYHO
OLQJ &RPSUHVRUXO  &RQGXFHLvQWUXQPRGFRUHVSXQ]WRUSHQWUXQLYHOXOFXUHQWDO
VHUFHWH
DXWRYHKLFXOXOXL
 $VLJXUDLYFDYHLRJDUGODVROVXILFLHQW
 /VDLFRPSUHVRUXOVVHUFHDVF
&kQGFRPSUHVRUXOVDUFLWGLVSDUHPHVDMXOGHSHGLVSOD\
$XWRYHKLFXOXOFRQWLQXDSRLVVHULGLFHSkQODQLYHOXOVHOHFWDW

$,50$7,&HVWHGHIHFW
 &RQGXFHLvQIXQFLHGHQLYHOXOFXUHQWDODXWRYHKLFXOXOXLvQVQX
0DOIXQFWLRQ
GHSLLNPK
'HIHFLXQH
 $VLJXUDLYFDYHLRJDUGODVROVXILFLHQW
 6ROLFLWDLYHULILFDUHDDXWRYHKLFXOXOXLODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW

6LVWHPXODFWLYGHDVLVWHQvQYLUDMHHVWHGHIHFW(VWHSRVLELOVILH
DIHFWDWHFDUDFWHULVWLFLOHGHPDQHYUDELOLWDWHDOHDXWRYHKLFXOXOXL
 1XGHSLLRYLWH]PD[LPGHNPK
 6ROLFLWDLYHULILFDUHDDXWRYHKLFXOXOXLODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

3HULFROGHDFFLGHQW
0D[VSHHG 9LW 6DFRQVWDWDWFGHSLLYLWH]DDGPLVSHQWUXQLYHOXORIIURDG
PD[ NPK VHOHFWDW
QSOXVDILDMXOQLYHOXOXLDXWRYHKLFXOXOXLDSDUHvQWUHSLFWRJUDPD
DXWRYHKLFXOXOXLLPHVDMXOGHSHGLVSOD\HPLkQGXVHXQVXQHWGH
DYHUWL]DUH
 $GDSWDLYVWLOXOGHFRQGXFHUHODFDUDFWHULVWLFLOHGHPDQHYUD
ELOLWDWHPRGLILFDWH
 0LFDLGLUHFLDQXPDLvQWUHSWHPLFLLHYLWDLGHSODVDUHDUDSLG
DGLUHFLHL
 1XGHSLLNPKSkQFkQGDXWRYHKLFXOXOQXDDWLQVQLYHOXO
RIIURDG

3HULFROGHDFFLGHQW
6LVWHPXODFWLYGHDVLVWHQvQYLUDMHHVWHGHIHFW&DUDFWHULVWLFLOH
GHPDQHYUDELOLWDWHDOHDXWRYHKLFXOXOXLVXQWSXWHUQLFUHGXVH
QSOXVDILDMXOQLYHOXOXLDXWRYHKLFXOXOXLDSDUHvQWUHSLFWRJUDPD
DXWRYHKLFXOXOXLLPHVDMXOGHSHGLVSOD\HPLkQGXVHXQVXQHWGH
DYHUWL]DUH
 1XGHSLLRYLWH]PD[LPGHNPK
 $GDSWDLYVWLOXOGHFRQGXFHUHODFDUDFWHULVWLFLOHGHPDQHYUD
ELOLWDWHPRGLILFDWH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW

$XWRYHKLFXOXOHVWHUHJODWODQLYHOXORIIURDG0HVDMXOGHSHGLV
SOD\YLQIRUPHD]SULYLQGYLWH]DPD[LPDGPLVSHQWUXQLYHOXO
9HKLFOHULVLQJ RIIURDG
$XWRYHKLFXOXOVH  1XGHSLLRYLWH]PD[LPGHNPK
ULGLF NP
KPD[

&RQGXFHLODQLYHOXORIIURDG0HVDMXOGHSHGLVSOD\YLQIRU
PHD]SULYLQGYLWH]DPD[LPDGPLVSHQWUXQLYHOXORIIURDG
PD[NPK  1XGHSLLRYLWH]PD[LPGHNPK

$XWRYHKLFXOXOHVWHFRERUkWGHODQLYHOXORIIURDGODQLYHOXORII
URDG0HVDMXOGHSHGLVSOD\YLQIRUPHD]SULYLQGYLWH]DPD[LP
/RZHULQJ &RER DGPLVSHQWUXQLYHOXORIIURDG
UUH NPKPD[  1XGHSLLNPKSkQFkQGDXWRYHKLFXOXOQXDDWLQVQLYHOXO
RIIURDG
0HVDMHGHSHGLVSOD\ 

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
; %ORFDUHDGLIHUHQLDOXOXLIXQFLRQHD]GHIHFWXRV
 1XGHSLLRYLWH]PD[LPGHNPK
'LIIHUHQWORFN
 6ROLFLWDLYHULILFDUHDDXWRYHKLFXOXOXLODXQDWHOLHUGHVSHFLDOLWDWH
V\V0DOIXQFWLRQ
'HIHFLXQHOD DXWRUL]DW
VLVGHQFKLGHUH
GLIHUHQLDO

; %ORFDUHDGLIHUHQLDOXOXLHVWHSUHDvQFLQVLDIRVWGHFXSODW
 &RQGXFHLFXDWHQLH
'LIIHUHQWORFNLQJ
V\VFRROLQJGRZQ  /VDLEORFDUHDGLIHUHQLDOXOXLVVHUFHDVF
3OHDVHZDLW 6LVWH %ORFDUHDGLIHUHQLDOXOXLVHUHFXSOHD]LPHGLDWFHVDUFLW
PXOGHEORFDUHD
GLIHUHQLDOXOXLVH
UFHWH$WHSWDL

/2:5$1*(6WRS $IRVWDQXODWXQSURFHVGHVFKLPEDUHDYLWH]HORU/2:5$1*(VH
$SSO\SDUNLQJ DIOvQSR]LLHQHXWU1XH[LVWQLFLROHJWXUvQWUHPRWRULURLOH
EUDNH /2:5$1*( PRWULFH
2SULL$FLRQDL  7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
IUQDGHSDUFDUH FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH1XFRQWLQXDLVXEQLFLR
IRUPVFRQGXFHL
 5HSHWDLSURFHVXOGHVFKLPEDUHDDYLWH]HORU

/2:5$1*(0DOIXQF /2:5$1*(HVWHGHIHFW
WLRQ7RSDUN  1XGHSLLRYLWH]PD[LPGHNPK
DSSO\SDUNLQJ  $FLRQDLIUkQDHOHFWULFGHSDUFDUHSHQWUXDSDUFD
EUDNH /2:5$1*(  6ROLFLWDLYHULILFDUHDDXWRYHKLFXOXOXLODXQDWHOLHUGHVSHFLDOLWDWH
'HIHFLXQH3HQWUX
DXWRUL]DW
DSDUFDDFLRQDL
IUQDGHSDUFDUH

/2:5$1*(0D[ $LGHSLWYLWH]DPD[LPSHQWUXSURFHVXOGHVFKLPEDUHDYLWH]H
VSHHG 9LWPD[ ORU
75($379,7,1)   &RQGXFHLPDLvQFHW
NPK (VWHHIHFWXDWVFKLPEDUHDWUHSWHLGHYLWH]

/2:5$1*(0D[ $LGHSLWYLWH]DPD[LPSHQWUXSURFHVXOGHVFKLPEDUHDYLWH]H
VSHHG 9LWPD[ ORU
75($379,7,1)   &RQGXFHLPDLvQFHW
NPK (VWHHIHFWXDWVFKLPEDUHDWUHSWHLGHYLWH]


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

/2:5$1*(6KLIWWR $LUHGXVYLWH]DDXWRYHKLFXOXOXLvQVWUDQVPLVLDDXWRPDWQXVH
SRVLWLRQ1EULHIO\ DIOvQSR]LLD1
/2:5$1*(&XSODL  &XSODLVFXUWWUDQVPLVLDDXWRPDWvQSR]LLD1
VFXUWQSR]LLD1

/2:5$1*(6KLIWLQJ $IRVWDQXODWSURFHVXOGHVFKLPEDUHDYLWH]HORU
FDQFHOOHG3OHDVH  5HSHWDLSURFHVXOGHVFKLPEDUHDDYLWH]HORU
UHDFWLYDWH /2:
5$1*(&XSODUHDQX
ODW5HDFWLYDL

'65 5HJODUHDYLWH]HLODFRERUkUHDvQSDQW HVWHGH]DFWLYDWGLQ


FDX]DXQHLGHIHFLXQL
LQRSHUDWLYH  6ROLFLWDLYHULILFDUHD'65ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QHIXQFLRQDO
6SHHG/LPLW$VVLVW $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGH]DFWLYDWLWHPSRUDU
$VLVWDUHSHQWUX QHIXQFLRQDO&DX]HSRVLELOH
OLPLWDUHDYLWH]HL =SDUEUL]XOHVWHPXUGDUvQFkPSXOGHYL]LXQHDOFDPHUHL
FXUUHQWO\XQDYDL =YL]LELOLWDWHDHVWHDIHFWDWGLQFDX]DSORLL]SH]LLVDXFHLLDEXQ
ODEOH6HH2ZQHU
V GHQWH
0DQXDO PRPHQWDQ
LQGLVSRQLELO&RQ 'DFPHVDMXOGHSHGLVSOD\QXGLVSDUH
VXOWDL0DQXDOXO  7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
GHXWLOL]DUH FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &XUDLSDUEUL]XO

'DFVLVWHPXOGHWHFWHD]FHVWHFRPSOHWIXQFLRQDOFDPHUD
PHVDMXOGHSHGLVSOD\GLVSDUH
$VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHIXQFLRQDOGLQQRX

6SHHG/LPLW $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLVSRQLELOQXPDLvQDQX
$VVLVW $VLVWDUH PLWHUL
SHQWUXOLPLWDUHD  &RQWLQXDLVFRQGXFHL
YLWH]HL $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLHVWHGLVSRQLELOGLQQRXFkQG
8QDYDLODEOHLQ FRQGXFHLvQWURDUvQFDUHXWLOL]DUHDVDHVWHDSUREDW
WKLVFRXQWU\
,QGLVSRQLELOQ
DFHDVWDU
6SHHG/LPLW$VVLVW $VLVWDUHDSHQWUXOLPLWDUHDYLWH]HLIXQFLRQHD]GHIHFWXRV
$VLVWDUHSHQWUX  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
OLPLWDUHDYLWH]HL
LQRSHUDWLYH
QHIXQFLRQDO
0HVDMHGHSHGLVSOD\ 

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
)XQFLD+2/'HVWHGH]DFWLYDW$XWRYHKLFXOXOGHUDSHD]
6HHPLWHLXQVXQHWGHDYHUWL]DUH
2II 2SULW
 5HDFWLYDLIXQFLD+2/'PDLWkU]LX 3DJLQD 

5DGDUVHQVRUGHDF $XWRYHKLFXOHFXXQVLVWHPGHQDYLJDLHDXWRYHKLFXOXOHVWH
WLYDWHGDXWRP6HH DSURDSHGHRXQLWDWHUDGLRWHOHVFRSQHILLQGXLDVWIHOSHUPLVWUDQV
2ZQHU
V0DQXDO PLWHUHDVHPQDOHORUUDGDU6LVWHPXOGHVHQ]RUUDGDUVDGH]DFWLYDW
6HQ]RUXOUDGDU DXWRPDW 3DJLQD 
GH]DFWLYDWDXWRP ',67521,&3/86 3DJLQD HVWHGH]DFWLYDWDXWRPDWGDF
&RQVXOWDL0DQXD HVWHDFWLYDW6HHPLWHLXQVXQHWGHDYHUWL]DUH
OXOGHXWLOL]DUH $VLVWHQDODXQJKLXOPRUW 3DJLQD VDX$VLVWHQDDFWLYOD
XQJKLXOPRUW 3DJLQD HVWHGH]DFWLYDWDXWRPDWGDFHVWH
DFWLYDW/PSLOHLQGLFDWRDUHcJDOEHQHVHDSULQGGHDVHPH
QHDvQRJOLQ]LOHH[WHULRDUH
%$63/86 6LVWHPGHDVLVWDUHODIUkQDUH3/86  3DJLQD L
IUkQD35(6$)( 3DJLQD VXQWDSRLGHDVHPHQHDLQGLVSR
QLELOH
 &RQWLQXDLVFRQGXFHL
2GDWFHYDLvQGHSUWDWVXILFLHQWGHUDGLRWHOHVFRSIXQFLLOHGH
PDLVXVVXQWGLVSRQLELOHGLQQRX

$XWRYHKLFXOHFX%HFNHU0$33,/27GDF%HFNHU0$33,/27
QXHVWHFRQHFWDWVLVWHPXOGHVHQ]RULUDGDUHVWHGH]DFWLYDWDXWR
PDW
%$63/86',67521,&3/86DVLVWHQDODXQJKLXOPRUWVDXDVLV
WHQDDFWLYODXQJKLXOPRUWLIUkQD35(6$)(VXQWLQGLVSRQLELOH
 &RQHFWDL%HFNHU0$33,/27FRQVXOWDLLQVWUXFLXQLOHGHXWL
OL]DUHVHSDUDWH

5DGDUVHQVRU 6HQ 6LVWHPXOGHVHQ]RUUDGDUHVWHGH]DFWLYDW


]RUUDGDU  9HULILFDLGDFVLVWHPXOGHVHQ]RULUDGDUSRDWHVDXQXVILH
GHDFWLYDWHG6HH DFWLYDW 3DJLQD 
2ZQHU
V0DQXDO  $FWLYDLVLVWHPXOGHVHQ]RULUDGDU 3DJLQD 
GH]DFWLYDW&RQ
VXOWDL0DQXDOXO
GHXWLOL]DUH


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

/DQH.HHSLQJ $VLVWHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUVVDX$VLVWHQDDFWLY
$VVLVWFXUUHQWO\ SHQWUXPHQLQHUHDEHQ]LLGHPHUVHVWHGH]DFWLYDWLWHPSRUDU
XQDYDLODEOH6HH QHIXQFLRQDO&DX]HSRVLELOH
2ZQHU
V0DQXDO =SDUEUL]XOHVWHPXUGDUvQFkPSXOGHYL]LXQHDOFDPHUHL
$VLVWHQDSHQWUX =YL]LELOLWDWHDHVWHDIHFWDWGLQFDX]DSORLL]SH]LLVDXFHLLDEXQ
PHQLQHUHDEHQ]LL
GHQWH
GHPHUVPRPHQWDQ
=QXH[LVWPDUFDMHGHEDQGSHGLVWDQHPDLPDUL
LQGLVSRQLELO&RQ
VXOWDL0DQXDOXO =PDUFDMHOHGHEDQGVXQWX]DWHvQWXQHFDWHVDXDFRSHULWHGHH[
GHXWLOL FXQRURLVDX]SDG
]DUH VDX$FWLYH 'DFPHVDMXOGHSHGLVSOD\QXGLVSDUH
/DQH.HHSLQJ
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
$VVLVWFXUUHQWO\
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
XQDYDLODEOH6HH
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
2ZQHU
V0DQXDO
$VLVWHQDDFWLY  &XUDLSDUEUL]XO
SHQWUXPHQLQHUHD 'DFVLVWHPXOGHWHFWHD]FHVWHFRPSOHWIXQFLRQDOFDPHUD
EHQ]LLGHPHUV PHVDMXOGHSHGLVSOD\GLVSDUH
PRPHQWDQLQGLVSR $VLVWHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUVVDX$VLVWHQDDFWLY
QLELO&RQVXOWDL SHQWUXPHQLQHUHDEHQ]LLGHPHUVHVWHIXQFLRQDOGLQQRX
0DQXDOXOGHXWLOL
]DUH

/DQH.HHSLQJ $VLVWHQDSHQWUXPHQLQHUHDEHQ]LLGHPHUVVDX$VLVWHQDDFWLY
$VVLVWLQRSHUDWLYH SHQWUXPHQLQHUHDEHQ]LLGHPHUVIXQFLRQHD]GHIHFWXRV
$VLVWHQDSHQWUX  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
PHQLQHUHDEHQ]LL
GHPHUVQHIXQFLR
QDO VDX$FWLYH
/DQH.HHSLQJ
$VVLVWLQRSHUDWLYH
$VLVWHQDDFWLY
SHQWUXPHQLQHUHD
EHQ]LLGHPHUV
QHIXQFLRQDO
0HVDMHGHSHGLVSOD\ 

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
%OLQG6SRW$VVLVW $VLVWHQDODXQJKLXOPRUWVDX$VLVWHQDDFWLYODXQJKLXOPRUWHVWH
FXUUHQWO\XQDYDL WHPSRUDUQHIXQFLRQDO&DX]HSRVLELOH
ODEOH6HH2ZQHU
V =DLVWDELOLWFRQH[LXQHDHOHFWULFGLQWUHUHPRUFLDXWRYHKLFXOXO
0DQXDO $VLVWHQD GXPQHDYRDVWU
ODXQJKLXOPRUW =VHQ]RULLVXQWPXUGDUL
PRPHQWDQLQGLVSR
=IXQFLRQDUHDHVWHGLPLQXDWGHSORDLDVDX]SDGDDEXQGHQW
QLELO&RQVXOWDL
PDQXDOXOGHXWLOL =VLVWHPXOGHVHQ]RULUDGDUQXVHDIOvQLQWHUYDOXOGHWHPSHUDWXU
]DUH VDX$FWLYH GHIXQFLRQDUH
%OLQG6SRW$VVLVW =VLVWHPXOGHVHQ]RULUDGDUHVWHWHPSRUDUQHIXQFLRQDOGHH[GLQ
FXUUHQWO\XQDYDL FDX]DUDGLDLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
ODEOH6HH2ZQHU
V UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDLLHOHFWURPDJQH
0DQXDO $VLVWHQD WLFH
DFWLYODXQJKLXO /PSLOHLQGLFDWRDUHcJDOEHQHVHDSULQGGHDVHPHQHDvQRJOLQ
PRUWPRPHQWDQ ]LOHH[WHULRDUH
LQGLVSRQLELO&RQ
 &kQGWUDFWDLRUHPRUFFRQILUPDLPHVDMXOGHSHGLVSOD\SULQ
VXOWDLPDQXDOXO
GHXWLOL]DUH v
'DFFRQGXFHLIURUHPRUFLPHVDMXOGHSHGLVSOD\QXGLVSDUH
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &XUDLVHQ]RULL 3DJLQD 
 5HSRUQLLPRWRUXO

'DFVLVWHPXOGHWHFWHD]FVHQ]RULLVXQWFRPSOHWIXQFLRQDOL
PHVDMXOGHSHGLVSOD\GLVSDUH
$VLVWHQDODXQJKLXOPRUWVDX$VLVWHQDDFWLYODXQJKLXOPRUWHVWH
IXQFLRQDOGLQQRX

%OLQG6SRW$VVLVW $VLVWHQDODXQJKLXOPRUWVDX$VLVWHQDDFWLYODXQJKLXOPRUW
LQRSHUDWLYH $VLV IXQFLRQHD]GHIHFWXRV
WHQDODXQJKLXO /PSLOHLQGLFDWRDUHcJDOEHQHVHDSULQGGHDVHPHQHDvQRJOLQ
PRUWQHIXQFLR ]LOHH[WHULRDUH
QDO VDX$FWLYH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
%OLQG6SRW$VVLVW
LQRSHUDWLYH $VLV
WHQDDFWLYOD
XQJKLXOPRUW
QHIXQFLRQDO

3DUN$VVLVW $VLV 3RUWLHUDRIHUXOXLHVWHGHVFKLVLFHQWXUDGHVLJXUDQDRIHUXOXL


WHQODSDUFDUH QXDIRVWFXSODW
FDQFHOOHG DQX  5HSHWDLSURFHVXOGHSDUFDUHFXFHQWXUDGHVLJXUDQFXSODWL
ODW SRUWLHUDRIHUXOXLvQFKLV


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

$LDWLQVDFFLGHQWDOYRODQXOPXOWLIXQFLRQDOvQWLPSFHLQWHUYHQLD
DVXSUDGLUHFLHLHUDDFWLY
 &kQGLQWHUYHQLDDVXSUDGLUHFLHLHVWHDFWLYDVLJXUDLYFQX
HVWHDWLQVYRODQXOPXOWLIXQFLRQDO

$XWRYHKLFXOXODvQFHSXWVGHUDSH]HL(63DLQWHUYHQLW
 8WLOL]DL$VLVWHQDDFWLYODSDUFDUHGLQQRXPDLWkU]LX
3DJLQD 

3DUN$VVLVW $VLV 7RFPDLDLHIHFWXDWXQQXPUPDUHGHPDQHYUHGHYLUDUHVDXSDU


WHQODSDUFDUH FDUH
LQRSHUDWLYH $VLVWHQDDFWLYODSDUFDUHYDGHYHQLGLVSRQLELOGLQQRXGXS
QHIXQFLRQDO DSUR[LPDWLY]HFHPLQXWH 3DJLQD 
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 2SULLLUHSRUQLLPRWRUXO

'DFPHVDMXOGHSHGLVSOD\FRQWLQXVILHDILDW
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3$5.7521,&HVWHGHIHFW
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3DUNLQJ$VVLVW $XWRYHKLFXOXOHVWHSDUFDW6HHPLWHLXQVXQHWGHDYHUWL]DUH
$VLVWDUHD 0HVDMXOGHSHGLVSOD\GLVSDUHDXWRPDW
SDUFULL
VZLWFKHGRII
GH]DFWLYDW
',67521,&3/86 ',67521,&3/86DIRVWGH]DFWLYDW 3DJLQD 'DFDIRVW
RII GH]DFWLYDW GH]DFWLYDWDXWRPDWVHHPLWHGHDVHPHQHDXQVXQHWGHDYHUWL]DUH

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

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
',67521,&3/86 ',67521,&HVWHGH]DFWLYDWLWHPSRUDUQHIXQFLRQDO&DX]HSRVL
FXUUHQWO\XQDYDL ELOH
ODEOH6HH2ZQHU
V =FDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXLHVWHPXUGDU
0DQXDO PRPHQWDQ =IXQFLRQDUHDHVWHGLPLQXDWGHSORDLDVDX]SDGDDEXQGHQW
LQGLVSRQLELO&RQ =VHQ]RULLGLQEDUDGHSURWHFLHVXQWPXUGDUL
VXOWDL0DQXDOXO
=VLVWHPXOGHVHQ]RULUDGDUHVWHWHPSRUDUQHIXQFLRQDOGHH[GLQ
GHXWLOL]DUH
FDX]DUDGLDLLORUHOHFWURPDJQHWLFHHPLVHGHSRVWXULOH79VDX
UDGLRGLQDSURSLHUHVDXGHDOWHVXUVHGHUDGLDLLHOHFWURPDJQH
WLFH
=VLVWHPXOQXVHDIOvQLQWHUYDOXOGHWHPSHUDWXUGHIXQFLRQDUH
=7HQVLXQHDGHODERUGHVWHSUHDVF]XW

6HHPLWHLXQVXQHWGHDYHUWL]DUH
'DFPHVDMXOGHSHGLVSOD\QXGLVSDUH
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &XUDLFDSDFXO',67521,&3/86GLQPDVFDUDGLDWRUXOXL
3DJLQD 
 &XUDLEDUHOHGHSURWHFLH 3DJLQD 
 5HSRUQLLPRWRUXO

'DFVLVWHPXOGHWHFWHD]FVHQ]RULLVXQWFRPSOHWIXQFLRQDOL
PHVDMXOGHSHGLVSOD\GLVSDUH
',67521,&HVWHGLQQRXIXQFLRQDO
',67521,&3/86 ',67521,&3/86IXQFLRQHD]GHIHFWXRV(VWHSRVLELOFDL%$6
LQRSHUDWLYH 3/86LIUkQD35(6$)(VVHILGHIHFWDW
QHIXQFLRQDO 6HHPLWHLXQVXQHWGHDYHUWL]DUH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

',67521,&3/86 $LDSVDWSHGDODGHDFFHOHUDLH',67521,&3/86QXPDLFRQ
RYHUULGH VXSUDUH WUROHD]YLWH]DDXWRYHKLFXOXOXL
JODUH  5LGLFDLSLFLRUXOGHSHSHGDODGHDFFHOHUDLH

',67521,&3/86 1XHVWHvQGHSOLQLWRFRQGLLHGHDFWLYDUHD',67521,&3/86
NPK  9HULILFDLFRQGLLLOHGHDFWLYDUHDOH',67521,&3/86
3DJLQD 


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

',67521,&3/86DQG ',67521,&3/86L63(('7521,&IXQFLRQHD]GHIHFWXRV6H
63(('7521,& ',6 HPLWHLXQVXQHWGHDYHUWL]DUH
7521,&3/86L  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
63(('7521,&
LQRSHUDWLYH
QHIXQFLRQDO
&UXLVHFRQWURODQG &RQWUROXOFURD]LHUHLL63(('7521,&IXQFLRQHD]GHIHFWXRV
63(('7521,& &RQ  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WUROXOFURD]LHUHL
L63(('7521,&
LQRSHUDWLYH
QHIXQFLRQDO
/LPLW /LPLW &kQGDSVDLSHGDODGHDFFHOHUDLHGLQFRORGHSXQFWXOGHSUHVLXQH
NPK UHWURJUDGDUHIRUDW 63(('7521,&QXSRDWHILDFWLYDW

&UXLVHFRQWURO 1XVDvQGHSOLQLWRFRQGLLHGHDFWLYDUHDFRQWUROXOXLFURD]LHUHL
&RQWUROXOFURD $LvQFHUFDWVPHPRUDLRYLWH]VXENPKGHH[HPSOX
]LHUHL  QFD]XOvQFDUHFRQGLLLOHRSHUPLWFRQGXFHLFXRYLWH]GHSHVWH
NPK NPKLPHPRUDLYLWH]D
 9HULILFDLFRQGLLLOHGHDFWLYDUHSHQWUXFRQWUROXOFURD]LHUHL
3DJLQD 

NPK 1XPDLvQDQXPLWHULYLWH]DPD[LPDIRVWGHSLW
0D[LPXPVSHHG QSOXVDILDMXOPXOWLIXQFLRQDOLQGLFNPK
H[FHHGHG 9LWH]  &RQGXFHLPDLvQFHW
PD[LPGHSLW
0HVDMHGHSHGLVSOD\ 

3QHXUL

&DOFXODWRUGHERUGLGLVSOD\XUL
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
7\UHSUHVVXUH 3UH 3HULFROGHDFFLGHQW
VLXQHSQHXUL
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULD
&KHFNW\UHV 9HUL GHWHFWDWRSLHUGHUHVHPQLILFDWLYGHSUHVLXQH
ILFDLSQHXULOH
 2SULLDXWRYHKLFXOXOIUDHIHFWXDPDQHYUHEUXWHFXGLUHFLD
VDXIUkQHOH$FRUGDLDWHQLHFRQGLLLORUGLQWUDILFvQWLPSFH
HIHFWXDLRSULUHD
 9HULILFDLSQHXULOHLGDFVLWXDLDRFHUHVFKLPEDLURDWD
3DJLQD 
 9HULILFDLSUHVLXQHDvQSQHXULLGDFVLWXDLDRFHUHUHJODLROD
SUHVLXQHDvQSQHXULFRUHFW
 5HSRUQLLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
SQHXULFkQGSUHVLXQHDvQSQHXULHVWHFRUHFW 3DJLQD 

&KHFNW\UHSUHVVX 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDJHQH
UHV 9HULILFDL UDWXQPHVDMSHGLVSOD\LQXDPDLIRVWUHSRUQLWGHDWXQFL
SUHVLXQLOHQ  5HJODLWRDWHFHOHSDWUXSQHXULODSUHVLXQHDFRUHFW
SQHXUL  5HSRUQLLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ
WKHQUHVWDUW5XQ SQHXUL 3DJLQD
)ODW,QGLFDWRU
DSRLUHSRUQLL
LQGLFDWRUXOGH
UXODUHFXSDQ
5XQ)ODW,QGLFDWRU 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULIXQF
,QGLFDWRUXOGH LRQHD]GHIHFWXRV
UXODUHFXSDQ  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LQRSHUDWLYH
QHIXQFLRQDO
7\UHSUHVVXUHV 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULPVRDUSUHVLXQHDvQSQHXUL
3UHVLXQLOHQ  &RQWLQXDLVFRQGXFHL
SQHXUL 3UHVLXQLOHvQSQHXULDSDUSHDILDMXOPXOWLIXQFLRQDOGXSFHDL
ZLOOEHGLVSOD\HG FRQGXVWLPSGHFkWHYDPLQXWH
DIWHUDIHZPLQX
WHVRIGULYLQJ YD
ILDILDWGXSFH
FRQGXFHLFWHYD
PLQXWH


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

7\UHSUHVVPRQL 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULIXQFLRQHD]GHIHFWXRV
WRU 0RQLWRUL]DWR  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
UXOSUHVQ
SQHXUL
LQRSHUDWLYH
QHIXQFLRQDO
7\UHSUHVVPRQL 5RLOHPRQWDWHQXGLVSXQGHXQVHQ]RUGHSUHVLXQHvQSQHXULDGHF
WRU 0RQLWRUL]DWR YDW0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULHVWHGH]DFWLYDW
UXOSUHVQ  0RQWDLURLFXVHQ]RULDGHFYDLGHSUHVLXQHvQSQHXUL
SQHXUL 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULHVWHDFWLYDWDXWRPDWGXSFH
LQRSHUDWLYH1R FRQGXFHLFkWHYDPLQXWH
ZKHHOVHQVRUV
QHIXQFLRQDO6HQ
]RULURDW
DEVHQL LQRSHUD
WLYH1RZKHHOVHQ
VRUV QHIXQFLRQDO
6HQ]RULURDW
DEVHQL
&KHFN 9HULILFDL 3HULFROGHDFFLGHQW
W\UH V  3UHVLXQHDvQXQXOVDXPDLPXOWHSQHXULDVF]XWVHPQLILFDWLY3R]L
SQHXO XULOH LDURLLHVWHDILDWSHDILDMXOPXOWLIXQFLRQDO
6HHPLWHLXQVXQHWGHDYHUWL]DUH
 2SULLDXWRYHKLFXOXOIUDHIHFWXDPDQHYUHEUXWHFXGLUHFLD
VDXIUkQHOH$FRUGDLDWHQLHFRQGLLLORUGLQWUDILFvQWLPSFH
HIHFWXDLRSULUHD
 &RUHFWDLSUHVLXQHDvQSQHXUL 3DJLQD 
 'DFHVWHQHFHVDUVFKLPEDLRURDW 3DJLQD 

&DXWLRQ $WHQ 3HULFROGHDFFLGHQW


LH
3UHVLXQHDvQXQXOVDXPDLPXOWHSQHXULDVF]XWEUXVF3R]LLDURLL
W\UHGHIHFW HVWHDILDWSHDILDMXOPXOWLIXQFLRQDO
GHIHFWODSQHX
 2SULLDXWRYHKLFXOXOIUDHIHFWXDPDQHYUHEUXWHFXGLUHFLD
VDXIUkQHOH$FRUGDLDWHQLHFRQGLLLORUGLQWUDILFvQWLPSFH
HIHFWXDLRSULUHD
 'DFHVWHQHFHVDUVFKLPEDLRURDW 3DJLQD 

5HFWLI\ 5HPH 3UHVLXQHDvQSQHXULHVWHSUHDVF]XWvQFHOSXLQXQXOGLQWUH


GLDL SQHXULVDXGLIHUHQDGHSUHVLXQHvQSQHXULGLQWUHURLHVWHSUHD
W\UHSUHVVXUH SUH PDUH
VLXQHDQSQHXUL  9HULILFDLSUHVLXQHDvQSQHXULFXXUPWRDUHDRFD]LH'DFHVWH
QHFHVDUFRUHFWDLSUHVLXQHDvQSQHXUL 3DJLQD 
0HVDMHGHSHGLVSOD\ 

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
:KHHOVHQVRU V  1XH[LVWVHPQDOGHODXQVHQ]RUGHSUHVLXQHvQSQHXULGHODXQD
6HQ]RUXO LL GH VDXPDLPXOWHURL3UHVLXQHDSQHXOXLYL]DWQXHVWHDILDWSHDIL
URDW DMXOPXOWLIXQFLRQDO
PLVVLQJ DEVHQW  6ROLFLWDLvQORFXLUHDVHQ]RUXOXLGHSUHVLXQHvQSQHXULODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW

7\UHSUHVVPRQL 'LQFDX]DXQHLVXUVHGHLQWHUIHUHQHUDGLRQXVHSRWSULPLVHPQDOH
WRU 0RQLWRUL]DWR GHODVHQ]RULLGHURDW0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULHVWH
UXOSUHVQ WHPSRUDUGHIHFW
SQHXUL  &RQWLQXDLVFRQGXFHL
FXUUHQWO\XQDYDL 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULUHSRUQHWHDXWRPDWLPHGLDW
ODEOH PRPHQWDQ FHSUREOHPDDIRVWUH]ROYDW
LQGLVSRQLELO

w 3HULFROGHDFFLGHQW
7\UHSUHVVXUH&DX 3UHVLXQHDvQXQXOVDXPDLPXOWHSQHXULDVF]XWEUXVF
WLRQW\UHPDOI 6HHPLWHLXQVXQHWGHDYHUWL]DUH
$WHQLHODSUHVLX  2SULLDXWRYHKLFXOXOIUDHIHFWXDPDQHYUHEUXWHFXGLUHFLD
QHDQSQHXUL VDXIUkQHOH$FRUGDLDWHQLHFRQGLLLORUGLQWUDILFvQWLPSFH
GHIHFWSQHX HIHFWXDLRSULUHD
 'DFHVWHQHFHVDUVFKLPEDLRURDW 3DJLQD 

w 3HULFROGHDFFLGHQW
7\UHSUHVVXUH 3UHVLXQHDvQXQXOVDXPDLPXOWHSQHXULDVF]XWVHPQLILFDWLY
&KHFNW\UH V  3UH  2SULLDXWRYHKLFXOXOIUDHIHFWXDPDQHYUHEUXWHFXGLUHFLD
VLXQHDQSQHXUL VDXIUkQHOH$FRUGDLDWHQLHFRQGLLLORUGLQWUDILFvQWLPSFH
9HULILFDL HIHFWXDLRSULUHD
SQHXO ULOH  'DFHVWHQHFHVDUVFKLPEDLRURDW 3DJLQD 
 9HULILFDLSUHVLXQHDvQSQHXUL'DFHVWHQHFHVDUFRUHFWDLSUH
VLXQHDvQSQHXUL 3DJLQD 

w 3UHVLXQHDvQSQHXULHVWHSUHDVF]XWvQFHOSXLQXQXOGLQWUH
SQHXULVDXGLIHUHQDGHSUHVLXQHvQSQHXULGLQWUHURLHVWHSUHD
3OHDVHFRUUHFW PDUH
W\UHSUHVVXUH  9HULILFDLSUHVLXQHDvQSQHXULFXXUPWRDUHDRFD]LH'DFHVWH
&RUHFWDLSUHVLX
QHFHVDUFRUHFWDLSUHVLXQHDvQSQHXUL 3DJLQD 
QLOHQSQHXUL


 0HVDMHGHSHGLVSOD\

$XWRYHKLFXOXO
&DOFXODWRUGHERUGLGLVSOD\XUL

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
7RVWDUWHQJLQH $LvQFHUFDWVSRUQLLPRWRUXOFXWUDQVPLVLDvQSR]LLD5VDX'
3HQWUXDSRUQL  &XSODLWUDQVPLVLDvQSR]LLD3VDX1
PRWRUXO
VKLIWWR
HLWKHU SHQWUXD
SRUQLFXSODLILH
Q 3RU1 3ILH
Q1
$X[LOLDU\EDWWHU\ %DWHULDDX[LOLDUSHQWUXWUDQVPLVLDDXWRPDWQXPDLHVWH
%DWHULHDX[L vQFUFDW
OLDU  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWFXXUPWRDUHD
PDOIXQFWLRQ RFD]LH
GHIHFLXQH  3kQDWXQFLVHWDLWUDQVPLVLDDXWRPDWvQSR]LLD3vQDLQWHGH
DRSULPRWRUXO
 QDLQWHGHDSUVLDXWRYHKLFXOXODFLRQDLIUkQDHOHFWULFGH
SDUFDUH

$SSO\EUDNHWR $LvQFHUFDWVDGXFHLPDQHWDVHOHFWRDUHDWUDQVPLVLHLvQSR]LLD
GHVHOHFW3DUN 3  '5VDX1IUVDSVDLSHGDODGHIUkQ
SRVLWLRQ $FLR  $SVDLSHGDODGHIUkQ
QDLIUQDSHQWUX
DGHVHOHFWDSR]L
LD 3

9HKLFOH $XWRYHKL 3RUWLHUDRIHUXOXLHVWHGHVFKLVLWUDQVPLVLDVHDIOvQSR]LLD5


FXO 1VDX'
QRWLQSRVLWLRQ3 6HHPLWHLXQVXQHWGHDYHUWL]DUH
QXVHDIOQ  &XSODLWUDQVPLVLDvQSR]LLD3
SR]LLD3  $FLRQDLIUkQDHOHFWULFGHSDUFDUH

:LWKRXWFKDQJLQJ 1XSXWHLVFKLPEDSR]LLDWUDQVPLVLHLGLQFDX]DXQHLGHIHFLXQL
JHDU )UD 6HHPLWHLXQVXQHWGHDYHUWL]DUH
VFKLPEDYLWH]D
'DFSR]LLDWUDQVPLVLHL'HVWHVHOHFWDW
FRQVXOWZRUNVKRS
FRQVXOWDLDWH  &RQGXFHLSkQODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWIUD
OLHUXO VFRDWHWUDQVPLVLDGLQSR]LLD'
'DFSR]LLDWUDQVPLVLHL51VDX3HVWHVHOHFWDW
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHGHSHGLVSOD\ 

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
2QO\VHOHFW3DUN $XWRYHKLFXOXOVHGHSODVHD]
3  6HOHFWDL  7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
QXPDL3DUN 3 FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
ZKHQYHKLFOHLV  &XSODLWUDQVPLVLDvQSR]LLD3
VWDWLRQDU\ FQG
DXWRYHKLFXOXOVWD
LRQHD]

e +D\RQXOHVWHGHVFKLV
 QFKLGHLKD\RQXO

f 3HULFROGHDFFLGHQW
&DSRWDHVWHGHVFKLV6HHPLWHLXQVXQHWGHDYHUWL]DUH
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 QFKLGHLFDSRWD

$FWLYHERQQHWPDO &DSRWDDFWLY SURWHFLHSHQWUXSLHWRQL QXHVWHDFWLYGLQFDX]D


IXQFWLRQ6HH XQHLGHIHFLXQLVDXGHRDUHFHDIRVWGHMDGHFODQDW
2ZQHU
V0DQXDO 3DJLQD 
'HIHFLXQHOD  $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
FDSRWDDFWLY&RQ
VXOWDLPDQXDOXO
GHXWLOL]DUH

Q &HOSXLQRSRUWLHUHVWHGHVFKLV6HHPLWHLXQVXQHWGHDYHU
WL]DUH
 QFKLGHLWRDWHSRUWLHUHOH

R 3HULFROGHDFFLGHQW
3RZHUVWHHULQJPDO 'LUHFLDDVLVWDWIXQFLRQHD]GHIHFWXRV
IXQFWLRQ6HH 9DWUHEXLVXWLOL]DLPDLPXOWIRUSHQWUXDGLULMDDXWRYHKLFXOXO
2ZQHU
V0DQXDO 6HHPLWHLXQVXQHWGHDYHUWL]DUH
'HIHFLXQHODVHU  9HULILFDLGDFSXWHLH[HUFLWDIRUDVXSOLPHQWDUQHFHVDU
YRGLUHFLH&RQVXO
 'DFSXWHLGLULMDDXWRYHKLFXOXOvQVLJXUDQFRQGXFHLFX
WDL0DQXDOXOGH
XWLOL]DUH DWHQLHSkQODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 'DFQXSXWHLGLULMDDXWRYHKLFXOXOvQVLJXUDQQXFRQWL
QXDLVFRQGXFHL/XDLOHJWXUDFXFHOPDLDSURSLDWDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

J $LvQFHUFDWVSRUQLLvQFO]LUHDDX[LOLDUVDXVDFWLYDLRRUGH
SOHFDUHFXDMXWRUXOFDOFXODWRUXOXLGHERUGGXSFHDLDFLRQDWGH
LQRSHUDWLYH%DW GRXRULvQFO]LUHDDX[LOLDU
WHU\ORZ QHIXQF  /VDLPRWRUXOVUXOH]HWLPSGHVHFXQGH
LRQDO%DWHULH
QFO]LUHDDX[LOLDUHVWHIXQFLRQDOGLQQRX
VF]XW
7HQVLXQHDGHODERUGHVWHSUHDVF]XWQFO]LUHDDX[LOLDUVD
GH]DFWLYDWVDXQXSRDWHILDFWLYDW 3DJLQD 
 &RQGXFHLSHRGLVWDQPDLPDUH
%DWHULDHVWHvQFXUVGHvQFUFDUHQFO]LUHDDX[LOLDUUHGHYLQH
IXQFLRQDOLPHGLDWFHWHQVLXQHDVLVWHPXOXLHOHFWULFGHODERUG
HVWHVXILFLHQW

J 1LYHOXOGHFDUEXUDQWGLQUH]HUYRUXOGHFDUEXUDQWHVWHSUHDVF]XW
QFO]LUHDDX[LOLDUQXSRDWHILDFWLYDW 3DJLQD 
SLFLRDUHLQRSHUD  $OLPHQWDLODFHDPDLDSURSLDWVWDLHGHDOLPHQWDUH
WLYH5HIXHOYHKL
FOH QHIXQFLRQDO
$OLPHQWDLDXWRYH
KLFXOXO

J QFO]LUHDDX[LOLDUSUH]LQWRGHIHFLXQHWHPSRUDUVDXIXQFLR
QHD]GHIHFWXRV
LQRSHUDWLYH6HH  &kQGDXWRYHKLFXOXOVHDIOSHRVXSUDIDSODQLPRWRUXOVD
2ZQHU
V0DQ
UFLWHIHFWXDLSkQODSDWUXvQFHUFULGHDDFWLYDvQFO]LUHD
QHIXQFLRQDO&RQ
DX[LOLDUDWHSWkQGFkWHYDPLQXWHvQWUHILHFDUHvQFHUFDUH
VXOWDL0DQGH
3DJLQD 
XWLOL]DUH
 'DFvQFO]LUHDDX[LOLDUQXVHDFWLYHD]FRQVXOWDLXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW

7HOHSKRQH1R6HU $XWRYHKLFXOXOGXPQHDYRDVWUQXVHDIOUD]DGHDFRSHULUHDUHOHX
YLFH 7HOHIRQ)U OXLGHWUDQVPLVLHUHFHSLHDIXUQL]RUXOXLGXPQHDYRDVWUGHVHUYLFLL
VHPQDO GHWHOHIRQLHPRELO
 $WHSWDLFDVLPEROXOGHGLVSRQLELOLWDWHIXQFLRQDODWHOHIRQXOXL
PRELOVDSDUSHDILDMXOPXOWLIXQFLRQDO

1LYHOXOOLFKLGXOXLGHVSODUHGLQUH]HUYRUXOSHQWUXOLFKLGGHVSODUH
DVF]XWVXEPLQLP
7RSXSZDVKHU  &RPSOHWDLFXOLFKLGGHVSODUH 3DJLQD 
IOXLG &RPSOHWDL
FXOLFKLGGH
VSODUH
0HVDMHGHSHGLVSOD\ 

&KHLH

&DOFXODWRUGHERUGLGLVSOD\XUL
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL

9 $LLQWURGXVFKHLDLQFRUHFWvQFRPXWDWRUXOGHFRQWDFW
 8WLOL]DLFKHLDFRUHFW
.H\GRHVQRW
EHORQJWRYHKLFOH
&KHLDQXDSDULQH
DXWRYHKLFXOXOXL

9 &KHLDWUHEXLHvQORFXLW
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
5HSODFHNH\ QOR
FXLLFKHLD

9 %DWHULLOHFKHLL.(</(66*2VXQWGHVFUFDWH
 6FKLPEDLEDWHULLOH 3DJLQD 
&KDQJHNH\EDWWH
ULHV 6FKLPEDL
EDWHULLOHFKHLL

9 &KHLD.(</(66*2QXVHDIOvQDXWRYHKLFXO
6HHPLWHLXQVXQHWGHDYHUWL]DUH
.H\QRWGHWHFWHG
&KHLHQHGHWHF 'DFPRWRUXOHVWHRSULWQXPDLSXWHLEORFDDXWRYHKLFXOXOFHQ
WDW PHVDMGHSHGLV WUDOL]DWVDXSRUQLPRWRUXO
SOD\URX  7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 5HSHUDLFKHLD.(</(66*2

&KHLD.(</(66*2QXHVWHGHWHFWDWFkQGPRWRUXOIXQFLRQHD]
GHRDUHFHH[LVWLQWHUIHUHQHGHODRVXUVSXWHUQLFGHXQGHUDGLR
6HHPLWHLXQVXQHWGHDYHUWL]DUH
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 $FLRQDLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFWGDF
VLWXDLDRFHUH

9 &KHLD.(</(66*2QXSRDWHILGHWHFWDWPRPHQWDQ
 6FKLPEDLORFXOFKHLLFXIXQFLLOH.(</(66*2GLQDXWRYHKLFXO
.H\QRWGHWHFWHG
&KHLHQHGHWHF 'DFFKHLD.(</(66*2QXHVWHvQFRQWLQXDUHGHWHFWDW
WDW PHVDMGHSH  $FLRQDLDXWRYHKLFXOXOFXFKHLDvQFRPXWDWRUXOGHFRQWDFWGDF
GLVSOD\DOE VLWXDLDRFHUH


 0HVDMHGHSHGLVSOD\

$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

9 &KHLD.(</(66*2DIRVWGHWHFWDWvQLQWHULRUXODXWRYHKLFXOXOXLvQ
WLPSXOEORFULL
.H\VWLOOLQYHKL  6FRDWHLFKHLD.(</(66*2GLQDXWRYHKLFXO
FOH &KHLDQFVH
DIOQDXWRYHKL
FXO

9 .(</(66*2IXQFLRQHD]WHPSRUDUGHIHFWXRVVDXHVWHGHIHFW
6HHPLWHLXQVXQHWGHDYHUWL]DUH
5HPRYHVWDUWLQJ  ,QWURGXFHLFKHLDvQFRPXWDWRUXOGHFRQWDFWLURWLLRvQSR]LLD
EXWWRQWKHQ
GRULW
LQVHUWNH\ 6FRD
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
WHLEXWRQXOGH
SRUQLUHDSRLLQWUR
GXFHLFKHLD

9 &HOSXLQRSRUWLHUHVWHGHVFKLV6HHPLWHLXQVXQHWGHDYHU
WL]DUH
&ORVHGRRUVWR  QFKLGHLWRDWHSRUWLHUHOHLvQFXLDLDXWRYHKLFXOXOGLQQRX
ORFNYHKLFOH
QFKLGHLSRUWLH
UHOHSHQWUXD
QFXLDDXWRYHKLFX
OXO
/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH 

/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

&DOFXODWRUGHERUGLGLVSOD\XUL
&HQWXULGHVLJXUDQ

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
v /DPSDGHDYHUWL]DUHSULYLQGFHQWXUDGHVLJXUDQOHDPLQWHWH
1XPDLvQDQXPLWHUL RIHUXOXLLSDVDJHUXOXLGLQIDVvLSULQGFHQWXULOHGHVLJXUDQ
ODPSDGHDYHUWL]DUH  6WUkQJHLYFHQWXUDGXPQHDYRDVWUGHVLJXUDQ
URLHSULYLQGFHQWXUDGH 3DJLQD 
VLJXUDQVHDSULQGH
WLPSGHDVHVHFXQGH
GXSSRUQLUHDPRWRUX
OXL

v 3HULFROGHUQLUH
1XPDLvQDQXPLWHUL FHQWXUDGHVLJXUDQDRIHUXOXLQXHVWHFXSODW
ODPSDGHDYHUWL]DUH
URLHSULYLQGFHQWXUDGH  6WUkQJHLYFHQWXUDGXPQHDYRDVWUGHVLJXUDQ
VLJXUDQVHDSULQGH 3DJLQD 
GXSSRUQLUHDPRWRUX 6XQHWXOGHDYHUWL]DUHVHvQWUHUXSH
OXLQSOXVVHDXGHXQ
VXQHWGHDYHUWL]DUH
WLPSGHSkQODDVH
VHFXQGH

v 3HULFROGHUQLUH
/DPSDGHDYHUWL]DUH RIHUXOVDXSDVDJHUXOGLQIDQXLDXFXSODWFHQWXUDGHVLJXUDQ
URLHSULYLQGFHQWXUDGH
 6WUkQJHLYFHQWXUDGXPQHDYRDVWUGHVLJXUDQ
VLJXUDQVHDSULQGH
GXSSRUQLUHDPRWRUX 3DJLQD 
OXLLPHGLDWFHSRUWLHUD /DPSDGHDYHUWL]DUHVHVWLQJH
RIHUXOXLVDXDSDVDJH
UXOXLGLQIDHVWH 3HULFROGHUQLUH
vQFKLV 6HDIORELHFWHSHVFDXQXOSDVDJHUXOXLGLQID
 6FRDWHLRELHFWHOHGHSHVFDXQXOSDVDJHUXOXLGLQIDLGHSR
]LWDLOHODORFVLJXU
/DPSDGHDYHUWL]DUHVHVWLQJH


 /PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

v 3HULFROGHUQLUH
/DPSDGHDYHUWL]DUH RIHUXOVDXSDVDJHUXOGLQIDQXLDXFXSODWFHQWXUDGHVLJXUDQ
URLHSULYLQGFHQWXUDGH QDFHODLWLPSFRQGXFHLFXRYLWH]GHSHVWHNPKVDXDL
VLJXUDQOXPLQHD] FRQGXVVFXUWWLPSFXRYLWH]GHSHVWHNPK
LQWHUPLWHQWLVHHPLWH
XQDYHUWLVPHQWDXGLELO  6WUkQJHLYFHQWXUDGXPQHDYRDVWUGHVLJXUDQ
LQWHUPLWHQW 3DJLQD 
/DPSDGHDYHUWL]DUHVHVWLQJHLVXQHWXOLQWHUPLWHQWGHDYHUWL
]DUHVHvQWUHUXSH

3HULFROGHUQLUH
6HDIORELHFWHSHVFDXQXOSDVDJHUXOXLGLQIDQDFHODLWLPS
FRQGXFHLFXRYLWH]GHSHVWHNPKVDXDLFRQGXVVFXUWWLPS
FXRYLWH]GHSHVWHNPK
 6FRDWHLRELHFWHOHGHSHVFDXQXOSDVDJHUXOXLGLQIDLGHSR
]LWDLOHODORFVLJXU
/DPSDGHDYHUWL]DUHVHVWLQJHLVXQHWXOLQWHUPLWHQWGHDYHUWL
]DUHVHvQWUHUXSH

6LVWHPHOHGHVLJXUDQ

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
M 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH 6LVWHPXOGHIUkQDUHHVWHGHIHFWLFDUDFWHULVWLFLOHGHIUkQDUHSRW
JDOEHQSULYLQGVLVWH ILDIHFWDWH
PXOGHIUkQDUHVH
DSULQGHFkWWLPSPRWR  'DFDILDMXOPXOWLIXQFLRQDOSUH]LQWXQPHVDMSHGLVSOD\LQHL
UXOIXQFLRQHD] FRQWGHHO
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

M 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH 6HUYRIUkQDHVWHGHIHFWLFDUDFWHULVWLFLOHGHIUkQDUHSRWILDIHF
URLHSULYLQGVLVWHPXO WDWH
GHIUkQDUHVHDSULQGH
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
FkWPRWRUXOIXQFLR
QHD]6HHPLWHLXQ FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF1X
VXQHWGHDYHUWL]DUH FRQWLQXDLVXEQLFLRIRUPVFRQGXFHL
 $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH 

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
M 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH 5H]HUYRUXOSHQWUXOLFKLGFRQLQHOLFKLGGHIUkQLQVXILFLHQW
URLHSULYLQGVLVWHPXO
 7UDJHLSHGUHDSWDLRSULLDXWRYHKLFXOXOvQVLJXUDQFkWPDL
GHIUkQDUHVHDSULQGH
FkWPRWRUXOIXQFLR FXUkQGSRVLELOLQkQGFRQWGHFRQGLLLOHGHGUXPLGHWUDILF1X
QHD]6HHPLWHLXQ FRQWLQXDLVXEQLFLRIRUPVFRQGXFHL
VXQHWGHDYHUWL]DUH  $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
1XFRPSOHWDLFXOLFKLGGHIUkQ$VWIHOQXVHHOLPLQHURDUHD
% 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH $%6 6LVWHPXODQWLEORFDUHODIUkQDUH DIRVWGH]DFWLYDWGLQFDX]D
JDOEHQSULYLQG$%6 XQXLGHIHFW'LQDFHVWPRWLY%$6 6LVWHPGHDVLVWDUHODIUkQDUH 
HVWHDSULQVFkWPRWR
%$63/86(63 3URJUDPGHVWDELOLWDWHHOHFWURQLF 
UXOIXQFLRQHD]
35(6$)(IUkQD35(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHD
vQSDQWOPSLOHGHIUkQDUHDGDSWLYLVWDELOL]DUHDUHPRUFLLFX
(63VXQWGHDVHPHQHDGH]DFWLYDWHGHH[HPSOX
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

'DFXQLWDWHDGHFRPDQG$%6HVWHGHIHFWH[LVWGHDVHPHQHD
SRVLELOLWDWHDFDDOWHVLVWHPHSUHFXPVLVWHPXOGHQDYLJDLHVDX
WUDQVPLVLDDXWRPDWVQXILHGLVSRQLELOH


 /PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

% 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH $%6HVWHWHPSRUDULQGLVSRQLELO3ULQXUPDUH%$6%$63/86
JDOEHQSULYLQG$%6
(63(%' GLVWULEXLDHOHFWURQLFDIRUHLGHIUkQDUH 
HVWHDSULQVFkWPRWR
35(6$)(IUkQD35(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHD
UXOIXQFLRQHD]
vQSDQWOPSLOHGHIUkQDUHDGDSWLYLVWDELOL]DUHDUHPRUFLLFX
(63GHH[HPSOXVXQWGHDVHPHQHDGH]DFWLYDWH
$XWRGLDJQRVWLFDUHDQXHVWHvQFILQDOL]DWVDXWHQVLXQHDGHODERUG
SRDWHILLQVXILFLHQWGHH[HPSOX
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
 &RQGXFHLFXDWHQLHSHRSRULXQHGHGUXPDGHFYDWDFLRQkQG
GLUHFLDFXPLFULXRDUHFXRYLWH]GHSHVWHNPK
)XQFLLOHPHQLRQDWHDQWHULRUUHGHYLQGLVSRQLELOHFkQGODPSDGH
DYHUWL]DUHVHVWLQJH
'DFODPSDGHDYHUWL]DUHUPkQHDSULQV
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

% 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH (%'IXQFLRQHD]GHIHFWXRV3ULQXUPDUH$%6%$6%$63/86
JDOEHQSULYLQG$%6
(6335(6$)(IUkQD35(6$)(IXQFLD+2/'DVLVWHQDOD
HVWHDSULQVFkWPRWR
SRUQLUHDvQSDQWOPSLOHGHIUkQDUHDGDSWLYLVWDELOL]DUHD
UXOIXQFLRQHD]6H
UHPRUFLLFX(63GHH[HPSOXVXQWGHDVHPHQHDLQGLVSRQLELOH
HPLWHLXQVXQHWGH
DYHUWL]DUH 6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH 

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
M% 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH
$%6L(63IXQFLRQHD]GHIHFWXRV3ULQXUPDUH%$6%$63/86
URLHSULYLQGIUkQDUHD
(%'35(6$)(IUkQD35(6$)(IXQFLD+2/'DVLVWHQDOD
OPSLOHGHDYHUWL]DUH
SRUQLUHDvQSDQWOPSLOHGHIUkQDUHDGDSWLYLVWDELOL]DUHD
JDOEHQH(63L
UHPRUFLLFX(63GHH[HPSOXVXQWGHDVHPHQHDLQGLVSRQLELOH
(632))LODPSDJDO
EHQGHDYHUWL]DUH$%6 6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
VXQWDSULQVHFkWWLPS IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
PRWRUXOIXQFLRQHD] IUkQDLWDUHGHH[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH
(63VDXFRQWUROXOWUDFLXQLLDLQWHUYHQLWGHRDUHFHH[LVWULVFXOGH
JDOEHQ(63OXPL GHUDSDUHVDXFHOSXLQRURDWDvQFHSXWVSDWLQH]H
QHD]LQWHUPLWHQWFkQG
&RQWUROXOFURD]LHUHLVDX',67521,&3/86HVWHGH]DFWLYDW
YHKLFXOXOHVWHvQPL
FDUH  $SVDLSHGDODGHDFFHOHUDLHQXPDLFkWGHWDUHHVWHQHFHVDUOD
SRUQLUHDGHSHORF
 $FFHOHUDLPDLXRUDWXQFLFkQGDXWRYHKLFXOXOHVWHvQPLFDUH
 $GDSWDLYVWLOXOGHFRQGXFHUHvQIXQFLHGHFRQGLLLOHGHGUXP
LPHWHR
 1XGH]DFWLYDL(63

3HQWUXH[FHSLLFRQVXOWDL 3DJLQD 
3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH
(63LVWDELOL]DUHDUHPRUFLLFX(63VXQWGH]DFWLYDWH(63QX
JDOEHQ(632))HVWH YDVWDELOL]DDXWRYHKLFXOXOGDFDFHDVWDGHUDSHD]VDXGDFRURDW
DSULQVFkWWLPSPRWR vQFHSHVSDWLQH]H
UXOIXQFLRQHD]
 5HDFWLYDL(63

3HQWUXH[FHSLLFRQVXOWDL 3DJLQD 
 $GDSWDLYVWLOXOGHFRQGXFHUHvQIXQFLHGHFRQGLLLOHGHGUXP
LPHWHR
'DF(63QXSRDWHILDFWLYDW
 6ROLFLWDLYHULILFDUHD(63ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW


 /PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

3HULFROGHDFFLGHQW
/PSLOHGHDYHUWL]DUH
(63%$6%$63/8635(6$)(IUkQD35(6$)(IXQFLD
(63L(632))JDO +2/'DVLVWHQDODSRUQLUHDvQSDQWOPSLOHGHIUkQDUHDGDSWLY
EHQHVXQWDSULQVHFkW
LVWDELOL]DUHDUHPRUFLLFX(63VXQWLQGLVSRQLELOHGLQFDX]DXQHL
PRWRUXOIXQFLRQHD]
GHIHFLXQL(63QXYDVWDELOL]DDXWRYHKLFXOXOGDFDFHDVWDGHUD
SHD]VDXGDFRURDWvQFHSHVSDWLQH]H
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRU
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

3HULFROGHDFFLGHQW
/PSLOHGHDYHUWL]DUH
(63%$635(6$)(IXQFLD+2/'DVLVWHQDODSRUQLUHDvQ
(63L(632))JDO
SDQWLVWDELOL]DUHDUHPRUFLLFX(63VXQWWHPSRUDULQGLVSRQLELOH
EHQHVXQWDSULQVHFkW
PRWRUXOIXQFLRQHD] (VWHSRVLELOFDLOPSLOHGHIUkQDUHDGDSWLY%$63/86LIUkQD
35(6$)(VVHILGHIHFWDW
(63QXYDVWDELOL]DDXWRYHKLFXOXOGDFDFHDVWDGHUDSHD]VDX
GDFRURDWvQFHSHVSDWLQH]H
$XWRGLDJQRVWLFDUHDQXHVWHvQFILQDOL]DW
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOvQVIU
IXQFLLOHLQGLFDWHDQWHULRUQFRQVHFLQURLOHVHSRWEORFDGDF
IUkQDLWDUHGHH[HPSOX
$6,67(178/'(0(1,1(5($7(1,(HVWHGH]DFWLYDW
 &RQGXFHLFXDWHQLHSHRSRULXQHGHGUXPDGHFYDWDFLRQkQG
GLUHFLDFXPLFULXRDUHFXRYLWH]GHSHVWHNPK
)XQFLLOHPHQLRQDWHDQWHULRUUHGHYLQGLVSRQLELOHFkQGODPSDGH
DYHUWL]DUHVHVWLQJH
'DFODPSDGHDYHUWL]DUHUPkQHDSULQV
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH 

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
$ )UkQDHOHFWULFGHSDUFDUHIXQFLRQHD]WHPSRUDUGHIHFWXRVVDX
/DPSDLQGLFDWRDUH HVWHGHIHFW
URLHSHQWUXIUkQDHOHF  LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
WULFGHSDUFDUHOXPL PXOWLIXQFLRQDO
QHD]LQWHUPLWHQWL
VDXODPSDGHDYHUWL]DUH
JDOEHQSHQWUXIUkQD
HOHFWULFGHSDUFDUHVH
DSULQGH

u 3HULFROGHUQLUH
/DPSDGHDYHUWL]DUH 6LVWHPHOHGHUHWHQLHIXQFLRQHD]GHIHFWXRV$LUEDJXULOHVDX
URLHSULYLQG656HVWH vQWLQ]WRDUHOHGHFHQWXUSRWILGHFODQDWHILHQHLQWHQLRQDWILHvQ
DSULQVFkWWLPSPRWR FD]GHDFFLGHQWSRWVQXVHGHFODQH]HGHORF
UXOIXQFLRQHD]
 &RQGXFHLFXDWHQLH
 $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWLPHGLDW

0RWRU

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
(VWHSRVLELOVH[LVWHXQGHIHFWGHH[HPSOX
/DPSDJDOEHQGHDYHU =ODPDQDJHPHQWXOPRWRUXOXL
WL]DUHSULYLQGGLDJQRVWL =vQVLVWHPXOGHLQMHFLHDFDUEXUDQWXOXL
FDUHDPRWRUXOXLVH =vQVLVWHPXOGHHYDFXDUH
DSULQGHFkWPRWRUXO
=vQVLVWHPXOGHDSULQGHUH SHQWUXDXWRYHKLFXOHOHFXPRWRUSH
IXQFLRQHD]
EHQ]LQ
=vQVLVWHPXOGHDOLPHQWDUHFXFDUEXUDQW

9DORULOHOLPLWGHHPLVLLSRWILGHSLWHLDUPRWRUXOSRDWHvQFHSH
VIXQFLRQH]HvQPRGXOGHXUJHQ
 6ROLFLWDLYHULILFDUHDDXWRYHKLFXOXOXLFkWPDLFXUkQGSRVLELOODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

$XWRYHKLFXOHFXPRWRUGLHVHOUH]HUYRUXOGHFDUEXUDQWDIRVWVROL
FLWDWXVFDW 3DJLQD 
 3RUQLLPRWRUXOGHWUHLSkQODSDWUXRULGXSDOLPHQWDUHDFX
FDUEXUDQW
'DFODPSDGHDYHUWL]DUHSULYLQGGLDJQRVWLFDUHDPRWRUXOXLVH
VWLQJHPRGXOGHUXODUHGHXUJHQHVWHDQXODW$XWRYHKLFXOXOQX
QHFHVLWYHULILFDUH


 /PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

1LYHOXOGHFDUEXUDQWDVF]XWSkQvQLQWHUYDOXOGHUH]HUY
/DPSDGHDYHUWL]DUH )XQFLRQDUHDvQFO]LULLDX[LOLDUHHVWHGH]DFWLYDWFkQGQLYHOXOGH
SULYLQGFDUEXUDQWXOGH FDUEXUDQWLQWUvQLQWHUYDOXOGHUH]HUY
UH]HUYVHDSULQGHFkW  $OLPHQWDLODFHDPDLDSURSLDWVWDLHGHDOLPHQWDUH
PRWRUXOIXQFLRQHD]

6HQ]RUXOGHWHPSHUDWXUSHQWUXLQGLFDWRUXOGHWHPSHUDWXUD
/DPSDGHDYHUWL]DUH OLFKLGXOXLGHUFLUHIXQFLRQHD]GHIHFWXRV
URLHSULYLQGOLFKLGXOGH 7HPSHUDWXUDOLFKLGXOXLGHUFLUHQXPDLHVWHPRQLWRUL]DW([LVW
UFLUHVHDSULQGHFkW ULVFXOGHWHULRUULLPRWRUXOXLGDFWHPSHUDWXUDOLFKLGXOXLGHUFLUH
PRWRUXOIXQFLRQHD]L HVWHSUHDULGLFDW
LQGLFDWRUXOGHWHPSHUD  2SULLDXWRYHKLFXOXOLPHGLDWLQkQGFRQWGHFRQGLLLOHGHGUXP
WXUDOLFKLGXOXLGH LWUDILFLRSULLPRWRUXO1XFRQWLQXDLVXEQLFLRIRUPVFRQ
UFLUHVHDIOODvQFHSX GXFHL
WXOVFDOHL  $FLRQDLIUkQDHOHFWULFGHSDUFDUH
 &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH 

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL

&DOFXODWRUGHERUGLGLVSOD\XUL
1LYHOXOOLFKLGXOXLGHUFLUHHVWHSUHDVF]XW
/DPSDGHDYHUWL]DUH 'DFQLYHOXOOLFKLGXOXLGHUFLUHHVWHFHOFRUHFWFXUHQWXOGHDHUOD
URLHSULYLQGOLFKLGXOGH UDGLDWRUXOPRWRUXOXLSRDWHILEORFDWVDXYHQWLODWRUXOHOHFWULFDO
UFLUHVHDSULQGHFkW UDGLDWRUXOXLPRWRUXOXLSRDWHVIXQFLRQH]HGHIHFWXRV
PRWRUXOIXQFLRQHD] /LFKLGXOGHUFLUHVDvQFLQVLDUPRWRUXOQXPDLHVWHUFLWVXILFLHQW
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 2SULLDXWRYHKLFXOXOLPHGLDWLQkQGFRQWGHFRQGLLLOHGHGUXP
LWUDILFLRSULLPRWRUXO
 /VDLPRWRUXOLOLFKLGXOGHUFLUHVVHUFHDVF
 9HULILFDLQLYHOXOOLFKLGXOXLGHUFLUHLFRPSOHWDLFXOLFKLGGH
UFLUH 3DJLQD 5HVSHFWDLQRWHOHGHDYHUWLVPHQWDWXQFL
FkQGIDFHLDFHVWOXFUX
 'DFWUHEXLHVFRPSOHWDLIUHFYHQWFXOLFKLGGHUFLUHVROLFLWDL
YHULILFDUHDVLVWHPXOXLGHUFLUHDPRWRUXOXL
 $VLJXUDLYFDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
HVWHEORFDWGHH[GHODSRYLvQJKHDW
 'DFWHPSHUDWXUDOLFKLGXOXLGHUFLUHHVWHVXESXWHL
FRQWLQXDVFRQGXFHLSkQODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULPRQWDQWHLvQWUDILFFXRSULULL
SRUQLULIUHFYHQWH
7HPSHUDWXUDOLFKLGXOXLGHUFLUHDGHSLW&XUHQWXOGHDHU
/DPSDGHDYHUWL]DUH ODUDGLDWRUXOPRWRUXOXLSRDWHILEORFDWVDXQLYHOXOOLFKLGXOXLGH
URLHSULYLQGOLFKLGXOGH UFLUHSRDWHILSUHDVF]XW
UFLUHVHDSULQGHFkW 0RWRUXOQXHVWHUFLWVXILFLHQWLSRDWHVXIHULGHWHULRUUL
PRWRUXOIXQFLRQHD]  LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
6HHPLWHLXQVXQHWGH PXOWLIXQFLRQDO
DYHUWL]DUH  2SULLDXWRYHKLFXOXOLPHGLDWLQkQGFRQWGHFRQGLLLOHGHGUXP
LWUDILFLRSULLPRWRUXO
 /VDLPRWRUXOLOLFKLGXOGHUFLUHVVHUFHDVF
 9HULILFDLQLYHOXOOLFKLGXOXLGHUFLUHLFRPSOHWDLFXOLFKLGGH
UFLUH 3DJLQD 5HVSHFWDLQRWHOHGHDYHUWLVPHQWDWXQFL
FkQGIDFHLDFHVWOXFUX
 'DFWUHEXLHVFRPSOHWDLIUHFYHQWFXOLFKLGGHUFLUHVROLFLWDL
YHULILFDUHDVLVWHPXOXLGHUFLUHDPRWRUXOXL
 $VLJXUDLYFDOLPHQWDUHDFXDHUDUDGLDWRUXOXLPRWRUXOXLQX
HVWHEORFDWGHH[GHODSRYLvQJKHDW


 /PSLGHDYHUWL]DUHLLQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWH

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&DOFXODWRUGHERUGLGLVSOD\XUL

 'DFWHPSHUDWXUDOLFKLGXOXLGHUFLUHHVWHVXESXWHL
FRQWLQXDVFRQGXFHLSkQODFHOPDLDSURSLDWDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW
 (YLWDLVXSXQHUHDPRWRUXOXLXQRUVDUFLQLULGLFDWHSHSDUFXUVGH
H[SULQFRQGXFHUHDSHGUXPXULPRQWDQWHLvQWUDILFFXRSULULL
SRUQLULIUHFYHQWH

6LVWHPHGHDVLVWDUHDFRQGXFHULL

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
3HULFROGHDFFLGHQW
/DPSDURLHGHDYHUWL 'LVWDQDSkQODDXWRYHKLFXOXOGLQIDHVWHSUHDPLFSHQWUX
]DUHSULYLQGGLVWDQDVH YLWH]DVHOHFWDW
DSULQGHFkWYHKLFXOXO
 &UHWHLGLVWDQD
HVWHvQPLFDUH

3HULFROGHDFFLGHQW
/DPSDURLHGHDYHUWL 9DSURSLDLFXRYLWH]SUHDPDUHGHXQDXWRYHKLFXOVDXGHXQ
]DUHSULYLQGGLVWDQDVH REVWDFROVWDLRQDWSHEDQGDGXPQHDYRDVWUGHUXODUH
DSULQGHFkWYHKLFXOXO
 )LLJDWDVIUkQDLLPHGLDW
HVWHvQPLFDUH6H
HPLWHLXQVXQHWGH  $FRUGDLRDWHQLHDSDUWHVLWXDLHLGLQWUDILF(VWHSRVLELOVWUH
DYHUWL]DUH EXLDVFVIUkQDLVDXVHIHFWXDLPDQHYUHGHHYLWDUH
,QIRUPDLLVXSOLPHQWDUHGHVSUH',67521,&3/86 3DJLQD
LIUkQD35(6$)( 3DJLQD 

3QHXUL

3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
w 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULDGHWHFWDWRSLHUGHUHGHSUH
JDOEHQSULYLQGPRQLWR VLXQHvQFHOSXLQXQXOGLQWUHSQHXUL
UL]DWRUXOSUHVLXQLLvQ
 2SULLDXWRYHKLFXOXOIUDHIHFWXDPDQHYUHEUXWHFXGLUHFLD
SQHXULHVWHDSULQV
VDXIUkQHOH$FRUGDLDWHQLHFRQGLLLORUGHWUDILFvQWLPSFHHIHF
WXDLRSULUHD
 LQHLFRQWGHPHVDMHOHVXSOLPHQWDUHGHSHGLVSOD\GLQDILDMXO
PXOWLIXQFLRQDO
 9HULILFDLSUHVLXQHDvQSQHXUL'DFHVWHQHFHVDUFRUHFWDLSUH
VLXQHDvQSQHXUL 3DJLQD 
 'DFHVWHQHFHVDUVFKLPEDLRURDW 3DJLQD 


,QIRUPDLLXWLOH 
,QGLFDLLSULYLQGvQFUFDUHD 
=RQHGHGHSR]LWDUH 
&DUDFWHULVWLFL 

'HSR]LWDUHLFDUDFWHULVWLFL
 =RQHGHGHSR]LWDUH

,QIRUPDLLXWLOH SXQWHSHQWUXDXWRYHKLFXOXOUHVSHFWLY
LQFOXVLYSDVDJHULL 
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH =SR]LLRQDLVDUFLQLOHJUHOHFkWPDLvQDLQWH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG SRVLELOLFkWPDLMRVSRVLELOvQFRPSDUWL
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD PHQWXOGHvQFUFDUH
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL =vQFUFWXUDQXWUHEXLHVGHSHDVFPDU
'HSR]LWDUHLFDUDFWHULVWLFL

PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH JLQHDVXSHULRDUDVSWDUHORUVFDXQHORU
YDULDLLvQIXQFLHGHDU9UXJPVUHL =SODVDLvQWRWGHDXQDvQFUFWXUDFRQWUD
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP VSWDUHORUVFDXQHORUGLQIDLGLQVSDWH
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF $VLJXUDLYFVSWDUHOHVFDXQHORUVXQW
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO EORFDWHIHUPvQORFD
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH =DJDLSODVDGHVLJXUDQFkQGvQFUFDL
ULWRDUHODVLJXUDQ
=SODVDLvQWRWGHDXQDvQFUFWXUDvQVSDWHOH
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH VFDXQHORUQHRFXSDWHGDFHVWHSRVLELO
FLDOLWDWHDXWRUL]DWH 3DJLQD  =DVLJXUDLvQFUFWXUDFXPDWHULDOHGHIL[DUH
VXILFLHQWGHVROLGHLUH]LVWHQWHODX]XU
&SWXLLPDUJLQLOHDVFXLWHSHQWUXSURWHF
,QGLFDLLSULYLQGvQFUFDUHD LH

$9(57,60(17 G (FKLSDPHQWXOGHIL[DUHHVWHGLVSRQLELOOD
RULFHDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$VLJXUDLLSR]LLRQDLvQFUFWXUDFRQIRUP
LQGLFDLLORUGHvQFUFDUH
QFD]FRQWUDUSDVDJHULLDXWRYHKLFXOXOXLDU =RQHGHGHSR]LWDUH
SXWHDILUQLLGHvQFUFWXUDSURLHFWDWSULQ
DXWRYHKLFXOvQFD]GHIUkQDUHEUXVFVFKLP &RPSDUWLPHQWHGHGHSR]LWDUH
EDUHEUXVFDGLUHFLHLVDXGHDFFLGHQW
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
9HLJVLLQIRUPDLLVXSOLPHQWDUHvQVHFLXQHD
$VLJXUDUHDXQHLvQFUFWXUL $9(57,60(17
&KLDULGDFXUPDLWRDWHLQGLFDLLOHGH &RPSDUWLPHQWHOHGHGHSR]LWDUHWUHEXLHVILH
vQFUFDUHvQFUFWXUDYDFUHWHSHULFROXOGH vQFKLVHFkQGVHGHSR]LWHD]DUWLFROHvQDFHV
UQLUHvQFD]GHDFFLGHQW WHD3ODVHOHSHQWUXEDJDMHQXVXQWFRQFHSXWH
VVXVLQEDJDMHJUHOH
$9(57,60(17 'XPQHDYRDVWUVDXDOLSDVDJHULDLDXWRYHKL
LQHLKD\RQXOvQFKLVFkQGPRWRUXOIXQFLR FXOXOXLDUSXWHDILUQLLGHRELHFWHSURLHFWDWH
QHD]QFD]FRQWUDUSXWHLVXIHULRLQWR[LFD vQFDELQGDF
LHFXJD]HOHGHHDSDPHQWFDUHSWUXQGvQ =IUkQDLSXWHUQLF
DXWRYHKLFXO =VFKLPEDLEUXVFGLUHFLD

&DUDFWHULVWLFLOHGHPDQHYUDELOLWDWHDOHXQXL =VXQWHLLPSOLFDWvQWUXQDFFLGHQW

DXWRYHKLFXOvQFUFDWGHSLQGGHGLVWULEXLD 1XDH]DLRELHFWHFXPDUJLQLDVFXLWHLIUD
vQFUFWXULLvQLQWHULRUXODXWRYHKLFXOXOXL'LQ JLOHvQSODVDSHQWUXEDJDMH
DFHVWPRWLYWUHEXLHVUHVSHFWDLXUPWRD
UHOHQRWHFkQGWUDQVSRUWDLRvQFUFWXU
=FkQGWUDQVSRUWDLRvQFUFWXUQXGHSLL
QLFLRGDWPDVDWRWDOPD[LPDGPLVD
DXWRYHKLFXOXOXLVDXVDUFLQLOHDGPLVHSH
=RQHGHGHSR]LWDUH 

&RPSDUWLPHQWHGHGHSR]LWDUHID
7RUSHGR
G 7RUSHGRXOSRDWHILUFLW 3DJLQD 

'HSR]LWDUHLFDUDFWHULVWLFL
 3HQWUXDVFRDWHWUDJHLORFDXOCvQDLQWH
 3HQWUXDLQVWDODLQWURGXFHLORFDXOCL
vPSLQJHLOvQDSRLSkQFHVHDQJUHQHD]

 3HQWUXDGHVFKLGHWUDJHLPkQHUXOCL &RPSDUWLPHQWSHQWUXRFKHODUL
GHVFKLGHLFODSHWDWRUSHGRXOXLD
 3HQWUXDvQFKLGHUDEDWDLFODSHWDWRUSH
GRXOXLDvQVXVSkQFHVHDQJUHQHD]
7RUSHGRXOSRDWHILvQFXLDWLGHVFXLDWQXPDL
FXDMXWRUXOHOHPHQWXOXLFKHLHGHXUJHQ

 3HQWUXDGHVFKLGHDSVDLPDUFDMXOC

&RPSDUWLPHQWGHGHSR]LWDUHGLQFRQVROD
FHQWUDO

G 7RUSHGRGHVFXLDW
H 7RUSHGRvQFXLDW
8QORFDSHQWUXGHSR]LWDUHDRELHFWHORUSODWH
VHDIOvQVHFLXQHDVXSHULRDUDWRUSHGRXOXL
$FHVWDSRDWHILVFRVSHQWUXDFUHWHVSDLXO
GHGHSR]LWDUHGLQWRUSHGR

 3HQWUXDGHVFKLGHFXOLVDLFDSDFXOC
vQDLQWH
&RPSDUWLPHQWXOGHGHSR]LWDUHDDSDUH


 =RQHGHGHSR]LWDUH

&RPSDUWLPHQWGHGHSR]LWDUHFRPSDUWL  3HQWUXDGHVFKLGHDSVDLVFXUWPDUFDMXO
PHQWGHWHOHIRQGHVXEFRWLHU FRPSDUWLPHQWXOXLGHGHSR]LWDUH
G QIXQFLHGHJUDGXOGHGRWDUHDDXWRYHKL &RPSDUWLPHQWXOGHGHSR]LWDUHVHGHV
FXOXOXLXQSRUW86%LRPXIMDFN$8;,1 FKLGH
VDXR,QWHUID0HGLDVXQWLQVWDODWHvQFRP G QIXQFLHGHHFKLSDPHQWXODXWRYHKLFXOX
SDUWLPHQWXOGHGHSR]LWDUH2LQWHUID
OXLSRWH[LVWDVSDLLGHGHSR]LWDUHGHVFKLVH
'HSR]LWDUHLFDUDFWHULVWLFL

PHGLDHVWHRLQWHUIDXQLYHUVDOSHQWUX
GHDVXSUDLVXEFRPSDUWLPHQWXOGHGHSR
HFKLSDPHQWXODXGLRSRUWDELOGHH[SHQWUX
]LWDUH
XQL3RGVDXXQSOD\HUGH03XUL FRQVXO
WDLLQVWUXFLXQLOHGHXWLOL]DUH$XGLRVDX
&20$1'2QOLQH  3ODVHSHQWUXEDJDMH
G QFRPSDUWLPHQWXOGHGHSR]LWDUHVHDIOR
WYLGHGHSR]LWDUHGHWDDELOvQFDUHSRW
$9(57,60(17
ILVWRFDWHRELHFWHSUHFXPXQL3RG $H]DLQXPDLRELHFWHXRDUHvQSODVDSHQWUX
EDJDMH1XRXWLOL]DLODWUDQVSRUWXOGHRELHFWH
JUHOHFXPDUJLQLDVFXLWHVDXIUDJLOH3ODVD
SHQWUXEDJDMHQXSRDWHIL[DRELHFWHOHVXIL
FLHQWvQFD]GHDFFLGHQW

3ODVHOHSHQWUXEDJDMHVHDIOvQVSDLXOSHQWUX
SLFLRDUHOHSDVDJHULORUIDLSHVSDWHOHVFDX
QXOXLRIHUXOXLLVFDXQXOXLSDVDJHUXOXLID

8QLWDWHGHvQFUFDUHSULQFRPSDUWL
PHQWXOVSDWH
 3HQWUXDGHVFKLGHWUDJHLPkQHUXOCvQ
8QLWDWHDGHvQFUFDUHSULQEDQFKHWHVWHGHV
VXV
FKLVGLQSRUWEDJDM
&RWLHUDVHH[WLQGH

&RPSDUWLPHQWHGHGHSR]LWDUHGLQVSDWH
&RPSDUWLPHQWGHGHSR]LWDUHvQFRQVROD
FHQWUDOVSDWH

 'HEORFDLVSWDUHOHVFDXQHORUGLQVSDWHL
vQFOLQDLOHvQSR]LLDGHVDUFLQ
vQFUFWXU
 5DEDWDLvQMRVFRWLHUDVFDXQXOXLGLQVSDWH
=RQHGHGHSR]LWDUH 

 7UDJHLGHWHWLHUDFHQWUDODEDQFKHWHLGLQ SHVWHVSWDUvQFRPSDUWLPHQWXOSDVDJHULORU
VSDWHvQSR]LLDVXSHULRDU 3DJLQD  GHH[HPSOXvQWLPSXOIUkQULLSXWHUQLFHD
 &XOLVDLSLHGLFDGHHOLEHUDUHCvQVWkQJDL VFKLPEULORUEUXWHGHGLUHFLHVDXvQFD]GH
URWLLFODSHWDDvQVWkQJDSkQFkQGVH DFFLGHQW3XWHLSURYRFDXQDFFLGHQWVDX
IL[HD]vQVSDWHOHEDQFKHWHLGLQVSDWH SXWHLVXIHULUQLDWkWGXPQHDYRDVWUFkWL
DOWHSHUVRDQH

'HSR]LWDUHLFDUDFWHULVWLFL
 3OLDLSHUQDVFDXQXOXLvQVXVvQDLQWHGHD
SOLDEDQFKHWDVSDWHvQDLQWHQFD]FRQWUDU
VSWDUHOHSRWVXIHULGHWHULRUUL
&kQGVSWDUXOHVWHUDEDWDWvQDLQWHVFDX
QHOHGLQIDQXSRWILDGXVHvQSR]LLDORUGH
FDSWVSDWHQFD]FRQWUDUVFDXQHOHGLQ
IDLEDQFKHWDGLQVSDWHSRWVXIHULGHWH
ULRUUL
6SWDUHOHVFDXQHORUVSDWHGHSHSDUWHD
 PSLQJHLFDSDFXOvQDLQWHSkQFkQGVH VWkQJLGHSHSDUWHDGUHDSWSRWILUDEDWDWH
IL[HD]vQFRWLHUDVFDXQXOXLGLQVSDWH vQDLQWHVHSDUDWSHQWUXDFUHWHFDSDFLWDWHD
SRUWEDJDMXOXL

([WLQGHUHDSRUWEDJDMXOXL 5DEDWDUHDvQDLQWHDEDQFKHWHLGLQVSDWH

1RWHLPSRUWDQWHSULYLQGVLJXUDQD
$9(57,60(17
1XWUDQVSRUWDLRELHFWHJUHOHVDXGXUHvQDXWR
YHKLFXOVDXvQSRUWEDJDMGDFQXVXQWELQH
IL[DWH
QFD]FRQWUDUGXPQHDYRDVWULFHLODOLSDVD
JHULDLDXWRYHKLFXOXOXLDLSXWHDILUQLLGH
RELHFWHOHSURLHFWDWHSULQDXWRYHKLFXOvQFD]GH
IUkQDUHSXWHUQLFGHVFKLPEDUHEUXVFD
GLUHFLHLVDXGHDFFLGHQW
G 'DFVFDXQXOSDVDJHUXOXLGLQIDVDXDO
&kQGXWLOL]DLPULUHDSRUWEDJDMXOXLWUHEXLH RIHUXOXLVXQWVHWDWHSHQWUXRSHUVRDQPDL
VSULQGHLvQWRWGHDXQDSODVDGHVLJXUDQ UREXVWVDUSXWHDVQXILHSRVLELOVUDED
GDFHVWHODvQGHPkQ WDLvQDLQWHEDQFKHWDGLQVSDWHQDFHVW
FD]GHSODVDLVFDXQHOHIURQWDOHFkWPDL
$9(57,60(17 vQDLQWHSRVLELO
&RQGXFHLvQWRWGHDXQDFXKD\RQXOvQFKLVQ
 'HSODVDLWHWLHUHOHvQSR]LLDFHDPDLGHMRV
FD]FRQWUDUHVWHSRVLELOFDJD]HOHGHHDSD
3DJLQD 
PHQWVSWUXQGvQLQWHULRUXODXWRYHKLFXOXOXL
 5DEDWDLSHUQDVFDXQXOXLCvQVXV

$9(57,60(17
1XUDEDWDLVSWDUXOSHSHUQHOHVFDXQHORU
UDEDWDWHvQMRV'DFSHUQHOHVFDXQHORUVXQW
UDEDWDWHvQMRVEDJDMXOSRDWHILSURLHFWDW


 =RQHGHGHSR]LWDUH

5DEDWDUHDvQDSRLDEDQFKHWHLGLQVSDWH
'HSR]LWDUHLFDUDFWHULVWLFL

 7UDJHLSLHGLFDGHHOLEHUDUHDvQVXVvQ
GLUHFLDVJHLLSkQFkQGVSWDUXOHVWH  5DEDWDLVSWDUXOVFDXQXOXLDvQDSRLSkQ
GHEORFDWFRPSOHW
FkQGVHDQJUHQHD]
 6SWDUXOHVWHJUHX3ULQXUPDUHWUHEXLH  5RWLLSHUQDVFDXQXOXLCvQDSRL
VDFLRQDLFXDWHQLHFkQGvOUDEDWDL$VL  'DFHVWHQHFHVDUWUDJHLLUHJODLWHWLH
JXUDLYFWHWLHUHOHVXQWFRPSOHWFRER UHOH 3DJLQD 
UkWHDVWIHOvQFkWVSWDUHOHLSHUQHOHVQX
ILHGHWHULRUDWH 3HULFROGHUQLUH
 5DEDWDLVSWDUXOvQDLQWHSkQFkQGDFHVWD $VLJXUDLYFVSWDUXOEDQFKHWHLLSHUQD
DWLQJHSR]LLDSRUWEDJDMXOXL VFDXQXOXLVXQWIL[DWHFRUHFWvQSR]LLH

$VLJXUDUHDXQHLvQFUFWXUL
2FKLXULGHDQFRUDUH
$9(57,=$5(
QFUFDLXQLIRUPLQHOHOHGHSULQGHUH
QFD]FRQWUDUGYVVDXDOWHSHUVRDQHSXWHLIL
UQLLGHvQFUFWXUDFDUHVHGHSODVHD]
QHFRQWURODWvQFD]XULOHvQFDUH
=IUkQDLEUXVF
 *KLGDLFHQWXULOHGHVLJXUDQDVXEFOH
=VFKLPEDLUDSLGGLUHFLD
PHOHFRUHVSXQ]WRDUHC
=VXQWHLLPSOLFDWvQWUXQDFFLGHQW

QOHJWXUFXDFHDVWDDYHLvQYHGHUHLQVWUXF
LXQLOHGHvQFUFDUH

5HVSHFWDLXUPWRDUHOHQRWHSULYLQGDVLJXUD
UHDvQFUFWXULORU
=DVLJXUDLvQFUFWXUDFXDMXWRUXORFKLXULORU
GHDQFRUDUH
=QXXWLOL]DLFKLQJLHODVWLFHVDXSODVHSHQWUX
DIL[DRvQFUFWXUGHRDUHFHDFHVWHDDX
GRDUUROXOGHSURWHFLHFRQWUDDOXQHFULL
SHQWUXRELHFWHXRDUH
=RQHGHGHSR]LWDUH 

=QXGLULMDLPDWHULDOHOHGHIL[DUHSHVWHPDU
JLQLVDXFROXULDVFXLWH
=FSWXLLPDUJLQLOHDVFXLWHSHQWUXSURWHF
LH
6HDIOSDWUXRFKLXULGHDQFRUDUHvQSRUWEDJDM
QDLQWHGHDXWLOL]DRFKLXULOHGHDQFRUDUHGH

'HSR]LWDUHLFDUDFWHULVWLFL
SHSDUWHDGUHDSWDSRUWEDJDMXOXLSODVDSHQ
WUXEDJDMHWUHEXLHVILHvPSLQVvQMRV

 $SVDLPDUFDMXOFkUOLJXOXLGHJHDQWC
 5RWLLFkUOLJXOGHJHDQWCSkQFkQGVH
DQJUHQHD]

&kUOLJHGHIL[DUH
)L[DLQXPDLDUWLFROHGHEDJDMHXRDUHvQFkU
OLJHOHGHPRQWDUH PD[LPNJ 
C 2FKLXULGHDQFRUDUH

&kUOLJGHJHDQW
$9(57,60(17
6XVSHQGDLQXPDLRELHFWHXRDUHSHVXSRU
WXULOHGHJHQL1XOHXWLOL]DLODWUDQVSRUWXOGH
RELHFWHJUHOHFXPDUJLQLDVFXLWHVDXIUDJLOH
&kQGIUkQDLSXWHUQLFVFKLPEDLUDSLGGLUHFLD
VDXvQFD]GHDFFLGHQWFkUOLJHOHGHJHDQWQX
YRUIL[DVXILFLHQWRELHFWHOH$FHVWOXFUXDU
SXWHDGXFHODDFFLGHQWDUHDGXPQHDYRDVWU ([LVWGRXFkUOLJHGHIL[DUHCSHILHFDUH
VDXDDOWRUSHUVRDQH SDUWHDSRUWEDJDMXOXL

 &kUOLJXOGHJHDQWSRDWHUH]LVWDODRVDU
FLQPD[LPGHNJ1XvOXWLOL]DLSHQWUX &DSDFSRUWEDJDM
DIL[DRVDUFLQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
([LVWXQFkUOLJGHJHDQWvQSRUWEDJDMSH
SDUWHDVWkQJ $9(57,60(17
&DSDFXOSRUWEDJDMXOXLQXHVWHXQVLVWHPGH
UHWHQLH$VLJXUDLVDUFLQDVXEFDSDFXOSRUW
EDJDMXOXLSULQPLMORDFHDGHFYDWH$VLJXUDLY
FDLIL[DWELQHFDSDFXOSRUWEDJDMXOXL'DF
EDJDMHOHQXVXQWDVLJXUDWHVXILFLHQWDFHVWHD
SRWILSURLHFWDWHSHVWHVSWDUvQFRPSDUWL
PHQWXOSDVDJHULORUGHH[HPSOXvQWLPSXO
IUkQULLSXWHUQLFHDVFKLPEULORUEUXWHGH


 =RQHGHGHSR]LWDUH

GLUHFLHVDXvQFD]GHDFFLGHQW3XWHLSURYRFD 0RQWDUHDGHPRQWDUHDFDSDFXOXLSRUW
XQDFFLGHQWVDXSXWHLVXIHULUQLDWkWGXP EDJDMXOXL IUSODVGHVLJXUDQLQWH
QHDYRDVWUFkWLDOWHSHUVRDQH JUDW

 &kQGvQFUFDLDXWRYHKLFXOXODVLJXUDLY
FQXVXSUDSXQHLVDUFLQDvQSRUWEDJDMOD
XQQLYHOFDUHVGHSHDVFPDUJLQHDLQIH
'HSR]LWDUHLFDUDFWHULVWLFL

ULRDUDJHDPXULORUODWHUDOH1XDH]DL
RELHFWHJUHOHGHDVXSUDFDSDFXOXLSRUWED
JDMXOXL
8QFDSDFGHSRUWEDJDMVDXXQFDSDFLRSODV
GHEDJDMHFRPELQDWH FDSDFXOSRUWEDJDMXOXL
FXSODVGHVLJXUDQ HVWHIL[DWvQIXQFLHGH
HFKLSDUHGXSVSWDUXOEDQFKHWHLGLQVSDWH
 3HQWUXDGHPRQWDDVLJXUDLYGHUXODUHD
([WLQGHUHDLUHWUDJHUHDFDSDFXOXLSRUW FDSDFXOXLSRUWEDJDMXOXLC
EDJDMXOXL  $SVDLFDSDFXOGLQFDSWDOFDSDFXOXL
SRUWEDJDMXOXLCvQGUHDSWDVDXvQVWkQJD
vQGLUHFLDLQGLFDWGHVJHDWLDSVDL
FDSDFXOSRUWEDJDMXOXLCvQSXQFWXOGH
DQFRUDUHDRSXVDFHVWXLD
 QGHSUWDLFDSDFXOSRUWEDJDMXOXLC

 3HQWUXDPRQWDIL[DLFDSDFXOSRUWEDJD
MXOXLCGLQSDUWHDGUHDSWVDXVWkQJvQ
SXQFWXOGHDQFRUDUHD
 $SVDLFDSDFXOGLQFDSWXORSXVDO
FDSDFXOXLSRUWEDJDMXOXLCvQGLUHFLDLQGL
 3HQWUXDH[WLQGHWUDJHLFDSDFXOSRUWED FDWGHVJHDWLLQWURGXFHLFDSDFXOSRUW
JDMXOXLvQDSRLGHPkQHUXOGHSULQGHUHCL EDJDMXOXLCvQSXQFWXOGHDQFRUDUH
SULQGHLOvQGLVSR]LWLYHOHGHSULQGHUHDGLQ RSXVD
VWkQJDLGLQGUHDSWD
 3HQWUXDUHWUDJHGHVSULQGHLFDSDFXO 0RQWDUHDGHPRQWDUHDFDSDFXOXLLSOD
SRUWEDJDMXOXLGLQGLVSR]LWLYHOHGHSULQ VHLGHEDJDMHFRPELQDWH FDSDFXOSRUW
GHUHDGLQVWkQJDLGLQGUHDSWDLJKLGDL EDJDMXOXLFXSODVGHVLJXUDQLQWH
OvQDLQWHFXPkQHUXOGHSULQGHUHCSkQFH JUDW
HVWHFRPSOHWUHWUDV
3XWHLLQVWDODLSXWHLVFRDWHFDSDFXOLSODVD
GHEDJDMHFRPELQDWHGLQSRUWEDJDM
 $VLJXUDLYFSODVDGHVLJXUDQLFDSD
FXOSRUWEDJDMXOXLVXQWUXODWH
=RQHGHGHSR]LWDUH 

3ODVGHVLJXUDQvQFDSDFXOLSODVD
GHEDJDMHFRPELQDWH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
$9(57,60(17
3ODVDGHVLJXUDQQXSRDWHDVLJXUDVDUFLQL

'HSR]LWDUHLFDUDFWHULVWLFL
JUHOH3ULQXUPDUHWUHEXLHVDQFRUDLvQWRW
GHDXQDvQFUFWXUD
QFD]FRQWUDUGXPQHDYRDVWUDLSXWHDIL
UQLWGHRELHFWHOHQHDVLJXUDWHVXILFLHQWLSUR
 3HQWUXDVFRDWHDSVDLEXWRQXOD LHFWDWHSULQDXWRYHKLFXOvQFD]GHIUkQDUH
 5RWLLFDSDFXOLSODVDGHEDJDMHFRPELQDWH SXWHUQLFGHVFKLPEDUHEUXVFDGLUHFLHLVDX
vQGLUHFLDVJHLL GHDFFLGHQW
 0DLvQWkLGHVSULQGHLFDSDFXOLSODVDGH
$9(57,60(17
EDJDMHFRPELQDWHGLQSLHGLFDGLQ
VWkQJDCDSRLVFRDWHLOHGLQGLVSR]LWLYXO QFD]GHIUkQDUHSXWHUQLFVFKLPEDUHEUXVF
GHGLUHFLHVDXGHDFFLGHQWHVWHSRVLELOFD
GHSULQGHUHGLQGUHDSWD
RELHFWHOHXRDUHVILHDUXQFDWHGLQWURSDUWH
 3HQWUXLQVWDODUHvPSLQJHLvQVXVFDSDFXO
vQFHDODOW
LSODVDGHEDJDMHFRPELQDWHSkQODRSUL
$FHVWOXFUXDUSXWHDGXFHODDFFLGHQWDUHD
WRUXOGLQGLVSR]LWLYXOGHSULQGHUHGLQ
GXPQHDYRDVWUVDXDDOWRUSHUVRDQH
GUHDSWD
3ULQXUPDUHGDFWUDQVSRUWDLRELHFWH
 3R]LLRQDLFDSDFXOLSODVDGHEDJDMHFRP
XRDUHXWLOL]DLSODVDGHVLJXUDQ
ELQDWHvQGLVSR]LWLYXOGHSULQGHUHGLQVWkQJD
LvPSLQJHLvQSLHGLFDCSkQFkQGFDSD
FXOLSODVDGHEDJDMHFRPELQDWHVHDQJUH
)L[DUHDSODVHLGHVLJXUDQ
QHD]VRQRU

 7UDJHLSODVDGHVLJXUDQvQVXVGH
FDGUXOCLSULQGHLRvQRFKLXULOHDFX
 $VLJXUDLYFLQGLFDWRUXOGHVWDUHURXDO
EORFULLQXPDLHVWHYL]LELOQFD]FRQ DPEHOHPkLQL
WUDUFDSDFXOLSODVDGHEDJDMHFRPELQDWH
QXVHYRUEORFDSHSR]LLH


 =RQHGHGHSR]LWDUH

&kUOLJHSHQWUXKDLQHSHKD\RQ
$9(57,60(17
(VWHSRVLELOVVHvQFKLGKD\RQXOvQFD]XOvQ
FDUHFkUOLJHOHGHKDLQHVXQWVXSXVHXQHLVDU
FLQLSUHDPDUL
'HSR]LWDUHLFDUDFWHULVWLFL

$VWIHOGXPQHDYRDVWUVDXDOWHSHUVRDQH
SXWHLILSULQVHvQWUHHOHPHQWHVXIHULQGUQL
'DFXWLOL]DLFkUOLJHOHGHKDLQHDWkUQDL
QXPDLKDLQHXRDUHSHDFHVWHD$VLJXUDLY
FQLPHQLQXSRDWHILSULQVvQWUHHOH $FFHVRULLWUXVGHDVLJXUDUHDvQFUFWXULL($6<
3$&.
C *HDQWFXFDGUHLVXSRUWGHEDJDMH
D 7LMWHOHVFRSLF

,QWURGXFHUHDFDGUHORUvQLQDGH
vQFUFDUH

C &kUOLJHSHQWUXKDLQH

7UXVGHDVLJXUDUHDvQFUFWXULL
($6<3$&.
&RPSRQHQWHLGHSR]LWDUH
 ,QWURGXFHLFDGUXOCvQFHQWUXOLQHLGH
7UXVDGHDVLJXUDUHDvQFUFWXULL($6<3$&.
vQFUFDUH
YSHUPLWHVXWLOL]DLSRUWEDJDMXOvQGLYHUVH
 $SVDLEXWRQXOGHHOLEHUDUHDLvPSLQJHL
VFRSXUL$FFHVRULLOHVHDIOVXESODQHXOSRUW
EDJDMXOXL FDGUXOCvQSR]LLDGRULWvQLQDGH
 'HVFKLGHLSODQHXOSRUWEDJDMXOXL
vQFUFDUH
3DJLQD   (OLEHUDLEXWRQXOGHHOLEHUDUHD
 $SVDLEXWRQXOGHEORFDUH
&DGUXOCHVWHEORFDWvQLQDGH
vQFUFDUH
 'DFVLWXDLDRFHUHUDEDWDLRFKLXOGH
DQFRUDUHvQVXV

$9(57,=$5(
QFUFDLXQLIRUPLQHOHOHGHSULQGHUH
=RQHGHGHSR]LWDUH 

QFD]FRQWUDUGYVVDXDOWHSHUVRDQHSXWHLIL  )RORVLQGRVLQJXUPkQDSVDLEXWRQXO
UQLLGHvQFUFWXUDFDUHVHGHSODVHD] GHEORFDUHCGLQVXSRUWXOGHEDJDMH
QHFRQWURODWvQFD]XULOHvQFDUH  &XFHDODOWPkQOVDLFKLQJDVVH
=IUkQDLEUXVF UHWUDJXRUSkQFkQGVDUFLQDHVWHIL[DW
=VFKLPEDLUDSLGGLUHFLD  $VLJXUDLYFEXWRQXOGHEORFDUHGLQ

=VXQWHLLPSOLFDWvQWUXQDFFLGHQW FDGUHOHHVWHDSVDW

'HSR]LWDUHLFDUDFWHULVWLFL
$VWIHOFDGUHOHVXQWIL[DWHvQORFDSH
QOHJWXUFXDFHDVWDDYHLvQYHGHUHLQVWUXF
LXQLOHGHvQFUFDUH LQDGHvQFUFDUH
 3HQWUXDVFRDWHDSVDLEXWRQXOGHHOLEH
6XSRUWGHEDJDMH UDUHGLQFDGUXOUHVSHFWLYLVFRDWHL
VXSRUWXOGHEDJDMHDWUJkQGXOvQVXVL
6XSRUWXOGHEDJDMHSRDWHILXWLOL]DWSHQWUXD
vQDIDU
IL[DVDUFLQLXRDUHFRQWUDSHUHWHOXLODWHUDODO
SRUWEDJDMXOXLSHQWUXDQXOHSHUPLWHVVH
PLWH 7LMWHOHVFRSLF
 8WLOL]DLVXSRUWXOGHEDJDMHSHQWUXDDVL 7LMDWHOHVFRSLFSRDWHILXWLOL]DWSHQWUXDIL[D
JXUDvQFUFWXULOHFXRJUHXWDWHPD[LPGH VDUFLQDFRQWUDVFDXQHORUVSDWHSHQWUXDSUH
NJLFXGLPHQVLXQLFDUHSHUPLWUHLQHUHD YHQLPLFDUHDDFHVWHLD
vQVLJXUDQDvQFUFWXULORUvQVXSRUWXOGH
EDJDMH

 3HQWUXDLQVWDODLQWURGXFHLXQFDGUXD
vQLQHOHGHvQFUFDUHGLQVWkQJDLGLQ
 3HQWUXDLQVWDODLQWURGXFHLGRXFDGUH GUHDSWDLFXOLVDLOvQSR]LLDGRULW
vQLQDGHvQFUFDUHGLQVWkQJDVDXGLQ 3DJLQD 
GUHDSWD 3DJLQD   ,QWURGXFHLWLMDWHOHVFRSLFCvQ
 $SVDLEXWRQXOGHHOLEHUDUHCDOVXSRUWX FDGUHOHDLvQWUHWLPSDSVDLEXWRQXOGH
OXLGHEDJDMHLWUDJHLFKLQJDXRUvQDIDU HOLEHUDUHLvPSLQJHLWLMDvQMRVSkQFH
 ,QWURGXFHLVXSRUWXOGHEDJDMHDvQ VHDQJUHQHD]
FDGUHOHLvQDFHODLWLPSDSVDLEXWR  $VLJXUDLYFEXWRQXOGHEORFDUHGLQ

QXOGHHOLEHUDUHLvPSLQJHLVXSRUWXOGH FDGUHOHDHVWHDSVDW
EDJDMHvQMRVSkQFkQGVHvPELQ $VWIHOFDGUHOHDVXQWIL[DWHvQORFDSH
 $SVDLEXWRQXOGHHOLEHUDUHCGLQVXSRU LQDGHvQFUFDUH
WXOGHEDJDMHLWUDJHLFKLQJDvQDIDUvQ  3HQWUXDVFRDWHDSVDLEXWRQXOGHHOLEH
GLUHFLDVJHLL UDUHGLQFDGUXOUHVSHFWLYDLVFRDWHL
 $H]DLVDUFLQDvQWUHFKLQJLSHUHWHOHODWH
UDODOSRUWEDJDMXOXL

 =RQHGHGHSR]LWDUH

WLMDWHOHVFRSLFCWUJkQGRvQVXVLvQ
DIDU

6SDLXOGHGHSR]LWDUHGHVXESODQHXO
SRUWEDJDMXOXL
'HSR]LWDUHLFDUDFWHULVWLFL

$9(57,60(17
1XFRQGXFHLQLFLRGDWFXSODQHXOSRUWEDJD
MXOXLGHVFKLV
QFD]FRQWUDUGXPQHDYRDVWULFHLODOLSDVD
JHULDLDXWRYHKLFXOXOXLDLSXWHDILUQLLGH  ([WLQGHLFkUOLJXOGHSHSDUWHDLQIHULRDU
RELHFWHOHSURLHFWDWHSULQDXWRYHKLFXOvQFD]GH DSODQHXOXLSRUWEDJDMXOXLvQGLUHFLD
IUkQDUHSXWHUQLFGHVFKLPEDUHEUXVFD VJHLL
GLUHFLHLVDXGHDFFLGHQW

2LQVHULHGHWDDELOGHVXESODQHXOSRUWED
JDMXOXLFRQLQHSLHVHOHWUXVHLGHDVLJXUDUHD
vQFUFWXULL($6<3$&.7,5(),7LWUXVDGH
VFXOHSHQWUXVFKLPEDUHDSQHXULORUHWFVXQW
GHSR]LWDWHGLQFRORGHDFHDVWLQVHULH

 3ULQGHLFkUOLJXOGHJDUQLWXUDVXSHULRDU
DSRUWEDJDMXOXL
 3HQWUXDvQFKLGHGHVSULQGHLFkUOLJXO
GLQJDUQLWXUDVXSHULRDUDSRUWEDJDMX
OXL
 3ULQGHLFkUOLJXOODFDGUXOGHSHSDUWHD
 3HQWUXDGHVFKLGHGHVFKLGHLKD\RQXO LQIHULRDUDSODQHXOXLSRUWEDJDMXOXL
 LQkQGGHQHUYXULDSVDLPkQHUXOCvQ  5DEDWDLSODQHXOSRUWEDJDMXOXLvQMRV
MRVD  $SVDLSODQHXOSRUWEDJDMXOXLvQMRVD
0kQHUXOCVHUDEDWHD]vQVXV SkQFkQGVHDQJUHQHD]
 5RWLLSODQHXOSRUWEDJDMXOXLvQVXVFXDMX G 3HQWUXDVFRDWHSODQHXOSRUWEDJDMXOXL
WRUXOPkQHUXOXLCSkQFkQGVHUHD]HP GHVIDFHLFDSVHOHGHVXESODQHXOSRUWED
GHFDSDFXOSRUWEDJDMXOXL JDMXOXL&kQGPRQWDLODORFSODQHXOSRUW
EDJDMXOXLIL[DLFXFDSVH
&DUDFWHULVWLFL 

6XSRUWGHSDYLOLRQ )L[DUHDVXSRUWXOXLGHSDYLOLRQ

1RWHLPSRUWDQWHSULYLQGVLJXUDQD
$9(57,60(17
8QVXSRUWGHSDYLOLRQXQVXSRUWSHQWUXVFKLXUL
VDXRVDUFLQIL[DWHLQFRUHFWVHSRWGHVSULQGH

'HSR]LWDUHLFDUDFWHULVWLFL
GHSHDXWRYHKLFXO$FHVWHRELHFWHSRWILSUR
LHFWDWHvQH[WHULRUUQLQGXYSHGXPQHD
YRDVWUVDXSHDOLLVDXSURYRFkQGXQDFFL
GHQW5HVSHFWDLLQVWUXFLXQLOHGHLQVWDODUHDOH
SURGXFWRUXOXLVXSRUWXOXLGHSDYLOLRQVXSRU
WXOXLSHQWUXVFKLXULLLQVWUXFLXQLOHVSHFLDOH
GHXWLOL]DUH  3ULQGHLVXSRUWXOGHSDYLOLRQSHEDUHOHGH
6DUFLQDSHSDYLOLRQULGLFFHQWUXOGHJUHXWDWH SRUWEDJDMGHSHSDYLOLRQC
DODXWRYHKLFXOXOXLDIHFWkQGvQFRQVHFLQ  5HVSHFWDLLQVWUXFLXQLOHGHLQVWDODUHDOH
PDQHYUDELOLWDWHDDXWRYHKLFXOXOXL7UHEXLHV SURGXFWRUXOXL
UHVSHFWDLvQWRWGHDXQDVDUFLQDPD[LPSH
SDYLOLRQGHNJ$GDSWDLYvQWRWGHDXQD
VWLOXOGHFRQGXFHUHODFRQGLLLOHGHGUXPGH &DUDFWHULVWLFL
WUDILFLPHWHRSUHGRPLQDQWHLFRQGXFHLFX
GHRVHELWSUXGHQGDFSDYLOLRQXOHVWH 6XSRUWXULOHSHQWUXSDKDU
vQFUFDW 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 0HUFHGHV%HQ]YUHFRPDQGVXWLOL]DL $9(57,60(17
QXPDLVXSRUWXULGHSDYLOLRQFDUHDXIRVW 0HQLQHLVXSRUWXOSHQWUXSDKDUvQFKLVFkW
WHVWDWHLDSUREDWHSHQWUXDXWRYHKLFXOH WLPSYHKLFXOXOHVWHvQPLFDUHQFD]FRQWUDU
0HUFHGHV%HQ]$VWIHOSUHYHQLLDYDULHUHD SDVDJHULLDXWRYHKLFXOXOXLDUSXWHDILUQLLGH
DXWRYHKLFXOXOXL RELHFWHSURLHFWDWHvQFDELQGDF
3R]LLRQDLVDUFLQDSHVXSRUWXOGHSDYLOLRQ =IUkQDLSXWHUQLF
DVWIHOvQFkWDXWRYHKLFXOXOVQXVXIHUHDYD =VFKLPEDLEUXVFGLUHFLD
ULLFKLDULGDFVHDIOvQPLFDUH
=VXQWHLLPSOLFDWvQWUXQDFFLGHQW
QIXQFLHGHHFKLSDUHDDXWRYHKLFXOXOXLDVL
JXUDLYFDWXQFLFkQGVXSRUWXOGHSDYL 8WLOL]DLVXSRUWXULOHSHQWUXSDKDUHQXPDLSHQ
OLRQHVWHPRQWDWSXWHL WUXUHFLSLHQWHGHPULPHDDGHFYDWLFDUH
VXQWSUHY]XWHFXFDSDFHQFD]FRQWUDUOLFKL
=ULGLFDFRPSOHWWUDSDJOLVDQW
GHOHVHSRWYUVD
=GHVFKLGHFRPSOHWWUDSDJOLVDQWSDQRUD
6XSRUWXULOHSHQWUXSDKDUHQXWUHEXLHVILH
PLF XWLOL]DWHSHQWUXEXWXULILHUELQLQFD]FRQ
=GHVFKLGHFRPSOHWKD\RQXO WUDUHVWHSRVLELOVYRSULL

$9(57,60(17
1XWUDQVSRUWDLVWLFOHJUHOHFXPDUJLQLDVFX
LWHVDXIUDJLOHvQFRPSDUWLPHQWHOHGHGHSR
]LWDUH
QFD]GHDFFLGHQWFRPSDUWLPHQWHOHGHGHSR
]LWDUHQXSRWIL[DDGHFYDWVWLFOHOH'XPQHD


 &DUDFWHULVWLFL

YRDVWULVDXDOLSDVDJHULDLDXWRYHKLFXOXOXL WHPSHUDWXUVF]XWLWHPSHUDWXULOHFDOGHOD
SXWHLVXIHULUQL WHPSHUDWXUULGLFDW
3XWHLVFRDWHFRYRUDXOGLQFDXFLXFDOVXSRU
&RPSDUWLPHQWHOHGHGHSR]LWDUHGLQSRUWLHUH WXOXLSHQWUXSDKDUSHQWUXDOFXUD&XUDL
DVLJXUVSDLLSHQWUXVWLFOHFXFDSDFLWDWHDGH OQXPDLFXDSFXUDWLFOGX
SkQODO
'HSR]LWDUHLFDUDFWHULVWLFL

6WLFOHOHQXVXQWQLFLIL[DWHLQLFLQXVHSUHYLQH
UVWXUQDUHDORU3ULQXUPDUHQXSODVDLQLFLXQ
UHFLSLHQWGHEXWXUGHVFKLVvQFRPSDUWLPHQ
WHOHGHGHSR]LWDUH

6XSRUWXOSHQWUXSDKDUGLQFRQVRODFHQ
WUDOGLQID
3XWHLVFRDWHFRYRUDXOGLQFDXFLXFDOVXSRU
WXOXLSHQWUXSDKDUSHQWUXDOFXUD&XUDL
OQXPDLFXDSFXUDWLFOGX
C 6XSRUWXULOHSHQWUXSDKDU
D /DPSDLQGLFDWRDUHGHFOGXUUH]LGXDO
%XWRQXO
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 3HQWUXDDFWLYDIXQFLDGHUFLUHDSVDL
LPHQLQHLDSVDWEXWRQXOSkQFkQG
ODPSDLQGLFDWRDUHDOEDVWUGHSHEXWRQVH
DSULQGH
 3HQWUXDDFWLYDIXQFLDGHvQFO]LUH

C 6XSRUWXULOHSHQWUXSDKDU DSVDLLPHQLQHLDSVDWEXWRQXO
D &DSDFXO SkQFkQGODPSDLQGLFDWRDUHURLHGHSH
EXWRQVHDSULQGH
 3HQWUXDGHVFKLGHFXOLVDLFDSDFXODvQ  3HQWUXDGH]DFWLYDIXQFLDDSVDLL
SR]LLDVDGHFDSWID PHQLQHLDSVDWEXWRQXOSkQFkQG
ODPSDLQGLFDWRDUHGHSHEXWRQVHVWLQJH
6XSRUWSHQWUXSDKDUFXWHPSHUDWXU
&kQGIXQFLDGHvQFO]LUHHVWHXWLOL]DWODPSD
FRQWURODWvQFRQVRODFHQWUDOGLQFRP
LQGLFDWRDUHGHFOGXUUH]LGXDODVH
SDUWLPHQWXOGLQID
DSULQGHFkQGVHGHSHWHRDQXPLWWHPSH
$9(57,60(17 UDWXU3ULQXUPDUHLQVHULDPHWDOLFDVXSRU
&kQGXWLOL]DLIXQFLDGHvQFO]LUHLQVHULD WXOXLSHQWUXSDKDUYDILvQFLQV
PHWDOLFDVXSRUWXOXLSHQWUXSDKDUHVWH
vQFO]LW3ULQXUPDUHQXDWLQJHLLQVHULD 6XSRUWXOSHQWUXSDKDUGLQFRWLHUDVFDX
VXSRUWXOXLSHQWUXSDKDUQFD]FRQWUDUHVWH QXOXLGLQVSDWH
SRVLELOVYDUGHL  1XVWDLSHLQXYVSULMLQLLJUHXWDWHD
FRUSXOXLSHFRWLHUDVFDXQXOXLVSDWHFkQG
6XSRUWXOSHQWUXSDKDUFRQWURODWWHUPLFSRDWH
HVWHUDEDWDWGHRDUHFHODLSXWHDGHWHULRUD
ILXWLOL]DWSHQWUXDPHQLQHEXWXULOHUHFLOD
vQFD]FRQWUDU
&DUDFWHULVWLFL 

2JOLQGDGHPDFKLDMGLQSDUDVRODU
/XPLQDGLQRJOLQGCIXQFLRQHD]QXPDL
GDFSDUDVRODUXOHVWHSULQVvQGLVSR]LWLYXOGH
SULQGHUHDLFDSDFXORJOLQ]LLDIRVWSOLDW
vQVXV

'HSR]LWDUHLFDUDFWHULVWLFL
5HIOH[LHGLQWURSDUWH

 5DEDWDLvQMRVFRWLHUDVFDXQXOXLGLQVSDWH
6XSRUWXOSHQWUXSDKDUCVHDIOvQFRWLHUD
VFDXQXOXLGLQVSDWH

3DUDVRODUXO
3UH]HQWDUHJHQHUDODSDUDVRODUXOXL
$9(57,60(17  3OLDLvQMRVSDUDVRODUXOC
0HQLQHLRJOLQ]LOHGHPDFKLDMGLQSDUDVRODUH  7UDJHLSDUDVRODUXOCGLQGLVSR]LWLYXOGH
DFRSHULWHvQWLPSXOFRQGXFHULLQFD]FRQWUDU SULQGHUH
DLSXWHDILRUELWQHPDLSXWkQGREVHUYDFRQ  5RWLLSDUDVRODUXOCvQODWHUDO
GLLLOHGLQWUDILFLSXWkQGSURYRFDXQDFFLGHQW  &XOLVDLSDUDVRODUXOCvQDLQWHLvQDSRL
GUHSWFRQVHFLQ
GXSFXPHVWHQHFHVDU
 3OLDLvQMRVSDUDVRODUXOVXSOLPHQWDUD

6FUXPLHUH
6FUXPLHUSHFRQVRODFHQWUDOID
 6XSRUWXOGHVXEVFUXPLHUQXHVWHWHUPR
UH]LVWHQWQDLQWHGHDSXQHLJULDSULQVHvQ
VFUXPLHUDVLJXUDLYFVFUXPLHUDHVWH
FXSODWFRUHVSXQ]WRUQFD]FRQWUDU
C /XPLQDGLQRJOLQG VXSRUWXOSRDWHVXIHULGHWHULRUUL
D &RQVROD
&OHPGHIL[DUHGHH[SHQWUXXQWLFKHW
GHSDUFDUH
2JOLQGGHPDFKLDM
&DSDFXORJOLQ]LL


 &DUDFWHULVWLFL

 3HQWUXDGHVFKLGHDSVDLVFXUWFDSD
FXODSHSDUWHDVXSHULRDU
6FUXPLHUDVHGHVFKLGH
 3HQWUXDVFRDWHLQVHULDvPSLQJHLvQ
GHJDMDUHDGLQVSUHGUHDSWD
,QVHULDVFUXPLHUHLCFXOLVHD]vQDIDU
'HSR]LWDUHLFDUDFWHULVWLFL

XRUODGUHDSWD
 5LGLFDLLQVHULDCvQVXVLvQDIDU
 3HQWUXDPRQWDODORFLQVHULDSODVDL
LQVHULDCvQVXSRUWLDSVDLRvQSDUWHD
 3HQWUXDGHVFKLGHFXOLVDLFDSDFXOCvQ GUHDSWSkQFHVHDQJUHQHD]
SR]LLDVDGHFDSWID
 5DEDWDLFDSDFXODOLQVHULHLvQVXV
 3HQWUXDVFRDWHLQVHULDvPSLQJHLLQVHU %ULFKHW
LDODVWkQJD 3HULFROGHUQLUHLLQFHQGLX
,QVHULDVFUXPLHUHLFXOLVHD]vQDIDU 3HQWUXPDQLSXODUHDEULFKHWHLILHUELQLXWLOL]DL
XRUODGUHDSWD QXPDLPkQHUXODFHVWHLDQFD]FRQWUDUSXWHL
 5LGLFDLLQVHULDvQVXVDLvQDIDU VXIHULDUVXUL
 3HQWUXDPRQWDODORFLQVHULDSODVDL /XDLPVXULSHQWUXHOLPLQDUHDSHULFROXOXLGH
LQVHULDvQVXSRUWLDSVDLRvQSDUWHD DFFLGHQWDUHDFRSLLORUFHFOWRUHVFvQDXWR
GUHDSWSkQFHVHDQJUHQHD] YHKLFXOSULQDWLQJHUHDEULFKHWHLILHUELQLVDX
GHSURYRFDUHDXQXLLQFHQGLXSULQPDQLSXOD
6FUXPLHUGLQFRQVRODFHQWUDOGLQ UHDDFHVWHLD
FRPSDUWLPHQWXOVSDWH
 %ULFKHWDGLQFRQVRODFHQWUDOGLQFRPSDU
 QFKLGHLVFUXPLHUDvQFD]GHQHXWLOL]DUHL WLPHQWXOIDQXHVWHGHVWLQDWDOLPHQWULL
vQDLQWHGHDUDEDWDVFDXQHOHVSDWHvQDLQWH FRPSUHVRUXOXLGHXPIODUHDSQHXULORU
QFD]FRQWUDUSXWHLGHWHULRUDVFUXPLHUD
$XWRYHKLFXOHOHIUXQVLVWHPGHGLYHUWLVPHQW
SHQWUXEDQFKHWDGLQVSDWHGLVSXQGHRVFUX
PLHUvQFRQVRODFHQWUDOGLQFRPSDUWLPHQWXO
VSDWH

 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
 3HQWUXDGHVFKLGHFXOLVDLFDSDFXOCvQ
SR]LLDVDGHFDSWID
&DUDFWHULVWLFL 

 $SVDLEULFKHWDvQXQWUXD
%ULFKHWDDYDVULDXWRPDWvQDIDUFkQG
UH]LVWHQDHVWHLQFDQGHVFHQW
 3HQWUXDvQFKLGHWUDJHLFDSDFXOCvQD
SRLSkQODFDSW

'HSR]LWDUHLFDUDFWHULVWLFL
3UL]HGH9
$VSHFWHGHFDUHVHYDLQHFRQWvQDLQWH
GHXWLOL]DUH
 3HQWUXDGHVFKLGHFXOLVDLFDSDFXOCvQ
&XH[FHSLDSUL]HLGLQFRQVRODFHQWUDOGLQ SR]LLDVDGHFDSWID
IDWRDWHSUL]HOHSRWILXWLOL]DWHSHQWUXDFFH  5LGLFDLFDSDFXOSUL]HLD
VRULLFXXQFRQVXPGHFXUHQWPD[LPGH
 3HQWUXDvQFKLGHWUDJHLFDSDFXOCvQD
: $ 3UL]DGLQFRQVRODFHQWUDOGLQ
IDSRDWHILXWLOL]DWSHQWUXDFFHVRULLFXXQ SRLSkQODFDSW
FRQVXPGHFXUHQWPD[LPGH: $ 
3ULQWUHDFFHVRULLVHQXPUOPSLVDX 3UL]vQFRQVRODFHQWUDODFRPSDUWL
vQFUFWRDUHSHQWUXWHOHIRDQHPRELOH PHQWXOXLGLQVSDWH
'DFXWLOL]DLSUL]HOHSHSHULRDGHvQGHOXQJDWH
FkQGPRWRUXOHVWHRSULWEDWHULDVHSRDWH
GHVFUFD
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
FRQWDFW
G 8QPHFDQLVPGHvQWUHUXSHUHGHXUJHQ
DVLJXUIDSWXOFWHQVLXQHDGHODERUGQX
VFDGHODXQQLYHOSUHDPLF'DFWHQVLXQHD
GHODERUGHVWHSUHDVF]XWDOLPHQWDUHD
ODSUL]HHVWHvQWUHUXSWDXWRPDW$VWIHOVH
DVLJXUXQFXUHQWHOHFWULFVXILFLHQWSHQWUX  5LGLFDLFDSDFXOSUL]HLC
DSRUQLPRWRUXO
/DDXWRYHKLFXOHOHFX6LVWHPGHGLYHUWLVPHQW
3UL]SHFRQVRODFHQWUDOGLQID SHQWUXEDQFKHWDGLQVSDWHH[LVWGRXSUL]H
vQFRQVRODFHQWUDOGLQFRPSDUWLPHQWXO
 3UL]DQXHVWHGHVWLQDWDOLPHQWULLFRP VSDWH
SUHVRUXOXLGHXPIODUHDSQHXULORU


 &DUDFWHULVWLFL

3UL]vQSRUWEDJDM VHvQFDOFXOLGH]EDWHULOHWLLQLILFHFXUHQWH
SULYLQGSRVLELOHOHULVFXULDVXSUDVQWLLFRP
SRUWDWHGHFkPSXULOHHOHFWURPDJQHWLFH

0HUFHGHV%HQ]YUHFRPDQGVXWLOL]DLR
DQWHQH[WHULRDUDSUREDW$VWIHODVLJXUDL
'HSR]LWDUHLFDUDFWHULVWLFL

=RFDOLWDWHRSWLPDUHFHSLHLODWHOHIRQXO
PRELOvQDXWRYHKLFXO
=UHGXFHUHDODPLQLPXPDLQIOXHQHORUUHFL
SURFHGLQWUHVLVWHPHOHHOHFWURQLFHDOHYHKL
FXOXOXLLWHOHIRDQHOHPRELOH
2DQWHQH[WHULRDUDUHXUPWRDUHOHDYDQ
 5LGLFDLFDSDFXOSUL]HLC WDMH
=FRQGXFHFkPSXULOHHOHFWURPDJQHWLFH
JHQHUDWHGHXQGLVSR]LWLYIUILUFWUHH[WH
7HOHIRQPRELO ULRU
1RWHLPSRUWDQWH =LQWHQVLWDWHDFkPSXOXLGLQLQWHULRUXODXWRYH
KLFXOXOXLHVWHPDLVF]XWFDvQWUXQDXWR
$9(57,60(17 YHKLFXOFDUHQXGLVSXQHGHDQWHQH[WH
5HVSHFWDLQRUPHOHOHJDOHGLQDUDvQFDUH ULRDU
FRQGXFHLODPRPHQWXOUHVSHFWLYSULYLQGXWLOL
G ([LVWGLIHULWHFRQVROHGHWHOHIRQPRELO
]DUHDHFKLSDPHQWXOXLPRELOGHFRPXQLFDLL
FDUHSRWILPRQWDWHvQDXWRYHKLFXOXOGXP
vQWUXQDXWRYHKLFXO
QHDYRDVWUvQDQXPLWHFD]XULDFHVWHDVXQW
'DFOHJHDSHUPLWHXWLOL]DUHDHFKLSDPHQWXOXL VSHFLILFHULL
PRELOGHFRPXQLFDLLFkWDXWRYHKLFXOXOHVWHvQ
PLFDUHWUHEXLHVvOXWLOL]DLQXPDLGDF G 3XWHLFRQHFWDXQWHOHIRQPRELOFRPSDWL
VLWXDLDGLQWUDILFRSHUPLWHQFD]FRQWUDU ELOFX%OXHWRRWKFX$XGLRVDX&20$1'
DWHQLDYDUSXWHDILGLVWUDVGHODFRQGLLLOH 2QOLQHSULQLQWHUIDD%OXHWRRWK6HDSOLF
GLQWUDILFDLSXWHDSURYRFDXQDFFLGHQWL LGDFDXWRYHKLFXOXOGXPQHDYRDVWUHVWH
GXPQHDYRDVWULDOWHSHUVRDQHDLSXWHD GRWDWFXWHOHIRQLHFRQIRUW
VXIHULUQL ,QIRUPDLLVXSOLPHQWDUHSULYLQGWHOHIRDQHOH
6WDLLOHELGLUHFLRQDOHLHFKLSDPHQWXOID[XWL PRELOHSRWULYLWHFRQVROHOHGHWHOHIRQPRELOL
OL]DWHIUDQWHQHH[WHULRDUHFXUHIOH[LH FRQHFWDUHDWHOHIRDQHORUPRELOHFRPSDWLELOH
VF]XWSRWSHUWXUEDVLVWHPHOHHOHFWURQLFH %OXHWRRWKFX$XGLRVDX&20$1'2QOLQH
DOHDXWRYHKLFXOXOXLSHULFOLWkQGvQFRQVHFLQ SRWILRELQXWH
VLJXUDQDvQIXQFLRQDUHDDXWRYHKLFXOXOXLL
=GHOD&HQWUXOGXPQHDYRDVWUGH6HUYLFH
VLJXUDQDGXPQHDYRDVWU3ULQXUPDUHWUH
EXLHVXWLOL]DLDFHVWHFKLSDPHQWQXPDLGDF 0HUFHGHV%HQ]
=GHSHLQWHUQHWODDGUHVDKWWS
HVWHFRQHFWDWFRUHFWODRDQWHQH[WHULRDU
VHSDUDWIUUHIOH[LH ZZZPHUFHGHVEHQ]FRPFRQQHFW
G )XQFLLOHLVHUYLFLLOHGLVSRQLELOHFkQGXWL
$9(57,60(17 OL]DLWHOHIRQXOGHSLQGGHPRGHOXOWHOHIRQX
1LYHOXULOHH[FHVLYHGHUDGLDLLHOHFWURPDJQH OXLGXPQHDYRDVWUPRELOLGHIXUQL]RUXOGH
WLFHYSRWDIHFWDVQWDWHDDWkWDGXPQHD VHUYLFLL
YRDVWUFkWLDFHORUODOL8WLOL]DUHDXQHL
DQWHQHH[WHULRDUHHVWHSHUPLVGRDUOXkQGX
&DUDFWHULVWLFL 

,QWURGXFHUHDWHOHIRQXOXLPRELO LXQLOHVHSDUDWHGHXWLOL]DUHDWHOHIRQXOXL
PRELO
 'HVFKLGHLFRPSDUWLPHQWXOWHOHIRQXOXL
3DJLQD 
$GDSWRUXOFXOLVDQWSHQWUXFRQVRODGH
 'DFPRGHOXOFRQVROHLGHWHOHIRQPRELO
WHOHIRQPRELO
LPSXQHDFHVWOXFUXLQVWDODLDGDSWRUXOFXOL
VDQW 3DJLQD  $QXPLWHFRQVROHGHWHOHIRQPRELOQHFHVLWXQ

'HSR]LWDUHLFDUDFWHULVWLFL
 ,QWURGXFHLWHOHIRQXOPRELOvQFRQVRODWHOH DGDSWRUFXOLVDQWDVWIHOvQFkWFRQVRODVSRDW
IRQXOXLPRELO FRQVXOWDLLQVWUXFLXQLOHGH ILLQVWDODWFRUHFW
LQVWDODUHVHSDUDWHSHQWUXJDUQLWXUDWHOHIR
QXOXLPRELO 
'DFWHOHIRQXOPRELOHVWHLQWURGXVvQFRQVROD
WHOHIRQXOXLPRELOSXWHLYRUELFXLQWHUORFXWR
UXOGXPQHDYRDVWUFXDMXWRUXOVLVWHPXOXL
KDQGVIUHH
G /DDQXPLWHFRQVROHGHWHOHIRQPRELOWUH
EXLHVFRQHFWDLPDLvQWkLWHOHIRQXOPRELO
SULQ%OXHWRRWKODRFRQVROGHWHOHIRQ
PRELO FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUH
VHSDUDWHSHQWUXFRQVRODGHWHOHIRQPRELO  C 0RGHODQWHULRUH[HPSOXGHFRQVROGH
'DFHVWHFD]XOWHOHIRQXOPRELOQXWUHEXLH WHOHIRQPRELO
VILHLQWURGXVvQFRQVROSHQWUXFDGXP D 0RGHOQRXH[HPSOXGHFRQVROGHWHOHIRQ
QHDYRDVWUVSXWHLXWLOL]DIXQFLLOHWHOHIR PRELO
QXOXL7RWXLIXQFLDGHvQFUFDUHLIXQFLD $GDSWRUFXOLVDQW
GHDQWHQVXQWLQGLVSRQLELOH
$GDSWRUXOFXOLVDQWHVWHQHFHVDUQXPDLSHQWUX
FRQVROHGHWHOHIRQPRELOSUHFXPC
8WLOL]DUHDWHOHIRQXOXLPRELO
1XPUFRPDQGSHQWUXDGDSWRUXOFXOLVDQW
3XWHLXWLOL]DWHOHIRQXOFXDMXWRUXOEXWRDQHORU 
jLGHSHYRODQXOPXOWLIXQFLRQDO
3XWHLXWLOL]DDOWHIXQFLLDOHWHOHIRQXOXLPRELO 0RQWDUHDDGDSWRUXOXLFXOLVDQW
SULQFDOFXODWRUXOGHERUG 3DJLQD 
$WXQFLFkQGVFRDWHLRFKHLHGLQFRPXWDWRUXO
GHFRQWDFWWHOHIRQXOPRELOUPkQHSRUQLW
7RWXLQXPDLSXWHLXWLOL]DVLVWHPXOKDQGV
IUHH
'DFDYHLXQDSHODFWLYLDLGRULVVFRDWHL
FKHLDGLQFRPXWDWRUXOGHFRQWDFWVFRDWHL
PDLvQWkLWHOHIRQXOPRELOGLQFRQVROQFD]
FRQWUDUDSHOXOHVWHvQFKHLDW
G $WXQFLFkQGXWLOL]DLRFRQVROFRQHFWDW
ODWHOHIRQXOPRELOSULQ%OXHWRRWKGDF
GRULLVFRQWLQXDLXQDSHOvQPRGXOSULYDW
YDWUHEXLVHIHFWXDLSDLLQHFHVDUSHWHOH
IRQXOPRELO3XWHLJVLLQIRUPDLLvQLQVWUXF
 $XWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDWLPDQHW',5(&76(/(&7


 &DUDFWHULVWLFL

 ,QWURGXFHLDGDSWRUXOFXOLVDQWCSULQDOL 'HVFKL]WRUSHQWUXXDJDUDMXOXL
QLHUHDGHVFKL]WXULORUFXXUHFKLOHDGLQ
SODFDGHFRQWDFW 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $SVDLDPEHOHEXWRDQHGHHOLEHUDUHL 'HVFKL]WRUXOSHQWUXXDJDUDMXOXL+RPH
vPSLQJHLDGDSWRUXOFXOLVDQWSkQODFDSW /LQNLQWHJUDWvQRJOLQGDUHWURYL]RDUHYSHU
vQVXV PLWHVDFLRQDLSkQODWUHLVLVWHPHGLIHULWH
'HSR]LWDUHLFDUDFWHULVWLFL

 3ULQGHLFRQVRODGHWHOHIRQPRELOODDGDS SHQWUXXLSRDUW
WRUXOFXOLVDQWCFRQVXOWDLLQVWUXFLXQLOH G 'HVFKL]WRUXOSHQWUXXDJDUDMXOXLHVWH
GHPRQWDUHVHSDUDWHSHQWUXFRQVRODGH GLVSRQLELOQXPDLvQDQXPLWHUL5HVSHFWDL
WHOHIRQPRELO FHULQHOHOHJDOHSHQWUXILHFDUHDUvQSDUWH
 $SVDLDPEHOHEXWRDQHGHHOLEHUDUHL 'HVFKL]WRUXOSHQWUXXDJDUDMXOXL+RPH
DSVDLDGDSWRUXOFXOLVDQWCFXFRQVRODGH /LQNHVWHFRPSDWLELOFXPDMRULWDWHDVLVWH
WHOHIRQPRELOvQMRVSkQFkQGVHDQJUH PHORUGHGHVFKLGHUHDJDUDMXOXLLDSRULORU
QHD] GLQ(XURSD0DLPXOWHLQIRUPDLLSULYLQG
 ,QWURGXFHLWHOHIRQXOPRELOvQFRQVRODWHOH +RPH/LQNLVDXSURGXVHOHFRPSDWLELOH
IRQXOXLPRELOFRQVXOWDLLQVWUXFLXQLOHGH SRWILRELQXWHGHOD
=RULFH&HQWUXGH6HUYLFH0HUFHGHV%HQ]
LQVWDODUHVHSDUDWHSHQWUXFRQVRODWHOHIRQX
OXLPRELO =OLQLDGHDVLVWHQWHOHIRQLF+RPH/LQN
  JUDWXLW VDX
6FRDWHUHDDGDSWRUXOXLFXOLVDQW    QXPUWDULIDW
=GHSHLQWHUQHWODDGUHVD

KWWSZZZKRPHOLQNFRP

3URJUDPDUHDGHVFKL]WRUXOXLSHQWUX
XDJDUDMXOXLLQWHJUDWvQRJOLQGDUHWUR
YL]RDUH
3URJUDPDUH
$9(57,60(17
$SVDLEXWRQXOGHSHGHVFKL]WRUXOLQWHJUDW
 6FRDWHLWHOHIRQXOPRELOGLQFRQVRODVD SHQWUXXDJDUDMXOXLGDFQXVXQWSHUVRDQH
FRQVXOWDLLQVWUXFLXQLOHGHPRQWDUHVHSD VDXRELHFWHvQUD]DGHDFLXQHDXLLJDUDMXOXL
UDWHSHQWUXFRQVRODGHWHOHIRQPRELO QFD]FRQWUDUSHUVRDQHOHDUSXWHDVXIHULUQL
SHPVXUFHXDVHGHSODVHD]
 $SVDLDPEHOHEXWRDQHGHHOLEHUDUHDL
DSVDLDGDSWRUXOFXOLVDQWCFXFRQVRODGH
WHOHIRQPRELOvQVXVSkQFkQGVHGHVIDFH
 6FRDWHLFRQVRODGHWHOHIRQPRELOGLQDGDS
WRUXOFXOLVDQWCFRQVXOWDLLQVWUXFLXQLOH
GHPRQWDUHVHSDUDWHSHQWUXFRQVRODGH
WHOHIRQPRELO
 'HVSULQGHLDGDSWRUXOFXOLVDQWCFXDMXWR
UXOXQHLVFXOHDGHFYDWHLVFRDWHLO
&DUDFWHULVWLFL 

 $SVDLLPHQLQHLDSVDWEXWRQXOGH
SHWHOHFRPDQGDSkQFkQGODPSDLQGL
FDWRDUHCVHDSULQGHvQYHUGH
'DFODPSDLQGLFDWRDUHCVHDSULQGHVDX
FOLSHWHvQYHUGHDWXQFLSURJUDPDUHDDIRVW
UHXLW

'HSR]LWDUHLFDUDFWHULVWLFL
 (OLEHUDLEXWRQXODVDXGHSHGHV
FKL]WRUXOLQWHJUDWSHQWUXXDJDUDMXOXLL
EXWRQXOGHSHWHOHFRPDQGDXLLJDUDMX
OXL
'HVFKL]WRUSHQWUXXDJDUDMXOXLLQWHJUDWvQRJOLQGD
UHWURYL]RDUH 'DFODPSDLQGLFDWRDUHCVHDSULQGHvQURX
7HOHFRPDQGDSHQWUXXDJDUDMXOXLQXIDFH  5HSHWDLSURFHGXUDGHSURJUDPDUHSHQWUX
SDUWHGLQGHVFKL]WRUXOLQWHJUDWSHQWUXXD EXWRQXOFRUHVSXQ]WRUGHSHRJOLQGDUHWUR
JDUDMXOXL YL]RDUH&kQGSURFHGDLDVWIHOYDULDLGLV
WDQDGLQWUHWHOHFRPDQGDLRJOLQGD
 QDLQWHGHSULPDSURJUDPDUHWHUJHL
PHPRULDGHVFKL]WRUXOXLSHQWUXXDJDUD UHWURYL]RDUH
MXOXLLQWHJUDW 3DJLQD  G 'DFODPSDLQGLFDWRDUHFOLSHWHvQYHUGH
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH GXSRSURJUDPDUHUHXLWVLVWHPXOXLL
FRQWDFW JDUDMXOXLIRORVHWHXQFRGGHDFLRQDUH
 $SVDLLPHQLQHLDSVDWXQXOGLQWUH 'XSSURJUDPDUHWUHEXLHVVLQFURQL]DL
EXWRDQHOHDODSHGHVFKL]WRUXOLQWH GHVFKL]WRUXOSHQWUXXDJDUDMXOXLLQWHJUDW
JUDWSHQWUXXDJDUDMXOXL GLQRJOLQGDUHWURYL]RDUHFXUHFHSWRUXOVLV
'XSSXLQWLPSODPSDLQGLFDWRDUHC WHPXOXLXLLJDUDMXOXL
vQFHSHVFOLSHDVFvQJDOEHQ 6LQFURQL]DUHDFRGXOXLGHDFLRQDUH
G /DPSDLQGLFDWRDUHCFOLSHWHvQJDOEHQ $XWRYHKLFXOXOGXPQHDYRDVWUWUHEXLHVVH
LPHGLDWFHEXWRQXODVDXHVWHSUR DIOHvQUD]DGHDFLRQDUHDXLLJDUDMXOXLVDXD
JUDPDWSHQWUXSULPDGDW'DFEXWRQXO SRULLH[WHULRDUH$VLJXUDLYFQLFLDXWRYH
VHOHFWDWDIRVWGHMDSURJUDPDWODPSDLQGL KLFXOXOGXPQHDYRDVWUQLFLDOWHSHUVRDQH
FDWRDUHCYDvQFHSHVFOLSHDVFvQJDOEHQ RELHFWHQXVHDIOvQUD]DGHDFLXQHDXLLVDX
RGDWSHVHFXQGQXPDLGXSFHDXWUHFXW DSRULL
]HFHVHFXQGH 5HVSHFWDLQRWHOHSULYLQGVLJXUDQDFkQG
(OLEHUDLEXWRQXODVDX HIHFWXDLVLQFURQL]DUHDFRGXOXLVULWRU
QGUHSWDLWHOHFRPDQGDXLLJDUDMXOXL 3DJLQD 
vQVSUHEXWRDQHOHDGHSHRJOLQGD  5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH

UHWURYL]RDUHODRGLVWDQGHFP FRQWDFW
 $SVDLEXWRQXOGHSURJUDPDUHDOXLLVDX
G 'LVWDQDQHFHVDUGLQWUHWHOHFRPDQGD
LGHVFKL]WRUXOLQWHJUDWSHQWUXXD DOSRULL FRQVXOWDLLQVWUXFLXQLOHGHXWLOL
]DUHDDFLRQULLXLLVDXDSRULLGHH[OD
JDUDMXOXLGHSLQGHGHVLVWHPXOGHDFLRQDUH
3URJUDPDUHWHOHFRPHQ]LVXSOLPHQWDUH 
DXLLJDUDMXOXL(VWHSRVLELOVILHQHFHVDUH
PDLPXOWHvQFHUFUL$UWUHEXLVWHVWDLILH G 'HRELFHLDYHLGHVHFXQGHSHQWUXD
FDUHSR]LLHWLPSGHFHOSXLQ WUHFHODXUPWRUXOSDV
GHVHFXQGHvQDLQWHGHDvQFHUFDRDOW  $SVDLEXWRQXOSURJUDPDWDQWHULRUD
SR]LLH VDXDOGHVFKL]WRUXOXLLQWHJUDWSHQWUX


 &DUDFWHULVWLFL

XDJDUDMXOXLSkQFkQGXDvQFHSHVVH GHDVHPHQHDLLQVWUXFLXQLOHGHXWLOL]DUHSHQ
PLWH WUXVLVWHPXOXLLJDUDMXOXL
6LQFURQL]DUHDFRGXOXLGHDFLRQDUHHVWH  5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
DSRLILQDOL]DW FRQWDFW
 $SVDLEXWRQXODVDXSHFDUHODL
3UREOHPHvQWLPSXOSURJUDPULL
SURJUDPDWVGHVFKLGXDJDUDMXOXL
'DFDYHLSUREOHPHODSURJUDPDUHDGHV
'HSR]LWDUHLFDUDFWHULVWLFL

6LVWHPXOXLLJDUDMXOXLFXXQFRGIL[ODPSD
FKL]WRUXOXLSHQWUXXDJDUDMXOXLLQWHJUDWY
LQGLFDWRDUHCVHDSULQGHvQYHUGH
UXJPVUHVSHFWDLXUPWRDUHOH
=9HULILFDLIUHFYHQDWUDQVPLWRUXOXLWHOHFR
6LVWHPXOXLLJDUDMXOXLFXXQFRGGLQDPLF
ODPSDLQGLFDWRDUHCOXPLQHD]LQWHUPL
PHQ]LLGHDFLRQDUHDXLLJDUDMXOXL
WHQWvQYHUGH
$FHDVWDVHUHJVHWHSHVSDWHOHWHOHFR
PHQ]LL G 7UDQVPLWRUXOYDHPLWHXQVHPQDODWkWD
=6FKLPEDLEDWHULLOHGLQWHOHFRPDQGDXLL
WLPSFkWEXWRQXOHVWHDSVDW7UDQVPLVLD
HVWHPHQLQXWGXSPD[LPXP]HFH
JDUDMXOXL$FHDVWDFUHWHSRVLELOLWDWHD
VHFXQGHLDUODPSDLQGLFDWRDUHCOXPL
FDWHOHFRPDQGDVWULPLWXQVHPQDO
QHD]LQWHUPLWHQWvQJDOEHQ$SVDLEXWR
SXWHUQLFLH[DFWODGHVFKL]WRUXOLQWHJUDW QXODVDXGLQQRXGDFHVWHQHFH
SHQWUXXDJDUDMXOXL
VDU
=QWLPSXOSURJUDPULLLQHLWHOHFRPDQGD
ODGLVWDQHLXQJKLXULGLIHULWHIDGH WHUJHUHDPHPRULHLGHVFKL]WRUXOXL
EXWRQXOSHFDUHvOSURJUDPDLQFHUFDLPDL SHQWUXXDJDUDMXOXLLQWHJUDWvQRJOLQGD
PXOWHXQJKLXULODRGLVWDQvQWUHLFP UHWURYL]RDUH
VDXDFHODLXQJKLODGLVWDQHGLIHULWH
='DFH[LVWRDOWWHOHFRPDQGSHQWUX  5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
DFHHDLDFLRQDUHDXLLJDUDMXOXLHIHFWXDL FRQWDFW
SDLLGHSURJUDPDUHGLQQRXFXDMXWRUXO  $SVDLEXWRDQHOHDL
WHOHFRPHQ]LLQDLQWHGHHIHFWXDUHDSDLORU /DPSDLQGLFDWRDUHVHDSULQGHvQJDOEHQ
DVLJXUDLYFDXIRVWIL[DWHEDWHULLQRLOD  $SVDLLPHQLQHLDSVDWEXWRDQHOHD
WHOHFRPDQGDGHDFLRQDUHDXLLJDUDMX LSkQFkQGODPSDLQGLFDWRDUHVHIDFH
OXL YHUGH
=5HPDUFDLFXQHOHWHOHFRPHQ]LWUDQVPLW
GRDURSHULRDGOLPLWDW ODPSDLQGLFDWRDUH G $VLJXUDLYFDLWHUVPHPRULDGHV
GHSHWHOHFRPDQGVHVWLQJH $SVDL FKL]WRUXOXLLQWHJUDWSHQWUXXDJDUDMXOXL
EXWRQXOGHSHWHOHFRPDQGDvQFR vQDLQWHGHDYLQGHDXWRYHKLFXOXO
GDWvQDLQWHGHvQFKHLHUHDWUDQVPLVLHL
=$OLQLDLFDEOXODQWHQHLGLQXQLWDWHDGHV
FKL]WRUXOXLSHQWUXXDJDUDMXOXL$VWIHO
SXWHLvPEXQWLUHFHSLDWUDQVPLVLD
VHPQDOXOXL

'HVFKLGHUHDVDXvQFKLGHUHDXLLJDUDMX
OXL
'XSFHDIRVWSURJUDPDWGHVFKL]WRUXOLQWH
JUDWSHQWUXXDJDUDMXOXLYDSUHOXDIXQFLDGH
WHOHFRPDQGDVLVWHPXOXLXLLJDUDMXOXL&LWLL
&DUDFWHULVWLFL 

)UHFYHQHSHQWUXGHVFKL]WRUXOSHQWUXXDJDUDMXOXL
1XPUXOGHRPRORJDUHUDGLRLJDPDGHIUHFYHQSHQWUXGHVFKL]WRUXOSHQWUXXDJDUDMXOXL
SRWILJVLWHSH,QWHUQHWODKWWSZZZPHUFHGHVEHQ]GHEHWULHEVDQOHLWXQJ

&RYRUDH 3DUEUL]UHIOHFWRUL]DQWFXLQIUDURX

'HSR]LWDUHLFDUDFWHULVWLFL
$9(57,60(17 *HDPXOUHIOHFWRUL]DQWFXLQIUDURXSUHYLQH
$VLJXUDLYFH[LVWVXILFLHQWVSDLXvQMXUXO VXSUDvQFO]LUHDLQWHULRUXOXLDXWRYHKLFXOXOXL
SHGDOHORUGDFVHXWLOL]HD]FRYRUDHLF 'HDVHPHQHDEORFKHD]XQGHOHUDGLRvQ
DFHVWHFRYRUDHVXQWIL[DWHFRUHVSXQ]WRU JDPDGHJLJDKHUL
&RYRUDHOHWUHEXLHVILHvQWRWGHDXQDIL[DWH
FRUHFWFXDMXWRUXOEXWRQXOXLGHDVLJXUDUHLDO
GLVSR]LWLYHORUGHSULQGHUH
QDLQWHGHDSOHFDvQFOWRULHYHULILFDLFRYR
UDHOHLSULQGHLOHGDFVLWXDLDRFHUH8Q
FRYRUDQHIL[DWFRUHVSXQ]WRUSRDWHDOXQHFD
LvQFRQVHFLQSRDWHLQWHUIHUDFXPLFDUHD
SHGDOHORU
1XDH]DLFRYRUDHOHXQXOGHDVXSUDFHOXLODOW

3HQWUXDXWLOL]DHFKLSDPHQWFRPDQGDWSULQ
XQGHUDGLRGHH[VLVWHPHGHvQUHJLVWUDUHFX
SODWCSHSDUEUL]VXQW]RQHSHUPHDELOH
SHQWUXXQGHOHUDGLRQDFHVWH]RQHSXWHL
LQVWDODVLVWHPHFRPDQGDWHSULQXQGHUDGLR
$FHVWH]RQHVXQWYL]LELOHFHOPDLELQHGLQ
H[WHULRUXODXWRYHKLFXOXLSULQREVHUYDUHD
OXPLQLLFDUHVHUHIOHFWvQSDUEUL]

([HPSOXFRYRUDSHSDUWHDRIHUXOXL 3HOLFXODQWLRUELUHPRGHUQL]DW
 6FDXQXORIHUXOXLLVFDXQXOSDVDJHUX 3HOLFXODDQWLRUELUHFXFDUHVHPRGHUQL]HD]
OXLGLQIDFXOLVDLvQDSRLVFDXQXOUHVSHF LQWHULRUXOJHDPXULORUSRDWHSHUWXUEDUHFHSLD
WLY UDGLRWHOHIRQPRELO$FHDVWDILUPDLHHVWH
 6FDXQHOHGLQVSDWHFXOLVDLvQDLQWHVFDX YDODELOPDLDOHVvQFD]XOSHOLFXOHORUFRQGXF
QXOGLQIDUHVSHFWLY WRDUHVDXFXVWUDWPHWDOLF,QIRUPDLLOHSULYLQG
 3HQWUXDPRQWDDH]DLFRYRUDXOvQVSD SHOLFXODDQWLRUELUHSRWILRELQXWHGHODRULFH
LXOSHQWUXSLFLRDUH &HQWUXGHVHUYLFH0HUFHGHV%HQ]
 $SVDLFDSVHOHCSHGLVSR]LWLYHOHGHSULQ
GHUHD
 3HQWUXDVFRDWHWUDJHLFRYRUDXOGLQGLV
SR]LWLYHOHGHSULQGHUHD
 6FRDWHLFRYRUDHOH





,QIRUPDLLXWLOH 
&RPSDUWLPHQWPRWRU 
QWUHLQHUH 
QJULMLUH 

QWUHLQHUHLvQJULMLUH
 &RPSDUWLPHQWPRWRU

,QIRUPDLLXWLOH 'XSFHDIRVWUHDH]DWFDSRWDDFWLYVH
DD]vQ]RQDEDODPDOHORUFDSRWHLSHJDUQL
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH WXULLDUEDODPDOHOHFDSRWHLQXVHvPELQ'LQ
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG DFHVWPRWLYYUHFRPDQGPVQXGHSLLR
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD YLWH]PD[LPGHNPKDWXQFLFkQGY
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL GHSODVDLVSUHDWHOLHUXOGHVHUYLFHQFD]XOvQ
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH FDUHFDSRWDDFWLYDIRVWGHFODQDWHVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL SRVLELOFDSURWHFLDSHQWUXSLHWRQLVILHOLPL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP WDW
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF 5HVHWDUHD
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH 3HULFROGHUQLUH
QWUHLQHUHLvQJULMLUH

ULWRDUHODVLJXUDQ ([LVWSHULFROXOGHDFFLGHQWDUHFkQGFDSRWD
HVWHGHVFKLVFKLDUGDFPRWRUXOQXHVWHvQ
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH
IXQFLXQH
FLDOLWDWHDXWRUL]DWH 3DJLQD 
8QHOHSLHVHDOHPRWRUXOXLVHSRWvQFO]LH[FH
VLY
&RPSDUWLPHQWPRWRU 3HQWUXDHYLWDSHULFROXODUVXULORUDWLQJHLGRDU
FRPSRQHQWHOHPRWRUXOXLGHVFULVHvQ0DQXDOXO
&DSRW GHXWLOL]DUHLUHVSHFWDLLQVWUXFLXQLOHUHIHUL
WRDUHODVLJXUDQvQDFHDVWSULYLQ
&DSRWDFWLY SURWHFLDSLHWRQLORU
3ULQFLSLXGHXWLOL]DUH
G &DSRWDDFWLYHVWHGLVSRQLELOQXPDLvQ
DQXPLWHUL(VWHGLVSRQLELOSHQWUXWRDWH
PRGHOHOHFXH[FHSLDDXWRYHKLFXOHORU
$0*
&DSRWDDFWLYSRDWHUHGXFHSHULFROXOGH
UQLUHDSLHWRQLORUvQDQXPLWHVLWXDLLGHDFFL
GHQW5LGLFDUHDFDSRWHLDFWLYHFUHWHGLVWDQD
GHVLJXUDQGLQIDGHFRPSRQHQWHOHGXUH
FXPDUILPRWRUXO
QFD]XOvQFDUHFDSRWDDFWLYDIRVWGHFODQ  &XPkQDLQXWvQWLQVOkQJEDODPDOHOH
DWHDYDILULGLFDWvQ]RQDEDODPDOHORU FDSRWHL VJHL vPSLQJHLvQMRVFDSRWD
FDSRWHLFXDSUR[LPDWLYPP&DSRWD DFWLYCSkQFkQGVHDD]SHJDUQLWXUL
DFWLYHVWHGHFODQDWSULQFDSVHOHSLURWHK
QLFH 3HULFROGHUQLUH
QFKLGHLFDSRWDPRWRUXOXLFXDWHQLHSHQWUX
 2FDSRWDFWLYFDUHDIRVWGHFODQDW DHYLWDDFFLGHQWDUHDSHUVRDQHORUGLQMXU
WUHEXLHUHSDUDWODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW)XQFLDGHFDSRWDFWLYYDIL
'HVFKLGHUHDFDSRWHL
DSRLGLVSRQLELOGLQQRX3URWHFLDVXSOL
PHQWDUSHQWUXSLHWRQLIXUQL]DWGHFDSRWD 3HULFROGHDFFLGHQW
DFWLYYDILDSRLUHVWDELOLW 1XDFLRQDLFODSHWDGHGHVLJXUDQDUHDFDSR
3HQWUXDFRQGXFHSkQODDWHOLHUXOGHVHUYLFH WHLPRWRUXOXLvQWLPSXOGHSODVULLDXWRYHKLFX
UHDH]DLVLQJXUFDSRWDDFWLYGHFODQDW
&RPSDUWLPHQWPRWRU 

OXOXLQFD]FRQWUDUFDSRWDVHSRDWHGHVFKLGH  $VLJXUDLYFWHUJWRDUHOHGHSDUEUL]
LYSRDWHREWXUDYL]LELOLWDWHD VXQWRSULWH

3HULFROGHUQLUH $9(57,60(17
WHUJWRDUHOHGHSDUEUL]LPHFDQLVPXODUWL
([LVWSHULFROXOGHDFFLGHQWDUHFkQGFDSRWD
FXODWDOWHUJWRUXOXLVHSRWSXQHvQPLFDUH
HVWHGHVFKLVFKLDUGDFPRWRUXOQXHVWHvQ
IXQFLXQH &kQGFDSRWDHVWHGHVFKLVGXPQHDYRDVWU
VDXDOWHSHUVRDQHSXWHLILUQLLGHPHFDQLV
8QHOHSLHVHDOHPRWRUXOXLVHSRWvQFO]LH[FH
PXODUWLFXODWDOWHUJWRUXOXL
VLY
$VLJXUDLYFWHUJWRDUHOHGHSDUEUL]VXQW
3HQWUXDHYLWDSHULFROXODUVXULORUDWLQJHLGRDU
RSULWH6FRDWHLFKHLDVDXDVLJXUDLYFQX
FRPSRQHQWHOHPRWRUXOXLGHVFULVHvQ0DQXDOXO
VDVHOHFWDWQLFLRSR]LLHGLQFRQWDFWFX.(<

QWUHLQHUHLvQJULMLUH
GHXWLOL]DUHLUHVSHFWDLLQVWUXFLXQLOHUHIHUL
/(66*27RDWHOPSLOHLQGLFDWRDUHWUHEXLHV
WRDUHODVLJXUDQvQDFHDVWSULYLQ
ILHVWLQVHvQSDQRXOGHLQVWUXPHQWH
$9(57,60(17
9HQWLODWRUXOUDGLDWRUXOXLGLQWUHUDGLDWRUL
PRWRUSRDWHSRUQLDXWRPDWFKLDULGDF
FKHLDDIRVWVFRDVGLQFRPXWDWRUXOGHFRQ
WDFW'LQDFHVWPRWLYQXWUHEXLHVYDSUR
SLDLGH]RQDGHURWLUHDYHQWLODWRUXOXLQFD]
FRQWUDUSXWHLVXIHULUQL
$XWRYHKLFXOHOHFXPRWRUSHEHQ]LQ6LV
WHPXOGHDSULQGHUHHOHFWURQLFXWLOL]HD]vQDOW
WHQVLXQH'LQDFHVWPRWLYQXWUHEXLHVDWLQ
JHLQLFLRGDWFRPSRQHQWHOHVLVWHPXOXLGH
DSULQGHUH ERELQDGHDSULQGHUHFDEOXULOHGH  7UDJHLPDQHWDGHHOLEHUDUHCGHSH
DSULQGHUHFRQHFWRULLEXMLLORUVDXSUL]DGHWHV FDSRW
WDUH FkQG &DSRWDHVWHHOLEHUDW
=PRWRUXOHVWHSRUQLW
 $VLJXUDLYFWHUJWRDUHOHGHSDUEUL]
=PRWRUXOHVWHvQFXUVGHSRUQLUH QXVXQWULGLFDWHQFD]FRQWUDUWHUJWRD
=FRQWDFWXOHVWHFXSODWLPRWRUXOHVWHDFLR UHOHVDXFDSRWDPRWRUXOXLSRWILGHWHULRUDWH
QDWFXPkQD
QFD]FRQWUDUSXWHLVXIHULRHOHFWURFXWDUHL
UQLJUDYHVDXFKLDUIDWDOH
$XWRYHKLFXOHOHFXPRWRUGLHVHO&RQWUROXO
HOHFWURQLFDOLQMHFLHLXWLOL]HD]vQDOWWHQ
VLXQH'LQDFHVWPRWLYQXWUHEXLHVDWLQJHL
QLFLRGDWFRPSRQHQWHOHVLVWHPXOXLGHLQMHF
LHFkQG
=PRWRUXOHVWHSRUQLW
=PRWRUXOHVWHvQFXUVGHSRUQLUH
=FRQWDFWXOHVWHFXSODW  QWLQGHLYvQVSDLXOOLEHUWUDJHLPkQHUXO
QFD]FRQWUDUSXWHLVXIHULRHOHFWURFXWDUHL SLHGLFLLFDSRWHLDvQVXVLULGLFDLFDSRWD
UQLJUDYHVDXFKLDUIDWDOH


 &RPSDUWLPHQWPRWRU

'DFULGLFDLFDSRWDFXDSUR[LPDWLYFP &kQGYHULILFDLQLYHOXOGHXOHL
FDSRWDHVWHGHVFKLVLPHQLQXWGHV =SDUFDLDXWRYHKLFXOXOSHRVXSUDIDSODQ
FKLVDXWRPDWGHDPRUWL]RUXOFXJD] =PRWRUXOWUHEXLHVILHRSULWDSUR[LPDWLY
FLQFLPLQXWHGDFPRWRUXOHVWHODWHPSH
QFKLGHUHDFDSRWHL UDWXUDQRUPDOGHIXQFLRQDUH
=GDFPRWRUXOQXDUHRWHPSHUDWXUQRUPDO
3HULFROGHUQLUH
QFKLGHLFDSRWDPRWRUXOXLFXDWHQLHSHQWUX
GHIXQFLRQDUHGHH[GDFPRWRUXODIRVW
DHYLWDDFFLGHQWDUHDSHUVRDQHORUGLQMXU
SRUQLWGRDUSHQWUXSXLQWLPSDWHSWDL
DSUR[LPDWLYGHPLQXWHvQDLQWHGHHIHF
 &RERUkLFDSRWDLOVDLRVFDGGHODR WXDUHDPVXUWRULL
vQOLPHGHDSUR[LPDWLYFP
QWUHLQHUHLvQJULMLUH

 9HULILFDLGDFFDSRWDVDDQJUHQDWFRUHV 9HULILFDUHDQLYHOXOXLGHXOHLFXDMXWRUXO
SXQ]WRU MRMHLGHXOHL
'DFFDSRWDSRDWHILULGLFDWXRUHDQX
HVWHFXSODWFRUHVSXQ]WRU5HGHVFKLGHL
RLvQFKLGHLRFXSXLQPDLPXOWIRU

5DGLDWRU
G $XWRYHKLFXOHFXPRWRUGLHVHOQXDFR
SHULLUDGLDWRUXO1XXWLOL]DLL]RODLLWHUPLFH
PWLGHSURWHFLHDQWLLQVHFWHVDXDOWHDUWL
FROHVLPLODUH$VWIHOSXWHLIDFHFDVLVWHPXO
GHGLDJQRVWLFDUHGHODERUGVDILH]HYDORUL ([HPSOXDXWRYHKLFXOHFXPRWRUSHEHQ]LQ
LQFRUHFWH8QHOHGLQWUHDFHVWHYDORULVXQW
LPSXVHSULQOHJHLWUHEXLHVILHFRUHFWH

8OHLGHPRWRU
1RWHSULYLQGQLYHOXOGHXOHL
QIXQFLHGHVWLOXOGHFRQGXFHUHDXWRYHKLFX
OXOFRQVXPSkQODOGHXOHLOD
NP&RQVXPXOGHXOHLSRDWHILPDLULGL
FDWGHFkWDFHDVWYDORDUHGDFDXWRYHKLFXOXO
HVWHQRXVDXGDFFRQGXFHLIUHFYHQWODWXUD ([HPSOXDXWRYHKLFXOHFXPRWRUGLHVHO
LLPDULDOHPRWRUXOXL  6FRDWHLMRMDGHXOHLCGLQWXEXOMRMHLGH
QIXQFLHGHPRWRUMRMDGHXOHLSRDWHILLQVWD XOHL
ODWvQWUXQORFGLIHULW  WHUJHLMRMDGHXOHLC
&RPSDUWLPHQWPRWRU 

 &XOLVDLOHQWMRMDGHXOHLCvQWXEXOGHJKL
GDUHSkQODRSULWRULVFRDWHLRGLQQRX
'DFQLYHOXOVHvQFDGUHD]vQWUHPDUFDMXO
0,1LPDUFDMXO0$;DQLYHOXOGHXOHL
HVWHFRUHFW
 'DFQLYHOXOXOHLXOXLDVF]XWODPDUFDMXO
0,1VDXVXEHOFRPSOHWDLFXSkQ
ODOLWUXGHXOHLGHPRWRU

$GXJDUHDGHXOHLGHPRWRU
([HPSOXEXRQXOXOHLXOXLGHPRWRU
$9(57,60(17

QWUHLQHUHLvQJULMLUH
 5RWLLFDSDFXOCvQVHQVDQWLRUDULVFRD
'DFXOHLXOGHPRWRULQWUvQFRQWDFWFXSLH WHLO
VHOHvQFLQVHDOHPRWRUXOXLDFHVWDVHSRDWH  &RPSOHWDLFXXOHLGHPRWRU
DSULQGHDU]kQGXY1XYUVDLXOHLGHPRWRU 'DFQLYHOXOXOHLXOXLVHDIOODQLYHOXOPDU
SHSLHVHOHvQFLQVHDOHPRWRUXOXL FDMXOXL0,1GHSHMRMVDXVXEDFHVWDFRP
SOHWDLFXSkQODOLWUXGHXOHLGH
1RWSULYLQGSURWHFLDPHGLXOXL PRWRU
&kQGFRPSOHWDLFXXOHLDYHLJULMVQXvO  3XQHLODORFEXRQXOCSHJkWXOGH
YUVDL'DFXOHLXOSWUXQGHvQVROVDXvQDS
XPSOHUHLURWLLvQVHQVRUDU
DFHVWDFRQVWLWXLHXQSHULFROSHQWUXPHGLX
$VLJXUDLYFEXRQXOVHIL[HD]IHUPvQ
 8WLOL]DLQXPDLXOHLXULGHPRWRULILOWUHGH ORFD
XOHLFDUHDXIRVWDSUREDWHSHQWUXDXWRYHKL  9HULILFDLGLQQRXQLYHOXOXOHLXOXLFXMRMDGH

FXOHFXXQVLVWHPGHVHUYLFH3XWHLRELQH XOHL 3DJLQD 


ROLVWFXXOHLXULOHGHPRWRULFXILOWUHOHGH ,QIRUPDLLVXSOLPHQWDUHSULYLQGXOHLXOGH
XOHLWHVWDWHLDSUREDWHvQFRQIRUPLWDWHFX PRWRU 3DJLQD 
VSHFLILFDLLOH0HUFHGHV%HQ]SHQWUXSUR
GXVHGHVHUYLFHODRULFH&HQWUXGH6HUYLFH
0HUFHGHV%HQ] 9HULILFDUHDLDGXJDUHDDOWRUSUR
'HWHULRUDUHDPRWRUXOXLVDXDVLVWHPXOXLGH GXVHGHVHUYLFH
HYDFXDUHVXQWFDX]DWHGHXUPWRDUHOH
9HULILFDUHDQLYHOXOXLOLFKLGXOXLGHUFLUH
=XWLOL]DUHDXOHLXULORUGHPRWRULDILOWUHORU
GHXOHLFDUHQXDXIRVWDSUREDWHvQPRG $9(57,60(17
VSHFLILFSHQWUXVLVWHPXOGHVHUYLFH 6LVWHPXOGHUFLUHHVWHSUHVXUL]DW3ULQ
=vQORFXLUHDXOHLXOXLGHPRWRULDILOWUXOXL XUPDUHGHVILOHWDLFDSDFXORGDWFHPRWRUXO
GHXOHLGXSGHSLUHDLQWHUYDOXOXLGH VDUFLW,QGLFDWRUXOGHWHPSHUDWXUDOLFKL
vQORFXLUHLPSXVGHVLVWHPXOGHVHUYLFH GXOXLGHUFLUHWUHEXLHVLQGLFHVXEQ
=XWLOL]DUHDDGLWLYLORUGHXOHLGHPRWRU FD]FRQWUDUYSXWHLRSULGDFH[LVW
VFSULGHOLFKLGGHUFLUH
 1XDGXJDLSUHDPXOWXOHL&RPSOHWDUHD
FXSUHDPXOWXOHLGHPRWRUSRDWHFDX]D
GHWHULRUDUHDPRWRUXOXLVDXDFRQYHUWRUXOXL
FDWDOLWLF6ROLFLWDLJROLUHDVXUSOXVXOXLGH
XOHLGHPRWRU


 &RPSDUWLPHQWPRWRU

 'DFVLWXDLDRFHUHFRPSOHWDLFXOLFKLGGH
UFLUHFDUHDIRVWWHVWDWLDSUREDWGH0HU
FHGHV%HQ]
 3XQHLODORFFDSDFXOCLURWLLOvQVHQV
RUDUSkQODFDSW
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGOLFKL
GXOGHUFLUHFRQVXOWDL 3DJLQD 

&RPSOHWDUHDVLVWHPXOXLVSOWRUGH
SDUEUL]VLVWHPXOXLGHFXUDUHIDUXUL
 3DUFDLDXWRYHKLFXOXOSHRVXSUDIDSODQ
QWUHLQHUHLvQJULMLUH

9HULILFDLQLYHOXOOLFKLGXOXLGHUFLUHQXPDL $9(57,60(17
FkQGDXWRYHKLFXOXOVHDIOSHRVXSUDID /LFKLGXOVSOWRUGHSDUEUL]DQWLJHOXOHVWH
SODQLPRWRUXOVDUFLW SXWHUQLFLQIODPDELO(YLWDLVYUVDLOLFKLG
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH VSOWRUGHSDUEUL]DQWLJHOSHFRPSRQHQWHOH
FRQWDFW 3DJLQD  vQFLQVHDOHPRWRUXOXLGHRDUHFHDFHVWHDVHSRW
/DDXWRYHKLFXOHOHFX.(</(66*2DSVDL DSULQGHLDUGH3RWVXUYHQLUQLJUDYH
EXWRQXO6WDUW6WRSGHGRXRUL
3DJLQD 
 9HULILFDLLQGLFDWRUXOGHWHPSHUDWXUDOLFKL
GXOXLGHUFLUHGLQDILDMXOPXOWLIXQFLRQDO
7HPSHUDWXUDOLFKLGXOXLGHUFLUHWUHEXLHV
VHDIOHVXE
 5RWLLFKHLDvQSR]LLD 3DJLQD GLQ
FRPXWDWRUXOGHFRQWDFW
 5RWLLOHQWFDSDFXOCFXMXPWDWHGHURWD
LHvQVHQVDQWLRUDUSHQWUXDOVDVXUSOXVXO
GHSUHVLXQHVLDV
([HPSOXUH]HUYRUXOGHOLFKLGGHVSODUH
 5RWLLEXRQXOCPDLGHSDUWHvQVHQVDQWLR
UDULVFRDWHLO
'DFOLFKLGXOGHUFLUHVHDIOODQLYHOFX
EDUDGHJUDGDLHvQJkWXOGHXPSOHUH
FkQGHVWHUHFHYDVXOGHH[SDQVLXQHDOOLFKL
GXOXLGHUFLUHDFRQLQHVXILFLHQWOLFKLG
GHUFLUH
'DFQLYHOXOOLFKLGXOXLGHUFLUHHVWHOD
DSUR[LPDWLYFPGHDVXSUDEDUHLGHJUD
GDLHGLQJkWXOGHXPSOHUHFkQGHVWH
FDOGYDVXOGHH[SDQVLXQHDOLFKLGXOXLGH
UFLUHFRQLQHVXILFLHQWOLFKLGGHUFLUHD ([HPSOXUH]HUYRUGHOLFKLGGHVSODUHODDXWRYHKL
FXOHOH$0*
QWUHLQHUH 

 3HQWUXDGHVFKLGHWUDJHLFDSDFXOCvQ UHSUH]HQWDQLLYSRWLQIRUPDSULYLQGFRVWXULOH
VXVGHSURHPLQHQ DIHUHQWHDFHVWHLYL]LWHvQVHUYLFH
 &RPSOHWDLFXOLFKLGGHVSODUHSUHDPHV $ILDMXOLQWHUYDOXOXLGHVHUYLFH$66<673/86
WHFDW QXLQHFRQWGHSHULRDGHOHGHWLPSvQFDUH
 3HQWUXDvQFKLGHDSVDLFDSDFXOCSH EDWHULDHVWHGHFRQHFWDW
JkWXOGHXPSOHUHSkQFkQGVHDQJUHQHD] 0HQLQHUHDSURJUDPXOXLGHVHUYLFHFRQGLLR
QDWWHPSRUDO
5H]HUYRUXOGHOLFKLGGHVSODUHHVWHXWLOL]DWL
SHQWUXVLVWHPXOVSOWRUGHSDUEUL]LSHQWUX  &RQVHPQDLGDWDVFDGHQWSHQWUXVHUYLFH
VLVWHPXOGHFXUDUHDIDUXULORU DILDWSHDILDMXOPXOWLIXQFLRQDOvQDLQWH
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGOLFKL GHDGHFRQHFWDEDWHULD
GXOVSOWRUGHSDUEUL]DQWLJHOXO VDX

QWUHLQHUHLvQJULMLUH
3DJLQD   6FGHLSHULRDGHOHGHGHFRQHFWDUHDEDWH
ULHLGLQGDWDGHVHUYLFHLQGLFDWSHDILDM
GXSUHFRQHFWDUHDEDWHULHL
QWUHLQHUH
G $ILDMXOLQWHUYDOXOXLGHVHUYLFH$66<67
$ILDMLQWHUYDOGHVHUYLFH$66<67 3/86QXSUH]LQWLQIRUPDLLSULYLQGQLYHOXO
3/86 XOHLXOXLGHPRWRU5HVSHFWDLQRWHOHSULYLQG
QLYHOXOXOHLXOXLGHPRWRU 3DJLQD 
0HVDMHGHVHUYLFH
SLFLRDUH,QIRUPDLLSULYLQGWLSXOGHVHUYLFHL $VFXQGHUHDXQXLPHVDMGHVHUYLFH
LQWHUYDOHOHGHVHUYLFH FRQVXOWDL%URXUDGH
 $SVDLEXWRQXOAVDXvGHSHYRODQ
VHUYLFHVHSDUDW 
3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHGHODXQ
&HQWUXGH6HUYLFH0HUFHGHV%HQ] $ILDUHDPHVDMHORUGHVHUYLFH
$ILDMXOLQWHUYDOXOXLGHVHUYLFH$66<673/86  &XSODLFRQWDFWXO
YLQIRUPHD]FkQGHVWHVFDGHQWXUPWRD
 $SVDLYVDXeGHSHYRODQSHQWUX
UHDYL]LWvQVHUYLFH
DVHOHFWDPHQLXO6HUY 6HUY 
$ILDMXOPXOWLIXQFLRQDOSUH]LQWFkWHYD
 $SVDLcVDXdSHQWUXDVHOHFWD
VHFXQGHXQPHVDMGHVHUYLFHGHH[
VXEPHQLXO$66<673/86LDSVDLv
1H[WVHUYLFH$GXHLQGD\V
8UPWRDUHDUHYL]LH$VFDGHQWQ]LOH SHQWUXDFRQILUPD
'DWDVFDGHQWSHQWUXVHUYLFHDSDUHSHDIL
6HUYLFH$GXH 6HUYLFH$VFDGHQW DMXOPXOWLIXQFLRQDO
6HUYLFH$RYHUGXHE\GD\V
6HUYLFH$GHSLWFX]LOH
$VSHFWHGHUHLQXW
/LWHUDLQGLFPRPHQWXOvQFDUHYL]LWDvQVHU
YLFHHVWHVFDGHQW$LQGLFRQHFHVLWDWHGH 5HVHWDUHDDILDMXOXLLQWHUYDOXOXLGHVHU
VHUYLFHPLQRULDU%RQHFHVLWDWHGHVHUYLFH YLFH$66<673/86
PDMRU(VWHSRVLELOVVHDILH]HXQQXPU 8QDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[XQ
VDXRDOWOLWHUGXSOLWHUDUHVSHFWLY$FHVW &HQWUXGH6HUYLFH0HUFHGHV%HQ]YDUHVHWD
FDUDFWHULQGLFRULFHRSHUDLLGHvQWUHLQHUH DILDMXOLQWHUYDOXOXLGHVHUYLFH$66<673/86
VXSOLPHQWDUHFHWUHEXLHH[HFXWDWH GXSHIHFWXDUHDLQWHUYHQLLORUvQVHUYLFH
'DFVHPQDODLDFHVWHLQIRUPDLLDILDWHODXQ 3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHGHH[
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[HPSOX UHIHULWRDUHODLQWHUYHQLLOHvQVHUYLFHGHODXQ
ODXQ&HQWUXGH6HUYLFH0HUFHGHV%HQ]


 QJULMLUH

&HQWUXGH6HUYLFH0HUFHGHV%HQ]VDXGLUHFW 6HHPLWHLXQVHPQDOGHDYHUWL]DUH
GHOD0HUFHGHV%HQ] 1XPDLSXWHLSRUQLPRWRUXOGDFUH]HUYDGH
 'DFDILDMXOLQWHUYDOXOXLGHVHUYLFH $G%OXHDIRVWHSXL]DW 3DJLQD 
$66<673/86DIRVWUHVHWDWQHLQWHQLRQDW &RPSOHWDLFX$G%OXH 3DJLQD 
DFHDVWVHWDUHSRDWHILFRUHFWDWODXQ&HQ QDLQWHGHDFOWRULFXDXWRYHKLFXOXOGXP
WUXGHVHUYLFH0HUFHGHV%HQ] QHDYRDVWUvQDIDUD(XURSHLYHULILFDLUH]HU
6ROLFLWDLHIHFWXDUHDLQWHUYHQLLORUvQVHU YHOHGH$G%OXHODXQDWHOLHUGHVSHFLDOLWDWH
YLFHFRQIRUPGHVFULHULLGLQEURXUDGHVHU DXWRUL]DW'DFHVWHQHFHVDUFRPSOHWDLFX
YLFHQFD]FRQWUDUDFHDVWDSRDWHGXFHOD $G%OXHQDLQWHGHDXWLOL]DDXWRYHKLFXOXO
RX]XUVSRULWLODDYDULHUHDDQVDPEOXULORU GXPQHDYRDVWUSHQWUXRSHULRDGvQGHOXQ
SULQFLSDOHVDXDDXWRYHKLFXOXOXLvQJHQHUDO JDWvQULGLQDIDUD(XURSHLFRQWDFWDLXQ
QWUHLQHUHLvQJULMLUH

DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&RQGXFHUHDvQVWULQWDWH
5HVSHFWDLQRWHOHSULYLQG
2UHHDYDVW0HUFHGHV%HQ]6HUYLFHHVWH
GLVSRQLELOLvQDOWHUL1XPHUHOHGHWHOHIRQ $G%OXH 3DJLQD 
FXUHQWHDOHOLQLHLGHDVLVWHQWHOHIRQLFSHQ 0DLPXOWHLQIRUPDLLSULYLQGWUDWDUHDXOWH
WUXVHUYLFHSHFDUHOHSXWHLXWLOL]DFkQGVXQ ULRDUDJD]HORUGHHDSDPHQW%OXH7(&LSUL
WHLvQVWULQWDWHVHJVHVFvQVHFLXQHD6HU YLQG$G%OXHSXWHLRELQHGHODXQ&HQWUXGH
YLFHK0HUFHGHV%HQ]GLQ%URXUDGHVHU 6HUYLFH0HUFHGHV%HQ]
YLFH

QJULMLUH
,QGLFDWRUGHVHUYLFH$G%OXH 1RWHSULYLQGvQJULMLUHD
G 1XPDLSHQWUXDXWRYHKLFXOH%OXH7(& 2vQJULMLUHUHJXODWDDXWRYHKLFXOXOXLGXPQHD
6LVWHPXOGHWUDWDUHXOWHULRDUDJD]HORUGH YRDVWUHVWHFRQGLLDSVWUULLFDOLWLLSHWHU
HDSDPHQW%OXH7HFWUHEXLHDFLRQDWvQFRP PHQOXQJ
ELQDLHFXDJHQWXOUHGXFWRU$G%OXHSHQWUXD 8WLOL]DLSURGXVHGHvQJULMLUHLDJHQLGH
IXQFLRQDFRUHFWQFRQGLLLQRUPDOHGHIXQF FXUDUHUHFRPDQGDLLDSUREDLGH0HUFH
LRQDUHXQUH]HUYRUSOLQFX$G%OXHDUWUHEXL GHV%HQ]
VILHVXILFLHQWSkQODXUPWRDUHDGDWVFD
 3HQWUXDYFXUDDXWRYHKLFXOXOQXXWLOL
GHQWSHQWUXVHUYLFH
]DLQLFLXQDGLQWUHXUPWRDUHOH
QIXQFLHGHORFXOLPRGXOvQFDUHHVWHXWLOL]DW
=FkUSHXVFDWHDEUD]LYHVDXGXUH
DXWRYHKLFXOXOSRDWHH[LVWDRFUHWHUHDFRQ
VXPXOXLGH$G%OXHGHWHUPLQkQGRGHFDODUH =DJHQLGHFXUDUHDEUD]LYL

DXUPWRDUHLGDWHVFDGHQWHSHQWUXVHUYLFH =VROYHQLL

$QXPLWHPHVDMHGHSHGLVSOD\LQGLFIDSWXOF =DJHQLGHFXUDUHFXVROYHQL
$G%OXHWUHEXLHFRPSOHWDWGHH[ 1XIUHFDL
5HILOO$G%OXHDWZRUNVKRS6HH 1XDWLQJHLVXSUDIHHOHSHOLFXOHORUGHSUR
2ZQHUV0DQXDO &RPSOHWDLFX WHFLHFXRELHFWHGXUHGHH[RUDFOHWVDX
$G%OXHODXQDWHOLHUGHVHUYLFH&RQ XQLQHOQFD]FRQWUDUDLSXWHD]JkULDVDX
VXOWDL0DQXDOXOGHXWLOL]DUH GHWHULRUDVXSUDIHHOHLSHOLFXODGHSURWHF
5HILOO$G%OXHDWZRUNVKRS1RVWDUW LH
&RPSOHWDLFX$G%OXHODXQDWHOLHU
GHVHUYLFH3RUQLUHLPSRVLELO 
LQNP QNP
QJULMLUH 

1RWSULYLQGSURWHFLDPHGLXOXL SUHYHQLDFHVWOXFUXSULQFXSODUHDWUDQV
(OLPLQDLDPEDODMHOHJRDOHLFkUSHOHGH PLVLHLDXWRPDWHvQSR]LLD1GLQWLPS
FXUDUHvQWUXQPRGHFRORJLF =$XWRYHKLFXOHOHFX.(</(66*2

QXGHVFKLGHLSRUWLHUDRIHUXOXLVDXSRU
 1XSDUFDLDXWRYHKLFXOXORSHULRDGSUH WLHUDSDVDJHUXOXLIDFkQGPRWRUXOHVWH
OXQJLWGXSFHODLFXUDWPDLDOHVGXS RSULWQFD]FRQWUDUWUDQVPLVLDDXWR
FHDLFXUDWURLOHFXDJHQWGHFXUDUH PDWVHOHFWHD]SR]LLDSHQWUXSDUFDUH
SHQWUXURL$JHQLLGHFXUDUHDURLORUSRW 3DXWRPDWLEORFKHD]URLOH
SURYRFDRFRURGDUHPDLLQWHQVDGLVFXULORU
5HVSHFWDLXUPWRDUHOHLQGLFDLLSHQWUXDY
GHIUkQLDSOFXHORUGHIUkQJDUQLWXUL
DVLJXUDFWUDQVPLVLDDXWRPDWUPkQHvQ
ORUGHIUkQ'LQDFHVWPRWLYWUHEXLHV
SR]LLD1
FRQGXFHLWLPSGHFkWHYDPLQXWHGXS

QWUHLQHUHLvQJULMLUH
FXUDUH3ULQIUkQDUHGLVFXULOHGHIUkQL  $VLJXUDLYFDXWRYHKLFXOXOVWDLRQHD]L
SOFXHOHGHIUkQJDUQLWXULOHGHIUkQVH FDLGHFXSODWFRQWDFWXO
vQFLQJXVFkQGXVH$XWRYHKLFXOXOSRDWHIL  5RWLLFKHLDvQSR]LLD 3DJLQD GLQ
DSRLSDUFDW FRPXWDWRUXOGHFRQWDFW
8WLOL]DLFKHLDvQORFGHEXWRQXO6WDUW6WRS
ODDXWRYHKLFXOHOHFX.(</(66*2
QJULMLUHDH[WHULRUXOXL  $SVDLLLQHLDSVDWSHGDODGHIUkQ
 &XSODLWUDQVPLVLDDXWRPDWvQSR]LLD1
6SOWRULHDXWRPDW
 (OLEHUDLSHGDODGHIUkQ
$9(57,60(17  (OLEHUDLIUkQDGHSDUFDUHHOHFWULF
(ILFLHQDODIUkQDUHHVWHUHGXVGXSVSODUHD  'HFXSODLFRQWDFWXOLOVDLFKHLDvQFRPX
DXWRYHKLFXOXOXL$VWIHOSXWHLSURYRFDXQ
WDWRUXOGHFRQWDFW
DFFLGHQW'LQDFHVWPRWLYGXSVSODUHDOD
VSOWRULHFRQGXFHLFXGHRVHELWSUXGHQ  $VLJXUDLYF
SkQFHIUkQHOHVHXVXF =JHDPXULOHODWHUDOHLWUDSDJOLVDQWVXQW
vQFKLVHFRPSOHW
3XWHLVSODDXWRYHKLFXOXOvQWURVSOWRULH
=YHQWLODWRUXOSHQWUXYHQWLODUHvQFO]LUH
DXWRPDWvQFGHODEXQvQFHSXW
HVWHRSULW EXWRQXO2))HVWHDSVDW 
'DFDXWRYHKLFXOXOHVWHIRDUWHPXUGDUDSOL
=FRPXWDWRUXOWHUJWRDUHORUGHSDUEUL]VH
FDLRSUHVSODUHvQDLQWHGHDOFXUDOD
VSOWRULDDXWRDXWRPDW DIOvQSR]LLD
9HKLFXOXOSRDWHVXIHULGHWHULRUULvQFD]
 /DVSOWRULLOHDXWRFXPHFDQLVPGHWUDF FRQWUDU
WDUHDVLJXUDLYFWUDQVPLVLDDXWRPDW
VHDIOvQSR]LLD1vQFD]FRQWUDUDXWRYH 'XSFHXWLOL]DLRVSOWRULHDXWRPDWWHU
KLFXOXOSRDWHVXIHULGHWHULRUUL JHLFHDUDGHSHSDUEUL]LGHSHODPHOH
=$XWRYHKLFXOHOHFXFKHLH
WHUJWRDUHORU$VWIHOYHLSUHYHQLDSDULLD
XUPHORULYHLUHGXFH]JRPRWHOHODWHUJHUH
QXVFRDWHLFKHLDGLQFRPXWDWRUXOGH SURYRFDWHGHUH]LGXXULOHGHSHSDUEUL]
FRQWDFW1XGHVFKLGHLSRUWLHUDRIHUXOXL
VDXSRUWLHUDSDVDJHUXOXLIDFkQGPRWR 6SODUHPDQXDO
UXOHVWHRSULWQFD]FRQWUDUWUDQVPLVLD
DXWRPDWVHOHFWHD]SR]LLDSHQWUXSDU QDQXPLWHULVSODUHDPDQXDOHVWHSHU
FDUH3DXWRPDWLEORFKHD]URLOH3XWHL PLVQXPDLvQDQXPLWHVSDLLGHVSODUHVSH
FLDOSUHY]XWH5HVSHFWDLFHULQHOHOHJDOH
SHQWUXILHFDUHDUvQSDUWH


 QJULMLUH

 1XXWLOL]DLDSILHUELQWHLQXVSODLDXWR =FRQHFWRUL
YHKLFXOXOvQOXPLQDGLUHFWDVRDUHOXL =/XPLQL
 8WLOL]DLXQEXUHWHPRDOHSHQWUXFXUDUH =JDUQLWXUL
 8WLOL]DLXQDJHQWGHFXUDUHQHDJUHVLY =HOHPHQWHRUQDPHQWDOH
FXPDUILXQDPSRQDXWRDSUREDWGH0HU =IDQWHGHYHQWLODLH
FHGHV%HQ]
*DUQLWXULOHVDXFRPSRQHQWHOHHOHFWULFH
 6SODLELQHDXWRYHKLFXOXOFXXQMHWXRUGH
GHWHULRUDWHSRWGXFHODVFSULVDXGHIHF
DSGHODIXUWXQ LXQL
 1XRULHQWDLMHWXOGHDSFWUHDGPLVLDDHUX
OXL &XUDUHDURLORU
 8WLOL]DLDSGLQDEXQGHQLFOWLLIUHF
 1XXWLOL]DLSURGXVHDFLGHSHQWUX
QWUHLQHUHLvQJULMLUH

YHQWEXUHWHOH
FXUDUHDURLORUSHQWUXDHOLPLQDSUDIXOGH
 &OWLLDXWRYHKLFXOXOFXDSFXUDWLXVFDL
IUkQ$VWIHOSXWHLGHWHULRUDXUXEXULOHGH
OWHPHLQLFFXREXFDWGHSLHOH
URDWLFRPSRQHQWHOHGHIUkQDUH
 1XOVDLDJHQWXOGHFXUDUHVVHXVXFH
SHYRSVHD  1XSDUFDLDXWRYHKLFXOXORSHULRDGSUH
OXQJLWGXSFHODLFXUDWPDLDOHVGXS
&kQGXWLOL]DLDXWRYHKLFXOXOLDUQDvQGHSUWDL FHDLFXUDWURLOHFXDJHQWGHFXUDUH
WRDWHXUPHOHGHGHSXQHULGHVDUHDQWLGHUD SHQWUXURL$JHQLLGHFXUDUHDURLORUSRW
SDQWFXDWHQLHLFkWPDLFXUkQGSRVLELO SURYRFDRFRURGDUHPDLLQWHQVDGLVFXULORU
GHIUkQLDSOFXHORUGHIUkQJDUQLWXUL
(FKLSDPHQWGHFXUDUHFXSUHVLXQH ORUGHIUkQ'LQDFHVWPRWLYWUHEXLHV
vQDOW FRQGXFHLWLPSGHFkWHYDPLQXWHGXS
$9(57,60(17 FXUDUH3ULQIUkQDUHGLVFXULOHGHIUkQL
SOFXHOHGHIUkQJDUQLWXULOHGHIUkQVH
1XXWLOL]DLGLVSR]LWLYHGHFXUDUHODSUHVLXQH
vQFLQJXVFkQGXVH$XWRYHKLFXOXOSRDWHIL
vQDOWFXGX]HFXMHWFLUFXODUSHQWUXDYFXUD
DSRLSDUFDW
DXWRYHKLFXOXOLvQVSHFLDOSQHXULOHQFD]FRQ
WUDUSXWHLGHWHULRUDSQHXULOHLSURYRFDXQ
DFFLGHQW
&XUDUHDYRSVHOHL
=JkULHWXULOHGHSXQHULOHFRUR]LYH]RQHOHDIHF
 3VWUDLvQWRWGHDXQDRGLVWDQGHFHO WDWHGHFRUR]LXQHLGHWHULRUULOHSURYRFDWH
SXLQFPvQWUHDXWRYHKLFXOLGX]DGLV SULQvQJULMLUHLQFRUHFWQXSRWILvQWRWGHDXQD
SR]LWLYXOXLGHFXUDUHODSUHVLXQHvQDOW UHPHGLDWHFRPSOHWQDVHPHQHDFD]XULDSH
,QIRUPDLLOHSULYLQGGLVWDQDFRUHFWVXQW ODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GLVSRQLELOHGHODSURGXFWRUXOHFKLSDPHQ  (OLPLQDLLPHGLDWLPSXULWLOHGDFHVWH
WXOXL
SRVLELOHYLWkQGVIUHFDLSUHDSXWHUQLF
'HSODVDLGX]DGLVSR]LWLYXOXLGHFXUDUHOD  PELEDLUHVWXULOHGHLQVHFWHFXDJHQWGH
SUHVLXQHvQDOWvQWLPSFHFXUDLDXWRYH
HOLPLQDUHDQWLLQVHFWHLFOWLL]RQHOHWUD
KLFXOXOGXPQHDYRDVWU
WDWHXOWHULRU
1XRRULHQWDLGLUHFWFWUHXUPWRDUHOH  PELEDLGHMHFLLOHGHODSVULFXDSL
=SQHXUL FOWLL]RQHOHWUDWDWHXOWHULRU
=VSDLLLQWHUPHGLDUHDOHSRUWLHUHORUSDYL  QGHSUWDLOLFKLGXOGHUFLUHOLFKLGXOGH
OLRQXOXLvPELQULHWF IUkQULQDGHFRSDFXOHLXULOHFDUEXUDQLL
=FRPSRQHQWHOHHOHFWULFH LXQVRULOHIUHFkQGXRUFXRFkUSvPELEDW
=%DWHULH
QJULMLUH 

vQHWHUGHSHWUROVDXOLFKLGGHvQFUFDWEUL  1XXWLOL]DLVXEQLFLRIRUPSURJUDPHGH
FKHWD VSODUHFXWUDWDPHQWFXFHDUILHUELQWH
 8WLOL]DLDJHQWGHHOLPLQDUHDJXGURQXOXL
G (VWHGHSUHIHUDWFDDXWRYHKLFXOXOVILH
SHQWUXDVFRDWHSHWHOHGHJXGURQ VSODWPDQXDOFXDMXWRUXOXQXLEXUHWH
 8WLOL]DLDJHQWGHHOLPLQDUHDVLOLFRQXOXL PRDOHDXQXLDPSRQDXWRLDSGLQDEXQ
SHQWUXDVFRDWHFHDUD GHQ
 1XOLSLL G 8WLOL]DLQXPDLDJHQLGHvQGHSUWDUHD
=(WLFKHWHDXWRFRODQWH LQVHFWHORULDPSRQDXWRGLQJDPDGHSUR
=SHOLFXOH
GXVHGHvQJULMLUHUHFRPDQGDWHLDSUREDWH
GH0HUFHGHV%HQ]
=SOFLPDJQHWLFHVDXHOHPHQWHVLPLODUH

QWUHLQHUHLvQJULMLUH
SHVXSUDIHHOHYRSVLWHQFD]FRQWUDU &XUDUHDJHDPXULORU
SXWHLGHWHULRUDYRSVHDXD
$9(57,60(17
QJULMLUHDLWUDWDUHDYRSVHOHLPDWH 'H]DFWLYDLWHUJWRDUHOHGHSDUEUL]LVFRD
WHLFKHLDGLQFRPXWDWRUXOGHFRQWDFWvQDLQWH
'DFDXWRYHKLFXOXOGXPQHDYRDVWUDUHXQ
GHDFXUDSDUEUL]XOVDXODPHOHWHUJWRDUH
ILQLVDMPDWUHVSHFWDLXUPWRDUHOHLQVWUXF
ORU/DDXWRYHKLFXOHOHFX.(</(66*2
LXQLSHQWUXDHYLWDGHWHULRUDUHDYRSVHOHLvQ
DSVDLEXWRQXO6WDUW6WRSvQPRGUHSHWDW
XUPDXQHLvQJULMLULLQFRUHFWH
SkQFHWRDWHOPSLOHLQGLFDWRDUHGLQSDQRXO
$FHVWHQRWHVXQWGHDVHPHQHDYDODELOHSHQ GHLQVWUXPHQWHVDXVWLQVQFD]FRQWUDU
WUXMDQWHOHGLQDOLDMXRUFXILQLVDMPDW WHUJWRDUHOHGHSDUEUL]VDUSXWHDSXQHvQ
 1XSROLDLQLFLRGDWDXWRYHKLFXOXOVDX PLFDUHLYDUUQL
MDQWHOHGLQDOLDMXRU3ROLDUHDYDIDFHFD
YRSVHDXDVVWUOXFHDVF
 &XUDLLQWHULRUXOLH[WHULRUXOJHDPXULORU
FXRFkUSXPHGLFXXQDJHQWGH
 8UPWRDUHOHSRWIDFHFDYRSVHDXDV FXUDUHUHFRPDQGDWLDSUREDWGH0HUFH
VWUOXFHDVFUHGXFkQGHIHFWXOGHPDWL GHV%HQ]
VDUH
 1XXWLOL]DLFkUSHXVFDWHSURGXVHDEUD
=)UHFDUHDSXWHUQLFFXPDWHULDOHLQDGHF
]LYHVDXDJHQLGHFXUDUHFDUHFRQLQVRO
YDWH YHQLSHQWUXDFXUDLQWHULRUXOJHDPXULORU
=8WLOL]DUHDIUHFYHQWDVSOWRULLORUDXWR
1XDWLQJHLLQWHULRUXOJHDPXULORUFXRELHFWH
=6SODUHDDXWRYHKLFXOXOXLvQOXPLQVRODU GXUHGHH[RUDFOHWVDXXQLQHOQFD]
GLUHFW FRQWUDUH[LVWULVFXOGHWHULRUULLJHDPXUL
 1XXWLOL]DLDJHQWGHFXUDUHSHQWUXYRS ORU
VHDSURGXVHGHOXVWUXLUHVDXSROLDUHVDX  &XUDLFDQDOHOHGHVFXUJHUHDDSHLGLQ
DJHQWGHSVWUDUHDDVSHFWXOXLOXFLRVGH SDUEUL]LOXQHWODLQWHUYDOHUHJXODWH'HSX
H[FHDU$FHVWHSURGXVHVXQWDGHFYDWH QHULOHGHIUXQ]HSHWDOHLSROHQSRWvQDQX
QXPDLSHQWUXVXSUDIHHIRDUWHOXFLRDVH PLWHVLWXDLLVvPSLHGLFHVFXUJHUHDDSHL
8WLOL]DUHDORUODDXWRYHKLFXOHOHFXILQLVDM $FHDVWDSRDWHGXFHODFRURGDUHDLGHWH
PDWGXFHODGHWHULRUDUHDVHPQLILFDWLYD ULRUDUHDFRPSRQHQWHORUHOHFWURQLFH
VXSUDIHHL ]RQHFXSHWHOXFLRDVH 
6ROLFLWDLvQWRWGHDXQDHIHFWXDUHDLQWHUYHQ
LLORUGHYRSVLUHODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW


 QJULMLUH

&XUDUHDODPHORUWHUJWRDUHORU QJULMLUHDRJOLQ]LORUFXVHPQDOL]DWRDUH
GHGLUHFLH
$9(57,60(17
'H]DFWLYDLWHUJWRDUHOHGHSDUEUL]LVFRD  8WLOL]DLQXPDLDJHQLGHFXUDUHVDX
WHLFKHLDGLQFRPXWDWRUXOGHFRQWDFWvQDLQWH ODYHWHGHFXUDUHFDUHVXQWDGHFYDWHSHQ
GHDFXUDSDUEUL]XOVDXODPHOHWHUJWRDUH WUXOHQWLOHOHGLQSODVWLF$JHQLLGHFXUDUH
ORU/DDXWRYHKLFXOHOHFX.(</(66*2 VDXODYHWHOHGHFXUDUHQHDGHFYDWHDU
DSVDLEXWRQXO6WDUW6WRSvQPRGUHSHWDW SXWHD]JkULDVDXGHWHULRUDOHQWLOHOHGLQSODV
SkQFHWRDWHOPSLOHLQGLFDWRDUHGLQSDQRXO WLFDOHVHPQDOL]DWRDUHORUGHGLUHFLHGLQ
GHLQVWUXPHQWHVDXVWLQVQFD]FRQWUDU RJOLQG
WHUJWRDUHOHGHSDUEUL]VDUSXWHDSXQHvQ  &XUDLOHQWLOHOHGLQSODVWLFDOHVHPQDOL]D
PLFDUHLYDUUQL WRDUHORUGHGLUHFLHGLQRJOLQGFXDMXWRUXO
QWUHLQHUHLvQJULMLUH

XQXLEXUHWHXPHGLDOXQXODJHQWGH
 1XWUDJHLGHODPDWHUJWRUXOXLQFD] FXUDUHQHDJUHVLYGHH[DPSRQDXWR
FRQWUDUODPDWHUJWRUXOXLSRDWHVXIHUL 0HUFHGHV%HQ]'HDVHPHQHDSXWHLXWL
GHWHULRUUL OL]DODYHWHGHFXUDUH
 1XFXUDLODPHOHWHUJWRDUHORUSUHD
GHVLQXOHIUHFDLSUHDSXWHUQLFQFD] &XUDUHDVHQ]RULORU
FRQWUDUVWUDWXOGHJUDILWSRDWHVXIHULGHWH
ULRUUL$FHDVWDSRDWHGXFHODDSDULLDXQRU
]JRPRWHGHODWHUJWRDUH
 ([WLQGHLLvQGHSUWDLEUDHOHWHUJWRDUH
ORUGHSDUEUL]GHSDUEUL]
 &XUDLODPHOHWHUJWRDUHORUFXDWHQLH
FXDMXWRUXOXQHLFkUSHXPHGH
 5DEDWDLWHUJWRDUHOHGHSDUEUL]vQDSRLGLQ
QRXvQDLQWHGHDFXSODFRQWDFWXO
 LQHLEUDXOWHUJWRUXOXLIHUPFkQGvO
UDEDWDLvQDSRL3DUEUL]XOSRDWHVXIHULGHWH
ULRUULGDFEUDXOWHUJWRUXOXLVHORYHWH
EUXVFGHHO

&XUDUHDLOXPLQULLH[WHULRDUH
 8WLOL]DLGRDUDJHQLGHFXUDUHVDXODYHWH
 &XUDLVHQ]RULLCVLVWHPXOXLGHDVLVWDUH
DGHFYDWHSHQWUXOHQWLOHGLQSODVWLF3URGX DFRQGXFHULLFXDSDPSRQDXWRLRFkUS
VHOHQHSRWULYLWHSRW]JkULDVDXGHWHULRUD PRDOH
OHQWLOHOHGLQSODVWLFDOHOXPLQLORUH[WHULRDUH  'DFFXUDLVHQ]RULLFXXQGLVSR]LWLYGH
 &XUDLOHQWLOHOHGLQSODVWLFDOHLOXPLQULL FXUDUHODSUHVLXQHvQDOWQXRPLWHLV
H[WHULRDUHFXXQEXUHWHXPHGLFXXQDJHQW OVDLRGLVWDQGHFPvQWUHDXWRYHKLFXO
GHFXUDUHQHDJUHVLYGHH[DPSRQDXWR LGX]DGLVSR]LWLYXOXLGHFXUDUHODSUH
0HUFHGHV%HQ]6DXFXUDLLOXPLQDUHD VLXQHvQDOW,QIRUPDLLOHSULYLQGGLVWDQD
H[WHULRDUFXODYHWHGHFXUDUH FRUHFWVXQWGLVSRQLELOHGHODSURGXFWRUXO
HFKLSDPHQWXOXL
QJULMLUH 

&XUDUHFDPHUGHPHUVvQDSRL

 'XSFXUDUHXQJHLXRUFXXOHLVDX

QWUHLQHUHLvQJULMLUH
XQVRDUHFXSODVIHULFC
 8WLOL]DLDSFXUDWLRFkUSXPHGSHQWUX
DFXUDOHQWLODFDPHUHLC  9HULILFDLGDFFkUOLJXOGHWUDFWDUHDUHPRU
FLLDXWRYHKLFXOXOXLIXQFLRQHD]FRUHV
 1XFXUDLOHQWLODFDPHUHLL]RQDGLQ SXQ]WRU
MXUXOFDPHUHLGHPHUVvQDSRLFXXQGLVSR
]LWLYGHFXUDUHODSUHVLXQHvQDOW  5HVSHFWDLQRWDSULYLQGvQJULMLUHDRIHULW
GHSURGXFWRUXOUHPRUFLL
&XUDUHDHYLORUGHHDSDPHQW G 3XWHLGHDVHPHQHDVVROLFLWDLHIHFWXD
UHDRSHUDLLORUGHvQWUHLQHUHDVXSUDFXSOHL
,PSXULWLOHvQFRPELQDLHFXHIHFWHOHSLHWUL
VIHULFHLDVXSUDFkUOLJXOXLGHWUDFWDUHD
XOXLLIDFWRULDPELDQLFRUR]LYLSRWIDFHFD
UHPRUFLLODXQDWHOLHUGHVSHFLDOLWDWHDXWR
VXSUDIDDVUXJLQHDVFvQSXQFWHLSXWHL
UL]DW
UHGDOXFLXOLQLLDOHYLLGHHDSDPHQWGDFR
FXUDLUHJXODWPDLDOHVLDUQDLGXS 1RWSULYLQGSURWHFLDPHGLXOXL
VSODUH (OLPLQDLKDLQHOHXOHLRDVHLFXXQVRDUHvQWU
 1XFXUDLHYLOHGHHDSDPHQWFXDJHQL XQPRGHFRORJLF
GHFXUDUHDOFDOLQLSUHFXPVXEVWDQHSHQ
WUXFXUDUHDURLORU
 &XUDLHYLOHGHHDSDPHQWFXXQSURGXV QJULMLUHDLQWHULRUXOXL
GHvQJULMLUHDFURPXOXLWHVWDWLDSUREDWGH &XUDUHDDILDMXOXL
0HUFHGHV%HQ]
 QDLQWHGHFXUDUHDGLVSOD\XOXLDVLJXUDL
YFDFHVWDHVWHVWLQVLVDUFLW
&XUDUHDFkUOLJXOXLGHWUDFWDUHD
 &XUDLVXSUDIDDGLVSOD\XOXLFXRODYHW
UHPRUFLL
RELQXLWGLQPLFURILEULXQDJHQWGH
&XSODVIHULFWUHEXLHVILHFXUDWGDFVH FXUDUHSHQWUXHFUDQH7)7/&'
PXUGUHWHVDXVHFRURGHD]  3HQWUXXVFDUHDVXSUDIHHLGLVSOD\XOXLIROR
 QGHSUWDLUXJLQDGHSHELODFXSOHLVIHULFH VLLRODYHWXVFDWGLQPLFURILEU
GHH[FXRSHULHGHVkUP
 QGHSUWDLPXUGULDFXRODYHWFXUDW
 1XFXUDLQLFLRGDWGLVSOD\XOFXSUR
GXVHSUHFXP
IUVFDPHVDXFXRSHULH
=GLOXDQLFDUHFRQLQDOFRROVDXEHQ]LQ
 1XFXUDLFXSODVIHULFFXXQGLVSR]LWLY =DJHQLGHFXUDUHDEUD]LYL
GHFXUDUHODSUHVLXQHvQDOW1XXWLOL]DL
=GHWHUJHQLFDVQLFLGLVSRQLELOLvQFRPHU
VROYHQL


 QJULMLUH

$FHWLDSRWGHWHULRUDVXSUDIDDGLVSOD\ SODQDGHERUGVDXVHFLXQHDFDSLWRQDWD
XOXL1XDSVDLSHVXSUDIDDGLVSOD\XOXLvQ YRODQXOXL$JHQLLGHFXUDUHFDUHFRQLQVRO
WLPSFHvOFXUDLQFD]FRQWUDUGLVSOD\XO YHQLSRWFRQIHULVXSUDIHHLXQDVSHFWSRURV
SRDWHILGHWHULRUDWvQPRGLUHPHGLDELO FHHDFHSRDWHFRQGXFHODOH]LXQLJUDYHvQFD]XO
GHVSULQGHULLLSURLHFWULLvQLQWHULRUDSULORU
&XUDUHDDVLVWHQWXOXLODYHGHUHDSH GLQPDWHULDOSODVWLFvQPRPHQWXOGHFODQULL
WLPSGHQRDSWH3OXV XQXLDLUEDJ
 1XFXUDLQLFLRGDWOHQWLODFDPHUHL  1XSULQGHLXUPWRDUHOHSHVXSUDIHHOH
&kQGFXUDLFkPSXOGHYL]LXQHDOVLVWH GLQSODVWLF
PHORUGHDVLVWDUHDFRQGXFHULLQXSXOYHUL
=(WLFKHWHDXWRFRODQWH
]DLOLFKLGGHFXUDUHDJHDPXULORUSHOHQ
QWUHLQHUHLvQJULMLUH

WLODFDPHUHL'DFOHQWLODFDPHUHLHVWHPXU =SHOLFXOH
GDUYL]LWDLXQDWHOLHUVSHFLDOL]DWLFDOLIL =UHFLSLHQWHFXXOHLDURPDWLFVDXDUWLFROH
FDW VLPLODUH
QFD]FRQWUDUSXWHLGHWHULRUDSODVWLFXO
 1XSHUPLWHLFRVPHWLFHORUVROXLLORU
DQWLLQVHFWHVDXORLXQLORUVRODUHVLQWUHvQ
FRQWDFWFXRUQDPHQWXOGLQSODVWLF$FHVWD
PHQLQHDVSHFWXOGHvQDOWFDOLWDWHDOVXSUD
IHHORU
 WHUJHLRUQDPHQWXOGLQSODVWLFFXRODYHW
IUVFDPHXPH]LWGHH[FXRODYHWGLQ
PLFURILEUH
 0XUGULHDEXQGHQWXWLOL]DLSURGXVHGH
 5DEDWDLvQMRVFDSDFXOFDPHUHLLQkQGGH vQJULMLUHLFXUDUHDXWRUHFRPDQGDWHL
GHJDMDUHDC DSUREDWHGH0HUFHGHV%HQ]
6XSUDIDDvLSRDWHPRGLILFDFXORDUHDWHP
SRUDU$WHSWDLFDVXSUDIDDVVHXVXFH
GLQQRX

&XUDUHDYRODQXOXLLDVFKLPEWRUXOXL
GHYLWH]HVDXDPDQHWHLVHOHFWRDUH
 WHUJHLvQvQWUHJLPHFXRODYHWXPHGVDX
XWLOL]DLDJHQLGHvQJULMLUHDSLHOLLFDUHDX
IRVWUHFRPDQGDLLDSUREDLGH0HUFHGHV
%HQ]
 8WLOL]DLRODYHWPRDOHSHQWUXDFXUDSDU
EUL]XOGLQIDDFDPHUHLD

&XUDUHDRUQDPHQWHORUGLQSODVWLF
3HULFROGHUQLUH
1XXWLOL]DLDJHQLGHFXUDUHSHED]GHVRO
YHQLVDXSXOYHUL]DWRDUHSHQWUXDFXUD
QJULMLUH 

&XUDUHDRUQDPHQWHORUGHOHPQLD ULWLLGHFkWWLPSDXUPDVvQORFXOUHV
HOHPHQWHORURUQDPHQWDOH SHFWLY
=FXUDLKXVHOH$OFDQWDUDFXRODYHW
 WHUJHLRUQDPHQWXOGLQOHPQLFRPSRQHQ
WHOHRUQDPHQWDOHFXRODYHWIUVFDPH XPHG1XRPLWHLVWHUJHLVHFLXQL
XPH]LWGHH[FXRODYHWGLQPLFURILEUH vQWUHJLDOHVFDXQXOXLSHQWUXDQXOVD
XUPHYL]LELOH
 0XUGULHDEXQGHQWXWLOL]DLSURGXVHGH
vQJULMLUHLFXUDUHDXWRUHFRPDQGDWHL G 5HLQHLFvQJULMLUHDUHJXODWHVWHHVHQ
DSUREDWHGH0HUFHGHV%HQ] LDOSHQWUXDYDVLJXUDFDVSHFWXOLFRQ
IRUWXOKXVHORUHVWHSVWUDWvQWLPS
 1XXWLOL]DLDJHQLGHFXUDUHSHED]GH
VROYHQLSUHFXPDJHQLLGHHOLPLQDUHD &XUDUHDFHQWXULORUGHVLJXUDQ
JXGURQXOXLDJHQLLGHFXUDUHDURLORU

QWUHLQHUHLvQJULMLUH
VXEVWDQHGHSROLDWVDXFHDUQFD]FRQ  8WLOL]DLDSFXUDWFOGXLVROXLHFX
WUDUH[LVWULVFXOGHWHULRUULLVXSUDIHHL VSXQ
 1XFXUDLFHQWXULOHGHVLJXUDQFXDMX
&XUDUHDKXVHORUVFDXQHORU
WRUXODJHQLORUGHFXUDUHFKLPLFL1X
 1XXWLOL]DLODYHWHFXPLFURILEUHSHQWUXD XVFDLFHQWXULOHGHVLJXUDQODWHPSHUDWXUL
FXUDSLHOHDQDWXUDOFHDDUWLILFLDOVDX GHSHVWHVDXODOXPLQDGLUHFWD
KXVHOH$OFDQWDUD'DFOHXWLOL]DLIUHF VRDUHOXL
YHQWDFHVWHDSRWGHWHULRUDWDSLHULD
 5HVSHFWDLXUPWRDUHOHODFXUDUH &XUDUHDFSWXHOLLSDYLOLRQXOXLLD
PRFKHWHORU
=FXUDLFXJULMKXVHOHGLQSLHOHQDWXUDO
FXRODYHWXPHGLDSRLWHUJHLKXVHOH  &SWXHDOSDYLOLRQXWLOL]DLRSHULH
FXRODYHWXVFDW$VLJXUDLYFSLHOHD PRDOHVDXXQDJHQWGHFXUDUHUHFRPDQ
QXVHvPELEFXDSQFD]FRQWUDU GDWLDSUREDWGH0HUFHGHV%HQ]SHQWUXD
DFHDVWDVHYDvQWULLVHYDUXSH8WLOL]DL VFRDWHSHWHOHUH]LVWHQWH
GRDUDJHQLGHFXUDUHDSLHOLLFDUHDX  0RFKHWHXWLOL]DLDJHQLLGHFXUDUHSHQ
IRVWWHVWDLLDSUREDLGH0HUFHGHV WUXPRFKHWHLWH[WLOHUHFRPDQGDLLDSUR
%HQ]3XWHLVDFKL]LLRQDLDFHVWHSUR EDLGH0HUFHGHV%HQ]
GXVHGHODXQDWHOLHUGHVSHFLDOLWDWHDXWR
UL]DW
=FXUDLKXVHOHGLQSLHOHDUWLILFLDOFXR
ODYHWvPELEDWFXRVROXLHFDUHFRQLQH
GHWHUJHQW GHH[GHWHUJHQWGHYDVH 
=FXUDLKXVHOHWH[WLOHFXRODYHWFX
PLFURILEUHvPELEDWFXRVROXLHFDUH
FRQLQHGHWHUJHQW GHH[GHWHUJHQW
GHYDVH )UHFDLFXDWHQLHLWHUJHL
vQWRWGHDXQDVHFLXQLvQWUHJLDOHVFDXQXOXL
SHQWUXDHYLWDVOVDLXUPHYL]LELOH
/VDLVFDXQXOVVHXVXFHDSRL5H]XO
WDWHOHFXUULLGHSLQGGHWLSXOGHLPSX





,QIRUPDLLXWLOH 
8QGHJVHVF" 
3DQGHFDXFLXF 
%DWHULH 
3RUQLUHDIRUDW 
7UDFWDUHDLSRUQLUHDSULQWUDFWDUH 
6LJXUDQHHOHFWULFH 

$VLVWHQvQFD]GHSDQ
 8QGHJVHVF"

,QIRUPDLLXWLOH 0RQWDUHDWULXQJKLXOXLGHDYHUWL]DUH

G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH
YDULDLLvQIXQFLHGHDU9UXJPVUHL
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH
ULWRDUHODVLJXUDQ  3OLDLSLFLRDUHOHvQMRVLvQODWHUDO
$VLVWHQvQFD]GHSDQ

G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH  7UDJHLODWXULOHUHIOHFWRUL]DQWHDvQVXV
FLDOLWDWHDXWRUL]DWH 3DJLQD  SHQWUXDIRUPDXQWULXQJKLLEORFDLOHvQ
SDUWHDVXSHULRDUFXDMXWRUXOFDSVHLC

8QGHJVHVF"
7ULXQJKLGHDYHUWL]DUH 7UXVGHSULPDMXWRU
 'HVFKLGHLKD\RQXO
6FRDWHUHDWULXQJKLXOXLGHDYHUWL]DUH
7ULXQJKLXOGHDYHUWL]DUHHVWHDPSODVDWvQVSD
LXOGHGHSR]LWDUHGHVXESODQHXOSRUWEDJD
MXOXL
 'HVFKLGHLKD\RQXO
 5LGLFDLSODQHXOSRUWEDJDMXOXLvQVXV
3DJLQD 
G QIXQFLHGHHFKLSDUHDDXWRYHKLFXOXOXL
HVWHSRVLELOFDWULXQJKLXOGHDYHUWL]DUHVVH
DIOHLvQDOWHORFXULGHVXESODQHXOSRUWED
JDMXOXL  6FRDWHLWUXVDGHSULPDMXWRUCGLQSODVD
SHQWUXEDJDMH
G 9HULILFDLGDWDGHH[SLUDUHGHSHWUXVDGH
SULPDMXWRUFHOSXLQRGDWSHDQQORFXLL
FRQLQXWXOGDFHVWHQHFHVDULvQORFXLL
FRPSRQHQWHOHDEVHQWH

([WLQFWRU
([WLQFWRUXOVHDIOVXESDUWHDGLQIDDVFDX
QXOXLRIHUXOXL
([HPSOHORFXULOHGHGHSR]LWDUHDOHWULXQJKLXOXLGH
DYHUWL]DUH
 6FRDWHLWULXQJKLXOGHDYHUWL]DUHC
8QGHJVHVF" 

=WLIWXOGHFHQWUDUH
=FDODGHURDWSOLDQW

$XWRYHKLFXOHFXWUXV7,5(),7
 5LGLFDLSODQHXOSRUWEDJDMXOXLvQVXV
3DJLQD 

 7UDJHLSOFXDCvQVXV
 6FRDWHLH[WLQFWRUXOD

$VLVWHQvQFD]GHSDQ
G 6ROLFLWDLXPSOHUHDH[WLQFWRUXOXLGXSILH
FDUHXWLOL]DUHLYHULILFDUHDVDRGDWODXQX
VDXGRLDQLQFD]FRQWUDUDFHVWDVHSRDWH
GHIHFWDODXUJHQH
5HVSHFWDLFHULQHOHOHJDOHvQWRDWHULOH C &KHLHGHURDW
YL]DWH D &ULF
5HFLSLHQWFXSDVWGHHWDQDUHSHQWUX
SQHXUL
7UXVGHVFXOHDDXWRYHKLFXOXOXL WLIWGHFHQWUDUH
1RWH &RPSUHVRUGHXPIODUHDSQHXULORU
6SDLXOGHGHSR]LWDUHGHVXESODQHXOSRUW &DOGHURDWSOLDQW
EDJDMXOXLFRQLQH k 7ULXQJKLGHDYHUWL]DUH
=RFKLXOGHWUDFWDUH l &KHLHLQHODUFXFOLFKHW
=WUXVD7,5(),7 m 2FKLGHWUDFWDUH
=WUXVDGHVFXOHSHQWUXVFKLPEDUHDSQHXULORU
$XWRYHKLFXOHFXRURDWGHUH]HUY
G $XWRYHKLFXOHOHIURURDWGHUH]HUY 0LQLVSDUH
0LQLVSDUHQXVXQWGRWDWHFXXQHOWHOH
QHFHVDUHVFKLPEULLXQHLURLODLHLUHDGLQ  5LGLFDLSODQHXOSRUWEDJDMXOXLvQVXV
IDEULFGHH[FXXQFULF(VWHSRVLELOV 3DJLQD 
H[LVWHYDULDLLvQIXQFLHGHDU$QXPLWH  6FRDWHLURDWDGHUH]HUYGHX]WHPSRUDU
VFXOHSHQWUXVFKLPEDUHDXQHLURLVXQWVSH 0LQLVSDUH 3DJLQD 
FLILFHDXWRYHKLFXOXOXL6FXOHOHDSUREDWH
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWUSRWIL
RELQXWHGHODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
7UXVDGHVFXOHSHQWUXVFKLPEDUHDSQHXULORU
=FULFXO
=FKHLDLQHODUFXFOLFKHW
=FKHLDGHURDW
 3DQGHFDXFLXF

3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGVFKLP
EDUHDURLLLPRQWDUHDURLLGHUH]HUYFRQ
VXOWDL 3DJLQD 

3DQGHFDXFLXF
3UHJWLUHDDXWRYHKLFXOXOXL
$XWRYHKLFXOXOGXPQHDYRDVWUSRDWHILGRWDW
FX
=RWUXV7,5(),7
([HPSOXDXWRYHKLFXOFXRURDWGHUH]HUY0LQLV
SDUHL$,50$7,& =RURDWGHUH]HUYGHX]WHPSRUDU
C &DOGHURDWSOLDQW
$VLVWHQvQFD]GHSDQ

=3QHXUL02([WHQGHG SQHXULFXFDUDFWHULV
D &KHLHGHURDW WLFLGHUXODUHvQFD]GHSDQ
WLIWGHFHQWUDUH 3DJLQD
2FKLGHWUDFWDUH G 3UHJWLUHDDXWRYHKLFXOXOXLQXHVWHQHFH
&ULF VDUODDXWRYHKLFXOHOHFXSQHXUL02([WHQ
&KHLHLQHODUFXFOLFKHW GHG
G $XWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX
VXQWGRWDWHFXRWUXV7,5(),7GLQIDEULF
5RDWDGHUH]HUYGHX]WHPSRUDU 3ULQXUPDUHVHUHFRPDQGGRWDUHDVXSOL
0LQLVSDUH PHQWDUDDXWRYHKLFXOXOXLGXPQHDYRDVWU
5RDWDGHUH]HUYGHX]WHPSRUDU0LQLVSDUH FXRWUXV7,5(),7GDFPRQWDLSQHXULIU
VHJVHWHvQVSDLXOGHGHSR]LWDUHGHVXE SURSULHWLGHUXODUHvQFD]GHSDQGHH[
SODQHXOSRUWEDJDMXOXL SQHXULGHLDUQ2WUXV7,5(),7SRDWHREL
QXWGHODXQ&HQWUXGHVHUYLFH0HUFHGHV
 5LGLFDLSODQHXOSRUWEDJDMXOXLvQVXV
%HQ]
3DJLQD 
 $VLJXUDLYFQLYHOXOGHDXWRVWUDGHVWH
VHOHFWDW 3DJLQD 
 2SULLDXWRYHKLFXOXOFkWPDLGHSDUWHSRVLELO
GHWUDILFSHWHUHQVROLGQHDOXQHFRVLQLYH
ODW
 $FWLYDLVHPQDOL]DWRDUHOHGHDYDULH
 $FLRQDLPDQXDOIUkQDHOHFWULFGHSDUFDUH
3DJLQD 
 $GXFHLURLOHGLQIDvQSR]LLDGUHSW
vQDLQWH
 $GXFHLPDQHWD',5(&76(/(&7vQSR]LLD
 5RWLLGLVSR]LWLYXOGHSULQGHUHSHQWUXURDWD 3
GHUH]HUYGHX]WHPSRUDUDvQVHQVDQWLR
UDULVFRDWHLO  2SULLPRWRUXO
 6FRDWHLURDWDGHUH]HUYGHX]WHPSRUDU
0LQLVSDUHC
 $XWRYHKLFXOHOHFXSDFKHW21 2))52$'
3DQGHFDXFLXF 

 $XWRYHKLFXOHIU.(</(66*2VFRDWHL 7,5(),7ODWHPSHUDWXULH[WHULRDUHGHSkQOD
FKHLDGLQFRPXWDWRUXOGHFRQWDFW PLQLPXP
 $XWRYHKLFXOHFX.(</(66*2GHVFKL
$9(57,60(17
GHLSRUWLHUDRIHUXOXL
6LVWHPHOHHOHFWURQLFHGHODERUGDXVWDUHD QXUPWRDUHOHVLWXDLLSDVWDGHHWDQDUHD
SUHFXPFKHLDFDUHHVWHVFRDV SQHXULORUHVWHLQFDSDELOVRIHUHDVLVWHQ
VXILFLHQWvQFD]GHSDQILLQGLQFDSDELOV
 $XWRYHKLFXOHFX.(</(66*2VFRDWHL
HWDQH]HFRUHFWSQHXO
EXWRQXO6WDUW6WRSGLQFRPXWDWRUXOGH
=H[LVWWLHWXULVDXvQHSWXULvQSQHXPDL
FRQWDFW 3DJLQD 
PDULGHFkWFHOHPHQLRQDWHPDLVXV
 7RLSDVDJHULLWUHEXLHVLDVGLQDXWRYHKL =MDQWDSQHXOXLHVWHGHWHULRUDW
FXO$VLJXUDLYFQXHVWHSXVvQSHULFRO
=DLFRQGXVODSUHVLXQLIRDUWHVF]XWHvQ
VLJXUDQDQLFLXQXLD
SQHXULVDXFXRSDQGHSQHX

$VLVWHQvQFD]GHSDQ
 $VLJXUDLYFQXVHDIOQLPHQLOkQJ]RQD
SHULFXORDVFkQGVHVFKLPERURDW&LQH ([LVWXQULVFGHDFFLGHQW
QXDVLVWGLUHFWODVFKLPEDUHDURLLWUHEXLH 1XFRQGXFHLvQFRQWLQXDUH&RQWDFWDLXQ
GHH[HPSOXVVWHDvQVSDWHOHEDULHUHL DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 ,HLLGLQDXWRYHKLFXO$FRUGDLDWHQLHFRQ
 1XVFRDWHLRELHFWHVWULQHFDUHDXSHUIRUDW
GLLLORUGHWUDILFFkQGLHLL
SQHXOGHH[XUXEXULVDXFXLH
 QFKLGHLSRUWLHUDRIHUXOXL
 6FRDWHLUHFLSLHQWXOFXSDVWGHHWDQDUH
 $H]DLWULXQJKLXOGHDYHUWL]DUH
SHQWUXSQHXULHWLFKHWDvQVRLWRDUHPD[
3DJLQD ODRGLVWDQDGHFYDW5HV NPKLFRPSUHVRUXOGHXPIODUHD
SHFWDLQRUPHOHOHJDOH SQHXULORUGLQVSDLXOGHGHSR]LWDUHGHVXE
 'HVFUFDLEDJDMHOHJUHOH SODQHXOSRUWEDJDMXOXL 3DJLQD 
G $FLRQDLFRPSUHVRUXOGHXPIODUHDSQHX
ULORUQXPDLFXDMXWRUXOXQHLSUL]HGH9
3DJLQD FKLDULGDFFRQWDFWXOHVWH
GHFXSODW
8QPHFDQLVPGHvQWUHUXSHUHGHXUJHQ
DVLJXUIDSWXOFWHQVLXQHDGHODERUGQX
VFDGHODXQQLYHOSUHDPLF'DFWHQVLXQHD
GHODERUGHVWHSUHDVF]XWDOLPHQWDUHD
ODSUL]HHVWHvQWUHUXSWDXWRPDW$VWIHOVH
DVLJXUXQFXUHQWHOHFWULFVXILFLHQWSHQWUX
DSRUQLPRWRUXO
 )L[DLSDUWHDCDHWLFKHWHLDXWRFRODQWHvQ
FkPSXOYL]XDODORIHUXOXL
7UXV7,5(),7  )L[DLSDUWHDDDHWLFKHWHLDXWRFRODQWH
OkQJVXSDSDGHSHURDWFXSQHXOGHIHFW
8WLOL]DUHDWUXVHL7,5(),7
7,5(),7HVWHRSDVWGHHWDQDUHSHQWUX $9(57,60(17
SQHXUL 3DVWDGHHWDQDUHSHQWUXSQHXULHVWH
3XWHLXWLOL]D7,5(),7SHQWUXDHWDQD GXQWRDUHLFDX]HD]LULWDLL$FHVWDQXWUH
vQHSWXULGHSkQODPPvQVSHFLDOFHOHGH EXLHVYLQvQFRQWDFWFXRFKLLSLHOHDVDX
SHVXSUDIDDGHUXODUHDSQHXOXL3XWHLXWLOL]D vPEUFPLQWHDGXPQHDYRDVWUVDXVILH
vQJKLLW1XLQKDODLYDSRUL7,5(),71XOVDL


 3DQGHFDXFLXF

SDVWDGHHWDQDUHSHQWUXSQHXULODvQGHPkQD UHDDFRPSUHVRUXOXLGHXPIODUHDSQHXUL
FRSLLORU([LVWXQULVFGHDFFLGHQW ORU
'DFLQWUDLvQFRQWDFWFXSDVWDGHHWDQDUH
SHQWUXSQHXULLQHLFRQWGHXUPWRDUHOH
=&OWLLLPHGLDWFXDS]RQDDIHFWDWGHSH
SLHOHGHSDVWDGHHWDQDUHSHQWUXSQHXUL
='DFSDVWDGHHWDQDUHSHQWUXSQHXULYLQH
vQFRQWDFWFXRFKLLFOWLLLPHGLDWFXDS
FXUDW
='DFvQJKLLLSDVWGHHWDQDUHFOWLLY
LPHGLDWLELQHJXUDLEHLDSGLQDEXQ
GHQ1XLQGXFHLYRPDLFHUHLLPHGLDW
$VLVWHQvQFD]GHSDQ

DMXWRUXOPHGLFXOXL
 6FRDWHLFDSDFXOGHSHYHQWLOXOkGHSH
=6FKLPEDLYLPHGLDWGHKDLQHOHFDUHDX
SQHXOGHIHFW
LQWUDWvQFRQWDFWFXSDVWGHHWDQDUHSHQ
 QILOHWDLIXUWXQXOGHXPSOHUHlSH
WUXSQHXUL
='DFVXIHULLUHDFLLDOHUJLFHFHUHLLPHGLDW
YDOYk
DMXWRUXOPHGLFXOXL  ,QWURGXFHLPXIDvQSUL]DGH9
3DJLQD 
G 'DFH[LVWVFXUJHULGHSDVWGHHWDQDUH  5RWLLFKHLDvQSR]LLD 3DJLQD GLQ
SHQWUXSQHXULOVDLRVVHXVXFH$FHVWD
FRPXWDWRUXOGHFRQWDFW
SRDWHILDSRLvQGHSUWDWFDRSHOLFXOVXE
 $SVDLFRPXWDWRUXOGHSRUQLUHRSULUH
LUH
GHSHFRPSUHVRUXOGHXPIODUHDSQHXULORU
'DFDMXQJHSDVWGHHWDQDUHSHQWUX
vQSR]LLD,
SQHXULSHKDLQHOHGXPQHDYRDVWUVROLFLWDL
&RPSUHVRUXOGHXPIODUHDSQHXULORUHVWH
FXUDUHDVDFkWPDLFXUkQGSRVLELOFXSHU
DFWLYDW3QHXOHVWHXPIODW
FORUHWLOHQ
G 0DLvQWkLVHSRPSHD]SDVWGHHWDQDUH
SHQWUXSQHXULvQSQHX3UHVLXQHDSRDWHV
FUHDVFWHPSRUDUODDSUR[LPDWLYN3D
EDULSVL 
1XGH]DFWLYDLFRPSUHVRUXOGHXPIODUH
DSQHXULORUvQDFHDVWID]
 /VDLFRPSUHVRUXOGHXPIODUHDSQHXULORU
VIXQFLRQH]HWLPSGHFLQFLPLQXWH3QHXO
WUHEXLHVILDWLQVRSUHVLXQHGHFHOSXLQ
N3D EDULSVL 

 7UDJHLEXRQXOFXFDEOXOLIXUWXQXO  1XDFLRQDLFRPSUHVRUXOGHXPIODUHD
GLQFDUFDV SQHXULORUvQUHSUL]HGHSHVWHRSWPLQXWH
IUvQWUHUXSHUHQFD]FRQWUDUVHSRDWH
 QILOHWDLIXUWXQXOSHIODQDDUHFL
VXSUDvQFO]L
SLHQWXOXLFXSDVWGHHWDQDUHSHQWUX
&RPSUHVRUXOGHXPIODUHDSQHXULORUSRDWH
SQHXULC
ILDFLRQDWGLQQRXRGDWFHVDUFLW
 $H]DLUHFLSLHQWXOFXSDVWGHHWDQDUH
SHQWUXSQHXULCFXFDSXOvQMRVvQGHJDMD
3DQGHFDXFLXF 

'DFVDDWLQVRSUHVLXQHGHN3D VFXUJGLQIXUWXQXOGHXPSOHUH$FHDVWD
EDULSVL GXSFLQFLPLQXWHFRQVXOWDL SRDWHSWD
3DJLQD  3ULQXUPDUHDH]DLIXUWXQXOGHXPSOHUHvQ
'DFQXVDDWLQVRSUHVLXQHGHN3D SXQJDGLQSODVWLFvQFDUHVHDIODWUXVD7,5(
EDULSVL GXSFLQFLPLQXWHFRQVXOWDL ),7
3DJLQD   'HSR]LWDLUHFLSLHQWXOFXSDVWGHHWDQDUH
SHQWUXSQHXULFRPSUHVRUXOGHXPIODUHD
3UHVLXQHDvQSQHXULGHFHOSXLQN3D SQHXULORULWULXQJKLXOGHDYHUWL]DUH
EDULSVL QXDIRVWDWLQV  'HPDUDLLPHGLDW
'DFQXVDDWLQVRSUHVLXQHGHN3D
EDULSVL GXSFLQFLPLQXWH $9(57,60(17
8QSQHXHWDQDWWHPSRUDUFXSDVWGHHWDQ
 'H]DFWLYDLFRPSUHVRUXOGHXPIODUHD

$VLVWHQvQFD]GHSDQ
DUHSHQWUXSQHXULDIHFWHD]FDUDFWHULVWLFLOH
SQHXULORU
GHFRQGXFHUHLQXHVWHDGHFYDWSHQWUXYLWH]H
 'HVILOHWDLIXUWXQXOGHXPSOHUHGLQYHQWLOXO
PDLPDUL([LVWXQULVFGHDFFLGHQW
SQHXOXLGHIHFW
3ULQXUPDUHWUHEXLHVYDGDSWDLVWLOXOGH
 &RQGXFHLIRDUWHOHQWvQDLQWHVDXvQDSRL
FRQGXFHUHLVFRQGXFHLFXDWHQLH1X
DSUR[LPDWLYP GHSLLYLWH]DPD[LPVSHFLILFDWFXXQSQHX
 3RPSDLGLQQRXSUHVLXQHvQSQHX FDUHDIRVWUHSDUDWXWLOL]kQGSDVWGHHWDQDUH
'XSPD[LPFLQFLPLQXWHSUHVLXQHDvQ SHQWUXSQHXUL
SQHXULWUHEXLHVILHGHFHOSXLQN3D
EDULSVL  9LWH]DPD[LPSHQWUXXQSQHXHWDQDWFX
SDVWGHHWDQDUHSHQWUXSQHXULHVWHGH
$9(57,60(17 NPK(WLFKHWDDXWRFRODQWPD[
'DFSUHVLXQHDGLQSQHXULQHFHVDUQXHVWH NPKWUHEXLHIL[DWSHSDQRXOGHLQVWUX
DWLQVGXSWLPSXOVSHFLILFDWSQHXOHVWHGHWH PHQWHvQFkPSXOYL]XDODORIHUXOXL
ULRUDWIRDUWHWDUH3DVWDGHHWDQDUHSHQWUX  2SULLYGLQFRQGXVGXSDSUR[LPDWLY]HFH
SQHXULQXSRDWHUHSDUDSQHXOvQDFHDVWVLWXD PLQXWHLYHULILFDLSUHVLXQHDvQSQHXULFX
LH3QHXULOHGHWHULRUDWHLRSUHVLXQHGLQ FRPSUHVRUXOGHXPIODUHDSQHXULORU
SQHXULSUHDVF]XWSRWDIHFWDvQPRGVHPQL 3UHVLXQHDGLQSQHXULWUHEXLHVILHGHFHO
ILFDWLYFDUDFWHULVWLFLOHGHIUkQDUHLGHFRQGX SXLQN3D EDULSVL 
FHUHDOHDXWRYHKLFXOXOXL([LVWXQULVFGH
DFFLGHQW $9(57,60(17
1XFRQWLQXDLVFRQGXFHL&RQWDFWDLXQDWH 'DFSUHVLXQHDGLQSQHXULQHFHVDUQXHVWH
OLHUGHVSHFLDOLWDWHDXWRUL]DW DWLQVGXSFRQGXFHUHDvQWURSHULRDG
VFXUWGHWLPSSQHXOHVWHGHWHULRUDWIRDUWH
WDUH3DVWDGHHWDQDUHSHQWUXSQHXULQX
3UHVLXQHDvQSQHXULGHN3D
SRDWHUHSDUDSQHXOvQDFHDVWVLWXDLH3QHX
EDUSVL DIRVWDWLQV
ULOHGHWHULRUDWHLRSUHVLXQHGLQSQHXULSUHD
 'H]DFWLYDLFRPSUHVRUXOGHXPIODUHD VF]XWSRWDIHFWDvQPRGVHPQLILFDWLYFDUDF
SQHXULORU WHULVWLFLOHGHIUkQDUHLGHFRQGXFHUHDOHDXWR
 'HVILOHWDLIXUWXQXOGHXPSOHUHGLQYHQWLOXO YHKLFXOXOXL([LVWXQULVFGHDFFLGHQW
SQHXOXLGHIHFW 1XFRQWLQXDLVFRQGXFHL&RQWDFWDLXQDWH
OLHUGHVSHFLDOLWDWHDXWRUL]DW
 'XSXWLOL]DUHHVWHSRVLELOFDVXUSOXVXOGH
SDVWGHHWDQDUHSHQWUXSQHXULVVH G QDXWRYHKLFXOXOGXPQHDYRDVWUYHLJVL
RHWLFKHWDXWRFRODQWFXQXPUXOGHWHOH


 3DQGHFDXFLXF

IRQ0HUFHGHV%HQ]6HUYLFHKGHH[SH 6FKLPEDUHDXQHLURLLPRQWDUHDURLL
VWkOSXO%GHSHSDUWHDRIHUXOXL GHUH]HUY
 &RUHFWDLSUHVLXQHDvQSQHXULvQFD]XOvQ
3UHJWLUHDDXWRYHKLFXOXOXL
FDUHFRQWLQXVILHGHFHOSXLQN3D
EDULSVL  SHQWUXYDORULFRQVXOWDL $WXQFLFkQGXWLOL]DLRURDWGHUH]HUYGHX]
FODSHWDJXULLGHXPSOHUHFXFDUEXUDQW  WHPSRUDUVDXRURDWGHUH]HUYGHPULPH
GLIHULWQXWUHEXLHVGHSLLYLWH]DPD[LP
 3HQWUXDFUHWHSUHVLXQHDvQSQHXULDFWL
GHNPK
YDLFRPSUHVRUXOGHXPIODUHDSQHXULORU
$9(57,60(17
'LPHQVLXQLOHURLLSQHXOXLLWLSXOSQHXOXLURLL
GHUH]HUYURLLGHUH]HUYGHX]WHPSRUDUL
URDWDFDUHWUHEXLHvQORFXLWSRWGLIHUL0RQWD
$VLVWHQvQFD]GHSDQ

UHDXQHLURLGHUH]HUYURLGHUH]HUYGHX]
WHPSRUDUSRDWHDIHFWDVHULRVFDUDFWHULVWLFLOH
GHFRQGXFHUH([LVWXQULVFGHDFFLGHQW
3HQWUXDHYLWDVLWXDLLOHSHULFXORDVH
=$GDSWDLYVWLOXOGHFRQGXFHUHvQFRQVH
FLQLFRQGXFHLFXJULM
=1XPRQWDLPDLPXOWGHRURDWGHUH]HUY
m %XWRQGHHOLEHUDUHDSUHVLXQLL
URDWGHUH]HUYGHX]WHPSRUDUGDF
n 0DQRPHWUX
GLPHQVLXQLOHVXQWGLIHULWHGHFHOHDOHURLL
 3HQWUXDUHGXFHSUHVLXQHDvQSQHXUL FDUHWUHEXLHvQORFXLW
DSVDLEXWRQXOGHHOLEHUDUHDSUHVLXQLLm =8WLOL]DLGRDURURDWGHUH]HUYURDWGH
GHSHIXUWXQXOGHXPSOHUH UH]HUYGHX]WHPSRUDUSHQWUXVFXUWWLPS
 'HSR]LWDLUHFLSLHQWXOFXSDVWGHHWDQDUH GDFGLPHQVLXQLOHVXQWGLIHULWHGHFHOHDOH
SHQWUXSQHXULFRPSUHVRUXOGHXPIODUHD URLLFDUHWUHEXLHvQORFXLW
SQHXULORULWULXQJKLXOGHDYHUWL]DUH =1XGH]DFWLYDL(63

 &RQGXFHLODFHOPDLDSURSLDWDWHOLHUGHVHU =6ROLFLWDLvQORFXLUHDURLLGHUH]HUYURLLGH
YLFHGHVSHFLDOLWDWHDXWRUL]DWLVROLFLWDL UH]HUYGHX]WHPSRUDUUHVSHFWLYHODFHO
VFKLPEDUHDSQHXOXLDFROR PDLDSURSLDWDWHOLHUGHVSHFLDOLWDWHDXWRUL
 6ROLFLWDLFkWPDLFXUkQGSRVLELOvQORFXLUHD ]DW$VLJXUDLYFGLPHQVLXQLOHURLLGH
UHFLSLHQWXOXLFXSDVWGHHWDQDUHSHQWUX UH]HUYURLLGHUH]HUYGHX]WHPSRUDUL
SQHXULODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL WLSXOSQHXOXLVXQWFRUHFWH
]DW
G $XWRYHKLFXOHOHIUURDWGHUH]HUYGHX]
1RWSULYLQGSURWHFLDPHGLXOXL WHPSRUDUURDWGHUH]HUYQXVXQWGRWDWH
6ROLFLWDLHOLPLQDUHDvQPRGSURIHVLRQLVWD FXVFXOHGHVFKLPEDUHDURLORUGLQIDEULF
UHFLSLHQWXOXLFXSDVWGHHWDQDUHSHQWUX 3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGVFX
SQHXULGHH[ODXQDWHOLHUGHVSHFLDOLWDWH OHOHQHFHVDUHHIHFWXULLXQXLVFKLPEGH
DXWRUL]DW URDWODDXWRYHKLFXOXOGXPQHDYRDVWUGH
H[FDODGHURDWFKHLDGHURLVDXWLIWXOGH
 2GDWODSDWUXDQLVROLFLWDLvQORFXLUHDUHFL FHQWUDUHFRQVXOWDLXQ&HQWUXGHVHUYLFH
SLHQWXOXLFXSDVWGHHWDQDUHSHQWUX 0HUFHGHV%HQ]
SQHXULODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW
3DQGHFDXFLXF 

 3UHJWLLDXWRYHKLFXOXOFRQIRUPGHVFULHULL  3OLDLDPEHOHSOFLvQVXVC
3DJLQD   3OLDLvQDIDUDSODFDLQIHULRDUD
 'DFRUHPRUFHVWHFXSODWODDXWRYHKL
 *KLGDLXUHFKLOHGHSHSODFDLQIHULRDUSkQ
FXOGHFXSODLR ODFDSWvQGHVFKL]WXULOHGLQSODFDGHVXV
 6FRDWHLXUPWRDUHOHDUWLFROH vQIXQFLHGH LQHUH
JUDGXOGHGRWDUHDDXWRYHKLFXOXOXL GLQVSD
LXOGHGHSR]LWDUHGHVXESODQHXOSRUWED
JDMXOXL
=URDWDGHUH]HUYGHX]WHPSRUDU
=FKHLDGHURDW
=FDODGHURDWSOLDQW
=FULFXO

$VLVWHQvQFD]GHSDQ
=FKHLDLQHODUFXFOLFKHW
=WLIWXOGHFHQWUDUH

 $VLJXUDLDXWRYHKLFXOXOSHQWUXDSUHYHQL
SXQHUHDVDvQPLFDUH $VLJXUDUHDDXWRYHKLFXOXOXLSHWHUHQSODQ
 3HWHUHQSODQDH]DLFDOHOHVDXDOWHDUWL
$VLJXUDUHDDXWRYHKLFXOXOXLSHQWUXD FROHFRUHVSXQ]WRDUHVXEURDWDIDL
SUHYHQLSXQHUHDVDvQPLFDUH VSDWHGLDJRQDORSXVFHOHLSHFDUHGRULLV
RVFKLPEDL
'DFDXWRYHKLFXOXOGXPQHDYRDVWUHVWH
GRWDWFXFDOGHURDWDFHDVWDVHUHJVHWH
vQWUXVDGHVFXOHDDXWRYHKLFXOXOXL
3DJLQD 
&DODGHURDWSOLDQWHVWHRPVXUGHVLJX
UDQVXSOLPHQWDUFDUHSUHYLQHSXQHUHDvQ
PLFDUHDDXWRYHKLFXOXOXLGHH[HPSOXFkQG
VFKLPEDLRURDW

$VLJXUDUHDDXWRYHKLFXOXOXLSHSDQWHGHVFHQGHQWH
XRDUH
 3HSDQWHGHVFHQGHQWHDH]DLFDOHVDX
DOWHDUWLFROHFRUHVSXQ]WRDUHvQIDDURLORU
GHSHSXQWHDIDLVSDWH

5LGLFDUHDDXWRYHKLFXOXOXL
$9(57,60(17
'DFQXSR]LLRQDLFRUHFWFULFXOvQSXQFWXO
FRUHVSXQ]WRUGHULGLFDUHFXFULFXODODXWRYH
KLFXOXOXLFULFXOVDUSXWHDUVWXUQDvPSUHXQ

 $XWRYHKLFXOHOHFXURDWGHUH]HUYGHX]WHPSRUDU


 3DQGHFDXFLXF

FXDXWRYHKLFXOXOULGLFDW([LVWXQULVFGHDFFL =FULFXOWUHEXLHSR]LLRQDWSHRVXSUDID

GHQW IHUPSODQLQHDOXQHFRDV3HRVXSUD
3R]LLRQDLFULFXOQXPDLvQSXQFWXOFRUHV IDDIkQDWPDUHWUHEXLHXWLOL]DWRVXSUD
SXQ]WRUGHULGLFDUHFXFULFXODODXWRYHKLFX IDSRUWDQW3HRVXSUDIDDOXQHFRDV
OXOXL%D]DFULFXOXLWUHEXLHSR]LLRQDWYHUWLFDO WUHEXLHXWLOL]DWRVXSUDIDQHDOXQHFRDV
LPHGLDWVXESXQFWXOGHULGLFDUHFXFULFXODO GHH[FRYRUDHGLQFDXFLXF
DXWRYHKLFXOXOXL =QXXWLOL]DLFDOHGHOHPQVDXRELHFWHVLPL
ODUHSHQWUXDVXVLQHFULFXOQFD]FRQWUDU
 $XWRYHKLFXOH$0*HFKLSDWHFXURDWD FULFXOQXYDILFDSDELOVvLvQGHSOLQHDVF
GHUH]HUYGHX]WHPSRUDU0LQLVSDUH FDSDFLWDWHDGHVXVLQHUHGHVDUFLQLGLQ
8WLOL]DLURDWDGHUH]HUYGHX]WHPSRUDU FDX]DvQOLPLLUHVWULFLRQDWH
0LQLVSDUHQXPDLFXSXQWHDVSDWH'DF =DVLJXUDLYFGLVWDQDGLQWUHSDUWHDLQIH
URDWDGHUH]HUYGHX]WHPSRUDU0LQLV ULRDUDSQHXULORULVROQXGHSHWH
$VLVWHQvQFD]GHSDQ

SDUHHVWHPRQWDWSHSXQWHDIDDFHDVWD FP
DUSXWHDGHIHFWDVLVWHPXOGHIUkQDUH =QXLQHLQLFLRGDWPkLQLOHLSLFLRDUHOHVXE
'DFXQSQHXGHSHSXQWHDIDHVWH DXWRYHKLFXOXOULGLFDW
GHIHFWRURDWLQWDFWGHSHSXQWHDVSDWH =QXYvQWLQGHLQLFLRGDWVXEDXWRYHKLFXOXO
WUHEXLHPDLvQWkLvQORFXLWFXURDWDGH ULGLFDW
UH]HUYGHX]WHPSRUDU0LQLVSDUH3QHXO =QXSRUQLLQLFLRGDWPRWRUXOFkQGDXWRYH
GHIHFWGHSHSXQWHDIDWUHEXLHDSRLvQOR
KLFXOXOHVWHULGLFDW
FXLWFXSQHXOLQWDFWGHSHSXQWHDVSDWH
=QXGHVFKLGHLVDXQXvQFKLGHLQLFLRGDWR
$VLJXUDLYFDLREVHUYDWHWLFKHWDFX
SRUWLHUVDXKD\RQXODWXQFLFkQGDXWRYHKL
LQVWUXFLXQLGHSHURDWDGHUH]HUYGHX]
FXOXOHVWHULGLFDW
WHPSRUDU0LQLVSDUH
=DVLJXUDLYFQXVHDIOSHUVRDQHvQDXWR
$WXQFLFkQGULGLFDLXQDXWRYHKLFXOWUHEXLHV YHKLFXODWXQFLFkQGDFHVWDHVWHULGLFDW
LQHLFRQWGHXUPWRDUHOH
=SHQWUXDULGLFDDXWRYHKLFXOXOXWLOL]DLQXPDL
FULFXOVSHFLILFSHQWUXDXWRYHKLFXOHFDUHD
IRVWWHVWDWLDSUREDWGH0HUFHGHV%HQ]
'DFHVWHXWLOL]DWLQFRUHFWFULFXOVDUSXWHD
UVWXUQDvPSUHXQFXDXWRYHKLFXOXOULGL
FDW
=FULFXOHVWHFRQFHSXWVULGLFHLVVXVLQ
DXWRYHKLFXOXORSHULRDGVFXUWGHWLPS
FkQGRURDWHVWHVFKLPEDW(OQXHVWH
GHVWLQDWHIHFWXULLRSHUDLLORUGHvQWUHLQHUH
VXEDXWRYHKLFXO  &XDMXWRUXOFKHLLGHURDWCVOELLXUX
=HYLWDLVVFKLPEDLURDWDSHSDQWHGHVFHQ EXULOHGHSHURDWDSHFDUHGRULLVRVFKLP
GHQWHVDXDVFHQGHQWH EDLFXDSUR[LPDWLYRURWDLHFRPSOHW1X
=vQDLQWHGHULGLFDUHDDXWRYHKLFXOXOXLDVLJX GHVILOHWDLFRPSOHWXUXEXULOH
UDLOGHSXQHUHDvQPLFDUHSULQDFLRQDUHD 3XQFWHOHGHULGLFDUHFXFULFXOVXQWDPSODVDWH
IUkQHLGHSDUFDUHLSULQLQWURGXFHUHDFDOH LPHGLDWvQVSDWHOHSDVDMHORUURLORUIDLLPH
ORUGHURDW1XGHFXSODLQLFLRGDWIUkQD GLDWvQIDDSDVDMHORUURLORUVSDWH VJHL 
GHSDUFDUHFkWWLPSDXWRYHKLFXOXOHVWHULGL
FDW
3DQGHFDXFLXF 

 5RWLLFKHLDLQHODUFXFOLFKHWSkQFkQG
FULFXOHVWHDH]DWFRPSOHWSHSXQFWXOGH
ULGLFDUHFXFULFXODLED]DFULFXOXLVWXQL
IRUPSHVRO
 5RWLLFKHLDLQHODUFXFOLFKHWSkQFkQG
SQHXOHVWHULGLFDWODPD[LPXPFPGHVRO

'HPRQWDUHDXQHLURL

 6FRDWHLFKHLDLQHODUFXFOLFKHWGLQWUXVD
GHVFXOHDDXWRYHKLFXOXOXLLDH]DLRSH

$VLVWHQvQFD]GHSDQ
SLXOLDKH[DJRQDOGLQFULFDVWIHOvQFkWOLWH
UHOH$8)VILHYL]LELOH

 'HVILOHWDLFRPSOHWXUXEXOGHURDWGHVXV
 QILOHWDLFHSXOGHFHQWUDUHCvQILOHWvQORF
GHXUXEXOGHURDW
 'HVILOHWDLXUXEXULOHGHURDWUPDVHSkQ
ODFDSW
 3R]LLRQDLFULFXOODSXQFWXOGHULGLFDUH  1XDH]DLXUXEXULOHvQQLVLSVDXSH
FXFULFXOD VXSUDIHHPXUGDUHQFD]FRQWUDUILOHWXO
&HSXOGHFHQWUDUHGHSHFULFWUHEXLHVILH XUXEXULORUURLORULEXWXFXOURLLDUSXWHDIL
LQWURGXVvQGHVFKL]WXUDSUHY]XWGHSH GHWHULRUDWHvQWLPSXOvQXUXEULL
SXQFWXOGHULGLFDUHFXFULFXO  6FRDWHLURDWD

0RQWDUHDXQHLQRLURL
$9(57,60(17
XUXEXULOHGHURDWJUHVDWHVDXXQVHVDX
XUXEXULOHEXWXFLLGHURDWGHWHULRUDWHGHWH
ULRUDLSRWFDX]DGHVSULQGHUHDXUXEXULORUGH
URDW3ULQXUPDUHSXWHLSLHUGHRURDW
DWXQFLFkQGFRQGXFHL([LVWXQULVFGHDFFL
GHQW
1XXQJHLQLFLRGDWFXXOHLVDXXQVRDUHXUX
 $VLJXUDLYFED]DFULFXOXLHVWHSR]LLR EXULOHGHURDWQFD]GHGHWHULRUDUHDILOHWH
QDWGLUHFWVXESXQFWXOGHULGLFDUHFXFUL ORUFRQWDFWDLLPHGLDWXQDWHOLHUGHVSHFLDOL
FXO WDWHDXWRUL]DW6ROLFLWDLUHFRQGLLRQDUHDvQOR


 3DQGHFDXFLXF

FXLUHDXUXEXULORUGHURDWVDXDILOHWHORU  &XUDLVXSUDIHHOHGHFRQWDFWDOHURLLL
EXWXFLORU1XFRQWLQXDLVFRQGXFHL EXWXFXOXLGHURDW

$9(57,60(17
'DFVWUkQJHLXUXEXULOHGHURDWVDXSLXOL
HOHGHURDWDWXQFLFkQGDXWRYHKLFXOXOHVWH
ULGLFDWFULFXOVDUSXWHDUVWXUQD([LVWXQ
ULVFGHDFFLGHQW
6WUkQJHLXUXEXULOHVDXSLXOLHOHGHURDW
QXPDLDWXQFLFkQGDXWRYHKLFXOXOVHDIOSH
VRO

5HVSHFWDLvQWRWGHDXQDLQVWUXFLXQLOHLLQIRU
$VLVWHQvQFD]GHSDQ

PDLLOHGHVLJXUDQGLQ6FKLPEDUHDXQHL  &XOLVDLURDWDGHUH]HUYGHX]WHPSRUDUSH
URL 3DJLQD  FHSXOGHFHQWUDUHLvPSLQJHLRvQLQWHULRU
8WLOL]DLQXPDLXUXEXULOHGHURDWFRQFHSXWH  6WUkQJHLXUXEXULOHGHURDWSkQFkQG
SHQWUXURDWLDXWRYHKLFXO'LQUDLXQLGH VXQWVWUkQVHODSUHVLXQHPDQXDO
VLJXUDQ0HUFHGHV%HQ]YUHFRPDQGV
 'HVILOHWDLFHSXOGHFHQWUDUH
XWLOL]DLQXPDLXUXEXULGHURDWFDUHDXIRVW
RPRORJDWHVSHFLDOSHQWUXDXWRYHKLFXOHOH  6WUkQJHLXOWLPXOXUXEGHURDWSkQFkQG

0HUFHGHV%HQ]LURDWDORUUHVSHFWLY DWLQJHLSUHVLXQHDPDQXDO

&RERUkUHDDXWRYHKLFXOXOXL
$9(57,60(17
3UHVLXQHDGLQSQHXULSUHDPDUHVDXSUHDPLF
SRDWHGXFHODH[SORGDUHDURLLGHUH]HUYD
URLLGHUH]HUYGHX]WHPSRUDUvQVSHFLDO
DWXQFLFkQGVHFRQGXFHFXYLWH]PDUHLFX
RVDUFLQJUHD([LVWXQULVFGHDFFLGHQW
9HULILFDLSUHVLXQHDGLQSQHXULOHURLLGH
UH]HUYVDXDOHURLLGHUH]HUYGHX]WHPSRUDU
C XUXEXULOHGHURDWSHQWUXWRDWHURLOHIXU LUHJODLR3HSDUFXUVXODFHVWHLPDQHYUH
QL]DWHGLQIDEULF XUPULLSUHVLXQHDVSHFLILFDWGLQSQHXUL
 XUXEXULOHGHURDWSHQWUXURDWDGH
UH]HUYGHX]WHPSRUDU0LQLVSDUH  $H]DLFKHLHLQHODUFXFOLFKHWSHSLXOLD
KH[DJRQDODFULFXOXLDVWIHOvQFkWVILHYL]L
 8WLOL]DLvQWRWGHDXQDXUXEXULGH ELOHOLWHUHOH$%
URDWDSHQWUXDPRQWDURDWDGHUH]HUY  5RWLLFKHLDLQHODUFXFOLFKHWSkQFkQG
FRPSDFWGHX]WHPSRUDU8WLOL]DUHDDOWRU DXWRYHKLFXOXOVWGLQQRXIHUPSHVRO
XUXEXULGHURDWSHQWUXDPRQWDURDWDGH  $H]DLFULFXOGHRSDUWH
UH]HUYFRPSDFWGHX]WHPSRUDUSRDWH
GXFHODDYDULHUHDVLVWHPXOXLGHIUkQDUH
1XRPLWHLVXWLOL]DLXUXEXULOHGHURDWGH
OXQJLPHRULJLQDOFkQGPRQWDLODORFURDWD
RULJLQDOGXSFHDIRVWUHSDUDW
3DQGHFDXFLXF 

WL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXUL
PRQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXPDL
FkQGURDWDGHIHFWDIRVWvQORFXLWFXXQD
QRX
$XWRYHKLFXOHFXVLVWHPGHFRQWURODOSUH
VLXQLLvQSQHXULWRDWHURLOHPRQWDWHWUHEXLH
VILHGRWDWHFXVHQ]RULIXQFLRQDOL5RDWD
GHIHFWQXWUHEXLHVVHPDLDIOHvQDXWR
YHKLFXO

$9(57,60(17 3QHXUL02([WHQGHG SQHXULFXFDUDF


5RLOHVHSRWVOELGDFSLXOLHOHLXUXEXULOH WHULVWLFLGHUXODUHvQFD]GHSDQ

$VLVWHQvQFD]GHSDQ
GHURDWQXVXQWVWUkQVHODFXSOXOGHVWUkQJHUH &XSQHXUL02([WHQGHG SQHXULFXFDUDFWHULV
VSHFLILFDW([LVWXQULVFGHDFFLGHQW WLFLGHUXODUHvQFD]GHSDQ SXWHLFRQWLQXD
'XSVFKLPEDUHDXQHLURLVROLFLWDLLPHGLDW VFRQGXFHLDXWRYHKLFXOXOFKLDUGDFH[LVW
YHULILFDUHDFXSOXOXLGHVWUkQJHUHODXQDWHOLHU RSLHUGHUHWRWDOGHSUHVLXQHvQXQXOVDXPDL
GHVSHFLDOLWDWHDXWRUL]DW PXOWHSQHXUL
3QHXULOH02([WHQGHGSRWILXWLOL]DWHvQFRP
 6WUkQJHLXUXEXULOHGHURDWXQLIRUP
ELQDLHFXVLVWHPXOGHDYHUWL]DUHSULYLQGSLHU
XUPkQGXQPRGHOGHVWUkQJHUHvQFUXFHvQ
GHUHDSUHVLXQLLvQSQHXULDFWLYDWVDXFXPRQL
VHFYHQDLQGLFDW CSkQOD &XSOXO
WRUL]DWRUXODFWLYDWDOSUHVLXQLLvQSQHXUL
GHVWUkQJHUHWUHEXLHVILHGH1P
'LVWDQDGHFRQGXFHUHSRVLELOHVWHNP
 5RWLLFULFXOvQDSRLvQSR]LLDVDLQLLDOL DWXQFLFkQGDXWRYHKLFXOXOHVWHvQFUFDWSDU
GHSR]LWDLORGDWFXUHVWXOVFXOHORUGLQ LDOLNPDWXQFLFkQGDXWRYHKLFXOXOHVWH
WUXVDGHVFXOHSHQWUXVFKLPEDUHDSQHXULORU vQFUFDWWRWDO
vQSRUWEDJDM 3HOkQJVDUFLQDDXWRYHKLFXOXOXLGLVWDQDGH
$XWRYHKLFXOHFXRURDWGHUH]HUYGHX]WHP FRQGXFHUHSRVLELOGHSLQGHGH
SRUDU =YLWH]
 QIXUDLURDWDGHIHFWvQSHOLFXODGHSUR =VWDUHDGUXPXOXL
WHFLHFHvQVRHWHURDWDGHUH]HUYGHX] =WHPSHUDWXUDH[WHULRDU
WHPSRUDULWUDQVSRUWDLURDWDvQSRUWEDJDM 'LVWDQDGHFRQGXFHUHSRVLELOvQPRGXOGH
VDX UXODUHvQFD]GHSDQSRDWHILUHGXVSULQFRQ
 QIXQFLHGHPULPHDURLLHVWHSRVLELOGH GLLLPDQHYUHGHFRQGXFHUHH[WUHPHVDX
DVHPHQHDVSXWHLVIL[DLURDWDGHIHFW SRDWHFUHWHSULQWUXQVWLOGHFRQGXFHUH
vQVSDLXOSHQWUXURDWDGHUH]HUYGHX] PRGHUDW
WHPSRUDUQDFHVWFD]WUHEXLHVVFRDWHL 'LVWDQDPD[LPDGPLVFHSRDWHILSDUFXUV
WYLDGHGHSR]LWDUHGLQVSDLXOSHQWUXURDWD vQPRGXOGHUXODUHvQFD]GHSDQHVWH
GHUH]HUYGHX]WHPSRUDULVRGHSR]LWDL QXPUDWGLQPRPHQWXOvQFDUHDYHUWLVPHQWXO
SULQ]kQGRIHUPvQSRUWEDJDM SULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDSDUHSH
G &kQGFRQGXFHLFXURDWDGHUH]HUYGHX] DILDMXOPXOWLIXQFLRQDO
WHPSRUDUPRQWDWVLVWHPXOGHDYHUWL]DUH 1XWUHEXLHVGHSLLRYLWH]PD[LPGH
SULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULVDX NPK
PRQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXSRW
IXQFLRQDILDELO5HSRUQLLVLVWHPXOGHDYHU


 %DWHULH

$9(57,60(17 6ROLFLWDLYHULILFDUHDVDUFLQLLEDWHULHLPDLIUHF
$WXQFLFkQGFRQGXFHLvQPRGXOGHXUJHQ YHQWGDFXWLOL]DLDXWRYHKLFXOXOvQVSHFLDO
FDUDFWHULVWLFLOHGHFRQGXFHUHVHGLPLQXHD] SHQWUXFOWRULLVFXUWHVDXGDFQXvOXWLOL]DL
GHH[vQYLUDMHDWXQFLFkQGVHDFFHOHUHD] SHSHULRDGHvQGHOXQJDWH
EUXVFVDXFkQGVHIUkQHD]([LVWXQULVFGH QORFXLLEDWHULDQXPDLFXREDWHULHFDUHDIRVW
DFFLGHQW UHFRPDQGDWGH0HUFHGHV%HQ]
1XGHSLLYLWH]DPD[LPLQGLFDW(YLWDL &RQVXOWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
PDQHYUHOHEUXWHGHGLUHFLHLFRQGXFHUHL GDFGRULLVOVDLDXWRYHKLFXOXOGXPQHD
FRQGXFHUHDSHVWHREVWDFROH ERUGXULJURSL YRDVWUvQSDUFDUHPDLPXOWWLPS
RIIURDG $FHDVWVLWXDLHVHDSOLFPDLDOHV
$9(57,60(17
SHQWUXXQDXWRYHKLFXOvQFUFDW
5HVSHFWDLLQVWUXFLXQLOHGHVLJXUDQLOXDL
2SULLFRQGXFHUHDvQPRGXOGHXUJHQGDF PVXULGHSURWHFLHFkQGPDQLSXODLEDWHULL
$VLVWHQvQFD]GHSDQ

=DX]LLEWL 3HULFROGHH[SOR]LH
=DXWRYHKLFXOXOvQFHSHVWUHSLGH]H
=YHGHLIXPLVLPLLPLURVGHFDXFLXF
=(63LQWHUYLQHFRQVWDQW
)RFXOIOFULOHGHVFKLVHL
=H[LVWUXSWXULvQSHUHLLODWHUDOLDLSQHXOXL IXPDWXOVXQWLQWHU]LVHFkQG
'XSFRQGXFHUHDvQPRGXOGHXUJHQYHULIL PDQLSXODLEDWHULD(YLWDL
FDLMDQWHOHURLORUODXQDWHOLHUGHVSHFLDOLWDWH FUHDUHDGHVFkQWHL
DXWRUL]DWFXSULYLUHODRXWLOL]DUHXOWHULRDU $FLGXOGLQEDWHULHHVWH
3QHXOGHIHFWWUHEXLHvQORFXLW FDXVWLF(YLWDLFRQWDFWXOFX
SLHOHDRFKLLVDX
G $WXQFLFkQGvQORFXLLXQXOVDXWRDWHSQHX vPEUFPLQWHD
ULOHDVLJXUDLYFIRORVLLH[FOXVLYSQHXUL 3XUWDLvPEUFPLQWHGH
FXPDUFDMXO02([WHQGHG'HDVHPHQHD SURWHFLHDGHFYDWvQVSH
DVLJXUDLYFDXPULPHDVSHFLILFDWSHQ FLDOPQXLXQRULR
WUXDXWRYHKLFXO PDVFWLSYL]LHU
G $XWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX &OWLLLPHGLDWDFLGXO
VXQWGRWDWHFXRWUXV7,5(),7GLQIDEULF vPSURFDWFXDSFXUDW
3ULQXUPDUHVHUHFRPDQGGRWDUHDVXSOL &RQVXOWDLXQGRFWRUGDF
PHQWDUDDXWRYHKLFXOXOXLGXPQHDYRDVWU HVWHQHFHVDU
FXRWUXV7,5(),7GDFPRQWDLSQHXULIU 3XUWDLSURWHFLHRFXODU
FDUDFWHULVWLFLGHUXODUHvQFD]GHSDQGH
H[SQHXULGHLDUQ2WUXV7,5(),7SRDWH
ILRELQXWGHODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW LQHLFRSLLLODGLVWDQ

%DWHULH 5HVSHFWDLLQGLFDLLOHGLQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQD DFHVW0DQXDOGHXWLOL]DUH

3HQWUXFDEDWHULDVRIHUHRGXUDWGHYLD
XWLOPD[LPHDWUHEXLHVILHvQWRWGHDXQD
vQFUFDWVXILFLHQW
%DWHULH 

1RWSULYLQGSURWHFLDPHGLXOXL FLQLORUHOHFWURVWDWLFHVDXGLQFDX]DVFkQ
%DWHULLOHFRQLQDJHQL WHLORUSURLHFWDWH
SROXDQL(VWHLOHJDOVOH
DUXQFDLvPSUHXQFX  2SULLPRWRUXOLVFRDWHLFKHLDvQDLQWHGH
JXQRLXOPHQDMHU$FHVWHD DGHFRQHFWDFOHPHOHGHERUQGHODEDWHULH
WUHEXLHFROHFWDWHVHSDUDWL /DDXWRYHKLFXOHOHFX.(</(66*2DVLJX
DUXQFDWHSRWULYLWXQXLVLVWHP UDLYFDLGHFXSODWFRQWDFWXO9HULILFDL
GHUHFLFODUHUHVSRQVDELOID GDFWRDWHOPSLOHLQGLFDWRDUHGLQSDQRXO
GHPHGLXOvQFRQMXUWRU GHLQVWUXPHQWHVDXVWLQVQFD]FRQWUDU
HVWHSRVLELOVGLVWUXJHLFRPSRQHQWHOH
$UXQFDLEDWHULLOHvQWUR
HOHFWURQLFHSUHFXPDOWHUQDWRUXO
PDQLHUUHVSRQVDELOIDGH
PHGLXOvQFRQMXUWRU'XFHL G &kQGSDUFDLDXWRYHKLFXOXOVFRDWHLFKHLD
EDWHULLOHGHVFUFDWHODXQ GDFQXDYHLQHYRLHGHFRQVXPDWRULHOHF

$VLVWHQvQFD]GHSDQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL WULFL$XWRYHKLFXOXOYDFRQVXPDDVWIHO
]DWVDXODXQFHQWUXGHFROHF IRDUWHSXLQHQHUJLHFRQVHUYkQGDOLPHQ
WDUHSHQWUXEDWHULLX]DWH WDUHDGHODEDWHULH
0HUFHGHV%HQ]YUHFRPDQGVQXHIHFWXDL
$9(57,60(17 LQWHUYHQLLDVXSUDEDWHULLORUSHFRQWSURSULX
'LQUDLXQLGHVLJXUDQ0HUFHGHV%HQ]Y GHH[VFRDWHUHDVDXvQFUFDUHDORU6ROLFLWDL
UHFRPDQGVXWLOL]DLQXPDLEDWHULLFDUHDX HIHFWXDUHDLQWHUYHQLLORUODXQDWHOLHUGHVSH
IRVWVSHFLDOWHVWDWHLRPRORJDWHSHQWUXDXWR FLDOLWDWHDXWRUL]DW
YHKLFXOXOGXPQHDYRDVWUGHFWUH0HUFHGHV
%HQ]$FHVWHEDWHULLRIHURSURWHFLHVSRULW
ODLPSDFWSHQWUXDvPSLHGLFDSDVDJHULLDXWR /RFGHLQVWDODUHDEDWHULHL
YHKLFXOXOXLVVXIHUHDUVXULFXDFLGGDFEDWH
$XWRYHKLFXOXOGXPQHDYRDVWUHVWHGRWDWFXR
ULDHVWHGHWHULRUDWvQFD]GHDFFLGHQW
EDWHULHvQLQWHULRUXODXWRYHKLFXOXOXL6HDIO
3HQWUXDSUHYHQLDUVXULOHFXDFLGUHVSHFWDL VXEVFDXQXOGLQIDGHSHSDUWHDGUHDSWD
XUPWRDUHOHQRWHSULYLQGVLJXUDQDFkQG DXWRYHKLFXOXOXLSULYLQGvQGLUHFLDGHPHUV
PDQLSXODLEDWHULL
 $FLRQDLIUkQDHOHFWULFGHSDUFDUHL
=QXYDSOHFDLGHDVXSUDEDWHULHL
FXSODLWUDQVPLVLDvQSR]LLD3
=QXSODVDLRELHFWHPHWDOLFHSHEDWHULHQ
 3R]LLRQDLVFDXQXOGLQIDGHSHSDUWHD
FD]FRQWUDUDLSXWHDSURYRFDXQVFXUWFLU GUHDSWFkWPDLPXOWvQDLQWHSRVLELO
FXLWLDUDPHVWHFXOJD]RVDOEDWHULHLVDU
 'H]DFWLYDLWRLFRQVXPDWRULLHOHFWULFL GH
SXWHDDSULQGH
H[UDGLRYHQWLODWRUHWF 
=DVLJXUDLYFQXDLFUHDWRVDUFLQHOHF
 5RWLLFKHLDvQSR]LLD 3DJLQD GLQ
WURVWDWLFGHH[SXUWkQGvPEUFPLQWH
VLQWHWLFVDXvQXUPDIUHFULLGHPDWHULDOH
FRPXWDWRUXOGHFRQWDFWLVFRDWHLR/D
WH[WLOH3ULQXUPDUHQXWUHEXLHVWUDJHL
DXWRYHKLFXOHOHFX.(</(66*2DVLJXUDL
VDXVFXOLVDLEDWHULDSHVWHPRFKHWHVDX
YFDLGHFXSODWFRQWDFWXO
DOWHPDWHULDOHVLQWHWLFH
3DJLQD 7RDWHOPSLOHLQGLFDWRDUH
GLQSDQRXOGHLQVWUXPHQWHWUHEXLHVILH
=QXDWLQJHLEDWHULDPDLvQWkL3HQWUXD
VWLQVH
GHVFUFDRSRVLELOVDUFLQHOHFWURVWDWLF
LHLLPDLvQWkLGLQDXWRYHKLFXOLDWLQJHL
FDURVHULD
=QXWHUJHLEDWHULDFXDMXWRUXOXQHLFkUSH
%DWHULDSRDWHH[SORGDvQXUPDIRUPULLVDU


 %DWHULH

 3OLDLEXFDWDGHPRFKHWWLDWDvQGLUHF
LDVJHLL
 5HJODLVFDXQXOGLQIDGHSHSDUWHD
GUHDSWvQSR]LLDVDVXSHULRDUPD[LP
 3R]LLRQDLVFDXQXOGLQIDGHSHSDUWHD
GUHDSWFkWPDLPXOWvQDLQWHSRVLELO

 ,QWUDLvQFRPSDUWLPHQWXOVSDWH
 6FRDWHLFDSDFXOCGHVXEVFDXQXOGLQID
$VLVWHQvQFD]GHSDQ

GHSHSDUWHDGUHDSW

$XWRYHKLFXOXOFXFRQWURODXWRPDWDOFOLPDWL]ULL
7+(50$7,&
6FRDWHUHDLHLULLGLQVSDLXOSHQWUX
SLFLRDUHVSDWH 7+(50$7,&
 7UDJHLFDSXOQLWXOXLGHDOLQLHUHHODVWLF
vQVXV
 7UDJHLQLWXOGHDOLQLHUHHODVWLFFXWRWXO
vQVXVLVFRDWHLO
 8WLOL]DLXQFXLWDVFXLWSHPRFKHWD
 7UDJHLRULILFLXOGHLHLUHGLQVSDLXOSHQWUX
SHQWUXDWLDGHDOXQJXOOLQLHLDOEHvQWUH
UXSWHSkQFkQGDMXQJHLODSDUWHDSHUIR SLFLRDUHVSDWHGLQFRQGXFWDGHDHUvQ
UDW GLUHFLDVJHLLLVFRDWHLO
 3R]LLRQDLVFDXQXOGLQIDGHSHSDUWHD
GUHDSWvQSR]LLDVDGHFDSWVSDWH
%DWHULH 

'HFRQHFWDUHDEDWHULHL
 'HFRQHFWDLvQWRWGHDXQDEDWHULDvQRUGL
QHDGHVFULVPDLMRV1XSHUPXWDLQLFLR
GDWFOHPHOHGHERUQQFD]FRQWUDU
SXWHLGHWHULRUDVLVWHPHOHHOHFWURQLFHDOH
DXWRYHKLFXOXOXL
/DDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDW
WUDQVPLVLDHVWHEORFDWvQSR]LLD3GXS
GHFRQHFWDUHDEDWHULHL$XWRYHKLFXOXOHVWH
SURWHMDWFRQWUDSXQHULLVDOHvQPLFDUH1X
$XWRYHKLFXOXOFXFRQWURODXWRPDWDOFOLPDWL]ULL PDLSXWHLGHSODVDDXWRYHKLFXOXO
7+(5027521,&
6FRDWHUHDGHIOHFWRUXOXLGHDHU 7+(502

$VLVWHQvQFD]GHSDQ
7521,&
 3HQWUXDGHFRQHFWDFDEOXOGHODGHIOHFWRUXO
GHDHUWUDJHLPXIDGLQSUL]
 7UDJHLFDEOXORGDWFXFOHPDGHIL[DUH
GLQFDSDFXOEDWHULHL
 &XOLVDLGHIOHFWRUXOGHDHUODVWkQJD
FWUHFHQWUXODXWRYHKLFXOXOXL'X]DGHIOHF
WRUXOXLGHDHUGHSHSDUWHDGUHDSWQXPDL
HVWHFRQHFWDWODFRQGXFWDGHDHU
C %RUQDSR]LWLY
 5LGLFDLGHIOHFWRUXOGHDHUvQVXVSkQOD
D %DWHULH
GUHDSWD
%RUQDQHJDWLY
 7UDJHLGHIOHFWRUXOGHDHUODGUHDSWDvQ
GLUHFLDVJHLLSkQFkQGGX]DGHSHSDU  6OELLFOHPDERUQHLQHJDWLYHGHSHEDWHULH
WHDVWkQJHVWHGHFRQHFWDWGHODFRQGXFWD LVFRDWHLR
GHDHU  6FRDWHLFDSDFXOGHSHFOHPDERUQHLSR]L
 6FRDWHLGHIOHFWRUXOGHDHU WLYH
 6OELLFOHPDERUQHLSR]LWLYHGHSHEDWHULH
LVFRDWHLR

6FRDWHUHDPRQWDUHDEDWHULHL
 3HQWUXDVFRDWHGHFRQHFWDLEDWHULD
3DJLQD 

 5LGLFDLFDSDFXOEDWHULHLLVFRDWHLOGLQ
EDWHULD


 %DWHULH

 'H]DFWLYDLWRLFRQVXPDWRULLHOHFWULFL GH
H[UDGLRYHQWLODWRUHWF 
 &RQHFWDLFOHPDGHERUQSR]LWLYLIL[DL
FDSDFXO
 &RQHFWDLFOHPDGHERUQQHJDWLY

G 'DFDOLPHQWDUHDHOHFWULFDIRVWvQWUH
UXSWGHH[GDFUHFRQHFWDLEDWHULDYD
WUHEXLV
=VHWDLFHDVXOFRQVXOWDLLQVWUXFLXQLOHGH
XWLOL]DUHVHSDUDWH
6FRDWHLIXUWXQXOGHDHULVLUHC
/DDXWRYHKLFXOHOHFX&20$1'2QOLQHL
6OELLXUXEXULOHDGLQFRQVRODFDUH VLVWHPGHQDYLJDLHFHDVXOHVWHVHWDW
$VLVWHQvQFD]GHSDQ

PHQLQHEDWHULDvQORFD DXWRPDW
G QDFHVWVFRSYHLDYHDQHYRLHGHRFKHLH =UHVHWDLIXQFLDSHQWUXUDEDWDUHDXWR
WXEXODUGHPPFXRSUHOXQJLUHGHFHO PDWDRJOLQ]LORUH[WHULRDUHvQLQWHULRUvQ
SXLQFPOXQJLPH$FHDVWVFXOQXHVWH H[WHULRUUDEDWkQGRJOLQ]LOHvQH[WHULRUR
LQFOXVvQWUXVDGHVFXOHDDXWRYHKLFXOXOXL GDW 3DJLQD
 6FRDWHLFRQVROD

QFUFDUHDEDWHULHL
$9(57,60(17
QFUFDLEDWHULDQXPDLvQ]RQHELQHDHULVLWH
3HPVXUFHEDWHULDHVWHvQFUFDWVHSRW
HPDQDJD]HSURYRFkQGPLFLH[SOR]LL$FHVWHD
YDUSXWHDUQLSHGXPQHDYRDVWUVDXDOWH
SHUVRDQHSURYRFkQGGHWHULRUDUHDYRSVHOHL
VDXFRURGDUHDDXWRYHKLFXOXOXL
3XWHLRELQHLQIRUPDLLSULYLQGvQFUFWRDUHOH
GHEDWHULHFDUHvLSHUPLWEDWHULHLVILH
 5LGLFDLEDWHULDGHSDUWHDODWHUDOSkQ vQFUFDWvQWLPSFHHVWHLQVWDODWGHODXQ
FkQGPDUJLQHDLQIHULRDUVDHOLEHUDW DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
 7UDJHLEDWHULDvQGLUHFLDVJHLL
 3HQWUXDPRQWDXUPDLSDLLGHVFULLvQ $9(57,60(17
3HQWUXDGHPRQWDvQRUGLQHLQYHUV ([LVWSHULFROXOGHDUVXULVXEDFLXQHDDFLGXOXL
vQGHFXUVXOSURFHVXOXLGHvQFUFDUHGLQFDX]D
JD]HORUHPDQDWHGLQEDWHULH1XYDSOHFDL
5HFRQHFWDUHDEDWHULHL SHVWHEDWHULHvQGHFXUVXOSURFHVXOXLGH
vQFUFDUH
 &RQHFWDLvQWRWGHDXQDEDWHULDvQRUGLQHD
GHVFULVPDLMRV1XSHUPXWDLQLFLRGDW $9(57,60(17
FOHPHOHGHERUQQFD]FRQWUDUSXWHL $FLGXOGLQEDWHULHHVWHFDXVWLF(YLWDLFRQWDF
GHWHULRUDVLVWHPHOHHOHFWURQLFHDOHDXWRYH WXOFXSLHOHDRFKLLVDXvPEUFPLQWHD
KLFXOXOXL
 QFUFDLEDWHULDLQVWDODWQXPDLFXXQ
vQFUFWRUGHEDWHULHWHVWDWLDSUREDWGH
%DWHULH 

0HUFHGHV%HQ]$FHVWHvQFUFWRDUHGH
EDWHULHvLSHUPLWEDWHULHLVILHvQFUFDWvQ
WLPSFHHVWHLQVWDODWvQDXWRYHKLFXO
 8WLOL]DLQXPDLvQFUFWRDUHGHEDWHULHFX
RWHQVLXQHGHvQFUFDUHPD[LPGH9
 QFUFDLEDWHULDQXPDLFXDMXWRUXOSXQF
WXOXLGHFRQH[LXQHSHQWUXSRUQLUHIRUDW
3XQFWXOGHFRQH[LXQHSHQWUXSRUQLUHDIRUDW
VHDIOvQFRPSDUWLPHQWXOPRWRUXOXL
3DJLQD 
 'HVFKLGHLFDSRWD 3DJLQD 

$VLVWHQvQFD]GHSDQ
 &RQHFWDLvQFUFWRUXOEDWHULHLODERUQD
SR]LWLYLSXQFWXOGHPDVvQDFHHDL
RUGLQHFDDWXQFLFkQGFRQHFWDLEDWHULD
GRQDWRDUHvQSURFHGXUDGHSRUQLUHIRUDW
3DJLQD 
 &LWLLLQVWUXFLXQLOHGHXWLOL]DUHDOH
vQFUFWRUXOXLEDWHULHLvQDLQWHGHDvQFUFD
EDWHULD


 3RUQLUHDIRUDW

3RUQLUHDIRUDW

$9(57,60(17
([LVWSHULFROXOGHDUVXULVXEDFLXQHDDFLGXOXLvQGHFXUVXOSRUQLULLIRUDWHDDXWRYHKLFXOXOXLGLQ
FDX]DJD]HORUHPDQDWHGLQEDWHULH1XYDSOHFDLGHDVXSUDEDWHULHLFkWWLPSPRWRUXOHVWHSRUQLW
IRUDW

$9(57,60(17
*D]HOHHPDQDWHGLQEDWHULHvQWLPSXOSRUQLULLIRUDWHSRWSURYRFDPLFLH[SOR]LL(YLWDLFUHDUHDGH
VFkQWHLLQHLIOFULOHGHVFKLVHGHSDUWHGHEDWHULHLQXIXPDL
5HVSHFWDLLQVWUXFLXQLOHGHVLJXUDQFkQGPDQLSXODLEDWHULLOH9HLGHVFRSHULDFHVWHDvQVHF
LXQHD%DWHULH DXWRYHKLFXO GLQLQGH[
$VLVWHQvQFD]GHSDQ

$9(57,60(17
&DUEXUDQWXOQHDUVVHSRDWHDGXQDvQVLVWHPXOGHHYDFXDUHLVHSRDWHDSULQGH([LVWXQULVFGH
LQFHQGLX(YLWDLvQFHUFULOHUHSHWDWHLSUHOXQJLWHGHSRUQLUH

 (YLWDLvQFHUFULOHUHSHWDWHLSUHOXQJLWHGHSRUQLUHQFD]FRQWUDUFRQYHUWRUXOFDWDOLWLFDU
SXWHDILGHWHULRUDWGHFDUEXUDQWXOQHDUV
1XXWLOL]DLXQGLVSR]LWLYGHvQFUFDUHUDSLGSHQWUXDSRUQLDXWRYHKLFXOXO'DFEDWHULDDXWR
YHKLFXOXOXLGXPQHDYRDVWUHVWHGHVFUFDWPRWRUXOSRDWHILSRUQLWIRUDWGHODXQDOWDXWR
YHKLFXOVDXGHODRDGRXDEDWHULHFXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXO
5HVSHFWDLLQGLFDLLOHGHPDLMRV
=EDWHULDQXHVWHDFFHVLELOSHQWUXWRDWHDXWRYHKLFXOHOH'DFEDWHULDDOWXLDXWRYHKLFXOQX
HVWHDFFHVLELOSRUQLLIRUDWDXWRYHKLFXOXOFXDMXWRUXOXQHLDGRXDEDWHULLVDXDXQXLGLV
SR]LWLYGHSRUQLUHIRUDW
=SXWHLSRUQLIRUDWDXWRYHKLFXOXOQXPDLvQFD]XOvQFDUHPRWRUXOLFRQYHUWRUXOFDWDOLWLFVXQW
UHFL
=QXSRUQLLPRWRUXOGDFEDWHULDHVWHvQJKHDW/VDLEDWHULDVVHGH]JKHHPDLvQWkL
=SRUQLUHDIRUDWSRDWHILHIHFWXDWQXPDLGHODEDWHULLFXRWHQVLXQHQRPLQDOGH9
=XWLOL]DLQXPDLFDEOXULGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOFXVHFLXQHWUDQVYHUVDO
VXILFLHQWLFOHPHGHERUQL]RODWH
='DFEDWHULDHVWHFRPSOHWGHVFUFDWOVDLEDWHULDXWLOL]DWODSRUQLUHDIRUDWFRQHFWDW
WLPSGHFkWHYDPLQXWHvQDLQWHGHDvQFHUFDVSRUQLL$VWIHOEDWHULDHSXL]DWVHvQFDUF
SXLQ
=$VLJXUDLYFFHOHGRXDXWRYHKLFXOHQXVHDWLQJ

$VLJXUDLYF
=FDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOQXVXQWGHWHULRUDWH
=SULOHOLEHUHGHSHFOHPDERUQHLQXLQWUvQFRQWDFWFXDOWHSULPHWDOLFHvQWLPSFHFDEOXULOH
GHDOLPHQWDUHGHODEDWHULDDOWXLDXWRYHKLFXOVXQWFRQHFWDWHODEDWHULH
=FDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLDXWRYHKLFXOQXSRWLQWUDvQFRQWDFWFXSULSUHFXP
IXOLDFXUHOHLWUDSH]RLGDOHVDXFXYHQWLODWRUXO$FHVWHFRPSRQHQWHLQWUvQPLFDUHFkQG
PRWRUXOHVWHSRUQLWLFkWHVWHvQIXQFLXQH
3RUQLUHDIRUDW 

 $VLJXUDLDXWRYHKLFXOXODFLRQkQGIUkQDHOHFWULFGHSDUFDUH
 &XSODLWUDQVPLVLDvQSR]LLD3
 5RWLLFKHLDvQSR]LLD 3DJLQD GLQFRPXWDWRUXOGHFRQWDFWLVFRDWHLR/DDXWRYH
KLFXOHOHFX.(</(66*2DVLJXUDLYFDLGHFXSODWFRQWDFWXO 3DJLQD 7RDWHOPSLOH
LQGLFDWRDUHGLQSDQRXOGHLQVWUXPHQWHWUHEXLHVILHVWLQVH
 'H]DFWLYDLWRLFRQVXPDWRULLHOHFWULFL GHH[UDGLRYHQWLODWRUHWF 
 'HVFKLGHLFDSRWD 3DJLQD 

$VLVWHQvQFD]GHSDQ
1XPUXOGHSR]LLHLGHQWLILFEDWHULDvQFUFDWDFHOXLODOWDXWRYHKLFXOVDXXQGLVSR]LWLYGH
SRUQLUHIRUDWHFKLYDOHQW
 &XOLVDLFDSDFXOCGHSHERUQDSR]LWLYDvQGLUHFLDVJHLL
 &RQHFWDLERUQDSR]LWLYDODDXWRYHKLFXOXOGXPQHDYRDVWUODERUQDSR]LWLYDEDWHULHL
GRQDWRDUHFXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOvQFHSkQGFX
SURSULDEDWHULH
 3RUQLLPRWRUXODXWRYHKLFXOXOXLGRQDWRULOVDLOVUXOH]HODWXUDLDGHUDODQWL
 &RQHFWDLERUQDQHJDWLYDEDWHULHLGRQDWRDUHODSXQFWXOGHPDVDODXWRYHKLFX
OXOXLGXPQHDYRDVWUFXDMXWRUXOFDEOXULORUGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOFRQHF
WkQGFDEOXOGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOODEDWHULDGRQDWRDUHPDLvQWkL
 3RUQLLPRWRUXO
 QDLQWHGHDGHFRQHFWDFDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLDXWRYHKLFXOOVDLPRWRUXO
SRUQLWWLPSGHFkWHYDPLQXWH
 0DLvQWkLVFRDWHLFDEOXULOHGHDOLPHQWDUHGHODEDWHULDDOWXLYHKLFXOGHODSXQFWXOGHPDV
LERUQDQHJDWLYDSRLGHODERUQDSR]LWLYDLERUQDSR]LWLYGHFRQHFWkQGGH
ILHFDUHGDWGHODFRQWDFWHOHGHODSURSULXODXWRYHKLFXOPDLvQWkL
 QFKLGHLFDSDFXOCERUQHLSR]LWLYHDGXSvQGHSUWDUHDFDEOXULORUGHDOLPHQWDUHGHOD
EDWHULDDOWXLDXWRYHKLFXO
 6ROLFLWDLYHULILFDUHDEDWHULHLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

G 3RUQLUHDIRUDWQXHVWHFRQVLGHUDWRFRQGLLHGHIXQFLRQDUHQRUPDO


 7UDFWDUHDLSRUQLUHDSULQWUDFWDUH

G &DEOXULGHSRUQLUHIRUDWLLQIRUPDLLVXSOLPHQWDUHSULYLQGSRUQLUHDIRUDWSXWHLRELQH
GHODRULFHDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

7UDFWDUHDLSRUQLUHDSULQWUDFWDUH WULFIXQFLRQHD]GHIHFWXRVYL]LWDLXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
 $VLJXUDLXIDGHWUDFWDUHVDXEDUDGH
5HVSHFWDLFHULQHOHOHJDOHSHQWUXULOHUHOH WUDFWDUHQXPDLODRFKLXULOHGHWUDFWDUHQ
YDQWHODWUDFWDUH FD]FRQWUDUDXWRYHKLFXOXOSRDWHVXIHUL
$9(57,60(17 GHWHULRUUL
'DFWUDFWDLDXWRYHKLFXOXOWUHEXLHVXWLOL]DL  1XXWLOL]DLRFKLXOGHWUDFWDUHSHQWUXUHFX
REDUGHWUDFWDUHULJLGGDF SHUDUHGHRDUHFHDVWIHOSXWHLDYDULDDXWR
$VLVWHQvQFD]GHSDQ

=PRWRUXOQXHVWHSRUQLW YHKLFXOXO'DFDYHLGXELLUHFXSHUDLDXWR
=H[LVWRGHIHFLXQHODVLVWHPXOGHIUkQDUH YHKLFXOXOFXRPDFDUD
=H[LVWRGHIHFLXQHODDOLPHQWDUHDHOHFWULF  &kQGWUDFWDLGHPDUDLOHQWLXRU'DF
VDXODVLVWHPXOHOHFWULFDODXWRYHKLFXOXOXL SXWHUHDGHWUDFLXQHHVWHSUHDULGLFDW
$VLVWDUHDHOHFWULFDGLUHFLHLLVHUYRIUkQDQX DXWRYHKLFXOXOSRDWHVXIHULGHWHULRUUL
IXQFLRQHD]FkQGPRWRUXOQXHVWHSRUQLW9D  3HQWUXDUHPRUFDDXWRYHKLFXOHOHFX.(<
ILQHFHVDUXQSOXVGHIRUSHQWUXDPDQHYUD /(66*2XWLOL]DLFKHLDvQORFGHEXWRQXO
LIUkQDLHVWHSRVLELOVILHQHFHVDUVDSVDL 6WDUW6WRS7UDQVPLVLDDXWRPDWSRDWH
SHGDODGHIUkQFXIRUPD[LP FRPXWDvQFD]FRQWUDUvQSR]LLD3FkQGGHV
QDLQWHGHDvQFHSHWUDFWDUHDDVLJXUDLYF FKLGHLSRUWLHUDRIHUXOXLVDXDSDVDJHUXOXL
GLUHFLDSRDWHILGHSODVDWLFQXHVWHEOR IDGHWHULRUkQGXVHDVWIHOWUDQVPLVLD
FDW
 $XWRYHKLFXOHOHFXEORFULDOHGLIHUHQLDOX
'DFWUDFWDLVDXSRUQLLSULQWUDFWDUHXQDOW
OXLDVLJXUDLYFEORFULOHGLIHUHQLDOXOXL
DXWRYHKLFXOJUHXWDWHDVDQXWUHEXLHV
VHDIOvQPRGXODXWRPDW%ORFULOHGLIHUHQ
GHSHDVFPDVDWRWDOPD[LPDGPLVD
LDOXOXLQXWUHEXLHVILHDFWLYDWHPDQXDO
DXWRYHKLFXOXOXLGXPQHDYRDVWU
FkQGWUDFWDLDXWRYHKLFXOXOQFD]FRQWUDU
WUDQVPLVLDSRDWHVXIHULGHWHULRUUL
$9(57,60(17
$XWRYHKLFXOXOHVWHIUkQDWFkQGIXQFLD+2/' 'DFDXWRYHKLFXOXODVXIHULWGHWHULRUULOD
VDX',67521,&3/86HVWHDFWLYDW3ULQ WUDQVPLVLHVROLFLWDLWUDQVSRUWDUHDVDSHR
XUPDUHGH]DFWLYDL+2/'L',67521,&3/86 DXWRSODWIRUPVDXSHRUHPRUF
GDFDXWRYHKLFXOXOYDILWUDFWDW 7UDQVPLVLDDXWRPDWWUHEXLHVVHDIOHvQ
SR]LLD1FkQGDXWRYHKLFXOXOHVWHWUDFWDW
(VWHGHSUHIHUDWVWUDQVSRUWDLDXWRYHKLFXOXO %DWHULDWUHEXLHVILHFRQHFWDWLvQFUFDW
vQORFVvOWUDFWDL QFD]FRQWUDU
 3XWHLWUDFWDDXWRYHKLFXOXOPD[LPXP =QXSXWHLURWLFKHLDvQFRPXWDWRUXOGHFRQ
NP1XGHSLLYLWH]DGHWUDFWDUHGH WDFWvQSR]LLD
NPK =QXSXWHLFXSODWUDQVPLVLDDXWRPDWvQ
QFD]XOGLVWDQHORUGHWUDFWDUHGHSHVWH SR]LLD1
NPvQWUHJXODXWRYHKLFXOWUHEXLHVILH
G QDLQWHGHDUHPRUFDDXWRYHKLFXOXO
ULGLFDWLWUDQVSRUWDW
GH]DFWLYDLFDUDFWHULVWLFDGHvQFXLHUHDXWR
 $VLJXUDLYFIUkQDGHSDUFDUHHOHFWULF PDW 3DJLQD QFD]FRQWUDUSXWHL
HVWHHOLEHUDW'DFIUkQDGHSDUFDUHHOHF
7UDFWDUHDLSRUQLUHDSULQWUDFWDUH 

UPkQHSHGLQDIDUFkQGvPSLQJHLVDX  6FRDWHLFDSDFXOCVDXDGHSHGHV
WUDFWDLDXWRYHKLFXOXO FKL]WXU
'H]DFWLYDLSURWHFLDODWUDFWDUH  QILOHWDLRFKLXOGHWUDFWDUHvQVHQVRUDU
3DJLQD vQDLQWHGHDUHPRUFDDXWRYH SkQODRSULWRULVWUkQJHLO
KLFXOXO
6FRDWHUHDRFKLXOXLGHWUDFWDUH
0RQWDUHDVFRDWHUHDRFKLXOXLGHWUDF  6OELLRFKLXOGHWUDFWDUHLGHVILOHWDLO
WDUH  3ULQGHLFDSDFXOCVDXDODEDUDGHSUR
0RQWDUHDRFKLXOXLGHWUDFWDUH WHFLHLDSVDLSkQFHVHDQJUHQHD]
 $H]DLRFKLXOGHWUDFWDUHvQWUXVDGHVFXOH
$XWRYHKLFXOHOHFXFkUOLJXOGHWUDFWDUHD
DDXWRYHKLFXOXOXL
UHPRUFLLGDFLQWHQLRQDLVXWLOL]DLDXWRYH

$VLVWHQvQFD]GHSDQ
KLFXOXOSHQWUXWUDFWDUHH[WLQGHLFXSODVIHULF
LFRQHFWDLEDUDGHWUDFWDUHODHD
3DJLQD 5HPRUFDUHDDXWRYHKLFXOXOXLFX
DPEHOHSXQLSHVRO
 6FRDWHLRFKLXOGHWUDFWDUHGLQWUXVDGH
VFXOHDDXWRYHKLFXOXOXL 3DJLQD (VWHLPSRUWDQWVUHVSHFWDLLQVWUXFLXQLOHGH
VLJXUDQFkQGWUDFWDLDXWRYHKLFXOXOGXP
(OHPHQWHOHGHPRQWDUHSHQWUXRFKLXULOHGH
QHDYRDVWU 3DJLQD 
WUDFWDUHGHWDDELOHVHDIOvQEDUHOHGHSUR
WHFLH$FHVWHDVXQWvQIDLvQVSDWHVXE $9(57,60(17
FDSDFH $VLVWDUHDHOHFWULFDGLUHFLHLLVHUYRIUkQDQX
IXQFLRQHD]FkQGPRWRUXOQXHVWHSRUQLW9D
ILQHFHVDUXQHIRUWPXOWPDLPDUHSHQWUXD
IUkQDLDGLULMDDXWRYHKLFXOXO$GDSWDLYVWL
OXOGHFRQGXFHUHvQFRQVHFLQ

7UDQVPLVLDDXWRPDWFXSOHD]DXWRPDWvQ
SR]LLD3FkQGGHVFKLGHLSRUWLHUDRIHUXOXL
VDXFHDDSDVDJHUXOXLIDVDXFkQGVFRDWHL
FKHLDGLQFRPXWDWRUXOGHFRQWDFW3HQWUXDY
DVLJXUDFWUDQVPLVLDDXWRPDWUPkQHvQ
SR]LLD1FkQGUHPRUFDLDXWRYHKLFXOXOWUH
EXLHVUHVSHFWDLXUPWRDUHOHLQGLFDLL
 $VLJXUDLYFDXWRYHKLFXOXOVWDLRQHD]L
FDLDGXVFKHLDvQFRPXWDWRUXOGHFRQWDFW
vQSR]LLD
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH
 3HQWUXDGHVFKLGHFDSDFXOGLQID FRQWDFW
DSVDLPDUFDMXOGHSHFDSDFCvQLQWHULRU /DDXWRYHKLFXOHOHFX.(</(66*2XWLOL]DL
vQGLUHFLDVJHLL FKHLDvQORFGHEXWRQXO6WDUW6WRS
 3HQWUXDGHVFKLGHFDSDFXOGLQVSDWH 3DJLQD 
LQWURGXFHLXQRELHFWSODWLERQWvQGHJD  $SVDLLLQHLDSVDWSHGDODGHIUkQ
MDUHLWUDJHLFDSDFXODGLQEDUDGHSUR  &XSODLWUDQVPLVLDDXWRPDWvQSR]LLD1
WHFLH
 (OLEHUDLSHGDODGHIUkQ


 7UDFWDUHDLSRUQLUHDSULQWUDFWDUH

 (OLEHUDLIUkQDGHSDUFDUHHOHFWULF 'DFDXWRYHKLFXOXOSUH]LQWGHWHULRUULOD
 $FWLYDLVHPQDOL]DWRDUHOHGHDYDULH WUDQVPLVLHVDXGHWHULRUULODSXQWHDIDVDX
3DJLQD  VSDWHVROLFLWDLWUDQVSRUWDUHDVDSHRDXWR
 /VDLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH SODWIRUPVDXSHRUHPRUF
FRQWDFW QFD]XOGHGHWHULRUULODVLVWHPXOHOHFWULF
G &kQGUHPRUFDLFXVHPQDOL]DWRDUHOHGH 'DFEDWHULDHVWHGHIHFWWUDQVPLVLDDXWR
DYDULHDFWLYDWHXWLOL]DLFRPXWDWRUXOPL[W PDWYDILEORFDWvQSR]LLD33HQWUXDFXSOD
FDGHRELFHLSHQWUXDVHPQDODRVFKLPEDUH WUDQVPLVLDDXWRPDWvQSR]LLD1WUHEXLHV
GHGLUHFLHQDFHVWFD]QXPDLVHPQDOL]D SXQHLVXEWHQVLXQHVLVWHPXOHOHFWULFDODXWR
WRDUHOHGHGLUHFLHSHQWUXGLUHFLDGRULW YHKLFXOXOXLvQDFHODLPRGvQFDUHHIHFWXDL
FOLSHVF&kQGFRPXWDWRUXOPL[WHVWHUHVH SRUQLUHDIRUDW 3DJLQD 
WDWVHPQDOL]DWRDUHOHGHDYDULHvQFHSVFOL 6ROLFLWDLWUDQVSRUWDUHDDXWRYHKLFXOXOXLSHR
SHDVFGLQQRX DXWRSODWIRUPVDXSHRUHPRUF
$VLVWHQvQFD]GHSDQ

7UDQVSRUWDUHDDXWRYHKLFXOXOXL 5HFXSHUDUHDXQXLDXWRYHKLFXOFDUHV
DvPSRWPROLW
2FKLXULOHGHWUDFWDUHVDXFkUOLJXOGHWUDFWDUH
DUHPRUFLLSRWILXWLOL]DWHSHQWUXDWUDJHDXWR  /DUHFXSHUDUHDXQXLDXWRYHKLFXOLPRELOL
YHKLFXOXOSHUHPRUFVDXDXWRSODWIRUPGDF ]DWQXvOWUDJHLFXVPXFLWXULVDXvQXQJKL
GRULLVOWUDQVSRUWDL 'DFIRUDGHWUDFLXQHHVWHSUHDPDUH
 5RWLLFKHLDvQSR]LLDGLQFRPXWDWRUXOGH DXWRYHKLFXOHOHSRWVXIHULGHWHULRUUL
FRQWDFW 'DFURLOHPRWULFHVXQWDIXQGDWHvQVRODIk
 &XSODLWUDQVPLVLDDXWRPDWvQSR]LLD1 QDWVDXQRURLRVWUDFWDLDXWRYHKLFXOXOFXJULM
H[WUHPPDLDOHVGDFDFHVWDHVWHvQFUFDW
,PHGLDWFHDXWRYHKLFXOXOHVWHvQFUFDW
1XvQFHUFDLQLFLRGDWVUHFXSHUDLXQDXWR
 1XSHUPLWHLDXWRYHKLFXOXOXLVVHSXQvQ YHKLFXOFDUHDUHDWDDWRUHPRUF
PLFDUHSULQDFLRQDUHDIUkQHLGHSDUFDUH
'DFHVWHSRVLELOWUDFWDLDXWRYHKLFXOXOFX
HOHFWULFH
VSDWHOHSHXUPHOHOVDWHGHFWUHDFHVWD
 &XSODLWUDQVPLVLDDXWRPDWvQSR]LLD3
 5RWLLFKHLDvQFRPXWDWRUXOGHFRQWDFWvQ
SR]LLDLVFRDWHLFKHLDGLQFRPXWDWRUXO 3RUQLUHDSULQWUDFWDUH SRUQLUHDGH
GHFRQWDFW XUJHQDPRWRUXOXL
 $VLJXUDLDXWRYHKLFXOXO
 $XWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDW
 $QFRUDLDXWRYHKLFXOXOQXPDLGHURLVDX QXWUHEXLHVILHSRUQLWHSULQWUDFWDUHQFD]
MDQWHQXGHSULDOHDXWRYHKLFXOXOXLSUH FRQWUDUWUDQVPLVLDSRDWHVXIHULGHWHULRUUL
FXPSXQWHDVDXFRPSRQHQWHOHGLUHFLHL 3XWHLDIODLQIRUPDLLGHVSUH3RUQLUHDIRU
9HKLFXOXOSRDWHVXIHULGHWHULRUULvQFD] DWOD 3DJLQD 
FRQWUDU

1RWHSHQWUXDXWRYHKLFXOH0$7,&
 $XWRYHKLFXOHOHFX0$7,&QXWUHEXLHV
ILHWUDFWDWHFXSXQWHDIDVDXVSDWHULGL
FDWvQFD]FRQWUDUWUDQVPLVLDSRDWHVXIHUL
GHWHULRUUL
6LJXUDQHHOHFWULFH 

6LJXUDQHHOHFWULFH QDLQWHGHDVFKLPEDRVLJXUDQ
1RWHLPSRUWDQWHSULYLQGVLJXUDQD  3DUFDLDXWRYHKLFXOXOLDFLRQDLIUkQDGH
SDUFDUHHOHFWULF
$9(57,60(17  QWUHUXSHLWRLFRQVXPDWRULLHOHFWULFL
8WLOL]DLQXPDLVLJXUDQHFDUHDXIRVWDSUREDWH  6FRDWHLFKHLDGLQFRPXWDWRUXOGHFRQWDFW
SHQWUXDXWRYHKLFXOH0HUFHGHV%HQ]LFDUH
DXSXWHUHDFRUHFWSHQWUXVLVWHPHOHYL]DWH 6LJXUDQHOHVHDIOvQGLYHUVHFXWLLFXVLJX
1XvQFHUFDLVUHSDUDLVDXVSXQHLvQSXQWH UDQH
VLJXUDQHOHGHIHFWH8WLOL]DUHDVLJXUDQHORU =FXWLDFXVLJXUDQHGHSHSDUWHDSDVDJHUXOXL
FDUHQXDXIRVWDSUREDWHVDXvQFHUFDUHDGHD IDDSODQHLGHERUG
UHSDUDVDXGHDSXQHvQSXQWHVLJXUDQHOH =FXWLDFXVLJXUDQHGLQFRPSDUWLPHQWXO
GHIHFWHDUSXWHDGHWHUPLQDVXSUDvQFUFDUHD PRWRUXOXLGHSHSDUWHDGUHDSWDDXWRYHKL
VLJXUDQHORULDUSXWHDFDX]DXQLQFHQGLX

$VLVWHQvQFD]GHSDQ
FXOXOXLSULYLQGvQGLUHFLDGHPHUV
6ROLFLWDLUHSHUDUHDLUHPHGLHUHDFDX]HLODXQ =FXWLDFXVLJXUDQHGHVXEEDQFKHWDVSDWH
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
7DEHOXOGHDORFDUHDVLJXUDQHORUVHDIOvQ
6LJXUDQHOHGLQDXWRYHKLFXOXOGXPQHDYRDVWU FXWLDFXVLJXUDQH 3DJLQD GHVXE
DXUROXOGHDvQFKLGHFLUFXLWHOHGHIHFWH'DF EDQFKHWDVSDWH
RVLJXUDQVHDUGHWRDWHFRPSRQHQWHOHGLQ
FLUFXLWLIXQFLLOHORUvQFHWHD]VIXQFLR
QH]H &XWLHGHVLJXUDQHSODQGHERUG
6LJXUDQHOHDUVHWUHEXLHVILHvQORFXLWHFX  1XXWLOL]DLXQRELHFWDVFXLWFXPDUILR
VLJXUDQHFXDFHODLDPSHUDMFHSRDWHILUHFX XUXEHOQLSHQWUXDGHVFKLGHFDSDFXOGLQ
QRVFXWSHED]DFXORULLLDDPSHUDMXOXLVLJX SODQDGHERUG3XWHLGHWHULRUDSODQDGH
UDQHL9DORULOHVLJXUDQHORUVXQWLQGLFDWHvQ ERUGVDXFDSDFXO
WDEHOXOGHDORFDUHDVLJXUDQHORU
'DFVLJXUDQDUHFHQWLQWURGXVVHDUGHOD
UkQGXOHLVROLFLWDLLGHQWLILFDUHDLUHPHGLHUHD
FDX]HLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GHH[ODXQ&HQWUXGHVHUYLFH0HUFHGHV
%HQ]
 8WLOL]DLQXPDLVLJXUDQHFDUHDXIRVW
DSUREDWHSHQWUXDXWRYHKLFXOH0HUFHGHV
%HQ]LFDUHDXDPSHUDMXOFRUHFWSHQWUX
VLVWHPXOYL]DW3HQWUXFXWLLOHFXVLJXUDQH
GLQFRPSDUWLPHQWXOPRWRUXOXLLGHVXE
EDQFKHWDGLQVSDWHIRORVLLQXPDLVLJX  3HQWUXDGHVFKLGHWUDJHLFDSDFXOCvQ
UDQHFXVXIL[XO6QFD]FRQWUDUFRPSR DIDUvQGLUHFLDLQGLFDWGHVJHDWLVFRD
QHQWHOHVDXVLVWHPHOHSRWVXIHULGHWH WHLO
ULRUUL  3HQWUXDvQFKLGHSULQGHLFDSDFXOCSH
SDUWHDIURQWDODSODQHLGHERUG
 5DEDWDLFDSDFXOCvQLQWHULRUSkQFkQG
VHDQJUHQHD]


 6LJXUDQHHOHFWULFH

&XWLDFXVLJXUDQHGLQFRPSDUWLPHQ
WXOPRWRUXOXL
 'HVFKLGHLFDSRWD 3DJLQD 

 3HQWUXDGHVFKLGHULGLFDLLSOLDL
PRFKHWDCvQGLUHFLDVJHLL
$VLVWHQvQFD]GHSDQ

 QGHSUWDLRULFHXUPHGHXPH]HDOGLQ
FXWLDFXVLJXUDQHFXDMXWRUXOXQHLFkUSH
XVFDWH
 3HQWUXDGHVFKLGHGHVFKLGHLFOH
PHOHD
 3OLDLFDSDFXOCvQVXVvQGLUHFLDVJHLLL
VFRDWHLO
 $VLJXUDLYFQXSRDWHSWUXQGHXPLGL
WDWHvQFXWLDFXVLJXUDQHFkQGFDSDFXOHVWH  (OLEHUDLFOHPHOHDDSVkQGXOHvQGLUHFLD
GHVFKLV VJHLL
 3HQWUXDvQFKLGHYHULILFDLGDFJDUQLWXUD  3OLDLFDSDFXOvQVXVvQGLUHFLDVJHLLL
HVWHIL[DWFRUHFWvQFDSDFXOC VFRDWHLO
 ,QWURGXFHLFDSDFXOCSHSDUWHDODWHUDOD
G 7DEHOXOGHDORFDUHDVLJXUDQHORUHVWH
FXWLHLFXVLJXUDQHvQGLVSR]LWLYXOGHSULQ
SR]LLRQDWVXEFDSDF
GHUH
 5DEDWDLvQMRVFDSDFXOCLvQFKLGHLFOH  $VLJXUDLYFQXSRDWHSWUXQGHXPLGL
PHOHD WDWHvQFXWLDFXVLJXUDQHFkQGFDSDFXOHVWH
GHVFKLV
 &DSDFXOWUHEXLHIL[DWvQPRGFRUHV  3HQWUXDvQFKLGHLQWURGXFHLFDSDFXO
SXQ]WRUQFD]FRQWUDUXPH]HDODVDX
vQGLVSR]LWLYXOGHSULQGHUHSHSDUWHDODWH
PXUGULDDUSXWHDDIHFWDIXQFLRQDUHDVLJX
UDODFXWLHLFXVLJXUDQH
UDQHORU
 3OLDLFDSDFXOvQMRVSkQFkQGFOH
 QFKLGHLFDSRWD 3DJLQD 
PHOHDVHvPELQVRQRU
 3OLDLvQDSRLEDQFKHWDGLQVSDWHGUHDSWD
&XWLDFXVLJXUDQHGHVXEEDQFKHWD
GLQVSDWH
 3OLDLvQDLQWHEDQFKHWDGLQVSDWHGUHDSWD


,QIRUPDLLXWLOH 
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 
)XQFLRQDUH 
)XQFLRQDUHDSHWLPSGHLDUQ 
3UHVLXQHDvQSQHXUL 
6FKLPEDUHDXQHLURL 
&RPELQDLLGHURDWLSQHX 

5RLLSQHXUL
 1RWHLPSRUWDQWHSULYLQGVLJXUDQD

,QIRUPDLLXWLOH $FFHVRULLOHFDUHQXVXQWDSUREDWHGH0HUFH
GHV%HQ]SHQWUXDXWRYHKLFXOXOGXPQHD
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH YRDVWUVDXFDUHQXVXQWXWLOL]DWHFRUHFWSRW
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG DIHFWDVLJXUDQDGHXWLOL]DUH
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD QDLQWHGHDDFKL]LLRQDVDXvQDLQWHGHDXWLOL]D
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL DFFHVRULLQHDSUREDWHDSHODLODXQDWHOLHUGH
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH VSHFLDOLWDWHDXWRUL]DWLLQWHUHVDLYGHVSUH
YDULDLLvQIXQFLHGHDU9UXJPVUHL =JUDGXOGHDGHFYDUH
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP =QRUPHOHOHJDOH
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF
=UHFRPDQGULOHSURGXFWRUXOXL
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH ,QIRUPDLLSULYLQGGLPHQVLXQLOHLWLSXULOHGH
ULWRDUHODVLJXUDQ URLLSQHXULSHQWUXDXWRYHKLFXOXOGXPQHD
YRDVWUSRWILJVLWHvQVHFLXQHD&RPELQDLL
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH URDWSQHX 3DJLQD 
FLDOLWDWHDXWRUL]DWH 3DJLQD 
,QIRUPDLLSULYLQGSUHVLXQHDDHUXOXLSHQWUX
SQHXULOHDXWRYHKLFXOXOXLGXPQHDYRDVWUSRW
ILJVLWH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
=SHHWLFKHWDGHSUHVLXQHvQSQHXULGHSHFOD

$9(57,60(17 SHWDJXULLGHXPSOHUHFXFDUEXUDQW
=vQVHFLXQHD3UHVLXQHvQSQHXUL
5RLLSQHXUL

'HDVHPHQHDGDFVHXWLOL]HD]URLLSQHXUL
GHPULPLLQFRUHFWHIUkQHOHGHURDWVDX 1XHVWHSHUPLVDGXFHUHDGHPRGLILFULVLV
FRPSRQHQWHOHVXVSHQVLHLSRWILGHWHULRUDWH WHPXOXLGHIUkQDUHLURLORUGDUQLFLXWLOL]DUHD
([LVWXQULVFGHDFFLGHQW SOFLORUGHGLVWDQDUHVDXDVFXWXULORUDQWLSUDI
QORFXLLvQWRWGHDXQDURLOHLSQHXULOHFXFHOH SHQWUXIUkQH$VWIHOVHDQXOHD]FHUWLILFDWXO
FDUHUHVSHFWVSHFLILFDLLOHSLHVHLRULJLQDOH GHvQPDWULFXODUHDDXWRYHKLFXOXOXL
GHQXPLUHSURGXFWRUPRGHO  )LLDWHQWPDLDOHVODFHULQHOHVSHFLILFHSHQ
WUXILHFDUHDUSHQWUXDSUREDUHDSQHXULORU
$9(57,60(17 $FHVWHFHULQHSRWVWLSXODXQDQXPLWWLSGH
2SDQGHSQHXUHGXFHSXWHUQLFFDUDFWHULVWL SQHXSHQWUXDXWRYHKLFXOXOGXPQHDYRDVWU
FLOHGHFRQGXFHUHGHGLUHFLHLGHIUkQDUHDOH 0DLPXOWXWLOL]DUHDXQRUDQXPLWHWLSXULGH
DXWRYHKLFXOXOXL([LVWXQULVFGHDFFLGHQW SQHXULvQDQXPLWHUHJLXQLL]RQHGHXWLOL]DUH
SRDWHILGHRVHELWGHDYDQWDMRDV3XWHLDIOD
3QHXULIUFDUDFWHULVWLFLGHUXODUHvQFD]GH
PDLPXOWHLQIRUPDLLSULYLQGSQHXULOHODGLVWUL
SDQ
EXLWRULLVSHFLDOL]DLGHSQHXULODDWHOLHUHGH
=QXFRQGXFHLFXSDQGHSQHX VSHFLDOLWDWHDXWRUL]DWHVDXODRULFH&HQWUXGH
=vQORFXLLLPHGLDWURDWDFXSDQGHSQHXFX 6HUYLFH0HUFHGHV%HQ]
URDWDGHUH]HUYGHX]WHPSRUDUVDXFX
G 3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHSUL
URDWDGHUH]HUYVDXFRQVXOWDLXQDWHOLHU
YLQGURLOHLSQHXULOHGHODRULFHDWHOLHUGH
GHVSHFLDOLWDWHDXWRUL]DW
VSHFLDOLWDWHDXWRUL]DW
3QHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]GH
SDQ
=ILLDWHQLODLQIRUPDLLOHLLQVWUXFLXQLOHGH
DYHUWL]DUHSULYLQGSQHXULOH02([WHQGHG
SQHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]GH
SDQ 
)XQFLRQDUH 

)XQFLRQDUH WDWH5RLOHGHWHULRUDWHSRWSURYRFDRSLHU
GHUHDSUHVLXQLLvQSQHXUL
1RWHSULYLQGFRQGXFHUHD =9HULILFDLUHJXODWDGkQFLPHDVXSUDIHHLGH
=QWLPSXOFRQGXFHULLDFRUGDLDWHQLHYLEUD UXODUHDSQHXOXLLVWDUHDVXSUDIHHLGH
LLORU]JRPRWHORULFDUDFWHULVWLFLORUGH UXODUHSHvQWUHDJDOLPHDSQHXOXL
PDQHYUDELOLWDWHQHRELQXLWHGHH[FkQG 3DJLQD 'DFHVWHQHFHVDUURWLL
DXWRYHKLFXOXOWUDJHvQWURSDUWH$FHDVWD URLOHGLQIDSkQODFDSWSHQWUXDH[D
SRDWHLQGLFDGHWHULRUULODURLVDXODSQHXUL PLQDSDUWHDLQWHULRDUDVXSUDIHHLSQHXOXL
'DFEQXLLFXQSQHXHVWHGHIHFWUHGX =7RDWHURLOHWUHEXLHVGLVSXQGHXQ
FHLLPHGLDWYLWH]D2SULLDXWRYHKLFXOXOFkW FSFHOGHYDOYSHQWUXDILSURWHMDWHFRQ
PDLFXUkQGSRVLELOSHQWUXDYHULILFDGHWH WUDLPSXULWLORULXPLGLWLL1XIL[DLQLPLF
ULRUULOHODURLLSQHXULLGHWHULRUULOH SHYDOY SUHFXPVLVWHPHOHGHPRQLWRUL]DUH
DVFXQVHODSQHXULDUSXWHDILFDX]DFDUDF DSUHVLXQLLvQSQHXUL FXH[FHSLDFSFHOX
WHULVWLFLORUGHPDQHYUDELOLWDWHQHRELQXLWH OXLGHYDOYVWDQGDUGVDXDDOWRUYDOYHDSUR
'DFQXJVLLVHPQHGHGHWHULRUULVROLFL EDWHGH0HUFHGHV%HQ]SHQWUXDXWRYHKLFX
WDLYHULILFDUHDURLORULDSQHXULORUODXQ OXOGXPQHDYRDVWU
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW =9HULILFDLUHJXODWSUHVLXQHDvQWRDWHSQHX
=&kQGSDUFDLDXWRYHKLFXOXODVLJXUDLYF ULOHLQFOXVLYvQURDWDGHUH]HUYGHX]WHP
SQHXULOHQXVXQWGHIRUPDWHGHERUGXUVDX SRUDUVDXvQURDWDGHUH]HUYPDLDOHV
DOWHREVWDFROH'DFWUHEXLHVWUHFHL vQDLQWHDGUXPXULORUOXQJLLFRUHFWDLSUH
SHVWHERUGXULSUDJXULSHQWUXUHGXFHUHD VLXQHDGDFHVWHQHFHVDU 3DJLQD 

5RLLSQHXUL
YLWH]HLWUDYHUVDLOHOHQWLvQXQJKLREWX]
QFD]FRQWUDUSQHXULOHLPDLDOHVIODQFX
ULOHORUSRWVXIHULGHWHULRUUL 6XSUDIDDGHUXODUHDSQHXOXL
$9(57,60(17
1RWHSULYLQGH[DPLQDUHDUHJXODWD 6XSUDIDDLQVXILFLHQWGHUXODUHDSQHXOXLYD
URLORULSQHXULORU UHGXFHWUDFLXQHDSQHXULORU3QHXOQXPDL
SRDWHGLVLSDDSD$VWIHOSHVXSUDIHHFDURVD
$9(57,60(17 ELOHXPHGHULVFXOGHDFYDSODQDUHFUHWHPDL
3QHXULOHGHWHULRUDWHSRWGXFHODSLHUGHUHD DOHVDFRORXQGHYLWH]DQXHVWHDGDSWDWFRQ
SUHVLXQLLGHXPIODUHDSQHXULORU'UHSW GLLLORUGHFRQGXFHUH([LVWXQULVFGHDFFL
XUPDUHSXWHLSLHUGHFRQWUROXODVXSUDDXWR GHQW
YHKLFXOXOXLGXPQHDYRDVWU([LVWXQULVFGH 'DFSUHVLXQHDHVWHSUHDPDUHVDXSUHDPLF
DFFLGHQW SQHXULOHSRWDYHDGLIHULWHQLYHOXULGHX]XUvQ
9HULILFDLSQHXULOHvQPRGUHJXODWSHQWUXHYHQ GLIHULWHSULSHVXSUDIDDGHUXODUHDSQHXOXL
WXDOHVHPQHGHGHWHULRUDUHLvQORFXLLLPHGLDW 3ULQXUPDUHWUHEXLHVYHULILFDLUHJXODWDGkQ
SQHXULOHGHWHULRUDWH FLPHDVXSUDIHHLGHUXODUHLVWDUHDVXSUDIHHL
GHUXODUHSHvQWUHDJDOLPHDWXWXURUSQHXUL
=9HULILFDLUHJXODWURLOHLSQHXULOHDXWRYH
ORU
KLFXOXOXLGXPQHDYRDVWUSHQWUXDGHWHFWD
$GkQFLPHDPLQLPDVXSUDIHHLGHUXODUHD
GHWHULRUUL GHH[WLHWXULvQHSWXULUXS
SQHXOXLSHQWUX
WXULXPIOWXULSHSQHXULLGHIRUPDUHILVXUL
VDXFRURGDUHSXWHUQLFDURLORU ODFHO =SQHXULGHYDUPP

SXLQILHFDUH]LOHSUHFXPLGXSFHDL =SQHXUL06PP
FRQGXVRIIURDGVDXSHGUXPXULDFFLGHQ 'LQPRWLYHGHVLJXUDQvQORFXLLSQHXULOH
vQDLQWHFDOLPLWDSUHVFULVSULQOHJHSHQWUX


 )XQFLRQDUHDSHWLPSGHLDUQ

DGkQFLPHDPLQLPDVXSUDIHHLGHUXODUHD PHQWDUDDXWRYHKLFXOXOXLGXPQHDYRDVWU
SQHXOXLVILHDWLQV FXWUXVD7,5(),7GDFPRQWDLSQHXULIU
FDUDFWHULVWLFLGHUXODUHvQFD]GHSDQGH
H[SQHXULGHLDUQ2WUXV7,5(),7SRDWH
1RWHSULYLQGVHOHFWDUHDPRQWDUHDL ILRELQXWGHODXQDWHOLHUGHVSHFLDOLWDWH
vQORFXLUHDSQHXULORU DXWRUL]DW
=0RQWDLQXPDLSQHXULLURLGHDFHODLWLS
1RWHOHSULYLQGFRQGXFHUHDFXSQHXUL02([
WHQGHGvQFD]XOXQHLSHQHGHSQHXVH
LPDUF
UHJVHVFvQVHFLXQHD$VLVWHQvQFD]GH
=0RQWDLQXPDLSQHXULLURLGHPULPH
SDQ 3DJLQD 
FRUHFWSHURL
='XSFHDLPRQWDWSQHXULQRLURGDLOHOD
YLWH]HPRGHUDWHvQSULPLLNPGHRDUHFH )XQFLRQDUHDSHWLPSGHLDUQ
HOHDWLQJSHUIRUPDQHPD[LPHGRDUGXS
DFHDVWGLVWDQ $VSHFWHGHUHLQXW
=1XFRQGXFHLFXSQHXULFDUHDXRDGkQFLPH /DvQFHSXWXOLHUQLLVROLFLWDLSUHJWLUHDDXWR
DVXSUDIHHLGHUXODUHSUHDPLFGHRDUHFH YHKLFXOXOXLSHQWUXLDUQODXQDWHOLHUGHVSH
DFHVWHDvLYRUUHGXFHSXWHUQLFWUDFLXQHD FLDOLWDWHDXWRUL]DW
SHGUXPXULXPHGH DFYDSODQDUH  5HVSHFWDLQRWHOHGLQVHFLXQHD6FKLPEDUHD
=QORFXLLSQHXULOHFHOWkU]LXGXSDVHDQL XQHLURL 3DJLQD 
LQGLIHUHQWGHJUDGXOGHX]XU$FHDVWLQGL
5RLLSQHXUL

FDLHHVWHYDODELOLODURDWDGHUH]HUYGH
X]WHPSRUDUURDWGHUH]HUY &RQGXFHUHFXSQHXULGHYDU
9LDDXWLODSQHXULORUGHSLQGHGHPDLPXOL /DWHPSHUDWXULVXESQHXULOHGHYDUvL
IDFWRULSULQWUHFDUH SLHUGHODVWLFLWDWHDLSULQXUPDUHWUDFLXQHDL
=VWLOXOGHFRQGXFHUH SXWHUHDGHIUkQDUHVFKLPEDLSQHXULOHDXWR
=SUHVLXQHDvQSQHXUL YHKLFXOXOXLGXPQHDYRDVWUFXSQHXUL06
=NLORPHWUDMXO 8WLOL]DUHDSQHXULORUGHYDUODWHPSHUDWXUL
IRDUWHUHGXVHSRDWHGXFHODIRUPDUHDUXSWX
ULORUGHWHULRUkQGvQFRQVHFLQSHUPDQHQW
3QHXUL02([WHQGHG SQHXULFXFDUDF SQHXULOH0HUFHGHV%HQ]QXvLDVXP
WHULVWLFLGHUXODUHvQFD]GHSDQ UVSXQGHUHDSHQWUXDFHVWWLSGHGHWHULRUUL

3QHXULOH02([WHQGHG SQHXULFXFDUDFWHULV
WLFLGHUXODUHvQFD]GHSDQ YSHUPLWV 3QHXUL06
FRQGXFHLDXWRYHKLFXOXOFKLDULFkQGXQXO
VDXPXOWHSQHXULSLHUGWRDWSUHVLXQHDDHUX /DWHPSHUDWXULVXEXWLOL]DLSQHXULGH
OXL LDUQVDXSQHXULSHQWUXWRDWHDQRWLPSXULOH
$PEHOHWLSXULGHSQHXVXQWLGHQWLILFDWHSULQ
3QHXULOH02([WHQGHGSRWILXWLOL]DWHQXPDLvQ
PDUFDMXO06
FRPELQDLHFXVLVWHPXODFWLYDWGHDYHUWL]DUH
SULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULVDXFX 1XPDLSQHXULOHGHLDUQSUHY]XWHFXVLPER
PRQLWRUL]DWRUXODFWLYDWDOSUHVLXQLLvQSQHXULL OXOIXOJXOXLGH]SDGMLFXPDUFDMXO
FXURLOHWHVWDWHVSHFLDOGH0HUFHGHV%HQ] 06RIHUDGHUHQPD[LPSHGUXPXULFX
]SDG1XPDLDFHVWHSQHXULYRUSHUPLWHVLV
G $XWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX WHPHORUGHVLJXUDQODFRQGXFHUHSUHFXP
VXQWGRWDWHFXRWUXV7,5(),7GLQIDEULF $%6L(63VIXQFLRQH]HRSWLPSHWLPSGH
3ULQXUPDUHVHUHFRPDQGGRWDUHDVXSOL
)XQFLRQDUHDSHWLPSGHLDUQ 

LDUQGHRDUHFHDFHVWHSQHXULDXIRVWFRQFH WHPSRUDUSRDWHDIHFWDVHULRVFDUDFWHULVWLFLOH
SXWHVSHFLDOSHQWUXFRQGXFHUHDSH]SDG GHFRQGXFHUH([LVWXQULVFGHDFFLGHQW
8WLOL]DLSQHXUL06FXDFHHDLPDUFL 3HQWUXDHYLWDVLWXDLLOHSHULFXORDVH
VXSUDIDGHUXODUHODWRDWHURLOHSHQWUXD =$GDSWDLYVWLOXOGHFRQGXFHUHvQFRQVH
RELQHFDUDFWHULVWLFLGHPDQHYUDELOLWDWH
FLQLFRQGXFHLFXJULM
VLJXUH
=1XPRQWDLPDLPXOWGHRURDWGHUH]HUY
$9(57,60(17 URDWGHUH]HUYGHX]WHPSRUDUGDF
3QHXULOH06FXRDGkQFLPHDVXSUDIHHLGH GLPHQVLXQLOHVXQWGLIHULWHGHFHOHDOHURLL
UXODUHDSQHXOXLVXEPPQXVXQWDGHFYDWH FDUHWUHEXLHvQORFXLW
SHQWUXXWLOL]DUHDSHWLPSGHLDUQGHRDUHFH =8WLOL]DLGRDURURDWGHUH]HUYURDWGH
QXDVLJXUVXILFLHQWWUDFLXQH([LVWXQULVF UH]HUYGHX]WHPSRUDUSHQWUXVFXUWWLPS
GHDFFLGHQW GDFGLPHQVLXQLOHVXQWGLIHULWHGHFHOHDOH
URLLFDUHWUHEXLHvQORFXLW
3QHXULOH06FXRDGkQFLPHDEHQ]LLGHUXODUHPDLPLFGH
PPWUHEXLHVILHvQORFXLWH =1XGH]DFWLYDL(63
=6ROLFLWDLvQORFXLUHDURLLGHUH]HUYURLLGH
5HVSHFWDLvQWRWGHDXQDYLWH]DPD[LP
DGPLVVSHFLILFDWSHQWUXSQHXULOH06PRQ UH]HUYGHX]WHPSRUDUUHVSHFWLYHODFHO
WDWH PDLDSURSLDWDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW$VLJXUDLYFGLPHQVLXQLOHURLLGH
'DFPRQWDLSQHXUL06FXRYLWH]DPD[LP UH]HUYURLLGHUH]HUYGHX]WHPSRUDUL
DGPLVPDLPLFGHFkWFHDDDXWRYHKLFXOXOXL WLSXOSQHXOXLVXQWFRUHFWH

5RLLSQHXUL
IL[DLXQVHPQGHDYHUWL]DUHFRUHVSXQ]WRUvQ
FkPSXOYL]XDODORIHUXOXL$FHVWHDSRWILREL
QXWHvQWUXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/DQXULGH]SDG
QDFHDVWVLWXDLHWUHEXLHGHDVHPHQHDV
OLPLWDLYLWH]DPD[LPDDXWRYHKLFXOXOXLFX 'LQPRWLYHGHVLJXUDQ0HUFHGHV%HQ]Y
DMXWRUXOVLVWHPXOXL63(('7521,&SHUPDQHQW UHFRPDQGVXWLOL]DLQXPDLODQXULGH
DVWIHOvQFkWVQXGHSHDVFYLWH]DPD[LP ]SDGDSUREDWHVSHFLDOSHQWUXDXWRYHKLFXOXO
DGPLVSHQWUXSQHXULOH06 3DJLQD  GXPQHDYRDVWUGH0HUFHGHV%HQ]VDXFDUH
&kQGDLPRQWDWSQHXUL06 UHVSHFWXQVWDQGDUGFRUHVSXQ]WRUGHFDOL
WDWH
 9HULILFDLSUHVLXQLOHvQSQHXUL
3DJLQD   $XWRYHKLFXOHFXSDFKHWXO
 5HSRUQLLPRQLWRUL]DWRUXOSUHVLXQLLvQ
21 2))52$'VDXFXSDFKHWXO$,50$
SQHXUL 3DJLQD  7,&QXFRQGXFHLvQPRGXO$'663257
DWXQFLFkQGFRQGXFHLFXODQXULOHGH
 5HSRUQLLVLVWHPXOGHDYHUWL]DUHSULYLQG
]SDGPRQWDWH
SLHUGHUHDSUHVLXQLLvQSQHXUL
3DJLQD  'DFGRULLVPRQWDLODQXULGH]SDGUHL
QHLXUPWRDUHOH
'XSPRQWDUHDXQHLURLGHUH]HUYGHX]
=/DQXULOHGH]SDGQXSRWILPRQWDWHOD
WHPSRUDUVDXDXQXLSQHXGHUH]HUYQXFRQ
GXFHLFXYLWH]PDLPDUHGHNPK WRDWHFRPELQDLLOHURDWSQHX&RPELQDLL
SHUPLVHURDWSQHX 3DJLQD 
$9(57,60(17 =/DQXULOHGH]SDGQXWUHEXLHVILHPRQ
'LPHQVLXQLOHURLLSQHXOXLLWLSXOSQHXOXLURLL WDWHSHRURDWGHUH]HUYGHX]WHPSRUDU
GHUH]HUYURLLGHUH]HUYGHX]WHPSRUDUL
URDWDFDUHWUHEXLHvQORFXLWSRWGLIHUL0RQWD
UHDXQHLURLGHUH]HUYURLGHUH]HUYGHX]


 3UHVLXQHDvQSQHXUL

GHH[RURDWGHUH]HUYGHX]WHPSRUDU 5HVSHFWDLSUHVLXQLOHUHFRPDQGDWHGH
0LQLVSDUH XPIODUHDSQHXULORULYHULILFDLSUHVLXQHDGLQ
=0RQWDLODQXULOHGH]SDGQXPDLvQSHUH WRDWHSQHXULOHLQFOXVLYGLQURDWDGHUH]HUY
FKLLQXPDLSHURLOHGLQVSDWH5HVSHFWDL =FHOSXLQRGDWODGRXVSWPkQL
LQVWUXFLXQLOHGHLQVWDODUHDOHSURGXFWRUX =GDFVDUFLQDVHPRGLILF
OXL
=vQDLQWHGHDvQFHSHXQGUXPOXQJ
 $XWRYHKLFXOHOHFXMDQWHGHRHOGDF =SHQWUXFRQGLLLGHIXQFLRQDUHPRGLILFDWH
GRULLVPRQWDLODQXULGH]SDGSHMDQ GHH[FRQGXFHUHDRIIURDG
WHOHGHRHOQXRPLWHLVVFRDWHLFDSDFHOH
'DFHVWHQHFHVDUFRUHFWDLSUHVLXQHDvQ
GHURDWGHODURLOHUHVSHFWLYHPDLvQWkLQ
SQHXUL
FD]FRQWUDUFDSDFHOHGHURDWSRWVXIHUL
GHWHULRUUL 9HLJVLXQWDEHOFXSUHVLXQLvQSQHXULSHQWUX
/DDXWRYHKLFXOHOHFXSDFKHW$,50$7,&WUH GLYHUVHVLWXDLLGHXWLOL]DUHSHSDUWHDLQWH
EXLHVFRQGXFHLFXQLYHOXODXWRYHKLFXOXOXL ULRDUDFODSHWHLJXULLGHXPSOHUHFXFDUEX
ULGLFDWGDFVDXPRQWDWODQXULGH]SDG UDQWDDXWRYHKLFXOXOXLGXPQHDYRDVWU
3DJLQD  8WLOL]DUHDFXURDWGHUH]HUYGHX]WHP
1XGHSLLYLWH]DPD[LPDGPLVGH SRUDUYDORDUHDDSOLFDELOSHQWUXURDWDGH
NPK UH]HUYGHX]WHPSRUDUHVWHLQGLFDWSHURDWD
G (VWHSRVLELOVGRULLVGH]DFWLYDL(63 GHUH]HUYLvQFDSLWROXOSULYLQG&RPELQDLLOH
URDWSQHX 3DJLQD 
3DJLQD FkQGGHPDUDLFXODQXULGH
5RLLSQHXUL

]SDGPRQWDWH$VWIHOYHLSXWHDSHUPLWH 8WLOL]DUHDFXRUHPRUFYDORDUHDDSOLFDELO
URLORUVSDWLQH]HFRQWURODWRELQkQGR SHQWUXSQHXULOHGLQVSDWHHVWHYDORDUHD
IRUGHWUDFLXQHVSRULW DFLXQHGH PD[LPDSUHVLXQLLvQSQHXULLQGLFDWvQWDEH
SWUXQGHUH  OXOGLQFODSHWDJXULLGHXPSOHUHFXFDUEXUDQW
7DEHOXOGLQFODSHWDJXULLGHXPSOHUHFXFDU
EXUDQWSRDWHLQGLFDSUHVLXQLOHvQSQHXULSHQ
3UHVLXQHDvQSQHXUL WUXGLIHULWHVLWXDLLGHVDUFLQ$FHVWHDVXQW
GHILQLWHvQWDEHOFDQXPHUHGHSDVDJHULL
6SHFLILFDLLSULYLQGSUHVLXQHDvQ YROXPHGHEDJDMGLIHULWH1XPUXOFRQFUHWGH
SQHXUL VFDXQHSRDWHYDULDSHQWUXLQIRUPDLLVXSOL
$9(57,60(17 PHQWDUHFRQVXOWDLGRFXPHQWHOHGHvQUHJLV
WUDUHDOHDXWRYHKLFXOXOXL
3QHXULOHFXSUHVLXQHDSUHDVF]XWVDXSUHD
ULGLFDWDGXFFXHOHXUPWRDUHOHULVFXUL 'DFQXVXQWLQGLFDWHDOWHGDWHSUHVLXQLOHvQ
SQHXULVSHFLILFDWHSHHWLFKHWDGHSUHVLXQHvQ
=SRWH[SORGDPDLDOHVGDFDXWRYHKLFXOXO
SQHXULGHSHFODSHWDJXULLGHXPSOHUHVXQW
HVWHJUHXvQFUFDWVDXGDFFRQGXFHLFX YDODELOHSHQWUXWRDWHSQHXULOHDSUREDWHSHQ
YLWH]HPDUL WUXDFHVWDXWRYHKLFXO
=SQHXULOHVHSRWX]DvQPRGH[FHVLYLVDX
QHXQLIRUPFHHDFHSRDWHDIHFWDVHULRV
WUDFLXQHDSQHXULORU
=FDUDFWHULVWLFLOHGHFRQGXFHUHGHGLUHFLHL
GHIUkQDUHSRWILDIHFWDWHIRDUWHJUDY
([LVWXQULVFGHDFFLGHQW
3UHVLXQHDvQSQHXUL 

=9HULILFDLGDFQXH[LVWFRUSXULVWULQHvQ
SQHX
=9HULILFDLGDFURDWDDUHSLHUGHULGHDHUVDX
GDFVXSDSDDUHVFSUL
'DFQXVXQWHLFDSDELOVUH]ROYDLGHIHFLX
QHDFRQWDFWDLDWHOLHUXOGHVSHFLDOLWDWHDXWR
UL]DW

'DFHVWHSRVLELOFRUHFWDLSUHVLXQLOHvQ
SQHXULQXPDLFkQGSQHXULOHVXQWUHFL
'DFRPULPHGHSQHXSUHFHGRSUHVLXQH 3QHXULOHVXQWUHFL
vQSQHXLQIRUPDLLOHXUPWRDUHSULYLQGSUH =GDFDXWRYHKLFXOXODIRVWSDUFDWFXSQHXULOH
VLXQHDvQSQHXULVXQWYDODELOHQXPDLSHQWUX QHDIODWHvQEWDLDGLUHFWDVRDUHOXLWLPSGH
DFHDPULPHGHSQHX FHOSXLQWUHLRUHL
3HQWUXDWHVWDSUHVLXQHDvQSQHXULXWLOL]DLXQ =GDFDXWRYHKLFXOXOQXDIRVWFRQGXVPDL
PDQRPHWUXDGHFYDW$VSHFWXOH[WHULRUDOXQXL PXOWGHNP
SQHXQXSHUPLWHRELQHUHDXQRUFRQFOX]LL QIXQFLHGHWHPSHUDWXUDDPELDQWGHYLWH]D
FRUHFWHSULYLQGSUHVLXQHDvQSQHXUL/DDXWR FXFDUHFRQGXFHLLGHVDUFLQDDVXSUDSQHX
YHKLFXOHOHSUHY]XWHFXPRQLWRUL]DWRUHOHF ULORUWHPSHUDWXUDSQHXULORULSULQXUPDUHL
WURQLFDOSUHVLXQLLvQSQHXULSUHVLXQHDvQ SUHVLXQHDvQSQHXULSRWVXIHULPRGLILFULFX

5RLLSQHXUL
SQHXULSRDWHILYHULILFDWFXDMXWRUXOFDOFXOD DSUR[LPDWLYN3D EDULSVL SHU
WRUXOXLGHERUG LQHLFRQWGHDFHDVWLQIRUPDLHFkQG
YHULILFDLSUHVLXQHDvQSQHXULOHFDOGHLFRUHF
$9(57,60(17
WDLRQXPDLGDFHVWHSUHDVF]XWSHQWUX
'DFPRQWDLDFFHVRULLQHFRUHVSXQ]WRDUH
VLWXDLLOHGHXWLOL]DUHGHODPRPHQWXOUHVSHF
SHYDOYHOHSQHXULORUYDOYHOHSQHXULORUSRWIL
WLY
VXSUDvQFUFDWHLGHIHFWHFHHDFHSRDWHGXFH
ODSLHUGHUHDSUHVLXQLLvQSQHXUL'DWRULW &RQGXFHUHDFXRSUHVLXQHvQSQHXULSUHDULGL
GHVLJQXOXLORUPRQLWRUL]DWRDUHOHSUHVLXQLLvQ FDWVDXSUHDVF]XWSRDWH
SQHXULPRGHUQL]DWHPHQLQYDOYDSQHXOXLGHV =UHGXFHYLDDXWLODSQHXULORU
FKLV$FHVWOXFUXSRDWHFDX]DSLHUGHUHDSUH =SURYRFDGHWHULRUULFUHVFXWHDOHSQHXULORU
VLXQLLvQSQHXUL([LVWXQULVFGHDFFLGHQW =DYHDXQHIHFWQHJDWLYDVXSUDFDUDFWHULVWL
QILOHWDLQXPDLFSFHOHGHYDOYVWDQGDUG FLORUGHPDQHYUDELOLWDWHLDVWIHODVXSUD
VDXFSFHOHGHYDOYIXUQL]DWHvQPRGVSHFL VLJXUDQHLvQFRQGXFHUH GHH[SULQSURYR
ILFGH0HUFHGHV%HQ]SHQWUXDXWRYHKLFXOXO FDUHDDFYDSODQULL
GXPQHDYRDVWUSHYDOYDSQHXOXL
G 9DORULOHGHSUHVLXQHvQSQHXULGDWHSHQWUX
$9(57,60(17 VDUFLQLUHGXVHVXQWYDORULPLQLPHFDUHY
RIHUFDUDFWHULVWLFLEXQHGHFRQIRUWvQ
'DFSUHVLXQHDvQSQHXULVFDGHvQPRGUHSH
UXODUH
WDWURDWDYDOYDVDXSQHXODUSXWHDILGHWHULR
UDWH2SUHVLXQHvQSQHXULSUHDVF]XWDU &XWRDWHDFHVWHDSXWHLXWLOL]DLYDORULOH
SXWHDFDX]DH[SOR]LDSQHXOXL([LVWXQULVFGH GDWHSHQWUXVDUFLQLPDUL$FHVWHDVXQW
DFFLGHQW YDORULDGPLVHLQXYRUDIHFWDQHJDWLYUXOD
UHDDXWRYHKLFXOXOXL


 3UHVLXQHDvQSQHXUL

=DGRSWDLXQVWLOGHFRQGXFHUHIRDUWHVSRUWLY
1RWSULYLQGSURWHFLDPHGLXOXL
9HULILFDLUHJXODWSUHVLXQHDvQSQHXULFHOSXLQ YLUDMHODYLWH]HPDULVDXFRQGXFHUHDFX
OD]LOH DFFHOHUDUHSXWHUQLF 
=WUDFWDLRUHPRUFIRDUWHJUHDVDXPDUH
=FRQGXFHLFXRVDUFLQJUHD vQDXWRYHKLFXO

6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGH VDXSHSDYLOLRQ 
UHDSUHVLXQLLvQSQHXUL
5HSRUQLUHDVLVWHPXOXLGHDYHUWL]DUHSUL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD YLQGSLHUGHUHDSUHVLXQLLvQSQHXUL
&kQGDXWRYHKLFXOXOHVWHvQPLFDUHVLVWHPXO 5HSRUQLLVLVWHPXOGHDYHUWL]DUHSULYLQGSLHU
GHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ GHUHDSUHVLXQLLvQSQHXULGDFDL
SQHXULPRQLWRUL]HD]SUHVLXQHDvQSQHXUL
=VFKLPEDWSUHVLXQHDvQSQHXUL
VHWDWFXDMXWRUXOYLWH]HLGHURWDLHDURLORU
$FHDVWDSHUPLWHVLVWHPXOXLVGHWHFWH]HR =VFKLPEDWURLOHVDXSQHXULOH

SLHUGHUHVHPQLILFDWLYGHSUHVLXQHvQWUXQ =PRQWDWURLVDXSQHXULQRL
SQHX'DFYLWH]DGHURWDLHDXQHLURLVH  QDLQWHGHUHSRUQLUHFRQVXOWDLWDEHOXOFX
PRGLILFvQXUPDXQHLSLHUGHULGHSUHVLXQHYD SUHVLXQLvQSQHXULGHSHLQWHULRUXOFODSHWHL
DSUHDXQPHVDMGHDYHUWL]DUHFRUHVSXQ]WRU JXULLGHXPSOHUHFXFDUEXUDQWSHQWUXDY
SHDILDMXOPXOWLIXQFLRQDO DVLJXUDFSUHVLXQHDvQWRDWHFHOHSDWUX
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUH SQHXULHVWHUHJODWFRUHFWSHQWUXFRQGLLLOH
5RLLSQHXUL

VLXQLLvQSQHXULQXYDYHUWL]HD]SULYLQGR GHXWLOL]DUHUHVSHFWLYH
SUHVLXQHvQSQHXULUHJODWLQFRUHFW5HVSHF 6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHD
WDLQRWHOHSULYLQGSUHVLXQHDvQSQHXULUHFR SUHVLXQLLvQSQHXULSRDWHRIHULDYHUWLVPHQWH
PDQGDW 3DJLQD  SHFDUHVYSXWHLED]DGRDUGDFDL
6LVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUH UHJODWSQHXULOHODSUHVLXQHDFRUHFW'DF
VLXQLLvQSQHXULQXVHSRDWHVXEVWLWXLQHFH VHUHJOHD]RSUHVLXQHvQSQHXULLQFRUHFW
VLWLLGHYHULILFDUHUHJXODWDSUHVLXQLORUvQ DFHVWHYDORULLQFRUHFWHYRUILPRQLWRUL]DWH
SQHXULSHQWUXDXWRYHKLFXOXOGXPQHDYRDVWU  5HVSHFWDLQRWHOHGLQVHFLXQHDSULYLQGSUH
GHRDUHFHRSLHUGHUHHJDOGHSUHVLXQHODPDL VLXQLOHvQSQHXUL 3DJLQD 
PXOWHSQHXULVLPXOWDQQXSRDWHILGHWHFWDW
GHVLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHD  $VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
SUHVLXQLLvQSQHXUL FKHLDVHDIOvQSR]LLD 3DJLQD 
 $SVDLEXWRQXOYVDXeGHSHYRODQ
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXYSRDWH
DYHUWL]DSULYLQGRSLHUGHUHEUXVFDSUHVLXQLL SHQWUXDVHOHFWDPHQLXO6HUY
GHH[GDFSQHXODIRVWSHUIRUDWGHXQRELHFW  $SVDLEXWRQXOcVDXdSHQWUXD
VWULQQFD]XOXQHLSLHUGHULEUXWHGHSUH VHOHFWD7\UHSUHVVXUH 3UHVLXQH
VLXQHRSULLDXWRYHKLFXOXOIUkQkQGFXDWHQLH SQHX 
(YLWDLPDQHYUHOHEUXWHGHGLUHFLH  $SVDLEXWRQXOv
)XQFLRQDUHDVLVWHPXOXLGHDYHUWL]DUHSULYLQG 0HVDMXO5XQ)ODW,QGLFDWRUDFWLYH
SLHUGHUHDSUHVLXQLLvQSQHXULHVWHOLPLWDWVDX 5HVWDUWZLWK2. ,QGLFDWRUGH
vQWkU]LDWGDF UXODUHQFD]GHSDQDFWLY5HSRU
=SQHXULOHDXWRYHKLFXOXOXLGXPQHDYRDVWU QLLFX2. DSDUHSHDILDMXOPXOWLIXQF
VXQWSUHY]XWHFXODQXULGH]SDG LRQDO
=FLUFXODLSHXQGUXPvQFRQGLLLGHLDUQ
=FRQGXFHLSHQLVLSVDXSLHWUL
3UHVLXQHDvQSQHXUL 

'DFGRULLVFRQILUPDLUHSRUQLUHD 3ULQXUPDUHYDDSUHDXQPHVDMGHDYHUWL]DUH
 $SVDLEXWRQXOv GDFSUHVLXQHDvQSQHXULVFDGHVHPQLILFDWLY
0HVDMXO7\UHSUHVVQRZ2." 3UH 0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXYDYHU
VLXQHQSQHXULDFXP2." DSDUHSH WL]HD]SULYLQGRSUHVLXQHvQSQHXULUHJODW
DILDMXOPXOWLIXQFLRQDO LQFRUHFW5HVSHFWDLQRWHOHSULYLQGSUHVLXQHD
 $SVDLEXWRQXOcVDXdSHQWUXD
vQSQHXULUHFRPDQGDW 3DJLQD 
VHOHFWD<HV 'D  0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULQXYSRDWH
DYHUWL]DSULYLQGRSLHUGHUHEUXVFDSUHVLXQLL
 $SVDLEXWRQXOv
GHH[GDFSQHXODIRVWSHUIRUDWGHXQRELHFW
0HVDMXO5XQ)ODW,QGLFDWRUUHVWDU VWULQQFD]XOXQHLSLHUGHULEUXWHGHSUH
WHG ,QGLFDWRUGHUXODUHFXSDQ VLXQHRSULLDXWRYHKLFXOXOIUkQkQGFXDWHQLH
UHSRUQLW DSDUHSHDILDMXOPXOWLIXQFLR (YLWDLPDQHYUHOHEUXWHGHGLUHFLH
QDO
'DFHVWHPRQWDWXQPRQLWRUL]DWRUDOSUHVLX
'XSRSHULRDGGHSURJUDPDUHVLVWHPXO QLLvQSQHXULURLOHDXWRYHKLFXOXOXLDXVHQ]RUL
GHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQ PRQWDLFDUHPRQLWRUL]HD]SUHVLXQLOHvQ
SQHXULYDPRQLWRUL]DSUHVLXQLOHvQSQHXUL SQHXULODWRDWHFHOHSDWUXSQHXUL0RQLWRUL]D
VHWDWHODWRDWHFHOHSDWUXSQHXUL WRUXOSUHVLXQLLvQSQHXULYDYHUWL]HD]GDF
'DFGRULLVDQXODLUHSRUQLUHD SUHVLXQHDVFDGHvQXQXOVDXPDLPXOWHSQHXUL
 $SVDLEXWRQXOA
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXULIXQFLR
QHD]GRDUGDFWRDWHURLOHVXQWSUHY]XWH
VDX FXVHQ]RULLFRUHFL

5RLLSQHXUL
 'DFDSDUHPHVDMXO7\UHSUHVVQRZ
,QIRUPDLLOHSULYLQGSUHVLXQLOHvQSQHXULVXQW
2." 3UHVLXQHQSQHXULDFXP2."  DILDWHSHDILDMXOPXOWLIXQFLRQDO'XS
DSVDLEXWRQXOcVDXdSHQWUXD FkWHYDPLQXWHGHFRQGXFHUHSUHVLXQHD
VHOHFWD&DQFHO $QXODUH  FXUHQWvQSQHXULODILHFDUHSQHXDSDUHSHDIL
 $SVDLEXWRQXOv DMXOPXOWLIXQFLRQDO
9DORULOHGHSUHVLXQHvQSQHXULPHPRUDWHOD G 9DORULOHSUHVLXQLLvQSQHXULLQGLFDWHGHFDO
XOWLPDUHSRUQLUHYRUILPRQLWRUL]DWHvQFRQ FXODWRUXOGHERUGSRWGLIHULGHFHOH
WLQXDUH PVXUDWHODREHQ]LQULHFXXQPDQRPHWUX
3UHVLXQLOHvQSQHXULDILDWHGHFDOFXODWRUXO
GHERUGOHDXFDSXQFWGHUHIHULQSHFHOH
0RQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL PVXUDWHODQLYHOXOPULL/DDOWLWXGLQLPDUL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD YDORULOHSUHVLXQLLvQSQHXULLQGLFDWHGHXQ
PDQRPHWUXVXQWPDLPDULGHFkWFHOHDIL
RIHUXOHVWHFHOUHVSRQVDELOSHQWUXUHJODUHD DWHSHFDOFXODWRUXOGHERUGQDFHVWFD]
XPIOULLSQHXOXLODSUHVLXQHDUHFRPDQGDWD QXUHGXFHLSUHVLXQLOHvQSQHXUL
SQHXOXLUHFHDGHFYDWSHQWUXVLWXDLDGHXWL
G )XQFLRQDUHDPRQLWRUL]DWRUXOXLSUHVLXQLL
OL]DUH 3DJLQD 1XXLWDLFSUHVLXQHD
FRUHFWvQSQHXULSHQWUXVLWXDLDFXUHQWGH vQSQHXULSRDWHILDIHFWDWGHLQWHUIHUHQH
XWLOL]DUHWUHEXLHSURJUDPDWSHPRQLWRUL]DWR GHODHFKLSDPHQWGHWUDQVPLVLHUDGLR GH
UXOSUHVLXQLLvQSQHXUL'DFH[LVWRSLHUGHUH H[FWLUDGLRVWDLLELGLUHFLRQDOH FDUHDU
VXEVWDQLDODSUHVLXQLLSUDJXOGHDYHUWL]DUH SXWHDILXWLOL]DWHvQVDXOkQJDXWRYHKLFXO
SHQWUXPHVDMXOGHDYHUWL]DUHHVWHDOLQLDWYDOR
ULORUGHUHIHULQLQWURGXVH5HSRUQLLPRQLWR
UL]DUHDSUHVLXQLLvQSQHXULGXSUHJODUHDSUH
VLXQLLvQSQHXULUHFL 3DJLQD 3UHVLXQLOH
FXUHQWHVXQWVDOYDWHFDYDORULGHUHIHULQQRL

 3UHVLXQHDvQSQHXUL

9HULILFDUHDHOHFWURQLFDSUHVLXQLLvQ WLYODXQXOVDXPDLPXOWHSQHXULXQPHVDMGH
SQHXUL DYHUWL]DUHDSDUHSHDILDMXOPXOWLIXQFLRQDO
6HHPLWHLXQVXQHWGHDYHUWL]DUHLDUODPSD
 $VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
GHDYHUWL]DUHSULYLQGSUHVLXQHDvQSQHXULVH
FKHLDVHDIOvQSR]LLD 3DJLQD 
DSULQGHvQSDQRXOGHLQVWUXPHQWH
 $SVDLEXWRQXOYVDXeGHSHYRODQ
)LHFDUHSQHXDIHFWDWGHRSLHUGHUHVHPQLIL
SHQWUXDVHOHFWDPHQLXO6HUY FDWLYGHSUHVLXQHHVWHHYLGHQLDWSHDILDMXO
 $SVDLEXWRQXOcVDXdSHQWUXD GHSUHVLXQH
VHOHFWD7\UHSUHVVXUH 3UHVLXQH 'DFPHVDMXO3OHDVHFRUUHFWW\UHSUHV
SQHX  VXUH &RUHFWDLSUHVLXQHDQ
 $SVDLEXWRQXOv SQHXUL DSDUHSHDILDMXOPXOWLIXQFLRQDO
3UHVLXQHDFXUHQWvQSQHXULSHQWUXILHFDUH  9HULILFDLSUHVLXQHDvQSQHXULODWRDWHFHOH
URDWYDILDILDWSHDILDMXOPXOWLIXQFLR SDWUXURLLFRUHFWDLRGDFHVWHQHFHVDU
QDO
'DFDXWRYHKLFXOXODIRVWSDUFDWPDLPXOWGH G 'DFSR]LLLOHURLORUDXWRYHKLFXOXOXLVXQW
GHPLQXWHDSDUHPHVDMXO7\UHSUHVVX SHUPXWDWHSUHVLXQLOHvQSQHXULSRWILDIL
UHVZLOOEHGLVSOD\HGDIWHUDIHZ DWHVFXUWWLPSvQSR]LLLOHLQFRUHFWH
PLQXWHVRIGULYLQJ 3UHVLXQHQ $FHDVWVLWXDLHHVWHUHPHGLDWGXS
SQHXULDILDWGXSFWHYDPLQXWHGH FkWHYDPLQXWHGHFRQGXFHUHLDUSUHVLXQLOH
FRQGXFHUH  vQSQHXULVXQWDILDWHODSR]LLLOHFRUHFWH
5RLLSQHXUL

'XSRSHULRDGGHvQYDUHPRQLWRUL]DWRUXO
5HSRUQLUHDPRQLWRUL]DWRUXOXLSUHVLXQLL
SUHVLXQLLvQSQHXULUHFXQRDWHDXWRPDWQRLOH
vQSQHXUL
URLVDXQRLLVHQ]RUL'DFQXHVWHSRVLELOR
DORFDUHFODUDYDORULORUSUHVLXQLLvQSQHXULOD &kQGUHSRUQLLPRQLWRUL]DWRUXOSUHVLXQLLvQ
ILHFDUHURDWvQSDUWHPHVDMXOGHSHGLVSOD\ SQHXULWRDWHPHVDMHOHGHDYHUWL]DUHH[LVWHQWH
7\UHSUHVVXUHPRQLWRUDFWLYH 0RQL VXQWWHUVHLDUOPSLOHGHDYHUWL]DUHVHVWLQJ
WRUL]DWRUXOSUHVLXQLLQSQHXUL 0RQLWRUL]DWRUXOXWLOL]HD]SUHVLXQLOHvQSQHXUL
DFWLY DSDUHvQORFGHDILDMXOSUHVLXQLLvQ VHWDWHFXUHQWFDYDORULGHUHIHULQSHQWUX
SQHXUL3UHVLXQLOHvQSQHXULVXQWGHMDPRQLWR PRQLWRUL]DUHQPDMRULWDWHDFD]XULORUPRQL
UL]DWH WRUL]DWRUXOSUHVLXQLLvQSQHXULYDGHWHFWDDXWR
G 'DFHVWHPRQWDWRURDWGHUH]HUYR PDWQRLOHYDORULGHUHIHULQGXSFHDLVFKLP
EDWSUHVLXQHDvQSQHXUL
URDWGHUH]HUYGHX]WHPSRUDUVLVWHPXO
SRDWHFRQWLQXDVLQGLFHSUHVLXQHDvQ G 3HQWUXRSUH]HQWDUHJHQHUDODPHQLXUL
SQHXULDURLLFDUHDIRVWVFRDVWLPSGH ORUFRQVXOWDL 3DJLQD 
FkWHYDPLQXWHQDFHDVWVLWXDLHUHLQHL 'DFGRULLVGHILQLLYDORULOHGHUHIHULQQRL
FYDORDUHDDILDWSHQWUXSR]LLDvQFDUH PDQXDO
URDWDGHUH]HUYURDWDGHUH]HUYGHX]
WHPSRUDUHVWHPRQWDWQXHVWHLGHQWLFFX  8WLOL]DLWDEHOXOGHSHLQWHULRUXOFODSHWHL
FHDDSUHVLXQLLvQSQHXULFXUHQWHSHQWUX JXULLGHXPSOHUHFXFDUEXUDQWSHQWUXDY
URDWDGHUH]HUYURDWDGHUH]HUYGHX] DVLJXUDFSUHVLXQHDvQSQHXULHVWHVHWDW
WHPSRUDU FRUHFWODWRDWHFHOHSDWUXSQHXULSHQWUX
FRQGLLLOHGHXWLOL]DUHFXUHQWH
0HVDMHGHDYHUWL]DUHDOHPRQLWRUL]DWR
UXOXLSUHVLXQLLvQSQHXUL
'DFPRQLWRUL]DWRUXOSUHVLXQLLvQSQHXUL
GHWHFWHD]RSLHUGHUHGHSUHVLXQHVHPQLILFD
6FKLPEDUHDXQHLURL 

5HVSHFWDLGHDVHPHQHDQRWHOHGLQVHFLX 2PRORJDUHDUDGLRSHQWUXPRQLWRUL]DWR
QHDSULYLQGSUHVLXQLOHvQSQHXUL UXOSUHVLXQLLvQSQHXUL
3DJLQD 
QDQXPLWHULHVWHSRVLELOVILHQHFHVDUR
 $VLJXUDLYFvQFRPXWDWRUXOGHFRQWDFW
RPRORJDUHUDGLRSHQWUXPRQLWRUL]DWRUXOSUH
FKHLDVHDIOvQSR]LLD VLXQLLvQSQHXUL1XPUXOGHRPRORJDUHUDGLR
 $SVDLEXWRQXOYVDXeGHSHYRODQ SHQWUXPRQLWRUL]DWRUXOSUHVLXQLLvQSQHXULVH
SHQWUXDVHOHFWDPHQLXO6HUYLFH UHJVHWHRQOLQHODDGUHVDKWWS
 $SVDLEXWRQXOcVDXdSHQWUXD
ZZZPHUFHGHVEHQ]GHEHWULHEVDQOHLWXQJ
VHOHFWD7\UHSUHVVXUH 3UHVLXQH
SQHX 
6FKLPEDUHDXQHLURL
 $SVDLEXWRQXOv
$ILDMXOPXOWLIXQFLRQDOSUH]LQWSUHVLXQHD 3DQGHFDXFLXF
vQSQHXULFXUHQWODILHFDUHSQHXvQSDUWH 6HFLXQHD$VLVWHQvQFD]GHSDQ
VDXPHVDMXO7\UHSUHVVXUHVZLOOEH 3DJLQD FRQLQHLQIRUPDLLLQRWHSUL
GLVSOD\HGDIWHUDIHZPLQXWHVRI YLQGPRGXOvQFDUHVSURFHGDLFkQGDYHLR
GULYLQJ 3UHVLXQLOHQSQHXULYRU SDQGHSQHX(DRIHUGHDVHPHQHDLQVWUXF
ILDILDWHGXSFRQGXFHUHDWLPSGH LXQLSULYLQGVFKLPEDUHDXQHLURLVDXPRQWD
FWHYDPLQXWH  UHDURLLGHUH]HUYDURLLGHUH]HUYGHX]
 $SVDLEXWRQXOd WHPSRUDU
0HVDMXO8VHFXUUHQWSUHVVXUHVDV

5RLLSQHXUL
QHZUHIHUHQFHYDOXHV 8WLOL]DL
SUHVLXQLOHFXUHQWHFDQRLYDORUL 3HUPXWDUHDURLORU
GHUHIHULQ DSDUHSHDILDMXOPXOWL
IXQFLRQDO $9(57,60(17
3HUPXWDUHDURLORUIDLVSDWHSRWDIHFWD
'DFGRULLVFRQILUPDLUHSRUQLUHD IRDUWHJUDYFDUDFWHULVWLFLOHGHFRQGXFHUHGDF
 $SVDLEXWRQXOv URLOHVDXSQHXULOHDXGLPHQVLXQLGLIHULWH'H
0HVDMXO7\UHSUHVVPRQLWRUUHVWDU DVHPHQHDIUkQHOHGHURDWVDXFRPSRQHQ
WHG 0RQLWRUL]DWRUSUHVSQHXUL WHOHVXVSHQVLHLSRWILGHWHULRUDWH([LVWXQ
UHSRUQLW DSDUHSHDILDMXOPXOWLIXQFLR ULVFGHDFFLGHQW
QDO 3HUPXWDLURLOHGLQIDLVSDWHQXPDLGDF
'XSFHDLFRQGXVWLPSGHFkWHYDPLQXWH URLOHLSQHXULOHDXDFHOHDLGLPHQVLXQL
VLVWHPXOYHULILFGDFSUHVLXQLOHFXUHQWHvQ
SQHXULVHvQFDGUHD]vQLQWHUYDOXOVSHFLIL 3HUPXWDUHDURLORUIDLVSDWHGHGLPHQVLXQL
FDW1RLOHSUHVLXQLvQSQHXULVXQWDSRL GLIHULWHSRWGXFHODDQXODUHDFHUWLILFDWXOXLGH
DFFHSWDWHFDYDORULGHUHIHULQLVXQW vQPDWULFXODUHDDXWRYHKLFXOXOXL
PRQLWRUL]DWH 5HVSHFWDLvQWRWGHDXQDLQVWUXFLXQLOHLLQIRU
PDLLOHGHVLJXUDQGLQVHFLXQHD6FKLPED
'DFGRULLVDQXODLUHSRUQLUHD
UHDURLLLPRQWDUHDURLLGHUH]HUY
 $SVDLEXWRQXOA 3DJLQD 
9DORULOHGHSUHVLXQHvQSQHXULPHPRUDWHOD 0RGHOHOHGHX]XUGHSHSQHXULOHIDLVSDWH
XOWLPDUHSRUQLUHYRUILPRQLWRUL]DWHvQFRQ GLIHUvQIXQFLHGHFRQGLLLOHGHXWLOL]DUH3HU
WLQXDUH PXWDLURLOHvQDLQWHVVHIRUPH]HXQPRGHO
GHX]XUHYLGHQWSHSQHXUL3QHXULOHIDVH
X]HD]GHUHJXOPDLPXOWSHPDUJLQLLDU
SQHXULOHGLQVSDWHvQFHQWUX


 &RPELQDLLGHURDWLSQHX

/DDXWRYHKLFXOHOHFXDFHHDLPULPHODURLOH &XUDUHDURLORU
GLQIDLVSDWHSXWHLSHUPXWDURLOHODILH
FDUHNPvQIXQFLHGHJUDGXO $9(57,60(17
GHX]XUDSQHXULORU0HQLQHLVHQVXOGHURWD 1XXWLOL]DLGLVSR]LWLYHGHFXUDUHODSUHVLXQH
LHDSQHXULORU vQDOWFXGX]HFXMHWFLUFXODUSHQWUXDYFXUD
&XUDLWHPHLQLFVXSUDIHHOHGHFRQWDFWDOH DXWRYHKLFXOXOLvQVSHFLDOSQHXULOHQFD]FRQ
URLLLGLVFXOGHIUkQGHILHFDUHGDWFkQG WUDUSXWHLGHWHULRUDSQHXULOHLSURYRFDXQ
SHUPXWDLRURDW9HULILFDLSUHVLXQHDvQ DFFLGHQW
SQHXULLGDFVLWXDLDRFHUHUHSRUQLLVLV
WHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDSUHVLX
QLLvQSQHXULVDXPRQLWRUL]DWRUXOSUHVLXQLLvQ &RPELQDLLGHURDWLSQHX
SQHXUL
$VSHFWHGHUHLQXW
 /DDXWRYHKLFXOHOHSUHY]XWHFXPRQLWRUL
]DWRUDOSUHVLXQLLvQSQHXULFRPSRQHQWHOH  'LQUDLXQLGHVLJXUDQ0HUFHGHV%HQ]
HOHFWURQLFHVHDIOvQURDW YUHFRPDQGVXWLOL]DLQXPDLSQHXULL
URLFDUHDXIRVWRPRORJDWHVSHFLDOSHQWUX
1XWUHEXLHVLQWHUYHQLLFXVFXOHOHGHPRQ
DXWRYHKLFXOXOGXPQHDYRDVWUGHFWUH
WDUHDSQHXULORUvQ]RQDYDOYHLGHRDUHFH
0HUFHGHV%HQ]
DVWIHOSXWHLGHWHULRUDFRPSRQHQWHOHHOHF
WURQLFH $FHVWHDVXQWVSHFLDODGDSWDWHVLVWHPHORU
GHFRQWUROSUHFXP$%6VDX(63LVXQW
6ROLFLWDLVFKLPEDUHDSQHXULORUQXPDLODXQ
PDUFDWHGXSFXPXUPHD]
5RLLSQHXUL

DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
=02 0HUFHGHV%HQ]2ULJLQDO
=02( 0HUFHGHV%HQ]2ULJLQDO([WHQGHG
6HQVXOGHURWDLH SQHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]
3QHXULOHFXXQVHQVVSHFLILFDWGHURWDLHDX GHSDQ
=02 0HUFHGHV%HQ]2ULJLQDO QXPDL
DYDQWDMHVXSOLPHQWDUHGHH[GDFH[LVW
SHULFROXOGHDFYDSODQDUH9HLEHQHILFLDGH DQXPLWHSQHXUL$0*
DFHVWHDYDQWDMHQXPDLGDFVHUHVSHFWVHQ 3QHXULOH0HUFHGHV%HQ]2ULJLQDO([WHQGHG
VXOGHURWDLHFRUHFW SRWILXWLOL]DWHQXPDLFXURLFDUHDXIRVW
2VJHDWGHSHIODQFXOSQHXOXLLQGLFVHQVXO DSUREDWHVSHFLDOGH0HUFHGHV%HQ]
GHURWDLHFRUHFW 8WLOL]DLQXPDLSQHXULURLVDXDFFHVRULL
3XWHLPRQWDRURDWGHUH]HUYGHX]WHPSR WHVWDWHLDSUREDWHGH0HUFHGHV%HQ]Q
UDUURDWGHUH]HUYvQVHQVLQYHUVVHQVXOXL FD]FRQWUDUDQXPLWHFDUDFWHULVWLFLGHH[
GHURWDLH5HVSHFWDLOLPLWDUHDWHPSRUDO PDQHYUDELOLWDWHDHPLVLLOHGH]JRPRWDOH
DVXSUDXWLOL]ULLSUHFXPLOLPLWDUHDGHYLWH] DXWRYHKLFXOXOXLVDXFRQVXPXOGHFDUEX
VSHFLILFDWSHURDWDGHUH]HUYGHX]WHPSR UDQWSRWILDIHFWDWHQHJDWLYQSOXVFkQG
UDUURDWDGHUH]HUY FRQGXFHLVXEVDUFLQYDULDLLOHGLPHQVLX
QLORUSQHXULORUSRWIDFHFDSQHXULOHVLQWUH
vQFRQWDFWFXFRPSRQHQWHOHFDURVHULHLL
'HSR]LWDUHDURLORU SXQLL$VWIHOSQHXULOHVDXDXWRYHKLFXOXODU
SXWHDVXIHULGHWHULRUUL
'HSR]LWDLURLOHQHXWLOL]DWHvQWUXQORF
0HUFHGHV%HQ]QXDFFHSWQLFLRUVSXQ
UFRURVXVFDWLGHSUHIHUDWXVFDW3URWHMDL
GHUHSHQWUXGDXQHFHGHFXUJGLQXWLOL]DUHD
SQHXULOHFRQWUDXOHLXOXLXQVRULLEHQ]LQHLL
DOWRUSQHXULURLVDXDFFHVRULLvQDIDUDFHORU
PRWRULQHL
WHVWDWHLDSUREDWH
&RPELQDLLGHURDWLSQHX 

,QIRUPDLLOHVXSOLPHQWDUHSULYLQGURLOH QXUPWRUXOWDEHOFRPELQDLLOHURDWSQHX
SQHXULOHLFRPELQDLLOHDSUREDWHSRWILREL VXQWDWULEXLWHPRGHOHORUGHDXWRYHKLFXOSH
QXWHGHODRULFHDWHOLHUGHVSHFLDOLWDWHDXWR ED]DYHUVLXQLORUGHH[99HWF
UL]DW
9 0/%OXH7(&0$7,&
 5RLPDULFXFkWOLPHDVHFLXQLLXQHL
DQXPLWHPULPLGHURDWHVWHPDLVF]XW 9 0/0$7,&
FXDWkWVFDGHLFRQIRUWXOODUXODUHSHVXSUD
9 0/%OXH7(&0$7,&
IHHGHGUXPGHFDOLWDWHVODE&RQIRUWXOOD
UXODUHLFRQIRUWXORIHULWGHVXVSHQVLHVXQW 9 0/0$7,&
UHGXVHLDUULVFXOGHGHWHULRUDUHDURLORUL
SQHXULORUvQXUPDFRQGXFHULLSHVWHREVWD 9 0/$0*0$7,&
FROHFUHWH
G 9HLJVLXQWDEHOFXSUHVLXQLvQSQHXULSH G 1XWRDWHFRPELQDLLOHGHURDWSQHXSRW
SDUWHDLQWHULRDUDFODSHWHLJXULLGH ILPRQWDWHvQIDEULFvQWRDWHULOH
XPSOHUHFXFDUEXUDQWDDXWRYHKLFXOXOXL
GXPQHDYRDVWU3HQWUXLQIRUPDLLVXSOL
PHQWDUHSULYLQGSUHVLXQHDvQSQHXULFRQ
VXOWDL 3DJLQD 9HULILFDLvQPRG
UHJXODWSUHVLXQLOHvQSQHXULLQXPDLFkQG
SQHXULOHVXQWUHFL

5RLLSQHXUL
G 1RWHSULYLQGHFKLSDUHDDXWRYHKLFXOXOXL
vQWRWGHDXQDPRQWDLvQDXWRYHKLFXO
=SQHXULGHDFHHDLPULPHSHRSXQWH
DQXPH VWkQJDGUHDSWD
=SQHXULGHDFHODLWLSvQPRPHQWHOHVSH
FLILFHGLQDQ SQHXULGHYDUSQHXULGH
LDUQSQHXUL02([WHQGHG
G $XWRYHKLFXOHOHFXSQHXUL02([WHQGHGQX
VXQWGRWDWHFXRWUXV7,5(),7GLQIDEULF
3ULQXUPDUHVHUHFRPDQGGRWDUHDVXSOL
PHQWDUDDXWRYHKLFXOXOXLGXPQHDYRDVWU
FXRWUXV7,5(),7GDFPRQWDLSQHXULIU
FDUDFWHULVWLFLGHUXODUHvQFD]GHSDQGH
H[SQHXULGHLDUQ2WUXV7,5(),7SRDWH
ILRELQXWGHODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
G 3UH]HQWDUHJHQHUDODDEUHYLHULORUXWLOL
]DWHvQXUPWRDUHOHWDEHOHGHSQHXUL
=%$DPEHOHSXQL
=)$SXQWHDID
=5$SXQWHDVSDWH

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


 &RPELQDLLGHURDWLSQHX

3QHXUL

3QHXULGHYDU 5RLGLQDOLDMXRU 9 9 9 9 9
%$ 59 -[+(7 ; ; ;
%$ 5: -[+(7 ; ; ; ;
%$ 5: -[+(7 ; ; ; ;
%$ 5: -[+(7 ; ; ; ;
02([WHQGHG
%$ 5: -[+(7 ; ; ; ;
02([WHQGHG
%$ 5< -[+(7 ; ; ; ;
%$ 5< -[+(7 ; ; ; ;
02([WHQGHG
%$ =5<;/ -[+(7 ;

%$ 5<;/ -[+(7 ; ; ; ;
5RLLSQHXUL

%$ =5<;/ -[+(7 ;

3QHXULSHQWUXRULFHFRQGLLL 5RLGLQDOLDMXRU 9 9 9 9 9
PHWHR
%$ 5+06 -[+(7 ;
%$ 5906 -[+(7 ;

3QHXULGHLDUQ 5RLGLQDOLDMXRU 9 9 9 9 9
%$ 5+06M -[+(7 ; ;
%$ 5+06M -[+(7 ; ; ;
%$ 5+;/06M -[+(7 ; ; ; ;
%$ 5+;/ -[+(7 ; ; ; ;
06M
%$ 5+;/ -[+(7 ; ; ; ;
06M02([WHQGHG

 1XHVWHSHUPLVXWLOL]DUHDODQXULORUGH]SDG5HVSHFWDLQRWHOHGLQVHFLXQHD/DQXULGH]SDG
 3QHXUL02([WHQGHG SQHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]GHSDQ QXPDLvQFRPELQDLHFXXQVLVWHPGH
DYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDFWLYDWVDXXQPRQLWRUL]DWRUDOSUHVLXQLLvQSQHXUL
 5HVSHFWDLQRWHOHSULYLQG5RLOHPDULvQVHFLXQHDGHFRPELQDLLURDWSQHX
 1XPDLSHQWUXDXWRYHKLFXOHOHFXVXVSHQVLHSQHXPDWLF
&RPELQDLLGHURDWLSQHX 

3QHXULGHLDUQ 5RLGLQDOLDMXRU 9 9 9 9 9
%$ 5+;/ -[+(7 ; ; ; ;
06M02([WHQGHG
%$ 59;/06M -[+(7 ;

%$ 59;/ -[+(7 ;
06M

5RDWDGHUH]HUYGHX]WHPSRUDU0LQLVSDUH
3QHXUL 5RL 9 9 9 9 9
750 %[+(7 ; ; ;
3UHVLXQHvQSQHXULN3D EDUL
SVL
750 %[+(7 ; ;
3UHVLXQHvQSQHXULN3D EDUL
SVL

5RLLSQHXUL
 $XWRYHKLFXOH$0*HFKLSDWHFXURDWDGHUH]HUYGHX]WHPSRUDU0LQLVSDUH8WLOL]DL
URDWDGHUH]HUYGHX]WHPSRUDU0LQLVSDUHQXPDLFXSXQWHDVSDWH'DFURDWDGHUH]HUY
GHX]WHPSRUDU0LQLVSDUHHVWHPRQWDWSHSXQWHDIDDFHDVWDDUSXWHDGHIHFWDVLVWHPXO
GHIUkQDUH
'DFXQSQHXGHSHSXQWHDIDHVWHGHIHFWRURDWLQWDFWGHSHSXQWHDVSDWHWUHEXLHPDL
vQWkLvQORFXLWFXURDWDGHUH]HUYGHX]WHPSRUDU0LQLVSDUH3QHXOGHIHFWGHSHSXQWHD
IDWUHEXLHDSRLvQORFXLWFXSQHXOLQWDFWGHSHSXQWHDVSDWH
$VLJXUDLYFDLREVHUYDWHWLFKHWDFXLQVWUXFLXQLGHSHURDWDGHUH]HUYGHX]WHPSRUDU
0LQLVSDUH
$XWRYHKLFXOXOGXPQHDYRDVWUSRDWHILGRWDWFX7,5(),7VDXFXURDWGHUH]HUYGHX]WHPSRUDU
0LQLVSDUHvQIXQFLHGHDUPRWRULURLOHPRQWDWH
G 3UHVLXQHDVSHFLILFDWvQSQHXULHVWHLPSULPDWvQJDOEHQSHURDWDGHUH]HUYGHX]WHP
SRUDU

 1XHVWHSHUPLVXWLOL]DUHDODQXULORUGH]SDG5HVSHFWDLQRWHOHGLQVHFLXQHD/DQXULGH]SDG
 3QHXUL02([WHQGHG SQHXULFXFDUDFWHULVWLFLGHUXODUHvQFD]GHSDQ QXPDLvQFRPELQDLHFXXQVLVWHPGH
DYHUWL]DUHSULYLQGSLHUGHUHDSUHVLXQLLvQSQHXULDFWLYDWVDXXQPRQLWRUL]DWRUDOSUHVLXQLLvQSQHXUL
 5HVSHFWDLQRWHOHSULYLQG5RLOHPDULvQVHFLXQHDGHFRPELQDLLURDWSQHX





,QIRUPDLLXWLOH 
1RWHSULYLQGGDWHOHWHKQLFH 
3LHVH0HUFHGHV%HQ]DXWHQWLFH 
6LVWHPHOHHOHFWURQLFHDOHDXWRYH
KLFXOXOXL 
3OFXHGHLGHQWLILFDUH 
3URGXVHGHVHUYLFHLFDSDFLWL 
'DWHSULYLQGDXWRYHKLFXOXO 
'LPHQVLXQLGHGHVFKLGHUHKD\RQ 
&kUOLJXOGHWUDFWDUHDUHPRUFLL 
6LVWHPXOGHVHQ]RUUDGDUGH
*+] SUH]HQWDUHJHQHUDOSHUL  

'DWHWHKQLFH
 3LHVH0HUFHGHV%HQ]DXWHQWLFH

,QIRUPDLLXWLOH 7RDWHSLHVHOH0HUFHGHV%HQ]DXWHQWLFH
FRUHVSXQGDFHVWHLFHULQH8WLOL]DUHDXQRU
G $FHVW0DQXDOGHXWLOL]DUHGHVFULHWRDWH SLHVHQHDSUREDWHSRDWHGXFHODDQXODUHDFHU
PRGHOHOHLWRDWHHFKLSDPHQWHOHVWDQGDUG WLILFDWXOGHvQPDWULFXODUHDDXWRYHKLFXOXOXL
LRSLRQDOHDOHDXWRYHKLFXOXOXLGXPQHD $FHDVWLQGLFDLHHVWHYDODELOGDF
YRDVWUGLVSRQLELOHODGDWDSXEOLFULL =SURYRDFRVFKLPEDUHDWLSXOXLDXWRYHKLFX
PDQXDOXOXLGHID(VWHSRVLELOVH[LVWH OXOXLGHODFHOSHQWUXFDUHFHUWLILFDWXOGH
YDULDLLvQIXQFLHGHDU9UXJPVUHL vQPDWULFXODUHDDXWRYHKLFXOXOXLDIRVWDFRU
QHLFHVWHSRVLELOFDDXWRYHKLFXOXOGXP GDW
QHDYRDVWUVQXDLEvQGRWDUHWRDWHFDUDF =DOLSDUWLFLSDQLODWUDILFDUSXWHDILSXLvQ
WHULVWLFLOHGHVFULVH$FHVWOXFUXHVWHYDODELO SHULFRO
LvQFHSULYHWHVLVWHPHOHLIXQFLLOHUHIH =QLYHOXULOHGHHPLVLLVDX]JRPRWVXQWDIHF
ULWRDUHODVLJXUDQ WDWHQHJDWLY
G &LWLLLQIRUPDLLOHGHVSUHDWHOLHUHOHGHVSH $9(57,60(17
FLDOLWDWHDXWRUL]DWH 3DJLQD 
6LJXUDQDvQFRQGXFHUHSRDWHILUHGXVGDF
VHXWLOL]HD]SLHVHSQHXULLURLVDXDFFHVRULL
UHOHYDQWHSHQWUXVLJXUDQFDUHQXVXQWDSUR
1RWHSULYLQGGDWHOHWHKQLFH
EDWH
3XWHLJVLGDWHWHKQLFHSHLQWHUQHWODDGUHVD $FHDVWDSRDWHGXFHODGHIHFLXQLODQLYHOXO
KWWSZZZPHUFHGHVEHQ]FRP VLVWHPHORUFXUROvQVLJXUDQGHH[VLVWHPXO
GHIUkQDUH$VWIHOSXWHLSLHUGHFRQWUROXO
G 'DWHOHWHKQLFHDXIRVWVWDELOLWHvQFRQIRU DXWRYHKLFXOXOXLLSXWHLSURYRFDXQDFFLGHQW
PLWDWHFX'LUHFWLYHOH&(7RDWHGDWHOH 'LQDFHVWPRWLY0HUFHGHV%HQ]YUHFR
'DWHWHKQLFH

YL]HD]HFKLSDUHDVWDQGDUGDDXWRYHKLFX PDQGVXWLOL]DLSLHVH0HUFHGHV%HQ]
OXOXL3ULQXUPDUHDFHVWHDSRWGLIHULODDXWR DXWHQWLFHVDXSLHVHGHFDOLWDWHHJDO8WLOL]DL
YHKLFXOHOHFXHFKLSDUHRSLRQDO3XWHL QXPDLSQHXULURLLDFFHVRULLFDUHDXIRVW
RELQHLQIRUPDLLVXSOLPHQWDUHGHODXQ DSUREDWHVSHFLDOSHQWUXDXWRYHKLFXOXOGXP
&HQWUXGHVHUYLFH0HUFHGHV%HQ] QHDYRDVWU

 $LUEDJXULOHLvQWLQ]WRDUHOHFHQWXULORUGH
3LHVH0HUFHGHV%HQ]DXWHQWLFH VLJXUDQSUHFXPLXQLWLOHGHFRQWUROL
VHQ]RULLSHQWUXDFHVWHVLVWHPHGHUHLQHUH
0HUFHGHV%HQ]WHVWHD]ILDELOLWDWHDVLJX SRWILLQVWDODWHvQXUPWRDUHOH]RQHDOH
UDQDLDGHFYDUHDSLHVHORUDXWHQWLFHLDSLH DXWRYHKLFXOXOXLGXPQHDYRDVWU
VHORUGHFRQYHUVLHLDFFHVRULLORUDSUREDWH
=3RUWLHUH
VSHFLDOSHQWUXDXWRYHKLFXOXOGXPQHDYRDVWU
'HLVHHIHFWXHD]VWXGLLFRQWLQXHGHSLD =VWkOSLLSRUWLHUHORU

0HUFHGHV%HQ]QXSRDWHHYDOXDDOWHSLHVH =SUDJXULOHSRUWLHUHORU
3ULQXUPDUH0HUFHGHV%HQ]QXvLDVXP =6FDXQH
UVSXQGHUHDSULYLQGXWLOL]DUHDXQRUDVWIHOGH =SODQDGHERUG
SLHVHvQDXWRYHKLFXOHOH0HUFHGHV%HQ]FKLDU =3DQRXGHLQVWUXPHQWH
LGDFDXIRVWDSUREDWHLQGHSHQGHQWVDXRIL
=FRQVRODFHQWUDO
FLDO
Q*HUPDQLDLvQDOWHULDQXPLWHSLHVHVXQW 1XLQVWDODLDFFHVRULLSUHFXPVLVWHPH
DSUREDWHRILFLDOSHQWUXLQVWDODUHVDXPRGLIL DXGLRvQDFHVWH]RQH1XHIHFWXDLUHSDUDLL
FDUHQXPDLGDFUHVSHFWQRUPHOHOHJDOH VDXVXGXUL3XWHLDIHFWDHILFLHQDvQXWLOL
]DUHDVLVWHPHORUGHUHLQHUH
6LVWHPHOHHOHFWURQLFHDOHDXWRYHKLFXOXOXL 

6ROLFLWDLLQVWDODUHDDFFHVRULLORUSRVWYkQ 0RGHUQL]DUHDFXVWDLLUDGLRELGLUHF
]DUHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW LRQDOHLWHOHIRDQHPRELOH WUDQV
0HUFHGHV%HQ]UHFRPDQGVXWLOL]DLXQ PLWRDUH5)
&HQWUXGHVHUYLFH0HUFHGHV%HQ]vQDFHVW
VFRS &RQVXOWDLQRUPHOHGHLPSOHPHQWDUHGLQ6SH
FLILFDLDWHKQLF,6276FkQG
1RWSULYLQGSURWHFLDPHGLXOXL PRGHUQL]DLDXWRYHKLFXOXOFXWUDQVPLWRDUH
'DLPOHU$*IXUQL]HD]GHDVHPHQHDSLHVHL 5) UDGLRIUHFYHQ 
DQVDPEOXULUHFRQGLLRQDWHFDUHDXDFHHDL 'DFDXWRYHKLFXOXOGXPQHDYRDVWUGLVSXQH
FDOLWDWHFDLFRPSRQHQWHOHQRL3HQWUXDFHV GHVXSRUWXULSHQWUXHFKLSDPHQWWLSVWDLH
WHDVHRIHUDFHHDLJDUDQLHFDLSHQWUXSLH UDGLRELGLUHFLRQDOXWLOL]DLDOLPHQWDUHDHOHF
VHOHQRL WULFVDXFRQH[LXQLOHGHDQWHQGHVWLQDWHXWL
OL]ULLFXFDEODMXOGHED]1XRPLWHLVUHV
3UHFL]DLvQWRWGHDXQDQXPUXOGHLGHQWLILFDUH SHFWDLLQVWUXFLXQLOHVXSOLPHQWDUHDOHSUR
DYHKLFXOXOXL 9,1  3DJLQD LVHULD GXFWRUXOXLODLQVWDODUH
PRWRUXOXL 3DJLQD FkQGFRPDQGDL
SLHVH0HUFHGHV%HQ]DXWHQWLFH  6ROLFLWDLLQVWDODUHDHFKLSDPHQWXOXLGH
WUDQVPLVLHSULQUDGLRIUHFYHQODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW
6LVWHPHOHHOHFWURQLFHDOHDXWRYHKLFX 3XWHUHDGHWUDQVPLVLHGHODED]DDQWHQHLQX
OXOXL WUHEXLHVGHSHDVFYDORULOHPD[LPHGHPDL
,QWHUYHQLLQHDXWRUL]DWHODVLVWHPHOH MRV
HOHFWURQLFHDOHPRWRUXOXL %DQGGHIUHFYHQ 3XWHUHGH
WUDQVPLVLH

'DWHWHKQLFH
$9(57,60(17
PD[LP
6ROLFLWDLvQWRWGHDXQDFDLQWHUYHQLLOHDVXSUD 3($.
VLVWHPHORUHOHFWURQLFHDOHPRWRUXOXLLFRP
SRQHQWHOHDIHUHQWHVILHHIHFWXDWHODXQDWH 8QGHVFXUWH I0+] :
OLHUGHVSHFLDOLWDWHDXWRUL]DWQFD]FRQWUDU
%DQGGHIUHFYHQGH :
VLJXUDQDvQIXQFLRQDUHDDXWRYHKLFXOXOXL
P
SRDWHILFRPSURPLV
%DQGGHIUHFYHQGH :
 6ROLFLWDLvQWRWGHDXQDFDLQWHUYHQLLOHDVX P
SUDVLVWHPHORUHOHFWURQLFHDOHPRWRUXOXLL
DOHSLHVHORUDVRFLDWHSUHFXPXQLWLGH 5HHDGHUDGLR7UXQ :
FRPDQGVHQ]RULLFRQGXFWRULGHFRQHF NLQJ7HWUD
WDUHVILHHIHFWXDWHODXQDWHOLHUGHVSH %DQGGHIUHFYHQ :
FLDOLWDWHDXWRUL]DWQFD]FRQWUDUFRPSR FP
QHQWHOHDXWRYHKLFXOXOXLVDUSXWHDX]DPDL
UDSLGLFHUWLILFDWXOGHvQPDWULFXODUHDDXWR *60'&63&6 :
YHKLFXOXOXLSRDWHILDQXODW 
8076/7( :

 ,62766SHFLILFDLDWHKQLFSHQWUXYHKLFXOHUXWLHUH (0& SHQWUXLQVWDODUHDHFKLSDPHQWXOXLGH


WUDQVPLVLHUDGLRSRVWYkQ]DUH

 3OFXHGHLGHQWLILFDUH

6HSRWXWLOL]DXUPWRDUHOHSR]LLLGHDQWHQ 8UPWRDUHOHVHSRWXWLOL]DvQDXWRYHKLFXOIU
GDFWUDQVPLWRDUHOH5)DXIRVWLQVWDODWH UHVWULFLL
FRUHVSXQ]WRU =6HSRWXWLOL]DWUDQVPLWRDUH5)FXRSXWHUH
GHWUDQVPLVLHPD[LPGHP:
=WHOHIRDQHPRELOH *60'&63&6
8076/7(
1XH[LVWUHVWULFLLSHQWUXDPSODVDUHDDQWHQHL
vQ]RQDH[WHULRDUDDXWRYHKLFXOXOXLSHQWUX
DFHVWHEHQ]LGHIUHFYHQ
=5HHDGHUDGLR7UXQNLQJ7HWUD
=%DQGGHIUHFYHQFP
=*60'&63&6
=8076/7(
C =RQDVSDWHDSDYLOLRQXOXL
D $ULSVSDWH  3HUPLVXOGHXWLOL]DUHSRDWHILDQXODWGDF
LQVWUXFLXQLOHSULYLQGLQVWDODUHDLXWLOL]DUHD
$9(57,60(17 WUDQVPLWRDUHORU5)QXVXQWUHVSHFWDWH
0RGHUQL]DUHDLQFRUHFWFXWUDQVPLWRDUH5) GHH[FXPDUILFHOHSULYLQGEHQ]LOHGHIUHF
SRDWHIDFHFDVLVWHPHOHHOHFWURQLFHDOHDXWR YHQSXWHUHDPD[LPLDPSODVULOHDQWH
YHKLFXOXOXLVIXQFLRQH]HLQFRUHFW6LJXUDQD QHLSHDXWRYHKLFXO
vQIXQFLRQDUHDDXWRYHKLFXOXOXLLLPSOLFLWLD
GXPQHDYRDVWUSRWDYHDGHVXIHULW
6ROLFLWDLLQVWDODUHDHFKLSDPHQWXOXLGHWUDQV 3OFXHGHLGHQWLILFDUH
'DWHWHKQLFH

PLVLHSULQUDGLRIUHFYHQODXQDWHOLHUGHVSH
3OFXDGHLGHQWLILFDUHDDXWRYHKLFX
FLDOLWDWHDXWRUL]DW
OXOXLFXQXPUXOGHLGHQWLILFDUHD
DXWRYHKLFXOXOXL 9,1 LQXPUXO
$9(57,60(17 FRGXOXLGHYRSVHD
0RGHUQL]DUHDLQFRUHFWFXWUDQVPLWRDUH5)
SRDWHJHQHUDUDGLDLLHOHFWURPDJQHWLFHVSR
ULWHvQLQWHULRUXODXWRYHKLFXOXOXL8WLOL]DUHD
XQHLDQWHQHH[WHULRDUHHVWHSHUPLVGRDU
OXkQGXVHvQFDOFXOLGH]EDWHULOHWLLQLILFH
FXUHQWHSULYLQGSRVLELOHOHULVFXULDVXSUD
VQWLLFRPSRUWDWHGHFkPSXULOHHOHFWUR
PDJQHWLFH
6ROLFLWDLLQVWDODUHDHFKLSDPHQWXOXLGHWUDQV
PLVLHSULQUDGLRIUHFYHQODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW

$EDWHULOHGHODDPSODVDUHDDQWHQHLSXWHUHD  'HVFKLGHLSRUWLHUDGLQGUHDSWDID
LIUHFYHQHOHVDOHWUHEXLHVILHDSUREDWHGH 9HLYHGHDSOFXDGHLGHQWLILFDUHDDXWR
0HUFHGHV%HQ] YHKLFXOXOXLC

 3R]LLHGHLQVWDODUHUHFRPDQGDWSHSDUWHDRULHQWDWVSUHFHQWUXORVHOHL
3URGXVHGHVHUYLFHLFDSDFLWL 

([HPSOXSOFXGHLGHQWLILFDUHDDXWRYHKLFXOXOXL  'HVFKLGHLSRUWLHUDGLQGUHDSWDID
C 3OFXGHLGHQWLILFDUHDDXWRYHKLFXOXOXL  'HVFKLGHLFDSDFXOCvQGLUHFLDLQGLFDW
D 3URGXFWRUXODXWRYHKLFXOXOXL 'DLP GHVJHDWLVFRDWHLO
OHU$* 9HLYHGHDQXPUXOGHLGHQWLILFDUHDYHKL
1XPUXOGHRPRORJDUH8( QXPDLSHQWUX FXOXOXL 9,1 
DQXPLWHUL
1XPUXOGHLGHQWLILFDUHDDXWRYHKLFXOXOXL
9,1 6HULDPRWRUXOXL
0DVDWRWDOPD[LPDGPLVDDXWRYHKL
6HULDPRWRUXOXLHVWHWDQDWvQFDUWHU,QIRU
FXOXOXL NJ PDLLVXSOLPHQWDUHSRWILRELQXWHGHODRULFH
0DVDPD[LPDGPLVDFRPELQDLHLDXWR &HQWUXGHVHUYLFH0HUFHGHV%HQ]
YHKLFXOUHPRUF NJ
6DUFLQPD[LPDGPLVSHSXQWHDID

'DWHWHKQLFH
k
NJ 3URGXVHGHVHUYLFHLFDSDFLWL
l 6DUFLQDPD[LPDGPLVSHSXQWHDVSDWH
NJ 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
m &RGGHYRSVHD $9(57,60(17
&kQGPDQLSXODLGHSR]LWDLLHOLPLQDLRULFH
SURGXVHGHVHUYLFHUHVSHFWDLQRUPHOHUHOH
1XPUXOGHLGHQWLILFDUHDDXWRYHKLFX YDQWHGHRDUHFHvQFD]FRQWUDUSXWHLSHUL
OXOXL 9,1 FOLWDVLJXUDQDGXPQHDYRDVWULDFHORUODOL
3HOkQJIDSWXOFHVWHWDQDWSHSOFXDGH 1XOVDLSURGXVHOHGHVHUYLFHODvQGHPkQD
LGHQWLILFDUHDDXWRYHKLFXOXOXLQXPUXOGH FRSLLORU
LGHQWLILFDUHDYHKLFXOXOXL 9,1 HVWHGHDVH 3HQWUXVQWDWHDGXPQHDYRDVWUQXSHUPL
PHQHDWDQDWSHFDURVHULDDXWRYHKLFXOXOXL WHLSURGXVHORUGHVHUYLFHVLQWUHvQFRQWDFW
6HDIOvQVSDLXOSHQWUXSLFLRDUHDOSDVDJH FXRFKLLGXPQHDYRDVWUVDXFXUQLOHGHV
UXOXLGLQID FKLVH&RQVXOWDLLPHGLDWXQGRFWRUGDFDL
vQJKLLWRULFHSURGXVGHVHUYLFH

,QGLFDLHSULYLQGPHGLXODPELDQW
6FRDWHLGLQX]GHHXULOHLPDWHULDOHOHFRQ
VXPDELOHLQkQGFRQWGHPHGLX


 3URGXVHGHVHUYLFHLFDSDFLWL

3ULQWUHSURGXVHOHGHVHUYLFHVHQXPU 3HULFROGHUQLUH
XUPWRDUHOH 1XDWLQJHLFDUEXUDQWXO
=FDUEXUDQLL GHH[EHQ]LQGLHVHO &RQWDFWXOGLUHFWDOFDUEXUDQWXOXLFXSLHOHDVDX
=DGLWLYLSHQWUXWUDWDUHDXOWHULRDUDJD]HORU LQKDODUHDYDSRULORUGXQHD]VQWLL
GHHDSDPHQWGHH[$G%OXH
=OXEULILDQL GHH[XOHLXOGHPRWRUXOHLXOGH &DSDFLWDWHDUH]HUYRUXOXL
WUDQVPLVLH
9DORULOHDEVHQWHHUDXLQGLVSRQLELOHvQPRPHQ
=OLFKLGGHUFLUH
WXOWULPLWHULLODWLSDU
=OLFKLGGHIUkQ
=OLFKLGVSOWRUGHSDUEUL] &DSDFLWDWHWRWDO
=UHIULJHUHQWSHQWUXVLVWHPXOGHFRQWURODOFOL
0/0$7,& O
PDWL]ULL
&RPSRQHQWHOHLSURGXVHOHGHVHUYLFHWUH 0/0$7,&
EXLHVFRUHVSXQG0HUFHGHV%HQ]YUHFR 0/%OXH7(&0$7,& O
PDQGVXWLOL]DLSURGXVHWHVWDWHLDSUREDWH
0/%OXH7(&0$7,&
GH0HUFHGHV%HQ]$FHVWHDVXQWLQGLFDWHvQ
0DQXDOXOGHXWLOL]DUH0HUFHGHV%HQ]vQVHF 0/$0*0$7,& O
LXQHDFRUHVSXQ]WRDUH
3XWHLLGHQWLILFDSURGXVHOHGHVHUYLFHDSUR
'LQFDUHFDUEXUDQWGH
EDWHGH0HUFHGHV%HQ]GXSXUPWRDUHOH
UH]HUY
LQVFULSLLGHSHUHFLSLHQW
=$SUREDUH0% GHH[$SUREDUH0% 0/0$7,& $SUR[LPDWLY
'DWHWHKQLFH

=$SUREDUH0% GHH[$SUREDUH0% O


$OWHGHQXPLULVDXUHFRPDQGULLQGLFXQQLYHO 0/0$7,&
GHFDOLWDWHVDXRVSHFLILFDLHvQFRQIRUPLWDWH
FXQXPUXOGH)L0% GHH[0%  0/%OXH7(&0$7,& $SUR[LPDWLY
$FHVWHDQXDXIRVWQHDSUDWDSUREDWHGH0HU 0/%OXH7(&0$7,& O
FHGHV%HQ]
0/$0*0$7,& $SUR[LPDWLY
,QIRUPDLLVXSOLPHQWDUHSRWILRELQXWHGHOD O
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]VDX
GHSHLQWHUQHWODDGUHVD
%HQ]LQ (1(',1
KWWSEHYRPHUFHGHVEHQ]FRP
&DOLWDWHDFDUEXUDQWXOXL
 1XXWLOL]DLPRWRULQSHQWUXDOLPHQWDUHD
&DUEXUDQW
DXWRYHKLFXOHORUFXPRWRUSHEHQ]LQ&KLDU
1RWHLPSRUWDQWHSULYLQGVLJXUDQD LRPLFFDQWLWDWHGHPRWRULQYDGHWHULRUD
VLVWHPXOGHLQMHFLHDFDUEXUDQWXOXL
$9(57,60(17
 $OLPHQWDLQXPDLFXEHQ]LQSUHPLXP
&DUEXUDQWXOHVWHSXWHUQLFLQIODPDELO)RFXO
IUSOXPEFXFLIURFWDQLFGHFHOSXLQ
IOFULOHGHVFKLVHLIXPDWXOVXQWSULQXUPDUH
521021FRQIRUPFXVWDQGDUGXO
LQWHU]LVHFkQGPDQLSXODLFDUEXUDQL
HXURSHDQ(1VDX(',1VDX
2SULLPRWRUXOLvQFO]LUHDDX[LOLDUvQDLQWHGH GHVSHFLILFDLHHFKLYDOHQW
DOLPHQWDUHDFXFDUEXUDQW
 %OXH()),&,(1&<
3URGXVHGHVHUYLFHLFDSDFLWL 

 1XXWLOL]DLXUPWRDUHOH QRWHOHLSURFHQWHOHGHDPHVWHFDUHVSHFL
=( EHQ]LQFXHWDQRO ILFDWHSHUHFLSLHQW
=( HWDQRO ,QIRUPDLLSULYLQGDOLPHQWDUHDFXFDUEXUDQW
=0 EHQ]LQFXPHWDQRO 3DJLQD 
=0 EHQ]LQFXPHWDQRO $XWRYHKLFXOH$0*
=0 PHWDQRO  $OLPHQWDLQXPDLFXEHQ]LQVXSHUIU
=%HQ]LQFXDGLWLYLPHWDOLFL SOXPEFXFLIURFWDQLFGHFHOSXLQ
='LHVHO 521021FRQIRUPFXVWDQGDUGXO
HXURSHDQ(1VDXFXRVSHFLILFDUHHFKL
1XDPHVWHFDLFDUEXUDQLSUHFXPDFHVWD
YDOHQW
FXEHQ]LQDLQXXWLOL]DLQLFLXQDGLWLY$VW
IHOSXWHLDYDULDPRWRUXO([FHSLDRFRQ QFD]FRQWUDUHVWHSRVLELOVUHGXFHLSXWH
VWLWXLHDGLWLYLLSHQWUXHOLPLQDUHDLSUHYHQL UHDPRWRUXOXLVDXVGHWHULRUDLPRWRUXO
UHDDFXPXOULORUGHUH]LGXXUL%HQ]LQDWUH  %HQ]LQDSUHPLXPIUSOXPEFXRFLIU
EXLHVILHDPHVWHFDWQXPDLFXDGLWLYL RFWDQLFGH521021SRDWHILXWL
UHFRPDQGDLGH0HUFHGHV%HQ],QIRUPD OL]DWQXPDLFDPVXUWHPSRUDUvQFD]XO
LLOHVXSOLPHQWDUHSULYLQGDGLWLYLLUHFRPDQ vQFDUHFDUEXUDQWXOUHFRPDQGDWQXHVWH
GDLSRWILRELQXWHGHODRULFH&HQWUXGH GLVSRQLELO$FHDVWDSRDWHUHGXFHSHUIRU
VHUYLFH0HUFHGHV%HQ] PDQDPRWRUXOXLLSRDWHFUHWHFRQVXPXO
QJHQHUDOYHLJVLLQIRUPDLLGHVSUHFDOLWD GHFDUEXUDQW3HFkWSRVLELOHYLWDLVFRQ
WHDFDUEXUDQWXOXLSHSRPS'DFQXJVLL GXFHLODDFFHOHUDLHPD[LP
HWLFKHWDSHSRPSDGHEHQ]LQvQWUHEDLSHU  LEHQ]LQDQRUPDOIUSOXPEFXRFLIU
VRQDOXOEHQ]LQULHL RFWDQLFGH521021SRDWHIL

'DWHWHKQLFH
G &DUEXUDQWXO(FRQLQHSkQOD XWLOL]DWFDPVXUWHPSRUDUvQFD]XOvQ
ELRHWDQRO$XWRYHKLFXOXOGXPQHDYRDVWU FDUHFDUEXUDQWXOUHFRPDQGDWQXHVWHGLV
HVWHDGHFYDWSHQWUXXWLOL]DUHDFXFDUEXUDQW SRQLELO
(3XWHLDOLPHQWDYHKLFXOXOXOIRORVLQG $VWIHOVHREVHUYRFUHWHUHHYLGHQWD
FDUEXUDQW( FRQVXPXOXLGHFDUEXUDQWLRGLPLQXDUHD
G QFD]XOvQFDUHFDUEXUDQWXOUHFRPDQGDW SXWHULLPRWRUXOXL(YLWDLVFRQGXFHLOD
DFFHOHUDLHPD[LP
QXHVWHGLVSRQLELOILLQGXWLOL]DWGRDUFD
PVXUWHPSRUDUSXWHLXWLOL]DGHDVH 'DFHVWHGLVSRQLELOGRDUEHQ]LQREL
PHQHDEHQ]LQDQRUPDOIUSOXPEFXR QXLWFXRFLIURFWDQLFGH521
FLIURFWDQLFGH521021 021VDXPDLPLFWUHEXLHVVROLFL
$FHDVWDSRDWHUHGXFHSHUIRUPDQDPRWR WDLDGDSWDUHDDXWRYHKLFXOXOXLODDFHVWFDU
UXOXLLSRDWHFUHWHFRQVXPXOGHFDUEX EXUDQWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
UDQW(YLWDLVFRQGXFHLODDFFHOHUDLH ]DW
PD[LP G &DUEXUDQWXO(FRQLQHSkQOD
&DOLWDWHDFDUEXUDQWXOXLGLVSRQLELOvQDQX ELRHWDQRO$XWRYHKLFXOXOGXPQHDYRDVWU
PLWHULSRDWHILLQVXILFLHQW3ULQXUPDUH HVWHFRPSDWLELOFX(3XWHLDOLPHQWD
VHSRWIRUPDUH]LGXXULQDVWIHOGHFD]XUL YHKLFXOXOIRORVLQGFDUEXUDQW(
LGXSFHDLFRQVXOWDWXQ&HQWUXGH6HU
YLFH0HUFHGHV%HQ]EHQ]LQDSRDWHIL 0/0$7,&%OXH()),&,(1&<
DPHVWHFDWFXDGLWLYXOUHFRPDQGDWGH0HU  $OLPHQWDLQXPDLFXEHQ]LQSUHPLXP
FHGHV%HQ] QXPUSLHV IUSOXPELIUVXOIFXFLIURFWDQLFGH
$ 7UHEXLHVUHVSHFWDL FHOSXLQ521021FRQIRUPFX


 3URGXVHGHVHUYLFHLFDSDFLWL

VWDQGDUGXOHXURSHDQ(1VDXGHVSHFL EDLSHQWUXDXWRYHKLFXOHOH0HUFHGHV%HQ]
ILFDLHHFKLYDOHQW FRQVXOWDLKWWSEHYRPHUFHGHVEHQ]FRP
QFD]FRQWUDUHVWHSRVLELOVUHGXFHLSXWH &RQVXOWDLXQ&HQWUXGH6HUYLFH0HUFHGHV
UHDXWLODPRWRUXOXLVDXVGHWHULRUDLVLV %HQ]SHQWUXDYHGHDROLVWGHSURGXVHDSUR
WHPXOGHFRQWURODOHPLVLLORU EDWH5HVSHFWDLLQVWUXFLXQLOHSHQWUXXWLOL]D
UHDvQGHVFULHUHDSURGXVXOXL
G QDQXPLWHULHVWHSRVLELOFDEHQ]LQD
GLVSRQLELOVQXDLEXQFRQLQXWGHVXOI 1XDPHVWHFDLDOLDGLWLYLGHFDUEXUDQWFXFDU
VXILFLHQWGHVF]XW$FHVWFDUEXUDQWSRDWH EXUDQW$FHVWOXFUXSUHVXSXQHFRVWXULLQXWLOH
HPDQDWHPSRUDUPLURVXULQHSOFXWHPDL LDUSXWHDGHWHULRUDPRWRUXO
DOHVvQFOWRULLVFXUWH,PHGLDWFHFDUEX
UDQWXOIUVXOI FRQFHQWUDLDGHVXOI 'LHVHO (1
SSP HVWHXWLOL]DWSHQWUXDOLPHQWDUHD
&DOLWDWHDFDUEXUDQWXOXL
FXFDUEXUDQWPLURVXULOHVXQWUHGXVH
3HULFROGHLQFHQGLX
$GLWLYL
1XXWLOL]DLEHQ]LQSHQWUXDOLPHQWDUHDDXWR
 1XDOLPHQWDLFXFDUEXUDQWGHFDOLWDWH YHKLFXOHORUFXPRWRUGLHVHO1XDPHVWHFDL
VF]XWLQXXWLOL]DLDGLWLYLGHFDUEXUDQW FDUEXUDQWGLHVHOFXEHQ]LQ$FHVWOXFUXGHWH
QHWHVWDLLQHDSUREDLSHQWUXDXWRYHKLFX ULRUHD]VLVWHPXOGHDOLPHQWDUHFXFDUEXUDQW
OHOH0HUFHGHV%HQ]QFD]FRQWUDUVLVWH LPRWRUXOH[LVWkQGLSRVLELOLWDWHDDSDULLHL
PXOGHDOLPHQWDUHFXFDUEXUDQWVHSRDWH XQXLLQFHQGLX
GHIHFWDVDXVXIHULGHWHULRUUL
8QDGLQWUHSUREOHPHOHPDMRUHvQFHHDFHSUL  /DDOLPHQWDUHDFXFDUEXUDQWXWLOL]DL
YHWHFDUEXUDQWXOGHFDOLWDWHLQIHULRDUHVWH QXPDLPRWRULQFRQIRUPFXVWDQGDUGXO
HXURSHDQ(1VDXXQXOGHFDOLWDWHHFKL
'DWHWHKQLFH

FUHDUHDGHSXQHULORUGHFDODPLQvQWLPSXO
SURFHVXOXLGHDUGHUHDFDUEXUDQWXOXL0HUFH YDOHQW&DUEXUDQWXOFDUHQXUHVSHFW(1
GHV%HQ]YUHFRPDQGVXWLOL]DLPUFLGH SRDWHGXFHODRX]XUFUHVFXWSUH
FDUEXUDQWFDUHDXDGLWLYL FXPLODGHWHULRUDUHDPRWRUXOXLLDVLVWH
PXOXLGHHYDFXDUH
'DFXWLOL]DLFDUEXUDQLIUDFHWLDGLWLYL
SHQWUXRSHULRDGPDLPDUHGHWLPSSRW  1XXWLOL]DLXUPWRDUHOH
H[LVWDGHSXQHULGHFDODPLQ$FHVWHDVHYRU =0RWRULQPDULQ
IRUPDPDLDOHVSHVXSDSHOHGHDGPLVLHLvQ
=XOHLGHvQFO]LUH
FDPHUDGHFRPEXVWLH
=ELRGLHVHO
$FHVWOXFUXDUSXWHDFDX]DSUREOHPHGHIXQF
=XOHLYHJHWDO
LRQDUHDPRWRUXOXLGHH[
=%HQ]LQ
=SHULRDGGHvQFO]LUHDPRWRUXOXLPDLvQGH
=SDUDILQ
OXQJDW
=UDODQWLQHXQLIRUP =NHURVHQ

=]JRPRWODPRWRU 1XDPHVWHFDLDFHWLFDUEXUDQLFXPRWR
=UDWHXUL ULQLQXXWLOL]DLQLFLXQDGLWLYVSHFLDOQ
FD]FRQWUDUSXWHLSURYRFDGHWHULRUDUHD
=SLHUGHUHDIRUHL
PRWRUXOXL6HH[FOXGDJHQLLGHRSWLPL]DUH
Q]RQHOHvQFDUHEHQ]LQDFXDGLWLYLLQHFHVDUL DFXUJHULLFRQVXOWDL7HPSHUDWXULH[WH
QXHVWHGLVSRQLELOVHSRWIRUPDGHSXQHULGH ULRDUHVF]XWH
FDODPLQQDFHVWFD]0HUFHGHV%HQ]UHFR
PDQGXWLOL]DUHDDGLWLYLORUFDUHDXIRVWDSUR  $XWRYHKLFXOHFXILOWUXGHSDUWLFXOHGLH
VHOvQULOHGLQH[WHULRUXO8(XWLOL]DL
3URGXVHGHVHUYLFHLFDSDFLWL 

QXPDL(XURGLHVHOFXFRQLQXWUHGXVGHVXOI %HQ]QWLPSXOXWLOL]ULLYUXJPVUHVSHF
FXRFRQFHQWUDLHGHVXOIVXESSPvQ WDLLQIRUPDLLOHSULYLQGXWLOL]DUHD
FD]FRQWUDUVLVWHPXOGHFRQWURODOHPLVLLORU 'R]DUHDFRUHFWLDPHVWHFDUHDVXILFLHQW
SRDWHVXIHULGHWHULRUUL VXQWGHFLVLYHSHQWUXvPEXQWLUHDUH]LVWHQ
 $XWRYHKLFXOHIUILOWUXGHSDUWLFXOH HLODWHPSHUDWXULVF]XWHFXDJHQWXOGHRSWL
GLHVHOvQULOHvQFDUHHVWHGLVSRQLELOGRDU PL]DUHDFXUJHULL(VWHSRVLELOFDVXSUDGR]D
PRWRULQFXRFRQFHQWUDLHGHVXOIPDLULGL UHDVUHGXFUH]LVWHQDODWHPSHUDWXUL
FDWLQWHUYDOHOHSHQWUXVFKLPEXOGHXOHLDO VF]XWHLSULQXUPDUHWUHEXLHHYLWDW5HV
DXWRYHKLFXOXOXLVHUHGXF3XWHLRELQHPDL SHFWDLLQVWUXFLXQLOHSURGXFWRUXOXLSULYLQG
PXOWHLQIRUPDLLGHVSUHLQWHUYDOXOGH GR]DUHD
VFKLPEGHXOHLGHODXQDWHOLHUGHVSHFLDOL $PHVWHFDLDGLWLYXOFXPRWRULQDvQWLPSXWLO
WDWHDXWRUL]DW vQDLQWHFDFDUDFWHULVWLFLOHGHFXUJHUHDOH
PRWRULQHLVGHYLQLQVXILFLHQWHQFD]FRQ
QJHQHUDOYHLJVLLQIRUPDLLGHVSUHFDOLWD
WUDUSRWDSUHDGHIHFLXQLvQXUPDvQFO]LULL
WHDFDUEXUDQWXOXLSHSRPS'DFQXJVLL
VLVWHPXOXLGHDOLPHQWDUHFXFDUEXUDQWGHH[
HWLFKHWDSHSRPSDGHEHQ]LQvQWUHEDLSHU
vQXUPDSDUFULLvQWUXQJDUDMvQFO]LW
VRQDOXOEHQ]LQULHL
3XWHLRELQHPDLPXOWHLQIRUPDLLGHVSUH
,QIRUPDLLSULYLQGDOLPHQWDUHDFXFDUEXUDQW
DJHQLLUHFRPDQGDLGHRSWLPL]DUHDFXUJHULL
3DJLQD 
GHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
7HPSHUDWXULH[WHULRDUHVF]XWH
QOXQLOHGHLDUQHVWHGLVSRQLELOPRWRULQDFX 1RWHSULYLQGFRQVXPXOGHFDUEXUDQW
SURSULHWLRSWLPL]DWHGHFXUJHUHODUHFHQ
1RWSULYLQGSURWHFLDPHGLXOXL
(XURSDVWDQGDUGXO(1GHILQHWHGLIHULWH
&2 GLR[LGGHFDUERQ HVWHJD]XOFRQVLGHUDW

'DWHWHKQLFH
FDWHJRULLGHWHPSHUDWXUFDUHGHSLQGGHFOL
PDW'HIHFLXQLOHSRWILHYLWDWHSULQDOLPHQWD GHFHUFHWWRULFDSULQFLSDOXODJHQWvQvQFO]L
UHDFXPRWRULQFDUHFRUHVSXQGHVSHFLILFD UHDJOREDO HIHFWXOGHVHU (PLVLLOHGH&2
LLORUFOLPDWLFHVWDELOLWHGH(1/DWHPSH DOHDXWRYHKLFXOXOXLGXPQHDYRDVWUVXQWFRUH
UDWXULH[WHULRDUHQHRELQXLWGHVF]XWH ODWHGLUHFWFXFRQVXPXOGHFDUEXUDQWLSULQ
FDUDFWHULVWLFLOHGHFXUJHUHDOHPRWRULQHLSRW XUPDUHGHSLQGGH
ILLQVXILFLHQWH3ULQXUPDUHPRWRULQDGLQ =XWLOL]DUHDHILFLHQWDFDUEXUDQWXOXLGHFWUH
]RQHOHPDLFDOGHSRDWHVQXILHDGHFYDWXWL PRWRU
OL]ULLvQFRQGLLLGHFOLPPDLUHFH =VWLOXOGHFRQGXFHUH

G 3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHSUL =DOLIDFWRULQRQWHKQLFLSUHFXPLQIOXHQHOH
YLQGSURSULHWLOHFDUEXUDQWXOXLVSHFLILFH PHGLXOXLLFRQGLLLOHGHGUXP
ILHFUHLULGHODFRPSDQLLOHSHWUROLHUHGH 3XWHLUHGXFHODPLQLPXPHPLVLLOHGH&2DOH
H[GHODEHQ]LQULL DXWRYHKLFXOXOXLGXPQHDYRDVWUFRQGXFkQG
FXDWHQLHLVROLFLWkQGLQWHUYHQLLUHJXODWHvQ
$JHQWGHRSWLPL]DUHDFXUJHULL
VHUYLFH
3HQWUXDvPEXQWLUH]LVWHQDPRWRULQHLOD
WHPSHUDWXULVF]XWHSRDWHILDWDDWXQDJHQW $XWRYHKLFXOXOYDFRQVXPDPDLPXOWFDUEXUDQW
GHRSWLPL]DUHDFXUJHULL(ILFLHQDXQXLDJHQW GHFkWGHRELFHLvQXUPWRDUHOHVLWXDLL
GHRSWLPL]DUHDFXUJHULLQXHVWHJDUDQWDWvQ
=ODWHPSHUDWXULH[WHULRDUHIRDUWHVF]XWH
FD]XOILHFUXLFDUEXUDQW
=vQWUDILFXUEDQ
8WLOL]DLGRDUDJHQLGHRSWLPL]DUHDFXUJHULL
=ODFOWRULLVFXUWH
FDUHDXIRVWWHVWDLLDSUREDLGH0HUFHGHV


 3URGXVHGHVHUYLFHLFDSDFLWL

=SHWHUHQPRQWDQ 7HPSHUDWXULH[WHULRDUHVF]XWH
=ODWUDFWDUHDXQHLUHPRUFL
$G%OXHvQJKHDODRWHPSHUDWXUGHDSUR
G 1XPDLvQDQXPLWHULSXWHLJVLYDORULOH [LPDWLY$XWRYHKLFXOXOHVWHGRWDWFXXQ
SULYLQGFRQVXPXOFXUHQWLYDORULOHGHHPLVLL VLVWHPGHSUHvQFO]LUH$G%OXHGLQIDEULF
DOHDXWRYHKLFXOXOXLGXPQHDYRDVWUvQGRFX 3ULQXUPDUHIXQFLRQDUHDSHWLPSGHLDUQ
PHQWHOH&2& &(57,),&$78('(&21)25 SRDWHILJDUDQWDWFKLDULODWHPSHUDWXULVXE
0,7$7( $FHVWHGRFXPHQWHvQVRHVFDXWR 
YHKLFXOXOODOLYUDUH
&LIUHOHSULYLQGFRQVXPXODXIRVWED]DWHvQ $GLWLYL
ILHFDUHFD]SHYHUVLXQHDDSOLFDELOFXUHQW  8WLOL]DL$G%OXHQXPDLFRQIRUP,62
=SHQWUXDXWRYHKLFXOHOHSkQODLLQFOXVLY
1XXWLOL]DLDGLWLYLFX$G%OXHLQX
VWDQGDUGXO(852vQFRQIRUPLWDWHFX
GLOXDL$G%OXHFXDS$OWIHOSXWHLGLV
'LUHFWLYD8((&&
WUXJHVLVWHPXOGHWUDWDUHXOWHULRDUDJD]H
=SHQWUXDXWRYHKLFXOHOHFHGHSHVFVWDQ
ORUGHHDSDPHQW%OXH7HF
GDUGXO(852vQFRQIRUPLWDWHFX5HJOH
PHQWDUHD &( 1U 3XULWDWH
$EDWHULOHGHODDFHVWHYDORULSRWDSUHDvQ
FRQGLLLGHXWLOL]DUHQRUPDO  ,PSXULWLOHGLQ$G%OXH GHH[GDWRUDWH
DOWRUSURGXVHGHVHUYLFHDJHQLORUGH
FXUDUHVDXSUDIXOXL GXFOD
$G%OXH =YDORULGHHPLVLHFUHVFXWH
=DYDULLODFRQYHUWRUXOFDWDOLWLF
$VSHFWHGHUHLQXW
'DWHWHKQLFH

=DYDULLODPRWRU
$G%OXHHVWHXQOLFKLGQHLQIODPDELOQHWR[LF =GHIHFLXQLvQVLVWHPXOGHWUDWDUHXOWH
LQFRORULQRGRULVROXELOvQDS
ULRDUDJD]HORUGHHDSDPHQW%OXH7HF
7HPSHUDWXULH[WHULRDUHULGLFDWH $VLJXUDUHDSXULWLL$G%OXHHVWHGHRVHELWGH
LPSRUWDQWvQFHHDFHSULYHWHHYLWDUHDGHIHF
$9(57,60(17 LXQLORUODVLVWHPXOGHWUDWDUHXOWHULRDUD
'DFGHVFKLGHLFDSDFXOUH]HUYRUXOXL JD]HORUGHHDSDPHQW%OXH7(&
$G%OXHDUSXWHDILHOLEHUDWHPLFLFDQWLWLGH 'DF$G%OXHHVWHSRPSDWGLQUH]HUYRUXO
YDSRULGHDPRQLDF$FHDVWDGHSLQGHvQVSHFLDO $G%OXHGHH[vQWLPSXOUHSDUDLLORUQXXWL
GHYHFKLPHD$G%OXH OL]DLDFHVWOLFKLGSHQWUXDXPSOHUH]HUYRUXO
9DSRULLGHDPRQLDFDXXQPLURVvQHSWRUL QFD]FRQWUDUSXULWDWHDOLFKLGXOXLQXPDL
VXQWLULWDQLPDLDOHVSHQWUX SRDWHILJDUDQWDW
=SLHOH
=PHPEUDQHOHPXFRDVH
&DSDFLWDWHDWRWDODUH]HUYRUXOXLGH
$G%OXH
=RFKL

9DSRULLSRWSURYRFDRVHQ]DLHGHDUVXUvQ 0RGHO &DSDFLWDWH


RFKLQDVLJkWSUHFXPLLULWDUHDJkWXOXLL WRWDO
OFULPDUHD
0/%OXH7(& O
1XLQKDODLGHORFYDSRULLGHDPRQLDFFDUHVDU
0$7,&
SXWHDHOLEHUD8PSOHLUH]HUYRUXO$G%OXH
QXPDLvQ]RQHELQHYHQWLODWH 0/%OXH7(&
0$7,&
3URGXVHGHVHUYLFHLFDSDFLWL 

8OHLGHPRWRU 0RWRDUHGLHVHO 0%$SSURYDO


$SUREDUH0%
$VSHFWHGHUHLQXW
&DOLWDWHDXOHLXOXLGHPRWRUHVWHXQIDFWRU $XWRYHKLFXOHOHFXXQILOWUXGHSDUWLFXOH
KRWUkWRUvQIXQFLRQDUHDLYLDDXWLODXQXL GLHVHO
PRWRU'XSWHVWHDSURIXQGDWH0HUFHGHV 0/%OXH7(& 
%HQ]DSUREXOHLXULOHGHPRWRUFDUHFRUHV 0$7,& 
SXQGVWDQGDUGXOXLWHKQLFFXUHQW 0/%OXH7(&
3ULQXUPDUHHVWHSHUPLVXWLOL]DUHDQXPDLD 0$7,&
XOHLXULORUGHPRWRUDSUREDWHGH0HUFHGHV
%HQ]SHQWUXPRWRDUHOH0HUFHGHV%HQ]
G 'DFXOHLXULOHGHPRWRULQGLFDWHvQWDEHO
,QIRUPDLLOHVXSOLPHQWDUHSULYLQGXOHLXULOHGH QXVXQWGLVSRQLELOHSXWHLDGXJDXUPWRD
PRWRUWHVWDWHLDSUREDWHSRWILRELQXWHGHOD UHOHXOHLXULGHPRWRUSkQODXUPWRUXO
RULFH&HQWUXGHVHUYLFH0HUFHGHV%HQ]0HU VFKLPEGHXOHL
FHGHV%HQ]YUHFRPDQGHIHFWXDUHDXQXL
=DXWRYHKLFXOHFXPRWRUSHEHQ]LQ
VFKLPEGHXOHLODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW$SUREDUHD0HUFHGHV%HQ]HVWH $SUREDUH0%VDX$&($$
LQGLFDWSHUHFLSLHQWXOGHXOHLSULQLQVFULSLD =DXWRYHKLFXOHFXPRWRUGLHVHO$SUREDUH
0%$SSURYDOLGHQXPLUHDFRUHV 0%VDX$&($&
SXQ]WRDUHGHH[0%$SSURYDO 8OHLXOGHPRWRUSRDWHILDGXJDWGRDURGDW
3XWHLDFWLYDRSUH]HQWDUHJHQHUDODXOHLXUL LQXHVWHSHUPLVIRORVLUHDDPDLPXOWGH
ORUGHPRWRUDSUREDWHSHLQWHUQHWODDGUHVD O
KWWSEHYRPHUFHGHVEHQ]FRPSULQLQWUR

'DWHWHKQLFH
GXFHUHDLQGLFHOXLGHH[ &DSDFLWL
7DEHOXOSUH]LQWXOHLXULOHGHPRWRUDSUREDWH 8UPWRDUHOHYDORULYL]HD]VFKLPEXOGHXOHL
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWU LQFOXVLYILOWUXOGHXOHL
9DORULOHDEVHQWHHUDXLQGLVSRQLELOHODGDWDWUL 9DORULOHDEVHQWHHUDXLQGLVSRQLELOHODGDWDWUL
PLWHULLODWLSDU PLWHULLODWLSDU
0RWRDUHSHEHQ]LQ 0%$SSURYDO 0RGHO &DQWLWDWHvQORFXLW
$SUREDUH0%
0/0$7,& O
0/0$7,& 
0/0$7,&
0/0$7,&
0/%OXH7(& O
0/$0*0$7,&  0$7,&
0/%OXH7(& O
0$7,&
0/$0* O
0$7,&
 %OXH()),&,(1&<
 6HSRWXWLOL]DQXPDLXOHLXULGHPRWRU6$(:6$(:
 6HSRWXWLOL]DQXPDLXOHLXULGHPRWRU6$(:6$(:SHQWUXDXWRYHKLFXOH$0*
 %OXH()),&,(1&<
 ,QFOXVLYUFLWRUXOH[WHUQGHXOHL


 3URGXVHGHVHUYLFHLFDSDFLWL

$GLWLYL GXFHUHDvQSDQWGHVFHQGHQW $FHDVWD


 1XXWLOL]DLDGLWLYLvQXOHLXOGHPRWRU$VW VFDGHHILFLHQDIUkQHORU
IHOSXWHLGHWHULRUDPRWRUXO 7UHEXLHVVROLFLWDLvQQRLUHDOLFKLGXOXLGH
IUkQODLQWHUYDOHUHJXODWH,QWHUYDOHOHGH
9kVFR]LWDWHDXOHLXOXLGHPRWRU VFKLPEDOOLFKLGXOXLGHIUkQVHUHJVHVFvQ
EURXUDGHVHUYLFH

8WLOL]DLQXPDLOLFKLGGHIUkQDSUREDWGH0HU
FHGHV%HQ]3XWHLRELQHLQIRUPDLLGHVSUH
OLFKLGXOGHIUkQDSUREDWGHODRULFHDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DWVDXGHSHLQWHUQHWOD
KWWSEHYRPHUFHGHVEHQ]FRP
G 9HULILFDLOLFKLGXOGHIUkQvQPRGUHJXODW
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
'HUHJXOYHLJVLRQRWvQFRPSDUWLPHQ
WXOPRWRUXOXLFDUHYYDDPLQWLFkQGWUHEXLH
9kVFR]LWDWHDGHVFULHFDUDFWHULVWLFLOHGHFXU VUHDOL]DLXUPWRUXOVFKLPEGHOLFKLGGH
JHUHDOHXQXLIOXLG'DFXQXOHLGHPRWRUDUH IUkQ
RFLIUGHYkVFR]LWDWHPDUHDFHVWDFXUJHOHQW
FXFkWYkVFR]LWDWHDVFDGHFXDWkWFXUJHPDL
UDSLG /LFKLGGHUFLUH
6HOHFLDXOHLXULORUGHPRWRUHVWHED]DWSH 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
WHPSHUDWXULOHH[WHULRDUHUHVSHFWLYHLHVWHvQ
'DWHWHKQLFH

FRQIRUPLWDWHFXFODVLILFDUHD6$( YkVFR]L $9(57,60(17


WDWH 7DEHOXOYSUH]LQWFHFODVLILFUL6$(VH $QWLJHOXOHVWHSXWHUQLFLQIODPDELO)RFXO
YRUXWLOL]D3URSULHWLOHGHMRDVWHPSHUDWXU IOFULOHGHVFKLVHLIXPDWXOVXQWLQWHU]LVH
DOHXOHLXULORUGHPRWRUSRWILDIHFWDWHVHPQL FkQGPDQLSXODLDQWLJHOXO
ILFDWLYvQWLPSXOIXQFLRQULLGLQFDX]DX]XULLL 'DFDQWLJHOXOLQWUvQFRQWDFWFXSLHVHOH
IXQLQJLQLLLGHDFXPXODUHDGHFDUEXUDQWGH vQFLQVHDOHPRWRUXOXLDFHVWDVHSRDWH
H[HPSOX3ULQXUPDUHVHUHFRPDQGFXLQVLV DSULQGHDU]kQGXY1XYUVDLDQWLJHOSHSLH
WHQVUHVSHFWDLVFKLPEXULOHGHXOHLUHJX VHOHvQFLQVHDOHPRWRUXOXL
ODWHIRORVLQGXQXOHLGHPRWRUFXLQGLFHOHGH
FODVLILFDUH6$(FRUHVSXQ]WRU  $GXJDLQXPDLOLFKLGGHUFLUHSUHDPHV
WHFDWFXOLFKLGGHSURWHFLHDQWLJHOGRULWQ
FD]FRQWUDUSXWHLGHWHULRUDPRWRUXO
/LFKLGGHIUkQ ,QIRUPDLLVXSOLPHQWDUHSULYLQGOLFKLGHOHGH
$9(57,60(17 UFLUHVHUHJVHVFvQVSHFLILFDLLOH0HUFH
GHV%HQ]SHQWUXSURGXVHGHVHUYLFHVSH
QWLPSOLFKLGXOGHIUkQDEVRDUEHXPLGLWDWHD
FLILFDLL0%SHQWUXSURGXVHGHVHUYLFH
GLQDHUDVWIHOSXQFWXOVXGHILHUEHUHHVWH
GHH[SHLQWHUQHWOD
UHGXV
KWWSEHYRPHUFHGHVEHQ]FRP6DX
'DFSXQFWXOGHILHUEHUHDOLFKLGXOXLGHIUkQ FRQWDFWDLXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
HVWHSUHDVF]XWHVWHSRVLELOVVHIRUPH]H ]DW
SXQJLGHYDSRULvQVLVWHPXOGHIUkQDUHFkQG
IUkQHOHVXQWDFLRQDWHSXWHUQLF GHH[ODFRQ  8WLOL]DLvQWRWGHDXQDXQDPHVWHFDGHFYDW
GHOLFKLGGHUFLUHFKLDULvQULOHFXWHP
SHUDWXULSUHGRPLQDQWvQDOWH
3URGXVHGHVHUYLFHLFDSDFLWL 

QFD]FRQWUDUVLVWHPXOGHUFLUHDPRWR /LFKLGGHVSODUH
UXOXLQXHVWHVXILFLHQWSURWHMDWFRQWUDFRUR
]LXQLLLVXSUDvQFO]LULL $9(57,60(17
/LFKLGXOVSOWRUGHSDUEUL]DQWLJHOXOHVWH
 6LVWHPXOGHUFLUHDPRWRUXOXLHVWH
SXWHUQLFLQIODPDELO(YLWDLVYUVDLOLFKLG
XPSOXWFXOLFKLGGHUFLUHFHWUHEXLHVILH
VSOWRUGHSDUEUL]DQWLJHOSHFRPSRQHQWHOH
vQORFXLWGXSDQLVDXGXSFHOPXOW
vQFLQVHDOHPRWRUXOXLGHRDUHFHDFHVWHDVHSRW
GHNLORPHWUL
DSULQGHLDUGH3RWVXUYHQLUQLJUDYH
/LFKLGXOGHUFLUHHVWHXQDPHVWHFGHDSL
DQWLJHOLQKLELWRUDQWLFRUR]LXQH$FHVWDDVL  8WLOL]DLQXPDLOLFKLGGHVSODUHDGHFYDW
JXUXUPWRDUHOHVDUFLQL SHQWUXOHQWLOHOHGLQSODVWLFDOHOPSLORUGH
=SURWHFLHDQWLFRUR]LXQH H[0%6XPPHU)LWVDX0%:LQWHU)LW/LFKL
=SURWHFLHDQWLJHO
GHOHGHVSODUHQHDGHFYDWHDUSXWHDGHWH
ULRUDOHQWLOHOHGLQSODVWLFDOHIDUXULORU
=FUHWHUHDSXQFWXOXLGHILHUEHUH
 1XXWLOL]DLDSGLVWLODWVDXGHLRQL]DWvQ
'DFDQWLJHOXOLQKLELWRUXOGHFRUR]LXQHHVWH
SUH]HQWvQFRQFHQWUDLDFRUHFWSXQFWXOGH UH]HUYRUXOGHOLFKLGGHVSODUHQFD]FRQ
ILHUEHUHDOLFKLGXOXLGHUFLUHvQWLPSXOIXQF WUDUVHQ]RUXOGHQLYHOSRDWHVXIHULGHWH
LRQULLVHYDVLWXDvQMXUGH ULRUUL
&RQFHQWUDLDGHDQWLJHOLQKLELWRUGHFRUR  3XWHLDPHVWHFDQXPDLOLFKLGHGHVSODUH
]LXQHGLQVLVWHPXOGHUFLUHDPRWRUXOXLWUH 6XPPHU)LWL:LQWHU)LWQFD]FRQWUDU
EXLH GX]HOHGHSXOYHUL]DUHSRWILEORFDWH
=VILHGHFHOSXLQ$VWIHOVLVWHPXOGH /DWHPSHUDWXULSHVWHSXQFWXOGHvQJKH
UFLUHDPRWRUXOXLYDILSURWHMDWFRQWUD  8PSOHLUH]HUYRUXOGHOLFKLGGHVSODUHFX

'DWHWHKQLFH
vQJKHXOXLODRWHPSHUDWXUGHSkQODPLQL XQDPHVWHFGHDSLOLFKLGGHVSODUHGH
PXP H[0%6XPPHU)LW
=VQXGHSHDVF SURWHFLHDQWLJHO
 $PHVWHFDLSDUWH0%6XPPHU)LWFX
GHSkQODPLQLPXP QFD]FRQWUDU SULDS
FOGXUDQXVHYDGLVLSDODIHOGHHILFLHQW
/DWHPSHUDWXULVXESXQFWXOGHvQJKH
'DFDXWRYHKLFXOXODSLHUGXWOLFKLGGHUFLUH
FRPSOHWDLFXFDQWLWLHJDOHGHDSLDQWL  8PSOHLUH]HUYRUXOGHOLFKLGGHVSODUHFX
JHOLQKLELWRUGHFRUR]LXQH0HUFHGHV%HQ] XQDPHVWHFGHDSLOLFKLGGHVSODUHGH
UHFRPDQGRFRQFHQWUDLHGHDQWLJHOLQKLEL H[0%:LQWHU)LW$GDSWDLSURFHQWXOGH
WRUGHFRUR]LXQHvQFRQIRUPLWDWHFXVSHFLIL DPHVWHFDUHODWHPSHUDWXULOHH[WHULRDUH
FDLLOH0%SHQWUXSURGXVHGHVHUYLFH  3kQODDPHVWHFDLSDUWH0%:LQ
/LFKLGXOGHUFLUHHVWHYHULILFDWFXILHFDUH WHU)LWFXSULDS
LQWHUYDOGHvQWUHLQHUHODXQDWHOLHUGHVSHFLD  3kQODDPHVWHFDLSDUWH0%:LQ
OLWDWHDXWRUL]DW WHU)LWFXSDUWHDS
G /DSULPDOXDUHvQSULPLUHDDXWRYHKLFXOX  3kQODDPHVWHFDLSUL0%:LQ
OXLDFHVWDHVWHXPSOXWFXXQDPHVWHFGH WHU)LWFXSDUWHDS
OLFKLGGHUFLUHFDUHDVLJXUSURWHFLDDQWL
JHOLDQWLFRUR]LXQHDGHFYDW G $GXJDLOLFKLGGHVSODUHFRQFHQWUDWGH
H[0%6XPPHU)LWVDX0%:LQWHU)LWvQ
OLFKLGXOGHVSODUHSHWRWSDUFXUVXODQXOXL


 'DWHSULYLQGDXWRYHKLFXOXO

'DWHSULYLQGDXWRYHKLFXOXO 7RDWHPRGHOHOH FXH[FHSLDDXWRYHKL


FXOHORU$0*
3HQWUXGDWHOHVSHFLILFDWHSULYLQGDXWRYHKLFX
OXOUHLQHLF /LPHDDXWRYHKLFXOXOXL PP
IURJOLQ]LOHH[WHULRDUH
=vQOLPLOHVSHFLILFDWHSRWYDULDvQIXQFLHGH
 SQHXUL QOLPHPD[LPDXWRYH PP
 VDUFLQ KLFXO SDFKHW$,50$7,&
 VWDUHDVXVSHQVLHL QOLPHPD[LPDXWRYH PP
 HFKLSDPHQWXORSLRQDO KLFXO SDFKHW
=DUWLFROHOHGLQHFKLSDUHDRSLRQDOFUHVF 21 2))52$'
PDVDSURSULH ODJRO LUHGXFVDUFLQD QOLPHPLQLPDXWRYH PP
PD[LP0DVDSURSULH ODJRO HVWHVSHFLIL KLFXO SDFKHW$,50$7,&
FDWvQFRQIRUPLWDWHFX'LUHFWLYD&(L 21 2))52$'
LQFOXGH
 RIHUXO NJ $PSDWDPHQW PP
 EDJDMXO NJ *DUGODVROPD[LP PP
 WRDWHOLFKLGHOH UH]HUYRUGHFDUEXUDQW SDFKHW$,50$7,&
SOLQ
*DUGODVROPD[LP PP
=LQIRUPDLLOHSULYLQGJUHXWDWHDVSHFLILFH
SDFKHW21 2))52$'
DXWRYHKLFXOXOXLVHUHJVHVFSHSOFXDGH
LGHQWLILFDUHDDXWRYHKLFXOXOXL *DUGODVROPLQLP PP
3DJLQD  SDFKHW$,50$7,&
'DWHWHKQLFH

=QXPDLSHQWUXDQXPLWHULSXWHLJVL 21 2))52$'
GDWHOHVSHFLILFHSULYLQGDXWRYHKLFXOXOvQ 6DUFLQDPD[LPSHSDYL NJ
GRFXPHQWXO&2& &(57,),&$7'(&21 OLRQ
)250,7$7( $FHVWHGRFXPHQWHvQVRHVF
DXWRYHKLFXOXOODOLYUDUH
3HQWUXLQIRUPDLLSULYLQG&RQWUROXOQLYHOXOXL 0/%OXH7(&0$7,&
FRQVXOWDL QOLPHDDXWRYHKLFXOXOXL PP
=3DFKHW$,50$7,& 3DJLQD
VXVSHQVLHGLQRHO
=3DFKHW21 2))52$' 3DJLQD
*DUGODVRO VXVSHQVLH PP
3HQWUXPRGHOXO0/0$7,&%OXH()),
GLQRHO
&,(1&< QXPDLSHQWUXDQXPLWHUL QLFLR
GDWWHKQLFQXHUDGLVSRQLELOODPRPHQWXO 0DVSURSULH ODJRO NJ
WULPLWHULLODWLSDU
7RDWHPRGHOHOH FXH[FHSLDDXWRYHKL 0/0$7,&%OXH()),&,(1&<
FXOHORU$0*
QOLPHDDXWRYHKLFXOXOXL PP
/XQJLPHDDXWRYHKLFXOX PP VXVSHQVLHGLQRHO
OXL (&(
*DUGDODVRO PP
/LPHDDXWRYHKLFXOXOXL PP
VXVSHQVLHGLQRHO
LQFOXVLYRJOLQ]LOHH[WH
ULRDUH 0DVSURSULH ODJRO NJ
'LPHQVLXQLGHGHVFKLGHUHKD\RQ 

0/%OXH7(&0$7,& 'LPHQVLXQLGHGHVFKLGHUHKD\RQ
QOLPHDDXWRYHKLFXOXOXL PP
VXVSHQVLHGLQRHO
*DUGDODVRO PP
VXVSHQVLHGLQRHO
0DVSURSULH ODJRO NJ

0/$0*0$7,&
/XQJLPHDDXWRYHKLFXOX PP
OXL (&( 9DORULOHSHQWUXPRGHOXO0/0$7,&
/LPHDDXWRYHKLFXOXOXL PP %OXH()),&,(1&<HUDXLQGLVSRQLELOHOD
LQFOXVLYRJOLQ]LOHH[WH PRPHQWXOWULPLWHULLODWLSDU
ULRDUH 0RGHOHFX CQOLP D
/LPHDDXWRYHKLFXOXOXL PP HGHGHV QOLPH
IURJOLQ]LOHH[WHULRDUH FKLGHUH GHJDEDULW
PD[LP
QOLPHPD[LPDXWRYH PP
KLFXO 6XVSHQVLHGLQ PP PP
RHO
QOLPHPLQLPDXWRYH PP

'DWHWHKQLFH
KLFXO 6XVSHQVLHGLQ PP PP
RHO 0/
$PSDWDPHQW PP
%OXH7(&
*DUGODVROPD[LP PP 0$7,&
*DUGODVROPLQLP PP 3DFKHW$,5  
0$7,& PP PP
0DVSURSULH ODJRO NJ
3DFKHW  
6DUFLQDPD[LPSHSDYL NJ 21 2))52$' PP PP
OLRQ
$XWRYHKLFXOH$0*

CQOLPHGHGHV DQOLPHDGH
FKLGHUH JDEDULWPD[LP
PP PP


 &kUOLJXOGHWUDFWDUHDUHPRUFLL

&kUOLJXOGHWUDFWDUHDUHPRUFLL
'LPHQVLXQLGHPRQWDUH
$9(57,60(17
6ROLFLWDLHIHFWXDUHDPRGHUQL]ULLFXXQFkUOLJ
GHWUDFWDUHDUHPRUFLLQXPDLODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DWFDUHGLVSXQHGHFXQR
WLQHOHGHVSHFLDOLWDWHLLQVWUXPHQWHOHQHFH
VDUHHIHFWXULLLQWHUYHQLLORUUHVSHFWLYH0HU
FHGHV%HQ]UHFRPDQGVXWLOL]DLXQ&HQWUX
GH6HUYLFH0HUFHGHV%HQ]vQDFHVWVFRSQ
VSHFLDOWRDWHLQWHUYHQLLOHDVXSUDVLVWHPHORU
GHVLJXUDQVDXFRUHODWHFXVLJXUDQDVHYRU
HIHFWXDODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW

 'DFVROLFLWDLPRGHUQL]DUHDXQXLFkUOLJ
([HPSOXSXQFWHGHDQFRUDUHSHQWUXFkUOLJXOGH
GHWUDFWDUHDUHPRUFLLHVWHSRVLELOVILH WUDFWDUHDUHPRUFLL
QHFHVDUHPRGLILFULODVLVWHPXOGHUFLUHL C 3XQFWHGHDQFRUDUH
ODWUHQXOGHWUDQVPLVLHvQIXQFLHGHWLSXO
D /XQJLPHvQFRQVRO
DXWRYHKLFXOXOXL
/LQLHPHGLDQSXQWHVSDWH
'DFVROLFLWDLPRGHUQL]DUHDXQXLFkUOLJGH
WUDFWDUHDUHPRUFLLUHVSHFWDLSXQFWHOHGH 3HQWUXFkUOLJHOHGHWUDFWDUHDUHPRUFLLPRQ
DQFRUDUHGHSHFDGUXODVLXOXL WDWHvQIDEULFOXQJLPHDvQFRQVROLQFOXVLY
FDSDFXOGHSURWHFLHHVWHGHPP
'DWHWHKQLFH

 0/%OXH7(&0$7,&GDFVROLFLWDL
PRGHUQL]DUHDXQXLFkUOLJGHWUDFWDUHD
UHPRUFLLIUPRGLILFDUHDVLVWHPXOXLGH
6DUFLQLUHPRUF
UFLUHDPRWRUXOXLLDWUHQXOXLGHWUDQVPL
VLHPDVDWRWDOGHWUDFWDUHIUkQDWLQHIUk  7RDWH
QDW PDVDUHPRUFLLSOXVPDVDVDUFLQLL PRGHOHOH
HVWHUHGXV9DORULOHDEVHQWHHUDXLQGLVSR FXH[FHS
QLELOHODGDWDWULPLWHULLODWLSDU'DFXWLOL]DL LDDXWRYH
JUHXWLGHWUDFWDUHPDLPDULPRWRUXODXWR KLFXOHORU
YHKLFXOXOXLGXPQHDYRDVWUSRDWHVXIHUL $0*
DYDULL2ULFHDYDULLVXUYHQLWHQXVXQWDFR
SHULWHGHJDUDQLHVDXGHJDUDQLDLPSOLFLW 6DUFLQDGPLVUHPRUF NJ
3ULQXUPDUHDVLJXUDLYFUHVSHFWDL QHIUkQDW
vQWRWGHDXQDPDVDWRWDOGHWUDFWDUH
UHGXV
6DUFLQDGPLVUHPRUF NJ
IUkQDW

 &XRFDSDFLWDWHPLQLPGHXUFDUHvQSDQWGHGHSHORF
 3HQWUXPRGHOXO0/%OXH7(&0$7,&NJ
&kUOLJXOGHWUDFWDUHDUHPRUFLL 

 7RDWH
PRGHOHOH
FXH[FHS
LDDXWRYH
KLFXOHORU
$0*
6DUFLQYHUWLFDOPD[LP NJ
SHEDUDGHWUDFWDUH
6DUFLQDDGPLVSHSXQ NJ
WHDVSDWHODWUDFWDUHD
XQHLUHPRUFL

 $XWRYHKL
FXOH$0*
6DUFLQDGPLVUHPRUF NJ
QHIUkQDW
6DUFLQDGPLVUHPRUF NJ
IUkQDW
6DUFLQYHUWLFDOPD[LP NJ
SHEDUDGHWUDFWDUH

'DWHWHKQLFH
6DUFLQDDGPLVSHSXQ NJ
WHDVSDWHODWUDFWDUHD
XQHLUHPRUFL

 6DUFLQDYHUWLFDOSHEDUDGHWUDFWDUHQXHVWHLQFOXVvQVDUFLQDUHPRUFLL
 3HQWUXPRGHOXO0/%OXH7(&0$7,&NJ
 3HQWUXPRGHOXO0/%OXH7(&0$7,&NJ
 &XRFDSDFLWDWHPLQLPGHXUFDUHvQSDQWGHGHSHORF
 6DUFLQDYHUWLFDOSHEDUDGHWUDFWDUHQXHVWHLQFOXVvQVDUFLQDUHPRUFLL


 6LVWHPXOGHVHQ]RUUDGDUGH*+] SUH]HQWDUHJHQHUDOSHUL

6LVWHPXOGHVHQ]RUUDGDUGH*+] SUH]HQWDUHJHQHUDOSHUL

6LVWHPXOGHVHQ]RULUDGDUGH*+]QHFHVLWDSUREDUHVHSDUDWSHQWUXILHFDUHDU&kQG
FRQGXFHLvQWURDUvQFDUHVLVWHPXOGHVHQ]RULUDGDUQXHVWHDSUREDWWUHEXLHVGH]DFWLYDL
VLVWHPXOFXDMXWRUXOFDOFXODWRUXOXLGHERUG 3DJLQD 3UH]HQWDUHDJHQHUDOSHDUD
FXUHQWSRDWHILRELQXWGHODXQ&HQWUXGHVHUYLFH0HUFHGHV%HQ]
$XWRYHKLFXOHOHFXXQVLVWHPGHQDYLJDLHVLVWHPXOGHVHQ]RULUDGDUHVWHGH]DFWLYDWDXWR
PDWOkQJXQLWLUDGLRWHOHVFRS
6LVWHPHOHDFWLYHPRPHQWDQVXQWGH]DFWLYDWHDXWRPDW
=',67521,&3/86 3DJLQD
=$VLVWHQODXQJKLXOPRUW 3DJLQD
=$VLVWHQDDFWLYODSXQFWXOPRUW 3DJLQD
=)UkQ35(6$)( 3DJLQD

8QPHVDMGHGLVSOD\DSDUHSHDILDMXOPXOWLIXQFLRQDOSHQWUXDYLQIRUPDFVLVWHPXOGH
VHQ]RULUDGDUHVWHvQFXUVGHGH]DFWLYDUH 3DJLQD 
%$63/86 3DJLQD HVWHDSRLGHDVHPHQHDLQGLVSRQLELO
'DFGH]DFWLYDUHDQXVXUYLQHDXWRPDWWUHEXLHVGH]DFWLYDLVLVWHPXOGHVHQ]RULUDGDUFX
DMXWRUXOFDOFXODWRUXOXLGHERUG 3DJLQD 
$XWRYHKLFXOHIUQDYLJDLHLDXWRYHKLFXOHSHQWUX$XVWUDOLDWUHEXLHVGH]DFWLYDLVLV
WHPXOGHVHQ]RULUDGDUFXDMXWRUXOFDOFXODWRUXOXLGHERUGFkQGYDIODLOkQJRXQLWDWHUDGLR
WHOHVFRS 3DJLQD 
'DWHWHKQLFH

DU 8QLWLUDGLRWH /DWLWXGLQHLORQJLWXGLQH 'LVWDQDGHPHQ


OHVFRS JHRJUDILF LQXWSkQODXQL
WDWH
(JLSW
$QGRUD
$XVWUDOLD 3DUNHV 
6
( NP
1DUUDEUL 
6
( NP
&DQEHUUD 
6
( NP
$XVWUDOLDGH9HVW 
6
( NP
%DKUHLQ
%HOJLD
%RVQLD+HUHJR
YLQD
%XOJDULD
'DQHPDUFD
*HUPDQLD (IIHOVEHUJ 
1
( NP
6LVWHPXOGHVHQ]RUUDGDUGH*+] SUH]HQWDUHJHQHUDOSHUL 

DU 8QLWLUDGLRWH /DWLWXGLQHLORQJLWXGLQH 'LVWDQDGHPHQ


OHVFRS JHRJUDILF LQXWSkQODXQL
WDWH
(VWRQLD
)LQODQGD 0HWVlKRYL 
1
( NP
7XRUOD 
1
( NP
)UDQD 3ODWHDXGH%XUH 
1
( NP
)ORLUDF 
1
: NP
*LEUDOWDU
*UHFLD
5HJDWXO8QLW &DPEULGJH 
1
( NP
'DUQKDOO 
1
: NP
-RGUHOO%DQN 
1
: NP
.QRFNLQ 
1
: NP
3LFNPHUH 
1
: NP
,UODQGD

'DWHWHKQLFH
,VODQGD
,WDOLD 0HGLFLQD 
1
( NP
1RWR 
1
( NP
6DUGLQLD 
1
( NP
<HPHQ
,RUGDQLD
&DQDGD
4DWDU
&URDLD
.XZHLW
/HWRQLD 9HQWVSLOV 
1
( NP
/LEDQ
/LWXDQLD
/X[HPEXUJ
0DOD\VLD

 6LVWHPXOGHVHQ]RUUDGDUGH*+] SUH]HQWDUHJHQHUDOSHUL

DU 8QLWLUDGLRWH /DWLWXGLQHLORQJLWXGLQH 'LVWDQDGHPHQ


OHVFRS JHRJUDILF LQXWSkQODXQL
WDWH
0DOWD
0DFHGRQLD
0H[LF
0RQJROLD
1RXD=HHODQG
2ODQGD
1RUYHJLD
2PDQ
$XVWULD
3DNLVWDQ
3RORQLD .UDNyZ)RUW6NDD 
1
( NP
7RUX3LZQLFH 
1
( NP
3RUWXJDOLD
'DWHWHKQLFH

5RPkQLD
5XVLD 'LPLWURY 
1
( NP
.DO\D]LQ 
1
( NP
3XVKFKLQR 
1
( NP
=HOHQFKXNVND\D 
1
( NP
$UDELD6DXGLW
6XHGLD 2QVDOD 
1
( NP
(OYHLD %OHLHQ 
1
( NP
6LQJDSRUH
6ORYDFLD
6ORYHQLD
6SDQLD <HEHV 
1
: NP
5REOHGR 
1
: NP
$IULFDGH6XG
6LULD
6LVWHPXOGHVHQ]RUUDGDUGH*+] SUH]HQWDUHJHQHUDOSHUL 

DU 8QLWLUDGLRWH /DWLWXGLQHLORQJLWXGLQH 'LVWDQDGHPHQ


OHVFRS JHRJUDILF LQXWSkQODXQL
WDWH
5HSXEOLFD&HK
7XUFLD
8FUDLQD
8QJDULD 3HQF 
1
( NP
68$
(PLUDWHOH$UDEH
8QLWH
&LSUX

'DWHWHKQLFH



'HWDOLLOHSXEOLFDLHL
,QWHUQHW

,QIRUPDLLVXSOLPHQWDUHGHVSUHDXWRYHKLFX
OHOH0HUFHGHV%HQ]LGHVSUH'DLPOHU$*VH
UHJVHVFSHXUPWRDUHOHVLWHXUL
KWWSZZZPHUFHGHVEHQ]FRP
KWWSZZZGDLPOHUFRP

%LURXOUHGDFLHL

(FKLSDGHUHGDFWRULWHKQLFLDWHDSWFX
SOFHUHRULFHvQWUHEULVDXVXJHVWLLDLDYHD
SULYLQGDFHVW0DQXDOGHXWLOL]DUHODXUPWRD
UHDDGUHV
'DLPOHU$*+3&5
'6WXWWJDUW*HUPDQLD
1XHVWHSHUPLVUHWLSULUHDWUDGXFHUHDVDX
UHSURGXFHUHDvQRULFHDOWPRGLQWHJUDOVDX
SDULDOIUSHUPLVLXQHDVFULVD'DLPOHU
$*

'DWDHGLLHL
q1st


1UGHFRPDQG 1USLHV (GLLD1$G

You might also like