Sei sulla pagina 1di 211

6260(',&$/

'5&+5,67$72'($*5266

9$&&,185,/(
35(9(1,(6$8%2$/"

2QRXSDWRORJLHSHGLDWULF
&XRSUHIDGH
3URI8QLY'U3DYHO&KLULO

'HVFULHUHD&,3D%LEOLRWHFLL1DLRQDOHD5RPkQLHL
72'($*5266&+5,67$
9DFFLQXULOHSUHYHQLHVDXERDO"2QRXSDWRORJLHSHGLDWULFGU
&KULVWD7RGHD*URVVSUHISURIXQLYGU3DYHO&KLULO%XFXUHWL(GLWXUD
&KULVWLDQD
%LEOLRJU
,6%1

(',785$&+5,67,$1$
%XFXUHWL

,&KLULO3DYHO SUHI


'HGLFDFHDVWFDUWH
7XWXURUFRSLLORU
FDUHDXVXIHULWLVXIHU
vQXUPDYDFFLQXULORU
SULQLORUFDUHDXWUHEXLW
VWULDVFSkQDFXP
FXLQFHUWLWXGLQLLvQWUHEULIUUVSXQV
SUHFXPLPLQXQDLORUPHLFROHJL
GLQ)HGHUDLD2UJDQL]DLLORU2UWRGR[H
3UR9LWDGLQ5RPkQLD
'U&KULVWD7RGHD*URVV



'U&KULVWD7RGHD*URVV

&XYkQWvQDLQWH

'UDJFLWLWRUXOH
(WLvQIDDXQHLFULFDUHDGXFHvQOLWHUDWXUDPHGLFDOURPkQHDVFFHDPDLPDUH
SURYRFDUHGLQXOWLPDMXPWDWHGHVHFRO
9DFFLQXULOHVXQWEXQHVDXUHOH"
 $XIFXWPDLPXOWELQHVDXPDLPXOWUX"
 $XUH]ROYDWvQWUDGHYUPDULOHHSLGHPLLVDXHVWHXQPLWOLSVLWGHRULFHUL
JRDUHWLLQLF"
 )DEULFLOHFDUHOHSURGXFLJXYHUQHOHFDUHOHSURPRYHD]VXQWVLQFHUvQJUL
MRUDWH GH EROLOH SRSRDUHORU LQIHFWDWH FX PLOLDUGHOH GH GR]H VDX H[LVW XQ
LQWHUHVHFRQRPLFvQSURPRYDUHDORU"
&DUWHDDXWRDUHL'U&KULVWD7RGHD*URVVvQFHDUFVUVSXQGODDFHVWHvQWUHEUL
SHQWUXWRLSULQLPHGLFLLVWXGHQLFHLFDUHRFLWLL
/LWHUDWXUDPHGLFDOLMXUQDOLVWLFDDXGRYHGLWvQXOWLPLLDQLFLQGXVWULDGHPH
GLFDPHQWHHVWHXQDGLQWUHFHOHPDLSURWDELOHDIDFHULvQOXPH2ULFHFRQWLLQSUR
IHVLRQDOWUHEXLHVVHvQWUHEHGDFXQWUDWDPHQWHVWHVDXQXSUHVFULVDEX]LYQXPDL
SHQWUXDVHRELQHXQSURWLGDFQXFXPYDUHDFLLOHDGYHUVHGHSHVFEHQHFLLOH
,GHLFRQWHVWDWDUHDVXSUDWHRULHLYDFFLQDOLVWHDXIRVWvQFGHODvQFHSXWXOIRORVLULL
YDFFLQXULORU3HPVXUFHDXWUHFXWDQLLFHUFHWWRULLDXDFXPXODWGDWHVWDWLVWLFHL
LVWRULFHLPSRUWDQWHFDUHvLDMXWDFXPVMXGHFHLVSUHFL]H]HPDLELQHIHQRPHQXO
,DWGRDUFkWHYDH[HPSOH
 5RPkQLDHVWHFHDPDLYDFFLQDWDUHXURSHDQFRQWUDWXEHUFXOR]HLLDUH
FHDPDLPXOWWXEHUFXOR]vQWUHULOHHXURSHQH vQVWDWLVWLFDDQXOXLGH
RULPDLPXOWWXEHUFXOR]GHFkWPHGLDHXURSHDQ SHGHDOWSDUWHULOH
QRUGLFHQXLDXYDFFLQDWQLFLRGDWSRSXODLDFRQWUDWXEHUFXOR]HLLDVW]LVH
SRWPkQGULFXRVWDWLVWLF ]HUR FD]XUL
 /DQVDUHDYDFFLQXOXLFRQWUDFDQFHUXOXLGHFROXWHULQDIRVWRIDUVWLLQL
FMXULGLFLSURFHGXUDOGHRDUHFHvQWUHKXPDQSDSLORPDYLUXVLFDQFHUXO
GHFROXWHULQQXH[LVWQLFLROHJWXUDDFXPVHYHGHGLQVWDWLVWLFDXUP
WRDUHSHVWHPLOLRDQHGHIHPHLDPHULFDQHVXQWLQIHFWDWHDQXDOFXKXPDQ
SDSLORPDYLUXVGLQWUHHOHGRDUDXLFDQFHUGHFROXWHULQSHGHDOW
SDUWH GLQ FHOH  GH IHPHL DPHULFDQH FDUH GHFHGHD] DQXDO GH FDQFHU
GH FRO XWHULQ   VXQW LQIHFWDWH FX KXPDQ SDSLORPD YLUXV DFHVWH FLIUH
GHPRQVWUHD]FXWULHFQXKXPDQSDSLORPDYLUXVGFDQFHUFLFDQFHUXOR

GDWDSUXWVHLQIHFWHD]IRDUWHUHSHGHFXKXPDQSDSLORPDYLUXVGLQFDX]D
YXOQHUDELOLWLLFHOXOHORUFROXOXLXWHULQ
7RDWHDQDOL]HOHGHVQWDWHSXEOLFPHQLRQHD]FLQFLGHQDPD[LPDFDQ
FHUXOXLGHFROXWHULQHVWHvQWUHDQL HVWHFHOSXLQKD]DUGDWVVXVLL
GXSRXUPULUHGHDQLFYDFFLQXODGPLQLVWUDWIHWHORUGHDQLSUHYLQH
FDQFHUXOODDQL
)DEULFDQLLQXDXSXWXWJDUDQWDODODQVDUHFYDFFLQXOORUQXDUHHIHFWHRQ
FRJHQHQLFLPXWDJHQH

'DWHLPSRUWDQWHGHVSUHLQXWLOLWDWHDYDFFLQXULORU UHDFLLOHDGYHUVHL SDWRORJLD


SHGLDWULFQRXFUHDW EROLQRLLQGXVH GHYDFFLQXULYHLJVLvQWUHFRSHUWHOHDFHVWHL
FUL $'+'DXWLVPOHXFHPLLIRUPHUDUHGHFDQFHUHWF 
'HVLJXUSULQLLVXQWOLEHULVLYDFFLQH]HVDXQXFRSLLL/LEHUWDWHDGHDDFLRQD
DVXSUDSURSULHLSHUVRDQHHVWHVDFULHVWHXQGDUDO&UHDWRUXOXL(DHVWHvQVDGHVH
RULvQFOFDWGHRFLDOLL0LQLVWHUXOXL6QWLLLQYPkQWXOXLFDUHGDXGLVSR]LLL
FRQWUDGLFWRULLLYLFOHQH9DFFLQDUHDQXHVWHREOLJDWRULHGDUFLQHQXVHYDFFLQHD]
WUHEXLHVVHPQH]HSHSURSULDUVSXQGHUHYDFFLQDUHDQXHVWHREOLJDWRULHGDUGL
UHFWRULLGHFROLQXDXYRLHVSULPHDVFFRSLLQHYDFFLQDLLGDFvQFDOFDFHDVW
UHJXOYRUDPHQGDLPRWLYkQGXVHFHOHYLLQHYDFFLQDLDUXQSHULFROFRQWD
PLQDQWSHQWUXFRSLLLYDFFLQDLQIHOXODFHVWDHLUHFXQRVFVLQJXULFYDFFLQDUHDQX
HVWHSURWHFWRDUHLFGHJHDEDDXIFXWR
QXUPFXFkLYDDQLDPLQWHUYHQLWvQSUHVFXFkWHYDWH[WHOPXULWRDUHDVXSUD
YDFFLQXULORU8Q]LDULVWPHGLFPDDWDFDWYHKHPHQW9]kQGFWH[WXOOXLQXDDYXW
QLFLXQHFRXLQLFLRXUPDUHPDUHFODPDWOD&ROHJLXO0HGLFLORU GLQ]LDULVWOLEHU
DGHYHQLWXQ]LDULVWGHODWRU &ROHJLXO0HGLFLORUPDFKHPDWOD&RPLWHWXOGH'LVFL
SOLQLPDMXGHFDWSHQWUXXQGHOLFWGHRSLQLHFRQWUDUWXWXURUVWDWXWHORULFRGXULORU
GHRQWRORJLFHGLQULOHHXURSHQH5LVFDPUHWUDJHUHDGUHSWXOXLGHOLEHUSUDFWLF
'U &KULVWD 7RGHD*URVV HVWH XQ PRGHO GH PHGLF FDUH vL LXEHWH SURIHVLD L
EROQDYLL'HVLJXUFvLDVXPODUkQGXOVXULVFXOGHDFRQWHVWDWGHFHLFDUHQX
UHVSHFWD[LRPDSURIHVLHLQRDVWUHSULPXPQRQQRFHUH
3URI8QLY'U3DYHO&KLULO



,QWURGXFHUH
'HSHVWHGHDQLQXPHURDVHVWXGLLPHGLFDOHLH[SHULHQDSUDFWLF
GHPRQVWUHD]FYDFFLQXULOHGLQFRSLOULHUHSUH]LQWXQDWDFJUDYDVXSUD
LPXQLWLLLPDWXUHDFRSLOXOXLSURYRFkQGQXPHURDVHEROLFURQLFHJUDYH
QHYLQGHFDELOHXUPDWHXQHRULGHGHFHV
1H FRQIUXQWP OD RUD DFWXDO FX R DGHYUDW DYDODQ GH EROL FURQLFH
JUDYHODFRSLLGDUPDLDOHVFXRSDWRORJLHSHGLDWULFQRXDSUXWvQXUPD
YDFFLQULLvQPDVGLQXOWLPLLDQLLODFDUHPHGLFLQDPRGHUQDVLVWQH
SXWLQFLRDVLGHVHRULGXUHURVGHLQGLIHUHQW$YHPVLQGURDPHQRLLEROL
QRLSHQWUXFDUHQXH[LVWWUDWDPHQW'HVSUHHWLRORJLDORUVHVSXQHGRDUF
HVWHQHFXQRVFXWQIHOXODFHVWDPHGLFLQDQXPDLHVWHREOLJDWVGHDQL
FLXQIHOGHH[SOLFDLLFLvQFHOPDLEXQFD]LSRWH]HPHQLWHGHVHRULVQH
LQvQFHD
0DQLSXODUHDSULQLORUDIRVWQHFHVDULXRUGHUHDOL]DW%ROLOHFRQWDJLRD
VHVDXEROLOHFRSLOULHLDXGHYHQLWDIHFLXQLOHFHOHPDLGHWHPXWLWUHEXLDX
SUHYHQLWHFXRULFHSUH1LPHQLQXOHDH[SOLFDWSULQLORUFEDQDOHOHLQIHFLLL
EROLOHFRSLOULHLVXQWQHFHVDUHvQYLDDXQXLFRSLOSHQWUXDLGH]YROWDRLPX
QLWDWHQDWXUDOLVQWRDV,PXQLWDWHDQDWXUDOFkWLJDWGXSEROLOHFRSLO
ULHLYDDVHPHQHDXQXLVFXWSURWHFWRUDWkWIDGHRUHLQIHFLHFkWPDLDOHV
IDGHRVHULHGHDIHFLXQLPXOWPDLJUDYHGLQYLDDFRSLOXOXLLDSRLDDGXO
WXOXLLDYkUVWQLFXOXL EROLUHQDOHJUDYHLQIHFLLDOHUJLLWXPRULFDQFHUHWF 
&XWRDWHDFHVWHDPHGLFLQDPRGHUQvQFHDUFVSUHYLQGHODvQFHSXWULVFXO
PLFDSURDSHLQH[LVWHQWDODFHVWRUEROLSULQLQWHUPHGLXOYDFFLQXULORU$SDULLD
UHDFLLORUDGYHUVHQHFHVLWGHVHRULPHGLFDPHQWHDQWLLQDPDWRDUHDQWLELRWLFH
HWFQIHOXODFHVWDPHGLFLQDLQWHUYLQHvQPRGEUXWDOGHHFDUHGDWvQHYR
OXLDVLVWHPXOXLLPXQDOFRSLOXOXLSHFDUHRSHUWXUEJUDYQvQFHUFDUHDGH
DSUHYHQLEROLOHEDQDOHDFXWHLFRQWDJLRDVHODFRSLL YDFFLQDUHDDHXDWLvQ
DFHVWFD]LQGFQXVXQWSUHYHQLWHEROLOHFRSLOULHLFLGRDUDPkQDWHSkQODR
YkUVWPDLPDUHFkQGSRWFXDGHYUDWJUDYH VDDMXQVODGLVWUXJHUHDOHQW
VLVWHPDWLF D VLVWHPXOXL ORU LPXQ FX SURYRFDUHD XQHL JDPH YDULDWH GH EROL
FURQLFHJUDYHLQHYLQGHFDELOHHQFHIDOLWHPHQLQJLWHSDUDOL]LLEROLDXWRLPX

'U&KULVWD7RGHD*URVV

QHDXWLVP$'+'OHXFHPLHFDQFHUVLQGURPXOPRULLVXELWHODVXJDUGLDEHW
]DKDUDWDVWPEURQLFDUWULWDMXYHQLOHWF
1XPHURLPHGLFLLRDPHQLGHWLLQFDUHQXDXFUH]XWvQLSRWH]HOHIDOVH
GLQWUDWDWHOHGHPHGLFLQDXUHXLWvQXUPDPXOWRUVWXGLLVIDFOHJWXUD
GLQWUH YDFFLQXUL L DFHVWH EROL FURQLFH DXWRLPXQH vQ PDMRULWDWHD FD]XULORU
'HLVWDXPUWXULHQXPHURDVHFULLDUWLFROHDLFURUDXWRULVXQWGLQ(XURSD
68$&KLQD-DSRQLD$XVWUDOLDLGLQDSURDSHWRDWHFROXULOHOXPLLDIDFHUHD
FXYDFFLQXULOHFRQWLQXFDLFkQGQLPLFQXVDUvQWkPSODLDUSUHVLXQLOHIFX
WHGHFWUHDXWRULWLOHVDQLWDUHDVXSUDSULQLORUFUHVFSHDQFHWUHFH&RSLLL
QRWULDXGHYHQLWDGHYUDLFREDLSHQWUXPDULOHFRPSDQLLIDUPDFHXWLFHLQX
VH JVHWH GHRFDPGDW QLFLR LHLUH GLQ DFHVW FHUF YLFLRV 6LQJXULL FDUH YRU
SXWHDVFKLPEDFHYDVXQWSULQLLFkQGQXVHYRUPDLVXSXQHXQRUWUDWDPHQWH
SUHYHQWLYHIDOVHLQHREOLJDWRULLQ2FFLGHQWVHFXQRVFPXOWHFD]XULFkQG
SULQLL DL FURU FRSLL VXIHU GH FRPSOLFDLL JUDYH SRVWYDFFLQDOH SDUDOL]LL
HQFHIDORSWLH DXWLVP HWF  VDX FKLDU DX PXULW DMXQJ vQ LQVWDQ SHQWUX DL
FHUHSXLQHOHGUHSWXULFDUHVOHDOLQHVXIHULQDUHFXQRDWHUHDDGHYUXOXL vQ
SULPXOUkQG LFRPSHQVDLLSHQWUXGDXQHOHSURYRFDWHQ68$VSUHH[HPSOX
WRWPDLPXOLSULQLDLFURUFRSLLDXPXULWvQXUPDYDFFLQXULORUVDXVXIHU
GHFRPSOLFDLLJUDYHSRVWYDFFLQDOHSUHFXPDXWLVPXODXGDWVWDWXOvQMXGH
FDW SULPLQG GHVSJXELUL 'LQ VXUVH RFLDOH DOH FRQGXFHULL 68$ GRDU vQ
DXPXULWvQXUPDFRPSOLFDLLORUSRVWYDFFLQDOHGHFRSLLLDUDOL
DXIRVWGLDJQRVWLFDLFXDXWLVP'HFXUkQGLvQ,WDOLDDIRVWUHFXQRV
FXWOHJWXUDGLQWUHDXWLVPLYDFFLQXO525'HLPXOWHSURFHVHDXIRVW
FkWLJDWH vQ ULOH GLQ 2FFLGHQW WLP ELQH F QLFLR FRPSHQVDLH QDQFLDU
QXYDPDLUHGDVQWDWHDVDXYLDDDFHVWRUFRSLL6HREVHUYLvQ5RPkQLDR
VFKLPEDUHWLPLGGDUHFLHQWDPHQWDOLWLLSULQLORU'DFvQWUHFXWDFH
WLDvQVSHFLDOPDPHOHvLGXFHDXFRSLLLODYDFFLQDWIUFDVSXQvQWUHEUL
DYkQGRvQFUHGHUHGHSOLQvQFDGUHOHLDXWRULWLOHPHGLFDOH DIRVWLFD]XO
PHX QXDFHODLOXFUXVHvQWkPSOvQ]LXDGHD]LFkQGSULQLLFXVWXGLLPHGLL
VDXVXSHULRDUHDYkQGODGLVSR]LLHQXPHURDVHVXUVHGHVSUHYDFFLQXULLHIHF
WHOHORUVHFXQGDUHSXQWRWPDLGHVvQWUHEULGHVSUHHFLHQDVDXLQHFLHQD
YDFFLQXULORUGDUPDLDOHVGHVSUHSHULFROXOXQRUHYHQWXDOHFRPSOLFDLLJUDYH
'LQQHIHULFLUHQXSULPHVFvQWRWGHDXQDXQUVSXQVVLQFHULQGFvQVSDWHOH

6DIHYDFFLQHVNLOOFKLOGUHQLQD\HDUDQGGHYHORSDXWLVP86JRYHUQ
PHQWDGPLWVKWWSWLQ\XUOFRPTERT

 KWWSZZZGDLO\PDLOFRXNQHZVDUWLFOH005$PRWKHUVYLFWRU\7KHYDVW
PDMRULW\GRFWRUVVD\OLQNWULSOHMDEDXWLVP,WDOLDQFRXUWFDVHUHLJQLWHFRQWURYHUVLDOGHEDWHKWPO

ZZZKXIQJWRQSRVWFRP

9$&&,185,/(35(9(1,(6$8%2$/



XQHL SXEOLFLWL WRW PDL DJUHVLYH D YDFFLQXULORU QX VH D DOWFHYD GHFkW R
JRDQGXSEDQLODFDUHQXHVWHGLVSXVVPDLUHQXQHYUHRGDWFXQRVFXWD
%LJ 3KDUPD Q *HUPDQLD QX PDL H[LVW REOLJDWLYLWDWH OD YDFFLQXULOH GLQ
FRSLOULHvQFGLQDQXO$FHODLOXFUXvOFRQVWDWPLvQFHOHODOWHUL
DOH8QLXQLL(XURSHQHXQGHYDFFLQXULOHQXPDLVXQWGHPXOWYUHPHREOLJD
WRULLFLGRDUUHFRPDQGDWH&XWRDWHDFHVWHDvQXOWLPLLDQLLDLFLVHGXFH
R SURSDJDQG SURYDFFLQ WRW PDL LQWHQV SH WRDWH FLOH SRVLELOH HPLVLXQL
79LUDGLRSXEOLFLWDWHLQWHQVFULSOLDQWHLDHFDUHYRUVGRYHGHDVF
HFLHQD PD[LP D YDFFLQXULORU L PDL DOHV JUDYLWDWHD EROLORU GH FRSLOULH
'U%XFKZDOGGH]YOXLHVFRSXODVFXQVDOFRQVXOWDLLORUJUDWXLWHSHULRGLFHOD
FRSLLDD]LVHOHELODQXULPDPHOHFUHGFOLVHIDFHXQPDUHELQHGDU
DXWRULWLOHVDQLWDUHGLQ*HUPDQLDDXFHUXWPHGLFLORUSHGLDWULLVFRQWUROH]H
ODHFDUHFRQVXOWFDUQHWXOGHYDFFLQULDFRSLOXOXLLVOYDFFLQH]HLPHGLDW
FXYDFFLQXOFDUHOLSVHWHGLQFDUQHW$FHVWHELODQXULVHIDFLODQRLGH
FWUHPHGLFLLGHIDPLOLHLDSRLGHPHGLFLLFRODUL
Q5RPkQLDGLQDQDOL]DOHJLORUvQPDWHULHQXUH]XOWvQPRGH[SUHVF
YDFFLQXULOHVXQWREOLJDWRULL GSGYOHJDOQXH[LVWQLFLXQDUWLFROFDUHV
LQVWLWXLHvQPRGH[SUHVREOLJDWLYLWDWHDYDFFLQXULORUYH]L$QH[D 3R]LLDPH
GLFDOHVWHXQDRSXVFDLFkQGYDFFLQXULOHDUREOLJDWRULL'H]LQIRUPDUHD
vQFHSHvQFGLQPDWHUQLWDWHXQGHQRXQVFXLLVXQWYDFFLQDLLPHGLDWGXS
QDWHUHIUDFFHSWXOvQVFULVDOPDPHL LQGvQFOFDWJUDYGUHSWXOSDFLHQWX
OXLODFRQVLPPkQWXOLQIRUPDW DSRLFRQWLQXODFDELQHWXOPHGLFXOXLGH
IDPLOLH 3UHVLXQLOH IFXWH GH FWUH DXWRULWLOH VDQLWDUH DVXSUD PHGLFLORU GH
IDPLOLHSHQWUXDLYDFFLQDSHWRLFRSLLLVXQWWUDQVPLVHGHFWUHDFHWLDPDL
GHSDUWHSULQLORUFXFRQYLQJHUHDFLPXQL]DUHDIDFHGRDUELQH/DPHGL
FXOGHIDPLOLHEROLOHFRSLOULHLOHVXQWGHVHRULSUH]HQWDWHFDLQGEROLIRDUWH
SHULFXORDVHGHFDUHXQHRULVHSRDWHPXUL$OWHRULSULQLLVXQWDPHQLQDLFX
VFRDWHUHDFRSLOXOXLGHSHOLVWDGHDVLJXUDW DPvQWkOQLWDVHPHQHDFD]XUL VDX
FYRUGHQXQDLOD'63 'LUHFLDGH6QWDWH3XEOLF 8QLLGLQWUHSULQL
VXE DYDODQD SUHVLXQLORU FHGHD] vQ FHOH GLQ XUP ,QWLPLGDUHD SULQLORU
UPkQH vQ FRQWLQXDUH R DUP IRDUWHHFLHQWOD QRL vQ DU 'DF XOWHULRU
FRSLOXOYDSUH]HQWDDIHFLXQLVDXFRPSOLFDLLSRVWYDFFLQDOHHOHQXVXQWUHFX
QRVFXWHGHFHOHPDLPXOWHRULLVHJVHWHPHUHXRH[SOLFDLHHVWHGRDUR
FRLQFLGHQHWF(VWHGHDWHSWDWDFHVWOXFUXGHRDUHFHDWkWVWXGHQWXOFkWL

 KWWSZZZNLQGHUJHVXQGKHLWLQIRGHIXHUHOWHUQLPSIXQJHQLPSIXQJHQGDVLPSI
V\VWHPLQGHXWVFKODQG

*%XFKZDOG,PSIHQ'DV*HVFKlIWPLWGHU$QJVWHPXYHUODJ$XDJH*HU
PDQ\



'U&KULVWD7RGHD*URVV

PHGLFXOGHIDPLOLHSHGLDWUXVDXJHQHUDOLVWQXHVWHvQYDWvQWLPSXOIDFXOW
LLUHVSHFWLYDOUH]LGHQLDWXOXLVUHFXQRDVFWRDWHFRPSOLFDLLOHSRVWYDFFL
QDOHFLGRDUFkWHYDEDQDOHUHDFLLDGYHUVHSXQkQGXVHDFFHQWXOH[FOXVLYSH
HIHFWHOHSR]LWLYHDOHYDFFLQXULORU1XVHVFKLPEQLPLFFkQGFRSLOXODMXQJH
ODJUGLQLLvQQDOODFRDOXQGHYDVXSXVDOWRUYDFFLQXULREOLJDWR
ULL)UFDUQHWXOGHYDFFLQULFRPSOHWFXWRDWHYDFFLQXULOHGHVHRULHVWH
UHIX]DWvQVFULHUHDFRSLOXOXLvQ,QVWLWXLLOHGHVWDWQDFHVWFD]SULQLLvLSRW
FHUHGUHSWXULOHFDUHOHVXQWGLQQRXvQFOFDWH YH]L$QH[D 6WDWXOFRQWLQX
VIRORVHDVFPRGHOXOFRPXQLVWLQHGHPRFUDWLFFKLDULGXSGHDQLGH
OD5HYROXLH&XWRDWHDFHVWHDQLFLRSURSDJDQGIDOVQXLPDLSRDWHSFOL
SHSULQLLDLFURUFRSLLDXGHYHQLWYLFWLPHDOHYDFFLQXULORUGDUQLFLSHFHL
FDUHGRUHVFVFXQRDVFDGHYUXOGHVSUHYDFFLQXULQ2FFLGHQWH[LVWOD
RUD DFWXDO PXOWH DVRFLDLL GH SULQL DL FURU FRSLL VXIHU GH EROL JUDYH
SRVWYDFFLQDOH(VWHGHGRULWVHvQLQDWHDVWIHOGHDVRFLDLLLvQ5RPkQLD
LQGF GLQ QHIHULFLUH H[LVW L OD QRL PXOL FRSLL FDUH VXIHU GH DVWIHO GH
DIHFLXQL%ROLOHSRVWYDFFLQDOHQXVXQWvQFQLFLFXQRVFXWHLQLFLUHFXQRVFXWH
GHFWUHPDMRULWDWHDPHGLFLORUURPkQLFDUHvQYLUWXWHDLQHULHLQXGRUHVFR
VFKLPEDUHvQDWLWXGLQHDORULUHVSLQJvQPRGFRQVWDQWRULFHFDUWHVDXVWXGLX
GHVSUHDFHVWHEROL3XLQLVXQWPHGLFLLFDUHVHvQGRLHVFGHELQHOHSHFDUHOIDF
YDFFLQXULOHGDUDVSHFWXOQDQFLDULWHDPDGHDLSLHUGHVHUYLFLXOvLGHWHUPL
QLSHDFHWLDVLYDFFLQH]HSHFRSLL5PkQHWRWXLRPkQGHPHGLFL
SHFDUHQLPLFQXLSRDWHRSULVVSXQDGHYUXOGHVSUHYDFFLQXULQXOWLPLL
DQLDPREVHUYDWODJHQHUDLDWkQUGHPHGLFL FDUHVXQWGHVHRULLSULQL 
RGHVFKLGHUHSHQWUXDVWIHOGHSUREOHPHLQGLQWHUHVDLvQDDUHDDGHYUXOXL
GHVSUHYDFFLQXUL
1XDPIFXWH[FHSLHGHODUHJXOQLFLHXDWXQFLFkQGDPDEVROYLWvQ
DQXO)DFXOWDWHDGH0HGLFLQVHFLD3HGLDWULHGLQ&OXM1DSRFD&UH
GHDPDVHPHQHDFROHJLORUPHLFWRWFHHDFHvQYPHVWHDGHYUDWLQXD
FRQWHVWDWQLFLPFDUXQVLQJXUUkQGGLQWUDWDWHOHJURDVHGH0HGLFLQVDX
GLQ FXUVXULOH SUHGDWH OD )DFXOWDWH 'HL DYHDP GHMD R RDUHFDUH H[SHULHQ
FXYDFFLQXULOHGXSDQLGHVWDJLDWXUQXSXQHDPDEVROXWQLFLRERDOSH
VHDPD DFHVWRUD 1LFL QX DYHDP FXP 3XLQHOH UkQGXUL VFULVH vQ FULOH GH
%ROL,QIHFLRDVHLvQYDWHvQPRGFRQWLLQFLRVDSURDSHSHGHURVWQXDYHDX
FXPVPGHWHUPLQHVIDFROHJWXUvQWUHYDFFLQXULLXQHOHEROLFURQLFH
DVWPEURQLFDUWULWDUHXPDWRLGMXYHQLOGLDEHW]DKDUDWWLSHQFHIDORSDWLL
WXPRULDQYDVHPFXQHOHGLQWUHHOHVXQWEROLDXWRLPXQH FkQGGPYLQD
SHXQVLVWHPLPXQGH]HFKLOLEUDWIUDFXQRDWHFDX]HOHDFHVWXLIHQRPHQ 
VDXFXRSUHGLVSR]LLHJHQHWLF IUFDDFHVWOXFUXVH[SOLFHRVHULHGHEROL 

9$&&,185,/(35(9(1,(6$8%2$/



VDX SXU L VLPSOX VXQW EROL FX R HWLRORJLH QHFXQRVFXW $FXP VXQW PHGLF
SULPDUGH0HGLFLQGH)DPLOLHGDUFXQRWLQHOHPHOHGHVSUHYDFFLQXULQX
VDXvPERJLWGHFkWGXSFH LRVSXQFXUHJUHW DXVXIHULWLSURSULLLPHL
FRSLLGHFRPSOLFDLLSRVWYDFFLQDOH$FXPvPLHVWHIRDUWHFODUOHJWXUDGLQWUH
QXPHURDVHOHEROLFURQLFHHWLFKHWDWHGHVHRULFDLQGGHFDX]QHFXQRVFXW
LYDFFLQXULOHREOLJDWRULLDOHVXJDUXOXLLFRSLOXOXLPLF
&X WRDWH F DP vQFHSXW V vPL SXQ QXPHURDVH vQWUHEUL HOH DX UPDV
IUUVSXQVPXOWYUHPHLQGFvQ5RPkQLDQXH[LVWODRUDDFWXDOQLFLR
FDUWHVDXVWXGLXvQOHJWXUFXDFHDVWFDX]DOLWDWHUHDOLDWkWGHHYLGHQ
WFLGRDUFULFDUHDUDWPDUHOHEHQHFLXDOYDFFLQXULORUPLQLPDOL]kQG
vQWRWGHDXQDHIHFWHOHORUVHFXQGDUH6DIFXWRVLQJXUWUDGXFHUHSHDFHDVW
WHPGLQOLPEDIUDQFH]LQGYRUEDGHFDUWHDGRFWRUXOXL/RXLVGH%URXZHU
PGLQWLWXODW9DFFLQDUHDHURDUHDPHGLFDODVHFROXOXL6LQJXUDVROXLHD
IRVWVOHFDXWvQ2FFLGHQW *HUPDQLD)UDQD%HOJLD68$HWF XQGHDP
JVLWRELEOLRJUDHGHVWXOGHERJDW)RORVLQGXPGRDUGHH[SHULHQDPHD
GHPHGLFLPDPQXDSXWXWVFULHQLFLRGDWRFDUWHFDUHVFRQYLQJSH
FLQHYDGHH[LVWHQDDFHVWRUFRPSOLFDLLSRVWYDFFLQDOHPRWLYSHQWUXFDUHDP
IRORVLWQXPDLSXLQGHGHFUL vQOLPEDJHUPDQHQJOH]LIUDQFH] 
SUHFXPLVXWHGHDUWLFROHVFULVHGHPHGLFLLRDPHQLGHWLLQUHQXPLL IU
V HSXL]H] QLFL SH GHSDUWH ELEOLRJUDD H[LVWHQW vQ 2FFLGHQW  L FDUH LDX
DGXVDSRUWXOvQPVXUDvQFDUHDXIRVWOVDLVRIDF GHVHRULFXPDULVDFUL
FLL ODHOXFLGDUHDXQXLDGHYUDVFXQVFXDWkWDGLEFLH$DFXPWLPFXWRLL
DGHYUXOQXSRDWHDVFXQVODQHVIULWLFkQGYDWUHEXLHVLDVODVXSUDID
$PFRQVWDWDWFXPLUDUHFvQXOWLPLLGHDQLVDXIFXW]HFLGHPLLGHVWX
GLLHGLWDWHvQFULUHYLVWH]LDUHDQXDUHHWFFDUHDWHVWIUQLFLXQGXELX
FYDFFLQXULOHVXQWXQDGHYUDWDWDFDVXSUDVLVWHPXOXLLPXQDORPXOXLSH
FDUHOSRWGLVWUXJHOHQWLLUHYHUVLELOSURYRFkQGFHOHPDLJUDYHEROLFURQLFH
QHYLQGHFDELOHLQFOXVLYVLQGURPXOPRULLVXELWHODVXJDU
3ULQ LQWHUPHGLXO DFHVWHL FUL QX GRUHVF V DGXF XQ SUHMXGLFLX YUHXQXL
PHGLFSURIHVRURPGHWLLQVDXRULFUHLDOWHSHUVRDQHGLQVLVWHPXOPHGLFDO
VDXGLQYUHXQDOWGRPHQLXFLQGMGXLHVFVWUH]HVFLQWHUHVXORDPHQLORUDO
SULQLORULPDLDOHVDOPHGLFLORUSHQWUXDFHVWVXELHFWSHQWUXXQVWXGLXPDL
DSURIXQGDWDOVLVWHPXOXLLPXQLDOHIHFWXOXLGHYDVWDWRUDOYDFFLQXULORUDVXSUD
DFHVWXLD&UHGFvQSULPXOUkQGLPXQRORJLLHSLGHPLRORJLLLQIHFLRQLWLLJH
QHWLFLHQLLLELRORJLLvLYRUSXWHDDGXFHFHDPDLPDUHFRQWULEXLHODFXQRD
WHUHDLUVSkQGLUHDDFHVWXLDGHYU&RODERUDUHDORUFXPHGLFLLQHXURORJLL
FXSHGLDWULLHVWHRQHFHVLWDWH&UHGGHDVHPHQHDFRULFHPHGLFLQGLIHUHQW
GHVSHFLDOLWDWHDOXLVHSRDWHLPSOLFDvQDFHDVWSUREOHPDYkQGGUHSWXOVLQ



'U&KULVWD7RGHD*URVV

WHUYLQLFkQGVLWXDLDRFHUHDUHREOLJDLDVRIDFFRQIRUPMXUPkQWXOXL
OXL+LSRFUDWSHFDUHODGHSXVODWHUPLQDUHD)DFXOWLLLQXvQXOWLPXOUkQG
vQIDDFRQWLLQHLVDOHGHRPLFUHWLQFDUHYUHDELQHOHDSURDSHOXLVXFX
DWkWPDLPXOWDOXQXLFRSLOQHYLQRYDWFDUHQXSRDWHOXDVLQJXURGHFL]LHQ
WUXQYLLWRUFkWPDLDSURSLDWPHGLFLLVSHFLDOLWLvQGRPHQLXLRDPHQLLGHWL
LQGLQDUDQRDVWUYRUWUHEXLVUHFXQRDVFGHVFKLVFHIHFWHOHYDFFLQXULORU
DVXSUDVLVWHPXOXLLPXQVXQWFXEWDLHOXQJGHDQLGH]LOHSXWvQGSURYRFD
EROLFURQLFHJUDYHPDLPXOWVDXPDLSXLQFXQRVFXWHGHQRLLFDUHQXYRU
PDLSXWHDHWLFKHWDWHFDLQGGHHWLRORJLHQHFXQRVFXW
6LQJXUDVROXLHSHFDUHRYGvQYLLWRUHVWHUHQXQDUHDODYDFFLQXUL3ULQ
FRQWLQXDUHDSURJUDPXOXLQDLRQDOGHYDFFLQDUHvQPDVDVXJDULORULFRSLLORU
GLQ5RPkQLDYRPDYHDvQFXUkQGXQWLQHUHWEROQDYVXIHULQGGHEROLQHWUD
WDELOHLDUYLQRYDLGHDFHDVWVLWXDLHQHIDFHPvQSULPXOUkQGQRLPHGLFLL
6WDWLVWLFLOHDUDWFODRUDDFWXDOvQULOHGH]YROWDWH IUFDVLWXDLDVH
GLIHULWGHFHDGLQDUDQRDVWUGXSFRQVWDWULOHIFXWH XQXOGLQGRLFRSLL
VXIHUGHDOHUJLHWRWDOWUHLOHDFRSLOVXIHUGHGHUPDWLWDHF]HPDDWRSLFL
XQXOGLQ]HFHGHDVWPEURQLF1LFLXQDGLQWUHDFHVWHEROLQXDUHXQWUDWDPHQW
HWLRORJLFFLGRDUXQXOVLPSWRPDWLFDGLFDPHOLRUHD]VLPSWRPHOHGDUQX
YLQGHF VSHFLF DO EROLORU FURQLFH LQFOXVLY DO FHORU DOHUJLFH  (VWH SDUD
GR[XO]LOHORUQRDVWUHFRSLLWRWPDLSXLQLLWRWPDLEROQDYLFXWRDWHFDX
FUHVFXWPLMORDFHOHGHWHUDSLHLPDLDOHVFRQGLLLOHGHWUDL
6HSUHFRQL]HD]FvQGHFXUVGHGHDQLWRLFRSLLLYRUVXIHULGHR
ERDODOHUJLF1XYRUPDLVXIHULGHEDQDOHOHEROLHUXSWLYHLQIHFWRFRQ
WDJLRDVH UXEHROUXMHROHWF WUDWDELOHLYLQGHFDELOHvQ]LOHLFDUH
DXPHQLUHDVOHvQWUHDVFVLVWHPXOLPXQFLYRUVXIHULRYLDvQWUHDJ
GHEROLFURQLFHLUHYHUVLELOHGHFHOHPDLPXOWHRULGHELOL]DQWH
QFHHDFHLSULYHWHSHSULQLDPVSHUDQDFYRUDYHDPDLPXOWFXUDM
GHDFXPvQFRORGHDOXSWDSHQWUXGUHSWXULOHORULDOHFRSLLORUORUFDDVWIHO
SULQ UHQXQDUHD OD YDFFLQXUL VL FUHDVF VQWRL IU VL H[SXQ OD FHOH
PDL JUDYH EROL FURQLFH /HJLVODLD HVWH GH SDUWHD ORU YH]L$QH[D $P vQ
FHUFDWSHQWUXHLRVLPSOLFDUHPD[LPDXQRUSUREOHPHPHGLFDOHDWkWGH
FRPSOH[H/RUPDGUHVH]FXPDUHGUDJRVWHLUVSXQGHUHvQDFHODLWLPS
WLLQGFHLYRUSRVLELOHYLFWLPHDOWXULGHFRSLLLORU&RSLLLFXSROLRPLHOLW
SRVWYDFFLQDOHQFHIDOLWSRVWYDFFLQDOHSLOHSVLHLDOWHEROLFURQLFHGHELOL
]DQWHSURYRFDWHGHYDFFLQXULWULHVFvQPLMORFXOQRVWUXLGRDUXQLLGLQWUH

)ULHGULFK3*UDI'LH,PSIHQWVFKHLGXQJ$QVLFKWHQhEHUOHJXQJHQXQG,QIRUPDWLRQHQ
YRUMHJOLFKHU$XVIKUXQJVSUDQJVUDGHYHUODJ$XDJH*HUPDQ\

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



HLDXDYDQWDMXOGHDWULvQWUXQXOGLQWUHSXLQHOH&HQWUHSHQWUXSHUVRDQHOHFX
GL]DELOLWLH[LVWHQWHvQDUDQRDVWU6WDWXOQXDUHWLPSLQLFLXQLQWHUHVVVH
RFXSHGH DFHVWHYLFWLPHQHYLQRYDWHGDUDUHWLPSV IDFSURSDJDQGXQHL
SUROD[LLDJUHVLYHLIRDUWHVFXPSHFXPHVWHYDFFLQDUHDvQPDVDFRSLL
ORU'HFHOHPDLPXOWHRULSULQLLVXQWFHLFDUHIDFLDFHVWVDFULFLXVXSRU
WkQGFRVWXULOHPDULDOHYDFFLQXULORU&RPSDQLLOHGHPHGLFDPHQWHLYDFFLQXUL
VWDXOLQLWLWHLIHULFLWHFLDXDWLQVVFRSXOLDUGHGHDQLvQFRDFHQLPHQL
QXOHSRDWHVWDvPSRWULYvQWUXQFOLPDWPRQGLDOvQFDUHWRWXOHVWHRDIDFHUH
3kQQXYRULQIRUPDLSULQLLVWXGHQLLGHOD0HGLFLQLWRLPHGLFLLLQGL
IHUHQWGHVSHFLDOLWDWHGHVSUHSHULFROXOUHDODOYDFFLQULLvQPDVDVXJDULORUL
FRSLLORUDWkWQRLFkWLFRSLLLQRWULLUPkQHPvQFRQWLQXDUHYLFWLPHOHXQXL
PDUNHWLQJ SHUIHFW DO LQGXVWULHL IDUPDFHXWLFH DO XQRU H[SHULPHQWH FRUXSWH
LDLJQRUDQHLDXWRULWLORUFDUHIDFWRWSRVLELOXOSHQWUXDLDWLQJHVFRSXO
DFHODGHDGHYHQLFkQGYDFXWRLLSDFLHQL$WkWGHHFLHQWDIRVWLHVWH
&DPSDQLDGHYDFFLQDUHJHQHUDWRDUHGHWHDPvQFkWHFDUHVHODVYDFFLQDW
SHQWUXFDDSRLVVHvPEROQYHDVF
(VWHQHYRLHGHRPDUHUHIRUPvQ0HGLFLQD3UHYHQWLY8OWLPXOOXFUX
GHFDUHDUHQHYRLHOXPHDHVWHRSUHYHQLHFDUHvPEROQYHWH
'U&KULVWD7RGHD*URVV



%HUW(KJDUWQHU/REGHU.UDQNKHLW:DUXPHVJHVXQGLVWDEXQG]XNUDQN]XVHLQ%DV
WHL/EEH7DVFKHQEXFK9HUODJ$XDJH)HEUXDU*HUPDQ\ FRSHUWD 



&$3,72/8/

6LVWHPXOLPXQVQWRV
LGH]HFKLOLEUXOSURYRFDWGHYDFFLQXUL
5H]XPDW
3HSDUFXUVXODPLLGHDQLVLVWHPXOQRVWUXLPXQVDDGDSWDWODH[LVWHQD
PLFURRUJDQLVPHORUGLQPHGLXFDUHVXQWQHQXPUDWHPXOWHLQGvQFQHFX
QRVFXWH2UJDQLVPXOXPDQHVWHHOvQVXLXQPDUHUH]HUYRUGHPLFURRUJDQLV
PHLQGLVSHQVDELOHSHQWUXRYLDVQWRDV3XLQHOHPLFURRUJDQLVPHQRFLYH
SHQWUXRPSRWvQPDMRULWDWHDFD]XULORUDQLKLODWHGHFWUHDUPDQRDVWUEL
RORJLFQDWXUDOXQVLVWHPLPXQVQWRVLSHUIRUPDQW3HDFHVWDFRSLOXOvO
GREkQGHWHvQSDUWHGHODPDPODQDWHUHLDUDSRLLOSHUIHFLRQHD]SHDO
OXLvQPRGQDWXUDOSULQFRQWDFWXOFXUFHOLXRDUHEROLLQIHFWRFRQWDJLRDVH
EROLOHFRSLOULHL HWF3kQODYkUVWDGHDQLFkQGGLVSDUHLPXQLWDWHD
PRWHQLW GH OD PDP FRSLOXO vL GH]YROW XQ VLVWHP LPXQ VQWRV $FHVW
OXFUXVHvQWkPSOGRDUGDFQXVHLQWHUYLQHGLQDIDUFXPLMORDFHFDUHV
VFDGVDXVPRGLFHvQPRGQHJDWLYVLVWHPXOGHDSUDUHDOFRSLOXOXL YDF
FLQXULDQWLELRWLFHFRUWL]RQDQWLLQDPDWRDUHQHVWHULRGLHQHHWF 'LQQHIH
ULFLUHFkWHYDHSLGHPLLGLQWUHFXW L]EXFQLWHPDLDOHVvQWLPSXOU]ERDLHORU 
DXJHQHUDWLQYHQLDYDFFLQXULORULDVWIHOVDSRUQLWXQDWDFIUSUHFHGHQW
DVXSUDVLVWHPXOXLLPXQDORPXOXLGHGHDQLvQFRDFH1XVDOXDWGHORF
vQVHDPFHOPDLLPSRUWDQWDVSHFWDOYDFFLQXULORUIDSWXOFVLVWHPXOLPXQDO
RPXOXLQXHVWHDGDSWDWODIRUPHQRLDUWLFLDOHGHPLFURRUJDQLVPHFXFDUH
vQPRGQRUPDOHOQXVDvQWkOQLWQLFLRGDWvQQDWXULSHQWUXFDUHQXDUHR
PHPRULHLPXQ'DFPDLDGXJPLH[LVWHQDvQYDFFLQDXQRUVXEVWDQH
DOHUJL]DQWHPHWDOHJUHOHSURWHLQHVWULQHDQWLELRWLFHLQXvQXOWLPXOUkQG
FRPELQDLD PDL PXOWRU YLUXVXUL QH GP VHDPD F DQVHOH IRUPULL XQXL
VLVWHPLPXQVQWRVLSHUIRUPDQWODFRSLOHVWHSUDFWLFQXOOGLVWUXJHP
GHMDGLQID&RQVHFLQHOHGH]DVWUXRDVHDOHYDFFLQXULORUVDXREVHUYDW
DELDvQDQLLFkQGvQ$PHULFDGXSFHVDWULSODWQXPUXOGHYDFFLQXUL

'U&KULVWD7RGHD*URVV

DDSUXWXQQXPUIRDUWHPDUHGHFD]XULGHDXWLVPODFRSLLSkQDWXQFLLQG
GRDUFkWHYDFD]XULU]OHHWUDWDWHvQ&OLQLFLOHGH3VLKLDWULH(IHFWHOHDGYHUVH
HYLGHQWHDOHYDFFLQXULORUREOLJDWRULLODFRSLLIDFYLFWLPHvQVFXUWWLPSLvQ
(XURSDXQGHVHFRSLD]PRGHOXODPHULFDQGHYDFFLQDUH5RPkQLDQXIDFH
H[FHSLH%ROLOHFURQLFHJUDYHGDULGHFHVHOHSURYRFDWHGHYDFFLQXULVXQW
WRWDOLJQRUDWHGHFHLFDUHULGLFvQVOYLFHDPDLPDUHHURDUHPHGLFDOD
VHFROXOXL YDFFLQXULOH GU /RXLV 'H %URXZHU $X WUHFXW GRDU  GH DQL
PD[LPXPJHQHUDLL GHODGHFODQDUHDDFHVWXLU]ERLELRORJLFvPSRWULYD
XQXLVLVWHPLPXQYXOQHUDELOLPDWXUDOVXJDUXOXLFXJUDYHUHSHUFXVLXQLL
GXS]HFLGHDQLLHVWHLPSRVLELOVQXREVHUYPRFUHWHUHH[SOR]LYIU
SUHFHGHQWDEROLORUFURQLFHJUDYHXQHOHFXQRVFXWHGDUH[WUHPGHUDUHvQ
WUHFXWDOWHOHQRLLQFXUDELOHDWkWODFRSLLFkWLDGROHVFHQL DOHUJLLJUDYH
DXWLVPVLQGURPXO$'+'EROLDXWRLPXQHVLQGURDPHQHXURORJLFHQRLHWF 
ODDGXOLLYkUVWQLFL ERDOD$O]KHLPHUGLYHUVHIRUPHGHFDQFHUEROLDXWRL
PXQHHWF &XWRDWHDFHVWHDFHLFDUHSURGXFYDFFLQXULOHQXYRUDYHDQLFL
RGDWYUHXQLQWHUHVVVSXQDGHYUXOSURWXOORUPDWHULDOLQGHQRUPLDU
VWXGLLOHORULQGvQPRGLQWHQLRQDWLVLVWHPDWLFIDOVLFDWH9DFFLQXULOHvQ
ORFVSUHYLQQHvPEROQYHVF6HGHSXQvQVFKLPEHIRUWXULPDULLDSURDSH
LQXWLOHGHDSURGXFHWRWPDLPXOWHPHGLFDPHQWHSDOHDWLYH FDUHWUDWHD]GDU
QXYLQGHF 6HSURWvQFRQWLQXDUHGHFXQRWLQHOHLQVXFLHQWHFXSULYLUHOD
PHFDQLVPHOHFRPSOH[HGHDSUDUHDVLVWHPXOXLLPXQvQIDDXQHLLQIHFLLUH
GXFkQGXVHWRWXOODPVXUDUHDDQWLFRUSLORU OXFUXGHDOWIHOFRQWHVWDWGHPXOL
LPXQRORJLGH]HFLGHDQLvQFRDFH 6LVWHPXOLPXQHVWHXQSX]]OHFDUHQX
DIRVWWHUPLQDWGHFWUHLPXQRORJLOLSVLQGvQFIRDUWHPXOWHSLHVHGDUSkQ
ODUH]ROYDUHDOXLVQWDWHDFRSLLORUQRWULULVFVHGLVWUXVLUHPHGLDELO
3ULQFLSLXOSHFDUHVHED]HD]YDFFLQDUHDHVWHLQHFLHQWLFXPXOWHFDSFDQH
SHQWUXVLVWHPXOLPXQDOLQHORUYLLLQFOXVLYDRPXOXLFRQVHFLQDLQGR
vPEROQYLUHFURQLFLGHVHRULLUHYHUVLELO

, /XPHDPLFURELDQGLQQRL
LGLQPHGLXOvQFRQMXUWRU
1RLWULPvQWUROXPHSOLQGHPLFURELSHFDUHQXLYHGHPFXRFKLXOOLEHU
GDUSULYLQGODPLFURVFRSQLVHGHVFRSHUROXPHQRXFHDDPLFURRUJDQLV
PHORU3XUWPFXQRLGHIDSWRDGHYUDWJUGLQ]RRORJLF3HSLHOHD
XQXLVLQJXURPVXQWPDLPXOWHEDFWHULLGHFkWQXPUSRSXODLDvQWUHJXOXL

9$&&,185,/(35(9(1,(6$8%2$/



JORE6HWRDWHDFHVWHPLFURRUJDQLVPHGXPDQLLQRWUL"1LFLGHFXPFL
GLPSRWULY
9LUXVXOFRQVWLWXLHXQPLFURRUJDQLVPDSDUWHFDUHQLFLQXSRDWHFRQ
VLGHUDWXQRUJDQLVPYLXGHRDUHFHQXSRDWHWULLQXVHSRDWHKUQLVLQJXU
1XSRVHGQLFLPFDURFHOXOFLRFDSVXOvQFDUHVHDXQPDWHULDOJH
QHWLF/DXQHOHYLUXVXULDFHDVWFDSVXOHVWHvQYHOLWFXSURWHLQHLOLSLGH
JUVLPL 9LUXVXULOHIRORVHVFFHOXOHVWULQHSHQWUXDVHvQPXOLSHFDUHDSRL
OHGLVWUXJ'DUQXPDLSXLQHYLUXVXULIRORVHVFRDVWIHOGHWDFWLFGHRD
UHFHSHGHRSDUWHVXQWQHYRLWHVvLFDXWHDOWJD]GGXSFHRGLVWUXJLDU
SHGHDOWSDUWHLQGFVXQWGLVWUXVHGXSFHVWLPXOHD]VLVWHPXOLPXQDO
RUJDQLVPXOXLXPDQ0DMRULWDWHDYLUXVXULORUIRORVHVFXQVWLOGHYLDPDL
SXLQUDGLFDOSUHFXPYLUXVXULOHKHUSHWLFHLSDSLORPDYLUXVXULOHFDUHSUH
IHULQIHFLLOHFURQLFH6XWHGHDOWHYLUXVXULH[LVWvQJHQHOHQRDVWUHGRDUFD
PDWHULDOLQIRUPDWLY(OHGRUPLQGvQVWDUHGHODWHQLQLPHQLQXWLHGDF
LFkQGVHYRUWUH]LSHQWUXDVHvQPXOLLDGHYHQLSDWRJHQHSHQWUXRP
9LUXVXULOHGLQRUJDQLVPXOXPDQDXXQWUHFXWFRPXQDYkQGODED]UHODLL
SULQFDUHVDXLQXHQDWUHFLSURF&DSDFLWDWHDVLVWHPXOXLLPXQGHDvQYD
LGHDVHDGDSWDODVWLPXOLQXDUIRVWSRVLELOIUH[LVWHQDDFHVWRUYLUX
VXUL&DSDFLWDWHDYLUXVXULORUGHDSURYRFDPHUHXPXWDLLDGXVODHYROXLDvQ
WLPSVLVWHPXOXLLPXQDORPXOXLLGHFLODRYLDPDLvPEXQWLW
%DFWHULLOHDXGHYHQLWLHOHvQWLPSGHSHQGHQWHGHFHOXODXPDQXQGH
VDXDGDSWDWLGHXQGHVHKUQHVF0DMRULWDWHDWULHVFFXQRLvQVLPELR]
(OHSURWGHQRLFOHPHUJHELQHLDUQRLSURWPGHHOH8QUHDOSHULFROvO
UHSUH]LQWGRDUIRDUWHSXLQHEDFWHULL
/DQDWHUHFRSLLLDXXQLQWHVWLQVWHULOGDUGLQSULPXOPLQXWGXSQDWHUH
DFHVWDVHFRORQL]HD]FXEDFWHULL&RORQL]DUHDQXVHIDFHGXSXQWLSDUDQX
PHFLGXSPRWWRXOHFDUHvLFDXWXQORFGXSFXPDMXQJH1XVDSXV
vQHYLGHQXQPRGHOLGHQWLFGHFRORQL]DUHQLFLPFDUODGRLEHEHOXL'RDU
ODJHPHQLLFDUHvPSDUWDFHOHDLFRQGLLLPQkQFDFHODLODSWHHWFVDRE
VHUYDWRFRORQL]DUHDVHPQWRDUHDLQWHVWLQXOXLFXEDFWHULLQIHOXODFHVWD
LQWHVWLQXO GHYLQH XQXO GLQ FHOH PDL LPSRUWDQWH RUJDQH DOH VLVWHPXOXL LPXQ
LYDORFXOXQGHYRPJVLGLQFHOXOHOHLPXQH3HVWHGHVSHFLLGH
PLFURELvLJVHVFDLFLORFXO3ULPHOHLFHOHPDLvQGUJLWHEDFWHULLVXQW

%HUW(KJDUWQHU/REGHU.UDQNKHLW:DUXPHVJHVXQGLVWDEXQG]XNUDQN]XVHLQ%DV
WHL/EEH9HUODJ*HUPDQ\

,ELGHP

,ELGHP

&3DOPHUHWDO'HYHORSPHQWRIWKH+XPDQ,QIDQW,QWHVWLQDO0LFURELRWD3OR6%LRO
  GRLMRXUQDOSELR



'U&KULVWD7RGHD*URVV

ODFWREDFLOLLLEDFWHULLOH%LGXVFDUHDVLJXUGHODvQFHSXWXQPHGLXSULHOQLF
SHQWUXGLJHVWLDODSWHOXLLQHSULHOQLFSHQWUXEDFWHULLOHQRFLYH6DGRYHGLWF
H[LVWXQPRGHOGHED]SULQFDUHVHIRUPHD]LVHVWLPXOHD]VLVWHPXO
LPXQDOLQWHVWLQXOXL$VWIHOvQOD8QLYHUVLWDWHD0DDVWULFKWVDXOXDWvQ
VWXGLXSHVWHGHFRSLLvQYkUVWGHROXQODFDUHVDDQDOL]DWRUDEDFWH
ULDQLQWHVWLQDOLVDREVHUYDWFODFRSLLLFDUHVHQDVFSULQRSHUDLHFH]DUL
DQRUDLQWHVWLQDOHVWHPXOWPDLVUDFvQODFWREDFLOOLL%LGXVGHFkWODFHL
FDUHVHQDVFSHFDOHQDWXUDO6DXJVLWLPXOWHEDFWHULLSDWRJHQHODFRSLLL
QVFXLSULQFH]DULDQ'DULQRXQVFXLLFDUHDXIRVWDOLPHQWDLGHODQD
WHUHFXODSWHSUDI QXODSWHPDWHUQ DYHDXRRUPLFURELDQQHVQWRDV2
VLWXDLHPXOWPDLvQJULMRUWRDUHVDREVHUYDWDWXQFLFkQGHUDQHYRLHGHRPDL
OXQJVSLWDOL]DUHDFRSLOXOXLvQVHFLDGHQRXQVFXL&HOHPDLEXQHFRQGLLL
SHQWUXGH]YROWDUHDXQXLVLVWHPLPXQVQWRVDOFRSLOXOXLVHUHDOL]HD]DWXQFL
FkQGQDWHUHDDUHORFDFDVFXDMXWRUXOXQHLPRDHVDXvQFDVHGHQDWHUL
VSHFLDOHFXPHVWHRELFHLXOvQ2ODQGD$LFLRDPHQLLGHWLLQDXREVHUYDW
H[LVWHQDXQXLQXPULPSUHVLRQDQWGHPDUHUHFRUGFKLDUGHEDFWHULL%LGXV
vQLQWHVWLQDOQRXQVFXLORULDVWIHOHLvLYRUvQFHSHYLDDFXRVQWDWHYLJX
URDV3RWULYLW$)3FLUFDGLQWUHRODQGH]HDOHJVQDVFDFDV'DWHOH
FRQWUDVWHD]SXWHUQLFFXFHOHGLQ*HUPDQLD)UDQD0DUHD%ULWDQLH%HOJLD
LULOHVFDQGLQDYHXQGHQXPDLGLQQDWHULDXORFDFDV(VWHSRVLELOFD
LvQ5RPkQLDQDWHUHDODGRPLFLOLXVGHYLQRPHWRGQRXEHQHFDWkW
SHQWUXPDPFkWLSHQWUXFRSLOGDUGHRFDPGDWQXDYHPXQVLVWHPPHGLFDO
VXFLHQWGHELQHSUHJWLWDWkWFXPRDHVSHFLDOL]DWHFkWPDLDOHVFXGRWDUHD
DSDUDWXULLQHFHVDUH GHUHVXVFLWDUDHDQRXQVFXWXOXLHWF 
QFXUVXOSULPXOXLDQGHYLDVHVFKLPEGHVRUDPLFURELDQLQWHVWLQD
OQVSHFLDODQWLELRWLFHOHRPRGLFVDXRGLVWUXJLDGHVHRULHVWHQHYRLHGH
RQRXFRORQL]DUHDLQWHVWLQXOXLFXODFWREDFLOLL%LGXV'DULDOWHFRQGLLL
PRGLFRUDLQWHVWLQDOFXPDUWUHFHUHDGHODODSWHODRDOLPHQWDLHVROLG
3ULQLLREVHUYLHLDFHVWOXFUXSULQVFKLPEDUHDPLURVXOXLVFDXQXOXL'RDU
OD VIkULWXO SULPXOXL DQ GH YLD GLVSDUH WUHSWDW GLIHUHQD GLQWUH EHEHOXL L
DGXOWvQFHHDFHSULYHWHRUDLQWHVWLQDOvQFHSkQGVVHPHQHWRWPDLPXOWFX
FHDDDGXOWXOXL,QWHVWLQXOPDWXUDODGXOWXOXLDUHROXQJLPHGHDSUR[LPDWLY
PHWULLDUPXFRDVDFDUHFSWXHWHLQWHVWLQXODUHVXSUDIDDXQXLWHUHQGH

-3HQGHUVHWDO)DFWRUV,QXHQFLQJWKH&RPSRVLWLRQRIWKH,QWHVWLQDO0LFURELRWDLQ
(DUO\,QIDQF\3HGLDWULFV

%(KJDUWQHURSFLW

KWWSZZZHY]URGHWDOLLVWLULQDVWHUHDODGRPLFLOLXUHYLQHODPRGDKWPO

9$&&,185,/(35(9(1,(6$8%2$/



WHQLVLQGDVWIHOFHOPDLPDUHRUJDQDOFRUSXOXLXPDQ,QWHVWLQXOFRQLQH
DOWXULGHQXPHURDVHYDVHGHVkQJHFDUHDEVRUEVXEVWDQHOHQXWULWLYHLXQ
VLVWHPOLPIDWLFDEXQGHQW1RGXOLOLPIDWLFLGLQLQWHVWLQIRUPHD]XQDGHYUDW
UH]HUYRUSHQWUXFHOXOHOHLPXQH$SHQGLFHOHIDFHLHOSDUWHGLQVLVWHPXOLPXQ
DOLQWHVWLQXOXL
$QWLFRUSLLGHODPDPUHSUH]LQWYDFFLQXOQDWXUDOLGHDOLFDUHODSU
SHQRXQVFXWLPHGLDWGXSQDWHUHvPSRWULYDPLFURELORUQRFLYL DQWLJHQH 
SkQFHDFHVWDvLYDIRUPDRFRPSHWHQLPXQ,PXQLWDWHDPRWHQLWGHOD
PDPVFDGHWUHSWDWLGLVSDUHSkQODXQDQGHYLD GXSDOLDXWRULSkQOD
DQLGHYLD 

,,,PXQLWDWHDQHVSHFLF vQQVFXW 
LLPXQLWDWHDVSHFLF GREkQGLW
6LVWHPXOLPXQHVWHIRDUWHFRPSOH[LQXHVWHvQFSHGHSOLQFXQRVFXW
QLFLvQ]LXDGHD]L&XWRDWHDFHVWHDWLLQGFPDGUHVH]vQVSHFLDOXQXLSX
EOLFIUFXQRWLQHPHGLFDOHDPvQFHUFDWVGHVFULXSHVFXUWSULQFLSDOHOH
PHFDQLVPH LPXQH IU D PLQLPDOL]D XQHOH DVSHFWH LPXQRORJLFH IU GH
FDUHQXSRDWHvQHOHDVDFLXQHDYDFFLQXULORU
6XJDUXOGLVSXQHFDRULFHLQYLHGHXQVLVWHPLPXQSURSULXvQQV
FXWFDUHHVWHvQVWDUHVIDFGLIHUHQDGLQWUHFHOXOHOHSURSULLLFHOHVWULQH
LSHULFXORDVH$FHDVWVUDWHJLHHVWHGHVWXOGHVLPSO)LHFDUHFHOXODUH
XQIHOGHFDUWHGHLGHQWLWDWHSULQFDUHHVWHUHFXQRVFXWFDLQGSDUWHD
XQXLRUJDQLVP'DFDSDUHRFHOXOFDUHQXDUHDFHVWEXOHWLQHDYD
FRQVLGHUDWXQLQWUXVIUVHGLVWUXVGHFkWGDFPDLvQGHSOLQHWHR
FRQGLLHDFHHDGHDUHSUH]HQWDXQUHDOSHULFROSHQWUXRUJDQLVP$OWIHODP
GLVWUXJHFKLDULDOLPHQWHOHSHMXPWDWHGLJHUDWH'DUSHQWUXDVWDH[LVWR
VHULHGHFHOXOHLPXQHVSHFLDOL]DWHvQDSUDUHQXPLWLPXQLWDWHQHVSHFL
FvQQVFXWVDXSULPDOLQLHGHDSUDUHDRUJDQLVPXOXL$FHVWHPH
FDQLVPHLPXQHQHVSHFLFHVXQWSUH]HQWHGHODQDWHUHLSkQODVIkULWXO
YLHLLODWRDWHLQHOHYLL



'U&KULVWD7RGHD*URVV

3ULPD EDULHU QDWXUDO ID GH DJHQLL SDWRJHQL EDFWHULL YLUXVXUL


HWF  HVWH UHSUH]HQWDW GH IDFWRULL WLVXODUL SLHOHD GHVFXDPDUHD FRQWLQX
DFLGLWDWHDSLHOLLPXFRDVHOHPXFXVXOHQ]LPHOHGLJHVWLYHVSHFLLOHPLFUR
ELHQH QHSDWRJHQH GH OD QLYHOXO PXFRDVHL EXFDOH L D FRORQXOXL HWF 'DF
DFHDVWEDULHUHVWHGHSLWLQWUvQDFLXQHFHDGHDGRXDLDQXPHIDF
WRULLXPRUDOL GLQVkQJHSHUR[LGD]HOHLQWHUIHURQXOVLVWHPXOFRPSOHPHQW
HWF 'DFHVWHGHSLWLFHDGHDDGRXDEDULHULQWHUYLQIDFWRULLFHOX
ODUL$FHWLDGLQXUPDXUROXOSULQFLSDOvQDSUDUHDLPHGLDWLQLLDOID
GHLQIHFLL(VWHYRUEDGHFHOXOHOHIDJRFLWDUHSROLPRUIRQXFOHDUH 301 L
PRQRQXFOHDUH PDFURIDJH  FDUH IDF SDUWH GLQ FDWHJRULD JOREXOHORU DOEH
OHXFRFLWHJUDQXORFLWH  3RWULYLW LPXQRORJLORU DSUR[LPDWLY  GLQWUH
LQIHFLLOH RUJDQLVPXOXL SRW  UHFXQRVFXWH L FRPEWXWH GH FWUH VLVWHPXO
LPXQvQQVFXWDOFRSLOXOXL$FHODLOXFUXvODPGHODGU9LFWRU&ULVWHD
L FRODE &HOXOHOH VHULHL JUDQXORFLWDUH 301  DFLRQHD] QHVSHFLF vQ
SURFHVXODSUULLLPXQHLQGvQPRGQRUPDOFDSDELOHVGLVWUXJRULFH
DJUHVRU PLFURELDQ LQGLIHUHQW GH QDWXUD DFHVWXLD >301 LQJHU UDSLG
DJUHVRULLVWULQLSULQIDJRFLWR]FDUHDSRLVXQWGLJHUDLFXDMXWRUXOXQRU
HQ]LPH301FLUFXOvQVkQJHGDUSRWWUHFHLvQHVXWXULLFRQVWLWXLHSULQ
FLSDOXOFRPSRQHQWDOSXURLXOXLvQLQDPDLL'DWRULWORUVHSRWHOLPLQD
EDFWHULL JUDPSR]LWLYH JUDPQHJDWLYH  FLXSHUFL L FKLDU XQHOH YLUXVXUL
0DFURIDJHOH FHOXOHOHIDJRFLWDUHPRQRQXFOHDUH PDLSXLQHFDQXPUGH
FkW301FLUFXOLHOHvQVkQJHGXSFDUHWUHFvQHVXWXULLQGGHQXPL
WHGXSORFDOL]DUHFHOXOH.XSIHU vQFDW FHOXOHPLFURJOLDOH vQVLVWHPXO
QHUYRVFHQWUDO PDFURIDJHDOYHRODUH vQSOPkQL RVWHRFODVWH vQRDVH HWF
0DFURIDJHOHIDJRFLWHD] PQkQF SDUWLFXOHVWULQH PLFUREL LFHOXOH
SURSULLOH]DWHVDXPRDUWH KHPDWLLvPEWUkQLWHHWF LQGXQIHOGHJXQR
LHULDLRUJDQLVPXOXL0DLVXQWLDOWHFHOXOHFDUHLQWHUYLQvQDSUDUHDLPXQ
QHVSHFLFHR]LQROHED]ROHLPDVWRFLWHWURPERFLWHFHOXOHFLWRWR[LFH
1. QDWXUDONLOOHU FHOXOH. NLOOHU HWF@
'RDUSULQvQWkOQLUHDFXPLFURELLODvQFHSXWGHYLDFHOXOHOHVLVWHPXOXL
LPXQDOVXJDUXOXLYRUSXWHDDFWLYDPHFDQLVPHOHFHOHPDLDGHFYDWHLQH
FHVDUHPHQLWHVODSHUH&HOXOHOHvQYDVIDFGLIHUHQDGLQWUHPLFURELL
QRFLYLLSDUWLFXOHOHQHXWUH$FHDVWGLIHUHQLHUHHVWHIRDUWHLPSRUWDQWLO
YDDMXWDSHFRSLOVQXUHDFLRQH]HvQPRGH[DJHUDWGDUQLFLVHOLSVLWGH





%(KJDUWQHURSFLW
,ELGHP

 9LFWRU &ULVWHD 0RQLFD &ULDQ 0LUFHD 0LDULX ,PXQRORJLH *HQHUDO L
2UR)DULQJLDQ(GLWXUD0HGLFDO8QLYHUVLWDU,XOLX+DLHJDQX&OXM1DSRFD

,ELGHP
%(KJDUWQHURSFLW

9&ULVWHDHWDORSFLW

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



UHDFLHGHDSUDUH'DFVLVWHPXOLPXQDOXQXLVXJDUQXYDDYHDSRVLELOL
WDWHDVvQYHHDFHDVWGLIHUHQLHUHvQSULPHOHOXQLGHYLDQXYDSXWHDV
VHDSHUHH[SOLFLPXQRORJXOORQGRQH]*UDKDP5RRN$FHODLOXFUXFDUH
VHvQWkPSOFXVLVWHPXOLPXQVHvQWkPSOLFXFHQWUXOQHUYRVDOY]XOXL
DODX]XOXLHWFFkQGDFHVWHDQXSULPHVFVWLPXOLLQHFHVDULSHQWUXDVHSXWHD
GH]YROWD8QVXJDUFXFDUHQXVHYRUEHWHGHORFVDXFDUHHVWHLQXWvQvQWX
QHULFQXYDSXWHDVvQYHHQLFLXQOLPEDMGDUQLFLRFKLLOXLQXVHYRUSXWHD
RELQXLFXOXPLQDUPkQkQGFXKDQGLFDSXULVHYHUH
$GRXDOLQLHGHDSUDUHDRUJDQLVPXOXLXPDQHVWHXQDPXOWPDLSHU
IRUPDQWLHVWHGHQXPLW,PXQLWDWHDGREkQGLWVDXVSHFLF(DFXSULQ
GHGRXFRPSDUWLPHQWHXPRUDO OLPIRFLWHOH% LFHOXODU OLPIRFLWHOH7 
LVHFODVLFvQ
D LPXQLWDWHDFWLYQDWXUDO SRVWLQIHFLRDV LDUWLFLDO SRVWYDF
FLQDO 
E LPXQLWDWH SDVLY QDWXUDO WUDQVSODFHQWDU  L DUWLFLDO FX VHU
LPXQ 
7RDWHFHOXOHOHLPXQRFRPSHWHQWHSURYLQGLQFHOXODVXVWHPPXOWLSR
WHQWGLQPGXYDRVRDVKHPDWRJHQOLPIRFLWHOH%IRUPDWRDUHGHDQWL
FRUSLLOLPIRFLWHOH7
/LPIRFLWHOH % UHSUH]LQW  GLQ WRWDOXO OLPIRFLWHORU SHULIHULFH
DYkQGRGXUDWGHYLDVFXUWVXQWSXLQUHFLUFXODQWHLVHJVHVFvQRDVH
JDQJOLRQLOLPIDWLFLLVSOLQ/LPIRFLWHOH7UHSUH]LQWGLQWRWDOXO
OLPIRFLWHORU SHULIHULFH DX R GXUDW OXQJ GH YLD DQL VDX ]HFL GH DQL 
VXQW LQWHQV UHFLUFXODQWH L VH vPSDUW vQ PDL PXOWH VXESRSXODLL 7 KHOSHU
7K 7FLWRWR[LFH 7F 7VXSUHVRDUH 7V HWF/LPIRFLWHOH7KHOSHU 7K 
VHGLIHUHQLD]vQOLPIRFLWH7KFDUHFRQIHULPXQLWDWHIDGHLQIHFLLOHFX
DJHQL SDWRJHQL LQWUDFHOXODUL QXPLW GLQ DFHVW PRWLY LPXQLWDWH FHOXODU
LOLPIRFLWH7KFDUHDFWLYHD]OLPIRFLWHOH%SURGXFWRDUHGHDQWLFRUSL
L FRQIHU LPXQLWDWHD XPRUDO 0DL H[LVW vQV XQHOH LQFHUWLWXGLQL XQLL
DXWRULFRQVLGHUFOLPIRFLWHOH7VL7FVXQWGHIDSWXQHOHLDFHOHDLGDU
FDUH DFLRQHD] vQ PRG GLIHULW FLWRWR[LFLWDWH VDX VXSUHVRDUH  vQ IXQFLH
GH SDUWLFXODULWLOH UVSXQVXOXL LPXQ OD XQ PRPHQW GDW 6H WLH F
RGHUHJODUHDOLPIRFLWHORU7VSRDWHGXFHODOHXFHPLHEROLDXWRLPXQHHWF

*$5RRN(GXFDWLQJWKH,PPXQH6\VWHP6FLHQFH 0HGLFLQH-XO\$X
JXVW

9&ULVWHDHWDORSFLW

 0DULD ,ULQD %UXPERLX ,RDQ 6WHOLDQ %RFDQ 9DFFLQXUL L YDFFLQUL vQ SUDFWLFD
PHGLFDO(GLWXUD0HGLFDO8QLYHUVLWDU,XOLX+DLHJDQX&OXM1DSRFD

,ELGHP



'U&KULVWD7RGHD*URVV

1HSXQHPvQWUHEDUHDFXPSXWHPWLLH[DFWHIHFWXOYDFFLQXULORUDVXSUD
UHDFLLORULPXQHODHFDUHPRPHQWGDWFkQGQXFXQRDWHPvQFvQWUHJXO
PHFDQLVPDOVLVWHPXOXLLPXQ"
'XSVLQWH]DLPDWXUDUHDORUOLPIRFLWHOH% /%ERQHPDUURZPGX
YDRVRDV PLJUHD]GLQPGXYvQRUJDQHOHOLPIRLGHVHFXQGDUHJDQJOLRQL
OLPIDWLFLVSOLQDLQWHVWLQ SOFLOH3H\HU DPLJGDOHDSHQGLFHDJORPHUULOH
OLPIRLGHGHODQLYHOXOSLHOLLLDOPXFRDVHORU/LPIRFLWHOH7 /7 PLJUHD]
vQWLPXVFDUHHVWHXQRUJDQOLPIDWLFFXXQUROHVHQLDOODvQFHSXWXOYLHLL D
VXJDUXOXL  GHRDUHFH DVLJXU PDWXUDUHD LPXQRORJLF QRUPDO D OLPIRFLWH
ORU7$LFLvQWLPXVOLPIRFLWHOH7vQYDVGLVWLQJVHOIXOGHQRQVHOI
SURSULXOGHVWULQ GXSFDUHHOHYRUPLJUDvQFLUFXODLDVDQJXLQLDSRL
vQRUJDQHOHOLPIRLGHVHFXQGDUH JDQJOLRQLOLPIDWLFLHWF &RRSHUDUHD/%FX
/7DUHORFDLFLvQJDQJOLRQLLOLPIDWLFLXQGHHOHVHvQWkOQHVFFXvQFXQJUXS
GHFHOXOHLPXQH'& FHOXOHGHQGULWLFHSUH]HQWDWRDUHGHDQWLJHQ 
,QLLHUHDUVSXQVXOXLLPXQ$PY]XWFDWXQFLFkQGRUJDQLVPXOHVWH
LQIRUPDWFDSWUXQVXQDQWLJHQVWULQLSHULFXORVHOYDLQLLDUVSXQVXO
LPXQ3ULPDOLQLHGHDSUDUHQHVSHFLFRFRQVWLWXLH301LPDFURIDJH
OHFDUHGXSFHDXvQYDWGLIHUHQLHUHDLDXUHFXQRVFXWXQPLFURRUJD
QLVPFDLQGQRFLY YLUXVEDFWHULHHWFGHQXPLWLDQWLJHQ vOIDJRFLWHD
] PQkQF LDSRLvOSUH]LQWOLPIRFLWHORU7(VWHPRWLYXOSHQWUXFDUH
VXQWGHQXPLWHLFHOXOHSUH]HQWDWRDUHGHDQWLJHQ &3$ (VWHQHFHVDUDFHVW
VDOXW DO PLFURELORU SHQWUX FD FHOXOHOH LPXQH OLPIRFLWHOH 7  V GHYLQ
DFWLYH0DLHVWHXQJUXSGHFHOXOHSUH]HQWDWRDUHGHDQWLJHQQXPLWHFHOXOH
GHQGULWLFH '& FDUHODUkQGXOORUYRUFDSWXUDLHOHDQWLJHQXOSHFDUH
DSRLvOSUH]LQWOLPIRFLWHORU7&HOXOHOHGHQGULWLFHVXQWvQVWDUHVUHFXQRDV
F GLQ PLOLRDQHOH GH OLPIRFLWH 7 SH FHD FDUH DUH UHFHSWRUXO SHQWUX DFHO
DQWLJHQ YLUXV EDFWHULH HWF  ([HPSOX GDF HVWH YRUED GH XQ VWUHSWRFRF
SDWRJHQHOYDUHFXQRVFXWGRDUGHDFHOOLPIRFLW7FDUHDUHUHFHSWRUXOSHQ
WUXVWUHSWRFRFQIHOXODFHVWDGLQWUXQOLPIRFLW7LQDFWLYDFHVWDGHYLQHXQ
OLPIRFLWDFWLY7KHOSHU 7K UVSXQ]WRUGHLPXQLWDWHDFHOXODUFDUH
GLQIRUPDLDPDLGHSDUWHLOLPIRFLWHORU%FDUHVHDLHOHvQQRGXOXO
OLPIDWLF/LPIRFLWHOH%LQGDFWLYDWH 7K GHYLQPDWXUHLvQFHSSURGXFLD
GHDQWLFRUSL vPSRWULYDVWUHSWRFRFXOXL UVSXQ]WRDUHGHLPXQLWDWHDXPR
UDOLFDUHVHWHUPLQGXS]LOH'HDFHHDQHVLPLPPDLELQHGLQDD
]LGHERDOIUFDVQHWUDWPQQDO DPGLQFULOHGHVSHFLDOLWDWH 
DQWLJHQHOHYRUGLVWUXVHSULQFRODERUDUHDSHUIHFWDFHORUGRXVLVWHPH


,ELGHP
%(KJDUWQHURSFLW



9$&&,185,/(35(9(1,(6$8%2$/



LPXQH VLVWHPXO LPXQ FHOXODU 7K SULQ IDJRFLWR] L FLWRWR[LFLWDWH GL


UHFW LVLVWHPXOLPXQXPRUDO7K SULQDQWLFRUSLLFLWRNLQH 'XS
]LOHVHDWLQJHQLYHOXOPD[LPGHOLPIRFLWH7FkQGGHDOWIHOVHYLQGHF
PDMRULWDWHDEROLORUWLPFOLPIRFLWHOH7UHVSRQVDELOHGHLPXQLWDWHDFHOX
ODU 7K GLVWUXJFHHDFHVHJVHWHvQFHOXOHLHVWHVWULQLSHULFXORV
SHQWUXRP2UYLUXVXULOHLXQLLSDUD]LLVHJVHVFvQFHOXOHLQGGLVWUXVH
GH/77RW/7VXQWFHOHFDUHGLVWUXJFHOXOHOHFDQFHURDVHQWLPSXOUH
DFLHLLPXQHRPDUHSDUWHGLQOLPIRFLWHOH7KHOSHUPRUGDURDOWSDUWH
UPkQFDFHOXOHGHPHPRULHLYRUDYHDGHDFXPvQFRORGDWRULDGHD
UHFXQRDWH RULFkQG YHFKLXO GXPDQ FkQG DFHVWD VH UHvQWRDUFH 2 SDUWH
GLQ OLPIRFLWHOH % UPkQ L HOH SH SRVW GH FHOXOH GH PHPRULH SHQWUX D
SUHJWLWHRULFkQGVSURGXFGLQQRXDQWLFRUSL&DXUPDUHYRPSXWHD
YRUELGHXQUVSXQVLPXQSULPDULXQXOVHFXQGDUDFHVWDGLQXUPGDWR
UkQGXVHFHOXOHORUFXPHPRULH0HPRULDLPXQHVWHPHUHXvPSURVSWDW
SULQFRQWDFWXOFXOXPHDPLFURELDQFXHFDUHYLUXVLGRDUvQIHOXODFHVWD
SRDWHHFLHQWGHYHQLQGWRWPDLSHUIHFLRQLVWSHSDUFXUVXOYLHLL
9DFFLQXULOHSURGXFXQGH]HFKLOLEUXvQWUHFHOHGRXVLVWHPHLPXQH
XPRUDOLFHOXODU (OHVWLPXOHD]LPXQLWDWHDXPRUDO 7K IRUPDWRDUH
GH DQWLFRUSL vQ GHWULPHQWXO LPXQLWLL FHOXODUH 7K FDUH GXS FXP DP
Y]XWSULQLQWHUPHGLXOOLPIRFLWHORU7SRDWHGLVWUXJHFHOXOHFDQFHURDVHGDU
L YLUXVXUL L EDFWHULL GLQ FHOXOH  6H vQWkPSO GHVHRUL FD UVSXQVXO LPXQ
VHH[DJHUDWFkQGSRWGLVWUXVHLFHOXOHOHVQWRDVHDOHRUJDQLVPXOXL
FXP VH vQWkPSO vQ DOHUJLL HF]HPD DWRSLF GHUPDWLWH GH FRQWDFW HWF  L
EROLOH DXWRLPXQH H[ vQ HQFHIDOLWD SRVWYDFFLQDO PLHOLQD FDUH vQYHOHWH
QHUYLL GHYLQH DQWLJHQXO vPSRWULYD FUHLD VH YRU vQGUHSWD DQWLFRUSLL L R
YRUGLVWUXJH 
3URWHFLDFRSLOXOXLFXDQWLFRUSLLGHODPDPVHSLHUGHSkQODYkU
VWD GH  DQL 5HQXPLWXO LPXQRORJ HOYHLDQ 'U 5ROI =LQNHUQDJHO SUHPL
DWFX3UHPLXO1REHOGHVFULHDQWLFRUSLLPDWHUQLFDLQGYDFFLQXOQDWXUDO
LGHDODOQRXQVFXWXOXLFDUHvOYRUDSUDGHLQIHFLLOHYLUDOHLEDFWHULHQH
SkQFHVHGH]YROWVLVWHPXOOXLLPXQDVWIHOvQFkWVVHSRDWDSUDVLQJXU
(ODWUDJHDWHQLDDVXSUDXQXLOXFUXIRDUWHLPSRUWDQW)HWHOHWUHEXLHVVH
LPXQL]H]HQDWXUDOvPSRWULYDWXWXURULQIHFLLORUSHULFXORDVHSkQODSXEHU
WDWH VWUHDFSULQWRDWHEROLOHFRSLOULHL GHRDUHFHQXPDLvQIHOXODFHVWD


9&ULVWHDHWDORSFLW
0DUWLQ+LUWH,PSIHQ3UR &RQWUD'DV+DQGEXFKIUGLHLQGLYLGXHOOH(QWVFKHLGXQJ
0HQV6DQD9HUODJ*HUPDQ\

%(KJDUWQHURSFLW



'U&KULVWD7RGHD*URVV

YRU DYHD XQ VLVWHP LPXQ HFLHQW SHQWUX HOH L YLLWRULL ORU FRSLL$FHDVW
PHPRULHLPXQRORJLFvQQVFXWYDODIHPHLVSUHGHRVHELUHGHEUEDL
PXOWvQWULWGHFWUHKRUPRQLDVWIHOvQFkWvQWLPSXOVDUFLQLLYDH[LVWDXQ
QLYHOVXFLHQWGHPDUHGHDQWLFRUSLFDUHVWUHDFODFRSLOSULQLQWHUPHGLXO
SODFHQWHL)DSWXOFQXVHQDVFFRSLLLFXXQVLVWHPLPXQFRPSOHWPDWXUL]DW
DUHGRXPRWLYHELQHvQWHPHLDWHVQXLQWUHDQWLFRUSLLFRSLOXOXLvQFRQLFW
FXFHOXOHOHVWULQHDOHPDPHLSHGHRSDUWHLSHGHDOWSDUWHSHQWUX
FXQVLVWHPLPXQH[LELOFDUHvQYDLHVWHSHFDOHVVHSHUIHFLRQH]H
IDFH PDL ELQH ID FRQGLLLORU GH PHGLX GHFkW XQ VLVWHP LPXQ ULJLG JDWD
IRUPDW 3URFHVXO GH vQYDUH SH FDUH vO SDUFXUJH VLVWHPXO LPXQ DO XQXL
FRSLOvQFHSkQGGHODQDWHUHQHDUDWFRULFHLQIHFLHDRUJDQLVPXOXLDUH
SHOkQJDVSHFWXOQHSOFXWDOEROLLLXQXOSR]LWLY)LHFDUHUHDFLHIHEUL
OODFRSLODUDWFDXORFVWXGLLVXSHULRDUHVHULRDVHvQFDGUXOVLVWHPXOXL
LPXQFDUHH[HUVHD]6LVWHPXOLPXQDOFRSLOXOXLVHPDWXUL]HD]vQOXSWDFX
YLUXVXUL EOkQGH GH UFHDO XRDU VDX FX EROLOH FRSLOULHL 3ULPXO DQ
GHYLDSDUHVHDQXOFHOPDLSULHOQLFLSDUFSODQLFDWGHDvQYDV
VHDSHUHvPSRWULYDIDFWRULORULQIHFLRLGLQQDWXU&DXUPDUHLQIHFLLOH
VXQWGHIRORVVXJDUXOXLFDUHDVWIHOYDSURWDLYDGH]YROWDXQVLVWHPLPXQ
VQWRVQIHOXODFHVWDYRUHYLWDWHGHIHFWHDOHVLVWHPXOXLLPXQ'DF
QRLLQWHUYHQLPGLQDIDUSULQYDFFLQXULLWXOEXUPIRUPDUHDVLVWHPXOXL
LPXQvQFGHODQDWHUHYRUDSUHDLGHIHFWHVHULRDVHDOHDFHVWXLD8QXO
GLQWUH QHQXPUDWHOH H[HPSOH vO FRQVWLWXLH OHXFHPLD OLPIDWLF DFXW FHD
PDLIUHFYHQWIRUPGHFDQFHUODFRSLO FXXQYkUIODDQL FkQGDUHORFR
GH]YROWDUHDQDUKLFDOHXFRFLWHORUWLQHUH
%ROLOHLQIHFLRDVHDOHFRSLOULHLRIHURSURWHFLHLPXQQDWXUDO
HFLHQWLGXUDELO'XSPDMRULWDWHDEROLORUFRQWDJLRDVHDOHFRSLOULHL
VHIRUPHD]RLPXQLWDWHQDWXUDOH[WUHPGHHFLHQWIDGHRQRXvPERO
QYLUHFRPSDUDWLYFXLPXQLWDWHDDUWLFLDOGREkQGLWGXSYDFFLQDUH0R
WLYXOHVWHDFHODFGXSFRQWDFWXOQDWXUDOFXDQWLJHQXO YLUXVXULEDFWHULL 
DXORFSURFHVHPXOWPDLFRPSOH[HGHFkWvQFD]XOXQHLYDFFLQUL FkQGHVWH
VWLPXODWGRDUSURGXFLDGHDQWLFRUSL $QWLJHQXOLDFRQWDFWODvQFHSXWFX
PXFRDVHOHFDUHUHSUH]LQWRDGHYUDWEDULHULPXQRORJLF SULPDEDULHU
LPXQQDWXUDO SHQWUXYLUXVXULLEDFWHULL'RDUGDFDQWLJHQXOYDUHXLV
vQYLQJDFHDVWEDULHULVHYDvQPXOLIRDUWHPXOWYDDMXQJHLvQVkQJH
Q FD]XO XQHL YDFFLQUL DQWLJHQXO YD RFROL SULPD EDULHU LDU UHDFLD
LPXQYDXQDH[WUHPGHVF]XW&DXUPDUHDUHORFRSURGXFLHPLF






,ELGHP
,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



GHDQWLFRUSLFDUHvQWLPSGLVSDU(VWHLPRWLYXOSHQWUXFDUHVHIDFPHUHX
UDSHOXUL UHYDFFLQUL SHQWUXDVWLPXODIRUPDUHDGHQRLDQWLFRUSL$P
Y]XWFYLDDOLPIRFLWHORU%GLQFDUHVHIRUPHD]DQWLFRUSLLHVWHIRDUWH
VFXUW
6SUHGHRVHELUHGHDQWLFRUSLLDUWLFLDOLIRUPDLvQXUPDXQXLYDFFLQFHL
QDWXUDOLVHSURGXFGHHFDUHGDWFkQGQRLYHQLPvQFRQWDFWFXXQEROQDY
GHUXMHROUXEHROHWFDVHPHQHDXQXLUDSHOQDWXUDOVDXUHYDFFLQDUH
QDWXUDO
([HPSOXSUHVXSXQHPFDPDYXWUXMHROvQFRSLOULHODHFDUHUH
vQWkOQLUHFXYLUXVXOUXMHROLFQRLSURWPGHXQQRXFRQWDFWLQIHFLRV
LQGFvQDFHVWIHOHVWHUHvPSURVSWDWPHPRULDFHOXOHORULPXQHHFDUH
FRQWDFWFXXQFRSLOFDUHDUHUXMHROYDDVHPHQHDXQHLUHYDFFLQULQDWXUD
OHGHRDUHFHFHOXOHOHQRDVWUHLPXQHFXPHPRULHUHFXQRVFDGYHUVDUXOL
YRUDFWLYDIRUPDUHDGHDQWLFRUSL QDWXUDOLLGXUDELOL FDUHQHYRUDSUDGH
UXMHRO)LLQGFVDLQWURGXVvQOXPHYDFFLQDUHDLDUEROLOHFRSLOULHLVDX
DPkQDWSkQODYkUVWDDGXOWVLVWHPXOLPXQQXPDLYLQHvQFRQWDFWFXLQ
IHFLLOHQDWXUDOHLvQWLPSvLSLHUGHGLQPHPRULH'HDFHHDHVWHSRVLELO
FDDGXOLLFKLDULFHLFDUHDXDYXWERDODVRIDFGLQQRXLQGOLSVLLGH
RUHvPSURVSWDUHDPHPRULHLLPXQH$FHVWHFD]XULGLQIHULFLUHVXQWIRDUWH
UDUH0DLULVFDQWHVWHSHQWUXFHLFDUHDXIRVWYDFFLQDLvQFRSLOULHLQXIDF
ERDODGHFkWODYkUVWDGHDGROHVFHQWVDXGHDGXOW/DRYkUVWPDLvQDLQWDW
UXMHROD LWRDWHEROLOHFRSLOULHL HVWHVXSRUWDWPDLJUHXFXSRVLELOHFRP
SOLFDLLGHRDUHFHRUJDQLVPXOQXPDLDUHXQVLVWHPLPXQH[LELODVHPHQHD
XQXLFRSLO&XDGHYUDWSHULFXORVHVWHSHQWUXIHPHLOHvQVUFLQDWHFDUHDX
IRVWYDFFLQDWHvQFRSLOULHLFDUHQXDXIFXWERDOD(OHULVFVRIDF
vQWLPSXOVDUFLQLLLVQDVFFRSLLEROQDYL/DIHPHLDJUDYLGDQWLFRUSLL
SURGXLvQXUPDYDFFLQULLVFDGSkQODGLVSDULLHLDUGHVSUHHFLHQDXQHL
UHYDFFLQUL QX VH WLH GHRFDPGDW QLPLF /D RUD DFWXDO vQ 5RPkQLD D
FUHVFXWQXPUXOGHFD]XULGHUXMHROODVXJDULGHRDUHFHPDPDQXPDLDUH
VXFLHQLDQWLFRUSLFDVODSHUHGHUXMHRO$FHVWDUHSUH]LQWGRDUXQXOGLQ
WUHPXOWLSOHOHPRWLYHSHQWUXFDUHDUWUHEXLVLVWDWYDFFLQDUHDDQWLUXMHROLF
$OWD HVWH VLWXDLD vQ FD]XO YDULFHOHL %RDOD QDWXUDO G R LPXQLWDWH
GXUDELO SHQWUX WRDW YLDD 9LUXVXO YDULFHOHL HVWH L DJHQWXO HWLRORJLF DO
]RQHL]RVWHU IDFHSDUWHGLQIDPLOLDKHUSHVYLUXVXUL VXQWUHWURYLUXVXUL
FXQHXURWURSLVPFDUHUPkQvQRUJDQLVPWRDWYLDD 'XSFHVHYLQGHF
YDULFHODYLUXVXOUPkQHvQRUJDQLVP(OVHDVFXQGHODQLYHOXOJDQJOLR
QLORUQHUYRLLDQHUYLORUFUDQLHQLXQGHKLEHUQHD] VHDvQWURVWDUH


0+LUWHRSFLW



'U&KULVWD7RGHD*URVV

ODWHQW 'HFHOHPDLPXOWHRULYLUXVXOYDULFHOHLQXVHPDLWUH]HWH&kQG
DFHVWOXFUXVHvQWkPSOWRWXLvQVSHFLDOODDGXOLLLYkUVWQLFLLFXXQVLVWHP
LPXQ VF]XW VWUHVV ERDO FURQLF WUDWDPHQWH FDUH VFDG LPXQLWDWHD HWF 
DSDUHERDODQXPLW]RQD]RVWHU KHUSHV]RVWHU FXRHUXSLHFDUDFWHULVWLFL
IRDUWHGXUHURDV%ROQDYXOvQDFHVWVWDGLXHVWHFRQWDJLRVSXWkQGSURYRFD
YDULFHOODDOLFRQWDFLFDUHQXDXLPXQLWDWHIDGHYLUXVGDUQXSRDWHSUR
YRFDL]RQD]RVWHU QXHVWHWUDQVPLVLELO ,QWHUHVDQWHVWHIDSWXOFXQ
FRQWDFWDODGXOLORUFXFRSLLEROQDYLGHYDULFHOPHQLQHYLUXVXOvQVWDUHGH
KLEHUQDUHLLIHUHWHGH]RQD]RVWHU8QVWXGLXHQJOH]DGRYHGLWDFHVW
OXFUX&RQFOX]LDHVWHXQDvQJULMRUWRDUHGDFSULQYDFFLQDUHVHUHGXFH
IUHFYHQDYDULFHOHLODFRSLLYRUFUHWHFD]XULOHFX]RQD]RVWHUODDGXOWQ
68$VHvQWkPSODFHVWIHQRPHQGHFkLYDDQLvQFRDFHGHRDUHFHDLFLH[LVW
R UDW IRDUWH PDUH D YDFFLQULL vPSRWULYD YDULFHOHL OD FRSLL FRQIRUP QRLL
UHJXOLQRYDFFLQDWLRQQRVFKRRO2DPHQLLGHLLQGHOD8QLYHUVLWDWHD
+DUYDUGGLQ%RVWRQDXVWXGLDWHYROXLDFHORUGRXEROL YDULFHODL]RQD
]RVWHU GLQDQLLWUHFXLLDXFRQVWDWDWXQDVHPHQHDIHQRPHQFDUHVHYDDF
FHQWXDvQYLLWRUvQWLPSFHVDXUHGXVFD]XULOHGHYDULFHOGHODOD
GHORFXLWRULDQvQSHULRDGDVDXGXEODWvQVFKLPEFD]XULOH
GH]RQD]RVWHUFUHVFkQGGHODFD]XULODFD]XULDQvQDFHHDLSHULRD
GQ68$H[LVWODRUDDFWXDOPDLPXOWHFD]XULGH]RQD]RVWHUGHFkWGH
YDULFHO&HLPDLDIHFWDWLVXQWRDPHQLLWUHFXLGHGHDQLQXOWLPXOWLPS
VHREVHUYRDIHFWDUHWRWPDLIUHFYHQWFX]RQD]RVWHULDRDPHQLORUPDL
WLQHULFXYkUVWDFXSULQVvQWUHLGHDQL
)HQRPHQXOGHKLEHUQDUHvOvQWkOQLPLODYLUXVXULOHKHUSHVVLPSOH[ R
DOWFDWHJRULHGHYLUXVXULKHUSHWLFH LDUDWXQFLFkQGYLUXVXULOHVHWUH]HVF
HOHGHYLQDFWLYHLSURYRDFKHUSHVXOIHEULOODQLYHOXOEX]HORU$FHVWHYL
UXVXULVHORFDOL]DH]LODQLYHOXORUJDQHORUJHQLWDOHLHVWHWLXWIDSWXOF
KHUSHVXO JHQLWDO HVWH R ERDO FX WUDQVPLWHUH VH[XDO %76  GHORF GH QH
JOLMDW GHRDUHFH VH SRDWH WUDQVPLWH GH OD PDP OD IW FX SURGXFHUHD GH
PDOIRUPDLL3DSLORPDYLUXVXOXPDQ +39 IDFHLHOSDUWHGLQIDPLOLDGH
UHWURYLUXVXUL L SURYRDF R VHULH GH EROL JHQLWDOH FX WUDQVPLWHUH VH[XDO


%(KJDUWQHURSFLW
6/7KRPDVHWDO&RQWDFWVZLWKYDULFHOODRUZLWKFKLOGUHQDQGSURWHFWLRQDJDLQVW
KHUSHV]RVWHULQDGXOWVDFDVHFRQWUROVWXG\/DQFHW

%(KJDUWQHURSFLW

:.<LKHWDO7KHLQFLGHQFHRIYDULFHOODDQGKHUSHV]RVWHULQ0DVVDFKXVHWWVDV
PHDVXUHGE\WKH%HKDYLRUDO5LVN)DFWRU6XUYHLOODQFH6\VWHP %5)66 GXULQJDSHULRGRI
LQFUHDVLQJYDULFHOODYDFFLQHFRYHUDJH%0&3XEOLF+HDOWK

%(KJDUWQHURSFLWS


9$&&,185,/(35(9(1,(6$8%2$/





'U&KULVWD7RGHD*URVV

&RPSR]LLDYDFFLQXULORU&RPSR]LLDYDFFLQXULORUDVXIHULWFkWHYDPR
GLFULvQWLPSFDUHQXDXDGXVvQVvPEXQWLULUHDOHFLGLPSRWULYFRP
ELQDLLOHGHYDFFLQXULLDGLWLYLLWR[LFLIRORVLL PHWDOHJUHOHDGMXYDQLQRL DX
DJUDYDWLvQPXOLWvQWUXQPRGGUDPDWLFFRPSOLFDLLOHSRVWYDFFLQDOH
9DFFLQXULOHFRQLQ
D  ,PXQRJHQH DFWLYH DQWLJHQH YLUDOH EDFWHULHQH DFL]L QXFOHLFL HWF 
FRQVWLWXLHSDUWHDSULQFLSDODYDFFLQXOXLFDUHDUWUHEXLVSURYRDFHRUHDFLH
GLQSDUWHDVLVWHPXOXLLPXQ3HQWUXFDVVHRELQXQDVWIHOGHUVSXQVHVWH
QHYRLHGHVXEVWDQHDGMXYDQWHPHQLWHVVWLPXOH]HVLVWHPXOLPXQ,PXQR
JHQHOH VXQW LQDFWLYDWHVDX DWHQXDWHWRFPDL SHQWUX D QX SURYRFD ERDOD
SHQWUXFDUHHVWHYDFFLQDWFRSLOXO

1XPHURLRDPHQLGHWLLQ 2VZDOG7$YHU\LDOLL DXVWXGLDWDXUH


SURGXVLDXGHPRQVWUDWvQFGLQDQLLFHFDUHDQWLJHQYLUDO H
XQ YLUXV YLX H XQXO RPRUkW  DGPLQLVWUDW SULQ LQWHUPHGLXO YDFFLQXOXL VH
SRDWH WUDQVIRUPD vQDSRL vQWUXQ DQWLJHQ YLUXOHQW SHULFXORV  6D GRYHGLW
GHPXOWIDSWXOFQXPDLDUHQLFLXQURVWVVHGLVFXWHGHVSUHYLUXVXULDD]LVH
DWHQXDWHLQDFWLYDWHVDXRPRUkWHLQGFYLUXVXULOHDXRPDUHFDSDFL
WDWHGHDSURGXFHPXWDLLLGHDGHYHQLUH]LVWHQWHvQPHGLLYLWUHJHSHQWUXD
SXWHDVXSUDYLHXLLDUDFHVWOXFUXHVWHYDODELOSHQWUXWRDWHYDFFLQXULOH1RL
WLPFYLUXVXULOHSRVHGRSRVLELOLWDWHH[WUDRUGLQDUGHDVXSUDYLHXLGHL
WHRUHWLFVXQWRPRUkWHHOHvLSRWUHYHQLGDUVXEDOWIRUPQHVSXQH'U
5HLQKDUGW1LPHQLQXHVWHvQVWDUHVRPRDUHYLUXVXULOHLVOHIRORVHDVF
SHQWUXYDFFLQ7RWHODUPFYLUXVXULOHFDUHvQPRGQRUPDOQXVXQWSHUL
FXORDVH SDWRJHQH SHQWUXRPVHSRWFRPELQDFXDOWHYLUXVXULvQRUJDQLVPXO
XPDQLVGHYLQIRDUWHSHULFXORL3URFHVXOVHQXPHWHSROLPRUVPFkQG
YLUXVXULODWHQWHVHSRWUHDFWLYDLSRWGHYHQLvQDOWSDWRJHQH$FHVWOXFUXDU
WUHEXLVHRFRQWUDLQGLFDLHDEVROXWSHQWUXYDFFLQXULOHPXOWLSOH DVRFLDWH 
IRORVLWHDWkWGHGHVODVXJDULLFRSLL9LUXVXULOHODWHQWHVHSRWUHDFWLYDLGH
YHQLSDWRJHQHvQRUJDQLVPXOXPDQQXGRDUFkQGYLQvQFRQWDFWFXXQYLUXVFL
LFkQGYLQvQFRQWDFWFXGLIHULWHVXEVWDQH]LFHVDXFKLPLFHVDXvQFRQGLLLOH
XQHLLPXQLWLVF]XWHGLQSULFLQDXQHLEROLDGPLQLVWUDUHGHDQWLELRWLFH&RU
WL]RQVDXDOWHVXEVWDQHLPXQRVXSUHVRDUH FKLPLRWHUDSLHYDFFLQXULHWF 'LQ
DFHVWPRPHQWDUWUHEXLRSULWRULFHIHOGHYDFFLQDUH
/DRUDDFWXDOVDXLQWURGXVYDFFLQXULOHFRQMXJDWHLDQWLJHQHPRGL
FDWHJHQHWLFFDUHvQFDUFLPDLPXOWVLVWHPXOLPXQDOFRSLOXOXLLOSUHGLV
SXQODEROLDOHUJLFHLEROLDXWRLPXQH
E $GLWLYLLVXQWPDWHULDOHFDUHVHDGDXJLPXQRJHQHORUDFWLYHLVHGH
VFULXWLSXULDGMXYDQLFRQVHUYDQLLVWDELOL]DWRUL
$GMXYDQLLLPXQRORJLFLVXQWVXEVWDQHFDUHLQWURGXVHvQYDFFLQDUWUH
EXLVFUHDVFUVSXQVXOLPXQ&HOHPDLX]XDOHVXQWKLGUR[LGXOVDXIRVID
WXO GH DOXPLQLX HPXOVLD PLFURXLGL]DW 0) L OLSLGXO$ PRQRIRVIRULODW
RELQXWGLQHQGRWR[LQDXQXLPXWDQWGH6DOPRQHOOD0LQQHVRWD0HFDQLVPXO
GHDFLXQHDODGMXYDQLORULPXQRORJLFLFRQVWvQFUHWHUHDGXUDWHLHOLEHUULL
L SUH]HQWULL DQWLJHQHORU YLUDOH EDFWHULHQH  LQGXFHUHD GH VXEVWDQH LPX
QRPRGXODWRULL L FUHWHUHD DFWLYLWLL FHOXOHORU GHQGULWLFH SUH]HQWDWRDUH GH
DQWLJHQ


*%XFKZDOG,PSIHQ'DV*HVFKlIWPLWGHU$QJVWHPXYHUODJ$XDJH*HU
PDQ\

0,%UXPERLXHWDORSFLW


-RDFKLP)*UlW]6LQG,PSIXQJHQVLQQYROO")+LUWKDPPHU9HUODJ*PE+$X
DJH

0,%UXPERLXHWDORSFLW

YH]L FDS   Q 5RPkQLD YDFFLQXO vPSRWULYD YDULFHOHL QX HVWH LQFOXV vQ
3URJUDPXOQDLRQDOGHYDFFLQUL

,,,3ULQFLSLXOYDFFLQULLHVWHLQHFLHQW
LDUHPXOWHFDSFDQH
9DFFLQDUHDVHED]HD]SHXUPWRUXOSULQFLSLXQRUJDQLVPXOXPDQ
HVWHLQWURGXVXQDQWLJHQVWULQ EDFLOEDFWHULHYLUXVHWF ODFDUHRUJDQLV
PXOUHDFLRQHD]ODQHYRLHSULQIRUPDUHGHDQWLFRUSLvQFD]GHLQIHF
LHDFHWLDQWLFRUSLYRUSUHYHQLERDODvQQDORPXOGHYLQHLPXQFHHDFH
vQVHDPQFHOUPkQHVQWRV'LQGHQLLDGDWYDFFLQXULORUDPF
YDFFLQXULOHVXQWSUHSDUDWHLPXQRELRORJLFHFDUHFRQLQRVXVSHQVLHGHPL
FURRUJDQLPVH EDFWHULHYLUXVXULULFNHWVLLHWF YLLLQDFWLYDWH RPRUkWH VDX
IUDFLXQLDOHDFHVWRUDFDUHVHDGPLQLVWUHD]FXLQWHQLDGHDLQGXFHLPXQL
WDWHvQVFRSXOSUHYHQLULLXQRUEROLVDXDFRQVHFLQHORUDFHVWRUD&XDOWH
FXYLQWHVLVWHPXOLPXQDOVXJDUXOXLHVWHQHYRLWVUHFHSLRQH]HQRLOHDQWLJHQH
YLUXVXUL LQDFWLYDWH EDFWHULL DWHQXDWH HWF  V OH PHPRUH]H L V vQYHH
VOHUHVSLQJODXQQRXFRQWDFWFXHOHSULQIRUPDUHDGHDQWLFRUSL(VWHXQ
SULQFLSLX VLPSOLVWGDU LQHFLHQWLQGXQPRGHODUWLFLDO ED]DW SH DOWH
OHJLGHFkWFHOHQDWXUDOHODFDUHGXSFXPRGRYHGHVFVWXGLLOHLSUDFWLFD
PHGLFDOVLVWHPXOQRVWUXLPXQQXVHDGDSWHD]FLVHvPEROQYHWH

9$&&,185,/(35(9(1,(6$8%2$/



$XWRULVWULQLDXGRYHGLWIDSWXOFDGMXYDQLLLPXQRORJLFLSURYRDFRVH
ULHGHUHDFLLDGYHUVHLEROLJUDYH YH]LFDS 
&RQVHUYDQLLVHDGDXJODYDFFLQSHQWUXDSUHYHQLPXOWLSOLFDUHDEDFWH
ULLORUVDXDIXQJLORUvQXUPDXQHLHYHQWXDOHFRQWDPLQULDYDFFLQXOXLvQWLP
SXOXWLOL]ULLVDXDIDEULFULLDFHVWXLD5LVFXOGHFRQWDPLQDUHHVWHPDLFUHVFXW
vQFD]XODFRDQHORUPXOWLGR]&HOHPDLXWLOL]DWHVXEVWDQHFXUROGHFRQVHU
YDQLVXQWWKLRPHUVDO VDXWKLPHURVDO IHQROLLLIHQR[LHWDQROXO
6WXGLLOHGLQ2FFLGHQWDUDWFDFHWLFRQVHUYDQLFRQVWLWXLHRDGHYUDW
RWUDYSHQWUXRUJDQLVPXOXPDQSURYRFkQGEROLQHXURORJLFHJUDYH 6LQGUR
PXO$'+'DXWLVPXOHWF LEROLDXWRLPXQH YH]LFDS 
6WDELOL]DWRULLVXQWVXEVWDQHFXUROGHSURWHFLHDLPXQRJHQHORUGLQWUXQ
YDFFLQIDGHYDULDLLOHGHWHPSHUDWXULVDXS+FDUHSRWVDSDUvQWLPSXO
IDEULFULL GHVKLGUDWDUHFRQJHODUH VDXWUDWDUHODFOGXUSUHFXPLvQSHUL
RDGD GH WUDQVSRUW L GHSR]LWDUH SkQ OD DGPLQLVWUDUH 6WDELOL]DWRULL FHL PDL
IRORVLLVXQWJOXFLGH ODFWR]VXFUR] DPLQRDFL]L JOLFLQDFLGJOXWDPLF 
SURWHLQH VHUXPDQJHODWLQGHRULJLQHERYLQVDXSRUFLQ VDXVUXULPLQH
UDOH FORUXUGHPDJQH]LXVXOIDWGHPDJQH]LX 3URGXVHOHGHRULJLQHXPDQ
LDQLPDOFUHHD]ULVFXOGHFRQWDPLQDUHFXJHUPHQLFDUHVHWUDQVPLWSHFDOH
VDQJXLQSUHFXPLULVFXOXQRUUHDFLLGHWLSDOHUJLF
$PWUDWDWDFHVWHULVFXULODHFDUHERDOvQSDUWH
F  6XEVWDQHOH UH]LGXDOH UH]XOW GLQ SURFHVXO GH IDEULFDUH D YDFFLQX
OXL (OH SRW  VXEVWDQH GH LQDFWLYDUH IRUPRO SHUR[LG GH KLGURJHQ HWF 
VXEVWDQHGHGHWR[LHUH IRUPRO DQWLELRWLFH VWUHSWRPLFLQQHRPLFLQJHQ
WDPLFLQ  PHGLX GH FXOWXU SURWHLQH DQLPDOH RX HPEULRQDWH FXOWXUL FX
EUREODWLGHJLQGURMGLHGHEHUH9HUROLQLHFHOXODUFRQWLQXGHRULJLQH
VLPLDQPDLPX PHGLLQXWULWLYHPHGLLWDPSRQDWHOLSRSROL]DKDULGHEDFWH
ULHQHHWF
$FHVWHVXEVWDQHQXVXQWGHORFOLSVLWHGHSHULFXOR]LWDWHLQGDOHUJL]DQWH
LRFDX]LPSRUWDQWDVXSUDLQIHFWULLFXYLUXVXULVLPLHQHFDQFHULJHQHWX
PRUDOH956 YLUXVUHVSLUDWRUVLQFLLDO 6,'$ YH]LFDS 
'LIHUHQD GLQWUH R LQMHFLH L XQ YDFFLQ Q PRG QRUPDO GXS RULFH
LQMHFLHDGPLQLVWUDWXQXLRPEROQDYvQVFRSWHUDSHXWLF H[DQWLVSDVWLFHvQ
FROLFLDQWLELRWLFHvQLQIHFLLEDFWHULHQHHWF UHDFLDORFDOHVWHXQDPLQRU
LUDSLGWUHFWRDUHLDUUHDFLDJHQHUDOHVWHXQDEHQHFVSUHDPHOLRUDUHVDX


,ELGHP
,ELGHP

,ELGHP




'U&KULVWD7RGHD*URVV

YLQGHFDUHQLFLGHFXPVSUHRDOWvPEROQYLUH1XDFHODLOXFUXVHvQWkPSO
vQFD]XOXQXLYDFFLQ'LPSRWULYYDFFLQXULOHSHQWUXFRSLLVXQWLQMHFLLWUD
XPDWL]DQWH GDWH XQXL SDFLHQW VQWRV R FRQGLLH REOLJDWRULH SHQWUX RULFH
YDFFLQ LLPDWXUFDUHQXLSRDWHGDDFRUGXOODXQDVWIHOGHWUDWDPHQWLDU
UH]XOWDWXOQXHVWHXQXOEHQHFDDFXPGRULPVFUHGHPFLHVWHXQXOSDWR
JHQHWLFSURYRFkQGRLQIHFLHVXEFOLQLFFDUHGHVHRULSURYRDFDOWHLQIHFLL
L EROL DFXWH VDX FURQLFH FX FRQVHFLQH QHFDOFXODWH LQVXFLHQW VWXGLDWH L
FXQRVFXWHDVXSUDVLVWHPXOXLLPXQ
9DFFLQXULOHRIHURSURWHFLHVF]XWLGHVFXUWGXUDWIDGHER
OLOHFRSLOULHL5VSXQVXOLPXQSULPDUDOVXJDUXOXLHVWHDFHODGHDUHFHS
LRQDQRLOHDQWLJHQH YLUXVXULLQDFWLYDWHEDFWHULLDWHQXDWHHWF GHDOHPH
PRUDLGHDOHUHVSLQJHIUFDVIDFERDOD/DXQQRXFRQWDFWFXDFHVWH
DQWLJHQHUVSXQVXOLPXQDOFRSLOXOXLYDXQXOVHFXQGDUPXOXPLWFHOXOHORU
FXPHPRULHFDUHDXUHLQXWDQWLJHQXOLvQFHDUFVOHOLPLQH SULQFLSLXO
YDFFLQULLDPLQWLWDQWHULRU 
&HVHvQWkPSOvQFD]XOXQHLYDFFLQUL"$PY]XWFHVHvQWkPSOvQFD]XO
XQHLLQIHFLLQDWXUDOHGHUXMHROFkQGLPXQLWDWHDHVWHHFLHQWLvQGHOXQ
JDWQFD]XOXQXLYDFFLQGHLYLUXVXULOHGLQXQHOHYDFFLQXULVXQWYLL H[
YLUXVXO UXMHROLF  YLUXOHQD ORU HVWH DWHQXDW VDX VXSUDDWHQXDW SULQ GLIHULWH
PHWRGH(VWHQRUPDOVHDDDOWIHODULQGXFHERDOD'HDFHHDYDFFLQXULOH
LQGXFRVWDUHGHLPXQLWDWHPDLVF]XW PDLSXLQLDQWLFRUSLGHVHRULLQH
FLHQL LSHQWUXXQWLPSPXOWPDLVFXUWGHFkWFHOGDWGHERDO6HvQWkPSO
XQHRUL FD YDFFLQXULOH V QX LQGXF GHORF IRUPDUHD GH DQWLFRUSL DD]LVHOH
VFSUL ,PXQLWDWHDGDWGHYDFFLQYDVFGHDSURJUHVLYFXDQLL0HPRULD
LPXQRORJLF GDW GH YDFFLQXUL HVWH IRDUWH VODE L GH VFXUW GXUDW LDU
FRQWDFWXOFXXQEROQDYGHUXMHROQXYDSURGXFHXQWLWUXVXFLHQWGHFUHVFXW
GHDQWLFRUSLFDUHVDQLKLOH]HERDOD(LVHSRWvPEROQYL(VWHPRWLYXOSHQWUX
FDUHGHLYDFFLQDWvQFRSLOULHDGROHVFHQWXOVDXRPXODGXOWSRDWHIDFHERDOD
2UHYDFFLQDUHGXUDELOQXHVWHSRVLELO
1XDFHODLOXFUXVHvQWkPSOODFHLQHYDFFLQDLFDUHIDFERDODFXYLUXVXO
QDWXUDOVOEDWLF(LLLGH]YROWRLPXQLWDWHGXUDELOLDUFRQWDFWXOFXXQERO
QDYGHUXMHROQXYDSHQWUXHLXQSHULFROFLOHYDUHvPSURSVWDPHPRULD
LPXQRORJLFSULQIRUPDUHGHDQWLFRUSLGXUDELOLLHFLHQL3HGHDOWSDUWH
GDF HL IDF ERDOD vQ FRSLOULH VSUH H[HPSOX UXMHROD  L QX VXQW YDFFLQDL
VWXGLLOHDUDWFVHIRUPHD]DQWLFRUSLQDWXUDOLGHGXUDWFDUHDSUFRSLOXO
QXGRDUGHRUHvPEROQYLUHFLvLRIHULRSURWHFLHSHQWUXDOWHEROLFURQLFH
JUDYH VLQGURPQHIURWLFHWF 'DFODXQFRSLOFXXQVLQGURPQHIURWLFVD

9$&&,185,/(35(9(1,(6$8%2$/



LQGXVRUXMHROVDREVHUYDWGHVHRULYLQGHFDUHDVLQGURPXOXL%ROLDXWRL
PXQHSUHFXPDVWPXOEURQLF/XSXVHULWHPDWRVVDXHF]HPHVDXYLQGHFDW
VDXVDXDPHOLRUDWGXSFHFRSLOXODIFXWUXMHRO
$WXQFLQHvQWUHEPFDUHHVWHURVWXOXQXLYDFFLQ"(OGRDUYDDPkQDERD
ODFXFkLYDDQLODYkUVWDGHDGROHVFHQWVDXGHDGXOWFkQGVFDGDQWLFRUSLLL
DSDUHERDOD/DDFHDVWYkUVWVLVWHPXOLPXQHVWHPDLSXLQH[LELOLDUERDOD
SRDWHDYHDRHYROXLHPDLVHYHU



'U&KULVWD7RGHD*URVV

PRULODVXJDUL YH]LFDSL Q$PHULFDL(XURSDYDFFLQDUHDFX'73


vQFHSHGHODVDXOXQLLDUvQSULPXODQGHYLDHOHVWHDGPLQLVWUDWGHRUL
vQFRPELQDLHFXDOWHYDFFLQXULQ5RPkQLDYDFFLQDUHDFX'73VHIDFHOD
LOXQLFRQIRUP3URJUDPXOXLQDLRQDOGHYDFFLQDUH

9DFFLQXULOH VFDG LPXQLWDWHD OD VXJDUL LL SUHGLVSXQ OD EROL DFXWH
LFURQLFHJUDYHVROGDWHXQHRULFXGHFHV6LVWHPXOLPXQDOVXJDUXOXLvQ
VSHFLDO LPXQLWDWHD FHOXODU 7K  HVWH vQ SOLQ GH]YROWDUH FkQG vQFHSH DG
PLQLVWUDUHDYDFFLQXULORUODYkUVWDGHOXQL3ULQYDFFLQDUHHVWHVWLPXODW
LPXQLWDWHDXPRUDO 7KIRUPDWRDUHGHDQWLFRUSL 3kQDFXPDFHVWDDIRVW
SULQFLSLXOGHED]DOYDFFLQULL1RLOHFHUFHWULDUDWFSHQWUXDVWLPXODvQ
WUXQPRGPDLHFLHQWLPXQLWDWHDSULQLQWHUPHGLXOYDFFLQXULORUHVWHQHYRLH
LGHVWLPXODUHDLPXQLWLLFHOXODUH 7K 3HGHDOWSDUWHRVWLPXODUH
H[DJHUDWDLPXQLWLLFHOXODUHSRDWHLQGXFHDSDULLDEROLORUDXWRLPXQHOXFUX
ELQHFXQRVFXWLPXQRORJLORUQQDOHFKLOLEUXOGLQWUH7KL7KVHUXSHL
vQWUHJXOVLVWHPLPXQDOVXJDUXOXLYDDYHDGHVXIHULW$OWHUDUHDHFKLOLEUXOXL
GLQWUHUVSXQVXULOH7KL7KIDGHDQWLJHQHOHSURSULL VHOI SRDWHLQGXFH
IRUPDUHDGHDXWRQWLFRUSL%ROLOHDXWRLPXQHSURYRFDWHGHYDFFLQXULVXQW
EROLFURQLFHJUDYHQHYLQGHFDELOHFXGHEXWvQFGLQFRSLOULHGLDEHW]DKD
UDWWLSDVWPEURQLFDOHUJLFFHOLDFKLHERDOD&URKQVLQGURP$'+'DX
WLVPHWF0RDUWHDVXJDUXOXLUPkQHFHDPDLJUDYFRPSOLFDLHSRVWYDFFLQDO
FkQGYRUELPGH6LQGURPXOPRULLVXELWHODVXJDU 6,'6 SURYRFDWFHOPDL
GHVGHYDFFLQXO'73 GLIWHURWHWDQRSHUWXVVLV 8QH[HPSOXJULWRUvQDFHVW
VHQVvOYHGHPvQ-DSRQLDXQGHYDFFLQDUHDFRQWUDWXVHLFRQYXOVLYH FX'73 
VHIDFHGRDUGXSYkUVWDGHDQLFkQGVLVWHPXOLPXQHVWHPDLGH]YROWDWLDU
GHDWXQFLvQ-DSRQLDVLQGURPXOPRULLVXELWHDVXJDUXOXLSUDFWLFQXPDL
H[LVW1XPHURDVHVWXGLLDXDUWDWFWULYDFFLQXO'73HVWHFDX]DDFHVWHL

9DFFLQXULOHDGPLQLVWUDWHODIHPHLOHJUDYLGHWLPFVDUFLQDHVWHRVL
WXDLHXQLFFXQRVFXWvQPHGLFLQFkQGRUJDQLVPXOVXSRUWRJUHIVWULQ
UHVSHFWLYIWXOIUFDVRUHVSLQJ0RWLYXOHVWHRWROHUDQDLPXQRORJLF
]LRORJLFDGLFOLSVDXQHLUHDFLLLPXQHVSHFLFHIDGHXQHVXWVWULQ
FXPHVWHFHODOIWXOXLSULQVFGHUHDLPXQLWLLFHOXODUH 7K EHQHFvQ
DFHVW FD]$GMXYDQLL QRL L PRGHUQL GLQ YDFFLQXULOH DFWXDOH LQFOXVLY GLQ
FHOHDGPLQLVWUDWHIHPHLORUJUDYLGHSUHFXP7KLRPHUVDO6TDOHQDVDXDOWHOH
VWLPXOHD]LPXQLWDWHDFHOXODU7+SULQFDUHIWXOSRDWHUHVSLQVLDYRUWDW
6DXLvQWkPSODWDVWIHOGHDYRUWXULVSRQWDQH$GMXYDQLLIRORVLLvQYDFFL
QXUL PHUFXU DOXPLQLX D  WUHF XRU SULQ SODFHQW OD IW 0HUFXUXO HVWH
XQPHWDOJUHXQHXURWR[LFDIHFWkQGFHOXODQHUYRDVDFRSLOXOXLSURYRFkQG
EROLQHXURORJLFHDXWRLPXQHJUDYHDXWLVP$'+'WXOEXUULGHFRQFHQWUDUH
L PHPRULH DVWHQLH PDUFDW HWF &HO PDL DIHFWDW HVWH SULPXO FRSLO QVFXW
$OHUJLLOHODFRSLL HF]HPDDWRSLF EROLOHDOHUJLFH DVWPXOEURQLF LEROLOH
DXWRLPXQH FROLWDXOFHURDVERDOD&URKQHWF VXQWEROLSURYRFDWHGHLQWR
[LFDLDFXPHWDOHJUHOH,QWHUHVDQWHVWHIDSWXOFQXGRDUPDPHOHWUDQVPLW
PDL GHSDUWH SULPXOXL FRSLO R PDUH SDUWH GLQ PHUFXU L DOWH PHWDOH JUHOH
FLLEUEDLLMRDFXQUROLPSRUWDQWvQDFHVWHFD]XULGHLQWR[LFDLL'DF
HODDFXPXODWFDQWLWLPDULGHPHWDOHJUHOHvQRUJDQLVP SULQLQWHUPHGLXO
SORPEHORUFXDPDOJDPVDXLDOYDFFLQXULORU FRSLOXOvLSRDWHSLHUGHFD
SDFLWDWHD GH D HOLPLQD PHUFXUXO GLQ RUJDQLVP'DF WDWO DUH SORPEH FX
DPDOJDPFHFRQLQRPDUHFDQWLWDWHGHPHUFXURUJDQLF IRDUWHWR[LF FRSLOXO
YDPRWHQLXQGHFLWvQHOLPLQDUHDPHWDOHORUJUHOH
9DFFLQXOWHWDQLFVHDGPLQLVWUHD]vQ5RPkQLDODIHPHLOHvQVUFLQDWHvQ
OXQDDDFXVFRSXOGHDSUHYHQLWHWDQRVXOODQRXQVFXW$FHVWYDFFLQFRQ


9LHUD6FKHLEQHU,PSIXQJHQ,PPXQVFKZlFKHXQG3O|W]OLFKHU.LQGVWRG+LUWKDPPHU
9HUODJ*HUPDQ\

3*+ROW3'6O\$OOHUJLFUHVSLUDWRU\GLVHDVHVWUDWHJLFWDUJHWVIRUSULPDU\SUH
YHQWLRQGXULQJFKLOGKRRG>HGLWRULDO@7KRUD[  

6.RSSHQ5GH*URRW+-1HLMHQV11DJHONHUNHHWDO1RHSLGHPLRORJLFDOHYL
GHQFHIRULQIDQWYDFFLQDWLRQVWRFDXVHUDOOHUJLFGLVHDVH9DFFLQH)HEU

0+LUWHRSFLW

9&ULVWHDHWDORSFLW

7LQXV6PLWV'DV,PSIVFKDGHQ6\QGURP1DUD\DQD9HUODJ$XDJHS


 2UG 06 &1$6 QU  KWWSZZZVDQWURLQIRUPDWLLXWLOHSUHYH
QLUHVLFRQWUROEROLWUDQVPLVLELOHYDFFLQDUHDOHJLVODWLHLQYLJRDUH206B&1$6
BBSGIYLHZ

 7RUVWHQ (QJHOEUHFKW &ODXV .|KQOHLQ 9LUXV:DKQ 6FKZHLQHJULSSH 9RJHOJULSSH
6$56%6(+HSDWLWLV&$,'63ROLRHPX9HUODJHUZHLWHUWH$XDJH

9RUWUDJ6FKZHUPHWDOOHXQGLKUH:LUNXQJDXIXQVHUH*HVXQGKHLW9RUWUDJYRQ'UPHG'LHWULFK
.OLQJKDUGW0'3K'XQG'U3DWULFLD.DQH3K'$XV]JHDXVGHU9RUOHVXQJDQGHU(7+=ULFK
)DFKSXEOLNXP $SULO*HUPDQ\KWWSZZZSRZHUIRUOLIHFRP6FKZHUPHWDOO$XVOHL
WXQJYRUWUDJKWPO

9$&&,185,/(35(9(1,(6$8%2$/



LQHRVXEVWDQWR[LFDWkWSHQWUXPDPFkWLSHQWUXIWIRVIDWGHDOXPL
QLX6WXGLLOHDUDWF$GMXYDQLLFXDOXPLQLXDIHFWHD]QHXURQLLPRWRULOD
DQLPDOHOH GH H[SHULHQ RDUHFL  L SRW LQGXFH EROL DXWRLPXQH GLQ FDX]D
GH]HFKLOLEUXOXLFUHDWvQWUHLPXQLWDWHDFHOXODU 7K LLPXQLWDWHDXPRUDO
7K )RORVLUHDDFHVWRUDGMXYDQLvQYDFFLQXULOHKHSDWLWLF$L%WHWDQRV
GLIWHULFLSHUWXVVLVSRWGXFHODWXOEXUULQHXURORJLFH
'DFIHPHLDJUDYLGHVWHYDFFLQDWSHQWUXWHWDQRVLGLIWHULH FD]XULVSH
FLDOH FXYDFFLQXOGLIWHURWHWDQLFSHQWUXDGXOLHDYDSULPLDOWXULGHDOXPL
QLXLRFDQWLWDWHPDUHGHPHUFXU 7KLRPHUVDO LQXVHWLHXQGHVHYDDFX
PXODDFHDVWVXEVWDQWR[LFvQVLVWHPXOQHUYRVVDXvQULQLFKLLIWXOXL&HUW
HVWHFSRDWHSURYRFDODFRSLOEROLOHQHXURORJLFHDXWRLPXQHDPLQWLWHDQWHULRU
9DFFLQXO JULSDO FRQIRUP UHFRPDQGULORU 206 HVWH LQGLFDW JUDYLGHORU
GLQWULP,,L,,,GHVDUFLQLQGFRQVLGHUDWRJUXSFXULVF/DIHPHLOH
JUDYLGHYDFFLQDWHDQWLJULSDOQXVDSXWXWGRYHGLQLFLRGDWRSURWHFLHDFR
SLOXOXL VSXQ PDL PXOL DXWRUL 6WDWLVWLF QX VD FRQVWDWDW R GLIHUHQ vQWUH
JUDYLGHOHFDUHDXIFXWJULSvQSULPXOWULPHVWUXGHVDUFLQLFHOHODOWHJUDYL
GH/DIHPHLDvQVUFLQDWDDFXPDPY]XWDGMXYDQLLGLQYDFFLQXOJULSDO
7KLRPHUVDO 6TDOHQD VDX DOWHOH  VWLPXOHD] LPXQLWDWHD FHOXODU 7+ SULQ
FDUHIWXOSRDWHUHVSLQVLDYRUWDW
&RPELQDLLOH GH YDFFLQXUL 'LQ PRWLYH QDQFLDUH YDFFLQXULOH LQG R
PDUHVXUVQDQFLDU GDUPDLDOHVSHQWUXDSXWHDDVFXQVHUHDFLLOHDGYHU
VHJUDYHSRVWYDFFLQDOHFXQRVFXWHLFRQWHVWDWHGHVHRULGHFWUHPHGLFLLRD
PHQLGHWLLQ FkQGDSDUUHDFLLDGYHUVHGXSWULYDFFLQXO'73VSUHH[HPSOX
QXVHSRDWHVSXQHFXH[DFWLWDWHFDUHGLQWUHFHOHWUHLYDFFLQXULOHDSURYRFDW 
VH vQFHDUF FRPELQDWLL D WRW PDL PXOWRU YDFFLQXUL WHWUDYDFFLQ SHQWDYDFFLQ
KH[DYDFFLQ VROGDWFXQXPHURDVHGHFHVH LDUXQGHVHYRURSULSURGXFWRULLGH
YDFFLQXULQXWLP$GPLQLVWUDUHDFRQFRPLWHQWDPDLPXOWRUYDFFLQXULvQPXO
HWHULVFXODSDULLHLEROLORUJUDYHSRVWYDFFLQDOH6XJDULLGLQ5RPkQLDSULPHVF
vQSULPHOHOXQLGHYLDGHYDFFLQXULvQGLIHULWHFRPELQDLLLDUSkQOD


ZZZLPSIVFKDGHQLQIR
38%/,&+($/7+6FLHQWLVWVDSSODXGPRYHDZD\IURPXVHRIPHUFXU\E\5RJHU
+LJKHOG6FLHQFH(GLWRU7KH7HOHJUDSK8.$XJXVWKWWSKHDOWKJURXSV\DKRR
FRPJURXS$X7HDFKPHVVDJH

(.)UDQFH56PLWK5D\'0F&OXUH6+DPELGJHHWDO,PSDFWRIPDWHUQDO
LQXHQ]DYDFFLQDWLRQGXULQJSUHJQDQF\RQWKHLQFLGHQFHRIDFXWHUHVSLUDWRU\LOOQHVVYLVLWV
DPRQJLQIDQWV$UFK3HGLDWU$GROHVF0HG  

*K0DULQ9RLFXOHVFX%ROLLQIHFLRDVHYRO,,(GLWXUD0HGLFDO%XFXUHWL




'U&KULVWD7RGHD*URVV

YkUVWDGHXQDQQXPUXOYDFFLQXULORUDMXQJHODQDFHVWVWDGLXVLVWHPXO
ORULPXQQXHVWHvQFVXFLHQWGHGH]YROWDWLIRDUWHXRUOH]DELO7RFPDLvQ
DFHVW WLPS VFDGH QXPUXO DQWLFRUSLORU PRWHQLL GH OD PDP LDU FRSLOXO vL
IRUPHD]SURSULXOVXVLVWHPLPXQ1XHVWHGHPLUDUHFVXJDUXOQXSRDWHIDFH
ID XQRU DWDFXUL DWkW GH DJUHVLYH L QXPHURDVH SUHFXP YDFFLQXULOH FDUH QX
FRQLQGRDUYLUXVXULPRGLFDWHFLLVXEVWDQHFKLPLFH DQWLELRWLFHDOXPLQLX
VDXPHUFXUHWF 6FGHUHDVLVWHPXOXLLPXQvOSUHGLVSXQHSHVXJDULODQXPH
URDVHLQIHFLLSUHFXPRWLWHLQIHFLLGLJHVWLYHXULQDUHHWFSHQWUXFDUHQXHVWH
SUHJWLW6HYDvQFHSHLQHYLWDELORWHUDSLHSUHFRFHFXDQWLELRWLFHFDUHQXIDFH
DOWFHYDGHFkWVVXSULPHvQFRQWLQXDUHVLVWHPXOLPXQ6HQDWHXQFHUFYLFLRV
GLQFDUHVXJDUXOYDLHLvQQDOFXXQVLVWHPLPXQGH]HFKLOLEUDWSUHGLVSXVOD
EROLFURQLFHDOHUJLFHDXWRLPXQHQHXURORJLFHD
3ULQFRPELQDUHDYDFFLQXULORUHFDUHYDFFLQvQSDUWHvLSRDWHPRGLFD
DQWLJHQLWDWHDGHYHQLQGHPDLDJUHVLYHPDLSXLQDFWLY6SUHH[HPSOXVD
FRQVWDWDWFGXSWHWUDYDFFLQXO'73+,% VDDGXJDWGRDUXQVLQJXUYDFFLQ
QRXUHVSHFWLY+,% UHDFLLDGYHUVHSUHFXPLSWXOHQFHIDOLWLFDXIRVWGH
RULPDLIUHFYHQWHGHFkWvQFD]XOWULYDFFLQXOXL'73LSWXOHQFHID
OLWLF QH DUDW R UHDFLH HQFHIDOLWLF SRVWYDFFLQDO FDUH SRDWH SURYRFD R
HQFHIDOLWDFXWGHPLHOLQL]DQWSRVWYDFFLQDOLvQQDOVLQGURPXO$'+'
DXWLVPVDXDOWHDIHFLXQLQHXURORJLFHJUDYH'HDVHPHQHDKH[DYDFFLQXO
+H[DYDFDSURYRFDWHIHFWHVHFXQGDUHPDLQXPHURDVH IHEUVRPQROHQ
HWF GHFkWSHQWDYDFFLQXO3HQWDYDF+H[DYDFDSURYRFDWQXPHURDVHGH
FHVHLDIRVWUHWUDVGHSHSLDvQ*HUPDQLD,QWHUHVDQWHVWHIDSWXOFSHQWUX
SULPD GDW VD LQWURGXV L vQ 5RPkQLD XQ KH[DYDFFLQ vQ OXQD PDL  L
FRQVWDWFDWkWPHGLFLLFkWLSULQLLFRQVLGHUXQDYDQWDMIDSWXOFDFXPVX
JDUXOYDvQHSDWRVLQJXUGDWODLODOXQLIUVFXQRDVF SUREDELO 
UHDFLLOHOXLDGYHUVHFRQVWDWDWHvQ2FFLGHQW6XQWVXJDULLQRWULPDLUH]LVWHQL
FDDOLL"9DVWXGLDWXQHYHQWXDOGHFHVSRVWYDFFLQDO"
3ULQLQWURGXFHUHDSHQWDYDFFLQXOXLvQ68$DL]EXFQLWRHSLGHPLHFX
GLYHUVHLQIHFLLFXVWULIHEULOHQHH[SOLFDELOHODDFHWLFRSLLWUDWDLDPEXODWRU
VDXvQVSLWDOHQHFHVLWkQGWUDWDPHQWHFXDQWLELRWLFH

 3URJUDUPXO 1DLRQDO GH YDFFLQDUH GLQ 5RPkQLD FRQIRUP 2UG 06 &1$6 QU


7LQXV6PLWVRSFLWS

20DQVRRU3,3LOODQV9DFFLQHDGYHUVHHYHQWVUHSRUWHGLQ1HZ=HDODQG
1=0HG-  

$YHQWLV3DVWHXU06'+H[DYDF3URGXNWPRQRJUDSKLH

/$7KRPSVRQ0,ULJR\HQ/$0DWL]36/DUXVVDHWDO7KH,PSDFWRI'7D3,39+%
9DFFLQHRQ8VHRI+HDOWK6HUYLFHVIRU<RXQJ,QIDQWV3HGLDWU,QIHFW'LV-

9$&&,185,/(35(9(1,(6$8%2$/



1XH[LVWODRUDDFWXDOQLFLXQVWXGLXRFLDOSULYLWRUODUHDFLLOHDGYHU
VHDSUXWHGXSXQLQWHUYDOPDLPDUHGHWLPSGXSYDFFLQXULOHFRPELQDWH
&HOHPDLHYLGHQWHDUVWXGLLOHFRPSDUDWLYHIFXWHODFRSLLLYDFFLQDLLFHL
QHYDFFLQDL
'H]DYDQWDMHOHYDFFLQXULORUFRPELQDWH
 5HDFLLOH VHFXQGDUH DOH YDFFLQXOXL PRQRYDOHQW $&7+LE  QX DX IRVW
VWXGLDWHvQPRGVLVWHPDWLFLDUDFHVWOXFUXQXVHYDPDLvQWkPSODQLFLGHDFXP
vQFRORGHRDUHFHYDFFLQXOPRQRYDOHQWWLQGHVGLVSDUGLQFRPHUGHDFHHD
QLFLQXVHYDPDLDDYUHRGDWFHUHDFLLVHFXQGDUHDUSXWHDSURYRFDFRP
SRQHQWHOHYDFFLQXOXL+LEFDUHDFXPQXVHPDLJVHWHGHFkWvQFRPELQDLLOH
FXDOWHYDFFLQXUL&kQGYRUDSDUHUHDFLLDGYHUVHGXSSHQWDYDFFLQVDXKH
[DYDFFLQQXYRPWLFDUHGLQWUHFRPSRQHQWHOHDSURYRFDW
QXUPDFRPELQDLLORUPDLPXOWRUYDFFLQXULQXVHIRUPHD]VXFLHQL
DQWLFRUSL$FHVWOXFUXVDREVHUYDWFKLDULODFRPELQDLLPDLPLFLSUHFXP
WULYDFFLQXOVDXWHWUDYDFFLQXO,QVWLWXWXO3DXO(KUOLFK ,3( GLQ*HUPDQLDD
UHFXQRVFXWFODYDFFLQXULOHFRPELQDWHSHOkQJKHWHURJHQLWDWHDYDFFLQX
ULORUSULQFRPELQDUHDPDLPXOWRUVXEVWDQHDFWLYHVHSRWSURGXFHVFKLP
EXULLLQWHUDFLXQL]LFHLFKLPLFHvQWUHDQWLJHQH$FHVWHPRGLFULFKLDU
GDFOHSXWHPPVXUDLPHGLDWHOHGHYLQHYLGHQWHXQHRULPXOWPDLWkU]LX
0RGLFULOHLPXQRORJLFHFKLPLFHL]LFHQXDXIRVWvQFVXFLHQWVWXGLDWH
'XSOHJHDFRPELQULLVHSRWSURGXFHXQQXPUvQVHPQDWGHPRGLFULvQ
DFWLYLWDWHDDQWLJHQLFDHFUXLYDFFLQvQSDUWH$FHVWHUH]XOWDWHDUDWF
YDQHYRLHGHPHWRGHQRLGHHYDOXDUHDOHDFHVWRUPRGLFUL'LQQHIHUL
FLUHPDLWkU]LXQXVHPDLIDFDVWIHOGHPVXUWRUL$FDGHPLD$PHULFDQGH
3HGLDWULH $$3$PHULFDQ$FDGHP\RI3HGLDWULFV DUHFXQRVFXWFDFLXQHD
LSRVLELOHOHHIHFWHVHFXQGDUHDOHDQWLJHQHORUFRPELQDWHQXDXIRVWvQFVWX
GLDWH'DWRULWXQRUSRVLELOHVFKLPEXULLLQWHUDFLXQL]LFHLFKLPLFHvQWUH
YDFFLQXUL HFDUHYDFFLQDYkQGDOWYLUXVFRQVHUYDQLHWF VHLPSXQHVWXGL
HUHDDFWLYLWLLHFUHLFRPSRQHQWHDQWLJHQLFHvQSDUWHDWkWVLQJXUFkWL
vQFRPELQDLHFXDOWHOH/DRUDDFWXDOFRQVWDWPH[DFWFRQWUDULXODSDULLD


0+LUWHRSFLW
,ELGHP

-%XWWHU\$5LGGHOO-0F9HUQRQ7&KDQWOHUHWDO,PPXQRJHQLFLW\DQG6DIHW\
RID&RPELQDWLRQ3QHXPRFRFFDO0HQLQJRFRFFDO9DFFLQHLQ,QIDQWV$5DQGRPL]HG&RQ
WUROOHG7ULDO-$0$

$=RWW)UXQ:LHGHUYRQPXOWLNRPSRQHQWHQ,PSIVWRIIHQ%XQGHVJHVXQGKHLWVE
ODWW

0-RUJH0'4XLQRQH]3HGLDWULF,QIHFWLRXV'LVHDVH,VVXHV6PDOOSR[&RPEL
QDWLRQ9DFFLQHVDQG0HWKLFLOOLQUHVLVWDQW6WDSK\ORFRFFXVDXUHXV$PHULFDQ$FDGHP\RI



'U&KULVWD7RGHD*URVV

GH QRL FRPELQDLL FX WRW PDL PXOWH VHPQH GH vQWUHEDUH 'DF vQ 2FFLGHQW
VHDGPLQLVWUHD]XQXLVXJDUFRQFRPLWDQWLFkWHYDFFLQXULvQ5RPkQLDVH
DGPLQLVWUHD]FRSLOXOXLvQYkUVWGHOXQLRFRPELQDLHGHYDFFLQXUL
'73D93,+LE 6LPXOWDQ525 &$/(1'$58/'(9$&&,1$5(
25',115',1 
6LVWHPXOLPXQQXHVWHSHGHSOLQFXQRVFXWQLFLODRUDDFWXDO5HDFLD
ODYDFFLQYDULD]GHODLQGLYLGODLQGLYLG
([HPSOHOHSRWFRQWLQXDGDUXQOXFUXDUWUHEXLVQHGHDGHJkQGLW6LV
WHPXOLPXQQXHVWHSHGHSOLQFXQRVFXWQLFLODRUDDFWXDOFXDWkWPDLSXLQ
ODVXJDULLDGROHVFHQLFkQGRUJDQLVPXOVHDvQWUXQSURFHVGHGH]YROWDUH
FRQWLQX2UHFXQRVFLPXQRORJLLRDPHQLGHWLLQFHUFHWWRULLPHGLFL
SHGLDWUL(VWHSUHYL]LELOIDSWXOFvQSHULRDGDGHVXJDUVHGHVFKLGQLWHSRUL
XQLFHFDUHGXFODGH]YROWDUHDLSHUIHFLRQDUHDVLVWHPXOXLLPXQLFDUHXOWH
ULRUQXPDLVXQWDFFHVLELOHQDFHODLWLPSH[LVWLID]HGHPD[LPYXOQHUD
ELOLWDWHODDJHQLH[WHUQLFkQGSRWGHEXWDRVHULHGHEROLFURQLFH$USUHD
VLPSOXVVHSXQDFHVWHID]HYXOQHUDELOHGRDUSHVHDPDXQHLSUHGLVSR]LLL
JHQHWLFHVDXDXQHLEROLPRWHQLWHWLLQGFSkQODRUDDFWXDOJHQHOHvQF
QX VXQW ELQH VWXGLDWH DUP (ULND YRQ 0XWLXV$ IRVW R VXUSUL] V VH
FRQVWDWHODGHVFLIUDUHDJHQRPXOXLXPDQFFHOHGHJHQHSHFDUH
OHPRWHQLPHFDUHvQSDUWHGHODSULQLLQRWULVXQWLGHQWLFHvQSURFHQWGH
FXFHOHDOHWXWXURURDPHQLORUGHSHSODQHW6HSRDWHUHGXFHvQWUHDJD
QRDVWUSHUVRQDOLWDWHVDXWDOHQWXOVOELFLXQLOHHWFODDFHOSURFHQWLQPGH
"6GHSLQGLQGLYLGXDOLWDWHDHFUXLDGLQWUHQRLGHDFHDVWPLFGLIH
UHQJHQHWLF"'HVLJXUFQXDUDEVXUG&XDWkWPDLSXLQVHFXQRD
WHHIHFWXOYDFFLQXULORUDVXSUDVLVWHPXOXLLPXQLDVXSUDJHQHORU6LVWHPXO
QRVWUX LPXQ QH SRDWH DSUD GDU QH SRDWH L vPEROQYL DWDFkQG RUJDQHOH
LQWHUQH'LQQHIHULFLUHQRLQXREVHUYPFHVHvQWkPSOFXVLVWHPXOQRVWUX
LPXQGHFkWDWXQFLFkQGDFHVWDQXPDLUHDFLRQHD]VDXRIDFHvQGHWULPHQWXO
QRVWUXSULQUHIX]XOXQXLULQLFKLWUDQVSODQWDWVDXUHVSLQJHUHDXQHLWXPRULVDX
DWXQFLFkQGDSDUHRERDODXWRLPXQRULRDOHUJLHJUDYFDUHYRUWUDQVIRU



3HGLDWULFV $$3 $QQXDO0HHWLQJ1RYHPEHU1HZ2UOHDQV/RXLVLDQDKWWSZZZ


PHGVFDSHFRPYLHZDUWLFOH

KWWSZZZHPHGLFUR/HJLVODWLHKWP

(9RQ0XWLXV$VWKPDDQGDOOHUJLHVLQUXUDODUHDVRI(XURSH3URF$P7KRUDF
6RF

,ELGHP

%(KJDUWQHURSFLW

9$&&,185,/(35(9(1,(6$8%2$/



PDYLDDRPXOXLvQWUXQDGHYUDWFKLQ'RDUvQXOWLPHOHGRXGHFHQLLVD
SXVPDLPXOWDFFHQWSHFHUFHWDUHDPHFDQLVPXOXLGHIXQFLRQDUHDVLVWHPXOXL
LPXQ&XWRDWHDFHVWHDDSDUPHUHXDOWHWHRULL,PXQRORJLLDWUDJPHUHXDWHQLD
DVXSUDWHRULHLLJLHQLFHFRQIRUPFUHLDLJLHQDHVWHQHFHVDULXQHRULDVDO
YDWPDLPXOWHYLHLGHFkWDOWHLQWHUYHQLLPHGLFDOH&XWRDWHDFHVWHDRLJLHQ
H[DJHUDWQXHVWHGHORFEHQHFODFRSLLDOFURUVLVWHPLPXQVHGH]YROW
ELQHGRDUGDFYDYHQLvQFRQWDFWFXPLFURELLQOWXUDUHDPLFURELORUQXHVWH
GHORFGLFLOSHQWUXVLVWHPXOLPXQDOFRSLLORUFDUHHVWHIRDUWHH[LELOLUH
FXQRDWHvQPLFURRUJDQLVPHQLWHSULHWHQLYHFKLDLFURUUHFHSWRUL SXQFWH
GH OHJDUH  VXQW vQVFULVH vQ JHQHOH QRDVWUH GH PLL GH DQL$FHVW FRQWDFW FX
PLFURELLWUHEXLHGRDUUHvQQRLWODFRSLLLDWXQFLQLFLUHDFLDVLVWHPXOXLLPXQ
QXYDPDLXQDDJUHVLYFLXQDEOkQGRELQXLQGXVHFXPLFUREXOYHFLQ
'DFvQVFRSLOXOYDL]RODWFkWPDLPXOWGHDFHWLPLFURELGHFRQWDFWXOFX
QRURLXOVWU]LLQHLQGOVDWVLPXUGUHDVFPkLQLOHHWFVLVWHPXOOXLLPXQ
YDUHDFLRQDIRDUWHDJUHVLYODFRQWDFWXOFXPLFURELLLRUJDQLVPXOOXLYDDYHD
GHVXIHULW&RSLLLFXXQVLVWHPLPXQVQWRVVHYRUGHVFXUFDIRDUWHELQHFX
GLIHULWHOHLQIHFLLLGHHFDUHGDWYDRQRXH[SHULHQSULQFDUHLPX
QLWDWHDORUDUHGHFkWLJDW$FHDVWWHRULHDVWkUQLWvQVLXQHOHFRQWURYHUVH
GHRDUHFHVSHFLDOLWLLvQ,JLHQLDXY]XWUVWXUQDWHWHRULLOHFRQIRUPFURUD
GRDUPLFURELLLLQIHFLLOHVXQWFDX]DEROLORUFURQLFH&XWRDWHDFHVWHDWUHEXLH
XUPULWGRDUXQVLQJXULQWHUHVFDRPXOVHFkWPDLVQWRV1LFLYLUXVXULOH
QLFLEDFWHULLOHQLFLFLXSHUFLOHQXGRUHVFVOPQkQFHSHRPFLGLPSRWULY
RPXOWULHWHvQWURPDUHGHPLFURELIUVVHDHvQWUXQU]ERLFRQVWDQW
vPSRWULYDDFHVWRUD1LFLQXWUHEXLHFDRPXOVWLQGVHDSURDSHVWHULO
FkQGGHIDSWHOGXFHFXVLQHPHUHXSHVWHNJGHEDFWHULLLQGLIHUHQWXQGHVH
DVDXFkWGHPXOWHVWHGH]LQIHFWDWFDPHUDvQFDUHYDVWD7UHEXLHVOVP
VLVWHPXOLPXQVOXFUH]HQHFDUH]LPRURVHULHGHFHOXOHvPEWUkQLWHvQ
RUJDQLVPXOQRVWUXLDUDOWHOHWLQHUHLVQWRDVHOHLDXORFXO$FHODLOXFUX
VHvQWkPSOLFXFHOXOHOHFDQFHURDVH6HVSXQHF]LOQLFvQRUJDQLVPVHIRU
PHD]LFHOXOHSUHFDQFHURDVHFDUHVXQWVWRSDWHLDSRLGLVWUXVH,QWHVWLQXO
HVWHXQXOGLQWUHFHOHPDLLPSRUWDQWHRUJDQHDOHVLVWHPXOXLQRVWUXLPXQLQG
JD]GD XQXL QXPU GH PLFUREL GH  RUL PDL PDUH GHFkW QXPUXO WRWDO GH
FHOXOHGLQRUJDQLVPXOQRVWUX5DUHRULDFHVWHEDFWHULLGHYLQSDWRJHQHVHvQ
PXOHVFLDWDFRUJDQHOH'HRELFHLPLFURELLWULHVFvQVLPELR]FXQRL
%DFWHULLOHQRDVWUHQXODVvQPRGQRUPDOFDDOWHEDFWHULLVWULQH LQWUXL 
VDWDFHPXFRDVHOHSHQWUXDLQWUDDSRLvQVkQJHFLOHDQLKLOHD]GHVWXOGH



'U&KULVWD7RGHD*URVV

XRUIUFDVLVWHPXOQRVWUXLPXQVHDFWLYDW6HQDWHvQWUHEDUHDGHFH
WRWXLDYkQGXQVLVWHPLPXQDWkWGHSHUIHFLRQDWvQXOWLPHOHGHFHQLLLQIHFLL
OHXRDUHDOHFRSLOULHLVXQWvQORFXLWHFXEROLFURQLFHJUDYHQHYLQGHFDELOH"
5VSXQVXO WUHEXLH FXWDW OD FHOH FDUH GLVWUXJ  vQFHW GDU VLJXU  VLVWHPXO
LPXQDOFRSLLORUYDFFLQXULOH
)LHFDUH LQGLYLG UHDFLRQHD] DOWIHO OD YDFFLQ vQ IXQFLH GH DQXPLLL
IDFWRUL SUHGLVSR]LLH JHQHWLF YkUVW EROL DVRFLDWH GHFLWH LPXQRORJLFH
WUDWDPHQWHVWUHVVHWF
QIXQFLHGHSUHGLVSR]LLDJHQHWLFHFDUHRPSRVHGRPRWHQLUHJH
QHWLFFRPSOH[LQGLYLGXDO&RPSOH[XO+/$ +XPDQ/HXFRF\WH$QWLJHQ
GHVFRSHULWLQLLDOSHVXSUDIDDOHXFRFLWHORUSHQWUXFDUHSURI-HDQ'DXVVHWD
SULPLW3UHPLXO1REHO HVWHKDUWDJHQHWLFDRPXOXL6HPDLQXPHWH&RP
SOH]XOPDMRUGHKLVWRFRPSDWLELOLWDWH 0+& &RPSOH[XO+/$VHDOD
RPSHFURPR]RPXOLFXWRDWHFUHSUH]LQWDSUR[LPDWLYGRDUDPLDSDUWH
GLQ JHQRPXO XPDQ GXS DOL DXWRUL    DUH XQ QXPU IRDUWH PDUH
GHDQWLJHQH(OGLIHUGHODRPODRPLQGRDGHYUDWFDUWHELRORJLFGH
LGHQWLWDWHLUHSUH]LQWED]DSHQWUXKLVWRFRPSDWLELOLWDWHGLFWkQGLPRGXOvQ
FDUHYDUHDFLRQDRUJDQLVPXOvQFD]XOXQXLWUDQVSODQW3RWH[LVWDPLOLDUGHGH
WLSXULGH+/$LDUSRVLELOLWDWHDFDGRLLQGLYL]LFDUHQXVXQWUXGHVSRVHGH
DFHODLWLS+/$HVWHSUDFWLFQXO3ULQVWXGLHUHDHLSXWHPFXQRDWHvQWUR
DQXPLWPVXUODFDUHEROLRPXOHVWHSUHGLVSXVSUHFXPLEROLOHvPSRWULYD
FURUDSUH]LQWRLPXQLWDWHQDWXUDOQIHOXODFHVWDVHSRWDDFHOSXLQRUL
HQWDWLYFDUHGLQWUHYDFFLQXULSRWSURYRFDEROLPDLPXOWVDXPDLSXLQJUDYH
EROLDXWRLPXQHD 'DFRPXOUHVSHFWLYDUHXQ+/$FXXQORFXV%HO
YDSUHGLVSXVODDUWUR]HLDUWULWHVHFXQGDUHFXLQIHFLLUHSHWDWHDSDULQkQG
FODVHORU$*VDX&'LYHUVHLQIHFLLYLUDOH UXMHRORUHLRQLQIHFLLFXYLUXV
&R[VDFNLHHWF FDUHSRWDIHFWDSDQFUHDVXOSRWSURYRFDvQWLPSODXQFRSLO
IRDUWHVHQVLELOXQGLDEHW]DKDUDW6DREVHUYDWFvQVSHFLDOYDFFLQXULOHMRD
F XQ URO LPSRUWDQW vQ SURYRFDUHD XQXL GLDEHW FFL SULQ HOH VH LQWURGXF vQ
RUJDQLVPDJHQLLQIHFLRLPRGLFDLJHQHWLF1XPDLHVWHRQRXWDWHIDSWXO
FGLDEHWXOXL]DKDUDWODFRSLLDSDUHIUHFYHQWGXSYDFFLQXULOHKHSDWLWLF%L
+LE(VWHPRWLYXOSHQWUXFDUHVXQWWRWDOFRQWUDLQGLFDWHYDFFLQXULOHvPSRWULYD
DFHVWRULQIHFLLODFHLFDUHDXRSUHGLVSR]LLHJHQHWLFODGLDEHW]DKDUDWSR
VHGkQGXQ+/$'5LVDX'5%LVDX%2SHUVRDQFDUHSRVHG


,ELGHP
9&ULVWHDHWDORSFLW

6'HODUXHRSFLW




,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



PDUNHUXO+/$%vQJHQRPXOHLSRDWHGH]YROWDXQDVWPEURQLFGDUQLFLQX
YDUHDFLRQDGHORFODYDFFLQXO%&*1XWUHEXLHLQVLVWDWSHLPXQL]DUHDRD
PHQLORUFDUHUPkQHQHJDWLYGXSPDLPXOWHYDFFLQXULFX%&*GHRDUHFH
GLQSXQFWGHYHGHUHJHQHWLFHLQXDXFDSDFLWDWHDGHDUHDFLRQDQVFKLPE
OLVHLQRFXOHD]vQPRGUHSHWDWFDQWLWLPDULGHEDFLOOL.RFKQ/H4XRWLGL
HQGX0pGHFLQGLQJVLPXQDUWLFROGHVSUH6LPSR]LRQXO,QWHUQDLRQDO
FXWHPD+/$L%ROLOHXQGHVDUOXDWvQGLVFXLHSUREOHPDLQXWLOLWLL
YDFFLQXOXL%&*ODXQLLRDPHQLGDUFDUHDOVDWUHFHSHFHLUHVSRQVDELOLGH
SURGXFHUHDYDFFLQXOXL1XVDREVHUYDWQLFLRLQWHQLHGHDVFKLPEDFHYDvQ
DFHVWVHQV2SHUVRDQFX+/$&:HVWHSUHGLVSXVODEROLDXWRLPXQHvQ
XUPD WXWXURU YDFFLQXULORU FDUH FRQLQ YLUXVXUL LDU FLQH DUH XQ +/$'5
UHDFLRQHD]H[DJHUDWODRULFHIHOGHLPXQL]DUH 'U&RUQLNV0pGHFLQH
3UHGLFWLYHXQIDQWDVWLTXHHVSRLU 
/D&RQIHULQDGLQRFWRPEULHSURI'DXVVHWDUPD9DFFLQXULOH
DGPLQLVWUDWHDFXPFRSLLORURVDMXQJFkQGYDGHGRPHQLXOWUHFXWXOXL
GHRDUHFHHVWHFXWRWXOLQXWLOYDFFLQDUHDFRSLLORUvPSRWULYDXQRUEROLGHORF
SHULFXORDVH &X WRDWH DFHVWHD QLFL GXS  GH DQL QX VH REVHUY SH SODQ
PRQGLDORDVWIHOGHWHQGLQ/LWHUDWXUDGHVSHFLDOLWDWHUHFXQRDWHH[LVWHQD
XQHLDVRFLHULvQWUHEROLOHDXWRLPXQHLDQWLJHQHOH+/$7DEHOXOGHPDLMRV
DUDWLQFLGHQDEROLORUDXWRLPXQHODSHUVRDQHOHFXXQDQXPLW+/$FRPSDUD
WLYFXLQFLGHQDODSHUVRDQHOHIUWLSXOUHVSHFWLYGH+/$FXVSHFLFDUHDF
YDORULOHYDULD]GHODRSRSXODLHODDOWD
%RDODDXWRLPXQ
6SRQGLOLWDDQFKLOR]DQW
8YHLWDDFXWDQWHULRDU
6LQGURPXO5HLWHU
6LQGURPXO*RRGSDVWXUH
/XSXVHULWHPDWRVVLVWHPLF
'LDEHW]DKDUDWMXYHQLO
6FOHUR]DPXOWLSO
7LURLGLWD+DVKLPRWR
0LDVWHQLDJUDYLV
3ROLDUWULWDUHXPDWRLG
3VRULD]LVYXOJDU


,ELGHP
,ELGHP

,ELGHP

9&ULVWHDHWDORSFLW

$OHOD+/$
%
%
%
'5
'5
'5'5
'5
'5
'5
'5
'5

5LVFUHODWLY














'U&KULVWD7RGHD*URVV

/XPFDH[HPSOXGLDEHWXO]DKDUDWMXYHQLOWLS,REVHUYPFHODSDUHFX
GRDUPDLIUHFYHQWODFRSLLLFXRSUHGLVSR]LLHJHQHWLFDGLFFXDOHOHOH
+/$'5L'5IDGHFRSLLLFDUHQXOHDX3UHGLVSR]LLDJHQHWLFHVWH
SUDFWLFQHJOLMDELOvQFD]XOGLDEHWXOXLLDUODDSDULLDOXLFRQWULEXLHLRVHULH
GHIDFWRULH[WHUQLLQIHFLLFXYLUXVXULFXDQLWDWHSHQWUXSDQFUHDVDOLPHQWDLD
HWF2EVHUYPvQVFDXFUHVFXWFXFD]XULOHGHGLDEHW]DKDUDWODFRSLLL
FDUHDXSULPLWYDFFLQXULOHKHSDWLWLF%L+LE9HGHPFMXPWDWHGLQEROLOH
DXWRLPXQHPHQLRQDWHvQWDEHODXDSUR[LPDWLYDFHHDLLQFLGHQ&RQFOX]LD
QXSRDWHGHFkWXQDFDX]DEROLORUDXWRLPXQHODFRSLLWUHEXLHFXWDWQXDWkW
ODSUHGLVSR]LLDJHQHWLF GDUQLFLQHJOLMDWWRWDO FkWPDLDOHVODLPXQL]DUHD
ORUDUWLFLDOFXYDFFLQXUL6SRQGLOLWDDQFKLOR]DQW 6$ HVWHIRDUWHUDU
vQDLQWHGHDQLFkWLGXSGHDQL9kUVWDWkQUHVWHPDLGHVDIHF
WDW vQWUH  L  GH DQL  FX XQ PD[LPXP vQWUH  GH DQL 5DSRUWXO
EUEDLIHPHLGHRUGLQXOGLQWUHFXWVDUHGXVPXOWDMXQJkQGOD
ODRUDDFWXDO &OLQ (WLRORJLDEROLLHVWHQHFXQRVFXW1XPHURD
VHVWXGLLDXUHOHYDWLQWHUYHQLD.OHEVLHOOHLD3ODVPRGLLORUSUHFXPLDDO
WRUPDWHULDOHJHQHWLFHH[WUDFURPR]RPLDOHFDUHSURYLQGLQEDFLOLLHQWHULFL
JUDPQHJDWLYL $FHWL IDFWRUL GH PHGLX PDL PXOW VDX PDL SXLQ FXQRVFXL
LQWHUIHUHD]FXIDFWRUXOJHQHWLFvQSDWRJHQLD6$,QWHUYHQLDIDFWRUXOXLHUH
GLWDUDIRVWGHPRQVWUDWGHVWXGLLOHFDUHDUDWFGLQLQGLYL]LL+/$
% SR]LWLYL GH]YROW 6$ vQ SUH]HQD DQXPLWRU IDFWRUL GH PHGLX1X HVWH
FXQRVFXWUHODLDvQWUHDQWLJHQXO+/$%L6$'HLSUHGLVSR]LLDJH
QHWLFvQDVHPHQHDFD]XULHVWHPDLHYLGHQWQXSXWHPH[FOXGHQLFLvQDFHVWH
VLWXDLLXQSRVLELOURODOYDFFLQXULORUWLLQGFYDFFLQXULOHDXEWDLHOXQJ
SXWkQGSURYRFDEROLDXWRLPXQHLODYkUVWDGHDGXOWFXDWkWPDLPXOWFXFkW
IDFWRULLH[WHUQLFDUHLQWHUYLQvQDSDULLDEROLLVXQWPLFURELEDFWHULLPDWHULDOH
JHQHWLFHDOHXQRUEDFWHULLHWF%ROLOHVXEOLQLDWHvQWDEHODSDUFXRIUHFYHQ
PDUHGXSYDFFLQXULFRQIRUPVWXGLLORUPDLPXOWRUDXWRUL YH]LFDS 
7UHEXLHWLXWIDSWXOFH[LVWGRXWLSXULGHJHQHODRPLODDQLPDOHFDUH
LQWHUYLQvQUHJODUHDUHDFLHLLPXQHJHQHOH,U UHVSRQVDELOHGHUHDFLDLPXQ 
LJHQHOH,V UHVSRQVDELOHGHVXSUHVLDLPXQ 'HLVHWLHGHH[LVWHQDORU
HOHQXDXSXWXWORFDOL]DWHvQFODRPFLGRDUODRDUHFLSHFURPR]RPXO
QSUH]HQDXQXLDQWLJHQ YLUXVEDFLOEDFWHULHVDXWR[LQGLQYDFFLQ UHDFLD
LPXQQRUPDOODRPGHVFULVDQWHULRUvQXUPDDFWLYULLOLPIRFLWHORU%YD
GXFHODIRUPDUHDGHDQWLFRUSL,J0 ,PXQJOREXOLQH0 GHID]DFXWLUHSUH
]LQWUVSXQVXOLPXQXPRUDOSULPDU6XELQXHQDJHQHORU,UYDDYHDORFR




 / *KHUDVLP 0HGLFLQ ,QWHUQ %ROLOH DSDUDWXOXL UHVSLUDWRU L ORFRPRWRU YRO 
(GLWXUD0HGLFDO%XFXUHWL

9$&&,185,/(35(9(1,(6$8%2$/



QRXUHDFLHLPXQFRQVWkQGvQUVSXQVXOLPXQXPRUDOVHFXQGDUFXIRUPDUH
GH DQWLFRUSL ,J* ,PXQJOREXOLQH *  9DFFLQXULOH DU WUHEXL V LQGXF IRU
PDUHDXQRUDVWIHOGHDQWLFRUSL,J* FRQIRUPSULQFLSLXOXLYDFFLQULL $FHVWH
,PXQJOREXOLQH*FRQVWLWXLHDQWLFRUSLLSURWHFWRULFDUHQHXWUDOL]HD]WR[LQHOH
EDFWHULHQHIDFLOLWHD]IDJRFLWR]DHWFLUHSUH]LQWPDMRULWDWHDLPXQJOREXOL
QHORUGLQVHU GLQWRWDO LQGVLQJXUHOHLPXQJOREXOLQHFDUHWUHFSULQ
EDULHUDSODFHQWDUFXH[HUFLWDWUHDSURWHFLHLDQWLLQIHFLRDVHODIWLDSRLOD
QRXQVFXW,J*VXQWFHOHFDUHYRUSUHYHQLRUHLQIHFLHFXUXMHROUXEHRO
HWF7RWHOHDUWUHEXLVSUHYLQLQIHFLLOHSHQWUXFDUHVXQWYDFFLQDLFRSLLL
'DUVXELQXHQDJHQHORU,V LPXQRVXSUHVRDUH SUH]HQWHGRDUODXQHOHSHU
VRDQHLFRGDWHGHFWUHOLPIRFLWHOH7VXSUHVRDUH 7V UHDFLDLPXQQXWUHFH
GHSULPXOUVSXQVLPXQQIHOXODFHVWDQXDUHORFUVSXQVXOLPXQVHFXQGDU
GHFLQLFLIRUPDUHDGH,J*5H]XOWDWXOHVWHXQVHQWLPHQWGHRIDOVVLJXUDQ
GXSYDFFLQDUH&DXUPDUHRDPHQLLFDUHSRVHGDFHVWHJHQH,VYRUYDF
FLQDLGDUQXLLPXQL]DL$DVHH[SOLFGHFHXQSURFHQWGHGLQWUH
RDPHQLLYDFFLQDLQXUHDFLRQHD]VSUHH[HPSOXODYDFFLQXODQWLGLIWHULFVDX
GLQGHRDPHQLYDFFLQDLDQWLSROLRQXUHDFLRQHD]SULQIRUPDUH
GHDQWLFRUSL2EVHUYPDFHDVWOLSVGHUHDFLHvQVSHFLDOODFHLFXPDUNHUXO
+/$%/DDFHWLLQGLYL]LHVWHQHYRLHGHSUHYHQLHLWUDWDPHQWGDUQXGH
YDFFLQXUL 3URGXFWRULL GH YDFFLQXUL JVHVF PHUHX XQ UVSXQV OD DVWIHO GH
SUREOHPHLQXIDFH[FHSLLSHQWUXQLPHQL3UHGLVSR]LLDJHQHWLFHVWHGRDU
XQXOGLQWUHPXOWLSOHOHPRWLYHSHQWUXFDUHQXDUWUHEXLHIHFWXDWHYDFFLQULOHOD
VXJDULLFRSLLLPLFLYDFFLQXULOHDVHPQkQGXVHFXXQJORQWHWUDVvQvQWXQH
ULF +DUULV&RXOWHU IUVWLPXQGHLQWLPGDFHOLDDWLQVLQWDLPDL
DOHVXUPULOHSHFDUHOHYDDYHDvQWLPSUDQDSURYRFDW
/DQRXQVFXWDUWUHEXLGR]DWHvQPRGREOLJDWRULX,PXQJOREXOLQHOH(
,J( $FHWLDQWLFRUSLVHJVHVFvQVHUGDUGDWRULWQLYHOHORUVHULFHIRDU
WHPLFL PJVDX8,PO QXSRWSXVHvQHYLGHQGHFkWSULQ
PHWRGHVSHFLDOH LPXQRHQ]LPDWLFH 1LYHOXOORUFUHWHIRDUWHPXOWvQEROLOH
DOHUJLFHDVWPDOHUJLFULQLWDOHUJLFHF]HPDWRSLFHWF/HJVLPFUHVFXWH
LvQSDUD]LWR]H1LYHOXOFUHVFXWDO,J(HVWHRFRQWUDLQGLFDLHDEVROXWSHQ
WUXRULFHYDFFLQ(OHDUDWLRSUHGLVSR]LLHODEROLDXWRLPXQH'HVHRULDFHV
WHLPXQJOREXOLQHVXQWGR]DWHODVXJDUGRDUODOXQLFXRFD]LDGHEXWXOXL
HF]HPHLDWRSLFHVDXDDOHUJLHLODODSWHFkQGQLYHOXO,J(GHSHWH8,PO



'U&KULVWD7RGHD*URVV

LQGQHYRLHGHXQWUDWDPHQWVXVLQXW FRUWLFRWHUDSLH LGHVHRULFXUHSHUFXVL


XQLJUDYHDVXSUDVLVWHPXOXLLPXQ'RDUFkQGFRSLLLQRWULYRUVXIHULXOWHULRU
GH XQ GLDEHW ]DKDUDW GH XQ$5- DUWULW UHXPDWRLG MXYHQLO  GH XQ DVWP
EURQLFGHVLQGURPXO$'+'GHDXWLVPVDXRDOWERDODXWRLPXQQHYLQ
GHFDELOQLVHYDVSXQHFkQGHVWHSUHDWkU]LXERDODDFHDVWDDUHRSUHGLVSR]L
LHJHQHWLFFDUHQXSRDWHSUHYHQLWLDUGHYLQHVWHGLQQRXSULQWHOHFX
EDJDMXOVXJHQHWLF1RXQVFXWXODDFXPDPDUWDWODvQFHSXWGHFDSLWRO
DUHDQWLFRUSLGHODPDPLDFHWLDSRWEORFDIRUPDUHDDOWRUDQWLFRUSLGXS
YDFFLQDUHQ68$VDREVHUYDWFYDFFLQXODQWLUXMHROLFQXDGXVODIRUPDUHD
GHDQWLFRUSLODVXJDULLQGFDQWLFRUSLLSULPLLGHODPDPDXRSULWIRUPDUHD
DFHVWRUD2PXOvQJHQHUDOvLIRUPHD]IRDUWHJUHXDQWLFRUSLGXSYDFFLQDUH
QIXQFLHGHXQHOHGHFLWHLPXQH/DXQLLGLQWUHFRSLLSRWH[LVWDGH
FLWHLPXQHFXPDUGLVJOREXOLQHPLLOHGHFLWXOGH,J* ,PXQJOREXOLQH*
DQWLFRUSL VDXGHFLWGH,J$ ,PXQJOREXOLQH$DQWLFRUSL VDXDPEHOH$FHWL
FRSLLQXYRUIRUPDDQWLFRUSLQLFLGXSERDOLQLFLGXSYDFFLQDUH$VH
PHQHDEROLHUDXUDUHvQWUHFXWGDUvQXOWLPLLDQLDFUHVFXWPXOWLQFLGHQDORU
1XHVWHRQRXWDWHIDSWXOFYDFFLQXULOHSRWLQGXFHVDXDJUDYDXQGHFLWLPXQ
QIXQFLHGHEROLOHGLQWUHFXW DQWHFHGHQWH &RSLLLFDUHDXVXIHULWGH
LQIHFLL XULQDUH OD YkUVWH PLFL QX YRU UHDFLRQD OD YDFFLQXO DQWLWHWDQRV VDX
IRDUWHSXLQ &RQIHULQDLQWHUQDLRQDOGHVSUHWHWDQRV 
QIXQFLHGHGLYHUVHWUDWDPHQWH0HGLFDPHQWH FRUWLFRL]LLDOWHPH
GLFDPHQWHFDUHVFDGLPXQLWDWHD LUDGLDLLEROLSDUD]LWRORJLFHHWFSRWGXFHOD
VFGHUHDLPXQLWLLLLPSOLFLWDIRUPULLGHDQWLFRUSL
QIXQFLHGHDOLPHQWDLH6XEQXWULLDGXFHODOLSVDGHYLWDPLQHLSUR
WHLQH QHFHVDUH SHQWUX VLQWH]D XQRU HQ]LPH LPSRUWDQWH SHQWUX RUJDQLVP 
/LSVDORUYDGXFHODRUHDFLHLPXQRORJLFPRGLFDW(VWHLFD]XOVXJDULORU
FDUHQXVXQWDOLPHQWDLODVkQFLVXQWDOLPHQWDLDUWLFLDOFXODSWHSUDI(L
YRUDYHDRLPXQLWDWHVF]XWLYRUUHDFLRQDDOWIHOODYDFFLQGHFkWFHLDOL
PHQWDLQDWXUDO&DPSDQLLOHGHYDFFLQDUHIFXWHODFRSLLLGLQULOHOXPLLD
WUHLDFRQVWLWXLHXQDGHYUDWSHULFROSHQWUXDFHWLD
QIXQFLHGHVWUHVV2HPRLHPDUHVDXRWUDXPSXWHUQLF XQGHFHVvQ
IDPLOLHHWF SRWLQXHQDVLVWHPXOLPXQ HVWHYRUEDGHFRSLLPDLPDULVDXGH
DGXOL 6DREVHUYDWDSDULLDEROLORUDXWRLPXQHVDXDEROLORUPDOLJQHvQDVWIHO
GHFD]XULGLQFDX]DGHUHJOULLVLVWHPXOXLLPXQ8QYDFFLQDGPLQLVWUDWvQWUR
DVWIHOGHSHULRDGQXSRDWHGHFkWVFRQWULEXLHODDSDULLDVDXODDJUDYDUHDORU









6'HODUXHRSFLW
9&ULVWHDHWDORSFLW

6'HODUXHRSFLW

9&ULVWHDRSFLW

6'HODUXHRSFLW 'U.DOPDU/HFDUQHWLPPXQRORJLTXH 
,ELGHP

,ELGHP

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



QIXQFLHGHVWDUHDGHVQWDWH]LFDSHUVRDQHLYDFFLQDWH([LVWHQD
XQHLEROLFRQFRPLWHQWH LQIHFLHYLUR]UHVSLUDWRULHHWF VFDGHSURGXFLDGH
DQWLFRUSLLSRDWHDJUDYDERDODH[LVWHQWSULQDSDULLDGHFRPSOLFDLLPHQLQ
JLWHHQFHIDOLWHHWF'HH[HPSOXGDFXQVXJDUDUHREURQLWLHVWHYDFFLQDW
vPSRWULYDUXMHROHLERDODOXLVHSRDWHFRPSOLFDFXRPHQLQJLWVDXHQFHIDOLW
3ULQVFGHUHDLPXQLWLLYDFFLQXOSRDWHSURYRFDODFRSLOERDODSHQWUXFDUH
HVWHYDFFLQDW$PFXQRVFXWvQSUDFWLFDPHGLFDODVWIHOGHFD]XULLDUGLD
JQRVWLFXOSXVvQDVHPQHDFD]XULHVWHFHODOFRPSOLFDLHLLQIHFLHLUHVSHFWLYH
PHQLJRHQFHIDOLWHSLOHSVLH 6LQGURP:HVW HWF  L QX FHO GH FRPSOLFDLH
SRVWYDFFLQDO
QIXQFLHGHYkUVW/DYkUVWQLFLVLVWHPXOLPXQHVWHPDLULJLGFDOD
FRSLLLQXVHPDLIRUPHD]VXFLHQLDQWLFRUSL8QVWXGLXUHDOL]DWFXGH
SHUVRDQHWUHFXWHGHGHDQLLFDUHDXSULPLWGR]HGHYDFFLQWHWDQLFDHYL
GHQLDWFODGHSHUVRDQHQXDFUHVFXWVXFLHQWWLWUXOGHDQWLFRUSL $D
&RQIHULQ,QWHUQDLRQDOGHWHWDQRV &XFkWRPXOHVWHPDLvQYkUVW
FXDWkWVLVWHPXOOXLLPXQUHDFLRQHD]PDLVODEODXQYDFFLQ
3UH]HQDDQWLFRUSLORUvQVHDPQLSUH]HQDXQHLLPXQLWLHFLHQWH"
$QWLFRUSLLVXQWSURWHLQHGLQFODVDJOREXOLQHORUDDWHvQVkQJH'HDFHHD
VHPDLQXPHVFLPXQJOREXOLQH ,J LQGFODVLFDWHvQWLSXUL,J$,J*L
,J03URGXFLDGHDQWLFRUSLGHSLQGHGHDQWLJHQXO YLUXVEDFWHULHHWF FXFDUH
RUJDQLVPXOYLQHvQFRQWDFWLSRDWHUHDFLRQDVDXQX$QWLFRUSLLUHSUH]LQW
GRDURSDUWHGLQvQWUHJXOFRPSOH[GHDSUDUHDORUJDQLVPXOXL'LQQHIHULFL
UHSHQWUXFHLFDUHLPSXQLIDFLPXQL]ULOHSURGXFLDGHDQWLFRUSLHVWHFHD
PDLLPSRUWDQWUHSUH]HQWkQGVLQJXUXOORUDUJXPHQWSHQWUXDGHPRQVWUDH
FLHQDXQXLYDFFLQ&XWRDWHDFHVWHDQXUDUHVXQWFD]XULOHFkQGvQXUPD
YDFFLQXOXLGHLRDPHQLLSRVHGXQWLWUXVXFLHQWGHPDUHGHDQWLFRUSL
VDXFKLDUIRDUWHPDUH FDUHVLSURWHMH]HGHERDOHLWRWXLRIDF/DXQ
&RQJUHVGLQ1LDPH\GLQLDQXDULHODFDUHDXIRVWSUH]HQWDWHSURJUD
PHOHGHYDFFLQULLUH]XOWDWHOHORUGLQOXPHDDWUHLD'U-DFTXHV'UXFNHU
'LUHFWRUDO,QVWLWXWXOXLGH&HUFHWDUH$303DIFXWRFRQVWDWDUHDPDUQF
QX DP FXQRVFXW QLFLRGDW XQ DVHPHQHD HHF DO SURWHFLHL VHURORJLFH SULQ
LQWHUPHGLXO DQWLFRUSLORU  GHVSUH FDUH VD DUPDW PHUHX F HVWH VLJXU L
FRUHVSXQGHUHDOLWLL5HGDXGRXGLQWUHH[HPSOHOHFDUHYLQVvQWUHDVF
DUPDLLOHGHPDLVXV



'U&KULVWD7RGHD*URVV

D 7HWDQRV6DXIFXWPDLPXOWHVWXGLLSHQWUXDXUPULUHDFLDVLVWHPXOXL
LPXQODYDFFLQXOWHWDQLFSULQPVXUDUHDDQWLFRUSLORUIRUPDLLSUH]HQLvQ
VkQJH6DFRQVWDWDWFDXH[LVWDWGHFHVHGXSWHWDQRVLQFOXVLYODFHLFDUH
DX DYXW R FDQWLWDWH VXFLHQW GH DQWLFRUSL 8Q WLWUX PDUH GH DQWLFRUSL VH
REVHUYLODFHLYDFFLQDLFXDOWHYDFFLQXULLFDUHWRWXLIDFERDOD3URWHFLD
vPSRWULYDWHWDQRVXOXLHVWHRSUREOHPFRPSOH[vQFDUHLQWHUYLQHDWkWLPXQL
WDWHDXPRUDOFkWLDFHDFHOXODU6HFXQRVFVXFLHQWHGDWHGHVSUHUHDFLD
VLVWHPXOXLLPXQIDGHDQWLJHQHGDUGHVSUHPHFDQLVPHOHVLVWHPXOXLLPXQ
FDUHVXQWLPSOLFDWHGLUHFWvQOXSWDvPSRWULYDXQXLYLUXVFDX]DWRUDOLQIHFLHL
SUHFXPLUHDFLDGHDSUDUHUDSLGLFRPSOH[vQDFHODLWLPSvPSRWULYD
UHVSHFWLYHLLQIHFLLQXVHFXQRDWHDSURDSHQLPLF/D&RQJUHVVDSXV
DFFHQW L SH UHDFLLOH LPXQH DSDUHQW SDUDGR[DOH vQ FD]XO WHWDQRVXOXL GXS
FXPSXWHPFLWL6WXGLLOHDXDUWDWFDXPXULWGHWHWDQRVRDPHQLFDUHDYHDX
XQWLWUXFUHVFXWGHDQWLFRUSLvQVkQJH GHFLRSURWHFLHVXFLHQW LDUSHGH
DOW SDUWH SHUVRDQH FDUH QX DX IRVW LPXQL]DWH ID GH WHWDQRV GDU DYHDX
EDFLOXOvQVkQJHQXDXIFXWLERDOD([HPSOHOHSRWFRQWLQXDLQGIUHF
YHQWHLvQVLWXDLDDOWRULPXQL]ULGDUGLQQHIHULFLUHQXUHSUH]LQWLQWHUHV
SHQWUXFHLFDUHSURPRYHD]YDFFLQXULOH
E  5XMHROD 'XS R HSLGHPLH GH UXMHRO GLQ 6HWW &LW\ .DQVDV 68$ 
VDXH[DPLQDWGHFRSLLFDUHDXIFXWERDOD8QSURFHQWGHGLQWUHHL
DYHDXDQWLFRUSLSHQWUXUXMHROvQVVDFRQVWDWDWFDSURDSHGLQWUHHL 
FD]XUL IXVHVHUYDFFLQDLvQDLQWH'HVSUHDFHVWUH]XOWDWXLPLWRU0HUNOHQL
%HUWKDX[VFULDX6DREVHUYDWFvQRUJDQLVPXOFHORUYDFFLQDLHUDSUH]HQW
XQQXPUPDUHGHYLUXVXULFDX]DWRULDLUXMHROHLFXWRDWHFvQVkQJHH[LVWD
RFDQWLWDWHPDUHGHDQWLFRUSLIUFDVVHLQVWDOH]HLPXQLWDWHD DSUDUHD
IDWGHLQIHFLH 'HFH"6HWLHFvQWLPSXOXQHLLQIHFLLQDWXUDOHSURYR
FDWHGHYLUXVXOQDWXUDOHVWHVXFLHQWXQQXPUPLFGHDQWLFRUSLSHQWUX
UHDOL]DUHDXQHLLPXQLWLHFLHQWHvPSRWULYDEROLLSHFkQGSULQYDFFLQDUH
VHSRDWHSURGXFHXQWLWUXPDUHGHDQWLFRUSLIUFDVVHLQVWDOH]HvQVL
LPXQL]DUHD DSUDUHDIDWGHERDO &XDOWHFXYLQWHDQWLFRUSLLSHFDUH
RUJDQLVPXOvLVLQWHWL]HD]GXSYDFFLQXULSRWLQHFLHQL1XSXWHPVSXQH
GHFkWFHVWHXQDOWHHFDOSULQFLSLXOXLYDFFLQULL




,ELGHP

,ELGHP

,ELGHP

6'HODUXHRSFLW 'LH,QWHUQDWLRQDOH7HWDQXVNRQIHUHQ] 
6'HODUXHRSFLW

,ELGHP

,ELGHP +HXUHVGH)UDQFH 


9$&&,185,/(35(9(1,(6$8%2$/



/LSVDDQWLFRUSLORUHVWHLGHQWLFFXOLSVDLPXQLWLL"
Q FD]XO LQIHFLLORU YLUDOH DQWLFRUSLL QDWXUDOL FDUH QH SURWHMHD] vL IDF
DSDULLDGRDUvQPRPHQWXOvQFDUHvQFHSHGHMDYLQGHFDUHD3URGXFLDGHDQ
WLFRUSLHVWHXOWLPDDUPIRORVLWGHRUJDQLVPvQOXSWDFXEROLOH 'U:HQGHO
2%HOHOG 
([HPSOH
D 0)DVTXHOOHVFULHvQUHYLVWD/DPpGHFLQHPROpFXODLUHUHIHULWRUODSR
OLRPLHOLW(VWHGHUHPDUFDWIDSWXOFvQFD]XOSROLRPLHOLWHL IRUPDSDUD
OLWLF vQFHSHYLQGHFDUHDvQDLQWHFDVDSDUDQWLFRUSLL QHXWUDOL]DQLDQ
WL1  Q WLPSXO EROLL VH IRUPHD] SHQWUX vQFHSXW DQWLFRUSLL GH WLS DQWL+
vPSRWULYDDQWLJHQXOXLYLUDOQHLQIHFLRV $FHWLDQWLFRUSLDSDUvQ]LXDDD
'XS]LOHDSDULDQWLFRUSLQHXWUDOL]DQLDQWL1 vPSRWULYDDQWLJHQHORU
YLUDOHFXFDUDFWHULQIHFLRV GDUvQWUXQQXPUGHVWXOGHPLF/DVIkULWXO
FRQYDOHVFHQHLPDLUPkQGRDUDQWLFRUSLLQHXWUDOL]DQLDQWL1
E 0HUNOHQL%HUWKDX[DXFRQVWDWDWFvQWLPSXOXQHLLQIHFLLSkQFkQG
vQF QX VDX VLQWHWL]DW DQWLFRUSL SRDWH DSUHD R UH]LVWHQW vPSRWULYD XQHL
UHYDFFLQULQDOWHFD]XULSXWHPREVHUYDRLPXQLWDWHIRDUWHEXQIDGH
LQIHFLHFXWRDWHFQXVDSXWXWGHWHFWDQLFLRXUPGHDQWLFRUSLIRORVLQG
FKLDULFHOHPDLVHQVLELOHWHKQLFL(VWHRDOWODFXQDSULQFLSLXOXLYDF
FLQULL
&HUROMRDFFXDGHYUDWDQWLFRUSLL"
'U.DOPDUUHODWHD]0RPHQWXOvQFDUHvQPRGQRUPDODSDULDQWLFRUSLL
QHGHPRQVWUHD]IDSWXOFDFHWLDMRDFGRDUXQUROVHFXQGDUvQDSUDUHD
LPXQIDGHLQIHFLL6HSDUHFDQWLFRUSLLDXIXQFLDGHDFXUDRUJD
QLVPXO GH DQWLJHQHOH FDUH FLUFXO vQ VkQJH )XQFLLOH L UROXO DQWLFRUSLORU
WUHEXLHVWXGLDWPDLvQSURIXQ]LPHGDUVLJXUHVWHIDSWXOFUROXOORUQXHVWH
DWkWGHLPSRUWDQWLH[FOXVLYLVWDDFXPGRUHVFVQHFRQYLQJGHDFHVWOXFUX
IDQDWLFLLSURGXFWRULGHYDFFLQXULSHQWUXDLFRPHUFLDOL]DXQSURGXVLGHQ
WLFFXRIDQWH]LHFHOSXLQvQFD]XOLQIHFLLORUYLUDOH
8QLLGLQWUHLPXQRORJLSUHFXP)DVTXHOOHPHUJFKLDUPDLGHSDUWHLDU
PFDQWLFRUSLLQXIDFDOWFHYDGHFkWVVFRDWvQHYLGHQH[LVWHQDXQXLDWDF
LQIHFLRVDVXSUDRUJDQLVPXOXL'DFDQWLFRUSLLVXQWFXDGHYUDWUHVSRQVD
ELOLGHWRDWHUHDFLLOHLPXQHFHDXORFvQSUH]HQDXQXLDQWLJHQHHOQDWXUDO
VDXDUWLFLDO GLQYDFFLQ vQVHDPQFDFHWLDQWLFRUSLMRDFXQUROvQFGH


,ELGHP
,ELGHP





'U&KULVWD7RGHD*URVV

ORFFXQRVFXWGHFWUHQRL6HSDUHFGHPXOWHRULSUH]HQDDQWLFRUSLORUHVWH
GRDUGRYDGDFH[LVWRLQIHFLHvQRUJDQLVPVDXFHDDH[LVWDWUHFHQW
3RDWHSURYRFDYDFFLQXOERDODSHFDUHDUWUHEXLVRSUHYLQ"
([HPSOX SULQ YDFFLQXO WHWDQLF L GLIWHULF YRP LQWURGXFH vQ RUJDQLVP
WR[LQHOHDFHVWRUDFDUHVXQWDWHQXDWHDWkWFkWVQXSURGXFERDODGDUV
SURYRDFH R UHDFLH LPXQ HFLHQW 6XE DFHDVW OLPLW D SDWRJHQLWLL
YDFFLQXO QX DU DYHD QLFLXQ VHQV SDWRJHQLWDWH vQVHPQkQG FDSDFLWDWHD GH D
SURGXFH R IRUP GH ERDO vQ DFHVW FD] R IRUP XRDU WLP vQV F QLFL
WR[LQHOHQLFLYLUXVXULOHGLQYDFFLQXULQXDWLQJDFHVWSUDJDOSDWRJHQLWLL
PRWLYSHQWUXFDUHHVWHQHYRLHGHDGMXYDQLQFD]XOYDFFLQXULORUFDUHFRQ
LQ YLUXVXUL UXMHROLF UXEHROLF YDULFHO KHSDWLF JULSDO SROLRPLHOLWLF HWF 
DJHQWXOSDWRJHQHVWHHXQYLUXVYLXLDWHQXDWHXQYLUXVRPRUkWFDUH
ODIHOFDLWR[LQHOHQXYRUSXWHDSURYRFDRUHDFLHLPXQGHFkWFXDMXWRUXO
DGMXYDQLORU5LVFXOFDXQYLUXVYLXLDWHQXDWVGHYLQGLQQRXDJUHVLYL
SXWHUQLFSDWRJHQHVWHvQWRWGHDXQDSRVLELO3HQWUXDUH]ROYDDFHVWLQFRQYH
QLHQWVDvQFHUFDWIRORVLUHDXQRUIUDJPHQWHGHYLUXVXULODFDUHVHDGDXJ
VWLPXOHQLLPXQLFXUROXOGHDFUHWHHIHFWXOORUSDWRJHQ$GMXYDQLLQXVXQW
GHORFOLSVLLGHSHULFRO6HFRPSOLFPXOWOXFUXULOHFkQGQHJkQGLPFGHL
LQYLWUR vQODERUDWRU HVWHSRVLELOVGLVWUXJHPDFHVWHYLUXVXULVDXFHOXOHOH
LQIHFWDWHUPkQHXQOXFUXIRDUWHGLFLOGHUHDOL]DWGDFQXFKLDULPSRVLELO
VVHvQWkPSOHDFHODLOXFUXLLQYLYR vQRUJDQLVPXOYLX  *UXQGODJHQ
XQG$QZHQGXQJHQGHU,PXQRORJLHWUDG%D]HOH,PXQRORJLHLDSOLFDWH 
6HSRDWHvQWkPSODFDRPXOVIDFERDODvPSRWULYDFUHLDDIRVWYDFFLQDW
GDF vQ DFHO YDFFLQ VH D XQ YLUXV YLX DWHQXDW VSUH H[HPSOX SROLRPLHOLWD
SRVWYDFFLQDOFXYDFFLQRUDO6DELQUXMHRODUXEHRODRUHLRXOHWFPDLDOHVOD
SHUVRDQHOHFXGHFLHQHLPXQH$FHVWHFD]XULVXQWPDLUDUH&HOHPDLIUHFYHQWH
FD]XULGHERDOSRVWYDFFLQDOVXQWFHOHDWLSLFHFXPDU3ROLROLNH DVHPQ
WRDUHFXSROLRPLHOLWD 3HUWXVVLVOLNH DVHPQWRDUHFXWXVHDFRQYXOVLY HWF
'HLDFHVWHDIHFLXQLVXQWPDLIUHFYHQWHHOHGHVHRULQXVXQWGLDJQRVWLFDWHVDX
VXQWFRQIXQGDWHFXRDOWERDO&HOPDLIUHFYHQWREVHUYPDVHPHQHDDIHFL
XQLvQXUPDYDFFLQXOXL525FkQGSDFLHQLLIDFIRUPHDWLSLFHGHUXMHRO8Q


,ELGHP
,ELGHP

-'&KHUU\5')HLJLQ/$/REHV-U3*6KDFNHOIRUG$W\SLFDOPHDVOHVLQ
FKLOGUHQSUHYLRXVO\LPPXQL]HGZLWKDWWHQXDWHGPHDVOHVYLUXVYDFFLQHV3HGLDWULFV
1RY    KWWSZZZQFELQOPQLKJRYSXEPHG  )XOJLQLWL 9$ (OOHU -
'RZQLH$:.HPSH&+$OWHUHGUHDFWLYLW\WRPHDVOHVYLUXV-DPD'HF
  KWWSZZZQFELQOPQLKJRYSXEPHG


9$&&,185,/(35(9(1,(6$8%2$/



PHGLFFXPDLSXLQH[SHULHQQXYDUHFXQRDWHIRUPHOHDWLSLFHGHERDO7UH
EXLHWLXWIDSWXOFvQFD]XOLQIHFLLORUYLUDOHQDWXUDOHERDODSRDWHXQDDFXW
UHFLGLYDQWVDXODWHQW YLUXVXULODWHQWHFDUHGRUPSRWUHGHYHQLDFWLYHLSRW
SURYRFDERDODvQDQXPLWHFRQGLLL VDXSRDWHXQDVXEFOLQLF ERDODDFXWVDX
FURQLFIUVLPSWRPH &DXUPDUHLYLUXVXULOHGLQYDFFLQXULSRWSURYRFD
GLIHULWHIRUPHGHERDO DFXWHUHFLGLYDQWHVDXODWHQWH 9LUXVXULOHODWHQWHSRW
LHOHUHDFWLYDWHvQXUPDXQXLYDFFLQ
2PXOYDFFLQDWGHLQXIDFHERDODSRDWHXQHRULFRQWDJLRVSHQWUX
FHLODOLRDPHQL8QRPYDFFLQDWFXXQYLUXVYLXSRDWHFRQWDJLRVSHQWUX
RDPHQLLFXFDUHYLQHvQFRQWDFW6SUHH[HPSOXXQFRSLOYDFFLQDWDQWLSROLR
FXYDFFLQXORUDO6DELQSRDWHFRQWDJLRVSHQWUXPDPDOXLFDUHHVWHPHUHXvQ
FRQWDFWFXHO'LQIHULFLUHDFHVWHFD]XUL SROLRPLHOLWDGHFRQWDFWFXYLUXVXO
YDFFLQDO VXQWIRDUWHUDUH
2ULFHYDFFLQvOIDFHSHRPVXVFHSWLELOSHQWUXDOWHEROLL)HQRPHQXOGH
KLSHUVHQVLELOLWDWHHVWHWUDWDWvQFDS
0RGXOvQFDUHDIHFWHD]DGMXYDQLLGLQYDFFLQXULLQWHJULWDWHDVLVWH
PXOXLLPXQDOVXJDUXOXLLFRSLOXOXLHVWHGHVFULVvQFDS
)HEUDLUROXOHLEHQHFvQLQIHFLL$PDERUGDWDFHDVWWHPDLFLLQG
FPRGXOFXPWUDWPIHEUDvQWRDWHDIHFLXQLOHYLUDOHHHOHEROLHUXSWLYHVDX
QXHVWHIRDUWHLPSRUWDQW)HEUDHVWHRUHDFLHGHDSUDUHDRUJDQLVPXOXLLDU
UROXOHLvQLQIHFLLHVWHLQFRQWHVWDELO
)HEUDFUHWHFLUFXODLDVDQJXLQvQJDQJOLRQLLOLPIDWLFLDMXWkQGFHOXOHOH
LPXQHGLQVkQJHVDMXQJPDLUHSHGHvQDFHVWORF VHGXEOHD]WLPSXOGH
FLUFXODLH 
*DQJOLRQLLOLPIDWLFLVXQWGXSFXPDPY]XWDGHYUDWHFHQWUHGHFR
PXQLFDUHXQGHVHLQLHD]UVSXQVXOLPXQvQWURLQIHFLH8QJUXSGHH[SHUL
LPXQRORJLFRQGXVGH'U6KDURQ(YDQVGHOD,QVWLWXWXO2QFRORJLF5RVZHOO
3DUN GLQ %XIIDOR 1HZ <RUN DFFHQWXHD] UROXO LPSRUWDQW DO JDQJOLRQLORU
OLPIDWLFL vQ LQLLHUHD UVSXQVXOXL LPXQ$FHVW PHGLF D SXEOLFDW GH FXUkQG
UH]XOWDWHOH HIHFWXDWH SH DQLPDOH FDUH UHGDX vQ PRG H[SOLFLW HIHFWHOH EHQH


6'HODUXHRSFLW
,ELGHP

,ELGHP

%(KJDUWQHURSFLW




'U&KULVWD7RGHD*URVV

FHDOHIHEUHLvQOXSWDvPSRWULYDEROLL([SHULHQDSHRDUHFLFDUHDXR
WHPSHUDWXUDVHPQWRDUHFXFHDDRPXOXLDUDWFIHEUDDGXVODGXEODUHD
QXPUXOXLGHFHOXOHLPXQHFHDXSWUXQVDSRLvQJDQJOLRQLLOLPIDWLFL)DJR
FLWHOHGLQJDQJOLRQL FDUHPQkQFPLFURELL DDFXPDPY]XWUHXHVF
VGLVWUXJRPDUHSDUWHGLQDQWLJHQHOHVWULQHLDUDSRLSUH]LQWIUDJPHQWHOH
UPDVHGUHSWVWXGLXFHOXLGHDOGRLOHDYDOGHFHOXOHLPXQHOLPIRFLWHORU%L
7GLQJDQJOLRQLFDUHYRUGXFHSkQODFDSWDFLXQHDGHGLVWUXJHUHDLQWUXVX
OXL/LPIRFLWHOH7DLFURUUHFHSWRULSRVHGSURSULHWDWHDGHDUHFXQRDWH[D
LDQLKLODDQWLJHQHOHVWULQHvQFHSVVHvQPXOHDVFUDSLGvQWLPSFHOLPIR
FLWHOH%vQFHSSURGXFHUHDGHDQWLFRUSL(VWHLPRWLYXOSHQWUXFDUHWXPHH
UHDJDQJOLRQLORUSUHFHGHIHEUD6FGHUHDIHEUHLFXDMXWRUXOPHGLFDPHQWHORU
HVWH XQ OXFUX JUHLW GHRDUHFH UHGXFHP DSUDUHD LPXQ 'RDU FkQG IHEUD
HVWHIRDUWHPDUHWUHEXLHLQWHUYHQLWDYHUWL]H]'U(YDQV
D )HEUDODVXJDULFRSLO
 Q WUHFXW IHEUD vQVHPQD ERDO vQFHSkQG FX DQXO  PHGLFXO &DUO
:XQGHUOLFKGLQ/HLS]LJHPLWHSHQWUXSULPDGDWLSRWH]DFRQIRUPFUHLDIH
EUDFRQVWLWXLHGRDUXQVLPSWRPQXLERDODvQVL
IRELDIHEUHLHVWHVSHFLFSULQLORULGHVHRULDFHWLDLQWUvQSDQLFY
]kQGHIHFWHOHHLODFRSLODLLORUIDFLHVURXWUDQVSLUDLLDEXQGHQWHVRPQROHQ
)HEUDHVWHGHVHRULPRWLYXOSULQFLSDOSHQWUXFDUHHLVHSUH]LQWGHXUJHQ
FXFRSLOXOODVSLWDO'U,ZDQ%OXPHQWKDOUHDOL]kQGXQFKHVWLRQDUGHVSUH
FH FUHG SULQLL GHVSUH IHEU OD  GH SULQL DL FURU FRSLL DX IRVW
DGXLODVSLWDOXOXQGHOXFUHD]DDDWFGLQWUHSULQLQLFLPFDUQX
FXQRVFFDUHVXQWOLPLWHOHQRUPDOHDOHWHPSHUDWXULLRDOWGLQWUHSULQL
DGPLQLVWUHD]DQWLWHUPLFHFRSLLORULPHGLDWFHPHUFXUXOWHUPRPHWUHORUFUHWH
SHVWHJUDGH&HOVLXV&HLPDLPXOLSULQLvLWUH]HVFFRSLOXOQRDSWHDFD
VLDGPLQLVWUH]HPHGLFDPHQWHDQWLWHUPLFH3HVWHGLQWUHSULQLHUDXGH


 & & %XWOHU HW DO8QGHUVWDQGLQJ WKH FXOWXUH RI SUHVFULELQJTXDOLWDWLYH VWXG\
RI JHQHUDO SUDFWLWLRQHUV DQG SDWLHQWV &KHQ 4LQJ 'DQLHO 7 )LVKHU .ULVWHQ$ &ODQF\
-HDQ0DUF 0 *DXJXHW :DQ&KDR :DQJ (PLO\ 8QJHU 6WHIDQ 5RVH-RKQ 8OULFK + YRQ
$QGULDQ+HLQ]%DXPDQQ66KDURQ4(YDQVHWDO)HYHUUDQJHWKHUPDOVWUHVVSURPRWHV
O\PSKRF\WHWUDIFNLQJDFURVVKLJKHQGRWKHOLDOYHQXOHVYLDDQLQWHUOHXNLQWUDQVVLJQDOLQJ
PHFKDQLVP1DWXUH,PPXQRORJ\  
KWWSZZZQDWXUHFRPQLMRXUQDOYQIXOOQLKWPO

,ELGHP

%(KJDUWQHURSFLW

,ELGHP

,YDQ%OXPHQWKDO:KDW3DUHQWVWKLQNRIIHYHU)DPLO\3UDFWLVH

9$&&,185,/(35(9(1,(6$8%2$/



SUHUHFGDFQXHVWHWUDWDWIHEUDFRSLLLORUYRUVXIHULGHFRQYXOVLLIHEULOH
VDXFKLDUGHOH]LXQLFHUHEUDOH8QSURFHQWGHFUHGHDXFYDFUHWHIHEUD
vQFRQWLQXDUHVDXFKLDUYDPXULFRSLOXOGDFQXVXQWDGPLQLVWUDWHvQWRWGHDX
QD DQWLWHUPLFH $GHYUXO HVWH WRFPDL FRQWUDULXO &X WRDWH F QX H[LVW
VWXGLLIFXWHSHRPFLGRDUSHDQLPDOH YHYHULHLHSXULRERODQLLUHSWLOH 
VDSXWXWGHPRQVWUDIDSWXOFULVFXOXQXLGHFHVvQWURLQIHFLHQXHVWHGDW
GHRIHEUULGLFDWFUHVFkQGFLGHWUDWDPHQWHOHFXDQWLWHUPLFHSUHFXP
$VSLULQ,EXSURIHQ3DUDFHWDPRO &RFXFDUHVDVF]XWUDSLGIHEUD
([SHULHQDPHGLFDOGLQFDELQHWHOHPHGLFDOHYLQHVGRYHGHDVFDFHVWOXFUX
8Q PHGLF FDUH SXQH DFFHQW SH UROXOIHEUHLvQYLQGHFDUHD LQIHFLLORU HVWH L
%XUNH$ &XQKD HIXO VHFLHL GH %ROL ,QIHFLRDVH D 6SLWDOXOXL 8QLYHUVLWDU
:LQWKURSGLQ1HZ<RUN(OHVWHvPSRWULYDIRORVLULLPHGLFDLHLDQWLWHUPLFH
H[FHSLHIFkQGGRDUVLWXDLLH[FHSLRQDOHGDUIRDUWHUDUH(ODUPFIHEUD
HVWHXQPLMORFHFLHQWGHDSUDUHDRUJDQLVPXOXL'DFVFDGIHEUDQXGRDU
vOOLSVHVFSHEROQDYGHSURSULXOVXDMXWRUGDUPOLSVHVFLHXFDPHGLFGH
LQIRUPDLLLPSRUWDQWHQHFHVDUHSXQHULLXQXLGLDJQRVWLF&XUEDWHUPLFQH
GHVFRSHUGHVHRULGDWHIRDUWHLPSRUWDQWHGHVSUHERDOGHVSUHHYROXLDLWUD
WDPHQWXOHL(VWHFXQRVFXWIDSWXOFHUXSLD H[SXVWXOHOHOHGLQYDULFHO 
GLQFDGUXOEROLORUFRQWDJLRDVHVHYLQGHFPXOWPDLJUHXGDFDGPLQLVWUP
DQWLWHUPLFH
5VSkQGLUHDDFHVWHLLGHLVHIDFHGLQSFDWHIRDUWHvQFHWvQvQWUHDJDOXPH
LQFOXVLYvQ5RPkQLD&XWRDWHFSULQLLQXPDLDGPLQLVWUHD]FXDWkWDXX
ULQWDEOHWHVDXVXSR]LWRDUHFX3DUDFHWDPRO,EXSURIHQVDX$VSLULQFRSLL
ORUORUODPDMRULWDWHDGLQWUHHLVHLQVWDOHD]WHDPDFkQGIHEUDGHSHWH
JUDGH&HOVLXVFUH]kQGFHIHFWHOHHLVHFXQGDUHYRUPDLPDULGHFkWFHOHDOH
PHGLFDPHQWHORU DQWLWHUPLFH ([FHSLH R IDF DFHL SULQL FDUH DX FkWLJDW
H[SHULHQY]kQGFGHLQXDXDGPLQLVWUDWFRSLLORUORUDQWLWHUPLFHFkQG
IHEUDDGHSLWJUDGH&HOVLXVQXVDvQWkPSODWQLPLF(LVXQWDFHLSULQL
FDUHUPkQFDOPLFkQGOHUFHVFFRSLLLWUDWkQGXLFRUHFWFXvPSDFKHWULL
FRPSUHVHSHIUXQWHLODSLFLRDUHFkQGOHFUHWHIHEUD)UHFLLOHFXVSLUW
VDQLWDUSHWUXQFKLLPHPEUHVXQWGHDVHPHQHDLQGLFDWH
*UXSXOGHFHUFHWWRULLPXQRORJLDXVWUDOLHQLDPLQWLLDXUHPDUFDWIDSWXO
FPHGLFLLLDVLVWHQWHOHJUHHVFODIHOGHPXOWFDLSULQLLFkQGHVWHYRUED



'U&KULVWD7RGHD*URVV

GHFRSLLLGLQIDPLOLLOHORUDGPLQLVWUkQGDFHVWRUDDQWLWHUPLFHFkQGWHUPRPH
WUXOLQGLFJUDGH&HOVLXV&kWYUHPHHLYRUIDFHDFHHDVLJUHHDOLQXYRU
XQH[HPSOXSHQWUXDOLSULQLQXVHYDVFKLPEDFHYDvQPRGUDGLFDO&D
GUHOHPHGLFDOHWUHEXLHVWLHFIHEUDGLQEDQDOHOHLQIHFLLYLUDOHQXWUHEXLH
WUDWDWLQGFHDWUHFHUHSHGHLXRU'DFDUH[SOLFDDFHVWOXFUXLSULQL
ORUDFHWLDQXDUPDLDMXQJHQRDSWHDSDQLFDLODVSLWDOFXFRSLLLORU
)HEUDvQVLQHQXHVWHXQSHULFRO8QVXJDUVDXXQFRSLOPLFVXSRUW
FHO PDL ELQH WHPSHUDWXULOH PDUL FKLDU L SHVWH  JUDGH &HOVLXV 6H WLH
F GHVHRUL OD R IHEU GH  FRSLODLL VH MRDF L QX DUDW FD LQG IRDUWH
EROQDYL
&RQYXOVLLOHIHEULOHVXQWVLPSWRPHOHGHFDUHVHWHPFHOPDLPXOWSULQLL
8QSURFHQWGHGLQWUHFRSLLIDFDVWIHOGHFRQYXOVLLLDUSHQWUXSULQLVXQW
GHVWXOGHQHSOFXWH(VWHSULQFLSDOXOPRWLYSHQWUXFDUHVHDGPLQLVWUHD]OD
RUD DFWXDO DQWLWHUPLFH&X WRDWH DFHVWHDWHDPD GH D QX IDFH XOWHULRU HSL
OHSVLHQXDUHQLFLRED]WLLQLFLQGFSkQODRUDDFWXDOQXVDSXWXW
GHPRQVWUDRDVWIHOGHOHJWXU(VWHLPRWLYXOSHQWUXFDUHGXSVLPSOHFRQ
YXOVLLIHEULOHQXVHUHFRPDQGRDOWPHGLFDLH&RQYXOVLLOHIHEULOHVHLQ
VWDOHD]GHRELFHLFkQGIHEUDFUHWHEUXVFLDUFHQWULLWHUPLFLGLQKLSRWDODPXV
VXIHUGHXQVFXUWFLUFXLW'HDFHHDVHUHFRPDQGSULQLRUVPRQLWRUL]H]H
IHEUDLVvQFHUFHRHFKLOLEUDUHDHLvQIHOXOXUPWRUFkQGVLPWFODFRSLOvL
DUGHIUXQWHDVLSXQFRPSUHVHUHFLLDUGDFDUHSLFLRDUHUHFLVLOHvQFO
]HDVFFXVWLFOHFXDSFDOG
E )HEUDODRPXODGXOW
/DDGXOWIHEUDDUHDOWHFDUDFWHULVWLFL*ULSDLYLUR]HOHVXQWFHOHPDLWLSLFH
EROLIHEULOHODDGXOL&kQGHYRUEDGHEROLHUXSWLYHSUHFXPUXMHROVDXYDUL
FHORPXODGXOWOHVXSRUWLQFRPSDUDELOPDLJUHXGHFkWXQVXJDUVDXFRSLO
$GXOWXOGHVFULHGHVHRULRVWDUHJUDYLQVXSRUWDELOXQHRULFKLDUFXWHDPDGH
DPXUL'DFvQFRSLOULHEROLOHHUXSWLYH FRQWDJLRDVH QXDPHQLQYLDD
ODDGXOWHOHGHYLQFXDGHYUDWXQSHULFRO$VWDQXvQVHDPQFDGXOWXO
QXDUWUHEXLVIDFGHORFIHEU3RVLELOLWDWHDXQHLFUHWHULIHEULOHQHDUDW
H[LVWHQDXQXLVLVWHPLPXQVQWRVH[LELOLHVWHELQHFDHOVHSVWUDW
DVWIHOSkQODRYkUVWFkWPDLPDUH6WUHVVXOSRDWHFRQWULEXLLHOODDSDULLD
IHEUHLFHHDFHQHDUDWFkWGHFRPSOH[HVWHDFHVWSURFHV0XOWWLPSWLLQD



)6KDQQ$QWLS\UHWLFVLQVHYHUHVHSVLV/DQFHW
 %XUNH$ &XQKD 6KRXOG IHYHU EH WUHDWHG LQ VHSVLV" 7KH 6HSVLV 7H[W 6SULQJHU





,ELGHP
7-RQHV6M-DFREVHQ&KLOKRRG)HEULOH6HL]XUHV2YHUYLHZDQG,PSOLFDWLRQV,QW
-0HG6FL

%(KJDUWQHURSFLW





%(KJDUWQHURSFLW
,ELGHP



9$&&,185,/(35(9(1,(6$8%2$/



DFRQVLGHUDWFIHEUDHVWHRUHDFLHSDVLYSURYRFDWGHEDFWHULL(DGHYUDW
FLEDFWHULLOHFRQWULEXLHODFUHWHUHDWHPSHUDWXULLGDULPSRUWDQWHVWHIDSWXO
GDFVLVWHPXOQRVWUXLPXQLDvQVHULRVDFHVWHEDFWHULLLGDFOHFRQVLGHUXQ
SHULFROSHQWUXRUJDQLVPVDXQX'RDUDWXQFLDSDUHIHEUDFkQGVLVWHPXOLPXQ
UHDFLRQHD]ODEDFWHULLOHFDUHYLQGLQH[WHULRULOHFRQVLGHUXQSHULFROQ
DFHVWFD]LQWUvQDFLXQHVLVWHPXOLPXQFDUHDWHQLRQHD]VLVWHPXOQHUYRVL
FHUHLQVLVWHQWFUHWHUHDWHPSHUDWXULLQHVSXQH+DQV5HXOGLQ0QFKHQQH
XURORJLRPGHWLLQGHOD)DFXOWDWHD%ULVWRO5VSXQVXOGDWGHVLVWHPXO
QHUYRVVHIDFHHSULQLQWHUPHGLXOVkQJHOXL PHGLDWRUFKLPLF HSHRFDOH
GLUHFWSULQLQWHUPHGLXOFHOXOHORULPXQHLDOFHOXOHORUQHUYRDVH1HXURQLLL
OLPIRFLWHOH FHOXOHLPXQH VXQWYHFLQLQHXWULSkQDSDUHXQFD]XUJHQW'LQ
DFHVWPRPHQWDFHWLDLQWUvQDFLXQHWULPLkQGLQIRUPDLLODFHQWUXOWHUPLF
GLQKLSRWDODPXV'U5HXODSXWXWGHPRQVWUDFXH[SHULPHQWHOHVDOHFkWGH
VHQVLELOHVXQWOHJWXULOHGLQWUHVLVWHPXOQHUYRVLVLVWHPXOLPXQ'DFDQL
PDOHOHH[SHULPHQWDOHVXQWVXSXVHXQXLVWUHVVSXWHUQLFvQPRGUHSHWDWHOHQX
PDLVXQWvQVWDUHVUHDFLRQH]HFXIHEUPDUHODRLQIHFLHDDFXPRIDF
FHOHODWHDQLPDOHFDUHQXVXQWVXSXVHVWUHVVXOXL6WUHVVXOFURQLFGXFHvQWLPS
ODRUHDFLHLQDGHFYDWDFHQWUXOXLGHWHUPRUHJODUHGLQKLSRWDODPXVLODR
VFGHUHDLPXQLWLLRUJDQLVPXOXL
5(3(5(%,%/,2*5$),&(
,QWURGXFHUHLFDSLWROXO
  6DIHYDFFLQHVNLOOFKLOGUHQLQD\HDUDQGGHYHORSDXWLVP86JRYHUQPHQW
DGPLWV KWWSWLQ\XUOFRPTERT
  KWWSZZZGDLO\PDLOFRXNQHZVDUWLFOH005$PRWKHUVYLFWR
U\7KHYDVWPDMRULW\GRFWRUVVD\OLQNWULSOHMDEDXWLVP,WDOLDQFRXUWFDVHUHLJ
QLWHFRQWURYHUVLDOGHEDWHKWPO
  ZZZKXIQJWRQSRVWFRP
  KWWSZZZNLQGHUJHVXQGKHLWLQIRGHIXHUHOWHUQLPSIXQJHQLPSIXQJHQGDVLPSIV\V
WHPLQGHXWVFKODQG
  'U )ULHGULFK 3 *UDI 'LH ,PSIHQWVFKHLGXQJ$QVLFKWHQ hEHUOHJXQJHQ XQG ,QIRUPD
WLRQHQYRUMHJOLFKHU$XVIKUXQJVSUDQJVUDGHYHUODJ$XDJH*HUPDQ\
  %HUW(KJDUWQHU/REGHU.UDQNKHLW:DUXPHVJHVXQGLVWDEXQG]XNUDQN]XVHLQ%DVWHL
/EEH7DVFKHQEXFK9HUODJ$XDJH)HEUXDU*HUPDQ\
  &KDQD 3DOPHU (OLVDEHWK 0 %LN 'DQLHO % 'L*LXOLR 'DYLG$ 5HOPDQ 3DWULFN 2
%URZQ -XQH    'HYHORSPHQW RI WKH +XPDQ ,QIDQW ,QWHVWLQDO 0LFURELRWD
KWWSZZZSORVELRORJ\RUJDUWLFOHLQIRGRLMRXUQDOSELR
  -RKQ 3HQGHUV &DUHO 7KLMV &RUQHOLV 9LQN )RHNMH ) 6WHOPD %LDQFD 6QLMGHUV ,VFKD
.XPPHOLQJ 3LHW$ YDQ GHQ %UDQGW (OOHQ ( 6WREEHULQJK )DFWRUV ,QXHQFLQJ WKH


,ELGHP
,ELGHP





'U&KULVWD7RGHD*URVV

&RPSRVLWLRQRIWKH,QWHVWLQDO0LFURELRWDLQ(DUO\,QIDQF\3HGLDWULFV-RXUQDO
KWWSSHGLDWULFVDDSSXEOLFDWLRQVRUJFRQWHQWDEVWUDFW
  KWWSZZZHY]URGHWDOLLVWLULQDVWHUHDODGRPLFLOLXUHYLQHODPRGDKWPO
 9LFWRU &ULVWHD 0LUFHD 0LDULX 0RQLFD &ULDQ ,PXQRORJLH *HQHUDO  2URIDFLDO
(GLWXUD0HGLFDO8QLYHUVLWDU,XOLX+DLHJDQX&OXM1DSRFD HGD,,D 
 *UDKDP$5RRN(GXFDWLQJWKH,PPXQH6\VWHP6FLHQFH 0HGLFLQH9ROXPH
 1XPEHU  3DJH  $XJXVW   KWWSZZZVFLDQGPHGFRPVPMRXUQDOYLHZHU
DVS["LVVXH  DUWLFOH  
 0DULD,ULQD%UXPERLX,RDQ6WHOLDQ%RFDQ9DFFLQXULYDFFLQULvQSUDFWLFDPHGLFDO
(GLWXUD0HGLFDO8QLYHUVLWDU,XOLX+DLHJDQX&OXM1DSRFD
 0DUWLQ +LUWH ,03)(1 3UR &RQWUD 'DV +DQGEXFK IU GLH LQGLYLGXHOOH
,PSIHQWVFKHLGXQJ0HQV6DQD9HUODJ*HUPDQ\
 6/7KRPDV-*:KHHOHU$QGUHZ-+DOO&RQWDFWVZLWKYDULFHOODRUZLWKFKLOGUHQ
DQGSURWHFWLRQDJDLQVWKHUSHV]RVWHULQDGXOWVDFDVHFRQWUROVWXG\/DQFHW
 KWWSZZZQFELQOPQLKJRYSPFDUWLFOHV30& 
 :.<LK'5%URRNV60/HWW$2-XPDDQ==KDQJ.0&OHPHQWVHWDO
7KH LQFLGHQFH RI YDULFHOOD DQG KHUSHV ]RVWHU LQ 0DVVDFKXVHWWV DV PHDVXUHG E\ WKH
%HKDYLRUDO 5LVN )DFWRU 6XUYHLOODQFH 6\VWHP %5)66  GXULQJ D SHULRG RI LQFUHDVLQJ
YDULFHOOD YDFFLQH FRYHUDJH  %0& 3XEOLF +HDOWK   
KWWSZZZDXVWUDOLDQSUHVFULEHUFRPPDJD]LQHDUWLG 
 'UPHG*%XFKZDOG,03)(1'DV*HVFKlIWPLWGHU$QJVWHPX9HUODJ$XDJH
*HUPDQ\
 6LPRQH'HODUXH,PSIVFKXW],UUWXPRGHU/JH"9RUZRUWXQG$QKDQJIUGLHGHXWVFKH
$XVJDEH YRQ 'UPHG*HUKDUG %XFKZDOG  $XDJH  +LUWKDPPHU 9HUODJ
*HUPDQ\
 -RDFKLP)*UlW]6LQG,PSIXQJHQVLQQYROO"(LQ5DWJHEHUDXVGHU+RP|RSDWKLVFKHQ
3UD[LV)+LUWKDPPHU9HUODJ*PE+$XDJH*HUPDQ\
 9LHUD 6FKHLEQHU ,PSIXQJHQ ,PPXQVFKZlFKH XQG 3O|W]OLFKHU .LQGVWRG  -DKUH
,PSIIRUVFKXQJ XQG ,PSIHUIDKUXQJ EHZHLVHQ GDVV ,PSIXQJHQ HLQHQ PHGL]LQLVFKHQ
$QJULII DXI GDV ,PPXQV\VWHP GDUVWHOOHQ XQG GLH +DXSWLUVDFKH IU GHQ SO|W]OLFKHQ
.LQGVWRG 6,' VLQG+LUWKDPPHU9HUODJ$XDJH*HUPDQ\
 3DWULFN*+ROW3HWHU'6O\$OOHUJLFUHVSLUDWRU\GLVHDVHVWUDWHJLFWDUJHWVIRUSULPDU\
SUHYHQWLRQGXULQJFKLOGKRRG>HGLWRULDO@7KRUD[   KWWSZZZQFEL
QOPQLKJRYSPFDUWLFOHV30&SGIYSSGI
 7LQXV6PLWV'DV,PSIVFKDGHQ6\QGURP1DUD\DQD9HUODJ$XDJH*HUPDQ\
 2UG06&1$6QU KWWSZZZVDQWURLQIRUPDWLLXWLOHSUHYHQLUH
VLFRQWUROEROLWUDQVPLVLELOHYDFFLQDUHDOHJLVODWLHLQYLJRDUH206B&1$6
BBSGIYLHZ
 7RUVWHQ(QJHOEUHFKW&ODXV.|KQOHLQ9LUXV:DKQ6FKZHLQHJULSSH9RJHOJULSSH6$56
%6(+HSDWLWLV&$,'63ROLRHPX9HUODJHUZHLWHUWH$XDJH*HUPDQ\
 9RUWUDJ  6FKZHUPHWDOOH XQG LKUH :LUNXQJ DXI XQVHUH *HVXQGKHLW 9RUWUDJ YRQ 'U
PHG 'LHWULFK .OLQJKDUGW 0' 3K ' XQG 'U 3DWULFLD .DQH 3K '$XV]JH DXV
GHU9RUOHVXQJDQGHU(7+=ULFK )DFKSXEOLNXP $SULO*HUPDQ\ KWWSZZZ
SRZHUIRUOLIHFRP6FKZHUPHWDOO$XVOHLWXQJYRUWUDJKWPO 
 38%/,& +($/7+ 6FLHQWLVWV $SSODXG 0RYH $ZD\ )URP 8VH 2I 0HUFXU\  6D\V
7KLPHURVDO &ROOHFWV LQ WKH %UDLQ >%\ 5RJHU +LJKHOG IRU WKH 'DLO\ 7HOHJUDSK 8.
'HVSLWHWKH86V,QVWLWXWHRI0HGLFLQHVVWURQJUHFRPPHQGDWLRQWKDWQRIXUWKHUUHVHDUFKEH
GRQHUHJDUGLQJDSRVVLEOHYDFFLQHDXWLVPFRQQHFWLRQWKLVWHDPLVGRLQJVRPHQRQHWKHOHVV
ZLWKDUJXDEO\VRPHPRUHVPRNLQJJXQHYLGHQFHLQVXSSRUWRIWKHK\SRWKHVLV7KLVWHDP

9$&&,185,/(35(9(1,(6$8%2$/



LVLQ&DQDGD@ KWWSZZZWHOHJUDSKFRXNQHZVPDLQMKWPO"[PO QHZVQY


DFF[POLKWWSKHDOWKJURXSV\DKRRFRPJURXS$X7HDFKPHVVDJH 
 ZZZLPSIVFKDGHQLQIR
 (ULN . )UDQFH 5HQDH 6PLWK5D\ 0$ 'DYLW 0F&OXUH 3K' 6LPRQ +DPELGJH
0'3K'6WDQOH\;X3K'.ULVWL<DPDVDNL3KDUP''DYLG6KD\0'03+(ULF
:HLQWUDXE03+$OLFLD0)U\0'03+6WHYH%%ODFN0'+HQU\56KLQHHOG
0'-RKQ30XOORRO\3K'/LVD$-DFNVRQ0'03+IRUWKH9DFFLQH6DIHW\'DWDOLQN
7HDP ,PSDFW RI PDWHUQDO LQXHQ]D YDFFLQDWLRQ GXULQJ SUHJQDQF\ RQ WKH LQFLGHQFH
RIDFXWHUHVSLUDWRU\LOOQHVVYLVLWVDPRQJLQIDQWV$UFKLYHVRI3HGLDWULFV $GROHVFHQW
0HGLFLQH KWWSDUFKSHGLMDPDQHWZRUNFRPDUWLFOHDVS["DUWLFOHLG  
 0DULQ*K9RLFXOHVFX%ROL,QIHFLRDVHYRO,,(GLWXUD0HGLFDO%XFXUHWL
 2UG06&1$6QURSFLW
 20DQVRRU3,3LOODQV9DFFLQHDGYHUVHHYHQWVUHSRUWHGLQ1HZ=HDODQG
7KH1HZ=HDODQG0HGLFDO-RXUQDO KWWSXNSPFDFXNDEVWUDFW0(' 
 $YHQWLV3DVWHXU06'+H[DYDF3URGXNWPRQRJUDSKLH KWWSZZZLQGLYLGXHOOH
LPSIHQWVFKHLGHGHLQGH[SKSVWHOOXQJQDKPHQPDLQPHQXLPSIVWRIIVLFKHUKHLW
LQGHXWVFKODQG 
 /$7KRPSVRQ0,ULJR\HQ/$0DWL]36/D5XVVDHWDO7KH,PSDFWRI'7D3,39
+%9DFFLQHRQ8VHRI+HDOWK6HUYLFHVIRU<RXQJ,QIDQWV 'LYLVLRQRI*HQHUDO3HGLDWULFV
8QLYHUVLW\ RI )ORULGD *DLQHVYLOOH )/  86$  7KH SHGLDWULF ,QIHFW 'LVHDVH
-RXUQDO6HS  'LYLVLRQRI*HQHUDO3HGLDWULFV8QLYHUVLW\RI)ORULGD
*DLQHVYLOOH)/86$ KWWSZZZQFELQOPQLKJRYSXEPHG
 -LP 3 %XWWHU\ )5$&3 $QQD 5LGGHOO 05&3&+ -RGLH 0F9HUQRQ 3K' 7UDFH\
&KDQWOHU51/DXUD/DQH51-DQH%RZHQ0RUULV51/LQGD'LJJOH06F5KRQZHQ
0RUULV03+$QWKRQ\+DUQGHQ)5&3&+6WHYHQ/RFNKDUW'0$QGUHZ-3ROODUG
3K' .HLWK &DUWZULJKW )5&3DWK ( 5LFKDUG 0R[RQ )5&3- ,PPXQRJHQLFLW\ DQG
6DIHW\RID&RPELQDWLRQ3QHXPRFRFFDO0HQLQJRFRFFDO9DFFLQHLQ,QIDQWV$5DQGRP
L]HG &RQWUROOHG 7ULDO -$0$      KWWSMDPDMDPDQHWZRUN
FRPDUWLFOHDVS["DUWLFOHLG  
 $ =RWW )U XQ :LHGHU YRQ PXOWLNRPSRQHQWHQ ,PSIVWRIIHQ %XQGHVJHVXQGKHLWVEODWW
SXEOL]LHUWDP$XWRU$=RWW4XHOOH6SULQJHU9HUODJ
 '2, %) KWWSZZZVSULQJHUPHGL]LQGHIXHUXQGZLGHU
YRQPXOWLNRPSRQHQWHQLPSIVWRIIHQKWPO 
 0-RUJH0'4XLQRQH]3HGLDWULF,QIHFWLRXV'LVHDVH,VVXHV6PDOOSR[&RPELQD
WLRQ 9DFFLQHV DQG 0HWKLFLOOLQUHVLVWDQW 6WDSK\ORFRFFXV DXUHXV 1HZ &RPELQDWLRQ
9DFFLQHV IRU &KLOGKRRG 'LVHDVHV $PHULFDQ$FDGHP\ RI 3HGLDWULFV $$3 $QQXDO
0HHWLQJ1RYHPEHU1HZ2UOHDQV/RXLVLDQD KWWSZZZPHGVFDSHFRPYLHZ
DUWLFOH 
 2UG 06 &1$6 QU  KWWSZZZVDQWURLQIRUPDWLLXWLOHSUHYHQL
UHVLFRQWUROEROLWUDQVPLVLELOHYDFFLQDUHDOHJLVODWLHLQYLJRDUH206B&1$6
BBSGIYLHZ 
 (ULND9RQ0XWLXV$VWKPDDQGDOOHUJLHVLQUXUDODUHDVRI(XURSH3URFHHGLQJVRIWKH
$PHULFDQ7KRUDFLF6RFLHW\ 8QLYHUVLW\&KLOGUHQV+RVSLWDO0XQLFK
*HUPDQ\  KWWSSDWVDWVMRXUQDOVRUJFRQWHQWIXOOSGIKWPO 
 /*KHUDVLP0HGLFLQLQWHUQ%ROLOHDSDUDWXOXLUHVSLUDWRULDSDUDWXOXLORFRPRWRU
YRO(GLWXUD0HGLFDO%XFXUHWL
 -'&KHUU\5')HLJLQ/$/REHV-U3*6KDFNHOIRUG$W\SLFDOPHDVOHVLQFKLO
GUHQSUHYLRXVO\LPPXQL]HGZLWKDWWHQXDWHGPHDVOHVYLUXVYDFFLQHV3HGLDWULFV
1RY  




'U&KULVWD7RGHD*URVV

KWWSZZZQFELQOPQLKJRYSXEPHG  9 $ )XOJLQLWL - (OOHU $ :


'RZQLH&+.HPSH$OWHUHGUHDFWLYLW\WRPHDVOHVYLUXV-DPD'HF
  KWWSZZZQFELQOPQLKJRYSXEPHG 
 &KHQ 4LQJ 'DQLHO 7 )LVKHU .ULVWHQ$ &ODQF\ -HDQ0DUF 0 *DXJXHW :DQ&KDR
:DQJ(PLO\8QJHU6WHIDQ5RVH-RKQ8OULFK+YRQ$QGULDQ+HLQ]%DXPDQQ 6KD
URQ6(YDQVHWDO)HYHUUDQJHWKHUPDOVWUHVVSURPRWHVO\PSKRF\WHWUDIFNLQJDFURVV
KLJKHQGRWKHOLDOYHQXOHVYLDDQLQWHUOHXNLQWUDQVVLJQDOLQJPHFKDQLVP1DWXUH,PPX
QRORJ\   KWWSZZZQDWXUHFRPQLMRXUQDOYQIXOOQL
KWPO 
 ,YDQ %OXPHQWKDO :KDW 3DUHQWV WKLQN RI IHYHU )DPLO\ 3UDFWLVH  
KWWSZZZVWUDLJKWGRSHFRPFROXPQVUHDGZK\GREDELHVUXQDIH
YHUZKHQWHHWKLQJRUGRWKH\ 
 )6KDQQ$QWLS\UHWLFVLQVHYHUHVHSVLV/DQFHW)HE   ,QWHQ
VLYH&DUH8QLW5R\DO&KLOGUHQV+RVSLWDO0HOERXUQH9LFWRULD$XVWUDOLD  KWWSZZZ
QFELQOPQLKJRYSXEPHG 
 'U PHG %XUNH$ &XQKD 6KRXOG IHYHU EH WUHDWHG LQ VHSVLV" LQ 7KH 6HSVLV 7H[W
6SULQJHU KWWSZZZGUDORLVGHQJJDW]LWDWHKWP
 7RQLD-RQHV76WHYHQ--DFREVHQ&RPPHQWRQ&KLOKRRG)HEULOH6HL]XUHV2YHUYLHZ
DQG,PSOLFDWLRQV,QWHUQDWLRQDO-RXUQDORI0HGLFLQHDQG0HGLFDO6FLHQFHV,661
ZZZPHGVFLRUJ   KWWSPHGVFLRUJYSSGI 



&$3,72/8/

&XPDXGLVSUXWHSLGHPLLOHvQOXPH
$SDULLDSULPHORUYDFFLQXUL
SUHYHQLHVDXH[SHULPHQW"
5H]XPDW
0DULOHHSLGHPLLFDUHGHFLPDXSRSXODLDvQWUHFXW OHSUDFLXPDKROHUD
D DXGLVSUXWGLQFDX]DvPEXQWLULLFRQGLLLORUGHYLDDLQWURGXFHULL
FDQDOL]ULORUGHDSDWRDOHWHORUSULQGH]LQIHFLDDSHLGHEXWLvQJHQHUDO
SULQGH]YROWDUHDVRFLRHFRQRPLFDULORUOXPLLIUVH[LVWDWYUHRGDW
XQYDFFLQvPSRWULYDORU
QFD]XODOWRUEROLLQIHFLRDVHDOHVUFLHLSUHFXPWXEHUFXOR]DGLI
WHULDYDULRODLWXVHDFRQYXOVLYOHJWXUDGLQWUHvPEXQWLUHDFRQGLLLORU
GHWUDLLUHJUHVLDDFHVWRUEROLDSXWXWGRYHGLWGDUPDLDQHYRLRVQVXL
UHQXPLWXO'U%XFKZDOGUHFXQRDWHFWLPSGHGHDQLDVWUkQVGRYH]LL
DLQYHVWLWRPDUHVXPGHEDQLSHQWUXLQYHVWLJDLLOHQHFHVDUHFDVSRDWUV
SXQGH OD vQWUHEDUHD FXP DX GLVSUXW HSLGHPLLOH vQ OXPH" 9DFFLQXULOH
LVWDWLVWLFDOHJDWGHGLVSDULLDHSLGHPLLORUQXDSXWXWH[SOLFDDFHVWIHQR
PHQ*UDFHOHDUDWH[DFWFRQWUDULXO3HQWUXVWXGLLOHVDOH'U%XFKZDOG
DOXDWvQFDOFXOXUPWRDUHOHGDWHDSDGHEXWLFHDUH]LGXDOQXPUXOGH
ELIDPLOLHvQ*HUPDQLDQXPUXOGHORFXLQHVXSUDIDDORFXLQHLSHUVRDQ
IRORVLUHDVSXQXOXLHWF&XWRDWHvPEXQWLULOHFLYLOL]DLHLPDLOLSVHDXQ
HOHPHQWLPSRUWDQWFDUHLVFSD&HOFDUHODDMXWDWDIRVWHQJOH]XO7KRPDV
0F.HRZQSURIHVRUOD0HGLFLQD6RFLDOGHOD8QLYHUVLWDWHDGLQ%LUPLQJKDP
LFDUHDDUWDWFPRWLYXOSULQFLSDODOUHJUHVLHLDFHVWRUEROLLQIHFLRDVHD
IRVWvQSULPXOUkQGGRULQDXQXLWUDLEXQDORDPHQLORUvQVSHDKUDQHL
&DXUPDUHUHJUHVLDPDULORUHSLGHPLLORUDvQFHSXWFXGHDQLvQXUP

 *HUKDUGW %XFKZDOG ,PSIHQ 'DV *HVFKlIW PLW GHU $QJVW HPXYHUODJ $XDJH
*HUPDQ\

'U&KULVWD7RGHD*URVV

vQDLQWH GH D  LQWURGXV RULFH IHO GH YDFFLQ &DX]D SULQFLSDO IU V H
QHJOLMDWvPEXQWLUHDFRQGLLLORUGHORFXLWLDDSHLGHEXW DIRVWFRPED
WHUHDIRDPHL'RDURGDWFXGH]YROWDUHDDJULFXOWXULLDSURGXFHULLXQHLFDQ
WLWLVXFLHQWHGHKUDQSHQWUXvQWUHDJDSRSXODLHvQFHSkQGFXVHF;9,,,
SHQWUXPDUHDPDMRULWDWHDRDPHQLORUIRDPHDHUDGHGRPHQLXOWUHFXWXOXLQ
*HUPDQLD)ULHGULFKGHU*URVVH  DLQWURGXVFXOWLYDUHDFDUWRIX
OXLSHDULLH[WLQVHQULOHGLQVXGFXOWLYDUHDSRUXPEXOXLDMXFDWDFHODLURO
&XUkQGGXSWHUPLQDUHDFHOXLGHDOGRLOHDU]ERLPRQGLDOVDDMXQVDWkWvQ
*HUPDQLDFkWLvQvQWUHDJD(XURSGH9HVWODXQQLYHOGHWUDLFDUHQXVD
DWLQVQLFLRGDWvQOXPHQDFHVWHFRQGLLLIUHFYHQDEROLORULQIHFLRDVHDOH
FRSLOULHLDXvQFHSXWVGLVSDUvQ(XURSDGH9HVW)DSWXOFIRDPHDDUHR
OHJWXUHYLGHQWFXEROLOHFRSLOULHLSDUHJUHXGHFUH]XWLQGFRDPHQLL
GLQ]LXDGHD]LQXVHPDLSRWSXQHvQVLWXDLDFHORUGLQWUHFXW'U%XFKZDOG
vLDPLQWHWHFSHYUHPHDFRSLOULHLVDOHGLQWUHHOHYLSULPHDXRJXV
WDUHGHODFRDOLFRQVWDvQSkLQHLODSWH&XGRDUGHDQLvQXUP
GLQWUHHOHYLLGLQ2FFLGHQWHUDXIRDUWHVUDFL6WDWLVWLFLOHGLQ$QJOLDDUWDWH
GH 0F.HRZQ SULYLQG UHJUHVLD EROLORU FRQWDJLRDVH VXQW DVHPQWRDUH FX
FHOHGLQ*HUPDQLDIRORVLWHGH%XFKZDOGvQFULOHVDOH
'HVSUH5RPkQLDSXWHPVSXQHDFHODLOXFUXFXRvQWkU]LHUHGHFkLYDDQL
EXQL
9DFFLQDUHDFRSLLORUGLQULOHDIULFDQHFDLGLQDOWHUHJLXQLXQGHSRSX
ODLDHVWHVXEQXWULWQXOHDGXFHQLFLXQEHQHFLX'LPSRWULYOHVXQWLQGXVH
RVHULHGHEROLYLUDOHQRLFXFDUHQXVDFRQIUXQWDWQLFLRGDWRUJDQLVPXOORU
LFDUHQXYRUSXWHDVWLPXODXQVLVWHPLPXQVOELWQVFKLPEYRUSURYRFD
FXPDUHXXULQEROLFURQLFHLRVHULHGHFRPSOLFDLLSRVWYDFFLQDOHQHUH
FXQRVFXWHGHFHLFDUHIDFFXEXQWLLQFDPSDQLLOHGHYDFFLQDUHvQPDV
2DUHH[LVWRGLIHUHQvQWUHFRSLLLGHPkQDDGRXDSHFDUHH[SHULPHQWD
-HQQHUvQWUHFXWYDFFLQXODQWLYDULROLFLDFHWLFRSLLGLQOXPHDDWUHLD"0
WHPFQX
&XWRDWHDFHVWHDSURGXFWRULLGHYDFFLQXULLFRUSXOPHGLFDOVXVLQVXV
LWDUHFYDFFLQXULOHDXGXVODHUDGLFDUHDHSLGHPLLORUDWULEXLQGXLXQPH
ULWFDUHQXHVWHDORU
QFHOHFHXUPHD]DPGHVFULVPRGXOvQFDUHDvQFHSXWHUDYDFFLQXUL
ORUvQFDUHWULPLODRUDDFWXDOLFDUHFXQRDWHRvQRULUHIUSUH
FHGHQW'DFSULPHOHHSLGHPLLDXWUHFXWIUVH[LVWDWYUHRGDWXQYDFFLQ
XQ IHQRPHQ GHORF VFRV vQ HYLGHQ vQ FULOH GH (SLGHPLRORJLH L GH %ROL
,QIHFLRDVH FHOHFDUHDXXUPDWQXDXPDLFXQRVFXWXQFXUVUHVFGHGLVSD


,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



ULLHFLGLQSULFLQDYDFFLQXULORULQWURGXVHGHRELFHLvQSOLQHSLGHPLHDX
FXQRVFXWXFWXDLLVDXUVSkQGLWXQHRULFXPDLPXOWUHSH]LFLXQHVDXDX
DSUXWDOWHOHQRL9DFFLQXULORUOHGDWRUPPRGLFUL FUHWHUL LPSRUWDQWH
DOHLQGLFLORUGHPRUELGLWDWHLPRUWDOLWDWHSHQWUXEROLOHLQIHFLRDVHSUHFXP
LDSDULLDXQRUEROLLFRPSOLFDLLQRLQHFXQRVFXWHSkQDWXQFLGHOXPHD
PHGLFDOFHOHSRVWYDFFLQDOH SROLRPLHOLWSRVWYDFFLQDOLGHFRQWDFWHQ
FHIDOLWHOHSRVWYDFFLQDOHHWF VROGDWHFXQHQXPUDWHGHFHVHSHQWUXFDUHDU
WUHEXLVHLQWURGXVXQQRXLQGLFHGHVWDWLVWLFFHODOPRUWDOLWLLLQIDQWLOH
SRVWYDFFLQDOH

, (SLGHPLLOHGHOHSUFLXP
WLIRVH[DQWHPDWLFLKROHU
/HSUDDMXFDWXQUROLPSRUWDQWvQ(YXO0HGLXLDUFXQRVFXWHOHOHSURV
ULLGLQWUHFDUHXQHOHQXDXIRVWvQFGUkPDWHQHPDLDPLQWHVFGHDFHDVW
ERDOFXPSOLW/HSUDQXHVWHRERDODWkWGHFRQWDJLRDVGDULQFXEDLDHL
HVWHIRDUWHOXQJLSHYUHPHDDFHHDXQQXPUPDUHGHRDPHQLWULDvQDFH
HDLvQFSHUHGHRDUHFHGLQFDX]D]LGXULORUFDUHvQFHUFXLDXRUDHOHFOGLULOH
RDPHQLORUQXSXWHDXH[WLQVH(SLGHPLLOHGHOHSUDXGLVSUXWGDWRULWvP
EXQWLULLFRQGLLLORUGHWUDLIUVH[LVWDWYUHRGDWXQYDFFLQ
&LXPDHVWHRERDOLQIHFLRDVFDUHDUHQHYRLHGHXQYHFWRUSHQWUXD
WUDQVPLVLDFHODHVWHSXULFHOHRERODQLORUQYUHPXULOHGHGHPXOWSDWXO
HUDXQSULYLOHJLXDORDPHQLORUERJDL0DUHDPDMRULWDWHDRDPHQLORUWULD
vQFVXHGLQSPkQWGRUPLQGSHIkQDWHUQXWGLUHFWSHSRGHD$LFLRER
ODQLLHUDXPXVDULSHUPDQHQL2GDWFXFRQVWUXLUHDFDVHORUGLQFUPLG
L SLDWU L IRORVLUHD SDWXOXL SHQWUX GRUPLW vQ WRDWH ULOH DX GLVSUXW L
RERODQLL GLQ FDVH &D XUPDUH HSLGHPLLOH GH FLXP VDX UULW $X H[LVWDW
LDOWHvPEXQWLULDOHFRQGLLLORUGHYLDFDUHDXGXVODUHJUHVLDEROLORU
FRQWDJLRDVH1XDH[LVWDWQLFLRGDWXQYDFFLQSHQWUXFLXP
7LIRVXO H[DQWHPDWLF HVWH R ERDO LQIHFLRDV DFXW GDW GH 5LFNHWWVLD
SURZD]HNLLLVHWUDQVPLWHGHODRPODRPSULQLQWHUPHGLXOSGXFKHOXLQ
WUHFXWHUDGHVHRULFRQIXQGDWFXIHEUDWLIRLG(SLGHPLLOHGHWLIRVHUDXUV
SkQGLWHvQ(XURSD$VLD$IULFDL$PHULFD$JHQWXOHWLRORJLFDIRVWGHVFR
SHULWGRDUvQ&OLQLFVHPDQLIHVWFXIHEUVWDUHWLFHUXSLHPDFX


*%XFKZDOGRSFLW



'U&KULVWD7RGHD*URVV

ORSHWHLDO WXOEXUUL FLUFXODWRULL L QHUYRDVH 7LIRVXO PDL HVWH SUH]HQW vQ


FkWHYD]RQHHQGHPLFHGLQ$VLD$IULFD0H[LF$PHULFDGH6XGL$PHULFD
&HQWUDO,QFLGHQDEROLLHVWHvQVFGHUHFRQWLQXSHvQWUHJXOJOREGDWRULW
vPEXQWLULLFRQGLLLORUGHWUDLLDUSHGLFXOR]DRPDLJVLPGRDUODDQXPLWH
FDWHJRULLGHRDPHQL(VWHLPRWLYXOSHQWUXFDUHODRUDDFWXDOPDLVXQWGRDU
FD]XULVSRUDGLFHQ5RPkQLDQXVDXPDLUHODWDWFD]XULGXS
([HPSOXvQWUHDQLLVWDWLVWLFLOHGLQ+DPEXUJ*HUPDQLDSUL
YLQGPRUWDOLWDWHDLQIDQWLOGDWGHWLIRVYDULROLKROHUDUDWRFUHWHUHD
FD]XULORUSkQvQDQXOFkQGDYHPXQYkUILDUGLQDFHVWPRPHQWFXUED
VFDGHGHVWXOGHUHSHGHvQUHJLVWUkQGvQFGRXYkUIXULXQXOPLFvQWLP
SXOSULPXOXLU]ERLPRQGLDOLDOWXOPDLPDUHvQWLPSXOFHOXLGHDOGRLOHD
U]ERLPRQGLDOQPRUWDOLWDWHDLQIDQWLOVF]XVHPXOWLQGVXE
'DFvQXQRPGHWLLQDUGHVFRSHULWXQYDFFLQDFXPvQSLDD
SULPULHLGLQ+DPEXUJQHDPXLWDODVWDWXLDDFHVWXLDVSXQH%XFKZDOG
1XDIRVWvQVYRUEDGHRGHVFRSHULUHD0HGLFLQHLFLGHvQFHSXWXOXQXLSURFHV
GHOWUDUHDDSHLGHEXWGLQUkXO(OED'HDWXQFLIUHFYHQDKROHUHLDWLIRVX
OXLLDYDULROHLDVF]XW$FHODLOXFUXvOSXWHPVSXQHLGHVSUHSROLRPLHOLW
OXFUXUHFXQRVFXWLGHFWUHDXWRULWLOHVDQLWDUH *HVXQGK:HV6
 8QDGLQWUHPVXULOHFDUHDXGXVODUHJUHVLDHSLGHPLHLGHSROLRPLH
OLWDIRVWLJLHQL]DUHDDSHLGHEXWLDFHOHLGHYHUVDWH

,,$SDULLDSULPHORUYDFFLQXULSUHYHQLHVDXXQ
H[SHULPHQWIDWDO"&XLVHGDWRUHD]HUDGLFDUHD
YDULROHL"
  $SDULLDSULPHORUYDFFLQXULHVWHVWUkQVOHJDWGHDSDULLD
HSLGHPLHLGHYDULRO
1XVHFXQRDWHGDWDSULPHLHSLGHPLLGHYDULROGDUVHWLHGHH[LVWHQD
XQRUDVWIHOGHHSLGHPLLvQFGLQ(YXO0HGLXFkQGL]EXFQHDXFHOPDLIUHF
YHQWvQRUDHOHPDUL3ULPHOHHSLGHPLLDXDSUXWFHOPDLSUREDELOvQ$VLD
,QGLDL&KLQD LDUDSRLVDXUVSkQGLWLvQ2ULHQWXO0LMORFLX$IULFD(X
URSD$PHULFD GH 1RUG L vQ VHF DO ;9,OHD vQ 0H[LF QFHSkQG FX VHF


*K09RLFXOHVFX%ROL,QIHFLRDVHYRO,,(GLWXUD0HGLFDO%XFXUHWL
,ELGHP

*%XFKZDOGRSFLW

*K09RLFXOHVFXRSFLW


9$&&,185,/(35(9(1,(6$8%2$/



;9,,,VHFXQRVFPDLPXOWHGDWHGHVSUHDFHVWHHSLGHPLLFDUHFXSULQGHDXPLL
GHRDPHQLFXQXPHURDVHFD]XULGHGHFHV(SLGHPLLOHDSUHDXvQYDOXULGXS
FDUHXUPDXSDX]HGH]HFLGHDQL1XVHFXQRWHDXDWXQFLPRWLYHOHGLVSDULLHL
HSLGHPLLORU
&HDPDLYHFKHIRUPGHSUROD[LHvQYDULRO DD]LVDYDULROL]DUH SULQ
LQRFXODUHLQWUDQD]DOVDXLQWUDFXWDQDWGHFUXVWHDIRVWXWLOL]DWGHPLOHQLLvQ
&KLQDDSRLLQWURGXVLvQ(XURSDvQ
3HQWUX SULPD GDW VH YRUEHWH GHVSUH FRPSOLFDLL SRVWYDFFLQDOH FR
UHFWVSXVSRVWYDULROL]DUHODvQFHSXWXOVHF;9,,,vQ(XURSDFkQGvQDQXO
PHGLFXOJUHF7LPRQLvQFHSHvQ&RQVWDQWLQRSROYDFFLQDUHDDPLLGH
RDPHQLIRORVLQGDFHDVWIRUPGHYDFFLQDUHSULPDUQXPLWYDULROL]DUH
7HKQLFDHUDVLPSOFXDMXWRUXOXQXLDFHUDvQHSDWSXVWXODXQXLRPEROQDY
FDUHVXIHUHDGHRIRUPXRDUGHYDULROLDUFRQLQXWXOSXUXOHQWGHQXPLWL
OLPIYDFFLQDOHUDDSOLFDWSHSLHOHDRPXOXLVQWRVGXSRVFDULFDUHVX
SHUFLDO6FRSXOHUDGHDSURYRFDRIRUPXRDUGHERDOSHQWUXDSUHYHQL
XOWHULRU R IRUP JUDY GH YDULRO Q FXUkQG DX DSUXW L HIHFWHOH QHJDWLYH
SRVWYDFFLQDOHvQWUHFHLFDUHVHvPEROQYHDXGXSYDFFLQHUDXPXOWHFD
]XULJUDYHLQFOXVLYGHFHVH2ULXQGHHUDIRORVLWRDVHPHQHDWHKQLFDSUHDX
FD]XULQRLGHERDOLDUvQXUPWRULLDQLDXPXULWGRDUOD/RQGUDGH
RDPHQLYDFFLQDL
 1RXOYDFFLQSURYRFIRFDUHHQGHPLFHLHSLGHPLFH
&kQGYDULROL]DUHDDIRVWLQWURGXVLvQ:HLPDU*HUPDQLDvQGH
FWUHPHGLFXO+XIHODQGDL]EXFQLWRHSLGHPLHJUDYGHYDULROVROGDWFX
QXPHURDVHFD]XULGHGHFHV(SLGHPLLDVHPQWRDUHDXL]EXFQLWLOD+DP
EXUJL%HUOLQvQDQLLLGXSLQWURGXFHUHDQRXOXLYDFFLQQXPLW
LGHUPRYDFFLQ(VWHPRWLYXOSHQWUXFDUHVDRSULWRULFHDOWYDFFLQDUH
vQFHOHODOWHRUDHGLQ*HUPDQLDLQGFKLDUSHGHSVLWvQPRGOHJDORDVWIHOGH
WHQWDWLY
 'HUPRYDFFLQXOOXL-HQQHURFRQIX]LHIDWDO



'U&KULVWD7RGHD*URVV

SXWHD SUHYHQL YDULROD OD RDPHQL 3HQWUX D vQHOHJH JkQGLUHD OXL -HQQHU
WUHEXLHFXQRVFXWHFkWHYDDVSHFWHOHJDWHGHERDODYDULROLFODRPLODDQLPDOH
$VW]LVHWLHFH[LVWPDLPXOWHYLUXVXULFDUHIDFSDUWHGLQDFHHDLIDPLOLH
3R[YLULGDH LDUEROLOHSURYRFDWHVXQWGLIHULWH
D 9DULRODHVWHRERDOLQIHFWRFRQWDJLRDVSURYRFDWGHYLUXVXOYDULROHL
3R[YLUXVYDULRODH LRIDFGRDURDPHQLLLPDLPXHOH(DQXVHWUDQVPLWHL
ODDOWHDQLPDOH
E 9DFFLQDVDXFRZSR[HVWHRERDOVSHFLFERYLGHHORU JUHLWGHQXPL
WvQWUHFXWLYDULRODERYLGHHORU FDX]DWGHYLUXVXOFRZSR[ 3R[YLULGDH
ERYLV 9DFFLQDVDXFRZSR[VHSRDWHWUDQVPLWHLODRPGDUHVWHWRWDOGL
IHULWGHYDULRO3kQDLFLHVWHFRUHFWFHVFULHvQOLWHUDWXUDGHVSHFLDOLWDWH
GDUGLQDFHVWSXQFWDSDUGLYHUJHQHOHLDUPHGLFLQDLQFOXVLYFDUWHDGH%ROL
,QIHFLRDVHGLQFDUHDPFLWDWQXUHFXQRVFFHHDFHDXUPDWPDLDOHVFRQIX]LLOH
IFXWHGH-HQQHUQH[SHULPHQWXOOXL-HQQHUDFRQIXQGDWYLUXVXOFRZSR[
VSHFLFERYLGHHORUFXYLUXVXOYDULROLFVSHFLFRPXOXL(ODFUH]XWFIROR
VLQGYLUXVXOERYLGHHORUSHQWUXYDFFLQSRDWHSUHYHQLYDULRODODRPFHHD
FHHVWHLPSRVLELO'LQDFHVWPRWLY-HQQHUQXDSXWXWVLQWHWL]DXQYDFFLQFDUH
VSUHYLQYDULRODODRP&HHDFHDXUPDWHUDLQHYLWDELOH[SHULPHQWXOOXLD
GXVODPXOWHGHFHVHSHFDUHQXOHDUHFXQRVFXWQLFLRGDW FRQIX]LDQXDIRVW
UHFXQRVFXWQLFLvQPRGRFLDOGHLDXWUHFXWGHDWXQFLGHDQL 
F SDUDYDFFLQD QRGXOXOPXOJWRULORU HVWHGHWHUPLQDWGHXQYLUXV$'1
3R[YLUXVSDUDYDFFLQDH FDUHVHWUDQVPLWHODRPGHODERYLQHOHEROQDYHL
DUHRHYROXLHIDYRUDELOWUDWDPHQWXOLQGGRDUXQXOVLPSWRPDWLF
G DOWHWLSXULGHYLUXVXULGLQDFHDVWIDPLOLHFDUHVHSRWWUDQVPLWHGHOD
DQLPDOODRPLFDUHSURYRDFRFD]LRQDOEROL ]RRQR]H GLIHULWHGHYDULRO
-HQQHUFUHGHDFRDPHQLLFDUHIDFRIRUPXRDUGHYDFFLQOXDWGHOD
YDFLHUDXIHULLGHYDULRO$VW]LVHWLHFQXHVWHDGHYUDWLDUXQDQXRSRDWH
SUHYHQLSHFHDODOW(ODIRORVLWGUHSWYDFFLQFRQLQXWXOXQXLQRGXOLQIHFWDW
GHQXPLWOLPIYDFFLQDOGHODRIHPHLHEROQDYGHYDFFLQ VDXFRZSR[
ERDOWUDQVPLVGHODYDFLGDUGLIHULWGHYDULRO SHFDUHDSRLDLQRFXODWR
ODRDPHQLYROXQWDULVQWRL(VWHRIRUPGHGHUPRYDFFLQGHODRPODRP


/D VIkULWXO VHF ;9,,, XQ PHGLF HQJOH] GH OD DU (GZDUG -HQQHU
 GHVFRSHURDOWPRGDOLWDWHGHYDFFLQDUHFXFDUHFUHGHDFYD


*%XFKZDOGRSFLW
*K09RLFXOHVFXRSFLW

*%XFKZDOGRSFLW

,ELGHP


,ELGHP
*K09RLFXOHVFXRSFLW

,ELGHP

*%XFKZDOGRSFLW

*K09RLFXOHVFXRSFLW

 ,ELGHP >8OWLPHOH GRX H[HPSOH F L G  QX VXQW LPSRUWDQWH vQ DFHVW FRQWH[W GDU
OHDPDPLQWLWSHQWUXDHYLGHQLDYDULHWDWHDDFHVWHLJUXSHGHYLUXVXULGHFDUHQXWLD-HQQHU
ODYUHPHDVD QQ @


9$&&,185,/(35(9(1,(6$8%2$/



8OWHULRUDIRORVLWLOLPIYDFFLQDOGLUHFWGHODYDFLLQRFXOkQGRODRDPHQL
VQWRLLQGXQGHUPRYDFFLQSHQWUXDQLPDOHGDUDGPLQLVWUDWODRPRJUH
HDOIDWDO/DORFXOLQRFXOULLDSUHDXLPHGLDWSXVWXOHFXFRQLQXWSXUXOHQW
GLQFDUH-HQQHUFROHFWDPDWHULDOLOIRORVHDvQFRQWLQXDUHSHQWUXYDFFLQDUHD
DOWRU RDPHQL YROXQWDUL /D vQFHSXW D VHSDUDW FHOH GRX WLSXUL GH YDFFLQXUL 
XPDQHLERYLQHFDDSRLVOHDPHVWHFHQIHOXODFHVWDODYDFFLQDWvQDQXO
SHXOVXvQYkUVWGHOXQL2SWDQLPDLWkU]LXvLYDFFLQHD]LSHXQ
ELDWGHDQLLSHRIHPHLHvQVUFLQDWvQOXQL&HLGRLFRSLLLIHPHLDJUD
YLGDXIRVWSULPHOHVDOHYLFWLPH,QHYLWDELODXDSUXWFRPSOLFDLLPDUL/DXO
OXLDSDUHLPHGLDWGXSYDFFLQXQUHJUHVvQGH]YROWDUHDSVLKLF LQGvQFVXJDU 
LYDPXULODYkUVWDGHGHDQLFXUHWDUGSVLKLFJUDY%LDWXOGHDQL-RKQ
%DNHUDPXULWODVFXUWWLPSGXSYDFFLQLDUIHPHLDvQVUFLQDWvQOXQLD
VLPLWFGLQ]LXDDDGHODYDFFLQFRSLOXOQXVHPDLPLFLGXSDOWH
]LOHvOQDWHPRUWSLHOHDDFHVWXLDLQGDFRSHULWFXSXVWXOHDVHPQWRDUHFHORU
GLQFRZSR[YDFFLQD'HLPXOLDXIFXWOHJWXUDvQWUHYDFFLQXOOXL-HQQHUL
FHOHGRXGHFHVHSRVWYDFFLQDOHDOOXL-RKQ%DNHULDOQRXQVFXWXOXLQX
VDSXVLPRDUWHDXOXLOXL-HQQHUSHVHDPDYDFFLQXOXL&XWRDWHFDIRVWXQ
H[SHULPHQWIDWDO-HQQHUWULPLWHQRXOVXYDFFLQ DPHVWHFGHOLPIYDFFLQD
OXPDQLERYLQ ODWRDWHFXULOHGHERLHULGLQ$QJOLDLDUvQGHFXUVGH
OXQLUHXHWHVWULPLWvQFGHGR]HGHYDFFLQvQVWULQWDWH%RLHULL
GLQ$QJOLDIRORVHVFDFHVWYDFFLQvQVSHFLDOODFRSLLLRUIDQLGHODFDUHFROHFWHD]
DOWHGR]HSHFDUHOHWULPLWDSRLvQDULvQVWULQWDWHQIHOXODFHVWDUH]XOWD
XQDPHVWHFGHYDFFLQSHFDUHDSRLvOFRSLD]PXOLDOLLPHGLFLIDUPDFLWL
PRDHSDVWRULIUL]HULHWFIUVH[LVWHRGLVWULEXLHOHJDODGHUPRYDFFL
QXOXL5H]XOWGLIHULWHDPHVWHFXULGHOLPI YDFFLQ LDUvQQDOVHSRDWH
YRUELGHXQH[SHULPHQWFDUHVFDSGHVXEFRQWURO3HQWUXSULPDGDWDSDUHvQ
DQXOROHJHDYDFFLQULLvQ/DQGXOJHUPDQ+HVVHQLDUDSRLLvQ%DYD
ULD/DVIkULWXOYLHLLVDOH-HQQHUHVWHPDUWRUODPDLPXOWHHSLGHPLLGHYDULRO
vQ$QJOLD$FXPVHFRQVWDWIDSWXOFFHLYDFFLQDLGHHOQXHUDXGHORFIHULL
GHDGHYUDWDYDULRO6HVSXQHF-HQQHUDIRVWFKLQXLWODVIkULWXOYLHLLVDOHGH
JkQGXOGDFDIFXWXQELQHVDXXQPDUHUX
 &HOHFUL]HDOHYDFFLQXOXLDQWLYDULROLF
1HUHXLWDSULPXOXLYDFFLQUHVSHFWLYDYDULROL]ULLSULQLQRFXODUHSUH
OXDWGLQ2ULHQWDIRVWGHVHPQDWvQLVWRULHFDLQGSULPDFUL]DYDFFLQXOXL



'U&KULVWD7RGHD*URVV

DQWLYDULROLFFXWRDWHFH[SHULPHQWXODSOLFDWRPHQLULLDIRVWXQXOWRWDOJUHLW
&HDGHDGRXDFUL]DIRVWLQVXFFHVXOOXL-HQQHUQPDMRULWDWHDFD]XULORUDX
IRVWYDFFLQDLFRSLLRUIDQLGHODFDUHDSRLVHFROHFWDOLPILVHFUHDQRXOYDF
FLQ YDFFLQGHODRPODRP 8OWHULRUVDFRQVWDWDWFXPDUHvQJULMRUDUHFVDX
WUDQVPLVSULQDFHDVWWHKQLFWRDWHEROLOHFXWUDQVPLWHUHVDQJXLQFHDPDL
JUDYLQGVLOLVXO'LQDFHVWPRWLYYDFFLQXOWUHEXLDVFRQLQGHDFXPvQ
FRORGRDUPDWHULDOERYLQQFXUkQGVDFRQVWDWDWvQVFRDPHQLLLQRFXODLFX
DFHVWYDFFLQQXHUDXIHULLGHORFGHDGHYUDWDYDULRO vQUHDOLWDWHHUDXGRX
WLSXUL GH YLUXVUL WRWDO GLIHULWH  /XFUXO DFHVWD HUD DVFXQV vQ PRG YRLW LQG
YHKLFXODWXQQHDGHYUYDFFLQDUHDFXPDWHULDOERYLQSUHYLQHRIRUPJUDY
GHYDULROODRPQXvQVLRIRUPXRDUGHERDO6DLQYHQWDWFKLDULXQ
WHUPHQQRXSHQWUXUHVSHFWLYDIRUPXRDUGHERDO9DULROHXV7HKQLFDIR
ORVLWHUDXUPWRDUHDYLHLLHUDXUDLODQLYHOXODEGRPHQXOXLHUDXIFXWHVXWH
GHVFDULFDLLVXSHUFLDOHXQGHHUDXLQRFXODWHYLUXVXULOH/DORFXOLQRFXOULL
VH IRUPDX R VHULH GH DEFHVH FROHFLL FX SXURL  GLQ FDUH VH UHFROWD OLPID
YDFFLQDO$QLPDOHOHHUDXDSRLOHJDWHvQDDIHOvQFkWVQXVHSRDWFXOFD
LXOWLPHOHORU]LOHGHYLDHUDXXQDGHYUDWFKLQ7RDWHHUDXRPRUkWHPRWLY
SHQWUXFDUHVHDX]HDXWRWPDLPXOWHYRFLFDUHFHUHDXRFURWLUHDDQLPDOHORU'H
DVHPHQHDWRWPDLPXOLRDPHQLOXDXDSUDUHDFRSLLORURUIDQLFDUHQXSXWHDX
FRQVLGHUDLRDPHQLGHPkQDDGRXDSHFDUHVVHIDFH[SHULPHQWH0DL
WkU]LXDFHDVWSHULRDGDIRVWGHQXPLWFHDGHDWUHLDFUL]DYDFFLQXOXLDQ
WLYDULROLF&HDGHDSDWUDFUL]DIRVWSHULRDGDGHGXSSULPXOU]ERLPRQ
GLDOFkQGDXIRVWUHFXQRVFXWHSHQWUXSULPDGDWFRPSOLFDLLOHQHXURORJLFH
DOHYDFFLQXOXLSULQOH]LXQLOHSHFDUHOHSURYRFDODQLYHOXOFUHLHUXOXL3UR
IHVRUXO/XFNVFKGLQ3UDJDHVWHFHOFDUHGHVFULHDFHDVWFRPSOLFDLHFDLQGR
HQFHIDOLWSRVWYDFFLQDO8OWHULRUDFHDVWDIHFLXQHYDUHFXQRVFXWFD
LQGRFRPSOLFDLHGDWDWkWGHGHUPRYDFFLQXOGHVFULVDQWHULRUFkWLGHRYR
YDFFLQ DSUXWPDLWkU]LXLQGXQYDFFLQFXOWLYDWSHRXHPEULRQDW $XUPDW
LFHDGHDFLQFHDFUL]SURYRFDWGHSURDVSHWHOHFXQRWLQHDGXVHGHRQRX
WLLQ PHGLFDO 9LUXVRORJLD 0HGLFLL DX FRQVWDWDW F vQ DD]LVXO YDFFLQ
DQWLYDULROLFQXH[LVWDQLFLSR[YLUXVXOERYLQLQLFLYLUXVXOYDULROHLXPDQH
FLXQDOWYLUXVQRXLQHFXQRVFXWSkQDWXQFLGHQXPLWXOWHULRU3R[YLUXV9DF
FLQLDH6DLYLWXQDGHYUDWVFDQGDOvQWUHPHGLFL8QLLDXSUHVXSXVFSULQ
FXOWLYDUHDYLUXVXOXLYDULROLFDFHVWDDVXIHULWRPXWDLHJHQHWLFLVDWUDQV
IRUPDWvQDOWYLUXV$FHDVWYDULDQWRJVLPLvQFDUWHDGH%ROL,QIHFLRDVH
'U9RLFXOHVFX GLQ%XFXUHWL9LUXVXOYDFFLQDO 3R[YLUXVRIFLQDOH HVWHR









*%XFKZDOGRSFLW
,ELGHPRSFLW

,ELGHP
,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



PXWDQWDYLUXVXOXLFRZSR[ SR[YLUXVERYLV $OLLVXVLQHDXFHVWHYRUED


GHGRXYLUXVXULWRWDOGLIHULWH$VW]LVHWLHFQXHVWHSRVLELOSURGXFHUHD
XQXLYDFFLQDQWLYDULROLFGLQSR[YLUXVXOERYLQGDUQXVDVFKLPEDWQLPLFvQ
GHFODUDLLOHRFLDOHLQGPHQLQXWDFHODLQHDGHYUGHVSUHYDFFLQXOYDULROLF
$VWDGRYHGHWHIDSWXOFWRLFHUFHWWRULLGLQWUHFXWLQFOXVLY-HQQHUFDUH
DXFUH]XWFDXFUHDWXQYDFFLQGLQSR[YLUXVXOERYLQVDXvQHODW&RQFOX]LD
WULVWHVWHFWLPSGHSHVWHGHDQLFRSLLLQRWULDXIRVWYDFFLQDLFXXQ
YDFFLQFDUHFRQLQHXQYLUXVFHQXH[LVWvQQDWXULDFUXLSURYHQLHQQX
HVWHFXQRVFXWSLHU]kQGXVHvQWUXQWUHFXWvQGHSUWDW



'U&KULVWD7RGHD*URVV

ULROvQVSHFLDOvQ3UXVLDLvQ6DFKVHQ$FHVWOXFUXGRYHGHWHLQHFLHQD
YDFFLQXOXLVDXPDLFRUHFWVSXVXQYDFFLQIDOV

Legea pentru Revaccinarea obligatorie, intr


n vigoare din data de
1.4.1875

  9DFFLQXODQWLYDULROLFIDOV 3R[YLUXVYDFFLQLDH 
QXDSXWXWGXFHODHUDGLFDUHDYDULROHL
GDUDSURYRFDWQRLHSLGHPLL
Q*HUPDQLD$LFLH[LVWvQFHSkQGFXDQXORVWDWLVWLFDGHFH
VHORUSURYRFDWHGHYDULROFDUHDUDWFYDFFLQXODQWLYDULROLF LQGYRUED
GHXQYDFFLQIDOVGDUQXVHWLDDWXQFL QXDLQXHQDWGHORFPRUWDOLWDWHD
vQVHQVXOFQXDGXVODUHGXFHUHDDFHVWHLD'DWRULWQXPHURDVHORUGHFHVH
SURYRFDWH GH HSLGHPLD GLQ DQLL  GLQ WLPSXO U]ERLXOXL  VWDWXO
JHUPDQDLPSXVRUHYDFFLQDUHREOLJDWRULHDSRSXODLHL$FHDVWQRXOHJH
SULQFDUHSRSXODLDHVWHREOLJDWVVHYDFFLQH]HHVWHLQWURGXVvQ*HUPD
QLDvQDQXOLDSOLFDWvQFHSkQGFX,9SULQYDFFLQDUHDWXWXURU
FRSLLORUvQYkUVWGHDQL6HSXQHvQWUHEDUHD'HFHDL]EXFQLWHSLGHPLD
GHYDULROvQSHULRDGDWLLQGFGHIDSWDSURDSHvQWUHDJDSR
SXODLHHUDGHMDYDFFLQDW"6DREVHUYDWFGHHFDUHGDWSULPHOHFD]XUL
L]EXFQHDX vQ UkQGXO VROGDLORU IUDQFH]L FDUH L HL IXVHVHU YDFFLQDL GDU
WULDX vQ FRQGLLL LJLHQLFH IRDUWH SUHFDUH vQ ODJUHOH GH SUL]RQLHUL 'XS
WHUPLQDUHDU]ERLXOXLVROGDLLIUDQFH]LDXIRVWXUJHQWUHSDWULDLLFD]XULOH
GHYDULRODXVF]XWGUDVWLF*UDFXO )LJ DUDWFXPSHSDUFXUVXOD
DQL  QXDIRVWLQXHQDWPRUWDOLWDWHDGHLSRSXODLDIXVHVH
YDFFLQDW 3H JUDF VH PDL REVHUY F UHYDFFLQDUHD REOLJDWRULH DPLQLWL
W DQWHULRU D IRVW LQWURGXV FkQG GHMD HUD vQ VFGHUH PRUWDOLWDWHD GDW GH
ERDO2FLDOGHVLJXUFVHVSXQHFXWRWXODOWFHYD&XWRDWHFSRSXODLD
JHUPDQDIRVWYDFFLQDWGHGRXRULDXH[LVWDWPHUHXQRLFD]XULGHYD


*K09RLFXOHVFXRSFLW
*%XFKZDOGRSFLW

,ELGHP

,ELGHP 3RFNHQXQG,PSIVWDWLVW\FNLP+GE'HU3RFNHQEHNlPSIXQJXQG,PS
IXQJYRQ/HQ]XQG*LQV%HUOLQ 


Fig. 1. Cazurile de mortalitate provocate de variol n Germania Federal, dup Berger: Variola i statistica
bolii n urma programului de vaccinare obligatorie mpotriva variolei, Berlin 1927 (von Lentz u.Gins).

'HLVDXIRORVLWSHQWUXYDFFLQLDOWHFXOWXULGHFHOXOH SHRXHPEULRQDW
HWF SHQWUXHYLWDUHDVFDQGDOXULORUDSUXWHGLQFDX]DDQLPDOHORUVDFULFDWH
QXVDVFKLPEDWQLPLFHVHQLDOvQFRPSR]LLDLPDLDOHVvQHFLHQDYDF
FLQXOXL
'XSU]ERLDXFRQWLQXDWVDSDUvQ*HUPDQLDQRLFD]XULGHYDULROSH
FDUHGU%XFKZDOGOHDQXPLWFHOHYDOXULGHYDULRO
 FD]XULvQGLQWUHFDUHDXIRVWYDFFLQDL
 FD]vQYDFFLQDW
 FD]XULGHvPEROQDYLULvQGLQWUHFDUHDXIRVWYDFFLQDL
SDFLHQLDXPXULW
 FD]XULvQDSUXWHODRDPHQLYDFFLQDLGLQWUHFDUHXQXODGH
FHGDW
 GHvPEROQYLULvQWRDWHGXSYDFFLQGLQWUHFDUHFD]PRUWDO
 FD]XULvQODDGXOLFDUHDXIRVWYDFFLQDLvQFRSLOULH
 HWF


*%XFKZDOGRSFLW

9$&&,185,/(35(9(1,(6$8%2$/



'HUHLQXWHVWHIDSWXOFSHVWHGLQFHLFDUHVDXvPEROQYLWVDXDX
PXULWDXIRVWYDFLQDL&HLQHYDFFLQDLLFDUHVDXvPEROQYLW FD]XUL 
HUDXUXGHDSURSLDWH
&XWRDWHDFHVWHDVHFRQWLQXYDFFLQDUHDvQPDVLVHFUHHD]RDGHYUD
WSDQLFDWXQFLFkQGVHDQXQFYRUYDFFLQDLGHRDPHQL(VWH
PRPHQWXOFkQG'U%XFKZDOGvLSURSXQHHXDUHDXQHLDVWIHOGHFDPSDQLL
Q HPLVLXQHD 5HSRUW GH OD 7HOHYL]LXQHD GLQ 6WXWWJDUW GLQ ,, 'U
PHG*%XFKZDOGDWUDJHDWHQLDDVXSUDSHULFROXOXLDFHVWXLYDFFLQGLQFDX]D
FUXLDGRLRDPHQLDXPXULW/DVIkULWXOUHSRUWDMXOXLVX'U%XFKZDOGDPDL
DUPDWFDVLVWHQWD%DUEDUD%HUQGWGLQ0HVFKHGHQXDPXULWGLQFDX]DYD
ULROHLFLDYDFFLQXOXLPRWLYSHQWUXFDUHDIRVWDWDFDWvQPRGGXUGHFWUHXQ
MXUQDOLVWPHGLFDO'U:HKUHQ1XHUDSHQWUXSULPDGDWFkQG'U%XFKZDOG
HUDDPHQLQDWGHMXUQDOLWLLPDLDOHVGHFWUHPHGLFL(IHFWXODIRVWFD
VF]XWGUDVWLFYDFFLQDUHDSURFHQWXOFHORUYDFFLQDLLQGVXE 
GLQ QWUHFHLQHYDFFLQDLvQQXPUGHQXVDvPEROQYLW
QLFLXQXOGHYDULRO
/D FHO GHDO OHD &RQJUHV DO 206 GLQ  VD YRUELW GHVSUH XQ
SURJUDPGHHUDGLFDUHDOYDULROHLvQGHFXUVGHDQL)LLQGFvQFRQWLQXDUH
L]EXFQHDX QXPHURDVH FD]XUL GH YDULRO SURJUDPXO VD SUHOXQJLW OD  DQL
YDFFLQDUHDvQPDVvPSRWULYDYDULROHLIFkQGXVHvQDQLL
L&XWRDWHDFHVWHDVHGHFODUDXPHUHXQRLFD]XULGH
YDULRO'XSHFDUHFDPSDQLHGHYDFFLQDUHvQPDVFUHWHDLQFLGHQDYD
ULROHLQFHOHGLQXUP206DvQYDWGLQDFHVWHJUHHOLLDPRGLFDW
SURJUDPXOGHHUDGLFDUHDYDULROHL1XVHPDLHIHFWXDRYDFFLQDUHvQPDVFL
XQDFRQWURODWGRDUODSHUVRDQHOHFDUHYHQHDXvQFRQWDFWFXEROQDYXOGH
YDULRO7RLFRQWDFLLHUDXL]RODLLWRDWHRELHFWHOHLFDVDORUHUDXGH]LQIHF
WDWH'RDUGXSFH206DIFXWOHJWXUDvQWUHL]EXFQLUHDFD]XULORUGHYDUL
ROLFRQGLLLOHSUHFDUHGHLJLHQLDOXDWPVXULOHQHFHVDUHGHLJLHQL]DUH
VDREVHUYDWRVFGHUHDLQFLGHQHLEROLL
'XSPDLPXOWHHPLVLXQL79UHDOL]DWHOD6WXWWJDUWvQFDUH'U%XFKZDOG
YRUEHWHSHQWUXSULPDGDWGHHQFHIDOLWDSRVWYDFFLQDOVXJDULLQXPDLVXQW
YDFFLQDLvQ*HUPDQLDvPSRWULYDYDULROHL6HREVHUYGHDVHPHQHDSH]LFH
WUHFHRUHWLFHQWRWPDLPDUHODYDFFLQXODQWLYDULROLFQLXOLHvQXUPD
LQYLWDLHL IFXWH GH FWUH $XWRULWLOH 6QWLL 3XEOLFH &RPSDUWLPHQWXO
,JLHQD0HGLXOXLL&HQWUXO(SLGHPLRORJLF'U%XFKZDOGYDLQHUHQXPLWXO



'U&KULVWD7RGHD*URVV

VXUHIHUDWGHVSUHLQXWLOLWDWHDYDFFLQXOXLDQWLYDULROLFDUPkQGvQQDO2DUH
SRDWHXQYDFFLQFDUHFRQLQHYLUXVXOYDFFLQDO FXXQYLUXVQHFXQRVFXW V
SUHYLQYDULRODGDWGHDOWYLUXVLDQXPHYLUXVXOYDULROLFYHUD DGHYUDW "
'XSDFHVWUHIHUDWDVF]XWGUDVWLFUDWDYDFFLQULORUvQPDVDFRSLLORULvQFHOH
GLQXUPVHYDUHQXQDODREOLJDWLYLWDWHDDFHVWXLYDFFLQvQ*HUPDQLDvQ
)FkQGRHYDOXDUHDQXPUXOXLGHRDPHQLFDUHQXVDXYDFFLQDW  
VDFRQVWDWDWFQXDH[LVWDWQLFLXQFD]GHYDULRO
&X WRDWH F GLQ DQXO  VXJDULL QX PDL VXQW YDFFLQDL vPSRWULYD YD
ULROHL FD]XULOH GH ERDO VXQW WRW PDL UDUH OD IHO L FD]XULOH GH HQFHIDOLWH
SRVWYDFFLQDOH&XPVHH[SOLFDFHVWOXFUX"0HGLFLQDQXDJVLWQLFLXQUV
SXQVGHLHVWHFkWVHSRDWHGHHYLGHQWRSULUHDYDFFLQXULORUDGXVODVFGH
UHDFD]XULORUGHvPEROQYLULLQFOXVLYDHQFHIDOLWHLSRVWYDFFLQDOH/DFRSLOXO
YDFFLQDWHQFHIDOLWDQXHVWHHYLGHQWGHODQDWHUHFLGRDUODYkUVWDGH
DQLFkQGGHYLQHYLGHQWHDQXPLWHWXOEXUULQHXURORJLFHVDXSVLKLFHSUHFXP
WXOEXUULGHYRUELUHGHFRPSRUWDPHQWHWF'HL0HGLFLQDQXPDLUHFXQRDWH
GXSRSHULRDGDWkWGHOXQJIDSWXOFHQFHIDOLWDDUSXWHDRFRPSOLFDLH
SRVWYDFFLQDOQXDUIRVWJUHXGHFDOFXODWQXPUXOGHHQFHIDOLWHLQIHFLRDVH
SURYRFDWHGHYDULROvQDLQWHGHFkQGvQFHUDXYDFFLQDLVXJDULLLGXS
FkQGVDVLVWDWYDFFLQDUHD
'HLVHVSXQHFYDULRODDIRVWHUDGLFDWvQDQXOXOWLPXOEROQDYGH
YDULROGLQOXPHLQGXQRPGLQ6RPDOLD EXFWDUXOVRPDOH]$OL0RDZ
0DDOLQ VHDVFXQGHvQFRQWLQXDUHDGHYUXOYDFFLQDUHDvQPDVQXDFRQWUL
EXLWODHUDGLFDUHD GLVSDULLD YDULROHLvQOXPH'HDELDDFXPFkQGQXPDLHUD
YDFFLQDWQLPHQLVHSXWHDYRUELGHVSUHFRPSOLFDLLOHSRVWYDFFLQDOH'U7KHR
GRU1DVHPDQQGHUPDWRORJGLQ+DPEXUJGHVFULHFHOHPDLJUDYHFRPSOLFDLL
SRVWYDFFLQDOHHQFHIDOLWHEURQLHFWD]LLEROLGHFROHFLVWLPDLDOHVWXPRUL
FDQFHURDVHDOHSLHOLLODORFXOYDFFLQULL
Q5RPkQLDYDFFLQDUHDDQWLYDULROLFDIRVWLQWURGXVvQDQLLLPHGLDWXU
PWRULGXSGHVFRSHULUHDOXL-HQQHULQGDSRLOHJLIHUDW,PXQLWDWHDSRVW
YDFFLQDOHUDDSUHFLDWODFHOSXLQDQL9DFFLQDUHDSULPDUVHHIHFWXDvQ
PRGX]XDOODWRLFRSLLLvQDOGRLOHDDQGHYLDLDUUHYDFFLQDUHDVHHIHFWXD
FRQIRUPXQXLFDOHQGDUGHYDFFLQULODLQWUDUHDvQFRDOLDSRLODLQWHUYDO
GHDQL'LQWUHFRPSOLFDLLOHYDFFLQXOXLDQWLYDULROLFOLWHUDWXUDGHVSHFL
DOLWDWHHQXPHUHD]FkWHYDGDUFXVSHFLFDUHDFHOHVXQWIRDUWHUDUHUH




,ELGHP

,ELGHP

,ELGHP

,ELGHP
,ELGHP

*K09RLFXOHVFXRSFLWS

7K1DVHPDQQ1$785


9$&&,185,/(35(9(1,(6$8%2$/



DFLLORFDOHLJHQHUDOHSXWHUQLFHH[DQWHPXOSRVWYDFFLQDOYDFFLQDORFDOL]DW
NHUDWLWD YDFFLQDO YDFFLQD GH DXWRLQRFXODUH YDFFLQD JHQHUDOL]DW YDFFLQD
KHPRUDJLFVDXJDQJUHQRDVVXSUDLQIHFLLOHEDFWHULHQHDOHYDFFLQHLLHQFH
IDOLWDSRVWYDFFLQDO$FHDVWDGLQXUPFRQVWLWXLHFRPSOLFDLDFHDPDLJUDY
DYDFFLQXOXLDQWLYDULROLFQ5RPkQLDVDUHQXQDWODYDFFLQDUHDDQWLYDULROLF
vQPDLGXSUHFRPDQGULOH2068OWLPDHSLGHPLHGHYDULROGLQ
DUDQRDVWUDDSUXWvQFXUVXOSULPXOXLU]ERLPRQGLDO  'HFH"5V
SXQVXOvOSXWHPGHGXFHGLQFRQFOX]LLOHOXL%XFKZDOGDSDULLDHSLGHPLLORUvQ
WLPSXOU]ERDLHORUPRQGLDOHDUHOHJWXUFXOLSVDFRQGLLLORUGHLJLHQHOH
PHQWDUODFDUHVHDGDXJYDFFLQDUHDvQPDV
QSUH]HQWVHVSXQHFYDULRODHVWHHUDGLFDWSHvQWUHJXOJORE&HDGHD
D$GXQDUHD2UJDQL]DLHL0RQGLDOHD6QWLL 206 GHFODUvQPRG
VROHPQFSODQHWDLWRDWHSRSRDUHOHVDOHDXIRVWHOLEHUDWHGHYDULRO>@R
UHDOL]DUHIUSUHFHGHQWvQLVWRULDVQWLLSXEOLFH
$DVH"9DOXULOHHSLGHPLFHSRWUHDSUHDvQFRQGLLLGHU]ERLLDD
FXP DX FRQVWDWDW RDPHQL GH WLLQ GLQ 2FFLGHQW YDFFLQDUHD vQ PDV QX D
DYXWLQLFLQXYDGDUH]XOWDWHvQFD]XOHSLGHPLLORUGHYDULRO6ROXLDYD
GRDURvPEXQWLUHDFRQGLLLORUGHYLD
&RQIRUP5HFRPDQGULORU206GLQPDLVHvQFHWHD]YDFFLQDUHD
DQWLYDULROLFFXH[FHSLDFHORUFDUHOXFUHD]vQFRQGLLLGHULVF1HvQWUH
EPvQVGDFDFHWLRDPHQLFXULVFLQGYDFFLQDLQXYLQLHLvQFRQWDFW
FX RDPHQL VQWRL QHYDFFLQDL" 3H GH DOW SDUWH YDFFLQDUHD DQWLYDULROLF
HVWHPHQLQXWGHXQHOHVWDWHvQIRUHOHDUPDWH'LQQRXVHSXQHDFHHDLSUR
EOHP
&RQVHUYDUHDYLUXVXOXLYDULROLFVHIDFHvQGRXODERUDWRDUHVSHFLDOHUH
VSHFWLYvQ68$LvQ5XVLDvQFRQGLLLGHVWULFWL]RODUHLGHFRQWUROLQWHUQD
LRQDOSULQGHFL]LD206$VWIHOVHGRUHWHDHYLWDWHQRLFD]XULGHvPERO
QYLUHFXPDXIRVWFHOHGRXFD]XULGHYDULROGLQDQXOvQODERUDWRUXO
GLQ%LUPLQJKDP$QJOLDGLQWUHFDUHXQXOPRUWDO&DPVXUGHSUHYHGHUH
206DUHXQVWRFGHUH]HUYGHGHPLOLRDQHGHGR]HGHYDFFLQDQWLYDUL
ROLFSHOkQJVWRFXULOHDGLLRQDOHDOHHFUHLULSUHFXPLVPkQDGHYLUXV
YDFFLQDO



'U&KULVWD7RGHD*URVV

,,,'LIWHULD9DFFLQXODQWLGLIWHULF
'LVSDULLDHSLGHPLLORUGHGLIWHULH
 'LIWHULD
(VWHRERDOLQIHFLRDVLFRQWDJLRDVSURYRFDWGHEDFLOXO&RU\QH
EDFWHULXP'LSKWHULDHSULQLQWHUPHGLXOWR[LQHLGLIWHULFH%DFLOXOGLIWHULF
GHQXPLW L EDFLOXO /|IHU GXS DXWRUXO FDUH OD GHVFRSHULW  HVWH XQ EDFLO
JUDPSR]LWLYFDUHORFDO SLHOHPXFRDVH SURYRDFRGHSXQHUHGHEULQ
IRUPkQGFXQRVFXWHOHSVHXGRPHPEUDQH PHPEUDQHIDOVH GDUGHLPSRUWDQ
PDMRUSHQWUXSDWRORJLHVXQWWR[LQHOHLDOHUJHQHOHHOLPLQDWHGHEDFLOLFDUH
DIHFWHD]vQVSHFLDOPLRFDUGXOLVLVWHPXOQHUYRV
%DFLOXOUPkQHFDQWRQDWODSRDUWDGHLQWUDUH PXFRDVHIDULQJRDPLJGD
OLDQODULQJLDQQD]DOFRQMXQFWLYDODQRJHQLWDOSOJLWHJXPHQWDUHHWF 
XQGHVHPXOWLSOLFLSURYRDFRLQDPDLHORFDOLPHPEUDQHIDOVH IRUPDWH
GLQFHOXOHQHFUR]DWHLEULQLQGGHFXORDUHDOEFHQXLHVDXEUXQXQH
RULKHPRUDJLFHLSRWFXSULQGHLVWPXOIDULQJLDQPXFRDVDQD]DOODULQJHOH
LDUXQHRULvQWUHJXODUERUHUHVSLUDWRU &XWRDWHDFHVWHDEDFLOXOQXDUHQLFLR
SXWHUHLQYD]LYFLQXPDLH[RWR[LQDIRDUWHSXWHUQLFSHFDUHRGLIX]HD]vQ
RUJDQLVPLFDUHSURYRDFIHQRPHQHWR[LFHODGLVWDQFHDOFWXLHVFWDEORXO
FOLQLFDOGLIWHULHL
'LIWHULDHVWHUVSkQGLWSHvQWUHJXOJOREvQUHJLXQLOHWURSLFDOHPDMRUL
WDWHDLQIHFLLORUVXQWLQDSDUHQWHLFXWDQDWHLDUvQUHJLXQLOHWHPSHUDWHGRPLQ
DQJLQDLFUXSXOGLIWHULFVHYHU ODULQJLWDGLIWHULF vQXOWLPXOWLPSVDUH
PDUFDWXQIHQRPHQGHGHSODVDUHDPRUELGLWLLGDWHGHGLIWHULHVSUHJUXSHOH
PDLPDULGHYkUVWGLQFDX]DYDFFLQXULORUDQWLGLIWHULFH '73 FDUHVHIDF
vQSULPDFRSLOULH
5HFHSWLYLWDWHLLPXQLWDWHFRSLLLQVFXLGLQPDPHLPXQHDXDQWLFRUSL
FDUHLIHUHVFGHERDOWLPSGHOXQL LPXQLWDWHSDVLYGHODPDP vQ
SRSXODLH VWDUHD GH LPXQLWDWH DFWLY UH]XOW GXS LQIHFLL ODWHQWH 7HVWXO
6FKLFN QH DUDW VWDUHD GH UHFHSWLYLWDWH WHVW SR]LWLY  VDX GH LPXQLWDWH WHVW
QHJDWLY  ID GH GLIWHULH FkQG WHVWXO HVWH QHJDWLY H[LVW LPXQLWDWH ID GH
LQIHFLHSULQH[LVWHQDvQVkQJHGHDQWLWR[LQGLIWHULFFXXQWLWUXGHSHVWH
 8$,PO &X WRDWH DFHVWHD 0HGLFLQD UHFXQRDWH IDSWXO F XQ WHVW



*K09RLFXOHVFXRSFLW
*%XFKZDOGRSFLW

5H]ROXLD2069*HQHYD

*K09RLFXOHVFXRSFLW

,ELGHP




*%XFKZDOGRSFLW
*K09RLFXOHVFXRSFLW

,ELGHP

,ELGHP


9$&&,185,/(35(9(1,(6$8%2$/



QHJDWLYDGLFRLPXQLWDWHFHUWFRQIRUPWLWUXOXLGHDQWLFRUSLQXFRQVWLWXLH
RVLJXUDQDEVROXWGHUH]LVWHQIDGHGLIWHULHLQIHFLDGLIWHULFVHSRDWH
SURGXFHFKLDUvQSUH]HQDXQXLWLWUXDQWLWR[LFSURWHFWRUPDLDOHVFXWXOSLQL
IRDUWHWR[LJHQH$FHODLOXFUXvOREVHUYPLODWHWDQRVFkQGSUH]HQDGH
DQWLFRUSLQXGRYHGHWHQHDSUDWLRDSUDUHIDGHERDO&RQFOX]LDHVWHF
SUH]HQDDQWLFRUSLORUQXvQVHDPQQHDSUDWLLPXQLWDWHIDGHERDODD
FXP DP PHQLRQDW vQ FDS 0HFDQLVPHOH VLVWHPXOXL LPXQ VXQW PXOW PDL
FRPSOH[H LQVXFLHQW FXQRVFXWH ,PXQLWDWHD FHOXODU MRDF SUREDELO XQ URO
LPSRUWDQW vQ DSUDUHD LPXQ DQWLWHWDQLF L DQWLGLIWHULF 3ULQ LQWHUPHGLXO
YDFFLQXULORUvQVDFFHQWXOVHSXQHH[FOXVLYSHLPXQLWDWHDXPRUDOIRUPD
WRDUHGHDQWLFRUSL&XWRDWHFH[LVWDWkWHDQHFXQRVFXWHYDFFLQXOFRPELQDW
'73VHDvQIUXQWHDYDFFLQXULORU VXJDUXOSULPHWHGR]HGH'73SkQ
ODYkUVWDGHXQDQ 
,QFXEDLD SHULRDGDGHODLQIHFLHLSkQODDSDULLDSULPHORUVLPSWRPH 
GXUHD]]LOH
)RUPHFOLQLFHDQJLQDGLIWHULFGLIWHULDODULQJLDQ FUXSXOGLIWHULF QD
]DOFRQMXQFWLYDORWLFDQDOYXOYRYDJLQDOFXWDQDW
&RPSOLFDLLPLRFDUGLWDGLIWHULFSDUDOL]LLVDXQHYULWHSHULIHULFH DY
OXOXLSDODWLQRFXODUIDULQJLHQHIDFLDOHDQHUYLORUDGLDIUDJPXOXLHWF 1H
YULWHOHSHULIHULFHDXRHYROXLHIDYRUDELOFXUHWURFHGDUHFRPSOHW
7UDWDPHQWIRUPHOHXRDUHLPHGLLVXQWWUDWDWHODGRPLFLOLXvQFRQGLLL
GHL]RODUH ]LOHODFHLWUDWDLFXDQWLELRWLFHVSWPkQLODFHLQHWUDWDL 
EROQDYLLLQGOVDLFkWPDLPXOWvQDHUOLEHU/DSDWVHLQGRDUFRSLLLPLFL
vQSHULRDGDIHEULO)RUPHOHVHYHUHLFRPSOLFDWHVXQWVSLWDOL]DWHPDLDOHV
FRSLLLVXEDQL
  (SLGHPLLOHGHGLIWHULHDXGLVSUXWSHFDOHQDWXUDO
QXGLQFDX]DYDFFLQXULORU
'LIWHULDDSDUHVSRUDGLFHQGHPLFLHSLGHPLF
/DRUDDFWXDOGHLVHVSXQHFQXPDLVXQWFD]XULGHGLIWHULHGDWRULW
YDFFLQXULORU GHFkW VSRUDGLF WRWXL DSDU GHVHRUL IRFDUH HQGHPLFH VDX FKLDU
HSLGHPLFHIUVVHFXQRDVFFDX]DL]EXFQLULLDFHVWRUDvQSHULRDGHOHIU



'U&KULVWD7RGHD*URVV

HSLGHPLLSXUWWRULLGHPLFURELQXPUGRDUGLQSRSXODLHLDUvQSHULRD
GHOHHSLGHPLFHSURFHQWXODFHVWRUDFUHWHOD
QWUHFXWGLIWHULDHUDRERDOVHYHUFXRPRUWDOLWDWHFUHVFXWvQVSHFLDO
ODFRSLL
Q *HUPDQLD VWDWLVWLFD PRUWDOLWLL SURYRFDWH GH GLIWHULH vQ SHULRDGD
 QH DUDW F vQDLQWH GH SULPXO U]ERL PRQGLDO VDX vQUHJLVWUDW
 GH GHFHVHDQ FD DSRL V FUHDVF vQ WLPSXO U]ERLXOXL 'XS WHUPL
QDUHD DFHVWXLD FXUED YHUWLFDO DUDW R VFGHUH GUDVWLF D GHFHVHORU LDU vQ
XUPWRULLDQL  GHLQXDH[LVWDWQLFLXQYDFFLQPRUWDOLWDWHDD
VF]XWvQFRQWLQXDUH'HDELDvQFkQGQXPDLHUDXDSURDSHGHORFFD]XUL
GHGLIWHULHLPDLDOHVGHFHVHHVWHLQWURGXVYDFFLQXODQWLGLIWHULF'XSDFHVW
PRPHQWVHvQUHJLVWUHD]RFUHWHUHDFD]XULORUGHERDO DQXO &HVH
vQWkPSO"&kQGXQYDFFLQHVWHDGPLQLVWUDWXQHLSRSXODWLLvQFDUHRERDOLQ
IHFLRDVHVWHvQFGHVWXOGHIUHFYHQWFXPHUDLGLIWHULDHVWHGHDWHSWDWV
HYDFFLQDLLFHLFDUHVXQWGHMDLQIHFWDL2UFkQGXQFRSLOYDFFLQDWVHD
vQSHULRDGDGHLQFXEDLHDEROLLvQSULPHOH]LOHHOVHFRQIUXQWFXRGXEO
LQIHFLHGLIWHULDQDWXUDODDWvQVWDGLXOGHLQFXEDLHLLQIHFLDGLIWHULF
LQGXVDUWLFLDOSULQYDFFLQDUH7RLDFHWLFRSLLVHvPEROQYHVFJUDYLVXQW
IRDUWHFRQWDJLRLLQIHFWkQGFXXXULQLSHDOLL(VWHOHVQHGHvQHOHVFvQ
DVHPHQHDFRQGLLLDWkWPRUELGLWDWHDFkWLPRUWDOLWDWHDFUHVF&HUH]XOWDWH
GH]DVWURDVHDDYXWYDFFLQDUHDVHSRDWHREVHUYDQXGRDUvQSDUWLFXODUSULQ
WURPRUWDOLWDWHFUHVFXWODFRSLLFLPDLDOHVvQFRQWH[WHSLGHPLF*UDFXO
)LJ DUDWRVFGHUHIRDUWHFODUDLQFLGHQHLEROLLSkQvQFkQGHVWH
LQWURGXVYDFFLQXODQWLGLIWHULF'LQDFHVWPRPHQWVHvQUHJLVWUHD]RFUHWHUHD
FD]XULORUGHGLIWHULHGHFODQkQGXVHRDGHYUDWHSLGHPLHFXXQDSRJHXvQ
QVDXvQUHJLVWUDWGHFD]XULGHGLIWHULHDMXQJkQGvQ
ODGHEROQDYLLDUvQVDDWLQVDSRJHXOGHGHFD]XUL
YDFFLQDUHD HUD REOLJDWRULH VXE FRQGXFHUHD OXL +LWOHU  'XS DFHHD R GDW
FXWHUPLQDUHDFHOXLGHDOGRLOHDU]ERLPRQGLDOVHvQUHJLVWUHD]RVFGHUH
FRQVWDQWSkQvQ,QWHUHVDQWHVWHIDSWXOFvQGRDUDQL  
FkQGQXVDIFXWGHORFYDFFLQDUHDDVF]XWQXPUXOGHFD]XULODGHFL
FX8QXOGLQWUHPRWLYHHVWHLDFHODFGXSU]ERLXOSLHUGXWGHFWUH
DUPDWDJHUPDQGLQOLSVGHIRQGXULQXVDPDLSXWXWFRQWLQXDYDFFLQDUHD




,ELGHP

,ELGHP

,ELGHP

,ELGHP

,ELGHP

*%XFKZDOGRSFLW
,ELGHP

,ELGHP

 6LPRQH 'HODUXH ,PSIVFKXW],UUWXP RGHU /JH" $XDJH  +LUWKDPPHU9HU
ODJ*PE+*HUPDQ\

,ELGHP


9$&&,185,/(35(9(1,(6$8%2$/



QWUHDQLLLFkQGDXDYXWORFGLQQRXFDPSDQLLGHYDFFLQDUHvQ
PDVvQ*HUPDQLDVHFRQVWDWRXRDUFUHWHUHDFD]XULORUGHGLIWHULHFXUED
vQUHJLVWUkQGXQQRXYkUIGDULQFRPSDUDELOPDLPLFGHFkWFHOGLQWLPSXO
HSLGHPLHL )LJ 

Fig. 2. Cazurile de deces (mortalitatea) date de difterie n Germania, n perioada 1906-1933


Sursa: Biroul Federal de Statistic Wiesbaden, Grupa VII D

Fig. 3. Mortalitatea dat de difterie n Germania ncepnd cu anul 1955 pn n prezent


Sursa: Biroul Federal de Statistic Wiesbaden, Grupa VII D



'U&KULVWD7RGHD*URVV

Q$PHULFDvQYUHPHDUHVSHFWLYGLQFDX]DQXPHURDVHORUFRPSOLFDLLSRVW
YDFFLQDOHSURGXFWRULLGHYDFFLQXULHUDXSHGHSVLLGHOHJHLGHVHRULHUDXQHYRLL
VSOWHDVFGHVSJXELULGHPLOLRDQHGHGRODUL$FHVWOXFUXDGXVODIDOLPHQWDUHD
PLFLORUSURGXFWRULGHYDFFLQXULLDUUPHOHPDULSHQWUXDHYLWDSLHUGHULOH
QDQFLDUHVXEVWDQLDOHLSHQWUXDSXWHDSOWLGHVSJXELULOHFRQIRUPOHJLVODLHLvQ
YLJRDUHvQ$PHULFDDXFUHVFXWPHUHXFRVWXULOHYDFFLQXULORU1XDFHODLOXFUXVH
vQWkPSOvQ*HUPDQLDLvQDOWHULHXURSHQHXQGHGHVSJXELULOHQXOHSOWHVF
SURGXFWRULLGHYDFFLQXULFRVWXULOHLQGVXSRUWDWHGHFWUHvQWUHDJDSRSXODLH
(VWHPRWLYXOSHQWUXFDUH)LUPD6PLWK.OLQHGLQ$PHULFDLDPXWDWVHGLXOvQ*HU
PDQLD([SOLFDLDIDOVSHFDUHDGDWRHVWHDFHHDFvQ*HUPDQLDDL]EXFQLWR
HSLGHPLHGHGLIWHULHFXFD]XULGHGHFHV$FHODLOXFUXODGHFODUDWDFHHDLUP
FkQGVDVWDELOLWvQ6XHGLD'HIDSWvQ*HUPDQLDIXVHVHYRUEDGHXQVLQJXUFD]GH
GHFHVDOXQXLFRSLOGHXQDQGLQ5HXWOLQJHQEROQDYGHGLIWHULHLIXVHVHXQFD]
VRFLDOQ6XHGLDSXLQHOHFD]XULGHGLIWHULHDSUXVHUvQWUXQJUXSGHDOFRROLFL
GHVSUHFDUHVDVFULVvQ]LDUHOHVXHGH]H &D]XULGHGLIWHULHL]EXFQLWHvQWUHDOFRR
OLFLLVXHGH]L GRDUFDFHVWOXFUXQXDIRVWVSHFLFDWGHFWUHUPDUHVSHFWLY
Q5RPkQLDQXSXWHDVHRVWDWLVWLFPXOWGLIHULWGHFHDGLQDOWHUL
XQGHYDFFLQDUHDDvQFHSXWvQDFHODLWLPSvQDFHODLPRGLFXDFHODLWLSGH
YDFFLQ*UDFXOFDUHDUDWPRUELGLWDWHDGLIWHULHLvQDUDQRDVWUHVWHLQFRP
SOHWFXUEDDFRSHULQGGRDUDQLL )LJ LFHHDFHHVWHLQWHUHVDQW
HDVHVXSUDSXQHDSURDSHGHWRWFXFHDGLQ*HUPDQLDGLQDFHHDLSHULRDG
YH]L )LJ   *UDFXO QX DUDW vQV FH D IRVW vQDLQWH GH DQLL  'DF D
vQFHSXW YDFFLQDUHD DQWLGLIWHULF vQ 5RPkQLD vQ  QRL QX DP SUDFWLF
QLPLFGLQFHHDFHVDvQWkPSODWvQFHLGHDQL  QLFLLQGLFHOH
GHPRUELGLWDWHLQLFLFHODOPRUWDOLWLLLQIDQWLOHFDUHQHDUSXWXWFRPSOHWD
WDEORXOHYROXWLYDOHSLGHPLLORULLQXHQDUHDODYDFFLQXULORUDVXSUDDFHVWR
UDQWLPSXOFHOXLGHDOGRLOHDU]ERLPRQGLDODH[LVWDWSHVWHWRWRFUHWHUHD
FD]XULORUGHGLIWHULHFXWRDWHFVHSUDFWLFDLYDFFLQDUHDvQVFXYDFFLQDXO
DQWLGLIWHULFPRQRYDOHQW ' QXFXWULYDFFLQXO'73IRORVLWvQ]LXDGHD]L QX
FDUPDLHFLHQWVDXFXFRPSOLFDLLSRVWYDFFLQDOHPDLSXLQHGLPSRWUL
Y 'XSU]ERLVDFRQVWDWDWSHVWHWRWRVFGHUHDFFHQWXDWDFD]XULORUGH
GLIWHULH8QQRXYkUIPDLPLFFDUHVHREVHUYSHJUDFXOQRVWUXvQWUHDQLL
VHYHGHLSHJUDFXOGLQ*HUPDQLDGXSFDUHFHOGHDOGRLOHD
YkUIvQWUHDQLLHVWHPXOWPDLPDUHvQ*HUPDQLDGHFkWFHOGLQ
5RPkQLDQDFHDSHULRDGVSXQH'U%XFKZDOGvQ*HUPDQLDVDLQWHQVLFDW
FDPSDQLDGH YDFFLQDUHDQWLGLIWHULFFHHDFH QX HVWH VSHFLFDWL vQ FULOH




,ELGHP

*%XFKZDOGRSFLW
*K09RLFXOHVFXRSFLW



9$&&,185,/(35(9(1,(6$8%2$/





'U&KULVWD7RGHD*URVV

QRDVWUH3HJUDFXOQRVWUXPDLHVWHXQPLFYkUIvQWUHDQLL&RQ
FOX]LDHVWHFDVHPHQHDDOWRUULHXURSHQHQXSXWHPDWULEXLYDFFLQULLvQ
PDVGLVSDULLDGLIWHULHLvQDUDQRDVWU


Fig. 5. Regresia difteriei, comparativ ntre teritoriile rurale
(vaccinate) ale Ungariei cu Budapesta (unde nu s-a fcut
vaccinarea). Mortalitatea este calculat la 100.000 de

ceteni. Msura folosit: logaritmic

Fig. 4. Curba morbiditii prin difterie n Romnia n perioada 1960-1988


8QJDULDHVWHSULPDDUHXURSHDQXQGHVDIFXWYDFFLQDUHDvQPDVOD
FRSLLvPSRWULYDGLIWHULHLvQFHSkQGFXDQXOvQ]RQHOHUXUDOHH[FHSWkQG
%XGDSHVWD7LPSGHDQLVDFRQVWDWDWDFHODLUHJUHVDOFD]XULORUGHGLI
WHULHDWkWvQ]RQHOHYDFFLQDWH ]RQDUXUDO FkWLvQFHOHQHYDFFLQDWH %XGD
SHVWD JUDFHOHLQGDSURDSHLGHQWLFH )LJ 
&RPSDUkQG JUDFHOH FDUH DUDW PRUELGLWDWHD SULQ GLIWHULH vQ 2ODQGD
XQGHDXIRVWYDFFLQDLFRSLLLvPSRWULYDGLIWHULHLFHFHOHGLQ6XHGLDXQGHQX
VDHIHFWXDWYDFFLQDUHDFRQVWDWPFVXQWLHOHSUDFWLFLGHQWLFH )LJ 
&D]XULOH GH GLIWHULH DX FXQRVFXW DFHODL UHJUHV LQGLIHUHQW F D IRVW VDX QX
YDFFLQDWSRSXODLD

Q)UDQDLQWURGXFHUHDYDFFLQXOXLDQWLGLIWHULFGDUPDLDOHVDREOLJDWLYLWLL
OXLDGXVODH[WLQGHUHDHSLGHPLHL*UDFHOHDUDWFvQDLQWHGHYDFFLQPHGLDDQXD
ODFD]XULORUGHGLIWHULHHUDGHLDUvQFHSkQGFXFkQGDIRVWLQWURGXV
YDFFLQDUHDFXDQDWR[LQGLIWHULFQXPUXOGHFD]XULDQXDOHDDWLQVFLIUDGH
'HDELDvQDQXOFkQGYDFFLQDUHDDGHYHQLWREOLJDWRULHvQ)UDQDVDH[WLQV
HSLGHPLD )LJ *VLPvQFDUWHDOXL+HFWRU*UDVVHW/H7UDQVIRUPLVPH0pGLFDO
LQIRUPDLLOHJDWHGHPRGXOvQFDUHSRWIDOVLFDWHVWDWLVWLFLOHSULQFRPSDUDLDXQRU
HOHPHQWHFHQXSRWFRPSDUDWHQWUHFXWFOLQLFLHQLLGHQHDXGUHSWDQJLQGLIWH
ULFGRDUSHDFHOHDFDUHHUDXIRDUWHWR[LFHFXSVHXGRPHPEUDQHDVHPQWRDUH
FUXSXOXLGLIWHULF/DRUDDFWXDOGLDJQRVWLFXOGHDQJLQGLIWHULFVHSXQHWXWXURU
DQJLQHORUODFDUHSRDWHLGHQWLFDWEDFLOXOGLIWHULF'DUHVWHFXQRVFXWIDSWXOF
EDFLOXO/|IHUHVWHSUH]HQWFKLDULvQIRUPDOXLFHDPDLYLUXOHQWODGLQWUH
EROQDYLLFXVFDUODWLQLODGLQWUHRDPHQLLVQWRL +HXEQHU VDXFKLDU
9DULRW FHHDFHvQVHDPQFLFHOHPDLVLPSOHDQJLQHFKLDULFHOHEHQLJQHFX
PHPEUDQHDOELFLRDVHSRWFODVLFDWHGUHSWGLIWHULFH'HDLFLGHFXUJHFUHWHUHD
IDOVDFD]XULORUGHGLIWHULHvQQXPHURDVHOHVWDWLVWLFL&D]XULOHFDUHVHYLQGHFDX
GHODVLQHLIUWUDWDPHQW DQJLQHOHGLIWHULFHEHQLJQHQXVHFRPSOLFDXQLFLRGDW
GHFkWFXH[FHSLDDFHORUDFDUHHUDXWUDWDWHFXVHUXODQWLGLIWHULF HUDXFRQVLGH



6'HODUXHRSFLW
,ELGHP



Fig. 6. Cazurile de mbolnviri (difterie) n


Olanda (vaccinat) comparativ cu Suedia
(nevaccinat), n perioada 1941-1944.
Cazurile declarate. Msura logaritmic



,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



UDWHDVXFFHVXOWUDWDPHQWXOXL'RYDGDXQHLIDOVLFULHYLGHQWHDVWDWLVWLFLORU
GLQVSLWDOHRFRQVWLWXLHIDSWXOFvQGLQFD]XULOHGHDQJLQGLIWHULFWR[LF
XUPDWHGHGHFHVQXVDHYLGHQLDWEDFLOXOGLIWHULF$QJLQHOHVWUHSWRFRFLFHLVWD
ORFRFLFH SUHVXSXVHGLIWHULFH DXSURYRFDWvQUHDOLWDWHPXOWHGLQDFHVWHGHFHVH
3HGHDOWSDUWHVXQWIDOVLFDWHLVWDWLVWLFLOHSULYLWRDUHODFRPSOLFDLLOHSRVWYDF
FLQDOHWRLSDFLHQLLFDUHPRUVXQWWUHFXLvQDOWHVWDWLVWLFLFDLFkQGDUIRVW
SURYRFDWHGHDOWHEROLQXGHYDFFLQXODQWLGLIWHULF(VWHOHVQHGHvQHOHVFOXPHDVH
OVDYDFFLQDWGHWHDPDQHQXPUDWHORUGHFHVHSURYRFDWHGHGLIWHULHGDULLQG
FQXWLDGHH[LVWHQDXQRUFRPSOLFDLLSRVWYDFFLQDOHQ]LXDGHD]LVHvQWkPSO
H[DFWDFHODLOXFUXvQWRDWHULOHGLQOXPHFkQGFRPSOLFDLLOHSRVWYDFFLQDOHJUDYH
LQGLIHUHQWGHYDFFLQXODGPLQLVWUDW QXVXQWUHFXQRVFXWHFLVXQWFRQVLGHUDWHEROL
GHVLQHVWWWRDUHGHFDX]QHFXQRVFXWHSLOHSVLHVLQGURPXOPRULLVXELWHOD
VXJDULSDUDOL]LLVXUGLWDWHFHFLWDWHHWFIUDFXWDWHWLRORJLDORU-7LVVRWSUR
IHVRUGH3VLKRORJLHFXQRVFXWSULQOXFUDUHDVD/D&DWDVWURSKHGHVYDFFLQDWLRQV
REOLJDWRLUHVSXQFWHD]FHHDFHDXREVHUYDWLDXWRULLPDLVXVPHQLRQDL9DFFL
QDUHDDQWLGLIWHULFDvQFHSXWvQ)UDQDvQ'HDWXQFLYDFFLQXODIRVWFDX]D
DQXPHURDVHORUFRPSOLFDLLJUDYHSRVWYDFFLQDOHGDUQLFLRGDWQXVDLQXWFRQW
GHDFHVWOXFUX&kQGvQDL]EXFQLWRHSLGHPLHGHGLIWHULHvQ*HUPDQLDvQ



'U&KULVWD7RGHD*URVV

DUPDWDGHSH5KHLQVDLQWURGXVLDLFLYDFFLQDUHDDQWLGLIWHULF0HGLFXOJHUPDQ
=|OOHUGLQ0DLQ]UHDOL]DVHDWXQFLSULPXOOXLWHVWGHFRQWURODOYDFFLQXOXL$YDF
FLQDWGHUHFUXLFXDQDWR[LQDGLIWHULFGHGRXRULODXQLQWHUYDOGHVSW
PkQL8QDOWJUXSGHGHUHFUXLQXDXIRVWYDFFLQDLLQGJUXSXOGHFRQWURO
'LQWUHFHLGHVROGDLYDFFLQDLVDXvPEROQYLWLDUODFHLQHYDFFLQDLQX
VDvQUHJLVWUDWXQVLQJXUFD]5H]XOWDWXODIRVWXQXOFDWDVWURIDO/DFHLYDFFLQDL
vPEROQYLUHDDIRVWGHRULPDLIUHFYHQWGHFkWODFHLQHYDFFLQDL$FHVWUH]XOWDW
WUHEXLDVGXFGHSHDWXQFLODLQWHU]LFHUHDYDFFLQXOXL'DUDFHVWOXFUXQXVD
vQWkPSODWFFLSURGXFWRULLGHYDFFLQXULDUIRVWQHYRLLVRSUHDVFYDFFLQDUHD
FDUHvQFHSXVHGHMDGHGRLDQL$WXQFLDXIDOVLFDWVWDWLVWLFLOHDXVSXVFVDX
vPEROQYLWGLQWUHFHLYDFFLQDLLQGFQXDXIRVWVXFLHQWLPXQL]DLLQWHUYDOXO
GHVSWPkQLLQGSUHDVFXUW'LQDFHVWPRWLYHLSXWHDXFRQVLGHUDLODIHOFD
LFHLQHLPXQL]DL&DXUPDUHFHOHFD]XULDXIRVWWUHFXWHODJUXSXOGHFRQWURO
DGLFODFHLQHYDFFLQDL5H]XOWDWXOHYLGHQWIDOVDIRVWQXVDvPEROQYLWQLPHQL
GLQWUHFHLYDFFLQDLGDUDXIRVWFD]XULODFHLQHYDFFLQDL$UJXPHQWXODFHVWD
QXSRDWHGHFkWXQXOIDOVLIUORJLFSHQWUXRULFHFLWLWRULDUWRDWHDFHVWHGDWH
VXQWLVWRULFGRYHGLWHLVDXSHWUHFXWvQDQXOQHPDLVSXQH-7LVVRW'DF
VDUVLVWDWDWXQFLYDFFLQDUHDVDUSXWXWSUHYHQLRVHULHGHDOWHFDWDVWURIH&X
WRDWHDFHVWHDXQDVHPHQHDDUJXPHQWIDOVHVWHIRORVLWLvQ]LXDGHDVW]LSHQWUXD
SXQHSHSLDYDFFLQXULVDXSHQWUXDFRQWLQXDIRORVLUHDORUFXPVDvQWkPSODWLvQ
FD]XOYDFFLQXOXLSROLRPLHOLWLF3URI'HEUHDIRORVLWXQDVHPHQHDDUJXPHQWSHQ
WUXDSULPLDSUREDUHDIRORVLULLYDFFLQXOXLDQWLSROLRLSHQWUXDGHPRQVWUDHFLHQD
DFHVWXLDFXRFD]LDXQHLHSLGHPLLGHSROLRPLHOLWFHL]EXFQLVHvQ6DLQW%ULHXF
QGHFHPEULH$FDGHPLDGH0HGLFLQGLQ)UDQDGHFODUYDFFLQXODQWL
GLIWHULF SkQDWXQFLWR[LQDGLIWHULFLQGIRORVLWGRDURFD]LRQDO FDLQGQHFHVDU
GLQFDX]DUVSkQGLULLvQXOWLPLLDQLDWRWPDLPXOWRUFD]XULJUDYHLWR[LFHGH
GLIWHULHLFHVWHQHYRLHGHRYDFFLQDUHVLVWHPDWLFDFRSLLORUvQVSHFLDODHOHYL
ORU $QH[DGLQ3URWRFROXOFHOHLGHDGRXDHGLQHGLQ&DPHUD'HSXWDLORUGLQ
LXOLH &XWRDWHDFHVWHDvQFQXHVWHLQWURGXVYDFFLQDUHDREOLJDWRULHvQ
)UDQDFLGRDUUHFRPDQGDWQWUHDQLLDQDWR[LQDGLIWHULFDIRVWFD
X]DXQRUVHULLGHFRPSOLFDWLLSRVWYDFFLQDOHPXOWHGLQWUHHOHOHWDOH6DSXWXWOHVQH
REVHUYDFFHLYDFFLQDLVHvPEROQYHDXPDLJUDYGHGLIWHULHGHFkWFHLQHYDFFL


,ELGHP
,ELGHP

,ELGHP

,ELGHP

/RXLV'H%URXZHU1RXVVRPPHVWRXVGHVFRED\HV/LPSRVWXUHGHODELRORJLHHWGH
ODPHGLFLQH/H7ULRPSKHGHOD'HVLQIRUPDWLRQ3HUPDQHQWH*X\7UHGDQLHO(GLWHXU
3DULV


Fig. 7. Doar partea de grafic ncadrat este luat n seam de Oficialiti pentru statistic



,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



QDLPRWLYSHQWUXFDUHDXSURWHVWDWPXOLPHGLFLGDUIUQLFLXQUH]XOWDW9DFFL
QXULOHDXIRVWFXPSUDWHFXVXPHHQRUPHGHEDQL3DUODPHQWXOIUDQFH]DSUREkQG
RDVHPHQHDLQYHVWLLH'LQYDFFLQXODQWLGLIWHULFGHYLQHREOLJDWRULXFHHDFH
YDGXFHODL]EXFQLUHDFHOHLPDLPDULHSLGHPLLGHGLWHULHGLQ)UDQDQFHSkQG
FXDQXOFD]XULOHFUHVFGHODDQODDQLDUGLQDQXDOVHQXPUDXSHVWH
GHFD]XULGHGLIWHULHQSHULRDGDVDXvQUHJLVWUDWGH
FD]XULGHGLIWHULHGLQWUHFDUHSHVWHGHFD]XULPRUWDOH0RUWDOLWDWHDODFRSLLL
YDFFLQDLHUDGHRULPDLPDUHGHFkWODFHLQHYDFFLQDL
'LVSDULLD GLIWHULHL QX D SXWXW  SXV QLFLGHFXP SH VHDPD YDFFLQXOXL
&RPSDUkQGJUDFHOHGLQULOHXQGHVDIFXWYDFFLQDUHDFXULOHvQFDUHQXVD
IFXWvQDFHOHDLSHULRDGHREVHUYPFHOHVHVXSUDSXQ*HUPDQLDGH9HVW IU
YDFFLQ LDOWHULHXURSHQH FXYDFFLQ vQSHULRDGD )LJ 'DWHOH
IDOVHDUDWFvQ$QJOLDYDFFLQDUHDDQWLGLIWHULFDGXVODVFGHUHDGUDVWLFDFD]XUL
ORUGHGLIWHULHvQSHULRDGD DQL 2EVHUYPGLQJUDFFvQ*HUPD
QLDGH9HVWVDDMXQVODDFHODLUH]XOWDWvQWLPSGHGRDUDQLSULQQHYDFFLQDUH



'U&KULVWD7RGHD*URVV

 9DFFLQXOGLIWHULF
*HQHUDOLWL
7HVWXO6FKLFN DPLQWLWDQWHULRU DIRVWGHVFULVSHQWUXSULPDGDWvQ
GDUDELDvQHVWHGHVFRSHULWDQDWR[LQDGLIWHULFGHFWUH5DPRQ
3ULPHOHLPXQL]ULSHVFDUODUJDXIRVWIFXWHvQ)UDQD68$&DQDGD
L5RPkQLDvQ
Q*HUPDQLDYDFFLQDUHDDvQFHSXWvQ
9DFFLQXULOH''7L'73
9DFFLQXOGLIWHULFPRQRYDOHQW ' QXPDLHVWHvQX]ODQRL(OFRQLQHWR[LQ
GLIWHULFvQIRUPSXULFDWDWHQXDWFXDOGHKLGIRUPLFLDGVRUELWSHDOXPL
QLX'R]DGHYDFFLQPO 8, XQLWLLQWHUQDLRQDOH 7R[RLG'LIWHULF
Q5RPkQLDFRQIRUP3URJUDPXOXLQDLRQDOGHYDFFLQDUHVXJDUXOHVWH
YDFFLQDWvPSRWULYDGLIWHULHL vQFRPELQDLHFXYDFFLQXOWHWDQRVLSHUWXVVLV 
FXGR]HGHYDFFLQWULYDOHQW'73FkWHRGR]ODLQWHUYDOGHOXQL L
OXQL LDUDSRLUHYDFFLQDUHD,VHIDFHODOXQLUHYDFFLQDUHDD,,DOD
OXQLLDUD,,,DLD,9DVHIDFFXELYDFFLQ '7 ODDQL FO, UHVSHFWLYOD
DQL FOD9,,,D 'XSYkUVWDGHDQLFRPSRQHQWDSHUWXVVLVHVWHVFRDV
GLQYDFFLQGLQFDX]DJUDYHORUFRPSOLFDLL9DFFLQXULOHSURGXVHGH,QVWLWXWXO
&DQWDFX]LQRVXQWYDFFLQXOELYDOHQW'7 9&'7YDFFLQFRPELQDWGLIWHURWH
WDQLFDGVRUELW LYDFFLQXOWULYDOHQW'73 9&'73YDFFLQXOFRPELQDWGLIWH
URWHWDQRSHUWXVVLVDGVRUELW 
5HDFLLOHDGYHUVHLFRPSOLFDLLOHSRVWYDFFLQDOH '73 VXQWGHVFULVHvQ
FDS

,9(SLGHPLDGHSROLRPLHOLW7LSXULGHYDFFLQDQWLSROLR
LLQHFLHQDORU3ROLRPLHOLWDSRVWYDFFLQDO
5H]XPDW
(SLGHPLLOHGHSROLRPLHOLWDXGLVSUXWLDUQXPUXOFD]XULORUGHvPERO
QYLULDvQUHJLVWUDWRVFGHUHLPSRUWDQWvQDQLLvQDLQWHFDVH
Fig. 8. Regresia difteriei comparnd cele 19 ri europene vaccinate cu Germania de Vest, unde nu s-a fcut
vaccinarea, n perioada 1946-1952. Morbiditatea i mortalitatea. Masur logaritmic



*K09RLFXOHVFXRSFLW
*%XFKZDOGRSFLW

,ELGHP

,ELGHP

2UG06&1$6QU




6'HODUXHRSFLW
,ELGHP

,ELGHP


9$&&,185,/(35(9(1,(6$8%2$/



LQWURGXVH YDFFLQXULOH DQWLSROLR   'XS DFHHD DX L]EXFQLW QRL IRFDUH
HQGHPLFHLHSLGHPLFHGHSROLRPLHOLW9DFFLQXULOHDQWLSROLRDXIRVWXQPDUH
HHFSURYRFkQGQXPHURDVHGHFHVH5HDSDULDHSLGHPLLORUGHSROLRPLHOLW
HVWHFRUHODWLFXLQWURGXFHUHDDOWRUYDFFLQXUL SROLRPLHOLWDSURYRFDW 
vQ*HUPDQLDL68$DSDULLDHSLGHPLLORUGHSROLRPLHOLWHVWHGLUHFWOHJDW
GHLQWURGXFHUHDYDFFLQXOXLDQWLYDULROLFvQ0DUHD%ULWDQLHVHH[WLQGFD]XUL
OHGHSROLRPLHOLWGXSLQWURGXFHUHDYDFFLQXOXL'3 GLIWHURSHUWXVVLV LQG
RSULWDGPLQLVWUDUHDOXLvQ
'LVSDULLDHSLGHPLLORUGHSROLRPLHOLWQXVDIFXWGDWRULWYDFFLQXULORU
DQWLSROLR FL GDWRULW vPEXQWLULL FRQGLLLORU GH YLD $X FRQWULEXLW L
PXOLDOLIDFWRULRSULUHDYDFFLQULLDQWLYDULROLFHLDOWRUYDFFLQXULLGXS
XQLLDXWRULUHWUDJHUHDSHVWLFLGXOXL''7GHSHSLD
3ROLRPLHOLWDGDWGHYLUXVXOQDWXUDO VOEDWLF HVWHRERDOFDUHSUDF
WLFDGLVSUXWGLQ(XURSD&D]XULOHGHERDOH[LVWHQWHODRUDDFWXDO GHVWXO
GHUDUH VXQWFHOHGDWHGHYDFFLQXULSROLRPLHOLWSRVWYDFFLQDOLIRDUWH
UDUSROLRPLHOLWGHFRQWDFW ODSULQLLFRSLLORUFDUHDXSULPLWYDFFLQXO
RUDO6DELQ 
&XWRDWHDFHVWHDPDLL]EXFQHVFIRFDUHHQGHPLFHvQGLIHULWHUHJLXQLDOH
OXPLL vQ  DX UHDSUXW FD]XUL GH SROLRPLHOLW vQ  UL DOH$IULFLL Q
DXXUPDWIRFDUHHQGHPLFHvQDOWHWUHLUL<HPHQ,QGRQH]LDL6RPD
OLD7RWPDLPXOLH[SHULVXQWVFHSWLFLLUHFXQRVFFQXHVWHSRVLELO
HUDGLFDUHD DFHVWHL EROL (L DUDW F DU  PDL ELQH FD EDQLL IRORVLL SHQWUX
SURJUDPHOHH[WLQVHGHYDFFLQDUHVHLQYHVWLLvQWUDWDPHQWHFXUDWLYHDWkWGH
QHFHVDUHvQDFHVWHULLvQvQWUHDJDOXPH
 3ROLRPLHOLWDVDXSDUDOL]LDLQIDQWLO
,VWRULF
%RDODDIRVWGHVFULVSHQWUXSULPDGDWvQ$QJOLDvQDQXOGHFWUH
0LFKDHO 8QGHUZRRG Q  +HLQH UHPDUFD VHFKHOHOH EROLL GHQXPLQGR

 7KRPDV 0F.HRZQ 'LH %HGHXWXQJ GHU 0HGL]LQ 7UDXP 7UXJELOG RGHU 1HPHVLV"
$XVGHP(QJOLVFKHQYRQ&RUQHOLD5ONHXQG%HUQDKUG%DGXUD6XKUNDPS9HUODJ)UDQN
IXUWDP0DLQ

*%XFKZDOGRSFLW

 7RUVWHQ (QJHOEUHFKW &ODXV .|KQOHLQ 9LUXV:DKQ 6FKZHLQHJULSSH 9RJHOJULSSH
6$56%6(+HSDWLWLV&$,'63ROLR(PXYHUODJ$XDJH*HUPDQ\

0+LUWHRSFLW

'$+HQGHUVRQ&RXQWHULQJWKHSRVWHUDGLFDWLRQWKUHDWRIVPDOOSR[DQGSROLR
&OLQ,QYHVWLJ0HG



'U&KULVWD7RGHD*URVV

SDUDOL]LHVSLQDO.XVVPDXOHVWHFHOFDUHRYDQXPLSROLRPLHOLWDQWHULRD
UDFXW JUHFHWHSROLRV JULFHQXLXP\LHORV PGXY 
'LQSULFLQDFRQGLLLORULJLHQLFHPDLSUHFDUHFRSLLLDYHDXFRQWDFWFXYLUX
VXOSROLRPLHOLWLFVOEDWLFQDWXUDOvQFGLQSULPXOORUDQGHYLD/DDFHDVW
YkUVWHLHUDXSURWHMDLvPSRWULYDEROLLGDWRULWDQWLFRUSLORUPRWHQLLGHOD
PDP,PXQLWDWHDSURSULHVHLQVWDODWUHSWDWLHUDPHUHXvPSURVSWDWSULQ
WUXQ QRX FRQWDFW FX YLUXVXO (VWH PRWLYXO SHQWUX FDUH H[LVWDX GRDU FD]XUL
RFD]LRQDOHGHERDOIRUPHDDPLQRUH QHSDUDOLWLFH IUVHYRUED
GH HSLGHPLL )RUPHOH SDUDOLWLFHPDMRUH HUDX IRDUWH UDUH PDL SXLQ GH
GLQFD]XUL2VWDWLVWLFDVHPQWRDUH  JVLPLODDXWRULLURPkQL
,QIHFLD FX YLUXV SROLRPLHOLWLF UPkQH vQ LPHQVD PDMRULWDWH D FD]XULORU
VXEFOLQLF GHFD]XULGHLQIHFLHVXEFOLQLFSHQWUXXQFD]SDUDOLWLF 7D
EORXOGHQHXURYLUR]SDUDOLWLFFRQVWLWXLHXQDVSHFWFXWRWXOSDULDO GHLFHO
PDLJUDY DOLQFLGHQHLUHDOHDLQIHFLHLSROLRPLHOLWLFH
QSUH]HQWGDWRULWFRQGLLLORULJLHQLFHPXOWPDLEXQHFRQWDFWXOFXYLUX
VXOSROLRPLHOLWLFVOEDWLFHVWHWRWPDLUDULWRWPDLSXLQLRDPHQLvLIRUPHD]
vQFGLQFRSLOULHDQWLFRUSLSURWHFWRULvPSRWULYDEROLL
*HQHUDOLWL
3ROLRPLHOLWDHVWHRERDOLQIHFLRDVGDWGHYLUXVXOSROLRPLHOLWLFFDUH
SRVHGWLSXULDQWLJHQLFGLVWLQFWHWLSXO WXOSLQLOH%UXQKLOGH0DKRQH\HWF 
WLSXO /DQVLQJ0HI LWLSXO /HRQ6DXNHWW 9LUXVXOSROLRIDFHSDUWHGLQ
IDPLOLD 3LFRUQDYLULGDH JHQXO (QWHURYLUXV 7LSXO  SUHGRPLQDQW HSLGHPLF
HUDvQWkOQLWvQGLQFD]XULOHGHSROLRPLHOLWHSDUDOLWLFH7LSXOIRDUWH
UVSkQGLWGHWHUPLQIUHFYHQWIRUPHVXEFOLQLFH7LSXODSDUHUDU  
$IRVWQXPLWSDUDOL]LHLQIDQWLOLQGFHVWHPDLIUHFYHQWvQFRSLO
ULHLDUFD]XULOHSDUDOLWLFHGHLIRDUWHUDUHVXQWJUDYHLODVVHFKHOH
%RDODDSDUHvQWURVRFLHWDWHFXFRQGLLLVRFLRHFRQRPLFHSUHFDUH
6HWUDQVPLWHGHODRPODRPYLUXVXOVHDvQVFDXQXORPXOXLEROQDYLDU
SULQLQWHUPHGLXOPkLQLORUPXUGDUHGXVHODJXUVDXODQDVDFHVWDSWUXQGHvQ
RUJDQLVPDLFLVHvQPXOHWHODQLYHOXOLQWHVWLQXOXLVDXDVLVWHPXOXLOLPIDWLF


*K09RLFXOHVFXRSFLW

$WNLQVRQ


KWWSZZZPD\RFOLQLFFRPKHDOWKSROLR'6
'6(&7,21 V\PSWRPV

0*K9RLFXOHVFXRSFLW

 0DUWLQ +LUWH ,PSIHQ 3UR &RQWUD 'DV +DQGEXFK IU GLH LQGLYLGXHOOH (QWVFKHLG
XQJ0HQV6DQD9HUODJ*HUPDQ\S

*K09RLFXOHVFXRSFLWS

*%XFKZDOGRSFLWS


9$&&,185,/(35(9(1,(6$8%2$/



GHXQGHSWUXQGHvQVkQJHLDIHFWHD]QHUYLLGHODQLYHOXOPGXYHLVSLQULL
YLUXVXOHVWHSDWRJHQSHQWUXPDLPXGDUQXLSHQWUXDOWHDQLPDOH
QGLQFD]XULLQIHFLDWUHFHQHREVHUYDWIUVLPSWRPHFOLQLFH
'RDUGLQWUHEROQDYLIDFIRUPDPLQRUGHERDODYkQGVLPSWRPH
DVHPQWRDUHJULSHLLVFDXQHGLDUHLFH
,QFXEDLDGXUHD]]LOH SHULRDGDGHODLQIHFLHLSkQODDSDULLD
SULPHORUVLPSWRPH 
,PXQLWDWHDGDWGHERDOHVWHSHYLD
/DXQSURFHQWGHVXEGLQFHLLQIHFWDLHVWHYRUEDGHRDGHYUDW
SROLRPLHOLW GXS*K9RLFXOHVFX FXVLPSWRPHWLSLFHFHDSDUvQ]L
OHOH  GH ERDO FX DIHFWDUH PXVFXODU WUDGXV SULQ GXUHUL PXVFXODUH
ULJLGLWDWHPXVFXODUVDXSDUDOL]LLFkQGYRUELPGHERDODPDMRUQPDMR
ULWDWHDFD]XULORUVLPSWRPHOHGLVSDU'RDUvQXQHOHFD]XULERDODQXVHYLQGH
FFRPSOHWLUPkQVHFKHOHSDUH]HLSDUDOL]LL&kQGVXQWDIHFWDLPXFKLL
UHVSLUDWRULVHSRDWHDMXQJHODGHFHV1XVHFXQRDWHXQWUDWDPHQWPHGLFDO
SHQWUXDFHDVWERDOLDUUH]XOWDWHOHRELQXWHGXSWUDWDPHQWHKRPHRSDWHQX
VXQWUHFXQRVFXWHRFLDO/D'U%XFKZDOGJVLPDFHHDLVWDWLVWLF/DXQ
SURFHQWGHGLQWUHFHLLQIHFWDLDSDUVLPSWRPHVSHFLFHGHSROLRPLH
OLWFHDPDLIUHFYHQWLQGIRUPDSDUDOLWLFVSLQDO FXSDUDOL]LDPHPEUH
ORU GDUFXUHJUHVLDvQPDMRULWDWHDFD]XULORUDVLPSWRPHORUvQGHFXUVGHXQ
DQ)FkQGXQFDOFXOODFD]GHSROLRPLHOLWFOLQLFFXSDUDOL]LHDYHP
vQWUH  GHFD]XULLQDSDUHQWHFOLQLF IUVLPSWRPH 
3ROLRPLHOLWDSRVWYDFFLQDOGDWGHYLUXVXOYLXGLQYDFFLQXODQWLSROLR
HVWHRUHDOLWDWHLVXUYLQHODXQLLGLQWUHFRSLLLYDFFLQDLDQWLSROLRSHFDOHRUDO
FXYDFFLQXO6DELQ 
3ROLRPLHOLWDGHFRQWDFWVXUYLQHODFRQWDFLLUHFHSWLYL
3ROLRPLHOLWDSURYRFDWDIRVWVWXGLDWLGRYHGLWGHFWUHPXOLFHUFH
WWRULLVXUYLQHGXSDOWHYDFFLQXUL DQWLGLIWHULFDQWLSHUWXVVLVDQWLWHWDQRV
DQWLYDULROLFHWF VDXGLQFDX]DXQRUVXEVWDQHWR[LFHPHUFXUDUVHQSOXPE
SHVWLFLFGXO''7


0+LUWHRSFLW
*%XFKZDOGRSFLW

0+LUWHRSFLW

*%XFKZDOGRSFLW

,ELGHP

*K09RLFXOHVFXRSFLW




'U&KULVWD7RGHD*URVV

  3ULPHOHYDFFLQXULDQWLSROLR .REURZVNL6$/.L6DELQ 
LHHFXULOHORUSROLRPLHOLWDSRVWYDFFLQDO6,'$OHXFHPLH
FDQFHULUHWURYLUXVXULVLPLHQH
3ULPHOHYDFFLQXULvPSRWULYDSROLRPLHOLWHLVDXVLQWHWL]DWGLQPGXYDLQ
IHFWDWDPDLPXHORUFXYLUXVXOSROLRPLHOLWLFFXFDUHDXIRVWYDFFLQDLvQ
DQLLXQQXPUGHGHFHWHQLDPHULFDQL 68$ 9DFFLQX
ULOHDXSURYRFDWFHOSXLQFD]XULGHSROLRPLHOLWSRVWYDFFLQDO*UHHDOD
DIRVWDFHHDFYLUXVXOSROLRPLHOLWLFQXDIRVWLQDFWLYDWVXFLHQW&XWRDWH
DFHVWHD SURGXFWRULL GH YDFFLQXUL DX UHSHWDW DFHHDL JUHHDO L FX XQ DOW
YDFFLQ
'LQFDX]DQXPHURDVHORUFD]XULGHSROLRPLHOLWL]EXFQLWHvQULOHYHVWLFH
LQGXVWULDOL]DWHvQSHULRDGDSRVWEHOLFSURGXFWRULLGHYDFFLQXULDXvQFHUFDW
VSURGXFXQQRXYDFFLQ(LDXOXFUDWGLQXPEUWULPLkQGXLDD]LLL
RDPHQLGHWLLQvQOLQLDvQWkL
D +LOODU\.RSURZVNLDIRVWSULQWUHFHLFDUHvQDvQFHUFDWVVLQ
WHWL]H]H XQ YDFFLQ FX YLUXV SROLRPLHOLWLF YLX vQ ODERUDWRDUHOH /HGHUOH GLQ
1HZ<RUN9LUXVXODIRVWFXOWLYDWSHRXHPEULRQDWGHJLQ6DXVDFULFDWvQ
DFHDVWSHULRDGPXOWHDQLPDOHGLQGLIHULWHVSHFLLQHFXQRVFkQGXVHDWXQFL
FDUH HUD HVXWXO SURSLFH SHQWUX FXOWLYDUHD YLUXVXOXL YDFFLQDO HFDUH YLUXV
VHSRDWHFXOWLYDGRDUSHDQXPLWHHVXWXUL $XIRVWVDFULFDWHFXDFHVWVFRS
XQQXPUPDUHGHPDLPXHPRWLYSHQWUXFDUHvQDQXO,QGLDLQWHU]LFH
H[SRUWXOORUQWUXQQDODPHULFDQLLDXSULPLW3UHPLXO1REHOLQGFDXGHV
FRSHULWIDSWXOFYLUXVXOVHSRDWHFXOWLYDFHOPDLELQHSHULQLFKLGHPDLPX
5KHVXV 5K0 GLQ,QGLD8OWHULRUVDFRQVWDWDWFSRDWHFXOWLYDWLSHHVXW
GHPDLPXDYHUGH *0 GLQ$IULFDQFHSkQGFXDQXO.RSURZVNLFUH
HD]XQYDFFLQDQWLSROLRRUDOFXYLUXVYLXFXOWLYDWSHULQLFKLGHPDLPXYHU
GHGLQ$IULFDLDUSULPXOWHVWODHIHFWXDWvQ&RQJRXQGHDYDFFLQDW
GHRDPHQLQHOFRQWLQXVYDFFLQH]HGHFRSLLvQ/HRSROGYLOOH
DFXP.LQVKDVD=DLU 8OWHULRUVDFRQVWDWDWFDFHVWYDFFLQHUDLQIHFWDWFX
YLUXVXOVLPLDQ69FDX]DWRUGHWXPRULODKDPVWHULFDQFHUODRPQ
LVUDHOLDQXO$OEHUW6DELQ FDUHWHVWHD]LHOXQYDFFLQRUDOvQFHSkQGFX 
IDFHSHQWUXSULPDGDWDUPDLDFRQIRUPFUHLDYDFFLQXOOXL.RSURZVNLHUD
LQIHFWDWFXXQYLUXVQHFXQRVFXW9DFFLQXODIRVWUHWUDVGHSHSLD3kQvQ
FkQG05+LOOHPDQQL%+6ZHHWDXGHVFRSHULWXQYLUXVVWULQ


*%XFKZDOGRSFLW
,ELGHP



9$&&,185,/(35(9(1,(6$8%2$/



vQFXOWXULOHGHFHOXOHUHQDOHGHPDLPXHUKHVXV 5K0 SURYHQLWHGLQ,QGLDL


IRORVLWHSHQWUXSUHSDUDUHDYDFFLQXULORUDQWLSROLRFXYLUXVYLXIXVHVHUYDFFL
QDWLGHMDXQQXPUGHGHFRQJROH]L(VWHYRUEDGHXQYLUXV6LPLDQ
DPLQWLW DQWHULRU GHQXPLW 69 6  ODW 6LPLDQ  PDLPX L9  YLUXV 
FDUHvQPRGQRUPDOVHJVHWHvQULQLFKLXOPDLPXHORUvQWUXQSURFHQWGH
IUVSURYRDFHEROLVDXFDQFHUODDFHDVWVSHFLH
(VWH ORFXO L PRPHQWXO FkQG D vQFHSXW L UVSkQGLUHD EROLL +,96,'$
GXSGHFHQLL GDUFXXQDOWYLUXVVLPLDQ 6,9 &XPDXGHFXUVOXFUXULOH"
QDvQFHSXWVVHUVSkQGHDVFRQRXERDOvQWUHDPHULFDQLLKRPRVH
[XDOLFXQRVFXWXOWHULRUVXEGHQXPLUHDGH6,'$QYLUXVXO+,9 YLUX
VXOLPXQRGHFLHQHLXPDQHFDX]DWRUDOEROLL6,'$ DIRVWGHVFRSHULWLL]R
ODWGHFWUH/XF0RQWDJQLHUOD3DULV6HSXQHDvQWUHEDUHDGHXQGHSURYHQHD
DFHVWYLUXV"QQLWHFHUFHWWRULGHVFRSHUYLUXVXO+,9LODFHWHQLL
GLQ.HPX=DLUXOGH(VWXQGH.RSURZVNLWHVWDVHSULPXOVXYDFFLQDQWLSROLR
RUDOFXYLUXVYLXQFkQGVHYRUEHDGHXQQRXYLUXV6LPLDQQHFXQRV
FXWSkQDWXQFLVDGHVFRSHULWFDFHVWDHVWHLGHQWLFFXYLUXVXO+,9,,FDUH
DSURYRFDWERDOD6,'$vQ$IULFDGH9HVW&HOFDUHDUHXLWVGRYHGHDVF
FHOPDLELQHOHJWXUDGLQWUHYDFFLQXODQWLSROLRRUDODOOXL.RSURZVNLLERDOD
6,'$HVWH/RXLV3DVFDOXQFHUFHWWRULQGHSHQGHQWIUQLFLROHJWXUIRU
PDOFXYUHXQ,QVWLWXWGH&HUFHWDUHVDXFXYUHR8QLYHUVLWDWH$VFULVGHVSUH
VWXGLXOVXvQWUXQDUWLFROLQWLWXODW&HVHvQWkPSOFkQGWLLQDGHJHQHUHD]"
&RUXSLDWLLQHLLDSDULLDEROLL6,'$$QDOL]DXQHLVLQWH]HVSRQWDQHFDUH
DDSUXWvQWUXQQXPUHGLWRULDODO8QLYHUVLWLL:ROORQJRQJ 1U Q
DUWLFROXOVX3DVFDODUDWFXP6,'$HVWHFRQVHFLQDGLUHFWDXQXLYDFFLQ
DQWLSROLRRUDOLQIHVWDWFXYLUXVXOLPXQRGHFLHQHL6LPLHQH 6,9 LFDUHD
IRVW DGPLQLVWUDW RDPHQLORU GLQ &RQJR 7RDWH WXOSLQLOH YLUXVXOXL DQWLSROLR
GLQ YDFFLQ D FURU YLUXOHQD QHXURORJLF D IRVW DWHQXDW GDU FDUH SRW
LQGXFHRUHDFLHLPXQDXUHXLWFDSULQWUHFHUHDGHODXQLQGLYLGODDOWXO
VvLUHFkWLJHYLUXOHQDLFHHVWHPDLLPSRUWDQWPRGXOGHSUHSDUDUHDO
YDFFLQXOXLDvQOHVQLWFRQWDPLQDUHDYDFFLQXOXLFXYLUXVXULVWULQHFDUHQXDX
PDLSXWXWRPRUkWHLQGFDOWIHODUIRVWGLVWUXVvQVXLYLUXVXOSROLRLYDF
FLQXODUIRVWUXLQDW3DVFDOFLWHD]FD]XOOXL+LOODU\.RSURZVNLFDUHD
IRORVLWYDFFLQXOLQIHVWDWvQFDPSDQLLOHGHYDFFLQDUHvQPDVDWkWvQ&RQJRXO
%HOJLDQ /HRSROGYLOOH FkWLvQ5XDQGD8UXQGLLFDUHQXDDQDOL]DWGHORF
YLUXVXODQWLSROLRYLXGLQYDFFLQDOWIHODUFRQVWDWDWFXVLJXUDQFDOWXUL



'U&KULVWD7RGHD*URVV

GHDFHVWDPDLH[LVWvQWRDWHSUHSDUDWHOHYDFFLQXOXLvQFXQYLUXVVWULQFHO
GHODPDLPX6HWLHDGDXJ3DVFDOFYLUXVXULQRLFDUHDSDUODRSRSX
ODLHWkQU VXJDUL LIUH[SHULHQLPXQRORJLFSRWGHYHQLSDWRJHQHL
IRDUWHYLUXOHQWHQDIRVWGHVFRSHULWSULPXOYLUXVDOLPXQRGHFLHQ
HLVLPLHQH 6,9 ODPDLPXHOH5KHVXVXQXOGLQWUHFHOHWUHLDQLPDOHFDUHSRW
IRORVLWHSHQWUXFXOWLYDUHDYLUXVXOXLSROLRPLHOLWLF9LUXVXO6,9DIRVWJVLW
DSRLLODFHOHODOWHGRXWLSXULGHPDLPXH PDLPXDYHUGHDIULFDQLPDLPX
D-DYD 6HSXQHvQWUHEDUHDYLUXVXO6,9HVWHXQXOLDFHODLFXYLUXVXO+,9"
$PUVSXQVXOWRWGHOD3DVFDO7RDWHDFHVWHYLUXVXULVLPLHQHVXQWvQUXGLWH
vQWUH HOH FKLDU L FX YLUXVXO +,96,'$ D QX VH FRQIXQGD YLUXVXO VLPLDQ
FDQFHULJHQ69GHVFRSHULWvQFXYLUXVXOLPXQRGHFLHQHLVLPLHQH
6,9 GHVRSHULW vQ  DPEHOH LQG YLUXVXUL VLPLHQH GDU GLIHULWH  3DVFDO
DUDWFXQXOGLQWUHDFHVWHYLUXVXULDOLPXQRGHFLHQHLVLPLHQH 6,9 DIRVW
WUDQVIHUDWODRPSURYRFkQG6,'$&XDOWHFXYLQWHXQYLUXVVLPLDQ6,9D
SXWXWGHYHQLDFWXDOXOYLUXV+,93DVFDODWUDWDWLDVSHFWHOHHWLFHLPRUDOH
DGXFkQGvQGLVFXLHIDSWXOFQLFLXQRPGHWLLQVDXMXUQDOLVWQXDVFRVOD
LYHDODGHYUXODWkWDWLPSGHLDUSXWXWSUHYHQLUVSkQGLUHDEROLL6,'$LD
DOWRUEROL&XWRDWHDFHVWHDPXOWHYDFFLQXULDGPLQLVWUDWHFRSLLORUGLQvQWUHDJD
OXPHFRQLQFHOXOH9HURGLQULQLFKLGHPDLPXGUHSWPHGLXGHFXOWXUSHQ
WUXYLUXVXULOHGLQYDFFLQQ0H\HUVLFRODERUDWRULLVLDXHPLVLSRWH]D
DFHHDLFXDOXL3DVFDO FRQIRUPFUHLDHVWHSRVLELOFDYLUXVXO+,9VQXH
DOWFHYDGHFkWYLUXVXO6,9FDUHVDDGDSWDWRPXOXL SULQWURPXWDLHJHQHWL
F (VWHRLSRWH]FDUHGHYLQHSHWLPSFHWUHFHWRWPDLSODX]LELOVSXQH
*ROGEHUJ   Q  .\OH SXEOLF vQ /DQFHW XQ DUWLFRO vQ FDUH DUDW
OHJWXUDGLQWUHYDFFLQXODQWLSROLRFRQWDPLQDWFXYLUXVXULVLPLHQHDGPLQLV
WUDWXQRUEUEDLKRPRVH[XDOLFDUHDYHDXKHUSHVXOJHQLWDOLDSDULLDPXOWRU
FD]XUL GH 6,'$ OD DFHWL KRPRVH[XDOL GLQ$PHULFD$QDOL]kQG YDFFLQXULOH
DQWLSROLRVHFRQVWDWRFRQWDPLQDUHDYDFFLQXULORUFXYLUXVXULVLPLHQH
E  8Q DOW RP GH WLLQ -RQDV 6DON D VLQWHWL]DW XQ YDFFLQ LQMHFWDELO
IRORVLQG XQ YLUXV SROLRPLHOLWLF RPRUkW DWHQXDW  FXOWLYDWSH ULQLFKL GH
PDLPX/DGHQXPLWYDFFLQXOLQMHFWDELO6$/.
,QHFLHQDYDFFLQXOXL6DONQSHULRDGDPDLGHFHPEULHOD8QL
YHUVLWDWHDGLQ0LFKLJDQ$QQ$UERU )UDQFLVHWDO DIFXWXQH[SHULPHQW
FXYDFFLQXO6DONSROLYDOHQWSHFDUHODDGPLQLVWUDWODSHVWHGHFRSLL
3HQWUXH[SHULPHQWXQYDFFLQVDvPSULWODFRSLL6DXIRORVLWSHQWUXHFD



,ELGHP
,ELGHP

96FKHLEQHURSFLW





,ELGHP
,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



UHFRSLOVHULQJLVHSDUDWHSHQWUXDQXVHFRQWDPLQDFXDOWHEROLSHFXPKHSDWLWD
%HWF8QLLGLQWUHPHGLFLDXFULWLFDWH[SHULPHQWXOGHRDUHFHYDFFLQXOFRQLQHD
HVXWGHULQFKLSUHOHYDWGHODPDLPXHPRDUWHGDUQXDXIRVWOXDLvQVHDPQ
WLPSXOH[SHULPHQWXOXLDXDSUXWFD]XULGHSROLRPLHOLWvQVSHFLDOGXS
FHDGHDWUHLDGR]GHYDFFLQ SHSDUFXUVXODVSWPkQL GLQWUHFDUHGH
FD]XULODFHLYDFFLQDLLGHFD]XULODJUXSDGHFRQWURO QHYDFFLQDL 'LQWUH
FHLGHFRSLLGLQJUXSXOGHFRQWUROXQQXPUGHDXIFXWERDOD
'LQWUHFHLGHFRSLLYDFFLQDLDXIFXWERDODGHFRSLL)FkQGXQ
FDOFXODXWRULLDXDMXQVODFRQFOX]LDFGLQGHFRSLLYDFFLQDLDXI
FXWSROLRPLHOLWLGLQDFHODLQXPUGHFRSLLQHYDFFLQDWLVDXvPEROQYLW
&RQFOX]LDHVWHFUDWDvPEROQYLULORUDIRVWFHYDPDLPDUHODFRSLLLYDFFLQDL
FHHDFHDUDWvQPRGHYLGHQWLQHFLHQDWRWDODYDFFLQXOXL6DON)LHFHUDX
YDFFLQDLHQXSROLRPLHOLWDDDIHFWDWDSUR[LPDWLYDFHODLQXPUGHFRSLL
,QFLGHQWXO&XWWHUQDSULOLHDVHUPHIDUPDFHXWLFHRELQOLFHQD
SHQWUXSURGXFHUHDXQXLYDFFLQDQWLSROLRDWHQXDW$FHVWDXUPDVSURGXFDQ
WLFRUSLvQVkQJHGDUYLUXVXOGLQYDFFLQLQGLQVXFLHQWDWHQXDWDGXVODFD]XUL
JUDYHGHERDOLQFLGHQWXOLQGFXQRVFXWvQ68$VXEGHQXPLUHDGHLQFLGHQWXO
&XWWHUGXSQXPHOHSURGXFWRUXOXL([SHULPHQWXOVDHIHFWXDWvQSHULRDGDDSUL
OLHLXQLHQSULPHOH]LOHGHODDGPLQLVWUDUHDYDFFLQXOXLVDXvPEROQ
YLWGHRDPHQLGHSROLRPLHOLWSDUDOLWLFVXJDUL SROLRPLHOLWDSRVWYDFFL
QDO GHSULQL SROLRPLHOLWDGHFRQWDFW LDOWHGHSHUVRDQH FRQWDFL 
'LQWUHFHLGHEROQDYLDXPXULW&XWRDWHFvQYDFFLQXODIRVWUHWUDV
GHSHSLDvQHOHVWHUHLQWURGXVvQ*HUPDQLD YDFFLQWULYDOHQWFXYLUXVYLX
DWHQXDW XQGHDUHORFXQLQFLGHQWDVHPQWRUFXLQFLGHQWXO&XWWHUvQ%HU
OLQXOGH9HVWYDFFLQDUHDVDIFXWvQPDVODGHRDPHQLGLQWUHFDUH
DXIFXWSROLRPLHOLWDSRVWYDFFLQDOLDOLSROLRPLHOLWDGHFRQWDFW'RLSULQL
FDUHLDXvQJULMLWFRSLLLDXPXULW'XSDFHVWLQFLGHQWYDFFLQXODIRVWUHWUDV
%RDOD3(66HVWHWUDQVPLVGHYDFFLQXO6DONQ%DJXOH\L*ODV
JRZUHODWDXGHVSUHDSDULLDXQHLEROLJUDYHvQSHULRDGDvQSDUWHDGH
QRUGDLQVXOHL1RXD=HHODQG(UDYRUEDGH3DQHQFHIDOLWD6XEDFXW6FOHUR]DQW
3(66 FXQRVFXWPHGLFLORULFRQVLGHUDWRFRPSOLFDLHUDUGDUIRDUWHJUD
YDUXMHROHL3kQDWXQFLVHFUHGHDF3(66DSDUHGRDUODEROQDYLLFXUXMHRO
)UHFYHQDHLvQDFHDVW]RQHUDGHVXWHGHRULPDLPDUHGHFkWHUDGHDWHSWDW
,]EXFQLUHDFD]XULORUGH3(66VDSXVSHVHDPDYDFFLQULLvQPDVDHOHYLORUGLQ
FROLOHSULPDUHFXYDFFLQXODQWLSROLR6DONGHRDUHFHYDFFLQXOHUDFRQWDPLQDWFX


*%XFKZDOGRSFLW
96FKHLEQHURSFLW

*%XFKZDOGRSFLW




'U&KULVWD7RGHD*URVV

YLUXVXOVLPLDQ69$XWRULLDXDMXQVODFRQFOX]LDFDGPLQLVWUDUHDYDFFLQXO
6DONDGXVODIUHFYHQDFUHVFXWDFD]XULORUGH3(66$FHVWHFRQFOX]LLDUDWvQ
PRGHYLGHQWFUXMHRODQXSRDWHFRQVLGHUDWVLQJXUDFDX]DEROLL3(66
&RQWDPLQDUHDYDFFLQXOXL6DONFXYLUXVXOFDQFHULJHQ69Q
+LOOHPDQQL6ZHHWGHVFRSHUSUH]HQDYLUXVXOXLVLPLDQ69vQWRDWHFXO
WXULOHGHFHOXOHUHQDOHGHPDLPXHUKHVXV 5K0 XWLOL]DWHSHQWUXIDEULFDUHD
YDFFLQXULORUDQWLSROLRFXYLUXVXULYLL YDFFLQXULOH.RSURZVNLL6DON FHHD
FHvQVHDPQFPLOLRDQHGHSHUVRDQHDXIRVWYDFFLQDWHWLPSGHGHFHQLLFX
XQYDFFLQLQIHVWDW9LUXVXOVLPLDQ69FDUHVHJVHWHvQPRGQRUPDO
ODDFHVWHPDLPXHDIULFDQHIUVSURYRDFHYUHRERDOGDUHVWHFDQFHULJHQ
SHQWUXDOWHDQLPDOHLSHQWUXRPDIRVWGHSLVWDWvQWXPRULFHUHEUDOHXPDQH
LSXVvQOHJWXUFXSURGXFHUHDLDOWRUIRUPHGHFDQFHUOLPIRPXOQRQ+R
GNLQ6DFRQVWDWDWFYLUXVXO69SURYRDFVDUFRDPH IRUPHDJUHVLYH
GH FDQFHU  L OD KDPVWHU )DSWXO F YLUXVXO PRGLFDW GLQ YDFFLQ  L QX
YLUXVXOVOEDWLFDIRVWJVLWODGLQWUHWXPRULOHFHUHEUDOHODRP .ULHJ
HWDO3URF$QW$FDG6FL DWHVWFYLUXVXO69HVWHFDX]D
WXPRULORU'HDVHPHQHDvQSURI/ZRIIDREVHUYDWFYLUXVXO69
DUHFDSDFLWDWHDVIRUPH]HvPSUHXQFXDGHQRYLUXVXOWLS XQYLUXVJULSDO 
XQKLEULGIRDUWHFDQFHULJHQ*XYHUQXODPHULFDQDIRVWREOLJDWVUHWUDJGH
SH SLD XUJHQW WRDWH YDFFLQXULOH DQWLSROLR FRQWDPLQDWH FX YLUXVXO VLPLDQ
69/HJDWGHDFHVWJUDYLQFLGHQWSXWHPFLWLvQWUXQDUWLFROGLQ1DWLRQDO
&DQFHU ,QVWLWXW 0RQRJUDSK GLQ  GHFHPEULH  XUPWRDUHOH )DSWXO
F69IDYRUL]HD]RGH]YROWDUHDFFHQWXDWDXQXLDGHQRYLUXVXPDQSUH
FXPLIRUPDUHDXQRUKLEUL]LSULQFRPELQDUHDFHORUGRLYLUXL DGHQRYLUXVL
69 vQFXOWXULOHGHFHOXOHSHULQLFKLGHPDLPXDUDWFHVWHSRVLELOVVH
IRUPH]HLDOLKLEUL]LSHULFXORL6HWLHFYLUXVXULOHFDQFHULJHQHSUH
FXP69LDGHQRYLUXVXULL]RODWHGHODDQLPDOHQXVXQWFDQFHULJHQHSHQWUX
VSHFLD ORU GDU GHYLQ FDQFHULJHQH GDF WUHF GH OD R VSHFLH OD DOWD &RQFOX


9LHUD 6FKHLEQHU ,PSIXQJHQ ,PPXQVFKZlFKH XQG 3O|W]OLFKHU .LQGVWRG +LUWKDP


PHU9HUODJ0QFKHQ

'RFWHXU/RXLV'H%URXZHU9DFFLQDWLRQVHUUHXUPqGLFDOHGXVLqFOH/HV'DQJHUV
GHV9DFFLQDWLRQVHWOHXUVFRQVHTXHQFHV$WUDMDQYLHU6XLVVH

+6ZHHWXQG05+LOOHPDQ7KHYDFXRODWLQJYLUXV69vQ3URFHHGLQJV
RIWKH6RFLHW\IRU([SHULPHQWDO%LRORJ\DQG0HGLFLQH 1HZ<RUN1< 

(*HLVVOHU69DQGKXPDQEUDLQWXPRUV3URJUHVVLQ0HGLFDO9LURORJ\
0&DUERQH+,3DVV/0LHOH0%RFFKHWWD1HZGHYHORSPHQWVDERXW
WKHDVVRFLDWLRQRI96ZLWKKXPDQPHVRWKHOLRPD2QFRJHQH  

'RFWHXU/'H%URXZHU$75$RSFLW

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



]LDHVWHFYLUXVXULOH69LDGHQRYLUXVXULOHQXVXQWFDQFHULJHQHSHQWUX
PDLPXHGDUVXQWFDQFHULJHQHSHQWUXDOWHVSHFLLDQLPDOHLSHQWUXRP1X
YRPSXWHDWLQLFLRGDWFkWHSHUVRDQHYDFFLQDWHDXGH]YROWDWXQFDQFHUOD
FkLYDDQLGHODYDFFLQGDUHVWHIRDUWHSUREDELOFDDFHVWQXPUVHXQXO
LPSRUWDQW&XWRDWHFVHFXQRVFGHWLSXULGHYLUXVXULVLPLHQHFDUH
DXIRVWQXPHURWDWHvQFHSkQGFX69SkQOD69DFHVWDGLQXUPDIRVW
FHOPDLELQHVWXGLDWLQGFHVWHFDQFHULJHQ0HOQLFNL6WLQHEDXJK  
SUHFXPLDOLDXWRULDXDWUDVDWHQLDDVXSUDIDSWXOXLFYLUXVXO69HVWHR
VXUVFRQWLQXGHSROXDUHSHQWUXWRDWHYDFFLQXULOHFXYLUXVXULYLLVDXDWH
QXDWHFXOWLYDWHSHULQLFKLGHPDLPXH5KHVXVL-DYD9DFFLQXULOHDQWLSROLR
FXYLUXVXULDWHQXDWHSULQIRUPROL]DUH YDFFLQXO6DONODFDUHIRUPROL]DUHD
QXDGXVODDWHQXDUHD96 DXLQIHFWDWPLOLRDQHGHVXJDULLSUREDELOXQ
QXPUODIHOGHPDUHDIRVWLQIHFWDWFXYDFFLQXODQWLSROLRFXYLUXVYLX YDF
FLQXORUDODOOXL.RSURZVNL 0HOQLNDGDWRQRXGHQLHXQXLJUXSGH
YLUXVXULvQFDUHVHJVHWHL69(ODGHQXPLWSDSRYDYLUXVXULFHOHFD
WHJRULLGHYLUXVXULSDGHODYLUXVXO3DSLOORPD FXQRVFXWXOYLUXV+39WUDWDW
vQFDS SRGHODYLUXVXO3RO\RPDLYDGHODYLUXVXOYDFXRODU697RDWH
WUHLVXQWYLUXVXUL$'1LDXFDSDFLWDWHDGHDGH]YROWDWXPRULOHQWHLDUSULQ
GH]YROWDUHD ORU LQWUDFHOXODU DX SRVLELOLWDWHD GH D GH]YROWD LQIHFLL ODWHQWH
FURQLFHDOHJD]GHL0HOQLNLFRODERUDWRULLVLDXUHFXQRVFXWIDSWXOFDX
FUHVFXWFD]XULOHGHOHXFHPLHVROGDWHFXGHFHVvQWUHDQLLODFR
SLLLFXYkUVWDFXSULQVvQWUHDQLLDQLFDUHDXSULPLWYDFFLQXUL
FRQWDPLQDWHFX69FRPSDUDWLYFXFRSLLLODFDUHVDDGPLQLVWUDWXQYDFFLQ
QHFRQWDPLQDW
2DPHQLL GH WLLQ DX REVHUYDW F PDLPXHOH VXQW SXUWWRDUH GH PXOWH
DOWHYLUXVXULDUERYLUXVXULYLUXVUHVSLUDWRUVLQFLLDO 956 YLUXVXULDVHP
QWRDUHFXFHOUXMHROLFYLUXVXO/&0HWF(LDXFRQVWDWDWFDFHVWHYLUXVXUL
SURYRDFEROLUHVSLUDWRULLDVHPQWRDUHFXFHOHDOHDGXOLORU FDUHVDXRIHULW
YROXQWDUSHQWUXVWXGLL (VWHOHVQHGHvQHOHVFDFHVWHYLUXVXULDXFRQWDPLQDW
LYDFFLQXULOHDQWLSROLRDGPLQLVWUDWHFRSLLORUODFDUHVDXSXWXWGHWHFWDDSRL
YLUR]HOHUHVSLUDWRULLPDLVXVPHQLRQDWH3DUURWLDOLLDXSXEOLFDWUH]XOWDWHOH
XQRUWHVWHVHURORJLFHHIHFWXDWHSHSDUFXUVXODGHOXQLODFRSLLFXEURQLR


96FKHLEQHURSFLW
-/0HOQLFNXQG66WLQHEDXJK([FUHWLRQRIYDFXRODWLQJ69YLUXV SD
SRYD YLUXV JURXS  DIWHU LQJHVWLRQ DV D FRQWDPLQDQW RI RUDO SROLRYDFFLQH 3URF6RF ([S
%LRO0HG

-/0HOQLN3DSRYDYLUXVJURXS6FLHQFH0DU  

-$0RUULV5(%ORXQW-UXQG5(6DYDJH5HFRYHU\RI&\WRSDWKRJHQLF$JHQW
IURP&KLPSDQ]HHVZLWK*RU\]D3URF6RF([S%LRO0HG-XO\




'U&KULVWD7RGHD*URVV

OLWHSQHXPRQLLVDXDOWHLQIHFLLUHVSLUDWRULLYLUDOHPDLSXLQJUDYH&RQFOX]LD
DIRVWF956 YLUXVXOUHVSLUDWRUVLQFLLDO FDX]HD]EROLUHODWLYJUDYHDOH
FLORUUHVSLUDWRULLLQIHULRDUH&KDQRFNLFRODERUDWRULLVLDXJVLWYL
UXVXOUHVSLUDWRUVLQFLLDO 956 ODGLQWUHFRSLLLH[DPLQDLFDUHVXIHUHDX
GHEURQLROLWHVDXSQHXPRQLL%RDODDGXUDWvQWUHLOXQL(LDXFRQVWDWDW
F956HVWHXQIDFWRULQWHQVSDWRJHQvQSULPHOHOXQLGHYLDQVFXUWWLPS
DFHVWYLUXVVDH[WLQVUDSLGLDIRVWGHWHFWDWLvQDIHFLXQLOHUHVSLUDWRULLXRD
UH OD DGXOL Q ]LOHOH QRDVWUH 956 YLUXVXO UHVSLUDWRU VLQFLLDO  D UPDV
DJHQWXOHWLRORJLFGHWHPXWDOLQIHFLLORUUHVSLUDWRULLODVXJDULFRSLOXOPLF
LDUDFHVWOXFUXvOGDWRUPYDFFLQXULORU SUHSDUDWHSHHVXWGHPDLPXH FDUH
DXIDYRUL]DWWUHFHUHD956ODRP
F Q$OEHUW6DELQXQRPGHWLLQWLVUDHOLDQWHVWHD]XQYDFFLQ
DQWLSROLRFXYLUXVYLXVXEIRUPGHVROXLHRUDOQXPLWYDFFLQXORUDO6D
ELQ 932 FDUHFRQLQHWLSXULGHYLUXVSROLRPLHOLWLFDWHQXDWFXOWLYDW
SHULQLFKLGHPDLPX'HRDUHFHVHDGPLQLVWUHD]RUDOYDFFLQXODUWUHEXLV
SURGXFDQWLFRUSLLODQLYHOXOPXFRDVHLLQWHVWLQDOH&XWRDWHFDIRVWVXV
SHFWDWLDFHVWYDFFLQGHLQIHVWDUHDFXYLUXVXULVLPLHQHHOHVWHDGPLQLVWUDW
vQFRQWLQXDUHLvQ]LXDGHD]LLQFOXVLYvQ5RPkQLDvQDQXPLWHVLWXDLLQ
68$YDFFLQXULOHDQWLSROLRSULPHDXOLFHQDGDFLQIHVWDUHDHUDGHSkQOD
GHYLUXVXULVWULQHVLPLHQHGR]GHLHVWHWLXWFPXOWGXSLQWURGXFH
UHDDFHVWRUREOLJDWLYLWLvQYDFFLQXULOHDQWLSROLRIDEULFDWHGHUPHOH
/HGUHOHGLQ68$HUDXLQIHVWDWHFXSkQODGHYLUXVXULVLPLHQH&X
WRDWHFYDFFLQXODUHPXOWHUHDFLLDGYHUVHQXVDUHQXQDWvQFODHO
5HDFLLDGYHUVHJUDYHDOHYDFFLQXOXLRUDO6DELQ 932 
SROLRPLHOLWDSRVWYDFFLQDO
6LQGURPXO*XLOODLQ%DUUH
HQFHIDORPLHOLWH

5+3DUURWW$-9DUJRVOR+\XQ:KD.LP&&XPPLQJ+7XUQHU5-+XHE
QHU50&KDQRFN5HVSLUDWRU\V\QF\WLDOYLUXV,,6HURORJLFVWXGLHVRYHUDPRQWKSH
ULRG RI FKLOGUHQ ZLWK EURQFKLROLWLV SQHXPRQLD DQG PLQRU UHVSLUDWRU\ GLVHDVHV  -$0$
0D\

50&KDQURFN+:KD.LP$-9DUJRVNR$'HOHYD.0-RKQVRQ&&XP
PLQJXQG5+3DUURWW5HVSLUDWRU\V\QF\WLDOYLUXV,9LUXVUHFRYHU\DQGRWKHUREVHUYD
WLRQVGXULQJRXWEUHDNRIEURQFKLROLWLVSQHXPRQLDDQGPLQRUUHVSLUDWRU\GLVHDVHVLQ
FKLOGUHQ-$0$0D\

99$.HWOHUXQG05+LOOHPDQ1RY5HFRYHU\RIQHZYLUXVHV FRU\]D
YLUXV IURPFDVHVRIFRPPRQFROGLQKXPDQDGXOWV3URF6RF([S%LRO0HG

:6.\OH6LPLDQUHWURYLUXVHVSROLRYDFFLQHDQGRULJLQRI$,'6/DQFHW
I

9$&&,185,/(35(9(1,(6$8%2$/



VFOHUR]DPXOWLSO
HSLOHSVLH
LPXQRGHFLHQ
GHFHV
3ROLRPLHOLWDSRVWYDFFLQDO6DXUHODWDWQXPHURDVHDVWIHOGHFD]XULGDU
SURGXFWRUXOYDFFLQXOXL6DELQOHDQHJDWPHUHX206 2UJDQL]DLD0RQGL
DOD6QWLL DUHFXQRVFXWvQWUXQWkU]LXvQOHJWXUDGLQWUHSDUDOL]LD
DFXWVSLQDOLYDFFLQXODQWLSROLRPLHOLWLF$XH[LVWDWPHUHXUHFODPDLLOHJDWH
GHFD]XULGHSROLRPLHOLWSRVWYDFFLQDO FXWLSXODQWLJHQLF LGHSROLRPLHOLW
GHFRQWDFW FXWLSXODQWLJHQLF 1HXURYLUXOHQDYLUXVXOXLYDFFLQDOQXYDSXWHD
QLFLDSUHFLDWLQLFLFDOFXODWGXSFXPDUPLDXWRULL
([HPSOH
Q SHULRDGD DSULOLH LXQLH   FRSLL FX YkUVWD FXUSLQV vQWUH 
L  GH OXQL DX GH]YROWDW DQRUPDOLWL QHXURORJLFH FDUH DYHDX VLPSWRPH
DVHPQWRDUHFXRSROLRPLHOLWSRVWYDFFLQDO *DHEOHUXD /DWRL
DFHWLFRSLLDIRVWL]RODWXQYLUXVSROLRPLHOLWLFYDFFLQDOLODWRLVDXGH]YRO
WDWVLPSWRPHGHERDOFDUHDXGXUDWPLQLPXPOXQLWUHLFRSLLDXSUH]HQWDWR
SDUDOL]LHDSLFLRUXOXLVWkQJLDUODGRLGLQWUHHLVDHYLGHQLDWRKLSRJDPDJOR
EXOLQHPLH RIXQFLHDQRUPDODLPXQLWLL /DGLQFHLFRSLLVDJVLWWL
SXODQWLJHQLF WLSXOHSLGHPLFSDUDOLWLF /DXQXOGLQFHLSDUDOL]DLHYROXLD
DIRVWVSUHVSDVWLFLWDWHDWURHFHUHEUDOSURJUHVLYLGHFHV
Q,QGLDQDFRSLLFDUHDXSULPLWYDFFLQXO932DXSUH]HQWDWDQRUPDOL
WLQHXURORJLFH/DSULPXOFRSLOVLPSWRPHOHDXGHEXWDWODGH]LOHGXS
SULPDGR]GHYDFFLQ'73L932$OGRLOHDFRSLOVDvPEROQYLWODVSW
PkQLGXSDDGR]GHYDFFLQ'73L932$OWUHLOHDFRSLODGHYHQLWDSDWLF
ODOXQLLMXPWDWHGXSFHDSULPLWDGRXDGR]GHYDFFLQ'73L932OD
OXQL$FHVWDGLQXUPQXvLPDLSXWHDPLFDEUDXOLSLFLRUXOVWkQJ/DOXQL
DIRVWGLDJQRVWLFDWFXUHWDUGSVLKRPRWRULSDUDOL]LHFHUHEUDOGHHWLRORJLH
QHFXQRVFXWQVHFUHLDIDULQJLHQLvQVFDXQVDSXVvQHYLGHQYLUXVXO
SROLRPLHOLWLFWLS/DYkUVWDGHOXQLODH[DPLQDUHD7&VHHYLGHQHD]R
DWURHFHUHEUDOELODWHUDO'XSDJUDYDUHDVLPSWRPHORUFRSLOXOPRDUHOD
YkUVWDGHGHOXQL
&D]XULFOLQLFH
&D].LUVWLQVDQVFXWvQ,QDLQWHGHYDFFLQHUDXQFRSLOV
QWRV$IRVWYDFFLQDWDQWLSROLR 932 vQ9 ODYkUVWDGHOXQL 



'U&KULVWD7RGHD*URVV

'LQDFHOPRPHQWDXDSUXWFRPSOLFDLLOHPRWLYSHQWUXFDUHXUPHD]RVHULH
GHLQWHUQULvQ&OLQLFLOHGLQ*HUPDQLDLvQGLYHUVH&HQWUHSHQWUXFRSLLLHSL
OHSWLFL3ULQLLvQFHSXQSURFHVLGRDUGXSDQLLMXPWDWH vQ9 
FD]XODIRVWUHFXQRVFXWGUHSWRFRPSOLFDLHSRVWYDFFLQDOFXGUHSWODGHVS
JXELUH(DVXIHUvQFRQWLQXDUHGHHSLOHSVLHIRUPPDMRUJUHXFRQWURODW
PHGLFDPHQWRV
&D]%LUJLW6QVFXWvQ,,DIRVWYDFFLQDWDQWLSROLRvQDQLL
L'XSXOWLPDGR]GHYDFFLQDQWLSROLRRUDO 932 
DGPLQLVWUDW vQ ;, D XUPDW R UHDFLH DOHUJLF JUDY GXS R ]L GH
ODYDFFLQPDPDREVHUYODFRSLORLQDPDLHDGHJHWXOXLPHGLXDOPkLQLL
GUHSWHFDUHDSRLDHYROXDWVSUHRDUWULWUHXPDWRLGMXYHQLO $5- YH]L
FDS FDUHDQHFHVLWDWLQWHUQULLFRQVXOWDLLDQLGH]LOHQHFHVLWkQGFRVWXUL
PDUL'HLFD]XOGLQ%HUOLQDIRVWUHFXQRVFXWFDLQGRFRPSOLFDLHSRVWYDF
FLQDODQWLSROLRLGHVSJXELWQXDFHODLOXFUXVDvQWkPSODWXOWHULRUFXPXOWH
DOWHFD]XULDVHPQWRDUH
&D]&KULVWLDQ5QVFXWvQ,9GXSRVDUFLQQRUPDOL$S
JDUDIRVWYDFFLQDWOD]LOHGXSQDWHUHvQSRWULYDWXEHUFXOR]HL %&* Q
FRQWLQXDUHVHGH]YROWQRUPDOLHVWHXQFRSLOVQWRVFkQGPDPDOXLVHSUH
]LQWODYDFFLQ,VHDGPLQLVWUHD]YDFFLQXO'73XUPDWGHYDFFLQXODQWLSROLR
RUDO 932 'HMDGLQSULPD]LFRSLOXOGHYLQHDJLWDWLDUvQ]LXDXUPWRDUH
vQFHSHVLSHQHFRQWHQLWIUQLFLXQPRWLY OXFUXFRQVLGHUDWFDLQGRUH
DFLHQRUPDOODYDFFLQ 6SUHGHRVHELUHGHSHULRDGDGHGLQDLQWHGHYDFFLQ
DFXPFRSLOXOQXPDLGRDUPHQLFLRQRDSWHOLQLWLWVHWUH]HWHVSHULDWWUHVDUH
IUQLFLXQPRWLY/D]LOHGHODYDFFLQPDPDVHSUH]LQWFXHOODPHGLF
FDUHFRQVLGHFHVWHYRUEDGHRVLPSOGLVSHSVLH WXOEXUDUHGHGLJHVWLH Q
FRQWLQXDUHFRSLOXOQXFUHWHQXLDvQJUHXWDWHLDUVWULOHGHWHDPFXWUHV
ULUHDFDUDFWHULVWLFQXGLVSDU&kQGvQPDLFUL]HOHGHYLQVWULHSLOHS
WLFHHYLGHQWHSULQLLFDXWH[SHULLXUPHD]GHDFXPvQDLQWHWUDWDPHQWH
DQWLHSLOHSWLFHFRVWLVLWRDUH(VWHWUDWDWFX&RUWL]RQFDUHYDGXFHODWXOEXUUL
KRUPRQDOHUHVSHFWLYOD6LQGURPXO&XVKLQJ'XSvQWUHUXSHUHDFRUWL]RQXOXL
UHDSDUFUL]HOHHSLOHSWLFH6WUDELVPXOHVWHvQWRWGHDXQDXQVHPQDOGHDODUPL
SRDWHXQVHPQDOFRPSOLFDLLORUQHXURORJLFHSRVWYDFFLQDOH DUDWRUHDFLH
SDWRORJLFDFUHLHUXOXL &KULVWLDQQXSRDWHDUWLFXODQLFLXQFXYkQWLDUHXQ
UHWDUGSVLKLFVHYHU 3ULQLLDXvQFHSXWSURFHVXOGDUFkQGDIRVWUHGDFWDW
FDUWHDDIHFLXQHDOXL&KULVWLDQvQFQXHUDUHFXQRVFXWGUHSWRFRPSOLFDLH
SRVWYDFFLQDO



96FKHLEQHURSFLW
,ELGHP

,ELGHP




*%XFKZDOGRSFLW
*%XFKZDOGRSFLW



9$&&,185,/(35(9(1,(6$8%2$/



G 9DFFLQXO DQWLSROLR QRX LQDFWLYDW RPRUkW 93, Q DQXO 


YLUXVXOSROLRPLHOLWLFYLXGLQYDFFLQDIRVWVXSXVXQHLLQDFWLYULSXWHUQLFH
SHQWUXDQXLQIHFLRVLSHQWUXDHYLWDWSROLRPLHOLWDGHFRQWDFW9DFFL
QXO HVWH DVHPQWRU YDFFLQXOXL 6DON GDU FX XQHOH PRGLFUL 6H VSXQH F
YDFFLQXO UHDOL]HD] LPXQLWDWH OD  GLQ FD]XUL SULQ IRUPDUH GH DQWLFRUSL
L QLFL QX FRQLQH DGMXYDQL SUHFXP DOXPLQLX L 7KLRPHUVDO VXEVWDQ FX
PHUFXU  &X WRDWH DFHVWHD YDFFLQXO LQG VXE IRUP LQMHFWDELO RFROHWH
WUDFWXOJDVWURLQWHVWLQDOEDULHUDFHDPDLLPSRUWDQWGHDSUDUHDRUJDQLV
PXOXL vQ FD]XO XQHL LQIHFLL QDWXUDOH 9LUXVXO GLQ YDFFLQ YD  LQWURGXV GL
UHFWvQVkQJHvPSUHXQFXSURWHLQHVWULQHLDOWHVXEVWDQHFKLPLFHSRVLELO
DOHUJLFHLDUVLQJXUDEDULHUGHDSUDUHDRUJDQLVPXOXLPDLUPkQHGRDUFHD
XPRUDOIRUPDWRDUHGHDQWLFRUSLDFURUHFLHQHVWHGLVFXWDELO
3UH]HQWDUH
Q5RPkQLDHVWHIRORVLWYDFFLQXO93,LQMHFWDELO,029$;3ROLRSURGXV
GHUPD6DQR3DVWHXU6$)UDQFHLFRQLQH
YLUXVSROLRPLHOLWLFLQDFWLYDWFXFHOHWLSXULGHDQWLJHQH WLSL 
FXOWLYDWSHFHOXOH9HUR
DOWHLQJUHGLHQWHIHQR[LHWDQRODOGHKLGIRUPLFUH]LGXXULSURWHLFH
XUPHGHDQWLELRWLFH6WUHSWRPLFLQ1HRPLFLQ3RO\P\[LQ%
Q*HUPDQLDHVWHIRORVLWYDFFLQXO,390HULHX[FXRFRPSR]LLHDVHP
QWRDUH
&RPELQDLLYDFFLQXO93,DIRVWFRPELQDWFXDOWHYDFFLQXULFDUHVXQWDG
PLQLVWUDWHVXJDUXOXLWHWUDYDFFLQSHQWDYDFFLQLKH[DYDFFLQ$FHDVWFRPEL
QDLHGHYDFFLQXULHOLPLQWRWRGDWSRVLELOLWDWHDGHDUHFXQRDWHHYHQWXDOHOH
UHDFLLDGYHUVHDOHXQXLDGLQWUHYDFFLQXUL,QWHUHVDQWHVWHIDSWXOFDUPDV
DFHHDLGR]GHYDFFLQDQWLSROLRLvQDFHVWHYDFFLQXULFRPELQDWH&XWRDWHF
QXH[LVWVWXGLLOHJDWHGHHFLHQDYDFFLQXOXLDQWLSROLRODVXJDULLFRSLLPLFL
DFHVWRUDOLVHDGPLQLVWUHD]QXPDLSXLQGHGR]HvQSULPXODQGHYLD 
LOXQL 7HWUDYDFFLQXO 7HWUD[LP FRQLQH'73L93,3HQWDYDFFLQXO
FRQLQH'7393,L+LELDU+H[DYDFFLQXODUHvQSOXVYDFFLQXODQWLKHSDWLWLWLF
%&RPELQDLLOHGHYDFFLQDGPLQLVWUDWHFRSLLORUGHSHVWHDQLVXQW5HYD[LV
L7G9DFFLQROFDUHFRQLQ93,L'7 DQWLWHWDQRVLDQWLGLIWHULF 


0+LUWHRSFLW
$JHQGD0HGLFDO(GLLDGHEX]XQDU

&HOXOHOH9HURVXQWFHOXOHH[WUDVHGLQULQLFKLGHPDLPXYHUGHGLQ$IULFDODIHOFD
vQFD]XOYDFFLQXOXL6DONL6DELQ QQ 

0+LUWHRSFLW

,ELGHP




'U&KULVWD7RGHD*URVV

Q5RPkQLDVXQWX]XDOHWRDWHDFHVWHWLSXULGHYDFFLQXULFRPELQDWH/D
YkUVWDGHOXQL  DOWXULGHSHQWDYDFFLQLVHYDDGPLQLVWUDL525 XQ
YDFFLQ WULYDOHQW UXMHRO RUHLRQ UXEHRO  DVWIHO F SXWHP YRUEL GH  YDF
FLQXUL DWXQFL FkQG VXQW DGPLQLVWUDWH VLPXOWDQ 525 VH SRDWH DGPLQLVWUD
FRQIRUP3URJUDPXOXLQDLRQDOGHYDFFLQDUHSkQODOXQL 
&XWRDWHFDFHVWYDFFLQVDGRULWDIRDUWHVLJXUVDFRQVWDWDWFQX
HVWHDD6DXUDSRUWDWRVHULHGHUHDFLLORFDOHSUHFXPLFRPSOLFDLLSRVW
YDFFLQDOHPHGLLVDXVHYHUH
UHDFLLORFDOH
DOHUJLHRFDQDODFWLF
YDVFXOLWH
SXUSXUWURPERFLWRSHQLF
SDUH]IDFLDO
FRQYXOVLL
SDUHVWH]LL
FHIDOHH
VRPQROHQ
6LQGURPXO*XLOODLQ%DUUH
UHDFLLDOHUJLFH
60 VFOHUR]DPXOWLSO 
$5- DUWULWDUHXPDWRLGMXYHQLO 
/D,QVWLWXWXO3DXO(KUOLFKGLQ*HUPDQLDDXIRVWUDSRUWDWHPXOWHUHDF
LLDOHUJLFHFUL]HHSLOHSWLFHLGHFD]XULGHSDUDOL]LLGLQWUHFDUHFHOHPDL
IUHFYHQWHDXIRVW6LQGURPXO*XLOODLQ%DUUHLSDUDOL]LLDOHQHUYLORUIDFLDOL
Q*HUPDQLDDXIRVWUDSRUWDWHvQWUHDQLLRVHULHGHFRPSOLFDLL
SRVWYDFFLQDOHLOD$U]QHL7HOHJUDPP $7 
YDVFXOLW
SXUSXUKHPRUDJLF
HGHPHKHPRUDJLFH
HSLOHSVLH
SDUH]IDFLDO
SDUHVWH]LLWXOEXUULGHVHQVLELOLWDWHGXUHULLQH[SOLFDELOH
FHIDOHH


2UG06&1$6QU
0+LUWHRSFLW

)XQG6'HODUXH,PSIXQJHQGHUXQJODXEOLFKH,UUWXP$XDJH+LUWKDPPHU9HU
ODJ*HUPDQ\

0+LUWHRSFLW

,ELGHP


9$&&,185,/(35(9(1,(6$8%2$/



VRPQROHQ
LSWHQFHIDOLWLF
DUWULWKHPRUDJLF
5PkQHvQFRQWLQXDUHDFHHDLSUREOHPQHUH]ROYDWOLSVDUHFXQRDWHULL
FRPSOLFDLLORUSRVWYDFFLQDOH
Q68$DIRVWUHFXQRVFXWXQVLQJXUFD]GHRFDOHUJLF
'HLDXIRVWLFD]XULGHGHFHVHHOHQXDXIRVWUHFXQRVFXWHFDDWDUHFL
DWULEXLWHDOWRUEROL8QDVWIHOGHFD]HVWHUHODWDWPDLMRV
'RPLQLN5QVFXWvQGDWDGH;DIRVWYDFFLQDWvQIHEUXDULH
FXXQSHQWDYDFFLQ FRQLQHYDFFLQXULLQFOXVLYDQWLSROLR QIH
EUXDULHGXSGRDU]LOHGHODYDFFLQDPXULW0HGLFXOSHGLDWUXDVFULVSH
FHUWLFDWXOGHGHFHV6LQGURPXOPRULLVXELWHODVXJDUSHQWUXDUH]ROYD
FD]XOFkWPDLVLPSOX3ULQLLQXVDXOVDWvQVvQHODL&RSLOXOORUIXVHVH
EROQDYvQPRPHQWXOvQFDUHLVDDGPLQLVWUDWYDFFLQXO'HLPDPDODDWHQL
RQDWSHPHGLFXOGHIDPLOLHDFHVWDQXDLQXWFRQWGHVWDUHDGHVQWDWHDFRSL
OXOXLLODYDFFLQDWIUVGHDQLFLRH[SOLFDLHPDPHL7UHFXVHUGHMDOXQL
GHFkQGPXULVH'RPLQLNFkQGVDFHUXWH[KXPDUHDOXLvQYHGHUHDHIHFWXULL
DXWRSVLHL$DFXPHUDGHDWHSWDWQXVDJVLWQLFLRFDX]GHGHFHV&KLDU
LFHOHPDLFRPSOH[HDQDOL]HDXGXVODDFHOHDLUH]XOWDWH3ULQLLVDXMXGHFDW
vQFRQWLQXDUHFXPHGLFXOFDUHOYDFFLQDVHSHFRSLOGHLDFHVWDIXVHVHEROQDY
vQPRPHQWXOUHVSHFWLYOXFUXWRWDOFRQWUDLQGLFDW&XWRDWHFPHGLFXODJUHLW
LQLFLQXDGDWQLFLXQIHOGHH[SOLFDLLVDOXDWKRWUkUHDFHOHVWHQHYLQRYDW
6DWUDVFRQFOX]LD SHFDUHGLQSFDWHRDX]LPGHHFDUHGDW FQXH[LVW
QLFLROHJWXUvQWUHYDFFLQLPRDUWHDFRSLOXOXLLDUDFHVWDDPXULWGHRPRDUWH
QDWXUDOFDUHVHFKHDP6LQGURPXOPRULLVXELWHODVXJDU
 (SLGHPLLOHGHSROLRPLHOLW
D 3ULPHOHHSLGHPLLGHSROLRPLHOLW
3ULPHOHHSLGHPLLGHSROLRPLHOLWDXDSUXWvQQRUGXO(XURSHLLvQ68$
ODMXPWDWHDVHFROXOXL;,;DSRLLvQDOWHWULGLQOXPHLDXGXUDWSkQOD
MXPWDWHDVHFROXOXL;;9DFFLQXULOHDXIRVWLQWURGXVHGHDELDvQGXS
GLVSDULDHSLGHPLLORU$XUHDSUXWDSRLDOWHIRFDUHHQGHPLFHLHSLGHPLFH
SURYRFDWHGHYDFFLQXULOHDQWLSROLR6DONL6DELQ

+56$ +HDOWK5HVRXUFHVDQG6HUYLFHV$GPLQLVWUDWLRQ 9DFFLQH,QMXU\7DEOH)HE
UXDUKWWSZZZKUVDJRYYDFFLQHFRPSHQVDWLRQWDEOHKWP

*%XFKZDOGRSFLW



'U&KULVWD7RGHD*URVV

1XVHFXQRDWHFDX]DDSDULLHLHSLGHPLLORUGHSROLRPLHOLWGDU1DWKDQVRQ
L0DUWLQ  FRQVLGHUFPXOWHDVSHFWHOHJDWHGHHSLGHPLLOHGHSROLR
PLHOLWVXQWFHOSXLQVXVSHFWH'HQXPLUHDGHSROLRPLHOLWQXH[LVWDvQFSH
YUHPHDDFHHDLQGFXQRVFXWVXEQXPHOHGHERDOSDUDOLWLFDFRSLOXOXL
&HUWHVWHIDSWXOFSROLRPLHOLWDHVWHRERDODFRSLOULHLLHFDUHRPYD
YHQLFkQGYDvQFRQWDFWFXYLUXVXOSROLRPLHOLWLFvQWLPSXOYLHLLOXL
3HQWUXGDWHOHVWDWLVWLFHVHLDXvQFRQVLGHUDUHGRDUFD]XULOHSDUDOLWLFHGH
SROLRPLHOLW(VWHORJLFVHDDPRWLYSHQWUXFDUHWRDWHJUDFHOHFDUHDUDW
HYROXLDSROLRPLHOLWHLVDXPRUWDOLWDWHDLDXvQFDOFXOGRDUFD]XULOHSDUDOLWLFH
QXLSHFHOHXRDUHEHQLJQHFXHYROXLHVSUHYLQGHFDUHvQWLPSVFXUW
Q DPEHOH ]RQH HSLGHPLFH 68$ L (XURSD  IUHFYHQD EROLL D vQFHSXW
VVFDGvQVSHFLDOLQGLFHOHGHPRUWDOLWDWH6DPDLvQUHJLVWUDWXQYkUIvQ
WUHDQLLFkQGFUHWHLQFLGHQDFD]XULORUJUDYHGHSROLRPLHOLW
([SOLFDLDFHDPDLSODX]LELOHVWHLQWURGXFHUHDGHQRLYDFFLQXULvQPDVvQ
DFHD SHULRDG GXFkQG OD DD]LVD SROLRPLHOLW SURYRFDW 6H WLH F
SROLRPLHOLWDSRDWHSURYRFDWGHGLIHULWHLQMHFLLVDXYDFFLQXUL3DUDOL
]LLDVHPQWRDUHFXFHOHGLQSROLRPLHOLWVXQWSURYRFDWHGHLQWR[LFDLLFX
PHWDOHJUHOH PHUFXUSOXPEDUVHQ VDXGHSHVWLFLGH ''7 ,QWURGXFHUHD
XQRU DVHPHQHD SHVWLFLGH SHULFXORDVH ''7  vQ DQXO  vQ 68$ L DSRL
vQvQWUHDJDOXPHDSURYRFDWPXOWHFD]XULGHSDUDOL]LLLDOWHDIHFLXQLJUD
YH PRWLY SHQWUX FDUH VD GHFLV UHWUDJHUHD ORU  FDUH DX IRVW FRQIXQGDWH FX
SROLRPLHOLWD0XOLFHUFHWWRULLRDPHQLGHWLLQWDXREVHUYDWFOH]LXQLOH
SURYRFDWHGHSROLRPLHOLWODQLYHOXOPGXYHLVSLQULLVXQWSUDFWLFLGHQWLFHFX
FHOHGLQSDUDOL]LLOHSURYRFDWHGHDFHVWHVXEVWDQHWR[LFHQUHQXPLWXO7UDWDW
GH0HGLFLQ,QWHUQDOXL+DUULVRQFLWLP3DUDOL]LLOHVXQWDGHVHDXUPULOH
LQWR[LFDLHLFXPHWDOHJUHOHLDUGLQSXQFWGHYHGHUHFOLQLFHVWHIRDUWHGLFLO
GHIFXWRGLIHUHQLHUHDDFHVWRUDGHSROLRPLHOLW(VWHLPRWLYXOSHQWUX
FDUHvQWUHFXWPXOWHFD]XULGHSDUDOL]LLHUDXDWULEXLWHSROLRPLHOLWHL GXSXQLL
DXWRULPDMRULWDWHDFD]XULORUGHLQWR[LFDLLFXSHVWLFLGXO''7FDUHDGXVOD
SDUDOL]LLDXIRVWDWULEXLWHSROLRPLHOLWHLFHHDFHDGXVODRVWDWLVWLFIDOV 

11DWKDQVRQXQG-50DUWLQ7KHHSLGHPLRORJ\RISROLRP\HOLWLVHQLJPDV
VXUURXQGLQJLWVDSSHDUDQFHHSLGHPLFLW\DQGGLVDSSHDUDQFH$P-(SLGHPLRORJ\  


96FKHLEQHURSFLW

*%XFKZDOGRSFLW

,ELGHP

7RUVWHQ(QJHOEUHFKW&ODXV.|KQOHLQ9LUXV:DKQ(PXYHUODJ$XDJH

,ELGHP  

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



E  (SLGHPLLOH GH SROLRPLHOLW DX GLVSUXW vQDLQWH GH LQWURGXFHUHD


YDFFLQXULORU1RLHSLGHPLLVXQWSURYRFDWHSULQLQWURGXFHUHDYDFFLQXULORU
Q )UDQD VFGHUHD FD]XULORU GH SROLRPLHOLW HVWH WUDGXV SULQWUR FXUE
GHVFUHVFWRDUH FDUH DWLQJH FHO PDL VF]XW QLYHO FkWHYD VXWH GH FD]XUL  vQ DQLL
vQDLQWHGHLQWURGXFHUHDYDFFLQXOXL6DON )LJ 9DFFLQXODQWLSROLR
HVWHLQWURGXVvQGXSFDUHFUHVFEUXVFFD]XULOHGHSROLRPLHOLWFXUEDvQUHJLV
WUkQGRFUHWHUHVSHFWDFXORDV XQDOWYkUI QDFHVWDQVDvQUHJLVWUDWXQQXPU
GHGHFD]XULGHERDOQDQXOXUPWRUVHvQUHJLVWUHD]GHFD]XUL$
IRVWQHYRLHGHvQFDQL SkQvQ FDVVFDGFXUEDLVUHYLQODQLYHOXOGLQ
vQDLQWHGHLQWURGXFHUHDYDFFLQXOXL7RWRGDWVHFRQVWDWFGXSLQWURGX
FHUHDYDFFLQXOXLFUHWHGLQQRXPRUWDOLWDWHDUHSHWkQGXVHFHHDFHVDvQWkPSODW
LvQDOWHULSUHFXP$QJOLDL%UD]LOLDXQGHGHLSROLRPLHOLWDHUDLQLLDORERDO
GHVWXOGHEHQLJQFRQIXQGDWDGHVHRULFXRVLPSODQJLQDFXWHDDGHYHQLWGLQ
FDX]DYDFFLQULLvQPDVRERDOVROGDWIUHFYHQWFXSDUDOL]LLVDXFKLDUFXGHFH
VH QFHSkQG FX DQXO  FXUED UHYLQH OD DVSHFWXO GH GLQDLQWHD LQWURGXFHULL
YDFFLQXOXLQvQRUDXO1LRUWL]EXFQHWHRHSLGHPLHGHSROLRPLHOLWJUDY
FXSDUDOL]LLFXWRDWHFDIRVWYDFFLQDWXQSURFHQWGHGLQSRSXODLHFXYkUVWD
FXSULQVvQWUHLGHDQL FRQIRUPGHFODUDLLORU$XWRULWLORU6DQLWDUHFWUHUH
YLVWD/H3DULVLHQ/LEpUpGLQ;,, 6HGRDURFRLQFLGHQIDSWXOFERDOD
DvQFHSXWVGLVSDUGXSvQORFXLUHDFRQGXFWHORUGHDSFXUHQWvQYHFKLWH"



'U&KULVWD7RGHD*URVV

DFHDVWSHULRDGFRLQFLGHFXLQWURGXFHUHDYDFFLQXOXLDQWLYDULROLFDWkWvQ*HU
PDQLDFkWLvQ68$'DWHOHSHFDUHOHDPGHOD'U%XFKZDOGVXQWXUPWRD
UHOH )LJL)LJ 

Fig. 10. Mortalitatea dat de poliomielit n Germania ncepnd cu anul 1949


Sursa: Biroul Federal de Statistic Wiesbaden, grupa VII D

Fig. 9. Evoluia morbiditii dat de poliomielit n Frana, n perioada 1945-1977 (dup Inserm)

Q*HUPDQLDSULPDHSLGHPLHGHSROLRPLHOLWDSDUHvQDQLL6HvQUHJLV
WUHD]vQWUHLGHFD]XULDQ8QSURFHQWGHGLQWUHFHLDIHFWDL
DXIRVWFRSLLVXEDQLQFQXIXVHVHLQWURGXVYDFFLQXODQWLSROLRGDUVHWLHF

6LPRQH'HODUXH,PSIVFKXW],UUWXPRGHU/JH"+LUWKDPPHU9HUODJ'0QFKHQ
$XDJH

,ELGHP

,ELGHP

,ELGHP

)&6LW]PDQQHWDO,PSIXQJHQ$NWXHOOH(PSIHKOXQJHQ+DQV0DUVHLOOH0QFKHQ

Fig. 11. Cazurile de poliomielit n Germania, dup 1950



 * %XFKZDOG ,PSIHQ 'DV *HVFKlIW PLW GHU $QJVW (PXYHUODJ $XDJH 
'HXWVFKODQG

9$&&,185,/(35(9(1,(6$8%2$/



vQRGDWFXLQWURGXFHUHDYDFFLQXOXLDQWLYDULROLFDFUHVFXWQXP
UXOGHGHFHVHSURYRFDWHGHSROLRPLHOLW
vQRGDWFXRSULUHDYDFFLQULLDQWLYDULROLFHGLQFDX]DQXPHURD
VHORULQFLGHQWHGLQ68$DVF]XWLQXPUXOGHGHFHVHGDWHGHSROLRPLHOLW
vQGXSQRLOHFDPSDQLLGHYDFFLQDUHDQWYDULROLFDFUHVFXWGLQ
QRXLQFLGHQDPRUWDOLWLLGDWGHSROLRPLHOLWSkQvQFDDSRLVVFDG
GLQQRX
vQFkQGHVWHLQWURGXVYDFFLQXODQWLSROLRRUDO6DELQPRUWDOLWD
WHDGDWGHSROLRPLHOLWHUDGHMDIRDUWHVF]XWFXUEDvQUHJLVWUkQGRSDQW
GHVFHQGHQWPRWLYSHQWUXFDUHQXSRDWHFRQVLGHUDWYDFFLQDUHDDQWLSROLR
FDX]DUHJUHVXOXLFD]XULORUGHSROLRPLHOLW
 XOWLPXO FD] GH SROLRPLHOLW GLQ *HUPDQLD D IRVW OD XQ FRSLO vQ DQXO
GHDWXQFLQXDXPDLH[LVWDWGHFkWFD]XULGHSROLRPLHOLWSRVWYDFFLQDO
IRUPDSDUDOLWLF $YkQGvQYHGHUHFGHDWkLDDQLQXVDPDLvPEROQYLW
QLFLXQFRSLOGLQ*HUPDQLDGHSROLRPLHOLWVHSXQHGHVLJXUvQWUHEDUHDGDF
PDLHVWHQHFHVDUYDFFLQDUHDDQWLSROLRFXDWkWPDLPXOWFXFkWUHDFLLOHVH
FXQGDUHGHLUDUHSRWIRDUWHJUDYH1XPDLWULPvQDQLLFkQGvQFPDL
H[LVWDXFD]XULGHERDO
Q$QJOLDPRUWDOLWDWHDSURYRFDWGHSROLRPLHOLWDvQFHSXWVVFDGvQD
LQWHDLQWURGXFHULLYDFFLQXOXLDQWLSROLR$H[LVWDWXQYkUIvQDQXOFkQG
VDLQWURGXVYDFFLQXODQWLGLIWHULF )LJ 'LQDFHVWDQVHUDSRUWHD]PXO
WHFD]XULGHSROLRPLHOLWSDUDOLWLFSkQvQFkQGHVWHRSULWYDFFLQDUHD
DQWLGLIWHULF 3ROLRPLHOLWD SURYRFDW GH DOWH YDFFLQXUL LQFOXVLY GH FHO GLI
WHULFHVWHXQIDSWFXQRVFXWLGRYHGLWGHRDPHQLLGHWLLQWQXUPWRULL
DQL  SkQODLQWURGXFHUHDYDFFLQXOXLDQWLSROLRVDvQUHJLVWUDWR
UHGXFHUHGUDVWLFDFD]XULORUGHERDO2GDWFXLQWURGXFHUHDYDFFLQXOXLDQ
WLSROLRDFUHVFXWGLQQRXQXPUXOGHFD]XULGHSROLRPLHOLWFDDSRLVVFDG
vQFHWLFXUEDVUHYLQvQODVWDUHDGHGLQDLQWHDYDFFLQULORU)FkQG
XQVWXGLXFRPSDUDWLYvQWUHFD]XULOHGHPRUWDOLWDWHGDWHGHSROLRPLHOLWGHGL
QDLQWHLGXSYDFFLQQHDPDWHSWDFDUHGXFHUHDFD]XULORUVVHIDFSURSRU
LRQDOFXFUHWHUHDQXPUXOXLGHSHUVRDQHYDFFLQDWHFHHDFHQXVDvQWkPSODW
'LPSRWULYvQPRUWDOLWDWHDDFUHVFXWFXLDUGDWHOHGLQDQLL
LDUDWXQDGHYUDWHHFDOYDFFLQXOXLvQORFVVFDGFXUED



'U&KULVWD7RGHD*URVV

FUHWHXRU&RQFOX]LDHVWHFFHOSXLQPRUWDOLWDWHDGDWGHSROLRPLHOLWQX
DSXWXWUHGXVGHYDFFLQ

Fig. 12. Cazurile de deces (mortalitatea) din Marea Britanie, date de poliomielit n perioada 1916-1962
Sursa: Office of Population Censuses

(SLGHPLD GH SROLRPLHOLW GLQ RUDXO %ODFNEXUQ LQXWLOLWDWHD YDFFLQULL


DQWLSROLRDSXWXWGHPRQVWUDWLFXDMXWRUXOXQXLVWXGLXFRPSDUDWLYHIHF
WXDW SH GRX ORWXUL GH RDPHQL YDFFLQDL L QHYDFFLQDL GLQ RUDXO %ODFN
EXUQXQGHDL]EXFQLWRHSLGHPLHGHSROLRPLHOLW/DRSRSXODLHGH
GHRDPHQLHUDXH[SXLvPEROQYLULLXQQXPUGHGHRDPHQL'LQWUH
DFHWLDHUDXYDFFLQDLLHUDXQHYDFFLQDL6DXvPEROQYLW
FRQIRUPVWDWLVWLFLLRDPHQLGLQORWXOFHORUYDFFLQDLLGLQWUHRDPHQLL
QHYDFFLQDL)FkQGXQDOWFDOFXOVLPSOXFRQVWDWPFODFHLYDFFLQDLDYHP
GHIDSWFD]GHERDOODGHRDPHQLLDUODFHLQHYDFFLQDLFD]GHERD
OODGHRDPHQL6DXvPEROQYLWPDLPXOLRDPHQLYDFFLQDLGHFkW
QHYDFFLQDL
0XOL vL PDL DPLQWHVF VDX FHO SXLQ DX DX]LW GH HSLGHPLD GH SROLR
PLHOLW GLQ DQLL  FDUH D L]EXFQLW vQ $XVWUDOLD L PXOWH DOWH UL
GLQOXPH&HLFDUHSURPRYHD]YDFFLQXULOHVHIRORVHVFGHDPLQWLUHDDFHVWRU
HSLGHPLLSHQWUXDLVSHULDSHSULQLLDLFRQYLQJHVLYDFFLQH]HFRSLLL
&KLDU L FHL FDUH QXL YDFFLQHD] FRSLLL vPSRWULYD DOWRU EROL SUHFXP GLI
WHULHWHWDQRVWXVHFRQYXOVLYUXMHROHWFIDFRH[FHSLHFkQGYLQHYRUED



,ELGHP
,ELGHP

,ELGHP





6LPRQH'HODUXHRSFLW
,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



GH YDFFLQXO DQWLSROLR 'RDU SXLQL RDPHQL FXQRVF vQV DGHYUDWD FDX] D
DFHVWHLHSLGHPLLVSXQH9LHUD6FKHLEQHUQ'U0F&ORVNH\DVFULV
vQ/DQFHWXQDUWLFROLQWLWXODW/HJWXUDGLQWUHYDFFLQXULLSROLRPLHOLWvQ
FDUHUHODWHD]/DvQFHSXWXOHSLGHPLHLGHSROLRPLHOLWQHDXDWUDVDWHQLD
SDFLHQLLFDUHDXIRVWYDFFLQDLFXSXLQWLPSvQDLQWHFXYDFFLQXODQWLSHUWXV
VLV vPSRWULYDWXVHLFRQYXOVLYH VDXFXYDFFLQXOFRPELQDW'3 DQWLGLIWHULFL
DQWLSHUWXVVLV  3ULQLLDLFURUFRSLLHUDXEROQDYL GH SROLRPLHOLWSXQHDX
YLQDSHDFHVWHYDFFLQXULGDUPHGLFLLORUHFVHJUEHDXVUHVSLQJRULFH
OHJWXUGLQWUHERDOLYDFFLQXULHVSXQHDXFQXHYRUEDGHSROLRPLHOLW
FLPDLSUREDELOGHRUDGLFXORQHYULWSRVWYDFFLQDO
([LVWGLQIHULFLUHGHVWXOHGRYH]LFDUHDUDWROHJWXUHYLGHQWvQWUHGL
YHUVHYDFFLQXULSURODFWLFHLDSDULLDSROLRPLHOLWHLQDQXO vQ%ULWLVK
0HGLFDO-RXUQDODSDUHXQDUWLFROGHVSUH9DFFLQXULLSROLRPLHOLWDSURYRFD
WVFULVGH+LOOL.QRZHOGHQ(LGHVFULXFD]XULVSRUDGLFHGHSDUDOL]LLDSUXWH
GXSFDPSDQLLGHYDFFLQDUHvPSRWULYDGLIWHULHL3DUDOL]LDDIHFWHD]XQHRUL
XQVLQJXUSLFLRUFHOvQFDUHVDIFXWYDFFLQXO8QHRULDGXVLODDOWHIRUPHGH
SDUDOL]LLQFHOHPDLPXOWHFD]XULVDSXVGLDJQRVWLFXOGHSROLRPLHOLWQ
DFHODL]LDUJVLPXQDOWDUWLFROVFULVGH0DF&DOOXPGHVSUH)RUPHFOLQLFHGH
SROLRPLHOLWDSUXWHGXSGLYHUVHYDFFLQXULSURODFWLFHGLQFDUHFLWH]/D
PDLSXLQGHGH]LOHGXSDSDULLDSROLRPLHOLWHLVDXOXDWSUREHGLQVFDXQ
GHODFRSLL6DL]RODWYLUXVXOSROLRPLHOLWLFGLQWRDWHFHOHSUREHQDLQWH
GHDSDULLDEROLLFRSLLLDXIRVWYDFFLQDLWRLvPSRWULYDGLIWHULHLWHWDQRVXOXLL
DWXVHLFRQYXOVLYH '73 QXQDUWLFRODVHPQWRUDSDUHLvQ$PH
ULFDVFULVGH/HDNHvQ-RXUQDORIWKH$PHULFDQ0HGLFDO$VVRFLDWLRQ$XWRUXO
UHODWHD]GHVSUHQXPHURDVHFD]XULGHSDUDOL]LLDSUXWHGXSGLIHULWHLQMHFLL
GDUPDLDOHVGXSYDFFLQXULOHvPSRWULYDGLIWHULHLDWXVHLFRQYXOVLYHDIHEUHL
WLIRLGHLDIHEUHLSDUDWLIRLGH7RWvQDQXODSDUHLXQVWXGLXDPHULFDQ
IFXWGH$QGHUVRQL6NDDUFDUHFRQFOX]LRQHD]/DSDFLHQLLFXSROLRPLHOLW
FDUHDXSULPLWFXROXQvQDLQWHDEROLLXQDQWLJHQ YLUXV VHSRDWHFRQVWDWD

9LHUD6FKHLEQHU,PSIXQJHQ,PPXQVFKZFKHXQGSO|W]OLFKHU.LQGVWRG)+LUWKDP
PHU9HUODJ0QFKHQ

%HUWUDP30DF&ORVNH\7KH5HODWLRQRI3URSK\ODFWLF,QRFXODWLRQWRWKH2QVHWRI
3ROLRP\HOLWLV/DQFHW$SULO

%$+LOOXQG-.QRZHOGHQ,QRFXODWLRQDQGSROLRP\HOLWLV$VWDWLVWLFDOLQYHVWLJD
WLRQLQ(QJODQGDQG:DOHVLQ%U0HG--XOL

0DF&DOOXP)2&OLQLFDOSROLRP\HOLWLVLQDVVRFLDWLRQZLWKSHULSKHUDOLQRFXODWLRQRI
SURSK\ODFWLFV%U0HG--XO\

-DPHV3/HDNH0'$QWHULRU3ROLRP\HOLWVDQG3HUWXVVLVDQG'LSKWHULD,PPXQL
]DWLRQ-$0$VHSW  



'U&KULVWD7RGHD*URVV

FH[LVWROHJWXUHYLGHQWvQWUHYDFFLQLERDODSDUDOLWLF0XOLDXWRUL
DWUDJDWHQLDDVXSUDIDSWXOXLFvQFD]XOSROLRPLHOLWHLRUJDQLVPXOVHDSUvQ
PRGHFLHQWvPSRWULYDEROLLGRDUvQPRGQDWXUDOSULQLQWHUPHGLXOPXFRDVHL
QD]RIDULQJLHQH DSRL D WUDFWXOXL LQWHVWLQDO FkW L SULQ IRUPDUHD GH DQWLFRUSL
HFLHQLvPSRWULYDEROLL2UJDQLVPXOHVWHVHQLVLELOL]DWLDUGDWRULWPHPRULHL
LPXQHFkQGYDYHQLGLQQRXvQFRQWDFWFXYLUXVXOSROLRPLHOLWLFVHYDDSUD
vQPRGHFLHQWQVFKLPESULQWURLPXQL]DUHDUWLFLDODFWLY YDFFLQDUH QX
VHIRUPHD]DQWLFRUSLHFLHQLvPSRWULYDEROLL FkQGSXWHPYRUELGHYDFFLQD
UHGDUQXLGHLPXQL]DUH GDUSRDWHOH]DWEDULHUDKHPDWRHQFHIDOLFLvQ
DFHVWIHOVHGLVWUXLIDFWRULLGHUH]LVWHQvPSRWULYDYLUXVXOXLSROLRPLHOLWLF
'LQDFHVWPRWLYGR]HOHVXEOHWDOHGHYLUXVLQIHFLRVSRWGHYHQLOHWDOHVFRDUD
FHUHEUDOLQGLHDOH]DWvQXUPDYDFFLQXULORU$FHVWIHQRPHQSRDWHH[SOLFD
DSDULLDIRUPHORUSDUDOLWLFHGHSROLRPLHOLWGXSRYDFFLQDUHDQWHULRDUFX
DOWHYLUXVXUL
/D0DGHLUDYDFFLQXODQWLSROLRVDLQWURGXVGRDUvQ3kQDWXQFL
ERDODHUDSUDFWLFQHFXQRVFXW$PGHODSURI5HQWFKQLFNGLQ0pGHFLQH
HW+\JLqQH 1UDXJXVW GDWHGHVSUHHIHFWXDUHDYDFFLQULLvQ
DXIRVWYDFFLQDLGHWLQHULVXEGHDQLvQVSHFLDOFRSLLPLFLvQ
DXIRVWYDFFLQDLvQFGHFRSLLFXYDFFLQXORUDO6DELQWULYDOHQW
FXWRDWHFHOHWUHLWLSXULDQWLJHQLFH VDFRQWLQXDWYDFFLQDUHDLUHYDFFLQDUHD
OD FRSLL 3ULPXO FD] GH SROLRPLHOLW HVWH vQUHJLVWUDW vQ  PDUWLH  LDU
SkQSHGDWDGHDXJXVWH[LVWDXGHMDGHFD]XULODFRSLL FD]XULVWDLRQDUH 
DFURUYkUVWHUDFXSULQVvQWUHOXQLLDQLLMXPWDWHLDUDOLFRSLL
DXPXULWGHSDUDOL]LHEXOEDU,QWHUHVDQWHVWHIDSWXOFSROLRPLHOLWDDFXSULQV
PXOLFRSLLFDUHHUDXYDFFLQDLLDUGLQWUHFHOHFD]XULGHGHFHVHDXIRVW
GHYDFFLQDL'HFLGLQWUHFHLFDUHDXPXULWDXSULPLWYDFFLQXORUDO6DELQ
WULYDOHQW8QXOGLQWUHFRSLLLSDUDOL]DLDIRVWYDFFLQDWGHRULvQXOWLPLLGRL
DQL&XWRDWHDFHVWHDvQORFVRSUHDVFYDFFLQDUHDDXWRULWLOHFRQVLGHU vQ
PRGJUHLW FHVWHYRUEDGHRHSLGHPLHFDUHWUHEXLHRSULWPRWLYSHQWUX
FDUHvQFHSkQGFXOXQDLXQLHDXPDLIRVWYDFFLQDLGHFRSLL
/D 5LR GH -DQHLUR %UD]LOLD  VH QXPUDX DSUR[LPDWLY  GH FD]XUL GH
SROLRPLHOLWDQ vQDLQWHD LQWURGXFHULL YDFFLQXOXL (UD YRUED GH FD]XUL XRDUH
EHQLJQHIUIRUPHSDUDOLWLFH%RDODHYROXDFDLXQFDWDUXRUVDXRDQJLQ
DFXW'XSFHVDXHIHFWXDWDQLGH]LOH  FDPSDQLLGHYDFFLQDUH

*:$QGHUVRQXQG$(6NDDU3ROLRP\HOLWLVQDFK$QWLJHQ,QMHNWLRQHQ
3HGLDWULFV  

96FKHLEQHURSFLW

6'HODUXHRSFLW

9$&&,185,/(35(9(1,(6$8%2$/



vQPDVFXYDFFLQXOLQMHFWDELO6DONLDUDSRLFXYDFFLQXORUDO6DELQDFUHVFXW
QXPUXOFD]XULORUGHSROLRPLHOLWODDQLQFOXVLYFD]XULSDUDOLWLFH&XWRDWH
FDXWRULWLOHHUDXPDLPXOWGHFkWVXSUDWHLODXFKHPDWSH'U6DELQVOH
GHDH[SOLFDLLFXYLQWHOHOLQLWLWRDUHDOHFHOXLFDUHDVLQWHWL]DWYDFFLQXOSHULFXORV
QXDXSXWXWRSULFUHWHUHDvQFRQWLQXDUHDFD]XULORUJUDYHGHERDOOD
Q68$LQFLGHQWDO&XWWHUGLQHVWHSURYRFDWGHLQWURGXFHUHDYDF
FLQXOXL LQMHFWDELO 6DON FkQG VDX vPEROQYLW  GH RDPHQL vPEROQYLUH
VROGDWFXGHFHVHQWUHDQLLDXDSUXWFD]XULGHSROLR
PLHOLWGLQWUHFDUHFD]XULHSLGHPLFHGHFD]XULHQGHPLFH GLQWUHFDUH
QHDVRFLDWHFXYDFFLQXOSROLRPLHOLWLFLFD]XULDVRFLDWHFXYDFFLQXOSR
OLRPLHOLWLF FD]XULGHLPSRUWLFD]XULODLPXQRGHFLHQL
206VDIRORVLWGHVWDWLVWLFLLQFRUHFWHOXkQGvQFDOFXOGRDUFD]XULOHFX
SDUDOL]LLvQFHSkQGFXDQXODGLFvQSHULRDGDGHGXSDGPLQLVWUDUHDYDF
FLQXOXLQDLQWHDLQWURGXFHULLYDFFLQXOXL206DQXPUDWWRDWHFD]XULOHGH
SROLRPLHOLWLQFOXVLYFHOHXRDUH(VWHPRWLYXOSHQWUXFDUHJUDFXOQHDUDW
RVFGHUHIDOVDFD]XULORUGHSROLRPLHOLWOXFUXIRDUWHGHSDUWHGHDGHYU
Q$IULFDL$PHULFD/DWLQ206UHFXQRDWHvQUDSRDUWHOHVDOHFGLQ
GHULYDFFLQDWHFXYLUXVYLXDXUHODWDWRFUHWHUHDFD]XULORUGHSROL
RPLHOLW/XkQGXVHvQFRQVLGHUDUHWRDWHFHOHGHULGLQ]RQHOHWURSLFDOH
LVXEWURSLFDOHVHFRQVWDWFvQDFUHVFXWQXPUXOFD]XULORUGHSROLR
PLHOLWFX
Q,WDOLDYDFFLQXOLQMHFWDELO6DONDIRVWLQWURGXVvQDQXO$QXOXU
PWRUVHFRQVWDWRFUHWHUHVSHFWDFXORDVDFD]XULORUGLQWUHFDUH
PRUWDOHQVHQXPUGHFD]XULGLQWUHFDUHPRUWDOH /%H
YHUH&&RFFKLQL/DYDFFLQD]LRQHDQWLSROLRPLHOLWLFDLQ,WDOLD0LQLVWHUHGH
OD6DQWp5RPHQRYHPEUH 7LPSGHDQLvQSHULRDGDVDX
vQUHJLVWUDWXQQXPUGHGHFD]XULGLQFDUHPRUWDOHLDUDX
VXSUDYLHXLWSDUDOL]LHL *LXOLR0DFFDFDUR3HUXQDPHGLFLQDGDULQQRYDUH
)HOWULQHOOLS 
QOXPHDDWUHLDFD]XULOHGHSROLRPLHOLWDXFXQRVFXWXQUHJUHVGHLQX
DXH[LVWDWFDPSDQLLGHYDFFLQDUHvQPDVvPSRWULYDEROLL$SRLGXSLQWURGX
FHUHDYDFFLQXULORUDQWLSROLRPDLDOHVvQULOHVUDFHFXFRQGLLLVRFLRHFR
QRPLFHSUHFDUHDSDUPHUHXFD]XULQRLGHSROLRPLHOLWFHHDFHDUDWLQHFL


,ELGHP
0+LUWHRSFLWS

*K09RLFXOHVFXRSFLWS

6'HODUXHRSFLW

'RFWHXU/RXLV'H%URXZHU$75$RSFLW

,ELGHP




'U&KULVWD7RGHD*URVV

HQDYDFFLQXOXLQ$IULFDGH6XGDL]EXFQLWRHSLGHPLHGHSROLRPLHOLWvQ
DQXOvQ*D]DQNXOXGHLXQSURFHQWGHGLQWUHFRSLLLVXEDQLHUDX
YDFFLQDWLDYkQGRLPXQLWDWHFRPSOHWIDGHERDOGXSFXPVDFRQ
VWDWDW/DIHOVHvQWkPSOvQ1DWDOL.ZD=XOXXQGHL]EXFQHWHRHSLGHPLH
GHSROLRPLHOLWvQDQXOGHLDXIRVWYDFFLQDLGHFRSLL'LQWUH
FRSLLLGHFHGDLvQVSLWDOHODVDFRQVWDWDWvQXUPDDQDOL]HORUHIHFWXD
WHRLPXQLWDWHHFLHQWSHQWUXERDO WLWUXVXFLHQWGHDQWLFRUSLFHVDX
IRUPDWvQXUPDYDFFLQXOXL LDUODDOLGLQWUHFHLGHFHGDLRLPXQLWDWH
LQFRPSOHWQOLWHUDWXUDGLQVWULQWDWHSUHFXP-$0$/DQFHWL%XOO
:HOW+HDOWK2UJVXQWUHODWDWHPXOWHFD]XULGHSROLRPLHOLWL]EXFQLWHvQUL
XQGHVDIFXWRYDFFLQDUHvQPDV
206vQFHSHXQSURJUDPGHYDFFLQDUHvPSRWULYDSROLRPLHOLWHLvQvQWUHD
JDOXPHFXVFRSXOGHHUDGLFDUHDEROLLFXWRDWHLQVXFFHVHOHvQUHJLVWUDWH
vQDWkLD]HFLGHDQLLQFOXVLYvQULOHvQFXUVGHGH]YROWDUH DLFLSROLRPLHOLWD
SDUDOLWLFHVWHFHDPDLLQYDOLGDQWERDOFXQRVFXWODRUDDFWXDOLQGFDX]D
PXOWRUGHFHVHLQIDQWLOH 5H]XOWDWHOHQXVDXOVDWPXOWWLPSDWHSWDWHvQDQXO
vQULDOH$IULFLLUHDSDUFD]XULGHSROLRPLHOLWQDXXUPDWDOWH
UL<HPHQ,QGRQH]LDL6RPDOLD206QXDGDWQLFLRH[SOLFDLHWUDQVSD
UHQWLPDLDOHVFUHGLELOFLDSXVLQFLGHQWXOSHVHDPDvQWUHUXSHULLYDFFLQULL
vQDFHVWHULGLQPRWLYHSROLWLFH1XVDPDLFXWDWvQVDOWPRWLY7RWPDL
PXOLH[SHULVXQWVFHSWLFLLUHFXQRVFFQXHVWHSRVLELOHUDGLFDUHDDFHVWHL
EROL(LDUDWFDUPDLELQHFDEDQLLIRORVLLSHQWUXSURJUDPHOHH[WLQVHGH
YDFFLQDUHVHLQYHVWLLvQWUDWDPHQWHFXUDWLYHDWkWGHQHFHVDUHvQDFHVWH
ULLvQvQWUHDJDOXPH
&D]XULGHSROLRPLHOLWVDXUHODWDWLvQULGH]YROWDWHSUHFXP)LQODQGD
1RUYHJLDL2ODQGD'LQDXJXVWLSkQvQLDQXDULHvQ)LQODQGD
DXIRVWGHFODUDWHFD]XULGHSROLRPLHOLWIRUPSDUDOLWLFLXQFD]IRUP
QHSDUDOLWLFGXSFHWLPSGHGHDQLSROLRPLHOLWDDIRVWFRQVLGHUDWHUD
GLFDW$IRVWLGHQWLFDWYLUXVXOSROLRPLHOLWLFWLS HSLGHPLFSDUDOLWLF 6
HYRUEDGHRPXWDLHDYLUXVXOXLSROLR"6DREVHUYDWFDQWLFRUSLLGHWHFWDL
ODRDPHQLLYDFFLQDLQXSRWQHXWUDOL]DYLUXVXOFHHDFHQHGXFHODJkQGXOF
VDXGH]YROWDWQRLWLSXULDQWLJHQLFHYLUDOH3HGHDOWSDUWHVQHDPLQWLP
GLQFDSFHVSXQPDLPXOLDXWRULGHVSUHUROXODSURDSHQHJOLMDELODODQWL


*%XFKZDOGRSFLW
,ELGHP

0+LUWHRSFLW

,ELGHP

'$+HQGHUVRQ&RXQWHULQJWKHSRVWHUDGLFDWLRQWKUHDWRIVPDOOSR[DQGSROLR
&OLQ,QYHVWLJ0HG


9$&&,185,/(35(9(1,(6$8%2$/



FRUSLORU QHXWUDOL]DQL vQ SROLRPLHOLW (VWH PRWLYXO SHQWUX FDUH RDPHQLL DX
GHYHQLWVFHSWLFLLvQSULYLQDYDFFLQXOXLDQWLSROLRLQMHFWDELO(XFDPHGLF
QXUHFRPDQGDFHVWYDFFLQFRSLLORULPDLDOHVQXvQDLQWHGHYkUVWDGHDQL
'HRDUHFHQXPDLDYHPvQ*HUPDQLDFD]XULGHSROLRPLHOLWQLFLQXPDLH[LV
WSRVLELOLWDWHDGHFRQWDJLR]LWDWHQFD]XOvQFDUHYDFFLQXOHVWHWRWXLDG
PLQLVWUDWvQFHSkQGFXDOOHDDQGHYLDUHDFLLOHDGYHUVHDOHYDFFLQXOXLQX
GRDUFYRUPXOWPDLXRUGHUHFXQRVFXWGDUYRULPXOWPDLSXLQH
VSXQH'U%XFKZDOG
6DREVHUYDWFDPLJGDOHFWRPLDIDYRUL]HD]DSDULLDSROLRPLHOLWHL(VWH
XQPRWLYvQSOXVVQXQHJUELPvQDUHFRPDQGDRDVWIHOGHLQWHUYHQLHFKL
UXUJLFDOFRSLLORU
  ([SHULLDYHUWL]HD]FHUDGLFDUHDSROLRPLHOLWHLQXHVWHSRVLELO
9DFFLQDUHDSRDWHUVSkQGLERDODLSURYRFDQRLHSLGHPLL
D 9LUXVXOYDFFLQDOSRDWHUHGHYHQLYLUXOHQWLSRDWHSURYRFDSROLRPLHOL
WDSRVWYDFFLQDOLSROLRPLHOLWDGHFRQWDFW2GDWFXVFDXQXOVHHOLPLQ
YLUXVXOGLQYDFFLQvQDSHOHGHFDQDOL]DUHFDUHVHYDUVvQXYLL9LUXVXOvL
UHFkWLJYLUXOHQD GDUQXUHYLQHODIRUPDOXLVOEDWLF LSRDWHUHLQIHFWD
RDPHQLLSURYRFkQGHSLGHPLLDDFXPVDvQWkPSODWvQ+DLWLLvQ5HSXEOLFD
'RPLQLFDQ(VWHYRUEDGHSROLRPLHOLWDSRVWYDFFLQDOFXYLUXVXOYDFFLQDO
2DPHQLLGHWHDPDSROLRPLHOLWHLVHYDFFLQHD]SHQWUXDQXIDFHSROLRPLHOLWD
FXYLUXVXOVOEDWLFRUDFHVWDQXVHJVHWHvQVFDXQXOFHORUYDFFLQDL,GHHD
FDUHVHYHKLFXOHD]vQWUHRDPHQLFYLUXVXOYDFFLQDOVHUHWUDQVIRUPvQFHO
VOEDWLFLGRDUYDFFLQXOPDLSRDWHSUHYHQLERDODHVWHHURQDW/DRDPHQLL
FXXQVLVWHPLPXQVOELWVHREVHUYRHOLPLQDUHDYLUXVXOXLYDFFLQDOLGXS
DQLGHODYDFFLQDUH
9LUXVXO GLQ YDFFLQ vL SRDWH UHFkWLJD QHXURYLUXOHQD WUHFkQG SULQ LQ
WHVWLQXORPXOXLLGHYHQLQGvQIHOXODFHVWDGLQQRXSDWRJHQSXWkQGSURYR
FDSROLRPLHOLWDSRVWYDFFLQDODWkWGXSYDFFLQXOLQMHFWDELO6DONFkWLGXS


*%XFKZDOGRSFLW

0LFKHO*HRUJHW9DFFLQDWLRQ/HVYHULWDEOHLQGHVLUDEOHVSSUHQYD
HW%LFNHO9DFFLQDWLRQODJUDQGHLOOXVLRQDYU)UDQFH

 2 .HZ 9 0RUULV*ODVJRZ 0 /DQGDYHUGH HW DO 2XWEUHDN RI SROLRP\HOLWLV LQ
+LVSDQLRODDVVRFLDWHGZLWKFLUFXODWLQJW\SHYDFFLQHGHULYHGSROLRYLUXV6FLHQFH


 3 ( )LQH ,$ &DUQHLUR7UDQVPLVVLELOLW\DQG SHUVLVWHQFH RI RUDO SROLRYDFFLQH
YLUXVHV LPSOLFDWLRQV IRU JOREDO SROLRPLHO\WLV HUDGLFDWLRQ LQLWLDWLYH $P - (SLG 




'U&KULVWD7RGHD*URVV

YDFFLQXORUDO6DELQ$FHVWOXFUXHUDFXQRVFXWvQFGLQDQXOFkQG)ULHG
PDQLFRODERUDWRULLVLDXDUWDWvQXUPDXQXLVWXGLXFODPDLPXHYLUXVXO
YDFFLQDOSROLRPLHOLWLFWLS SDUDOLWLF vLFUHWHYLUXOHQDGXSFHWUHFHSULQ
LQWHVWLQDOXPDQ(LDXDQDOL]DWLPRGLFULDVHPQWRDUHODYLUXVXOSROLRPL
HOLWLFWLSFDUHHVWHIRDUWHLPSRUWDQWSHQWUXHSLGHPLRORJLDEROLL$XREVHUYDW
FDFHVWWLSGHYLUXVDUHRQHXURYLUXOHQYDULDELOODPDLPXGDUWUHFkQG
SULQLQWHVWLQXOXPDQHDFUHWHIUDLQXHQDWGHGXUDWDLQIHFLHLLQWHVWL
QDOH1XHVWHGHPLUDUHFDXDSUXWFD]XULGHSROLRPLHOLWSRVWYDFFLQDOQ
XQSDFLHQWGLQ0LFKLJDQPRDUHOD]LOHGXSYDFFLQXO6DONvQXUPD
XQHLPHQLQJLWHGLVHPLQDWHLDUDOWXOPRDUHGXSYDFFLQXORUDO6DELQWLSvQ
XUPDXQHLPHQLQJRHQFHIDOLWHGLVHPLQDWH$OWHGHFD]XULGHSROLRPLHOLW
SRVWYDFFLQDODSUXWHGXSYDFFLQXORUDO6DELQVDXUDSRUWDWvQ]RQHQHHSL
GHPLFH%RDODDDSUXWvQWUH]LOHOHLGXSYDFFLQ&XWRDWHDFHVWHDVD
UHFRPDQGDWvQFRQWLQXDUHYDFFLQDUHD
(VWHFXQRVFXWIDSWXOFYLUXVXOYDFFLQDOSRDWHLQIHFWDLSHFHLQHYDFFL
QDWLDWkWFRSLLFkWLDGXOLL(VWHYRUEDGHSROLRPLHOLWDGHFRQWDFW3DWWHU
VRQL%HOO  DXGHVFULVGRXFD]XULODFRSLLGHODRJUGLQLGLQ*ODV
JRZSULPXOFD]DDSUXWODOXQLGXSDGRXDGR]GHYDFFLQLQDFWLYDW
ODXQFRSLOGHDQLvQDFHODLWLPSVDvPEROQYLWvQDFHHDLJUGLQLvQF
XQFRSLOGDUDFHVWDHUDQHYDFFLQDWYLUXVXOSROLRPLHOLWLFWLSDIRVWJVLWvQ
VFDXQODDPkQGRLFRSLLL6WROOH\LDOLL  DXGHVFULVXQFD]GHSROLR
PLHOLWSDUDOLWLFODXQVXJDUGHOXQLLFDUHIXVHVHvQFRQWDFWFXXQYHULRU
GHDOOXLYDFFLQDWFXYDFFLQXORUDO6DELQWLSXOvQXUPFXGH]LOH
E &HVHvQWkPSOFXFRSLLLFDUHQXVXQWYDFFLQDWL"
1LPHQLQXDHYDOXDWYUHRGDWJUDGXOGHSURWHFLHvPSRWULYDSROLRPLHOLWHL
ODFRSLLLFDUHGHLQXDXIRVWYDFFLQDLQXDXIFXWERDOD'DFVDUIFXW
DFHVWOXFUXVDUREVHUYDWFH[LVWDOLIDFWRULFDUHFRQWULEXLHODUVSkQGLUHD
LQIHFLLORULQFOXVLYDSROLRPLHOLWHL

50)ULHGPDQ5/.LUVFKVWHLQ*6%RUPDQXQG)5REELQV&KDUDFWHULVWLFV
RI6DELQW\SH,SROLYLUXVDIWHUJDVWURLQWHVWLQDOSDVVDJHLQQHZERUQLQIDQWV,0RQNH\QHXUR
YLUXOHQFHDQGWHPSHUDWXUHPDUNHUQGLQJV$P-+\J

96FKHLEQHURSFLW

:-3DWWHUVRQXQG(-%HOO3ROLRP\HOLWLVLQDQXUVHU\VFKRROLQ*ODVJRZ%U
0HG--XQ

3'6WROOH\-0-RVHSK-&$OOHQ*'HDQHXQG-+-DQQH\3ROLRP\HOLWLV
DVVRFLDWHGZLWKW\SHSROLRYLUXVYDFFLQHVWUDLQ3RVVLEOHWUDQVPLVVLRQIURPDQLPPXQLVHG
FKLOGWRDQRQLPPXQLVHGFKLOG/DQFHW  

96FKHLEQHURSFLW

9$&&,185,/(35(9(1,(6$8%2$/



F ,PXQRVXSUHVLDSURYRFDWGHYDFFLQXULOHREOLJDWRULL3ROLRPLHOL
WDSURYRFDW6LQGURPXOSRVWSROLRPLHOLWLF
Q1DWKDQVRQL0DUWLQIDFSXEOLFRDQDOL]DHSLGHPLRORJLHLSR
OLRPLHOLWHL(LDUPFGHLVDXGXVFDPSDQLLLQWHQVHGHYDFFLQDUHWLPS
GHGHDQLFXGLYHUVHYDFFLQXULDQWLSROLRLVDXIFXWVWXGLLDSURIXQGDWH
DOHHSLGHPLORJLHLOHJDWHGHDFHDVWERDOFXWRDWHDFHVWHDQXVDJVLWvQF
UVSXQVXOODPXOWHvQWUHEULOHJDWHGHXQHOHDVSHFWHDOHHSLGHPLRORJLHLEROLL
8QXOGLQWUHDFHVWHDVSHFWHvOUHSUH]LQWFUHWHUHDEUXVFDFD]XULORUGHvP
EROQYLULSROLRPLHOLWLFHvQDQXPLWHSHULRDGHSHQWUXFDUHDXWRULLQXDXQLFLXQ
UVSXQVGDUVHSDUHFVXQWGLUHFWOHJDWHGHLQWURGXFHUHDXQRUQRLYDFFLQXUL
vQWUHDQLLVDXLQWURGXVYDFFLQXULOH'73 DQWLGLIWHULFDQWLWHWDQRV
LDQWLSHUWXVVLV QDOWHULVDUHPDUFDWDFHVWOXFUXGXSLQWURGXFHUHDYDFFL
QXOXLDQWLYDULROLF *HUPDQLD68$ (VWHYRUEDGHSROLRPLHOLWDSURYRFDW
)HQRPHQXOSULQFDUHRERDOSRDWHSURYRFDWSULQVXSULPDUHDDOWRUVLPS
WRPHHVWHELQHFXQRVFXW
&D]FOLQLF:LOOLDPVLFRODEDXGHVFULVFD]XOXQXLSDFLHQWFDUHVXIHUHD
GH/LFKHQSODQVLPSWRPHOHDFHVWXLDDXGLVSUXWGXSWUDWDPHQWXOFX&RUWL
]RQDWkWORFDO WRSLF FkWLSHFDOHJHQHUDOGXSROXQDXDSUXWQRGXOL
URLLODQLYHOXOSLHOLLFDUHVDXH[WLQVUDSLGSHvQWUHJXOFRUSODQLYHOXOSO
PkQLORUVDX HYLGHQLDW]RQHUHWLFXORQRGXODUHLVD SXV GLDJQRVWLFXOXQHL
OHXFHPLL OLPIRFLWDUH FX FHOXOH 7 OD SDFLHQW VDX JVLW DQWLFRUSL vPSRWULYD
YLUXVXOXL OHXFHPLF FX FHOXOH 7 +7/9 $XWRULL DX UHFXQRVFXW F H[LVW R
OHJWXU FODU vQWUH OHXFHPLD DQLPDO GHFL SRVLELO L XPDQ  L UHWURYLUX
VXUL'LQSULFLQDLPXQRVXSUHVLHLLDLQIHFLHLODWHQWHFXUHWURYLUXVXUL FDUHDX
FRQWDPLQDWYDFFLQXULOH OH]LXQLOHVDXPDQLIHVWDWFDLXQOLFKHQSODQ3ULQ
WUDWDUHDFX&RUWL]RQDIRVWSURYRFDWROHXFHPLH6DFRQVWDWDWXOWHULRUF
YDFFLQXULOHDQWLSROLRDXIRVWFRQWDPLQDWHFX69 YLUXVVLPLDQXQUHWURYL
UXV FDUHSRDWHSURYRFDWXPRULPDOLJQHLOHXFHPLH/DRUDDFWXDOVHWLH
FH[LVWROHJWXUHYLGHQWvQWUHHSLGHPLLOHGH6,'$LYDFFLQXODQWLSROLR
GXSXQLLDXWRULLFXYDFFLQXODQWLYDULROLF LvQDFHVWHFD]XULLPXQRVX
SUHVLDLFRQWDPLQDUHDYDFFLQXULORUDQWLSROLRFXYLUXVXULVLPLQHQH 6,9 DX
GXVODGHFODQDUHDEROLL6,'$ 1HvQWkOQLPPHUHXFXDFHDOLSULQFLSLXSULQ
VXSULPDUHDXQHLEROL FXYDFFLQXULVDXLPXQRVXSUHVLYH RSURYRFPSHDOWD

11DWKDQVRQXQG-50DUWLQ7KHHSLGHPLRORJ\RISROLRP\HOLWLVHQLJPDV
VXUURXQGLQJLWVDSSHDUDQFHHSLGHPLFLW\DQGGLVDSSHDUDQFH$P-(SLGHPLRORJ\  


&.2:LOOLDPV*2$ODEL7$-XQDLG&6D[LQJHU5&*DOOR':%OD\QH\
:$%ODWWQHU0)*UHDYHV)UHTXHQF\RIDGXOW7FHOOOHXNDHPLDO\PSKRPDDQG+7/9,
LQ,EDGDQ1LJHULD%ULWLVK-RXUQDORI&DQFHU  



'U&KULVWD7RGHD*URVV

QDQLLDXDSUXWvQOLWHUDWXUDPHGLFDORVHULHGHGDWHOHJDWHGHXQ
QRXVLQGURP6LQGURPXOSRVWSROLRPLHOLWLF 633 (UDYRUEDGHXQVLQGURP
DVHPQWRUFXSROLRPLHOLWDDVRFLDWFXDVWPEURQLFGHQXPLW6LQGURPXO
+RSNLQV/DWRLFRSLLLEROQDYLVDFRQVWDWDWRXRDUGHFLHQLPXQLDU
vQFRSLOULHDXSULPLWWRDWHYDFFLQXULOHDQWLSROLRRUDOH0DLPXOLDXWRULDXSXV
DFHVWVLQGURPSHVHDPDXQHLLPXQRGHFLHQHFHOXODUH 7K $VWPDWLFLLDXvQ
FRPSDUDLHFXQHDVWPDWLFLLRUHDFLHLPXQRORJLFUHGXV7RLFRSLLLYDFFLQDL
LFDUHDXVXIHULWRFUL]JUDYGHDVWPDXSUH]HQWDWRIRUPGHSDUDOL]LHODFkWH
YD]LOHGXSFUL]/DQLFLXQXOGLQWUHHLQXVDSXWXWHYLGHQLDYLUXVXOSROLRPL
HOLWLF$XWRULLYRUEHVFGHRHWLRORJLHQHFXQRVFXWDVLQGURPXOXLGDUUHFXQRVF
WRWRGDWFWRLFHLFDUHVXIHUGHVLQGURPDXSULPLWDQWHULRUWRDWHYDFFLQXULOH
DQWLSROLR(VWHSRVLELOFDDFHDVWLPXQRGHFLHQVHSURYRFDWWRFPDLGH
YDFFLQXULDDFXPVHvQWkPSOGHVHRULLODFRSLLVQWRL8OWHULRUXQYLUXVOD
WHQW YDFFLQDO VDXXQYLUXVRSRUWXQDSXWXWDIHFWDPGXYDVSLQULLSURYRFkQG
SDUDOL]LD(VWHLPRWLYXOSHQWUXFDUHYLUXVXOSROLRPLHOLWLFQXDSXWXWJVLWvQ
LQWHVWLQXOFRSLLORU(VWHSRVLELOFDDFHWLFRSLLVSULPLWLWULYDFFLQXO'73
FDUHDUSXWXWSURYRFDDVWPXOEURQLF7UDWDUHDFUL]HORUGHDVWPFX&RUWL]RQD
GXVvQFHOHGLQXUPODDSDULLDSDUDOL]LLORU/DRUDDFWXDOH[LVWWUDWDPHQWH
DOWHUQDWLYHSHQWUXDVWPPXOWPDLHFLHQWHLPXOWPDLLQGLFDWHGHFkWYHFKLXO
&RUWL]RQFDUHHVWHXQFXLWFXGRXWLXUL
5(3(5(%,%/,2*5$),&(
&DSLWROXO
  *HUKDUGW %XFKZDOG ,PSIHQ 'DV *HVFKlIW PLW GHU$QJVW HPXYHUODJ $XDJH 
*HUPDQ\
  0DULQ*K9RLFXOHVFX%ROL,QIHFLRDVHYRO,,(GLWXUD0HGLFDO%XFXUHWL
  'U 7KHRGRU 1DVHPDQQ 1$785  (UVW MHW]W N|QQH PDQ EHU GLH 1HEHQ
ZLUNXQJHQ GHU 3RNHQLPSIXQJ VSUHFKHQ ZZZQDWXUNRVWGH  KWWSZZZ\DVQL
GHWKHRGRUQDVHPDQQSHUVRQLQIRUPDWLRQQDWXU 
  5H]ROXLD206PDL*HQHYDKWWSZKTOLEGRFZKRLQWSXEOLFDWLRQVB
UXPSGI
  6LPRQH 'HODUXH ,PSIVFKXW],UUWXP RGHU /JH"  $XDJH  +LUWKDPPHU 9HUODJ
*PE+*HUPDQ\
  /RXLV 'H %URXZHU 1RXV VRPPHV WRXV GHV FRED\HV /H 7ULRPSKH GH OD 'HVLQIRUPDWLRQ
3HUPDQHQWH*X\7UHGDQLHO(GLWHXU3DULV
  2UG 06 &1$6 QU  KWWSZZZVDQWURLQIRUPDWLLXWLOHSUHYHQL
UHVLFRQWUROEROLWUDQVPLVLELOHYDFFLQDUHDOHJLVODWLHLQYLJRDUH206B&1$6
BBSGIYLHZ


96FKHLEQHURSFLW

9$&&,185,/(35(9(1,(6$8%2$/



  7KRPDV0F.HRZQ'LH%HGHXWXQJGHU0HGL]LQ7UDXP7UXJELOGRGHU1HPHVLV"$XV
GHP(QJOLVFKHQYRQ&RUQHOLD5ONHXQG%HUQDKUG%DGXUD6XKUNDPS9HUODJ)UDQNIXUW
DP0DLQ
  7RUVWHQ(QJHOEUHFKW&ODXV.|KQOHLQ9LUXV:DKQ6FKZHLQHJULSSH9RJHOJULSSH6$56
%6(+HSDWLWLV&$,'63ROLR(PXYHUODJ$XDJH*HUPDQ\
  $'RQDOG0'+HQGHUVRQ03+&RXQWHULQJWKHSRVWHUDGLFDWLRQWKUHDWRIVPDOOSR[
DQGSROLR&OLQ,QYHVWLJ0HGKWWSSXEOLFKHDOWKVGVXHGXPLVFOHVKHQGHUVRQSGI
  $WNLQVRQ


KWWSZZZPD\RFOLQLFFRPKHDOWKSROLR'6
'6(&7,21 V\PSWRPV
  0DUWLQ+LUWH,03)(13UR &RQWUD'DV+DQGEXFKIUGLHLQGLYLGXHOOH,PSIHQWVFKHLGXQJ
0HQV6DQD9HUODJ*HUPDQ\
  9LHUD6FKHLEQHU,PSIXQJHQ,PPXQVFKZlFKHXQG3O|W]OLFKHU.LQGVWRG-DKUH,PSI
IRUVFKXQJXQG,PSIHUIDKUXQJEHZHLVHQGDVV,PSIXQJHQHLQHQPHGL]LQLVFKHQ$QJULIIDXI
GDV,PPXQV\VWHPGDUVWHOOHQXQGGLH+DXSWLUVDFKHIUGHQSO|W]OLFKHQ.LQGVWRG 6,' VLQG
$XDJH+LUWKDPPHU9HUODJ*PE+*HUPDQ\
  'U/RXLV'H%URXZHU9DFFLQDWLRQVHUUHXUPqGLFDOHGXVLqFOH/HV'DQJHUVGHV9DFFLQD
WLRQVHWOHXUVFRQVHTXHQFHV$WUDMDQYLHU6XLVVH
  % + 6ZHHW XQG 0 5 +LOOHPDQ 7KH YDFXRODWLQJ YLUXV 69 3URFHHGLQJV RI
WKH6RFLHW\IRU([SHULPHQWDO%LRORJ\DQG0HGLFLQH 1HZ<RUN1< KWWSZZZ
FDQFHUJRYFDQFHUWRSLFVIDFWVKHHW5LVNVY
  ( *HLVVOHU 69  DQG KXPDQ EUDLQ WXPRUV 3URJUHVV LQ 0HGLFDO 9LURORJ\ 
KWWSZZZFDQFHUJRYFDQFHUWRSLFVIDFWVKHHW5LVNVY 0LFKHOH &DUERQH +DUYH\ ,
3DVV/0LHOH0%RFFKHWWD1HZGHYHORSPHQWVDERXWWKHDVVRFLDWLRQRI96ZLWKKX
PDQPHVRWKHOLRPD2QFRJHQH
  -/0HOQLFN66WLQHEDXJK([FUHWLRQRIYDFXRODWLQJ69YLUXV SDSRYDYLUXVJURXS 
DIWHULQJHVWLRQDVDFRQWDPLQDQWRIRUDOSROLRYDFFLQH3URF6RF([S%LRO0HG
KWWSZZZQFELQOPQLKJRYSXEPHG
  -/0HOQLN0DU3DSRYDYLUXVJURXS6FLHQFHKWWSZZZQFELQOPQLK
JRYSXEPHG
  -$0RUULV5(%ORXQW-UXQG5(6DYDJH5HFRYHU\RI&\WRSDWKRJHQLF$JHQWIURP
&KLPSDQ]HHV ZLWK *RU\]D 3URF 6RF ([S %LRO 0HG -XO\  KWWSHEPUVPMRXU
QDOVFRPFRQWHQWDXWKRULQGH[ KWWSHEPUVPMRXUQDOVFRPFRQWHQW IXOO
SGIKWPO
  5+3DUURWW$-9DUJRVOR+\XQ:KD.LP&&XPPLQJ+7XUQHU5-+XHEQHU
50&KDQRFN5HVSLUDWRU\V\QF\WLDOYLUXV,,6HURORJLFVWXGLHVRYHUDPRQWKSHULRG
RIFKLOGUHQZLWKEURQFKLROLWLVSQHXPRQLDDQGPLQRUUHVSLUDWRU\GLVHDVHV-$0$

KWWSZZZQFELQOPQLKJRYSXEPHG
  50&KDQURFN+:KD.LP$-9DUJRVNR$'HOHYD.0-RKQVRQ&&XPPLQJXQG
5+3DUURWW5HVSLUDWRU\V\QF\WLDOYLUXV,9LUXVUHFRYHU\DQGRWKHUREVHUYDWLRQV
GXULQJRXWEUHDNRIEURQFKLROLWLVSQHXPRQLDDQGPLQRUUHVSLUDWRU\GLVHDVHVLQFKLO
GUHQ-$0$0D\KWWSZZZQFELQOPQLKJRYSXEPHG
  99$.HWOHUXQG05+LOOHPDQ5HFRYHU\RIQHZYLUXVHV FRU\]DYLUXV IURPFDVHVRI
FRPPRQFROGLQKXPDQDGXOWV3URF6RF([S%LRO0HGKWWSZZZQFELQOPQLK
JRYSXEPHG
  :DOHU6.\OH6LPLDQUHWURYLUXVHVSROLRYDFFLQHDQGRULJLQRI$,'67KH/DQFHW9ROXPH
0DUFK3DJHVKWWSG[GRLRUJ  
  $JHQGD0HGLFDO(GLLDGHEX]XQDU
  )XQG6'HODUXH,PSIXQJHQGHUXQJODXEOLFKH,UUWXP9RUZRUWXQG$QKDQJIUGLHGHXWVFKH
$XVJDEHYRQ'UPHG*HUKDUG%XFKZDOG$XDJH+LUWKDPPHU9HUODJ*HUPDQ\



'U&KULVWD7RGHD*URVV

  +56$ +HDOWK 5HVRXUFHV DQG 6HUYLFHV $GPLQLVWUDWLRQ 9DFFLQH ,QMXU\ 7DEOH )HEUXDU
KWWSZZZKUVDJRYYDFFLQHFRPSHQVDWLRQWDEOHKWP
  11DWKDQVRQXQG-50DUWLQ7KHHSLGHPLRORJ\RISROLRP\HOLWLVHQLJPDVVXU
URXQGLQJLWVDSSHDUDQFHHSLGHPLFLW\DQGGLVDSSHDUDQFH$P-(SLGHPLRORJ\  
KWWSZZZQFELQOPQLKJRYSXEPHG
  )&6LW]PDQQ)& +UVJ ,PSIXQJHQ6WDWHRIWKH$UWXQGDNWXHOOH(PSIHKOXQJHQ+DQV
0DUVHLOOH 9HUODJ *PE+ 0QFKHQ     KWWSZZZJEHEXQGGHJEHDEUH
FKQXQJSUFBDEUBWHVWBORJRQ"SBXLG JDVWV SBDLG SBNQRWHQ ),' SBVSUDFKH ' SB
VXFKVWULQJ 'HNXELWXV
  %HUWUDP30DF&ORVNH\7KH5HODWLRQRI3URSK\ODFWLF,QRFXODWLRQWRWKH2QVHWRI3ROLR
P\HOLWLV/DQFHW$SULOKWWSZZZZKDOHWRYEHUWUDPBPFFORVNH\KWPO
  %$+LOOXQG-.QRZHOGHQ-XO\,QRFXODWLRQDQGSROLRP\HOLWLV$VWDWLVWLFDOLQ
YHVWLJDWLRQLQ(QJODQGDQG:DOHVLQ%U0HG-KWWSZZZLPSINULWLNGHHIYYEHUL
FKW$SSHQGL[%LEOLRJUDSK\SGI
  )20DF&DOOXP&OLQLFDOSROLRP\HOLWLVLQDVVRFLDWLRQZLWKSHULSKHUDOLQRFXODWLRQRISUR
SK\ODFWLFV%U0HG--XO\KWWSZZZQFELQOPQLKJRYSXEPHG
  3-DPHV0'/HDNH$QWHULRUSROLRP\HOLWLVDQGSHUWXVVLVDQGGLSKWKHULDLPPXQL]DWLRQ
-$0$6HSWKWWSMDPDMDPDQHWZRUNFRPDUWLFOHDVS["DUWLFOHLG 
  * : $QGHUVRQ XQG $ ( 6NDDU 3ROLRP\HOLWLV RFFXUULQJ DIWHU DQWLJHQ
LQMHFWLRQV 3ROLRP\HOLWLV QDFK $QWLJHQ,QMHNWLRQHQ  3HGLDWULFV  -XQ KWWSZZZ
QFELQOPQLKJRYSXEPHG
  'RQDOG$+HQGHUVRQ0'03+&RXQWHULQJWKHSRVWHUDGLFDWLRQWKUHDWRIVPDOOSR[DQG
SROLR&OLQ,QYHVWLJ0HGKWWSSXEOLFKHDOWKVGVXHGXPLVFOHVKHQGHUVRQSGI
  0LFKHO*HRUJHW9DFFLQDWLRQ/HVYHULWDEOHLQGHVLUDEOHV%LFNHO9DFFLQDWLRQODJUDQGH
LOOXVLRQDYU)UDQFH
  2.HZ90RUULV*ODVJRZ0/DQGDYHUGHHWDO2XWEUHDNRISROLRP\HOLWLVLQ+LVSDQ
LRODDVVRFLDWHGZLWKFLUFXODWLQJW\SHYDFFLQHGHULYHGSROLRYLUXV6FLHQFH$SU
KWWSZZZQFELQOPQLKJRYSXEPHG
  3 ( )LQH , $ &DUQHLUR 7UDQVPLVVLELOLW\ DQG SHUVLVWHQFH RI RUDO SROLR YDFFLQH
YLUXVHVLPSOLFDWLRQVIRUJOREDOSROLRPLHO\WLVHUDGLFDWLRQLQLWLDWLYH$P-(SLG1RY
KWWSZZZQFELQOPQLKJRYSXEPHG
  5 0 )ULHGPDQ 5 / .LUVFKVWHLQ * 6 %RUPDQ XQG ) 5REELQV  &KDUDFWHULV
WLFVRI6DELQW\SH,SROLYLUXVDIWHUJDVWURLQWHVWLQDOSDVVDJHLQQHZERUQLQIDQWV,0RQNH\
QHXURYLUXOHQFH DQG WHPSHUDWXUH PDUNHU QGLQJV $P - +\J KWWSZZZQFELQOPQLK
JRYSXEPHG
  :-3DWWHUVRQXQG(-%HOO3ROLRP\HOLWLVLQDQXUVHU\VFKRROLQ*ODVJRZ%U0HG
--XQKWWSZZZQFELQOPQLKJRYSXEPHG
  3'6WROOH\-0-RVHSK-&$OOHQ*'HDQHXQG-+-DQQH\3ROLRP\HOLWLVDVVRFLDWHG
ZLWKW\SHSROLRYLUXVYDFFLQHVWUDLQ3RVVLEOHWUDQVPLVVLRQIURPDQLPPXQLVHGFKLOGWRD
QRQLPPXQLVHGFKLOG/DQFHWKWWSZZZQFELQOPQLKJRYSXEPHG
  &.2:LOOLDPV*2$ODEL7$-XQDLG&6D[LQJHU5&*DOOR':%OD\QH\:
$%ODWWQHU0)*UHDYHV)UHTXHQF\RIDGXOW7FHOOOHXNDHPLDO\PSKRPDDQG+7/9,
LQ,EDGDQ1LJHULD%ULWLVK-RXUQDORI&DQFHUKWWSZZZUHVHDUFKJDWHQHWSXEOL
FDWLRQB)UHTXHQF\BRIBDGXOWB7FHOOBOHXNDHPLDO\PSKRPDBDQGB+7/9,BLQB
,EDGDQB1LJHULD



'U&KULVWD7RGHD*URVV

&$3,72/8/

5HDFLLDGYHUVHEROL
LFRPSOLFDLLSRVWYDFFLQDOH
5H]XPDW
'XSGHDQLGHODDSDULLDSULPHORUYDFFLQXUL0HGLFLQDUHIX]vQFRQWLQX
DUHVDGXFVXFLHQWHH[SOLFDLLOHJDWHGHUHDFLLOHSRVWYDFFLQDOH5H]XOWDWXOHVWH
XQXOGUDPDWLFRQRXSDWRORJLHSHGLDWULFEROLDXWRLPXQHEROLQHXURORJLFH
$'+'DXWLVPEROLDWLSLFHHQFHIDOLWHOHSRVWYDFFLQDOHVLQGURPXOSRVWHQFH
IDOLWLF HSLOHSVLHSDUDOL]LLWXOEXUULGHYHGHUHDX]LYRUELUHHWF 9DFFLQXUL
OHGLQFRSLOULHDXGHVFKLVRSRDUWLSHQWUXDOWHEROLFURQLFHQHYLQGHFDELOHFX
FDUHVHFRQIUXQWGHMDvQWUHDJDRPHQLUHvQVSHFLDOFRSLLLOHXFHPLLFDQFHUHUDUH
HWF$PHULFDQXO+DUULV&RXOWHUvPSUHXQFX/HR.DQQHULQXPHURLDOLDXWRULDX
GRYHGLWOHJWXUDHYLGHQWGLQWUHYDFFLQXULLDFHVWHDIHFLXQL0RGXOvQFDUHYDFFL
QXULOHWUDQVIRUPFRSLLLvQEROQDYLFURQLFLIDFHLVXELHFWXOFULLOXL5HQH3UP
PHO .OHLQH2SIHU:LHDXV.LQGHUQFKURQLVFK.UDQNHZHUGHQ*HUPDQ\ 
2FULWLFVHULRDVRFLDODYDFFLQULORUvQOXPHQXH[LVWODRUDDFWXDO
LQGFSHGHRSDUWHQXH[LVWXQLQVWLWXWWLLQLFFDUHVDLEDWULEXLDGHD
UVSXQGHODvQWUHEULSULYLWRDUHODVLJXUDQDFDOLWLLYDFFLQXULORUVDXGHDDUWD
QHFHVLWDWHDXQRUDQXPLWHYDFFLQXULLSHGHDOWSDUWHLQGFPDVVPHGLDQX
DUDWLQWHUHVXOGHDWUDWDDFHVWHVXELHFWGLQSXQFWGHYHGHUHQHXWUXLvQPRG
RELHFWLY'HRELFHLPHVDMHOHVXQWWHQGHQLRDVHLVHREVHUYLQWHQLDGHDWUDQV
PLWHXQPHVDMVXELHFWLY&ULWLFLLYDFFLQXULORUVXQWLQYLWDLGHRELFHLGRDUSHQWUX
DDUWDFH[LVWLRRSR]LLHvQDFHDVWSUREOHP'DUDVWDQXvQVHDPQF
DFHWLFULWLFLDLYDFFLQXULORUQXDXOVDWDPSUHQWHvQSRSXODLHLREVHUYPDFHVW
OXFUXvQVSHFLDOvQULOHJHUPDQLFHXQGHH[LVWGHMDXQQXPUPDUHGHRDPHQL
FDUHQXvLYDFFLQHD]FRSLLLvQFRPSDUDLHFX68$VDXULOHVFDQGLQDYLFH
XQGHUHIX]XOYDFFLQXULORUHVWHGHVWXOGHQHvQVHPQDW

6LQGURPXO SRVWYDFFLQDO ,66 ,PSIVFKDGHQV\QGURP  FXSULQGH UH


DFLLOHEROLOHVHFXQGDUHDOHYDFFLQXULORUGHVSUHFDUHQXVHYRUEHWHvQPRG
RFLDO'HQXPLUHDDIRVWGDWGHFULWLFLLYDFFLQXULORUGLQ2FFLGHQWPDMRULWD
WHDLQGPHGLFLFDUHvQFHDUFVGHDXQVHPQDOGHDODUP&XWRDWHDFHVWHD
VLQGURPXO QX HVWH UHFXQRVFXW QLFL OD RUD DFWXDO GHRDUHFH QXPDL HIHFWHOH
VHFXQGDUHFHDSDUvQSULPHOH]LOHGXSYDFFLQ PD[LPXP]LOH SRWFRQ
VLGHUDWHHYHQWXDOHUHDFLLVHFXQGDUH2UvQFDGUXOVLQGURPXOXLSRVWYDFFLQDO
HVWH YRUED vQ PDMRULWDWHD FD]XULORU GH EROLUHDFLL FURQLFH FDUH DSDU GXS
XQWLPSPDLvQGHOXQJDWGHODDGPLQLVWUDUHDYDFFLQXULORU DQLL]HFLGHDQL 
6HvQFKLGRFKLLvQIDDSUREOHPHLHVHQLDOHDFRQVXOWDLLORULVXSUDYHJKHULL
FRSLLORU FX DVWIHO GH UHDFLL 'H DFHHD VWDWLVWLFLOH RFLDOH SULYLQG HIHFWH
OHVHFXQGDUHDOHYDFFLQXULORUVXQWLQXWLOH'HFHOHPDLPXOWHRULFHOFDUH
WUDQVPLWH&RPLVLHLRVWDWLVWLFDUHDFLLORUVHFXQGDUHHVWHFKLDUPHPEUXDO
DFHVWHL&RPLVLLLRIDFHvQPRGYHUEDO0DMRULWDWHDUHDFLLORUDGYHUVHVXQW
VLOHQLRDVHIUDFX]HDFXWHVXELHFWLYHFXXQGHEXWWDUGLYLHVWHQHYRLHGH
RUHFRQVWUXLUHDFD]XOXLFDUHGHVLJXUQXVHIDFH
Q5RPkQLD
3HQWUX5RPkQLDDYHPVWDWLVWLFLDODUPDQWHvQFHHDFHSULYHWHEROLOHUDUH
LFD]XULOHGHDXWLVPODFRSLL3URIGU,XOLDQD'REUHVFXHVWHDODUPDWGHQX
PUXOVHPQLFDWLYGHPDUHGHFRSLLSHFDUHvLGLDJQRVWLFKHD]FXDXWLVPvQ
&OLQLFDGH3VLKLDWULHD&RSLOXOXLL$GROHVFHQWXOXLGLQFDGUXO6SLWDOXOXL&OL
QLFGH3VLKLDWULH3URI'U$OH[DQGUX2EUHJLDSHFDUHRFRQGXFH&UHGF
DYHPFLUFDGHFD]XULSHOXQ(VWHRQHQRURFLUH1RLDPDMXQVVDYHP
FD]XULQRLSHVSWPkQLVLQWHUQPSkQODFRSLLFD]XULYHFKLL
QRLSHVSWPkQFXERDODDFHDVWD7UHLFRSLLSHVSWPkQDYHDPDFXP
DQLDUPD'RPQLD6D
9DFFLQXULOHGLQFRSLOULHDXGHVFKLVRSRDUWLSHQWUXDOWHEROLFURQLFH
QHYLQGHFDELOHFXFDUHVHFRQIUXQWGHMDvQWUHDJDRPHQLUHvQVSHFLDOFRSLLL
3HVWHXQPLOLRQGHURPkQLVXIHUGHRERDOUDU6WDWLVWLFLOHDUDWF
GLQWUHSDFLHQLLFXEROLUDUHVXQWFRSLLLFRQIRUPGDWHORU$OLDQHL1DLRQDOH
SHQWUX%ROL5DUH5RPkQLD%ROLOHUDUHDSDUODGLQWUHQDWHULSRWULYLW
VWDWLVWLFLORU&RPLVLHL(XURSHQH%ROLOHUDUHDXFDX]JHQHWLF  GDUSRW


,ELGHP
0LKDHOD6WRLFD$GHYUXOQRY$PDMXQVVDYHPSkQODFD]XULQRL
GH DXWLVP SH VSWPkQ (VWH R QHQRURFLUH  KWWSZZZSVLKRORJLDRQOLQHURFRPSR
QHQWUHERDUG"IXQF YLHZ FDWLG  LG  VWDUW 



%HUW(KJDUWQHU/REGHU.UDQNKHLW:DUXPHVJHVXQGLVWDEXQG]XNUDQN]XVHLQ%DV
WHL/EEH7DVFKHQEXFK9HUODJ*HUPDQ\

9$&&,185,/(35(9(1,(6$8%2$/



LGREkQGLWH$FHVWHDSRWEROLDXWRLPXQHPHWDEROLFHPDOIRUPDLLFRQ
JHQLWDOHEROLWR[LFHLLQIHFLRDVHEROLSXOPRQDUHOHXFHPLLVDXDOWHFDQFHUH
UDUH/DQLYHOHXURSHDQSHVWHGHPLOLRDQHGHRDPHQLVXIHUGHDIHFLXQL
UDUHFHHDFHUHSUH]LQWSHVWHGLQSRSXODLHLDULQFLGHQDDFHVWRUEROL
HVWHGH HXURSHQL 3kQvQSUH]HQWDXIRVWLGHQWLFDWHvQ
WUHLGHWLSXULGHEROLUDUHODQLYHOPRQGLDO(IRUWXULOHIFXWH
GHRDUGHVWXOGHVUDFFXPHVWH5RPkQLDGHDLWULPLWHSHDFHWLFRSLLOD
WUDWDPHQWHIRDUWHFRVWLVLWRDUHvQULOHRFFLGHQWDOHXQGHSRDWHDXRDQVGH
VXSUDYLHXLUHVXQWLPHQVHGDUHOHQXDFRSHUGHFkWRIRDUWHPLFSDUWHGLQ
QHYRLGLQSDFLHQLQXEHQHFLD]GHXQWUDWDPHQWDGHFYDWSHIRQGXO
OLSVHLGLDJQRVWLFXOXLVDXGLDJQRVWLFULLWDUGLYHDPGLQDFHOHDLVXUVHQ
PRGFHUWQXDVWDLVROXLD3HWRLQXLSXWHPWULPLWHRULFkWGHERJDL VDX
VUDFL DP1XVHFDXWUH]ROYDUHDDFRORXQGHWUHEXLH2PDUHSDUWHGLQ
DFHVWHEROLSRWSUHYHQLWHSULQVLVWDUHDYDFFLQXULORU
&H DP GLQ OLWHUDWXUD GH VSHFLDOLWDWH GHVSUH UHDFLLOH DGYHUVH
SRVWYDFFLQDOH"
QFDUWHD9DFFLQXULLYDFFLQULvQSUDFWLFDPHGLFDODXWRULLGHQHVFUHDF
LLOHDGYHUVHSRVWYDFFLQDOHFDLQGXQHYHQLPHQWPHGLFDOLQGH]LUDELOWHPSR
UDODVRFLDWFXYDFFLQDUHDLFDUHSRDWHVDXQXFDX]DWGHYDFFLQVDXYDFFLQDUH
&ULWHULXODVRFLHULLLQFLGHQWXOXLVDXDDFFLGHQWXOXLREVHUYDWFXYDFFLQDUHDHVWH
DSDULLDDFHVWXLDvQSULPHOHVSWPkQL FXH[FHSLDXQRUUHDFLLDGYHUVHGXS
YDFFLQDUHD%&* GXSDGPLQLVWUDUHDSUHSDUDWXOXLYDFFLQDO0DMRULWDWHDUHDF
LLORUDGYHUVHQXVXQWSDWRJQRPRQLFHUHODLDFDX]DOVHSRDWHVWDELOLUDUL
GRDUFXVLJXUDQUHODWLY&XDOWHFXYLQWHPDMRULWDWHDUHDFLLORUDGYHUVH
FDUH DSDU GXS XQ YDFFLQ QX YRU SXWHD  UHFXQRVFXWHLGHPRQVWUDWHGHFkW
vQWUR PVXU UHODWLY L QLFL QX SRDWH  vQYLQRYLW QLPHQL $WXQFL QH
vQWUHEP XQGH HVWH VLJXUDQD FRSLLORU QRWUL" &H DWLWXGLQH SURIHVLRQDO L
PRUDOSRDWHOXDXQPHGLFWLLQGFRULFDUHGLQWUHYDFFLQXULSRDWHSURYRFD
UHDFLLDGYHUVHVHYHUHODFRSLOSHFDUHQXOHSRDWHSUHYHQLLQLFLGRYHGLXOWH
ULRU(VWHXQDFWPHGLFDOFDUHGHLQXHVWHXQXOFXUDWLY GHFLQXHVWHQHFHVDU 
FRPSRUWXQULVFPDUHSHFDUHPHGLFXOQXOSRDWHHVWLPD&HOPDLJUDYHVWH
IDSWXOFQXH[LVWYLQGHFDUHSHQWUXFHOHPDLVHYHUHUHDFLLDGYHUVH 6LQGURPXO
*XLOODLQ%DUUHHQFHIDORSDWLLHSLOHSVLLHWF 

 KWWSZZZJDQGXOLQIRQHZVSHVWHXQPLOLRQGHURPDQLVXIHUDGHRERDODUDUD
GLQWUHDFHVWLDVXQWFRSLL

 0 , %UXPERLX , 6 %RFDQ 9DFFLQXUL L YDFFLQUL vQ SUDFWLFD PHGLFDO (GLWXUD
0HGLFDO8QLYHUVLWDU,XOLX+DLHJDQX&OXM1DSRFD



'U&KULVWD7RGHD*URVV

([LVWODRUDDFWXDOvQ5RPkQLDXQVLVWHPGHVXSUDYHJKHUHLQWURGXVvQ
DQXOvQFDGUXOFUXLDUHDFLLOHDGYHUVHSRVWYDFFLQDOHVHGHFODUFWUH
DXWRULWLOHPHGLFDOHGHVQWDWHSXEOLF'HQLLLOHVWDQGDUGGHFD]XWLOL]DWH
vQDUDQRDVWUSHQWUXVXSUDYHJKHUHDUHDFLLORUDGYHUVHSRVWYDFFLQDOHFRUHV
SXQGFHORUHODERUDWHGH206vQDQXOGLQWUHDFHVWHDLQGXUPWRDUHOH
DEFHVXOODORFXOLQMHFWULLYDFFLQXOXL
OLPIDGHQLWD
UHDFLDORFDOVHYHUHULWHPWXPHHUH
6LQGURPXO*XLOODLQ%DUUH
HQFHIDORSDWLD
FRQYXOVLLOHIHEULOHVDXDIHEULOH
VWDUHDGHFRODSVVDXRFFXKLSRWRQLHKLSRUHH[LH
SOkQVXOSHUVLVWHQW
VLQGURPXOGHRFWR[LFRVHSWLF
'XS FDX]HOH UHDFLLORU DGYHUVH SRVWYDFFLQDOH HOH VH FODVLF vQ  FDWH
JRULL DVRFLDWH SURJUDPXOXL GH YDFFLQDUH LQGXVH GH YDFFLQ FRLQFLGHQH VDX
QHFXQRVFXWH3HQWUXQRLGHXQUHDOLQWHUHVVXQWGRDUFHOHLQGXVHGHYDFFLQGLQ
DDFDWHJRULH SULPHOHLQGFRQVLGHUDWHRHURDUHGHDGPLQLVWUDUHLDUXOWLPHOH
GRXQXQHDMXWODUH]ROYDUHDFDX]HORUUHDFLLORUDGYHUVH 5HDFLLOHDGYHUVHLQ
GXVHGHYDFFLQVXQWPDQLIHVWULFDX]DWHGHUHDFLDSDUWLFXODUDXQXLLQGLYLG
ODXQDQXPLWYDFFLQFDGHH[HPSOXUHDFLDIHEULOHUXSLLFXWDQDWHFRQYXOVLL
VDXUHDFLLORFDOHFXHULWHPVHQVLELOLWDWHLGXUHUHODORFXOLQMHFWULL'DFGRDU
ODDWkWVDUUH]XPDWRDWHFRPSOLFDLLOHSRVWYDFFLQDOHQXVDUPDLVFULVDWkWHD
GRFXPHQWHFULHWFGHSHVWHGHDQLLQLFLQXDUDQXDOVXWHGHSURFHVHSH
UROvQULOHRFFLGHQWDOHGLQFDX]DUHDFLLORUDGYHUVHSRVWYDFFLQDOHJUDYH$VXSUD
UHDFLHLSDUWLFXODUHODYDFFLQYRLUHYHQLSHSDUFXUVXOFDSLWROXOXL
&RQIRUP/LVWHLGHQLLLORU5$3,UHDFLLDGYHUVHSRVWYDFFLQDOHWRD
WHUHDFLLOHDGYHUVHXUPWRDUHYRUUDSRUWDWHGDFVXQWDVRFLDWHWHPSRUDOFX
LPXQL]DUHD $FHVWHD LQFOXG WRDWH DFHOH HYHQLPHQWH FDUH DSDU vQ SULPHOH 
VSWPkQLGXSDGPLQLVWUDUHDYDFFLQXOXL
 5HDFLLDGYHUVHORFDOH
$EFHVODORFXOLQMHFWULLDSDULLDXQHLOH]LXQLXFWXDQWHVDXVXSXUDWLYHOD
ORFXOLQMHFWULLFXVDXIUIHEU


,ELGHP
,ELGHP

,ELGHP

KWWSZZZDPIPVURGLQBSUHVDKWPOKWWSHPHGLFUR/HJLVODWLHSGI


9$&&,185,/(35(9(1,(6$8%2$/



%DFWHULDQSUH]HQDGHSXURLVHPQHGHLQDPDLHIHEUJHUPHQL*UDP
SR]LWLYL FXOWXUL SR]LWLYH VDX SUHGRPLQHQD QHXWUROHORU FDUH VXVLQH GLD
JQRVWLFXOGHDEFHVEDFWHULDQIUFDDEVHQDDFHVWRUVHPQHVLQUPHDFHVW
GLDJQRVWLF
6WHULODEVHQDVHPQHORUGHLQIHFLHEDFWHULDQODLQYHVWLJDLH
/LPIDGHQLWD LQFOXVLYOLPIDGHQLWDVXSXUDW 
$SDULLDXQXLDGLQWUHVLPSWRPHOHXUPWRDUH
 FHOSXLQXQJDQJOLRQOLPIDWLFGHFP XQODWGHGHJHWGHDGXOW VDX
PDLPDUH
 XQJDQJOLRQOLPIDWLFVWXOL]DW
(VWHFDX]DWDSURDSHvQH[FOXVLYLWDWHGH%&*LDSDUHODOXQLGXS
YDFFLQDUHVLWXDWSHDFHHDLSDUWHFXLQRFXODUHD IUHFYHQWD[LODU 
7RDWHUHDFLLOHDGYHUVHXUPWRDUHYRUUDSRUWDWHGDFVXQWDVRFLDWHWHP
SRUDOFXLPXQL]DUHD$FHVWHDLQFOXGWRDWHDFHOHHYHQLPHQWHFDUHDSDUvQSUL
PHOHVSWPkQLGXSDGPLQLVWUDUHDYDFFLQXOXL
5HDFLHORFDOVHYHU
(ULWHPLVDXWXPHIDFLHFHQWUDWSHORFXOLQMHFWULLDFRPSDQLDWHGHXQXO
VDXPDLPXOWHGLQWUHXUPWRDUHOHVHPQH
 WXPHIDFLHFDUHVHH[WLQGHSkQODRDUWLFXODLHYHFLQ
 GXUHUHHULWHPLWXPHIDFLHFDUHGXUHD]SHVWH]LOH
 VHPQHFDUHQHFHVLWVSLWDOL]DUH
Q PRG FXUHQW GXS DGPLQLVWUDUHD YDFFLQXULORU LQMHFWDELOH DSDU UHDFLL
ORFDOHGHLQWHQVLWDWHPDLUHGXVvQJHQHUDOIUFRQVHFLQH3HQWUXRELHFWLYH
OHVXSUDYHJKHULLVHDFRUGSULRULWDWHQXPDLUHDFLLORUORFDOHVHYHUHGHVFULVH
PDLVXV
 5HDFLLSRVWYDFFLQDOHFDUHDIHFWHD]VLVWHPXOQHUYRVFHQWUDO
3DUDOL]LDDFXW
3DUDOL]LDSROLRPLHOLWLFDVRFLDWFXYDFFLQDUHDSDUDOL]LDDFXWDVFFX
GHEXWODGH]LOHGXSSULPLUHDGHYDFFLQSROLRRUDO 932 VDXOD
GH ]LOH GXS FRQWDFWXO FX XQ UHFLSLHQW GH 932 FX GHFLW QHXURORJLF FDUH
SHUVLVWODGH]LOHGXSGHEXWVDXGHFHV
6LQGURP *XLOODLQ%DUUH 6*%  DIHFLXQH FDUDFWHUL]DW SULQ GHEXW DFXW
GHSDUDOL]LHDVFVLPHWULFUDSLGSURJUHVLYDVFHQGHQWIUIHEUODGH
EXWXOSDUDOL]LHLLFXSLHUGHUHDVHQVLELOLWLL&D]XULOHGH6*%VXQWGLDJQRV
WLFDWH SULQ H[DPHQXO OLFKLGXOXL FHIDORUDKLGLDQ /&5  FDUH DUDW GLVRFLDLH
DOEXPLQRFLWRORJLF
6*%FDUHGHEXWHD]SkQODGH]LOHGXSRLPXQL]DUHWUHEXLHUDSRUWDW



'U&KULVWD7RGHD*URVV

(QFHIDORSDWLD
(QFHIDORSDWLDHVWHRDIHFLXQHPDMRUFXGHEXWDFXWDVRFLDWWHPSRUDUFX
LPXQL]DUHDLFDUDFWHUL]DWSULQPLQLPXPGRXGLQXUPWRDUHOHFRQGLLL
 FRQYXOVLL
 FRQWLHQDJUDYDOWHUDWSHRSHULRDGGHR]LVDXPDLPXOW
 PRGLFULGLVWLQFWHGHFRPSRUWDPHQWFXRGXUDWGHFHOSXLQR]L
&D]XULOHGHHQFHIDORSDWLHFDUHVXUYLQvQSULPHOHGHRUHGXSRYDFFL
QDUHVHUDSRUWHD]
(QFHIDOLWD
(QFHIDOLWDVHFDUDFWHUL]HD]SULQDSDULLDVLPSWRPHORUGHVFULVHPDLVXV
DYkQGvQSOXVVHPQHGHLQDPDLHFHUHEUDOvQFHOHPDLPXOWHGLQFD]XULFD
UDFWHUL]DWHSULQSOHLRFLWR]VDXLL]RODUHGHYLUXVGLQOLFKLGXOFHIDORUDKLGLDQ
/&5 &D]XULOHGHHQFHIDOLWFDUHVXUYLQODVSWPkQLGXSLPXQL]DUH
WUHEXLHUDSRUWDWH
0HQLQJLWD
$IHFLXQH JUDY FDUDFWHUL]DW SULQ DSDULLD EUXVFD GH IHEU UHGRDUH GH
FHDI VHPQH PHQLQJHDOH .HUQLJ %UXG]LQVNL  6LPSWRPHOH SRW  GLVFUHWH
VDXVLPLODUHFHORUGLQHQFHIDOLW
([DPHQXO/&5FRQVWLWXLHPHWRGDGHGLDJQRVWLFFHDPDLLPSRUWDQWSOH
LRFLWR]D KLSHUOHXFRFLWR]D LVDXGHSLVWDUHDGHJHUPHQL FRORUDL*UDPVDX
L]RODL 
&RQYXOVLL
&RQYXOVLLFDUHGXUHD]GHODFkWHYDPLQXWHSkQODSHVWHXQVIHUWGHRU
QHDFRPSDQLDWH GH VLPSWRPH VDX VHPQH QHXURORJLFH GH IRFDU D  FRQYXOVLL
IHEULOHVDXE FRQYXOVLLDIHEULOH
&RQYXOVLLOHDSUXWHLQSULPHOH]LOHGXSDGPLQLVWUDUHDYDFFLQXOXL'73
GLIWHURWHWDQRSHUWXVVLV LPSOLFSUHFDXLXQLvQDGPLQLVWUDUHDGR]HORUXUP
WRDUHGH'732UG06QU
 $OWHHIHFWHVHFXQGDUH
5HDFLLDOHUJLFH
3UH]HQDXQXLDVDXPDLPXOWRUDGLQWUHXUPWRDUHOHVLPSWRPH HUXSLH
FXWDQDW H[XUWLFDULHHF]HP  ZKHH]LQJ HGHPDOIHHLVDXJHQHUDOL]DW
5HDFLHDQDODFWRLG KLSHUVHQVLELOLWDWHDFXW
5HDFLHDFXWH[DJHUDWFDUHDSDUHLQSULPHOHRUHGXSLPXQL]DUHFD
UDFWHUL]DWSULQXQDVDXPDLPXOWHGLQWUHXUPWRDUHOHFRQGLLL ZKHH]LQJ
VDXUHVSLUDLHVXSHUFLDOGLQFDX]DEURQKRVSDVPXOXL ODULQJRVSDVPHGHP

9$&&,185,/(35(9(1,(6$8%2$/



ODULQJLDQ   XQD VDX PDL PXOWH PDQLIHVWUL FXWDQDWH H[ XUWLFDULH HGHP
IDFLDOVDXHGHPJHQHUDOL]DW 
RFDQDODFWLF
&RODSVFDUGLRYDVFXODU QLYHOGHFRQWLHQDOWHUDWVFGHUHDWHQVLXQLLDU
WHULDOHDEVHQDVDXGLPLQXDUHDSXOVXOXLSHULIHULFIDFLHVYXOWXRVLWUDQVSLUD
LHDEXQGHQW FXVDXIUEURQKRVSDVPVDXODULQJRVSDVPHGHPODULQJLDQ
GXFkQGODLQVXFLHQDFXWUHVSLUDWRULHLQWHUYHQLWHLPHGLDWGXSYDFFLQDUH
$UWUDOJLL
'XUHULDUWLFXODUHFDUHDIHFWHD]vQJHQHUDODUWLFXODLLOHPLFLSHULIHULFH
$3HUVLVWHQWH
'XUHUHDDUWLFXODUGXUHD]SHVWH]LOH
%3DVDJHUH
x 'XUHUHDDUWLFXODUGXUHD]VXE]LOH
x ,QIHFLH%&*GLVHPLQDW
x ,QIHFLDGLVHPLQDWVHPDQLIHVWODOXQLGXSYDFFLQDUHD%&*L
HVWHFRQUPDWSULQL]RODUHDWXOSLQLL%&*GH0\FREDFWHULXPERYLV
)HEUD
$)HEUDXRDU
7HPSHUDWXUGH&& PVXUDWUHFWDO 
%)HEUvQDOW
7HPSHUDWXUGH&& PVXUDWUHFWDO 
&+LSHUSLUH[LH
7HPSHUDWXU& PVXUDWUHFWDO 
')HEUQHVSHFLFDW
7HPSHUDWXUDSUHVXSXVDvQDOWGDUQHPVXUDW
6HUDSRUWHD]QXPDLIHEUDvQDOWLKLSHUSLUH[LD
&RODSVRFFXKLSRWRQLHKLSRUHH[LHVLQGURPFDUDFWHUL]DWSULQSDORDUH
VXUYHQLWEUXVFSLHUGHUHDVDXGLPLQXDUHDUHDFWLYLWLLSLHUGHUHDVDXGLPLQX
DUHDWRQLFLWLLPXVFXODUH VHPDQLIHVWvQSULPHOHGHRUHGXSYDFFLQDUH 
3XVHXOHVWHWUDQ]LWRULXLDXWROLPLWDW
&RODSVXO RFXOFXKLSRWRQLHKLSRUHH[LH DSUXWvQSULPHOHGHRUH
GXSDGPLQLVWUDUHDGH'73LPSOLFSUHFDXLXQLODDGPLQLVWUDUHDGR]HORUVXE
VHFYHQWHGH'732UG06QU
2VWHLWDRVWHRPLHOLWDLQDPDLHRVRDVFRQVHFXWLYYDFFLQULL%&* DS
UXWODOXQLGXSYDFFLQDUH VDXDYkQGDOWHWLRORJLHEDFWHULDQ
3OkQVSHUVLVWHQWSOkQVFRQWLQXXLQFRQVRODELOFDUHGXUHD]SHVWHRUH
vQVRLWGHJHDPWFDUDFWHULVWLF



'U&KULVWD7RGHD*URVV

3OkQVXOSHUVLVWHQWDSUXWvQSULPHOHGHRUHGXSDGPLQLVWUDUHDGH'73
LPSOLFSUHFDXLXQLODDGPLQLVWUDUHDGR]HORUVXEVHFYHQWHGH'732UG06
QU
6HSWLFHPLHPDODGLHVHYHUJHQHUDOL]DWFXGHEXWEUXVFGDWRUDWXQHLLQ
IHFLLEDFWHULHQHFRQUPDWSULQKHPRFXOWXULSR]LWLYH
6LQGURPWR[LFRVHSWLFPDODGLHJUDYFDUDFWHUL]DWSULQGHEXWEUXVFFX
IHEUYRPLGLDUHHDSRDVVXUYHQLWODFkWHYDRUHGXSLPXQL]DUHLGXFkQG
IUHFYHQWODGHFHVvQGHRUH
$OWHUHDFLLVHFXQGDUHJUDYHLQHRELQXLWHFDUHVHSURGXFSkQOD
VSWPkQLGXSLPXQL]DUH QHVSHFLFDWHPDLVXV
6HYRUUDSRUWDWRDWHGHFHVHOHVXUYHQLWHvQSULPHOHVSWPkQLGXSLPX
QL]DUHFURUDQXOLVDVWDELOLWDOWFDX]6HYRUUDSRUWDGHDVHPHQLWRDWH
HIHFWHOHVHFXQGDUHSRVWYDFFLQDOHQHRELQXLWH
&RQVLGHUFOLVWD5$3, UHDFLLDGYHUVHSRVWYDFFLQDOH HVWHLQFRPSOHW
GLQXUPWRDUHOHPRWLYH
 3HULRDGDSkQFkQGFRPSOLFDLLOHSRVWYDFFLQDOHVXQWUHFXQRVFXWHHVWHH[
WUHPGHVFXUW2VHULHGHFRPSOLFDLLSRVWYDFFLQDOHGHEXWHD]GXSVSWPkQL
DDFXPUHLHVHGLQVWXGLLOHFHVXQWSUH]HQWDWHvQDFHVWFDSLWRO 
 6XQWUHFXQRVFXWHRFLDOGRDURSDUWHGLQUHDFLLOHSRVWYDFFLQDOHFHOH
PDLVHYHUHLQGRPLVH
 /LSVDGHLQIRUPDUHDPHGLFLORUGHVSUHUHDFLLOHDGYHUVHSRVWYDFFLQDOH
DWLSLFHDSUXWHvQDLQWHLGXSVSWPkQL(VWHPRWLYXOSHQWUXFDUHQLFL
SULQLLQXYRULQIRUPDLGHVSUHFRPSOLFDLLOHSRVWYDFFLQDOHWLSLFHLDWL
SLFHPHGLLLVHYHUH/LVWDGHQLLLORU5$3,DDFXPHVWHHD LQFRPSOHW
GDUFHOSXLQH[LVW DUWUHEXLDUWDWSULQLORUvQDLQWHGHHFDUHYDFFLQD
UH1RWHOHSULYLQGSUHFDXLXQLOHSHQWUXRQRXYDFFLQDUHFX'73vQFD]XO
DSDULLHLFRQYXOVLLORUVDXDSOkQVXOXLSHUVLVWHQWVXQWLQVXFLHQWH)RUPXOD
UHDWRDWHHIHFWHOHVHFXQGDUHSRVWYDFFLQDOHQHRELQXLWHHVWHGHDVHPHQHD
YDJ
&RQIRUPDQH[HLOD2UG06 &1$6QUSHQWUXDSURED
UHDQRUPHORUWHKQLFHGHUHDOL]DUHDSURJUDPHORUQDLRQDOHGHVQWDWHSHQWUX
DQLLXQXOGLQRELHFWLYHOH3URJUDPXOXL1DLRQDOGH,PXQL]ULHVWH


KWWSZZZDPIPVURGLQBSUHVDKWPO

9$&&,185,/(35(9(1,(6$8%2$/



UHDOL]DUHDLPXQL]ULORUFRQIRUPFDOHQGDUXOXLQDLRQDOGHYDFFLQDUH E 
&DOHQGDUXOGHYDFFLQDUHSUHY]XWvQRUGLQHVWH
9kUVWDUHFRPDQGDW

9DFFLQ

&RPHQWDULL

3ULPHOHGHRUH

+HS%

QPDWHUQLWDWH

]LOH
OXQL
OXQL
OXQL
OXQL
DQL
DQL vQFOV,D
DQL vQFOV,,,D
DQL vQFOV9,,,D

%&*
'73D93,+LE+HS%
'73D93,+LE
'73D93,+LE+HS%
'73D93,+LE552
'73D
552
93,
G7

6LPXOWDQ
6LPXOWDQ
6LPXOWDQ
6LPXOWDQ
&DPSDQLLFRODUH
&DPSDQLLFRODUH
&DPSDQLLFRODUH

$EUHYLHUL '73D  YDFFLQ GLIWHURWHWDQRSHUWXVVLV DFHOXODU 93,  YDFFLQ SROLR LQDFWLYDW


+HS% YDFFLQKHSDWLWLF%'73D93,+LE YDFFLQGLIWHURWHWDQRSHUWXVVLVDFHOXODUSROLRPLH
OLWLF+DHPRSKLOXV%552 YDFFLQUXMHROLFUXEHROLFRUHLRQ%&* YDFFLQGHWLS&DOPHWWH*X
HUULQG7 YDFFLQGLIWHURWHWDQLFSHQWUXDGXOL'73D93,+LE YDFFLQGLIWHURWHWDQRSHUWXVVLV
DFHOXODUSROLRPLHOLWLF+DHPRSKLOXV%

'LQWDEHOUH]XOWFSkQODYkUVWDGHOXQLXQVXJDUGLQ5RPkQLDSUL
PHWH  YDFFLQXUL LDU SkQ OD XQ DQ XQ WRWDO GH  GH YDFFLQXUL   /D
DFHVWHDVHPDLDGDXJvQFYDFFLQXULSkQODYkUVWDGHDQLvQVXPkQG
GHYDFFLQXULIUFDVDGXJPLDOWHOHRSLRQDOHDQWLJULSDOHDQWLPH
QLQJRFRFLFDQWLURWDYLUXVDQWLSQHXPRFRFLFHWF
Q2FFLGHQW
$LFLGDWHOHGHVSUHUHDFLLOHDGYHUVHSRVWYDFFLQDOHVXQWPXOWPDLYDULDWH
GDUOLVWDHVWHGHDVHPHQHDLQFRPSOHWLLQH[DFW
'XS 8WH 4XDVW XQ YDFFLQ SRDWH SURYRFD UHDFLL EROL VDX FRPSOLFDLL
SRVWYDFFLQDOH


 KWWSZZZVDQWURLQIRUPDWLLXWLOHSUHYHQLUHVLFRQWUROEROLWUDQVPLVLELOHYDFFLQD
UHDOHJLVODWLHLQYLJRDUH206B&1$6BBSGIYLHZ

 8WH 4XDVW HW DO ,PSIUHDNWLRQHQ %HZHUWXQJ XQG 'LIIHUHQWLDOGLDJQRVH $XDJH
+LSSRNUDWHV6WXWWJDUW-DQXDU



'U&KULVWD7RGHD*URVV

%RDODSRVWYDFFLQDOHVWHvQVLERDODSHQWUXFDUHVHIDFHYDFFLQXOLDSDUH
QXPDL vQ FD]XO YDFFLQXULORU FX YLUXVXUL YLL UXMHRO YDULFHO HWF  FDUH VXQW
DWHQXDWHLSRWODDQXPLWHSHUVRDQHFXRLPXQLWDWHPRGLFDWVSURYRDFH
ERDODSHQWUXFDUHDXIRVWYDFFLQDLFXYLUXVXOYDFFLQDOUXMHROSRVWYDFFLQDO
YDULFHOSRVWYDFFLQDOHWF7RLVXJDULLDXRLPXQLWDWHLPDWXUvQFXUVGHIRU
PDUHLSHUIHFLRQDUHPRWLYSHQWUXFDUHLHLVXQWH[SXLXQRUDVHPHQHDEROL
SRVWYDFFLQDOHFXDWkWPDLPXOWFRSLLLSUHPDWXULVDXFHLFXGHFLHQHLPXQH
'HRDUHFHODVXJDULvQDLQWHGHDYDFFLQDLVWDUHDGHVQWDWHHVWHDSUH
FLDWGRDUFOLQLF 'LDJQRVWLFFOLQLFVQWRV QXLSDUDFOLQLF FXHIHFWX
DUHDWHVWHORUGHODERUDWRUSHQWUXXQGHFLWLPXQRVWDUHGHDOHUJLHWHVWH
JHQHWLFH SHQWUX HYLGHQLHUHD XQRU DQXPLWH SUHGLVR]LLL JHQHWLFH HWF 
QRLULVFPVDFFHQWXPDIHFLXQLOHVXEFOLQLFH GHFLWHLPXQHHWF VDXV
OHSURYRFPDOWHEROL DOHUJLFHDXWRLPXQHOHXFHPLHHWF LQXvQXOWLPXO
UkQGEROLOHSHQWUXFDUHDXIRVWYDFFLQDL'HLHIHFWXDUHDXQRUDVWIHOGHDQD
OL]HIRDUWHVFXPSHWXWXURUVXJDULORUDUUHGXFHVXQEVWDQLDOLQFLGHQDUHDFLLORU
DGYHUVHODYDFFLQXULWLPFHVWHRXWRSLH'HDVHPHQHDXQPHGLFFXQRDWH
IDSWXOFRULFkWHDQDOL]HDUHIHFWXDQXYDSXWHDDUPDQLFLRGDWGHVSUHXQVX
JDUFDUHRVWDUHSHUIHFWGHVQWDWH5HDFLDSDUWLFXODUDDFHVWXLDIDGH
YDFFLQXULQXUH]XOWGLQQLFLRDQDOL]LQLFLQXSRDWHSUHY]XW
5HDFLLOHDGYHUVHPDLXRDUHVDXPDLJUDYHVXQWFRQVLGHUDWHDIH
QRPHQH WUHFWRDUH 5HDFLLOH XRDUH VXQW vQURLUH LVDX WXPHHUH ORFD
OIHEUDVWHQLHPDUFDWDJLWDLHQHUYRDV5HDFLLOHDGYHUVHVHYHUHDSDWLH
VWDUHGHDEVHQ VDXKLSHUH[FLWDELOLWDWH VWULJWDVFXLW FUL]HFRQYXOVLYH
DEFHVHORFDOHDUWUDOJLLFUL]HGHDSQHHGLYHUVHUHDFLLDOHUJLFHULQLWDDOHUJL
FDVWPEURQLFDOHUJLFRFXODOHUJLF
&RPSOLFDLLOHSRVWYDFFLQDOHVXQWJUDYHVROGDWHGHVHRULFXVHFKHOHGHQLWL
YH'LQWUHHOHDPLQWLPEROLOHDXWRLPXQHDOHVLVWHPXOXLQHUYRVPHQLQJLWHHQ
FHIDOLWHSROLQHYULWH6LQGURPXO*XLOODLQ%DUUHVFOHUR]DPXOWLSO 60 DXWLV
PXOHWFEROLDXWRLPXQHDOHDSDUDWXOXLRVWHRDUWLFXODUSROLDUWULWDUHXPDWRLG
35 EROLDXWRLPXQHDOHDSDUDWXOXLGLJHVWLYGLDEHW]DKDUDWWLSHWF
3HQWUXUHDFLLOHDGYHUVHSRVWYDFFLQDOH XRDUHLJUDYH GDUPDLDOHVSHQWUX
FRPSOLFDLLOHSRVWYDFFLQDOH LQFOXVLYGHFHVH QXDXIRVWGDWHH[SOLFDLLVDWLV
IFWRDUHQLFLSkQODRUDDFWXDO6XQWDPLQWLWHGRDUFkWHYDFDX]HSRVLELOH

 0 +LUWH ,PSIHQ 3UR &RQWUD 'DV +DQGEXFK IU GLH LQGLYLGXHOOH ,PSIHQWVFKHLG
XQJ0HQ6DQD

,ELGHP

,ELGHP

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



RUHDFLHWR[LFODDGMXYDQLLGLQYDFFLQDOXPLQLXPHUFXU 7KLRPHUVDO 
UHDFLLDOHUJLFHGHWLSLPHGLDWVDXvQWkU]LDWODVXEVWDQHOHGLQYDFFLQ
JHODWLQSURWHLQHDQLPDOHGURMGLHVDXDQWLELRWLFH
R VFKLPEDUHD UHDFLHL VLVWHPXOXL LPXQ GH OD LPXQLWDWHD FHOXODU
7K  OD FHD XPRUDO 7K IRUPDWRDUH GH DQWLFRUSL  GDWRUDW DQWLJHQXOXL
YLUDOLVDXDGMXYDQLORU DOXPLQLXPHUFXU 
UHDFLLDXWRLPXQHSULQFDUHRUJDQLVPXOvLSLHUGHWROHUDQDIDGHSUR
SULLOHHVXWXUL VHOI SHFDUHOHDWDF
5HDFLLOHDGYHUVHJUDYHSUHFXPLSWXODVFXLWFUL]HGHDSQHH RSULUHD
UHVSLUDLHL FUL]HHSLOHSWLFHVDXFKLDUGHFHVHQXDXIRVWH[SOLFDWHSkQDFXP
(VWH IRDUWH SUREDELO FD QLFL vQ YLLWRU V QX H[LVWH R PDL PDUH WUDQVSDUHQ
SULYLQG YDFFLQXULOH GLQ FDX]D FHORU FDUH GRUHVF V DVFXQG DGHYUXO SULQ
WUR LPXQL]DUH JOREDO IU GUHSWXO OD UHIX] L PDL DOHV OD FXQRDWHUHD
DGHYUXOXL
Q68$vQDIRVWGDWRFLDOLWLLOLVWDFRPSOLFDLLORUSRVWYDFFL
QDOHUHFXQRVFXWH OLVWDLQGFRSLDWLIRORVLWGHXQHOHULHXURSHQH 
RFDQDODFWLFGXSYDFFLQ
LSWSUHOXQJLWGXSYDFFLQXODQWLSHUWXVVLV vPSRWULYDWXVHLFRQYXOVLYH 
XUPDWGHHQFHIDORSDWLH
OH]LXQLQHUYRDVH QHYULWDSOH[XOXLEUDFKLDOHWF GXSYDFFLQXODQWLWHWD
QRVL'73 GLIWHURWHWDQRSHUWXVVLV 
HQFHIDORSDWLHDFXWGXSYDFFLQXO'73
HQFHIDORSDWLHLGHFHVGXSYDFFLQXODQWLUXMHROLF
DUWULWDFXWGXSYDFFLQXODQWLUXEHROLF
DUWULWFURQLF $5- GXSYDFFLQXO525 UXMHRORUHLRQUXEHRO 
WURPERFLWRSHQLHGXSYDFFLQXO525
&RQGLLDFDDFHVWHFRPSOLFDLLVHUHFXQRVFXWHGUHSWFRPSOLFDLLSRVW
YDFFLQDOH HVWH DFHHD FD GHEXWXO ORU V DLE ORF vQWUR DQXPLW SHULRDG GH
WLPS
RUHGHODRULFHYDFFLQSHQWUXRFDQDODFWLF
]LOHGHODYDFFLQXODQWLSHUWXVVLVSHQWUXHQFHIDORSDWLH
GH]LOHGHODYDFFLQXODQWLWHWDQRVSHQWUXQHYULWDSOH[XOXLEUDKLDO
]LOHGHODYDFFLQXO525SHQWUXHQFHIDOLWHQFHIDORSDWLH

 . 5 6WUDWWRQ & - +RZH 5 % -RKQVWRQ +J  $GYHUVH (YHQWV$VVRFLDWHG ZLWK
FKLOGKRRGYDFFLQHV(YLGHQFH%HDULQJRQ&DXVDOLW\9DFFLQH6DIHW\&RPPLWWHH,QVWLWXWHRI
0HGLFLQH1DWLRQDO$FDGHP\3UHVV:DVKLQJWRQ'&

0+LUWHRSFLW 5HGERRN 



'U&KULVWD7RGHD*URVV

GH]LOHGHODYDFFLQXODQWLUXMHROLFSHQWUXWURPERFLWRSHQLHLSXU
SXUKHPRUDJLF
GH]LOHGHODYDFFLQXODQWLUXMHROLFSHQWUXDUWULWDFURQLF $5- 
2EVHUYPFSHULRDGDSkQFkQGVXQWUHFXQRVFXWHDQXPLWHFRPSOLFDLL
SRVWYDFFLQDOHHVWHPDLPDUHGHFkWvQ5RPDQLDFXFkWHYD]LOH
1XVXQWUHFXQRVFXWHLQXVHDFRUGGHVSJXELUHvQFD]XOPXOWRUDOWRU
EROLGHRDUHFHDXWRULWLOHVDQLWDUHFRQVLGHUFQXH[LVWQLFLROHJWXUSOD
X]LELOvQWUHDFHVWHDLDGPLQLVWUDUHDYDFFLQXOXL$FHVWHDVXQW
GLDEHWXO]DKDUDWWLSGXSYDFFLQXOKHSDWLWLF%DQWLSHUWXVVLVDQWLRUH
RQLDQWL+LE
EROLUHXPDWLFHGXSYDFFLQXOKHSDWLWLF%
LQIHFLLLQWHVWLQDOHFURQLFHGXSYDFFLQXODQWLUXMHROLF
OH]LXQLQHUYRDVHGXSYDFFLQXOKHSDWLWLF%LYDFFLQXO)60(
EROLDOHUJLFHLEROLDXWRLPXQHHWF
&HLFDUHQXDXFUH]XWvQDUPDLLOHIDOVHYHQLWHGLQSDUWHDDXWRULWLORU
VXQW QXPHURL RDPHQL GH WLLQ PHGLFL FHUFHWWRUL SURIHVRUL FDUH SULQ
LQWHUPHGLXOXQRUVWXGLLLQGHSHQGHQWHDXUHXLWVGHPRQVWUH]HDGHYUDWDFD
X]DFRPSOLFDLLORUSRVWYDFFLQDOHFHDFDUHIDFHLVXELHFWXODFHVWXLFDSLWRO
(LWUDJXQPDUHVHPQDOGHDODUPSULYLQGEROLOHDXWRLPXQHODFRSLLFDUHvQ
PDMRULWDWHDFD]XULORUVXQWSURYRFDWHGHYDFFLQXULOHGLQFRSLOULHLDFURU
LQFLGHQFUHWHGUDPDWLFSHDQFHWUHFH
6FKLPEDUHD XQRUD GLQWUH YDFFLQXUL FX DOWHOH QRL VDX FRPELQDUHD GLYHU
VHORUYDFFLQXULGHDOXQJXOFHORUGHDQLQXDDGXVQLFLRvPEXQWLUH
UHDO3ULQFLSLXOYDFFLQULLDUPDVDFHODL3XLQHOHPRGLFULIFXWHvQWLPS
QX DX SXWXW UH]ROYD vQ HVHQ SUREOHPHOH JUDYH SH FDUH OH FUHHD] YDFFL
QXULOHREOLJDWRULLGHRDUHFHSULQFLSLXOvQVLQHQXSRDWHvPEXQWLWXQ
YDFFLQIUDGLWLYLHVWHLQXWLOLDUDGLWLYLLVXQWWR[LFLSHQWUXRUJDQLVP PHUFXU
DOXPLQLX HWF  LPXQRJHQHOH YLUDOH EDFWHULHQH D  QX VXQW QDWXUDOH L QX
VXQWLQWURGXVHvQRUJDQLVPSHFDOHQDWXUDOFXSURYRFDUHDXQHLUHDFLLLPXQH
QDWXUDOHLVQWRDVHFLVXQWFUHDWHDUWLFLDOLQWURGXVHSHFDOHDUWLFLDOvQ
RUJDQLVPGLUHFWvQVkQJH RFROLQGEDULHUDGHDSUDUHDPXFRDVHLGLJHVWLYH 
SURYRFkQGXQDWDFDUWLFLDOLDJUHVLYDVXSUDXQXLVLVWHPLPXQLPDWXULGH
ORF DGDSWDW ORJHQHWLF GHD OXQJXO D PLL GH DQL OD R DVHPHQHD DJUHVLXQH
5VSXQVXORUJDQLVPXOXLQXSRDWHGHFkWXQXOSHPVXUGH]HFKLOLEUXOJUDY
DOVLVWHPXOXLLPXQODVXJDUvQFHSkQGGLQSULPDOXL]LGHYLD vQ5RPkQLD 
VDXGHODYkUVWDGHOXQL vQDOWHUL LFDUHDUHREWDLHOXQJSHQWUX
DQLL]HFLGHDQLFkQGFRSLOXODGROHVFHQWXOVDXRPXODGXOWVHYDFRQIUXQWD


0+LUWHRSFLW

9$&&,185,/(35(9(1,(6$8%2$/



FXDSDULLDXQRUEROLFURQLFHJUDYHDXWRLPXQHVDXFDQFHU6XQWHPRDUHFRQ
WLHQL F VDFULFP VQWDWHD FRSLLORU QRWUL SH DOWDUXO QHFXQRWLQHL VDX
LQFRQWLHQHL QRDVWUH"

, $OHUJLLEROLDOHUJLFHLEROLDXWRLPXQH
SURYRFDWHGHYDFFLQXUL
,VWRULF*HQHUDOLWL
Q DQXO  PHGLFXO HQJOH] -RKQ %RVWRFN VFULH vQWUXQ DUWLFRO GHVSUH
RDIHFLXQHFDUHDSDUHvQPRGSHULRGLFDIHFWkQGRFKLLLSOPkQLL(OvQVXL
VXIHUHDGHDFHDVWERDOFDUHVHPDQLIHVWDRGDWSHDQODvQFHSXWXOOXQLLLX
QLHLGXUDDSUR[LPDWLYOXQL%RDODVHPDQLIHVWDSULQWURVHFUHLHODFULPDO
DEXQGHQWULQRUHHVHURDVVWUQXWIUHFYHQWWXOEXUULUHVSLUDWRULLLRVWDUH
JHQHUDOPRGLFDW$WXQFLDSDUHSHQWUXSULPDGDWvQ0HGLFLQGHQXPLUHD
GHUHDFLDGHVWUQXWODIkQ DFWXDOULQLWDDOHUJLF GDWDFHVWHLDIHF
LXQL0HGLFXOHQJOH]DFRQVLGHUDWFQXHVWHRGHQXPLUHFRUHFWGHRDUHFH
DIHFLXQHDDSDUHLvQDOWHFRQGLLL FRQWDFWFXDQLPDOHUHDFLHODSROHQHWF 
(D D PDL IRVW QXPLW L %RVWRFNV .DWDUUK GXS QXPHOH OXL 0DL PXOL
PHGLFLREVHUYFERDODDSDUHPDLIUHFYHQWODRDPHQLLFXVWXGLLLPDLUDU
ODIHUPLHULVUDFLLRDPHQLGHFXORDUH
QDGRXDMXPWDWHDVHF;,;WDEORXOFOLQLFDODFHVWHLDIHFLXQLVHFRQWX
UHD]WRWPDLELQHLDUvQ68$VHREVHUYRDGHYUDWH[SOR]LHDFD]XULORUGH
ERDO3HQWUXSUHYHQLUHDHLPHGLFLLUHFRPDQGDXPHGLFDPHQWHIRDUWHYDULDWH
FKLQLQFRFDLQDUVHQVDXLQKDODUHGHIXPGHLJDU,QWHUHVDQWHVWHIDSWXOF
PDMRULWDWHDPHGLFLORUGLQVHF;;OHDJDFHDVWDIHFLXQHGHDVWPXOEURQLF
FX PXOW WLPS vQDLQWH GH D  GHVFRSHULW DOHUJLD FD DWDUH DPEHOH EROL LQG
DIHFLXQLDOHUJLFH
0HULWXOGHVFRSHULULLDOHUJLHLvLDSDULQHPHGLFXOXLSHGLDWUXYLHQH]&OH
PHQVYRQ3LUTXHWFDUHIDFHOHJWXUDvQWUHFHOHGRXEROLGDULFXDOWHDIHF
LXQLDVHPQWRDUHQWUXQDUWLFROHGLWDWvQ0QFKQHU0HGL]LQLVFKH:RFKHQ
VFKULIWGLQHOGHVFULHDFHDVWUHDFLHPRGLFDWFDLQGRDOHUJLH
7HUPHQXO HVWH QRX LQWURGXV SHQWUX SULPD GDW GH HO SURYHQLQG GLQ GRX

 %HUW (KJDUWQHU /RE GHU .UDQNKHLW :DUXP HV JHVXQG LVW DE XQG ]X NUDQN ]X VHLQ
%DVWHL/EEH7DVFKHQEXFK*HUPDQ\

,ELGHP



'U&KULVWD7RGHD*URVV

FXYLQWHJUHFHWLDOORV DOWHOH LHUJRQ UHDFLH $FHDVWGHQXPLUHXUPDV


HIRORVLWSHQWUXRVHULHGHUHDFLLELRORJLFHVHQVLELOLWDWHFUHVFXWODvQH
SWXULGHLQVHFWHDOHUJLHODIkQ ULQLWDDOHUJLF DVWPEURQLFUHDFLLDOHUJLFH
DOLPHQWDUHLUHDFLLDOHUJLFHGXSLPXQL]DUHSULQYDFFLQXUL H[DQWLGLI
WHULFLDQWLWHWDQRV 1RXHUDIDSWXOFDFHVWPHGLFFRQVLGHUDFLRYDFFL
QDUHSRDWHSURYRFDUHDFLLDOHUJLFH$FRQWLQXDWFHUFHWULOHLDREVHUYDWF
ERDODVHUXOXLHVWHRDIHFLXQHGHWHPXWFDUHDSDUHvQFD]XOLPXQL]ULORU
FXWR[LQHOHGLQYDFFLQXULWR[LQDWHWDQLFLWR[LQDGLIWHULF3HQWUXWUDWDUHD
EROLLVDIFXWSULPXODQWLGRWQXPLW$QWLWR[LQGLQVHUXOFDLORULQMHFWDL
FXRGR]PLFQHOHWDOGHWR[LQGLIWHULF3HQWUXDFHDVWGHVFRSHULUHUH
DOL]DW vQWUXQ ODERUDWRU DO UHQXPLWXOXL 5REHUW .RFK GLQ %HUOLQ (PLO YRQ
%HKULQJSULPHWH3UHPLXO1REHO6HUXOHUDLQMHFWDWFXVXFFHVWXWXURUFRSLLORU
FXGLIWHULHQFXUkQGVDXDUWDWLHIHFWHOHVHFXQGDUHPDLDOHVGXSDGPL
QLVWUUL UHSHWDWH GH$QWLWR[LQ SULQ DSDULLD XQRU VLPSWRPH FDUDFWHULVWLFH
IHEUHUXSLHGXUHULDUWLFXODUHLFUHWHULEUXWHDOHWHQVLXQLLDUWHULDOHXQHRUL
VROGDWHFXGHFHV(PLOYRQ%HKULQJDGHQXPLWDFHVWHUHDFLLFDLQGGHKL
SHUVHQVLELOLWDWHQVFKLPE&OHPHQVYRQ3LUTXHWYHGHvQDFHVWHVLPSWRPH
RUHDFLHLPXQRORJLFGHUHVSLQJHUHDXQXLFRUSVWULQLVHSUHRFXSIRDUWH
PXOWGHUHDFLDDQWLJHQDQWLFRUS(OREVHUYFUHDFLLOHVXVDPLQWLWHQXVXQW
SURYRFDWHGRDUGHEDFWHULLLYLUXVXUL DQWLJHQH FLHOHDSDULFDRUHDFLH
GHDSUDUHDRUJDQLVPXOXLLDUODRUHLQIHFLHFXDFHHDLEDFWHULHRUJDQLVPXO
IRUPHD]PXOWPDLUHSHGHDQWLFRUSL1HDUPDVGHODDFHVWPHGLFXQSULQ
FLSLXQRXSRWULYLWFUXLDDQWLFRUSLLSRWSURYRFDRERDOvQRUJDQLVPQX
GRDUVODSHUH'LQQHIHULFLUHDFHVWSULQFLSLXQXDIRVWDFFHSWDWGHFWUH
FROHJLLOXLQSUH]HQWVHWLHFSULQFLSLXOOXL&OHPHQVYRQ3LUTXHWHVWH
XQXOFRUHFWEROLOHDXWRLPXQHLQGRUHDFLHJUHLWDVLVWHPXOXLLPXQDWXQFL
FkQGDFHVWDQXPDLUHFXQRDWHVWUXFWXULOHOXLSURSULL VHOI FLOHYDFRQVLGHUD
VWULQH QRQVHOI OHYDDWDFDLOHYDGLVWUXJH
0HFDQLVPXOLPXQLPSOLFDWvQGH]YROWDUHDUHDFLLORUDOHUJLFH GHKLSHU
VHQVLELOLWDWH  L UHDFLLORU DXWRLPXQH SRVWYDFFLQDOH QX SRDWH  vQHOHV IU
FXQRDWHUHDFkWRUYDDVSHFWHOHJDWHGHKLSHUVHQVLELOLWDWH GHVFULVHGH*HOOL
&RRPEVvQFDUHDXSURSXVRFODVLFDUHDKLSHUVHQVLELOLWLLvQFODVH
WLS,,,,,,L,9 LGHDXWRLPXQLWDWH


,ELGHP
,ELGHP

0,%UXPERLX,6%RFDQRSFLW


9$&&,185,/(35(9(1,(6$8%2$/



$  5HDFLLOH GHKLSHUVHQVLELOLWDWHFRQVWDXvQWUXQ UVSXQV DQRUPDO DO


VLVWHPXOXLLPXQIDGHXQDJHQWVWULQFXDSDULLDXQHLOH]LXQLLQDPDWRULL
DFXWHVDXFURQLFH$FHVWHDVXQW
D  +LSHUVHQVLELOLWDWHD WLS , HVWH XQ UVSXQV LPXQ DQRUPDO ID GH XQ
DJHQWVWULQGDWRUDWXQHLSURGXFLLFUHVFXWHGHDQWLFRUSL,J(LFDUH
VHSRDWHPDQLIHVWDVXEIRUPGHRFDQDODFWLFVDXDOHUJLH%ROQDYLL
SUH]LQWGHRELFHLXQWHUHQDWRSLF DOHUJLF 
E  +LSHUVHQVLELOLWDWHDWLS,,VDXFLWRWR[LFHVWHUH]XOWDWXOUHDFLHLDQRU
PDOHDVLVWHPXOXLLPXQSULQIRUPDUHDXQRUDQWLFRUSLFLWRWR[LFLID
GHHVXWXULVWULQH SRVWWUDQVIX]LRQDOHWF VDXSURSULL FRQVHFLQD
PRGLFULORUDQWLJHQHORUvQFDX]SULQPLPHWLVPPROHFXODUHWF 
5H]XOW R LQDPDLH DFXW FX YDVRGLODWDLH ORFDO L GLVWUXJHUH GH
HVXW
F  +LSHUVHQVLELOLWDWHDWLS,,,HVWHXQUVSXQVLPXQXPRUDODQRUPDOFD
UDFWHUL]DWSULQWURKLSHUSURGXFLHGHDQWLFRUSLvQFRQWH[WXDOXQHLKL
SHULPXQL]ULFDUHVHLQVWDOHD]vQXUPDFRQWDFWHORUUHSHWDWHFXDQWL
JHQXO YLUXVEDFWHULDHWF 'XSSULPXOFRQWDFWVHIRUPHD]DQWLFRUSL
,J0vQFRQFHQWUDLLUHGXVHDWkWvQVkQJHFkWLvQHVXWXUL/DDOGRLOHD
FRQWDFWFXDFHODLDQWLJHQDSDUHXQUVSXQVLPXQXPRUDOVHFXQGDU
FXSURGXFHUHGHDQWLFRUSL,J*FDUHYRUWUHFHvQFLUFXODLDVDQJXLQ
XQGHLQGGLOXDWHQXYDFUHWHFRQFHQWUDLDORUvQHVXWXUL/DDO
WUHLOHDFRQWDFWFXDQWLJHQXOUVSXQVXOLPXQVHFXQGDUHVWHPDLDPSOX
LSHPVXUFHFRQWDFWHOHVHUHSHWFUHWHLFDQWLWDWHDGHDQWLFRUSL
,J*SkQFkQGODDOOHDVDXDOOHDFRQWDFWFRQFHQWUDLLOHPDUL
GHDQWLFRUSLGLQHVXWXULVHYRUXQLFXFDQWLWLOHPDULGHDQWLJHQH
YLUXVEDFWHULDHWF DGPLQLVWUDWHvQDFHODLORFIRUPkQGFRPSOH[H
LPXQHvQH[FHV(OHQXYRUSXWHDHOLPLQDWHGLQRUJDQLVPGHSLQG
FDSDFLWDWHDGHFXULUHDDFHVWXLDLVHYRUGHSXQHvQYDVHOHUHQDOH
FXWDQDWHSOH[XULOHFRURLGHDUWLFXODLLFRUSLLFLOLDUL RFKL HWFXQGH
YRUSURYRFDOH]LXQLWLVXODUHLYDVFXODUHFXDSDULLDGHPLFURKHPR
UDJLLORFDOHLFXIRUPDUHGHPLFURWURPELSODFKHWDULFDUHDJUDYHD]
KHPRUDJLLOH%ROLOHvQFDUHDXORFDVWIHOGHUHDFLLVXQWERDODVHUXOXL
JORPHUXORQHIULWDDFXWGLIX]SXUSXUD+HQRFK6FK|QOHLQHWF
G  +LSHUVHQVLELOLWDWHDWLS,9HVWHXQUVSXQVLPXQFHOXODUGHLQWHQVL
WDWHPDUHvQVRLWGHOH]LXQLWLVXODUHVHYHUHLDSDUHIDGHDQWLJHQH
FXVWUXFWXULFRPSOH[HFDUHQXSRWSUHOXFUDWHGHFkWOHQWGHFWUH
FHOXOHOHLPXQH'XSLQGXFHUHDUHDFLHLLPXQH YH]LFDS DQWLJH
QXOFRQVLGHUDWSHULFXORVGHFWUHRUJDQLVPHVWHIDJRFLWDW PkQFDW 



'U&KULVWD7RGHD*URVV

LDSRLFDSWDWGHFWUHFHOXOHOHSUH]HQWDWRDUHGHDQWLJHQ &3$ FDUH


WUHFvQJDQJOLRQLLOLPIDWLFLUHJRQDOLXQGHSUH]LQWDQWLJHQXOLPIRFLWH
ORU7K KHOSHU L7F FLWRWR[LFH $FHVWHDLQGDFWLYDWHVHWUDQVIRUP
vQ OLPIRFLWH 7 FX PHPRULH 5H]XOW XQ SURFHV LQDPDWRU DFXW VDX
FURQLFFXOH]LXQLWLVXODUHLQGFXQRVFXWHPDLPXOWHDIHFLXQLKLSHU
VHQVLELOLWDWHDGHFRQWDFWHWF
$OHUJLLOHLEROLOHDOHUJLFHDXODED]WLSXO,GHKLSHUVHQVLELOLWDWHFDUH
HVWHGDWRUDWGXSFXPDPY]XW,PXQJOREXOLQHORU( ,J(VXQWDQWLFRUSLFDUH
LQGXFGHJUDQXODUHDPDVWRFLWHORUFXHOLPLQDUHGHKLVWDPLQ &DXUPDUH
YDVHOHVDQJXLQHVHGLODWSHQWUXDOVDVSWUXQGLFHOHODOWHFRPSRQHQWH
DOHVLVWHPXOXLLPXQSURYRFkQGLQDPDLDLOH]LXQHDWLVXODU3XWHPFRP
SDUDIHQRPHQXOFXXQDQWLHUGHOXFUXXQGHDVIDOWXOHVWHVFRVLVHvQOWXU
FHOHPDLPDULVWULFFLXQL'SGYPHGLFDORSULYLPFDSHRLQIHFLHFDUHvQ
IXQFLHGHHVXWXOOH]DWVHYDH[WHULRUL]DVXEIRUPDXQHLHUXSLLWHJXPHQWDUH
HF]HPDWRSLF ULQLWDOHUJLFVDXRFUL]GHDVWP/DQRXQVFXWDU
WUHEXLGR]DWHvQPRGREOLJDWRULX,PXQJOREXOLQHOH( ,J( $FHWLDQWLFRUSL
VHJVHVFvQVHUGDUGDWRULWQLYHOHORUVHULFHIRDUWHPLFL PJ
VDX8,PO HOHQXSRWSXVHvQHYLGHQGHFkWSULQPHWRGHVSHFLDOH LPX
QRHQ]LPDWLFH 1LYHOXOORUFUHWHIRDUWHPXOWvQEROLOHDOHUJLFHDVWPDOHUJLF
ULQLW DOHUJLF HF]HP DWRSLF HWF /H JVLP FUHVFXWH L vQ SDUD]LWR]H
1LYHOXOFUHVFXWDO,J(HVWHRFRQWUDLQGLFDLHDEVROXWSHQWUXRULFHYDF
FLQ(OHDUDWGHVHRULLRSUHGLVSR]LLHODEROLDXWRLPXQH'HFHOHPDLPXOWH
RUL DFHVWH LPXQJOREXOLQH VXQW GR]DWH OD VXJDUL GRDU OD  OXQL FX RFD]LD
GHEXWXOXLHF]HPHLDWRSLFHDDOHUJLHLODODSWHHWFFkQGQLYHOXO,J(GHSHWH
8,POLQGQHYRLHXQHRULGHXQWUDWDPHQWVXVLQXW FRUWLFRWHUDSLH LFX
UHSHUFXVLXQLJUDYHDVXSUDVLVWHPXOXLLPXQDOVXJDUXOXL
%  $XWRLPXQLWDWHD FRQVW vQWUXQ UVSXQV LPXQ XPRUDO LVDX FH
OXODU DQRUPDO ID GH SURSULLOH VWUXFWXUL VHOI  L GHWHUPLQ DSDULLD GH EROL
DXWRLPXQH
([LVWLUHDFLLDXWRPLQHQRUPDOHFkQGVXQWHOLPLQDWHFHOXOHLHOH
PHQWHSURSULLDOWHUDWHGDUHOHVXQWGHRLQWHQVLWDWHUHGXV
7ROHUDQDLPXQRORJLFQRUPDOIDGHDQWLJHQHOHSURSULLHVWHvQQVFX
WLHVWHPHQLQXWFXDMXWRUXOOLPIRFLWHORU7VXSUHVRDUH 7V &kQGVHUXSH
WROHUDQDvQQVFXWOLPIRFLWHOH7GHYLQDXWRUHDFWLYH&DUDFWHUXOSDWRORJLF



%(KJDUWQHURSFLWS
9&ULVWHDHWDORSFLW

9$&&,185,/(35(9(1,(6$8%2$/



HVWHGDWGHDPSORDUHDUHDFLLORULSHUVLVWHQDDFHVWRUD5VSXQVXOLPXQHVWH
GHRELFHLFRPELQDWXPRUDOLFHOXODUFXSUH]HQDvQFLUFXODLHDOLPIRFLWHORU
%L7FDUHQXSUH]LQWWROHUDQIDGHDQWLJHQHOHSURSULLLFDUHQXDXIRVW
GLVWUXVH)DFWRUXOLQIHFLRVSDUHVHLPSOLFDWvQEROLOHDXWRLPXQHSULQ
LQLLHUHDSURFHVHORULPXQHSULQPRGLFDUHDVWUXFWXULORUDQWLJHQLFHSURSULL
VDXSULQDVHPQDUHDSDULDOFXDQWLJHQHOHSURSULL8QDGLQWUHPDQLIHVW
ULOHSRVWYDFFLQDOHHVWHHQFHIDOLWDGHPLHOLQL]DQWLQGXVGHYDFFLQXOUDELF
SUHSDUDWSHFUHLHUGHRDUHFHQRXQVFXW
6WXGLLHSLGHPLRORJLFHLH[SHULPHQWDOH
2ULFHYDFFLQSRDWHSURYRFDRUHDFLHDOHUJLFDFXWGHODRULQLWDOHUJL
FVDXRFUL]GHDVWPDOHUJLFSkQODXQRFDQDODFWLFFDUHSRDWHSXQHvQ
SHULFROYLDDRPXOXL
RFXODQDODFWLF DQDOD[LD HVWHRUHDFLHSRVWYDFFLQDOUDULHVWHUH
FXQRVFXWFDLQGRSRVLELOFRPSOLFDLHSRVWYDFFLQDOGDFVXUYLQHvQSUL
PHOHRUHGHODYDFFLQ GXSFXPDUDWOLVWDGHPDLVXV 
%ROLOHDOHUJLFHLEROLOHDXWRLPXQHSRVWYDFFLQDOHVXQWFRPSOLFDLLSRVW
YDFFLQDOH IUHFYHQWH &X WRDWH DFHVWHD OHJWXUD GLQWUH YDFFLQXUL L DFHVWH
EROLQXHVWHUHXQRVFXWODRUDDFWXDOHWLRORJLDORULQGvQFRQWLQXDUHHWL
FKHWDWGUHSWQHFXQRVFXWVDXDYkQGRSRVLELOSUHGLVSR]LLHJHQHWLF
6WXGLLOHXOWLPHORUGHFHQLLDUDWvQPRGHYLGHQWFYDFFLQXULOHVXQWXQUHDO
DWDFDVXSUDVLVWHPXOXLLPXQDOVXJDUXOXLSURYRFkQGEROLDOHUJLFHLDXWRPL
QXHJUDYH
6HWLHFYDFFLQXULOHVWLPXOHD]LPXQLWDWHDSHRDOWFDOHGHFkWRLQ
IHFLHQDWXUDOvQWLPSVHFUHHD]XQGH]HFKLOLEUXvQWUHFHOHGRXIRUPHGH
DSUDUHDVLVWHPXOXLLPXQ XPRUDOLFHOXODU DSUkQGvQFGLQWLPSXOFRSL
OULHLEROLDOHUJLFHVDXEROLDXWRLPXQH
6WXGLLH[SHULPHQWDOHIFXWHSHDQLPDOHLSHRDPHQLYROXQWDULDXGH
PRQVWUDWFYDFFLQXULOHSURYRDFRFUHWHUHD,PXQJOREXOLQHORU( ,J(VXQW
DQWLFRUSLUHVSRQVDELOLGHUHDFLDDOHUJLFGXSFXPDPY]XWDQWHULRUSULQ


,ELGHP
*$5RRN-/6WDQIRUG*LYHXVWKLVGD\RXUGDLO\JHUPV,PPXQRO7RGD\
  

)0DVFDUW0+DLQDXW$3HOWLHU99HUVFKHXUH-/HY\&/RFKW0RGXODWLRQRI
WKHLQIDQWLPPXQHUHVSRQVHVE\WKHUVWSHUWXVVLVYDFFLQHDGPLQLVWUDWLRQV9DFFLQH
  




'U&KULVWD7RGHD*URVV

WUR KLSHUVHQVLELOLWDWH WLS ,  'DKOEDFN   $FHVW OXFUX VH GDWRUHD]
vQVSHFLDODOXPLQLXOXLGLQYDFFLQXULFXYLUXVXULRPRUkWHGDUVDREVHUYDW
DFHODLIHQRPHQLvQFD]XOYDFFLQXOXL525FDUHFRQLQHYLUXVXULYLL'XS
YDFFLQXODQWLWHWDQRVVHIRUPHD]DQWLFRUSLFDUHVXQWFDX]DXQRUUHDFLLDOHU
JLFHFURQLFH DWDFPDVWRFLWHOHSURYRFkQGGHVFUFDUHDORUFXHOLPLQDUHGH
+LVWDPLQ  YH]LSFW 
8QVWXGLXDXVWUDOLDQIFXWODSHVWHGHDGXOLFXEROLDOHUJLFHSUH
FXPDVWPEURQLFDOHUJLFGHUPDWLWHDOHUJLFHLDOHUJLLDOLPHQWDUHDWHVWR
OHJWXUHYLGHQWvQWUHDFHVWHEROLLYDFFLQXULOHGLQFRSLOULHvQVSHFLDO'73
LDQWLSROLR
6DREVHUYDWFSULQDPkQDUHDFXFkWHYDOXQLDYDFFLQXOXL'73DVF]XW
IUHFYHQDDVWPXOXLEURQLFFXSHVWHMXPWDWH
6WXGLLFRPSDUDWLYHODFRSLLYDFFLQDLLQHYDFFLQDL
D FRSLLLQHYDFFLQDLVXIHUPXOWPDLUDUGHDOHUJLLGHFkWFRSLLLYDFFLQDL
E ODFRSLLLYDFFLQDLFX'73SkQODYkUVWDGHDQLVHGXEOHD]QXP
UXOEROLORUDOHUJLFHFRPSDUDWLYFXFRSLLLQHYDFLQDL
F XQVWXGLXGLQ$XVWULDHIHFWXDWSHGHFRSLLQHYDFFLQDLDUDWXU
PWRUXOELODQGRDUVXIHUHDXGHRIRUPGHDOHUJLH IUQLFLXQFD]GH

+2GHOUDP0*UDQVWURP6+HGHQVNRJ.'XFKHQ%%MRUNVWHQ,PPXQRJORE
XOLQ(DQG*UHVSRQVHVWRSHUWXVVLVWR[LQDIWHUERRVWHULPPXQL]DWLRQLQUHODWLRQWRDWRS\
ORFDOUHDFWLRQVDQGDOXPLQLXPFRQWHQWRIWKHYDFFLQHV3HGLDWU$OOHUJ\,PPXQRO
 

),PDQL.(.HKRH,QIHFWLRQRIKXPDQ%O\PSKRF\WHVZLWK005YDFFLQHLQ
GXFHV,J(FODVVVZLWFKLQJ&OLQ,PPXQRO  

5.*XSWD%(5RVW(5HO\YHOG*56LEHU$GMXYDQWSURSHUWLHVRIDOXPLQL
XPDQGFDOFLXPFRPSRXQGV3KDUP%LRWHFKQRO

-0%UHZHU0&RQDFKHU&$+XQWHU00RKUV)%URPEDFKHU-$OH[DQGHU
$OXPLQLXPK\GUR[LGHDGMXYDQWLQLWLDWHVVWURQJDQWLJHQVSHFLF7KUHVSRQVHVLQWKHDE
VHQFHRI,/RU,/PHGLDWHGVLJQDOLQJ-,PPXQRO

)0DVFDUWHWDOORFFLW

.1DNDMLPD6&'KDUPDJH-%&DUOLQ&/:DUWRQHWDO,VFKLOGKRRGLPPXQL
]DWLRQDVVRFLDWHGZLWKDWRSLFGLVHDVHIURPDJHWR\HDUV"7KRUD[  

./0F'RQDOG6,+XT/0/L[HWDO'HOD\LQGLSKWKHULDSHUWXVVLVWHWDQXV
YDFFLQDWLRQLVDVVRFLDWHGZLWKDUHGXFHGULVNRIFKLOGKRRGDVWKPD-$OOHUJ\&OLQ,PPX
QRO  

5(QULTXH]:$GGLQJWRQ)'DYLV6)UHHOVHWDO7KHUHODWLRQVKLSEHWZHHQYDF
FLQHUHIXVDODQGVHOIUHSRUWRIDWRSLFGLVHDVHLQFKLOGUHQ-$OOHUJ\&OLQ,PPXQRO
  

 ( / +XUZLW] + 0RUJHQVWHUQ (IIHFWV RI G\SKWHULDWHWDQXVSHUWXVVLV RU WHWDQXV
YDFFLQDWLRQRQDOOHUJLHVDQGDOOHUJ\UHODWHGUHVSLUDWRU\V\PSWRPVDPRQJFKLOGUHQDQGDGR
OHVFHQWVLQWKH8QLWHG6WDWHV-0DQLSXODWLYH3K\VLRO7KHUDS)HE  

9$&&,185,/(35(9(1,(6$8%2$/



DVWPEURQLF LGRDUDYHDXRXRDUDWHQLHGHFLWDU3URFHQWHOHVXQW
IRDUWHPLFLFRPSDUDWLYFXVWDWLVWLFDQDLRQDOGLQ$XVWULDFDUHLDvQFDOFXO
WRLFRSLLLLQGLIHUHQWFVXQWVDXQXYDFFLQDL PDMRULWDWHDLQGYDFFLQDL 
LFDUHDUDWFGLQWUHFRODULVXIHUGHRIRUPGHDOHUJLHLGH
VLQGURPXO$'+'
6WDWLVWLFL vQJULMRUWRDUH vQ OXPH DWkW QXPUXO FkW L YDULHWDWHD DOHU
JLLORUFXQRDWHRFUHWHUHIUSUHFHGHQWvQWRDWHULOHLQGXVWULDOL]DWHMX
PWDWHGLQWUHDPHULFDQLVXIHUGHGLIHULWHWLSXULGHDOHUJLLDOHUJLLFXWDQDWH
GHUPDWLWHDOHUJLFH DOHUJLLDOHFLORUUHVSLUDWRULL ULQLWDDOHUJLFDVWPEURQ
LFDOHUJLF DOHUJLLDOLPHQWDUH DOHUJLHODSURWHLQHOHGLQODSWHOHGHYDFHWF 
Q5RPkQLDXQHOHEROLDOHUJLFHODFRSLLVDXGXEODWvQXOWLPLLDQLLDU
IUHFYHQDORUFUHWHvQFRQWLQXDUHvQWUXQPRGvQJULMRUWRU
%ROLOHDOHUJLFH
8QVLVWHPLPXQVQWRVUHDFLRQHD]vPSRWULYDDJHQLRUSDWRJHQLLQIHF
LRLLFXWRDWHFYDSURYRFDIHEUIULVRQLDOWHIHQRPHQHQHSOFXWHSULQ
GLVWUXJHUL WLVXODUH ORFDOH GDXQHOH SURGXVH VXQW SH GHSOLQ FRPSHQVDWH GH
UH]XOWDWHOH RELQXWH  YLQGHFDUH LVDX SUHYHQLUHD UHvPEROQYLULL &kQG
UHDFLDLPXQHVWHvQGUHSWDWvPSRWULYDXQRUDQWLJHQHLQRIHQVLYHVDXDDQWL
JHQHORUSURSULLHDGHYLQHGXQWRDUHFXPVHvQWkPSOvQUHDFLLOHDOHUJLFH
'HODUHDFWLLDOHUJLFHSkQODEROLDXWRLPXQHHVWHGRDUXQSDV
5HDFLLOHDOHUJLFHVDXGHKLSHUVHQVLELOLWDWHDDFXPDPY]XWVXUYLQOD
SHUVRDQHLPXQL]DWHDQWHULRUIDGHXQDQWLJHQvQPRPHQWXOUHH[SXQHULLOD
DFHODLDQWLJHQGRDUFUHDFLDHVWHXQDH[DJHUDWFDLQWHQVLWDWHLHVWHvQ
GUHSWDWvPSRWULYDXQXLDQWLJHQLQRIHQVLY'HFLYHGHPFvQSURGXFHUHDER
OLORUDOHUJLFHHVWHLQFULPLQDWvQVSHFLDOLPXQLWDWHDXPRUDOFXSDUWLFLSDUHD
OLPIRFLWHORU%IRUPDWRDUHGHDQWLFRUSL3ULQLQWHUPHGLXOYDFFLQXULORUHVWH
VWLPXODWWRFPDLDFHDVWLPXQLWDWH



'U&KULVWD7RGHD*URVV

D (F]HPDDWRSLF GHUPDWLWDDWRSLF
(VWHXQDGLQWUHFHOHPDLIUHFYHQWHDOHUJLLFXWDQDWHFDUHDIHFWHD]VXJDUXO
ODRUDDFWXDO
$XWRULLURPkQLDUDWLHLRLQFLGHQFUHVFXWDDFHVWHLDIHFLXQLvQWUXQ
VLQJXUGHFHQLXVDULGLFDWGHODODFXVSHFLFDUHDFHDDSDUH
OD SHUVRDQH DWRSLFH DOHUJLFH  L FX DQWHFHGHQWH IDPLOLDOH$IHFLXQHD HVWH
PDLIUHFYHQWODFRSLLLVXEDQLGDUFHOPDLDGHVHDGHEXWXOHVWHVHPQDODWOD
OXQLFRQFRPLWDQWFXLQWURGXFHUHDDOLPHQWDLHLVROLGH&XWRDWHDFHVWHD
VSXQ HL FDX]HOH VXQW PDL SXLQ FXQRVFXWH XQHOH GLQWUH HOH LQG DOHUJHQL
DOLPHQWDUL ODSWHGHYDF SQHXPRDOHUJHQL SUDIGHFDVSOHQHWF IDFWRUL
LULWDQL VSXQXUL SDUIXPXUL GHWHUJHQL HWF  ,QWHUHVDQW HVWH FRQFOX]LD OD
FDUHDMXQJLXQLLGLQWUHDXWRULURPkQL'HRDUHFHVHYHULWDWHDOH]LXQLORUFX
WDQDWHQXVHFRUHOHD]FXH[SXQHUHDODDOHUJHQLLODFDUHEROQDYXOSUH]LQW
UVSXQVXULSR]LWLYHLDUWHUDSLDGHGHVHQVLELOL]DUHHVWHLQHFLHQWVHFRQVL
GHUFSDWRJHQLDEROLLHVWHPDLFRPSOH[GHFkWDDOHUJLLORUH[SXVHDQWHULRU
DVRFLLQGHOHPHQWHGHDXWRLPXQLWDWH
&HHDFHHVWHPHUHXRPLVHVWHIDSWXOFODOXQLvQFHSHLYDFFLQDUHD
VXJDUXOXL&XWRDWHFPHGLFLQDDORSDWQXIDFHOHJWXUDGLQWUHHF]HPDDWR
SLFLYDFFLQXULOHDGPLQLVWUDWHVXJDUXOXLRDPHQLGHWLLQGLQ2FFLGHQWDX
SXWXWGRYHGLSUH]HQDXQRUHOHPHQWHGHDXWRLPXQLWDWHODDFHWLVXJDULDD
FXPELQHDXUHPDUFDWLSURIHVRULLURPkQL&HUFHWWRULLRFFLGHQWDOLFRQVLGH
UHF]HPDDWRSLFFDLQGRERDODXWRLPXQGHRJUDYLWDWHGHORFGHQH
JOLMDWvQFDUHVLVWHPXOLPXQVHDvQWUXQIRFFRQWLQXX7UDWDPHQWXO
FODVLFVLPSWRPDWLFFX&RUWL]RQDQWLELRWLFHIRWRWHUDSLHSVLKRWHUDSLHHWF
QX HVWH XQXO HFLHQW 'LQ DFHVW PRWLY SULQLL QX VXQW PXOXPLL L UHFXUJ
GHFHOHPDLPXOWHRULODWHUDSLLDOWHUQDWLYHFDUHVDXGRYHGLWDPXOWPDL
HFLHQWHGHRDUHFHQXWUDWHD]VLPSWRPHOHFLUHIDFVLVWHPXOLPXQLQWHVWLQDO
SULQGLIHULWHPHWRGH
UHIDFHUHDRUHLQRUPDOHDLQWHVWLQXOXL
GHWR[LHUHDFDWXOXLLDULQLFKLORUSULQHOLPLQDUHDPHWDOHORUQHXURWR
[LFHVLDOHUJL]DQWH SOXPEPHUFXUDOXPLQLX 


,ELGHP
,ELGHP

 KWWSZZZ\RUNWHVWURSGIQHXURGHUPLWLVSGI 'UUHUQDW6DELQH 3DXO 0|JOLFK
NHLWHQGHUGLIIHUHQ]LHUWHQ8UVDFKHQVXFKHIUHLQHQDFKWHLOLJH7KHUDSLH

 'U PHG 'LHWULFK .OLQJKDUGW 0 ' 3K ' XQG 'U 3DWULFLD .DQH 3K ' 9RU
WUDJ6FKZHUPHWDOOHXQGLKUH:LUNXQJDXIXQVHUH*HVXQGKHLW$XV]JHDXVGHU9RUOHVXQJ
DQ GHU (7+ =ULFK )DFKSXEOLNXP  $SULO  *HUPDQ\ KWWSZZZSRZHUIRUOLIH
FRP6FKZHUPHWDOO$XVOHLWXQJYRUWUDJKWPO



 3 &RUWLHO )UDJHERJHQ ]X PHLQHP XQJHLPSIWHQ .LQG  $XVZHUWXQJ 
ZZZLPSISRUWDOGHDNWXHOOIUDJHERIUDERDXVGRF

/+&RXOWHU,PSIXQJHQ'HU*URVVDQJULIIDXI*HKLUQXQG6HHOH$XDJH
+LUWKDPPHU9HUODJ*HUPDQ\

9&ULVWHDHWDORSFLW

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



WUDWDPHQWXOORFDODSUXULWXOXLLDLQDPDLHL
HOLPLQDUHDGLQDOLPHQWDLHDSURGXVHORUDOHUJLFH ODSWHGHYDFVXEVWDQ
HFKLPLFHD 
7DEORXFOLQLF
DSURDSHvQWRWGHDXQDERDODGHEXWHD]ODFRSLLLPLFLGHOXQL
HUXSLDHVWHSUXULJLQRDVLDSDUHVLPHWULFODQLYHOXOIHHLSHREUDMLOD
H[WUHPLWLLDUXQHRULGHYLQHGLVHPLQDW SHWRWFRUSXO 
ODFRSLLPDULLODDGXOLDSDUHPDLDOHVODJkWLSHSRULXQLOHH[RDUH
JUDWDMXOFUHHD]FRQGLLLGHVXSUDLQIHFLH LQIHFLLEDFWHULHQHFXVWDOR
FRF LYLUDOH KHUSHV 
/LWHUDWXUDGHVSHFLDOLWDWHPDLFRQVLGHUGUHSWFDX]LRSUHGLVSR]LLHD
LQGLYLGXOXLDIHFWDWGHDGH]YROWDXQSUXULWLDUOH]LXQLOHGHJUDWDMSRWMXFDXQ
UROPDMRUvQSDWRJHQLDHF]HPHLDWRSLFH0DLH[LVWLDQRPDOLLFKLPLFHDOH
SLHOLL(VWHRLSRWH]vQYHFKLWLQUPDWLGHUH]XOWDWHOHSR]LWLYHRELQXWH
vQXUPDWUDWDPHQWHORUDOWHUQDWLYHFXPDUFHOGHGHWR[LHUHDRUJDQLVPXOXL
GHPHWDOHJUHOH3HQWUXRYLQGHFDUHFRPSOHWDHF]HPHLDWRSLFHYDFFLQDUHD
HVWH FRQWUDLQGLFDW GHRDUHFH YDFFLQXULOH QX GRDU DJUDYHD] HF]HPD FL R
LSURYRDFSULQFRQLQXWXOvQPHWDOH DOXPLQLXPHUFXU LDOWHVXEVWDQH
DOHUJL]DQWH
E 5LQLWDDOHUJLF
QFvQDQLLSURI'U*HRUPQHDQXVFULDGHVSUHULQLWDDOHUJLFFD
LQGFHDPDLIUHFYHQWWXOEXUDUHDOHUJLFDWRSLFDIHFWkQGFLUFDGLQ
SRSXODLDJHQHUDO%RDODVHSRDWHPDQLIHVWDvQWRWFXUVXODQXOXL QHSHULRGLF 
VDXSHULRGLFVH]RQLHU IHEUDGHIkQ GDUSRDWHLPL[WFkQGSHXQ
IRQGGHULQLWSHUPDQHQWDSDUH[DFHUEULDOHEROLL$PGLQDFHOHDLVXUVH
FERDODSRDWHDSDUHODRULFHYkUVWLQFOXVLYODVXJDUXOGLQSULPHOHOXQL
GHYLDGDUGHRELFHLGHEXWHD]FWUHVIkULWXOSULPXOXLDQVDXvQSULPLL
DQLGHYLD6HSURGXFHSULQWUXQPHFDQLVPLPXQKLSHUVHQVLELOLWDWHGH
WLS,FXDQWLFRUSL,J(FLUFXODQL$OHUJHQHOH DQWLJHQHOH FDUHLQGXFDFHDVW
DOHUJLHVXQWSUDIXOGHFDPHUSUXOGHDQLPDOHLSROHQXO7UHEXLHvQHOHV
IDSWXOFQXDOHUJHQHOHVXQWFDX]DEROLLFLUHDFLDLPXQH[DJHUDWDGLF
XQVLVWHPLPXQGH]HFKLOLEUDWQPRGRELQXLWDOLPHQWHOHQXIDFSDUWHGLQWUH
DFHVWHDOHUJHQH$QWLFRUSLL,J(YRULQGXFHRWXPHIDFLHLURHDDPXFRDVHL


9&ULVWHDRSFLW
 0 *HRUPQHDQX , *KHUJKLQD ,PXQLWDWHD L %ROLOH LPXQLWDUH OD FRSLL (GLWXUD
0HGLFDO%XFXUHWL

,ELGHP




'U&KULVWD7RGHD*URVV

QD]DOH&OLQLFVLPSWRPHOHFRQVWDXvQREVWUXFLHQD]DOFXVDXIUVHFUHLH
VHURDV ULQRUHH 0XOLEROQDYLFXULQLWDOHUJLFSUH]LQWLKLSHUUHDFWLYLWDWH
EURQLF +5% FXREVWUXFLDEURQKLLORUPLFLGDUGLQWUHDFHWLDQXDX
VHPQHGHDVWPEURQLF$WkWvQIRUPDVH]RQLHUFkWLvQFHDQHSHULRGLF
VLPSWRPHOHVXQWPDLDFFHQWXDWHGLPLQHDDFXVWUQXWvQURLUHDRFKLORUVHQ
]DLDGHXVFFLXQHvQJkWLDUHVXWXOOLPIDWLFUHJLRQDOHVWHLQDPDWJDQ
JOLRQLLOLPIDWLFLSROLSLQD]DOLLDPLJGDOHOH&RPSOLFDLLOHIUHFYHQWHVXQW
VLQX]LWDLRWLWDPHGLHVHURDVFXVFGHUHDDX]XOXL7UDWDPHQWXODORSDWFRQ
VWvQDQWLKLVWDPLQLFHLFRUWLFRVWHURL]LSHQWUXX]WRSLF ORFDO LDUvQFD]XUL
VHYHUH3UHGQLVRQ &RUWL]RQ RUDO([LVWWUDWDPHQWHDOWHUQDWLYHSHQWUXULQLWD
DOHUJLFLDUSULQLLDSHOHD]WRWPDLGHVODDVHPHQHDWHUDSLLIUHIHFWHVH
FXQGDUHQHGRULWH
F $VWPXOEURQLF
$VWPXOHVWHRERDOFURQLFREVWUXFWLYLGLIX]DEURQKLLORUPLFLFDUH
VHFDUDFWHUL]HD]SULQFUL]HUHSHWDWHUHYHUVLELOHGHGLVSQHH WXOEXUDUHUHVSLUD
WRULH FXXQ]JRPRWFDUDFWHULVWLF ZKHH]LQJ LWXVH$VWPXOSRDWHDOHUJLF
H[WULQVLF FkQGUHDFLLOHDOHUJLFHMRDFXQUROLPSRUWDQWVDXQHDOHUJLF LQWULQ
VLF FkQGQXDYHPFUHVFXWH,J(LDUWHVWHOHFXWDQDWHODDOHUJHQHVXQWQHJDWLYH
$FHDVWXOWLPIRUPDPDLIRVWGHQXPLWGLVSQHHDVWPDWLIRUP([LVWL
IRUPHPL[WHFDUHVXQWPDLIUHFYHQWHODYkUVWHIRDUWHPLFLQDQLLLQFL
GHQDDVWPXOXLHUDGHMDFUHVFXWODGLQWUHFRSLLLGLQDULQGXQDGLQWUH
FHOHPDLIUHFYHQWHEROLFURQLFHDOHFRSLOULHLDUP'U*HRUPQHDQX
'HDWXQFLLSkQODRUDDFWXDOIUHFYHQDDVWPXOXLEURQLFDvQUHJLVWUDW
vQvQWUHDJDOXPHRFUHWHUHGUDPDWLFPDLDOHVLQUkQGXOFRSLLORU
vQ(XURSDIUHFYHQDDFUHVFXWGHRUL
vQ*HUPDQLDvQ]LXDGHD]LGXSVWXGLLOHGU0LOO\6FKlU0DQ]ROLL'U
)ULHGULFK*UDIVXIHUXQXOGLQFRSLLGHDVWPEURQLFGLQFRSLLFDUH
vQFHSFRDOD DQL VXIHUGHRDOHUJLH
vQ$PHULFDPRUWDOLWDWHDGDWGHDVWPDFUHVFXWGHDSURDSHGRXRULvQWUH
DQLL


,ELGHP
,ELGHP

,ELGHP

 'U ,QJ -RDFKLP *UlW] (QFHSKDORSDWKLH  8QDEGLQJEDUH )ROJHQ YRQ ,PSIXQJHQ
7LVDQL9HUODJ*HUPDQ\

 :+2 +HOS RXU FKLOGUHQ EUHDWKHUVW ZRUOG DVWKPD GD\ ODXQFKHG :+2 E
3UHVVUHOHDVHKWWSZZZZKRLQWLQISUHQSUKWPO


9$&&,185,/(35(9(1,(6$8%2$/



&DX]HOHDVWPXOXLEURQLF
0HGLFLQDFODVLFDvQFHUFDWVH[SOLFHFDX]HOHSRVLELOHDOHDVWPXOXLGDU
QLFLODRUDDFWXDOQXVHFXQRDWHFDUHVXQWDFHVWHDH[LVWkQGGRDULSRWH]H
IDFWRULLJHQHWLFLDUDYHDXQUROLPSRUWDQWDOWXULGHDOLIDFWRULH[
WHUQLvQDSDULLDEROLL
DVWPXOSRDWHSURYRFDWGHRPDUHYDULHWDWHGHIDFWRUL IUFDDFHV
WHDVFRQVWLWXLHFDX]DEROLL VXEVWDQHLULWDQWHH[HUFLLXO]LFLQIHFLDL
IDFWRULLHPRLRQDOL '63HDUOPDQ 
7RDWH DFHVWH LSRWH]H SUHFXP L DOWHOH PDL UHFHQWH LSRWH]D LJLHQHL
LSRWH]DVXSUDVROLFLWULLVLVWHPXOXLLPXQSULQSROXDUHDDHUXOXLDDSHLHWF
QXSRWH[SOLFDQLFLSHGHSDUWHFUHWHUHDH[SRQHQLDODFD]XULORUGHDVWPGLQ
XOWLPLLDQLFLXQSURFHQWPD[LPGHUHVWXOLQGGHDOWQDWXU
&DX]DFHDPDLIUHFYHQWDDVWPXOXLDOHUJLFODFRSLLUPkQYDFFLQXULOH
8QFRSLOFDUHDUHXQGHFLWLPXQVDXDUHXQWLWUXFUHVFXWGH,J(QXDUWUHEXL
YDFFLQDWQLFLRGDW'DULODFRSLLVQWRLQXPUXOPDUHGHYDFFLQXULSRDWH
SURYRFDvQWLPSRULFHERDODOHUJLFLQFOXVLYDVWPXOEURQLFDOHUJLF YH]L
FDS 
)RORVLQGLQKDODLLFX*OXWDWLRQ'U.OLQJKDUGWDYLQGHFDWFXVXFFHVPXO
WHFD]XULGHDVWPEURQLFWUDWDPHQWXOLQGGHVSWPkQL*OXWDWLRQXO
[HD]PHUFXUXOGLQQHXURQLLGHODQLYHOXOSOPkQXOXLLOHOLPLQYLQGHFkQG
DVWPXOEURQLF$FHDVWDHVWHvQFRGRYDGFODUFLDVWPXOEURQVLFHVWHR
ERDO DXWRLPXQ SURYRFDW GHVHRUL GH LQWR[LFDLD FX PHUFXUXO FRQLQXW vQ
YDFFLQXUL
G %ROLDOHUJLFHDOLPHQWDUH
*HQHUDOLWL
$OHUJLLOH DOLPHQWDUH FDUDFWHUL]DWH SULQWUXQ UVSXQV LPXQ H[DJHUDW OD
DOHUJHQLLLQJHUDLVHFODVLFGXSUHDFLDLPXQRORJLFvQGRXFDWHJRULL
D PHGLDWHGH,J(FXGHEXWUDSLGKLSHUVHQVLELOLWDWHWLS,
E  QRQ,J( GH FDX]H LPXQRORJLFH DQWLFRUSL DXWRDQWLFRUSL FRPSOH[H
LPXQH ELRFKLPLFH WR[LFHLULWDWLYHHWF SVLKRORJLFH
2EVHUYPODDFHDVWFODVLFDUHFDOHUJLLOHDOLPHQWDUHDXODED]UHDF
LLLPXQHDQRUPDOHGLQWUHFHOHPDLJUDYH  LQFOXVLYUHDFLLDXWRLPXQH E
QRQ,J( FDUHDIHFWHD]vQWUHJXORUJDQLVP(VWHPRWLYXOSHQWUXFDUHUHDFLLOH



'U&KULVWD7RGHD*URVV

DGYHUVHODDOLPHQWHSRWSURYRFDQXGRDUPDQLIHVWULGLJHVWLYHFLLVLPSWR
PHFXWDQDWHUHVSLUDWRULLLQHXURORJLFH
6DREVHUYDWFVXJDULLPLFLDXXQGHFLW]LRORJLFGH,J$VHFUHWRU DQ
WLFRUSLFDUHVHDODQLYHOXOLQWHVWLQXOXLLODSUGHDQWLJHQHVWULQH vQ
OHVQLQGSHQHWUDUHDPXFRDVHLLQWHVWLQDOHGHFWUHDOHUJHQHGDFH[LVWLXQ
WHUHQDWRSLF6XJDUXOVLQWHWL]HD]DQWLFRUSLL,J$GHMDGLQDDVSWPkQ
GDUIRDUWHvQFHWDVWIHOFHLDWLQJGLQYDORULOHQRUPDOHDDGXOWXOXLDELD
ODVIkULWXOFHOXLGHDOGRLOHDDQGHYLD&HHDFHDXREVHUYDWDXWRULLVWULQL
HVWH IDSWXO F OD GHFLWXO ]LRORJLF DO VXJDUXOXL VH DGDXJ L XQ GHFLW
FkWLJDWGREkQGLW GH ,J$ VHFUHWRU FDUH VH GDWRUHD] vQ VSHFLDO PHWDOHORU
PHUFXUDOXPLQLXSOXPEHWF GLQYDFFLQXUL/DWRDWHDFHVWHDVHSRWDG
XJD YLUXVXULOH L EDFWHULLOH IRORVLWH vQ YDFFLQXUL LDU IDSWXO F PHWDOHOH
JUHOHVXEVWDQHLPXQRWR[LFH LQIHFLLOHYLUDOH UHWURYLUXVXULYLUXVUXMHROLF
HWF LEDFWHULHQHFURQLFH %&*HWF SRWRFDX]DGHFLWXOXLFkWLJDWGH
,J$VHFUHWRUHVWHUHFXQRVFXWLGHFWUHDXWRULLURPkQL 7DEHOXO9,, 
0XFRDVDLQWHVWLQDODVXJDUXOXLLQGGHVFRSHULWvQIDDPLFURELORUDWR[L
QHORULDPHWDOHORUJUHOHGLQYDFFLQXULGLQFDX]DGHFLFWXOXLGH,J$VHFUHWRU
QXYDPDLSXWHDH[HUFLWDUROXOHLGHEDULHUvQIDDDFHVWRUDLDUVXJDUXOVHYD
vPEROQYL8QVXJDUFDUHQXDIRVWDOHUJLFODODSWHGHYDFSRDWHGHYHQL
DOHUJLFODODSWHGXSYDFFLQDUHDUP+DUULV&RXOWHU
$OHUJLDODSURWHLQHOHGLQODSWHOHGHYDFHVWHFHDPDLIUHFYHQWDOHUJLH
DOLPHQWDUODVXJDULLVHPDQLIHVWSULQ
GXUHULDEGRPLQDOHJUHXULYUVWXULLGLDUHH XQHRULFXVkQJH DSUXWH
ODPLQXWHGXSLQJHUDUHDODSWHOXLQIRUPHJUDYHvQWLPSGHRUH
EROQDYXOGHYLQHKLSRWHQVLYSUH]LQWVWDUHGHRFLSRDWHVPRDUSULQVWRS
FDUGLRUHVSLUDWRU
ODVXJDULLFRSLLPLFLH[SXQHUHDvQFRQWLQXDUHODODSWHGHYDFGXFH
ODDQHPLHSULQSLHUGHUHGHVkQJHSULQVFDXQHGHPHJHQHUDOL]DWHDQRUH[LH
VFDXQHYROXPLQRDVHLUXPLURVLWRDUHPDODEVRUELHSLHUGHUHvQJUHXWDWHL
vQWkU]LHUHvQFUHWHUH
6D FRQVWDWDW F QX HVWH VXFLHQW vQWUHUXSHUHD DOLPHQWDLHL FX ODSWH
GH YDF D VXJDUXOXL SHQWUX DPHOLRUDUHD VLPSWRPHORU GLJHVWLYH L UHYHQL
UHDODQRUPDODFXUEHLSRQGHUDOHLVWDWXUDOHFLHVWHQHFHVDUvQWUHUXSHUHD




0*HRUPQHDQXRSFLW

,ELGHP

'UPHG'LHWULFK.OLQJKDUGWHWDORSFLW$SULO

9&ULVWHDRSFLW

,ELGHP
0*HRUPQHDQXRSFLW

'UPHG'LHWULFK.OLQJKDUGWHWDORSFLW$SULO

9&ULVWHDRSFLW

,ELGHP


9$&&,185,/(35(9(1,(6$8%2$/



YDFFLQXULORUFDUHFUHVFvQFRQWLQXDUHULVFXOODDOWHEROLDOHUJLFH$OLFRSLL
QXVXQWDOHUJLFLGHODQDWHUHODODSWHOHGHYDFGDUGHYLQDOHUJLFLGXSYDF
FLQDUHQDPEHOHVLWXDLLHLYRUGH]YROWDDOHUJLLQRLFkQGYRUFUHWHLYRU
YHQLvQFRQWDFWFXGLIHULLDOHUJHQLGLQPHGLXOvQFRQMXUWRU
9DFFLQXULOH QX GRDU DFFHQWXHD] DOHUJLD OD ODSWH GH YDF FL R L
SURYRDF
([HPSOX0LDPGXVFRSLOXOODPHGLFLQGFWXHDIRDUWHWDUH,VDX
IFXWWHVWHLVDFRQVWDWDWFHUDDOHUJLFODODSWHOHGHYDF$IRVWQHYRLHVL
VFKLPEPDWXQFLODSWHOHGHYDFFXODSWHGHVRLD'DUQXODVXSRUWDWQLFL
SHDFHVWDDDFDPWUHFXWSHODSWHGHFDSU'RDUGXSYDFFLQXOFX'73D
GHYHQLWDOHUJLFODODSWH YH]LFDS 
&RQFOX]LHREVHUYPFDOHUJLLOHLEROLOHDOHUJLFHVXQWGHVHRULRWUH
FHUH VSUH EROLOH DXWRLPXQH 0DMRULWDWHD EROLORU DOHUJLFH DX L HOHPHQWH
DXWRLPXQH3UHYHQLUHDORUHVWHFHDPDLLQGLFDWSULQVLVWDUHDYDFFLQXULORU
'DFDFHVWHDVDXHIHFWXDWGHMDWUDWDUHDLYLQGHFDUHDDOHUJLLORULEROLORU
DOHUJLFH vQF GH OD GHEXW HVWH IRDUWH LPSRUWDQW SHQWUX D SUHYHQL DSDULLD
XQHLEROLDXWRLPXQH6DREVHUYDWFRERDODXWRLPXQDWUDJHGXSVLQH
GHRELFHLLDOWHEROLDXWRLPXQH DVRFLDWH QHYLQGHFDELOHGHUHJXOFXWUD
WDPHQWHDORSDWH
%ROLOHDXWRLPXQH
$XWRLPXQLWDWHDHVWHRUHDFLHLPXQGREkQGLWGLULMDWvPSRWULYDSURSULL
ORUDQWLJHQH$WXQFLFkQGDFHDVWUHDFLHSURYRDFOH]LXQLDOHHVXWXULORUYRU
ELPGHEROLDXWRLPXQH&XDOWHFXYLQWHVLVWHPXOLPXQDORUJDQLVPXOXLQX
PDLUHFXQRDWHVWUXFWXULOHOXLSURSULL VHOI FLOHYDFRQVLGHUDVWULQH QRQVHOI 
OHYDDWDFDLOHYDGLVWUXJH&kQGUHDFLDDXWRLPXQHVWHvQGUHSWDWvQSRWULYD
XQXLVLQJXUHVXWVDXRUJDQFXOH]DUHDDFHVWRUDYRUELPGHERDODXWRLPXQ
RUJDQVSHFLFLDUFkQGHVWHvQGUHSWDWvPSRWULYDPDLPXOWRUWLSXULGHFHOXOH
DSDULQkQGXQRUHVXWXULVDXRUJDQHGLIHULWHYRUELPGHERDODXWRLPXQVLV
WHPLF VDX QHVSHFLF GH RUJDQ &DX]HOH VXQW PXOWLIDFWRULDOH FRQIRUP
OLWHUDWXULLGHVSHFLDOLWDWH3ULQWUHDFHVWHFDX]HQXVHHQXPDULYDFFLQXULOH
9LQGHFDUHD EROLORU DXWRLPXQH HVWH GH UHJXO LPSRVLELO 7UDWDPHQWXO
HVWH XQXO SDOHDWLY WUDWHD] GDU QX YLQGHF  7HUDSLD DFHVWRU EROL D UPDV


+/&RXOWHURSFLW
,ELGHP

9&ULVWHDRSFLW

,ELGHP




'U&KULVWD7RGHD*URVV

QHPRGLFDWSkQvQ]LOHOHQRDVWUHFkQGVHDGPLQLVWUHD]LPXQRGHSUHVLYH
&RUWL]RQ HWF  WUDWkQGXVH GRDU VLPSWRPHOH QX L FDX]D 3HQWUX XQ WLPS
VFXUWHOHVXQWPHGLFDPHQWHH[WUDRUGLQDUHFDUHDFLRQHD]UDSLGLHFLHQW
GDU SHQWUX R SHULRDG PDL OXQJ GH WUDWDPHQW L vQ GR]H PDUL HOH VXQW
GLVWUXJWRDUHUHODWHD]ELRORJXO8OULFK%DKQVHQFDUHDXUPDWXQDVWIHOGH
WUDWDPHQW
'HLLQFLGHQDEROLORUDXWRLPXQHHVWHvQWURFUHWHUHFRQWLQXvQXOWLPLL
DQLUVSkQGLUHDORUSHJOREHVWHQHXQLIRUP6HREVHUYRFUHWHUHDODUPDQW
DEROLORUDXWRLPXQHvQULOHGH]YROWDWHLQGXVWULDOvQVSHFLDOvQUkQGXOFRSL
LORU(VWHYRUEDGHGLDEHWXO]DKDUDWWLSERDOD&URKQVFOHUR]PXOWLSOEROL
UHXPDWLFHFURQLFHD
QSURGXFHUHDEROLORUDXWRLPXQHUROXOFHOPDLLPSRUWDQWvLUHYLQHVLV
WHPXOXLLPXQFHOXODU7K DOLPIRFLWHORU7 6SUHGHRVHELUHGHDOHUJLHVDX
ERDODOHUJLFDXWRLPXQLWDWHDHVWHXQIHQRPHQIRDUWHULVFDQWLQXOPDL
SXWHPFRPSDUDFXXQDQWLHUGHOXFUXXQGHVHUHSDURVWULFFLXQHFLHVWH
YRUEDGHRDGHYUDWH[SOR]LHFDUHVHH[WLQGHSHVWHWRW$PGLQFUL
OHQRDVWUHGH,PXQRORJLHXQOXFUXGHMDFXQRVFXW0HFDQLVPHOHFDUHVWDX
OD ED]D UHDFLLORU DXWRLPXQH QX VXQW vQF VXFLHQW VWXGLDWH$D FXP
QHDPRELQXLWGHMDFULOHGHPHGLFLQVXQWSOLQHGHLSRWH]HLDUEROLOHDX
WRLPXQHQXIDFH[FHSLHGHODUHJXO3RDWHPDLPXOWGHFkWvQFD]XORULFUHL
DOWH DIHFLXQL DX IRVW HPLVH PDL PXOWH LSRWH]HWHRULL SHQWUX EROLOH DXWRL
PXQH WHRULD PLPHWLVPXOXL PROHFXODU VSUH H[HPSOX SHUHWHOH VWUHSWR
FRFXOXLLHVXWXOFDUGLDFVHDVHDPQLPXQRORJLFLDURUHDFLHvQFUXFLDW
YDGXFHODIHEUDUHXPDWLF5$$ WHRULDGHFLWXOXLLPPXQRORJLFD
$PDPLQWLWGRDUDFHVWHGRXWHRULLFDUHSRWH[SOLFDFHOPDLELQHIHQRPHQXO
DXWRLPXQLWLL2DVHPQDUHLPXQRORJLF FRQIRUPWHRULHLPLPHWLVPXOXL
PROHFXODU SRDWHH[LVWDLvQWUHDQWLJHQHOHGLQYDFFLQLGLIHULWHHVXWXUL
DOHRUJDQLVPXOXLFHHDFHGXFHODXQDWDFvPSRWULYDSURSULLORUVWUXFWXUL
LDSDULLDEROLORUDXWRLPXQH5HIHULWRUODWHRULDGHFLWXOXLLPXQR


8OULFK%DKQVHQ'LH$QJVWYRUGHU'XQNHOKHLW'LH=HLW
-)%DFK7KH(IIHFWRI,QIHFWLRQVRQ6XVFHSWLELOLW\WR$XWRLPPPXQHDQG$OOHUJLF
'LVHDVH 5HYLHZ 1(QJO-0HG

%(KJDUWQHURSFLW

9&ULVWHDRSFLW

,ELGHP

 + %UDQGLV + - (JJHUV : .|KOHU 0HGL]LQLVFKH 0LNURELRORJLH *XVWDY)LVFK
HU9HUODJ6WXWWJDUW$XDJH

$%XUWRQ6:DLVEUHQ$FTXLUHGDXWRLPPXQLW\DIWHUYLUDOYDFFLQDWLRQLVFDXVHGE\
PROHFXODUPLPLFU\DQGDQWLJHQFRPSOLPHQWDULW\LQWKHSUHVHQFHRIDQLPPXQRORJLFDGMX


9$&&,185,/(35(9(1,(6$8%2$/



ORJLFSHUVRQDOFUHGvQXUPDFLWLULLDQXPHURDVHORUVWXGLLWLPSGHFkLYD
DQLFHVWHFHDPDLvQPVXUVH[SOLFHFHHDFHSURYRDFYDFFLQXULOHL
PDLDOHVFHVHvQWkPSOvQWURERDODXWRLPXQ$PGLQOLWHUDWXUDGHVSH
FLDOLWDWHFDFHDVWWHRULHSUHVXSXQHFHHDFHDXREVHUYDWLDXWRULLVWULQL
FHOXOHOHLPXQHDXWRDJUHVLYHQXPDLVXQWEORFDWH VHSLHUGHWROHUDQDLPX
QRORJLF  L YRU DWDFD SURSULLOH VWUXFWXUL FX LQGXFHUHD EROLL DXWRLPXQH
WLPGHVSUHWROHUDQDLPXQRORJLFFHVWHXQSURFHVDFWLYFDUHGXFHvQ
PRG QRUPDO OD LQDFWLYDUHD OLPIRFLWHORU DXWRUHDFWLFH SULQ HOLPLQDUHD ORU
LUHYHULVLELO VDX SULQ LQKLELLD ORU  L SUHYLQH DVWIHO UHDFLLOH L EROLOH DX
WRLPXQH5ROXOOLPIRFLWHORUDXWRUHDFWLYHDIRVWGHPRQVWUDWH[SHULPHQWDO
SULQLQRFXODUHDODDQLPDOHGHDQWLJHQHSURSULLFXPDIRVWFD]XOIUDJPHQWH
ORUGHWLURLGVDXDSURWHLQHLPLHOLQLFHED]LFH 0%3 XUPDWHGHLQVWDODUHD
WLURLGLWHL VDX HQFHIDOLWHL DXWRLPXQH L GH SUH]HQD GH FHOXOH DXWRUHDFWLYH
vQRUJDQLVPHOHDQLPDOHORULQRFXODWH0DLFLWLPFPHFDQLVPHOHFDUH
VWDXODED]DUHDFLLORUDXWRLPXQHQXVXQWvQFVXFLHQWFXQRVFXWH'DF
WROHUDQDHVWHVWDUHDQRUPDOFXPHVWHHDGUkPDWvQEROLOHDXWRLPXQH"
$XIRVWHPLVHGLIHULWHLSRWH]HFDUHvQFHDUFH[SOLFDUHDORUGDUQLFLXQDQX
HVWHVXVLQXWvQWRWDOLWDWHDHLGHGRYH]LFDWHJRULFH
5VSXQVXOODDFHDVWvQWUHEDUHVDJVLWGHPXOWGDUGHFWUHRPLQRULWD
WHGHRDPHQLGHWLLQPHGLFLLFHUFHWWRUL(OQXHVWHUHFXQRVFXWGHFHLFDUH
QDQHD]PDUHDPDMRULWDWHDVWXGLLORUPHGLFDOH VDXSRDWHWRDWH LQGXVWULD
FKLPLFLIDUPDFHXWLF
&DX]HOHEROLORUDXWRLPXQHOHFRQVWLWXLHGHVHRULYDFFLQXULOHGLQFRSLOULH
9DFFLQXULOHDDFXPDPY]XWSURGXFRVFKLPEDUH UVWXUQDUH IRUDW
DUVSXQVXOXLLPXQFHOXODUGHOD/7KOD/7KDGLFGHODUVSXQVXOLPXQ
FHOXODU /7KVXQWFHOXOHOLPIRFLWDUH7FDUHDFWLYHD]UVSXQVXOLPXQFHOX
ODU ODUVSXQVXOLPXQXPRUDOVDQJXLQ /7KVXQWOLPIRFLWH7FDUHDFWLYHD]
OLPIRFLWHOH%SURGXFWRDUHGHDQWLFRUSLSUH]HQWHvQVkQJH 'H]HFKLOLEUXO
GLQWUHFHOHGRXWLSXULGHLPXQLWDWHHVWHLQGXVGHSUH]HQDDQWLJHQXOXL YLUDO
EDFWHULDQ HWF  DO DGMXYDQLORU DOXPLQLX PHUFXU HWF  GDU L DO FHORUODOWH
FRPSRQHQWH VWULQH GLQ YDFFLQ &kQG VH VWULF DFHVW HFKLOLEUX L SUHGRPL
Q LPXQLWDWHD XPRUDO DUH ORF LQGXFHUHD XQXL UVSXQV LPXQ H[DJHUDW FX
IRUPDUHGHDQWLFRUSLvQH[FHV KLSHULPXQL]DUH FXULVFXOGHDQXUHFXQRDWH
YDQWDQGVSHFLF+/$SDWWHUQV0HGLFDO+\SRWKHVHV

9&ULVWHDHWDORSFLW

,ELGHP

,ELGHP



'U&KULVWD7RGHD*URVV

QLFLVXEVWDQHOHSURSULLGDUQLFLSHFHOHVWULQHLLQRIHQVLYHVDXFKLDUXWLOH
SUHFXPDOLPHQWHOHRELQXLWH ODSWH DQXPLWHSDUWLFXOHGLQDHUHWFQIHOXO
DFHVWDVHSURGXFEROLOHDOHUJLFHLEROLOHDXWRLPXQH
0DUWLQXF3RURELF  DREVHUYDWODVWXGHQLVQWRLYDFFLQDLvP
SRWULYDKHSDWLWHL%RFUHWHUHDXQRUDXWRDQWLFRUSLvQSULPHOHOXQLGXSDG
PLQLVWUDUHD YDFFLQXOXL 'XS DFHVW YDFFLQ PDL PXOL DXWRUL DX FRQVWDWDW R
FUHWHUHDEROLORUDXWRLPXQHQHXURORJLFHPDLDOHVVFOHUR]DPXOWLSO:DKO
EHUJ  REVHUYFGXSYDFFLQXO+LEFRSLLLvQYkUVWGHDQGH]YROW
DQWLFRUSL *$'$,$$ vPSRWULYDFHOXOHORUSDQFUHDWLFHFDUHVHFUHWLQVX
OLQDFXUROvQUHJODUHDJOLFHPLHL6FGHUHDVHFUHWLHLLQVXOLQLFHGXFHODDSDUL
LDGLDEHWXOXL]DKDUDWWLS&RSLLLFXRSUHGLVSR]LLHJHQHWLFGH]YROWvQ
XUPDYDFFLQXULORUIUHFYHQWEROLDXWRLPXQHQHXURORJLFH$DFXPYRP
YHGHD vQ FRQWLQXDUH FKLDU L IU R SUHGLVSR]LLH JHQHWLF YDFFLQXULOH SRW
LQGXFHEROLDXWRLPXQHLQFOXVLYQHXURORJLFH
$GMXYDQLLGLQYDFFLQXULSUHFXPDOXPLQLXOL0)GLQYDFFLQXODQWLJUL
SDOSRWSURYRFDEROLDXWRLPXQH5DYHOVFULHvQWUXQUH]XPDWDOVWXGLX
OXLVX5H]XOWDWHOHQRDVWUHVXVLQLSRWH]DFRQIRUPFUHLDYDFFLQXULOHFUHVF
ULVFXODSDULLHLEROLORUDXWRLPXQHODLQGLYL]LLFXRSUHGLVSR]LLHJHQHWLF3H


0+LUWHRSFLW
-:DKOEHUJ-)UHGULNVVRQ29DDUDOD-/XGYLJVVRQHWDO9DFFLQDWLRQV0D\,Q
GXFH'LDEHWHV5HODWHG$XWRDQWLERGLHVLQ2QH<HDU2OG&KLOGUHQ$QQ1<$FDG6FL


 0 0RQWLQDUL 5ROH RI LPPXQRJHQHWLFV LQ WKH 'LDJQRVLV RI 3RVWYDFFLQDO &16 3D
WKRORJ\3UVHQWDWLRQLQ1HDSHOWRWKH$VVRFLD]LRQHSHUOD/LEHUD8QLYHUVLWD,Q
WHUQDWLRQDOHGL0HGLFLQD2PHRSDWLFD6DPXHO+DKQHPDQQ /8,02 KWWSZZZWUXID[
RUJYDFFLQHFRXOWHUKWPO

-%UDGVWUHHW%LRORJLFDOHYLGHQFHRIVLJQLFDQWYDFFLQHUHODWHGVLGHHIIHFWVUHVXOWLQJ
LQQHXURGHYHORSPHQWDOGLVRUGHUV3UHVHQWDWLRQWRWKH9DFFLQH6DIHW\&RPPLWWHHRIWKH,Q
VWLWXWHRI0HGLFLQH7KH1DWLRQDO$FDGHPLFVRI6FLHQFHKWWSZZZQDWLRQDODX
WLVPDDVVRFLDWLRQRUJSGI,20%UDGVWUHHWSGI

7*.LPPDQ5LVNVFRQQHFWHGZLWKWKHXVHRIFRQYHQWLRQDODQGJHQHWLFDOO\HQJL
QHHUHGYDFFLQHV9HWHULQDU\4XDUWHUO\4XDN7,PSIXQJXQG
,PSIIROJHQ
KWWSRXUZRUOGFRPSXVHUYHFRPKRPHSDJHV326FKQHLGHU/LQNVLPSIXQJHQSGI

06DWRK<.XURGD+<RVKLGD.0%HKQH\,QGXFWLRQRIOXSXVDXWRDQWLERGLHV
E\DGMXYDQWV-$XWRLPPXQ  

*5DYHO0&KULVW)+RUDQG-'HVFRWHV$XWRLPPXQLW\HQYLURQPHQWDOH[SRVXUH
DQGYDFFLQDWLRQLVWKHUHDOLQN"7R[LFRORJ\  

6+DYDULQDVDE3+XOWPDQHWDO ,PPXQRVXSSUHVVLYHDQGDXWRLPPXQHHIIHFWVRI
WKLPHURVDOLQPLFH7R[LFRO$SSO3KDUPDFRO$SU  KWWSZZZQFEL
QOPQLKJRYSXEPHG


9$&&,185,/(35(9(1,(6$8%2$/



GHDOWSDUWHFKLDULIUQLFLRSUHGLVSR]LLHJHQHWLFVLVWHPXOLPXQDOVXJD
UXOXLSRDWHUHDFLRQDvQWUXQPRGH[DJHUDWIDGHYDFFLQXULSURYRFkQGEROL
DXWRLPXQH,PXQRORJLUHQXPLLSUHFXP6KRHQIHOG  L7LVKOHU  
YRUEHVFGHVSUHSDUWHDXUkWDYDFFLQXULORULDWUDJDWHQLDDVXSUDIDSWXOXL
FYDFFLQXULOHMRDFXQUROLPSRUWDQWFDLDFWRULvQPR]DLFXODXWRLPXQLWLL
5HYLHZYRQ9LDO  DMXQJHLHOODFRQFOX]LDFRSRVLELOOHJWXUGLQWUH
YDFFLQXULLEROLOHDXWRLPXQHQXSRDWHH[FOXVGHQRLODLQQLWLDUWUHEXL
DQDOL]DWFXRPDLPDUHDWHQLHGHFWUHSURGXFWRULLGHYDFFLQXUL
%ROLOHDXWRLPXQH FHOHPDLIUHFYHQWH LQGXVHGHYDFFLQXUL
D %RDODFHOLDF &HOLDFKLD(QWHURSDWLDFXDOHUJLHODJOXWHQVSUXHQHWUR
SLFDOD
$UHPDLPXOWHGHQLLLGDWHGXSSULQLFSDOHOHVLPSWRPHDOHEROLLFHD
PDLGHVIRORVLWLQGFHDGHDOHUJLHODJOXWHQ*OXWHQXOHVWHRSURWHLQGH
RULJLQHYHJHWDOvQWkOQLWSUHSRQGHUHQWvQFHUHDOHSUHFXPJUkXRU]LVHFDU
(VWHRERDODXWRLPXQPHGLDWGHOLPIRFLWHOH7 /7 VHFDUFDWHUL]HD]
SULQOLSVDDEVRUELHLLQWHVWLQDOHGHJOXWHQ PDODEVRUELH FXPRGLFULSD
WRORJLFHDOHPXFRDVHLLQWHVWLQDOH MHMXQDOHvQVSHFLDO DWkWPDODEVRUELDFkW
LOH]LXQHDPXFRDVHLLQWHVWLQDOHMHMXQDOHVHDPHOLRUHD]GDFHVWHvQOWXUDW
JOXWHQXO GLQ GLHW L UHDSDU R GDW FX UHLQWURGXFHUHD DFHVWXLD GLDJQRVWLFXO
FHUWVHSXQHGRDUSULQELSVLHLQWHVWLQDO
&OLQLFVXJDUXOSUH]LQWVFDXQHGLDUHLFHFDUHDSDUODYkUVWDGHOXQL
GLDJQRVWLFXOVHSXQHGHRELFHLODOXQL LQLLDOGLDUHHDHVWHLQWHUPLWHQW
FDDSRLVGHYLQFRQWLQXFXFDUDFWHUVWHDWRUHLF JUVLPLQHGLJHUDWH LDUvQ
ID]DYDQVDWVHDVRFLD]FXDQRUH[LHGXUHULDEGRPLQDOHLLULWDELOLWDWHFX
DEGRPHQGHVWLQVYUVWXULHWF
'LQOLWHUDWXUDGHVSHFLDOLWDWHDPF0HFDQLVPXOSULQFDUHJOXWHQXO
DGXFHSUHMXGLFLLPXFRDVHLLQWHVWLQDOHQXHVWHELQHFXQRVFXW$XIRVWVSHFX
ODWHGRXWHRULLGHFLWXOHQ]LPDWLF>@LDEHUDLDVLVWHPXOXLLPXQ6HWLH
FLQWHVWLQXOHVWHXQRUJDQLPXQRFRPSHWHQWFDSDELOVSURGXFDQWLFRUSLvP
SRWULYDDQWLJHQHORULQFOXVLYDJOXWHQXOXLQSHULRDGDDFWLYDEROLLVLVWHPXO
LPXQORFDODOLQWHVWLQXOXLHVWHVWLPXODWLDUPXFRDVDLQWHVWLQDOFRQLQHFRP
SOH[HLPXQH,J$DQWLJHQGXSSURYRFDUHDFXJOXWHQ6DFXWDWLSHQWUX



'U&KULVWD7RGHD*URVV

DFHDVWDIHFLXQHH[LVWHQDXQHLSUHGLVSR]LLLJHQHWLFHLVDFRQVWDWDWF
ODFHLFXXQ+/$$ERDODHVWHXQSLFPDLIUHFYHQWQDFHODLWLPSVH
LJQRU vQ FRQWLQXDUH QXPHURDVHOH VWXGLL GLQ 2FFLGHQW FDUH DUDW H[LV
WHQDXQHLHQWHULWHHQWHURFROLWHDXWRLPXQHSURYRFDWHGHYDFFLQXULL
FDUHvQQDOGXFHODFHOLDFKLH$IHFLXQHDDSDUHODOXQLvQXUPDUXSHULL
HFKLOLEUXOXLVLVWHPXOXLLPXQDOVXJDUXOXLGDWRULWYDFFLQXULORU
E %RDOD&URKQ
/DRUDDFWXDO ,PXQRORJLH ERDOD&URKQDOWXULGHUHFWRFROLWDKH
PRUDJLFHVWHFRQVLGHUDWRERDODXWRLPXQPHGLDWGHOLPRFLWHOH7 /7 
&DX]DEROLLHVWHQHGHWHUPLQDWGDUVXQWLPSOLFDLIDFWRULLJHQHWLFL
DP GLQ 0HGLFLQD ,QWHUQ /*KHUDVLP  ,QWHUHVDQW HVWH IDSWXO F VH WLD
GHMD vQ XUP FX  DQL F OD ED]D EROLL VW R GHUHJODUH LPXQ L DQXPH R
VFGHUHDIDFWRULORUDQWLLQDPDWRULVFGHUHDOLPIRFLWHORU7KHWF'HDVH
PHQHDVHSUHVXSXQHDFDXWRDQWLFRUSLLVXQWFHLFDUHSRWvQWUHLQHLQDPDLD
FURQLFLQWHVWLQDOFDUDFWHULVWLFEROLLQWUHWLPSLPXQRORJLLDXFRQUPDW
DXWRLPXQLWDWHDEROLL&URKQ
'HEXWXOHVWHvQDGRXDGHFDGDYLHLLGDFvQWUHFXWHUDRDIHFLXQH
IRDUWHUDUDFXPVHFRQVWDWRFUHWHUHIUSUHFHGHQWDFD]XULORUODDGROHV
FHQL3HUVRQDODPFRQVWDWDWLHXDFHVWOXFUX LQGPHGLFGHIDPLOLHSHQWUX
VWXGHQL 
&OLQLFERDODDIHFWHD]LQWHVWLQXOVXELUHLFRORQXOGDUSRDWHLPSOLFDW
RULFHSRULXQHDWUDFWXOXLGLJHVWLYGHEXWXOHVWHFXSLHUGHUHSRQGHUDOGXSFDUH
VHLQVWDOHD]GXUHULOHDEGRPLQDOHGLDUHHIHEURERVHDOYUVWXULVkQJHUUL
UHFWDOHDQHPLHLDSRLIDOLPHQWXOFUHWHULLERDODDUHRHYROXLHFURQLFLP
SUHGLFWLELOFXUHPLVLXQLLH[DFHUEULLQXPHURDVHFRPSOLFDLLVLVWHPLFH
7UDWDPHQWXOHVWHXQXOSDOHDWLY WUDWHD]VLPSWRPHOHGDUQXYLQGHF 
DWDFXULOHVHYHUHVXQWvQWRWGHDXQDXUJHQHFKLUXUJLFDOHVHUHFXUJHODQHYRLH
ODIRORVLUHDRSLDFHHORU&RUWL]RQXOXLHWFPHGLFDPHQWHFXJUDYHUHSHUFXVL
XQLDVXSUDVLVWHPXOXLLPXQDOSDFLHQWXOXL
9DFFLQXULOHDXEWDLHOXQJGHDQLL]HFLGHDQLFXDSDULLDEROLORUDXWR
LPXQHLQFOXVLYGLJHVWLYHODDGROHVFHQLLDGXOLXQDGLQWUHDFHVWHDIHFLXQLHVWH


,ELGHP
9&ULVWHDHWDORSFLW

/*KHUDVLP0HGLFLQ,QWHUQYRO%ROLOHGLJHVWLYHKHSDWLFHLSDQFUHDWLFH(GL
WXUD0HGLFDO%XFXUHWL

9&ULVWHDHWDORSFLW

0*HRUPQHDQX,*KHUJKLQDRSFLW

,ELGHP



 + 5HLEHU % 'DYH\ 'HVHUWVWRUPV\QGURPH DQG LPPXQL]DWLRQ $UFK ,QWHUQDO
0HG

0+LUWHRSFLW

0*HRUPQHDQX,*KHUJKLQDRSFLW

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



LERDOD&URKQ 0RUEXV&URKQ GXSFXPDUDWVWXGLLOHHVWHRERDOGHELOL


WDQWLFDUHSRDWHSUHYHQLWvQPDMRULWDWHDFD]XULORUSULQRSULUHDYDFFLQXULORU
F 'LDEHWXO]DKDUDWWLS
(VWHRERDODXWRLPXQRUJDQVSHFLFPHGLDWGHOLPIRFLWHOH7 /7 
vQFDUHDQWLJHQXOLQWSHQWUXDXWRDQWLFRUSLvOUHSUH]LQWFHOXOHOH%GLQSDQ
FUHDVFHVHFUHWLQVXOLQD
'HLOLWHUDWXUDGHVSHFLDOLWDWHYLQHVQHGHPRQVWUH]HFvQGLDEHWXOMX
YHQLORSRQGHUHLPSRUWDQWRDUHVXVFHSWLELOLWDWHDJHQHWLFREVHUYPvQ
DFHODLWLPSFQXVHFXQRVFDSURDSHGHORFFDX]HOHUHDOHDOHDFHVWHLDIHFLXQL
DXWRLPXQHFDUDFWHUL]DWSULQWURH[DJHUDUHDUHDFLLORULPXQH3ULPDID]
vQDSDULLDGLDEHWXOXLGHWLSHVWHUHSUH]HQWDWGHRVXVFHSWLELOLWDWHJHQH
WLFLGHQWLFDWFHOPDLDGHVHDSULQSUH]HQDXQRUPXWDLLvQVWUXFWXUDPDL
PXOWRUJHQHGLQWUHFDUHFHOHPDLFXQRVFXWHVXQWFHOHDSDULQkQGVLVWHPXOXL
+/$ +XPDQ/HXFRF\WH$QWLJHQ GHFDUHGHSLQGHUHJODUHDUVSXQVXOXL
LPXQDRUJDQLVPXOXLDDWSHEUDXOVFXUWDOFURPR]RPXOXL0RGXOvQFDUH
DFLRQHD]GLIHULWHDOHOH+/$FXSRWHQLDOGLDEHWRJHQHVWHOHJDWSUREDELOGH
RUHDFLHLPXQH[DJHUDWIDGHXQHOHDQWLJHQHGHQDWXUSURWHLFLGH
RULJLQHHQGRJHQVDXH[RJHQQDGRXDHWDSDEROLLVHSUHVXSXQHLQWHU
YHQLDXQRUIDFWRULGHPHGLXYLUDOLWR[LFLVDXDOLPHQWDULFDUHSRWPRGLFD
VWUXFWXUDSURWHLQHORUGLQFRPSR]LLDFHOXOHL%SDQFUHDWLFHDVWIHOvQFkWHOHV
SRDWGHYHQLDQWLJHQLFHLvQFRQVHFLQvPSRWULYDORUYRUSURGXLDQWL
FRUSLFDSDELOLVGLVWUXJSURJUHVLYFHOXOHOHSDQFUHDWLFH%VHFUHWRDUH
6WXGLLOHDXDUWDWFYDFFLQXULOHKHSDWLWLF%L+LESRWSUR
YRFD'=WLSODFRSLO YH]LFDS 


0+LUWHRSFLW
,ELGHP

/*KHUDVLP0HGLFLQD,QWHUQ%ROLOHFDUGLRYDVFXODUHLPHWDEROLFHYRO(GLWXUD
0HGLFDO%XFXUHWL

-%&ODVVHQ'LDEHWHVHSLGHPLFIRRORZVKHSDWLWLV%LPPXQL]DWLRQSURJUDP1HZ
=HDODQG0HGLFDO-RXUQDO

.3RXWDVL,PPXQL]DWLRQDQGGLDEHWHV1HZ=HDODQG0HGLFDO-RXUQDO
 

70'RNKHHO$QHSLGHPLFRIFKLGKRRGGLDEHWHVLQWKH8QLWHG6WDWHV'LDEHWHV&DUH


6*DUGQHUHWDO5LVLQJLQFLGHQFHRILQVXOLQHGHSHQGHQWGLDEHWHVLQFKLOGUHQXQGHU
\HDUVLQ2[IURGUHJLRQWLPHWUHQGDQDO\VLV%0-

-%&ODVVHQ'&&ODVVHQ&OXVWHULQJRIFDVHVRIW\SHGLDEHWHVPHOOLWXVRFFXU
ULQJ\HDUVDIWHUYDFFLQDWLRQLVFRQVLVWHQWZLWKFOXVWHULQJDIWHULQIHFWLRQVDQGSURJUHV
VLRQ WR W\SH  GLDEHWHV PHOOLWXV LQ DXWRDQWLERG\ SRVLWLYH LQGLYLGXDOV - 3HG (QGRFULQRO
0HWDE  




'U&KULVWD7RGHD*URVV

G $UWULWDUHXPDWRLGMXYHQLO $5- 
(VWHRERDODXWRLPXQQHVSHFLFGHRUJDQPHGLDWGHOLPIRFLWH7 /7 
HVWHRERDOLQDPDWRULHFURQLFPXOWLIDFWRULDOVLVWHPLFFHDIHFWHD]vQSULPXO
UkQGDUWLFXODLLOH VLQRYLWFURQLF GDULDOWHRUJDQHSLHOHLQLPSOPkQL
(WLRORJLDEROLLHVWHQHFXQRVFXW'LQWUHIDFWRULLSUHGLVSR]DQLVHFLWHD
]H[LVWHQDWHUHQXOXLJHQHWLF$XIRVWLQFULPLQDWHYLUXVXULOHQWHVDXDOL
DJHQLLQIHFLRL 0\FRSODVPD&ODP\GLDEDFLOLLGLIWHURL]LLYLUXVXOUXEHROHL 
8QLLGLQWUHDFHWLDJHQLLQIHFLRLDXIRVWL]RODLGLQOLFKLGXOVLQRYLDO DUWLFX
ODU QDQLLSURI*HRUPQHDQXDUPDFWRDWHWHRULLOHSDWRJHQLFHDVX
SUDDFHVWHLEROLDFFHSWFvQDUWULWDUHXPDWRLGPHFDQLVPXOLPXQRORJLFMRDF
XQUROFRQVLGHUDELO6HGLVFXWUROXOXQHLUHDFWLYLWLSDUWLFXODUHDVLVWHPXOXL
LPXQvQDFHDVWDIHFLXQH1DWXUDVWLPXOXOXLDQWLJHQLF>@QXHVWHSUHFL]DW
3DUH D  R UHDFLH GH KLSHUVHQVLELOL]DUH VDX R UHDFLH LPXQ OD XQ DQWLJHQ
QHLGHQWLFDW/DRUDDFWXDOVHWLHFHVWHRERDODXWRLPXQGDUGHVSUH
HWLRORJLDEROLLLDPHFDQLVPHORUSDWRJHQHWLFHQXVHFXQRDWHQLPLFvQSOXV1X
VHFDXWDFRORXQGDUWUHEXLODGH]RUGLQHOHLPXQRORJLFHDOHVXJDUXOXLLFRSLOXOXL
PLFSURYRFDWHGHYDFFLQXUL(VWHGHRLPSRUWDQFRYkULWRDUHUHDFLDSDUWLFX
ODUDHFUXLFRSLOODYDFFLQXULFRQIRUPSDUWLFXODULWLORULQGLYLGXDOHDHFUXL
VLVWHPLPXQvQSDUWHOXFUXQHFXQRVFXWLQHSUHY]XWGHQLPHQL(VWHvQVSUHD
WkU]LXFkQGDSDUHERDODVPDLFXWPRSRVLELOUHDFLHSDUWLFXODUDXQXL
VLVWHPLPXQDIHFWDWGHMDvQPRGLUHYHUVLELO
&OLQLFGXUHULOHUHXPDWLVPDOHVXQWFDX]DWHGHLQDPDLDFURQLFDHVX
WXOXLFRQMXQFWLYDUWLFXODUvQXUPDUHDFLLORULPXQHORFDOH FRPSOH[HLPXQH 
DUWULWDDIHFWHD]GHRELFHLRVLQJXUDUWLFXODLH
'LDJQRVWLFXOVHSXQHSHSUH]HQDIDFWRUXOXLUHXPDWRLG )5 FDUHHVWH
XQ DXWRDQWLFRUS GLQ FODVD ,J0 vQGUHSWDW vPSRWULYD ,J*  L FRQVWLWXLH XQ
PDUNHUDOEROLL&RPSOH[HOHLPXQHVXQWJVLWHvQHVXWXULOHVLQRYLDOH DU
WLFXODUH DIHFWDWH)5QXDUHWRWXLVSHFLFLWDWHDEVROXWSHQWUXERDOLQG
SUH]HQWLvQDOWHDIHFLXQL6HSDUHFQX)5LQLLD]IHQRPHQHOHLQDPDWR
ULLDUWLFXODUHGLQ$5-GDUSHUSHWXHD]LDPSOLFDFHVWSURFHV
7UDWDPHQWXOHVWHXQXOVLPSWRPDWLFLSDWRJHQHWLFDQWLLQDPWRDUHVWHURL
GLHQH &RUWL]RQ LQHVWHURLGLHQH VDOLFLODL HWFFDUHWUDWHD]GDUQXYLQGHF
9DFFLQXULOHKHSDWLWLF%LUXMHROLF 525 VXQWFDX]DIUHFYHQWDEROLORU
UHXPDWLFHFURQLFHLQFOXVLY$5-L35 YH]LFDS


9&ULVWHDRSFLW
,ELGHP

,ELGHP

0*HRUPQHDQX,*KHUJKLQDRSFLW


9$&&,185,/(35(9(1,(6$8%2$/



H 3ROLDUWULWDUHXPDWRLG ODDGXOW
'HLHVWHFRQVLGHUDWHFKLYDOHQWXOSHGLDWULFDODUWULWHLUHXPDWRLGHD
DGXOWXOXLvQXQHOHSULYLQHERDODDUHPXOWVSHFLFODYkUVWDFRSLOULHL$O
WIHOVSXVGLIHUHQHOHGLQWUHDUWULWDUHXPDWRLGDDGXOWXOXLLFHDDFRSLOXOXL
VXQWODIHOGHLPSRUWDQWHFDLDVHPQULOH(VWHXQOXFUXFkWVHSRDWHGH
UHVFGHRDUHFHRUJDQLVPXOXQXLFRSLOHVWHLPDWXU ODIHOLVLVWHPXOLPXQ 
LUHDFLRQHD]GLIHULWIDGHFHODODGXOWXOXLODFDUHSURFHVXOGHPDWXUDUHDO
DSDUDWHORULVLVWHPHORU RVWHRDUWLFXODUQHUYRVLPXQHWF VDvQFKHLDW
7DEORXOFOLQLF(VWHRERDODXWRLPXQFDUDFWHUL]DWSULQWURLQDPDLH
FURQLFDVLQRYLDOHLDUWLFXODUHLDUFOLQLFVHH[SULPSULQDUWULWSUH]HQWOD
PDLPXOWHDUWLFXODLL GHXQGHLGHQXPLUHD 
&DX]DEROLLHVWHQHFXQRVFXW8QUROLPSRUWDQWvQHWLRORJLDEROLLvOMRD
F IDFWRULL GH PHGLX FDUH LQWHUDFRQHD] FX XQ JHQRWLS VXVFHSWLELO 'LQWUH
IDFWRULLGHPHGLXFHLPDLLPSRUWDQLVXQWFHLLQIHFLRL0LFURRUJDQLVPHOHLP
SOLFDWHvQHWLRORJLDSROLDUWULWHLVXQWPXOWLSOHGLQWUHDFHVWHDVXQWGHUHLQXW
&ORVWULGLXP SHUIULQJHQV PLFRSODVPH YLUXVXUL6XVFHSWLELOLWDWHD JHQHWLF
HVWHDUJXPHQWDWGHVWXGLLIDPLOLDOHLGHFRUHOULFXDQWLJHQHOHGHKLVWRFRP
SDWLELOLWDWH+/$'5VHvQWkOQHWHPDLIUHFYHQWODEROQDYLLFX35
0HFDQLVPXOGHSURGXFHUHDEROLLQXHVWHSHGHSOLQFXQRVFXW3URFHVXO
LQDPDWRUDUWLFXODU LQGSUDFWLFLGHQWLFFXFHOGLQ$5- HVWHSURYRFDWGHUH
DFLLOHLPXQHORFDOHH[LVWHQDDQWLFRUSLORUGLQFODVD,J0 QXPLWIDFWRUUHXPD
WRLG)5 vQGUHSWDWHvPSRWULYDDQWLFRUSLORU,J*QOLFKLGXOVLQRYLDO DUWLFXODU 
VH JVHVF DOWXUL GH R VHULH GH DOWH FHOXOH OLPIRFLWH7 L % GDU SUHGRPLQ
OLPIRFLWHOH7KHOSHU$FHVWHDODUkQGXOORUVWLPXOHD]DFWLYLWDWHDOLPIRFLWHORU
%UHVSRQVDELOHGHVHFUHLDGHIDFWRUUHXPDWRLG )5 QXUPDUHDFLHL)5,J*
VHIRUPHD]FRPSOH[HLPXQHFDUHSURYRDFXQODQGHSURFHVHLPXQHFHYRU
GXFHODLQDPDLHDFXWLOH]LXQLOHFDUDFWHULVWLFHGLQDUWLFXODLL
7UDWDPHQWXO XUPUHWH UHGXFHUHD LQDPDLHL L GXUHULORU DUWLFXODUH
RSULUHDHYROXLHLOH]LXQLORUGLVWUXFWLYHDOHRVXOXLLFDUWLODMXOXLLFRUHFWDUHD
PHFDQLFLLLIXQFLHLDUWLFXODUH
(YROXLDEROLLHVWHFURQLFvQSXVHHIUYLQGHFDUH
'HLSROLDUWULWDUHXPDWRLGDHVWHXQDGLQFHOHPDLIUHFYHQWHEROLSRVWYDF
FLQDOHDDGROHVFHQWXOXLOLWHUDWXUDGHVSHFLDOLWDWHQXUHFXQRDWHDFHVWIDSW


,ELGHP
 / *KHUDVLP 0HGLFLQ ,QWHUQ %ROLOH DSDUDWXOXL UHVSLUDWRU L ORFRPRWRU YRO 
(GLWXUD0HGLFDO%XFXUHWL

,ELGHP

,ELGHP

,ELGHP




'U&KULVWD7RGHD*URVV

I 9LWLOLJR
(VWHRERDOFURQLFFXGHSLJPHQWDUHDSLHOLL(WLRORJLDHVWHQHFXQRVFX
WFRQIRUPOLWHUDWXULLGHVSHFLDOLWDWHPRWLYSHQWUXFDUHDXIRVWHODERUDWHPDL
PXOWHWHRULLGLQWUHFDUHUHGDXFkWHYD
7HRULDDXWRLPXQSURSXQHDOWHUDUHDLPXQLWDWLLXPRUDOHLFHOXODUHFX
GLVWUXJHUHD PHODQRFLWHORU vQ YLWLOLJR$IHFLXQLOH WLURLGHL PDL DOHV WLURLGLWD
+DVKLPRWRLERDOD*UDYHVDOWHHQGRFULQRSDWLLFXPHVWHERDOD$GGLVRQL
GLDEHWXO ]DKDUDW DORSHFLD DUHDW DQHPLD SHUQLFLRDV ERDOD LQWHVWLQDO LQ
DPDWRULHSVRULD]LVLVLQGURPXOSROLJODQGXODUDXWRLPXQVXQWDVRFLDWHFX
YLWLOLJR&HDPDLFRQYLQJWRDUHHYLGHQDXQHLSDWRJHQH]HDXWRLPXQHHVWH
SUHYDOHQD DQWLFRUSLORU FLUFXODQL OD SDFLHQLL FX YLWLOLJR 5ROXO LPXQLWLL
XPRUDOHHVWHVXVLQXWGHREVHUYDUHDPHODQRFLWHORUGLVWUXVHvQJUHIHOHGHSLHOH
VQWRDVODXQSDFLHQWFXYLWLOLJRQSOXVIDGHLPSOLFDUHDPHFDQLVPHORU
DXWRLPXQHXPRUDOHvQSDWRJHQH]DYLWLOLJRVHLQGLFLLPSOLFDUHDLPXQLWLL
FHOXODUH'LVWUXJHUHDPHODQRFLWHORUSRDWHGLUHFWPHGLDWGHOLPIRFLWHOH7
&' 1LFLRWHUDSLHXQLFSHQWUXYLWLOLJRQXGUH]XOWDWHEXQHODWRLSDFL
HQLL5VSXQVXOODWHUDSLHHVWHYDULDELO7UDWDPHQWXOWUHEXLHLQGLYLGXDOL]DW
LDUSDFLHQWXOWUHEXLHDYHUWL]DWGHULVFXULOHDVRFLDWHFXWHUDSLD
9LWLOLJRHVWHRERDOFURQLFFDX]DWGHGLVWUXJHUHDWRWDOVDXSDULDOD
FHOXOHORUFDUHSURGXFSLJPHQWXOSLHOLL PHODQLQD DFHVWHDQHPDLLQGUHFXQRV
FXWHGHFWUHVLVWHPXOLPXQFDDSDULQkQGRUJDQLVPXOXL&DX]HOHSRWPXOWL
SOHvQVVXQWLQFRPSOHWvQHOHVH'HEXWXODUHFDYkUVWPHGLHGHDQLLVH
DVRFLD]GHVHRULFXDOWHDIHFLXQLDXWRLPXQHFXPDUGLVIXQFLLDOHJODQGHL
WLURLGHGLDEHW]DKDUDWGHWLSDQHPLHSHUQLFLRDV FDUHQDGHYLWDPLQD% 
DORSHFLDDUHDWOXSXVHULWHPDWRVVLVWHPLFSVRULD]LVVDXSROLDUWULWDUHXPDWRLG
%RDODQXHVWHFRQWDJLRDVLQXVHPRWHQHWHvQVSRDWHPRWHQLWSUHGLVSR
]LLDFWUHHD'LQWUHIDFWRULLFDUHSRWGHWHUPLQDGHFODQVDUHDHLVXQWFLWDLVWUH
VXOSVLKLFWUDXPDWLVPHOHDUVXULOHVRODUHVHYHUHVDXDIHFLXQLOHVLVWHPLFHOLVWD
QHLQGHSXL]DW/H]LXQLOHGHYLWLOLJRDSDUVXEIRUPDXQRU]RQHGHSLJPHQWDWH
FLUFXPVFULVHODQLYHOXOSLHOLLLDOPXFRDVHORUORFXULOHGHSUHGLOHFLHLQGIDD
JkWXOLRUJDQHOHJHQLWDOH5HJLXQLIUHFYHQWDIHFWDWHVXQWFHOHVXSXVHODWUDX
PDWLVPHUHSHWDWHFXPDU]RQHOHIUHFDWH]LOQLFGHEUHWHOHOHGHODVXWLHQVDX
vQFKHLHWXUDODFDUHHVWHSXUWDWFHDVXO9LWLOLJRODQLYHOXOVFDOSXOXLVHDVRFLD]
FXGHSLJPHQWDUHDUHORUGHSUFDUHSRDWHPHUJHGHODRXYLL]RODWSkQOD
DOELUHDFRPSOHWDSUXOXLDFHVWIDSWLQGXQLQGLFDWRUGHHYROXLHQHIDYRUDELO
DEROLL7UDWDPHQWvQIXQFLHGHH[WHQVLDOH]LXQLORUVHSRDWHRSWDSHQWUXUH
SLJPHQWDUHVDXSHQWUXGHSLJPHQWDUHDFRPSOHWUDWDGHYLQGHFDUHLQGFXDWkW


KWWSZZZSDJLQDPHGLFDODUREROLDIHFWLXQL9LWLOLJRB

9$&&,185,/(35(9(1,(6$8%2$/



PDLPDUHFXFkWWUDWDPHQWXOHVWHvQFHSXWPDLGHYUHPH7UHEXLHVSHFLFDW
IDSWXOFWUDWDPHQWXOGHED]SHQWUXUHSLJPHQWDUHVHIDFHFXSURGXVHSHED]
GH&RUWL]RQHWUDWDPHQWVLVWHPLFvQYLWLOLJRH[WLQVHFRUWLFRWHUDSLHORFDOvQ
YLWLOLJRORFDOL]DWFHHDFHSURYRDFJUDYHHIHFWHVHFXQGDUHRUJDQLVPXOXL
9LWLOLJRSRDWHSURYRFDWGHXQFXPXOGHIDFWRULDXWRLPXQLVWUHVR[L
GDWLY H[FHVGHSHUR[LGGHKLGURJHQ QHXURWURF LQWHUDFLXQHDGLQWUHPHODQR
FLWHLVLVWHPXOQHUYRV LWR[LF VXEVWDQHFDUHLQWHUYLQvQSURFHVXOQRUPDOGH
SURGXFHUHDOPHODQLQHLVXQWGHIDSWWR[LFHPHODQRFLWHORU 0HFDQLVPXOLPSOLF
GLVWUXJHUHDSURJUHVLYDDQXPLWRUPHODQRFLWHSUREDELOGHFWUHOLPIRFLWHOHFL
WRWR[LFH$OLLVXQWGHSUHUHFDYLWLOLJRHVWHXQWLSGHGHUHJODUHDXWRLPXQvQ
FDUHVLVWHPXOLPXQDORUJDQLVPXOXLYHGHFHOXOHOHSLJPHQWDUHDOHSLHOLLFDSH
QLWHFRUSXULVWULQHSHFDUHOHDWDF%D]DDFHVWHLGHUHJOULDXWRLPXQHVHFUHGH
FHVWHWRWGHQDWXUJHQHWLF6WUHVXOHYHQLPHQWHOHWUDXPDWLFHUQLOHLDUVXUL
OHVRODUHJUDYHSRWGHFODQDDSDULLDXQXLYLWLOLJRvQFD]XOFHORUVXVFHSWLELOL
9LWLOLJRODFRSLLLDGROHVFHQL GHEXWXOLQGFHOPDLIUHFYHQWSkQOD
YkUVWDGHGHDQL HVWHFRQVLGHUDWGHDXWRULLVWULQLFDLQGGHVHRULFRQVH
FLQDYDFFLQXULORUvQVSHFLDODYDFFLQXOXLKHSDWLWLWF%FDUHSURYRDFWXOEX
UULDOHIXQFLLORUKHSDWLFH0HFDQLVPXOSDWRJHQHWLFODYLWLOLJRHVWHSUDFWLF
DFHODLFDvQRULFHERDODXWRLPXQ*VLPvQ$7 $U]QHL7HOHJUDPP UH
FODPDLLGLQSDUWHDSULQLORUGXSYDFFLQXOKHSDWLWLF%LQGYRUEDGHFRP
SOLFDLLSRVWYDFFLQDOHJUDYHSUHFXP%RDOD&URKQVL&ROLWDKHPRUDJLFGDU
LEROLGHSLHOH9LWLOLJRL/LFKHQURXSODQ2SUHGLVSR]LLHJHQHWLFQX
HVWHH[FOXVvQVQXH[LVWQLFLRGDWRSUHGLVSR]LLHSHQWUXYLWLOLJRFLSHQWUX
DOHUJLLVDXEROLDXWRLPXQHSULQWURUHDFLHSDUWLFXODUODYDFFLQDSDFLHQWXOXL
$DFXPDPY]XWQXSRDWHDQWLFLSDWRDVHPHQHDUHDFLHSDUWLFXODUOD
YDFFLQGDUQLFLQXH[LVWLQWHUHVGLQSDUWHDDXWRULWLORUGHDHYLWDYDFFLQXULOH
vQIDPLOLLOHFXEROLDXWRLPXQHVDXDOWHEROLDOHUJLFHFURQLFH
J 3VRULD]LV
/DXQVLPSR]LRQGLQ6WXWWJDUW'UPHG*HRUJ.QHLVVODERUGkQGWHPD
&HWUHEXLHVIDFSHQWUXVQWDWHDFRSLLORUPHL"YRUEHWHGHVSUHFRPSOL
FDLLOHSRVWYDFFLQDOHVHYHUH$OWXULGHHF]HPDDWRSLF JHUPDQ1HXURGHU
PLWLV HOGHVFULHSVRULD]LVXOLDOWHFRPSOLFDLLSRVWYDFFLQDOHJUDYH1HX
URGHUPDWLWDHVWHXQDGLQWUHEROLOHJUDYHGDWRUDWHYDFFLQXULORU(VWHYRUEDGH

9LWLOLJRFHHVWHLFXPVHWUDWHD]KWWSZZZHYDURVDQDWDWHPHGLFLQDJHQHUD
ODYLWLOLJRFHHVWHVLFXPVHWUDWHD]DDUWLFROKWPO

KWWSZZZYLWLOLJRURLQIRFDX]HOHYLWLOLJR

KWWSIZHEPDUWGHIFIP"LG  U WKUHDGYLHZ W  SJ 

$U]QHLWHOHJUDPP $7 6HLWHXQG6HLWH



'U&KULVWD7RGHD*URVV

OH]LXQLIRDUWHJUDYHDOHSLHOLLODFRSLL$PREVHUYDWFDFHDVWOH]LXQHDSDUH
vQVSHFLDOGXS+H[DYDFFLQXODGPLQLVWUDWFRSLLORU8QXOGLQWUHSULPHOHFD]XUL
FDUHVDSUH]HQWDWODPLQHODFDELQHWDIRVWXQELDWGHDQLODFDUHERDOD
DGHEXWDWODYkUVWDGHOXQL)DDvLHUDSOLQGHUQLGDUHUDLH[WUHPGH
DJLWDWGHRDUHFHVXIHUHDLGHVLQGURPXO$'+' 'HFLWGH$WHQLH7XOEXUDUH
+LSHUNLQHWLF LQGQHYRLHGHDGXOLFDVSRDWLQXWVXEFRQWURO0XOWH
DVHPHQHDFD]XULJUDYHVDXSUH]HQWDWODPLQHODFDELQHWODFDUHDHXDWRULFH
WUDWDPHQWPHGLFDOIFXWvQGLIHULWH,QVWLWXLL0HGLFDOHGLQDULVWULQWDWH
$P LQLLDW OD WRL DFHWL FRSLL XQ WUDWDPHQW QDWXULVW 3VRULD]LVXO HVWH R DOW
FRQVHFLQDYDFFLQXULORU$PREVHUYDWIRUPHIRDUWHH[WLQVHLIRDUWHJUDYHOD
FRSLL6HWLHFDFHDVWDIHFLXQHHVWHFURQLFLQXH[LVWXQWUDWDPHQWDORSDW
HFDFH &RQWUDFLLOH PXVFXODUH QHFRQWURODELOH DVHPQWRDUH FX FHOH GLQ
WHWDQRV UHSUH]LQWRDOWDIHFLXQHJUDYFDUHDSDUHGXS+H[DYDFFLQ/DR
IHWLGLQ9LHQDDFHVWHFRQWUDFLLDXDSUXWGXSDGRXDGR]GH+H[DYDFFLQ
ODYkUVWDGHOXQL$YHDSHVWHFRQWUDFLL]LXQUHWDUGPRWRULSVLKLFJUDY
QXVHSXWHDFRPXQLFDGHORFFXHD'XSWUDWDPHQWDXGLVSUXWvQWLPSDFHVWH
FRQWUDFLLLDUIHWLDFDUHDUHDFXPVDXDQLSRDWHVDGvQIXQGLFKLDU
PHUJHVXVLQXWGDUQXH[LVWQLFLRDQVGHFRPXQLFDUHFXHD
3HUVRQDO DP Y]XW FD]XUL GH SVRULD]LV WUDWDWH OD GHEXW L YLQGHFDWH vQ
XUPDWUDWDPHQWHORUGHGHWR[LHUHGHPHWDOHJUHOH PHUFXU 6HWLHFYDF
FLQXULOHFRQLQPHUFXULDOWHPHWDOHJUHOHFDUHSRWSURYRFDEROLDXWRLPXQH
LQFOXVLYSVRULD]LV
K $QHPLHSHUQLFLRDV%LHUPHU
L $QHPLHKHPROLWLF
M 7URPERFLWRSHQLHD SHQWUXDFHVWHDGLQXUPYH]LFDS 

,,%ROLQHXURORJLFH DXWRLPXQH 
SURYRFDWHGHYDFFLQXUL
6FOHUR]DPXOWLSOL6LQGURPXO*XLOODLQ%DUUHVXQWUHFXQRVFXWHvQOLWHUD
WXUDGHVSHFLDOLWDWHFDLQGEROLDXWRLPXQHPRWLYSHQWUXFDUHOHDPWUDWDWFD
DWDUH6LQGURPXO*XLOODLQ%DUUHHVWHVLQJXUDERDODXWRLPXQUHFXQRVFXW
FDLFRPSOLFDLHSRVWYDFFLQDOGDUvQFD]XULIRDUWHUDUH([LVWODRUDDFWXDO

'UPHG*HRUJ.QHLVVO+DW,PSIHQ6LQQ"-XOL6WXWWJDUWKWWSHPEHGU
FRPSOD\OLVWVWXWWJDUWHULPSIV\PSRVLXP

9$&&,185,/(35(9(1,(6$8%2$/



SULQLDFURUFRSLLDXIRVWYLFWLPHDOHXQRUDVWIHOGHFRPSOLFDLLLFDUHDX
FkWLJDWvQLQVWDQFXGUHSWODGHVSJXELUH
1XDFHODLOXFUXvOSRWVSXQHGHVSUHPDUHOHJUXSGHEROLQHXURORJLFHSRVW
YDFFLQDOHDXWRLPXQHGHXOWLPRUFDUHQXVXQWUHFXQRVFXWHGHOLWHUDWX
UDPRGHUQFDLQGEROLDXWRLPXQHLGHVLJXUQLFLSRVWYDFFLQDOHDXWLVP
VLQGURP $'+' 'HPHQD LQIDQWLO ERDOD $O]KHLPHU HWF (OH JXUHD] vQ
FRQWLQXDUHvQWUDWDWHOHGHPHGLFLQFDLQGEROLGHFDX]QHFXQRVFXW&X
WRDWHDFHVWHDPLLOHGHVWXGLLGLQXOWLPLL]HFLGHDQL  GRYHGHVFDFHVWDGHYU
FDUHQXPDLSRDWHFRQWHVWDWGHQLPHQL
%RDOD$O]KHLPHULERDOD3DUNLQVRQGHLGHVHRULVXQWSURYRFDWHGHYDFFL
QXULvQVSHFLDOGHPHWDOHOHJUHOHSHFDUHOHFRQLQVXQWEROLVSHFLFHDGXOWXOXL
LRPXOXLYkUVWQLFLQXOHYRLWUDWDSHHFDUHvQSDUWHFLGRDUOHYRLDPLQWLSH
SDUFXUV
%ROLOHQHXURORJLFHDXWRLPXQHSRVWYDFFLQDOHDXODED]IRUPDUHDGHDQWL
FRUSLvPSRWULYDPLHOLQHL DXWRDQWLFRUSL FDUHvQYHOHWHQHUYLL VDXLDXQRU
OLPIRFLWHDXWRUHDFWLYHvPSRWULYDHVXWXOXLQHUYRV QFRQVHFLQQHUYLLSH
ULIHULFLPGXYDVSLQULLVDXFUHLHUXOYRUDIHFWDWHGHDFHDVWUHDFLHDXWR
LPXQFDUHYDGXFHODGHPLHOLQL]DUH0HFDQLVPXOGHSURGXFHUHHVWHvQF
LQVXFLHQWFXQRVFXW7HRULLOHVXQWPDLPXOWHLDXIRVWGHVFULVHvQFDS
  6FOHUR]DPXOWLSO 60
(VWHRERDODXWRLPXQRUJDQVSHFLFvQFDUHDQWLJHQXOLQWSHQWUXDX
WRDQWLFRUSLHVWHPLHOLQD SURWHLQED]LFPLHOLQLF GLQFUHLHULPGXY
HVWHRERDOFURQLFGHPLHOLQL]DQWFDUHVXUYLQHODDGXOWXOWkQU HVWHH[WUHP
GHUDUVXEYkUVWDGHDQL LVHFDUDFWHUL]HD]SULQPXOWHPDQLIHVWULQHXUR
ORJLFH>@LSHULRDGHGHUHPLVLXQHLH[DFHUEDUH)RUPDFURQLFFXUHFLGLYH
VHvQWkOQHWHDWkWODDGXOWFkWLODFRSLO'HEXWHD]GHRELFHLDFXW
(WLSDWRJHQLD QX HVWH ELQH FXQRVFXW $ IRVW FUHDW XQ PRGHO H[SHUL
PHQWDOGHHQFHIDORPLHOLWDOHUJLFGHPLHOLQL]DQWFRQVLGHUkQGXVHFERDOD
H[SHULPHQWDOHVWHSURGXVGHXQSURFHVLPXQRSDWRORJLF5ROXOLQIHFLHL
YLUDOHDIRVWUHOXDWvQGXVFXLH
(YROXLDHVWHLPSUHYL]LELOLSURJQRVWLFXOHVWHUH]HUYDWWUDWDPHQWXOFRQ
VWvQDPHOLRUDUHDVLPSWRPHORULWUDWDUHDFRPSOLFDLLORU


0+LUWHRSFLW
9&ULVWHDHWDORSFLW

0*HRUPQHDQX,*KHUJKLQDRSFLW

,ELGHP

,ELGHP




'U&KULVWD7RGHD*URVV

9DFFLQXULOHSRWLQGXFHVFOHUR]DPXOWLSO
PXOWHFD]XULGHVFOHUR]PXOWLSODXDSUXWGXSYDFFLQXOKHSDWLWLF%
FHHDFHDGXVvQ)UDQDODUHQXQDUHDDGPLQLVWUULLYDFFLQXOXLODDGROHVFHQL
XQVWXGLXHIHFWXDWvQ0DUHD%ULWDQLHDGRYHGLWOHJWXUDGLQWUHYDFFLQXOKHSD
WLWLF%L6FOHUR]DPXOWLSOIUHFYHQDDFHVWHLDIHFLXQLWULSOkQGXVHGXSYDFFLQ
6D ULGLFDW PXOW SUDI FkQG D IRVW GHVFRSHULW R QRX DIHFLXQH DX
WRLPXQ SRVWYDFFLQDO UHVSHFWLY 0LRIDVFLWD 0DFURIDJLF FDUH HYROXHD]
GHVHRULVSUH6FOHUR]D0XOWLSO
  6LQGURPXO*XLOODLQ%DUUp 6*% 3ROLQHYULWDPHGLDWLPXQ
(VWHRERDODXWRLPXQRUJDQVSHFLFvQFDUHDXWRDQWLFRUSLLVHvQGUHDS
WvPSRWULYDDQWLJHQXOXLLQWUHSUH]HQWDWGHQHUYLLSHULIHULFL6HFDUDFWH
UL]HD]SULQLQDPDLDVHJPHQWDULGHPLHOLQL]DUHDQHUYLORUSHULIHULFLLD
UGFLQLORUQHUYRDVHGLQPGXY
'HEXWXOQHXURORJLFFRQVWvQDSDULLDXQHLVHQ]DLHGHDPRULUH DOWHRUL
GHIXUQLFWXUL DGHJHWHORUPkLQLORULSLFLRDUHORUDSRLDSDUHVOELFLXQHD
PXVFXODUvQPHPEUHLSDUDOL]LLFDUHSURJUHVHD]FRQWLQXXVDXvQWUHSWHSH
RSHULRDGGHGH]LOHSRWDIHFWDLQHUYLLFUDQLHQL,,,,9L9,HWF
(WLRSDWRJHQLDQXHVWHSHGHSOLQFXQRVFXWGDUVHLDvQGLVFXLHUROXOLQ
IHFLHLYLUDOHPRGLFULOHLPXQRORJLFHLQWHUUHDFLLOHLPXQYLUDOHLDQWLJHQH
OHGHKLVWRFRPSDWLELOLWDWHQPDMRULWDWHDFD]XULORUH[LVWRLQIHFLHUHFHQWvQ
DQWHFHGHQWHUXMHROUXEHRORUHLRQJULSLQIHFLLFXYLUXVUHVSLUDWRUVLQFLL
DO$SDULLDEROLLDPDLSXWXWFRUHODWFXYDFFLQULDWkWFXYLUXVYLXFkW
LFXYLUXVPRUW PDLIUHFYHQWDIRVWUDSRUWDWYDFFLQDUHDDQWLJULSDO $OL
DXWRULURPkQLDUPFDFHVWVLQGURPUDSRUWDWGXSYDFFLQDUHDDQWLJULSDO
LDQWLKHSDWLWLF%QXDSXWXWDVRFLDWFXFHUWLWXGLQHDFHVWRUYDFFLQXUL
'XS YDFFLQ DIHFLXQHD SRDWH GHEXWD OD FkWHYD VSWPkQL VDX FKLDU
OXQL(VWHPRWLYXOSHQWUXFDUHGHFHOHPDLPXOWHRULQXVHIDFHQLFLROHJWXU


0+LUWHRSFLW
0$+HUQDQ66-LFN0-2OHN+-LFN5HFRPELQDQWKHSDWLWLV%YDFFLQHDQG
WKHULVNRIPXOWLSOHVFOHURVLV$SURVSHFWLYHVWXG\1HXURORJ\

)-$XWKLHU3&KHULQ$&UHDQJH%%RQQRWWH&HQWUDOQHUYRXVV\VWHPGLVHDVH
LQ SDWLHQWV ZLWK PDFURSKDJLF P\RIDVFLLWLV %UDLQ  0DL KWWSZZZ
QFELQOPQLKJRYSXEPHG

9&ULVWHDRSFLW

0*HRUPQHDQX,*KHUJKLQDRSFLW

,ELGHP

,ELGHP

0,%UXPERLXRSFLW


9$&&,185,/(35(9(1,(6$8%2$/



vQWUHYDFFLQLERDO'XSERDOFDUHGXUHD]FkWHYDVSWPkQLSRWUPkQH
VHFKHOH0RUWDOLWDWHDHVWHGHODDGROHVFHQLLDGXOLLFUHWHRGDWFX
YkUVWD9DFFLQXULOHFDUHSRWSURYRFD6*%VXQWYDFFLQXOJULSDOKHSDWLWLF%
)60(LUXMHROLF
)DSWXO F DFHVW VLQGURP HVWH R UHDFLH DGYHUV VHYHU SRVWYDFFLQDO
HVWHPHQLRQDWvQSURVSHFWHOHYDFFLQXULORULHVWHXQOXFUXGRYHGLWWLLQLF
'HDVHPHQHDDXIRVWFkWLJDWHQXPHURDVHSURFHVHGHFWUHSULQLLDLFURU
FRSLLDXIRVWYLFWLPHDOHYDFFLQXULORUVXIHULQGVDXPXULQGvQXUPDDFHVWXL
VLQGURP
3UREOHPD FDUH UPkQH L SH FDUH DP PHQLRQDWR OD vQFHSXW GH FDSLWRO
HVWHIDSWXOFGXSVSWPkQL vQFD]XO6*%SkQODGH]LOHPD[LPXP
vQ5RPkQLD QXPDLHVWHUHFXQRVFXWQLFLRFRPSOLFDLHSRVWYDFFLQDOGHFL
QLFL6*%



'U&KULVWD7RGHD*URVV

ULHWXOEXUULQHXURORJLFH'HRDUHFHDIHFLXQHDQXHVWHELQHFXQRVFXW
VH SUHVXSXQH F HVWH YRUED GH R FLIU PDUH OD VXJDUL $FHDVW DIHFLXQH
DXWRLPXQJUDYQXHVWHvQFUHFXQRVFXWFDLQGRFRPSOLFDLHSRVWYDFFL
QDO/DRULFHVXJDUFDUHDUHDVWIHOGHVLPSWRPHDUWUHEXLGR]DWHHQ]LPHOH
PXVFXODUHGLQUHJLXQHDXQGHDIRVWYDFFLQDW
  0LHOLWDWUDQVYHUV
(VWHRDIHFLXQHDPGXYHLVSLQULLFHFRQVWvQGHPLHOLQL]DUHDEUHORU
QHUYRDVHPHGXODUH6LPSWRPHOHFRQVWDXvQFUDPSHPXVFXODUHGXUHULPDUL
ODQLYHOXOFRORDQHLYHUWHEUDOHSDUDOL]LL3URJQRVWLFXOHVWHGHVWXOGHUH]HUYDW
GDWRULWVHFKHOHORUQHXURORJLFH0LHOLWDWUDQVYHUVSRDWHHYROXDGHVHRULVSUH
RVFOHUR]PXOWLSO 60 9DFFLQXULOHFDUHSRWSURYRFDERDODVXQWWHWDQLF
KHSDWLWLF%UXEHROLFUXMHROLFLYDULFHOLF

  0LRIDVFLWDPDFURIDJLF
$FHDVWDDIHFLXQHDIRVWGHVFULVSHQWUXSULPDGDWvQQWUHWLPS
DXIRVWUDSRUWDWHvQ)UDQDVXWHGHFD]XULPDMRULWDWHDGXSYDFFLQXOKHSDWLWLF
%LRSDUWHGLQFD]XULGXSYDFFLQXOWHWDQLF'HEXWXOEROLLHVWHFXGXUHUL
PDUL L SHUVLVWHQWH OD ORFXO LQMHFLHL Q XUPWRDUHOH OXQL VDX FKLDU DQL VH
GH]YROWRVOELFLXQHPXVFXODULDSRLGXUHULGLIX]HPXVFXODUHLDUWLFXOD
UH$SDULDOWHWXOEXUULQHXURORJLFHSUHFXPWXOEXUULGHYHGHUHVHQ]LWLYH
GHHFKLOLEUXHQXUH]LV/LWHUDWXUDGHVSHFLDOLWDWHSUHVXSXQHFDvQWRWGHDXQDR
SUHGLVSR]LLHJHQHWLFvQVSHFLDOVSUHEROLDXWRLPXQHQVkQJHQLYHOXOHQ]L
PHORUPXVFXODUHHVWHFUHVFXW &.FUHDWLQNLQD]D 0XOLSDFLHQLVXIHULGH
WXOEXUULSVLKLFHLRERVHDOFURQLFLDUODXQXOGLQWUHLERDODHYROXH]VSUH
RVFOHUR]PXOWLSO 60 DWLSLF
&HHDFHHVWHLQWHUHVDQWODDFHDVWERDODXWRLPXQSRVWYDFFLQDOHVWHIDS
WXOFSRDWHGRYHGLWSULQWURSXQFLHELRSVLHGLQHVXWXOPXVFXODUGHOD
ORFXOLQMHFLHLQXOWLPLLDQLVDXvQUHJLVWUDWWRWPDLGHVFD]XULODVXJDUL  
FDUDFWHUL]DWHSULQKLSRWRQLHPXVFXODUWXOEXUULvQGH]YROWDUHDSVLKRPRWR


0+LUWHRSFLW
 7K 4XDVW ,PSIXQJHQ XQG ,PSIIROJHQ KWWSZZZPHGXQLPXHQFKHQGHIDFK
VFKDIWKRPHRSDWK\

 5 . *KHUDUGL 0 &RTXHW 3 &KHULQ ) - $XWKLHU HW DO 0DFURSKDJLF
P\RIDVFLLWLVDQHPHUJLQJHQWLW\/DQFHW

 5 . *KHUDUGL /HVVRQV IURP PDFURSKDJLF P\RIDVFLLWLVWRZDUGV GHQLWLRQ RI D
YDFFLQHDGMXYDQWUHDODWHGV\QGURPH5HY1HXURO   5HYLHZ 

)/$XWKLHUHWDORSFLW


 $XWLVP7XOEXUDUHGHVSHFWUXDXWLVW 76$
3ULPHOHYLFWLPHDOHDWDFXOXL0HGLFLQLLDVXSUDFUHLHUXOXL SULQLQWHUPH
GLXOYDFFLQXULORU DXIRVWFRSLLLDPHULFDQLVSXQH+DUULV&RXOWHUvQFDUWHD
VD9DFFLQDWLRQ6RFLDO9LROHQFHDQG&ULPLQDOLW\WKH0HGLFDO$VVDXOWRQWKH
$PHULFDQ%UDLQ WUDG9DFFLQXULOHYLROHQDVRFLDOLFULPLQDOLWDWHDPD
UHOHDWDFDVXSUDFUHLHUXOXLDPHULFDQLORU QUHQXPLWXOVXDUWLFROGLQDQXO
/HR.DQQHUPHGLFSVLKLDWUXFXUHQXPHPRQGLDOVFULDGHVSUHEROL
QRLDSUXWHvQUkQGXOFRSLLORULWLQHULORU(VWHYRUEDGHFHOSXLQFD]XUL
SHFDUHOHGHQHWHFDLQGWXOEXUULDIHFWLYHFXVSHFWUXDXWLVWLGHVSUH
FDUHQRWHD]6LPSWRPHOHGLIHUUDGLFDOGHWRDWHFHOHODWHVLPSWRPHFXQRV
FXWHSkQODRUDDFWXDO)HQRPHQXODIRVWGHQXPLWvQVFXUWWLPS$XWLVP
LQIDQWLOWLPSXULX (DUO\,QIDQWLOH$XWLVP VDXSXULVLPSOX$XWLVP


$*/DFVRQ&$'&UX](*LOHEHUW%DUQHVV/6KDUHU6-DFLQWR5&XHQFD
$OXPLQLXPSKDJRFLWRVLVLQTXDGULFHSVPXVFOHIROORZLQJYDFFLQDWLRQLQFKLOGUHQUHODWLRQ
VKLSWRPDFURSKDJLFP\RIDVFLLWLV3HGLDWU'HY3DWKRO  

$'L0X]LR0&DSDVVR$9HUURWWL'7URWWD6/XSRHWDO0DFURSKDJLFP\R
IDVFLLWLVDQLQIDQWLOH,WDOLDQFDVH1HXURPXVFXO'LVRUG  

0+LUWHRSFLW

,ELGHP

,ELGHP

 /HR .DQQHU $XWLVWLF 'LVWXUEDQFHV RI $IIHFWLYH &RQWDFW 7KH 1HUYRXV &KLOG ,,
 

/HR.DQQHU(DUO\,QIDQWLOH$XWLVP-3HGLDWULFV  

9$&&,185,/(35(9(1,(6$8%2$/



'XSSULPHOHDUWLFROHVFULVHGH/HR.DQQHUPDLPXOLFHUFHWWRULDXF
XWDWVWXGLLLFD]XULFDUHVDWHVWHH[LVWHQDDXWLVPXOXLvQWUHFXWGDUHLQXDX
JVLWDVWIHOGHGDWHERDODLQGFXDGHYUDWQHFXQRVFXWSkQDWXQFLQ
.DQQHUQXPUDGHFD]XULQDQLLRGDWFXQRXOSURJUDPGH
YDFFLQDUHGLQ$PHULFD SULQFUHWHUHDQXPHULFDYDFFLQXULORUGDULSULQ
FRPELQDUHDORU VHFRQVWDWRFUHWHUHVSHFWDFXORDVDFD]XULORUGHDXWLVP
ODFRSLL3VLKLDWULUHQXPLLSUHFXP*RRGZLQDVFULDX$XWLVPXOODFRSLL
HUDRUDULWDWHvQVSLWDOHOHGHSVLKLDWULHLQIDQWLOvQDLQWHGHDQXOQ
SHULRDGDVDXvQUHJLVWUDWGRDUFD]XUL'HDFHHDQXHUDXGHORF
SUHJWLLFkQGODXQPRPHQWGDWVDXFRQIUXQWDWFXXQQXPUGHGHFD
]XUL$FHDVWH[SOR]LHGHFD]XULGHDXWLVPVSXQHLVHFRUHODFXSHULRDGDvQ
FDUHDvQFHSXWQRXOSURJUDPGHYDFFLQDUHODVXJDULLGLQ68$
$FHODLSDUDOHOLVPvQWUHGHEXWXODXWLVPXOXLLQRXOSURJUDPGHYDFFLQDUHVH
SRDWHREVHUYDLvQDOWHULQ-DSRQLDSULPXOFRSLOGLDJQRVWLFDWFXDXWLVPVD
QVFXWvQ8QDGLQFRQGLLLOHREOLJDWRULLLPSXV-DSRQLHLGHFWUHDPHULFDQL
FDUHWRFPDLRFXSDVHUDUDHUDXQSURJUDPREOLJDWRUGHYDFFLQDUHvPSRWULYDWX
VHLFRQYXOVLYHQ)UDQD&KLOH$XVWULD2ODQGDL6FDQGLQDYLDSULPHOHFD]XUL
GHDXWLVPDSDULODvQFHSXWXODQLORU7RWvQDFHVWWLPSVDLQWURGXVSHQWUXSULPD
GDWYDFFLQXOSHUWXVVLV vPSRWULYDWXVHLFRQYXOVLYH &kQGvQ/RQGUDVH
SXQED]HOHSULPHL6RFLHWLQDLRQDOHSHQWUXFRSLLLDXWLWLGLQ0DUHD%ULWDQLH
VHFRQVWDWFDSURDSHWRLVDXQVFXWvQSHULRDGDFkQGVDvQFHSXWYDFFLQDUHD
DQWLSHUWXVVLV ODVIkULWXODQLORU LQXPDLFkLYDGLQWUHFRSLLLDXWLWLVHQV
FXVHUODvQFHSXWXODQLORUQ$QJOLDQXPUXOFRSLLORUDXWLWLHUDPXOWPDL
PLFGHFkWFHOGLQ68$SUREDELOGDWRULWIDSWXOXLFYDFFLQXOSHUWXVVLVQXHUD
REOLJDWRULXFLYROXQWDULQGUHJLXQLXQGHVHYDFFLQDXGRDUGLQWUHFRSLL
&LQHDXIRVWSULPLLFRSLLYDFFLQDL"3ULPHOHFD]XULGHDXWLVPDXDSUXWOD
FRSLLGLQIDPLOLLvQVWULWHGDUPDLDOHVGLQIDPLOLLGHLQWHOHFWXDOLSULQLLLQG
PHGLFLDYRFDLSURIHVRULHWF9HGHPFSULPHOHYLFWLPHQXDXIRVWFRSLLLPXQFL
WRULORUVDXDRDPHQLORUVUDFLFLFRSLLLRDPHQLORUFXVWXGLLVXSHULRDUHFXPDPH
H[DJHUDWGHJULMXOLLSHQWUXFDUHQLFLXQVDFULFLXQXHUDSUHDPDUHDYkQGvQYH
GHUHFDFHVWYDFFLQHUDLIRDUWHVFXPS.DQQHUQHUHODWHD]3kQDFXPQX
DYHPQLFLXQFD]GHDXWLVPODFRSLLDLFURUSULQLVQXHFXVWXGLLPHGLLVDX
VXSHULRDUH'LQSULPHOHGHFD]XULGHFRSLLFXDXWLVPGLQWUHWDLL

 0DU\ 6WHZDUW *RRGZLQ DQG : &DPSEHOO ,Q D 'DUN 0LUURU 0HQWDO +\JLHQH
 2NWREHU 

 3 0DUJDUHW 7KH 1DWLRQDO 6RFLHW\ IRU$XWLVWLF &KLOGUHQ LQ %ULWDLQ -$XWLVP 
 

/+DUULV&RXOWHUDQG%DUEDUD)LVKHU'73$6KRWLQWKH'DUN1HZ<RUN+DUFRXUW
%UDFH-RYDQRYLFK



'U&KULVWD7RGHD*URVV

GLQWUHPDPHDYHDXVWXGLLVXSHULRDUHUHVWXODYkQGFHOSXLQXQFROHJLX$OWH
VWXGLLDUDWGHDVHPHQHDFWRLFRSLLLDXWLWLSURYLQGLQIDPLOLLFXXQVWDWXWDSDUWH
vQFHHDFHSULYHWHLQWHOLJHQDLSHUVRQDOLWDWHDSULQLORU$FHVWOXFUXHUDFXWRWXO
LHLWGLQFRPXQDYkQGvQYHGHUHFvQFD]XOFHORUODLFRSLLFXDOWHDIHFLXQLSVL
KLFHGRDUXQSURFHQWPLF  GLQWUHSULQLDEVROYLVHUIDFXOWDWHD0RWLYXO
DIRVWFSULQLLFRSLLORUGLQFDWHJRULLOHVRFLDOHGHIDYRUL]DWHQXLDXSHUPLV
YDFFLQXOVFXPSDQWLSHUWXVVLV$DVHH[SOLFGHFHvQSULPXOGHFHQLXYHGHPR
UVSkQGLUHLQHJDODDXWLVPXOXLvQWUHFRSLL'DUGXSH[WLQGHUHDXQXLSURJUDP
REOLJDWRULXGHYDFFLQDUHvQDSURDSHWRDWHULOHDXEHQHFLDWFRSLLLGLQWRDWH
FDWHJRULLOHVRFLDOHGHYDFFLQXO'73 GLIWHURWHWDQRSHUWXVVLV 'LQDFHVWPRPHQW
DXWLVPXOVHYDUVSkQGLvQPRGHJDOODFRSLLLDUFHUFHWWRULLDXFRQVLGHUDW vQ
PRGWRWDOJUHLW FGLQDFHVWPRWLYSULPHOHVWDWLVWLFLDUIRVWIDOVH$VW]L
SXWHPFRPSDUDHYROXLDDXWLVPXOXLFXFHDDXQXLDUERUHEROQDY'LQSULPH
OHUDPXULUHVSHFWLYFHOHFD]XULGHVFULVHGH.DQQHUvQDXFUHVFXWDOWH
GRDUvQ68$/DRUDDFWXDODFHVWDUERUHDFUHVFXWDVHPHQHDXQHL
SDQGHPLLvQvQWUHDJDOXPHLQFOXVLYvQ5RPkQLD
D 0DQLIHVWULOHFOLQLFHDOHDXWLVPXOXL
QVWULQDUHD GH VLQH L GH OXPH VOELFLXQHD HXOXL ,FKVFKZlFKH 
'HQXPLUHDDXWLVPXOXLYLQHGLQJUHFHVFXODXWRVFDUHvQVHDPQSURSULXVDX
HXvQVXPL.DQQHUGHVFULHDFHDVWvQVWULQDUHFDLQGLQFDSDFLWDWHDFR
SLOXOXLGHDDYHDUHODLLQRUPDOHFXRDPHQLLvQFGHODQDWHUH&KLDUGH
ODvQFHSXWYHGHPRvQVWULQDUHH[WUHP$FHWLFRSLLWULHVFvQOXPHDORU
L QX ODV SH QLPHQL V VH DSURSULH GH HL 6XQW DEVHQL L QX SRW ]kPEL
1X OH SODFH QLFLR DWLQJHUH XQHRUL QLFL GH OD SULQLL ORU LDU ID GH VWULQL
VH SRDUW FX QHUYR]LWDWH L GHVHRUL FX XU (L VXIHU GH XQ VLQGURP DIHF
WLYGLVSURSRULRQDW&D]-HUU\*ROGVPLWKXQELDWGHDQLFXDXWLVP
IXQFLRQHD]FDRPDLQIUVHQWLPHQWHLVHUDSRUWHD]ODOXPHDGLQMXU
GRDUFXPLQWHD LQWHOHFWXO /DDQLLQGSOHFDWFXSULQLLvQWURH[FXUVLH


 /HR .DQQHU 7R :KDW ([WHQW LV (DUO\ ,QIDQWLOH $XWLVP 'HWHUPLQHG E\ &RQVWLWX
WLRQDO,QDGHTXDFLHV"vQ*HQHWLFVDQGWKH,QKHULWDQFHRI,QWHJUDWHG1HXURORJLFDODQG3V\
FKLDWULF3DWWHUQV %DOWLPRUH:LOOLDPVDQG:LONLQV EHLQJ9RORIWKH3URFHHGLQJV
RIWKH$VVRFLDWLRQIRU5HVHDUFKLQ1HUYRXVDQG0HQWDO'LVHDVH

0DU\&ROHPDQ HG 7KH$XWLVWLF6\QGURPHV$PVWHUGDP1RUWK+ROODQG3XEOLVK
LQJ&RPSDQ\

$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ)LJXUHVDOVRVXSSOLHGE\1DWLRQDO
6RFLHW\RI$XWLVWLF&KLOGUHQDQG$GXOWV

/HR.DQQHURSFLW

/HRQ(LVHQEHUJ7KH$XWLVWLF&KLOGLQ$GROHVFHQFH$-3V\FKLDWU\ -DQX
DU\-XQH 

9$&&,185,/(35(9(1,(6$8%2$/



vQ0H[LFQHVXSRUWkQGODXQPRPHQWGDWPLURVXULOHGLQWURSLDDGLVSUXW
SXULVLPSOXLDPHUVSHMRVFHLNPSkQODPRWHOIUFDVVSXQFHYD
SULQLORU
2 IRUP DSDUWH GH HJRLVP &RSLOXO DXWLVW FUHGH F GRDU HO H[LVW SH
OXPHGDUDFHVWVHQWLPHQWQXHVWHXQXOGHPkQGULH FXPDSDUHODRDPHQLL
VQWRL FLHVWHXQXOSDWRORJLFDPHVWHFDWGHVHRULFXXQFRPSOH[GHLQIH
ULRULWDWH/DSULPDYHGHUHSDUHXQSDUDGR[LQGFvQPRGQRUPDOQXSRW
FRPSDWLELOHFHOHGRXWUVWXULGDUHOHWUHEXLHSULYLWHFDQLWHH[WUHPHDOH
XQHLDLDFHOHLDLDIHFLXQLQFHOPDLEXQFD]FRSLOXOQXvLYHGHURVWXOvQ
OXPHLQXVHVLPWHvQVWDUHGHQLPLF8QDXWLVWQXDUHFRQWLLQDHXOXL(O
VHLGHQWLFFXvQWUHDJDOXPH6HVSXQHGHVSUHHOFQXWLHXQGHvQFHSHHO
XQGHVHWHUPLQLXQGHvQFHSHDOWFLQHYD7RWRGDWHOFUHGHFWRDWOXPHDVH
vQYkUWHvQMXUXOOXL(OQXUHDOL]HD]FDUHVHPHQL6HYHGHFDLQGVLQJXUXO
LFHOPDLLPSRUWDQWRELHFWGLQOXPHLvOLQWHUHVHD]GRDUUHSHUFXVLXQLOHSH
FDUHOHSRWDYHDDVXSUDOXLVLWXDLLOHGLQMXU&D]5RQDOGFXRIRUPPR
GHUDWGHDXWLVPQHUHODWHD]1XDPWLXWSkQODYkUVWDGHDQLFH[LVW
RDPHQLSHOXPH'DUFKLDULDFXPWUHEXLHVvPLDGXFXQHRULDPLQWHFPDL
H[LVWLRDPHQLSHOXPHDDVWD,VHvQWkPSODFHVWOXFUXPDLDOHVFkQGHVWH
vQWURUHODLHFXRDPHQLL6HUHWUDJHEUXVFLSOHDFvQPLMORFXOXQHLFRQYHU
VDLLFDLFkQGDFHORPDUPXULWEUXVF
6HQWLPHQWXOGHWHDPVDXIULFvLvQVRHWHvQSHUPDQHQSHFRSLLLDXWLWL
)DDORUH[SULPRWHDPFRQWLQX/HHVWHWHDPVLSLDUGOXPHDORUSH
FDUHLDXFUHDWRLvQFDUHSRDWHVLQWHUYLQRULFkQGFLQHYDGHDIDU
7HDPDDFHDVWDQXHVWHDOWFHYDGHFkWRDOWH[WHULRUL]DUHDVOELFLXQLLHXOXL
GHVFULVDQWHULRU9HGHPSHIHHOHFRSLLORUDXWLWLRWHDPSHUPDQHQWFDX
]DWSUREDELOGHRSRVLELOLQWHUYHQLHQHGRULWDRPXOXLDGXOWvQYLDDOXL
/HHVWHWHDPGHWRDWHLGHWRLDQLPDOH]JRPRWHDUPHIULJLGHUVRER
SDWSHSHUHWHGDUPDLDOHVGHvQWXQHULF7RQ\0FXRIRUPXRDUGH


 - %HPSRUDG $GOXW 5HFROOHFWLRQV RI D )RUPHUO\ $XWLVWLF &KLOG -$XWLVP 


+/&RXOWHURSFLW

 'RQDOG - &RKHQ 7KH 3DWKRORJ\ RI WKH 6HOI LQ 3ULPDU\ &KLOGKRRG $XWLVP DQG
*LOOHV GH OD 7RXUHWWH 6\QGURPH 3V\FKLDWULF &OLQLFV RI 1RUWK $PHULFD   'HFHPEHU


/HR.DQQHURSFLW

+/&RXOWHURSFLW



'U&KULVWD7RGHD*URVV

DXWLVPVFULDvQWURDXWRELRJUDH(XWULDPvQWUROXPHDYLVHORULDIULFLL
1XPLQWHUHVDXRDPHQLLGLQMXUXOPHXPLHUDWHDPGHWRDWH
7HRULLIDOVH WHRULDPDPHORUUHFLLWHRULDHPRLRQDOSVLKRJHQHWLF 
$WkWSVLKLDWULLFkWLSVLKRORJLLDXUHFXQRVFXWFXRRDUHFDUHUHVHPQDUHF
QXSRWIDFHIDQRLLDIHFLXQLQXPLWHDXWLVPSHFDUHQLFLPFDUQXRSXWHDX
H[SOLFD3kQDFXPVSXQHLQXDXSXWXWJVLQLFLXQUHPHGLX(LDXDMXQVOD
FRQFOX]LD IDOV F SULQLL vQ VSHFLDO PDPHOH VXQW UHVSRQVDELOH SHQWUX vQ
VWULQDUHDFRSLOXOXLSHQWUXVOELFLXQHDHXOXLLSHQWUXWHDPDSHUPDQHQW
D DFHVWXLD ,QFOXVLY /HR .DQQHU D DFFHSWDW OD vQFHSXW LGHHD ORU VSXQkQG F
SULQLLFRSLLORUDXWLWLVXQWUDUHRULSULQLLXELWRULLvLSXQHDvQWUHEDUHDvQ
FHPVXUFOLPDWXOUHFHLIRUPDOGLQDVWIHOGHIDPLOLLDSXWXWFRQWULEXLODDSD
ULLDDXWLVPXOXLODFRSLL'HRDUHFHFRSLLLDXWLWLHUDXVXSXLXQHLSVLKRWHUDSLL
GHVSUHFDUHVHFUHGHDFHVWHHFLHQW%HWWHOKHLPLDOLLFUHGHDXFHWLRORJLD
DXWLVPXOXLHVWHXQDSVLKRORJLFSRVLELOHPRLRQDO&DXUPDUHHLVXVLQHDX
LRIDFLvQ]LXDGHD]L LSRWH]DHPRLRQDO,SRWH]DHVWHvQVFRQWUD
]LVGHFWUH.DQQHU(OFRQVWDWFODFRSLLLFXDXWLVPFDUHDXXUPDWWHUDSLL
SVLKLDWULFHLQWHQVLYHDPHOLRUDUHDDIRVWQHWLQIHULRDUFHORUFDUHQXDXIRVWWUD
WDLQLFLRGDW'HDVHPHQHDFRSLLDXWLWLFDUHDXDMXQVVXUPH]HRFRDOQX
DXIRVWQLFLRGDWWUDWDLGHFWUHPHGLFL$FHVWOXFUXHVWHYDODELOLvQ]LXD
GHD]LPLOLRDQHOHGHRUHGHWHUDSLHSVLKRWHUDSHXWLFLSVLKLDWULFDFRSLLORU
DXWLWLGLQXOWLPHOHGHFHQLLQXDDYXWQLFLXQUH]XOWDW/DXQQXPUUHGXVGH
DXWLWLVHREVHUYRXRDUDPHOLRUDUHRGDWFXvQDLQWDUHDvQYkUVWGDUDFHVW
IHQRPHQVHGDWRUHD]GH]YROWULLvQWLPSDVLVWHPXOXLQHUYRV
$WkWWHRULDSVKLRJHQHWLFFkWLFHDDPDPHORUUHFLDXULGLFDWPXOW
SUDI WLPS GH FkWHYD GHFHQLL L DX UHSUH]HQWDW R SHULRDG vQWXQHFDW GLQ
LVWRULD0HGLFLQHLDDFXPRFDUDFWHUL]HD]5LPODQG
QVLWXDLDHUDFHYDPDLEXQGDUFKLDULDFXPQHQXPUDWHvQ
FHUFULGHDH[SOLFDDXWLVPXOSULQSUL]PDXQRUWHRULLFDUHPDLGHFDUHFLXGDWH
VHIDFODGLIHULWHLQWHUYDOHGHWLPS6SUHH[HPSOX1LNRODDV7LQEHUJHQSUR
IHVRUOD2[IRUGvQ&HUFHWDUHD&RPSRUWDPHQWDODSULPLWvQ3UHPLXO

 )UHG 5 9RONPDU DQG 'RQDOG - &RKHQ 7KH ([SHULHQFH RI ,QIDQWLOH $XWLVP$
)LUVW3HUVRQ$FFRXQWE\7RQ\:-$XWLVP  S

/HR.DQQHURSFLW

5LPODQG%HUQDUG,QIDQWLOH$XWLVP7KH6\QGURPHDQG,WV,PSOLFDWLRQVIRUD1HXUDO
7KHRU\RI%HKDYLRU1HZ<RUN$SSOHWRQ&HQWXU\&URIWV

,ELGHP

:DQG0'H0H\HU,QIDQWLOH$XWLVP1HXURORJLF&OLQLFV  

(GZDUG5LWYRDQG%-)UHHPDQ$0HGLFDO0RGHORI$XWLVP(WLRORJ\3DWKRO
RJ\DQG7UHDWPHQW3HGLDWULF$QQDOV  

9$&&,185,/(35(9(1,(6$8%2$/



1REHOSHQWUX3VLKRORJLHL0HGLFLQLDUvQGLVFXUVXOVXDLQXWVSUHFL]H]H
FYDUHOXDVWXGLXOLSRWH]HLHPRLRQDOHDDXWLVPXOXLFDUHGXSSUHUHDOXL
DIRVWPXOWGLVFUHGLWDW(ODPDLDGXJDWFDXWLVPXOQXHVWHSURYRFDWGHR
DQRUPDOLWDWHJHQHWLFVDXGHROH]LXQHDVLVWHPXOXLQHUYRVFLGLQFDX]DXQRU
LQXHQHVRFLDOHWLPSXULL$XWLWLLVXQWvQPDMRULWDWHDFD]XULORUFDLSULQLL
ORUYLFWLPHGLUHFWHDOHXQRUVLWXDLLGHWHQVLXQHvQPHGLXOvQFDUHWULHVF
&kWGHIDOVHVWHRDVHPHQHDWHRULHDPGLQVWXGLLOHIFXWHvQDQLLXUPWRUL
7HRULDQHXURORJLFDDXWLVPXOXL WHRULDUHDO 
'HVFRSHULUHD XQRU VLPSWRPH QHXURORJLFH FDUH DSDU vQ DXWLVP L FDUH
QXVXQWFXSULQVHvQSULPDGHQLLHDOXL.DQQHUDUDWFRPSOH[LWDWHDDFHVWHL
DIHFLXQL
/XFUULOHOXL5LPODQGGRYHGHVFHWLRORJLDQHXURORJLFDDXWLVPXOXL$VHPHQL
DOWRUDHODREVHUYDWFDXWLWLLVXIHUGHRVHULHGHWXOEXUULUHWDUGSVLKLFHSLOHS
VLHSDUDOL]LHFHUHEUDOHWF1XPHURLRDPHQLGHWLLQDXvQFHSXWLHLFHUFH
WULOHORUGHRDUHFHDXFUH]XWGLQWRWGHDXQDvQHWLRORJLDQHXURORJLFDDXWLVPXOXL
.DQQHUDFUH]XWFDXWLWLLHUDXRDPHQLFXRLQWHOLJHQQRUPDOVDXFKLDU
SHVWH QRUPDO GDU VWXGLLOH XOWHULRDUH DX GRYHGLW F  GLQWUH DXWLWL DX
UHWDUGSVLKLFLDUDXXQ,4VXE:LOOLDPL0DULDQ'H0H\HU
VFULDXvQFQXH[LVWRJUDQLvQWUHUHWDUGXOSVLKLFLDXWLVP5HJXOD
HVWHDFHHDFFXFkWFRSLOXODUHXQUHWDUGSVLKLFPDLPDUHFXDWkWDUHPDL
PXOWHWUVWXULDXWLVWLFH
2DOWGHVFRSHULUHLPSRUWDQWDIRVWOHJWXUDVWUkQVGLQWUHDXWLVPLHSL
OHSVLH&KLDUGDF.DQQHUDREVHUYDWvQSUH]HQDXQRUPRGLFUL((*L
FUL]HHSLOHSWLFHODXQFRSLOFXDXWLVPQXLDGDWLPSRUWDQQ5LFKDUG
-6FKDLQL+HUPDQ<DQQHWGHOD)DFXOWDWHDGH0HGLFLQGLQ<DOHDXFRQVXOWDW
GHFRSLLDXWLWLGLQWUXQ,QVWLWXWGH3VLKLDWULHGLQ&RQQHFWLFXWVLDXJVLWVSUH
PDUHDORUVXUSULQGHUHFDSURDSHGLQWUHHL FRSLL VXIHUGHHSLOHSVLHL
GHDOWHDIHFLXQLQHXURORJLFHDOWXULGHVLPSWRPHOHDXWLVWH$XWRULLDXFRQVWDWFX
XLPLUHFUH]XOWDWHOHRELQXWHvQXUPDDQDOL]HORUVXQWVWULQHGHFHHDFHVFULHvQ
OLWHUDWXUDGHVSHFLDOLWDWH$OLDXWRULQXVDXH[SULPDWvQOHJWXUFXFHHDFHDP
DDW8QSURFHQWGHGLQWUHDXWLWLVXIHUDDFXPHVWHFXQRVFXWGH


1LNRODDV7LQEHUJHQ(WKLRORJ\DQG6WUHVV'LVHDVHV6FLHQFH -XO\ 


$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ'LDJQRVWLFDQG6WDWLVWLFDO0DQXDORI0HQWDO'LV
RUHGHUV7KLUG(GLWLRQ:DVKLQJWRQ'&

:DQG0'H0H\HURSFLW

/HR.DQQHURSFLW

56FKDLQDQG+<DQQHW,QIDQWLOH$XWLVP$Q$QDO\VLVRI&DVHVDQGD&RQVLGHU
DWLRQRI&HUWDLQ5HOHYDQW1HXURSK\VLRORJLF&RQFHSWV-3HGLDWULFV  




'U&KULVWD7RGHD*URVV

GLIHULWHFUL]HFRQYXOVLYHHSLOHSVLHVSDVPHFORQLFHVSDVPXOVXJDUXOXL+\SVD
ULWPLHHSLOHSVLHWHPSRUDOOREDUHSLOHSVLHSVLKRPRWRULHHSLOHSVLHIRUPDPD
MRU *UDQGPDO VDXIRUPDPLQRU 3HWLWPDO SULYLUH[LGLIHULWH
FRPELQDLLDOHDFHVWRUD8QHRULDFHVWHFUL]HGHEXWHD]GRDUvQDGROHVFHQ
7RWRGDWFUL]HOHHSLOHSWLFHVXQWIUHFYHQWHODFHLFXUHWDUGSVLKLFFXXQ,4VXE
SHFkQGODFHLFXRLQWHOLJHQQRUPDOVXQWUDUH8QSURFHQWGHGLQWUHDX
WLWLDXXQ((*DQRUPDOLSUH]LQWDIUHFYHQWPRGLFULDOHUHH[HORULWRQXVXOXL
PXVFXODUKLSRWRQLHVDXKLSHUWRQLH527 UHH[HRVWHRWHQGLQRDVH DFFHQWXDWH
FORQXVXOSLFLRUXOXLHWF8QVLPSWRPWLSLFGHKLSRWRQLHODDXWLWLHVWHDFHOD
GHDQXLIRORVLPkLQLOH6XJDUXODSXFRELHFWHOHFXSLFLRUXHOHLVHIHUHWHV
SULQGPLQJHD$FHWLFRSLLDXGLFXOWDWHGHDXPEODvQSDWUXODEH8QLLGLQWUH
HLQXYRUUHXLQLFLRGDWVXPEOHDOWIHOGHFkWSHYkUIXULFHHDFHDUDWRKLSHU
WRQLHPXVFXODUJHQHUDOL]DW&RSLLLPDLPDULQXGDXPkQDFXDOLLHWF(LDX
WXOEXUULGHVRPQFRPDUXULVFUkQHVFGLQGLQLvQWLPSXOVRPQXOXLXQHRULL
]LXDvQVWDUHGHYHJKHHWF
3DUDOL]LLDOHQHUYLORUFUDQLHQL
7HRULDQHXURORJLFDDXWLVPXOXLDUHXLWvQFHOHGLQXUPVH[SOLFHSULQFL
SDOXOVLPSWRPDODXWLVPXOXLvQVWULQDUHDFRSLOXOXLGHOXPHDvQFRQMXUWRDUH
&DX]DQXSXWHDGHFkWRDIHFWDUHDQHUYLORUFUDQLHQLFDUHUHJOHD]IXQFLLOH
DXGLWLYH YL]XDOH ROIDFWLYH JXVWDWLYH L D FHORU FDUH FRRUGRQHD] DFWLYLWDWHD
PXVFXODWXULLIHHL8QHRULHVWHOH]DWLRUJDQXOGHVLP RFKLXOXUHFKHD &HO
PDLIUHFYHQWvQVVXQWDIHFWDLQHUYLLGHODOH]LXQLXRDUHSkQODSDUDOL]LLQ
DFHVWXOWLPFD]RUJDQXOGHVLPHVWHQRUPDOGH]YROWDWGDUQXSRDWHWUDQVPLWH
PDL GHSDUWH LQIRUPDLD 3HQWUX FD V SXWHP WUL L V QH LQWHJUP vQ OXPHD
vQFRQMXUWRDUHDYHPQHYRLHGHLQIRUPDLLGLQPHGLXOvQFRQMXUWRUSHFDUHOH
FXOHJHPLDSRLOHSUHOXFUP3ULQLQWHUPHGLXORUJDQHORUGHVLPVXQWSUHOXDWH
WRDWHDFHVWHLQIRUPDLLLWULPLVHFUHLHUXOXLFDUHOHSUHOXFUHD]QIHOXODFHVWD
SXWHPVWULPvQPRGQRUPDOLDUPRQLRV'DFvQVQXSXWHPDVLPLODDFHVWH
LQIRUPDLLFDOLWDWHDYLHLLQRDVWUHHVWHGHMDDIHFWDW
/DFRSLLLDXWLWLOH]DUHDXQXLQHUYFUDQLDQGXFHODRYDULHWDWHGHDVSHFWH
FOLQLFH

/:ROIDQG%*ROGEHUJ$XWLVWLF&KLOGUHQ*URZ8S$Q(LJKWWR7ZHQW\)RXU
<HDU)ROORZXS6WXG\&DQDGLDQ-3V\FKLDWU\  

(02UQLW]DQG(55LWYR7KH6\QGURPHRI$XWLVP$&ULWLFDO5HYLHZ$-
3V\FKLDWU\ -XQH 

0DU\6*RRGZLQDQG7&DPSEHOO

/HR.DQQHU

+/&RXOWHURSFLW

9$&&,185,/(35(9(1,(6$8%2$/



9]XOSRDWHDIHFWDWvQPDLPXOWHPRGXULRUELUHOLSVDFRRUGRQDULLPL
FULLJORELORURFXODULVWUDELVP.HUDWRNRQXVHWFXQHRULRFKLLQXDXQLFLXQ
GHIHFWGDUVXQWOH]DLQHUYLLRSWLFLFkQGYRUELPGH'LVOH[LHRDOWWXOEXUDUH
HVWH+LSHUOH[LDFkQGFRSLOXODXWLVWFLWHWHXHQWGDUQXvQHOHJHQLPLF
$X]XO SRDWH  DIHFWDW vQ GLYHUVH JUDGH SkQ OD VXUGLWDWH$XWLWLL VXIHU
GHVHRULGHRWLWHPHGLLLQIHFLRDVHFDUHSRWLHOHFDX]HGHVXUGLWDWHQXQHOH
FD]XULGHLXUHFKHDHVWHVQWRDVLDUFRSLOXODXGHFRQIRUPWHVWXOXLDXGLR
PHWULFHOWRWXLQXUHDFLRQHD]GHORFFDLFXPQXDUvQHOHJHQLPLFLQGF
LQIRUPDLLOHQXVXQWSUHOXFUDWHODQLYHOXOFUHLHUXOXLQ,VDDN.DUOLQDWUDJH
DWHQLDDVXSUDXQXLIHQRPHQSHFDUHODGHQXPLWVXUGLWDWHYHUEDOvQQVFXW
XQFRSLODXWLVWGHLDYHDRSLHUGHUHDDX]XOXLGHSXWHDGLIHUHQLDDQXPLWH
VXQHWHPX]LFDOHOHJDWHGHMXFULLOHOXLSUHIHUDWHLFKLDUvQYDVHVDUWLFXOH]H
FkWHYD FXYLQWH L V OHJH SURSR]LLL /D XQ DVWIHO GH UH]XOWDW QX VH DWHSWD QL
PHQL$OLFRSLLQXDXGDQXPLWHWRQXULFXPDUYRFHDPDPHLVDX]JRPRWXO
vQFKLGHULLXQHLXLHWFGDUSRWDX]LDOWH]JRPRWHFXPDUGHVIDFHUHDKkUWLHLGH
SHRERPERDQVDXPHORGLDSUHIHUDWDXQHLSXEOLFLWL79(OSRDWHDX]LWRQXULOH
vQDOWH GDU QX L SH FHOH MRDVH7HUPHQXO GH VXUGLWDWH YHUEDO vQQVFXW PDL
SRDWHvQORFXLWFXDOWHGHQXPLULGHIHFWFHQWUDOGHSUHOXFUDUHDLQIRUPDLLORU
GHIHFWSHULIHULFGHSUHOXFUDUHDLQIRUPDLLORUHWF8QHRULVHREVHUYODDFHWL
FRSLLXQDX]H[DJHUDWQXPLWKLSHUDFX]LHFkQGHLUHDFLRQHD]vQPRGH[DJHUDW
SDWRORJLFOD]JRPRWHQRUPDOHSHFDUHXQRPQRUPDOQLFLQXOHEDJvQVHDP
]JRPRWXOXQXLXVFWRUGHSUvQFKLGHUHDXQHLXLHWF0RWLYXOHVWHFDFHWLFRSLL
QXDXSRVLELOLWDWHDGHDIDFHGLIHUHQDGLQWUHLQIRUPDWLLOHLPSRUWDQWHL]JRPRWXO
GHIRQG$XWLWLLVXQWvQWRWGHDXQDIDVFLQDLGHPX]LFPDMRULWDWHDLQGFKLDU
WDOHQWDL vQ DFHVW GRPHQLX 8QLL FXQRVF SH GH URVW DQXPLWH PHORGLL VDX FKLDU
FkQWHFHDX]LWHOD79SHFDUHOHUHFLWDSRLIUQLFLRJUHHDO$OLLDXXQDX]
PX]LFDOSHUIHFWFkQWDULLvQWUHJLODSLDQ
9RUELUHDHVWHDIHFWDW'HLFRSLOXOSRDWHYRUELHOQXRIDFHXQHRULLQG
FQXYUHD$OWHRULYRUEHWHGRDUvQRDSW6XQWFD]XULvQFDUHDXWLWLLYRUEHVF
QHvQWUHUXSWGDUIUQLFLXQVHQV KLSHUODOLH VDXUHSHWFXYLQWHOHLIUD]HOHSH
FDUHOHDXGHDVHPHQHDXQXLSDSDJDOPLPkQGLWRQDOLWDWHD HFRODOLH (LPDL
SRWUHSHWDDQXPLWHYHUVXULQXPHOHXQRUSHUVRDQHvQPRGPHFDQLFFkQGYRU


,ELGHP
 ' :LWKHKRXVH DQG - &+DUULV +\SHUOH[LD LQ ,QIDQWLOH $XWLVP -$XWLVP 
 

/HR.DQQHU

,VDDF.DUOLQ&RQJHQLWDO9HUEDO$XGLWRU\$JQRVLD3HGLDWULFV  

05XWWHU&KLOGKRRG6FKL]RSKUHQLD5HFRQVLGHUHG-$XWLVP

+/&RXOWHURSFLW




'U&KULVWD7RGHD*URVV

ELPGHVWHUHRWLSLLQIHOXODFHVWDFKLDUGDFDUHYRFHLSRDWHYRUELFRSLOXO
DXWLVWQXvLYDIRORVLYRFHDSHQWUXDvQYDVYRUEHDVFFXSURSULLOHFXYLQWH
FLGRDUSHQWUXDUHSHWDFXYLQWHOHDOWRUD$OWHRULYRFHDORUHVWHIRDUWHvQDOW
FDLXQLXLWLQGFHVWHOH]DWQHUYXOFUDQLDQ;,, KLSRJORV FDUHHQHUYHD]
OLPED3XWHPYRUELLODDXWLWLGHFXQRVFXWHOHDIHFLXQLDID]LHVDXGLVID
]LHGHVSUHFDUHVHWLHFVXQWFRQVHFLQDXQHLOH]LXQLDVLVWHPXOXLQHUYRVGLQ
WLPSXO FRSLOULHL 8QLL FHUFHWWRUL FUHG F FHOH GRX WXOEXUUL GH YRUELUH QX
VXQWGRXDIHFLXQLGLVWLQFWHFLVXQWFRQWLQXDUHDXQHLDVLQJXUH2UDFHVWHFD
UDFWHULVWLFLVXQWVSHFLFHDXWLVPXOXL'DFYRPUHFXQRDWHFDXWLVPXOQX
UHSUH]LQWDOWFHYDGHFkWRVWDUHSDWRORJLF FXRPDUHYDULHWDWHGHWDEORXUL
FOLQLFH VSUHFDUHDHYROXDWVLQGURPXOSRVWHQFHIDOLWLFDWXQFLFHHDFHWUHEXLH
VWXGLDWHVWHFKLDUDFHVWVLQGURPVSXQH+DUULV&RXOWHU
/H]DUHDQHUYLORUFDUHFRRUGRQHD]PXVFXODWXUDIHHLYDGXFHODXQIDFL
HVFXRH[SUHVLH[vQJKHDWQXPLW6LQGURPXO0RHELXV
7RDWHDFHVWHGHIHFWHDOHRUJDQHORUGHVLPSRWSkQODXQDQXPLWJUDG
VHFRPSHQVDWHGHFWUHXQVLPWDFWLOLXQPLURVIRDUWHELQHGH]YROWDW
&RSLLLDXWLWLPLURVLOLQJDGHVHRULGLIHULWHRELHFWHSHQWUXDSXWHDvQHOHJH
PFDURIUkPGLQFHHDFHLvQFRQMRDU(LSRWIRDUWHVHQVLELOLLSRW
UHDFLRQDH[WUHPGHSXWHUQLFODDQXPLWHPLURVXULLDOLPHQWH
$IHFWDUHDQHUYXOXLYDJ VDXSQHXPRJDVWULF SRDWHGXFHODYDULDWHWXO
EXUUL GH UHVSLUDLH GHQXPLWH PHFDQLVPH UHVSLUDWRULL VWHUHRWLSH VFXUWH
SHULRDGH GH DSQHH KLSHUYHQWLODLH LQVSLUDLL SURIXQGH XUPDWH GH H[SLUDLL
vQVRLWHGHXQRIWDWvQFHUFDUHDGHDH[SLUDIUDLQVSLUDSURYRFkQGXQOHLQ
HWF'HRDUHFHDFHVWHWXOEXUULGHUHVSLUDLHvQVRHVFvQPRGIUHFYHQWRFUL]
HSLOHSWLFHOHSRWFKLDURFRPSRQHQWDHSLOHSVLHL

/HR.DQQHUDQG/HRQ(LVHQEHUJ(DUO\,QIDQWLOH$XWLVP3V\FKLDWULF
5HVHDUFK5HSRUWV

 *HRUJH 0 5HDOPXWR DQG %DUW 0DLQ &RLQFLGHQFH RI 7RXUHWWHV 'LVRUGHU DQG ,Q
IDQWLOH$XWLVP-$XWLVP-XOHV5%HPSRUDG$GXOW5HFROOHFWLRQVRID
)RUPHUO\$XWLVWLF&KLOG-$XWLVP

+/&RXOWHURSFLW

-XOHV5%HPSRUDGRSFLW

-XQNR.RPRWRDQG-+LUDWD,QIDQWLOH$XWLVPDQG$IIHFWLYH'LVRUGHU-$XWLVP


 0DU\ &ROHPDQ1HZ 5HVHDUFK )LQGLQJV DQG &RQFHSWV LQ$XWLVP 3URFHHGLQJV
$QQXDO0HHWLQJDQG&RQIHUHQFHRIWKH1DWLRQDO6RFLHW\IRU$XWLVWLF&KLOGUHQ:DVK
LQJWRQ'&

+*DVWDXW%=LINLQDQG05XIR&RPSXOVLYH5HVSLUDWRU\6WHUHRW\SLHVLQ&KLO
GUHQZLWK$XWLVWLF)HDWXUHV3RO\JUDSKLF5HFRUGLQJDQG7UHDWPHQWZLWKIHQXUDPLQH-
$XWLVP

9$&&,185,/(35(9(1,(6$8%2$/



&D]+DUYH\DIRVWYDFFLQDWFX'73vQLDQXDULH'XS]LOH
vQFHSkQGGHGLPLQHDVXJDUXOSOkQJHIRDUWHWDUHLIUvQWUHUXSHUHDYkQG
SUREOHPHUHVSLUDWRULLFDUHRVSHULHSHPDP'HFkWHRULREVHUYSDX]HUHV
SLUDWRULLODFRSLOPDPDvOLQHULGLFDW(DREVHUYFvLUHYLQHFRSLODXOL
vQFHSHVUHVSLUHFkQGvOSXQHSHVWHXPHULLHLLOEDWHSHVSDWH6SHULDWVH
SUH]LQWFXFRSLOXOODPHGLFFDUHUHFRPDQGLQWHUQDUHD$GRXD]LFRSLOXOD
vQFHSXWVVHVLPWPDLELQHLHVWHH[WHUQDW7DWOFRSLOXOXLHVWHFRQYLQVF
WRFPDLDVFSDWFRSLOXOOXLGH6LQGURPXOPRULLVXELWH 6,'6 %LDWXOD
FUHVFXWLDFXPVXIHUGHDXWLVPIRUPPHGLH&RQFOX]LDHVWHFFHOHGRX
DIHFLXQLDXWLVPXOL6LQGURPXOPRULLVXELWHODVXJDU 6,'6 DXRHWL
RORJLHFRPXQFHDGHHQFHIDOLWSRVWYDFFLQDOvQPDMRULWDWHDFD]XULORU
([HPSOHGHDFHVWIHOVXQWQHQXPUDWH
7XOEXUULGLJHVWLYH
2GDWFXDYDQVDUHDFHUFHWULORUOHJDWHGHDXWLVPVDFRQVWDWDWFLDOWH
VLPSWRPHVXQWGLUHFWOHJDWHGHDFHDVWDIHFLXQH'DFODGHEXWVLPSWRPHOH
HUDX SXVH SH VHDPD XQRU FDX]H HPRLRQDOH DVW]L VH WLH F HOH VXQW GH
RULJLQHQHXURORJLF
$XWLWLLvQJHQHUDOQXDXSRIWGHPkQFDUHLDFX]GXUHULGHEXUW'HFHOH
PDLPXOWHRULVXQWHWLFKHWDLFDLQGSUREOHPDWLFLODPkQFDUH/DSULPHOH
GLQFHOHFD]XULDOHOXL.DQQHUVDXREVHUYDWPDULSUREOHPHGHDOLPHQWDLH
'LQFD]XULOHSHFDUHOHUHODWHD].DQQHUDFHWLFRSLLQXVHKUQHVFVXFLHQWL
UHIX]DWkWVkQXOFkWLELEHURQXOHLQXFUHVFvQJUHXWDWHGHFkWIRDUWHvQFHWXQLL
VWDJQHD]vQJUHXWDWHLODYkUVWDGHXQDQUHIX]RULFHPkQFDUDOLLUHIX]
PkQFDUHDGHMDGHODYkUVWDGHOXQL'LDJQRVWLFXOHVWHXQXOELQHFX
QRVFXWvQ]LXDGHD]LLQGYRUEDGHDQRUH[LHQHUYRDV'HVHRULSULQLLVH
SOkQJLGHDOWHVLPSWRPHODFRSLLLORUDXWLWLFXPDUYUVWXULLQFRHUFLELOH
GLDJQRVWLFDWHDSRLFDYUVWXULSVLKRVRPDWLFH6HSRDWHvQWkPSODLLQYHUV
FkQGFRSLOXOPQkQFH[FHVLYLFkQGYRUELPGHEXOLPLHQ&KULVWR
SKHU*LOOEHUJXQFUHFHWWRUGLQ6XHGLDDGHVFRSHULWSHQWUXSULPDGDWFH[LV


+/&RXOWHURSFLW
5XWK&KULVW6XOOLYDQ+XQFKHVRQ6RPH%LRORJLFDO)DFWRUVLQ$XWLVP-$XWLVP
  

 3KLOLS , 0DUNRZLW] $XWLVP LQ D &KLOG ZLWK &RQJHQLWDO &\WRPHJDORYLUXV ,QIHF
WLRQ-$XWLVP

%DUEDUD-%HW]$6WXG\RI7DFWLFVIRU5HVROYLQJWKH$XWLVWLF%DUULHULQWKH3V\
FKRWHUDS\RIWKH6FKL]RSKUHQLF3HUVRQDOLW\$-3V\FKLDWU\

/HR.DQQHURSFLW




'U&KULVWD7RGHD*URVV

WROHJWXUvQWUHDXWLVPLDQRUH[LDQHUYRDV$XWLWLLDXLDOWHWXOEXUUL
GHDOLPHQWDLHVSHFLFSHUVRDQHORUFXUHWDUGSVLKLFJUDYUHvQJKLLUHDDOLPHQ
WHORUYUVDWHHWF(LPQkQFWRWFHOHLHVHvQFDOHQXGRDUDOLPHQWHFLL
GLQJXQRLVDXFKLDUH[FUHPHQWHGHDQLPDOHHWF&HUFHWWRULGLQ5XVLDDXJVLW
ODDXWLWLRGDWFXvQDLQWDUHDvQYkUVWRWHQGLQVSUHREH]LWDWHLDU*LOOEHUJ
FRQVWDWDFHODLOXFUXODGLQWUHDGXOLLDXWLWL$DFXPDQRUH[LDHVWH
IUHFYHQWODDXWLWLWRWDDLH[FHVXOGHPkQFDUH,PHGLDWGXSFHDXPkQFDW
vQFHSLODDXWLWLSUREOHPHOHGHGLJHVWLHvQVSHFLDOFROLFLLQWHVWLQDOHPDULFDUH
QXFHGHD](VWHPRWLYXOSHQWUXFDUHVXJDULLDXWLWLSOkQJLLSPXOWWLPSGXS
HFDUHVXSWVDXELEHURQ'XSFHVXQWGLDJQRVWLFDLFXDXWLVPPHGLFXOD
FDFHWLFRSLLDXVXIHULWvQSULPXODQGHYLDGHSUREOHPHGHGLJHVWLHFROLFL
SUHOXQJLWHLPDLWkU]LXGHVLQGURDPHGLVSHSWLFHJDVWULFH'LDUHHD FXVFDXQH
DSRDVHIRDUWHXUkWPLURVLWRDUH LFRQVWLSDLDVXQWDOWHVLPSWRPHIUHFYHQWHDOH
VXJDUXOXLDXWLVW2PDUHSDUWHGLQWUHDXWLWLVXIHUGHFHOLDFKLH RERDODXWR
LPXQGHVFULVDQWHULRU $IHFLXQLSUHFXPHQXUHVLV OLSVDFRQWUROXOXL
PLFLXQLL LHQFRPSUHVLV OLSVDFRQWUROXOXLGHIHFDLHL VXQWGHDVHPHQHDIUHF
YHQWHODDXWLWLDWkW]LXDFkWLQRDSWHD
&HIDOHH
&HIDOHHD VDX GXUHULOH GH FDS UHSUH]LQW XQXO GLQWUH VLPSWRPHOH DXWLV
PXOXLFDUHDIRVWDQDOL]DWGHODFD]ODFD]GDUQLFLRGDWvQWUXQPRGVLVWH
PDWLF1HXURORJXO%HUQDUG5LPODQGDFRQVWUXLWvQ6DQ'LHJRXQ,QVWLWXW
SHQWUXFHUFHWDUHDFRPSRUWDPHQWXOXLFRSLOXOXL ,QVWLWXWHIRU&KLOG%HKDYLRU
5HVHDUFK vQFDUHVHJVHVFHOHPHGLFDOHDSHVWHGHFRSLLDXWLWL(O
DFRQVWDWDWFDFHWLFRSLLVXIHUPXOWPDLGHVGHFHIDOHHGHFkWDOLFRSLL


&KULVWRSKHU*LOOEHUJ$UH$XWLVPDQG$QRUH[LD1HUYRVD5HODWHG"%-3V\FKLD
WU\$SULO D &*LOOEHUJ$XWLVPDQG$QRUH[LD1HUYRVD5HODWHG&RQGL
WLRQV"1RUG3V\FKLDWU\7LGVVNU D 

,ELGHP

660QXNKLQDQG'1,VDHY2QWKH2UJDQLF1DWXUHRI6RPH)RUPVRI6FKL]RLG
RU$XWLVWLF3V\FKRSDWK\-$XWLVP

&KULVWRSKHU*LOOEHUJDQG66WHIIHQEXUJ2XWFRPHDQG3URJQRVWLF)DFWRUVLQ,Q
IDQWLOH $XWLVP DQG 6LPLODU &RQGLWLRQV$ 3RSXODWLRQ%DVHG 6WXG\ RI  &DVHV )ROORZHG
7KURXJK3XEHUW\-$XWLVP

0DU\6WHZDUW*RRGZLQDQG0$&RZDQ0DODEVRUSWLRQDQG&HUHEUDO'\VIXQF
WLRQ$0XOWLYDULDWHDQG&RPSDUDWLYH6WXG\RI$XWLVWLF&KLOGUHQ-$XWLVP

0DU\&ROHPDQ HG 7KH$XWLVWLF6\QGURPHV$PVWHUGDP1RUWK+ROODQG3XEOLVK
LQJ&RPSDQ\

5XWK&KULVW6XOOLYDQRSFLW

,ELGHP

+/&RXOWHURSFLWS 3HUVRQDOFRPPXQLFDWLRQIURP%HUQDUG5LPODQG3K' 

9$&&,185,/(35(9(1,(6$8%2$/



([HPSOH+DUYH\-DFNVRQDYHDGXUHULGHFDS FHIDOHHIURQWDO DWkWGH


PDULvQFkWLVHIFHDGHVHRULUX/DIHOL7RQ\:FDUHVHSOkQJHDGHGX
UHULPDULLQVXSRUWDELOHGHFDS/DXQVXJDUFDUHQXQHSRDWHFRPXQLFD
FHOGRDUHFHIDOHHDLQWHQVYDSURYRFDPDQLIHVWULFDUHQHDWUDJDWHQLDvL
PLF FDSXO GLQWUR SDUWH vQ DOWD VH ORYHWH FX FDSXO GH SWX GH SHUHWH
VDXGHSRGHD6HWUDJHGHSUVDXGHXUHFKLVHJKHPXLHWHVDXvLvQWLQGH
PHUHX JkWXO KLSHUH[WHQVLH 7RDWHDFHVWHVLPSWRPH OH JVLP L OD DXWLWL L
VXQWPDQLIHVWULWLSLFHFkQGDXFHIDOHHQ1RUPDQ*HVFKZLQGL3HWHU
%HKDQLDXHGLWDWOXFUDUHDUHIHULWRDUHODUHODLDGLQWUHDXWLVPLEROLSUHFXP
FHOLDFKLDGLVOH[LDEkOEkLDODPLJUHQHOHHWFWRDWHLQGVLPSWRPHVSHFLFH
VLQGURPXOXLSRVWHQFHIDOLWLF$UWLFROXOORULDVXUSULQVSHWRLFHLGLQFHUFXOORU
WLLQLFLQGFQLPHQLQXSXWHDVLvQFKLSXLHFDUHHUDOHJWXUDGLQWUHEROL
DWkWGHGLIHULWH
E  &ULWHULL IDOVH GH GLDJQRVWLF SHQWUX DXWLVP 6LQGURPXO 5HWW L 6LQ
GURPXO$VSHUJHU
Q.DQQHUFRQVXOWvQFRGDWFHLFRSLLFXDXWLVPGLQSULPDOXL
JUXS$REVHUYDWH[LVWHQDXQXLVSHFWUXIRDUWHODUJGHVLPSWRPHGHODFHOH
PDLXRDUHODFHOHPDLJUDYH$FRQFOX]LRQDWFRULFHERDORULFkWGHFRP
SOH[DUVHSRDWHPDQLIHVWDvQGLIHULWHJUDGHGHODOLSVDVLPSWRPHORU ERD
OVXEFOLQLF SkQODFHOHPDLJUDYHLFRPSOLFDWHFUL]H QXHUDRQRXWDWH
LQGYDODELOSHQWUXWRDWHEROLOHFXQRVFXWH $FHODLOXFUXVSXQHHODUSXWHD
YDODELOLvQFD]XODXWLVPXOXLvQFGLQSULPDOXLID]SUREDELOVXEFOLQLF
2UDFHVWDVSHFWHUDRQRXWDWHvQFD]XODXWLVPXOXL
=HFHDQLPDLWkU]LX5LPODQGGHPRQVWUHD]FkWGHFRPSOH[HVWHIHQRPH
QXODXWLVPXOXL(OSXQHGLDJQRVWLFXOGHDXWLVPODGHFRSLLLFRPSDU
DSRLUH]XOWDWHOHVDOHFXFHOHDOHDOWRUPHGLFLFDUHDXFRQVXOWDWDFHLDLFRSLL
5H]XOWDWXOD IRVW FQLFLXQFRSLOQXIXVHVHGLDJQRVWLFDW FX DXWLVP GH FWUH
FHLODOLPHGLFL'HVFRSHULUHDIFXWGH5LPODQGVDFRQUPDWvQFRGDW
1XHVWHXRUVSXLGLDJQRVWLFXOGHDXWLVPDYkQGvQYHGHUHFVXQWPXOWH


,ELGHP
 1RUPDQ *HVFKZLQG DQG 3HWHU %HKDQ /HIWKDQGHGQHVV$VVRFLDWLRQ ZLWK LPPXQH
GLVHDVHPLJUDLQHDQGGHYHORSPHQWDOOHDUQLQJGLVRUGHU3URF1DWLRQDO$FDGHP\RI6FL
HQFHV86$$XJXVW*LQD.RODWD0DWK*HQLXV0D\+DYH+RUPRQDO
%DVLV6FLHQFH'HFHPEHU

/HR.DQQHU)ROORZ8S6WXG\RI(OHYHQ$XWLVWLF&KLOGUHQ2ULJLQDOO\5HSRUWHGLQ
-$XWLVP

1LNRODDV7LQEHUJHQ(WKRORJ\DQG6WUHVV'LVHDVHV6FLHQFH-XO\




'U&KULVWD7RGHD*URVV

DIHFLXQLQHXURORJLFHFDUHVHVXSUDSXQFXDFHVWD GHIDSWvOvQVRHVF UH


WDUGSVLKLFHSLOHSVLHSDUDOL]LHFUHEUDO
Q+HW]OHUL*ULIQVFULDX7DEORXOFOLQLFODDXWLWLHVWHH[WUHP
GHKHWHURJHQ$VWDDUDWH[LVWHQDXQHLYDULHWLPDULGHGLVIXQFLLDOHVLVWH
PXOXLQHUYRVFHQWUDOFHHDFHGXFHLPSOLFLWODRVHULHGHVLPSWRPHFDUHVH
VXSUDSXQ Q DFHODL DQ 'HERUDK )HMQ FRQVWDW F H[LVW SUHUL GLIHULWH
vQIRUPXODUHDFULWHULLORUGHVWDELOLUHDGLDJQRVWLFXOXLGHDXWLVPLQXVHWLH
FXVLJXUDQSkQXQGHDFHVWHVLPSWRPHDOHDXWLVPXOXLVHVXSUDSXQFXDOWH
WXOEXUULQHXURORJLFH
/LSVDXQRUFULWHULLHFLHQWHLFODUHGHVWDELOLUHDGLDJQRVWLFXOXLGHDXWLVP
DGXVGHVHRULODLPSRVLELOLWDWHDUHFXQRDWHULLOXL'HFH")LLQGFDXWLVPXOHVWH
GRDURSDUWHDVLQGURPXOXLSRVWHQFHIDOLWLF(VWHLPRWLYXOSHQWUXFDUHH[DF
WLWDWHD XQXL GLDJQRVWLF HVWH PHUHX WHDUV GH SUH]HQD DOWRU FDUDFWHULVWLFL DOH
VLQGURPXOXLSRVWHQFHIDOLWLF1HvQWUHEPDWXQFLGHFHVSHFLDOLWLLvQGRPHQLX
LQVLVWDVXSUDIDSWXOXLFDXWLVPXOHVWHRERDOGHVLQHVWWWRDUHLQXDUHQLFLR
OHJWXUFXDOWHWXOEXUULLDIHFLXQLQHXURORJLFH"5VSXQVXOODGDWXQVSHFL
DOLVWOD&RQIHULQD6RFLHWLL1DLRQDOHSHQWUXFRSLLDXWLWLvQ$XWLVPXO
QXHVWHRERDOVSHFLDO6QXFGHPvQFDSFDQLVFUHGHPFDXWLVPXO
HVWHRERDOFDUHSRDWHWUDWDWFXXQVLQJXUPHGLFDPHQWQUHDOLWDWHYRU
ELPGHXQvQWUHJVSHFWUX8QLLSVLKRORJLSVLKDQDOLWLLPHGLFLSVLKLDWULL
FRQWLQXFXvQFSkQDUHVDWULEXLHDXWLVPXOXLXQVWDWXVDXWRQRPGLQPRWLYH
GHLQWHUHVSURSULXLQGFSURWXOSHFDUHOVFRWvQXUPDWUDWULLEROQDYLORUGH
DXWLVPHVWHXQXOVXEVWDQLDO'LQHLVHEXFXUGHOLVWDFXFULWHULLOHFDUH
GHQHVFGLDJQRVWLFXOGHDXWLVPFDUHFXSULQGHSXQFWHFXUHFRPDQGDUHD
(VWHQHYRLHGHPLQLPXPFULWHULLGLQFHOHSHQWUXDSXWHDGLDJQRVWLFDW
DXWLVPXO&KLDUGDFDDSUXWRQRXFODVLFDUHDEROLORUvQFULWHULLOHGH
GLDJQRVWLFSHQWUXDXWLVPDXUPDVSUDFWLFDFHOHDL3HQWUXGLDJQRVWLFXOGHDX
WLVPHVWHQHYRLHGHPLQLPXPGLQFHOHSXQFWH$FHDVWFODVLFDUHHVWH

 (ULF 6FKRSOHU DQG 0 5XWWHU (GLWRULDO &KDQJH RI /RXUQDO 6FRSH DQG 7LWOH -
$XWLVP

%UXFH+HW]OHUDQG-XGLWK*ULIQ,QIDQWLOH$XWLVPDQGWKH7HPSRUDO/REHRIWKH
%UDLQ-$XWLVP

'HERUDK)HMQ%6NRIIDQG$)0LUVN\&OLQLFDO&RUUHODWHVRI%UDLQVWHP'\V
IXQFWLRQLQ$XWLVWLF&KLOGUHQ-$XWLVP

 5LFKDUG - 5HLFKOHU 'LDJQRVLV DQG LWV ,PSOLFDWLRQV 3URFHHGLQJV $QQXDO
0HHWLQJ DQG FRQIHUHQFH RI WKH 1DWLRQDO 6RFLHW\ IRU $XWLVWLF &KLOGUHQ :DVKLQJWRQ '&


+/&RXOWHURSFLW

$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ'LDJQRVWLFDQG6WDWLVWLFDO0DQXDORI0HQWDO'LV
RUGHUV7KLUG(GLWLRQ5HYLVHG:DVKLQJWRQ'&

9$&&,185,/(35(9(1,(6$8%2$/



H[SXVXQHLHURULIRDUWHPDULVSXQH+DUULV&RXOWHU)LHFDUHVLPSWRPDODXWLV
PXOXLHVWHLQGLVSHQVDELO0LFKDHO5XWWHUL(ULF6FKRSOHUVFULDXGHVSUHDXWLVP
 FRLGHQWLFDUHDFD]XULORUGHDXWLVPSHED]DXQRUDVWIHOGHFULWHULLDU
SRVLELOGRDUGDFH[LVWQLWHVLPSWRPHSDWRJQRPRQLFH VSHFLFH SHQWUX
DXWLVP2UHOHQXH[LVW([LVWvQVFKLPEFRSLLSHUIHFWQRUPDOLGDU
FDUHSRWvQGHSOLQLXQHOHGLQWUHDFHVWHFULWHULLGHGLDJQRVWLFSHQWUXDXWLVPFHHD
FHSRDWHGXFHODXQGLDJQRVWLFIDOVSR]LWLY8QVSHFLDOLVWUHPDUFXUPWRUXO
IDSW$PFRQVXOWDWRVHULHGHFRSLLFXGLIHULWHSUREOHPHLFDUHDYHDXVLPS
WRPHFRPXQHFXFRSLLLDXWLWL'DUDFHWLDQXSRWVXEQLFLRIRUPGLDJQRV
WLFDLFXDXWLVP'RLGLQWUHFRSLLDYHDXRPDUHULJLGLWDWHvQFHHDFHSULYHWH
PHQLQHUHDODIHODOXFUXULORULDUODVFKLPEDUHDFHOXLPDLPLFOXFUXRULFkWGH
QHvQVHPQDWHUDUHDFLRQDXXUkWGHWRW(LHUDXvQVIRDUWHVRFLDELOLDYHDXUHODLL
EXQHFXFHLGLQMXURLQWHOLJHQQRUPDOLQXHUDXDXWLWL$WXQFLvQFHFDWH
JRULHSRWvQFDGUDLDFHWLFRSLL"$PFXQRVFXWLFRSLLFXXQFRPSRUWDPHQW
VWHUHRWLSLF(LQXVXQWDXWLVWLFLVXQWFRSLLLQWHOLJHQLLQRUPDOGH]YROWDLGDU
SUH]LQWRvQFOLQDLHVSUHDQXPLWHVWHURWLSLLFXPDUOHJQDUHDEDWHUHDGLQ
SDOPHHWF6LQFHUVXQXWLXXQGHVLFODVLFGDUSUHFLVQXDXDXWLVP
'RDU DWXQFL FkQG PHGLFLL YRU  SUHJWLL V UHFXQRDVF IDSWXO F DXWLVPXO
HVWHRSDUWHDVLQGURPXOXLSRVWHQFHIDOLWLFLDUODVXWHOHGHVLPSWRPHH[LVW
FRPELQDLLQHQXPUDWHHLYRUSXWHDUHQXQDODvQFHUFULOHORULPSRVLELOHGH
DGLDJQRVWLFDLWUDWDDXWLVPXOGXSDVWIHOGHFULWHULLIDOVHDUP&RXOWHU
6LQGURPXO5HWWHVWHRIRUPVHYHUGHDXWLVPFDUHDIRVWREVHUYDWSHQ
WUXSULPDGDWvQLHVWHFXPDUHSUREDELOLWDWHXQDOWDVSHFWDOVLQGUR
PXOXLSRVWHQFHIDOLWLFSURYRFDWGHDFHHDLIDFWRULUHVSHFWLYGHYDFFLQXULOH
GLQFRSLOULH
6LQGURPXO$VSHUJHUGHVFULVvQGHSVLKLDWUXOYLHQH]$VSHUJHUHVWH
RIRUPPRGHUDWGHDXWLVPFDUHDPDLIRVWGHQXPLWSVLKRSDWLHDXWLVW
%ROQDYLLFXDFHVWVLQGURPVXQWRDPHQLFXRLQWHOLJHQSHVWHPHGLH6LPS
WRPHOHDXIRVWGHVFULVHSHQWUXSULPDGDWGH9DQ.UHYHOHQvQ3HUVR
QDOLWDWHD SDFLHQWXOXL HVWH DQRUPDO GHWHUPLQDW PDL PXOW SULQ LQWHUPHGLXO
UDLXQLLGHFkWDOVHQWLPHQWHORU(ODUHGRDURVLQJXUGHVFKLGHUHVSUHOXPH

 0 5XWWHU DQG (ULF 6FKRSOHU$XWLVP DQG 3HUYDVLYH 'HYHORSPHQWDO 'LVRUGHUV
&RQFHSWVDQG'LDJQRVWLF,VVXHV-$XWLVP

 5LFKDUG - 5HLFKOHU 'LDJQRVLV DQG LWV ,PSOLFDWLRQV 3URFHHGLQJV $QQXDO
0HHWLQJ DQG &RQIHUHQFH RI WKH 1DWLRQDO 6RFLHW\ IRU$XWLVWLF &KLOGUHQ:DVKLQJWRQ '&


+/&RXOWHURSFLW

 0 < 6HJDZD 1RPXUD DQG 0 +DVHJDZD 5HWW 6\QGURPH&OLQLFDO 6WXGLHV DQG
3DWKRSK\VLRORJLFDO&RQVLGHUDWLRQ%UDLQDQG'HYHORSPHQW



'U&KULVWD7RGHD*URVV

FHDDUDLXQLL/XLvLOLSVHWHvQHOHJHUHDSHQWUXVHQWLPHQWHOHVHPHQLORUVLL
FDSDFLWDWHDGHDVHFRPSRUWDFRUHFWIDGHHOH(OHVWHSUDFWLFIRUDWVLDvQ
FRQVLGHUDUHGRDUDVSHFWXOUDLRQDODOWXWXURUOXFUXULORUSHFDUHWUHEXLHVOH
DQDOL]H]HSHHFDUHvQSDUWHVVWXGLH]HHFDUHJHVWLVFDXWXQUVSXQV
SHQWUXHFDUHPLPLFDIHHORUFHORUGLQMXU(OQXvLGVHDPDFkQGSDUWHQH
UXOOXLJOXPHWHVDXYRUEHWHVHULRVODIHOFXPQXLGVHDPDGDFFXYLQWHOH
OXLvLUQHVFSHFHLGLQMXUVDXQXQDFHODLWLPSDUHXQXPRUDSDUWHGDF
SXWHPYRUELGHDDFHYD(OQXUHDOL]DH]FkQGvLFDOFSHQHUYLSHFHLGLQ
MXU3VLKRSDWLDDXWLVWGHYLQHHYLGHQWvQSULPLLDQLGHFRDOGDUGHVHRUL
GHMD GLQ SHULRDGD GH JUGLQL FkQG SULQLL QX UHXHVF V VH DGDSWH]H OD
FRPSRUWDPHQWXOFRSLOXOXLORU5HJXOLOHVWULFWHGLQFRDOGHVFRSHUUDSLG
SH XQ HOHY FDUH HVWH DOWIHO &RPSRUWDPHQWXO XQXL DXWLVW HVWH XQD WRWDO
QHRELQXLW(OYRUEHWHvQIDDFROHJLORUVLFDLvQIDDXQXL3DUODPHQW
DXQHLDGXQULXQGHQXYRUEHWHOLEHUFLOHFLWHWHRSUHOHJHUH/DHOJ
VLPWUHLSUREOHPHJUDYHGHDGDSWDUHQSULPXOUkQGHOQXHVWHvQVWDUHV
vQYHHFHYDGHODDOLL&RSLOXOXUPHD]SURSULLOHVDOHPHWRGHLDUSHFHOHDOH
vQYWRUXOXLOHLJQRU(VWHPRWLYXOSHQWUXFDUHQXLSODFHFRDODGDUHVWH
GHVWXOGHLQWHOLJHQWFDVJVHDVFUH]ROYULRULJLQDOHvQDQXPLWHVLWXDLLQ
DOGRLOHDUkQGHOQXSRVHGDFHDSDUWHDLQWHOHFWXOXLFDUHVHFKHDPRPLQWH
RPHQHDVFVQWRDVQDOWUHLOHDUkQGFRSLOXODUHWHQGLQDGHDVHRFXSDGH
DVSHFWHDOHXQRUGRPHQLLWLLQLFHFXPDUDVWURQRPLDVWXGLXOVWUPRLORU
VLLvQJHQHUDOGHFHHDFHvQVHDPQYLD
9DQ.UHYHOHQDGHQXPLWLQFDSDFLWDWHDFDUDFWHULVWLFFHORUFX6LQGUR
PXO$VSHUJHUROLSVDLQWXLLHL&RSLLLFXRIRUPXRDUGHDXWLVPSRW
IRDUWHHQHUYDQLSHQWUXFHLGLQMXU$FHWLDYRUEHVFSUHDPXOWPDLDOHVFkQG
VXQWLQWHUHVDLGHXQVXELHFW(LQLFLQXREVHUYFkQGFHLGLQMXUQXVXQWGH
ORFLQWHUHVDLGHFHHDFHVSXQH8QDVWIHOGHPRQRORJQXSRDWHRSULWDWkW
GHXRULQLFLQXSRDWHGLUHFLRQDWvQDOWSDUWH$OWHRULvQFHOPDLEXQ
FD]VWLDVFXOWSXLQWLPSFHHDFHVSXQDOLL'HRELFHLvQVDXWLVWXOQLFL
QXUHDOL]HD]FkQGFLQHYDYRUEHWHFXHO9DQ.UHYHOHQDGLDJQRVWLFDWOD
GRLIUDLFHOHGRXIRUPHGHDXWLVPDXWLVPXORELQXLWL6LQGURPXO$VSHUJHU

'$9DQ.UHYHOHQ(DUO\,QIDQWLOH$XWLVPDQG$XWLVWLF3V\FKRSDWK\-$XWLVP


/RUQD:LQJ$VSHUJHUV6\QGURPHD&OLQLFDO$FFRXQW3V\FKRORJLFDO0HGLFLQH


/RUQD:LQJ&ODUFDWLRQRQ$VSHUJHUV6\QGURPH-$XWLVP

0'HZH\DQG0(YHUDUG7KH1HDU1RUPDO$XWLVWLF$GROHVFHQW-$XWLVP


9$&&,185,/(35(9(1,(6$8%2$/



7RDWHFHOHWUHLIRUPHGHDXWLVP DXWLVPRELQXLWVLQGURPXO5HWWL6LQ
GURPXO$VSHUJHU DXvQFRPXQvQVWULQDUHD'HVSUHWUHLSDFLHQLDXWLWLGL
DJQRVWLFDLGHHO9DQ.UHYHOHQVSXQH$FHWLWUHLDGXOLDXWLWL GHLHFDUH
DYHDDOWIRUPGHDXWLVP VXIHUHDXGHRSURIXQGLvQWXQHFDWVLQJXUWDWH
FX FRQYLQJHUHD F QX VXQW vQ VWDUH GH R UHODLH FDUH VL PXOXPHDVF
Q FD]XO ORU HPRLRQDOXO HVWH PDL DFFHQWXDW WRFPDL GDWRULW LQWHOLJHQHL
ORUFDUHLDMXWVUHFXQRDVFVLWXDLD5RQDOG DXWLVW VSXQHD1XDPDYXW
QLFLRGDWXQSULHWHQ1LFLQXWLXFHDUWUHEXLVIDFFXHOFKLDUGDFDDYHD
XQXO7RWRGDWDXWLWLLVXQWvQVWDUHLGHPXOWGLVSUHIDGHDOLLFURUD
OHvQWRUFVSDWHOH-HUU\*ROGVPLWK DXWLVW VFULDvQWHVWHOHVDOHSVLKRORJLFHGRDU
SRYHWLSOLQHGHDJUHVLXQHIDGHWDWLGHVSUHQXPHURDVHGHFHVHDOHDOWRU
SHUVRDQH$XWLVWXOFXXQ,4PDLPDUHGGRYDGGHDJUHVLYLWDWHYHUEDO
'DF DXWLVPXO HVWH FDX]D XQXL VLQGURP SRVWYDFFLQDO L DVWD GRYHGHVF
QXPHURDVHOHVWXGLL DWXQFLFRQVHFLQHOHVXQWGHDGUHSWXORFDQWH6LPSWR
PHOHFDUHDSDUFXRDWkWGHPDUHLQWHQVLWDWHODXQQXPUUHVWUkQVGHRDPHQLDU
WUHEXLVH[LVWHvQWURIRUPPDLDWHQXDWODXQQXPUIRDUWHPDUHGHRDPHQL
1HvQWUHEPDWXQFLvQFHPVXUFRQWULEXLPODRvQVWULQDUHWRWPDLPDUH
DRDPHQLORUFDUHOXFUHD]vQELURXULOHGLQDFWXDODLQGXVWULHPRGHUQ"
%ROLQHXURORJLFHFDUHvQVRHVFDXWLVPXO
6H WLH F DXWLVPXO HVWH vQVRLW DGHVHRUL L GH DOWH WXOEXUUL QHXURORJLFH
UHWDUGPHQWDOHSLOHSVLHSDUDOL]LHFHUHEUDOD8QSURFHQWGHGLQWUH
FRSLLLFXDXWLVPVXIHUGHFRQYXOVLLVSDVPXOVXJDUXOXLHSLOHSVLHIRUPPLQRU
SHWLWPDO VDXPDMRU JUDQGPDO SLHUGHULVFXUWHDOHFXQRWLQHLHWF
F 6LQGURPXO0%'LDXWLVPXO
([LVWFDX]HFRPXQH"
Q SDUDOHO FX DXWLVPXO PHGLFLL VH FRQIUXQW FX vQF XQ VLQGURP PDL
EHQLJQGHFkWDXWLVPXO SHFDUHQXWLXH[DFWXQGHVOVLWXH]H8QLLVSH
FLDOLWL FRQVLGHU F H[LVW R OHJWXU vQWUH FHOH GRX DIHFLXQL DPkQGRX
DYkQGODvQFHSXWRPDQLIHVWDUHVXEFOLQLFDFUHLHUXOXL FDUHWUHFHQHREVHUYD

'RQDOG-&RKHQ7KH3DWKRORJ\RIWKH6HOILQ3ULPDU\&KLOGKRRG$XWLVPDQG*LOOHV
GHOD7RXUHWWH6\QGURPH3V\FKLDWULF&OLQLFVRI1RUWK$PHULFD'HFHPEHU

,ELGHP

+/&RXOWHURSFLW

,ELGHP

/:ROIDQG%*ROGEHUJ$XWLVWLF&KLOGUHQ*URZ8S$Q(LJKWWR7ZHQW\)RXU
<HDU)ROORZXS6WXG\&DQDGLDQ-3V\FKLDWU\



'U&KULVWD7RGHD*URVV

WQHDYkQGPDQLIHVWULFOLQLFH FDUHDSRLvQWLPSGDXQDWHUHODVLPSWRPH
SVLKLDWULFH
$OLLVHvQWUHDEFDUHDUSXWHDFDX]HOHFDUHGXFODDVHPHQHDWXOEXUUL
QHXURORJLFHPDVLYH"
,QHYLWDELOVHSXQHvQWUHEDUHDDUSXWHDRHQFHIDOLWSRVWYDFFLQDOGLQ
FRSLOULHFDX]DVLQGURPXOXL0%'LDDXWLVPXOXL"
5VSXQVXOvODPvQFHOHGHVFULVHPDLMRV
 6LQGURPXOFXOH]LXQLFHUHEUDOHPLQLPH 0%'
'XSFHDXDMXQVODFRQFOX]LDFDIHFLXQHDFDUHDUDWROH]LXQHFHUH
EUDOPLQLPQXHVWHGRDURWXOEXUDUHVLPSOFLHVWHXQVLQGURPPHGLFLL
VSHFLDOLWLSVLKLDWULODXGHQXPLW0%' 0LQLPDO%UDLQ'DPDJH 6\QGURP
6LQGURPXOFXOH]LXQLFHUHEUDOHPLQLPH
'XS XQ GHFHQLX DFHVW VLQGURP D GHYHQLW R PDUH SUREOHP vQ FROLOH
GLQ$PHULFDGDUPDLDOHVSHQWUX3VLKLDWULD,QIDQWLO3DXO:HQGHURDXWR
ULWDWHvQDFHVWGRPHQLXVFULDvQFDFHVWVLQGURPHVWHvQOHJWXU
FXDEVROXWWRDWHFDWHJRULLOHGHWXOEXUULSVLKLFHGLQSHULRDGDFRSLOULHL
EDFKLDUSRDWHVVWHDODED]DDFHVWRUDFHHDFHHVWHJUDYGDUDGHYUDW
$FHVWVLQGURPHVWHVHSDUHFHOPDLUVSkQGLWIHQRPHQvQWkOQLWvQ&OLQLFLOH
GH3VLKLDWULH3URIHVRULLGH3HGLDWULHGHOD8QLYHUVLWDWHD<DOHDXUHFX
QRVFXWLHL  F6LQGURPXOFXOH]LXQLFHUHEUDOHPLQLPHHVWHFHDPDL
UVSkQGLW SUREOHP L FDUH FRQVXP FHO PDL PXOW WLPS vQ SUDFWLFD XQXL
PHGLFSHGLDWUX/DELHLVLQGURPXOHVWHGHRULPDLIUHFYHQWFDOD
IHWLHQWUHFXWHUDFRQVLGHUDWRERDOSXUEUEWHDVF0RWLYXODIRVWJVLW
GRDUvQXOWLPLLDQLODELHLWHVWRVWHURQXOKRUPRQXOPDVFXOLQEORFKHD]
HOLPLQDUHDGHPHWDOHJUHOH PHUFXU DDWHvQH[FHVvQRUJDQLVPXOVXJDULORU
YDFLQDLLGDWRULWQHXURWR[LFLWLLORUSRWSURYRFDHQFHIDOLWDSRVWYDFFLQD
OFDX]DDXWLVPXOXLLDVLQGURPXOXL0%',QFLGHQDUHDODVLQGURPXOXL

05XWWHU6\QGURPHV$WWULEXWHGWR0LQLPDO%UDLQ'\VIXQFWLRQLQ&KLOGKRRG$
-3V\FKLDWU\-DQXDU\

)UDQN$(OOLRW+LVWRULFDO3HUVSHFWLYHRQ1HXUREHKDYLRU3V\FKLDWULF&OLQLFVRI
1RUWK$PHULFD-XQH

3DXO+:HQGHU0LQLPDO%UDLQ'\VIXQFWLRQLQ&KLOGUHQ1HZ<RUN:LOH\,QWHU
VFLHQFH

05XWWHU%UDLQ'DPDJH6\QGURPHVLQ&KLOGKRRG&RQFHSWVDQG)LQGLQJV-
&KLOG3V\FKRO3V\FKLDWU

6DOO\(6KD\ZLW]DQG$%HQQHW'LDJQRVLVDQG0DQDJHPHQWRI$WWHQWLRQ'HFLW
'LVRUGHU$3HGLDWULF3HUVSHFWLYH3HGLDWULF&OLQLFVRI1RUWK$PHULFD$SULO

9$&&,185,/(35(9(1,(6$8%2$/



QXHVWHFXQRVFXWGHLPXOWHYRFLVSXQFVHDSURSLHGH.DWKOHHQ
/RQJL'DYLG0F4XHHQFDUHvQDXUHDOL]DWRVWDWLVWLFvQ0DU\ODQG
LvQ'LVWULFWXO&ROXPELDDXREVHUYDWFXQSURFHQWGHGLQWUHFHLFDUH
VXIHUGH6LQGURPXOFXOH]LXQLFHUHEUDOHPLQLPH 0%' QXHVWHGHORFFX
QRVFXWLQLFLGLDJQRVWLFDWLQGWRWDOLJQRUDWGHFWUHVLVWHPXOFRODUQ
5RPkQLDQHFRQIUXQWPFXDFHHDLVLWXDLH
&DLODDXWLVPFkQGVDvQFHUFDWRGHQLUHDVLQGURPXOXLFXOH]LXQLFH
UHEUDOHPLQLPHVDREVHUYDWFLDFHVWDDUHPXOWHVLPSWRPHvQFRPXQFX
DOWHWXOEXUULQHXURORJLFHFXFDUHHVWHGHIDSWvQVWUkQVOHJWXU&KLDUL
KLSRDFWLYLWDWHDVHDvQDFHVWJUXSGHWXOEXUUL3HVWH]LFRSLOXOHVWHOHWDUJLF
LGRDUPHIRDUWHPXOWQJHQHUDOODFRSLLLFXVLQGURPXO0%'HVWHIRDUWH
VF]XWFDSDFLWDWHDGHFRQFHQWUDUH&KLDULFHLFXXQ,4QRUPDOVDXSHVWH
PHGLDQRUPDODXUH]XOWDWHVODEHODFRDOLQGFvLSLHUGUHSHGHDWHQLDL
QXUHXHVFVvLWHUPLQHODWLPSWHPDVDXOXFUDUHD$FHWLFRSLLVXQWGHVHRUL
GHVFULLFDLQGDEVHQLFXJkQGXOvQDOWSDUWH
Q FXWDUHD FDX]HORU DFHVWXL VLQGURP VSUH VXUSULQGHUHD SVLKRORJLORU L
PHGLFLORUSVLKLDWULHLFRQVWDWFvQVLQGURPXO0%'ODIHOFDLvQDXWLVP
DSDULVHFKHOHQHXURORJLFHFRQYXOVLLSDUDOL]LLUHWDUGSVLKLFHWFFDUHQX
SRWvQFDGUDWHvQWXOEXUULSVLKLFHPLQLPHUHVSHFWLYvQWXOEXUULHPRLR
QDOHVDXGHFRPSRUWDPHQW0DQXDOXOGH'LDJQRVWLFL6WDWLVWLF 'LDJQRV
WLFDODQG6WDWLVWLFDO0DQXDO DUDWFODXQSURFHQWGHGLQWUHFRSLLLFX
6LQGURP0%'VXQWSUH]HQWHLVLPSWRPHJUDYHQUHDOLWDWHFLIUDHVWHXQD
PXOWPDLPDUHVSXQH&RXOWHUGHRDUHFHDWXQFLFkQGXQFRSLOVHLQWHUQHD]FX
GRXDIHFLXQLVSUHH[HPSOXHSLOHSVLHLVLQGURP0%'HOYDWUDWDWSHQWUX
ERDODPDLJUDYUHVSHFWLYHSLOHSVLHLDUDIHFLXQHDXRDUYDSUDFWLFWHDUV
GLQGDWHOHVWDWLVWLFH([LVWROHJWXUVWUkQVvQWUHVLQGURPXO0%'LDOWH
DIHFLXQL QHXURORJLFH 6SUH H[HPSOX OD FRSLL FX 0%' DYHP XQ SURFHQW
PDUH GH DIHFLXQL QHXURORJLFH HSLOHSVLH WLFXUL QHUYRDVH WUHPRU JULPDVH

.DWKOHHQ$/RQJDQG'90F4XHHQ 'HWHFWLRQDQG7UHDWPHQWRI(PRWLRQDOO\
'LVWXUEHG&KLOGUHQLQ3XEOLF6FKRROV3UREOHPVDQG7KHRUHWLFDO3HUVSHFWLYHV-&OLQLFDO
3V\FKRORJ\-DQXDU\

 3DXO + :HQGHU 0LQLPDO %UDLQ '\VIXQFWLRQ LQ &KLOGUHQ 1HZ<RUN:LOH\ ,QWHU
VFLHQFH-*0LOOLFKDS7KH+\SHUDFWLYH&KLOG3UDFWLWLRQHU

6'&OHPHQWVDQG-(3HWHUV6\QGURPHVRI0LQLPDO%UDLQ'\VIXQFWLRQvQ3
%ODFN HG  %UDLQ '\VIXQFWLRQ LQ &KLOGUHQ (WLRORJ\ 'LDJQRVLV DQG 0DQDJHPHQW 1HZ
<RUN5DYHQ

$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ'LDJQRVWLFDQG6WDWLVWLFDO0DQXDORI0HQWDO'LV
RUGHUV7KLUG(GLWLRQ:DVKLQJWRQ'&

05XWWHU'6KDIIHU06KHSSDUG$0XOWL$[LDO&ODVVLFDWLRQRI&KLOG3V\FKLDW
ULF'LVRUGHUV*HQHYD:RUOG+HDOWK2UJDQL]DWLRQ



'U&KULVWD7RGHD*URVV

VSDVPXOVXJDUXOXLHWFLLQYHUVODXQFRSLOFXHSLOHSVLHREVHUYPGHVHRUL
LSUH]HQDVLQGURPXOXL0%'FXWXOEXUULGHFRQFHQWUDUHLGHvQYDUH
'HLPXOLFRSLLFX0%'QXVXIHUGHHSLOHSVLHWRWXLODMXPWDWHGLQ
WUHHLVHREVHUYWXOEXUULQHXURORJLFHVXEFOLQLFHRHOHFWURHQFHIDORJUDP
DQRUPDO ((* LKLSHUVDXKLSRWRQLHPXVFXODUVDXPLFLGHFLWHPRWRULL
XQVFULVIRDUWHGLFLOLQHFLWHWXOEXUULGHHFKLOLEUXXQXRUVWUDELVPPHUV
JUHRLLPSRVLELOLWDWHDGHDVULvQWUXQSLFLRULWHQGLQDGHDXPEODSHYkU
IXUL7XOEXUULOHGHVRPQVXQWRUHJXOODFHLFXVLQGURP0%'(LGRUP
IRDUWH QHOLQLWLW DX FRPDUXUL VFUkQHVF GLQ GLQL WUDQVSLU DEXQGHQW 'H
RELFHLGRUP]LXDLDUQRDSWHDVXQWKLSHUDFWLYL&KLDUGDFDGRUPVHDUDVHWUH
]HVFUHSHGHLVHMRDFDSRLvQSDWFkQWVDXIXJSULQFDV(QXUH]LVXOHVWH
GHVvQWkOQLWODDFHWLFRSLLFDUHGHVHRULQXVHYLQGHFSkQODDGROHVFHQ
6HSUHVXSXQHFODRUDDFWXDOPLOLRDQHGHDPHULFDQLDGXOLDXWXOEXUUL
GHPLFLXQHLDUFDX]HOHQXVHFXQRVF&RSLLLFX0%'DXSUREOHPHGHDOL
PHQWDLH6XJDULLQXDXXQHRULUHH[XOVXSWXOXL$OWHRULVXIHUGHDQRUH[LH
QHUYRDVFkQGUHIX]ODSWHOHvQPRGYRLWGHLVXQWPkQ]L'HDQRUH[LH
VXIHULDSUR[LPDWLYGLQWUHIHWHOHDGROHVFHQWHvQWUHLDQL0XOW
PDLIUHFYHQWFRSLLLFX0%'VXIHUGHEXOLPLH3DUH]HLSDUDOL]LLDOH

'RURWK\2/HZLV HG 9XOQHUDELOLWLHVWR'HOLQTXHQF\1HZ<RUN630HGLFDODQG
6FLHQWLF%RRNV-%*UHHQDQG5$0HUFLOOH3V\FKLDWULF&RPSOLFDWLRQV
RI(SLOHSV\1HXURORJLF&OLQLFV)HEUXDU\*6WRUHV-+DUWDQG13LUDQ
,QDWWHQWLYHQHVVLQ6FKRROFKLOGUHQZLWK(SLOHSV\(SLOHSVLD

)UDQN$(OOLRW1HXURORJLFDO)LQGLQJVLQ$GXOW0LQLPDO%UDLQ'\VIXQFWLRQDQGWKH
'\VFRQWURO6\QGURPH-1HUYRXVDQG0HQWDO'LVHDVH

0:/DXIHUDQG('HQKRII+\SHUNLQHWLF%HKDYLRU6\QGURPHLQ&KLOGUHQ-
3HGLDWULFV

%RQQLH-.DSODQ 3URIHVVRURI3HGLDWULFV8QLYHUVLW\RI&DOJDU\&DOJDU\$OEHUWD 
HWDO6OHHS'LVWXUEDQFHLQ3UHVFKRRO$JHG+\SHUDFWLYHDQG1RQK\SHUDFWLYH&KLOGUHQ
3HGLDWULFV'HF

 3DXO + :HQGHU 0LQLPDO %UDLQ '\VIXQFWLRQ LQ &KLOGUHQ 1HZ<RUN:LOH\ ,QWHU
VFLHQFH)$(OOLRW1HXURORJLFDO)LQGLQJVLQ$GXOW0LQLPDO%UDLQ'\V
IXQFWLRQDQGWKH'\VFRQWURO6\QGURPH-1HUYRXVDQG0HQWDO'LVHDVH
* . )ULW] DQG -$UPEUXVW (QXUHVLV DQG (QFRPSUHVLV 3V\FKLDWULF &OLQLFV RI 1RUWK
$PHULFD$XJXVW

7KH:DVKLQJWRQ3RVW6HSWHPEHU

6:)UHHPDQ'RHV<RXU&KLOG+DYHD/HDUQLQJ'LVDELOLW\"6SULQJHOG7KRPDV
(':LWWHWDO/HDUQLQJ'HFLWVLQ$GROHVFHQWVZLWK$QRUH[LD1HUYRVD-
1HUYRXVDQG0HQWDO'LVHDVH  

.DWKULQH$+DOPL3UDJPDWLF,QIRUPDWLRQRQWKH(DWLQJ'LVRUGHUV3V\FKLDWULF
&OLQLFVRI1RUWK$PHULFD $XJXVW 

9$&&,185,/(35(9(1,(6$8%2$/



QHUYLORU FUDQLHQL VXQW IUHFYHQWH OD DFHWL FRSLL WXOEXUUL GH YHGHUH GH
DX]GHYRUELUHHWF 
6LQGURPXO0%'LDXWLVPXO
)DSWXOFH[LVWRVWUkQVOHJWXUvQWUHDXWLVPLVLQGURPXOFXOH]LXQLFH
UHEUDOHPLQLPH 0%' FDPEHOHDXODED]OH]LXQLFHUHEUDOHVXEFOLQLFH
FDUHGDXDSRLQDWHUHXQRUVLPSWRPHSVLKLFHHVWHRUHDOLWDWHGHFDUHLDXGDW
VHDPDvQXOWLPLLDQLLVSHFLDOLWLL
5LPODQG D DWUDV DWHQLD vQ  DVXSUD XQHL OHJWXUL GLQWUH DXWLVP L
SRVLELOH OH]LXQL FHUHEUDOH GHVFULVH GH RDPHQLL GH WLLQ vQF GLQ DQLL

/DVIkULWXODQLORUVDXREVHUYDWDVHPQULvQWUHDXWLVPLKLSHUDFWLYL
WDWHQ'HERUDK)HMQFRQVWDWODUkQGXLFRVHULHGHVLPSWRPHGLQ
DXWLVPDSDULvQDOWHWXOEXUULJUDYHGHGH]YROWDUHDOHFRSLOXOXL8QVWX
GLXGLQDQXODUDWFODFRSLLLFDUHVXIHUGHDXWLVPKLSHUDFWLYLWDWHL
DOWHWXOEXUULGHGH]YROWDUHQHXURSVLKLFVHREVHUYvQFXQDVSHFWFRPXQ
LDQXPHXQGLVPRUVPDOIHHLFDSPDUHXUHFKLQHXQLIRUPHVSDLLPDUL
LQWHUGHQWDUHHWFQ:LOOLDPL0DULDQD'H0H\HUGHOD8QLYHUVLWD
WHD,QGLDQDFRQVWDWFDXWLVPXOHVWHRFRQWLQXDUHDWXOEXUULORUGHGH]
YROWDUH QHXURSVLKLF GLDJQRVWLFDWH L WUDWDWH VHSDUDW FD UHWDUG SVLKLF
SDUDOL]LHFHUHEUDOWXOEXUULGHvQYDUH>@GDUFDUHDXRHWLRORJLH
FRPXQ
0LFKDHO 5XWWHU L (ULF 6FKRSOHU DXWRULL XQXL DUWLFRO GLQ  GHVSUH
DXWLVPDUDWOHJWXUDDFHVWXLDFXDOWHDIHFLXQLUHWDUGSVLKLFVFKL]RIUHQLH
SVLKR]GHJHQHUDWLYWXOEXUULvQGH]YROWDUHDOLPEDMXOXL

6DP'&OHPHQWVDQG-RKQ(3HWHUV6\QGURPHVRI0LQLPDO%UDLQ'\VIXQFWLRQ
vQ 3 %ODFN HG  %UDLQ '\VIXQFWLRQ LQ &KLOGUHQ (WLRORJ\ 'LDJQRVLV DQG 0DQDJHPHQW
1HZ<RUN5DYHQ

05XWWHU6\QGURPHV$WWULEXWHGWR0LQLPDO%UDLQ'\VIXQFWLRQLQ&KLOGKRRG$
-3V\FKLDWU\-DQXDU\

%HUQDUG5LPODQG,QIDQWLOH$XWLVP7KH6\QGURPHDQG,WV,PSOLFDWLRQVIRUD1HXUDO
7KHRU\RI%HKDYLRU1HZ<RUN$SSOHWRQ&HQWXU\&URIWV

05XWWHURSFLW

'HERUDK)HMQ%6NRIIDQG$)0LUVN\&OLQLFDO&RUUHODWHVRI%UDLQVWHP'\V
IXQFWLRQLQ$XWLVWLF&KLOGUHQ-$XWLVP

3)LUHVWRQHDQG63HWHUV0LQRU3K\VLFRO$QRPDOLHVDQG%HKDYLRULQ&KLOGUHQ$
5HYLHZ-$XWLVP

:DQG0'H0H\HU,QIDQWLOH$XWLVP1HXURORJLF&OLQLFV

05XWWHUDQG(6KRSOHU$XWLVPDQG3HUYDVLYH'HYROHSPHQWDO'LVRUGHUV&RQ
FHSWVDQG'LDJQRVWLF,VVXHV-$XWLVP



'U&KULVWD7RGHD*URVV

Q9LFWRULD6KHDL*DU\0HVLERZGHOD8QLYHUVLWDWHD1RUWK&DUR
OLQDDWUDJLHLDWHQLDDVXSUDVXSUDSXQHULLSDWRORJLHLFHORUGRXVWULSDWROR
JLFHDXWLVPXOLWXOEXUULOHGHGH]YROWDUH
5PkQHvQWUHEDUHD&DUHVXQWPRWLYHOHFDUHGXFODDVHPHQHDWXOEXUUL
QHXURORJLFHPDVLYH"&HDQXPHvLDIHFWHD]vQDDPVXUSHGLQWUH
FRSLLLDPHULFDQL LQXQXPDL vQFkWVQXPDLHvQVWDUHVvQYHHVFLWHDV
FLVVFULH"
 (QFHIDOLWDSRVWYDFFLQDO
5VSXQVXOODvQWUHEDUHHVWHXUPWRUXOVLPSWRPHOHFRPXQHDOHDXWLVPX
OXLLDOHVLQGURPXOXL0%'DUDWFDXRFDX]FRPXQHQFHIDOLWDSRVWYDF
FLQDOHRIRUPFOLQLFPDQLIHVWHRIRUPVXEFOLQLF6HFKHOHOHUPDVH
GHQHVF6LQGURPXOSRVWHQFHIDOLWLF
$IRVWRQHJOLMHQDDPHULFDQLORUVQXUHFXQRDVFHWLRORJLDFRPXQD
FHORUGRXDIHFLXQLWLPSGHGHDQLGHLFXQRWHDXLWUDWDXGHPXOW
WLPSFD]XULGHHQFHIDOLW,QFOXVLYSVLKLDWUXO/HR.DQQHUDFRPLVJUHHDODV
VSXQGHVSUHDXWLVPFDUHVLPSWRPHQHFXQRVFXWHSkQDWXQFLFkQGGHIDSWQX
DUHFXQRVFXWVLPSWRPHOHQHXURORJLFHFDUHLQGLFDXH[LVWHQDvQPRGFHUWDXQHL
HQFHIDORSDWLL/DHOHVWHDFFHSWDELODFHVWOXFUXGHRDUHFHQXHUDQHXURORJ'DU
FkQGvQDQLLPHGLFLLSVLKLDWULVHFRQIUXQWDXGHMDFXVLPSWRPHQHXURORJLFH
IRDUWHHYLGHQWH UHWDUGSVLKLFSDUDOL]LLFRQYXOVLLHSLOHSWLFHHWF DWkWODDXWLWL
FkWLODFHLFXVLQGURPXO0%'HLDUWUHEXLWVUHFXQRDVFOHJWXUDHYLGHQ
WDDFHVWRUDIHFLXQLFXRHQFHIDOLWPDLDOHVFHUDXFXQRVFXWHFD]XULOHGH
HQFHIDOLWHSRVWYDFFLQDOH'DUWRFPDLDLFLJVLPPRWLYXOSHQWUXFDUHPHGLFLL
SVLKLDWULLvQFKLGHDXRFKLL7UHEXLDDVFXQVFXRULFHSUHIDSWXOFYDFFLQXULOH
FDUHHUDXWRWPDLODPRGSXWHDXGXFHODFRPSOLFDLLSUHFXPHQFHIDOLWD
,QGLIHUHQWGHFDX]DHQFHIDOLWHL LQIHFLRDVSRVWWUDXPDWLFSRVWYDFFLQD
O LQWHUHVDQWHVWHIDSWXOFVHPDQLIHVWFXRPXOWLWXGLQHGHVLPSWRPHSVL
KLFHQHXURORJLFHPHQWDOHHPRLRQDOHFDUHYRUIRUPDVLQGURDPHFOLQLFH
IRDUWHYDULDWHGHHQFHIDOLW$FHVWOXFUXVDREVHUYDWPDLDOHVODFD]XULOH

96KHDDQG*%0HVLERY%ULHI5HSRUW7KH5HDOWLRQVKLSRI/HDUQLQJ'LVDELOLWLHV
DQG+LJKHU/HYHU$XWLVP-$XWLVP

 )UDQN $ (OOLRW +LVWRULFDO $XWLVP 3HUVSHFWLYH RQ 1HXUREHKDYLRU 3V\FKLDWULF
&OLQLFVRI1RUWK$PHULFD-XQH

+/&RXOWHURSFLW

,ELGHP

++0HUULWW7H[WERRNRI1HXURORJ\6L[WK(GLWLRQ3KLODGHOSKLD/HDDQG)HELJHU


9$&&,185,/(35(9(1,(6$8%2$/



GHWXVHFRQYXOVLY WXVHPJUHDVF FRPSOLFDWFXHQFHIDOLW'DULGXS


YDFFLQXOvPSRWULYDWXVHLFRQYXOVLYH 3HUWXVVLV DSDUHQFHIDOLWHFXDFHOHDL
PDQLIHVWULFHHDFHGRYHGHWHFYDFFLQXOOHSRDWHSURYRFD'LQWUHWRDWH
YDFFLQXULOH FHO PDL SHULFXORV D IRVW FRQVLGHUDW SH YUHPHD DFHHD YDFFLQXO
vPSRWULYD WXVHL FRQYXOVLYH (VWH YRUED GHVSUH R EDFWHULH vQWUHDJ FHHD
FH vQVHDPQ F EDFWHULD FRQLQXW vQ YDFFLQ %RUGHWHOOD SHUWXVVLV  HVWH
LGHQWLFFXDQWLJHQXOFDUHSURYRDFERDOD0DUJDUHW3LWWPDQVSHFLDOLVW
UHQXPLWvQEROLLQIHFLRDVHVFULHGHVSUHDFHDVWEDFWHULHFVHGHRVHEHWH
GH FHOHODOWH SULQ PDUHD HL FDSDFLWDWH GH D LQXHQD UHDFLLOH ELRORJLFH DOH
RUJDQLVPXOXL'DFEDFWHULDSRDWHSURYRFDDVWIHOGHUHDFLLSROLYDOHQWHvQ
RUJDQLVPFXFHUWLWXGLQHRYDIDFHLYDFFLQXOFDUHFRQLQHDFHDVWEDFWHULH
$XXUPDWYDFFLQXULOH'73525LDOWHOHGHVSUHFDUHVDGRYHGLWFSRWSUR
YRFDLHOHHQFHIDOLWHSRVWYDFFLQDOH6SUHH[HPSOXDFHOHDLVLPSWRPHGDWH
GHHQFHIDOLWHOHLQIHFLRDVHDFXWHODVXJDUL GLQFDGUXOEROLORULQIHFLRDVHDOH
FRSLOULHL SUHFXPIHEUPDUHVRPQROHQH[WUHPRWLWGLDUHHYUV
WXULWXVHLSWVWULGHOHLQFRQYXOVLLVSDVPXOVXJDUXOXLWXOEXUULGHUHV
SLUDLHDOHUJLLOHREVHUYPLGXSYDFFLQXO'73GUHSWUHDFLLDGYHUVH
(QFHIDOLWDSRVWYDFFLQDOHVWHXQDGLQWUHQXPHURDVHOHFRPSOLFDLLSRVWYDF
FLQDOHODVXJDUL(DIDFHSDUWHGLQFDWHJRULDUHDFLLORUDGYHUVHSRVWYDFFLQDOH
QHXURORJLFHDOWXULGH6LQGURPXO*XLOODLQ%DUUHVFOHUR]PXOWLSOHWF
&DX]HOHHQFHIDOLWHLSRVWYDFFLQDOHHVWHYRUEDGHRHQFHIDOLWDFXWGH
PLHOLQL]DQW $'(0  FDUDFWHUL]DW SULQ LQIHFLD VLVWHPXOXL QHUYRV vQ SHUL
RDGDFXSULQVvQWUH]LOHLOXQLGXSDGPLQLVWUDUHDYDFFLQXOXL 0XUWK\
 (QFHIDOLWDDSDUHPDLIUHFYHQWGXSYDFFLQXULOHSHUWXVVLVKHSDWLWLF%
LUDELFGDUSRDWHSRDWHSURYRFDWGHRULFHYDFFLQQVkQJHVXQWGHWHF
WDLvQWRWGHDXQDDQWLFRUSLLDQWLPLHOLQLFLFHHDFHGHQRWRUHDFLHDXWRLPXQ
YH]LSFW QFD]XODXWLVPXOXLDXWRULLFUHGFHVWHYRUEDGHRHQFHIDOLW
FURQLFSURYRFDWGHVXEVWDQHOHWR[LFHGLQYDFFLQXULPHUFXUDOXPLQLXD
$FHVWHPHWDOHGLVWUXJPLHOLQDDYkQGODED]RSRVLELOUHDFLHDXWRLPXQ
8OWHULRUVDGRYHGLWFDXWRULLDXDYXWGUHSWDWH
6LPSWRPHOHHQFHIDOLWHLSRVWYDFFLQDOHODVXJDUL WDEORXFOLQLF 
'LQ FXUVXO JHUPDQ %HLWUlJH ]XU SDWKRORJLVFKHQ $QDWRPLH 1U
DP F (QFHIDORSDWLD SRVWYDFFLQDO VSUH GHRVHELUH GH HQFHIDOLWD


+/&RXOWHURSFLW
0DUJDUHW3LWWPDQDQG&%&R[3HUWXVVLV9DFFLQH7HVWLQJIRU)UHHGRPIURP7R[
LFLW\$SSOLHGPLFURELRORJ\0D\

+/&RXOWHURSFLW

,ELGHP

0+LUWHRSFLW



'U&KULVWD7RGHD*URVV

LQIHFLRDV QXSUH]LQWVLPSWRPHWLSLFHDFHVWHLEROLQHSXWkQGUHFXQRV
FXWGHFWUHPHGLFLLSHGLDWULVDXPHGLFLLGHIDPLOLH7UHLDQLPDLWkU]LXvQ
UHYLVWDPHGLFDO'LH'HXWVFKH0HGL]LQLVFKH:RFKHQVFULIW1U+HUUOL
FKDUDWFvQFD]XOXQHLHQFHIDOLWHSRVWYDFFLQDOHDXORFPRGLFULOHQWHOD
QLYHOXOVLVWHPXOXLQHUYRVFXRH[SUHVLHFOLQLFPLQLPVDXFKLDUDEVHQW&X
DOWHFXYLQWHGHFHOHPDLPXOWHRULDFHDVWHQFHIDOLWQXSRDWHGHWHFWDWSH
ED]DVLPSWRPHORUFOLQLFHFDUHVXQWDWLSLFHJUHXGHUHFXQRVFXWPRWLYSHQWUX
FDUHVXQWWUDWDWHJUHLW
+LSHUSLUH[LH )HEU  JUDGH &HOVLXV WUDWDW FX DQWLSLUHWLFH GH
PHGLFXOGHIDPLOLHIUFDDFHVWDVEQXLDVFFHYDJUDY 
6RPQROHQDFFHQWXDWFXVFKLPEDUHDULWPXOXLGHVRPQ([,PHGLDW
GXSYDFFLQSULQLLREVHUYFVXJDUXOGRDUPHvQRUHOHFkQGHOHUDWUHD]
LvLDWHSWDPkQFDUHD'HLVHKUQHWHFkQGHVWHWUH]LWDGRDUPHLPHGLDW
vQDSRL L FDGH vQWUXQ VRPQ SURIXQG 'XS FkWHYD VSWPkQL VXJDUXO vL
VFKLPEULWPXOVRPQXOXLLGRDUPH]LXDvQWLPSFHQRDSWHDHVWHWUHD]/D
XQLL GLQWUH FRSLL ULWPXO VFKLPEDW DO VRPQXOXL UPkQH GHQLWLY DOWXUL GH
KLSHUDFWLYLWDWHLWXOEXUULGHFRQFHQWUDUH
3OkQVFRQWLQXXQHPRWLYDW
6WULJWVDXLSWQHPRWLYDW GLQFDX]DGXUHULORUGHFDSLDFROLFLORU 
6HORYHVFFXFDSXOGHSHUHWHVDXSRGHD GXUHULGHFDS 
7XVH WUDWDWGHVHRULJUHLWFDRLQIHFLHEDQDO 
&RQYXOVLL UH]LVWHQWHODWUDWDPHQW 
$OHUJLL HF]HPDDWRSLFHDOHUJLLDOLPHQWDUHODSWHGHYDFJOXWHQ 
7XOEXUUL UHVSLUDWRULL VXQW DWLSLFH OD VXJDU L GHEXWHD] FX R WXVH
VSDVWLFUHVSLUDLHVXSHUFLDOUDSLGDSRLWRWPDLUDUOLSVGHDHULQG
GHVFULVHFDDWDFXULGHDSQHHLDSRLULWPXOGHYLQHGLQQRXUDSLG$FHVWH
WXOEXUULGXUHD]XQHRULRUH$WDFXULOHGHDSQHHDSDUFHOPDLGHVGXS
YDFFLQXO'73LVXQWFDX]DFXQRVFXWXOXL6LQGURPDOPRULLVXELWHODVXJDU
6,'6 $FHVWVLQGURPIDFHVXELHFWXOFULLVFULVHGH+/&RXOWHUL%)LV
KHU YH]LFDS 
2WLWH vLIUHDFXUHFKLOH 
'LDUHHVDXFRQVWLSDLHHQXUHVLVEDORQDUHYUVWXUL WUDWDWHJUHLWGH
PHGLFFDXQVLQGURPGLVSHSWLF VXQWVLPSWRPHVSHFLFHHQFHIDOLWHLDFXWH





*%XFKZDOGRSFLW
+/&RXOWHURSFLW

-RVHSKLQH%1HDO(QFHSKDOLWLVD&OLQLFDO6WXG\1HZ<RUN*UXQHDQG6WUDWWRQ



9$&&,185,/(35(9(1,(6$8%2$/



SRVWYDFFLQDOHLDSDUIUHFYHQWGXSYDFFLQXO'73 H[*DU\UHDFLRQD
FXGLDUHHODHFDUHYDFFLQLDUDFXPODDQLvQFQXvLSRDWHFRQWURODQLFL
PLFLXQHDQLFLVFDXQXODGLFVXIHUGHHQXUHVLVLHQFRPSUHVLV LGXSYDF
FLQXO525 H[$OEHUWR*DUFtDXQFRSLOVQWRVGHOXQLSUH]LQWGXS
YDFFLQ VFDXQH GLDUHLFH IUHFYHQWH YHU]XL XUkW PLURVLWRDUH 'XS FkWHYD
OXQL vQFHWHD] V PDL YRUEHDVF L vQ FHOH GLQ XUP HVWH GLDJQRVWLFDW FX
DXWLVP 
3R]LLDGHRSLVWRWRQXVHVWHXQVSDVPSUHOXQJLWDOPXFKLORUVSDWHOXL
GXFkQGODSR]LLDGHDUFDEROQDYXOXLFDUHVHDFXOFDWSHVSDWHVSULML
QLQGXVHSHFHDILFOFkLSR]LLDHVWHWLSLFSHQWUXWHWDQRVDFHDVW
PRGLFDUH GH DWLWXGLQH SDWRORJLF IRUDW  HVWH GHVHRUL DWULEXLW GH FWUH
0)vQPRGJUHLWGXUHULORUGHVWRPDFSR]LLDHVWHIUHFYHQWREVHUYDWGXS
YDFFLQXO'73 GLIWHURWHWDQRSHUWXVVLV 
9DFFLQXO'73DIRVWIRORVLWGUHSWPRGHOSHQWUXHQFHIDOLWDSRVWYDFFLQD
OGDUWRDWHFHOHODOWHYDFFLQXULSRWSURYRFDODUkQGXOORUSULQPHFDQLVPHOH
GHMDGHVFULVHRHQFHIDOLWSRVWYDFFLQDOYLQGHFDELOVDXQX FkQGYRUELPGH
VLQGURPXOSRVWHQFHIDOLWLF 
&D]0DPDXQHLIHWLHYDFFLQDWHODOXQLSRYHVWHWH'XSRRUGHOD
YDFFLQXOFX'73IHWLDDDGRUPLWLQXVDWUH]LWWLPSGHGHRUH3XULVLPSOX
QXRSXWHDPWUH]L7RWFHvPLDPLQWHVFHVWHFGXSFHVDWUH]LWVHSXUWDFLXGDW
DOWIHOFDvQDLQWHFKLDULSOkQVXOHUDPRGLFDW$SRLDDGRUPLWODORF$FHVWHVWUL
GHVRPQDSUXWHEUXVFDXFRQWLQXDWPXOWWLPS/DYkUVWDGHOXQLDvQFHSXWV
VFRDWEUXVFLSHWHSXWHUQLFHLFLXGDWHvQFkWQHDPVSHULDWFXWRLL6HSXUWDGH
SDUFFLQHYDDUDWDFDWR2VWULJDPSHQXPHSkQVDWUH]LWVDvQYLQHLWODID
GXSFDUHVDDOELW1HDPJkQGLWFYDPXUL)HWLDDVW]LvQYkUVWGHDQL
VXIHUGHKLSHUDFWLYLWDWHDUHPDULWXOEXUULGHFRQFHQWUDUHVWULGHVRPQROHQ
H[WUHP PDQLIHVWDUHDSULQFLSDOD(QFHIDOLWHLOHWDUJLFH (QFHIDOLWDOHWDUJLF
HVWHGHDVHPHQHDRFRPSOLFDLHSRVWYDFFLQDO
&D](VWHFD]XOXQXLELHHOFDUHVDvPEROQYLWGXSDOGRLOHDYDFFLQ
FX'73 ODOXQL GHVSUHFDUHPDPDSRYHVWHWH%HEHOXXODGHYHQLWDVF

 5DQGROSK . %\HUV DQG ) & 0ROO (QFHSKDORSDWKLHV )ROORZLQJ 3URSK\ODFWLF
3HUWXVVLV9DFFLQH3HGLDWULFV

$QQD/LVD$QQHOO3HUWXVVLVLQ,QIDQF\$&DXVHRI%HKDYLRUDO'LVRUGHUVLQ&KLO
GUHQ$FWD6RFLHWDWLV0HGLFRUXP8SVDOLHQVLV/;9,,,6XSS

/+&RXOWHURSFLW

+'%RORLX6HPLRORJLH0HGLFDO0HGH[&OXM1DSRFD

'LFLRQDUXOH[SOLFDWLYDOOLPELLURPkQH '(; HGD,,D(GLWXUD8QLYHUV(QFLFOR
SHGLF%XFXUHWL

+/&RXOWHURSFLW



'U&KULVWD7RGHD*URVV

SXSLOHOHLVDXPULWQXPDLSXWHDVPQkQFHQXPDLUHDFLRQD$PFKHPDW
XQDOWPHGLFFDUHQHDVSXVFVHH[WLQGHQHYXOSLJPHQWDUSHFDUHvODUHODFDS
LODLQWHUQDW0DLWkU]LXFRSLOXOVHWUkQWHDGHVHRULFXFDSXOGHSHUHWHVDX
FKLDUGHSRGHD$OWHRULVHORYHDvQFDSFXSLFLRDUHOH'DFvOvQWUHEDPGHFH
IDFHDDFHYDvPLUVSXQGHDFvLIDFHSOFHUH1LFLODYkUVWDGHDQLFkQG
VHPDQLIHVWDDVWIHOQXWLDVvPLH[SOLFHGHFH
WLPFLQIHFLDFUHLHUXOXLVHvQVRHWHGHLQDPDLDDFHVWXLDLHVWHLP
SRVLELOVQXSURYRDFHGXUHULPDULGHFDSGDUVXJDULLLFRSLLLPLFLQXDX
FXPVLH[SULPHGXUHUHDGHFkWSULQDFHVWHUHDFLLFLXGDWH$OWHRULYHGHP
FVXJDULLLFRSLLLPLFLVHWRWWUDJGHXUHFKHUHDFLHFDX]DWGHDVHPHQHD
GHGXUHULOHGHFDS
&D]  'HVSUH XQ DOW FRSLO YDFFLQDW FX '73 PDPD OXL QH SRYHVWHWH
&RSLOXO DYHD YUVWXUL L VFDXQH GLDUHLFH 1X YUVDVH SkQ DWXQFL GHFkW
IRDUWHUDU'XSDDLQMHFLH YDFFLQ FX'73*DUU\QXPDLSXWHDVLFRQ
WUROH]HUHH[XOGHDXULQD HQXUHVLV LQLFLVFDXQXO HQFRPSUHVLV 6HVF
SDSHHOLHUDIRDUWHVXSUDWGLQDFHVWPRWLYPLVSXQHDFSXULVLPSOXQX
VLPHDQHYRLDVPHDUJOD:&6LPSWRPHOHGLJHVWLYHVXQWIUHFYHQWHvQ
HQFHIDOLWDSRVWYDFFLQDO
&D]&D]XOXQXLFRSLOYDFFLQDWFX525 UXMHRORUHLRQUXEHRO $O
EHUWR*DUFtDDIRVWYDFFLQDWODYkUVWDGHOXQL=LXDXUPWRDUHIHEUDDXUFDW
ODJUDGH&HOVLXVLGHRULSH]LDYHDXQVFDXQGLDUHLFJDOEHQYHU]XL
XOHLRVLDIRVWGLDJQRVWLFDWGUHSWRLQIHFLHFX6DOPRQHOOD'XSROXQGH
]LOHQXPDLYRUEHDLDUDSRLDXDSUXWVLPSWRPHOHGHDXWLVP
&D]9DFFLQXO'73GHVFULVGH%DUEDUD)LVKHUL+DUULV/&RXOWHUvQ
FDLQGDVHPHQHDXQXLJORQWHWUDVvQvQWXQHULFSURYRDFLDOWHUHDF
LLJUDYHSUHFXPDWDFXOGHDSQHH RSULUHDUHVSLUDLHLSHQWUXXQWLPSVFXUW 
&D]XOOXL+DUYH\-DFNVRQHVWHUHOHYDQWvQDFHVWVHQVLDUWDWODFHVWXLFRSLO
UHODWHD]QLDQXDULHFRSLOXOPHXDIRVWYDFFLQDWFX'73Q
LDQXDULH FRSLOXO SOkQJH QHvQFHWDW GH GLPLQHDD LDU SH OD RUHOH  DUH
PDUL GLFXOWL GH UHVSLUDLH 'H GRX RUL L VD RSULW UHVSLUDLD SHQWUX XQ
WLPSVFXUWLGRDUGXSFHODPSXVSHXPHULLPHLLODPORYLWSHVSDWHD
vQFHSXWLDUVUHVSLUH1HDPGXVODPHGLFLODLQWHUQDWQWUHWLPSLDUH
YHQLWLDFXPDUHOXQL$FHVWFRSLODVFSDWvQPRGIHULFLWGHRPRDUWH
VXELW 6,'6 'XSFHDPDLFUHVFXWDXvQFHSXWVLPSWRPHOHXQXLDXWLVP


,ELGHP
,ELGHP

,EGHP

,ELGHP


9$&&,185,/(35(9(1,(6$8%2$/



GHJUDYLWDWHPHGLH$FHDVWDGHPRQVWUHD]vQFRGDWFDWkWDXWLVPXOFkW
LPRDUWHDVXELWDVXJDUXOXLDXRFDX]FRPXQHQFHIDOLWDSRVWYDFFLQDO
&RQFOX]LDODFDUHDXDMXQVDXWRULLHVWHXUPWRDUHD'DFFRSLLLFXDWD
FXULGHDSQHHQXPRUVXELWLVXSUDYLHXLHVFHLYRUSXWHDGH]YROWDXOWHULRUR
IRUPGHDXWLVP
7DEORXOFOLQLFDOXQXLDWDFGHDSQHHGHRELFHLSDFLHQWXOUHVSLUWRWPDL
IUHFYHQWLPDLDGkQFSkQODXQPRPHQWGDWFkQGLVHRSUHWHUHVSLUDLD*XUD
UPkQHODUJGHVFKLVPXFKLLIHHLVXQWFRQWUDFWDL$WDFXOSRDWHDWkWGHJUDY
vQFkWFRSLOXOVHSRDWHFLDQR]DVDXVIDFFRQYXOVLL5HVSLUDLDVHUHLDWUHSWDW
GDUPXFKLLVHUHOD[HD]GRDUGXSFkWHYDPLQXWHXQHRULRUH$WDFXULOHGH
DSQHHSRWXQHRULIDWDOHSURYRFkQGFRPSOLFDLDFHDPDLJUDYDYDFFLQXULORU
PRDUWHDVXELWDVXJDUXOXL 6,'6 /LWHUDWXUDGHVSHFLDOLWDWHGHVFULHVLQGUR
PXOvQPXOWHWUDWDWHGHPHGLFLQFXVSHFLFDUHDFQXVHFXQRDWHFDX]D
&D] GHVFULV GH XQ SULQWH Q XUP FX RSW VSWPkQL VHDUD GXS FH
LDPGDWGHPkQFDUHEHEHOXXOXLQRVWUXODPFXOFDWQGLPLQHDDXUPWRD
UHODPJVLWPRUWvQSWXXOOXL9VFULXDFHVWHUkQGXULSHQWUXDWUDJHXQ
VHPQDOGHDODUPOHJDWGHXQVLQGURPFDUHFXUPYLDDDPLLGHEHEHOXLvQ
HFDUHDQXQXOGLQPRDUH'XSPRDUWHDFRSLODXOXLQRVWUXDPRELQXW
DMXWRULQXPHURDVHLQIRUPDLLGHOD,QVWLWXWXO6,'6QIHOXODFHVWDDPDDW
FPRDUWHDFRSLOXOXLQRVWUXDIRVWSURYRFDWGHRERDOVSHFLDOFDUHQXSRD
WHSUHYHQLWGHRDUHFHQXDUHVLPSWRPHSUHPHUJWRDUH$FHVWOXFUXQHD
XXUDWXQSLFGHRDUHFHQHUHSURDPPHUHXFDUIRVWRSRVLELOJUHHDO
GHDQRDVWU$FHVW,QVWLWXWHVWHGHVFULVGHSULQLFDLQGRRUJDQL]DLH
GHELQHIDFHUHSHFDUHRODXGFXWRLL'DUGDFDUDDRDUHQXDUIRORVL
DFHDVWRUJDQL]DLHWRDWHPLMORDFHOHGHFDUHGLVSXQHSHQWUXDDDFDUHHVWH
FDX]DPRULLVXJDUXOXLSHQWUXDRSXWHDSUHYHQL"'DFDUIDFHOHJWXUDGLQ
WUHDWDFXULOHGHDSQHHLYDFFLQXUL  DUGHVFRSHULUDSLGF6,'6QXHVWH
FRQVHFLQDXQHLEROLVSHFLDOHFDUHQXSRDWHSUHYHQLWQVFKLPEDUJVL
QXPHURDVHFD]XULvQFDUHVXJDULL SUHFXPFHODOOXL+DUYH\-DFNVRQGHVFULVOD
SFWH VXIHUGHDWDFXULGHDSQHHGXSYDFFLQDUHDFX'73
)LLQGFQXHVWHUHFXQRVFXWHQFHIDOLWDSRVWYDFFLQDOFDLQGRFRPSOLFD
LHDYDFFLQXULORUOLWHUDWXUDGHVSHFLDOLWDWHLDGDWRDOWGHQXPLUH'HPHQD
LQIDQWLOVDX%RDOD+HOOHU


,ELGHP
,ELGHP

,ELGHP

,ELGHP

,ELGHP



'U&KULVWD7RGHD*URVV

 'HPHQDLQIDQWLOVDX%RDOD+HOOHU
'HPHQDLQIDQWLOVHDVHDPQIRDUWHPXOWFXDXWLVPXO$FHDVWERDOD
IRVWREVHUYDWSHQWUXSULPDGDWGHFWUH:H\JDQGDSRLGH=DSSHUWLXOWHULRUGH
+HOOHU(VWHYRUEDGHFRSLLFDUHVHGH]YROWLQLLDOSHUIHFWQRUPDOQXDXWXOEXUUL
GHYRUELUHGDUODFDUHDSDUHODXQPRPHQWGDWGHVWXOGHEUXVF vQGHFXUVGHFkWHYD
OXQL LIURFDX]FXQRVFXWXQUHJUHVLQWHOHFWXDOJUDYQVFXUWWLPSXQFRSLO
YHVHOLVQWRVGHYLQHXQFRSLOEROQDYPLQWDOFDWDORJDWFDLQGLGLRW$XVWUL
DFXO+HOOHUDQXPLWERDOD'HPHQMXYHQLOLQIDQWLOLSHQWUXDUHFXQRDWH
PHULWHOHFRQFHWHDQXOXLVX=DSSHUWDGHQXPLWRL%RDOD+HOOHU
7DEORXFOLQLF
GHEXWODDQL
DSDULLDWXOEXUULORUGHYRUELUHFDSULPVLPSWRP
FRSLOXOHVWHDJLWDW
GHPHQDVHLQVWDOHD]UDSLGvQGHFXUVGHFkWHYDOXQL
H[SUHVLDIHHLQXHVWHDXQXLFRSLOFXLGLRHQLHFLDXQXLFRSLOQRUPDO
FKLDULQWHOLJHQW
OLSVHVFVLPSWRPHOHGHDIHFWDUHQHUYRDV
VLVWHPXOPRWRUIXQFLRQHD]QRUPDO
&DX]DEROLLHUDQHFXQRVFXW1XDXIRVWJVLWHOH]LXQLDOHVLVWHPXOXLQHUYRV
2OHJWXUFXGHPHQDSUHFRFHHVWHH[FOXVGHODvQFHSXWGHFWUHSURI-XOLXV
=DSSHUWGLQ9LHQD'HLVLPSWRPHOHVHPQDXIRDUWHPXOWFXRHQFHIDOLWSRVW
YDFFLQDOFHLWUHLDXWRULQXDYHDXFXPVOHUHFXQRDVFLQGFODGDWDUHVSHFWL
YQLFLvQ$XVWULDQLFLvQ*HUPDQLDQXVHYRUEHDvQFGHVSUHFRPSOLFDLLOHSRVW
YDFFLQDOH'RDUvQDIRVWLQWURGXVSHQWUXSULPDGDWWHUPHQXOGH(QFHIDOLW
SRVWYDFFLQDOGHFWUHSURIHVRUXO/XFNVFKGLQ3UDJDSHQWUXGHVFULHUHDFD]XULORU
GHGHFHVHGXSYDFFLQXODQWLYDULROLFQFHSkQGFXDQXO=DSSHUWL.DLVHU
GHVFULXSHQWUXSULPDGDWH[LVWHQDXQRUFRPSOLFDLLSRVWYDFFLQDOHQGHFXUVGH
XQDQHLDXGHVFULVGHFD]XULvQ$XVWULD'HDELDGXSWHUPLQDUHDU]ERLXOXL
PRQGLDODIRVWUHFXQRVFXWSHQWUXSULPDGDWH[LVWHQDXQRUDVWIHOGHEROLDSUX
WHODFRSLLLYDFFLQDLvQSULPXOLDOGRLOHDDQGHYLD'HLvQ$XVWULDYDFFLQDUHD
FRSLLORUHUDUHFRPDQGDWvQDOOHDLDOOHDDQGHYLDSULQLLDXIRVWDFHLD
FDUHLQVLVWDXFDVHYDFFLQDLPDLUHSHGHPDLDOHVFvQDFHDYUHPHYDFFLQDUHD
DQWLYDULROLFHUDFXQRVFXWGUHSWXQPDUHVXFFHVPHGLFDO$VWIHOGHYDFFLQXUL
vLSXWHDXSHUPLWHGRDURDPHQLLERJDLFDUHvLYDFFLQDXFRSLLLvQDOGRLOHDDQGH




*HUKDUG%XFKZDOG,PSIHQ'DV*HVFKlIWPLWGHU$QJVWHPXYHUODJ*HUPD
Q\

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



YLD+HOOHUGHVFULHFD]XULGLQWUHFDUHVXQWFRSLLGHPHGLFL6HVSXQHDDWXQFL
FYDFFLQDUHDHVWHFHOPDLELQHVXSRUWDWGHFWUHFRSLLvQDQXOGRLGHYLD$VW]L
VHWLHFQXHVWHGHORFDGHYUDWQWUHWLPSPHGLFLLSHGLDWULL QHXURORJL DX
UHFXQRVFXWIDSWXOFVLPSWRPHOHXQHLHQFHIDOLWHQXSRWUHFXQRVFXWHGHFkWIRDUWH
JUHXVDXGHORFODVXJDULFRSLOXOPLFDVWIHOvQFkWERDODSRDWHDYDQVDvQGRDU
FkWHYDOXQLODRIRUPJUDYGHHQFHIDORSDWLH(LVXQWDFHLFRSLLFDUHGHLHUDXV
QWRLGXSFkWHYDOXQLVXQWGHFODUDLFXLGLRHQLH(VWHYRUEDGHDFHHDLDIHFLXQH
GHFDUHSURI-XOLXV=DSSHUWVFULDvQvQ5HYLVWDPHGLFDOGHSHGLDWULHFDLQG
'HPHQDLQIDQWLO1XDYHDFXPVWLHDWXQFLFDFHLFRSLLVXIHUHDXGHHQFHID
OLWSRVWYDFFLQDOLFXWRDWHFQXVDXPDLIFXWVWXGLLOHJDWHGHDFHOHFD]XULVH
SUHVXSXQHFDFHLFRSLLDXIRVWYDFFLQDLvQDLQWH8OWHULRUDFHDVWDIHFLXQHDIRVW
GHVFULVvQGHFWUHPHGLFLSDWRORJLLDUvQLGHFWUHPHGLFLFOLQLFLHQL
LQGFDXH[LVWDWLFD]XULvQFDUHFRSLLLDXVXSUDYLHXLW
QFRQFOX]LHWUHEXLHVSXVFQXH[LVWERDOD+HOOHUGHHWLRORJLHQHFX
QRVFXW ([LVW GRDU (QFHIDOLWD SRVWYDFFLQDO L FX VLJXUDQ WRL DFHL
FRSLLFDUHDXDMXQVVHLQWHUQDLLWUDWDLvQ&HQWUHVSHFLDOHDXIRVWYDFFLQDL
vQDLQWH'RDUDWXQFLVDUSXWHDYRUELGHERDOD+HOOHUGDFVDUSXWHDGHPRQ
VWUDIDSWXOFLFRSLLQHYDFFLQDLVXIHUGHDFHDVWERDO0DLWUHEXLHVSXV
LIDSWXOF+HOOHUQXHUDPHGLFFLSVLKRSHGDJRJFDUHFRQGXFHDXQ&HQWUX
SHQWUXFRSLLFXGL]DELOLWLvQ$XVWULD
 6LQGURPXOSRVWHQFHIDOLWLF SRVWYDFFLQDO
(QFHIDOLWD SRVWYDFFLQDO D VXJDUXOXL VLPSWRPDWLF VDX DVLPSWRPDWLF
FHD PDL IUHFYHQW  VH SRDWH YLQGHFD VDX SRDWH UPkQH FX VHFKHOH JUDYH
QHXURORJLFH 2 GDW VHFKHOHOH LQVWDODWH HVWH WDUGLY SHQWUX D PDL SXQH XQ
GLDJQRVWLFUHWURDFWLYHWLRORJLFLPDLDOHVSHQWUXXQWUDWDPHQWHFLHQW(VWH
PRWLYXOSHQWUXFDUHVLPSWRPHOHDWLSLFHGDUIUHFYHQWHDOHHQFHIDOLWHLSRVW
YDFFLQDOHODVXJDUWUHEXLHVHFXQRVFXWHLUHFXQRVFXWHGLQWLPSGHFWUH
PHGLFXOGHIDPLOLHLPHGLFXOSHGLDWUXLDUDSRLWUDWDWHFRUHVSXQ]WRU
6LQGURPXO SRVWHQFHIDOLWLF FXSULQGH VHFKHOHOH HQFHIDOLWHL SRVWYDFFLQDOH
9DFFLQXO'73SULPXOFXFDUHIDFFXQRWLQVXJDULLODYkUVWDGHOXQLvQ
$PHULFD vQ5RPkQLDYDFFLQXO'73VHDGPLQLVWUHD]SHQWUXSULPDGDWODYkU
VWD GH  OXQL  D IRVW FHO PDL ELQH VWXGLDW GH &RXOWHU L )LVKHU FDUH DX VFULV
UHQXPLWDFDUWH'37$VKRWLQWKH'DUN WUDG'738QJORQWHWUDVvQvQWXQH
ULF QFDUWHDORUJVLPGHVFULVHFXOX[GHDPQXQWHWRDWHVHFKHOHOHHQFHIDOLWHL


,ELGHP
,ELGHP

,ELGHP




'U&KULVWD7RGHD*URVV

SRVWYDFFLQDOH VLQGURPXO SRVWHQFHIDOLWLF  GXS YDFFLQXO '73 'H DFHHD DP


OXDWFDPRGHOSHQWUXVLQGURPXOSRVWHQFHIDOLWLFYDFFLQXO'73$YkQGvQYHGHUH
FHQFHIDOLWDSRVWYDFFLQDOHVWHGDWLGHDOWHYDFFLQXULHVWHHYLGHQWFYRP
JVLDFHOHDLVHFKHOH VLQGURPSRVWHQFHIDOLWLF LGXSDOWHYDFFLQXUL525HWF
D 3DUDOL]LLQHUYRDVHYDFFLQXO'73SRDWHSURYRFDWRDWHIHOXULOHGHOH]L
XQLDOHQHUYLORUFXFRQVHFLQHPDLPXOWVDXPDLSXLQJUDYHRUELUHVXUGLWDWH
WXOEXUULGHYRUELUHGLVOH[LHEkOEkLWHWF([HPSOHXQHRULHLDXRSULYLUH
[QHLQGvQVWDUHVvLVFKLPEHSULYLUHDDOLPHGLFLSXQGLDJQRVWLFXO
GHSDUH]DQHUYXOXLRFXORPRWRUVDXSWR]SDOSHEUDOXQDOWFRSLOGH
VFULVGHDXWRUGXSDOGRLOHDYDFFLQ'73SUH]LQWKLSHUSLUH[LH IHEUPDUH
JUDGH LSWDUHLQHvQWUHUXSW0DLWkU]LXVHFRQVWDWFDRUELW'LQQHIH
ULFLUHDWXQFLFkQGXQFRSLOHVWHGLDJQRVWLFDWFDLQGQHY]WRUHOHVWHGHMD
YDFFLQDWFX'73GHRUL&kLFRSLLQHY]WRULVXQWGLDJQRVWLFDLFDLQG
RUELGLQQDWHUHFkQGGHIDSWFDX]HOHvPEROQYLULLDXIRVWYDFFLQXULOHGLQ
SULPHOHOXQLGHYLD"6WUDELVPXOHVWHXQDGLQFHOHPDLIUHFYHQWHVHFKHOHDOH
HQFHIDOLWHLSRVWYDFFLQDOH/DIHOLQLVWDJPXVXO
E 'LVOH[LDDSDUHPDLIUHFYHQWGXSYDFFLQXODQWLSHUWXVVLV '73 
F  /LSVD YRUELULL VDX PXWLWDWHD HVWH R DOW VHFKHO REVHUYDW PDL DOHV
GXS YDFFLQXO '73 H[ 3DXO *DOORZD\ D UHDFLRQDW SXWHUQLF OD YDFFLQXO
'73LDUODOXQLGXSFHOGHDOOHDYDFFLQLDSLHUGXWGHWRWYRUELUHD
FDDSRLVHGLDJQRVWLFDWFXDXWLVP$FHODLOXFUXVDvQWkPSODWLFXDOL
FRSLLFDUHGHLSXWHDXVDUWLFXOH]HFkWHYDFXYLQWHvQDLQWHGHYDFFLQLDX
SLHUGXWDSRLYRFHD
G 'LVIDJLH JUHXWDWHODvQJKLLUH 
H 0RGLFULDOHJXVWXOXL
I 3DUH]HIDFLDOH
J 'LVIXQFLDFHQWUHORUGHWHUPRUHJODUH FRSLLLPDQLIHVWH[WUHPHH
GHYLQSUHDVHQVLELOLHLQVHQVLELOLODYDULDLLOHGHWHPSHUDWXU 


+/&RXOWHURSFLW
0.XOHQNDPSII-66FKZDUW]PDQDQG-:LOVRQ1HXURORJLFDO&RPSOLFDWLRQVRI
3HUWXVVLV,QRFXODWLRQ$UFK'LVHDVHLQ&KLOGKRRG-DQXDU\

5REHUW&:RRG\DQG0(%ODZ2SKWDOPRSOHJLF0LJUDLQHLQ,QIDQF\&OLQLFDO
3HGLDWULFV)HEUXDU\

$QQD/LVD$QQHOO3HUWXVVLVLQ,QIDQF\$&DXVHRI%HKDYLRUDO'LVRUGHUVLQ&KLO
GUHQ$FWD6RFLHWDWLV0HGLFRUXP8SVDOLHQVLV/;9,,,6XSS

+/&RXOWHURSFLW

 &RQVWDQWLQH 9RQ (FRQRPR (QFHSKDOLWLV /HWKDUJLFD LWV 6HTXHODH DQG 7UHDWPHQW
/RQGRQ2[IRUG8QLYHUVLW\3UHVV


9$&&,185,/(35(9(1,(6$8%2$/



K $QRUH[LDFDUHSRDWHGXFHODFDH[LHLvQQDOODGHFHV
L %XOLPLDFDUHGXFHODFUHWHUHvQJUHXWDWHFXGH]HFKLOLEUHKRUPRQDOHLP
SRUWDQWH KLSR]DUHKLSRWDODPLFH GHQXPLWREH]LWDWHSRVWHQFHIDOLWLF
M 'XUHULGHFDSPLJUHQH
N ,QYHUVDUHDULWPXOXLGHVRPQ
O 5HWDUGSVLKLFHVWHFXDWkWPDLDFFHQWXDWFXFkWYkUVWDFRSLOXOXLHVWHPDL
PLF)UDQN5)RUGSURIHVRUGH1HXURORJLHOD,QVWLWXWXO-RKQ+RSNLQVVFULD
vQ/DFRSLLIRDUWHPLFLGH]YROWDUHDPHQWDOHVWHEORFDWFRPSOHWLDU
HYROXLDSRDWHVSUHLGLRLHVDXGHELOLWDWHPHQWDODGROHVFHQLLLDGXOLL
UPkQQRUPDOLVDXFXXQIRDUWHPLFGHFLWPHQWDOHQFHIDOLWHOHSRVWYDFFLQD
OHGXSYDFFLQXODQWLSHUWXVVLVHUDXDWXQFLSHSULPXOORFHQFHIDOLWHOHSURYR
FDWHGHDFWXDOXOYDFFLQ'73ODVLHOHDVWIHOGHVHFKHOH
P (SLOHSVLHHVWHXQDGLQWUHFHOHPDLIUHFYHQWHVHFKHOHDOHHQFHID
OLWHLSRVWYDFFLQDOH IRUPDPLQRUVDXPDMRUGHERDO 
&D]'XSDOGRLOHDYDFFLQ'73XQVXJDUGHOXQL -XG\*OLFN DIFXWR
FUL]GHHSLOHSVLHIRUPPDMRU *UDQGPDO 0DLWkU]LXDPDLDYXWGRXFUL]H
LDUDFXPHVWHVXEWUDWDPHQWDQWLHSLOHSWLF0DMRULWDWHDFD]XULORUGHHSLOHSVLHQX
VXQWUHFXQRVFXWHFDLQGFRPSOLFDLLSRVWYDFFLQDOHGLQSULPHOHOXQLGHYLD
&D]'XSDOGRLOHDYDFFLQ'73FRSLOXO3DXO+DPLOOIDFHIHEUXRD
ULDUvQDD]LvQWLPSXOPHVHLIDFHSULPDFUL]FRQYXOVLYGHDSUR[
VHFXQGH$GRXD]LFUL]HOHVHUHSHWGHRUL$WUHLD]LGLPLQHDDvQFHSH
V LSH GLQWUR GDW IRDUWH WDUH GXS FDUH GHYLQH QHOLQLWLW FD DSRL V QX
PDLUHDFLRQH]HGHORF'HYHQLVHPRDOH7RWXOGXUHD]YUHRVHFXQGH
GXSFDUHvLUHYLQH'XSROXQPHGLFXOvLDGPLQLVWUHD]LDDGR]
GHYDFFLQGXSFDUHFUL]HOHGHYLQPDLIUHFYHQWHSkQOD]LFXWRDWH
FHUDVXEWUDWDPHQWDQWLHSLOHSWLF PHGLFDPHQWH /DRUDDFWXDODUHXQ



'U&KULVWD7RGHD*URVV

UHWDUG SVLKLF DUH PDQLIHVWUL GH DXWLVP L vQF PDL SUH]LQW XQHRUL FUL]H
HSLOHSWLFH
Q WUHFXW FkQG FUHWHD PXOW IUHFYHQD FD]XULORU GH HSLOHSVLH VH SXQHD
YLQDSHHQFHIDOLWHOHHSLGHPLFH LQIHFLRDVH LDU$QQHOODGDXJODXQDVWIHO
GHFRPHQWDULXXQDGHYUQHOXDWvQVHDP0HGLFLLDUPDLSXWHDVSXQHF
HSLOHSVLLOHVXQWGHVHRULLXUPDUHDYDFFLQXULORU0DMRULWDWHDFD]XULORUGH
HSLOHSVLHQXVXQWUHFXQRVFXWHFDLQGFRPSOLFDLLSRVWYDFFLQDOHGLQSULPHOH
OXQLGHYLD6LQGURPXO:HVWVDXVSDVPXOLQIDQWLOHVWHRIRUPSDUWLFXODU
GH HSLOHSVLH LQG R VHFKHO D HQFHIDOLWHL SRVWYDFFLQDOH Q  -HDYRQV
L%RZHUGXSFRQVXOWDUHDDGHFRSLLFXDFHVWVLQGURPDXFRQVDWDWF
6LQGURPXOVSDVPXOXLLQIDQWLOVDX6LQGURPXO:HVWHVWHSURYRFDWGHRHQFH
IDOLWDOHUJLFSRVWYDFFLQDOGXS'73 YH]LFDS 
Q +LSRWRQLDPHPEUHORU
&D]'XSSULPXOYDFFLQ'73$ODQ'RPEURZVNLUHDFLRQHD]SXWHU
QLF L VH vPEROQYHWH LQG XQ FD] WLSLF GH KLSRWRQLH &kQG PHUJH L VH
vPSLHGLFQXSRDWHUHDFLRQDQXvLSRDWHvQWLQGHPkLQLOHFDVVHSULQGGH
FHYD(OFDGHSXULVLPSOXSHID
&D]:LQIRUG0LOOVQVFXWvQVHvPEROQYHWHGXSSULPDGR]
GHYDFLQ'73SUH]HQWkQGWXOEXUULJDVWURLQWHVWLQDOHRWLWHLLQIHFLLDOHFLORU
UHVSLUDWRULLWLPSGHVSWPkQLQWRWDFHVWWLPSVHREVHUYXQUHJUHVSVLKLFL
PRWRULPSRUWDQWLDUvQ]LXDGHD]LDUHDFHODL,4DOXQXLQRXQVFXWHVWHPXWL
KLSRWRQLUPkQHFDRSSXGHVWRIRULXQGHOSXLFXOFDWVDXvQIRWROLX
([LVWLFD]XULPDLXRDUHGHKLSRWRQLHFkQGPDPHOHREVHUYGXSSULPXOYDF
FLQ'73PRGLFULDOHWRQXVXOXLPXVFXODUVSUHH[HPSOXRDFFHQWXDUHDUHH[X
OXL0RUURXUPDWODROXQGHDSDULLDVSDVPHORUVXJDUXOXLHWF
R %RDOD3DUNLQVRQHVWHRVHFKHOELQHFXQRVFXWvQFGLQWUHFXWFkQG
VDREVHUYDWFHDVXUYLQHODGLQWUHEROQDYLLHQFHIDOLWLFLPDLDOHVGXS
HSLGHPLDGHJULS SRUFLQ GLQ9RQ(FRQRPRvOGHVFULDDVWIHO3D
FLHQWXOFX3DUNLQVRQFXJXUDvQWUHGHVFKLVHUDRDSDULLHWLSLFELQHFXQRV
FXWDXQHLHQFHIDOLWHFURQLFHDFHODLOXFUXvOREVHUYPLGXSHQFHIDOLWD
SRVWYDFFLQDO



)UDQN5)RUG'LVHDVHVRIWKH1HUYRXV6\VWHPLQ,QIDQF\&KLOGKRRGDQG$GROHV
FHQFH6SULQJHOG&&7KRPDV1HUYRXVDQG0HQWDO'LVHDVH

&KULVWRSKHU':DUG(QFHSKDORSDWK\/HWKDUJLFDDQGWKH'HYHORSPHQWRI1HXUR
SV\FKLDWU\3V\FKLDWULF&OLQLFVRI1RUWK$PHULFD

)UDQN5)RUGRSFLW

:DOWHU5.LUVFKEDXP([FHVVLYH+XQJHUDVD6\PSWRPRI&HUHEUDO2ULJLQ-
1HUYRXVDQG0HQWDO'LVHDVH


)UDQN5)RUGRSFLW

+/&RXOWHUDQG%DUEDUD)LVKHURSFLW

'*+LUW].%1HOVRQDQG-+(OOHQEHUJ6HL]XUHV)ROORZLQJ&KLOGKRRG,P
PXQL]DWLRQV-3HGLDWULFV-DQXDU\



+/&RXOWHURSFLW
$QQD/LVD$QQHOO3HUWXVVLVLQ,QIDQF\$&DXVHRI%HKDYLRUDO'LVRUGHUVLQ&KLO
GUHQ$FWD6RFLHWDWLV0HGLFRUXP8SVDOLHQVLV/;9,,,6XSS

+/&RXOWHUXQG%DUEDUD)LVKHURSFLW

+/&RXOWHURSFLW

,ELGHP

&':DUG(QFHSKDORSDWK\/HWKDUJLFDDQGWKH'HYHORSPHQWRI1HXURSV\FKLDWU\
3V\FKLDWULF&OLQLFVRI1RUWK$PHULFD

 &RQVWDQWLQH 9RQ (FRQRPR (QFHSKDOLWLV /HWKDUJLFD LWV 6HTXHODH DQG 7UHDWPHQW
/RQGRQ2[IRUG8QLYHUVLW\3UHVV


9$&&,185,/(35(9(1,(6$8%2$/



S  6SDVWLFLWDWHD +HPLSOHJLH +HPLSDUH] 3DUDSOHJLH 7HWUDSOHJLH VDX


7HWUDSDUH]VHQXPUvQWUHVHFKHOHOHHQFHIDOLWHLSRVWYDFFLQDOH
/DPDMRULWDWHDFD]XULORUJVLPRFRPELQDLHDFHOSXLQGRXDIHFLXQL
KLSRWRQLHLUHWDUGSVLKLFHSLOHSVLHFXUHWDUGSVLKLFHWF
(YROXLDHQFHIDOLWHLSRVWYDFFLQDOHSRDWHVSUHYLQGHFDUHIUVDXFXVH
FKHOH FHOHHQXPHUDWHPDLVXV GDUGHFHOHPDLPXOWHRULHVWHVSUHRERDO
DXWRLPXQQHXURORJLFDXWLVP6LQGURP0%'VFOHUR]PXOWLSO6LQGURP
*XLOODLQ%DUUHHWF
 /HJWXUDGLQWUHVWULOHDOHUJLFHHQFHIDOLWDSRVWYDFFLQDOL
VLQGURPXO0%'
3HQWUXPXOLPHGLFLQLWLQXHUDRQRXWDWHFHHDFHDUPD+DUULV&RXOWHUL
DQXPHFRHQFHIDOLWSRVWYDFFLQDOSRDWHSURYRFDEROLDOHUJLFHDDFXPLR
SUHGVLSR]LLHSHQWUXEROLDOHUJLFHSRDWHSURYRFDODXQFRSLOYDFFLQDWRHQFHIDOL
W'RDUFDFXPIHQRPHQXOGHYLQHFXQRVFXWvQPRGRFLDO/HJWXUDFDUHH[LV
WvQWUHDOHUJLHYDFFLQXULLHQFHIDOLWHDIRVWVWXGLDWvQFGLQDQLL
6DREVHUYDWFGLQQHIHULFLUHQXHUDOXDWvQFDOFXOH[LVWHQDXQHLKLSHUVHQVL
ELOLWLDQDODFWLFHODFHLFDUHIDFHQFHIDOLWHSRVWYDFFLQDOH/D8QLYHUVLWDWHD
GH 0HGLFLQ GLQ 6WDQIRUG XQ VWXGLX IFXW vQ  DUDW F OD FRSLLL DOHUJLFL
H[LVWRUHDFLHGHKLSHUVHQVLELOLWDWHODYDFFLQXODQWLSHUWXVVLV8QVSHFLDOLVW
vQ,PXQRORJLH3HGLDWULFGLQ6DQ)UDQFLVFRLXQFULWLFDOYDFFLQXOXL'73D
IFXWXQH[SHULPHQWDUWkQGFLODDQLPDOHH[LVWRUHDFLHGLIHULWODYDFFLQXO
'73XQLLUHDFLRQHD]vQWUXQPRGH[DJHUDWDOLLQXUHDFLRQHD]GHORF'DF


+/&RXOWHUDQG%DUEDUD)LVKHURSFLW
'*+LUW].%1HOVRQDQG-+(OOHQEHUJ6HL]XUHV)ROORZLQJ&KLOGKRRG,P
PXQL]DWLRQV-3HGLDWULFV-DQXDU\

 . + )LQOH\ 3DWKRJHQHVLV RI (QFHSKDOLWLV 2FXUULQJ ZLWK 9DFFLQDWLRQ 9DULROD
DQG0HDVOHV$0$$UFKLYHVRI1HXURORJ\DQG3V\FKLDWU\

 + * 0LOOHU DQG - % 6WDQWRQ 1HXURORJLFDO 6HTXHODH RI 3URSK\ODFWLF ,QRFXOD
WLRQ4-0HGLFLQH

:5:DUUHQ(QFHSKDORSDWK\'XHWR,QXHQ]D9DFFLQH$0$$UFKLYHV,QW0HG


 -RVHSKLQH % 1HDO (QFHSKDOLWLV D &OLQLFDO 6WXG\ 1HZ<RUN*UXQH DQG 6WUDWWRQ


+%DNZLQ&HUHEUDO'DPDJHDQG%HKDYLRU'LVRUGHUVLQ&KLOGUHQ-3HGLDWULFV


+*0LOOHUDQG-%6WDQWRQORFFLW

+/&RXOWHUDQG%DUEDUD)LVKHURSFLW

/6WHLQPDQ6LUDP1($GHOPDQ6=DPYLO+20F'HYLWWDQG+8ULFK0X
ULQH0RGHOIRU3HUWXVVLV9DFFLQH(QFHSKDORSDWK\/LQNDJHWR+1DWXUH2FWREHU





'U&KULVWD7RGHD*URVV

vQVvQDLQWHGHDYDFFLQDLVHLQMHFWHD]ODRDUHFLLFDUHQXUHDFLRQHDXRGR]
GHKLVWDPLQ FDUHDOHUJL]HD] HLUHDFLRQDXDSRLSXWHUQLFODYDFFLQLPXUHDXvQ
XUPDXQRUFRQYXOVLLHSLOHSWLFHGDWRUDWHHQFHIDOLWHLSRVWYDFFLQDOH
$XWLVPXO HVWH VWUkQV OHJDW GH EROLOH DOHUJLFH L DOWH DQRUPDOLWL DOH
VLVWHPXOXL LPXQ  GLQWUH FRSLLL L DGXOLL FX DXWLVP DX EROL DOHUJLFH
JUDYH &RQFHQWUDLDPDUHGHVHURWRQLQ VXEVWDQFHSURYRDF
VWULDOHUJLFHLDQDODFWLFH ODEROQDYLLFXDXWLVPHVWHGRYDGDXQHLDOHUJLL
FURQLFH'XUHULOHDEGRPLQDOHGLDUHHDVDXFRQVWLSDLDFURQLFSHFDUHOH
REVHUYPODDXWLWLVXQWSURYRFDWHvQPRGVLJXUGHDOHUJLLDOLPHQWDUH$FHWL
FRSLLSUH]LQWGHMDGLQSULPHOH]LOHGHGXSQDWHUHFROLFLDFFHQWXDWHKLSR
FDOFHPLHLLQWROHUDQODODSWH$OWHPDQLIHVWULVXQWJDVWURHQWHUL
WH EDORQUL GLDUHH DOWHUQkQG FX FRQVWLSDLH HWF &HD PDL JUDY
IRUPDXQHLDVWIHOGHDOHUJLLDOLPHQWDUHHVWHFHOLDFKLDQDQXOFkQG
DXWLVPXOvQFQXHUDGHQLWLVHFRQIXQGDFXVFKL]RIUHQLD/DXUHWWD%HQGHU
REVHUYDVHRFUHWHUHVSHFWDFXORDVDFD]XULORUGHFHOLDFKLHODDD]LLLFRSLL
VFKL]RIUHQLFL5LPODQGDIRVWSULPXOFDUHDIFXWOHJWXUDGLQWUHDXWLVPL
FHOLDFKLH(ODVHVL]DWvQFGLQDQXOIDSWXOFDXWLWLLDXIUHFYHQWWXO


+/&RXOWHUDQG%)LVKHURSFLW
%-)UHHPDQDQG(55LWYR7KH6\QGURPHRI$XWLVP(VWDEOLVKLQJWKH'LDJQR
VLVDQG3ULQFLSOHVRI0DQDJHPHQW3HGLDWULF$QQDOV$SULO

60%DNHU'LDJQRVWLFDQG7KHUDSHXWLF6WUDWHJLHVLQDQ$XWLVWLF&KLOGZLWKD3RV
LWLYH5HVSRQVHWR7DXULQHLQ3URFHHGLQJV$QQXDO&RQIHUHQFHRIWKH1DWLRQDO6RFLHW\IRU
&KLOGUHQDQG$GXOWVZLWK$XWLVP:DVKLQJWRQ'&

 ( * 6WXEEV 0 / &UDZIRUG ' 5 %XUJHU DQG$$ 9DQGHQEDUN 'HSUHVVHG
/\PSKRFLWH5HVSRQVLYHQHVVLQ$XWLVWLFFKLOGUHQ-$XWLVP

0DQG:*RRGZLQ,QD'DUN0LUURU0HQWDO+\JLHQH2FWREHU

0DU\&ROHPDQRSFLW

0DU\&ROHPDQRSFLW

3%HUJPDQDQG65(VFDORQD8QXVXDO6HQVLWLYLHVLQ9HU\<RXQJ&KLOGUHQ3V\
FKRDQDOLWLF6WXG\RIWKH&KLOG

65/HZLVDQG6YDQ)HUQH\(DUO\5HFRJQLWLRQRI,QIDQWLOH$XWLVP-3HGLDW
ULFV$SULO

 &KULVWRSKHU *LOOEHUJ HW DO 7KH 6H[ &KURPRVRPHV2QH .H\ WR $XWLVP"$Q ;<<
&DVHRI,QIDQWLOH$XWLVP$SSOLHG5HVHDUFKLQ0HQWDO5HWDUGDWLRQ

(*6WXEEV($VKDQG&36:LOOLDPV$XWLVPDQG&RQJHQLWDO&\WRPHJDORYL
UXV-$XWLVP

660QXNKLQDQG'1,VDHY2QWKH2UJDQLF1DWXUHRI6RPH)RUPVRI6FKL]RLG
RU$XWLVWLF3V\FKRSDWK\-$XWLVP

 0DU\ 6WHZDUW *RRGZLQ DQG 0 $ &RZDQ 0DODEVRUSWLRQ DQG FHUHEUDO
'\VIXQFWLRQ$ 0XOWLYDULDWH DQG &RPSDUDWLYH 6WXG\ RI $XWLVWLF &KLOGUHQ - $XWLVP 



9$&&,185,/(35(9(1,(6$8%2$/



EXUULJDVWURLQWHVWLQDOH8QDOWPHGLFFDUHDSXEOLFDWVWXGLLOHVDOHGHVSUH
OHJWXUDGLQWUHDXWLVPLFHOLDFKLHHVWH0DU\&ROHPDQPHGLFvQ:DVKLQJWRQ
'&'LQGHDXWLWLDYHDXFHOLDFKLHGHFLFXSXLQSHVWH$OL
SDFLHQLDYHDXVLPSWRPHDVHPQWRDUHFHORUGLQFHOLDFKLH
+LSHUDFWLYLWDWHDL6LQGURPXO0%'VXQWvQVRLWHIUHFYHQWGHPDQLIHVWUL
LEROLDOHUJLFHJUDYH'RULV5DSSPHGLFVSHFLDOLVWSHGLDWUXLDOHUJR
ORJGLQ%XIIDORvQXUPDXQXLLQWHUYLXOXDWGH+DUULV&RXOWHUUHODWHD]F
GLQWUHFRSLLLKLSHUDFWLYLVDXFX6LQGURPXO0%'VXIHUGHDOHUJLLJUDYH'U
5DSSPDLDGDXJQUHSHWDWHUkQGXULDPREVHUYDWXQUHJUHVGXSYDFFLQXO
'73ODFRSLLLPLFLSHFDUHLDPWUDWDWSHQWUXDOHUJLLQDLQWHGHYDFFLQHYR
OXLDDOHUJLLORUIXVHVHIDYRUDELOLDUFRSLLLvQYDXVYRUEHDVFLVXPEOH
'XSYDFFLQVDXDJUDYDWGLQQRXDOHUJLLOHLDUFRSLLLQXDXPDLYRUELWLQX
DXPDLXPEODWGHDWXQFL*VLPDFHVWHUHODWULGHVFULVHLvQFHOHGRXFUL
DOHDXWRDUHL&RSLOXOLPSRVLELOL&RSLOXOKLSHUDFWLYLDOHUJLLOH
%ROLOHDXWRLPXQHSUHFXPEROLOHFURQLFHUHXPDWLFHULQLWDDOHUJLFFHOLD
FKLDDQHPLDSHUQLFLRDV%LHUPHUDDXDMXQVODXQORFGHIUXQWHvQDQLL
1RUPDQ*HVFKZLQGHVWHFHOFDUHJVHWHvQWUXQWLPSUHODWLYVFXUWROHJ
WXUVWUkQVvQWUHDXWLVPEROLOHDXWRLPXQHLGLVOH[LH$OLDXWRUL

5XWK&KULVW6XOOLYDQ+XQFKHVRQ6RPH%LRORJLFDO)DFWRUVLQ$XWLVP-$XWLVP


0DU\&ROHPDQRSFLW

'2%DQLRQ%$UPVWURQJ5$&XPPLQJVDQG-6WDQJH'LVUXSWLYH%HKDYLRU
$'LHWDU\$SSURDFK-$XWLVP

1RUPDQ*HVFKZLQG:K\2UWRQ:DV5LJKW$QQDOVRI'\VOH[LD

 ' . 5RXWK %RRN 5HYLHZV LQ - $XWLVP    % - .DSODQ HW DO
3K\VLFDO 6LJQV DQG 6\PSWRPV LQ 3UHVFKRRO$JH +\SHUDFWLYH DQG 1RUPDO &KLOGUHQ
-RXUQDO'HYROHSPHQWDODQG%HKDYLRUDO3HGLDWULFV'HFHPEHU

=0%DFNPDQ7KH5HODWLRQVKLS%HWZHHQ/HDUQLQJ'LVDELOLWLHVDQG%HKDYLRUDO
0DQLIHVWDWLRQZLWK7R[LFLW\DQG&HUHEUDO$OOHUJ\7KH'LJHVWRI&KLURSUDFWLF(FRQRPLFV
0D\-XQH

+/&RXOWHURSFLW ,QWHUYLHZZLWK'RULV-5DSS0'2FWREHU 

'RULV-5DSS$OOHUJLHVDQGWKHK\SHUDFWLYH&KLOG1HZ<RUN6RYHUHLJQ%RRNV

 'RULV - 5DSS ' / %DPEHUJ 7KH ,PSRVVLEOH &KLOG LQ 6FKRRO DW +RPH
%XIIDOR3UDFWLFDO$OOHUJ\5HVHDUFK)RXQGDWLRQ

7-5DQGROSKDQG5DOSK:0RVV$OOHUJLHV<RXU+LGGHQ(QHP\:HOOLQJERURXJK
1RUWKDPSWRQVKLUH7XUQVWRQH3UHVV

*HVFKZLQG1RUPDQHWDO:K\2UWRQ:DV5LJKW"$QQDOVRG'\VOH[LD;;;,,

'.5RXWK%RRN5HYLHZLQ-$XWLVP

%-.DSODQHWDORSFLW

 =0 %DFNPDQ 7KH 5HODWLRQVKLS %HWZHHQ /HDUQLQJ 'LVDELOLWHV DQG %HKDYLRUDO
0DQLIHVWDWLRQVZLWK7R[LFLW\DQG&HUHEUDO$OOHUJ\7KH'LJHVWRI&KLURSUDFWLF(FRQRPLFV
PDLMXQH



'U&KULVWD7RGHD*URVV

DXPHUVSkQDFRORvQFkWDXFRQVLGHUDWDXWLVPXOFDLQGRERDODXWRLPXQ
2DPHQLGHWLLQGLQ,VUDHODXFRQVWDWDWFODFRSLLLDXWLWLVHGH]YROWRUH
DFLHLPXQFHOXODUvPSRWULYDHVXWXOXLQHUYRV$FHVWOXFUXDUDWH[LVWHQD
XQXLSRVLELOPHFDQLVPSDWRJHQLFDXWRLPXQvQDXWLVP
'HPLHOLQL]DUHDLVDXPLHOLQL]DUHDLQVXFLHQWDQHUYLORUDUHORFvQXUPD
XQHLDJUHVLXQLQHXURORJLFHGDWRUDWHYDFFLQXULORU0LHOLQDHVWHvQYHOLXODOE
OLSLGLFFDUHvQYHOHWHQHUYLLL]ROkQGXOHLDYkQGRIXQFLHDVHPQWRDUHFX
FHDDXQXLJDUGHOHFWULF'H]YROWDUHDVLVWHPXOXLQHUYRVDIWXOXL LQWUDXWHULQ 
LDUDSRLDVXJDUXOXLGXSQDWHUHDUHORFvQGRXID]HODvQFHSXWDSDULEUHOH
QHUYRDVHLDUDSRLvQFHSHSURFHVXOGHPLHOLQL]DUHGHvQYHOLUHDORUQDLQWHGH
PLHOLQL]DUHEUHOHQHUYRDVHVXQWH[SXVHLIRDUWHXRUOH]DELOHSXWkQGH[LVWD
FKLDULVFXUWFLUFXLWHvQWUHHOH0LHOLQL]DUHDvQFHSHODQDWHUH/DXQLLGLQ
WUHQHUYLvQFHSHGRDUGLQOXQDDDODDOLLPDLWkU]LXQIXQFLHGH
HFDUHVHFWRUQHXURORJLFPLHOLQL]DUHDFRQWLQXvQFWLPSGHDQLLDUODXQLL
GLQWUHQHUYLVHGH]YROWSkQODGHDQL7RWFHHDFHSHUWXUESURFHVXOGH
PLHOLQL]DUHYDLQXHQDQHJDWLYGH]YROWDUHDQHXURORJLFLSVLKLFDFRSLOXOXL
'DFPLHOLQDQXVHIRUPHD]ODQLYHOXOEUHORUQHUYRDVHVDXGDFYDGLVWUX
VGHSHVXSUDIDDORUGXSFHVHIRUPDVHGHMD SURFHVQXPLWGHPLHOLQL]DUH 
VLVWHPXOQHUYRVDOFRSLOXOXLYDUPkQHQHGH]YROWDWLLPDWXU8QQRXQVFXW
LPDLDOHVXQSUHPDWXUHVWHIRDUWHH[SXVXQXLDVWIHOGHSHULFRO&XDOWH
FXYLQWHRHQFHIDOLWSRVWYDFFLQDOODVXJDUSURYRFDWGHYDFFLQSRDWHGXFHOD
GHPLHOLQL]DUHDQHUYLORULFDXUPDUHODOH]LXQLQHXURORJLFH&KDUOHV03RVHU


5XWK&KULVW6XOOLYDQRSFLW
0DU\&ROHPDQRSFLW

$:HL]PDQHWDO$EQRUPDO,PPXQH5HVSRQVHWR%UDLQ7LVVXH$QWLJHQLQWKH6\Q
GURPHRI$XWLVP$-3V\FKLDWU\

 5 ' &LDUDQHOOR HW DO,QWULQVLF DQG H[WULQVLF 'HWHUPLQDQWV RI 1HXURQDO
'HYHORSPHQW5HODWLRQWR,QIDQWLOH$XWLVP-$XWLVP

,ELGHP-RKQ'REELQJ(IIHFWVRI([SHULPHQWDO8QGHUQXWULWLRQRQ'HYHORS
PHQW RI WKH 1HUYRXV 6\VWHP vQ 1 6 6FULPVKDZ DQG - (*RUGRQ HGV  0DOQXWULWLRQ
/HDUQLQJDQG%HKDYLRU&DPEULGJH0,73UHVV

5%'LHWULFKHWDO05(YDOXDWLRQRI(DUO\0\HOLQDWLRQ3DWWHUQVLQ1RUPDODQG
'HYHORSPHQWDOO\'HOD\HG,QIDQWV$P-5RHQWJHQRO$SU  

 -RKQ 'REELQJ (IIHFWV RI ([SHULPHQWDO 8QGHUQXWULWLRQ RQ 'HYHORSPHQW RI WKH
1HUYRXV6\VWHPvQ166FULPVKDZDQG-(*RUGRQ HGV 0DOQXWULWLRQ/HDUQLQJDQG
%HKDYLRU&DPEULGJH0,73UHVV5%'LHWULFKRSFLW

&$PLHO7LVRQ1HXURORJLF'LVRUGHULQ1HRQDWHV$VVRFLDWHGZLWK$EQRUPDOLWLHV
RI3UHJQDQF\DQG%LUWK&XUUHQW3UREOHPVRI3HGLDWULFV,,,-DQXDU\-RKQ'RE
ELQJRSFLW

 ) - 0HQRODVFLQR DQG 0 / (JJHU 0HGLFDO 'LPHQVLRQV RI 0HQWDO 5HWDUGDWLRQ
/LQFROQ8QLYHUVLW\RI1HEUDVND3UHVV


9$&&,185,/(35(9(1,(6$8%2$/



GHODVHFLDGH1HXURORJLHD)DFXOWLLGH0HGLFLQ+DUYDUGVFULH$SURDSH
HFDUHYDFFLQSRDWHSURYRFDRUHDFLHLQDPDWRULHQHLQIHFLRDVODQLYHOXO
VLVWHPXOXLQHUYRV$UHORFvQQDOROH]DUHDYDVHORUFHSUHFHGHRGHPLHOLQL
]DUHDQHUYLORU1XSXLQLDXWRUL ,VDDF.DUOLQ5RODQG&LDUDQHOOR5RVDOLQG
%'LHWULFKHWF DXSXVWXOEXUDUHDGHYRUELUHODFRSLLSHVHDPDXQHLvQFHWLQLULD
PLHOLQL]ULLFHQWULORUQHUYRLGLQVFRDUDFHUHEUDO
(QFHIDORPLHOLDDOHUJLFH[SHULPHQWDO ($( 
/HJWXUDGLQWUHVLQGURPXOSRVWHQFHIDOLWLFLGHPLHOLQL]DUHDVDXPLHOLQL
]DUHDLQVXFLHQWDVLVWHPXOXLQHUYRVHVWHXQDGHYUGHQHFRQWHVWDWLDUIDS
WXO F RULFH HQFHIDOLW LQGLIHUHQW GH HWLRORJLH SRVWYDFFLQDO LQIHFLRDV 
SRDWHGXFHODGHPLHOLQL]DUHDIRVWGHPRQVWUDWvQFGLQDQLL
0HFDQLVPHOHFDUHVWDXODED]DDFHVWXLSURFHVLFHUROMRDFUHDFLDDOHUJLF
vQSURGXFHUHDHQFHIDOLWHLDXSXWXWGHPRQVWUDWHDELDvQvQXUPDXQXLH[SH
ULPHQWUHDOL]DWGHUHQXPLWXORPGHLLQDPHULFDQ7KRPDV5LYHUV3kQDWXQFL
PHGLFLLDXSUHVXSXVFHQFHIDOLWDHVWHSURYRFDWGHRLQIHFLHYLUDOVDXEDFWHULD
QDVLVWHPXOQHUYRVFXLQWHUYHQLDGLUHFWDPLFUREXOXLDVXSUDHVXWXOXLQHUYRV
&kQGvQDQLLVDXFXWDWDFHWLSUHVXSXLDJHQLSDWRJHQLHLQXDXIRVWJVLL
$ELDFkQG7KRPDV5LYHUVDLQGXVRHQFHIDOLWODPDLPXHSULQLQMHFWDUHDDFHV
WRUDGHH[WUDFWHVWHULOHGHVXEVWDQQHUYRDVGHODLHSXUHDIRVWGH]OHJDWDFHVW
PLVWHU(VWHYRUEDGHHQFHIDORPLHOLWDDOHUJLFH[SHULPHQWDO&KLDULvQ
]LXDGHD]LDFHVWH[SHULPHQWDUPDVFDPRGHOIRORVLWSHQWUXFHUFHWDUHDEROLORU
DXWRLPXQH D HYROXLHL DFHVWRUD L D FRQVHFLQHORU DVXSUD VLVWHPXOXL QHUYRV

&+3RVHU1HXURORJLF6\QGURPHV7KDW$ULVH8QSUHGLFWDEO\&RQVXOWDQW-DQX
DU\

 ,VDDF .DUOLQ $ 3V\FKRVRPDWLF 7KHRU\ RI 6WXWWHULQJ - 6SHHFK 'LVRUGHUV 


,VDDF.DUOLQ&RQJHQLWDO9HUEDO$XGLWRU\$JQRVLD3HGLDWULFV

5'&LDUDQHOOR1HXURFKHPLFDO0RGHOVRI,QIDQWLOH$XWLVP3URFHHGLQJV
,QWHUQDWLRQDO &RIHUHQFH RI WKH 1DWLRQDO 6RFLHW\ IRU &KLOGUHQ DQG $GXOWV ZLWK $XWLVP 
:DVKLQJWRQ'&

5''LHWULFKHWDORSFLW

5'&LDUDQHOORHWDOORFFLW

,ELGHP

+/&RXOWHURSFLW

 5'$GDPV DQG 0 9LFWRU 3ULQFLSOHV RI 1HXURORJ\ 6HFRQG (GLWLRQ 1HZ <RUN
0F*UDZ+LOO/DXUHWWD%HQGHU%XUQ(QFHSKDORSDWKLHVLQ&KLOGUHQ$UFK
3HGLDWULFV

7KRPDV05LYHUVDQG))6FKZHQWNHU(QFHSKDORP\HOLWLV$FFRPSDQLHGE\0\HOLQ
'HVWUXFWLRQ([SHULPHQWDOO\3URGXFHGLQ0RQN\HV-([S0HG

%$UQDVRQ1HXURLPPXQRORJ\1HZ(QJODQG-0HG-RKQ+
0HQNHV7H[WERRNRI&KLOG1HXURORJ\3KLODGHOSKLD/HDDQG)HELJHU



'U&KULVWD7RGHD*URVV

'HVHRULHQFHIDOLWDHVWHSUHFHGDWGHRHUXSLHDOHUJLFGLQFDGUXOEROLORULQIHF
LRDVHVDXGHDGPLQLVWUDUHDXQXLYDFFLQQIHOXODFHVWDH[SHULPHQWXOOXL
5LYHUVDSXWXWH[SOLFDLDFHVWHIHQRPHQH'HDWXQFLHQFHIDOLWDQXDPDLIRVW
FRQVLGHUDWFDLQGFDX]DWGHRLQIHFLHYLUDOVDXEDFWHULDQDVLVWHPXOXLQHU
YRVQIHOXODFHVWDDIRVWH[SOLFDWLVLQGURPXOSRVWHQFHIDOLWLF
(QFHIDOLWDDOHUJLFH[SHULPHQWDOHVWHLGHQWLFFDPHFDQLVPGHSURGXFH
UHFXHQFHIDOLWDFDUHDSDUHGXSUXMHRO FD]XULUDUH VDXWXVHDFRQYXOVLYVDX
GXSYDFFLQXUL IRDUWHIUHFYHQW FkQGPLHOLQDMRDFUROXODQWLJHQXOXL
QPRGQRUPDOvQFD]XOHQFHIDOLWHLHVWHDIHFWDWRSDUWHDVLVWHPXOXLQHU
YRVPHQLQJHOHHQFHIDOXO WUXQFKLXOFHUHEUDO PGXYDVSLQULL QHUYLLVDXR
FRPELQDLHDORU H[PHQLQJRHQFHLWD QFD]XOHQFHIDOLWHLSRVWYDFFLQD
OHODDXWRSVLHVHJVHVFPXOWLSOHOH]LXQLPLFLGHFXORDUHJDOEHQURLHWLFHvQ
VXEVWDQDDOEGLQFUHLHUXOPDUHFHUHEHOWUXQFKLFHUHEUDOLPGXYDVSLQULL
/H]LXQHDFDUDFWHULVLWLFHVWHOLSVDPLHOLQHL3UREHOHFRORUDWHDUDWRGLVWUX
JHUHSDULDOVDXWRWDODPLHOLQHL1HUYLL VWUXFWXUDLQWHUQ VXQWPXOWPDL
SXLQDIHFWDLGHFkWWHFLOHGHPLHOLQFDUHOHvQYHOHVF
'DFvQDLQWHGHSULPXOU]ERLPRQGLDOH[LVWDXFD]XULIRDUWHSXLQHGHHQFH
IDOLWHSRVWLQIHFLRDVH GXSUXMHROWXVHFRQYXOVLYHWF GXSDQXOPHGLFLL
FRQVWDWRFUHWHUHDFFHQWXDWDDFHVWRUD6HWLDFYDFFLQXODQWLSHUWXVVLVSRDWH
SURYRFDGHVHRULDVHPHQHDHQFHIDOLWHXQFD]ODGHFRSLLYDFFLQDLFXRPRU
WDOLWDWHGHQVDGHVFRSHULWFDFHVWYDFFLQSURYRDFDOHUJLLJUDYH
ODWRDWHWLSXULOHGHDQLPDOHH[SHULPHQWDOHPRWLYSHQWUXFDUHDIRVWIRORVLWSHSRVW
GHDGMXYDQWvQSURYRFDUHDXQHLHQFHIDOLWHDOHUJLFHH[SHULPHQWDOH
(QFHIDOLWHSRVWYDFFLQDOHDXIRVWREVHUYDWHLGXSDOWHYDFFLQXULPDLDOHV
GXSYDFFLQXODQWLUXMHROLF

 -RVHSKLQH % 1HDO (QFHSKDOLWLV D &OLQLFDO 6WXG\ 1HZ<RUN*UXQH DQG 6WUDWWRQ


$QQD/LVD$QQHOORSFLW

 ,ELGHP  +DUU\ %DNZLQ &HUHEUDO 'DPDJH DQG %HKDYLRU 'LVRUGHUV LQ &KLO
GUHQ-3HGLDWULFV

%$UQDVRQ1HXURLPPXQRORJ\1HZ(QJODQG-0HG

7+HPDFKXGKDHWDO0\HOLQ%DVLF3URWHLQDVDQ(QFHSKDOLWRJHQLQ(QFHSKDORP\HOLWLV
DQG3RO\QHXULWLV)ROORZLQJ5DELHV9DFFLQDWLRQ1HZ(QJODQG-0HG

5'$GDPVDQG09LFWRURSFLW

++0HUULWW7H[WERRNRI1HXURORJ\6L[WK(GLWLRQ3KLODGHOSKLD/HDDQG)HELJHU


 5 %DQQLVWHU %UDLQV &OLQLFDO 1HXURORJ\ )LIWK (GLWLRQ 2[IRUG8QLYHUVLW\ 3UHVV
5'$GDPVDQG09LFWRURSFLW

 - &KHUU\ HW DO 5HSRUW RI WKH 7DVN )RUFH RQ 3HUWXVVLV DQG 3HUWXVVLV ,PPXQL]D
WLRQ3HGLDWULFV3DUW,,-XQH

9$&&,185,/(35(9(1,(6$8%2$/



/DvQWUHEDUHDSXVWRWPDLGHVGHSULQLGHFHFRSLLLGLQ]LXDGHD]LVXQW
PXOWPDLDOHUJLFLGHFkWHUDXFRSLLLvQWUHFXW"SXWHPUVSXQGHFPRWLYXO
HVWHRLQWHQVLFDUHDYDFFLQULORUHIHFWXDWHvQFRSLOULHPDLDOHVvQSULPXO
ORUDQGHYLD&XWRDWHFQXLQIHFLLOHSURYRDFHQFHIDOLWHOH GHFkWIRDUWH
UDU FLYDFFLQXULOH '73525 0HGLFLQDIRORVHWHvQ]LXDGHD]LPDLPXOW
FDRULFkQGXQDUJXPHQWIDOVSHQWUXSURPRYDUHDYDFFLQXULORULH[SORDWHD]
ODPD[LPXPWHDPDSULQLORUIDGHQLWHEROLLQIHFLRDVHXRDUHLEDQDOH
FXPVXQWEROLOHFRSLOULHLDUPkQGFHOHVXQWEROLJUDYHLSHULFXORDVH
3UHGLVSR]LLHJHQHWLF"
1XPHURLFHUFHWWRULDXREVHUYDWFvQDFHHDLIDPLOLHDSDUGHVHRULFHOH
GRX IRUPH GH EROL QHXURORJLFH DXWLVPXO L VLQGURPXO 0%' (L DX OXDW vQ
VWXGLXGHIDPLOLLQIDPLOLLVDXJVLWFkWHGRLFRSLLFXUHWDUGSVLKLF 
FRSLL GLQWUHFDUHFRSLL SHUHFKL DYHDXDXWLVP'LQWUHFHLFRSLLDX
WLWLDSWHVXIHUHDXGHWXOEXUULJDVWURLQWHVWLQDOH'LQIDPLOLLFRSLLDXIRVW
GLDJQRVWLFDLFXDXWLVPVFKL]RIUHQLHVDXFHOLDFKLH$XWRULLFRQVWDW
FvQWURVLQJXUIDPLOLHH[LVWRSDWRORJLHYDULDWGHEROLDXWRLPXQHDXWLVP
VFKL]RIUHQLHFHOLDFKLHHF]HPHFURQLFHWXOEXUULGHDWHQLHLvQYDUH
1XPHURDVHDOWHVWXGLLGRYHGHVFFDXWLVPXOHVWHvQVRLWGHRJDPYDULDW
GHDOWHDIHFLXQL WXOEXUUL FDUHGHEXWHD]GHRELFHLvQSULPXODQGHYLD
VDXvQFRSLOULHLDUHOHVHUHJVHVFvQDFHOHDLIDPLOLLVDXODDOWHSHUVRDQHvQUX
GLWHFXHOH&HHDFHDYHDXvQFRPXQDFHVWHIDPLOLHUDXDOHUJLLOHLDUDSRLEROLOH
DXWRLPXQH(VWHPRWLYXOSHQWUXFDUHDXIRVWFRQWLQXDWHFHUFHWULOHOHJDWHGH
IDFWRULLJHQHWLFLFDUHDUSXWHDGHWHUPLQDDVWIHOGHEROL'DUHLVHDSHRFDOH
JUHLWLQGFIDFWRUXOJHQHWLFFDUHWUHEXLHFHUFHWDWHVWHDFHODDOXQHLUHDFLL
SDUWLFXODUHODYDFFLQXULQXSUHGLVSR]LLDJHQHWLFODDXWLVPVSXQH+DUULV
&RXOWHU1LFLXQFRSLOFDUHVHQDWHGLQSULQLVQWRLLGXSRVDUFLQFXR
HYROXLHQRUPDOQXHVWHSUHGLVSXVVIDFDXWLVP'DUXQFRSLOSHUIHFWVQWRV
SRDWHSULQFRQVWLWXLDOXLVHVXVFHSWLELOODYDFFLQXUL(VWHDGHYUDWFH[LVW


0DU\6WHZDUW*RRGZLQDQG0$&RZDQ0DODEVRUSWLRQDQG&HUHEUDO'\VIXQF
WLRQ$0XOWLYDULDWHDQG&RPSDUDWLYH6WXG\RI$XWLVWLF&KLOGUHQ-$XWLVP

6)ROVWHLQHWDO$XWLVP)DPLOLDO$JJUHJDWLRQDQG*HQHWLF,PSOLFDWLRQV-$X
WLVP

0&ROHPDQRSFLW

 /HR .DQQHU 7R:KDW ([WHQW LV (DUO\ ,QIDQWLOH$XWLVP 'HWHUPLQHG E\ &RQVWLWX
WLRQDO,QDGHTXDFLHV"vQ*HQHWLFVDQGWKH,QKHULWDQFHRI,QWHJUDWHG1HXURORJLFDODQGSV\
FKLDWULF3DWWHUQV

5&6XOOLYDQRSFLW)&'RKDQ&RHOLDF'LVHDVHDQG6FKL]RSKUH
QLD/DQFHW$SULO-10RQH\%REURZDQG)&&ODUNH$XWLVPDQG
$XWRLPPXQH'LVHDVH$)DPLO\6WXG\-$XWLVP



'U&KULVWD7RGHD*URVV

LRVXVFHSWLELOLWDWHJHQHWLFLDUIDPLOLLOHFXQXPHURDVHDVWIHOGHFD]XULVXQW
GRYDGDFODU'DUODPHPEULLDFHVWRUIDPLOLLH[LVWRSUHGLVSR]LLHJHQHWLFGH
DUHDFLRQDH[DJHUDWLSDWRORJLFODYDFFLQXULGXSFXPUHLHVHGLQVWXGLLOHOXL
6WHLQPDQV'DFDPHOLPLQDDFHWLIDFWRULLDUFRSLLLQXDUYDFFLQDLQX
DUPDLH[LVWDXQQXPUDWkWGHPDUHGHEROLDXWRLPXQHvQDFHVWHIDPLOLLLDU
UPkQHGRDUXQUHVWPLFGHSHUVRDQHFXDVHPHQHDWXOEXUULQHXURORJLFH
  +LSHUDFWLYLWDWHD6LQGURPK\SHUNLQHWLF
6LQGURPSVLKRRUJDQLF6LQGURP$'+'0%'
'H OD DSDULLD SULPHORU VLPSWRPH L SkQ vQ SUH]HQW VDX vQFHUFDW PDL
PXOWHGHQLLLLFODVLFULDOHKLSHUDFWLYLWLLIUVVHDMXQJODRGHQL
LHDGHFYDWPRWLYSHQWUXFDUHJVLPvQOLWHUDWXUDGHVSHFLDOLWDWHPDLPXOL
WHUPHQL
Q DQXO  .DKQ L &RKHQ VFULX GHVSUH R DIHFLXQH QRX OD FRSLLL FX
DFWLYLWDWHKLHSUNLQHWLFDJLWDLLQFDSDELOLGHDVWDFXPLQLFXWXOEXUULGHFRQ
FHQWUDUHFDUHOHDPLQWHWHGHRHQFHIDOLWLQIHFLRDVQ*HUKDUG*HVHOO
XQUHQXPLWSVLKRORJSHGLDWUXFUHGHFDQXPLWHWXOEXUULDOHFRSLOXOXLSUHFRODU
LFRODUDXODED]OH]LXQLFHUHEUDOHPLQLPH6WXGLXODFHVWRUWXOEXUULGHQX
PLWHXOWHULRUGLVIXQFLLFHUHEUDOHPLQLPH '&0 VDLQWHQVLFDW
QMXUXODQXOXLODDQLGHODDSDULLDDXWLVPXOXLDWHQLDPHGLFLORU
SHGLDWULL GLQ$PHULFD HVWH L HD DFDSDUDW GH QRXD PDQLIHVWDUH SDWRORJLF
DSUXW OD FRSLLL FRODUL VXE IRUPD XQHL WXOEXUUL QHUYRDVH SH FDUH R GH
QXPHVF+LSHUDFWLYLWDWH&RSLLLVXQWPHUHXKLSHUDFWLYLGHSLQGOLPLWD
QRUPDOXOXL 3ULQLL VSXQ GHVSUH DFHWLD F VXQW SUHFRFH PHUJkQG vQ GRX
SLFLRDUH PDL GHYUHPH GHFkW DOL FRSLL &X WRDWH DFHVWHD QX SRW  DWHQL
QX VXQW LQWHUHVDL PDL PXOW WLPS GH XQ OXFUX YRUEHVF FRQWLQXX OD FRDO
VDXDFDVVXQWH[WUHPGHQHUYRLLDUSHQWUXFHLGLQMXUVXQWLQVXSRUWDELOL
$FHWLFRSLLVHEDWvQWUHHLVXQWPHUHXFHUWDLFXDOLLIXJFDVOEDWLFLLSULQ
FDVLSHVWUDG8QFRSLOKLSHUDFWLYSRDWHGRUPLWRDW]LXDVDXHVWHIU
YODJLDUFkQGVHDSURSLHVHDUDGHYLQHWRWPDLDFWLYLPDLQHOLQLWLW1RDS

 / 6WHLQPDQ 0XUULQH 0RGHO IRU 3HUWXVVLV 9DFFLQH (QFHSKDORSDWK\/LQNDJH WR
+1DWXUH2FWREHU

,ELGHP&RQQDXJKW/DERUDWRULHV

+/&RXOWHURSFLW

 0: /DXIHU DQG ( 'HQKRII +\SHUNLQHWF %HKDYLRU 6\QGURPH LQ &KLOGUHQ -
3HGLDWULFV

+/&RXOWHURSFLW

$QQHOORSFLW

9$&&,185,/(35(9(1,(6$8%2$/



WHDFRSLOXOHVWHH[WUHPGHDJLWDWUkGHVWULJLDGRDUPHGRDUVSUHGLPLQHD
 +DUULV &RXOWHU DUWD R VWDWLVWLF vQJULMRUWRDUH 1XPUXO FRSLLORU FX
WXOEXUULGHvQYDUHGLQFROLOHRFLDOHDFUHVFXWGHODvQDQXO
 OD  vQ  1DWLRQDO &HQWHU IRU (GXFDWLRQ 6WDWLVWLFV  L
FUHWHvQFRQWLQXDUHGHLQXPUXOHOHYLORUVFDGH(VWHSXUvQWkPSODUHF
DFUHVFXWQXPUXODFHVWRUFRSLLEROQDYWRFPDLvQFHOHWUHLGHFDGHFkQGVD
DGPLQLVWUDW YDFFLQXO DQWLSHUWXVVLV" Q  9LQFHQW )XOJLQLWL DUPD
(XQXFXQRVFDOWPRWLYFDUHVGXVODDFHVWHWXOEXUULJUDYHGHvQYDUH
GHFkWFHOHDOHYDFFLQXOXL'73(VWHQRUPDOFDDWXQFLFkQGFRSLOXOIDFHR
HQFHIDOLW V UPkQ VHFKHOH GH DFHVW JHQ Q DQXO  vQ $PHULFD
VSHFLDOLWLLQXPUvQMXUGHGHVHPQHLVLPSWRPHFDUHVHDVRFLD]FX
KLSHUDFWLYLWDWHDPRWLYSHQWUXFDUHWHUPHQXOGH+LSHUDFWLYLWDWHVHVFKLPE
vQFHOGH'LVIXQFLHFHUHEUDOPLQLP 0&' 3URIHVRULLGHSHGLDWULHGH
OD)DFXOWDWHD<DOHVFULDXvQGHVSUHDFHVWHPDQLIHVWULSDWRORJLFHFHOH
DXUHSUH]HQWDWvQSHULRDGDUHVSHFWLYFHDPDLUVSkQGLWWXOEXUDUHSVLKLF
GLQ6SLWDOHOHGH3VLKLDWULH,QIDQWLO3URFHQWXOFRSLLORUFRODULFDUHVX
IHUGHDFHDVWWXOEXUDUHHVWHHVWLPDWGHXQLLDXWRULOD&XWRDWH
DFHVWHD WHUPHQXOGH'LVIXQFLHFHUHEUDOPLQLP D IRVW FRQVLGHUDW LP
SURSULXLDIRVWvQORFXLWDDFXPVDY]XWFXGHQXPLUHDGH6LQGURPFX
OH]LXQLFHUHEUDOHPLQLPHVDX0%' 0LQLPDO%UDLQ'DPDJH6\QGURP 
Q *HUPDQLD FRQVWDWP XQ OXFUX DVHPQWRU Q  0DQIUHG 0O
OHU.SSHUVvQEURXUD'DVOHLFKWKLUQJHVFKlGLJWH.LQG WUDG&RSLOXOFX
RGLVIXQFLHFHUHEUDOPLQLP VFULDFXvQJULMRUDUH1XPUXOFRSLLORUFX
DVWIHO GH WXOEXUUL QHXURORJLFH FUHWH LDU PDQLIHVWULOH FOLQLFH VXQW IRDUWH
YDULDWHLPXOWPDLFRPSOH[HGHFkWVDFUH]XW(OHYLLSUHDXVHFHLPDL
DIHFWDLPRWLYSHQWUXFDUHLvQ*HUPDQLDWXOEXUULOHQHXURORJLFHDXOXDWGH
QXPLUHD GH KLSHUDFWLYLWDWH LDU SRSXODU GHU =DSSHOSKLOLSS )LOLS FDUH
RSLH (LVXQWFRSLLDJLWDLVHSRDUW]JRPRWRVLVXQWDJUHVLYL6HYRUEH
WHXQHRULGHHLFDLQGFRSLLIRDUWHJUHXGHHGXFDWQIRVWD5)*vQ
XQQXPUGHPLOLRDQHGHFRSLLVXEDQLDXIRVWWUDWDLGHFWUHPHGLFLL


)UDQN5)RUGRSFLW
+/&RXOWHU%)LVKHURSFLW*HUPDQ\6

,ELGHP

 6DOO\ ( 6KD\ZLW] DQG$ %HQQHW 'LDJQRVLV DQG 0DQDJHPHQW RI$WWHQWLRQ 'HFLW
'LVRUGHU$3HGLDWULF3HUVSHFWLYH3HGLDWULF&OLQLFVRI1RUWK$PHULFD$SULO

86'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV3XEOLF+HDOWK6HUYLFH1DWLRQDO
,QVWLWXWHVRI+HDOWK)DFWV$ERXW&KLOGKRRG+\SHUDFWLYLW\5HSULQWHGIURP&KLOGUHQ7R
GD\-XO\$XJXVW96&RZDUW$WWHQWLRQ'HFLW+\SHUDFWLYLW\'LVRUGHU3K\VLFLDQV
+HOSLQJ3DUHQWV3D\0RUH+HHG-$PHU0HG$VVRF0D\ E 




'U&KULVWD7RGHD*URVV

SVLKLDWULSHQWUX+LSHUNLQH]LH3ULQLLXQXLDVWIHOGHFRSLOvLDPLQWHVF
)LXOQRVWUXVHHQHUYDIRDUWHGHVLWDUHDUXQFDFXRELHFWHvQMXURPXFDSH
HGXFDWRDUHLQXVHMXFDFXQLFLXQDOWFRSLO$OLSULQLUHODWHD]QSULPLL
DQLGHYLDELDWXOQRVWUXHUDXQFRSLOYHVHOVQWRVVRFLDELOFXRDIHF
WLYLWDWHQRUPDO3HQWUXDOvQVFULHODJUGLQLDIRVWQHYRLHVLIDF3HQWD
YDFFLQXO FRQLQHYDFFLQXUL 'XSDFHHDFRPSRUWDPHQWXOVXVDVFKLP
EDWEUXVFLFRSLOXODGHYHQLWGHQHUHFXQRVFXW0DLWkU]LXODFRDODYHDP
PHUHXUHFODPDLLGLQFDX]DOXLHUDDJLWDWQXHUDDWHQWGHORFQXVHFRQFHQ
WUDQXvLIFHDWHPHOH/DIHOHVWHLDFDVKLSHUDFWLYIRDUWHGH]RUGRQDW
IXUFRQVXPPXOWHGXOFLXUL&DLvQ$PHULFDWHUPHQXOGH+LSHUDFWL
YLWDWHDIRVWvQORFXLWODXQPRPHQWGDWFXFHOGH6LQGURPFXGLVIXQFLHFH
UHEUDOPLQLP 0&'0LQLPDOH&HUHEUDOH'\VIXQFWLRQ -RDFKLP*UlW]
vQDUWLFROXOVX(QFHIDORSDWLDFDX]DGLUHFWDYDFFLQXULORU WUDG DUDWR
VWDWVLWLFUHFHQWGLQ*HUPDQLDFRQIRUPFUHLDXQQXPUGHPLOLRDQHGH
FRSLLVXQWWUDWDLSHQWUX+LSHUDFWLYLWDWH $'+' DVRFLDWFXDJUHVLYLWDWH
FXPHGLFDPHQWHSVLKRWURSH
/DXQVLPSR]LRQGLQ6WXWWJDUWGHVSUH$'+'LFDX]HOHDFHVWXLD)ULHGUL
FK.ODPPURGWRUJDQL]DWRUXOVLPSR]LRQXOXLSUH]LQWXQVFXUWLVWRULFDOYDF
FLQXULORU DVHPQWRUFXFHODOWXWXURUULORUHXURSHQHLQFOXVLY5RPkQLD 
QDQXOH[LVWDXYDFFLQXULREOLJDWRULLODVXJDUL7RDWHYDFFLQXULOH
HUDXDGPLQLVWUDWHVHSDUDW7RWvQDFHVWDQLDLQRUJDQL]DLDQDLRQDO67,
.2vQ*HUPDQLD &RPLVLDSHUPDQHQWSHQWUXYDFFLQXUL 
QDQXOvQFQXVHWLDGHVLQGURPXO$'+'
QFUHWHQXPUXOYDFFLQXULORUGHMDODLHVWHSHQWUXSULPDGDW
FkQGVHDGPLQLVWUHD]VLPXOWDQYDFFLQXUL
QFRQWLQXDUHDFUHVFXWQXPUXOYDFFLQXULORUODDSRLOD
QVHIRORVHHWULYDFFLQXO YDFFLQXULFRPELQDWH DSRLWHWUDYDF
FLQXO YDFFLQXULFRPELQDWH 
QVDDMXQVODGHYDFFLQXULODXQVLQJXUFRSLOGR]HOHLQGDG
PLQLVWUDWHvQWUHDQLQVHLQWURGXFHSHQWUXSULPDGDWKH[DYDFFLQXO
ODVXJDU YDFFLQXULVLPXOWDQ 'LQDFHVWDQIUHFYHQDVLQGURPXOXL$'+'
FUHWHIRDUWHPXOW


*%XFKZDOGRSFLW
,ELGHP

'U,QJ-RDFKLP)*UlW](QFHSKDORSDWKLHQ8QDEGLQJEDUH)ROJHYRQ,PSIXQJHQ
7LVDQL9HUODJ

)ULHGULFK.ODPPURGW+DW,PSIHQ6LQQ"-XOL6WXWWJDUWKWWSHPEHGU
FRPSOD\OLVWVWXWWJDUWHULPSIV\PSRVLXP 


9$&&,185,/(35(9(1,(6$8%2$/



Q5RPkQLDKH[DYDFFLQXOVDLQWURGXVSHQWUXSULPDGDWDvQPDLDQXOFX
UHQW  
QWRDWHULOHLQGXVWULDOL]DWHVHFRQVWDWSUREOHPHDVHPQWRDUHQ(OYH
LDvQSULPYDUDDQXOXLVHYRUEHWHGHVSUH6LQGURPXO3VLKR2UJDQLF
32 vQFDGUXOXQHLvQWkOQLULD$VRFLDLHL(/326 $VRFLDLDSULQLORUSHQ
WUXFRSLLLWLQHULFXWXOEXUULIXQFLRQDOHSVLKRRUJDQLFHXRDUH 6LQGURPXO
32VHUHIHUODXQJUXSGHVLPSWRPHDJUHVLYLWDWHQHPRWLYDWKLSHUDFWLYL
WDWHOLSVDGHFRQFHQWUDUH'XSRHPLVLXQH79FXSDUWLFLSDUHDDFHVWHL$VR
FLDLL(/326DXIRVWWULPLVHSHVWHGHvQWUHEULGLQSDUWHDSULQLORU
1XvQWRDWHULOHWHUPHQXOGH6LQGURPXO0&'DIRVWvQORFXLWFX6LQ
GURP0%'
6LQGURPXO$'+' $WWHQWLRQ'HFLW+\SHUDFWLYLW\'LVRUGHU'HFLWGH
$WHQLHL7XOEXUDUH+LSHUNLQHWLF HVWHGHQXPLUHDQRXFDUHOHYDvQORFXLSH
FHOHWUHL0&'0%'L323HDQFHWUHFHIUHFYHQDVLQGURPXOXL$'+'
FUHWHvQvQWUHDJDOXPHLQFOXVLYvQ5RPkQLD
/HJWXUDGLQWUH+LSHUDFWLYLWDWH$'+'LYDFFLQXUL
1XPHURDVHVWXGLLDXGHPRQVWUDWFvQWUH+LSHUDFWLYLWDWHLYDFFLQXULHVWH
RVWUkQVOHJWXU
([LVWROHJWXUVWUkQVvQWUH7KLRPHUVDO FRQVHUYDQWFXPHUFXURUJDQLF
FRQLQXWvQXQHOHYDFFLQXUL L6LQGURPXO$'+'DUPPDLPXOLRDPHQL
GHWLLQ0RGXOLQFDUHPHUFXUXOSRDWHSURYRFD$'+'VLDOWHEROLQHXUROR
JLFHDXWRLPXQHHVWHGHVFULVPDLMRV YH]LSFW /DRUDDFWXDOFD]XULOHGH
$'+'GHSHVFFXPXOWSHFHOHGHDXWLVP$SUR[LPDWLYGLQWUHFRSLLL
QVFXLDQVXIHUGH6LQGURPXO$'+'LDUFRSLLGLQWURFODVDXDFHVW
VLQGURP6LWXDLDHLPDLJUDYvQ68$XQGHGLQWUHFRSLLFXYkUVWDFX
SULQVvQWUHLDQLVXIHUGH$'+'2WUHLPHGLQWUHDFHWLFRSLL 
PLOLRDQH QHFHVLWPHGLFDPHQWHLDURDOWWUHLPHPHGLFDPHQWHODQHYRLH
3VLKRORJLLvLWUDWHD]SHDFHWLFRSLLFXDMXWRUXOWHUDSLLORUFRPSRUWDPHQWD
OH0HGLFDPHQWXOFHOPDLIRORVLWHVWH5LWDOLQFDUHODDGXOLHVWHIRORVLWFD
L DQWLGHSUHVLY&X5LWDOLQVHGRUHWHUHJODUHDVHFUHLHLFUHVFXWHGRSDPL
QHUJLFGLQFUHLHUODFRSLLOLQLWLUHDORULFUHWHUHDSXWHULLGHFRQFHQWUDUHL
DWHQLH&HHIHFWYRUDYHDSHWHUPHQOXQJDFHVWHPHGLFDPHQWHQXHVWHvQV
FXQRVFXWLDURYLQGHFDUHDVLQGURPXOXLQXYDSRVLELO

 7 ( )U|KOLFK HW DO 3UHYDOHQFH UHFRJQLWLRQ DQG WUHDWPHQW RI $WWHQWLRQ  'H
FLW+\SHUDFWLYLW\ 'LVRUGHU LQ D QDWLRQDO VDPSOH RI 86 FKLOGUHQ $UFK 3HGLDWU$GROHVF
0HG  



'U&KULVWD7RGHD*URVV

QWUHFXWHSLGHPLLOHVHVROGDXFXQXPHURDVHFD]XULGHHQFHIDOLWLQIHFL
RDVLDUVLPSWRPXOFHOPDLIUHFYHQWODDFHWLEROQDYLDDLvQFRQYDOHVFHQ
HUDKLSHUDFWLYLWDWHD6HFUHGHDDWXQFLFWXOEXUULOHGHKLSHUDFWLYLWDWHYRU
WUHFHRGDWFXYkUVWDLFRSLOXOVHYDYLQGHFDSkQYDDMXQJHODYkUVWDDGXOW
$VW]L VH WLH F DFHVW OXFUX VH vQWkPSO IRDUWH UDU L QXPDL vQ FD]XUL
OHXRDUH+LSHUDFWLYLWDWHDHVWHFHDFDUHXQHRULPDLFHGHD]vQVFKLPEDOWH
VLPSWRPHSUHFXPOLSVDGHDWHQLHLFRQFHQWUDUHUPkQIUVH[LVWHXQ
WUDWDPHQWDORSDW,PSRUWDQWGHPHQLRQDWHVWHIDSWXOFLvQWUHFXWVDUH
PDUFDWIDSWXOFKLSHUDFWLYLWDWHDHVWHRVHFKHODHQFHIDOLWHLLQIHFLRDVH'DU
KLSHUDFWLYLWDWHDSRDWHODIHOGHELQHLVHFKHODXQHLHQFHIDOLWHSRVWYDFFLQDOH
&D]6WHYHQVDQVFXWVQWRVLVDGH]YROWDWQRUPDOSkQODYkUVWDGH
OXQLLMXPWDWHFkQGLVDXDGPLQLVWUDWYDFFLQXULOH'73LDQWLSROLRRUDO
1RDSWHD WHPSHUDWXUD LD FUHVFXW OD  JUDGH L LSD SXWHUQLF QHvQWUHUXSW
$FHVWHLSHWHDXFRQWLQXDWWLPSGH]LOHLQRSL0HGLFXOOHDVSXVSULQ
LORUFHVWHFHYDWUHFWRULVLDGPLQLVWUH]H7\OHQRO 3DUDFHWDPRO FHHDFH
DXIFXWGDUIUQLFLXQUH]XOWDW&XWLPSXOVXJDUXOVDPDLOLQLWLWGDUHUDvQ
JHQHUDOPDLDJLWDWLDOWIHOGHFkWvQDLQWHGHYDFFLQ'XSOXQLLVDDGPLQLV
WUDWDGRXDGR]GHYDFFLQ'73'LQQRXDIFXWIHEUPDUHLVFRWHDLDULSHWH
VWULGHQWHWLPSGHDSURDSH]LOH$SRLDvQFHSXWVVHWUDJGHXUHFKHLHUD
PHUHXDJLWDW8QHRULSOkQJHDIUQLFLXQPRWLY7DWOVXODGXVODVSLWDO
XQGHVDFRQVWDWDWFDUHRWLW'XSROXQDSULPLWLFHDGHDWUHLDGR]GH
YDFFLQ'735HDFLDDIRVWDFHHDLIHEUSOkQVVLRWLWWUDWDWHFXDQWLELRWLFH
QXUPWRDUHOHOXQL6WHYHQDGHYHQLWIRDUWHDJLWDWVHIUHFDGHIUXQWHDSRLD
vQFHSXWVIDFVWUDELVPLDYHDXQHRULRSULYLUH[1XDVWDWvQH]XWGHFkW
ODOXQL&KLDULODXQDQPDLSUH]HQWDDFHVWHFUL]HGHLSHWHFDUHGXUDX
WLPSGHGHPLQXWHGHPDLPXOWHRULSH]LIUQLFLXQPRWLY1XYURLDV
HLQXWvQEUDHLVHEWHDFXFDSXOGHSHUHL&XWRDWHFHUDDSURDSHWRW
WLPSXOVXEWUDWDPHQWFXDQWLELRWLFHQXvLWUHFHDRWLWD/DYkUVWDGHOXQL
6WHYHQvQFQXXPEOD0HGLFLLvLOLQLWHDXSHSULQLVSXQkQGFXQLLFRSLL
VXQWPDLOHQHLLPHUJPDLWkU]LXLDULQIHFLLOHDFXWHDOHFLORUUHVSLUDWRULL
VXSHULRDUH ,$&56 VXQWFHYDRELQXLW$WUDWDWRSHPDPFDSHRSHUVRDQ
LVWHULF'XSSULPXOVXYDFFLQ1DWKDQIUDWHOHPDLPLFDOOXL6WHYHQQX
DDYXWUHDFLLDGYHUVHFHHDFHLDEXFXUDWSHSULQLGDULDLVXUSULQV/D
IHODIRVWLGXSFHOHODOWHYDFFLQXUL&kQG6WHYHQDYHDDQLLMXPWDWH
PDPD OXL D vQFHSXW XQ UHJLP DOLPHQWDU VSHFLDO SHQWUX FRSLLL KLSHUDFWLYL L
FXWXOEXUULGHFRPSRUWDPHQW6DREVHUYDWLPHGLDWRDPHOLRUDUH6WDUHDOXL



$/$QQHORSFLW
+/&RXOWHURSFLW

9$&&,185,/(35(9(1,(6$8%2$/



DQHFHVLWDWvQVWHUDSLHSVLKRORJLFGHRULVSWPkQ1XDSXWXWXUPDR
FRDOQRUPDODDYXWQHYRLHGHXQvQYWRUSULYDW
 6LQGURPXOSRVWHQFHIDOLWLF
DXWLVPXOLVLQGURPXO0%'$'+'
Q XUPD VWXGLLORU VDOH +DUULV &RXOWHU D UHXLW V GHPRQVWUH]H F FHOH
GRXVWULSDWRORJLFH$XWLVPXOL6LQGURPXO0%'$'+'VXQWVHFKH
OHDOH(QFHIDOLWHLSRVWYDFFLQDOHGHFLIDFSDUWHGLQ6LQGURPXOSRVWHQFHID
OLWLF SRVWYDFFLQDO 'RYDGD HVWH L SDUDOHOLVPXO GLQWUH VLPSWRPHOH DFHVWRU
VWULSDWRORJLFHvQFDUHSDUWHDDIHFWDWHVWHVLVWHPXOQHUYRVFHQWUDO vQVSH
FLDOQHUYLLFUDQLHQL DSDUDWXOGLJHVWLYLVLVWHPXOLPXQ
D 7XOEXUULOH QHXURORJLFH FHOH PDL IUHFYHQWH FDUH DX IRVW GHVFULVH vQ
DFHVWFDSLWROFRQVWDXvQUHWDUGSVLKLFHSLOHSVLHKLSHUWRQLHVDXKLSR
WRQLHPXVFXODUSDUDOL]LHFHUHEUDOKLSHUDFWLYLWDWHLRWHQGLQGHD
VWkQJDFL EROQDYXOvLIRORVHWHPkQDVWkQJ 'DFVXQWDIHFWDLQHU
YLLYRUH[LVWDGHIHFWHDOHRUJDQHORUGHVLP RFKLXUHFKL YRUELUHDL
UHVSLUDLD FUL]HGHDSQHHFDX]DVLQGURPXOPRULLVXELWHODVXJDU 
&HOH PDL HYLGHQWH WXOEXUUL QHXURORJLFH GDWRUDWH OH]LXQLORU QHUYLORU
FUDQLHQLVXQWGLVOH[LDLDOWHWXOEXUULGHvQYDUHFDUHDGXFVLVWHPXO
FRODUDPHULFDQDSURDSHGHXQFRODSV$OWHVLPSWRPHUHVWDQWHDOH
HQFHIDOLWH SRVWYDFFLQDOH VXQW FHIDOHHD L WXOEXUULOH GH VRPQ 7XOEX
UULOHQHXURORJLFHJUDYHQXDSDUGRDUvQFD]XULOHFkQGHVWHHYLGHQWR
UHDFLHSRVWYDFFLQDODFXWVDXRHQFHIDOLWSRVWYDFFLQDODFXWFLPDL
DOHVvQFD]XULOHGHHQFHIDOLWSRVWYDFFLQDOVXEDFXWVDXFURQLF
E 7XOEXUULOHGLJHVWLYH GHGLJHVWLHLDOHDSHWLWXOXL DVRFLDWHFXHQFH
IDOLWHOHSRVWYDFFLQDOHUHSUH]LQWFHOSXLQXQDGLQWUHPXOWLSOHOHFDX]H
GHDQRUH[LHEXOLPLHLREH]LWDWHDSUXWHvQ$PHULFDODVIkULWXOVHF
;;vQFHSXWXOVHF;;,
F 7XOEXUULOHVLVWHPXOXLLPXQGDWRUDWHVLQGURPXOXLSRVWHQFHIDOLWLF
7XOEXUULOHLQWHOHFWXDOHLPRUDOHVXQWODIHOGHLPSRUWDQWH&KLDULSD
FLHQLLDIHFWDLIRDUWHSXLQSUH]LQWVLPSWRPHSUHFXPHJRLVPQDUFLVPvQ
VWULQDUHLPSXOVLYLWDWHDJUHVLYLWDWHODELOLWDWHHPRLRQDOWHDPSDUDQR
LDFUL]HGHIXULHGHSUHVLLWHQGLQHVSUHVXLFLG
,QGLYL]LLFXVLQGURPSRVWHQFHIDOLWLFVXIHUGHIUDJPHQWDUHDJkQGLULL
LDUPHPRULDORUHVWHIRDUWHVODE'LQDFHVWPRWLYHLQXSRWJkQGLORJLFL



'U&KULVWD7RGHD*URVV

FDXUPDUHQXDXRMXGHFDWVQWRDV'HVHRULHLvLGDXVHDPDGHDFHVW
GHIHFWPDMRULvQFHDUFVOFRPSHQVH]HSULQGLIHULWHIRUPHGHDJUHVLXQH
IDGHDOLLSULQWHQGLQDVSUHKLSHUVH[XDOLWDWHKRPRVH[XDOLWDWHVXLFLG
GHSHQGHQGHDOFRROVDXGURJXUL(VWHSRVLELOFDWRDWHDFHVWHPDQLIHVWUL
VHRFRQVHFLQGLUHFWDWXOEXUULORUQHUYRDVH(OHVXQWWRWPDLIUHFYHQWH
vQ68$vQ]LOHOHQRDVWUHGDULvQFHOHODOWHULRFFLGHQWDOH
5RPkQLDQXIDFHH[FHSLHDXFUHVFXWFD]XULOHGHKLSHUDFWLYLWDWH$'+'
vQUkQGXOFRSLLORUSUHFRODULLFRODUL1XPUXOHOHYLORUDGROHVFHQLORUWL
QHULORUFXWHQGLQHVSUHVXLFLGDJUHVLXQH YLROFULPH GURJXULLDOFRROD
FUHVFXWGHDVHPHQHDvQPRGvQJULMRUWRU&XWRDWHDFHVWHDQLPHQLQXSXQH
DFHVWHWXOEXUULQHXURORJLFH QXGRDUGHFRPSRUWDPHQW SHVHDPDVLQGUR
PXOXLSRVWHQFHIDOLWLFSURYRFDWGHYDFFLQXULOHGLQFRSLOULH
&XWRDWHFSURJUDPXOGHYDFFLQDUHQXHVWHYLQRYDWGHWRDWHGHIHFWHOHQHX
URORJLFHLSUREOHPHOHVRFLDOHH[LVWHQWHWRWXLHODGXFHRFRQWULEXLHHQRUPOD
DSDULLD L H[WLQGHUHD ORU UDSLG vQ vQWUHDJD OXPH &RQVHFLQHOH GH]DVWUXRDVH
DOHYDFFLQULORUVHYRUYHGHDvQXUPWRDUHOHGHFHQLLGDUDGHYUXOQXYDLHLOD
LYHDOGHFkWGDFYDH[LVWDLQWHUHVvQVWXGLHUHDORU3kQODRUDDFWXDOOHJWXUD
GLQWUHWXOEXUULOHQHXURORJLFHLVLQGURPXOSRVWHQFHIDOLWLFvQFQXHVWHXQDRFL
DOLQGFQXVHGRUHWHDFHVWOXFUXLDURDPHQLLQXSRWFRQFHSHFDFHVWHYDFFL
QXULSRWFDX]DHQFHIDOLWHORUFOLQLFHLVXEFOLQLFHDWkWGHQXPHURDVHvQOXPH
0DUHOHPHULWDOXL+DUULV&RXOWHU GHFHGDWvQ HVWHDFHODFLD
GHGLFDWYLDDSHQWUXDFXWDDFRORXQGHDOLLQXDXGRULWVRIDF5HQXPLWD
OXLFDUWH9DFFLQDWLRQ6RFLDO9LROHQFHDQG&ULPLQDOLW\7KH0HGLFDO$VVDXOW
RQWKH$PHULFDQ%UDLQ GLQFDUHDPIRORVLWWUDGXFHUHDvQOLPEDJHUPDQ FX
SULQGHLDOWHFDSLWROHFXGRYH]LFXWUHPXUWRDUHFDUHQXIDFVXELHFWXODFHVWHL
FULGDUFDUHDUWUHEXLFLWLWHGHHFDUHGLQWUHQRL
QSDUDOHOFXGRYH]LOHOXL&RXOWHULDOHFHORUODOLDXWRULSULYLQGDXWLVPXO
LDGHYUDWDOXLFDX]YRLSUH]HQWDLDFWXDODFODVLFDUHLGHQLLHDWXO
EXUULORUFXVSHFWUXDXWLVW
'60,,, 'LDJQRVWLFDODQG6WDWLVWLFDO0DQXDO0DQXDOXOGH'LDJQRVWLF
L 6WDWLVWLF  LQFOXGH DXWLVPXO LQIDQWLO OD FDSLWROXO 7XOEXUUL SHUYD]LYH GH
GH]YROWDUH 3HUYDVLYH'HYHORSPHQWDO'LVRUGHUV33' 
'60,,,LQWURGXFHWHUPHQXOGHSHUYD]LYSHQWUXDVXEOLQLDQDWXUDVH
ULRDV L FDUDFWHUXO LQYDGDQW DO DFHVWHL WXOEXUUL FDUH DSDUH vQ SURFHVXO GH
GH]YROWDUHDOFRSLOXOXLDIHFWkQGDWkWFRPSRUWDPHQWXOFkWLvQHOHJHUHDOLP
EDMXOMRFXOLUHODLLOHVRFLDOH



+/&RXOWHUXQG%)LVKHURSFLW
+/&RXOWHURSFLW

,ELGHP





,ELGHP
,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



Q '60,,, 5 UHYL]XLW  WHUPHQXO GH DXWLVP D IRVW vQORFXLW FX FHO GH
WXOEXUDUHDXWLVWvQ
Q,&'LQFOXGHLWXOEXUDUHD$VSHUJHUvQVLVWHPXOGHFODVLFDUH
6HXWLOL]HD]GHQXPLUHDGHWXOEXUDUHSHUYD]LYGHGH]YROWDUH DXWLVPXOLQ
IDQWLODXWLVPXODWLSLF6LQGURPXO5HWWWXOEXUDUHDGH]LQWHJUDWLYDFRSLOULHL
6LQGURPXO$VSHUJHU $FHODLOXFUXVHvQWkPSOvQFkQGvQ'60,9
DSRL'60,975VHDGDXJDFHVWRUWXOEXUULDFLQFHDIRUPWXOEXUDUHDSHU
YD]LYGHGH]YROWDUHIUDOWVSHFLFDLH 3''126VDXDXWLVPXODWLSLF 
QVHLQWURGXFHWHUPHQXOGHWXOEXUDUHGHVSHFWUXDXWLVW 76$ GHFWUH
:LQJVL&RKHQLDUvQ0LOHVYRUEHWHGHDXWLVPFRPSOH[LDXWLVPHVHQLDO
FXJUDGHGHVHYHULWDWHVLSURJQRVWLFGLIHULWH7XOEXUULOHGHVSHFWUXDXWLVW 76$ 
VXQWXQJUXSGHWXOEXUULLQFOXVHvQWXOEXUULOHGHGH]YROWDUHSHUYD]LY
7XOEXUULOHGHGH]YROWDUHSHUYD]LY 3'' VXQWFDUDFWHUL]DWHSULQWURGH
WHULRUDUHFDOLWDWLYVHYHULSHUYD]LYvQGLYHUVHDULLGHGH]YROWDUH$FHVWH
WXOEXUULVXQWYL]LELOHGHUHJXOvQFGLQSULPLLDQLGHYLD6HFLXQHDWXOEX
UULORUGHGH]YROWDUHSHUYD]LY GXS'60,975 FXSULQGH
WXOEXUDUHDDXWLVW
WXOEXUDUHD$VSHUJHU
WXOEXUDUHD5HWW
WXOEXUDUHDGH]LQWHJUDWLYDFRSLOULHL
WXOEXUDUHDSHUYD]LYGHGH]YROWDUHIUDOWVSHFLFDLH 3''126VDX
DXWLVPDWLSLF 
76$ WXOEXUULOHFXVSHFWUXDXWLVW LQFOXG
WXOEXUDUHDDXWLVW DXWLVPXOWLSLF 
WXOEXUDUHD$VSHUJHU
3''126 DXWLVPXODWLSLF 
7HUPHQXOWXOEXUDUHGHVSHFWUXDXWLVWLPSOLFIDSWXOFFHOHWUHLWXOEXUUL
vPSDUWFDUDFWHULVWLFLFRPXQHGDUDXLFDUDFWHULVWLFLXQLFHFDUHOHGLIHUHQ
LD]6HYHULWDWHDGHFLWHORUYDULD]vQWUHFHOHWUHLGLDJQRVWLFHLODQLYHOXO
HFUXLLQGLYLGGLDJQRVWLFDWFX76$

,,,%ROLPDOLJQHSURYRFDWHGHYDFFLQXUL
2SDUWHGLQEROLOHPDOLJQHUHVSHFWLYWXPRULOHPDOLJQHLOHXFHPLLOHDX
IRVWGHVFULVHvQFDSSFW3ULPHOHYDFFLQXULDQWLSROLRLHHFXULOHORU
7RDWH YDFFLQXULOH SRW SURYRFD FDQFHU FRQVWDW DXWRULL VWULQL 'DF
QRL LQWHUYHQLP GLQ DIDU SULQ YDFFLQXUL L WXOEXUP IRUPDUHD VLVWHPXOXL


KWWSZZZSXOVPHGLDHXLQSDJHWXOEXUDUHDGHVSHFWUXDXWLVWODFRSLO



'U&KULVWD7RGHD*URVV

LPXQ vQF GH OD QDWHUH YRU DSUHD L GHIHFWH VHULRDVH DOH DFHVWXLD 8QXO
GLQWUHQHQXPUDWHOHH[HPSOHvOFRQVWLWXLHOHXFHPLDOLPIDWLFDFXWFHDPDL
IUHFYHQWIRUPGHFDQFHUODFRSLO FXXQYkUIODDQL FkQGDUHORFRGH]YRO
WDUHDQDUKLFDOHXFRFLWHORUWLQHUH$FHDVWWHPLPSRUWDQWSHFDUHQXR
GH]YROWDLFLSRDWHVXELHFWXOXQHLFUL

,9$GMXYDQLLFRQVHUYDQL
RWUDYDGLQYDFFLQXUL
$P DOHV V WUDWH] XQXO GLQ FHOH PDL LPSRUWDQWH VXELHFWH UHVSHFWLY DG
MXYDQLLLFRQVHUYDQLLGLQYDFFLQXULvQDFHVWFDSLWROLQGVWUkQVOHJDWGH
SDWRORJLDHQFHIDOLWHLSRVWYDFFLQDOH
$P Y]XW F HQFHIDOLWDSRVWYDFFLQDOHVWH FDX]DW GH UHDFLLOHWR[L
FHGDWHGHDGMXYDQLLLPHWDOHOHGLQYDFFLQXUL PHUFXUDOXPLQLX DOWXUL
GH VFKLPEDUHD GH]HFKLOLEUXO UVSXQVXOXL LPXQ L GH UHDFLLOH DOHUJLFH
SURYRFDWHGHSURWHLQHOHVWULQHGLQYDFFLQXULDQWLELRWLFHHWF/DDFHDVWFRQ
FOX]LHVDDMXQVGHVWXOGHUHFHQWLQGFvQWUHFXWQXDXH[LVWDWVWXGLLOHJDWH
GHDGLWLYLLWR[LFLGLQYDFFLQXULPRWLYSHQWUXFDUHQXDXSXWXWLPSOLFDLvQ
SURGXFHUHDFRPSOLFDLLORUSRVWYDFFLQDOHLQFOXVLYDHQFHIDOLWHLSRVWYDFFLQDOH
8QLLGLQWUHDXWRULLVWXGLLORUDPLQWLWHSULQWUHFDUHODPLQWHVFLSH+DUULV
&RXOWHUDXLQWXLWIRDUWHELQHH[LVWHQDXQHLHQFHIDOLWHSRVWYDFFLQDOHQHLQIHFL
RDVHFXRFRPSRQHQWDOHUJLFSRVLELODXWRLPXQGDUDXSXVRGRDUSHVHDPD
XQHL UHDFLL SDUWLFXODUH OD YDFFLQ vQ VSHFLDO OD DQWLJHQHOH PRGLFDWH GLQ
YDFFLQ LPSOLFDWLQGVLVWHPXOLPXQDOFRSLOXOXL$OLLDXGHPRQVWUDWH[LVWHQD
XQHLHQFHIDOLWHGHPLHOLQL]DQWHSURYRFDWHSULQPHFDQLVPHDXWRLPXQHvQFDUH
VXQWLPSOLFDLDGMXYDQLLGLQYDFFLQXULPHWDOHJUHOHSURWHLQHVWULQHDOHUJL]DQ
WHHWFGDUQXDXSXWXWH[SOLFDPRGXOvQFDUHDUHORFDFHVWIHQRPHQ
5HFHQW PHGLFL L FHUFHWWRUL GLQ 2FFLGHQW DX GHPRQVWUDW F HQFHIDOLWD
DOHUJLFSRVWYDFFLQDOSRDWHLQGXVSURYRFDWLGHPHWDOHOHQHXURWR[LFH
GLQYDFFLQ PHUFXUDOXPLQLX FKLDULvQDEVHQDXQHLUHDFLLSDUWLFXODUH
ODYDFFLQ(VWHPRWLYXOSHQWUXFDUHFD]XULOHGHHQFHIDOLWHSRVWYDFFLQDOHLDU
DSRLDOHVHFKHOHORUDFHVWRUD VLQGURPXOSRVWYDFFLQDO FUHVFvQFRQWLQXDUHLQ
PRGvQJULMRUWRUGHODDQODDQvQvQWUHDJDOXPH/DQXOSDWRORJLFHVWHXQXO
OXQJLDUPRGXOvQFDUHVXEVWDQHOHQHXURWR[LFHGLQYDFFLQUHVSHFWLYPHWDOHOH
JUHOH PHUFXULDOXPLQLX FRQWULEXLHODDSDULLDXQRUDVWIHOGHEROLFURQLFH


%(KJDUWQHURSFLW

9$&&,185,/(35(9(1,(6$8%2$/



QHXURORJLFHDIRVWGHVFULVGHPDLPXOLDXWRUL'UPHG.ODXV+DUWPDQQ D
OXFUDWWLPSGHDQLOD,QVWLWXWXO3DXO(KUOLFKGLQ*HUPDQLDLDUODQXPHURD
VHOH FRQIHULQH XQGH SDUWLFLS UHODWHD] GHVSUH H[SHULHQD OXL vQ GRPHQLXO
YDFFLQXULORUSXQkQGDFFHQWPDLDOHVSHHIHFWHOHVHFXQGDUHDOHFRPSRQHQL
ORUGLQYDFFLQXUL 'UPHG+DUDOG%DQ]KDI GHOD0HGLFLQD0HGLXOXLGLQ
%LVLQJHU 'U-RDFKLP0XWWHU GHOD0HGLFLQD0HGLXOXL8QLYHUVLWDWHDGLQ
)UHLEXUJ  'U 'LHWULFK .OLQJKDUGW QHXURORJ JHUPDQ SUDFWLFDQW vQ$PHUL
FD FDUHDSXVED]HOHDWUHLPDULLLPSRUWDQWHPHWRGHWHUDSHXWLFHPRGHUQH
3VLKR.LQHVLRORJLD7HUDSLD FX VXEVWDQH RUWRPROHFXODUH L 'H]LQWR[LFDUHD
GHPHWDOHJUHOH PHUFXUHWF HWF-XUQDOLVWXOSHSUREOHPHPHGLFDOH%HUW
(KJDUWQHUDUHPDLPXOWHSXEOLFDLLGHVSUHHIHFWXODGMXYDQLORUGLQYDFFLQXUL
LDUOLVWDSRDWHFRQWLQXD
5REHUW ) .HQHG\ -U D IRVW L HO LQWHUHVDW GH DFHVW VXELHFW FkQG D DDW
GHVSUHDSDULLDDXWLVPXOXLODPLLGHFRSLLDPHULFDQLSURYRFDWGHPHUFXUXOGLQ
YDFFLQXULQLXQLHXQJUXSGHRDPHQLGHWLLQDLFRQGXFHULLVDXvQWkOQLW
FXDXWRULWLOHVDQLWDUHDOH68$ &'&)'$D vQ6LPSVRQZRRG&RQIHUHQFH
&HQWHUGLQ1RUFURVV*HRUJLD/D$GXQDUHDXSDUWLFLSDWLRVHULHGHUHSUH]HQ
WDQL DL 0LQLVWHUXOXL ,QGXVWULHL SHQWUX D GLVFXWD GHVSUH VWXGLL QRL OHJDWH GH
HIHFWXOVXEVWDQHORUWR[LFHGLQYDFFLQXULDVXSUDVQWDLLFRSLLORUvQVSHFLDOD
VXJDULORU(UDYRUEDGHVSUH7KLRPHUVDO FXPHUFXURUJDQLFQHXURWR[LF FDUHD
FRQWULEXLWvQPRGFRYkULWRUODFUHWHUHDFD]XULORUGHDXWLVP6WXGLXOVHIFXVH
SH  GH FRSLL YDFFLQDL 8QXO GLQ VLPSR]DQL GHFODUD F FHHD FH Y
]XVHvOFRQVWHUQDVH(IHFWXOQHXURWR[LFDO7KLRPHUVDOXOXLGHFODQDVHXQODQ
GHVLQGURDPHQHXURORJLFHJUDYHLUHYHUVLELOHWXOEXUULGHYRUELUHGHFLWGH
DWHQLHKLSHUDFWLYLWDWHLDXWLVPQFHSkQGFXDQXOGHFkQG&'&L)'$
DX DGXJDW7KLRPHUVDO OD  WLSXUL GH YDFFLQ DGPLQLVWUDW VXJDULORU LQFLGHQD
DXWLVPXOXLFUHVFXVHGHRULUHVSHFWLYGHODFD]GLQGHFRSLLODFD]
GLQ6DDMXQVODFRQFOX]LDF(SLGHPLDGHDXWLVPDUSXWXWSUHYHQLW

'U'LHWULFK.OLQJKDUGWHVWHIRQGDWRUXO$FDGHPLHL$PHULFDQHGH7HUDSLH1HXURORJLF
GLUHFWRUPHGLFDODO,QVWLWXWXOXLGH1HXURORJLHLHIGHFOLQLFOD&HQWUXOGH0HGLFLQ,QWH
JUDOWRDWHvQ%HOOHYXH:DVKLQJWRQ68$'HDVHPHQHDHVWHIRQGDWRULGLUHFWRUDO$FDGH
PLHL.OLQJKDUGW 0DUHD%ULWDQLH DO,QVWLWXWXOXLGH1HXURELRORJLH *HUPDQLD LDO&<1,.
(OYHLD .OLQJKDUWGDVWXGLDW0HGLFLQD  L3VLKRORJLD  vQ)UHLEXUJ
*HUPDQLDVXVLQkQGXLGRFWRUDWXOFXRFHUFHWDUHDLPSOLFULLVLVWHPXOXLQHUYRVDXWRQRPvQ
DIHFLXQLOHDXWRLPXQH$XXUPDWFkWHYDSXEOLFDLL'HODvQFHSXWXOFDULHUHLVDOHODXSUHRFXSDW
VHFKHOHOHUPDVHvQXUPDLQWR[LFDLLORUFURQLFHvQVSHFLDOFXSOXPEPHUFXUSROXDQLGLQPH
GLXLFkPSXULHOHFWURPDJQHWLFHQSHULRDGDvQFDUHOXFUDWvQ,QGLDFDPHGLFDIFXWFXQR
WLQFXFRQFHSLDUVULWHDQDHWLRORJLHLEROLORUSHFDUHDFRPELQDWRFXSUHJWLUHDVDDSX
VHDQ3HDFHDVWED]LDGH]YROWDWVLVWHPXOFXFLQFLQLYHOHDO0HGLFLQHL,QWHJUDWLYH 'XS
KWWSZZZNOLQJKDUGWDFDGHP\FRP%LR'DWD'U'LHWULFK.OLQJKDUGWKWPO



'U&KULVWD7RGHD*URVV

GDFQXVDULQWURGXVDFHDVWRWUDYvQYDFFLQXUL8QVHQDWRUUHSXEOLFDQ
.HQ9HHQVWUDFDUHDFRQWURODWVWXGLXODUPD'XSFHDPVWXGLDWWLPSGH
DQLWRDWHPDWHULDOHOHVWXGLXOXLDPDMXQVODFRQFOX]LDFH[LVWvQWUDGHYUR
OHJWXUVWUkQVvQWUHPHUFXULDSDULLDDXWLVPXOXL6LQJXUIDSWXOFDIRVW
RFUHWHUHFXDFD]XULORUGHDXWLVPvQ,RZDvQDQLLLPHGLDWGXS
vQPXOLUHDYDFFLQXULORUODVXJDULHVWHvQVLQHRGRYDGVROLG
$  0HUFXUXOVDXRWUDYDSHQWUXQHUYL
RDOWFDX]DEROLORUQHXURORJLFHDXWRLPXQH
*HQHUDOLWL
0HUFXUXODIRVWIRORVLWSHQWUXSULPDGDWGHFDWUHPHGLFXO*LURODPR)UD
FDVWRURGLQ9HURQDFROHJXOPHGLFXOXLJHUPDQ3DUDFHOVLXVvQWHUDSLDVL
OLVXOXL7UDWDPHQWXOHUDFXPSOLWSDFLHQLLDYkQGGXUHULIRDUWHPDULIUFDV
SRDWVDOYDLGHDFHDVWERDOYHQHULF0DMRULWDWHDPXUHDXGHVLOLVVDX
UPkQHDXFXVHFKHOHQHUYRDVH WUHPRUDFFHQWXDWHWF QVXL)UDFDVWRURvQ
DQXODWUDJHDWHQLDDVXSUDSHULFROXOXLSHFDUHOSUH]LQWWR[LFLWDWHD
PHUFXUXOXL&XWRDWHDFHVWHDSkQvQVHF;;FkQGVHGHVFRSHUDQWLELRWLFH
OHPHUFXUXOUPkQHFDWUDWDPHQWGHED]vQWUDWDUHDVLOLVXOXL
)RORVLUHD PHUFXUXOXL vQ FRPSRQHQD YDFFLQXULORU GHYLQH XQ RELFHL vQ
FHSkQGFXVHF;;vQDQXO&RPSDQLD)DUPDFHXWLF(OL/LOO\GLQ68$
IRORVHWHSHQWUXSULPDGDW7KLRPHUVDOGUHSWFRQVHUYDQWODIDEULFDUHDYDFFL
QXOXLDQWLGLIWHULF8QSURFHQWGHGLQDFHDVWVXEVWDQFRQLQHPHUFXU
RUJDQLFQHXURWR[LF3HYUHPHDDFHHDYDFFLQXULOHQXHUDXLQGLYLGXDOL]DWHFL
HUDXLQXWHvQUHFLSLHQWHPDLPDULGHXQGHPHGLFXOIRORVHDDWkWFkWHUDQH
FHVDUGXSFDUHVHVWRFDXvQFRQWLQXDUHvQIULJLGHU'HDFHHDHUDQHYRLHGH
XQFRQVHUYDQW7R[LFLWDWHDPHUFXUXOXLWUHEXLDVDSHUHYDFFLQXOGHEDFWHULL
L PXFHJDLXUL 6D OXDW DFHDVW PVXU LQGF vQ DQXO  LPHGLDW GXS
YDFFLQDUHDXPXULWFRSLL'HLHUDXQOXFUXELQHFXQRVFXWSHQWUXFHLGHOD
&RPSDQLD(OL/LOO\FLQRXOFRQVHUYDQWYDSXWHDSHULFXORVSHQWUXRUJD
QLVPHLDXFRQWLQXDWVFUHDGFRGR]PDLPLFGHPHUFXUQXDUSXWHD
WR[LFSHQWUXVLVWHPXOQHUYRV$FHDVWHURDUHDGXVODIRORVLUHDWLPSGH]HFL
GHDQLDPHUFXUXOXLGUHSWFRQVHUYDQWSHQWUXPDMRULWDWHDYDFFLQXULORU6LQ
JXUHOHYDFFLQXULFDUHQXFRQLQPHUFXUVXQWFHOHFDUHDXYLUXVXULYLLSUHFXP
YDFFLQXODQWLUXMHROLFDQWLSROLRHWFGHRDUHFHDFHVWDDUGLVWUXJHYLUXVXULOH

 7RUVWHQ (QJHOEUHFKW &ODXV .|KQOHLQ 9LUXV:DKQ HPX9HUODJ  $XDJH 


%(KJDUWQHURSFLW

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



QWRWDFHVWWLPSVDXDX]LWPXOWHYRFLFDUHDWHQLRQHD]DVXSUDSHULFROX
OXLSHFDUHvOUHSUH]LQWPHUFXUXOGLQYDFFLQXULLQGRDGHYUDWRWUDYSHQ
WUXQHUYL'RDUODPLMORFXODQLORU'LUHFLLOHGH6QWDWHGLQ68$vQXUPD
XQRU VWXGLL OHJDWH GH HIHFWXO PHUFXUXOXL DVXSUD RUJDQLVPXOXL FRQVWDW F
7KLRPHUVDOUHSUH]LQWRUHDOSUREOHPSHQWUXVQWDWH'HRDUHFHQXPUXO
YDFFLQXULORUVDWULSODWvQWUHDQLLDFUHVFXWPXOWLGR]DPHUFXUX
OXLIRORVLWODSUHSDUDUHDORUGHSLQGFXPXOWGR]DPD[LPDFFHSWDWGHFWUH
206 2UJDQL]DLD0RQGLDOD6QWLL LGH(3$ (QYLURQPHQWDO3URWHFWL
RQ$JHQF\ GLQ68$8QEHEHOXGHNJQXSRDWHSULPLRGR]PDLPDUHGH
PLFURJUDPHGHPHUFXUFRQIRUP(3$LPLFURJUDPHFRQIRUP206
PXOWPDLvQJGXLWRU 8QVXJDUFDUHSULPHWHWRDWHYDFFLQXULOHSUHVFULVH
vQSULPHOHVSWPkQLGHYLDDGXQvQRUJDQLVPRFDQWLWDWHGH
PLFURJUDPHGHPHUFXU2UDFHDVWLQWR[LFDLHDRUJDQLVPXOXLDUHORFWRF
PDLvQSHULRDGDFkQGVHGH]YROWVLVWHPXOQHUYRVDOFRSLOXOXLH[WUHPGH
VHQVLELOvQDFHDVWID]3HULFROXOFHOPDLPDUHVDFRQVWDWDWODFRSLLLQVFXL
vQDLQWHGHWHUPHQFXRJUHXWDWHPDLPLFGHFkWQRUPDO2OXFUDUHDUDWF
HVWHGHDMXQVYDFFLQXOKHSDWLWF%FDUHDGPLQLVWUDWXQXLVXJDUPLF vQ5R
PkQLDHOHVWHDGPLQLVWUDWLPHGLDWGXSQDWHUH GHSHWHGHRULGR]D
GHPHUFXUDFFHSWDWGHFWUH(3$2FLDOLWLOHGLQ68$QXDXWUDVQLFL
DWXQFLFRQFOX]LDFRUHFWFRQIRUPFUHLDDUWUHEXLH[FOXVPHUFXUXOGLQWRDWH
YDFFLQXULOHSHQWUXVXJDULQFHOHGLQXUPvQYDUDDQXOXL206DWUDJH
DWHQLDSURGXFWRULORUGHYDFFLQXULFDGHDFXPvQFRORVQXPDLIRORVHDVF
7KLRPHUVDOSHQWUXYDFFLQXULFHOHGLQVWRFLQGIRORVLWHvQVvQFRQWLQXDUH
$FHODLOXFUXODXIFXWGLQSXUFRPRGLWDWHLFHLGLQ8QLXQHD(XURSHD
QQFRQVHFLQGRDUGLQDQXO GXSDQL DXvQFHSXWVDSDU
SHSLDYDFFLQXULSHQWUXVXJDULIUVFRQLQ7KLRPHUVDO$FHVWGH]LGH
UDWDIRVWPDLJUHXGHvQGHSOLQLWvQFD]XOYDFFLQXULOHFRQWUDJULSHL&XWRDWH
DFHVWHDQXDIRVWUHVSHFWDWGHFL]LDLDUvQ]LXDGHD]LVHSURGXFvQFRQWLQXDUH
YDFFLQXULFX7KLRPHUVDOvQVSHFLDOFHOHFDUHDXXQWHUPHQGHIRORVLQPDL
vQGHOXQJDWSHQWUXFRQVHUYDUHDORUDQWLJULSDOHLDQWLWHWDQRV$FHVWOXFUXVH
vQWkPSOFRQIRUPUHFRPDQGULORUH[SUHVHDOH206XOXL
 $FLXQHDDOHUJLFDPHUFXUXOXL
7RDWHYDFFLQXULOHFDUHFRQLQ7KLRPHUVDOSURYRDFUHDFLLDOHUJLFH&HOPDL
DOHUJL]DQWYDFFLQIRORVLWUHFHQWFDUHDVHQVLELOL]DWDSURDSHvQWUHDJD$XVWULH

*96WDMLFKHWDO,DWURJHQLFH[SRVXUHWRPHUFXU\DIWHUKHSDWLWLV%YDFFLQDWLRQLQ
SUWHUP&KLOGUHQ-3HGLDWU

%(KJDUWQHURSFLW



'U&KULVWD7RGHD*URVV

:ROIJDQJ0DXUHU:LHQ DIRVWFHOvPSRWULYD)60( ERDOEDFWHULDQSUR


YRFDWGHvQHSWXUDGHFSX LvPSRWULYDPHQLQJLWHLPHQLQJRFRFLFH
 /HJWXUDGLQWUHPHUFXULEROLOHQHXURORJLFHDXWRLPXQH
/HJWXUDGLQWUHGR]HOHPDULGHPHUFXUIRORVLWHSHQWUXYDFFLQXULLFUH
WHUHDDFFHOHUDWDFD]XULORUGHWXOEXUULQHXURORJLFHvQVSHFLDODXWLVPXOvQ
UkQGXOFRSLLORUPLFLHVWHHYLGHQWLQXPDLSRDWHDVFXQV&kQGvQDQXO
SVLKLDWUXO/HRQ.DQQHUGHOD6SLWDOXO-RKQV+RSNLQVGLQ%DOWLPRUH
GHVFULHSULPHOHFD]XULGHDXWLVPODFRSLL7KLRPHUVDOHUDIRORVLWGHMDGHXQ
GHFHQLXGUHSWFRQVHUYDQWSHQWUXIDEULFDUHDYDFFLQXULORUvQVQXHUDvQF
VWXGLDW QHXURWR[LFLWDWHD OXL$FHVWD HVWH PRWLYXO SHQWUX FDUH /HR .DQQHU
FUHGHDFDXWLVPXOHVWHSURYRFDWvQVSHFLDOGHSURWHLQHOHDQLPDOHGLQYDF
FLQXULODFDUHFRSLOXODYHDRUHDFLHSDUWLFXODU8OWHULRUVHYDGHPRQVWUD
FQXGRDUDFHVWHSURWHLQHVWULQHSRDUWYLQDVLQGURPXOXLSRVWHQFHIDOLWLF
ODFRSLLFLLVXEVWDQHOHWR[LFHGLQYDFFLQXULvQVSHFLDOPHWDOHOHPHUFXUL
DOXPLQLX
'HPXOWWLPSQXVHPDLFDXWFDX]DDXWLVPXOXLODRJHQGHIHFW8QLL
DXWRUL DX DMXQV OD FRQFOX]LD F HVWH QHYRLH GH XQ IDFWRU H[WHUQ WULJJHU 
FDUHVSURYRDFHERDOD(VWHSRVLELOFDDFHVWWULJJHUVH7KLRPHUVDO&D
XUPDUH WUHEXLH VWXGLDW UHDFLD SDUWLFXODU OD YDFFLQXUL D DFHVWRU FRSLL
vQFHSkQGGHODQDWHUH FDUHDXLRSRVLELOSUHGLVSR]LLHJHQHWLF1RL
vQV FXWP GRDU JHQD L DVWD SUHD WkU]LX FkQG GHMD VD LQVWDODW ERDOD
6WXGLLDUDWFH[SOR]LDFD]XULORUGHDXWLVPGLQ68$DDYXWORFvQWUHDQLL
FkQGDXIRVWLQWURGXVHQRLYDFFLQXULODVXJDULFXXQFRQLQXWvQ
PHUFXUGHRULPDLPDUHFDvQDLQWH
 6WXGLL
D  'HVSUH HIHFWHOH PHUFXUXOXL GLQ YDFFLQXUL DP GLQ UHQXPLWXO VWXGLX
DPHULFDQ GH OD 8QLYHUVLWDWHD GLQ &DOJDU\&DOLIRUQLD +RZ 0HUFXU\ &DXVHV
%UDLQ1HXURQ'HJHQDUDWLRQ" WUDG0RGXOvQFDUHPHUFXUXOSURYRDFRGHJH
QHUHVFHQQHUYRDV VWXGLXOLQGXQXOSULYDWQDQDWGHFWUH)DFXOWDWHIU
FRQWULEXLDXQRULQVWLWXLLGHLQWHUHVSUHFXPFRPSDQLLIDUPDFHXWLFHLQGXVWULD
FKLPLFHWF6WXGLXODIRVWUHDOL]DWvQDQXOLSXEOLFDWvQ0HGLFDO-RXUQDO
XQGHDWUH]LWLQWHUHVXOPXOWRURDPHQLGHWLLQ6HDUDWvQVWXGLXFXPvQPRG
QRUPDOvQSULPXODQGHYLDDOXQXLDQLPDOVHGH]YROWQHXURQLLLD[LRQLL FH
OXOHOHQHUYRDVHLSUHOXQJLULOHORU SUHFXPLVLQDSVHOHQHXURQDOH FRQH[LXQLOH


,ELGHP
&M1HZVFKDIIHUHWDO1DWLRQDODXWLVPSUHYDOHQFHWUHQGVIURP8QLWHG6WDWHVVSH
FLDOHGXFDWLRQGDWD3HGLDWULFV


9$&&,185,/(35(9(1,(6$8%2$/



GLQWUHQHXURQL SULQVWLPXODUHDDFHVWXLSURFHVGHvQVLFHOXOHOHQHUYRDVHQ
PRPHQWXOvQFDUHVHLQWURGXFHRFDQWLWDWHGHPHUFXU PXOWPDLPLFGHFkWFHD
FRQLQXWvQYDFFLQXUL VHREVHUYFXPDFHVWHFRQH[LXQLQXPDLvQDLQWHD]FL
GLPSRWULYVHUXSLQGXQSURFHVGHQLWLY&DXUPDUHQXVHPDLGH]YROWXQ
QXPUPDUHGHFRQH[LXQLQHUYRDVHFDUHQXSRWDYHDGHFkWXQHIHFWGH]DVWUXRV
DVXSUDGH]YROWULLVLVWHPXOXLQHUYRVODDQLPDO6DREVHUYDWF7KLRPHUVD
OXOVHGHVFRPSXQHvQFRPSRQHQWHOHOXL PHUFXU*73 ODQLYHOXOFUHLHUXOXL
XQGHPHUFXUXOLQGHOLEHUDWDFLRQHD]vQDFHODLPRGGHVFULVDQWHULRUDVXSUD
FHOXOHORU QHUYRDVH .OLQJKDUGW  'HVFULHUHD VWXGLXOXL GDU L D UH]XOWDWHORU L
FRQFOX]LLORU HVWH IRDUWH ELQH UHDOL]DW GH 'U .OLQJKDUGW 8QLYHULVWDWHD GLQ
&DOJDU\&DQDGDDHIHFWXDWXQVWXGLXSHDQLPDOHODFDUHDXLPSODQWDWSORPEH
FXPHUFXUUDGLRDFWLYFDUHXOWHULRUDSXWXWYL]XDOL]DWHUDGLRORJLFQGHFXUV
GHGHRUHvQWUHDJDFRORDQYHUWHEUDOHUDLPSUHJQDWFXPHUFXUODIHOL
FUHLHUXO JODQGHOH VXSUDUHQDOH RYDUHOH VDX WHVWLFROHOH  L SHUHWHOH LQWHVWLQDO
'XSOXQLVDIFXWRQRXDUDGLRJUDHODDQLPDOHLVDFRQVWDWDWFDPHUFXUXO
QXVHHOLPLQDVHGHORF2SDUWHGLQRLDXIRVWVDFULFDWHVLVDFRQVWDWDWFDWRDWH
DYHDXULQLFKLLIRDUWHEROQDYLDSURDSHGHRLQVXFLHQUHQDO&kQGvQVIkULW
&RQGXFHUHDDUHDFLRQDWODDFHVWVWXGLXFDUHDIRVWIFXWSXEOLFLFDUHSUHDF
YDUHYROXLRQDWLLQDPHGLFDOVXUSUL]DQXDIRVWXQDDWHSWDW&RQFOX]LDORU
DIRVW$GDRL$FHVWHDVXQWGLQSXQFWGHYHGHUHJHQHWLFIRDUWHGHSDUWHGH
RP&DXUPDUHQXDIRVWDFFHSWDWVWXGLXOFDLQGXQXOLPSRUWDQWUDSRUWDWOD
RP$WXQFLDIRVWDOHVXQDOWPRGHOPDLDSURSLDWRPXOXLPDLPXD$XIRVWGLQ
QRXLPSODQWDWHSORPEHOHUDGLRDFWLYHFXPHUFXULDSRLUDGLRJUDDWH'XS
GHRUHHIHFWXODIRVWDFHODLPHUFXUXOHUDGHMDSUH]HQWvQULQLFKLJODQGHVXSUD
UHQDOHFDWSHUHWHLQWHVWLQDOLFUHLHU)ULW]/RKUVFKHLGHUXQUHQXPLWSURIHVRU
GH]LRORJLHGLQ$XVWULDDSDUWLFLSDWODDFHVWVWXGLXDOWXULGH0XUUD\9LP\L
FDUHDIRVWIFXWSXEOLFvQWURUHYLVWPHGLFDOUHQXPLWFXQRVFXWVXEQXPHOH
GH)$6(%WUDGXVLSXEOLFDWvQPXOWHULGLQOXPH0HUFXUXODYkQGRIRDUWH
PDUHQHXURWR[LFLWDWHSRDWHSURYRFDWRDWJDPDGHEROLQHXURORJLFHLQFOXVLYOD
SHUVRDQHOHWLQHUHVFOHUR]PXOWLSO 60 VFOHUR]ODWHUDODPLRWURFERDOD
$O]KHLPHUERDOD3DUNLQVRQWXOEXUULGHPHPRULHGHSUHVLLFURQLFHPLJUHQH
WXOEXUULGHYRUELUH EkOELW GHFLWGHDWHQLHWXOEXUULGHYHGHUHWXOEXUUL
GHDX]HWF 2EVHUYPFDIHFLXQLOHVXQWDFHOHDLFDLvQVLQGURPXOSRVWHQFH
IDOLWLFSRVWYDFFLQDO $OWHWXOEXUULRUJDQLFHPHQLRQDWHVXQWDIHFLXQLUHQDOH
FURQLFHOHXFHPLHWXPRULPDOLJQHHWF$SURDSHHFDUHWXPRUH[DPLQDWGH
FHLGRLDXWRULFRQLQHDXRFDQWLWDWHPDLPDUHGHPHUFXUGHFkWHVXWXULOHGLQMXU
6HSUHVXSXQHFWXPRULOHSRWRFDOHGHVWRFDUHLHOLPLQDUHDPHUFXUXOXLvQ


KWWSZZZ\RXWXEHFRPZDWFK"Y ;8Q6Q(]G



'U&KULVWD7RGHD*URVV

RUJDQLVP0HUFXUXOSRDWHSURYRFDLWXOEXUULSVLKLFH6LVWHPXOLPXQHVWHGH
DVHPHQHDJUDYDIHFWDWGHPHUFXU&HLGRLDXWRULDXREVHUYDWFRDPHQLLFDUHDX
SORPEHFXPHUFXUSUH]LQWRUH]LVWHQIDGHDQWLELRWLFH
E 2DPHQLLGHWLLQDXFHUXWSULQLORUVPRFXOGHSUDOEHEHOXLORUSHQWUX
DHIHFWXDVWXGLLWR[LFRORJLFH&HVDFRQVWDWDWDIRVWSHQWUXvQFHSXWXQSDUDGR[
SHQWUXWRLQSUXOFRSLLORUVQWRLFDQWLWDWHDGHPHUFXUHUDGHRULPDLPDUH
GHFkWODFHLFXDXWLVP&XFkWDXWLVPXOHUDPDLJUDYFXDWkWFDQWLWDWHDGH
PHUFXUGLQSUHUDPDLPLF$FHVWOXFUXGHPRQVWUHD]IDSWXOFDFHWLFRSLLFX
DXWLVPQXSRWHOLPLQDPHUFXUXOGLQRUJDQLVPQLFLSULQXULQLQLFLSULQSUQ
VFKLPEPHWDOXOJUHXVHDFXPXOHD]vQRUJDQLVP2VHULHGHVWXGLLDUDWFWRL
FRSLLLFXDXWLVPDXRFRQFHQWUDLHPXOWPDLPDUHGHPHWDOHJUHOHvQRUJDQLVP
GHFkWFHLVQWRL$GPLQLVWUkQGFRSLLORUFXDXWLVPPHGLFDPHQWHFDUHHOL
PLQPHWDOHOHJUHOHPHUFXUXOHUDGHSLVWDWLPHGLDW1LYHOXOPHUFXUXOXLHOLPLQDW
SULQXULQHUDGHRULPDLPDUH FKLDUGHRUL ODFRSLLLFXDXWLVPIDGHFRSLLL
VQWRLOXDLvQVWXGLX$FHVWDSURYLQHGLQ7KLRPHUVDOXOFRQLQXWvQYDFFLQXUL
0DUWKD+HUEHUWPHGLFVSHFLDOLVWvQ1HXURORJLH,QIDQWLOOD8QLYHUVLWDWHD+DU
YDUGDFXWDWRH[SOLFDLH6WXGLLQGFUHLHUHOHDFHVWRUFRSLLEROQDYLGHDXWLVP
DFRQVWDWDWFJUHXWDWHDORUHVWHPXOWPDLPDUHGHFkWQRUPDO&DX]DQXSXWHD
GHFkWXQH[FHVGHPHWDOHJUHOHFDUHODUkQGXOORUSURYRDFLQDPDLLLLQIHFLL
FHUHEUDOHQ68$DXWLVPXOHVWHRDIHFLXQHIRDUWHUVSkQGLW&'& &HQWUXO
GH&RQWURODO%ROLORUGLQ68$ DIFXWRVWDWLVWLFGDFvQDQLLVHvQUHJLVWUDX
FD]XULODGHFRSLLODvQFHSXWXOQRXOXLPLOHQLXFRSLOGLQVXIHU
GHDXWLVP%LHLLVXQWPDLIUHFYHQWDIHFWDLXQXOGLQSHFkQGIHWLHOHPDL
UDUXQDGLQ'HLRFLDOLWLOHUHFXQRVFJUDYLWDWHDVLWXDLHLFRQVLGHUvQFRQ
WLQXDUHFQXVHWLHH[DFWFDX]DLDUPHUFXUXOVLQJXU GLQYDFFLQXUL QXSRDWH
UHVSRQVDELOGHDFHVWOXFUXGHRDUHFHRPXOLQJHUDFHVWPHWDOGLQGLIHULWHDOLPHQWH
VSUH H[HPSOX SHWH  vQWUR FDQWLWDWH PXOW PDL PDUH GHFkW H[LVW vQ YDFFLQXUL
7RWDO JUHLW (L WUHF FX YHGHUHD F HVWH R GLIHUHQ IRDUWH PDUH vQWUH PHUFXUXO
FRQLQXWvQDOLPHQWHLFHOGLQYDFFLQXUL7KRPDV%XUEDFKHUSURIHVRUOD)DFXO
WDWHDGHOD:DVKLQJWRQ6HDWWOHVSHFLDOL]DWvQ0HGLFLQD0XQFLLLD0HGLXOXL


KWWSZZZKS]FRPLQVLGHU9RUWUDJ.OLQJKDUGWSGI
%(KJDUWQHURSFLW

$6+RPHVHWDO5HGXFHGOHYHOVRIPHUFXU\LQUVWEDE\KDLUFXWVRIDXWLVWLFFKLO
GUHQ,QWHUQDWLRQDO-RXUQDORI7R[LFRORJ\

51DWIHWDO3RUSK\ULQXULDLQ&KLOGKRRGDXWLVWLFGLVRUGHU,PSOLFDWLRQVIRUHQYL
URQPHQWDOWR[LFLW\7R[LFRORJ\DQG$SSOLHG3KDUPDFRORJ\

-%UDGVWUHHWHWDO$FDVHFRQWUROVWXG\RIPHUFXU\EXUGHQLQFKLOGUHQZLWKDXWLVWLF
VSHFWUXPGLVRUGHUV-RXUQDORI$PHULFDQ3K\LVLFLDQVDQG6XUJHRQV

%(KJDUQHURSFLW


9$&&,185,/(35(9(1,(6$8%2$/



DIFXWFHUFHWULSHPDLPXHVWXGLLQGHIHFWXOPHUFXUXOXLDOLPHQWDULDOFHOXL
GLQYDFFLQXULDVXSUDVLVWHPXOXLQHUYRVQYDFFLQXULPHUFXUXOGLQ7KLRPHUVDOVH
DVXEIRUPGHHWLOPHUFXULDUvQDOLPHQWHVXEIRUPGHPHWLOPHUFXU$FHVW
DVSHFWIRDUWHLPSRUWDQWQXDIRVWGHORFVWXGLDW]HFLGHDQLGHRDUHFHVHFRQVLGHUD
FPHUFXUXOGLQYDFFLQXULHVWHUDSLGHOLPLQDWGLQRUJDQLVP8QGHVDJUHLW"(OL
PLQDUHDGLQVkQJHQXvQVHDPQLHOLPLQDUHDGLQRUJDQLVP0HWDOHOHJUHOHGLVSDU
GLQVkQJHGDUHOHVHSRWGHSXQHvQRUJDQH3URIHVRUXO7KRPDV%XUEDFKHUDFRQ
VWDWDWXUPWRUXOOXFUXHWLOPHUFXUXOGLQYDFFLQXULQXVHPDLJVHDvQVkQJHGHMD
GXS]LOHGHODYDFFLQvQVFKLPEPHWLOPHUFXUXOGLQDOLPHQWHGLVSUHDGLQ
VkQJHPDLWkU]LXGRDUGXS]LOH6DU]LFHFvQWUDGHYUPHUFXUXOGLQYDF
FLQVHHOLPLQPDLUHSHGHGHFkWFHOGLQDOLPHQWH'DUFDOHDGHHOLPLQDUHDPHU
FXUXOXLvQFHOHGRXVLWXDLLHUDGLIHULW0HUFXUXOGLQDOLPHQWH PHWLOPHUFXU 
VHHOLPLQSUHSRQGHUHQWSULQVFDXQLELOLVHUHJVHWHvQFUHLHUGRDUvQWUXQ
SURFHQWGHFDPHUFXUDQRUJDQLF PDLSXLQWR[LF 0HUFXUXOGLQYDFFLQXUL
HWLOPHUFXU VHHOLPLQDVWIHORSDUWHSULQXULQVLRDOWSDUWHWUHFHGLQVkQJH
vQFUHLHUWUDQVIRUPDWvQPHUFXUPHWDOLFvQWUXQSURFHQWGH IRDUWHWR[LF 
6DREVHUYDWGHDVHPHQHDFHOLPLQDUHDPHUFXUXOXLPHWDOLFGLQFUHLHUVHIDFHGH
FkWHYDRULPDLvQFHWGHFkWGLQVkQJH$FHVWDHVWHLPRWLYXOSHQWUXFDUHPHUFXUXO
WR[LFVHVWRFKHD]vQFUHLHU
F ,QWR[LFDLDFURQLFFXPHUFXU
&XPDIRVWGRYHGLWQHXURWR[LFLWDWHDPHUFXUXOXLDPGHOD'U.OLQ
JKDUGWvQXUPDQXPHURVHORUVDOHVWXGLLGHVSUHFDUHUHODWHD]FXRFD]LDPDL
PXOWRU&RQIHULQHGLQ*HUPDQLDL68$QOXFUDUHDGHIDDPIRORVLWPDWH
ULDOHOHDGRX&RQIHULQHGLQ*HUPDQLD QRLHPEULHLDSULOLH 
0HUFXUXOHFSURYLQHGLQYDFFLQXULHGLQSORPEHWUHFHFXXXULQ
vQ HVXWXO QHUYRV L DSRL vO GLVWUXJH LQG XQ PHWDO QHXURWR[LF 1HUYXO VH
DVHDPQFXXQFDEOXHOHFWULFGDUFDUHWULHWHVHKUQHWHGHFLHVWHYLX
QLQWHULRUXOOXLFLUFXOVXEVWDQHKUQLWRDUHDQWLFRUSLLQHXURSHSWLGH VXE
VWDQHVHFUHWDWHGHFHOXOHOHQHUYRDVHFXUROvQUHJODUHDKRUPRQDOvQPRGX
ODUHDLQIRUPDLLORUQHUYRDVHHWFLQGFXQRVFXWHODRUDDFWXDOFHOSXLQ

70%XUEDFKHUHWDO&RPSDULVLRQRIEORRGDQGEUDLQPHUFXU\OHYHOVLQLQIDQW
PRQNH\V H[SRVHG WR PHWK\OPHUFXU\ RU YDFFLQHV FRQWDLQLQJ WKLRPHUVDO (QYLURQPHQWDO
+HDOWK3HUVSHHFWLYHVSXEOLVKHGRQOLQH$SULO

'UPHG'LHWULFK.OLQJKDUGWHWDORSFLW*HUPDQ\

'UPHG'LHWULFK.OLQJKDUGW9RUWUDJQU6FKZHUPHWDOOH9HUJLIWXQJ(QWJLIWXQJ
JHKDOWHQ DP  1RYHPEHU  DXI 6FKOR (OPDX EHL *DUPLVFK3DUWHQNLUFKHQLP 5DK
PHQ HLQHV 6HPLQDUV EHU 3V\FKR.LQHVLRORJLH *HUPDQ\ KWWSZZZSRZHUIRUOLIH
FRP6FKZHUPHWDOO$XVOHLWXQJYRUWUDJKWPO




'U&KULVWD7RGHD*URVV

GH QHXURSHSWLGH $FHVWH VXEVWDQH VXQW WUDQVSRUWDWH FXUJ  VSUH FDSWXO


OXLLVHYDUVvQVkQJH'DFPHUFXUXOSWUXQGHvQQHUYVXQWGLVWUXVHWRD
WHDFHVWHIXQFLLUPkQkQGLQWDFWGRDUHOHFWULFLWDWHDQQDOQHUYXOSRDWH
PXUL&HOXOHOHQHUYRDVH QHXURQLL VXQWFRQHFWDWHvQWUHHOHSULQDFHWLQHUYL
1HXURQLLVXQWFHOXOHOHYLLFDUHDXSURSULXOPHWDEROLVPHOLPLQkQGUHVWXULOH
SULQWXEXULOHQHUYRDVH(OHVHFUHWvQVSDLXOSUHVLQDSWLFQLWHVXEVWDQHFDUH
WUDQVPLWLQIRUPDLDQHUYRDVvQWUHQHXURQLQXPLWHQHXURWUDQVPLWRUL RJUX
SPDUHGHVXEVWDQHFDUHFXSULQGLQHXURSHSWLGHOHDPLQWLWHDQWHULRU 'LQWUH
FHOHPDLLPSRUWDQWHVXQWVXEVWDQH'RSDPLQD1RUDGUHQDOLQD6UHRWRQLQD
L(QGRUQHOHFDUHIRUPHD]XQDGHYUDWFRFNWDLOPHVDJHUIUGHFDUH
FUHLHUXOQRVWUXQXDUSXWHDSUHOXFUDLWUDQVPLWHQLFLRLQIRUPDLH(OHMRDF
UROXOFHOPDLLPSRUWDQWvQWRWFHHDvQVHDPQVHQWLPHQWHSR]LWLYH DOIHULFL
ULLDOELQHOXLHWF JkQGLUHVLPLUHOXDUHDXQRUGHFL]LLHWF6FGHUHDVH
FUHLHLDFHVWRUVXEVWDQHHVWHOHJDWGHDSDULLDXQRUEROLERDOD3DUNLQVRQ
6FKL]RIUHQLHVLQGURPXO$'+'D1HUYLLLQWR[LFDLFXPHUFXUQXPDLSRW
vQGHSOLQLIXQFLDGHH[FUHLHDSURGXVHORUUH]LGXDOHGLQFHOXOHOHQHUYRDVHLvQ
QDOFHOXOHOHVHYRULQWR[LFD DXWRLQWR[LFD FXSURSULLOHUHVWXULPHWDEROLFH
QFRQVHFLQvQORFVLHVHGLQFHOXOHVXEVWDQHOHQRFLYHYRULQWUDDOWHOHOD
IHOGHWR[LFHLFDUHQXYRUPDLSXWHDLHLGLR[LQDDOGHKLGDIRUPLF FRQL
QXWLvQYDFFLQXUL HWF'LQQHIHULFLUHWRDWOXPHDVHFRQFHQWUHD]vQ]LXD
GHD]LQXPDLDVXSUDDFHVWRUWR[LQHFDUHVHJVHVFvQQHUYLQXLDVXSUDPHU
FXUXOXLFDUHHVWHVLQJXUXOPHWDOFXFDSDFLWDWHDGHDUHLQHvQFHOXORVHULH
GHWR[LQH7RWPHUFXUXOHVWHFHOFDUHRGDWHOLPLQDWGLQFHOXOHYDDQWUHQD
vPSUHXQFXHOWRDWHFHOHODOWHPHWDOHLVXEVWDQHWR[LFH6DIFXWXQVWXGLX
ODGRXJUXSXULGHRDPHQLFDUHDXDYXWDSUR[LPDWLYDFHHDLYkUVWLFDUHDX
GHFHGDWXQLLGHERDOD$O]KHLPHUDOLLGHDOWHDIHFLXQL6DDQDOL]DWFUHLHUXO
FHORUGHFHGDLLDQXPHFRQLQXWXOORUvQPHWDOHJUHOH6DFRQVWDWDWXQOXFUX
XLPLWRU FRQFHQWUDLD vQ ]LQF FXSUX L DOXPLQLX HUD DSUR[LPDWLY DFHHDL OD
WRLFHLGHFHGDLvQVFKLPEFRQFHQWUDLDvQPHUFXUHUDGHRULPDLPDUHOD
FHLFDUHDXPXULWGH$O]KHLPHU
6LPSWRPHOHLQWR[LFDLHLFURQLFHFXPHUFXU HGDWRUDWYDFFLQXULORUH
D SORPEHORU FX PHUFXU  VXQW DUWULW FURQLF GXUHUL PXVFXODUH LQVRPQLH
PLJUHQHWXOEXUULGHFRQFHQWUDUHWXOEXUULGLJHVWLYH FRQVWLSDLH FDQGL
GR]GLJHVWLY PHUFXUXOHVWH[DWGHFWUHOHYXULFLXSHUFLvQLQWHVWLQLR
GDWFXHOLPLQDUHDPHUFXUXOXLGLQRUJDQLVPHVWHWUDWDWHFLHQWLFDQGLGR]D
GDUQXLLQYHUVSULQWUDWDUHDFDQGLGR]HLPHUFXUXOHVWHSXVvQOLEHUWDWHLYD
WUHFHvQHVXWXULLRUJDQHFXSUHFGHUHvQFUHLHU 'DFIHPHLDJUDYLGDUHR
LQWR[LFDLHFURQLFFXPHUFXU HGLQSORPEHHGLQYDFFLQXULVDXDPEHOH 

9$&&,185,/(35(9(1,(6$8%2$/



GLQDFHVWPHWDOWUHFHSULQSODFHQWODIWODFDUHSRDWHSURYRFDDX
WLVPGHFLWGHDWHQLHLvQYDUHDOHUJLLGHUPDWLWDWRSLFDVWPEURQLF
/DLQWR[LFDLDIWXOXLSDUWLFLSvQPDUHPVXULWDWOFRSLOXOXL'DFDFHVWD
DUHRLQWR[LFDLHFURQLFFXPHUFXU SORPEHFXDPDOJDPFHFRQLQPHUFXU
HWF VHSRDWHSLHUGHODFRSLOSRVLELOLWDWHDGHDHOLPLQDPHUFXUXO3ORPEHOH
GLQDXUFRQLQDOWXULGHDFHVWPHWDOSUHLRVLPXOWHDOWHPHWDOHFDUHLQWR
[LFRUJDQLVPXOSODWLQFXSUXDUJLQWQLFKHOLSDODGLX &RURDQDGHDXU
DGLQLORUFRQLQHvQMXUGHPHWDOHJUHOHLGHUHVWXULFHSURYLQGH
ODDOWHPHWDOH7RDWHDFHVWHDSRWSURYRFDDOHUJLL 'LQVWXGLLOHVXHGH]HWLP
FFHOHPDLDOHUJL]DQWHPHWDOHVXQWQLFKHOXOLFXSUXOPHUFXUXOLQGSHORFXO
WUHL%ROLOHDXWRLPXQHSUHFXP/XSXVHULWHPDWRVVFOHURGHUPLHSROLDUWULWD
UHXPDWRLGEROLOHWLURLGLHQHPLJUHQHOHFROLWDXOFHURDVERDOD&URKQHWF
VXQWXUPDUHDLQWR[LFDLHLFXPHWDOHJUHOH&HVHvQWkPSO"0HWDOHOHJUHOH
LQFOXVLYPHUFXUXODMXQJvQSHUHWHOHLQWHVWLQDOLDSRLvQVkQJH'HDLFLDMXQJ
vQFHOXOHOHGLQFDWULQLFKLLQWHVWLQFUHLHUHWF0HWDOXOHVWHRKDSWHQDGLF
RVXEVWDQFDUHVH[HD]SHFHOXOGXSFDUHDFHDVWDQXPDLHVWHUHFXQRV
FXW GH VLVWHPXO LPXQ L YD  FRQVLGHUDW R FHOXO VWULQ QRQVHOI  FDUH
WUHEXLHGLVWUXV6HYRUIRUPDDQWLFRUSLvPSRWULYDDFHVWRUFHOXOHGHQXPLL
DXWRDQWLFRUSLGHRDUHFHDWDFSURSULLOHVWUXFWXULUHVSHFWLYRUJDQXOLQWR[LFDW
FXPHUFXUULQLFKLDUWLFXODLHWLURLGPLHOLQDFDUHvQYHOHWHQHUYLL SURYR
FkQGGHPLHOLQL]DUHDQHUYLORU LQWHVWLQXOSLHOHDHVXWXOFRQMXQFWLYHWF$FH
ODLPHFDQLVPvOSRDWHSURYRFDLWLWDQXOGLQLPSODQWXULOHGHQWDUH/DSDFLHQ
LLFXDVWIHOGHLPSODQWHVDREVHUYDWFODDQLDSDUGLYHUVHDOHUJLLLDSRL
GHEXWXOXQHLVFOHUR]HPXOWLSOHVDXDXQHLDOWHEROLDXWRLPXQH
8Q VWXGLX HSLGHPLRORJLF D IRVW UHDOL]DW vQ  SH VFKHOHWH XPDQH GH
DFXPGHDQLLVFKHOHWHXPDQHGLQXOWLPLLDQL6DFRQVWDWDWF
VFKHOHWHOH GLQ XOWLPLL DQL FRQLQ SOXPE vQWUR FDQWLWDWH GH  GH RUL
PDLPDUHGHFkWFHOHDOHVWUPRLORUQRWUL
7UHEXLHUHLQXWXQOXFUXLPSRUWDQWLQWR[LFDLDFXPHWDOHJUHOHSURYRD
FLQIHFLLFURQLFHvQRUJDQLVPFXOHYXULPLFURELYLUXVXULLP\FRSODVPH
6LPSWRPHOHVXQWvQPDMRULWDWHDFD]XULORUSURYRFDWHGHFWUHDFHVWHLQIHFLL
&HD PDL PDUH JUHHDO SH FDUH R IDFH 0HGLFLQD DVW]L HVWH V WUDWH]H
DFHVWHLQIHFLLvQORFVHHOLPLQDWHPDLvQWkLPHWDOHOHJUHOH QWUHWLPS
VDDDWFDYHPFXWRLLRJDPYDULDWGHQHXURWR[LQHvQRUJDQLVPLFDUH
DXvPSUHXQXQHIHFWVLQHUJLFDGLFHIHFWXOORUFUHWHIRDUWHPXOWFkQGDF
LRQHD]vPSUHXQLQXVHSDUDW&XDOWHFXYLQWHVLQHUJLHvQVHDPQF
SRDWHFHHDFHVHvQWkPSOLvQFD]XOQHXURWR[LQHORU2GDWFXHOL
PLQDUHDPHUFXUXOXLWRDWHFHOHODWHPHWDOHJUHOHVXQWHOLPLQDWHvPSUHXQFX



'U&KULVWD7RGHD*URVV

HO1HXURWR[LQHOHDGLFPHWDOHOHJUHOHFDUHDMXQJvQVkQJHVXQWPHUHXHOL
PLQDWHGLQFDWSULQELODMXQJkQGvQLQWHVWLQQWUXQSURFHQWGHHOH
VXQWUHDEVRUELWHLDMXQJGLQQRXvQFDWLDUDFHVWFLFOXVHUHSHWODQHVIkULW
PHQLQkQGRUJDQLVPXOvQWURVWDUHGHLQIHFLHFURQLF'RDUSULQHOLPLQDUHD
PHWDOHORUJUHOHSRWWUDWDWHLQIHFLLOHLDUHORFYLQGHFDUHD
,QFLGHQDDXWLVPXOXLODFRSLLHVWHvQFRQWLQXFUHWHUHQXPUXOFD]XUL
ORUVHGXEOHD]WRWODFkLYDDQL6HWLHFODDXWLWLLQWHVWLQXOHVWHSXWHUQLF
DIHFWDWQVSDWHOHDFHVWHLLQIHFLLVHDXQVLVWHPLPXQDOWHUDWGLQFDX]D
YDFFLQXULORULDPHWDOHORUJUHOH7UDWDPHQWXOHVWHDFHODLHOLPLQDUHDPHWD
OHORUJUHOHLDSRLLQVWLWXLUHDXQXLUHJLPDOLPHQWDU(VWHSRVLELOWUDWDPHQWXO
DXWLVPXOXLDOHSLOHSVLHLLDOWXOEXUULORUGHDWHQLHvQFGLQSULPDORUID]GH
GHEXWFXDMXWRUXOFHORUWUHLVXEVWDQH&KORUHOODOHXUGLFRULDQGUX0HUFX
UXOSURYRDFPRGLFULDOHPHWDEROLVPXOXLOLSLGLFLOH]LXQLLPSRUWDQWHDOH
PLHOLQHL vQYHOLXOOLSLGLFODQHUYLORU 3ULQLQJHVWLDDQXPLWRUXOHLXULSRDWH
UHIFXWVLVWHPXOQHUYRVOH]DW
2EVHUYDLH 'U .OLQJKDUGW D YLQGHFDW  FRSLL FX DXWLVP L QXPHURL
SDFLHQLFXVFOHUR]PXOWLSOERDOD$O]KHLPHULERDOD3DUNLQVRQPLJUHQH
FURQLFHHWF/DRUDDFWXDOOXFUHD]FXRHFKLSGHPHGLFLvQ$PHULFDXQGH
WUDWDPHQWXOOXLDIRVWDGRSWDWGHFWUHPXOLDOLPHGLFLDWkWGLQ$PHULFDFkW
LGLQ*HUPDQLDLPXOWHDOWHULHXURSHQH1XDYHPGHFkWGHFkWLJDWGHSH
XUPDVWXGLLORUDFHVWXLPHGLFFDUHDH[SHULPHQWDWWUDWDPHQWXOSHQWUXSULPD
GDWSHHOvQVXLUHXLQGVDVHYLQGHFHGHEROLJUDYHQHXURORJLFHSURYRFDWH
GH R LQWR[LFDLH FURQLF FX PHUFXU GLQ DPDOJDP  0HWRGD GH HOLPLQDUH D
PHUFXUXOXL RUJDQLF QHXURWR[LF GLQ FUHLHU L GLQ vQWUHJXO RUJDQLVP R YRL
GHVFULHvQFRQWLQXDUHLQGRQRXWDWHvQPHGLFLQ
1XPHURLDOLPHGLFLGLQ2FFLGHQWYRUEHVFGHVSUHLQWR[LFDLDFURQLFFX
PHUFXUGLQSORPEHOHFXDPDOJDPFDUHSRDWHSURYRFDEROLQHXURORJLFHvQVSH
FLDOEROLDXWRLPXQH(IHFWXOPHUFXUXOXLDVXSUDFUHLHUXOXLLPDWXUDOVXJDUXOXL
HVWHGHVLJXULPDLPDUH&DQWLWDWHDGHPHUFXUGLQSORPEHHVWHPXOWPDLPLF
GHFkWFHDLQWURGXVSULQLQWHUPHGLXOYDFFLQXULORU*UDYHVWHIDSWXOFPHUFX
UXOLQWR[LFQXGRDUFHOXOHOHQHUYRDVHFLWRDWHFHOXOHOHGLQRUJDQLVPPXFKL
HVXW RVRV WRDWH RUJDQHOH /D XQLL GLQWUH RDPHQL SURYRDF GXUHUL H[WUHP GH
PDULODQLYHOXOFRORDQHLYHUWHEUDOHODDOLLSURYRDFPLJUHQHODDOLLEROLDX
WRLPXQH7HVWHOHGHVkQJHQXSRWGRYHGLH[LVWHQDXQHLLQWR[LFDLLFXPHUFXU
GHRDUHFH DFHVWD VH D vQ HVXWXUL (VWH QHYRLH GH PRELOL]DUHD OXL GLQ HVX
WXULLHOLPLQDUHDOXLSULQXULQ3HQWUXDVWDH[LVWWHVWHVSHFLDOHSUHFXPWHVWXO
'036 'DU$VLJXUULOH PHGLFDOH GLQ 2FFLGHQW LQFOXVLY 206 QX UHFXQRVF
LQWR[LFDLDFURQLFFXPHUFXUGHFLQLFLWHVWHOH'HFH")LLQGFIUWHVWQX

9$&&,185,/(35(9(1,(6$8%2$/



H[LVWGRYH]LLDUIUGRYH]LQXH[LVWDVLJXUDUHPHGLFDOLLPSOLFLWSODWD
DFHVWRUWHVWHDUPD'U%DQ]KDIvQFDGUXOXQHLHPLVLXQL79GLQ*HUPDQLD
3DFLHQLLVXSRUWSODWDWHVWHORU'036'H]LQWR[LFDUHDFXSHUIX]LLFX'036
VHIDFHGHDVHPHQHDSHEDQLLSDFLHQLORU'U-RDFKLP0XWWHU GHOD0HGLFLQD
0HGLXOXL 8QLYHUVLWDWHD GLQ )UHLEXUJ  OD DFHHDL HPLVLXQH 79 D UVSXQV L
HOODvQWUHEULOHJDWHGHLQWR[LFDLDFURQLFFXPHUFXUDUPkQGFPHUFXUXO
HVWHFHOPDLWR[LFHOHPHQWGLQOXPHGXSVXEVWDQHOHUDGLRDFWLYH0HUFXUXO
VHGLIX]HD]GLQSORPEHGLUHFWvQFUHLHUGHXQGHQXSRDWHHOLPLQDW%ROLOH
DXWRLPXQHSHFDUHOHSURYRDFVXQWVFOHUR]DPXOWLSODSROLDUWULWDUHXPDWRLG
VFOHUR]DODWHUDODPLRWURFERDOD&URKQDGDUDSDULGHSUHVLLWXOEXUUL
GH FRQFHQWUDUH LQVRPQLH LQIHUWLOLWDWH PLJUHQH HWF 8Q SURFHQW GH  GLQ
DFHVWHEROLSRWWUDWDWHSULQGH]LQWR[LFDLDFXPHUFXU&kWGHVSUHERDOD$O]KH
LPHUSURYRFDWGHPHUFXUVWDWLVWLFDHVWHWRWDOLQLPDJLQDELOvQ*HUPDQLDWRW
DOGRLOHDYkUVWQLFFDUHWUHFHGHGHDQLDUH$O]KHLPHU
G  'HWR[LHUHDRUJDQLVPXOXL(OLPLQDUHDPHUFXUXOXL
LDDOWRUPHWDOHJUHOHGLQRUJDQLVP
(OLPLQDUHD PHUFXUXOXL GLQ RUJDQLVP D GXV vQWRGHDXQD OD DPHOLRUDUHD
VLPSWRPHORULXQHRULODYLQGHFDUHDEROLORUQHXURORJLFH$FHVWOXFUXGHPRQ
VWUHD]DOWXULGHQXPHURDVHVWXGLLFPHUFXUXOLDOWHPHWDOHJUHOHVWDXOD
RULJLQHDEROLORUFURQLFHJUDYHFXSUHFGHUHDEROLORUQHXURORJLFH
'HWR[LHUHDFRQVWvQHOLPLQDUHDPHWDOHORUFXDMXWRUXOXQRUVXEVWDQHFDUH
OHOHDJQXPLWHFKHODWRDUH0HUFXUXOHVWHSULQFLSDOXOPHWDOJUHXFDUHWUHEXLH
OHJDWLHOLPLQDW6XEVWDQHOHFKHODWRDUHIRORVLWHvQWUHFXWGDULFHOHDDWHvQ
X]ODRUDDFWXDOQXIDFDOWFHYDGHFkWVGLVSHUVH]HPHUFXUXOvQRUJDQLVP
IUDOHOLPLQD3HQWUXDHYLWDFLUFXLWXOLQXWLOKHSDWRHQWHURKHSDWLFDPHU
FXUXOXL'U.OLQJKDUGWIRORVHWHRDOJQXPLW&KORUHOOD3\UHQRLGRVDFDUH
OHDJPHWDOHOHJUHOHLQFOXVLYPHUFXUXOLOHHOLPLQGLQRUJDQLVP&KORUHOOD
HVWHRDOJDFUHLPHPEUDQDEVRDUEHDVHPHQHDXQXLEXUHWHPHWDOHOHJUHOH
SHFDUHDSRLOH[HD]$OJD[HD]WRDWHWLSXULOHGHPHWDOHLQFOXVLY'LR[LQD
DOGHKLGDIRUPLFLLQVHFWLFLGHLQJHUDWHRGDWFXDOLPHQWHOH2GDW[DWHGH
&KORUHOODPHWDOHOHQXPDLSRWUHDEVRUELWHODQLYHOLQWHVWLQDOLVXQWHOLPLQDWH
$OJDFRQLQHGRXFRPSRQHQWHXQDGLQHOHPRELOL]HD]PHWDOHOHGLQHVXWXUL
PDLDOHVGLQFHOXODQHUYRDV  FDUHWUHFDSRLvQVkQJHFHDGHDGRXDFRPSR
QHQWHVWHRPHPEUDQFDUH[HD]PHWDOHOHGLQLQWHVWLQDMXQVHDLFLGLQVkQJH

,QWHUYLHZPLW'UPHG+DUDOG%DQ]KDI8PZHOWPHGL]LQHU%LVLQJHU ZZZGUEDQ
]KDIGH EHU$PDOJDPXQG$XVZLUNXQJHQDXIGHQ2UJDQLVPXVKWWSZZZ
\RXWXEHFRPZDWFK"Y 7(*MZ64 IHDWXUH UHODWHG

'U.OLQJKDUGWRSFLW9RUWUDJ$SULO*HUPDQ\



'U&KULVWD7RGHD*URVV

$QDOL]kQGVFDXQXOHOLPLQDWGHSDFLHQWXOFDUHFRQVXPDOJD DYkQGLQWR[LFDLH
FURQLFFXPHWDOHJUHOH JVLPvQHOFDQWLWLPDULGHPHWDOHJUHOH0HFDQLV
PHOHSULQFDUHDOJDSRDWHPRELOL]DPHWDOHOHGLQHVXWXULQXVXQWFXQRVFXWH
6HSUHVXSXQHFSULPDFRPSRQHQWFRQLQHDPLQRDFL]LFDUHVXQWUHVRUELWHvQ
VkQJHWUHFDSRLvQHVXWXULGHXQGHPRELOL]HD]PHWDOHOH&HDODOWFRPSRQHQ
WPHPEUDQDUPkQHvQLQWHVWLQXQGH[HD]PHWDOHOHDMXQVHDLFLGLQVkQJH
'DFDGPLQLVWUPGR]HPLFLGH&KORUHOODULVFPVPRELOL]PFDQWLWLPDL
PDULGHPHWDOHGHFkWSXWHP[DLHOLPLQD'LQDFHVWPRWLYDSDUVLPSWRPHFD
GXUHULGHFDSJUHXULHWFLQGFRSDUWHGLQPHUFXUFLUFXOvQVkQJHIUV
SRDW[DW0HUFXUXOPRELOL]DWYLQHvQFRQWDFWFXQHUYLLSURYRFkQGGXUHUL
(VWHPRWLYXOSHQWUXFDUH'U.OLQJKDUGWDGPLQLVWUHD]GR]HPDULGH&KORUHOOD
VWDELOLWHGXSDQXPLWHFULWHULLVWULFWH'RDUXQPHGLFFXH[SHULHQ FXQRVFkQG
LVWXGLLQGIRDUWHELQHFXUVXULOHOXL.OLQJKDUGW SRDWHHIHFWXDXQDVWIHOGHWUDWD
PHQWQDLQWHGHDGHVFRSHULWDFHDVWDOJQXDH[LVWDWQLFLXQSURGXVFDUH
VPRELOL]H]HPHUFXUXOGLQFUHLHULRULFHIHOGHHVXWQHUYRV0HGLFLQDDIRORVLW
SkQDFXPRVHULHGHVXEVWDQHFKHODWRDUHSHQWUXPHUFXU'0363HQLFLODPL
QDL'06$FDUHVXQWQLWHDPLQRDFL]LVDXVXEVWDQHFKLPLFHFHFRQLQVXOI
$FHVWHVXEVWDQHQXSRWPRELOL]DPHUFXUXOGLQFUHLHUFLGRDUGLQDOWHHVXWXUL
SHFDUHOHOLPLQDSRLSULQULQLFKLQWUHFXWVHFUHGHDF'06$SRDWHSWUXQ
GHvQFUHLHULPRELOL]DPHUFXUXOGDUVDFRQVWDWDWXOWHULRUFDFHVWOXFUXQX
VHvQWkPSO'3HQLFLODPLQDDIRVWIRORVLWSHQWUXHOLPLQDUHDFXSUXOXLGDUVD
FRQVWDWDWFHVWHIRDUWHWR[LFLSRDWHSWUXQGHGRDUvQWURFDQWLWDWHIRDUWHPLF
vQFUHLHULQVXFLHQWSHQWUXDPRELOL]DPHWDOXOJUHX
'U2PXUDGLQ1HZ<RUNDUHDOL]DWXQVWXGLXSHYROXQWDULFURUDOHD
LQMHFWDWRFDQWLWDWHPLFGHPHWDOHUDGLRDFWLYHFDUHSWUXQGvQFUHLHU$GRXD
]LDREVHUYDWFODXQDGLQSHUVRDQHVHHOLPLQDVHGHMDvQWUHDJDFDQWLWDWHGH
PHWDOGLQFUHLHUIUFDVLDGPLQLVWUDWYUHXQPHGLFDPHQW$DDWDSRL
FDFHVWDFRQVXPDVHFXR]LvQDLQWHRSODQWQXPLWFRULDQGUX SWUXQMHOXO
FKLQH]HVF 'XSOXQLGHVWXGLLHIHFWXDWHGHGDWDDFHDVWDvPSUHXQFX'U
.OLQJKDUGW FHL GRL PHGLFL FRQVWDW FX VXUSULQGHUH F DFHDVW SODQW DUH R
FDSDFLWDWHH[WUDRUGLQDUGHDVFRDWHPHWDOHJUHOHGLQFUHLHUEDFKLDUDMXWOD
UHSDUDUHDFHOXOHLQHUYRDVHLDQHUYXOXLOH]DWGXSFHPHWDOXOOHSUVHWH
$XREVHUYDWWRWRGDWFRGDWFHLHVHPHUFXUXOGLQQHUYLDWUDJHGXSVLQH
LFHOHODWHPHWDOHJUHOHDOXPLQLXFXSUX]LQFVWDQLXGDULDOWHVXEVWDQH
WR[LFHGLR[LQDDOGHKLGDIRUPLFHWFQWUHJXORUJDQLVPHVWHSUDFWLFLQXQ
GDWGHDFHVWHVXEVWDQHWR[LFHFDUHQXSXWHDXGHWHFWDWHvQDLQWH&HLGRL
PHGLFL .OLQJKDUGWL2PXUD IRORVHVFODRUDDFWXDORWLQFWXUGHFRULDQGUX
DGPLQLVWUkQGRvPSUHXQFX&KORUHOOD'XSFHWR[LQHOHLHVvQVkQJHDSDU

9$&&,185,/(35(9(1,(6$8%2$/



XQHRULVLPSWRPHGHRDUHFHODQLYHOGHHVXWPHUFXUXOYLQHDFXPvQFRQWDFWFX
619 VLVWHPXOQHUYRVYHJHWDWLYVLPSDWLFLSDUDVLPSDWLF SURYRFkQGGXUHUL
GHFDSGXUHULUHQDOHPXVFXODUHGDULDOWHVLPSWRPHGLDUHHRERVHDOFURQL
FWXOEXUULXRDUHGHYHGHUH VHQ]DLDGHRERVHDO 'XSFHPHWDOHOHJUHOH
DMXQJvQVkQJHHOHWUHEXLHHOLPLQDWHGLQRUJDQLVP'036DUHDFHDVWSUR
SULHWDWH[kQGPHWDOXOSHFDUHDSRLvOHOLPLQSULQULQLFKL&HHDFHQXSRDWH
UHDOL]D'036HVWHVFRDWHUHDPHUFXUXOXLGLQFHOXODQHUYRDVQ*HUPDQLD
FDOHDFHDPDLGHVIRORVLWHOHJDQWHVWHDGPLQLVWUDUHDGH'063FDUHVH
SRDWHLQMHFWDLQWUDPXVFXODUVDXLQWUDYHQRV'U.OLQJKDUGWDIFXWXQVWXGLX
LDLQMHFWDW'036 vQFRPELQDLHFXXQDQHVWH]LF SDUDRPELOLFDOVXEFXWDQ
DYkQGvQYHGHUHFLQWHVWLQXOHVWHORFXOXQGHVHDGXQFHDPDLPDUHFDQWL
WDWHGHPHUFXU0HWRGDHVWHXQDQRXGDUIRDUWHHFLHQWGHRDUHFHHOLPLQ
FDQWLWLGHPHWDOHGHVXWHGHRULPDLPDLPDULGHFkWSULQSHUIX]LDJHQHUDO
&D]FOLQLF8QPHGLFVWRPDWRORJDYHDWXOEXUULQHXURORJLFHJUDYH'U
.OLQJKDUGW LD DGPLQLVWUDW '036 LQWUDYHQRV GDU VD HOLPLQDW R FDQWLWDWH
IRDUWHPLFGHPHUFXUPLFURJUDPHPHUFXUOLWUXGHXULQ$WXQFLDLQMHFWDW
'036 VXEFXWDQ SDUDRPELOLFDO GXS FDUH D PVXUDW FDQWLWDWHD GH PHUFXU
GLQXULQLDFRQVWDWFXPLUDUHFVDXHOLPLQDWPLFURJUDPH PJ 
PHUFXUOLWUXGHXULQ'DFFLQHYDDUEHDDFHDVWFDQWLWDWHGHPHUFXUVSXQH
HODUPXUL$OWHDYDQWDMHPDULDOHDGPLQLVWUULLGH'036VXEFXWDQHVWHGR]D
QHFHVDU IRDUWH PLFL IDSWXO F QX HVWH DIHFWDWvQWUHJXO RUJDQLVP '036
SRDWHHOLPLQDGLQVkQJH QXLGLQFHOXOHOHQHUYRDVH PHWDOHSUHFXPPHUFXU
DUVHQVWDQLXFXSUX'U.OLQJKDUGWDUHDOL]DWXQVWXGLXvQ$PHULFDvQFROD
ERUDUHFXGHPHGLFLFDUHDXIRORVLW'036ODSDFLHQL]LLvQ
GHFXUVXOFHORUDQLGHVWXGLXQXVDFRQVWDWDWQLFLXQIHOGHLQFLGHQW7RWXOVD
IFXWVXEVWULFWDOXLVXSUDYHJKHUHSULQPVXUDUHDSHULRGLFDFRQFHQWUDLHL
GHPHWDOHHOLPLQDWHSULQSU VXQWDQDOL]DWHUHOHGHSU HWF(VWHPRWLYXO
SHQWUXFDUH'U.OLQJKDUGWDLQWURGXVPHWRGDLvQ68$GXSFHDDFXPXODW
H[SHULHQvQ*HUPDQLDXQGHVSXQHHOQXVHIRORVHWHvQWRWGHDXQDvQPRG
HFLHQWLFRUHFWDFHDVWVXEVWDQLDXH[LVWDWXQHRULPLFLLQFLGHQWH&XWRD
WHDFHVWHDVSXQH.OLQJKDUGWGHWR[LHUHDFX'036HVWHRPHWRGH[FHOHQW
LWUHEXLHIRORVLWGH0HGLFLQ([LVWLDOWHVXEVWDQHSHFDUHOHIRORVHWHOD
GHWR[LHUHFXPDU*OXWDWLRQXOFDUHHVWHXQDQWLR[LGDQWQDWXUDOLSHFDUHvO
IRORVHVFODRUDDFWXDOPXOLPHGLFLvQORFXO'036&X*OXWDWLRQ'U.OLQ
JKDUGWDYLQGHFDWFXVXFFHVPXOWHFD]XULGHDVWPEURQLFWUDWDPHQWXOLQG
GHVSWPkQL SULQLQKDODLH *OXWDWLRQXO[HD]PHUFXUXOGLQQHXURQLL
GHODQLYHOXOSOPkQXOXLLOHOLPLQYLQGHFkQGDVWPXOEURQLF$FHDVWDHVWH



'U&KULVWD7RGHD*URVV

vQFRGRYDGFODUFLDVWPXOEURQLFHVWHRERDODXWRLPXQSURYRFDW
GHVHRULGHLQWR[LFDLDFXPHUFXUFRQLQXWvQYDFFLQXUL
Q XUP FX  GH DQL QX VH WLD vQF QLPLF GHVSUH PHWDOHOH JUHOH 2
GDW FX GH]YROWDUHD LQGXVWULHL FX vQFHSHUHD IRUULORU DX IRVW VFRDVH OD VX
SUDIDDFHVWHPHWDOHvQDSDPULORUUkXULODFXULSkQ]DIUHDWLFDOLPHQWH
LQGDSRLIRORVLWHvQSURGXFHUHDYDFFLQXULORUSHSRVWGHDGMXYDQLGDUL
ODFDUEXUDQLHWF6SUHH[HPSOXFDQWLWDWHDGHFDGPLXHOLPLQDWGLQJD]HOHGH
HDSDPHQWHVWHIRDUWHPDUH1XH[LVWRPVSXQH'U.OLQJKDUGWFDUHVQX
HLQWR[LFDWFXFDGPLXGRDUGDFQXDWUHFXWQLFLRGDWSHOkQJRPDLQ
&DGPLXOWULHWHvQPGXYDRVRDVLLQWR[LFDLDFXFDGPLXHVWHXQDGLQ
FDX]HOHOHXFHPLHLLRVWHRSRUR]HLODIHPHL2DOWHUQDWLYOD'036HVWHOH
XUGDVDXXVWXURLXOVOEDWLF'U.OLQJKDUGWIRORVHWHWLQFWXUDGHOHXUGvQ
FRPELQDLHFXFHDGHFRULDQGUXL&KORUHOODFDLFHOPDLVLPSOXWUDWDPHQW
GHGHWR[LHUHDRUJDQLVPXOXLGHPHWDOHJUHOH
&D]FOLQLF2SDFLHQWDYHDGXUHULFURQLFHGHFDSGHDQLGHQXPLWH
PLJUHQH &X WRDWH DFHVWHD VLPSWRPHOH QX DUWDX D  R PLJUHQ L LDP
DGPLQLVWUDWSLFWXULGHFRULDQGUXvQWURVLQJXUGR]ODFDELQHWXOPHX,DX
WUHFXWGXUHULOHGHWRWGXSGRDURVLQJXUGR]VSXQH'U.OLQJKDUGW'U
2PXUDFDUHDGHVFRSHULWDFHVWWUDWDPHQWODIRORVLWvQPXOWHFD]XULGHFDQ
FHU3ULQPRELOL]DUHDPHUFXUXOXLGLQWXPRULVLVWHPXOLPXQVHUHIDFHLUHX
HWHVvQYLQJERDOD'U.OLQJKDUGWDVWXGLDWHIHFWXO'036SHSURSULDOXL
SHUVRDQWLPSGHDQLSDVFXSDVGHRDUHFHQXH[LVWDQLFLXQVWXGLXvQDFHVW
VHQV$PGLQOLWHUDWXUDGHVSHFLDOLWDWHFODRUDDFWXDOQXH[LVWQL
FLXQWUDWDPHQWDORSDWFDUHVVFRDWPHUFXUXOVDXDOWHPHWDOHJUHOHGLQ
FUHLHUFLGRDUFkWHYDvQFHUFULHXDWHIRORVLQG'06$
&HOHWUHLVXEVWDQHIRORVLWHGH'U.OLQJKDUGWSHQWUXGHWR[LHUH&KOR
UHOODOHXUGDLFRULDQGUXODFLRQHD]VLQHUJLF ODIHOFXPDFLRQHD]VLQHUJLF
LPHWDOHOHJUHOHvQRUJDQLVP (VWHQHYRLHGHXQUHJLPERJDWvQDPLQRDFL]L
FkQG VH IDFH GHWR[LHUHD PRWLY SHQWUX FDUH WUDWDPHQWXO OD RDPHQLL YHJH
WDULHQLSRDWHSHULFXORV$YHJHWDULDQQXHVWHRVROXLHGHRDUHFHWRDWH
SODQWHOHSRVHGFDSDFLWDWHDGHDDEVRUELVXEVWDQHOHWR[LFHLQFOXVLYPHWDOHOH
JUHOH'U.OLQJKDUGWVSXQHFWRLFHLFDUHDXIRORVLWVFKHPDOXLGHWUDWDPHQW
DXHOLPLQDWRFDQWLWDWHPDUHGHPHUFXUSULQDHUXOH[SLUDWSULQSLHOHSU
VFDXQLXULQ'DFXQDGLQFHOHWUHLFRPSRQHQWHDOHWUDWDPHQWXOXLOLSVHWH
QXVHHOLPLQSUDFWLFQLPLFQHIHFWXOORUVLQHUJLFFRQVWVXFFHVXOWUDWD
PHQWXOXL'XSHFDUHVSWPkQLGHGHWR[LHUH'U.OLQJKDUGWIDFHDQD
OL]HGLQSUSHQWUXDYHGHDFkWPHUFXUVHHOLPLQ3ULQGHWR[LHUHPHUFXUXO


,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



HVWHVFRVGLQFUHLHUGHXQGHDMXQJHvQVkQJHLDSRLvQSU$LFLSRULXQHDGH
SUGHFPPVXUDWGHODUGFLQFRUHVSXQGHXOWLPHORUVSWPkQL
'DFFDQWLWDWHDGHPHUFXUGLQSUFUHWHFRQWLQXXvQDFHVWHVSWPkQLWLP
FWUDWDPHQWXOHVWHHFLHQW
1XHVWHGHORFLQGLFDWGH]LQWR[LFDUHDFXWHUDSLHSULQELRUH]RQDQLQLFL
WUDWDPHQWH KRPHRSDWH UHVSHFWLY PHUFXU KRPHRSDW LQGF PHUFXUXO KRPH
RSDW GHVFKLGH PHPEUDQHOH FHOXOHL SHQWUX PHUFXU L vQ ORF V LHV PHUFXUXO
GLQ FHOXO VH vQWkPSO IHQRPHQXO LQYHUV FRQIRUP JUDGLHQWXOXL RVPRWLF YD
SWUXQGHvQFHOXOPHUFXUXOFDUHVHDvQVSDLXOH[WUDFHOXODUvQWURFRQFHQ
WUDLHPXOWPDLPDUHGHFkWvQFHOXODUP'U.OLQJKDUGW(ODREVHUYDWDFHVW
IHQRPHQODPDMRUWLWDWHDSDFLHQLORUWUDWDLGHFWUHWHUDSHXLKRPHRSDLLFX
ELRUH]RQDQ 'U.OLQJKDUGWDUHFRPSHWHQvQKRPHRSDWLH 
 3R]LLD0HGLFLQHLPRGHUQH
Q 5RPkQLD DFHVWH WUDWDPHQWH QX VXQW FXQRVFXWH L SUREDELO QX YRU 
QLFLUHFXQRVFXWHvQFXUkQGGDUQXSXWHPLJQRUDODQHVIkULWDVWIHOGHVXFFHVH
PDULvQWUDWDUHDEROLORUQHXURORJLFHJUDYHFXPHVWHDXWLVPXODSURYRFDWH
GHPHUFXULDOWHPHWDOHFRQLQXWHvQYDFFLQXULSORPEHHWF&kWWLPSvQVvQ
ODERUDWRDUHOHQRDVWUHQXVHGR]HD]  PHUFXUXOGLQVkQJHSUXULQVFDXQ
VDX DOWH SURGXVH ELRORJLFH QX SXWHP GLDJQRVWLFD R LQWR[LFDLH FURQLF FX
PHUFXULGHVLJXUQLFLVRWUDWPQ*HUPDQLDDSURDSHFQXH[LVWPDP
FDUHVQXDX]LWGH&KORUHOOD
3HUVRQDODPvQFHSXWVWXGLXOXQXLDVHPHQHDWUDWDPHQWGHGHWR[LHUH
,QVWLWXWXOGH0HGLFLQGLQ68$ XQDGLQWUHFHOHPDLvQDOWH,QVWDQH0H
GLFDOH  D UHFXQRVFXW R SRVLELO OHJWXU GH RUGLQ ELRORJLF vQWUH PHUFX
UXOGLQYDFFLQXULLWXOEXUULOHQHXURORJLFH7UHLDQLPDLWkU]LXH[SHULL
FRQVLGHUFQXH[LVWRDVWIHOGHOHJWXULFQXPDLHVWHQHYRLHGHDOWH
VWXGLL'U7KRPDV%XUEDFKHUFRQVLGHUFHVWHFHOSXLQFLXGDWRDVWIHOGH
DWLWXGLQHDYkQGvQYHGHUHFQXVHFXQRDWHDSURDSHGHORFHIHFWXOWR[LFDO
7KLRPHUVDOXOXLDVXSUDVLVWHPXOXLQHUYRVDDWvQVWDGLXGHGH]YROWDUHLGH
PDWXUL]DUH6QXXLWPFHVWHYRUEDGHRVXEVWDQWR[LFFDUHVHLQMHFWHD]
ODPLOLRDQHGHVXJDULFKLDULODRUDDFWXDO(OvLvQFKHLHDUWLFROXODVWIHO
0HWLOPHUFXUXO GLQDOLPHQWH QXHVWHVXEVWDQDGHUHIHULQFRUHFWSULQ
FDUHVHSRDWHVWXGLDLFXQRDWHHIHFWXOWR[LFDOPHUFXUXOXLDVXSUDVLVWHPXOXL
QHUYRVXPDQ$UWUHEXLIRORVLWHWLOPHUFXUXOGLQYDFFLQXUL


,ELGHP
 ,QVWLWXWH RI 0HGLFLQH ,PPXQL]DWLRQ 6DIHW\ 5HYLHZ7KLRPHURVDOFRQWDLQLQJ YDF
FLQHVDQGQHXURGHYROHSPHQWDOGLVRUGHUV7KH1DWLRQDO$FDGHP\RI6FLHQFHV

%(KJDUWQHURSFLW




'U&KULVWD7RGHD*URVV

$VWIHOGHYRFLDXUPDVvQPLQRULWDWH&HOHPDLPXOWHVWXGLLHSLGHPLROR
JLFHvQDFHVWVHQVVDXIFXWvQ'DQHPDUFDXQGHVDLQWHU]LVIRORVLUHD7KLR
PHUVDOXOXLODIDEULFDUHDYDFFLQXULORUvQFGLQDQXO
5HQXQDUHDODYDFFLQXULFX7KLRPHUVDOGDUQXGHWRW
'XSFHDIRVWIFXWSXEOLFGHVFRSHULUHDvQXUPDXQXLFRQWUROGHUXWL
QFH[LVWXQH[FHVGHPHUFXUvQRUJDQLVPXOVXJDULORUFDUHDXSULPLWYDF
FLQXULFHFRQLQ7KLRPHUVDORFLDOLWLOHDXUHDFLRQDWvQVIkULWLDXSXVOD
GLVSR]LLHEDQLVXFLHQLSHQWUXDVWXGLDPHUFXUXOFXFDUHVDXYDFFLQDWSkQ
DFXPVXJDULLLFHHIHFWDDYXWDVXSUDVQWLLORU6WXGLLOHOXL%XUEDFKHU
FDUHGDWHD]vQFGLQVXQWOXDWHvQFRQVLGHUDUHGRDUDFXP&DXUPDUH
206LQWHU]LFHGHDFXPvQFRORIRORVLUHD7KLRPHUVDOXOXLODIDEULFDUHDYDFFL
QXULORUGDUQXPDLvQULOHLQGXVWULDOL]DWHSHFkQGvQULOHvQFXUVGHGH]YRO
WDWHvOUHFRPDQGvQFRQWLQXDUH
6LWXDLDvQFDUHVHDD206QXHUDXQDWRFPDLFRPRG7UHEXLDVDOHD
J3HGHRSDUWHFUHWHDQXPUXOGHDVRFLDLLGHSULQLFXFRSLLDXWLWLFDUH
DFX]DXSURGXFWRULLGHYDFFLQXULGHJUHHOLOHORUIDWDOH HUDGHvQHOHVFYD
YRUEDGHVXPHPDULOHJDWHGHSURFHVHLPLQHQWH LDUSHGHDOWSDUWH,QGXV
WULD)DUPDFHXWLFDPHQLQDFVHYDUHWUDJHGHWRWGLQSURGXFLDGHYDFFLQXUL
GDFQXYDDSUDWGH/HJHQDFHHDLVLWXDLHHUDLWLLQD0HGLFDO(UD
vQVLPSRVLELOVWHvQWRUFLvQWUHFXWLVUHFXQRWLF0HGLFLQDDJUHLWDWkWD
WLPS8QQRXVWXGLXGHVSUHOHJWXUDGLQWUHPHUFXULWXOEXUULOHQHUYRDVH
WUHEXLDGHFLHYLWDW'HDFHHDH[LVWDFHVWFRPSURPLVGHDSURGXFHvQFRQWL
QXDUHYDFFLQXULFX7KLRPHUVDOGDUQXPDLSHQWUXDQXPLWHUL
Q5RPkQLDYDFFLQXULOHDQWLWHWDQRVDQWLKHSDWLWLF$L%FRQLQPHUFXU
RUJDQLF QHXURWR[LF 9DFFLQXO DQWLWHWDQRV DGPLQLVWUDW IHPHLORU JUDYLGH vQ
OXQDDDGHVDUFLQFRQLQHDOXPLQLX6HWLHFPHWDOHOHWUHFSULQSODFHQW
SXWkQGSURYRFDODIWQXPHURDVHEROLUHQDOH PDOIRUPDLLVDXEROLDXWRLPX
QH LEROLQHXURORJLFH9DFFLQXODQWLKHSDWLWLF%HVWHXQYDFFLQREOLJDWRULX
LVHDGPLQLVWUHD]VXJDUXOXLLPHGLDWGXSQDWHUH9DFFLQXULOHDQWLJULSDOH
FRQLQGHDVHPHPQHDDVWIHOGHPHWDOHWR[LFH
%  $OXPLQLXOPLFXOVHFUHWPXUGDU
DOLPXQRORJLORU GLUW\OLWWOHVHFUHW
'DFvQFD]XOPHUFXUXOXLVHWLDFXVLJXUDQFHUDIRORVLWvQYDFFLQXUL
GUHSWFRQVHUYDQWWRFPDLGDWRULWWR[LFLWLLOXLLDUvQFD]XOXQHLFRQWDPLQUL
FXEDFWHULLVDXFLXSHUFLWUHEXLDGHODEXQvQFHSXWVOHWDLHSRIWDDGLFV

.00DGVHQHWDO7KLRPHUVDODQGWKHRFFXUUHQFHRIDXWLVP1HJDWLYHHFRORJLFDO
HYLGHQFHIURP'DQLVKSRSXODWLRQEDVHGGDWD3HGLDWULFV

%(KJDUWQHURSFLW

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



OH GLVWUXJ QX DFHODL OXFUX VH SRDWH VSXQH GHVSUH DOXPLQLX FDUH HVWH XQ
PHWDOFHVHJVHWHvQGLQWRDWHYDFFLQXULOHGHSHSLDLGHVSUHHIHFWXO
FUXLDQXVHWLHSUDFWLFQLPLFGDUIUGHFDUHYDFFLQXOSXULVLPSOXQX
IXQFLRQHD]&KDUOHV/DQHZD\-ULPXQRORJOD8QLYHUVLWDWHD<DOHGHOD
1HZ+DYHQGHQXPHWHDOXPLQLXOGLQDFHVWHPRWLYHGUHSWGLUW\OLWWOHVH
FUHW PLFXOVHFUHWPXUGDU DOLPXQRORJLORU
'HLDOXPLQLXOHVWHXQPHWDOXRUGLQFDX]DWR[LFLWLLOXLGDULDvQ
OHVQLULLH[SOLFDLLORUGLQFDUWHHOHVWHvQFDGUDWvPSUHXQFXPHUFXUXOVLDOWH
PHWDOHvQFDWHJRULDPHWDOHORUJUHOH
)RORVLUHDDOXPLQLXOXLGUHSWDGMXYDQW GHODODWLQHVFXODGMXYDUH DVSUL
MLQL vQYDFFLQXULDUHXQLVWRULFODIHOGHOXQJFDLPHUFXUXOQDQXO
$OH[DQGHU7KRPDV*OHQQ\SXEOLFDGHMDGHVFRSHULUHDQRXOXLYDFFLQDQWLGLI
WHULFSHQWUXFDUHDIRORVLWDOXPLQLXGUHSWDGMXYDQW&XWRDWHFDWUHFXWDWkWD
WLPSGHFkQGHVWHXWLOL]DWDFHVWPHWDOWR[LFODIDEULFDUHDYDFFLQXULORUQXVH
FXQRDWHvQFPHFDQLVPXOOXLGHDFLXQH
Q DQXO  DSDUH SHQWUX SULPD GDW XQ DUWLFRO VFULV GH FWUH LPXQR
ORJXOVFRLDQ-DPHV0%UHZHULQWLWXODW&XPIXQFLRQHD]DGMXYDQLLGLQ
DOXPLQLX"QDUWLFROHOvLH[SULPPLUDUHDFGHLDOXPLQLXOHVWHIRORVLW
GHSHVWHGHDQLFDDGMXYDQWQXVHFXQRDWHDSURDSHQLPLFGHVSUHUHDFLD
FKLPLFGLQWUHDFHVWDLDQWLJHQXOGLQYDFFLQXULLQXH[LVWQLFLVWXGLLOHJDWH
GHHIHFWXOELRORJLFDODOXPLQLXOXLvQRUJDQLVP6LQJXUXOOXFUXFXQRVFXWHVWH
FvQPRGVLJXUHOFUHWHUVSXQVXOLPXQDORUJDQLVPXOXLIDGHDQWLJHQXO
GLQ YDFFLQ$FHVW OXFUX VH UHDOL]HD] SULQ PDL PXOWH PHFDQLVPH Q SUL
PXOUkQGDQWLJHQXOVHOHDJGHDGMXYDQWLHVWHEORFDWvQIHOXODFHVWDSULQ
HIHFWXOGHGHSR]LW'HDLFLDQWLJHQXOVHHOLEHUHD]vQFHWLvQIHOXODFHVWD
XQQXPUPDLPDUHGHFHOXOHLPXQHYLQHvQFRQWDFWFXDQWLJHQXOUVSXQVXO
LPXQ LQG PDL DPSOX SULQ LQWHUPHGLXO PDFURIDJHORU FHOXOHORU GHQGULWLFH
LDOLPIRFLWHORU 5ROXOIRORVLULLDGMXYDQWXOXLHVWHGHDDPSOLFDHIHFWXO
LPXQvPSRWULYDDQWLJHQXOXLIUDLQGXFHvQVLRUHDFLHLPXQvPSRWULYD
OXLvQVXL'XSDFHHDDGMXYDQWXODUWUHEXLVHHOLPLQDWGLQRUJDQLVP3kQ
DLFL HVWH WHRULH 'DU H[SHULHQD DUDW F SkQ OD RUD DFWXDO VDX IRORVLW
DSURDSHvQH[FOXVLYLWDWHVUXULDQRUJDQLFHJUHXGL]ROYDELOHFDUHHOLEHUHD]
GHVWXOGHJUHXDQWLJHQXO&HOHPDLIRORVLWHVXQWVUXULOHGHDOXPLQLXIRVIDW
GHDOXPLQLXLKLGUR[LGGHDOXPLQLX$YDQWDMXODOXPLQLXOXL VSXQHPHGLFL
QD HVWHFIDYRUL]HD]RSURGXFLHPDUHGHDQWLFRUSLGHFLLPXQLWDWHDXPRUD


,ELGHP
&KDUOHV-DQHZD\-U$SSURDFKLQJWKHDV\PSWRWH(YROXWLRQDQGUHYROXWLRQLQLP
PXQRORJ\&ROG6SULQJ+DUE6\PS4XDQW%LRO3W

%(KJDUWQHURSFLW

 -DPHV 0 %UHZHU +RZ  GR DOXPLQLXPDGMXYDQWV ZRUN" ,PPXQRORJ\ /HWWHUV


%(KJDUQWHURSFLW




'U&KULVWD7RGHD*URVV

O 7KIRUPDWRDUHGHDQWLFRUSL GDUQXLLPXQLWDWHDFHOXODU 7KFXLP


SOLFDUHDOLPIRFLWHORU7 ([LVWYDFFLQXULFDUHQXQHFHVLWDGMXYDQLFXPDU
YDFFLQXULOHFXYLUXVXULYLL DQWLUXMHROLFHWF GHRDUHFHDXVXFLHQWSXWHUH
FDVLQGXFRLPXQLWDWH9LUXVXULOHYLLVXQWGHFLSURSULLLORUDGMXYDQL'DU
QLFLYDFFLQXULOHFXYLUXVXULRPRUkWHQXQHFHVLWGHRELFHLDGMXYDQLSXWkQG
LQGXFHIRUPDUHDGHDQWLFRUSL FHHDFHQXvQVHDPQQHDSUDWLLPXQL]DUH 
QVFKLPEYDFFLQXULOHFDUHFRQLQGRDUSDUWLFXOHGLQWUREDFWHULHVDXSUR
WHLQHDQWLJHQLFHGHVXSUDIDQXSRWLQGXFHXQWLWUXVXFLHQWGHDQWLFRUSLL
QHFHVLWIRORVLUHDDGMXYDQLORUUHVSHFWLYDVUXULORUGHDOXPLQLX
&DUHHVWHDFLXQHDVUXULORUGHDOXPLQLX"
6UXULOHGHDOXPLQLXSURYRDFRLQIHFLHODORFXOLQMHFLHLFDUHYDXQ
VHPQDOGHDODUPSHQWUXVLVWHPXOLPXQ6LVWHPXOQRVWUXLPXQUHDFLRQHD]
XQHRULvQWUXQPRGFXWRWXOQHDWHSWDWFXPQXLOGRUHVFLPXQRORJLL(VWH
WLXWIDSWXOFDOXPLQLXOSURYRDFGHVHRULUHDFLLDOHUJLFHLFKLDUEROLDXWR
LPXQH1XVXQWGHQHJOLMDWQLFLUHDFLLOHORFDOHSURYRFDWHGHDOXPLQLXLQG
XQHRULIRDUWHJUHXYLQGHFDELOH6UXULOHGHDOXPLQLXVHGL]ROYJUHXUPk
QkQG R LULWDLH ORFDO FDUH SURYRDF PXOW WLPS GXUHUL OD ORFXO LQMHFLHL &X
WRDWHDFHVWHDLPXQRORJLLQXDXJVLWQLFLSkQODRUDDFWXDORDOWHUQDWLYPDL
EXQSHQWUXDOXPLQLX2DOWHUQDWLYDUGRDUPHUFXUXOXQDOWLPSHGLPHQW
'HDFHHDLQVWLWXLLOHRFLDOHSUHIHUVQXIDFVWXGLLFDUHVGHVFRSHUHDGH
YUDWHOHHIHFWHDOHDOXPLQLXOXLDVXSUDRUJDQLVPXOXL3URGXFWRULLGHYDFFL
QXULVXQWFXDWkWPDLSXLQLQWHUHVDLVLQLLH]HDVWIHOGHVWXGLLSHULFOLWkQGXL
YkQ]DUHDSURGXVHORUDWkWGHSURWDELOH
<HKXGD6KRHQIHOGGHOD&HQWUXOGH%ROLDXWRLPXQHGHOD8QLYHUVLWDWHD
GLQ7HO$YLYDSXEOLFDWRVHULHGHOXFUULOHJDWHGHFDX]HOHDFHVWRUEROLLD
RUJDQL]DWXQ&RQJUHVvQODFDUHVDOXDWvQGLVFXLHLSRWHQLDOXOULVF
DOYDFFLQXULORU(ODSUH]HQWDWPRGDOLWLOHSULQFDUHYDFFLQXULOHSRWSURYR
FD R DXWRDJUHVLXQH L vQ FRQVHFLQ EROL DXWRLPXQH Q FHQWUX VH D XQ
PHFDQLVP DPLQWLWL L vQ FDS   GHQXPLW PLPDUH PROHFXODU PROHFXOH
DDWHODVXSUDIDDDQWLJHQHORUVHDPQVDXSRWFKLDULGHQWLFHFXPROHFXOH
SURSULLRUJDQLVPXOXL3RDWHRWDFWLFDDQWLJHQXOXLGDUSRDWHLRSXU
vQWkPSODUH(DGHYLQHvQVRSUREOHPDWXQFLFkQGVLVWHPXOQRVWUXLPXQUH
DFLRQHD]LDWDFFHOXOHOHSURSULL$DVHGH]YROWERDODDXWRLPXQ$LFL
LQWU XQHRUL vQ DFLXQH L DOXPLQLXO FDUH SFOHWH VLVWHPXO LPXQ L RULHQ


,ELGHP
 0RVKH 7LVKOHU <HKXGD 6KRHQIHOG 9DFFLQDWLRQ PD\ EH DVVRFLDWHG ZLWK DXWRLP
PXQH GLVHDVHV ,0$M  L 9HUHG 0ROLQD <HKXGD 6KRHQIHOG ,QIHFWLRQ
YDFFLQHVDQGRWKHUHQYLURQPHQWDOWULJJHUVRIDXWRLPPXQLW\  


9$&&,185,/(35(9(1,(6$8%2$/



WHD]FHOXOHOHLPXQHFWUHQLWHSURWHLQHSURSULLDOHRUJDQLVPXOXL VHOI FDUH


QXVXQWGHSHVXSUDIDDXQRUDQWLJHQH YLUXVEDFWHULH GLQYDFFLQXUL$WXQFL
DSDUHSHULFROXOFDFHOXOHOHLPXQHVUHDFLRQH]HvPSRWULYDSURSULLORUFHOXOH
8QH[HPSOXFRQFUHWXQJUXSGHFHUFHWWRULGHOD8QLYHUVLWDWHDSHQWUX&HU
FHWDUH9DQFRXYHUGLQ&DQDGDDXVWXGLDWHIHFWXODGMXYDQLORUGLQYDFFLQXULSH
FREDL6WXGLXOVDUHDOL]DWvQVSHFLDOSHQWUXDFXWDFDX]HOHEROLLFDUHDIRVW
GHQXPLWDSRL6LQGURPXOU]ERLXOXLGLQ*ROIGHFDUHDXVXIHULWPLLGHVRO
GDLFDUHDXOXSWDWvQSULPXOU]ERLGLQ*ROI  &DX]DVXIHULQHL
QXHUDXQLFLDUPHOHFX8UDQLXIRORVLWHODU]ERLLQLFLJD]HOHQHXURWR[LFH
GLQ,UDNFLSURJUDPXOIRDUWHVRVWLFDWGHYDFFLQDUHDSOLFDWDFHVWRUVROGDL
vQDLQWHGHSOHFDUHDORUvQ*ROI8QDGLQGRYH]LDIRVWDSDULLDVLQGURPXOXL
DWkWODVROGDLLSOHFDLvQ*ROIFkWLODFHLFDUHQXDXPDLSOHFDWODU]ERLL
DXUPDVDFDVGDUFDUHDXIRVWFXWRLLYDFFLQDL&HOHPDLJUDYHVLPSWRPH
DXIRVWFHOHQHUYRDVHFXOH]LXQLQHXURPXVFXODUHLPSRUWDQWH H[6LQGURPXO
/RX*HKULQJV $/6 6ROGDLLIUDQFH]LQHLQGWUDWDLFXDVWIHOGHYDFFL
QXULQXDXVXIHULWGH6LQGURPXO5]ERLXOXLGLQ*ROI2DPHQLLGHWLLQ
GLQ&DQDGDDXVWXGLDWDWXQFLHIHFWXODOXPLQLXOXLFRQLQXWvQDFHVWHYDFFLQXUL
SHGRXORWXULGHFREDLODSULPXOORWVDLQMHFWDWRFDQWLWDWHGHDOXPLQLXLGHQ
WLFUDSRUWDWGHVLJXUODJUHXWDWHDORULDUODFHOGHDOGRLOHDORW PDUWRU VD
LQMHFWDWRVROXLHDSRDVQHXWU6DREVHUYDWRGLIHUHQHVHQLDOvQFHHDFH
SULYHWHIRUDPXVFXODUHDLQGVF]XWODMXPWDWHODFREDLLYDFFLQDWLFX
DOXPLQLX'HDVHPHQHDVDPDLREVHUYDWLRVFGHUHDFFHQWXDWDPHPRULHL
ODDFHWLFREDL/DDQDOL]DFHOXOHORUQHUYRDVHGLQFUHLHULPGXYDVSLQULL
VDFRQVWDWDWXQDGHYUDWGH]DVWUXQFHQWUHOHQHUYRDVHGLQFUHLHUFDUHDX
XQUROHVHQLDOvQFRRUGRQDUHDPLFULORULvQFRQWUROXOPXVFXODUDXPXULW
XQSURFHQWGHSkQODGLQWUHQHXURQLLDUXQDOWQXPUPDUHGHQHX
URQLGLQFUHLHULPGXYDVSLQULLHUDXSHFDOHGHGLVWUXJHUH+LGUR[LGXOGH
DOXPLQLXDSURYRFDWWXOEXUULGHPHUVLGHFRPSRUWDPHQWREVHUYkQGXVH
SUH]HQDXQXLQXPUPDUHGHQHXURQLDDLvQDSRSWR] VWDGLXOSUHPHUJWRU
PRULL vQGLIHULWHUHJLXQLDOHVLVWHPXOXLQHUYRVFHQWUDOLXQPDUHQXPUGH
QHXURQLPRWRULGLVWUXLGLQPGXYDVSLQULL2DPHQLLGHWLLQFDQDGLHQL
DXSUH]HQWDWFXDFHDVWRFD]LHLPXOWHDOWHVWXGLLIFXWHSHRDPHQLLDQL
PDOHFDUHDUDWHIHFWXOGH]DVWUXRVDOVUXULORUGHDOXPLQLXSHQWUXVQWDWHD
RPXOXLSULQDFWLYDUHDQXGRDUDEROLORUQHUYRDVHFLLDEROLORUDXWRLPXQH

063HWULNHWDO$OXPLQLXPDGMXYDQWOLQNHGWRJXOIZDULOOQHVVLQGXFHVPRWRU
QHXURQGHDWKLQPLFH1HXURPROHFXODU0HG  

%(KJDUWQHURSFLW

,ELGHP



'U&KULVWD7RGHD*URVV

LDGLIHULWHORUDOHUJLL(LDWHQLRQHD]PDLDOHVDVXSUDSHULFROXOXLSHFDUHvO
UHSUH]LQWDOXPLQLXOGLQYDFFLQXULSHQWUXVXJDUL8WLOL]DUHDvQFRQWLQXDUH
D DGMXYDQLORU FX DOXPLQLX vQ GLIHULWH YDFFLQXUL KHSDWLWLF $ L % '73 
GLIWHURWHWDQRSHUWXVVLVHWF YDSXWHDDYHDUHSHUFXVLXQLJUDYHSHQWUXVQ
WDWHDFRSLLORUSHQWUXXQWLPSvQGHOXQJDW3kQQXVHYRUIDFHVWXGLLGHVSUH
VLJXUDQDYDFFLQXULORULDQXPHVWXGLLGHFRQWUROSHQWUXRSHULRDGOXQJ
vQFDUHVVHVWXGLH]HHIHFWXOORUDVXSUDVLVWHPXOXLQHUYRVPXOLGLQWUHFHL
YDFFLQDLVHYRUSXWHDvPEROQYL
6HSXQHLQHYLWDELOvQWUHEDUHDGDFULVFXOYDFFLQXULORUQXHVWHFXPXOWPDL
PDUHGHFkWERDODFDUHWUHEXLHSUHYHQLW'LQSFDWHDUPRDPHQLLGHWLLQ
FDQDGLHQLHLQXDXSULPLWQLFLRFHUHUHOHJDWGHDVWIHOGHVWXGLLGHODSURGX
FWRULLGHYDFFLQXULVDXDOWHUPHIDUPDFHXWLFH6WXGLLOHORUDXIRVWQDQDWH
GHFWUHGRXUPHSDUWLFXODUHGHFHUFHWDUHGLQ&DQDGD$DFXPDPY]XW
ODPHUFXUODIHOVHvQWkPSOLFXDOXPLQLXOFkQGLQWUvQQHUYLYDSURYRFD
GLVWUXJHUHDORUPRWLYSHQWUXFDUHFHOXOHOHDQDOL]DWHVHDvQID]DGHDSRS
WR]DGLFvQID]DGHGLQDLQWHDPRULLORU6HWLHFDFXPXODUHDGHDOXPLQLX
vQRUJDQLVPHVWHFRUHODWFXDSDULLDGHPHQHL$O]KHLPHUDYkQGvQVXQURO
VHFXQGDU,QWR[LFDLDFXPHUFXUUPkQHSULQFLSDODFDX]DEROLL$O]KHLPHU
& $GMXYDQLQRL
&HLPDLPXOLDGMXYDQLQRLLQFOX]kQG0),6&20626$6L
$6VXQWPDLWR[LFLGHFkWKLGUR[LGXOGHDOXPLQLX
&DUHHVWHPRWLYXOLQWURGXFHULLGHQRLDGMXYDQL"
,PXQRORJLLDXUHDOL]DWIDSWXOFVWLPXODUHDLPXQLWLLXPRUDOHIRUPDWRD
UHGHDQWLFRUSLQXHVWHSRDWHDWkWGHLPSRUWDQWFDLVWLPXODUHDLPXQLWLLFH
OXODUH6SUHGHRVHELUHGHDGMXYDQLLYHFKLFHLQRLQXVWLPXOHD]GRDULPX
QLWDWHDXPRUDO 7KFDUHDWDFPLFURELLGLQVkQJH FLLLPXQLWDWHDFHOXODU
7KFDUHDWDFFHOXOHOHPRGLFDWHvPEROQYLWH &HOXOHOHLPXQHGLQXOWLPD
FDWHJRULH 7K  DWDF RULFH IHO GH FHOXO FDUH QX SRDWH GRYHGL FX DMXWRUXO
SURWHLQHORUGHvQYHOLFHVWHSURSULHRUJDQLVPXOXL VHOI VDXFDUHGVHPQDOH
F SURGXFH SURWHLQH VWULQH vPSRWULYD RUJDQLVPXOXL &D XUPDUH YRU DYHD
ORFUHDFLLH[DJHUDWHDXWRLPXQHFXIRUPDUHGHDXWRDQWLFRUSLLvQQDOFX
DSDULLDEROLORUDXWRLPXQH*UDYHVWHIDSWXOFULVFXULOHODFDUHHVWHH[SXV
RUJDQLVPXOXPDQGLQFDX]DQRLORUDGMXYDQLQXHVWHvQFELQHFXQRVFXW6WX
GLLOHVXQWLQVXFLHQWHLLQH[DFWH&XWRDWHFLPXQLWDWHDHVWHVWLPXODWGRDU


,ELGHP
,ELGHP

7RUVWHQ(QJHOEUHFKW&ODXV.|KQOHLQ9LUXV:DKQHPX9HUODJ$XDJH


9$&&,185,/(35(9(1,(6$8%2$/



FXDMXWRUXODFHVWRUDGMXYDQLH[SHULLQXDXSXWXWGRYHGLIDSWXOFDQWLFRUSLL
DWDFGRDUDQWLJHQHOH YLUDOHEDFWHULHQH LQXDWDFVLDGMXYDQLLOHJDLGH
DFHVWHDQWLJHQHVDXFKLDUFHOXOHOHSURSULLRUJDQLVPXOXL6HSXQHvQWUHEDUHD
&HVSHFLWDWHDXDQWLFRUSLLSHQWUXGLIHULLDJHQLSDWRJHQLUHVSHFWLYSHQWUX
GLIHULWHEROL"6HSDUHFDHVWHVXFLHQWVLQMHFWPDGMXYDQLYHFKL KLGUR[LG
GHDOXPLQLX VDXRHPXOVLHXOHLRDVFX6TDOHQDSHQWUXDRELQHWRDWHWLSXULOH
SRVLELOHGHDQWLFRUSL
)WXO HVWH L HO XQ FRUS VWULQ QRQVHOI SHQWUX VLVWHPXO LPXQ GDU vQ
PRG QRUPDO HO QX HVWH DWDFDW GHRDUHFH LPXQLWDWHD FHOXODU D PDPHL HVWH
UHGXVPXOWvQWLPSXOVDUFLQLL WROHUDQLPXQRORJLF $GMXYDQLLQRLGLQ
YDFFLQXULGLVWUXJDFHDVWWROHUDQLPXQRORJLFLIWXOSRDWHUHVSLQVGH
FWUHRUJDQLVPXOPDPHLLDYRUWDW
$GMXYDQWXO0)DIRVWVLQWHWL]DWvQGHFWUH&RPSDQLDIDU
PDFHXWLF&LED*HLJ\FDUHDSDULQHODRUDDFWXDO&RQFHUQXOXL)DUPDFH
XWLF1RYDUWLV0)HVWHRHPXOVLHXOHLRDVFDUHFRQLQH6TXDOHQD3ROLVRU
EDW 7ZHHQ L6RUELWDQWULROHDW 6SDQ 6WXGLLOHHIHFWXDWHSHRDUHFL
DXDUWDWFDGMXYDQLLXOHLRLLQGXFSUREOHPHPRWRULLLSDUDOL]LL
Q OLWHUDWXUD PHGLFDO JVLP QXPHURDVH FD]XUL GH EROL DXWRLPXQH FDUH
DIHFWHD]YDVHOHVDQJXLQHLULQLFKLLYDVFXOLWHSXVHSHVHDPDXQRUFRP
SRQHQWHGLQYDFFLQXODQWLJULSDO <DQDX%HUDU7DYDGLD DGMX
YDQWXO0)FRQLQXWvQYDFFLQXODQWLJULSDOSRDWHLQGXFHOXSXVXOHULWHPDWRV
6DWRV   1XPHURDVH DOWH FRPSOLFDLL QHUYRDVH VXQW SXVH SH VHDPD
YDFFLQXOXLDQWLJULSDOODJUDYLGHDDFXPDPLQWLWQDWHULRUVWLPXOHD]LPX
QLWDWHDFHOXODU7+SULQFDUHYDUHVSLQVIWXOLDYRUWDW6DXLvQWkPSODW
DVWIHOGHDYRUWXULVSRQWDQH6TDOHQDHVWHXQDVWIHOGHDGMXYDQW
$GMXYDQWXO$62HVWHSUHVFXUWDUHD$GMXYDQWXOXL6\VWHPSUR
GXV GH FWUH &RPSDQLD )DUPDFHXWLF *OD[R6PLWK.OLQH L HVWH R HPXOVLH
XOHLRDV2GR]GHPOGHYDFFLQSDQGHPLF3DQGHPUL[FRQLQH
PJ6TDOHQDPJYLWDPLQD(LPJHPXOJDWRU3ROLVRUEDW 7ZHHQ
 6DGRYHGLWF6TXDOHQDDFDX]DWQXPHURDVHEROLDXWRLPXQHL6LQ



'U&KULVWD7RGHD*URVV

GURPXO5]ERLXOXLGLQ*ROI$GMXYDQLL6FDOHQDL7ZHHQSURYRDFL
LQIHUWLOLWDWHODDQLPDOHLDU7ZHHQHVWHFDQFHULJHQLPXWDJHQSULQ
SURGXFHUHDGHPXWDLLJHQHWLFH
%RUDWGHVRGLX
,QVWLWXWXO 1DLRQDO SHQWUX 6QWDWH DO $PHULFLL FRQVLGHU DFHDVW VXE
VWDQ R RWUDY SHULFXORDV (D D IRVW IRORVLW vQ WUHFXW SHQWUX GH]LQIHFLH
SkQFkQGDVXUYHQLWPRDUWHDSHUVRDQHORUFDUHLQWUDXvQFRQWDFWFXVXEVWDQD
(IHFWHOHDGYHUVHDOHVRGLXOXLERUDWVXQWVWDUHDGHYRPGLDUHHDXUWLFDUHD
SUREOHPHOHUHVSLUDWRULLGXUHULGHFDSLLQVRPQLLIHEUVFGHUHDWHQVLXQLL
VFGHUHD XULQULL VSDVPH DOH PXFKLORU IDFLDOL WUHPXU DO PkLQLORU L SL
FLRDUHORUVWDUHGHFRQIX]LHPHQWDOFRQYXOVLLLFRP(IHFWHOHSHWHUPHQ
OXQJQXVXQWFXQRVFXWHGHRDUHFHSkQGHFXUkQGVRGLXPERUDWHUDFRQVLGHUDW
VXFLHQWGHRWUYLWRUFDVVHPDLSXQSUREOHPDIRORVLULLOXLvQDOLPHQWDLH
VDXvQLQGXVWULDIDUPDFHXWLF
&RQFOX]LHDGMXYDQLLGLQYDFFLQXULFXSUHFGHUHFHOHFDUHFRQLQPHWDOH
JUHOHVXQWUHVSRQVDELOLGHFRPSOLFDLLOHJUDYHSRVWYDFFLQDOHQXGRDUDFXWH
FLPDLDOHVFURQLFHDXWRLPXQHPDOLJQHHWFFDUHSRWGHEXWDODRULFHYkUVW
YkUVWDSUHFRODUFRODULPDLDOHVvQDGROHVFHQFkQGDXORFPRGLFUL
KRUPRQDOH LPSRUWDQWH vQ RUJDQLVP FX LPSOLFDUHD VLVWHPXOXL LPXQ  FkQG
QLPHQL QX PDL HVWH LQWHUHVDW V DFHSWH VDX V UHFXQRDVF OHJWXUD ORU FX
YDFFLQXULOHREOLJDWRULLGLQFRSLOULH
5(3(5(%,%/,2*5$),&(
&DSLWROXO





%HUW(KJDUWQHU/REGHU.UDQNKHLW:DUXPHVJHVXQGLVWDEXQG]XNUDQN]XVHLQ%DV
WHL/EEH7DVFKHQEXFK9HUODJ*HUPDQ\
0LKDHOD 6WRLFD  $GHYUXO  QRY  $P DMXQV V DYHP SkQ OD  FD]XUL
QRL GH DXWLVP SH VSWPkQ (VWH R QHQRURFLUH KWWSZZZSVLKRORJLDRQOLQH
URFRPSRQHQWUHERDUG"IXQF YLHZ FDWLG  LG  VWDUW 
KWWSZZZJDQGXOLQIRQHZVSHVWHXQPLOLRQGHURPDQLVXIHUDGHRERDODUD
UDGLQWUHDFHVWLDVXQWFRSLL



KWWSZZZLPSINULWLNGHDGMXYDQV
7RUVWHQ(QJHOEUHFKW&ODXV.|KQOHLQRSFLW

KWWSZZZLPSINULWLNGHDGMXYDQV

,ELGHP

,ELGHP

7(QJHOEUHFKW&.|KQOHLQRSFLW

,ELGHP

KWWSZZZ\RXWXEHFRPZDWFK"Y $$Y$3EGNN%8

7(QJHOEUHFKW&.|KQOHLQRSFLW



+RZWRVWRSELUXLQVWHDGRIWKHYDFFLQHDQWLYLUDOPRGHO6FLHQFHLQ6RFLHW\
L9DFFLQHVPD\EHOLQNHGWR*XOI:DU6\QGURPH&KLURZHEFRP-XQH
KWWSZZZFKLURZHEFRPPSDFPVGFDUWLFOHSKS"LG 

KWWSZZZVZLQHXXSGDWHXV(&VZLQHX('YDFFLQHKDVDG
MXYDQWVWKDWLPSDLUIHUWLOLW\SKS L KWWSLQIHUWLOLW\VXLWHFRPDUWLFOHFIPSRO\VRUEDWHBB
FDXVHVBLQIHUWLOLW\

KWWSZZZLPSINULWLNGH]XVDW]VWRIIHVTXDOHQKWP

7RUVWHQ(QJHOEUHFKW&ODXV.|KQOHLQ9LUXV:DKQ(PX9HUODJ$XDJH


























9$&&,185,/(35(9(1,(6$8%2$/



0DULD,ULQD%UXPERLX,RDQ6WHOLDQ%RFDQ9DFFLQXULLYDFFLQULvQSUDFWLFDPHGLFD
O(GLWXUD0HGLFDO8QLYHUVLWDU,XOLX+DLHJDQX&OXM1DSRFD
/LVWDGHQLLLORU5$3,UHDFLLDGYHUVHSRVWYDFFLQDOHKWWSZZZDPIPVURGLQBSUH
VDKWPO
&DOHQGDUXOQDLRQDOGHYDFFLQDUHGLQ5RPkQLD2UG06&1$6QU
KWWSZZZVDQWURLQIRUPDWLLXWLOHSUHYHQLUHVLFRQWUROEROLWUDQV
PLVLELOHYDFFLQDUHDOHJLVODWLHLQYLJRDUH206B&1$6BB
SGIYLHZ
8WH 4XDVW HW DO ,PSIUHDNWLRQHQ %HZHUWXQJ XQG 'LIIHUHQWLDOGLDJQRVH  $XDJH
+LSSRNUDWHV 6WXWWJDUW  -DQXDU KWWSZZZDPD]RQGHGSUHI QRV
LP"WDJ \DVQL
0DUWLQ+LUWH,03)(13UR &RQWUD'DV+DQGEXFKIUGLHLQGLYLGXHOOH,PSIHQWVFKH
LGXQJ0HQV6DQD9HUODJ*HUPDQ\
.56WUDWWRQ&-+RZH5%-RKQVWRQ +J $GYHUVH(YHQWV$VVRFLDWHGZLWKFKLO
GKRRGYDFFLQHV(YLGHQFH%HDULQJRQ&DXVDOLW\9DFFLQH6DIHW\&RPPLWWHH,QVWLWXWH
RI0HGLFLQH1DWLRQDO$FDGHP\3UHVV:DVKLQJWRQ'&
9LFWRU &ULVWHD 0LUFHD 0LDULX 0RQLFD &ULDQ ,PXQRORJLH *HQUDO L 2URIDFLDO
(GLWXUD0HGLFDO8QLYHUVLWDU,XOLX+DLHJDQX&OXM1DSRFD HGD,,D
*UDKDP $ 5RRN (GXFDWLQJ WKH ,PPXQH 6\VWHP 6FLHQFH  0HGLFLQH 
9ROXPH  1XPEHU   KWWSZZZVFLDQGPHGFRPVPMRXUQDOYLHZHU
DVS["LVVXH  DUWLFOH 
)0DVFDUW0+DLQDXW$3HOWLHU99HUVFKHXUH-/HY\&/RFKW0RGXODWLRQRIWKH
LQIDQWLPPXQHUHVSRQVHVE\WKHUVWSHUWXVVLVYDFFLQHDGPLQLVWUDWLRQV9DFFLQH
-DQKWWSZZZQFELQOPQLKJRYSXEPHG
+ 2GHOUDP 0 *UDQVWURP 6 +HGHQVNRJ . 'XFKHQ % %MRUNVWHQ ,PPXQRJOR
EXOLQ(DQG*UHVSRQVHVWRSHUWXVVLVWR[LQDIWHUERRVWHULPPXQL]DWLRQLQUHODWLRQWR
DWRS\ORFDOUHDFWLRQVDQGDOXPLQLXPFRQWHQWRIWKHYDFFLQHV3HGLDWULF$OOHUJ\DQG
,PPXQRORJ\
),PDQL.(.HKRH,QIHFWLRQRIKXPDQ%O\PSKRF\WHVZLWK005YDFFLQHLQGXFHV
,J(FODVVVZLWFKLQJ&OLQ,PPXQRO6HS 'LYLVLRQRI&OLQLFDO,PPXQRORJ\'H
SDUWPHQWRI0HGLFLQH7KH-RKQV+RSNLQV8QLYHUVLW\6FKRRORI0HGLFLQH$VWKPDDQG
$OOHUJ\ &HQWHU  +RSNLQV %D\YLHZ &LUFOH %DOWLPRUH 0DU\ODQG  86$ 
KWWSZZZQFELQOPQLKJRYSXEPHG
5 . *XSWD % ( 5RVW ( 5HO\YHOG * 5 6LEHU $GMXYDQW SURSHUWLHV RI DOXPL
QLXP DQG FDOFLXP FRPSRXQGV 3KDUP %LRWHFKQRO  KWWSZZZQFELQOPQLK
JRYSXEPHG
-0%UHZHU0&RQDFKHU&$+XQWHU00RKUV)%URPEDFKHU-$OH[DQGHU
$OXPLQLXPK\GUR[LGHDGMXYDQWLQLWLDWHVVWURQJDQWLJHQVSHFLF7KUHVSRQVHVLQWKH
DEVHQFH RI ,/RU ,/PHGLDWHG VLJQDOLQJ - ,PPXQRO  KWWSZZZQFEL
QOPQLKJRYSXEPHG
50%HUQVHQ-&9DQGHU:RXGHQ/HWWHUV,VFKLOGKRRGLPPXQL]DWLRQDVVRFL
DWHG ZLWK DWRSLF GLVHDVH IURP DJH  WR  \HDUV" 7KRUD[ KWWSWKRUD[EPM
FRPFRQWHQWH[WUDFW



'U&KULVWD7RGHD*URVV

 ./0F'RQDOG6,+XT/0/L[HWDO'HOD\LQGLSKWKHULDSHUWXVVLVWHWDQXV
YDFFLQDWLRQLVDVVRFLDWHGZLWKDUHGXFHGULVNRIFKLOGKRRGDVWKPD-$OOHUJ\&OLQ
,PPXQRO0DUKWWSZZZQFELQOPQLKJRYSXEPHG
 5(QULTXH]:$GGLQJWRQ)'DYLV6)UHHOVHWDO7KHUHODWLRQVKLSEHWZHHQYDFFL
QHUHIXVDODQGVHOIUHSRUWRIDWRSLFGLVHDVHLQFKLOGUHQ-$OOHUJ\&OLQ,PPXQRO
$SUKWWSZZZVFLHQFHGLUHFWFRPVFLHQFHDUWLFOHSLL6
 (/+XUZLW]+0RUJHQVWHUQ(IIHFWVRIG\SKWHULDWHWDQXVSHUWXVVLVRUWHWDQXVYDF
FLQDWLRQ RQ DOOHUJLHV DQG DOOHUJ\UHODWHG UHVSLUDWRU\ V\PSWRPV DPRQJ FKLOGUHQ DQG
DGROHVFHQWVLQWKH8QLWHG6WDWHV-0DQLSXODWLYH3K\VLRO7KHUDS)HE
 3 &RUWLHO )UDJHERJHQ ]X PHLQHP XQJHLPSIWHQ .LQG$XVZHUWXQJ ZZZ
LPSISRUWDOGHDNWXHOOIUDJHERIUDERDXVGRF
 +DUULV / &RXOWHU ,PSIXQJHQ GHU *URVVDQJULII DXI *HKLUQ XQG 6HHOH 9RUZRUW XQG
$QKDQJIUGLHGHXWVFKH$XVJDEHYRQ'UPHG*HUKDUG%XFKZDOG$XDJH
+LUWKDPPHU9HUODJ*HUPDQ\$XWRULVLHUWHhEHUVHW]XQJ'U.RQUDG'LHW]IHOELQJHU
 +DUULV&RXOWHU RULJ 9DFFLQDWLRQ6RFLDO9LROHQFHDQG&ULPLQDOLW\7KH0HGLFDO$V
VDXOWRQWKH$PHULFDQ%UDLQ1RUWK$WODQWLF%RRNV%HUNHOH\&DOLIRUQLD&HQWHUIRU
(PSLULFDO0HGLFLQH:DVKLQJWRQ'&
 'UUHUQDW6DELQH3DXO0|JOLFKNHLWHQGHUGLIIHUHQ]LHUWHQ8UVDFKHQVXFKHIUHLQH
QDFKWHLOLJH7KHUDSLHKWWSZZZ\RUNWHVWURSGIQHXURGHUPLWLVSGI
 'UPHG'LHWULFK.OLQJKDUGW0'3K'XQG'U3DWULFLD.DQH3K'9RUWUDJ
6FKZHUPHWDOOHXQGLKUH:LUNXQJDXIXQVHUH*HVXQGKHLW$XV]JHDXVGHU9RUOHVXQJ
DQGHU(7+=ULFK )DFKSXEOLNXP $SULO*HUPDQ\KWWSZZZSRZHUIRUOLIH
FRP6FKZHUPHWDOO$XVOHLWXQJYRUWUDJKWPO
 0*HRUPQHDQX,*KHRUJKLQD,PXQLWDWHDL%ROLOH,PXQLWDUHODFRSLL(GLWXUD0H
GLFDO%XFXUHWL
 'U,QJ-RDFKLP)*UlW](QFHSKDORSDWKLH8QDEGLQJEDUH)ROJHQYRQ,PSIXQJHQ
7LVDQL9HUODJ*HUPDQ\KWWSZZZWLVDQLYHUODJGH(QFHSKDORSDWKLHSGI
 :+2+HOSRXUFKLOGUHQEUHDWKHUVWZRUOGDVWKPDGD\ODXQFKHG:+2E
3UHVVUHOHDVHKWWSZZZZKRLQWLQISUHQSUKWPO
 8OULFK%DKQVHQ'LH$QJVWYRUGHU'XQNHOKHLW'LH=HLW*HUPDQ\
 -HDQ)UDQoRLV%DFK0''6F7KH(IIHFWRI,QIHFWLRQVRQ6XVFHSWLELOLW\WR$X
WRLPPPXQHDQG$OOHUJLF'LVHDVH 5HYLHZ 7KH1HZ(QJODQG-RXUQDORI0HGLFLQH
KWWSZZZQHMPRUJGRLIXOO1(-0UD
 +%UDQGLV+-(JJHUV:.|KOHU0HGL]LQLVFKH0LNURELRORJLH*XVWDY)LVFKHU9HU
ODJ6WXWWJDUW$XDJH
 $%XUWRQ6:DLVEUHQ$FTXLUHGDXWRLPPXQLW\DIWHUYLUDOYDFFLQDWLRQLVFDXVHGE\
PROHFXODUPLPLFU\DQGDQWLJHQFRPSOLPHQWDULW\LQWKHSUHVHQFHRIDQLPPXQRORJLF
DGMXYDQWDQGVSHFLF+/$SDWWHUQV0HGLFDO+\SRWKHVHV
 -:DKOEHUJ-)UHGULNVVRQ29DDUDOD-/XGYLJVVRQHWDO9DFFLQDWLRQV0D\,QGXFH
'LDEHWHV5HODWHG$XWRDQWLERGLHVLQ2QH<HDU2OG&KLOGUHQ$QQ1<$FDG6FL
KWWSZZZQFELQOPQLKJRYSXEPHG
 00RQWLQDUL5ROHRILPPXQRJHQHWLFVLQWKH'LDJQRVLVRI3RVWYDFFLQDO&163DWKR
ORJ\3UHVHQWDWLRQLQ1HDSHOWRWKH$VVRFLD]LRQHSHUOD/LEHUD8QLYHUVLWD
,QWHUQDWLRQDOH GL 0HGLFLQD 2PHRSDWLFD 6DPXHO +DKQHPDQQ /8,02  KWWSZZZ
WUXID[RUJYDFFLQHFRXOWHUKWPO

9$&&,185,/(35(9(1,(6$8%2$/



 -%UDGVWUHHW%LRORJLFDOHYLGHQFHRIVLJQLFDQWYDFFLQHUHODWHGVLGHHIIHFWVUHVXOWLQJ
LQQHXURGHYHORSPHQWDOGLVRUGHUV3UHVHQWDWLRQWRWKH9DFFLQH6DIHW\&RPPLWWHHRI
WKH,QVWLWXWHRI0HGLFLQH7KH1DWLRQDO$FDGHPLFVRI6FLHQFHKWWSZZZ
QDWLRQDODXWLVPDDVVRFLDWLRQRUJSGI,20%UDGVWUHHWSGI
 7*.LPPDQ5LVNVFRQQHFWHGZLWKWKHXVHRIFRQYHQWLRQDODQGJHQHWLFDOO\HQJLQH
HUHGYDFFLQHV9HWHULQDU\4XDUWHUO\

KWWSRXUZRUOGFRPSXVHUYHFRPKRPHSDJHV326FKQHLGHU/LQNVLPSIXQJHQSGI
 0 6DWRK< .XURGD + <RVKLGD . 0 %HKQH\ HW DO ,QGXFWLRQ RI OXSXV DXWR
DQWLERGLHV E\ DGMXYDQWV 0)  - $XWRLPPXQ  KWWSZZZQFELQOPQLK
JRYSXEPHG
 *5DYHO0&KULVW)+RUDQG-'HVFRWHV$XWRLPPXQLW\HQYLURQPHQWDOH[SRVXUH
DQGYDFFLQDWLRQLVWKHUHDOLQN"7R[LFRORJ\
 6+DYDULQDVDE3+XOWPDQHWDO,PPXQRVXSSUHVVLYHDQGDXWRLPPXQHHIIHFWVRIWKL
PHURVDO LQ PLFH 7R[LFRO $SSO 3KDUPDFRO $SU  KWWSZZZQFELQOPQLK
JRYSXEPHG
 +5HLEHU%'DYH\'HVHUWVWRUPV\QGURPHDQGLPPXQL]DWLRQ$UFK,QWHUQDO0HG

 /*KHUDVLP0HGLFLQ,QWHUQ%ROLOHGLJHVWLYHKHSDWLFHLSDQFUHDWLFHYRO(GLWX
UD0HGLFDO%XFXUHWL
 /*KHUDVLP0HGLFLQ,QWHUQ%ROLOHFDUGLRYDVFXODUHLPHWDEROLFHYRO(GLWXUD
0HGLFDO%XFXUHWL
 -%DUWKHORZ&ODVVHQ0''LDEHWHVHSLGHPLFIRRORZVKHSDWLWLV%LPPXQL]DWLRQSUR
JUDP1HZ=HDODQG0HGLFDO-RXUQDO
 .3RXWDVL,PPXQL]DWLRQDQGGLDEHWHV1=HDODQG0HGLFDO-RXUQDO
 0 'RNKHHO7KRPDGHU $Q HSLGHPLF RI FKLGKRRG GLDEHWHV LQ WKH 8QLWHG 6WDWHV"
'LDEHWHV&DUHKWWSFDUHGLDEHWHVMRXUQDOVRUJFRQWHQWIXOOSGI
 6**DUGQHUHWDO5LVLQJLQFLGHQFHRILQVXOLQHGHSHQGHQWGLDEHWHVLQFKLOGUHQXQ
GHU\HDUVLQ2[IURGUHJLRQWLPHWUHQGDQDO\VLV%0-KWWSZZZQFELQOP
QLKJRYSXEPHG
 -%&ODVVHQ'&&ODVVHQ&OXVWHULQJRIFDVHVRIW\SHGLDEHWHVPHOOLWXVRFFXUULQJ
\HDUVDIWHUYDFFLQDWLRQLVFRQVLVWHQWZLWKFOXVWHULQJDIWHULQIHFWLRQVDQGSURJUHVVL
RQWRW\SHGLDEHWHVPHOOLWXVLQDXWRDQWLERG\SRVLWLYHLQGLYLGXDOV-3HG(QGRFULQRO
0HWDEKWWSZZZQFELQOPQLKJRYSXEPHG
 *KHUDVLP/0HGLFLQ,QWHUQ%ROLOHDSDUDWXOXLUHVSLUDWRULORFRPRWRUYRO(GL
WXUD0HGLFDO%XFXUHWL
 9LWLOLJR KWWSZZZSDJLQDPHGLFDODUREROLDIHFWLXQL9LWLOLJRB
 9LWLOLJRFHHVWHLFXPVHWUDWHD]KWWSZZZHYDURVDQDWDWHPHGLFLQDJHQHUDODYL
WLOLJRFHHVWHVLFXPVHWUDWHD]DDUWLFROKWPO
 KWWSZZZYLWLOLJRURLQIRFDX]HOHYLWLOLJR
 KWWSIZHEPDUWGHIFIP"LG  U WKUHDGYLHZ W  SJ 
 $U]QHL7HOHJUDPP $7 1U1U
 'UPHG*HRUJ.QHLVVO+DW,PSIHQ6LQQ"-XOL6WXWWJDUWKWWSHPEHGU
FRPSOD\OLVWVWXWWJDUWHULPSIV\PSRVLXP 
 0$+HUQDQ66-LFN0-2OHN+-LFN5HFRPELQDQWKHSDWLWLV%YDFFLQHDQG
WKHULVNRIPXOWLSOHVFOHURVLV$SURVSHFWLYHVWXG\1HXURORJ\



'U&KULVWD7RGHD*URVV

 7KHRGRU4XDVW,PSIXQJHQXQG,PSIIROJHQ

KWWSZZZPHGXQLPXHQFKHQGHIDFKVFKDIWKRPHRSDWK\
 5.*KHUDUGL0&RTXHW3&KHULQ)-$XWKLHUHWDO0DFURSKDJLFP\RIDVFLLWLV
00) DQHPHUJLQJHQWLW\/DQFHW
 KWWSYDFFLQHVDIHW\FRQIHUHQFHFRPSGI*KHUDUGL*KHUDUGLB337SGI
 5.*KHUDUGL/HVVRQVIURPPDFURSKDJLFP\RIDVFLLWLVWRZDUGVGHQLWLRQRIDYDF
FLQHDGMXYDQWUHDODWHGV\QGURPH5HY1HXURO
 )/$XWKLHU3&KHULQHWDO&HQWUDOQHUYRXVV\VWHPGLVHDVHLQSDWLHQWVZLWKPDFURSK
DJLFP\LRIDVFLLWLV%UDLQ0DLKWWSZZZQFELQOPQLKJRYSXEPHG
 $*/DFVRQ&$'&UX](*LOHEHUW%DUQHVV/6KDUHU6-DFLQWR5&XHQFD
$OXPLQLXP SKDJRFLWRVLV LQ TXDGULFHSV PXVFOH IROORZLQJ YDFFLQDWLRQ LQ FKLOGUHQ 
UHODWLRQVKLSWRPDFURSKDJLFP\RIDVFLLWLV3HGLDWU'HY3DWKRO
 $'L0X]LR0&DSDVVR$9HUURWWL'7URWWD6/XSRHWDO0DFURSKDJLFP\RIDV
FLLWLVDQLQIDQWLOH,WDOLDQFDVH1HXURPXVFXO'LVRUG
 .DQQHU /HR $XWLVWLF 'LVWXUEDQFHV RI $IIHFWLYH &RQWDFW 7KH 1HUYRXV &KLOG ,,
 KWWSZZZQHXURGLYHUVLW\FRPOLEUDU\BNDQQHUBKWPO
 /HR .DQQHU (DUO\ ,QIDQWLOH $XWLVP - 3HGLDWULFV  QR   '2,
6  
 30DUJDUHW7KH1DWLRQDO6RFLHW\IRU$XWLVWLF&KLOGUHQLQ%ULWDLQ-$XWLVP
 +DUULV/&RXOWHUDQG%DUEDUD/)LVKHU'73$6KRWLQWKH'DUN1HZ<RUN+DUFRXUW
%UDFH-RYDQRYLFK
 /HR.DQQHU7R:KDW([WHQWLV(DUO\,QIDQWLOH$XWLVP'HWHUPLQHGE\&RQVWLWXWLR
QDO,QDGHTXDFLHV"vQ*HQHWLFVDQGWKH,QKHULWDQFHRI,QWHJUDWHG1HXURORJLFDODQG
3V\FKLDWULF 3DWWHUQV %DOWLPRUH:LOOLDPV DQG:LONLQV   EHLQJ9RO  RI WKH
3URFHHGLQJVRIWKH$VVRFLDWLRQIRU5HVHDUFKLQ1HUYRXVDQG0HQWDO'LVHDVH
 0DU\&ROHPDQ7KH$XWLVWLF6\QGURPHV$PVWHUGDP1RUWK+ROODQG3XEOLVKLQJ&RP
SDQ\
 $PHULFDQ3V\FKLDWULF$VVRFLDWLRQ)LJXUHVDOVRVXSSOLHGE\1DWLRQDO6RFLHW\RI
$XWLVWLF&KLOGUHQDQG$GXOWV

/HRQ (LVHQEHUJ7KH $XWLVWLF &KLOG LQ $GROHVFHQFH $ - 3V\FKLDWU\  -DQXD
U\-XQH
 -5%HPSRUDG$GXOW5HFROOHFWLRQVRID)RUPHUO\$XWLVWLF&KLOG-$XWLVP
KWWSOLEELRLQIRSOSPLG
 'RQDOG-&RKHQ7KH3DWKRORJ\RIWKH6HOILQ3ULPDU\&KLOGKRRG$XWLVPDQG*LOOHV
GHOD7RXUHWWH6\QGURPH3V\FKLDWULF&OLQLFVRI1RUWK$PHULFD'HFHPEHU
 )UHG 5 9RONPDU DQG 'RQDOG - &RKHQ 7KH ([SHULHQFH RI ,QIDQWLOH $XWLVP $
)LUVW3HUVRQ$FFRXQWE\7RQ\:-$XWLVP
 %HUQDUG5LPODQG,QIDQWLOH$XWLVP7KH6\QGURPHDQG,WV,PSOLFDWLRQVIRUD1HXUDO
7KHRU\RI%HKDYLRU1HZ<RUN$SSOHWRQ&HQWXU\&URIWVKWWSJDUHOGOLEUDU\
XSHQQHGXFODVVLFV$/4SGI
 :DQG0'H0H\HU,QIDQWLOH$XWLVP1HXURORJLF&OLQLFV
 (GZDUG5LWYRDQG%-)UHHPDQ$0HGLFDO0RGHORI$XWLVP(WLRORJ\3DWKRORJ\
DQG7UHDWPHQW3HGLDWULF$QQDOV 
 1LNRODDV7LQEHUJHQ(WKLRORJ\DQG6WUHVV'LVHDVHV6FLHQFH-XO\

9$&&,185,/(35(9(1,(6$8%2$/



 $PHULFDQ3V\FKLDWULF$VVRFLDWLRQ'LDJQRVWLFDQG6WDWLVWLFDO0DQXDORI0HQWDO'LVR
UHGHUV7KLUG(GLWLRQ:DVKLQJWRQ'&
 :DQG0'H0H\HU,QIDQWLOH$XWLVP1HXURORJLF&OLQLFV 
 56FKDLQDQG+<DQQHW,QIDQWLOH$XWLVP$Q$QDO\VLVRI&DVHVDQGD&RQVLGH
UDWLRQRI&HUWDLQ5HOHYDQW1HXURSK\VLRORJLF&RQFHSWV-3HGLDWULFV
 /:ROIDQG%*ROGEHUJ$XWLVWLF&KLOGUHQ*URZ8S$Q(LJKWWR7ZHQW\)RXU<HDU
)ROORZXS6WXG\&DQDGLDQ-3V\FKLDWU\
 (02UQLW]DQG(55LWYR7KH6\QGURPHRI$XWLVP$&ULWLFDO5HYLHZ$-
3V\FKLDWU\-XQH
 0DU\6WHZDUW*RRGZLQDQG:&DPSEHOO,QD'DUN0LUURU0HQWDO+\JLHQH
2NWREHU
 ' :LWKHKRXVH DQG - & +DUULV +\SHUOH[LD LQ ,QIDQWLOH $XWLVP - $XWLVP 

 ,VDDF:.DUOLQ&RQJHQLWDO9HUEDO$XGLWRU\$JQRVLD3HGLDWULFV 
 05XWWHU&KLOGKRRG6FKL]RSKUHQLD5HFRQVLGHUHG-$XWLVP
 /HR.DQQHUDQG/HRQ(LVHQEHUJ(DUO\,QIDQWLOH$XWLVP3V\FKLDWULF
5HVHDUFK5HSRUWV
 *HRUJH05HDOPXWRDQG%DUW0DLQ&RLQFLGHQFHRI7RXUHWWHV'LVRUGHUDQG,QIDQWL
OH$XWLVP-$XWLVP
 -XQNR .RPRWR DQG - +LUDWD ,QIDQWLOH$XWLVP DQG$IIHFWLYH 'LVRUGHU -$XWLVP

 0DU\&ROHPDQ1HZ5HVHDUFK)LQGLQJVDQG&RQFHSWVLQ$XWLVPvQ3URFHHGLQJV
$QQXDO0HHWLQJDQG&RQIHUHQFHRIWKH1DWLRQDO6RFLHW\IRU$XWLVWLF&KLOGUHQ:D
VKLQJWRQ'&
 +*DVWDXW%=LINLQDQG05XIR&RPSXOVLYH5HVSLUDWRU\6WHUHRW\SLHVLQ&KLOGUHQ
ZLWK$XWLVWLF)HDWXUHV3RO\JUDSKLF5HFRUGLQJDQG7UHDWPHQWZLWKIHQXUDPLQH-
$XWLVP
 5XWK&KULVW6XOOLYDQ7KH%XUQ2XW6\QGURPH-$XWLVP
 3KLOLS,0DUNRZLW]$XWLVPLQD&KLOGZLWK&RQJHQLWDO&\WRPHJDORYLUXV,QIHFWLRQ
-$XWLVP
 %DUEDUD-%HW]$6WXG\RI7DFWLFVIRU5HVROYLQJWKH$XWLVWLF%DUULHULQWKH3V\FKRWH
UDS\RIWKH6FKL]RSKUHQLF3HUVRQDOLW\$-3V\FKLDWU\
 $OEHUW&6KHUZLQ5HDFWLRQVWR0XVLFRI$XWLVWLF 6FKL]RSKUHQLF &KLOGUHQ$-
3V\FKLDWU\
 &KULVWRSKHU*LOOEHUJ$UH$XWLVPDQG$QRUH[LD1HUYRVD5HODWHG"%-3V\FKLDWU\
$SULO
 &*LOOEHUJ$XWLVPDQG$QRUH[LD1HUYRVD5HODWHG&RQGLWLRQV"1RUG3V\FKLDWU\
7LGVVNU
 660QXNKLQDQG'1,VDHY2QWKH2UJDQLF1DWXUHRI6RPH)RUPVRI6FKL]RLGRU
$XWLVWLF3V\FKRSDWK\-$XWLVP
 &KULVWRSKHU*LOOEHUJDQG66WHIIHQEXUJ2XWFRPHDQG3URJQRVWLF)DFWRUVLQ,QIDQ
WLOH$XWLVPDQG6LPLODU&RQGLWLRQV$3RSXODWLRQ%DVHG6WXG\RI&DVHV)ROORZHG
7KURXJK3XEHUW\-$XWLVP
 0DU\6WHZDUW*RRGZLQDQG0$&RZDQ0DODEVRUSWLRQDQG&HUHEUDO'\VIXQFWLRQ$
0XOWLYDULDWHDQG&RPSDUDWLYH6WXG\RI$XWLVWLF&KLOGUHQ-$XWLVP



'U&KULVWD7RGHD*URVV

 5XWK&KULVW6XOOLYDQ+XQFKHVRQ6RPH%LRORJLFDO)DFWRUVLQ$XWLVP-$XWLVP

 1RUPDQ*HVFKZLQGDQG3HWHU%HKDQ/HIWKDQGHGQHVV$VVRFLDWLRQZLWKLPPXQHGL
VHDVHPLJUDLQHDQGGHYHORSPHQWDOOHDUQLQJGLVRUGHU3URF1DWLRQDO$FDGHP\RI
6FLHQFHV86$$XJXVW
 *LQD.RODWD0DWK*HQLXV0D\+DYH+RUPRQDO%DVLV6FLHQFH'HFHPEHU

 /HR .DQQHU )ROORZ8S 6WXG\ RI (OHYHQ $XWLVWLF &KLOGUHQ 2ULJLQDOO\ 5HSRUWHG LQ
-$XWLVP
 1LNRODDV7LQEHUJHQ(WKRORJ\DQG6WUHVV'LVHDVHV6FLHQFH-XO\
 (ULF6FKRSOHUDQG05XWWHU(GLWRULDO&KDQJHRI/RXUQDO6FRSHDQG7LWOH-$X
WLVP
 %UXFH+HW]OHUDQG-XGLWK*ULIQ,QIDQWLOH$XWLVPDQGWKH7HPSRUDO/REHRIWKH%UD
LQ-$XWLVP
 'HERUDK)HMQ%6NRIIDQG$)0LUVN\&OLQLFDO&RUUHODWHVRI%UDLQVWHP'\VIXQF
WLRQLQ$XWLVWLF&KLOGUHQ-$XWLVP
 5LFKDUG-5HLFKOHU'LDJQRVLVDQGLWV,PSOLFDWLRQV3URFHHGLQJV$QQXDO0H
HWLQJDQGFRQIHUHQFHRIWKH1DWLRQDO6RFLHW\IRU$XWLVWLF&KLOGUHQ:DVKLQJWRQ'&

 $PHULFDQ3V\FKLDWULF$VVRFLDWLRQ'LDJQRVWLFDQG6WDWLVWLFDO0DQXDORI0HQWDO'LVRU
GHUV7KLUG(GLWLRQ5HYLVHG:DVKLQJWRQ'&
 05XWWHUDQG(ULF6FKRSOHU$XWLVPDQG3HUYDVLYH'HYHORSPHQWDO'LVRUGHUV&RQ
FHSWVDQG'LDJQRVWLF,VVXHV-$XWLVP
 0<6HJDZD1RPXUDDQG0+DVHJDZD5HWW6\QGURPH&OLQLFDO6WXGLHVDQG3DWKR
SK\VLRORJLFDO&RQVLGHUDWLRQ%UDLQDQG'HYHORSPHQW
 '$9DQ.UHYHOHQ(DUO\,QIDQWLOH$XWLVPDQG$XWLVWLF3V\FKRSDWK\-$XWLVP

 /RUQD:LQJ$VSHUJHUV6\QGURPHD&OLQLFDO$FFRXQW3V\FKRORJLFDO0HGLFLQH

 /RUQD:LQJ&ODULFDWLRQRQ$VSHUJHUV6\QGURPH-$XWLVP
 0'HZH\DQG0(YHUDUG7KH1HDU1RUPDO$XWLVWLF$GROHVFHQW-$XWLVP
 'RQDOG-&RKHQ7KH3DWKRORJ\RIWKH6HOILQ3ULPDU\&KLOGKRRG$XWLVPDQG*LOOHV
GHOD7RXUHWWH6\QGURPH3V\FKLDWULF&OLQLFVRI1RUWK$PHULFD'HFHPEHU
 /:ROIDQG%*ROGEHUJ$XWLVWLF&KLOGUHQ*URZ8S$Q(LJKWWR7ZHQW\)RXU<HDU
)ROORZXS6WXG\&DQDGLDQ-3V\FKLDWU\
 5XWWHU06\QGURPHV$WWULEXWHGWR0LQLPDO%UDLQ'\VIXQFWLRQLQ&KLOGKRRG$-
3V\FKLDWU\-DQXDU\
 )UDQN$ (OOLRW +LVWRULFDO 3HUVSHFWLYH RQ 1HXUREHKDYLRU 3V\FKLDWULF &OLQLFV RI
1RUWK$PHULFD-XQH
 3DXO+:HQGHU0LQLPDO%UDLQ'\VIXQFWLRQLQ&KLOGUHQ1HZ<RUN:LOH\,QWHUVFLHQ
FH
 0 5XWWHU %UDLQ  'DPDJH 6\QGURPHV LQ &KLOGKRRG &RQFHSWV DQG )LQGLQJV -
&KLOG3V\FKRO3V\FKLDWU

9$&&,185,/(35(9(1,(6$8%2$/



 6DOO\(6KD\ZLW]DQG$%HQQHW'LDJQRVLVDQG0DQDJHPHQWRI$WWHQWLRQ'HFLW
'LVRUGHU$3HGLDWULF3HUVSHFWLYH3HGLDWULF&OLQLFVRI1RUWK$PHULFD$SULO

 .DWKOHHQ$/RQJDQG'90F4XHHQ'HWHFWLRQDQG7UHDWPHQWRI(PRWLRQDOO\'LV
WXUEHG&KLOGUHQLQ3XEOLF6FKRROV3UREOHPVDQG7KHRUHWLFDO3HUVSHFWLYHV-&OLQLFDO
3V\FKRORJ\-DQXDU\
 0LOOLFKDS-*7KH+\SHUDFWLYH&KLOG3UDFWLWLRQHU
 6'&OHPHQWVDQG-(3HWHUV6\QGURPHVRI0LQLPDO%UDLQ'\VIXQFWLRQvQ3
%ODFN HG  %UDLQ '\VIXQFWLRQ LQ &KLOGUHQ (WLRORJ\ 'LDJQRVLV DQG 0DQDJHPHQW
1HZ<RUN5DYHQ
 $PHULFDQ3V\FKLDWULF$VVRFLDWLRQ'LDJQRVWLFDQG6WDWLVWLFDO0DQXDORI0HQWDO'LVRU
GHUV7KLUG(GLWLRQ:DVKLQJWRQ'&
 05XWWHU'6KDIIHUDQG06KHSSDUG$0XOWL$[LDO&ODVVLFDWLRQRI&KLOG3V\FKL
DWULF'LVRUGHUV*HQHYD:RUOG+HDOWK2UJDQL]DWLRQ :+2 
 'RURWK\ 2 /HZLV HG  9XOQHUDELOLWLHV WR 'HOLQTXHQF\ 1HZ<RUN63 0HGLFDO DQG
6FLHQWLF%RRNV
 -%*UHHQDQG5$0HUFLOOH3V\FKLDWULF&RPSOLFDWLRQVRI(SLOHSV\1HXURORJLF
&OLQLFV)HEUXDU\
 *6WRUHV-+DUWDQG13LUDQ,QDWWHQWLYHQHVVLQ6FKRROFKLOGUHQZLWK(SLOHSV\
(SLOHSVLD
 )UDQN$(OOLRW1HXURORJLFDO)LQGLQJVLQ$GXOW0LQLPDO%UDLQ'\VIXQFWLRQDQGWKH
'\VFRQWURO6\QGURPH-1HUYRXVDQG0HQWDO'LVHDVH
 0:/DXIHUDQG('HQKRII+\SHUNLQHWLF%HKDYLRU6\QGURPHLQ&KLOGUHQ-3H
GLDWULFV
 %RQQLH - .DSODQ 3URIHVVRU RI 3HGLDWULFV 8QLYHUVLW\ RI &DOJDU\ &DOJDU\$OEHUWD 
HWDO6OHHS'LVWXUEDQFHLQ3UHVFKRRO$JHG+\SHUDFWLYHDQG1RQK\SHUDFWLYH&KLO
GUHQ3HGLDWULFV'HF
 3DXO+:HQGHU0LQLPDO%UDLQ'\VIXQFWLRQLQ&KLOGUHQ1HZ<RUN:LOH\,QWHUVFLHQ
FH
 )$(OOLRW1HXURORJLFDO)LQGLQJVLQ$GXOW0LQLPDO%UDLQ'\VIXQFWLRQDQGWKH'\V
FRQWURO6\QGURPH-1HUYRXVDQG0HQWDO'LVHDVH
 *.)ULW]DQG-$UPEUXVW(QXUHVLVDQG(QFRPSUHVLV3V\FKLDWULF&OLQLFVRI1RUWK
$PHULFD$XJXVW
 7KH:DVKLQJWRQ3RVW6HSWHPEHU
 6:)UHHPDQ'RHV<RXU&KLOG+DYHD/HDUQLQJ'LVDELOLW\"6SULQJHOG7KRPDV
(':LWWHWDO/HDUQLQJ'HFLWVLQ$GROHVFHQWVZLWK$QRUH[LD1HUYRVD-
1HUYRXVDQG0HQWDO'LVHDVH  
 .DWKULQH$ +DOPL 3UDJPDWLF ,QIRUPDWLRQ RQ WKH (DWLQJ 'LVRUGHUV 3V\FKLDWULF
&OLQLFVRI1RUWK$PHULFD
 6DP'&OHPHQWVDQG-RKQ(3HWHUV6\QGURPHVRI0LQLPDO%UDLQ'\VIXQFWLRQvQ
3%ODFN HG %UDLQ'\VIXQFWLRQLQ&KLOGUHQ(WLRORJ\'LDJQRVLVDQG0DQDJHPHQW
1HZ<RUN5DYHQ
 05XWWHU6\QGURPHV$WWULEXWHGWR0LQLPDO%UDLQ'\VIXQFWLRQLQ&KLOGKRRG$-
3V\FKLDWU\-DQXDU\



'U&KULVWD7RGHD*URVV

 %HUQDUG5LPODQG,QIDQWLOH$XWLVP7KH6\QGURPHDQG,WV,PSOLFDWLRQVIRUD1HXUDO
7KHRU\RI%HKDYLRU1HZ<RUN$SSOHWRQ&HQWXU\&URIWV
 05XWWHU6\QGURPHV$WWULEXWHGWR0LQLPDO%UDLQ'\VIXQFWLRQLQ&KLOGKRRG$-
3V\FKLDWU\-DQXDU\
 'HERUDK)HMQ%6NRIIDQG$)0LUVN\&OLQLFDO&RUUHODWHVRI%UDLQVWHP'\VIXQF
WLRQLQ$XWLVWLF&KLOGUHQ-$XWLVP
 3)LUHVWRQHDQG63HWHUV0LQRU3K\VLFRO$QRPDOLHVDQG%HKDYLRULQ&KLOGUHQ$
5HYLHZ-$XWLVP
 :DQG0'H0H\HU,QIDQWLOH$XWLVP1HXURORJLF&OLQLFV
 05XWWHUDQG(6KRSOHU$XWLVPDQG3HUYDVLYH'HYROHSPHQWDO'LVRUGHUV&RQFHSWV
DQG'LDJQRVWLF,VVXHV-$XWLVP
 96KHDDQG*%0HVLERY%ULHI5HSRUW7KH5HDOWLRQVKLSRI/HDUQLQJ'LVDELOLWLHV
DQG+LJKHU/HYHU$XWLVP-$XWLVP
 )UDQN$(OOLRW+LVWRULFDO$XWLVP3HUVSHFWLYHRQ1HXUREHKDYLRU3V\FKLDWULF&OL
QLFVRI1RUWK$PHULFD-XQH
 ++0HUULWW7H[WERRNRI1HXURORJ\6L[WK(GLWLRQ3KLODGHOSKLD/HDDQG)HELJHU

 +/&RXOWHUDQG%)LVKHU'73$6KRWLQWKH'DUN5,URQVLGH
 0DUJDUHW3LWWPDQDQG&%&R[3HUWXVVLV9DFFLQH7HVWLQJIRU)UHHGRPIURP7R[LFL
W\$SSOLHG0LFURELRORJ\0D\
 5DQGROSK.%\HUVDQG)&0ROO(QFHSKDORSDWKLHV)ROORZLQJ3URSK\ODFWLF3HU
WXVVLV9DFFLQH3HGLDWULFV
 $QQD/LVD$QQHOO3HUWXVVLVLQ,QIDQF\$&DXVHRI%HKDYLRUDO'LVRUGHUVLQ&KLO
GUHQ$FWD6RFLHWDWLV0HGLFRUXP8SVDOLHQVLV/;9,,,6XSS
 +'%RORLX6HPLRORJLH0HGLFDO0HGH[&OXM1DSRFD
 'LFLRQDUXOH[SOLFDWLYHDOOLPELLURPkQHHGD,,D8QLYHUV(QFLFORSHGLF%XFXUHWL

 0.XOHQNDPSII-66FKZDUW]PDQDQG-:LOVRQ1HXURORJLFDO&RPSOLFDWLRQVRI
3HUWXVVLV,QRFXODWLRQ$UFK'LVHDVHLQ&KLOGKRRG-DQXDU\
 5REHUW&:RRG\DQG0(%ODZ2SKWDOPRSOHJLF0LJUDLQHLQ,QIDQF\&OLQLFDO
3HGLDWULFV)HEUXDU\
 &RQVWDQWLQH9RQ(FRQRPR(QFHSKDOLWLV/HWKDUJLFDLWV6HTXHODHDQG7UHDWPHQW/RQ
GRQ2[IRUG8QLYHUVLW\3UHVV
 )UDQN5)RUG'LVHDVHVRIWKH1HUYRXV6\VWHPLQ,QIDQF\&KLOGKRRGDQG$GROHVFHQ
FH6SULQJHOG&&7KRPDV1HUYRXVDQG0HQWDO'LVHDVH
 &KULVWRSKHU':DUG(QFHSKDORSDWK\/HWKDUJLFDDQGWKH'HYHORSPHQWRI1HXURSV\
FKLDWU\3V\FKLDWULF&OLQLFVRI1RUWK$PHULFD
 :DOWHU 5 .LUVFKEDXP ([FHVVLYH +XQJHU DV D 6\PSWRP RI &HUHEUDO 2UL
JLQ - 1HUYRXV DQG 0HQWDO 'LVHDVH  )HEUXDU\  KWWSMRXUQDOVOZZ
FRPMRQPGWRF
 '*+LUW].%1HOVRQDQG-+(OOHQEHUJ6HL]XUHV)ROORZLQJ&KLOGKRRG,PPX
QL]DWLRQV-3HGLDWULFV-DQXDU\
 +/&RXOWHU%)LVKHU'73'UHLIDFKLPSIXQJ(LQ6FKXVVLQV'XQNOH%DUWKHO 
%DUWKHO9HUODJ*HUPDQ\

9$&&,185,/(35(9(1,(6$8%2$/



 &':DUG(QFHSKDORSDWK\/HWKDUJLFDDQGWKH'HYHORSPHQWRI1HXURSV\FKLDWU\
3V\FKLDWULF&OLQLFVRI1RUWK$PHULFD
 '*+LUW].%1HOVRQDQG-+(OOHQEHUJ6HL]XUHV)ROORZLQJ&KLOGKRRG,PPX
QL]DWLRQV-3HGLDWULFV-DQXDU\
 .+)LQOH\3DWKRJHQHVLVRI(QFHSKDOLWLV2FXUULQJZLWK9DFFLQDWLRQ9DULRODDQG
0HDVOHV$0$$UFKLYHVRI1HXURORJ\DQG3V\FKLDWU\
 +*0LOOHUDQG-%6WDQWRQ1HXURORJLFDO6HTXHODHRI3USK\ODFWLF,QRFXODWLRQ
4-0HGLFLQH
 :5:DUUHQ(QFHSKDORSDWK\'XHWR,QXHQ]D9DFFLQH$0$$UFKLYHV,QW0HG

 -RVHSKLQH%1HDO(QFHSKDOLWLVD&OLQLFDO6WXG\1HZ<RUN*UXQHDQG6WUDWWRQ

 +%DNZLQ&HUHEUDO'DPDJHDQG%HKDYLRU'LVRUGHUVLQ&KLOGUHQ-3HGLDWULFV

 +*0LOOHUDQG-%6WDQWRQ1HXURORJLFDO6HTXHODHRI3URSK\ODFWLF,QRFXODWLRQ4
-0HGLFLQH
 /6WHLQPDQHWDO0XULQH0RGHOIRU3HUWXVVLV9DFFLQH(QFHSKDORSDWK\/LQNDJHWR
+1DWXUH2FWREHU
 %-)UHHPDQDQG(55LWYR7KH6\QGURPHRI$XWLVP(VWDEOLVKLQJWKH'LDJQRVLV
DQG3ULQFLSOHVRI0DQDJHPHQW3HGLDWULF$QQDOV$SULO
 60%DNHU60'LDJQRVWLFDQG7KHUDSHXWLF6WUDWHJLHVLQDQ$XWLVWLF&KLOGZLWKD
3RVLWLYH5HVSRQVHWR7DXULQHvQ3URFHHGLQJV$QQXDO&RQIHUHQFHRIWKH1D
WLRQDO6RFLHW\IRU&KLOGUHQDQG$GXOWVZLWK$XWLVP:DVKLQJWRQ'&
 (*6WXEEV0/&UDZIRUG'5%XUJHUDQG$$9DQGHQEDUN'HSUHVVHG/\P
SKRFLWH5HVSRQVLYHQHVVLQ$XWLVWLFFKLOGUHQ-$XWLVP
 3%HUJPDQDQG65(VFDORQD8QXVXDO6HQVLWLYLHVLQ9HU\<RXQJ&KLOGUHQ3V\
FKRDQDOLWLF6WXG\RIWKH&KLOG
 65/HZLVDQG6YDQ)HUQH\(DUO\5HFRJQLWLRQRI,QIDQWLOH$XWLVP-3HGLDWULFV
$SULO
 &KULVWRSKHU*LOOEHUJHWDO7KH6H[&KURPRVRPHV2QH.H\WR$XWLVP"$Q;<<&DVH
RI,QIDQWLOH$XWLVP$SSOLHG5HVHDUFKLQ0HQWDO5HWDUGDWLRQ
 (*6WXEEV($VKDQG&36:LOOLDPV$XWLVPDQG&RQJHQLWDO&\WRPHJDORYL
UXV-$XWLVP
 660QXNKLQDQG'1,VDHY2QWKH2UJDQLF1DWXUHRI6RPH)RUPVRI6FKL]RLGRU
$XWLVWLF3V\FKRSDWK\-$XWLVP
 0DU\6WHZDUW*RRGZLQDQG0$&RZDQ0DODEVRUSWLRQDQGFHUHEUDO'\VIXQFWLRQ$
0XOWLYDULDWHDQG&RPSDUDWLYH6WXG\RI$XWLVWLF&KLOGUHQ-$XWLVP
 5XWK&KULVW6XOOLYDQ+XQFKHVRQ6RPH%LRORJLFDO)DFWRUVLQ$XWLVP-$XWLVP

 '2%DQLRQ%$UPVWURQJ5$&XPPLQJVDQG-6WDQJH'LVUXSWLYH%HKDYLRU$
'LHWDU\$SSURDFK-$XWLVP
 1RUPDQ*HVFKZLQG:K\2UWRQ:DV5LJKW$QQDOVRI'\VOH[LDKWWSPDU
NHWLQJQHW1RUPDQ*HVFKZLQGSGISGI



'U&KULVWD7RGHD*URVV

 = 0 %DFNPDQ 7KH 5HODWLRQVKLS %HWZHHQ /HDUQLQJ 'LVDELOLWLHV DQG %HKDYLRUDO
0DQLIHVWDWLRQZLWK7R[LFLW\DQG&HUHEUDO$OOHUJ\7KH'LJHVWRI&KLURSUDFWLF(FR
QRPLFV0D\-XQH
 'RULV-5DSS$OOHUJLHVDQGWKHK\SHUDFWLYH&KLOG1HZ<RUN6RYHUHLJQ%RRNV
 'RULV - 5DSS ' / %DPEHUJ 7KH ,PSRVVLEOH &KLOG LQ 6FKRRO DW +RPH
%XIIDOR3UDFWLFDO$OOHUJ\5HVHDUFK)RXQGDWLRQ
 7-5DQGROSKDQG5DOSK:0RVV$OOHUJLHV<RXU+LGGHQ(QHP\:HOOLQJERURXJK
1RUWKDPSWRQVKLUH7XUQVWRQH3UHVV
 %-.DSODQHWDO3K\VLFDO6LJQVDQG6\PSWRPVLQ3UHVFKRRO$JH+\SHUDFWLYHDQG
1RUPDO &KLOGUHQ -RXUQDO 'HYHORSPHQWDO DQG %HKDYLRUDO 3HGLDWULFV 'HFHPEHU
KWWSZZZQFELQOPQLKJRYSXEPHG
 = 0 %DFNPDQ 7KH 5HODWLRQVKLS %HWZHHQ /HDUQLQJ 'LVDELOLWHV DQG %HKDYLRUDO
0DQLIHVWDWLRQVZLWK7R[LFLW\DQG&HUHEUDO$OOHUJ\7KH'LJHVWRI&KLURSUDFWLF(FR
QRPLFVPDLMXQH
 5XWK&KULVW6XOOLYDQ+XQFKHVRQ6RPH%LRORJLFDO)DFWRUVLQ$XWLVP-$XWLVP

 $:HL]PDQHWDO$EQRUPDO,PPXQH5HVSRQVHWR%UDLQ7LVVXH$QWLJHQLQWKH6\Q
GURPHRI$XWLVP$-3V\FKLDWU\
 5'&LDUDQHOORHWDO,QWULQVLFDQGH[WULQVLF'HWHUPLQDQWVRI1HXURQDO'HYHORS
PHQW5HODWLRQWR,QIDQWLOH$XWLVP-$XWLVP
 5%'LHWULFKHWDO05(YDOXDWLRQRI(DUO\0\HOLQDWLRQ3DWWHUQVLQ1RUPDODQG
'HYHORSPHQWDOO\'HOD\HG,QIDQWV$-5$P-5RHQWJHQRO$SUKWWSZZZ
QFELQOPQLKJRYSXEPHG
 -RKQ'REELQJ(IIHFWVRI([SHULPHQWDO8QGHUQXWULWLRQRQ'HYHORSPHQWRIWKH1HU
YRXV6\VWHPvQ166FULPVKDZDQG-(*RUGRQ HGV 0DOQXWULWLRQ/HDUQLQJDQG
%HKDYLRU&DPEULGJH0,73UHVV
 &$PLHO7LVRQ1HXURORJLF'LVRUGHULQ1HRQDWHV$VVRFLDWHGZLWK$EQRUPDOLWLHVRI
3UHJQDQF\DQG%LUWK&XUUHQW3UREOHPVRI3HGLDWULFV,,,-DQXDU\
 )-0HQRODVFLQRDQG0/(JJHU0HGLFDO'LPHQVLRQVRI0HQWDO5HWDUGDWLRQ/LQ
FROQ8QLYHUVLW\RI1HEUDVND3UHVV
 &+3RVHU1HXURORJLF6\QGURPHV7KDW$ULVH8QSUHGLFWDEO\&RQVXOWDQW-DQXDU\

 ,VDDF.DUOLQ$3V\FKRVRPDWLF7KHRU\RI6WXWWHULQJ-6SHHFK'LVRUGHUV
 ,VDDF.DUOLQ&RQJHQLWDO9HUEDO$XGLWRU\$JQRVLD3HGLDWULFV
 5'&LDUDQHOOR1HXURFKHPLFDO0RGHOVRI,QIDQWLOH$XWLVPvQ3URFHHGLQJV
,QWHUQDWLRQDO&RIHUHQFHRIWKH1DWLRQDO6RFLHW\IRU&KLOGUHQDQG$GXOWVZLWK$XWLVP
:DVKLQJWRQ'&
 5 '$GDPV DQG 0 9LFWRU 3ULQFLSOHV RI 1HXURORJ\ 6HFRQG (GLWLRQ 1HZ<RUN 
0F*UDZ+LOO
 /DXUHWWD%HQGHU%XUQ(QFHSKDORSDWKLHVLQ&KLOGUHQ$UFK3HGLDWULFV
 7KRPDV05LYHUVDQG))6FKZHQWNHU(QFHSKDORP\HOLWLV$FFRPSDQLHGE\0\HOLQ
'HVWUXFWLRQ([SHULPHQWDOO\3URGXFHGLQ0RQN\HV-([S0HG
KWWSZZZQFELQOPQLKJRYSXEPHG
 %$UQDVRQ(GLWRULDO1HXURLPPXQRORJ\1HZ(QJODQG-0HG


 -RVHSKLQH % 1HDO (QFHSKDOLWLV $ &OLQLFDO 6WXG\ 1HZ<RUN *UXQH DQG 6WUDWWRQ
KWWSVFDWDO\VWOLEUDU\MKXHGXFDWDORJELEB
 7+HPDFKXGKDHWDO0\HOLQ%DVLF3URWHLQDVDQ(QFHSKDOLWRJHQLQ(QFHSKDORP\
HOLWLVDQG3RO\QHXULWLV)ROORZLQJ5DELHV9DFFLQDWLRQ1HZ(QJODQG-0HG
KWWSZZZZKDOHWRYDFFLQHVHQFHSKDORP\HOLWLVKWPO
 + + 0HUULWW 7H[WERRN RI &KLOG 1HXURORJ\ 6L[WK (GLWLRQ  3KLODGHOSKLD /HD DQG
)HELJHU
 5 %DQQLVWHU %UDLQV &OLQLFDO 1HXURORJ\ )LIWK (GLWLRQ 2[IRUG 8QLYHUVLW\ 3UHVV

 -DPHV'&KHUU\HWDO5HSRUWRIWKH7DVN)RUFHRQ3HUWXVVLVDQG3HUWXVVLV,PPXQL
]DWLRQ3HGLDWULFV3DUW,,-XQHKWWSSHGLDWULFVDDSSXEOLFDWLRQVRUJFRQ
WHQW
 6)ROVWHLQHWDO$XWLVP)DPLOLDO$JJUHJDWLRQDQG*HQHWLF,PSOLFDWLRQV-$XWLVP

 /HR.DQQHU7R:KDW([WHQWLV(DUO\,QIDQWLOH$XWLVP'HWHUPLQHGE\&RQVWLWXWLRQDO
,QDGHTXDFLHV"vQ*HQHWLFVDQGWKH,QKHULWDQFHRI,QWHJUDWHG1HXURORJLFDODQGSV\
FKLDWULF3DWWHUQVKWWSZZZQFELQOPQLKJRYSXEPHG
 )&'RKDQ&RHOLDF'LVHDVHDQG6FKL]RSKUHQLD/DQFHW$SULO
 -10RQH\%REURZDQG)&&ODUNH$XWLVPDQG$XWRLPPXQH'LVHDVH$)DPLO\
6WXG\-$XWLVP
 /6WHLQPDQ0XUULQH0RGHOIRU3HUWXVVLV9DFFLQH(QFHSKDORSDWK\/LQNDJHWR+
1DWXUH2FWREHU
 0:/DXIHUDQG('HQKRII+\SHUNLQHWF%HKDYLRU6\QGURPHLQ&KLOGUHQ-3H
GLDWULFVKWWSZZZQFELQOPQLKJRYSXEPHG
 6DOO\(6KD\ZLW]DQG$%HQQHW'LDJQRVLVDQG0DQDJHPHQWRI$WWHQWLRQ'HFLW
'LVRUGHU$3HGLDWULF3HUVSHFWLYH3HGLDWULF&OLQLFVRI1RUWK$PHULFD$SULO
 96&RZDUW$WWHQWLRQ'HFLW+\SHUDFWLYLW\'LVRUGHU3K\VLFLDQV+HOSLQJ3DUHQWV
3D\0RUH+HHG-$PHU0HG$VVRF0D\ E
 )ULHGULFK .ODPPURGW +DW ,PSIHQ 6LQQ"  -XOL  6WXWWJDUW KWWSHPEHGU
FRPSOD\OLVWVWXWWJDUWHULPSIV\PSRVLXP 
 7()U|KOLFKHWDO3UHYDOHQFHUHFRJQLWLRQDQGWUHDWPHQWRI$WWHQWLRQ'HFLW+\
SHUDFWLYLW\'LVRUGHULQDQDWLRQDOVDPSOHRI86FKLOGUHQ$UFK3HGLDWU$GROHVF0HG

 KWWSZZZSXOVPHGLDHXLQSDJHWXOEXUDUHDGHVSHFWUXDXWLVWODFRSLO
 'U'LHWULFK.OLQJKDUGW0'3K'KWWSZZZNOLQJKDUGWDFDGHP\FRP%LR'DWD'U'L
HWULFK.OLQJKDUGWKWPO
 *96WDMLFKHWDO,DWURJHQLFH[SRVXUHWRPHUFXU\DIWHUKHSDWLWLV%YDFFLQDWLRQLQ
SUHWHUPLQIDQWV-3HGLDWUKWWSZZZKHDOLQJDUWVRUJFKLOGUHQKROPHVELE
OLRJUDSK\KWP
 &M1HZVFKDIIHUHWDO1DWLRQDODXWLVPSUHYDOHQFHWUHQGVIURP8QLWHG6WDWHVVSHFLDO
HGXFDWLRQGDWD3HGLDWULFV
 KWWSZZZ\RXWXEHFRPZDWFK"Y ;8Q6Q(]G
 KWWSZZZKS]FRPLQVLGHU9RUWUDJ.OLQJKDUGWSGI
 $6+RPHVHWDO5HGXFHGOHYHOVRIPHUFXU\LQUVWEDE\KDLUFXWVRIDXWLVWLFFKLO
GUHQ,QWHUQDWLRQDO-RXUQDORI7R[LFRORJ\

'U&KULVWD7RGHD*URVV

 5REHUW1DWDIHWDO3RUSK\ULQXULDLQ&KLOGKRRGDXWLVWLFGLVRUGHU,PSOLFDWLRQVIRU
HQYLURQPHQWDOWR[LFLW\7R[LFRORJ\DQG$SSOLHG3KDUPDFRORJ\  

KWWSZZZKERWQPFRPSRUSK\ULQXULDSGI
 -%UDGVWUHHWHWDO$FDVHFRQWUROVWXG\RIPHUFXU\EXUGHQLQFKLOGUHQZLWKDXWLVWLF
VSHFWUXPGLVRUGHUV-RXUQDORI$PHULFDQ3K\LVLFLDQVDQG6XUJHRQV
 70%XUEDFKHUHWDO&RPSDULVLRQRIEORRGDQGEUDLQPHUFXU\OHYHOVLQLQIDQWPRQ
NH\VH[SRVHGWRPHWK\OPHUFXU\RUYDFFLQHVFRQWDLQLQJWKLRPHUVDO(QYLURQ+HDOWK
3HUVSHFW$SUKWWSZZZQFELQOPQLKJRYSXEPHG
 'UPHG'LHWULFK.OLQJKDUGW9RUWUDJQU6FKZHUPHWDOOH9HUJLIWXQJ(QWJLIWXQJJHKDOWHQ
DP  1RYHPEHU  DXI 6FKOR (OPDX EHL *DUPLVFK3DUWHQNLUFKHQLP 5DKPHQ
HLQHV6HPLQDUVEHU3V\FKR.LQHVLRORJLH*HUPDQ\

KWWSZZZSRZHUIRUOLIHFRP6FKZHUPHWDOO$XVOHLWXQJYRUWUDJKWPO
 ,QWHUYLHZ PLW 'U PHG +DUDOG %DQ]KDI 8PZHOWPHGL]LQHU %LVLQJHU ZZZGUEDQ
]KDIGH EHU$PDOJDPXQG$XVZLUNXQJHQDXIGHQ2UJDQLVPXV

KWWSZZZ\RXWXEHFRPZDWFK"Y 7(*MZ64 IHDWXUH UHODWHG
 ,QVWLWXWHRI0HGLFLQH ,20 ,PPXQL]DWLRQ6DIHW\5HYLHZ7KLRPHURVDOFRQWDLQLQJ
YDFFLQHVDQGQHXURGHYROHSPHQWDOGLVRUGHUV  KWWSZZZQDSHGXRSHQERRN
SKS"LVEQ 
 .00DGVHQHWDO7KLRPHUVDODQGWKHRFFXUUHQFHRIDXWLVP1HJDWLYHHFRORJLFDO
HYLGHQFHIURP'DQLVKSRSXODWLRQEDVHGGDWD3HGLDWULFVKWWSZZZQFELQOP
QLKJRYSXEPHG
 &KDUOHV-DQHZD\-U$SSURDFKLQJWKHDV\PSWRWH(YROXWLRQDQGUHYROXWLRQLQLPPX
QRORJ\&ROG6SULQJ+DUE6\PS4XDQW%LROKWWSZZZPHGVFDSHRUJYLHZ
DUWLFOHB
 -DPHV0%UHZHU +RZ GRDOXPLQLXPDGMXYDQWVZRUN",PPXQRORJ\/HWWHUV
 KWWSGUWHQSHQQ\FRPZSFRQWHQWXSORDGV+RZGRDOXPLQXPDGMX
YDQWVZRUNSGI
 0RVKH7LVKOHU<HKXGD6KRHQIHOG9DFFLQDWLRQPD\EHDVVRFLDWHGZLWKDXWRLPPXQH
GLVHDVHV ,0$M  9HUHG 0ROLQD <HKXGD 6KRHQIHOG ,QIHFWLRQ YDFFLQHV DQG
RWKHUHQYLURQPHQWDOWULJJHUVRIDXWRLPPXQLW\-RXUQDO$UWLFOH
 0 6 3HWULN HW DO $OXPLQLXP DGMXYDQW OLQNHG WR *XOI :DU LOOQHVV LQGXFHV PR
WRU QHXURQ GHDWK LQ PLFH 1HXURPROHFXODU 0HG  KWWSZZZQFELQOPQLK
JRYSXEPHG
 KWWSZZZLPSINULWLNGHDGMXYDQV
 KWWSZZZ\RXWXEHFRPZDWFK"Y $$Y$3EGNN%8
 +RZ WR VWRS ELUG X LQVWHDG RI WKH YDFFLQHDQWLYLUDO PRGHO 6FLHQFH LQ 6RFLHW\ 
KWWSZZZLVLVRUJXNLVLVQHZVVLVSKS
 9DFFLQHVPD\EHOLQNHGWR*XOI:DU6\QGURPH-XQH

KWWSZZZG\QDPLFFKLURSUDFWLFFRP
 KWWSZZZVZLQHXXSGDWHXV(&VZLQHX('YDFFLQHKDVDG
MXYDQWVWKDWLPSDLUIHUWLOLW\SKSLKWWSLQIHUWLOLW\VXLWHFRPDUWLFOHFIPSRO\VRU
EDWHBBFDXVHVBLQIHUWLOLW\
 KWWSZZZLPSINULWLNGH]XVDW]VWRIIHVTXDOHQKWP



&$3,72/8/

9DFFLQXULYHFKLLQRL
%ROLOHSHFDUHQXOHSUHYLQ
5H]XPDW
9DFFLQXULOHQXSUHYLQEROLOHFRSLOULHLFLGRDUOHDPkQSkQODYkUVWD
DGXOWFkQGVXQWPDLJUDYH
3ULQDGPLQLVWUDUHDYDFFLQXOXLDQWLSHUWXVVLV LPSRWULYDWXVHLFRQYXOVLYH 
QXYRPRSULERDODQWLPSFHERDODQDWXUDOODVRLPXQLWDWHQDWXUDO SUR
WHFLHvPSRWULYDXQHLQRLvPEROQYLUL GHPD[LPXPDQLYDFFLQXODUHFD
UH]XOWDWRSURWHFLHQHVLJXULSHQWUXRSHULRDGGHWLPSPDLVFXUW8OWLPXO
YDFFLQDFHOXODUFXDWkWPDLSXLQ'HMDGXSDQLGHODXOWLPDYDFFLQDUH
FUHWHUHFHSWLYLWDWHDODERDOREVHUYPHGLFLLSHGLDWULQQDOVHRELQH
GRDURDPkQDUHDEROLLFXFkLYDDQL6WDWLVWLFDSHUJOREDOUPkQHQHLQXHQD
WLDUEDFWHULDFLUFXOvQFRQWLQXDUHIUSUREOHPHvQVRFLHWDWHQ6XHGLD
QXPUXOFRODULORUFDUHIDFERDODVHDSURSLHGHQLYHOXODQLORUGHGLQDLQWHGH
YDFFLQ L vQ 68$ QXPUXO FHORU EROQDYL GH WXVH FRQYXOVLY FUHWH vQFH
SkQGFXGHRUL  LDUDVW]LHVWHODQLYHOXODQLORU

'U&KULVWD7RGHD*URVV

QFD]XOUXEHROHLDUHORFRDPkQDUHDEROLLGHODYkUVWDFRSLOULHL VXE
DQL ODYkUVWDGHDGROHVFHQW SHVWHDQL 6HWLHFGHIDSWQXVHDUHvQ
YHGHUHRSUHYHQLUHDUXEHROHLvQFRSLOULHFLRSUHYHQLUHDUXEHROHLFRQJHQL
WDOH1XVDSXWXWUHDOL]DDFHVWRELHFWLYLQGXQXOXWRSLF5XEHRODHVWH
DPkQDWSULQLQWHUPHGLXOYDFFLQXULORUODRYkUVWFkQGQXHVWHGHORFGRULWR
DVWIHOGHLQIHFLH9DFFLQDUHDDQWLUXEHROLFHVWHXQH[SHULPHQWLQXWLOL
SHULFXORVFDUHFRQWLQXLvQ]LXDGHD]LVSXQH9LHUD6FKHLEQHU
$FHODL OXFUX VH vQWkPSO L vQ FD]XO FHORUODOWH EROL LQIHFLRDVH L
FRQWDJLRDVH
([FHSLHIDFHWHWDQRVXOFDUHQXHVWHRERDOFRQWDJLRDV&XWRDWHDFHV
WHDYDFFLQXOWHWDQLFVHDGPLQLVWUHD]vQPRGUHSHWDWVXJDULORUFXVFRSXOSUH
YHQLULL EROLL 6H PDL DGPLQLVWUHD] JUDYLGHORU L vQ FD]XO SOJLORU Q XUPD
VWXGLLORUIFXWHVDREVHUYDWFWR[LQDWHWDQLFGLQYDFFLQSRDWHSURYRFDvQ
VLERDOD$QWLFRUSLLIRUPDLvQXUPDYDFFLQULLQXVXQWHFLHQL6DFRQ
VWDWDWFDXH[LVWDWGHFHVHGXSWHWDQRVLQFOXVLYODFHLFDUHDXDYXWRFDQWLWDWH
VXFLHQWGHDQWLFRUSL
3ROLWLFDHUDGLFULLEROLORUEDQDOHDOHFRSLOULHLHVWHLUPkQHRXWR
SLH1XHVWHQHFHVDULQLFLLQGLFDW
QDFHVWFDSLWRODPDGXVLRFRPSOHWDUHODFRPSOLFDLLOHSRVWYDFFLQDOH
ODHFDUHYDFFLQvQSDUWHSHQWUXDVFRDWHvQHYLGHQDWkWLQHFLHQDYDFFL
QXULORUFkWPDLDOHVSHULFROXOSHFDUHOSUH]LQWSHQWUXVQWDWHDFRSLLORULD
QRDVWUDWXWXURU

,7HWDQRVXOLYDFFLQXOWHWDQLF
7HWDQRVXO

 6 /XJDXHU . +HLQLQJHU - 6WHKU ' &KHUU\ /RQJWHUP FOLQLFDO HIIHFWLYHQHVV RI
DQDFHOOXODUSHUWXVVLVFRPSRQHQWYDFFLQHDQGDZKROHFHOOSHUWXVVLVFRPSRQHQWYDFFLQH-
3HGLDWULFV0DU  

6(VSRVLWR7$JOLDUGL$*LDPPDQFRHWDO/RQJWHUPSHUWXVVLVVSHFLFLPPX
QLW\DIWHUSULPDU\YDFFLQDWLRQZLWKDFRPELQHGGLSKWKHULDWHWDQXVWULFRPSRQHQWDFHOOXODU
SHUWXVVLVDQGKHSDWLWLWV%YDFFLQHLQFRPSDULVLRQZLWKWKDWQDWXUDOLQIHFWLRQ,QIHFW,P
PXQ  

 / *XVWDIVVRQ / +HVVHO - 6WRUVDHWHU 3 2OLQ /RQJWHUP IRRORZXS RI 6ZHGLVK
FKLOGUHQYDFFLQDWHGZLWKDFHOOXODUSHUWXVVLVYDFFLQHVDWDQGPRQWKVRIDJHLQGLFDWHV
WKH QHHG IRU D ERRVWHU GRVH DW  WR  \HDUV RI DJH 3HGLDWULFV     
KWWSZZZQFELQOPQLKJRYSXEPHG

0+LUWHRSFLW

7HWDQRVXOHVWHRERDOLQIHFLRDVDFXWDYkQGFDDJHQWHWLRORJLFEDFL
OXOWHWDQLF &ORVWULGLXPWHWDQL FDUHGHWHUPLQRLQIHFLHORFDOL]DWODSRDUWD
GHLQWUDUHGHXQGHWR[LQDGLIX]HD]vQRUJDQLVPSURYRFkQGRVWDUHGHFRQ
WUDFWXUWRQLFDPXVFXODWXULLLFUL]HGHFRQWUDFWXULSDUR[LVWLFHFXRHYROXLH

 9LHUD 6FKHLEQHU ,PSIXQJHQ ,PPXQVFKZlFKH XQG 3O|W]OLFKHU .LQGVWRG +LUWKDP
PHU9HUODJ

,ELGHP

,ELGHP

 6LPRQH 'HODUXH ,PSIVFKXW],UUWXP RGHU /JH" $XDJH  +LUWKDPPHU9HU
ODJ*PE+*HUPDQ\ 'LH,QWHUQDWLRQDOH7HWDQXVNRQIHUHQ]

9$&&,185,/(35(9(1,(6$8%2$/



JUDYGHVHRULOHWDO%DFWHULDSWUXQGHODQLYHOXOUQLORU(DSRDWHIRUPD
VSRUL FDUH VXQW IRDUWH UH]LVWHQL vQ PHGLXO vQFRQMXUWRU PDL DOHV OD QLYHOXO
VROXOXLLvQH[FUHPHQWHOHDQLPDOHORU vQVSHFLDODOHFDLORU &HOPDLXRUVH
LQIHFWHD]UQLOHSURYRFDWHSULQPXFWXULDUVXULvQHSWXULLPDLDOHVUQLOH
SURYRFDWHGHFRUSXULVWULQHOHPQVWLFOPHWDO2UDQVkQJHUkQGLQG
ELQHR[LJHQDWQXYDFRQLQHQLFLRGDWWR[LQDWHWDQLF(DVHJVHWHGRDU
vQFRQGLLLGHDQDHURELR] PHGLLIUR[LJHQ 2GDWFXDSDULLDPLMORD
FHORUGHWUDQVSRUWPRGHUQHFDUHDXOXDWORFXOWUVXULORUFXFDLDXVF]XWPXOW
IRFDUHOHGHLQIHFLHFXDFHVWEDFLO
,QIHFLDHVWHIDYRUL]DWGHEROLSUHFXPGLDEHWXO]DKDUDWLDWHURVFOHUR]
$76 FkQGEROQDYLLDXRFLUFXODLHGHFLWDU(VWHXQXOGLQWUHPRWLYHOHSHQ
WUXFDUHERDODDSDUHODYkUVWQLFLLSUDFWLFGHORFODVXJDULLFRSLL%DFWHULDVH
vQPXOHWHIRDUWHELQHvQFRQGLLLOHXQHLFLUFXODLLGHFLWDUHFXVWD]YDVFX
ODULKLSR[LHORFDO2WUDYDEDFLOXOXLQXPLWWR[LQDWHWDQLFDUHRPDUH
DQLWDWHSHQWUXVLVWHPXOQHUYRV(DVHSURSDJGHDOXQJXOQHUYLORULDMXQJH
ODVLVWHPXOQHUYRVFHQWUDO 61& QIXQFLHGHFkWGHDSURDSHGHQHUYLVDX
PGXYHVWHUDQDVHDMXQJHODERDOvQWLPSGH]LOHVSWPkQL7R[LQD
WHWDQLFDIHFWHD]DFWLYLWDWHDPRWRULH DPXFKLORU FHHDFHGXFHODFRQWUDF
LLPXVFXODUHJHQHUDOL]DWHLIRDUWHGXUHURDVHFXSVWUDUHDFXQRWLQHL&HOH
PDLSHULFXORDVHVXQWVSDVPXOODULQJLDQLFRQWUDFLDPXVFXODWXULLUHVSLUDWRULL
7UDWDPHQWXOHVWHXQXOGHXUJHQ0RUWDOLWDWHDHUDPDUHvQWUHFXW/DRUDDF
WXDOHDDVF]XWIRDUWHPXOWODYkUVWDGHGHDQLLODFHLWUHFXL
GHGHDQL
'XS FRQYDOHVFHQ SDFLHQLL UPkQ GHVHRUL FX R VWDUH GH DJLWDLH LQ
VRPQLHVSDVPHPXVFXODUHVFGHUHDOLELGRXOXLKLSRWRQLHRUWRVWDWLFLDQRU
PDOLWLDOH(OHFWURHQFHIDORJUDPHL
Q*HUPDQLDVDXvQUHJLVWUDWWRWPDLSXLQHFD]XULGXSPDMRULWD
WHDvQUHJLVWUkQGXVHODYkUVWQLFL'LQQXPDLHVWHFRQVLGHUDWRERDO
FDUHWUHEXLHUDSRUWDWvQPRGREOLJDWRULXQFHSkQGFXDQXOQXVDPDL

 *KHRUJKH 0DULQ 9RLFXOHVFX %ROL ,QIHFLRDVH YRO ,, (GLWXUD 0HGLFDO %XFXUHWL


 5 ( %HKUPDQQ 5 .OLHJPDQ + / -HQVRQ 1HOVRQ 7H[WERRN RI 3HGLDWULFVWK
(GLWLRQ3KLODGHOSKLD

 *HUKDUG %XFKZDOG ,PSIHQ 'DV *HVFKlIW PLW GHU $QJVW (PX9HUODJ $XDJH
*HUPDQ\

 (% (SLGHPLRORJLVFKHV %XOOHWLQ  =XU 6LWXDWLRQ EHL ZLFKWLJHQ ,QIHNWLRQVN
UDQNKHLWHQ(SLGHPLRORJLVFKHV%XOOHWLQ

/6,OOLVXQG)07D\ORU1HXURORJLFDODQG(OHFWURHQFHSKDORJUDSKLF6HTXHOHRI
7HWDQXV/DQFHW$SU



'U&KULVWD7RGHD*URVV

vQUHJLVWUDW QLFLXQ FD] PRUWDO OD FRSLLL GLQ *HUPDQLD 3XLQHOH FD]XUL GH
WHWDQRV FDUH DX IRVW GHFODUDWH vQ *HUPDQLD VDX vQUHJLVWUDW GRDU OD RDPHQL
YkUVWQLFLWUHFXLGHGHDQL0RWLYXOHVWHSUH]HQDXQHLFLUFXODLLYHQRDVH
GHFLWDUH
&RQGLLLOHFDUHIDYRUL]HD]DSDULLDWHWDQRVXOXLLSHFDUHOHJVLPvQ
FD]XOXQRUSOJLIRDUWHSURIXQGHvQ]LOHOHGHODSURGXFHUHDUQLLVXQW
DQDHURELR] OLSVDGHR[LJHQ 
RFLUFXODLHGHFLWDU ODYkUVWQLFLEROLDOHDUWHUHORULVDXYHQHORU 
VFGHUHDS+XOXLORFDO vQLQIHFLL 
RLPXQLWDWHVF]XW
RFWUDXPDWLF
QULOHOXPLLDWUHLD206 2UJDQL]DLD0RQGLDOD6QWLL QHDVL
JXU F VXQW vQF QXPHURDVH FD]XULOH PRUWDOH GH WHWDQRV QHRQDWDO PRWLY
SHQWUXFDUHDUHFRPDQGDWLYDFFLQDUHDJUDYLGHORUFDUHWUDQVPLWFRSLLORUR
SURWHFLH SRVWQDWDO GH  OXQL Q  206 D ODQVDW vQ ULOH vQ FXUV GH
GH]YROWDUH3URJUDPXO([WLQVGH9DFFLQUL 3(9 FkQGVDXVWDELOLWPVXULOH
GH SUHYHQLUH D WHWDQRVXOXL QHRQDWDO &X DFHDVWD RFD]LH 206 D VWDELOLW FD
LQWHOLPLQDUHDWHWDQRVXOXLQHRQDWDOSkQvQQVDUHHYDOXDW
VWDGLXOODFDUHVDDMXQVvQFRQWUROXOWHWDQRVXOXLQHRQDWDOFRQVWLWXLQGXVHXQ
SDUWHQHULDW20681,&()L8QLWHG1DWLRQV3RSXODWLRQ)RXQGFDUHDUHYL
]XLWRELHFWLYHOHVWDELOLQGHOLPLQDUHDWHWDQRVXOXLPDWHUQLQHRQDWDOSkQvQ
'HLVXQWHPvQL5RPkQLDHVWHvQ8(QHDPvQFRQWLQXDUH
vQDFHHDLJUXSFXULOHOXPLLDWUHLDSULYLQGYDFFLQDUHDJUDYLGHORU
&kWGHVLJXUHVWHYDFFLQDUHDODJUDYLGH"
&RSLLL QVFXL GLQ JUDYLGH YDFFLQDWH FX PDL PXOWH GR]H GH YDFFLQ SRW
IDFHWHWDQRV0DVHOOHDDXGLDJQRVWLFDWSHVWHFD]XULODVXJDULFDUHDYHDX
RFRQFHQWUDLHPDUHGHDQWLFRUSLLFDUHSURYHQHDXGHODPDPHYDFFLQDWHGH
PDLPXOWHRULvQWLPSXOVDUFLQLL6XSUDLPXQL]DUHDSURYRDFERDODQXR
SUHYLQH
/DQDWHUHHVWHQHYRLHGHRGH]LQIHFLHDFRUGRQXOXLRPELOLFDOUHVWDQW
DOQRXQVFXWXOXLLGHRLJLHQULJXURDVORFDOWLPSGH]LOHGXSFDUH

 0DUWLQ +LUWH ,PSIHQ 3UR &RQWUD 'DV +DQGEXFK IU GLH ,QGLYLGXHOOH (QWVFKHLG
XQJ0HQV6DQD

)ULHGULFK3*UDI1LFKWLPSIHQZDVGDQQ"$XDJHVSUDQJVUDGHYHUODJ

,ELGHP

:+2+LVWRU\RIYDFFLQDWLRQKWWSZZZZKRLQWJSYGYDFFKLVWRU\KLVWRU\KWP

 0 , %UXPERLX  , 6 %RFDQ 9DFFLQXUL L YDFFLQDUL vQ SUDFWLFD PHGLFDO (G
0HGLFDO8QLYHUVLWDU,XOLX+DLHJDQX&OXM1DSRFD

96FKHLEQHURSFLW

9$&&,185,/(35(9(1,(6$8%2$/



QXPDLH[LVWULVFXOXQHLvPEROQYLUL'HRDUHFHPDPHOHQDVFODRUDDFWXDO
vQVSLWDOHXQGHVXQWvQGHSOLQLWHDFHVWHFRQGLLLQXHVWHQHYRLHGHYDFFLQDUHD
DQWLWHWDQRVGLQWLPSXOVDUFLQLL&XWRDWHDFHVWHDYDFFLQDUHDDQWLWHWDQRVDGH
YHQLWRUXWLQLQXWLOGDUQXOLSVLWGHHIHFWHVHFXQGDUHDWkWSHQWUXPDP
FkWLSHQWUXIWRVWDWLVWLFHIHFWXDWvQULOHLQGXVWULDOL]DWHDUDWRvPERO
QYLUHDSURDSHH[FOXVLYDSHUVRDQHORUYkUVWQLFHQULOHGH]YROWDWHHFR
QRPLFPDMRULWDWHDFD]XULORUDSDUODSHUVRDQHvQYkUVWGHSHVWHGHDQL
GXSSOJLPLQRUHFXPVXQWFHOHvQHSDWH
/DJUDYLGHVHWLHFYDFFLQXOSRDWHVWLPXODLPXQLWDWHDFHOXODU 7+ L
SURYRFDDVHPHQHDRULFUXLDOWYDFFLQDYRUWXO'HFH"QVDUFLQLPXQLWDWHD
FHOXODU 7+ VFDGHvQPRGQRUPDOSHQWUXDQXUHMHWDFRSLOXOFDUHHVWHR
JUHIVWULQ3ULQYDFFLQDUHVWLPXOPLPXQLWDWHDFHOXODU 7+ LDUUH
DFLDIDGHFRSLOYDXQDGHUHVSLQJHUHFXXQSRVLELODYRUW$PREVHUYDW
FVSUHGHRVHELUHGHXQLLPHGLFLJLQHFRORJLFDUHQXUHFRPDQGJUDYLGHORU
YDFFLQXOvQOXQDDDPHGLFLLGHIDPLOLHLQVLVWSHQWUXHIHFWXDUHDOXL$YkQG
vQYHGHUHFQDWHULOHDXORFODVSLWDOvQFRQGLLLDGHFYDWHIUQLFLXQSHULFRO
GHLQIHFWDUHDSOJLLRPELOLFDOHFXEDFLOXOWHWDQLFHVWHWRWDOLQXWLOYDFFLQD
UHDJUDYLGHORU2JUDYLGvPLVSXQHDSHEXQGUHSWDWH'RDUQXQDWHPSH
FkPS'HFHVQHYDFFLQP"
&XPSXWHPSUHYHQLWHWDQRVXO"
7HWDQRVXOSRDWHSUHYHQLWGDFUDQDHVWHLPHGLDWWUDWDWLGH]LQIHFWDW
FRUHVSXQ]WRUQFD]XOEROLLLQFOXVLYvQULOHPDLSXLQGH]YROWDWHGLQ
SDFLHQLLWLQHULFXRIRUPGHWHWDQRVGHJUDYLWDWHPHGLHSRWYLQGHFDLFX
DQWLELRWLFH3HQLFLOLQL0HWURQLGD]RO5HQXPLWXOFKLUXUJJHUPDQ3URIHVR
UXO+DFNHWKDOVFULHGHVSUHDFHVWYDFFLQFWLPSGHGHDQLDvQFHUFDWV
HYLWHYDFFLQXOvQFD]XOSOJLORUGHVFKLVH([SOLFkQGSDFLHQLORUODFHHYHQ
WXDOHULVFXULVHSRWH[SXQHGXSYDFFLQDSURDSHQLFLXQXOQXVDPDLOVDW
YDFFLQDWLFXWRDWHDFHVWHDQXDDYXWQLFLXQFD]GHWHWDQXV
7UDWDPHQWORFDO
QXHVWHUHFRPDQGDWIRORVLUHDGH]LQIHFWDQWHORURELQXLWHLQGFDFHVWH
VROXLLUDGLFDOHSRWGXQD
SHQWUXUQLVXSHUFLDOHWLHWXUL]JkULHWXULVHIRORVHWHRVROXLHVDOLQ
vQDPHVWHFFXHVHQGHPXHHOODRFDQGHDSFOGXVHDGDXJXQ
YkUIGHFXLWGHVDUHLROLQJXULGHWLQFWXUGHPXHHO


0,%UXPERLX,6%RFDQRSFLW
*%XFKZDOGRSFLW

)3*UDIRSFLW



'U&KULVWD7RGHD*URVV

SHQWUX SOJL SURIXQGH FX UHVWXUL GH SPkQW VDX SOJL GDWRUDWH XQRU
PXFWXULVHIRORVHWHDFHODLDPHVWHFGHVROXLHLDUGDFHVWHQHYRLHVH
LQWHUYLQHLFKLUXUJLFDOvQDFHVWFD]GXSvQFKLGHUHDSOJLLPDUJLQLOHSOJLL
FXVXWHVHWDPSRQHD]FXVROXLLGH]LQIHFWDQWHIRDUWHGLOXDWHvQSULPHOHRUH
SHQWUX SOJL FDUH VkQJHUHD] QX VH DSOLF QLFLR VROXLH FL VH ODV V
VkQJHUH]HGDFHVWHYRUEDGHRVkQJHUDUHXRDU(VWHQHYRLHGHKHPRVWD]
SHQWUXRVkQJHUDUHPDLPDUH6kQJHOHLQGELQHR[LJHQDWQXHVWHXQPHGLX
SURSLFHSHQWUXWHWDQRV
3UHYHQLHVDXERDO"
$WkW ERDOD FkW L YDFFLQXO DQWLWHWDQRV SURYRDF UHDFLL LPXQH UHVSHFWLY R
VHQVLELOL]DUHDFFHQWXDWGXQWRDUHSHQWUXRUJDQLVPGDWRUDWWR[LQHLWHWDQLFH
&RQFOX]LDODFDUHDXDMXQVQXPHURLPHGLFLLRDPHQLLGHWLLQHVWHF
PXOLGLQWUHFHLYDFFLQDLIDFWHWDQRV
'XSPDLPXOWHVWXGLL9LHUD6FKHLEQHUDUPFPXOLVXJDULFDUHDX
IRVWYDFFLQDLFX'7 ELYDFFLQGLIWHURWHWDQLF VDX'73 WULYDFFLQGLIWHURWH
WDQRSHUWXVVLV DXIFXWWHWDQRVvQXUPDFUXLDDXPXULWLDUGLDJQRVWLFXO
D IRVW 6,'6 6LQGURPXO PRULL VXELWH OD VXJDU  6LPSWRPHOH SH FDUH OHDX
SUH]HQWDW GXS YDFFLQXUL DX IRVW FDUDFWHULVWLFH WHWDQRVXOXL DJLWDLH FRQ
WUDFLLPXVFXODUH ODFHOHPDLPLFLDWLQJHULVDXPLFUL WXOEXUULGHVRPQ
WXOEXUULGHGHJOXWLLHUHJXUJLWDLLFUL]HGHvQQHFVDXFKLDUIUDFWXULRVRDVH
vQXUPDFRQWUDFLLORUPXVFXODUH0XOLGLQWUHVXJDULDXPXULWGXSYDFFL
QXO'73vQWLPSXOQRSLLGLQFDX]DWHWDQRVXOXLQWRDWHDFHVWHFD]XULVH
SXQHXQGLDJQRVWLFIDOVGHFDX]QHFXQRVFXWDFHODGH6LQGURPDOPRULL
VXELWHDVXJDUXOXL 6,'6 
9DFFLQXOWHWDQLF
3UH]HQWDUH
9DFFLQWHWDQLFDGVRUELW 97$ 
SURGXVGH,QVWLWXWXO&DQWDFX]LQR
FRQLQH8% XQLWLERFDQWH DQDWR[LQWHWDQLFSXULFDWLPJ
IRVIDWGHDOXPLQLXLQHFDUHGR]
VHDGPLQLVWUHD]SHQWUXSUROD[LDDFWLYDWHWDQRVXOXL SULPRYDFFLQDUH
UHYDFFLQDUH LSHQWUXSUROD[LDGHXUJHQ

 0 ':ULJKW 2Q WKH FKDQJHV HIIHFWHG E\ DQWLW\SKRLG LQRFXODWLRQ LQ WKH EDFWH
ULFLGDOSRZHURIWKHEORRGZLWKUHPDUNVRQWKHSUREDEOHVLJQLFDQFHRIWKHVHFKDQJHV
/DQFHW6HSW





96FKHLEQHURSFLW

9$&&,185,/(35(9(1,(6$8%2$/



FRQWUDLQGLFDLLEROLDFXWHvQHYROXLHVWULIHEULOHWXEHUFXOR]DFWLY
WUDWDPHQWFXLPXQRVXSUHVRDUHDIHFLXQLPDOLJQHFDUGLRSDWLLGHFRPSHQVDWH
KLSHUWHQVLXQHDUWHULDOPDOLJQQHIURSDWLLVDUFLQLDOSWDUH
UHDFLLDGYHUVHUDUGXUHUHHGHPWXPHHUHODORFXOLQMHFLHLIRDUWH
UDUUHDFLLJHQHUDOHLQGLVSR]LLHIHEUFHIDOHH
9DFFLQFRPELQDWGLIWHURWHWDQLFDGVRUELW 9&'7 
SURGXVGH,QVWLWXWXO&DQWDFX]LQR
FRQLQHDQDWR[LQGLIWHULFSXULFDWLDQDWR[LQWHWDQLFSXULFDWL
IRVIDWGHDOXPLQLX
VHDGPLQLVWUHD]SHQWUXSUROD[LDGLIWHULHLLDWHWDQRVXOXLSHQWUXSUL
PRYDFFLQDUHDLUHYDFFLQDUHDFRSLLORUVXEDQL
FRQWUDLQGLFDLLGLDEHW]DKDUDWGHFRPSHQVDWHFDUGLRSDWLLGHFRPSHQVDWH
QHIURSDWLLJUDYHEROLDOHVkQJHOXLDQWHFHGHQWHGHDQDOD[LHVDUFLQLDOSWDUH
UHDFLLDGYHUVHHGHPLLQOWUDLHORFDOGXUHUHVSRQWDQVWDUHGHGLV
FRQIRUWIHEUIULVRQ
9DFFLQGLIWHURWHWDQLFSHQWUXDGXOL
SURGXVGH,QVWLWXWXO&DQWDFX]LQRFX$8725,=$,('(381(5(3(
3,$15
HFDUHGR]GHPLOLOLWULVXVSHQVLHLQMHFWDELOFRQLQHDQDWR[LQGLI
WHULF SXULFDW  8, DQDWR[LQ WHWDQLF SXULFDW  8, L H[FLSLHQL
IRVIDWGHDOXPLQLXWLRPHUVDOIRUPDOGHKLGFORUXUGHVRGLXVROXLH
,QGLFDLLYDFFLQDUHDLUHYDFFLQDUHDGLIWHURWHWDQLF D JUDYLGHORU vQFD]XO
vQFDUHVHFRQVLGHUQHFHVDUFUHWHUHDXUJHQWDLPXQLWLLDQWLGLIWHULHWHWD
QRVSHQWUXUHYDFFLQDUHDGLIWHURWHWDQLFDDGXOLORULSHQWUXLPXQRSUROD[LD
WHWDQRVXOXLvQSOJLOHFXSRWHQLDOWHWDQLJHQODSDFLHQLLODFDUHVFKHPDGH
YDFFLQDUHDQWLGLIWHULHWHWDQRVQXDIRVWFRPSOHWVDXQXVDIFXWFRQWUDLQ
GLFDLLOHVXQWDFHOHDLFDLOD9&'7
,029$;GWSHQWUXDGXOL
SURGXVGH3$67(850e5,(8;6e5806(79$&&,16)5$1$
FRQLQH DQDWR[LQ GLIWHULF SXULFDWD  L X GHWR[LDW FX IRUPRO 
DQDWR[LQWHWDQLFSXULFDWLX GHWR[LDWFXIRUPRO 


$JHQGD0HGLFDO(GLLDGHEX]XQDU
0,%UXPERLX,6%RFDQRSFLW

$JHQGD0HGLFDO(GLLDGHEX]XQDU

,ELGHP

 KWWSZZZPHGLSHGLDUR'LFWLRQDUPHGLFDO0HGLFDPHQWHWDELGSURVSHFW:
9$&&,1',)7(527(7$1,&3(1758$'8/7,G7DVS[

 KWWSZZZVIDWXOPHGLFXOXLURPHGLFDPHQWHLPRYD[GWDGXOWVXVSHQVLHLQMHFWDEL
ODB




'U&KULVWD7RGHD*URVV

H[FLSLHQLKLGUR[LGGHDOXPLQLX H[SULPDWFD$O PJPHUFXUR


WKLRODWGHVRGLXPJVROXLHWDPSRQTVPO
VHDGPLQLVWUHD]DGXOLORUSHVWHDQL
HVWHFRQWUDLQGLFDWvQVDUFLQLDOSWDUH
9DFFLQXO FRPELQDW GLIWHURWHWDQRSHUWXVVLV DGVRUELW 9&'73  HVWH
SUH]HQWDWODVXEFDSLWROXO,,,
5HDFLLDGYHUVHLFRPSOLFDLLSRVWYDFFLQDOH
5HDFLLOHDGYHUVHVXQWGDWHDWkWGHWR[LQDWHWDQLFGLQYDFFLQFkWLGH
DGMXYDQLLFRQVHUYDQL
7R[LQDWHWDQLFGLQYDFFLQHVWHLQDFWLYDWvQIRUPRO(DDUDYHDRPRUWDOL
WDWHGHGHRULPDLPDUHGFkWFHDQDWXUDOGDFQXDULQDFWLYDW$LFLvQV
QXSXWHPYRUELGHXQYLUXVYLXVDXLQDFWLYDWFLGHRWR[LQLQDFWLYDW
LQGRVLWXDLHDSDUWH
$GMXYDQLLGLQYDFFLQ
+LGUR[LGXOGHDOXPLQLXLIRVIDWXOGHDOXPLQLXDFHVWHVUXULGHDOXPLQLX
VXQWIRORVLWHFDDGMXYDQWSHQWUXYDFFLQXUL7R[LFLWDWHDDOXPLQLXOXLGLQYDFFLQXUL
HVWHH[SOLFDWvQFDS$OXPLQLXOPDLHVWHIRORVLWODSDFLHQLLGLDOL]DLGUHSW
FKHODWRUDOIRVIDWXOXL6DREVHUYDWFGDFHVWHIRORVLWXQWLPSPDLvQGHOXQJDW
VHDMXQJHODRWR[LFLWDWHFHUHEUDO SURYRFkQGGHPHQD SUHFXPLODRWR[LFLWDWH
RVRDVFUHVFXWPRWLYSHQWUXFDUHVHIRORVHWHPD[LPXPVSWPkQL$GMX
YDQLLFXDOXPLQLXPDLSRWSURYRFDvQWLPS0LRIDVFLWDPDFURIDJLF GHVFULVvQ
FDS QWUXQVWXGLXUHDOL]DWGH3HWULNLFRODERUDWRULLVLVHDUDWFDGMXYDQLL
FXDOXPLQLXDIHFWHD]QHXURQLLPRWRULODRDUHFLLSRWLQGXFHEROLDXWRLPX
QHGLQFDX]DGH]HFKLOLEUXOXLFUHDWvQWUHLPXQLWDWHDFHOXODU 7K LLPXQLWDWHD
XPRUDO 7K )RORVLUHDDFHVWRUDGMXYDQLvQYDFFLQXULOHDQWLKHSDWLWLF$L%
DQWLWHWDQLFDQWLGLIWHULFLDQWLSHUWXVVLVSRWGXFHODWXOEXUULQHXURORJLFH
7KLRPHUVDO HQJO 7KLPHURVDO JHUP VDX0HUFXURWKLRODWGHVRGLXHVWH
XQDLDFHHDLVXEVWDQFDUHFRQLQHXQSURFHQWGHPHUFXURUJDQLFLVH
IRORVHWHGUHSWFRQVHUYDQWOLFKLGvQSUHSDUDWHPHGLFDOHSUHFXPYDFFLQXULOH
YH]LFDS 7KLRPHUVDOHVWHRVXEVWDQQHXURWR[LFSXWkQGSURYRFDEROL
QHXURORJLFHJUDYHLQFOXVLYDXWLVPXO)HPHLOHJUDYLGHYDFFLQDWHFXXQDVWIHO
GHYDFFLQSULPHVFRFDQWLWDWHPDUHGHPHUFXULQXVHWLHXQGHVHYDDFX
PXODDFHDVWVXEVWDQWR[LFvQVLVWHPXOQHUYRVVDXvQULQLFKLLIWXOXL


KWWSZZZVIDWXOPHGLFXOXLURDUKLYDBPHGLFDODYDFFLQWHWDQRV
ZZZLPSIVFKDGHQLQIR

38%/,&+($/7+6FLHQWLVWV$SSODXG0RYH$ZD\)URP8VH2I0HUFXU\6D\V
7KLPHURVDO&ROOHFWVLQWKH%UDLQ$XJXVW>%\5RJHU+LJKHOGIRUWKH'DLO\7HOH


9$&&,185,/(35(9(1,(6$8%2$/



5HDFLLDGYHUVHORFDOH
GXUHUHLLQDPDLHODORFXOLQMHFLHL
QXUDUHRULVHIRUPHD]ODORFXOLQMHFLHLQRGXOLLFKLVWHFDUHVHYLQGHF
JUHXvQGHFXUVGHFkWHYDVSWPkQL
IUHFYHQWVHLQDPHD]LQRGXOLLOLPIDWLFLUHJLRQDOLGHODJkWLGLQD[L
OXQHRULIRDUWHGXUHURLSXWkQGIRUPDDEFHVHVWHULOH
FDX]D DFHVWRU UHDFLL ORFDOH HVWH vQ SULQFLSDO KLGUR[LGXO GH DOXPLQLX
IRORVLWGUHSWDGMXYDQWvQYDFFLQ
FX HFDUH UHYDFFLQDUH FUHWH SRVLELOLWDWHD XQHL DVWIHO GH UHDFLL
ORFDOHODSULPDUHYDFFLQDUHDHOHYLORUGLQ6XHGLDHIHFWXDWODYkU
VWDGHDQLVDXSXWXWREVHUYDDVWIHOGHUHDFLLORFDOHODGLQWUH
DFHWLD
vQ SULPD ]L GXS YDFFLQDUH VXJDULL VXQW DJLWDL SOkQJ L VXQW IHEULOL
FRSLLLPDLPDULDFX]RVWDUHJHQHUDOXRUDOWHUDWFXJUHXULLGXUHUL
GHFDS
DEFHVHOH SRVWYDFFLQDOH GHVFULVH GH &KXUFK L FRODE   QX VXQW
UDUH
$OHUJLL
XUWLFDULD FURQLF L VLPSWRPH DVWPDWLFH DSDU OD  GLQ  GH
FD]XUL
ODVSWPkQLGXSYDFFLQSRDWHDSUHDRJORPHUXORQHIULW DIHFLXQH
UHQDO 
JUDSK8.'HVSLWHWKH86V,QVWLWXWHRI0HGLFLQHVVWURQJUHFRPPHQGDWLRQWKDWQRIXUWKHU
UHVHDUFKEHGRQHUHJDUGLQJDSRVVLEOHYDFFLQHDXWLVPFRQQHFWLRQWKLVWHDPLVGRLQJVRPH
QRQHWKHOHVVZLWKDUJXDEO\VRPHPRUHVPRNLQJJXQHYLGHQFHLQVXSSRUWRIWKHK\SRWKHVLV
7KLVWHDPLVLQ&DQDGD@ KWWSZZZWHOHJUDSKFRXNQHZVPDLQMKWPO"[PO QHZV
QYDFF[POKWWSKHDOWKJURXSV\DKRRFRPJURXS$X7HDFKPHVVDJH

0+LUWHRSFLW

):HUQHU-*ULPP'7,PSIXQJ3lGLDWU3UD[  

 0%OHQQRZ 0 *UDQVWU|P$ 6WUDQGKHOO $GYHUVH UHDFWLRQ DIWHU GLSKWKHULDWHW
DQXVERRVWHULQ\HDUROGVFKRROFKLOGUHQLQUHODWLRQWRWKHW\SHRIYDFFLQHJLYHQIRUWKH
SULPDU\YDFFLQDWLRQ9DFFLQH  

6FKHLEQHU9RSFLW

 & 0DLRUJD HW DO ,PPHGLDWH DOOHUJ\ WR WHWDQXVWR[RLGH YDFFLQHGHWHUPLQDWLRQ RI
LPPXQRJOREXOLQ(DQGLPPXQRJOREXOLQ*DQWLERGLHVWRDOOHUJHQLFSURWHLQV$QQ$OOHUJ\
$VWKPD,PPXQRO  

 8WH 4XDVW HW DO ,PSIUHDNWLRQHQ %HZHUWXQJ XQG 'LIIHUHQWLDOGLDJQRVH $XDJH
+LSSRNUDWHV6WXWWJDUW-DQXDU



'U&KULVWD7RGHD*URVV

 GDF YDFFLQXO HVWH FRPELQDW FX XQXO VDX PDL PXOWH YDFFLQXUL FUHWH
IUHFYHQDFD]XULORUGHDOHUJLH(/+XUZLW]  DUDWFODFRSLLL
YDFFLQDLDOHUJLLOHVXQWGHGRXRULPDLIUHFYHQWHFRPSDUDWLYFXFRSLLL
QHYDFFLQDL VWXGLXOFRPSDUDWLYLQGIFXWODFRSLLSkQODDQL 
 PRGXOvQFDUHVHSRWSURGXFHUHDFLLOHDOHUJLFHGXSYDFFLQXODQWLWHWDQRV
DIRVWGHVFULVGHFWUHLPXQRORJXOLWDOLDQ$GULDQR0DULvQIHOXOXUPWRU
GXSYDFFLQRUJDQLVPXOSURGXFHDQWLFRUSLDWkWvPSRWULYDWR[LQHLDQWL
WHWDQLFHFkWLvPSRWULYDXQRUFRPSRQHQWHLPXQRORJLFHvQUXGLWHGHSH
PDVWRFLWH QXPLWH UHFHSWRUL SHQWUX ,J( ,PXQJOREXOLQH (  vQ QDO YD
DYHD ORF GHJUDQXODUHD PDVWRFLWHORU FX HOLPLQDUHD XQRU PHGLDWRUL FDUH
SRW SURYRFD UHDFLL DOHUJLFH GHUPDWLWH DOHUJLFH  L EROL DXWRLPXQH
3XWHP OXD vQ FRQVLGHUDUH IDSWXO F YDFFLQXO DQWLWHWDQRV D FRQWULEXLW
IRDUWHPXOWODFUHWHUHDIUHFYHQHLEROLORUDOHUJLFHGLQXOWLPLLGH
DQLSULQPDUHDUVSkQGLUHDDFHVWXLDvQvQWUHDJDOXPHDUPDXWR
UXO206SVWUHD]vQFRQWLQXDUHWFHUHDQXHIHFWXHD]DVWIHOGHVWXGLL
LFRQWLQXYDFFLQDUHDDOHUJL]kQGvQWUHDJDOXPH
RFXODOHUJLFHVWHUDUGDUSRDWHPRUWDO
7URPERFLWRSHQLH
HVWHRFRPSOLFDLHWRWPDLIUHFYHQWvQUkQGXOFRSLLORUYDFFLQDLFDUDF
WHUL]DWSULQWXOEXUULvQFRDJXODUHDVkQJHOXLFDUHQHFHVLWVXSUDYHJKH
UHPHGLFDOLWUDWDPHQW
'HFLWHLPXQHWUDQ]LWRULL
(LEO L FRODERUDWRULL VL   DX GHVFULV OLPIRFLWH 7 FHOXOH LPXQH 
DQRUPDOHODRDPHQLVQWRLYDFFLQDLFXVHUDQWLWHWDQRVFD]XULIUHF
YHQWHGHOLPIRFLWRSHQLHDXIRVWGHVFULVHODWLQHULvQ]LOHOHGXS
YDFFLQFXRUHYHQLUHODQRUPDOvQXUPWRDUHOH]LOH
0LRFDUGLWD
HVWH R FRPSOLFDLH VHYHU PDL DOHV OD VXJDUL OD FDUH SRDWH SURYRFD
GHFHVXO


0+LUWHRSFLW
$0DUL,VWKHUHDFDXVDWLYHUROHIRUWHWDQXVWR[RLGYDFFLQDWLRQLQWKHGHYHORSPHQW
RIDOOHUJ\OLNHV\PWRPHVDQGLQWKHLQFUHDVLQJSUHYDOHQFHRIDWRSLFGLVHDVHV"0HG+\
SRWKHVHV  

+56$ +HDOWK5HVRXUFHVDQG6HUYLFHV$GPLQLVWUDWLRQ 9DFFLQH,QMXU\7DEOH0DUFK
KWWSZZZKUVDGKKVJRYEKSUYLFSWDEOHKWP

96FKHLEQHURSFLW

:6K\H-DR66KHQ/-LXQ<L+3R<XDQHWDO$FXWH)XOPLQDQW0\RFDUGLWLV
DIWHU'LSKWHULD3ROLRDQG7HWDQXV9DFFLQDWLRQ$VLDQ&DUGLRYDVF7KRUDF$QQH
H


9$&&,185,/(35(9(1,(6$8%2$/



$IHFLXQLQHXURORJLFH
FHOPDLIUHFYHQWVXQWDIHFWDLQHUYLLGHODPkQSOH[XOEUDKLDOVDXQHU
YXO PHGLDQ DYkQG FD UH]XOWDW SDUDOL]LL DOH PkLQLL XQHRUL GHQLWLYH 
VDXWXOEXUULGHVHQVLELOLWDWHvQVRLWHGHGXUHULDFFHQWXDWH
SRWDIHFWDLQHUYLLFHQWUDOLVDXSHULIHULFLVDXPDLPXOLQHUYLGHRGDW
SROLQHYULWH 
6LQGURPXO *XLOODLQ%DUUH PLHOLWHOH WUDQVYHUVH L HQFHIDOLWHOH VXQW
FRPSOLFDLL PDL UDUH DYkQG GHEXWXO vQWUH ]LOHOH  L  GXS YDFFLQ
SRDWH V GHEXWH]H L OD  OXQL GXS YDFFLQ  6H FXQRVF FHO SXLQ 
FD]XULFkQG6LQGURPXO*XLOODLQ%DUUHDIRVWUHFXQRVFXWGHFWUH67,
.2GLQ*HUPDQLD &RPLVLDSHUPDQHQWSHQWUXYDFFLQDUH FDLQGR
FRPSOLFDLHDYDFFLQXOXLDQWLWHWDQRVOHJWXUDGLQWUHYDFFLQLDFHVW
VLQGURPHVWHXQDGRYHGLWWLLQLF
QHXURSDWLDUHFLGLYDQWGHPLHOLQL]DQWHVWHRDOWFRPSOLFDLHSRVWYDF
FLQDOGHVFULVGH3ROODUGL6HOE\
WHWDQRVXOIRUPHXRDUHPHGLLVDXJUDYHGHERDOVROGDWHXQHRULFXGH
FHVHVWHRFRPSOLFDLHPDLIUHFYHQWGHFkWVHVSXQHvQPRGRFLDOPDL
DOHV GXS YDFFLQXO FRPELQDW '73 FkQG SURYRDF 6,'6 6LQGURPXO
PRULLVXELWHODVXJDU 
&D]XULGHWHWDQRVSURYRFDWHGHYDFFLQ
&D]  &XQQLQJKDP   GHVFULH FD]XO XQHL DVLVWHQWH FDUH VD RIHULW
YROXQWDUSHQWUXYDFFLQXOWHWDQLFLFDUHGXSVSWPkQLGHODYDFFLQSUH
]LQWEUXVFIULVRDQHXUPDWHGHRXUWLFDULHIRDUWHDFFHQWXDWLHGHPDOIHHL

+56$ +HDOWK5HVRXUFHVDQG6HUYLFHV$GPLQLVWUDWLRQ 9DFFLQH,QMXU\7DEOH0DUFK
KWWSZZZKUVDGKKVJRYEKSUYLFSWDEOHKWP

6WHSKHQ-5HDGHWDO$FXWHWUDQVYHUVHP\HOLWLVDIWHUWHWDQXVWR[RLGYDFFLQDWLRQ
/DQFHW9RO0D\

*.6FKOHQVND8QXVXDOQHXURORJLFDOFRPSOLFDWLRQIRRORZLQJWHWDQXVWR[RLGDG
PLQLVWUDWLRQ-RXUQDORI1HXURORJ\

+7RSDORJOXHWDO2SWLFQHXULWLVDQGP\HOLWLVDIWHUERRVWHUWHWDQXVWR[RLGYDFFL
QDWLRQ$FWD3DHGLDWULFD

:(KUHQJXW)HOHUTXHOOHQEHLGHU%HJXWDFKWXQJYRQ,PSIVFKlGHQ'HUPHG6D
FKYHUVW

11HZWRQ$-DQDWL*LXOODLQ%DUUHV\QGURPHDIWHUYDFFLQDWLRQZLWKSXULHGWHW
DQXVWR[RLG6RXWKHUQ0HGLFDO-RXUQDO

 . 5 6WUDWWRQ & - +RZH 5 % -RKQVWRQ +J  $GYHUVH (YHQWV $VVRFLDWHG ZLWK
FKLOGKRRGYDFFLQHV(YLGHQFH%HDULQJRQ&DXVDOLW\9DFFLQH6DIHW\&RPPLWWHH,QVLWXWHRI
0HGLFLQH1DWLRQDO$FDGHP\3UHVV:DVKLQJWRQ'&

-'3ROODUGHWDO5HODSVLQJQHXURSDWK\GXHWRWHWDQXVWR[RLG5HSRUWRIDFDVH
-1HXURO6FLHQFH



'U&KULVWD7RGHD*URVV

VLPSWRPHFDUHVDXDPHOLRUDWGRDUGXSDGPLQLVWUDUHGHDGUHQDOLQ&XWRDWH
DFHVWHD L VDX DGPLQVWUDW GXS  VSWPkQL vQF R GR] GH YDFFLQ FkQG L
VDLQMHFWDWVLPXOWDQL$GUHQDOLQ'XSPLQXWHDSUH]HQWDWXUWLFDULHVL
DFXIHQH ]JRPRWHvQXUHFKL GXSFDUHDOHLQDW$IRVWWUDWDWGLQQRXFX
$GUHQDOLQFDvQRULFHRFDQDODFWLF'XSFHLDUHYHQLWDSUH]HQWDWIUL
VRDQHYUVWXULLGLDUHH'XSSULPXOYDFFLQ&XQQXQLJKDPQXDIRVWVLJXU
FDFHVWDDSURYRFDWRUHDFLHDOHUJLFDWkWGHJUDYGDUVSXQH9LHUD6FKHLE
QHUHODUWUHEXLWVWLHFGXSRULFHLQMHFLHFXWR[LQHSRWDSDUHDVWIHOGH
UHDFLLvQWkU]LDWH&XWRDWHDFHVWHDDVLVWHQWDQXSUH]HQWDGXSOXQLGHFkWXQ
WLWUXIRDUWHPLFGHDQWLFRUSLGH8, RLPXQLWDWHLQVXFLHQW 
&D]  %DJUDWXQL   GHVFULH FD]XO XQXL SDFLHQW FDUH D F]XW GH SH
ELFLFOHWVXIHULQGRUDQSULQWLHUHGHDVXSUDRFKLXOXLVWkQJ$IRVWWUDWDWGH
XQPHGLFvQSULPDMXPWDWHGHRUGHODDFFLGHQWUDQDLQGFXULWLFX
VXW3DFLHQWXODSULPLWSURODFWLFLYDFFLQXOWHWDQLF=LXDXUPWRDUHVD
VLPLWELQHDYkQGGRDUGXUHULGHFDSODORFXOSOJLLFXVXWH'XS]LOHvQV
DvQFHSXWVVHVLPWWRWPDLRERVLWLQXLPDLSXWHDvQFKLGHELQHRFKLXO
VWkQJ1RDSWHDVDWUH]LWGHGRXRULGDWRULWXQRUFRQWUDFLLQHFRQWURODWHL
LQYROXQWDUHDOHPDQGLEXOHLPXFkQGXLOLPED'LPLQHDDQXLPDLVLPHD
SDUWHDVWkQJDIHHLLDUvQFHOHGLQXUPDVXIHULWRSDUH]IDFLDOVWkQJ
FXWULVPXV0HGLFXOODLQWHUQDWGXSFDUHLVDDGPLQLVWUDWVHUDQWLWHWDQLF
LQWUDYHQRV8,LDULQWUDPXVFXODU8,6WDUHDOXLJHQHUDOVD
DJUDYDWvQFRQWLQXDUHQXPDLSXWHDYRUELLDUQRDSWHDVHWUH]HDPHUHXLQGFD
LLPXFDvQPRGLQYROXQWDUOLPED'XS]LOHGHWUDWDPHQWFXVHUDvQFHSXW
VVHVLPWPDLELQHLDPDLGXUDWOXQLSkQDXGLVSUXWWRDWHVLPSWRPHOH
FXH[FHSLDXQHLPLQLPHDVLPHWULLIDFLDOH$XWRDUHDHVWHFRQYLQVFSDFLHQ
WXODIFXWWHWDQRVGXSYDFFLQQXGXSUDQDWLDWODQLYHOXOIHHL
0XOWH FD]XUL DVHPQWRDUH VXQW GHVFULVH L GH FWUH DOL DXWRUL GLQ
2FFLGHQW
Q5RPkQLDQXDPDDWGHVSUHDVHPHQHDFD]XULGDUHVWHIRDUWHSUREDELO
FDHOHVH[LVWHLODQRLURPkQLLLQGRSRSXODLHVXSUDYDFFLQDWFXYDFFL
QXULOH7'7VL'73
&RQFOX]LDHVWHDFHHDLYDFFLQXOWHWDQLFSURYRDFGHVHRULUHDFLLDOHUJLFH
LQXUDUHRULWHWDQRVXOWRFPDLERDODSHFDUHDUWUHEXLVRSUHYLQ
/DRUDDFWXDOQXVHLQHFRQWGHORFGHDVWIHOGHUHDFLLLPXQHGXQWRDUH
RUJDQLVPXOXLDWkWODDGXOLFkWPDLDOHVODVXJDUL
$OWHFRPSOLFDLLSRVWYDFFLQDOHVXQWGHVFULVHODYDFFLQXO'73FRPELQDW



96FKHLEQHURSFLW
,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



,,7XVHDFRQYXOVLY PJUHDVF LYDFFLQXOSHUWXVVLV


7XVHDFRQYXOVLY
7XVHDFRQYXOVLYHVWHRERDOLQIHFLRDVLFRQWDJLRDVGHWHUPLQDWGH
EDFWHULD %RUGHWHOOD SHUWXVVLV FDUH VH JVHWH GRDU OD RP L FDUH QX VXSUD
YLHXLHWH vQ DIDUD RUJDQLVPXOXL 'XS R LQFXEDLH GH XQDGRX VSWPkQL
WLPSXOVFXUVGHODLQIHFLHLSkQODDSDULLDSULPHORUVLPSWRPH DSDUHR
VWDUHJULSDOXRDUFXWXVHFDUHVHDFFHQWXHD]SHSDUFXUVGHQLQGDD]L
VXOVWDGLXFDWDUDOQDFHDVWSHULRDGFRQWDJLR]LWDWHDHVWHPD[LPSULQ
SLFWXULOHFDUHVXQWvPSUWLDWHSULQWXVHLFkQGGLQWUHFRQWDFLLDSURSL
DLYRUSXWHDLQIHFWDLQSHULRDGDGHVWDUH IRUPDWLSLFGHERDO vQFHSH
VWDGLXO FRQYXOVLY DO WXVHL FDUDFWHUL]DW SULQ DFFHVH GH WXVH FRQYXOVLY FX
XQIDFLHVFRQJHVWLRQDWOFULPDUHvQVRLWHFXVHQ]DLDGHVXIRFDUHLXQHRUL
FXYUVWXUL&kQGSDFLHQWXOLQVSLUGLQQRXRIDFHIRUDWFXXQ]JRPRWX
LHUWRUQWUHDFFHVHSDFLHQWXOVHVLPWHELQHLQXDUHDVSHFWGHRPEROQDY
8QHRULOLSVHVFDFFHVHOHWLSLFHGHWXVHLDYHPGHDIDFHGRDUFXRWXVHVHDF
SURYRFDWGHRVHQ]DLHGHXVFFLXQHLULWDUHDJkWXOXLFDUHVHPHQLQHFkWH
YDVSWPkQL'XSVSWPkQLWXVHDVHUUHWHGHRELFHLLQXPDLHVWH
SURYRFDWGHFkWGHXQHIRUW]LF VWDGLXPGHFUHPHQWL /DWUHLVSWPkQLGH
ODGHEXWXOSULPHORUDFFHVHGHWXVHEROQDYXOQXPDLHVWHFRQWDJLRVQFD]XUL
DWLSLFHWXVHDSRDWHSHUVLVWDXQHRULOXQLGH]LOH
&RPSOLFDLLOHFHOHPDLJUDYHVXQWSQHXPRQLHEURQLWRWLWPHGLHDFX
WHQFHIDORSDWLH FDUHVHPDQLIHVWSULQFRQYXOVLLFRPLSRVLELOHVHFKHOH
QHUYRDVH LGHFHVXO
3DWRORJLDLQGXVGHEDFWHULD%RUGHWHOODSHUWXVVLVHVWHHWLFKHWDWLDV
W]LGHXQLLDXWRULFDLQGXQDDSURDSHGHORFFXQRVFXWLPLVWHULRDV
'U-RKQ5REELQVGHOD)'$ )RRGDQG'UXJ$GPQLQLVWUDWLRQGLQ68$ UHFX
QRWHDvQFGLQQHIHULFLUHvQFQXFXQRDWHPHOHPHQWXOWR[LFSULQFDUH
%RUGHWHOODSHUWXVVLVOH]HD]VLVWHPXOQHUYRVFHQWUDOLDU'U+DQV0H\HUWRW
GHOD)'$DUPDvQFQLFLODRUDDFWXDOQXvQHOHJHPvQFSHGHSOLQ
SDWRORJLDEROLL&kWGHELQHHVWHFXQRVFXWODRUDDFWXDODFHDVWEDFWHULH
DPGHOD+DUULV&RXOWHUL%DUEDUD)LVKHU(DHVWHIRUPDWGLQVXWHVDX
PLLGHIUDJPHQWHGHSURWHLQHQXPLWHDQWLJHQH&HDPDLPDUHSURWHLQSRDWH
Y]XWODPLFURVFRSGDUPDMRULWDWHDQXVXQWYL]LELOH&XWRDWHFPXOLDX



'U&KULVWD7RGHD*URVV

WRULFUHGFDXGHVFRSHULWDQWLJHQHOHFDUHSURYRDFOH]LXQLDOHVLVWHPXOXLQHU
YRVLDWDFVLVWHPXOLPXQvQFQXVHFXQRVFPXOWHDVSHFWHOHJDWHGHDFHDVW
EDFWHULHQ'U9LQFHQW$)XOJLQLWLVFULD1XWLPQLFLGHFHFRSLLL
vLUHYLQGXSWXVHFRQYXOVLYQLFLFDUHGLQWUHDQWLJHQHSURGXFLPXQLWDWHID
GHERDO/DXQVLPSR]LRQDO)'$GLQXQRPGHWLLQMDSRQH]DDWUDV
DWHQLDDVXSUDIDSWXOXLFVXEVWDQHOHWR[LFHSHFDUHOHSURYRDF%3HUWXVVLV
VXQWUVSXQ]WRDUHSHQWUXFRPSOLFDLLOHQHXURORJLFHDOHEROLLODIHOLvQFD]XO
YDFFLQXULORUFDUHFRQLQEDFWHULDSHUWXVVLV
&XPDXGLVSUXWHSLGHPLLOHGHWXVHFRQYXOVLY
1XH[LVWGDWHOHJDWHGHDSDULLDSULPHORUFD]XULGHERDO VXWHGHDQLVDX
PDLPXOW GDUSULPHOHVFULHULGHVSUHWXVHDFRQYXOVLYGDWHD]GLQLOH
GDWRUPPHGLFXOXLIUDQFH]*XLOODXPH%DLOORXFXRFD]LDL]EXFQLULLvQDFHODQ
DXQHLHSLGHPLLvQ3DULV(OGHVFULHDFFHVXOGHWXVHFDLQGXQXOIRDUWHJUDY
FkQGEROQDYXOSDUHFVHvQQHDFWXVHDHVWHIRDUWHRERVLWRDUHLSURYRDF
YUVWXULVDXFKLDUVHVSDUJYHQHGHODFUHLHUGXFkQGODVkQJHUULDXIRVW
DIHFWDLvQVSHFLDOFRSLLL0HGLFXOHQJOH]7KRPDV6\GHQKDPFDUHDWULW
vQVHF;9,,DGHQXPLWERDOD 3HUWXVVLV ODWWXVHSXWHUQLF QDX
L]EXFQLWHSLGHPLLGHSHUWXVVLVvQ5RPDL3DULVQ6FDQGLQDYLDDL]EXFQLWR
HSLGHPLHODPLMORFXOVHFROXOXL;9,,,LDUvQ6FRLDvQ%RDODLQGIRDUWH
UVSkQGLWvQWRDWHULOHHXURSHQHDSULPLWQRLWHUPHQLHFDUHDUGHQLQGR
GXSXQDGLQWUHWUVWXULOHEROLL/DQRLDIRVWGHQXPLWWXVHPJUHDVFvQ
2ODQGDVDQXPLWNLQGW FRSLO LQGYkUVWDFHDPDLPXOWDIHFWDWGHERDO
vQ*HUPDQLD.HXFKKXVWHQHWF0RUELGLWDWHDLPRUWDOLWDWHDFHDPDLULGL
FDWVDvQUHJLVWUDWvQVHF;,;vQIDPLOLLOHGLQRUDHOHVXSUDSRSXODWHXQGH
:&XULOHHUDXFRPXQHvQVSDWHOHFXULLDSDSHQWUXJRVSRGULLSURYHQHDGLQ
IkQWkQLGHVFRSHULWHLDUDOLPHQWHOHHUDXLQVXFLHQWHLGHSURDVWFDOLWDWH
0HGLFLLQXWLDXFXFHVWUDWH]HDFHDVWDIHFLXQHLFDDWDUHQXHUDXOXDWH
QLFLXQIHOGHPVXULFkQGFRSLLLPHUJHDXODFRDOVHRSUHDXGHVHRULSH
GUXPFDVWXHDVFVFXLSDXLDSRLvLFRQWLQXDXGUXPXOFHLFDUHQXPX
UHDXGHERDOHUDXUSXLGHFRPSOLFDLLOHEROLL'U6LU:LOOLDP2VOHU
VSXQHDFGDFHVDGXJPODGHFHVHOHSURYRFDWHGHERDOLFRPSOLFDLLOH
DFHVWHLD DWXQFL HSLGHPLLOH GH WXVH FRQYXOVLY VXQW FHOH PDL JUDYH HSLGHPLL


,ELGHP
,ELGHP

,ELGHP

,ELGHP

,ELGHP




0+LUWHRSFLW
+DUULV/&RXOWHU%DUEDUD)LVKHU'UHLIDFKLPSIXQJ(LQ6FKXVVLQV'XQNOH%DUWKHO
%DUWKHO9HUODJ


9$&&,185,/(35(9(1,(6$8%2$/



SURYRFDWHGHYUHRERDOLQIHFWRFRQWDJLRDVGLQLVWRULHLGHFDUHDXPXULWFHL
PDLPXOLFRSLLLFXYkUVWDPDLPLFGHDQL2WLWHOHPHGLLSQHXPRQLLOHL
EURQLWHOHHUDXFRPSOLFDLLOHFHOHPDLIUHFYHQWHGHFDUHGHVHRULPXUHDXFRSLLL
QvQFHUFDUHDGHDWUDWDLYLQGHFDERDODPHGLFLLDXIRVWIRDUWHLQYHQWLYLIR
ORVLQGFHOHPDLGLYHUVHVXEVWDQHXQHOHIRDUWHSHULFXORDVHQXQPHGLF
GLQ1HZ-HUVH\VSXQHDFvQGHDQLQXVDVFKLPEDWQLPLFLPSRUWDQW(O
DDGPLQLVWUDWEROQDYLORUPHUFXUSHQWUXDSURYRFDRGLDUHHQHFHVDU$XIRVW
DGPLQLVWUDWHFRSLLORULSURGXVHYHJHWDOHvQVFRSGHDSURYRFDYUVWXULSULQ
FDUHWUHEXLDHOLPLQDWRVSXWLQIHFWDW$OLLDXIRORVLWXOHLGHULFLQRSLXVDX
FKLQLQvQFRQFHQWUDLLDGDSWDWHSDFLHQWXOXL
&XWRDWHFQXH[LVWDQLFLXQPHGLFDPHQWFDUHVDPHOLRUH]HVDXVYLQGH
FHERDODDWkWvQ(XURSDGH9HVWFkWLvQ$PHULFDHSLGHPLLOHGHWXVHFRQYXO
VLYDXvQFHSXWVUHJUHVH]HvQOLSVDRULFUXLYDFFLQvQFHSkQGFXPLMORFXO
VHF;,;LSkQODPLMORFXOVHF;;
6WDWLVWLFLOHDUDWFvQ$PHULFDPRUWDOLWDWHDGDWGHWXVHDFRQYXOVLYDVF
]XWGHODFD]XULPLOLRQORFXLWRULvQODFD]XULPLOLRQORFXLWRUL
vQ$FHODLOXFUXVHFRQVWDWLvQULOHYHVWHXURSHQHQ$QJOLDvQ
PRUWDOLWDWHDDVF]XWFXIDGHVIkULWXOVHF;,;Q6XHGLDvQWUHDQLL
DXPXULWvQMXUGHFRSLLDSRLPRUWDOLWDWHDDVF]XWPXOWDVWIHO
FvQSHULRDGDDXPDLIRVWGRDU GHFHVHODFRSLLLDUvQWUHDQLL
QXDPDLIRVWQLFLXQFD]GHGHFHVGLQFHOHGHFD]XULGHERDO
Q*HUPDQLD +DPEXUJ vQWUHDQLLVDXQXPUDWGHGHFHVHGLQ
FHOHFD]XULGHERDOFDDSRLvQSHULRDGDVVHQXPHUHGH
GHFHVHGLQGHFD]XULGHERDO7RDWHDFHVWHUHJUHVHPDULDXDYXWORFvQ
OLSVDRULFDUXLYDFFLQDQWLSHUWXVVLVDWkWvQ$PHULFDFkWLvQ(XURSD
$FHVWIHQRPHQQXHVWHGHORFXQXOVXUSULQ]WRUDYkQGvQYHGHUHFDFHODL
UHJUHVHUDREVHUYDWLvQFD]XOFHORUODOWHEROLLQIHFLRDVHVFDUODWLQUXMHRO
WXEHUFXOR]L WLIRV7RDWHDFHVWHEROLFDUHvQDLQWHHUDX IRDUWH IUHFYHQWHL
SHULFXORDVHQXPDLSURYRFDXGHFHVHGHFkWIRDUWHUDU
&DX]HOHUHJUHVLHLHSLGHPLLORUGHWXVHFRQYXOVLY
8QD GLQ FDX]HOH UHJUHVLHL DFHVWRU HSLGHPLL D IRVW FX VLJXUDQ IDSWXO
FSRSXODLDVDLPXQL]DWvQPRGQDWXUDOIDGHHOHGXSFHDWkWHD
JHQHUDLL DWkW GLQ$PHULFD FkW L GLQ (XURSD DX IRVW H[SXVH WXVHL
FRQYXOVLYH


,ELGHP
,ELGHP

,ELGHP

,ELGHP




'U&KULVWD7RGHD*URVV

XQDOGRLOHDPRWLYDIRVWvPEXQWLUHDFRQGLLLORUGHYLDDWkWFHOH
LJLHQLFRVDQLWDUHFkWLDOLPHQWDLDFRSLLORU
 LQWURGXFHUHDDQWLELRWLFHORUFXFDUHHUDXWUDWDWHFRPSOLFDLLOHEROLLHVWHFHO
GHDOWUHLOHDPRWLYDOVFGHULLPRUWDOLWLLODVXJDULLFRSLLQFRPSDUD
LHFXFHOHODOWHEROLLQIHFLRDVHDOHFRSLOULHLUHJUHVLDWXVHLFRQYXO
VLYHGLIHUSXLQGHHOHGDFFD]XULOHGHERDOVFDGRGDWFXGHFHVHOH
GDWRUDWHVFDUODWLQHLQXDFHODLOXFUXvOREVHUYPvQFD]XOWXVHLFRQYXO
VLYHXQGHPRUWDOLWDWHDVFDGHPXOWPDLUHSHGHGHFkWPRUELGLWDWHD
9DFFLQXO3HUWXVVLV 3
*HQHUDOLWL
3HQWUXDvQHOHJHDPSORDUHDSHFDUHDXDYXWRUHDFLLOHDGYHUVHJUDYHGDWH
GHYDFFLQXODQWLSHUWXVVLVFXEDFWHULDvQWUHDJWUHEXLHVQHUHDPLQWLPSULQ
FLSLXOYDFFLQULLWRDWHYDFFLQXULOHDFLRQHD]GXSSULQFLSLXOVWLPXOULLDUWL
FLDOHDLPXQLWLLSULQIRUPDUHGHDQWLFRUSLFDUHYRUDWDFDDQWLJHQXOLQWURGXV
vQRUJDQLVP EDFWHULHYLUXVHWF FXVFRSXOGHDSUHYHQLERDODFDQGRUJDQLV
PXOYDYHQLGLQQRXLQFRQWDFWFXDFHODVLDQWLJHQ,PXQLWDWHDRELQXWDUWLFLDO
DUWUHEXLVHODIHOVDXFkWPDLDSURSLDWGHFHDRELQXWvQPRGQDWXUDOGXS
RLQIHFLHVDXERDOQDWXUDO'XSFXPDPREVHUYDWvQWUHWLPSDFHVWOXFUXHVWH
LPSRVLELO,PXQLWDWHDQXIXQFLRQHD]GXSSULQFLSLLOHPDWHPDWLFLLFLGHVHRUL
SRDWHIDFVDXFKLDUPDLPXOW6LVWHPXOLPXQDORUJDQLVPXOXL
XPDQDWkWGHFRPSOH[LDWkWGHSXLQFXQRVFXWvQFODRUDDFWXDOHVWHUHGXVOD
RVLPSOHFXDLHSHFDUHRSRDWHGH]OHJDRULFHFRSLOQUHDOLWDWHQXHVWHDDQ
FD]XOYDFFLQXOXLDQWLSHUWXVVLVFRSLOXOSULPHWHXQYDFFLQFHFRQLQHRDQXPLW
FDQWLWDWH FRQWURODW GLQEDFWHULDSHUWXVVLVvQWUHDJLDSRLUXSWvQPDL
PXOWHEXFL7HRUHWLFPDLPXOWHYDFFLQXULDQWLSHUWXVVLVDGPLQLVWUDWHVXFFH
VLYFXFDQWLWLFXQRVFXWHGLQEDFWHULHXUPDXVVWLPXOH]HSURJUHVLYVLVWHPXO
LPXQDOFRSLOXOXL5H]XOWDWHOHDXIRVWFDWDVWURIDOH
9DFFLQXULOHFDUHWUHEXLDXVDSHUHFRSLLLGHERDODXGXVODFRPSOLFDLL
JUDYHVDXFKLDUODGHFHVH$DFXPDPPHQLRQDWDQWHULRUvQFQXVHFX
QRDWH FDUH GLQWUH DQWLJHQHOH EDFWHULHL SHUWXVVLV VWLPXOHD] VLVWHPXO LPXQ
VSUH DSUDUH L FDUH DWDF VLVWHPXO QHUYRV FHQWUDO /D &RQJUHVXO GLQ
)XOJLQLWLUHPDUFDXQOXFUXFHOSXLQVXUSULQ]WRU$FHOHDLVWUXFWXUL
FKLPLFHDOHEDFWHULHLFDUHVWLPXOHD]LPXQLWDWHDDXLSURSULHWLWR[LFHL
HVWHIRDUWHIRDUWHGLFLOVHSDUDUHDFHORUGRXHOHPHQWHLRELQHUHDXQHLVL
JXUDQHvQFHHDFHSULYHWHDSUDUHDFRSLOXOXLLHYLWDUHDFRPSOLFDLLORUQ


,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



WkPSLQPPDULJUHXWLvQVHSDUDUHDFHORUGRXSURSULHWLDOHEDFWHULHL
$FHVWDDIRVWLUPkQHREVWDFROXOSULQFLSDOvQFUHDUHDRULFUXLYDFFLQ
DQWLSHUWXVVLV(VWHLPRWLYXOSHQWUXFDUHFHUFHWWRULLDXIRORVLWGHODvQFHSXW
vQWUHDJDEDFWHULHSHQWUXRELQHUHDYDFFLQXOXLWLLQGFRULFXPQXSRWVHSDUD
ELQHOHGHUX'HDLFLYLQHLGHQXPLUHDGHYDFFLQDQWLSHUWXVVLVvQWUHJ
IRORVLWDWkWvQ68$FkWLvQPDMRULWDWHDVWDWHORUGLQOXPHSkQODvQORFXLUHD
OXLFXYDFFLQXOSHUWXVVLVDFHOXODU DFWXDO 
3ULPXO YDFFLQ DQWLSHUWXVVLV vQWUHJ L DWHQXDW D IRVW VLQWHWL]DW vQ
GHFWUH-XOHV%RUGHWL2FWDYH*HQJRXFXVFRSXOGHDOIRORVLvQ7X
QLVLDSHQWUXDRSULH[WLQGHUHDEROLLvQDFHDVWUHJLXQH1LFLHLQXWLDXFXPV
GHVSDUWFHOHGRXWLSXULDQWLJHQLFHDOHEDFWHULHLLDXIRORVLWEDFWHULDvQWUHD
J(LDXFXOWLYDWEDFWHULDvQUHFLSLHQWHPDULDXRPRUkWRWHUPLFLSHQWUX
FRQVHUYDUHDXIRORVLWDOGHKLGIRUPLFGXSFDUHDXLQMHFWDWRFRSLLORU7LPS
GHGHDQLQXVDVFKLPEDWSUDFWLFQLPLFvQFHHDFHSULYHWHPRGXOGHVLQWH
]DYDFFLQXOXLIRORVLQGXVHvQWRLDFHWLDQLEDFWHULDvQWUHDJFXDPEHOH
WLSXULGHDQWLJHQHEXQHLPXQRVWLPXODWRDUHLUHOHQHXURWR[LFH)DSWXO
FODVIkULWXODQLORUvQ7XQLVLD/RQGUDL3DULVHUDIRORVLWXQYDFFLQXO
SHULFXORVLQHSXULFDWQXHUDXQREVWDFROSHQWUXSURGXFWRULLGHYDFFLQXUL
7XVHDFRQYXOVLYIFHDVXWHGHYLFWLPHvQUkQGXOVXJDULORULFRSLLORUVFRSXO
SULQFLSDOLQGRELQHUHDFXRULFHSUHDXQHLLPXQLWLvQIDDEROLLQIHOXO
DFHVWDVHF;;XUPDVPDUFKH]HvQFHSXWXOHUHLYDFFLQXULORUVLWXDLHSH
GHSOLQH[SORDWDWGHFWUHSURGXFWRULLGHYDFFLQXUL2DVWIHOGHvQFXUDMDUH
DGXVODDSDULLDSHSLDDPXOWRUPLFLSURGXFWRULGHYDFFLQXULDWkWvQ
68$FkWLvQ(XURSD/DVIkUVLWXODQLORUDFHVWYDFFLQFRQLQHDDFHHDL
IRUPXODGLFEDFWHULDvQvQWUHJLPHVXEIRUPDWHQXDW1XVDXOVDW
DWHSWDWHHIHFWHOHVHFXQGDUHFDUHHUDXPXOWHLvQJULMRUWRDUHSUHFXPFRQ
YXOVLLOHLDIHFWDUHD61&'LQDFHVWPRWLYYDFFLQXOQXDPDLIRVWUHFRPDQ
GDWvQ*HUPDQLDvQFHSkQGFXDQLLQDFHDVWSHULRDGVDXHIHFWXDWPDL
PXOWHVWXGLLHSLGHPLRORJLFHvQ*HUPDQLDFDUHDXHYLGHQLDWVXWHGHFD]XUL
FXFRQYXOVLLLDIHFWDUHDVLVWHPXOXLQHUYRVGLQFDX]DYDFFLQXOXLIRORVLWQWUH
DQLLVDXvQUHJLVWUDWSHVWHGHFD]XULVROGDWHFXVHFKHOHQHU
YRDVHSVLKLFHLGHFHVHODGHFRSLLYDFFLQDL


,ELGHP
,ELGHP

: (KUHQJXW ,PSIVFKlGHQ QDFK 3HUWXVVLV6FKXW]LPSIXQJ LQ GHU %XQGHVUHSXEOLFN
'HXWVFKODQG  3lGLDWU3UD[  

:(KUHQJXW%LDVHVLQHYDOXDWLQJ&16FRPSOLFDWLRQVIROORZLQJSHUWXVVLVLPPXQL
]DWLRQLQ8)XNX\DPDHWDO +J 0RGHUQSHUVSHFWLYHVRIFKLOQHXURORJ\7KH-DSDQHVH
6RFLHW\RI&KLOG1HXURORJ\




'U&KULVWD7RGHD*URVV

Q$PHULFD +DUULV &RXOWHU D DWUDV DWHQLD DVXSUD XQRU VLPSWRPH


DODUPDQWHSUHFXPIHEUVRPQROHQDLLSWXODVFXLWDSUXWHGXSYDF
FLQFDUHUHSUH]HQWDXGHEXWXOXQHLDIHFWULFHUHEUDOH HQFHIDOLWSRVWYDFFL
QDO LFDUHGXSDQLGH]LOHVHYDVROGDFXVHFKHOHQHUYRDVHSVLKLFH VLQ
GURPXOSRVWHQFHIDOLWLF WXOEXUULGHFRQFHQWUDUHGHFRPSRUWDPHQWHWF
)DSWXOFDDYXWGUHSWDWH&RXOWHURGRYHGHWHLXQVWXGLXEULWDQLFGHQXPLW
7KH1DWLRQDO&KLOGKRRG(QFHSKDORSDWK\6WXG\vQFDUHVDXXUPULWWLPS
GHDQLFRSLLLYDFFLQDLDQWLSHUWXVVLV&RQFOX]LDOXL0LOOHU  DIRVWF
VDXJVLWSUHDPXOWHFD]XULGHGHFHVHWXOEXUULQHXURORJLFHWXOEXUULGH
FRPSRUWDPHQWLGLFXOWLODvQYDW
'LQFHUFHWULOHOXL'&&ODVVHQUH]XOWFGXSLQWURGXFHUHDYDFFLQX
OXL+LE +DHPRSKLOOXV,QXHQ]D LDYDFFLQXOXLvPSRWULYDWXVHLFRQYXOVLYH
3 DFUHVFXWLQFLGHQDGLDEHWXOXL]DKDUDWWLS,ODFRSLLLGLQ)LQODQGDvQ
SHULRDGD  FX  0DL PXOWH H[SHULPHQWH SH DQLPDOH DX
DUWDWFFKLDULRGR]IRDUWHPLFGHYDFFLQSHUWXVVLVvQWUHJSRDWHFUHWH
ULVFXOSHQWUXGLDEHW]DKDUDW'LDEHWXO]DKDUDWWLSHVWHRERDODXWRLPXQ
QDQLLFkQGDH[LVWDWRSHULRDGGHLQWHQVGH]YROWDUHDYDF
FLQXULORUVHGRUHDYDFFLQDUHDVXJDUXOXLODRYkUVWFkWPDLSUHFRFHFXWRDWH
YDFFLQXULOHLQFOXVLYFXFHODQWLSHUWXVVLV&XWRDWHDFHVWHDQXPHURLPHGLFL
HUDXVFHSWLFLvQDFHVWSULYLQ'U/RXLV6DXHUGLQ(YDQVWRQ,OOLQRLVFDUHHUD
XQPDUHDFWLYLVWSURYDFFLQLFKLDUVLQWHWL]DVHSURSULXOYDFFLQvPSRWULYDWXVHL
FRQYXOVLYHUHODWDvQDQXOFGRDUGLQGHVXJDULYDFFLQDLVXE
YkUVWDGHOXQLDXIRUPDWDQWLFRUSLLFQXDUWUHEXLYDFFLQDWvPSRWULYDWXVHL
FRQYXOVLYHXQVXJDUVXEYkUVWDGHOXQLGHRDUHFHVDREVHUYDWFPDMRULWD
WHDDFHVWRUEHEHOXLQXSRVHGvQFSXWHUHDGHDLGH]YROWDXQVLVWHPLPXQ
VQWRVGDFVXQWYDFFLQDLDWkWGHSUHFRFH6XJDULLFDUHDXSUREOHPHGH
DOLPHQWDLHQXDUWUHEXLYDFFLQDLGHORFvQVSHFLDOFHLQVFXLSUHPDWXUL


+/&RXOWHU%)LVKHURSFLW
0+LUWHRSFLW

 ' & &ODVVHQ - % &ODVVHQ 7KH WLPLQJ RI SHGLDWULF LPPXQL]DWLRQ DQG WKH ULVN
RI LQVXOLQGHSHQGHQW GLDEHWHV PHOOLWXV ,QIHFWLRXV 'LVHDVHV LQ &OLQLFDO 3UDFWLFH 


-%&ODVVHQ'&&ODVVHQ&ODXVWHULQJRIFDVHVRIW\SHGLDEHWHVPHOOLWXVRFFXU
ULQJ\HDUVDIWHUYDFFLQDWLRQLVFRQVLVWHQWZLWKFODXVWHULQJDIWHULQIHFWLRQVDQGSURJUHV
VLRQWRW\SHGLDEHWHVPHOOLWXVLQDXWRDQWLERG\SRVLWLYHLQGLYLGXDOV-3HGLDWU(QGRFUL
QRO0HWDE  

,59DQGHEULHHWDO/XQJSDWKRORJ\DQGLPPHGLDWHK\SHUVHQVLWLYLW\LQDPRXVH
PRGHODIWHUYDFFLQDWLRQZLWKSHUWXVVLVYDFFLQHVDQGFKDOOHQJHZLWK%RUGHWHOODSHUWXVVLV
9DFFLQH

96FKHLEQHURSFLW


9$&&,185,/(35(9(1,(6$8%2$/



6WXGLLOHIDOVLFDWHDSURGXFWRULORUGHYDFFLQXUL
/D vQFHSXWXO DQLORU vQFHSH VL IDF HIHFWXO LQGXVWULD YDFFLQXULORU
&HUFHWULOH GHVSUH YDFFLQXUL VXQW vQ PDUH SDUWH DFXP vQWUHSULQVH GH QRXD
LQGXVWULHQ68$L*HUPDQLDDXDSUXWSULPHOHVWXGLLGHVSUHYDFFLQXUL
VSRQVRUL]DWHWRFPDLGHFWUHSURGXFWRULLGHYDFFLQXULLDUUH]XOWDWXOQXSX
WHDDOWXOGHFkWXQXOIRDUWHEXQ%UXVFVHFRQVWDWFYDFFLQXOvPSRWUL
YD WXVHL FRQYXOVLYH QX SURYRDF QLFL FRQYXOVLL L QLFL DIHFWDUHD VLVWHPXOXL
QHUYRV&XWRDWHFDXH[LVWDWPXOWHYRFLDODUPDQWHvQFHHDFHSULYHWH
FRQVHFLQHOHJUDYHDOHYDFFLQXOXLvPSRWULYDWXVHLFRQYXOVLYHYDFFLQXODIRVW
UHLQWURGXVvQX]vQ*HUPDQLDvQFHSkQGFXLXQLH7UDJLFHVWHIDSWXOF
GHDWXQFLQLFLQXVHPDLSRPHQHWHvQSURVSHFWHOHYDFFLQXOXLQLPLFGHVSUH
SRVLELOHUHDFLLVHFXQGDUHJUDYH
9DFFLQXOSHUWXVVLVDFHOXODU 3D
*HQHUDOLWL
/DPLMORFXODQLORUGDWRULWPRUELGLWLLLDPRUWDOLWLLFUHVFXWHFD
X]DWHGHYDFFLQXOvQWUHJVDVLQWHWL]DWXQQRXYDFFLQvPSRWULYDWXVHLFRQ
YXOVLYHIRORVLQGXVHGHGDWDDFHDVWDGRDUDQXPLWHIUDJPHQWHFHOXODUHGLQ
EDFWHULH 'HVSUH QRXO YDFFLQ DFHOXODU FHL FDUH vO SURGXF VSXQ F HVWH
PXOWPDLVXSRUWDELOLDUHHIHFWHVHFXQGDUHUDUH&XWRDWHDFHVWHDODVXJDUL
YDWUHEXLVHDGPLQLVWUDWGHRULGHRULODLQWHUYDOHPLFLGHWLPS vQWUH
VSWPkQL LDDRDUODXQDQ$OWHVWXGLLDUDWFXWRWXODOWFHYDQRXO
YDFFLQSURYRDFLHOUHDFLLDGYHUVHVHYHUH0RWLYXOHVWHFHOGHVFULVDQWHULRU
$FHOHDLVWUXFWXULFKLPLFHDOHEDFWHULHLFDUHVWLPXOHD]LPXQLWDWHDDXL
SURSULHWLWR[LFHLHVWHIRDUWHGLFLOVHSDUDUHDFHORUGRXHOHPHQWHLRE
LQHUHDXQHLVLJXUDQHvQFHHDFHSULYHWHDSUDUHDFRSLOXOXLLHYLWDUHDFRP
SOLFDLLORUQWkPSLQPPDULJUHXWLvQVHSDUDUHDFHORUGRXSURSULHWLDOH



'U&KULVWD7RGHD*URVV

EDFWHULHL$FHVWDDIRVWLUPkQHREVWDFROXOSULQFLSDOvQFUHDUHDRULFUXL
YDFFLQDQWLSHUWXVVLVFHOXODU vQWUHJ VDXDFHOXODU SHEXFL 
(IHFWXOYDFFLQXOXLDVXSUDEROLL3ULQDGPLQLVWUDUHDYDFFLQXOXLQXYRP
RSUL ERDOD Q WLPS FH ERDOD QDWXUDO ODV R LPXQLWDWH QDWXUDO SURWHFLH
vPSRWULYDXQHLQRLvPEROQYLUL GHPD[LPXPDQLYDFFLQXODUHFDUH]XOWDW
RSURWHFLHQHVLJXULSHQWUXRSHULRDGGHWLPSPDLVFXUW8OWLPXOYDFFLQ
DFHOXODUFXDWkWPDLSXLQ'HMDGXSDQLGHODXOWLPDYDFFLQDUHFUH
WHUHFHSWLYLWDWHDODERDOREVHUYPHGLFLLSHGLDWULQQDOVHRELQH
GRDURDPkQDUHDEROLLFXFkLYDDQL6WDWLVWLFDSHUJOREDOUDPkQHQHLQXHQ
DWLDUEDFWHULDFLUFXOvQFRQWLQXDUHIUSUREOHPHvQVRFLHWDWHQ6XHGLD
QXPUXOFRODULORUFDUHIDFERDODVHDSURSLHGHQLYHOXODQLORUGHGLQDLQWHGH
YDFFLQLvQ68$FLIUHOHFHORUEROQDYLGHWXVHFRQYXOVLYFUHVFvQFHSkQG
FX  GH  RUL   LDU DVW]L HOH VXQW OD QLYHOXO DQLORU 1H SXQHP
DWXQFLvQWUHEDUHD&DUHHVWHDWXQFLURVWXODFHVWXLYDFFLQGHORFLQRIHQVLY"
(IHFWHOHVHFXQGDUHDOHYDFFLQXOXL1RXOYDFFLQDFHOXODU QRWDW3D
vQORFGH3 SRDWHSURYRFDUHDFLLVHFXQGDUHVHYHUH'LQSULPXODQGHOD
VFKLPEDUHDYDFFLQXOXL'73FX'73D,QVWLWXWXO3DXO(KUOLFK ,3( GLQ*HU
PDQLDSULPHDGHMDRVHULHGHVHVL]ULSULYLQGUHDFLLVHFXQGDUHGXSYDFFLQ
(QXPHUPSHFHOHvQUHJLVWUDWHvQDQXO ,PSIUHDFWLRQHQ 
LSWDVFXLW
UHDFLLDOHUJLFH
WURPERFLWRSHQLL
DGHQRSDWLL XPDUHDJDQJOLRQLORU 
VSDVPROLH
WXOEXUULQHUYRDVH SDUH]HSDUDOL]LL 
HQFHIDOLWH
PHQLQJLWH
GHFHVH



05*ULIQHWDO5LVNRIVHL]XUHVDQGHQFHSKDORSDWK\DIWHULPPXQL]DWLRQZLWK
WKH'LSKWHUDL7HWDQXV3HUWXVVLVYDFFLQH-$P0HG$VRFLDWLRQ

 . 6WHKU HW DO 5HKDELOLWDWLRQ GHU 3HUWXVVLVLPSIXQJ 3lGLDWU 3D[ 


-/*DOHHWDO$FXWHQHXURORJLFDOLOOQHVVDQG'735HSRUWRIDFDVHFRQWUROVWXG\
LQ :DVKLQJWRQ DQG 2UHJRQ vQ & 5 0DQFODUN +J 6L[WK ,QWHUQDWLRQDO 6\PSRVLXP RQ
3HUWXVVLV$EVWUDFWV%HWKHVGD0DU\ODQG'SW+HDOWKDQG+XPDQ6HUYLFHV

 . 5 :HQW] ( . 0DFUXVH 'LSKWHULDWHWDQXVSDUWXVVLV YDFFLQH DQG VHULRXV
QHXURORJLF LOOQHVV DQ XSGDWHG UHYLHZ RI WKH HSLGHPLRORJLF HYLGHQFH 3HGLDWULFV 


+/&RXOWHU%)LVKHURSFLW



,ELGHP
6/XJDXHUHWDORSFLW

6(VSRVLWR7$JOLDUGL$*LDPPDQFRHWDO/RQJWHUPSHUWXVVLVVSHFLFLPPX
QLW\DIWHUSULPDU\YDFFLQDWLRQZLWKDFRPELQHGGLSKWKHULDWHWDQXVWULFRPSRQHQWDFHOOXODU
SHUWXVVLVDQGKHSDWLWLWV%YDFFLQHLQFRPSDULVLRQZLWKWKDWQDWXUDOLQIHFWLRQ,QIHFW,P
PXQ  

 / *XVWDIVVRQ / +HVVHO - 6WRUVDHWHU 3 2OLQ /RQJWHUP IRRORZXS RI 6ZHGLVK
FKLOGUHQYDFFLQDWHGZLWKDFHOOXODUSHUWXVVLVYDFFLQHVDWDQGPRQWKVRIDJHLQGLFDWHV
WKHQHHGIRUDERRVWHUGRVHDWWR\HDUVRIDJH3HGLDWULFV  

0+LUWHRSFLW


9$&&,185,/(35(9(1,(6$8%2$/



6HFUHGHFRFRPSRQHQWDWR[LQHLGLQYDFFLQXODQWLSHUWXVVLVDFHOXODU
3D SRDWHLQKLEDVHPQDOHOHSHQWUXUHFHSWRULFDUHMRDFXQUROLPSRUWDQWvQ
GH]YROWDUHDVLVWHPXOXLQHUYRVODVXJDULSURYRFkQGOH]LXQLQHUYRDVH
8Q VWXGLX VXHGH] D IRVW vQWUHSULQV vQWUH DQLL  FX GRX WLSXUL
GHYDFFLQSHUWXVVLVDFHOXODUVLQWHWL]DWHvQ-DSRQLDGHFWUH,QVWLWXWXOGH6WDW
SHQWUX 6QWDWH DO -DSRQLHL -1,+  YDFFLQXULOH LQG GHQXPLWH -1,+ VL
-1,+6DXOXDWvQVWXGLXGHVXJDULFXYkUVWDFXSULQVvQWUHL
OXQL'LQWUHDFHWLDDXIRVWYDFFLQDLFXXQXOGLQFHOHGRXWLSXULGH
YDFFLQLDUXQQXPUGHGHVXJDULDXIRUPDWJUXSXOGHFRQWUROODFDUHOL
VDLQMHFWDWXQSUHSDUDWSODFHER$FHVWDGLQXUPQXDYHDDQWLJHQXODFHOX
ODUSHUWXVVLVGDUFRQLQHDDGMXYDQLLWR[LFLGLQYDFFLQ7KLRPHUVDO PHUFXU 
IRVIDWGHDOXPLQLXLRVXEVWDQGH[DUH&XDOWHFXYLQWHHUDXQSODFHER
IDOVGHRDUHFHFRQLQHDVXEVWDQHQHXURWR[LFHLDOHUJL]DQWH$YDQWDMXOD
IRVW DFHOD F FX DMXWRUXO OXL VDX SXWXW FRPSDUD UHDFLLOH DGYHUVH GDWH GH
YDFFLQDWkWGLQFDX]DDQWLJHQXOXLFkWLGLQFDX]DDGMXYDQLORUWR[LFL5H]XO
WDWXODIRVWXQXOVXUSULQ]WRUUHDFLLOHDGYHUVHHUDXDVHPQWRDUHODFHOHWUHL
WLSXULGHJUXSXULGHFRSLLFXSXLQHYDULDLL
KLSRWRQLHPXVFXODUODFRSLLLYDFFLQDLFX-1,+ODFHL
YDFFLQDWLFX-1,+LODJUXSXOSODFHER
FRQYXOVLLVSDVPHODFHLFXYDFFLQXO-1,+FX-+,+L
ODJUXSXOGHFRQWUROFDUHDSULPLWSODFHER
LSWVWULGHQWFRQWLQXXWLPSGHXQDVDXPDLPXOWHRUHFXYDFFL
QXO-1,+FX-1,+LODFHLFXSODFHER  
DQRUH[LHGXSYDFFLQXO-1,+FXYDFFLQXO-1,+L
ODFHLFXSODFHER
HWF
&DUHVXQWFRQFOX]LLOH"
FRQVWDWPFUHDFLLOHDGYHUVHDSUXWHVXQWGHVWXOGHIUHFYHQWHLGHVWXO
GHJUDYHQLFLGHFXPPHGLLVDXXRDUH
UHDFLLOH DGYHUVH VXQW GDWH QX GRDU GH EDFWHULD SHUWXVVLV IUDJPHQWD
WDFHOXODUFLLGHDGMXYDQLLWR[LFLGLQYDFFLQPHUFXULDOXPLQLX
JUXSXOSODFHERRGRYHGHWH 
FXWRDWHDFHVWHDDXWRULLDXFRQVLGHUDWUH]XOWDWXOXQVXFFHVDUPkQG
FYDFFLQXULOHDXSURWHMDWFRSLLLYDFFLQDLGHWXVHFRQYXOVLYGHLvQ

$60 $PHULFDQ 6RFLHW\ IRU 0LFURELRORJ\ $QRWKHU UHDVRQ IRU:KRRSLQJ &RXJK
,QGXFHG%UDLQ'DPDJH$UH$FHOOXODU9DFFLQH6DIH"WKJHQHUDO0HHWLQJRIWKH$PHUL
FDQ6RFLHW\IRU0LFURELRORJ\0DL2UODQGR)ORULGDKWWSZZZDVPRUJ0HGLDLQ
GH[DVS"ELG 



'U&KULVWD7RGHD*URVV

XUPWRDUHOHGH]LOHGXSYDFFLQVDXQXPUDWGHVWXOHFD]XULGHERD
OvQUkQGXOFRSLLORUYDFFLQDL
QH vQWUHEP GH FH QX DX vQFHUFDW V H[SOLFH L PRWLYXO SHQWUX FDUH
OD JUXSXO SODFHER VXWH GH FRSLL QX VDX vPEROQYLW GH ERDO WXVH
FRQYXOVLY GDUDXSUH]HQWDWDFHOHDLUHDFLLDGYHUVHFXFHLYDFFLQDL
YDFFLQXOQXGRDUFQXDSUHYHQLWERDODODPXOLGLQWUHHLGDUDSURYRFDW
PXOWHUHDFLLDGYHUVHJUDYHDWkWGLQFDX]DDQWLJHQXOXLDFHOXODUFkWL
GLQFDX]DDGMXYDQLORUQHXURWR[LFLGLQYDFFLQQXDH[LVWDWQLFLRFRUH
ODUHvQWUHFRQFHQWUDLLOHGHDQWLFRUSLVHULFLLQLFLQXVDDDWSHULRDGD
vQFDUHH[LVWRHYHQWXDOSURWHFLHSHQWUXERDO
DXWRULWLOH VDQLWDUH DX FRQFOX]LRQDW F PHFDQLVPHOH SDWRJHQH SULQ
FDUHYDFFLQXOSRDWHSUHYHQLERDODVXQWvQFRQWLQXDUHQHFXQRVFXWHLDU
UROXOLPXQLWLLFHOXODUHLDDQWLFRUSLORUVHFUHWRULWUHEXLHvQFRQWLQXD
UHVWXGLDWH
5HDFLLLFRPSOLFDLLSRVWYDFFLQDOH
 5HDFLLORFDOHURHDGXUHUHLLQDPDLHODORFXOLQMHFLHLFDUHVXQW
FXDWkWPDLIUHFYHQWHFXFkWQXPUXOYDFFLQXULORUDGPLQLVWUDWHFRQFRPLWHQW
HVWHPDLPDUH ODIHOFDvQFD]XOYDFFLQXOXLWHWDQLFGHRDUHFHVHDFXPXOHD]
VXEVWDQHOHWR[LFHLDOHUJLFHvQRUJDQLVP 
 )HEUDHVWHRUHDFLHIUHFYHQWSURGXVGHYDFFLQXUL2IHEUIRDUWH
PDUH JUDGH HVWHPDLUDU FD]XUL GDUDSDUHLGXSQRXO
YDFFLQDFHOXODU
  &RQYXOVLL HOH SRW vQVRL UHDFLLOH IHEULOH LQWHQVH FkQG VXQW GHQXPLWH
FRQYXOVLLIHEULOH6HFRQVWDWRDVWIHOGHUHDFLHODGHFD]XUL'DFVHYRU
IDFHVDXYDFFLQXULFRQFRPLWHQWDFHVWULVFFUHWHGHUHVSHFWLYGHRUL
  LSWXO DVFXLW QHFRQWURODELO GHQXPLW L LSW HQFHIDOLWLF HVWH R
UHDFLHDGYHUVFDUHDUDWRDIHFWDUHDVLVWHPXOXLQHUYRV7RWRGDWHVWHRUH
DFLHFXQRVFXWODYDFFLQXULOHDQWLSHUWXVVLVFXEDFWHULLvQWUHJL6DFRQVWDWDW
vQV F DFHVW VLPSWRPUHDFLH DGYHUV DSDUH L GXS QRXO YDFFLQ SHUWXVVLV
DFHOXODUODGLQGHFD]XULQFHPVXUDFHDVWUHDFLHGLQSDUWHD


96FKHLEQHURSFLW
0$hEHUDOO.6WHKU-'&KHUU\8+HLQLQJHU66FKPLWW*URKH6/DXVVXFT
7(FNKDUGW6HYHUHDGYHUVHHYHQWVLQDFRPSDUDWLYHHIFDF\WULDOLQ*HUPDQ\,LQIDQWV
UHFHLYLQJ HLWKHU WKH /HGUHOH7DNHGD DFHOOXODU SHUWXVVLV FRPSRQHQW '73 '73D  YDFFLQH
WKH/HGUHOHZKROHFHOOFRPSRQHQW'73 '73 RU'7YDFFLQH7KH3HUWXVVLV9DFFLQH6WXG\
*URXS'HY%LRO6WDQG

96FKHLEQHURSFLW

0$hEHUDOOHWDORSFLW


9$&&,185,/(35(9(1,(6$8%2$/



VLVWHPXOXLQHUYRVDIHFWDWYDOVDLVHFKHOHQXVHWLHWLPvQVFLSWXO
HQFHIDOLWLFUHSUH]LQWGHVHRULGHEXWXOXQHLHQFHIDOLWHSVWYDFFLQDOHFDUHVH
SRDWHYLQGHFDVDXSRDWHOVDVHFKHOHFkQGYRUELPGHVLQGURPXOSRVWHQFH
IDOLWLF DGLF VHFKHOH GLQWUH FDUH +DUULV &RXOWHU DPLQWHWH WXOEXUULOH GH
FRQFHQWUDUHLGHFRPSRUWDPHQW
 (SLVRDGHGHKLSRWRQLHFXKLSRUHDFWLYLWDWHHVWHYRUEDGHVWULDVHP
QWRDUHXQXLFRODSVFDUHvQWLPSGHGHRUHGXSYDFFLQDUHVHFRQWXUHD]
DVWIHOVWDUHFRQIX]KLSRWRQLHPXVFXODULFRORUDLDDOEVWUXLH FLDQR] D
SLHOLL7XOEXUDUHDFXQRWLQHLDWHVWRSRVLELODIHFWDUHQHUYRDVFDUHSRD
WHDYHDUHSHUFXVLXQLWDUGLYHGDUFDUHQXVXQWvQFVWXGLDWHVXFLHQW$VWIHO
GHHSLVRDGHVDXREVHUYDWGHVWXOGHIUHFYHQWGXSYHFKLXOYDFFLQGDUDSDU
L OD QRXO YDFFLQ GXS XQLL DXWRUL GH  RUL PDL SXLQ IUHFYHQWH 8WH
4XDVWYRUEHWHGHRIUHFYHQGHGHFD]XULvQIXQFLH
GHYDFFLQ
 (QFHIDOLWDSRVWYDFFLQDOGHQXPLWvQWHUPLQLGHVSHFLDOLWDWHL(QFH
IDOLWDFXWGHPLHOLQL]DQW $'(0 HVWHPDLUDUGDUFXSRVLELOHVHFKHOH
QHUYRDVHVHYHUH$FHDVWFRPSOLFDLHDSDUHLGXSDOWHYDFFLQXULDQWLGLI
WHULF525 UXMHROXUOLDQUXEHRO LDQWLJULSDO6LPSWRPHOHSRWIRDUWH
YDULDWHWXOEXUULGHPHUVSDUDOL]LLWXOEXUULGHYHGHUHFRQYXOVLLSLHUGHUHD
FXQRWLQHLQ68$DFHDVWHQFHIDORSDWLHHVWHUHFXQRVFXWFDLQGRUHDF
LHVHFXQGDUSRVWYDFFLQDOVHYHUGDFHDDSDUHvQSULPHOH]LOHGHOD
YDFFLQ$FHDVWvQFDGUDUHHVWHWRWDOJUHLW ULJLG DYkQGvQYHGHUHF
HQFHIDOLWDSRDWHDSDUHLODFkWHYDVSWPkQLGXSYDFFLQ
 5HDFLLDOHUJLFHDFXWH


0+LUWHRSFLW
+/&RXOWHU5HYLHZRI0DULH5*ULIQ'73VWXG\8QSOXELVKHGDFLWDWOD
1HXVWDHWWHU

 ': 6FKHLIHOH 0DUNHG UHGXFWLRQ LQ IHEULOH VHL]XUHV DQG K\SRWRQLF K\UHVSRQ
VLYHHSLVRGHVZLWKDFHOOXODUSHUWXVVLVEDVHGYDFFLQHVUHVXOWVRI&DQDGDZLGHVXUYHLO
ODQFH  WK$QQXDO 0HHWLQJ RI WKH LQIHFWLRXV 'LVHDVHV 6RFLHW\ RI$PHULFD
3KLODGHOSKLD3D1RYHPEHU6HVVLRQ$EVWUDFW

76'X9HUQR\00%UDXQ+\SRWRQLFK\SRUHQVSRQVLYHHSLVRGHVUHSRUWHGWR
WKH9DFFLQH$GYHUVH(YHQW5HSRUWLQJ6\VWHP 9$(56 3HGLDWULFV
 (

$YHQWLV3DVWHXU06'+H[DYDF3URGXFWPRQRJUDSKLH

+56$ +HDOWK5HVRXUFHVDQG6HUYLFHV$GPLQLVWUDWLRQ 9DFFLQH,QMXU\7DEOH0DUFK
KWWSZZZKUVDGKKVJRYEKSUYLFSWDEOHKWP

 - 0 0XUWK\ $FXWH GLVVHPLQDWHG HQFHSKDORP\HOLWLV 1HXURO ,QGLD  





'U&KULVWD7RGHD*URVV

8QHRULDSDUHXUWLFDULDFDH[SUHVLHDXQHLDOHUJLLODYDFFLQRFXODOHU
JLF HVWH PDL UDU GDU VH QXPU vQWUH UHDFLLOH SRVWYDFFLQDOH VHYHUH FH SRW
GXFHODGHFHV
 %ROLDOHUJLFHLDXWRLPXQH
6LVWHPXOLPXQDOVXJDUXOXL DQ SRDWHDIHFWDWGHYDFFLQXOSHUWXVVLVVRO
GkQGXVHFXEROLDOHUJLFHLDXWRLPXQHQSULPHOHOXQLGHYLDVLVWHPXOLPXQ
DOVXJDUXOXLHVWHvQIRUPDUHLUHDFLRQHD]vQPRGH[DJHUDWODYDFFLQXULLQFOXVLY
ODYDFFLQXODQWLSHUWXVVLVQRXDFHOXODUSULQIRUPDUHDvQH[FHVGHDQWLFRUSL,J
(LDOWHVXEVWDQHvQUXGLWH FLWRNLQHPDFURIDJHHWF 'DWHOHQRDVWUHDUDW
FSUROXOFLWRNLQHORUHVWHPRGLFDWODXQVXJDUGHOXQLFDUHSkQDWXQFLD
IRVWYDFFLQDWODLOXQLDUPDXWRULLXQXLVWXGLX$FHLDLDXWRULDXFHUXW
DXWRULWLORUVWXGLLDSURIXQGDWHGHVSUHQRXOYDFFLQ GDUIUQLFLXQUH]XOWDWSkQ
DFXP GHRDUHFHQXH[LVWODRUDDFWXDOVWXGLLGHVSUHSRVLELOHOHEROLDOHUJLFH
SURYFDWHGHYDFFLQXOSHUWXVVLVDFHOXODUODVXJDUFLGRDUODFRSLLLSUHFRODUL
$QLPDOHOHSHFDUHVDH[SHULPHQWDWYDFFLQXOSHQWUXWXVHDFRQYXOVLYDX
UHDFLRQDWvQPRGH[DJHUDWFkQGDXIRVWLQIHFWDLFXEDFWHULDFDUHSURYRDF
ERDOD DkQGXVH vQ SOPkQLL ORU VXEVWDQH SURDOHUJHQH$U WUHEXL OXDW vQ
FRQVLGHUDUHLDFHVWDVSHFWDYkQGvQYHGHUHFLFRSLLLYDFFLQDLYRUYHQLvQ
FRQWDFWFXEDFWHULDFDUHSURYRDFERDOD8QVWXGLXUHOHYDQWvQDFHVWVHQVHVWH
FHODOXQXLJUXSGHFHUFHWWRULGLQ2ODQGDFDUHDXREVHUYDWLQFLGHQDGLIHULW
DEROLORUDOHUJLFHODGRXORWXULGHFRSLLFXYkUVWDFXSULQVvQWUHLDQL
GLQWUHFDUHDXIRVWYDFFLQDLvPSRWULYDWXVHLFRQYXOVLYHLQX&RSL
LLOXDLvQVWXGLXIFXVHUFXWRLLERDOD WXVHDFRQYXOVLY DWkWFHLYDFFLQDL
FkWLFHLQHYDFFLQDL5H]XOWDWXODIRVWFXQPDUHSURFHQWGLQFRSLLLYDFFL
QDLVXIHUHDXGHEROLDOHUJLFHSUHFXPDVWPEURQLFULQLWDOHUJLFERDODGH
IkQLDOHUJLLDOLPHQWDUHvQWLPSFHODFRSLLLQHYDFFLQDLQXDFUHVFXWGHORF
ULVFXOXQRUDVWIHOGHEROLDOHUJLFH'XSXQDOWVWXGLX EULWDQLF FRSLLL
YDFFLQDLvPSRWULYDWXVHLFRQYXOVLYHDXXQULVFGHRULPDLPDUHFDVGH]


06DNDJXFKL761DND\DPD,QRX\H&DVHVRIV\VWHPLFLPPHGLDWHW\SHXUWLFDU
LD DVVRFLDWHG ZLWK DFHOOXODU GLSKWKHULDWHWDQXVSHUWXVVLV YDFFLQDWLRQ 9DFFLQH  
 

+56$ +HDOWK5HVRXUFHVDQG6HUYLFHV$GPLQLVWUDWLRQ 9DFFLQH,QMXU\7DEOH0DUFK
KWWSZZZKUVDGKKVJRYEKSUYLFSWDEOHKWP

)0DVFDUW0+DLQDXW$3HOWLHU99HUVFKHXUHHWDO0RGXODWLRQRIWKHLQIDQWLP
PXQHUHVSRQVHVE\UVWSHUWXVVLVYDFFLQHDGPLQLVWUDWLRQV9DFFLQH  

0+LUWHRSFLW

50%HUQVHQ1-1DJHONHUNH&7KLMV-&9DQGHU:RXGHQ5HSRUWHGSHUWXV
VLVLQIHFWLRQDQGULVNRIDWRS\LQWR\UROGYDFFLQDWHGDQGQRQYDFFLQDWHGFKLOGUHQ
3HGLDWU$OOHUJ\,PPXQRO  

9$&&,185,/(35(9(1,(6$8%2$/



YROWHXOWHULRUXQDVWPEURQLFDOHUJLF/DIHOLVWXGLLOHGLQ68$DXSXWXW
GHPRQVWUD R OHJWXU HYLGHQW vQWUH YDFFLQXO '73 L FUHWHUHD H[DJHUDW D
EROLORUDOHUJLFHSkQODYkUVWDGHDQL
$OWXULGHYDFFLQXO'73PDLVXQWFDX]HFDUHFUHVFLQFLGHQDEROL
ORUDOHUJLFHODVXJDULLFRSLLIRORVLUHDDQWLELRWLFHORULEROLOHDOHUJLFHDOH
PDPHL
QFRQFOX]LHQXHVWHGHPLUDUHFQXPHURDVHOHVWXGLLOHDJDFHVWYDF
FLQGHLQFLGHQDFUHVFkQGDEROLORUDOHUJLFHGLQOXPH
$OWHUHDFLLDGYHUVHLFRPSOLFDLLSRVWYDFFLQDOHVXQWWUDWDWHvPSUHX
QFXYDFFLQXOFRPELQDW'73

,,,9DFFLQXOGLIWHURWHWDQRSHUWXVVLV '73L'73D
9DFFLQXOGLIWHULFDIRVWGHVFULVODFDSLDUYDFFLQXULOHWHWDQLFLSHUWXV
VLVOHGHVFULXvQDFHVWFDSLWRO$POVDWODXUPYDFFLQXOFRPELQDWWULYDOHQW
'73GHRDUHFHDDSUXWXOWLPXOSHSLDLQGWRWRGDWFHOPDLFRQWURYHUVDW
YDFFLQODRUDDFWXDOGHVSUHFDUHVDVFULVFHOPDLPXOWLDUFHDPDLPHGLDWL
]DWFDUWHDSDULQHDXWRULORU+DUULV&RXOWHUL%DUEDUD)LVKHU'73$6KRWLQ
WKH'DUN2SDUWHDUHDFLLORUDGYHUVHVHYHUHDOHYDFFLQXOXL'73SUHFXPL
FD]XULFOLQLFHOHDPSUH]HQWDWLvQFDS
,VWRULF
QWUHDQLLPHGLFLLFXWDXRPHWRGSULQFDUHVSURGXFXQ
YDFFLQ DQWLSHUWXVVLV DGHFYDW XQHL YkUVWH FkW PDL PLFL D VXJDUXOXL SUHFXP
LSRVLELOLWDWHDFRPELQULLYDFFLQXOXLDQWLSHUWXVVLVFXDOWHGRXDQWLWHWDQRV
LDQWLGLIWHULF&HHDFHVDDGXJDWYHFKLXOXLYDFFLQDQWLSHUWXVVLVVLQWHWL
]DWGH%RUGHWL*HQJRXVDIRVWRVXEVWDQQXPLWDGMXYDQW$GMXYDQLL
DVDFXPDPY]XWVXQWVXEVWDQHFKLPLFH VUXULGHPHWDOHJUHOHIRVIDWGH

052GHQW3HUWXVVLVYDFFLQDWLRQDQGDVWKPDLVWKHUHDOLQN"-$0$
 

(/+XUZLW]+0RUJHQVWHUQ(IIHFWVRIGLSKWKHULDWHWDQXVSHUWXVVLVRUWHWDQXV
YDFFLQDWLRQRQDOOHUJLHVDQGDOOHUJ\UHODWHGUHVSLUDWSU\V\PSWRPVDPRQJFKLOGUHQDQGDGR
OHVFHQWVLQWKH8QLWHG6WDWHV-0DQLSXODWLYH3K\VLRO7KHUDS)HE  

0)DURRTLHWDO $FXWHQHXURORJLFDOLOOQHVVDQG'735HSRUWRIDFDVHFRQWURO
VWXG\LQ:DVKLQJWRQDQG2UHJRQvQ&50DQFODUN6L[WK,QWHUQDWLRQDO6\PSRVLXPRQ
3HUWXVVLV$EVWUDFWV%HWKHVGD0DU\ODQG'SW+HDOWKDQG+XPDQ6HUYLFHV

0+LUWHRSFLW



'U&KULVWD7RGHD*URVV

DOXPLQLXKLGUR[LGGHDOXPLQLX FDUHVWLPXOHD]VLVWHPXOLPXQVSURGXF
DQWLFRUSL0RGXOvQFDUHVHSURGXFHDFHDVWDLPXQRVWLPXODUHQXHVWHELQH
FXQRVFXWQLFLSkQvQ]LXDGHD]L YH]LFDS Q'U3HDUO.HQGULFN
FDUHLDDVXPDWPHQLUHDGHDIDFHFkWPDLFXQRVFXWYDFFLQXODQWLSHUWXVVLV
L GH DO SURSXQH SHQWUX YDFFLQDUHD vQ PDV vQ XUPD XQXL VWXGLX HIHFWXDW
OD-RKQ+RSNLQV0HGLFDO6FKRROvQSULPYDUDDQXOXLLDSRLDDOWRU
VWXGLLSHUVRQDOHVFULHGHVSUHDOXPLQLXFHVWHPHWDOXOFDUHDUHRDVWIHOGH
FDSDFLWDWH L FX DMXWRUXO OXL YDFFLQXO DQWLSHUWXVVLV HVWH PDL HFLHQW L
SRDWHFRQLQHXQQXPUPDLPLFGHEDFWHULL'XSDFHDVWFRQVWDWDUH
HVWHLQWURGXVvQYDFFLQDOXPLQLXOFDDGMXYDQW7RW'U.HQGULFNvLGDWRUP
vQPDUHSDUWHLFRPELQDUHDYDFFLQXOXLDQWLSHUWXVVLVFXDOWHGRXWHWDQRV
LGLIWHULFFDUHHUDXSHSLDGHMDGLQDQLLQ.HQGULFNIRORVHD
GUHSWDUJXPHQWSHQWUXFRPELQDUHDFHORUWUHLYDFFLQXULRVLPSOLFDUHD
YLHLLFRSLLORUGDULDSULQLORULDPHGLFLORU6DPHUVSkQDFRORvQFkWVD
DUPDWFYDFFLQXODQWLSHUWXVVLVOXFUHD]FDXQDGMXYDQWSHQWUXYDFFLQXO
GLIWHULFDPEHOHLQGPDLDFWLYHvPSUHXQ'LQDFHOHDLPRWLYHDIRVWDGXJDW
LYDFFLQXOWHWDQRV'HDWXQFLH[LVWSHSLDvQvQWUHDJDOXPHWULYDFFLQXO
'73DDFXPvOFXQRDWHPvQ]LXDGHD]L
0RWLYXOUHDOSHQWUXFDUHDXIRVWFRPELQDWHFHOHWUHLYDFFLQXULDIRVWDFHOD
FDDWXQFLFkQGDSDUUHDFLLDGYHUVHJUDYHVDXFRPSOLFDLLSRVWYDFFLQDOHVHYH
UHVQXSRDWSXVHSHVHDPDXQHLDGLQWUHFHOHWUHLFRPSRQHQWHPDLDOHVD
YDFFLQXOXLDQWLSHUWXVVLVSHQWUXFDUHH[LVWDVHUGHMDSUHDPXOWHWHQWDWLYHGHD
VFRVSHQWUXWRWGHDXQDGHSHSLD
'LQQHIHULFLUHQLPHQLQXDLQXWFRQWGHDUPDLLOHIFXWHGH'U6DXHU
UHIHULWRUODLQWHU]LFHUHDYDFFLQXULORUODVXJDULLPDLPLFLGHOXQL'LPSRWUL
Y'U:DOODFH6DNRGLQ1HZ2UOHDQVvOFRQWUD]LFHSH6DXHULUHFRPDQG
PHGLFLORUVvQFHDSYDFFLQDUHDFX'73ODYkUVWDGHOXQLODWRLEHEHOXLL
vQFHSkQGFXDQXOSHFRQVLGHUHQWXOFGDFYDFFLQXULOH'7 DQWLGLIWHULF
LDQWLWHWDQRV SRWIRUPDDQWLFRUSLODEHEHOXLDUQRUPDOVRIDFLYDFFL
QXO3 DQWLSHUWXVVLV QIHOXODFHVWDvQFHWXOFXvQFHWXOPHGLFLLGLQ$PHULFD
VDX RELQXLW FX HIHFWXDUHD WULYDFFLQXOXL '73 Q 68$ YDFFLQXO '73 HVWH
REOLJDWRULXSHQWUXIUHFYHQWDUHDLQVWLWXLLORUGHVWDW JUGLQLHLFROL 1X
VDFRQVLGHUDWDGHRLPSRUWDQDWkWGHPDUHYkUVWDODFDUHXQFRSLOSURGXFH

 &DURO\Q * 6KDSLUR6KDSLQ +LVWRULFDO 5HYLHZ 3HDUO .HQGULFN *UDFH (OGHULQJ
DQGWKH3HUWXVVLV9DFFLQH(PHUJLQJ,QIHFWLRXV'LVHDVHV-RXUQDO$XJXVWKWWSZZ
ZQFFGFJRYHLGDUWLFOHBDUWLFOHKWP

+/&RXOWHU%)LVKHURSFLW

96FKHLEQHURSFLW

9$&&,185,/(35(9(1,(6$8%2$/



DQWLFRUSLLSRDWHvQFHSXWYDFFLQDUHDFkWDIRVWGHLPSRUWDQWFRPRGLWDWHD
PHGLFLORUFDUHHIHFWXHD]YDFFLQDUHDQIHOXODFHVWDRGDWFXYDFFLQDUHD
PHGLFLLSHGLDWULHIHFWXDXLFRQWUROXOSHULRGLFDOVXJDUXOXL1LPHQLQXDDWUDV
DWHQLDDVXSUDFUHWHULLLQFLGHQHLUHDFLLORUDGYHUVHQHXURORJLFHDOHYDFFL
QXOXLODRYkUVWDWvWGHIUDJHGVDXDPRULLVXELWHODVXJDU 6,'6 6HXLWDVH
XQSULQFLSLXHVHQLDODO3HGLDWULHLFXFkWJUHXWDWHDXQXLFRSLOHVWHPDLPLF
FXDWkWGR]DPHGLFDPHQWXOXLWUHEXLHVHPDLPLF&XWRDWHDFHVWHDXQ
VXJDUGHOXQLFDUHFkQWUHWHDSUR[LPDWLYOLYUH OLYU JUDPH
OLYUHLQGDSUR[LPDWLYNJ SULPHWHDFHHDLGR]GHYDFFLQFDLXQ
FRSLOSUHFRODUFXRJUHXWDWHGHGHOLYUH HFKLYDOHQWXODNJDSUR[ 1X
DIRVWWHVWDWGHORFWR[LFLWDWHDYDFFLQXOXLSHUWXVVLVODVXJDULLPLFLGHOXQL
6LQJXUHOHWHVWHDXIRVWFHOHHIHFWXDWHvQ0DUHD%ULWDQLHODFRSLLLFXYkUVWD
FXSULQVvQWUHLOXQLPDMRULWDWHDLQGPDLPDULGHOXQL$PHULFDQLL
VDXPXOXPLWPHUHXDDFXPRIDFLODRUDDFWXDOFXWHVWHOHHIHFWXDWH
GHFWUHHQJOH]L&XWRDWHFDXDSUXWFkWHYDFD]XULGHFRQYXOVLLvQSULPHOH
GHRUHLQXPHURDVHDVWIHOGHUHDFLLvQGHFXUVGHGH]LOHGHODYDFFLQ
YDFFLQXO'73DIRVWDFFHSWDWLDSRLDGPLQLVWUDWVXJDULORUGLQ$QJOLD3kQvQ
]LXDGHDVW]LXQDGLQWUHUHFRPDQGULOH0LQLVWHUXOXL6QWLLGLQ$QJOLD
HVWHDFHHDFDvQFD]XO'73YDFFLQDUHDVVHIDFGRDUvQFHSkQGFXYkUVWDGH
OXQLGDFVHGRUHWHRUHDFLHLPXQRORJLFPDLEXQLDUDGRXDLDWUHLD
GR]VVHIDFGXSOXQL&XWRDWHDFHVWHD7KH$PHULFDQ3XEOLF+HDOWK
6HUYLFHL7KH$PHULFDQ$FDGHP\RI3HGLDWULFV $$3 UHFRPDQGFDWULYDF
FLQXO'73VVHDGPLQLVWUH]HVXJDULORUGLQ$PHULFDODYkUVWDGHLOXQL
LDUFHOHGRXUHYDFFLQULODOXQLLvQSHULRDGDDQL
Q5RPkQLDUHFRPDQGULOHSHQWUXYDFFLQXO'73VXQWSULPRYDFFLQDUHD
ODOXQLXUPDWGHFkWHRGR]ODLOXQLLDUUHYDFFLQDUHDODOXQLLOD
DQLQWRWDOVXQWGR]HGHYDFFLQ'73 FRQIRUP3URJUDPXOXL1DLRQDOGH
,PXQL]DUH 
Q:LOOLDP&7RUFKPHGLFQHXURORJLGLUHFWRUDOVHFLHLGH1H
XURORJLHGHOD&OLQLFD8QLYHUVLWDUGLQ1HYDGDDWUDJHDWHQLDDVXSUDYDFFL
QXOXL'73FDUSXWHDSURYRFDPRDUWHDVXELWDVXJDUXOXL&RQFOX]LDOXLD
IRVWGDWHOHQRDVWUHDUDWFYDFFLQXO'73UHSUH]LQWXQDGLQWUHFDX]HOH
vQFQHWLXWHSkQDFXPDOHPRULLVXELWHDVXJDUXOXL&DXUPDUHDUWUHEXL
DSURIXQGDWHVWXGLLOHGHVSUHDFHVWYDFFLQ


+/&RXOWHU%)LVKHURSFLW
,ELGHP

0+LUWHRSFLW




'U&KULVWD7RGHD*URVV

7UHLUPHSULYDWHDXIRVWGHDQLvQFRDFHFHOHPDLPDULSURGXFWRDUH
GHYDFFLQXUL'73:\HWK/DERUDWRULHV/HGHUOH/DERUDWRUHV VHFLDFRPSD
QLHLDPHULFDQH&\DQDPLG L&RQQDXJKW/DERUDWRULHV/DWRDWHWUHLJVLPvQ
SURVSHFWXOYDFFLQXOXLROLVWOXQJGHUHDFLLDGYHUVHVHYHUHLDOWDFXFRQWUD
LQGLFDLLOH)LUPD:\HWK/DERUDWRULHVDGDWXQFRPXQLFDWvQSULQFDUH
DQXQDVFRDWHUHDFRPSRQHQWHLSHUWXVVLV 3 GLQ'73&RPLWHWXOSHQWUX%ROLOH
&RQWDJLRDVHDOH$$3 $PHULFDQ$FDGHP\RI3HGLDWULFV UDSRUWDSHULRGLFXQ
FRPXQLFDWVFULVQXPLWDSRLL&DUWHDURLHIRORVLWvQVSHFLDOGHFWUHPHGL
FLLSHGLDWULSULYDLLFDUHFRQLQHDUHDFLLOHDGYHUVHVHYHUHSUHFXPLFRQWUD
LQGLFDLLOHYDFFLQXULORU2UJDQL]DLD&'& &HQWHUVIRU'LVHDVH&RQWUROWUDG
&HQWUXOGH&RQWURODO%ROLORU(SLGHPLLORUGLQ$PHULFD HPLWHDGHDVHPHQHD
XQFRPXQLFDWSHULRGLFFXUHDFLLOHDGYHUVHLFRQWUDLQGLFDLLOHYDFFLQXULORU
IRORVLWDSRLGHFWUHPHGLFLLGLQVSLWDOH6SUHH[HPSOXODvQWUHEDUHD&kWGH
PDUHWUHEXLHVHIHEUDODXQFRSLOYDFFLQDWFX'73"UVSXQVXULOHJVLWH
VXQWYDULDWHvQ&DUWHDURLHHPLVGH$$3ODSDJFLWLPRYDORDUHD
WHPSHUDWXULLGHJUDGH&HOVLXVSHFkQGODSDJVFULHJUDGH&
LDUvQSURVSHFWXOUPHL:\HWKJVLPGHDVHPHQHDGRXYDORULGLIHULWH
LJUDGH&vQORFXULGLIHULWH2DVWIHOGHWHPSHUDWXUULGLFDWFDUHDSD
UHvQSULPHOHGHRUHGXSYDFFLQFRQVWLWXLHRFRQWUDLQGLFDLHDEVROXW
SHQWUX R QRX YDFFLQDUH 'DF DLFL QX VH VXSUDSXQ WRDWH UVSXQVXULOH HOH
RIDFvQVFKLPEOD$$3LOD$&,3 $GYLVRU\&RPPLWWHHRQ,PPXQL]DWLRQ
3UDFWLFHV vQFD]XOXQRUDIHFLXQLQHXURORJLFHDSUXWHGXSYDFFLQXODQWL
SHUWXVVLVSUHFXPLSWDVFXLWFRQYXOVLLHSLOHSWLFHHQFHIDOLWHFRODSVHWF
FDUHVXQWFRQWUDLQGLFDLLDEVROXWHSHQWUXRDOWYDFFLQDUHDQWLSHUWXVVLVQ
VFKLPEvQ&DUWHDURLH  HVWHGHVFULVGRDURSRVLELODSDULLHDXQRU
UHDFLLDGYHUVHSUHFXPIHEUDLVWDUHDGHUXJHQHUDOvQSULPHOHRUHGHOD
YDFFLQGDUQXHVWHDPLQWLWGHORFSHULRDGDvQFDUHSRWDSUHDVLPSWRPHOH
QHXURORJLFHDPLQWLWHPDLVXVFRQYXOVLLHQFHIDOLWHVDXVWULGHFRODSVOHLQ
QWUHEDUHDFDUHVHSXQHHVWH&HVIDFXQPHGLFFXDVWIHOGHLQIRUPDLL
UXGHQLWHEDFKLDUFRQWUDGLFWRULL"QXQHOHVWDWHGLQ68$YDFFLQXODQ
WLSHUWXVVLVHVWHFHUXWFDREOLJDWRULXLDUPHGLFXOWLHFXQFRSLOFDVSRDW
IUHFYHQWDFRDODDUHQHYRLHGHXQQXPUH[DFWGHYDFFLQXUL GXSOHJHD1R
YDFFLQDWLRQQRVFKRRO 'DFQLFLSURGXFWRULLGHYDFFLQXULQXDMXQJODXQ
FRQVHQVFXPVRIDFPHGLFXOFDUHGHFHOHPDLPXOWHRULQXYDWLFDUHVXQW
FRQWUDLQGLFDLLOHXQXLYDFFLQLSHFDUHQXOHDvQYDWOD)DFXOWDWHDGH0HGL
FLQ8QVWXGLXHIHFWXDWGHFWUH'U-DQLFH&RFNUHOOvQODFDELQHWH
PHGLFDOHSHGLDWULFHDUDWFGHQLUHDXQRUUHDFLLDGYHUVHPHGLLLJUDYH
GXSYDFFLQXO'73QXHUDXGHORFFODUHSHQWUXPHGLFLGHDOWIHOIRDUWHELQH

9$&&,185,/(35(9(1,(6$8%2$/





'U&KULVWD7RGHD*URVV

YDFFLQDUHFX'7$WkWSUHFDXLLOHSULYLQGDQWHFHGHQWHOHIDPLOLDOH
FkW L GHFL]LD LQGLYLGXDOL]DW GH FRQWLQXDUH D YDFFLQXULORU VXQW GRX
FRQFHSWHSUDFWLFGHORFFXQRVFXWHGHSULQLLFRSLLORULIRDUWHSXLQFX
QRVFXWHFKLDUGHFWUHPHGLFLLGHIDPLOLHGLQ5RPkQLD7RWRGDWHOHVXQW
GHVWXOGHHYDVLYHLDUGHFL]LDPHGLFXOXLVDXDSULQWHOXLYDXQDGLFLO
/LSVDLQIRUPULLSULQLORUVDXFKLDUGH]LQIRUPDUHDORUOHJDWGHSRVLEL
OHFRPSOLFDLLJUDYHSRVWYDFFLQDOHLSRVLELOLWDWHDvQWUHUXSHULLDFHVWRUDD
GXVLvQDUDQRDVWUODDSDULLDEROLORUFURQLFHVHYHUHODFRSLL2VXSUD
YHJKHUHIRDUWHDWHQWDHFUXLFRSLOYDFFLQDWLRSULUHDRULFDUHLYDFFL
QULvQPRPHQWXODSDULLHLUHDFLLORUDGYHUVHVXVPHQLRQDWHHVWHGDWRULD
PHGLFXOXLGHIDPLOLH,QWHUHVDQWHVWHIDSWXOFQLFLVSHFLDOLWLLQXDFRUG
DWHQLDFXYHQLWUHDFLLORUDGYHUVHVHYHUHGXS'73FkQGDUPFYDF
FLQXOQXVHFRQWUDLQGLFvQFD]GHIHEUVXEJUDGH&HOVLXVGXS
RGR]DQWHULRDUGHYDFFLQDQWHFHGHQWHIDPLOLDOHGHFRQYXOVLLUHDFLL
DGYHUVHJUDYHIDPLOLDOHVDXGHFHVXOVXELWDOXQXLVXJDU6LWXDLDGLQ
DUDQRDVWUVHDPQL]ELWRUFXFHDGLQ$PHULFDLDUSHQWUXPHGLFLLGLQ
5RPkQLD HD UPkQH vQ FRQWLQXDUH XQD FRQIX] 5PkQH FD SULQLL V
GHFLGGDFLGRUHVFFRSLLVQWRLVDXQX

SUHJWLLSURIHVLRQDO2UDFHVWOXFUXHVWHGHVWXOGHJUDYDYkQGvQYHGHUHF
XQPHGLFDGPLQLVWUHD]vQPHGLHXQYDFFLQ]L0DLJUDYDIRVWIDSWXO
FDFHWLPHGLFLQLFLPFDUQXUHFXQRWHDXRFUL]FRQYXOVLYHSLOHSWLF
ODVXJDU FDUHDUHDQXPLWHSDUWLFXODULWLVSHFLFHYkUVWHL GXSFXPUHLHVH
GLQFD]XOIHWLHL7KHUHVDXQXOGLQWUHPXOWHDOWHOHSUH]HQWDWPDLMRV SFW 
3UH]HQWDUH
9DFFLQXO'7&24
HVWHSURGXVGH6$12),3$67(85
FRQLQH DQDWR[LQ GLIWHULF SXULFDW DQDWR[LQ WHWDQLF SXULFDW
ERUGHWHOODSHUWXVVLV
UHDFLLDGYHUVHGXUHULHULWHPVDXQRGXOLODORFXOLQMHFLHLIHEU 
JUDGH&HOVLXV WLPSGH]LOH5DUIHEUJUDGH&VLQGURPXOSOkQ
VXOXLHQFHIDOLWLFFRQYXOVLLHQFHIDORSDWLHVDXRF YDFFLQUL 
QSURVSHFWHVWHVSHFLFDWIDSWXOFDFHVWHVLPSWRPHGLVSDUVSRQWDQ
GDUFRQWUDLQGLFDOWHYDFFLQULvPSRWULYDWXVHLFRQYXOVLYH
'XSFXPDUDWQXPHURDVHVWXGLLLFD]XULUHODWDWHvQDFHVWFDSLWROVSH
FLFDUHDHVWHIDOVGHRDUHFHvQPXOWHFD]XULVLPSWRPHOHHQFHIDOLWHORUSRVW
YDFFLQDOHQXGLVSDUFLVHFRPSOLFDWXQFLFkQGYRUELPGHVLQGURPXOSRV
WHQFHIDOLWLFFXVHFKHOHSRVWYDFFLQDOHWDUGLYH$'+'DXWLVPD
9DFFLQXOFRPELQDWGLIWHURWHWDQRSHUWXVVLVDGVRUELW 9&'73 
SURGXVGH,QVWLWXWXO&DQWDFX]LQRGLQ%XFXUHWL
UHDFLLOHDGYHUVHVXQWSUDFWLFDFHOHDLGDUVHVSHFLFIDSWXOFLPXQL
]DUHDFX9&'73YDvQWUHUXSWODFRSLLLFDUHDXSUH]HQWDWHQFHIDOR
SDWLHHYROXWLYvQSULPHOH]LOHGHODYDFFLQDUH
 vQFDUWHD9DFFLQXULLYDFFLQULvQSUDFWLFDPHGLFDODXWRULLURPkQLSUH
FL]HD] SUHFDXLLOH YDFFLQULL VXQW UHSUH]HQWDWH GH DQWHFHGHQWH FX
DSDULLDvQSULPHOHGHRUHGHODDGPLQLVWUDUHDXQHLGR]HGH'73D
UHDFLHLIHEULOHGHSHVWHJUDGH&HOVLXVDVWULLGHFRODSVDRFX
OXLVDXDSOkQVXOXLSHUVLVWHQW SOkQVFRQWLQXXGHSHVWHRUH SUHFXPL
PDQLIHVWDUHDvQSULPHOH]LOHDVLQGURPXOXLFRQYXOVLY3UH]HQWDXQRU
DIHFLXQLQHXURORJLFHQHFHVLWRGHFL]LHLQGLYLGXDOL]DWGHFRQWLQXDUHD
YDFFLQULLFX'73VDXUHQXQDUHDODDFHVWDLFRQWLQXDUHDVFKHPHLGH

9DFFLQXULFRPELQDWH7HWUDYDFFLQ3HQWDYDFFLQL+H[DYDFFLQ
2EVHUYDLH 'LQ FDX]D QXPHURDVHORU FRPSOLFDLL SRVWYDFFLQDOH DSUXWH
GXS'73DFHVWDDIRVWFRPELQDWODUkQGXOVXFXDOWHYDFFLQXULUH]XOWkQGFX
QRVFXWHOH7HWUD3HQWDL+H[DYDFFLQXUL3ULQFRPELQDUHD'73FXDOWHYDFFL
QXULYRUDVFXQVHSRVLELOHOHUHDFLLDGYHUVHLDVWIHOQXVHYDWLFDUHGLQWUH
FRPSRQHQWH VXQW UHVSRQVDELOH SHQWUX HYHQWXDOHOH FRPSOLFDLL DSUXWH 3H GH
DOWSDUWHVHIDFHPHUHXUHIHULUHODYDFFLQXOSHUWXVVLVFDUHHVWHFRQWUDLQGLFDW
vQFD]XODSDULLHLUHDFLLORUDGYHUVHUDUH LSWHQFHIDOLWLFHWF FHHDFHGRYH
GHWHRUHFXQRDWHUHLQGLUHFWDSRVLELOHORUFRPSOLFDLLVHYHUHDOHDFHVWXLD
5HDFLLDGYHUVHLFRPSOLFDLLSRVWYDFFLQDOH
Q FDS  DP GHQLW UHDFLLOH DGYHUVH L FRPSOLFDLLOH SRVWYDFFLQDOH
PHQLRQkQGIDSWXOFXQHOHGLQWUHHOHVXQWUHFXQRVFXWHGHFWUHDXWRULWLOH
VDQLWDUHGLQ68$LULOHHXURSHQHDOWHOHQX5HDFLLOHDGYHUVHLFRPSOLFD
LLOHFDUHDXIRVWUHFXQRVFXWHFDLQGSURYRFDWHGHYDFFLQXULOHDQWLSHUWXVVLV



+/&RXOWHU%)LVKHURSFLW
$JHQGD0HGLFDO

,ELGHP




0,%UXPERLX6,%RFDQRSFLW
,ELGHP



9$&&,185,/(35(9(1,(6$8%2$/



3 L'73FXFRQGLLDFDHOHVDSDUvQWUXQDQXPLWLQWHUYDOGHWLPSGXS
YDFFLQVXQW
LSWSUHOXQJLWGXSYDFFLQXODQWLSHUWXVVLV 3D XUPDWGHHQFHIDORSDWLH
OH]LXQLQHUYRDVH QHYULWDSOH[XOXLEUDKLDOHWF GXSYDFFLQXODQWLWHWD
QRVL'73 GLIWHURWHWDQRSHUWXVVLV 
HQFHIDOSDWLHDFXWGXSYDFFLQXO'73
,QWHUYDOXOGHWLPSQHFHVDUSHQWUXFDVHUHFXQRVFXWHFRPSOLFDLLOHSRVW
YDFFLQDOHHVWH 5HGERRN 
]LOHGHODYDFFLQXODQWLSHUWXVVLV L'73 SHQWUXHQFHIDORSDWLH
GH]LOHGHODYDFFLQXODQWLWHWDQRVSHQWUXQHYULWDSOH[XOXLEUDKLDO
$FHVWHLQWHUYDOHLPSXVHVXQWIDOVHDDFXPDXGRYHGLWR+DUULV&RXO
WHUL%DUEDUD)LVKHUDOWXULGHPXOLDOLDXWRUL
5HIHULWRUODYDFFLQXO'73vQHPLVLXQHD79'735XOHWDYDFFLQXULORU
GLQ  PLFURELRORJXO %REE\<RXQJ VSXQHD'DF GXS YDFFLQXO '73
FRSLOXOQXYDFRQGDPQDWQHDSUDWODRYLDFXXQKDQGLFDSJUDYFkL
vQVGLQWUHVXJDULQXYRUVXIHULVDXYRUVXIHULvQWURIRUPVDXDOWDGXS
YDFFLQXO'73"(LWRLVXQWYDFFLQDL3HQWUXOXDUHDXQHLDVWIHOGHSR]LLL
<RXQJDIRVWDVSUXFULWLFDWGHFWUH)'$ )RRGDQG'UXJ$GPLQLVWUDWLRQ L
/XPHD0HGLFDOGLQ$PHULFD/XL<RXQJvQVLDGDWGUHSWDWHvQPRGVXU
SULQ]WRULPXQRORJXO'U'DQLHO/HYLWW3K'GHOD*XWKULH5HVHDUFK,QVWL
WXWHGLQ6D\UH3HQQV\OYDQLDVSXQkQG$UPDLDOXL<RXQJUHHFWFHOPDL
ELQHDGHYUXO1RLvQWUDGHYUQXWLPFDUHVXQWHIHFWHOHDFHVWXLYDFFLQDVX
SUDVLVWHPXOXLLPXQGHFkWvQWURPLFPVXU(VWHDFHVWOXFUXvQJULMRUWRU"
3RDWHGDLQGFHVWHYRUEDGHXQVXJDU6LWXDLDHVWHDFHHDLSHQWUXPDMR
ULWDWHDPHGLFDPHQWHORULDYDFFLQXULORU1RLQXFXQRDWHPWRDWHHIHFWHOHORU
DVXSUDVLVWHPXOXLLPXQ
&RSLLLUHDFLRQHD]vQPRGGLIHULWODYDFFLQXUL QLFLQXVHSRDWHDO
WIHOGHRDUHFHVLVWHPXOLPXQDOHFUXLRPUHDFLRQHD]GLIHULWvQIXQFLHGH
IRDUWHPXOLIDFWRULFDUHQXVXQWFXQRVFXLvQPDUHDORUPDMRULWDWHFDUHQX
SRWSUHY]XLLFDXUPDUHQXYDSXWHDH[LVWDYUHRGDWXQYDFFLQFXULVF
]HURSHQWUXEROLJUDYHVDXFKLDUGHFHVH 

.56WUDWWRQHWDO,QVWLWXWHRI0HGLFLQH$GYHUVHHYHQWVDVVRFLDWHGZLWKFKLOGKRRG
YDFFLQHVHYLGHQFHEHDULQJRQFDXVDOLW\1DWLRQDO$FDGHP\3UHVV:DVKLQJWRQ'&

0+LUWHRSFLW

+&RXOWHU%)LVKHURSFLW

,ELGHP



'U&KULVWD7RGHD*URVV

XQLLUHDFLRQHD]FXVHPQHLVLPSWRPHPRGHUDWHSULQWURvQURLUHOR
FDOvQVRLWGHVXEIHEULOLWDWH IHEUVXEJUDGH&HOVLXV LRVHQVLEL
OLWDWHXRDUODORFXOLQMHFLHL
$OLL PDL SXLQL  UHDFLRQHD] SXWHUQLFH[DJHUDW OD DFHWLD YDFFLQXO
FDX]kQGEROLJUDYHGHVHRULFXVHFKHOHJUDYHQHYLQGHFDELOHvQVSHFLDO
QHXURORJLFH HSLOHSVLHSDUDOL]LL LSVLKLFH UHWDUGSVLKLFHWF FXGL]D
ELOLWLJUDYHLFDUHQXYRUSXWHDGXFHQLFLRGDWRYLDQRUPDO
XQDOWJUXSGHFRSLLVHDvQWUHFHOHGRXH[WUHPHGHVFULVHDQWHULRU
ODFDUHVHREVHUYRDIHFWDUHvQJUDGHGLIHULWHDGH]YROWULLORUVWDWX
URSRQGHUDOH QHXURORJLFH L SVLKLFH$FHWL FRSLL YRU GH]YROWD EROL
FURQLFHWXOEXUULGHFRPSRUWDPHQWGHDWHQLHLGHFRQFHQWUDUH>@
XQHOHGLQWUHHOHLQGYL]LELOHGRDUFkQGvQFHSFRDODODDQLLFkQG
VXQWHWLFKHWDLFDLQGKLSHUDFWLYL
8QYDFFLQSRDWHSURYRFDUHDFLLDGYHUVHvQGLIHULWHVWDGLL6SUHH[HPSOX
YDFFLQXODQWLSHUWXVVLVSRDWHSURYRFDRUHDFLHDFXWORFDOLPHGLDWGXSLQ
MHFLHFDUHSRDWHOLPLWDWXUPDWGHRYLQGHFDUHFRPSOHW2UHDFLHDFXW
JUDYFDUHQXVHYLQGHFSRDWHGXFHvQVLODXQKDQGLFDSvQGHOXQJDW]LF
SVLKLFHPRLRQDOLQHXURORJLFFDUHSRDWHSHUVLVWDvQWUHDJDYLD
QFRQWLQXDUHYRLSUH]HQWDWRDWHUHDFLLOHDGYHUVHLFRPSOLFDLLOHDS
UXWHGXSYDFFLQXO'73FRQVWDWDWHLGHPRQVWUDWHGHFWUHDXWRULL+&R
XOWHU L % )LVKHU vQ FDUWHD ORU '73 7KH 6KRRW LQ WKH 'XUN JHUP 'UHL
IDFKLPSIXQJ(LQ6FKXVVLQV'XQNOH GLQFDUHDPSUHOXDWDFHVWHVWXGLLGDU
LGHDOLDXWRULRDPHQLGHWLLQLFHUFHWWRULSURIHVRULGH0HGLFLQD
0DMRULWDWHDUHDFLLORUVHFXQGDUHVXQWDWULEXLWHYDFFLQXOXLDQWLSHUWXVVLV(VWH
LPRWLYXOSHQWUXFDUHXQHRULDXWRULLLQVLVWPDLPXOWDVXSUDUHDFLLORUSUR
YRFDWHGHFRPSRQHQWDSHUWXVVLV3GLQYDFFLQXO'731XSXWHPQHJOLMDvQV
UHDFLLOHDGYHUVH XQHRULVHYHUH GDWHGHWR[LQDWHWDQLFLGLIWHULF
D  5HDFLL ORFDOH vQURLUH WXPHHUH GXUHUH QRGXOL DEFHVH ORFDOH Q
DQXPLWH OLPLWH HOH VXQW QRUPDOH GDU FkQG VXQW GHSLWH FD GLPHQVLXQH L
LQWHQVLWDWHSUHYHVWHVFGHRELFHLFRPSOLFDLLJUDYHPDLDOHVQHXURORJLFHHQ
FHIDORSDWLHHSLOHSVLHHWFGXSFXPDPGLQH[HPSOHOHGHPDLMRV
&D]2PDPSRYHVWHWHGHVSUHELHHOXOHLFDUHDUHDFLRQDWDWkWGXS
SULPDFkWLGXSDGRXDGR]GHYDFFLQ'73SULQDSDULLDXQHLLQDPDLL
DFFHQWXDWHODORFXOLQMHFLHLVXEIRUPDXQRUQRGXOLURLLFDUHVDXYLQGHFDW
IRDUWHvQFHW/DRVSWPkQGXSFHOGHDOWUHLOHDYDFFLQ'73DXGHEXWDW
SULPHOHFUL]HHSLOHSWLFHFDUHDSRLDXGHYHQLWQHFRQWURODELOH


,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



&D]2DOWPDPGHVFULHDSDULLDXQXLQRGXOURXGHPPODORFXO
XQGHIHWLDHLvQYkUVWGHWUHLOXQLDSULPLWYDFFLQXO'73FDUHDSRLVDH[
WLQV5HDFLDDIRVWDVRFLDWFXDSDULLDXQXLDWDFFHUHEUDOSHFDUHIHWLDOD
VXIHULWGXSDFHVWYDFFLQ
&D]2PDPREVHUYODELHHOXOHLvQSULPHOHGHRUHGHODYDFFLQ
DSDULLDXQXLQRGXOURXFDOGLWDUHGHPULPHDXQHLQXFLFDUHDSHUVLVWDW
WLPSGHOXQL5HDFLDSXWHUQLFORFDODIRVWSXVSHVHDPDDIHFWULLVLVWH
PXOXLQHUYRVFXOH]LXQLFHUHEUDOHLPSRUWDQWHLDSDULLDFUL]HORUHSLOHSWLFH
QHFRQWURODELOH
0LLGHSDJLQLVDXDWHUQXWFXDVWIHOGHFD]XULGDUFXWRDWHDFHVWHDYDF
FLQXO'73DUPDVXQYDFFLQREOLJDWRULX SHQWUXDIUHFYHQWDLQVWLWXLLOHGH
VWDW LvQ]LXDGHD]LvQ68$Q5RPkQLDGLQDQDOL]DOHJLORUvQPDWHULHQX
UH]XOWvQPRGH[SUHVFYDFFLQXULOHVXQWREOLJDWRULL GSGYOHJDOQXH[LVW
QLFLXQ DUWLFRO FDUH V LQVWLWXLH vQ PRG H[SUHV REOLJDWLYLWDWHD YDFFLQXULORU
YH]L$QH[D &XWRDWHDFVHWHDSULQLLVXQWOVDLVFUHDGFYDFFLQXULOH
VXQWREOLJDWRULLLQFOXVLYYDFFLQXO'73
E )HEUDHVWHRDOWUHDFLHQRUPDOGXSYDFFLQXO'736HWLHFIHEUD
HVWH R UHDFLH QDWXUDO D RUJDQLVPXOXL ID GH XQ FRUS VWULQ H F HVWH R
EDFWHULHYLHHFHVWHXQYDFFLQFDUHFRQLQHEDFWHULLRPRUkWHQDPEHOH
FD]XULVLVWHPXOLPXQDORUJDQLVPXOXLHVWHSURYRFDWVVHDSHUHIRUPkQGL
DQWLFRUSL IRUPDUHDGHDQWLFRUSLHVWHGRDUXQDGLQWUHFRPSRQHQWHOHGHDS
UDUH D RUJDQLVPXOXL  )HEUD PDUH GDW GH LQIHFLLOH QDWXUDOH OD FRSLL SRW
SURYRFDFRQYXOVLLIHEULOHGDUFDUHQXDIHFWHD]VLVWHPXOQHUYRVDDFXPVD
FUH]XWSkQDFXP
&XWRWXODOWFHYDVHvQWkPSOvQFD]XOXQXLVWULIHEULOH KLSHUSLUH[LHFX
IHEUPDLPDUHVDXHJDOFXJUDGH&HOVLXV SURYRFDWGHHQFHIDOLWDSRVW
YDFFLQDOLQGXVGHYDFFLQXO'73 VDXDOWHYDFFLQXUL &RQYXOVLLOHIHEULOH
vQFRQWH[WXOEROLLDOHQFHIDOLWHLSRVWYDFFLQDOHSRWFDX]DOH]LXQLFHUHEUDOHL
HSLOHSVLH
&D]2PDPSRYHVWHWHFXPELHHOXOXLHLGHOXQLLVDXPDWLL
VDvQURLWvQWUHJSLFLRUXXO XQGHDSULPLWLQMHFLD vQGHFXUVGHRUHGH
ODSULPXOYDFFLQ'737RWRGDWHOVFRWHDXQLSWDVFXLWVWULGHQWLDUIHEUD
vLFUHVFXVHODJUDGH&HOVLXV0DPDODVXQDWSHPHGLFFDUHLDUHFR
PDQGDW7\OHQROLLDVSXVVLLQSLFLRUXXOvQDSFOGX%DLDFDOGLD
SURYRFDWFRSLOXOXLvQVXQIULVRQDFFHQWXDWLDSRLLDGDWRFKLLSHVWHFDS



'U&KULVWD7RGHD*URVV

$VWIHOGHFUL]HVHUHSHWDXGHVODIHOLLSWXODVFXLW$VW]LHOHVWHXQFRSLO
KLSHUDFWLYLVXIHUGHUHWDUG]LFLSVLKLF
&D]2PDPvLDPLQWHWHFXPDUHDFLRQDWIHWLDHLvQODDOOHD
YDFFLQ'73QWLPSGHFkWHYDRUHLDFUHVFXWIHEUDODJUDGH&HOVLXVLSD
VWULGHQWGXSFDUHGHYHQHDULJLGLvLFGHDFDSXOSHVSDWH6HDOEHDGHWRW
LDUSULYLUHDvLHUDDLQWLWODWDYDQQXVHPLFDLSUHDFLLQFRQWLHQWPXOW
WLPS)HWLDDFRQWLQXDWVIDFDVWIHOGHFUL]HHSLOHSWLFHIRUPDSHWLWPDO
FUL]HPLQRUH LQXPDLODYkUVWDGHDQLLVDSXVvQPRGRFLDOGLDJQRV
WLFXO$FXPHVWHvQFRQWLQXDUHVXEWUDWDPHQWDQWLHSLOHSWLFSHQWUXSUHYHQLUHD
FUL]HORU
F 9UVWXULFUDPSHLQWHVWLQDOHGLDUHH
Q6DWRLFROHJLLOXLDXGHVFULVDOWXULGHDOWHUHDFLLDGYHUVHGXS
YDFFLQXOSHUWXVVLVIUHFYHQWHWXOEXUULGLJHVWLYHSUHFXPYUVWXULLGLDUHH
7UHEXLHPHQLRQDWIDSWXOFQLFLXQPHGLFQXSRDWHGLIHUHQLDFUDPSHOH
LQWHVWLQDOHSRVWYDFFLQDOHGHFUDPSHOH]LRORJLFHDOHVXJDUXOXLODYkUVWD
GHOXQL0HGLFXOOHSXQHWRDWHSHVHDPDFUDPSHORU]LRORJLFHQRUPD
OHSHFDUHOHWUDWHD]FDDWDUHFXSURGXVHOHFXQRVFXWHGLQFRPHULWRWDO
LQHFLHQWH
6WU|PDPLQWHWHLHOvQVWXGLLOHVDOHGLQGHVSUHYDFFLQXO'73FD
LQGFDX]DIUHFYHQWDWXOEXUULORUGLJHVWLYH
&HUFHWWRULLGHOD)'$DPLQWHVFLHLGHVSUHYUVWXULLGLDUHHFDLQG
SRVLELOHUHDFLLDGYHUVHDSUXWHGXS'73IUVOHGHDvQVLPSRUWDQ
&D]  0DPD XQHL IHWLH GLQ 0LFKLJDQ vL DPLQWHWH F GXS FHO GHD
GRLOHDYDFFLQ'73vQGHFXUVGHRMXPWDWHGH]LDXGHEXWDWFUDPSHOHLQWHV
WLQDOHFDUHGXUDXRUHvQWUHJL3kQDWXQFLFkQGDYHDGHMDOXQLIHWLDIXVHVH
SHUIHFWVQWRDV'LDUHHDDSHUVLVWDWWLPSGHVSWPkQLVFDXQHOHLQG
GHXQJDOEHQFLXGDWLIRDUWHXUkWPLURVLWRDUH
&D]ODRRUGHODSULPXOYDFFLQ'73XQEHEHOXGHOXQLSUH]LQW
LSHWHDVFXLWHXUPDWHGHRVRPQROHQDFFHQWXDW/DGHRUHGHODYDFFLQ
DSDUYUVWXULvQMHWLVFDXQHGLDUHLFHIUHFYHQWHFXXQPLURVFLXGDW'LDUHHD
DGXUDWWLPSGHVSWPkQL
&D]'RXJODVXQVXJDUGHOXQLDPXULWODGRDUR]LLMXPWDWHGXS
SULPXO YDFFLQ '73 0DPD OXL SRYHVWHWH FXP EHEHOXXO SOkQJHD FkQG vL
VFKLPED VFXWHFHOH LO ULGLFD 6FDXQHOH DYHDX XQ DVSHFW PRGLFDW IRUPDW
GRDUGLQPXFXVLDUSDWDGHSHVFXWHFGLPSUHMXUXOVFDXQXOXLHUDJDOEHQ




,ELGHP



,ELGHP
,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



$VSHFWXOHUDSUHFXPFHOGHODSWHDFUXFDUHVHVWUkQJHODHUEHUHLPLURVHD
vQJUR]LWRU
&D])HWLDPHD)ODYLD0DULDGXSSULPDGR]GHYDFFLQ'73 OD
OXQL DvQFHSXWVLSHLvLvQFRUGDvQWUHJXOFRUSOXkQGSR]LLDDVHPQWRDUH
FXFHDGHRSLVWRWRQXV 3R]LLDGHRSLVWRWRQXVDSDUHvQWHWDQRVLPHQLQJLWH
VDXOH]LXQLFHUHEUDOHJUDYHFXFRQWUDFWXUDPXVFXODWXULLGRUVDOHLVSULMLQLUHD
FRUSXOXLSHFDOFkLHLFDSvQIRUPGHDUF 3R]LLDDVHPQWRDUHFXFHDGH
RSLVWRWRWRQXVDSDUHvQPRGIUHFYHQWGXSYDFFLQXO'738QLLDXWRULDWULEXLH
DFHDVWUHDFLHWR[LQHLWHWDQRFHDOLLRFUDPSHORULQWHVWLQDOHPDUL$OLDXWRUL
GHVFULXQXPHURDVHDVWIHOGHFD]XULODFRSLLLDXWLWL$WXQFLQXPLSXWHDP
H[SOLFDDFHVWHVLPSWRPHDSUXWHODIHWLDPHD FUDPSHLSWXOSUHOXQJLW
QRSLvQWUHJLWLPSGHGRXOXQLHWF LPDLDOHVFDX]DORU'HVLJXUQXSRW
H[FOXGHRUHDFLHPHQLQJHDOVDXRUHDFLHODYDFFLQXOWHWDQLFVDXSHUWXVVLV
$XWRULLPHQLRQHD]FWRLVXJDULLFDUHDXPXULWODGRDUFkWHYD]LOHGXS
YDFFLQXO'73DXSUH]HQWDWDOWXULGHFRPSOLFDLLOHJUDYHFDUHDXGXVODGH
FHVLVFDXQHGLDUHLFHvQFGLQSULPHOHRUHGHGXSYDFFLQ
0HGLFLLGHIDPLOLHLPHGLFLLSHGLDWULFRQVLGHUGHVHRULvQPRGJUHLWF
DFHVWHVLPSWRPHVXQWGHEXWXOXQHLHQWHURFROLWHYLUDOHVDXEDFWHULHQHDVXJD
UXOXLLOHWUDWHD]FDDWDUH8QWUDWDPHQWFXDQWLELRWLFHQXHVWHvQVLQGLFDW
GLPSRWULY6HIRUPHD]XQFHUFYLFLRVDQWLRELRWLFHGLDUHHDQHPLHGHFLW
VWDWXURSRQGHUDOODFDUHVHDGDXJGHVHRULVLDOHUJLLOHDOLPHQWDUHLDUFHUFXO
VHUHLDGLHWDQHPLHGHFLWVWDWXURSRQGHUDOUHLQIHFLHDQWLELRWLFHHWF
G $FFHVHOHGHWXVHRWLWHLDOWHLQIHFLLDFXWHDOHFLORUUHVSLUDWRULL
VXSHULRDUH ,$&56 
&HHDFHVFULD:DOODFH6DNRXQXOGLQWUHRDPHQLLGHWLLQFDUHVDXLP
SOLFDW vQ FHUFHWDUHD YDFFLQXOXL SHUWXVVLV vQ  D UPDV YDODELO 'XS
YDFFLQXODQWLSHUWXVVLVXQLLGLQWUHFRSLLSUH]LQWDFFHVHGHWXVHFDUHVHDPQ
FXWXVHDFRQYXOVLYLFDUHWUHFODXQPRPHQWGDW
&RXOWHUL)LVKHUGHVFULXQXPHURDVHFD]XULGH,$&56DSUXWHGXSYDF
FLQXO'73vQVSHFLDORWLWHLFRQJHVWLDFLORUDHULHQHVXSHULRDUH
&HOHPDLIUHFYHQWHVLPSWRPHGHVFULVHGHPDPHGXSYDFFLQXO'73VXQW
IHEU LSW DVFXLW L SUHOXQJLW VWUQXW IUHFYHQW UHVSLUDWLH GLFLO GXUHUH
DFFHQWXDWODORFXOLQMHFLHL SUH]HQDXQXLQRGXO HWF

+DUULV&RXOWHU,PSIXQJHQGHU*URVVDQJULIIDXI*HKLUQXQG6HHOH$XDJH+LUW
KDPPHU9HUODJ

$XWRDUHDPUWXULLGHVSUHLFDPHDGXSSULPXOYDFFLQ'73

+&RXOWHU%)LVKHURSFLW



'U&KULVWD7RGHD*URVV

&D]8QVXJDUGHOXQLDSUH]HQWDWLPHGLDWGXSYDFFLQDFFHVHGHWXVH
SHFDUHPDPDOHGHVFULHFDLQGDFFHQWXDWHLSUHOXQJLWHSkQODGHPLQX
WHDVHPQWRDUHFXFHOHGLQWXVHDFRQYXOVLY$FFHVHOHGHWXVHVHWHUPLQDX
FXYUVWXULLDUFRSLOXOWUHEXLDLQXWPHUHXvQH]XWFKLDULFkQGGRUPHDFD
VQXVHvQHFH
&D]2PDPvLDPLQWHWHFXPELHHOXOHLDIFXWRWLWLPHGLDWGXS
YDFFLQLFDUHDSRLVDFURQLFL]DWQFHOHGLQXUPDWUHEXLWVLVHLQWURGXF
vQXUHFKLPLFLWXEXULGHGUHQQFRQWLQXDUHDSUH]HQWDWIUHFYHQW,$&56
&D]8QVXJDUGHOXQLHVWHFRQVXOWDWGHFWUHPHGLFXOSHGLDWUXFDUH
VWDELOLQG FL VQWRV FOLQLF vL DGPLQVLWUHD] YDFFLQXO '73 'XS  GH
RUH EHEHOXXO HVWH GLDJQRVWLFDW FX RWLW ELODWHUDO GDU SUH]LQW L VWUL GH
OHLQ VFDXQH GLDUHLFH L YUVWXUL /D LQWHUQDUH PHGLFXO SHGLDWUX vL VSXQH
PDPHLFIHWLDHVWHJUDYEROQDYLFSUREDELOHVWHDOHUJLFODYDFFLQXO
'73'LDUHHDDFHGDWGRDUGXSFkWHYDVSWPkQL
H LSWDVFXLWLSOkQVSUHOXQJLW
$FHVWHGRXVLPSWRPHVXQWFHOHPDLLJQRUDWHVSXQH&RXOWHUGHLDSDU
GHVWXO GH IUHFYHQW GXS YDFFLQXO DQWLSHUWXVVLV VDX GXS '73 /D vQFHSXW
LSWXOHVWHPDLDWHQXDWLVODELDUDSRLGHYLQHWRWPDLDVFXLWLPDLSXWHUQLF
FkQGVHDPQQIRDUWHPXOWFXLSWXOHQFHIDOLWLFFXQRVFXWGHPHGLFLL
SRDWHGXUDRUHvQWUHJL
([SOLFDLDGDWGHPHGLFLHVWHvQJHQHUDODFHHDLHVWHRUHDFLHQRUPDO
GXSYDFFLQXO'73GXSFXPUHLHVHGLQXUPWRDUHOHFD]XUL
&D]2PDPGLQ0RQWDQDUHODWHD]GHVSUHFRSLOXOHLFODRUHGXS
FHOGHDOGRLOHDYDFFLQ'73SLFLRUXOXQGHDIRVWYDFFLQDWLVDXPDWLvQUR
LWSkQODROGLDUFRSLOXODvQFHSXWVLSHWLPSvQGHOXQJDWSkQDOHLQDW
'XSFHvLUHYHQHDROXDLDUGHODFDSWLSWXOHUDDOWIHOGHFkWFHORELQXLW
VDXFkQGvLHUDIRDPH1XYURLDVHOXDWvQEUDHVDXPkQJkLDW&kQGPDPD
ODVXQDWSHPHGLFDFHVWDLDUHFRPDQGDW7\OHQROVSXQkQGFVHYDOLQLWL
SkQ OD XUP &X WRDWH F WLPS GH WUHL OXQL VXJDUXO VH WUH]HD GH GRXWUHL
RULSHQRDSWHLVFRWHDLSHWHDVFXLWHPHGLFXOQXVDDUWDWvQJULMRUDW&kQG
vPSOLQLVHOXQLLPDPDODGXVODPHGLFFRSLOXOFkQWUHDGRDUNJLHUD
DQHPLF(UDDOHUJLFODODSWHOHGHYDF'HLPHGLFXOHUDPLUDWGHVWDUHDFR
SLOXOXLHODYUXWVLDGPLQLVWUH]HDWUHLDGR]GHYDFFLQGDUPDPDQXDIRVW
GHDFRUGLQGFvLGGXVHVHDPDFWRDWHVHvQWkPSODXGLQFDX]DYDFFLQX
OXL'73&kQGDvPSOLQLWDQL0DUNDYHDGRDUSXLQSHVWHNJGDUSVLKLF
VH GH]YROWDVH QRUPDO0HGLFXO VD FRQYLQV F HVWH FRQWUDLQGLFDW R DOW


,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



YDFFLQDUHGRDUFkQGLSURSULXOOXLFRSLODUHDFLRQDWODYDFFLQFXLSHWH
DVFXLWH'HDELDDFXPPHGLFXOLDGDWGUHSWDWH
&DX]DLSWXOXLDVFXLWHVWHRDIHFWDUHDVLVWHPXOXLQHUYRVOXFUXUHFXQRV
FXWLGHFWUH$XWRULWLOHDPHULFDQHvQFkQG9LQFHQW)XOJLQLWLVFULD
DFHVWLSWDVFXLWHVWHXQVLPSWRPVSHFLFHQFHIDORSDWLHL'HDFHHDL
SUHUHDIRVWL:\HWK/DERUDWRULHVFXQRVFXWDUPSURGXFWRDUHDYDFFLQX
OXL'73PRWLYSHQWUXFDUHODFRQWUDLQGLFDLLJVLPLSHWHOHDVFXLWHSUHOXQ
JLWHLDOWHLSHWHQHRELQXLWHDOHFRSLOXOXLIUFDVSRDWOLQLWLW
&D]2PDPUHODWHD]GHVSUHDSDULLDXQXLLSWDVFXLWODFRSLOXOHL
YDFFLQDWFX'73'XSDFHVWLSWGHYHQHDEUXVFKLSRWRQ PRDOH LDUGXS
DSUR[LPDWLYRRUVHUHSHWDXVLPSWRPHOHLSWXOHUDDWkWGHFXPSOLWvQFkW
QHvQJKHDVkQJHOHvQYHQH
&D]RDOWPDPGHVFULHUHDFLDXOXLHLODYDFFLQvQIHOXOXUPWRU
1RLORFXLPODPLOHGHSUWDUHGHPHGLFXOQRVWUXGHIDPLOLHQFQXSOH
FDVHPGHPLQXWHGHODFDELQHWXOVXFkQGXOPHXDvQFHSXWVLSHGHSDU
FDYHDGXUHULIRDUWHPDUL'XSRUHLDFUHVFXWWHPSHUDWXUDODJUDGH
&LDYHDFUDPSHLQWHVWLQDOH
/DFRSLLGHDQLFDUHSRWH[SULPDFHHDFHVLPWDVHPHQHDLSHWHDSUXWH
GXSYDFFLQXO'73VDXGDWRUDWXQRUGXUHULIRDUWHPDULGHFDS GXSFXP
UHODWHD]HL DVHPQWRDUHFXFHOHGLQPHQLQJLWVDXFKLDULGHQWLFH vQVRLWH
GHWHDPH[DJHUDWLQHPRWLYDWDVHPQWRDUHFXDWDFXULOHGHSDQLFD
DGXOLORU'XUHULOHPDULVWULOHGHWHPLKDOXFLQDLLOHIHEULOHODVGHVHRUL
R DPSUHQW HPRLRQDO SXWHUQLF DVXSUD DFHVWRU FRSLL 2EVHUYP OD DFHWL
FRSLLvQFPXOWWLPSVWULGHIXULHQHFRQWURODW
I &RODSVVWDUHGHRFVDXVWDUHFXKLSRWRQLHLKLSRUHVSRQVLYLWDWH
7RDWHFHOHWUHLGHQXPLULvQFHDUFVGHQHDVFXQDLDFHHDLVWDUHRE
VHUYDWIUHFYHQWGXSYDFFLQXO'73 QXWUHEXLHFRQIXQGDWDFHDVWVWD
UHGHRFFXRFXODQDODFWLFFDUHHVWHRUHDFLHDOHUJLFJUDYFHDSDUH
vQSULPHOHPRPHQWHGHGXSYDFFLQ 
Q XUPD XQXL VWXGLX EULWDQLF GHVSUH UHDFLLOH DGYHUVH DOH YDFFLQXOXL
'73DFHVWHVWULVXQWGHVFULVHvQIHOXOXUPWRU/DDSUR[LPDWLYRUH
GHODYDFFLQEHEHOXXOvLVFKLPEEUXVFFXORDUHDSLHOLLFDUHGHYLQH
PDUPRUDWLUHFHFRSLOXOUPkQkQGvQDFHDVWVWDUHGHPLQX
WH GXS DFHHD FRSLOXO PDL UPkQH RUH vQWUHJL SDOLG L DJLWDW 8QHOH
PDPHGHVFULXDFHVWHVWULFDLQGXUPDWHIUHFYHQWGHOHLQEDXQHOH
FKLDUFUHGHDXFOHDPXULWFRSLOXO'DFDFHWLVXJDULVXQWFRQVXOWDLOD


,ELGHP



'U&KULVWD7RGHD*URVV

DSUR[LPDWLYXQDQGHODLQFLGHQWSDUVHVQWRLGHLHVWHJUHDH[
FOXGHUHDXQHLDIHFWULSHUPDQHQWHDVLVWHPXOXLQHUYRV3kQODVRVLUHD
PHGLFXOXLvQFHOHPDLPXOWHFD]XULVWDUHDGHFRODSVDWUHFXWLQXPDL
SRDWHFRQVWDWDWQLFLRVWDUHSDWRORJLF 'LFN 
6WDUHDVDXVLQGURPXOGHRFFRODSVGXS'73HVWHGHFULVvQLGH
FWUH'U&KDUORWWH$+DQQLNRFHUFHWWRDUHvQGRPHQLX7RDWHPD
PHOHFDUHGHVFULXDFHVWHVWULIRORVHVFH[SUHVLLDVHPQWRDUHSUHFXP
DOEFDYDUXODOEFDXQFHDUDIFDFHQXDSULQFDUHvLH[SULP
WRWRGDWLWHDPDGHRPRDUWHLPLQHQWDFRSLOXOXLORU
6WXGLXO8&/$DO)'$DUDWFVWDUHDGHRFFRODSVDSDUHGXSYDFFL
QXO'73ODFD]GLQGDUGXSFXPUHPDUF'LFNHVWHSRVLELO
FDDFHVWHFD]XULVHPXOWPDLIUHFYHQWHGHRDUHFHPDPHOHQXOHRE
VHUYvQWRWGHDXQD  
'U($0RUWLPHUGHOD)DFXOWDWHDGH0HGLFLQ&DVH:HVWHUQ5HVHU
YH8QLYHUVLW\DUPDFQXVHFXQRDWHDSURDSHQLPLFGHVSUHSDWR
JHQLDDFHVWXL6LQGURPGHFRODSVRFGXS'73
&XWRDWHFDFHVWVLQGURPHVWHvQFDGUDWODUHDFLLDYGHUVHJUDYHL
DU WUHEXL V H R FRQWUDLQGLFDLH DEVROXW SHQWUX RULFH UHYDFFLQDUH
PHGLFLL QXO UHFXQRVF DGHVHRUL L FRQWLQX YDFFLQDUHD FRSLLORU DIHF
WDLPXOLGLQWUHFRSLLLFDUHDXPXULWGXSYDFFLQXO'73DXSUH]HQWDW
vQDLQWHRDVWIHOGHVWDUHGHFRODSV
([HPSOH
&D]'XSDOOHDYDFFLQ'73RIHWLvQYkUVWGHOXQLDLQWUDWvQ
VWDUHGHFRODSV0DPDHLSRYHVWHWH/DR]LGXSQDWHUHSLFLRUXOYDFFLQDW
DGHYHQLWULJLGLQXOPDLSXWHDPLFD1RDSWHDVDWUH]LWLDVFRVXQLSW
JURD]QLF)DDHLH[SULPDWHDP7DWOHLDULGLFDWRGLQSWXLDPREVHUYDW
FHUDDOEGRDUODJXUHUDFLDQRWLFLGHYHQLVHDVF&UHGHDPFYD
PXUL
&D]$OH[DQGHU.0 SVHXGRQLP VDQVFXWvQPDL(VWHRDOW
YLFWLPDYDFFLQXOXL'73GDUSULQLLQXDXGRULWVLVHGHDQXPHOH/D
OXQLLVDDGPLQLVWUDWYDFFLQXO'73 VHSWHPEULH GXSFDUHvQFHSkQG
FXDD]LSULQLLOXLDXREVHUYDWFHVWHIRDUWHDJLWDWDUHIHEULVFRDWH
LSHWHDVFXLWHvQGHOXQJDWH&RSLOXOvLGGHDRFKLLSHVWHFDSDYHDWUHVULUL
FLXGDWH DOH PXVFXODWXULL IHHL L GHYHQLVH PRDOH KLSRWRQ  PRWLY SHQWUX
FDUHODXLQWHUQDWvQDFHHDL]LODVSLWDO'LDJQRVWLFXODIRVWHQFHIDOLW8O
WHULRUDIRVWHWLFKHWDWFDLQGRHQFHIDOLWSRVWYDFFLQDOGHFWUH&OLQLFD
8QLYHUVLWDUGLQ:U]EXUJ*HUPDQLD$VW]LFRSLOXOHVWHQHY]WRUFXWH

9$&&,185,/(35(9(1,(6$8%2$/



WUDSDUH]VSDVWLFLUHWDUGSVLKRPRWRUJUDY JUDG FXGLVWUXJHUHFHUHEUDO


PDMRUGXSFXPDUDW7&FHUHEUDO 7RPRJUDI&RPSXWHUL]DW 
&D]/DGRDURRUGHODFHOGHDOOHDYDFFLQ'73FRSLOXOPHX&ULV
WLDQ7HROVDDOELWEUXVFVDvQYLQHLWODEX]HLDOHLQDW0LDPGDWVHDPD
FQXPDLUHVSLULVSHULDWODPULGLFDWGLQSDWLODPVFXWXUDWSXLQGDU
QXDUHDFLRQDW(UDPvQYL]LWODRSULHWHQFDUHVHVSHULDVHLHD$PvQFHU
FDWDPkQGRXVOUHDQLPP0LHUDWHDPFYDPXUL/DXQPRPHQWGDWD
vQFHSXWVUHVSLUHVDPDLFRORUDWSXLQLDSRLH[WHQXDWDDGRUPLWLQXVD
PDLWUH]LWRUHvQWUHJLQLFLFDVPQkQFH7LPSGHFkWHYD]LOHDIRVWPDLVRP
QROHQW&XWRDWHDFHVWHDQXDPSULPLWQLFLRH[SOLFDLH3UREDELOFWRFPDL
VFSDVHGHPRDUWHDVXELW)LXOPHXFHOPDLPLF,RDQ9DVLOHDIRVWYDFFL
QDWODYDUVWDGHOXQLFX'73VLDQWLSROLRDFDV LQOLSVDPHD GHLHUDvQ
FRQYDOHVFHQGXSREURQLROLW'HVLJXUQXDIRVWGHDFRUGGDUQXDP
IRVWDQXQDWLDUVRXOPHXQXVDSXWXWLPSXQHvQIDDDVLVWHQWHLPHGLFDOH
'XSFkWHYDRUHVSUHVHDULDGDWRFKLLSHVWHFDSDSUH]HQWDWYUVWXUL
LQMHWLODPLQWHUQDWGHXUJHQODR&OLQLFGH3HGLDWULHGLQ&OXM'LDJQRV
WLFXODIRVWPHQLQJLW0XOXPHVFOXL'XPQH]HXFLDUHYHQLWLHVWH
VQWRV*UHHOLOHvQVVHUHSHW'HLWLDFQXLGDXYRLHVHYDFFLQDW
QXDvQGU]QLWVVHRSXQFkQGvQFODVDDDDSULPLWYDFFLQXO'7 IUV
XvQWLLQDW LDSUH]HQWDWUHDFLLDGYHUVHORFDOHLJHQHUDOHIHEUULGLFDW
WLPSGH]LOHHGHPURHDLGXUHULLQWHQVHODORFXOLQMHFLHL EUDXOVWkQJ 
FXLPSRWHQIXQFLRQDO(UDDWLQVSUREDELOSOH[XOEUDKLDO UHDFLHDGYHUV
VSHFLFYDFFLQXOXLWHWDQLF 'HGDWDDFHDVWDQXODPLQWHUQDWLQGFGXS
FkWHYD]LOHGHWUDWDPHQWGXUHULOHVDXUHGXVWUHSWDWLVDvQVQWRLW1X
DP PDL FHUXW L FXWDW QLFLR H[SOLFDLH OD PHGLFXO GH IDPLOLH VDX SHGLDWUX
2ULFXPQLPHQLQXDFRQWUDLQGLFDWFRSLLORUPHLYDFFLQDUHD9DFFLQXULOHDX
IRVWPHUHXOXGDWHGHFWUHPHGLFLLPDLDOHVREOLJDWRULL
J 6RPQROHQDFFHQWXDW
$FHVWVLPSWRPHVWHUHFXQRVFXWGHOLWHUDWXUDGHVSHFLDOLWDWHFDLQGR
UHDFLHSRVWYDFFLQDOGXS'73vQFGLQ
/DERUDWRDUHOH/HGHUOHPHQLRQHD]VRPQROHQDDFFHQWXDWFDLQG
XQDGLQWUHFRQWUDLQGLFDLLOHSHQWUXDOWYDFFLQDUHFX'73

)XQG6'HODUXH,PSIXQJHQGHUXQJODXEOLFKH,UUWXP$XDJH+LUWKDPPHU9HU
ODJ*HUPDQ\ FD]L 

$XWRDUHD PUWXULH GHVSUH FRPSOLFDLLOH SRVWYDFFLQDOH OD FHL GRL L DL PHL &KULV
WLDQ7HROL,RDQ9DVLOH

+&RXOWHU%)LVKHURSFLW



'U&KULVWD7RGHD*URVV

DOLSURGXFWRULGHYDFFLQXULGLQ$PHULFDQXFRQVHPQHD]DFHVWVLPS
WRPODUHDFLLDGYHUVHLQLFLQXDSDUHFDRFRQWUDLQGLFDLHDYDFFLQX
OXL'73HVWHYRUEDGH$&,3L&DUWHDURLH 5HGERRN D$$3FDUH
PHQLRQHD]FVXJDULLFDUHSUH]LQWXQDVWIHOGHVLPSWRPSUREDELO
QXDUWUHEXLVPDLSULPHDVFYDFFLQXODQWLSHUWXVVLVvQ0HGLFLQQXDU
WUHEXLVDH[LVWHGHFkWGDVDXQXFkQGHVWHYRUEDGHYDFFLQXUL
VRPQROHQDSURIXQGSRVWYDFFLQDOHVWHRVWDUHSDWRORJLFDVHPQ
WRDUHFXXQOHLQFDUHVHDPQFXXQVRPQSURIXQGGLQFDUHFRSLOXOQX
SRDWHWUH]LWGHSULQLRULFkWDUvQFHUFDDFHWLDVRIDF
&D]2PDPGHVFULHFXPLFDHL/LQGDODRRUGXSYDFFLQDDGRU
PLWLQXDPDLSXWXWRWUH]L$GRUPLWWLPSGHGHRUH&XSXLQWLPSvQDLQ
WHGHDDGRUPLDUHDFLRQDWvQPRGFLXGDWVFRkQGXQLSWDVFXLWSXWHUQLF
SHFDUHPDPDHLQXOPDLDX]LVHSkQDWXQFLGXSFDUHDDGRUPLW1XVD
WUH]LWFkQGLDVFKLPEDWVFXWHFHOHQLFLFkQGDvQFHUFDWVRJkGLOHODSLFLRUXH
QLFLFkQGDvQFHUFDWVRKUQHDVF'XSGHRUHFkQGSULQLLRGXFHDX
ODVSLWDOVDWUH]LW0HGLFLLOHDXVSXVFvLIDFSUHDPXOWHJULMLLVLGXF
FRSLOXOVQWRVDFDV$WLWXGLQHDORUHUDXQDLQGLIHUHQW'HRDUHFHPHGLFLL
QXDXUHFXQRVFXWXQDVWIHOGHVLPSWRPFDLQGRUHDFLHSRVWYDFFLQDOSUR
YRFDWGHFRPSRQHQWDDQWLSHUWXVVLV/LQGDDPDLIRVWYDFFLQDWGHvQFRUL
$FRQWLQXDWVDLEVWULOHGHOHLQVRPQROHQSURIXQGGXSHFDUHYDFFLQ
SkQODYkUVWDGHDQLGDUQLFLXQPHGLFQXDWUDWDWDFHVWHFUL]H&XWRDWH
FHUDXQFRSLOKLSHUDFWLYGXSDYkUVWDGHDQLQXVDXPDLUHSHWDWDFHVWH
VWUL&kQGDSULPLWLFHOGHDOOHDYDFFLQ'73SHQWUXDSXWHDIUHFYHQWD
JUGLQLDPDPDLDGDWVHDPDFDFHVWHLQMHFLLVXQWUHVSRQVDELOHGHVWULOH
LFHL HL ,PHGLDW GXS DFHVW XOWLP YDFFLQ /LQGD D DYXW XQ FRPSRUWDPHQW
FLXGDWQHRELQXLW WLPSGH  GH RUH &HDFDUHHUDXQ FRSLOKLSHUDFWLY GH
QHFRQWURODWXQHRULDFXPGHYHQLVHXQFRSLOSDVLY7RDW]LXDDYHDRSULYLUH
[GH]LQWHUHVDWLVHGHSODVDGHSDUFHUDvQWUDQV7HVWHOHDOHUJLFHDU
WDXFHVWHDOHUJLFODSROHQXULLODSWH&RSLOXODUPDVXQXOKLSHUDFWLYFX
WXOEXUULHPRLRQDOHLGHFRQFHQWUDUH6XQW]LOHFkQGSULQLLQXRSRWWULPLWH
ODFRDOGLQFDX]DDJLWDLHL
K &UL]HFRQYXOVLYH FRQYXOVLLHSLOHSVLHLFRQYXOVLLIHEULOH 
FUL]HOHFRQYXOVLYHVXQWUHDFLLOHDGYHUVHVHYHUHLQGFHOPDLGHVPHQL
RQDWHGHFWUHOLWHUDWXUDGHVSHFLDOLWDWH
6WXGLXO8./$DO)'$DUDWFFD]GLQGHFRSLLSUH]LQWDVWIHO
GHFRQYXOVLLvQSULPHOHGHRUHGHODYDFFLQXO'73PXOLSULQLvQV


,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



QXUHFXQRVFRDVWIHOGHVWDUHFRQYXOVLYODVXJDULLGLQQHIHULFLUHQLFL
XQLLGLQWUHPHGLFLFUL]HOHVXQWIRDUWHYDULDWHGHODVLPSOHFOLSLULUDSL
GHWUHVULULDOHGHJHWHORUVDXSULYLUHvQJROSkQODFRQWUDFLLDOH
PXVFXODWXULLvQWUHJXOXLFRUS
2ULFHFRQYXOVLHSRVWYDFFLQDOHVWHFRQVLGHUDWRFRQWUDLQGLFDLHSHQWUX
RDOWYDFFLQDUH
XQLLGLQWUHFRSLLDXDYXWRVHULHGHVLPSWRPHQHXURORJLFHGXSSULPHOH
YDFFLQXULFX'73FXPDULSHWHDVFXLWHVDXVRPQSURIXQGvQD
LQWHGHDUHDFLRQDFXFRQYXOVLLVHYHUHGXSXQDOWYDFFLQ
([HPSOH
&D]2PDPGHVFULHRDVWIHOGHFUL]DSUXWODIHWLDHLGXSYDFFLQXO
'73vQIHOXOXUPWRU(DSULYHD[vQDLQWHFXRFKLLPDULFXJXUDGHVFKL
VEX]HOHHLHUDXDOEDVWUHLDUvQWUHDJXOFRUSHUDFRQWUDFWDWSDUWHDGUHDSW
DFRUSXOXLWUHPXUD
&D]/DIHWLD6KDURQPHGLFLLQXDXUHFXQRVFXWGXSSULPXOYDFFLQ
'73H[LVWHQDXQRUVHPQHQHXURORJLFHJUDYHPRWLYSHQWUXFDUHQXLDXLQ
WHU]LVYDFFLQDUHDvQFRQWLQXDUH'DFDUUHIX]DWXUPWRDUHOHGR]HGHYDF
FLQ'73IHWLDQXDUDMXQVODFUL]HFRQYXOVLYHHSLOHSWLFHSHUPDQHQWHQH
FRQWURODELOH6KDURQDvQFHSXWGHMDODRUHGHODYDFFLQVSUH]LQWHLSHWH
DVFXLWH GXS FDUH FRUSXO HL D GHYHQLW ULJLGFRQWUDFWDW GXS FDUH D F]XW
vQWUXQVRPQSURIXQGWLPSGHRUH&kQGVDWUH]LWSUHDFLDUHYHQLW
FRPSOHW 0DPD UHODWHD] WRDWH DFHVWH VLPSWRPH PHGLFXOXL FDUH OH LJQRU
LvLDGPLQLVWUHD]LFHOGHDOGRLOHDYDFFLQ'73/DRUHGHODYDFFLQ
vQFHSLSHWHOHDVFXLWHGXSFDUHGHEXWHD]FUL]HOHHSLOHSWLFHWRQLFRFORQLFH
JHQHUDOL]DWH FDUHGXUHD]RUHLMXPWDWH$IRVWWUDQVSRUWDWODGRXVSL
WDOHGLIHULWHSkQDXUHXLWPHGLFLLVLRSUHDVFFUL]HOH,PHGLDWGXSDFHHD
DSUH]HQWDWVFDXQHGLDUHLFHLDULQIHFLLOHVDXLQXWODQRWLWPHGLHDFXW
EURQLROLWHDSRLDVWPEURQLFDOHUJLFDOHUJLHODODSWHGHYDF&XWRDWHF
SULPHWHWUDWDPHQWDQWLHSLOHSWLFFRQWLQXVIDFFUL]HFRQYXOVLYHPLQRUH
DYkQGSkQODFUL]H]L&UL]HOHHUDXPDLIUHFYHQWHvQSUH]HQDSROHQXOXL
LFkQGFRQVXPDODSWH1XDPDLSUH]HQWDWQLFLRFUL]PDMRUJHQHUDOL]DW
SkQ FkQG D IRVW WHVWDW SHQWUX DOHUJLL7VWHOH DOHUJRORJLFH LDX SURYRFDW R
FUL]WRQLFRFORQLFFHDGXUDWRUHvQWUHJL3ULQLLUHODWHD]&XWRDWHFOD
PDLPXOLPHGLFLOHDPVSXVGHYDFFLQXO'73FDLQGFDX]DDFHVWRUFUL]H
HLQXQHDXGDWGUHSWDWH'RDUPHGLFLWLQHULVDXLQWHUHVDWGHFD]XOIHWLHL
QRDVWUHLQHDXVSULMLQLWvQvQFHUFDUHDGHDIDFHOHJWXUDEROLLFXYDFFLQXO
'73&HLODOLPHGLFLQHVSXQHDXFSUHFLVDUHRSUHGLVSR]LLHSHQWUXFRQ
YXOVLLGDUQRLQXDPFUH]XWvQWURDVWIHOGHH[SOLFDLHLQGFSkQODFHO



'U&KULVWD7RGHD*URVV

GHDOGRLOHDYDFFLQQXDDYXWQLFLPFDURUFHDO&XWRDWHDFHVWHDHVWH
LQWHUHVDQWIDSWXOFPHGLFLLDXIRVWGHDFRUGFDIHWLDVSULPHDVFGRDUEL
YDFFLQXO'7/DRUDDFWXDO6KDURQSUH]LQWvQFRQWLQXDUHFUL]HFRQYXOVLYH
DVWPEURQLFDOHUJLFSQHXPRQLLIUHFYHQWHLDUHXQUHWDUGVWDWXURSRQGHUDO
0DMRULWDWHD PHGLFLORU QX YRU V FUHDG VDX V UHFXQRDVF IDSWXO F
YDFFLQXO'73SURYRDFFUL]HFRQYXOVLYHPRWLYSHQWUXFDUHPXOLFRSLLFX
DVWIHOGHFUL]HVXQWYDFFLQDLvQFRQWLQXDUHLvQ5RPkQLD6WDUHDORUVHDJUD
YHD]GHHFDUHGDW6XQWPXOWHDVWIHOGHFD]XULGDUOLSVDGHVSDLXQXvPL
SHUPLWHVOHGHVFULX
&XWRDWHFHVWHFRQWUDLQGLFDWYDFFLQDUHD'73ODFHLFDUHSUH]LQWFRQ
YXOVLLSRVWYDFFLQDOHvQXOWLPLLGHDQLQLFLSURGXFWRULLGHYDFFLQXULQLFL
DXWRULWLOHGH6QWDWH3XEOLFQXDXDMXQVODRFRQFOX]LHFODUUHIHULWRDUHOD
SHULRDGD vQ FDUH SRDWH GHEXWD R DVWIHO GH FUL] GXS YDFFLQXO '73 vQFkW V
SRDWFRQVLGHUDWRUHDFLHDGYHUVGLQFDX]DFRPSRQHQWHLDQWLSHUWXVVLV(VWH
PRWLYXO SHQWUX FDUH PHGLFLL VXQW OVDL V GHFLG HL 'HRDUHFH PHGLFLL VXQW
vQYDLFDVWIHOGHUHDFLLVXQWIRDUWHUDUHGXSYDFFLQXO'73XQLLGLQWUHHL
QLFLQXFUHGFHVWHSRVLELORDVHPHQHDUHDFLHGDFHDQXDSDUHvQSULPHOH
PLQXWHVDXRUHGHODYDFFLQ'DFVHvQWkPSOFDVXJDUXOVIDFLIHEUFUL
]DFRQYXOVLYHVWHSXVvQWRWGHDXQDSHVHDPDHL1XVHWLHFkLFRSLLLFkL
DGXOLDXVXIHULWLVXIHUvQFGHHSLOHSVLHUHWDUGSVLKLFKLSHUDFWLYLWDWHLDOWH
DIHFLXQLQHXURORJLFHGLQFDX]DYDFFLQXOXLDQWLSHUWXVVLVGRDULQGFSROLWLFD
DPHULFDQDIRVWXQDJUHLWLQXVDGRULWUHFXQRDWHUHDDFHVWHLUHDFLLDGYHUVH
JUDYHSRVWYDFFLQDOH'RDUvQFkQG$$3L'LVVDWLVHG3DUHQWV7RJHWKHU
$VRFLDLDSULQLORUQHPXOXPLL DXGDWVWDWXOvQMXGHFDWGLQSULFLQDFRPSOL
FDLLORUSRVWYDFFLQDOHJUDYHGXS'73$$3DIRVWGHDFRUGFDSHULRDGDvQFDUH
GXSYDFFLQXO'73PDLSRWGHEXWDFUL]HFRQYXOVLYHGLQFDX]DDFHVWXLDVH
GH]LOH&XWRDWHDFHVWHDVXQWFLWDWHvQOLWHUDWXUDGHVSHFLDOLWDWHFD]XULvQFDUH
FUL]HOHFRQYXOVLYHDXDSUXWLOD]LOHGHODYDFFLQ
,QGLIHUHQWGHGHQXPLUHDDWULEXLWvQXOWLPHOHGHFHQLLFUL]HORUFRQYXOVLYH
WRDWHDFHVWHDVXQWvQUHDOLWDWHPDQLIHVWULDOHXQRUOH]LXQLFHUHEUDOH
6SDVPXOLQIDQWLODIRVWLHOLQFOXVGHFWUHPXOLDXWRULvQDFHDVWFDWH
JRULHLQGRIRUPSDUWLFXODUGHFRQYXOVLHFDX]DWGHRDIHFWDUHFHUHEUDO
SRVWYDFFLQDOVDXSRVWWUDXPDWLF


,ELGHP
,ELGHP

,ELGHP


9$&&,185,/(35(9(1,(6$8%2$/



L 6SDVPXOLQIDQWLOVDX6LQGURPXO:HVW IRUPDWLSLFGHHSLOHSVLH
JHQHUDOL]DW
/LWHUDWXUD GH VSHFLDOLWDWH HQXPHU GUHSW FDX]H DOH VSDVPXOXL LQIDQWLO
PDLPXOLIDFWRULWUDXPHFUDQLHQHWUDXPHSHULQDWDOH ODQDWHUH LQIHFLL
LYDFFLQXULLDURVHULHGHFDX]HUPkQQHFXQRVFXWH
$SURDSH RULFH IRUP GH VSDVP D VXJDUXOXL L FDUH VHDPQ FX FUL]HOH
FRQYXOVLYHHSLOHSWLFHDIRVWDWULEXLWFRPSOLFDLLORUGDWHGHYDFFLQXODQWL
SHUWXVVLV$XDYXWORFPXOWHGLVFXLLFRQWUDGLFWRULLvQOHJWXUFXRDVWIHOGH
FDX]DOLWDWH GDU FHD PDL FRQWURYHUVDW FUL] VSDVWLF D VXJDUXOXL D UPDV
SkQvQ]LXDGHDVW]LVSDVPXOLQIDQWLO
6SDVPXOLQIDQWLODIRVWGHQXPLWLQLLDO6LQGURP:HVWLQGFDIRVW
GHVFULVSHQWUXSULPDGDWGHFWUHPHGLFXOEULWDQLF'U:-:HVWvQ
FkQGERDODVDPDQLIHVWDWODXOVX
1X L VD GDW R PDUH LPSRUWDQW 6LQGURPXOXL :HVW SkQ vQ DQXO 
FkQG'U'RXJODV%XFKDQDQSURIHVRUGH1HXURORJLHOD8QLYHUVLWDWHDGH0H
GLFLQGLQ&KLFDJRREVHUYkQGFQXVXQWGLDJQRVWLFDWHFRUHFWDFHVWHFUL]HDOH
VXJDUXOXLUHODWHD]GHVSUHVSDVPHOHVXJDUXOXLXUPWRDUHOH(OHVXQWXQIHO
GHFUL]HFRQYXOVLYHPDULJHQHUDOL]DWHDOHVXJDUXOXLGDUFDUHQXVXQWUHFX
QRVFXWHGHRELFHLFDDWDUHLVHPDQLIHVWSULQFGHUHDvQIDDFDSXOXLFX
DGXFLDLH[LDEUDHORU$FHVWHFUL]HVXQWIRDUWHVFXUWHLDSDULvQUHSUL]H
VFXUWH(OHVXQWFXDGHYUDWQLWHFRQYXOVLLIXOJHULDSDUODFRSLLPDLPLFL
GHDQL6XQWJUHXVDXGHORFFRQWURODELOHLVXQWDVRFLDWHFXGLYHUVHJUDGH
GH DJHQH]LH FHUHEUDO L UHWDUG SVLKLF %XFKDQDQ QX GHVFULH L FDX]HOH
DFHVWXLVLQGURPSHFDUHOHFRQVLGHUDFDLQGQHFXQRVFXWH'HDWXQFLVLQGUR
PXOHVWHGHQXPLW6SDVPXOLQIDQWLO
Q6SDVPXOLQIDQWLODIRVWGHVFULVLvQ%XHQRV$LUHV$UJHQWLQD
XQGHYDFFLQDUHDDQWLSHUWXVVLVvQPDVIXVHVHLQWURGXVFXFkLYDDQLvQD
LQWH'HDWXQFL9DTXH]L7XUQHUUHODWHD]GHVSUHDSDULLDXQXLQRXVLQGURP
HSLOHSWLF GHQXPLW GH HL H[LH JHQHUDOL]DW VLPSWRP FDUDFWHULVWLF FUL]HL
FRQYXOVLYHFkQGVXJDUXOvLHFWHD]EUXVFFDSXOPkLQLOHLSLFLRDUHOHvQ
VRLWHVDXQXGHXQVWULJWSXWHUQLF&UL]DGXUHD]IRDUWHSXLQGDUHDUHYLQH
GHPDLPXOWHRULvQWUR]LFXXQ((*DWLSLF7UDVHXOHOHFWURHQFHIDORJUDF
DWLSLF FDUDFWHULVWLF DFHVWRU FUL]H D IRVW GHQXPLW vQ  KLSVDULWPLH GLQ
IUDQFH]K\SVDULWKPLH H[WUHPGHGH]RUGRQDWKDRWLF GHFWUH)UHGHULF



'U&KULVWD7RGHD*URVV

L(UQD*LEEVGHOD8QLYHUVLWDWHDGH0HGLFLQGLQ,OOLQRLV&HLGRLPHGLFLDX
VXVSHFWDWODvQFHSXWRLQIHFLHYLUDOVDXEDFWHULDQLQWUDXWHULQ
QXUPWRDUHOHGHFHQLLVDREVHUYDWFXQDGLQWUHFDUFDWHULVWLFLOHVLQGUR
PXOXL DFFHSWDW GH WRL FHL FDUH ODX GHVFULV HVWH DFHHD F HO GHEXWHD] vQ
WRWGHDXQDODFRSLLPDLPLFLGHXQDQLFDUHDXIRVWFXWRLLVQWRLvQDLQWH
2DPHQLLGHWLLQDXFRQVWDWDWFDFHVWVLQGURPDSDUHGHRELFHLODVXJDULGH
OXQLFDUHIXVHVHUVQWRLvQDLQWHPRWLYSHQWUXFDUHFXWkQGVYDGFHIHOGH
SURFHGXUOHHVWHDSOLFDWODDFHDVWYkUVWDXDMXQVODFRQFOX]LDFQXSRDWH
GHFkWYDFFLQXODQWLSHUWXVVLV3ULPLLFHUFHWWRULFDUHDXGDWYLQDSHYDFFLQXO
'73DXIRVW+HQU\%DLUGL/HDWULFH%RURIVN\GLQ3KLODGHOSKLD(LDXFRQVXO
WDWXQQXPUGHGHFRSLLFXKLSVDULWPLHGXSFDUHDXFRQVWDWDWFYDFFLQXO
DQWLSHUWXVVLVHVWHRSRVLELOFDX]DVLQGURPXOXL'DFSkQvQFD]XULOH
DXIRVWIRDUWHUDUHUHVSHFWLYGHFD]XULvQWUHDQLLHOHDXFUHVFXWOD
vQWUHDQLLLDUvQHUDXGHFODUDWHGHMDPDLPXOWGH
GHFD]XULQ)UDQD*DVWDXWL*ULPDXGFXWkQGFDX]HOHDFHVWXLVLQGURPDX
DDWFMXPWDWHGLQWUHFRSLLLGLQWUXQFHQWUXGHHSLOHSWLFLFDUHDYHDXVXE
DQLVXIHUHDXGHIDSWGH6SDVPHLQIDQWLOHQ-HDYRQVL%RZHUGXS
FRQVXOWDUHDDGHFRSLLFXDFHVWVLQGURPDXFRQVDWDWF6LQGURPXO6SDV
PXOXLLQIDQWLOHVWHSURYRFDWGHR(QFHIDOLWDOHUJLFSRVWYDFFLQDOGXS
'73 Q  .ULQJHOEDFK L 6HQVWLXV DX GHVFULV  FD]XUL GH ERDO LDU vQ
6WU|PUHODWHD]GHVSUHGHFD]XULGLQ6XHGLDFXUHDFLLDGYHUVHJUDYH
SRVWYDFFLQDOH '73 'RLGLQWUHFRSLLDXSUH]HQWDW+LSVDULWPLHvQSULPHOH
]LOHGHODYDFFLQLDUDOLGRLFRSLLvQWLPSGHRVSWPkQQ*RUGRQ7
DREVHUYDWFGLQWUHFRSLLLYDFFLQDLDQWLSHUWXVVLVSHFDUHLDFRQVXOWDW
VXIHUHDXGH6LQGURPXO:HVW VDX6SDVPXOLQIDQWLOGXSQRXDGHQXPLUH Q
DFHODLDQ-HIIUH\3.RSODQGHOD&'&DUPD5DWDXQRUUHDFLLDGYHUVH
JUDYHFRQVWDWDWHGXSYDFFLQXODQWLSHUWXVVLVHVWHGHFRSLLYDFFLQDL
LFRQVWDXvQFUL]HFRQYXOVLYH+LSVDULWPLHLPHQLQJLWHJUDYH/DIHOL$0$
GHVSUHHYDOXDUHDPHGLFDPHQWHORU UHFXQRDWHFVSDVPXOLQIDQWLOHSLOHSVLL
FURQLFH VDX HQFHIDOSDWLL SRW  UHDFLL DGYHUVH DOH YDFFLQXOXL '73 1LFL vQ
XUPDQXPHURDVHORUFRQFOX]LLWLLQLFHGLQXOWLPLLGHDQLSROLWLFDDPHULFD
QQXDGRULWVUHFXQRDVFRSRVLELOOHJWXUGLQWUHYDFFLQLEROLOHQHXUROR
JLFHJUDYHDPLQWLWH
&D]/DXUDLQGXQFRSLOSUHPDWXUDSULPLWSULPXOHLYDFFLQ'73FX
ROXQvQWkU]LHUHUHVSHFWLYODYkUVWDGHOXQL0DPDHLQXDREVHUYDWQLFLR









,ELGHP
,ELGHP

,ELGHP

,ELGHP
,ELGHP

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



UHDFLHPDLGHRVHELWGDUGXSFHOGHDOGRLOHDYDFFLQ'73FDUHLVDDG
PLQLVWUDWODXQLQWHUYDOGHGRDUROXQ vQORFGHGRX DXvQFHSXWUHDFLLOH
DGYHUVH'HLPDPDLDGDW7\OHQROIHWLDDIFXWIHEUPDUH JUDGH
& WLPSGHGHRUHLLSDvQWUXQPRGFLXGDW(UDXQLSWDVFXLWVWULGHQW
FXPQXOPDLDX]LVHSkQDWXQFL)HWLDLDUHYHQLWWUHSWDWLvQYDVHVVWHD
vQH]XW'XSvQFROXQDSULPLWLFHDGHDDGR]GHYDFFLQ/DRUD
GLPLQHDDLVDDGPLQLVWUDWYDFFLQXO'73LDUODRUDDXvQFHSXWVSDVPHOH
0DPD UHODWHD]LDUXQFDEUXVF PkLQLOHvQID L vL vQWLQGHD vQ DFHODL
WLPSSLFLRDUHOHPkLQLOHvLHUDXvQFOHWDWHLvLLQHDUHVSLUDLDWLPSGHFkWHYD
VHFXQGHDSRLVFRWHDXQLSWVWULGHQWGRDUVHFXQGHPDLWkU]LXFUL]HOHVH
UHSHWDXSkQODXQQXPUGH0DPD/DXUHLVDGXVFXHDODPHGLFFDUH
LDVSXVFDUHSUREDELOGXUHULGHVWRPDFLLDVFKLPEDWODSWHOHFXXQXO
GLHWHWLF/D]LOHGHODYDFFLQPDPDVDSUH]HQWDWGLQQRXODPHGLFFXIHWLD
'HDLFLDIRVWWULPLVODVSLWDOSHQWUXHIHFWXDUHDXQHLHOHFWURHQFHIDORJUDPH
((* $IFXWRQRXFUL]vQWLPSXOWHVWXOXL((*DUWDRKLSVDULWPLHSX
WHUQLFLDUGLDJQRVWLFXODIRVW6SDVPLQIDQWLO0HGLFXOIHWLHLQXDYUXWV
UHFXQRDVFQLFLROHJWXUDEROLLFXYDFFLQXO'73'HLDXUPDWWHUDSLHFX
$&7+ &RUWL]RQ LDQWLHSLOHSWLFHFUL]HOHQXDXSXWXWRSULWHFLGRDUDPH
OLRUDWH&KLDULVXEWUDWDPHQWIHWLDSUH]HQWDvQFRQWLQXDUHFkWHYDFUL]H]L
7RWRGDWHDPDLDUHRKLSRWRQLHPXVFXODUPDUFDW WRQXVPXVFXODUVF]XW 
PRWLYSHQWUXFDUHQXSRDWHVWDvQSLFLRDUH1XSRDWHVVWHDvQJHQXQFKLULGL
FkQGXVHSHSDWGRDUFXDMXWRUXOPkLQLORUQFRQWLQXDUHVFRDWHXQHRULVXQHWH
DVFXLWH
&D]0$QVFXWvQ5RPkQLD LQLLDOHOHDXIRVWPRGLFDWH VHGH]
YROWQRUPDOSkQODYkUVWDGHOXQLFkQGHVWHYDFFLQDWVLPXOWDQFX'73L
FXYDFFLQXODQWLSROLRRUDO6DELQ 932 &XRVSWPkQvQDLQWHGHYDFFLQ
IHWLDIXVHVHGLDJQRVWLFDWFXRLQIHFLHDFXWDFLORUUHVSLUDWRULLVXSHULRDUH
,$&56 WUDWDWFXDQWLELRWLFHGHFWUHPHGLFXOGHIDPLOLH$WkWDVLVWHQWD
FkWLPHGLFXOGHIDPLOLHLQVLVWFDPDPDVDGXFIHWLDODFDELQHWSHQWUXD
YDFFLQDW0DPDVHSUH]LQWFXIHWLDODFDELQHWXOPHGLFXOXLFXUXJPLQWHD
VQXLVHIDFYDFFLQXOGHRDUHFHIHWLDvQFQXVHYLQGHFDVH&XWRDWHDFHV
WHD0)LQVLVWVVHIDFYDFFLQXOGHRDUHFHVHvQFKHLDSHULRDGDGHYDFFLQDUH
DQWLSROLRLDUYDFFLQXULOHWUHEXLDXUHVWLWXLWHIHWLDULVFkQGVUPkQQHYDFFL
QDW0DPDQHUHODWHD]FVDDGPLQLVWUDWYDFFLQXULOH'73LDQWLSROLRRUDO
6DELQ FRSLOXOXLIUDFRUGXOHLQDFHHDL]LGXSGRDUFkWHYDRUHGHOD
YDFFLQIHWLDSUH]LQWIHEUPDUH JUDGH&HOVLXV LGHYLQHPRDOHQX
vLPDLPLFPkQDLSLFLRUXOVWkQJFDDSRLVQXPDLUHDFLRQH]HGHORFOD


,ELGHP



'U&KULVWD7RGHD*URVV

VWLPXOL6SHULDWPDPDVHDGUHVHD]GLQQRXPHGLFXOXLGHIDPLOLH$FHVWD
vLUHFRPDQGLQWHUQDUHDGHXUJHQvQDFHHDL]LvQWUR&OLQLFGH3HGLDWULH
0DPD DMXQJH vQWUXQ WLPS IRDUWH VFXUW OD VSLWDO XQGH IHWLD HVWH LQWHUQDW
LPHGLDWGDUDPDPHL,VHUHIX]LQWHUQDUHD'HLPDPDLQVLVWVHLQWHUQDW
QXLVHYDvPSOLQLGRULQDGHFkWGXS]LOHFkQGUHFXUJHODVFKLPEDUHDPH
GLFXOXLGHVDORQ$FHVWDvLVSXQHFIHWLDDUHRPHQLQJRHQFHIDOLWGHFDX]
QHFXQRVFXWSUREDELOYLUDOLFHVWHvQVWDUHIRDUWHJUDYFXDQVHPLFLGH
VXSUDYLHXLUH1XLVHSXQHGLDJQRVWLFXOGHPHQLQJRHQFHIDOLWSRVWYDFFLQDO
QLFLQXHUDGHFRQFHSXWDDFHYDSHYUHPHDFRPXQLVPXOXL )HWLDVXSUDYLH
XLHWHLGXSOXQLVHYGVHFKHOHOHPHQLQJRHQFHIDOLWHLQXVWvQH]XW
QXLLQHFDSXOLDUKHPLSOHJLDVWkQJHVWHHYLGHQW(VWHH[WHUQDWLXUPHD
] XQ WUDWDPHQW ]LRWHUDSLF 'HRDUHFH WUDWDPHQWXO QX G UH]XOWDWH FRSLOXO
HVWH LQWHUQDW OD R &OLQLF GH 1HXURORJLH LQIDQWLO$LFL vQ XUPD XQXL ((*
LDH[DPHQXOXLFOLQLFLVHSXQHGLDJQRVWLFXOGH6LQGURP:HVW RIRUP
DSDUWHGHHSLOHSVLHFDUHDSDUHLGXSYDFFLQGHVFULVvQFDS SHQWUXFDUH
YDWUDWDWGHDFXPvQDLQWHSkQODYkUVWDGHDQLQWRWDFHVWWLPSPDPD
VHLQWHUQHD]IUHFYHQWvQVSLWDOSHQWUXDQDOL]HLWUDWDPHQW &RUWL]RQDQWLH
SLOHSWLFHFUL]HOHLQGQHFRQWURODELOH 'HRDUHFHODYkUVWDGHDQLIHWLDQX
SUH]LQWQLFLRDPHOLRUDUHUHFXSHUDUHSULQLLVHDGUHVHD]XQXLDOWQHXURORJ
GLQDOWRUD)HWLDDUHVHFKHOHQHXURORJLFHHYLGHQWHKHPLSDUH]VWkQJUH
WDUGSVLKLFGLVPRUVPFUDQLRIDFLDO0HGLFXOvQXUPDDQDOL]HORUHIHFWXDWH
vLVFKLPEWUDWDPHQWXO'XSROXQGHWUDWDPHQWVXVLQXWIHWLDIDFHSURJUH
VHLYDVWDSHQWUXSULPDGDWvQH]XW'XSDOWHOXQLPHGLFXOUHFRPDQG
XQDSDUDWGHVXVLQHUHDSLFLRDUHORUFDUHVLSHUPLWPHUVXO/DYkUVWDGH
DQL GXSXQDQGHFkQGVFKLPEDVHPHGLFXO IHWLDPHUJHSHQWUXSULPDGDW
VXVWLQXWFDRULFHKHPLSOHJLF7RWDFXPODYkUVWDGHDQLPHGLFXOQHXURORJ
FRQVWDWvQXUPDXQHLH[DPLQULFIHWLDDUHXQGHEXWGHKLGURFHIDOLHPRWLY
SHQWUXFDUHHVWHWULPLVvQ%XFXUHWLSHQWUXLQWHUYHQLH GUHQDM $YkQGvQYH
GHUHFvQDFHDYUHPHQXH[LVWDXVXFLHQWHGUHQXULSDFLHQLLHUDXWUHFXLSHR
OLVWGHDWHSWDUH/DIHOVDvQWkPSODWLFXIHWLDFDUHDDYXWGHDWHSWDWDQL
GH]LOH$SULPLWGUHQXOLDIRVWRSHUDWvQ]LXDvQFDUHvPSOLQHDDQL(UDFD
GRXOGH]LXDHLGHQDWHUH'HLPHGLFXOGLQ%XFXUHWLQXLDGDWPXOWHDQ
VHGHVXSUDYLHWXLUHERDODLQGGHMDPXOWDYDQVDWWRWXL'XPQH]HXDYUXWFD
DFHVWFRSLOVWULDVF2SHUDLDDUHXLWLDUIHWLDVHSXWHDvQWRDUFHDFDVLV
VHEXFXUHvPSUHXQFXSULQLLHLGHSULPDHL]LGHFRDOLQGvQVFULVODR
FRDODMXWWRDUHGLQRUDXOQDWDO/DRUDDFWXDOFkQGDWUHFXWGHYkUVWDGH
GHDQL0$FKLDUGDFDUPDVvQFDGUDWvQJUXSDGHKDQGLFDSJUDY  
HVWHRGRPQLRDUFXPLQWHIUXPRDVPHUHX]kPELWRDUHLIRDUWHVRFLDELO

9$&&,185,/(35(9(1,(6$8%2$/



FDUHVHGHSODVHD]JUHX VXLQXW GDUSHSLFLRDUHOHHLLFDUHVHEXFXUGH


YLDDDFXPHVWHHD
M 3DUH]HLSDUDOL]LLPXVFXODUH
3DUH]HOH L SDUDOL]LLOH PXVFXODUH H GRDU SH R SDUWH D FRUSXOXL KHPL
SDUH]HKHPLSOHJLL HSDUDSOHJLL SDUDOL]LDSLFLRDUHORU HWHWUDSDUH] OD
DPEHOHPkLQLLDPEHOHSLFLRDUH DXIRVWGHVFULVHvQOLWHUDWXUDGHVSHFLDOLWDWH
FDLQGUHDFLLDGYHUVHJUDYHDOHYDFFLQXOXLDQWLSHUWXVVLV
&D]Q+DQQLNGHVFULHFD]XOXQHLIHWLHFDUHvQDD]LGXS
YDFFLQXO'73SUH]LQWRKHPLSOHJLHVWkQJ6XEWUDWDPHQWvLUHYLQHvQFHW
LDUGRLDQLPDLWkU]LXvQFVHPDLREVHUYRSDUH]XRDUDSLFLRUXOXLVWkQJ
FDUHHVWHFHYDPDLVFXUWGHFkWFHOGUHSW
&D]  Q $ + *ULIWK GHVFULH FD]XO XQHL IHWLH FDUH D GHYHQLW
PRDOHOHWDUJLFGXSDD]LGHODYDFFLQXO'73(VWHLQWHUQDWODVSL
WDOXQGHLVHSXQHGLDJQRVWLFXOGH+HPLSOHJLHVWkQJWRWDOL+HPLSOHJLH
GUHDSWSDULDO6HFKHOHOHUPDVHVXQWKHPLSOHJLHVWkQJPHGLHLUHWDUG
SVLKLF
&D]  Q  &LQG\ HVWH YDFFLQDW SHQWUX SULPD GDW OD YkUVWD GH 
OXQL0DPDHLFDUHHUDWHUDSHXWLOXFUDVHFXFRSLLFXGL]DELOLWLDDPkQDW
YDFFLQDUHDGHRDUHFHIHWLDVHQVFXVHSUHPDWXULLDIRVWWHDPGHRSRVLELO
UHDFLHODYDFFLQ0HGLFXODOLQLWLWRVSXQkQGFULVFXOGHDIDFHWXVHFRQ
YXOVLYHVWHPDLPDUHGHFkWULVFXOXQHLUHDFLLDGYHUVHODYDFFLQXODQWLSHUWXV
VLV7RWDOJUHLWQFHOHGLQXUPPDPDDIRVWGHDFRUGFXYDFFLQXO/D
FkWHYDRUHGXSYDFFLQ&LQG\DIFXWIHEUJUDGH&GDUDELDGLPLQHDD
PDPDDREVHUYDWFIHWLDHLQXVHSRDWHULGLFDvQH]XWLQLFLVVHvQWRDUF
GHSHRSDUWHSHDOWD0DPDSRYHVWHWHFXPWRDWPXVFXODWXUDPkLQLORULD
SLFLRDUHORUHUDFRQWUDFWDWSXPQLLVWUkQLQXvLvQWLQGHDGHORFPkLQLOH'HL
PDPDvOVXQDVHSHPHGLFFDVLGHVFULHVWDUHDOXL&LQG\DFHVWDDOLQLWLWR
VSXQkQGXLFRVVHIDFELQHvQPD[LPXPRVSWPkQ0DPDvQVLQG
IRDUWHvQJULMRUDWVDGXVFXIHWLDODPHGLFSHQWUXDLDUWDVWDUHDIHWLHLL
SHQWUXDQRWDWVWDUHDHLvQDPHGLFDO0DPDHLLQGWHUDSHXWDSXWXW
VOXFUH]H]LOQLFFXIHWLD/DXQDQGXSYDFFLQIHWLDDvQFHSXWGLQQRXV
PHDUJLQXGGHDVHPQHGHUHWDUGSVLKLF0HGLFXODIRVWvQVIkULWGHDFRUG
VQXRPDLYDFFLQH]HSH&LQG\


5HODWDUHIFXWGHFWUHPDPDIHWLHLFXSUREHLFXDFRUGXOHL
+&RXOWHU%)LVKHURSFLW

,ELGHP




'U&KULVWD7RGHD*URVV

Q6WHZDUWDSXEOLFDWXQVWXGLXUHDOL]DWSHGHFRSLLYDFFLQDL
FX'73LFDUHDXSUH]HQWDWUHDFLLDGYHUVH(OUHODWHD]FRSDUWHGLQDFHVWH
UHDFLLDXIRVWSDUH]HLSDUDOL]LL
N (QFHIDOLWHOHSRVWYDFFLQDOH
LSWXOHQFHSDOLWLFGHVFULVvQDFHVWFDSLWROHVWHFDX]DWGHRDIHFWDUHDVLV
WHPXOXLQHUYRVOXFUXGHDOWIHOUHFXQRVFXWLGHFWUH$XWRULWLOHDPHULFDQH
vQFkQG9LQFHQW)XOJLQLWLVFULD$FHVWLSWDVFXLWHVWHXQVLPSWRP
VSHFLFXQHLHQFHIDORSDWLL&RXOWHUDUHPDUFDWLHOIDSWXOFDFHVWVLPS
WRPGHLHVWHGHVWXOGHIUHFYHQWGXSYDFFLQXOSHUWXVVLVLQFOXVLYGXS'73
HVWHFHOPDLLJQRUDWDOWXULGHVRPQROHQDSURIXQG XQDOWVLPSWRPFDUH
DUDWRDIHFWDUHDVLVWHPXOXLQHUYRV 
$XIRVWGHVFULVHQXPHURDVHFD]XULGHPHQLQJLWHHQFHIDOLWHLPHQLQJR
HQFHIDOLWHSURYRFDWHGHYDFFLQXO'73GLQFDUHUHGDXGRXH[HPSOH
Q$QJOLD*ULIWKHVWHFHOFDUHVWXGLD]vQXQDVWIHOGHFD](OD
REVHUYDWVLPSWRPHOHXQHLPHQLQJLWHODXQFRSLOYDFFLQDWFX'73'XS
]LOHGHODLQWHUQDUHLVDSXVGLDJQRVWLFXOGHPHQLQJRHQFHIDOLWLDUOD
ROXQGHODYDFFLQDPXULW
QPHGLFLL-DFN-DFREL)UDQN0DQQLQJGLQ$PHULFDVFULDXvQ
$PHULFDQ-RXUQDORIWKH'LVHDVHRI&KLOGUHQGHVSUHFD]XOXQXLFRSLO
FDUHODGHRUHGHODYDFFLQSUH]LQWRERPEDUHDIRQWDQHOHLFDX]DW
GHRKLSHUWHQVLXQHLQWUDFUDQLDQ VSHFLFHQFHIDOLWHL )HWLDHUDFRSLOXO
XQXLPHGLFSHGLDWUXLIXVHVHYDFFLQDWFXDDGR]GH'73ODYkUVWD
GHOXQL,PHGLDWGXSYDFFLQLDFUHVFXWWHPSHUDWXUDLDGHYHQLWIRDU
WHDJLWDW3ULQLLDXUHFXQRVFXWVLPSWRPHOHY]kQGIRQWDQHODERPED
WLSXOVDWLODXLQWHUQDWRLDXWUDWDWRLPHGLDW
&RSLLLFDUHIDFHQFHIDOLWVHSRWYLQGHFDFRPSOHWVDXSRWUPkQHFXVH
FKHOHJUDYHUHWDUGSVLKLFHSLOHSVLHHWF
O %ROLVDQJXLQHDXWRLPXQHWURPERFLWRSHQLHLDQHPLHKHPROLWLF
7URPERFLWRSHQLD
6HFDUDFWHUL]D]SULQVFGHUHDWURPERFLWHORUVXEPP WURPERFL
WHOHDXXQLPSRUWDQWUROvQFRDJXODUHDVkQJHOXL LFXRHUXSLHFDUDFWHULVWLF


,ELGHP
 + &RXOWHU ,PSIXQJHQ'HU *URVVDQJULII DXI *HKLUQ XQG 6HHOH  $XDJH 
+LUWKDPPHU9HUODJ*HUPDQ\

,ELGHP

+&RXOWHU%)LVKHURSFLW

0LUFHD0DLRUHVFX7UDWDWGH3HGLDWULHYRO(GLWXUD0HGLFDO%XFXUHWL


9$&&,185,/(35(9(1,(6$8%2$/



(VWH XQD GLQWUH DIHFLXQLOH FDUH UHSUH]LQW R FRQWUDLQGLFDLH DEVROXW


SHQWUXYDFFLQXODQWLSHUWXVVLVGDFFLWLPSURVSHFWXOPDULORUSURGXFWRULGH
YDFFLQXUL /HGHUOH:\HWK&RQQDXJKW 
/LWHUDWXUDGHVSHFLDOLWDWHUHFXQRDWHFFHOHPDLPXOWHFD]XULGHWURP
ERFLWRSHQLHODQRXQVFXWVXQWGHHWLRORJLHLQIHFLRVLPXQRORJLF
$QHPLDKHPROLWLF
(VWHRDIHFLXQHFDUHVHFDUDFWHUL]HD]SULQWURVFGHUHGUDVWLFDQXPUXOXL
GHKHPDWLL JOREXOHURLL LLPSRVLELOLWDWHDPGXYHLVSLQULLGHDSURGXFHJOR
EXOHURLLQRLFDX]HOHSRWGHQDWXUJHQHWLFVDXGREkQGLWvQXUPDXQRU
LQIHFLL FKLPLRWHUDSLH VDX SULQ DXWRLPXQL]DUH ERDO DXWRLPXQ  1X VXQW
VSHFLFDWHLYDFFLQXULOHLLPSOLFDLLOHDFHVWRUDvQSDWRORJLDDQHPLHLKHPROLWLFH
GHLGLQWUHLQIHFLLOHFDUHSRWSURYRFDWURPERFLWRSHQLHFHOHPDLIUHFYHQWHVXQW
FLWDWHUXEHRODLKHUSHVXOFRQJHQLWDODGLFYLUXVXULFDUHH[LVWLvQYDFFLQXUL
$QHPLDKHPROLWLFHVWHRFRQWUDLQGLFDLHSHQWUXYDFFLQXODQWLSHUWXVVLV
GHFLLSHQWUX'73GXSFXPSXWHPFLWLvQSURVSHFWXO/DERUDWRDUHORU&RRQ
DXJKWGLQ+RWUkUHDVDOXDWvQXUPDXQXLVWXGLXIFXWvQ6FDQGLQDYLDvQ
FkQGVDIFXWOHJWXUDGLQWUHYDFFLQLDFHDVWDIHFLXQHJUDY&XWRD
WHDFHVWHD$$3 $FDGHPLD$PHULFDQDPHGLFLORUSHGLDWUL QXDUHFXQRVFXW
OHJWXUDGLQWUHYDFFLQLDSDULLDWURPERFLWRSHQLHL$FHODLOXFUXvOFRQVWDW
L$&,3(VWHPRWLYXOSHQWUXFDUHSULQLLFRSLLRUDIHFWDLGHDFHDVWERDOQX
DXSULPLWGHVSJXELULSRVWYDFFLQDOHFHUXWHvQLQVWDQvQ
&D]/D]LOHGXSFHDGHDDGR]GHYDFFLQ'733DXOGHYHQLVHIRDUWH
DJLWDWQXPDLPkQFDGHFkWIRDUWHSXLQGXSFDUHDIFXWIHEULSUH]HQWDYU
VWXUL'HYHQLVHIRDUWHSDOLGLVRPQROHQW/DVSWPkQLGHODYDFFLQVOELVH
IRDUWHPXOW0HGLFXOVDJkQGLWODROHXFHPLHVDXRDOWIRUPGHFDQFHU$
IRVWLQWHUQDWODVSLWDOXQGHLVDXIFXWWLPSGH]LOHDQDOL]HGHVkQJH0HGLFLL
VSXQHDXFQXDXPDLY]XWXQDVWIHOGHFD]ODXQFRSLOFFLDYHDRDQHPLHH[
WUHPGHVHYHU +HPRJORELQD +HPDWRFULW  3ULQLORUOLVDVSXVFHVWH
SRVLELOVPRDU'DUGXSWUHLWUDQVIX]LLGHVkQJH3DXODVXSUDYLHXLW0HGLFLL
DXSXVGLDJQRVWLFXOGH$QHPLHKHPROLWLFLDXGDWYLQDSHSULQLFQXvL
KUQHVFELQHFRSLOXO'XSFHPHGLFLLLDXSUHVFULVYLWDPLQHLXQUHJLPFX
FDORULLOHQHFHVDUHFRSLOXODIRVWH[WHUQDW(UDGLQQRXVQWRVSkQODFHOGHDO
OHDYDFFLQ'73/D]LOHGXSYDFFLQVDXUHSHWDWVLPSWRPHOH'XSDOWH
VSWPkQLGHVSLWDOL]DUHLVDSXVGLQQRXGLDJQRVWLFXOGHDQHPLHKHPROLWLF



'U&KULVWD7RGHD*URVV

&XWRDWHFHUDGLQQRXIRDUWHJUDYYDORULOHVDQJXLQHQXPDLHUDXDWkWGHPLFL
'HGDWDDFHDVWDDIFXWGRDUGRXWUDQVIX]LLGHVkQJHSHQWUXDLUHYHQL'LQ
DFHOPRPHQWSULQLLVDXGRFXPHQWDWLDXDDWFH[LVWROHJWXUvQWUHERDO
LYDFFLQXODQWLSHUWXVVLV&XWRDWHDFHVWHDPHGLFXOFRSLOXOXLQXDUHFXQRVFXW
QLFLRDVWIHOGHFDX]DOLWDWHOHJDWGHYDFFLQXO'73'HFkWHRULWDWOvQFHUFDV
OHYRUEHDVFPHGLFLORUGHVSUHDFHVWVXELHFWHLQXODVFXOWDX
P 'LDEHWXO]DKDUDWWLS, LQVXOLQRGHSHQGHQW LKLSHUJOLFHPLD
7XVHDFRQYXOVLYHVWHRERDOFDUHDIHFWHD]VHFUHLDGHLQVXOLQSULQVF
GHUHDVHFUHLHLDFHVWHLDGHFWUHFHOXOHOH%GLQSDQFUHDV6HWLHFLQVXOLQDHVWH
UHVSRQVDELOGHPHQLQHUHDXQHLJOLFHPLLQRUPDOH9DFFLQXODQWLSHUWXVVLVDUH
DFHOHDVLSURSULHWLSXWkQGGXFHODRVFGHUHDVHFUHLHLGHLQVXOLQ2FDQWLWDWH
LQVXFLHQWGHLQVXOLQYDGXFHODFUHWHUHDJOLFHPLHL KLSHUJOLFHPLH 
Q6WHZDUWREVHUYFYDFFLQXODQWLSHUWXVVLVPDLPXOWFDRULFDUH
DOWYDFFLQSRDWHSURYRFDRKLSHUJOLFHPLHGDWRULWVFGHULLVLQWH]HLGHLQVX
OLQQ+DQQLNL&RKHQDMXQJODDFHHDLFRQFOX]LH6XJDULLFDUH
GH]YROWUHDFLLDGYHUVHSXWHUQLFHGXSYDFFLQXODQWLSHUWXVVLVVXIHUGHLQ
FDSDFLWDWHDGHDPHQLQHXQQLYHOJOLFHPLFFRQVWDQWQ*HUPDQLD4XDVWL
+HQQHVVHQDXJVLWQLYHOHFUHVFXWHDOHJOLFHPLHLODGLQFHOHGHFD]XUL
FXUHDFLLDGYHUVHODYDFFLQXODQWLSHUWXVVLV
3DWUXRDPHQLGHWLLQGLQ*HUPDQLD)UDQDL$QJOLDDXVFULVvQ
XQDUWLFROvQFDUHDXDUWDWUROXOSHFDUHOMRDFYDFFLQXO'73vQSURGXFHUHD
GLDEHWXOXL]DKDUDWODFRSLO$XGHVFULVFD]XOXQHLIHWLHGHOXQLFXSUHGLV
SR]LLHODGLDEHWFDUHVXIHUHDGHRLQIHFLHYLUDOFHLDWDFDSDQFUHDVXO(LDX
WUDVFRQFOX]LDFODGHUHJODUHDLQVXOLQHLDXFRQWULEXLWPDLPXOLIDFWRULXQ
YLUXV LQVXOLQRWURS FDUH DWDF LQVXOLQD  SUHGLVSR]LLD JHQHWLF L YDFFLQXO
'73)UYDFFLQSUREDELOQXDUIFXWGLDEHW(VWHXQDOWPRWLYSHQWUX
FDUHHVWHQHYRLHGHVWXGLLFRPSDUDWLYHvQWUHFRSLLLYDFFLQDLLQHYDFFLQDLFX
LIUSUHGLVSR]LLLJHQHWLFHODGLDEHWvQVQXH[LVWXQDVHPHQHDLQWHUHVGLQ
SDUWHDOXPLLPHGLFDOHLD%LJ3KDUPD
Q 6LQGURPXOPRULLVXELWHDVXJDUXOXL6,'6 6,'6 6XGGHQ,Q
IDQWGHDW6\QGURP 
'HFHVXOSURYRFDWGH'73 YDFFLQXOYHFKL LGH'73D YDFFLQXODFWXDO DIRVW
SULPDFRPSOLFDLHSRVWYDFFLQDOLGHVLJXUFHDPDLJUDYOXDWvQGLVFXLH









+&RXOWHU%)LVKHURSFLW
00DLRUHVFXRSFLW

+&RXOWHU%)LVKHURSFLW

,ELGHP

,ELGHP
,ELGHP

,ELGHP

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



3HQWUXSULPDGDWDPGHVSUHDVWIHOGHFD]XULvQGHOD7KRUZDOG
0DGVHQGLQ'DQHPDUFDFDUHDVFULVXQDUWLFROvQFDUHUHODWHD]GRXFD]XUL
GHGHFHVHLQWHUYHQLWHODVXJDULODGRDUFkWHYDRUHGHODYDFFLQXO'73QDLQWH
GHGHFHVXQXOGLQFRSLLDSUH]HQWDWRFLDQR]XRDULDUFHOGHDOGRLOHDVX
JKLXULLVSDVPH&DX]DPRULLQXDIRVWSUHFL]DWFLvQFDGUDWvQVLQGURPXO
6,'6DGLFRPRDUWHVXELWDVXJDUXOXLGHFDX]QHFXQRVFXW6LQGURPXO
PRULLVXELWHODVXJDUL 6,'6 QXPLWLPRDUWHDvQIDHVWHFHOPDLFRQ
WURYHUVDWVLQGURPGHFDX]QHFXQRVFXW0XOLDOLPHGLFLUHODWHD]DSRL
LDOWHFD]XULDVHPQWRDUHDSUXWHGXSYDFFLQXODQWLSHUWXVVLV
&RQIRUP )'$ vQ ]LXD GH D]L XQXO GLQ  GH VXJDUL PRDUH GH
6,'6 )FkQG XQ FDOFXO DSUR[  GH VXJDUL GLQ FHL  PLOLRDQH GH
QRXQVFXLGLQ$PHULFDPRUGHFDX]HQHFXQRVFXWH1XPUXOORUFUHWH
LPHGLDWGXSSULPDOXQGHYLDDWLQJkQGDSRJHXOODOXQLLDSRLGHV
FUHWH0DLPXOLFHUFHWWRULvQvQFHUFDUHDGHDJVLFDX]DDFHVWRUGHFHVH
LQH[SOLFDELOHDXREVHUYDWFHOHDXORFvQSHULRDGDFkQGvQFHSHYDFFLQDUHDFX
'738QLLSURGXFWRULGHYDFFLQXULDPLQWHVFvQSURVSHFWHOHORUGHVSUHYDF
FLQXODQWLSHUWXVVLVGHVSUH6,'6FXPDU:\HWK/DERUDWRLUHVFDUHVFULDX
GHVSUHDFHDVWSRVLELOLWDWHvQFGLQDQXO$UWUHEXLVQHDWUDJDWHQ
LDIDSWXOFWUHLGR]HGHYDFFLQ'73VHIDFvQWUHLOXQLLDUGLQWUH
FD]XULOHGH6,'6DSDUvQDFHDVWSHULRDGFXXQYkUIvQWUHLOXQL
&HLFDUHDXIFXWOHJWXUDGLQWUH6,'6LYDFLQXO'73VSXQFYDFFLQXO
HVWHXOWLPDSLFWXUGLQWUXQODQGHIHQRPHQHFDUHODIHFWHD]SHXQVXJDU
ODvQFHSXWGHYLDLLQVXFLHQWGH]YROWDW0XOLFHUFHWWRULFUHGFGHVHRUL
ODED]D6,'6VWXQSRVLELOVWRSUHVSLUDWRUQXPLWDSQHHFDUHVHDPQFX
6LQGURPXOGHFRODSVRFGHVFULVvQDFHVWFDSLWROLHVWHFDX]DWGHYDFFLQXO
SHUWXVVLV (L FRQVLGHU F VLVWHPXO FDUGLRYDVFXODU DO VXJDUXOXL HVWH VXSUD
VROLFLWDWLDUDFHVWDLQWUvQRFDGLFVHRSUHWHGLQUHVSLUDLHGHYLQHPRD
OHKLSRWRQLOHLQQFD]XULOHIHULFLWHFkQGSULQLLVDXPHGLFLLVXQWODIDD
ORFXOXLLUHXHVFVOUHDQLPH]HSHFRSLOFUL]DDIRVWGHQXPLW6,'6vQWUH
UXSW$VWIHOGHFD]XULFkQGFRSLOXOQXPRDUHGH6,'6LQGUHDQLPDWGHF
WUHSULQLVXQWGHVFULVHGHFWUHDFHWLDFDLQGDVHPQWRDUHFXXQFRODSV
FkQGEUXVFFRSLOXOGHYLQHFLDQRWLFVDXVHDOEHWHGXSFDUHQXPDLUHVSLU
7RLSULQLLDXDYXWVHQ]DLDvQDVWIHOGHPRPHQWHFOHYDPXULFRSLOXO


,ELGHP
,ELGHP

,ELGHP

,ELGHP



'U&KULVWD7RGHD*URVV

$DFXPDPDPLQWLWDQWHULRUHXSHUVRQDOODPUHDQLPDWSHXQXOGLQE
LHLLPHL &KULVWLDQ7HRO FkQGDIFXWRFUL]GHDSQHHGXSYDFFLQXO'73
FUL]SHFDUHDvQGU]QLVRQXPHVFXQ6,'6vQWUHUXSW
6WXGLL
Q)'$DLQXWRHGLQH[WUDRUGLQDUvQFDUHVDSXVSUREOHPD
H[LVWHQHLXQHLOHJWXULvQWUH6,'6LYDFFLQXO'73'U'DQLHO6KDQQRQ'L
UHFWRU DO 6SLWDOXOXL *HQHUDO GH 3QHXPRORJLH 3HGLDWULF GLQ 0DVVDFKXVHWWV
UHODWHD]GHVSUHDVWIHOGHFD]XUL$YHPSULQLDFURUFRSLLLDXUHYHQLW
ELQHGXSXQSULPHSLVRGGH6,'6vQWUHUXSW/DVFXUWWLPSvQVPHGLFXO
ORUOHDDGPLQLVWUDWXQQRXYDFFLQ'73VDXDQWLSROLRXQHRULFKLDUVLPXOWDQ
GXSFDUHvQGHFXUVGHGHRUHDXDYXWXQQRXGHHSLVRGGHDSQHHPR
PHQWvQFDUHVXQDDODUPDPRQLWRUXOXLLXQHRULHUDQHYRLHFDSULQLLVL
UHDQLPH]HFHHDFHQXVHPDLvQWkPSODVHGHODXWOLPXOHSLVRGSHFDUHODX
DYXWvQXUPFXDSUR[LPDWLYROXQ)LHFUHFRPDQGPSULQLORUvQWUHUXSH
UHDYDFFLQXOXLVDXQXQXPDLDUHDFXPQLFLRLPSRUWDQFRULFXPDFHWLD
QXPDLVXQWGHDFRUGFXQRL3ULQLLQXvLPDLGRUHVFVYDGYUHXQPHGLF
SHGLDWUXGDURIDFGRDUGLQPRWLYXOFDVDHGHODQRLFkQGFRSLLLORUVXQW
vQDIDUDRULFUXLSHULFRO$YHPVXFLHQWHGDWHGHODDSUR[LPDWLYGH
VXJDULSHFDUHLDPFRQVXOWDW
'U:LOOLDP&7RUFK'LUHFWRUDOVHFLHLGH1HXURORJLH3HGLDWULFGHOD
8QLYHUVLWDWHDGH0HGLFLQGLQ1HYDGDODFHDGHDD$GXQDUHD$QXDOD
$FDGHPLHL$PHULFDQHGH1HXURORJLHGLQ $PHULFDQ$FDGHP\RI1HX
URORJ\ DIFXWXQVWXGLXvQFDUHDDUWDWOHJWXUDGLQWUHYDFFLQXO'73LFD
]XULOHGH6,'6'XSFHDDYXWFD]XULGH6,'6DSUXWHODVXJDULvQSULPHOH
RUHGHODDGPLQLVWUDUHDYDFFLQXOXL'737RUFKDvQFHSXWXQVWXGLXGHVSUH
OHJWXUDGLQWUHYDFFLQLFD]XULOHGH6,'6GLQ1HYDGD SHVWHGHFD]XUL 
SHFDUHDSRLODSUH]HQWDWFXRFD]LD$GXQULL$QXDOH/H]LXQLOHWLSLFHSHQWUX
6,'6REVHUYDWHODDXWRSVLHDXIRVWHGHPSXOPRQDUSQHXPRQLHLHGHP
FHUHEUDO /D R FRQIHULQ GH SUHV 7RUFK D IRVW DVSUX FULWLFDW GLQ FDX]D
DFHVWXLVWXGLXGHVSUHFDUHVSXQHDXFULWLFLLFSUH]LQWGDWHDQHFGRWLFHL
FRQFOX]LL QHUHDOLVWH 8QXO GLQWUH FHL PDL DSULJL FULWLFL D IRVW XQ DOW QHXUR
ORJ'U*HUDOG0)HQLFKHOGLUHFWRUXOVHFLHLGH1HXURORJLHDO8QLYHUVLWLL
0HGLFDO&HQWHU9DQGHUELOGWFDUHLDH[SULPDWGRULQDVQXHOXDWvQ
VHDPXQDVWIHOGHVWXGLX






,ELGHP
,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



'U/DUU\%DUDIIFRRUGRQDWRUXOVWXGLLORU8./$DO)'$IDFHRFLDOXQ
VWXGLXvQOHJDWGHFD]XULOHGH6,'6GLQ/RV$QJHOHVPSUHXQFXHFKL
SDOXLDOXDWOHJWXUDFXSULQLLDGHVXJDULFDUHDXPXULWGHDFHVWVLQ
GURPvQSHULRDGDLDQXDULHDXJXVW'LQWUHDFHWLDDXIRVWYDF
FLQDLFX'73GLQWUHFDUHDXPXULWvQSULPHOHGHRUHGHODYDFFLQLDUDOL
DXPXULWvQGHFXUVGHRVSWPkQ&RQFOX]LDDIRVW1XPUXOFD]XULORU
FX6,'6DIRVWPDLPDUHGHFkWQHDPDWHSWDWGDFDPOXDvQFRQVLGHUDUHF
QXDUH[LVWDQLFLROHJWXUvQWUHYDFFLQL6,'6'DFDOWHVWXGLLYRUDMXQJH
ODDFHHDLFRQFOX]LHDUGHGRULWFDYDFFLQXO'73VHDPkQDWSkQGXS
FHVXJDUXOGHSHWHSHULRDGDFHDPDLH[SXVULVFXOXLSHQWUX6,'6DGLF
GXSFHvPSOLQHWHOXQL
8QH[HPSOXJULWRUvQDFHVWVHQVvOYHGHPvQ-DSRQLDXQGHYDFFLQDUHDFRQ
WUDWXVHLFRQYXOVLYH FX'73 VHIDFHGRDUGXSYkUVWDGHDQLLDUGHDWXQFLvQ
-DSRQLDVLQGURPXOPRULLVXELWHDOVXJDUXOXLSUDFWLFQXPDLH[LVW
$FHHDLLGHHRREHVHUYPOD&KHUU\LFRODERUDWRULLVL  FDUHDU
PF6,'6HVWHSURYRFDWDWkWGHYDFFLQXO'73YDULDQWDIRORVLWvQWUHFXWFX
SHUWXVVLVFHOXODUFkWLGHYDFFLQXO'73DIRUPDDFWXDOFXSHUWXVVLVDFH
OXODU(ODREVHUYDWFGHFHVXO 6,'6 QXPDLDSDUHODFRSLLFkQGDFHWLDVXQW
YDFFLQDLFXRULFDUHGLQWUHFHOHGRXYDULDQWHGXSGHOXQLGHYLD
'XSUH]XOWDWHOHOXL.DUOVVRQL6FKHLEQHURYDGLQGDULDOHOXL9L
HUD6FKHLEQHUGLQDFHODLDQ6,'6DSDUHODFRSLLvQXUPDXQXL6LQGURPGH
6WUHVV1HVSHFLFGHQXPLWDSRLvQ*HUPDQLD0RDUWHSULQVWUHVVQHVSHFL
FVDX6,%3&RQIRUPDFHVWRULDXWRUL6,'6VDX6,%3SRDWHSURYRFDWGH
PDLPXOLIDFWRULLQMHFLLYDFFLQXULLQIHFLLDOHFLORUUHVSLUDWRULLHWF
5HODLDGLQWUHYDFFLQXO'73'73DLDSDULLD6,'66,%3DIRVWGHPRQV
WUDWLSULQPRQLWRUL]DUHDUHVSLUDLHLFRSLLORUYDFFLQDL2DPHQLLGHWLLQ
DXFRQVWDWDWODFRSLLLFXRWHQGLQVSUH6,'6SUREOHPHUHVSLUDWRULLvQWLPSXO
VRPQXOXL$IRVWFUHDWXQ0RQLWRUDOUHVSLUDLHLODFDUHHVWHFRQHFWDWFR
SLOXOvQWLPSXOVRPQXOXLLDUDODUPDDWDDWVHGHFODQHD]FkQGIUHFYHQD
FDUGLDF VFDGH VXE PLQXW VDX SDX]D UHVSLUDWRULH FUHWH SHVWH  VHFXQ
GH3HQWUXVWXGLXDXIRVWPRQLWRUL]DLUHVSLUDWRUGRLVXJDULFDUHDXSULPLW
YDFFLQXO'73%DE\QUHUDGXSFHOGHDOOHDYDFFLQ'73LDU%DE\QU
ODSULPDGR] SULPRYDFFLQDUH $SRLFHOHGRXJUDFHDXIRVWFRUHODWH
FX JUDFHOH DOWRU  GH FRSLL FDUH DX PXULW OD XQ DQXPLW LQWHUYDO GH WLPS


,ELGHP
7LQXV6PLWV'DV,PSIVFKDGHQ6\QGURP1DUD\DQD9HUODJ$XDJH

96FKHLEQHURSFLW

,ELGHP



'U&KULVWD7RGHD*URVV

GXSYDFFLQXO'73*UDFHOHRELQXWHSULQPRQLWRUL]DUHDFHORUGRLEHEHOXL
DYHDX PRGLFUL VLPLODUH FX FHOH DOH FRSLLORU FDUH DX GHFHGDW 7LSXO GH
UHVSLUDLHHUDFHODOXQXLVLQGURPGHVWUHVVQHVSHFLFLVHLQVWDODVHLPHGLDW
GXS YDFFLQ ,QIRUPDLLOH OHJDWH GH FHOH  GH GHFHVH DX IRVW RELQXWH GLQ
DUWLFROHOHDXWRULORU9RQ%HUQLHUD  :DONHUD  L+&RXOWHU
L%)LVKHU  
&XWRDWHDFHVWHDPXOLPHGLFLLJQRUDXRULFHVWXGLXLOHH[SOLFDXSULQL
ORUFQXH[LVWQLFLROHJWXUGLQWUHYDFFLQXO'73'73DLGHFHVXOFRSLLORU
FDUHLQWHUYHQLVHODFkWHYDRUHVDX]LOHGXSYDFFLQ'DUFXPSRLFRQYLQJH
SHWRLDFHLSULQLFURUDOHPRDUHFRSLOXOODFkWHYDRUHGXSYDFFLQGHL
vQDLQWHIXVHVHVQWRVFYDFFLQXOQXDUHQLFLROHJWXUFXGHFHVXOORU"
&D]7DPLDPXULWGH6,'6/DQDWHUHIHWLDHUDVQWRDVLQGFHO
GHDOGRLOHDFRSLOGLQIDPLOLH6DGH]YROWDWQRUPDOPkQFDIRDUWHELQHGDU
SOkQJHDPHUHXVHDUDvQDLQWHGHFXOFDUHGXSFHvLWHUPLQDVHVWLFOXDFXODS
WH3ULQLLQXWLDXDWXQFLFIHWLDORUVXIHUHDSUREDELOGHDOHUJLHODODSWHGH
YDFGHLHLDYHDXvQIDPLOLHXQDVWIHOGHFD]FkQGFRSLOXOLQGDOHUJLFOD
ODSWHGHYDFDIRVWQHYRLWVEHDODSWHGHFDSUSkQODYkUVWDGHDQLDFHO
FRSLOUHDFLRQDLODYDFFLQXO'73SULQFUL]HDVWPDWLFH5HYHQLQGOD7DPL
HDDSULPLWSULPXOHLYDFFLQ'73ODYkUVWDGHDSURDSHOXQLvQWUR&OLQLF
GHLDYHDRULQRIDULQJLWFDUHDUWUHEXLWVHRFRQWUDLQGLFDLHSHQWUXYDF
FLQ&XWRDWHFDVLVWHQWDLDDWUDVDWHQLDPHGLFXOXLDVXSUDULQLWHLLVDIFXW
WRWXLYDFFLQXO0DPDSRYHVWHWH'XSPDVDPOVDWRSH7DPLGRDU
PLQXWHFXXQ%DE\VLWWHU/DRUHGHODYDFFLQ7DPLVDWUH]LWGLQVRPQFXXQ
LSWSXWHUQLFLFLXGDW$FHO%DE\VLWWHUQHDH[SOLFDWFEHEHOXXOVWULJDFDL
FXPDUDYXWGXUHULIRDUWHPDULGDUWRQXOHUDFLXGDWIRDUWHvQDOWFXPQXPDL
DX]LVHQLFLRGDWODXQVXJDU1XDSXWXWROLQLWLFXQLPLFLGRDUGXS
PLQXWHDvQFHWDW0DPDDFXOFDWEHEHOXXOLPHGLDWGXSPDVDGHODSUkQ]
LDUODDSUR[LPDWLYGHPLQXWHFkQGVDGXVVOYDGDFHVWDHUDvQFRODSV
7DPLHUDPRDOHOHLQDWLQXPDLUHVSLUD(UDIRDUWHSDOLGFXRFKLLvQFKLL
0DPDDFKHPDWvQDMXWRUYHFLQLLLDUDFHWLDDXFKHPDWVDOYDUHDQWUHWLPS
SULQLL DX vQFHSXW VR UHVXVFLWH]H SULQ UHVSLUDLH JXU OD JXU7DPL D IRVW
GXVODVSLWDOGDUPLQXWHPDLWkU]LXDIRVWGHFODUDWGHFHVXO/DXQDQGXS
PRDUWHDOXL7DPLSULQLLHLDXDX]LWODRHPVLXQH79FGXSYDFFLQXO'73
HVWHSRVLELOUHDFLDSHFDUHDDYXWRLFDHLXUPDWGHPRDUWHSULQ6,'6
&D]'RXJODVXQXOGLQGRLJHPHQLDPXULWGH6,'6/DYkUVWDGHOXQL
HUDVQWRV]kPEHDJkQJXUHDLQXSOkQJHDFkQGHUDVWXO,VHGGHDODSWH






,ELGHP
+&RXOWHU%)LVKHURSFLW

9$&&,185,/(35(9(1,(6$8%2$/



GHVRLDGHRDUHFHHUDDOHUJLFODODSWHGHYDFODIHOFDLVRUDOXLJHDPQL
VRUDORUPDLPDUHPSUHXQFXVRUDOXLJHDPQDXSULPLWSULPXOORUYDFFLQ
'73GXSFHPHGLFXOLDFRQVXOWDWLDGHFODUDWFVXQWVQWRLFOLQLF/D
RUHGXSYDFFLQPDPDDREVHUYDWF'RXJODVQXLGHVFKLGHJXUDSHQWUX
DEHDODSWHOH1LFLODPDVDGHQRDSWHGHODRUDFkQGODWUH]LWQXDYUXWV
PQkQFH/DRUDGLPLQHDDPDPDREVHUYF'RXJODVHVWHIRDUWHSDOLGDUH
RSULYLUHFLXGDWDSDWLFLGXSFHLDGHVFKLVJXULDDvQJKLLWODSWHOHDWkW
GHUHSHGHvQFkWDFUH]XWFVHYDvQHFD6FDXQHOHGLDUHLFHDXVSHULDWRLPDL
PXOWSHPDPFDUHDIXJLWFXHOODVSLWDO$LFLLDXIFXWVSOWXUJDVWULF
FUH]kQGFDvQJKLLWFHYDSHULFXORV$IFXWvQVXQVWRSFDUGLRUHVSLUDWRU$
IRVWUHVXVFLWDWLGXSFHDvQFHSXWGLQQRXVUHVSLUHPHGLFLLDXFRQVWDWDW
VHPQHOHXQXLSRVLELODWDFFHUHEUDO$LQWUDWvQFRPLGHDWXQFLQXLDPDL
UHYHQLW$IRVWWUDQVSRUWDWvQDOWVSLWDOLDUvQDPEXODQDPDLDYXWXQVWRS
FDUGLDFGXSFDUHDIFXWKHPLSOHJLHGUHDSW SDUDOL]LDSULLGUHSWHDFRU
SXOXL QVSLWDODIFXWXQQRXVWRSFDUGLDF$PXULWODDSUR[LPDWLYGHRUH
GHODYDFFLQ5H]XOWDWXODXWRSVLHLDIRVW%URQKRSQHXPRQLHELODWHUDOFHHD
FHDQHPXOXPLWRSHPDPWLLQGFYDFFLQXODDYXWROHJWXUVLJXUFX
PRDUWHDFRSLOXOXL0HGLFXOGLQVSLWDOLDPDLVSXVFDDYXWvQQDOPHQLQJL
WVSLQDOFHHDFHQXHUDFRQVHPQDWvQFHUWLFDWXODXWRSVLHL8QPHPEUXDO
&'&DVSXVPDPHLODWHOHIRQFDPXULWGHRUHDFLHSURYRFDWGHYDFFLQXO
'73'HLSULQLLOXL'RXJODVDXFXWDWXQDYRFDWSHQWUXDLFHUHGUHSWXULOH
vQLQVWDQWRLOHDXVSXVFvQFD]XOXQXLGHFHVVXQWOLPLWDWHGHVSJXELUL
OHVSUHGHRVHELUHGHRFRPSOLFDLHSRVWYDFFLQDOFXPDURHQFHIDORSDWLH
FkQGFRSLOXOUPkQHvQYLDFXVHFKHOHFkQGDUHDSRLQHYRLHGHRvQJULMLUH
SHUPDQHQW
R 6HFKHOHSRVWYDFFLQDOH
8QQXPUQHFXQRVFXWGHFRSLLGH]YROWUHDFLLDGYHUVHJUDYHGXSYDFFL
QXO'73FDUHDSRLYRUDIHFWDvQPRGGHQLWLYRUJDQHLPSRUWDQWH
6HFKHOHQHXURORJLFH+LSHUDFWLYLWDWHD $'+' DXWLVP6LQGURPXOFX
OH]LXQLFHUHEUDOHPLQLPH 0%' WXOEXUULGHDWHQLHLPHPRULHSDUH]HL
SDUDOL]LLHSLOHSVLHSDUDOL]LHFHUHEUDOVXUGLWDWHDVXQWGRDUFkWHYDGLQWUH
FRPSOLFDLLOHJUDYHDOHYDFFLQXOXL'73 YH]LFDS 
6HWLHODRUDDFWXDOFYDFFLQXODQWLSHUWXVVLVDUHRPDUHDQLWDWHDSHQ
WUXVLVWHPXOQHUYRVFHQWUDO%DFWHULDFDUHSURYRDFWXVHDFRQYXOVLYDIRVW
IRORVLWvQGLYHUVHH[SHULPHQWHSHDQLPDOHSHQWUXDSURYRFDRHQFHIDOLWDFX


,ELGHP



'U&KULVWD7RGHD*URVV

W1XHVWHGHORFVXUSULQ]WRUIDSWXOFYDFFLQXODQWLSHUWXVVLVSRDWHSURYRFD
LHOHQFHIDORSDWLL
5HDFLLLEROLDOHUJLFH7R[LQDSHUWXVVLVHVWHUHVSRQVDELOGHRVHULH
GH UHDFLL L EROL DOHUJLFH (D PDL IRVW GHQXPLW )DFWRU GH VHQVLELOL]DUH
KLVWDPLQLF +6) FHHDFHvQVHDPQFUHDFLDODKLVWDPLQDRUJDQLVPXOXL
FUHWH +LVWDPLQD SURYRDF GLODWDUHD FDSLODUHORU VDQJXLQH EURQKRFRQFRQ
VWULFLHLFUHWHUHDHYDFXULLJDVWULFHWRDWHLQGHOHPHQWHOHXQHLUHDFLLDOHU
JLFHVDXGHKLSHUVHQVLELOLWDWH$FHVWDHVWHLPRWLYXOSHQWUXFDUHVXQWSUHVFUL
VHPHGLFDPHQWHDQWLKLVWDPLQLFHODWRLFHLFDUHVXIHUGHDOHUJLHHFRSLL
HDGXOL
8QFRSLOFDUHHVWHIRDUWHDOHUJLFDUHXQVLVWHPLPXQIRDUWHVHQVLELO(O
YDUHDFLRQDLPHGLDWODRVXEVWDQDOHUJL]DQWHHDXQDOLPHQWRSODQWVDX
SROXDQLGLQPHGLXOvQFRQMXUWRU(VWHFXQRVFXWIDSWXOFYDFFLQXOSHUWXVVLV
SURYRDFIRUPDUHDGHDQWLFRUSL,J(VDXUHDJLQHFDUHVXQWUHVSRQVDELOHSHQWUX
UHDFLDDOHUJLF$OHUJLLOHLEROLOHDOHUJLFHLQGXVHGHYDFFLQXOSHUWXVVLVVXQW
ULQLWDDOHUJLFHF]HPDDWRSLFXUWLFDULHDOHUJLHODODSWHGHYDFDOHUJLH
ODIUXFWH SRUWRFDOH DOHUJLHPHGLFDPHQWRDVvQVSHODDQWLELRWLFHHWF

,95XMHRODLYDFFLQXOUXMHROLF 5
5XMHROD
5XMHRODHVWHRERDODFXWLQIHFLRDVIRDUWHFRQWDJLRDVSURYRFDWGH
YLUXVXOUXMHROLFFDUHDIRVWL]RODWSHQWUXSULPDGDWvQLIDFHSDUWHGLQ
IDPLOLD3DUDPL[RYLULGDH
Q WUHFXW vQ 5RPkQLD vQDLQWH GH LQWURGXFHUHD YDFFLQXOXL UXMHROD HUD
IRDUWHUVSkQGLW
SHVWH  GLQWUR SRSXODLH QHYDFFLQDW IFHDX ERDOD SkQ OD YkUVWD
DGXOW
VWDWLVWLFDGLQDUDWFGLQFD]XULOHGHUXMHROVHQXPUDXOD
FRSLLLFXYkUVWDFXSULQVvQWUHLDQLLQXPDLGLQFD]XULODFHL
WUHFXLGHDQL


,ELGHP
,ELGHP

,ELGHP

*K09RLFXOHVFXRSFLW

,ELGHP


9$&&,185,/(35(9(1,(6$8%2$/



vQSRSXODLDXUEDQERDODDSUHDHQGHPRHSLGHPLFFXYDOXULHSLGHPL
FHODDQL
LQFLGHQDUXMHROHLDUWDXQPD[LPvQOXQLOHGHSULPYDU DSULOLHPDL L
XQPLQLPvQDXJXVWLVHSWHPEULH
/DRUDDFWXDOODIHOFDvQWRDWHULOHHXURSHQHLvQ5RPkQLDGXS
]HFLGHDQLGHYDFFLQDUHvQPDVDFRSLLORUVWDWLVWLFDVDVFKLPEDWPXOWGDU
QXvQPRGIDYRUDELO
SULQ YDFFLQDUH VD DPkQDW UXMHROD OD YkUVWD GH DGROHVFHQW SHVWH 
DQL VDXFHDGHDGXOWFkQGVLPSWRPHOHSRWPDLDFFHQWXDWHDFHODL
OXFUXVHvQWkPSOvQFD]XOIHPHLORUvQVUFLQDWHODDGXOWVLVWHPXOLPXQ
HVWHPDLSXLQH[LELOLSRWVDSDUFRPSOLFDLL
LPXQLWDWHDRELQXWvQPRGDUWLFLDOGXSYDFFLQDUHQXHVWHGXUDELO
LHFLHQWPRWLYSHQWUXFDUHIHPHLOHvQVUFLQDWHULVFVIDFERDODL
GLQ OLSVD DQWLFRUSLORU QX PDL RIHU SURWHFLH SHQWUX QRXQVFXLL ORU
REVHUYPODRUDDFWXDORFUHWHUHDFD]XULORUGHUXMHROODVXJDULFX
XUPULJUDYH
HUDGLFDUHDHVWHLPSRVLELOOXFUXGHFDUHLDXGDWVHDPDFHLFDUHDXIR
ORVLWRGUHSWDUJXPHQWSHQWUXYDFFLQDUHDvQPDVDDFRSLLORUGLQvQWUHDJD
OXPHSHGHDOWSDUWHQXHVWHQLFLQHFHVDUGHRDUHFHUXMHRODSUHYLQH
ODFRSLLRVHULHGHEROLFURQLFH UHQDOHHWF LDUSULQYDFFLQDUHHLYRU
OLSVLLGHDFHDVWSURWHFLH
7DEORXFOLQLF
,QFXEDLDHVWHvQPHGLHGH]LOH
3HULRDGDGHLQYD]LH
VWDGLXOSUHHUXSWLYGXUHD]]LOH
GHEXWXOHVWHJUDGDWFXIHEUFHIDOHHLIHQRPHQHFDWDUDOHUHVSLUDWRULL
LFRQMXQFWLYDOH
VHPQXO .RSOLN HVWH XQ VHPQ FDUDFWHULVWLF UXMHROHL L FRQVW vQ PLFUR
SDSXOHDOEHDH]DWHSHR]RQURLHDPXFRDVHLEXFDOHOkQJXOWLPLL
PRODULGHRELFHLHODSDUHvQDD]LGHODGHEXWLGLVSDUHOD]LOH
GXSHUXSLH
WXOEXUUL GLJHVWLYH GXUHUL DEGRPLQDOH PRGHUDWH GLDUHH XQHRUL
YUVWXUL
VLPSWRPHQHUYRDVHLULWDELOLWDWHFHIDOHH
DGHQRSDWLHFHUYLFDO JDQJOLRQLPULL 


,ELGHP



'U&KULVWD7RGHD*URVV

3HULRDGDHUXSWLY
IHEUDFUHWHGLQQRX
HUXSLD UXMHROLF DSDUH OD vQFHSXW OD FHDI L vQ VSDWHOH XUHFKLORU OD
IUXQWHvQREUDMLFDDSRLGXSR]LVFXSULQGWRWWUXQFKLXOLH[WUH
PLWLOHPkLQLORULSLFLRDUHORUH[LVWYDULDLLDOHHUXSLHLGXS]LOH
SHWHOHSOHVFLGLVSDULvQRUGLQHDvQFDUHDXDSUXW
3HULRDGDSRVWHUXSWLY FRQYDOHVFHQ 
WHPSHUDWXUDUHYLQHODQRUPDOLDUEROQDYXOVHvQVQWRHWH
(YROXLDUXMHROHL
HVWHGHRELFHLEHQLJQ
&RPSOLFDLL
DSDU GH RELFHL vQ HSLGHPLL OD R SRSXODWLH VXEQXWULW FX UH]LVWHQ
VF]XW
VXQWPDLIUHFYHQWHODVXJDULODFRSLLFXUDKLWLVPODGLVWURFLODFHLFX
IRFDUHLQIHFLRDVHSUHH[LVWHQWH
&RPSOLFDLLDOHVLVWHPXOXLQHUYRV
UHDFLLPHQLQJLHQHIUH[SUHVLHFOLQLFLvQDEVHQDXQHLHQFHIDOLWH
HQFHIDOLWDUXMHROLFFXHYROXLHVHYHUPDLDOHVODVXJDULHVWHRFRP
SOLFDLHIRDUWHUDUFDUHODVVHFKHOHQHXURSVLKLFHXQHRULLQGOHWDO
3DQHQFHIDOLWDVXEDFXWVFOHUR]DQW 3(66 HVWHRDIHFLXQHIRDUWHUDU
FHDSDUHWDUGLYFDRFRPSOLFDLHDUXMHROHL
$OWHFRPSOLFDLLRWLWPHGLHVXSXUDWPLRFDUGLWJDVWURHQWHULWHHWF
$VSHFWXOSR]LWLYDOUXMHROHLODFRSLLLQHYDFFLQDL
5XMHRODHVWHRERDOLQIHFWRFRQWDJLRDVFDUHDUHXQHIHFWSR]LWLYDVXSUD
VLVWHPXOXLLPXQDOFRSLOXOXL
6DREVHUYDWRVFGHUHDvPEROQYLULORUFRSLOXOXLGXSFHDWUHFXWSULQ
DFHDVWERDO
QOXPHDDWUHLDUXMHRODODVRLPXQLWDWHvQGHOXQJDWLIDGHPDODULH
&RSLLLFDUHDXDYXWUXMHROvQFRSLOULHQXVXIHUGHFkWIRDUWHUDUGH
EROLDOHUJLFHFXPDUDOHUJLDODSUDIXOGLQFDV

.+.XPPHU0DVHUQYHUODXILQHLQHU.LQGHUDU]WSUD[LV'HU0HUNXUVWDE


 , % 5RRWK 6XSUHVVLRQ RI SODVPRGLXP IDOFLSDUXP LQIHFWLRQV GXULQJ PHDVOHV RU
LQXHQ]D$P-7URS0HG+\J  

(.XFXNRVPDQRJOX)&HWLQNDLD)$NFD\)3HNXQ)UHTXHQF\RIDOOHUJLFGLV
HDVHV IRRORZLQJ PHDVOHV $OOHUJRO ,PPXQRSDWKRO     + 5RVHQOXQG$

9$&&,185,/(35(9(1,(6$8%2$/



8QDOWHIHFWSR]LWLYDOUXMHROHLHVWHDFHODGHYLQGHFDUHDOXQRUDIHFL
XQLFURQLFHJUDYHSUHFXP6LQGURPXOQHIURWLF RERDOFURQLFJUDY
GH ULQLFKL  L 3VRULD]LV &KLDU L HSLOHSVLD VH SRDWH YLQGHFD XQHRUL
GXSUXMHROODIHOL(F]HPDDWRSLFFDUHDIRVWSURYRFDWGHDOHUJLH
DOLPHQWDU
(VWHLQGLFDWFDWRLFRSLLLVWUHDFSULQDFHVWHEROLLQIHFWRFRQWDJLRDVH
GHQXPLWHSHEXQGUHSWDWHEROLOHFRSLOULHLIUFDHLVHYDFFL
QDL 5H]XOWDWXO YD  R GLPLQXDUH D ULVFXOXL SHQWUX FDQFHU LQFOXVLY
ERDOD +RGNLQ FDQFHUXO GH VkQ L OLPIRPXO PDOLJQ &KLDU
LVFOHUR]DPXOWLSOHVWHPDLUDUODRDPHQLLFDUHDXDYXWUXMHROvQ
FRSLOULH
9DFFLQXODQWLUXMHROLFQXRIHURDVHPHQHDSURWHFLH6WXGLXO3DUVL
IDOFXSHVWHGHFRSLLGHODFROLOH:DOGRUILSHVWHGHHOHYLGHOD
FROLOHGHVWDWGLQ6XHGLDDUDWF1HXURGHUPDWLWD GHUPDWLWDDWRSLFDOHUJL
F HVWHPDLUDUODFRSLLLFDUHDXDYXWUXMHROLDUFRSLLLFDUHDXIRVWYDFFLQDL
vPSRWULYDUXMHROHL 525 VXIHUIUHFYHQWGHULQLWDOHUJLF8QVWXGLXPDL
%HUJVWU|P-6$OP-6ZDUW]HWDO$OOHUJLFGLVHDVHVDQGDWRSLFVHQVLWL]DWLRQLQFKLOGUHQ
LQUHODWLRQWRPHDVOHVYDFFLQDWLRQDQGPHDVOHVLQIHFWLRQV3HGLDWULFV  

96&KDNUDYDWLHWDO0HDVOHVLQGXFHGUHPLVVLRQRISVRULDVLV$QQDOVRI7URSLFDO
3HGLDWULFV

 +<DPDPRWR 7<DPDQR 6 1LMLPD - .RK\DPD +<DPDQRXFKL 6SRQWDHRXV
LPSURYHPHQWRILQWUDFWDEOHHSLOHSWLFVHL]XUHVIROORZLQJDFXWHYLUDOLQIHFWLRQV%UDLQGHF
  

1.RQGR2)XNXURPL72]DZD+$JDWDHWDO,PSURYHPHQWRIIRRGVHQVLWLYH
DWRSLFGHUPDWLWLVDFFRPSDQLHGE\UHGXFHGO\PSKRF\WHUHVSRQVHVWRIRRGDQWLJHQIROORZLQJ
QDWXUDOPHDVOHVYLUXVLQIHFWLRQ&OLQ([S$OOHUJ\-DQ  

+$OERQLFRHWDO)HEULOHLQIHFWLRQVFKLOGKRRGGLVHDVHVLQWKHKLVWRU\RIFDQFHU
SDWLHQWVDQGPDWFKHGFRQWUROV0HGK\SRWKHVHV  

6/*ODVHU7+.HHJDQ&$&ODUNH07ULQKHWDO([SRVXUHWRFKLOGKRRGLQ
IHFWLRQVDQGULVNRI(SVWHLQ%DUUYLUXVGHQHG+RGNLQVO\PSKRPDLQZRPHQ,QW-&DQ
FHU  

00RQWHOOD/'0DVR$&ULVSR57DODPLQLPHWDO'RFKLOGKRRGGLVHDVHV
DIIHFW1+/DQG+/ULVN"$FDVHFRQWUROVWXG\IURPQRUWKHUQDQGVRXWKHUQ,WDO\/HXN5HV
  

 - .HVVHOULQJ =XU 3DWKRJHQHVH GHU 0XOWLSOHQ 6NOHURVH 6FKZHL] 0HG :RFKHQ
VFKULIW

 6 2 6KDKHHQ HW DO 0HDVOHV DQG DWRS\ LQ *XLQHHD%LVVDX /DQFHW  


+)O|LVWUXS-6ZDUW]$%HUJVWURP6-$OPHWDO$OOHUJLFGLVHDVHDQGVHQVLWL
]DWLRQLQ6WHLQHUVFKRRO&KLOGUHQ-$OOHUJ\&OLQ,PPXQRO  



'U&KULVWD7RGHD*URVV

YHFKLDUDWUH]XOWDWHDVHPQWRDUHFRSLLLYDFFLQDLvPSRWULYDUXMHROHLVXIHU
PDLGHVGHDOHUJLDODIkQGHFkWFRSLLLQHYDFFLQDL
3ROLWLFDIHQRPHQXOXLGHHUDGLFDUH GLVSDULLH DUXMHROHL
'XSFHDPY]XWFEHQHFLLOHUXMHROHLVXQWFXPXOWPDLPDULLPDL
LPSRUWDQWHGHFkWLQIHFLDvQVLQHQXSXWHPGHFkWVQHGRULPFDWRLFRSLLLV
IDFERDODQDWXUDOSHQWUXDLvQWULVLVWHPXOLPXQLSHQWUXDIHULLGHDOWH
EROL&XWRDWHDFHVWHDVHGRUHWHvQFRQWLQXDUHHUGLFDUHDHLLQXWLOLGHORF
LQGLFDW
2UJDQL]DLD0RQGLDOD6QWLL 206 GRUHWHFXRULFHSUHHUDGLFDUHD
UXMHROHL &KLDU L *HUPDQLD D IRVW GH DFRUG FX DFHDVW PVXU H[WUHP
OXDW GH 206 FX RFD]LD &RQIHULQHL &RQVHQV RUJDQL]DW GH FWUH 3UR
GXFWRUXOGHYDFFLQXUL&KLURQ%HKULQJ5RPkQLDQXDIFXWH[FHSLHLDU
YDFFLQDUHDvQPDVFRQWLQXLODQRL3HQWUXUHDOL]DUHDDFHVWXLGH]LGHUDWHVWH
QHYRLHFDFHOSXLQGLQSRSXODLDJOREXOXLVHYDFFLQDW$FHVWOXFUX
QXYDSXWHDSRVLELOGHFkWGDFVHYRUIDFHSUHVLXQLH[WUHPHDVXSUDPHGLFL
ORULSULQLORUIUFDDFHWLDVDLEXQFXYkQWGHVSXV$WLQJHUHDDFHVWXL
VFRSHVWHSXLQSUREDELO7RFPDLULOHVUDFHXQGHIUHFYHQDDFHVWRUEROL
HVWHPDLPDUHQXDXODGLVSR]LLHUHVXUVHOHQDQFLDUHQHFHVDUHGHLSUHXO
HVWHUHODWLYPLFFHQLDPHULFDQLYDFFLQGHOD8QLFHI8QDGLQFRQGLLLOH
JUHOHGHRELQXWHVWHLSVWUDUHDYDFFLQXOXLODUHFH3HGHDOWSDUWHGDFVXQW
YDFFLQDLFRSLLLGLQULOHVUDFHHLQXYRUPDLIHULLGHPDODULH
8QDOWREVWDFROvQHUDGLFDUHDUXMHROHLHVWHIDSWXOFFKLDULGXSHIHFWXD
UHDYDFFLQXULORUYLUXVXOUXMHROHLFLUFXOvQFRQWLQXDUHvQPHGLXOvQFRQMXU
WRULSRDWHWUDQVLPLVGHODFHOYDFFLQDWODDOWXOGHDVHPHQHDYDFFLQDW
6HSDUHFvQFXUkQGvQWUHDJDOXPHDWkUQFDLXQFREDLvQODXO,QGXV
WULHL )DUPDFHXWLFH FDUH SH DFHDVW FDOH RELQH SURWXUL GH PLOLDUGH
DUPFXVDUFDVPPHGLFXOKRHPHRSDW+DQV-UJHQ$FKW]HKQ

6$/HZLV-5%ULWWRQ0HDVOHVLQIHFWLRQPHDVOHVYDFFLQDWLRQDQGWKHHIIHFWRI
ELUWKRUGHULQWKHDHWLRORJ\RIKD\IHYHU&OLQ([S$OOHUJ\  

(% (SLGHPLRORJLVFKHV%XOOHWLQ 

 :+2 :RUOG +HDOWK 2UJDQL]DWLRQ  0HDVOHV )DFW 6KHHW 1  -DQXDU 
KWWSZZZZKRLQWPHGLDFHQWUHIDFWVKHHWVIVHQLQGH[KWPO

%'DPLHQ6+XLVVHWDO(VWLPDWHGVXVFHSWLELOLW\WRDV\PSWRPDWLFVHFRQGDU\LP
PXQHUHVSRQVHDJDLQVWPHDVOHVLQODWHFRQYDOHVFHQWDQGYDFFLQDWHGSHUVRQV-0HG9LURO
  

+-$FKW]HKQ,PSIVFKlGHQDXVKRP|RSDWKLVFKHU6LFKW+RP|RSDWKLVFKH(LQ
EOLFNH

9$&&,185,/(35(9(1,(6$8%2$/



&'& &HQWUXOGH&RQWURODO%ROLORUGLQ68$ DUHGDWRULD SULQGHQLLH 


GHDFHUHSURGXFHUHDGHYDFFLQXULGHDHPLWHSURJUDPHGHYDFFLQULLGHD
VXSUDYHJKHDVLJXUDQDDFHVWRUYDFFLQXUL3HQWUX&'&vQVVWXGLLOHFDUHQX
VXQWIDYRUDELOHYDFFLQXULORUQXVXQWELQHYHQLWH$FHVWOXFUXDUGXFHODSUHD
SXLQHYDFFLQUL  GHFLODUDWDUHDVFRSXOXLSURSXV'DFDUWUHEXLVIDF
OHJWXUDGLQWUHYDFFLQXULLWRLFRSLLLFDUHVXIHUGHDXWLVP XQDGHYUGH
QHFRQWHVWDW QXVDUVLPLGHORFvQODUJXOORU&XLLDUSODFHVUHFXQRDVF
RDVHPHQHDFDWDVWURI"'DUWRFPDLDVWDVHFHUHvQPRGQRUPDOGHOD&'&
'HDFHHDVDXFUHDWUHODLLWRWPDLVWUkQVHvQXOWLPLLDQLvQWUH&'&LSURGX
FWRULLGHYDFFLQXUL
&KLDUGDFVDUYDFFLQDGLQSRSXODLHFXGRXGR]HGHYDFFLQDQWL
UXMHROLFWRWDUUPkQHDQXDOGLQFRSLLIULPXQLWDWHFDUHDMXQJDSRLOD
YkUVWDGHDGROHVFHQWVDXDGXOWFkQGVHSRWvPEROQYLODXQQRXFRQWDFWFX
YLUXVXO$VWDDUvQVHPQDFvQ*HUPDQLDvQHFDUHDQYRUGHRDPHQL
FDUHVHSRWvPEROQYLRULFkQGGHUXMHRO
QDLQWHGHDVHLQWURGXFHYDFFLQXOUXMHROLFGLQWUHDGROHVFHQLLGH
DQLIFXVHUUXMHROLDYHDXRLPXQLWDWHGXUDELOSHYLD
,PXQRORJXO QODQGH] +HLQRQHQ DUP F vQWUHUXSHUHD DSURDSH FRP
SOHWDFLUFXODLHLYLUXVXOXLGDWRUDWYDFFLQULORUYDFUHDRQRXSUREOHP
FHLYDFFLQDLDXRDQVIRDUWHPLFODRQRXUHPHPRUDUH ERRVWHUHIIHNWV 
GHFWUHVLVWHPXOLPXQLvQFRQVHFLQOLSVDIRUPULLGHQRLDQWLFRUSL$FH
WLDVHSRWUHvPEROQYLQDFHVWHFRQGLLLDGHYHQLWRUHDOLWDWHOLSVDLPXQLWLL
SH GXUDW OXQJ D FHORU YDFFLQDL DGLF HHFXO VHFXQGDU 6LWXDLD QX
HVWHFXPXOWGLIHULWSHQWUXFHLQHYDFFLQDLGDFQXYLQvQFRQWDFWFXYLUXVXO
QDWXUDOvQFRSLOULHQLFLHLQXVHYRUvPEROQDYLLvQFRQVHFLQQXYRUDYHD
RLPXQLWDWHQDWXUDO(VWHGRDUXQXOGLQWUHPRWLYHSHQWUXFDUHDUWUHEXLVLVWDW
YDFFLQDUHDDQWLUXMHROLF
9DFFLQXOUXMHROLF
D  *HQHUDOLWL
QVHIRORVHWHSHQUXSULPDGDWVHUXOGHFRQYDOHVFHQWLDUvQ
VHLQWURGXFHYDFFLQXOUXMHROLFSHQWUXSULPDGDWvQ68$(VWHYRUEDGHXQ



'U&KULVWD7RGHD*URVV

YDFFLQFXYLUXVYLXDWHQXDWFXOWLYDWSHRXHPEULRQDWVDXFHOXOHUHQDOHGHOD
FkLQHVDXFREDLQ5RPkQLDvQWUHFXWVHXWLOL]DXQYDFFLQYLXVXSUDDWHQXDW
OLROL]DWSUHSDUDWFXWXOSLQD6FKZDUW]SURGXVGH,QVWLWXWXO'U,&DQWDFX]L
QRGLQ%XFXUHWLLHUDDGPLQLVWUDWVXJDULORUvQFHSkQGFXYkUVWDGHOXQL
/DRUDDFWXDOVHIRORVHWHWULYDFFLQXO525vQFHSkQGFXYkUVWDGHDQFRQ
IRUP3URJUDPXOXLQDLRQDOGHYDFFLQDUH
Q*HUPDQLDYDFFLQXODQWLUXMHROLFDDSUXWSHSLDGRDUvQLDU
WULYDFFLQXO005 HFKLYDOHQWFX525 vQFkQG67,.2GLQ*HUPDQLD
vODGPLQLVWUHD]VXJDULORUvQYkUVWGHOXQL/DVXJDULLGLQFUHHHVWH
DGPLQLVWUDWGHMDGHODOXQL9DFFLQXOVHDGPLQLVWUHD]GHGRXRULFHDGHD
GRXDGR]FHOGHYUHPHODVSWPkQLGXSSULPDGR]9DFFLQXODQWLUX
MHROLFFRQLQHvQIXQFLHGHSUHSDUDWXUPHGHJHODWLQDQWLELRWLFH GHRELFHL
1HRPLFLQ  SUHFXP L DOWH VXEVWDQH SROLVRUEDW IHQLOVXOIRQIWDOHLQ 'H[
WUDQDOEXPLQXPDQ
6HYRUEHWHGHVSUHDQWLFRUSLSURWHFWRUL IDGHERDO GHWLS,J*ODXQ
WLWUXDODFHVWRUDGHSHVWHP,8POGHVkQJH'DUFRQFHQWUDLDGHDQWLFRUSL
QXHVWHRGRYDGFODUGHSURWHFLHvQIDDUXMHROHLGLQFHLFDUHDXGXS
YDFFLQDQWLFRUSLLQHFHVDULvQVkQJHVHSRWvPEROQYLGHUXMHRO(VWHGHQXPLW
HHFXOSULPDUFkQGFRSLOXOQXGHYLQHLPXQGXSSULPDGR]GHYDFFLQ
&HDFDUHGRYHGHWHRLPXQLWDWHGXSYDFFLQHVWHLPXQLWDWHDFHOXODU 7K 
FDUHQXSRDWHPVXUDWSULQPHWRGHOHRELQXLWH6HFRQVLGHUFDGRXD
GR] GH YDFFLQ DU SXWHD RIHUL R VLJXUDQ PDL PDUH 3UDFWLFD PHGLFDO
DUDWFQXHVWHWRFPDLDDXQVWXGLXHIHFWXDWODVWXGHQLGLQ%HOJLDDUDW
F GXS  DQL GH OD D GRXD GR] GH YDFFLQ  GLQ DGROHVFHQL QX PDL
DYHDXQLFLRSURWHFLHIDGHUXMHRO(VWHGHQXPLWHHFXOVHFXQGDU'DU
WRFPDL DFHVWH HHFXUL vPSLHGLF HUDGLFDUHD UXMHROHL Q YLLWRU QH SXWHP
DVWHSWDODWRWPDLPXOWHHHFXULVHFXQGDUHLQGFFHLYDFFLQDLYLQWRWPDL
UDUvQFRQWDFWFXYLUXVXOQDWXUDODOUXMHROHL VFDGHLQFLGHQDHL OXFUXFDUHvQ
PRGQRUPDODUDMXWDVLVWHPXOLPXQODRUHPHPRUDUHSULQIRUPDUHGHQRL
DQWLFRUSL$FHVWD HVWH L PRWLYXO SHQWUX FDUH FKLDU L PDPHOH FDUH DX IRVW


*K09RLFXOHVFXRSFLW
67,.2,PSIHPSIHKOXQJHQGHU6WlQGLJHQ,PSINRPPLVVLRQDP5REHUW.RFK,QVWL
WXW6WDQG0lU]'HXWVFKHVbU]WHEODWW  VXSSO

0+LUWHRSFLW

,ELGHP

&9DQGHUPHXOHQ05|ODQGV*/HURX[5|OV39DQ'DPPH.+RSSHQ%URX
ZHUV/RQJ7HUPSHUVLVWHQFHRIDQWLERGLHVDIWHURQHRUWZRGRVHVRI005YDFFLQH9DF
FLQHGRL-9DFFLQH 



':HOGRQ/HWWHUWR-XO\*HUEHUGLQJ'LUHFWRURIWKH&'&KWWSZZZ
QDWLRQDODXWLVPDVVRFLDWLRQRUJSGI:HOGRQSGI

0+LUWHRSFLW

,ELGHP

23+HLQRQHQ03DXQLR+3HOWROD7RWDOHOLPLQDWLRQRIPHDVOHVLQ)LQODQG
$QQ0HG  

9$&&,185,/(35(9(1,(6$8%2$/



YDFFLQDWHvQFRSLOULHQXPDLSRWRIHULFRSLOXOXLSURWHFLHvPSRWULYDEROLL
SLHU]QGLPXQLWDWHDGLQSULFLQDOLSVHLUHPHPRUULLVXVPHQLRQDWH
,PXQLWDWHDGDWGHERDODQDWXUDOHVWHGHOXQJGXUDWGHRELFHLSHQWUX
vQWUHDJDYLD,PXQLWDWHDGDWGHYDFFLQHVWHGHVFXUWGXUDWLLQFHUW
9DFFLQDUHDvQOWXUHIHFWXOSR]LWLYDOEROLLQDWXUDOHLSURYRDFRVHULHGH
UHDFLLDGYHUVHQHGRULWHXQHRULIRDUWHJUDYH
E 3UH]HQWDUH
995 9DFFLQXOUXMHROLFPRQRYDOHQW 
HVWHXQYDFFLQDQWLUXMHROLFPRQRYDOHQW QHFRPELQDWFXDOWHYDFFLQXUL 
VLQWHWL]DWGHFWUH,QVWLWXWXO&DQWDFX]LQR
RGR]GHYDFFLQFRQLQHYLUXVXOUXMHROLFDWHQXDWWXOSLQD6FKZDU]FXO
WLYDWSHEUREODWLGHHPEULRQLGHJLQ
HVWHIRORVLWSHQWUXYDFFLQDUHDFRSLLORU
F 5HDFLLDGYHUVHLFRPSOLFDLLSRVWYDFFLQDOH
6XQWGHVFULVHvPSUHXQFXFHOHDOHYDFFLQXOXLFRPELQDW525005 SFW
9,, 

93DURWLGLWDHSLGHPLF RUHLRQ LYDFFLQXOXUOLDQ


3DURWLGLWDHSLGHPLFVDXRUHLRQXOHVWHRERDOLQIHFLRDVDFXWL
FRQWDJLRDVGHWHUPLQDWGHYLUXVXOXUOLDQFDUDFWHUL]DWFOLQLFSULQDIHFWDUHD
JODQGHORUVDOLYDUHSUHFXPLDDOWRUJODQGHLHVXWXULSDQFUHDVVLVWHPQHU
YRVWHVWLFXO(VWHPXOWPDLEHQLJQGHFkWUXMHROD
QWUHFXWvQDLQWHDLQWURGXFHULLYDFFLQXOXLFHLPDLDIHFWDLHUDXFRSLLLFX
YkUVWDFXSULQVvQWUHLDQLQ*HUPDQLDVSUHH[HPSOXGLQWUHFRSLLL
VXEDQLDYHDXDQWLFRUSLSURWHFWRULFHHDFHvQVHDPQFIFXVHUFXWRLL
ERDODHFOLQLFHVXEFOLQLF/DXQSURFHQWGHLQIHFLDHVWHVXEFOLQLF
IUVLPSWRPHFOLQLFH DOLIDFRIRUPXRDUGHERDODVHPHQHD
XQHLYLUR]HXRDUH'RDUIDFIRUPDFODVLFGHERDOFXLQDPDLD



'U&KULVWD7RGHD*URVV

JODQGHORUVDOLYDUHPD[LODUHQ5RPkQLDFDLSHvQWUHJXOJOREERDODVH
WUDQVPLWHHQGHPLFVDXHSLGHPLF
'XSYDFFLQDUHDvQPDVDFRSLLORUFXYDFFLQXOFRPELQDW525ODIHO
FDvQFD]XOUXMHROHLVDDPkQDWRUHLRQXOODYkUVWDDGXOWFkQGERDODHVWH
PDLJUDY
,PXQLWDWHDOVDWGHERDODQDWXUDOHVWHSHUPDQHQW(VWHPRWLYXOSHQ
WUXFDUHVXJDULLQVFXLGLQPDPHFDUHDXDYXWERDODYRUSURWHMDLvQSULPH
OHOXQLGHYLDSULQDQWLFRUSLLSULPLLWUDQVSODFHQWDU
7UDQVPLWHUHD EROLL VH IDFH SULQ VDOLYD LQIHFWDW VWUQXW WXVH  LQG
PXOWPDLSXLQFRQWDJLRDVGHFkWUXMHRODVDXUXEHROD
7DEORXOFOLQLF
,QFXEDLDEROLLGXUHD]VSWPkQL
'HEXWXOHVWHUHODWLYEUXVFFXIHEUFHIDOHHPLDOJLLVHQ]DLHGHWHQVLX
QHGXUHURDVDORMLLSDURWLGLHQHGHRELFHLELODWHUDOOLSVDSRIWHLGHPkQFDUH
VWDUHJHQHUDOXRUDOWHUDW7XPHHUHDSDURWLGHLGXQDVSHFWFDUDFWHULVWLF
GHSDUDOIHHLGHRDUHFHvPEUDFXQJKLXOPDQGLEXOHLLUDPXUDHLDVFHQ
GHQW3LHOHDHVWHGHVWLQVOXFLRDVLDUODSDOSDUHJODQGDDUHRFRQVLVWHQ
SVWRDVLHVWHXRUGXUHURDV6LPSWRPHOHGXUHD]vQPHGLH]LOHFkQG
FHGHD] L WXPHIDFLD IU V VXSXUH]H 3RW  DIHFWDWH FRQFRPLWHQW L DOWH
JODQGHVDOLYDUHJODQGDVXEPD[LODULVXEOLQJXDO
(YROXLD HVWH PDL XRDU OD FRSLO 'XS SXEHUWDWH L OD YkUVWD DGXOW
HYROXLD HVWH GH RELFHL PDL VHYHU FX IHEU vQDOW VWDUH JHQHUDO DOWHUDW
VHDPQFXVWDUHDWLF LFXDIHFWDUHDDOWRUJODQGHSDQFUHDVLWHVWLFXO
&RPSOLFDLL
2UKLWDXUOLDQXQLVDXELODWHUDODSDUHvQFHSkQGGHODSXEHUWDWH(D
HVWHH[WUHPGHUDUVXEDQL QXVHFXQRVFGHFkWFD]XULVXEDQL 
7HVWLFXOXOHVWHWXPHDWLGXUHURVLDUVFURWXOHVWHHGHPDLDWLURLDWLF
5HJUHVLXQHDVXUYLQHvQFLUFD]LOHFXUHVWLWXWLRDGLQWHJUXPvQSHVWH
GLQFD]XULvQUHVWXOFD]XULORUUPkQHXQJUDGYDULDWGHDWURHWHV
WLFXODUD]RRVSHUPLDLQGUDU  LDUVWHULOLWDWHDQXPDLvQFD]GH
RUKLWELODWHUDOFXD]RRVSHUPLH
2RIRULWDHVWHRLQDPDLHDRYDUXOXLLQXHVWHRFRPSOLFDLHVHYHU
LQGPXOWPDLUDUGHFkWRUKLWD



0+LUWHRSFLW
$JHQGD0HGLFDO(GLLDGHEX]XQDU

0,%UXPERLX,6%RFDQRSFLW

*K09RLFXOHVFXRSFLW



 &'& &HQWHUV IRU 'LVHDVH &RQWURO 0XPSV  ZZZFGFJRYQLSSXEOLFD
WLRQSLQNPXPSVSGI

*K09RLFXOHVFXRSFLW

9$&&,185,/(35(9(1,(6$8%2$/



0DVWLWDHVWHRLQDPDLHDVkQLORUFDUHSRDWHVDSDUDWkWODIHPHLFkW
LODEUEDL
3DQFUHDWLWDVHPDQLIHVWFXGXUHULvQDEGRPHQXOVXSHULRULVHQVLELOL
WDWHODSUHVLXQH3RDWHDIHFWDWLSDQFUHDVXOHQGRFULQFXDSDULLDXQHL
WROHUDQHVF]XWHODJOXFLGH(VWHRFRPSOLFDLHFRPXQvQRUKLWGDU
WUHFWRDUHLQXODVVHFKHOH5ROXOHLGLDEHWRJHQLQFULPLQDWvQGLDEH
WXOMXYHQLODIRVWPXOWGLVFXWDWGDUQXVDSXWXWGRYHGLDFHVWOXFUX
$IHFWDUHDVLVWHPXOXLQHUYRVHVWHIUHFYHQWGDUWUHFWRDUHGHVHRULIU
PDQLIHVWULFOLQLFH)RUPHOHFOLQLFHVXQWPHQLQJLWDHQFHIDOLWDLPLH
OLWDXUOLDQ(YROXLDORUVSUHYLQGHFDUHHVWHRUHJXO
'LDJQRVWLFXOSR]LWLYVHSRDWHSXQHSULQGHWHFWDUHDDQWLFRUSLORUvQSULPHOH
]LOHGHERDO9LUXVXOHVWHGHWHFWDWvQXULQGHMDFX]LOHvQDLQWHGHWXPHHUHD
JODQGHLVDOLYDUH
7UDWDPHQWL]RODUHDSDFLHQWXOXLWLPSGH]LOHODGRPLFLOLXVDXODVSLWDO
vQIRUPHOHVHYHUH UHSDXVODSDWGLHWQXWULWLYLIUUHVWULFLLGHRVHELWH
GLHWOLFKLGLVHPLVROLGvQSHULRDGDGHWXPHIDFLHLDUvQFD]GHSDQFUHDWLW
XQUHJLPIUPXOWHJOXFLGHJUVLPLLILQRDVH
9DFFLQXOXUOLDQ
3UHWH[WXOSHQWUXFDYDFFLQXOVHDGPLQLVWUDWFRSLOXOXLvQYkUVWGHDQ
VDXSHVWHXQDQVLQJXUVDXvQDVRFLHUH 525 HVWHDFHODGHDSUHYHQLRFRP
SOLFDLHDRUHLRQXOXLLDQXPHRUKLWD LQDPDLHDWHVWLFROHORU FDUHDUXUPD
WXQHRULGHVWHULOLWDWH&XWLPSXODFHVWSUHWH[WDIRVWDEDQGRQDWGHRDUHFHSH
GHRSDUWHRUKLWDGHYLQHSHULFXORDVGRDUGXSSXEHUWDWHLDUSHGHDOWSDUWH
DIHFLXQHDHVWHGHRELFHLXQLODWHUDO1RXODUJXPHQWIRORVLWHVWHDFHODFERDOD
DUSURYRFDRWLWHPHGLLFXSRVLELODIHFWDUHDDX]XOXLOXFUXFDUHQXIRVWGRYHGLW
8QDOWDUJXPHQWHVWHDFHODFYLUXVXOSDURWLGLWHLHSLGHPLFHDIHFWHD]SDQFUH
DVXOLSRDWHLQGXFHXQGLDEHW]DKDUDWWLS, LQVXOLQRGHSHQGHQW SULQDIHFWDUHD
VLVWHPXOXLLPXQ$GHYUXOHVWHFYDFFLQXORIDFHFXRPDLPDUHSUREDELOL
WDWHGHRDUHFHYLUXVXOYDFFLQDOHVWHLQWURGXVvQRUJDQLVPvQPRGDUWLFLDOL
UPkQHDLFLvQFRPSDUDLHFXERDODQDWXUDOFkQGRUHLRQXOODVRLPXQLWDWH
SHUPDQHQWFXYLQGHFDUHFRPSOHWLHOLPLQDUHDYLUXVXOXL
9DFFLQXOXUOLDQPRQRYDOHQWVLQJXUHVWHXQYDFFLQFXYLUXVYLXDWHQXDW
LQWURGXVGLQ/DRUDDFWXDOVHDGPLQLVWUHD]vQFRPELQDLHFXYDF
FLQXOUXMHROLFLUXEHROLF525
5HDFLLOHDGYHUVHLFRPSOLFDLLOHSRVWYDFFLQDOHVXQWGHVFULVHODYDF
FLQXO525



'U&KULVWD7RGHD*URVV

9,5XEHRODLYDFFLQXOUXEHROLF
 5XEHROD
(VWHRERDOLQIHFLRDVIRDUWHFRQWDJLRDVSURYRFDWGHYLUXVXOUXEHR
OLFFDUDFWHUL]DWFOLQLFSULQPDQLIHVWULFDWDUDOHUHVSLUDWRULLXRDUHDGHQRSD
WLLHUXSLHPLFURPDFXORDVLFXRHYROXLHEHQLJQ9LUXVXOUXEHROLFDIRVW
L]RODW vQ  LQG XQ YLUXV$51 GLQ IDPLOLD7RJDYLULGDH 6H FXOWLY SH
FHOXOHUHQDOHSURYHQLWHGHODPDLPXDDIULFDQ
$UHRUVSkQGLUHXQLYHUVDOFDUHDSDUHVSRUDGLFVDXvQHSLGHPLL&XWRDWH
DFHVWHDFD]XULOHHSLGHPLFHQXSRWVHVL]DWHWRDWHPXOWHLQGIRUPHDWLSLFH
IUHUXSLHQXHVWHRERDOGHFODUDELOPRWLYSHQWUXFDUHQXHVWHELQHFX
QRVFXWPRUELGLWDWHDHL1XVDXvQUHJLVWUDWFD]XULGHGHFHVGLQFDX]DUXEHR
OHL%RDODHVWHSXLQPDLVHYHUODDGXOW
6XUVDGHLQIHFLHHVWHRPXOEROQDYFXLQIHFLHFOLQLFLVXEFOLQLF
7UDQVPLWHUHDHVWHSULQDHUSULQVHFUHLLQD]RIDULQJLHQH
,PXQLWDWHDGDWGHERDOHVWHGHOXQJGXUDWVHFXQRVFUDUHFD]XULFX
UHvPEROQYLUL GH RELFHL VXQW VXEFOLQLFH UHLQIHFLLOH VXQW PDL IUHFYHQWH OD
SHUVRDQHOHFXLPXQLWDWHDUWLFLDOSRVWYDFFLQDO
7DEORXOFOLQLF
,QFXEDLDYDULD]vQWUHLGH]LOH
3HULRDGDSUHHUXSWLYGHEXWXOHVWHLQVLGLRVFXIHEUXRDUIHQRPHQH
FDWDUDOHQD]DOHFRQMXQFWLYDOHFHIDOHHXRDULLQLGLVSR]LLH3ULPXOLXO
WLPXOVHPQDOUXEHROHLHVWHWXPHHUHDJDQJOLRQLORUOLPIDWLFLRFFLSLWDOL FHD
PDLIUHFYHQW ODWHURFHUYLFDOLVXEPD[LODULHWF6SOLQDHVWHXRUPULW
3HULRDGDHUXSWLY
HUXSLDHVWHDVHPQWRDUHFXFHDUXMHROLFPDFXOHGHFXORDUHUR]FDUH
QXFRQXHD]OVkQGvQWUHHOHSRUWLXQLGHSLHOHVQWRDVHUXSLDDSDUHLQL
LDOGXSXUHFKHLSHIUXQWHDSRLvQWLPSGHR]LFXSULQGHIDDWUXQFKLXO
LPHPEUHOHPkQFULPHD SUXULW HVWHXRDUODFRSLOLPDLDFFHQWXDWOD
DGXOWODFDUHHUXSLDHVWHPDLLQWHQV
WXPHHUHDJDQJOLRQLORUSHUVLVWLvQDFHDVWSHULRDG
(YROXLD
ODFRSLLERDODHVWHIRDUWHXRDUHUXSLDOLSVLQGGHVHRUL
ODDGXOWERDODHVWHXQHRULPDLVHYHUFXDUWUDOJLL GXUHULDUWLFXODUH L
HUXSLHPDLLQWHQV



)3*UDIRSFLW
*K09RLFXOHVFXRSFLW





,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



vQ PRG QRUPDO HUXSLD WUHFH vQ  ]LOH OD IHO L IHEUD FDUH GHVHRUL
OLSVHWH
&RPSOLFDLL
VXQWIRDUWHUDUHRWLWHDQJLQHSQHXPRQLLVXSUDLQIHFLLEDFWHULHQH
DUWULWD UXEHROLF DSDUH vQGHRVHEL OD DGROHVFHQL L DGXOL HVWH PDL
IUHFYHQWvQHSLGHPLLLVHPDQLIHVWSULQGXUHULDUWLFXODUHLSHULDUWLFXODUH
DSDUHRGDWFXHUXSLDVDXLPHGLDWGXSDFHHDLSRDWHGXUDVSWPkQL
5XEHRODODJUDYLGHLUXEHRODFRQJHQLWDO
5XEHRODQXSUH]LQWXQSHULFROSHQWUXVQWDWHDPDPHLGXSFXP
VDY]XW6LQJXUXOSHULFROH[LVWDWXQFLFkQGIHPHLDvQVUFLQDWIDFHUXEHR
OvQSULPHOHOXQLGHVDUFLQSXWkQGDIHFWDIWXO(VWHLQGLFDWFDWRDWHIHWHOH
VIDFUXEHROvQFRSLOULHFDUHOHODVRLPXQLWDWHvQGHOXQJDWGHFHOHPDL
PXOWHRULSHYLDLQFOXVLYSHWLPSXOVDUFLQLLLVQXVHYDFFLQH]HvPSRWULYD
UXMHROHLGHRDUHFHQXODVRLPXQLWDWHvQGHOXQJDW'LPSRWULYH[LVWDQVH
PDULVIDFERDODODYkUVWDDGXOWLQFOXVLYvQWLPSXOVDUFLQLLYDFFLQXO525
QXHVWHGRDULQHFLHQWFLFRPSRUWLPXOWHULVFXUL
DSDULLDUXEHROHLFRQJHQLWDOHGHSLQGHGHVWDUHDGHUHFHSWLYLWDWHDSRSX
ODLHL IHPLQLQH DDWH OD YkUVWD IHUWLOvQ WUHFXW  GLQWUH DGROHVFHQWH
HUDXVXVFHSWLELOHODUXEHRO
QXDPJVLWQLFLRVWDWLVWLFFDUHVDUDWHODRUDDFWXDOVWDUHDGHUHFHS
WLYLWDWHODDGROHVFHQWHLQLFLODIHPHLOHDDWHODYkUVWDIHUWLOGLQ5RPkQLD
HVWHSRVLELOFDSURFHQWXOVVHVFKLPEDWIRDUWHPXOWGDWRULWYDFFLQXULORU
GLQFRSLOULHFDUHQXODVRLPXQLWDWHvQGHOXQJDWODQRLYDFFLQXOXL525VH
DGPLQLVWUHD]ODYkUVWDGHDQODWRLVXJDULL LQGLIHUHQWGHVH[FHHDFHQX
HVWHH[SOLFDELOWLLQGFUXEHRODHVWHFHDPDLEHQLJQLQIHFLHFRQWDJLRDV
LDUODELHLQXLDUHURVWXO 
UHLQIHFLLOHGHUXEHROvQJUDYLGLWDWHGHLSRVLELOHQXDIHFWHD]IWXO
DUP'U9RLFXOHVFX
FRSLLL DOH FURU PDPH DX FRQWUDFWDW UXEHROD vQDLQWH GH FHD GHD
DDVSWPkQGHVDUFLQIUFDDFHVWHDVDLELPXQLWDWHSHQWUX
UXEHRO VHGR]HD]DQWLFRUSLL YRUSXWHDDIHFWDLSUH]HQWkQGPDOIRU
PDLLODFRSLLLQVFXLGLQPDPHFDUHDXIFXWUXEHROGXSDDVSW
PkQGHVDUFLQQXVHFRQVWDWQLFLRPDOIRUPDLHvQWUHVSWPkQDDD



'U&KULVWD7RGHD*URVV

LDDUXEHRODSRDWHSURYRFDODIWGHIHFWHFRQJHQLWDOHvQGLQFD]XUL
UXEHRODODJUDYLGHPDLSRDWHSURYRFDDYRUWVSRQWDQLQDWHULSUHPDWXUH
0DQLIHVWULOHFHOHPDLIUHFYHQWHDOHUXEHROHLFRQJHQLWDOHVXQW
RFXODUHFDWDUDFWDLULGRFLFOLWJODXFRPUHWLQRSDWLHHWF
DXGLWLYHVXUGLWDWHD
FDUGLRYDVFXODUHQHXURSVLKLFHHWF
9DFFLQXOUXEHROLF
D *HQHUDOLWL6WXGLL
3ULPXOYDFFLQUXEHROLFDIRVWVLQWHWL]DWvQvQ68$FXWXOSLQD&H
PGHKL33GDUDXIRVWSXVHVXEVHPQXOvQWUHEULLDWkWHFLHQDFkWL
VLJXUDQDDFHVWXLD&XWRDWHDFHVWHDVDXDGPLQLVWUDWSHVWHPLOLRDQH
GH GR]H GH YDFFLQ vQ 68$ QFHSkQG FX DQXO vQ FDUH D IRVW LQWURGXV
YDFFLQXOVDvQUHJLVWUDWRFUHWHUHDFD]XULORUGHUXEHROODDGROVHFHQL
LDGXOLGHRDUHFHDDFXPUHPDUFD&KHUU\OvQDUHORFRDPk
QDUHDEROLLGHODYkUVWDFRSLOULHL VXEDQL ODYkUVWDGHDGROHVFHQW
SHVWHDQL 6HWLHFGHIDSWQXVHDUHvQYHGHUHRSUHYHQLUHD
UXEHROHL vQ FRSLOULH FL R SUHYHQLUH D UXEHROHL FRQJHQLWDOH 1X VD
SXWXW UHDOL]D DFHVW RELHFWLY LQG XQXO XWRSLF 5XEHROD FRQJHQLWDO D
VF]XWvQ68$GDWRULWVFGHULLQXPUXOXLGHQDWHULQXGDWRULWYDFFL
QXOXL&KHUU\ODUHXLWvQQDOVDFFHQWXH]HXQHOHSUREOHPHLPSRUWDQWH
OHJDWHGHDFHVWYDFFLQ5XEHRODQXSRDWHHUDGLFDWSULQYDFFLQDUH
DDFXPVDGRULWLQLLDOGHRDUHFHUHLQIHFLDSRDWHDYHDORFDWkWGXS
ERDODQDWXUDOFkWLGXSYDFFLQUXEHRODHVWHDPkQDWSULQLQWHU
PHGLXOYDFFLQXULORUODRYkUVWFkQGQXHVWHGHORFGRULWRDVWIHOGH
LQIHFLH&D]XULOHGHUXEHROFRQJHQLWDODXVF]XWGDWRULWFUHWHULL
QXPUXOXLGHDYRUWXULSURYRFDWH
'HVSUHYDFFLQDUHDDQWLUXEHROLF9LHUD6FKHLEQHUDUPFHVWHXQH[
SHULPHQWLQXWLOLSHULFXORVFDUHFRQWLQXLvQ]LXDGHD]L
8QVWXGLXLPSRUWDQWGHVSUHYDFFLQXODQWLUXEHROLFVDHIHFWXDWvQ$XVWUD
OLDGHFWUH'U%HYHUO\$OODQvQ$FHVWDDDGPLQLVWUDWXQRUUH
FUXLGLQDUPDWODFDUHQXVDXHYLGHQLDWDQWLFRUSLIDGHERDO GHFL
QXDYHDXLPXQLWDWH YDFFLQXODQWLUXEHROLF(ODREVHUYDWFGXS




,ELGHP

,ELGHP

,ELGHP

,ELGHP
,ELGHP

96FKHLEQHURSFLW

,ELGHP


9$&&,185,/(35(9(1,(6$8%2$/



FHVROGDLLDXIRVWYDFFLQDLFX&HQGYD[ YDFFLQFXYLUXVUXEHROLFYLX
DWHQXDW LWULPLLvQWUXQODJUXQGHHUDRHSLGHPLHGHUXEHROvQGH
FXUVGHOXQLGLQWUHVROGDLLYDFFLQDWLVDXvPEROQYLWGHUXEH
ROQXUPDDOWXLH[SHULPHQWIFXWSHFRSLLFXGL]DELOLWLGLQGLYHUVH
&HQWUHVSHFLDOHDGHPRQVWUDWDFHODLOXFUXLQHFLHQDYDFFLQXOXL
Q/RQGUD6LU+HQU\<HOORZOHHVDWULPLVRVFULVRDUHFWUHWRLPHGLFLL
GLQ/RQGUDLDUDSRLDVFULVLvQ]LDUXO/RQGRQ'DLO\7HOHJUDSKGLQ
IHEUXDULHGHVSUHLQHFLHQDYDFFLQXOXLDQWRUXEHROLFFXWRDWH
FVHIDFHRFDPSDQLHLQWHQVGHYDFFLQDUHvQPDVFD]XULOHGHUXEH
ROFRQJHQLWDOQXDXVF]XWGHORF$OLDXWRULDUDWFXQSURFHQWGH
GLQWUHFHLYDFFLQDLQXSUH]LQWVHURFRQYHUVLHDGLFQXIRUPHD]
DQWLFRUSLGHFLQXDXQLFLLPXQLWDWHIDGHERDO GXSFXPQHDUDW
/LWHUDWXUDGHVSHFLDOLWDWH OXFUXGHORFVXUSULQ]WRU
&DPSDQLLOH GH YDFFLQDUH vQ PDV DX GHFODQDW GHVHRUL HSLGHPLL GH
UXEHRO vQ  .ORFN L 5DFKHOHIVN\ GHVFULX R DVWIHO GH HSLGHPLH
SHVWHGHFD]XUL FDUHDL]EXFQLWvQ&DVSDU:\RPLQJvQSHULRDGD
LDQXDULHPDLODGRDUOXQLGXSRFDPSDQLHGHYDFFLQDUHvQ
PDVDQWLUXEHROLFFkQGDXIRVYDFFLQDWLGLQHOHYLLFROLORUSUL
PDUHLGLQFRSLLLSUHFRODUL$IRVWJUHLWLSRWH]DFRQIRUPFUH
LDSULQYDFFLQDUHDFRSLLORUSUHFRODULLSUHSXEHUWDULLGREkQGLUHD
XQHLLPXQLWLvQDOWHODDFHDVWYkUVWVHYDSXWHDHYLWDUVSkQGLUHD
UXEHROHLODUHVWXOSRSXODLHL$FHODLOXFUXVHvQWkPSOLvQ]LXDGH
D]L FkQG REVHUYP DSDULLD XQRU IRFDUH HSLGHPLFH OD DGROHVFHQL L
DGXOL LQFOXVLYIHPHLvQVUFLQDWH GXSYDFFLQDUHDFRSLLORULHOHYLORU
PDLPLFLQ&OXM1DSRFDDL]EXFQLWRHSLGHPLHGHUXEHROLDUQDWUH
FXWD  ODGRDUOXQLGHODYDFFLQDUHDHOHYLORUGLQFODVD,
LD,,DFXYDFFLQXO525(SLGHPLDDDWLQVvQVSHFLDOVWXGHQLLDGXOL
WLQHULLQFOXVLYVWXGHQWHvQVUFLQDWHSHFDUHLDPWUDWDWLQGPHGLFGH
IDPLOLH SHQWUX VWXGHQLLGH OD )DFXOWDWHD87& GLQ &OXM1DSRFD 8QLL
GLQWUHHLSUH]HQWDXFRPSOLFDLL SQHXPRQLLDUWULWH LDUVWXGHQWHOHvQ
VUFLQDWHDXDYXWQHYRLHGHFRQVLOLHUH
Q&DQDGDvQUHFRPDQGDUHDGLQSDUWHD2FLDOLWLORUHUDXUP
WRDUHD9DFFLQXOUXEHROLFDUWUHEXLVHDGPLQLVWUDWvQPRGVLVWHPDWLF


,ELGHP
0$0HQVHU-0)RUUHVW0DWHUQDOLQIHFWLRQVDQGWKHGHYHORSLQJIRHWXV0HG
-$XVW0DU  KWWSZZZQFELQOPQLKJRYSXEPHG

 / ( .ORFN XQG * 6 5DFKHOHIVN\ )DLOXUH RI UXEHOOD KHUG LPPXQLW\ GXU
LQJ DQ HSLGHPLF 1 (QJO - 0HG -DQ    KWWSZZZQFELQOPQLK
JRYSXEPHG




'U&KULVWD7RGHD*URVV

WXWXURU FRSLLORU LQGLIHUHQW GH VH[ vQFHSkQG FX YkUVWD GH XQ DQ VDX
LPHGLDWGXSDFHHDvQFRPELQDLHFXYDFFLQXOUXMHROLFLXUOLDQ XQ
WULYDFFLQ525005 9DFFLQXOUXEHROLFDUWUHEXLDGPLQLVWUDWWXWXURU
WLQHUHORULIHPHLORUWLQHUHH[FHSWkQGFD]XULOHFDUHGLVSXQGHLPXQL
WDWH1XVXQWFXQRVFXWHUHDFLLDGYHUVHDOHYDFFLQXOXLODIHPHL&X
WRDWHDFHVWHDYDFFLQXODQWLUXEHROLFDIRVWFRQWUDLQGLFDWODIHPHLOHJUD
YLGH9LHUD6FKHLEQHUFULWLFvQPRGYHKHPHQWRDVWIHOGHSROLWLF
VSHFLFXQXLUHJLPWRWDOLWDULVW
Q5RPkQLDODFRSLLHVWHIRORVLWYDFFLQXOFRPELQDW525
E 3UH]HQWDUH
58',9$;HVWHXQYDFFLQUXEHROLFPRQRYDOHQWVLQWHWL]DWGH6$12),
3$67(85LFRQLQHYLUXVYLXDWHQXDWWXOSLQD:,67$55$0
F 5HDFLLDGYHUVHLFRPSOLFDLLSRVWYDFFLQDOH
$GHQRSDWLHLQDPDLDJDQJOLRQLORU
$UWULWH LQDPDLDDUWLFXODLLORU DXIRVWGHVFULVHDUWULWHGH&RRSHUD
vQ.LOUR\DGHVFULXvQGXUHULDFFHQWXDWHDSUXWHOD
QLYHOXO PkLQLORU L D JHQXQFKLORU XQHRUL VROGDWH FX VHFKHOH SUHFXP
GHIRUPULDOHDFHVWRUD
0LHORUDGLFXORQHYULWHvQ*LOPDUWLQDDXUHODWDWGHVSUHGH
FD]XULFXDFHVWVLQGURPGXSRFDPSDQLHGHYDFFLQDUHvQPDVFXYDF
FLQXODQWLUXEHROLFDFRSLLORU&XDFHHDLLQWHQVLWDWHDXDSUXWFD]XUL
GHPLHORUDGLFXORQHYULWHLODFRSLLLYDFFLQDLFX+39 YLUXVSDSLORPD
XPDQ WLSXULOH+39'.L+39'(&HLPDLDIHFWDLDXIRVW
FRSLLLSUHFRODUL5HDFLLOHDGYHUVHODDPEHOHWLSXULGHYDFFLQ UXEHROLF
L+39 DXDSUXWODPDMRULWDWHDFRSLLORUvQSULPHOHVSWPkQLGH
ODYDFFLQODDOLLPDLWkU]LX


96FKHLEQHURSFLW
$JHQGD0HGLFDO(GLLDGHEX]XQDU(GLWXUD0HGLFDO

 / = &RRSHU 3 5 =LULQJ + - :HLVV XD 7UDQVLHQW DUWKULWLV DIWHU UXEHO
OD YDFFLQDWLRQ $P - 'LV &KLOG $XJKWWSZZZQFELQOPQLK
JRYSXEPHG

$:.LOUR\:6FKHIIQHU:))OHHW/%/HENRZLW]-U'7.DU]RQXQG*0
)HQLFKHO7ZR6\QGURPHV)ROORZLQJ5XEHOOD,PPXQL]DWLRQ&OLQLFDO2EVHUYDWLRQVDQG(S
LGHPLRORJLFDO6WXGLHV$PPHG$VV  KWWSMDPDMDPDQHWZRUN
FRPDUWLFOHDVS["DUWLFOHLG 

5&*LOPDUWLQ-7-DEERXUXQG'$'XHPDV5XEHOODYDFFLQHP\HORUDGLFXOR
QHXULWLV-3HGLDWU  KWWSZZZQFELQOPQLKJRYSXEPHG


9$&&,185,/(35(9(1,(6$8%2$/



,QHFLHQD YDFFLQXOXL DQWLUXEHROLF D GHYHQLW GHVWXO GH UHSHGH XQD GLQ


WHPHOHFHOHPDLGLVFXWDWHvQDFHDSHULRDGQFHOHGLQXUPVDFRQYHQLW
ODFRPELQDUHDOXLFXYDFFLQXOUXMHROLFLYDFFLQXOXUOLDQUH]XOWkQGYDFFLQXO
WULYDOHQW525005

9,,9DFFLQXO525 UXMHROLFXUOLDQUXEHROLF
*HQHUDOLWL
6WXGLLOHFDUHVHIDFODRUDDFWXDO vQPRGRFLDO VHvQWLQGSHVSW
PkQLGXSYDFFLQXODQWLUXMHROLFLDUXQWLPSPDLOXQJHVWHFRQVLGHUDWLQXWLO
GHRDUHFHYLUHPLDSRVWYDFFLQDO YLUXVXOGLQVkQJH SRDWHGRYHGLWGRDUvQ
DGRXDVSWPkQGHODYDFFLQ0DMRULWDWHDVWXGLLORUVDXIFXWFXYDFFLQXO
DQWLUXMHROLFVLPSOXQXFXWULYDFFLQXO5250053HULRDGDGHVSWPkQL
HVWHFXWRWXOLQVXFLHQWGHRDUHFHQHSXWHPDWHSWDODUHDFLLVHFXQGDUHGH
ODYDFFLQGXSOXQLVDXDQLGH]LOHGDWRULWH[LVWHQHLXQRUYLUXVXULUHVWDQWH
YLUXVXULODWHQWH 
/HJDWGHDFHDVWSUREOHPUHQXPLWXOHSLGHPLRORJFDQDGLDQ6SLW]HUVH
DUDWvQJULMRUDWGHIDSWXOFQXVHIDFHQLPLFSHQWUXDGHPRQVWUDVLJXUDQD
YDFFLQXOXL005525QWLPSFHPXOWHVWXGLLDUDWHIHFWHOHIDYRUDELOHDOH
YDFFLQXOXLQXDPSXWXWJVLQLFLXQVWXGLXFDUHVDWHVWHVLJXUDQDOXLSULYLQG
HIHFWHOHVHFXQGDUHLEROLOHSRVWYDFFLQDOHDUPDHO
6WXGLLOHIFXWHSkQDFXPQXDUDWGHORFVLJXUDQDDFHVWXLWULYDFFLQ1X
VDIFXWQLFLXQVWXGLXFRPSDUDWLYFXFHLQHYDFFLQDL6HWLHFYLUXVXULOH
YLLFRPELQDWHSRWGXFHSULQVFKLPEULGHJHQHvQWUHHOHODPRGLFULDOH
SURSULHWLORU YLUDOH 'DF DUH ORF R VFGHUH D LPXQLWLL SULQ XQXO GLQWUH
YLUXVXULOHGLQYDFFLQFHOHODOWHGRXYLUXVXULH[LVWHQWHSRWSURYRFDRLQIHFLH
ODWHQWVDXRUHDFLHDXWRLPXQ/DSDFLHQLLFXRDIHFLXQHKHSDWLFDXWRL
PXQVDXSXWXWGHWHFWDvQFDWYLUXVXULGLQYDFFLQvQFPXOLDQLGXSFHDX
IRVWYDFFLQDLvPSRWULYDUXMHROHL


0+LUWHRSFLW
 : 6SLW]HU 7KH 5HDO VFDQGDO RI WKH 005 GHEDWH 'DLO\ 0DLO 
KWWSZZZYDFFLQDWLRQQHZVFRP'DLO\1HZV0DUFK"5HDO6FDQGDO005KWP

 + .DZDVKLPD HW DO  3RO\PHUDVH FKDLQ UHDFWLRQ GHWHFWLRQ RI WKH KHPDJOXWLQLQ
JHQHIURPDQDWWHQXDWHGPHDVOHVYDFFLQHVWUDLQLQWKHSHULSKHUDOPRQRQXFOHDUFHOOVRIFKLO
GUHQZLWKDXWRLPPXQHKHSDWLWLV$UFK9LURO  




'U&KULVWD7RGHD*URVV

/DFRSLLLFXDXWLVPVDSXWXWGRYHGLH[LVWHQDYLUXVXOXLYDFFLQDOvQOHX
FRFLWHPXFRDVDLQWHVWLQDOLOLFKLGXOFHIDORUDKLGLDQ /&5 vQFGXSDQLGH
]LOHGHODYDFFLQ
Q68$vQWUHDQLLVDXUDSRUWDWPDLPXOWGHGHSOkQ
JHUL OHJDWH GH HIHFWHOH VHFXQGDUH DOH YDFFLQXOXL 005 525  Q  vQ
0DUHD%ULWDQLHDXWRULWLOHGLQGRPHQLXDXUDSRUWDWGHFD]XULJUDYHvQ
XUPDYDFFLQULLDPLOLRDQHGHFRSLLFXWULYDFFLQXO005 525 GLQWUHFDUH
PXOWHFD]XULGHPHQLQJRHQFHIDOLWHLDUWULWHFRUQLFH5DSRUWXOHVWHGHFD]
JUDYODGHYDFFLQDL
6XJDULLPDPHORUYDFFLQDWHFX525QXSUH]LQWGRDURDSUDUHVF]XW
IDGHUXMHROFLLIDGHXQDOWYLUXVFDUHHVWHvQUXGLWFXFHOUXMHROLFYLUX
VXOUHVSLUDWRUVLQFLLDO 956 UHVSRQVDELOGHQXPHURDVHLQIHFLLUHVSLUDWRULL
JUDYHODVXJDULQULOHLQGXVWULDOL]DWHDFUHVFXWvQJULMRUWRUGHPXOWIUHF
YHQDLJUDYLWDWHDEURQLWHORUFXDFHVWYLUXVvQWLPSFHvQULOHFXYDFFLQUL
SXLQHUDWDLQIHFLLORUUHVSLUDWRULLFX956HVWHVF]XW
(OLPLQDUHDYLUXVXOXL9LUXVXOSRDWHHOLPLQDWGHFWUHFHLYDFFLQDL
vQF WLPS GH  VSWPkQL 3HQWUX RDPHQLL VQWRL DFHVW OXFUX HVWH
OLSVLWGHSHULFROGDUSHQWUXFHLFXXQVLVWHPLPXQGHFLWDUSRDWHGHYHQLR
SUREOHP
&RPELQDUHDFHORUWUHLYDFFLQXULVDIFXWGLQPDLPXOWHPRWLYH206
GHFODUFVFRSXOHVWHHUDGLFDUHDFHORUWUHLEROL3UREOHPDXQHLIDOVHHUDGL
FULDIRVWWUDWDWODYDFFLQXOUXMHROLF6HWLHODRUDDFWXDOFDFHVWRELHFWLY
QXSRDWHDWLQVLQLFLQXHVWHQHFHVDU2WLXLFHLGHOD2062ULFHERDO
QDWXUDO LQFOXVLY FHOH WUHL GHVFULVH DLFL ODV vQ XUP R LPXQLWDWH QDWXUDO
vQGHOXQJDW FDUH YD SURWHMD RUJDQLVPXO vQ YLLWRU L GH DOWH EROL vQ VSHFLDO
GH EROL FURQLFH JUDYH OHXFHPLH EROL UHQDOH D 7UHEXLH UHPDUFDW IDSWXO
FvQDLQWHGHDH[LVWDYDFFLQXULOHFHOHWUHLEROLQXHUDXFRQVLGHUDWHFDLQG
SHULFXORDVH'LPSRWULYHUDXHWLFKHWDWHGUHSWEROLEHQLJQHDOHFRSLOULHL&X

-%UDGVWUHHW%LRORJLFDOHYLGHQFHRIVLJQLFDQWYDFFLQHUHODWHGVLGHHIIHFWVUHVXOW
LQJLQQHXURGHYHORSPHQWDOGLVRUGHUV3UHVHQWDWLRQWRWKH9DFFLQH6DIHW\&RPPLWWHHRIWKH
,QVWLWXWHRI0HGLFLQH7KH1DWLRQDO$FDGHPLFVRI6FLHQFHKWWSZZZQDWLRQ
DODXWLVPDVVRFLDWLRQRUJSGI,20%UDGVWUHHWSGI

-)OHWFKHU6DIHRU6RUU\"+HDOWKYLVLWRU9RO1R

$7 $U]QHL7HOHJUDPP ]XU9HUWUlJOLFKNHLWGHU0DVHUQLPSIXQJ$7

-$:HLJO:3XSSH2%HONH-1HXVVXVHWHWDO7KHGHVFULSWLYHHSLGHPLRORJ\
RI VHYHUH ORZHU UHVSLUDWRU\ WUDFW LQIHFWLRQV LQ FKLOGUHQ LQ .LHO *HUPDQ\ .OLQ 3lGLDWU
  

&0LOOHU/LYHPHDVOHVYDFFLQHD\HDUIROORZXS%0- &OLQ5HV(G 
  KWWSZHESDJHVQHWOLQNFRQ]LDVPHDVOHVKWP

0+LUWHRSFLW

9$&&,185,/(35(9(1,(6$8%2$/



WRDWHDFHVWHDSXEOLFLWDWHDIFXWYDFFLQXULORULPDLDOHVWHDPDLQGXVSRSX
ODLHLFFHOHWUHLEROLDUSXWHDSURYRFDEROLJUDYHLFKLDUPRDUWHDFRSLOXOXL
QHYDFFLQDW D GXV OD R YkQ]DUH IU SUHFHGHQW D YDFFLQXULORU 'U )ULHGULFK
*UDIDUDWFvQFHLGHDQLGHSUDFWLFPHGLFDOQXDDYXWQLFLPFDUXQ
VLQJXUFD]GHGHFHVFDX]DWGHXQDGLQWUHFHOHWUHLEROL$FHODLOXFUXvOVSXQL
FROHJLLOXLPHGLFLSHGLDWUL'U*UDIUHODWHD]FDY]XWIRDUWHPXOWHHSLGH
PLLGHUXMHROLDUSXLQHOHFD]XULVHYHUHDYHDXvQDQWHFHGHQWHHRHYROXLH
GLFLOGXSDOWHYDFFLQXULHGLQFDX]DXQHLVXSUDYHJKHULQHDWHQWHDEROLL
HRWUDWDUHLQDGHFYDWDIHEUHLQWRDWHDFHVWHFD]XULPDLJUDYHYLQDHUD
SXV PHUHX SH VHDPD UHIX]XOXL YDFFLQXOXL 1X HVWH QHYRLH GH R GRYDG
VFULVVDXYHUEDODPHGLFLORUGHVSUHDGHYUFFLGRYDGVWDXSULQLLLEX
QLFLLQRWULLFDUHQXVHWHPHDXGHEROLOHFRSLOULHLWLLQGFQXHUDXSHULFXORD
VH5DUHOHFRPSOLFDLLDOHEROLORUFRQWDJLRDVHQXVHSRWFRPSDUDFXDFWXDOHOH
FRPSOLFDLLSRVWYDFFLQDOHFDUHVXQWPXOWPDLJUDYHLPXOWPDLQXPHURDVH



'U&KULVWD7RGHD*URVV

RIRUPWUXQFKLDWGHERDO UXMHRO IHEUVWDUHJHQHUDOXRUDOWHUDW


LXQHRULHUXSLHFXWDQDW6LPSWRPHOHDSDULPDLIUHFYHQWGXSWULYDFFLQXO
005 525GHFkWGXSYDFFLQXODQWLUXMHROLFVLPSOX&XDOWHFXYLQWHXQ
SURFHQWGHVWXOGHPDUHGLQWUHFRSLLLYDFFLQDL QXLLPXQL]DL IDFRIRUP
VXEFOLQLFGHUXMHRO

3UH]HQWDUH

E &UL]HFRQYXOVLYHIHEULOH
/D]LOHGXSYDFFLQSRWDSDUHFRQYXOVLLIHEULOHFXRIUHFYHQGH
GHFD]XUL(OHQXDXUHSHUFXVLXQLXOWHULRDUHODFRSLLLVQWRLvQ
VFKLPEODFHLFDUHDXDYXWLvQDOWHVLWXDLLFRQYXOVLLIHEULOHVDXDXUXGHFDUH
OHDXDYXWvQDQWHFHGHQWHHVWHFUHVFXWULVFXOGHDDYHDFRQVHFLQHPRWLYSHQ
WUXFDUHHVWHQHFHVDUFDPHGLFXOGHIDPLOLHVLQIRUPH]HSULQLLFRSLOXOXLvQ
OHJWXUFXDFHVWHSUREOHPH
8QHRULFRQYXOVLLOHIHEULOHDSUXWHGXSYDFFLQSRWSULPXOVLPSWRP
DOXQHLHQFHIDOLWHSRVWYDFFLQDOH(QFHIDOLWDSRVWYDFFLQDOHVWHRDIHFWDUHD
VLVWHPXOXLQHUYRVLSRDWHSURYRFDWGHRULFHYDFFLQLQFOXVLY525

D 35,25,; DvQORFXLWYDFFLQXO525
(VWHVLQWHWL]DWGH*/$;260,7+./,1(
(VWHXQYDFFLQIRORVLWSHQWUXLPXQL]DUHDFWLYIDGHUXMHRORUHLRQL
UXEHRO
&RQLQHWXOSLQDUXMHROLF6FKZDU]WXOSLQDXUOLDQD5,7LWXOSLQDUXEHR
OLF:LVWDU5$
E 35,25,;7(75$
$UHDFHHDLFRPSR]LLHFDL35,25,;DYDQGvQSOXVWXOSLQDYDULFH
OR]RVWHULDQ2.$
F 005,,
6LQWHWL]DWGH0(5&.6+$53 '2+0(
(VWHXQYDFFLQFXYLUXVXULYLLUXMHROLFXUOLDQLUXEHROLF
(VWHXWLOL]DWFXSUHFGHUHvQ68$LvQDOWHULHXURSHQH

F 5HDFLLDOHUJLFHLDQDOD[LH
/DGLQGHFD]XULVDXREVHUYDWFD]XULJUDYHGHDOHUJLL$YkQG
vQYHGHUHFDPEHOHYDFFLQXUL DQWLUXMHROLFL525 FRQLQ1HRPLFLQJHOD
WLQFDUROGHVWDELOL]DWRULFHOXOHHPEULRQDUHGHSXLDOHUJLLOHSRWSURYRFD
WHGHRULFDUHGLQWUHDFHVWHFRPSRQHQWH6HREVHUYDSDULLDGLYHUVHORUIRUPH
GHDOHUJLLULQLWHDOHUJLFHFUL]HGHDVWPEURQLFVDXFKLDURFDOHUJLF$FHVWH
UHDFLL JUDYH VXQW SXU L VLPSOX LJQRUDWH GH FWUH 8WH 4XDVW vQ FDUWHD HL
5HDFLL SRVWYDFFLQDOH 8WH 4XDVW HW DO ,PSIUHDNWLRQHQ +LSSRNUDWHV 
$XDJH6WXWWJDUW LFDUHDIRVWGLVWULEXLWJUDWXLWGHFWUHSURGXFWR
UXOGHYDFFLQXUL&KLURQ%HKULQJvQWRDWHFDELQHWHOHPHGLFDOH
QWUHWLPSVHWLHFYDFFLQXODQWLUXMHROLFGDWRULWFRQLQXWXOXLvQJHOD
WLQSURYRDFDOHUJLLvQFUXFLDWHFXDOLPHQWHSUHFXPRXODSWHGHYDFVDX

5HDFLLDGYHUVHLFRPSOLFDLLSRVWYDFFLQDOH
D %RDODSRVWYDFFLQDOVXEFOLQLF
2IHEUFDUHSHUVLVWPDLPXOWH]LOHvQWUH]LOHOHDSDUHODXQSURFHQW
GHGLQWUHYDFFLQDLQDFHVWLQWHUYDOGHWLPSFRSLOXOSUH]LQWGHVHRUL


)ULHGULFK3*UDIRSFLW
$JHQGD0HGLFDO(GLLDGHEX]XQDU(GLWXUD0HGLFDO




05*HLHU'$*HLHU3HGLDWULF005YDFFLQDWLRQVDIHW\,QWHUQDWLRQDO3HGL
DWULFV

&0LOOHU(0LOOHU%5RZH&%RZLH0-XGG':DONHU6XUYHLOODQFHRIV\PS
WRPVIROORZLQJ005YDFFLQHLQFKLOGUHQ7KH3UDFWLWLRQHU

0+LUWHRSFLW

:(KUHQJXW0HDVOHV(QFHSKDOLWLV$JHGLVSRVLWLRQDQGYDFFLQDWLRQ$UFKLYJHV
9LUXVIRUVFK;9,  

$7 $U]QHL7HOHJUDPP ]XU9HUWUlJOLFKNHLWGHU0DVHUQLPSIXQJ$7

0+LUWHRSFLW

9$&&,185,/(35(9(1,(6$8%2$/



FDUQHGHSXL0XOLSULQLQXLSRWH[SOLFDGHFHFRSLLLORUQXPQkQF
FDUQHvQSULPLLDQLGHYLDVDXSkQPHUJODFRDO([SOLFDLDH[LVWGDUQX
OHHVWHRIHULWLQGFGHVHRULQLFLPHGLFLLQXRWLX6HYRUEHWHGRDUGHVSUH
DOHUJLDODRXODODSWHGHYDFD
5HDFLLOHDOHUJLFHGXSFXPDPY]XWVXQWLQGXVHGH,J( DQWLFRUSLUH
DJLQH  9LUXVXULOH GLQ YDFFLQXO 005 525  SRW PRGLFD LQ YLWUR OLP
IRFLWHOH XPDQH vQ DD PVXU vQFkW V IRUPH]H DQWLFRUSL DOHUJLFL ,J ( 
'XSXQVWXGLXHIHFWXDWvQ'DQHPDUFDYDFFLQXO525FUHWHGHGRXRUL
ULVFXOSHQWUX1HXURGHUPDWLWD GHUPDWLWDVDXHF]HPDDWRSLFDOHUJLF SkQ
ODYkUVWDGHDQL
G 7URPERFLWRSHQLH3XUSXUDWURPERFLWRSHQLF
/DGLQGHFD]XULGXSVSWPkQLGHODYDFFLQXO525DSDUH
RSXUSXUWURPERFLWRSHQLF ERDOGDWRUDWWURPERFLWRSHQLHLFDUHGXFHOD
VFGHUHDFRDJXOULLVkQJHOXLFXDSDULLDKHPRUDJLLORU 3ULPHOHVLPSWRPH
VXQWQLWHSXQFWHFXWDQDWHKHPRUDJLFHVDXODQLYHOXOPXFRDVHORULvQFHOPDL
UXFD]VHSRDWHDMXQJHODKHPRUDJLLLQWHUQH/DGLQFD]XULFXWURPER
FLWRSHQLHSRVWYDFFLQDOvQUHJLVWUDWHvQ)UDQDQXPUXOWURPERFLWHORUHUDVXE
PPFXELDUODSHVWHGLQFD]XULHYROXLDDIRVWFXFRPSOLFDLL
QSUDFWLFDPHDPHGLFDODPY]XWGHVHRULFD]XULGHWURPERFLWRSHQLHDS
UXWHODVFXUWWLPSGXSYDFFLQXO525GDUQXVHFDXWFDX]DEROLLFLVHSXQH
DFFHQWGRDUSHWUDWDPHQW
H $WD[LH
QDGRXDVSWPkQGXSYDFFLQVDREVHUYDWODXQLLGLQWUHFRSLLRGLV
IXQFLHDFUHLHUXOXLPLF FHUHEHO 6LPSWRPHOHWLSLFHFRQVWDXvQWXOEXUULGH
PHUVGHFRRUGRQDUHDPLFULORUDPkLQLORUFDUHGXUHD]GHRELFHLFkWHYD

 $ 3DWMD 6 0DNLQHQ.LOMXQHQ , 'DYLGNLQ HW DO $OOHUJLF UHDFWLRQV WR PHD
VOHVPXPSVUXEHOODYDFFLQDWLRQ3HGLDWULFV  (

),PDQL.(.HKRH,QIHFWLRQRIKXPDQ%O\PSKRFLWHVZLWK005YDFFLQHLQ
GXFHV,J(FODVVVZLWFKLQJ&OLQ,PPXQRO  

$%2OHVHQ6-XXO.7KHVWUXS3HGHUVHQ$WRSLFGHUPDWLWLVLVLQFUHDVHGIROORZ
LQJYDFFLQDWLRQIRUPHDVOHVPXPSVDQGUXEHOODRUPHDVOHVLQIHFWLRQ$FWD'HUP9HQHUHRO
  

(0LOOHU3:DLJKW&3)DUULQJWRQHWDO,GLRSDWKLFWKURPERF\WRSHQLFSXUSXUD
DQG005YDFFLQH$UFK'LV&KLOG  

'$*HLHU05*HLHU$FRPSDUDWLYHHYDOXDWLRQRIWKHHIIHFWVRI005LPPXQL
]DWLRQDQGPHUFXU\GRVHVIURPWKLRPHUVDOFRQWDLQLQJFKLOGKRRGYDFFLQHVRQWKHSRSXODWLRQ
SUHYDOHQFHRIDXWLVP0HG6FL0RQLW  3,(SXE0DU



'U&KULVWD7RGHD*URVV

]LOH5DSRUWXOHVWHGHFD]XULODGHYDFFLQDL1XVDGDWRDOW
H[SOLFDLHDFHVWHLDIHFLXQLGHFkWRSRVLELOLQIHFLHDFUHLHUXOXL0DLSURED
ELODIHFLXQHDDUHDFHODLPHFDQLVPSDWRJHQLFFDLHQFHIDOLWDSRVWYDFFLQDO
I %RDOD&URKQ
%RDOD &URKQ GHVFULV vQ FDS   HVWH R ERDO DXWRLPXQ D LQWHVWLQXOXL
JURVFXGLDUHHFURQLFGXUHULDEGRPLQDOHLVFGHUHvQJUHXWDWHFDUHDvQUH
JLVWUDWRFUHWHUHVSHFWDFXORDVvQXOWLPLL]HFLGHDQLQ6FDQGLQDYLDvQWUH
DQLLIUHFYHQDEROLLDIRVWGHRULPDLPDUH
$FHDVWDIHFLXQHHVWHSXVvQOHJWXUFXYDFFLQXODQWLUXMHROLF/DFRSLLL
FXERDOD&URKQVDXJVLWYLUXVXOYDFFLQDOvQLQWHVWLQXODFHVWRUD
&RSLLLFDUHVXQWLQIHFWDLFXYLUXVXOUXMHROLFGHODPDPvQYLDDLQWUD
XWHULQVDXvQSULPHOHOXQLGHYLDYRUDYHDXQULVFFUHVFXWGHDGH]YROWD
XOWHULRUERDOD&URKQ
Q5RPkQLDVHFRQVWDWRFUHWHUHvQJULMRUWRDUHDEROLL&URKQvQUkQ
GXODGROHVFHQLORULDGXOLORUWLQHULIUFDVHLPSOLFDWHvQHWLRORJLDORU
YDFFLQXULOH
J %ROLQHXURORJLFH
Q SULPHOH  VSWPkQL GH OD YDFFLQXO 525 FUHWH ULVFXO EROLORU
QHXURORJLFH
(QFHIDOLWH
0LHOLWHWUDQVYHUVH
6LQGURPXO*XLOODLQ%DUUH
$XWLVP
3DUH]HSDUDOL]LLHWF
$OOHUGLVWDUDWvQRVWDWLVWLFWRWDOGLIHULWGHFHDRFLDOFD]FX
FRPSOLFDLLQHXURORJLFHJUDYHODGHFRSLLYDFFLQDL


$03OHVQHU)-+DQVHQ.7DXGRUI/+1LHOVHQ&%/DUVHQ(3HGHUVHQ
*DLWGLVWXUEDQFHLQWHUSUHWHGDVFHUHEHOODUDWD[LDDIWHU005YDFFLQDWLRQDWPRQWKVRI
DLJHDIROORZXSVWXG\$FWD3DHGLDWU  

(63(' (UKHEXQJVHLQKHLWIUVHOWHQHSlGLDWULVFKH(UNUDQNXQJHQLQ'HXWVFKODQG -DKUHV
EHULFKWKWWSZZZSXEOLFU]XQLGXHVVHOGRUIGHHVSHGMDEHKWP

+.DZDVKLPD70RUL<.DVKLZDJLHWDO'HWHFWLRQDQGVHTXHQFLQJRIPHDVOHV
YLUXVIURPSHULSKHUDOPRQRQXFOHDUFHOOVIURPSDWLHQWVZLWKLQDPPDWRU\ERZHOGLVHDVHDQG
DXWLVP'LJ'LV6FL  

0+LUWHRSFLW

+$OOHUGLVW1HXURORJLFDOFRPSOLFDWLRQVIROORZLQJPHDVOHVYDFFLQDWLRQ'HY%LRO
6WDQG

9$&&,185,/(35(9(1,(6$8%2$/



0DLPXOWHFD]XULGHLQDPDLHDQHUYXOXLRSWLFVXQWGHVFULVHvQOLWHUDWXUD
GHVSHFLDOLWDWHXQHOHVROGkQGXVHFXJUDYHWXOEXUULGHYHGHUH
K 6LQGURPXO*XLOODLQ%DUUH 6*%
6*%HVWHDOWXULGHPLHOLWHOHWUDQVYHUVHDOHPGXYHL DIHFLXQLLQDPD
WRULLDOHPGXYHL RFRPSOLFDLHQHXURORJLFVHYHUVROGDWXQHRULFXGHFHV
/DvQVWLWXWXO3DXO(KUOLFKGLQ*HUPDQLDDXIRVWUDSRUWDWHFD]XULvQSHULRDGD

&D]0DULD%QVFXWODPDLHVWHRYLFWLPDYDFFLQXOXL005
525  $XWRULLDXPRGLFDWQXPHOHIHWLHLODGRULQDSULQLORU Q
IHWLDHUDVQWRDVLWRFPDLvPSOLQLVHYkUVWDGHDQLFkQGWUHEXLDVH
YDFFLQDW /D  ]LOH GXS ]LXD HL GH QDWHUH vQ  PDL  L VD DGPLQLVWUDW
YDFFLQXO525/D]LOHGXSYDFFLQSULQLLREVHUYRSR]LLHFLXGDWDSL
FLRUXXOXLGUHSW=LXDXUPWRDUHQXPDLDYHDGHORFSXWHUHvQSLFLRU6LWXDLD
VDDJUDYDW GHLDIRVWLQWHUQDWLWUDWDW LDUODQHOHDQXOXLIHWLDHUDSDUD
OL]DWDWkWODPkLQLFkWLODSLFLRDUH WHWUDSOHJLF 6WDUHDGHVQWDWHQXVD
vPEXQWLWQLFLDQXOXUPWRULDUPHPEUHOHLVDXDWURDW$SRLvQFHWXOFX
vQFHWXODvQFHSXWVSUH]LQWHRXRDUUHYHQLUHGHLGXSDQLGHODYDFFLQ
vQvQFQXSXWHDVWDVLQJXUvQH]XWLQXvLLQHDFDSXOQRFWRPEULH
FkQUHDGRDUNJFXRLPSRUWDQWDWURHPXVFXODULQGQHFHVDU
RvQJULMLUHSHUPDQHQW'LDJQRVWLFXOSXVDIRVW6LQGURP*XLOODLQ%DUUH
6HWLHFDFHVWVLQGURPHVWHXQXOGLQFRPSOLFDLLOHQHXURORJLFHSRVWYDFFL
QDOHVHYHUH/DRUDDFWXDO0DULD%HVWHRIHWLPLFLVOEXFXDWURH
PXVFXODULPSRUWDQWLQGXLYL]LELOHRDVHOHED]LQXOXLDOHPkLQLORULDOH
SLFLRDUHORUDVWIHOvQFkWGLPSUHVLDXQXLVFKHOHWDFRSHULWFXSLHOH$UWLFXODLD
JHQXQFKLORUHVWHEORFDWFRPSOHWQXSRDWHPHUJHLVHMRDFGLQSR]LLHFXO
FDW ODWHUDO SHFRYRU&XPXOWHIRUWVHWkUWHSULQFDPHUGDUHVWHVLQJXUD
PRGDOLWDWHGHDVHGHSODVDFkWGHSXLQSULQFDV/DWRDOHWDUHQHYRLHGH
DMXWRU (VWH XQ FRSLO LQWHOLJHQW QRUPDO GH]YROWDW SVLKLF L FRQWLHQWL]HD]
KDQGLFDSXOHL
L (QFHIDOLWDSRVWYDFFLQDO
(VWHRDIHFLXQHDFXWDFUHLHUXOXLFDUHDSDUHGXSYDFFLQLFRQVWvQ
GHPLHOLQL]DUHDDFXW GLVWUXJHUHDvQYHOLXOXLQHUYLORU SURYRFDWGHRUHDFLH

*60DUVKDOOHWDO'LIIXVHUHWLQRSDWK\IROORZLQJPHDVOHVPXPSVDQGUXEHOODYDFFL
QDWLRQ3HGLDWULFV  9/6WHYHQVRQHWDO2SWLFQHXULWLVIROORZLQJPHD
VOHVUXEHOODYDFFLQDWLRQLQWZR\HDUROGFKLOGUHQ%U-2SKWKDOPRO  I

0+LUWHRSFLW

)XQG6'HODUXHRSFLW



'U&KULVWD7RGHD*URVV

DXWRLPXQ(VWHUH]XOWDWXOXQHLUHDFLLH[DJHUDWHDVLVWHPXOXLLPXQIDGH
YDFFLQ YH]LFDS $IHFLXQHDDSDUHvQWUH]LXDDDLDDGHODYDFFLQL
PDLHVWHGHQXPLW(QFHIDOLWGHPLHOLQL]DQW
3URJQR]DHQFHIDOLWHLSRVWYDFFLQDOHQXHVWHIDYRUDELO8QVWXGLXDUDWF
GLQGHFRSLLFDUHDXIFXWHQFHIDOLWvQSULPHOH]LOHGHODYDFFLQ
GLQWUHHLDXPXULWLDUWRLFHLODOLDXUPDVFXVHFKHOHQHXURORJLFHVDXSVL
KLFHGHQLWLYH
QWUH DQLL  vQ 68$ VDX vQUHJLVWUDW  FD]XUL GH HQFHIDOLW
GXSYDFFLQXODQWLUXMHROLF
Q *HUPDQLD vQ DFHHDL SHULRDG VDX vQUHJLVWUDW GRDU  FD]XUL GDU
FRQIRUP&HQWUXOXLGHFHUFHWDUHSHQWUXVQWDWHDFRSLOXOXLGLQ*HUPDQLDFL
IUHOHRFLDOHVXQWVXEHVWLPDWH6HSDUHFQXVXQWUDSRUWDWHGHFkWGLQ
FD]XULGDUFKLDULDWXQFLULVFXOXQHLHQFHIDOLWHUPkQHGHL
$VWDvQVHDPQFULVFXOXQHLHQFHIDOLWHSRVWYDFFLQDOHQXHVWHPDLPLF
GHFkWFHODOHQFHIDOLWHLGLQFDGUXOUXMHROHL FDLFRPSOLFDLHDEROLL ODFRSLLL
PLFLQVFKLPERGDWFXFUHWHUHDFRSLOXOXLFUHWHLULVFXOXQHLHQFHIDOL
WHSRVWYDFFLQDOH7RFPDLDFHDVWVWDWLVWLFDUDWSHFHED]QHVLJXUVH
VSULMLQLQGLFDLLOHYDFFLQULLDQWLUXMHROLFH
M 3(66SRVWYDFFLQDO
3DQHQFHIDOLWDVXEDFXWVFOHUR]DQW 3(66 HVWHRDIHFLXQHIRDUWHUDU
FHDSDUHWDUGLYFDRFRPSOLFDLHDUXMHROHL3kQvQ]LXDGHD]LQXH[LVW
QLFLRGRYDGFYDFFLQDUHDSRDWHSUHYHQL3(666DREVHUYDWvQVF
ODXQLLGLQWUHVXJDUL3(66DSDUHODIRDUWHVFXUWWLPSGXSYDFFLQ&XWRDWH
DFHVWHDvQOLWHUDWXUDGHVSHFLDOLWDWH3(66HVWHFRQVLGHUDWRFRPSOLFDLHUDU
SRVWUXMHROLFGDUQXLSRVWYDFFLQDO


0+LUWHRSFLW
5(:HLEHO9&DVHUWD'(%HQRUHWDO$FXWHHQFHSKDORSDWK\IROORZHGE\SHU
PDQHQWEUDLQLQMXU\RUGHDWKDVVRFLDWHGZLWKIXUWKHUDWWHQXDWHGPHDVOHVYDFFLQHVDUHYLHZ
RI FODLPV VXEPLWWHG WR WKH 1DWLRQDO 9DFFLQH ,QMXU\ &RPSHQVDWLRQ 3URJUDP 3HGLDWULFV
  

&'& &HQWHUVIRU'LVHDVH&RQWURO 0HDVOHV0XPSVDQG5XEHOOD9DFFLQH8VHDQG
6WUDWHJLHVIRU(OLPLQDWLRQRI0HDVOHV5XEHOODDQG&RQJHQLWDO5XEHOOD6\QGURPHDQG&RQ
WURO RI 0XPSV5HFRPPHQGDWLRQV RI WKH$GYLVRU\ &RPPLWWHH RQ ,PPXQL]DWLRQ 3UDFWLFHV
$&,3 00:5 55 

.*ULW]005,PSIXQJ9RUXUWHLOH)DNWHQ.LQGHUDU]WI

98KOPDQQ&00DULQ26KHLOV/3LONLQJWRQHWDO3RWHQWLDOYLUDOSDWKRJHQLF
PHFKDQLVPIRUQHZYDULDQWLQDPPDWRU\ERZHOGLVHDVH-&OLQ3DWKRO

56DQGDOO005ULS"7LPHV2QOLQH'H]HPEHUKWWSZZZWLPHVRQOLQH
FRXNDUWLFOHBKWPO


9$&&,185,/(35(9(1,(6$8%2$/



N $XWLVPXO
$XWLVPXOHVWHRWXOEXUDUHSVLKLFLHPRLRQDOQHYLQGHFDELOFDUHDSD
UHvQSULPLLDQLGHYLD&RSLLLVHUHWUDJLVHL]ROHD]vQOXPHDORUL
GH]YROWXQFRPSRUWDPHQWEL]DU ERDODHVWHWUDWDWSHODUJvQFDS 
/DPLMORFXODQLORUvQ0DUHD%ULWDQLHSULQLLFRSLLORUDXWLWLDXE
QXLWFH[LVWROHJWXUGLQUHYDFFLQXO525005LERDOQDQXO
PHGLFXOJDVWURHQWHURORJ:DNHHOGVFULDvQUHYLVWDPHGLFDO/DQFHWGHVSUH
FD]XULGHDXWLVPODFRSLLLFDUHVXIHUHDXvQDFHODLWLPSLGHLQIHFLLLQWHV
WLQDOHFURQLFHRSRVLELOFDX]DDXWLVPXOXLLQGYDFFLQXO525(OGHVFULH
ERDODFDLQGRHQWHURFROLWDXWLVWDGLFRLQIHFLHLQWHVWLQDOFURQLF FX
HYROXLHVSUHERDOD&URKQVDXUHFWRFROLWDXOFHURKHPRUDJLF FRPELQDWFX
DXWLVP:DNHHOGUHODWD$PGHVFRSHULWODFRSLLRHQWHURFROLWFURQLFDVR
FLDWFXWXOEXUULQHXURSVLKLFHQFHOHPDLPXOWHFD]XULVLPSWRPHOHDSDU
GXS YDFFLQXO 005 525  (VWH QHYRLH vQ FRQWLQXDUH GH VWXGLL SHQWUX D
GHPRQVWUDOHJWXUDGLQWUHDFHVWVLQGURPLYDFFLQXO005 525 
'LQDQDOL]D9$(56 6LVWHPXOXL$PHULFDQGH6WDWLVWLFDO68$ UHLHVH
IDSWXOFH[LVWXQULVFFUHVFXWSHQWUXDXWLVPODFRSLLLFDUHVXQWYDFFLQDLFX
WRDWHFHOHWUHLYDFFLQXULVLPXOWDQUXMHROLFXUOLDQLUXEHROLF 525005 
5LVFXOSHQWUXDXWLVPHVWHGHFD]XULODPLOLRQGHYDFFLQDLFX525FRQ
IRUPXQXLVWXGLXIFXWGH6LVWHPXO9$(56DO68$'LQDFHVWSURFHQW
UPkQFXUHWDUGSVLKLFLFXOH]LXQLFHUHEUDOHQ-DSRQLDVXQWUHODWDWH
UH]XOWDWHDVHPQWRDUH
'XSWHRULDOXL:DNHHOGYDFFLQXO525SURGXFHUHDFLLvQFUXFLDWHvQWUH
WLSXULOHYDULDWHGHYLUXVXULYDFFLQDOHLVLVWHPXOLPXQDOFRSLOXOXLFDUHLQGXF
EROLDXWRLPXQHFURQLFHFXRHYROXLHQHIDYRUDELOFKLDUGH]DVWURDV6HSDUH
FXQLLRDPHQLDXXQVLVWHPLPXQSDUWLFXODU FXRSUHGLVSR]LLHJHQHWLF FDUH
UHDFLRQHD]JUHLWODYDFFLQXULLDOLIDFWRULH[WHUQLSURYRFkQGvQQDOEROL
DXWRLPXQHLQFOXVLYDXWLVPXO'HDFHHDvQXQHOHIDPLOLLDXWLVPXODIHFWHD]


0+LUWHRSFLW
$-:DNHHOGHWDO,OHDOO\PSKRLGQRGXODUK\SHUSODVLDQRQVSHFLFFROLWLV
DQGSHUYDVLYHGHYHORSPHQWDOGLVRUGHULQFKLOGUHQ/DQFHW  

$-:DNHHOG$$QWKRQ\6+0XUFK07KRPVRQHWDO(QWHURFROLWLVLQFKLO
GUHQZLWKGHYHORSPHQWDOGLVRUGHUV$P-*DVWURHQWHURO  

'$*HLHU05*HLHU$FRPSDUDWLYHHYDOXDWLRQRIWKHHIIHFWVRI005LPPXQL
]DWLRQDQGPHUFXU\GRVHVIURPWKLRPHUVDOFRQWDLQLQJFKLOGKRRGYDFFLQHVRQWKHSRSXODWLRQ
SUHYDOHQFHRIDXWLVP0HG6FL0RQLW  3,(SXE0DU

 +7DNDKDVKL 6 6X]XPXUD ) 6KLUDNL]DZD 1:DGD HW DO $Q HSLGHPLRORJLFDO
VWXG\RQ-DSRQHVHDXWLVPFRQFHUQLQJURXWLQHFKLOGKRRGLPPXQL]DWLRQKLVWRU\-SQ-,QIHFW
'LV  




'U&KULVWD7RGHD*URVV

PDLPXOLPHPEULL&RQFOX]LDHVWHFQXH[LVWRSUHGLVSR]LLHODDXWLVP
 FLODRUHDFLHLPXQH[DJHUDWVDXSDUWLFXODUODYDFFLQ
/DDFHHDLFRQFOX]LHDXDMXQVPXOLDOWLDXWRUL -%UDGVWUHHWD 
5H]XOWDWHOHDQDOL]HORUHIHFWXDWHODFRSLLLFXDXWLVPDUDWRvQPXOLUHGUDPDWL
FDYLUXVXULORUvQRUJDQLVPFXIRUPDUHDXQRUDQWLFRUSLDWLSLFLWRWDOLQHFL
HQL$QDOL]HOHDUDWXUPWRDUHOHPRGLFULSDWRORJLFH
DQWLFRUSLDQWL525DWLSLFL DQRUPDOL ODQLYHOXOSHUHWHOXLLQWHVWLQDO
 WLWUX FRQFHQWUDLH IRDUWHPDUHGHDQWLFRUSLDQWLUXMHROLFLDWLSLFLvQVkQJH
PDWHULDOJHQHWLFYLUDOUXMHROLFvQ/&5 OLFKLGFHIDORUDKLGLDQ 
HWF
'XSFH:DNHHOGvLHQXQWHRULDFRQIRUPFUHLDYDFFLQXO005HVWH
vQVWUkQVOHJWXUFXGHEXWXODXWLVPXOXLODFRSLLDVF]XWGUDPDWLFYDFFL
QDUHDODFRSLLLGLQ$QJOLDvQVSHFLDOFX005'UHSWXUPDUH:DNHHOGD
IRVWDWDFDWvQPRGYHKHPHQWGHFWUHXQLLGLQWUHFROHJLLVLGDUPDLDOHVGH
FWUHDXWRULWLOHVDQLWDUHGLQ$QJOLDQQDO:DNHHOGvLSLHUGHVHUYLFLXO
GHJDVWURHQWHURORJGHOD5R\DO)UHH+RVSLWDOGLQ/RQGUDLVHYHGHQHYRLW
VHPLJUH]HvQ68$8QLLGLQWUHFROHJLLVLFDUHDXIRVWFRDXWRULODUHYLVWD
/DQFHWVHGLVWDQHD]GHHOLvLUHWUDJDUPDLLOHQWUHWLPSVDXJVLW
vPSRWULYDOXLLDOWHGRYH]LFRQIRUPFURUDHODUSULPLWVXPHPDULGHEDQL
GHODXQ%LURXGHDYRFDLFDUHFRRUGRQHD]LGHVSJXEHWHSULQLLDIHFWDLL
SJXELL(LVSXQHDXF:DNHHOGDUSULPLWDFHVWHVXPHGUHSWUHFRPSHQV
SHQWUXDFWLYLWLGHFRQVLOLHUHLDOWHELQHIDFHUL2VHULHGHVWXGLLDXIRVWI
FXWHSHQWUXFDWHRULDOXL:DNHHOGVHFRPEWXWSULQWUHFDUHLXQVWXGLX
GDQH]IRORVLQGXVHDFWHOHPHGLFDOHDGHFRSLLGDUUH]XOWDWHOHRE


$0&RPL$:=LPPHUPDQQ9+)UH\H3$/DZ-13HHGHQ)DPLOLDO
FOXVWHULQJ RI DXWRLPPXQH GLVRUGHUV DQG HYDOXDWLRQ RI PHGLFDO ULVN IDFWRUV LQ DXWLVP -
&KLG1HXURO  

9.6LQJK5/-HQVHQ(OHYDWHGOHYHOVRIPHDVOHVDQWLELRGLHVLQFKLOGUHQZLWK
DXWLVP3HGLDWU1HXURO  

+.DZDVKLPD70RUL<.DVKLZDJLHWDO'HWHFWLRQDQG6HTXHQFLQJRIPHDVOHV
YLUXVIURPSHULSKHUDOPRQRQXFOHDUFHOOVIURPSDWLHQWVZLWKLQDPPDWRU\ERZHOGLVHDVHDQG
DXWLVP'LJ'LV6FL  

98KOPDQQ&00DULQ26KHLOV/3LONLQJWRQHWDO3RWHQWLDOYLUDOSDWKRJH
QHWLFPHFKDQLVPIRUQHZYDULDQWLQDPPDWRU\ERZHOGLVHDVH-&OLQ3DWKRO

56DQGDOO005ULS"7LPHV2QOLQH'H]HPEHUKWWSZZZWLPHVRQOLQH
FRXNDUWLFOH2BKWPO

 + .DXOHQ 0DVHUQ0XPSV5|WHOQ,PSIXQJ:LH HLQ ,PSVWRII ]X 8QUHFKW LQ
0LVVNUHGLWJHEUDFKWZXUGH'WVFKbU]WHEO  $

.00DGVHQ$+YLLG09HUVWHUJDDUG'6FKHQGHOHWDO$SRSXODWLRQEDVHGVWXG\
RIPHDVOHVPXPSVDQGUXEHOODYDFFLQDWLRQDQGDXWLVP1(-0  

9$&&,185,/(35(9(1,(6$8%2$/



LQXWHDXIRVWUHIX]DWHFDWHJRULFVSUHSXEOLFDUHGHFWUHFHOHGRXPDULUHYLVWH
PHGLFDOH-$0$L/DQFHW
8QDOWVWXGLXDIRVWIFXWLQDQDWGHFWUHFRQGXFHUHD0DULL%ULWDQLL
&RQFOX]LLOHODFDUHVDDMXQVVXQWOHVQHGHvQHOHVQXH[LVWQLFLRFDX]DOLWDWH
vQWUHDXWLVPLYDFFLQXO525
3HWHU)OHWFKHUIRVWXOGLUHFWRUDOVHFLHLSHQWUXFHUFHWDUHDO0LQLVWHUXOXL
6QWLLLPHPEUXDO&RPLWHWXOXLSHQWUXYDFFLQXULFDUDFWHUL]HD]FRQGX
FHUHD 0DULL %ULWDQLL vQ OHJWXU FX GHVFULHUHD YDFFLQXOXL 525 vQ 0DLO RQ
6XQGD\GLQIHEUXDULHFDLQGGHRLQGLIHUHQDEVROXWLGHQHvQH
OHV&DvQWRWGHDXQDUHDFLLOHVHFXQGDUHIRDUWHUDUHUPkQQHFXQRVFXWHIU
VWXGLLPHGLFDOH)LLQGOLSVLWHGHRED]WLLQLFHOHQXSRWQLFLGRYHGLWH
QVFKLPEWRWPDLPXOWHGDWHFOLQLFHLWLLQLFHDUDWFYLUXVXULOHYLLGLQ
YDFFLQXO525SRWSURGXFHODRDQXPLWFDWHJRULHGHFRSLLJUDYHPRGLFUL
ODQLYHOXOFUHLHUXOXLDLQWHVWLQXOXLLDVLVWHPXOXLLPXQ(VWHXRUGHvQH
OHVFVLVWHPXOLPXQODRDQXPLWFDWHJRULHGHFRSLLHVWHWRWDOGHSLWSULQ
SUH]HQDDWUHLYLUXVXULYLLODFDUHVHDGDXJYDFFLQXULOHWRWPDLPXOWHGLQ
XOWLPLLDQL
$PY]XWFL+DUULV&RXOWHUIDFHOHJWXUDvQWUHDXWLVPLYDFFLQXO'73
LDUDSRLLFX525 YH]LFDS (ODUPFPRGLFULOHSURGXVHGHYLUXVXUL
ODQLYHOXOFUHLHUXOXLSURGXFRHQFHIDOLWDXWRLPXQvQXUPDFUHLDFRSLLL
SRWUPkQHFXVHFKHOHQHUYRDVH $'+'DXWLVPHWF vQFDGUDWHvQ6LQGURPXO
SRVWHQFHIDOLWLF
'XSVWXGLLOHOXL+DUULV&RXOWHUDXXUPDWPXOWHDOWHVWXGLL PDLDOHVvQ
XOWLPLLDQL DLFURUDXWRULDXGHPRQVWUDWFODED]DDFHVWHLHQFHIDOLWH
DXWRLPXQHSRVWYDFFLQDOHVWDXDWkWPRGLFULOHSURGXVHGHFWUHYLUXVXULOH
YLL FXPVDFUH]XWLSkQDWXQFL GHPHWDOH DOXPLQLXLPHUFXU LGHVXE
VWDQHOH DOHUJL]DQWH GLQ YDFFLQXUL7RDWH vPSUHXQ DOHUJL]HD] VXJDUXO L
DIHFWHD]vQPRGJUDYVLVWHPXOLPXQDODFHVWXLDSURYRFkQGUHDFLLDOHUJLFH
ODQLYHOXOFUHLHUXOXLDOLQWHVWLQXOXLDORUJDQHORUOLPIDWLFH FDUHVHFURQLFL
]HD]LvQQDOGXFODEROLDOHUJLFH DVWPEURQLF VDXEROLDXWRLPXQHGL
JHVWLYH ERDOD&URKQFHOLDFKLDFROLWDXOFHURKHPRUDJLFHWF QHXURORJLFH


9'HPLFKHOL7-HIIHUVRQ$5LYHWWL'3ULFH9DFFLQHVIRUPHDVOHVPXPSVDQG
UXEHOODLQFKLOGUHQ7KH&RFKUDQH'DWDEDVHRI6\VWHPDWLF5HYLHZV,VVXH

 7KH 0DLO)RUPHU VFLHQFH FKLHI 005 IHDUV FRPLQJ WUXH 0DLO RQ 6XQGD\ 
KWWSZZZPDLORQVXQGD\FRXNSDJHVOLYHDUWLFOHVKHDOWKKHDOWKPDLQKWPO

9RUWUDJ6FKZHUPHWDOOHXQGLKUH:LUNXQJDXIXQVHUH*HVXQGKHLW9RUWUDJYRQ'U
PHG 'LHWULFK .OLQJKDUGW  0' 3K ' XQG 'U 3DWULFLD .DQH 3K '$XV]JH DXV GHU
9RUOHVXQJ DQ GHU (7+ =ULFK )DFKSXEOLNXP  $SULO  *HUPDQ\ KWWSZZZSRZ
HUIRUOLIHFRP6FKZHUPHWDOO$XVOHLWXQJYRUWUDJKWPO



'U&KULVWD7RGHD*URVV

VFOHUR]PXOWLSODXWLVP$'+'HWF UHXPDWLFH $5-ODFRSLLLSROLDUWULWD


UHXPDWRLGODDGXOW D
1X HVWH QHYRLH vQWRWGHDXQD GH R UHDFLH SDUWLFXODU OD YDFFLQXUL GLQ
SDUWHDVLVWHPXOXLLPXQDFRSLOXOXLFDVVHSURGXFDFHVWHEROL(OHVHSRWSUR
GXFHLODFRSLLLFXXQVLVWHPLPXQVQWRV$FHWLDSRWGHYHQLDOHUJLFLGLQSUL
FLQDGH]HFKLOLEUXOXLVLVWHPXOXLLPXQFDUHHVWHVXSUDVROLFLWDWGHDWkWHDYLUXVXUL
GDUHVWHLLQWR[LFDWGHPHWDOHOHJUHOHLDOWHVXEVWDQHFKLPLFHGLQYDFFLQ'RDU
RGDWFXvQPXOLUHDYDFFLQXULORULFRPELQDUHDDFHVWRUD WULYDFFLQWHWUDYDF
FLQSHQWDYDFFLQKH[DYDFFLQ GLQXOWLPLLGHDQLQHFRQIUXQWPFXEROL
QRLDSUXWHODFRSLLLDGXOLLPDLDOHVFXRH[SOR]LHDFD]XULORUGHEROLUDUH
LFURQLFH%ROLOHDFXWHVXQWWUDWDWHFXPXOWVXFFHVFXDMXWRUXODQWLELRWLFHORU
WRWPDLQXPHURDVHLPDLYDULDWH QHOLSVLWHLHOHGHDWkWHDHIHFWHVHFXQGDUH 
GDUSHQWUXEROLOHFURQLFHQXHVWHYLQGHFDUHQVFKLPEVHIDFHIRUWXULPDULvQ
FRQWLQXDUH SHQWUX RELQHUHD GH PHGLFDPHQWH SDOLDWLYH FDUH WUDWHD] GDU QX
YLQGHF LPDLDOHVSHQWUXQRLYDFFLQXULGHYLLWRU
(VWHRUHDOLWDWHGHQHFRQWHVWDWFH[LVWROHJDWXUvQWUHYDFFLQXO005
525 LDXWLVPLDUIDSWXOFH[LVWSULQLFDUHDXFkWLJDWvQLQVWDQHVWHR
GRYDGvQSOXV'DFvQ$PHULFDH[LVWDVWIHOGHFD]XULGHMDGHFkLYDDQLvQ
,WDOLDSHQWUXSULPDGDWRIDPLOLHDFkWLJDWXQDVHPHQHDSURFHVGHFXUkQG
MXGHFWRUXO/XFLR$UGLJRDFRQFOX]LRQDWFERDODGHDXWLVPDPLFXXOXL9D
OHQWLQRHVWHGLUHFWOHJDWGHDGPLQLVWUDUHDYDFFLQXOXL005 525 9DOHQ
WLQRVDGH]YROWDWQRUPDOSkQODYkUVWDGHOXQLFkQGLVDDGPLQLVWUDW
YDFFLQXO 005 525  'XS DFHHD D SUH]HQWDW VFDXQH GLDUHLFH DQRUH[LH
DJLWDLHSOkQVHWF6LPSWRPHOHVDXDJUDYDWDGHYHQLWDOHUJLFODDOLPHQWH
VSHFLFFRSLLORUFXDXWLVP LvQQDOLVDSXVGLDJQRVWLFXOGHDXWLVP/D
RUDDFWXDODUHDQLLQXFRPXQLFYHUEDO&D]XODDYXWPDUWRULH[SHUL
FDUHDXDSUREDWIDSWXOFH[LVWRSUREDELOLWDWHWLLQWLFPDUHFDYDFFLQXO
525VGHFODQDWERDODOXL9DOHQWLQR-XGHFWRUXO/XFLR$UGLJRDFRQFOX
]LRQDWFDXWLVPXOHVWHGLUHFWOHJDWGHDGPLQLVWUDUHDDFHVWXLYDFFLQ
O 'HFHVXOSRVWYDFFLQDO
6XQWGHVFULVHPHUHXFD]XULGHGHFHVHGXSYDFFLQXO525(OHVXQWGXS
FULWHULLOH68$RUHDFLHVHFXQGDUDYDFFLQXOXL

005$PRWKHUVYLFWRU\7KHYDVWPDMRULW\RIGRFWRUVVD\WKHUHLVQROLQNEHWZHHQ
WKHWULSOHMDEDQGDXWLVPEXWFRXOGDQ,WDOLDQFRXUWFDVHUHLJQLWHWKLVFRQWURYHUVLDOGHEDWH"
KWWSZZZGDLO\PDLOFRXNQHZVDUWLFOH005$PRWKHUVYLFWRU\7KHYDVWPD
MRULW\GRFWRUVVD\OLQNWULSOHMDEDXWLVP,WDOLDQFRXUWFDVHUHLJQLWHFRQWURYHUVLDOGHEDWH
KWPOL[]]-/Q$I

9$&&,185,/(35(9(1,(6$8%2$/



&XWRDWHDFHVWHDFD]XULOHGHGHFHVVXQWUDUHRULUHFXQRVFXWHFDLQGSUR
YRFDWHGHYDFFLQXO5256SUHH[HPSOXFkQGvQ0DUHD%ULWDQLHVDXvQUH
JLVWUDWGHFHVHODVFXUWWLPSGXSYDFFLQXO525GLQWUHFDUHXQFD]GHVWDWXV
HSLOHSWLFXVLXQFD]GHVLQGURP*XLOODLQ%DUUHGRDUGRXDXIRVWUHFXQRV
FXWHGHFWUH-$%6 -XVWLFH$ZDUHQHVVDQG%DVLF6XSSRUW FDLQGFDX]DWH
GHYDFFLQXO525'HFHVXOVHGDWRUHD]XQHRULUHDFLLORUDOHUJLFHJUDYH
RFDQDODFWLF VDXDXQHLYLUHPLLVHYHUHODSHUVRDQHOHFXGHFLHQHLPXQH
JUDYHvQQVFXWHVDXGREkQGLWHDPGHOD&'&
&DX]HOHGHFHVHORUSRVWYDFFLQDOHVXQWPXOWPDLPXOWHGDUQXH[LVWQL
FLXQLQWHUHVFDHOHVHUHFXQRVFXWHFXDWkWPDLPXOWvQFD]XOXQXLGHFHV
FXPHVWH6,'6 6LQGURPXOPRULLVXELWHODVXJDU D

9,,,7XEHUFXOR]D 7%& 
LYDFFLQXODQWLWXEHUFXORV %&*
7XEHUFXOR]D 7%&
*HQHUDOLWL
7XEHUFXOR]DHVWHRERDOLQIHFWRFRQWDJLRDVFXHYROXLHFURQLFSUR
GXVGHEDFLOXOEDFLOXO.RFKFXPDQLIHVWULFOLQLFHLVDXUDGLRORJLFH
,QIHFLDWXEHUFXORDVHVWHRLQIHFLHODWHQWDGLFRIRUPVXEFOLQLF
IUPDQLIHVWULFOLQLFHUDGLRORJLFHVDXEDFWHULRORJLFH
5HODLDLQIHFLHvPEROQYLUHHVWHGHFDODWvQWLPSQXPDLDSUR[LPDWLY
GLQLQIHFLLWUHFvQERDOvQSULPXODQUHVWXOQHFHVLWkQGLQWHUYDOGH
SkQOD]HFLGHDQL
%DFLOXO.RFKDIRVWGHVFRSHULWvQGHFWUHPHGLFXOJHUPDQ5REHUW
.RFKODRUDDFWXDOE.HVWHQXPLW0\FREDFWHULXPWXEHUFXORVLVLIDFH
SDUWHGLQJHQXO0LFREDFWHULDIDPLOLD0\FREDFWHULDFHDHDOWXULGHDOWH
VSHFLLSDWRJHQHLQHSDWRJHQH RSRUWXQLVWHLVDSURWH 

 $ 3DWMD 6 0DNLQHQ.LOMXQHQ , 'DYLGNLQ HW DO $OHUJLF UHDFWLRQV WR PHD
VOHVPXPSVUXEHOODYDFFLQDWLRQ3HGLDWULFV  (

&'& &HQWHUVIRU'LVHDVH&RQWURO 9DFFLQHVLGHHIIHFWVDGYHUVHUHDFWLRQVFRQWUD
LQGLFDWLRQVDQGSUHFDXWLRQV5HFRPPDQGDWLRQVRIWKH$GYLVRU\&RPPLWWHHRQ,PPXQL]D
WLRQ3UDFWLFHV00:50RUE0RUWDO:NO\5HS 55 

 / *KHUDVLP 0HGLFLQ ,QWHUQ %ROLOH DSDUDWXOXL UHVSLUDWRU L ORFRPRWRU YRO
(GLWXUD0HGLFDO%XFXUHWL



'U&KULVWD7RGHD*URVV

Q5RPkQLDWXEHUFXOR]DDvQUHJLVWUDWXQGHFOLQUHODWLYFRQVWDQWvQSHUL
RDGD$XUPDWRSHULRDGGHVWDJQDUHvQWUHDQLL
GXSFDUHVHvQUHJLVWUHD]RFUHWHUHPDUFDWvQHFDUHDQ
%RDOD DUH R LQIHFLR]LWDWH UHGXV QX VH UVSkQGHWH vQWUXQ LQWHUYDO
VFXUWODSRSXODLDUHFHSWLY
,PXQLWDWHD GHWHUPLQDW GH LQIHFLH QX HVWH DEVROXW RPXO VH SRDWH
UHvPEROQYL
0LMORDFHOH GH FRPEDWHUH D LQIHFLR]LWLL VSDLLORU ORFXLWH GH EROQDYLL
FRQWDJLRLVXQWH[SXQHUHDODUDGLDLLXOWUDYLROHWHLYHQWLODLDDPSOL
IUHFYHQW
,PXQLWDWHDEROLL
7XEHUFXOR]DHVWHFDX]DWGHXQDJHQWSDWRJHQSDUD]LWLQWUDFHOXODUID
GHFDUHRUJDQLVPXOUHDFLRQHD]SULQUVSXQVLPXQGHWLSFHOXODUPH
GLDW GH OLPIRFLWH 7 7K  ([LVW VLPXOWDQ L XQ UVSXQV LPXQ GH WLS
XPRUDOFXIRUPDUHGHDQWLFRUSL 7K GDUUROXOHLHVWHFRQVLGHUDWvQ
SUH]HQWFDLQGQHVHPQLFDWLY
5VSXQVXO LPXQ DUH GRX FRPSRQHQWH YRU  GHVFULVH OD YDFFLQXO
%&* 
D 5H]LVWHQDLPXQL
E +LSHUVHQVLELOLWDWHD
7DEORXFOLQLFQXYDH[SXVDLFLLQGXQXOIRDUWHYDVW,PSRUWDQWGHUHL
QXWHVWHIDSWXOFODRUDDFWXDOH[LVWXQWUDWDPHQWHFDFHSHQWUXWXEHUFXOR]
FXDQWLELRWLFH FXHYROXLHIDYRUDELOFXFRQGLLDFDERDODVHGHSLVWDW
ODWLPS
7UDQVPLWHUHDWXEHUFXOR]HLSXOPRQDUHVHIDFHGHRELFHLSHFDOHDHULDQ
SULQSLFWXULLQIHFWDQWHLQKDODWH SLFWXULOHOXL3JJH UDUHRULSRDUWDGHLQ
WUDUHHVWHFHDGLJHVWLY HUDPDLIUHFYHQWvQWUHFXW 
)RUPHFOLQLFH
D  7XEHUFXOR]DSXOPRQDUUHSUH]LQWGLQWRWDOXOvPEROQYLULORUGH
7%&LDUSOPkQXOHVWHSULPXORUJDQDIHFWDW6HFXQRVFGRXIRUPH
 3ULPDUFDUDFWHULVWLFFRSLLORU SULPRLQIHFLDRFXOWPDQLIHVW
FXFRPSOLFDLLEHQLJQHVDXVHYHUH 
 6HFXQGDUFDUDFWHULVWLFWLQHULORULRPXOXLDGXOW
E  7XEHUFXOR]DH[WUDSXOPRQDU
 7XEHUFXOR]DVLVWHPXOXLQHUYRVFHUHEUDO 61& 
 7%&JDQJOLRQDU SHULIHULF 
 7%&XURJHQLWDO
 7%&RVWHRDUWLFXODU

9$&&,185,/(35(9(1,(6$8%2$/



 7%&DDSDUDWXOXLGLJHVWLY
 7%&FXWDQDW
7XEHUFXOR]DHVWHRERDOSXLQLQIHFWDQW3UREDELOLWDWHDFDRSDU
WLFXOLQIHFWDQWVDMXQJvQWUXQORFLvQWUXFRQWH[WvQFDUHVHSR
VLELO PXOWLSOLFDUHD HFDFH D EDFLOXOXL WUDQVSRUWDW GH FWUH HD HVWH PDL
UHGXVGHFkWSUREDELOLWDWHDGHDYHQWLODDHUFRQLQkQGFHOSXLQRDVWIHOGH
SDUWLFXO
6XUVDLQIHFLHLVXQWEROQDYLLFX7%&SXOPRQDUWXVHDVHDFFKLQXL
WRDUHLvQDFFHVHSULQFDUHVHvQFHDUFHOLPLQDUHDXQHLVHUFHLLUHGXVHLYkV
FRDVHSURGXFHPDLPXOWSDUWLFXOHLQIHFWDQWHQHGHDHURVROLGHFkWWXVHD
vQVRLWGHH[SHFWRUDLH
(YROXLDEROLL
LQGLIHUHQWGHSRDUWDGHLQWUDUHDPLFUREXOXL DHULDQVDXGLJHVWLY OD
DSURDSH  GLQWUH RDPHQL WXEHUFXOR]D UPkQH vQWUXQ VWDGLX
SULPDUGHDIHFWDUHDJDQJOLRQLORUOLPIDWLFL DGHQRSDWLL 
HYROXLDEROLLGHSLQGHGHPDLPXOLIDFWRULYLUXOHQDPLFUREXOXLUH]LV
WHQD LPXQLWDWHD RUJDQLVPXOXLDQXPLLIDFWRULVRFLDOLFRQGLLLGHWUDL
RVXEQXWULLHVDXLDHUXOSROXDWIDYRUL]HD]RHYROXLHQHIDYRUDELO 
RGDWFXvPEXQWLUHDFRQGLLLORUGHWUDLvQULOHRFFLGHQWDOHERDOD
GHYLQHWRWPDLUDUODIHOLGHFHVHOH
7XEHUFXOLQDLYDFFLQXO%&*
D 7XEHUFXOLQDSULPXOYDFFLQDQWLWXEHUFXORV
0HGLFXOJHUPDQ5REHUW.RFK  GXSFHGHVFRSHUEDFLOXO
WXEHUFXORV UHXHWH V VLQWHWL]H]H WXEHUFXOLQD SULPXO YDFFLQ DQWLWXEHU
FXORV7XEHUFXOLQDOXL.RFKQXFRQLQHDOWFHYDGHFkWFRPSXLGHGHJUDGDUH
LVXEVWDQHWR[LFHDOHEDFLOXOXLWXEHUFXORV.RFKREVHUYDVHDSDULLDXQHL
UHDFLLDOHUJLFHGHKLSHUVHQVLELOLWDWHvQWkU]LDWODFREDLLLQIHVWDLvQPRGUH
SHWDWFXEDFLOXOWXEHUFXORV(ODIRORVLWWXEHUFXOLQDvQLGHHDFYDSURYRFD
RUHDFLHDOHUJLFDVHPQWRDUHODRP FXQHFUR]LFD]HLFDUHVROLG LFX
RHYROXLHIDYRUDELOvQFD]XOXQHLQRLLQIHVWULFXEDFLOXOWXEHUFXORV5D
LRQDPHQWXOFRQIRUPFUXLDKLSHUVHQVLELOLWDWHDvQWkU]LDWWUHEXLDVFRQVWL


,ELGHP
*%XFKZDOG,PSIHQ'DV*HVFKlIWPLWGHU$QJVW(PXYHUODJ$XDJH

'RFWHXU/RXLV'H%URXZHU9DFFLQDWLRQVHUUHXUPpGLFDOHGXVLqFOH/HV'DQJHUV
GHV9DFFLQDWLRQVHWOHXUVFRQVHTXHQFHV$75$$*67*MDQYLHU



'U&KULVWD7RGHD*URVV

WXLHXQHOHPHQWVLJXUGHSURWHFLHvPSRWULYDEDFLOLORUWXEHUFXORLVDGRYHGLW
DJUHLWPXOLGLQWUHFHLYDFFLQDLvPEROQYLQGXVHGHIRUPHJUDYHGH
7%&PRWLYSHQWUXFDUHVDVLVWDWQRXDIRUPGHLPXQL]DUH6XQWVSHFLFDWH
vQ /LWHUDWXUD GH VSHFLDOLWDWH FHOH GRX IRUPH GH WXEHUFXOLQ VLQWHWL]DWH GH
.RFKROGWXEHUFXOLQ  DPLQLWLWPDLVXVFDUHFRQLQHSHOkQJPXO
WHFRPSRQHQWHDQWLJHQLFHVSHFLFEDFLODUHLDQWLJHQHVWULQHUHVSRQVDELOH
GHUHDFLLQHVSHFLFHLQHZWXEHUFXOLQ  RELQXWSULQVXVSHQGDUHD
vQWUXQDPHVWHFGHDSJOLFHULQDPDMRUDWXOXLQGHFRUSLEDFLODULXVFDLvQ
YLG1XHVWHVSHFLFDWGHFHVDVLVWDWIRORVLUHDORUGDUHVWHFXQRVFXWLvQ
]LXDGHD]LIHQRPHQXO.RFKFDUHQXHVWHDOWFHYDGHFkWH[SHULPHQWXOSH
FREDLGHVFULVPDLVXV
7XEHUFXOLQDDIRVWDSRLIRORVLW ODIHOFDvQ]LXDGHD]L ODGHFHODUHDLQIHF
LHLWXEHUFXORDVH/LWHUDWXUDGHVSHFLDOLWDWHGHQHWHWXEHUFXOLQDFDLQGXQ
DPHVWHFFRPSOH[LUHODWLYELQHVWDQGDUGL]DWGHDQWLJHQHPLFREDFWHULHQH VR
OXELOHLLQVROXELOH ODUJGLVSRQLELOXWLOL]DWFXUHQWSHQWUXGHFHODUHDLQIHFLHL
WXEHUFXORDVHLQGLYLGXDO GLDJQRVWLF VDXSRSXODLRQDO VWDELOLUHDLQFLGHQHL
LSUHYDOHQHLLQIHFLHL 
'XS.RFKDXIRVWVLQWHWL]DWHQRLIRUPHGHWXEHUFXOLQ
7XEHUFXOLQD 33'6 GHULYDWXO SURWHLF SXULFDW 6(,%(57 FDUH D IRVW
SUHSDUDWGHDXWRUXOFXDFHODLQXPHvQ
7XEHUFXOLQD33'57HVWHRDOWWXEHUFXOLQSXULFDWvQLVH
XWLOL]HD]FXUHQW8,GR]HFKLYDOHQWXOD8,33'6
6HQVLWLQHXQSUHSDUDWGHWLSDQWLJHQLFRELQXWGLQFXOWXULGHPLFREDF
WHULL DWLSLFH RSRUWXQLVWH VDX VDSURWH  6XQW XWLOL]DWH vQ FHUFHWUL
HSLGHPLRORJLFH
7HVWXOODWXEHUFXOLQHVWHPHWRGDFHDPDLGHVIRORVLWODRUDDFWXDO
SHQWUXDVWDELOLH[LVWHQDLDPSORDUHDUHDFLHLGHKLSHUVHQVLELOLWDWHODDQWLJH
QHOHWXHUFXOLQLFHDXQHLSHUVRDQHGHFLvQVFRSGHGLDJQRVWLFQ5RPkQLDVH
IRORVHWHWHKQLFDLQMHFWULLLQWUDGHUPLFH 0DQWRX[ DVROXLHL33',&
5H]XOWDWXOVHFLWHWHGXSGHRUHPVXUkQGGLDPHWUXOSHGLUHFLHWUDQVYHU
VDOIDGHD[XODQWHEUDXOXLDO]RQHLLQDPDWH6HFRQVLGHUFDLQGSR]L
WLYHUHDFLLOHFXGLDPHWUXOPDLPDUHVDXHJDOFXPP&ODVLFDUHDLQGLYL
]LORUvQSR]LWLYLLQHJDWLYLODWHVWXOWXEHUFXOLQLFDMXWODVWDELOLUHDH[WLQGHULL
LQIHFLHLvQSRSXODLH SUHYDOHQDLQIHFLHL &XWRDWHDFHVWHDUH]XOWDWHOHVXQW
LQH[DFWHLQGSHUWXUEDWHGHPDLPXOLIDFWRULSULQWUHFDUHLGHYDFFLQDUHD
%&*DFUHLSUHDIRVWFUHWHUHDUH]LVWHQHLIDGHRLQIHFLHQDWXUDO






/*KHUDVLPRSFLWYRO
,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



YLUXOHQWvQSRSXODLHLLQVWDODUHDXQHLVHQVLELOLWLWXEHUFXOLQLFH3HSODQ
LQGLYLGXDOWHVWXOSRDWHQHJDWLYvQXUPDXQRUYDFFLQULUHFHQWHVDXDXQRU
EROL LQIHFLL YLUDOH EDFWHULHQH PLFRWLFH VHYHUH EROL FURQLFH HWF  D XQRU
WUDWDPHQWHPHGLFDPHQWRDVHFXFRUWLFRVWHURL]LODPDOQXWULLHWFQFRQFOX]LH
XQWHVWWXEHUFXOLQLFQHJDWLYSRDWHvQWkOQLWLODEROQDYLFXWXEHUFXOR](O
QXLQUPWXEHUFXOR]DSULPDUPDLDOHVODYkUVWDPLFODFRSLLFXGHFLW
SRQGHUDOHWF8QWHVWSR]LWLYFDUHvQDLQWHIXVHVHQHJDWLYVHPDLQXPHWHYL
UDMWXEHUFXOLQLFLSRDWHDUWDRSULPRLQIHFLHQDWXUDOUHFHQWLYLUXOHQ
WGDUSRDWHLUH]XOWDWXOXQHLYDFFLQUL%&*PDLDOHVvQWURSRSXODLH
VXSXVXQHLYDFFLQULJHQHUDOL]DWHFkQGVHQXPHWHVDOWWXEHUFXOLQLF
'DWHOHHSLGHPLORJLFHGDULGDWHLPSRUWDQWHGHVSUHERDOGLDJQRVWLFL
YDFFLQXO%&*SHFDUHOHDPGLQOLWHUDWXUDGHVSHFLDOLWDWHVXQWFRQWUD]LVH
GH]HFLGHDQLGHQXPHURLDXWRULPHGLFLLRDPHQLGHWLLQ&XWRDWHDFHV
WHD PDQXDOHOH L WUDWDWHOH PHGLFDOH FDUH IRORVHVF GUHSW ELEOLRJUDH SHQWUX
VWXGHQLLPHGLFLUPkQSUDFWLFDFHOHDL
E 9DFFLQXO%&* FXEDFWHULD&DOPHWWH*XHULQ
Q&DOPHWWHL*XHULQDXVLQWHWL]DWYDFFLQXO%&*FDUHFRQLQHEDF
WHULL YLL GH WXEHUFXOR] ERYLQ 5ROXO DFHVWXL YDFFLQ FX EDFLOL YLL HUD V
LQRFXOH]HRDGHYUDWWXEHUFXOR]GDUDWHQXDWSHQWUXDHYLWDXOWHULRUR
IRUPJUDYGHWXEHUFXOR]3URWHFLDSHFDUHYDFFLQXOWUHEXLHVRDVLJXUHVH
ED]HD] SH UHDFLD GH KLSHUVHQVLELOLWDWH vQWkU]LDW 'XS YDFFLQDUH DUH ORF
DD]LVDGHUPRUHDFLHODWXEHUFXOLQ
(VWHDGHYUDWFvQWXEHUFXOR]VHFUHHD]RVWDUHIRDUWHDFFHQWXDWGH
KLSHUVHQVLELOLWDWHGDUDFHDVWDQXUHSUH]LQWRSURWHFLHIDGHERDOGXS
FXPQHUHODWHD]vQFXUVXOVXGH,PXQRORJLH,*&RUGHOLHU+LSHUVHQ
VLELOLWDWHDvQWkU]LDWQXSDUHVHXQHOHPHQWGHSURWHFLHvPSRWULYDPDULL
PDMRULWL D EDFWHULLORU Q WXEHUFXOR] DUH ORF R UHDFLH GH KLSHUVHQVLELOL
WDWH IRDUWH DFFHQWXDW FDUH SRDWH  IDYRUDELO FkQG DUH ORF R FD]HLFDUH
VROLGDHVXWXULORUODFRQWDFWXOFXEDFWHULLOHSURGXFkQGXQPHGLXVODEVDX
GHORFR[LJHQDWLFDUHQXODVVVHvQPXOHDVFEDFLOLLWXEHUFXORL GDUGH
FHOH PDL PXOWH RUL HVWH QHIDYRUDELO FkQG DUH ORF R FD]HLFDUH OLFKLG
FH DFFHQWXHD] GLVHPLQDUHD EDFWHULDQ LQFOXVLY vQ HVXWXULOH VQWRDVH DOH
RUJDQLVPXOXL 



'U&KULVWD7RGHD*URVV

&XWRDWHDFHVWHDVSXQH'U/RXLV'H%URXZHUVWXGHQLLGLQ)UDQDF
URUDOHVWDXODGLVSR]LLHDFHVWHFXUVXULQXYRULQHFRQWGHHOHFkQGPHGLFL
LQGYRUQHYRLLVYDFFLQH]HSRSXODLDLQGREOLJDLGHOHJH
Q QRLHPEULH  GU &DOPHWWH vQ XUPD PDL PXOWRU LQFLGHQWH QHSO
FXWHFHDXDYXWORFGXSYDFFLQDUHDFX%&*DIRVWREOLJDWVSUH]LQWHGRX
VWDWLVWLFL
6WDWLVWLFDOHJDWGHFHLGHQRXQVFXLYDFFLQDLLLQXLVXEFRQWURO
WLPSGHDQLOD/HDJQXOGHFRSLLGLQ]RQDPLQLHU%HWKXQHFkQGHO
UHODWDGHVSUHRUDWIRDUWHVF]XWDPRUWDOLWLLGHGDWGH7%&
vQWLPSFHFXGRDUDQLvQDLQWHSURFHQWXOHUDGHSHQWUXvQWUHDJD
DU )UDQD 
6WDWLVWLFDOHJDWGHFHLQRXQVFXLGLQ)UDQDYDFFLQDLvQSHULRD
GDLXOLHLXOLHFkQG'U&DOPHWWHDUDSRUWDWRPRUWDOLWDWH
GHODFRSLLLYDFFLQDLIDGHODFHLQHYDFFLQDLFRQFOX]LD
OXLLQGXUPWRDUHD(VWHHYLGHQWFYDFFLQDUHDUHGXFHFXPRUWD
OLWDWHDSULQWXEHUFXOR]LDUPRUWDOLWDWHDJHQHUDOODMXPWDWH&RSLLL
YDFFLQDLFX%&*UH]LVWPDLELQHGHFkWFHLQHYDFFLQDLODEROLOHFRSL
OULHL $&DOPHWWH/H%&*9LJRW3DULV 
$FHVWHVWDWLVWLFLDXIRVWDVSUXFULWLFDWHGHFWUHSURI/LJQLHUHVvQFDGUXO
FRQIHULQHLGLQGDWDGHGHFHPEULHLQWLWXODW9DORDUHDSURWHFLHLvQ
WXEHUFXOR]LLQVXFLHQDVDvQSUROD[LDDFHVWHLPDODGLLvQFDUHDUPD
&HFRPSDUDLHVHULRDVVHSRDWHIDFHvQWUHFD]XULOHGHPRUWDOLWDWHSURYRFD
WHGH7%&ODPLQHULLGLQ%HWKXQHLFHOHFDUHDXDYXWORFvQXUPFXGRLDQL
vQvQWUHDJDDU"&DVQXPDLVRFRWLPFVWDWLVWLFDSURIHVRUXOXL&DOPHWWH
QXLQHGHORFVHDPDGHXQIDFWRUGHWHUPLQDQWODvQFHSXWXODQLORUVDX
FUHDWFRQGLLLGHLJLHQPXOWPDLEXQHSHQWUXPLQHULSUHFXPLRFDOLWDWH
PDLEXQDvQJULMLULORUPHGLFDOHDVWIHOvQFkWPRUWDOLWDWHDLQIDQWLODSURD
SH GLVSUXVH FX PXOW WLPS vQDLQWHD LQWURGXFHULL YDFFLQULL FX %&* 5DWD
PRUWDOLWLLLQIDQWLOHVF]XVHFXvQLVHOLPLWDODvQ
vQDLQWHDYDFFLQULL/DDFHDVW&RQIHULQSURI/LJQLHUHVvLFLWHD]SH
SURI:DOOJUHHQPHGLFSHGLDWUXGLQ6XHGLDLSHSURI*UHHQZRRGH[SHUW
vQ(SLGHPLRORJLHLvQVWDWLVWLFLGHPRJUDFHGHOD8QLYHUVLWDWHDGLQ/RQGUD
GDULSHSURI$VFROLGLUHFWRUXO,QVWLWXWXOXLGH9DFFLQDUH%&*SUHFXPL
SHDOLVSHFLDOLWLFDUHGHFODUWRLFSURIHVRUXO&DOPHWWHIRORVLVHDWkWGH









,ELGHP
*%XFKZDOGRSFLW

/RXLV'H%URXZHURSFLW

,ELGHP
,ELGHP

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



SURVWPHWRGDVWDWLVWLFvQFkWQXVHSXWHDDFRUGDFUHGLELOLWDWHQLFLGDWHORUL
QLFLFRQFOX]LLORUVDOH
Q GXSGRDUDQL XQHYHQLPHQWWUDJLFDYHDVFRQUPHDUPDL
LOHSURIHVRUXOXL/LJQLHUHVOD6SLWDOXOGLQ/EHFN *HUPDQLD GHQRXQV
FXLPRUvQXUPDYDFFLQULLFX%&*7XOSLQDSHQWUXYDFFLQDIRVWIXUQL]DW
GHFWUH,QVWLWXWXOIUDQFH]3DVWHXUGDUDQFKHWDHIHFWXDWLPHGLDWQXDPDLSX
WXWFRQVWDWDFDX]HOHGH]DVWUXOXLGHRDUHFHSHUVRQDOXOPHGLFDOGLVWUXVHVHWRDWH
DFRDQHOHGH%&*DVWIHOFWULEXQDOXODDWULEXLWGHFHVXODFHVWRUQRXQVFXL
XQRUHURULFRPLVHGHSHUVRDQHQHFXQRVFXWH&XWRDWHDFHVWHDSURIHVRUXO
&DOPHWWHDUHFRPDQGDWvQFRQWLQXDUHIRORVLUHDYDFFLQXOXL%&*vQSULPHOH
]LOHGHGXSQDWHUHFXPRWLYDLDFGRDUvQDFHVWH]LOHEDFLOXOWXEHUFXORV
ERYLQHVWHDEVRUELWFRUHFWGHFWUHLQWHVWLQ'DUHOVHFRQWUD]LFHDVLQJXU
LQGFDWXQFLQXDUPDLIRVWQHYRLHGHUDSHOXUL UHYDFFLQULFX%&* OD
DQDQLDQLLDQLLDUDSRLWRWODDQLSkQODYkUVWDDGXOW
$FHVWQRQVHQVDOYDFFLQULLFX%&*HVWHDVSUXFULWLFDWLGHFWUH'QD
6FKQlU0DQ]ROL DXWRDUHD FULL ,QXWLOLWDWHD YDFFLQXULORU $75$ LDQXDULH
  9DFFLQULOH UHSHWDWH FX %&* UHFRPDQGDWH GH FWUH &DOPHWWH DX
SURYRFDW DGHQRSDWLL FHUYLFDOH SXUXOHQWH L XQHRUL VROGDWH FX VHSWLFHPLH L
GHFHV (VWH YRUED GH R WXEHUFXOR] JHQHUDOL]DW SULQ LQWHUPHGLXO OLPIHL
SXWkQGSURYRFDPHQLQJLWRVWHRPLHOLWRWLWHSXUXOHQWHOH]LXQLUHQDOHJUDYH
FHFLWDWH RUELUH  HWF$XWRDUHD FULL DUDW F HIHFWXO FHO PDL IUHFYHQW
DO %&* HVWH FX FHUWLWXGLQH DFHOD GH D GHFODQD WXEHUFXOR]D vQ ORF V R
SUHYLQQFDUWHDHL'QD6FKQlU0DQ]ROLvOFLWHD]SHSURIHVRUXO0DQGH
FDUHODRFWRPEULHGHQXQGHVFKLVQHDMXQVXULOHYDFFLQXOXL%&*OD
DSURDSHGHDQLGHODGHVFRSHULUHDOXL'HDVHPHQHDSURIHVRUXO6WHSKDQL
GHOD8QLYHUVLWDWHDGH0HGLFLQGLQ*HQHYDDUHXQLWGHOXFUULVFULVHGH
GHDXWRULGHVSUHGDXQHOHSURGXVHGH%&*vQFDUHVFULH$FHVWEDFLOYLX
LQYDGHD]VLVWHPXOOLPIDWLFXQGHVHLQVWDOHD]FRQIRUPRELFHLXOXLVWUPRX
OXLVX EDFLOXOWXEHUFXOR]HLERYLQH 1LPHQLQXSRDWHVSXQHDVW]LFDUHYD
HYROXLDVDvQXUPWRDUHOHGHFHQLL&DX]DWXEHUFXOR]HLOLPIDWLFHJHQHUDOL]DWH
HVWHvQFQHFXQRVFXW
QXUPDYDFFLQULL%&*DXIRVWGLDJQRVWLFDWHFD]XULGHRWLWSX
UXOHQW XQHOH GLQ HOH LQG FRPSOLFDWH FX RVWHLW ORFDO SXUXOHQW FDX]
IUHFYHQWDVXUGLWLL3URIHVRUXOGH0LFURELRORJLH-HDQ%DVVHWDFFHQWXHD]



'U&KULVWD7RGHD*URVV

LHODOWXULGHPXOLDOLRDPHQLGHWLLQFRPSOLFDLLOHIUHFYHQWHLJUDYH
DOHYDFFLQXOXL%&*3URI/LJQLHUHVFRQFOX]LRQHD]
7XEHUFXOR]DHVWHFHOPDLGHVSURYRFDWGHvQVXLYDFFLQXO%&*
7XEHUFXOR]D D IRVW XQD GLQWUH SULPHOH EROL SURYRFDWH GH YDFFLQDUHD
FRQWUDYDULROHL'XSDUPDWLLOH'5-RTXHOLQGHOD6SLWDOXO1HFNHU
XOWLPD YDFFLQDUH DQWLYDULROLFGLQ )UDQD D DJUDYDW HYROXLD FD]XULORU
ODWHQWHLQDFWLYHGH7%&5HQXQDUHDODYDFFLQXOFRQWUDYDULROHLDFR
LQFLVFXUHJUHVLDWXEHUFXOR]HLGLQULOHUHVSHFWLYH 0DUHD%ULWDQLH(O
YHLD*HUPDQLD)UDQDHWF 0HGLFXOJUHF/HRQ*ULJRUDNLSURIHVRU
OD8QLYHUVLWDWHDGH0HGLFLQGLQ$WHQDL'LUHFWRUDO&HQWUXOXLGH&HU
FHWULGLQ&OLQLFD6RWLULDDUPFvQ*UHFLDQXPUXOFD]XULORUGH
WXEHUFXOR]DVDGXEODWvQWUHDQLLDGLFvQSHULRDGDvQFDUH
PLOLRDQHGHGR]HGH%&*DXIRVWDGPLQLVWUDWHSRSXODLHL([LVWHQD
XQHLID]HODWHQWHLLQDFWLYHHVWHRFDUDFWHULVWLFELQHFXQRVFXWDWXEHU
FXOR]HLPRWLYSHQWUXFDUHYDFFLQDUHDFX%&*ODDFHVWLEROQDYLQXIDFH
DOWFHYDGHFkWVSURYRDFHRVXSUDLQIHFLHLLPSOLFLWRDJUDYDUHDEROLL
/DVFGHUHDFD]XULORUGH7%&DGXVDOWXULGHvPEXQWLUHDFRQGLL
LORUGHYLD DPVXULORUGHLJLHQLVRFLDOH LvQFHWDUHDYDFFLQULL
DQWLYDULROLFH
$VLVWPvQXOWLPXOWLPSODRFUHWHUHDFD]XULORUGH7%&GLQFDX]DGH
FLHQHORUVLVWHPXOXLLPXQDOFRSLOXOXLLDSRLDODGXOWXOXLGLQFDX]D
YDFFLQXULORU vQ PDV OD FDUH QX PDL IDFH ID GDU L D WUDWDPHQWHORU
DEX]LYHFXDQWLELRWLFH
'U+LURVKL1DNDMLPDGLUHFWRUJHQHUDODO206DUPDvQDSULOLH
vQUHYLVWD,PSDFW0HGHFLQFSkQvQYRUDQXQDWHPLOLRDQHGH
GHFHVHDQXDOHLYRULQIHFWDWHFX7%&PDLPXOWGHPLOLDUGHGHSHUVRD
QHGDFQXVHYDDSOLFDXQSURJUDPGHWUDWDPHQWVXEVXSUDYHJKHUHVWULFW
7VG $FHVW7VGFRQVWvQDREOLJDEROQDYLLVLDPHGLFDPHQWHOHDQWLWXEHU
FXORDVHvQSUH]HQDXQXLvQJULMLWRU'LQDFHVWSURJUDPDIFXWSRVLELO
OD1HZ<RUNRVFGHUHFXD7%&LFXDQXPUXOXLGHFD]XULGH
FKLPLRUH]LVWHQL6HSXQHvQWUHEDUHD&XPHVWHSRVLELOFDGLUHFWRUXOJHQH
UDODO206VSRDWSUH]HQWDDVHPHQHDFLIUHSHQWUX7%&"$PSOHFDPSDQLL
GHYDFFLQDUHFX%&*DXIRVWRUJDQL]DWHGHPXOLDQLSHQWUXWRDWHQDLXQLOH
SODQHWHL'HFODUDLLOHDFHVWXLPHGLFGHPRQVWUHD]LQHFDFLWDWHDDFHVWXLYDF
FLQSUHVXSXVFYDHUDGLFDWXEHUFXOR]D



,ELGHP
,ELGHP

,ELGHP





,ELGHP
,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



'U6FRK\VHRSXQHQXGRDUYDFFLQXOXL%&*GDULSULQFLSLXOXLYDFFLQ
ULL FHHDFHLDDGXVPXOWHQHFD]XUL PRWLYHOHLQGH[SXVHvQUHYLVWD'HV
FOHIVSRXUYLYUH QUDXJXVW 
3ULPXOSHULFRODOYDFFLQXOXL%&*FRQVWvQFDSDFLWDWHDVDGHSURYRFD
XOWHULRUvQPRGIUHFYHQWFD]XULGHWXEHUFXOR]PDMRULWDWHDLQGJUDYH
8QDOWSHULFROHVWHDFHODFDQWUHQHD]ODVXJDULDXWRPDWRIRUP
DWHQXDW GH WXEHUFXOR] FXWDQDW FDUH HYROXHD] WLPS GH  OXQL
PDQLIHVWkQGXVHFXRVWDUHGHVXEIHEULOLWDWHLRVFGHUHLPSRUWDQW
DLPXQLWLLRUJDQLVPXOXLQWRWDFHVWWLPSVXJDUXOPDLVXSRUWL
DOWHYDFFLQXULFDUHSRWGH]HFKLOLEUDLPDLPXOWVLVWHPXOOXLLPXQ(VWH
PRWLYXOSHQWUXFDUHODPDMRULWDWHDGLQWUHFRSLLLYDFFLQDLODQDWHUHVDX
FkWPDLGHYUHPHGXSQDWHUHFX%&*VHREVHUYRSUHGLVSR]LLHOD
GLYHUVHLQIHFLLDFXWHULQRIDULQJLWHRWLWHODULQJLWHVDXEURQLWHUHSH
WDWH6HWLHFWXEHUFXOR]DHFHVWHGDWGHYDFFLQVDXQXGHVFKLGH
FDOHDDIHFLXQLORUUHXPDWLFH0XOLVHQDVFvQ]LOHOHQRDVWUHFXRSUH
GLVSR]LLHJHQHWLFODDIHFLXQLUHXPDWLFHODFDUHVHDGDXJLLQIHFLD
7%&DJUDYkQGXOH
'XS YDFFLQDUHD FX %&* QX PDL HVWH SRVLELO GHSLVWDUHD SUHFRFH
D LQIHFLLORU WXEHUFXORDVH   FL GRDU vQWUR ID] WDUGLY PXOW PDL
JUDY/DRUDDFWXDOH[LVWWUDWDPHQWHHFDFHSHQWUX7%&LGDFDU
GHSLVWDWHGHODvQFHSXWDFHVWHLQIHFLLDUSXWHDYLQGHFDWHFXDQWLEL
RWLFHIUDOWHFRPSOLFDLL
,QIHFLLOHWXEHUFXORDVHGHSLVWDWHODFHLYDFFLQDLFX%&*VXQWPXOWPDL
JUDYHLPDLFRQWDJLRDVHGHFkWODFHLQHYDFFLQDLGLQFDX]FDFHVW
YDFFLQSURYRDFRUHDFLHGHKLSHUVHQVLELOLWDWHvQWkU]LDWGHIDYRUDELO
FXRFD]HLFDUHVXEIRUPOLFKLGGHFHOHPDLPXOWHRULFDUHGLVHPL
QHD]vQvQWUHJXORUJDQLVP
9DFFLQDUHDVLVWHPDWLFGLQ)UDQDQXDGXVODHUDGLFDUHDDFHVWHLEROLFL
GLPSRWULYODRFUHWHUHDFD]XULORUGH7%&
Q)UDQDGHPXOLDQLSURIHVRULGH0HGLFLQFHUUHQXQDUHDODYDFFLQXO
%&*'RLGLQWUHDFHWLPHGLFLVXQWSURIHVRUXO-&KUpWLHQSQHXPRIWL]LRORJ
OD6SLWDOXO/DHQQHF3DULVLSURIHVRUXO-3'HUHQQHSQHXPRORJOD6SLWDOXO
6DLQW$QWRLQH3DULVDPELLH[SULPkQGXLGRULQDGHPDLPXOWHRULvQUHYLVWD
PHGLFDO/H&RQFRXUV0pGLFDO
Q ULOH GH -RV GXS FHO GHDO GRLOHD U]ERL PRQGLDO H[LVWDX QXPH
URDVHFD]XULGHWXEHUFXOR]LQGFRQGLLLSUHFDUHGHYLD&XWRDWHFQX



'U&KULVWD7RGHD*URVV

VDSUDFWLFDWGHORFYDFFLQDUHDvQDFHVWHULWXEHUFXOR]DDIRVWHUDGLFDW
,QWHUHVDQWHVWHIDSWXOFDFHVWHULSUH]LQWFHOPDLPLFSURFHQWGHvPEROQ
YLULFX7%&&D]XULOHGH7%&GLQ(XURSDVXQWFHOHPDLQXPHURDVHvQULOH
vQFDUHVHSUDFWLFYDFFLQDUHD%&*REOLJDWRULHQ%XOHWLQXOQUGLQ
DO0LQLVWHUXOXL6QWLL3XEOLFHL$VLJXUULORU6RFLDOHVHREVHUYFDFROR
XQGHVHSUDFWLFYDFFLQDUHD%&*REOLJDWRULHvQULFD%XOJDULD&HKRVORYD
FLD3RORQLDL3RUWXJDOLDFD]XULOHGH7%&VXQWvQFUHWHUH'HDQLDFHODL
OXFUXVHvQWkPSOLvQ)UDQD
5RPkQLDQXIDFHH[FHSLHGHLVHIDFHYDFFLQDUHDvQPDVREOLJDWRULH
FX%&*vQFGHODQDWHUHREVHUYPRFUHWHUHPDUFDWDFD]XULORUGH7%&
LQFOXVLYODWLQHUL 
Q68$'U0HQGHOVVRKQPHGLFSHGLDWUXLSURIHVRUOD8QLYHUVLWDWHDGH
0HGLFLQGLQ,OOLQRLVFXQRVFXWFDLQGXQXOGLQWUHSULPLLFULWLFLDL0HGLFLQHL
PRGHUQHDUPGXSFHLGHDQLGHH[SHULHQF3ULQLLFRSLLORUYDF
FLQDLDXGUHSWXOVFHDUGRYH]LOHOHJDWHGHHFLHQDYDFFLQXULORU'RYH]LOH
WUHEXLH V H FODUH IU QLFLXQ GXELX FHHD FH QX FRUHVSXQGH DGHYUXOXL
vQFD]XOWHVWXOXLFXWDQDWODWXEHUFXOLQ$FDGHPLD$PHULFDQGH3HGLDWULH
$$3 FDUHQXPDLUDUHRULGH]DSUREDFWHOHPHGLFDOHDSXEOLFDWXQDUWLFRO
vQFDUHFULWLFWHVWXOODWXEHUFXOLQ'LYHUVHVWXGLLUHFHQWHDXODQVDWRvQGRLO
vQFHHDFHSULYHWHXQHOHWHVWHIRORVLWHvQSUHYHQLUHDVDXGHSLVWDUHDWXEHUFX
OR]HL>@7HVWHOHODWXEHUFXOLQQXVXQWSHUIHFWHLDUPHGLFLLWUHEXLHVLQ
VHDPDGHSRVLELOLWDWHDXQRUUHDFLLIDOVSR]LWLYHVDXIDOVQHJDWLYH>@$FHVW
OXFUXvQVHPQFFRSLOXOSRDWHDYHD7%&GHLUHDFLDODWXEHUFXOLQHVWH
QHJDWLYLSRDWHVHVQWRVGHLUHDFLDHVWHSR]LWLY&RQVHFLQHOHVXQW
JUDYHGHRDUHFHFRSLOXOSRDWHLUDGLDWvQUHSHWDWHUkQGXULvQYHGHUHDH[D
PLQULLSOPkQLORUVDXSRDWHVXSXVXQRUWUDWDPHQWHGHVWXOGHSHULFXORDVH
WLPSvQGHOXQJDWGHOXQLVDXDQLGH]LOH
3HSODQPRQGLDO6WXGLXO206
FHUWXULOH UHSHWDWH OHJDWH GH YDFFLQXO %&* DX GHWHUPLQDW 2UJDQ]DLD
0RQGLDOD6QWLLVIDFXQVWXGLXvQ,QGLDvQWUHDQLL
206DDOHVXQQXPUGHGHORFDOLWLvQVXPkQGGHSHU
VRDQH7RDWHSHUVRDQHOHDXIRVWWHVWDWHODWXEHUFXOLQLDUFHOHFXRUH
DFLHQHJDWLY QHYDFLQDL DXIRVWvPSULWHvQGRXJUXSHXQDDIRVW
YDFFLQDWLDOWDQXFDDSRLVHXUPULWHWLPSGHDQLLMXPWDWH
5DSRUWXO 206 5DSSRUW GX JURXSH VFLHQWLTXH ,&05206 QXPHUR




,ELGHP

,ELGHP

,ELGHP
,ELGHP

,ELGHP


9$&&,185,/(35(9(1,(6$8%2$/



 *HQHYH  D IRVW XUPWRUXO 9DFFLQXO %&* QX FRQIHU QL
FLRSURWHFLHvQWHUPHQXOFHORUDQLLMXPWDWHGHVXSUDYHJKHUHLDU
WXEHUFXOR]DDDWLQVPXOWPDLGHVSHUVRDQHOHFDUHUHDFLRQDVHULQLLDO
ODWXEHUFXOLQGXSYDFFLQDUHGHFkWSHFHLFDUHQXSUH]HQWDVHUQL
FLR UHDFLH &X DOWH FXYLQWH FHL FDUH DYHDX UHDFLD OD WXEHUFXOLQ
SR]LWLY SUH]HQWDX R UHDFLH GH KLSHUVHQVLELOLWDWH vQWkU]LDW FDUH QXL
SURWHMD GH 7%& SH FkQG FHL FDUH QX UHDFLRQDVHU OD WXEHUFXOLQ QX
SUH]HQWDXDFHDVWDOHUJLHvQWkU]LDWLHUDXPXOWPDLDSUDLvPSRWULYD
WXEHUFXR]HL
'U /RXLV 'H %URXZHU UHPDUF IDSWXO F 5HSXEOLFD )HGHUDO *HU
PDQQXVHDWHSWDVHODXQDVWIHOGHUDSRUWLGLQVXVSHQGDVH
SUDFWLFD YDFFLQULL FX %&* 1X DFHODL OXFUX vO YRU IDFH )UDQD
5RPkQLDLDOWHUL
Q*HUPDQLD SHULRDGDFkQGvQFVHSUDFWLFDYDFFLQDUHD%&* 
QSHULRDGDFD]XULOHGHGHFHVGDWRUDWHWXEHUFXOR]HLDXFX
QRVFXWRFUHWHUHLPSRUWDQWFXXQDSRJHXvQWLPSXOSULPXOXLU]ERL
PRQGLDO'XSDFHHDvQFHSHVVFDGXRUQXPUXOFD]XULORUGHERD
O1XVDJVLWQLFLRH[SOLFDLHSHQWUXUULUHDFD]XULORUGHERDOWL
LQGFvQFQXVHGHVFRSHULVHYDFFLQXO
'XSLQWURGXFHUHDYDFFLQXOXL%&*SULQWURFDPSDQLHGHYDFFLQDUH
vQPDVGHVIXUDWvQWUHDQLLVHREVHUYGLQQRXRXRDU
FUHWHUHDFD]XULORUGH7%&GXSFDUHVFGHUHDORUFRQWLQXVHFD
vQDLQWH$FHVWOXFUXQHDUDWFYDFFLQXO%&*DGPLQLVWUDWvQPDVQX
D LQXHQDW GHORF LQFLGHQD WXEHUFXOR]HL vQ UkQGXO SRSXODLHL 1X VH
REVHUYQLFLvQDQLLXUPWRULRPRGLFDUHvQDFHVWVHQVGDUVHFRQVWDW
XQOXFUXHYLGHQWFRVWXULOHDFHVWRUYDFFLQXULQ*HUPDQLDVDXDORFDW
PLOLRDQHGHPUFLJHUPDQHSHQWUXYDFFLQDUHDvQPDVDSRSXODLHL
FX%&*
'HFHVHOHSURYRFDWHGH7%&DXVF]XWVLVWHPDWLFHFVDYDFFLQDWVDX
QXSRSXODLDGDFvQDQXOVHvQUHJLVWUDXGHGHFHVHGDWRUDWH
GLIHULWHORUEROLGLQWUHFDUHGHFD]XULGLQFDX]DWXEHUFXOR]HLvQDQXO
VHPDLQXPUDXGRDUFD]XUL6WDWLVWLFDDIRVWHIHFWXDWGHFWUH
SURI:HLVHGHOD0LQLVWHUXO6QWLLGLQ%HUOLQFDUHUHPDUFDIDSWXOF
GHLGXSGHVFRSHULUHDDJHQWXOXLHWLRORJLFDOWXEHUFXOR]HL E.RFK vQ


,ELGHP
,ELGHP

*%XFKZDOGRSFLW

,ELGHP




'U&KULVWD7RGHD*URVV

DQXOVDXLQWURGXVGLYHUVHWUDWDPHQWHEDOQHDUH VDQDWRULLOH7%& 
LSUHYHQWLYH YDFFLQXO%&* QXDSXWXWLQXHQDWHSLGHPLDGHWX
EHUFXOR]$VWDvQVHDPQFFKLDUGDFQXVHIFHDQLPLFvPSRWULYD
WXEHUFXOR]HLDVW]LDPDYXWDFHHDVLVLWXDLHHSLGHPLFVSXQH'U
%XFKZDOG
QDLQWHGHYDFFLQXULOHVDXHIHFWXDWGHFWUH'LUHFLLOHGH6Q
WDWHWLPSvQFDUHHLDXIFXWXQOREE\HFLHQWIRORVLQGXVHGHSUDFWL
FLHQLLPHGLFLLSHGLDWUL'DUGXSUH]XOWDWHOHGH]DVWUXRDVHGDWRUDWH
YDFFLQXOXLFRQWUDYDULROHLVHvQFHUFDDFXPRHYLWDUHDXQHLYDFFLQUL
REOLJDWRULL
Q SHULRDGD  VD IFXW XQ QRX FRPSURPLV L VD HIHFWXDW D
GRXDYDFFLQDUHvQPDVDSRSXODLHLGLQ*HUPDQLD6WDWLVWLFDDUDWvQ
PRGHYLGHQWFYDFFLQXO%&*QLFLGHGDWDDFHDVWDQXDLQXHQDWvQ
QLFLXQIHOHYROXLDEROLLDLQFLGHQHL7%&'LPSRWULYJUDFHOHHIHF
WXDWHDUDWRVWDJQDUHDFXUEHLGXSFDUHGHYLQHXRURQGXODQWFHHD
FHGHPRQVWUHD]XQHIHFWQHJDWLYDOYDFFLQULORUvPSRWULYDWXEHUFXOR
]HL'HFHVHOHSURYRFDWHGH7%&vQDFHDVWSHULRDGQXDUDWRPRGL
FDUHFRPSDUDWLYFXVLWXDLDGHGLQDLQWHLGHGXSYDFFLQDUH
 'HLvQXUPDVWXGLXOXL206GLQ,QGLD*HUPDQLDDUHQXQDWvQFHSkQGFX
DQXOODREOLJDWLYLWDWHDYDFFLQULL%&*PHGLFLLSHGLDWULDXFRQWLQXDW
YDFFLQDUHDFRSLLORUGLQ*HUPDQLDSkQvQDQXO'HDLFLUH]XOWIDSWXO
FvQFD]XOXQRUFRPSOLFDLLSRVWYDFFLQDOHQXVWDWXOVHIDFHUVSXQ]WRUGH
HOHFLPHGLFXOFDUHDDGPLQLVWUDWSHUVRQDOYDFFLQXO%&*
3kQvQDQXOVWDWLVWLFDDUDWIUYDFFLQDUHRVFGHUHFRQWLQX
FRQVWDQWDFD]XULORUGH7%&vQ*HUPDQLD
'LQDQXOvQ*HUPDQLDYDFFLQXO%&*DSDULQHWUHFXWXOXL
$PSUH]HQWDWDFHVWVFXUWLVWRULFDOHYROXLHLWXEHUFXOR]HLGLQ*HUPDQLD
LQGFDPSXWHDWUDJHRFRQFOX]LHLPSRUWDQWSHQWUXDUDQRDVWULVRSULP
YDFFLQDUHD%&*


,ELGHP
,ELGHP

,ELGHP

,ELGHP

,ELGHP

,ELGHP

,ELGHP


9$&&,185,/(35(9(1,(6$8%2$/



F 5HDFLLOHDGYHUVHLFRPSOLFDLLOHYDFFLQXOXL%&*
$EFHVHORFDOHDSDUODORFXOLQRFXOULLODDSUR[LPDWLYVSWPkQLGH
ODYDFFLQDUHLVXQWFRQVLGHUDWHFDLQGRFRPSOLFDLHGDFGLDPHWUXO
OH]LXQLLPVRDUSHVWHFP
$GHQRSDWLL OD  VSWPkQL GH OD YDFFLQ VH FRQVWDW R LQDPDLH D
JDQJOLRQLORUUHJLRQDOLFDUHGHVHRULVHLQIHFWHD]IRUPkQGXVHDEFHVH
2VWHLWHLRVWHRPLHOLWHLQDPDLDLLQIHFLDRDVHORUvQVSHFLDODRDVH
ORUOXQJLFDUHSRWDSDUHvQWUHOXQLLDQLGHODYDFFLQDUH vQPHGLH
OXQL 
7%&IRUPHJUDYHGLVHPLQDWHXQHRULFRPSOLFDWHFXPHQLJLWWXEHUFX
ORDVLGHFHV
2WLWHSXUXOHQWHVROGDWHXQHRULFXVXUGLWDWH
,QIHFLLIUHFYHQWHDOHFLORUDHULHQHVXSHULRDUHLLQIHULRDUHODULQJLWH
ULQRIDULQJLWHRWLWHEURQLWH
$IHFLXQLUHXPDWLFH
6FGHUHDLPXQLWLL
'HFHVXO
QFRQFOX]LHQXHVWHGHORFUHFRPDQGDWYDFFLQDUHD%&*DVXJDULORUPR
WLYHOHLQGFRQFOXGHQWH5RPkQLDHVWHVLQJXUDDUGLQ8(XQGHVHPDL
HIHFWXHD]YDFFLQDUHD%&*ODQDWHUH YH]L$QH[D 

,;,QIHFLLOHFX+DHPRSKLOXV,QXHQ]DHWLSE
LYDFFLQXO+LE
,QIHFLLOHFX+LE
+DHPRSKLOXV,QXHQ]DHWLSE +LE HVWHREDFWHULHFDUHVHJVHWHLOD
RDPHQLVQWRLODQLYHOXOQDVXOXLLDOJkWXOXLLGRDUvQFRQGLLLVSHFLD
OH VLVWHP LPXQ VF]XW  GHYLQH SDWRJHQ SURYRFkQG LQIHFLL XQHRUL IRDUWH
JUDYH PHQLQJLWH HQFHIDOLWH HWF  8Q SURFHQW GH  GLQ SRSXODLH VXQW
SXUWWRULVQWRLFX+LE7LSXOEVHGHRVHEHWHGHFHOHODOWHWLSXULGH+D


,ELGHP
/'H%URXZHURSFLW

,ELGHP

,ELGHP

,ELGHP

,ELGHP

0+LUWHRSFLW




'U&KULVWD7RGHD*URVV

HPRSKLOXV,QXHQ]DH WLSFHWF SULQIDSWXOFGHLQHRFDSVXOFDUHHVWHJUHX


GHUHFXQRVFXWLGHDWDFDWGHFWUHVLVWHPXOLPXQDOVXJDUXOXL
,QIHFLLOHFX+LEVXQWODULQJLWHDFXWHPHQLQJLWHHQFHIDOLWHRVWHRPLHOLWH
VHSWLFHPLH8QSURFHQWGHGLQWUHLQIHFLLOHFX+LEVHSURGXFODFRSLLL
VXEDQLLDUXQSURFHQWGHODVXJDUL FRSLLVXEXQDQ FXXQYkUIvQ
OXQLOHGHYLD2DPHQLLGHWLLQVXHGH]LDXREVHUYDWXQSURFHQWIRDUWH
UHGXVDODFHVWRULQIHFLLODFRSLLLDOSWDLODVkQ&XHFDUHVSWPkQ
vQSOXVGHDOSWDUHVFDGHULVFXOODDFHVWHLQIHFLLLVHPHQLQHVF]XWLGXS
RSULUHDDOSWULLSkQODYkUVWDFRODU'HDVHPHQHDODFRSLLLGLQWUXQ
PHGLXXQGHVHIXPHD] IXPWRULSDVLYL ULVFXOLQIHFLLORUFUHWHGHRUL
1RUGKHLP 
9DFFLQXO+LE
*HQHUDOLWL,QHFLHQDYDFFLQXOXL
3ULPXOYDFFLQDDSUXWSHSLDvQvQ68$FXGHQXPLUHDGH353
+DHPRSKLOXV%3RO\VDFFKDULG3RO\ULERV\OULELWRO3KRVSKDW /LFHQDDIRVW
RELQXW vQ XUPD H[SHULPHQWXOXL GLQ )LQODQGD GLQ  L QX vQ XUPD
VWXGLLORUDPHULFDQHQ68$VDIFXWGRDUXQVWXGLXFOLQLFOHJDWGHHFL
HQDYDFFLQXOXLSHXQORWGHGHFRSLLFXYkUVWDFXSULQVvQWUHOXQL
LDQL6DFRQVWDWDWFHFLHQDOXLHVWHGHGRDU&XDOWHFXYLQWHOD
GRDUGLQGHFRSLLVHIRUPHD]DQWLFRUSLFHHDQXHFKLYDOHD]LFXR
LPXQLWDWHFHUW
'LQFDX]DXQHLUHDFLLLPXQHLQVXFLHQWH UHFXQRVFXWvQFHOHGLQXUP 
LDPXOWRUUHDFLLDGYHUVHQRLSRVWYDFFLQDOHDSUXWHXOWHULRULFDUHQXHUDX
VSHFLFDWHvQSURVSHFWvQ68$VDVLQWHWL]DWXQQRXYDFFLQvQvQXUPD
XQXLDOWH[SHULPHQWQODQGH]'HGDWDDFHDVWDYDFFLQXODIRVWvPEXQ
WLWLQGYRUEDGHXQYDFFLQFRQMXJDW353'OLFHQLDWGHFWUH)'$
([SHULPHQWXOQODQGH]VDIFXWSHXQORWGHGHFRSLLGDUGR]DUHD
DQWLFRUSLORUUH]XOWDLvQXUPDYDFFLQULLVDHIHFWXDWODGRDUGHFRSLLFHHD
FHHVWHFXWRWXOLQVXFLHQWUDSRUWDWODXQORWDWkWGHPDUH&XWRDWHDFHVWHD
HFLHQDDDWDIRVWGH$XIRVWGHVFULVHLPXOWHUHDFLLDGYHUVH

 6$ 6LOIYHUGDO 3URWHFWLYH HIIHFW RI EUHDVWIHHGLQJ RQ LQYDVLYH +DHPRSKLOXV LQ
XHQ]D LQIHFWLRQ D FDVHFRQWUROVWXG\ LQ 6ZHGLVK SUHVFKRRO FKLOGUHQ ,QW - (SLGHPLRO
  

96FKHLEQHURSFLW

-(VNROD+3HOWROD$.7DNDODHWDO(IFDF\RI+DHPRSKLOXVLQXHQ]DHW\SHE
SRO\VDFFKDULGHGLSKWKHULDWR[RLGFRQMXJDWHYDFFLQHLQLQIDQF\1(QJO-0HG6HS
  KWWSZZZQFELQOPQLKJRYSXEPHG

9$&&,185,/(35(9(1,(6$8%2$/



SULQWUHFDUHFD]XULGHLQIHFLL+LEVHYHUHODFRSLLFDUHDXSULPLWWUHLGR]H
GHYDFFLQ7UHLVWXGLLDPHULFDQHvQWUHSULQVHvQGHFWUH%ODFN+DUUL
VRQL6KDSLURDXHYLGHQLDWRVWLPXODUHVF]XWDLPXQLWLLvQXUPDYDFFL
QULLFX353'%ODFNDDXVFULVGHVSUHXQSURFHQWGHLDUODUHDFLL
DGYHUVHDXGHVFULVGHFD]XULFXLQIHFLL+LEDSUXWHvQSULPHOHVSW
PkQLGHODYDFFLQ2DOWSUREOHPSHFDUHDSXVRYDFFLQXOLSHFDUHDXRE
VHUYDWRPXOLDOLFHUFHWWRULDIRVWH[LVWHQDXQHLIHUHVWUHGH]LOHGH
ODYDFFLQWLPSvQFDUHQXVHIRUPHD]DQWLFRUSLLDUORWXOGHVXJDULGDULFHO
GHDQLPDOHIRORVLWSHQWUXVWXGLXHUDIRDUWHUHFHSWLYODLQIHFLL+LE
$XIRVWDQDOL]DWHGHFWUH)'$GHUHFODPDLLLQGYRUEDGHFRSLLGH
SHVWHGHOXQLFDUHDXSUH]HQWDWLQIHFLLVHYHUH+LEGHLDXIRVWYDFFLQDL
LDUWUHEXLWVHLPXQLODDFHDVWYkUVW0DMRULWDWHDvPEROQYLULORUVDX
REVHUYDQWvQSULPHOHOXQLGHODYDFFLQ
'UHSWVFX]SHQWUXSULPHOHHHFXULSURGXFWRULLGHYDFFLQXULDXVSXVF
DIRVWGLFLOFUHDUHDYDFFLQXOXL+LEGHRDUHFHFRSLLLFXYkUVWDGHOXQL
QXUVSXQGODYDFFLQXULFHFRQLQSDUWLFXOHGLQFDSVXODYLUDOVDXEDFWHULDQ
+LEHVWHXQYDFFLQLQDFWLYDWFHFRQLQHSDUWLFXOHGLQFDSVXODEDFWHULHL &D
X]DRFRQVWLWXLHOLSVDSURWHLQHORUGLQYDFFLQFDUHvQPRGQRUPDOVWLPXOHD]
VLVWHPXOLPXQFDVIRUPH]HDQWLFRUSL'HDFHHDVSXQHLHVWHQHYRLHGHXQ
DGDXVGHSURWHLQHVWULQHDQLPDOHHGLQWR[LQDWHWDQLFHGLIWHULF YDFFL
QXO353'DPLQWLWDQWHULRU SHFDUHVVH[H]HDFHVWHSDUWLFXOHGLQFDSVXOD
EDFWHULDQ VWLPXOkQG DVWIHO UVSXQVXO LPXQ DO FRSLOXOXL 9DFFLQXO UH]XOWDW
VHQXPHWHYDFFLQFRQMXJDW$VWIHOGHYDFFLQXULVHIRORVHVFWRWPDLGHV
ODFRSLLLFXYkUVWDFXSULQVvQWUHOXQLLDQL'RDUvQDFHVWIHOVLVWHPXO
LPXQSRDWHSFOLWVSXQHLSHQWUXFDXQFRSLOGHOXQLVUVSXQG
ODYDFFLQPRWLYSHQWUXFDUHYDFFLQXO+LEDIRVWFRPELQDWFXDOWHYDFFLQXUL
FDUH FRQLQ SURWHLQH DQLPDOH L GH FDUH VH YD OHJD DQWLJHQXO +LE YDFFLQXO
DQWLWHWDQRVFDUHFRQLQHWR[LQDWHWDQLF YDFFLQXODQWLGLIWHULFFDUHFRQLQH
WR[LQDGLIWHULFEDFWHULLPHQLQJRFRFLFLFHHWF&XWRDWHDFHVWHDDDFXP

 6 . 6RRG - 5 6FKHLEHU * 5 6LEHU HW DO 3RVWYDFFLQDWLRQ VXVFHSWLELOLW\ WR
LQYDVLYH +DHPRSKLOXV LQXHQ]DH W\SH E GLVHDVH LQ LQIDQW UDWV - 3HGLDWU  1RY
  KWWSZZZQFELQOPQLKJRYSXEPHG

56'DXP6.6RRG072VWHUKROPHWDO'HFOLQHLQVHUXPDQWLERG\WRWKH
FDSVXOH RI +DHPRSKLOXV LQXHQ]DH W\SH E LQ WKH LPPHGLDWH SRVWLPPXQL]DWLRQ SHULRG -
3HGLDWU0D\  

((+LQHUXQG&()UDVFK6SHFWUXPRI'LVHDVH'XHWR+DHPRSKLOXV,QXHQ]D
7\SH%2FFXUULQJLQ9DFFLQDWHG&KLOGUHQ-,QIHFW'LVRUGHU$XJ  

96FKHLEQHURSFLW

0+LUWHRSFLW



'U&KULVWD7RGHD*URVV

R GRYHGHVF VWXGLLOH vQWUHSULQVH FX QRXO YDFFLQ VLVWHPXO LPXQ DO VXJDUXOXL
QXVDOVDWSFOLWQLFLFXRDVHPHQHDPHWRG9LHUD6FKHLEQHUDUPF
WRDWHVWXGLLOHHIHFWXDWHvQYHGHUHDFXQRDWHULLHFLHQHLYDFLQXOXL+LEDX
HYLGHQLDWIDSWXOFHOQXRIHULPXQLWDWHFRSLLORUVXEOXQL'XSXQ
VWXGLXIFXWvQ$ODVNDGHFWUH:DUGLFRODERUDWRULLVLIRORVLQGYDFFLQXO
353'ODFRSLLVDFRQVWDWDWHHFXOWRWDODODFHVWXLD&RSLLLFDUHQX
DXOXDWSDUWHODVWXGLXDXSUH]HQWDWPDLSXLQHLQIHFLL+LEUDWDLQIHFLLORU
LQGDVHPQWRDUHFXFHDGLQJUXSDSODFHERDXIRVWPDLPXOWHFD]XULGH
PHQLQJLWHDVHSWLFHLGHPRDUWHVXELWODVXJDU 6,'6 vQJUXSXOFHORUYDFFL
QDLGHFkWvQJUXSXOGHFRQWURO&XWRDWHDFHVWHDYDFFLQXO353'DIRVW
OLFHQLDWvQ68$LHVWHIRORVLWODVXJDULLGHLOXQL0XOWHDOWHVWXGLL
DXIRVWIFXWHFX3HQWDYDFFLQXOFDUHFRQLQHDOWXULGH+LEvQFYDFFLQXUL
'73 WULYDOHQW LDQWLSROLR5H]XOWDWXODIRVWDFHODL9DFFLQXOHUDLQHFLHQW
LFXPXOWHUHDFLLDGYHUVH
,QHFLHQDYDFFLQXOXL+LEDFWXDOHVWHHYLGHQWFRQVWDWkQGXVHRFUHWH
UHGHODDQODDQDFD]XULORUFXLQIHFLL+LEPXOWHGLQWUHHOHLQGVHYHUH
vQ$ODVND VDX vQPXOLW LQIHFLLOH FX DFHVW WLS GH EDFWHULL vQFHSkQG FX DQXO
$FHODLOXFUXVHREVHUYvQ2ODQGDLDUvQ0DUHD%ULWDQLHVDXWULSODW
LQIHFLLOHFX+LEvQWUHDQLL([HPSOHOHSRWFRQWLQXD 68$
HWF LDU5RPkQLDQXYDIDFHH[FHSLH/DQRLXQVXJDUHVWHYDFFLQDWGHRUL
vPSRWULYDLQIHFLHLFX+LEODVLOXQL
(HFXOYDFFLQXOXLDIRVWWRWDO$SDULLDGHQRLWXOSLQLSDWRJHQH
&XWRDWHFDFHVWYDFFLQXUPDVSUHYLQLQIHFLLOHJUDYHODFRSLLFXEDF
WHULD +DHPRSKLOLV ,QXHQ]H WLS % ODULQJLWH PHQLQJLWH HQFHIDOLWH  VD
REVHUYDW vQ XOWLPLL DQL F VDX vQPXOLW IRDUWH PXOW LQIHFLLOH FX DOWH WLSXUL
GH EDFWHULL GHQXPLWH +DHPRSKLOXV QRQ% SH FDUH YDFFLQXO QX OH SUH
YLQH 'RDU vQ SURYLQFLD FDQDGLDQ 0DQLWRED VDX JVLW  GH DVWIHO GH


96FKHLEQHURSFLW
-:DUG*%UHQQHPDQ*:/HWVRQDQG:/+D\ZDUG7KH$ODVND+LQXHQ
]DH9DFFLQH6WXG\*URXS/LPLWHGHIFDF\RID+DHPRSKLOXVLQXHQ]DHW\SHEFRQMXJDWH
YDFFLQHLQ$ODVNDQDWLYHLQIDQWV1(QJO-0HG

96FKHLEQHURSFLW

,ELGHP

.*DOLO56LQJOHWRQ26/HYLQHHWDO5HHPHUJHQFHRILQYDVLYH+DHPRSKLOXV
LQXHQ]DW\SHEGLVHDVHLQDZHOOYDFFLQDWHGSRSXODWLRQLQUHPRWH$ODVND-,QIHFW'LV
  

*75LMNHUV39HUPHHUGH%RQGW/6SDQMDDUG0$%UHXNHOV($06DQGHUV
5HWXUQRI+DHPRSKLOXVLQXHQ]DW\SHELQIHFWLRQV/DQFHW

.3XVKSDUDMDK35DPQDUD\DQ$0DQL\DU53DJHW-%ULWWR&RQWLQXHGWKUHDW
RI+DHPRSKLOXVLQXHQ]DW\SH%GLVHDVHLQWKH8./DQFHW


9$&&,185,/(35(9(1,(6$8%2$/



LQIHFLLQ*HUPDQLDVDXGXEODWLQIHFLLOHFXWXOSLQL+LESDWRJHQH
QRLvQWUHDQLL$FHVWOXFUXVFKLPEUDGLFDOHSLGHPLRORJLDDFHV
WRUEDFWHULLLSXQHVXEVHPQXOvQWUHEULLURVWXOYDFFLQXOXL+LE
&RSLLL PDL PDUL DGROHVFHQLL L DGXOLL GDWRULW YDFFLQULL vQ PDV DX
PDLUDUFRQWDFWFXEDFWHULD+LEPRWLYSHQWUXFDUHvLSLHUGvQWLPSLPXQLWDWHD
FDUHQXPDLHVWHUHDFWXDOL]DWSULQIRUPDUHGHDQWLFRUSL 'HDFHHDHLULVF
VIDFLQIHFLLJUDYH6DXUHODWDWDVWIHOGHLQIHFLLODDGROHVFHQLGHSHVWH
DQLvQ$QJOLDL:DOHV
3UH]HQWDUH
D $FWXDOXO YDFFLQ +LE VH JVHWH vQ FRPHU H VXE IRUP PRQRYDOHQ
W QXPLW $&7+,% FRQMXJDW FX WR[LQD WHWDQLF SURGXV GH 6DQR 3DVWH
XU  L +,%(5,; FRQMXJDW FX WR[LQD WHWDQLF SURGXV GH */$;2 60,
7+./,1(  H FRPELQDW FX PDL PXOWH YDFFLQXUL 7HWUDYDFFLQ 3HQWDYDF
FLQ L +H[DYDFFLQ 7HWUDYDFFLQXO IRORVLW HVWH 7(75$&7+,% '73+LE
GH6DQR3DVWHXU 3HQWUX3HQWDYDFFLQH[LVWSURGXVH,1)$15,;+,%
'73DQWLSROLR+LE  3(17$;,0 '73SROLR+LE GH 6DQR 3DVWHXU 
VDX3(17$FW+LE '73SROLR+LEGH$YHQWLV3DVWHXU 3HQWUXKH[DYDFFLQ
H[LVW +(;$9$& '73SROLR+LEKHSDWLWLF % SURGXV GH$YHQWLV 3DVWH
XU L,1)$15,;+(;$ '73$+%9,39+,%SURGXVGH*/$;260,
7+./,1(%,2/2*,&$/66$%(/*,$ IRORVLWGHFXUkQGLvQ5RPkQLD
PDL ODVXJDULLGHLOXQL

*65LEHLURHWDO3UHYHQWLRQRI+DHPRSKLOXVLQXHQ]DW\SHE +LE PHQLQJLWLV
DQGHPHUJHQFHRIVHURW\SHUHSODFHPHQWZLWKW\SHDVWUDLQVDIWHULQWURGXFWLRQRI+LELPPX
QL]DWLRQLQ%UD]LO-,QIHFW'LV

3%DMDQFD0&DQLFDDQGWKH0XOWLFHQWHU6WXG\*URXS(PHUJHQFHRIQRQHQFDS
VXODWHG QRQEW\SH LQYDVLYH +DHPRSKLOXV LQXHQ]D LVRODWHV LQ 3RUWXJDO   -
&OLQ0LFURELRO

567VDQJ60XEDUHND0.6LOO-:\OLHHWDO,QYDVLYH+DHPRSKLOXVLQX
HQ]DH LQ 0DQLWROD &DQDGD LQ WKH SRVWYDFFLQDWLRQ HUD - &OLQ 0LFURELRO    


(63(' (UKHEXQJVHLQKHLWIUVHOWHQHSlGLDWULVFKH(UNUDQNXQJHQLQ'HXWVFKODQG 
-DKUHVEHULFKWKWWSZZZHVSHGXQLGXHVVHOGRUIGHMDEHSGI
-&%XWOHU1DWXUHDEKRUVDYDFXXPEXWWKHSXEOLFKHDOWKLVORYLQJLWWKHVXV
WDLQHGGHFHDVHLQWKHUDWHRILQYDVLYH+DHPRSKLOXVLQXHQ]DGLVHDVH&OLQ,QIHFW'LV


 - 0F9HUQRQ & / 7URWWHO 3 ( 6ODFN 0 ( 5DPVD\ 7UHQGV LQ +DHPRSKLOXV
LQXHQ]DW\SHELQIHFWLRQVLQDGXOWVLQ(QJODQGDQG:DOHVVXUYHLOODQFHVWXG\%0-




'U&KULVWD7RGHD*URVV

E Q*HUPDQLDYDFFLQDUHD+LEVHIDFHvQFHSkQGFXYkUVWDGHOXQLLVH
DGPLQLVWUHD]GR]H9DFFLQXOHVWHDGPLQLVUDWFRSLLORUVXEDQL
F Q5RPkQLDYDFFLQDUHDvQFHSHGHODOXQLLVHDGPLQLVWUHD]WRW
GR]HODLOXQL9DFFLQXO+LEDIRVWLQWURGXVvQ5RPkQLDvQ
LQGRSLRQDOSkQvQGHFkQGDGHYHQLWXQYDFFLQREOLJDWRULXFRQ
IRUPQRXOXL3URJUDP1DLRQDOGH9DFFLQULGLQ5RPkQLDGXS25',18/
15',1&XWRDWHDFHVWHDGLQSXQFWGHYHGHUHMXULGLF
HOUPkQHODIHOFDWRDWHYDFFLQXULOHXQXORSLRQDO
5HDFLLDGYHUVHLFRPSOLFDLLOHSRVWYDFFLQDOH
&RQFHQWUDLD PDUH GH HQGRWR[LQH GLQ YDFFLQ IDFH FD DFHVWD V H PXOW
PDLJUHXVXSRUWDELOGHFkWYDFFLQXULOHDQWLWHWDQRVDQWLSROLRVDXDQWLGLIWHULF
&'& &HQWUXGH&RQWURODO%ROLORUGLQ68$ GXUPWRDUHOHGDWHGHVSUH
UHDFLLOHDGYHUVHSRVWYDFFLQDOHODXQXOGLQDXORFUHDFLLORFDOHFXvQURL
UHDSLHOLLGXUHUHLLQDPDLHODXQXOGLQVHSURGXFVLPSWRPHSUHFXP
IHEUYUVWXULGLDUHHVDXLSWSUHOXQJLW LSWXOSUHOXQJLWQHGXFHFX
JkQGXOODLSWXOHQFHIDOLWLFIUHFYHQDOXLLQGGHVWXOGHPDUH 
5HDFLLOHVHFXQGDUHDOHYDFFLQXOXLPRQRYDOHQW $&7+LE QXDXIRVWVWX
GLDWHvQPRGVLVWHPDWLFOXFUXFHQXVHYDPDLvQWkPSODQLFLGHDFXPvQFROR
GHRDUHFHYDFFLQXOPRQRYDOHQWWLQGHVGLVSDUGLQFRPHUGHDFHHDQLFLQX
VHYDPDLDDYUHRGDWFHUHDFLLVHFXQGDUHDUSXWHDSURYRFDFRPSRQHQWHOH
YDFFLQXOXL +LE FDUH DFXP QX VH PDL JVHWH GHFkW vQ FRPELQDLLOH FX DOWH
YDFFLQXUL&kQGYRUDSUHDUHDFLLDGYHUVHGXSSHQWDYDFFLQVDXKH[DYDFFLQ
QXYRPWLFDUHGLQWUHFRPSRQHQWHOHDSURYRFDW
QDQLLDXIRVWUDSRUWDWHOD,QVWLWXWXO3DXO(KUOLFKGLQ*HUPDQLDRVHULH
GHUHDFLLDGYHUVHGXSYDFFLQXOPRQRYDOHQW$&7+LEUHDFLLDOHUJLFHWXO
EXUULGHFRDJXODUHDVkQJHOXL WURPERFLWRSHQLH FRPSOLFDLLQHXURORJLFH
FRQYXOVLLSDUDOL]LLPHQLQJLWHHQFHIDOLWHVLQGURPXO*XLOODLQ%DUUH LGH
FHVH ,PSIUHDNWLRQHQ /DFHLDIHFWDLGH6LQGURP*XLOODLQ%DUUHVD


0+LUWHRSFLW
KWWSZZZPVJRYUR

02FKLDL0.DWDRND+7R\RL]XPL$<DPDPRWR(QGRWR[LQFRQWHQWLQ+DH
PRSKLOXVLQXHQDHW\SHEYDFFLQH-SQ-,QIHFW'LV  I

&'&D)$4VDERXW+LE0HQLQJLWLV)RXQGDWLRQRI$PHULFDKWWSZZZ
PXVDRUJ+LEKWP

0+LUWHRSFLW


9$&&,185,/(35(9(1,(6$8%2$/





'U&KULVWD7RGHD*URVV

FRQVWDWDWXQWLWUXIRDUWHPDUHGHDQWLFRUSLvQGUHSWDLvPSRWULYDSURWHLQHORUGLQ
YDFFLQ(VWHYRUEDGHKLSHULPXQL]DUHDGHFDUHDPPDLDPLQWLW
,QIHFLLJUDYHFX+LEDXIRVWREVHUYDWHGHVHRULODFRSLLLYDFFLQDL'DF
XQ FRSLO SULPHWH YDFFLQXO +LE vQWUXQ PRPHQW vQ FDUH HO HVWH LQIHFWDW FX
DFHVW PLFURE OXFUX SH FDUH QXO WLP  QLYHOXO DQWLFRUSLORU SRDWH V VFDG
GUDPDWLFvQ]LOHOHVDXRUHOHGHGXSYDFFLQDUHLLQIHFLDFX+LESRDWHDYHDR
HYROXLHIRDUWHJUDY2VWDUHJHQHUDODOWHUDWFXIHEUULGLFDWGXSYDFFL
QDUHWUHEXLHvQWRWGHDXQDVQHGHDGHJkQGLWQ68$RDVWIHOGHLQIHFLHJUDY
HVWHUHFXQRVFXWvQPRGRFLDOFDRFRPSOLFDLHSRVWYDFFLQDO
$VWPEURQLF
GXSYDFFLQDUHDDQWL+LEULVFXOGHDIDFHXQDVWPEURQLFSkQODYkUVWD
GHDQLFUHWHFXSRWULYLWXQXLVWXGLX
'LDEHW]DKDUDWWLS, LQVXOLQRGHSHQGHQW
YDFFLQXODQWL+LEFRQIRUPXQRUVWXGLLHSLGHPLRORJLFHFUHWHULVFXOOD
FRSLLGHDIDFHGLDEHW]DKDUDWWLS,$FHVWWLSGHGLDEHWHVWHRERDO
DXWRLPXQSULQFDUHVXQWGLVWUXVHFHOXOHOHSDQFUHDWLFHFDUHVHFUHWLQVXOLQ
QOLSVDLQVXOLQHLJOLFHPLDFUHWHQHFRQWURODWLFRSLOXOSRDWHLQWUDvQFRP
GLDEHWLF7UDWDPHQWXOFRQVWvQDGPLQLVWUDUHDGHLQVXOLQ]LOQLFVXEIRUP
LQMHFWDELOSHWRWSDUFXUVXOYLHLL'LDEHWXO]DKDUDWWLS,HVWHRERDOFURQLF
QHYLQGHFDELO
'XSYDFFLQXO+LEDGPLQLVWUDWFRSLLORUODYkUVWDGHDQVHREVHUY
vQPRGIUHFYHQWIRUPDUHDDGRXWLSXULGHDQWLFRUSLvQGUHSWDLvPSRWULYDFH
OXOHORUSDQFUHDWLFH ,$$*$'$ VHFUHWRDUHGHLQVXOLQ7RWDOGRLOHD

FRSLOFDUHSUH]LQWDFHVWHWLSXULGHDQWLFRUSLVHYDvPEROQYLGHGLDEHW]DKD
UDWvQXUPWRULLDQL
Q68$LPXOWHDOWHULGLQ(XURSDGH9HVWGXSLQWURGXFHUHDYDFFL
QXOXL+LEDFUHVFXWIRDUWHPXOWLQFLGHQDGLDEHWXOXL]DKDUDWWLS,ODFRSLLvQ
*HUPDQLDFXvQWUHDQLLvQ)LQODQGDFXLDUvQ68$FX
GHFD]XULvQGHFXUVGHDQL5H]XOWDWHOHDUDWFVWXGLLOH
GLQWUHFXWSULYLQGYDFFLQXO+LEVXQWJUHLWHLQGFHOHQXDUDWROHJWXU
GLQWUHDFHVWYDFFLQLEROLDXWRLPXQHSUHFXPGLDEHWXO]DKDUDWWLS,&ODV
VHQDUPFERDODGHEXWHD]ODGHOXQLGXSYDFFLQDUHLULVFXO
HVWHGHFUHVFkQGODFkQGvQIDPLOLHVDXODUXGHOHDSURSLDWHPDL
H[LVWXQFD]GH'=WLS,/DFHLQHYDFFLQDLULVFXOGHDIDFHGLDEHWWLS,
HVWHGH
2FRQFOX]LHLPSRUWDQWODFDUHDXDMXQVRDPHQLLGHWLLQ GDUVHOR
YHVFvQFRQWLQXDUHGHROLSVWRWDOGHUHDFLHGLQSDUWHD$XWRULWLORU HVWH
DFHHD F SURWHLQHOH VWULQH GLQ YDFFLQ vQ ORF V LPXQL]H]H RUJDQLVPXO
RIHULQGXL SURWHFLH vPSRWULYD LQIHFLLORU HOH vO VHQVLELOL]HD] L FUHVF UH
FHSWLYLWDWHD OD LQIHFLL(VWHWLPSXOVVHUHWUDJWRDWHYDFFLQXULOH+LE
GHVSUHFDUHVDGRYHGLWFQXSUHYLQQLFLRLQIHFLH$DFXPvQYDF
FLQXOSHUWXVVLVvQWUHJDIRVWUHWUDVGHRDUHFHQXSUHYHQHDWXVHDFRQYXOVL
YGDUSURYRFDFD]XULJUDYHGHERDOLDYHDRVHULHGHHIHFWHVHFXQGDUH
JUDYHLQFOXVLYHQFHIDOLWHGLQDFHOHDLPRWLYHVDFHUXWLUHWUDJHUHD
YDFFLQXOXLSHUWXVVLVDFWXDODFHOXODU8QDGLQWUHFDUDFWHULVWLFLOHYDFFL
QXULORUHVWHDFHHDFHOHFUHVFIRDUWHPXOWUHFHSWLYLWDWHDODLQIHFLLJUDYH


3(.ODVVHWDO7KHUDS\RIEDFWHULDOVHSVLVPHQLQJLWLVDQGRWLWLVPHGLDLQLQIDQWV
DQGFKLOGUHQSROORIGLUHFWRUVRISURJUDPVLQSHGLDWULFLQIHFWLRXVGLVHDVH3HGLDWULF
LQIHFWLRO'LV-

(%DVVRQHWDO+DHPRSKLOXVLQXHQ]DPHQLQJLWLVIRRORZLQJYDFFDQWLRQ&RQVH
TXHQFHRUFRLQFLGHQFH$UFK3HGLDWU  

+56$ +HDOWK5HVSXUFHVDQG6HUYLFHV$GPLQLVWUDWLRQ 9DFFLQH,QMXU\7DEOH0DUFK
ZZZKUVDGKKVJRYEKSUYLFSWDEOHKWP

)'H6WHIDQRHWDO&KLOGKRRGYDFFLQDWLRQVDQGULVNRIDVWKPD3HGLDWU,QIHFW'LV
-  

70'RNKHHO$QHSLGHPLFRIFKLOGKRRGGLDEHWHVLQWKH8QLWHG6WDWHV'LDEHWHV
&DUH

6*DUGQHUHWDO5LVLQJLQFLGHQFHRILQVXOLQGHSHQGHQWGLDEHWHVLQFKLOGUHQXQGHU
\HDUVLQ2[IRUGUHJLRQWLPHWUHQGDQDO\VLV%0-

'&&ODVVHQ-%&ODVVHQ7KHWLPLQJRISHGLDWULFLPPXQL]DWLRQDQGWKHULVNRI
LQVXOLQGHSHQGHQWGLDEHWHVPHOOLWXV,QI'LV&OLQ3UDFW

-:DKOEHUJ-)UHGULNVVRQ29DDUDOD-/XGYLJVVRQHWDO9DFFLQDWLRQV0D\,Q
GXFH'LDEHWHV5HODWHG$XWRDQWLERGLHVLQ2QH<HDU2OG&KLOGUHQ$QQ1<$FDG6FL



16LHJPXQG6FKXOW]H'LDEHWHVPHOOLWXVW\S*H]LHOWH9RUKHUVDJH'bU]WHE
ODWW  D

 (63(' -DKUHVEHULFKW  KWWSZZZHVSHGXQLGXHVVHOGRUIGHMDEHBU
KWPKLL

0+LUWHRSFLW

&ODVVHQRSFLW

 - % &ODVVHQ ' & &ODVVHQ $VVRFLDWLRQ EHWZHHQ W\SH  GLDEHWHV DQG +LE
YDFFLQHFDXVDOUHODWLRQLVOLNHO\%0-D

'&&ODVVHQ/HWWHUV3XEOLFVKRXOGEHWROGWKDWYDFFLQHVPD\KHYDORQJWHUPDG
YHUVHHIIHFWV%0-E

&ODVVHQ-%5LVNRIYDFFLQHLQGXFHGGLDEHWHVLQFKLOGUHQZLWKDIDPLO\KLVWRU\RI
W\SHGLDEHWHV7KH2SHQ3HGLDWULF0HGLFLQH-RXUQDO

0+LUWHRSFLW

-6WRUVDHWHU32OLQ%5HQHPDUXD6WHUEOFKNHLWVXQG.UDQNKHLWVKlXJ
NHLW EHL LQYDVLYHQ EDNWHULHOOHQ ,QIHNWLRQHQ ZlKUHQG HLQHU NOLQLVFKHQ 8QWHUVXFKXQJ D[HO
OXOlUHU.HXFKKXVWHQ,PSIVWRIIHLQ6FKZHGHQ

-6WURP,VW$OOJHPHLQLPSIXQJJHJHQ.HXFKKXVWHQLPPHUJHUHFKWIHUWLJW"
%ULW0HG-2NWREHU

9$&&,185,/(35(9(1,(6$8%2$/



LQYD]LYH2EOLJDUHDSRSXODLHLGHDLYDFFLQDvQPRGVLVWHPDWLFVXJDULL
LFRSLLLQXWUHEXLHVLQXHQH]HDOWHULVLDRGHFL]LHFRUHFWLVQ
WRDV(VWHYRUEDGHYLDDLVQWDWHDFRSLLORUQRWULDUP9LHUD
6FKHLEQHU
6WDWLVWLFLOH GLQ vQWUHDJD OXPH LQFOXVLY GLQ 5RPkQLD SULYLQG IUHFYHQD
FD]XULORUGHGLDEHWWLSLVXQWvQJULMRUWRDUH
QHUDXWUHLFD]XULQRLGHGLDEHWDQXDOODRVXWGHPLLGHFRSLL
LDUvQVXQWQRXFD]XULQRLODRVXWDGHPLLGHFRSLL$SURDSHGH
FRSLLVXQWGHSHQGHQLGHLQVXOLQDXGLDEHWGHWLSLREH]LWDWH$SURD
SHODVXWGLQWUHGLDEHWLFLDXvQWUHLDQLLDUODVXWDXvQWUHL
DQLDGHFODUDWSURIGU&RQVWDQWLQ,RQHVFX7kUJRYLWHSUHHGLQWHOH$VRFLD
LHL0HGLFDOH5RPkQH$FHVWDDPDLDGXJDWFDXIRVWGHSLVWDLFXGLDEHWXO
GHWLSLFRSLLvQYkUVWGHDQLQ5RPkQLDVXQWDSURDSHGHFRSLL
GLDEHWLFL
Q SUH]HQW GLDEHWXO DIHFWHD] XQ QXPU HVWLPDW OD  PLOLRDQH GH
RDPHQLGLQWRDWOXPHDGLQWUHFDUHDSUR[LPDWLYGHPLOLRDQHvQ(XURSD
QYLLWRUQHYRPFRQIUXQWDFXRDGHYDUDWHSLGHPLHVSXQHGRFWRUXO5DGX
/LFKLDUGRSROSUHHGLQWHOH6RFLHWLL5RPkQHGH'LDEHW1XWULLHL%ROL0H
WDEROLFHQ5RPkQLDDSUR[LPDWLYGHPLOLRDQHGHRDPHQLVXIHUGHGL
DEHWGDUGRDUVXQWOXDLvQHYLGHQGH&DVDQDLRQDODDVLJXUULORU
GHVQWDWHSRWULYLWGDWHORU&1$6QSOXVGLQWUHSHUVRDQHOHFDUHVXIH
UGHGLDEHWQXVXQWGLDJQRVWLFDWH&UHWHUHDJOLFHPLHLQXGRDUHLGHDFHHD
IRDUWHPXOLSDFLHQLFXGLDEHWVXQWGLDJQRVWLFDLWkU]LXFkQGERDODHVWHGHMD
FURQLFH[SOLFGRFWRUXO/LFKLDUGRSRO &RQJUHVXO1DLRQDOGH'LDEHW6L
ELX 
$PREVHUYDWFvQ5RPkQLDFUHVFFD]XULOHGHGLDEHW]DKDUDWWLSLOD
VWXGHQLQXGRDUODFRSLLGDUQXH[LVWVWXGLLOHJDWHGHYDFFLQXO+LELDSD
ULLDFD]XULORUGHGLDEHW&HQWUHOHGH'LDEHWL&OLQLFLOHGH3HGLDWULHDUvQ
PVXU V HIHFWXH]H DVHPHQHD VWXGLL vQ FRODERUDUH FX PHGLFLL GH IDPLOLH
PHGLFLLFRODULLPHGLFLLSHQWUXVWXGHQL$FFHQWXOVHSXQHGRDUSHREH]LWDWH
DOLPHQWDLHLQFRUHFWGDUQXVHFDXWLDOWHPRWLYHSUHFXPYDFFLQXULOH+LE
KHSDWLWLF%VL'73 FRPSRQHQWDSHUWXVVLV 



'U&KULVWD7RGHD*URVV

;+HSDWLWD%LYDFFLQXOKHSDWLWLF%
+HSDWLWD%
*HQHUDOLWL
+HSDWLWD%HVWHRERDOLQIHFLRDVGHWHUPLQDWGHYLUXVXOKHSDWLWLWF%
+%9 
DIRVWLGHQWLFDWSHQWUXSULPDGDWvQFDXUPDUHDXQHLHSLGHPLL
GHLFWHUDSUXWHvQDPDWDHQJOH]LFHDDPHULFDQvQXUPDYDFFLQULL
WUXSHORUFXXQYDFFLQDQWLDPDULO vPSRWULYDIHEUHLJDOEHQHRERDOHQ
GHPLFGLQ$IULFD FDUHIRORVLVHVHUXPDQUHFROWDWGHODSHUVRDQHDSD
UHQWVQWRDVH6HUXOIXVHVHLQIHFWDWFXXQYLUXVKHSDWLWLFQHFXQRVFXW
Q0DF&DOOXPYDFODVLFDYLUXVXULOHKHSDWLWLFHvQWLSXO$SHQWUX
KHSDWLWDHSLGHPLFLWLSXO%SHQWUXDJHQWXOHWLRORJLFDOKHSDWLWHLVHULFH
% FODVLFDUHFHYDDFFHSWDWDSRLSHSODQPRQGLDO
0RGXOGHWUDQVPLWHUHFDOHDSHUFXWDQ LQMHFLLDFXSXQFWXUVWRPDWROR
JLHSLHUFLQJWDWXDMGURJXULDGPLQLVWUDWHLQWUDYHQRVHWF SULQVkQJHL
GHULYDWHGHVkQJH WUDQVIX]LLHWF GHODPDPODIWvQWLPSXOQDWHULLL
SULQLQWHUPHGLXOXLGHORU VHFUHLLVDOLYVSHUPOLFKLGYDJLQDO 
6XUVDGHLQIHFLHRPXOEROQDYGHKHSDWLW%IRUPDDXWLIRUPDFUR
QLFFX$J+EVSR]LWLYSXUWWRULLDSDUHQWVQWRLGH$J+EVEROQDYL
FXDOWHKHSDWRSDWLLFURQLFHFDUHVXQWLSXUWWRULGH$J+EV
7DEORXFOLQLF
,QFXEDLD SHULRDGDGLQWUHLQIHFLHLDSDULLDSULPHORUVLPSWRPH YDULD
]vQWUHGH]LOHFXOLPLWHvQWUHLGH]LOHSHULRDGvQFDUH
SDFLHQWXOHVWHFRQWDJLRV
3HULRDGDSUHLFWHULFGHEXWLQVLGLRVGHVSWPkQLFXDVWHQLHGX
UHULDWLFXODUHWXOEXUULGLJHVWLYH
3HULRDGDLFWHULFLFWHUXOVHLQVWDOHD]OHQWGXUHD]FkWHYDVSWPkQL
L VH DVRFLD] XQHRUL FX PDQLIHVWUL H[WUDKHSDWLFH YDULDWH GLJHVWLYH
SOHXUDOHFDUGLDFHYDVFXODUHHWF
,QIHFLDODJUDYLGH
5LVFXOGHLQIHFLHDIWXOXLYDULD]GXSYkUVWDVDUFLQLLHVWHIRDUWHPLF
GDF IHPHLD IDFH KHSDWLW vQ SULPHOH  OXQL GH VDUFLQ ULVFXO FUHWH



96FKHLEQHURSFLW
 1XPUXO GH FRSLL EROQDYL GH GLDEHW VD WULSODW vQ XOWLPLL GRX]HFL GH DQL
KWWSZZZ]LDUHFRPDUWLFROHLPEROQDYLULGLDEHWFRSLL

(SLGHPLHGHGLDEHWvQGRX]HFLGHDQLKWWSZZZURPDQLDOLEHUDURVWLOGHYLD
WDVDQDWDWHHSLGHPLHGHGLDEHWLQGHDQLKWPO




*K09RLFXOHVFXRSFLW
,ELGHP

,ELGHP

,ELGHP


9$&&,185,/(35(9(1,(6$8%2$/



FkQGLQIHFLDDSDUHvQXOWLPHOHOXQLGHVDUFLQLQIHFLDVHIDFHPDL
IUHFYHQWvQFXUVXOQDWHULLLvQSHULRDGDSRVWQDWDO
3URJQRVWLF
%RDODVHYLQGHFFRPSOHWODXQSURFHQWGHGLQFD]XUL 
GXSDOLDXWRUL LDULPXQLWDWHDHVWHSHYLD
/DGLQFD]XUL GXSDOLDXWRUL ERDODVHFURQLFL]HD]
/D FRSLO HYROXLD HVWH PDL IDYRUDELO GHFkW OD DGXOW GDWRULW SXWHULL
PDULGHUHJHQHUDUHDFDWXOXL
5LVFXOUHDODOKHSDWLWHL%SHQWUXVXJDULLSHQWUXDGXOL
$X]LPGHVWXOGHGHVSHPHGLFLVSXQkQG'DFQXvLYDFFLQH]LFRSLOXO
DFHVWDSRDWHPXUL$WXQFLQXQHPLUPGHFHLKHSDWLWD%DGHYHQLWSHVWH
QRDSWHRERDOFXXQSRWHQLDOOHWDOSHQWUXEHEHOXLGDULSHQWUXDGXOL
6DPHUVSkQDFRORvQFkWODWRDWHPDPHOHOLVDXIFXWDQDOL]HVDQJXLQHSHQ
WUXGHSLVWDUHDYLUXVXOXL+%9OHWDO FHHDFHQXLDGHYUDW 
/LWHUDWXUDGHVSHFLDOLWDWHGHVFULHXUPWRDUHOHJUXSHGHULVFSHQWUXKH
SDWLWD%SURVWLWXDWHEUEDLKRPRVH[XDOLRDPHQLGHSHQGHQLGHGURJXULSH
FDUHLOHDGPLQLVWUHD]LQWUDYHQRVFRSLLLDGXOLGLQFPLQHFDGUHOHPHGL
FDOHSDFLHQLLGLDOL]DLVROGDLL/DUHVWXORDPHQLORUH[LVWXQULVFPLQLPGH
DFRQWUDFWDERDOD
6WXGLX
'LHQVWDJL5\DQ  DXDQDOL]DWGHDSDULQWRULDLFDGUHORUPH
GLFDOHFDUHOXFUDXvQODERUDWRDUHVHURHSLGHPLRORJLFHLDXFRQVWDWDWRFUHWH
UHDPDUNHULORUVHURORJLFLSHQWUX+%9 $J+%V vQIXQFLHGHDQXPLWHFUL
WHULLFRQWDFWIUHFYHQWFXVkQJHLQIHFWDWYkUVWDPDLvQDLQWDWDQLLGHVHUYLFLX
DQWHFHGHQWHSDWRORJLFHFXDOWHDIHFLXQLKHSDWLFHvQPRGVXUSULQ]WRUQXD
FUHVFXWLQFLGHQDGXSFRQWDFWXOFXEROQDYLLGHKHSDWLW%&RQFOX]LDODFDUH
DXDMXQVDXWRULLDIRVWDFHHDFDSDULQWRULLFHORUFDUHOXFUHD]vQDVHPHQHD
ODERUDWRDUHVXQWLPXQL]DLIDGHKHSDWLWD%SULQWURLQIHFLHXRDUWUDQ
]LWRULH FXRSR]LWLYDUHWUDQ]LWRULHFX$J+EV IUDIDFHERDOD,QFLGHQD
EROLLDUWUHEXLVHIRDUWHPDUHGDFLQIHFLDDUDWkWGHFRQWDJLRDV


,ELGHP
,ELGHP

96FKHLEQHURSFLW

*K09RLFXOHVFXRSFLW

96FKHLEQHURSFLW



'U&KULVWD7RGHD*URVV

 9DFFLQXOKHSDWLWLF%
*HQHUDOLWL,QHFLHQDYDFFLQXOXL
&HHDFHDUP9LHUD6FKHLEQHUHVWHYDODELOLSHQWUXVXJDULLGLQ5RPkQLD
FDUHVXQWYDFFLQDLvQSULPHOHGHRUHGHODQDWHUH 7RDWHYDFFLQXULOHFRQLQ
DQWLJHQHVWULQHFDUHDWDFRUJDQLVPXO/DIHOVHvQWkPSOLvQFD]XOYDFFLQXOXL
KHSDWLWLF%FkQGHVWHDWDFDWFDWXOQRXQVFXWXOXL9DFFLQXOVHDGPLQLVWUHD
]vQPDWHUQLWDWHvQSULPHOHGHRUH  LDUvQXUPWRDUHOH]LOH VDXPDL
PXOW IXQFLLOHFDWXOXLVXQWSHUWXUEDWH'DFPDLDGXJPLKH[DYDFFLQXO
'73SROLR+LE+HSWDWLWLF% DGPLQLVWUDWODOXQLGHYLDDJUHVLXQHDVLVWH
PXOXLLPXQSHQWUXXQLLVXJDULHVWHPXOWSUHDPDUH'LQIHULFLUHH[LVWXQFR
GHJXQRLSHQWUX6LVWHPXOPHGLFDOQXPLW6LQGURPXOPRULLVXELWHDOVXJDUX
OXLFDUHYDUH]ROYDPHUHXDVHPHQHDLQFLGHQWHVSXQH9LHUD6FKHLEQHU
/DVXJDULLGLQ5RPkQLDDJUHVLXQHDHVWHPXOWPDLPDUHGHRDUHFHDD
FXPDPY]XWDOWXULGHYDFFLQXOKHSDWLWLF%OLVHDGPLQVLWUHD]QRXQV
FXLORUvQFGLQPDWHUQLWDWHvQ]LOHOHGHODQDWHUHLYDFFLQXO%&*FDUH
DQWUHQHD]ODDFHWLDRIRUPDWHQXDWGHWXEHUFXOR]FXWDQDWFDUHHYROXHD
]WLPSGHOXQLPDQLIHVWkQGXVHFXRVWDUHGHVXEIHEULOLWDWHLRVFGHUH
LPSRUWDQWDLPXQLWLLRUJDQLVPXOXL
,QHFLHQDYDFFLQXOXLKHSDWLWLF%HVWHSHODUJUHODWDWvQWUXQDUWLFROSX
EOLFDWvQvQUHYLVWD0HGLFXOFOLQLFLDQ QUS LQWLWXODW,PSI
SURJUDPPHIU+RFKULVLNRJUXSSHQKDEHQYHUVDJW 3URJUDPHOHGHYDFFLQD
UHSHQWUXJUXSHOHFXULVFFUHVFXWDXGDWJUH QDUWLFROVHUHFXQRDWHIDSWXO
FGXSPDLPXOWGHGHDQLGHYDFFLQDUHvPSRWULYDKHSDWLWHL%QXVD
UHPDUFDWQLFLRUHXLWQORFVVHUHQXQHODYDFFLQVHFDXWvQFRQWLQXD
UHFDX]HOHQHUHXLWHL1XPDLHVWHGHPXOWDFFHSWDWLGHHDFKHSDWLWD%VH
WUDQVPLWHvQPRGIUHFYHQWSULQFRQWDFWVH[XDO$WXQFLDUWUHEXLVHIRDUWH
IUHFYHQWODDGROHVFHQLLWLQHUL
&KLDULvQDFHVWHFRQGLLLH[SHULL206DXUHFRPDQGDWYDFFLQDUHDWX
WXURUFRSLLORUQ*HUPDQLD'U-RKDQQHV)+DOODXHUGHOD0LQLVWHUXO6Q
WLLH[SOLFDFHVWOXFUXDUPkQGFVDXvQUHJLVWUDWDQXDOGHEROLQRL
GHKHSDWLW%LGHGHFHVHGDWRUDWHEROLL'HDFHHDHVWHUHFRPDQGDWL
YDFFLQDUHDDFHVWRUJUXSHGHYkUVWFRQVLGHUDWHFDLQGJUXSHGHULVF3H
DWXQFLXQYDFFLQFRVWD'0vQ*HUPDQLDGHFL'0WRDWHFHOHYDF
FLQXUL IRVWD5)* 9RPFRQVWDWDFHVWHRDGHYUDWDIDFHUH





,ELGHP
,ELGHP

*%XFKZDOGRSFLW


9$&&,185,/(35(9(1,(6$8%2$/



0RWLYHOHSHQWUXFDUHvQ68$VXQWYDFFLQDLVXJDULLvPSRWULYDKHSDWLWHL%
VXQWSXULVLPSOXDEVXUGH
*UXSXULOH GH RDPHQL FX ULVF PDUH QX DX DFFHSWDW YDFFLQXO VDX VXQW
IRDUWHJUHXDFFHVLELOL
FRSLLLVXQWvQWRWGHDXQDDFFHVLELOL
FRVWXULOH YDFFLQXULORU SHQWUX FRSLL VXQW PDL PLFL GHFkW FHOH SHQWUX
DGXOL
HWF
3HQWUXSULQLDVHPHQHDPRWLYHDUWUHEXLHVULGLFHXQPDUHVHPQGH
vQWUHEDUHGDUHLQXVXQWGHRELFHLLQIRUPDLFLGRDULQWLPLGDL
&RPLWHWXOSHQWUX%ROLOH,QIHFLRDVHGLQ$PHULFDDUHFXQRVFXWIDSWXOFR
vQFHUFDUHGHDLPXQL]DWLQHULLGHGHDQLLPDLvQYkUVWLFDUHVXQWJUXSXO
FHOPDLH[SXVDUVRUWLWHHFXOXLGHODvQFHSXW$WXQFLVHSXQHvQWUHEDUHD
6HWHPHVLVWHPXOPHGLFDOVLPSXQYDFFLQDUHDXQRURDPHQLDGXOLFDUH
SRWYRUELLSRWGHVFULHUHDFLLOHDGYHUVHSRVWYDFFLQDOH"$FHODL&RPLWHW
UHFXQRDWHFQXVHWLHSHQWUXFkWWLPSFHOHWUHLGR]HGHYDFFLQRIHULPX
QLWDWHFRSLLORU8QXOGLQPRWLYHHVWHGHIDSWQHFXQRDWHUHDSDUWLFXODULWLL
VLVWHPXOXLLPXQDOVXJDULORU6HVSXQHFODDGXOWHVWHQHYRLHGHRUHYDFFL
QDUHGXSDQL
'LQFDX]DXQHLKLSHULPXQL]ULDQRXQVFXWXOXLSULQYDFFLQDUHDREOL
JDWRULHvPSRWULYDKHSDWLWHL%YDFUHWHQXPUXOGHFD]XULFX6LQGURPXO
PRULLVXELWHODVXJDULGXSFXPVHFRQVWDWGHMDvQ68$L$XVWUDOLD5R
PkQLDSUREDELOQXYDIDFHH[FHSLH3UREHOHKHSDWLFHDOHVXJDUXOXLQXDX
WLPSVUHYLQODQRUPDOSkQODOXQLFkQGHVWHGLQQRXDJUHVDWFXDOWH
YDFFLQXUL KH[DYDFFLQ $OWXULGHUHDFLLOHDGYHUVHLPHGLDWHDOHYDFFLQXUL
OHYRUH[LVWDLFHOHWDUGLYHGDWRUDWHKLSHULPXQL]ULLGLDEHW]DKDUDWDVWP
EURQLFOHXFHPLHGLYHUVHIRUPHGHFDQFHUHWFQVXLSURGXFWRULLGHYDFFL
QXULSXQODvQGRLDOHFLHQDYDFFLQXOXLKHSWDWLWLF%FkQGDUPFFRVWX
ULOHFHORUWUHLGR]HHVWHGHDSUR[LPDWLYLDUSHURDGDGHLPXQL]DUHHVWH
vQMXUGHDQLGDUQXVXQWHPDEVROXWVLJXUL8QVWXGLXDO&'&SHXQORW
GHSHVWHGHSHUVRDQHYDFFLQDWHDDUWDWFQLYHOXODQWLFRUSLORUVFDGHvQ
PRGFRQVWDQWGXSDQLLDUULVFXOXQHLLQIHFLLFUHWHvQDFHHDLSURSRULH
GDURLQIHFLHFX+%9YDXQDPDLXRDU(VWHDFHHDLSRYHVWHYHFKH

96FKHLEQHURSFLW &LWDWGLQUHYLVWD19,&DXJXVW:DVKLQJWRQ'&
UHIHULWRU OD H[SXQHUHD PRWLYHORU YDFFLQULL VXJDULORU vPSRWULYD KHSDWLWHL % GH FWUH 'U
*HRUJH3HWHUSUHHGLQWHOH$$3 $FDGHPLD$PHULFDQGH3HGLDWULH OD&RQIHULQDGH%ROL
,QIHFLRDVHDPHGLFLORUSHGLDWULGLQLXQLH 

,ELGHP

,ELGHP

,ELGHP



'U&KULVWD7RGHD*URVV

SHFDUHRWLPLFXDOWHYDFFLQXULFXPDUYDFFLQXO'731LFLXQYDFFLQ
QXRIHULPXQLWDWHSHQWUXWRDWYLDDLDUGDFVHIDFHERDODHDQXYDR
IRUP XRDU DD FXP DUDW DWkWHD GRYH]L VSXQH 9LHUD 6FKHLEQHU
8QDGLQDFHVWHGRYH]LHVWHIDSWXOFGHLVHIDFHRYDFFLQDUHvQPDVvPSR
WULYDKHSDWLWHL%GHDWkLDDQLLQFLGHQDEROLLDFUHVFXWFXvQ68$ 
3HGLDWULFV   7LSXULGHYDFFLQKHSDWLWLF%YHFKLLQRL
9DFFLQXULSUHSDUDWHFX$J+EV GHVXSUDID RELQXWHGLQSODVPDSXU
WWRULORUGH$J+EV(OHDXIRVWLQWURGXVHGXSLVDXIFXWPLOLRDQH
GHYDFFLQULFXVFKHPDGHGR]HLOXQLFXYDFFLQXO+(9$&
% +(9$&% 3DVWHXU  9LUXVXO VH FXOWLY SH ULQLFKL GH FkLQH 3kQ vQ
VDIRORVLWLSODVPXPDQGHODYROXQWDUL vQ68$ VDXGLIHULLIDFWRUL
SODVPDWLFLIDFWRUXO9,,,FRQFHQWUDWVDXFRPELQDWFXDOEXPLQ'LQ
*HUPDQLDDUHIX]DWYDFFLQXO+(9$&%3DVWHXUGLQ)UDQDGHRDUHFHVD
FRQVWDWDWFIDFWRUXO9,,,IRORVLWLODKHPROLFLDIRVWLQIHVWDWFXYLUXVXO
+,96,'$$FWXDOPHQWHVHIRORVHWHDQWLJHQUHFRPELQDW
9DFFLQXOKHSDWLWLF$'1UHFRPELQDW 5HFRPELYD[+% SUHSDUDWSULQLQ
JLQHULHJHQHWLFVDLQWURGXVvQ
/DRUDDFWXDOVXQWIRORVLWHXUPWRDUHOHYDFFLQXULFXDQWLJHQUHFRPELQDW
UHDFLLOHDGYHUVHDPLQWLWHLQGFHOHGLQSURVSHFW
(1*(5,;%IDEULFDWGH*OD[R6PLWK.OLQHSHQWUXFRSLL PLFURJUD
PHPO LDGXOL PLFURJUDPHPO 5HDFLLOHDGYHUVHFRPXQHODOR
FXOLQRFXOULLGXUHUHWUDQ]LWRULHHULWHPLQGXUDLH5HDFLLDGYHUVHUDUHIHEU
DVWHQLH VLPSWRPH SVHXGRJULSDOH 61& DPHHOL FHIDOHH SDUHVWH]LL $SDUDW
GLJHVWLY JUHXUL YUVWXUL GLDUHH GXUHUL DEGRPLQDOH )LFDW L YH]LFXOD ELOL
DUWHVWHOHIXQFLRQDOHKHSDWLFHPRGLFDWH6LVWHPPXVFXORVFKHOHWLFGXUHUL
DUWLFXODUH GXUHUL PXVFXODUH 3LHOH L DQH[H HUXSLH SUXULW XUWLFDULH )RDUWH
UDUHRFDQDODFWLFERDODVHUXOXLVLQFRSKLSRWHQVLXQHDUWHULDOSDUDOL]LH
QHXURSDWLHQHYULWRSWLFVFOHUR]PXOWLSOVLQGURP*XLOODLQ%DUUHHQFHID
OLWHQFHIDORSDWLHPHQLQJLWDUWULWDQJLRHGHPYDVFXOLW(VWHXQYDFFLQ
RELQXWSULQWHKQRORJLD$'1UHFRPELQDWDGVRUELWSHKLGUR[LGGHDOXPLQLX
(89$;%SHGLDWULFL(89$;%DGXOWIDEULFDWHGH/*/LIH6FLHQ
FH3RORQLD5HDFLLDGYHUVHHULWHPGXUHUHWXPHHUHIHEUXRDU5DUH
KLSHUWHUPLH SHVWHJUDGH& UHDFLLVLVWHPLFHDPHHOLDVWHQLHFHIDOHH
YUVWXUL PLDOJLL DUWULWH HUXSLL FXWDQDWH WUDQVDPLQD]H FUHVFXWH WUDQ]LWRU


,ELGHP
*K09RLFXOHVFXRSFLW

0+LUWHRSFLW

$JHQGD0HGLFDO

KWWSZZZSFIDUPURSURVSHFWSKS"LG 


9$&&,185,/(35(9(1,(6$8%2$/



)RDUWHUDUHQHYULWDRSWLFSDUH]HIDFLDOHVLQGURP*XLOODLQ%DUUH(XYD[
%3HGLDWULFFRQLQHDQWLJHQGHVXSUDIDDOYLUXVXOXLKHSDWLWLF% $J+%V 
SXULFDWPLFURJUDPHLH[FLSLHQLKLGUR[LGGHDOXPLQLXJHOWLRPHUVDO
IRVIDWGHSRWDVLXPRQRED]LFIRVIDWGHVRGLXGLED]LFFORUXUGHVRGLXDS
SHQWUXSUHSDUDWHLQMHFWDELOH(VWHXQYDFFLQRELQXWSULQWHKQRORJLH$'1
UHFRPELQDQWGLQFXOWXULFHOXODUHSHOHYXULGH6DFFKDURP\FHVFHUHYLVLDH
(XYD[%VHLQMHFWHD]QXPDLLQWUDPXVFXODU$FHVWYDFFLQFRQLQHWLRPHUVDO
FDLFRQVHUYDQWLGHDFHHDSRWVDSDUUHDFLLDOHUJLFH/DFRSLL QRX
QVFXLVXJDULLFRSLLFXYkUVWDDQL GR]DUHFRPDQGDWHVWHGHPO
LFRQLQHPLFURJUDPH$J+EV $8725,=$,('(381(5(3(3,$
15 
+%9$;352SHQWUXFRSLOLDGXOW GHLPLFURJUDPHPO IDEULFDW
GH6$12),3$67(859DFFLQXOFRQLQHDQWLJHQKHSDWLWLF%GHVXSUDID
DGVRUELWSHDOXPLQLX VXEIRUPGHVXOIDWKLGUR[LIRVIDWDPRUIGHDOXPLQLX 
5HDFLLDGYHUVHUHDFLLORFDOHLQDPDLHWUDQ]LWRULHHULWHPLQGXUDLH
+%9$;352IDEULFDWGH0HUFN6KDUS'RKPH (OYHLD FRQLQHVXV
SHQVLHGHDQWLJHQKHSDWLW%
+(3$9$;*(1(L+(3$9$;*(1(7) %HUQD%LRWHFK65/,WD
OLD FRQLQDQWLJHQUHFRPELQDQWGHVXSUDIDDYLUXVXOXLKHSDWLWLF%
)(1'5,;IDEULFDWGH*OD[R6PLWK.OLQH
&RPELQDLLFXDOWHYDFFLQXUL
75,7$15,; +(3 % IDEULFDW GH *OD[R6PLWK.OLQH %HOJLD  HVWH XQ
WHWUDYDFFLQFDUHFRQLQH'73+(3%
&HOHODOWH FRPELQDLL SHQWDYDFLQ KH[DYDFFLQ  DX IRVW SUH]HQWDWH OD
YDFFLQXO+LE
'LQ WRDWH WLSXULOH QRL GH YDFFLQXUL VH DGPLQLVWUHD] FkWH  GR]H GXS
VFKHPDOXQL
5HDFLLDGYHUVHLFRPSOLFDLLSRVWYDFFLQDOH
9DFFLQXO KHSDWLWLF% UHFRPELQDWRELQXWGLQSODVP HWF  VD GRYHGLW
DXQXOGLQWUHFHOHPDLSHULFXORDVHYDFFLQXULDGPLQLVWUDWHVXJDUXOXL(VWH
PRWLYXOSHQWUXFDUHvQXQHOHULVDUHQXQDWODHOLQGGDWGRDUODFHUHUHD
SULQLORUQ5RPkQLDHVWHSULPXOYDFFLQFXFDUHIDFHFXQRVWLQVXJDUXO


$JHQGD0HGLFDO

KWWSZZZPHGLSHGLDUR'LFWLRQDUPHGLFDO0HGLFDPHQWHWDELGSURV
SHFW:(89$;%3(',$75,&YDFFLQKHSDWLF%UHFRPELQDWDVS[

,ELGHP

0HPR0HG(G(GLWXUD0LQHVDQ

,ELGHP




'U&KULVWD7RGHD*URVV

FkQGVHQDWHLQGXLDGPLQLVWUDWGHMDvQPDWHUQLWDWHvQSULPDOXL]LGHYLD
'DFYDFFLQXO(1*(5,;%FRQLQHDOXPLQLX(89$;%SHGLDWULFFRQ
LQHDOWXULGHDOXPLQLXLPHUFXU 7LRPHUVDO 0HWDOHOHJUHOHGLQDFHVWH
YDFFLQXULVXQW YH]LFDS PRWLYXOSULQFLSDODOFRPSOLFDLLORUQHXURORJLFH
JUDYHLDOEROLORUDXWRLPXQHSRVWYDFFLQDOHODFRSLO6XJDULLQRWULVXQWLQWR
[LFDLGHMDGLQSULPD]LGHQDWHUHFXPHWDOHJUHOH
6WXGLL
D &RQIRUPVWXGLLORUULVFXOSRVWYDFFLQDOSHQWUXEROLJUDYHLQFOXVLYPRU
WDOHGDWGHYDFFLQXOKHSDWLWLF%HVWHGHRULPDLPDUHGHFkWULVFXOGHDIDFH
ERDODFDUHWUHEXLHSUHYHQLW
E 8QVWXGLXUHDOL]DWGH6KDZLFRODERUDWRULLVLDUDWFQRXOYDF
FLQKHSDWLWLF%RELQXWGLQSODVPSURYRDFRVHULHGHFRPSOLFDLLJUDYH
'XSYDFFLQDUHDDGHSHUVRDQHDXIRVWUHODWDWHvQWUXQWLPSVFXUW
XQQXPUGHGHUHDFLLDGYHUVH
FD]XULFXFUL]HFRQYXOVLYH
SDUH]HIDFLDOH
FD]XULFX6LQGURP*XLOODLQ%DUUH
FD]XULFXUHWLFXORSDWLH
FD]XULFXQHXURSDWLHDSOH[XOXLEUDFKLDO
FD]XULFXQHXURSDWLHRFXODU
FD]XULGHPLHOLWWUDQVYHUV
-XPWDWHGLQFD]XULDXDSUXWGXSSULPDGR]GHYDFFLQ
$XWRULL VXQW FRQYLQL F QX DX IRVW UHODWDWH WRDWH UHDFLLOH DGYHUVH
SRVWYDFFLQDOH
5HDFLLDGYHUVHVHYHUHVDXREVHUYDWLGXSYDFFLQXOKHSDWLWLF%UHFRP
ELQDW $'5$& $GYHUVH 'UXJ 5HDFWLRQV %XOOHWLQ  GLQ$XVWUDOLD D SULPLW
vQ DXJXVW   UHFODPDLL OHJDWH GH UHDFLL DGYHUVH SRVWYDFFLQDOH GH
ODUHDFLLXRDUHLPHGLL IHEUHUXSLHJUHXULGXUHULDEGRPLQDOHGXUHUL
DUWLFXODUHGXUHULPXVFXODUHHWF SkQODFRPSOLFDLLJUDYHFD]XULGHQH
YULWRSWLFLXQFD]FX6LQGURP*XLOODLQ%DUUHQDFHVW%XOHWLQ$'5$&

 - 2ULHQW 6WDWHPHQW RI WKH$VVRFLDWLRQ RI$PHULFDQ 3K\VLFLDQV 6XUJHRQV WR WKH
6XEFRPPLWWHHRQ&ULPLQDO-XVWLFH'UXJ3ROLF\DQG+XPDQ5HVRXUFHVRIWKH&RPPLWWHH
RQ*RYHUQPHQW5HIRUP86+RXVHRI5HSUHVHQWDWLYHV+HSDWLWLV%9DFFLQH
KWWSZZZDDSVRQOLQHRUJWHVWLPRQ\KHSEFRPKWP

)(6KDZ'-*UDKDP+$*XHVV-%0LOVWLHQ-0-RKQVRQ*&6FKDW]
6 & +DGOHU - 1 .XULWVN\ ( ( +LQHU ' - %UHJPDQ HW DO 3RVWPDUNHWLQJ VXUYHLO
ODQFHIRUQHXURORJLFDGYHUVHHYHQWVUHSRUWHGDIWHUKHSDWLWLV%YDFFLQDWLRQ([SHULHQFHRI
WKHUVWWKUHH\HDUV$P-(SLGHPLRO)HE  KWWSZZZQFELQOPQLK
JRYSXEPHG

96FKHLEQHURSFLW

9$&&,185,/(35(9(1,(6$8%2$/



VHDUDWvQJULMRUDWGHDSDULLDUHDFLLORUQHJDWLYHQHXURORJLFHSRVWYDFFLQDOH
DUPkQGFLDUGRULVSULPHDVFGHODHFDUHFLWLWRURULFHLQIRUPDLH
SULQ LQWHUPHGLXO XQHL FUL SRWDOH OHJDW GH UHDFLD GH GHPLHOLQL]DUH
SRVWYDFFLQDO
([HPSOH
D 5HDFLLDFXWHvQSULPHOH]LOHGXSYDFFLQvQGLQFD]XUL
VHGH]YROWUHDFLLORFDOH GXUHUHURHDLQDPDLH IHEUGXUHULGHFDSL
GXUHULDUWLFXODUHRERVHDO
E 0LRIDVFLWDPDFURIDJLFSRDWHSURYRFDWGHRUHDFLHORFDOPDL
SXWHUQLFFDUDFWHUL]DWSULQGXUHULLQWHQVHPXVFXODUHLDUWLFXODUHRERVHDO
DFFHQWXDW0LRIDVFLWDSRDWHGH]YROWDODUkQGXOHLGXSFkWHYDOXQLVFOHUR]
PXOWLSO
F %ROLQHXURORJLFH
6LQGURPXO*XLOODLQ%DUUH
PLHOLWHWUDQVYHUVH
VFOHUR]DPXOWLSO


,ELGHP
 . 5 6WUDWWRQ HW DO ,QVWLWXWH RI 0HGLFLQH $GYHUVH HYHQWV DVVRFLDWHG ZLWK FKLOG
KRRGYDFFLQHVHYLGHQFHEHDULQJRQFDXVDOLW\1DWLRQDO$FDGHP\3UHVV:DVKLQJWRQ'&


 5 . *KHUDUGL /HVVRQV IURP PDFURSKDJLF P\RIDVFLLWLV WRZDUGV GHQLWLRQ RI D
YDFFLQHDGMXYDQWUHODWHGV\QGURPH5HY1HXURO 3DULV 

)(6KDZHWDO3RVWPDUNHWLQJVXUYHLOODQFHIRUQHXURORJLFDGYHUVHHYHQWVUHSRUW
HGDIWHUKHSDWLWLV%YDFFLQDWLRQ$P-(SLGHPLRORJ\  +HUURHOHQ
6WUDWWRQ6RXD\DK

 / +HUURHOHQ - 'H .H\VHU * (ELQJHU &HQWUDOQHUYRXV V\VWHP GHP\LHOLQDWLRQ
DIWHULPPXQL]DWLRQZLWKUHFRPELQDQWKHSDWLWLV%YDFFLQH/DQFHW

6WUDWWRQRSFLW

 1 6RXD\DK$ 1DVDU 0 )DUUHG . 6XUL HW DO *XLOODLQ%DUUH V\QGURPH DIWHU
YDFFLQDWLRQLQ8QLWHG6WDWHVDUHSRUWIURPWKH&'&)'$YDFFLQHDGYHUVHHYHQWUHSRUWLQJ
V\VWHP9DFFLQH0DL(SXE

$6HQHMRX[HWDO$FXWHP\HOLWLVDIWHULPPXQL]DWLRQDJDLQVWKHSDWLWLV%ZLWKUHFRP
ELQDQWYDFFLQH OHWWHU *DVWURHQWHURORJLH&OLQLTXHHW%LRORJLTXH  

)7UHYLVDQLHWDO7UDQVYHUVHP\HLOLWLVIROORZLQJKHSDWLWLV%YDFFLQDWLRQ-+HSD
WROI

/07DUWDJOLQRHWDO05LPDJLQJLQDFDVHRISRVWYDFFLQDWLRQP\HOLWLV$P-
1HXURUDGLROI

-/5HQDUG-6*XLOODPR-05DPLUH]+7DLOOLD')HOWHQ<%XLVVRQ0\
HOLWHWUDQVYHUVHDLJXHFHUYLFDODSUqVYDFFLQDWLRQFRQWUHOHYLUXVGHOKHSDWLWH%(YROXWLRQ
VHURORJLTXHGHVDQWLFRUSVDQWL+%V3UHVVH0HG  

)-$XWKLHU3&KHULQ$&UHDQJH%%RQQRWWH&HQWUDOQHUYRXVV\VWHPGLVHDVH
LQSDWLHQWVZLWKPDFURSKDJLFP\RIDVFLLWLV%UDLQ




'U&KULVWD7RGHD*URVV

QHYULWDRSWLF
G %ROLDXWRLPXQHQHXURSDWLLQHYULWHPLHOLWHYDVFXOLWHWURPERFLWRSH
QLLEROLGLJHVWLYHVFOHUR]DPXOWLSODUWULWDUHXPDWRLGQ68$VDYRUELW
FKLDUGHRHSLGHPLHGHDUWULWUHXPDWRLG $5- ODFRSLL
H 'LDEHW]DKDUDWLQVXOLQRGHSHQGHQW '=WLS, QSHULRDGD
RGDWFXLQWURGXFHUHDYDFFLQXOXLKHSDWLWLWLF%ODOXQLGHODQDWHUHVDRE
VHUYDWRFUHWHUHDIUHFYHQHL'=WLS,FX$OWVWXGLXDUDWFODOXQL
GHODYDFFLQDUHDUHORFRGXEODUHDFD]XULORUGHGLDEHW]DKDUDWWLS,
6WDWLVWLFvQWUHDQLL,QVWLWXWXO3DXO(KUOLFKGLQ*HUPDQLDUH
ODWHD]SHVWHGHUHDFLLVHFXQGDUHDSUXWHGXSDFHVWYDFFLQ$XIRVW
UHFODPDWH OD ,QVWLWXW FD]XUL JUDYH SUHFXP UHDFLL DOHUJLFH JUDYH WXOEXUUL
vQ FRDJXODUHD VkQJHOXL DIHFLXQL PXVFXODUH L DUWLFXODUH DUWULWH PLR]LWH 
DIHFLXQLDOHRFKLXOXL QHYULWRSWLFRUELUH LFD]XULGHPRDUWHVXELWD
VXJDUXOXL 6,'6 


55LLNRQHQ7KHUROHRILQIHFWLRQDQGYDFFLQDWLRQLQWKHJHQHVLVRIRSWLFQHXULWLV
DQG0XOWLSOHVFOHURVLVLQFKLOGUHQ$FWDQHXU6FDQG

(-9DQGH*LMQHWDO%LODWHUDORSWLFQHXULWLVZLWKEUDQFKUHWLQDODUWHU\RFFOXVLRQ
DVVRFLDWHGZLWKYDFFLQDWLRQ'RFXPHQWDRSKWK

 ,20 ,QVWLWXWH RI 0HGLFLQH  $GYHUVH HIIHFWV DVVRFLDWHG ZLWK FKLOGKRRG YDFFLQHV
HYLGHQFHEHDULQJRQFDXVDOLW\1DWLRQDO$FDGHP\3UHVV:DVKLQJWRQ'&

1%HUNPDQHWDO%LODWHUDOQHXURSDSLOOLWLVDIWHUKHSDWLWLV%YDFFLQDWLRQ3UHVVH
0HGLFDOH  

 6 $OELWDU HW DO %LODWHUDO UHWUREXOEDU QHXULWLV ZLWK KHSDWLWLV % YDFFLQDWLRQ
1HSKURO'LDO7UDQVSODQW

%6'XQEDU5HGHEHLGHU6HFRQG,QWHUQDWLRQDO3XEOLF&RQIHUHQFHRQ9DFFLQDWLRQ
LQ$UOLQJWRQ9LUJLQLD6HSWHPEHUKWWSYUDQYDFFLQHVKHSDWLWLVGXQEDU
KWP

,*URWWRHWDO0DMRUDGYHUVHUHDFWLRQVWR\HDVWGHULYHGKHSDWLWLV%YDFFLQDWLQH
DUHYLHZ9DFFLQH

++DPDUG3+DPDUG3*RKLHU%5RXVVDW''RXPPDU07,ED=L]HQ,G
LRSDWKLFDFXWHRSWLFQHXURSDWKLHVLQFKLOGUHQ%XOO$FDG1DWO0HG  

 0 5 *HLHU '$ *HLHU$ & =DKDOVN\ $ UHYLHZ RI KHSDWLWLV % YDFFLQDWLRQ
([SHUW2SLQ'UXJ6DI  

-(3RSHHWDO$QHSLGHPLFRIUKHXPDWRLGDUWKULWLVOLQNHGWRKHSDWLWLV%9DFFLQD
WLRQV)URP%LUWK3HGLDWU,QIHFW'LV-  

-%&ODVVHQ'LDEHWHVHSLGHPLFIRRORZVKHSDWLWLV%LPPXQL]DWLRQSURJUDP1HZ
=HDODQG0HGLFDO-RXUQDO

&'&3KDUPDFRHSLGHPLRORJ\DQG'UXJ6DIHW\ VXSSO 

.3RXWDVL,PPXQL]DWLRQDQGGLDEHWHV1=HDODQG0HG-

 . +DUWPDQQ % .HOOHU6WDQLVODZVNL 5HNRPELQDWH +HSDWLWLV%,PSIVWRIIH XQG
9HUGDFKWVIlOOH XQHUZQVFKWHU 5HDNWLRQHQ %XQGHVJHVXQGKHLWVEODWW*HVXQGKHLWVIRUVFK
*HVXQGKHLWVVFKXW]

9$&&,185,/(35(9(1,(6$8%2$/



$FHVWHFLIUHQXUHSUH]LQWGHFkWYkUIXO(LVEHUJXOXLvQFHHDFHSULYHWH
FRPSOLFDLLOHSRVWYDFFLQDOHVHYHUH



'U&KULVWD7RGHD*URVV

;,*ULSDLYDFFLQXOJULSDO
*ULSD ,QXHQ]D

6FDQGDOXOLQIHVWULLYDFFLQXOXLKHSDWLWLWF%FXYLUXVXO+,96,'$
$PFVFDQGDOXOOHJDWGHLQIHVWDUHDYDFFLQXOXLKHSDWLWLF%DvQFHSXW
vQ ,WDOLD GLQWUXQ DUWLFRO SXEOLFDW GH (OLVDEHWK 6FKHOOHQEHUJ OD 5RPD vQ
vQUHYLVWD5DXP =HLW,QGXVWULD)DUPDFHXWLFWUHFHSULQWUXQQRX
VFDQGDO &RPSDQLD DPHULFDQ 0XOWL 0HUFN 6KDUS DQG 'KRPH GLQ 68$ D
FUHDW XQ YDFFLQ GHORF LQRIHQVLY vPSRWULYD KHSDWLWHL % L vQFHDUF FX DMX
WRUXO 206XOXL VO UVSkQGHDVF vQ SRSXODLH(VWH DGHYUDW IDSWXO F
SULPLLGHEUEDLKRPRVH[XDOLGLQ6DQ)UDQFLVFRODFDUHVDIFXW
SULPDGR]GHYDFFLQQXDXVXSUDYLHXLWWHVWXOXLGDUHLRULFXPVXIHUHDX
GH6,'$$IRVWVFX]DSURGXFWRULORUGHLVHWLHFvQFkQGVDX
IFXWDFHVWHWHVWHvQFQXHUDFXQRVFXWERDOD6,'$
QLXOLHDIRVWvQYLQXLW,QVWLWXWXO/RXLV3DVWHXUGLQ)UDQDFDLP
SRUWDW GLQ 68$ VkQJH LQIHFWDW FX +,9 SH FDUH DSRL OD IRORVLW OD YDFFLQXO
+(9$&%IUFD&'& &HQWUXOGH&RQWURODO%ROLORUGLQ68$ VYHULFH
VXFLHQWDFHVWHSURGXVHGHVkQJH9DFFLQXULOHGHOD,QVWLWXWXO3DVWHXUDXDMXQV
LvQDOWHULGLQ(XURSDLQFOXVLYvQ5RPkQLD
&XWRDWHDFHVWHDYDFFLQXOGHYLQHREOLJDWRULXvQ,WDOLDvQFHSkQGFXDQXO
SULQWUXQ2UGLQ0LQLVWHULDO QXROHJH SHQWUXJUXSHGHYkUVWVXJDUL
LFRSLLGHDQLQIHEUXDULHRUHYLVWLWDOLDQFRQWHVWREOLJDWLYLWDWHD
YDFFLQULLLRSXEOLFvQWUXQDUWLFROLQWLWXODW9LUXVXULGHVWLQDWHVQWLL
WUDG  (L IDF DLFL R UHPDUF VLQLVWU GDF WRL RDPHQLL DU  VQWRL GLQ
FHDUPDLWULFRPSDQLLOHIDUPDFHXWLFHPHGLFLLHSLGHPLRORJLLHWF"'DQX
H[LVW QLFLR OHJH vQ ,WDOLD FDUH VL REOLJH SH SULQL VL YDFFLQH]H FRSLLL
PLQRUL,WDOLDL5RPkQLDVXQWVLQJXUHOHULGLQ(XURSDXQGHDFHVWYDF
FLQHVWHFRQVLGHUDWREOLJDWRULX&RQIRUPOHJLORUQRDVWUHYDFFLQXOSRDWH
UHIX]DWvQPDWHUQLWDWH YH]L$QH[D 
206YDFFLQHD]FRSLLLGLQ$IULFD%UD]LOLDLDOWHULFXVSHUDQDVH
HUDGLFDWERDODSkQvQ1HDPvQDQXOLFRQVWDWPFQXVD
HUDGLFDWERDOD'LPSRWULYLQFLGHQDHLHVWHvQFUHWHUH


*%XFKZDOGRSFLW
,ELGHP

,ELGHP

,ELGHP

*ULSDHVWHRERDOLQIHFLRDVDFXWIRDUWHFRQWDJLRDVGHWHUPLQDWGH
YLUXVXOJULSDO VHURWLSXUL$%& FDUDFWHUL]DWFOLQLFSULQPDQLIHVWULUHVSL
UDWRULLLJHQHUDOHGHVHRULVHYHUH$SDUHVSRUDGLFvQHSLGHPLLVDXSDQGHPLL
3ULPHOHHSLGHPLLGHJULSVDXGHVFULVvQVHFROXODO;,9OHD
9LUXVXOJULSDOL]RODWSHQWUXSULPDGDWvQ 6PLWK$QGUHZHV/DL
GODZ DIRVWLGHQWLFDWFDLQGWLSXO$7LSXO%DIRVWL]RODWvQ )UDQFLV
0DJLOO LDUvQWLSXO&3HQWUXDVXSUDYLHXLYLUXVXOJULSDOHVWHIRDUWH
ELQHDGDSWDWLQGXQLFSULQYDULDELOLWDWHDOXLDQWLJHQLFvQVSHFLDODDQWL
JHQHORUGHVXSUDID +1 (VWHPRWLYXOSHQWUXFDUHvQPRGSHULRGLFVH
GHFODQHD]HSLGHPLLSRSXODLDQHLQGLPXQ
9LUXVXOJULSDOWLS$DIHFWHD]DWkWRPXOFkWLDQLPDOHOH7LSXULOH%L&
DIHFWHD]GRDURPXOWLSXO%GHWHUPLQQXPDLYDULDQWHDQWLJHQLFHPLQRUHLDU
WLSXO&QXSUH]LQWYDULDLLDQWLJHQLFH
*ULSDGHWLS$HVWHFHDPDLIUHFYHQWLPDLJUDYIRUPGHERDO
3DULFXODULWLOH DGDSWULL SHUIHFWH D YLUXVXOXL JULSDO VXQW IRDUWH ELQH
SXQFWDWHGHFWUH+DQV7RO]LQFXRFD]LDFRQIHULQHLFXWHPD*ULSDSRUFLQD
LYDFFLQXODQWLJULSDO 'LH6FKZHLQHJULSSHLPSIXQJ GLQ6WXWWJDUW*HUPD
QLD9LUXVXOJULSDOWLS$ FRPXQRPXOXLLDQLPDOHORU FRQLQHXQODQXQLF
$51 DFLGULERQXFOHLF FXSRODULWDWHQHJDWLYFRPSXVGLQIUDJPHQWHFDUH
FRGLF  SURWHLQH YLUDOH FH FRQVWLWXLH PDWHULDOXO JHQHWLF DO YLUXVXOXL 
)UDJPHQWHOHGH$51DXXQvQYHOLSURWHLFFRPXQ/DH[WHULRUVHDRPHP
EUDQOLSLGLFLDUODVXSUDIDDYLUXVXOXLVHJVHVFDQWLJHQHOHGHVXSUDID
JOLFRSURWHLQHKHPDJOXWLQLQD + LQHXUDPLQLGD]D 1 FDUHRIHUYLUXVXOXL
VSHFLFLWDWHDGHVXEJUXS3kQODRUDDFWXDOVHFXQRVFVXEWLSXULDQWL
JHQLFHDOHKHPDJOXWLQLQHL ++ LVXEWLSXULDOHQHXUDPLQLGD]HL 1
1 /DRPVXQWWLSXULGH+++++++ODSRUF+++
LDUODFDOGRDU++/DSVULVXQWFHOHPDLPXOWHVXEWLSXULGH+vQ
QXPUGH ++ &RPELQDLLOHSRVLELOHGLQWUHDFHVWHVXEWLSXULVXQW
vQQXPUGH  'HFLDYHPvQWRWDOGHVXEWLSXULGHYLUXVXULJULSDOH
WLS$>@)LHFDUHYLUXVHVWHvQVLQHXQLQGLYLGGLIHULWGHDOWYLUXV/DH
FDUHRPVHPDQLIHVWDOWIHO$XORFPHUHXPXWDLLDOHYLUXVXOXL'HH[HPSOX
GDFODPLQHVHvQWkOQHWHXQYLUXVJULSDOWLS$+1 DJHQWXOHWLRORJLFDO





*K09RLFXOHVFXRSFLW
,ELGHP



9$&&,185,/(35(9(1,(6$8%2$/



JULSHLSRUFLQH FXWLSXO$+1 DJHQWXOHWLRORJLFDOJULSHLDYLDUH HLVH


FRPELQLVFKLPEvQWUHHLIUDJPHQWHGLQJHQRPUH]XOWkQGLPXWDLL6]L
FHPFHXvQFHSDFXPVWXHVFPLVHIDFHXQWHVWGHVkQJHLVXQWJVLWFXXQ
QRXYLUXVGHFLVXQWDFXPFRQWDJLRV0LVHLDRSUREFDUHHVWHQRWDWFXQX
PHOHPHXLRUDXOXQGHORFXLHVFHWF H[YLUXV$+17RO]LQ6WXWWJDUW 
VHFXOWLYYLUXVXOLDVWIHOVHRELQHXQQRXWLSGHYLUXV3HQWUXDFHVWQRXWLS
SRDWHYDQHYRLHGHXQQRXYDFFLQ9LUXVXOQRXVHSRDWHUVSkQGLIUDSUR
YRFDQHDSUDWRLQIHFLH$FHVWOXFUXVHSRDWHvQWkPSODPHUHXLVHSDUHF
DVWDVDLvQWkPSODWvQ0H[LF GHXQGHDSRUQLWDD]LVD3DQGHPLHGHJULS
SRUFLQ XQGHVDXFRPELQDWWLSXULGHYLUXVODXQRP'DUPXWDLLYLUDOH
DXORFPHUHXVHUHDOL]DH]PHUHXDOWHFRPELQDLL3RDWHH[LVWDRDUHXQWHVW
GHODERUDWRUSHQWUXPLOLDUGHGHDVWIHOGHFRPELQDLLYLUDOH"0HGLFLQDvQV
HVWHvQVLQHIRDUWHFRPRGLSUHIHUVGHDYLQDGRDUSHXQYLUXVGHFkWV
SURSXQRVFKLPEDUHDVWLOXOXLGHYLD'DFGRDUYLUXVXOHVWHGHYLQL
QXVWUHVVXOPHXODVHUYLFLVDXKUDQDPHDLQVXFLHQWVDXVUDFvQSULQFLSLL
QXWULWLYHOLSVDGHPLFDUHHWFDVWDHVWHIRDUWHFRQYHQDELOSHQWUXPLQHGDF
QXWUHEXLHVvPLVFKLPEVWLOXOPHXGHYLDGDUHVWHFRQYHQDELOLSHQWUXH
LPHLGDUPDLDOHVSHQWUXPHGLFLLFDUHXUPUHVFGRDUFRPEDWHUHDEROLL
GHVSUHJULSDSRUFLQLDYLDUYH]LDUWLFROXO(SLGHPLLL3DQGHPLLIDO
VHODDGUHVDZZZSHQWUXYLDWDFOXMUR 'XSFXPQHH[SOLF7RO]LQJULSHOH
YLUDOHFXWLSXO$QXYRUSXWHDRSULWHFXYDFFLQXULLQGFDVWDDUvQVHPQD
VVLQWHWL]PDQXDO]HFLVDXVXWHGHYDFFLQXULFHHDFHHVWHLPSRVLELO1RL
QXSXWHPFXQRDWHWRDWHPXWDLLOHFDUHVHSURGXFFXHFDUHVXEWLSGHYLUXV
&XWRDWHFPHGLFLLUHFRPDQGODvQFHSXWGHHFDUHLDUQYDFFLQXOJULSDO
SHQWUXSUHYHQLUHDJULSHLVH]RQLHUHWXOSLQLOHYLUDOHSHQWUXYDFFLQXOIRORVLW
VXQWFHOHGLQDQXOSUHFHGHQW5HIHULWRUODHFLHQDYDFFLQXULORUDQWLJULSDOH
vQFD]GHHSLGHPLHJVLPVFULVvQOLWHUDWXUDGHVSHFLDOLWDWH7UHEXLHVXEOL
QLDWIDSWXOFQXVDGHVFRSHULWSkQDFXPVROXLDLGHDO'LFXOWLPDUL
SHUVLVWGLQFDX]DYDULDELOLWLLDQWLJHQLFHDYLUXVXOXLJULSDO9DFFLQXULOH
JULSDOHSHQWUXDHFDFHWUHEXLHSUHSDUDWHFXWXOSLQLOHGHYLUXVLPSOLFDWHvQ
HSLGHPLDUHVSHFWLYFHHDFHQHFHVLWWLPS'LQDFHDVWFDX]SkQDFXP
QXVDUHXLWvQFRSULUHDXQHLHSLGHPLLGHJULSSULQYDFFLQDUH$WXQFL
FXDWkWPDLSXLQRSDQGHPLH

 +DQV 7RO]LQ DXI (LQODGXQJ GHV 6WXWWJDUWHU 6WDPPWLVFKHV UHIHULHUWH DP 
]XP 7KHPD ,PSIHQWVFKHLGXQJ'LH 6FKZHLQHJULSSHLPSIXQJ KWWSZZZ\RXWXEH
FRPZDWFK"Y I]NE,9\4


*K09RLFXOHVFXRSFLW



'U&KULVWD7RGHD*URVV

7DEORXOFOLQLF
,QFXEDLD]LOH
'HEXWEUXVFFXIHEUULGLFDW JUDGH IULVRDQHPLDOJLLFHIDOHH
DVWHQLHPDUFDW
3HULRDGDGHVWDUHGXUHD]]LOHLGRPLQVHPQHOHLVLPSWRPHOH
JHQHUDOHWR[LFHPHQLRQDWHDQWHULRUODFDUHVHDGDXJPDQLIHVWULUHV
SLUDWRULL FDWDUEURQLWHHWF FDUGLRYDVFXODUH WHQGLQODEUDGLFDUGLH
LKLSRWHQVLXQH WXOEXUULGLJHVWLYH LQDSHWHQWJUHDXQHRULYUV
WXULOLPEXVFDWHWF 
(YROXLH IDYRUDELO vQ JULSD VLPSO FX VFGHUHD IHEUHL vQ  ]LOH L
GLVSDULLDVLPSWRPHORUvQSHULRDGDGHVWDUHvQIRUPHOHVHYHUHWR[LFH
SRDWHSURYRFDGHFHVXOPDLDOHVODYkUVWQLFLLDOWHJUXSHFXULVF LPX
QLWDWHDVF]XWHWF 
&RQYDOHVFHQ SHUVLVW FkWHYD ]LOH R VWDUH GH DVWHQLH WXVH VHDF LDU
EROQDYXOHVWHUHFHSWLYODVXSUDLQIHFLLEDFWHULHQH
&RPSOLFDLLSQHXPRQLHPLRFDUGLWDFXWYLUDOPHQLQJLWHQFHIDOLW
QHYUDOJLLRWLWHHWF
'LDJQRVWLFXOSR]LWLY1XH[LVWGDWHFOLQLFHVSHFLFHJULSHL SDWRJQRPR
QLFH (VWHLPRWLYXOSHQWUXFDUHGLDJQRVWLFXOFOLQLFDOJULSHLVSRUDGLFHHVWH
GLFLO FKLDU LPSRVLELO (D HVWH GLDJQRVWLFDW vQ IXQFWLH GH VLPSWRPH GLD
JQRVWLFGHSUREDELOLWDWH YLUR]UHVSLUDWRULHJDVWURHQWHULWHYLUDOH,$
&56RWLWHHWF8QGLDJQRVWLFFHUWVHSXQHGRDUSHDQDOL]HOHGHODERUDWRU
YLUXVRORJLFHLVHURORJLFH LFDUHQXVHIDFGHUXWLQ
7UDWDPHQW 1X H[LVW XQ WUDWDPHQW HWLRORJLF DO JULSHL *ULSD VLPSO VH
WUDWHD]OD GRPLFLOLXFX PHGLFDPHQWHVLPSWRPDWLFHvQ FRQGLLLGH L]RODUH
LUHSDXVLQXVHIRORVHVFDQWLELRWLFH(OHYRUDGPLQLVWUDWHGRDUvQJULSD
FRPSOLFDWFDUHQHFHVLWLQWHUQDUH
9DFFLQXOJULSDO
D *HQHUDOLWL,QHFLHQDYDFFLQXOXLJULSDO
3ULPXO YDFFLQ JULSDO D IRVW VLQWHWL]DW vQ  IRORVLQG XQ YLUXV JULSDO
FXOWLYDWSHRXHPEULRQDWGHSXL
9DFFLQXULOHDFWXDOHFRQLQYLUXVJULSDOLQDFWLYDWSULQIRUPROGDUFRQLQ
DGMXYDQLWR[LFL DOXPLQLXVDXPHUFXU LVXEVWDQHDOHUJL]DQWH DQWLELRWLFH
SURWHLQHVWULQHHWF 


,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



7DPLX XQPHGLFDPHQWDQWLJULSDO DIRVWXQH[SHULPHQWQHUHXLW'XS


DGPLQLVWUDUHDGH7DPLXvQUkQGXODGROHVFHQLORUGLQ-DSRQLDDFUHVFXWPXOW
QXPUXOGHVLQXFLGHUL6HWLHFDFHVWPHGLFDPHQWVFXUWHD]GRDUFXR]L
ERDOD  GDUSRDWHFXUPDRYLD'DFvQSDQGHPLDGHJULSSRUFLQDGDW
JUH7DPLXVDvQFHUFDWFXYDFFLQXODQWLJULSDO'DUvQFD]XOXQHLSDQGHPLL
DGHYUDWHQXRVDYHPQLFLRDQVQHVSXQH-RKDQQHVYDQGHU:RXGHQ
H[SHUWvQ(SLGHPLRORJLDJULSHLGHOD8QLYHUVLWDWHD(UDVPXV 5RWWHUGDP (O
VHUHIHUODIDSWXOFODRUDDFWXDOVHIRORVHWHDFHODLPRGGHSUHSDUDUHD
YDFFLQXOXLDQWLJULSDOFDLvQWUHFXWYLUXVXOJULSDOHVWHFXOWLYDWSHHPEULRQL
YLLGHJLQ6HWLHFXQYLUXVFXDGHYUDWDJUHVLYDUGLVWUXJHLPHGLDWDFHVWH
RUJDQLVPHYLLLIRDUWHPLFL'DFYLUXVXODUFKLDUDWkWGHDJUHVLYLOHDU
RPRUvHSRVLELOFDRDPHQLLDQJDMDLVQXPDLDMXQJODVHUYLFLDGRXD]L
DUP9DQGHU:RXGHQ
9DQGHU:RXGHQFULWLFLPRGXOvQFDUH206 2UJDQL]DLD0RQGLDOD
6QWLL  FRQWUROHD] L VXSUDYHJKHD] HYROXLD L SUHYHQLUHD JULSHL IROR
VLQGXVHGHUHJXODPHQWHvQGHUL'HvQGDWFHDSDUSULPHOHFD]XUL
GHJULSVH]RQLHUH[SHULLVHSXQLPHGLDWSHWUHDESHQWUXDDDFkWGH
SHULFXORDVHVWHGDFVXQWDFHOHDLWLSXULGHYLUXVXULFDvQDQXOSUHFHGHQWVDX
VXQWDOWHOH'LQSUREHOHOXDWHVHYDIDFHXQQRXYDFFLQDQWLJULSDO$UPDLD
OXL9DQGHU:RXGHQVHDPQL]ELWRUFXFHDDOXL7RO]LQ
206UHFRPDQGYDFFLQXOJULSDOODXUPWRDUHOHJUXSHGHRDPHQLLQG
FRQVLGHUDWHSHUVRDQHFXULVF
SHUVRDQHOHvQYkUVWGHSHVWHDQL
SHUVRDQHOH FRSLLWLQHULDGXOLYkUVWQLFL FXDIHFLXQLPHGLFDOHFURQLFH
SXOPRQDUHLFDUGLRYDVFXODUH 
SHUVRDQHOH FRSLL WLQHUL DGXOL YkUVWQLFL  FX EROL PHWDEROLFH FURQLFH
GLDEHW]DKDUDWGLVIXQFLLUHQDOHKHPRJORELQRSDWLLLPXQRVXSUHVLL 
SHUVRQDOXOPHGLFDO
OXFUWRULL GLQ VHUYLFLLOH FRPXQLWDUH HVHQLDOH YDPHL SRPSLHUL SROL
LWLPLOLWDULHWFSUHFXPLHOHYLVWXGHQLLDOWHSHUVRDQHFHORFXLHVF
vQGRUPLWRDUHFRPXQH
IDPLOLLOHFHORUDIHFWDL
JUDYLGHOHGLQWULP,,L,,,GHVDUFLQ

 7RUVWHQ (QJHOEUHFKW &ODXV .|KQOHLQ 9LUXV:DKQ (PXYHUODJ $XDJH 


%HUW(KJDUWQHU/REGHU.UDQNKHLW:DUXPHVJHVXQGLVWDEXQG]XNUDQN]XVHLQ
%DVWHL$XDJH)HEUXDU



'U&KULVWD7RGHD*URVV

6WXGLLOHFDUHH[LVWODRUDDFWXDODUDWFXWRWXODOWFHYD6DXHIHFWXDWR
VHULHGHVWXGLLSHJUXSHOHGHYkUVWDFXULVF FRSLLPLFLLYkUVWQLFL GHFWUH
UHQXPLWXOJUXS&RFKUDQHFDUHDSXEOLFDWUH]XOWDWHOHvQMXUQDOXOGHVSHFLDOLWD
WH7KH/DQFHW7RP-HIIHUVRQFRRUGRQDWRUXOJUXSXOXLUH]XPDVWIHO3HQ
WUXFRSLLLGHVXEDQLYDFFLQXULOHDXHIHFWGHSODFHER HIHFW]HUR LDUSHQWUX
RDPHQLLYkUVWQLFLHVWHPDLLQGLFDWVVHVSHOHFkWPDLGHVSHPkLQLLVDLE
XQ VWLO GH YLD VQWRV GHFkW V PHDUJ OD PHGLF FD V VH YDFFLQH]H
-HIIHUVRQVSXQHOXFUXULORUSHIDW$UPRPHQWXOFDFHLFDUHIDF/REE\
vQFDGUXO206XOXLLD0LQLVWHUXOXL6QWLLGLQ68$VHvQGHSUWDL
LQGFH[SHULLGLQGRPHQLXOJULSHL ,QXHQ]D UHFRPDQGSRSXODLHLSUR
GXVHOHORUDDFXPRIDFLFHLFDUHvLYkQGDVSLUDWRDUHOHSHQWUXDVFSD
GHPDUIGHSDUFDPFXWRLLRJORDWGHLGLRL -HIIHUVRQYUHDV
DFFHQWXH]HSULQDFHDVWGHFODUDLHGXUSHFDUHRIDFHLOLSVDXQRUVWXGLLGH
FDOLWDWHvQVSHFLDOODRDPHQLLWUHFXLGHGHDQLVWXGLLSHFDUHOHDIRORVLWOD
DQDOL]HOHVDOH5H]XOWDWHOHDUDWGRXOXFUXULFDUHVHFRQWUD]LF3HGHRSDU
WHODFHLYDFFLQDLSURWHFLDIDGHJULSHVWHSUDFWLF]HUR  LDUSHGHDOW
SDUWHYDFFLQDUHDDUVFDGHULVFXOGHGHFHV'DUDVWDDUvQVHPQDFYDFFLQXO
GHIDSWvLDSUSHEWUkQLGHDOWHEROLSUHFXPGLDEHW]DKDUDW$9&HWFQX
vQVLGHJULSFHHDFHHVWHXQQRQVHQV-HIIHUVRQPDLVSXQHFVWXGLLOH
VXQWIFXWHvQWUXQPRGFXWRWXOGLVSURSRULRQDW&HLYDFFLQDLVXQWvQPD
MRULWDWHDFD]XULORURDPHQLVQWRLLDUJUXSDGHFRQWURO FHLQHYDFFLQDL 
RUHSUH]LQWvQPDMRULWDWHDFD]XULORUEWUkQLEROQDYLGHJULSFDUHVHVLPW
SUHDVOELLLEROQDYLSHQWUXDVHGHSODVDODPHGLF'HFLQXHVWHGHPLUDUHF
GHFHVHOHVXQWPXOWHODDFHVWJUXSGHRDPH2SXEOLFDLHGLQRFWRPEULH
DXQXLJUXSGHRDPHQLGHWLLQDSDULQkQG,QVWLWXWXOXL1DLRQDOGH6DQWDWH
GLQ68$DUDWFHFLHQDYDFFLQXOXLDQWLJULSDOODYkUVWQLFLHVWHPXOWH[D
JHUDW$MXQJLHLODDFHOHDLUH]XOWDWHFDL-HIIHUVRQ'DFDUVH[LVWH
RHFLHQDYDFFLQXOXLDQWLJULSDOODYkUVWQLFLHDDUWUHEXLGRYHGLWGDUODRUD
DFWXDOQXH[LVWQLFLXQVWXGLXSHFDUHVQHSXWHPED]DFXDGHYUDW6WXGLLOH
SHFDUHOHDYHPDUDWFGRDUXQSURFHQWGHGLQGHFHVHODYkUVWQLFLVXQW
SURYRFDWHGHJULSGDUvQDFHODLWLPSVHYRUEHWHGHRSUHYHQLUHFXD
PRUWDOLWLLGHFLXQQRQVHQV6WDWLVWLFLOHGLQ68$GLQXOWLPLLGHDQL


,ELGHP
,ELGHP

 7RP -HIIHUVRQ &DUOR 'L 3LHWUDQWRM ,QDFWLYDWHG LQXHQ]D YDFFLQHV LQ WKH HOGHU
O\DUH\RXVXUH"/DQFHW

/6LPRQVHQHWDO0RUWDOLW\EHQHWVRILQXHQ]DYDFFLQDWLRQLQHOGHUO\SHRSOHDQ
RQJRLQJFRQWURYHUV\/DQFHW,QIHFW'LV

%(KJDUWQHURSFLW


9$&&,185,/(35(9(1,(6$8%2$/



DUDWFYDFFLQXODQWLJULSDOQXDLQXHQDWGHORFPRUWDOLWDWHDODYkUVWQLFL
1XH[LVWQLFLXQLQGLFLXvQDFHVWVHQV'HLRDPHQLLEWUkQLVHODVPXOW
PDLGHVYDFFLQDLvQ]LXDGHD]LLSURFHQWXOFHORUYDFFLQDLvPSRWULYDJULSHL
DFUHVFXWGHODvQODvQDQXOQXVDREVHUYDWRVFGHUH
DFD]XULORUGHERDO'LPSRWULYHDDFUHVFXWXRU$FHVWOXFUXQXHVWH
XQIHQRPHQDPHULFDQFLDSDUHvQWRDWHULOHXQGHVHIRORVHWHYDFFLQXO
DQWLJULSDO 6SUH H[HPSOX vQ ,WDOLD R HFKLS GH H[SHUL GH OD 8QLYHUVLWDWHD
GLQ%DULDUDWFGHLSURFHQWXOYkUVWQLFLORUYDFFLQDLDFUHVFXWGHODvQ
DQLLODvQQXVDFRQVWDWDWQLFLXQHIHFWSR]LWLY
'XSGDWHOHRFLDOHGLQ68$YDFFLQDUHDHVWHLQGLFDWODWRLFRSLLLFX
YkUVWDFXSULQVvQWUHLGHOXQLLQGRJUXSFXULVFvQFHHDFHSULYHWH
FRPSOLFDLLOHLFD]XULJUDYHGHERDO6HRDUHDD"'HFHVHOHSURYRFDWHGH
JULSVXQWGLQIHULFLUHIRDUWHUDUHODFRSLLQ*HUPDQLDVWDWLVWLFDDUDWFOD
FRSLLPDLPLFLGHDQLDIRVWXQVLQJXUGHFHVvQLDUvQDXIRVW
FD]XUL*VLPLODDFHDVWJUXSGHYkUVWRWRWDOLQHFLHQDYDFFLQXOXLDQWL
JULSDO6WXGLXOIFXWSHFRSLLLPDLPLFLGHDQLGHFWUHJUXSXO&RFKUDQHDUDW
LQHFLHQDYDFFLQXOXLDQWLJULSDODFHVWDDYkQGGRDUXQHIHFWSODFHER3HQWUX
2FLDOLWLOHGLQ68$DFHVWOXFUXQXDFRQVWLWXLWXQREVWDFROvQUHFRPDQGDUHD
YDFFLQXOXLDQWLJULSDOWXWXURUVXJDULORUVQWRLvQYkUVWGHOXQLLDVWDIUD
DYHDSXEOLFDWXQVWXGLXGHVLJXUDQSHQWUXDFHDVWJUXSGHYkUVW([LVWGRDU
FkWHYDGDWHOHJDWHGHFRSLLLGHSHVWHDQL'LQDFHVWPRWLY-HIIHUVRQLFRODE
DXVFULVWXWXURUFHORUGHJUXSXULGHVWXGLLLDXFHUXWHYHQWXDOHOHUHDFLLVH
FXQGDUHDOHYDFFLQXOXLODFRSLL8QLLGLQWUHRDPHQLLGHWLLQOHDXUVSXQVF
vQWUDGHYUH[LVWDVWIHOGHVWXGLLGDUUPDSURGXFWRDUHGHYDFFLQXULQXDGR
ULWVIDFSXEOLFQLFLXQDVWIHOGHVWXGLX'HDLFLUH]XOWFH[LVWSHULFROXOFD
XQHOHUHDFLLVHFXQGDUHUDUHDOHYDFFLQXOXLVQXHvQFELQHVWXGLDWHFULWLF
-HIIHUVRQDWLWXGLQHDSURGXFWRULORUGHYDFFLQXUL
/DIHPHLOHJUDYLGHYDFFLQDWHDQWLJULSDO
QXVDSXWXWGRYHGLQLFLRGDWRSURWHFLHDFRSLOXOXL

/6LPRQVHQHWDO,PSDFWRI,QXHQ]DYDFFLQDWLRQRQVHDVRQDOPRUWDOLW\LQWKH86
HOGHUO\SRSXODWLRQ$UFK,QWHUQ0HG  

&5L]]RHWDO,QXHQ]DUHODWHGPRUWDOLW\LQWKH,WDOLDQHOGHUO\QRGHFOLQHDVVRFL
DWHGZLWKLQFUHDVLQJYDFFLQDWLRQFRYHUDJH9DFFLQH

7-HIIHUVRQHWDO$VVHVVPHQWRIWKHIFDF\DQGHIIHFWLYHQHVVRJLQXHQ]DYDFFLQH
LQKHDOWK\FKLOGUHQV\VWHPDWLFUHYLHZ/DQFHW

7-HIIHUVRQHWDO6DIHW\RILQXHQ]DYDFFLQHVLQFKLOGUHQ/DQFHW

(.)UDQFH56PLWK5D\'0F&OXUH6+DPELGJHHWDO,PSDFWRIPDWHUQDO
LQXHQ]DYDFFLQDWLRQGXULQJSUHJQDQF\RQWKHLQFLGHQFHRIDFXWHUHVSLUDWRU\LOOQHVVYLVLWV
DPRQJLQIDQWV$UFK3HGLDWU$GROHVF0HG  



'U&KULVWD7RGHD*URVV

VWDWLVWLFQXVDFRQVWDWDWRGLIHUHQvQWUHJUDYLGHOHFDUHDXIFXWJULS
vQSULPXOWULPHVWUXGHVDUFLQLFHOHODOWHJUDYLGH
ODIHPHLDvQVUFLQDWDGMXYDQLLGLQYDFFLQXOJULSDOH7LRPHUVDO6TD
OHQDVDXDOWHOHVXQWQHXURWR[LFHDWkWSHQWUXPDPFkWLSHQWUXIWSURYR
FkQGEROLQHXURORJLFHLEROLDXWRLPXQHDFHWLDGMXYDQLVWLPXOHD]LPXQL
WDWHDFHOXODU7+SULQFDUHSRDWHUHVSLQVIWXOLDYRUWDW
&kWGHVLJXUHVWHYDFFLQDXODQWLJULSDO"
6LJXUDQDYDFFLQXOXLDQWLJULSDOHVWHSUDFWLFQXOQXH[LVWVWXGLLFDUH
V QH DUPH VLJXUDQD DFHVWXL YDFFLQ SHQWUX FRSLL H[LVW XQ VLQJXU VWXGLX
RFLDOPDLYHFKLHIHFWXDWODGHFRSLLLDUODYkUVWQLFLH[LVWVWXGLLGDWH
SXEOLFLWLL FDUH VH vQWLQG GRDU SH R VSWPkQ GXS YDFFLQDUH L QXPUXO
FHORUYDFFLQDLOXDLvQVWXGLXHVWHVXE$YkQGvQYHGHUHFDQXDOVXQW
YDFFLQDLPLOLRDQHGHRDPHQLDFHVWJROLPHQVDOXQRUVWXGLLGHVSHFLDOLWDWH
HVWHSXULVLPSOXLPSRVLELOGHDFFHSWDW
(IHFWHOH VHFXQGDUH DOH YDFFLQXOXL VXQW QXPHURDVH L HOH VH vQPXOHVF
RGDWFXYkUVWDLPDLDOHVFXUHSHWDUHDORUDQXDODVWIHOvQFkWVXQWDIHFWDL
PDLJUDYGLQWUHRDPHQLLGHSHVWHGHDQLLGLQFHLWUHFXLGH
GHDQLDYkQGvQYHGHUHFDQXDOHVWHQHYRLHGHVFKLPEDUHDWLSXULORUGHYLUXV
GLQYDFFLQDSDULUHDFLLVHFXQGDUHQRLLQFOXVLYFD]XULGHGHFHV6SUHH[HP
SOX vQ ,VUDHO vQ  DX PXULW PDL PXOL RDPHQL YkUVWQLFL GXS YDFFLQXO
DQWLJULSDOGLQDQXOUHVSHFWLYPRWLYSHQWUXFDUHVDVLVWDWYDFFLQDUHDQDQXO
LQGRHSLGHPLHGHJULSvQ68$DXIRVWYDFFLQDLGHPLOLRDQHGH
RDPHQLDQWLJULSDOLVDXFRQVWDWDWPLLGHFD]XULGH6LQGURP*XLOODLQ%DU
UH SDUH]H L SDUDOL]LL QHUYRDVH SRVWYDFFLQDOH  PRWLY SHQWUX FDUH VD RSULW
YDFFLQDUHD
E 3UH]HQWDUH
)/8$5,;IDEULFDWGH*OD[R6PLWK.OLQHSHQWUXDGXOLLFRSLLGHSHVWH
WUHLDQLFXVSHFLFDUHDFGDWHOHFOLQLFHSHQWUXFRSLLGHSkQODOXQLL
DQLVXQWOLPLWDWH9DFFLQXOFRQLQHYLUXVIUDJPHQWDWLQDFWLYDW5HDFLLOH
DGYHUVHDPLQWLWHVXQWFHOHRELQXLWHXRDUHORFDOH


*K09RLFXOHVFXRSFLW
 & )UDQFLRQL 3 5RVL$ )LRUDYDQWL ) 0HJDOH 1 3LSLWRQH 5 0DUFDORQJR /D
YDFFLQD]LRQHDQWLLQXHQ]DOHLQVRJJHWWLDIIHWWLGDDUWULWHUHXPDWRLGHULVSRWDFOLQLFDHGDQWL
FRUSDOH5HFFHQWL3URJ0HG  

 +HUDOG7ULEXQH,VUDHOL +HDOWK 0LQLVWU\ KDOWV X YDFFLQHWKUHH SHRSOH GLH2NWREHU
KWWSZZZLKWFRPDUWLFOHVDSDIULFD0(B*(1B,VUDHOB)OXB9DFFLQHVSKS

$JHQGD0HGLFDO


9$&&,185,/(35(9(1,(6$8%2$/



,1)/89$&IDEULFDWGH6ROYD\3KDUPDFHXWLFDOVSHQWUXDGXOLLFRSLL
VXEOXQL/DFRSLLLvQWUHOXQLGDWHOHFOLQLFHVXQWOLPLWDWH
9$&&,18/*5,3$/75,9$/(17SXULFDWLLQDFWLYDWIDEULFDWGH
,QVWLWXWXO&DQWDFX]LQRFHFRQLQHWXOSLQLLQDFWLYDWHGHYLUXVXULJULSDOHSHQ
WUXFRSLLGHOXQLLFRSLLPDLPDUL5HDFLLOHDGYHUVHUDUHVXQWQHYUDO
JLLSDUHVWH]LLFRQYXOVLLWURPERFLWRSHQLHWUDQ]LWRULH9DFFLQXOFRQLQH
WXOSLQLGHYLUXVJULSDOWLS$ VXEWLSXULOH+1L+1 LRWXOSLQGHYLUXV
JULSDOWLS%9DFFLQXOFRQLQHGUHSWFRQVHUYDQW7LRPHUVDOLDUFD
LVWDELOL]DWRUDUHDOGHKLGDIRUPLFPD[PJPO/D0RGXOGH
DFWLXQHVHVSHFLF3URWHFLDFRQIHULWGHYDFFLQXOJULSDOSRDWHVQX
HVXFLHQWSHQWUXDSUHYHQLvPEROQYLUHDGDFWXOSLQLOHFLUFXODQWHGHYL
UXV JULSDO VXQW GLIHULWHDQWLJHQLFGHFHOHH[LVWHQWH vQ IRUPXOD YDFFLQXOXL
'HLFRSLLLVQWRLQXVXQWFRQVLGHUDLRJUXSGHULVFSRWLHLYDFFLQDL
vQFHSkQGFXOXQDDDGHYLDGR]HOHLQGDGDSWDWHYkUVWHLFRQIRUPUHFR
PDQULORU206
&H DOWFHYD vQVHDPQ DFHDVW DGDSWDUH OD FRSLL GHFkW F HL VXQW SH
SRVWGHFREDL&kWGHVSUHHIHFWHOHWR[LFHDOHPHUFXUXOXLDVXSUDVLVWHPXOXL
QHUYRVDOHVXJDUXOXLQXVHDPLQWHWHQLPLF
9$;,*5,3DGXOWLSHGLDWULFVXQWIDEULFDWHGH6DQR3DVWHXUSHQWUX
DGXOWLFRSLLGHSHVWHOXQLLUHVSHFWLYSHQWUXFRSLLGHOXQL5HDFLLOH
DGYHUVH DPLQWLWH VXQW GRDUH FHOH XRDUH FDUH GLVSDU vQ JHQHUDO IU WUDWD
PHQWvQ]LOH*VLPDFHDVWPHQLXQHODWRDWHYDFFLQXULOH
F 5HDFLLOHDGYHUVHLFRPSOLFDLLOHSRVWYDFFLQDOH
6LPSWRPHORFDOHLJHQHUDOHSRVWYDFFLQDOH
GXUHULORFDOH
VLPSWRPHDVHPQWRDUHJULSHLGXUHULPXVFXODUHLDUWLFXODUHRERVHDO
DFFHQWXDW DVWHQLH FHIDOHHIHEU
DFHVWHVLPSWRPHDIHFWHD]XQSURFHQWGHODFRSLLLFXYkUVWDFXSULQV
vQWUHLDQLVLPSWRPHOHVHvQPXOHVFRGDWFXYkUVWDLVFDGWRWR


,ELGHP
,ELGHP

9$&&,1*5,3$/75,9$/(17SXULFDWLQDFWLYDWKWWSZZZSFIDUPURSURVSHFW
SKS"LG 

$JHQGD0HGLFDO

*7KXUDLUDMDQ0:+RSH5RVV5'6LWXQD\DNH3,0XUUD\3RO\DUWKURSD
WK\RUELWDOP\RVLWLVDQGSRVWHULRUVFOHULWLVDQXQXVXDODGYHUVHUHDFWLRQWRLQXHQ]DYDF
FLQH%U-5KHXPDWRO  

.01HX]LO.0(GZDUGV,QXHQ]DYDFFLQHVLQFKLOGUHQ6HPLQ3HGLDWU,QIHFW
'LV  




'U&KULVWD7RGHD*URVV

GDWLPXQLWDWHDIDGHDOWHLQIHFLLUHVSLUDWRULLLDOWHEROLFRQVXOWDLLOHFR
SLLORUODPHGLFLGHIDPLOLHvQPXOLQGXVHPXOWGXSYDFFLQXODQWLJULSDO
5HDFLLDOHUJLFHLWXOEXUULFLUFXODWRULL
YDFFLQXOSRDWHSURYRFDUHDFLLDOHUJLFHXRDUHSkQODRFDOHUJLFvQVSHFLDO
ODSURWHLQHOHGLQRXOGHJLQSHFDUHVHFXOWLYYLUXVXOYDFFLQDOHOHDSDUOD
FHLDOHULJLFLODRXGDUSRWVLLQGXFRDVWIHOGHDOHUJLHSHQWUXSULPDGDW
VLQGURPXORFXORUHVSLUDWRUHVWHRDOWIRUPGHDOHUJLHODYDFFLQFDUH
FRQVWvQDSDULLDXQHLIRUPHGHFRQMXQFWLYLWHGHPDOIHHLLWXOEXUUL
UHVSLUDWRULL
$VWPXOEURQLF
GHLQXHVWHGRYHGLWHIHFWXOEHQHFDOYDFFLQXOXLDQWLJULSDOODEROQDYLL
DVWPDWLFLDFHWLDUHSUH]LQWJUXSXOFXULVFODFDUHHVWHUHFRPDQGDW
YDFFLQDUHD DQWLJULSDO GXS 67,.2 L FHOHODWH ,QVWLWXLL 6DQLWDUH GLQ
OXPH2DUHDDVH"6WXGLLOHDUDWFODDGXOLDUHORFDJUDYDUHDDVW
PXOXLODFHLYDFFLQDL/DFRSLLGXSYDFFLQDUHDFUHVFXWIUHFYHQD
FD]XULORUGHDVWPVWXGLLIFXWHSHGHFRSLLYDFFLQDLDUDW
RFUHWHUHDIUHFYHQHLFD]XULORUGHDVWPLDUODXQXOGLQVWXGLLFKLDUR
GXEODUHDEROLLFRPSDUDWLYFXORWXOGHFRSLLQHYDFFLQDL
FD]XULOH GH DVWP EURQLF DOHUJLF DSDU L GXS PDL PXOL DQL GH OD
YDFFLQDUH
%ROLDXWRLPXQHLEROLQHXURORJLFH
VDREVHUYDWFGXSYDFFLQDUHDSDUHXQHRULRUHDFLHDXWRLPXQSULQ
IRUPDUHGHDQWLFRUSLvPSRWULYDSURSULLORUFHOXOH


'3+REHUPDQQ-/3DUDGLVH+(5RFNHWWH(IIHFWLYHQHVVRILQDFWLYDWHGLQX
HQ]DYDFFLQHLQSUHYHQWLQJDFXWHRWLWLVPHGLDLQ\RXQJFKLOGUHQDUDQGRPL]HGFRQWUROOHG
WULDO-$0$  

 1<DPDQH%HUDU 2 %HQ,W]KDN - *UHH ) 1DNKRXO ,QXHQ]D YDFFLQDWLRQ LQ
GXFHG OHXNRF\WRFODVWLF YDVFXOLWLV DQG SDXFLLPPXQH FUHVFHQWLF JORPHUXORQHSKULWLV &OLQ
1HSKURO  

&-&DWHV72-HIIHUVRQ$,%DUD%+5RZH9DFFLQHVIRUSUHYHQWLQJLQ
XHQ]D LQ SHRSOH ZLWK DWKPD &RFKUDQH 5HYLHZ  &RFKUDQH 'DWDEDVH 6XVW 5HY 
 &'

0+LUWHRSFLW

&&KULVW\&$$OLJQH3$XLQJHU73XOFLQR0:HLW]PDQ(IIHFWLYHQHVVRILQX
HQ]DYDFFLQHIRUWKHSUHYHQWLRQRIDVWKPDH[DFHUEDWLRQV$UFK'LV&KLOG  

77DNDKDVKL1<DPDJXLFKL,QXHQ]DYDFFLQHV1(QJO-0HG  

 /$ 6WHSDQRYD$ /LQGH$ 1 1DLNKLQ 0$ %LFKXULQD 0 6 3DUDPRQRYD
6SHFLF LPPXQH UHVSRQVH WR YDFFLQDWLRQ ZLWK DQ LQDFWLYDWHG XH YDFFLQH GHSHQGLQJ RQ
SUHYDFFLQHVWDWXVDQGDJHRIWKHSHUVRQYDFFLQDWHG9RSSU9LUXVRO  

9$&&,185,/(35(9(1,(6$8%2$/



vQOLWHUDWXUDPHGLFDOJVLPQXPHURDVHFD]XULGHEROLDXWRLPXQHFDUH
DIHFWHD] YDVHOH VDQJXLQH YDVFXOLWH  L ULQLFKLL SXVH SH VHDPD XQRU
FRPSRQHQWHGLQYDFFLQXODQWLJULSDODGMXYDQWXO0)SRDWHLQ
GXFH XQ OXSXV HULWHPDWRV  GDU L QXPHURDVH FRPSOLFDLL QHUYRDVH
VXQWSXVHSHVHDPDYDFFLQXOXLDQWLJULSDO
SUH]HQDGH7KLRPHUVDOvQYDFFLQGUHSWFRQVHUYDQW 7KLRPHUVDOFRQLQH
PHUFXURUJDQLFQHXURWR[LFvQSURFHQWGH HVWHRDGHYUDW
LQWR[LFDLHSHQWUXVLVWHPXOQHUYRVSULQDFXPXODUHDPHUFXUXOXLvQFH
OXODQHUYRDVDQGHDQODFHLYDFFLQDL vQVSHFLDOODYkUVWQLFL SRDWH
LQGXFH ERDOD $O]KHLPHU LDU OD FRSLL KLSHUDFWLYLWDWH DXWLVP HWF$D
FXPDPYD]XWvQFDSODED]DDFHVWRUEROLVWRLQWR[LFDLHFXPHUFXU
YDFFLQXODQWLJULSDOSRDWHSURYRFDODRDPHQLLFXRSUHGLVSR]LLHJHQHWL
F VDXRUHDFLHSDUWLFXODUODYDFFLQ RUHDFLHDXWRLPXQvPSRWULY
HVXWXOXLQHUYRVFHHDFHGXFHODGHPLHOLQL]DUHDDFHVWXLDvQFRQVHFLQ
DUH ORF R OH]DUH PDL PXOW VDX PDL SXLQ LPSRUWDQW D QHUYLORU VDX D
QHXURQLORU FHOXOHQHUYRDVH VDXDPGXYHLVSLQULLRDIHFLXQHJUDY
R UHSUH]LQW HQFHIDORPLHOLWD DFXW GHPLHOLQL]DQW $'(0  DFHDVW
HQFHIDOLWDXWRLPXQGHPLHOLQL]DQWVWODED]DWXWXURUEROLORUQHXUR
ORJLFHDXWRLPXQHSURYRFDWHGHYDFFLQLGHPHWDOHOHQHXURWR[LFH PHU
FXU GLQYDFFLQFKLDULIUVH[LVWHRSUHGLVSR]LLHJHQHWLFVDXR
UHDFLHSDUWLFXODUODYDFFLQ
VDXGHVFULVLQIHFLLDOHQHUYLORUFXGXUHULLWXOEXUULIXQFLRQDOHvQ
VSHFLDOODQLYHOXOPkLQLORUVDXDIHHL3ULQDIHFWDUHDQHUYXOXL


 1 <DQDX%HUDU 2 %HQ,W]KDN - *UHH ) 1DNKRXO ,QXHQ]D YDFFLQDWLRQ LQ
GXFHGOHXNRF\WRFODVWLFYDVFXOLWLVDQGSDXFLLPPXQHFUHVFHQWLFJORPHUXORQHS\KULWLV&OLQ
1HSKURO  7DYDGLD

67DYDGLD$'XPPRQG&'(YDQV1-:DLQZULJKW/HXFRF\WRFODVWLFYDVFX
OLWLVDQGLQXHQ]DYDFFLQDWLRQ'HUPDWRO  

06DWRK<.XURGD+<RVKLGD.0%HKQH\,QGXFWLRQRIOXSXVDXWRDQWLERGLHV
E\DGMXYDQWV-$XWRLPPXQ  

11DNDPXUD.1RNXUD7=HWWVX+.RJDHWDO1HXURORJLFFRPSOLFDWLRQVDVVR
FLDWHGZLWKLQXHQ]DYDFFLQDWLRQWZRDGXOWFDVHV,QWHUQ,QIHFW'LV  

-.)HOL[5+6FKZDUW]*-0\HUV,VRODWHG+\SRJORVVDO1HUYH3DUDO\VLV
)ROORZLQJ,QXHQ]D9DFFLQDWLRQ$PHU-'LV&KLOG  I

:(KUHQJXW+$OOHUGLVWhEHUQHXURORJLVFKH.RPSOLNDWLRQHQQDFKGHU,QXHQ]D
VFKXW]LPSIXQJ0QFKPHG:VFKU

7:)XUORZ1HXURSDWK\DIWHU,QXHQ]D9DFFLQDWLRQ/DQFHW

:+HQQHVVHQ+-DFRE84XDVW1HXURORJLVFKH$IIHNWLRQHQQDFK,QXHQ]D,PS
IXQJ'HU1HUYHQDU]W



'U&KULVWD7RGHD*URVV

RSWLFDSDUWXOEXUULGHYHGHUHSULQSDUDOL]LDPXFKLORURFXODULYHGHUH
GXEO GLSORSLH VDXVWUDELVP
6LQGURPXO*XLOODLQ%DUUHHVWHRUHDFLHDGYHUVJUDYGHWHPXWDYDF
FLQXOXLDQWLJULSDO/HJWXUDvQWUHDFHDVWDIHFLXQHLYDFFLQDIRVWGR
YHGLWLUHFXQRVFXWvQWUHDQLLFkQGvQ68$DXIRVW
UHODWDWHGHFD]XULPDMRULWDWHDGHEXWkQGvQSULPHOHVSWPkQLGH
ODYDFFLQDUHQDXIRVWDQXQDWHGHFD]XULFDUHDXGHEXWDWvQ
SULPHOHVSWPkQLGHODYDFFLQ)UHFYHQDDFHVWXLVLQGURPHVWHGH
RULPDLPDUHGXSYDFFLQXODQWLJULSDOGHFkWGXS'73
DX IRVW UHODWDWH L DOWH DIHFLXQL QHUYRDVH SUHFXP GLVIXQFLL DOH YH
]LFLL XULQDUH WXOEXUUL vQ GLQDPLFD VH[XDO DPHHOL L WXOEXUUL GH
PHUV
&kWHYDFRQFOX]LL
JULSDHVWHRERDOQHSOFXWGDUFXRHYROXLHIDYRUDELOVSUHYLQGHFD
UHvQVSWPkQLvQPDMRULWDWHDFD]XULORU
VWXGLLOH FXQRVFXWH OD RUD DFWXDO QX DUDW QLFLR HFLHQ D YDFFLQXOXL
DQWLJULSDOIRORVLUHDOXLvQPDVGHPRQVWUHD]XQLQWHUHVSXUQDQFLDU
QXVDGRYHGLWIDSWXOFYDFFLQXOVFDGHIUHFYHQDEROLLDFRPSOLFDLLORU
DFHVWHLDVDXDPRUWDOLWLLGLPSRWULYYDFFLQXODUHHIHFWHVHFXQGDUHvQ
WLPSFDUHQXVXQWGH]YOXLWHSRSXODLHL

$.DZDVDNL9$3XUYLQ57DQT%LODWHUDODQHULRULVFKHPLFRSWLFQHXURSDWK\
IROORZLQJLQXHQ]DYDFFLQDWLRQ-1HXURRSKWDOPRO

-%U\DQ*51REOH*XLOODLQ%DUUH6\QGURPHDIWHUDGPLQLVWUDWLRQRINLOOHGYDF
FLQHV*HQI5HI,$%66\PSRVLXPRQ,QXHQ]D,PPXQL]DWLRQ

'1-XXUOLQN7$6WXNHO-.ZRQJ$.RSSHWDO*XLOODLQ%DUUH6\QGURPH
$IWHU,QXHQ]D9DFFLQDWLRQLQ$GXOWV$3RSXODWLRQ%DVHG6WXG\$UFK,QWHUQ0HG
  

 1 6RXD\DK$ 1DVDU 0 ) 6XUL$ , 4XUHVKL *XLOODLQ%DUUH V\QGURPH DIWHU
YDFFLQDWLRQLQ8QLWHG6WDHV$UHSRUWIURPWKH&'&)'$9DFFLQH$GYHUVH(YHQW5HSRUWLQJ
6\VWHP9DFFLQH  

05*HLHU'$*HLHU$&=DKDOVN\,QXHQ]DYDFFLQDWLRQDQG*XLOODLQ%DUUH
V\QGURPH&OLQ,PPXQRO  

&(&:HOOV$QHXURORJLFDOQRWHRQYDFFLQDWLRQDJDLQVWLQXHQ]D%U0HG-
  I

:(KUHQJXW+$OOHUGLVWhEHUQHXURORJLVFKH.RPSOLFDWLRQHQQDFKGHU,QXHQ]D
VFKXW]LPSIXQJ0QFKPHG:VFKU

&03RVHU1HXUROFRPSOLFDWLRQVRIVZLQHLQXHQ]DYDFFLQDWLRQ$FWD1HXURO
6FDQG  

 5 %DNVKL - & 0D]]LRWWD $FXWH WUDQYHVUH P\HOLWLV DIWHU LQXHQ]D YDFFLQDWLRQ
PDJQHWLFUHVRQDQFHLPDJLQJQGLQJV-1HXURLPDJLQJ  

9$&&,185,/(35(9(1,(6$8%2$/



FRSLLLLDVWPDWLFLLDXGHVXIHULWvQXUPDYDFFLQULL
SUH]HQD XQRU VXEVWDQH WR[LFH vQ YDFFLQXO DQWLJULSDO SUHFXP PHUFXU
GLQ 7KLRPHUVDO  VDX DOGHKLGD IRUPLF SURYRDF vQ WLPS EROL JUDYH
QHXURORJLFHvQVSHFLDOODFRSLLLYkUVWQLFL
YLUXVXULOHJULSDOHGLQYDFFLQVFDGLPXQLWDWHDLSUHGLVSXQVSUHDOWHEROL
GHVHRULPDLJUDYH
H[LVW VXFLHQWH WUDWDPHQWH QDWXULVWH FDUH SRW SUHYHQL JULSD SULQWUR
LPXQL]DUHHFLHQWLDUvQFD]GHERDOHOHSRWSUHYHQLFRPSOLFDLLOHL
JUELYLQGHFDUHD/DQHYRLHH[LVWLVXFLHQWHPHGLFDPHQWH

;,,,QIHFLLOHFXPHQLJRFRFLLYDFFLQXOPHQLQJRFRFLF
,QIHFLLOHFXPHQLQJRFRFL
0HQLQJRFRFLLVXQWEDFWHULLFDUHVHJVHVFODDSUR[LPDWLYGLQWUHRD
PHQLLVQWRLODQLYHOXOWUDFWXOXLUHVSLUDWRU'HRELFHLVXQWEDFWHULLLQRIHQ
VLYHLQXSURYRDFEROLJUDYH6XQWvQVLWXOSLQLSDWRJHQHFDUHSRWSURYRFD
EROLJUDYHSUHFXPPHQLQJLWHVDXVHSWLFHPLH/DIHOFDLSQHXPRFRFLLVDX
EDFWHULLOH+LEPHQLQJRFRFLLSUH]LQWvQH[WHULRURFDSVXOFDUHHVWHIRDUWH
JUHXGHGLVWUXVQDIDUDRUJDQLVPXOXLXPDQEDFWHULLOHQXVXSUDYLHXLHVF'H
DFHHDHOHVHWUDQVPLWGRDUSULQWUXQFRQWDFWGLUHFWLLQWLPFXRPXOEROQDYvQ
VSHFLDOSULQLQWHUPHGLXOVUXWXOXLSULQVDOLYDLQIHFWDW
6XQWFXQRVFXWHIDPLOLLGHPHQLQJRFRFQRWDWHFXOLWHUHFHOHPDLIUHF
YHQWHLQGJUXSXULOH$%L&)LHFDUHJUXSFXSULQGHPDLPXOWHWLSXULGH
PHQLQJRFRF FDUH DX OD UkQGXO ORU HFDUH SURSULXO ORU DQWLJHQ 0DMRULWDWHD
LQIHFLLORUGLQ$IULFDVXQWGDWHGHJUXSXO$Q*HUPDQLDSUHGRPLQFHOHGLQ
JUXSXO%SHQWUXFDUHQXH[LVWYDFFLQLDUJUXSXO&HVWHUHVSRQVDELOGHGRDU
GLQLQIHFLLQDOWHULHXURSHQHSUHFXP6SDQLD&HKLDVDX*UHFLDSUH
GRPLQWLSXULOHGHPHQLQJRFRFGLQJUXSXO&SHQWUXFDUHH[LVWPDLPXOWH
WLSXULGHYDFFLQ
Q5RPkQLDQDQXODXIRVWUDSRUWDWHGHFD]XULVXVSHFWHGH
ERDO 'LQ WRWDOXO GH  FD]XUL VXVSHFWH VDX FRQUPDW    %RDOD
PHQLQJRFRFLF D HYROXDW VXE IRUP GH FD]XUL VSRUDGLFH &HOH PDL PXOWH
FD]XUL FRQUPDWH L SUREDELOH  VDX vQUHJLVWUDW vQ MXGHXO ,DL  FD]XUL 
 6DXLQUPDWFD]XULVXVSHFWHGHERDOPHQLQJRFRFLF/D


0DUWLQ+LUWH,PSIHQ3UR &RQWUD0HQV6DQD
,ELGHP





'U&KULVWD7RGHD*URVV

GLQWUHFD]XULOHFRQUPDWH  VDGHWHUPLQDWVHURWLSXOGHPHQLQJRFRF


VHURWLS$   FD] VHURWLS %   FD]XUL VHURWLS &   FD]XUL L VHURWLS
$<:FD]'LVWULEXWLDFD]XULORUGHERDOPHQLQJRFRFLFSHJUXSHGH
YkUVWDHYLGHQLDWSUHGRPLQDQDFD]XULORUODJUXSDGHYkUVWGHDQL
FD]XUL   'LVWULEXLD FD]XULORU SH PHGLL GH UH]LGHQ D HYLGHQLDW F
PDMRULWDWHDFD]XULORUSURYLQGLQPHGLXOUXUDOFD]XUL  vQWLPSFH
vQPHGLXOXUEDQVDXvQUHJLVWUDWQXPDLGHFD]XUL  )RUPDGHERDO
DIRVWVHYHUvQGLQFD]XULPHGLHLQLXRDUvQ5DWD
PRUWDOLWLLVSHFLFHSULQERDODPHQLQJRFRFLFSHWHULWRULXO5RPkQLHLvQDQXO
DIRVWGHRRRORFSHWHULWRULXO&563%XFXUHWLRRR
ORFSHWHULWRULXO&563,DLLRRRORFSHWHULWRULXO&563&OXM5DWD
PRUWDOLWLLSULQERDODPHQLQJRFRFLFvQ5RPkQLDDIRVWGHRRRORF

$DFXPDPY]XWSHQWUXWLSXO%FDUHHVWHFHOPDLIUHFYHQWvQ5RPkQLD
QXH[LVWYDFFLQ3HQWUXWLSXO&PDUHDPDMRULWDWHDLQIHFLLORUGDWHGHPH
QLQJRFRFLLGLQJU&QXVXQWLQXHQDWHGHYDFFLQODFRSLLLPLFLPRWLYSHQWUX
FDUHVHUHFRPDQGRUHYDFFLQDUHODYkUVWDDGROHVFHQW'HFLPDLLPSRU
WDQWHVWHUHFXQRDWHUHDODWLPSDEROLLLLQVWLWXLUHDXQXLWUDWDPHQWSUHFRFH
GHFkWYDFFLQDUHDFDUHQXRIHUQLFLRSURWHFLHIDGHERDO YH]LYDFFLQXO
DQWLPHQLQJRFRFLFSFW 
7DEORXFOLQLF
,QFXEDLDUHVSHFWLYSHULRDGDGHODLQIHFLHLSkQODDSDULLDSULPHORU
VLPSWRPHGXUHD]vQPHGLH]LOHPD[LP]LOH/DSHUVRDQHOHFDUHYLQvQ
FRQWDFWLQWLPFXEROQDYXOFXSRVLELOLWDWHDGHDVHLQIHFWDWSULQLQWHUPHGLXO
VDOLYHLVHIDFHSUROD[LDFX5LIDPSLFLQ DQWLELRWLF 1XHVWHSHULFROGHFRQ
WDPLQDUHODFHLFDUHYLQvQFRQWDFWFXEROQDYXODDWvQDFHHDLSLVFLQVDXOD
WRDOHWVDXvQFXUWHDFROLL ODHOHYL 
'HEXWXOHVWHUHODWLYEUXVFFX
IHEUPDUH
VWDUHJHQHUDODOWHUDW
GXUHULPDULGHFDS FHIDOHHLQWHQV 
ULJLGLWDWHDFHIHL VHPQGHLULWDUHDPHQLQJHOXL 
HUXSLHWHJXPHQWDUSHWHURLLFDUHSULQSUHVLXQHQXVHGHFRORUHD]
(YROXLDHVWHIDYRUDELOODGLQFD]XULODXQSURFHQWGH
GLQFD]XULHYROXLDHVWHQHIDYRUDELOFXFRPSOLFDLLXQHRULFXGHFHV&HL

(YROXWLDEROLLPHQLQJRFRFLFHLQWHULWRULXO,63%XFXUHVWLZZZLQVSJRYURFQVFEWLQ
GH[SKS"RSWLRQ FRPWDVN

0+LUWHRSFLW

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



FDUH VXSUDYLHXLHVF SRW UPkQH FX VHFKHOH JUDYH GH DX] Y] L OD QLYHOXO
RUJDQHORULQWHUQH
8QWUDWDPHQWFRUHFWLSUHFRFHGXFHODYLQGHFDUHvQPDMRULWDWHDFD]XULORU
)DFWRULLIDYRUL]DQLDLLQIHFLHLPHQLQJRFRFLFHVXQW
LQIHFLHYLUDO
WUDWDPHQWFXDQWLELRWLFH
IXPDW
FRQVXPGHDOFRRO
DQRWLPSXULOHUHFL LDUQDLSULPYDUD
/DDFHVWHDVHDGDXJYkUVWD FRSLLLYkUVWQLFL GHFLWHOHLPXQHHWF
9DFFLQXOPHQLQJRFRFLF
D *HQHUDOLWL
3kQvQDQXODXH[LVWDWWLSXULGHYDFFLQFXPHQLQJRFRFLLQDF
WLYDL GLQ JUXSXULOH $&:  L < 0HQFHYDF $&:< L 0HULHX[ $FHVWH
YDFFLQXULVXQWDGPLQLVWUDWHFRSLLORUPLFLGRDUGHODOXQLLQGFvQDLQWHGH
DFHDVWYkUVWQXHVWHSRVLELOXQUVSXQVLPXQRORJLF
QFHSkQGFXDQXOVDXVLQWHWL]DWQRLYDFFLQXUL FRQMXJDWH DQWLPH
QLQJRFRFLFHFDUHVXQWDGPLQLVWUDWHVXJDULORUvQFHSkQGGHODYkUVWDGHOXQL
0HQLQJLWHF UPD:\HWK/HGHUOH 0HQMXJDWH UPD&KLURQ%HKULQJ L1H
LV9DF& UPD%D[WHU $FHVWHYDFFLQXULQRLQXFRQLQ7KLRPHUVDO PHUFXU 
GDUFRQLQDOXPLQLXUHVSRQVDELOGHPXOWLSOHOHHIHFWHVHFXQGDUH0HFDQLVPXO
GHDFLXQHDOYDFFLQXOXLHVWHDVHPQWRUFHOXLDQWL+LEDQWLJHQXOGLQYDFFLQ
PHQLQJRFRFXO HVWHFRQMXJDWFXWR[LQDGLIWHULFSHQWUXDLQGXFHIRUPDUHD
GH DQWLFRUSL OD XQ VLVWHP LPXQ vQF LPDWXU SUHFXP FHO DO VXJDUXOXL 'DF
YDFFLQDUHDDQWLPHQLQJRFRFLFvQFHSHvQSULPXODQGHYLD ODVXJDU HVWH
QHYRLHGHGRXWUHLGR]HGHYDFFLQ vQIXQFLHGHYDFFLQ LDUGDFVHvQFHSH
vQDOGRLOHDDQGHYLDHVWHVXFLHQWRVLQJXUGR]GHYDFFLQ
QFHSkQGFXYDUDDQXOXLvQ*HUPDQLDHVWHUHFRPDQGDWGHFWUH
67,.2YDFFLQDUHDFRSLLORUODYkUVWDGHDQL'DFQXHVWHUHVSHFWDWDFHVWFD
OHQGDUVHUHFRPDQGYDFFLQDUHDSkQODYkUVWDGHDQL9DFFLQDUHDVXJDULORU

 0 17KHRGRURLX 1$9DVLORSRXORX ( ($WVDOL$ 0 3DQJDOLV 0HQLQLJLWLV
UHJLVWU\RIKRVSLWDOL]HGFDVHVLQFKLOGUHQHSLGHPLRORJLFDOSDWWHUQVRIDFXWHEDFWHULDOPHQLQ
JLWLVWURXJKRXWD\HDUSHULRG%0&,QIHFW'LV

 (%  ,QYDVLYH 0HQLQJRNRFNHQ(UNUDQNXQJHQ LP -DKU  (% 


0+LUWHRSFLW

,ELGHP



'U&KULVWD7RGHD*URVV

VXEXQDQ vLSURWHMHD]GRDUGHXQJUXSUHVWUkQVGHLQIHFLLPHQLQJRFRFLFH
*UXSXO&DUDWvQFHSkQGFXDQXORWHQGLQGHFUHWHUHODWRDWHJUX
SHOHGHYkUVWQ5RPkQLDYDFFLQXOHVWHRSLRQDO
E ,QHFLHQDYDFFLQXOXLDQWLPHQLQJRFRFLF
Q$QJOLDXQGHSUHGRPLQWLSXO&FXWRDWHFXQLLYRUEHVFGHHFL
HQDSHWHUPHQVFXUWDOYDFFLQXOXLDFHVWDHVWHvQFRQWLQXDUHFRQWURYHUVDW
HFLHQWSULQGHQLLHvQVHDPQXQWLPSPDLOXQJ Q*HUPDQLDXQGH
SUHGRPLQWLSXO%QXVDREVHUYDWQLQLRHFLHQDYDFFLQXOXL
SHWHUPHQPHGLXLOXQJHFLHQDYDFFLQXOXLHVWHvQGRLHOQLFGHRDUHFH
PHQLQJRFRFLL SUH]LQW R PDUH YDULDELOLWDWH DQWLJHQLF L VFKLPE IUHFYHQW
JUXSXOGLQFDUHIDFSDUWH$FHVWOXFUXVDREVHUYDWvQ$QJOLDGHMDGLQSULPXO
DQGHYDFFLQDUH8QDOWDVSHFWvOUHSUH]LQWLPXQLWDWHDVSHFLFDFRSLLORU
PLFLODFDUHQLYHOXODQWLFRUSLORUVFDGHUDSLGLGHMDGXSXQDQGHODYDF
FLQDUHSURWHFLDIDGHLQIHFLHGHYLQHQHVLJXUQFD]XOXQHLLQIHFLL
PHQLJRFRFLFHWLWUXOPLFDODQWLFRUSLORUUPDLQXYDSXWHDRSULERDOD
0DUHDPDMRULWDWHDLQIHFLLORUGDWHGHPHQLQJRFRFLLGLQJU&QXVXQWLQXHQ
DWHGHYDFFLQODFRSLLLPLFLPRWLYSHQWUXFDUHVHUHFRPDQGRUHYDFFLQDUH
ODYkUVWDDGROHVFHQW OXFUXvQFGLVFXWDELOGHRDUHFHYDQHFHVLWDFRVWXULULGL
FDWH Q68$ODRUDDFWXDOYDFFLQDUHDFRSLLORUVXEDQLQXVHIDFHGHFkW
vQFD]XULVSHFLDOHGLQXUPWRDUHOHPRWLYH(FLHQDHVWHPXOWSUHDPLFL
SHQWUXXQWLPSSUHDVFXUWLDUFRVWXULOHVXQWIRDUWHPDUL$LFLYDFFLQDUHD
VHIDFHGRDUODYkUVWDGHDQL


,ELGHP
,ELGHP

$7 $U]QHL7HOHJUDPP 1HXH .RQMXJDW,PSIVWRIIH 3UHYHQDU XQG 0HQLQJLWHF $7


$7 $U]QHL7HOHJUDPP 

0'6QDSH').HOO\%*UHHQ(50R[RQHWDO/DFNRIVHUXPEDFWHULFLGDO
DFWLYLW\LQSUHVFKRROFKLOGUHQWZR\HDUVDIWHUDVLQJOHGRVHRIVHURJURXS&PHQLQJRFRFFDO
SRO\VDFFKDULGHSURWHLQFRQMXJDWHYDFFLQH3HGLDWU,QIHFW'LV-

9 , 6SRXORX *7]DQDNL 0 &7KHRGRURLX &RQMXJDWH YDFFLQHLQGXFHG LPPX
QRORJLFDOSULPLQJLVQRWSURWHFWLYHDJDLQVWDFXWHPHQLQJRFRFFDO&LQIHFWLRQ/HWWHUWRWKH
(GLWRU9DFFLQH  

00:5'HFLVLRQQRWWRUHFRPPHQGURXWLQHYDFFLQDWLRQRIDOOFKLOGUHQDJHG
\HDUV ZLWK TXDGULYDOHQW PHQLQJRFRFFDO FRQMXJDWH YDFFLQH 0&9  00:5  
 

0+LUWHRSFLW


9$&&,185,/(35(9(1,(6$8%2$/



F 5HDFLLDGYHUVHLFRPSOLFDLLSRVWYDFFLQDOH
9DFFLQXO DQWLPHQLQJRFRFLF HVWH XQXO GLQ YDFFLQXULOH FHOH PDL JUHX
WROHUDELOH
vQ$XVWUDOLDDSDUHIHFWHVHFXQGDUHWRWODDOOHDYDFFLQ
IUDQFH]XO0DUF*LUDUGH[SHUWvQYDFFLQXULDWUDJHDWHQLDDVXSUDUDWHL
IRDUWHFUHVFXWHGHUHDFLLDGYHUVHORFDOHDOHYDFFLQXOXL
GLQWUHFRSLLLYDFFLQDLDXDYXWUHDFLLORFDOHLDUDXIRVWH[FOXL
GLQVWXGLXGDWRULWXQRUUHDFLLORFDOHVDXJHQHUDOHIRDUWHVHYHUH
WRWDOOHDVXJDU DQ LWRWODOHDFRSLOPLF DQL GHYLQHIRDU
WHDJLWDWGXSYDFFLQ
ODXQXOGLQGHFRSLLYDFFLQDLDSDUHRFHIDOHHLQWHQV
VXQWIUHFYHQWHVLPSWRPHOHIHEUWXOEXUULGHVRPQVFGHUHDSRIWHLGH
PkQFDUHYUVWXULLGLDUHHVLPSWRPHPDLUDUHFRQYXOVLLFRODSVGXUHULDUWL
FXODUHVkQJHUULWHJXPHQWDUHVDXUHDFLLDOHUJLFHLQFOXVLYRFXODQDODFWLFDX
IRVWGHVFULVHVLQGURDPHDOHUJLFHJUDYH DQJLRHGHP6LQGURPXO6WHYHQV-RKQ
VRQSXUSXUD+HQQRFK6FK|QOHLQ FRQYXOVLLHSLOHSWLFHLHQFHIDOLWH
vQ0DUHD%ULWDQLHGXSLQWURGXFHUHDYDFFLQXOXLDL]EXFQLWXQVFDQGDO
OHJDWGHFRPSOLFDLLOHSRVWYDFFLQDOHDSURDSHWRDWH]LDUHOHEULWDQLFHVFULLQG
GHVSUHHIHFWHOHVHFXQGDUHIRDUWHIUHFYHQWHDOHYDFFLQXOXLDQWLPHQLQJRFRFLF
]LDUXO'DLO\([SUHVVVFULDvQGHVSUHDODUPDSURYRFDWGHYDFFLQXO
DQWLPHQLQJRFRFLF OD FRSLL &KLOGUHQ LQ 0HQLQJLWLV -DEV $HUW  DYkQG vQ
YHGHUHFPLLGHFRSLLYDFFLQDLVXIHUGHUHDFLLORFDOHVHYHUHLDUDXPXULW
GHFRPSOLFDLLJUDYHFXWRDWHDFHVWHD0LQLVWHUXO6QWLLGLQ0DUHD%UL
WDQLHFRQVLGHUFYDFFLQXOHVWHIRDUWHVLJXULFGRDUODXQXOGLQ
GHFRSLLYDFFLQDLSRDWHDSUHDRFRPSOLFDLHVHYHUIFkQGDSHOGRDUODP
VXULGHSUHFDXLHSULYLQGDVRFLHUHDFXDOWYDFFLQDFHDVWDLQGFRQWUDLQGLFDW

*/DZUHQFH,%R\G30F,QW\UH',VDDV6XUYHLOODQFHRIDGYHUVHHYHQWVIROORZ
LQJLPPXQL]DWLRQ$XVWUDOLDWR&RPPXQ'LV,QWHOO  

0*LUDUG5HOLDELOLW\RIGUXJVDIHW\GDWD%0-FRP
KWWSEPMEPMMRXUQDOVFRPFJLHOHWWHUV

/'LJJOH--'HHNV$-3ROODUG(IIHFWRIQHHGOHVL]HRQLPPXQRJHQLFLW\DQG
UHDFWRJHQLFLW\RIYDFFLQHVLQLQIDQWVUDQGRPL]HGFRQWUROOHGWULDO%0-

 '+ 'HSDUWPHQW RK +HDOWK RI WKH 8QLWHG .LQJGRP 0HQLQJLWLV & YDFFLQH 
ZZZGRKJRYXNPHQLQJLWLVYDFFLQHNH\SKDUPKWP

023\'$QGUH$FXWHGLVVHPLQDWHGHQFHSKDORP\HOLWLVDQGPHQLQJRFRFFDO$
DQG&YDFFLQHFDVHUHSRUW$UT1HXURSVLTXLWDWU % 

$7

(0/DPEHUW$/LHEOLQJ(*OXVDF5-$QWD\D+HQRFK6FK|QOHLQSXUSXUD
IROORZLQJDPHQLQJRFRFFDOYDFFLQH3HGLDWULFV 3W H

0+LUWHRSFLW



'U&KULVWD7RGHD*URVV

XOWHULRUVDDDWFH[SHUWXOvQYDFFLQXULDO0LQLVWHUXOXL6QWLLHUDvQUHOD
LLIRDUWHEXQHLDYDQWDMRDVHFXFHOSXLQXQDGLQWUHFRPSDQLLOHSURGXFWRDUH
GHYDFFLQDQWLPHQLQJRFRFLF 
VLQGURPXOQHIURWLF ERDOUHQDOJUDY HVWHRDOWFRPSOLFDLHDYDFFL
QXOXLGDUVXUYLQHUDU
vQ68$DXIRVWGHVFULVHQXPHURDVHFD]XULGH6LQGURP*XLOODLQ%DUUH
GXS YDFFLQDUHD WLQHULORU FX 0HQDFWUD XQ YDFFLQ vQGUHSWDW vPSRWULYD PDL
PXOWRUWLSXULGHPHQLQJRFRF 
&D]FOLQLFFD]XOIHWLHL&\QWKLDFX0HQLJRHQFHIDOLWSRVWYDFFLQDO
FXVHFKHOHJUDYHHVWHWUDWDWvQXUPWRUXOVXEFDSLWRO ;,,, 

;,,,0HQLQJRHQFHIDOLWDGHYDULYDFFLQXO)60(
'HQXPLUHD)60(SURYLQHGLQOLPEDJHUPDQ)UKVRPPHU0HQLQJR
HQ]HSKDOLWLV WUDGPHQLQJRHQFHIDOLWGHYDU 
1X WUHEXLH FRQIXQGDW LQIHFLD YLUDO )60( FX %RUHOLR]D VDX %RDOD
/\PH FDUHHVWHRLQIHFLHEDFWHULDQWUDQVPLVWRWGHFSX
%RDOD)60(
HVWH R LQIHFLH YLUDO GHWHUPLQDW GH YLUXVXO )60( WUDQVPLV OD RP
SULQvQHSWXUDGHFSX
SULQvQHSWXUDFSXHLYLUXVXOWUHFHGLQVDOLYDDFHVWHLDvQOH]LXQHDWHJX
PHQWDU QXVHVLPWHvQHSWXUDLQGFVDOLYDFSXHLFRQLQHXQDQHVWH]LF 
FSXHOHFDUHWUDQVPLWDFHDVWLQIHFLHYLUDOVHJVHVFGRDUvQDQXPLWH
]RQHJHRJUDFHIUDPLJUDYUHRGDWGHDLFL5XVLDULOH%DOWLFHVXGHV
WXO6XHGLHL8QJDULD6ORYDFLD&HKLD$XVWULDLXQHOH]RQHGLQ(OYHLDvQ
*HUPDQLDH[LVWXQSRVLELOULVFvQ%DGHQ:UWWHPEHUJL%DYDULD/DRDOWL
WXGLQHPDLPDUHGHPFSXDQXVXSUDYLHXLHWH

 0 %ULJKW 7 0F9HLJKW )UHVK FRQWURYHUV\ VXUURXQGLQJ %ULWDLQV 0HQLQJLWLV &
YDFFLQDWLRQSURJUDPPH2EVHUYHU

$6$EH\DJXQDZDUGHQD'*ROGEODWW1$QGUHZV567URPSHWHU5LVNRIUHODSVHDI
WHUPHQLQJRFRFFDO&FRQMXJDWHYDFFLQHLQQHSKULWLFV\QGURPH/DQFHW  I

00:5'LUHFWDQGLQGLUHFWHIIHFWVRIURXWLQHYDFFLQDWLRQRIFKLOGUHQZLWKYDOHQW
SQHXPRFRFFDOFRQMXJDWHYDFFLQHRQLQFLGHQFHRILQYDVLYHSQHXPRFRFFDOGLVHDVH8QLWHG
6WDWHV00:5:HHNO\6HSWHPEHU  

0+LUWHRSFLW

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



vQPHGLHXQDGLQGLQWUHFSXHHVWHSXUWWRDUHGHYLUXVGDU
QXPDLvQDQXPLWH]RQHJHRJUDFH DPLQWLWHDQWHULRU 
LQFXEDLDEROLL]LOHUDU]LOH
PDMRULWDWHDLQIHFLLORUVXQWVXEFOLQLFHIUVLPSWRPHGDUFXSUH]HQD
DQWLFRUSLORUSHWRWSDUFXUVXOYLHLL
OD  GLQWUH FD]XUL DSDUL VLPSWRPHOH XQHL YLUR]H GH YDU FX
IHEUGXUHULDUWLFXODUHFHIDOHHFXHYROXLHIDYRUDELO
2DPHQLLQHYDFFLQDLQXWUHEXLHVVHWHDPGHSRVLELOHFRPSOLFDLLDOH
)60(GHRDUHFHERDODVHPDQLIHVWFDLRYLUR]9DFFLQXOHVWHPXOWPDL
JUHXVXSRUWDELOGHFkWRHYHQWXDOFRPSOLFDLHDEROLL&RPSOLFDLLQHXUROR
JLFHODFRSLLSUDFWLFQXH[LVW
ODGLQFD]XULHYROXLDHVWHVSUHRPHQLQJRHQFHIDOLWFXVLPSWRPD
WRORJLD FXQRVFXW VRPQROHQ SkQ OD SLHUGHUHD FXQRWLQHL FRQYXOVLL VDX
SDUDOL]LLODGLQDFHVWHFD]XULHVWHSRVLELOGHFHVXOLDUODXQSURFHQWGH
UPkQVHFKHOHWXOEXUULGHDWHQLHLFRQFHQWUDUHRERVHDOLFHIDOHH
FURQLF UDU SDFLHQLL UPkQ FX SDUDOL]LL  ULVFXO GH D IDFH FRPSOLFDLL
JUDYHFUHWHRGDWFXYkUVWD SHVWHDQL 
QXH[LVWXQWUDWDPHQWVSHFLFSHQWUX)60(FXWRDWHDFHVWHDVHYLQ
GHFGHVHRULLFD]XULOHJUDYH
([ODGHFRSLLGLQ6ORYDFLDFX)60(FRQUPDWVHURORJLFFXYkU
VWDGHDQLQXVDUHODWDWQLFLXQFD]FXVHFKHOHQ*HUPDQLDDIRVWUH
ODWDWXQVLQJXUFD]vQFDUHXQFRSLOGHDQLFX)60(DUPDVFXVHFKHOH
9DFFLQXO)60(
&RQLQHYLUXVXO)60(RPRUkWFXOWLYDWSHFHOXOHSULPDUHGHSXLHP
EULRQDW L DYkQG FD DGMXYDQW KLGUR[LGXO GH DOXPLQLX FRQLQH L DOGHKLG
IRUPLFLXUPHGHDQWLELRWLFH *HQWDPLFLQ1HRPLFLQ 


)ULHGULFK3*UDI1LFKWLPSIHQZDVGDQQ"VSUDQJVUDGHYHUODJ$XDJH
,ELGHP

,ELGHP

84XDVWHWDO,PSIUHDN\LRQHQ+LSSRNUDWHV $XDJH 6WXWWJDUW

(%5DWJ,QIHNWLRQVNUDQNKHLWHQ)UKVRPPHU0HQLQJRHQ]HSKDOLWLV

:%|VVHQHFNHU'XUFK=HFNHQEHUWUDJHQH.UDQNKHLWHQ)60(XQG/\PH%RU
UHOLRVH%D\UbU]WHEODWW

$7 $U]QHL7HOHJUDPP 3URSK\OD[YHUVDJHQXQGGHOHWlUH9HUOlXIHQDFK)60(,P
PXQJOREXOLQ$7

*/HVQLFDU03ROMDN.6HPH-/HVQLFDU3HGLDWULFWLFNERUQHHQFHSKDOLWLVLQ
FDVHVIURPDQHQGHPLFUHJLRQLQ6ORYHQLDWR3HGLDWU,QIHFW'LV-  

$7 $U]QHL7HOHJUDPP 




'U&KULVWD7RGHD*URVV

'HQXPLUHDFRPHUFLDO (1&(385FRSLLL(1&(385DGXOL
)LUPD&KLURQ%HKULQJ )60(,PPXQ-XQLRUL)60(SHQWUXDGXOL)LU
PD%D[WHU
$GPLQLVWUDUHYDFFLQXULvQGHFXUVGHOXQLFXSURWHFLHGHDQL
GXSFDUHWUHEXLHUHYDFFLQDL UDSHOXUL 
5HDFLLDGYHUVHLFRPSOLFDLLSRVWYDFFLQDOH
9DFFLQXULOH)60(DXIRVWUHWUDVHGHSHSLDGHPDLPXOWHRULGDWRULW
IDSWXOXLFVXQWIRDUWHJUHXVXSRUWDELOH8OWLPXOYDFFLQUHWUDVvQ*HUPDQLDD
IRVW7LFR9DFvQPDUWLH,QVWLWXWXO3DXO(KUOLFKGLQ*HUPDQLDL(0($
DXUHDFLRQDWFXPDUHvQWkU]LHUHODQXPHURDVHOHUHFODPDLLIFXWHGHSULQLL
FRSLLORUYDFFLQDL
5HDFLLORFDOHLJHQHUDOHGXUHULLLQDPDLHORFDOFHIDOHHDPHHOL
WXOEXUULGHYHGHUHWXOEXUULGHVRPQJUHXULYUVWXULGLDUHHGXUHULDUWL
FXODUHLPXVFXODUH
5HDFLLDOHUJLFHKLGUR[LGXOGHDOXPLQLXLDQWLELRWLFHOHSRWSURYRFDXU
WLFDULHDVWPEURQLFLRFDOHUJLF3URWHLQHOHGHSXLHPEULRQDWSRWSURYRFD
GHDVHPHQHDUHDFLLDOHUJLFH&HOHPDLPXOWHFD]XULDXIRVWODFRSLLLYDFFLQDL
FX(1&(385.FDUHDIRVWUHWUDVDSRLGHSHSLD6DXUHODWDWvQVLFD]XUL
GXSYDFFLQXO(1&(385-XQLRU
%ROLDXWRLPXQHYDVFXOLWHDUWULWHEROLUHXPDWLFHVLVWHPLFHOXSXVHULWH
PDWRVHGHPHGLDEHW]DKDUDWPLRFDUGLWHEROLRIWDOPRORJLFHHWFvQSDWR
JHQH]DFURUDXQUROLPSRUWDQWvODUHDOXPLQLXO
%ROLQHXURORJLFH VXQWIUHFYHQWH WXOEXUULGHYHGHUHWXOEXUULVHQ]L
WLYHWXOEXUULGHPHUV6LQGURPXO*XLOODLQ%DUUHFRQYXOVLLHQFHIDOLWHSVL
KR]HVFOHUR]PXOWLSO
'HFHVHDXIRVWUHODWDWHFD]XULOD,QVWLWXWXO3DXO(KUOLFKGLQ*HUPD
QLDvQSHULRDGDFD]XULGXSYDFFLQXO)60(,PPXQLFD]XUL
GXSYDFFLQXO(1&(385vQXUPDXQRUFRPSOLFDLLSRVWYDFFLQDOHJUDYHHQ
FHIDOLWH6LQGURP*XLOODLQ%DUUHPLRFDUGLWHLEROLGHVkQJH

&:LWWHUPDQQ81LFROD\$.+LOEHUWHWDO3HGLDWULFWLFNERUQHHQFHSKDOLWLV 7%( 
YDFFLQHVVFKHGXOHVWRRSWLPL]HSURWHFWLRQ,QW-0HG0LFURELRO VXSSO 

$7 $U]QHL7HOHJUDPP 0RQDWH7LFR9DFHLQH&KURQLN$7

0+LUWHRSFLW

,ELGHP

,ELGHP

,ELGHP

9$&&,185,/(35(9(1,(6$8%2$/



&D]FOLQLF&D]XOIHWLHL&\QWKLDFX0HQLQJRHQFHIDOLWSRVWYDFFLQDOD
IRVWODUJPHGLDWL]DWvQ*HUPDQLDLSRDWHXUPULWSH\RXWXEHODDGUHVDGH
ODVXEVROXOSDJLQLLQDQXOIDPLOLDDIFXWvQUHJLVWUULYLGHRFXIHWLD
vQVHSWHPEULHLvQGHFHPEULHFkQG&\QWKLDvQFHUDRIHWLVQWRDVL
YHVHO$IRVWYDFFLQDWDSRLFXFHOHGRXYDFFLQXUL0HQLQJRFRFLFGHVFULV
DQWHULRUL)60(/DFkWHYDOXQLGXSFHOHYDFFLQXULRYHGHPSHIHWL
JUDYEROQDYVXIHULQGGHVHFKHOHVHYHUHSRVWYDFFLQDOHFXGLDJQRVWLFXO0H
QLQJRHQFHIDOLWFXVHFKHOHVHYHUH

;,9%RUHOLR]DVDXERDOD/\PH
'HLERUHOLR]DQXLQWUvQFDWHJRULDEROLORUFRSLOULHLDPDOHVVRGH
VFULXvQDFHVWFDSLWROLQGGHXQUHDOLQWHUHVSHQWUXWRLLRLQIHFLHIRDUWH
UVSkQGLWODRUDDFWXDOGDUSUHDSXLQFXQRVFXW
*HQHUDOLWL
%RDOD/\PHHVWHUVSkQGLWvQvQWUHDJD(XURS
GRDUXQDGLQGHvQHSWXULGHFSXSRDWHSURYRFDLQIHFLD
YL]LELO SH WHJXPHQW VXE IRUPD XQXL HULWHP (U\WHPD FKURQLFXP PLJUDQV
IUWUDWDPHQWSRDWHGXFHXQHRULODDUWULWHPLRFDUGLWHLEROLQHXURORJLFH
ERUHOLR]DVHWUDWHD]XQHRULFXDQWLELRWLF 3HQLFLOLQ* GDUvQPDMRULWDWHD
FD]XULORUVHYLQGHFVSRQWDQIUWUDWDPHQW
ULVFXOXQRUHYHQWXDOHFRPSOLFDLLHVWHPXOWH[DJHUDWGHFWUHH[SHULvQ
68$vQVDSXVSHSLDXQYDFFLQFDUHDIRVWUHFRPDQGDWRDPHQLORU
GLQ]RQHFXULVFFUHVFXWGXSGRDUDQLvQYDFFLQXODIRVWUHWUDVGH
SHSLDGXSFHDXIRVWUHFODPDWHFHOSXLQGHFD]XULFXFRPSOLFDLL
UHXPDWLFHSRVWYDFFLQDOHSRVLELOLWDWHDFDXQFHWHDQDPHULFDQVIDFERDOD
/\PHHVWHGHSURFHQWHDGLFFD]XULGLQ
&RQFHSLLQRLDFWXDOHGHVSUH%RUHOLR]
D &HQXVHVSXQHGHVSUHERDOD/\PH
0HGLFLQDvQFHSHvQFHWXOFXvQFHWXOVUHFXQRDVFFEROLOHFURQLFHQX
VXQWEROLLGLRSDWLFHVDXGRDUSVLKRVRPDWLFHFLVXQWSURYRFDWHGHRFRQWLQX



'U&KULVWD7RGHD*URVV

FUHWHUHDWR[LQHORUGLQRUJDQLVPLDSUH]HQHLXQRULQIHFLLFURQLFH6DX
VFKLPEDWvQXOWLPXOWLPSGHQXPLULOHDFHVWRULQIHFLLFURQLFHGHVSUHFDUHVH
FUHGHDSkQGHFXUkQG FRQIRUPOLWHUDWXULLGHVSHFLDOLWDWH FXQHOHGLQDFHVWH
LQIHFLLSURYRDFEROLOHFURQLFHDXWRLPXQH6DXGHWHFWDWSDQODRUDDFWX
DOSHVWHWLSXULGHPLFURELODQLYHOXODUWLFXODLLORUDIHFWDWHGHSROLDUWULWD
UHXPDWRLG 35 /DGHEXWXOSROLDUWULWHLUHXPDWRLGHJVLPPHUHXXQVLVWHP
LPXQ KLSHUUHDFWLY FDUH UHDFLRQHD] ID GH DFHWL PLFUREL /LVWD DJHQLORU
PLFURELHQLUVSXQ]WRULSHQWUXRVHULHGHEROLFURQLFHFXSULQGH0\FRSODV
PHOH YLUXV KHUSHWLF WLS  ++9   7ULFKRPRQDV &KODP\GLD SQHXPRQLD
7R[RSODVPR]H 5LFNHWWVL /HSWRVSLUR]H IRUPH PXWDQWH DOH 6WUHSWRFRFXOXL
EDFLOXOWXEHUFXORV6KLJHOOHODPEOLLD
8Q QRX DJHQW PLFURELDQ UVSXQ]WRU SHQWUX GLYHUVH EROL FURQLFH HVWH
%RUUHOLDEXUJGRUIHUL %% FDUHvQSUH]HQDXQRULQIHFLLRSRUWXQLVWH &DQ
GLGD GDULDXQRULQIHFLLJULSDOHUHSHWDWH]RQD]RVWHUDVHvQPXOHVFL
VHH[WLQGvQvQWUHJXORUJDQLVP'HVHRULLQIHFLLOHVHFXQGDUHVXQWUHFXQRVFXWH
LWUDWDWHGDUSUH]HQDERUHOLR]HLHVWHWUHFXWFXYHGHUHD0LFURELRORJXO*LWWH
-HQVHQDSXWXWGRYHGLIDSWXOFRGDWFHvQDLQWPvQYkUVW$'1XOQRVWUX
FRQLQHWRWPDLPXOWHIUDJPHQWHFHSURYLQGHODDFHVWHEDFWHULLLYLUXVXUL
DVWIHOvQFkWODPRDUWH ODRYDUVWDPDLLQDLQWDWD $'1XOQRVWUXHVWHDSURDSH
GXEOXGHOXQJGHFkWDIRVWODQDWHUH
'HRDUHFH WUDWDPHQWXO ERUHOLR]HL HVWH XQXO QHVSHFLF QX SXWHP VSXQH
VLJXUFDWXQFLFkQGFLQHYDVDYLQGHFDWGXSXQWUDWDPHQWFXDQWLELRWLFH
ERDODUHVSHFWLYDIRVWERUHOLR]0LFURELLQXH[LVWvQWURIRUP[FLVH
WUDQVIRUPPHUHXVXELQXHQDPHGLXOXLvQFRQMXUWRU$FHODLIHQRPHQVH
vQWDPSOLvQFD]XO%RUUHOLHLLQGQXPLWSROLPRUVP6XQWFXQRVFXWHODRUD
DFWXDOSHVWHGHWLSXULGH%RUUHOLLGDUQXWRDWHVXQWSDWRJHQHSHQWUXRP
&HOHPDLIUHFYHQWHWLSXULGH%RUUHOLLFDUHVXQWFDX]DXQRUEROLFURQLFHODRP
LVXQWUHFXQRVFXWHGHOLWHUDWXUDGHVSHFLDOLWDWHVXQW
%RUUHOLDEXUJGRUIHUL
%RUUHOLDJDULQLL
%RUUHOLDDI]HOOL
'DWHGHVSUH%JDULQLLH[LVWGHMDGLQDQXO&DUWHD/DEDSUXW
vQvQ$PHULFDDUDWF%EXUJGRUIHULHVWHXQPLFUREFUHVFXWvQODER
UDWRUvQ0LFURELRORJXOJHUPDQ7DXEDFRQGXVXQODERUDWRUELRORJLFvQ



KWWSZZZ\RXWXEHFRPZDWFK"Y /I;77VUS8
b= bU]WH]HLWXQJ 'LHHLQ]LJH%RUUHOLRVH9DN]LQHLVWLQGHQ86$JHVFKHLWHUWDZUHQ
XQHUZQVFKWH:LUNXQJHQGLH8UVDFKH"bU]WH=HLWXQJ2QOLQH

 'U PHG 'LHWULFK .OLQJKDUGW %HOOHYXH:DVKLQJWRQ 0U] 'LH /\PH%RU
UHOLRVH (LQ %OLFN MHQVHLWV GHU %HKDQGOXQJ PLW $QWLELRWLFD WUDG2 SULYLUH GLQFROR GH


WUDWDPHQWXOFXDQWLELRWLFDEROLL/\PH  Q$PHULND'U.OLQJKDUGWDSULPLWSUHPLXO7KH
3K\VLFLDQV ([FHOOHQFH$ZDUG IRU WKH 7UHDWPHQW RI /\PH,QGXFHG$XWLVP 'HMD GLQ DQXO
'LHWULFK.OLQJKDUGWDIRVWDOHVGHFWUH2UJDQL]DLDFXQRVFXWvQWRDWOXPHD*OREDO
)RXQGDWLRQRI,QWHJUDWLYH0HGLFLQHGUHSW,QWHJUDWLYH3K\VLFLDQRIWKH<HDU

9$&&,185,/(35(9(1,(6$8%2$/



WLPSXOFHOXLGHDOGRLOHDU]ERLPRQGLDOIFkQGH[SHULPHQWHFX%RUUHOLD
'XSU]ERLDFHVWPLFURELRORJDIRVWFKHPDWvQ68$SHQWUXDFUHDLDLFL
XQDVWIHOGHODERUDWRUELRORJLFLDQXPHOD3OXP,VODQGRPLFSHQLQVXO
QXGHSDUWHGH1HZ<RUN$LFLVHIFHDXH[SHULPHQWHFXPDLPXOLPLFUREL
LQFOXVLY%RUUHOLD'XSDFHVWQRXVXFFHV7DXEVDvQWRUVvQ*HUPDQLDXQGH
DIRVWDQJDMDWOD8QLYHUVLWDWHDGHOD7ELQJHQ/RFDOLWDWHD/\PH&RQQHWL
FXW68$XQGHvQDDYXWORFSULPDHSLGHPLHGHERUHOLR]VHDODGRDU
PLOHGHSUWDUHGH3OXP,VODQG
*VLPODRUDDFWXDOERUUHOLLvQPDLPXOWHDIHFLXQLFURQLFHVDUFRLGR
] VFOHUR] PXOWLSO 60  ERDOD 3DUNLQVRQ VFOHUR] DPLRWURF ODWHUDO
$/6 DXWLVPDUWULWDUHXPDWRLGEURPLDOJLHGLYHUVHFDUFLQRDPHHWF
/HJDWGHSROLPRUVPXO%RUUHOLHL'U.OLQJKDUGWUHODWHD]GHVSUHSUDFWL
FDVDPHGLFDOGLQ*HUPDQLDGLQHIHFWXDWOD8QLYHUVLWDWHDGLQ)UHL
EXUJFX3URI'U)DXVW$FHVWSURIHVRUvQIXQFLHGHVLPSWRPHOHQHXURORJL
FHDOHSDFLHQWXOXLSXWHDVVSXQFXH[DFWLWDWHGLQFHORFDOLWDWHVDXUHJLXQH
GLQ6FKZDU]ZDOG 3GXUHD1HDJU HUDSDFLHQWXOIUFDVOPDLvQWUHEH
%RUUHOLLOHGLQ6FKZDU]ZDOGDXRPDUHSRVLELOLWDWHGHDSURGXFHPXWDLLL
GHDVHDGDSWDODFRQGLLLOHQRLGHPHGLXSURGXFkQGvQIXQFLHGHVFKLPE
ULOHORUVWUXFWXUDOHDQXPLWHVLPSWRPHVSHFLFEROLLGLQWUR]RQVDXDOWD
$PVLQWHWL]DWFRQFOX]LLOHODFDUHDMXQJH'U.OLQJKDUGWGXSGHDQLGH
SUDFWLFPHGLFDO
%RUUHOLDH[LVWvQRUJDQLVPVXEIRUPH
 VSLURFKHWHPDWXUH
 IRUPHOLSVLWHGHPHPEUDQDFHOXODU
 IRUPHFKLVWLFH
%RUUHOLLOHWULHVFvQPRGRELQXLWvQFHOXOHSHFDUHOHLQIHFWHD]8QHOH
IRUPHSRWWULLvQDIDUDHL
%RUUHOLDLQIHFWHD]OLPIRFLWHOH%LDOWHFRPSRQHQWHDOHVLVWHPXOXL
LPXQ UHVSRQVDELOH GH IRUPDUHD GH DQWLFRUSL WHVWHOH IRORVLWH SHQWUX
LGHQWLFDUHD%RUUHOLHLUHVSHFWLY(/,6$L:HVWHUQ%ORWQXYRUSXWHD
GHWHFWDDQWLFRUSLLSHQWUXDSXQHXQGLDJQRVWLFSR]LWLYGHRDUHFHXQRU
JDQLVPLQIHFWDW FXOLPIRFLWHOHLQIHFWDWH QXPDLSURGXFHDQWLFRUSL
SHQWUX%RUUHOLL  
'RYDGDXQHLPXFWXULGHFSXQXPDLHVWHXQFULWHULXSHQWUXGLD
JQRVWLFXOGH%RUUHOLD6HWLHvQFGLQDQXOFvQLQXWXULOHHQGH
PLFHGLQ68$XQSURFHQWGHGLQWUHPXWHVXQWLQIHFWDWHFX%RU
UHOLLLFXQRVFXWHOHFRLQIHFLL 0\FRSODVPH5LFNHWWVLLHWF 8QVWXGLX
GLQ&HKRVORYDFLDDUWDFvQ(XURSDGLQWUHPXWHOHVXQWLQIHFWDWH



'U&KULVWD7RGHD*URVV

FX%RUUHOLL'HDVHPHQHDVHWLHFPXOWHDOWHLQVHFWHSUHFXPSLDQ
MHQLSXULFLSGXFKLHWFVXQWLQIHFWDWHFX%RUUHOLL6WDWLVWLFYRUELQG
XQFHWHDQDPHULFDQHVWHLQIHFWDWFX%RUUHOLDGDFYDvQHSDW
GHRULGHRPXVF
'LDJQRVWLFXOGLIHUHQLDOVHIDFHFXDOWHEROLSURYRFDWHGHQHXURWR[LQH
LQGFXQRVFXWHFDWHJRULLGHEROLFXDFHODLWLSGHVLPSWRPHLQWR[LFD
LLFXPHWDOHJUHOH PHUFXUDOXPLQLXFDGPLXSOXPE FkQGVHIDFHR
GH]LQWR[LFDUHLVHGR]HD]WLSXOLFDQWLWDWHDGHPHWDOHJUHOHGLQHULWUR
FLWHLHOLPLQDWHSULQSUHWF YH]LFDS LQIHFLLEDFWHULHQHFURQLFH
FXQRVFXWH FRLQIHFLLOHERUHOLR]HLLQIHFLLRSRUWXQLVWH LQIHFLLPLFRWL
FH$VSHUJLOOXVVSRULGHPXFHJDLEROLSURYRFDWHGHVXEVWDQHFKLPLFH
LWR[LFHGLQORFXLQH SRGHOHPRELOHWF 
$FHODLSDFLHQWFDUHVXIHUGHERUHOLR]DUHvQDFHODLWLPSRLQWR[LFDLH
FURQLFFXPHWDOHJUHOHGDULRVHQVLELOLWDWHFUHVFXWODFKLPLFDOH
&HOHWUHLFRPSRQHQWHDOHERUHOLR]HLVXQW
 3UH]HQDDJHQWXOXLPLFURELDQ%RUUHOLDDFRLQIHFLLORULDLQIHFLLORU
RSRUWXQLVWH
 (QGRWR[LQHOHSURGXVHGHPLFUREL0DMRULWDWHDVXQWQHXURWR[LQH
 0RGLFDUHDVLVWHPXOXLLPXQ DQHUJLHDOHUJLHLUHDFLHDXWRLPXQ 
 $QHUJLH VFGHUHDLPXQLWLL
8QXOGLQPHFDQLVPHOHFHOHPDLFXQRVFXWHDOHPLFURELORUSHQWUX
DvQYLQJHVLVWHPXOLPXQHVWHDFHODGHSURGXFHRKLSHUFRDJXODUH
QIHOXODFHVWDUH]XOWSUHDPXOWEULQFDUHYDvQYHOLPLFUR
ELLGLQVkQJHLDUDFHWLDQXYRUPDLSXWHDUHFXQRVFXLGHFWUH
VLVWHPXOLPXQ7HVWXOGHODERUDWRURELQXWYDFHOGHPRQRPHUL
VROXELOLGHEULQ
 $OHUJLH H[DJHUDUHDUHDFLHLLPXQH
$OHUJLDHVWHRUHDFLHLPXQH[DJHUDWGDWRULWXQXLGH]HFKLOLEUX
GLQWUHOLPIRFLWHOH7K 7KHOSHUFDUHVWLPXOHD]VLVWHPXOLPXQ L
7V 7VXSUHVRDUHFDUHOVXSULP 'DFH[LVWPDLPXOWHOLPIRFL
WH7KGHFkW7VUHDFLDLPXQHVWHXQDH[DJHUDW'DFH[LVWPDL
PXOWHOLPIRFLWH7VGHFkW7KDUHORFRGLPLQXDUHDUHDFLHLLPXQH
/DSDFLHQLLFXERUHOLR]SXWHPREVHUYDRULFDUHGLQFHOHGRX
VLWXDLLPDMRULWDWHD  DYkQGRUHDFLHLPXQH[DJHUDW
GHFLRDOHUJLH
 5HDFLDDXWRLPXQ
7R[LQHOHLPLFURELLDFLRQHD]DVHPHQHDXQRUKDSWHQH FkQG
VH DWDHD] GH FHOXOHOH SURSULL RUJDQLVPXOXL LDU VLVWHPXO LPXQ

9$&&,185,/(35(9(1,(6$8%2$/



QXOHPDLUHFXQRDWHOHDWDFLOHGLVWUXJH 0HWDOHOHJUHOHVDX
WR[LQHOHEDFWHULHQHVHSRWDWDDLHOHGHPHPEUDQHOHFHOXODUHvQ
IHOXODFHVWDYRUGHYHQLDOHUJHQHLDUVLVWHPXOLPXQOHYDDWDFD
$FHVW IHQRPHQ VW OD ED]D PHFDQLVPXOXL SULQFLSDO DO EROLORU
DXWRLPXQH Q DFHVWH FD]XUL WUDWDPHQWXO FHO PDL LQGLFDW HVWH
GH]LQWR[LFDUHDGHPHWDOHJUHOH GHVFULVvQFDS
'RDUGHFkLYDDQLPHGLFLLGLQ(XURSDDXUHFXUVODQRLOHWUDWDPHQWHDOWHU
QDWLYHDOHERUHOLR]HLIRORVLQGXVHGHFULOHDPHULFDQHL+RPHSDJHXOOXL
-RH%XUUHVFDQR0'SHFDUHOHFRSLD]1RYLFHOHVHUHFXQRDWHXRUVSXQH
'U.OLQJKDUGWY]kQGFWUDWHD]%RUHOLR]DFXDQWLELRWLFHFDUHDFLRQHD]
GRDU SHQWUX XQ WLPS VFXUW L GHVHRUL IU HIHFW DVXSUD HYROXLHL FURQLFH D
EROLL/\PH6HWLHFHVWHQHYRLHGHXQWUDWDPHQWvQGHOXQJDWFXDQWLELRWLFH
GHPLQLPOXQLSHQWUXDVHDMXQJHODYLQGHFDUH6HFRQVWDWvQVUHDFLLDG
YHUVHJUDYHGXSXQDVHPHQHDWUDWDPHQWDJUHVLYLQVXFLHQUHQDO7LQQL
WXVGHUHJOULDOHLPXQLWLLHWF'DFHVWHVFDOFXOPFvQ3GXUHD1HDJU
GLQWUHPXWHVXQWLQIHFWDWHFX%RUUHOLDYDGXUDGRDUFkWHYDVSWPkQL
SkQVHUHLQIHFWHD]SDFLHQWXOWRFPDLYLQGHFDW$WXQFLWUDWDPHQWXOFXDQWL
ELRWLFHWLPSGHXQDQLMXPWDWHQXLDUHURVWXO(VWHLQGLFDWXQDOWIHOGH
WUDWDPHQWPXOWPDLHFDFHLIUHIHFWHVHFXQGDUH
3DFLHQLLFXERUHOLR]DXXQGHFLWvQPLQHUDOHLHOHFWUROLLSUHFXPPDJ
QH]LX FXSUX PDQJDQ L OLWLX ,RGXO HVWH L HO GHVHRUL VF]XW 7RDWH DFHVWH
PLQHUDOHWUHEXLDGPLQLVWUDWHSDFLHQWXOXLGDUH[LVWODDFHVWFDSLWROPDULOD
FXQH0DFURIDJHOHQHFHVLWFXSUXPDQJDQLHUSHQWUXDGLVWUXJHPLFURELL
IDJRFLWDL vQJKLLL $FHVWH PHWDOH VXQW R[LGDWH vQ WLPSXO SURFHVXOXL GH
IDJRFLWR]LDUFkQGFDQDOHOHGHGH]LQWR[LFDUHVXQWGHSLWHPHWDOHOHR[LGDWH
YRUGHSR]LWDWHvQRUJDQLVPLOHGHSLVWPvQSULvQHVXWXUL'LQSFDWH
FkQGDQDOL]HOHDUDWSUH]HQDFXSUXOXLvQSUVHLQWHUSUHWHD]vQPRGJUHLWFD
LQGRLQWR[LFDLHFXFXSUX2UDFHVWSDFLHQWDUHQHYRLHGHFXSUXGDUWUHEXLH
DMXWDW OD GHWR[LHUH SULQ IRORVLUHD DQWLR[LGDQLORU /LWLXO HVWH XQ DOW PHWDO
FDUHWUHEXLHDGPLQLVWUDWvQYHGHUHDVWDELOL]ULLVLVWHPXOXLQHUYRVFHQWUDOLD
GLVSDULLHLvQGHFXUVGHFkWHYD]LOHDVLPSWRPHORUQHXURORJLFHODSDFLHQLL
FXERDOD/\PH$GDXVXOGHPDJQH]LXHVWHGHDVHPHQHDQHFHVDU8QGHFLW
GH FREDOW HVWH GHVHRUL UHPDUFDW OD DFHWL SDFLHQL ,RGXO HVWH SRDWH FHO PDL
LPSRUWDQWHOHPHQWFDUHWUHEXLHVXSOLQLWvQ%RUHOLR]
0XOLSDFLHQLFXERUHOLR]GH]YROWRDIHFLXQHQXPLW6DUFRLGR]VDX
0RUEXV%RHFN'LQSFDWHvQ*HUPDQLDvQFQXVHWLDvQF0RUEXV
%RHFNHVWHRDIHFLXQHVSHFLFERUHOLR]HL*DQJOLRQLLOLPIDWLFLLQIHFWDLFX
%RUUHOLDSURGXFFDQWLWLDQRUPDOHGHYLWDPLQD'$FHWLSDFLHQLGH]YROW



'U&KULVWD7RGHD*URVV

IRUPHJUDYHGHRVWHRSRUR]PDLDOHVODQLYHOXOFRORDQHLYHUWHEUDOHDYkQG
vQ DFHODL WLPS VLPSWRPH WLSLFH GH %RUHOLR] 0HGLFLL VWRPDWRORJL FXQRVF
DFHVWHDIHFLXQLGHRDUHFHHLREVHUYRFDOFLHUHLQWHUQDGLQLORUFXGHSX
QHUH GH FDOFLX vQ FDQDOH YL]LELO UDGLRORJLF7UDWDPHQWXO HVWH XQXO VSHFLF
vQXUPDFUXLDPXOLVHYLQGHFLDGRDUDWXQFLFGHIDSWHLVXIHUHDXGH
ERUHOLR]
'U .OLQJKDUGW UHFXQRDWH F GXS  DQL GH H[SHULHQ vQ GLDJQRVWL
FDUHDLWUDWDUHDERUHOLR]HLDIHFLXQHDUPkQHvQFXQPLVWHUSHQWUXHO&X
WRDWHFDSXVED]HOHDWUHLPDULLLPSRUWDQWHPHWRGHWHUDSHXWLFHPRGHU
QHGH]LQWR[LFDUHDGHPHWDOHJUHOH WUDWDWvQFDS SVLKRNLQHVLRORJLDL
WHUDSLDFXVXEVWDQHRUWRPROHFXODUHSHQWUX'U.OLQJKDUGWGLDJQRVWLFDUHD
LWUDWDUHDERUHOLR]HLUPkQHvQFRQWLQXDUHFHDPDLLPSRUWDQWSUREOHPGH
UH]ROYDW
/DvQWUHEDUHD'HFHFD]XULOHGH%RUHOLR]LDXRDVHPHQHDDPSORDUH"
QXVDDDWvQFQLFLXQUVSXQV'U.OLQJKDUGWFUHGHFLQVHFWHOHVXQWYHF
WRULLERUHOLR]HLPRWLYSHQWUXFDUHHDVHUVSkQGHWHPXOWPDLXRUvQULOH
FXFOLPFDOG3ULQFUHWHUHDWHPSHUDWXULLJOREDOHVHvQPXOHVFLYHFWRULL
FDUHWUDQVPLWERDOD(VWHXQDOWPRWLYGHvQJULMRUDUHFFLQHSXWHPDWHSWD
ODHSLGHPLLQRLQHFXQRVFXWHSkQDFXP$YkQGvQYHGHUHFWULPGH
GHDQLvQFRDFHvQWURDWPRVIHUWRWPDLSROXDWLPDLVUDFvQR[LJHQHVWH
PXOWVWLPXODWGH]YROWDUHDPHFDQLVPHORUDQDHUREHDOHRUJDQLVPHORUSULPL
WLYHvQGHWULPHQWXORUJDQLVPHORUDHUREHPDLHYROXDWH$QWLELRWLFHOHDXIRVW
XQHHFvQWUDWDPHQWXOXQHLEROLFURQLFHFXPHVWHERDOD/\PHVDXERUHOLR]D
$QWLELRWLFHOH QX QH YRU DMXWD vQ OXSWD FX HSLGHPLLOH FDUH QH DWHDSW PDL
VSXQH'U.OLQJKDUGW
%RUHOLR]D L LQWR[LFDLD FX PHUFXU UHSUH]LQW GRDU GRX FDX]H DOH
XQRUDVWIHOGHHSLGHPLLODFDUH0HGLFLQDGHD]LQXPDLIDFHID
E $OWHQRXWLGHVSUHERDOD/\PH
QXOWLPLLDQLERUHOLR]DDGHYHQLWRERDODFLYLOL]DLHLFDUHHVWHUV
SkQGLWQXGRDUSULQLQWHUPHGLXOFSXHORUFLLDOXQRULQVHFWHFSXHOHVDX
vQPXOLWIRDUWHPXOWGLQFDX]DVFKLPEULORUFOLPDWLFHGLQvQWUHDJDOXPH
%RUHOLR]DQXHVWHGLDJQRVWLFDWGHFHOHPDLPXOWHRULLQGRERDOFX
RVLPSWRPDWRORJLHIRDUWHFRPSOH[LSUHDSXLQFXQRVFXW3HGHDOWSDU
WHXQWHVWGHODERUDWRUFDUHVHYLGHQLH]HFXRSUHFL]LHGHERUHOLR]D


,ELGHP
'UPHG(YD'LPPHQGDDO%RUUHOLRVH'DV6HOEVWKLOIH3URJUDPP*UlIHXQGXQVHU
9HUODJ*PE+0QFKHQ$XDJH

,ELGHP


9$&&,185,/(35(9(1,(6$8%2$/



QXH[LVW2ULFHWHVWSRDWHDWkWIDOVSR]LWLYFkWLIDOVQHJDWLY5H]XOWDWXO
SRDWH  IDOV SR]LWLY vQ DIHFLXQL SUHFXP LQIHFLL FX &LWRPHJDORYLUXV YLUXV
(SVWHLQ%DUULQIHFLLGDWHGHGLYHUVHVSLURFKHWHLvQEROLOHDXWRLPXQH5H
]XOWDWHIDOVQHJDWLYHVHRELQXQHRULvQXUPDUHDFLLORUVHURORJLFHFDUHDXIRVW
HIHFWXDWHSUHDGHYUHPHSHQWUXGHSLVWDUHDDQWLFRUSLORU/DWRDWHDFHVWHDVH
DGDXJPDUHDYDULDELOLWDWHD%RUUHOLLORU(OHSRWUPkQHWLPSvQGHOXQJDWvQ
FHOXOHOHVDXHVXWXULOHVODER[LJHQDWHDOHRUJDQLVPXOXLVXEIRUPDXQRUFKLV
WHVDXVIHUREODWLQHLQGUHFXQRVFXWHGHFWUHVLVWHPXOLPXQ'HDVHPHQHD
%RUHOLLOHvQIXQFLHGHWHPSHUDWXUDLPHGLXOvQFDUHWULHVF vQRUJDQLVP 
vLSRWPRGLFDPHUHXDQWLJHQHOHGHODVXSUDIDvQDDIHOvQFkWVQXH
UHFXQRVFXWHGHFWUHDQWLFRUSLLH[LVWHQL
6WDGLXO,GHERDO ID]DSUHFRFH vQWUH]LOHOHVLGHODLQIHFLHvQ
DSUR[LPDWLYGLQFD]XULVHSRDWHIRUPDXQXLHULWHPORFDOGHIRUPLQH
ODULFXORDUHURLHPDLGHFRORUDWvQFHQWUXDD]LVD(U\WKHPDPLJUDQV
6HSRDWHH[WLQGHLFXSULQGHSULvQWUHJLDOHFRUSXOXLLDUDSRLVHUHWUDJHL
vQOLSVDRULFUXLWUDWDPHQWGXSFkWHYD]LOHXQHRULFKLDUOXQL1XHVWHGXUH
URDVGDUXQHRULHVWHvQVRLWGHSUXULWVDXXVWXULPH'LVSDULLDHUXSLHLQX
DUHQLFLROHJWXUFXHYROXLDEROLL6LQJXUXOVLPSWRPFDUHDUDWRWUHFHUHGLQ
VWDGLXODOEROLLvQVWDGLXOGRLHVWHOLPIRFLWRPXOFDUHHVWHRFROHFLHOLFKL
GVXEFXWDQPRDOHGHFXORDUHURLHDOEVWUXLHLHVWHORFDOL]DWGHRELFHLOD
QLYHOXOXUHFKLLGDUVHSRDWHIRUPDLODVkQLVDXODWHVWLFROH
6WDGLXO,,GHERDOGDFLQIHFLDQXHVWHUHPDUFDWGLQWLPS%RUUHOLLOH
VHUVSkQGHVFvQvQWUHJXORUJDQLVPSULQLQWHUPHGLXOYDVHORUVDQJXLQHLOLP
IDWLFHLVHGHSXQvQDUWLFXODLLPXFKLLOLJDPHQWHGDULvQRUJDQHOHLQWHU
QHHVXWQHUYRVLFUHLHU'LQDFHVWPRPHQW%RUUHOLLOHVXQWvQPVXUV
EORFKH]HVLVWHPXOLPXQ3DFLHQWXOYDSUH]HQWDVLPSWRPHWLSLFHQHXURORJLFH
LYHJHWDWLYH6LQGURPXO%DQQZDUWKFDUDFWHUL]DWSULQLQIHFLDQHUYLORUSHUL
IHULFLLDUGFLQLORUQHUYLORUFUDQLHQL6LPSWRPHOHVXQWvQIXQFLHGHQHUYXO
DIHFWDWLQIHFLDQHUYXOXLIDFLDOSRDWHSURYRFDSDUH]HVDXSDUDOL]LLIDFLDOH
LQIHFLDQHUYXOXLRFXORPRWRUYDDIHFWDYHGHUHDHWF7LSLFHVXQWLDIHFLXQLOH
DUWLFXODLLORU L DOH PXVFXODWXULL SDUHVWH]LL GXUHUL VHQ]DLH GH DPRUHDO
VDXDUVXUFXFDUDFWHUPLJUDWRUHWF7XOEXUULOHYHJHWDWLYHFRQVWDXvQYDUL
DLLDOHWHQVLXQLLDUWHULDOHDOHSXOVXOXLVHQ]DLDGHFDOGDOWHUQkQGFXVHQ]D
LDGHIULJHWF7RDWHDFHVWHVLPSWRPHSRWGLVSUHDIUQLFLXQWUDWDPHQW



'U&KULVWD7RGHD*URVV

6WDGLXO,,,VDXVWDGLXOWDUGLYGDFERUHOLR]DHYROXHD]GXSOXQLVDXFKLDU
DQLGH]LOHVHSRDWHFURQLFL]DFkQGYRUELPGHVWDGLXOWDUGLY'LQDFHVWPRPHQW
FDRULFHERDOFURQLFHDYDDYHDSHULRDGHGHDFXWL]DUHLGHUHPLVLH3HULRD
GHOHGHUHPLVLH DVLPSWRPDWLFH SRWGXUDDQLGH]LOH$OWHRULERUHOLR]DVHSRDWH
DJUDYDLSRDWHHYROXDVSUHRERDOVLVWHPLFDIHFWkQGvQWUHJXORUJDQLVPDYkQG
WRWRGDWRVHULHGHFRLQIHFLL&HVXQWDFHVWHFRLQIHFLL"%RUHOLLOHRGDWFHVXJ
VkQJHOHGHODXQLQGLYLGSUHLDXLRVHULHGHEDFWHULLYLUXVXULIXQJLHWFSHFDUH
DSRLOHWUDQVIHUFHORUODOLLQGLYL]LSHFDUHLPXF&RLQIHFLLOHSRWFX
&KODP\GLL &KODP\GLDSQHXPRQLH&KODP\GLDWUDFKRPDWLV FDUHSRWSURYRFD
LQIHFLLJUDYHDOHRUJDQLVPXOXLFXYLUXVXO)60( GHVFULVDQWHULRU FX&R[LHOOD
EXUQHWWL FDUHSURYRDFDIHEUD4 FX5LFNHWVLLFX<HUVLQLDHQWHURFROLWLFDFX%D
EHVLLFX0\FRSODVPH SQHXPRQLHLJHQLWDOLXP HWF
6DFRQVWDWDWFD%RUUHOLLOHVXQWSHULFXORDVHQXGRDULQGFHOLEHUHD]UD
GLFDOLOLEHULFLPDLDOHVLQGFSRWSURGXFHQHXURWR[LQHFDUHHOLEHUHD]FL
WRNLQH$FHVWHDODUkQGXOORUYRUSURYRFDDFLGR]LEROLDXWRLPXQHWLURLGLWD
+DVKLPRWRD(VWHPRWLYXOSHQWUXFDUH'U(YD'LPPHQGDDOUHFXUJHODR
WHUDSLHLQWHJUDWLYDGLFDvQWUHJXOXLRUJDQLVPQXGRDUDVLPSWRPHORUGHWR
[LHUHDRUJDQLVPXOXLHOLPLQDUHDUDGLFDOLORUOLEHULVFGDUHDDFLGR]HLHWF0H
GLFLQDFODVLFQXSRDWHGR]DQHXURWR[LQHOHLQLFLQXDUHPHWRGHWHUDSHXWLFH
DGHFYDWHSHQWUXHOLPLQDUHDDFHVWRUD7UDWDPHQWXOFXDQWLELRWLFHHVWHRWHUDSLH
XQLODWHUDO vQGUHSWDW GRDU vPSRWULYD EDFWHULLORU GDU QX L D QHXURWR[LQHORU
FDUHQXVXQWHOLPLQDWH/DRUDDFWXDOvQFQLFLQXHVWHGRYHGLWHFLHQDWHUDSL
HLDQWLEDFWHULHQHFXDQWLELRWLFHLQGLIHUHQWFkWGHUHSHGHDIRVWvQFHSXWWHUDSLD
GXSvQHSWXUDGHFSXH6DFRQVWDWDWFPDMRULWDWHDSDFLHQLORUGHLDXIRVW
WUDWDLFXDQWLELRWLFHDXDMXQVvQID]DFURQLFDERUHOLR]HLLODFRLQIHFLL
/DDFHVWUH]XOWDWDDMXQVGXSFXPDPY]XWL'U.OLQJKDUGW

;9,QIHFLLOHLQWHVWLQDOHFXURWDYLUXV9DFFLQXOvPSRWULYD
URWDYLUXVXOXL
,QIHFLLOHFXURWDYLUXV*HQHUDOLWL
(VWHXQYLUXVFDUHSURYRDFLQIHFLLLQWHVWLQDOHLDUULVFXOFUHWHRGDW
FXvQPXOLUHDWUDWDPHQWHORUFXDQWLELRWLFH'LQQHIHULFLUHHVWHVLWXDLDULORU
GH]YROWDWHLDU5RPkQLDQXIDFHH[FHSLH6HFRQVWDWLODQRLRLQWHQVLFDUH



,ELGHP
,ELGHP

,ELGHP




,ELGHP
,ELGHP



9$&&,185,/(35(9(1,(6$8%2$/



IUSUHFHGHQWDWUDWDPHQWHORUFXDQWLELRWLFH(VWHFXQRVFXWIDSWXOFDQWLELR
WLFHOHPRGLFRUDPLFURELDQQRUPDO]LRORJLFGLQLQWHVWLQVWLPXOkQG
LQIHFLLOHFXYLUXVXULLQFOXVLYFXURWDYLUXV
3HQWUXVXJDULSURWHFLDFHDPDLEXQvQIDDDFHVWRUHQWHURYLUR]HLQ
FOXVLYFXURWDYLUXVHVWHDOSWDUHDLQHYDFFLQDUHDODSWHOHPDWHUQRIHULPX
QLWDWHSHQWUXLQIHFLLOHFXYLUXVXULvQSULPLLGRLDQLGHYLDXQVXJDUQHYDF
FLQDWYDVXIHULPDLUDUGHLQIHFLLYDDYHDUDUQHYRLHGHDQWLELRWLFHLQXYD
DYHDSUREOHPHGLQFDX]DURWDYLUXVXOXL$OLPHQWDLDDUWLFDODVXJDUXOXL
FXODSWHSUDIFUHWHULVFXOLQIHFLLORUFXYLUXVXULFRSLOXOLQGPDLSUHGLVSXV
GHVKLGUDWULORUFDUHQHORUGHVUXULHWF
(OLPLQDUHDULVFXOXLGHLQIHFLLFXURWDYLUXVQXWUHEXLHVVHIDFSULQ
LQWHQVLFDUHDYDFFLQULORUFLSULQWURVWLPXODUHLFRQWLHQWL]DUHDPDPHORU
GHDLDOSWDVXJDULL
9DFFLQXOvPSRWULYDLQIHFLLORUFXURWDYLUXV
3ULPXOYDFFLQVLQWHWL]DWvQLIRORVLWvQULOHDIULFDQHLvQ$PHUL
FDGH6XGDSURYRFDWQXPHURDVHFRPSOLFDLLSRVWYDFFLQDOHJUDYHvQVSHFLDO
LQYDJLQDLHLQWHVWLQDOHVWHPRWLYXO DOWXULGHHFLHQDOXLvQGRLHOQLF 
SHQWUXFDUHvQVDVLVWDWSURGXFHUHDOXLvQFkQGVDHIHFWXDWXQ
FRQWUROFHORUGHOD)'$VDFRQVWDWDWFGLQWUHPHPEULFDUHDXGDWXQG
YHUGHSHQWUXSURGXFHUHDYDFFLQXOXL5RWDWHTHUDXQDQDLGHWRDWHUPHOH
FDUHSURGXFHDXDFHVWYDFFLQvPSRWULYDURWDYLUXVXOXL9DFFLQXOSHQWUXURWDYL
UXV5RWDWHTGHOD0HUFNDDGXVXQSURWQDQFLDUGHPLOLRDQHGHGRODUL
OXL3DXO$2IWGLUHFWRUXO6SLWDOXOXLGH3HGLDWULHGLQ3KLODGHOSKLDDWXQFL
FkQGDFHVWDDYkQGXWOLFHQDSHFDUHRDYHDvPSUHXQFX0HUFNSHQWUXVLQWH]D
YDFFLQXOXL5RWDWHT
QFHSkQGFXDQXODXDSUXWSHSLDDOWHWLSXULGHYDFFLQFDUH
FRQLQYLUXVYLXDWHQXDWLPRGLFDWJHQHWLF'LQQRX&'&DDSUREDWYDFFL
QXOLODUHFRPDQGDWFDLQGHFLHQW8QXOGLQWUHPHPEULL&'&HVWHEHQH
FLDUODXQDGLQUPHOHSURGXFWRDUHGHYDFFLQXUL
Q5RPkQLDYDFFLQXOHVWHRSLRQDO


)ULHGULFK3*UDI'LH,PSIHQWVFKHLGXQJVSUDQJVUDGHYHUODJ*HUPDQ\
,ELGHP

,ELGHP

,ELGHP

,ELGHP




'U&KULVWD7RGHD*URVV

;9,,QIHFLDFXSDSLORPDYLUXVXOXPDQ +39 &DQFHUXO


GHFROXWHULQ9DFFLQXULOH*DUGDVLOL&HUYLUD[
,QIHFLDFXSDSLORPDYLUXVXOXPDQ +39
3DSLORPDYLUXVXOXPDQ +39
HVWHXQYLUXV$'1GXEOXFDWHQDUGHVFRSHULWvQ
VXQWSHVWHWLSXULGHSDSLORPDYLUXVLGHQWLFDWHSkQODRUDDFWXDO
IUFDOLVWDVHHSXL]DW
VXQW FXQRVFXWH  GH WLSXUL FX DIHFWDUH DQRJHQLWDO GLQWUH FDUH
DSUR[  WLSXUL VXQW RQFRJHQLFH SRW SURYRFD FDQFHU  +39 
LLQGFHOHPDLLPSOLFDWHLDUUHVWXOVXQWWLSXULQRQRQFRJHQLFH
WLSXULOH+39LLQGFHOPDLIUHFYHQWDVRFLDWHFXFRQGLORDPHOH
JHQLWDOHH[WHUQH WXPRULQHFDQFHURDVH 
,QIHFLDFX+39
,QIHFLDFX+39HVWHLQSULQFLSDORERDOFXWUDQVPLWHUHVH[XDO %76 
GDU H[LVW L IDFWRUL IDYRUL]DQL FDUH VFDG LPXQLWDWHD RUJDQLVPXOXL L SUH
GLVSXQ OD DFHDVW LQIHFLH GLDEHWXO ]DKDUDW VDUFLQD DIHFLXQL DOH VkQJHOXL
WUDWDPHQWFXFRUWL]RQOLSVDLJLHQHLHWF
,QIHFLDHVWHIRDUWHIUHFYHQWLQGFRQVLGHUDWRPDODGLHDYLLWRUXOXL
vQ68$IUHFYHQDLQIHFLHLFX+39DFUHVFXWvQXOWLPLLDQLFX
Q5RPkQLD
LQIHFLDDSDUHPDLIUHFYHQWODIHPHLFDUHDXLDOWHEROLFXWUDQVPLWHUH
VH[XDOJRQRUHHFDQGLGR]WULFKRPRQLD]
IUHFYHQDEROLLHVWHGHGLQWRWDOXOEROLORUFXWUDQVPLWHUHVH[XDO
vQvQ5RPkQLDDXIRVWvQUHJLVWUDWHGHQRLFD]XULGHFDQFHU
GHFROXWHULQ
GLQGHFD]XULLQWHUQDWHvQ&OXMWUDQVPLWHUHDVH[XDODIRVWFRQVWDWDW
ODGLQFD]XUL

 KWWSJLQHFRSXOVPHGLDURDUWLFOH[*LQHFRORJLH &DQFHUXOBGHBFROBXWHULQBBHSLGH
PLRORJLHBVFUHHQLQJB&)LBWUDWDPHQWKWPO

 7UDLDQ &LXF %ROL WUDQVPLVLELOH SH FDOH VH[XDO (GLWXUD WLLQLF %XFXUHWL


0+LUWHRSFLW

&KULVWD7RGHD*URVV,OLH0ROGRYDQQGUXPDUXOPHGLFDOLFUHWLQGHVSUHYLDDO
)HGHUDLHL2UJDQL]DLLORU2UWRGR[H3UR9LWDGLQ5RPkQLD(GLWXUD5HQDWHUHD&OXM1DS
RFD

9$&&,185,/(35(9(1,(6$8%2$/



,QIHFLDFX+39DRUJDQHORUJHQLWDOHQXSURYRDFGHRELFHLVLPSWRPHLDU
vQSHVWHGLQFD]XULVHYLQGHFVSRQWDQ&XFkWIHPHLDHVWHPDLWkQUFX
DWkWYLQGHFDUHDQDWXUDOHVWHPDLIUHFYHQWFXFRQGLLDVQXH[LVWHIDFWRULL
IDYRUL]DQLFDUHFURQLFL]HD]ERDOD
&LUFDGLQWUHRDPHQLIDFvQWLPSXOYLHLLFHOSXLQRLQIHFLHFX+39IU
VRREVHUYHGHRDUHFHvQPDMRULWDWHDFD]XULORUVLVWHPXOLPXQRIDFHLQRIHQVLY
&kQGVHFURQLFL]HD]LQIHFLDFX+39YDSURYRFDPRGLFULGHGLIHULWH
JUDGHODQLYHOXOFHOXOHORUFROXOXLXWHULQQXPLWHQHRSOD]LLFHUYLFDOHLQWUDHSL
WHOHDOH &,1 JUDGHOH,,,,&XWRDWHDFHVWHDH[LVWRUDWPDUHGHYLQGHFDUH
VSRQWDQQGHFD]XULFX&,1JU,,LQIHFLDVHYLQGHFIUQLFLRLQWHU
YHQLH/DGLQLQIHFLLOHFURQLFHPRGLFULOHFHOXODUHFRQWLQXLvQGH
FXUVGHDQLDMXQJvQVWDGLXO&,1,,,LQGRHWDSSUHFDQFHURDV'DUFKLDU
LDFHVWHPRGLFULFHOXODUHVHYLQGHFvQWLPSvQPRGQDWXUDOvQGLQ
FD]XULQFRQWLQXDUHHVWHQHYRLHGHvQFDQLSkQFkQGVHWUHFHGLQ
&,1JU,,, FXJUDGvQDOWFDQFHULJHQ ODFDQFHU0DLSXLQGHGLQWUHIHPHL
OHFDUHVDXLQIHFWDWFXXQWLSGH+39FXJUDGvQDOWFDQFHULJHQYRUIDFHvQ
QDOFDQFHUGHFROXWHULQ'HFLLIUYDFFLQH[LVWVWDWLVWLFRSURWHFLHGH
SHVWH&KLDUGDFODIHPHLOHGHSkQODGHDQLHVWHDOGRLOHDFDQFHU
FDIUHFHYHQWHOUHSUH]LQWGRDUGLQWRWDOXOvPEROQYLULORUGHFDQFHUL
GRDUGLQFD]XULOHGHGHFHVHODIHPHLOHFXFDQFHU6XQWGRXSHULRDGH
GHYkUISHQWUXDFHVWWLSGHFDQFHUvQWUHLGHDQLLGXSGHDQLQ
DQXOVDXvPEROQYLWGHFDQFHUGHFROXWHULQGHIHPHLLXQDGLQ
 GHFD]XUL DPXULWGHDFHDVWERDO VWDWLVWLFDHVWHGLQ*HUPDQLD 
Q5RPkQLDVWDWLVWLFDQXHVWHFXPXOWGLIHULWIDGHFHDGLQ*HUPDQLD
GDUH[LVWLODQRLWHQGLQHVSUHH[DJHUULvQYHGHUHDYDFFLQULLIHWHORUDQWL
+39FXYDFFLQXULOH*DUGDVLOVDX&HUYLUD[
&DQFHUXOGHFROXWHULQ
D )DFWRULLGHULVF
3HQWUXFDLQIHFLDFX+39DFROXOXLXWHULQVHYROXH]HVSUHVWDGLLFURQLFH
LPDLDOHVDJUHVLYHFDQFHURDVHHVWHQHYRLHGHXQFROXWHULQUHFHSWLYFDUH
DIRVWSUHJWLWvQDLQWHGHDQXPLLIDFWRULGHWHUPLQDQL


0+LUWHRSFLW
(.LQG0.XKOPDQQ=HUYLNDOHLQWUDHSLWKHOLDOH1HRSODVLHQvQ0%HFNPDQQ
)3HUO)UDXHQ+HLONXQGHXQG*HEXUWV+LOIH%DVHO

 *(.,' *HVHOOVFKDIW GHU HSLGHPLRORJLVFKHQ .UHEVUHJLVWHU LQ 'HXWVFKODQG H9 
.UHEV vQ 'HXWVFKODQG+lXJNHLW XQG 7UHQGV$X 6DDUEUFNHQ  KWWSZZZHNU
PHGXQLHUODQJHQGH*(.,''RFNLGSGI




'U&KULVWD7RGHD*URVV

SUH]HQDXQRUEROLFXWUDQVPLWHUHVH[XDO %76 JRQRUHHFDQGLGR]


WULFKRPRQLD]
IXPDWDXWRULLJHUPDQLDXDMXQVODFRQFOX]LDFIHPHLOHFDUHIXPHD]
IDFPDLIUHFYHQWFDQFHUGHFROXWHULQGHRDUHFHODHOHVHSURGXFPRGLFULvQ
FHOXOHOHvQWUHJXOXLRUJDQLVPLQFOXVLYvQFHOXOHOHGHODQLYHOXOFROXOXLXWHULQ
FDUHGHYLQPDLUHFHSWLYHODYLUXVXULOHRQFRJHQH KHUSHVYLUXVXULSDSLORPD
YLUXVXULHWF WUDQVPLVHSHFDOHVH[XDOWDEDJLVPXOSDUWHQHUXOXLPXWLSOLF
GHSkQODRULULVFXOQHRSODVPXOXLGHFROSULQHIHFWXOQLFRWLQHLGLQ
VSHUPDIXPWRULORUDVXSUDFROXOXLXWHULQ
DQXPLWHRELFHLXULVH[XDOHVDLGHQWLFDWRIUHFYHQUHODWLYvQDOWDLQ
IHFLHLFX+39ODSURVWLWXDWH  IDGHIHPHLOHFVWRULWH  ODSURV
WLWXDWHWLSXOSUHYDOHQWHVWH+39FDUHDUHULVFRQFRJHQLFvQDOWODIHPHLOH
FVWRULWHWLSXOSUHYDOHQWHVWH+39FDUHVHDVRFLD]FXULVFVF]XWGHFDQFHU
FHUYLFDOLQIHFLDHVWHPDLIUHFYHQWODIHPHLOHWLQHUHLDUUHGXFHUHDLQFLGHQHL
LQIHFLHLFX+39ODIHPHLOHYkUVWQLFHVHGDWRUHD]SUREDELOPRGLFULLFRP
SRUWDPHQWXOXLVH[XDO
FRQVXPXO GH FRQWUDFHSWLYH FRQWUDFHSLD KRUPRQDO IDYRUL]HD] DSD
ULLDGHEROLYHQHULFHSUHFXPLQIHFLLOHFX&KODPLGLDL7ULFKRPRQDV FDUH
DIHFWHD]FROXOXWHULQ LDUVWHULOHWXO VSLUDODDYRUWLY FUHWHIUHFYHQD%76
GHRULFRQIRUPXQXLVWXGLXGLQ68$/DQRLvQDU$WDQDVLXLFRODER
UDWRULLVL  FRQVWDW&KODPLGLLODGLQWUHJUDYLGH
YkUVWDPLFODSULPXOFRQWDFWVH[XDOFROXOXWHULQvQFQXHVWHPDWXUL
LQIHFLDVHUHDOL]HD]PDLXRU
SDUWHQHULPXOWLSOL
(YROXLDVSUHFDQFHUDOH]LXQLORUGDWHGH+39FRPSRUWSUREDELODFWLYD
UHDVDXLQDFWLYDUHDXQRUJHQHQHFXQRVFXWHSRDWHVXELQXHQDXQRUFRIDF
WRULFDDGPLQLVWUDUHDGHFRQWUDFHSWLYHRUDOHWDEDJLVPLDOLIDFWRULPDLSXLQ
FXQRVFXLDUP'U7UDLDQ&LXF


&KULVWD7RGHD*URVV,OLH0ROGRYDQRSFLW
7UDLDQ&LXFRSFLW

'U*HQRYHYD7XGRU%ROLOHKRPRVH[XDOLORUXQGRFXPHQWDUPHGLFDOOD]L(GLWXUD
&KULVWLDQD%XFXUHWL

7UDLDQ&LXFRSFLW

,ELGHP

 KWWSJLQHFRSXOVPHGLDURDUWLFOH[*LQHFRORJLH &DQFHUXOBGHBFROBXWHULQBBHSLGH
PLRORJLHBVFUHHQLQJB&)LBWUDWDPHQWKWPO

,ELGHP

7UDLDQ&LXFRSFLW


9$&&,185,/(35(9(1,(6$8%2$/



QFRQFOX]LHPRGLFULOHSURGXVHODQLYHOXOFROXOXLXWHULQvQPDMRULWD
WHDFD]XULORUGDWRULWXQRUYLFLLLDXQXLFRPSRUWDPHQWLUHVSRQVDELOSUH
JWHVFFROXOXWHULQSHQWUXDSDULLDXQXLFDQFHU6HSDUHFQXLQIHFLDFX
+39HVWHIDFWRUXOFDUHGHFODQHD]FDQFHUXOGHFROXWHULQ'LPSRWULYVWX
GLLOHDUDWFGHIDSWFDQFHUXOGHFROXWHULQHVWHFHOFDUHIDYRUL]HD]LQIHFLD
FX+39
E /LSVHVFVWXGLLGHVSUHRUHODLHGLUHFWvQWUH+39LFDQFHUXOGHFRO
XWHULQ
6HWLHF,QVWLWXWXO1DLRQDOGH&DQFHUGLQ68$QXDSXWXWGHPRQVWUD
IDSWXOFH[LVWRUHODLHGLUHFWvQWUH+39LFDQFHUXOGHFROXWHULQQWUXQ
VWXGLXSHXQORWGHIHPHLGHDFHHDLYkUVWL+39SR]LWLYHXQSURFHQWGH
VDXvPEROQYLWGHFDQFHUGHFROXWHULQLXQSURFHQWGHQXVDX
vPEROQYLW6HSXQHvQWUHEDUHDGHFH"
1LFKRODV5HJXVKVFULDvQ9DFFLQH0DGQHVV'HMDvQVHSXQHDvQ
WUHEDUHDGDF+39SURYRDFFDQFHUXOGHFROXWHULQ3HWHU'XHVEHUJL-RG\
6FKZDUW]GRLVSHFLDOLWLvQ%LRORJLH0ROHFXODUOD)DFXOWDWHDGLQ%HUNHOH\
&DOLIRUQLDLDXSXVLHLDFHHDLSUREOHP(LDXREVHUYDWFGHLIHPHLOH
HUDX +39 SR]LWLYH WRWXL WXPRULOH FDQFHURDVH QX FRQLQHDX GHFkW UDUHRUL
LIRDUWHSXLQHVHFYHQH$'1+39LJHQH+39QVFKLPEDXREVHUYDW
FUDUHRULFDQFHUXOSRDWHGHFODQDWGHFWUHDQRUPDOLWLFURPR]RPLDOH
VSRQWDQH VDX LQGXVH FKLPLF WLSLFH DWkW vQ FD]XULOH +39SR]LWLYH FkW L vQ
FHOH +39QHJDWLYH Q QDO 'XHVEHUJ L 6FKZDUW] DX DUWDW SRVLELOLWDWHD
FPDLGHJUDEHVWHGHFODQDWFDQFHUXOGHFWUHDOWHFDUFLQRJHQHGHFkWGH
FWUHYLUXV$UJXPHQWXOFHQWUDOHVWHXUPWRUXO'HRDUHFHFHOXOHOHFDQ
FHURDVHFDUHVHGH]YROWKDRWLFVXQWPXOWPDLVHQVLELOHODLQIHFLLGHFkWFH
OXOHOHVQWRDVHYLUXVXULOHFRQVWLWXLHGRDUXQLQGLFDWRUSHQWUXRGH]YROWDUH
DQRUPDOLQXFDX]DDFHVWHLD(LPDLDUPFVHH[DJHUHD]vQPRG
LQWHQLRQDWFkQGVHYRUEHWHGHORFXOGRLDOFDQFHUXOXLGHFROXWHULQODIH
PHLOHWLQHUH DQL FHHDFHHVWHFRUHFWGDUQXVHVSXQHIDSWXOFOD
DFHDVWYkUVWDFDQFHUXO vQJHQHUDO DUHRIUHFYHQIRDUWHVF]XWHOLQG
DSDQDMXOYkUVWHLvQDLQWDWH
&RQFOX]LD HVWH F DOL IDFWRUL GHFODQHD] FDQFHUXO GH FRO XWHULQ
6SHFLDOLWLL FRQVLGHU F vQ SHVWH  GLQ FD]XUL FX OH]LXQL FDQFHURD
VH DSDULLD ORU HVWH OHJDW GH FRQVXPXO GH QLFRWLQ RELFHLXUL DOLPHQWDUH


KWWSZZZLPSIUHSRUWGH]HLWVFKULIWELVKHULJHLPSIUHSRUWKWP



'U&KULVWD7RGHD*URVV

LUDGLDLL VDX VXEVWDQH FDQFHULJHQH $GHYUXO HVWH F DFHVWH FDQFHULJHQH


SRWSURYRFDXQFDQFHULQXYLUXVXULOH
9DFFLQXULOH*DUGDVLO6LOJDUGL&HUYLUD[
OD QRL vQ DU H[LVW OD RUD DFWXDO  WLSXUL GH YDFFLQXUL FX YLUXVXO
+39*DUGDVLO L &HUYLUD[ GHQXPLWH vQ PRG HURQDW YDFFLQXUL vPSRWULYD
FDQFHUXOXLGHFROXWHULQ
GDFvQ*HUPDQLDVDUHFRPDQGDWYDFFLQDUHDWXWXURUIHWHORUFXYkUVWD
FXSULQV vQWUH  DQL vQFHSkQG FX DQXO  OD QRL vQ 5RPkQLD D IRVW
UHFRPDQGDWYDFFLQDUHDWXWXURUIHWHORUVXEDQLvQFHS$QGFXWRDPQDDQX
OXL
RGR]GHYDFFLQFRVW(XURGHFLGR]HFRVW(XURODQRLvQ
DU VD DGPLQLVWUDW JUDWXLW DFHVW YDFFLQ JUXSXOXL GH YkUVW VXVPHQLRQDW
FXWRDWHDFHVWHDIHOXOvQFDUHDIRVWUHFRPDQGDWEDFKLDURUGRQDWOD
XQ PRPHQW GDW YDFFLQDUHD SHQWUX SUHYHQLUHD XQHL EROL FDUH QX HVWH GHORF
FRQWDJLRDVLQXUHSUH]LQWQLFLXQSHULFROSXEOLFULGLFPXOWHVXVSLFLXQLOD
FDUHDPvQFHUFDWVUVSXQGvQDFHVWFDSLWROSHQWUXFHLSHQWUXFDUHQXHVWH
JUDWXLWYDFFLQXOSRDWHFXPSUDWvQFRQWLQXDUHvQIDUPDFLLvQSULPD
DUFDUHUHIX]RULFHFRPHUFLDOL]DUHDYDFFLQXOXLHVWH)UDQDGXSFDUHDX
XUPDWLDOWHOHGXSDSDULLDGHUHDFLLDGYHUVHJUDYHLFRPSOLFDLLSRVWYDF
FLQDOHVHYHUH
HIHFWHOH VHFXQGDUH WUHFXWH vQ SURVSHFW VXQW PLQLPDOL]DWH GH FWUH
SURGXFWRULLGHYDFFLQXULIHEULUHDFLLORFDOHGHODORFXOLQMHFLHLURHD
GXUHUHPWXUvQUHDOLWDWHHOHVXQWIRDUWHQXPHURDVH VXQWGHVFULVHOD
SFWF 
DIRVWQHYRLHVDSDUSULPHOHFD]XULGHGHFHVGXSYDFFLQSHQWUXFDV
VHGHVFRSHUHFHOHVWHFXDGHYUDWLQHFLHQWLPDLDOHVSHULFXORV
9DFFLQXO*DUGDVLO6LOJDUG
HVWHSURGXVGHFWUHFRPSDQLDIDUPDFHXWLF0HUFN
FRQLQHWLSXULGHYLUXV+39LvQYDFFLQQXVXQWFRQLQXWH
YLUXVXULOHvQWUHJLFLFDSVXOHOHSURWHLFHDOHDFHVWRUD vQYHOLXO FDUHUHSUH]LQ
WDQWLJHQXODGLFVXEVWDQDFDUHDUWUHEXLVLQGXFIRUPDUHDGHDQWLFRUSL


KWWSZZZ]HQWUXPGHUJHVXQGKHLWGHLDJHEDHUPXWWHUKDOVNUHEVKWPO
&KULVWD7RGHD*URVV,OLH0ROGRYDQRSFLW

KWWSZZZSFIDUPURSURVSHFWSKS"LG 


9$&&,185,/(35(9(1,(6$8%2$/



FRQLQHDGMXYDQLFDUHDXVFRSXOGHDFUHWHLSUHOXQJLUVSXQVXOLPXQ
ID GH YLUXVXO +39 V IRUPH]H DQWLFRUSLL QHFHVDUL  IRVIDW GH DOXPLQLX
ERUDWGHVRGLXSROLVRUEDWL/KLVWLGLQIUDFHVWHVXEVWDQHYDFFLQXO
SUDFWLFQXDUHQLFLXQHIHFW
VHDGPLQLVWUHD]GR]HODLOXQL
9DFFLQXO&HUYLUD[
HVWHSURGXVGHFWUHFRPSDQLDIDUPDFHXWLF*OD[R6PLWK.OLQH
FRQLQHFDSVXOHOHSURWHLFHDWLSXULGHYLUXV+39L
FRQLQHXQDGMXYDQWQRX$6UROXOOXLHVWHDFHODGHDVWLPXODDFWLYL
WDWHDLPXQDYDFFLQXOXLLGHDRSUHOXQJL
VHDGPLQLVWUHD]GR]HODLOXQL
 5HDFLLDGYHUVHLFRPSOLFDLLSRVWYDFFLQDOH8QSUHPLX1REHO
FRQWURYHUVDW
9DFFLQXODIRVWLQWURGXVODQRLvQDUPXOWPDLWkU]LXGHFkWvQFHOHODWHUL
GLQ8(OXFUXFDUHDIRVWXQPDUHDYDQWDMSHQWUXQRLFFLDPDDWGLQWLPS
GHPXOWLSOHOHFRPSOLFDLLGDWHGHDFHVWYDFFLQPRWLYSHQWUXFDUHPDMRULWDWHD
URPkQLORUDXUHIX]DWVLYDFFLQH]HIHWHOH
'XSFRPSOLFDLLOHIUHFYHQWHLQFOXVLYGRXFD]XULGHGHFHVDSUXWHvQ
XUPD DGPLQLVWUULL YDFFLQXOXL *DUGDVLO6LOJDUG LDU DSRL &HUYDUL[  QX PDL
HUDH[FOXVIDSWXOFSXWHDUHWUDVYDFFLQXOGHSHSLD3HQWUXDVDOYDWUHQXO
FDUHWUDQVSRUWDYDFFLQXOGHODRSRVLELOGHUDLHUHDIRVWRIHULWFXPDUH
JUDESUHPLXO1REHOFHUFHWWRUXOXLJHUPDQ+DUDOG]XU+DXVHQFHOFDUHD
GHVFRSHULWIDSWXOF+39HVWHXQGHFODQDWRULSRWHWLFDOFDQFHUXOXLGHFRO
XWHULQ&XWRDWHFDFHVWSUHPLXQXHVWHOHJDWGLUHFWGHYDFFLQHODGHYHQLW
vQFHOHGLQXUPOHJLWLP$FHVWIDSWSRDWHFRQVWLWXLXQSHULFROGHRDUHFHvQ
YLLWRURULFHFULWLFDGXVYDFFLQXOXLHVWHSRVLELOVHHOLPLQDWGDWRULW
SUH]HQHL DFHVWXL SUHPLX FDUH QX D IFXW DOWFYHD GHFkW V GHD R H[SOLFDLH
LSRWHWLFDDWVXEVHPQXOvQWUHEULLXQHLGRJPHPHGLFDOH
&HUFHWWRUXOXLJHUPDQLPHGLFXOXLRQFRORJSURI+DUDOG]XU+DXVHQLVD
RIHULW3UHPLXO1REHOSHQWUX0HGLFLQQHLQIRUPHD],QVWLWXWXO.DUROLQVND
GLQ 6WRFNKROP OD GDWD GH  RFWRPEULH  +DUDOG ]XU +DXVHQ SULPHWH
3UHPLXO 1REHO SHQWUX GHVFRSHULUHD YLUXVXOXL SDSLORPD XPDQ +39  YLUXV
FDUHSRDWHSURYRFDXQFDQFHUGHFROXWHULQ&HDODOWMXPWDWHD3UHPLXOXL

LPSIUHSRUWQU6HSW2FWYRQ+DQV837RO]LQKWWSZZZLP
SIUHSRUWGH]HLWVFKULIWELVKHULJHLPSIUHSRUWKWP



'U&KULVWD7RGHD*URVV

1REHODUHYHQLWPHGLFLORUIUDQFH]L)UDQoRLVH%DUUH6LQRXVVLL/XF0RQWDJ
QLHU$FHWLDDXUHXLWVHVSXQHODvQFHSXWXODQLORUVL]ROH]HYLUXVXO
GHODSDFLHQLJUDYEROQDYL$PkQGRX3UHPLLOH1REHOVXQWRPDUHIDUV
FDUHVHED]HD]SHLSRWH]HIURED]VROLG0XOWYUHPH&RPLWHWXO
3UHPLLORU1REHOVDDUWDWLPXQQFHOHGLQXUPvQVVDSUEXLWVLVWH
PXOVXLPXQUHVSHFWLYSXWHUHDOXLGHDSUDUHvPSRWULYDXQRUYLUXVXUL
FDUHDXSULPLWDFHVWHSUHPLL7LWUXULOHGHDQWLFRUSLDL&RPLWHWXOXLvPSR
WULYDXQXL3UHPLX1REHOSHQWUXGHVFRSHULUHD+39XOXLDXIRVWDWkWGHPLFL
vQFkWXQXLYLUXV+39FXSURSULHWLvQGRLHOQLFHDD]LVHFDQFHULJHQHL
VDDFRUGDWXQWURIHXPHGLFDODUPDSHEXQGUHSWDWH0LFKDHO/HLWQHU
0XOWH vQWUHEUL UPkQ vQ FRQWLQXDUH IU UVSXQV Q 0DQLIHVWXO
vQDLQWDWGHFWUHVSHFLDOLWLGLQ*HUPDQLDVHFHUHFD67,.2VSXQOD
GLVSR]LLDPHGLFLORULSRSXODLHLGDWHOHOLSVGHOD3URGXFWRULLYDFFLQXOXL
8QXO GLQWUH SURGXFWRULL DFHVWXL YDFFLQ UHVSHFWLY ,QVWLWXWXO 6DQR  3DV
WHXU06'DGDWXUPWRUXOUVSXQV&LIUHOHLWDEHOHOHFDUHQXDXIRVWGDWH
SXEOLFLWLLVHDGRDUODGLVSR]LLDFROHJLORUFDUHDXSDUWLFLSDWODRELQHUHD
UH]XOWDWHORUDVWDvQVHPQkQG3URGXFWRUXOGLQ$PHULFD$FHVWHFLIUHQXQHDX
IRVWSXVHODGLVSR]LLHLHVWHPDLPXOWFDVLJXUFQLFLQXVHYDvQWkPSODDFHVW
OXFUX ([SHULL PDL VSXQ F GHVSUH &HUYLUD[ VXQW L PDL SXLQH GDWH
GLVSRQLELOH'HLDFHVWYDFFLQHVWHXWLOL]DWvQ*HUPDQLDHOWRWXLQXDIRVW
DFFHSWDWSHSLDvQ68$
8QQXPUGHFHUFHWWRULGHODGLIHULWH&HQWUHGH&HUFHWDUHGLQ*HUPD
QLDVSXQFHFLHQDYDFFLQXOXLvPSRWULYDYLUXVXOXLSDSLORPDXPDQ +39 
QXDIRVWVXFLHQWGHELQHVWXGLDW'LQDFHVWPRWLYHLDXFHUXW&RPLVLHL3HU
PDQHQWHSHQWUX9DFFLQDUHGLQ*HUPDQLD 67,.2GLH6WlQGLJH,PSINRPPLV
VLRQ RUHHYDOXDUHDYDFFLQXOXLLXQVIkULWFkWPDLUDSLGDOHURULORUFRQVWDWDWH
ODDFHVWYDFFLQ
8UPWRULL  H[SHUL GLQ *HUPDQLD GH OD  8QLYHUVLWL XQ &HQWUX GH
&HUFHWDUHLXQ&HQWUX0HGLFDOSHQWUX'UHSWXULOH3DFLHQWXOXL DXFHUXWRUH
HYDOXDUHDYDFFLQULLvPSRWULYD+39
  3URI0DUWLQD'|UHQ
  3URI:ROI'LHWHU/XGZLJ &KDULWH%HUOLQ
  3URI5ROI5RVHQEURFN :=%%HUOLQ
  'U$QVJDU*HUKDUGXV


7RUVWHQ(QJHOEUHFKWHWDORSFLW
KWWSHPEHGUFRPSOD\OLVWVWXWWJDUWHULPSIV\PSRVLXP

:LVVHQVFKDIWOHULQQHQ IRUGHUQ 1HXEHZHUWXQJ GHU +39,PSIXQJ XQG HLQ (QGH GHU
LUUHIKUHQGHQ,QIRUPDWLRQHQ

KWWSZZZSV\FKRSK\VLNFRPKEORJ"S 


9$&&,185,/(35(9(1,(6$8%2$/



  3URI&ODXGLD+RUQEHUJ
  3URI2OLYHU5D]XP 8QLYHUVLWlW%LHOHIHOG
  3URI3HWUD.ROLS
  &RULQQD6FKDFK
  3URI1RUEHUW6FKPDFNH 8QLYHUVLWlW%UHPHQ
 3URI-UJHQ:LQGHOHU 0'6(VVHQ
 3URI)HUGLQDQG0*HUODFK 8QLYHUVLWlW)UDQNIXUW
 3URI0LFKDHO0.RFKHQ 8QLYHUVLWlW*|WWLQJHQ
 3URI,QJULG0KOKDXVHQ 8QLYHUVLWlW+DPEXUJ 
'XS FkWHYD FHUFHWUL H[SHULL VXVQXPLL DX DMXQV OD XQ UH]XOWDW FDUH
DUDWFHFLHQDYDFFLQXOXLHVWHPXOWPDLPLFGHFkWVDDUPDWODvQFH
SXW(LVSXQFQLFLSkQODRUDDFWXDOvQFQXVDXDDWPXOWHGDWHGHVSUH
DFHVWYDFFLQ2SDUWHGLQSURFHQWHOHQXVXQWHYLGHQWHLQXSRWGRYHGLWH
'HDVHPHQHDVHFRQVWDWFLQIRUPDLLOHIDOVHGHVSUHYDFFLQJHQHUHD]OD
WLQHUHLIHPHLVHQWLPHQWHGHWHDPLYLQRYLH
&RPSOLFDLLOH QXPHURDVH DSUXWH GXS FHOH GRX YDFFLQXUL DX DWUDV
DWHQLDSULQLORUvQSULPXOUkQGFDUHDXDQXQDW,QVWLWXLLOHGLQ*HUPDQLD6H
FRQVWDWFHOHDSDUODXQSURFHQWGHGLQFD]XUL'RDUODXQSURFHQWGH
QXDXDSUXWUHDFLLDGYHUVHHYLGHQWHVLPSWRPDWLFH8QLLGLQWUHH[SHUL
VSXQFSkQDFXPQXDH[LVWDWQLFLXQYDFFLQSHSLDFDUHVPDQLIHVWHDWkW
GHPXOWHUHDFLLDGYHUVHLGHRYDULDELOLWDWHDWkWGHPDUHSXWkQGDIHFWDWH
DSURDSHWRDWHDSDUDWHOHLVLVWHPHOHRUJDQLVPXOXLXPDQ&DUHVXQWDFHVWHD"
 JUHXUL
 FHIDOHH
 DPHHOL
 DVWHQLH
 GXUHUL
 LQIHFLL
 WXOEXUULVHQVLWLYH
 VRPQROHQGXUHULDEGRPLQDOHWXOEXUULFLUFXODWRULL 

 FUDPSHDEGRPLQDOHYUVWXUL
 FGHUHD SUXOXL GLDUHH HUXSLL FXWDQDWH WXOEXUUL GH FRQFHQWUDUH
GXUHULGHVSDWHWXOEXUULGHYHGHUHGXUHULSHOYLHQH 
 OLSVDSRIWHLGHPkQFDUH OLSRWLPLL OHLQ  GHSUHVLL IHEU GXUHULDU
WLFXODUH WDKLFDUGLH DGHQRSDWLL XPDUHD JDQJOLRQLORU  GXUHUL GH
VWRPDFGXUHULPXVFXODUHWUHPXUWXULWXOEXUULPHQVWUXDOH
 UHDFLL DOHUJLFH DPHQRUHH FUL]H GH DVWP KLSHUWHQVLXQH DUWHULDO 
EDORQUL H[DQWHPH JDVWULWH FRQGLORDPH FUL]H HSLOHSWLFH HGHP
DOHIHHL DOHUJLF  WXOEXUULGHHFKLOLEUXFRQYXOVLL WXOEXUULGHDX]



'U&KULVWD7RGHD*URVV

PRGLFULDOHSUREHORUKHSDWLFH IRWRIRELH WXVH SDUDOL]LL PLJUHQH


SUXULW PkQFULPLDOHSLHOLL  DFXIHQH ]JRPRWHvQXUHFKL  WXOEXUUL
GHSHUVRQDOLWDWHDWDFXULGHSDQLFKLSRWLURLGLVPRFDQDODFWLFWLQ
QLWXVWURPER]HPHWURUDJLLEXIHXULWXOEXUDULGHGHJOXWLLHWXOEXUUL
GH RULHQWDUH WUDQVSLUDLL WXOEXUUL GH ULWP FDUGLDF FUDPSH PXVFX
ODUH
$X IRVW L WUHL FD]XUL GH GHFHV vQ XUPD DXWRSVLLORU VD HYLGHQLDW F
WURPEHPEROLVPXODUFDX]DDGRXGHFHVHLDUPLRFDUGLWDFDX]DFHOXLGHDO
WUHLOHDGHFHV1XVDSXWXWIDFHROHJWXUGLUHFW VDXQXVDGRULW vQWUH
GHFHVLYDFFLQGDUQLFLQXDIRVWH[FOXVRDVHPHQHDSRVLELOLWDWH
$P GH OD 'U -HQ| (EHUW PHGLF LQWHUQLVW GLQ *HUPDQLD  FX RFD]LD
FHOXLGHDOOHD6LPSR]LRQGHVSUHYDFFLQXULGLQ6WXWWJDUWGLQLXQLH
UHIHULWRU OD UHDFLLOH VHFXQGDUH DOH YDFFLQXULORU vQGUHSWDWH vPSRWULYD +39
XUPWRDUHOH8QVWXGLXGLQ68$HIHFWXDWGHFWUH9$(56 9DFFLQH$GYHUVH
(YHQW 5HSRUWLQJ 6\VWHP  vQ OHJWXU FX HIHFWHOH VHFXQGDUH DOH YDFFLQXOXL
FUHDWvPSRWULYD+39DUDWFvQSHULRDGDLXOLHDSULOLHSHXQ
ORWGHGHFRSLLYDFFFLQDLvPSRWULYD+39vQGLQFD]XULDXIRVW
UHDFLLVHFXQGDUHJUDYHUHVSFWLYWXOEXUULJUDYHGHYHGHUHSDUDOL]LLLVLQ
GURPXO*XLOODLQ%DUUH'HDVHPHQHDVWDWLVWLFLOHDUDWFEROLOHDXWRLPXQH
DSDUGHRULPDLIUHFYHQWH vQFRPSDUDLHFXFHLQHYDFFLQDL LDUGLQGH
JUDYLGHYDFFLQDWHGLQJUHHDO  DXDYRUWDW7RWDFHVWVWXGLX9$(56
DUDWFDXDYXWORFGHFHVHFDUHVDXGDWRUDWDFHVWXLYDFFLQGHFHVHvQ
vQLvQ 6WXWWJDUWHU,PSI6\PSRVLXP0DFKWLP
SIHQ6LQQ" 
 'HFHYDFFLQXOSURYRDFRVHULHGHUHDFLLDGYHUVH"&RPSOLFDLL
SRVLELOHvQYLLWRU
$GMXYDQLLQRLIRORVLLvQDFHVWHYDFFLQXULVXQWXQDGLQFDX]HOHUHDFLLORU
DGYHUVH
$GMXYDQLLGLQFHOHGRXYDFFLQXULVXQWVXEVWDQHFKLPLFHFDUHLQMHF
WDWHGLUHFWvQVkQJHVXQWGRYHGLWHDVXEVWDQHWR[LFHFDX]kQGLQIHUWLOLWDWH
FDQFHULDOWHEROL
$GMXYDQWXOSRO\VRUEDWH PJ GLQYDFFLQXO*DUGDVLODIRVWWHV
WDWSHIHPHOHGHRDUHFLvQODERUDWRULVDFRQVWDWDWFSURGXFHRPDWXUL]DUHD
DQRUPDODRUJDQHORUVH[XDOHLVWHULOLWDWH6HYDGRYHGLRDUHSHVWHDQL
F YDFFLQXO*DUGDVLO D IRVW XQ DJHQWGH VWHULOL]DUH L R vQWUHDJ JHQHUDLH


KWWSZZZVDQHJRGH0HGLNDPHQWB*DUGDVLO
 LPSIUHSRUWQU 6HSW2FW YRQ +DQV 837RO]LQ  KWWSZZZLP
SIUHSRUWGH]HLWVFKULIWELVKHULJHLPSIUHSRUWKWP

KWWSHPEHGUFRPSOD\OLVWVWXWWJDUWHULPSIV\PSRVLXP



 KWWSZZZXQLELHOHIHOGGHJHVXQGKZDJGRZQORDGVKWPO ,QIRUPDWLRQVGLHQVW
:LVVHQVFKDIW3UHVVHPLWWHLOXQJ7RUVWHQ6FKDOHW]NH8QLYHUVLWlW%LHOHIHOG

9$&&,185,/(35(9(1,(6$8%2$/



GH IHWH DX IRVW DIHFWDWH"  VH vQWUHDE FX vQJULMRUDUH FHUFHWWRULL RFFLGHQ
WDOLQH[SHULHQHOHSHRDUHFLVDFRQVWDWDWGHDVHPHQHDF3RO\VRUEDWH
HVWHFDUFLQRJHQLPXWDJHQSULQSURGXFHUHDGHPXWDLLJHQHWLFH$GMXYDQWXO
$62HVWHSUHVFXUWDUHD$GMXYDQWXOXL6\VWHPSURGXVGHFWUH&RPSD
QLD )DUPDFHXWLF *OD[R6PLWK.OLQH L HVWH R HPXOVLH XOHLRDV 2 GR] GH
 PO GH YDFFLQ SDQGHPLF 3DQGHPUL[ FRQLQH   PJ 6TDOHQD 
PJYLWDPLQD(LPJHPXOJDWRU3ROLVRUEDW 7ZHHQ 6DGRYHGLW
F6TXDOHQDDFDX]DWQXPHURDVHEROLDXWRLPXQHL6LQGURPXOXL5]ERLXOXL
GLQ *ROI $GMXYDQLL 6FDOHQD L 7ZHHQ SURYRDF L LQIHUWLOLWDWH OD
DQLPDOH
%ROLDXWRLPXQH
9DFFLQXOFRQLQHPFJDOXPLQLX3ULQDGPLQLVWUDUHDFHORUWUHLYDF
FLQXULVHDFXPXOHD]vQFRUSXOIHPHLLRFDQWLWDWHGHPFJGHDOXPL
QLX$FHVWPHWDOVHGHSXQHvQFHOXOHDIHFWkQGPDLDOHVVLVWHPXOQHUYRV
FHQWUDO6HWLHFDFXPXODUHDGHDOXPLQLXvQRUJDQLVPHVWHFRUHODWFX
DSDULLDEROLORUDXWRLPXQHLQFOXVLYGHPHQD$O]KHLPHU6LQGURPXO
5]ERLXOXLGLQ*ROIHVWHGLUHFWOHJDWGHDFWLXQHDQHXURWR[LFDDOX
PLQLXOXLDVXSUDVLVWHPXOXLQHUYRV&HOHPDLJUDYHVLPSWRPHDXIRVW
FHOHQHUYRDVHFXOH]LXQLQHXURPXVFXODUHLPSRUWDQWH H[6LQGURPXO
/RX*HKULQJV $/6 6ROGDLLIUDQFH]LQHLQGWUDWDLFXDVWIHOGH
YDFFLQXULQXDXVXIHULWGH6LQGURPXO5]ERLXOXLGLQ*ROI
9DFFLQXULOH FDUH FRQLQ YLUXVXO XPDQ SDSLORPD +39  WLSXO  H[
*DUGDVLOL&HUYLUD[ SURYRDFEROLDXWRLPXQH


7RUVWHQ(QJHOEUHFKW&ODXV.|KQOHLQ9LUXV:DKQ(PX9HUODJ$XDJH



+R0:+RZWRVWRSELUXLQVWHDGRIWKHYDFFLQHDQWLYLUDOPRGHO6FLHQFHLQ
6RFLHW\ L9DFFLQHVPD\EHOLQNHGWR*XOI:DU6\QGURPH&KLURZHE
FRP-XQHKWWSZZZFKLURZHEFRPPSDFPVGFDUWLFOHSKS"LG 

 KWWSZZZVZLQHXXSGDWHXV(&VZLQHX('YDFFLQHKDV
DGMXYDQWVWKDWLPSDLUIHUWLOLW\SKS L KWWSLQIHUWLOLW\VXLWHFRPDUWLFOHFIPSRO\VRU
EDWHBBFDXVHVBLQIHUWLOLW\

0LFKDHO/HLWQHU+39,PSIXQJGHQQVLHZLVVHQQLFKWZDVVLHWXQKWWSZZZLPS
INULWLNGH]XVDW]VWRIIHVTXDOHQKWP

 0RVKH 7LVKOHU <HKXGD 6KRHQIHOG 9DFFLQDWLRQ PD\ EH DVVRFLDWHG ZLWK DXWRLP
PXQH GLVHDVHV ,0$M  L 9HUHG 0ROLQD <HKXGD 6KRHQIHOG ,QIHFWLRQ
YDFFLQHVDQGRWKHUHQYLURQPHQWDOWULJJHUVRIDXWRLPPXQLW\  

%(KJDUWQHURSFLW

'.DQGXF4XDQWLI\LQJWKHSRVVLEOHFURVVUHDFWLYLW\ULVNRIDQ+39YDFFLQH-
([S7KHU2QFRO  KWWSZZZLPSIVFKDGHQLQIRLPSIHQKSYLPSIXQJKWP



'U&KULVWD7RGHD*URVV

'HFHVHDXIRVWGHFODUDWHGHFHVHGXSYDFFLQGDUDXWRULWLOHQXOHDX
UHFXQRVFXW 8OWHULRU DX PDL IRVW FLWDWH FkWHYD FD]XUL GLQ FDUH UHGDX FD]XO
XQHLIHWLHGHDQL
&D]2IHWLWDGHDQLGLQ1RXD=HHODQGDPXULWvQVRPQGXSOXQL
GHODFHDGHDWUHLDGR]GHYDFFLQ*DUGDVLOGHLIXVHVHVQWRDV/DDX
WRSVLHQXVDJVLWQLFLRDIHFLXQHFDUHVSURYRFDWGHFHVXOGDUvQVkQJH
VDHYLGHQLDWYLUXVXO$'1DO+39$FHVWDHVWHOHJDWGHDOXPLQLXSHQWUXD
FUHWHLPXQLWDWHDGDWGHYDFFLQ3URI&KULVWRSKHU6KDZGHOD8QLYHUVLWDWHD
GLQ&ROXPELDDJVLWvQSUREHOHOXDWHGLQFUHLHUDWkW$'1YLUDO+39FkWL
DOXPLQLXO$FXP)'$GLQ68$vQFHDUFVPXDPDOL]H]HFD]XO1XVD
SXWXWH[SOLFDFDX]DGHFHVXOXLGDUVHWLHFDOXPLQLXOSRDWHSURYRFDRVHULH
GHEROLQHXURORJLFHJUDYH
2WUYLUHOHQWXQDOWVHPQGHvQWUHEDUHvOULGLFSUH]HQDvQFRPSR]LLD
YDFFLQXOXL*DUGDVLODPFJGHERUDWGHVRGLX,QVWLWXWXO1DLRQDOSHQWUX
6QWDWHDO$PHULFLLFRQVLGHUDFHDVWVXEVWDQRRWUDYSHULFXORDV(DD
IRVWIRORVLWvQWUHFXWSHQWUXGH]LQIHFLHSkQFkQGDVXUYHQLWPRDUWHDSHU
VRDQHORUFDUHLQWUDXvQFRQWDFWFXVXEVWDQD(IHFWHOHDGYHUVHDVRGLXOXLERUDW
VXQWVWDUHDGHYRPGLDUHHDXUWLFDUHDSUREOHPHOHUHVSLUDWRULLGXUHULGH
FDSLLQVRPQLLIHEUVFGHUHDWHQVLXQLLVSDVPHDOHPXFKLORUIDFLDOLWUH
PRUDOPkLQLORULSLFLRDUHORUVWDUHGHFRQIX]LHPHQWDOFRQYXOVLLLFRP
(IHFWHOHSHWHUPHQOXQJQXVXQWFXQRVFXWHGHRDUHFHSkQGHFXUkQGERUDWXO
GH VRGLX HUD FRQVLGHUDW VXFLHQW GH RWUYLWRU FD V VH PDL SXQ SUREOHPD
IRORVLULLOXLvQDOLPHQWDLHVDXvQLQGXVWULDIDUPDFHXWLF
'LQFDX]DFRPSOLFDLLORUJUDYHSRVWYDFFLQDOHLDVWXGLLORULQVXFLHQWHDOH
YDFFLQXOXLDOWHULLQWHU]LFYDFFLQXULOHDQWL+39'DFvQ5RPkQLDSkQOD
RUDDFWXDOQXVDLQWHU]LVDGPLQLVWUDUHDYDFFLQXOXL*DUGDVLOvQ)UDQDVD
OXDWDFHDVWGHFL]LHvQFGLQ/DIHOVDvQWkPSODWLvQ6SDQLDXQGH
DXWRULWLOHVSDQLROHDXUHWUDVGHSHSLDGR]HGHYDFFLQDQWL+39


KWWSZZZLPSINULWLNGHSUHVVHVSLHJHOKWP
7(QJHOEUHFKW&.|KQOHLQRSFLW

'pFLVLRQGXDRWLQWHUGLVDQWXQHSXEOLFLWpSRXUXQPpGLFDPHQWPHQWLRQQpH
jODUWLFOH/SUHPLHUDOLQpDGXFRGHGHODVDQWpSXEOLTXHGHVWLQpHDX[SHUVRQQHV
KDELOLWpHVjSUHVFULUHRXGpOLYUHUFHVPpGLFDPHQWVRXjOHVXWLOLVHUGDQVOH[HUFLFHGHOHXUDUW
1256$606 &RQVLGpUDQWTXDLQVLFHGRFXPHQWHVWFRQWUDLUHDX[GLVSRVLWLRQV
GHV DUWLFOHV /  VXVPHQWLRQQpHV GX FRGH GH OD VDQWp SXEOLTXHOD SXEOLFLWp VXVYLVpH
SRXUODVSpFLDOLWpSKDUPDFHXWLTXH*$5'$6,/HVWLQWHUGLWHKWWSZZZOHJLIUDQFHJRXY
IUDIFK7H[WHGRMVHVVLRQLG "FLG7H[WH -25)7(;7 GDWH7H[WH ROG$FWLRQ
UHFK-2 FDWHJRULH/LHQ LG


9$&&,185,/(35(9(1,(6$8%2$/



GXS FH GRX VWXGHQWH DX QHFHVLWDW VSLDWOL]DUH LPHGLDW GXS DGPLQLVWUDUHD
YDFFLQXOXL IHEUXDULH 
&RQFOX]LL
SUHPL]HOHGHODFDUHVHSOHDFSHQWUXSUHYHQLUHDFDQFHUXOXLGHFROXWH
ULQOHFRQVLGHUJUHVLWHGHRDUHFHQXVXQWOXDWHvQFRQVLGHUDWLHLHOLPLQDWH
FDX]HOH GLUHFWH DOH LQIHFLHL UHODWLLOH VH[XDOH GH OD R YkUVW IUDJHG SDU
WHQHUL PXOWLSOLL FRQWUDFWDUHD EROLORU FX WUDQVPLWHUH VH[XDO JRQRUHH HWF 
FDUHIDYRUL]HD]SURGXFHUHDFDQFHUXOXLGHFROXWHULQHIHFWXOQRFLYDOIXPD
WXOXLIRORVLUHDFRQWUDFHSWLYHORUSURVWLWXLDHWFQORFXOHOLPLQULLFDX]HORU
ULVFPVQHvPEROQYLPFRSLLL IHWHOH FXXQYDFFLQvQFLQVXFLHQWVWXGLDW
LPDLDOHVFXPXOWHUHDFLLDGYHUVHLFRPSOLFDLLVHYHUHGHVSUHFDUHQXVH
YRUEHWH
LQYHVWLLDPDUHvQDFHVWHYDFFLQXULDUWUHEXLUHGLUHFLRQDWVSUHHIHF
WXDUHDWHVWXOXL%DEH3DSDQLFRODXGHGRXRULSHDQODWRDWHIHPHLOHDFWLYH
VH[XDO&RVWXODUPDLPLFLDUHFLHQDPXOWPDLPDUH
5(3(5(%,%/,2*5$),&(
&DSLWROXO
  6/XJDXHU.+HLQLQJHU-6WHKU'&KHUU\/RQJWHUPFOLQLFDOHIIHFWLYHQHVVRIDQ
DFHOOXODUSHUWXVVLVFRPSRQHQWYDFFLQHDQGDZKROHFHOOSHUWXVVLVFRPSRQHQWYDFFLQH
-3HGLDWULFV
KWWSZZZQFELQOPQLKJRYSXEPHG
  6(VSRVLWR7$JOLDUGL$*LDPPDQFRHWDO/RQJWHUPSHUWXVVLVVSHFLFLPPXQLW\
DIWHUSULPDU\YDFFLQDWLRQZLWKDFRPELQHGGLSKWKHULDWHWDQXVWULFRPSRQHQWDFHOOXODU
SHUWXVVLVDQGKHSDWLWLWV%YDFFLQHLQFRPSDULVLRQZLWKWKDWQDWXUDOLQIHFWLRQ,QIHFW
,PPXQ
  / *XVWDIVVRQ / +HVVHO - 6WRUVDHWHU 3 2OLQ /RQJWHUP IRRORZXS RI 6ZHGLVK
FKLOGUHQ YDFFLQDWHG ZLWK DFHOOXODU SHUWXVVLV YDFFLQHV DW  DQG  PRQWKV RI DJH
LQGLFDWHVWKHQHHGIRUDERRVWHUGRVHDWWR\HDUVRIDJH3HGLDWULFV6HS
KWWSZZZQFELQOPQLKJRYSXEPHG
  0DUWLQ+LUWH,03)(13UR &RQWUD'DV+DQGEXFKIUGLHLQGLYLGXHOOH,PSIHQWVFKH
LGXQJ0HQV6DQD9HUODJ*HUPDQ\
  9LHUD 6FKHLEQHU ,PSIXQJHQ ,PPXQVFKZlFKH XQG 3O|W]OLFKHU .LQGVWRG  -DKUH
,PSIIRUVFKXQJXQG,PSIHUIDKUXQJEHZHLVHQGDVV,PSIXQJHQHLQHQPHGL]LQLVFKHQ$Q
JULIIDXIGDV,PPXQV\VWHPGDUVWHOOHQXQGGLH+DXSWLUVDFKHIUGHQSO|W]OLFKHQ.LQG
VWRG 6,' VLQG$XDJH+LUWKDPPHU9HUODJ*PE+*HUPDQ\
  6LPRQH'HODUXH,PSIVFKXW],UUWXPRGHU/JH"+LUWKDPPHU9HUODJ'0QFKHQ
$XDJH 'LH,QWHUQDWLRQDOH7HWDQXVNRQIHUHQ]

 KWWSZZZKRWQHZVURVWLULXOWLPDBRUDVSDQLDYDFFLQXULLPSRWULYDKSY
UHWUDVHGXSDGRXDLQWHUQDULKWP



'U&KULVWD7RGHD*URVV

  *KHRUJKH 0DULQ 9RLFXOHVFX %ROL ,QIHFLRDVH YRO ,, (GLWXUD 0HGLFDO %XFXUHWL

  5(%HKUPDQQ5.OLHJPDQ+/-HQVRQ1HOVRQ7H[WERRNRI3HGLDWULFVWK(GL
WLRQ3KLODGHOSKLD
  *HUKDUGW%XFKZDOG,PSIHQ'DV*HVFKlIWPLWGHU$QJVWHPXYHUODJ$XDJH
*HUPDQ\
  (% (SLGHPLRORJLVFKHV%XOOHWLQ =XU6LWXDWLRQEHLZLFKWLJHQ,QIHNWLRQVNUDQNKHLWHQ
(SLGHPLRORJLVFKHV%XOOHWLQ
  / 6 ,OOLV XQG ) 07D\ORU 1HXURORJLFDO DQG (XURORJLFDO DQG (OHFWURHQFHSKDOR
JUDSKLF6HTXHOHRI7HWDWQXV/DQFHW$SULO

KWWSZZZWKHODQFHWFRPMRXUQDOVODQFHWDUWLFOH3,,6  DEVWUDFW
  'U)ULHGULFK3*UDI1LFKWLPSIHQZDVGDQQ"$XDJHVSUDQJVUDGHYHUODJ
*HUPDQ\
  :+2 +LVWRU\ RI YDFFLQDWLRQ KWWSZZZZKRLQWJSYGYDFFKLVWRU\KLVWRU\
KWP
  0DULD,ULQD%UXPERLX,RDQ6WHOLDQ%RFDQ9DFFLQXULLYDFFLQULvQ3UDFWLFD0HGL
FDO(GLWXUD0HGLFDO8QLYHUVLWDU,XOLX+DLHJDQX&OXM1DSRFD
  0':ULJKW2QWKH&KDQJHV(IIHFWHGE\DQWLW\SKRLGLQRFXODWLRQLQWKHEDFWHUL
FLGDOSRZHURIWKHEORRGZLWKUHPDUNVRQWKHSUREDEOHVLJQLFDQFHRIWKHVHFKDQ
JHV/DQFHW6HSW

KWWS Z ZZODQFHWFRPM RXUQDOVO DQFHWD UWLFOH3 ,,6  I XOO
WH[WH[SRUW&LWDWLRQ
  $JHQGD0HGLFDO(GLLDGHEX]XQDU(GLWXUD0HGLFDO%XFXUHWL
  KWWSZZZPHGLSHGLDUR'LFWLRQDUPHGLFDO0HGLFDPHQWHWDELGSUR
VSHFW:9$&&,1',)7(527(7$1,&3(1758$'8/7,G7DVS[
  KWWSZZZVIDWXOPHGLFXOXLURPHGLFDPHQWHLPRYD[GWDGXOWVXVSHQVLHLQMHFWDEL
ODB
  KWWSZZZVIDWXOPHGLFXOXLURDUKLYDBPHGLFDODYDFFLQWHWDQRV
  ZZZLPSIVFKDGHQLQIR
  38%/,&+($/7+6FLHQWLVWV$SSODXG0RYH$ZD\)URP8VH2I0HUFXU\6D\V
7KLPHURVDO&ROOHFWVLQWKH%UDLQ$XJXVW>%\5RJHU+LJKHOGIRUWKH'DLO\
7HOHJUDSK8.'HVSLWHWKH86V,QVWLWXWHRI0HGLFLQHVVWURQJUHFRPPHQGDWLRQWKDWQR
IXUWKHUUHVHDUFKEHGRQHUHJDUGLQJDSRVVLEOHYDFFLQHDXWLVPFRQQHFWLRQWKLVWHDPLV
GRLQJVRPHQRQHWKHOHVVZLWKDUJXDEO\VRPHPRUHVPRNLQJJXQHYLGHQFHLQVXSSRU
WRIWKHK\SRWKHVLV7KLVWHDPLVLQ&DQDGD@

KWWSZZZWHOHJUDSKFRXNQHZVPDLQMKWPO"[PO QHZVQYDFF[PO
KWWSKHDOWKJURXSV\DKRRFRPJURXS$X7HDFKPHVVDJH
  ):HUQHU-*ULPP'7,PSIXQJ3lGLDWU3UD[
  0%OHQQRZ0*UDQVWU|P$6WUDQGKHOO$GYHUVHUHDFWLRQDIWHUGLSKWKHULDWHWDQXV
ERRVWHULQ\HDUROGVFKRROFKLOGUHQLQUHODWLRQWRWKHW\SHRIYDFFLQHJLYHQIRUWKH
SULPDU\YDFFLQDWLRQ9DFFLQH
  8WH 4XDVW HW DO ,PSIUHDNWLRQHQ %HZHUWXQJ XQG 'LIIHUHQWLDOGLDJQRVH  $XDJH
+LSSRNUDWHV 6WXWWJDUW  -DQXDU KWWSZZZDPD]RQGHGSUHI QRV
LP"WDJ \DVQL

9$&&,185,/(35(9(1,(6$8%2$/



  $0DUL,VWKHUHDFDXVDWLYHUROHIRUWHWDQXVWR[RLGYDFFLQDWLRQLQWKHGHYHORSPHQW
RIDOOHUJ\OLNHV\PSWRPHVDQGLQWKHLQFUHDVLQJSUHYDOHQFHRIDWRSLFGLVHDVHV"0HG
+\SRWKHVHV
  +56$ +HDOWK5HVRXUFHVDQG6HUYLFHV$GPLQLVWUDWLRQ 9DFFLQH,QMXU\7DEOH0DUFK
KWWSZZZKUVDGKKVJRYEKSUYLFSWDEOHKWP
  :6K\H-DR66KHQ/-LXQ<L+3R<XDQHWDO $FXWH)XOPLQDQW0\RFDUGLWLV
DIWHU 'LSKWHULD 3ROLR DQG 7HWDQXV 9DFFLQDWLRQ $VLDQ &DUGLRYDVFXODU 7KRUDFLF
$QQDOV

KWWSDVLDQDQQDOVFWVQHWMRXUQDOVRUJFJLFRQWHQWDEVWUDFWH
  6WHSKHQ-5HDGHWDO$FXWHWUDQVYHUVHP\HOLWLVDIWHUWHWDQXVWR[RLGYDFFLQDWLRQ
/DQFHW0D\
KWWSZZZODQFHWFRPMRXUQDOVODQFHWDUWLFOH3,,  IXOOWH[W
  *.6FKOHQVND8QXVXDOQHXURORJLFDOFRPSOLFDWLRQIROORZLQJWHWDQXVWR[RLGDGPL
QLVWUDWLRQ-RXUQDORI1HXURORJ\
  +7RSDORJOXHWDO2SWLFQHXULWLVDQGP\HOLWLVDIWHUERRVWHUWHWDQXVWR[RLGYDFFLQD
WLRQ$FWD3DHGLDWULFD
  : (KUHQJXW )HOHUTXHOOHQ EHL GHU %HJXWDFKWXQJ YRQ ,PSIVFKlGHQ 'HU PHG 6D
FKYHUVW
  11HZWRQ$-DQDWL*LXOODLQ%DUUHV\QGURPHDIWHUYDFFLQDWLRQZLWKSXULHGWHWD
QXVWR[RLG6RXWKHUQ0HGLFDO-RXUQDO
  .56WUDWWRQ&-+RZH5%-RKQVWRQ +J $GYHUVH(YHQWV$VVRFLDWHGZLWKFKLO
GKRRGYDFFLQHV(YLGHQFH%HDULQJRQ&DXVDOLW\9DFFLQH6DIHW\&RPPLWWHH,QVLWXWH
RI0HGLFLQH1DWLRQDO$FDGHP\3UHVV:DVKLQJWRQ'&
  -'3ROODUGHWDO5HODSVLQJQHXURSDWK\GXHWRWHWDQXVWR[RLG5HSRUWRIDFDVH-
1HXURO6FLHQFH
  + &RXOWHU % )LVKHU 'UHLIDFKLPSIXQJ (LQ 6FKXVV LQV 'XQNOH %DUWKHO  %DUWKHO
9HUODJ
  : (KUHQJXW ,PSIVFKlGHQ QDFK 3HUWXVVLV6FKXW]LPSIXQJ LQ GHU %XQGHVUHSXEOLFN
'HXWVFKODQG  3lGLDWU3UD[
  : (KUHQJXW %LDVHV LQ HYDOXDWLQJ &16 FRPSOLFDWLRQV IRRORZLQJ SHUWXVVLV LPPX
QL]DWLRQ vQ 8 )XNX\DPD HW DO +J  0RGHUQ SHUVSHFWLYHV RI FKLO QHXURORJ\7KH
-DSDQHVH6RFLHW\RI&KLOG1HXURORJ\
  0 5 *ULIQ HW DO 5LVN RI VHL]XUHV DQG HQFHSKDORSDWK\ DIWHU LPPXQL]DWLRQ ZLWK
WKH 'LSKWHUDL7HWDQXV3HUWXVVLV YDFFLQH - $P 0HG $VRFLDWLRQ -$0$  
KWWSZZZQFELQOPQLKJRYSXEPHG
  .6WHKUHWDO5HKDELOLWDWLRQGHU3HUWXVVLVLPSIXQJ3lGLDWU3D[
  -/*DOHHWDO$FXWHQHXURORJLFDOLOOQHVVDQG'735HSRUWRIDFDVHFRQWUROVWXG\
LQ :DVKLQJWRQ DQG 2UHJRQ LQ & 5 0DQFODUN 6L[WK ,QWHUQDWLRQDO 6\PSRVLXP RQ
3HUWXVVLV$EVWUDFWV%HWKHVGD0DU\ODQG'SW+HDOWKDQG+XPDQ6HUYLFHV
  .5:HQW](.0DFUXVH'LSKWHULDWHWDQXVSDUWXVVLVYDFFLQHDQGVHULRXVQHXUR
ORJLFLOOQHVVDQXSGDWHGUHYLHZRIWKHHSLGHPLRORJLFHYLGHQFH3HGLDWULFV
  $60 $PHULFDQ 6RFLHW\ IRU 0LFURELRORJ\ $QRWKHU UHDVRQ IRU :KRRSLQJ &RXJK 
,QGXFHG%UDLQ'DPDJH$UH$FHOOXODU9DFFLQH6DIH"WKJHQHUDO0HHWLQJRIWKH
$PHULFDQ 6RFLHW\ IRU 0LFURELRORJ\ 0DL  2UODQGR )ORULGD KWWSZZZDVP
RUJ0HGLDLQGH[DVS"ELG 



'U&KULVWD7RGHD*URVV

  0$hEHUDOO.6WHKU-'&KHUU\8+HLQLQJHU66FKPLWW*URKH6/DXVVXFT
7(FNKDUGW6HYHUHDGYHUVHHYHQWVLQDFRPSDUDWLYHHIFDF\WULDOLQ*HUPDQ\,LQ
IDQWVUHFHLYLQJHLWKHUWKH/HGUHOH7DNHGDDFHOOXODUSHUWXVVLVFRPSRQHQW'73 '73D 
YDFFLQHWKH/HGUHOHZKROHFHOOFRPSRQHQW'73 '73 RU'7YDFFLQH7KH3HUWXVVLV
9DFFLQH6WXG\*URXS'HY%LRO6WDQG
  +/&RXOWHU5HYLHZRI0DULH5*ULIQ'73VWXG\8QSOXELVKHGD]LWLHUWEHL
1HXVWDHWWHU
  ':6FKHLIHOH0DUNHGUHGXFWLRQLQIHEULOHVHL]XUHVDQGK\SRWRQLFK\UHVSRQVLYH
HSLVRGHV ZLWK DFHOOXODU SHUWXVVLV  EDVHG YDFFLQHV UHVXOWV RI &DQDGD  ZLGH VXU
YHLOODQFH  WK$QQXDO 0HHWLQJ RI WKH LQIHFWLRXV 'LVHDVHV 6RFLHW\ RI
$PHULFD3KLODGHOSKLD3D1RYHPEHU
  76'X9HUQR\00%UDXQ+\SRWRQLFK\SRUHQVSRQVLYHHSLVRGHVUHSRUWHGWRWKH
9DFFLQH$GYHUVH(YHQW5HSRUWLQJ6\VWHP 9$(56 3HGLDWULFV
  $YHQWLV3DVWHXU06'+H[DYDF3URGXFWPRQRJUDSKLH
  -00XUWK\$FXWHGLVVHPLQDWHGHQFHSKDORP\HOLWLV1HXURO,QGLD
  06DNDJXFKL71DND\DPD6,QRX\H&DVHVRIV\VWHPLFLPPHGLDWHW\SHXUWLFDULD
DVVRFLDWHGZLWKDFHOOXODUGLSKWKHULDWHWDQXVSHUWXVVLVYDFFLQDWLRQ9DFFLQH
  )0DVFDUW0+DLQDXW$3HOWLHU99HUVFKHXUHHWDO0RGXODWLRQRIWKHLQIDQWLP
PXQHUHVSRQVHVE\UVWSHUWXVVLVYDFFLQHDGPLQLVWUDWLRQV9DFFLQH
  50%HUQVHQ1-1DJHONHUNH&7KLMV-&YDQGHU:RXGHQ5HSRUWHGSHUWXVVLV
LQIHFWLRQDQGULVNRIDWRS\LQWR\UROGYDFFLQDWHGDQGQRQYDFFLQDWHGFKLOGUHQ
3HGLDWU$OOHUJ\,PPXQRO
  052GHQW3HUWXVVLVYDFFLQDWLRQDQGDVWKPDLVWKHUHDOLQN"-$0$
  ( / +XUZLW] + 0RUJHQVWHUQ (IIHFWV RI GLSKWKHULDWHWDQXVSHUWXVVLV RU WHWDQXV
YDFFLQDWLRQRQDOOHUJLHVDQGDOOHUJ\UHODWHGUHVSLUDWSU\V\PSWRPVDPRQJFKLOGUHQDQG
DGROHVFHQWVLQWKH8QLWHG6WDWHV-0DQLSXODWLYH3K\VLRO7KHUDS)HE
  0)DURRTLHWDO$FXWHQHXURORJLFDOLOOQHVVDQG'735HSRUWRIDFDVHFRQWUROVWXG\
LQ :DVKLQJWRQ DQG 2UHJRQ LQ & 5 0DQFODUN 6L[WK ,QWHUQDWLRQDO 6\PSRVLXP RQ
3HUWXVVLV$EVWUDFWV%HWKHVGD0DU\ODQG'SW+HDOWKDQG+XPDQ6HUYLFHV
  '&&ODVVHQ-%&ODVVHQ7KHWLPLQJRISHGLDWULFLPPXQL]DWLRQDQGWKHULVNRI
LQVXOLQGHSHQGHQWGLDEHWHVPHOOLWXV,QIHFWLRXV'LVHDVHVLQ&OLQLFDO3UDFWLFH

  -%&ODVVHQ'&&ODVVHQ&OXVWHULQJRIFDVHVRIW\SHGLDEHWHVPHOOLWXVRFFXUULQJ
\HDUVDIWHUYDFFLQDWLRQLVFRQVLVWHQWZLWKFOXVWHULQJDIWHULQIHFWLRQVDQGSURJUHV
VLRQWRW\SHGLDEHWHVPHOOLWXVLQDXWRDQWLERG\SRVLWLYHLQGLYLGXDOV-3HG(QGRFU
0HWDEKWWSZZZQFELQOPQLKJRYSXEPHG
  ,59DQGHEULH(5*UHPPHUD-39HUPHXOHQ60+HOOZLJHWDO/XQJSDWKRO
RJ\DQGLPPHGLDWHK\SHUVHQVLWLYLW\LQDPRXVHPRGHODIWHUYDFFLQDWLRQZLWKSHUWXVVLV
YDFFLQHVDQGFKDOOHQJHZLWK%RUGHWHOODSHUWXVVLV9DFFLQH
  3HDUO.HQGULFN*UDFH(OGHULQJ3URJUHVV5HSRUWRQ3HUWXVVLV,PPXQL]DWLRQ$P-
3XEOLF+HDOWK1DWLRQV-DQ
  &DURO\Q * 6KDSLUR6KDSLQ +LVWRULFDO 5HYLHZ 3HDUO .HQGULFN *UDFH (OGHULQJ
DQG WKH 3HUWXVVLV 9DFFLQH (PHUJLQJ ,QIHFWLRXV 'LVHDVHV -RXUQDO $XJXVW 
KWWSZZZQFFGFJRYHLGDUWLFOHBDUWLFOHKWP

9$&&,185,/(35(9(1,(6$8%2$/



  +DUULV/&RXOWHU,PSIXQJHQGHU*URVVDQJULIIDXI*HKLUQXQG6HHOH9RUZRUWXQG$Q
KDQJIUGLHGHXWVFKH$XVJDEHYRQ'UPHG*HUKDUG%XFKZDOG$XDJH+LUWKDP
PHU9HUODJ
  $XWRDUHDPUWXULHGHVSUHLFDPHDUHIHULWRUODFRPSOLFDLLOHSRVWYDFFLQDOHGXS'73
  )XQG6'HODUXH,PSIXQJHQGHUXQJODXEOLFKH,UUWXP9RUZRUWXQG$QKDQJIUGLH
GHXWVFKH $XVJDEH YRQ 'UPHG *HUKDUG %XFKZDOG $XDJH+LUWKDPPHU 9HUODJ
*HUPDQ\
  $XWRDUHD PUWXULH GHVSUH FRPSOLFDLLOH SRVWYDFFLQDOH OD FHL GRL L DL PHL &KULVWL
DQ7HRO L ,RDQ9DVLOH&D] FOLQLF 0 $ 5RPkQLD  5HODWDUH IFXW GH FWUH PDPD
FRSLOXOXL
  0LUFHD0DLRUHVFX7UDWDWGH3HGLDWULHYRO(GLWXUD0HGLFDO%XFXUHWL
  7LQXV6PLWV'DV,PSIVFKDGHQ6\QGURP1DUD\DQD9HUODJ$XDJH
  .+.XPPHU0DVHUQYHUODXILQHLQHU.LQGHUDU]WSUD[LV'HU0HUNXUVWDE
  ,%5RRWK6XSUHVVLRQRISODVPRGLXPIDOFLSDUXPLQIHFWLRQVGXULQJPHDVOHVRULQX
HQ]D$P-7URS0HG+\J
  (.XFXNRVPDQRJOX)&HWLQNDLD)$NFD\)3HNXQ)UHTXHQF\RIDOOHUJLFGLVHDVHV
IRRORZLQJPHDVOHV$OOHUJRO,PPXQRSDWKRO
  +5RVHQOXQG$%HUJVWU|P-6$OP-6ZDUW]HWDO$OOHUJLFGLVHDVHVDQGDWRSLF
VHQVLWL]DWLRQLQFKLOGUHQLQUHODWLRQWRPHDVOHVYDFFLQDWLRQDQGPHDVOHVLQIHFWLRQV
3HGLDWULFV
  96&KDNUDYDWLHWDO0HDVOHVLQGXFHGUHPLVVLRQRISVRULDVLV$QQDOVRI7URSLFDO
3HGLDWULFV
  +<DPDPRWR7<DPDQR61LMLPD-.RK\DPD+<DPDQRXFKL6SRQWDHRXVLP
SURYHPHQWRILQWUDFWDEOHHSLOHSWLFVHL]XUHVIROORZLQJDFXWHYLUDOLQIHFWLRQV%UDLQGHY

  1.RQGR2)XNXURPL72]DZD+$JDWDHWDO,PSURYHPHQWRIIRRGVHQVLWLYH
DWRSLFGHUPDWLWLVDFFRPSDQLHGE\UHGXFHGO\PSKRF\WHUHVSRQVHVWRIRRGDQWLJHQIRO
ORZLQJQDWXUDOPHDVOHVYLUXVLQIHFWLRQ&OLQ([S$OOHUJ\
  +$OERQLFRHWDO)HEULOHLQIHFWLRQVFKLOGKRRGGLVHDVHVLQWKHKLVWRU\RIFDQFHUSD
WLHQWVDQGPDWFKHGFRQWUROV0HGK\SRWKHVHV
  6/*ODVHU7+.HHJDQ&$&ODUNH07ULQKHWDO([SRVXUHWRFKLOGKRRGLQ
IHFWLRQVDQGULVNRI(SVWHLQ%DUUYLUXVGHQHG+RGNLQVO\PSKRPDLQZRPHQ,QW-
&DQFHU
  00RQWHOOD/'0DVR$&ULVSR57DODPLQLPHWDO'RFKLOGKRRGGLVHDVHV
DIIHFW 1+/ DQG +/ ULVN"$ FDVH  FRQWURO VWXG\ IURP QRUWKHUQ DQG VRXWKHUQ ,WDO\
/HXN5HV
  -.HVVHOULQJ=XU3DWKRJHQHVHGHU0XOWLSOHQ6NOHURVH6FKZHL]0HG:RFKHQVFKULIW

  626KDKHHQHWDO0HDVOHVDQGDWRS\LQ*XLQHHD%LVVDX/DQFHW
  +)O|LVWUXS-6ZDUW]$%HUJVWURP6-$OPHWDO$OOHUJLFGLVHDVHDQGVHQVLWL]D
WLRQLQ6WHLQHUVFKRRO&KLOGUHQ-$OOHUJ\&OLQ,PPXQRO
  6$/HZLV-5%ULWWRQ0HDVOHVLQIHFWLRQPHDVOHVYDFFLQDWLRQDQGWKHHIIHFWRI
ELUWKRUGHULQWKHDHWLRORJ\RIKD\IHYHU&OLQ([S$OOHUJ\
  (% (SLGHPLRORJLVFKHV%XOOHWLQ 
  :+2 :RUOG+HDOWK2UJDQL]DWLRQ 0HDVOHV)DFW6KHHW1-DQXDU

KWWSZZZZKRLQWPHGLDFHQWUHIDFWVKHHWVIVHQLQGH[KWPO



'U&KULVWD7RGHD*URVV

  %'DPLHQ6+XLVVHWDO(VWLPDWHGVXVFHSWLELOLW\WRDV\PSWRPDWLFVHFRQGDU\LP
PXQHUHVSRQVHDJDLQVWPHDVOHVLQODWHFRQYDOHVFHQWDQGYDFFLQDWHGSHUVRQV-0HG
9LURO
  + -$FKW]HKQ ,PSIVFKlGHQ DXV KRP|RSDWKLVFKHU 6LFKW +RP|RSDWKLVFKH (LQ
EOLFNH
  ':HOGRQ/HWWHUWR-XO\*HUEHUGLQJ'LUHFWRURIWKH&'&

KWWSZZZQDWLRQDODXWLVPDVVRFLDWLRQRUJSGI:HOGRQSGI
  23+HLQRQHQ03DXQLR+3HOWROD7RWDOHOLPLQDWLRQRIPHDVOHVLQ)LQODQG
$QQ0HG
  67,.2,PSIHPSIHKOXQJHQGHU6WlQGLJHQ,PSINRPPLVVLRQDP5REHUW.RFK,QVWLWXW
6WDQG0lU]'HXWVFKHVbU]WHEODWW
  &9DQGHUPHXOHQ05|ODQGV*/HURX[5|OV39DQ'DPPH.+RSSHQ%URXZHUV
/RQJ7HUPSHUVLVWHQFHRIDQWLERGLHVDIWHURQHRUWZRGRVHVRI005YDFFLQH9DF
FLQH GRLMYDFFLQH
  &'& &HQWHUV IRU 'LVHDVH &RQWURO 0XPSV  ZZZFGFJRYQLSSXEOLFDWL
RQSLQNPXPSVSGI
  0$0HQVHU-0)RUUHVW0DWHUQDOLQIHFWLRQVDQGWKHGHYHORSLQJIRHWXV0HG-
$XVW0DUKWWSZZZQFELQOPQLKJRYSXEPHG
  /(.ORFNXQG*65DFKHOHIVN\)DLOXUHRIUXEHOODKHUGLPPXQLW\GXULQJDQHSL
GHPLF1(QJO-0HGKWWSZZZQFELQOPQLKJRYSXEPHG
  /=&RRSHU35=LULQJ+-:HLVVXD7UDQVLHQWDUWKULWLVDIWHUUXEHOODYDFFLQD
WLRQ$P-'LV&KLOG$XJKWWSZZZQFELQOPQLKJRYSXEPHG
  $:.LOUR\:6FKHIIQHU:))OHHW/%/HENRZLW]-U'7.DU]RQXQG*0
)HQLFKHO 7ZR 6\QGURPHV )ROORZLQJ 5XEHOOD ,PPXQL]DWLRQ &OLQLFDO 2EVHUYDWLRQV
DQG(SLGHPLRORJLFDO6WXGLHV$PPHG$VVKWWSMDPDMDPDQHWZRUNFRPDUWL
FOHDVS["DUWLFOHLG 
  5&*LOPDUWLQ-7-DEERXUXQG'$'XHPDV5XEHOODYDFFLQHP\HORUDGLFXORQH
XULWLV-3HGLDWUKWWSZZZQFELQOPQLKJRYSXEPHG
  : 6SLW]HU 7KH 5HDO VFDQGDO RI WKH 005 GHEDWH LQ 'DLO\ 0DLO 
KWWSZZZYDFFLQDWLRQQHZVFRP'DLO\1HZV0DUFK"5HDO6FDQGDO005KWP
  +.DZDVKLPDHWDO3RO\PHUDVHFKDLQUHDFWLRQGHWHFWLRQRIWKHKHPDJOXWLQLQJHQH
IURPDQDWWHQXDWHGPHDVOHVYDFFLQHVWUDLQLQWKHSHULSKHUDOPRQRQXFOHDUFHOOVRIFKLO
GUHQZLWKDXWRLPPXQHKHSDWLWLV$UFK9LURO
  -%UDGVWUHHW%LRORJLFDOHYLGHQFHRIVLJQLFDQWYDFFLQHUHODWHGVLGHHIIHFWVUHVXOWLQJ
LQQHXURGHYHORSPHQWDOGLVRUGHUV3UHVHQWDWLRQWRWKH9DFFLQH6DIHW\&RPPLWWHHRI
WKH,QVWLWXWHRI0HGLFLQH7KH1DWLRQDO$FDGHPLFVRI6FLHQFHKWWSZZZ
QDWLRQDODXWLVPDVVRFLDWLRQRUJSGI,20%UDGVWUHHWSGI
  -)OHWFKHU6DIHRU6RUU\"+HDOWKYLVLWRUYRO1R
  $7 $U]QHL7HOHJUDPP ]XU9HUWUlJOLFKNHLWGHU0DVHUQLPSIXQJ$7
  -$:HLJO:3XSSH2%HONH-1HXVVXVHWDO7KHGHVFULSWLYHHSLGHPLRORJ\RI
VHYHUHORZHUUHVSLUDWRU\WUDFWLQIHFWLRQVLQFKLOGUHQLQ.LHO*HUPDQ\.OLQ3lGLDWU

 & 0LOOHU /LYH PHDVOHV YDFFLQH D  \HDU IROORZ XS %0- &OLQ 5HV (G  
KWWSZHESDJHVQHWOLQNFRQ]LDVPHDVOHVKWP
 05*HLHU'$*HLHU3HGLDWULF005YDFFLQDWLRQVDIHW\,QWHUQDWLRQDO3HGLD
WULFV

9$&&,185,/(35(9(1,(6$8%2$/



 &0LOOHU(0LOOHU%5RZH&%RZLH0-XGG':DONHU6XUYHLOODQFHRIV\PS
WRPVIROORZLQJ005YDFFLQHLQFKLOGUHQ7KH3UDFWLWLRQHU
 : (KUHQJXW 0HDVOHV (QFHSKDOLWLV $JH GLVSRVLWLRQ DQG YDFFLQDWLRQ $UFKLY JHV
9LUXVIRUVFKJ
 $3DWMD60DNLQHQ.LOMXQHQ,'DYLGNLQHWDO$OOHUJLFUHDFWLRQVWRPHDVOHVPXP
SVUXEHOODYDFFLQDWLRQ3HGLDWULFV
 ),PDQL.(.HKRH,QIHFWLRQRIKXPDQ%O\PSKRFLWHVZLWK005YDFFLQHLQGXFHV
,J(FODVVVZLWFKLQJ&OLQ,PPXQRO
 $%2OHVHQ6-XXO.7KHVWUXS3HGHUVHQ$WRSLFGHUPDWLWLVLVLQFUHDVHGIROORZLQJ
YDFFLQDWLRQIRUPHDVOHVPXPSVDQGUXEHOODRUPHDVOHVLQIHFWLRQ$FWD'HUP9HQH
UHRO
 (0LOOHU3:ULJKW&3)DUULQJWRQHWDO,GLRSDWKLFWKURPERF\WRSHQLFSXUSXUDDQG
005YDFFLQH$UFK'LV&KLOG
 '$*HLHU05*HLHU$FRPSDUDWLYHHYDOXDWLRQRIWKHHIIHFWVRI005LPPXQL]D
WLRQDQGPHUFXU\GRVHVIURPWKLRPHUVDOFRQWDLQLQJFKLOGKRRGYDFFLQHVRQWKHSRSXOD
WLRQSUHYDOHQFHRIDXWLVP0HG6FL0RQLW0DU
 $ 0 3OHVQHU ) - +DQVHQ .7DXGRUI / + 1LHOVHQ & % /DUVHQ ( 3HGHUVHQ
*DLWGLVWXUEDQFHLQWHUSUHWHGDVFHUHEHOODUDWD[LDDIWHU005YDFFLQDWLRQDWPRQ
WKVRIDLJHDIROORZXSVWXG\$FWD3DHGLDWU
 (63(' (UKHEXQJVHLQKHLWIUVHOWHQHSlGLDWULVFKH(UNUDQNXQJHQLQ'HXWVFKODQG -D
KUHVEHULFKWKWWSZZZSXEOLFU]XQLGXHVVHOGRUIGHHVSHGMDEHKWP
 +.DZDVKLPD70RUL<.DVKLZDJLHWDO'HWHFWLRQDQGVHTXHQFLQJRIPHDVOHVYL
UXVIURPSHULSKHUDOPRQRQXFOHDUFHOOVIURPSDWLHQWVZLWKLQDPPDWRU\ERZHOGLVHDVH
DQGDXWLVP'LJ'LV6FL
 +$OOHUGLVW1HXURORJLFDOFRPSOLFDWLRQVIROORZLQJPHDVOHVYDFFLQDWLRQ'HY%LRO
6WDQG
 *60DUVKDOOHWDO'LIIXVHUHWLQRSDWK\IROORZLQJPHDVOHVPXPSVDQGUXEHOODYDF
FLQDWLRQ3HGLDWULFV  9/6WHYHQVRQHWDO2SWLFQHXULWLV
IROORZLQJPHDVOHVUXEHOODYDFFLQDWLRQLQWZR\HDUROGFKLOGUHQ%U-2SKWKDOPRO

 5(:HLEHO9&DVHUWD'(%HQRUHWDO$FXWHHQFHSKDORSDWK\IROORZHGE\SHU
PDQHQWEUDLQLQMXU\RUGHDWKDVVRFLDWHGZLWKIXUWKHUDWWHQXDWHGPHDVOHVYDFFLQHVD
UHYLHZRIFODLPVVXEPLWWHGWRWKH1DWLRQDO9DFFLQH,QMXU\&RPSHQVDWLRQ3URJUDP
3HGLDWULFV
 &'& &HQWHUVIRU'LVHDVH&RQWURO 0HDVOHV0XPSVDQG5XEHOOD9DFFLQH8VHDQG
6WUDWHJLHVIRU(OLPLQDWLRQRI0HDVOHV5XEHOODDQG&RQJHQLWDO5XEHOOD6\QGURPHDQG
&RQWURO RI 0XPSV5HFRPPHQGDWLRQV RI WKH$GYLVRU\ &RPPLWWHH RQ ,PPXQL]DWLRQ
3UDFWLFHV $&,3 00:5
 .*ULW]005,PSIXQJ9RUXUWHLOH)DNWHQ.LQGHUDU]W

KWWSZZZGRNWRUTXDNGHSGIUDEHBLPSQIRSGI
 98KOPDQQ&00DULQ26KHLOV/3LONLQJWRQHWDO3RWHQWLDOYLUDOSDWKRJHQLF
PHFKDQLVPIRUQHZYDULDQWLQDPPDWRU\ERZHOGLVHDVH-&OLQ3DWKRO
 5 6DQGDOO 005 ULS" 7LPHV 2QOLQH  'HFHPEHU  KWWSZZZWLPHVRQOLQH
FRXNDUWLFOHBKWPO
 $-:DNHHOGHWDO,OHDOO\PSKRLGQRGXODUK\SHUSODVLDQRQVSHFLFFROLWLVDQG
SHUYDVLYHGHYHORSPHQWDOGLVRUGHULQFKLOGUHQ/DQFHW



'U&KULVWD7RGHD*URVV

 $-:DNHHOG$$QWKRQ\6+0XUFK07KRPVRQHWDO(QWHURFROLWLVLQFKLO
GUHQZLWKGHYHORSPHQWDOGLVRUGHUV$P-*DVWURHQWHURO
 '$*HLHU05*HLHU$FRPSDUDWLYHHYDOXDWLRQRIWKHHIIHFWVRI005LPPXQL]D
WLRQDQGPHUFXU\GRVHVIURPWKLRPHUVDOFRQWDLQLQJFKLOGKRRGYDFFLQHVRQWKHSRSXOD
WLRQSUHYDOHQFHRIDXWLVP0HG6FL0RQLW0DU
 +7DNDKDVKL66X]XPXUD)6KLUDNL]DZD1:DGDHWDO$QHSLGHPLRORJLFDOVWXG\
RQ-DSRQHVHDXWLVPFRQFHUQLQJURXWLQHFKLOGKRRGLPPXQL]DWLRQKLVWRU\-SQ-,QIHFW
'LV
 $0&RPL$:=LPPHUPDQQ9+)UH\H3$/DZ-13HHGHQ)DPLOLDO
FOXVWHULQJRIDXWRLPPXQHGLVRUGHUVDQGHYDOXDWLRQRIPHGLFDOULVNIDFWRUVLQDXWLVP
-&KLG1HXURO
 9 . 6LQJK 5 / -HQVHQ (OHYDWHG OHYHOV RI PHDVOHV DQWLELRGLHV LQ FKLOGUHQ ZLWK
DXWLVP3HGLDWU1HXURO
 +.DZDVKLPD70RUL<.DVKLZDJLHWDO'HWHFWLRQDQG6HTXHQFLQJRIPHDVOHVYL
UXVIURPSHULSKHUDOPRQRQXFOHDUFHOOVIURPSDWLHQWVZLWKLQDPPDWRU\ERZHOGLVHDVH
DQGDXWLVP'LJ'LV6FL
 98KOPDQQ&00DULQ26KHLOV/3LONLQJWRQHWDO3RWHQWLDOYLUDOSDWKRJHQHWLF
PHFKDQLVPIRUQHZYDULDQWLQDPPDWRU\ERZHOGLVHDVH-&OLQ3DWKRO
 5 6DQGDOO 005 ULS" 7LPHV 2QOLQH 'H]HPEHU  KWWSZZZWLPHVRQOLQH
FRXNDUWLFOH2BKWPO
 + .DXOHQ 0DVHUQ0XPSV5|WHOQ,PSIXQJ :LH HLQ ,PSVWRII ]X 8QUHFKW LQ
0LVVNUHGLWJHEUDFKWZXUGH'WVFKbU]WHEO
 .00DGVHQ$+YLLG09HUVWHUJDDUG'6FKHQGHOHWDO $SRSXODWLRQEDVHG
VWXG\RIPHDVOHVPXPSVDQGUXEHOODYDFFLQDWLRQDQGDXWLVP1(-0
 9 'HPLFKHOL7 -HIIHUVRQ$ 5LYHWWL ' 3ULFH 9DFFLQHV IRU PHDVOHV PXPSV DQG
UXEHOODLQFKLOGUHQ7KH&RFKUDQH'DWDEDVHRI6\VWHPDWLF5HYLHZV
 7KH0DLO)RUPHUVFLHQFHFKLHI005IHDUVFRPLQJWUXH0DLORQ6XQGD\
KWWSZZZPDLORQVXQGD\FRXNSDJHVOLYHDUWLFOHVKHDOWKKHDOWKPDLQKWPO
 'UPHG'LHWULFK.OLQJKDUGW0'3K'XQG'U3DWULFLD.DQH3K'9RUWUDJ
6FKZHUPHWDOOHXQGLKUH:LUNXQJDXIXQVHUH*HVXQGKHLW$XV]JHDXVGHU9RUOHVXQJ
DQGHU(7+=ULFK )DFKSXEOLNXP $SULO*HUPDQ\KWWSZZZSRZHUIRUOLIH
FRP6FKZHUPHWDOO$XVOHLWXQJYRUWUDJKWPO
 005$PRWKHUVYLFWRU\7KHYDVWPDMRULW\RIGRFWRUVVD\WKHUHLVQROLQNEHWZHHQ
WKH WULSOH MDE DQG DXWLVP EXW FRXOG DQ ,WDOLDQ FRXUW FDVH UHLJQLWH WKLV FRQWURYHUVLDO
GHEDWH" KWWSZZZGDLO\PDLOFRXNQHZVDUWLFOH005$PRWKHUVYLF
WRU\7KHYDVWPDMRULW\GRFWRUVVD\OLQNWULSOHMDEDXWLVP,WDOLDQFRXUWFDVHUHLJ
QLWHFRQWURYHUVLDOGHEDWHKWPOL[]]-/Q$I
 $3DWMD60DNLQHQ.LOMXQHQ,'DYLGNLQHWDO$OHUJLFUHDFWLRQVWRPHDVOHVPXP
SVUXEHOODYDFFLQDWLRQ3HGLDWULFV
 &'& &HQWHUVIRU'LVHDVH&RQWURO 9DFFLQHVLGHHIIHFWVDGYHUVHUHDFWLRQVFRQWUDLQ
GLFDWLRQVDQGSUHFDXWLRQV5HFRPPDQGDWLRQVRIWKH$GYLVRU\&RPPLWWHHRQ,PPXQL
]DWLRQ3UDFWLFHV00:50RUE0RUWDO:NO\5HS
 /*KHUDVLP0HGLFLQ,QWHUQ%ROLOHDSDUDWXOXLUHVSLUDWRULORFRPRWRUYRO(GL
WXUD0HGLFDO%XFXUHWL
 'RFWHXU/RXLV'H%URXZHU9DFFLQDWLRV(UUHXUPpGLFDOHGXVLqFOH/HV'DQJHUVGHV
9DFFLQDWLRQVHWOHXUVFRQVpTXHQFHV$75$$*67*MDQYLHU

9$&&,185,/(35(9(1,(6$8%2$/



 6$6LOIYHUGDO3URWHFWLYHHIIHFWRIEUHDVWIHHGLQJRQLQYDVLYH+DHPRSKLOXVLQX
HQ]DLQIHFWLRQDFDVHFRQWUROVWXG\LQ6ZHGLVKSUHVFKRROFKLOGUHQ,QW-(SLGHPLRO

 -(VNROD+3HOWROD$.7DNDODHWDO(IFDF\RI+DHPRSKLOXVLQXHQ]DHW\SHE
SRO\VDFFKDULGHGLSKWKHULDWR[RLGFRQMXJDWHYDFFLQHLQLQIDQF\1(QJO-0HG
6HSKWWSZZZQFELQOPQLKJRYSXEPHG
 6.6RRG-56FKHLEHU*56LEHUHWDO3RVWYDFFLQDWLRQVXVFHSWLELOLW\WRLQ
YDVLYH +DHPRSKLOXV LQXHQ]DH W\SH E GLVHDVH LQ LQIDQW UDWV - 3HGLDWU 
1RYKWWSZZZQFELQOPQLKJRYSXEPHG
 56'DXP6.6RRG072VWHUKROPHWDO'HFOLQHLQVHUXPDQWLERG\WRWKH
FDSVXOHRI+DHPRSKLOXVLQXHQ]DHW\SHELQWKHLPPHGLDWHSRVWLPPXQL]DWLRQSHULRG
-3HGLDWU0D\
 ( ( +LQHU XQG & ( )UDVFK 6SHFWUXP RI 'LVHDVH 'XH WR +DHPRSKLOXV ,QXHQ]D
7\SH%2FFXUULQJLQ9DFFLQDWHG&KLOGUHQ-,QIHFW'LVRUGHU$XJ
 -:DUG*%UHQQHPDQ*:/HWVRQXQG:/+D\ZDUG7KH$ODVND+LQXHQ]DH
9DFFLQH6WXG\*URXS/LPLWHGHIFDF\RID+DHPRSKLOXVLQXHQ]DHW\SHEFRQMXJDWH
YDFFLQHLQ$ODVNDQDWLYHLQIDQWV1(QJO-0HG
 .*DOLO56LQJOHWRQ26/HYLQHHWDO5HHPHUJHQFHRILQYDVLYH+DHPRSKLOXV
LQXHQ]DW\SHEGLVHDVHLQDZHOOYDFFLQDWHGSRSXODWLRQLQUHPRWH$ODVND-,QIHFW
'LV
 *75LMNHUV39HUPHHUGH%RQGW/6SDQMDDUG0$%UHXNHOV($06DQGHUV
5HWXUQRI+DHPRSKLOXVLQXHQ]DW\SHELQIHFWLRQV/DQFHW
 .3XVKSDUDMDK35DPQDUD\DQ$0DQL\DU53DJHW-%ULWWR&RQWLQXHGWKUHDWRI
+DHPRSKLOXVLQXHQ]DW\SH%GLVHDVHLQWKH8./DQFHW
 *65LEHLURHWDO3UHYHQWLRQRI+DHPRSKLOXVLQXHQ]DW\SHE +LE PHQLQJLWLVDQG
HPHUJHQFHRIVHURW\SHUHSODFHPHQWZLWKW\SHDVWUDLQVDIWHULQWURGXFWLRQRI+LELP
PXQL]DWLRQLQ%UD]LO-,QIHFW'LV
 3%DMDQFD0&DQLFDDQGWKH0XOWLFHQWHU6WXG\*URXS(PHUJHQFHRIQRQHQFDSVX
ODWHGQRQEW\SHLQYDVLYH+DHPRSKLOXVLQXHQ]DLVRODWHVLQ3RUWXJDO  
-&OLQ0LFURELRO
 (63(' (UKHEXQJVHLQKHLWIUVHOWHQHSlGLDWULVFKH(UNUDQNXQJHQLQ'HXWVFKODQG 
-DKUHVEHULFKWKWWSZZZHVSHGXQLGXHVVHOGRUIGHMDEHSGI
 -&%XWOHU1DWXUHDEKRUVDYDFXXPEXWWKHSXEOLFKHDOWKLVORYLQJLWWKHVXV
WDLQHGGHFHDVHLQWKHUDWHRILQYDVLYH+DHPRSKLOXVLQXHQ]DGLVHDVH&OLQ,QIHFW
'LV
 -0F9HUQRQ&/7URWWHO3(6ODFN0(5DPVD\7UHQGVLQ+DHPRSKLOXV
LQXHQ]DW\SHELQIHFWLRQVLQDGXOWVLQ(QJODQGDQG:DOHVVXUYHLOODQFHVWXG\%0-

 KWWSZZZPVJRYUR
 0 2FKLDL 0 .DWDRND + 7R\RL]XPL$<DPDPRWR (QGRWR[LQ FRQWHQW LQ +DH
PRSKLOXVLQXHQDHW\SHEYDFFLQH-SQ-,QIHFW'LV
 &'&D)$4VDERXW+LE0HQLQJLWLV)RXQGDWLRQRI$PHULFDKWWSZZZ
PXVDRUJ+LEKWP
 3(.ODVVHWDO7KHUDS\RIEDFWHULDOVHSVLVPHQLQJLWLVDQGRWLWLVPHGLDLQLQIDQWV
DQGFKLOGUHQSROORIGLUHFWRUVRISURJUDPVLQSHGLDWULFLQIHFWLRXVGLVHDVH3H
GLDWULFLQIHFWLRO'LV-



'U&KULVWD7RGHD*URVV

 ( %DVVRQ HW DO +DHPRSKLOXV LQXHQ]D PHQLQJLWLV IRRORZLQJ YDFFDQWLRQ &RQVH
TXHQFHRUFRLQFLGHQFH$UFK3HGLDWU
 +56$ +HDOWK5HVSXUFHVDQG6HUYLFHV$GPLQLVWUDWLRQ 9DFFLQH,QMXU\7DEOH0DUFK
ZZZKUVDGKKVJRYEKSUYLFSWDEOHKWP
 )'H6WHIDQR'*X3.UDPDU]%,7UXPDQHWDO&KLOGKRRGYDFFLQDWLRQVDQG
ULVNRIDVWKPD3HGLDWU,QIHFW'LV-
 70'RNKHHO$QHSLGHPLFRIFKLOGKRRGGLDEHWHVLQWKH8QLWHG6WDWHV'LDEHWHV
&DUH
 6*DUGQHUHWDO5LVLQJLQFLGHQFHRILQVXOLQGHSHQGHQWGLDEHWHVLQFKLOGUHQXQGHU
\HDUVLQ2[IRUGUHJLRQWLPHWUHQGDQDO\VLV%0-
 '&&ODVVHQ-%&ODVVHQ7KHWLPLQJRISHGLDWULFLPPXQL]DWLRQDQGWKHULVNRI
LQVXOLQGHSHQGHQWGLDEHWHVPHOOLWXV,QI'LV&OLQ3UDFW
 -:DKOEHUJ-)UHGULNVVRQ29DDUDOD-/XGYLJVVRQHWDO9DFFLQDWLRQV0D\,Q
GXFH'LDEHWHV5HODWHG$XWRDQWLERGLHVLQ2QH<HDU2OG&KLOGUHQ$QQ1<$FDG6FL

 16LHJPXQG6FKXOW]H'LDEHWHVPHOOLWXVW\S*H]LHOWH9RUKHUVDJH'bU]WHEODWW
  D
 (63('-DKUHVEHULFKWKWWSZZZHVSHGXQLGXHVVHOGRUIGHMDEHBU
KWPKLL
 -%&ODVVHQ'&&ODVVHQ$VVRFLDWLRQEHWZHHQW\SHGLDEHWHVDQG+LE
YDFFLQHFDXVDOUHODWLRQLVOLNHO\%0-D
 '&&ODVVHQ/HWWHUV3XEOLFVKRXOGEHWROGWKDWYDFFLQHVPD\KHYDORQJWHUPDG
YHUVHHIIHFWV%0-E
 -%&ODVVHQ5LVNRIYDFFLQHLQGXFHGGLDEHWHVLQFKLOGUHQZLWKDIDPLO\KLVWRU\RI
W\SHGLDEHWHV7KH2SHQ3HGLDWULF0HGLFLQH-RXUQDO
 -6WURP,VXQLYHUVDOYDFFLQDWLRQDJDLQVWSHUWXVVLVDOZD\VMXVWLHG%ULWLVK
0HGLFDO-RXUQDO 2FWREHU 
 1XPUXOGHFRSLLEROQDYLGHGLDEHWVDWULSODWvQXOWLPLLGRX]HFLGHDQL
KWWSZZZ]LDUHFRPDUWLFROHLPEROQDYLULGLDEHWFRSLL
 (SLGHPLHGHGLDEHWvQGRX]HFLGHDQLKWWSZZZURPDQLDOLEHUDURVWLOGHYLD
WDVDQDWDWHHSLGHPLHGHGLDEHWLQGHDQLKWPO
 &LWDWGLQ5HYLVWD19,& 1DWLRQDO9DFFLQH,QIRUPDWLRQ&HQWHU DXJXVW:DVKLQJ
WRQ'&UHIHULWRUODH[SXQHUHDPRWLYHORUYDFFLQULLVXJDULORUvPSRWULYDKHSDWLWHL%
GHFWUH'U*HRUJH3HWHUSUHHGLQWHOH$$3 $FDGHPLD$PHULFDQGH3HGLDWULH OD
&RQIHULQDGH%ROL,QIHFLRDVHDPHGLFLORUSHGLDWULLGLQLXQLH
 KWWSZZZSFIDUPURSURVSHFWSKS"LG 
 KWWSZZZPHGLSHGLDUR'LFWLRQDUPHGLFDO0HGLFDPHQWHWDELGSURV
SHFW:(89$;%3(',$75,&YDFFLQKHSDWLF%UHFRPELQDWDVS[
 0HPR0HG(G(GLWXUD0LQHVDQ
 -2ULHQW6WDWHPHQWRIWKH$VVRFLDWLRQRI$PHULFDQ3K\VLFLDQV6XUJHRQVWRWKH6XE
FRPPLWWHHRQ&ULPLQDO-XVWLFH'UXJ3ROLF\DQG+XPDQ5HVRXUFHVRIWKH&RPPLW
WHH RQ *RYHUQPHQW 5HIRUP 86 +RXVH RI 5HSUHVHQWDWLYHV +HSDWLWLV % 9DFFLQH

KWWSZZZDDSVRQOLQHRUJWHVWLPRQ\KHSEFRPKWP
 )(6KDZ'-*UDKDP+$*XHVV-%0LOVWLHQ-0-RKQVRQ*&6FKDW]6
&+DGOHU-1.XULWVN\((+LQHU'-%UHJPDQXQG-(0D\QDUGhEHU

9$&&,185,/(35(9(1,(6$8%2$/



ZDFKXQJJHPHOGHWHUQHJDWLYHUQHXURORJLVFKHU:LUNXQJHQQDFK0DUNW(LQIKUXQJGHV
+HSDWLWLV%,PSIVWRIIV$P-(SLGHPLRO  
 .56WUDWWRQHWDO,QVWLWXWHRI0HGLFLQH$GYHUVHHYHQWVDVVRFLDWHGZLWKFKLOGKRRG
YDFFLQHVHYLGHQFHEHDULQJRQFDXVDOLW\1DWLRQDO$FDGHP\3UHVV:DVKLQJWRQ'&

 5.*KHUDUGL/HVVRQVIURPPDFURSKDJLFP\RIDVFLLWLVWRZDUGVGHQLWLRQRIDYDF
FLQHDGMXYDQWUHODWHGV\QGURPH5HY1HXURO 3DULV QR
 )(6KDZHWDO3RVWPDUNHWLQJVXUYHLOODQFHIRUQHXURORJLFDGYHUVHHYHQWVUHSRUWHG
DIWHUKHSDWLWLV%YDFFLQDWLRQ$P-(SLGHPLRORJ\
 /+HUURHOHQ-'H.H\VHU*(ELQJHU&HQWUDOQHUYRXVV\VWHPGHP\LHOLQDWLRQDIWHU
LPPXQL]DWLRQZLWKUHFRPELQDQWKHSDWLWLV%YDFFLQH/DQFHW
 16RXD\DK$1DVDU0)DUUHG.6XULHWDO*XLOODLQ%DUUHV\QGURPHDIWHUYDF
FLQDWLRQLQ8QLWHG6WDWHVDUHSRUWIURPWKH&'&)'$YDFFLQHDGYHUVHHYHQWUHSRUWLQJ
V\VWHP9DFFLQH0DL
 $6HQHMRX[HWDO$FXWHP\HOLWLVDIWHULPPXQL]DWLRQDJDLQVWKHSDWLWLV%ZLWKUHFRP
ELQDQWYDFFLQH OHWWHU *DVWURHQWHURORJLH&OLQLTXHH\%LRORJLTXH
 )7UHYLVDQLHWDO7UDQVYHUVHP\HLOLWLVIROORZLQJKHSDWLWLV%YDFFLQDWLRQ-+HSD
WRO
 /07DUWDJOLQRHWDO05LPDJLQJLQDFDVHRISRVWYDFFLQDWLRQP\HOLWLV$P-
1HXURUDGLRO
 -/5HQDUG-6*XLOODPR-05DPLUH]+7DLOOLD')HOWHQ<%XLVVRQ0\HOLWH
WUDQVYHUVHDLJXHFHUYLFDODSUqVYDFFLQDWLRQFRQWUHOHYLUXVGHOKHSDWLWH%(YROXWLRQ
VHURORJLTXHGHVDQWLFRUSVDQWL+%V3UHVVH0HG
 )-$XWKLHU3&KHULQ$&UHDQJH%%RQQRWWH&HQWUDOQHUYRXVV\VWHPGLVHDVHLQ
SDWLHQWVZLWKPDFURSKDJLFP\RIDVFLLWLV%UDLQ
 55LLNRQHQ7KHUROHRILQIHFWLRQDQGYDFFLQDWLRQLQWKHJHQHVLVRIRSWLFQHXULWLVDQG
0XOWLSOHVFOHURVLVLQFKLOGUHQ$FWDQHXU6FDQG
 (-9DQGH*LMQHWDO%LODWHUDORSWLFQHXULWLVZLWKEUDQFKUHWLQDODUWHU\RFFOXVLRQ
DVVRFLDWHGZLWKYDFFLQDWLRQ'RFXPHQWDRSKWK
 ,20 ,QVWLWXWH RI 0HGLFLQH  $GYHUVH HIIHFWV DVVRFLDWHG ZLWK FKLOGKRRG
YDFFLQHV(YLGHQFHEHDULQJRQFDXVDOLW\1DWLRQDO$FDGHP\3UHVV:DVKLQJWRQ'&

 1%HUNPDQHWDO%LODWHUDOQHXURSDSLOOLWLVDIWHUKHSDWLWLV%YDFFLQDWLRQ3UHVVH
0HGLFDOH
 6$OELWDUHWDO%LODWHUDOUHWUREXOEDUQHXULWLVZLWKKHSDWLWLV%YDFFLQDWLRQ1HSKURO
'LDO7UDQVSODQW
 % 6 'XQEDU 5HGH EHL GHU 6HFRQG ,QWHUQDWLRQDO 3XEOLF &RQIHUHQFH RQ9DFFLQDWLRQ
LQ $UOLQJWRQ  9LUJLQLD 6HSWHPEHU  KWWSYUDQYDFFLQHVKHSDWL
WLVGXQEDUKWP
 ,*URWWRHWDO0DMRUDGYHUVHUHDFWLRQVWR\HDVWGHULYHGKHSDWLWLV%YDFFLQDWLQHD
UHYLHZ9DFFLQH
 05*HLHU'$*HLHU$&=DKDOVN\$UHYLHZRIKHSDWLWLV%YDFFLQDWLRQ([SHUW
2SLQ'UXJ6DI
 -(3RSHHWDO$QHSLGHPLFRIUKHXPDWRLGDUWKULWLVOLQNHGWRKHSDWLWLV%9DFFLQD
WLRQV)URP%LUWK3HGLDWU,QIHFW'LV-



'U&KULVWD7RGHD*URVV

 -%&ODVVHQ'LDEHWHVHSLGHPLFIRRORZVKHSDWLWLV%LPPXQL]DWLRQSURJUDP1HZ
=HDODQG0HGLFDO-RXUQDO
 &'&3KDUPDFRHSLGHPLRORJ\DQG'UXJ6DIHW\
 .3RXWDVL,PPXQL]DWLRQDQGGLDEHWHV1=HDODQG0HG-
 .+DUWPDQQ%.HOOHU6WDQLVODZVNL5HNRPELQDWH+HSDWLWLV%,PSIVWRIIHXQG9HU
GDFKWVIlOOHXQHUZQVFKWHU5HDNWLRQHQ%XQGHVJHVXQGKHLWVEODWW*HVXQGKHLWVIRUVFK
*HVXQGKHLWVVFKXW]
 +DQV 7RO]LQ DXI (LQODGXQJ GHV 6WXWWJDUWHU 6WDPPWLVFKHV UHIHULHUWH DP 
]XP 7KHPD ,PSIHQWVFKHLGXQJ'LH 6FKZHLQHJULSSHLPSIXQJ KWWSZZZ\RXWXEH
FRPZDWFK"Y I]NE,9\4
 ZZZSHQWUXYLDWDFOXMUR
 7RUVWHQ(QJHOEUHFKW&ODXV.|KQOHLQ9LUXV:DKQ(PX9HUODJ$XDJH
 %HUW(KJDUWQHU/REGHU.UDQNKHLW:DUXPHVJHVXQGLVWDEXQG]XNUDQN]XVHLQ%DV
WHL$XDJH)HEUXDU
 7RP-HIIHUVRQ&DUOR'L3LHWUDQWRM,QDFWLYDWHGLQXHQ]DYDFFLQHVLQWKHHOGHUO\DUH
\RXVXUH"/DQFHW
 /6LPRQVHQHWDO0RUWDOLW\EHQHWVRILQXHQ]DYDFFLQDWLRQLQHOGHUO\SHRSOHDQ
RQJRLQJFRQWURYHUV\/DQFHW,QIHFW'LV
 /6LPRQVHQHWDO,PSDFWRI,QXHQ]DYDFFLQDWLRQRQVHDVRQDOPRUWDOLW\LQWKH86
HOGHUO\SRSXODWLRQ$UFK,QWHUQ0HG
 &5L]]RHWDO,QXHQ]DUHODWHGPRUWDOLW\LQWKH,WDOLDQHOGHUO\QRGHFOLQHDVVRFL
DWHGZLWKLQFUHDVLQJYDFFLQDWLRQFRYHUDJH9DFFLQH
 7-HIIHUVRQHWDO$VVHVVPHQWRIWKHHIFDF\DQGHIIHFWLYHQHVVRJLQXHQ]DYDFFLQHLQ
KHDOWK\FKLOGUHQV\VWHPDWLFUHYLHZ/DQFHW
 7-HIIHUVRQHWDO6DIHW\RILQXHQ]DYDFFLQHVLQFKLOGUHQ/DQFHW
 ( . )UDQFH 5 6PLWK5D\ ' 0F&OXUH 6 +DPELGJH HW DO ,PSDFW RI PDWHUQDO
LQXHQ]DYDFFLQDWLRQGXULQJSUHJQDQF\RQWKHLQFLGHQFHRIDFXWHUHVSLUDWRU\LOOQHVV
YLVLWVDPRQJLQIDQWV$UFK3HGLDWU$GROHVF0HG
 &)UDQFLRQL35RVL$)LRUDYDQWL)0HJDOH13LSLWRQH50DUFDORQJR/DYDF
FLQD]LRQH DQWLLQXHQ]DOH LQ VRJJHWWL DIIHWWL GD DUWULWH UHXPDWRLGHULVSRWD FOLQLFD HG
DQWLFRUSDOH5HFFHQWL3URJ0HG
 +HUDOG7ULEXQH,VUDHOL+HDOWK0LQLVWU\KDOWVXYDFFLQHWKUHHSHRSOHGLH2NWREHU
 KWWSZZZLKWFRPDUWLFOHVDSDIULFD0(B*(1B,VUDHOB)OXB9DF
FLQHVSKS
 9$&&,1 *5,3$/ 75,9$/(17 SXULFDW LQDFWLYDW KWWSZZZSFIDUPURSURVSHFW
SKS"LG 
 *7KXUDLUDMDQ0:+RSH5RVV5'6LWXQD\DNH3,0XUUD\3RO\DUWKURSDWK\
RUELWDOP\RVLWLVDQGSRVWHULRUVFOHULWLVDQXQXVXDODGYHUVHUHDFWLRQWRLQXHQ]DYDF
FLQH%U-5KHXPDWRO
 .01HX]LO.0(GZDUGV,QXHQ]DYDFFLQHVLQFKLOGUHQ6HPLQ3HGLDWU,QIHFW
'LV
 '3+REHUPDQQ-/3DUDGLVH+(5RFNHWWH(IIHFWLYHQHVVRILQDFWLYDWHGLQX
HQ]DYDFFLQHLQSUHYHQWLQJDFXWHRWLWLVPHGLDLQ\RXQJFKLOGUHQDUDQGRPL]HGFRQ
WUROOHGWULDO-$0$

9$&&,185,/(35(9(1,(6$8%2$/



 1<DPDQH%HUDU2%HQ,W]KDN-*UHH)1DNKRXO,QXHQ]DYDFFLQDWLRQLQ
GXFHGOHXNRF\WRFODVWLFYDVFXOLWLVDQGSDXFLLPPXQHFUHVFHQWLFJORPHUXORQHSKULWLV
&OLQ1HSKURO
 &-&DWHV72-HIIHUVRQ$,%DUD%+5RZH9DFFLQHVIRUSUHYHQWLQJLQXHQ]D
LQSHRSOHZLWKDWKPD &RFKUDQH5HYLHZ &RFKUDQH'DWDEDVH6XVW5HY
 &&KULVW\&$$OLJQH3$XLQJHU73XOFLQR0:HLW]PDQ(IIHFWLYHQHVVRILQX
HQ]DYDFFLQHIRUWKHSUHYHQWLRQRIDVWKPDH[DFHUEDWLRQV$UFK'LV&KLOG
 77DNDKDVKL1<DPDJXLFKL,QXHQ]DYDFFLQHV1(QJO-0HG
 /$6WHSDQRYD$/LQGH$11DLNKLQ0$%LFKXULQD063DUDPRQRYD6SH
FLFLPPXQHUHVSRQVHWRYDFFLQDWLRQZLWKDQLQDFWLYDWHGXHYDFFLQHGHSHQGLQJRQ
SUHYDFFLQHVWDWXVDQGDJHRIWKHSHUVRQYDFFLQDWHG9RSSU9LUXVRO
 1<DQDX%HUDU2%HQ,W]KDN-*UHH)1DNKRXO,QXHQ]DYDFFLQDWLRQLQGXFHG
OHXNRF\WRFODVWLFYDVFXOLWLVDQGSDXFLLPPXQHFUHVFHQWLFJORPHUXORQHS\KULWLV&OLQ
1HSKURO
 67DYDGLD$'XPPRQG&'(YDQV1-:DLQZULJKW/HXFRF\WRFODVWLFYDVFXOLWLV
DQGLQXHQ]DYDFFLQDWLRQ'HUPDWRO
 06DWRK<.XURGD+<RVKLGD.0%HKQH\,QGXFWLRQRIOXSXVDXWRDQWLERGLHV
E\DGMXYDQWV-$XWRLPPXQ
 11DNDPXUD.1RNXUD7=HWWVX+.RJDHWDO1HXURORJLFFRPSOLFDWLRQVDVVRFL
DWHGZLWKLQXHQ]DYDFFLQDWLRQWZRDGXOWFDVHV,QWHUQ,QIHFW'LV
 -.)HOL[5+6FKZDUW]*-0\HUV,VRODWHG+\SRJORVVDO1HUYH3DUDO\VLV)RO
ORZLQJ,QXHQ]D9DFFLQDWLRQ$PHU-'LV&KLOG
 :(KUHQJXW+$OOHUGLVWhEHUQHXURORJLVFKH.RPSOLNDWLRQHQQDFKGHU,QXHQ]D
VFKXW]LPSIXQJ0QFKPHG:VFKU
 7:)XUORZ1HXURSDWK\DIWHU,QXHQ]D9DFFLQDWLRQ/DQFHW
 :+HQQHVVHQ+-DFRE84XDVW1HXURORJLVFKH$IIHNWLRQHQQDFK,QXHQ]D,PS
IXQJ'HU1HUYHQDU]W
 $.DZDVDNL9$3XUYLQ57DQT%LODWHUDODQHULRULVFKHPLFRSWLFQHXURSDWK\IRO
ORZLQJLQXHQ]DYDFFLQDWLRQ-1HXURRSKWDOPRO
 -%U\DQ*51REOH*XLOODLQ%DUUH6\QGURPHDIWHUDGPLQLVWUDWLRQRINLOOHGYDF
FLQHV*HQI5HI,$%66\PSRVLXPRQ,QXHQ]D,PPXQL]DWLRQ
 '1-XXUOLQN7$6WXNHO-.ZRQJ$.RSSHWDO*XLOODLQ%DUUH6\QGURPH$IWHU
,QXHQ]D9DFFLQDWLRQLQ$GXOWV$3RSXODWLRQ%DVHG6WXG\$UFK,QWHUQ0HG
 16RXD\DK$1DVDU0)6XUL$,4XUHVKL*XLLDLQ%DUUHV\QGURPHDIWHUYDF
FLQDWLRQLQ8QLWHG6WDHV$UHSRUWIURPWKH&'&)'$9DFFLQH$GYHUVH(YHQW5HSRUW
LQJ6\VWHP9DFFLQH
 05*HLHU'$*HLHU$&=DKDOVN\,QXHQ]DYDFFLQDWLRQDQG*XLLDOLQ%DUUH
V\QGURPH&OLQ,PPXQRO
 &(&:HOOV$QHXURORJLFDOQRWHRQYDFFLQDWLRQDJDLQVWLQXHQ]D%U0HG-
 :(KUHQJXW+$OOHUGLVWhEHUQHXURORJLVFKH.RPSOLFDWLRQHQQDFKGHU,QXHQ]D
VFKXW]LPSIXQJ0QFKPHG:VFKU
 & 0 3RVHU 1HXURO FRPSOLFDWLRQV RI VZLQH LQXHQ]D YDFFLQDWLRQ $FWD 1HXURO
6FDQG
 5%DNVKL-&0D]]LRWWD$FXWHWUDQYHVUHP\HOLWLVDIWHULQXHQ]DYDFFLQDWLRQPDJ
QHWLFUHVRQDQFHLPDJLQJQGLQJV-1HXURLPDJLQJ
 (YROXWLDEROLLPHQLQJRFRFLFHLQWHULWRULXO,63%XFXUHVWL



'U&KULVWD7RGHD*URVV


ZZZLQVSJRYURFQVFEWLQGH[SKS"RSWLRQ FRPWDVN
 017KHRGRURLX1$9DVLORSRXORX(($WVDOL$03DQJDOLV0HQLQLJLWLVUHJ
LVWU\RIKRVSLWDOL]HGFDVHVLQFKLOGUHQHSLGHPLRORJLFDOSDWWHUQVRIDFXWHEDFWHULDOPHQ
LQJLWLVWURXJKRXWD\HDUSHULRG%0&,QIHFW'LV
 (%,QYDVLYH0HQLQJRNRFNHQ(UNUDQNXQJHQLP-DKU
 $7 $U]QHL7HOHJUDPP 1HXH .RQMXJDW,PSIVWRIIH 3UHYHQDU XQG 0HQLQJLWHF  $7

 0'6QDSH').HOO\%*UHHQ(50R[RQHWDO/DFNRIVHUXPEDFWHULFLGDO
DFWLYLW\LQSUHVFKRROFKLOGUHQWZR\HDUVDIWHUDVLQJOHGRVHRIVHURJURXS&PHQLQJR
FRFFDOSRO\VDFFKDULGHSURWHLQFRQMXJDWHYDFFLQH3HGLDWU,QIHFW'LV-
 9,6SRXORX*7]DQDNL0&7KHRGRURLX&RQMXJDWHYDFFLQHLQGXFHGLPPXQR
ORJLFDOSULPLQJLVQRWSURWHFWLYHDJDLQVWDFXWHPHQLQJRFRFFDO&LQIHFWLRQ/HWWHUWRWKH
(GLWRU9DFFLQH
 00:5 'HFLVLRQ QRW WR UHFRPPHQG URXWLQH YDFFLQDWLRQ RI DOO FKLOGUHQ DJHG 
\HDUVZLWKTXDGULYDOHQWPHQLQJRFRFFDOFRQMXJDWHYDFFLQH 0&9 00:5
 */DZUHQFH,%R\G30F,QW\UH',VDDV6XUYHLOODQFHRIDGYHUVHHYHQWVIROORZLQJ
LPPXQL]DWLRQ$XVWUDOLDWR&RPPXQ'LV,QWHOO
 0*LUDUG5HOLDELOLW\RIGUXJVDIHW\GDWDEPMFRP

KWWSEPMEPMMRXUQDOVFRPFJLHOHWWHUV
 /'LJJOH--'HHNV$-3ROODUG(IIHFWRIQHHGOHVL]HRQLPPXQRJHQLFLW\DQG
UHDFWRJHQLFLW\RIYDFFLQHVLQLQIDQWVUDQGRPL]HGFRQWUROOHGWULDO%0-
 '+ 'HSDUWPHQW RK +HDOWK RI WKH 8QLWHG .LQJGRP 0HQLQJLWLV & YDFFLQH 
ZZZGRKJRYXNPHQLQJLWLVYDFFLQHNH\SKDUPKWP
 023\'$QGUH$FXWHGLVVHPLQDWHGHQFHSKDORP\HOLWLVDQGPHQLQJRFRFFDO$DQG
&YDFFLQHFDVHUHSRUW$UT1HXURSVLTXLWDWU
 (0/DPEHUW$/LHEOLQJ(*OXVDF5-$QWD\D+HQRFK6FK|QOHLQSXUSXUDIRO
ORZLQJDPHQLQJRFRFFDOYDFFLQH3HGLDWULFV
 0%ULJKW70F9HLJKW)UHVKFRQWURYHUV\VXUURXQGLQJ%ULWDLQV0HQLQJLWLV&YDF
FLQDWLRQSURJUDPPH2EVHUYHU
 $6$EH\DJXQDZDUGHQD'*ROGEODWW1$QGUHZV567URPSHWHU5LVNRIUHODSVH
DIWHUPHQLQJRFRFFDO&FRQMXJDWHYDFFLQHLQQHSKULWLFV\QGURPH/DQFHW
 00:5'LUHFW DQG LQGLUHFW HIIHFWV RI URXWLQH YDFFLQDWLRQ RI FKLOGUHQ ZLWK YDOHQW
SQHXPRFRFFDO FRQMXJDWH YDFFLQH RQ LQFLGHQFH RI LQYDVLYH SQHXPRFRFFDO GLVHDVH
8QLWHG6WDWHV00:5:HHNO\6HSWHPEHU
 (%5DWJ,QIHNWLRQVNUDQNKHLWHQ)UKVRPPHU0HQLQJRHQ]HSKDOLWLV
 :%|VVHQHFNHU'XUFK=HFNHQEHUWUDJHQH.UDQNKHLWHQ)60(XQG/\PH%RU
UHOLRVH%D\UbU]WHEODWW
 $7 $U]QHL7HOHJUDPP 3USK\OD[HYHUVDJHQXQGGHOHWlUH9HUOlIHQDFK)60(,P
PXQJOREXOLQ$7
 */HVQLFDU03ROMDN.6HPH-/HVQLFDU3HGLDWULFWLFNERUQHHQFHSKDOLWLVLQ
FDVHVIURPDQHQGHPLFUHJLRQLQ6ORYHQLDWR3HGLDWU,QIHFW'LV-
 &:LWWHUPDQQ81LFROD\$.+LOEHUWHWDO3DHGLDWULFWLFNERUQHHQFHSKDOLWLV
7%( YDFFLQHVVFKHGXOHVWRRSWLPL]HSURWHFWLRQ,QW-0HG0LFURELRO
 $7 $U]QHL7HOHJUDPP 0RQDWH7LFR9DFHLQH&KURQLN$7
 KWWSZZZ\RXWXEHFRPZDWFK"Y /I;77VUS8

9$&&,185,/(35(9(1,(6$8%2$/



 b= bU]WH]HLWXQJ 'LHHLQ]LJH%RUUHOLRVH9DN]LQHLVWLQGHQ86$JHVFKHLWHUWDZUHQ


XQHUZQVFKWH:LUNXQJHQGLH8UVDFKH"bU]WH=HLWXQJ2QOLQH
 'UPHG'LHWULFK.OLQJKDUGW%HOOHYXH:DVKLQJWRQ0U]'LH/\PH%RUUHOL
RVH(LQ%OLFNMHQVHLWVGHU%HKDQGOXQJPLW$QWLELRWLFD
 'UPHG(YD'LPPHQGDDO%RUUHOLRVH'DV6HOEVWKLOIH3URJUDPP*89HUODJ*PE+
0QFKHQ$XDJH
 KWWSJLQHFRSXOVPHGLDURDUWLFOH[*LQHFRORJLH&DQFHUXOBGHBFROBXWHULQBBHSLGHPL
RORJLHBVFUHHQLQJB&)LBWUDWDPHQWKWP
 7UDLDQ&LXF%ROLWUDQVPLVLELOHSHFDOHVH[XDO(GLWXUDWLLQLF%XFXUHWL
 &KULVWD7RGHD*URVV,OLH0ROGRYDQ,QGUXPDUXOPHGLFDOLFUHWLQGHVSUHYLD
DO)HGHUDLHL2UJDQL]DLLORU2UWRGR[H3UR9LWDGLQ5RPkQLD(GLWXUD5HQDWHUHD
&OXM1DSRFD
 (.LQG0.XKOPDQQ=HUYLNDOHLQWUDHSLWKHOLDOH1HRSODVLHQLQ0%HFNPDQQ)
3HUO)UDXHQ+HLONXQGHXQG*HEXUWV+LOIH%DVHO
 *(.,' *HVHOOVFKDIWGHUHSLGHPLRORJLVFKHQ.UHEVUHJLVWHULQ'HXWVFKODQGH9 .UHEV
LQ'HXWVFKODQG+lXJNHLWXQG7UHQGV$X6DDUEUFNHQKWWSZZZHNUPHG
XQLHUODQJHQGH*(.,''RFNLGSGI
 'U*HQRYHYD7XGRU%ROLOHKRPRVH[XDOLORUXQGRFXPHQWDUPHGLFDOOD]L(GLWXUD
&KULVWLDQD%XFXUHWL
 KWWSZZZLPSIUHSRUWGH]HLWVFKULIWELVKHULJHLPSIUHSRUWKWP
 KWWSZZZ]HQWUXPGHUJHVXQGKHLWGHLDJHEDHUPXWWHUKDOVNUHEVKWPO
 KWWSZZZSFIDUPURSURVSHFWSKS"LG 
 LPSIUHSRUWQU6HSW2FWYRQ+DQV837RO]LQ

KWWSZZZLPSIUHSRUWGH]HLWVFKULIWELVKHULJHLPSIUHSRUWKWP
 KWWSHPEHGUFRPSOD\OLVWVWXWWJDUWHULPSIV\PSRVLXP
 :LVVHQVFKDIWOHULQQHQIRUGHUQ1HXEHZHUWXQJGHU+39,PSIXQJXQGHLQ(QGHGHULU
UHIKUHQGHQ,QIRUPDWLRQHQ
 KWWSZZZSV\FKRSK\VLNFRPKEORJ"S 
 KWWS Z ZZXQLELHOHIHOGGHJ HVXQGKZD JG RZQORDGVKWPO,QIRUPDWLRQVGLHQVW
:LVVHQVFKDIW3UHVVHPLWWHLOXQJ7RUVWHQ6FKDOHW]NH8QLYHUVLWlW%LHOHIHOG
 KWWSZZZVDQHJRGH0HGLNDPHQWB*DUGDVLO
 +DQV837RO]LQ,PSIUHSRUWQU6HSW2FW
KWWSZZZLPSIUHSRUWGH]HLWVFKULIWELVKHULJHLPSIUHSRUWKWP
 KWWSHPEHGUFRPSOD\OLVWVWXWWJDUWHULPSIV\PSRVLXP
 +RZWRVWRSELUXLQVWHDGRIWKHYDFFLQHDQWLYLUDOPRGHO6FLHQFHLQ6RFLHW\
9DFFLQHV PD\ EH OLQNHG WR *XOI :DU 6\QGURPH &KLURZHEFRP -XQH  
KWWSZZZFKLURZHEFRPPSDFPVGFDUWLFOHSKS"LG 
 KWWSZZZVZLQHIOXXSGDWHXV(&VZLQHIOX('YDF
FLQHKDVDGMXYDQWVWKDWLPSDLUIHUWLOLW\SKS L KWWSLQIHUWLOLW\VXLWHFRPDUWLFOH
FIPSRO\VRUEDWHBBFDXVHVBLQIHUWLOLW\
 0LFKDHO/HLWQHU+39,PSIXQJGHQQVLHZLVVHQQLFKWZDVVLHWXQ
KWWSZZZLPSINULWLNGH]XVDW]VWRIIHVTXDOHQKWP
 0RVKH7LVKOHU<HKXGD6KRHQIHOG9DFFLQDWLRQPD\EHDVVRFLDWHGZLWKDXWRLPPXQH
GLVHDVHV ,0$M  9HUHG 0ROLQD <HKXGD 6KRHQIHOG ,QIHFWLRQ YDFFLQHV DQG
RWKHUHQYLURQPHQWDOWULJJHUVRIDXWRLPPXQLW\



'U&KULVWD7RGHD*URVV

 '.DQGXF4XDQWLI\LQJWKHSRVVLEOHFURVVUHDFWLYLW\ULVNRIDQ+39YDFFLQH-
([S7KHU2QFROKWWSZZZLPSIVFKDGHQLQIRLPSIHQKSYLPSIXQJKWP
 KWWSZZZLPSINULWLNGHSUHVVHVSLHJHOKWP
 'pFLVLRQGXDRWLQWHUGLVDQWXQHSXEOLFLWpSRXUXQPpGLFDPHQWPHQWLRQ
QpHjODUWLFOH/SUHPLHUDOLQpDGXFRGHGHODVDQWpSXEOLTXHGHVWLQpHDX[
SHUVRQQHVKDELOLWpHVjSUHVFULUHRXGpOLYUHUFHVPpGLFDPHQWVRXjOHVXWLOLVHUGDQV
OH[HUFLFHGHOHXUDUW 1256$606 &RQVLGpUDQWTXDLQVLFHGRFXPHQW
HVWFRQWUDLUHDX[GLVSRVLWLRQVGHVDUWLFOHV/VXVPHQWLRQQpHVGXFRGHGHOD
VDQWpSXEOLTXHODSXEOLFLWpVXVYLVpHSRXUODVSpFLDOLWpSKDUPDFHXWLTXH*$5'$6,/
HVWLQWHUGLWHKWWSZZZOHJLIUDQFHJRXYIUDIFK7H[WHGRMVHVVLRQLG "FLG7H[WH -25
)7(;7 GDWH7H[WH ROG$FWLRQ UHFK-2 FDWHJRULH/LHQ LG
 KWWSZZZKRWQHZVURVWLULXOWLPDBRUDVSDQLDYDFFLQXULLPSRWULYDKSYUH
WUDVHGXSDGRXDLQWHUQDULKWP



&$3,72/8/

&HVROXLLDYHP"

'U&KULVWD7RGHD*URVV

YDFFLQDW$UWLFROHOHLVROLFLWPHGLFXOXLVDFLRQH]HUHVSHFWkQGYR
LQDSDFLHQWXOXLLDUDUWSUHYHGHDFRUGXOVFULVDOSDFLHQWXOXLSHQWUXGLD
JQRVWLFXOLWUDWDPHQWXOFXSRWHQLDOULVF YH]L$QH[D ,QWHUHVDQWHVWHIDSWXO
FXQHOHUVSXQVXULDXIRVWGHVWXOGHHYD]LYHLGRDUODLQVLVWHQDSULQWHOXLFDUH
DWULPLVSHWLLLOHHOHDXIRVWUHIRUPXODWHLUHWULPLVHvQIRUPDWXODFWXDOFODUL
ODVXELHFW
$DGDU SUHVLXQLOH IFXWH GH FWUH 0HGLFLL GH )DPLOLH VDX GH FWUH 'L
UHFLXQLOH ,QVWLWXLLORU GH 6WDW JUGLQLH L FROL  DVXSUD SULQLORU QX VXQW
vQWHPHLDWHLDUDFHWLDSRWFHUHUHVSHFWDUHDGUHSWXOXLODHGXFDLHDOFRSLLORU
ORUFRQIRUPOHJLLvQYLJRDUH

5HIX]XOWXWXURUYDFFLQXULORUvQFHSkQGGHODQDWHUH
5HIX]XO XQXL YDFFLQ VDX DO RULFUXL DOW WUDWDPHQW SUHYHQWLY VDX FXUD
WLYHVWHXQGUHSWIXQGDPHQWDODOHFUXLFHWHDQURPkQFRQIRUPOHJLLQU
DUW3DFLHQWXODUHGUHSWXOVUHIX]HVDXVRSUHDVFRLQWHU
YHQLHPHGLFDODVXPkQGXLvQVFULVUVSXQGHUHDSHQWUXGHFL]LDVDFRQ
VHFLQHOHUHIX]XOXLVDXDOHRSULULLDFWHORUPHGLFDOHWUHEXLHH[SOLFDWHSDFLHQ
WXOXL YH]L%D]DOHJDOGLQ$QH[ 
3RWULYLW3URLHFWXOXLGH2UGLQDO0LQLVWHUXOXL6QWLLSULYLQGDSUREDUHD
&DUQHWXOXLGH9DFFLQULODDUWVHPHQLRQHD]/DvQVFULHUHDvQFROHFWLYL
WDWHVHYDVROLFLWDREOLJDWRULXSUH]HQWDUHDFDUQHWXOXLGHYDFFLQUL$FHDVW
IRUPXODUHGHVFKLGHSRVLELOLWDWHDXQHLLQWHUSUHWULGXUHvQVHQVXOUHVWULFLRQULL
DFFHVXOXLSHUVRDQHORUvQFROHFWLYLWL JUGLQLFRDOSURIHVLHHWF vQIXQFLH
GHHIHFWXDUHDVDXQXDVFKHPHLLQWHJUDOHGHYDFFLQXULSUHY]XWHvQ&DUQHWXOGH
9DFFLQUL3HQWUXDDDvQFHPVXUYDFFLQXULOHVXQWREOLJDWRULLGDULGHV
SUHFDUQHWXOGHYDFFLQULDXIRVWWULPLVHPDLPXOWHSHWLLLGHFWUHXQSULQWH DO
FUXLQXPHUPkQHFRQGHQLDO FWUHPDLPXOWH'LUHFLLGH6QWDWH3XEOLF
'63  GLQ 5RPkQLD LQFOXVLY FWUH 'LUHFLD GH 6QWDWH 3XEOLF D -XGHXOXL
,OIRYGHODFDUHUVSXQVXODIRVWFkWVHSRDWHGHFODUVFKHPDGHYDFFLQDUH
HVWHUHFRPDQGDW YH]L$QH[D &XDOWHFXYLQWHQXHVWHREOLJDWRULH$OWH
SHWLLLDXIRVWWULPLVHFWUH,QVSHFWRUDWHOHFRODUHGLQDU5VSXQVXOGHOD,Q
VSHFWRUDWXOFRODUDO0XQLFLSLXOXL%XFXUHWLGLQHVWHXUPWRUXO
9 LQIRUPP F SULQLL DX GDWRULD OD vQVFULHUHD FRSLOXOXL vQ FROHFWLYLWDWH
VSUH]LQWHGRYDGDIDSWXOXLFVDXIFXWYDFFLQXULOHFRUHVSXQ]WRDUHYkUVWHL
FRSLOXOXLFRQIRUP2UG06QUDUWQDFHODLWLPSvQVLWXDLD
vQ FDUH QX VDX UHDOL]DW LPXQL]ULOH SURODFWLFH SULQLL YRU GHSXQH OD VH
GLXOXQLWLLGHvQYPkQWRGHFODUDLHWLSFRQIRUP/HJLLQUSULYLQG
GUHSWXULOHSDFLHQLORUFDUHSUHYHGHQHFHVLWDWHDFRQVLPPkQWXOXLLQIRUPDWL
H[SULPDWvQVFULVSHQWUXLQWHUYHQLLOHPHGLFDOH $UW SUHFXPLFRQIRUP
/HJLL  SULYLQG UHIRUPD VQWLL FDUH QX SUHYHGH REOLJDLD GH D 

8QVWLOGHYLDVQWRVDOJUDYLGHL
'LQWLPSXOVDUFLQLLIHPHLDSRDWHFUHDGHMDXQPHGLXSURSLFHYLLWRUXOXLHL
FRSLODVWIHOvQFkWODQDWHUHDFHVWDVPRWHQHDVFXQVLVWHPLPXQVQWRV
FDSDELOVvQYLQJEROLOH
6HYLWHWR[LFHOH LJULFDIHDDOFRRO 
6QXVHYDFFLQH]H DQWLWHWDQRVDQWLJULSDOHWF vQWLPSXOVDUFLQLL
LQGFVLVWHPXOLPXQDOJUDYLGHLVXIHUPDULVFKLPEULFHDPDLLPSRUWDQW
LQGRWROHUDQLPXQRORJLFIDGHXQHVXWVWULQFXPHVWHLFHODOFRSLOX
OXLSHQWUXFDDFHVWDVQXSRDWUHVSLQVLHOLPLQDW$FHDVWWROHUDQLPX
QRORJLFHVWHIRDUWHEHQHFSHQWUXJUDYLGGHRDUHFHLDOWHGLVIXQFLLDOH
VLVWHPXOXLHLLPXQVHYRUHVWRPSDDFXPFXDQVHPDULGHYLQGHFDUH$FHVWD
HVWHPRWLYXOSHQWUXFDUHRIHPHLHFDUHQDWHPDLPXOLFRSLLvLvQWUHWHVLV
WHPXOLPXQLQXYDVXIHULGHEROLDOHUJLFHDXWRLPXQHHWF'DUFkWHPDPH
vQ]LXDGHD]LQDVFPDLPXOWGHFRSLL"8QYDFFLQvQWLPSXOVDUFLQLLYD
SHULFXORVSHQWUXFRSLO/DDQWLJHQXOGLQYDFFLQ YLUXVJULSDOWR[LQDWHWDQLF 
VHDGDXJLFRPSRQHQWHOHQHXURWR[LFHLDOHUJLFHSHQWUXFRSLO DOXPLQLXL
PHFXU 0HWDOHOHJUHOHSUHFXPPHUFXUXOWUHFSULQSODFHQWvQVLVWHPXOQHU
YRVDOFRSLOXOXLFXULVFXODSDULLHLDXWLVPXOXLLDDOWRUEROLQHXURORJLFH/D
JUDYLGYDFFLQXOYDSXWHDSURYRFDUHDFLLDOHUJLFH
6QXFRQVXPHDQWLRELRWLFHLPXQRGHSULPDQWHLDOWHPHGLFDPHQWHFDUH
DUSXWHDVPRGLFHVLVWHPXOHLLPXQLLPSOLFLWSHFHODOFRSLOXOXLQVR
FLHWDWHDQRDVWUIHPHLOHJUDYLGHLFRSLLLVXQWFHLPDLVHQVLELOLLPDLH[SXL
ODPHGLFDPHQWHDUP(KJDUWQHU

 $QXDUXO )HGHUDLHL 2UJDQL]DLLORU 2UWRGR[H 3UR9LWD GLQ 5RPkQLD SXEOLFDW vQ
6LELXKWWSZZZSHQWUXYLDWDFOXMURDUKLYD$QXDUB39SGI

 %HUW (KJDUWQHU /RE GHU .UDQNKHLW:DUXP HV JHVXQG LV WDE XQG ]X NUDQN ]X VHLQ
%DVWHL/EEH9HUODJ$XDJ)HEUXDU

9$&&,185,/(35(9(1,(6$8%2$/



6FRQVXPHDOLPHQWHQDWXUDOHIUDGDRVXULFKLPLFDOHVDXPRGLFDWH
JHQHWLF
1XDUHQHYRLHGHVXSOLPHQWHFXYLWDPLQHLPLQHUDOHLDUVDUHDLRGD
W HVWH WRWDO FRQWUDLQGLFDW R DOLPHQWDLH VQWRDV DFRSHU WRDWH DFHVWH
QHFHVLWL
'DFkWULHWHODDUVQXHYLWHFRQWDFWXOFXDQLPDOHOHLVFRQVXPH
ODSWHGHYDF VDXGHFDSU SURDVSWLQHHUWWRDWHDFHVWHDvQWULQGVLVWH
PXOHLLPXQGDULSHFHODOFRSLOXOXL
'XSQDWHUHUHFRPDQGULSHQWUXPDPLFRSLO
0DPD V FRQWLQXLH DFHODL VWLO GH YLD VQWRV GLQ WLPSXO VDUFLQLL OD
FDUHVHPDLDGDXJGRXFRQGLLL
6DOSWH]HFRSLOXOFXRULFHSUHODSWHOHPDWHUQLQGFHOPDLEXQDOL
PHQWFDUHRIHUVXJDUXOXLWRWFHHDFHDUHQHYRLHVXEVWDQHQXWULWLYHDQWL
FRUSLHWF
6QXVHYDFFLQH]H8QYDFFLQDGPLQLVWUDWGXSQDWHUHSRDWHUHDGXFH
DOHUJLLOHVDXEROLOHDOHUJLFHDOHIHPHLLGHGLQDLQWHDVDUFLQLLLvQIHOXODFHVWD
DVWPXOEURQLFHF]HPDDOHUJLFVDXULQLWDDOHUJLFVHYRUPDQLIHVWDGLQQRX
EDFKLDUVHYRUSXWHDDJUDYD
&RSLOXOYDDYHDPDULDQVHGHDVQWRVGDFYRUvQGHSOLQLWHFkWHYD
FRQGLLLLPSRUWDQWH
6VLPWSUH]HQDPDPHL FRQWDFWXO]LFGUDJRVWHDOLQLWHDVXHWHDV
F vQSULPLLDQLGHYLDSULPXODQLQGFHOPDLLPSRUWDQWQWUHPDPL
FRSLOHVWHRVLPELR]SHUIHFW
6HDOSWDWODVkQPLQLPXPOXQLQOLSVDDOLPHQWDLHLQDWXUDOHV
HKUQLWFXODSWHGHYDFSURDVSW QHHUW GLOXDWLvQGXOFLWFRUHVSXQ]WRU
XQPHGLFSHGLDWUXFXQRDWHFRQFHQWUDLLOHQHFHVDUH $OHUJLDODODSWHGHYDF
XQHRULH[LVWGHODQDWHUHGDUvQPDMRULWDWHDFD]XULORUDSDUHGXSYDFFLQX
ULOHGLQSULPHOHOXQL WUHEXLHGHSLVWDWGLQWLPSQDFHVWFD]ODSWHOHGHYDF
YDvQORFXLWFXODSWHGHFDSUSURDVSW VDXDFUXODSWHEWXWLDXUW QHHUW
SkQODYkUVWDGHDQL'DFHVWHDOHUJLFLODODSWHOHGHFDSUVHFRQVXP
ODSWHGLQVRLDSUHSDUDWDFDV QXGLQFRPHU 1XVHGVXJDUXOXLODSWHSUDI
GLQODSWHGHYDFVDXVRLD FDUHODOHUJL]HD]LPDLPXOW(F]HPDDWRSLF
HVWH GHVHRUL XQ VLPSWRP SUHPHUJWRU DOHUJLHL OD ODSWH GH YDF VDX FKLDU R
vQVRHWHLHVWHGHVHRULFRQVHFLQDYDFFLQXULORU


,ELGHP



'U&KULVWD7RGHD*URVV

'LYHUVLFDUHDDOLPHQWDLHLVHIDFHFXDOLPHQWHQDWXUDOHSUHSDUDWHDFD
VFXH[FOXGHUHDREOLJDWRULHDVHPLSUHSDUDWHORU  LDRULFUXLDOLPHQWFH
FRQLQHFRQVHUYDQL SURGXVHGLQPDJD]LQHEXGLQFLGLYHUVHSURGXVHODFWDWH
HWF 
6QXHYDFFLQDW
'DFDUHIHEU LDUPHGLFXOSHGLDWUXQXUHFRPDQGLQWHUQDUHD FRSLOXO
YDKLGUDWDWFXFHDLXULFRPSRWXULVXFXULGHIUXFWHSUHSDUDWHSHUVRQDOVXSH
vQIXQFLHGHYkUVW LDUIHEUD SkQODJUDGH&HOVLXVODVXJDULLVXEOXQL
LJUDGH&HOVLXVODFHLSHVWHOXQL QXVHYDFRPEDWHFXDQWLWHUPLFHFL
SULQvPSDFKHWUL6XQWLQGLFDWHGHDVHPHQHDIUHFLLFXRHWVSLUWVDQLWDU3H
FkWSRVLELOVQXVHIRORVHDVFPHGLFDPHQWHDQWLWHUPLFHDQWLLQDPDWRDUH
1XURIHQ  DQWLDOJLFH $OJRFDOPLQ  3DUDFHWDPRO L QLFLGHFXP DQWLELRWLFH
2UJDQLVPXOVHDSUSULQIHEUFDUHHVWHEHQHFLWLPSGH]LOHQXVHYD
WUDWD3ULQWUDWDUHDIHEUHLVHSURYRDFRLPXQRVXSUHVLH YH]LFDS $SHWLWXO
UHYLQHGXSFHOHWUHL]LOHGHIHEULFRSLOXOYDGLQQRXHQHUJLFLVQWRV
6FXWHFHOHJHQSDPSHUVQXVXQWLQGLFDWHvQIHEUFFLUHLQFOGXUD'DF
QXVFDGHIHEUDHVWHUHFRPDQGDWRLQYHVWLJDUHPDLPLQXLRDV
6XE YkUVWD GH  OXQL VXJDUXO QHYDFFLQDW ELQH vQJULMLW QX DUH QLFLXQ
PRWLYVIDFIHEUDYkQGvQFDQWLFRUSLLGHODPDPLDUGDFHVWHDOSWDWOD
VkQHVWHIRDUWHELQHSURWHMDWGHLQIHFLL'DFWRWXLDSDUHIHEUDWUHEXLHJVL
WFDX]D8QVXJDUYDFFLQDWIDFHGHRELFHLIHEUGXSHFDUHYDFFLQLQGF
LVHLQGXFHRVWDUHGHLQIHFLH)HEUDHVWHWUDWDWGLQQHIHULFLUHvQPDMRULWDWHD
FD]XULORUFXDQWLWHUPLFHFDUHSURYRDFLPXQRVXSUHVLH$FHDVWDODUkQGXOHL
YDSUHGLVSXQHODDOWHYLUR]HLLQIHFLLFDUHGLQQRXYRUWUDWDWHFXDQWLWHU
PLFHDQWLLQDPDWRULLVDXFKLDUDQWLELRWLFH'HODQDWHUHLSkQODOXQLXQ
VXJDUvQ5RPkQLDSULPHWHGRDUYDFFLQXULQIHOXODFHVWDVHIRUPHD]
XQFHUFYLFLRVGLQFDUHFRSLOXOYDLHLFXXQVLVWHPLPXQEXOYHUVDWGHSLW
GHVLWXDWLHLSUHGLVSXVODLQIHFLLLEROLDOHUJLFH
'XSYkUVWDGHOXQLFRSLOXOQHYDFFLQDWQXPDLHVWHDSUDWvQWRWDOL
WDWHGHDQWLFRUSLLGHODPDP VFDGWUHSWDWSkQODYkUVWDGHDQL GDUvL
IRUPHD]SURSULXOVLVWHPLPXQ YH]LFDS $FXPSRWDSUHDLQIHFLLXRDUH
FXIHEULDUWUDWDPHQWXOWUHEXLHVHXQXOFkWPDLSXLQDJUHVLYLIUDQWL
ELRWLFH DFHVWHDVXQWLQHFDFHvQYLUR]HLVFDGLPXQLWDWHD )HEUDDSUXWGLQ
FDX]DHUXSLLORUGHQWDUHQXYDWUDWDWFXDQWLWHUPLFH(VWHFXQRVFXWIDSWXO

 'U )ULHGULFK 3 *UDI 1LFKW LPSIHQZDV GDQQ" VSUDQJVUDGH YHUODJ  $XDJH


9$&&,185,/(35(9(1,(6$8%2$/



FHUXSLD H[SXVWXOHOHOHGLQYDULFHO GLQFDGUXOEROLORUFRQWDJLRDVHVH


YLQGHFPXOWPDLJUHXGDFDGPLQLVWUPDQWLWHUPLFH
6QXWULDVFvQWUXQPHGLXSUHDVWHULOFLVHOVDWVVHPXUG
UHDVFSHQWUXDLGH]YROWDRLPXQLWDWHVQWRDVFRQWDFWXOFXDQLPDOHHVWH
EHQHF
6HOVDWVVHMRDFHFXDOLFRSLLFKLDUFXULVFXOGHDIDFHEROLXRDUH
YLUDOHHVWHLQGLFDWVIDFEROLOHFRSLOULHLFDUHvLYRUvQWULVLVWHPXOLPXQ
LPDLDOHVvOYRWIHULGHPXOWHDOWHEROLFURQLFHJUDYH VLQGURPQHIURWLFEROL
DXWRLPXQHHWF 
 7UDWDPHQWXOEROLORUFRQWDJLRDVH
GXSSXQHUHDXQXLGLDJQRVWLFFHUW
&RSLOXOYDELQHKLGUDWDWIHULWGHFOGXUH[FHVLYVDXGHIULJLFXUHQW
9DDOLPHQWDWQDWXUDO ODVkQ LDUvQOLSVDDFHVWXLDFXODSWHSURDVSWGH
YDFVDXGHFDSUGLOXDWLvQGXOFLWFRUHVSXQ]WRU
9DKLGUDWDWFXFHDLXULFRPSRWXULVXFXULGHIUXFWHSUHSDUDWHSHUVRQDO
LVXSHPDLVUDWHGHRDUHFHVDUHDVWLPXOHD]SXLQVHWHDLHVWHPDLXRUGH
KLGUDWDW
&RPEDWHUHD IHEUHL D IRVW GHVFULV DQWHULRU )UHFLLOH VH IDF SH vQWUHJ
FRUSXOLDMXWODVFGHUHDIHEUHLGDULODSURYRFDUHDHUXSLHLJUELQGYLQ
GHFDUHDvQFD]XOUXMHROHLUXEHROHLLDRUHLRQXOXLIHEUDGXUHD]GHRELFHL
]LOHGXSFDUHDSDUHHUXSLDPRPHQWvQFDUHVWDUHDFRSLOXOXLVHDPHOLRUHD]
LVFDGHIHEUD
(VWHHYLWDWEDLD
(VWHIHULWGHOXPLQSXWHUQLF]JRPRWPXVDUL
6HLQXWFkWPDLPXOWODSDW VVHMRDFHvQSDW 
9UVWXULOH SXLQHLvQFDQWLWDWHPLF VXQWQRUPDOHODGHEXWXOEROLL
WUHEXLHUHKLGUDWDWFRUHVSXQ]WRUDDFXPDPPHQLRQDWDQWHULRU
'DFDUHIUDLVQXHL]RODWGHHLFLGLPSRWULYHVWHELQHVIDFLHL
ERDODSHQWUXDGREkQGLRLPXQLWDWHQDWXUDOvQGHOXQJDWLDVWIHOVLvQW
UHDVFVLVWHPXOLPXQ6HWLHFODXQFRSLOQHYDFFLQDWGH]YROWDUHDOXLHVWH
IRDUWHEXQOLSVLWGHEROLJUDYHLDUFRQVXOWDLLOHODPHGLFVXQWIRDUWHUDUH
&RQVXOWDLHODPHGLFXOGHIDPLOLHVDXSHGLDWUXODDSDULLDXQHLFRPSOLFDLL



'U&KULVWD7RGHD*URVV

&RQFOX]LL
'DFYDFFLQDUHDREOLJDWRULHFRQWLQXvQDFHODLULWPvQFXUkQGWRD
WHJHQHUDLLOHYLLWRDUHYRUVXIHULGHEROLDOHUJLFH
8QVLQJXUYDFFLQSRDWHSURYRFDXQDVDXPDLPXOWHEROL3ULQFRPELQD
UHDORUvQV DDFXPVHvQWkPSODFXP VHvQPXOHVFEROLOHVHLQWHUFRQGLL
RQHD]LVHDJUDYHD]UHFLSURF&XFkWVXQWDGPLQLVWUDWHFRSLLORUPDLPXOWH
YDFFLQXULFRPELQDWH SHQWDYDFFLQKH[DYDFFLQ FXDWkWYDPDLGLFLOVWX
GLHUHDUHDFLLORUVHFXQGDUHLDEROLORUSHFDUHOHSURYRDFHFDUHYDFFLQvQ
SDUWH
3HQWUXXQVLQJXUFRSLOGLQ8QLXQHD(XURSHDQSULQLLVFRWGLQEX]X
QDUVXWHGH(XURSHQWUXYDFFLQXULOHREOLJDWRULL$VWIHOYDFFLQDUHDUPkQH
RDIDFHUHIRDUWHUHQWDELOSHQWUX&RPSDQLLOHGHPHGLFDPHQWHLQXQXPDL
LQLPHQLQXDUHLQWHUHVXOVRRSUHDVF
3ULQLLVXQWVLQJXULLFDUHPDLSRWOXDRDWLWXGLQHVSUHELQHOHORULDO
XUPDLORUORU

%(KJDUWQHURSFLW
,ELGHP

,ELGHP



'U&KULVWD7RGHD*URVV

OLSVLWHGHIXQGDPHQWLRULFHSULQWHSRDWHSULQFXQRDWHUHDFkWRUYDHOHPHQWH
MXULGLFHGHED]H[SOLFDWHPDLMRVVvLLPSXQSXQFWXOGHYHGHUH

$1(;

&XPVHSRDWHUHIX]D
YDFFLQDUHDFRSLLORU
1XPHGLFLLVXQWFHLFDUHGHFLGGDFVXQWVDXQXREOLJDWRULLYDFFLQXULOH(L
GRDUOHUHFRPDQGFRQIRUPOHJLORUGLQ5RPkQLD /HJHDQUSULYLQG
UHIRUPDVQWLLHWF
(IHFWXDUHDVDXQXDXQXLYDFFLQHVWHGHFL]LDH[FOXVLYDSULQLORU VDX
WXWRUHOXL FRSLOXOXLLDUPHGLFXOWUHEXLHVUHVSHFWHGRULQDORU7RWRGDWPH
GLFXOHVWHREOLJDWVRIHUHH[SOLFDLLOHQHFHVDUHSULQLORUGHVSUHRULFHWLSGH
YDFFLQUHVSHFWLYWRDWHUHDFLLOHDGYHUVHSRVLELOHLPHGLDWHVDXWDUGLYHFRQ
WUDLQGLFDLLOHYDFFLQXULORUHWF9DFFLQXULOHUHFRPDQGDWHVXJDUXOXLLFRSLL
ORUDXIRVWGHVFULVHvQFDSLWROXO5RPkQLDHVWHVLQJXUDDUGLQ8(XQGHVH
PDLSUDFWLFYDFFLQDUHDODQDWHUH(VWHYRUEDGHFHOHGRXYDFFLQXUL%&*
LKHSDWLWLF%
'HRDUHFHvQPDMRULWDWHDFD]XULORUSULQLLQXvLFXQRVFGUHSWXULOHLQX
WLXFYDFFLQXULOHDD]LVHREOLJDWRULLSRWUHIX]DWH)HGHUDLD3UR9LWD
FX DMXWRUXO DYRFDWXOXL ,RQX 'RUX %OHMXVF %XFXUHWL  D vQWRFPLW %D]D
OHJDOGHUHIX]DYDFFLQXULORUSXEOLFDWLvQ$QXDUXO)HGHUDLHL2UJDQL
]DWLLORU2UWRGR[H3UR9LWDGLQ5RPDQLD

&DUHHVWHED]DOHJDOSHQWUXFDXQSULQWHWXWRUH
VSRDWUHIX]DYDFFLQDUHDFRSLOXOXLVX
$FHVWJKLGDUHVFRSXOGHDLVSULMLQLSHSULQLLFDUHQXGRUHVFDGPLQLV
WUDUHDXQXLDVDXDOWXLDGLQWUHYDFFLQXULFRSLLORUORUQFLXGDRELFHLXOXLvPS
PkQWHQLWGHSHYUHPHDFRPXQLVPXOXLLFRQIRUPFUXLDWRDWOXPHDWUHEXLH
VVHYDFFLQH]HGHFL]LDIDPLOLHLDUHSULRULWDWHDEVROXWvQIDDDXWRULWLORU
$UPDLLOHGHJHQXO$DHOHJHDVDX$DFHUUHJXOLOHFRPXQLWLLIRORVL
WHGHPHGLFLVDXGHGLUHFWRULLGHFROLvQVSULMLQXOYDFFLQULLREOLJDWRULLVXQW


KWWSZZZSHQWUXYLDWDFOXMURDUKLYD$QXDUB39SGI6LELX

3UHYHGHULGLQOHJLVODLDVSHFLF
/HJHD QU  SULYLQG GUHSWXULOH SDFLHQLORU SUHYHGH FODU QHFH
VLWDWHD FRQVLPPkQWXOXL LQIRUPDW L H[SULPDW vQ VFULV SHQWUX LQWHUYHQLLOH
PHGLFDOH
$UW  3DFLHQWXO DUH GUHSWXO V UHIX]H VDX V RSUHDVF R LQWHUYHQLH
PHGLFDODVXPkQGXLvQVFULVUVSXQGHUHDSHQWUXGHFL]LDVDFRQVHFLQHOH
UHIX]XOXLVDXDOHRSULULLDFWHORUPHGLFDOHWUHEXLHH[SOLFDWHSDFLHQWXOXL
'HQLLDLQWHUYHQLHLPHGLFDOHHVWHGDWODDUWOLWG GLQDFHHDLOHJH
DVWIHOSULQLQWHUYHQLHPHGLFDOVHvQHOHJHRULFHH[DPLQDUHWUDWDPHQWVDX
DOWDFWPHGLFDOvQVFRSGHGLDJQRVWLFSUHYHQWLYWHUDSHXWLFRULGHUHDELOLWDUH
FXSULQ]kQGDDGDULYDFFLQDUHD
/HJHDQUSULYLQGUHIRUPDVQWLLQXSUHYHGHREOLJDLDGHD
YDFFLQDW$UWLFROHOHLVROLFLWPHGLFXOXLVDFLRQH]HUHVSHFWkQG
YRLQD SDFLHQWXOXL LDU DUW  SUHYHGH DFRUGXO VFULV DO SDFLHQWXOXL SHQWUX
GLDJQRVWLFXOLWUDWDPHQWXOFXSRWHQLDOULVF QXVHIDFHvQVGHQLUHDWHUPH
QXOXL 'HDVHPHQHDDUWSUHYHGHFDFWXOPHGLFDOVHSRDWHIDFHvQOLSVD
FRQVLPPkQWXOXLLQIRUPDWQXPDLvQVLWXDLLGHXUJHQvQFDUHOLSVDDFLXQLL
LPHGLDWHDUSXQHvQSHULFROYLDDSDFLHQWXOXL
$UW     'HFL]LLOH L KRWUkULOH FX FDUDFWHU PHGLFDO YRU  OXDWH
DYkQGXVH vQ YHGHUH LQWHUHVXO L GUHSWXULOH SDFLHQWXOXL SULQFLSLLOH PHGLFD
OH JHQHUDO DFFHSWDWH QHGLVFULPLQDUHD vQWUH SDFLHQL UHVSHFWDUHD GHPQLWLL
XPDQHSULQFLSLLOHHWLFLLLGHRQWRORJLHLPHGLFDOHJULMDIDGHVQWDWHDSD
FLHQWXOXLLVQWDWHDSXEOLF
$UW  &XH[FHSLDFD]XULORUGHIRUPDMRUGHXUJHQRULFkQG
SDFLHQWXOVDXUHSUH]HQWDQLLOHJDOLRULQXPLLDLDFHVWXLDVXQWvQLPSRVLELOLWDWH
GHDLH[SULPDYRLQDVDXFRQVLPPkQWXOPHGLFXODFLRQHD]UHVSHFWkQG
YRLQDSDFLHQWXOXLLGUHSWXODFHVWXLDGHDUHIX]DRULGHDRSULRLQWHUYHQLH
PHGLFDO
$UW  3HQWUXDVXSXVODPHWRGHGHSUHYHQLHGLDJQRVWLFL
WUDWDPHQW FX SRWHQLDO GH ULVF SHQWUX SDFLHQW GXS H[SOLFDUHD ORU GH FWUH
PHGLFPHGLFGHQWLVWDVLVWHQWPHGLFDOPRDFRQIRUPSUHYHGHULORUDOLQ  
L  SDFLHQWXOXLLVHVROLFLWDFRUGXOVFULV
 QRELQHUHDDFRUGXOXLVFULVDOSDFLHQWXOXLPHGLFXOPHGLFXOGHQWLVW
DVLVWHQWXOPHGLFDOPRDDVXQWGDWRULVSUH]LQWHSDFLHQWXOXLLQIRUPDLLODXQ
QLYHOWLLQLFUH]RQDELOSHQWUXSXWHUHDGHvQHOHJHUHDDFHVWXLD

9$&&,185,/(35(9(1,(6$8%2$/



  ,QIRUPDLLOH WUHEXLH V FRQLQ GLDJQRVWLFXO QDWXUD L VFRSXO WUDWD


PHQWXOXLULVFXULOHLFRQVHFLQHOHWUDWDPHQWXOXLSURSXVDOWHUQDWLYHOHYLDELOH
GH WUDWDPHQW ULVFXULOH L FRQVHFLQHOH ORU SURJQRVWLFXO EROLL IU DSOLFDUHD
WUDWDPHQWXOXL
$UW9kUVWDOHJDOSHQWUXH[SULPDUHDFRQVLPPkQWXOXLLQIRUPDW
HVWHGHDQL0LQRULLvLSRWH[SULPDFRQVLPPkQWXOvQDEVHQDSULQLORU
VDXUHSUH]HQWDQWXOXLOHJDOvQXUPWRDUHOHFD]XUL
D  VLWXDLL GH XUJHQ FkQG SULQLL VDX UHSUH]HQWDQWXO OHJDO QX SRW 
FRQWDFWDLLDUPLQRUXODUHGLVFHUQPkQWXOQHFHVDUSHQWUXDvQHOHJHVLWXDLD
PHGLFDOvQFDUHVHD
E VLWXDLLPHGLFDOHOHJDWHGHGLDJQRVWLFXOLVDXWUDWDPHQWXOSUREOHPHORU
VH[XDOHLUHSURGXFWLYHODVROLFLWDUHDH[SUHVDPLQRUXOXLvQYkUVWGHSHVWH
DQL
$UW  0HGLFXOFXUDQWDVLVWHQWXOPHGLFDOPRDDUVSXQGDWXQFL
FkQGQXRELQFRQVLPPkQWXOLQIRUPDWDOSDFLHQWXOXLVDXDOUHSUH]HQWDQLORU
OHJDOL DL DFHVWXLD FX H[FHSLD FD]XULORU vQ FDUH SDFLHQWXO HVWH OLSVLW GH
GLVFHUQPkQWLDUUHSUH]HQWDQWXOOHJDOVDXUXGDFHDPDLDSURSLDWQXSRDWH
FRQWDFWDWGDWRULWVLWXDLHLGHXUJHQ
 $WXQFLFkQGUHSUH]HQWDQWXOOHJDOVDXUXGDFHDPDLDSURSLDWQXSR
DWH  FRQWDFWDW PHGLFXO DVLVWHQWXO PHGLFDOPRDD SRW VROLFLWD DXWRUL]DUHD
HIHFWXULLDFWXOXLPHGLFDODXWRULWLLWXWHODUHVDXSRWDFLRQDIUDFRUGXODFH
VWHLDvQVLWXDLLGHXUJHQFkQGLQWHUYDOXOGHWLPSSkQODH[SULPDUHDDFRU
GXOXLDUSXQHvQSHULFROvQPRGLUHYHUVLELOVQWDWHDLYLDDSDFLHQWXOXL
&RQIRUP2*QUSULYLQGREOLJDWLYLWDWHDUDSRUWULLEROLORUL
DHIHFWXULLYDFFLQULORUDSUREDWSULQ/HJHDQU
$UW     0HGLFLL GH IDPLOLH LQGLIHUHQW GH IRUPD GH RUJDQL]DUH D
DVLVWHQHLPHGLFDOHSULPDUHvQFDGUXOVLVWHPXOXLSXEOLFVDXSULYDWLLQGLIH
UHQWGHFDVDGHDVLJXUULVRFLDOHGHVQWDWHFXFDUHDXvQFKHLDWFRQWUDFWGH
IXUQL]DUHGHVHUYLFLLPHGLFDOHDXREOLJDLDGHDDVLJXUDYDFFLQDUHDFRUHFW
D FRSLLORU L GH D UDSRUWD HIHFWXDUHD DFHVWHLD GLUHFLHL GH VQWDWH SXEOLF
MXGHHQHUHVSHFWLYDPXQLFLSLXOXL%XFXUHWL
  6FKHPD GH YDFFLQDUH UHFRPDQGDW SHQWUX FRSLL L DGROHVFHQL HVWH
SUHY]XW vQ DQH[D FDUH IDFH SDUWH LQWHJUDQW GLQ SUH]HQWD RUGRQDQ L vQ
3URJUDPXOQDLRQDOGHLPXQL]ULDSUREDWSULQRUGLQDOPLQLVWUXOXL6QWLL
L)DPLOLHL
'LQ DQDOL]D DFHVWXL WH[W GH OHJH UH]XOW FODU F YDFFLQDUHD QX HVWH
REOLJDWRULH SHQWUX F VH IRORVHWH WHUPHQXO UHFRPDQGDW 3HQWUX
PHGLFLLGHIDPLOLHH[LVWREOLJDLDSURIHVLRQDOVYDFFLQH]HFRUHFWLV



'U&KULVWD7RGHD*URVV

UDSRUWH]HDQXPLWHEROLFDLVLWXDLDYDFFLQULORU VHLQHXQFDLHWXQLF
GHYDFFLQDUHSHSHUVRDQLPHGLFXOGHIDPLOLHIDFHDVHPHQHDUDSRUWUL 
GDUGHDLFLQXUH]XOWQLFLGHFXPYUHRREOLJDLHSHQWUXSULQLFRSLLGHD
VHVXSXQHYDFFLQULL

&RQFOX]LL
2ULFHSDFLHQWDUHGUHSWXOGHDUHIX]DXQWUDWDPHQWVDXRSURFHGXUPH
GLFDOLQFOXVLYYDFFLQDUHD
 2ULFH WUDWDPHQW VDX SURFHGXU PHGLFDO LQFOXVLY YDFFLQDUHD VH SRW
DFRUGDXQXLFRSLOQXPDLGXSFHVDRELQXWFRQVLPPkQWXOSULQWHOXLWXWR
UHOXLFXH[FHSLDVLWXDLLORUGHXUJHQ
2ULFHFDPSDQLHGHYDFFLQDUHSUHVXSXQHH[LVWHQDXQXLRUGLQSUHDODELO
DO0LQLVWUXOXL6QWLLDDGDUSHQWUXFD]XULH[WUHPHFXPDIRVWFHODOYD
FFLQXOXLDQWL+39XQDFWDGPLQLVWUDWLYDQXODELOvQLQVWDQ SULQSURFHGXUD
GHFRQWHQFLRV 

$OWHSUHYHGHULOHJDOHXWLOH
&RQVWLWXLD5RPkQLHL
$UW  'UHSWXOODYLDSUHFXPLGUHSWXOODLQWHJULWDWH]LFL
SVLKLFDOHSHUVRDQHLVXQWJDUDQWDWH
$UW     /LEHUWDWHD LQGLYLGXDO L VLJXUDQD SHUVRDQHL VXQW
LQYLRODELOH
$UW     $XWRULWLOH SXEOLFH UHVSHFW L RFURWHVF YLDD LQWLP
IDPLOLDOLSULYDW
$UW  'UHSWXOSHUVRDQHLGHDDYHDDFFHVODRULFHLQIRUPDLHGH
LQWHUHVSXEOLFQXSRDWHvQJUGLW
 $XWRULWLOHSXEOLFHSRWULYLWFRPSHWHQHORUFHOHUHYLQVXQWREOLJDWH
VDVLJXUHLQIRUPDUHDFRUHFWDFHWHQLORUDVXSUDWUHEXULORUSXEOLFHLDVXSUD
SUREOHPHORUGHLQWHUHVSHUVRQDO
/HJHDQU&RGXO&LYLO
$UW  9LDDVQWDWHDLLQWHJULWDWHD]LFLSVLKLFDRULFUHL
SHUVRDQHVXQWJDUDQWDWHLRFURWLWHvQPRGHJDOGHOHJH
 ,QWHUHVXOLELQHOHLQHLXPDQHWUHEXLHVSULPH]HDVXSUDLQWHUHVXOXL
XQLFDOVRFLHWLLVDXDOWLLQHL
$UW  &RUSXOXPDQHVWHLQYLRODELO
$UW1LFLRSHUVRDQQXSRDWHVXSXVH[SHULHQHORUWHVWHORUSUH
OHYULORUWUDWDPHQWHORUVDXDOWRULQWHUYHQLLvQVFRSWHUDSHXWLFRULvQVFRSGH

9$&&,185,/(35(9(1,(6$8%2$/



FHUFHWDUHWLLQLFGHFkWvQFD]XULOHLvQFRQGLLLOHH[SUHVLOLPLWDWLYSUH
Y]XWHGHOHJH

$OWHDUJXPHQWH
& DFRUGXO SULQLORU SHQWUX YDFFLQDUHD FRSLLORU HVWH LPSRUWDQW VH VXE
OLQLD] L vQ DUWLFROXO 3DUWLFXODULWL L GLOHPH HWLFH DOH FRQVLPPkQWXOXL
LQIRUPDWvQRQFRORJLDSHGLDWULFSXEOLFDWGH5HYLVWD5RPkQGH%LRHWLF
$FDGHPLD $PHULFDQ GH 3HGLDWULH $$3  D DUJXPHQWDW F vQWUHDJD
GRFWULQDFRQVLPPkQWXOXLLQIRUPDWSUH]LQWRDSOLFDELOLWDWHSDUWLFXODUvQ
SHGLDWULHQFRQVHFLQFRQIRUP$$3FRQVLPPkQWXOSRDWHDFRUGDWQXPDL
GHFWUHSDFLHQWXOFXFDSDFLWDWHDGHFYDWGHGHFL]LHLFXvPSXWHUQLFLUHOHJDO
3ULQLL VDXDOLDSDULQWRULOHJDOL SRWDFRUGDFRQVLPPkQWXOLQIRU
PDW LDU FRSLOXOXL L VH VROLFLW VL GHD DFRUGXO LQIRUPDW RUL GH FkWH RUL
HVWHQHYRLH$$3QRWHD]FDFRUGXOVROLFLWDWDUHUHOHYDQPDLPDUHFkQG
LQWHUYHQLDSURSXVQXHVWHHVHQLDOSHQWUXYLDDFRSLOXOXLLVDXSRDWH
SUDFWLFDWIUXQULVFVXEVWDQLDO
$FHVWDUWLFROFLWHD]LGLQQRUPHDOHELRHWLFLLGLQFDUHQXWRDWHDXRYD
ORDUHMXULGLFH[SOLFLW7RWXLSULQFLSLXOHVWHDFHODLPLQRUXOQXLSRDWHGD
VLQJXUFRQVLPPkQWXOODWUDWDPHQWUHSUH]HQWDQWXOOHJDOLQGFHOFKHPDWV
LOGHDvQQXPHOHFRSLOXOXL

&HWUHEXLHVIDFXQSULQWHWXWRUH
FDUHQXGRUHWHVLHYDFFLQDWFRSLOXO
3ULQLLSRWFRPSOHWDPRGHOXOGHGHFODUDLHDQH[DW YH]LXOWLPDSDJLQ 
SHFDUHVvOGHSXQODVHFUHWDULDWXOLQVWLWXLHLLQVLVWkQGSHQWUXRFRQUPDUHD
SULPLULLDFHVWXLD XQQXPUGHvQUHJLVWUDUH $FHDVWDDUWUHEXLVHGHDMXQV
'DFPHWRGDGHPDLVXVQXGURDGHSULQLLSRWvQFHUFDXUPWRDUHOH
6FRPXQLFHPHGLFLORULGLUHFWRUXOXLXQLWLLFQHUHVSHFWDUHDYRLQHL
ORUYDGXFHODXQSURFHVFLYLOUHVSHFWLYODRSOkQJHUHSHQDOVDXLOD&ROHJLXO
0HGLFLORUGXSFD]
7RDWHFDPSDQLLOHGHYDFFLQDUHWUHEXLHVDLERSURFHGXUGHDSOLFDUH
VWDELOLWSULQWUXQRUGLQSUHDODELODO0LQLVWUXOXL6QWLL 'HH[HPSOXFDP
SDQLDGLQDQXOSHQWUXYDFFLQDUHFRQWUDJULSHLFXYDFFLQXO&DQWJULS
VDUHDOL]DWFRQIRUP206QU 3ULQLLVFHDUXQLWLLGH
vQYPkQWRFRSLHDRUGLQXOXLUHVSHFWLYSHQWUXDRVWXGLD


KWWSZZZELRHWLFDURELRHWLFDLHLQIRMVS"LWHP  QRGH 



'U&KULVWD7RGHD*URVV

6FHDUGHOD'63 'LUHFLDGH6QWDWH3XEOLF ORFDORDGUHVGLQFDUHV


UH]XOWHFYDFFLQDUHDQXHVWHREOLJDWRULHLVLRDUDWHPHGLFXOXLVDXGLUHFWRUXOXL
Q FD]XO H[WUHP FkQG FRSLOXO QX HVWH DFFHSWDW OD vQVFULHUHD OD
FRDOJUGLQLFUHSHPRWLYFQXHVWHYDFFLQDWSULQWHOHWXWRUHOHSRDWH
 6 VROLFLWH FRQGXFHULL XQLWLL GHFL]LD VFULV vQVRLW GH PRWLYDUHD vQ
IDSWLGHWHPHLXULOHOHJDOH
6VHDGUHVH]HXQXLFDELQHWGHDYRFDWXUSHQWUXFRQVLOLHUHVDXVHUYLFLL
GHUHSUH]HQWDUH
 6 VH DGUHVH]H FX SOkQJHUH &RQVLOLXOXL 1DLRQDO SHQWUX &RPEDWHUHD
'LVFULPLQULLSHPRWLYFVHvQFDOFGUHSWXOODHGXFDLHDOFRSLOXOXL
3ULQLLSRWGHFODUDSHSURSULDORUUVSXQGHUHFQXVXQWGHDFRUGFXDG
PLQLVWUDUHDYDFFLQXULORU
5HIX]XOH[SUHVDOSULQWHOXLH[SULPDWvQVFULVHVWHXQGUHSWFRQIHULWvQ
ED]DXUPWRDUHORUOHJL
$UWGLQ&RQVWLWXLD5RPkQLHL
$UWLGLQ/HJHDQU&RGXO&LYLO
$UWGLQ/HJHDQUSULYLQGGUHSWXULOHSDFLHQWXOXL
$UW    L  GLQ/HJHDQUSULYLQGUHIRUPDVQWLL
Q VSLULWXO UHVSHFWULL OHJLVODLHL GLQ GRPHQLX SHUVRQDOXOXL PHGLFDO vL HVWH
RSR]DELOvQGHSOLQLUHDvQFD]FRQWUDUFXULVFXOVDQFLXQLORUDSUHYHGHULORU/H
JLLQUSHQWUXDSUREDUHD2UGRQDQHLGH*XYHUQQU DUWDOLQ
SULYLQGREOLJDLDDVLJXUULLYDFFLQULLFRUHFWHDFRSLLORU LQFOXVLYFXLQIRUPDUHD
SULQLORU DVXSUD FDUDFWHUXOXL QRQREOLJDWRULX DO DFHVWRU YDFFLQXUL FRQIRUP
$QH[HLDFHOXLDLDFWQRUPDWLY SULYLQGVFKHPDGHYDFFLQDUHUHFRPDQGDWSHQWUX
FRSLL  6XUVDKWWSZZZSHQWUXYLDWDFOXMURDUKLYD$QXDUB39SGI 

/HJLVODLDvQPDWHULHGHYDFFLQXUL
GLQDOWHULDOH8QLXQLL(XURSHQH
Q*HUPDQLDQXHVWHREOLJDWRULXQLFLXQYDFFLQGLQFRQIRUP
,)6* ,QIHNWLRQVVFKXW]JHVHW]/HJHDSHQWUXSUHYHQLUHD%ROLORU,QIHFLRDVH 

Q%XFXUHWLVHSRDWHDSHODOD&$%OHMXVF,RQXW'RUXWHOHPDLO
LRQXWEOHMXVFD#JPDLOFRP

KWWSZZZSHQWUXYLDWDFOXMURDUKLYD$QXDUB39SGI

 'U +XEHUWXV *ODVHU KWWSZZZQDYLJDWRUPHGL]LQGHHOWHUQBNLQGGLHZLFK
WLJVWHQIUDJHQXQGDQWZRUWHQLPSIXQJHQLPSIHQMDRGHUQHLQJLEWHVLQGHXWVFK
ODQGHLQHLPSISLFKWKWPO

 KWWSZZZNLQGHUJHVXQGKHLWLQIRGHIXHUHOWHUQLPSIXQJHQLPSIXQJHQGDVLPSI
V\VWHPLQGHXWVFKODQG

9$&&,185,/(35(9(1,(6$8%2$/



6XQWUHFRPDQGDWHVXJDULORULFRSLLORUYDFFLQXULOH'73+LEDQWLSROLRKH
SDWLWLF % DQWLYDULFHOLF DQWLSQHXPRFRFLF L DQWLPHQLQJRFRFLF 6XJDULL QX
VXQWYDFFLQDLODQDWHUH'RDUvQFD]XULGHULVFvQDOWVHUHFRPDQGYDFFLQXO
KHSDWLWLF%ODQDWHUH
Q2ODQGDQXHVWHREOLJDWRULXQLFLXQYDFFLQLDUYDFFLQXULOHUHFRPDQGD
WHVXJDULORULFRSLLORUPLFLVXQWDQWLSROLR+LE'73KHSDWLWLF%L005
525  1X LQWU vQVFKHPYDFFLQXO%&*LDUODQDWHUH QX HVWH REOLJDWR
ULXUHFRPDQGDWQLFLXQYDFFLQ
Q/X[HPEXUJQXHVWHREOLJDWRULXQLFLXQYDFFLQ6XQWUHFRPDQGDWHFR
SLLORUYDFFLQXULOH'73DQWLSROLR525+LELKHSDWLWLF%ODFRSLL9DFFLQXO
%&*QXLQWUvQVFKHPLDUODQDWHUHQXHVWHREOLJDWRULXUHFRPDQGDWQLFLXQ
YDFFLQ
Q6SDQLDQXHVWHREOLJDWRULXQLFLXQYDFFLQLDUFHOHUHFRPDQGDWHFRSLL
ORUVXQW'73DQWLSROLR 93, +LEKHSDWLWLF%005 525 LDQWLPHQLQ
JRFRFLF&1XLQWUvQVFKHPYDFFLQXO%&*LDUODQDWHUHQXHVWHREOLJDWR
ULXUHFRPDQGDWQLFLXQYDFFLQ
Q$QJOLDQXHVWHREOLJDWRULXQLFLXQYDFFLQLDUFHOHUHFRPDQGDWHFRSLLORU
VXQWYDFFLQXULOH'73DQWLSROLR+LE525LDQWLPHQLQJRFRFLF&9DFFLQXO
%&*HVWHUHFRPDQGDWODYkUVWDGHDQLLGRDUvQFD]XULGHULVFvQDOWOD
QDWHUH
Q)UDQDYDFFLQXULOH'7DQWLSROLR 93, L%&* ODYkUVWDGHDQL 
VXQWREOLJDWRULLODFRSLLSHQWUXDSXWHDIUHFYHQWDFRDOD6XQWUHFRPDQGDWH
FRSLLORUYDFFLQXULOH+LEKHSDWLWLF%005 525 DQWLSQHXPRFRFLF1X
HVWHREOLJDWRULXUHFRPDQGDWQLFLXQYDFFLQODQDWHUH
Q %HOJLD HVWH REOLJDWRULX YDFFLQXO DQWLSROLR 93,  OD FRSLL SHQWUX D
IUHFYHQWDFRDOD9DFFLQXULOHUHFRPDQGDWHFRSLLORUVXQW'73+LEDQWLSROLR
93,  KHSDWLWLF % 005 525  DQWLSQHXPRFRFLF L DQWLPHQLQJRFRFLF
9DFFLQXO%&*QXLQWUvQVFKHPLQXHVWHREOLJDWRULXUHFRPDQGDWQLFLXQ
YDFFLQODQDWHUH


KWWSZZZLPSINULWLNGHHIYYEHULFKW'HXWVFKSGI
LELGHP

,ELGHP

,ELGHP

,ELGHP

,ELGHP

,ELGHP

,ELGHP

,ELGHP




'U&KULVWD7RGHD*URVV

Q,WDOLDVXQWREOLJDWRULLYDFFLQXULOHDQWLSROLR 93, WHWDQLFGLIWHULFL


KHSDWLWLF%ODFRSLLvQFHSkQGFXYkUVWDGHOXQLGDUFRQIRUPXQHL&LUFX
ODUH0LQLVWHULDOHGLQHVWHSHUPLVvQVFULHUHDvQFROLLDFRSLLORU
QHYDFFLQDL&XDOWHFXYLQWHQXVXQWREOLJDWRULL/DQDWHUHQXVHHIHFWXHD]
QLFLXQYDFFLQ
Q$XVWULDQXHVWHREOLJDWRULXQLFLXQYDFFLQ
Q(OYHLDQXHVWHREOLJDWRULXQLFLXQYDFFLQ
QFRQFOX]LH5RPkQLDHVWHVLQJXUDDUGLQ8(XQGHVXJDUXOHVWHYDFFL
QDWODQDWHUH

/HJLVODLDvQPDWHULHGHYDFFLQXUL
GLQ6WDWHOH8QLWHDOH$PHULFLL
RYDFFLQDUHREOLJDWRULHODFRSLLQXPDLH[LVWvQ68$GLQWLPSXOSUL
PXOXLU]ERLPRQGLDO
$OWDHVWHVLWXDLDFkQGFRSLLLWUHEXLHVHvQVFULLODJUGLQLHOHLFROLOHGH
VWDW&RQIRUPOHJLL1RYDFFLQDWLRQQRVFKRROHLWUHEXLHVSUH]LQWHGRYDGD
WXWXURUYDFFLQXULORUUHFRPDQGDWH$VW]LGLQFHOHGHVWDWHGLQ68$DX
OHJLFDUHSHUPLWSULQLORUVFXWLUHDFRSLLORUGHODYDFFLQXULOHUHFRPDQGDWHSHPR
WLYHUHOLJLRDVHVDXFRQYLQJHULSHUVRQDOHH[FHSLHIFkQG0LVVLVVLSSLL9LUJLQLD
GH9HVW7RDWHVWDWHOHSHUPLWGHDVHPHQHDVFXWLULGLQPRWLYHPHGLFDOHFRSLL
FXXQVLVWHPLPXQVOELWVDXDOHUJLHODXQDGLQFRPSRQHQWHOHYDFFLQXOXLHWF
3HQWUX FRSLLLHGXFDLODGRPLFLOLX KRPHVFKRRO  QX VH LPSXQHDFHDVW
OHJHH[FHSLHIFkQGGRDU&DUROLQDGH1RUGGLQ


,ELGHP
 'U +XEHUWXV *ODVHU KWWSZZZQDYLJDWRUPHGL]LQGHHOWHUQBNLQGGLHZLFK
WLJVWHQIUDJHQXQGDQWZRUWHQLPSIXQJHQLPSIHQMDRGHUQHLQJLEWHVLQGHXWVFK
ODQGHLQHLPSISLFKWKWPO

,ELGHP

9DFFLQH([HPSWLRQV-RKQV+RSNLQV%ORRPEHUJ6FKRRORI3XEOLF+HDOWK,QVWLWXWHIRU
9DFFLQH6DIHW\$FFHVVHG-XQHDWKWWSZZZYDFFLQHVDIHW\HGXFFHFHPKWP

7KHVWDWHVWKDWDOORZH[HPSWLRQVIRUSKLORVRSKLFDOUHDVRQVLQVFKRRODQGGD\FDUH
DUH$UNDQVDV$UL]RQD&DOLIRUQLD&RORUDGR,GDKR/RXLVLDQD0DLQH0LFKLJDQ0LQQH
VRWD 1HZ 0H[LFR 1RUWK 'DNRWD 2KLR 2NODKRPD 2UHJRQ 3HQQV\OYDQLD 7H[DV 8WDK
9HUPRQW:DVKLQJWRQDQG:LVFRQVLQ

1DWLRQDO1HWZRUNIRU,PPXQL]DWLRQ,QIRUPDWLRQKWWSZZZLPPXQL]DWLRQLQIRRUJ

7KHVWDWHVWKDWDOORZH[HPSWLRQVIRUSKLORVRSKLFDOUHDVRQVLQVFKRRODQGGD\FDUH
DUH$UNDQVDV$UL]RQD&DOLIRUQLD&RORUDGR,GDKR/RXLVLDQD0DLQH0LFKLJDQ0LQQH
VRWD 1HZ 0H[LFR 1RUWK 'DNRWD 2KLR 2NODKRPD 2UHJRQ 3HQQV\OYDQLD 7H[DV 8WDK
9HUPRQW:DVKLQJWRQDQG:LVFRQVLQ


9$&&,185,/(35(9(1,(6$8%2$/



0RGHOGHSHWLLHFWUH'63
'RPQXOH'LUHFWRU
6XEVHPQDWXOYURJVPLWUDQVPLWHLvQVFULVGDF
YDFFLQXULOHSUHY]XWHvQ3URJUDPXO1DLRQDOGH9DFFLQDUHGLQ5RPkQLDVXQW
FX FDUDFWHU REOLJDWRULX VDX GRDU UHFRPDQGDWH 9 URJ V DUJXPHQWDL
UVSXQVXOFXDUWLFROHOHGHOHJHFRUHVSXQ]WRDUH
)D[

0DLO
$GUHVDSRWDO
9DPXOXPHVF

&RQIRUP2UGRQDQHLGLQLDQXDULHSULYLQGUHJOHPHQWDUHDDFWLYLWLL
GH VROXLRQDUH D SHWLLLORU SXEOLFDW vQ 0RQLWRUXO 2FLDO QU  GLQ  IHEUXDULH


$UW
QVHQVXOSUH]HQWHL2UGRQDQHSULQSHWLLHVHvQHOHJHFHUHUHDUHFODPDLD
VHVL]DUHDVDXSURSXQHUHDIRUPXODWvQVFULVRULSULQSRWDHOHFWURQLFSH
FDUHXQFHWHDQVDXRRUJDQL]DLHOHJDOFRQVWLWXLWRSRDWHDGUHVDDXWRULWLORU
L LQVWLWXLLORU SXEOLFH FHQWUDOH L ORFDOH VHUYLFLLORU SXEOLFH GHVFHQWUDOL]DWH
DOHPLQLVWHUHORULDOHFHORUODOWHRUJDQHFHQWUDOHFRPSDQLLORULVRFLHWLORU
QDLRQDOH VRFLHWLORU FRPHUFLDOH GH LQWHUHV MXGHHDQ VDX ORFDO SUHFXP L
UHJLLORUDXWRQRPHGHQXPLWHvQFRQWLQXDUHDXWRULWLLLQVWLWXLLSXEOLFH
$UW
 $XWRULWLOH L LQVWLWXLLOH SXEOLFH SUHY]XWH OD DUW  VXQW REOLJDWH
V RUJDQL]H]H XQ FRPSDUWLPHQW GLVWLQFW SHQWUX UHODLL FX SXEOLFXO FDUH V
SULPHDVFVvQUHJLVWUH]HVVHvQJULMHDVFGHUH]ROYDUHDSHWLLLORULV
H[SHGLH]HUVSXQVXULOHFWUHSHWLLRQDUL
$UW
3HWLLLOHJUHLWvQGUHSWDWHYRUWULPLVHvQWHUPHQGH]LOHGHODvQUHJL
VWUDUH GH FWUH FRPSDUWLPHQWXO SUHY]XW OD DUW  DOLQ   DXWRULWLORU VDX
LQVWLWXLLORUSXEOLFHFDUHDXFDDWULEXLLUH]ROYDUHDSUREOHPHORUVHVL]DWHXU
PkQGFDSHWLLRQDUXOVHvQWLLQWDWGHVSUHDFHDVWD
'RPQXOXL'LUHFWRUDO'LUHFLHLGH6QWDWH3XEOLF



'U&KULVWD7RGHD*URVV

9$&&,185,/(35(9(1,(6$8%2$/





'U&KULVWD7RGHD*URVV

9$&&,185,/(35(9(1,(6$8%2$/





'U&KULVWD7RGHD*URVV

9$&&,185,/(35(9(1,(6$8%2$/





'U&KULVWD7RGHD*URVV



&XSULQV
,QWURGXFHUH                                                  
&$3,72/8/ 6LVWHPXOLPXQVQWRVLGH]HFKLOLEUXOSURYRFDW
GHYDFFLQXUL                                     

, /XPHDPLFURELDQGLQQRLLGLQPHGLXOvQFRQMXUWRU     

,, ,PXQLWDWHDQHVSHFLF vQQVFXW LLPXQLWDWHD
VSHFLF GREkQGLW                               

,,, 3ULQFLSLXOYDFFLQULLHVWHLQHFLHQWLDUHPXOWH
FDSFDQH                                         
&$3,72/8/ &XPDXGLVSUXWHSLGHPLLOHvQOXPH$SDULLD
SULPHORUYDFFLQXULSUHYHQLHVDXH[SHULPHQW"        

, (SLGHPLLOHGHOHSUFLXPWLIRVH[DQWHPDWLFLKROHU    

,, $SDULLDSULPHORUYDFFLQXULSUHYHQLHVDXXQ
H[SHULPHQWIDWDO"&XLVHGDWRUHD]HUDGLFDUHDYDULROHL"    

  $
 SDULLDSULPHORUYDFFLQXULHVWHVWUkQVOHJDWGHDSDULLD
HSLGHPLHLGHYDULRO                             

  1RXOYDFFLQSURYRFIRFDUHHQGHPLFHLHSLGHPLFH  

  'HUPRYDFFLQXOOXL-HQQHURFRQIX]LHIDWDO         

  &HOHFUL]HDOHYDFFLQXOXLDQWLYDULROLF            

  9
 DFFLQXODQWLYDULROLFIDOV 3R[YLUXVYDFFLQLDH 
QXDSXWXWGXFHODHUDGLFDUHDYDULROHL
GDUDSURYRFDWQRLHSLGHPLL                       

,,, 'LIWHULD9DFFLQXODQWLGLIWHULF'LVSDULLDHSLGHPLLORUGH
GLIWHULH                                         

  'LIWHULD                                       

  (
 SLGHPLLOHGHGLIWHULHDXGLVSUXWSHFDOHQDWXUDO
QXGLQFDX]DYDFFLQXULORU                         

  9DFFLQXOGLIWHULF                                

,9 (SLGHPLDGHSROLRPLHOLW7LSXULGHYDFFLQDQWLSROLRL
LQHFLHQDORU3ROLRPLHOLWDSRVWYDFFLQDO              

  3ROLRPLHOLWDVDXSDUDOL]LDLQIDQWLO                

  3
 ULPHOHYDFFLQXULDQWLSROLR .REURZVNL6$/.L
6DELQ LHHFXULOHORUSROLRPLHOLWDSRVWYDFFLQDO
6,'$OHXFHPLHFDQFHULUHWURYLUXVXULVLPLHQH       

  (SLGHPLLOHGHSROLRPLHOLW                       

'U&KULVWD7RGHD*URVV

  (
 [SHULLDYHUWL]HD]FHUDGLFDUHDSROLRPLHOLWHL
QXHVWHSRVLELO9DFFLQDUHDSRDWHUVSkQGLERDODL
SURYRFDQRLHSLGHPLL                           

&$3,72/8/5HDFLLDGYHUVHEROLLFRPSOLFDLLSRVWYDFFLQDOH       

, $OHUJLLEROLDOHUJLFHLEROLDXWRLPXQH
SURYRFDWHGHYDFFLQXUL                           

 %ROLOHDOHUJLFH                                 

D  (F]HPDDWRSLF GHUPDWLWDDWRSLF             

E  5LQLWDDOHUJLF                              

F  $VWPXOEURQLF                             

G  %ROLDOHUJLFHDOLPHQWDUH                      

 %ROLOHDXWRLPXQH                              

D  %RDODFHOLDF                             

E  %RDOD&URKQ                              

F  'LDEHWXO]DKDUDWWLS,                        

G  $UWULWDUHXPDWRLGMXYHQLO $5-  

H  3ROLDUWULWDUHXPDWRLG                        

I  9LWLOLJR                                   

J  3VRULD]LV                                  

K  $QHPLHSHUQLFLRDV%LHUPHU

L  $QHPLHKHPROLWLF

M  7URPERFLWRSHQLH                           

,, %ROLQHXURORJLFH DXWRLPXQH SURYRFDWHGHYDFFLQXUL    

 6FOHUR]DPXOWLSO 60                          

 6LQGURPXO*XLOODLQ%DUUp 6*% 3ROLQHYULWD
PHGLDWLPXQ                                 

 0LRIDVFLWDPDFURIDJLF                         

 0LHOLWDWUDQVYHUV                              
$XWLVP7XOEXUDUHGHVSHFWUXDXWLVW 76$                         

 6LQGURPXOFXOH]LXQLFHUHEUDOHPLQLPH 0%'       

 (QFHIDOLWDSRVWYDFFLQDO                         

 'HPHQDLQIDQWLOVDX%RDOD+HOOHU                

 6LQGURPXOSRVWHQFHIDOLWLF SRVWYDFFLQDO            

 /HJWXUDGLQWUHVWULOHDOHUJLFHHQFHIDOLWD
SRVWYDFFLQDOLVLQGURPXO0%'                  

 +LSHUDFWLYLWDWHD6LQGURPK\SHUNLQHWLF
6LQGURPSVLKRRUJDQLF6LQGURP$'+'0%'       

 6LQGURPXOSRVWHQFHIDOLWLF
DXWLVPXOLVLQGURPXO0%'$'+'               

,,, %ROLPDOLJQHSURYRFDWHGHYDFFLQXUL                 










9$&&,185,/(35(9(1,(6$8%2$/



,9 $GMXYDQLLFRQVHUYDQLRWUDYDGLQYDFFLQXUL          


$  0
 HUFXUXOVDXRWUDYDSHQWUXQHUYL
RDOWFDX]DEROLORUQHXURORJLFHDXWRLPXQH        
  $FLXQHDDOHUJLFDPHUFXUXOXL                
  /HJWXUDGLQWUHPHUFXULEROLOHQHXURORJLFH
DXWRLPXQH 
  6WXGLL                                    
 3R]LLD0HGLFLQHLPRGHUQH                   
%  $
 OXPLQLXOPLFXOVHFUHWPXUGDU
DOLPXQRORJLORU GLUW\OLWWOHVHFUHW                  
&  $GMXYDQLQRL                                 

&$3,72/8/9DFFLQXULYHFKLLQRL%ROLOHSHFDUHQXOHSUHYLQ       

, 7HWDQRVXOLYDFFLQXOWHWDQLF                       

,, 7XVHDFRQYXOVLY PJUHDVF LYDFFLQXOSHUWXVVLV  

,,, 9DFFLQXOGLIWHURWHWDQRSHUWXVVLV '73L'73D        

,9 5XMHRODLYDFFLQXOUXMHROLF 5                    

9 3DURWLGLWDHSLGHPLF RUHLRQ LYDFFLQXOXUOLDQ        

9, 5XEHRODLYDFFLQXOUXEHROLF                       

9,, 9DFFLQXO525 UXMHROLFXUOLDQUXEHROLF               

9,,, 7XEHUFXOR]D 7%& LYDFFLQXODQWLWXEHUFXORV %&*    

,; ,QIHFLLOHFX+DHPRSKLOXV,QXHQ]DHWLSE
LYDFFLQXO+LE                                  

; +HSDWLWD%LYDFFLQXOKHSDWLWLF%                   

;, *ULSDLYDFFLQXOJULSDO                           

;,, ,QIHFLLOHFXPHQLJRFRFLLYDFFLQXOPHQLQJRFRFLF      

;,,, 0HQLQJRHQFHIDOLWDGHYDULYDFFLQXO)60(        

;,9 %RUHOLR]DVDXERDOD/\PH                         

;9 ,QIHFLLOHLQWHVWLQDOHFXURWDYLUXV9DFFLQXOvPSRWULYD
URWDYLUXVXOXL                                    

;9, ,QIHFLDFXSDSLORPDYLUXVXOXPDQ +39 &DQFHUXO
GHFROXWHULQ9DFFLQXULOH*DUGDVLOL&HUYLUD[         
&$3,72/8/ &HVROXLLDYHP"                                 

 5HIX]XOWXWXURUYDFFLQXULORUvQFHSkQGGHODQDWHUH     

 8QVWLOGHYLDVQWRVDOJUDYLGHL                   

 'XSQDWHUHUHFRPDQGULSHQWUXPDPLFRSLO       

 7UDWDPHQWXOEROLORUFRQWDJLRDVH
GXSSXQHUHDXQXLGLDJQRVWLFFHUW                   

 &RQFOX]LL                                      
$1(;&XPVHSRDWHUHIX]DYDFFLQDUHDFRSLLORU                   

Potrebbero piacerti anche