D.M.

3 agosto 2015
Approvazione di norme tecniche di prevenzione incendi, ai sensi dell'articolo 15 del
decreto legislativo 8 marzo 2006, n. 139.
(GU n. 192 del 20/8/2015 - S.O. n. 51)
IL MINISTRO DELL'INTERNO
Visto il decreto legislativo 8 marzo 2006, n. 139, recante Riassetto delle disposizioni relative alle funzioni
ed ai compiti del Corpo nazionale dei vigili del fuoco, a norma dell'articolo 11 della legge 29 luglio 2003, n.
229; Visto il decreto legislativo 9 aprile 2008, n. 81, recante "Attuazione dell'articolo 1 della legge 3
agosto 2007, n. 123, in materia di tutela della salute e della sicurezza nei luoghi di lavoro" e successive
modificazioni; Visto il regolamento del Parlamento europeo e del Consiglio del 9 marzo 2011, n. 305, che
fissa condizioni armonizzate per la commercializzazione dei prodotti da costruzione e che abroga la direttiva
89/106/CEE del Consiglio; Visto il decreto del Presidente della Repubblica 6 giugno 2001, n. 380, recante
Testo unico delle disposizioni legislative e regolamentari in materia edilizia; Visto il decreto del Presidente
della Repubblica 1 agosto 2011, n. 151 e successive modificazioni, Regolamento recante la semplificazione
della disciplina dei procedimenti relativi alla prevenzione degli incendi, a norma dell'articolo 49, comma 4quater, del decreto-legge 31 maggio 2010, n. 78, convertito, con modificazioni, dalla legge 30 luglio 2010,
n. 122; Visto il decreto del Ministro dell'interno del 30 novembre 1983, pubblicato nella Gazzetta Ufficiale
della Repubblica italiana n. 339 del 12 dicembre 1983, recante Termini, definizioni generali e simboli
grafici di prevenzione incendi; Visto il decreto del Ministro dell'interno, di concerto con il Ministro del
lavoro e della previdenza sociale, del 10 marzo 1998, pubblicato nella Gazzetta Ufficiale della Repubblica
italiana n. 81 del 7 aprile 1998, recante "Criteri generali di sicurezza antincendio e per la gestione dell'emergenza nei luoghi di lavoro; Visto il decreto del Ministro dell'interno del 31 marzo 2003, pubblicato
nella Gazzetta Ufficiale della Repubblica italiana n. 86 del 12 aprile 2003, recante Requisiti di reazione al
fuoco dei materiali costituenti le condotte di distribuzione e ripresa dell'aria degli impianti di condizionamento e ventilazione; Visto il decreto del Ministro dell'interno del 3 novembre 2004, pubblicato nella
Gazzetta Ufficiale della Repubblica italiana n. 271 del 18 novembre 2004, recante Disposizioni relative
all'installazione ed alla manutenzione dei dispositivi per l'apertura delle porte installate lungo le vie di
esodo, relativamente alla sicurezza in caso d'incendio; Visto il decreto del Ministro dell'interno del 15
marzo 2005, pubblicato nella Gazzetta Ufficiale della Repubblica italiana n. 73 del 30 marzo 2005, recante
Requisiti di reazione al fuoco dei prodotti da costruzione installati in attivit disciplinate da specifiche
disposizioni tecniche di prevenzione incendi in base al sistema di classificazione europeo; Visto il decreto
del Ministro dell'interno del 15 settembre 2005, pubblicato nella Gazzetta Ufficiale della Repubblica italiana
n. 232 del 5 ottobre 2005, recante Approvazione della regola tecnica di prevenzione incendi per i vani
degli impianti di sollevamento ubicati nelle attivit soggette ai controlli di prevenzione incendi; Visto il
decreto del Ministro dell'interno del 16 febbraio 2007, pubblicato nella Gazzetta Ufficiale della Repubblica
italiana n. 74 del 29 marzo 2007, recante Classificazione di resistenza al fuoco di prodotti ed elementi
costruttivi di opere da costruzione; Visto il decreto del Ministro dell'interno del 9 marzo 2007, pubblicato
nella Gazzetta Ufficiale della Repubblica italiana n. 74 del 29 marzo 2007, recante Prestazioni di resistenza
al fuoco delle costruzioni nelle attivit soggette al controllo del Corpo nazionale dei vigili del fuoco; Visto
il decreto del Ministro dell'interno del 9 maggio 2007, pubblicato nella Gazzetta Ufficiale della Repubblica
Italiana n. 117 del 22 maggio 2007, recante Direttive per l'attuazione dell'approccio ingegneristico alla
sicurezza antincendio; Visto il decreto del Ministro delle infrastrutture di concerto con il Ministro dell'interno e con il Capo Dipartimento della protezione civile del 14 gennaio 2008, pubblicato nel Supplemento
Ordinario alla Gazzetta Ufficiale della Repubblica italiana n. 29 del 4 febbraio 2008, recante Approvazione
delle nuove norme tecniche per le costruzioni; Visto il decreto del Ministro dell'interno del 7 agosto 2012,
pubblicato nella Gazzetta Ufficiale della Repubblica italiana n. 201 del 29 agosto 2012, recante Disposizioni
relative alle modalit di presentazione delle istanze concernenti i procedimenti di prevenzione incendi e alla
documentazione da allegare, ai sensi dell'articolo 2, comma 7, del decreto del Presidente della Repubblica
1 agosto 2011, n. 151; Visto il decreto del Ministro dell'interno del 20 dicembre 2012, pubblicato nella
Gazzetta Ufficiale della Repubblica italiana n. 3 del 4 gennaio 2013, recante la Regola tecnica di prevenzione incendi per gli impianti di protezione attiva contro l'incendio installati nelle attivit soggette ai controlli
di prevenzione incendi; Ravvisata la necessit di semplificare e razionalizzare l'attuale corpo normativo
relativo alla prevenzione degli incendi attraverso l'introduzione di un unico testo organico e sistematico di
disposizioni di prevenzione incendi applicabili ad attivit soggette ai controlli di prevenzione incendi e mediante l'utilizzo di un nuovo approccio metodologico pi aderente al progresso tecnologico e agli standard
internazionali; Sentiti i rappresentanti delle categorie produttive e professionali maggiormente rappresentative a livello nazionale; Sentito il Comitato Centrale Tecnico-Scientifico per la prevenzione incendi di cui
all'articolo 21 del decreto legislativo 8 marzo 2006, n. 139; Espletata la procedura di informazione ai sensi
della direttiva n. 98/34/CE, come modificata dalla direttiva n. 98/48/CE;
Decreta:

Art. 1
Approvazione e modalit applicative delle norme tecniche di prevenzione incendi
1. Sono approvate, ai sensi dell'articolo 15 del decreto legislativo 8 marzo 2006, n. 139, le norme
tecniche di prevenzione incendi di cui all'allegato 1, che costituisce parte integrante del presente
decreto.
2. Le norme tecniche di cui al comma 1 si possono applicare alle attivit di cui all'articolo 2 in
alternativa alle specifiche disposizioni di prevenzione incendi di cui ai decreti del Ministro dell'interno di seguito indicati, ovvero ai vigenti criteri tecnici di prevenzione incendi di cui all'articolo
15, comma 3, del decreto legislativo 8 marzo 2006, n. 139:
a) decreto del 30 novembre 1983 recante Termini, definizioni generali e simboli grafici di
prevenzione incendi e successive modificazioni;
b) decreto del 31 marzo 2003 recante Requisiti di reazione al fuoco dei materiali costituenti
le condotte di distribuzione e ripresa dell'aria degli impianti di condizionamento e ventilazione;
c) decreto del 3 novembre 2004 recante Disposizioni relative all'installazione ed alla manutenzione dei dispositivi per l'apertura delle porte installate lungo le vie di esodo, relativamente alla sicurezza in caso di incendio;
d) decreto del 15 marzo 2005 recante Requisiti di reazione al fuoco dei prodotti da costruzione installati in attivit disciplinate da specifiche disposizioni tecniche di prevenzione incendi in base al sistema di classificazione europeo;
e) decreto del 15 settembre 2005 recante Approvazione della regola tecnica di prevenzione
incendi per i vani degli impianti di sollevamento ubicati nelle attivit soggette ai controlli
di prevenzione incendi;
f) decreto del 16 febbraio 2007, recante Classificazione di resistenza al fuoco di prodotti ed
elementi costruttivi di opere da costruzione;
g) decreto del 9 marzo 2007, recante Prestazioni di resistenza al fuoco delle costruzioni nelle
attivit soggette al controllo del Corpo nazionale dei vigili del fuoco;
h) decreto del 20 dicembre 2012 recante Regola tecnica di prevenzione incendi per gli impianti di protezione attiva contro l'incendio installati nelle attivit soggette ai controlli di
prevenzione incendi.
Art. 2
Campo di applicazione
1. Le norme tecniche di cui all'articolo 1 si possono applicare alla progettazione, alla realizzazione
e all'esercizio delle attivit di cui all'allegato I del decreto del Presidente della Repubblica 1 agosto 2011, n. 151, individuate con i numeri: 9; 14; da 27 a 40; da 42 a 47; da 50 a 54; 56; 57;
63; 64;70; 75, limitatamente ai depositi di mezzi rotabili e ai locali adibiti al ricovero di natanti
e aeromobili; 76.
2. Le norme tecniche di cui all'articolo 1 si possono applicare alle attivit di cui al comma 1 di
nuova realizzazione ovvero a quelle esistenti alla data di entrata in vigore del presente decreto.
In caso di interventi di ristrutturazione parziale ovvero di ampliamento ad attivit esistenti alla
data di entrata in vigore del presente decreto, le medesime norme tecniche si possono applicare
a condizione che le misure di sicurezza antincendio esistenti nella restante parte di attivit, non
interessata dall'intervento, siano compatibili con gli interventi di ristrutturazione parziale o di
ampliamento da realizzare.
3. Per gli interventi di ristrutturazione parziale ovvero di ampliamento su parti di attivit esistenti
alla data di entrata in vigore del presente decreto non rientranti nei casi di cui al comma 2, le
norme tecniche di cui all'articolo 1 si applicano all'intera attivit.
4. Le norme tecniche di cui all'articolo 1 possono essere di riferimento per la progettazione, la
realizzazione e l'esercizio delle attivit indicate al comma 1 che non rientrano nei limiti di assoggettabilit previsti nell'allegato I del decreto del Presidente della Repubblica 1 agosto 2011, n. 151.

Art. 3
Impiego dei prodotti per uso antincendio
1. I prodotti per uso antincendio, impiegati nel campo di applicazione del presente decreto,
devono essere:
a) identificati univocamente sotto la responsabilit del produttore, secondo le procedure applicabili;
b) qualificati in relazione alle prestazioni richieste e all'uso previsto;
c) accettati dal responsabile dell'attivit, ovvero dal responsabile dell'esecuzione dei lavori
mediante acquisizione e verifica della documentazione di identificazione e qualificazione.
2. L'impiego dei prodotti per uso antincendio consentito se gli stessi sono utilizzati conformemente all'uso previsto, sono rispondenti alle prestazioni richieste dal presente decreto e se:
a) sono conformi alle disposizioni comunitarie applicabili;
b) sono conformi, qualora non ricadenti nel campo di applicazione di disposizioni comunitarie,
alle apposite disposizioni nazionali applicabili, gi sottoposte con esito positivo alla procedura di informazione di cui alla direttiva 98/34/CE e successive modifiche, che prevedono
apposita omologazione per la commercializzazione sul territorio italiano e a tal fine il mutuo
riconoscimento;
c) qualora non contemplati nelle lettere a) e b), sono legittimamente commercializzati in uno
degli Stati della Unione europea o in Turchia in virt di specifici accordi internazionali stipulati con l'Unione europea, ovvero legalmente fabbricati in uno degli Stati firmatari
dell'Associazione europea di libero scambio (EFTA), parte contraente dell'accordo sullo spazio economico europeo (SEE), per l'impiego nelle stesse condizioni che permettono di garantire un livello di protezione, ai fini della sicurezza dall'incendio, equivalente a quello
previsto nelle norme tecniche allegate al presente decreto
3. L'equivalenza del livello di protezione, garantito dai prodotti per uso antincendio di cui al
comma 2, valutata, ove necessario, dal Ministero dell'interno applicando le procedure previste
dal Regolamento (CE) n. 764/2008 del Parlamento europeo e del Consiglio del 9 luglio 2008.
Art. 4
Monitoraggio
1. La Direzione centrale per la prevenzione e la sicurezza tecnica, del Dipartimento dei vigili del
fuoco, del soccorso pubblico e della difesa civile, del Ministero dell'interno, provvede al monitoraggio dell'applicazione delle norme tecniche di cui all'articolo 1.
Art. 5
Disposizioni finali
1 Ai fini dell'applicazione delle norme tecniche di cui all'articolo 1, restano valide:
a) le disposizioni di cui al decreto del Ministro dell'interno 7 agosto 2012 relativamente alla
documentazione tecnica da allegare alle istanze di cui decreto del Presidente della Repubblica 1 agosto 2011, n. 151. La medesima documentazione tecnica deve includere le informazioni indicate nelle norme tecniche di cui al presente decreto;
b) le disposizioni di cui all'articolo 11, comma 3, del decreto del Ministro dell'interno 7 agosto
2012 e quelle degli articoli 3, comma 3, 4, comma 2, e 6, comma 4, del decreto del Ministro
dell'interno 9 maggio 2007, relative alla determinazione degli importi dei corrispettivi dovuti per i servizi resi dai Comandi provinciali dei vigili del fuoco.
2. Per le attivit di cui all'articolo 2 in possesso del certificato di prevenzione incendi ovvero in
regola con gli obblighi previsti agli articoli 3, 4 e 7 del decreto del Presidente della Repubblica 1
agosto 2011, n. 151, il presente decreto non comporta adempimenti.
3. Il presente decreto entra in vigore il novantesimo giorno successivo alla data di pubblicazione
nella Gazzetta ufficiale della Repubblica italiana.

Allegato 1 - Norme tecniche di prevenzione incendi

Struttura del documento

Sezione G - Generalit
G.1 Termini, definizioni e simboli grafici
G.2 Progettazione per la sicurezza antincendio
G.3 Determinazione dei profili di rischio delle attivit
Sezione S - Strategia antincendio
S.1 Reazione al fuoco
S.2 Resistenza al fuoco
S.3 Compartimentazione
S.4 Esodo
S.5 Gestione della sicurezza antincendio
S.6 Controllo dell'incendio
S.7 Rivelazione ed allarme
S.8 Controllo di fumi e calore
S.9 Operativit antincendio
S.10 Sicurezza degli impianti tecnologici e di servizio
Sezione V - Regole tecniche verticali
V.1 Aree a rischio specifico
V.2 Aree a rischio per atmosfere esplosive
V.3 Vani degli ascensori
Sezione M - Metodi
M.1 Metodologia per l'ingegneria della sicurezza antincendio
M.2 Scenari di incendio per la progettazione prestazionale
M.3 Salvaguardia della vita con la progettazione prestazionale

6H]LRQH*

*HQHUDOLW

*(1(5$/,7

&DSLWROR*

7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3UHPHVVD
5LIHULPHQWL
3UHYHQ]LRQHLQFHQGL
1RUPD]LRQHYRORQWDULD
$WWLYLW
6RJJHWWL
*HRPHWULD
&RPSDUWLPHQWD]LRQH
(VRGR
*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR
2SHUHHSURGRWWLGDFRVWUX]LRQH
5HVLVWHQ]DDOIXRFR
5HD]LRQHDOIXRFR
3URWH]LRQHDWWLYD
2SHUDWLYLWDQWLQFHQGLR
$UHHDULVFKLRVSHFLILFR
6RVWDQ]HHPLVFHOHSHULFRORVH
$WPRVIHUHHVSORVLYH
$OLPHQWD]LRQLHOHWWULFKH
$VFHQVRUL
,QJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR
7ROOHUDQ]H
6LPEROLJUDILFL
6LJOHHOLQJXDJJLR
,QGLFHDQDOLWLFR

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

*

3UHPHVVD
 6FRSRGHOSUHVHQWHFDSLWRORTXHOORGLFRQWHQHUHGHILQL]LRQLJHQHUDOLUHODWLYHDG
HVSUHVVLRQLVSHFLILFKHGHOODSUHYHQ]LRQHLQFHQGLDLILQLGLXQDXQLIRUPHDSSOLFD
]LRQHGHLFRQWHQXWLGHOSUHVHQWHGRFXPHQWR
 /HVROX]LRQLSURJHWWXDOLFKHVRGGLVIDQROHSUHVWD]LRQLULFKLHVWHGDGHWWHGHILQL
]LRQLVRQRGHVFULWWHQHLSHUWLQHQWLFDSLWROLGHOSUHVHQWHGRFXPHQWR
 1HOOHVLQJROHUHJROHWHFQLFKHYHUWLFDOLSRVVRQRHVVHUHDJJLXQWHDOWUHSDUWLFRODUL
GHILQL]LRQLDOILQHGLSUHFLVDUHXOWHULRULHOHPHQWLRGDWLVSHFLILFL

*

5LIHULPHQWL
 3HUOHGHILQL]LRQLQRQULFRPSUHVHQHOSUHVHQWHFDSLWRORVLSXIDUHULIHULPHQWR
DOODQRUPD81,&(,(1,626LFXUH]]DLQFDVRGLLQFHQGLR9RFDEROD
ULRHGLQJHQHUDOHDOOHQRUPH81,(1,62GLULIHULPHQWR

*

3UHYHQ]LRQHLQFHQGL
 3UHYHQ]LRQHLQFHQGLIXQ]LRQHSUHPLQHQWHGLLQWHUHVVHSXEEOLFRGLUHWWDDFRQVH
JXLUHVHFRQGRFULWHULXQLIRUPLVXOWHUULWRULRLWDOLDQRJOLRELHWWLYLGLVLFXUH]]D
GHOODYLWDXPDQDGLLQFROXPLWGHOOHSHUVRQHHGLWXWHODGHLEHQLHGHOO
DPELHQWH
DWWUDYHUVRODSURPR]LRQHORVWXGLRODSUHGLVSRVL]LRQHHODVSHULPHQWD]LRQHGL
QRUPHPLVXUHDQWLQFHQGLRSURYYHGLPHQWLDFFRUJLPHQWLHPRGLGLD]LRQHLQWHVL
DGHYLWDUHO
LQVRUJHQ]DGLXQLQFHQGLRHGHJOLHYHQWLDGHVVRFRPXQTXHFRQQHVVL
RDOLPLWDUQHOHFRQVHJXHQ]H
 %HQLHFRQRPLFLREHQLPH]]LPDWHULDOLRLPPDWHULDOLLQJUDGRGLVRGGLVIDUHL
ELVRJQLGHOO
XRPRHGRWDWRGLXQSUH]]RSRVLWLYR
 5HJRODWHFQLFDGLSUHYHQ]LRQHLQFHQGLRUHJRODWHFQLFDGLVSRVL]LRQHQRUPDWL
YDFRJHQWHLQPDWHULDGLSUHYHQ]LRQHLQFHQGL
 5HJRODWHFQLFDRUL]]RQWDOH572UHJRODWHFQLFDGLSUHYHQ]LRQHLQFHQGLDSSOL
FDELOHDWXWWHOHDWWLYLW
1RWD $LILQLGHOSUHVHQWHGRFXPHQWRFRQVLGHUDWDUHJRODWHFQLFDRUL]]RQWDOHO
LQVLHPHGHLFDSLWROLFRP
SUHVLQHOOHVH]LRQL*HQHUDOLW6WUDWHJLDDQWLQFHQGLRH0HWRGL

 5HJRODWHFQLFDYHUWLFDOH579UHJRODWHFQLFDGLSUHYHQ]LRQHLQFHQGLDSSOLFDEL

OHDGXQDVSHFLILFDDWWLYLWRDGDPELWLGLHVVDFRQVSHFLILFKHLQGLFD]LRQLFRP
SOHPHQWDULRVRVWLWXWLYHDTXHOOHSUHYLVWHQHOODUHJRODWHFQLFDRUL]]RQWDOH
 3URILORGLULVFKLRLQGLFDWRUHVSHGLWLYRGHOODJUDYLWGLULVFKLRGLLQFHQGLRDVVR
FLDWDDOO
HVHUFL]LRRUGLQDULRGLXQDTXDOVLDVLDWWLYLW
 6WUDWHJLDDQWLQFHQGLRFRPELQD]LRQHGHOOHPLVXUHDQWLQFHQGLRILQDOL]]DWHDOUDJ
JLXQJLPHQWRGHJOLRELHWWLYLGLVLFXUH]]DDQWLQFHQGLR
 0LVXUDDQWLQFHQGLRFDWHJRULDRPRJHQHDGLVWUXPHQWLGLSUHYHQ]LRQHSURWH]LR
QHHJHVWLRQDOLSHUODULGX]LRQHGHOULVFKLRGLLQFHQGLRHV
1RWD$GHVHPSLRUHVLVWHQ]DDOIXRFRUHD]LRQHDOIXRFRFRPSDUWLPHQWD]LRQHHVRGR

 3URWH]LRQHDWWLYDLQVLHPHGHOOHPLVXUHDQWLQFHQGLRDWWHDULGXUUHOHFRQVHJXHQ]H
GLXQLQFHQGLRFKHULFKLHGRQRO
D]LRQHGHOO
XRPRRO
DWWLYD]LRQHGLXQLPSLDQWR
 3URWH]LRQHSDVVLYD LQVLHPHGHOOH PLVXUHDQWLQFHQGLRDWWHDULGXUUH OHFRQVH
JXHQ]HGLXQLQFHQGLRQRQLQFOXVHQHOODGHILQL]LRQHGLSURWH]LRQHDWWLYD
 /LYHOORGLSUHVWD]LRQHSHUIRUPDQFHUHTXLUHPHQWVSHFLILFD]LRQHRJJHWWLYDGHO
ODSUHVWD]LRQHULFKLHVWDDOO
DWWLYLWSHUUHDOL]]DUHODPLVXUDDQWLQFHQGLR
&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

 6ROX]LRQHFRQIRUPHGHHPHGWRVDWLVI\SURYLVLRQVROX]LRQHSURJHWWXDOHGLLP

PHGLDWDDSSOLFD]LRQHQHLFDVLVSHFLILFDWLFKHJDUDQWLVFH LOUDJJLXQJLPHQWRGHO
FROOHJDWROLYHOORGLSUHVWD]LRQH
1RWD /HVROX]LRQLFRQIRUPLVRQRVROX]LRQLSURJHWWXDOLSUHVFULWWLYHFKHQRQULFKLHGRQRXOWHULRULYDOXWD
]LRQLWHFQLFKHHV/DGLVWDQ]DGLSURWH]LRQHSDULDP

 6ROX]LRQH  DOWHUQDWLYD DOWHUQDWLYH  VROXWLRQ  VROX]LRQH  SURJHWWXDOH  DOWHUQDWLYD

DOOHVROX]LRQLFRQIRUPL,OSURJHWWLVWDWHQXWRDGLPRVWUDUHLOUDJJLXQJLPHQWR
GHOFROOHJDWROLYHOORGLSUHVWD]LRQHLPSLHJDQGRXQRGHLPHWRGLGLSURJHWWD]LRQH
GHOODVLFXUH]]DDQWLQFHQGLRDPPHVVL
1RWD /HVROX]LRQLDOWHUQDWLYHVRQRVROX]LRQLSURJHWWXDOLSUHVWD]LRQDOLFKHULFKLHGRQRXOWHULRULYDOXWD]LR
QLWHFQLFKHHV/DGLVWDQ]DGLVHSDUD]LRQHGHYHHVVHUHFDOFRODWDLPSRQHQGRLUUDJJLDPHQWRPDV
VLPRGDOIRFRODUHYHUVRO
RELHWWLYRSDULDN:P

 6ROX]LRQHLQGHURJDVROX]LRQHSURJHWWXDOHSHUODTXDOHULFKLHVWDO
DWWLYD]LRQH
GHOSURFHGLPHQWRGLGHURJDFRVFRPHSUHYLVWRGDOODQRUPDWLYDYLJHQWH,OSUR
JHWWLVWDWHQXWRDGLPRVWUDUHLOUDJJLXQJLPHQWRGHJOLRELHWWLYLGLVLFXUH]]DDQ
WLQFHQGLRLPSLHJDQGRXQRGHLPHWRGLGLSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQFHQ
GLRDPPHVVL
 0HWRGRGLSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQFHQGLRPHWRGR GLSURJHWWD]LRQH
VSHFLILFDWRQHOFDSLWROR*GHOSUHVHQWHGRFXPHQWR
 3URGRWWRSHUXVRDQWLQFHQGLRPDWHULDOHFRPSRQHQWHGLVSRVLWLYRDSSDUHFFKLR
SHULOTXDOHLQUHOD]LRQHDOODYDOXWD]LRQHGHOULVFKLRFRQQHVVRDOVXRLPSLHJR
SUHYLVWDXQDFDUDWWHUL]]D]LRQHGHOOHSUHVWD]LRQLDQWLQFHQGLR
*

1RUPD]LRQHYRORQWDULD
 1RUPD XQDVSHFLILFDWHFQLFD DGRWWDWDGDXQRUJDQLVPRGLQRUPD]LRQHULFRQR
VFLXWRSHUDSSOLFD]LRQHULSHWXWDRFRQWLQXDDOODTXDOHQRQREEOLJDWRULRFRQ
IRUPDUVLHFKHDSSDUWHQJDDXQDGHOOHVHJXHQWLFDWHJRULH
D QRUPDLQWHUQD]LRQDOHQRUPDDGRWWDWDGDXQRUJDQLVPRGLQRUPD]LRQHLQWHU
QD]LRQDOH
E QRUPDHXURSHDQRUPDDGRWWDWDGDXQ
RUJDQL]]D]LRQHGLQRUPD]LRQHHXURSHD
F QRUPDDUPRQL]]DWD XQDQRUPD HXURSHDDGRWWDWDVXOODEDVHGLXQDULFKLHVWD
GHOOD&RPPLVVLRQH DLILQLGHOODSSOLFD]LRQHGHOODOHJLVOD]LRQHGHOO8QLRQH
VXOODUPRQL]]D]LRQH
G QRUPDQD]LRQDOHQRUPDDGRWWDWDGDXQRUJDQLVPRGLQRUPD]LRQHQD]LRQDOH
 'RFXPHQWRGLQRUPD]LRQHHXURSHDTXDOVLDVLDOWUDVSHFLILFDWHFQLFDGLYHUVDGDO
OHQRUPHHXURSHHDGRWWDWDGDXQRUJDQL]]D]LRQHHXURSHDGLQRUPD]LRQHSHUDS
SOLFD]LRQHULSHWXWDRFRQWLQXDDOODTXDOHQRQREEOLJDWRULRFRQIRUPDUVL
 3URJHWWRGLQRUPDGRFXPHQWRFRQWHQHQWHLOWHVWRGHOOHVSHFLILFKHWHFQLFKHUHOD
WLYHDXQDGHWHUPLQDWDPDWHULDSUHGLVSRVWRDLILQLGHOODGR]LRQHVHFRQGRODSUR
FHGXUDGLQRUPD]LRQHSHUWLQHQWHTXDOHULVXOWDGDLODYRULSUHSDUDWRULHTXDOGL
VWULEXLWRDLILQLGLLQFKLHVWDSXEEOLFDRFRPPHQWR
 6SHFLILFDWHFQLFD RGRFXPHQWRWHFQLFR GRFXPHQWRFKHSUHVFULYHLUHTXLVLWL
WHFQLFLFKHXQGHWHUPLQDWRSURGRWWRSURFHVVRVHUYL]LRRVLVWHPDGHYHVRGGLVID
UH
 6SHFLILFKHWHFQLFKHDUPRQL]]DWHDLILQLGHO&35OHQRUPHDUPRQL]]DWHHLGR
FXPHQWLSHUODYDOXWD]LRQHHXURSHD
 'RFXPHQWRSHUODYDOXWD]LRQHHXURSHDDLILQLGHO&35XQGRFXPHQWRFKH
DGRWWDWRGDOO
2UJDQL]]D]LRQHGHL7$%DLILQLGHOULODVFLRGHOOHYDOXWD]LRQLWHFQL
FKHHXURSHH

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

 9DOXWD]LRQHWHFQLFDHXURSHDDLILQLGHO&35ODYDOXWD]LRQHGRFXPHQWDWDGHOOD
SUHVWD]LRQHGLXQSURGRWWRGDFRVWUX]LRQHLQUHOD]LRQHDOOHVXHFDUDWWHULVWLFKH
HVVHQ]LDOLFRQIRUPHPHQWHDOULVSHWWLYRGRFXPHQWRSHUODYDOXWD]LRQHHXURSHD

*

$WWLYLW
1RWD1HOWHVWRLOWHUPLQHDWWLYLWDSXHVVHUHULIHULELOHDQFKHDGDWWLYLWVRJJHWWDRYHQHUL
VXOWLLPSOLFLWDPHQWHLOVHQVRGHOODLQGLFD]LRQHQRUPDWLYD

 $WWLYLWVRJJHWWDDWWLYLWVRJJHWWDDLFRQWUROOLGLSUHYHQ]LRQHLQFHQGLGLFRPSH
WHQ]DGHO&RUSRQD]LRQDOHGHL9LJLOLGHOIXRFR
1RWD/HDWWLYLWVRJJHWWHVRQRULSRUWDWHQHOO
DOOHJDWR,GHO'35DJRVWRQr

 $WWLYLWFRQYDOXWD]LRQHGHOSURJHWWRDWWLYLWVRJJHWWDLOFXLSURJHWWRDQWLQFHQ
GLRYDOXWDWRDQFKHLQGHURJDGDO&RUSRQD]LRQDOHGHL9LJLOLGHOIXRFR
1RWD 6RQRLQFOXVHQHOODGHILQL]LRQHVLDOHDWWLYLWVRJJHWWHGLFDWHJRULD%R&GHOO
DOOHJDWR,,,GHO'0
DJRVWRSHUOHTXDOLSUHYLVWDODYDOXWD]LRQHGHOSURJHWWRDQWLQFHQGLRFKHOHDWWLYLWVRJJHWWH
GLFDWHJRULD$GHOPHGHVLPRDOOHJDWRQHOFDVRLQFXLLOSURJHWWRDQWLQFHQGLRVRWWRSRVWRDOODYD
OXWD]LRQHLQGHURJDVHFRQGROHSURFHGXUHSUHYLVWHGDOODYLJHQWHQRUPDWLYD

 $WWLYLWVHQ]DYDOXWD]LRQHGHOSURJHWWRDWWLYLWVRJJHWWDLOFXLSURJHWWRDQWLQFHQ
GLRQRQYDOXWDWRQHDQFKHLQGHURJDGDO&RUSRQD]LRQDOHGHL9LJLOLGHOIXRFR
1RWD 6RQRLQFOXVHQHOODGHILQL]LRQHOHDWWLYLWVRJJHWWHGLFDWHJRULD$GHOO
DOOHJDWR,,,GHO'0DJRVWR
QRQULFRPSUHVHQHOODGHILQL]LRQHGLFXLDOFRPPD

 $WWLYLWQRQQRUPDWDDWWLYLWUHJRODPHQWDWDGDOODUHJRODWHFQLFDRUL]]RQWDOH
 $WWLYLWQRUPDWDDWWLYLWSURYYLVWDGLUHJRODWHFQLFDYHUWLFDOHUHJRODPHQWDWDDQ
FKHGDOODUHJRODWHFQLFDRUL]]RQWDOH
 $WWLYLWHVLVWHQWHDWWLYLWLQHVHUFL]LRDOODGDWDGLHQWUDWDLQYLJRUHGHOODUHJROD
WHFQLFDGLULIHULPHQWR

*

6RJJHWWL
 5HVSRQVDELOHGHOODWWLYLWVRJJHWWRWHQXWRDJOLREEOLJKLGLSUHYHQ]LRQHLQFHQGL
SHUO
DWWLYLW
 3URJHWWLVWDWHFQLFRDELOLWDWRRSURIHVVLRQLVWDDQWLQFHQGLRLQFDULFDWRGDOUHVSRQ
VDELOHGHOO
DWWLYLWGHOODSURJHWWD]LRQHDLILQLDQWLQFHQGLRGHOO
DWWLYLWVWHVVDRGL
VSHFLILFLDPELWLGLHVVD
 7HFQLFR  DELOLWDWR  SURIHVVLRQLVWD  LVFULWWR  LQ  DOER  SURIHVVLRQDOH  FKH  RSHUD
QHOO
DPELWRGHOOHSURSULHFRPSHWHQ]H
 3URIHVVLRQLVWDDQWLQFHQGLRWHFQLFRDELOLWDWRLVFULWWRQHJOLDSSRVLWLHOHQFKLGHO
0LQLVWHURGHOO
LQWHUQRGLFXLDOO
DUWLFRORGHOGHFUHWROHJLVODWLYRPDU]R
Q
 2FFXSDQWHSHUVRQDSUHVHQWHDTXDOVLDVLWLWRORDOO
LQWHUQRGHOO
DWWLYLW
 2FFXSDQWHFRQGLVDELOLWRFFXSDQWHFRQOLPLWD]LRQLSHUPDQHQWLRWHPSRUDQHH
DOOHFDSDFLWILVLFKHPHQWDOLVHQVRULDOLRPRWRULH
 6RFFRUULWRUHFRPSRQHQWHGLVTXDGUDGLORWWDDOO
LQFHQGLRRSSRUWXQDPHQWHSUR
WHWWRHGDGGHVWUDWRDWDOHILQH

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

*

*HRPHWULD
 3LDQRVXSHUILFLHFDOSHVWDELOH
 3LDQRGLULIHULPHQWRGHOFRPSDUWLPHQWR SLDQR GHOOXRJRVLFXURHVWHUQRYHUVR
FXLDYYLHQHSUHYDOHQWHPHQWHO
HVRGRGHJOLRFFXSDQWLGHOFRPSDUWLPHQWRHGDFXL
DFFHGRQRLVRFFRUULWRUL6HQRQSUHVHQWHSLDQRFRQWDOLFDUDWWHULVWLFKHVLFRQ
VLGHUDLOSLDQRGLDFFHVVRGHLVRFFRUULWRULFRQOHPLJOLRULFDUDWWHULVWLFKHGLRSH
UDWLYLWDQWLQFHQGLR&DSLWROR63HURJQLFRPSDUWLPHQWRGHWHUPLQDWRXQ
XQLFRSLDQRGLULIHULPHQWRFKHJHQHUDOPHQWHFRUULVSRQGHFRQODVWUDGDSXEEOLFD
RSULYDWDGLDFFHVVR/DGHWHUPLQD]LRQHGHOSLDQRGLULIHULPHQWRGHOFRPSDUWL
PHQWRULSRUWDWDQHOSURJHWWR
1RWD 6LULSRUWDQRHVHPSLQHOO
LOOXVWUD]LRQH*

 4XRWDGLSLDQRGLVOLYHOORWUDLO SLDQR HGLOUHODWLYR SLDQRGLULIHULPHQWRGHO

FRPSDUWLPHQWRFXLDSSDUWLHQH
1RWD 6LULSRUWDQRHVHPSLQHOO
LOOXVWUD]LRQH*

 $OWH]]DDQWLQFHQGLRPDVVLPDTXRWDGHLSLDQLGHOO
DWWLYLW6RQRHVFOXVLLSLDQL
FRQSUHVHQ]DRFFDVLRQDOHHGLEUHYHGXUDWDGLSHUVRQDOHDGGHWWRHVYDQLWHFQL
FL
1RWD 6LULSRUWDQRHVHPSLQHOO
LOOXVWUD]LRQH*

 4XRWDGHOFRPSDUWLPHQWRGLVOLYHOORWUDLOSLDQRGHOFRPSDUWLPHQWRHGLOUHODWLYR
SLDQRGLULIHULPHQWR,QFDVRGLFRPSDUWLPHQWRPXOWLSLDQRVLDVVXPHLOGLVOLYHOOR
PDJJLRUHLQYDORUHDVVROXWRHVSHULOSLDQRSLHOHYDWRGLFRPSDUWLPHQWRIXRUL
WHUUDSHULOSLDQRSLSURIRQGRGLFRPSDUWLPHQWRLQWHUUDWR
1RWD 6LULSRUWDQRHVHPSLQHOO
LOOXVWUD]LRQH*

 &RPSDUWLPHQWRRSLDQRIXRULWHUUDFRPSDUWLPHQWRRSLDQRDYHQWHTXRWDQRQQH
JDWLYD
 &RPSDUWLPHQWRRSLDQRLQWHUUDWRFRPSDUWLPHQWRRSLDQRDYHQWHTXRWDQHJDWLYD
 6XSHUILFLHORUGDGLXQDPELWRVXSHUILFLHLQSLDQWDFRPSUHVDHQWURLOSHULPHWUR
LQWHUQRGHOOHSDUHWLGHOLPLWDQWLO
DPELWR
1RWD /
DPELWRSXULIHULUVLDOO
LQWHUDDWWLYLWRDSDUWHGLHVVDSLDQRFRPSDUWLPHQWRDUHDDULVFKLRVSH
FLILFR
1RWD 6HO
DPELWRPXOWLSLDQRRYLVRQRVRSSDOFKLVLLQWHQGHODVRPPDGHOOHVXSHUILFLORUGHGLWXWWLL
SLDQL

 6XSHUILFLHXWLOHGLXQDPELWRSRU]LRQHGLVXSHUILFLHGLXQDPELWRHIILFDFHDLILQL
GHOODIXQ]LRQDOLWULFKLHVWD
1RWD $GHVHPSLRSHU VXSHUILFLHXWLOHGHOOHDSHUWXUHGLYHQWLOD]LRQHVLLQWHQGHODVXSHUILFLHGHOYDUFR
PLVXUDWDDOQHWWRGLHYHQWXDOLRVWUX]LRQLHVWHODLRJUDWDDOHWWH

 $OWH]]DPHGLDGLXQORFDOHKPPHGLDSHVDWDGHOOHDOWH]]HKLGLXQORFDOHFRQOD

SURLH]LRQHLQSLDQWDGHOODSRU]LRQHGLVXSHUILFLH$LGHOODVXSHUILFLHGLDOWH]]DKL
KP 

K L y$ L
L

$L

*

1RWD 6LULSRUWDQRHVHPSLQHOO
LOOXVWUD]LRQH*

 'LVWDQ]DGLVLFXUH]]DHVWHUQDGLVWDQ]DPLQLPDPLVXUDWDLQSLDQWDWUDLOSHULPH
WURGLFLDVFXQHOHPHQWRSHULFRORVRGLXQ
DWWLYLWHGLVHJXHQWLHOHPHQWLHVWHUQLDO
FRQILQHGHOO
DWWLYLWHGDSUHVHUYDUH
D LFRQILQLGLDUHHHGLILFDELOL
E LOSHULPHWURGHOSLYLFLQRIDEEULFDWR
F LOSHULPHWURGLDOWUHRSHUHSXEEOLFKHRSULYDWH
&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

 'LVWDQ]DGLVLFXUH]]DLQWHUQDGLVWDQ]DPLQLPDPLVXUDWDLQSLDQWDWUDLSHULPHWUL
GHLYDULHOHPHQWLSHULFRORVLGLXQ
DWWLYLW
 'LVWDQ]DGLSURWH]LRQHGLVWDQ]DPLQLPDPLVXUDWDLQSLDQWDWUDLOSHULPHWURGL
FLDVFXQHOHPHQWRSHULFRORVRGLXQ
DWWLYLWHGLOFRQILQHGHOO
DUHDVXFXLVRUJH
O
DWWLYLWVWHVVD
 'LVWDQ]DGLVHSDUD]LRQHGLVWDQ]DGLVLFXUH]]DLQWHUQDHVWHUQDRGLSURWH]LRQHD
VHFRQGDGHLFDVL
 $UHDGLLQIOXHQ]DGLXQHOHPHQWRDUHDLFXLFRQILQLVRQRRWWHQXWLGDOODWUDVOD]LR
QHRIIVHWVXXQSLDQRGLULIHULPHQWRGHLFRQILQLGHOO
HOHPHQWRDGXQDGLVWDQ]D
GHWWDUDJJLRGLLQIOXHQ]DURIIVHW
1RWD 6LULSRUWDQRHVHPSLQHOO
LOOXVWUD]LRQH*

K P +

KP 

+ +


KP 

+ y$  +  y$ 
$  $ 

+ +

K P +

5


+
+ +
$

$

,OOXVWUD]LRQH*(VHPSLGLGHWHUPLQD]LRQHGHOO
DOWH]]DPHGLDLQVH]LRQH

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

*

&RPSDUWLPHQWD]LRQH
 6SD]LRDFLHOROLEHUROXRJRHVWHUQRDOOHRSHUHGDFRVWUX]LRQHQRQGHOLPLWDWRVX
SHULRUPHQWH
 6SD]LRVFRSHUWRVSD]LRDYHQWHFDUDWWHULVWLFKHWDOLGDFRQWUDVWDUH WHPSRUDQHD
PHQWHODSURSDJD]LRQHGHOO
LQFHQGLRWUDOHHYHQWXDOLRSHUHGDFRVWUX]LRQHFKHOR
GHOLPLWDQR
1RWD/HFDUDWWHULVWLFKHGHOORVSD]LRVFRSHUWRVLWURYDQRQHOFDSLWROR6

 &RPSDUWLPHQWRDQWLQFHQGLRRFRPSDUWLPHQWRSDUWHGHOORSHUDGDFRVWUX]LRQH

RUJDQL]]DWDSHUULVSRQGHUHDOOHHVLJHQ]HGHOODVLFXUH]]DLQFDVRGLLQFHQGLRHGH
OLPLWDWDGDSURGRWWLRHOHPHQWLFRVWUXWWLYLLGRQHLDJDUDQWLUHVRWWROD]LRQHGHO
IXRFRHSHUXQGDWRLQWHUYDOORGLWHPSRODUHVLVWHQ]DDOIXRFR4XDORUDQRQVLD
SUHYLVWDDOFXQDFRPSDUWLPHQWD]LRQHVLLQWHQGHFKHLOFRPSDUWLPHQWRFRLQFLGD
FRQO
LQWHUDRSHUDGDFRVWUX]LRQH
 )LOWURFRPSDUWLPHQWRDQWLQFHQGLRQHOTXDOHODSUREDELOLWGLLQQHVFRGHOO
LQFHQ
GLRVLDUHVDWUDVFXUDELOHLQSDUWLFRODUHJUD]LHDOO
DVVHQ]DGLLQQHVFKLHIILFDFLHG
DOULGRWWRFDULFRGLLQFHQGLRVSHFLILFRTIDPPHVVR
1RWD/HFDUDWWHULVWLFKHGHOILOWURVLWURYDQRQHOFDSLWROR6

 'LWLSRSURWHWWRRSURWHWWRTXDOLILFD]LRQHGLXQYROXPHGHOO

DWWLYLWFRVWLWXHQWH
FRPSDUWLPHQWRDQWLQFHQGLR
1RWD 6LULSRUWDQRDOFXQHHVHPSLGLDSSOLFD]LRQHGHOODGHILQL]LRQHVFDODSURWHWWDORFDOHSURWHWWRYDQR
SURWHWWRSHUFRUVRSURWHWWR
1RWD 6HQRQULIHULWRDGXQYROXPHGHOO
DWWLYLWLOWHUPLQHDVVXPHDOWULVLJQLILFDWLDGHVHPSLRVRFFRUUL
WRUHSURWHWWRPDWHULDOHSURWHWWRHOHPHQWRSRUWDQWHSURWHWWRDSHUWXUDSURWHWWDGDRVWUX]LRQH

 'LWLSRDSURYDGLIXPRRDSURYDGLIXPRORFX]LRQHFKHLQGLFDODFDSDFLWGL

XQFRPSDUWLPHQWRGLOLPLWDUHO
LQJUHVVRGLIXPRJHQHUDWRGDLQFHQGLRFKHVLVYL
OXSSLLQFRPSDUWLPHQWLFRPXQLFDQWL
1RWD
6LULSRUWDQRDOFXQLHVHPSLGLDSSOLFD]LRQHGHOODGHILQL]LRQHVFDODDSURYDGLIXPRYDQRDSUR
YDGLIXPRSHUFRUVRDSURYDGLIXPR

 'LWLSRHVWHUQR R HVWHUQRTXDOLILFD]LRQHGLXQDSRU]LRQHGHOO

DWWLYLWHVWHUQD
DOO
RSHUDGDFRVWUX]LRQHFRQFDUDWWHULVWLFKHWDOLGDFRQWUDVWDUHWHPSRUDQHDPHQWH
ODSURSDJD]LRQHGHOO
LQFHQGLRSURYHQLHQWHGDOO
RSHUDGDFRVWUX]LRQH
1RWD

6LULSRUWDQRDOFXQLHVHPSLGLDSSOLFD]LRQHGHOODGHILQL]LRQHVFDODHVWHUQDSHUFRUVRHVWHUQR

 ,QWHUFDSHGLQHDQWLQFHQGLRYDQRGLGLVWDFFR DGHJXDWDPHQWHGLPHQVLRQDWR SHU

O
DHUD]LRQHODYHQWLOD]LRQHRORVPDOWLPHQWRGHLSURGRWWLGHOODFRPEXVWLRQHVX
SHULRUPHQWH  GHOLPLWDWR  GD VSD]LR VFRSHUWR H  ORQJLWXGLQDOPHQWH  GHOLPLWDWR  GD
PXULSHULPHWUDOLFRQRVHQ]D DSHUWXUHDSSDUWHQHQWLDOO
RSHUD GDFRVWUX]LRQH
VHUYLWDHGDWHUUDSLHQRRGDPXULGLDOWUDRSHUDGDFRVWUX]LRQHDYHQWLSDULUHVL
VWHQ]DDOIXRFR

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

*

(VRGR
 6LVWHPDG
HVRGRLQVLHPHGHOOHPLVXUHDQWLQFHQGLRGLVDOYDJXDUGLDGHOODYLWDFKH
FRQVHQWRQRDJOLRFFXSDQWLGLUDJJLXQJHUHXQOXRJRVLFXURLQFDVRG
LQFHQGLR
 /XRJRVLFXUROXRJRHVWHUQRDOOHFRVWUX]LRQL QHOTXDOHQRQHVLVWHSHULFRORSHU
JOLRFFXSDQWLFKHYLVWD]LRQDQRRYLWUDQVLWDQRLQFDVRGLLQFHQGLR
1RWD/HFDUDWWHULVWLFKHGHO/XRJRVLFXURVLWURYDQRQHOFDSLWROR6

 /XRJRVLFXURWHPSRUDQHROXRJRLQWHUQRRHVWHUQRDOOHFRVWUX]LRQLQHOTXDOHQRQ
HVLVWHSHULFRORLPPLQHQWHSHUJOLRFFXSDQWLFKHYLVWD]LRQDQRRYLWUDQVLWDQRLQ
FDVRGLLQFHQGLR'DRJQLOXRJRVLFXURWHPSRUDQHRJOLRFFXSDQWLGHYRQRSRWHU
UDJJLXQJHUHXQOXRJRVLFXUR
1RWD/HFDUDWWHULVWLFKHGHO/XRJRVLFXURWHPSRUDQHRVLWURYDQRQHOFDSLWROR6

 6SD]LRFDOPROXRJRVLFXURWHPSRUDQHRRYHJOLRFFXSDQWLSRVVRQRDWWHQGHUHDV
VLVWHQ]DSHUFRPSOHWDUHO
HVRGRYHUVROXRJRVLFXUR
1RWD 6HORVSD]LRFDOPRFRQWLJXRHFRPXQLFDQWHFRQXQDYLDG
HVRGRQRQGHYHFRVWLWXLUHLQWUDOFLR
DOODIUXLELOLWGHOOHYLHGLHVRGRHGHYHJDUDQWLUHODSHUPDQHQ]DLQVLFXUH]]DGHJOLRFFXSDQWLLQDW
WHVDGHLVRFFRUVL

 $IIROODPHQWRQXPHURPDVVLPRLSRWL]]DELOHGLRFFXSDQWL
 'HQVLWGLDIIROODPHQWRQXPHURPDVVLPRGLRFFXSDQWLDVVXQWRSHUXQLWGLVX
SHUILFLHORUGDGHOO
DPELWRGLULIHULPHQWRSHUVRQHP
 9LDG
HVRGRRYLDG
HPHUJHQ]DSHUFRUVRVHQ]DRVWDFROLDOGHIOXVVRDSSDUWHQHQ
WHDOVLVWHPDG
HVRGRFKHFRQVHQWHDJOLRFFXSDQWLGLUDJJLXQJHUHXQOXRJRVLFX
URGDOOXRJRLQFXLVLWURYDQR
 9LDG
HVRGRRUL]]RQWDOHSRU]LRQHGLYLDG
HVRGRDTXRWDFRVWDQWHRFRQSHQGHQ
]DQRQVXSHULRUHDO
1RWD

HVFRUULGRLSRUWHXVFLWH

 9LDG
HVRGRYHUWLFDOHSRU]LRQHGLYLDG
HVRGRFKHFRQVHQWHDJOLRFFXSDQWLYDULD
]LRQLGLTXRWDFRQSHQGHQ]DVXSHULRUHDO
1RWD

HVVFDOHUDPSH

 &RUULGRLRFLHFRRFXOGHVDFSRU]LRQHGLYLDG

HVRGRGDFXLSRVVLELOHO
HVRGR
LQXQ
XQLFDGLUH]LRQH
1RWD ,OFRUULGRLRFLHFRWHUPLQDQHOSXQWRLQFXLGLYHQWDSRVVLELOHO
HVRGRLQSLGLXQDGLUH]LRQHLQGL
SHQGHQWHPHQWHGDLOXRJKLVLFXULWHPSRUDQHLHYHQWXDOPHQWHDWWUDYHUVDWLGDOODYLDG
HVRGR6LULSRU
WDQRHVHPSLQHOO
LOOXVWUD]LRQH*

 6FDODG
HVRGRVFDODDSSDUWHQHQWHDOVLVWHPDG
HVRGR
 5DPSDG
HVRGRUDPSDDQFKHFDUUDELOHDSSDUWHQHQWHDOVLVWHPDG
HVRGR
 3HUFRUVRG
HVRGRSDVVDJJLRGLFRPXQLFD]LRQHIDFHQWHSDUWHGLYLDG
HVRGRRUL]
]RQWDOHFKHFRQGXFHGDOO
XVFLWDGHLORFDOLGHGLFDWLDOO
DWWLYLWILQRDOO
XVFLWDGL
SLDQRRDOO
XVFLWDILQDOH
1RWD

$GHVHPSLRLOSHUFRUVRG
HVRGRFRVWLWXLWRGDFRUULGRLDWULILOWUL

 8VFLWDILQDOHRXVFLWDG

HPHUJHQ]DYDUFRGHOVLVWHPDGLHVRGRFKHLPPHWWHLQ
OXRJRVLFXUR
 /XQJKH]]DG
HVRGRGLVWDQ]DFKHFLDVFXQRFFXSDQWHGHYHSHUFRUUHUHOXQJRXQD
YLDG
HVRGRGDOOXRJRLQFXLVLWURYDILQRDGXQOXRJRVLFXURWHPSRUDQHRRDGXQ
OXRJRVLFXUR/DOXQJKH]]DG
HVRGRYDOXWDWDFRQLOPHWRGRGHOILORWHVRVHQ]D
WHQHUHFRQWRGHJOLDUUHGLPRELOL
1RWD 4XDORUDFLDVFXQDYLDG
HVRGRDWWUDYHUVLSLOXRJKLVLFXULWHPSRUDQHLILQRDJLXQJHUHDOOXRJRVLFX
URGLGHVWLQD]LRQHVLFRQVLGHUDODGLVWDQ]DHIIHWWLYDSHUFRUVDSHUUDJJLXQJHUHLOSULPRGHLOXRJKL
VLFXULWHPSRUDQHLDWWUDYHUVDWLGDOODYLDG
HVRGR6LULSRUWDQRHVHPSLQHOO
LOOXVWUD]LRQH*
&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

1RWD 1HOFDVRGLXQHGLILFLRVHUYLWRGDDOPHQRGXHYLHG
HVRGRYHUWLFDOLLQGLSHQGHQWLFLDVFXQSLDQRDX
WRQRPDPHQWHFRPSDUWLPHQWDWRFRQVLGHUDWROXRJRVLFXURWHPSRUDQHRSHUJOLDOWULSLDQLHGDQFKH
SHUOHYLHG
HVRGRYHUWLFDOLSURWHWWH3HUWDQWRODOXQJKH]]DG
HVRGRGDRJQLSXQWRLQWHUQRDOOHYLH
G
HVRGRYHUWLFDOLSXWHUPLQDUHDOO
DFFHVVRGHOSLDQRVRWWRVWDQWH

 /DUJKH]]D  GHOOD  YLD  G

HVRGR ODUJKH]]D  PLQLPD  GDO  SLDQR  GL  FDOSHVWLR  ILQR
DOO
DOWH]]DGLPPLVXUDWDGHGXFHQGRO
LQJRPEURGLHYHQWXDOLHOHPHQWLVSRU
JHQWLFRQHVFOXVLRQHGHJOLHVWLQWRULHYDOXWDWDOXQJRWXWWRLOSHUFRUVR7UDJOLHOH
PHQWLVSRUJHQWLQRQYDQQRFRQVLGHUDWLLFRUULPDQRHLGLVSRVLWLYLGLDSHUWXUDGHO
OHSRUWHFRQVSRUJHQ]DQRQVXSHULRUHDGPP
 /DUJKH]]DXQLWDULDGHOOHYLHG
HVRGR RODUJKH]]DXQLWDULD LQGLFHTXDQWLWDWLYR
GHOOD  SRWHQ]LDOLW  GL  XQD  YLD  G
HVRGR  LQ  UHOD]LRQH  DO  SURILOR  GL  ULVFKLR  5YLWD
GHOO
DWWLYLWFRQYHQ]LRQDOPHQWHHVSUHVVDGDOODODUJKH]]DLQPLOOLPHWULQHFHV
VDULDDOO
HVRGRGLXQVLQJRORRFFXSDQWHPPSHUVRQD
 (VRGRVLPXOWDQHRPRGDOLWGLHVRGRFKHSUHYHGHORVSRVWDPHQWRFRQWHPSRUD
QHRGHJOLRFFXSDQWLILQRDOXRJRVLFXUR
1RWD /
DWWLYD]LRQHGHOODSURFHGXUDGLHVRGRVHJXHLPPHGLDWDPHQWHODULYHOD]LRQHGHOO
LQFHQGLRRSSXUH
GLIIHULWDGRSRYHULILFDGDSDUWHGHJOLRFFXSDQWLGHOO
HIIHWWLYRLQQHVFRGHOO
LQFHQGLR

 (VRGRSHUIDVLPRGDOLWGLHVRGRGLXQDVWUXWWXUDRUJDQL]]DWDFRQSLFRPSDUWL
PHQWLLQFXLO
HYDFXD]LRQHGHJOLRFFXSDQWLILQRDOXRJRVLFXURDYYLHQHLQVXF
FHVVLRQHGRSRO
HYDFXD]LRQHGHOFRPSDUWLPHQWRGLSULPRLQQHVFR6LDWWXDFRQ
O
DXVLOLRGLPLVXUHDQWLQFHQGLRGLSURWH]LRQHDWWLYDSDVVLYDHJHVWLRQDOL
 (VRGRRUL]]RQWDOHSURJUHVVLYRPRGDOLWGLHVRGRFKHSUHYHGHORVSRVWDPHQWR
GHJOLRFFXSDQWLGDOFRPSDUWLPHQWRGLSULPRLQQHVFRLQXQFRPSDUWLPHQWRDGLD
FHQWHFDSDFHGLFRQWHQHUOLHSURWHJJHUOLILQRDTXDQGRO
LQFHQGLRQRQVLDHVWLQWR
RILQRDFKHQRQVLSURFHGDDGXQDVXFFHVVLYDHYDFXD]LRQHYHUVROXRJRVLFXUR
 3URWH]LRQHVXOSRVWRPRGDOLWGLHVRGRFKHSUHYHGHODSURWH]LRQHGHJOLRFFX
SDQWLQHOFRPSDUWLPHQWRLQFXLVLWURYDQR
$
6FDODSURWHWWD

'

9LDG
HVRGR
%

&
(

/XQJKH]]H
G
HVRGR

&RUULGRLR
FLHFR

$%&'

$%&

$%

$%*

$%*

$%

)('

)(

1HVVXQR

)*

)*

1HVVXQR

,OOXVWUD]LRQH*(VHPSLGLOXQJKH]]DG
HVRGRHFRUULGRLRFLHFRLQVH]LRQH
*

*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR
 *HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR*6$PLVXUDILQDOL]]DWDDOODJHVWLRQHGL
XQ
DWWLYLWLQFRQGL]LRQLGLVLFXUH]]DVLDLQIDVHGLHVHUFL]LRFKHLQIDVHGLHPHU
JHQ]DDWWUDYHUVRO
DGR]LRQH GL XQD VWUXWWXUD RUJDQL]]DWLYD FKHSUHYHGH UXROL
FRPSLWLUHVSRQVDELOLWHSURFHGXUH

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

*

2SHUHHSURGRWWLGDFRVWUX]LRQH
 2SHUHGDFRVWUX]LRQHHGLILFLHGRSHUHFLYLOLHGLQGXVWULDOL
 3URGRWWRGDFRVWUX]LRQHTXDOVLDVLSURGRWWRRNLWIDEEULFDWRHLPPHVVRVXOPHU
FDWRSHUHVVHUHLQFRUSRUDWRSHUPDQHQWHPHQWHLQRSHUHGDFRVWUX]LRQHRLQSDUWL
GLHVVHHODFXLSUHVWD]LRQHLQFLGHVXOODSUHVWD]LRQHGHOOHRSHUHGDFRVWUX]LRQHUL
VSHWWRDLUHTXLVLWLGLEDVHGHOOHRSHUHVWHVVH
 8VRSUHYLVWRO
XVRSUHYLVWRGHOSURGRWWRGDFRVWUX]LRQHFRPHGHILQLWRQHOODVSH
FLILFDWHFQLFDDUPRQL]]DWDDSSOLFDELOH
 (OHPHQWRFRVWUXWWLYRSDUWHRHOHPHQWRGLRSHUHGDFRVWUX]LRQHFRPSRVWRGD
XQRRSLSURGRWWLGDFRVWUX]LRQH
 .LWXQSURGRWWRGDFRVWUX]LRQHLPPHVVRVXOPHUFDWRGDXQVLQJRORIDEEULFDQWH
FRPHLQVLHPHGLDOPHQRGXHFRPSRQHQWLGLVWLQWLFKHGHYRQRHVVHUHDVVHPEODWL
SHUHVVHUHLQVWDOODWLQHOOHRSHUHGDFRVWUX]LRQH
 &DUDWWHULVWLFKHHVVHQ]LDOLOHFDUDWWHULVWLFKHGHOSURGRWWRGDFRVWUX]LRQHFKHVLUL
IHULVFRQRDLUHTXLVLWLGLEDVHGHOOHRSHUHGDFRVWUX]LRQHFRPHGHILQLWLQHO&35
 3UHVWD]LRQHGLXQSURGRWWRGDFRVWUX]LRQHODSUHVWD]LRQHLQUHOD]LRQHDOOHFDUDW
WHULVWLFKHHVVHQ]LDOLSHUWLQHQWLHVSUHVVDLQWHUPLQLGLOLYHOORFODVVHRPHGLDQWH
GHVFUL]LRQH
 &DPSRGLDSSOLFD]LRQHGLUHWWDGHOULVXOWDWRGLSURYDDPELWRSUHYLVWRGDOORVSH
FLILFRPHWRGRGLSURYDHULSRUWDWRQHOUDSSRUWRGLFODVVLILFD]LRQHGHOOHOLPLWD
]LRQLGXVRHGHOOHSRVVLELOLPRGLILFKHDSSRUWDELOLDOFDPSLRQHFKHKDVXSHUDWR
ODSURYDWDOLGDQRQULFKLHGHUHXOWHULRULYDOXWD]LRQLFDOFROLRDSSURYD]LRQLSHU
ODWWULEX]LRQHGHOULVXOWDWRFRQVHJXLWR
 &DPSRGLDSSOLFD]LRQHHVWHVDGHOULVXOWDWRGLSURYDDPELWRQRQFRPSUHVRWUD
TXHOOLSUHYLVWLQHOFDPSRGLDSSOLFD]LRQHGLUHWWDGHOULVXOWDWRGLSURYDGHILQLWR
GDVSHFLILFKHQRUPHGLHVWHQVLRQH
 /DERUDWRULRGLSURYDLOODERUDWRULRQRWLILFDWRDOOD&RPPLVVLRQH8(FKHHIIHW
WXD  SURYH  VX  SURGRWWL  DYHQWL  VSHFLILFL  UHTXLVLWL DL  ILQL  GHOODSSRVL]LRQH  GHOOD
PDUFDWXUD&(LQULIHULPHQWRDO&35LODERUDWRULGHOOD'&367HLODERUDWRULLWD
OLDQLDXWRUL]]DWLDLVHQVLGHOGHFUHWRGHO0LQLVWURGHOOLQWHUQRPDU]RL
ODERUDWRULGLXQRGHJOLDOWUL6WDWLGHOOD8QLRQHHXURSHDRGLXQRGHJOL6WDWLFRQ
WUDHQWLODFFRUGR6((HOD7XUFKLDFXLYLHQHULFRQRVFLXWDOLQGLSHQGHQ]DHOD
FRPSHWHQ]DSUHYLVWLGDOODQRUPD(1,62&(,RGDHTXLYDOHQWLJDUDQ]LH
ULFRQRVFLXWHLQXQRGHJOL6WDWLVWHVVL
 (OHPHQWRFKLDYHHOHPHQWRGDOODFXLVWDELOLWGLSHQGHODVWDELOLWGHOULPDQHQWH
DJJUHJDWRVWUXWWXUDOH,OFROODVVRGLXQHOHPHQWRFKLDYHGHWHUPLQDXQGDQQHJJLD
PHQWRVWUXWWXUDOHULWHQXWRVSURSRU]LRQDWR
 5REXVWH]]D  DWWLWXGLQH  GL  XQD  VWUXWWXUD  D  UHVLVWHUH  DG  D]LRQL  HFFH]LRQDOL  HV
HVSORVLRQLVHQ]DFKHVLGHWHUPLQLQRGDQQHJJLDPHQWLVSURSRU]LRQDWLULVSHWWR
DOODFDXVD

*

5HVLVWHQ]DDOIXRFR
 5HVLVWHQ]DDOIXRFRXQDGHOOH PLVXUHDQWLQFHQGLR GLSURWH]LRQHGDSHUVHJXLUH
SHUJDUDQWLUHXQDGHJXDWROLYHOORGLVLFXUH]]DGLXQRSHUDGDFRVWUX]LRQHLQFRQ
GL]LRQLGLLQFHQGLR(VVDULJXDUGDODFDSDFLWSRUWDQWHLQFDVRGLLQFHQGLRSHU
XQDVWUXWWXUDSHUXQDSDUWHGHOODVWUXWWXUDRSHUXQHOHPHQWRVWUXWWXUDOHQRQFK

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

ODFDSDFLWGLFRPSDUWLPHQWD]LRQHLQFDVRGLLQFHQGLRSHUJOLHOHPHQWLGLVHSDUD
]LRQHVWUXWWXUDOLHVPXULVRODLHQRQVWUXWWXUDOLHVSRUWHGLYLVRUL
 &DSDFLWSRUWDQWHLQFDVRGLLQFHQGLRDWWLWXGLQHGHOODVWUXWWXUDGLXQDSDUWHGHO
ODVWUXWWXUDRGLXQHOHPHQWRVWUXWWXUDOHDFRQVHUYDUHXQDVXIILFLHQWHUHVLVWHQ]D
PHFFDQLFDVRWWROD]LRQHGHOIXRFRWHQHQGRFRQWRGHOOHDOWUHD]LRQLDJHQWL
 &DSDFLWGLFRPSDUWLPHQWD]LRQHLQFDVRGLQFHQGLRDWWLWXGLQHGLXQHOHPHQWR
FRVWUXWWLYRDFRQVHUYDUHVRWWROD]LRQHGHOIXRFRXQVXIILFLHQWHLVRODPHQWRWHU
PLFRHGXQDVXIILFLHQWHWHQXWDDLIXPLHDLJDVFDOGLGHOODFRPEXVWLRQHQRQFK
WXWWHOHDOWUHSUHVWD]LRQLVHULFKLHVWH
 &DULFRGLLQFHQGLRSRWHQ]LDOHWHUPLFRQHWWRGHOODWRWDOLWGHLPDWHULDOLFRPEX
VWLELOLFRQWHQXWLLQXQRVSD]LRFRUUHWWRLQEDVHDLSDUDPHWULLQGLFDWLYLGHOODSDU
WHFLSD]LRQHDOODFRPEXVWLRQHGHLVLQJROLPDWHULDOL/LPLWDWDPHQWHDJOLHOHPHQWL
VWUXWWXUDOLGLOHJQRSRVVLELOHFRQVLGHUDUQHLOFRQWULEXWRWHQHQGRFRQWRGHOIDWWR
FKHJOLVWHVVLGHYRQRDOWUHVJDUDQWLUHODFRQVHJXHQWHUHVLVWHQ]DDOIXRFR7DOH
FRQWULEXWRGHYHHVVHUHGHWHUPLQDWRWUDPLWHFRQVROLGDWLFULWHULGLLQWHUSUHWD]LRQH
GHOIHQRPHQR,OFDULFRGLLQFHQGLRHVSUHVVRLQ0-FRQYHQ]LRQDOPHQWH0-
DVVXQWRSDULDNJGLOHJQDHTXLYDOHQWH
 &DULFRGLQFHQGLRVSHFLILFRFDULFRGLLQFHQGLRULIHULWRDOOXQLWGLVXSHUILFLH
ORUGDGLSLDQRHVSUHVVRLQ0-P
 &DULFRGLQFHQGLRVSHFLILFRGLSURJHWWRFDULFRGLQFHQGLRVSHFLILFRFRUUHWWRLQ
EDVHDLSDUDPHWULLQGLFDWRULGHOULVFKLRGLLQFHQGLRGHOFRPSDUWLPHQWRDQWLQFHQ
GLRH GHLIDWWRUL UHODWLYL DOOH PLVXUH DQWLQFHQGLR SUHVHQWL(VVRFRVWLWXLVFHOD
JUDQGH]]DGLULIHULPHQWRSHUOHYDOXWD]LRQLGHOODUHVLVWHQ]DDOIXRFRGHOOHRSHUH
GDFRVWUX]LRQH
 &ODVVHGLUHVLVWHQ]DDOIXRFRLQWHUYDOORGLWHPSRHVSUHVVRLQPLQXWLGHILQLWRLQ
EDVHDOFDULFRGLLQFHQGLRVSHFLILFRGLSURJHWWRGXUDQWHLOTXDOHLOFRPSDUWLPHQ
WRDQWLQFHQGLRJDUDQWLVFHODUHVLVWHQ]DDOIXRFRULIHULWDDGXQDFXUYDGLLQFHQ
GLRQRPLQDOH
 ,QFHQGLRFRQYHQ]LRQDOHGLSURJHWWRLQFHQGLRGHILQLWRDWWUDYHUVRXQDFXUYDGLLQ
FHQGLRFKHUDSSUHVHQWDODQGDPHQWRLQIXQ]LRQHGHOWHPSRGHOODWHPSHUDWXUD
PHGLDGHLJDVGLFRPEXVWLRQHQHOOLQWRUQRGHOODVXSHUILFLHGHJOLHOHPHQWLFR
VWUXWWLYL/DFXUYDGLLQFHQGLRGLSURJHWWRSXHVVHUH
D QRPLQDOHFXUYDDGRWWDWDSHUODFODVVLILFD]LRQHGHOOHRSHUHGDFRVWUX]LRQHH
SHUOHYHULILFKHGLUHVLVWHQ]DDOIXRFRGLWLSRFRQYHQ]LRQDOH
E QDWXUDOHFXUYDGHWHUPLQDWDLQEDVHDPRGHOOLGLQFHQGLRHDSDUDPHWULILVLFL
FKHGHILQLVFRQROHYDULDELOLGLVWDWRDOOLQWHUQRGHOFRPSDUWLPHQWRDQWLQFHQ
GLR
 ,QFHQGLRORFDOL]]DWR IRFRODLRGLQFHQGLR FKH LQWHUHVVD XQD ]RQD OLPLWDWD  GHO
FRPSDUWLPHQWRDQWLQFHQGLRFRQVYLOXSSRGL FDORUH FRQFHQWUDWRLQSURVVLPLW
GHJOL  HOHPHQWL  FRVWUXWWLYL  SRVWL  VXSHULRUPHQWH  DO  IRFRODLR  R  LPPHGLDWDPHQWH
DGLDFHQWL
 )DVFLFRORWHFQLFR SHUODUHVLVWHQ]DDOIXRFRGRFXPHQWRSUHGLVSRVWRGDO3UR
GXWWRUHLQFDVRGLYDULD]LRQLGHOSURGRWWRRGHOOHOHPHQWRFRVWUXWWLYRFODVVLILFD
WRQRQSUHYLVWHGDOFDPSRGLGLUHWWDDSSOLFD]LRQHGHOULVXOWDWRGLSURYD
 (OHPHQWLQRQSRUWDQWLGLRSHUHGDFRVWUX]LRQHHOHPHQWLVWUXWWXUDOLFKHQHOOD
FRPELQD]LRQHGLFDULFRHFFH]LRQDOHSHUOHYHULILFKHVWUXWWXUDOLDQWLQFHQGLRFRV
FRPHGD17&VRQRVRWWRSRVWLDOVRORSHVRSURSULRHGDOOD]LRQHWHUPLFDGRYXWD
DOOHVSRVL]LRQHDOIXRFR)DQQRHFFH]LRQHTXHJOLHOHPHQWLFKHFRQFRUURQRDOOD

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

GHILQL]LRQHGHOPHWRGRGLDQDOLVLVWUXWWXUDOHHVFRQWURYHQWLYHUWLFDOLQHLWHODLD
QRGLILVVL
 (OHPHQWLVWUXWWXUDOLSULQFLSDOL HOHPHQWLVWUXWWXUDOLLOFXLFHGLPHQWRSHUHIIHWWR
GHOO
LQFHQGLRFRPSURPHWWDDOPHQRXQDGHOOHVHJXHQWLFDSDFLW
D FDSDFLWSRUWDQWHGHJOLDOWULHOHPHQWLVWUXWWXUDOLGHOODFRVWUX]LRQHLQFRQGL]LR
QLGLLQFHQGLR
E HIILFDFLDGLHOHPHQWLFRVWUXWWLYLGLFRPSDUWLPHQWD]LRQH
F IXQ]LRQDPHQWRGHLVLVWHPLGLSURWH]LRQHDWWLYD
G HVRGRLQVLFXUH]]DGHJOLRFFXSDQWL
H VLFXUH]]DGHLVRFFRUULWRUL
 (OHPHQWLVWUXWWXUDOLVHFRQGDULWXWWLJOLHOHPHQWLVWUXWWXUDOLQRQSULQFLSDOL
*

5HD]LRQHDOIXRFR
 5HD]LRQHDOIXRFRXQDGHOOHPLVXUHDQWLQFHQGLRGLSURWH]LRQHGDSHUVHJXLUHSHU
JDUDQWLUHXQDGHJXDWROLYHOORGLVLFXUH]]DLQFRQGL]LRQHGLLQFHQGLRHGLQSDUWL
FRODUH  QHOOD  IDVH  GL  SULPD  SURSDJD]LRQH  GHOOLQFHQGLR  SUHIODVKRYHU  (VVD
HVSULPHLOFRPSRUWDPHQWRGLXQPDWHULDOHFKHFRQODVXDGHFRPSRVL]LRQHSDU
WHFLSDDOIXRFRDOTXDOHVWDWRVRWWRSRVWRLQVSHFLILFKHFRQGL]LRQL
 &ODVVHGLUHD]LRQHDOIXRFRJUDGRGLSDUWHFLSD]LRQHGLXQPDWHULDOHRGLXQ
SURGRWWRDOIXRFRDOTXDOHVWDWRVRWWRSRVWRYLHQHDWWULEXLWDDVHJXLWRGLSURYH
QRUPDOL]]DWHWUDPLWHFXLYDOXWDUHVSHFLILFLSDUDPHWULRFDUDWWHULVWLFKHFKHFRQ
FRUURQRDGHWHUPLQDUQHLOJUDGRGLSDUWHFLSD]LRQHDOOLQFHQGLR
 0DWHULDOHLOFRPSRQHQWHRLFRPSRQHQWLYDULDPHQWHDVVRFLDWLFKHSRVVRQRSDU
WHFLSDUHDOODFRPEXVWLRQHLQGLSHQGHQ]DGHOODSURSULDQDWXUDFKLPLFDHGHOOHHI
IHWWLYHFRQGL]LRQLGLPHVVDLQRSHUDDSSOLFD]LRQHSHUO
XWLOL]]RILQDOH
 0DWHULDOHLQFRPEXVWLELOHPDWHULDOHFKHQRQSDUWHFLSDRFRQWULEXLVFHLQPDQLHUD
QRQVLJQLILFDWLYDDOOLQFHQGLRLQGLSHQGHQWHPHQWHGDOOHVXHFRQGL]LRQLGLXWLOL]
]RILQDOH
 0DWHULDOHLVRODQWHPDQXIDWWRFRPPHUFLDOL]]DWRFRPHWDOHLQGLYLGXDELOHWUDPLWH
ODVXDGHQRPLQD]LRQHFRPPHUFLDOH
 &RPSRQHQWHLVRODQWHQHLPDWHULDOLLVRODQWLO
HOHPHQWRRO
LQVLHPHGLHOHPHQWL
FKHKDQQRFRPHIXQ]LRQHVSHFLILFDTXHOODGLLVRODUH
 &RQGL]LRQHILQDOHGLDSSOLFD]LRQHDSSOLFD]LRQHRPHVVDLQRSHUDHIIHWWLYDGLXQ
SURGRWWRRPDWHULDOHLQUHOD]LRQHDWXWWLJOLDVSHWWLFKHLQIOXHQ]DQRLOFRPSRUWD
PHQWRGLWDOHSURGRWWRLQGLYHUVHFRQGL]LRQLGLLQFHQGLR,QFOXGHDVSHWWLTXDOL
RULHQWDPHQWRSRVL]LRQHLQUHOD]LRQHDGDOWULSURGRWWLDGLDFHQWLWLSRORJLDGLVXE
VWUDWRIRUPDQWHXQDFDYLWFRQXQVXEVWUDWRHPHWRGRGLILVVDJJLRLQFROOD
WRDJJDQFLDWRLQPDQLHUDPHFFDQLFDRVHPSOLFHPHQWHDFRQWDWWR

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

*

3URWH]LRQHDWWLYD
 ,PSLDQWRRVLVWHPDGLSURWH]LRQHDWWLYDFRQWURO
LQFHQGLRLPSLDQWRGLULYHOD]LR
QHLQFHQGLRHVHJQDOD]LRQHDOODUPHLQFHQGLRLPSLDQWRGLHVWLQ]LRQHRFRQWUROOR
GHOO
LQFHQGLRGLWLSRDXWRPDWLFRRPDQXDOHHGLPSLDQWRGLFRQWUROORGHOIXPRH
GHOFDORUH
 ,PSLDQWRGLULYHOD]LRQHLQFHQGLRHVHJQDOD]LRQHDOODUPHLQFHQGLR ,5$,,P
SLDQWRLQJUDGRGLULYHODUHXQLQFHQGLRTXDQWRSULPD SRVVLELOH HGLODQFLDUH
ODOODUPHDOILQHGLDWWLYDUHOHPLVXUHDQWLQFHQGLRWHFQLFKHLPSLDQWLDXWRPDWLFL
GL  FRQWUROOR  R  HVWLQ]LRQH  GHOO
LQFHQGLR  FRPSDUWLPHQWD]LRQH  HYDFXD]LRQH  GHL
IXPLHGHOFDORUHHSURFHGXUDOLSLDQRHSURFHGXUHGLHPHUJHQ]DHGLHVRGR
SURJHWWDWHHSURJUDPPDWHLQUHOD]LRQHDOOLQFHQGLRULYHODWRHGDOODUHDRYHWDOH
SULQFLSLRGLLQFHQGLRVLVYLOXSSDWRULVSHWWRDOOLQWHUDDWWLYLWVRUYHJOLDWD7DOH
LPSLDQWRSXFRPSUHQGHUHLVLVWHPLGLGLIIXVLRQHYRFDOHGHJOLDOODUPLLQHPHU
JHQ]D
 ,PSLDQWRGLHVWLQ]LRQHRFRQWUROORGHOOLQFHQGLR DXWRPDWLFRRPDQXDOHLP
SLDQWRDQWLQFHQGLRLQJUDGRGLHURJDUHO
DJHQWHHVWLQJXHQWHVHFRQGRDSSURSULDWH
FRQILJXUD]LRQL
 6LVWHPDSHUO
HYDFXD]LRQHGLIXPRHFDORUHRLPSLDQWRGLFRQWUROORGHOIXPRH
GHOFDORUH6()&6LVWHPDRLPSLDQWRGHVWLQDWRDGDVVLFXUDUHLQFDVRGLLQFHQ
GLROHYDFXD]LRQHFRQWUROODWDGHLIXPLHGHLJDVFDOGL
 5HWHGLLGUDQWL5,LPSLDQWRGLHVWLQ]LRQHGHOO
LQFHQGLRDIXQ]LRQDPHQWRPD
QXDOHSURJHWWDWRSHUFRQWUDVWDUHJOLHIIHWWLGHOO
LQFHQGLRLQJUDGRGLHURJDUHDF
TXDGDDSSRVLWLDSSDUHFFKLGLHURJD]LRQH
 $SSDUHFFKLRGLHURJD]LRQHGHOODUHWHGLLGUDQWLRHURJDWRUHGLVSRVLWLYRDQWLQ
FHQGLRSHUPDQHQWHPHQWHFROOHJDWRDGXQVLVWHPDGLWXED]LRQLILVVHXWLOL]]DWR
SHUO
HURJD]LRQHLGULFDTXDOLLGUDQWHDFRORQQDVRSUDVXRORLGUDQWHVRWWRVXROR
LGUDQWHDPXURHQDVSR
 $WWDFFRGLPDQGDWDSHUDXWRSRPSDGLVSRVLWLYRFRVWLWXLWRDOPHQRGDXQDYDOYROD
GLLQWHUFHWWD]LRQHHGXQDGLQRQULWRUQRGRWDWRGLXQRRSLDWWDFFKLXQLILFDWLSHU
WXED]LRQLIOHVVLELOLDQWLQFHQGLR6YROJHODIXQ]LRQHGLDOLPHQWD]LRQHLGULFDVXV
VLGLDULDGHOO
LPSLDQWR
 (VWLQWRUHGLQFHQGLRRHVWLQWRUHDSSDUHFFKLRFRQWHQHQWHXQDJHQWHHVWLQJXHQWH
FKHSXHVVHUHHVSXOVRSHUHIIHWWRGHOODSUHVVLRQHLQWHUQDHGLUHWWRVXXQLQFHQ
GLR
 &DSDFLWHVWLQJXHQWHGLXQHVWLQWRUHRFDSDFLWHVWLQJXHQWHVLJODDOIDQXPHULFD
LQGLFDQWHODFDSDFLWGLXQHVWLQWRUHGLVSHJQHUHIXRFKLVWDQGDUGLQFRQGL]LRQL
VWDELOLWHGDOODQRUPDGLSURYDFDUDWWHUL]]DQGRQHODSUHVWD]LRQHDQWLQFHQGLRFRQ
YHQ]LRQDOHGHOORVWHVVR
 &DSDFLWHVWLQJXHQWHWRWDOHVRPPDGHOOHFDSDFLWHVWLQJXHQWLGHOODVWHVVDFODVVH
GLGXHRSLHVWLQWRULSRVWLDSURWH]LRQHGLXQFRPSDUWLPHQWRRGLXQDVRUJHQWH
GLULVFKLRVSHFLILFR
 6LVWHPDGLDOODUPHYRFDOHSHUVFRSLGLHPHUJHQ]D(9$& LPSLDQWRGHVWLQDWR
SULQFLSDOPHQWHDGLIIRQGHUHLQIRUPD]LRQLYRFDOLSHUODVDOYDJXDUGLDGHOODYLWD
GXUDQWHXQ
HPHUJHQ]D
 6SHFLILFDG
LPSLDQWR GRFXPHQWRGLVLQWHVLGHLGDWLWHFQLFLFKHGHVFULYRQROH
SUHVWD]LRQLGHOO
LPSLDQWRGLSURWH]LRQHDWWLYDFRQWURO
LQFHQGLROHVXHFDUDWWHUL
VWLFKHGLPHQVLRQDOLHVSRUWDWHVSHFLILFKHSUHVVLRQLRSHUDWLYHFDUDWWHULVWLFKHH
GXUDWD   GHOO
DOLPHQWD]LRQH  GHOO
DJHQWH  HVWLQJXHQWH  HVWHQVLRQH  GHWWDJOLDWD

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

GHOO
LPSLDQWRHOHFDUDWWHULVWLFKHGHLFRPSRQHQWLGDLPSLHJDUHQHOODVXDUHD
OL]]D]LRQHHVWXED]LRQLHURJDWRULVHQVRULULVHUYHGLDJHQWHHVWLQJXHQWHDSHU
WXUHGLHYDFXD]LRQHDSHUWXUHGLDIIOXVVR/DVSHFLILFDFRPSUHQGHLOULFKLD
PRGHOODQRUPDGLSURJHWWD]LRQHFKHVLLQWHQGHDSSOLFDUHODFODVVLILFD]LRQHGHO
OLYHOORGLSHULFRORVLWRYHSUHYLVWRORVFKHPDDEORFFKLHJOLVFKHPLIXQ]LRQDOL
GHOO
LPSLDQWRFKHVLLQWHQGHUHDOL]]DUHQRQFKO
DWWHVWD]LRQHGHOO
LGRQHLWLQUHOD
]LRQHDOSHULFRORGLLQFHQGLRSUHVHQWHQHOO
DWWLYLW
 0RGLILFD  VRVWDQ]LDOH  GHOO
LPSLDQWR   WUDVIRUPD]LRQH  GHOOD  WLSRORJLD  RULJLQDOH
GHOO
LPSLDQWRGLSURWH]LRQHDWWLYDFRQWURO
LQFHQGLRRDPSOLDPHQWRGHOODVXDGL
PHQVLRQHWLSLFDROWUHLOGHOO
RULJLQDOHRYHQRQGLYHUVDPHQWHGHILQLWRGD
VSHFLILFDUHJRODPHQWD]LRQHRQRUPD
 7LSRORJLDRULJLQDOHGHOO
LPSLDQWRQDWXUDGHOO
LPSLDQWRGLSURWH]LRQHDWWLYDFRQ
WURO
LQFHQGLRRGHOO
DJHQWHHVWLQJXHQWHXWLOL]]DWR
 'LPHQVLRQHWLSLFDGHOO
LPSLDQWR
LSHUODUHWHLGUDQWLVLDSSOLFDTXDQWRULSRUWDWRGDOODQRUPDDGRWWDWDGDOO
(QWH
GLQRUPD]LRQHQD]LRQDOH
1RWD/
HOHQFRQRQHVDXVWLYRGHOOHQRUPHDGRWWDWHGDOO
HQWHGLQRUPD]LRQHQD]LRQDOHHUHSHULELOH
QHOSDUDJUDIR6

  LL SHUJOLLPSLDQWLGLULYHOD]LRQHHGDOODUPHLQFHQGLRV
LQWHQGHLOQXPHUR
GLULYHODWRULDXWRPDWLFLRGLSXQWLGLVHJQDOD]LRQHPDQXDOH
 LLLSHUJOLLPSLDQWL GLHVWLQ]LRQHRFRQWUROORVLLQWHQGHLOQXPHURGLHURJD
WRUL
LYSHUJOLLPSLDQWLGLHVWLQ]LRQHGLWLSRVSHFLDOHDGHVHPSLRHVWLQJXHQWLJDV
VRVLVFKLXPDSROYHUHHFFVLLQWHQGHODTXDQWLWGLDJHQWHHVWLQJXHQWH
v. SHUJOLLPSLDQWLGLFRQWUROORGHOIXPRHGHOFDORUHVLLQWHQGHODVXSHUILFLH
XWLOHWRWDOHGLHYDFXD]LRQHSHULVLVWHPLGLHYDFXD]LRQHQDWXUDOHHODSRUWDWDYR
OXPHWULFDDVSLUDWDSHULVLVWHPLGLHYDFXD]LRQHIRU]DWD
 5HJROD GHOO
DUWH VWDGLRGHOORVYLOXSSRUDJJLXQWRLQXQGHWHUPLQDWRPRPHQWR
VWRULFRGDOOHFDSDFLWWHFQLFKHUHODWLYHDSURGRWWLSURFHVVLRVHUYL]LEDVDWRVX
FRPSURYDWLULVXOWDWLVFLHQWLILFLWHFQRORJLFLRVSHULPHQWDOL)HUPRUHVWDQGRLOUL
VSHWWRGHOOHGLVSRVL]LRQLOHJLVODWLYHHUHJRODPHQWDULDSSOLFDELOLODSUHVXQ]LRQH
GLUHJRODGHOO
DUWHULFRQRVFLXWDGLSUDVVLDOOHQRUPHDGRWWDWHGD(QWLGLQRU
PD]LRQHQD]LRQDOLHXURSHLRLQWHUQD]LRQDOL
 3URJHWWRGHOO
LPSLDQWRLQVLHPHGHLGRFXPHQWLLQGLFDWLGDOODQRUPDDVVXQWDDUL
IHULPHQWRSHUODSURJHWWD]LRQHGLXQQXRYRLPSLDQWRGLSURWH]LRQHDWWLYDFRQWUR
O
LQFHQGLR RGLPRGLILFDVRVWDQ]LDOHGLXQLPSLDQWRHVLVWHQWH,OSURJHWWRGHYH
LQFOXGHUHLQDVVHQ]DGLVSHFLILFKHLQGLFD]LRQLGHOODQRUPDDOPHQRJOLVFKHPLH
LGLVHJQLSODQLPHWULFLGHOO
LPSLDQWRQRQFKXQDUHOD]LRQHWHFQLFDFRPSUHQGHQWH
LFDOFROLGLSURJHWWRRYHDSSOLFDELOLHODGHVFUL]LRQHGHOO
LPSLDQWRFRQSDUWLFR
ODUHULJXDUGRDOODWLSRORJLDHGDOODFDUDWWHULVWLFDGHLPDWHULDOLHGHLFRPSRQHQWL
GDXWLOL]]DUHHGDOOHSUHVWD]LRQLGDFRQVHJXLUH
 0DQXDOHG
XVRHPDQXWHQ]LRQHGHOOLPSLDQWRGRFXPHQWD]LRQHUHGDWWDLQOLQJXD
LWDOLDQD  FKH  FRPSUHQGH  OH  LVWUX]LRQL  QHFHVVDULH  SHU  OD  FRUUHWWD  JHVWLRQH
GHOO
LPSLDQWRGLSURWH]LRQHDWWLYDFRQWURO
LQFHQGLRHSHULOPDQWHQLPHQWRLQHIIL
FLHQ]DGHLVXRLFRPSRQHQWL/HLVWUX]LRQLVRQRSUHGLVSRVWHGDOOLPSUHVDLQVWDOOD
WULFHGHOOLPSLDQWRDQFKHVXOODEDVHGHLGDWLIRUQLWLGDLIDEEULFDQWLGHLFRPSR
QHQWLLQVWDOODWL

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

*

2SHUDWLYLWDQWLQFHQGLR
 &RORQQDDVHFFRLQVWDOOD]LRQHGLORWWDFRQWURO
LQFHQGLRDGXVRGHL9LJLOLGHO
IXRFRUHDOL]]DWDFRQXQDWXED]LRQHULJLGDPHWDOOLFDFKHSHUFRUUHYHUWLFDOPHQWH
OHRSHUHGDFRVWUX]LRQHGLQRUPDDOO
LQWHUQRGLFLDVFXQDYLDG
HVRGRYHUWLFDOH

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

*

$UHHDULVFKLRVSHFLILFR
 $UHDDULVFKLRVSHFLILFRSRU]LRQLGHOO
DWWLYLWFDUDWWHUL]]DWHGDULVFKLRGLLQFHQ
GLRVRVWDQ]LDOPHQWHGLIIHUHQWHULVSHWWRDTXHOORWLSLFRGHOO
DWWLYLW
1RWD /
LQGLYLGXD]LRQHGHOOHDUHHDULVFKLRVSHFLILFRHIIHWWXDWDGDOSURJHWWLVWDVHFRQGRLFULWHULGHOFD
SLWROR9RYYHURULSRUWDWDQHOODUHJROHWHFQLFKHYHUWLFDOL

*

6RVWDQ]HHPLVFHOHSHULFRORVH
 6RVWDQ]DRPLVFHODSHULFRORVDVRVWDQ]DRPLVFHODFODVVLILFDWDFRPHSHULFRORVD
DLVHQVLGHOUHJRODPHQWR&(QUHODWLYRDOODFODVVLILFD]LRQHDOOHWL
FKHWWDWXUD  H  DOOLPEDOODJJLR  &ODVVLILFDWLRQ  /DEHOOLQJ  DQG  3DFNDJLQJ  &/3
GHOOHVRVWDQ]HHGHOOHPLVFHOH

*

$WPRVIHUHHVSORVLYH
 (VSORVLRQHUHD]LRQHUDSLGDGLRVVLGD]LRQHRGLGHFRPSRVL]LRQHFKHSURGXFHXQ
DXPHQWRGHOODWHPSHUDWXUDGHOODSUHVVLRQHRGLHQWUDPEHVLPXOWDQHDPHQWH
 $WPRVIHUDHVSORVLYDXQDPLVFHODFRQO
DULDDFRQGL]LRQLDWPRVIHULFKHGLVR
VWDQ]HLQILDPPDELOLDOORVWDWRGLJDVYDSRULQHEELHRGLSROYHULLQFXLGRSR
O
DFFHQVLRQHODFRPEXVWLRQHVLSURSDJDQHOOLQVLHPHGHOODPLVFHODLQFRPEXVWD
 &RQGL]LRQLDWPRVIHULFKHFRQGL]LRQLQHOOHTXDOLODFRQFHQWUD]LRQHGLRVVLJHQR
QHOODWPRVIHUDDSSURVVLPDWLYDPHQWHGHO HFKHLQFOXGRQRYDULD]LRQLGL
SUHVVLRQHHWHPSHUDWXUDDOGLVRSUDHDOGLVRWWRGHLOLYHOOLGLULIHULPHQWRGHQR
PLQDWHFRQGL]LRQLDWPRVIHULFKHQRUPDOLSUHVVLRQHSDULD3DWHPSHUDWX
UDSDULD.SXUFKWDOLYDULD]LRQLDEELDQRXQHIIHWWRWUDVFXUDELOHVXOOHSUR
SULHWHVSORVLYHGHOODVRVWDQ]DLQILDPPDELOHRFRPEXVWLELOH
 /LPLWHLQIHULRUHGLHVSORVLYLW/(//RZHU([SORVLYH/LPLWFRQFHQWUD]LRQHLQ
DULDGLJDVYDSRUHQHEELDLQILDPPDELOHRSROYHUHDOGLVRWWRGHOODTXDOHQRQVL
IRUPHUXQDWPRVIHUDHVSORVLYDSHUODSUHVHQ]DGLJDV
 /LPLWHVXSHULRUH GLHVSORVLYLW 8(/ 8SSHU([SORVLYH/LPLWFRQFHQWUD]LRQH
LQDULDGLJDVYDSRUHRQHEELDLQILDPPDELOHDOGLVRSUDGHOODTXDOHQRQVLIRU
PHUXQDWPRVIHUDHVSORVLYDSHUODSUHVHQ]DGLJDV
 &DPSRGLHVSORVLYLWFRQFHQWUD]LRQLLQDULDGLJDVFRPSUHVHIUDLOOLPLWHLQIH
ULRUHGLHVSORVLYLWHGLOOLPLWHVXSHULRUHGLHVSORVLYLW
 7HPSHUDWXUDGLLQILDPPDELOLWODSLEDVVDWHPSHUDWXUDGLXQOLTXLGRDOODTXDOH
LQFRQGL]LRQLVSHFLILFKHQRUPDOL]]DWHLOOLTXLGRHPHWWHYDSRULLQTXDQWLWVXIIL
FLHQWHDIRUPDUHFRQODULDXQDPLVFHODLQJUDGRGLDFFHQGHUVL
 7HPSHUDWXUDGLDFFHQVLRQHGLXQDWPRVIHUDHVSORVLYDSHUODSUHVHQ]DGLJDVPL
QLPDWHPSHUDWXUDGLXQDVXSHUILFLHULVFDOGDWDDOODTXDOHLQFRQGL]LRQLVSHFLILFD
WHLQDFFRUGRDOOD,(&DYYLHQHODFFHQVLRQHGLXQDVRVWDQ]DLQILDPPD
ELOHDOORVWDWRGLJDVRYDSRUHLQPLVFHODFRQDULD
 (QHUJLDPLQLPDGLLQQHVFR0,(0LQLPXP,JQLWLRQ(QHUJ\ODSLEDVVDHQHU
JLDHOHWWULFDLPPDJD]]LQDWDLQXQFRQGHQVDWRUHFKHDOPRPHQWRGHOODVFDULFD
VXIILFLHQWHSHUSURYRFDUHODFFHQVLRQHGHOODWPRVIHUDSLLQILDPPDELOHLQFRQGL
]LRQLGLSURYDVSHFLILFDWH
 /LPLWHGLFRQFHQWUD]LRQHGLRVVLJHQR/2&DQFKHGHQRPLQDWRFRPH 0LQLPD
&RQFHQWUD]LRQHGL2VVLJHQR02&0LQLPXP2[\JHQ&RQFHQWUDWLRQUDSSUH
VHQWDODFRQFHUWD]LRQHOLPLWHGLRVVLJHQRLQXQDDWPRVIHUDHVSORVLYDDOGLVRWWR

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

GHOODTXDOHQRQKDOXRJRODFRPEXVWLRQHLQGLSHQGHQWHPHQWHGDOODFRQFHUWD]LR
QHGHOODVRVWDQ]DFRPEXVWLELOH
 7HPSHUDWXUDGLDFFHQVLRQHGHJOLVWUDWLGLSROYHUHODSLEDVVDWHPSHUDWXUDGL
XQDVXSHUILFLHFDOGDDOODTXDOHVLYHULILFDO
DFFHQVLRQHGLXQRVWUDWRGLSROYHUHGL
VSHVVRUHVSHFLILFDWRVXXQDVXSHUILFLHFDOGD
 7HPSHUDWXUDGLDFFHQVLRQHGLXQRVWUDWRGLSROYHUHODSLEDVVDWHPSHUDWXUDGL
XQDSDUHWHFDOGDLQWHUQDDGXQIRUQRDOODTXDOHVLYHULILFDO
DFFHQVLRQHGLXQD
QXEHGLSROYHUHQHOO
DULDFRQWHQXWDDOVXRLQWHUQR
 9HQWSRU]LRQHQRQVWUXWWXUDOHGHOO
RSHUDGDFRVWUX]LRQHRVLVWHPD FRVWUXWWLYR
FRQODIXQ]LRQHGLOLPLWDUHODVRYUDSUHVVLRQHOLPLWDQGRLOGDQQHJJLDPHQWRVWUXW
WXUDOH
 9HQWLQJODODVWUDWHJLDGLULGX]LRQHGHOGDQQRGDHVSORVLRQHPHGLDQWHDGR]LR
QHGLYHQW
 *UDGRGLVLFXUH]]DHTXLYDOHQWHOLYHOORGLHIILFDFLDGLXQPH]]RGLSURWH]LRQH
FRQWURLOPDQLIHVWDUVLGLXQHYHQWRSHULFRORVRHVSUHVHQ]DGLXQDVRVWDQ]DLQ
ILDPPDELOHVXDDFFXPXOD]LRQHQHOODPELHQWHVXDPLVFHOD]LRQHFRQDULDRSSX
UHLOFRQWDWWRFRQIHQRPHQLLQQHVFDQWL
,OJUDGRGLVLFXUH]]DHTXLYDOHQWHGLSLPH]]LGLSURWH]LRQHLQVHULHWUDGLORUR
LQGLSHQGHQWLGDFDXVHFRPXQLGLLQHIILFDFLDQHLQGLFDLOOLYHOORGLHIILFDFLDFRQ
WURLOPDQLIHVWDUVLGHOOHYHQWRSHULFRORVRHGODVRPPDGHLJUDGLGLVLFXUH]]D
GHLVLQJROLPH]]LGLSURWH]LRQH
1RWD 5DSSUHVHQWDLOQXPHURGLEDUULHUHLQGLSHQGHQWLILQDOL]]DWHDOODULGX]LRQHGHOULVFKLRGLHVSORVLRQH

 )XQ]LRQDPHQWRQRUPDOHORVWDWRLQFXLVLWURYDQRDSSDUHFFKLVLVWHPLGLSURWH
]LRQHHFRPSRQHQWLFKHVYROJRQRODORURIXQ]LRQHSUHYLVWDDOO
LQWHUQRGHLULVSHW
WLYLSDUDPHWULGLSURJHWWD]LRQH
1RWD (PLVVLRQLPLQLPHGLPDWHULDOHLQILDPPDELOHSRVVRQRIDUSDUWHGHOIXQ]LRQDPHQWRQRUPDOH6L
FRQVLGHUDQR HPLVVLRQL PLQLPH SHU HVHPSLR LO ULODVFLR GLVRVWDQ]H GD RUJDQL GL WHQXWD EDVDWL
VXOO
D]LRQHXPHWWDQWHGHOIOXLGRSRPSDWR*XDVWLFKHULFKLHGRQRODULSDUD]LRQHRO
DUUHVWRHVOD
URWWXUDGHLJLXQWLGLXQDSRPSDGHOOHJXDUQL]LRQLDIODQJLDRSHUGLWHGLVRVWDQ]HFDXVDWHGDLQFL
GHQWLQRQVRQRFRQVLGHUDWLSDUWHGHOIXQ]LRQDPHQWRQRUPDOH

 'LVIXQ]LRQH$SSDUHFFKLVLVWHPLGLSURWH]LRQHHFRPSRQHQWLFKHQRQVRQRLQ
IXQ]LRQDPHQWRQRUPDOHFKHQRQVYROJRQRODIXQ]LRQHSUHYLVWD
1RWD 8QDGLVIXQ]LRQHSXDFFDGHUHSHUGLYHUVHUDJLRQLWUDFXLODYDULD]LRQHGLXQDFDUDWWHULVWLFDRGL
XQDGLPHQVLRQHGHOPDWHULDOHRGHOSH]]RODYRUDWRLOJXDVWRGLXQRRSLHOHPHQWLFRVWLWXWLYLGL
DSSDUHFFKLVLVWHPLGLSURWH]LRQHHFRPSRQHQWLSHUHIIHWWRGLGLVWXUELGLRULJLQHHVWHUQDHVXUWL
YLEUD]LRQLFDPSLHOHWWURPDJQHWLFLSHUXQHUURUHRXQ
LPSHUIH]LRQHQHOODSURJHWWD]LRQHHVHUURUL
QHOVRIWZDUHSHUHIIHWWRGLXQGLVWXUERGHOO
DOLPHQWD]LRQHGLHQHUJLDRGLDOWULVHUYL]LSHUODSHUGL
WDGLFRQWUROORGDSDUWHGHOO
RSHUDWRUHVSHFLDOPHQWHSHUOHPDFFKLQHDIXQ]LRQDPHQWRPDQXDOH

 'LVIXQ]LRQHSUHYLVWDGLVIXQ]LRQHHVGLVWXUELRJXDVWLGHOO

DSSDUHFFKLRFKHVL
YHULILFDQRQRUPDOPHQWH
 'LVIXQ]LRQHUDUDWLSRGLGLVIXQ]LRQHFKHVLVDFKHSXDFFDGHUHPDVRORLQUDUL
FDVL'XHGLVIXQ]LRQLSUHYLVWHLQGLSHQGHQWLFKHVHSDUDWDPHQWHQRQFUHHUHEEHUR
LOSHULFRORGLDFFHQVLRQHPDFKHLQFRPELQD]LRQHFUHDQRLOSHULFRORGLDFFHQ
VLRQHVRQRFRQVLGHUDWHXQDVLQJRODGLVIXQ]LRQHUDUD
*

$OLPHQWD]LRQLHOHWWULFKH
 $OLPHQWD]LRQHGLHPHUJHQ]DDOLPHQWD]LRQHGLVLFXUH]]DRGLULVHUYD
 $OLPHQWD]LRQHGLVLFXUH]]DDOLPHQWD]LRQHGHVWLQDWDDJOLLPSLDQWLVLJQLILFDWLYLDL
ILQLGHOODJHVWLRQHGHOO
HPHUJHQ]DTXDOLDGHVHPSLRLOOXPLQD]LRQHDQWLSDQLFR
SRPSHDQWLQFHQGLRVLVWHPLHVWUD]LRQHIXPRHFF

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

 $OLPHQWD]LRQHGLULVHUYDDOLPHQWD]LRQHFKHFRQVHQWHGLFRQWLQXDUHLOQRUPDOH
HVHUFL]LRGHOO
DWWLYLWVHQ]DVRVWDQ]LDOLFDPELDPHQWL

*

$VFHQVRUL
 $VFHQVRUHDQWLQFHQGLRDVFHQVRUHLQVWDOODWRSULQFLSDOPHQWHSHUXVRGLSDVVHJJH
ULPXQLWRGLXOWHULRULSURWH]LRQLFRPDQGLHVHJQDOD]LRQLFKHORUHQGRQRLQJUD
GRGLHVVHUHLPSLHJDWRVRWWRLOFRQWUROORGLUHWWRGHL9LJLOLGHOIXRFRLQFDVRGLLQ
FHQGLR
 $VFHQVRUH  GL  VRFFRUVR  DVFHQVRUH  XWLOL]]DELOH  LQ  FDVR  GL  LQFHQGLR  LQVWDOODWR
HVFOXVLYDPHQWH  SHU  LO  WUDVSRUWR  GHOOH  DWWUH]]DWXUH  GL  VHUYL]LR DQWLQFHQGLR  HG
HYHQWXDOPHQWHSHUO
HYDFXD]LRQHGLHPHUJHQ]DGHJOLRFFXSDQWL
 $WULR SURWHWWR  FRPSDUWLPHQWR  SURWHWWR  GDOO
LQFHQGLR FKH  IRUQLVFH  XQ DFFHVVR
SURWHWWRGDOO
DUHDGLXWLOL]]RGHOO
HGLILFLRYHUVRJOLDVFHQVRULDQWLQFHQGLR

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

*

,QJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR
 ,QJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR PHWRGRSUHVWD]LRQDOH ILUHVDIHW\HQJL
QHHULQJ)6( DSSOLFD]LRQH  GL SULQFLSL LQJHJQHULVWLFLGL UHJROH H GL  JLXGL]L
HVSHUWLEDVDWLVXOODYDOXWD]LRQHVFLHQWLILFDGHOIHQRPHQRGHOODFRPEXVWLRQHGH
JOLHIIHWWLGHOO
LQFHQGLRHGHOFRPSRUWDPHQWRXPDQRILQDOL]]DWLDOODWXWHODGHOOD
YLWDXPDQDDOODSURWH]LRQHGHLEHQLHGHOO
DPELHQWHDOODTXDQWLILFD]LRQHGHLUL
VFKLGLLQFHQGLRHGHLUHODWLYLHIIHWWLHGDOODYDOXWD]LRQHDQDOLWLFDGHOOHPLVXUH
DQWLQFHQGLRRWWLPDOLQHFHVVDULHDOLPLWDUHHQWUROLYHOOLSUHVWDELOLWLOHFRQVHJXHQ
]HGHOO
LQFHQGLRVHFRQGROHLQGLFD]LRQLGHOFDSLWROR0
 6FHQDULR  GL  LQFHQGLR  GHVFUL]LRQH  FRPSOHWD  HG  XQLYRFD  GHOO
HYROX]LRQH
GHOO
LQFHQGLRLQUHOD]LRQHDLVXRLWUHDVSHWWLIRQGDPHQWDOLIRFRODUHDWWLYLWHG
RFFXSDQWL
 $6(7 DYDLODEOHVDIHHVFDSHWLPHLQWHUYDOORGLWHPSRFDOFRODWRWUDO
LQQHVFR
GHOO
LQFHQGLRHGLOPRPHQWRLQFXLOHFRQGL]LRQLDPELHQWDOLQHOO
DWWLYLWGLYHQWD
QRWDOLGDUHQGHUHJOLRFFXSDQWLLQFDSDFLGLSRUVLLQVDOYRUDJJLXQJHQGRRSHU
PDQHQGRLQXQOXRJRVLFXUR
 56(7 UHTXLUHGVDIHHVFDSHWLPHLQWHUYDOORGLWHPSRFDOFRODWRWUDO
LQQHVFR
GHOO
LQFHQGLRHGLOPRPHQWRLQFXLJOLRFFXSDQWLGHOO
DWWLYLW UDJJLXQJRQRXQ
OXRJRVLFXUR
 37$7 3UHWUDYHODFWLYLW\WLPHWHPSRLPSLHJDWRGDJOLRFFXSDQWLSHUDWWLYLW
VYROWHSULPDGLDYYLDUHLOPRYLPHQWRG
HVRGR

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

*

7ROOHUDQ]H
 7ROOHUDQ]DGLIIHUHQ]DLQYDORUHDVVROXWRWUDODPLVXUD]LRQHHIIHWWXDWDLQVLWRHOD
FRUULVSRQGHQWHPLVXUDSURJHWWXDOH
1RWD $GHVHPSLRODUJKH]]DYDQRGLSURJHWWRFPODUJKH]]DYDQRHVHJXLWRFPWROOHUDQ]D
FP/DWROOHUDQ]DQRQGHYHHVVHUHFRQIXVDFRQODSUHFLVLRQHGHOORVWUXPHQWRLPSLHJDWRSHUODPL
VXUD3HUGHILQL]LRQHODWROOHUDQ]DQRQSXHVVHUHJLLPSLHJDWDLQIDVHSURJHWWXDOH

 7ROOHUDQ]DDPPLVVLELOHYDORUHDPPLVVLELOHGHOODWROOHUDQ]DVWDELOLWRLQIRU]DGL
XQDQRUPDRGLXQDUHJROHWHFQLFDRLQDVVHQ]DGDOSURJHWWLVWD
 9DORULGHOOHWROOHUDQ]HDPPLVVLELOLVDOYRLQGLFD]LRQLVSHFLILFKHGDSDUWHGLQRU
PHVSHFLILFD]LRQLWHFQLFKHRUHJROHWHFQLFKHOHWROOHUDQ]HDPPLVVLELOLSHUOH
PLVXUHGLYDULRWLSRDLILQLGHOO
DSSOLFD]LRQHGHOSUHVHQWHGRFXPHQWRVRQRUL
SRUWDWHLQWDEHOOD*
*UDQGH]]DPLVXUDWD
/XQJKH]]D

7ROOHUDQ]DDPPLVVLELOH

P

s

SHUODSRU]LRQHHFFHGHQWHODOXQJKH]]DGLP

s

6XSHUILFLHYROXPHLOOXPLQDPHQWRWHPSRPDVVDWHPSHUDWXUDSRUWDWD

s

3UHVVLRQH

s

6LLQWHQGRQROHJUDQGH]]HGHILQLWHQHO6LVWHPDLQWHUQD]LRQDOHGLPLVXUD

7DEHOOD*7ROOHUDQ]HDPPLVVLELOLSHUJUDQGH]]DPLVXUDWD

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

*

6LPEROLJUDILFL
 /HWDEHOOH*HG*ULSRUWDQRLVLPEROLJUDILFLULIHULELOLDPLVXUHDQWLQFHQ
GLRGDDGRWWDUVLQHOO
HVHFX]LRQHGHJOLHODERUDWLWHFQLFL
 4XDORUDVLDQHFHVVDULRLPSLHJDUHXOWHULRUHVLPERORJLDSHUHOHPHQWLULWHQXWLVL
JQLILFDWLYLDLILQLGHOODVLFXUH]]DDQWLQFHQGLRWDOHVLPERORJLDGHYHHVVHUHFKLD
UDPHQWHULSRUWDWDQHOODOHJHQGDGHJOLHODERUDWLWHFQLFL

7LSRORJLD

6LPEROR

'HVFUL]LRQH

(OHPHQWLFRVWUXWWLYL
HUHODWLYHDSHUWXUH

3RUWDUHVLVWHQWHDOIXRFR
3HUWDOLSRUWHODVSRUJHQ]DLQGLFDLOYHUVRGLDSHUWXUD>@

'LVWDQ]LDPHQWL

'LVWDQ]DGLVHSDUD]LRQH>@

3RU]LRQHGHOODYLDGLHVRGRYHUVRODOWR

9LHG
HVRGR

3RU]LRQHGHOODYLDGLHVRGRRUL]]RQWDOH

3RU]LRQHGHOODYLDGLHVRGRYHUVRLOEDVVR

(VWLQWRUHSRUWDWLOH>@
(VWLQWRUL
(VWLQWRUHFDUUHOODWR>@

1DVSR

,GUDQWHDPXUR
6LVWHPLLGULFL
DQWLQFHQGLR
,GUDQWHVRWWRVXROR>@

,GUDQWHDFRORQQDVRSUDVVXROR>@
$WWDFFRGLPDQGDWDSHUDXWRSRPSD>@
>@$FFDQWRDOVLPERORJUDILFRGHYRQRLQGLFDUVLLOVLPERORHODFODVVHGLUHVLVWHQ]DDOIXRFRHV(,6D
>@'HYHHVVHUHVSHFLILFDWRDQFKHWUDPLWHFRORULVHODGLVWDQ]DHVWHUQDLQWHUQDRGLSURWH]LRQH
>@$FFDQWRDOVLPERORJUDILFRGHYRQRHVVHUHLQGLFDWHOHFODVVLGLVSHJQLPHQWRGHOOHVWLQWRUH
>@$FFDQWRDOVLPERORJUDILFRGHYRQRHVVHUHLQGLFDWLLOGLDPHWURHLOQXPHURGHJOLDWWDFFKLGLXVFLWD
>@$FFDQWRDOVLPERORJUDILFRGHYHHVVHUHLQGLFDWRLOQXPHURGHJOLDWWDFFKLGLLPPLVVLRQH

7DEHOOD*6LPEROLJUDILFL
&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

7LSRORJLD

6LPEROR

'HVFUL]LRQH
3XOVDQWHGLDOODUPH

6LVWHPLGL
VHJQDOD]LRQH
5LYHODWRUHGLLQFHQGLRRULYHODWRUH>@

(URJDWRUHGLLPSLDQWRDGDWWLYD]LRQHDXWRPDWLFD>@
,PSLDQWLILVVLGL
HVWLQ]LRQH
(URJDWRUHGLLPSLDQWRDGDWWLYD]LRQHPDQXDOH>@
>@$OOLQWHUQRGHOFHUFKLRGHYHHVVHUHULSRUWDWRLOVLPERORGHOWLSRGLULYHODWRUH
>@$OOLQWHUQRGHOFHUFKLRHGHOTXDGUDWRGHYHHVVHUHULSRUWDWRXQVLPERORUDSSUHVHQWDWLYRGHOODVRVWDQ]DHVWLQ
JXHQWHGDULFKLDPDUHLQOHJHQGD

7DEHOOD*6LPEROLJUDILFL

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

*

6LJOHHOLQJXDJJLR

*6LJOH
1HOGRFXPHQWRVRQRVWDWHDGRWWDWHOHVHJXHQWLVLJOH
 $6(77HPSRGLVSRQLELOHSHUO
HVRGR$YDLODEOH6DIH(JUHVV7LPH
 $7(;$WPRVIHUHHVSORVLYH$7PRVSKUHV([SORVLEOHV
 &(&RPXQLW(XURSHD&RPPXQDXW(XURSHQQH
 &3''LUHWWLYD3URGRWWLGD&RVWUX]LRQH'LUHWWLYDGHO&RQVLJOLRGHOGLFHPEUH
Q&((
 &)' )OXLGRGLQDPLFD  FRPSXWD]LRQDOH  PHWRGRORJLD  GL  ULVROX]LRQH  QXPHULFD
GHOOHHTXD]LRQLGHOODIOXLGRGLQDPLFD&RPSXWDWLRQDO)OXLG'\QDPLFV
 &355HJRODPHQWR3URGRWWLGD&RVWUX]LRQH5HJRODPHQWR8(QGHO
3DUODPHQWR(XURSHRHGHO&RQVLJOLRGHOPDU]R
 '&367'LUH]LRQHFHQWUDOHSHUODSUHYHQ]LRQHHODVLFXUH]]DWHFQLFDGHO'LSDUWL
PHQWRGHL9LJLOLGHOIXRFRGHOVRFFRUVRSXEEOLFRHGHOODGLIHVDFLYLOHGHO0LQL
VWHURGHOO
LQWHUQR
 (6)5(DUO\6XSSUHVVLRQ)DVW5HVSRQVHVLVWHPDVSULQNOHUDYHQWHODSRVVLELOLW
GLFRQVHJXLUHODVRSSUHVVLRQHGHOO
LQFHQGLR
 (9$&6LVWHPDGLDOODUPHYRFDOHSHUVFRSLGLHPHUJHQ]D
 )(')UD]LRQHGLGRVHHIILFDFH)UDFWLRQDO(IIHFWLYH'RVH
 )(&)UD]LRQHGLFRQFHQWUD]LRQHHIILFDFH)UDFWLRQDO(IIHFWLYH&RQFHQWUDWLRQ
 )6(,QJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR)LUH6DIHW\(QJLQHHULQJ
 *6$*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR
 ,5$,,PSLDQWLGLULYHOD]LRQHLQFHQGLRHVHJQDOD]LRQHDOODUPHLQFHQGLR
 /(//LPLWHLQIHULRUHGLHVSORVLYLW/RZHU([SORVLYH/LPLW
 /2&&RQFHQWUD]LRQHOLPLWHGLRVVLJHQR/LPLW2[\JHQ&RQFHQWUDWLRQ
 0,(0LQLPDHQHUJLDGLLQQHVFR0LQLPXP,JQLWLRQ(QHUJ\
 02&0LQLPDFRQFHQWUD]LRQHGLRVVLJHQR0LQLPXP2[\JHQ&RQFHQWUDWLRQ
 1$' 1DWLRQDO $SSOLFDWLRQ'RFXPHQW GRFXPHQWRGL DSSOLFD]LRQH QD]LRQDOH
GHJOL(XURFRGLFLUDSSUHVHQWDWRSHUO
,WDOLDGDOGHFUHWRGHO0LQLVWHURGHOOH,QIUD
VWUXWWXUHOXJOLR
 1)3$1DWLRQDO)LUH3URWHFWLRQ$VVRFLDWLRQ
 17&R17&1RUPH7HFQLFKHSHUOH&RVWUX]LRQL'HFUHWRGHO0LQLVWUR
GHOOH,QIUDVWUXWWXUHHGHL7UDVSRUWLGHOJHQQDLRHVXFFHVVLYHPRGLILFD
]LRQLLQWHJUD]LRQLFKLDULPHQWLHVRVWLWX]LRQL
 37$77HPSRGLDWWLYLWSUHPRYLPHQWR3UHWUDYHODFWLYLW\WLPH
 5+5 R +55 5DWHRI+HDW5HOHDVHG R +HDW5HOHDVHG5DWH)XQ]LRQHFKH
HVSULPHO
DQGDPHQWRWHPSRUDOHGHOODSRWHQ]DWHUPLFDULODVFLDWDGDOO
LQFHQGLR
 5,5HWHGLLGUDQWL
 56(77HPSRULFKLHVWRSHUO
HVRGR5HTXLUHG6DIH(JUHVV7LPH
 5795HJRODWHFQLFDYHUWLFDOH
&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

 5725HJRODWHFQLFDRUL]]RQWDOH
 6((6SD]LR(FRQRPLFR(XURSHR
 6()&6LVWHPDSHUO
HYDFXD]LRQHGHOIXPRHGHOFDORUH
 6())&6LVWHPDIRU]DWRSHUO
HYDFXD]LRQHGHOIXPRHGHOFDORUH
 6(1)&6LVWHPDQDWXUDOHSHUO
HYDFXD]LRQHGHOIXPRHGHOFDORUH
 63.6LVWHPDVSULQNOHU
 7$%2UJDQLVPRGLYDOXWD]LRQHWHFQLFD7HFKQLFDO$VVHVVPHQW%RG\
 8(8QLRQH(XURSHD8QLRQ(XURSHQQH
 8(//LPLWHVXSHULRUHGLHVSORVLYLW8SSHU([SORVLYH/LPLW
*/LQJXDJJLR
1HOGRFXPHQWRVWDWRLPSLHJDWRLOVHJXHQWHOLQJXDJJLR
D FRQLOYHUERGRYHUHDOPRGRLQGLFDWLYRHVGHYHGHYRQRLOFRQJLXQWLYR
HVRUWDWLYRHVVLDLQVWDOODWRHO
LQGLFDWLYRSUHVHQWHGHJOLDOWULYHUELHVO
DOWH]]D
VLGHVFULYRQROHSUHVFUL]LRQLFRJHQWLGDDSSOLFDUHQHOFRQWHVWRHVDPLQDWR
E FRQLOYHUERGRYHUHDOPRGRFRQGL]LRQDOHHVGRYUHEEHGRYUHEEHURJOLDYYHUEL
JHQHUDOPHQWHHGLQRUPDVLGHVFULYRQRLQGLFD]LRQLQRQREEOLJDWRULHFKHFRQVHQWR
QRDOSURJHWWLVWDGLVFHJOLHUHPRGDOLWWHFQLFKHGLYHUVHGDTXHOODLQGLFDWDQHOFRQWHVWR
HVDPLQDWRWDOLPRGDOLWGLYHUVHGHYRQRHVVHUHDQDOL]]DWHHGHVFULWWHQHOODGRFXPHQWD
]LRQHSURJHWWXDOH
F FRQLOYHUERSRWHUHHVSXHVVHUHLQVWDOODWRVLVXJJHULVFRQRRSSRUWXQHYDOXWD
]LRQLRPRGDOLWWHFQLFKHDJJLXQWLYHFKHVLFRQVLGHUDQRHIILFDFLQHOFRQWHVWRHVDPLQD
WRDQFKHDLILQLGHOODYDOXWD]LRQHGHOODVLFXUH]]DHTXLYDOHQWH
G ODFRQJLXQ]LRQHHXVDWDSHUFROOHJDUHGXHFRQGL]LRQLFKHGHYRQRHVVHUHFRQWHPSR
UDQHDPHQWHYDOLGHHTXLYDOHQWHDOO
RSHUDWRUHORJLFR$1'
H ODFRQJLXQ]LRQHRXVDWDSHUFROOHJDUHGXHFRQGL]LRQLFKHSRVVRQRHVVHUHYDOLGHVLD
DOWHUQDWLYDPHQWHFKHFRQWHPSRUDQHDPHQWHHTXLYDOHQWHDOO
RSHUDWRUHORJLFR25
I QHLFDVLLQFXLXQDFRQGL]LRQHGHYHQHFHVVDULDPHQWHHVFOXGHUQHDOWUHHVRO
XQDR
O
DOWUDHTXLYDOHQWHDOO
RSHUDWRUHORJLFR;25FLYLHQHHVSOLFLWDPHQWHVHJQDODWRQHO
WHVWR

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

3DJLQD*

*

,QGLFHDQDOLWLFR
 6LLQGLFDQRGLVHJXLWROHSDJLQHGHOSUHVHQWHFDSLWRORFRQWHQHQWLOHGHILQL]LRQL
GHOOHVLQJROHYRFL

$IIROODPHQWR
$OLPHQWD]LRQHGLHPHUJHQ]D
$OLPHQWD]LRQHGLULVHUYD
$OLPHQWD]LRQHGLVLFXUH]]D
$OWH]]DDQWLQFHQGLR
$OWH]]DPHGLD
$SSDUHFFKLRGLHURJD]LRQH
$UHDDULVFKLRVSHFLILFR
$UHDGLLQIOXHQ]D
$VFHQVRUHDQWLQFHQGLR
$VFHQVRUHGLVRFFRUVR
$6(7
$7(;
$WPRVIHUDHVSORVLYD
$WULRSURWHWWR
$WWDFFRGLPDQGDWDSHUDXWRSRPSD
$WWLYLWFRQYDOXWD]LRQHGHOSURJHWWR
$WWLYLWHVLVWHQWH
$WWLYLWQRQQRUPDWD
$WWLYLWQRUPDWD
$WWLYLWVHQ]DYDOXWD]LRQHGHOSURJHWWR
$WWLYLWVRJJHWWD
%HQLHFRQRPLFL
&DPSRGLDSSOLFD]LRQHGLUHWWDGHOULVXOWDWRGLSURYD
&DPSRGLDSSOLFD]LRQHHVWHVDGHOULVXOWDWRGLSURYD
&DPSRGLHVSORVLYLW
&DSDFLWGLFRPSDUWLPHQWD]LRQHLQFDVRGLQFHQGLR
&DSDFLWHVWLQJXHQWHGLXQHVWLQWRUH
&DSDFLWHVWLQJXHQWHWRWDOH
&DSDFLWSRUWDQWHLQFDVRGLLQFHQGLR
&DUDWWHULVWLFKHHVVHQ]LDOL
&DULFRGLQFHQGLRVSHFLILFR
&DULFRGLQFHQGLRVSHFLILFRGLSURJHWWR
&DULFRGLLQFHQGLR
&(
&)'
&ODVVHGLUHD]LRQHDOIXRFR
&ODVVHGLUHVLVWHQ]DDOIXRFR
&RORQQDDVHFFR
&RPSDUWLPHQWR
&RPSDUWLPHQWRRSLDQRIXRULWHUUD
&RPSDUWLPHQWRRSLDQRLQWHUUDWR
&RPSRQHQWHLVRODQWH
&RQGL]LRQHILQDOHGLDSSOLFD]LRQH
&RQGL]LRQLDWPRVIHULFKH
&RUULGRLRFLHFR
&3'
&35
'&367
'HQVLWGLDIIROODPHQWR
'LSURWH]LRQHDWWLYDFRQWURO
LQFHQGLR
'LWLSRDSURYDGLIXPR
'LWLSRHVWHUQR
'LWLSRSURWHWWR
'LPHQVLRQHWLSLFDGHOO
LPSLDQWR
'LVIXQ]LRQH
'LVIXQ]LRQHSUHYLVWD
'LVIXQ]LRQHUDUD

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

'LVWDQ]DGLSURWH]LRQH
'LVWDQ]DGLVHSDUD]LRQH
'LVWDQ]DGLVLFXUH]]DHVWHUQD
'LVWDQ]DGLVLFXUH]]DLQWHUQD
'RFXPHQWRGLQRUPD]LRQHHXURSHD
'RFXPHQWRSHUODYDOXWD]LRQHHXURSHD
(OHPHQWLQRQSRUWDQWLGLRSHUHGDFRVWUX]LRQH
(OHPHQWLVWUXWWXUDOLSULQFLSDOL
(OHPHQWLVWUXWWXUDOLVHFRQGDUL
(OHPHQWRFKLDYH
(OHPHQWRFRVWUXWWLYR
(QHUJLDPLQLPDGLLQQHVFR
(URJDWRUH
(6)5
(VRGRRUL]]RQWDOHSURJUHVVLYR
(VRGRSHUIDVL
(VRGRVLPXOWDQHR
(VSORVLRQH
(VWHUQR
(VWLQWRUH
(VWLQWRUHGLQFHQGLR
(9$&
)DVFLFRORWHFQLFR
)(&
)('
)LOWUR
)LUHVDIHW\HQJLQHHULQJ
)6(
)XQ]LRQDPHQWRQRUPDOH
*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR
*UDGRGLVLFXUH]]DHTXLYDOHQWH
*6$
+55
,PSLDQWRGLHVWLQ]LRQHRFRQWUROORGHOOLQFHQGLR
,PSLDQWRGLULYHOD]LRQHLQFHQGLRHVHJQDOD]LRQHDOODUPH
LQFHQGLR
,PSLDQWRRVLVWHPDGLSURWH]LRQHDWWLYDFRQWURO
LQFHQ
GLR
,QFHQGLRFRQYHQ]LRQDOHGLSURJHWWR
,QFHQGLRORFDOL]]DWR
,QJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR
,QWHUFDSHGLQHDQWLQFHQGLR
,5$,
.LW
/DERUDWRULRGLSURYD
/DUJKH]]DGHOODYLDG
HVRGR
/DUJKH]]DXQLWDULDGHOOHYLHG
HVRGR
/(/
/LPLWHGLFRQFHQWUD]LRQHGLRVVLJHQR
/LPLWHLQIHULRUHGLHVSORVLYLW
/LPLWHVXSHULRUHGLHVSORVLYLW
/LYHOORGLSUHVWD]LRQH
/2&
/XQJKH]]DG
HVRGR
/XRJRVLFXUR
/XRJRVLFXURWHPSRUDQHR
0DQXDOHG
XVRHPDQXWHQ]LRQH
0DWHULDOH

3DJLQD*

0DWHULDOHLQFRPEXVWLELOH
0DWHULDOHLVRODQWH
0HWRGRGLSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQFHQGLR
0HWRGRSUHVWD]LRQDOH
0,(
0LQLPD&RQFHQWUD]LRQHGL2VVLJHQR
0LVXUDDQWLQFHQGLR
02&
0RGLILFKHVRVWDQ]LDOL
1$'
1)3$
1RUPD
1RUPDDUPRQL]]DWD
1RUPDHXURSHD
1RUPDLQWHUQD]LRQDOH
1RUPDQD]LRQDOH
17&
2FFXSDQWH
2FFXSDQWHFRQGLVDELOLW
2SHUHGDFRVWUX]LRQH
3HUFRUVRG
HVRGR
3LDQR
3LDQRGLULIHULPHQWRGHOFRPSDUWLPHQWR
3UHVWD]LRQHGLXQSURGRWWRGDFRVWUX]LRQH
3UHYHQ]LRQHLQFHQGL
3URGRWWRGDFRVWUX]LRQH
3URGRWWRSHUXVRDQWLQFHQGLR
3URIHVVLRQLVWDDQWLQFHQGLR
3URILORGLULVFKLR
3URJHWWLVWD
3URJHWWRGHOO
LPSLDQWR
3URJHWWRGLQRUPD
3URWH]LRQHDWWLYD
3URWH]LRQHSDVVLYD
3URWH]LRQHVXOSRVWR
37$7
4XRWDGHOFRPSDUWLPHQWR
4XRWDGLSLDQR
5DJJLRGLLQIOXHQ]D
5DPSDG
HVRGR
5HD]LRQHDOIXRFR
5HJRODGHOO
DUWH
5HJRODWHFQLFDGLSUHYHQ]LRQHLQFHQGL
5HJRODWHFQLFDRUL]]RQWDOH
5HJRODWHFQLFDYHUWLFDOH
5HVLVWHQ]DDOIXRFR
5HVSRQVDELOHGHOODWWLYLW
5HWHGLLGUDQWL
5+5
5,
5REXVWH]]D

&DSLWROR*7HUPLQLGHILQL]LRQLHVLPEROLJUDILFL

56(7
572
579
6FDODG
HVRGR
6FHQDULRGLLQFHQGLR
6((
6()&
6())&
6(1)&
6LVWHPDG
HVRGR
6LVWHPDGLDOODUPHYRFDOHSHUVFRSLGLHPHUJHQ]D
6LVWHPDSHUO
HYDFXD]LRQHGLIXPRHFDORUH
6RFFRUULWRUH
6ROX]LRQHDOWHUQDWLYD
6ROX]LRQHFRQIRUPH
6ROX]LRQHLQGHURJD
6RVWDQ]DRPLVFHODSHULFRORVD
6SD]LRDFLHOROLEHUR
6SD]LRFDOPR
6SD]LRVFRSHUWR
6SHFLILFDG
LPSLDQWR
6SHFLILFDWHFQLFDRGRFXPHQWRWHFQLFR
6SHFLILFKHWHFQLFKHDUPRQL]]DWH
63.
6WUDWHJLDDQWLQFHQGLR
6XSHUILFLHORUGDGLXQDPELWR
6XSHUILFLHXWLOHGLXQDPELWR
7$%
7HFQLFRDELOLWDWR
7HPSHUDWXUDGLDFFHQVLRQH
7HPSHUDWXUDGLDFFHQVLRQHGHJOLVWUDWLGLSROYHUH
7HPSHUDWXUDGLDFFHQVLRQHGLXQRVWUDWRGLSROYHUH  
7HPSHUDWXUDGLLQILDPPDELOLW
7LSRORJLDGHOO
LPSLDQWR
7ROOHUDQ]D
7ROOHUDQ]DDPPLVVLELOH
8(
8(/
8VFLWDG
HPHUJHQ]D
8VFLWDILQDOH
8VRSUHYLVWR
9DORULGHOOHWROOHUDQ]HDPPLVVLELOL
9DOXWD]LRQHWHFQLFDHXURSHD
9HQW
9HQWLQJ
9LDG
HPHUJHQ]D
9LDG
HVRGR
9LDG
HVRGRRUL]]RQWDOH
9LDG
HVRGRYHUWLFDOH

3DJLQD*

*(1(5$/,7

&DSLWROR*

3URJHWWD]LRQHSHUODVLFXUH]]DDQWLQFHQGLR

3ULQFLSLHFDUDWWHULVWLFKHGHOGRFXPHQWR
&DPSRGLDSSOLFD]LRQH
,SRWHVLIRQGDPHQWDOL
6WUXWWXUDGHOGRFXPHQWR
2ELHWWLYLHPHWRGRORJLDJHQHUDOHSHUODSURJHWWD]LRQHDQWLQFHQGLR
0HWRGLRUGLQDULGLSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQFHQGLR
0HWRGLDYDQ]DWLGLSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQFHQGL
3URJHWWD]LRQHDQWLQFHQGLRGHOOHDWWLYLWQRQQRUPDWH
3URJHWWD]LRQHDQWLQFHQGLRGHOOHDWWLYLWQRUPDWH
9DOXWD]LRQHGHOSURJHWWRDQWLQFHQGLR
5LIHULPHQWL

&DSLWROR*3URJHWWD]LRQHSHUODVLFXUH]]DDQWLQFHQGLR

3DJLQD*

*

3ULQFLSLHFDUDWWHULVWLFKHGHOGRFXPHQWR
 ,OSUHVHQWHGRFXPHQWRULSRUWDOHPHWRGRORJLHGLSURJHWWD]LRQHGHOODVLFXUH]]D
DQWLQFHQGLRILQDOL]]DWHDOUDJJLXQJLPHQWRGHJOL RELHWWLYLSULPDUL GHOODSUHYHQ
]LRQHLQFHQGL
 /HVROX]LRQLSURJHWWXDOLSUHYLVWHGDOOHPHWRGRORJLHGLSURJHWWD]LRQHGHOODVLFX
UH]]DDQWLQFHQGLRGHOSUHVHQWHGRFXPHQWRDOOLQHDQRLOSDQRUDPDQRUPDWLYRLWD
OLDQRDLSULQFLSLGLSUHYHQ]LRQHLQFHQGLLQWHUQD]LRQDOPHQWHULFRQRVFLXWL
 /
LPSRVWD]LRQHJHQHUDOHGHOSUHVHQWHGRFXPHQWREDVDWDVXLVHJXHQWLSULQFLSL
D JHQHUDOLWOHPHGHVLPHPHWRGRORJLHGLSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQ
FHQGLRGHVFULWWHSRVVRQRHVVHUHDSSOLFDWHDWXWWHOHDWWLYLW
E VHPSOLFLWODGGRYHHVLVWDQRYDULHSRVVLELOLWSHUUDJJLXQJHUHLOPHGHVLPRUL
VXOWDWRVLSUHGLOLJRQRVROX]LRQLSLVHPSOLFLUHDOL]]DELOLFRPSUHQVLELOLSHU
OHTXDOLSLIDFLOHODPDQXWHQ]LRQH
F PRGXODULWODFRPSOHVVLWGHOODPDWHULDVFRPSRVWDLQPRGXOLIDFLOPHQWH
DFFHVVLELOLFKHJXLGDQRLOSURJHWWLVWDDOODFRPSRVL]LRQHGLVROX]LRQLSURJHW
WXDOLDSSURSULDWHSHUODVSHFLILFDDWWLYLW
G IOHVVLELOLWDGRJQLSUHVWD]LRQHGLVLFXUH]]DDQWLQFHQGLRULFKLHVWDDOO
DWWLYLW
FRUULVSRQGHVHPSUHODSURSRVWDGLPROWHSOLFLVROX]LRQLSURJHWWXDOLSUHVFULWWL
YH RSUHVWD]LRQDOL6RQRLQROWUHGHILQLWLPHWRGLULFRQRVFLXWLDIILQFKLOSUR
JHWWLVWDSRVVDFRQFHSLUHDXWRQRPDPHQWHHGLPRVWUDUHODYDOLGLWGHOODVSHFL
ILFDVROX]LRQHSURJHWWXDOHDOWHUQDWLYDQHOULVSHWWRGHJOLRELHWWLYLGLVLFXUH]]D
DQWLQFHQGLR
H VWDQGDUGL]]D]LRQHHGLQWHJUD]LRQHLOOLQJXDJJLRGHOODSUHYHQ]LRQHLQFHQGL
FRQIRUPHDJOLVWDQGDUGLQWHUQD]LRQDOL6RQRVWDWHLQROWUHLQWHJUDWHOHGLVSR
VL]LRQLGHULYDQWLGDLGRFXPHQWLSUHHVLVWHQWLGHOODSUHYHQ]LRQHLQFHQGLLWDOLD
QD
I LQFOXVLRQHOHGLYHUVHGLVDELOLWHVPRWRULHVHQVRULDOLFRJQLWLYHWHPSR
UDQHHRSHUPDQHQWLGHOOHSHUVRQHFKHIUHTXHQWDQROHDWWLYLWVRQRFRQVLGHUD
WHSDUWHLQWHJUDQWHGHOODSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQFHQGLR
J FRQWHQXWLEDVDWLVXOO
HYLGHQ]DLOSUHVHQWHGRFXPHQWREDVDWRVXULFHUFDYD
OXWD]LRQHHGXVRVLVWHPDWLFRGHLULVXOWDWLGHOODULFHUFDVFLHQWLILFDQD]LRQDOHHG
LQWHUQD]LRQDOHQHOFDPSRGHOODVLFXUH]]DDQWLQFHQGLR
K DJJLRUQDELOLWLOSUHVHQWHGRFXPHQWRUHGDWWRLQIRUPDWDOHGDSRWHUHVVHUH
IDFLOPHQWHDJJLRUQDWRDOILQHGLSRWHUVHJXLUHLOFRQWLQXRDYDQ]DPHQWRWHFQR
ORJLFRHGHOOHFRQRVFHQ]H

*

&DPSRGLDSSOLFD]LRQH
 ,OSUHVHQWHGRFXPHQWRVLDSSOLFDDOODSURJHWWD]LRQHUHDOL]]D]LRQHHJHVWLRQHGHO
ODVLFXUH]]DDQWLQFHQGLRGHOOHDWWLYLWVRJJHWWHLQGLYLGXDWHFRQLOSUHVHQWHGH
FUHWR,OSUHVHQWHGRFXPHQWRSXFRVWLWXLUHFULWHULRGLULIHULPHQWRSHUODSURJHW
WD]LRQHODUHDOL]]D]LRQHHJHVWLRQHGHOOHDWWLYLWLQGLYLGXDWHFRQLOSUHVHQWHGH
FUHWRFKHQRQULHQWUDQRQHLOLPLWLGLDVVRJJHWWDELOLWSUHYLVWLSHUL FRQWUROOLGL
SUHYHQ]LRQHLQFHQGLGLFRPSHWHQ]DGHO&RUSR1D]LRQDOHGHL9LJLOLGHO)XRFR
 ,OGRFXPHQWRDSSOLFDELOHDGDWWLYLWQXRYHHGHVLVWHQWL

&DSLWROR*3URJHWWD]LRQHSHUODVLFXUH]]DDQWLQFHQGLR

3DJLQD*

*

,SRWHVLIRQGDPHQWDOL
 ,FRQWHQXWLWHFQLFLGHOSUHVHQWHGRFXPHQWRVRQREDVDWLVXOOHVHJXHQWL LSRWHVL
IRQGDPHQWDOL
D LQFRQGL]LRQLRUGLQDULHO
LQFHQGLRGLXQ
DWWLYLWVLDYYLDGDXQVRORSXQWRGL
LQQHVFR
E LOULVFKLRGLLQFHQGLRGLXQ
DWWLYLWQRQSXHVVHUHULGRWWRD]HUR
/HPLVXUHDQWLQFHQGLRGLSUHYHQ]LRQHGLSURWH]LRQHHJHVWLRQDOLSUHYLVWHQHO
SUHVHQWHGRFXPHQWRVRQRSHUWDQWRVHOH]LRQDWHDOILQHGLPLQLPL]]DUHLOUL
VFKLRGLLQFHQGLRLQWHUPLQLGLSUREDELOLWHGLFRQVHJXHQ]HHQWUROLPLWL
FRQVLGHUDWLDFFHWWDELOL

*

6WUXWWXUDGHOGRFXPHQWR
 ,OSUHVHQWHGRFXPHQWRVLFRPSRQHGLTXDWWURVH]LRQLFKHGLVFLSOLQDQRQHOORUR
FRPSOHVVRO
LQWHUDPDWHULDDQWLQFHQGLR
D VH]LRQH* *HQHUDOLWFRQWLHQHLSULQFLSLIRQGDPHQWDOLSHUODSURJHWWD]LRQH
GHOODVLFXUH]]DDQWLQFHQGLRDSSOLFDELOLLQGLVWLQWDPHQWHDWXWWHOHDWWLYLW
D VH]LRQH6 6WUDWHJLDDQWLQFHQGLR FRQWLHQHOH PLVXUHDQWLQFHQGLR GLSUHYHQ
]LRQHSURWH]LRQHHJHVWLRQDOLDSSOLFDELOLDWXWWHOHDWWLYLWSHUFRPSRUUHOD
VWUDWHJLDDQWLQFHQGLRDOILQHGLULGXUUHLOULVFKLRGLLQFHQGLR
D VH]LRQH95HJROHWHFQLFKHYHUWLFDOLFRQWLHQHOHUHJROHWHFQLFKHYHUWLFDOL
D VH]LRQH0 0HWRGLFRQWLHQHODGHVFUL]LRQHGLPHWRGRORJLHSURJHWWXDOLYROWH
DOODULVROX]LRQHGLVSHFLILFKHSUREOHPDWLFKHWHFQLFKH
 &LDVFXQFDSLWRORGHOSUHVHQWHGRFXPHQWRDSSDUWLHQHDGXQDGHOOHVH]LRQLVRSUD
ULSRUWDWHFRPHVSHFLILFDWRLQWHVWDDOIURQWHVSL]LRGHOFDSLWRORVWHVVR

*

2ELHWWLYLHPHWRGRORJLDJHQHUDOHSHUODSURJHWWD]LRQHGHOODVLFXUH]]D
DQWLQFHQGLR
 3URJHWWDUHODVLFXUH]]DDQWLQFHQGLRGLXQ
DWWLYLWVLJQLILFDLQGLYLGXDUHOHVROX]LR
QLWHFQLFKHILQDOL]]DWHDOUDJJLXQJLPHQWRGHJOLRELHWWLYLSULPDULGHOODSUHYHQ]LR
QHLQFHQGLFKHVRQR
D VLFXUH]]DGHOODYLWDXPDQD
E LQFROXPLWGHOOHSHUVRQH
F WXWHODGHLEHQLHGHOO
DPELHQWH
 *OLRELHWWLYLSULPDULGHOODSUHYHQ]LRQHLQFHQGLVLLQWHQGRQRUDJJLXQWLVHOHDWWL
YLWVRQRSURJHWWDWHUHDOL]]DWHHJHVWLWHLQPRGRGD
D PLQLPL]]DUHOHFDXVHGLLQFHQGLRRGLHVSORVLRQH
E JDUDQWLUHODVWDELOLWGHOOHVWUXWWXUHSRUWDQWLSHUXQSHULRGRGLWHPSRGHWHUPL
QDWR
F OLPLWDUHODSURGX]LRQHHODSURSDJD]LRQHGLXQLQFHQGLRDOO
LQWHUQRGHOO
DWWLYL
W
G OLPLWDUHODSURSDJD]LRQHGLXQLQFHQGLRDGDWWLYLWFRQWLJXH
H OLPLWDUHJOLHIIHWWLGLXQ
HVSORVLRQH

&DSLWROR*3URJHWWD]LRQHSHUODVLFXUH]]DDQWLQFHQGLR

3DJLQD*

I JDUDQWLUHODSRVVLELOLWFKHJOLRFFXSDQWLODVFLQRO
DWWLYLWDXWRQRPDPHQWHR
FKHJOLVWHVVLVLDQRVRFFRUVLLQDOWURPRGR
J JDUDQWLUHODSRVVLELOLWSHUOHVTXDGUHGLVRFFRUVRGLRSHUDUHLQFRQGL]LRQLGL
VLFXUH]]D
K WXWHODUHJOLHGLILFLSUHJHYROLSHUDUWHHVWRULD
L JDUDQWLUHODFRQWLQXLWG
HVHUFL]LRSHUOHRSHUHVWUDWHJLFKH
M SUHYHQLUHLOGDQQRDPELHQWDOHHOLPLWDUHODFRPSURPLVVLRQHGHOO
DPELHQWHLQ
FDVRG
LQFHQGLR

*

9DOXWD]LRQHGHOULVFKLRGLLQFHQGLRSHUO
DWWLYLW
 ,OSURJHWWLVWDYDOXWDLOULVFKLRGLLQFHQGLRSHUO
DWWLYLWHOHDWWULEXLVFHWUHWLSROR
JLHGLSURILOLGLULVFKLR
D 5YLWDSURILORGLULVFKLRUHODWLYRDOODVDOYDJXDUGLDGHOODYLWDXPDQD
D 5EHQLSURILORGLULVFKLRUHODWLYRDOODVDOYDJXDUGLDGHLEHQLHFRQRPLFL
D 5DPELHQWH SURILOR  GL  ULVFKLR UHODWLYR  DOOD  WXWHOD  GHOO
DPELHQWH GDJOL  HIIHWWL
GHOO
LQFHQGLR
 ,OFDSLWROR*IRUQLVFHDOSURJHWWLVWD
D OD  PHWRGRORJLD  SHU GHWHUPLQDUH TXDQWLWDWLYDPHQWH  L SURILOL  GL  ULVFKLR 5YLWD
HG5EHQL
E LFULWHULSHUYDOXWDUHLOSURILORGLULVFKLR5DPELHQWH

*

6WUDWHJLDDQWLQFHQGLRSHUODPLWLJD]LRQHGHOULVFKLR
 ,OSURJHWWLVWDPLWLJDLOULVFKLRGLLQFHQGLRDSSOLFDQGRXQ
DGHJXDWDVWUDWHJLDDQ
WLQFHQGLR FRPSRVWDGD PLVXUHDQWLQFHQGLR GLSUHYHQ]LRQHGLSURWH]LRQHHJH
VWLRQDOL
 1HOSUHVHQWHGRFXPHQWROHPLVXUHDQWLQFHQGLRGLSUHYHQ]LRQHGLSURWH]LRQHH
JHVWLRQDOLGLFXLDOFRPPDVRQRUDJJUXSSDWHLQPRGRRPRJHQHRQHLFDSLWROL
FRPSUHVLQHOODVH]LRQH6WUDWHJLDDQWLQFHQGLR
 3HUFLDVFXQDPLVXUDDQWLQFHQGLRVRQRSUHYLVWLGLYHUVLOLYHOOLGLSUHVWD]LRQHJUD
GXDWLLQIXQ]LRQHGHOODFRPSOHVVLWFUHVFHQWHGHOOHSUHVWD]LRQLSUHYLVWHHGLGHQ
WLILFDWLGDQXPHURURPDQRHV,,,,,,
 ,OSURJHWWLVWDDSSOLFDDOO
DWWLYLWWXWWHOH PLVXUHDQWLQFHQGLRVWDELOHQGRSHUFLD
VFXQDLUHODWLYL OLYHOOLGLSUHVWD]LRQHLQIXQ]LRQHGHJOL RELHWWLYLGLVLFXUH]]D GD
UDJJLXQJHUHHGHOODYDOXWD]LRQHGHOULVFKLRGHOO
DWWLYLW
 /DFRUUHWWDVHOH]LRQHGHLOLYHOOLGLSUHVWD]LRQHGHOOHPLVXUHDQWLQFHQGLRFRQGXFH
DOODULGX]LRQHGHOULVFKLRGLLQFHQGLRGHOO
DWWLYLWDGXQDVRJOLDFRQVLGHUDWDDF
FHWWDELOH

*

$WWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQHDOOHPLVXUHDQWLQFHQGLR
 (IIHWWXDWDODYDOXWD]LRQHGHOULVFKLRGLLQFHQGLRSHUO
DWWLYLWHVWDELOLWLLSURILOL
GLULVFKLR5YLWD5EHQLHG5DPELHQWHQHLSHUWLQHQWLDPELWLFIUFDS*FRPSDUWL
PHQWRRLQWHUDDWWLYLWLOSURJHWWLVWDDWWULEXLVFHDOOHPLVXUHDQWLQFHQGLRLUHODWLYL
OLYHOOLGLSUHVWD]LRQHODPHWRGRORJLDJHQHUDOHVFKHPDWL]]DWDQHOO
LOOXVWUD]LRQH
*
 &LDVFXQFDSLWRORGHOODVH]LRQH6WUDWHJLDDQWLQFHQGLRIRUQLVFHDOSURJHWWLVWDLFUL
WHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQHDOOHPLVXUHDQWLQFHQGLR

&DSLWROR*3URJHWWD]LRQHSHUODVLFXUH]]DDQWLQFHQGLR

3DJLQD*

 3HURJQL PLVXUDDQWLQFHQGLRLOSURJHWWLVWDSXDWWULEXLUH OLYHOOLGLSUHVWD]LRQH

GLIIHUHQWLGDTXHOOLSURSRVWLQHOSUHVHQWHGRFXPHQWR
,QWDOFDVRLOSURJHWWLVWDWHQXWRDGLPRVWUDUHLOUDJJLXQJLPHQWRGHJOLRELHWWLYL
GLVLFXUH]]DDQWLQFHQGLRLPSLHJDQGRXQRGHLPHWRGLGLSURJHWWD]LRQHGHOODVLFX
UH]]DDQWLQFHQGLRSUHYLVWLDOSDUDJUDIR*
$OILQHGLFRQVHQWLUHODYDOXWD]LRQHGLWDOHGLPRVWUD]LRQHGDSDUWHGHO&RUSRQD
]LRQDOHGHL9LJLOLGHOIXRFRDPPHVVDO
DWWULEX]LRQHGLOLYHOOLGLSUHVWD]LRQH
GLIIHUHQWLGDTXHOOLSURSRVWLVRORQHOOHDWWLYLWFRQYDOXWD]LRQHGHOSURJHWWR
1RWD /DGHILQL]LRQHGLDWWLYLWFRQYDOXWD]LRQHGHOSURJHWWRUHSHULELOHQHOFDSLWROR*

,OOXVWUD]LRQH*6FKHPDWL]]D]LRQHGHOODPHWRGRORJLDJHQHUDOH
*

,QGLYLGXD]LRQHGHOOHVROX]LRQLSURJHWWXDOL
 3HURJQLOLYHOORGLSUHVWD]LRQHGLFLDVFXQDPLVXUDDQWLQFHQGLRVRQRSUHYLVWHGL
YHUVH VROX]LRQL  SURJHWWXDOL  /
DSSOLFD]LRQH  GL  XQD  GHOOH VROX]LRQL  SURJHWWXDOL
GHYHJDUDQWLUHLOUDJJLXQJLPHQWRGHOOLYHOORGLSUHVWD]LRQHULFKLHVWR
 6RQRGHILQLWHWUHWLSRORJLHGLVROX]LRQLSURJHWWXDOL
D VROX]LRQLFRQIRUPL
E VROX]LRQLDOWHUQDWLYH
F VROX]LRQLLQGHURJD
1RWD /HGHILQL]LRQLGLVROX]LRQLFRQIRPHVROX]LRQHDOWHUQDWLYDHVROX]LRQHLQGHURJDVLWURYDQRQHOFD
SLWROR*

*

$SSOLFD]LRQHGLVROX]LRQLFRQIRUPL
 ,OSURJHWWLVWDFKHIDULFRUVRDOOHVROX]LRQLFRQIRUPLQRQREEOLJDWRDIRUQLUHXO
WHULRULYDOXWD]LRQLWHFQLFKHSHUGLPRVWUDUHLOUDJJLXQJLPHQWRGHOFROOHJDWROLYHO
ORGLSUHVWD]LRQH
 /H VROX]LRQLFRQIRUPL VRQRVRORTXHOOHSURSRVWHQHLSHUWLQHQWLSDUDJUDILGHOOD
VH]LRQH6WUDWHJLDDQWLQFHQGLR

&DSLWROR*3URJHWWD]LRQHSHUODVLFXUH]]DDQWLQFHQGLR

3DJLQD*

*

$SSOLFD]LRQHGLVROX]LRQLDOWHUQDWLYH
 ,OSURJHWWLVWDSXIDUHULFRUVRDOOHVROX]LRQLDOWHUQDWLYH SURSRVWHQHLSHUWLQHQWL
SDUDJUDILGHOODVH]LRQH 6WUDWHJLDDQWLQFHQGLRODGGRYHSUHVHQWLHTXDORUDQRQ
VLDQRIRUPXODWHSXSURSRUUHVSHFLILFKHVROX]LRQLDOWHUQDWLYH FRQOHSURFHGXUH
GLFXLDOSXQWRVXFFHVVLYR
 ,OSURJHWWLVWDFKH IDULFRUVRDOOH VROX]LRQLDOWHUQDWLYH WHQXWRDGLPRVWUDUHLO
UDJJLXQJLPHQWRGHOFROOHJDWROLYHOORGLSUHVWD]LRQHLPSLHJDQGRXQRGHLPHWRGL
GLSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQFHQGLRDPPHVVLSHUFLDVFXQDPLVXUDDQWLQ
FHQGLRWUDTXHOOLGHOSDUDJUDIR*
 $OILQHGLFRQVHQWLUHODYDOXWD]LRQHGLWDOHGLPRVWUD]LRQHGDSDUWHGHO&RUSRQD
]LRQDOHGHL9LJLOLGHOIXRFRDPPHVVRO
LPSLHJRGLVROX]LRQLDOWHUQDWLYHVROR
QHOOHDWWLYLWFRQYDOXWD]LRQHGHOSURJHWWR
1RWD /DGHILQL]LRQHGLDWWLYLWFRQYDOXWD]LRQHGHOSURJHWWRVLWURYDQHOFDSLWROR*

*

$SSOLFD]LRQHGLVROX]LRQLLQGHURJD
 6HQRQSRVVRQRHVVHUHHIILFDFHPHQWHDSSOLFDWHQOH VROX]LRQLFRQIRUPLQOH
VROX]LRQLDOWHUQDWLYHLOSURJHWWLVWDSXULFRUUHUHDOSURFHGLPHQWRGLGHURJDVH
FRQGROHSURFHGXUHSUHYLVWHGDOODYLJHQWHQRUPDWLYD
 ,OSURJHWWLVWDFKHVFHJOLHOHVROX]LRQLLQGHURJDWHQXWRDGLPRVWUDUHLOUDJJLXQ
JLPHQWRGHLSHUWLQHQWLRELHWWLYLGLSUHYHQ]LRQHLQFHQGLGLFXLDOSDUDJUDIR*
LPSLHJDQGRXQRGHLPHWRGLGLSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQFHQGLRSUHYLVWL
DOSDUDJUDIR*
 7XWWHOHGLVSRVL]LRQLGHOSUHVHQWHGRFXPHQWRLQFOXVHOHUHJROHWHFQLFKHYHUWLFD
OLSRVVRQRGLYHQWDUHRJJHWWRGLSURFHGLPHQWRGLGHURJD

&DSLWROR*3URJHWWD]LRQHSHUODVLFXUH]]DDQWLQFHQGLR

3DJLQD*

*

0HWRGLRUGLQDULGLSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQFHQGLR
 /DWDEHOOD*HOHQFDLPHWRGLSHUODSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQFHQGLR
LPSLHJDELOLSHU
D ODYHULILFDGHOOHVROX]LRQLDOWHUQDWLYHDOILQHGLGLPRVWUDUHLOUDJJLXQJLPHQWR
GHOFROOHJDWROLYHOORGLSUHVWD]LRQH
E ODYHULILFDGHOOLYHOORGLSUHVWD]LRQHDWWULEXLWRDOOHPLVXUHDQWLQFHQGLRDOILQH
GLGLPRVWUDUHLOUDJJLXQJLPHQWRGHLSHUWLQHQWLRELHWWLYLGLVLFXUH]]DDQWLQFHQ
GLR
0HWRGL

'HVFUL]LRQHHOLPLWLGLDSSOLFD]LRQH

$SSOLFD]LRQHGLQRUPH
RGRFXPHQWLWHFQLFL

,OSURJHWWLVWDDSSOLFDQRUPHRGRFXPHQWLWHFQLFLDGRWWDWLGDRUJDQLVPLHX
URSHLRLQWHUQD]LRQDOLULFRQRVFLXWLQHOVHWWRUHGHOODVLFXUH]]DDQWLQFHQGLR
7DOHDSSOLFD]LRQHIDWWLVDOYLJOLREEOLJKLFRQQHVVLDOO
LPSLHJRGLSURGRWWL
VRJJHWWLDQRUPDWLYDFRPXQLWDULDGLDUPRQL]]D]LRQHHDOODUHJRODPHQWD
]LRQHQD]LRQDOHGHYHHVVHUHDWWXDWDQHOODVXDFRPSOHWH]]DULFRUUHQGRD
VROX]LRQLFRQILJXUD]LRQLHFRPSRQHQWLULFKLDPDWLQHOOHQRUPHRQHLGR
FXPHQWLWHFQLFLLPSLHJDWLHYLGHQ]LDQGRQHVSHFLILFDWDPHQWHO
LGRQHLWSHU
FLDVFXQDFRQILJXUD]LRQHFRQVLGHUDWDLQUHOD]LRQHDLSURILOLGLULVFKLR
GHOO
DWWLYLW

$SSOLFD]LRQHGLSURGRWWLR
WHFQRORJLHGLWLSRLQQRYDWLYR

/
LPSLHJRGLSURGRWWLRWHFQRORJLHGLWLSRLQQRYDWLYRIUXWWRGHOODHYROX
]LRQHWHFQRORJLFDPDVSURYYLVWLGLDSSRVLWDVSHFLILFDWHFQLFDFRQVHQWLWR
LQWXWWLLFDVLLQFXLOLGRQHLWDOOLPSLHJRSRVVDHVVHUHDWWHVWDWDGDOSUR
JHWWLVWDLQVHGHGLYHULILFDHGDQDOLVLVXOODEDVHGLXQDYDOXWD]LRQHGHOUL
VFKLRFRQQHVVDDOO
LPSLHJRGHLPHGHVLPLSURGRWWLRWHFQRORJLHVXSSRUWDWD
GDSHUWLQHQWLFHUWLILFD]LRQLGLSURYDULIHULWHD
D QRUPHRVSHFLILFKHGLSURYDQD]LRQDOL
D QRUPHRVSHFLILFKHGLSURYDLQWHUQD]LRQDOL
D VSHFLILFKHGLSURYDDGRWWDWHGDODERUDWRULDWDOHILQHDXWRUL]]DWL

,QJHJQHULDGHOODVLFXUH]]D
DQWLQFHQGLR

,OSURJHWWLVWDDSSOLFDLPHWRGLGHOO
LQJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR
VHFRQGRSURFHGXUHLSRWHVLHOLPLWLLQGLFDWLQHOSUHVHQWHGRFXPHQWRLQ
SDUWLFRODUHQHLFDSLWROL00H0HVHFRQGROHSURFHGXUHSUHYLVWH
GDOODQRUPDWLYDYLJHQWH

7DEHOOD*0HWRGLRUGLQDULGLSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQFHQGLR

*

0HWRGLDYDQ]DWLGLSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQFHQGL
 /DWDEHOOD*HOHQFDLPHWRGLSHUODSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQFHQGLR
LPSLHJDELOLSHUODYHULILFDGLVROX]LRQLLQGHURJDDOILQHGLGLPRVWUDUHLOUDJJLXQ
JLPHQWR GHL  SHUWLQHQWL  RELHWWLYL  GL  SUHYHQ]LRQH  LQFHQGL  LQGLFDWL DO SDUDJUD
IR*

&DSLWROR*3URJHWWD]LRQHSHUODVLFXUH]]DDQWLQFHQGLR

3DJLQD*

0HWRGL

'HVFUL]LRQHHOLPLWLGLDSSOLFD]LRQH

,QJHJQHULDGHOODVLFXUH]]D
DQWLQFHQGLR

,OSURJHWWLVWDDSSOLFDLPHWRGLGHOO
LQJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR
LPSLHJDQGRLSRWHVLHOLPLWLSUHYLVWLGDOODUHJRODGHOO
DUWHQD]LRQDOHHGLQ
WHUQD]LRQDOHVHFRQGROHSURFHGXUHSUHYLVWHGDOODQRUPDWLYDYLJHQWH

3URYHVSHULPHQWDOL

,OSURJHWWLVWDHVHJXHSURYHVSHULPHQWDOLLQVFDODUHDOHRLQVFDODDGHJXDWD
PHQWHUDSSUHVHQWDWLYDILQDOL]]DWDDULSURGXUUHHGDQDOL]]DUHGDOYHURLIH
QRPHQLFKLPLFRILVLFLHWHUPRGLQDPLFLFKHFDUDWWHUL]]DQRODSUREOHPDWLFD
RJJHWWRGLVWXGLRRYDOXWD]LRQHDYHQWHLQIOXHQ]DVXJOLRELHWWLYLGLSUHYHQ
]LRQHLQFHQGL
/HSURYHVSHULPHQWDOLVRQRFRQGRWWHVHFRQGRSURWRFROOLFRQGLYLVLFRQOD
'LUH]LRQHFHQWUDOHSHUODSUHYHQ]LRQHHODVLFXUH]]DWHFQLFDGHO&RUSRQD
]LRQDOHGHL9LJLOLGHOIXRFR
/HSURYHVRQRVYROWHDOODSUHVHQ]DGLUDSSUHVHQWDQ]DTXDOLILFDWDGHO&RU
SRQD]LRQDOHGHL9LJLOLGHOIXRFRVXULFKLHVWDGHOUHVSRQVDELOHGHOO
DWWLYL
W
/HSURYHGHYRQRHVVHUHRSSRUWXQDPHQWHGRFXPHQWDWH,QSDUWLFRODUHL
UDSSRUWLGLSURYDGRYUDQQRGHILQLUHLQPRGRGHWWDJOLDWROHLSRWHVLGLSURYD
HGLOLPLWLGLXWLOL]]RGHLULVXOWDWL7DOLUDSSRUWLGLSURYDLYLFRPSUHVLILO
PDWLRDOWULGDWLPRQLWRUDWLGXUDQWHODSURYDVRQRPHVVLDGLVSRVL]LRQHGHO
&RUSRQD]LRQDOHGHL9LJLOLGHOIXRFR

$QDOLVLHSURJHWWD]LRQH
VHFRQGRJLXGL]LRHVSHUWR

/
DQDOLVLVHFRQGRJLXGL]LRHVSHUWRIRQGDWDVXLSULQFLSLJHQHUDOLGLSUH
YHQ]LRQHLQFHQGLHVXOEDJDJOLRGLFRQRVFHQ]HGHOSURJHWWLVWDHVSHUWRGHO
VHWWRUHGHOODVLFXUH]]DDQWLQFHQGLR

7DEHOOD*0HWRGLDYDQ]DWLGLSURJHWWD]LRQHGHOODVLFXUH]]DDQWLQFHQGLR

&DSLWROR*3URJHWWD]LRQHSHUODVLFXUH]]DDQWLQFHQGLR

3DJLQD*

*

3URJHWWD]LRQHDQWLQFHQGLRGHOOHDWWLYLWQRQQRUPDWH
1RWD /DGHILQL]LRQHGLDWWLYLWQRQQRUPDWDUHSHULELOHQHOFDSLWROR*

 3HUOH DWWLYLWQRQQRUPDWH GHYHHVVHUHHIIHWWXDWDODYDOXWD]LRQHGHOULVFKLRGL

LQFHQGLRVHJXHQGRODVHJXHQWHPHWRGRORJLD
D LQGLYLGXD]LRQHGHLSHULFROLGLLQFHQGLRDWWUDYHUVROLQGLFD]LRQHGLHOHPHQWL
FKHSHUPHWWRQRGLGHWHUPLQDUHLSHULFROLVWHVVLSUHVHQWLQHOO
DWWLYLW
1RWD 6LLQGLFDQRDGHVHPSLRGHVWLQD]LRQHG
XVRJHQHUDOHHSDUWLFRODUHVRVWDQ]HSHULFRORVHHORURPR
GDOLWGLVWRFFDJJLRODYRUD]LRQHRPRYLPHQWD]LRQHFDULFRGLLQFHQGLRQHLYDULFRPSDUWLPHQWL
LPSLDQWLGLSURFHVVRODYRUD]LRQLPDFFKLQHDSSDUHFFKLDWXUHHGDWWUH]]LPRYLPHQWD]LRQLLQWHUQH
LPSLDQWLWHFQRORJLFLGLVHUYL]LRDUHHDULVFKLRVSHFLILFR

E GHVFUL]LRQHGHOOHFRQGL]LRQLDPELHQWDOLQHOOHTXDOLLSHULFROLVRQRLQVHULWL
1RWD 6LLQGLFDQRDGHVHPSLRFRQGL]LRQLGLDFFHVVLELOLWHYLDELOLWOD\RXWD]LHQGDOHGLVWDQ]LDPHQWL
VHSDUD]LRQLLVRODPHQWRFDUDWWHULVWLFKHGHJOLHGLILFLWLSRORJLDHGLOL]LDJHRPHWULDYROXPHWULDVX
SHUILFLDOWH]]DSLDQLLQWHUUDWLDUWLFROD]LRQHSODQRYROXPHWULFDFRPSDUWLPHQWD]LRQHHFFDHUD
]LRQHYHQWLOD]LRQHHVXSHUILFLXWLOLDOORVPDOWLPHQWRGLIXPLHGLFDORUHDIIROODPHQWRGHJOLDP
ELHQWLFRQSDUWLFRODUHULIHULPHQWRDOODSUHVHQ]DGLSHUVRQHFRQULGRWWHRGLPSHGLWHFDSDFLWPRWR
ULHRVHQVRULDOLYLHGLHVRGR

F LGHQWLILFD]LRQHHGHVFUL]LRQHGHOULVFKLRGLLQFHQGLRFDUDWWHULVWLFRGHOODVSHFL
ILFDDWWLYLWWUDPLWHDWWULEX]LRQHGHLSURILOLGLULVFKLR5YLWD5EHQLHG5DPELHQWHVH
FRQGROHLQGLFD]LRQLFDSLWROR*
 7HUPLQDWDODYDOXWD]LRQHGHOULVFKLRGLLQFHQGLRODSURJHWWD]LRQHGHOODVLFXUH]]D
DQWLQFHQGLRSURVHJXHVHFRQGRODVHJXHQWHPHWRGRORJLD
D DGR]LRQHGLWXWWHOHPLVXUHDQWLQFHQGLRFKHFRPSRQJRQRODVWUDWHJLDDQWLQ
FHQGLRSHUFRQWUDVWDUHWDOHULVFKLRGLLQFHQGLR
E DWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQHSHUFLDVFXQDPLVXUDDQWLQFHQGLR
F VHOH]LRQHGHOOH VROX]LRQLSURJHWWXDOL SL DGDWWHDOODQDWXUDHGDOODWLSRORJLD
G
DWWLYLW

,OOXVWUD]LRQH*3URJHWWD]LRQHDQWLQFHQGLRGHOOHDWWLYLWQRQQRUPDWH

&DSLWROR*3URJHWWD]LRQHSHUODVLFXUH]]DDQWLQFHQGLR

3DJLQD*

*

3URJHWWD]LRQHDQWLQFHQGLRGHOOHDWWLYLWQRUPDWH
1RWD/DGHILQL]LRQHGLDWWLYLWQRUPDWDUHSHULELOHQHOFDSLWROR*

 3HUOHDWWLYLWQRUPDWHVHFRQGROHLQGLFD]LRQLGHOODUHJRODWHFQLFDRUL]]RQWDOHH
GHOODVSHFLILFDUHJRODWHFQLFDYHUWLFDOHODYDOXWD]LRQHGHOULVFKLRGLLQFHQGLR
LPSOLFLWDPHQWHHIIHWWXDWDGDOQRUPDWRUHDWWUDYHUVRODGHILQL]LRQHQHOODUHJROD
WHFQLFDYHUWLFDOHGHL SURILOLGLULVFKLR HGHL OLYHOOLGLSUHVWD]LRQH FDUDWWHULVWLFL
GHOO
DWWLYLW
3HUWDQWRODYDOXWD]LRQHGHOULVFKLRGLLQFHQGLRGDSDUWHGHOSURJHWWLVWDOLPLWDWD
DLUHVWDQWLDVSHWWLSHFXOLDULHVSHFLILFLGHOO
DWWLYLWRJJHWWRGLUHJRODWHFQLFDYHUWL
FDOH
 ,OLYHOOLGLSUHVWD]LRQHGDJDUDQWLUHSHUFLDVFXQDPLVXUDDQWLQFHQGLRVRQRGHWHU
PLQDWLQHOODUHJRODWHFQLFDYHUWLFDOHLQIXQ]LRQHGLSDUDPHWULRJJHWWLYLHVQX
PHURGHJOLRFFXSDQWLTXRWDGHLSLDQLTXDQWLWGLVRVWDQ]HHPLVFHOH SHULFROR
VH,QPDQFDQ]DGHYRQRHVVHUHDWWULEXLWLVHFRQGRLFULWHULGLFXLDOSDUDJUD
IR*
 1HOOHUHJROHWHFQLFKHYHUWLFDOLSRVVRQRHVVHUHGHVFULWWHHYHQWXDOLVROX]LRQLSUR
JHWWXDOLFRPSOHPHQWDULRVRVWLWXWLYHGLTXHOOHFRQIRUPLGHWWDJOLDWHQHOODVH]LRQH
6WUDWHJLDDQWLQFHQGLRRSSXUHVHPSOLFLSUHVFUL]LRQLDJJLXQWLYHVSHFLILFKHSHUOD
WLSRORJLDGLDWWLYLW
3URJHWWD]LRQH
DQWLQFHQGLR
DWWLYLWQRUPDWD

$SSOLFD]LRQH
UHJRODWHFQLFD
YHUWLFDOH
$SSOLFD]LRQHR
'HWHUPLQD]LRQHOLYHOOL
DWWULEX]LRQHOLYHOOLGL
GLSUHVWD]LRQHSHUOH
SUHVWD]LRQHDOOHPLVXUH
PLVXUHDQWLQFHQGLR
DQWLQFHQGLR

6HOH]LRQHGHOOH
VROX]LRQLFRQIRUPL

6HOH]LRQHGHOOH
VROX]LRQLDOWHUQDWLYH

,OOXVWUD]LRQH*3URJHWWD]LRQHDQWLQFHQGLRGHOOHDWWLYLWQRUPDWH

&DSLWROR*3URJHWWD]LRQHSHUODVLFXUH]]DDQWLQFHQGLR

3DJLQD*

*

9DOXWD]LRQHGHOSURJHWWRDQWLQFHQGLR
 $LILQLGHOODYDOXWD]LRQHGHOSURJHWWRGDSDUWHGHO&RUSRQD]LRQDOHGHL9LJLOLGHO
IXRFRVHFRQGROHSURFHGXUHSUHYLVWHGDOODYLJHQWHQRUPDWLYDLOSURJHWWLVWDGHYH
JDUDQWLUHWUDPLWHODGRFXPHQWD]LRQHSURJHWWXDOH
D O
DSSURSULDWH]]DGHJOLRELHWWLYLGLVLFXUH]]DDQWLQFHQGLRSHUVHJXLWLGHOOHLSR
WHVLGLEDVHGHLGDWLGLLQJUHVVRGHLPHWRGLGHLPRGHOOLGHJOLVWUXPHQWLQRU
PDWLYLVHOH]LRQDWLHGLPSLHJDWLDVXSSRUWRGHOODSURJHWWD]LRQHDQWLQFHQGLR
1RWD $GHVHPSLRDSSURSULDWDDSSOLFD]LRQHGHOOHVROX]LRQLFRQIRUPL

E ODFRUULVSRQGHQ]DGHOOHPLVXUHGLSUHYHQ]LRQHLQFHQGLDJOLRELHWWLYLGLVLFX
UH]]DSHUVHJXLWLVHFRQGROHLQGLFD]LRQLGHOSUHVHQWHGRFXPHQWR
1RWD $GHVHPSLRSUHYLVLRQHGLDGHJXDWRVLVWHPDGLYLHG
HVRGRSHUVRGGLVIDUHO
RELHWWLYRGLVLFXUH]]D
GHOODYLWDXPDQD

F ODFRUUHWWH]]DQHOO
DSSOLFD]LRQHGLPHWRGLPRGHOOLHVWUXPHQWLQRUPDWLYL
1RWD $GHVHPSLRDVVHQ]DGLJURVVRODQLHUURULGLFDOFRORFRUULVSRQGHQ]DWUDLULVXOWDWLQXPHULFLGHLFDO
FROLHOHHIIHWWLYHPLVXUHDQWLQFHQGLR

 ,OSURJHWWLVWDDVVXPHSLHQDUHVSRQVDELOLWLQPHULWRDOODYDOXWD]LRQHGHOULVFKLR
GLLQFHQGLRULSRUWDWDQHOODGRFXPHQWD]LRQHSURJHWWXDOHUHODWLYDDOO
DWWLYLW
*

5LIHULPHQWL
 &LDVFXQFDSLWRORGHOSUHVHQWHGRFXPHQWRFRQWLHQHLULIHULPHQWLDQRUPHWHFQLFKH
HSXEEOLFD]LRQLVFLHQWLILFKHGDFXLWUDHPHWRGLVRJOLHSDUDPHWUL
 6LLQGLFDQRGLVHJXLWRDOFXQLULIHULPHQWLELEOLRJUDILFLLPSLHJDWLFRPHULIHULPHQ
WRQHOODVWHVXUDGHOSUHVHQWHGRFXPHQWR
D %6&RGHRISUDFWLFHIRUILUHVDIHW\LQWKHGHVLJQPDQDJHPHQW
DQGXVHRIEXLOGLQJV%ULWLVK6WDQGDUGV,QVWLWXWLRQ%6,
KWWSZZZEVLJURXSFRP
E 1)3$/LIH6DIHW\&RGH1DWLRQDO)LUH3URWHFWLRQ$VVRFLDWLRQ
KWWSZZZQISDRUJ
F ,QWHUQDWLRQDO)LUH&RGH,QWHUQDWLRQDO&RGH&RXQFLO
KWWSZZZLFFVDIHRUJ

&DSLWROR*3URJHWWD]LRQHSHUODVLFXUH]]DDQWLQFHQGLR

3DJLQD*

*(1(5$/,7

&DSLWROR*

'HWHUPLQD]LRQHGHLSURILOLGLULVFKLR
GHOOHDWWLYLW

'HILQL]LRQHGHLSURILOLGLULVFKLR
3URILORGLULVFKLR5YLWD
3URILORGLULVFKLR5EHQL
3URILORGLULVFKLR5DPELHQWH
5LIHULPHQWL

&DSLWROR*'HWHUPLQD]LRQHGHLSURILOLGLULVFKLRGHOOHDWWLYLW

3DJLQD*

*

'HILQL]LRQHGHLSURILOLGLULVFKLR
 $OILQHGLLGHQWLILFDUHHGHVFULYHUHLOULVFKLRGLLQFHQGLRGHOO
DWWLYLWVLGHILQL
VFRQROHVHJXHQWLWLSRORJLHGLSURILORGLULVFKLR
D 5YLWDSURILORGLULVFKLRUHODWLYRDOODVDOYDJXDUGLDGHOODYLWDXPDQD
D 5EHQLSURILORGLULVFKLRUHODWLYRDOODVDOYDJXDUGLDGHLEHQLHFRQRPLFL
D 5DPELHQWHSURILORGLULVFKLRUHODWLYRDOODWXWHODGHOO
DPELHQWH
 ,O SURILOR  GL  ULVFKLR 5YLWD  DWWULEXLWR SHU FLDVFXQ FRPSDUWLPHQWR GHOO
DWWLYLW
FRPHLQGLFDWRDOSDUDJUDIR*
 ,SURILOLGLULVFKLR5EHQLH5DPELHQWHVRQRDWWULEXLWLSHUO
LQWHUDDWWLYLWFRPHLQGLFDWR
QHLSDUDJUDIL*H*

&DSLWROR*'HWHUPLQD]LRQHGHLSURILOLGLULVFKLRGHOOHDWWLYLW

3DJLQD*

*

3URILORGLULVFKLR5YLWD

*

'HWHUPLQD]LRQH
 ,OSURILORGLULVFKLR5YLWDDWWULEXLWRSHUFRPSDUWLPHQWRLQUHOD]LRQHDLVHJXHQWL
IDWWRUL
D RFFFDUDWWHULVWLFKH SUHYDOHQWL GHJOLRFFXSDQWLFKHVLWURYDQRQHOFRPSDUWL
PHQWRDQWLQFHQGLR
D YHORFLWFDUDWWHULVWLFDSUHYDOHQWHGLFUHVFLWDGHOO
LQFHQGLRULIHULWDDOWHPSR
W LQVHFRQGLLPSLHJDWRGDOODSRWHQ]DWHUPLFDSHUUDJJLXQJHUHLOYDORUHGL
N:
1RWD 3HUSUHYDOHQWLVLLQWHQGRQROHFDUDWWHULVWLFKHUDSSUHVHQWDWLYHGHOULVFKLRGLLQFHQGLRGHOFRPSDU
WLPHQWRLQTXDOVLDVLFRQGL]LRQHG
HVHUFL]LR$GHVHPSLRODSUHVHQ]DQHOOHDWWLYLWFLYLOLGLOLPLWDWH
TXDQWLWGLSURGRWWLSHUODSXOL]LDLQILDPPDELOLDGHJXDWDPHQWHVWRFFDWLQRQFRQVLGHUDWDVLJQLILFD
WLYD

 /H WDEHOOH* H* JXLGDQRLOSURJHWWLVWDQHOOD VHOH]LRQHGHLIDWWRULRFF

HJOLHVHPSLGHYRQRFRQVLGHUDUVLLQGLFDWLYLHQRQHVDXVWLYL
&DUDWWHULVWLFKHSUHYDOHQWL
GHJOLRFFXSDQWLRFF

(VHPSL

*OLRFFXSDQWLVRQRLQVWDWRGLYHJOLDHG
KDQQRIDPLOLDULWFRQO
HGLILFLR

8IILFLRQRQDSHUWRDOSXEEOLFRVFXRODDXWRULPHVVDSULYD
WDDWWLYLWSURGXWWLYHLQJHQHUHGHSRVLWLFDSDQQRQLLQGX
VWULDOL

*OLRFFXSDQWLVRQRLQVWDWRGLYHJOLDH
QRQKDQQRIDPLOLDULWFRQO
HGLILFLR

$WWLYLWFRPPHUFLDOHDXWRULPHVVDSXEEOLFDDWWLYLWHVSR
VLWLYDHGLSXEEOLFRVSHWWDFRORFHQWURFRQJUHVVLXIILFLR
DSHUWRDOSXEEOLFRULVWRUDQWHVWXGLRPHGLFRDPEXODWRULR
PHGLFRFHQWURVSRUWLYR

&>@

*OLRFFXSDQWLSRVVRQRHVVHUHDGGRUPHQWDWL

&L

LQDWWLYLWLQGLYLGXDOHGLOXQJDGXUDWD

&LYLOHDELWD]LRQH

&LL

LQDWWLYLWJHVWLWDGLOXQJDGXUDWD

'RUPLWRULRUHVLGHQFHVWXGHQWDWRUHVLGHQ]DSHUSHUVRQH
DXWRVXIILFLHQWL

&LLL

LQDWWLYLWJHVWLWDGLEUHYHGXUDWD

$OEHUJRULIXJLRDOSLQR

'

*OLRFFXSDQWLULFHYRQRFXUHPHGLFKH

'HJHQ]DRVSHGDOLHUDWHUDSLDLQWHQVLYDVDODRSHUDWRULD
UHVLGHQ]D  SHU  SHUVRQH  QRQ  DXWRVXIILFLHQWL  H  FRQ  DVVL
VWHQ]DVDQLWDULD

2FFXSDQWLLQWUDQVLWR

6WD]LRQHIHUURYLDULDDHURSRUWRVWD]LRQHPHWURSROLWDQD

>@4XDQGRQHOSUHVHQWHGRFXPHQWRVLXVD&ODUHODWLYDLQGLFD]LRQHYDOLGDSHU&L&LL&LLL

7DEHOOD*&DUDWWHULVWLFKHSUHYDOHQWLGHJOLRFFXSDQWL

9HORFLWFDUDWWHULVWLFDSUHYDOHQWH
GLFUHVFLWDGHOO
LQFHQGLRW>V@

(VHPSL



/HQWD

0DWHULDOLSRFRFRPEXVWLELOLGLVWULEXLWLLQPRGRGLVFRQWLQXRRLQ
VHULWLLQFRQWHQLWRULQRQFRPEXVWLELOL



0HGLD

6FDWROHGLFDUWRQHLPSLODWHSDOOHWVGLOHJQROLEULRUGLQDWLVX
VFDIIDOHPRELOLRLQOHJQRDXWRPRELOLPDWHULDOLFODVVLILFDWLSHU
UHD]LRQHDOIXRFRFDSLWROR6



5DSLGD

0DWHULDOLSODVWLFLLPSLODWLSURGRWWLWHVVLOLVLQWHWLFLDSSDUHFFKLD
WXUH  HOHWWURQLFKH  PDWHULDOL  FRPEXVWLELOL  QRQ  FODVVLILFDWL  SHU
UHD]LRQHDOIXRFR



8OWUDUDSLGD

/LTXLGL  LQILDPPDELOL  PDWHULDOL  SODVWLFL  FHOOXODUL  R  HVSDQVL  H

VFKLXPHFRPEXVWLELOLQRQFODVVLILFDWLSHUODUHD]LRQHDOIXRFR

7DEHOOD*9HORFLWFDUDWWHULVWLFDSUHYDOHQWHGLFUHVFLWDGHOO
LQFHQGLR

&DSLWROR*'HWHUPLQD]LRQHGHLSURILOLGLULVFKLRGHOOHDWWLYLW

3DJLQD*

 1HOFDVRGLDWWLYLWVRJJHWWDLQGLYLGXDWDFRQLOSUHVHQWHGHFUHWRHVHQ]DYDOXWD
]LRQHGHOSURJHWWRGHYRQRHVVHUH REEOLJDWRULDPHQWHLPSLHJDWLDOPHQRLYDORUL
GLULSRUWDWLLQWDEHOOD*
1RWD /DGHILQL]LRQHGLDWWLYLWVRJJHWWDHVHQ]DYDOXWD]LRQHGHOSURJHWWRUHSHULELOHQHOFDSLWROR*
$WWLYLWVRJJHWWD>@

$$$$$$$$

$

>@5LIHULPHQWRDOO
DOOHJDWR,,,GHO'0DJRVWRFRGLFHDWWLYLWVRWWRFODVVHFDWHJRULD

7DEHOOD*9HORFLWFDUDWWHULVWLFDSUHYDOHQWHGLFUHVFLWDGHOO
LQFHQGLR
 ,OYDORUHGLSXHVVHUHULGRWWRGLXQOLYHOORVHO
DWWLYLWVHUYLWDGDPLVXUHGL
FRQWUROORGHOO
LQFHQGLRFDSLWROR6GLOLYHOORGLSUHVWD]LRQH9
 ,OYDORUHGL5YLWDGHWHUPLQDWRFRPHFRPELQD]LRQHGLRFFHFRPHGDWDEHO
OD*
&DUDWWHULVWLFKHSUHYDOHQWL
GHJOLRFFXSDQWLRFF

9HORFLWFDUDWWHULVWLFDSUHYDOHQWHGHOO
LQFHQGLR


OHQWD

PHGLD

UDSLGD

XOWUDUDSLGD

*OLRFFXSDQWLVRQRLQVWDWRGLYHJOLDHG
KDQQRIDPLOLDULWFRQO
HGLILFLR

$

$

$

$

*OLRFFXSDQWLVRQRLQVWDWRGLYHJOLDH
QRQKDQQRIDPLOLDULWFRQO
HGLILFLR

%

%

%

1RQDPPHVVR
>@

&

*OLRFFXSDQWLSRVVRQRHVVHUHDGGRUPHQWDWL

&

&

&

1RQDPPHVVR
>@

&L

LQDWWLYLWLQGLYLGXDOHGLOXQJDGXUDWD

&L

&L

&L

1RQDPPHVVR
>@

&LL

LQDWWLYLWJHVWLWDGLOXQJDGXUDWD

&LL

&LL

&LL

1RQDPPHVVR
>@

&LLL

LQDWWLYLWJHVWLWDGLEUHYHGXUDWD

&LLL

&LLL

&LLL

1RQDPPHVVR
>@

'

*OLRFFXSDQWLULFHYRQRFXUHPHGLFKH

'

'

1RQDPPHVVR
>@

1RQDPPHVVR

2FFXSDQWLLQWUDQVLWR

(

(

(

1RQDPPHVVR
>@

>@3HUUDJJLXQJHUHXQYDORUHDPPHVVRSXHVVHUHULGRWWRGLXQOLYHOORFRPHVSHFLILFDWRQHOFRPPD
>@4XDQGRQHOWHVWRVLXVDXQRGHLYDORUL &&&ODUHODWLYDLQGLFD]LRQHYDOLGDULVSHWWLYDPHQWHSHU&L
&L&LR&LL&LL&LLR&LLL&LLL&LLL

7DEHOOD*'HWHUPLQD]LRQHGL5YLWD

&DSLWROR*'HWHUPLQD]LRQHGHLSURILOLGLULVFKLRGHOOHDWWLYLW

3DJLQD*

*

3URILOLGLULVFKLR5YLWDSHUDOFXQHWLSRORJLHGLGHVWLQD]LRQHGXVR
 ,QWDEHOOD* VLULSRUWDXQ
LQGLFD]LRQHQRQHVDXVWLYDVXOSURILORGLULVFKLR
5YLWDSHUOHWLSRORJLHGLGHVWLQD]LRQHGXVRRFFXSDQF\SLFRPXQL4XDORUDLO
SURJHWWLVWDVFHOJDYDORULGLYHUVLGDTXHOOLSURSRVWLWHQXWRDLQGLFDUHOHPRWLYD
]LRQLGHOODVFHOWDQHLGRFXPHQWLSURJHWWXDOL
7LSRORJLHGL
GHVWLQD]LRQHGXVR

3DOHVWUDVFRODVWLFD

$

$XWRULPHVVDSULYDWD

$

8IILFLRQRQDSHUWRDOSXEEOLFRVDOD
PHQVDDXODVFRODVWLFDVDODULXQLRQL
D]LHQGDOHDUFKLYLRGHSRVLWROLEUDULRDW
WLYLWFRPPHUFLDOHDOO
LQJURVVR
/DERUDWRULRVFRODVWLFRVDODVHUYHU
$WWLYLWSURGXWWLYHDWWLYLWDUWLJLDQDOLLP
SLDQWLGLSURFHVVRODERUDWRULRGLULFHUFD
PDJD]]LQRRIILFLQDPHFFDQLFD

$$
$
$$

'HSRVLWLVRVWDQ]HRPLVFHOHSHULFRORVH

$

*DOOHULDG
DUWHVDODG
DWWHVDULVWRUDQWH
VWXGLRPHGLFRDPEXODWRULRPHGLFR

%%

$XWRULPHVVDSXEEOLFD

7LSRORJLHGL
GHVWLQD]LRQHGXVR

5YLWD

8IILFLRDSHUWRDOSXEEOLFRFHQWURVSRUWL
YRVDODFRQIHUHQ]HDSHUWDDOSXEEOLFR
GLVFRWHFDPXVHRWHDWURFLQHPDORFDOH
GLWUDWWHQLPHQWRDUHDOHWWXUDGLELEOLRWH
FDDWWLYLWFRPPHUFLDOHDOGHWWDJOLRDWWL
YLWHVSRVLWLYDDXWRVDORQH

%%

&LYLOHDELWD]LRQH

&L&L

'RUPLWRULRUHVLGHQFHVWXGHQWDWRUHVL
GHQ]DSHUSHUVRQHDXWRVXIILFLHQWL

&LL&LL

5LIXJLRDOSLQR

&LLL&LLL

&DPHUDG
DOEHUJR

&LLL&LLL

5YLWD

%

'HJHQ]DRVSHGDOLHUDWHUDSLDLQWHQVLYD
VDODRSHUDWRULDUHVLGHQ]DSHUSHUVRQH
QRQDXWRVXIILFLHQWLHFRQDVVLVWHQ]DVD
QLWDULD

'

6WD]LRQHIHUURYLDULDDHURSRUWRVWD]LRQH
PHWURSROLWDQD

(

7DEHOOD*3URILORGLULVFKLR5YLWDSHUDOFXQHWLSRORJLHGLGHVWLQD]LRQHGXVR

&DSLWROR*'HWHUPLQD]LRQHGHLSURILOLGLULVFKLRGHOOHDWWLYLW

3DJLQD*

*

3URILORGLULVFKLR5EHQL

*

'HWHUPLQD]LRQH
 /
DWWULEX]LRQHGHOSURILORGLULVFKLR5EHQLHIIHWWXDWDSHUO
LQWHUDDWWLYLWLQIXQ
]LRQHGHOFDUDWWHUHVWUDWHJLFRGHOORSHUDGDFRVWUX]LRQHHGHOOHYHQWXDOHYDORUH
VWRULFRFXOWXUDOHDUFKLWHWWRQLFRRDUWLVWLFRGHOODVWHVVDHGHLEHQLLQHVVDFRQWH
QXWL
 $LILQLGHOO
DSSOLFD]LRQHGHOSUHVHQWHGRFXPHQWR
D XQ
RSHUDGDFRVWUX]LRQHVLFRQVLGHUDYLQFRODWDSHUDUWHRVWRULDVHHVVDVWHVVD
RLEHQLLQHVVDFRQWHQXWLVRQRWDOLDQRUPDGLOHJJH
E XQ
RSHUDGDFRVWUX]LRQHULVXOWDVWUDWHJLFDVHWDOHDQRUPDGLOHJJHRLQFRQ
VLGHUD]LRQHGLSLDQLILFD]LRQLGLVRFFRUVRSXEEOLFRHGLIHVDFLYLOHRVXLQGLFD
]LRQHGHOUHVSRQVDELOHGHOO
DWWLYLW
 /D  WDEHOOD* JXLGD  LO  SURJHWWLVWD  QHOOD  GHWHUPLQD]LRQH  GHO  SURILOR  GL  UL
VFKLR5EHQL
2SHUDGDFRVWUX]LRQHYLQFRODWD

2SHUDGDFRVWUX]LRQH
VWUDWHJLFD

1R

1R

5EHQL 

5EHQL 

5EHQL 

5EHQL 

7DEHOOD*'HWHUPLQD]LRQHGL5EHQL
*

3URILORGLULVFKLR5DPELHQWH
 1HOOHDWWLYLWULFRPSUHVHQHOO
DPELWRGLDSSOLFD]LRQHGHOSUHVHQWHGHFUHWR>@VL
YDOXWDLOSURILORGLULVFKLRDPELHQWDOH5DPELHQWHLQFDVRGLLQFHQGLRVHFRQGRL
FULWHULFKHVHJXRQR
>@3HUOHDWWLYLWLQGLYLGXDWHFRQLOSUHVHQWHGHFUHWRULHQWUDQWLQHOFDPSRGLDSSOLFD]LRQHGHOOD
'LUHWWLYD6(9(62VLDSSOLFDODVSHFLILFDQRUPDWLYDGLULIHULPHQWR

 ,OULVFKLRDPELHQWDOHVHQRQGLYHUVDPHQWHLQGLFDWRQHOSUHVHQWHGRFXPHQWRR
GHWHUPLQDWRLQHVLWRDVSHFLILFDYDOXWD]LRQHGHOULVFKLRSXULWHQHUVLPLWLJDWR
GDOO
DSSOLFD]LRQHGLWXWWHOHPLVXUHDQWLQFHQGLRFRQQHVVHDLSURILOLGLULVFKLR5YLWD
HG5EHQLFKHFRQVHQWRQRLQJHQHUHGLFRQVLGHUDUHQRQVLJQLILFDWLYRWDOHULVFKLR
 /HRSHUD]LRQLGLVRFFRUVRFRQGRWWHGDO&RUSRQD]LRQDOHGHL9LJLOLGHOIXRFR
VRQRHVFOXVHGDOODYDOXWD]LRQHGHOULVFKLRDPELHQWDOHGLFXLDOFRPPD

&DSLWROR*'HWHUPLQD]LRQHGHLSURILOLGLULVFKLRGHOOHDWWLYLW

3DJLQD*

*

5LIHULPHQWL
 6LLQGLFDQRLVHJXHQWLULIHULPHQWLELEOLRJUDILFL
D ,6275
D %66HFWLRQ5LVNSURILOHVDQGDVVHVVLQJULVN

&DSLWROR*'HWHUPLQD]LRQHGHLSURILOLGLULVFKLRGHOOHDWWLYLW

3DJLQD*

6H]LRQH6

6WUDWHJLDDQWLQFHQGLR

675$7(*,$$17,1&(1',2

&DSLWROR6

5HD]LRQHDOIXRFR

3UHPHVVD
/LYHOOLGLSUHVWD]LRQH
&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6ROX]LRQLSURJHWWXDOL
&ODVVLILFD]LRQHGHLPDWHULDOLLQJUXSSL
(VFOXVLRQHGDOODYHULILFDGHLUHTXLVLWLGLUHD]LRQHDOIXRFR
$VSHWWLFRPSOHPHQWDUL
5LIHULPHQWL

&DSLWROR65HD]LRQHDOIXRFR

3DJLQD6

6

3UHPHVVD
 /DUHD]LRQHDOIXRFRXQDPLVXUDDQWLQFHQGLRGLSURWH]LRQHSDVVLYDFKHHVSOLFD
L  VXRL  SULQFLSDOL  HIIHWWL  QHOOD  IDVH  GL  SULPD  SURSDJD]LRQH  GHOO
LQFHQGLR  FRQ
O
RELHWWLYRGLOLPLWDUHO
LQQHVFRGHLPDWHULDOLHODSURSDJD]LRQHVWHVVDGHOO
LQFHQ
GLR(VVDVLULIHULVFHDOFRPSRUWDPHQWRDOIXRFRGHLPDWHULDOLQHOOHHIIHWWLYHFRQ
GL]LRQLILQDOLGLDSSOLFD]LRQHFRQSDUWLFRODUHULJXDUGRDOJUDGRGLSDUWHFLSD]LRQH
DOO
LQFHQGLRFKHHVVLPDQLIHVWDQRLQFRQGL]LRQLVWDQGDUGL]]DWHGLSURYD

6

/LYHOOLGLSUHVWD]LRQH
 ,OLYHOOLGLSUHVWD]LRQHSHUODUHD]LRQHDOIXRFRGHLPDWHULDOLLPSLHJDWLQHOOHDWWL
YLWVRQRULSRUWDWLQHOODWDEHOOD6
 7DOLUHTXLVLWLVRQRDSSOLFDWLDJOLDPELWLGHOO
DWWLYLWRYHVLLQWHQGDOLPLWDUHODSDU
WHFLSD]LRQHGHLPDWHULDOLDOODFRPEXVWLRQHHULGXUUHODSURSDJD]LRQHGHOO
LQFHQ
GLR

/LYHOORGL
SUHVWD]LRQH

'HVFUL]LRQH

1HVVXQUHTXLVLWR

,,

,PDWHULDOLFRQWULEXLVFRQRLQPRGRQRQWUDVFXUDELOHDOO
LQFHQGLR

,,,

,PDWHULDOLFRQWULEXLVFRQRPRGHUDWDPHQWHDOO
LQFHQGLR

,9

,PDWHULDOLFRQWULEXLVFRQROLPLWDWDPHQWHDOO
LQFHQGLR

3HU FRQWULEXWR  DOO

LQFHQGLR VL LQWHQGH  O
HQHUJLD ULODVFLDWD  GDL PDWHULDOL FKH LQIOXHQ]D  OD  FUHVFLWD H OR VYLOXSSR
GHOOLQFHQGLRLQFRQGL]LRQLSUHHSRVWLQFHQGLRJHQHUDOL]]DWRIODVKRYHUVHFRQGR(1

7DEHOOD6/LYHOOLGLSUHVWD]LRQHSHUODUHD]LRQHDOIXRFR

&DSLWROR65HD]LRQHDOIXRFR

3DJLQD6

6

&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
 1HOOHWDEHOOH6 HG6 VRQRULSRUWDWLLFULWHULJHQHUDOPHQWHDFFHWWDWLSHU
O
DWWULEX]LRQHDJOLDPELWLGHOO
DWWLYLWGHLOLYHOOLGLSUHVWD]LRQHSHUODUHD]LRQHDO
IXRFRGHLPDWHULDOL

/LYHOORGL
SUHVWD]LRQH

&ULWHULGLDWWULEX]LRQH

9LHG
HVRGR>@QRQULFRPSUHVHQHJOLDOWULFULWHULGLDWWULEX]LRQH

,,

9LHG
HVRGR>@GHLFRPSDUWLPHQWLFRQSURILORGLULVFKLR5YLWDLQ%

,,,

9LHG
HVRGR>@GHLFRPSDUWLPHQWLFRQSURILORGLULVFKLR5 YLWD LQ%%&LL&LL&LL&LLL
&LLL&LLL(((

,9

9LHG
HVRGR>@GHLFRPSDUWLPHQWLFRQSURILORGLULVFKLR5YLWDLQ''

>@/LPLWDWDPHQWHDYLHG
HVRGRYHUWLFDOLSHUFRUVLG
HVRGRFRUULGRLDWULILOWULHVSD]LFDOPL

7DEHOOD6&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQHDOOHYLHG
HVRGRGHOO
DWWLYLW
/LYHOORGL
SUHVWD]LRQH

&ULWHULGLDWWULEX]LRQH

/RFDOLQRQULFRPSUHVLQHJOLDOWULFULWHULGLDWWULEX]LRQH

,,

/RFDOLGLFRPSDUWLPHQWLFRQSURILORGLULVFKLR5YLWDLQ%%&LL&LL&LL&LLL&LLL&LLL
(((

,,,

/RFDOLGLFRPSDUWLPHQWLFRQSURILORGLULVFKLR5YLWDLQ''

,9

6XVSHFLILFDULFKLHVWDGHOFRPPLWWHQWHSUHYLVWLGDFDSLWRODWLWHFQLFLGLSURJHWWRULFKLHVWLGDOOD
DXWRULWFRPSHWHQWHSHUFRVWUX]LRQLGHVWLQDWHDGDWWLYLWGLSDUWLFRODUHLPSRUWDQ]D

7DEHOOD6&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQHDGDOWULORFDOLGHOO
DWWLYLW
6

6ROX]LRQLSURJHWWXDOL
 'LVHJXLWRVRQRULSRUWDWHSHUFLDVFXQOLYHOORGLSUHVWD]LRQHOHVROX]LRQLFRQIRU
PLULIHULWHDLJUXSSLGLPDWHULDOL*0*0*0*0*0GHILQLWLQHOSD
UDJUDIR6
 6RQRHVFOXVLGDYDOXWD]LRQHGHLUHTXLVLWLGLUHD]LRQHDOIXRFRLPDWHULDOLLQGLFDWL
QHOSDUDJUDIR6
 ,QGLSHQGHQWHPHQWHGDOOHVROX]LRQLFRQIRUPLDGRWWDWHSHULULYHVWLPHQWLVRQRFR
PXQTXH  DPPHVVL  PDWHULDOL  LQVWDOODWL D  SDUHWH  R  D  SDYLPHQWR  FRPSUHVL  QHO
JUXSSRGLPDWHULDOL*0SHUXQDVXSHUILFLHQRQVXSHULRUHDOGHOODVXSHUIL
FLHORUGDLQWHUQDGHOOHYLHG
HVRGRRGHLORFDOLGHOO
DWWLYLWHVVRPPDGHOOHVX
SHUILFLORUGHGLVRIILWWRSDUHWLSDYLPHQWRHGDSHUWXUHGHOORFDOH

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,
 6LFRQVLGHUDVROX]LRQHFRQIRUPHO
LPSLHJR GLPDWHULDOLFRPSUHVLGHOJUXSSR
*0

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,,
 6LFRQVLGHUDVROX]LRQHFRQIRUPHO
LPSLHJR GL PDWHULDOLFRPSUHVLQHOJUXSSR
*0

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,9
 6LFRQVLGHUDVROX]LRQHFRQIRUPHO
LPSLHJR GL PDWHULDOLFRPSUHVLQHOJUXSSR
*0

6

6ROX]LRQLDOWHUQDWLYH
 6RQRDPPHVVHVROX]LRQLDOWHUQDWLYHSHUWXWWLLOLYHOOLGLSUHVWD]LRQH

&DSLWROR65HD]LRQHDOIXRFR

3DJLQD6

 $OILQHGLGLPRVWUDUHLOUDJJLXQJLPHQWRGHO FROOHJDWR OLYHOORGLSUHVWD]LRQH LO

SURJHWWLVWDGHYHLPSLHJDUHXQRGHLPHWRGLGLFXLDOSDUDJUDIR*
1RWD/HVROX]LRQLDOWHUQDWLYHSRVVRQRHVVHUHULFHUFDWHGLPRVWUDQGRDGHVHPSLRODULGRWWDSURGX
]LRQHGLIXPLHFDORUHODSUHFRFHULYHOD]LRQHGHOO
LQFHQGLRHGLOVXRUDSLGRFRQWUROORWUDPLWHLP
SLDQWLGLSURWH]LRQHDWWLYD

6

&ODVVLILFD]LRQHGHLPDWHULDOLLQJUXSSL
 /HFODVVLGLUHD]LRQHDOIXRFRLQGLFDWHQHOSUHVHQWHSDUDJUDIRVRQRULIHULWH
D DOOHFODVVLGLUHD]LRQHDOIXRFRLWDOLDQHGLFXLDO'0HVPLOH
FODVVLLWDOLDQHLQGLFDWHFRQ>,WD@VRQRTXHOOHPLQLPHSUHYLVWHSHUFLDVFXQOL
YHOORGLSUHVWD]LRQH
E DOOHFODVVLGLUHD]LRQHDOIXRFRHXURSHHDWWULEXLELOLDLVROLSURGRWWLGDFRVWUX
]LRQHFRQULIHULPHQWRDO'0OHFODVVLHXURSHHLQGLFDWHFRQ>(8@
HVSOLFLWDWHLQFODVVLSULQFLSDOLHFODVVLDJJLXQWLYHVGDVRQRTXHOOHPLQLPH
SUHYLVWHSHUFLDVFXQOLYHOORGLSUHVWD]LRQH6RQRDPPHVVHFODVVLGLUHD]LRQH
DOIXRFRFDUDWWHUL]]DWHGDQXPHULFDUGLQDOLLQIHULRULDTXHOOLLQGLFDWLLQWDEHOOD
RGDOHWWHUHSUHFHGHQWLQHOO
DOIDEHWRHVVHFRQVHQWLWDODFODVVH&VGVRQR
FRQVHQWLWHDQFKHOHFODVVL%VG&VG&VG
 ,OJUXSSRGLPDWHULDOL*0FRVWLWXLWRGDWXWWLLPDWHULDOLDYHQWLFODVVHGLUHD
]LRQHDOIXRFRLWDOLDQDRFODVVH$GLUHD]LRQHDOIXRFRHXURSHD
 /HWDEHOOH6666ULSRUWDQRODFODVVHGLUHD]LRQHDOIXRFRSHUL
PDWHULDOLFRPSUHVLQHLJUXSSLGLPDWHULDOL*0*0*0
 ,O JUXSSRGLPDWHULDOL *0FRVWLWXLWRGDWXWWLLPDWHULDOLQRQFRPSUHVLQHL
JUXSSLGLPDWHULDOL*0*0*0*0

&DSLWROR65HD]LRQHDOIXRFR

3DJLQD6

'HVFUL]LRQHPDWHULDOL

*0
,WD

(8

0RELOLLPERWWLWL
SROWURQH  GLYDQL  GLYDQL  OHWWR  PDWHUDVVL ,0
VRPPLHUJXDQFLDOLWRSSHUFXVFLQL

*0
,WD

(8

,0

*0
,WD

(8

,0

%HGGLQJ
FRSHUWHFRSULOHWWLFRSULPDWHUDVVL
0RELOLILVVDWL HQRQDJOLHOHPHQWLVWUXWWX
UDOLVHGLHHVHGLOLQRQLPERWWLWL
7HQGRQLSHUWHQVRVWUXWWXUHVWUXWWXUHSUHV
VRVWDWLFKHHWXQQHOPRELOL

>QD@


>QD@


>QD@


6LSDULGUDSSHJJLWHQGDJJL
0DWHULDOH  VFHQLFR VFHQDUL  ILVVL  H  PRELOL
TXLQWHYHODULWHQGDJJLHVLPLOL
>QD@1RQDSSOLFDELOH

7DEHOOD6&ODVVLILFD]LRQHLQJUXSSLSHUDUUHGDPHQWRVFHQRJUDILHWHQGRQLSHUFRSHUWXUH
'HVFUL]LRQHPDWHULDOL

*0
,WD

(8

$VG

*0

*0

,WD

(8

,WD

(8

%VG

&VG

&IOV

&IOV

5LYHVWLPHQWLDVRIILWWR>@
&RQWURVRIILWWL
3DYLPHQWD]LRQLVRSUDHOHYDWH
VXSHUILFLHQDVFRVWD
5LYHVWLPHQWLDSDUHWH>@
3DUWL]LRQLLQWHUQHSDUHWLSDUHWLVRVSHVH

%VG

%IOV

5LYHVWLPHQWLDSDYLPHQWR>@
3DYLPHQWD]LRQLVRSUDHOHYDWH
VXSHUILFLHFDOSHVWDELOH

>@4XDORUDWUDWWDWLFRQSURGRWWLYHUQLFLDQWLLJQLIXJKLTXHVWLXOWLPLGHYRQRDYHUHODFRUULVSRQGHQWHFODVVLILFD]LRQH
LQGLFDWDHGHVVHUHLGRQHLDOO
LPSLHJRSUHYLVWR

7DEHOOD6&ODVVLILFD]LRQHLQJUXSSLGLPDWHULDOLSHUULYHVWLPHQWRHFRPSOHWDPHQWR
'HVFUL]LRQHPDWHULDOL
,VRODQWLSURWHWWL>@
,VRODQWLOLQHDULSURWHWWL>@>@
,VRODQWLLQYLVWD>@>@
,VRODQWLOLQHDULLQYLVWD>@>@>@

*0
,WD




(8
&VG
&/VG
$VG
$/VG

*0
,WD




(8
'VG
'/VG
%VG
%/VG

*0
,WD




(8
(
(/
%VG
%/VG

>@3URWHWWLFRQPDWHULDOLQRQPHWDOOLFLGHOJUXSSR*0RYYHURSURGRWWLGLFODVVHGLUHVLVWHQ]DDOIXRFR.H
FODVVHPLQLPDGLUHD]LRQHDOIXRFR%VG
>@1RQSURWHWWLFRPHLQGLFDWRQHOODQRWD>@GHOODSUHVHQWHWDEHOOD
>@&ODVVLILFD]LRQHULIHULWDD SURGRWWLGLIRUPDOLQHDUHGHVWLQDWLDOOLVRODPHQWRWHUPLFRGLFRQGXWWXUHGLGLDPHWUR
PDVVLPRFRPSUHQVLYRGHOO
LVRODPHQWRGLPP
>@(YHQWXDOHGRSSLDFODVVLILFD]LRQHLWDOLDQDPDWHULDOHQHOVXRFRPSOHVVRFRPSRQHQWHLVRODQWHDVVWDQWHUL
IHULWDDPDWHULDOHLVRODQWHLQYLVWDUHDOL]]DWRFRPHSURGRWWRDSLVWUDWLGLFXLDOPHQRXQRVLDFRPSRQHQWHLVRODQ
WHTXHVW
XOWLPRQRQHVSRVWRGLUHWWDPHQWHDOOHILDPPH

7DEHOOD6&ODVVLILFD]LRQHLQJUXSSLGLPDWHULDOLSHUO
LVRODPHQWR

&DSLWROR65HD]LRQHDOIXRFR

3DJLQD6

'HVFUL]LRQHPDWHULDOL

*0

*0

*0

,WD

(8

,WD

(8

,WD

(8

&RQGRWWHGLYHQWLOD]LRQHHULVFDOGDPHQWR

$VG

%VG

%VG

&RQGRWWHGLYHQWLOD]LRQHHULVFDOGDPHQWR
SUHLVRODWH>@



$VG
%VG



%VG
%VG



%VG
&VG

5DFFRUGLHJLXQWLSHUFRQGRWWHGLYHQWLOD
]LRQHHULVFDOGDPHQWR/P

%VG

%VG

&VG

&DQDOL]]D]LRQLSHUFDYLHOHWWULFL

>QD@

>QD@

>QD@

>QD@

%FDVGD

>QD@

&FDVGD

>QD@

(FD

&DYLHOHWWULFLRGLVHJQDOD]LRQH>@>@

>QD@1RQDSSOLFDELOH
>@(YHQWXDOHGRSSLDFODVVLILFD]LRQHULIHULWDDFRQGRWWDSUHLVRODWDFRQFRPSRQHQWHLVRODQWHQRQHVSRVWRGLUHWWD
PHQWHDOOHILDPPHODSULPDFODVVHULIHULWDDOPDWHULDOHQHOVXRFRPSOHVVRODVHFRQGDDOFRPSRQHQWHLVRODQWH
QRQHVSRVWRGLUHWWDPHQWHDOOHILDPPH
>@3UHVWD]LRQHGLUHD]LRQHDOIXRFRULFKLHVWDVRORTXDQGROHFRQGXWWXUHQRQVRQRLQFDVVDWHLQPDWHULDOLLQFRP
EXVWLELOL
>@/DFODVVLILFD]LRQHDJJLXQWLYDUHODWLYDDOJRFFLRODPHQWRGSXHVVHUHGHFODVVDWDDG TXDORUDLFDYLVLDQR
SRVDWLDSDYLPHQWR

7DEHOOD6&ODVVLILFD]LRQHLQJUXSSLGLPDWHULDOLSHULPSLDQWL
6

(VFOXVLRQHGDOODYHULILFDGHLUHTXLVLWLGLUHD]LRQHDOIXRFR
 6HQRQGLYHUVDPHQWHLQGLFDWRRGHWHUPLQDWRLQHVLWRDVSHFLILFDYDOXWD]LRQHGHO
ULVFKLRQRQULFKLHVWDODYHULILFDGHLUHTXLVLWLGLUHD]LRQHDOIXRFRGHLVHJXHQWL
PDWHULDOL
D PDWHULDOLVWRFFDWLRGRJJHWWRGLSURFHVVLSURGXWWLYLHVEHQLLQGHSRVLWRLQ
YHQGLWDLQHVSRVL]LRQH
E HOHPHQWLVWUXWWXUDOLSRUWDQWLSHULTXDOLVLDJLULFKLHVWDODYHULILFDGHLUHTXL
VLWLGLUHVLVWHQ]DDOIXRFR
F PDWHULDOL  SURWHWWL  FRQ VHSDUD]LRQL  GL  FODVVH  GL  UHVLVWHQ]D  DO  IXRFR  DOPHQR
.R(,
 3HUHYHQWXDOLULYHVWLPHQWLHGDOWULPDWHULDOLDSSOLFDWLVXJOLHOHPHQWLVWUXWWXUDOLGL
FXLDOFRPPDEULPDQHFRPXQTXHREEOLJDWRULDODYHULILFDGHLUHTXLVLWLGLUHD
]LRQHDOIXRFRLQIXQ]LRQHGHLSHUWLQHQWLOLYHOOLGLSUHVWD]LRQHGLUHD]LRQHDOIXR
FR

6

$VSHWWLFRPSOHPHQWDUL
 /DYHULILFDGHLUHTXLVLWLPLQLPLGLUHD]LRQHDOIXRFRGHLPDWHULDOLGDFRVWUX]LRQH
YDHIIHWWXDWDULVSHWWDQGRLO'0HVPLPHQWUHSHUJOLDOWULPDWHULDOL
YDHIIHWWXDWDULVSHWWDQGRLO'0HVPL
 6XOOHIDFFLDWHGHYRQRHVVHUHXWLOL]]DWLPDWHULDOLGLULYHVWLPHQWRFKHOLPLWLQRLO
ULVFKLRGLLQFHQGLRGHOOHIDFFLDWHVWHVVHQRQFKODVXDSURSDJD]LRQHDFDXVDGL
XQHYHQWXDOHIXRFRDYHQWHRULJLQHHVWHUQDRRULJLQHLQWHUQDDFDXVDGLILDPPHH
IXPLFDOGLFKHIXRULHVFRQRGDYDQLDSHUWXUHFDYLWHLQWHUVWL]L
1RWD8WLOHULIHULPHQWRFRVWLWXLWRGDOOHFLUFRODUL'&35(9QGHOPDU]RH'&
35(9GHODSULOHUHFDQWLGUIDA TECNICA su: Requisiti di sicurezza antincendio
delle facciate negli edifici civili.

 6LULFKLDPDODSRVVLELOLWGLSUHYHGHUHSUHVWD]LRQLGLUHD]LRQHDOIXRFRDQFKHSHU
DOWULPDWHULDOLHVSRUWHOXFHUQDULSDQQHOOLIRWRYROWDLFLFDYLHOHWWULFLODGGRYH
ODYDOXWD]LRQHGHOULVFKLRQHHYLGHQ]LODQHFHVVLWHVSHUFRUVLGLHVRGRFRQSUH
&DSLWROR65HD]LRQHDOIXRFR

3DJLQD6

VHQ]DULOHYDQWHGLSRUWHFDYHGLRFDQDOL]]D]LRQLFRQSUHVHQ]DLPSRUWDQWHGLFDYL
HOHWWULFL  SHUFRUVL  GL  HVRGR  FRQ  SUHVHQ]D  VLJQLILFDWLYD  GL  OXFHUQDUL  FRSHUWXUH
FRPEXVWLELOLVRWWRVWDQWLDSDQQHOOLIRWRYROWDLFL
6

5LIHULPHQWL
 6LLQGLFDQRLVHJXHQWLULIHULPHQWLELEOLRJUDILFL
D &RPPLVVLRQH  HXURSHD  'LUH]LRQH  JHQHUDOH  SHU  OH  ,PSUHVH  H  O
LQGXVWULD
&RQVWUXFWLRQ    +DUPRQLVHG  (XURSHDQ  6WDQGDUGV  GRFXPHQWD]LRQH  GD
KWWSHFHXURSDHXHQWHUSULVHVHFWRUVFRQVWUXFWLRQGHFODUDWLRQRI
SHUIRUPDQFH

&DSLWROR65HD]LRQHDOIXRFR

3DJLQD6

675$7(*,$$17,1&(1',2

&DSLWROR6

5HVLVWHQ]DDOIXRFR

3UHPHVVD
/LYHOOLGLSUHVWD]LRQH
&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6ROX]LRQLSURJHWWXDOL
9HULILFDGHOOHSUHVWD]LRQLGLUHVLVWHQ]DDOIXRFRFRQLQFHQGLFRQYHQ]LRQDOLGLSURJHWWR
9HULILFDGHOOHSUHVWD]LRQLGLUHVLVWHQ]DDOIXRFRFRQFXUYHQDWXUDOLGLLQFHQGLR
&XUYHQRPLQDOLG
LQFHQGLR
&ULWHULGLSURJHWWD]LRQHVWUXWWXUDOHLQFDVRGLLQFHQGLR
3URFHGXUDSHULOFDOFRORGHOFDULFRGLLQFHQGLRVSHFLILFRGLSURJHWWR
&ODVVLILFD]LRQHGLUHVLVWHQ]DDOIXRFRGLSURGRWWLHGHOHPHQWLFRVWUXWWLYLGLRSHUHGDFRVWUX]LRQH
6LPEROL
&ODVVL
0RGDOLWSHUODFODVVLILFD]LRQHLQEDVHDLULVXOWDWLGLSURYH
0RGDOLWSHUODFODVVLILFD]LRQHLQEDVHDLULVXOWDWLGLFDOFROL
0RGDOLWSHUODFODVVLILFD]LRQHLQEDVHDFRQIURQWLFRQWDEHOOH
5LIHULPHQWL

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6

3UHPHVVD
 /DILQDOLWGHOODUHVLVWHQ]DDOIXRFRTXHOODGLJDUDQWLUHOD FDSDFLWSRUWDQWH
GHOOHVWUXWWXUHLQFRQGL]LRQLGLLQFHQGLRQRQFKODFDSDFLWGLFRPSDUWLPHQWD
]LRQHSHUXQWHPSRPLQLPRQHFHVVDULRDOUDJJLXQJLPHQWRGHJOLRELHWWLYLGLVL
FXUH]]DGLSUHYHQ]LRQHLQFHQGL,OFDSLWROR6 VXOOHPLVXUHGL FRPSDUWLPHQWD
]LRQHFRVWLWXLVFHFRPSOHPHQWRDOSUHVHQWHFDSLWROR

6

/LYHOOLGLSUHVWD]LRQH
 /DWDEHOOD6ULSRUWDLOLYHOOLGLSUHVWD]LRQHSHUODUHVLVWHQ]DDOIXRFRDWWULEXL
ELOLDOOHRSHUHGDFRVWUX]LRQH

/LYHOORGL
SUHVWD]LRQH

'HVFUL]LRQH

$VVHQ]DGLFRQVHJXHQ]HHVWHUQHSHUFROODVVRVWUXWWXUDOH

,,

0DQWHQLPHQWRGHLUHTXLVLWLGLUHVLVWHQ]DDOIXRFRSHUXQSHULRGRVXIILFLHQWHDOOHYDFXD]LRQH
GHJOLRFFXSDQWLLQOXRJRVLFXURDOOHVWHUQRGHOODFRVWUX]LRQH

,,,

0DQWHQLPHQWR  GHL  UHTXLVLWL  GL  UHVLVWHQ]D  DO  IXRFR  SHU  XQ  SHULRGR  FRQJUXR  FRQ  OD  GXUDWD
GHOO
LQFHQGLR

,9

5HTXLVLWLGLUHVLVWHQ]DDOIXRFRWDOLGDJDUDQWLUHGRSRODILQHGHOOLQFHQGLRXQOLPLWDWRGDQQHJ
JLDPHQWRGHOODFRVWUX]LRQH

5HTXLVLWLGLUHVLVWHQ]DDOIXRFRWDOLGDJDUDQWLUHGRSRODILQHGHOOLQFHQGLRLOPDQWHQLPHQWR
GHOODWRWDOHIXQ]LRQDOLWGHOODFRVWUX]LRQHVWHVVD

7DEHOOD6/LYHOOLGLSUHVWD]LRQHSHUODUHVLVWHQ]DDOIXRFR

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6

&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
 1HOODWDEHOOD6VRQRULSRUWDWLLFULWHULJHQHUDOPHQWHDFFHWWDWLSHUO
DWWULEX]LR
QHDOOHFRVWUX]LRQLGHLVLQJROLOLYHOOLGLSUHVWD]LRQH

/LYHOORGL
SUHVWD]LRQH

&ULWHULGLDWWULEX]LRQH

2SHUHGD&RVWUX]LRQHFRPSUHQVLYHGLHYHQWXDOLPDQXIDWWLGLVHUYL]LRDGLDFHQWLQRQFKGHLUH
ODWLYLLPSLDQWLWHFQRORJLFLGLVHUYL]LRGRYHVRQRYHULILFDWHWXWWHOHVHJXHQWLFRQGL]LRQL
D FRPSDUWLPHQWDWH  ULVSHWWR  DG  DOWUH  RSHUH  GD  FRVWUX]LRQH  HYHQWXDOPHQWH  DGLDFHQWL  H
VWUXWWXUDOPHQWHVHSDUDWHGDHVVHHWDOLFKHOHYHQWXDOHFHGLPHQWRVWUXWWXUDOHQRQDUUH
FKLGDQQLDGDOWUHRSHUHGDFRVWUX]LRQH
D DGLELWHDGDWWLYLWDIIHUHQWLDGXQVRORUHVSRQVDELOHGHOO
DWWLYLWHFRQLVHJXHQWLSURILOL
GLULVFKLR
5EHQLSDULD
5DPELHQWHQRQVLJQLILFDWLYR
D QRQDGLELWHDGDWWLYLWFKHFRPSRUWLQRSUHVHQ]DGLRFFXSDQWLDGHVFOXVLRQHGLTXHOOD
RFFDVLRQDOHHGLEUHYHGXUDWDGLSHUVRQDOHDGGHWWR

,,

2SHUHGD&RVWUX]LRQHRSRU]LRQLGLRSHUHGDFRVWUX]LRQHFRPSUHQVLYHGLHYHQWXDOLPDQXIDWWL
GLVHUYL]LRDGLDFHQWLQRQFKGHLUHODWLYLLPSLDQWLWHFQRORJLFLGLVHUYL]LRGRYHVRQRYHULILFDWH
WXWWHOHVHJXHQWLFRQGL]LRQL
D FRPSDUWLPHQWDWHULVSHWWRDGDOWUHRSHUHGDFRVWUX]LRQHHYHQWXDOPHQWHDGLDFHQWL
D VWUXWWXUDOPHQWHVHSDUDWHGDDOWUHRSHUHGDFRVWUX]LRQHHWDOLFKHOHYHQWXDOHFHGLPHQWR
VWUXWWXUDOHQRQDUUHFKLGDQQLDOOHVWHVVHRYYHURLQFDVRGLDVVHQ]DGLVHSDUD]LRQH
VWUXWWXUDOH WDOL FKH OHYHQWXDOH FHGLPHQWR  GHOOD SRU]LRQH QRQ DUUHFKL  GDQQL DO UHVWR
GHOO
RSHUDGDFRVWUX]LRQH
D DGLELWHDGDWWLYLWDIIHUHQWLDGXQVRORUHVSRQVDELOHGHOO
DWWLYLWHFRQLVHJXHQWLSURILOL
GLULVFKLR
5YLWDFRPSUHVLLQ$$$$
5EHQLSDULD
5DPELHQWHQRQVLJQLILFDWLYR
D GHQVLWGLDIIROODPHQWRQRQVXSHULRUHDSHUVRQHP
D QRQSUHYDOHQWHPHQWHGHVWLQDWHDGRFFXSDQWLFRQGLVDELOLW
D DYHQWLSLDQLVLWXDWLDTXRWDFRPSUHVDWUDPHP

,,,

2SHUHGDFRVWUX]LRQHQRQULFRPSUHVHQHJOLDOWULFULWHULGLDWWULEX]LRQH

,99

6XVSHFLILFDULFKLHVWDGHOFRPPLWWHQWHSUHYLVWLGDFDSLWRODWLWHFQLFLGLSURJHWWRULFKLHVWLGDOOD
DXWRULWFRPSHWHQWHSHUFRVWUX]LRQLGHVWLQDWHDGDWWLYLWGLSDUWLFRODUHLPSRUWDQ]D

7DEHOOD6&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
1RWD /DGHILQL]LRQHGLUHVSRQVDELOHGHOO
DWWLYLWULSRUWDWDQHOFDSLWROR*

6

6ROX]LRQLSURJHWWXDOL

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,
 'HYHHVVHUHLQWHUSRVWDXQDGLVWDQ]DGLVHSDUD]LRQHVXVSD]LRDFLHOROLEHURYHU
VROHDOWUHRSHUHGDFRVWUX]LRQH,OYDORUHGLWDOHGLVWDQ]DGLVHSDUD]LRQHULFD
YDWRVHFRQGROHSURFHGXUHGLFXLDOSDUDJUDIR6HQRQGHYHFRPXQTXHULVXO
WDUHLQIHULRUHDOODPDVVLPDDOWH]]DGHOODFRVWUX]LRQH
 1RQULFKLHVWDDOOHVWUXWWXUHDOFXQDSUHVWD]LRQHPLQLPDGLUHVLVWHQ]DDOIXRFR

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,
 'HYHHVVHUHLQWHUSRVWDXQDGLVWDQ]DGLVHSDUD]LRQHVXVSD]LRDFLHOROLEHURYHUVR
OHDOWUHRSHUHGDFRVWUX]LRQHFRPHSUHYLVWRSHULOOLYHOORGLSUHVWD]LRQH,
 'HYRQRHVVHUHYHULILFDWHOHSUHVWD]LRQLGLUHVLVWHQ]DDOIXRFRGHOOHFRVWUX]LRQLLQ
EDVHDJOLLQFHQGLFRQYHQ]LRQDOLGLSURJHWWRFRPHSUHYLVWRDOSDUDJUDIR6

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

 /DFODVVHPLQLPDGLUHVLVWHQ]DDOIXRFRGHYHHVVHUHSDULDOPHQRDRLQIHULRUH
TXDORUDFRQVHQWLWDGDOOLYHOORGLSUHVWD]LRQH,,,SHULOFDULFRGLLQFHQGLRVSHFLIL
FRGLSURJHWWRTIGGHOFRPSDUWLPHQWRLQHVDPH
6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,,
 'HYRQRHVVHUHYHULILFDWHOHSUHVWD]LRQLGLUHVLVWHQ]DDOIXRFRGHOOHFRVWUX]LRQLLQ
EDVHDJOLLQFHQGLFRQYHQ]LRQDOLGLSURJHWWRFRPHSUHYLVWRDOSDUDJUDIR6
 /DFODVVHPLQLPDGLUHVLVWHQ]DDOIXRFRULFDYDWDSHUFRPSDUWLPHQWRLQUHOD]LR
QHDOFDULFRGLLQFHQGLRVSHFLILFRGLSURJHWWRTIGFRPHLQGLFDWRLQWDEHOOD6

&DULFRGLLQFHQGLRVSHFLILFRGLSURJHWWR

&ODVVHPLQLPDGLUHVLVWHQ]DDOIXRFR

TIG0-P

1HVVXQUHTXLVLWR

TIG0-P



TIG0-P



TIG0-P



TIG0-P



TIG0-P



TIG0-P



TIG0-P



TIG!0-P



7DEHOOD6&ODVVHPLQLPDGLUHVLVWHQ]DDOIXRFR
6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,9
 $LILQLGHOODYHULILFDGHOODFDSDFLWSRUWDQWHLQFRQGL]LRQLGLLQFHQGLRVLDSSOLFD
QROHVROX]LRQLFRQIRUPLYDOLGHSHULOOLYHOORGLSUHVWD]LRQH,,,GLFXLDOSDUDJUD
IR61RQSRVVRQRHVVHUHLPSLHJDWHOHLQGLFD]LRQLGHLSDUDJUDIL6H
6
 $LILQLGHOFRQWUROORGHOGDQQHJJLDPHQWRGLWXWWLJOLHOHPHQWLGLFRPSDUWLPHQWD
]LRQHVLDRUL]]RQWDOLFKHYHUWLFDOLDGHVFOXVLRQHGHOOHFKLXVXUHGHLYDUFKLHV
SRUWHVHUUDQGHEDUULHUHSDVVLYHDSSDUWHQHQWLVLDDOFRPSDUWLPHQWRGLSULPR
LQQHVFRFKHDJOLDOWULYDQQRYHULILFDWLLVHJXHQWLOLPLWLGLGHIRUPDELOLWQHOOH
FRQGL]LRQLGLFDULFRWHUPLFRHPHFFDQLFRSUHYLVWHSHUOHVROX]LRQLFRQIRUPLGHO
OLYHOOR,,,
D YPD[/ UDSSRUWRWUDPDVVLPDLQIOHVVLRQHYPD[HODOXFH/GHJOLHOH
PHQWLFDULFDWLYHUWLFDOPHQWHFRPHWUDYLHVRODLRUWRWURSL
D YPD[/ UDSSRUWRWUDPDVVLPDLQIOHVVLRQHYPD[HODOXFHPLQLPD/GH
JOLHOHPHQWLDSLDVWUD
D KPD[K UDSSRUWRWUDLO PDVVLPRVSRVWDPHQWRGLLQWHUSLDQR KPD[ H
O
DOWH]]DGLLQWHUSLDQRK
 ,JLXQWLWUDJOLHOHPHQWLGLFRPSDUWLPHQWD]LRQHVHSUHVHQWLGHYRQRHVVHUHLQ
JUDGRGLDVVHFRQGDUHLPRYLPHQWLSUHYLVWLLQFRQGL]LRQLGLLQFHQGLR$WDOHILQH
SRVVLELOHLPSLHJDUHJLXQWLOLQHDULWHVWDWLLQEDVHDOODQRUPD(1FDUDW
WHUL]]DWLGDOODSHUFHQWXDOHGLPRYLPHQWR0LGRQHD
 $LILQLGHOODFDSDFLWGLFRPSDUWLPHQWD]LRQHJOLHOHPHQWLGLFKLXVXUDGHLYDQLGL
FRPXQLFD]LRQHIUDFRPSDUWLPHQWLGHYRQRHVVHUHDWHQXWDGLIXPR(,6HOH
SDUHWLGHYRQRHVVHUHGRWDWHGL UHVLVWHQ]DPHFFDQLFD 0DJJLXQWLYDSHUXQD
FODVVHGHWHUPLQDWDFRPHSHULOOLYHOORGLSUHVWD]LRQH,,,

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH9
 $LILQLGHOODYHULILFDGHOODFDSDFLWSRUWDQWHLQFRQGL]LRQLGLLQFHQGLRGHOODGH
IRUPDELOLWSHULOGDQQHJJLDPHQWRVWUXWWXUDOHHGHOODFRPSDUWLPHQWD]LRQHVL
DSSOLFDQROHSUHVFUL]LRQLYDOLGHSHULOOLYHOORGLSUHVWD]LRQH,9
 1RQVLIRUQLVFRQRVROX]LRQLFRQIRUPLSHUODYHULILFDGHJOLLPSLDQWLULWHQXWLVL
JQLILFDWLYLDLILQLGHOODIXQ]LRQDOLWGHOO
RSHUD
 $LILQLGHOFRQWUROORGHOGDQQHJJLDPHQWRGLWXWWLJOLHOHPHQWLVWUXWWXUDOLYDQQR
YHULILFDWLLOLPLWLGLGHIRUPDELOLWLPSRVWLGDOOH17&SHUOHYHULILFKHDJOLVWDWLOL
PLWHGLHVHUFL]LR'HWWHYHULILFKHYDQQRFRQGRWWHQHOOHFRQGL]LRQLGLFDULFRWHU
PLFRHPHFFDQLFRSUHYLVWHSHUOHVROX]LRQLFRQIRUPLGHOOLYHOORGLSUHVWD]LR
QH,,,

6

6ROX]LRQLDOWHUQDWLYHSHULOOLYHOORGLSUHVWD]LRQH,
 6RQRDPPHVVHVROX]LRQLDOWHUQDWLYHFRVWLWXLWHGD
D FRPSDUWLPHQWD]LRQHULVSHWWRDGDOWUHFRVWUX]LRQL
E DVVHQ]DGLGDQQHJJLDPHQWRDGDOWUHFRVWUX]LRQLSHUHIIHWWRGLFROODVVRVWUXWWX
UDOH
 $L  ILQL  GHOOD  YHULILFD  GHOOD  FRPSDUWLPHQWD]LRQH  ULVSHWWR  DG  DOWUH  FRVWUX]LRQL
VRQRULWHQXWHLGRQHHOHVROX]LRQLFRQIRUPLRDOWHUQDWLYHLQGLFDWHSHULOOLYHOORGL
SUHVWD]LRQH,,GHOODPLVXUDDQWLQFHQGLRFRPSDUWLPHQWD]LRQH&DSLWROR6
 $LILQLGHOODYHULILFDGHOO
DVVHQ]DGLGDQQHJJLDPHQWRDGDOWUHFRVWUX]LRQLGHYR
QRHVVHUHDGRWWDWHVROX]LRQLDWWH DGLPRVWUDUH FKH LOPHFFDQLVPRGLFROODVVR
VWUXWWXUDOHLQFRQGL]LRQLGLLQFHQGLRQRQDUUHFKLGDQQLDGDOWUHFRVWUX]LRQL'HW
WHYHULILFKHGHYRQRHVVHUHFRQGRWWHLQEDVHDJOLVFHQDULGLLQFHQGLRGLSURJHWWR
HGDLUHODWLYLLQFHQGLFRQYHQ]LRQDOLGLSURJHWWRUDSSUHVHQWDWLGDFXUYHQDWXUDOLGL
LQFHQGLRVHFRQGRLOSDUDJUDIR6
 $OILQHGLGLPRVWUDUHLOUDJJLXQJLPHQWRGHO FROOHJDWR OLYHOORGLSUHVWD]LRQH LO
SURJHWWLVWDGHYHLPSLHJDUHXQRGHLPHWRGLGLFXLDOSDUDJUDIR*

6

6ROX]LRQLDOWHUQDWLYHSHULOOLYHOORGLSUHVWD]LRQH,,
 6RQRDPPHVVHVROX]LRQLDOWHUQDWLYHFRVWLWXLWHGD
D FRPSDUWLPHQWD]LRQHULVSHWWRDGDOWUHFRVWUX]LRQL
E DVVHQ]DGLGDQQHJJLDPHQWRDGDOWUHFRVWUX]LRQLSHUHIIHWWRGLFROODVVRVWUXWWX
UDOH
F PDQWHQLPHQWRGHOODFDSDFLWSRUWDQWHLQFRQGL]LRQLGLLQFHQGLRSHUXQSHULR
GRVXIILFLHQWHDOOHYDFXD]LRQHGHJOLRFFXSDQWLLQOXRJRVLFXURDOOHVWHUQRGHO
ODFRVWUX]LRQH/DFDSDFLWSRUWDQWHGHYHHVVHUHFRPXQTXHWDOHGDJDUDQWLUH
XQ  PDUJLQH  GL  VLFXUH]]D  WPDUJ SDUDJUDIR  0  QRQ  LQIHULRUH  D  y
56(7HFRPXQTXHQRQLQIHULRUHDPLQXWL
 3HUODYHULILFDGHOODFRPSDUWLPHQWD]LRQHHGHOO
DVVHQ]DGLGDQQHJJLDPHQWRLQ
FDVRGLFROODVVRVWUXWWXUDOHVLXWLOL]]DQROHVROX]LRQLDOWHUQDWLYHSUHYLVWHSHULOOL
YHOORGLSUHVWD]LRQH,GLUHVLVWHQ]DDOIXRFR
 3HUODYHULILFDGHOPDQWHQLPHQWRGHOODFDSDFLWSRUWDQWHLQFRQGL]LRQLGLLQFHQ
GLROHVROX]LRQLDOWHUQDWLYHVLRWWHQJRQRYHULILFDQGROHSUHVWD]LRQLGLUHVLVWHQ]D
DOIXRFRGHOOHFRVWUX]LRQLLQEDVHDJOLVFHQDULGLLQFHQGLRGLSURJHWWRHGDLUHODWL
YLLQFHQGLFRQYHQ]LRQDOLGLSURJHWWRUDSSUHVHQWDWLGDFXUYHQDWXUDOLGLLQFHQGLR
VHFRQGRLOSDUDJUDIR6
 $OILQHGLGLPRVWUDUHLOUDJJLXQJLPHQWRGHO FROOHJDWR OLYHOORGLSUHVWD]LRQH LO
SURJHWWLVWDGHYHLPSLHJDUHXQRGHLPHWRGLGLFXLDOSDUDJUDIR*

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6

6ROX]LRQLDOWHUQDWLYHSHULOOLYHOORGLSUHVWD]LRQH,,,
 6RQRDPPHVVHVROX]LRQLDOWHUQDWLYH
 /HVROX]LRQLDOWHUQDWLYHSHULOOLYHOORGLSUHVWD]LRQH,,,VLRWWHQJRQRYHULILFDQGR
OHSUHVWD]LRQLGLUHVLVWHQ]DDOIXRFRGHOOHFRVWUX]LRQLLQEDVHDJOLVFHQDULGLLQ
FHQGLRGLSURJHWWRHGDLUHODWLYLLQFHQGLFRQYHQ]LRQDOLGLSURJHWWRUDSSUHVHQWDWL
GDFXUYHQDWXUDOLGLLQFHQGLRVHFRQGRLOSDUDJUDIR6
 3HUODYHULILFDGHOODFDSDFLWGLFRPSDUWLPHQWD]LRQHDOO
LQWHUQRGHOO
DWWLYLWQRQ
VLIRUQLVFRQRVROX]LRQLDOWHUQDWLYH
 $OILQHGLGLPRVWUDUHLOUDJJLXQJLPHQWRGHOFROOHJDWR OLYHOORGLSUHVWD]LRQH LO
SURJHWWLVWDGHYHLPSLHJDUHXQRGHLPHWRGLGLFXLDOSDUDJUDIR*

6

6ROX]LRQLDOWHUQDWLYHSHULOLYHOOLGLSUHVWD]LRQH,9H9
 6RQRDPPHVVHVROX]LRQLDOWHUQDWLYH
 /HVROX]LRQLDOWHUQDWLYHSHULOLYHOOLGLSUHVWD]LRQH,9H9VLRWWHQJRQRYHULIL
FDQGRLSDUDPHWULGLGDQQHJJLDPHQWRHGLIXQ]LRQDOLWSUHYLVWLGDOSURJHWWLVWDH
GDOODFRPPLWWHQ]DROWUHDOOHYHULILFKHGLFXLDOSDUDJUDIR6/HVROX]LRQL
GRYUDQQRHVVHUHFRPXQTXHULFHUFDWHQHOULVSHWWRGHOOH17&
 $OILQHGLGLPRVWUDUHLOUDJJLXQJLPHQWRGHOOLYHOORGLSUHVWD]LRQHLOSURJHWWLVWD
GHYHLPSLHJDUHXQRGHLPHWRGLGLFXLDOSDUDJUDIR*

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6

9HULILFD  GHOOH  SUHVWD]LRQL  GL  UHVLVWHQ]D  DO  IXRFR  FRQ  LQFHQGL

FRQYHQ]LRQDOLGLSURJHWWR
 /HSUHVWD]LRQLGLUHVLVWHQ]DDOIXRFRGHOOHFRVWUX]LRQLGHYRQRHVVHUHYHULILFDWH
LQEDVHDJOLLQFHQGLFRQYHQ]LRQDOLGLSURJHWWRUDSSUHVHQWDWLGDFXUYHQRPLQDOLGL
LQFHQGLROHFXLHVSUHVVLRQLDQDOLWLFKHVRQRULSRUWDWHQHOSDUDJUDIR6
 ,FULWHULGLSURJHWWD]LRQHGHJOLHOHPHQWLVWUXWWXUDOLUHVLVWHQWLDOIXRFRVRQRULSRU
WDWLQHOSDUDJUDIR6
 /DQGDPHQWRGHOOHWHPSHUDWXUHQHJOLHOHPHQWLGHYHHVVHUHYDOXWDWRSHUOLQWHU
YDOORGLWHPSRGLHVSRVL]LRQHSDULDOODFODVVHPLQLPDGLUHVLVWHQ]DDOIXRFRSUH
YLVWDSHUFLDVFXQOLYHOORGLSUHVWD]LRQH
 /DSURFHGXUDSHULOFDOFRORGHOFDULFRGLLQFHQGLRVSHFLILFRGLSURJHWWRTIGLP
SLHJDWRSHUODGHILQL]LRQHGHOODFODVVHGLUHVLVWHQ]DDOIXRFRULSRUWDWDQHOSDUD
JUDIR6
 1HLFDVLLQFXLLOFDULFRGLLQFHQGLRVSHFLILFRGLSURJHWWRYHQJDGHWHUPLQDWRFRQ
ULIHULPHQWRDOO
HIIHWWLYDDUHDGLSHUWLQHQ]DGHOORVWHVVRVLRWWHQJRQRLQJHQHUH
FODVVLVXSHULRULULVSHWWRDTXHOOHULIHULWHDOO
LQWHURFRPSDUWLPHQWR*OLHOHPHQWL
LQWHUHVVDWLGDOODGLVWULEX]LRQHGLVXQLIRUPHGHOFDULFRGLLQFHQGLRVRQRLQGLYLGXD
WLLQUHOD]LRQHDOODSURVVLPLWFRQORVWHVVR
 /HFXUYHQRPLQDOLGLLQFHQGLRGHYRQRHVVHUHDSSOLFDWHDGXQFRPSDUWLPHQWR
GHOOHGLILFLRDOODYROWD VDOYRLOFDVR GHJOLHGLILFLPXOWLSLDQRODGGRYHHOHPHQWL
RUL]]RQWDOL  GL  VHSDUD]LRQH  FRQ  FDSDFLW  GL  FRPSDUWLPHQWD]LRQH DGHJXDWD  QHL
FRQIURQWLGHOODSURSDJD]LRQHYHUWLFDOHGHJOLLQFHQGLFRQVHQWRQRGLFRQVLGHUDUH
VHSDUDWDPHQWHLOFDULFRGLLQFHQGLRGHLVLQJROLSLDQL
 ,QFDVRGLFRPSDUWLPHQWLFRQHOHPHQWLGLFRPSDUWLPHQWD]LRQHFRPXQLODFODVVH
GLWDOLHOHPHQWLGHYHHVVHUHSDULDOODPDJJLRUHGHOOHFODVVLGLFLDVFXQFRPSDUWL
PHQWR
 ,YDORULGHOFDULFRGLQFHQGLRVSHFLILFRGLSURJHWWRHGHOOHFDUDWWHULVWLFKHGHO
FRPSDUWLPHQWR  DQWLQFHQGLR  DGRWWDWL  QHO  SURJHWWR  FRVWLWXLVFRQR  XQ  YLQFROR
GHVHUFL]LRSHUOHDWWLYLWGDVYROJHUHDOOLQWHUQRGHOODFRVWUX]LRQH

6

9HULILFD GHOOHSUHVWD]LRQLGLUHVLVWHQ]DDOIXRFRFRQFXUYHQDWXUDOLGL
LQFHQGLR
 /DQGDPHQWRGHOOHWHPSHUDWXUHQHJOLHOHPHQWLYDOXWDWRLQULIHULPHQWRDXQD
FXUYDQDWXUDOHGLQFHQGLRWHQHQGRFRQWRGHOODGXUDWDGHOORVFHQDULRGLLQFHQGLR
LQGLFDWDQHOFDSLWROR0
 ,OSURFHVVRGLLQGLYLGXD]LRQHGHJOLVFHQDULGLLQFHQGLRGLSURJHWWRGHYHHVVHUH
FRQIRUPHDTXDQWRLQGLFDWRQHOFDSLWROR0
 /HFXUYHQDWXUDOLGLLQFHQGLRSRVVRQRHVVHUHGHWHUPLQDWHPHGLDQWH
D PRGHOOLGLLQFHQGLRVSHULPHQWDOL
E PRGHOOLGLLQFHQGLRQXPHULFLVHPSOLILFDWLGHOO(XURFRGLFH81,(1

F PRGHOOLGLLQFHQGLRQXPHULFLDYDQ]DWL
 /HFXUYHGLLQFHQGLRQDWXUDOHGHYRQRHVVHUHGHWHUPLQDWHSHUORVSHFLILFRFRP
SDUWLPHQWR  DQWLQFHQGLR FRQ  ULIHULPHQWR D  PHWRGL  GL  ULFRQRVFLXWD  DIILGDELOLW
FRPHTXHOOLGLFXLDOFRPPDHIDFHQGRULIHULPHQWRTXDQGRQHFHVVDULRDOFDUL
FRGLLQFHQGLRVSHFLILFRGLSURJHWWRTIG GLFXLDOSDUDJUDIR6 SRQHQGRSDUL

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

DGLFRHIILFLHQWLQL UHODWLYLDOOH PLVXUHDQWLQFHQGLR FKHVLLQWHQGHPRGHOODUH

VHFRQGRLFULWHULGLFXLDOFDSLWROR0
 ,YDORULGHOFDULFRGLQFHQGLRHGHOOHFDUDWWHULVWLFKHGHOFRPSDUWLPHQWRDQWLQFHQ
GLRFRVWLWXLVFRQRXQYLQFRORGHVHUFL]LRSHUOHDWWLYLWGDVYROJHUHDOOLQWHUQR
GHOODFRVWUX]LRQH
 ,FULWHULGLSURJHWWD]LRQHGHJOLHOHPHQWLVWUXWWXUDOLUHVLVWHQWLDOIXRFRVRQRULSRU
WDWLQHOSDUDJUDIR6
6

&XUYHQRPLQDOLG
LQFHQGLR
 $LILQLGHOODGHILQL]LRQHGHOOHVROX]LRQLFRQIRUPLGLUHVLVWHQ]DDOIXRFROHFODVVL
GLUHVLVWHQ]DDOIXRFRVRQRGLQRUPDULIHULWHDOOLQFHQGLRFRQYHQ]LRQDOHUDSSUH
VHQWDWRGDOODFXUYDQRPLQDOHVWDQGDUGVHJXHQWH
J ORJyW
6
GRYH
WHPSHUDWXUDPHGLDGHLJDVGLFRPEXVWLRQH >r&@
J
W
WHPSR
>PLQXWL@
 1HOFDVRGLLQFHQGLGLTXDQWLWULOHYDQWLGLLGURFDUEXULRDOWUHVRVWDQ]HFRQHTXL
YDOHQWH YHORFLW GLULODVFLRWHUPLFRHGHVFOXVLYDPHQWHSHUODGHWHUPLQD]LRQH
GHOODFDSDFLWSRUWDQWHGHOOHVWUXWWXUHODFXUYDGLLQFHQGLRQRPLQDOHVWDQGDUG
GHYHHVVHUHVRVWLWXLWDFRQODFXUYDQRPLQDOHGHJOLLGURFDUEXULVHJXHQWH
J yHWyHW
6
GRYH
WHPSHUDWXUDPHGLDGHLJDVGLFRPEXVWLRQH >r&@
J
W
WHPSR
>PLQXWL@
 1HOFDVRGLLQFHQGLVYLOXSSDWLVLDOOLQWHUQRGHOFRPSDUWLPHQWRPDFKHFRLQYRO
JRQRVWUXWWXUHSRVWHDOOHVWHUQRSHUTXHVWHXOWLPHODFXUYDGLLQFHQGLRQRPLQDOH
VWDQGDUGSXHVVHUHVRVWLWXLWDFRQODFXUYDQRPLQDOHHVWHUQDVHJXHQWH
J yHWyHW
6
GRYH
J
WHPSHUDWXUDPHGLDGHLJDVGLFRPEXVWLRQH >r&@
W
WHPSR
>PLQXWL@

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6

&ULWHULGLSURJHWWD]LRQHVWUXWWXUDOHLQFDVRGLLQFHQGLR

6

&ULWHULJHQHUDOL
 /DFDSDFLWGHOVLVWHPDVWUXWWXUDOHLQFDVRGLLQFHQGLRVLGHWHUPLQDVXOODEDVH
GHOODFDSDFLWSRUWDQWHSURSULDGHJOLHOHPHQWLVWUXWWXUDOLVLQJROLGLSRU]LRQLGL
VWUXWWXUDRGHOOLQWHURVLVWHPDFRVWUXWWLYRFRPSUHVHOHFRQGL]LRQLGLFDULFRHGL
YLQFRORWHQHQGRFRQWRGHOODHYHQWXDOHSUHVHQ]DGLPDWHULDOLSURWHWWLYL
 /HGHIRUPD]LRQLHGHVSDQVLRQLLPSRVWHRLPSHGLWHGRYXWHDLFDPELDPHQWLGL
WHPSHUDWXUDSHUHIIHWWRGHOOHVSRVL]LRQHDOIXRFRSURGXFRQRVROOHFLWD]LRQLLQGL
UHWWHIRU]HHPRPHQWLQHLVLQJROLHOHPHQWLVWUXWWXUDOLFKHGHYRQRHVVHUHWHQXWL
LQFRQVLGHUD]LRQHDGHFFH]LRQHGHLVHJXHQWLFDVL
D ULFRQRVFLELOHDSULRULFKHHVVHVRQRWUDVFXUDELOLRIDYRUHYROL
E LUHTXLVLWLGLVLFXUH]]DDOOLQFHQGLRVRQRYDOXWDWLLQULIHULPHQWRDGXQDFXUYD
QRPLQDOHGLQFHQGLRGLFXLDOSDUDJUDIR6
 1HOSURJHWWRHQHOOHYHULILFKHGLVLFXUH]]DDOOLQFHQGLRVLGHYHWHQHUHFRQWRGHOOD
FRPELQD]LRQHGHLFDULFKLSHUD]LRQLHFFH]LRQDOLSUHYLVWDGDOOHYLJHQWL17&

6

(OHPHQWLVWUXWWXUDOLVHFRQGDUL
 $LILQLGHOODYHULILFDGHLUHTXLVLWLGLUHVLVWHQ]DDOIXRFRGHJOLHOHPHQWLVWUXWWXUDOL
VHFRQGDULLOSURJHWWLVWDGHYHYHULILFDUHFKHLOFHGLPHQWRGLWDOLHOHPHQWLSHUHI
IHWWRGHOO
LQFHQGLRQRQFRPSURPHWWD
D ODFDSDFLWSRUWDQWHGHJOLDOWULHOHPHQWLVWUXWWXUDOLGHOODFRVWUX]LRQHLQFRQGL
]LRQLGLLQFHQGLR
E OHIILFDFLDGLHOHPHQWLFRVWUXWWLYLGLFRPSDUWLPHQWD]LRQH
F LOIXQ]LRQDPHQWRGHLVLVWHPLGLSURWH]LRQHDWWLYD
G O
HVRGRLQVLFXUH]]DGHJOLRFFXSDQWL
H ODVLFXUH]]DGHLVRFFRUULWRUL
 $LILQLGHOODYHULILFDGHLUHTXLVLWLGLFXLDLSXQWLGHHVXIILFLHQWHYHULILFDUH
FKHODFDSDFLWSRUWDQWHGHJOLHOHPHQWLVWUXWWXUDOLVHFRQGDULVLDJDUDQWLWDSHUXQ
WHPSRWDOHFKHWXWWLJOLRFFXSDQWLGHOODWWLYLWUDJJLXQJDQRRSHUPDQJDQRLQXQ
OXRJRVLFXUR7DOHYHULILFDJDUDQWLWDDGRWWDQGROHVROX]LRQLSUHYLVWHSHULOOLYHO
ORGLSUHVWD]LRQH,,

6

6WUXWWXUHYXOQHUDELOLLQFRQGL]LRQLGLLQFHQGLR
 $LILQLGHOODYHULILFDGHLUHTXLVLWLGLUHVLVWHQ]DDOIXRFRSHUVWUXWWXUHYXOQHUDELOL
LQFRQGL]LRQLGLLQFHQGLRVLLQWHQGRQRTXHOOHVWUXWWXUHVROLWDPHQWHGLWLSROHJJH
URFKHSHUORURQDWXUDULVXOWDQRSDUWLFRODUPHQWHVHQVLELOLDOO
D]LRQHGHOIXRFR/D
YXOQHUDELOLWGLWDOLVWUXWWXUHSXHVVHUHOHJDWDDOODORURULGRWWDLSHUVWDWLFLWRUR
EXVWH]]DDOODVQHOOH]]DGHJOLHOHPHQWLVWUXWWXUDOLDOODLPSRVVLELOLWRDOO
DQWLHFR
QRPLFLWGLDSSOLFD]LRQHGLVLVWHPLSURWHWWLYLRDOSLHQRDIILGDPHQWRGHOODUHVL
VWHQ]DDUHJLPLPHPEUDQDOLVHQVLELOLDLIRUWLLQFUHPHQWLGLWHPSHUDWXUD
1RWD7LSLFLHVHPSLGLVLVWHPLFRVWUXWWLYLYXOQHUDELOLQHLFRQIURQWLGHOO
LQFHQGLRVRQRWHQVRVWUXW
WXUHVWUXWWXUHSUHVVRVWDWLFKHVWUXWWXUHVWUDOODWHPHPEUDQHDGRSSLDRVHPSOLFHFXUYDWXUDFRSHUWX
UHJHRGHWLFKHVWUXWWXUHLQOHJDGLDOOXPLQLRDOOHVWLPHQWLWHPSRUDQHLLQWXERHJLXQWRWXQQHOPR
ELOL

 $WWHVDODULGRWWDUHVLVWHQ]DDOIXRFRGHOOHVWUXWWXUHGLFXLDOFRPPDHVVHVLUL
WHQJRQRSUHIHULELOPHQWHLGRQHHVRORSHUFRVWUX]LRQLSHUOHTXDOLVRQRULFKLHVWLL
OLYHOOLGLSUHVWD]LRQH,R,,

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

 1RQVLHVFOXGHDSULRULODSRVVLELOLWGLLPSLHJRGHOOHVWUXWWXUHGLFXLDOFRPPD
SHUOLYHOOLGLSUHVWD]LRQHVXSHULRULDO,,
 ,QFDVRGLSURGX]LRQLVWUXWWXUDOLLQVHULHVRQRDPPHVVHYDOXWD]LRQLGLUHVLVWHQ]D
DOIXRFRYDOLGHSHUFRVWUX]LRQLWLSRORJLFKHRSHUSURWRWLSL,OSURIHVVLRQLVWDDQ
WLQFHQGLRSURYYHGHDFHUWLILFDUHLUHTXLVLWLGLUHVLVWHQ]DDOIXRFRGHOOHVWUXWWXUH
LQRSHUDYHULILFDQGRLQSDUWLFRODUHLOULVSHWWRGHOOHLSRWHVLDOODEDVHGHOOHYHULIL
FKHGLUHVLVWHQ]DDOIXRFRFRQGRWWHVXLSURWRWLSL

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6

3URFHGXUDSHULOFDOFRORGHOFDULFRGLLQFHQGLRVSHFLILFRGLSURJHWWR
 ,OYDORUHGHOFDULFRGLQFHQGLRVSHFLILFRGLSURJHWWRTIGGHWHUPLQDWRVHFRQGR
ODVHJXHQWHUHOD]LRQH
TIG TyTyQyTI
6
GRYH
>0-P@
TIG FDULFRG
LQFHQGLRVSHFLILFRGLSURJHWWR
T IDWWRUHFKHWLHQHFRQWRGHOULVFKLRGLLQFHQGLRLQUHOD]LRQHDOODGLPHQVLRQH
GHOFRPSDUWLPHQWRHLFXLYDORULVRQRGHILQLWLQHOODWDEHOOD6
6XSHUILFLHORUGD
GHOFRPSDUWLPHQWRP

T

6XSHUILFLHORUGD
GHOFRPSDUWLPHQWRP

T

$



$



$



$



$



$



7DEHOOD63DUDPHWULSHUODGHILQL]LRQHGHOIDWWRUHT
T

LOIDWWRUHFKHWLHQHFRQWRGHOULVFKLRGLLQFHQGLRLQUHOD]LRQHDOWLSRGLDW
WLYLWVYROWDQHOFRPSDUWLPHQWRHLFXLYDORULVRQRGHILQLWLQHOODWDEHO
OD6

&ODVVLGL
ULVFKLR

'HVFUL]LRQH

T

$UHHFKHSUHVHQWDQRXQEDVVRULVFKLRGLLQFHQGLRLQWHUPLQLGLSUREDELOLWGLLQQH
VFRYHORFLWGLSURSDJD]LRQHGHOOHILDPPHHSRVVLELOLWGLFRQWUROORGHOOLQFHQGLR
GDSDUWHGHOOHVTXDGUHGLHPHUJHQ]D



,,

$UHHFKHSUHVHQWDQRXQPRGHUDWRULVFKLRGLLQFHQGLRLQWHUPLQLGLSUREDELOLW
GLQQHVFRYHORFLWGLSURSDJD]LRQHGLXQLQFHQGLRHSRVVLELOLWGLFRQWUROOR
GHOOLQFHQGLRVWHVVRGDSDUWHGHOOHVTXDGUHGLHPHUJHQ]D



,,,

$UHHFKHSUHVHQWDQRXQDOWRULVFKLRGLLQFHQGLRLQWHUPLQLGLSUREDELOLWGLQQHVFR
YHORFLWGLSURSDJD]LRQHGHOOHILDPPHHSRVVLELOLWGLFRQWUROORGHOOLQFHQGLRGDSDU
WHGHOOHVTXDGUHGLHPHUJHQ]D



7DEHOOD63DUDPHWULSHUODGHILQL]LRQHGHOIDWWRUHT
Q  Q L LOIDWWRUHFKHWLHQHFRQWRGHOOHGLIIHUHQWLPLVXUHDQWLQFHQGLRGHO
L

FRPSDUWLPHQWRHGLFXLYDORULVRQRGHILQLWLQHOODWDEHOOD6

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

0LVXUDDQWLQFHQGLRPLQLPD

QL

UHWHLGUDQWLFRQSURWH]LRQHLQWHUQD

Q



UHWHLGUDQWLFRQSURWH]LRQHLQWHUQDHG
HVWHUQD

Q



VLVWHPDDXWRPDWLFRDGDFTXDRVFKLX
PDHUHWHLGUDQWLFRQSURWH]LRQHLQWHU
QD

Q



Q



Q



Q



*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR&DSLWROR6FRQ

OLYHOORPLQLPRGLSUHVWD]LRQH,,>@

Q



&RQWUROORGLIXPLHFDORUH&DSLWROR6FRQ

OLYHOORGLSUHVWD]LRQH,,,

Q



5LYHOD]LRQHHGDOODUPH&DSLWROR6FRQ

OLYHOORPLQLPRGLSUHVWD]LRQH,,,

Q



2SHUDWLYLWDQWLQFHQGLR&DSLWROR6FRQ

VROX]LRQHFRQIRUPHSHULOOLYHOORGLSUHVWD]LRQH,9

Q



&RQWUROORGHOO
LQFHQGLR&DSLWROR6FRQOLYHOORGLSUH
VWD]LRQH,,,

DOWURVLVWHPDDXWRPDWLFRHUHWHLGUDQWL
&RQWUROORGHOO
LQFHQGLR&DSLWROR6FRQOLYHOORPLQLPR FRQSURWH]LRQHLQWHUQD
GLSUHVWD]LRQH,9
VLVWHPDDXWRPDWLFRDGDFTXDRVFKLX
PDHUHWHLGUDQWLFRQSURWH]LRQHLQ
WHUQDHGHVWHUQD
DOWURVLVWHPDDXWRPDWLFRHUHWHLGUDQWL
FRQSURWH]LRQHLQWHUQDHGHVWHUQD

>@*OLDGGHWWLDQWLQFHQGLRGHYRQRJDUDQWLUHODSUHVHQ]DFRQWLQXDWLYDGXUDQWHOHRUH

7DEHOOD63DUDPHWULSHUODGHILQL]LRQHGHLIDWWRULQL
TI

LOYDORUHQRPLQDOHGHOFDULFRGLQFHQGLRVSHFLILFRGDGHWHUPLQDUVLVH
FRQGRODIRUPXOD
>0-P@
Q

J y+ yP y
L

TI 

L

6

GRYH
JL
PDVVDGHOOLHVLPRPDWHULDOHFRPEXVWLELOH
>NJ@
SRWHUHFDORULILFRLQIHULRUHGHOOLHVLPRPDWHULDOHFRPEXVWLELOHLYDORULGL
+L
+L GHLPDWHULDOLFRPEXVWLELOLSRVVRQRHVVHUHGHWHUPLQDWLSHUYLD VSHUL
PHQWDOHLQDFFRUGRFRQ81,(1,62GHGRWWLGDOSURVSHWWR(
GHOOD  QRUPD  81,(1  RYYHUR  HVVHUH  PXWXDWL  GDOOD  OHWWHUDWXUD
WHFQLFD>0-NJ@
PL
IDWWRUHGLSDUWHFLSD]LRQHDOODFRPEXVWLRQHGHOOLHVLPRPDWHULDOHFRPEX
VWLELOHSDULDSHULOOHJQRHDOWULPDWHULDOLGLQDWXUDFHOOXORVLFDH
SHUWXWWLJOLDOWULPDWHULDOLFRPEXVWLELOL
L
IDWWRUHGLOLPLWD]LRQHGHOODSDUWHFLSD]LRQHDOODFRPEXVWLRQHGHOOLHVLPR
PDWHULDOHFRPEXVWLELOHSDULD
SHULPDWHULDOLFRQWHQXWLLQFRQWHQLWRULDSSRVLWDPHQWHSURJHWWDWLSHUUHVL
VWHUHDOIXRFRSHUXQWHPSRFRQJUXHQWHFRQODFODVVHGLUHVLVWHQ]DDOIXRFR
HVDUPDGLUHVLVWHQWLDOIXRFRSHUOLTXLGLLQILDPPDELOL
SHULPDWHULDOLFRQWHQXWLLQFRQWHQLWRULQRQFRPEXVWLELOLFKHFRQVHU
YLQRODORURLQWHJULWGXUDQWHOHVSRVL]LRQHDOOLQFHQGLRHQRQDSSRVLWD
PHQWHSURJHWWDWLSHUUHVLVWHUHDOIXRFRHVIXVWLFRQWHQLWRULRDUPDGLPH
WDOOLFL
LQWXWWLJOLDOWULFDVLHVEDUDWWROLGLYHWURERPEROHWWHVSUD\
$
VXSHUILFLHORUGDGHOSLDQRGHOFRPSDUWLPHQWR
>P@
 4XDORUDLQDOWHUQDWLYDDOODIRUPXODVXGGHWWDVLSHUYHQJDDOODGHWHUPLQD]LRQHGL
TIDWWUDYHUVRXQDYDOXWD]LRQHVWDWLVWLFDGHOFDULFRGLLQFHQGLRSHUODVSHFLILFDDW
&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

WLYLWVLGHYHIDUULIHULPHQWRDYDORULFRQSUREDELOLWGLVXSHUDPHQWRLQIHULRUHDO
  &RQVLGHUD]LRQL  DJJLXQWLYH  XWLOL  D  WDOH  VFRSR  VRQR  IRUQLWH  QHO  SDUDJUD
IR6
 ,QFDVRGLSUHVHQ]DGLVWUXWWXUHSRUWDQWLOLJQHHQHOFRPSDUWLPHQWRYDVHJXLWDOD
SURFHGXUDGLFXLDOSDUDJUDIR6
 /RVSD]LRGLULIHULPHQWRJHQHUDOPHQWHFRLQFLGHFRQLOFRPSDUWLPHQWRDQWLQFHQ
GLRFRQVLGHUDWRHLOFDULFRGLLQFHQGLRVSHFLILFRTXLQGLULIHULWRDOODVXSHUILFLH
ORUGDGHOSLDQRGHOFRPSDUWLPHQWRVWHVVRQHOOLSRWHVLGLXQDGLVWULEX]LRQHVXIIL
FLHQWHPHQWHXQLIRUPHGHOFDULFRGLLQFHQGLR
 ,QFDVRGLPDUFDWDHEHQLGHQWLILFDWDGLVWULEX]LRQHGLVRPRJHQHDGHOFDULFRGLLQ
FHQGLRLOYDORUHGHOFDULFRGLQFHQGLRVSHFLILFRTIULIHULWRDQFKHDOOHIIHWWLYD
GLVWULEX]LRQHGHOORVWHVVR
6

,QGLFD]LRQL  DJJLXQWLYH  VXOOD  GHWHUPLQD]LRQH  VWDWLVWLFD  GHO  FDULFR  GL

LQFHQGLR
 3HUFDOFRODUHLOYDORUHDOIUDWWLOHGHOFDULFRGLLQFHQGLRSDUWHQGRGDYDORUL
UHSHULWL LQOHWWHUDWXUD WHFQLFDGD FRQVLGHUDUH FRPH YDORULPHGLQHFHVVDULR
PROWLSOLFDUHLOYDORUHPHGLRSHUXQFRHIILFLHQWHDPSOLILFDWLYRVHFRQGRLVHJXHQ
WLFULWHUL
D SHUDWWLYLWFRQYDULDELOLWPROWROLPLWDWHSHUTXDQWRULJXDUGDLOPRELOLRROH
PHUFLLQGHSRVLWRFRPHDGHVHPSLRDELWD]LRQLDOEHUJKLRVSHGDOLXIILFLH
VFXROHSRVVLELOHVFHJOLHUHXQYDORUHGHOFRHIILFLHQWHPROWLSOLFDWLYRFRPSUH
VRWUDH
E SHUDWWLYLWFRQYDULDELOLWPDJJLRULSHUTXDQWRULJXDUGDLOPRELOLRROHPHUFL
LQGHSRVLWRFRPHDGHVHPSLRFHQWULFRPPHUFLDOLJUDQGLPDJD]]LQLDWWLYLW
LQGXVWULDOL   SRVVLELOH  VFHJOLHUH  XQ  YDORUH  GHO  FRHIILFLHQWH  PROWLSOLFDWLYR
FRPSUHVRWUDH
$OOLQWHUQRGLWDOLLQWHUYDOOLSXHVVHUHLQGLYLGXDWRLOYDORUHGHOFRHIILFLHQWHDS
SURSULDWRDOODWUDWWD]LRQHGHOFDVRLQHVDPH
 1HOODSSHQGLFH(GHOODQRUPD81,(1SUHVHQWHODWDEHOOD6RYH
VRQRULSRUWDWHOHGHQVLWGLFDULFRGLLQFHQGLRSHUGLYHUVHGHVWLQD]LRQLGXVRVLD
FRPHYDORUHPHGLRFKHFRPHIUDWWLOH
9DORUHPHGLR0-P

)UDWWLOH0-P

&LYLOLDELWD]LRQL





2VSHGDOLVWDQ]D





$OEHUJKLVWDQ]D





%LEOLRWHFKH





8IILFL





6FXROH





&HQWULFRPPHUFLDOL





7HDWULFLQHPD





7UDVSRUWLVSD]LRSXEEOLFR





$WWLYLW

7DEHOOD6'HQVLWGLFDULFRGLLQFHQGLRGD81,(1
6

3URFHGXUD  SHU  LO  FDOFROR  GHO  FRQWULEXWR  DO  FDULFR  GL  LQFHQGLR  GL

VWUXWWXUHLQOHJQR
 ,OFRQWULEXWRGHJOLHOHPHQWLVWUXWWXUDOLGLOHJQRSXHVVHUHGHWHUPLQDWRDWWUDYHU
VRLOVHJXHQWHSURFHGLPHQWR

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

D VL  GHWHUPLQD OD FODVVH  GHO FRPSDUWLPHQWR SUHVFLQGHQGRLQL]LDOPHQWH GDOOD

SUHVHQ]DGHJOLHOHPHQWLVWUXWWXUDOLOLJQHLWDOHFODVVHDLVROLILQLGHOODGHWHU
PLQD]LRQHGLFXLDOVXFFHVVLYRSXQWREQRQSRWULQRJQLFDVRHVVHUHLQIH
ULRUHDPLQXWL
E VLFDOFRODORVSHVVRUHGLFDUERQL]]D]LRQHGHJOLHOHPHQWLVWUXWWXUDOLGLOHJQR
FRUULVSRQGHQWHDOODFODVVHGHWHUPLQDWDDOSXQWRSUHFHGHQWHDGRWWDQGRFRPH
YDORULGLULIHULPHQWRGHOODYHORFLWGLFDUERQL]]D]LRQHTXHOOLFRQWHQXWLQHOOD
QRUPD81,(1m3URJHWWD]LRQHGHOOHVWUXWWXUHGLOHJQR3DUWH
5HJROHJHQHUDOL3URJHWWD]LRQHVWUXWWXUDOHFRQWUROLQFHQGLR}GLFXLVLULSRUWD
XQRVWUDOFLRQHOODWDEHOOD6
6SHFLHOHJQRVD

7LSRORJLDGLOHJQR

/HJQDPHWHQHURFRQL /HJQRODPLQDWRLQFROODWRFRQGHQVLWFDUDWWHULVWLFDNJP

IHUHHIDJJLR
/HJQRPDVVLFFLRFRQGHQVLWFDUDWWHULVWLFDNJP
/HJQDPHGXURODWL
IRJOLH

PPPLQ





/HJQRGXURPDVVLFFLRRODPLQDWRLQFROODWR
FRQGHQVLWFDUDWWHULVWLFDNJP



/HJQRGXURPDVVLFFLRRODPLQDWRLQFROODWR
FRQGHQVLWFDUDWWHULVWLFDNJP



7DEHOOD69HORFLWGLFDUERQL]]D]LRQHGHOOHJQR
,QFDVRGLHOHPHQWLVWUXWWXUDOLGLOHJQRGRWDWLGLULYHVWLPHQWLSURWHWWLYLDQWLQ
FHQGLRVLSXSURFHGHUHDOFDOFRORGHOORVSHVVRUHGLFDUERQL]]D]LRQHWHQHQGR
FRQWRGHOOHVSHFLILFKHLQGLFD]LRQLIRUQLWHGDOODQRUPD81,(1
F VL  GHWHUPLQD  GHILQLWLYDPHQWH  OD  FODVVH  GHO  FRPSDUWLPHQWR  WHQHQGR  DQFKH
FRQWRGHOFDULFRGLLQFHQGLRVSHFLILFRUHODWLYRDOOHSDUWLGLHOHPHQWLVWUXWWXUDOL
GLOHJQRFRUULVSRQGHQWLDOORVSHVVRUHGLFXLDOSXQWREFKHKDQQRSDUWHFLSDWR
DOODFRPEXVWLRQH
 3HUWLSRORJLHGLOHJQDPLQRQHVSUHVVDPHQWHULSRUWDWHQHOODWDEHOODVRSUDVWDQWHFL
VLSRWUUHJRODUHSHUDQDORJLDDVVXPHQGRLQRJQLFDVRYDORULFRQVHUYDWLYLDLILQL
GHOODVLFXUH]]DDQWLQFHQGLR

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6

&ODVVLILFD]LRQHGLUHVLVWHQ]DDOIXRFRGLSURGRWWLHGHOHPHQWL
FRVWUXWWLYLGLRSHUHGDFRVWUX]LRQH
 ,SURGRWWLHJOLHOHPHQWLFRVWUXWWLYLVRQRFODVVLILFDWLLQEDVHDOOHORURFDUDWWHULVWL
FKHGLUHVLVWHQ]DDOIXRFRVHFRQGRLVLPEROLHOHFODVVLLQGLFDWHQHOOHWDEHOOHGHO
SUHVHQWHFDSLWRORLQFRQIRUPLWDOOHGHFLVLRQLGHOOD&RPPLVVLRQHGHOO8QLRQH
HXURSHD&(GHOPDJJLR&(GHODJRVWRH
8(GHOO
DSULOH
 /HSUHVWD]LRQLGLUHVLVWHQ]DDOIXRFRGHLSURGRWWLHGHJOLHOHPHQWLFRVWUXWWLYL
SRVVRQRHVVHUHGHWHUPLQDWHLQEDVHDLULVXOWDWLGL
D SURYH
E FDOFROL
F FRQIURQWLFRQWDEHOOH
 /HPRGDOLWSHUODFODVVLILFD]LRQHGLSURGRWWLHGHOHPHQWLFRVWUXWWLYLLQEDVHDL
ULVXOWDWLGLSURYHGLUHVLVWHQ]DDOIXRFRHGLWHQXWDDOIXPRVRQRGHVFULWWHQHOSD
UDJUDIR6
 /HPRGDOLWSHUODFODVVLILFD]LRQHGLSURGRWWLHGHOHPHQWLFRVWUXWWLYLLQEDVHDL
ULVXOWDWLGLFDOFROLVRQRGHVFULWWHQHOSDUDJUDIR6
 /HPRGDOLWSHUODFODVVLILFD]LRQHGLHOHPHQWLFRVWUXWWLYLLQEDVHDFRQIURQWLFRQ
WDEHOOHVRQRGHVFULWWHQHOSDUDJUDIR6

6

6LPEROL
 /DWDEHOOD6ULSRUWDO
HOHQFRGHLVLPEROLXWLOL]]DWLSHUOHSUHVWD]LRQLGLUHVL
VWHQ]DDOIXRFRGLHOHPHQWLFRVWUXWWLYLRVWUXWWXUDOL3HUODGHVFUL]LRQHGHWWDJOLDWD
VLULPDQGDDOOHSHUWLQHQWLQRUPHGLFODVVLILFD]LRQHGHOODVHULH(1HGDOOH
QRUPHULFKLDPDWHQHOSDUDJUDIR6

6LPEROR

3UHVWD]LRQH

'HVFUL]LRQH

&DSDFLWSRUWDQWH

&DSDFLWGLXQHOHPHQWRVWUXWWXUDOHGLSRUWDUHLFDULFKLSUHVHQWLLQ
FRQGL]LRQLGLLQFHQGLRQRUPDOL]]DWRSHUXQFHUWRSHULRGRGLWHPSR

7HQXWD

&DSDFLWGLXQHOHPHQWRFRVWUXWWLYRRVWUXWWXUDOHGLLPSHGLUHLOSDV
VDJJLRGLIXPLHJDVFDOGLSHUXQFHUWRSHULRGRGLWHPSRLQFRQGL
]LRQLGLLQFHQGLRQRUPDOL]]DWH

,VRODPHQWR

&DSDFLWGLXQHOHPHQWRFRVWUXWWLYRRVWUXWWXUDOHGLLPSHGLUHLOSDV
VDJJLRFDORUHGLXQLQFHQGLRQRUPDOL]]DWRSHUXQFHUWRSHULRGRGL
WHPSR$VHFRQGDGHLOLPLWLSLRPHQRVHYHULDOWUDVIHULPHQWRGLFD
ORUHLOUHTXLVLWRVLVSHFLDOL]]DLQ,R,/
DVVHQ]DGLLQGLFD]LRQHDO
SHGLFHVRWWLQWHQGHLOUHTXLVLWR,

,UUDJJLDPHQWR

&DSDFLWGLXQHOHPHQWRFRVWUXWWLYRRVWUXWWXUDOHGLOLPLWDUHSHUXQ
FHUWRSHULRGRGLWHPSRO
LUUDJJLDPHQWRWHUPLFRGDSDUWHGHOODVX
SHUILFLHQRQHVSRVWDLQFRQGL]LRQLGLLQFHQGLRQRUPDOL]]DWH

$]LRQHPHFFDQLFD

&DSDFLW  GL  XQ  HOHPHQWR  FRVWUXWWLYR  R  VWUXWWXUDOH  GL  UHVLVWHUH

DOO
LPSDWWRGDSDUWHGLDOWULHOHPHQWLVHQ]DSHUGHUHLUHTXLVLWLGLUHVL
VWHQ]DDOIXRFR

&

'LVSRVLWLYRDXWRPDWLFRGLFKLX &DSDFLWGLFKLXVXUDGLXQYDUFRGDSDUWHGLXQHOHPHQWRFRVWUXWWLYR
VXUD
LQFRQGL]LRQLQRUPDOL]]DWHGLLQFHQGLRHGLVROOHFLWD]LRQHPHFFDQL
FD

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6LPEROR
6

3R3+

3UHVWD]LRQH
7HQXWDGLIXPR

'HVFUL]LRQH
&DSDFLWGLXQHOHPHQWRGLFKLXVXUDGLOLPLWDUHRULGXUUHLOSDVVDJ
JLRGLJDVRIXPLIUHGGLLQFRQGL]LRQLGLSURYDQRUPDOL]]DWH,OUHTXL
VLWRVLVSHFLDOL]]DLQ
D 6DVHODWHQXWDDOSDVVDJJLRGHLJDVRIXPLJDUDQWLWDD
WHPSHUDWXUDDPELHQWH
D 6PR6VHODWHQXWDDOSDVVDJJLRGHLJDVRIXPLJD
UDQWLWDVLDDWHPSHUDWXUDDPELHQWHFKHDr&

&RQWLQXLWGLFRUUHQWHRFDSDFL &DSDFLWGLIXQ]LRQDPHQWRGLXQFDYRSHUFRUVRGDFRUUHQWH RGD

WGLVHJQDOD]LRQH
VHJQDOHRWWLFRLQFRQGL]LRQLGLLQFHQGLRQRUPDOL]]DWH

5HVLVWHQ]DDOOLQFHQGLRGHOOD
IXOLJJLQH

&DSDFLWGLSURWH]LRQHDOIXRFR &DSDFLWGLULYHVWLPHQWLDSDUHWHRDVRIILWWRGLSURWHJJHUHLPDWHULDOL
RJOLHOHPHQWLFRVWUXWWLYLRVWUXWWXUDOLVXFXLVRQRLQVWDOODWLGDOODFDU
ERQL]]D]LRQHGDOO
DFFHQVLRQHRGDDOWURWLSRGLGDQQHJJLDPHQWR
SHUXQFHUWRSHULRGRGLWHPSRLQFRQGL]LRQLGLLQFHQGLRQRUPDOL]]D
WH

'

'XUDWDGHOODVWDELOLWDWHPSH
UDWXUDFRVWDQWH

'+

'XUDWDGHOODVWDELOLWOXQJROD
FXUYDVWDQGDUGWHPSRWHPSH
UDWXUD

)XQ]LRQDOLWGHJOLHYDFXDWRUL
PRWRUL]]DWLGLIXPRHFDORUH

)XQ]LRQDOLWGHJOLHYDFXDWRUL
QDWXUDOLGLIXPRHFDORUH

&DSDFLWGLFRQGRWWRGLSDVVDJJLRGLIXPLGLUHVLVWHUHDOO
LQFHQGLRGL
IXOLJJLQHLQFRQGL]LRQLGLLQFHQGLRQRUPDOL]]DWHJDUDQWHQGRODWHQX
WDDOSDVVDJJLRGLJDVFDOGLHO
LVRODPHQWRWHUPLFR

&DSDFLWGHOOHEDUULHUHDOIXPRGLFRQVHUYDUHLUHTXLVLWLGLUHVLVWHQ
]DDOIXRFRLQFRQGL]LRQLGLLQFHQGLRQRUPDOL]]DWH

&DSDFLWGHJOLHYDFXDWRULGLIXPRPRWRUL]]DWL)RQDWXUDOL%GL

FRQVHUYDUH  L  UHTXLVLWL  GL  IXQ]LRQDPHQWR  LQ  FRQGL]LRQL  GL  LQFHQGLR
QRUPDOL]]DWH

7DEHOOD66LPEROL
6

&ODVVL
 /HQRUPHFRQWHQXWHQHOOHWDEHOOHGLFXLDOSUHVHQWHFDSLWRORVRQRLQGLFDWHJHQH
ULFDPHQWHFRQODFODVVLILFD(1VHQ]DIDUULIHULPHQWRDOORVWDWXVYLJHQWHSU(1
(19(1
 $OODFODVVLILFD]LRQH5(,0GLXQSURGRWWRSHUXQGDWRLQWHUYDOORGLWHPSRFRUUL
VSRQGHDXWRPDWLFDPHQWHDQFKHODFODVVLILFD]LRQH5(,5(5SHUORVWHVVRSH
ULRGRLQGLSHQGHQWHPHQWHGDOODSUHVHQ]DGLWDOHYDORUHQHOODWDEHOODSHUWLQHQWH
 $OODFODVVLILFD]LRQH(,0GLXQSURGRWWRSHUXQGDWRLQWHUYDOORGLWHPSRFRUUL
VSRQGHDXWRPDWLFDPHQWHDQFKHODFODVVLILFD]LRQH(,H(SHUORVWHVVRSHULRGRLQ
GLSHQGHQWHPHQWHGDOODSUHVHQ]DGLWDOHYDORUHQHOODWDEHOODSHUWLQHQWH
 $OUHTXLVLWR,GLXQSURGRWWRSHUXQGDWRLQWHUYDOORGLWHPSRFRUULVSRQGHDXWR
PDWLFDPHQWHDQFKHLOUHTXLVLWR:SHUORVWHVVRSHULRGRLQGLSHQGHQWHPHQWHGDOOD
SUHVHQ]DGLWDOHYDORUHQHOODWDEHOODSHUWLQHQWH
 $LILQLGHOODUHVLVWHQ]DDOIXRFRJOLHOHPHQWLFRVWUXWWLYLHGLSURGRWWLGDFRVWUX
]LRQHQRQPDUFDWL&(SRVVRQRHVVHUHFODVVLILFDWLFRQTXDOVLDVLFODVVHGLVFUHWD
FRPSUHVDWUDHPLQXWL,Q
FDVRGLREEOLJRGLPDUFDWXUD&(VXFFHVVLYRDOODFODVVLILFD]LRQHOHFODVVLQRQ
DPPHVVHQRQVRQRLPSLHJDELOL
 /DFODVVLILFD]LRQHGLUHVLVWHQ]DDOIXRFRGLXQSURGRWWRSHUXQGDWRLQWHUYDOORGL
WHPSRHVWHQGLELOHDWXWWHOHFODVVLLQIHULRUL
1RWD$GHVHPSLRVHXQHOHPHQWRVWUXWWXUDOHFODVVLILFDWR5(,0HVVRULFRPSUHQGHDQFKHOH
FODVVL5(,05(,0H5(,0

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6

(OHPHQWLSRUWDQWLSULYLGLIXQ]LRQHGLFRPSDUWLPHQWRDQWLQFHQGLR

6LDSSOLFDD

0XULVRODLWHWWLWUDYLFRORQQHEDOFRQLVFDOHSDVVHUHOOH

1RUPH

(1(1(1(1(1(1
(1(1

&ODVVLILFD]LRQH
5





















7DEHOOD60XULVRODLWHWWLWUDYLFRORQQHEDOFRQLVFDOHSDVVHUHOOH
6

(OHPHQWLSRUWDQWLFRQIXQ]LRQHGLFRPSDUWLPHQWRDQWLQFHQGLR

6LDSSOLFDD

0XUL

1RUPH

(1(1(1(1(1(1(1
(1

&ODVVLILFD]LRQH
5(
5(,











5(,0
5(:

























































7DEHOOD60XUL

6LDSSOLFDD

6RODLHWHWWL

1RUPH

(1(1(1(1(1(1(1
(1

&ODVVLILFD]LRQH
5



5(
5(,





































7DEHOOD66RODLHWHWWL
6

3URGRWWLHVLVWHPLSHUODSURWH]LRQHGLSDUWLRHOHPHQWLSRUWDQWLGHOOH
RSHUHGLFRVWUX]LRQH

6LDSSOLFDD

&RQWURVRIILWWLSULYLGLLQWULQVHFDUHVLVWHQ]DDOIXRFRPHPEUDQHSURWHWWLYH

1RUPH

(1(1

&ODVVLILFD]LRQHHVSUHVVDQHJOLVWHVVLWHUPLQLSUHYLVWLSHUJOLHOHPHQWLSRUWDQWLSURWHWWL
$QQRWD]LRQL

$OODFODVVLILFD]LRQHYLHQHDJJLXQWRLOVLPERORmVQ}VHLOSURGRWWRFRQIRUPHDLUHTXLVL
WLSUHYLVWLSHUOLQFHQGLRmVHPLQDWXUDOH}

7DEHOOD6&RQWURVRIILWWLSULYLGLLQWULQVHFDUHVLVWHQ]DDOIXRFRPHPEUDQHSURWHWWLYH
6LDSSOLFDD

5LYHVWLPHQWLSDQQHOOLLQWRQDFLYHUQLFLHVFKHUPLSURWHWWLYLGDOIXRFR

1RUPH

(1(1

&ODVVLILFD]LRQHHVSUHVVDQHJOLVWHVVLWHUPLQLSUHYLVWLSHUJOLHOHPHQWLSRUWDQWLSURWHWWL

7DEHOOD65LYHVWLPHQWLSDQQHOOLLQWRQDFLYHUQLFLHVFKHUPLSURWHWWLYLGDOIXRFR

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6

3DUWLRHOHPHQWLQRQSRUWDQWLGLRSHUHGLFRVWUX]LRQLHSURGRWWL
DIIHUHQWL

6LDSSOLFDD

3DUHWLGLYLVRULHFRPSUHVHTXHOOHFKHSUHVHQWDQRSDUWLQRQLVRODWHHEDUULHUHWDJOLD
ILDPPDLQWHUQH

1RUPH

(1(1>@(1(1(1(1
(1(1

&ODVVLILFD]LRQH
(
(,











(,0
(:









































>@3HUOHEDUULHUHWDJOLDILDPPDLQWHUQHTXHVWDQRUPDLQWHJUDWDGD(27$75

7DEHOOD63DUHWLGLYLVRULHFRPSUHVHTXHOOHFKHSUHVHQWDQRSDUWLQRQLVRODWHHEDUULHUH
WDJOLDILDPPDLQWHUQH
6LDSSOLFDD

&RQWURVRIILWWLGRWDWLGLLQWULQVHFDUHVLVWHQ]DDOIXRFR

1RUPH

(1(1

&ODVVLILFD]LRQH
(,

















$QQRWD]LRQL

/DFODVVLILFD]LRQHFRPSOHWDWDGDDEEDRDESHULQGLFDUHVHOHOH

PHQWR   VWDWR  VRWWRSRVWR  D  SURYD  H  ULVSHWWD  L  UHTXLVLWL  SHU  OLQFHQGLR  SURYHQLHQWH
GDOODOWRRGDOEDVVRRGDDPEHGXHOHGLUH]LRQL

7DEHOOD6&RQWURVRIILWWLGRWDWLGLLQWULQVHFDUHVLVWHQ]DDOIXRFR
6LDSSOLFDD

)DFFLDWHFXUWDLQZDOOVHPXULHVWHUQLFKHLQFOXGRQRSDUWLYHWUDWH

1RUPH

(1(1(1(1(1(1
(1(1

&ODVVLILFD]LRQH
(











(,















(,:
$QQRWD]LRQL



/DFODVVLILFD]LRQHFRPSOHWDWDGDLRRLRLRSHULQGLFDUHVHOHOH

PHQWRVWDWRVRWWRSRVWR DSURYD HVHULVSHWWDLUHTXLVLWLVXOOLQFHQGLR SURYHQLHQWH
GDOOLQWHUQRRGDOO
HVWHUQRRGDDPEHGXHOHGLUH]LRQL
/DGGRYHSUHYLVWRODVWDELOLWPHFFDQLFDLQGLFDFKHOHYHQWXDOHFDGXWDGLSDUWLQRQ
VXVFHWWLELOHGLSURYRFDUHGDQQLDJOLRFFXSDQWLQHOSHULRGRLQGLFDWRSHUODFODVVLILFD]LR
QH(R(,

7DEHOOD6)DFFLDWHFXUWDLQZDOOVHPXULHVWHUQLFKHLQFOXGRQRSDUWLYHWUDWH

6LDSSOLFDD

3DYLPHQWLVRSUDHOHYDWL

1RUPH

(1(1

&ODVVLILFD]LRQH
5





5(



5(,



$QQRWD]LRQL

/DFODVVLILFD]LRQHFRPSOHWDWDPHGLDQWHODJJLXQWDGHOVXIILVVRISHULQGLFDUHODUHVL
VWHQ]DDGXQLQFHQGLRSLHQDPHQWHVYLOXSSDWRRUSHULQGLFDUHVROROHVSRVL]LRQHD
XQDWHPSHUDWXUDFRVWDQWHULGRWWD

7DEHOOD63DYLPHQWLVRSUDHOHYDWL

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6LDSSOLFDD

6LVWHPLGLVLJLOODWXUDGLIRULSDVVDQWLHGLJLXQWLOLQHDUL

1RUPH

(1(1

&ODVVLILFD]LRQH
(



(,

































7DEHOOD66LVWHPLGLVLJLOODWXUDGLIRULSDVVDQWLHGLJLXQWLOLQHDUL
6LDSSOLFDD

3RUWHHFKLXVXUHUHVLVWHQWLDOIXRFRFRPSUHVHTXHOOHFKHLQFOXGRQRSDUWLYHWUDWHHDF
FHVVRULHULVSHWWLYLVLVWHPLGLFKLXVXUD

1RUPH

(1(1

&ODVVLILFD]LRQH
(



















(,























(:
$QQRWD]LRQL



/DFODVVLILFD]LRQH,FRPSOHWDWDGDOODJJLXQWDGHOVXIILVVRm}Rm}SHULQGLFDUHTXD
OHGHILQL]LRQHGLLVRODPHQWRXWLOL]]DWD/DJJLXQWDGHOVLPEROR&LQGLFDFKHLOSURGRW
WRVRGGLVIDDQFKHLOFULWHULRGHOODFKLXVXUDDXWRPDWLFDSURYDGLWLSRSDVVIDLO>@

>@/DFODVVLILFD]LRQH&SXHVVHUHFRPSOHWDWDGDLQXPHULGDDVHFRQGROHFDWHJRULHGLXWLOL]]D]LRQH'HL
GHWWDJOLGRYUDQQRHVVHUHLQFOXVLQHOOHVSHFLILFKHWHFQLFKHGHLSURGRWWLFXLVLULIHULVFRQR

7DEHOOD63RUWHHFKLXVXUHUHVLVWHQWLDOIXRFRFRPSUHVHTXHOOHFKHLQFOXGRQRSDUWLYHWUDWHH
DFFHVVRULHULVSHWWLYLVLVWHPLGLFKLXVXUD
6LDSSOLFDD

3RUWHDWHQXWDGLIXPR

1RUPH

(1(1

&ODVVLILFD]LRQH6R6DDVHFRQGRGHOOHFRQGL]LRQLGLSURYD
$QQRWD]LRQL

/DJJLXQWDGHOVLPEROR&LQGLFDFKHLOSURGRWWRVRGGLVIDDQFKHLOFULWHULRGHOODFKLX
VXUDDXWRPDWLFDSURYDGLWLSRSDVVIDLO>@

>@/DFODVVLILFD]LRQH&SXHVVHUHFRPSOHWDWDGDLQXPHULGDDVHFRQGROHFDWHJRULHGLXWLOL]]D]LRQH'HL
GHWWDJOLGRYUDQQRHVVHUHLQFOXVLQHOOHVSHFLILFKHWHFQLFKHGHLSURGRWWLFXLVLULIHULVFRQR

7DEHOOD63RUWHDWHQXWDGLIXPR
6LDSSOLFDD

&KLXVXUHGHLSDVVDJJLGHVWLQDWLDLQDVWULWUDVSRUWDWRULHDLVLVWHPLGLWUDVSRUWRVXURWDLD

1RUPH

(1(1

&ODVVLILFD]LRQH
(



(,



(:
$QQRWD]LRQL





































/DFODVVLILFD]LRQH,FRPSOHWDWDGDOODJJLXQWDGHOVXIILVVRRSHULQGLFDUHTXDOH
GHILQL]LRQHGLLVRODPHQWRXWLOL]]DWD$QGUJHQHUDWDXQDFODVVLILFD]LRQHQHOFDVRLQ
FXLOHVHPSODUHGLSURYDXQDFRQILJXUD]LRQHGLWXED]LRQHRGLFRQGRWWDVHQ]DYDOXWD
]LRQHGHOODFKLXVXUDSHULOQDVWURWUDVSRUWDWRUH/DJJLXQWDGHOVLPEROR&>@LQGLFD
FKH LO SURGRWWR VRGGLVID DQFKH LOFULWHULR GHOOD FKLXVXUD DXWRPDWLFD SURYD GL WLSR
SDVVIDLO

>@/DFODVVLILFD]LRQH&SXHVVHUHFRPSOHWDWDGDLQXPHULGDDVHFRQGROHFDWHJRULHGLXWLOL]]D]LRQH'HL
GHWWDJOLGRYUDQQRHVVHUHLQFOXVLQHOOHVSHFLILFKHWHFQLFKHGHLSURGRWWLFXLVLULIHULVFRQR

7DEHOOD6&KLXVXUHGHLSDVVDJJLGHVWLQDWLDLQDVWULWUDVSRUWDWRULHDLVLVWHPLGLWUDVSRUWRVX
URWDLD

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6LDSSOLFDD

&DQDOL]]D]LRQLGLVHUYL]LRHFDYHGL

1RUPH

(1(1

&ODVVLILFD]LRQH
(



















(,



















$QQRWD]LRQL

/DFODVVLILFD]LRQHFRPSOHWDWDGDLRRLRLRSHULQGLFDUHVHOHOH

PHQWRVWDWRVRWWRSRVWR DSURYD HVHULVSHWWDLUHTXLVLWLVXOOLQFHQGLR SURYHQLHQWH
GDOOLQWHUQRRGDOOHVWHUQRRHQWUDPEL,QROWUHLVLPEROLY HHRKRLQGLFDQRODGHJXD
WH]]DDOOXVRYHUWLFDOHHRRUL]]RQWDOH

7DEHOOD6&DQDOL]]D]LRQLGLVHUYL]LRHFDYHGL
6LDSSOLFDD

&DPLQL

1RUPH

(1(1

&ODVVLILFD]LRQH*GLVWDQ]DPPDGHVHPSLR*
$QQRWD]LRQL

'LVWDQ]DQRQULFKLHVWDSHUSURGRWWLGDLQFDVVDUH

7DEHOOD6&DPLQL
6LDSSOLFDD

5LYHVWLPHQWLSHUSDUHWLHVRIILWWL

1RUPH

(1(1

&ODVVLILFD]LRQH
.



.



$QQRWD]LRQL

,VXIILVVLHLQGLFDQRTXDOLVXEVWUDWLFULWHULGLFRPSRUWDPHQWRDOIXRFRHUHJROHGL
HVWHQVLRQHYHQJDQRXVDWHLQTXHVWDFODVVLILFD]LRQH





7DEHOOD65LYHVWLPHQWLSHUSDUHWLHVRIILWWL
6

3URGRWWLGHVWLQDWLDLVLVWHPLGLYHQWLOD]LRQHHVFOXVLLVLVWHPLGL
HVWUD]LRQHGHOIXPRHGHOFDORUH

6LDSSOLFDD

&RQGRWWHGLYHQWLOD]LRQH

1RUPH

(1(1

&ODVVLILFD]LRQH
(,



(
$QQRWD]LRQL




















/DFODVVLILFD]LRQHFRPSOHWDWDGDLRRLRLRSHULQGLFDUHVHOHOH

PHQWRVWDWRVRWWRSRVWR DSURYD HVHULVSHWWDLUHTXLVLWLVXOOLQFHQGLR SURYHQLHQWH
GDOOLQWHUQRRGDOOHVWHUQRRHQWUDPEL,QROWUHLVLPEROLY HHRKRLQGLFDQRODGHJXD
WH]]DDOOXVRYHUWLFDOHHRRUL]]RQWDOH/DJJLXQWDGHOVLPEROR6LQGLFDFKHLOSURGRWWR
FRQIRUPHDXQDUHVWUL]LRQHDJJLXQWLYDUHODWLYDDOOHSHUGLWH

7DEHOOD6&RQGRWWHGLYHQWLOD]LRQH

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6LDSSOLFDD

6HUUDQGHWDJOLDIXRFR

1RUPH

(1(1

&ODVVLILFD]LRQH
(,





(
$QQRWD]LRQL






















/DFODVVLILFD]LRQHFRPSOHWDWDGDLRRLRLRSHULQGLFDUHVHOHOH

PHQWRVWDWRVRWWRSRVWR DSURYD HVHULVSHWWDLUHTXLVLWLVXOOLQFHQGLR SURYHQLHQWH
GDOOLQWHUQRRGDOOHVWHUQRRHQWUDPEL,QROWUHLVLPEROLY HHRKRLQGLFDQRODGHJXD
WH]]DDOOXVRYHUWLFDOHHRRUL]]RQWDOH/DJJLXQWDGHOVLPEROR6LQGLFDFKHLOSURGRWWR
FRQIRUPHDXQDUHVWUL]LRQHDJJLXQWLYDUHODWLYDDOOHSHUGLWH

7DEHOOD66HUUDQGHWDJOLDIXRFR
6

3URGRWWLGHVWLQDWLDOOXVRQHOOHLQVWDOOD]LRQLWHFQLFKH

6LDSSOLFDD

&DYLHOHWWULFLHLQILEUHRWWLFKHHDFFHVVRUL&RQGRWWHHVLVWHPLGLSURWH]LRQHGDOIXRFR
SHUFDYLHOHWWULFL

1RUPH

(1

&ODVVLILFD]LRQH
3











7DEHOOD6&DYLHOHWWULFLHLQILEUHRWWLFKHHDFFHVVRUL&RQGRWWHHVLVWHPLGLSURWH]LRQHGDOIXRFR
SHUFDYLHOHWWULFL
6LDSSOLFDD

&DYLHVLVWHPLGLFDYLHOHWWULFLRSHUODWUDVPLVVLRQHGLVHJQDOLGLGLDPHWURULGRWWRGLD
PHWURLQIHULRUHDPPHPXQLWLGLFRQGXWWRULLQIHULRULDPP

1RUPH

(1(1

&ODVVLILFD]LRQH
3+











7DEHOOD6&DYLHVLVWHPLGLFDYLHOHWWULFLRSHUODWUDVPLVVLRQHGLVHJQDOLGLGLDPHWURULGRWWR
GLDPHWURLQIHULRUHDPPHPXQLWLGLFRQGXWWRULLQIHULRULDPP
6

3URGRWWLGDXWLOL]]DUHQHLVLVWHPLGLFRQWUROORGHOIXPRHGHOFDORUH

6LDSSOLFDD

&RQGRWWLGLHVWUD]LRQHGHOIXPRSHUFRPSDUWRVLQJROR

1RUPH

(1(1(1(1

&ODVVLILFD]LRQH
(









(









$QQRWD]LRQL

/D  FODVVLILFD]LRQH   FRPSOHWDWD  GDO  VXIILVVR  mVLQJROR}  SHU  LQGLFDUH  ODGHJXDWH]]D

DOOXVRSHUXQFRPSDUWRVLQJROR,QROWUHLVLPEROL9H HRKRLQGLFDQRODGHJXDWH]]D
DOOXVRLQYHUWLFDOHHRLQRUL]]RQWDOH
6LQGLFDXQWDVVRGLSHUGLWHLQIHULRUHDP KPWXWWLLFRQGRWWLSULYLGLFODVVLILFD]LR
QH6GHYRQRSUHVHQWDUHXQWDVVRGLSHUGLWHLQIHULRUHDPKP
LQGLFDQRODGHJXDWH]]DDOOXVRILQRDTXHVWLYDORULGLSUHVVLRQH
PLVXUDWDDFRQGL]LRQLDPELHQWH

7DEHOOD6&RQGRWWLGLHVWUD]LRQHGHOIXPRSHUFRPSDUWRVLQJROR

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6LDSSOLFDD

&RQGRWWLGLHVWUD]LRQHGHOIXPRUHVLVWHQWLDOIXRFRSHUFRPSDUWLPXOWLSOL

1RUPH

(1(1(1(1

&ODVVLILFD]LRQH
(,
$QQRWD]LRQL









/D  FODVVLILFD]LRQH   FRPSOHWDWD  GDO  VXIILVVR  PXOWLSOL  SHU  LQGLFDUH  ODGHJXDWH]]D

DOOXVR  SHU  FRPSDUWL  PXOWLSOL  ,QROWUH  L  VLPEROL  9H  HR  KR  LQGLFDQR  ODGHJXDWH]]D
DOOXVRLQYHUWLFDOHHRLQRUL]]RQWDOH
6LQGLFDXQWDVVRGLSHUGLWHLQIHULRUHDP KPWXWWLLFRQGRWWLSULYLGLFODVVLILFD]LR
QH6GHYRQRSUHVHQWDUHXQWDVVRGLSHUGLWHLQIHULRUHDPKP
LQGLFDQRODGHJXDWH]]DDOOXVRILQRDTXHVWLYDORULGLSUHVVLRQH
PLVXUDWDDFRQGL]LRQLDPELHQWH

7DEHOOD6&RQGRWWLGLHVWUD]LRQHGHOIXPRUHVLVWHQWLDOIXRFRSHUFRPSDUWLPXOWLSOL
6LDSSOLFDD

6HUUDQGHSHULOFRQWUROORGHOIXPRGLXQFRPSDUWRVLQJROR

1RUPH

(1(1(1(1

&ODVVLILFD]LRQH
(









(









$QQRWD]LRQL

/D  FODVVLILFD]LRQH   FRPSOHWDWD  GDO  VXIILVVR  VLQJROR  SHU  LQGLFDUH  ODGHJXDWH]]D

DOOXVRSHUXQFRPSDUWRVLQJROR
+27+LJK2SHUDWLRQDO7HPSHUDWXUHLQGLFDFKHODVHUUDQGDSXDSULUVLH
FKLXGHUVLSHUXQSHULRGRGLPLQXWLDWHPSHUDWXUHLQIHULRULDr&GDXVDUVLVROR
FRQODFODVVLILFD]LRQH(
YHGYHZYHGZHRKHGKRZKRGZLQGLFDQRULVSHWWLYDPHQWHFKHLOSURGRWWRSXHVVH
UHXVDWRLQVHQVRYHUWLFDOHHRRUL]]RQWDOHFKHSXHVVHUHPRQWDWRLQXQFRQGRWWRRLQ
XQDSDUHWHRHQWUDPEL
6LQGLFDXQWDVVRGLSHUGLWHLQIHULRUHDPKP7XWWHOHVHUUDQGHSULYHGLFODVVL
ILFD]LRQH6GHYRQRSUHVHQWDUHXQWDVVRGLSHUGLWHLQIHULRUHDPKP7XWWHOH
VHUUDQGHFRQSHUGLWHLQIHULRULDPKP DGRWWDQRTXHVWRYDORUHWXWWHOHYDOYROH
FRQSHUGLWHWUDPKP HPKP DGRWWDQRLOYDORUHPKP,WDVVLGL
SHUGLWHVLPLVXUDQRDWHPSHUDWXUDDPELHQWHHDWHPSHUDWXUHHOHYDWH
LQGLFDQRODGHJXDWH]]DDOOXVRILQRDTXHVWLYDORULGLSUHVVLRQH
PLVXUDWDDFRQGL]LRQLDPELHQWH
$$R0$LQGLFDQRODWWLYD]LRQHDXWRPDWLFDROLQWHUYHQWRPDQXDOH
LRRLRLRLQGLFDQRULVSHWWLYDPHQWHFKHLOSURGRWWRVRGGLVIDLFULWHULGL
SUHVWD]LRQHGDOOLQWHUQRDOOHVWHUQRGDOOHVWHUQRDOOLQWHUQRRHQWUDPEL
&&&PRGLQGLFDQRULVSHWWLYDPHQWHFKHODVHUUDQGDSXHVVHUHXWLOL]]DWDLQ
VLVWHPLSHULOVRORFRQWUROORGHOIXPRLQVLVWHPLFRPELQDWLSHULOFRQWUROORGHOIXPRH
DPELHQWDOLRFKHVLWUDWWDGLVHUUDQGHPRGXODULGDXWLOL]]DUHLQVLVWHPLFRPELQDWLGL
FRQWUROORGHOIXPRHDPELHQWDOL

7DEHOOD66HUUDQGHSHULOFRQWUROORGHOIXPRGLXQFRPSDUWRVLQJROR
6LDSSOLFDD

6HUUDQGHSHULOFRQWUROORGHOIXPRGLFRPSDUWLPXOWLSOL

1RUPH

(1(1(1(1

&ODVVLILFD]LRQH
(,

















$QQRWD]LRQL

/D  FODVVLILFD]LRQH   FRPSOHWDWD  GDO  VXIILVVR  PXOWLSOL  SHU  LQGLFDUH  ODGHJXDWH]]D

DOOXVRSHUFRPSDUWLPXOWLSOL
$OWUHDQQRWD]LRQLVRQRLGHQWLFKHDTXHOOHUHODWLYHDOOHVHUUDQGHSHULVLVWHPLGLFRQWURO
ORGHOIXPRDFRPSDUWRVLQJROR

7DEHOOD66HUUDQGHSHULOFRQWUROORGHOIXPRGLFRPSDUWLPXOWLSOL

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6LDSSOLFDD

%DUULHUHDOIXPR

1RUPH

(1(1(1

&ODVVLILFD]LRQH'
'









'+









$QQRWD]LRQL

$SXHVVHUHTXDOVLDVLSHULRGRGLWHPSRVXSHULRUHDPLQXWL

7DEHOOD6%DUULHUHDOIXPR
6LDSSOLFDD

(YDFXDWRULPRWRUL]]DWLGLIXPRHFDORUHYHQWLODWRULJLXQWLGLFRQQHVVLRQH

1RUPH

(1(1(1,62

&ODVVLILFD]LRQH)
)



)



)



)





)



7DEHOOD6(YDFXDWRULPRWRUL]]DWLGLIXPRHFDORUHYHQWLODWRULJLXQWLGLFRQQHVVLRQH

6LDSSOLFDD

(YDFXDWRULQDWXUDOLGLIXPRHFDORUH

1RUPH

(1(1(1

&ODVVLILFD]LRQH%
%



%



%



)
$QQRWD]LRQL




LQGLFDOHFRQGL]LRQLGLHVSRVL]LRQHWHPSHUDWXUD

7DEHOOD6(YDFXDWRULQDWXUDOLGLIXPRHFDORUH
6

0RGDOLWSHUODFODVVLILFD]LRQHLQEDVHDLULVXOWDWLGLSURYH
 /HSURYHGLUHVLVWHQ]DDOIXRFRKDQQRORELHWWLYRGLYDOXWDUHLOFRPSRUWDPHQWR
DOIXRFRGHLSURGRWWLHGHJOLHOHPHQWLFRVWUXWWLYLVRWWRVSHFLILFKHFRQGL]LRQLGL
HVSRVL]LRQHHDWWUDYHUVRLOULVSHWWRGLPLVXUDELOLFULWHULSUHVWD]LRQDOL
 /HFRQGL]LRQLGLHVSRVL]LRQHLFULWHULSUHVWD]LRQDOLHOHSURFHGXUHGLFODVVLILFD
]LRQHGDXWLOL]]DUHQHOODPELWRGHOOHSURYHGLFXLDOFRPPDVRQRLQGLFDWHQHO
OHSDUWLHGHOODQRUPD(1
 /HVSHFLILFKHGHLIRUQLVSHULPHQWDOLGHOOHDWWUH]]DWXUHGLSURYDGHJOLVWUXPHQWL
GL PLVXUD  H  GL  DFTXLVL]LRQH OH  SURFHGXUH  GL  FDPSLRQDPHQWR FRQVHUYD]LRQH
FRQGL]LRQDPHQWRLQYHFFKLDPHQWRLQVWDOOD]LRQHHSURYDHOHPRGDOLWGLVWHVXUD
GHOUDSSRUWRGLSURYDVRQRLQGLFDWHQHOOHQRUPH(1R(19QHOOHORURYHUVLRQL
YLJHQWLDOODWWRGHOODSURYDULFKLDPDWHGDOOHSDUWLHGHOOD(1
 1HOFDVRLQFXLXQDSDUWHGHOOD(1RSSXUHXQDGHOOHQRUPH(1R(19LQ
HVVDULFKLDPDWHQRQVLDDQFRUDRJJHWWRGLXQDSXEEOLFD]LRQH81,OHSURYHVRQR
HIIHWWXDWHHODFODVVLILFD]LRQHULODVFLDWDVHFRQGROHPRGDOLWVHJXHQWL
D VLVHJXHODQRUPD(1R(19SUHYLVWDVHGLVSRQLELOH

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

E VLVHJXHLOSURJHWWRGLQRUPDHXURSHRSU(1RSU(19SUHYLVWRVHGLVSRQL

ELOHHULWHQXWRVXIILFLHQWHGDOODERUDWRULRGLSURYDLQPDQFDQ]DGHOODSRVVLEL
OLWLQGLFDWDDOSXQWRSUHFHGHQWH
 ,OUDSSRUWRGLFODVVLILFD]LRQHLOGRFXPHQWRUHGDWWRLQFRQIRUPLWDLPRGHOOL
SUHYLVWLQHOODQRUPD(1GDSDUWHGHOODERUDWRULRGLSURYDFKHDWWHVWDVXO
ODEDVHGLXQRRSLUDSSRUWLGLSURYDODFODVVHGHOSURGRWWRRGHOOHOHPHQWRFR
VWUXWWLYRRJJHWWRGHOODSURYD,QFDVRGLSURGRWWLWHVWDWLLQEDVHDOOHQRUPHGHOOD
VHULH(1LOUDSSRUWRGLFODVVLILFD]LRQHVRVWLWXLWRGDOUDSSRUWRGLYDOXWD
]LRQH
 ,O UDSSRUWRGLSURYDGHYHHVVHUHULODVFLDWRSHUSURGRWWLRHOHPHQWLFRVWUXWWLYL
FRPSOHWDPHQWHGHILQLWLHUHIHUHQ]LDWLQHOFRPSOHVVRHQHOOHSDUWLFRPSRQHQWL
4XHVWHGHILQL]LRQLHUHIHUHQ]HULSRUWDWHVXOUDSSRUWRGLSURYDGDSDUWHGHOODER
UDWRULRGHYRQRHVVHUHIRUQLWHGDOFRPPLWWHQWHGHOODSURYDHYHULILFDWHGDOODER
UDWRULR
 ,UDSSRUWLGLSURYDVRQRUHGDWWLLQFRQIRUPLWDOORVSHFLILFRSDUDJUDIRSUHYLVWR
GDOOHQRUPH(1HDOOHLQIRUPD]LRQLULFKLHVWHGDOOHQRUPHGLSURYD
SURSULHGLFLDVFXQSURGRWWRRHOHPHQWRFRVWUXWWLYR,QSDUWLFRODUHLOULFKLHGHQWH
ODSURYDGHYHIRUQLUHDOODERUDWRULRDOPHQR
D OD  GHVFUL]LRQH  GHWWDJOLDWD  GHO  FDPSLRQH  FRPSUHQGHQWH  GLVHJQL  HG  HOHQFKL
LGHQWLILFDWLYLGHLFRPSRQHQWLFRPSUHQGHQWLOHGHQRPLQD]LRQLFRPPHUFLDOLH
LSURGXWWRULGHLFRPSRQHQWL
E LOFDPSLRQHRLFDPSLRQLGHVWLQDWLDOODSURYDHTXHOOLQHFHVVDULDOOLGHQWLIL
FD]LRQHGHLFRPSRQHQWL
F HYHQWXDOLDOWULFDPSLRQLRFRPSRQHQWLGHJOLVWHVVLULWHQXWLQHFHVVDULDGLVFUH
]LRQHGHOODERUDWRULRGLSURYDDOODYHULILFDVSHULPHQWDOHGHOOHSUHVWD]LRQLGL
FKLDUDWH
 ,QFDVRGLYDULD]LRQLGHOSURGRWWRRGHOOHOHPHQWRFRVWUXWWLYRFODVVLILFDWRQRQ
SUHYLVWHGDOFDPSRGLGLUHWWDDSSOLFD]LRQHGHOULVXOWDWRGLSURYDLOSURGXWWRUH
WHQXWRDSUHGLVSRUUHXQIDVFLFRORWHFQLFRFRQWHQHQWHDOPHQRODVHJXHQWHGRFX
PHQWD]LRQH
D HODERUDWLJUDILFLGLGHWWDJOLRGHOSURGRWWRPRGLILFDWR
E UHOD]LRQHWHFQLFDWHVDDGLPRVWUDUHLOPDQWHQLPHQWRGHOODFODVVHGLUHVLVWHQ]D
DOIXRFREDVDWDVXSURYHFDOFROLHDOWUHYDOXWD]LRQLVSHULPHQWDOLHRWHFQL
FKHDQFKHLQFRQVHJXHQ]DGLPLJOLRULHDSSRUWDWHVXLFRPSRQHQWLHVXOSUR
GRWWRWXWWRQHOULVSHWWRGHOOHLQGLFD]LRQLHGHLOLPLWLFRQWHQXWLQHOOHDSSRVLWH
QRUPH(1RSU(1VXOOHDSSOLFD]LRQLHVWHVHGHLULVXOWDWLGLSURYDODGGRYHHVL
VWHQWL(;$3
F HYHQWXDOLDOWUHDSSURYD]LRQLPDWXUDWHSUHVVRXQRGHJOL6WDWLGHOO8(RYYHUR
XQRGHJOLDOWUL6WDWLFRQWUDHQWLODFFRUGR6((HOD7XUFKLD
G SDUHUHWHFQLFRSRVLWLYRVXOODFRPSOHWH]]DHFRUUHWWH]]DGHOOHLSRWHVLDVXS
SRUWRHGHOOHYDOXWD]LRQLHIIHWWXDWHSHUOHVWHQVLRQHGHOULVXOWDWRGLSURYDULOD
VFLDWRGDXQODERUDWRULRGLSURYDDLILQLGHOFRPSOHWDPHQWRGHOIDVFLFRORWHF
QLFRLOUDSSRUWRGLFODVVLILFD]LRQHHPHVVRLQEDVHDGXQDQRUPD(;$3GD
LQWHQGHUVLTXDOHSDUHUHWHFQLFRGHOODERUDWRULRGLSURYD
 ,OSURGXWWRUHWHQXWRDFRQVHUYDUHVXGGHWWRIDVFLFRORWHFQLFRHDUHQGHUORGLVSR
QLELOHSHULOSURIHVVLRQLVWDFKHVHQHDYYDOHSHUODFHUWLILFD]LRQHFLWDQGRJOL
HVWUHPLGHOIDVFLFRORWHFQLFR,OIDVFLFRORWHFQLFRDOWUHVUHVRGLVSRQLELOHDOOD
'&367SHUHYHQWXDOLFRQWUROOL

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6

0RGDOLWSHUODFODVVLILFD]LRQHLQEDVHDLULVXOWDWLGLFDOFROL
 ,PHWRGLGLFDOFRORGHOODUHVLVWHQ]DDOIXRFRKDQQRORELHWWLYRGLFRQVHQWLUHOD
SURJHWWD]LRQHGLHOHPHQWLFRVWUXWWLYLSRUWDQWLVHSDUDQWLRQRQVHSDUDQWLUHVLVWHQ
WLDOIXRFRDQFKHSUHQGHQGRLQFRQVLGHUD]LRQHLFROOHJDPHQWLHOHPXWXHLQWHUD
]LRQLFRQDOWULHOHPHQWLVRWWRVSHFLILFKHFRQGL]LRQLGLHVSRVL]LRQHDOIXRFRHDW
WUDYHUVRLOULVSHWWRGLFULWHULSUHVWD]LRQDOLHODGR]LRQHGLSDUWLFRODULFRVWUXWWLYL
 /HFRQGL]LRQLGLHVSRVL]LRQHDOIXRFRVRQRGHILQLWHLQVSHFLILFLUHJRODPHQWLH
EDVDWHVXJOLVFHQDULGLLQFHQGLRGLSURJHWWRLQHVVLSUHVFULWWLRVXTXHOOLDWWHVL
1HLPHGHVLPLUHJRODPHQWLVRQRGHILQLWHOHFRPELQD]LRQLGLFDULFRGDFRQVLGHUD
UHDJHQWLLQVLHPHDOOD]LRQHGHOIXRFRHLFRHIILFLHQWLGLVLFXUH]]DVXLPDWHULDOLH
VXLPRGHOOL
 ,PHWRGLGLFDOFRORGDXWLOL]]DUHDLILQLGHOSUHVHQWHGRFXPHQWRVRQRTXHOOLFRQ
WHQXWLQHJOL(XURFRGLFLGLVHJXLWRLQGLFDWLFRPSOHWLGHOOHDSSHQGLFLFRQWHQHQWLL
SDUDPHWULGHILQLWLDOLYHOORQD]LRQDOH1'3V
D (1m$]LRQLVXOOHVWUXWWXUH3DUWH$]LRQLJHQHUDOL$]LRQL
VXOOHVWUXWWXUHHVSRVWHDOIXRFR}
E (1m3URJHWWD]LRQHGHOOHVWUXWWXUHGLFDOFHVWUX]]R3DUWH5H
JROHJHQHUDOL3URJHWWD]LRQHVWUXWWXUDOHFRQWUROLQFHQGLR}
F (1m3URJHWWD]LRQHGHOOHVWUXWWXUHGLDFFLDLR3DUWH5HJROHJH
QHUDOL3URJHWWD]LRQHVWUXWWXUDOHFRQWUROLQFHQGLR}
G (1m3URJHWWD]LRQHGHOOHVWUXWWXUHPLVWHDFFLDLRFDOFHVWUX]]R3DU
WH5HJROHJHQHUDOL3URJHWWD]LRQHVWUXWWXUDOHFRQWUROLQFHQGLR}
H (1m3URJHWWD]LRQHGHOOHVWUXWWXUHGLOHJQR3DUWH5HJROHJH
QHUDOL3URJHWWD]LRQHVWUXWWXUDOHFRQWUROLQFHQGLR}
I (1m3URJHWWD]LRQHGHOOHVWUXWWXUHGLPXUDWXUD3DUWH5HJROH
JHQHUDOL3URJHWWD]LRQHVWUXWWXUDOHFRQWUROLQFHQGLR}
J (1m3URJHWWD]LRQHGHOOHVWUXWWXUHGLDOOXPLQLR3DUWH5HJROH
JHQHUDOL3URJHWWD]LRQHVWUXWWXUDOHFRQWUROLQFHQGLR}
 ,PHWRGLGLFDOFRORGLFXLDOFRPPDSRVVRQRQHFHVVLWDUHGHOODGHWHUPLQD]LRQH
DO  YDULDUH  GHOOH  WHPSHUDWXUH  GHL  SDUDPHWUL  WHUPRILVLFL  GHL  VLVWHPL  SURWHWWLYL
HYHQWXDOPHQWHSUHVHQWLVXJOLHOHPHQWLFRVWUXWWLYLSRUWDQWL,QTXHVWLFDVLLYDORUL
FKHDVVXPRQRGHWWLSDUDPHWULYDQQRGHWHUPLQDWLHVFOXVLYDPHQWH DWWUDYHUVROH
SURYHLQGLFDWHQHOSDUDJUDIR6(ODERUD]LRQLQXPHULFKHGHLYDORULGLGHWWL
SDUDPHWULFKHHVXODQRGDOODPELWRGHOOHSURYHLQGLFDWHQHOSDUDJUDIR6 R
GDOOHQRUPHFLWDWHQHOFRPPDQRQVRQRYDOLGHDLILQLGHOODYHULILFDGHOODUHVL
VWHQ]DDOIXRFRGHJOLHOHPHQWLFRVWUXWWLYLSRUWDQWL

6

0RGDOLWSHUODFODVVLILFD]LRQHLQEDVHDFRQIURQWLFRQWDEHOOH
 /HWDEHOOHVHJXHQWLSURSRQJRQRGHOOHFRQGL]LRQLVXIILFLHQWLSHUODFODVVLILFD]LR
QHGLHOHPHQWLFRVWUXWWLYLUHVLVWHQWLDOIXRFR'HWWHFRQGL]LRQLQRQFRVWLWXLVFRQR
XQREEOLJRTXDORUDVLSURFHGDDOODGHWHUPLQD]LRQHGHOOHSUHVWD]LRQLGLUHVLVWHQ]D
DOIXRFRVHFRQGRJOLDOWULPHWRGLGLFXLDLSDUDJUDIL6H6,YDORULFRQ
WHQXWLQHOOHWDEHOOHVRQRLOULVXOWDWRGLFDPSDJQHVSHULPHQWDOLHGLHODERUD]LRQL
QXPHULFKHHVLULIHULVFRQRDOOHWLSRORJLHFRVWUXWWLYHHDLPDWHULDOLGLPDJJLRULP
SLHJR'HWWLYDORULSXUHVVHQGRFDXWHODWLYLQRQFRQVHQWRQRHVWUDSROD]LRQLRLQ
WHUSROD]LRQLWUDJOLVWHVVLRYYHURPRGLILFKHGHOOHFRQGL]LRQLGLXWLOL]]R
 /XVRGHOOHWDEHOOHVWUHWWDPHQWHOLPLWDWRDOODFODVVLILFD]LRQHGLHOHPHQWLFR
VWUXWWLYLSHULTXDOLULFKLHVWDODUHVLVWHQ]DDOIXRFRQHLFRQIURQWLGHOODFXUYD

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

WHPSHUDWXUDWHPSR  VWDQGDUG  GL  FXL  DO  SDUDJUDIR6 FRPPD H  GHOOH  DOWUH

D]LRQLPHFFDQLFKHSUHYLVWHLQFDVRGLLQFHQGLR
 $OWUHWDEHOOHGLQDWXUDVSHULPHQWDOHRDQDOLWLFDGLYHUVHGDTXHOOHVRWWRHVSRVWH
QRQULFDGRQRWUDTXHOOHSUHYLVWHDOSDUDJUDIR6FRPPDOHWWHUDF
6

0XUDWXUHQRQSRUWDQWLGLEORFFKL
 /DWDEHOOD6 ULSRUWDLYDORULPLQLPLPPGHOORVSHVVRUHVGLPXUDWXUHGL
EORFFKLGLODWHUL]LRHVFOXVROLQWRQDFRHVSRVWHVXXQODWRVXIILFLHQWLDJDUDQWLUH
LUHTXLVLWL(,R(,0SHUOHFODVVLLQGLFDWHFRQOHVHJXHQWLOLPLWD]LRQL
D DOWH]]DGHOODSDUHWHIUDLGXHVRODLRGLVWDQ]DIUDGXHHOHPHQWLGLLUULJLGLPHQ
WRFRQHTXLYDOHQWHIXQ]LRQHGLYLQFRORGHLVRODLQRQVXSHULRUHDP
E SHULUHTXLVLWL(,SUHVHQ]DGLPPGLLQWRQDFRVXDPEHGXHOHIDFFHRYYHUR
PPVXOODVRODIDFFLDHVSRVWDDOIXRFR
F SHULUHTXLVLWL(,0SUHVHQ]DGLPPGLLQWRQDFRVXDPEHGXHOHIDFFH

&ODVVH

%ORFFRFRQSHUFHQWXDOH
GLIRUDWXUD!

%ORFFRFRQSHUFHQWXDOH
GLIRUDWXUD

,QWRQDFRQRUPDOH

,QWRQDFRSURWHWWLYR
DQWLQFHQGLR

,QWRQDFRQRUPDOH

,QWRQDFRSURWHWWLYR
DQWLQFHQGLR

(,

V 







(,

V 







(,

V 







(,

V 







(,

V 







(,

V 







(,0

V 





(,0

V 





(,0

V 





,QWRQDFRQRUPDOHLQWRQDFRWLSRVDEELDHFHPHQWRVDEELDFHPHQWRHFDOFHVDEELDFDOFHHJHVVRHVLPLOLFDUDW
WHUL]]DWRGDXQDPDVVDYROXPLFDFRPSUHVDWUDHNJP
,QWRQDFRSURWHWWLYRDQWLQFHQGLR,QWRQDFRWLSRJHVVRYHUPLFXOLWHRDUJLOODHVSDQVDHFHPHQWRRJHVVRSHUOLWHH
JHVVRHVLPLOLFDUDWWHUL]]DWRGDXQDPDVVDYROXPLFDFRPSUHVDWUDHNJP

7DEHOOD60XUDWXUHQRQSRUWDQWLLQEORFFKLGLODWHUL]LR5HTXLVLWL(,0
 /DWDEHOOD6 ULSRUWDLYDORULPLQLPLPPGHOORVSHVVRUHVGLPXUDWXUHGL
EORFFKLGLFDOFHVWUX]]RQRUPDOHHVFOXVROLQWRQDFRHVSRVWHVXXQODWRVXIIL
FLHQWLDJDUDQWLUHLUHTXLVLWL(,R(,0SHUOHFODVVLLQGLFDWHFRQOHVHJXHQWLOL
PLWD]LRQL
D DOWH]]DGHOODSDUHWHIUDLGXHVRODLRGLVWDQ]DIUDGXHHOHPHQWLGLLUULJLGLPHQ
WRFRQHTXLYDOHQWHIXQ]LRQHGLYLQFRORGHLVRODLQRQVXSHULRUHDP
E SHULUHTXLVLWL(,IDFFLDYLVWDRFRQPPGLLQWRQDFRVXDPEHGXHOHIDFFH
RYYHURPPVXOODVRODIDFFLDHVSRVWDDOIXRFR
F SHULUHTXLVLWL(,0SUHVHQ]DGLPPGLLQWRQDFRVXDPEHGXHOHIDFFH

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

%ORFFRFRQIRULPRQR
RPXOWLFDPHUDRSLHQR

%ORFFRFRQIRUL
PRQRFDPHUD

%ORFFRFRQIRUL
PXOWLFDPHUD
RSLHQR

,QWRQDFRQRUPDOH

,QWRQDFRSURWHWWLYR
DQWLQFHQGLR

(,

V 

>@

>@

>@

(,

V 

>@

>@

>@

(,

V 





>@

(,

V 







(,

V 







(,

V 







(,0

V 







(,0

V 







(,0

V 







&ODVVH

>@6ROREORFFKLSLHQLSHUFHQWXDOHIRUDWXUD

7DEHOOD60XUDWXUHQRQSRUWDQWLLQEORFFKLGLFDOFHVWUX]]RQRUPDOH5HTXLVLWL(,0
 /DWDEHOOD6 ULSRUWDLYDORULPLQLPLPPGHOORVSHVVRUHVGLPXUDWXUHGL
EORFFKL  GL  FDOFHVWUX]]R  OHJJHUR  PDVVD  YROXPLFD  QHWWD  QRQ  VXSHULRUH  D
NJPRDHUDWRDXWRFODYDWRHVSRVWHVXXQODWRVXIILFLHQWLDJDUDQWLUHLUH
TXLVLWL(,SHUOHFODVVLLQGLFDWHFRQODVHJXHQWHOLPLWD]LRQH
D DOWH]]DGHOODSDUHWHIUDLGXHVRODLRGLVWDQ]DIUDGXHHOHPHQWLGLLUULJLGLPHQ
WRFRQHTXLYDOHQWHIXQ]LRQHGLYLQFRORGHLVRODLQRQVXSHULRUHDP
&ODVVH

%ORFFRFRQIRULPRQRFDPHUD

%ORFFRFRQIRULPXOWLFDPHUDRSLHQR
HFDOFHVWUX]]RDHUDWRDXWRFODYDWR



V 

>@



V 

>@



V 

>@



V 





V 





V 



>@6ROREORFFKLSLHQLSHUFHQWXDOHIRUDWXUD

7DEHOOD 6  0XUDWXUH  QRQ  SRUWDQWL  LQ  EORFFKL  GL  FDOFHVWUX]]R  OHJJHUR  R  DHUDWR  DXWRFODYDWR
5HTXLVLWL(,
 /DWDEHOOD 6ULSRUWDLYDORULPLQLPLPPGHOORVSHVVRUHVGLPXUDWXUHGL
EORFFKLGLSLHWUDVTXDGUDWDHVSRVWHVXXQODWRVXIILFLHQWLDJDUDQWLUHLUHTXLVLWL(,
R(,0SHUOHFODVVLLQGLFDWHFRQOHVHJXHQWLOLPLWD]LRQL
D DOWH]]DGHOODSDUHWHIUDLGXHVRODLRGLVWDQ]DIUDGXHHOHPHQWLGLLUULJLGLPHQ
WRFRQHTXLYDOHQWHIXQ]LRQHGLYLQFRORGHLVRODLQRQVXSHULRUHDP
E SHULUHTXLVLWL(,0SUHVHQ]DGLPPGLLQWRQDFRVXDPEHGXHOHIDFFH

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

&ODVVH

%ORFFRSLHQRGLSLHWUDVTXDGUDWD

(,

V 

(,

V 

(,0

V 

(,0

V 

(,0

V 

(,0

V 

7DEHOOD60XUDWXUHQRQSRUWDQWLLQEORFFKLGLSLHWUDVTXDGUDWD5HTXLVLWL(,0
6

0XUDWXUHSRUWDQWLGLEORFFKL
 /DWDEHOOD6ULSRUWDLYDORULPLQLPLPPGHOORVSHVVRUHVGLPXUDWXUHSRU
WDQWLGLEORFFKLHVFOXVROLQWRQDFRHVSRVWHVXXQODWRVXIILFLHQWLDJDUDQWLUHL
UHTXLVLWL5(,R5(,0SHUOHFODVVLLQGLFDWHFRQOHVHJXHQWLOLPLWD]LRQL
D UDSSRUWRKV
E SHULUHTXLVLWL5(,
L KPGRYHKODOWH]]DGHOODSDUHWHIUDGXHVRODLRHOHPHQWLGLLUULJLGL
PHQWRFRQHTXLYDOHQWHIXQ]LRQHGLYLQFRORGHLVRODL
F SHULUHTXLVLWL5(,0
L KPGRYHKODOWH]]DGHOODSDUHWHIUDGXHVRODLRHOHPHQWLGLLUULJLGL
PHQWRFRQHTXLYDOHQWHIXQ]LRQHGLYLQFRORGHLVRODL
LL SUHVHQ]DGLPPGLLQWRQDFRVXDPEHGXHOHIDFFH

0DWHULDOH

7LSREORFFR

5(,


5(,


5(,


5(,


5(,


5(,


5(,
5(,
5(,
5(,
0 0 0 0

/DWHUL]LR>@

3LHQR
IRUDWXUD





















/DWHUL]LR>@

6HPLSLHQRHIRUDWR
IRUDWXUD






















3LHQRVHPLSLHQRH
IRUDWR
IRUDWXUD





















3LHQRVHPLSLHQRH
IRUDWR
IRUDWXUD





























































&DOFHVWUX]]R

&DOFHVWUX]]R
OHJJHUR>@

&DOFHVWUX]]R
3LHQR
DHUDWRDXWRFOD
YDWR
3LHWUDVTXDGUD 3LHQR
WD
IRUDWXUD

>@SUHVHQ]DGLPPGLLQWRQDFRVXDPEHGXHOHIDFFHRYYHURPPVXOODVRODIDFFLDHVSRVWDDOIXRFRIYDORUL
LQWDEHOODVLULIHULVFRQRDJOLHOHPHQWLGLODWHUL]LRVLDQRUPDOHFKHDOOHJJHULWRLQSDVWD
>@PDVVDYROXPLFDQHWWDQRQVXSHULRUHDNJP

7DEHOOD60XUDWXUHSRUWDQWLLQEORFFKL5HTXLVLWL5(,0
6

6ROHWWHSLHQHHVRODLDOOHJJHULWL
 /DWDEHOOD6ULSRUWDLYDORULPLQLPLPPGHOORVSHVVRUHWRWDOH+GLVROHWWH
HVRODLGHOODGLVWDQ]D D GDOODVVH GHOOH DUPDWXUHORQJLWXGLQDOL DOOD VXSHUILFLH
HVSRVWDVXIILFLHQWLDJDUDQWLUHLOUHTXLVLWR5SHUOHFODVVLLQGLFDWH

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6



&ODVVH











6ROHWWHSLHQHFRQDU
PDWXUDPRQRGLUH]LR
QDOHRELGLUH]LRQDOH

























6RODLPLVWLGLODPLHUD
GLDFFLDLRFRQULHPSL
PHQWRGLFDOFHVWUX]
]R>@

























6RODLDWUDYHWWLFRQ
DOOHJJHULPHQWR>@

























6RODLDODVWUDFRQDO
OHJJHULPHQWR>@

























,YDORULGLDGHYRQRHVVHUHQRQLQIHULRULDLPLQLPLGLUHJRODPHQWRSHUOHRSHUHGLFDHFDS,QFDVRGLDUPDWXUD
SUHWHVDDXPHQWDUHLYDORULGLDGLPP,QSUHVHQ]DGLLQWRQDFRLYDORULGL+HDQHGHYRQRWHQHUHFRQWRQHOOD
VHJXHQWHPDQLHUD
D PPGLLQWRQDFRQRUPDOHGHILQL]LRQHLQWDEHOOD6HTXLYDOJRQRDGPPGLFDOFHVWUX]]R
D PPGLLQWRQDFRSURWHWWLYRDQWLQFHQGLRGHILQL]LRQHLQWDEHOOD 6HTXLYDOJRQRDPPGLFDOFH
VWUX]]R
3HUULFRSULPHQWLGLFDOFHVWUX]]RVXSHULRULDPPSUHYHGHUHXQDDUPDWXUDGLIIXVDDJJLXQWLYDFKHDVVLFXULOD
VWDELOLWGHOULFRSULPHQWR
>@,QFDVRGLODPLHUDJUHFDWD+UDSSUHVHQWDORVSHVVRUHPHGLRGHOODVROHWWD,OYDORUHGLDQRQFRPSUHQGHOR
VSHVVRUHGHOODODPLHUD/DODPLHUDKDXQLFDPHQWHIXQ]LRQHGLFDVVHUR
>@'HYHHVVHUHVHPSUHSUHVHQWHXQRVWUDWRGLLQWRQDFRQRUPDOHGLVSHVVRUHQRQLQIHULRUHDPPRYYHURXQR
VWUDWRGLLQWRQDFRLVRODQWHGLVSHVVRUHQRQLQIHULRUHDPP
>@,QFDVRGLDOOHJJHULPHQWRLQSROLVWLUHQHRPDWHULDOLDIILQLSUHYHGHUHRSSRUWXQLVIRJKLGHOOHVRYUDSSUHVVLRQL

7DEHOOD66RODLUHTXLVLWR5
 3HUJDUDQWLUHLUHTXLVLWLGLWHQXWDHLVRODPHQWRLVRODLGLFXLDOODWDEHOOD 6
GHYRQRSUHVHQWDUHXQRVWUDWRSLHQRGLPDWHULDOHLVRODQWHQRQFRPEXVWLELOHHFRQ
FRQGXFLELOLWWHUPLFDQRQVXSHULRUHDTXHOODGHOFDOFHVWUX]]RGLFXLDOPHQRXQD
SDUWHLQFDOFHVWUX]]RDUPDWR/DWDEHOOD6ULSRUWDLYDORULPLQLPLPPGHO
ORVSHVVRUHKGHOORVWUDWRGLPDWHULDOHLVRODQWHHGHOODSDUWHGGLFDVXIILFLHQWLD
JDUDQWLUHLUHTXLVLWL(,SHUOHFODVVLLQGLFDWH
&ODVVH
7XWWHOHWLSRORJLH





































,QSUHVHQ]DGLLQWRQDFRLYDORULGLKHGLGQHSRVVRQRWHQHUHFRQWRQHOODPDQLHUDLQGLFDWDQHOODWDEHOOD6,Q
RJQLFDVRGQRQGHYHPDLHVVHUHLQIHULRUHDPP
,QSUHVHQ]DGLVWUDWLVXSHULRULGLPDWHULDOLGLILQLWXUDLQFRPEXVWLELOHPDVVHWWRPDOWDGLDOOHWWDPHQWRSDYLPHQWD
]LRQHLYDORULGLKQHSRVVRQRWHQHUFRQWR

7DEHOOD66RODLUHTXLVLWL(,

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6

7UDYLSLODVWULHSDUHWLLQFDOFHVWUX]]RDUPDWRRUGLQDULRH
SUHFRPSUHVVR
 /DWDEHOOD6ULSRUWDLYDORULPLQLPLPPGHOODODUJKH]]DEGHOODVH]LRQH
GHOODGLVWDQ]DDGDOODVVHGHOOHDUPDWXUHORQJLWXGLQDOLDOODVXSHUILFLHHVSRVWDH
GHOODODUJKH]]DGDQLPDEZGLWUDYLFRQVH]LRQHFRQEXOERLQIHULRUHVXIILFLHQWLD
JDUDQWLUHLOUHTXLVLWR5SHUOHFODVVLLQGLFDWHGLWUDYL3HUWUDYLFRQVH]LRQHDODU
JKH]]DYDULDELOHEODODUJKH]]DLQFRUULVSRQGHQ]DGHOODOLQHDPHGLDGHOOHDU
PDWXUHORQJLWXGLQDOLWHVH

&ODVVH

EZ

&RPELQD]LRQLSRVVLELOLGLEHD



E D 

E D 

E D 

E D 





E D 

E D 

E D 

E D 





E D 

E D 

E D 

E D 





E D 

E D 

E D 

E D 





E D 

E D 

E D 

E D 





E D 

E D 

E D 

E D 



,YDORULGLDGHYRQRHVVHUHQRQLQIHULRULDLPLQLPLGLUHJRODPHQWRSHUOHRSHUHGLFDHFDS,QFDVRGLDUPDWXUD
SUHWHVDDXPHQWDUHLYDORULGLDGLPP,QSUHVHQ]DGLLQWRQDFRLYDORULGLEHDQHSRVVRQRWHQHUHFRQWRQHOOD
PDQLHUDLQGLFDWDQHOODWDEHOOD63HUULFRSULPHQWLGLFDOFHVWUX]]RVXSHULRULDPPSUHYHGHUHXQDDUPDWX
UDGLIIXVDDJJLXQWLYDFKHDVVLFXULODVWDELOLWGHOULFRSULPHQWR

7DEHOOD67UDYLLQFHPHQWRDUPDWRUHTXLVLWR5
 /DWDEHOOD6ULSRUWDLYDORULPLQLPLPPGHOODWRSLSLFFROREGLSLODVWULD
VH]LRQHUHWWDQJRODUHRYYHURGHOGLDPHWURGLSLODVWULDVH]LRQHFLUFRODUHHGHOOD
GLVWDQ]DDGDOODVVHGHOOHDUPDWXUHORQJLWXGLQDOL DOOD VXSHUILFLHHVSRVWDVXIIL
FLHQWLDJDUDQWLUHLOUHTXLVLWR5SHUOHFODVVLLQGLFDWHGLSLODVWULHVSRVWLVXXQRR
SLODWLFKHULVSHWWDQRHQWUDPEHOHVHJXHQWLOLPLWD]LRQL
D OXQJKH]]DHIIHWWLYDGHOSLODVWURGDQRGRDQRGRPSHUSLODVWULGLSLDQL
LQWHUPHGLRYYHURPSHUSLODVWULGHOOXOWLPRSLDQR
E DUHDFRPSOHVVLYDGLDUPDWXUD$6$&DUHDGHOODVH]LRQHWUDVYHUVDOHGHO
SLODVWUR
&ODVVH

(VSRVWRVXSLODWL

(VSRVWRVXXQODWR



% D 

% D 

% D 



% D 

% D 

% D 



% D 

% D 

% D 



% D 

% D 

% D 



% D 

% D 



% D 

,YDORULGLDGHYRQRHVVHUHQRQLQIHULRULDLPLQLPLGLUHJRODPHQWRSHUOHRSHUHGLFDHFDS,QFDVRGLDUPDWXUD
SUHWHVDDXPHQWDUHLYDORULGLDGLPP,QSUHVHQ]DGLLQWRQDFRLYDORULGLDQHSRVVRQRWHQHUHFRQWRQHOOD
PDQLHUDLQGLFDWDQHOODWDEHOOD63HUULFRSULPHQWLGLFDOFHVWUX]]RVXSHULRULDPPSUHYHGHUHXQDDUPDWX
UDGLIIXVDDJJLXQWLYDFKHDVVLFXULODVWDELOLWGHOULFRSULPHQWR

7DEHOOD63LODVWULLQFHPHQWRDUPDWRUHTXLVLWR5

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

 /DWDEHOOD6ULSRUWDLYDORULPLQLPLPPGHOORVSHVVRUHVHGHOODGLVWDQ]DD
GDOODVVHGHOOHDUPDWXUHORQJLWXGLQDOLDOODVXSHUILFLHHVSRVWDVXIILFLHQWLDJDUDQ
WLUHLUHTXLVLWL5(,R5(,0SHUOHFODVVLLQGLFDWHGLSDUHWLSRUWDQWLHVSRVWHVX
XQRRGXHODWLFKHULVSHWWDQROHVHJXHQWLOLPLWD]LRQL
D DOWH]]DHIIHWWLYDGHOODSDUHWHGDQRGRDQRGRPSHUSDUHWLGLSLDQLLQ
WHUPHGLRYYHURPSHUSDUHWLGHOOXOWLPRSLDQR
&ODVVH

(VSRVWRVXXQODWR

(VSRVWRVXGXHODWL

5(,

V D 

V D 

5(,

V D 

V D 

5(,0

V D 

V D 

5(,0

V D 

V D 

5(,0

V D 

V D 

5(,0

V D 

V D 

,YDORULGLDGHYRQRHVVHUHQRQLQIHULRULDLPLQLPLGLUHJRODPHQWRSHUOHRSHUHGLFDHFDS,QFDVRGLDUPDWXUD
SUHWHVDDXPHQWDUHLYDORULGLDGLPP,QSUHVHQ]DGLLQWRQDFRLYDORULGLDQHSRVVRQRWHQHUHFRQWRQHOOD
PDQLHUDLQGLFDWDQHOODWDEHOOD63HUULFRSULPHQWLGLFDOFHVWUX]]RVXSHULRULDPPSUHYHGHUHXQDDUPDWX
UDGLIIXVDDJJLXQWLYDFKHDVVLFXULODVWDELOLWGHOULFRSULPHQWR

7DEHOOD63DUHWLSRUWDQWLLQFHPHQWRDUPDWRUHTXLVLWL5(,0
 /DWDEHOOD6ULSRUWDLYDORULPLQLPLPPGHOORVSHVVRUHVVXIILFLHQWHDJD
UDQWLUHLUHTXLVLWL(,R(,0SHUOHFODVVLLQGLFDWHGLSDUHWLQRQSRUWDQWLHVSRVWH
VXXQODWRFKHULVSHWWDQRHQWUDPEHOHVHJXHQWLOLPLWD]LRQL
D DOWH]]DHIIHWWLYDGHOODSDUHWHGDQRGRDQRGRPSHUSDUHWLGLSLDQLLQ
WHUPHGLRYYHURPSHUSDUHWLGHOOXOWLPRSLDQR
E UDSSRUWRWUDDOWH]]DGLOLEHUDLQIOHVVLRQHHVSHVVRUHLQIHULRUHD
&ODVVH

(VSRVWRVXXQODWR

(,

V 

(,

V 

(,

V 

(,0

V 

(,0

V 

(,0

V 

7DEHOOD63DUHWLQRQSRUWDQWLLQFHPHQWRDUPDWRUHTXLVLWL(,0

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

6

5LIHULPHQWL
 6LLQGLFDQRLVHJXHQWLULIHULPHQWLELEOLRJUDILFL
D &RPPLVVLRQHHXURSHD'LUH]LRQHJHQHUDOHSHUOH,PSUHVHHO
LQGXVWULD-RLQW
5HVHDUFK&HQWHU&RQVWUXFWLRQ+DUPRQLVHG(XURSHDQ6WDQGDUGVGRFX
PHQWD]LRQHGDKWWSHXURFRGHVMUFHFHXURSDHX
E &RPPLVVLRQH  HXURSHD  'LUH]LRQH  JHQHUDOH  SHU  OH  ,PSUHVH  H  O
LQGXVWULD
&RQVWUXFWLRQ    +DUPRQLVHG  (XURSHDQ  6WDQGDUGV  GRFXPHQWD]LRQH  GD
KWWSHFHXURSDHXHQWHUSULVHVHFWRUVFRQVWUXFWLRQGHFODUDWLRQRI
SHUIRUPDQFH

&DSLWROR65HVLVWHQ]DDOIXRFR

3DJLQD6

675$7(*,$$17,1&(1',2

&DSLWROR6

&RPSDUWLPHQWD]LRQH

3UHPHVVD
/LYHOOLGLSUHVWD]LRQH
&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6ROX]LRQLSURJHWWXDOL
&DUDWWHULVWLFKHJHQHUDOLGHOODFRPSDUWLPHQWD]LRQH
3URJHWWD]LRQHGHOODFRPSDUWLPHQWD]LRQH
5HDOL]]D]LRQHGHOODFRPSDUWLPHQWD]LRQH
'LVWDQ]DGLVHSDUD]LRQHSHUOLPLWDUHODSURSDJD]LRQHGHOO
LQFHQGLR
8ELFD]LRQH
&RPXQLFD]LRQLWUDDWWLYLWGLYHUVH
0HWRGLSHUODGHWHUPLQD]LRQHGHOODGLVWDQ]DGLVHSDUD]LRQH
5LIHULPHQWL

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

6

3UHPHVVD
 /DILQDOLWGHOODFRPSDUWLPHQWD]LRQHGLOLPLWDUHODSURSDJD]LRQHGHOO
LQFHQGLR
HGHLVXRLHIIHWWLYHUVRDOWUHDWWLYLWRDOO
LQWHUQRGHOODVWHVVDDWWLYLW

6

/LYHOOLGLSUHVWD]LRQH
 /DWDEHOOD6LQGLFDLOLYHOOLGLSUHVWD]LRQHSHUODFRPSDUWLPHQWD]LRQH

/LYHOOLGL
SUHVWD]LRQH

'HVFUL]LRQH

1HVVXQUHTXLVLWR

,,

FRQWUDVWDWDSHUXQSHULRGRFRQJUXRFRQODGXUDWDGHOO
LQFHQGLR
D ODSURSDJD]LRQHGHOO
LQFHQGLRYHUVRDOWUHDWWLYLW
D ODSURSDJD]LRQHGHOO
LQFHQGLRDOO
LQWHUQRGHOODVWHVVDDWWLYLW

,,,

FRQWUDVWDWDSHUXQSHULRGRFRQJUXRFRQODGXUDWDGHOO
LQFHQGLR
D ODSURSDJD]LRQHGHOO
LQFHQGLRYHUVRDOWUHDWWLYLW
D ODSURSDJD]LRQHGHOO
LQFHQGLRHGHLIXPLIUHGGLDOO
LQWHUQRGHOODVWHVVDDWWLYLW

7DEHOOD6/LYHOOLGLSUHVWD]LRQHSHUODFRPSDUWLPHQWD]LRQH

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

6

&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
 1HOODWDEHOOD6VRQRULSRUWDWLLFULWHULJHQHUDOPHQWHDFFHWWDWLSHUO
DWWULEX]LR
QHDOO
DWWLYLWGHLVLQJROLOLYHOOLGLSUHVWD]LRQH

/LYHOORGL
SUHVWD]LRQH

&ULWHULGLDWWULEX]LRQH

1RQDPPHVVRQHOOHDWWLYLWVRJJHWWH

,,

$WWLYLWQRQULFRPSUHVHQHJOLDOWULFULWHULGLDWWULEX]LRQH

,,,

,QUHOD]LRQHDOOHULVXOWDQ]HGHOODYDOXWD]LRQHGHOULVFKLRQHOO
DPELWRHLQDPELWLOLPLWURILGHOODVWHVVD
DWWLYLWHVDWWLYLWFRQHOHYDWRDIIROODPHQWRDWWLYLWFRQJHRPHWULDFRPSOHVVDRSLDQLLQWHUUDWLHOH
YDWRFDULFRGLLQFHQGLRVSHFLILFRTISUHVHQ]DGLVRVWDQ]HRPLVFHOHSHULFRORVHLQTXDQWLWVLJQLIL
FDWLYHSUHVHQ]DGLODYRUD]LRQLSHULFRORVHDLILQLGHOO
LQFHQGLRRGHOO
HVSORVLRQH
6LSXDSSOLFDUHLQSDUWLFRODUHRYHVRQRSUHVHQWLFRPSDUWLPHQWLFRQSURILORGLULVFKLR5YLWDFRPSUH
VRLQ''&LL&LL&LLL&LLLSHUSURWHJJHUHJOLRFFXSDQWLFKHGRUPRQRRFKHULFHYRQRFXUH
PHGLFKH

7DEHOOD6&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6

6ROX]LRQLSURJHWWXDOL
 2YHQRQSUHYLVWHQHLVHJXHQWLSXQWLGHOSUHVHQWHSDUDJUDIRSHULFRPSDUWL
PHQWLDYHQWL5YLWDFRPSUHVRLQ&L&L&LVLSRVVRQRDVVXPHUHDULIHUL
PHQWROHVROX]LRQLFRQIRUPLSUHYLVWHULVSHWWLYDPHQWHSHU&LL&LL&LL
WHQHQGRFRQWRGHOODPDJJLRUHIDPLOLDULWGHJOLRFFXSDQWLFRQO
DWWLYLWH
GHOORVSHFLILFRULVFKLRGLLQFHQGLR

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,
 $OILQHGLOLPLWDUHODSURSDJD]LRQHGHOO
LQFHQGLRYHUVRDOWUHDWWLYLWGHYHHVVHUH
LPSLHJDWDDOPHQRXQDGHOOHVHJXHQWLVROX]LRQLFRQIRUPL
D LQVHULUHOHGLYHUVHDWWLYLWLQFRPSDUWLPHQWLDQWLQFHQGLRGLVWLQWLFRPHGH
VFULWWRQHLSDUDJUDIL6 HG6FRQOHFDUDWWHULVWLFKHGLFXLDOSDUDJUD
IR6
E LQWHUSRUUHGLVWDQ]HGLVHSDUD]LRQHVXVSD]LRDFLHOROLEHURWUDOHGLYHUVHDWWL
YLWFRQWHQXWHLQRSHUHGDFRVWUX]LRQHFRPHGHVFULWWRQHOSDUDJUDIR6
 $OILQHGLOLPLWDUHODSURSDJD]LRQHGHOO
LQFHQGLRDOO
LQWHUQRGHOODVWHVVDDWWLYLW
GHYHHVVHUHLPSLHJDWDDOPHQRXQDGHOOHVHJXHQWLVROX]LRQLFRQIRUPL
D VXGGLYLGHUHODYROXPHWULDGHOO
RSHUDGDFRVWUX]LRQHFRQWHQHQWHO
DWWLYLWLQ
FRPSDUWLPHQWLDQWLQFHQGLRFRPHGHVFULWWRQHLSDUDJUDIL6HG6FRQ
OHFDUDWWHULVWLFKHGLFXLDOSDUDJUDIR6
E LQWHUSRUUHGLVWDQ]HGLVHSDUD]LRQHVXVSD]LRDFLHOROLEHURWUDRSHUHGDFRVWUX
]LRQHFKHFRQWHQJRQRO
DWWLYLWFRPHGHVFULWWRQHOSDUDJUDIR6
 /
XELFD]LRQH GHOOH  GLYHUVH  DWWLYLW  SUHVHQWL  QHOOD  VWHVVD  RSHUD  GD  FRVWUX]LRQH
GHYHHVVHUHVWDELOLWDVHFRQGRLFULWHULGLFXLDOSDUDJUDIR6
 6RQRDPPHVVH FRPXQLFD]LRQLWUDOHGLYHUVHDWWLYLWSUHVHQWLQHOODVWHVVDRSHUD
GDFRVWUX]LRQHUHDOL]]DWHFRQOHOLPLWD]LRQLHOHPRGDOLWGHVFULWWHDOSDUDJUD
IR6

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,,
 6LDSSOLFDQROHVROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,LPSLHJDQGR
HOHPHQWLDWHQXWDGLIXPR6D per la chiusura dei vani di comunicazione fra
compartimenti.

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

6

6ROX]LRQLDOWHUQDWLYH
 6RQRDPPHVVHVROX]LRQLDOWHUQDWLYHSHUWXWWLLOLYHOOLGLSUHVWD]LRQH
1RWD/HVROX]LRQLDOWHUQDWLYHSRVVRQRHVVHUHULFHUFDWHQHOO
LPSLHJRGHL6()&&DSLWROR6

 $OILQHGLGLPRVWUDUHLOUDJJLXQJLPHQWRGHOFROOHJDWR OLYHOORGLSUHVWD]LRQH LO
SURJHWWLVWDGHYHLPSLHJDUHXQRGHLPHWRGLGLFXLDOSDUDJUDIR*
6

&DUDWWHULVWLFKHJHQHUDOLGHOODFRPSDUWLPHQWD]LRQH

6

6SD]LRVFRSHUWR
 /RVSD]LRVFRSHUWRXQRVSD]LRDFLHOROLEHURRVXSHULRUPHQWHJULJOLDWRDQFKH
GHOLPLWDWRVXWXWWLLODWLDYHQWH
D VXSHUILFLHORUGDPLQLPDOLEHUDHVSUHVVDLQPQRQLQIHULRUHDTXHOODFDOFRODWD
PROWLSOLFDQGRSHUO
DOWH]]DLQPHWULGHOODSDUHWHSLEDVVDFKHORGHOLPLWD
E GLVWDQ]DIUDOHVWUXWWXUHYHUWLFDOLFKHGHOLPLWDQRORVSD]LRVFRSHUWRQRQLQIH
ULRUHDP
 6HOHSDUHWLGHOLPLWDQWLORVSD]LRDFLHOROLEHURRJULJOLDWRKDQQRVWUXWWXUHFKH
DJJHWWDQRRULHQWUDQRGHWWRVSD]LRFRQVLGHUDWRVFRSHUWRVHVRQRULVSHWWDWHOH
FRQGL]LRQLGHOSXQWRHVHLOUDSSRUWRIUDODVSRUJHQ]DRULHQWUDQ]DHODUHODWL
YDDOWH]]DGLLPSRVWD]LRQHQRQVXSHULRUHDG
 /DVXSHUILFLHORUGD PLQLPDOLEHUDGHOORVSD]LRVFRSHUWRGHYHULVXOWDUHDOQHWWR
GHOOHVXSHUILFLDJJHWWDQWL
 /DPLQLPDGLVWDQ]DGLPGHYHHVVHUHFRPSXWDWDIUDOHSDUHWLSLYLFLQHLQ
FDVRGLULHQWUDQ]HIUDSDUHWHHOLPLWHHVWHUQRGHOODSURLH]LRQHGHOO
DJJHWWRLQ
FDVRGLVSRUJHQ]DIUDLOLPLWLHVWHUQLGHOOHSURLH]LRQLGLDJJHWWLSURVSLFLHQWL

6

)LOWUR
 ,OILOWURXQFRPSDUWLPHQWRDQWLQFHQGLRDYHQWH
D FODVVHGLUHVLVWHQ]DDOIXRFRQRQLQIHULRUHDPLQXWL
E GXHRSLSRUWHDOPHQR(6DPXQLWHGLFRQJHJQLGLDXWRFKLXVXUD
F FDULFRGLLQFHQGLRVSHFLILFRTIQRQVXSHULRUHD0-P

6

)LOWURDSURYDGLIXPR
 ,OILOWURDSURYDGLIXPRXQILOWURFRQXQDGHOOHVHJXHQWLFDUDWWHULVWLFKHDJJLXQ
WLYH
D GRWDWRGLFDPLQRGLYHQWLOD]LRQHDLILQLGHOORVPDOWLPHQWRGHLIXPLG
LQFHQ
GLR DGHJXDWDPHQWH SURJHWWDWR  H GL  VH]LRQH  FRPXQTXH  QRQ  LQIHULRUH  D
PVIRFLDQWHDOGLVRSUDGHOODFRSHUWXUDGHOO
RSHUDGDFRVWUX]LRQH
E PDQWHQXWRLQVRYUDSSUHVVLRQHDGDOPHQR3DLQFRQGL]LRQLGLHPHUJHQ]D
GD  VSHFLILFR  VLVWHPD  SURJHWWDWR  UHDOL]]DWR  H  JHVWLWR  VHFRQGR  OD  UHJROD
GHOO
DUWH
1RWD ,OVLVWHPDGLVRYUDSSUHVVLRQHGHYHFRPXQTXHFRQVHQWLUHODIDFLOHDSHUWXUDGHOOHSRUWHSHUOHILQD
OLWG
HVRGRFDSLWROR6QRQFKODORURFRPSOHWDDXWRFKLXVXUDLQIDVHGLDWWLYD]LRQHGHOO
LPSLDQ
WR

F DUHDWRGLUHWWDPHQWHYHUVRO
HVWHUQRFRQDSHUWXUHGLVXSHUILFLHXWLOHFRPSOHVVL
YDQRQLQIHULRUHDP7DOLDSHUWXUHGHYRQRHVVHUHSHUPDQHQWHPHQWHDSHUWH
RGRWDWHGLFKLXVXUDIDFLOPHQWHDSULELOHLQFDVRGLLQFHQGLRLQPRGRDXWRPD
WLFRRPDQXDOHHVFOXVRO
LPSLHJRGLFRQGRWWL
6

&RPSDUWLPHQWRDSURYDGLIXPR
 3HUHVVHUHFRQVLGHUDWRD SURYDGLIXPR LQFDVRGLLQFHQGLRFKHVLVYLOXSSLLQ
FRPSDUWLPHQWLFRPXQLFDQWLLOFRPSDUWLPHQWRGHYHHVVHUHUHDOL]]DWRLQPRGRGD

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

JDUDQWLUHXQDGHOOHVHJXHQWLPLVXUHDQWLQFHQGLRDJJLXQWLYHYHUVRLFRPSDUWLPHQ
WLFRPXQLFDQWLGDLTXDOLVLLQWHQGHJDUDQWLUHODSURWH]LRQHGDOO
LQJUHVVRGLIXPR
D LOFRPSDUWLPHQWRGRWDWRGLXQVLVWHPDGLSUHVVLRQHGLIIHUHQ]LDOHSURJHWWDWR
LQVWDOODWRHJHVWLWRVHFRQGRODUHJRODGHOO
DUWHLQFRQIRUPLWDOOHQRUPHDGRW
WDWHGDOO
HQWHGLQRUPD]LRQHQD]LRQDOH
1RWD/
HOHQFRQRQHVDXVWLYRGHOOHQRUPHHGRFXPHQWLWHFQLFLDGRWWDWLGDOO
HQWHGLQRUPD]LRQH
QD]LRQDOHUHSHULELOHQHOSDUDJUDIR6

E L  FRPSDUWLPHQWL  FRPXQLFDQWL  GD  FXL  VL  LQWHQGH  JDUDQWLUH  OD  SURWH]LRQH

GDOO
LQJUHVVRGLIXPRVRQRGRWDWLGL6()&FKHPDQWHQJRQRLIXPLDOGLVRSUD
GHLYDUFKLGLFRPXQLFD]LRQH&DSLWROR6
F LOFRPSDUWLPHQWRGRWDWRGL6()&LFRPSDUWLPHQWLFRPXQLFDQWLGDFXLVL
LQWHQGHJDUDQWLUHODSURWH]LRQHGDOO
LQJUHVVRGLIXPRVRQRGRWDWLGL6()&
&DSLWROR6
G LOFRPSDUWLPHQWRVHSDUDWRFRQVSD]LRVFRSHUWRGDLFRPSDUWLPHQWLFRPXQL
FDQWLGDFXLVLLQWHQGHJDUDQWLUHODSURWH]LRQHGDOO
LQJUHVVRGLIXPR
H LOFRPSDUWLPHQWRVHSDUDWRFRQILOWURDSURYDGLIXPRGDLFRPSDUWLPHQWLFR
PXQLFDQWLGDFXLVLLQWHQGHJDUDQWLUHODSURWH]LRQHGDOO
LQJUHVVRGLIXPR
I LO FRPSDUWLPHQWRVHSDUDWRFRQDOWUL FRPSDUWLPHQWLDSURYDGL IXPR GDL
FRPSDUWLPHQWL  FRPXQLFDQWL  GD  FXL  VL  LQWHQGH  JDUDQWLUH  OD  SURWH]LRQH
GDOO
LQJUHVVRGLIXPR
 1HOODWDEHOOD6 VRQRULSRUWDWHDOFXQHDSSOLFD]LRQLGHOOHPLVXUHDQWLQFHQGLR
SUHYLVWHGDOFRPPD
1RWD(VHPSLGLFRPSDUWLPHQWRDSURYDGLIXPRVRQRVFDODDSURYDGLIXPRYDQRDVFHQVRUHD
SURYDGLIXPR

6

6XSHUILFLYXOQHUDELOLGLFKLXVXUDHVWHUQDGHOFRPSDUWLPHQWR
 /DGR]LRQHGLSDUWLFRODULWLSLGLVXSHUILFLGLFKLXVXUDYHUVROHVWHUQRHVIDFFLDWH
FRQWLQXHIDFFLDWHYHQWLODWHFRSHUWXUHQRQGHYHFRVWLWXLUHSUHJLXGL]LRSHU
OHIILFDFLDGHOODFRPSDUWLPHQWD]LRQHGLSLDQRRGLTXDOVLDVLDOWUDFRPSDUWLPHQ
WD]LRQHRUL]]RQWDOHHYHUWLFDOHSUHVHQWHDOOLQWHUQRGHOOHGLILFLR
1RWD8WLOLULIHULPHQWLVRQRFRVWLWXLWLGDOOHFLUFRODUL'&35(9QGHOPDU]RH'&
35(9GHODSULOHUHFDQWLGUIDA TECNICA su: Requisiti di sicurezza antincendio
delle facciate negli edifici civili.

6

6HJQDOHWLFD
 /HSRUWHWDJOLDIXRFRGHYRQRHVVHUHFRQWUDVVHJQDWHVXHQWUDPELLODWLFRQFDUWHOOR
81,(1,620RHTXLYDOHQWHULSRUWDQWHLOPHVVDJJLR3RUWDWDJOLD
IXRFRWHQHUHFKLXVDRSSXUH3RUWDWDJOLDIXRFRDFKLXVXUDDXWRPDWLFDVHPX
QLWHGLIHUPRHOHWWURPDJQHWLFRLQDSHUWXUD

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

7DEHOOD6(VHPSLGLFRPSDUWLPHQWLDSURYDGLIXPRYLVWHLQSLDQWDHGHVFUL]LRQH

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

6

3URJHWWD]LRQHGHOODFRPSDUWLPHQWD]LRQH

6

5HJROHJHQHUDOL
 'HYRQRHVVHUHLQVHULWLLQFRPSDUWLPHQWLGLVWLQWL
D FLDVFXQSLDQRLQWHUUDWRHIXRULWHUUDGLDWWLYLWPXOWLSLDQR
E DUHHGHOO
DWWLYLWFRQGLYHUVRSURILORGLULVFKLR
F DOWUHDWWLYLWHVDIIHUHQWLDGDOWURUHVSRQVDELOHGHOO
DWWLYLWGLGLYHUVDWLSROR
JLDRVSLWDWHQHOODPHGHVLPDRSHUDGDFRVWUX]LRQH
 /DVXSHUILFLHORUGDGHLFRPSDUWLPHQWLQRQGHYHVXSHUDUHLYDORULPDVVLPLSUHYL
VWLLQWDEHOOD6

5YLWD

4XRWDGHOFRPSDUWLPHQWR
P

P

P

P

P

P

P

P

!P

$









>@









$









>@









$

>QD@















>QD@

$

>QD@

>QD@

>QD@

>QD@



>QD@

>QD@

>QD@

>QD@

%

>QD@







>@









%

>QD@

















%

>QD@

>QD@













>QD@

&

>QD@

>QD@

>QD@



>@









&

>QD@

>QD@

>QD@













&

>QD@

>QD@

>QD@

>QD@











'

>QD@

>QD@

>QD@













'

>QD@

>QD@

>QD@











>QD@

(









>@









(









>@









(

>QD@

>QD@











>QD@

>QD@

>QD@1RQDPPHVVR>@1HVVXQOLPLWH

7DEHOOD60DVVLPDVXSHUILFLHORUGDGHLFRPSDUWLPHQWLLQP
6

&RPSDUWLPHQWD]LRQHPXOWLSLDQR
 3HUDWWLYLWLQFXLLSURILOLGLULVFKLR5YLWDGLWXWWLLFRPSDUWLPHQWLVLDQRFRPSUHVL
LQ$$%%&&QHOULVSHWWRGHOODPDVVLPDVXSHUILFLHGLFRPSDUWL
PHQWRGLFXLDOODWDEHOOD6HGHLYLQFROLGHWWDWLGDOOHDOWUHPLVXUHDQWLQFHQGLR
HVHVRGRFDSLWROR6JHQHUDOPHQWHDFFHWWDELOHODFRPSDUWLPHQWD]LRQHPXO
WLSLDQRGLWDEHOOD6HVHPSLQHOO
LOOXVWUD]LRQH6LQUHOD]LRQHDOOHFDUDWWH
ULVWLFKHJHRPHWULFKHGHOO
DWWLYLW

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

*HRPHWULDDWWLYLW

&RPSDUWLPHQWD]LRQH
VHPSOLILFDWD

0LVXUHDQWLQFHQGLRDJJLXQWLYH

4XRWDGLWXWWLLSLDQL 7XWWLLSLDQLIXRULWHUUDSRVVRQRHV 1HVVXQD

IXRULWHUUD
VHUHLQVHULWLLQXQFRPSDUWLPHQWR
P
XQLFRVHSDUDWRGDOODSRU]LRQHLQ
WHUUDWDGHOO
DWWLYLW
4XRWDGLWXWWLLSLDQL 7XWWLLSLDQLLQWHUUDWLSRVVRQRHVVH 1HVVXQD
LQWHUUDWL
UHLQVHULWLLQXQFRPSDUWLPHQWRXQL
!P
FRVHSDUDWRGDOODSRU]LRQHIXRUL
WHUUDGHOO
DWWLYLW
4XRWDGLWXWWLLSLDQL
PH!P

7XWWLLSLDQLLQWHUUDWLHIXRULWHUUD
1HOFRPSDUWLPHQWRPXOWLSLDQRULYHOD]LRQHHGDOODUPH
SRVVRQRHVVHUHLQVHULWLLQXQFRP &DSLWROR6GLOLYHOORGLSUHVWD]LRQH,,,
SDUWLPHQWRXQLFR

4XDOVLDVL

7XWWLLSLDQLWUDTXRWDPH! 1HOFRPSDUWLPHQWRPXOWLSLDQR
PSRVVRQRHVVHUHLQVHULWLLQXQ
D ULYHOD]LRQHHGDOODUPH&DSLWROR6GLOLYHOOR
GLSUHVWD]LRQH,,,
FRPSDUWLPHQWRXQLFRVHSDUDWRGDO
UHVWRGHOO
DWWLYLW
D FRQWUROORGHOO
LQFHQGLR&DSLWROR6GLOLYHOOR
GLSUHVWD]LRQH,9>@
D WXWWHOHYLHG
HVRGRYHUWLFDOLSURWHWWH

>@SHUDWWLYLWFRQFDULFRGLLQFHQGLRVSHFLILFR TI LQIHULRUHD0-PDPPHVVRSHUODVWUDWHJLDFRQWUROOR

GHOO
LQFHQGLRLOOLYHOORGLSUHVWD]LRQH,,,

7DEHOOD6&RPSDUWLPHQWD]LRQHPXOWLSLDQR
&RPSDUWLPHQWR
XQLFRIXRULWHUUD
4XRWDbP

3LDQRGL
ULIHULPHQWR

&RPSDUWLPHQWLGLSLDQR
SHURJQLSLDQRIXRULWHUUD

&RPSDUWLPHQWLGLSLDQR
SHURJQLSLDQRLQWHUUDWR

3LDQRGL
ULIHULPHQWR

&RPSDUWLPHQWR
XQLFRLQWHUUDWR

4XRWD!bP

&RPSDUWLPHQWLGLSLDQR
SHURJQLSLDQRVXSHULRUH

&RPSDUWLPHQWRXQLFR

4XRWDbP

&RPSDUWLPHQWR
XQLFR
4XRWDbP

3LDQRGL
ULIHULPHQWR

3LDQRGL
ULIHULPHQWR
4XRWD!bP

4XRWD!bP

&RPSDUWLPHQWLGLSLDQR
SHURJQLSLDQRLQIHULRUH

,OOXVWUD]LRQH6(VHPSLGLFRPSDUWLPHQWD]LRQHPXOWLSLDQRLQVH]LRQH

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

6

5HDOL]]D]LRQHGHOODFRPSDUWLPHQWD]LRQH

6

'HWHUPLQD]LRQHGHOODFODVVHGLUHVLVWHQ]DDOIXRFR
 /DFODVVHGLUHVLVWHQ]DDOIXRFRPLQLPDGLRJQLFRPSDUWLPHQWRGHWHUPLQDWDVH
FRQGRTXDQWRSUHYLVWRQHOFDSLWROR6
 ,QFDVRGLFRPSDUWLPHQWLDGLDFHQWLULIHULWLDUHVSRQVDELOLGLDWWLYLWGLYHUVLJOL
HOHPHQWLGLVHSDUD]LRQHGHJOLVWHVVLGHYRQRDYHUHFDUDWWHULVWLFKHGLUHVLVWHQ]DDO
IXRFRQRQLQIHULRULD(,VDOYRTXDQWRSUHYLVWRDOFRPPD

6

6HOH]LRQHGHOOHSUHVWD]LRQLGHJOLHOHPHQWL
 /HSUHVWD]LRQLGHJOLHOHPHQWLGLFRPSDUWLPHQWD]LRQHVRQRVHOH]LRQDWHVHFRQGRL
FULWHULGLLPSLHJRULSRUWDWLDOODWDEHOOD6

6LPEROR

3UHVWD]LRQH

&DSDFLWSRUWDQWH

7HQXWD

,VRODPHQWR

,UUDJJLDPHQWR

$]LRQHPHFFDQLFD

7HQXWDGLIXPR

&ULWHULRGLLPSLHJR
3HUSURGRWWLHGHOHPHQWLFRVWUXWWLYLSRUWDQWL
&RQWHQLPHQWRGLIXPLFDOGLJDVFDOGLHILDPPH
/LPLWDUHODSRVVLELOLWGLSURSDJD]LRQHGHOO
LQFHQGLRSHUFRQWDWWRWUDPD
WHULDOHFRPEXVWLELOHHIDFFLDGHOO
HOHPHQWRGLFRPSDUWLPHQWD]LRQHQRQ
HVSRVWDDOO
LQFHQGLR
/LPLWDUHODSRVVLELOLWGLSURSDJD]LRQHGHOO
LQFHQGLRSHULUUDJJLDPHQWR
GDOODIDFFLDGHOO
HOHPHQWRGLFRPSDUWLPHQWD]LRQHQRQHVSRVWD
DOO
LQFHQGLRYHUVRPDWHULDOHFRPEXVWLELOH
/LPLWDUHODSRVVLELOLWGLSHUGLWDGLFRPSDUWLPHQWD]LRQHSHUHIIHWWRGL
D]LRQLPHFFDQLFKHDFFLGHQWDOL
&RQWHQLPHQWRGLIXPLHJDVIUHGGL

7DEHOOD6&ULWHULGLVFHOWDGHOOHSULQFLSDOLSUHVWD]LRQLGHJOLHOHPHQWLGLFRPSDUWLPHQWD]LRQH
 7XWWHOHFKLXVXUHGHLYDUFKLGLFRPXQLFD]LRQHWUDFRPSDUWLPHQWLGHYRQRSRVVH
GHUHDQDORJDFODVVHGLUHVLVWHQ]DDOIXRFRHGHVVHUHPXQLWHGLGLVSRVLWLYRGLDX
WRFKLXVXUDHVSRUWHRHVVHUHPDQWHQXWHSHUPDQHQWHPHQWHFKLXVHHVVSRUWHOOL
GLFDYHGLLPSLDQWLVWLFL
 7XWWHOHFKLXVXUHGHLYDUFKLWUDFRPSDUWLPHQWLHYLHGLHVRGRGLXQDVWHVVDDWWLYL
WGRYUHEEHURHVVHUHDOPHQRDWHQXWDGLIXPLFDOGL(HIUHGGL6D1RQQRU
PDOPHQWHULFKLHVWRLOUHTXLVLWRGLLVRODPHQWR,HGLLUUDJJLDPHQWR:
 /HSRUWHWDJOLDIXRFRLQVWDOODWHOXQJROHSULQFLSDOLYLHGLSDVVDJJLRGHJOLRFFX
SDQWLGRYUHEEHURHVVHUHSUHIHULELOPHQWH PXQLWH GL IHUPRHOHWWURPDJQHWLFRLQ
DSHUWXUDDVVHUYLWRDG,5$,
6

&RQWLQXLWGHOODFRPSDUWLPHQWD]LRQH
 /HFRPSDUWLPHQWD]LRQLRUL]]RQWDOLHYHUWLFDOLGHYRQRIRUPDUHXQDEDUULHUDFRQ
WLQXDHGXQLIRUPHFRQWURODSURSDJD]LRQHGHJOLHIIHWWLGHOO
LQFHQGLR3DUWLFRODUH
FXUDQHOODUHDOL]]D]LRQHGHYHHVVHUHJDUDQWLWD
D QHOOH JLXQ]LRQL WUDJOLHOHPHQWLGLFRPSDUWLPHQWD]LRQHJUD]LHDOODFRUUHWWD
SRVDLQRSHUD
E LQFRUULVSRQGHQ]DGHOODWWUDYHUVDPHQWR GHJOLLPSLDQWLWHFQRORJLFLRGLSUR
FHVVRFRQODGR]LRQHGLVLVWHPLVLJLOODQWLUHVLVWHQWLDOIXRFRTXDQGRJOLHIIHWWL
GHOOLQFHQGLRSRVVRQRDWWDFFDUHOLQWHJULWHODIRUPDGHOOLPSLDQWRHVWXED
]LRQLGL39&FRQFROODUHVDFFKHWWLSHQHWUDQWLQHOOHFDQDOLQHSRUWDFDYL
RYYHURFRQODGR]LRQHGLLVRODQWLQRQFRPEXVWLELOLVXXQWUDWWRGLWXED]LRQH
ROWUHOHOHPHQWRGLVHSDUD]LRQHTXDQGRJOLHIIHWWLGHOOLQFHQGLRSRVVRQRFDX
VDUHVRORLOULVFDOGDPHQWRGHOOLPSLDQWRHVWXED]LRQLPHWDOOLFKHULYHVWLWH
VXOODWRQRQHVSRVWRDOO
LQFHQGLRGHOO
HOHPHQWRGLFRPSDUWLPHQWD]LRQHFRQ
LGRQHLPDWHULDOLLVRODQWL

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

F LQFRUULVSRQGHQ]DGL FDQDOL]]D]LRQL DHUDXOLFKHSHUPH]]RGHOO

LQVWDOOD]LRQH
GLVHUUDQGHWDJOLDIXRFRRLPSLHJDQGRFDQDOL]]D]LRQLUHVLVWHQWLDOIXRFRSHU
O
DWWUDYHUVDPHQWRGHLFRPSDUWLPHQWL
G LQFRUULVSRQGHQ]DGHLFDPLQLGLHVDXVWLRQHRGLHVWUD]LRQHIXPLLPSLHJDQGR
FDQDOL]]D]LRQLUHVLVWHQWLDOIXRFRSHUODWWUDYHUVDPHQWRGHLFRPSDUWLPHQWL
H LQFDVRGLIDFFLDWHFRQWLQXHSDUDJUDIR6

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

6

'LVWDQ]DGLVHSDUD]LRQHSHUOLPLWDUHODSURSDJD]LRQHGHOO
LQFHQGLR
 /
LQWHUSRVL]LRQHGHOOD GLVWDQ]DGLVHSDUD]LRQHGLQVSD]LRDFLHOROLEHURWUD
DPELWLGHOODVWHVVDDWWLYLWRWUDDWWLYLWGLYHUVHFRQVHQWHGLOLPLWDUHODSURSDJD
]LRQHGHOO
LQFHQGLR
 $LILQLGHOODGHILQL]LRQHGLXQDVROX]LRQHFRQIRUPHSHUODSUHVHQWHPLVXUDDQWLQ
FHQGLR  LO  SURJHWWLVWD  LPSLHJD  OD SURFHGXUD  WDEHOODUH LQGLFDWD  DO  SDUDJUD
IR6RSSXUHODSURFHGXUDDQDOLWLFDGHOSDUDJUDIR6LPSRQHQGRDG
XQYDORUHSDULDN:PODVRJOLD(VRJOLDGLLUUDJJLDPHQWRWHUPLFRGHOO
LQFHQ
GLRVXOEHUVDJOLR
7DOHVRJOLDFRQVLGHUDWDDGHJXDWDPHQWHFRQVHUYDWLYDSHUOLPLWDUHO
LQQHVFRGL
TXDOVLDVLWLSRORJLDGLPDWHULDOHLQTXDQWRUDSSUHVHQWDLOYDORUHOLPLWHFRQYHQ
]LRQDOHHQWURLOTXDOHQRQDYYLHQHLQQHVFRGHOOHJQRLQDULDVWD]LRQDULD
 4XDORUD  LO  FDULFR  G
LQFHQGLR TI QHL  FRPSDUWLPHQWL  GHOO
DWWLYLW  VLD  LQIHULRUH  D
0-PVLFRQVLGHUDVROX]LRQHFRQIRUPHO
LQWHUSRVL]LRQHGLVSD]LRVFRSHUWR
SDUDJUDIR6WUDDPELWLGHOODVWHVVDDWWLYLWRWUDDWWLYLWGLYHUVH
 $LILQLGHOODGHILQL]LRQHGLXQDVROX]LRQHDOWHUQDWLYDSHUODSUHVHQWHPLVXUDDQ
WLQFHQGLR  LO  SURJHWWLVWD  SX  LPSLHJDUH  OD SURFHGXUD  DQDOLWLFD GHO  SDUDJUD
IR6LPSLHJDQGRXQYDORUH (VRJOLD DGHJXDWRDO EHUVDJOLR HIIHWWLYDPHQWH
HVSRVWRDOO
LQFHQGLR

6

8ELFD]LRQH
 'LIIHUHQWLDWWLYLWFLYLOLHVVWUXWWXUHVDQLWDULHVFRODVWLFKHDOEHUJKLHUHSRV
VRQRHVVHUHXELFDWHLQXQDVWHVVDRSHUDGDFRVWUX]LRQH
 /HDWWLYLWFLYLOLQRQSRVVRQRHVVHUHXELFDWHLQRSHUHGDFRVWUX]LRQHLQFXLVLGH
WHQJRQRRWUDWWDQRVRVWDQ]HRPLVFHOHSHULFRORVHLQTXDQWLWVLJQLILFDWLYHVLHI
IHWWXDQRODYRUD]LRQLSHULFRORVHDLILQLGHOO
LQFHQGLRRGHOO
HVSORVLRQH
 DPPHVVDODFRHVLVWHQ]DQHOODVWHVVDRSHUDGDFRVWUX]LRQHGLDWWLYLWFLYLOLFRQ
DOWUHDWWLYLWIXQ]LRQDOLDOO
DWWLYLWSULQFLSDOHHVJUXSSLHOHWWURJHQLFHQWUDOLWHU
PLFKHDXWRULPHVVHDVFHQVRUL

6

&RPXQLFD]LRQLWUDDWWLYLWGLYHUVH
 2YHVLDGLPRVWUDWDQHFHVVLWIXQ]LRQDOHVRQRDPPHVVHFRPXQLFD]LRQLWUDWXWWH
OHWLSRORJLHG
DWWLYLWFLYLOL HVVWUXWWXUHVDQLWDULHVFRODVWLFKHDOEHUJKLHUH
LQVHULWHQHOODPHGHVLPDRSHUDGDFRVWUX]LRQHDQFKHVHDIIHUHQWLDUHVSRQVDELOL
GHOO
DWWLYLWGLYHUVL
 6HDWWLYLWFLYLOLGLYHUVHFRPXQLFDQRWUDPLWHXQVLVWHPDG
HVRGRFRPXQHGLQRU
PD  L  FRPSDUWLPHQWL  GL  FLDVFXQD  DWWLYLW  FKH  FRPXQLFDQR  FRQ  GHWWR  VLVWHPD
GHVRGRGRYUHEEHURHVVHUHDSURYDGLIXPRDOILQHGLLPSHGLUHSURSDJD]LRQHGL
IXPRWUDDWWLYLWGLYHUVH
 ,QSUHVHQ]DGLFRPXQLFD]LRQLWUDDWWLYLWFLYLOLGLYHUVHLFRPSDUWLPHQWLFRQSUR
ILORGLULVFKLR5YLWDLQ&&&''GHYRQRFRPXQTXHHVVHUHDSURYDGL
IXPR

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

6

0HWRGLSHUODGHWHUPLQD]LRQHGHOODGLVWDQ]DGLVHSDUD]LRQH

6

*HQHUDOLW
 1HOSUHVHQWHSDUDJUDIRVLLOOXVWUDQRLPHWRGLSHUGHWHUPLQDUHODGLVWDQ]DGLVH
SDUD]LRQHGLQVSD]LRDFLHOROLEHURWUDDPELWLGHOODVWHVVDDWWLYLWRWUDDWWLYLW
GLYHUVHFKHFRQVHQWHGLOLPLWDUHDGXQDVRJOLDSUHILVVDWD(VRJOLD O
LUUDJJLDPHQWR
WHUPLFRGHOO
LQFHQGLRVXOEHUVDJOLR
 6LGHILQLVFRQRHOHPHQWLUDGLDQWLOHDSHUWXUHHGLULYHVWLPHQWLGHOODIDFFLDWDWUD
PLWHLTXDOLYLHQHHPHVVRYHUVRO
HVWHUQRLOIOXVVRGLHQHUJLDUDGLDQWHGHOO
LQFHQ
GLRHVILQHVWUHSRUWHILQHVWUHULYHVWLPHQWLGLIDFFLDWDFRPEXVWLELOLSDQQHOODWX
UHPHWDOOLFKHYHWUDWHDSHUWXUHLQJHQHUH
 ,O SLDQRUDGLDQWH XQDGHOOHVXSHUILFLFRQYHQ]LRQDOLGHOO
HGLILFLRGDOOH TXDOL
VRQRYDOXWDWHOHGLVWDQ]HGLVHSDUD]LRQH,OSURJHWWLVWDLQGLYLGXDSHUFLDVFXQD
RSHUDGDFRVWUX]LRQHXQRRSLSLDQLUDGLDQWLULVSHWWRDLTXDOLGHWHUPLQDUHOHGL
VWDQ]HGLVHSDUD]LRQH

,OOXVWUD]LRQH6'HWHUPLQD]LRQHGHOSLDQRUDGLDQWHYLVWDLQSLDQWDGHOOHFRVWUX]LRQL

 3HUGHWHUPLQDUHFLDVFXQSLDQRUDGLDQWHVLDSSURVVLPDQROHFKLXVXUHG
DPELWR
GHOO
RSHUDGDFRVWUX]LRQHFRQSLDQLYHUWLFDOLWDQJHQWLHQRQLQWHUVHFDQWLODFRVWUX
]LRQH VWHVVDFRPH PRVWUDWRQHOO
LOOXVWUD]LRQH6$WDOILQHSRVVRQRHVVHUH
RPHVVLJOLHOHPHQWLDJJHWWDQWLLQFRPEXVWLELOLHVVEDO]LDSHUWLEDOFRQLVSRUWLGL
JURQGD(YHQWXDOLDUUHWUDPHQWLGHOODIDFFLDWDSRVVRQRHVVHUHFRQVLGHUDWLDOL
YHOORGHOODIDFFLDWDVWHVVD
 &RPHPRVWUDWRQHOO
LOOXVWUD]LRQH6VXOSLDQRUDGLDQWHVLSURLHWWDQRRUWRJR
QDOPHQWH
D ODJHRPHWULDGHJOLHOHPHQWLUDGLDQWL
E LFRQILQLGLFRPSDUWLPHQWD]LRQHHVVRODLUHVLVWHQWLDOIXRFRSDUHWLUHVLVWHQWL
DOIXRFR

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

 GHILQLWDSLDVWUDUDGLDQWHFLDVFXQDSRU]LRQHGHOSLDQRUDGLDQWHLPSLHJDWDSHU
LOFDOFRORVHPSOLILFDWRGHOO
LUUDJJLDPHQWRWHUPLFRVXOEHUVDJOLR3HUFLDVFXQSLD
QRUDGLDQWHVRQRLQGLYLGXDWHGDOSURJHWWLVWDXQDRSLSLDVWUHUDGLDQWL

 3HUGHWHUPLQDUHOHSLDVWUHUDGLDQWLLQRJQLSRU]LRQHGLSLDQRUDGLDQWHGHOLPLWDWD
GDOOHSURLH]LRQLGHLFRQILQLGLFRPSDUWLPHQWD]LRQHVLHVHJXHO
LQYLOXSSRGHOOH
SURLH]LRQLGHJOLHOHPHQWLUDGLDQWLSULPDGHILQLWLSHUPH]]RGLUHWWDQJROLGLEDVH
%LHGDOWH]]D+LFRPHPRVWUDWRQHOO
LOOXVWUD]LRQH6HG67DOLUHWWDQJROL
FRVRWWHQXWLUDSSUHVHQWDQROHSLDVWUHUDGLDQWLUHODWLYHDOSLDQRUDGLDQWHLQHVD
PH

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

 3HUFLDVFXQDSLDVWUDUDGLDQWHVLHVHJXHLOFDOFRORGHOODSHUFHQWXDOHGLIRUDWXUD
SLFRPHPRVWUDWRQHOO
LOOXVWUD]LRQH6LOFXLYDORUHQRQSXFRPXQTXHULVXO
WDUHLQIHULRUHD
6
SL 6UDGL6SUL
FRQ
SL
SHUFHQWXDOHGLIRUDWXUD
6UDGL VXSHUILFLHFRPSOHVVLYDGHOOHSURLH]LRQLGHJOLHOHPHQWLUDGLDQWLFRPSUHVH
QHOODLHVLPDSLDVWUDUDGLDQWH
6SUL VXSHUILFLHFRPSOHVVLYDGHOODLHVLPDSLDVWUDUDGLDQWH
1RWD 4XDORUDODFRVWUX]LRQHQRQDEELDSDUHWLODWHUDOLHVWHWWRLDGHSRVLWRGLPDWHULDOHFRPEXVWLELOH
DOO
DSHUWRODSHUFHQWXDOHGLIRUDWXUDSLDVVXQWDSDULDG

6

3URFHGXUDSHUODGHWHUPLQD]LRQHWDEHOODUHGHOODGLVWDQ]DGL
VHSDUD]LRQH
 /DSUHVHQWHSURFHGXUDWDEHOODUHFRQVHQWHGLGHWHUPLQDUHODGLVWDQ]DGLVHSDUD
]LRQHFKHOLPLWDO
LUUDJJLDPHQWRWHUPLFRGHOO
LQFHQGLRVXOEHUVDJOLRDGXQYDOR
UH(VRJOLDGLN:P
 ,OSURJHWWLVWDGHWHUPLQDJOL HOHPHQWL UDGLDQWLLO SLDQRUDGLDQWH GLULIHULPHQWR
SHUODGLVWDQ]DRJJHWWRGLDQDOLVLOHUHODWLYH SLDVWUHUDGLDQWL FRPHGHVFULWWRDO
SDUDJUDIR6
 3HUO
LHVLPDSLDVWUDUDGLDQWHODGLVWDQ]DGLVHSDUD]LRQHGLFDOFRODWDFRQODVH
JXHQWHUHOD]LRQH
6
GL LSLL
FRQ
GLVWDQ]DGLVHSDUD]LRQH
>P@
GL
SL
SHUFHQWXDOHGLIRUDWXUDSHUO
LHVLPDSLDVWUDUDGLDQWH
LL FRHIILFLHQWLULFDYDWLDOWHUQDWLYDPHQWHGDOOHWDEHOOH6 R 6 LQUHOD
]LRQHDOFDULFRGLLQFHQGLRVSHFLILFRTIQHOODSRU]LRQHG
HGLILFLRUHWURVWDQ
WHO
LHVLPDSLDVWUDUDGLDQWHHGDOOHGLPHQVLRQLGHOODSLDVWUDUDGLDQWH% LHG
+L
 4XDORUDLOFRPSDUWLPHQWRUHWURVWDQWHO
LHVLPDSLDVWUDUDGLDQWHVLDGRWDWRGLPL
VXUHGLFRQWUROORGHOO
LQFHQGLR&DSLWROR6GLOLYHOORGLSUHVWD]LRQH,9RVXSH
ULRUHODUHODWLYDGLVWDQ]DGLVHSDUD]LRQHGLSXHVVHUHGLPH]]DWD
 $LILQLGHOODSURFHGXUDWDEHOODUHODGLVWDQ]DGLVHSDUD]LRQHGLQVSD]LRDFLHOR
OLEHURWUDDPELWLGHOODVWHVVDDWWLYLWRWUDDWWLYLWGLYHUVHDVVXQWDSDULDOPDVVL
PRGHLYDORULGHOOHGLVWDQ]HGL RWWHQXWHSHUWXWWHOH SLDVWUHUDGLDQWL UHODWLYHDO
SLDQRUDGLDQWHLQHVDPH

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

6

3URFHGXUDSHUODGHWHUPLQD]LRQHDQDOLWLFDGHOODGLVWDQ]DGL
VHSDUD]LRQH
 /DSUHVHQWHSURFHGXUDDQDOLWLFDFRQVHQWHGLGHWHUPLQDUHODGLVWDQ]DGLVHSDUD
]LRQHFKHOLPLWDO
LUUDJJLDPHQWRWHUPLFRGHOO
LQFHQGLRVXOEHUVDJOLRDGXQDTXDO
VLDVLVRJOLD(VRJOLDHVSUHVVDLQN:P
 ,OSURJHWWLVWDGHWHUPLQDJOL HOHPHQWLUDGLDQWLLO SLDQRUDGLDQWH GLULIHULPHQWR
SHUODGLVWDQ]DRJJHWWRGLDQDOLVLOHUHODWLYH SLDVWUHUDGLDQWL FRPHGHVFULWWRDO
SDUDJUDIR6
 /DGLVWDQ]DGL PLVXUDWD WUDO
LHVLPDSLDVWUDUDGLDQWHHGLOEHUVDJOLRJDUDQWLVFH
DGHJXDWDVHSDUD]LRQHVHYHULILFDWDODVHJXHQWHUHOD]LRQH
6
)(yI(VRJOLD
FRQ
) IDWWRUHGLYLVWD
SRWHQ]DWHUPLFDUDGLDQWHGRYXWDDOO
LQFHQGLRFRQYHQ]LRQDOH >N:P@
(
HPLVVLYLWGHOODILDPPD
I
(VRJOLD VRJOLDGLLUUDJJLDPHQWRGHOO
LQFHQGLRVXOEHUVDJOLR >N:P@
 ,OIDWWRUHGLYLVWD)UHODWLYRDSLDVWUDUDGLDQWHUHWWDQJRODUHHEHUVDJOLRSRVL]LR
QDWRVXOO
DVVHGLVLPPHWULDQRUPDOHDOODSLDVWUDFDOFRODWRVHFRQGRODVHJXHQWH
UHOD]LRQH

<

<

6
 ;
 ; <
<
6XSSRQHQGRFKHJOL HOHPHQWLUDGLDQWL VLDQRGLVWULEXLWLYHUWLFDOPHQWHDOFHQWUR
GHOODSLDVWUDUDGLDQWHVLFDOFROD
)  

;
FRQ
%L
+L
SL
GL

DUFWDQ

DUFWDQ

+
%L yS L
< L 
 GL
 GL

6

ODUJKH]]DLHVLPDSLDVWUDUDGLDQWH>P@
DOWH]]DLHVLPDSLDVWUDUDGLDQWH>P@
SHUFHQWXDOHGLIRUDWXUDGHOO
LHVLPDSLDVWUDUDGLDQWH
GLVWDQ]DWUDO
LHVLPDSLDVWUDUDGLDQWHHGLOEHUVDJOLR >P@

,OOXVWUD]LRQH66FKHPDWL]]D]LRQHGHOODSLDVWUDUDGLDQWH
 /DSRWHQ]DWHUPLFDUDGLDQWHGHOO
LQFHQGLRFRQYHQ]LRQDOH(LPSRVWDFRPHVH
JXHLQIXQ]LRQHGHOFDULFRGLLQFHQGLRVSHFLILFRTIGHOFRPSDUWLPHQWRUHWURVWDQWH
O
LHVLPDSLDVWUDUDGLDQWH
VHTI!0-P
( 7  N:P

&DSLWROR6&RPSDUWLPHQWD]LRQH

6

3DJLQD6

VHTI0-P
( 7  N:P
 /
HPLVVLYLWGHOODILDPPDIULFDYDWDGDOODVHJXHQWHUHOD]LRQH

6

IH yG 
6
FRQ
VSHVVRUHGHOODILDPPDSDUL DGHOO
DOWH]]D GHOYDUFRGDFXLHVFH OD
GI
ILDPPD
>P@
I

1RWD6LVSHFLILFDFKHSHUULFDYDUHLYDORULGHOOHWDEHOOH6H6ULIHULWHDOODSURFHGXUDWDEHO
ODUHVLSRVWRGISDULDP

 $LILQLGHOODSUHVHQWHSURFHGXUDDQDOLWLFDODGLVWDQ]DGLVHSDUD]LRQHGLQVSD
]LRDFLHOROLEHURWUDDPELWLGHOODVWHVVDDWWLYLWRWUDDWWLYLWGLYHUVHDVVXQWD
SDULDOPDVVLPRGHLYDORULGHOOHGLVWDQ]HGLRWWHQXWHSHUWXWWHOHSLDVWUHUDGLDQWL
UHODWLYHDOSLDQRUDGLDQWHLQHVDPH

%L
>P@

1RWD/DGLVWDQ]DGLVHSDUD]LRQHFDOFRODWDFRQPHWRGRDQDOLWLFRSXGLIIHULUHGDTXHOODRWWHQXWD
FRQLOPHWRGRWDEHOODUHGLFXLDOSDUDJUDIR6DFDXVDGHOOHDSSURVVLPD]LRQLLQWURGRWWHQHOOH
WDEHOOH6H6
+L>P@










































































          















            













              













              









                









                









                









                









                









                









                









                

3HUYDORULGL%LH+LLQWHUPHGLDTXHOOLULSRUWDWLLQWDEHOODVLDSSURVVLPDDOYDORUHLPPHGLDWDPHQWHVXFFHVVLYR,Q
DOWHUQDWLYDSXHVVHUHLPSLHJDWDLWHUDWLYDPHQWHODSURFHGXUDDQDOLWLFDGLFXLDOSDUDJUDIR6

7DEHOOD6&RHIILFLHQWLHSHUDWWLYLWFRQFDULFRGLLQFHQGLRVSHFLILFRTI!0-P

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

%
>P@

+>P@
































































































































































        





















          





















          





















          

















            

















            

















            

















            

















            





















          

3HUYDORULGL%LH+LLQWHUPHGLDTXHOOLULSRUWDWLLQWDEHOODVLDSSURVVLPDDOYDORUHLPPHGLDWDPHQWHVXFFHVVLYR,Q
DOWHUQDWLYDSXHVVHUHLPSLHJDWDLWHUDWLYDPHQWHODSURFHGXUDDQDOLWLFDGLFXLDOSDUDJUDIR6

7DEHOOD6&RHIILFLHQWLHSHUDWWLYLWFRQFDULFRGLLQFHQGLRVSHFLILFRTI0-P

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

6

5LIHULPHQWL
 6LLQGLFDQRLVHJXHQWLULIHULPHQWLELEOLRJUDILFLLQPHULWRDOODFRPSDUWLPHQWD]LR
QH
D (XURFRGLFH81,(1
E 81,(1
 6LLQGLFDQRLVHJXHQWLULIHULPHQWLELEOLRJUDILFLLQPHULWRDOFDOFRORGHOODGLVWDQ]D
GLVHSDUD]LRQH
D 5(+5HDG ([WHUQDOILUHVSUHDGEXLOGLQJVHSDUDWLRQDQGERXQGDU\GL
VWDQFHV%5(UHSRUW&O6I%).
E %66HFWLRQ
F -5+RZHOO$&DWDORJRI5DGLDWLRQ+HDW7UDQVIHU&RQILJXUDWLRQ)DFWRUV
8QLYHUVLW\RI7H[DV$XVWLQQGHGLWLRQ
G 7/%HUJPDQ)3,QFURSHUD)XQGDPHQWDOVRI+HDWDQG0DVV7UDQVIHU
:LOH\
 6LLQGLFDQRLVHJXHQWLULIHULPHQWLELEOLRJUDILFLLQPHULWRDOGLPHQVLRQDPHQWRGHL
FDPLQLGLYHQWLOD]LRQHGHLILOWULDSURYDGLIXPR
D*77DPXUD&<6KDZ%DVLVIRUWKHGHVLJQRIVPRNHVKDIWV)LUH7HFKQR
ORJ\9ROXPH,VVXH6HSWHPEHU

&DSLWROR6&RPSDUWLPHQWD]LRQH

3DJLQD6

675$7(*,$$17,1&(1',2

&DSLWROR6

(VRGR

3UHPHVVD
/LYHOOLGLSUHVWD]LRQH
&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6ROX]LRQLSURJHWWXDOL
&DUDWWHULVWLFKHJHQHUDOLGHOVLVWHPDG
HVRGR
'DWLGLLQJUHVVRSHUODSURJHWWD]LRQHGHOVLVWHPDG
HVRGR
0LVXUHDQWLQFHQGLRPLQLPHSHUO
HVRGR
3URJHWWD]LRQHGHOO
HVRGR
(VRGRLQSUHVHQ]DGLRFFXSDQWLFRQGLVDELOLW
0LVXUHDQWLQFHQGLRDJJLXQWLYH
5LIHULPHQWL

&DSLWROR6(VRGR

3DJLQD6

6

3UHPHVVD
 /DILQDOLWGHOVLVWHPDG
HVRGRGLDVVLFXUDUHFKHJOLRFFXSDQWLGHOO
DWWLYLWSRV
VDQRUDJJLXQJHUHRSHUPDQHUHLQXQOXRJRVLFXURDSUHVFLQGHUHGDOO
LQWHUYHQWR
GHL9LJLOLGHOIXRFR
 /HSURFHGXUHDPPHVVHSHUO
HVRGRVRQRWUDOHVHJXHQWL
D HVRGRVLPXOWDQHR
E HVRGRSHUIDVL
1RWD /
HVRGRSHUIDVLVLDWWXDDGHVHPSLRLQHGLILFLGLJUDQGHDOWH]]DRVSHGDOLPXOWLVDOHFHQWULFRP
PHUFLDOLJUDQGLXIILFL

F HVRGRRUL]]RQWDOHSURJUHVVLYR
1RWD /
HVRGRRUL]]RQWDOHSURJUHVVLYRVLDWWXDDGHVHPSLRQHOOHVWUXWWXUHRVSHGDOLHUH

G SURWH]LRQHVXOSRVWR
1RWD /DSURWH]LRQHVXOSRVWRVLDWWXDDGHVHPSLRLQFHQWULFRPPHUFLDOLPDOODHURVWD]LRQL
1RWD /HGHILQL]LRQLGLHVRGRVLPXOWDQHRHVRGRSHUIDVLHVRGRRUL]]RQWDOHSURJUHVVLYRSURWH]LRQHVXO
SRVWRVRQRUHSHULELOLQHOFDSLWROR*

6

/LYHOOLGLSUHVWD]LRQH
 /DWDEHOOD6LQGLFDLOLYHOOLGLSUHVWD]LRQHSHUO
HVRGR

/LYHOORGL
SUHVWD]LRQH

'HVFUL]LRQH

(VRGRGHJOLRFFXSDQWLYHUVROXRJRVLFXUR

,,

3URWH]LRQHGHJOLRFFXSDQWLVXOSRVWR

7DEHOOD6/LYHOOLGLSUHVWD]LRQHSHUO
HVRGR

&DSLWROR6(VRGR

3DJLQD6

6

&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
 1HOODWDEHOOD6VRQRULSRUWDWLLFULWHULJHQHUDOPHQWHDFFHWWDWLSHUO
DWWULEX]LR
QHDOO
DWWLYLWGHLVLQJROLOLYHOOLGLSUHVWD]LRQH

/LYHOORGL
SUHVWD]LRQH

&ULWHULGLDWWULEX]LRQH

7XWWHOHDWWLYLW

,,

&RPSDUWLPHQWLSHULTXDOLQRQVLDSRVVLELOHJDUDQWLUHLOOLYHOORGLSUHVWD]LRQH,HVDFDXVDGHO
ODGLPHQVLRQHGHOFRPSDUWLPHQWRXELFD]LRQHWLSRORJLDGHJOLRFFXSDQWLRGHOO
DWWLYLW

7DEHOOD6&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6

6ROX]LRQLSURJHWWXDOL
 2YHQRQSUHYLVWHQHLVHJXHQWLSXQWLGHOSUHVHQWHSDUDJUDIRSHULFRPSDUWL
PHQWLDYHQWL5YLWDFRPSUHVRLQ&L&L&LSRVVRQRDVVXPHUVLDULIHULPHQWR
OHVROX]LRQLFRQIRUPLULVSHWWLYDPHQWHSHU&LL&LL&LLWHQHQGRFRQWRGHO
ODPDJJLRUHIDPLOLDULWGHJOLRFFXSDQWLFRQO
DWWLYLWHGHOORVSHFLILFRULVFKLR
GLLQFHQGLR

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,
 ,OVLVWHPDG
HVRGRGHYHHVVHUHSURJHWWDWRQHOULVSHWWRGLTXDQWRSUHYLVWRDOSDUD
JUDIR6HVXFFHVVLYL
 3RVVRQRHVVHUHHYHQWXDOPHQWHSUHYLVWHOHPLVXUHDQWLQFHQGLRDJJLXQWLYHGLFXL
DOSDUDJUDIR6

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,
 1RQLQGLFDWDVROX]LRQHFRQIRUPHVLGHYHULFRUUHUHDOOHVROX]LRQLDOWHUQDWLYH
GLFXLDOSDUDJUDIR6

6

6ROX]LRQLDOWHUQDWLYH
 6RQRDPPHVVHVROX]LRQLDOWHUQDWLYHSHUWXWWLLOLYHOOLGLSUHVWD]LRQH
 $OILQHGLGLPRVWUDUHLOUDJJLXQJLPHQWRGHOFROOHJDWR OLYHOORGLSUHVWD]LRQH LO
SURJHWWLVWDGHYHLPSLHJDUHXQRGHLPHWRGLGLFXLDOSDUDJUDIR*

6

&DUDWWHULVWLFKHJHQHUDOLGHOVLVWHPDG
HVRGR
1RWD/HGHILQL]LRQLGLOXRJRVLFXURHOXRJRVLFXURWHPSRUDQHRVLWURYDQRQHOFDSLWROR*

6

/XRJRVLFXUR
 2JQLOXRJRVLFXURGHYHHVVHUHLGRQHRDFRQWHQHUHJOLRFFXSDQWLFKHORLPSLHJD
QRGXUDQWHO
HVRGR/DVXSHUILFLHORUGDGHOOXRJRVLFXURFDOFRODWDWHQHQGRLQ
FRQVLGHUD]LRQHOHVXSHUILFLPLQLPHSHURFFXSDQWHGLWDEHOOD6
 6LFRQVLGHUDQROXRJRVLFXURSHUO
DWWLYLWDOPHQROHVHJXHQWLVROX]LRQL
D ODSXEEOLFDYLD
E RJQLDOWURVSD]LRVFRSHUWRHVWHUQRDOODFRVWUX]LRQHVLFXUDPHQWHFROOHJDWRDOOD
SXEEOLFDYLDLQRJQLFRQGL]LRQHG
LQFHQGLRFKHQRQVLDLQYHVWLWRGDLSURGRWWL
GHOODFRPEXVWLRQHLQFXLLOPDVVLPRLUUDJJLDPHQWRGRYXWRDOO
LQFHQGLRVXJOL
RFFXSDQWLVLDOLPLWDWRDN:PLQFXLQRQYLVLDSHULFRORGLFUROOL
/DGLVWDQ]DGLVHSDUD]LRQHFKHOLPLWDO
LUUDJJLDPHQWRVXJOLRFFXSDQWLFDOFR
ODWDFRQLPHWRGLSUHYLVWLDOFDSLWROR6

&DSLWROR6(VRGR

3DJLQD6

$PHQRGLYDOXWD]LRQLSLDSSURIRQGLWHGDSDUWHGHOSURJHWWLVWDODGLVWDQ]D
PLQLPDSHUHYLWDUHLOSHULFRORGLFUROORGHOO
RSHUDGDFRVWUX]LRQHSDULDOOD
VXDPDVVLPDDOWH]]D
 ,OOXRJRVLFXURGHYHHVVHUHFRQWUDVVHJQDWRFRQFDUWHOOR81,(1,62(
RHTXLYDOHQWH
6

/XRJRVLFXURWHPSRUDQHR
 2JQLOXRJRVLFXURWHPSRUDQHRGHYHHVVHUHLGRQHRDFRQWHQHUHJOLRFFXSDQWLFKH
ORLPSLHJDQRGXUDQWHO
HVRGR/DVXSHUILFLHORUGDGHOOXRJRVLFXURWHPSRUDQHR
FDOFRODWDWHQHQGRLQFRQVLGHUD]LRQHOHVXSHUILFLPLQLPHSHURFFXSDQWHGLWDEHOOD
6
 6LFRQVLGHUDOXRJRVLFXURWHPSRUDQHRSHUXQ
DWWLYLWDOPHQRXQFRPSDUWLPHQWR
DGLDFHQWHDTXHOOLGDFXLDYYLHQHO
HVRGRRXQRVSD]LRVFRSHUWR
 'DO OXRJRVLFXURWHPSRUDQHR JOLRFFXSDQWLGHYRQRSRWHUUDJJLXQJHUHLQRJQL
FRQGL]LRQHG
LQFHQGLRXQOXRJRVLFXUR

6

9LHG
HVRGR
 /DOWH]]DPLQLPDGHOOHYLHGLHVRGRSDULDP6RQRDPPHVVHDOWH]]HLQIHULRUL
SHUEUHYLWUDWWLVHJQDODWLOXQJROHYLHG
HVRGRGDORFDOLRYHYLVLDHVFOXVLYDSUH
VHQ]DRFFDVLRQDOHHGLEUHYHGXUDWDGLSHUVRQDOHDGGHWWRHVORFDOLLPSLDQWL
 1RQGHYRQRHVVHUHFRQVLGHUDWLDLILQLGHOFDOFRORGHOOHYLHG
HVRGRLVHJXHQWL
SHUFRUVL
D VFDOHSRUWDWLOLHGDOODPDULQDUD
E DVFHQVRUL
F UDPSHFRQSHQGHQ]DVXSHULRUHDOO

G VFDOHHPDUFLDSLHGLPRELOLQRQSURJHWWDWLVHFRQGROHLQGLFD]LRQLGHOSDUDJUD
IR6
 DPPHVVRO
XVRGLVFDOHDOODPDULQDUDDVHUYL]LRGLORFDOLRYHYLVLDHVFOXVLYD
SUHVHQ]D  RFFDVLRQDOH  H  GL  EUHYH  GXUDWD  GL  SHUVRQDOH  DGGHWWR  HV  ORFDOL
LPSLDQWL
 3HUTXDQWRSRVVLELOHLOVLVWHPDG
HVRGRGHYHHVVHUHFRQFHSLWRWHQHQGRFRQWR
FKHLQFDVRGLHPHUJHQ]DJOLRFFXSDQWLFKHQRQKDQQRIDPLOLDULWFRQO
DWWLYLW
WHQGRQRVROLWDPHQWHDGXVFLUHSHUFRUUHQGRLQVHQVRLQYHUVRODYLDFKHKDQQRLP
SLHJDWRSHUHQWUDUH
 7XWWHOHVXSHUILFLGLFDOSHVWLRGHOOHYLHG
HVRGRGHYRQRHVVHUHQRQVGUXFFLROHYR
OL
 ,OIXPRHGLOFDORUHGHOO
LQFHQGLRVPDOWLWLRHYDFXDWLGDOO
DWWLYLWQRQGHYRQRLQ
WHUIHULUHFRQLOVLVWHPDGHOOHYLHG
HVRGR

69LDG
HVRGRSURWHWWD
 /H VFDOHG
HVRGRSURWHWWH HGL SHUFRUVLSURWHWWL GHYRQRHVVHUHLQVHULWLLQYDQL
SURWHWWLDGHVVLHVFOXVLYDPHQWHGHGLFDWL
,QWDOLYDQLJHQHUDOPHQWHDPPHVVDODSUHVHQ]DGLLPSLDQWLWHFQRORJLFLHGLVHU
YL]LRDXVLOLDULDOIXQ]LRQDPHQWRGHOO
DWWLYLWQHOULVSHWWRGHLYLQFROLLPSRVWLQHL
FDSLWROL6H9
1RWD$GHVHPSLRDVFHQVRULPRQWDFDULFKLPRQWDOHWWLJKHVFDOHPRELOLPDUFLDSLHGLPRELOLLP
SLDQWLHOHWWULFLFLYLOLLPSLDQWLDQWLQFHQGLR

&DSLWROR6(VRGR

3DJLQD6

 /HVFDOHG
HVRGRSURWHWWHGHYRQRFRQGXUUHLQOXRJRVLFXURGLUHWWDPHQWHRDOPH
QRWUDPLWHSHUFRUVRSURWHWWR
69LDG
HVRGRDSURYDGLIXPR
 /HVFDOHG
HVRGRDSURYDGLIXPRHGLSHUFRUVLDSURYDGLIXPRGHYRQRHVVHUH
LQVHULWLLQYDQLDSURYDGLIXPRDGHVVLHVFOXVLYDPHQWHGHGLFDWL
,QWDOLYDQLJHQHUDOPHQWHDPPHVVDODSUHVHQ]DGLLPSLDQWLWHFQRORJLFLHGLVHU
YL]LRDXVLOLDULDOIXQ]LRQDPHQWRGHOO
DWWLYLWQHOULVSHWWRGHLYLQFROLLPSRVWLQHL
FDSLWROL6H9
1RWD$GHVHPSLRDVFHQVRULPRQWDFDULFKLPRQWDOHWWLJKHVFDOHPRELOLPDUFLDSLHGLPRELOLLP
SLDQWLHOHWWULFLFLYLOLLPSLDQWLDQWLQFHQGLR

 /HVFDOHG
HVRGRDSURYDGLIXPRGHYRQRFRQGXUUHLQOXRJRVLFXURGLUHWWDPHQWH
RWUDPLWHSHUFRUVRDSURYDGLIXPR
69LDG
HVRGRHVWHUQD
 /H VFDOH G
HVRGRHVWHUQH HGLSHUFRUVLHVWHUQL GHYRQRHVVHUHFRPSOHWDPHQWH
HVWHUQLDOO
DWWLYLW,QROWUH GXUDQWHO
HVRGRGHJOLRFFXSDQWL QRQGHYRQRHVVHUH
VRJJHWWLDGLUUDJJLDPHQWRGRYXWRDOO
LQFHQGLRVXSHULRUHDN:P FDSLWROR
6HQRQGHYRQRHVVHUHLQYHVWLWLGDJOLHIIOXHQWLGHOO
LQFHQGLR
,QSURVVLPLWJHQHUDOPHQWHDPPHVVDODSUHVHQ]DGLLPSLDQWLWHFQRORJLFLHGL
VHUYL]LRDXVLOLDULDOIXQ]LRQDPHQWRGHOO
DWWLYLWQHOULVSHWWRGHLYLQFROLLPSRVWL
QHLFDSLWROL6H9
1RWD$GHVHPSLRDVFHQVRULPRQWDFDULFKLPRQWDOHWWLJKHVFDOHPRELOLPDUFLDSLHGLPRELOLLP
SLDQWLHOHWWULFLFLYLOLLPSLDQWLDQWLQFHQGLR

 6LULWHQJRQRVRGGLVIDWWHOHFRQGL]LRQLGHOFRPPDDSSOLFDQGRDOPHQRXQRGHL
VHJXHQWLFULWHUL
D ODSDUHWHHVWHUQDGHOOHGLILFLRVXFXLVRQRFROORFDWHOHYLHGLHVRGRHVWHUQH
FRPSUHVLJOLHYHQWXDOLLQILVVLGHYHSRVVHGHUHFDUDWWHULVWLFKHGLUHVLVWHQ]DDO
IXRFRQRQLQIHULRULD(,SHUXQDODUJKH]]DSDULDOODSURLH]LRQHGHOODYLD
G
HVRGRLQFUHPHQWDWDGLPSHURJQLODWR
E GHYRQRHVVHUHGLVWDFFDWHGLPGDOOHSDUHWLGHOO
RSHUDGDFRVWUX]LRQHHFRO
OHJDWHDOOHSRUWHGLSLDQRWUDPLWHSDVVHUHOOHRULYHVWLPHQWLLQFRPEXVWLELOL
 /HVFDOHG
HVRGRHVWHUQHGHYRQRFRQGXUUHLQOXRJRVLFXURGLUHWWDPHQWHRWUDPLWH
SHUFRUVRHVWHUQR
1RWD$LILQLGHOOHSUHVWD]LRQLXQDVFDODHVWHUQDRXQSHUFRUVRHVWHUQRVRQRFRQVLGHUDWLDOPHQR
HTXLYDOHQWLULVSHWWLYDPHQWHDGXQDVFDODDSURYDGLIXPRRDGXQSHUFRUVRDSURYDGLIXPR

69LDG
HVRGRDSHUWD
/HVFDOHG
HVRGRDSHUWHHGLSHUFRUVLDSHUWLVRQRWXWWLTXHOOLFKHQRQSRVVRQR
HVVHUHFODVVLILFDWLFRPHSURWHWWLDSURYDGLIXPRRHVWHUQL
6

6FDOHG
HVRGR
 1HOOHDWWLYLWFRQPDVVLPDTXRWDGHLSLDQLVXSHULRUHDPDOPHQRXQDVFDOD
G
HVRGRGHYHDGGXUUHDQFKHDOSLDQRGLFRSHUWXUDGHOO
HGLILFLRTXDORUDSUDWLFDEL
OH
 4XDQGRXQSDYLPHQWRLQFOLQDWRLPPHWWHLQXQDVFDODG
HVRGRODSHQGHQ]DGHYH
LQWHUURPSHUVLDOPHQRDGXQDGLVWDQ]DGDOODVFDODSDULDOODODUJKH]]DGHOODVWHVVD

&DSLWROR6(VRGR

3DJLQD6

 /HVFDOHG
HVRGRGHYRQRHVVHUHGRWDWHGLFRUULPDQRODWHUDOH/HVFDOHG
HVRGRGL
ODUJKH]]DPDJJLRUHGLPPGRYUHEEHURHVVHUHGRWDWHGLFRUULPDQRFHQWUDOH
 /HVFDOHG
HVRGRGHYRQRFRQVHQWLUHO
HVRGRVHQ]DLQFLDPSRGHJOLRFFXSDQWL$
WDOILQH
D LJUDGLQLGHYRQRDYHUHDO]DWDHSHGDWDFRVWDQWL
E GHYRQRHVVHUHLQWHUURWWHGDSLDQHURWWROLGLVRVWD
 'RYUHEEHURHVVHUHHYLWDWHVFDOHG
HVRGRFRPSRVWHGDXQVRORJUDGLQRLQTXDQWR
IRQWHG
LQFLDPSR6HLOJUDGLQRVLQJRORQRQHOLPLQDELOHGHYHHVVHUHRSSRUWX
QDPHQWHVHJQDODWR
 /HVFDOHHGLPDUFLDSLHGLPRELOLSRVVRQRHVVHUHFRQVLGHUDWHDLILQLGHOFDOFROR
GHOOHYLHGLHVRGRDOOHFRQGL]LRQLLQGLFDWHQHLSXQWLFKHVHJXRQR
D/
DWWLYLWGHYHHVVHUHVRUYHJOLDWDGD,5$,&DSLWROR6FRQOLYHOORGLSUHVWD
]LRQH,9
E/HVFDOHHLPDUFLDSLHGLPRELOLLQFDVRGLHPHUJHQ]DGHYRQRHVVHUHIHUPDWH
HPDQWHQXWHLQWDOHSRVL]LRQH/DPRGDOLWGLIHUPDWDGHYHJDUDQWLUHO
LQFROXPL
WGHOOHSHUVRQH
F/DWWLYLWGHYHDYHUHXQOLYHOORGLSUHVWD]LRQH,,,SHUODJHVWLRQHGHOODVLFXUH]
]DDQWLQFHQGLR&DSLWROR6/DJHVWLRQHGHOOHVFDOHHGHL PDUFLDSLHGLPRELOL
GHYHHVVHUHLQVHULWDQHOSLDQRGLHPHUJHQ]DGHOO
DWWLYLW

6

5DPSHG
HVRGR
 /HUDPSHG
HVRGRGHYRQRSUHYHGHUHSLDQHURWWROLGLGLPHQVLRQLPLQLPHSDULDOOD
ODUJKH]]DGHOODUDPSDDOPHQRRJQLPGLOXQJKH]]DHGLQSUHVHQ]DGLDFFHVVL
RXVFLWH

6

3RUWHOXQJROHYLHG
HVRGR
 /HSRUWHLQVWDOODWHOXQJROHYLHG
HVRGRGHYRQRHVVHUHIDFLOPHQWHLGHQWLILFDELOL
HGDSULELOLGDSDUWHGLWXWWLJOLRFFXSDQWL
 /
DSHUWXUDGHOOHSRUWHQRQGHYHRVWDFRODUHLOGHIOXVVRGHJOLRFFXSDQWLOXQJROH
YLHG
HVRGR
 /HSRUWHGHYRQRDSULUVLVXDUHHIDFLOPHQWHSUDWLFDELOLGLSURIRQGLWDOPHQRSDUL
DOODODUJKH]]DFRPSOHVVLYDGHOYDUFR
 /HSRUWHGHYRQRSRVVHGHUHLUHTXLVLWLGLFXLDOODWDEHOOD6LQIXQ]LRQHGHOOH
FDUDWWHULVWLFKHGHOORFDOHHGHOQXPHURGLRFFXSDQWLFKHLPSLHJDQRFLDVFXQDSRU
WD

&DUDWWHULVWLFKHORFDOH
/RFDOHQRQDSHUWR
DOSXEEOLFR

&DUDWWHULVWLFKHSRUWD
2FFXSDQWLVHUYLWL

9HUVRGLDSHUWXUD

'LVSRVLWLYRGLDSHUWXUD

QRFFXSDQWL

81,(1

Q!RFFXSDQWL

81,(1

QRFFXSDQWL

1HOYHUVRGHOO
HVRGR

81,(1

/RFDOHDSHUWR
DOSXEEOLFR

QRFFXSDQWL

81,(1

$UHDDULVFKLRVSHFLILFR

Q!RFFXSDQWL

81,(1

$OWULFDVL

6HFRQGRULVXOWDQ]HGHOO
DQDOLVLGHOULVFKLR

7DEHOOD6&DUDWWHULVWLFKHGHOOHSRUWHOXQJROHYLHG
HVRGR

&DSLWROR6(VRGR

3DJLQD6

 ,QDOWHUQDWLYDDSRUWH PXQLWHGLGLVSRVLWLYLGLDSHUWXUD81,(1R81,
(1VRQRFRPXQTXHDPPHVVHSRUWHDSULELOLQHOYHUVRGHOO
HVRGRDFRQGL
]LRQHFKH OHVWHVVHVLDQRSURJHWWDWHHUHDOL]]DWHDUHJRODG
DUWHHFKHO
DSHUWXUD
GXUDQWHO
HVHUFL]LRSRVVDDYYHQLUHDVHPSOLFHVSLQWDVXOO
LQWHUDVXSHUILFLHGHOOD
SRUWD
 4XDORUDSHUQHFHVVLWFRQQHVVHDSDUWLFRODULHVLJHQ]HG
HVHUFL]LRGHOO
DWWLYLWR
GLVLFXUH]]DDQWLQWUXVLRQHVLDQHFHVVDULRFDXWHODUVLGDXQXVRLPSURSULRGHOOH
SRUWHFRQVHQWLWDO
DGR]LRQHGLLGRQHLHVLFXULVLVWHPLGLFRQWUROORHGDSHUWXUD
GHOOHSRUWH,QWDOLFDVLODJHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLRGHOO
DWWLYLWFD
SLWROR6GHYHSUHYHGHUHOHPRGDOLWGLDIILGDELOHLPPHGLDWDHVHPSOLFHDSHU
WXUDGLWDOLSRUWHLQFDVRGLHPHUJHQ]D
6

8VFLWHILQDOL
 /HXVFLWHILQDOLYHUVROXRJRVLFXURGHYRQRDYHUHOHVHJXHQWLFDUDWWHULVWLFKH
D SRVL]LRQDWHLQPRGRGDJDUDQWLUHOHYDFXD]LRQHUDSLGDGHJOLRFFXSDQWLYHUVR
OXRJRVLFXUR
E GHYRQRHVVHUHVHPSUHGLVSRQLELOLDQFKHGXUDQWHXQLQFHQGLRLQDWWLYLWOLPL
WURIH
 /HXVFLWHILQDOLGHYRQRHVVHUHFRQWUDVVHJQDWHVXOODWRYHUVROXRJRVLFXURFRQ
FDUWHOOR81,(1,620RHTXLYDOHQWHULSRUWDQWHLOPHVVDJJLR8VFL
WDGLHPHUJHQ]DODVFLDUHOLEHURLOSDVVDJJLR

6

6HJQDOHWLFDG
HVRGRHGRULHQWDPHQWR
 ,OVLVWHPDG
HVRGRHVYLHG
HVRGRLOXRJKLVLFXULJOLVSD]LFDOPLGHYHHVVH
UHIDFLOPHQWHULFRQRVFLXWRHGLPSLHJDWRGDJOLRFFXSDQWLJUD]LHDGDSSRVLWD VH
JQDOHWLFDGLVLFXUH]]D&LSXHVVHUHFRQVHJXLWRDQFKHFRQXOWHULRULLQGLFDWRUL
DPELHQWDOLTXDOL
D DFFHVVRYLVLYRHWDWWLOHDOOHLQIRUPD]LRQL
E JUDGRGLGLIIHUHQ]LD]LRQHDUFKLWHWWRQLFD
F XVRGLVHJQDOHWLFDSHUODFRUUHWWDLGHQWLILFD]LRQHGLUH]LRQDOHWLSR81,(1
,62RHTXLYDOHQWH
G RUGLQDWDFRQILJXUD]LRQHJHRPHWULFDGHOOHGLILFLRDQFKHLQUHOD]LRQHDGDOOH
VWLPHQWLPRELOLRWHPSRUDQHL
 /DVHJQDOHWLFDG
HVRGRGHYHHVVHUHDGHJXDWDDOODFRPSOHVVLWGHOO
DWWLYLWHFRQ
VHQWLUHO
RULHQWDPHQWRGHJOLRFFXSDQWLZD\ILQGLQJ$WDOILQH
D GHYRQRHVVHUHLQVWDOODWHLQRJQLSLDQRGHOO
DWWLYLWDSSRVLWHSODQLPHWULHVHP
SOLILFDWHFRUUHWWDPHQWHRULHQWDWHLQFXLVLDLQGLFDWDODSRVL]LRQHGHOOHWWRUH
HV9RLVLHWHTXLHGLOOD\RXWGHOVLVWHPDG
HVRGRHVYLHG
HVRGRVSD]L
FDOPLOXRJKLVLFXUL$WDOSURSRVLWRSRVVRQRHVVHUHDSSOLFDWHOHLQGLFD
]LRQLFRQWHQXWHQHOODQRUPD,626DIHW\LGHQWLILFDWLRQ(VFDSHDQG
HYDFXDWLRQSODQVLJQ
E SRVVRQRHVVHUHDSSOLFDWHOHLQGLFD]LRQLVXSSOHPHQWDULFRQWHQXWHQHOODQRUPD
,62*UDSKLFDOV\PEROV6DIHW\VLJQV6DIHW\ZD\JXLGDQFHV\VWHPV
6:*6

6

&DSLWROR6(VRGR

,OOXPLQD]LRQHGLVLFXUH]]D
 'HYHHVVHUHLQVWDOODWRLPSLDQWRGLLOOXPLQD]LRQHGLVLFXUH]]DOXQJRWXWWRLOVLVWH
PDGHOOHYLHG
HVRGRILQRDOXRJRVLFXURTXDORUDO
LOOXPLQD]LRQHSRVVDULVXOWDUH
DQFKHRFFDVLRQDOPHQWHLQVXIILFLHQWHDJDUDQWLUHO
HVRGRGHJOLRFFXSDQWL
3DJLQD6

1RWDDGHVDWWLYLWHVHUFLWHLQRUDULSRPHULGLDQLHQRWWXUQLORFDOLFRQVFDUVDLOOXPLQD]LRQHQDWX
UDOH

 /
LPSLDQWRGLLOOXPLQD]LRQHGLVLFXUH]]DGHYHDVVLFXUDUHXQOLYHOORGLLOOXPLQD
PHQWRVXIILFLHQWHDJDUDQWLUHO
HVRGRGHJOLRFFXSDQWLFRQIRUPHPHQWHDOOHLQGL
FD]LRQLGHOODQRUPD81,(1RHTXLYDOHQWH
6

/D\RXWGHLSRVWLDVHGHUHILVVLHPRELOL
 ,  SRVWL  D  VHGHUH  VHGLOL  GHYRQR  HVVHUH  UDJJUXSSDWL  LQ VHWWRUL VHSDUDWL  O
XQR
GDOO
DOWURPHGLDQWHSDVVDJJLWUDLVHWWRULORQJLWXGLQDOLHWUDVYHUVDOL7DOLSDVVDJJL
WUDLVHWWRULGHYRQRHVVHUHGLPHQVLRQDWLFRPHYLHG
HVRGR
 ,SDVVDJJLWUDOHILOHGLVHGLOLGLFLDVFXQVHWWRUHFRVWLWXLVFRQRODSULPDSRU]LRQH
GHOODYLDG
HVRGRHGHYRQRHVVHUHFRPSUHVLQHOFRPSXWRGHOODOXQJKH]]DG
HVR
GRHFRUULGRLRFLHFR

3DVVDJJLRWUDILOHPRQRGLUH]LRQDOH

3DVVDJJLRWUDVHWWRUL

3DVVDJJLRWUDVHWWRUL

6HWWRUH
)LOD

3DVVDJJLRWUDILOHELGLUH]LRQDOH

,OOXVWUD]LRQH6'LVSRVL]LRQHGHLSRVWLDVHGHUHLQVHWWRULHILOHLQSLDQWD
 /DODUJKH]]DGHLSDVVDJJLWUDOHILOHGLVHGLOLGHYHFRQVHQWLUHLOIDFLOHPRYLPHQ
WRLQXVFLWDGHJOLRFFXSDQWL7DOHODUJKH]]DPLVXUDWDWUDOHPDVVLPHVSRUJHQ]H
GHLVHGLOL6HLVHGLOLVRQRDXWRPDWLFDPHQWHULEDOWDELOLODPLVXUDHIIHWWXDWDFRQ
ODVHGXWDLQSRVL]LRQHDO]DWD
6

&DSLWROR6(VRGR

3RVWLDVHGHUHILVVL
 ,OQXPHURGLVHGLOLVDOGDPHQWHILVVDWLDOVXRORFKHFRPSRQJRQRODILODQRQGHYH
HVVHUHVXSHULRUHDOQXPHURSUHYLVWRLQWDEHOOD6LQIXQ]LRQHGHOODODUJKH]]D
GHOSDVVDJJLRWUHOHILOHGLVHGLOLHGHOODSRVVLELOLWSHUJOLRFFXSDQWLGLPXRYHUVL
YHUVRXQDRGXHGLUH]LRQLGLXVFLWDGDOVHWWRUH

3DJLQD6

0DVVLPRQXPHURGLVHGLOLSHUILOD

/DUJKH]]DSDVVDJJLR
WUDILOHGLVHGLOL>PP@

3DVVDJJLRWUDILOH
PRQRGLUH]LRQDOH

3DVVDJJLRWUDILOH
ELGLUH]LRQDOH

/

/



/



/



/





/





/





/





/





/



/LPLWDWRGDOODOXQJKH]]DG
HVRGR

7DEHOOD60DVVLPRQXPHURGLVHGLOLILVVLSHUILODGHOVHWWRUH
6

3RVWLDVHGHUHPRELOL
 2JQLVHWWRUHGHYHHVVHUHFRVWLWXLWRDOPDVVLPRGDILOHGLVHGLOLPRELOLFROOH
JDWLULJLGDPHQWHWUDORURSHUILOD
 ,OQXPHURGLVHGLOLPRELOLFKHFRPSRQJRQRODILODQRQGHYHHVVHUHVXSHULRUHDO
QXPHURSUHYLVWRLQWDEHOOD6LQIXQ]LRQHGHOODSRVVLELOLWSHUJOLRFFXSDQWLGL
PXRYHUVLYHUVRXQDRGXHGLUH]LRQLGLXVFLWDGDOVHWWRUH
0DVVLPRQXPHURGLVHGLOLSHUILOD
3HUXVFLWDPRQRGLUH]LRQDOH

3HUXVFLWDELGLUH]LRQDOH



7DEHOOD60DVVLPRQXPHURGLVHGLOLPRELOLSHUILODGHOVHWWRUH
 /DODUJKH]]DGHLSDVVDJJLWUDOHILOHGLVHGLOLQRQSXHVVHUHLQIHULRUHDPP
 DPPHVVRO
LPSLHJRGLVHGLOLPRELOLDQFKHQRQFROOHJDWLULJLGDPHQWHWUDORURLQ
DPELWLGHOO
DWWLYLWRYHVLGLPRVWULFKHODSUHVHQ]DGLVHGLOLPRELOLQRQLQWUDOFLD
O
HVRGRVLFXURGHJOLRFFXSDQWLHVORFDOLFRQEDVVRDIIROODPHQWRSDOFKLGHLWHD
WULULVWRUDQWL
6

'DWLGLLQJUHVVRSHUODSURJHWWD]LRQHGHOVLVWHPDG
HVRGR
 /DSURJHWWD]LRQHGHOVLVWHPDG
HVRGRGLSHQGHGDGDWLGLLQJUHVVRSHURJQLFRP
SDUWLPHQWRVSHFLILFDWLQHLSDUDJUDIL6H6

6

3URILORGLULVFKLR5YLWDGLULIHULPHQWR
 &LDVFXQFRPSRQHQWHGHOVLVWHPDG
HVRGRGLPHQVLRQDWRLQIXQ]LRQHGHO SL
JUDYRVRDLILQLGHOO
HVRGRGHLSURILOLGLULVFKLR5YLWDGHLFRPSDUWLPHQWLVHUYLWL

6

$IIROODPHQWR
 /
DIIROODPHQWRGLFLDVFXQFRPSDUWLPHQWRGHWHUPLQDWRPROWLSOLFDQGRODGHQVLW
GLDIIROODPHQWRSHUODVXSHUILFLHORUGDGHOFRPSDUWLPHQWR/DGHQVLWGLDIIROOD
PHQWRUHSHULWDGD
D GDWLRFULWHULGHOODWDEHOOD6
E LQGLFD]LRQLGHOODUHJRODWHFQLFDYHUWLFDOH
4XDORUD  OH  LQGLFD]LRQL  UHODWLYH  DOO
DIIROODPHQWR  QRQ  VLDQR  UHSHULELOL  VHFRQGR
TXDQWRLQGLFDWRDOOHOHWWHUHDHEFRPXQTXHDPPHVVRLOULIHULPHQWRDQRUPHR

&DSLWROR6(VRGR

3DJLQD6

GRFXPHQWLWHFQLFLHPDQDWLGDRUJDQLVPLHXURSHLRLQWHUQD]LRQDOL ULFRQRVFLXWL
QHOVHWWRUHGHOODVLFXUH]]DDQWLQFHQGLR
 ,OUHVSRQVDELOHGHOO
DWWLYLWSXGLFKLDUDUHXQYDORUHGHOO
DIIROODPHQWRLQIHULRUHD
TXHOORGHWHUPLQDWRFRPHSUHYLVWRDOFRPPD
 ,OUHVSRQVDELOHGHOO
DWWLYLWVLLPSHJQDDULVSHWWDUHO
DIIROODPHQWR HOD GHQVLW
G
DIIROODPHQWRPDVVLPLGLFKLDUDWLSHURJQLDPELWRHGLQRJQLFRQGL]LRQHG
HVHU
FL]LRGHOO
DWWLYLW
7LSRORJLDGLDWWLYLW

'HQVLWGLDIIROODPHQWR
RFULWHUL

/XRJKLGLSXEEOLFRVSHWWDFRORVHQ]DSRVWLDVHGHUH
$UHHSHUPRVWUHHVSRVL]LRQLPDQLIHVWD]LRQLYDULHGLLQWUDWWHQLPHQWRDFDUDW
WHUHWHPSRUDQHR

SHUVRQHP

$UHHDGLELWHDULVWRUD]LRQH

SHUVRQHP

$UHHDGLELWHDGDWWLYLWVFRODVWLFDHODERUDWRULVHQ]DSRVWLDVHGHUH
6DOHG
DWWHVD
8IILFLDSHUWLDOSXEEOLFR

SHUVRQHP

$UHHGLYHQGLWDGLSLFFROHDWWLYLWFRPPHUFLDOLDOGHWWDJOLRFRQVHWWRUHDOLPHQ
WDUHRPLVWR
$UHHGLYHQGLWDGLPHGLHHJUDQGLDWWLYLWFRPPHUFLDOLDOGHWWDJOLRFRQVHWWRUH
DOLPHQWDUHRPLVWR
$UHHGLYHQGLWDGLDWWLYLWFRPPHUFLDOLDOGHWWDJOLRVHQ]DVHWWRUHDOLPHQWDUH

SHUVRQHP

6DOHGLOHWWXUDGLELEOLRWHFKHDUFKLYL
$PEXODWRUL
8IILFLQRQDSHUWLDOSXEEOLFR
$UHHGLYHQGLWDGLDWWLYLWFRPPHUFLDOLDOO
LQJURVVR

SHUVRQHP

$UHHGLYHQGLWDGLSLFFROHDWWLYLWFRPPHUFLDOLDOGHWWDJOLRFRQVSHFLILFDJDP
PDPHUFHRORJLFDQRQDOLPHQWDUH
&LYLOHDELWD]LRQH

SHUVRQHP

$XWRULPHVVH

SHUVRQHSHUYHLFRORSDUFDWR

'HJHQ]D

GHJHQWHHDFFRPSDJQDWRUL
SHUSRVWROHWWR

$UHHFRQSRVWLDVHGHUHRSRVWLOHWWRHVVDOHULXQLRQLDXOHVFRODVWLFKHGRU
PLWRUL

1XPHURSRVWL

$OWUHDWWLYLW

1XPHURPDVVLPRSUHVHQWL
DGGHWWLSXEEOLFR

7DEHOOD6$IIROODPHQWRVSHFLILFRRFULWHULSHUWLSRORJLDGLDWWLYLW

&DSLWROR6(VRGR

3DJLQD6

6

0LVXUHDQWLQFHQGLRPLQLPHSHUO
HVRGR
 /HYLHGLHVRGRYHUWLFDOLGHYRQRHVVHUHSURWHWWHGDYDQLFRQUHVLVWHQ]DDOIXRFR
GHWHUPLQDWDVHFRQGRLOFDSLWROR6HFRPXQTXHQRQLQIHULRUHDOODFODVVHFRQ
FKLXVXUHGHLYDUFKLGLFRPXQLFD]LRQHDOPHQR(6D
 7XWWLLSLDQLGHOO
DWWLYLWGHYRQRHVVHUHVHUYLWLGDDOPHQRXQD VFDODG
HVRGRD
SURYDGLIXPRSURYHQLHQWHGDOUHVWRGHOO
DWWLYLWRVFDODHVWHUQDLQRJQXQRGHL
VHJXHQWLFDVL
D ODVFDODG
HVRGRVHUYHSLDQLDTXRWDVXSHULRUHDPRLQIHULRUHDP
E ODVFDODG
HVRGRVHUYHFRPSDUWLPHQWLFRQSURILORGLULVFKLR5YLWDFRPSUHVRLQ
''
 /DSRU]LRQHGLVFDODG
HVRGRLQWHUUDWDFKHVHUYHSLDQLDTXRWDLQIHULRUHDP
GHYHHVVHUHLQVHULWDLQFRPSDUWLPHQWRGLVWLQWRULVSHWWRDOODSDUWHGLVFDODIXRUL
WHUUD

6

0LVXUHDQWLQFHQGLRPLQLPHLQFDVRGLHVRGRVLPXOWDQHR
 (
DPPHVVRO
XVRGLVFDOHG
HVRGRDSHUWHLQDWWLYLWFRQSURILORGLULVFKLR5YLWDH
UHTXLVLWLDJJLXQWLYLGLFXLDOODWDEHOOD6

5YLWD

5HTXLVLWLDJJLXQWLYL

$%
1HVVXQUHTXLVLWRDJJLXQWLYR
&L&L&L
$%
&LL&LL
&LLL&LLL

/
DWWLYLWVLDVRUYHJOLDWDGD,5$,&DSLWROR6FRQOLYHOORGLSUHVWD]LRQH,,,
/
DWWLYLWVLDVRUYHJOLDWDGD,5$,&DSLWROR6FRQOLYHOORGLSUHVWD]LRQH,9
7XWWLLORFDOLGRYHJOLRFFXSDQWLSRVVRQRGRUPLUHVLDQRFRPSDUWLPHQWDWLFRQFODVVHGHWHUPLQDWD
VHFRQGRLOFDSLWROR6FRPXQTXHQRQLQIHULRUHDHFRQFKLXVXUHGHLYDQLGLFRPXQLFD]LR
QH(6D

7DEHOOD65HTXLVLWLDJJLXQWLYLSHUO
XVRGLVFDOHG
HVRGRDSHUWH
6

0LVXUHDQWLQFHQGLRPLQLPHLQFDVRGLHVRGRSHUIDVL
 7XWWLLSLDQLGHOO
DWWLYLWGHYRQRHVVHUHVHUYLWLGDDOPHQRXQD VFDODG
HVRGRD
SURYDGLIXPRSURYHQLHQWHGDOUHVWRGHOO
DWWLYLWRVFDODHVWHUQD
 /
DWWLYLWVLDVRUYHJOLDWDGDULYHOD]LRQHHGDOODUPH&DSLWROR6FRQOLYHOORGL
SUHVWD]LRQH,,,
 1HOO
DWWLYLWGHYHHVVHUHSUHYLVWDJHVWLRQHGHOODVLFXUH]]D&DSLWROR6FRQOL
YHOORGLSUHVWD]LRQH,,
 &LDVFXQSLDQRGHOO
DWWLYLWVLDLQVHULWRLQFRPSDUWLPHQWRGLVWLQWRHODFRPSDUWL
PHQWD]LRQH&DSLWROR6DEELDOLYHOORGLSUHVWD]LRQH,,,
 /DSURFHGXUDG
HVRGRSHUIDVLQRQSXHVVHUHXWLOL]]DWDSHUYLHG
HVRGRYHUWLFDOL
FKHVHUYDQRSLDQLDTXRWDLQIHULRUHDP

6

3URJHWWD]LRQHGHOO
HVRGR

6

1XPHURPLQLPRGLYLHG
HVRGRHGXVFLWHLQGLSHQGHQWL
 9LHG
HVRGRRXVFLWHVRQRULWHQXWHLQGLSHQGHQWLTXDQGRVLDPLQLPL]]DWDODSUR
EDELOLWFKHSRVVDQRHVVHUHFRQWHPSRUDQHDPHQWHUHVHLQGLVSRQLELOLGDJOLHIIHWWL
GHOO
LQFHQGLR

&DSLWROR6(VRGR

3DJLQD6

 6LFRQVLGHUDQR LQGLSHQGHQWL FRSSLHGLYLHG

HVRGRRUL]]RQWDOLFKHFRQGXFRQR
YHUVRXVFLWHGLVWLQWHSHUOHTXDOLVLDYHULILFDWDDOPHQRXQDGHOOHVHJXHQWLFRQGL
]LRQL
D O
DQJRORIRUPDWRGDLSHUFRUVLUHWWLOLQHLVLDVXSHULRUHDr
E WUDLSHUFRUVLHVLVWDVHSDUD]LRQHGLDGHJXDWDUHVLVWHQ]DDOIXRFRGLPHQVLRQDWD
VHFRQGRLFULWHULGHOFDSLWROR6
1RWD 6LULSRUWDQRHVHPSLQHOO
LOOXVWUD]LRQH6HQHOODWDEHOOD6

 6LFRQVLGHUDQRLQGLSHQGHQWLFRSSLHGLYLHG
HVRGRYHUWLFDOLLQVHULWHLQFRPSDUWL
PHQWLGLVWLQWL
1RWD $GHVHPSLRVRQRLQGLSHQGHQWLWUDORURGXHVFDOHG
HVRGRSURWHWWHGLVWLQWHXQDVFDODG
HVRGRSUR
WHWWDHGXQDDSHUWDGXHVFDOHG
HVRGRDSHUWHPDLQVHULWHLQFRPSDUWLPHQWLYHUWLFDOLLQGLSHQGHQWL
XQDVFDODDSHUWDHGXQDVFDODHVWHUQD

 ,QIXQ]LRQHGHOSURILORGLULVFKLR5YLWDHGHOO
DIIROODPHQWRQHOODWDEHOOD6UL
SRUWDWRLOQXPHURPLQLPRGLYLHGLHVRGRLQGLSHQGHQWLHVGDFLDVFXQHGLILFLR
FRPSDUWLPHQWRSLDQRVRSSDOFRORFDOH
5YLWD

$IIROODPHQWR

4XDOVLDVL

RFFXSDQWL

$$&L&L&L

RFFXSDQWL

4XDOVLDVL

1XPHURPLQLPR
>@

RFFXSDQWL

RFFXSDQWL

!RFFXSDQWL

>@6LDFRPXQTXHULVSHWWDWDODPDVVLPDOXQJKH]]DGHOFRUULGRLRFLHFRGLFXLDOSDUDJUDIR6

7DEHOOD61XPHURPLQLPRGLXVFLWHGDFRPSDUWLPHQWRSLDQRVRSSDOFRORFDOH

r

XVFLWD

XVFLWD

XVFLWD

XVFLWD

r

VHSDUD]LRQH
UHVLVWHQWHDOIXRFR

r

FRUU
LG
FLHF RLR
R

r

!r

XVFLWD

!r

r

XVFLWD

YLH
LQGL G
HVRG
R
SHQ
GHQ
WL

XVFLWD

,OOXVWUD]LRQH69LHG
HVRGRRUL]]RQWDOLHGXVFLWHLQGLSHQGHQWLFRUULGRLRFLHFRDUHDFDPSLWDXVR
GLVHSDUD]LRQHUHVLVWHQWHDOIXRFRSHUUHQGHUHLQGLSHQGHQWLGXHYLHG
HVRGRLQ
SLDQWD
 4XDORUD  QHOO
HGLILFLR  VLDQR  HVHUFLWH  DWWLYLW  DIIHUHQWL  D  GLYHUVL UHVSRQVDELOL
GHOO
DWWLYLWGHYRQRHVVHUHYDOXWDWHHYHQWXDOLLQWHUIHUHQ]HLQPHULWRDOODVLFXUH]
]DDQWLQFHQGLRDOILQHGLGHWHUPLQDUHVHVLDQHFHVVDULRSUHYHGHUHVLVWHPLG
HVRGR
GLVWLQWLRVHVLDQRVXIILFLHQWLVSHFLILFKHPLVXUHDQWLQFHQGLRDJJLXQWLYH

&DSLWROR6(VRGR

3DJLQD6

XVFLWD

XVFLWD

&RPSDUWLPHQWR

&RPSDUWLPHQWR

&RPSDUWLPHQWR

XVFLWD

XVFLWD

!r
&RPSDUWLPHQWR

&RPSDUWLPHQWR

FRU
ULG
FLH RLR
FR

FRUULGRLR
FLHFR

&RPSDUWLPHQWR

&RPSDUWLPHQWRD

&RPS

&RPSDUWLPHQWRE

!r

XVFLWD

!r
&RPSDUWLPHQWR

&RPSDUWLPHQWRD
XVFLWD

&LDVFXQRGHLFRPSDUWLPHQWLH
KDGXHYLHG
HVRGRLQGLSHQGHQWL
1HOSULPRWUDWWRLOFRPSDUWLPHQ
WRKDXQDVRODYLDG
HVRGRFKH
GHWHUPLQDXQFRUULGRLRFLHFR

&RPSDUWLPHQWR

&RPSDUWLPHQWRE

XVFLWD

&LDVFXQFRPSDUWLPHQWRKDGXHYLH
G
HVRGRLQGLSHQGHQWL

&RPS

,FRPSDUWLPHQWLDEKDQQR
XQDVRODYLDG
HVRGRLQFRUULGRLR
FLHFR,QIDWWLLGXHSHUFRUVLSRVVR
QRHVVHUHUHVLFRQWHPSRUDQHD
PHQWHLQGLVSRQLELOLGDJOLHIIHWWLGL
LQFHQGLRQHOFRPSDUWLPHQWR
&LDVFXQFRPSDUWLPHQWRKDGXHYLH
G
HVRGRLQGLSHQGHQWL
$GHVHPSLRGDOFRPSDUWLPHQ
WREJOLRFFXSDQWLSRVVRQRGLUL
JHUVLYHUVRO
XVFLWDSHULOFRP
SDUWLPHQWRYHUVRO
XVFLWDSHUL
FRPSDUWLPHQWLDH

7DEHOOD6(VHPSLGLYLHG
HVRGRGDFRPSDUWLPHQWLYLVWHLQSLDQWDHGHVFUL]LRQH
6

/XQJKH]]HG
HVRGRHGHLFRUULGRLFLHFKL
1RWD

/HGHILQL]LRQLGLOXQJKH]]DG
HVRGRHFRUULGRLRFLHFRVLWURYDQRQHOFDSLWROR*

 $OPHQRXQDGHOOHOXQJKH]]HG
HVRGRGHWHUPLQDWHGDTXDOVLDVLSXQWRGHOO
DWWLYLW
QRQGHYHVXSHUDUHLYDORULPDVVLPLGHOODWDEHOOD6LQIXQ]LRQHGHOSURILOR
GLULVFKLR5YLWDGLULIHULPHQWR

,OOXVWUD]LRQH69HULILFDGHOODOXQJKH]]DG
HVRGRQHOO
DUHDFDPSLWDWXWWHOHOXQJKH]]HG
HVRGRVRQRVXSHULRUL
DOPDVVLPRFRQVHQWLWRODFRQGL]LRQHQRQULVSHWWDWD

 /DOXQJKH]]DGLFLDVFXQFRUULGRLRFLHFRGHOO
DWWLYLWQRQGHYHVXSHUDUHLYDORUL
PDVVLPLGHOODWDEHOOD6LQIXQ]LRQHGHOSURILORGLULVFKLR5YLWDGLULIHULPHQ
WR
1RWD4XDQGRODSULPDSRU]LRQHGHOODYLDG
HVRGRFRVWLWXLWDGDFRUULGRLRFLHFRGHYRQRHVVHUH
FRQWHPSRUDQHDPHQWHYHULILFDWHODOLPLWD]LRQHUHODWLYDDOOD OXQJKH]]DG
HVRGRFRPSUHQVLYDGHO
SHUFRUVRHIIHWWXDWRLQFRUULGRLRFLHFRHODOLPLWD]LRQHUHODWLYDDOODOXQJKH]]DGHOFRUULGRLRFLHFR

&DSLWROR6(VRGR

3DJLQD6

0D[OXQJKH]]D
G
HVRGR/HV>P@

0D[OXQJKH]]D
FRUULGFLHFR/FF>P@

5YLWD

0D[OXQJKH]]D
G
HVRGR/HV>P@

0D[OXQJKH]]D
FRUULGFLHFR/FF>P@

$





%(





$





%(





$





%(





$





&





'





&





'





&





5YLWD

,YDORULGHOOHPDVVLPHOXQJKH]]HG
HVRGRHGHLFRUULGRLFLHFKLGLULIHULPHQWRSRVVRQRHVVHUHLQFUHPHQWDWLLQUHOD
]LRQHDPLVXUHDQWLQFHQGLRDJJLXQWLYHVHFRQGRODPHWRGRORJLDGLFXLDOSDUDJUDIR6

7DEHOOD60DVVLPHOXQJKH]]HG
HVRGRHGLFRUULGRLRFLHFRGLULIHULPHQWR
6

&DOFRORGHOODODUJKH]]DPLQLPDGHOOHYLHG
HVRGRRUL]]RQWDOL
 /D  ODUJKH]]D  PLQLPD  GHOOH  YLH  G
HVRGR  RUL]]RQWDOL  /2 HV  FRUULGRL  SRUWH
XVFLWHFKHFRQVHQWHLOUHJRODUHHVRGRGHJOLRFFXSDQWLFKHODLPSLHJDQR
FDOFRODWDFRPHVHJXH
/2 /8yQ2
6
FRQ
/2 ODUJKH]]DPLQLPDGHOOHYLHG
HVRGRRUL]]RQWDOL
>PP@
ODUJKH]]DXQLWDULDSHUOHYLHG
HVRGRRUL]]RQWDOLGHWHUPLQDWDGDOODWDEHO
/8
OD6LQIXQ]LRQHGHOSURILORGLULVFKLR5YLWD GLULIHULPHQWRVHFRQGR
SDUDJUDIR6

>PPSHUVRQD@
Q2
QXPHURWRWDOHGHJOLRFFXSDQWLFKHLPSLHJDQRWDOHYLDG
HVRGRRUL]]RQWDOH
5YLWD

/DUJKH]]DXQLWDULD
>PPSHUVRQD@

5YLWD

/DUJKH]]DXQLWDULD
>PPSHUVRQD@

$



%&(



$



%&'(



$



%&'(



$



7DEHOOD6/DUJKH]]HXQLWDULHSHUYLHG
HVRGRRUL]]RQWDOL
 /DODUJKH]]D/2SXHVVHUHVXGGLYLVDWUDSLSHUFRUVL'HYRQRFRPXQTXHHVVHUH
ULVSHWWDWLLVHJXHQWLFULWHULSHUOHODUJKH]]HPLQLPHGLFLDVFXQSHUFRUVR
D ODODUJKH]]DHVGLSRUWHGLXVFLWHGLFRUULGRLQRQSXHVVHUHLQIHULRUHD
PPSHUFRQVHQWLUHO
HVRGRDQFKHDGRFFXSDQWLFKHLPSLHJDQRDXVLOLSHU
LOPRYLPHQWR
E VHXQFRPSDUWLPHQWRXQSLDQRXQVRSSDOFRXQORFDOHQHFHVVLWDQRGLSLGL
GXH  XVFLWH DOPHQR  XQD  GL  HVVH  GHYH DYHUH  ODUJKH]]D  QRQ  LQIHULRUH  D
PP
F DPPHVVDODUJKH]]DQRQLQIHULRUHDPPSHUOHSRUWHGLORFDOLFRQDIIRO
ODPHQWRQRQVXSHULRUHDSHUVRQHHVVLQJROLXIILFLFDPHUHG
DOEHUJROR
FDOLGLDELWD]LRQHDSSDUWDPHQWLVHUYL]LLJLHQLFL
G DPPHVVDODUJKH]]DQRQLQIHULRUHDPPGDORFDOLRYHYLVLDHVFOXVLYD
SUHVHQ]DRFFDVLRQDOHHGLEUHYHGXUDWDGLSHUVRQDOHDGGHWWRHVORFDOLLP
SLDQWL

&DSLWROR6(VRGR

3DJLQD6

6

9HULILFDGLULGRQGDQ]DGHOOHYLHG
HVRGRRUL]]RQWDOL
 6HXQFRPSDUWLPHQWR XQSLDQRXQVRSSDOFRRXQORFDOH  KD SLGLXQDYLD
G
HVRGRRUL]]RQWDOHVLGHYHVXSSRUUHFKHO
LQFHQGLRSRVVDUHQGHUQHXQDLQGLVSR
QLELOH
 $L  ILQL  GHOOD  YHULILFD  GL  ULGRQGDQ]D  VL  GHYH  UHQGHUH  LQGLVSRQLELOH  XQD  YLD
G
HVRGRRUL]]RQWDOHDOODYROWDHYHULILFDUHFKHOHUHVWDQWLYLHG
HVRGRLQGLSHQGHQWL
GDTXHVWDDEELDQRODUJKH]]DFRPSOHVVLYDVXIILFLHQWH DJDUDQWLUHO
HVRGRGHJOL
RFFXSDQWL
1RWD3HUOHFRQVLGHUD]LRQLGLFXLDOSDUDJUDIR6HYHQWXDOLYLHG
HVRGRQRQLQGLSHQGHQWLWUD
ORURGHYRQRHVVHUHUHVHFRQWHPSRUDQHDPHQWHLQGLVSRQLELOL

 /HYLHG
HVRGRDSURYDGLIXPRRHVWHUQHVRQRFRQVLGHUDWHVHPSUHGLVSRQLELOLH
QRQGHYRQRHVVHUHVRWWRSRVWHDYHULILFDGLULGRQGDQ]D
 1HOODYHULILFDGLULGRQGDQ]DQRQQHFHVVDULRSURFHGHUHDGXOWHULRUHYHULILFDGHO
OHOXQJKH]]HG
HVRGRHGHLFRUULGRLFLHFKL
6

1XPHURPLQLPRGLYLHG
HVRGRYHUWLFDOLLQGLSHQGHQWL
 ,OQXPHURPLQLPRGLYLHG
HVRGRYHUWLFDOLGHOO
DWWLYLWGHWHUPLQDWRLQUHOD]LRQH
DLYLQFROLLPSRVWLGDOSDUDJUDIR6SHULOQXPHURPLQLPRGLYLHG
HVRGR
 4XDORUDO
HGLILFLRDEELDSLDQLDTXRWDVXSHULRUHDPWXWWLLSLDQLIXRULWHUUD
GHYRQRHVVHUHVHUYLWLGDDOPHQRYLHG
HVRGRYHUWLFDOL
 4XDORUDO
HGLILFLRDEELDSLDQLDTXRWDLQIHULRUHDPWXWWLLSLDQLLQWHUUDWLGHYR
QRHVVHUHVHUYLWLGDDOPHQRYLHG
HVRGRYHUWLFDOL

6

&DOFRORGHOODODUJKH]]DPLQLPDGHOOHYLHG
HVRGRYHUWLFDOL
 ,QIXQ]LRQHGHOODSURFHGXUDG
HVRGRDGRWWDWDSDUDJUDIR6ODODUJKH]]DPL
QLPDGHOODYLDG
HVRGRYHUWLFDOH/Y FKHFRQVHQWHLOUHJRODUHHVRGRGHJOLRFFX
SDQWL  FKH  OD  LPSLHJDQR   FDOFRODWD  FRPH  VSHFLILFDWR  QHL  SDUDJUDIL6
R6
 /DODUJKH]]D/9SXHVVHUHVXGGLYLVDLQSLSHUFRUVL'HYRQRFRPXQTXHHVVHUH
ULVSHWWDWLLVHJXHQWLFULWHULSHUOHODUJKH]]HPLQLPHGLFLDVFXQSHUFRUVR
D ODODUJKH]]DQRQSXHVVHUHLQIHULRUHDPP
E DPPHVVDODUJKH]]DQRQLQIHULRUHDPPGDORFDOLRYHYLVLDHVFOXVLYD
SUHVHQ]DRFFDVLRQDOHHGLEUHYHGXUDWDGLSHUVRQDOHDGGHWWRHVORFDOLLP
SLDQWL
F ODODUJKH]]DGHOODYLDG
HVRGRYHUWLFDOHQRQSXHVVHUHLQIHULRUHDOODPDVVLPD
ODUJKH]]DGLFLDVFXQDGHOOHSRUWHGLDFFHVVRDOODVWHVVD

6

&DOFRORLQFDVRGLHVRGRVLPXOWDQHR
 6HQHOO
DWWLYLWVLDSSOLFDODSURFHGXUDG
HVRGRVLPXOWDQHROHYLHG
HVRGRYHUWLFD
OLGHYRQRHVVHUHLQJUDGRGLFRQVHQWLUHO
HYDFXD]LRQHFRQWHPSRUDQHDGLWXWWLJOL
RFFXSDQWLLQHYDFXD]LRQHGDWXWWLLSLDQL
 /DODUJKH]]D/YFDOFRODWDFRPHVHJXH
6
/9 /8yQ9
FRQ
>PP@
/9 ODUJKH]]DPLQLPDGHOODYLDG
HVRGRYHUWLFDOH
/8
ODUJKH]]DXQLWDULDGHWHUPLQDWDGDWDEHOOD6LQIXQ]LRQHGHOSURILORGL
ULVFKLR5YLWDGLULIHULPHQWRVHFRQGRSDUDJUDIR6HGHOQXPHURWRWDOH
GHLSLDQLVHUYLWLGDOODYLDG
HVRGRYHUWLFDOH
>PPSHUVRQD@
QXPHURWRWDOHGHJOLRFFXSDQWLFKHLPSLHJDQRWDOHYLDG
HVRGRYHUWLFDOH
Q9
SURYHQLHQWLGDWXWWLLSLDQLVHUYLWL

&DSLWROR6(VRGR

3DJLQD6

6

&DOFRORLQFDVRGLHVRGRSHUIDVL
 6HQHOO
DWWLYLWVLDSSOLFDODSURFHGXUDG
HVRGRSHUIDVLOHYLHG
HVRGRYHUWLFDOL
GHYRQRHVVHUHLQJUDGRGL FRQVHQWLUHO
HYDFXD]LRQH GHJOLRFFXSDQWLGHLSLDQL
GXUDQWHFLDVFXQDIDVH
 /DODUJKH]]D/YFDOFRODWDFRPHVHJXH
6
/9 /8yQ9
FRQ
/9 ODUJKH]]DPLQLPDGHOODYLDG
HVRGRYHUWLFDOH
>PP@
/8
ODUJKH]]DXQLWDULDGHWHUPLQDWDGDWDEHOOD6LQIXQ]LRQHGHOSURILORGL
ULVFKLR5YLWDGLULIHULPHQWRVHFRQGRSDUDJUDIR6HGLPSRQHQGRSDUL
DLOQXPHURWRWDOHGHLSLDQLVHUYLWLGDOODYLDG
HVRGRYHUWLFDOH
>PPSHUVRQD@
QXPHURWRWDOHGHJOLRFFXSDQWLFKHLPSLHJDQRWDOHYLDG
HVRGRYHUWLFDOH
Q9
SURYHQLHQWLGDGXHGHLSLDQLVHUYLWLFRQVLGHUDQGRLGXHSLDQLDQFKHQRQ
FRQVHFXWLYLDYHQWLPDJJLRUHDIIROODPHQWR
1XPHURWRWDOHGHLSLDQLVHUYLWLGDOODYLDG
HVRGRYHUWLFDOH

5YLWD

>)@

!

$





















%&(





















$





















%&'(





















$





















%&'(





















$





















,YDORULGHOOHODUJKH]]HXQLWDULHGHYRQRHVVHUHLQFUHPHQWDWLVHFRQGROHLQGLFD]LRQLGHOODWDEHOOD6LQUHOD]LR
QHDOO
DO]DWDHGDOODSHGDWDGHLJUDGLQLDOODWLSRORJLDGLVFDOD
>)@,PSLHJDWRDQFKHQHOO
HVRGRSHUIDVL

7DEHOOD6/DUJKH]]DXQLWDULDSHUYLHGLHVRGRYHUWLFDOLLQPPSHUVRQD
$O]DWDJUDGLQL

3HGDWDJUDGLQL
SFP

FPSFP

FPSFP

DFP





>@

FPDFP





>@

FPDFP





>@

FPDFP

>@

>@

>@

1RQVRQRDPPHVVLJUDGLQLFRQSHGDWDFPRDO]DWD!FP
6RQRDPPHVVLJUDGLQLDYHQWDJOLRODSHGDWDPLVXUDWDDPPGDOODWRLQWHUQRGHOSDVVDJJLRXWLOHODODU
JKH]]DPLQLPDGHOODVFDODG
HVRGRGHYHHVVHUHDXPHQWDWDGLPP
>@4XHVWHFRPELQD]LRQLVRQRDPPHVVHVRORDVHJXLWRGLVSHFLILFDYDOXWD]LRQHGHOULVFKLR

7DEHOOD6,QFUHPHQWRODUJKH]]DXQLWDULDGHOOHVFDOHG
HVRGRLQUHOD]LRQHDLJUDGLQL
6

9HULILFDGHOODULGRQGDQ]DGHOOHYLHG
HVRGRYHUWLFDOL
 6HXQHGLILFLRKDSLGLXQDYLDG
HVRGRYHUWLFDOHVLGHYHVXSSRUUHFKHO
LQFHQGLR
SRVVDUHQGHUQHXQDLQGLVSRQLELOH
 $LILQLGHOODYHULILFDGLULGRQGDQ]DVLGHYHUHQGHUHLQGLVSRQLELOHXQDYLDG
HVR
GRYHUWLFDOHDOODYROWDHYHULILFDUHFKHOHUHVWDQWLYLHG
HVRGRLQGLSHQGHQWLGD
TXHVWDDEELDQRODUJKH]]DFRPSOHVVLYDVXIILFLHQWHDJDUDQWLUHO
HVRGRGHJOLRFFX
SDQWL

&DSLWROR6(VRGR

3DJLQD6

1RWD3HUOHFRQVLGHUD]LRQLGLFXLDOSDUDJUDIR6HYHQWXDOLYLHG
HVRGRQRQLQGLSHQGHQWLWUD
ORURGHYRQRHVVHUHUHVHFRQWHPSRUDQHDPHQWHLQGLVSRQLELOL

 /HYLHG
HVRGRDSURYDGLIXPRRHVWHUQHVRQRFRQVLGHUDWHVHPSUHGLVSRQLELOLH
QRQGHYRQRHVVHUHVRWWRSRVWHDYHULILFDGLULGRQGDQ]D
 1HOODYHULILFDGLULGRQGDQ]DQRQQHFHVVDULRSURFHGHUHDGXOWHULRUHYHULILFDGHO
OHOXQJKH]]HG
HVRGRHGHLFRUULGRLFLHFKL
6

&DOFRORGHOODODUJKH]]DPLQLPDGHOOHXVFLWHILQDOL
 /DODUJKH]]DPLQLPDGHOO
XVFLWDILQDOH/)FKHFRQVHQWHLOUHJRODUHHVRGRGHJOL
RFFXSDQWLFKHODLPSLHJDQRSURYHQLHQWLGDYLHG
HVRGRRUL]]RQWDOLRYHUWLFDOL
FDOFRODWDFRPHVHJXH

/)  /2  L  / 9  M
L



6

FRQ
>PP@
/)ODUJKH]]DPLQLPDGHOO
XVFLWDILQDOH
/2L ODUJKH]]DGHOODLHVLPDYLDG
HVRGRRUL]]RQWDOHFKHDGGXFHDOO
XVFLWDILQDOH
FRPHFDOFRODWDFRQO
HTXD]LRQH6>PP@
/9MODUJKH]]DGHOODMHVLPDYLDG
HVRGRYHUWLFDOHFKHDGGXFHDOO
XVFLWDILQDOH
FRPHFDOFRODWDFRQOHHTXD]LRQL6R6ULVSHWWLYDPHQWHLQFDVRGL
HVRGRVLPXOWDQHRRSHUIDVL>PP@
 /DODUJKH]]D/)SXHVVHUHVXGGLYLVDLQSLYDUFKL'HYRQRFRPXQTXHHVVHUHUL
VSHWWDWLLVHJXHQWLFULWHULSHUOHODUJKH]]HPLQLPHGLFLDVFXQYDUFR
D ODODUJKH]]DQRQSXHVVHUHLQIHULRUHDPPSHUFRQVHQWLUHO
HVRGRDQFKH
DGRFFXSDQWLFKHLPSLHJDQRDXVLOLSHULOPRYLPHQWR
E DPPHVVDODUJKH]]DQRQLQIHULRUHDPPSHUOHXVFLWHILQDOLLPSLHJDWH
GDQRQSLGLSHUVRQHHVSLFFROHDWWLYLWGLULVWRUD]LRQH
F DPPHVVDODUJKH]]DQRQLQIHULRUHDPPGDORFDOLRYHYLVLDHVFOXVLYD
SUHVHQ]DRFFDVLRQDOHHGLEUHYHGXUDWDGLSHUVRQDOHDGGHWWRHVORFDOLLP
SLDQWL
 /D FRQYHUJHQ]DGHLIOXVVLGLRFFXSDQWLGDOOHYLHG
HVRGRRUL]]RQWDOLHYHUWLFDOL
YHUVRO
XVFLWDILQDOHQRQGHYHHVVHUHRVWDFRODWDHVGDDUUHGLILVVLRPRELOL

YLDG
HVRGRYHUWLFDOH
SHUQ9RFFXSDQWL

YLDG
HVRGRRUL]]RQWDOH
SHUQ2RFFXSDQWL
/2

Q !
9 
HQ
DOORU
!
DG 2 
P

/9

/)
/2

YLDG
HVRGRRUL]]RQWDOH
SHUQ2RFFXSDQWL

XVFLWDILQDOH
YHUVROXRJRVLFXUR
SHUQ9Q2Q2RFFXSDQWL

$WDOILQHTXDORUDDOPHQRGXHGHOOHYLHG
HVRGRFRQYHUJHQWLYHUVRODVWHVVDXVFL
WDILQDOHVLDQRLPSLHJDWHGDSLGLRFFXSDQWLFLDVFXQDODGLVWDQ]DPLVXUDWDLQ
SLDQWDWUDO
XVFLWDILQDOHHORVEDUFRGLWXWWHOHYLHG
HVRGRDGHVVDFRQYHUJHQWL
GHYHHVVHUHQRQLQIHULRUHDPFRPHPRVWUDWRQHOO
LOOXVWUD]LRQH6

,OOXVWUD]LRQH6(VHPSLRGLIOXVVLFRQYHUJHQWLPHUJLQJIORZVYHUVRXVFLWDILQDOHLQSLDQWD

&DSLWROR6(VRGR

3DJLQD6

6

(VRGRLQSUHVHQ]DGLRFFXSDQWLFRQGLVDELOLW
 ,QWXWWLLSLDQLGHOO
DWWLYLWQHLTXDOLYLSXHVVHUHSUHVHQ]DQRQRFFDVLRQDOHGL
RFFXSDQWLFKHQRQDEELDQRVXIILFLHQWLDELOLWSHUUDJJLXQJHUHDXWRQRPDPHQWHXQ
OXRJRVLFXURWUDPLWHYLHG
HVRGRYHUWLFDOLGHYHHVVHUHSUHYLVWDDOPHQRXQDGHOOH
VHJXHQWLPLVXUH
D VSD]LFDOPLVHFRQGROHLQGLFD]LRQLGHOSDUDJUDIR6
E HVRGRRUL]]RQWDOHSURJUHVVLYRVHFRQGROHLQGLFD]LRQLGHOSDUDJUDIR6
 ,FRPSDUWLPHQWLFRQSURILORGLULVFKLR5YLWDFRPSUHVRLQ''
D GHYRQRGLVSRUUHGLDOPHQRXQDVFHQVRUHDQWLQFHQGLRGLPHQVLRQDWRLQPRGR
GDFRQVHQWLUQHO
LPSLHJRGDSDUWHGLWXWWLJOLRFFXSDQWLDQFKHQRQGHDPEXODQ
WLHVVHGLDDUXRWHEDUHOOD
E GHYRQRDYHUHYLHG
HVRGRRUL]]RQWDOLGLGLPHQVLRQLDGHJXDWHGDFRQVHQWLUH
ODJHYROHPRYLPHQWD]LRQHGLOHWWLHEDUHOOHLQFDVRG
LQFHQGLR
1RWD$OILQHGLFRQVHQWLUHDWXWWLJOLRFFXSDQWLDSUHVFLQGHUHGDOOHORURDELOLWGLLPSLHJDUHDXWR
QRPDPHQWHLOVLVWHPDG
HVRGRGHOO
DWWLYLWSRVVRQRHVVHUHDSSOLFDWLLUHTXLVLWLHOHUDFFRPDQGD]LR
QLFRQWHQXWHQHOODQRUPD,62%XLOGLQJFRQVWUXFWLRQ$FFHVVLELOLW\DQGXVDELOLW\RIWKH
EXLOWHQYLURQPHQW

6

6SD]LRFDOPR
1RWD /DGHILQL]LRQHGLVSD]LRFDOPRUHSHULELOHQHOFDSLWROR*

 /HGLPHQVLRQLGHOORVSD]LRFDOPRGHYRQRHVVHUHWDOLGDSRWHURVSLWDUHWXWWLJOL
RFFXSDQWLFRQGLVDELOLWGHOSLDQRQHOULVSHWWRGHOOHVXSHUILFLORUGHPLQLPHGLWD
EHOOD6
 ,QFLDVFXQRVSD]LRFDOPRGHYRQRHVVHUHSUHVHQWL
D XQVLVWHPDGLFRPXQLFD]LRQHELGLUH]LRQDOHSHUSHUPHWWHUHDJOLRFFXSDQWLGL
VHJQDODUHODORURSUHVHQ]DHULFKLHGHUHDVVLVWHQ]D
E HYHQWXDOL DWWUH]]DWXUH GD LPSLHJDUH SHUO
DVVLVWHQ]D HVVHGLD REDUHOOD GL
HYDFXD]LRQH
F LQGLFD]LRQLVXLFRPSRUWDPHQWLGDWHQHUHLQDWWHVDGHOO
DUULYRGHOO
DVVLVWHQ]D

,OOXVWUD]LRQH6(VHPSLRGLVSD]LRFDOPRDUHDRIUHVFXHDVVLVWDQFHVHFRQGR,62

&DSLWROR6(VRGR

3DJLQD6

 /RVSD]LRFDOPRGHYHHVVHUHFRQWUDVVHJQDWRFRQFDUWHOOR81,(1,62
(RHTXLYDOHQWH
6

(VRGRRUL]]RQWDOHSURJUHVVLYR
1RWD

/DGHILQL]LRQHGLHVRGRRUL]]RQWDOHSURJUHVVLYRVLWURYDQHOFDSLWROR*

 $OILQHGLFRQVHQWLUHO
HVRGRRUL]]RQWDOHSURJUHVVLYRLOSLDQRGHOO
DWWLYLWGHYH
HVVHUHVXGGLYLVRLQDOPHQRGXHFRPSDUWLPHQWL
 &LDVFXQFRPSDUWLPHQWRGHYH
D SRWHUFRQWHQHUHLQHPHUJHQ]DROWUHDLVXRLQRUPDOLRFFXSDQWLLOPDVVLPR
QXPHURGLRFFXSDQWLFKHORLPSLHJDQRSHUO
HVRGRRUL]]RQWDOHSURJUHVVLYR
VHFRQGROHVXSHUILFLORUGHGLWDEHOOD6
E DYHUHYLHG
HVRGRDGHJXDWHDGHYDFXDUHLOQXPHURGHLVXRLRFFXSDQWLPDJ
JLRUDWRGHO  GHOPDVVLPRQXPHURGLRFFXSDQWL FKH ORLPSLHJDQRSHU
O
HVRGRRUL]]RQWDOHSURJUHVVLYR
F DYHUHDOPHQRGXHYLHG
HVRGRLQGLSHQGHQWLDQFKHWUDPLWHHVRGRRUL]]RQWDOH
SURJUHVVLYRYHUVRGLVWLQWLFRPSDUWLPHQWLDGLDFHQWL
7LSRORJLD

6XSHUILFLHQHWWDPLQLPDSHURFFXSDQWH

2FFXSDQWHGHDPEXODQWH

PSHUVRQD

2FFXSDQWHQRQGHDPEXODQWH

PSHUVRQD

/HVXSHUILFLORUGHGHYRQRLQFOXGHUHJOLVSD]LGLPDQRYUDQHFHVVDULSHUOXWLOL]]RGLHYHQWXDOLDXVLOLSHULOPRYLPHQ
WRHVOHWWRVHGLDDUXRWH

7DEHOOD66XSHUILFLHPLQLPDSHURFFXSDQWH

&DSLWROR6(VRGR

3DJLQD6

6

0LVXUHDQWLQFHQGLRDJJLXQWLYH
 SRVVLELOHLQFUHPHQWDUHODPDVVLPDOXQJKH]]DG
HVRGRGLULIHULPHQWR/HVGHOOD
WDEHOOD6FRPHVHJXH
/HVG Py/HV6
FRQ
/HVG PD[OXQJKH]]DG
HVRGR>P@
IDWWRUHFDOFRODWRVHFRQGRFRPPD
P
 SRVVLELOHLQFUHPHQWDUHODPDVVLPDOXQJKH]]DGLFRUULGRLRFLHFRGLULIHULPHQ
WR/FFGHOODWDEHOOD6FRPHVHJXH
/FFG
FRQ
/FFG
P
/FFSU
/FFIX

Py/FFy/FFSUy/FFIX

6

PD[OXQJKH]]DFRUULGRLRFLHFR>P@
IDWWRUHFDOFRODWRVHFRQGRFRPPD
OXQJKH]]DSRU]LRQHGLFRUULGRLRFLHFRLQYLDG
HVRGRSURWHWWD >P@
OXQJKH]]D SRU]LRQH GLFRUULGRLRFLHFRLQYLDG
HVRGRDSURYDGLIXPRR
HVWHUQD
>P@

1RWD /HFDUDWWHULVWLFKHGHOOHYLHG
HVRGRSURWHWWHDSURYDGLIXPRHVWHUQHVRQRULSRUWDWHULVSHWWLYDPHQ
WHQHLSDUDJUDIL666

/DSRU]LRQHGLFRUULGRLRFLHFRLPSLHJDWDSHULOFDOFRORGHYHHVVHUHFRQWLQXDH
WHUPLQDUHGLUHWWDPHQWHLQOXRJRVLFXURRQHOSXQWRGDFXLSRVVLELOHO
HVRGRYHU
VRSLYLHG
HVRGRLQGLSHQGHQWLFRPHHVHPSOLILFDWRQHOO
LOOXVWUD]LRQH6
,QQHVVXQFDVRODVRPPDGHOOHOXQJKH]]HFRQVLGHUDWHQHOFDOFROR/FFSU/FFIX
SXVXSHUDUHLP
 ,OIDWWRUHPWLHQHFRQWRGHOOHGLIIHUHQWLPLVXUHDQWLQFHQGLRDJJLXQWLYHGHOFRP
SDUWLPHQWRVHUYLWRGDOODYLDG
HVRGRHGFDOFRODWRFRPHVHJXH
P P  L
L

FRQ
PL IDWWRUHUHODWLYRDPLVXUDDQWLQFHQGLRDJJLXQWLYDGLFXLDOODWDEHOOD6
,QQHVVXQFDVRPSXVXSHUDUHODPDVVLPDYDULD]LRQHDPPHVVDSDULDO
 3HULFRPSDUWLPHQWLFRQSURILORGLULVFKLR5YLWDSDULDG$QRQDPPHVVRHIIHW
WXDUHDOFXQDYDULD]LRQHGHLYDORULGHOODWDEHOOD6

&DSLWROR6(VRGR

3DJLQD6

PL

0LVXUDDQWLQFHQGLRDJJLXQWLYD
5LYHOD]LRQHHGDOODUPH&DSLWROR6
FRQOLYHOORGLSUHVWD]LRQH,9



&RQWUROORGLIXPLHFDORUH&DSLWROR6
FRQOLYHOORGLSUHVWD]LRQH,,,



$OWH]]DPHGLDGHOORFDOHVHUYLWR
GDOODYLDG
HVRGRKPLQPHWUL>@

P



!PP



!PP



!PP



!PP



!PP



!PP



!PP



!P



>@4XDORUDODYLDG
HVRGRVHUYDSLORFDOLVLDVVXPHODPLQRUHWUDOHDOWH]]HPHGLH

7DEHOOD63DUDPHWULSHUODGHILQL]LRQHGHLIDWWRULPL

6()&

XVFLWD

6()&

6()&

/FFIX
!r
3RU]LRQHILQDOHFRUULGRLRFLHFR
LQSHUFRUVRDSURYDGLIXPR

3RU]LRQHLQWHUPHGLDFRUULGFLHFR
LQSHUFRUVRDSURYDGLIXPR

XVFLWD
&RPSDUWLPHQWR

&RPSDUWLPHQWR

&RPSDUWLPHQWR

,OOXVWUD]LRQH6(VHPSLRSRU]LRQHGLFRUULGRLRFLHFRLQSHUFRUVRDSURYDGLIXPRLQSLDQWD
6

5LIHULPHQWL
 6LLQGLFDQRLVHJXHQWLULIHULPHQWLELEOLRJUDILFL
L ,62/LIHWKUHDWHQLQJFRPSRQHQWVRIILUH*XLGHOLQHVIRUWKHHVWL
PDWLRQRIWLPHWRFRPSURPLVHGWHQDELOLW\LQILUHV
LL ,6275)LUHVDIHW\HQJLQHHULQJ7HFKQLFDOLQIRUPDWLRQRQPH
WKRGVIRUHYDOXDWLQJEHKDYLRXUDQGPRYHPHQWRISHRSOH
LLL ,62  %XLOGLQJ  FRQVWUXFWLRQ   $FFHVVLELOLW\  DQG  XVDELOLW\  RI  WKH
EXLOWHQYLURQPHQW
LY %66HFWLRQ'HVLJQLQJPHDQVRIHVFDSH
Y ,)&,QWHUQDWLRQDO)LUH&RGH&KDSWHU
YL 1)3$/LIHVDIHW\FRGH&KDSWHU
YLL 3URXO[*+D]DUGFDOFXODWLRQV(YDFXDWLRQWLPHLQ7KH6)3(+DQG
ERRNRIILUHSURWHFWLRQHQJLQHHULQJWKHGLWLRQ6)3(1)3$
YLLL 8.(QJODQG'HSDUWPHQWRI+HDOWK+HDOWK7HFKQLFDO0HPRUDQGXP
)LUHFRGH*XLGDQFHLQVXSSRUWRIIXQFWLRQDOSURYLVLRQV)LUHVD
IHW\LQWKHGHVLJQRIKHDOWKFDUHSUHPLVHV
L[ 8.(QJODQG'HSDUWPHQWIRU&RPPXQLWLHVDQG/RFDO*RYHUQPHQW3X
EOLFDWLRQV7HFKQLFDO5LVN$VVHVVPHQW*XLGHRQ7UDQVSRUW3UHPLVHVDQG
)DFLOLWLHV

&DSLWROR6(VRGR

3DJLQD6

675$7(*,$$17,1&(1',2

&DSLWROR6

*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3UHPHVVD
/LYHOOLGLSUHVWD]LRQH
&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6ROX]LRQLSURJHWWXDOL
3URJHWWD]LRQHGHOODJHVWLRQHGHOODVLFXUH]]D
*HVWLRQHGHOODVLFXUH]]DQHOO
DWWLYLWLQHVHUFL]LR
*HVWLRQHGHOODVLFXUH]]DLQHPHUJHQ]D
5LIHULPHQWL

&DSLWROR6*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD6

6

3UHPHVVD
 /DJHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR*6$UDSSUHVHQWDODPLVXUDDQWLQFHQ
GLRRUJDQL]]DWLYDHJHVWLRQDOHDWWDDJDUDQWLUHQHOWHPSRXQDGHJXDWROLYHOORGL
VLFXUH]]DGHOO
DWWLYLWLQFDVRGLLQFHQGLR

6

/LYHOOLGLSUHVWD]LRQH
 1HOODWDEHOOD6VRQRULSRUWDWLLOLYHOOLGLSUHVWD]LRQHSHUODJHVWLRQHGHOODVL
FXUH]]DDQWLQFHQGLR

/LYHOORGL
SUHVWD]LRQH

'HVFUL]LRQH

*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLRGLOLYHOOREDVH

,,

*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLRGLOLYHOORDYDQ]DWR

,,,

*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLRGLOLYHOORDYDQ]DWRSHUDWWLYLWFRPSOHVVH

7DEHOOD6/LYHOOLGLSUHVWD]LRQHSHUODJHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

&DSLWROR6*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD6

6

&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
 1HOODWDEHOOD6VRQRULSRUWDWLLFULWHULJHQHUDOPHQWHDFFHWWDWLSHUO
DWWULEX]LR
QHDOO
DWWLYLWGHLVLQJROLOLYHOOLGLSUHVWD]LRQH

/LYHOORGL
SUHVWD]LRQH

&ULWHULGLDWWULEX]LRQH

$WWLYLWRYHVLDQRYHULILFDWHWXWWHOHVHJXHQWLFRQGL]LRQL
D SURILOLGLULVFKLR
5YLWDFRPSUHVLLQ$$&L&L&L
5EHQLSDULD
5DPELHQWHQRQVLJQLILFDWLYR
D QRQSUHYDOHQWHPHQWHGHVWLQDWDDGRFFXSDQWLFRQGLVDELOLW
D WXWWLLSLDQLGHOO
DWWLYLWVLWXDWLDTXRWDFRPSUHVDWUDPHP
D FDULFRGLLQFHQGLRVSHFLILFRTIQRQVXSHULRUHD0-P
D QRQVLGHWHQJRQRRWUDWWDQRVRVWDQ]HRPLVFHOHSHULFRORVHLQTXDQWLWVLJQLILFDWLYH
D QRQVLHIIHWWXDQRODYRUD]LRQLSHULFRORVHDLILQLGHOO
LQFHQGLRRGHOO
HVSORVLRQH

,,

$WWLYLWQRQULFRPSUHVHQHJOLDOWULFULWHULGLDWWULEX]LRQH

,,,

$WWLYLWRYHVLDYHULILFDWRDOPHQRXQDGHOOHVHJXHQWLFRQGL]LRQL
D SURILORGLULVFKLR5EHQLFRPSUHVRLQ
D HOHYDWRDIIROODPHQWRFRPSOHVVLYR
VHDSHUWDDOSXEEOLFRDIIROODPHQWRFRPSOHVVLYRVXSHULRUHDSHUVRQH
VHQRQDSHUWDDOSXEEOLFRDIIROODPHQWRFRPSOHVVLYRVXSHULRUHDSHUVRQH
D QXPHURFRPSOHVVLYRGLSRVWLOHWWRVXSHULRUHDHSURILOLGLULVFKLR5 YLWDFRPSUHVLLQ'
'&LLL&LLL&LLL
D VLGHWHQJRQRRWUDWWDQRVRVWDQ]HRPLVFHOHSHULFRORVHLQTXDQWLWVLJQLILFDWLYHHDIIROODPHQ
WRFRPSOHVVLYRVXSHULRUHDSHUVRQH
D VL  HIIHWWXDQR  ODYRUD]LRQL  SHULFRORVH  DL  ILQL  GHOO
LQFHQGLR  R  GHOO
HVSORVLRQH  H  DIIROODPHQWR
FRPSOHVVLYRVXSHULRUHDSHUVRQH

7DEHOOD6&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6

6ROX]LRQLSURJHWWXDOL

6

6ROX]LRQLFRQIRUPL
 /DJHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLRXQSURFHVVRFKHVLVYLOXSSDSHUWXWWDOD
GXUDWDGHOODYLWDGHOO
DWWLYLW/DFRUUHWWDSURJHWWD]LRQHLQL]LDOHGHOO
DWWLYLWFRQ
VHQWHODVXFFHVVLYDDSSURSULDWDJHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLRWDEHOOD6

 /HVROX]LRQLFRQIRUPLVRQRULSRUWDWHQHOOHWDEHOOH666
3URJHWWLVWD

5HVSRQVDELOHGHOO
DWWLYLW

5LFHYHGDOFRPPLWWHQWHOHLQIRUPD]LRQLGLLQSXWVXOO
DWWL
YLWHVILQDOLWJHRPHWULHPDWHULDOLDIIROODPHQWR
GHILQLVFHOHPLVXUHDQWLQFHQGLRFKHPLQLPL]]DQRLOUL
VFKLRG
LQFHQGLRGHILQLVFHHGRFXPHQWDVLQGDOSULQFL
SLRLOPRGHOORGLJHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR
,QGLFD]LRQL  VSHFLILFKH  VRQR  ULSRUWDWH  QHO  SDUDJUD
IR6

$FTXLVLVFHGDOODSURJHWWD]LRQHOHLQGLFD]LRQLOHOLPLWD
]LRQLHOHPRGDOLWG
HVHUFL]LRDPPHVVHSHUO
DSSURSULD
WDJHVWLRQH GHOOD VLFXUH]]D DQWLQFHQGLRGHOO
DWWLYLWDO
ILQHGLOLPLWDUHODSUREDELOLWG
LQFHQGLRJDUDQWLUHLOFRU
UHWWRIXQ]LRQDPHQWRGHLVLVWHPLGLVLFXUH]]DHODJHVWLR
QH  GHOO
HPHUJHQ]D  TXDORUD  VL  VYLOXSSL  XQ  LQFHQGLR
FRPHGHVFULWWRDLSDUDJUDIL6H6

7DEHOOD65XRORGLSURJHWWLVWDHUHVSRQVDELOHGHOO
DWWLYLW

&DSLWROR6*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD6

6WUXWWXUD
RUJDQL]]DWLYDPLQLPD

&RPSLWLHIXQ]LRQL
D
D
D

5HVSRQVDELOH
GHOO
DWWLYLW

D
D

D
D
D
D
>@$GGHWWLDOVHUYL]LR
DQWLQFHQGLR

RUJDQL]]DOD*6$
>@SUHGLVSRQHDWWXDHYHULILFDSHULRGLFDPHQWHLOSLDQRG
HPHUJHQ]D
JDUDQWLVFHLOPDQWHQLPHQWRLQHIILFLHQ]DGHLVLVWHPLGLVSRVLWLYLDWWUH]]DWXUHH
GHOOHDOWUHPLVXUHDQWLQFHQGLRDGRWWDWHHIIHWWXDQGRYHULILFKHGLFRQWUROORHGLQ
WHUYHQWLGLPDQXWHQ]LRQH
SUHGLVSRQHXQUHJLVWURGHLFRQWUROOLFRPPLVXUDWRDOODFRPSOHVVLWGHOO
DWWLYLW
SHULOPDQWHQLPHQWRGHOOLYHOORGLVLFXUH]]DSUHYLVWRQHOODSURJHWWD]LRQH
QHOO
RVVHUYDQ]DGLOLPLWD]LRQLHFRQGL]LRQLG
HVHUFL]LRLYLLQGLFDWH
SUHGLVSRQHQRWDLQIRUPDWLYDHFDUWHOORQLVWLFDULSRUWDQWHGLYLHWLHSUHFDX]LRQLGD
RVVHUYDUHQXPHULWHOHIRQLFLSHUO
DWWLYD]LRQHGHLVHUYL]LGLHPHUJHQ]DQRQFK
ULSRUWDQWHD]LRQLGDFRPSLHUHSHUOXWLOL]]RGHOOHDWWUH]]DWXUHDQWLQFHQGLRHSHU
JDUDQWLUHOHVRGR
YHULILFDGHOO
RVVHUYDQ]DGLGLYLHWLGHOOHOLPLWD]LRQLHGHOOHFRQGL]LRQLQRUPDOLGL
HVHUFL]LR
>@SURYYHGHDIRUPD]LRQHHGLQIRUPD]LRQHGHOSHUVRQDOHVXSURFHGXUHHGDW
WUH]]DWXUH
>@QRPLQDOHILJXUHGHOODVWUXWWXUDRUJDQL]]DWLYD
DGRWWDOHPLVXUHGLSUHYHQ]LRQHLQFHQGL

,QFRQGL]LRQLRUGLQDULHDWWXDQROHGLVSRVL]LRQLGHOOD*6$LQSDUWLFRODUH
D DWWXDQROHPLVXUHDQWLQFHQGLRSUHYHQWLYH
D JDUDQWLVFRQRODIUXLELOLWGHOOHYLHG
HVRGR
D YHULILFDQRODIXQ]LRQDOLWGHOOHPLVXUHDQWLQFHQGLRSURWHWWLYH
,QFRQGL]LRQLG
HPHUJHQ]DDWWXDQRLOSLDQRG
HPHUJHQ]DLQSDUWLFRODUH
D SURYYHGRQRDOORVSHJQLPHQWRGLXQSULQFLSLRGLLQFHQGLR
D JXLGDQRO
HYDFXD]LRQHGHJOLRFFXSDQWLVHFRQGROHSURFHGXUHDGRWWDWH
D HVHJXRQROHFRPXQLFD]LRQLSUHYLVWHLQHPHUJHQ]D
D RIIURQRDVVLVWHQ]DDOOHVTXDGUHGLVRFFRUVR

*6$LQHVHUFL]LR

&RPHSUHYLVWDDOSDUDJUDIR6

*6$LQHPHUJHQ]D

&RPHSUHYLVWDDOSDUDJUDIR6

$GHPSLPHQWLPLQLPL

D
D
D
D
D

SUHYHQ]LRQHGHJOLLQFHQGL
LVWUX]LRQLHSODQLPHWULHGLSLDQRSHUJOLRFFXSDQWL
UHJLVWURGHLFRQWUROOL
>@SLDQRG
HPHUJHQ]D
>@IRUPD]LRQHHGLQIRUPD]LRQHDGGHWWLDOVHUYL]LRDQWLQFHQGLR

>@6RORVHDWWLYLWODYRUDWLYD

7DEHOOD66ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,

&DSLWROR6*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD6

6WUXWWXUD
RUJDQL]]DWLYDPLQLPD

&RPSLWLHIXQ]LRQL

5HVSRQVDELOH
GHOO
DWWLYLW

7XWWLLFRPSLWLHOHIXQ]LRQLGHOOLYHOORGLSUHVWD]LRQH,HGLQDJJLXQWDLVHJXHQWL
D DGRWWDSURFHGXUHJHVWLRQDOLHGLPDQXWHQ]LRQHGHLVLVWHPLHGHOOHDWWUH]]DWXUHGL
VLFXUH]]DLQVHULWHLQDSSRVLWRSLDQRGLPDQWHQLPHQWRGHOOLYHOORGLVLFXUH]]DDQ
WLQFHQGLR
D HYHQWXDOPHQWHSUHGLVSRQHFHQWURGLJHVWLRQHGHOO
HPHUJHQ]DFRQIRUPHD
TXDQWRSUHYLVWRDOSDUDJUDIR6
D PRGLILFDLOSLDQRGLHPHUJHQ]DDVHJXLWRGLVHJQDOD]LRQLGDSDUWHGHO&RRUGLQD
WRUHGHJOLDGGHWWLDOVHUYL]LRDQWLQFHQGLR

>@&RRUGLQDWRUHGHJOL
DGGHWWLGHOVHUYL]LRDQ
WLQFHQGLR

$GGHWWRDOVHUYL]LRDQWLQFHQGLRLQGLYLGXDWRGDOUHVSRQVDELOHGHOO
DWWLYLWFKH
D VRYUDLQWHQGHLVHUYL]LUHODWLYLDOODWWXD]LRQHGHOOHPLVXUHDQWLQFHQGLRSUHYLVWH
D FRRUGLQDJOLLQWHUYHQWLLQHPHUJHQ]DGHJOLDGGHWWLODPHVVDLQVLFXUH]]DGHJOL
LPSLDQWL
D VLLQWHUIDFFLDFRQLUHVSRQVDELOLGHOOHVTXDGUHGHLVRFFRUULWRUL

>@$GGHWWLDOVHUYL]LR
DQWLQFHQGLR

&RPHSHULOOLYHOORGLSUHVWD]LRQH,

*6$LQHVHUFL]LR

&RPHSUHYLVWDDOSDUDJUDIR6

*6$LQHPHUJHQ]D

&RPHSUHYLVWDDOSDUDJUDIR6

$GHPSLPHQWLPLQLPL

7XWWLJOLDGHPSLPHQWLGHOOLYHOORGLSUHVWD]LRQH,HGLQDJJLXQWDLVHJXHQWL
D SLDQRGLPDQWHQLPHQWRGHOOLYHOORGLVLFXUH]]D

>@6RORVHDWWLYLWODYRUDWLYD

7DEHOOD66ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,
6WUXWWXUD
RUJDQL]]DWLYDPLQLPD
5HVSRQVDELOH
GHOO
DWWLYLW

&RPSLWLHIXQ]LRQL
7XWWLLFRPSLWLHOHIXQ]LRQLGHOOLYHOORGLSUHVWD]LRQH,,HGLQDJJLXQWDLVHJXHQWL
D SUHGLVSRQHFHQWURGLJHVWLRQHGHOO
HPHUJHQ]DFRQIRUPHDTXDQWRSUHYLVWRDOSD
UDJUDIR6
D LVWLWXLVFHXQLWJHVWLRQDOH*6$
D
D
D
D

>@&RRUGLQDWRUHXQLW
JHVWLRQDOH*6$

D
D

SLDQLILFDHRUJDQL]]DOD*6$
SUHGLVSRQHOHSURFHGXUHJHVWLRQDOLHGRSHUDWLYH
DJJLRUQDLOSLDQRGLHPHUJHQ]D
VHJQDODDOUHVSRQVDELOHGHOO
DWWLYLWOHQRQFRQIRUPLWHOHLQDGHPSLHQ]HGLVLFX
UH]]DDQWLQFHQGLR
SUHQGHLSURYYHGLPHQWLLQFDVRGLSHULFRORJUDYHHGLPPHGLDWRDQFKHGLLQWHU
UX]LRQHGHOOHDWWLYLWILQRDOULSULVWLQRGHOOHFRQGL]LRQLGLVLFXUH]]D
FRRUGLQDLOFHQWURGLJHVWLRQHGHOO
HPHUJHQ]D

>@&RRUGLQDWRUHGHJOL
DGGHWWLGHOVHUYL]LRDQ
WLQFHQGLR

&RPHSHULOOLYHOORGLSUHVWD]LRQH,,

>@$GGHWWLDOVHUYL]LR
DQWLQFHQGLR

&RPHSHULOOLYHOORGLSUHVWD]LRQH,

*6$LQHVHUFL]LR

&RPHSUHYLVWDDOSDUDJUDIR6

*6$LQHPHUJHQ]D

&RPHSUHYLVWDDOSDUDJUDIR6

$GHPSLPHQWLPLQLPL

7XWWLJOLDGHPSLPHQWLGHOOLYHOORGLSUHVWD]LRQH,,HGLQDJJLXQWDLVHJXHQWL
D FHQWURGLJHVWLRQHGHOO
HPHUJHQ]D
D XQLWJHVWLRQDOH*6$

>@6RORVHDWWLYLWODYRUDWLYD

7DEHOOD66ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,,

&DSLWROR6*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD6

6

6ROX]LRQLDOWHUQDWLYH
 6RQRDPPHVVHVROX]LRQLDOWHUQDWLYHSHUWXWWLLOLYHOOLGLSUHVWD]LRQH
 FRQVLGHUDWDVROX]LRQHDOWHUQDWLYDSHUWXWWLLOLYHOOLGLSUHVWD]LRQHO
DSSOLFD]LRQH
YRORQWDULDQHOO
DWWLYLWGLXQVLVWHPDGLJHVWLRQHGLVLFXUH]]DHVDOXWHVXLOXRJKL
GL  ODYRUR 6*66/  HV  VHFRQGR  OLQHH  JXLGD  81,  ,1$,/  QRUPD  %6  2+
6$6FKHFRPSUHQGDJOLDVSHWWLGLJHVWLRQHGHOODVLFXUH]]DDQWLQFHQ
GLRHGHOO
HPHUJHQ]DFRPHGHWWDJOLDWLQHOSUHVHQWHFDSLWRORQHOULVSHWWRGHLOL
YHOOLGLSUHVWD]LRQH
 $OILQHGLGLPRVWUDUHLOUDJJLXQJLPHQWRGHO OLYHOORGLSUHVWD]LRQHLOSURJHWWLVWD
GHYHLPSLHJDUHXQRGHLPHWRGLGLFXLDOSDUDJUDIR*

&DSLWROR6*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD6

6

3URJHWWD]LRQHGHOODJHVWLRQHGHOODVLFXUH]]D
 ,OSURJHWWLVWDDFTXLVLVFHGDOUHVSRQVDELOHGHOO
DWWLYLWLQIRUPD]LRQLVXOOHFRQGL
]LRQLG
HVHUFL]LRGHOO
DWWLYLWHVQXPHURHWLSRORJLDGHJOLRFFXSDQWLWLSRORJLDGL
DWWLYLWVYROWHSURFHVVLSURGXWWLYLTXDQWLWHWLSRORJLHGLPDWHULDOLVWRFFDWL
 ,OSURJHWWLVWDGHILQLVFHODVROX]LRQHSURJHWWXDOHFKHLQYLUWGHOODVWUDWHJLDDQ
WLQFHQGLRHGHOOHUHODWLYHPLVXUHDQWLQFHQGLRDGRWWDWHFRQVHQWDO
HVHUFL]LRLQVL
FXUH]]DGHOO
DWWLYLWVHFRQGROHILQDOLWGHOODVWHVVDHJOLRELHWWLYLGLVLFXUH]]D
DQWLQFHQGLR
 ,OSURFHVVRSURJHWWXDOHGHVFULWWRQHLSUHFHGHQWLFRPPLGHYHHVVHUHHVSOLFLWDWR
QHOOD  UHOD]LRQH  WHFQLFD  7XWWH  OH  LQIRUPD]LRQL  LQGLVSHQVDELOL  DO  UHVSRQVDELOH
GHOO
DWWLYLWSHUODJHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLRGXUDQWHLOQRUPDOHHVHUFL
]LRGHYRQRHVVHUHHOHQFDWHLQDSSRVLWDVH]LRQHGHOODUHOD]LRQHWHFQLFD
 1HOODUHOD]LRQHWHFQLFDGHYRQRHVVHUHGRFXPHQWDWH
D OLPLWD]LRQLG
HVHUFL]LRGHOO
DWWLYLWHVWLSRORJLDGHJOLRFFXSDQWLPDVVLPRDI
IROODPHQWRGHLORFDOLWLSRORJLDGHJOLDUUHGLHGHLPDWHULDOLPDVVLPHTXDQWLW
GLPDWHULDOLFRPEXVWLELOLVWRFFDELOLDVVXQWHFRPHLSRWHVLGHOODSURJHWWD
]LRQHDQWLQFHQGLRGXUDQWHO
DQDOLVLGHOULVFKLRGLLQFHQGLRHODFRQVHJXHQWH
LGHQWLILFD]LRQHGHOSURILORGLULVFKLRGHOO
DWWLYLW
E LQGLFD]LRQLVXOOHPLVXUHDQWLQFHQGLRVSHFLILFKHSHUODWLSRORJLDG
DWWLYLWUL
VXOWDQWLGDOO
DQDOLVLGHOULVFKLRGLLQFHQGLR
F LQGLFD]LRQLVXOODPDQXWHQ]LRQHHGLOFRQWUROORSHULRGLFRGHLVLVWHPLULOHYDQWL
DLILQLGHOODVLFXUH]]DDQWLQFHQGLR
G LQGLFD]LRQLVXOQXPHURGLSHUVRQHVXOOLYHOORGLIRUPD]LRQHHGDGGHVWUDPHQ
WRULFKLHVWRSHULOSHUVRQDOHLQULIHULPHQWRDSDUWLFRODULVFHOWHSURJHWWXDOLGL
VLFXUH]]DDQWLQFHQGLR$GHVHPSLR
L VHSUHYLVWDODSURFHGXUDG
HVRGRSHUIDVLLQXQ
DWWLYLWODYRUDWLYDLOSHU
VRQDOHDGGHWWRDOVHUYL]LRDQWLQFHQGLRGHYHHVVHUHLQJUDGRGLDVVLVWHUH
O
HVRGRGHJOLRFFXSDQWLDIILQFKLOVLVWHPDG
HVRGRVLDLPSLHJDWRVHFRQGR
OHFRQGL]LRQLSURJHWWXDOL
LL VHSUHYLVWDO
DWWLYD]LRQHGLVLVWHPLGLSURWH]LRQHDWWLYDLOSHUVRQDOHGHYH
HVVHUHIRUPDWRHGDGGHVWUDWRDWDOHVFRSR
LLL VHO
DWWLYLWSUHYDOHQWHPHQWHGHVWLQDWDDGRFFXSDQWLFRQGLVDELOLWGHYH
HVVHUHSUHYLVWDDSSRVLWDSURFHGXUDSHUO
HIILFDFHJHVWLRQHGHOO
HPHUJHQ]D
VHFRQGROHFRQGL]LRQLDVVXQWHDGLSRWHVLQHOSURJHWWR
H LULVFKLG
LQFHQGLRUHODWLYLDOODSUHVHQ]DGLDUHHDULVFKLRVSHFLILFRGLFXLVL
WHQXWRFRQWRQHOODSURJHWWD]LRQHGHLVLVWHPLSURWHWWLYLHOHUHODWLYHPLVXUH
DQWLQFHQGLR
I LQGLFD]LRQLSHUODJHVWLRQHGHOO
HPHUJHQ]DPRGDOLWGLJHVWLRQHGHOO
HVRGR
GL  ORWWD  DOO
LQFHQGLR  GL  SURWH]LRQH  GHL  EHQL  H  GHOO
DPELHQWH  GDJOL  HIIHWWL
GHOO
LQFHQGLRFRPHSUHYLVWLGXUDQWHODSURJHWWD]LRQHGHOO
DWWLYLW

&DSLWROR6*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD6

6

*HVWLRQHGHOODVLFXUH]]DQHOO
DWWLYLWLQHVHUFL]LR
 /DFRUUHWWDJHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLRLQHVHUFL]LRFRQWULEXLVFHDOO
HIIL
FDFLDGHOOHDOWUHPLVXUHDQWLQFHQGLRDGRWWDWH
 /DJHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLRGXUDQWHO
HVHUFL]LRGHOO
DWWLYLWGHYHSUH
YHGHUHDOPHQR
D ODULGX]LRQHGHOODSUREDELOLWGLLQVRUJHQ]DGLXQLQFHQGLRHODULGX]LRQHGHL
VXRLHIIHWWLDGRWWDQGRPLVXUHGLSUHYHQ]LRQHLQFHQGLEXRQDSUDWLFDQHOO
HVHU
FL]LRPDQXWHQ]LRQHHGLQROWUH
L LQIRUPD]LRQLSHUODVDOYDJXDUGLDGHJOLRFFXSDQWL
LL VHVLWUDWWDGLDWWLYLWODYRUDWLYDIRUPD]LRQHHGLQIRUPD]LRQHGHOSHUVRQD
OHGLFXLDOSDUDJUDIR6
E LOFRQWUROORHPDQXWHQ]LRQHGLLPSLDQWLHDWWUH]]DWXUHDQWLQFHQGLRGLFXLDL
SDUDJUDIL66H6
F ODSUHSDUD]LRQHDOODJHVWLRQHGHOO
HPHUJHQ]DWUDPLWHO
HODERUD]LRQHGHOODSLD
QLILFD]LRQHG
HPHUJHQ]DHVHUFLWD]LRQLDQWLQFHQGLRHSURYHG
HYDFXD]LRQHSH
ULRGLFKHGLFXLDOSDUDJUDIR6

6

3UHYHQ]LRQHGHJOLLQFHQGL
 /DULGX]LRQHGHOODSUREDELOLWGLLQFHQGLRGHYHHVVHUHVYROWDLQIXQ]LRQHGHOOHUL
VXOWDQ]HGHOO
DQDOLVLGHOULVFKLRLQFHQGLRFRQGRWWDGXUDQWHODIDVHSURJHWWXDOH
 6LULSRUWDQRDWLWRORHVHPSOLILFDWLYRDOFXQHD]LRQLHOHPHQWDULSHUODSUHYHQ]LR
QHGHJOLLQFHQGL
D SXOL]LDGHLOXRJKLHGRUGLQHDLILQLGHOODULGX]LRQHVRVWDQ]LDOH
L GHOODSUREDELOLWGLLQQHVFRGLLQFHQGLHVULGX]LRQHGHOOHSROYHULGHLPD
WHULDOLVWRFFDWLVFRUUHWWDPHQWHRDOGLIXRULGHLORFDOLGHSXWDWL
LL GHOODYHORFLWGLFUHVFLWDGHLIRFRODULHVODVWHVVDTXDQWLWGLFDUWDFRUUHW
WDPHQWHDUFKLYLDWDLQDUPDGLPHWDOOLFLULGXFHODYHORFLWGLSURSDJD]LRQH
GHOO
LQFHQGLR
E YHULILFDGHOODGLVSRQLELOLWGLYLHG
HVRGRVJRPEUHHVLFXUDPHQWHIUXLELOL
F YHULILFDGHOODFRUUHWWDFKLXVXUDGHOOHSRUWHWDJOLDIXRFRQHLYDUFKLWUDFRPSDU
WLPHQWL
G ULGX]LRQHGHJOLLQQHVFKL
1RWDVLDQRLGHQWLILFDWHHFRQWUROODWHOHSRWHQ]LDOLVRUJHQWLGLLQQHVFRHVXVRGLILDPPHOLEHUH
QRQDXWRUL]]DWRIXPRLQDUHHRYHVLDYLHWDWRDSSDUHFFKLDWXUHHOHWWULFKHPDOIXQ]LRQDQWLRLP
SURSULDPHQWHLPSLHJDWHDWDOILQHVLSXIDUULIHULPHQWRDQFKHDJOLLQQHVFKLGHILQLWLDOFD
SLWROR9

H ULGX]LRQHGHOFDULFRGLLQFHQGLR
1RWDOHFRQVHJXHQ]HGLXQHYHQWXDOHLQFHQGLRSRVVRQRHVVHUHULGRWWHOLPLWDQGROHTXDQWLWGL
PDWHULDOLFRPEXVWLELOLSUHVHQWLQHOO
DWWLYLWDOPLQLPRLQGLVSHQVDELOHSHUO
HVHUFL]LR

I VRVWLWX]LRQH  GL  PDWHULDOL  FRPEXVWLELOL  FRQ  YHORFLW  GL  SURSDJD]LRQH

GHOO
LQFHQGLRUDSLGDFRQDOWULFRQYHORFLWG
LQFHQGLRSLOHQWD
1RWD$SDULWGLTXDOLWGHLIXPLSURGRWWLFLFRQVHQWHGLDOOXQJDUHLOWHPSRGLVSRQLELOHSHU
O
HVRGRGHJOLRFFXSDQWL

J FRQWUROORHPDQXWHQ]LRQHUHJRODUHGHLVLVWHPLGLVSRVLWLYLDWWUH]]DWXUHHGH
JOLLPSLDQWLULOHYDQWLDLILQLDQWLQFHQGL

&DSLWROR6*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD6

K FRQWUDVWRGHJOLLQFHQGLGRORVLPLJOLRUDQGRLOFRQWUROORGHJOLDFFHVVLHODVRU
YHJOLDQ]DVHQ]DFKHFLSRVVDOLPLWDUHODGLVSRQLELOLWGHOVLVWHPDG
HVRGR
L JHVWLRQHGHLODYRULGLPDQXWHQ]LRQHLOULVFKLRG
LQFHQGLRDXPHQWDQRWHYRO
PHQWHTXDQGRVLHIIHWWXDQRODYRULGLPDQXWHQ]LRQHRUGLQDULDHVWUDRUGLQDULD
LQTXDQWRSRVVRQRHVVHUH
L FRQGRWWHRSHUD]LRQLSHULFRORVHHVODYRULDFDOGR
LL WHPSRUDQHDPHQWHGLVDWWLYDWLLPSLDQWLGLVLFXUH]]D
LLL WHPSRUDQHDPHQWHVRVSHVDODFRQWLQXLWGLFRPSDUWLPHQWD]LRQH
LY LPSLHJDWHVRVWDQ]HRPLVFHOHSHULFRORVHHVVROYHQWLFROOH
7DOLVRUJHQWLGLULVFKLRDJJLXQWLYHJHQHUDOPHQWHQRQFRQVLGHUDWHQHOODSUR
JHWWD]LRQHDQWLQFHQGLRLQL]LDOHGHYRQRHVVHUHVSHFLILFDPHQWHDIIURQWDWHHV
VHSUHYLVWRQHO'895,GLFXLDO'OJV
M LQDWWLYLWODYRUDWLYHIRUPD]LRQHHGLQIRUPD]LRQHGHOSHUVRQDOHDLULVFKLVSH
FLILFLGHOO
DWWLYLWVHFRQGRODQRUPDWLYDYLJHQWH
 /HYLHG
HVRGRGHOOHDWWLYLWGHYRQRHVVHUHPDQWHQXWHVJRPEUHHVLFXUDPHQWH
IUXLELOL
6

5HJLVWURGHLFRQWUROOL
 2YHSUHYLVWRGDOODVROX]LRQHSURJHWWXDOHLQGLYLGXDWDLOUHVSRQVDELOHGHOO
DWWLYLW
GHYHSUHGLVSRUUHFRQOHPRGDOLWSUHYLVWHGDOODQRUPDWLYDYLJHQWHXQUHJLVWUR
GHLFRQWUROOLSHULRGLFLGRYHVLDQRDQQRWDWL
D LFRQWUROOLOHYHULILFKHJOLLQWHUYHQWLGLPDQXWHQ]LRQHVXVLVWHPLGLVSRVLWLYL
DWWUH]]DWXUHHOHDOWUHPLVXUHDQWLQFHQGLRDGRWWDWH
E OHDWWLYLWGLLQIRUPD]LRQHIRUPD]LRQHHGDGGHVWUDPHQWRDLVHQVLGHOODQRU
PDWLYDYLJHQWHSHUOHDWWLYLWODYRUDWLYH
F OHSURYHGLHYDFXD]LRQH
 7DOHUHJLVWURGHYHHVVHUHPDQWHQXWRFRVWDQWHPHQWHDJJLRUQDWRHGLVSRQLELOHSHU
LFRQWUROORGDSDUWHGHJOLRUJDQLGLFRQWUROOR

6

3LDQRSHULOPDQWHQLPHQWRGHOOLYHOORGLVLFXUH]]DDQWLQFHQGLR
 2YHSUHYLVWRGDOODVROX]LRQHSURJHWWXDOHLQGLYLGXDWDLOUHVSRQVDELOHGHOODWWLYLW
GHYHFXUDUHODSUHGLVSRVL]LRQH GLXQSLDQRILQDOL]]DWRDOPDQWHQLPHQWRGHOOH
FRQGL]LRQLGLVLFXUH]]DDOULVSHWWRGHLGLYLHWLGHOOHOLPLWD]LRQLHGHOOHFRQGL]LR
QLGLHVHUFL]LR
 6XOODEDVHGHOSURILORGLULVFKLRGHOO
DWWLYLWHGHOOHULVXOWDQ]HGHOODSURJHWWD]LR
QHLOSLDQRGHYHSUHYHGHUH
D OHDWWLYLWGLFRQWUROORSHUSUHYHQLUHJOLLQFHQGLVHFRQGROHGLVSRVL]LRQLYL
JHQWL
E ODSURJUDPPD]LRQHGHOODWWLYLWGLLQIRUPD]LRQHIRUPD]LRQHHDGGHVWUDPHQ
WRGHOSHUVRQDOHDGGHWWRDOODVWUXWWXUDFRPSUHVHOHHVHUFLWD]LRQLDOOXVRGHL
PH]]LDQWLQFHQGLRHGLHYDFXD]LRQHLQFDVRGLHPHUJHQ]DWHQHQGRFRQWRGHO
ORVSHFLILFRSURILORGLULVFKLRGHOODWWLYLW
F ODVSHFLILFDLQIRUPD]LRQHDJOLRFFXSDQWL
G LFRQWUROOLGHOOHYLHGLHVRGRSHUJDUDQWLUQHODIUXLELOLWHGHOODVHJQDOHWLFDGL
VLFXUH]]D
H ODSURJUDPPD]LRQHGHOODPDQXWHQ]LRQHVHFRQGROHGLVSRVL]LRQLYLJHQWLGHL
VLVWHPLHLPSLDQWLHGDWWUH]]DWXUHDQWLQFHQGLR

&DSLWROR6*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD6

I ODSLDQLILFD]LRQHGHOODWXUQD]LRQHGHJOLDGGHWWLDQWLQFHQGLRLQPDQLHUDWDOHGD
JDUDQWLUHO
DWWXD]LRQHGHOSLDQRGLHPHUJHQ]DLQRJQLPRPHQWR
6

&RQWUROORHPDQXWHQ]LRQHGLLPSLDQWLHGDWWUH]]DWXUHDQWLQFHQGLR
 ,OFRQWUROORHODPDQXWHQ]LRQHGHJOLLPSLDQWLHGHOOHDWWUH]]DWXUHDQWLQFHQGLRGH
YRQRHVVHUHHIIHWWXDWLQHOULVSHWWRGHOOHGLVSRVL]LRQLOHJLVODWLYHHUHJRODPHQWDUL
YLJHQWLVHFRQGRODUHJRODGHOODUWHLQDFFRUGRDOOHQRUPHHGRFXPHQWLWHFQLFL
SHUWLQHQWLHDOPDQXDOHGLXVRHPDQXWHQ]LRQHGHOOLPSLDQWRHGHOO
DWWUH]]DWXUD
1RWD/
HOHQFRQRQHVDXVWLYRGHOOHQRUPHHGRFXPHQWLWHFQLFLUHSHULELOHQHOSDUDJUDIR6

 ,OPDQXDOHGLXVRHPDQXWHQ]LRQHGHOOLPSLDQWRHGHOOHDWWUH]]DWXUHDQWLQFHQGLR
SUHGLVSRVWRVHFRQGRODYLJHQWHQRUPDWLYDHGIRUQLWRDOUHVSRQVDELOHGHOODWWL
YLW
1RWD/DGHILQL]LRQHGLPDQXDOHG
XVRHPDQXWHQ]LRQHGHOO
LPSLDQWRUHSHULELOHQHOFDSLWROR*

 /HRSHUD]LRQL GLFRQWUROORHPDQXWHQ]LRQHVXJOLLPSLDQWLHVXOOHDWWUH]]DWXUH
DQWLQFHQGLRHODORURFDGHQ]DWHPSRUDOHVRQRDOPHQRTXHOOHLQGLFDWHGDOOHQRU
PHHGRFXPHQWLWHFQLFLSHUWLQHQWLQRQFK GDOPDQXDOHG
XVRHPDQXWHQ]LRQH
GHOOLPSLDQWR
 /DPDQXWHQ]LRQHVXJOLLPSLDQWLHVXOOHDWWUH]]DWXUHDQWLQFHQGLRVYROWDGDSHU
VRQDOHHVSHUWRLQPDWHULDVXOODEDVHGHOODUHJRODGHOO
DUWHFKHJDUDQWLVFHODFRU
UHWWDHVHFX]LRQHGHOOHRSHUD]LRQLVYROWH
6

3UHSDUD]LRQHDOO
HPHUJHQ]D
 /DSUHSDUD]LRQHDOO
HPHUJHQ]DQHOO
DPELWRGHOODJHVWLRQHGHOODVLFXUH]]DDQWLQ
FHQGLRVLHVSOLFDWUDPLWH
D SLDQLILFD]LRQHGHOOHSURFHGXUHGDHVHJXLUHLQFDVRG
HPHUJHQ]DLQULVSRVWD
DJOLVFHQDULLQFLGHQWDOLLSRWL]]DWL
E QHOOHDWWLYLWODYRUDWLYHFRQOD IRUPD]LRQHHGDGGHVWUDPHQWRSHULRGLFRGHO
SHUVRQDOHDOO
DWWXD]LRQHGHOSLDQRG
HPHUJHQ]DSURYHGLHYDFXD]LRQH/DIUH
TXHQ]DGHOOHSURYHGLDWWXD]LRQHGHOSLDQRGLHPHUJHQ]DGHYHWHQHUHFRQWR
GHOODFRPSOHVVLWGHOO
DWWLYLWHGHOO
HYHQWXDOHVRVWLWX]LRQHGHOSHUVRQDOHLP
SLHJDWR
 /HPLVXUHDQWLQFHQGLRSHUODSUHSDUD]LRQHDOO
HPHUJHQ]DVRQRULSRUWDWHLQWD
EHOOD6
 /DSLDQLILFD]LRQHG
HPHUJHQ]DGHYHLQFOXGHUHSODQLPHWULHHGRFXPHQWLQHLTXDOL
VLDQRULSRUWDWHWXWWHOHLQIRUPD]LRQLQHFHVVDULHDOODJHVWLRQHGHOO
HPHUJHQ]D
1RWD $GHVHPSLRLQGLFD]LRQHGHLFRPSLWLHIXQ]LRQLLQHPHUJHQ]DPHGLDQWHSUHGLVSRVL]LRQHGLXQDFD
WHQDGLFRPDQGRHFRQWUROORGHVWLQD]LRQLGHOOHYDULHDUHHGHOO
DWWLYLWFRPSDUWLPHQWD]LRQLDQWLQ
FHQGLRVLVWHPDG
HVRGRDUHHDULVFKLRVSHFLILFRGLVSRVLWLYLGLGLVDWWLYD]LRQHGHJOLLPSLDQWLHGL
DWWLYD]LRQHGLVLVWHPLGLVLFXUH]]D

 ,QSURVVLPLWGHJOLDFFHVVLGLFLDVFXQSLDQRGHOO
DWWLYLWGHYRQRHVVHUHHVSRVWH
D SODQLPHWULHHVSOLFDWLYHGHOVLVWHPDG
HVRGRHGHOO
XELFD]LRQHGHOOHDWWUH]]DWX
UHDQWLQFHQGLR
E LVWUX]LRQLVXOFRPSRUWDPHQWRGHJOLRFFXSDQWLLQFDVRGLHPHUJHQ]D
 ,OSLDQRGLHPHUJHQ]DGHYHHVVHUHDJJLRUQDWRLQFDVRGLPRGLILFDVLJQLILFDWLYD
DLILQLGHOODVLFXUH]]DDQWLQFHQGLRGHOO
DWWLYLW

&DSLWROR6*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD6

/LYHOORGL
SUHVWD]LRQH

3UHSDUD]LRQHDOO
HPHUJHQ]D

/DSLDQLILFD]LRQHGHOO
HPHUJHQ]DSXHVVHUHOLPLWDWDDOO
LQIRUPD]LRQHDOSHUVRQDOHHGDJOLRFFX
SDQWLVXLFRPSRUWDPHQWLGDWHQHUH(VVDGHYHULJXDUGDUH
D LVWUX]LRQLSHUODFKLDPDWDGHOVRFFRUVRSXEEOLFRHOHLQIRUPD]LRQLGDIRUQLUHSHUFRQVHQWL
UHXQHIILFDFHVRFFRUVR
D LVWUX]LRQLGLSULPRLQWHUYHQWRDQWLQFHQGLRDWWUDYHUVR
D]LRQLGHOUHVSRQVDELOHGHOODWWLYLWLQUDSSRUWRDOOHVTXDGUHGLVRFFRUVR
D]LRQLGHJOLHYHQWXDOLDGGHWWLDQWLQFHQGLRLQULIHULPHQWRDOODORWWDDQWLQFHQGLRHG
DOO
HVRGRLYLFRPSUHVRO
LPSLHJRGLGLVSRVLWLYLGLSURWH]LRQHHGDWWUH]]DWXUH
D]LRQLSHUODPHVVDLQVLFXUH]]DGLDSSDUHFFKLDWXUHHGLPSLDQWL
D LVWUX]LRQLSHUOHVRGRGHJOLRFFXSDQWLDQFKHSHUPH]]RGLLGRQHDVHJQDOHWLFD

,,,,,

,OSLDQRGLHPHUJHQ]DGHYHFRQWHQHUHOHSURFHGXUHSHUODJHVWLRQHGHOO
HPHUJHQ]D,QSDUWLFROD
UH
D SURFHGXUHGLDOODUPHPRGDOLWGLDOODUPHLQIRUPD]LRQHDJOLRFFXSDQWLPRGDOLWGLGLIIX
VLRQHGHOO
RUGLQHGLHYDFXD]LRQH
D SURFHGXUHGLDWWLYD]LRQHGHOFHQWURGLJHVWLRQHGHOOHHPHUJHQ]H
D SURFHGXUHGLFRPXQLFD]LRQHLQWHUQDHYHUVRJOLHQWLGLVRFFRUVRSXEEOLFRGHYRQRHVVHUH
FKLDUDPHQWHGHILQLWHOHPRGDOLWHVWUXPHQWLGLFRPXQLFD]LRQHWUDJOLDGGHWWLDQWLQFHQGLR
HLOFHQWURGLJHVWLRQHGHOOHPHUJHQ]DLQGLYLGXDWHOHPRGDOLWGLFKLDPDWDGHOVRFFRUVR
SXEEOLFRHOHLQIRUPD]LRQLGDIRUQLUHDOOHVTXDGUHGLVRFFRUVR
D SURFHGXUHGLSULPRLQWHUYHQWRDQWLQFHQGLRFKHGHYRQRSUHYHGHUHOHD]LRQLGHOODVTXD
GUDDQWLQFHQGLRSHUORVSHJQLPHQWRGLXQSULQFLSLRGLLQFHQGLRSHUODVVLVWHQ]DGHJOLRF
FXSDQWLQHOODHYDFXD]LRQHSHUODPHVVDLQVLFXUH]]DGHOOHDSSDUHFFKLDWXUHRLPSLDQWL
D SURFHGXUHSHUOHVRGRGHJOLRFFXSDQWLHOHD]LRQLGLIDFLOLWD]LRQHGHOO
HVRGR
D SURFHGXUHGLPHVVDLQVLFXUH]]DGLDSSDUHFFKLDWXUHHGLPSLDQWLLQIXQ]LRQHGHOODWLSROR
JLDGLLPSLDQWRHGHOODQDWXUDGHOODWWLYLWRFFRUUHGHILQLUHDSSRVLWHVHTXHQ]HHRSHUD
]LRQLSHUODPHVVDLQVLFXUH]]DGHOOHDSSDUHFFKLDWXUDRLPSLDQWL
D SURFHGXUHGLULHQWURQHOOHGLILFLRDOWHUPLQHGHOO
HPHUJHQ]DLQIXQ]LRQHGHOODFRPSOHVVLW
GHOODVWUXWWXUDGHYRQRHVVHUHGHILQLWHOHPRGDOLWFRQOHTXDOLJDUDQWLUQHLOULHQWURLQFRQ
GL]LRQLGLVLFXUH]]D

7DEHOOD63UHSDUD]LRQHDOO
HPHUJHQ]D
6

3UHSDUD]LRQHDOO
HPHUJHQ]DLQDWWLYLWFDUDWWHUL]]DWHGDSURPLVFXLW
VWUXWWXUDOHLPSLDQWLVWLFDGHLVLVWHPLGLYLHG
HVRGR
 4XDORUDDWWLYLWFDUDWWHUL]]DWHGDSURPLVFXLWVWUXWWXUDOHLPSLDQWLVWLFDGHLVLVWH
PLGLYLHG
HVRGRVLDQRHVHUFLWHGDUHVSRQVDELOLGHOO
DWWLYLWGLYHUVLOHSLDQLILFD
]LRQLG
HPHUJHQ]DGHOOHVLQJROHDWWLYLWGHYRQRWHQHUHFRQWRGLHYHQWXDOLLQWHUIH
UHQ]HRUHOD]LRQLFRQOHDWWLYLWOLPLWURIH
 'HYHHVVHUHSUHYLVWDXQDSLDQLILFD]LRQHG
HPHUJHQ]DGLVLWRLQFXLVLDQRGHVFULW
WHOHSURFHGXUHGLULVSRVWDDOO
HPHUJHQ]DSHUOHSDUWLFRPXQLHSHUOHHYHQWXDOL
LQWHUIHUHQ]HWUDOHDWWLYLWDLILQLGHOODVLFXUH]]DDQWLQFHQGLR

6

&HQWURGLJHVWLRQHGHOOHHPHUJHQ]H
 2YHSUHYLVWRGDOODVROX]LRQHSURJHWWXDOHLQGLYLGXDWDGHYHHVVHUHSUHGLVSRVWR
DSSRVLWRFHQWURGLJHVWLRQHGHOOHHPHUJHQ]HDLILQLGHOFRRUGLQDPHQWRGHOOHRSH
UD]LRQLG
HPHUJHQ]DFRPPLVXUDWRDOODFRPSOHVVLWGHOO
DWWLYLW
 6HSUHYLVWRLOFHQWURGLJHVWLRQHGHOOHHPHUJHQ]HGHYHHVVHUHFRVWLWXLWR
D QHOOHSLFFROHDWWLYLWFRQSURILOLGLULVFKLRFRPSUHVLLQ$$%%&
&LQORFDOHDGXVRQRQHVFOXVLYRHVSRUWLQHULDUHFHSWLRQFHQWUDOLQR
E QHOOHDOWUHDWWLYLWLQDSSRVLWRORFDOHDGXVRHVFOXVLYRFRVWLWXHQWHFRPSDUWL
PHQWRDQWLQFHQGLRGRWDWRGLDFFHVVRGDOO
HVWHUQRDQFKH WUDPLWHSHUFRUVR
SURWHWWRVHJQDODWR
 ,OFHQWURGLJHVWLRQHGHOOHHPHUJHQ]HGHYHHVVHUHIRUQLWRDOPHQRGL
D LQIRUPD]LRQLQHFHVVDULHDOODJHVWLRQHGHOO
HPHUJHQ]DHVSLDQLILFD]LRQLSOD
QLPHWULHVFKHPLIXQ]LRQDOLGLLPSLDQWLQXPHULWHOHIRQLFL

&DSLWROR6*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD6

E VWUXPHQWLGLFRPXQLFD]LRQHFRQOHVTXDGUHGLVRFFRUVRLOSHUVRQDOHHJOLRF
FXSDQWL
F FHQWUDOLGLFRQWUROORGHJOLLPSLDQWLGLSURWH]LRQHDWWLYDRULSHWL]LRQHGHLVH
JQDOLG
DOODUPH
 ,OFHQWURGLJHVWLRQHGHOO
HPHUJHQ]DGHYHHVVHUHFKLDUDPHQWHLQGLYLGXDWRGDDS
SRVLWDVHJQDOHWLFDGLVLFXUH]]D
6

5HYLVLRQHSHULRGLFD
 'HYHHVVHUHSURJUDPPDWDODUHYLVLRQHSHULRGLFDGHOODGHJXDWH]]DGHOOHSURFHGX
UHGLVLFXUH]]DDQWLQFHQGLRLQXVRHGHOODSLDQLILFD]LRQHG
HPHUJHQ]DWHQHQGR
FRQWRGLWXWWHOHPRGLILFKHGHOO
DWWLYLWVLJQLILFDWLYHDLILQLGHOODVLFXUH]]DDQ
WLQFHQGLR

&DSLWROR6*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD6

6

*HVWLRQHGHOODVLFXUH]]DLQHPHUJHQ]D
 /DJHVWLRQHGHOODVLFXUH]]D DQWLQFHQGLRGXUDQWH O
HPHUJHQ]D QHOO
DWWLYLWGHYH
SUHYHGHUHDOPHQR
D VHVLWUDWWDGLDWWLYLWODYRUDWLYDDWWLYD]LRQHHGDWWXD]LRQHGHOSLDQRGLHPHU
JHQ]DGLFXLDOSDUDJUDIR6
E VHQRQVLWUDWWDGLDWWLYLWODYRUDWLYDDWWLYD]LRQHGHLVHUYL]LGLVRFFRUVRSXE
EOLFRHVRGRGHJOLRFFXSDQWLPHVVDLQVLFXUH]]DGLDSSDUHFFKLDWXUHHGLP
SLDQWL
F TXDORUDSUHYLVWRDWWLYD]LRQHGHOFHQWURGLJHVWLRQHGHOOHHPHUJHQ]HVHFRQ
GRLQGLFD]LRQLGHOSDUDJUDIR6
 $OODULYHOD]LRQHPDQXDOHRDXWRPDWLFDGHOO
LQFHQGLRVHJXHJHQHUDOPHQWH
D O
LPPHGLDWDDWWLYD]LRQHGHOOHSURFHGXUHG
HPHUJHQ]D
E QHOOHDWWLYLWSLFRPSOHVVHODYHULILFDGHOO
HIIHWWLYDSUHVHQ]DGLXQLQFHQGLR
HODVXFFHVVLYDDWWLYD]LRQHGHOOHSURFHGXUHG
HPHUJHQ]D

6

5LIHULPHQWL
 6LLQGLFDQRLVHJXHQWLULIHULPHQWLELEOLRJUDILFL
D 81,,1$,//LQHHJXLGDSHUXQVLVWHPDGLJHVWLRQHGLVLFXUH]]DHVDOXWH
VXLOXRJKLGLODYRUR6*66/GDKWWSVLFXUH]]DVXOODYRURLQDLOLW
E %62+6$6H/LQHHJXLGD%62+6$6SHUOD9DOXWD]LRQHGHO
OD6DOXWHH6LFXUH]]DVXOODYRUR2FFXSDWLRQDO+HDOWKDQG6DIHW\$VVHVVPHQW
6HULHV2+6$6
F 81,&RQWUROORLQL]LDOHHPDQXWHQ]LRQHGHLVLVWHPLGLULYHOD]LRQHLQ
FHQGL
G 81,$SSDUHFFKLDWXUHSHUHVWLQ]LRQHLQFHQGL(VWLQWRULGLLQFHQGLR
3DUWH&RQWUROORLQL]LDOHHPDQXWHQ]LRQH
H 81,,PSLDQWLGLHVWLQ]LRQHLQFHQGL5HWLGLLGUDQWL3URJHWWD]LRQH
LQVWDOOD]LRQHHGHVHUFL]LR
I 81,(1,QVWDOOD]LRQLILVVHDQWLQFHQGLR6LVWHPLDXWRPDWLFLDVSULQ
NOHU3URJHWWD]LRQHLQVWDOOD]LRQHHPDQXWHQ]LRQH
J 81,(1,QVWDOOD]LRQLILVVHDQWLQFHQGLR6LVWHPLDHVWLQJXHQWLJDV
VRVL3DUWH3URJHWWD]LRQHLQVWDOOD]LRQHHPDQXWHQ]LRQH
K 81,(16LVWHPLILVVLGLORWWDFRQWURO
LQFHQGLR6LVWHPLDSROYHUH
3DUWH3URJHWWD]LRQHFRVWUX]LRQHHPDQXWHQ]LRQH
L 81,(16LVWHPLILVVLGLORWWDFRQWURO
LQFHQGLR6LVWHPLDVFKLXPD
3DUWH3URJHWWD]LRQHFRVWUX]LRQHHPDQXWHQ]LRQH
M 81,&(176,QVWDOOD]LRQLILVVHDQWLQFHQGLR6LVWHPLVSUD\DGDF
TXD3URJHWWD]LRQHLQVWDOOD]LRQHHPDQXWHQ]LRQH
N 81,&(176,QVWDOOD]LRQLILVVHDQWLQFHQGLR6LVWHPLDGDFTXDQH
EXOL]]DWD3URJHWWD]LRQHHLQVWDOOD]LRQH

&DSLWROR6*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD6

O 81,76,PSLDQWLILVVLGLHVWLQ]LRQHDQWLQFHQGLR&RPSRQHQWLSHU
LPSLDQWLGLHVWLQ]LRQHDJDV5HTXLVLWLHPHWRGLGLSURYDSHUODFRPSDWLELOLW
WUDLFRPSRQHQWL
P 81,,62,QVWDOOD]LRQLILVVHDQWLQFHQGLR6LVWHPLHVWLQJXHQWLDGDH
URVROFRQGHQVDWR5HTXLVLWLHPHWRGLGLSURYDSHUFRPSRQHQWLHSURJHWWD]LR
QHLQVWDOOD]LRQHHPDQXWHQ]LRQHGHLVLVWHPL5HTXLVLWLJHQHUDOL

&DSLWROR6*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD6

675$7(*,$$17,1&(1',2

&DSLWROR6

&RQWUROORGHOO
LQFHQGLR

3UHPHVVD
/LYHOOLGLSUHVWD]LRQH
&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
&ODVVLILFD]LRQHGHJOLLQFHQGLHGHVWLQJXHQWL
3UHVLGLDQWLQFHQGLR
6ROX]LRQLSURJHWWXDOL
,QGLFD]LRQLFRPSOHPHQWDUL
6HJQDOHWLFD
5LIHULPHQWL

&DSLWROR6&RQWUROORGHOO
LQFHQGLR

3DJLQD6

6

3UHPHVVD
 /DSUHVHQWHPLVXUDDQWLQFHQGLRKDFRPHVFRSRO
LQGLYLGXD]LRQHGHLSUHVLGLDQWLQFHQ
GLRGDLQVWDOODUHQHOO
DWWLYLWSHUODVXDSURWH]LRQHGLEDVHDWWXDWDVRORFRQHVWLQWRUL
HSHUODVXD SURWH]LRQH PDQXDOH R SURWH]LRQH  DXWRPDWLFD ILQDOL]]DWD DO  FRQWUROOR
GHOO
LQFHQGLRRDQFKHJUD]LHDVSHFLILFLLPSLDQWLDOODVXDFRPSOHWDHVWLQ]LRQH
 ,SUHVLGLDQWLQFHQGLRFRQVLGHUDWLVRQRJOLHVWLQWRULGLQFHQGLRHLVHJXHQWLLPSLDQWLGL
SURWH]LRQHDWWLYDFRQWURO
LQFHQGLRGLVHJXLWRGHQRPLQDWLLPSLDQWLODUHWHGLLGUDQWL
JOLLPSLDQWLPDQXDOLRDXWRPDWLFLGLFRQWUROORRGLHVWLQ]LRQHDGDFTXDHDGDOWUL
DJHQWLHVWLQJXHQWL
 *OLHVWLQWRULGLLQFHQGLRGHYRQRHVVHUHFRQIRUPLDOOHYLJHQWLGLVSRVL]LRQLQRUPDWLYH
HGHVVHUHPDQWHQXWLDUHJRODGDUWHVHFRQGRTXDQWRSUHVFULWWRGDOOHVSHFLILFKHUHJROD
PHQWD]LRQLGDOOHQRUPHGLEXRQDWHFQLFDHGDOOHLVWUX]LRQLIRUQLWHGDOIDEEULFDQWH
 *OLLPSLDQWLGHYRQRHVVHUHSURJHWWDWLUHDOL]]DWLHPDQWHQXWLDUHJRODGDUWHVHFRQGR
TXDQWRSUHVFULWWRGDOOHVSHFLILFKHUHJRODPHQWD]LRQLGDOOHQRUPHGLEXRQDWHFQLFDH
GDOOHLVWUX]LRQLIRUQLWHGDOIDEEULFDQWH
1RWD/DGHILQL]LRQHGLUHJRODGDUWHUHSHULELOLQHOFDSLWROR*

6

/LYHOOLGLSUHVWD]LRQH
 /D WDEHOOD 6 ULSRUWD L OLYHOOLGL SUHVWD]LRQH SHU LO FRQWUROORRO
HVWLQ]LRQH
GHOO
LQFHQGLR

/LYHOORGL
SUHVWD]LRQH

'HVFUL]LRQH

1HVVXQUHTXLVLWR

,,

3URWH]LRQHGLEDVH

,,,

3URWH]LRQHGLEDVHHSURWH]LRQHPDQXDOH

,9

3URWH]LRQHGLEDVHSURWH]LRQHPDQXDOHHSURWH]LRQHDXWRPDWLFDHVWHVDDSRU]LRQLGHOO
DWWL
YLW

3URWH]LRQHGLEDVHSURWH]LRQHPDQXDOHHSURWH]LRQHDXWRPDWLFDHVWHVDDWXWWDO
DWWLYLW

7DEHOOD6/LYHOOLGLSUHVWD]LRQHSHULOFRQWUROORRO
HVWLQ]LRQHGHOO
LQFHQGLR

&DSLWROR6&RQWUROORGHOO
LQFHQGLR

3DJLQD6

6

&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
 1HOODWDEHOOD6VRQRULSRUWDWLLFULWHULJHQHUDOPHQWHDFFHWWDWLSHUO
DWWULEX]LR
QHDOO
DWWLYLWGHLVLQJROLOLYHOOLGLSUHVWD]LRQHGHOODSUHVHQWHVWUDWHJLDDQWLQFHQ
GLR

/LYHOORGL
SUHVWD]LRQH

&ULWHULGLDWWULEX]LRQH

1RQDPPHVVRQHOOHDWWLYLWVRJJHWWH

,,

$WWLYLWGRYHVLDQRYHULILFDWHWXWWHOHVHJXHQWLFRQGL]LRQL
D SURILOLGLULVFKLR
5YLWDFRPSUHVLLQ$$%%&L&L&LL&LL&LLL&LLL
5EHQLSDULD
5DPELHQWHQRQVLJQLILFDWLYR
D GHQVLWGLDIIROODPHQWRQRQVXSHULRUHDSHUVRQHP
D WXWWLLSLDQLGHOO
DWWLYLWVLWXDWLDTXRWDFRPSUHVDWUDPHP
D FDULFRGLLQFHQGLRVSHFLILFRTIQRQVXSHULRUHD0-P
D VXSHUILFLHORUGDGLFLDVFXQFRPSDUWLPHQWRQRQVXSHULRUHDP
D QRQVLGHWHQJRQRRWUDWWDQRVRVWDQ]HRPLVFHOHSHULFRORVHLQTXDQWLWVLJQLILFDWLYH
D QRQVLHIIHWWXDQRODYRUD]LRQLSHULFRORVHDLILQLGHOO
LQFHQGLR

,,,

$WWLYLWQRQULFRPSUHVHQHJOLDOWULFULWHULGLDWWULEX]LRQH

,9

,QUHOD]LRQHDOOHULVXOWDQ]HGHOODYDOXWD]LRQHGHOULVFKLRQHOO
DPELWRHLQDPELWLOLPLWURILGHOOD
VWHVVDDWWLYLWHVDWWLYLWFRQHOHYDWRDIIROODPHQWRDWWLYLWFRQJHRPHWULDFRPSOHVVDRSLDQL
LQWHUUDWLHOHYDWRFDULFRGLLQFHQGLRVSHFLILFRTISUHVHQ]DGLVRVWDQ]HRPLVFHOHSHULFRORVHLQ
TXDQWLWVLJQLILFDWLYHSUHVHQ]DGLODYRUD]LRQLSHULFRORVHDLILQLGHOO
LQFHQGLR

6XVSHFLILFDULFKLHVWDGHOFRPPLWWHQWHSUHYLVWLGDFDSLWRODWLWHFQLFLGLSURJHWWRULFKLHVWLGDOOD
DXWRULWFRPSHWHQWHSHUFRVWUX]LRQLGHVWLQDWHDGDWWLYLWGLSDUWLFRODUHLPSRUWDQ]DSUHYLVWLGD
UHJRODWHFQLFDYHUWLFDOH

7DEHOOD6&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6

&ODVVLILFD]LRQHGHJOLLQFHQGLHGHVWLQJXHQWL
 $LILQLGHOSUHVHQWHGRFXPHQWRJOLLQFHQGLVRQRFODVVLILFDWLFRPHQHOODWDEHO
OD64XHVWDFODVVLILFD]LRQHGHILQLWDVHFRQGRODQDWXUDGHOFRPEXVWLELOHH
QRQSUHYHGHXQDFODVVHSDUWLFRODUHSHUJOLLQFHQGLLQSUHVHQ]DGLXQULVFKLRGR
YXWRDOOHOHWWULFLW

&ODVVHGL
LQFHQGLR

'HVFUL]LRQH

,QFHQGLGLPDWHULDOLVROLGLXVXDOPHQWHGLQDWXUDRUJDQLFDFKHSRUWDQRDOODIRUPD]LRQHGLEUDFL

,QFHQGLGLPDWHULDOLOLTXLGLRVROLGLOLTXHIDFLELOLTXDOLSHWUROLRSDUDIILQDYHUQLFLROLHJUDVVLPLQHUDOL
SODVWLFKHHFF

&

,QFHQGLGLJDV

'

,QFHQGLGLPHWDOOL

,QFHQGLGLROLHJUDVVLYHJHWDOLRDQLPDOLHVDSSDUHFFKLGLFRWWXUD

7DEHOOD6&ODVVLG
LQFHQGLRVHFRQGRODQRUPDHXURSHD(1
 /DWDEHOOD6ULSRUWDDOFXQLHVWLQJXHQWLLGRQHLSHUFLDVFXQDFODVVHGLLQFHQGLR
 /HFODVVLGLLQFHQGLRHVWLQJXLELOLGDLGLVSRVLWLYLVRQRVHPSUHLQGLFDWHFRQDSSUR
SULDWLSLWWRJUDPPLGHILQLWLGDOODUHJRODGHOODUWH
 1HOFDVRGLLQFHQGLFRLQYROJHQWLLPSLDQWLRDSSDUHFFKLDWXUHHOHWWULFKHVRWWRWHQ
VLRQHODVFHOWDGLHVWLQJXHQWLRPH]]LGLORWWDFRQWUROLQFHQGLRGHYHHVVHUHHI
IHWWXDWDDVHJXLWRGLYDOXWD]LRQHGHOULVFKLRGLHOHWWURFX]LRQHFXLSRWUHEEHHVVHUH
VRWWRSRVWRO
XWLOL]]DWRUHGXUDQWHOHRSHUD]LRQLGLHVWLQ]LRQH/DSRVVLELOLWGLXWL
&DSLWROR6&RQWUROORGHOO
LQFHQGLR

3DJLQD6

OL]]DUHPH]]LPDQXDOLGLORWWDDOO
LQFHQGLRVXOOHDSSDUHFFKLDWXUHHOHWWULFKHVRWWR
WHQVLRQHFRPSUHVLLOLPLWLGLLPSLHJRGHYRQRHVVHUHFKLDUDPHQWHLQGLFDWLVXOOD
HWLFKHWWDWXUDGHOPH]]RPDQXDOHLQGLYLGXDWR
&ODVVHGL
LQFHQGLR

(VWLQJXHQWH

/
DFTXDODVFKLXPDHODSROYHUHVRQROHVRVWDQ]HHVWLQJXHQWLSLFRPXQHPHQWHXWLOL]]DWHSHUWDOL
LQFHQGL

3HUTXHVWRWLSRGLLQFHQGLJOLHVWLQJXHQWLSLFRPXQHPHQWHXWLOL]]DWLVRQRFRVWLWXLWLGDVFKLXPD
SROYHUHHELRVVLGRGLFDUERQLR

&

/
LQWHUYHQWRSULQFLSDOHFRQWURWDOLLQFHQGLTXHOORGLEORFFDUHLOIOXVVRGLJDVFKLXGHQGRODYDOYROD
GLLQWHUFHWWD]LRQHRRWWXUDQGRODIDOOD
$WDOHSURSRVLWRVLULFKLDPDLOIDWWRFKHHVLVWHLOULVFKLRGLHVSORVLRQHVHXQLQFHQGLRGLJDVYLHQH
HVWLQWRSULPDGLLQWHUFHWWDUHLOIOXVVRGHOJDV
/DSROYHUHHLOELRVVLGRGLFDUERQLRVRQRVRVWDQ]HHVWLQJXHQWLSLFRPXQHPHQWHXWLOL]]DWHSHUWDOL
LQFHQGL

'

1HVVXQRGHJOLHVWLQJXHQWLQRUPDOPHQWHXWLOL]]DWLSHUJOLLQFHQGLGLFODVVH$H%LGRQHRSHULQFHQ
GLGLVRVWDQ]HPHWDOOLFKHFKHEUXFLDQRDOOXPLQLRPDJQHVLRSRWDVVLRVRGLR,QWDOLLQFHQGLRFFRU
UHXWLOL]]DUHGHOOHSROYHULVSHFLDOLHGRSHUDUHFRQSHUVRQDOHSDUWLFRODUPHQWHDGGHVWUDWR

*OLHVWLQJXHQWLSHUIXRFKLGLFODVVH)VSHQJRQRSULQFLSDOPHQWHSHUD]LRQHFKLPLFDLQWHUYHQHQGR
VXLSURGRWWLLQWHUPHGLGHOODFRPEXVWLRQHGLROLLYHJHWDOLRDQLPDOL*OLHVWLQWRULLGRQHLSHUODFODVVH)
KDQQRVXSHUDWRSRVLWLYDPHQWHODSURYDGLHOHWWULFD/XWLOL]]RGLHVWLQWRULDSROYHUHHGLHVWLQWRULD
ELRVVLGRGLFDUERQLRFRQWURIXRFKLGLFODVVH)FRQVLGHUDWRSHULFRORVR

7DEHOOD6(VWLQJXHQWL
6

3UHVLGLDQWLQFHQGLR

6

(VWLQWRULG
LQFHQGLR
 /HVWLQWRUHXQSUHVLGLRHOHPHQWDUHFRPSOHPHQWDUHDOOHDOWUHPLVXUHGLSURWH
]LRQHDWWLYDHGLVLFXUH]]DLQFDVRGLQFHQGLR
 /DFDSDFLWHVWLQJXHQWHGLXQHVWLQWRUHGHWHUPLQDWDVSHULPHQWDOPHQWHLQGLFDOD
SUHVWD]LRQHDQWLQFHQGLRFRQYHQ]LRQDOHGHOORVWHVVR
 /
LPSLHJRGLXQHVWLQWRUHULIHULELOHVRORDGXQSULQFLSLRGLQFHQGLRHO
HQWLW
GHOODFDSDFLWHVWLQJXHQWHDGHVVRDVVRFLDWDIRUQLVFHXQJUDGRFRPSDUDWLYRGHOOD
VHPSOLFLWQHOOHRSHUD]LRQLGLHVWLQ]LRQH
 (VLVWRQRDOWULDVSHWWLFKHFRQWUDGGLVWLQJXRQRJOLHVWLQWRULLOSHVRRODFDSDFLW
FRQQHVVHDOODFDULFDGLHVWLQJXHQWHHODGLHOHWWULFLWGHOJHWWRFRQQHVVDDOODQD
WXUD  GHOOHVWLQJXHQWH  ,QIRUPD]LRQL  VX  FDUDWWHULVWLFKH  XVXDOPHQWH  LQGHVLGHUDWH
GHOJHWWRFRPHWRVVLFLWUHVLGXLHWHPSHUDWXUHSHULFRORVHFRPSOHWDQRLOTXD
GURQHFHVVDULRSHUOLQGLYLGXD]LRQHGHOOHVWLQWRUHSLDSSURSULDWR
 /DFDULFDGHJOLHVWLQWRULQRQSXHVVHUHVXSHULRUHDNJROLWULHVWLQWRULFRQ
FDULFKHVXSHULRULVRQRXWLOL]]DELOLVRORQHJOLDPELHQWLGHVWLQDWLDGDWWLYLWGLSUR
FHVVRQRQDFFHVVLELOLDOSXEEOLFRVHQRQSHUPDQHQWHPHQWHDFFRPSDJQDWR
 *OL  HVWLQWRUL  LGRQHL  SHU  VROYHQWL  SRODUL  ULSRUWDQR  VXOOHWLFKHWWD  OHVSUHVVLRQH
DGDWWLDQFKHSHUOXVRVXVROYHQWLSRODULLPPHGLDWDPHQWHDOGLVRWWRGHLSLWWR
JUDPPLUDSSUHVHQWDQWLLWLSLGLLQFHQGLR
 *OLHVWLQWRULDSROYHUHHJOLHVWLQWRULDELRVVLGRGLFDUERQLRVRQRFRQVLGHUDWLLGR
QHLSHUOLQWHUYHQWRVXLVROYHQWLSRODUL

6

(VWLQWRULG
LQFHQGLRFDUUHOODWL
 *OLHVWLQWRULFDUUHOODWLVRQRXWLOL]]DELOLLQDUHHDPSLHSULYHGLRVWDFROLDOODPRYL
PHQWD]LRQHLQDVVHQ]DGLVFDOLQLHVHQ]DSHUFRUVLYLQFRODWL

&DSLWROR6&RQWUROORGHOO
LQFHQGLR

3DJLQD6

 1HOODWWLYLWGRWDWDGLHVWLQWRUHFDUUHOODWRGHYRQRHVVHUHGLVSRQLELOLDOPHQRGXH
RSHUDWRULDQWLQFHQGLRDGGHVWUDWLDOO
XWLOL]]R
 /DFDSDFLWHVWLQJXHQWHGLIXRFKLGLFODVVH%GDSDUWHGHJOLHVWLQWRULFDUUHOODWL
ULSRUWDWDQHOODWDEHOOD6FRQULIHULPHQWRDOO
LQGLFHGLFODVVLILFD]LRQH
,QGLFHGHOO
HVWLQWRUHFDUUHOODWR

&DSDFLWHVWLQJXHQWHSHUFODVVH%



%

%

%

%

%

%

%

%

%

%

7DEHOOD6&RUUHOD]LRQHWUDLQGLFHGHJOLHVWLQWRULFDUUHOODWLHFDSDFLWHVWLQJXHQWHSHUODFODVVH%
6

5HWLGLLGUDQWL
 /HUHWLGLLGUDQWL5,FRPSUHQGRQRLVHJXHQWLFRPSRQHQWLSULQFLSDOLDOLPHQWD
]LRQHLGULFDUHWHGLWXED]LRQLILVVHSUHIHULELOPHQWHFKLXVHDGDQHOORDGXVR
HVFOXVLYRDWWDFFKLGLPDQGDWDSHUDXWRSRPSDYDOYROHDSSDUHFFKLHURJDWRUL
 /H5,QRQGHYRQRHVVHUHLQVWDOODWHQHOOHDUHHLQFXLLOFRQWDWWRFRQDFTXDSRVVD
FRVWLWXLUHSHULFRORRSUHVHQWDUHFRQWURLQGLFD]LRQL
 1HOFDVRLQFXLODUHWHGLLGUDQWLVLDXWLOL]]DWDLQVLHPHFRQDOWULVLVWHPLDQWLQFHQ
GLRGLSURWH]LRQHDWWLYDHVVSULQNOHUGHYHHVVHUHJDUDQWLWRLOFRUUHWWRIXQ]LRQD
PHQWRGLWXWWLLVLVWHPLDQWLQFHQGLRSUHVHQWL

6

6LVWHPLVSULQNOHU
 ,VLVWHPLVSULQNOHU63.VRQRLPSLDQWLDQWLQFHQGLRDXWRPDWLFLLQJUDGRGLHUR
JDUHDFTXDVHFRQGRDSSURSULDWHFRQILJXUD]LRQL(VVLVRQRSURJHWWDWLSHUULOHYDUH
ODSUHVHQ]DGLXQLQFHQGLRHGHVWLQJXHUORQHOORVWDGLRLQL]LDOHRSSXUHSHUWHQHUH
VRWWRFRQWUROORO
LQFHQGLRFRVFKHOHVWLQ]LRQHSRVVDHVVHUHFRPSOHWDWDFRQDOWUL
PH]]L
 ,VLVWHPLVSULQNOHUFRPSUHQGRQRLVHJXHQWLFRPSRQHQWLSULQFLSDOLDOLPHQWD]LR
QHLGULFDUHWHGLWXED]LRQLILVVHSULQFLSDOLHWHUPLQDOLVWD]LRQHGLFRQWUROORHDO
ODUPHYDOYROHHURJDWRULVSULQNOHU
 *OLHURJDWRULVSULQNOHUIXQ]LRQDQRDWHPSHUDWXUHSUHGHWHUPLQDWHSHUVFDULFDUH
ODFTXDVRSUDOHSDUWLLQWHUHVVDWHGHOODUHDVRWWRVWDQWH/DORURWHPSHUDWXUDGL
IXQ]LRQDPHQWRLQJHQHUHVHOH]LRQDWDSHUFKVLDGDWWLDOOHRUGLQDULHFRQGL]LRQL
GLWHPSHUDWXUDGHOO
DPELHQWHGLLQVWDOOD]LRQHJDUDQWHQGRQHTXLQGLO
DWWLYD]LRQH
VRORLQSURVVLPLWGHOOLQFHQGLR
 ,VLVWHPLVSULQNOHUQRQGHYRQRHVVHUHLQVWDOODWLQHOOHDUHHLQFXLLOFRQWDWWRFRQ
DFTXDSRVVDFRVWLWXLUHSHULFRORRSUHVHQWDUHFRQWURLQGLFD]LRQL
 /DSUHVHQ]DGLXQVLVWHPDVSULQNOHUQRQHVFOXGHOHYHQWXDOHQHFHVVLWGLDOWUL
PH]]LGLHVWLQ]LRQHGHJOLLQFHQGL,QFDVRGLFRQWHPSRUDQHDSUHVHQ]DGLVLVWHPL
VSULQNOHUHVLVWHPLDQWLQFHQGLRGLYHUVLHVUHWHGLLGUDQWLVLVWHPLSHULOFRQWUROOR
GLIXPRHFDORUHGHYHHVVHUHJDUDQWLWRLOFRUUHWWRIXQ]LRQDPHQWRGLWXWWLLVL
VWHPLDQWLQFHQGLRSUHVHQWLHYLWDQGRLQWHUIHUHQ]HVLDQHOO
DWWLYD]LRQHGHOO
LPSLDQ
WRFKHLQTXHOODGLHVWLQ]LRQH

&DSLWROR6&RQWUROORGHOO
LQFHQGLR

3DJLQD6

6

$OWUHWLSRORJLHLPSLDQWLVWLFKH
 7UDLVLVWHPLDXWRPDWLFLGLFRQWUROORRHVWLQ]LRQHGHOOLQFHQGLRVLDQQRYHUDQR
TXHOOLFKHEDVDQRLOORURIXQ]LRQDPHQWRVXDJHQWLHVWLQJXHQWLGLWLSRJDVVRVRDG
DHURVRODSROYHUHDVFKLXPDRDGDFTXDQHEXOL]]DWDRIUD]LRQDWDDGLOXYLR)UD
LVLVWHPLDXWRPDWLFLGLFRQWUROORRHVWLQ]LRQHGHOOLQFHQGLRULHQWUDQRDQFKHJOL
LPSLDQWLDGHSOH]LRQHULGX]LRQHGHOODFRQFHQWUD]LRQHGLRVVLJHQR
 1HOODVFHOWDGHOOHWLSRORJLHLPSLDQWLVWLFKHVLGHYHWHQHUFRQWRGHOO
HYHQWXDOHLQ
FRPSDWLELOLWGHJOLDJHQWLHVWLQJXHQWLFRQLOPDWHULDOHSUHVHQWHQHOO
DWWLYLW

6

6ROX]LRQLSURJHWWXDOL

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,
 /DSURWH]LRQHGLEDVHKDO
RELHWWLYRGLJDUDQWLUHOXWLOL]]RGLXQSUHVLGLRDQWLQ
FHQGLRFKHVLDHIILFDFHVXXQSULQFLSLRGLQFHQGLRSULPDFKHTXHVWRLQL]LDSUR
SDJDUVLQHOO
DWWLYLW
 /DSURWH]LRQHGLEDVHVLDWWXDDWWUDYHUVRO
LPSLHJRGLHVWLQWRULLQVWDOODWLHJHVWLWL
LQFRQIRUPLWDOODYLJHQWHUHJRODPHQWD]LRQHHDOOHQRUPHDGRWWDWHGDOO
HQWHGL
QRUPD]LRQHQD]LRQDOH
/DWLSRORJLDGHJOLHVWLQWRULLQVWDOODWLGHYHHVVHUHVHOH]LRQDWDLQULIHULPHQWRDOOH
FODVVLGLLQFHQGLRGLFXLDOODWDEHOOD6HVHVWLQWRULSHUFODVVH$HVWLQWRULSR
OLYDOHQWL  SHU  FODVVL $%&    GHWHUPLQDWH  VHFRQGR  OD  YDOXWD]LRQH  GHO  ULVFKLR
GHOO
DWWLYLW
 *OLHVWLQWRULGHYRQRHVVHUHVHPSUHGLVSRQLELOLSHUO
XVRLPPHGLDWRHSHUWDQWR
GHYRQRHVVHUHFROORFDWLLQSRVL]LRQHIDFLOPHQWHYLVLELOHHUDJJLXQJLELOHLQSURV
VLPLWGHOOHXVFLWHGLSLDQRHOXQJRLSHUFRUVLG
HVRGRLQSURVVLPLWGHOOHDUHHD
ULVFKLRVSHFLILFR
 *OLHVWLQWRULFKHULFKLHGRQRFRPSHWHQ]HSDUWLFRODULSHULOORURLPSLHJRGHYRQR
HVVHUHSRVL]LRQDWLHVHJQDODWLLQPRGRGDSRWHUHVVHUHLPSLHJDWLVRORGDSHUVRQD
OHVSHFLILFDPHQWHDGGHVWUDWR
 /DGGRYHVLDQHFHVVDULRLQVWDOODUHHVWLQWRULHIILFDFLSHUSLFODVVLGLLQFHQGLRVL
UDFFRPDQGDGLPLQLPL]]DUHLOQXPHURGLWLSLGLYHUVLGLHVWLQWRULQHOULVSHWWRGHO
OHPDVVLPHGLVWDQ]HGDSHUFRUUHUH

6

(VWLQWRULGLFODVVH$
 ,OQXPHURODFDSDFLWHVWLQJXHQWHHODSRVL]LRQHGHJOLHVWLQWRULGLFODVVH$SHUOD
SURWH]LRQHGLEDVHGHOO
DWWLYLWGHWHUPLQDWDQHOULVSHWWRGHOOHSUHVFUL]LRQLLQGL
FDWHQHLSXQWLVHJXHQWL6LULSRUWDXQHVHPSLRGLFDOFRORLQWDEHOOD6
 /DSURWH]LRQHGLEDVHFRQHVWLQWRULGLFODVVH$GHYHHVVHUHHVWHVDDOO
LQWHUDDWWLYL
W
 6HODVXSHUILFLHORUGDGLFLDVFXQSLDQRGHOO
DWWLYLW6VXSHULRUHDP
D GHYHHVVHUHLQVWDOODWRXQQXPHURGLHVWLQWRULGLFODVVH$WDOHFKHODFDSDFLW
HVWLQJXHQWHWRWDOH&$VLDQRQLQIHULRUHDOODFDSDFLWHVWLQJXHQWHPLQLPD&$PLQ
FDOFRODWDFRPHVHJXH&$PLQ y6FRQ6VXSHUILFLHORUGDGLFLDVFXQSLD
QRGHOO
DWWLYLWHVSUHVVDLQP
E DOPHQRLOGHOOD&$PLQGHYHHVVHUHIRUQLWDGDHVWLQWRULFRQFDSDFLWHVWLQ
JXHQWHQRQLQIHULRUHD$
F GDRJQLSXQWRGHOO
DWWLYLWGHYHHVVHUHSRVVLELOHUDJJLXQJHUHXQHVWLQWRUHFRQ
XQSHUFRUVRHIIHWWLYRGLOXQJKH]]DQRQVXSHULRUHDP

&DSLWROR6&RQWUROORGHOO
LQFHQGLR

3DJLQD6

 6HODVXSHUILFLHORUGDGLFLDVFXQSLDQRGHOO
DWWLYLWQRQVXSHULRUHDPGH
YRQRHVVHUHLQVWDOODWLDOPHQRHVWLQWRULGLFODVVHQRQLQIHULRUHD$SRVWLLQ
SRVL]LRQHFRQWUDSSRVWD
6XSHUILFLHORUGDGHOO
DWWLYLW

&DSDFLWHVWLQJXHQWHWRWDOH&$

(VHPSLRHVWLQWRULLQVWDOODWL

P

$

P

y $

QrHVWLQWRUHGLFODVVH$>@
QrHVWLQWRULGLFODVVH$

P

y $

QrHVWLQWRULGLFODVVH$>@
QrHVWLQWRULGLFODVVH$

P

y $

QrHVWLQWRULGLFODVVH$>@
QrHVWLQWRULGLFODVVH$
QrHVWLQWRULGLFODVVH$

QrHVWLQWRULGLFODVVH$

>@4XDORUDQRQVLULVSHWWLODPDVVLPDOXQJKH]]DGHOSHUFRUVRQHFHVVDULRLQFUHPHQWDUHLOQXPHURGLHVWLQWRUL

7DEHOOD6(VHPSLRGLFDOFRORSHUJOLHVWLQWRULGLFODVVH$
6

(VWLQWRULGLFODVVH%
 ,OQXPHURODFDSDFLWHVWLQJXHQWHHODSRVL]LRQHGHJOLHVWLQWRULGLFODVVH%SHUOD
SURWH]LRQHGLEDVHGHOO
DWWLYLWGHWHUPLQDWDQHOULVSHWWRGHOOHSUHVFUL]LRQLLQGL
FDWHQHLSXQWLVHJXHQWL6LULSRUWDXQHVHPSLRGLFDOFRORLQWDEHOOD6
 /DSURWH]LRQHGLEDVHFRQHVWLQWRULGLFODVVH%SXHVVHUHOLPLWDWDDLFRPSDUWL
PHQWLRYHWDOHWLSRGLULVFKLRSUHVHQWH
 6HODVXSHUILFLHORUGDGHOFRPSDUWLPHQWRSURWHWWR6VXSHULRUHDP
D GHYHHVVHUHLQVWDOODWRXQQXPHURGLHVWLQWRULGLFODVVH%WDOHFKHODFDSDFLW
HVWLQJXHQWHWRWDOH&%VLDQRQLQIHULRUHDOODFDSDFLWHVWLQJXHQWHPLQLPD&%PLQ
FDOFRODWDFRPHVHJXH&%PLQ y6FRQ6VXSHUILFLHORUGDGHOFRPSDUWL
PHQWRSURWHWWRHVSUHVVDLQP
E DOPHQRLOGHOOD&%PLQGHYHHVVHUHIRUQLWDGDHVWLQWRULFRQFDSDFLWHVWLQ
JXHQWHQRQLQIHULRUHD%
F JOLHVWLQWRULGHYRQRHVVHUHLGRQHDPHQWHSRVL]LRQDWLDGLVWDQ]DQRQVXSHULRUH
DPGDOOHVRUJHQWLGLULVFKLR
 6HODVXSHUILFLHORUGDGHOFRPSDUWLPHQWRQRQVXSHULRUHDPGHYRQRHVVH
UHLQVWDOODWLDOPHQRHVWLQWRULGLFODVVHQRQLQIHULRUHD%LQSURVVLPLWGHO
OHVRUJHQWLGLULVFKLRHGLQSRVL]LRQHFRQWUDSSRVWD
 /DGGRYHIRVVHQHFHVVDULDXQ
HOHYDWDFDSDFLWHVWLQJXHQWHVLSRVVRQRLPSLHJDUH
DQFKH HVWLQWRUL FDUUHOODWL/DFDSDFLWHVWLQJXHQWH GLFODVVH %GDSDUWHGHJOL
HVWLQWRULGLFDUUHOODWLULSRUWDWDQHOODWDEHOOD6FRQULIHULPHQWRDOO
LQGLFHGL
FODVVLILFD]LRQH

6XSHUILFLHORUGDGHO
FRPSDUWLPHQWR

&DSDFLWHVWLQJXHQWHWRWDOH&%

P

%

P

P

y %
y %

(VHPSLRHVWLQWRULLQVWDOODWL
QrHVWLQWRULGLFODVVH%
QrHVWLQWRULGLFODVVH%>@
QrHVWLQWRULGLFODVVH%>@
Qr HVWLQWRUL FDUUHOODWL FRQ LQGLFH GL
FDSDFLWHVWLQJXHQWHHTXLYDOHQWH
D%

>@4XDORUDQRQVLULVSHWWLODPDVVLPDOXQJKH]]DGHOSHUFRUVRQHFHVVDULRLQFUHPHQWDUHLOQXPHURGLHVWLQWRUL

7DEHOOD6(VHPSLRGLFDOFRORSHUJOLHVWLQWRULGLFODVVH%

&DSLWROR6&RQWUROORGHOO
LQFHQGLR

3DJLQD6

6

(VWLQWRULGLFODVVH)
 *OLHVWLQWRULGLFODVVH)GHYRQRHVVHUHLQVWDOODWLQHOO
DWWLYLWQHOULVSHWWRGHLUH
TXLVLWLPLQLPLGLFXLDOODWDEHOOD6
(VWLQWRULGDLQVWDOODUH

6XSHUILFLHGLFRWWXUDSURWHWWD>@

QrHVWLQWRUH)

P

QrHVWLQWRUH)

P

QrHVWLQWRUH)

P

QrHVWLQWRUL)

P

QrHVWLQWRUH)

P

QrHVWLQWRUH)QrHVWLQWRUH)

P

QrHVWLQWRUL)

P

QrHVWLQWRUH)QrHVWLQWRUH)

P

QrHVWLQWRUH)QrHVWLQWRUH)

P

QrHVWLQWRUH)QrHVWLQWRUH)

P

QrHVWLQWRUL)

P

*OLHVWLQWRULSHUODFODVVH)GHYRQRHVVHUHLQVWDOODWLLQSURVVLPLWGHOODVXSHUILFLHGLFRWWXUDSURWHWWD
>@6XSHUILFLHORUGDLQSLDQWDGHOOHVROHDUHHGHOOHDSSDUHFFKLDWXUHGLFRWWXUDFRQWHQHQWLROLLYHJHWDOLRDQLPDOL

7DEHOOD65HTXLVLWLHVWLQWRULSHUFODVVHGLLQFHQGLR)
6

(VWLQWRULSHUDOWULULVFKL
 *OLHVWLQWRULSHUDOWULULVFKLGHYRQRHVVHUHLQVWDOODWLQHOO
DWWLYLWVXOODEDVHGHOOD
YDOXWD]LRQHGHOULVFKLRGLLQFHQGLRHQHOULVSHWWRGHLUHTXLVLWLPLQLPLGLFXLDOOD
WDEHOOD6

&ODVVHGLLQFHQGLR
RDOWULULVFKL

5HTXLVLWLPLQLPL

&ODVVH&

1HVVXQRLQTXDQWRO
HVWLQ]LRQHLQVLFXUH]]DGLXQIXRFRGLFODVVH&GDSDUWHGL
RFFXSDQWLQRQVSHFLILFDPHQWHDGGHVWUDWHVLHIIHWWXDWUDPLWHODFKLXVXUDGHOODYDO
YRODGLLQWHUFHWWD]LRQHGLVSRQLELOHLQSURVVLPLW

&ODVVH'

6LDQRLQVWDOODWLLQSURVVLPLWGHOODVRUJHQWHGLULVFKLRHVWLQWRULDGDWWLDGRSHUDUH
VXLQFHQGLGLFODVVH'LGRQHLDOO
XVRSUHYLVWR

,PSLDQWLHGDSSDUHFFKLDWXUH
HOHWWULFKHVRWWRWHQVLRQH

6LDQRLQVWDOODWLHVWLQWRULDGDWWLDGRSHUDUHVXLPSLDQWLHGDSSDUHFFKLDWXUHHOHWWUL
FKHVRWWRWHQVLRQHLQSURVVLPLWGHOODVRUJHQWHGLULVFKLRLGRQHLDOO
XVRSUHYLVWR

6ROYHQWLSRODUL

6LDQRLQVWDOODWLLQSURVVLPLWGHOODVRUJHQWHGLULVFKLRHVWLQWRULDGDWWLDGRSHUDUH
VXVROYHQWLSRODULLGRQHLDOO
XVRSUHYLVWR

7DEHOOD65HTXLVLWLDOWULHVWLQWRUL
6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,,
 'HYRQRHVVHUHULVSHWWDWHOHSUHVFUL]LRQLGHOOLYHOORGLSUHVWD]LRQH,,
 /DSURWH]LRQHPDQXDOHVLDWWXDPHGLDQWHO
LQVWDOOD]LRQHGLXQDUHWHLGUDQWLDSUR
WH]LRQHGHOO
LQWHUDDWWLYLWRGLVLQJROLFRPSDUWLPHQWL
 (
FRQVLGHUDWDVROX]LRQHFRQIRUPHODUHWHGLLGUDQWLSURJHWWDWDLQVWDOODWDHJHVWL
WDLQFRQIRUPLWDOODYLJHQWHUHJRODPHQWD]LRQHHDOOHQRUPHHGRFXPHQWLWHFQLFL
DGRWWDWLGDOO
HQWHGLQRUPD]LRQHQD]LRQDOH
1RWD/
HOHQFRQRQHVDXVWLYRGHOOHQRUPHHGRFXPHQWLWHFQLFLDGRWWDWLGDOO
HQWHGLQRUPD]LRQH
QD]LRQDOHUHSHULELOHQHOSDUDJUDIR6

 ,OLYHOOLGLSHULFRORVLWOHWLSRORJLHGLSURWH]LRQHSURWH]LRQHLQWHUQDRSURWH]LR
QHHVWHUQDHOHFDUDWWHULVWLFKHGHOO
DOLPHQWD]LRQHLGULFDGHOODUHWHGLLGUDQWLVRQR
VWDELOLWLGDOSURJHWWLVWDVXOODEDVHGHOODYDOXWD]LRQHGHOULVFKLRGLLQFHQGLR
&DSLWROR6&RQWUROORGHOO
LQFHQGLR

3DJLQD6

 3HUODSURWH]LRQHLQWHUQDSUHIHULELOHO
LQVWDOOD]LRQHGLQDVSLQHOOHDWWLYLWFLYLOL
HVVWUXWWXUHVDQLWDULHVFRODVWLFKHDOEHUJKLHUHPHQWUHSHUOHDOWUHDWWLYLW
SUHIHULELOHO
LQVWDOOD]LRQHGLLGUDQWLDPXUR
 /DSURWH]LRQHHVWHUQDTXDORUDSUHYLVWDHSUHYLDYDOXWD]LRQHGHO&RPDQGRSUR
YLQFLDOHGHL9LJLOLGHOIXRFRFRPSHWHQWHSHUWHUULWRULRSXHVVHUHVRVWLWXLWDGDOOD
UHWHSXEEOLFDVHXWLOL]]DELOHDQFKHSHULOVHUYL]LRDQWLQFHQGLRDFRQGL]LRQHFKH
ODVWHVVDVLDULVSRQGHQWHDOOHVHJXHQWLLQGLFD]LRQL
D JOLLGUDQWLVLDQRSRVWLQHOOHLPPHGLDWHYLFLQDQ]HGHOO
DWWLYLWVWHVVD6LFRQVL
GHUDDFFHWWDELOHXQSHUFRUVRVHPSUHIUXLELOHGLPDVVLPRPIUDXQLGUDQWH
GHOODUHWHSXEEOLFDHGLOFRQILQHGHOO
DWWLYLW
E OD UHWHVLDLQJUDGRGLHURJDUH ODSRUWDWD WRWDOHSUHYLVWDSHU ODSURWH]LRQH
HVWHUQDVSHFLILFDWD7DOHSUHVWD]LRQHGHYHHVVHUHDWWHVWDWDGDOSURJHWWLVWDWUD
PLWHGDWLIRUQLWLGDOO
HQWHHURJDWRUHRGDSURYHSUDWLFKHGLHURJD]LRQH
 1HOOH  DWWLYLW FRQ  OLYHOOR  GL  SHULFRORVLW   YDOXWDWR  VHFRQGR  OD  QRUPD
81,SHUOHTXDOLQRQVLDSUHYLVWDGDOSURJHWWLVWDDOFXQDSURWH]LRQHHVWHU
QDGHYH FRPXQTXH HVVHUHJDUDQWLWRDOPHQRLOOLYHOORGLSUHVWD]LRQH,,,GHOOD
VWUDWHJLDRSHUDWLYLWDQWLQFHQGLR&DSLWROR6
 $L  ILQL  GHOOD  GHWHUPLQD]LRQH  GHOOD  FRQWLQXLW  GHOO
DOLPHQWD]LRQH  LGULFD
GHOO
LPSLDQWRODGLVSRQLELOLWSXHVVHUHDWWHVWDWDPHGLDQWHGDWLVWDWLVWLFLUHODWLYL
DJOLDQQLSUHFHGHQWL>@$QDORJRFULWHULRSXHVVHUHXWLOL]]DWRSHUODGHWHUPLQD
]LRQHGHOODFRQWLQXLWGHOO
DOLPHQWD]LRQHHOHWWULFD/HSUHGHWWHDWWHVWD]LRQLVRQR
ULODVFLDWHGDJOL(QWLHURJDWRULRGDSURIHVVLRQLVWDDQWLQFHQGLR
1RWD>@9HGHUHQRUPD81,

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,9
 'HYRQRHVVHUHULVSHWWDWHOHSUHVFUL]LRQLGHOOLYHOORGLSUHVWD]LRQH,,,
 'HYHHVVHUHSUHYLVWRXQVLVWHPDDXWRPDWLFRGLFRQWUROORRHVWLQ]LRQHGHOO
LQFHQ
GLR DSURWH]LRQHGLDPELWLGHOO
DWWLYLWVHFRQGROHULVXOWDQ]HGHOODYDOXWD]LRQH
GHOULVFKLR
 /DVFHOWDGHOODWLSRORJLDGHOVLVWHPDDXWRPDWLFRGLFRQWUROORRHVWLQ]LRQHLQUH
OD]LRQHDGHVWLQJXHQWHHIILFDFLDGHOODSURWH]LRQHHVLFXUH]]DGHJOLRFFXSDQWL
GHYHHVVHUHHIIHWWXDWDVXOODEDVHGHOODYDOXWD]LRQHGHOULVFKLRLQFHQGLRGHOO
DWWL
YLW
 (
FRQVLGHUDWDVROX]LRQHFRQIRUPHLOVLVWHPDDXWRPDWLFRGLFRQWUROORRHVWLQ]LR
QHGHJOLLQFHQGLSURJHWWDWRLQVWDOODWRHJHVWLWRLQFRQIRUPLWDOODYLJHQWHUHJROD
PHQWD]LRQHHDOOHQRUPHHGRFXPHQWLWHFQLFLDGRWWDWLGDOO
HQWHGLQRUPD]LRQH
QD]LRQDOH,GRFXPHQWLWHFQLFLHOHQRUPHLQWHUQD]LRQDOLWUDVSRVWHGHYRQRHVVHUH
DSSOLFDWLHYLGHQ]LDQGRQHVSHFLILFDWDPHQWHO
LGRQHLWSHUFLDVFXQDUHDOL]]D]LRQH
FRQVLGHUDWDHGHYRQRJDUDQWLUHODSHUWLQHQWHDSSOLFD]LRQHFRPSOHWDLQRJQLVXD
SDUWHFRPSUHVRO
XWLOL]]RGHLFRPSRQHQWLQHFHVVDULDOFRUUHWWRIXQ]LRQDPHQWR
GHOVLVWHPD
1RWD/
HOHQFRQRQHVDXVWLYRGHOOHQRUPHHGRFXPHQWLWHFQLFLDGRWWDWLGDOO
HQWHGLQRUPD]LRQH
QD]LRQDOHUHSHULELOHQHOSDUDJUDIR6

 /
DOLPHQWD]LRQHLGULFDGHJOLLPSLDQWLDXWRPDWLFLGLFRQWUROORRHVWLQ]LRQHGHJOL
LQFHQGLGHYHHVVHUHFRQIRUPHDOODYLJHQWHUHJRODPHQWD]LRQHHDOOHQRUPHHGR
FXPHQWLWHFQLFLDGRWWDWLGDOO
HQWHGLQRUPD]LRQHQD]LRQDOH'HYRQRHVVHUHVHP
SUHYHULILFDWHLQWHUD]LRQLHGLQWHUIHUHQ]HWUDJOLLPSLDQWLGLSURWH]LRQHDWWLYD
 6HSUHVHQWHXQ,5$,GHYHHVVHUHSUHYLVWDXQDIXQ]LRQHGLFRPXQLFD]LRQHSHUOD
VHJQDOD]LRQH  GHOOR  VWDWR  GHO  VLVWHPD  DXWRPDWLFR  GL  FRQWUROOR  R  HVWLQ]LRQH
GHOO
LQFHQGLR
&DSLWROR6&RQWUROORGHOO
LQFHQGLR

3DJLQD6

 6HQRQSUHVHQWHXQ,5$,SHUODVHJQDOD]LRQHGHOORVWDWRGHOVLVWHPDDXWRPDWLFR
GLFRQWUROORRHVWLQ]LRQHGHOO
LQFHQGLRGHYRQRHVVHUHSUHYLVWHPLVXUHDOILQHGHO
ODJHVWLRQHGHOO
HPHUJHQ]DHVGLIIXVLRQHGHJOLDOODUPLDJOLRFFXSDQWLSURFHGX
UHGLYHULILFDGDSDUWHGHJOLDGGHWWLDOODJHVWLRQHGHOOHHPHUJHQ]H
6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH9
 'HYRQRHVVHUHULVSHWWDWHOHSUHVFUL]LRQLGHOOLYHOORGLSUHVWD]LRQH,9HLOVLVWHPD
DXWRPDWLFR  GL  FRQWUROOR  R  HVWLQ]LRQH  GHOO
LQFHQGLR  GHYH  HVVHUH D  SURWH]LRQH
GHOO
LQWHUDDWWLYLW

6

6ROX]LRQLDOWHUQDWLYH
 6RQRDPPHVVHVROX]LRQLDOWHUQDWLYHSHUWXWWLLOLYHOOLGLSUHVWD]LRQH
 $OILQHGLGLPRVWUDUHLOUDJJLXQJLPHQWRGHO OLYHOORGLSUHVWD]LRQHLOSURJHWWLVWD
GHYHLPSLHJDUHXQRGHLPHWRGLGLFXLDOSDUDJUDIR*

6

,QGLFD]LRQLFRPSOHPHQWDUL
1RWD/HGHILQL]LRQLGLSURJHWWRGHOO
LPSLDQWRVSHFLILFDGHOO
LPSLDQWRPDQXDOHG
XVRHPDQXWHQ
]LRQHGHOO
LPSLDQWRPRGLILFDVRVWDQ]LDOHVRQRUHSHULELOLQHOFDSLWROR*

 3HUO
LQVWDOOD]LRQHHODPRGLILFDVRVWDQ]LDOHGHJOLLPSLDQWLGHYHHVVHUHUHGDWWRXQ
SURJHWWRGHOO
LPSLDQWRHODERUDWRVHFRQGRODUHJRODGHOODUWH
 4XDORUDLOSURJHWWRGHOO
LPSLDQWRVLDHODERUDWRVHFRQGRXQDQRUPDDGRWWDWDGD
XQHQWHGLQRUPD]LRQHQD]LRQDOHRHXURSHRORVWHVVRGHYHHVVHUHDILUPDGLWHF
QLFRDELOLWDWR
 4XDORUDLOSURJHWWRGHOO
LPSLDQWRVLDHODERUDWRVHFRQGROHQRUPHRLGRFXPHQWL
WHFQLFLHOHQFDWLQHOVHJXLWRORVWHVVRGHYHHVVHUHDILUPDGLSURIHVVLRQLVWDDQWLQ
FHQGLR
D QRUPHRGRFXPHQWLWHFQLFLDGRWWDWLGDRUJDQLVPLQRQHXURSHLULFRQRVFLXWLQHO
VHWWRUHDQWLQFHQGLR
E QRUPHLQWHUQD]LRQDOLWUDVSRVWHDOLYHOORQD]LRQDOH
F GRFXPHQWLWHFQLFLDGRWWDWLGDXQHQWHGLQRUPD]LRQHHXURSHD
IDWWLVDOYLJOLREEOLJKLFRQQHVVLDOO
LPSLHJRGLSURGRWWLVRJJHWWLDQRUPDWLYDFR
PXQLWDULDGLDUPRQL]]D]LRQHOO SURJHWWRGHOO
LPSLDQWR GHYHHVVHUHDILUPDGL
SURIHVVLRQLVWDDQWLQFHQGLRDQFKHLQFDVRGLLPSLHJRGLSURGRWWLRWHFQRORJLHGL
WLSRLQQRYDWLYRGLFXLDOSDUDJUDIR*
 /HQRUPHRLGRFXPHQWLWHFQLFLGLFXLDOFRPPDGHYRQRHVVHUHDSSOLFDWHLQ
RJQLORURSDUWHHYLGHQ]LDQGRQHVSHFLILFDWDPHQWHO
LGRQHLWGHOODUHDOL]]D]LRQH
FRPSUHVR  O
XWLOL]]R  GHL  FRPSRQHQWL  QHFHVVDUL  DO  FRUUHWWR  IXQ]LRQDPHQWR
GHOO
LPSLDQWR
 , SDUDPHWUL LPSLHJDWLSHUODSURJHWWD]LRQHGHJOLLPSLDQWLVRQRLQGLYLGXDWLGDL
VRJJHWWLUHVSRQVDELOLGHOODYDOXWD]LRQHGHOULVFKLRGLLQFHQGLRHGHOODSURJHWWD
]LRQH,UHVSRQVDELOLGHOO
DWWLYLWLQFXLVRQRLQVWDOODWLJOLLPSLDQWLKDQQROREEOL
JRGLPDQWHQHUHOHFRQGL]LRQLFKHVRQRVWDWHYDOXWDWHSHUO
LQGLYLGXD]LRQHGHL
SUHGHWWLSDUDPHWULGLSURJHWWR
 $LILQLGHOODYDOXWD]LRQHGHOSURJHWWRDQWLQFHQGLRGHOO
DWWLYLWSUHYLVWDGDOODQRU
PDWLYD  YLJHQWH JOL  LPSLDQWL  GHYRQR  HVVHUH  GRFXPHQWDWL  GDOOD VSHFLILFD
GHOO
LPSLDQWRFKHVLLQWHQGHLQVWDOODUHRPRGLILFDUHVRVWDQ]LDOPHQWH/DVSHFLIL
FDGHOO
LPSLDQWRGHYHHVVHUHDILUPDGLWHFQLFRDELOLWDWRQHOFDVRGLFXLDOFRP
PDRGLSURIHVVLRQLVWDDQWLQFHQGLRQHOFDVRGLFXLDOFRPPD
 $OWHUPLQHGHLODYRULGLLQVWDOOD]LRQHGHOO
LPSLDQWRGHYRQRHVVHUHIRUQLWLDOUH
VSRQVDELOHGHOODWWLYLWROWUHDTXDQWRJLSUHYLVWRGDOODQRUPDWLYDYLJHQWHLO
&DSLWROR6&RQWUROORGHOO
LQFHQGLR

3DJLQD6

SURJHWWRGHOO
LPSLDQWRODGRFXPHQWD]LRQHILQDOHULFKLDPDWDGDOODQRUPDLPSLH
JDWDSHUODSURJHWWD]LRQHHO
LQVWDOOD]LRQHGHOORVWHVVRQRQFKLOUHODWLYRPDQXD
OHG
XVRHPDQXWHQ]LRQH
6

6HJQDOHWLFD
 ,SUHVLGLDQWLQFHQGLRGHYRQRHVVHUHSURYYLVWLGLVHJQDOHWLFDGLVLFXUH]]DLQFRQ
IRUPLWDOOHQRUPHHDOOHGLVSRVL]LRQLOHJLVODWLYHDSSOLFDELOL

6

5LIHULPHQWL
 6LLQGLFDQRLVHJXHQWLULIHULPHQWLELEOLRJUDILFLHQRUPDWLYL
D ,6276)LUHSURWHFWLRQ3RUWDEOHDQGZKHHOHGILUHH[WLQJXLVKHUV
3DUW6HOHFWLRQDQGLQVWDOODWLRQ
E %6)LUHH[WLQJXLVKLQJLQVWDOODWLRQVDQGHTXLSPHQWRQSUHPLVHV6H
OHFWLRQDQGSRVLWLRQLQJRISRUWDEOHILUHH[WLQJXLVKHUV&RGHRISUDFWLFH
F %6)LUHSURWHFWLRQLQVWDOODWLRQVDQGHTXLSPHQWRQSUHPLVHV*XLGH
IRUVHOHFWLRQRILQVWDOOHGV\VWHPVDQGRWKHUILUHHTXLSPHQW
G 81,,PSLDQWLGLHVWLQ]LRQHLQFHQGL5HWLGLLGUDQWL3URJHWWD]LRQH
LQVWDOOD]LRQHHGHVHUFL]LR
H 81,(1,QVWDOOD]LRQLILVVHDQWLQFHQGLR6LVWHPLDXWRPDWLFLDVSULQ
NOHU3URJHWWD]LRQHLQVWDOOD]LRQHHPDQXWHQ]LRQH
I 81,(1,QVWDOOD]LRQLILVVHDQWLQFHQGLR6LVWHPLDHVWLQJXHQWLJDV
VRVL3DUWH3URJHWWD]LRQHLQVWDOOD]LRQHHPDQXWHQ]LRQH
J 81,(16LVWHPLILVVLGLORWWDFRQWURO
LQFHQGLR6LVWHPLDSROYHUH
3DUWH3URJHWWD]LRQHFRVWUX]LRQHHPDQXWHQ]LRQH
K 81,(16LVWHPLILVVLGLORWWDFRQWURO
LQFHQGLR6LVWHPLDVFKLXPD
3DUWH3URJHWWD]LRQHFRVWUX]LRQHHPDQXWHQ]LRQH
L 81,&(176,QVWDOOD]LRQLILVVHDQWLQFHQGLR6LVWHPLVSUD\DGDF
TXD3URJHWWD]LRQHLQVWDOOD]LRQHHPDQXWHQ]LRQH
M 81,&(176,QVWDOOD]LRQLILVVHDQWLQFHQGLR6LVWHPLDGDFTXDQH
EXOL]]DWD3URJHWWD]LRQHHLQVWDOOD]LRQH
N 81,76,PSLDQWLILVVLGLHVWLQ]LRQHDQWLQFHQGLR&RPSRQHQWLSHU
LPSLDQWLGLHVWLQ]LRQHDJDV5HTXLVLWLHPHWRGLGLSURYDSHUODFRPSDWLELOLW
WUDLFRPSRQHQWL
O 81,,62,QVWDOOD]LRQLILVVHDQWLQFHQGLR6LVWHPLHVWLQJXHQWLDGDH
URVROFRQGHQVDWR5HTXLVLWLHPHWRGLGLSURYDSHUFRPSRQHQWLHSURJHWWD]LR
QHLQVWDOOD]LRQHHPDQXWHQ]LRQHGHLVLVWHPL5HTXLVLWLJHQHUDOL

&DSLWROR6&RQWUROORGHOO
LQFHQGLR

3DJLQD6

675$7(*,$$17,1&(1',2

&DSLWROR6

5LYHOD]LRQHHGDOODUPH

3UHPHVVD
/LYHOOLGLSUHVWD]LRQH
&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6ROX]LRQLSURJHWWXDOL
,QGLFD]LRQLFRPSOHPHQWDUL
6HJQDOHWLFD
5LIHULPHQWL

&DSLWROR65LYHOD]LRQHHGDOODUPH

3DJLQD6

6

3UHPHVVD
 *OL LPSLDQWLGLULYHOD]LRQHLQFHQGLRHVHJQDOD]LRQHDOODUPHLQFHQGL,5$,GL
VHJXLWRGHQRPLQDWL LPSLDQWLQDVFRQRFRQORELHWWLYRSULQFLSDOHGLULYHODUHXQ
LQFHQGLRTXDQWRSULPDSRVVLELOHHGLODQFLDUHODOODUPHDOILQHGLDWWLYDUHOHPL
VXUHSURWHWWLYHHVLPSLDQWLDXWRPDWLFLGLFRQWUROORRHVWLQ]LRQHFRPSDUWLPHQ
WD]LRQHHYDFXD]LRQHGLIXPLHFDORUHHJHVWLRQDOLHVSLDQRHSURFHGXUHGL
HPHUJHQ]DHGLHVRGRSURJHWWDWHHSURJUDPPDWHLQUHOD]LRQHDOOLQFHQGLRULYH
ODWRHGDOODUHDRYHWDOHSULQFLSLRGLLQFHQGLRVLVYLOXSSDWRULVSHWWRDOOLQWHUD
DWWLYLWVRUYHJOLDWD
 *OLLPSLDQWLGHYRQRHVVHUHSURJHWWDWLUHDOL]]DWLHPDQWHQXWLDUHJRODGDUWHVH
FRQGRTXDQWRSUHVFULWWRGDOOHVSHFLILFKHUHJRODPHQWD]LRQLGDOOHQRUPHGLEXRQD
WHFQLFDHGDOOHLVWUX]LRQLIRUQLWHGDOIDEEULFDQWH
1RWD/HGHILQL]LRQLGLUHJRODGDUWHLPSLDQWLGLULYHOD]LRQHHDOODUPHGHJOLLQFHQGLVRQRUHSHUL
ELOLQHOFDSLWROR*

6

/LYHOOLGLSUHVWD]LRQH
 1HOODWDEHOOD6VRQRLQGLFDWLLOLYHOOLGLSUHVWD]LRQHSHUODULYHOD]LRQHHDO
ODUPHLQFHQGLR

/LYHOORGL
SUHVWD]LRQH

'HVFUL]LRQH

/DULYHOD]LRQHHDOODUPHLQFHQGLRGHPDQGDWDDJOLRFFXSDQWL

,,

6HJQDOD]LRQHPDQXDOHHVLVWHPDG
DOODUPHHVWHVRDWXWWDO
DWWLYLW

,,,

5LYHOD]LRQHDXWRPDWLFDHVWHVDDSRU]LRQLGHOO
DWWLYLWVLVWHPDG
DOODUPHHYHQWXDOHDYYLRDXWR
PDWLFRGLVLVWHPLGLSURWH]LRQHDWWLYD

,9

5LYHOD]LRQHDXWRPDWLFDHVWHVDDWXWWDO
DWWLYLWVLVWHPDG
DOODUPHHYHQWXDOHDYYLRDXWRPDWLFR
GLVLVWHPLGLSURWH]LRQHDWWLYD

7DEHOOD6/LYHOOLGLSUHVWD]LRQHSHUULYHOD]LRQHHGDOODUPHLQFHQGLR

&DSLWROR65LYHOD]LRQHHGDOODUPH

3DJLQD6

6

&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
 1HOODWDEHOOD6VRQRULSRUWDWLLFULWHULJHQHUDOPHQWHDFFHWWDWLSHUO
DWWULEX]LR
QHDOO
DWWLYLWGHLVLQJROLOLYHOOLGLSUHVWD]LRQHGHOODSUHVHQWHVWUDWHJLDDQWLQFHQ
GLR

/LYHOORGL
SUHVWD]LRQH

&ULWHULGLDWWULEX]LRQH

$WWLYLWGRYHVLDQRYHULILFDWHWXWWHOHVHJXHQWLFRQGL]LRQL
D SURILOLGLULVFKLR
5YLWDFRPSUHVLLQ$$&L&L&L
5EHQLSDULD
5DPELHQWHQRQVLJQLILFDWLYR
D DWWLYLWQRQDSHUWDDOSXEEOLFR
D GHQVLWGLDIIROODPHQWRQRQVXSHULRUHDSHUVRQHP
D QRQSUHYDOHQWHPHQWHGHVWLQDWDDGRFFXSDQWLFRQGLVDELOLW
D WXWWLLSLDQLGHOO
DWWLYLWVLWXDWLDTXRWDFRPSUHVDWUDPHP
D VXSHUILFLHORUGDGLFLDVFXQFRPSDUWLPHQWRQRQVXSHULRUHDP
D FDULFRGLLQFHQGLRVSHFLILFRTIQRQVXSHULRUHD0-P>@
D QRQVLGHWHQJRQRRWUDWWDQRVRVWDQ]HRPLVFHOHSHULFRORVHLQTXDQWLWVLJQLILFDWLYH
D QRQVLHIIHWWXDQRODYRUD]LRQLSHULFRORVHDLILQLGHOO
LQFHQGLR

,,

$WWLYLWGRYHVLDQRYHULILFDWHWXWWHOHVHJXHQWLFRQGL]LRQL
D SURILOLGLULVFKLR
5YLWDFRPSUHVLLQ$$%%&L&L&L
5EHQLSDULD
5DPELHQWHQRQVLJQLILFDWLYR
D GHQVLWGLDIIROODPHQWRQRQVXSHULRUHDSHUVRQHP
D WXWWLLSLDQLGHOO
DWWLYLWVLWXDWLDTXRWDFRPSUHVDWUDPHP
D FDULFRGLLQFHQGLRVSHFLILFRTIQRQVXSHULRUHD0-P>@
D QRQVLGHWHQJRQRRWUDWWDQRVRVWDQ]HRPLVFHOHSHULFRORVHLQTXDQWLWVLJQLILFDWLYH
D QRQVLHIIHWWXDQRODYRUD]LRQLSHULFRORVHDLILQLGHOO
LQFHQGLR

,,,

$WWLYLWQRQULFRPSUHVHQHJOLDOWULFULWHULGLDWWULEX]LRQH

,9

,QUHOD]LRQHDOOHULVXOWDQ]HGHOODYDOXWD]LRQHGHOULVFKLRQHOO
DPELWRHLQDPELWLOLPLWURILGHOOD
VWHVVDDWWLYLWHVDWWLYLWFRQHOHYDWRDIIROODPHQWRDWWLYLWFRQJHRPHWULDFRPSOHVVDRSLDQL
LQWHUUDWLHOHYDWRFDULFRGLLQFHQGLRVSHFLILFRTISUHVHQ]DGLVRVWDQ]HRPLVFHOHSHULFRORVHLQ
TXDQWLWVLJQLILFDWLYHSUHVHQ]DGLODYRUD]LRQLSHULFRORVHDLILQLGHOO
LQFHQGLR

>@3HUDWWLYLWGLFLYLOHDELWD]LRQHFDULFRGLLQFHQGLRVSHFLILFRTIQRQVXSHULRUHD0-P

7DEHOOD6&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6

6ROX]LRQLSURJHWWXDOL

6

6ROX]LRQLFRQIRUPL
 3HUODULYHOD]LRQHHDOODUPHLQFHQGLRGHPDQGDWDGDJOLRFFXSDQWLGLFXLDOOLYHOOR
GLSUHVWD]LRQH,GHYHHVVHUHFRGLILFDWDQHOOHSURFHGXUHGLHPHUJHQ]DSUHYLVWH
GDOODQRUPDWLYDYLJHQWHLGRQHDSURFHGXUDILQDOL]]DWDDOUDSLGRHVLFXURDOOHUWD
PHQWRGHJOLRFFXSDQWL
 6RQRFRQVLGHUDWHVROX]LRQLFRQIRUPLSHULOLYHOOLGLSUHVWD]LRQH,,,,,H,9JOL
,5$,SURJHWWDWLLQVWDOODWLHJHVWLWLLQFRQIRUPLWDOODYLJHQWHUHJRODPHQWD]LRQH
HDOOHQRUPHHGRFXPHQWLWHFQLFLDGRWWDWLGDOO
HQWHGLQRUPD]LRQHQD]LRQDOH/H
VROX]LRQLFRQIRUPLVRQRGHVFULWWHLQUHOD]LRQHDOOHIXQ]LRQLSUHYLVWHGDOOHQRUPH
DGRWWDWHGDOO
HQWHGLQRUPD]LRQHQD]LRQDOHHULSRUWDWHQHOOHWDEHOOH6H6
1RWD/
HOHQFRQRQHVDXVWLYRGHOOHQRUPHHGRFXPHQWLWHFQLFLDGRWWDWLGDOO
HQWHGLQRUPD]LRQH
QD]LRQDOHUHSHULELOHQHOSDUDJUDIR6

&DSLWROR65LYHOD]LRQHHGDOODUPH

3DJLQD6

$5LYHOD]LRQHDXWRPDWLFDGHOOLQFHQGLR
%)XQ]LRQHGLFRQWUROORHVHJQDOD]LRQH
')XQ]LRQHGLVHJQDOD]LRQHPDQXDOH
/)XQ]LRQHGLDOLPHQWD]LRQH
&)XQ]LRQHGLDOODUPHLQFHQGLR

7DEHOOD6)XQ]LRQLSULQFLSDOLGHJOL,5$,
 3HUODFRUUHWWDSURJHWWD]LRQHLQVWDOOD]LRQHHGHVHUFL]LRGLXQ,5$,GHYHHVVHUH
SUHYLVWD  LQ  FRQIRUPLW  DOOD  YLJHQWH  UHJRODPHQWD]LRQH  H  DOOH QRUPH  DGRWWDWH
GDOO
HQWHGLQRUPD]LRQHQD]LRQDOHODYHULILFDGHOODFRPSDWLELOLWHGHOODFRUUHWWD
LQWHUFRQQHVVLRQHGHLFRPSRQHQWLFRPSUHVDODVSHFLILFDVHTXHQ]DRSHUDWLYDGHO
OHIXQ]LRQLGDVYROJHUH
1RWD/
HOHQFRQRQHVDXVWLYRGHOOHQRUPHHGRFXPHQWLWHFQLFLDGRWWDWLGDOO
HQWHGLQRUPD]LRQH
QD]LRQDOHUHSHULELOHQHOSDUDJUDIR6

 'HYRQRLQROWUH HVVHUH VRGGLVIDWWHOHSUHVFUL]LRQLWHFQLFKHDJJLXQWLYH LQGLFDWH

QHOODWDEHOOD6VHSHUWLQHQWLVHFRQGRYDOXWD]LRQHGHOULVFKLRG
LQFHQGLR
 4XDORUDLOLYHOOLGLSUHVWD]LRQHSHUULYHOD]LRQHHGDOODUPHVLDQRLPSLHJDWLHVFOX
VLYDPHQWHDOILQHGHOODVDOYDJXDUGLDGHLEHQLFDUDWWHUL]]DWLGDSUHVHQ]DRFFDVLR
QDOHHGLEUHYHGXUDWDGLSHUVRQDOHDGGHWWRSRVVRQRHVVHUHRPHVVHOHSUHVFUL]LR
QLGHOODWDEHOOD6GHGLFDWHHVFOXVLYDPHQWHDOODVDOYDJXDUGLDGHJOLRFFXSDQWL
HVVLVWHPD(9$&
()XQ]LRQHGLWUDVPLVVLRQHGHOO
DOODUPHLQFHQGLR
))XQ]LRQHGLULFH]LRQHGHOO
DOODUPHLQFHQGLR
*)XQ]LRQHGLFRPDQGRGHOVLVWHPDRDWWUH]]DWXUDGLSURWH]LRQHFRQWURO
LQFHQGLR
+6LVWHPDRLPSLDQWRDXWRPDWLFRGLSURWH]LRQHFRQWURO
LQFHQGLR
-)XQ]LRQHGLWUDVPLVVLRQHGHLVHJQDOLGLJXDVWR
.)XQ]LRQHGLULFH]LRQHGHLVHJQDOLGLJXDVWR
0)XQ]LRQHGLFRQWUROORHVHJQDOD]LRQHGHJOLDOODUPLYRFDOL
1)XQ]LRQHGLLQJUHVVRHXVFLWDDXVLOLDULD
2)XQ]LRQHGLJHVWLRQHDXVLOLDULDEXLOGLQJPDQDJHPHQW

7DEHOOD6)XQ]LRQLVHFRQGDULHGHJOL,5$,

&DSLWROR65LYHOD]LRQHHGDOODUPH

3DJLQD6

)XQ]LRQLPLQLPHGHJOL,5$,

)XQ]LRQLGL
HYDFXD]LRQHH
DOODUPH

)XQ]LRQLGLDYYLR
SURWH]LRQHDWWLYD
HGDUUHVWRDOWUL
LPSLDQWL

>@

>@

>@

>@

$%'/&

()*+>@

>@

>@R>@

$%'/&

()*+012

>@H>@

>@

/LYHOORGL
SUHVWD]LRQH

$UHH
VRUYHJOLDWH

,,

%'/&

,,,

>@

,9

7XWWH

)XQ]LRQLSULQFLSDOL

)XQ]LRQLVHFRQGDULH

>@

>@1RQVRQRSUHYLVWHIXQ]LRQLODULYHOD]LRQHHO
DOODUPHVRQRGHPDQGDWHDJOLRFFXSDQWL
>@  /
DOODUPH   WUDVPHVVR  WUDPLWH  VHJQDOL  FRQYHQ]LRQDOL  FRGLILFDWL  QHOOH  SURFHGXUH  GL  HPHUJHQ]D  HV  D  YRFH  VXRQR  GL
FDPSDQDDFFHQVLRQHGLVHJQDOLOXPLQRVLFRPXQTXHSHUFHSLELOLGDSDUWHGHJOLRFFXSDQWL
>@'HPDQGDWHDSURFHGXUHRSHUDWLYHQHOODSLDQLILFD]LRQHG
HPHUJHQ]D
>@1RQSUHYLVWHRYHO
DYYLRGHLVLVWHPLGLSURWH]LRQHDWWLYDHGDUUHVWRDOWULLPSLDQWLVLDGHPDQGDWRDSURFHGXUHRSHUDWLYHQHOOD
SLDQLILFD]LRQHG
HPHUJHQ]D
>@&RQGLVSRVLWLYLGLGLIIXVLRQHYLVXDOHHVRQRUDRDOWULGLVSRVLWLYLDGHJXDWLDOOHFDSDFLWDSHUFHWWLYHGHJOLRFFXSDQWLHGDOOH
FRQGL]LRQLDPELHQWDOLHVVHJQDOD]LRQHGLDOODUPHRWWLFDDYLEUD]LRQH
>@3HUHOHYDWLDIIROODPHQWLJHRPHWULHFRPSOHVVHVLDSUHYLVWRVLVWHPD(9$&VHFRQGRQRUPHDGRWWDWHGDOO
HQWHGLQRUPD]LRQH
QD]LRQDOH
>@$XWRPDWLFKHVXFRPDQGRGHOODFHQWUDOHRPHGLDQWHFHQWUDOLDXWRQRPHGLD]LRQDPHQWRDVVHUYLWHDOODFHQWUDOHPDVWHU
ULFKLHGHOHXOWHULRULIXQ]LRQL()*+GHOODWDEHOOD6
>@6SD]LFRPXQLYLHG
HVRGRHVSD]LOLPLWURILDUHHGHLEHQLGDSURWHJJHUHDUHHDULVFKLRVSHFLILFR

7DEHOOD66ROX]LRQLFRQIRUPLSHUULYHOD]LRQHHGDOODUPHLQFHQGLR
6

6ROX]LRQLDOWHUQDWLYH
 6RQRDPPHVVHVROX]LRQLDOWHUQDWLYHSHULOLYHOOLGLSUHVWD]LRQH,,,,,H,9
 $OILQHGLGLPRVWUDUHLOUDJJLXQJLPHQWRGHOFROOHJDWR OLYHOORGLSUHVWD]LRQH LO
SURJHWWLVWDGHYHLPSLHJDUHXQRGHLPHWRGLGLFXLDOSDUDJUDIR*

6

,QGLFD]LRQLFRPSOHPHQWDUL
1RWD/HGHILQL]LRQLGLSURJHWWRGHOO
LPSLDQWRVSHFLILFDGHOO
LPSLDQWRPDQXDOHG
XVRHPDQXWHQ
]LRQHGHOO
LPSLDQWRPRGLILFDVRVWDQ]LDOHVRQRUHSHULELOLQHOFDSLWROR*

 3HUO
LQVWDOOD]LRQHHODPRGLILFDVRVWDQ]LDOHGHJOLLPSLDQWLUHGDWWRXQSURJHWWR
HODERUDWRVHFRQGRODUHJRODGHOODUWH
 4XDORUDLOSURJHWWRGHOO
LPSLDQWRVLDHODERUDWRVHFRQGRXQDQRUPDDGRWWDWDGD
XQHQWHGLQRUPDOL]]D]LRQHQD]LRQDOHRHXURSHRORVWHVVRGHYHHVVHUHDILUPDGL
WHFQLFRDELOLWDWR
 4XDORUDLOSURJHWWRGHOO
LPSLDQWRVLDHODERUDWRVHFRQGROHQRUPHRLGRFXPHQWL
WHFQLFLHOHQFDWLQHOVHJXLWRORVWHVVRGHYHHVVHUHDILUPDGLSURIHVVLRQLVWDDQWLQ
FHQGLR
D QRUPHRGRFXPHQWLWHFQLFLDGRWWDWLGDRUJDQLVPLQRQHXURSHLULFRQRVFLXWLQHO
VHWWRUHDQWLQFHQGLR
E QRUPHLQWHUQD]LRQDOLWUDVSRVWHDOLYHOORQD]LRQDOH
F GRFXPHQWLWHFQLFLDGRWWDWLGDXQHQWHGLQRUPD]LRQHHXURSHD
IDWWLVDOYLJOLREEOLJKLFRQQHVVLDOO
LPSLHJRGLSURGRWWLVRJJHWWLDQRUPDWLYDFR
PXQLWDULDGLDUPRQL]]D]LRQHOO SURJHWWR GHOO
LPSLDQWRGHYHHVVHUHDILUPDGL
SURIHVVLRQLVWDDQWLQFHQGLRDQFKHLQFDVRGLLPSLHJRGLSURGRWWLRWHFQRORJLHGL
WLSRLQQRYDWLYRGLFXLDOSDUDJUDIR*
 /HQRUPHRLGRFXPHQWLWHFQLFLGLFXLDOFRPPDGHYRQRHVVHUHDSSOLFDWHLQ
RJQLORURSDUWHHYLGHQ]LDQGRQHVSHFLILFDWDPHQWHO
LGRQHLWGHOODUHDOL]]D]LRQH
FRPSUHVR  O
XWLOL]]R  GHL  FRPSRQHQWL  QHFHVVDUL  DO  FRUUHWWR  IXQ]LRQDPHQWR
GHOO
LPSLDQWR
 , SDUDPHWUL LPSLHJDWLSHUODSURJHWWD]LRQHGHJOLLPSLDQWLVRQRLQGLYLGXDWLGDL
VRJJHWWLUHVSRQVDELOLGHOODYDOXWD]LRQHGHOULVFKLRGLLQFHQGLRHGHOODSURJHWWD
&DSLWROR65LYHOD]LRQHHGDOODUPH

3DJLQD6

]LRQH,UHVSRQVDELOLGHOO
DWWLYLWKDQQROREEOLJRGLPDQWHQHUHOHFRQGL]LRQLFKH
VRQRVWDWHYDOXWDWHSHUO
LQGLYLGXD]LRQHGHLSUHGHWWLSDUDPHWULGLSURJHWWR
 $LILQLGHOODYDOXWD]LRQHGHOSURJHWWRDQWLQFHQGLRGHOO
DWWLYLWSUHYLVWDGDOODQRU
PDWLYD  YLJHQWH  JOL  LPSLDQWL  GHYRQR  HVVHUH  GRFXPHQWDWL  GDOOD VSHFLILFD
GHOO
LPSLDQWRFKHVLLQWHQGHLQVWDOODUHRPRGLILFDUHVRVWDQ]LDOPHQWH/DVSHFLIL
FDGHOO
LPSLDQWRGHYHHVVHUHDILUPDGLWHFQLFRDELOLWDWRQHOFDVRGLFXLDOFRP
PDRGLSURIHVVLRQLVWDDQWLQFHQGLRQHOFDVRGLFXLDOFRPPD
 $OWHUPLQHGHLODYRUL GLLQVWDOOD]LRQHGHJOLLPSLDQWLGHYRQRHVVHUHIRUQLWLDO
UHVSRQVDELOHGHOODWWLYLWROWUHDTXDQWRJLSUHYLVWRGDOODQRUPDWLYDYLJHQWHLO
SURJHWWRGHOO
LPSLDQWRODGRFXPHQWD]LRQHILQDOHULFKLDPDWDGDOODQRUPDLPSLH
JDWDSHUODSURJHWWD]LRQHHLQVWDOOD]LRQHGHOORVWHVVRQRQFKLOUHODWLYRPDQXDOH
G
XVRHPDQXWHQ]LRQH
6

6HJQDOHWLFD
 *OLLPSLDQWL GHYRQRHVVHUHSURYYLVWLGLVHJQDOHWLFDGLVLFXUH]]DLQFRQIRUPLW
DOOHQRUPHHDOOHGLVSRVL]LRQLOHJLVODWLYHDSSOLFDELOL

6

5LIHULPHQWL
 6LLQGLFDQRLVHJXHQWLULIHULPHQWLELEOLRJUDILFL
D ,62)LUHGHWHFWLRQDQGDODUPV\VWHPV3DUW*HQHUDODQGGHIL
QLWLRQV
E ,62)LUHGHWHFWLRQDQGDODUPV\VWHPV3DUW'HVLJQLQVWDOOD
WLRQFRPPLVVLRQLQJDQGVHUYLFHRIILUHGHWHFWLRQDQGILUHDODUPV\VWHPVLQ
DQGDURXQGEXLOGLQJV
F 81,(16LVWHPLGLULYHOD]LRQHHGLVHJQDOD]LRQHG
LQFHQGLR3DUWH
,QWURGX]LRQH
G 81,(16LVWHPLGLULYHOD]LRQHHGLVHJQDOD]LRQHG
LQFHQGLR3DUWH
9DOXWD]LRQHGHOODFRPSDWLELOLWGHLFRPSRQHQWLGLXQVLVWHPD
H 81,6LVWHPLILVVLDXWRPDWLFLGLULYHOD]LRQHHGLVHJQDOD]LRQHDOODUPH
GLQFHQGLR3URJHWWD]LRQHLQVWDOOD]LRQHHGHVHUFL]LR
I %6)LUHGHWHFWLRQDQGILUHDODUPV\VWHPVIRUEXLOGLQJV&RGHRI
SUDFWLFHIRUGHVLJQLQVWDOODWLRQFRPPLVVLRQLQJDQGPDLQWHQDQFHRIV\VWHPV
LQQRQGRPHVWLFSUHPLVHV
J &($%DVHUHTXLUHPHQWVIRU,QVWDOOHUVRI$XWRPDWLF)LUH'HWHFWLRQDQG$ODUP
6\VWHPV$)'6,QWUXGHU$ODUP6\VWHPV,$6DQGRU&&796\VWHPV&($
-XQH
K 1)3$1DWLRQDOILUHDODUPDQGVLJQDOLQJFRGH1DWLRQDO)LUH3URWHFWLRQ
$VVRFLDWLRQ4XLQF\0DVVDFKXVHWWV86$
L 81,6LVWHPLILVVLGLULYHOD]LRQHHGLVHJQDOD]LRQHDOODUPHGLQFHQGLR
&RQWUROORLQL]LDOHHPDQXWHQ]LRQHGHLVLVWHPLGLULYHOD]LRQHLQFHQGL
M 81,,626LVWHPL ILVVLGLULYHOD]LRQH HGLVHJQDOD]LRQHDOODUPH
GLQFHQGLR3URJHWWD]LRQHLQVWDOOD]LRQHPHVVDLQVHUYL]LRPDQXWHQ]LRQHHG
HVHUFL]LRGHLVLVWHPLGLDOODUPHYRFDOHSHUVFRSLGHPHUJHQ]D

&DSLWROR65LYHOD]LRQHHGDOODUPH

3DJLQD6

675$7(*,$$17,1&(1',2

&DSLWROR6

&RQWUROORGLIXPLHFDORUH

3UHPHVVD
/LYHOOLGLSUHVWD]LRQH
&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6ROX]LRQLSURJHWWXDOL
6PDOWLPHQWRGLIXPRHFDORUHG
HPHUJHQ]D
,QGLFD]LRQLFRPSOHPHQWDUL
6HJQDOHWLFD
5LIHULPHQWL

&DSLWROR6&RQWUROORGLIXPLHFDORUH

3DJLQD6

6

3UHPHVVD
 /DPLVXUDDQWLQFHQGLRGLFRQWUROORGLIXPRHFDORUHKDFRPHVFRSRO
LQGLYLGXD
]LRQHGHLSUHVLGLDQWLQFHQGLRGDLQVWDOODUHQHOO
DWWLYLWSHUFRQVHQWLUHLOFRQWUROOR
O
HYDFXD]LRQHRORVPDOWLPHQWRGHLSURGRWWLGHOODFRPEXVWLRQHLQFDVRGLLQFHQ
GLR
 ,QJHQHUDOHODPLVXUDDQWLQFHQGLRGLFXLDOSUHVHQWHFDSLWRORVLDWWXDDWWUDYHUVR
ODUHDOL]]D]LRQHGL
D DSHUWXUHGLVPDOWLPHQWRGLIXPRHFDORUHG
HPHUJHQ]DSHUDOORQWDQDUHLSUR
GRWWLGHOODFRPEXVWLRQHGXUDQWHOHRSHUD]LRQLGLHVWLQ]LRQHGHOO
LQFHQGLRGD
SDUWHGHOOHVTXDGUHGLVRFFRUVR
E VLVWHPLSHUO
HYDFXD]LRQHGLIXPRHFDORUH 6()& SHUO
HYDFXD]LRQHFRQ
WUROODWDGHLSURGRWWLGHOODFRPEXVWLRQHGXUDQWHWXWWHOHIDVLGHOO
LQFHQGLR
 ,VLVWHPL SHUO
HYDFXD]LRQHGLIXPRHFDORUH6()&GLVHJXLWRGHQRPLQDWLLP
SLDQWLGHYRQRHVVHUHSURJHWWDWLUHDOL]]DWLHPDQWHQXWLDUHJRODGDUWHVHFRQGR
TXDQWRSUHVFULWWRGDOOHVSHFLILFKHUHJRODPHQWD]LRQLGDOOHQRUPHGLEXRQDWHFQL
FDHGDOOHLVWUX]LRQLIRUQLWHGDOIDEEULFDQWH
1RWD/HGHILQL]LRQLGLUHJRODGDUWHHGLLPSLDQWLGLFRQWUROORIXPRHFDORUHVRQRUHSHULELOLQHOFD
SLWROR*

6

6PDOWLPHQWRGLIXPRHFDORUHG
HPHUJHQ]D
 $GLIIHUHQ]DGHL6()&FRUUHWWDPHQWHGLPHQVLRQDWLOR VPDOWLPHQWRGLIXPRH
FDORUHG
HPHUJHQ]D QRQKDODIXQ]LRQHGLFUHDUHXQDGHJXDWRVWUDWROLEHURGDL
IXPLGXUDQWHORVYLOXSSRGHOO
LQFHQGLRPDVRORTXHOORGLIDFLOLWDUHO
RSHUDGL
HVWLQ]LRQHGHLVRFFRUULWRUL
 /RVPDOWLPHQWRGLIXPRHFDORUHG
HPHUJHQ]DRSHUDWRSHUPH]]RGLDSHUWXUH
GLVPDOWLPHQWRGHLSURGRWWLGHOODFRPEXVWLRQHYHUVRO
HVWHUQRGHOO
HGLILFLR7DOL
DSHUWXUHFRLQFLGRQRJHQHUDOPHQWHFRQTXHOOHJLRUGLQDULDPHQWHGLVSRQLELOLSHU
ODIXQ]LRQDOLWGHOO
DWWLYLWHVILQHVWUHOXFHUQDULSRUWH

6

6LVWHPLSHUO
HYDFXD]LRQHGLIXPRHFDORUH6()&
 ,6()&FUHDQRHPDQWHQJRQRXQRVWUDWRG
DULDVRVWDQ]LDOPHQWHLQGLVWXUEDWRQHO
ODSRU]LRQHLQIHULRUHGHOO
DPELHQWHSURWHWWRPHGLDQWHO
HYDFXD]LRQHGLIXPRH
FDORUHSURGRWWLGDOO
LQFHQGLR
 ,6()&DLXWDQRDPDQWHQHUHOHYLHGLHVRGROLEHUHGDIXPRDJHYRODQROHRSHUD
]LRQLDQWLQFHQGLRULWDUGDQRRSUHYHQJRQRLO IODVKRYHUHTXLQGLODJHQHUDOL]]D
]LRQHGHOOLQFHQGLROLPLWDQRLGDQQLDJOLLPSLDQWLHGDOFRQWHQXWRGHOODPELHQWH
SURWHWWRULGXFRQRJOLHIIHWWLWHUPLFLVXOOHVWUXWWXUHGHOODPELHQWHSURWHWWR
 6LGLVWLQJXRQR6()&DGHYDFXD]LRQHQDWXUDOH6(1)&H6()&DGHYDFXD]LR
QHIRU]DWD6())&

&DSLWROR6&RQWUROORGLIXPLHFDORUH

3DJLQD6

6

/LYHOOLGLSUHVWD]LRQH
 1HOODWDEHOOD6VRQRLQGLFDWLLOLYHOOLGLSUHVWD]LRQHSHUODPLVXUDDQWLQFHQGLR
GLFRQWUROORGLIXPRHFDORUH

/LYHOORGL
SUHVWD]LRQH

'HVFUL]LRQH

1HVVXQUHTXLVLWR

,,

'HYHHVVHUHSRVVLELOHVPDOWLUHIXPLHFDORUHGHOO
LQFHQGLRGDSLDQLHORFDOLGHOFRPSDUWLPHQWR
GXUDQWHOHRSHUD]LRQLGLHVWLQ]LRQHFRQGRWWHGDOOHVTXDGUHGLVRFFRUVR

,,,

'HYHHVVHUHPDQWHQXWRQHOFRPSDUWLPHQWRXQRVWUDWROLEHURGDLIXPLFKHSHUPHWWD
D ODVDOYDJXDUGLDGHJOLRFFXSDQWLHGHOOHVTXDGUHGLVRFFRUVR
D ODSURWH]LRQHGHLEHQLVHULFKLHVWD
)XPLHFDORUHJHQHUDWLQHOFRPSDUWLPHQWRQRQGHYRQRSURSDJDUVLDLFRPSDUWLPHQWLOLPLWURIL

7DEHOOD6/LYHOOLGLSUHVWD]LRQHSHUFRQWUROORGLIXPRHFDORUH

&DSLWROR6&RQWUROORGLIXPLHFDORUH

3DJLQD6

6

&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
 1HOODWDEHOOD6VRQRULSRUWDWLLFULWHULJHQHUDOPHQWHDFFHWWDWLSHUO
DWWULEX]LR
QHDLFRPSDUWLPHQWLGHOO
DWWLYLWGHLVLQJROLOLYHOOLGLSUHVWD]LRQHGHOODSUHVHQWH
VWUDWHJLDDQWLQFHQGLR

/LYHOORGL
SUHVWD]LRQH

&ULWHULGLDWWULEX]LRQH

&RPSDUWLPHQWLGRYHVLDQRYHULILFDWHWXWWHOHVHJXHQWLFRQGL]LRQL
D QRQDGLELWLDGDWWLYLWFKHFRPSRUWLQRSUHVHQ]DGLRFFXSDQWLDGHVFOXVLRQHGLTXHOOD
RFFDVLRQDOHHGLEUHYHGXUDWDGLSHUVRQDOHDGGHWWR
D VXSHUILFLHORUGDGLFLDVFXQFRPSDUWLPHQWRQRQVXSHULRUHDP
D FDULFRGLLQFHQGLRVSHFLILFRTIQRQVXSHULRUHD0-P
D QRQVLGHWHQJRQRRWUDWWDQRVRVWDQ]HRPLVFHOHSHULFRORVHLQTXDQWLWVLJQLILFDWLYH
D QRQVLHIIHWWXDQRODYRUD]LRQLSHULFRORVHDLILQLGHOO
LQFHQGLR

,,

&RPSDUWLPHQWRQRQULFRPSUHVRQHJOLDOWULFULWHULGLDWWULEX]LRQH

,,,

,QUHOD]LRQHDOOHULVXOWDQ]HGHOODYDOXWD]LRQHGHOULVFKLRQHOO
DPELWR HLQDPELWLOLPLWURIL GHOOD
VWHVVDDWWLYLWHVDWWLYLWFRQHOHYDWRDIIROODPHQWRDWWLYLWFRQJHRPHWULDFRPSOHVVDRSLDQL
LQWHUUDWLHOHYDWRFDULFRGLLQFHQGLRVSHFLILFRTISUHVHQ]DGLVRVWDQ]HRPLVFHOHSHULFRORVHLQ
TXDQWLWVLJQLILFDWLYHSUHVHQ]DGLODYRUD]LRQLSHULFRORVHDLILQLGHOO
LQFHQGLR

7DEHOOD6&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6

6ROX]LRQLSURJHWWXDOL

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,
 3HURJQLSLDQRHORFDOHGHOFRPSDUWLPHQWRGHYHHVVHUHSUHYLVWDODSRVVLELOLWGL
HIIHWWXDUHORVPDOWLPHQWRGLIXPRHFDORUHG
HPHUJHQ]DVHFRQGRTXDQWRSUHYLVWR
DOSDUDJUDIR6

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,,
 'HYHHVVHUHLQVWDOODWRVLVWHPDGLHYDFXD]LRQHGLIXPLHFDORUH6()&QDWXUDOH
6(1)&RIRU]DWR6())&SURJHWWDWRLQVWDOODWRHJHVWLWRLQFRQIRUPLWDOOD
YLJHQWHUHJRODPHQWD]LRQHHDOOHQRUPHHGRFXPHQWLWHFQLFLDGRWWDWLGDOO
HQWHGL
QRUPD]LRQHQD]LRQDOH
1RWD/
HOHQFRQRQHVDXVWLYRGHOOHQRUPHHGRFXPHQWLWHFQLFLDGRWWDWLGDOO
HQWHGLQRUPD]LRQH
QD]LRQDOHUHSHULELOHQHOSDUDJUDIR6

 'HYRQRLQROWUHHVVHUHVRGGLVIDWWHOHVHJXHQWLSUHVFUL]LRQLWHFQLFKHDJJLXQWLYH
D LQFDVRGLSUHVHQ]DGLVLVWHPLDXWRPDWLFLGLFRQWUROORRHVWLQ]LRQHGHOO
LQFHQ
GLRHVVSULQNOHUGHYHHVVHUHJDUDQWLWDODFRPSDWLELOLWGLIXQ]LRQDPHQWR
FRQLO6()&XWLOL]]DWR
E LQSUHVHQ]DGL,5$,GHYRQRHVVHUHSUHYLVWHIXQ]LRQLGLFRPXQLFD]LRQHHFRQ
WUROORGHOORVWDWRGHOO
LPSLDQWR6()&
6

6ROX]LRQLDOWHUQDWLYHSHULOOLYHOORGLSUHVWD]LRQH,,
 6RQRDPPHVVHVROX]LRQLDOWHUQDWLYH
 $OILQHGLGLPRVWUDUHLOUDJJLXQJLPHQWRGHO OLYHOORGLSUHVWD]LRQHLOSURJHWWLVWD
GHYHLPSLHJDUHXQRGHLPHWRGLGLFXLDOSDUDJUDIR*
1RWD/HVROX]LRQLDOWHUQDWLYHSRVVRQRHVVHUHULFHUFDWHQHOO
LPSLHJRGLXQLPSLDQWRGLYHQWLOD]LRQHPHFFD
QLFDLQJUDGRGLJDUDQWLUHLOOLYHOORGLSUHVWD]LRQHULFKLHVWR

6

6ROX]LRQLDOWHUQDWLYHSHULOOLYHOORGLSUHVWD]LRQH,,,
 6RQRDPPHVVHVROX]LRQLDOWHUQDWLYH
 $OILQHGLGLPRVWUDUHLOUDJJLXQJLPHQWRGHO OLYHOORGLSUHVWD]LRQHLOSURJHWWLVWD
GHYHLPSLHJDUHXQRGHLPHWRGLGLFXLDOSDUDJUDIR*

&DSLWROR6&RQWUROORGLIXPLHFDORUH

3DJLQD6

6

6PDOWLPHQWRGLIXPRHFDORUHG
HPHUJHQ]D

6

&DUDWWHULVWLFKH
 /HDSHUWXUHGLVPDOWLPHQWRGHYRQRFRQVHQWLUHORVPDOWLPHQWRGLIXPRHFDORUH
GDSLDQLHORFDOLGHOFRPSDUWLPHQWRYHUVRO
HVWHUQRGHOO
DWWLYLWHVGLUHWWDPHQWH
RWUDPLWHFRQGRWWRDSSRVLWDPHQWHGLPHQVLRQDWR
 /H DSHUWXUHGLVPDOWLPHQWR GHYRQRHVVHUHSURWHWWHGDOO
RVWUX]LRQHDFFLGHQWDOH
GXUDQWHO
HVHUFL]LRGHOO
DWWLYLW
 /DJHVWLRQHGHOOHDSHUWXUHGLVPDOWLPHQWRGHYHHVVHUHFRQVLGHUDWDQHOO
HYHQWXDOH
SLDQRGLHPHUJHQ]D

6

5HDOL]]D]LRQH
 /HDSHUWXUHGLVPDOWLPHQWRGHYRQRHVVHUHUHDOL]]DWHLQPRGRFKH
D VLDSRVVLELOHVPDOWLUHIXPRHFDORUHGDWXWWLJOLDPELWLGHOFRPSDUWLPHQWR
E IXPRHFDORUHVPDOWLWLQRQLQWHUIHULVFDQRFRQLOVLVWHPDGHOOHYLHG
HVRGR
QRQSURSDJKLQRO
LQFHQGLRYHUVRDOWULORFDOLSLDQLRFRPSDUWLPHQWL
 /HDSHUWXUHGLVPDOWLPHQWRVRQRUHDOL]]DWHVHFRQGRXQRGHLWLSLSUHYLVWLQHOODWD
EHOOD6

7LSR

'HVFUL]LRQH

6(D

3HUPDQHQWHPHQWHDSHUWH

6(E

'RWDWHGLVLVWHPDDXWRPDWLFRGLDSHUWXUDFRQDWWLYD]LRQHDVVHUYLWDDG,5$,

6(F

3URYYLVWHGLHOHPHQWLGLFKLXVXUDQRQSHUPDQHQWLHVLQILVVLDGDSHUWXUDFRPDQGDWDGDSRVL]LRQH

SURWHWWDHVHJQDODWD

6(G

3URYYLVWHGLHOHPHQWLGLFKLXVXUDQRQSHUPDQHQWLHVLQILVVLDGDSHUWXUDFRPDQGDWDGDSRVL]LRQH

QRQSURWHWWD

6(H

3URYYLVWHGLHOHPHQWLGLFKLXVXUDSHUPDQHQWLHVSDQQHOOLEDVVRIRQGHQWLGLFXLVLDGLPRVWUDWDO

DIIL
GDELOHDSHUWXUDQHOOHHIIHWWLYHFRQGL]LRQLG
LQFHQGLRHVFRQGL]LRQLWHUPLFKHJHQHUDWHGDLQFHQGLRQDWX
UDOHVXIILFLHQWLDIRQGHUHHIILFDFHPHQWHLOSDQQHOOREDVVRIRQGHQWHGLFKLXVXUDRODSRVVLELOLWGLLP
PHGLDWDGHPROL]LRQHGDSDUWHGHOOHVTXDGUHGLVRFFRUVR

7DEHOOD67LSLGLUHDOL]]D]LRQHGHOOHDSHUWXUHGLVPDOWLPHQWR
 ,QUHOD]LRQHDJOLHVLWLGHOODYDOXWD]LRQHGHOULVFKLRXQDSRU]LRQHGHOODVXSHUILFLH
XWLOHGHOOHDSHUWXUHGLVPDOWLPHQWRGRYUHEEHHVVHUHUHDOL]]DWDFRQXQDPRGDOLW
GLWLSR6(D6(E6(F
6

'LPHQVLRQDPHQWR
 /HGLPHQVLRQLPLQLPHGHOOH DSHUWXUHGLVPDOWLPHQWR VRQRULSRUWDWHLQWDEHO
OD6LQIXQ]LRQHGHOFDULFRGLLQFHQGLRVSHFLILFRTIFDOFRODWRVHFRQGRLOFDSL
WROR6GHOODVXSHUILFLHORUGDGLFLDVFXQSLDQRGHOFRPSDUWLPHQWR$

7LSR

&DULFRGLLQFHQGLR
VSHFLILFRTI

6(

TI0-P

6(
6(

TI0-P
TI!0-P

6XSHUILFLHXWLOHPLQLPDGHOOH
DSHUWXUHGLVPDOWLPHQWR6VP


5HTXLVLWLDJJLXQWLYL

$

$yTI$

$

GL6VPGLWLSR6HDR6(ER6(F

$VXSHUILFLHORUGDGHOSLDQRGHOFRPSDUWLPHQWR>P @
6VPVXSHUILFLHXWLOHGHOOHDSHUWXUHGLVPDOWLPHQWR>P@

7DEHOOD67LSLGLGLPHQVLRQDPHQWRSHUOHDSHUWXUHGLVPDOWLPHQWR

&DSLWROR6&RQWUROORGLIXPLHFDORUH

3DJLQD6

6

9HULILFDGHOODGLVWULEX]LRQHXQLIRUPHGHOOHDSHUWXUHGLVPDOWLPHQWR
 /H DSHUWXUHGLVPDOWLPHQWR GRYUHEEHURHVVHUHGLVWULEXLWHXQLIRUPHPHQWHQHOOD
SRU]LRQHVXSHULRUHGLWXWWLLORFDOLDOILQHGLIDFLOLWDUHORVPDOWLPHQWRGHLIXPL
FDOGLGDWXWWLJOLDPELWLGHOFRPSDUWLPHQWR

 /
XQLIRUPHGLVWULEX]LRQHLQSLDQWDGHOOHDSHUWXUHGLVPDOWLPHQWRSXHVVHUHYH
ULILFDWDLPSRQHQGRFKHFLDVFXQORFDOHVLDFRPSOHWDPHQWHFRSHUWRLQSLDQWDGDOOH
DUHHGLLQIOXHQ]D GHOOHDSHUWXUHGLVPDOWLPHQWRDGHVVRSHUWLQHQWLLOOXVWUD]LR
QH6LPSRQHQGRQHOFDOFRORXQUDJJLRGLLQIOXHQ]DURIIVHWSDULDPRDOWUL
PHQWLGHWHUPLQDWRVHFRQGROHULVXOWDQ]HGHOO
DQDOLVLGHOULVFKLR
6

,QGLFD]LRQLFRPSOHPHQWDUL
1RWD/HGHILQL]LRQLGLSURJHWWRGHOO
LPSLDQWRVSHFLILFDGHOO
LPSLDQWRPDQXDOHG
XVRHPDQXWHQ
]LRQHGHOO
LPSLDQWRPRGLILFDVRVWDQ]LDOHVRQRUHSHULELOLQHOFDSLWROR*

 3HUO
LQVWDOOD]LRQHHODPRGLILFDVRVWDQ]LDOHGHJOLLPSLDQWLUHGDWWRXQSURJHWWR
HODERUDWRVHFRQGRODUHJRODGHOODUWH
 4XDORUD   LO SURJHWWR GHOO
LPSLDQWR 6()&  VLD  HODERUDWR  VHFRQGR  XQD  QRUPD
DGRWWDWDGDXQHQWHGLQRUPDOL]]D]LRQHQD]LRQDOHRHXURSHRORVWHVVRGHYHHV
VHUHDILUPDGLWHFQLFRDELOLWDWR
 4XDORUDLOSURJHWWRGHOO
LPSLDQWR6()&VLDHODERUDWRVHFRQGROHQRUPHRLGR
FXPHQWLWHFQLFLHOHQFDWLQHOVHJXLWRORVWHVVRGHYHHVVHUHDILUPDGLSURIHVVLRQL
VWDDQWLQFHQGLR
D QRUPHRGRFXPHQWLWHFQLFLDGRWWDWLGDRUJDQLVPLQRQHXURSHLULFRQRVFLXWLQHO
VHWWRUHDQWLQFHQGLR
E QRUPHLQWHUQD]LRQDOLWUDVSRVWHDOLYHOORQD]LRQDOH
F GRFXPHQWLWHFQLFLDGRWWDWLGDXQHQWHGLQRUPD]LRQHHXURSHD
IDWWLVDOYLJOLREEOLJKLFRQQHVVLDOO
LPSLHJRGLSURGRWWLVRJJHWWLDQRUPDWLYDFR
PXQLWDULDGLDUPRQL]]D]LRQHOOSURJHWWRGHOO
LPSLDQWR6()&GHYHHVVHUHDILU
PDGLSURIHVVLRQLVWDDQWLQFHQGLRDQFKHLQFDVRGLLPSLHJRGLSURGRWWLRWHFQROR
JLHGLWLSRLQQRYDWLYRGLFXLDOSDUDJUDIR*
 /HQRUPHRLGRFXPHQWLWHFQLFLGLFXLDOFRPPDGHYRQRHVVHUHDSSOLFDWLLQ
RJQLORURSDUWHHYLGHQ]LDQGRQHVSHFLILFDWDPHQWHO
LGRQHLWGHOODUHDOL]]D]LRQH

&DSLWROR6&RQWUROORGLIXPLHFDORUH

3DJLQD6

FRPSUHVR  O
XWLOL]]R  GHL  FRPSRQHQWL  QHFHVVDUL  DO  FRUUHWWR  IXQ]LRQDPHQWR
GHOO
LPSLDQWR
 , SDUDPHWUL LPSLHJDWLSHUODSURJHWWD]LRQHGHJOLLPSLDQWLVRQRLQGLYLGXDWLGDL
VRJJHWWLUHVSRQVDELOLGHOODYDOXWD]LRQHGHOULVFKLRGLLQFHQGLRHGHOODSURJHWWD
]LRQH,UHVSRQVDELOLGHOO
DWWLYLWKDQQROREEOLJRGLPDQWHQHUHOHFRQGL]LRQLFKH
VRQRVWDWHYDOXWDWHSHUO
LQGLYLGXD]LRQHGHLSUHGHWWLSDUDPHWULGLSURJHWWR
 $LILQLGHOODYDOXWD]LRQHGHOSURJHWWRDQWLQFHQGLRGHOO
DWWLYLWSUHYLVWDGDOODQRU
PDWLYD  YLJHQWH  JOL  LPSLDQWL  GHYRQR  HVVHUH  GRFXPHQWDWL  GDOOD VSHFLILFD
GHOO
LPSLDQWRFKHVLLQWHQGHLQVWDOODUHRPRGLILFDUHVRVWDQ]LDOPHQWH/DVSHFLIL
FDGHOO
LPSLDQWRGHYHHVVHUHDILUPDGLWHFQLFRDELOLWDWRQHOFDVRGLFXLDOFRP
PDRGLSURIHVVLRQLVWDDQWLQFHQGLRQHOFDVRGLFXLDOFRPPD
 $OWHUPLQHGHLODYRULGLLQVWDOOD]LRQHGHJOLLPSLDQWLGHYRQRHVVHUHIRUQLWLDOUH
VSRQVDELOHGHOODWWLYLWROWUHDTXDQWRJLSUHYLVWRGDOODQRUPDWLYDYLJHQWHLO
SURJHWWRGHOO
LPSLDQWRODGRFXPHQWD]LRQHILQDOHULFKLDPDWDGDOODQRUPDLPSLH
JDWDSHUODSURJHWWD]LRQHHLQVWDOOD]LRQHGHOORVWHVVRQRQFKLOUHODWLYRPDQXDOH
G
XVRHPDQXWHQ]LRQH
6

6HJQDOHWLFD
 *OLLPSLDQWLGHYRQRHVVHUHSURYYLVWLGLVHJQDOHWLFDGLVLFXUH]]DLQFRQIRUPLW
DOOHQRUPHHDOOHGLVSRVL]LRQLOHJLVODWLYHDSSOLFDELOL

6

5LIHULPHQWL
 6LLQGLFDQRLVHJXHQWLULIHULPHQWLELEOLRJUDILFL
D 6HULHGHOOHQRUPH81,
E 1)3$6WDQGDUGIRUVPRNHFRQWUROV\VWHPV1DWLRQDO)LUH3URWHFWLRQ$V
VRFLDWLRQ4XLQF\0DVVDFKXVHWWV86$
F 1)3$%6WDQGDUGIRUVPRNHPDQDJHPHQWV\VWHPVLQPDOOVDWULDDQG
ODUJHVSDFHV1DWLRQDO)LUH3URWHFWLRQ$VVRFLDWLRQ4XLQF\0DVVDFKXVHWWV
86$
G &(1756PRNHDQG+HDW&RQWURO6\VWHPV3DUW*XLGHOLQHVRQ
)XQFWLRQDO5HFRPPHQGDWLRQVDQG&DOFXODWLRQ0HWKRGVIRU6PRNHDQG+HDW
([KDXVW9HQWLODWLRQ6\VWHPV

&DSLWROR6&RQWUROORGLIXPLHFDORUH

3DJLQD6

675$7(*,$$17,1&(1',2

&DSLWROR6

2SHUDWLYLWDQWLQFHQGLR

3UHPHVVD
/LYHOOLGLSUHVWD]LRQH
&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6ROX]LRQLSURJHWWXDOL
&RORQQDDVHFFR
5LIHULPHQWL

&DSLWROR62SHUDWLYLWDQWLQFHQGLR

3DJLQD6

6

3UHPHVVD
 /
RSHUDWLYLWDQWLQFHQGLRKDORVFRSRGLDJHYRODUHO
HIIHWWXD]LRQHGLLQWHUYHQWLGL
VRFFRUVRGHL9LJLOLGHOIXRFRLQWXWWHOHDWWLYLW

6

/LYHOOLGLSUHVWD]LRQH
 ,OLYHOOLGLSUHVWD]LRQHSHUO
RSHUDWLYLWDQWLQFHQGLRVRQRULSRUWDWLLQWDEHOOD6


/LYHOORGL
SUHVWD]LRQH

'HVFUL]LRQH

1HVVXQUHTXLVLWR

,,

$FFHVVLELOLWSHUPH]]LGLVRFFRUVRDQWLQFHQGLR

,,,

$FFHVVLELOLWSHUPH]]LGLVRFFRUVRDQWLQFHQGLR
3URQWDGLVSRQLELOLWGLDJHQWLHVWLQJXHQWL

,9

$FFHVVLELOLWSHUPH]]LGLVRFFRUVRDQWLQFHQGLR
3URQWDGLVSRQLELOLWGLDJHQWLHVWLQJXHQWL
$FFHVVLELOLWSURWHWWDSHU9LJLOLGHOIXRFRDWXWWLLORFDOLGHOO
DWWLYLW

7DEHOOD6/LYHOOLGLSUHVWD]LRQHSHUO
RSHUDWLYLWDQWLQFHQGLR

&DSLWROR62SHUDWLYLWDQWLQFHQGLR

3DJLQD6

6

&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
 1HOODWDEHOOD6VRQRULSRUWDWLLFULWHULJHQHUDOPHQWHDFFHWWDWLSHUO
DWWULEX]LR
QHDOO
DWWLYLWGHLVLQJROLOLYHOOLGLSUHVWD]LRQH

/LYHOORGL
SUHVWD]LRQH

&ULWHULGLDWWULEX]LRQH

1RQDPPHVVRQHOOHDWWLYLWVRJJHWWH

,,

$WWLYLWGRYHVLDQRYHULILFDWHWXWWHOHVHJXHQWLFRQGL]LRQL
D SURILOLGLULVFKLR
5YLWDFRPSUHVLLQ$$%%&L&L
5EHQLSDULD
5DPELHQWHQRQVLJQLILFDWLYR
D GHQVLWGLDIIROODPHQWRQRQVXSHULRUHDSHUVRQHP
D WXWWLLSLDQLGHOO
DWWLYLWVLWXDWLDTXRWDFRPSUHVDWUDPHP
D VXSHUILFLHORUGDGLFLDVFXQFRPSDUWLPHQWRQRQVXSHULRUHDP
D FDULFRGLLQFHQGLRVSHFLILFRTIQRQVXSHULRUHD0-P
D QRQVLGHWHQJRQRRWUDWWDQRVRVWDQ]HRPLVFHOHSHULFRORVHLQTXDQWLWVLJQLILFDWLYH
D QRQVLHIIHWWXDQRODYRUD]LRQLSHULFRORVHDLILQLGHOO
LQFHQGLRRGHOO
HVSORVLRQH

,,,

$WWLYLWQRQULFRPSUHVHQHJOLDOWULFULWHULGLDWWULEX]LRQH

,9

$WWLYLWGRYHVLDYHULILFDWDDOPHQRXQDGHOOHVHJXHQWLFRQGL]LRQL
D SURILORGLULVFKLR5EHQLFRPSUHVRLQ
D HOHYDWRDIIROODPHQWRFRPSOHVVLYR
VHDSHUWDDOSXEEOLFRDIIROODPHQWRFRPSOHVVLYRVXSHULRUHDSHUVRQH
VHQRQDSHUWDDOSXEEOLFRDIIROODPHQWRFRPSOHVVLYRVXSHULRUHDSHUVRQH
D QXPHURWRWDOHGLSRVWLOHWWRVXSHULRUHDHSURILOLGLULVFKLR5YLWDFRPSUHVLLQ''
&LLL&LLL&LLL
D VLGHWHQJRQRRWUDWWDQRVRVWDQ]HRPLVFHOHSHULFRORVHLQTXDQWLWVLJQLILFDWLYHHDIIROOD
PHQWRFRPSOHVVLYRVXSHULRUHDSHUVRQH
D VLHIIHWWXDQRODYRUD]LRQLSHULFRORVHDLILQLGHOO
LQFHQGLRRGHOO
HVSORVLRQHHDIIROODPHQWR
FRPSOHVVLYRVXSHULRUHDSHUVRQH

7DEHOOD6&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6

6ROX]LRQLSURJHWWXDOL

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,
 'HYHHVVHUHSHUPDQHQWHPHQWHDVVLFXUDWDODSRVVLELOLWGLDYYLFLQDUHLPH]]LGL
VRFFRUVRDQWLQFHQGLRDGHJXDWLDOULVFKLRG
LQFHQGLRDJOLDFFHVVLDLSLDQLGLULIH
ULPHQWRGHLFRPSDUWLPHQWLGLFLDVFXQDRSHUDGDFRVWUX]LRQHGHOO
DWWLYLW'LQRU
PDODGLVWDQ]DGHLPH]]LGLVRFFRUVRGDJOLDFFHVVLQRQGRYUHEEHHVVHUHVXSHULR
UHDP
 ,QFDVRGLDWWLYLWSURJHWWDWDSHULOLYHOOLGLSUHVWD]LRQH,R,,GLUHVLVWHQ]DDOIXR
FRSUHYLVWLQHOFDSLWROR6ODGLVWDQ]DGLFXLDOFRPPDQRQGHYHFRPXQTXH
HVVHUHLQIHULRUH DOODPDVVLPD DOWH]]D GHOO
RSHUDGDFRVWUX]LRQH7DOHGLVWDQ]D
GHYHHVVHUHVHJQDODWDPHGLDQWHXQFDUWHOOR81,(1,620RHTXLYD
OHQWHULSRUWDQWHLOPHVVDJJLR&RVWUX]LRQHSURJHWWDWDSHUOLYHOORGLSUHVWD]LRQH
GLUHVLVWHQ]DDOIXRFRLQIHULRUHD,,,

6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,,,
 'HYRQRHVVHUHULVSHWWDWHOHSUHVFUL]LRQLSUHYLVWHSHUOHVROX]LRQLFRQIRUPLGHOOL
YHOORGLSUHVWD]LRQH,,
 ,QDVVHQ]DGLSURWH]LRQHLQWHUQDGHOODUHWHLGUDQWLQHOOHDWWLYLWDSLSLDQLIXRUL
WHUUD  R  LQWHUUDWL  GHYH  HVVHUH  SUHYLVWD  OD FRORQQD  D  VHFFR GL  FXL  DO  SDUDJUD
IR6
 ,QDVVHQ]DGLSURWH]LRQHHVWHUQDGHOODUHWHLGUDQWLSURSULDGHOO
DWWLYLWGHYHHVVH
UHGLVSRQLELOHDOPHQRXQLGUDQWHFROOHJDWRDOODUHWHSXEEOLFDUDJJLXQJLELOHFRQ

&DSLWROR62SHUDWLYLWDQWLQFHQGLR

3DJLQD6

XQSHUFRUVRPDVVLPRGLPGDLFRQILQLGHOO
DWWLYLWWDOHLGUDQWHGHYHDVVLFX
UDUHXQ
HURJD]LRQHPLQLPDGLOLWULPLQXWR
6

6ROX]LRQLFRQIRUPLSHULOOLYHOORGLSUHVWD]LRQH,9
 'HYRQRHVVHUHULVSHWWDWHOHSUHVFUL]LRQLSUHYLVWHSHUOHVROX]LRQLFRQIRUPLGHOOL
YHOORGLSUHVWD]LRQH,,,
 'HYHHVVHUHDVVLFXUDWDDOPHQRXQDGHOOHVHJXHQWLVROX]LRQLSHUUDJJLXQJHUHWXWWL
LSLDQLGHOO
DWWLYLW
D DFFRVWDELOLWDWXWWLLSLDQLGHOO
DXWRVFDODRPH]]RHTXLYDOHQWHGHL9LJLOLGHO
IXRFR
E SUHVHQ]DGLSHUFRUVLYHUWLFDOLSURWHWWLHVVFDODG
HVRGRSURWHWWD
F SUHVHQ]DGLSHUFRUVLHVWHUQLHVVFDOHG
HVRGRHVWHUQH
 ,QIXQ]LRQHGHOODJHRPHWULDGHOO
DWWLYLWGHYRQRHVVHUHVRGGLVIDWWHOHSUHVFUL]LR
QLGLFXLDOODWDEHOOD6
*HRPHWULDDWWLYLW

3UHVFUL]LRQLDJJLXQWLYH

$WWLYLWFRQSLDQLDTXRWD
!PHP

'HYHHVVHUHLQVWDOODWRDOPHQRXQDVFHQVRUHDQWLQFHQGLRFKHUDJ
JLXQJDWXWWLLSLDQLIXRULWHUUDGHOO
DWWLYLW

$WWLYLWFRQSLDQLDTXRWD
!P

'HYHHVVHUHLQVWDOODWRDOPHQRXQDVFHQVRUHGLVRFFRUVRFKHUDJ
JLXQJDWXWWLLSLDQLIXRULWHUUDGHOO
DWWLYLW

$WWLYLWFRQSLDQLDTXRWD
PHP

'HYHHVVHUHLQVWDOODWRDOPHQRXQDVFHQVRUHDQWLQFHQGLRFKHUDJ
JLXQJDWXWWLLSLDQLLQWHUUDWLGHOO
DWWLYLW

$WWLYLWFRQSLDQLDTXRWD
P

'HYHHVVHUHLQVWDOODWRDOPHQRXQDVFHQVRUHGLVRFFRUVRFKHUDJ
JLXQJDWXWWLLSLDQLLQWHUUDWLGHOO
DWWLYLW

7DEHOOD63UHVFUL]LRQLLQUHOD]LRQHDOODJHRPHWULDGHOO
DWWLYLW
6

6ROX]LRQLDOWHUQDWLYH
 6RQRDPPHVVHVROX]LRQLDOWHUQDWLYHSHUWXWWLLOLYHOOLGLSUHVWD]LRQH
 $OILQHGLGLPRVWUDUHLOUDJJLXQJLPHQWRGHO OLYHOORGLSUHVWD]LRQHLOSURJHWWLVWD
GHYHLPSLHJDUHXQRGHLPHWRGLGLFXLDOSDUDJUDIR*

6

&RORQQDDVHFFR
 /D FRORQQDDVHFFRFRQVHQWHDL9LJLOLGHOIXRFRGLHYLWDUHGLHIIHWWXDUHVWHQGL
PHQWLGLWXED]LRQLIOHVVLELOLOXQJRLSHUFRUVLGLDFFHVVRHOHYLHGLHVRGRYHUWLFDOL
GHOO
DWWLYLW
 /D FRORQQD  D  VHFFR GHYH HVVHUH SURJHWWDWD  UHDOL]]DWD  H  PDQWHQXWD  D  UHJROD
GDUWHVHFRQGRTXDQWRSUHVFULWWRGDOOHVSHFLILFKHUHJRODPHQWD]LRQLGDOOHQRUPH
GLEXRQDWHFQLFDHGDOOHLVWUX]LRQLIRUQLWHGDOIDEEULFDQWH
 $OO
HVWUHPLWHVWHUQDGLFLDVFXQDFRORQQDDVHFFRGHYHHVVHUHLQVWDOODWRXQDW
WDFFRGLPDQGDWDSHUDXWRSRPSDGHL9LJLOLGHOIXRFR
 ,QFRUULVSRQGHQ]DGHLVLQJROLSLDQLGHOOHYLHG
HVRGRYHUWLFDOLGHYHHVVHUHLQVWDO
ODWDXQDYDOYRODPDQXDOHGLLQWHUFHWWD]LRQHFRQDWWDFFR'1PXQLWDGHOUHOD
WLYRWDSSRGLFKLXVXUD/HYDOYROHLQFRUULVSRQGHQ]DGHLSLDQLGHYRQRHVVHUHID
FLOPHQWHDFFHVVLELOLHSURWHWWHGDJOLXUWLHQRQGHYRQRFRVWLWXLUHHOHPHQWRGL
RVWDFRORDOO
HVRGR
 3HUODSURJHWWD]LRQHUHDOL]]D]LRQHHGHVHUFL]LRGHOODFRORQQDDVHFFRVLGHYRQR
LPSLHJDUHOHLQGLFD]LRQLGLFXLDOODWDEHOOD6

&DSLWROR62SHUDWLYLWDQWLQFHQGLR

3DJLQD6

6LDQRDGRWWDWHOHLQGLFD]LRQLGHOOHQRUPH81,HGHOOD81,76SHUTXDQWRDSSOLFDELOL
6LDJDUDQWLWRLOVLPXOWDQHRLPSLHJRGDSDUWHGHL9LJLOLGHOIXRFRGLQRQPHQRGLYDOYROH'1RWXWWHVH
PHQRGLQHOODSRVL]LRQHLGUDXOLFDPHQWHSLVIDYRUHYROHFRQXQDSRUWDWDPLQLPDSHUFLDVFXQDSDULDOPLQ
HGXQDSUHVVLRQHUHVLGXDDOODYDOYRODQRQPLQRUHGL03D
6LDQRSUHYLVWLGLVSRVLWLYLGLVILDWRGHOODULDLQQXPHURGLPHQVLRQHHSRVL]LRQHLGRQHLDGDVVLFXUDUHLQUHOD]LRQH
DOODFDUDWWHULVWLFKHSODQRDOWLPHWULFKHGHOODWXED]LRQHO
XWLOL]]RLQVLFXUH]]DGHOO
LQVWDOOD]LRQH
/HWXED]LRQLGHYRQRHVVHUHFRPSOHWDPHQWHGUHQDELOL
6LFRQVLGHULXQDSUHVVLRQHGHOO
DOLPHQWD]LRQHGDDXWRSRPSDGHL9LJLOLGHOIXRFRSDULD03D

7DEHOOD6,QGLFD]LRQLSURJHWWXDOLSHUODFRORQQDDVHFFR
 *OLDWWDFFKLGLPDQGDWDSHUDXWRSRPSDSHUODFRORQQDDVHFFRGHYRQR
D HVVHUHSRVL]LRQDWLLQPRGRFKHVLDFRQVHQWLWRLOVLFXURFROOHJDPHQWRGHOOD
PRWRSRPSDGHL9LJLOLGHOIXRFRDLGLVSRVLWLYLVWHVVL
E HVVHUHFRQWUDVVHJQDWLLQPRGRGDSHUPHWWHUHOLPPHGLDWDLQGLYLGXD]LRQHGHL
GLVSRVLWLYL  PHGLDQWH  FDUWHOOL  UHFDQWL  OD  GLFLWXUD  GL  WDEHOOD6 ULSRUWDQWH
VRORLQSUHVHQ]DGLSLDWWDFFKLSHUDXWRSRPSDODVSHFLILFD]LRQHGHOO
DUHD
VHUYLWD
$77$&&2',0$1'$7$3(5$8723203$
3UHVVLRQHPDVVLPD03D
&2/211$$6(&&23(599)
$5($6(59,7$

7DEHOOD6&DUWHOORSHUFRORQQDDVHFFR
 /HYDOYROHPDQXDOLGLLQWHUFHWWD]LRQHFRQDWWDFFR'1SUHVVRLSLDQLGHOO
DWWL
YLWGHYRQRHVVHUHFRQWUDVVHJQDWHPHGLDQWHFDUWHOOL81,(1,62)
6

5LIHULPHQWL
 6LLQGLFDQRLVHJXHQWLULIHULPHQWLELEOLRJUDILFL
D %66HFWLRQ$FFHVVDQGIDFLOLWLHVIRUILUHILJKWLQJ
E 81,,PSLDQWLGLHVWLQ]LRQHLQFHQGL5HWLGLLGUDQWL3URJHWWD]LRQH
LQVWDOOD]LRQHHGHVHUFL]LR
F 81,76,PSLDQWLGLHVWLQ]LRQHLQFHQGL5HWLGLLGUDQWLDVHFFR
3URJHWWD]LRQHLQVWDOOD]LRQHHGHVHUFL]LR

&DSLWROR62SHUDWLYLWDQWLQFHQGLR

3DJLQD6

675$7(*,$$17,1&(1',2

&DSLWROR6 6LFXUH]]DGHJOLLPSLDQWLWHFQRORJLFL
HGLVHUYL]LR

3UHPHVVD
/LYHOOLGLSUHVWD]LRQH
&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
6ROX]LRQLSURJHWWXDOL
2ELHWWLYLGLVLFXUH]]DDQWLQFHQGLR
3UHVFUL]LRQLDJJLXQWLYHGLVLFXUH]]DDQWLQFHQGLR
5LIHULPHQWL

&DSLWROR66LFXUH]]DGHJOLLPSLDQWLWHFQRORJLFLHGLVHUYL]LR

3DJLQD6

6

3UHPHVVD
 $LILQLGHOODVLFXUH]]DDQWLQFHQGLRGHYRQRHVVHUHFRQVLGHUDWLDOPHQRLVHJXHQWL
LPSLDQWLWHFQRORJLFLHGLVHUYL]LR
D SURGX]LRQH  WUDVIRUPD]LRQH  WUDVSRUWR  GLVWULEX]LRQH  H  GL  XWLOL]]D]LRQH
GHOO
HQHUJLDHOHWWULFD
E SURWH]LRQHFRQWUROHVFDULFKHDWPRVIHULFKH
F VROOHYDPHQWRWUDVSRUWRGLFRVHHSHUVRQH
1RWDHVHPSLRDVFHQVRULPRQWDFDULFKLPRQWDOHWWLJKHVFDOHPRELOLPDUFLDSLHGLPRELOL

G GHSRVLWRWUDVSRUWRGLVWULEX]LRQHHXWLOL]]D]LRQHGLVROLGLOLTXLGLHJDVFRP
EXVWLELOLLQILDPPDELOLHFRPEXUHQWL>@
H ULVFDOGDPHQWRFOLPDWL]]D]LRQHFRQGL]LRQDPHQWRHUHIULJHUD]LRQHFRPSUHVH
OHRSHUHGLHYDFXD]LRQHGHLSURGRWWLGHOODFRPEXVWLRQHHGLYHQWLOD]LRQHHG
DHUD]LRQHGHLORFDOL>@
1RWD>@6LLQWHQGRQRJOLLPSLDQWLDVHUYL]LRGHOO
HGLILFLRHQRQFRVWLWXHQWLDWWLYLWVRJJHWWD

I FRQWUROORGHOOHHVSORVLRQL
 3HU  JOL  LPSLDQWL  WHFQRORJLFL  H  GL  VHUYL]LR  LQVHULWL  QHO SURFHVVR  SURGXWWLYR
GHOO
DWWLYLW  LO  SURJHWWLVWD  HIIHWWXD  OD  YDOXWD]LRQH  GHO  ULVFKLR GL  LQFHQGLR  H  GL
HVSORVLRQHFDSLWROR9HSUHYHGHDGHJXDWHPLVXUHFRQWUROLQFHQGLRROHVSOR
VLRQHGLWLSRSUHYHQWLYRSURWHWWLYRHJHVWLRQDOH7DOLPLVXUHGHYRQRHVVHUH LQ
DFFRUGRFRQJOLRELHWWLYLGLVLFXUH]]DULSRUWDWLDOSDUDJUDIR6
6

/LYHOOLGLSUHVWD]LRQH
 ,OLYHOOLGLSUHVWD]LRQHSHUODVLFXUH]]DGHJOLLPSLDQWLVRQRLQGLFDWLQHOODWDEHO
OD6

/LYHOORGL
SUHVWD]LRQH
,

'HVFUL]LRQH
,PSLDQWLSURJHWWDWLUHDOL]]DWLHJHVWLWLVHFRQGRODUHJRODG
DUWHLQFRQIRUPLWDOODUHJRODPHQWD
]LRQHYLJHQWHFRQUHTXLVLWLGLVLFXUH]]DDQWLQFHQGLRVSHFLILFL

7DEHOOD6/LYHOOLGLSUHVWD]LRQHSHUODVLFXUH]]DGHJOLLPSLDQWL

&DSLWROR66LFXUH]]DGHJOLLPSLDQWLWHFQRORJLFLHGLVHUYL]LR

3DJLQD6

6

&ULWHULGLDWWULEX]LRQHGHLOLYHOOLGLSUHVWD]LRQH
 ,OOLYHOORGLSUHVWD]LRQH,GHYHHVVHUHDWWULEXLWRDWXWWHOHDWWLYLW

6

6ROX]LRQLSURJHWWXDOL

6

6ROX]LRQLFRQIRUPL
 6LULWHQJRQRFRQIRUPLJOLLPSLDQWLWHFQRORJLFLHGLVHUYL]LRSURJHWWDWLLQVWDOODWL
YHULILFDWLHVHUFLWLHPDQXWHQXWLDUHJRODG
DUWHLQFRQIRUPLWDOODUHJRODPHQWD
]LRQHYLJHQWHVHFRQGROHQRUPHGLEXRQDWHFQLFDDSSOLFDELOL
 7DOLLPSLDQWLGHYRQRJDUDQWLUHJOLRELHWWLYLGLVLFXUH]]DDQWLQFHQGLRULSRUWDWLDO
SDUDJUDIR6HGHVVHUHDOWUHVFRQIRUPLDOOHSUHVFUL]LRQLWHFQLFKHULSRUWDWHDO
SDUDJUDIR6SHUODVSHFLILFDWLSRORJLDGHOO
LPSLDQWR

6

6ROX]LRQLDOWHUQDWLYH
 6RQRDPPHVVH VROX]LRQLDOWHUQDWLYH DOOHVROHSUHVFUL]LRQLWHFQLFKHULSRUWDWHDO
SDUDJUDIR6
 $OILQHGHOUDJJLXQJLPHQWRGHOOLYHOORGLSUHVWD]LRQHLOSURJHWWLVWDGHYHGLPR
VWUDUHLOVRGGLVIDFLPHQWRGHJOLRELHWWLYLGLVLFXUH]]DGLFXLDOSDUDJUDIR6
LPSLHJDQGRXQRGHLPHWRGLDPPHVVLDOSDUDJUDIR*

6

2ELHWWLYLGLVLFXUH]]DDQWLQFHQGLR
 *OLLPSLDQWLWHFQRORJLFLHGLVHUYL]LRGLFXLDOSDUDJUDIR6GHYRQRULVSHWWD
UHLVHJXHQWLRELHWWLYLGLVLFXUH]]DDQWLQFHQGLR
D OLPLWDUHODSUREDELOLWGLFRVWLWXLUHFDXVDGLLQFHQGLRRGLHVSORVLRQH
E OLPLWDUHODSURSDJD]LRQHGLXQLQFHQGLRDOOLQWHUQRGHJOLDPELHQWLGLLQVWDOOD
]LRQHHFRQWLJXL
F QRQUHQGHUHLQHIILFDFLOHDOWUHPLVXUHDQWLQFHQGLRFRQSDUWLFRODUHULIHULPHQ
WRDJOLHOHPHQWLGLFRPSDUWLPHQWD]LRQH
G FRQVHQWLUHDJOLRFFXSDQWLGLODVFLDUHJOLDPELHQWLLQFRQGL]LRQHGLVLFXUH]]D
H FRQVHQWLUHDOOHVTXDGUHGLVRFFRUVRGLRSHUDUHLQFRQGL]LRQLGLVLFXUH]]D
I HVVHUHGLVDWWLYDELOLRDOWULPHQWLJHVWLELOLDVHJXLWRGLLQFHQGLR
 /DJHVWLRQHHODGLVDWWLYD]LRQHGLLPSLDQWLWHFQRORJLFLHGLVHUYL]LRDQFKHTXHOOL
GHVWLQDWLDULPDQHUHLQVHUYL]LRGXUDQWHOHPHUJHQ]DGHYH
D SRWHUHVVHUHHIIHWWXDWDGDSRVL]LRQLVHJQDODWHSURWHWWHGDOO
LQFHQGLRHIDFLO
PHQWHUDJJLXQJLELOL
E HVVHUHSUHYLVWDHGHVFULWWDQHOSLDQRG
HPHUJHQ]D

6

3UHVFUL]LRQLDJJLXQWLYHGLVLFXUH]]DDQWLQFHQGLR
 /HVHJXHQWLSUHVFUL]LRQLWHFQLFKHVLDSSOLFDQRDOOHVSHFLILFKHWLSRORJLHGLLP
SLDQWLWHFQRORJLFLHGLVHUYL]LRGLVHJXLWRLQGLFDWL

6

,PSLDQWLSHUODSURGX]LRQHWUDVIRUPD]LRQHWUDVSRUWRGLVWULEX]LRQHH
GLXWLOL]]D]LRQHGHOO
HQHUJLDHOHWWULFD
 *OLLPSLDQWLSHUODSURGX]LRQHWUDVIRUPD]LRQHWUDVSRUWRGLVWULEX]LRQHHGLXWL
OL]]D]LRQHGHOO
HQHUJLDHOHWWULFDGHYRQRSRVVHGHUHFDUDWWHULVWLFKHVWUXWWXUDOLWHQ
VLRQHGLDOLPHQWD]LRQHHSRVVLELOLWGLLQWHUYHQWRLQGLYLGXDWHQHOSLDQRGLHPHU
JHQ]D  WDOL  GD  QRQ  FRVWLWXLUH  SHULFROR  GXUDQWH  OH  RSHUD]LRQL  GL  HVWLQ]LRQH

&DSLWROR66LFXUH]]DGHJOLLPSLDQWLWHFQRORJLFLHGLVHUYL]LR

3DJLQD6

GHOO
LQFHQGLR$WDOILQHGHYHHVVHUHSUHYLVWRLQ]RQDVHJQDODWDHGLIDFLOHDFFHV
VRXQVH]LRQDPHQWRGLHPHUJHQ]DGHOO
LPSLDQWRHOHWWULFRGHOO
DWWLYLW
 /HFRVWUX]LRQLHOHWWULFKHGHYRQRHVVHUHUHDOL]]DWHWHQHQGRFRQWRGHOODFODVVLILFD
]LRQHGHOULVFKLRHOHWWULFRGHLOXRJKLLQFXLVRQRLQVWDOODWH
1RWDHVOXRJKLRUGLQDULDPDJJLRUULVFKLRLQFDVRGLLQFHQGLRDULVFKLRGLHVSORVLRQH

 'HYHHVVHUHYDOXWDWDLQIXQ]LRQHGHOODGHVWLQD]LRQHGHLORFDOLGHOWHPSRGLHYD
FXD]LRQHGDJOLVWHVVLGHOWLSRGLSRVDGHOOHFRQGXWWXUHHOHWWULFKHGHOO
LQFLGHQ]D
GHLFDYLHOHWWULFLVXJOLDOWULPDWHULDOLLPSLDQWLSUHVHQWLODQHFHVVLWGLXWLOL]]DUH
FDYLUHDOL]]DWLFRQPDWHULDOLLQJUDGRGLULGXUUHDOPLQLPRODHPLVVLRQHGLIXPR
ODSURGX]LRQHGLJDVDFLGLHFRUURVLYL
 *OLLPSLDQWLGHYRQRHVVHUHVXGGLYLVLLQSLFLUFXLWLWHUPLQDOLLQPRGRFKHXQ
JXDVWRQRQSRVVDJHQHUDUHVLWXD]LRQLGLSDQLFRRSHULFRORDOOLQWHUQRGHOODWWLYL
W4XDORUDQHFHVVDULRLGLVSRVLWLYLGLSURWH]LRQHGHYRQRHVVHUHVFHOWLLQPRGR
GDJDUDQWLUHXQDFRUUHWWDVHOHWWLYLW
 ,OTXDGURHOHWWULFRJHQHUDOHGHYHHVVHUHXELFDWRLQSRVL]LRQHVHJQDODWD,TXDGUL
FRQWHQHQWLFLUFXLWLGLVLFXUH]]DGHVWLQDWLDIXQ]LRQDUHGXUDQWHO
HPHUJHQ]DGH
YRQRHVVHUHSURWHWWLFRQWUROLQFHQGLR,TXDGULHOHWWULFLSRVVRQRHVVHUHLQVWDOODWL
OXQJROHYLHGLHVRGRDFRQGL]LRQHFKHQRQFRVWLWXLVFDQRRVWDFRORDOGHIOXVVRGH
JOLRFFXSDQWL
 4XDORUDLTXDGULHOHWWULFLVLDQRLQVWDOODWLLQDPELHQWLDSHUWLDOSXEEOLFRHVVLGH
YRQRHVVHUHSURWHWWLDOPHQRFRQXQDSRUWDIURQWDOHFRQFKLXVXUDDFKLDYH*OL
DSSDUHFFKLGLPDQRYUDGRYUDQQRVHPSUHULSRUWDUHFKLDUHLQGLFD]LRQLGHLFLUFXLWL
DFXLVLULIHULVFRQR
 *OLLPSLDQWLGLFXLDOSDUDJUDIR6FKHDEELDQRXQDIXQ]LRQHDLILQLGHOOD
JHVWLRQHGHOO
HPHUJHQ]DGHYRQRGLVSRUUHGLDOLPHQWD]LRQHHOHWWULFDGLVLFXUH]]D
FRQOHFDUDWWHULVWLFKHPLQLPHLQGLFDWHQHOODWDEHOOD6
1RWD7XWWLLVLVWHPLGLSURWH]LRQHDWWLYDHO
LOOXPLQD]LRQHGLVLFXUH]]DGHYRQRGLVSRUUHGLDOLPHQ
WD]LRQHHOHWWULFDGLVLFXUH]]D
8WHQ]D

,QWHUUX]LRQH

$XWRQRPLD

,OOXPLQD]LRQHGLVLFXUH]]D,5$,

,QWHUUX]LRQHEUHYHV

!
>@

6FDOHPRELOLHPDUFLDSLHGLPRELOLXWLOL]]DWLSHU
OHVRGR>@DVFHQVRULDQWLQFHQGLR6()&

,QWHUUX]LRQHPHGLDV

!
>@

6LVWHPLGLFRQWUROORRHVWLQ]LRQHGHJOLLQFHQGL

,QWHUUX]LRQHPHGLDV

!
>@

$VFHQVRULGLVRFFRUVR

,QWHUUX]LRQHPHGLDV

!

$OWUL,PSLDQWL

,QWHUUX]LRQHPHGLDV

!

>@/
DXWRQRPLDGHYHHVVHUHFRPXQTXHFRQJUXDFRQLOWHPSRGLVSRQLELOHSHUO
HVRGRGDOO
DWWLYLW
>@/
DXWRQRPLDSXHVVHUHLQIHULRUHHSDULDOWHPSRGLIXQ]LRQDPHQWRGHOO
LPSLDQWR
>@6RORVHXWLOL]]DWHLQPRYLPHQWRGXUDQWHO
HVRGRSURJHWWD]LRQHFRQVROX]LRQHGLYHUVDGDOODFRQIRUPH&DSLWROR6

7DEHOOD6$XWRQRPLDPLQLPDHGLQWHUUX]LRQHGHOO
DOLPHQWD]LRQHHOHWWULFDGLVLFXUH]]D
 ,FLUFXLWLGLVLFXUH]]DGHYRQRHVVHUHFKLDUDPHQWHLGHQWLILFDWLHVXFLDVFXQGLVSR
VLWLYRJHQHUDOHDSURWH]LRQHGHOODOLQHDLPSLDQWRHOHWWULFRGLVLFXUH]]DGHYHHVVH
UHDSSRVWRXQVHJQDOHULSRUWDQWHODGLFLWXUD 1RQPDQRYUDUHLQFDVRG
LQFHQ
GLR
6

,PSLDQWLIRWRYROWDLFL
 ,QSUHVHQ]DGLLPSLDQWLIRWRYROWDLFLLQVWDOODWLVXOOHFRSHUWXUHHVXOOHIDFFLDWHGH
JOLHGLILFLGRYUDQQRHVVHUHXWLOL]]DWLPDWHULDOLDGRWWDWHVROX]LRQLSURJHWWXDOLHG
DFFRUJLPHQWLWHFQLFLFKHOLPLWLQRODSUREDELOLWGLLQQHVFRGHOO
LQFHQGLRHODVXF
FHVVLYDSURSDJD]LRQHGHOORVWHVVRDQFKHDOO
LQWHUQRGHOODFRVWUX]LRQHHDGDOWUH
FRVWUX]LRQLOLPLWURIH

&DSLWROR66LFXUH]]DGHJOLLPSLDQWLWHFQRORJLFLHGLVHUYL]LR

3DJLQD6

 /
LQVWDOOD]LRQHGHJOLLPSLDQWLIRWRYROWDLFLGHYHJDUDQWLUHODVLFXUH]]DGHJOLRSH
UDWRULDGGHWWLDOOHRSHUD]LRQLGLPDQXWHQ]LRQHQRQFKODVLFXUH]]DGHLVRFFRUUL
WRUL
1RWD8WLOLULIHULPHQWLVRQRFRVWLWXLWLGDOOHFLUFRODUL'&35(9QGHOIHEEUDLRH'&
35(9GHOPDJJLR

6

3URWH]LRQHFRQWUROHVFDULFKHDWPRVIHULFKH
 3HUWXWWHOHDWWLYLWGHYHHVVHUHHVHJXLWDXQDYDOXWD]LRQHGHLULVFKLGDIXOPLQD
]LRQH
 6XOODEDVHGHLULVXOWDWLGHOODYDOXWD]LRQHGHOULVFKLRGLIXOPLQD]LRQHJOLLPSLDQWL
GLSURWH]LRQHFRQWUROHVFDULFKHDWPRVIHULFKHGHYRQRHVVHUHUHDOL]]DWLQHOULVSHW
WRGHOOHUHODWLYHQRUPHWHFQLFKH

6

,PSLDQWLGLVROOHYDPHQWRHWUDVSRUWRGLFRVHHSHUVRQH
 7XWWLJOLLPSLDQWLGLVROOHYDPHQWRHWUDVSRUWRGLFRVHHSHUVRQHQRQVSHFLILFDWD
PHQWHSURJHWWDWLSHUIXQ]LRQDUHLQFDVRGLLQFHQGLRGHYRQRHVVHUHGRWDWLGLDF
FRUJLPHQWLJHVWLRQDOLRUJDQL]]DWLYLHWHFQLFLFKHQHLPSHGLVFDQRO
XWLOL]]RLQ
FDVRGLHPHUJHQ]D
1RWDHVDVFHQVRULPRQWDFDULFKLPRQWDOHWWLJKHVFDOHPRELOLPDUFLDSLHGLPRELOL

6

,PSLDQWLGLGLVWULEX]LRQHJDVFRPEXVWLELOL
 /HFRQGXWWXUHSULQFLSDOLGHLJDVFRPEXVWLELOLDYDOOHGHLSXQWLGLFRQVHJQDGH
YRQRHVVHUHLQVWDOODWHDYLVWDHDOO
HVWHUQRDOIDEEULFDWR
1RWDHVWXED]LRQLGHOVHUYL]LRFRPXQHGLXWHQ]HGHOOHGLILFLRDOLPHQWDWRGDOOLPSLDQWRJDVFLR
OHVRWWRFRORQQHHOHFRORQQHPRQWDQWL

 ,QFDVRGLHYHQWXDOLEUHYLDWWUDYHUVDPHQWLGLORFDOLOHWXED]LRQLGLFXLDOFRP
PDGHYRQRHVVHUHSRVWHLQJXDLQDGLFODVVHHXURSHD$GLUHD]LRQHDOIXRFR
DHUDWD  DOOH  GXH  HVWUHPLW  YHUVR  O
HVWHUQR  H  GL  GLDPHWUR  VXSHULRUH  GL  DOPHQR
PPULVSHWWRDOODWXED]LRQHLQWHUQD
 FRQVHQWLWDOLQVWDOOD]LRQHGHOOHFRQGXWWXUHDOOLQWHUQRGHOOHRSHUHGDFRVWUX]LR
QHDFRQGL]LRQHFKHVLDHIIHWWXDWDYDOXWD]LRQHGHOULVFKLRHVSORVLRQHSUHYLVWDGDO
FDSLWROR9
6

'HSRVLWRGLFRPEXVWLELOL
 'HYRQRHVVHUHDGRWWDWHPLVXUHDOILQHGLHYLWDUHODGLVSHUVLRQHGHOFRPEXVWLELOH
 /HPLVXUHGLFXLDOFRPPDVRQRDGHVHPSLR
D EDFLQRGLFRQWHQLPHQWRLPSHUPHDELOH SURWHWWRGDJOLDJHQWLDWPRVIHULFL GL
YROXPHSDULDOODFDSDFLWFRPSOHVVLYDGHLVHUEDWRLGLFRPEXVWLELOLOLTXLGL
E GLVSRVLWLYLGLLQWHUFHWWD]LRQHGHOOHOLQHHFRQFRPDQGRLQSRVL]LRQHDFFHVVLEL
OHSURWHWWDHVHJQDODWD
F GLVSRVLWLYLGLDUUHVWRGHOOHSRPSHGLDOLPHQWD]LRQH
G GLVSRVLWLYLGLULYHOD]LRQHHGDOODUPH
H SURWH]LRQHFRQWURJOLXUWLDFFLGHQWDOLGDSDUWHGLYHLFROLRDOWULHOHPHQWL
I SURWH]LRQHGHLVHUEDWRLHGHOOHOLQHHFRQWURODFRUURVLRQH
J SUHGLVSRVL]LRQHGLDUHHGHGLFDWHDWWDFFKLLGRQHLSHULOFDULFRHVFDULFRLQVL
FXUH]]DGHLVHUEDWRL
K GLVSRVLWLYLDXWRPDWLFLSHULPSHGLUHLOVRYUDULHPSLPHQWRGHLVHUEDWRL
L SURFHGXUHRUGLQDULHHG
HPHUJHQ]D
 'HYRQRHVVHUHDGRWWDWHPLVXUHDOILQHGLHYLWDUHODSURSDJD]LRQHGHOO
LQFHQGLRH
GLPLWLJDUQHJOLHIIHWWL

&DSLWROR66LFXUH]]DGHJOLLPSLDQWLWHFQRORJLFLHGLVHUYL]LR

3DJLQD6

 /HPLVXUHGLFXLDOFRPPDVRQRDGHVHPSLR
D LPSLDQWLGLSURWH]LRQHDWWLYD
E LQWHUSRVL]LRQHGLLGRQHHGLVWDQ]HGLVHSDUD]LRQHWUDORVWRFFDJJLRGHOFRPEX
VWLELOHHO
LPSLDQWRVHUYLWR
F LQVHULPHQWRGHOORGHSRVLWRGLFRPEXVWLELOHHGHOUHODWLYRLPSLDQWRVHUYLWRLQ
FRPSDUWLPHQWLGLVWLQWL
G TXDORUDORVWRFFDJJLRGHOFRPEXVWLELOHQRQDYYHQJDDOO
DSHUWRRLQFRPSDUWL
PHQWRDXWRQRPRODTXDQWLWGLFRPEXVWLELOHVWRFFDWRVLDOLPLWDWDDOPLQLPR
LQGLVSHQVDELOHSHUODIXQ]LRQDOLWGHOOHDWWLYLWVHUYLWH
 ,OWXERGLVILDWRGHLYDSRULGDVHUEDWRLVLDDGHJXDWDPHQWHGLPHQVLRQDWRVIRFLDQ
WHDGDOPHQRPGDOSLDQRGLFDOSHVWLRHSRVWRDGLGRQHDGLVWDQ]DGDDOWUHDW
WLYLW
6

,PSLDQWLGLGLVWULEX]LRQHGLJDVPHGLFDOL
 /DGLVWULEX]LRQHGHLJDVPHGLFDOLGHYHDYYHQLUHGLUHJRODPHGLDQWHLPSLDQWL
FHQWUDOL]]DWL
 'HWWLLPSLDQWLGHYRQRULVSRQGHQWLDLVHJXHQWLFULWHUL
D OD GLVSRVL]LRQHJHRPHWULFDGHOOHWXED]LRQL GHOODUHWHSULPDULDGHYH HVVHUH
WDOH  GD  JDUDQWLUH  ODOLPHQWD]LRQH  GL  DOWUL  FRPSDUWLPHQWL  QRQ  LQWHUHVVDWL
GDOO
LQFHQGLR/LPSLDQWRGLXQFRPSDUWLPHQWRQRQGHYHHVVHUHGHULYDWRGD
XQDOWURFRPSDUWLPHQWRPDGLUHWWDPHQWHGDOODUHWHGLGLVWULEX]LRQHSULPDULD
E OLPSLDQWRGHYHHVVHUHFRPSDWLELOHFRQLOVLVWHPDGLFRPSDUWLPHQWD]LRQHDQ
WLQFHQGLRHGHYHSHUPHWWHUHOLQWHUUX]LRQHGHOODHURJD]LRQHGHLJDVPHGLDQWH
GLVSRVLWLYLGLLQWHUFHWWD]LRQHPDQXDOHSRVWLDOOHVWHUQRGLRJQLFRPSDUWLPHQ
WRLQSRVL]LRQHDFFHVVLELOHSURWHWWDHVHJQDODWDLGRQHLFDUWHOOLLQROWUHGHYR
QRLQGLFDUHLWUDWWLGLLPSLDQWRVH]LRQDELOLDVHJXLWRGHOODPDQRYUHGLLQWHU
FHWWD]LRQH
F OHUHWLGLGLVWULEX]LRQHGHLJDVPHGLFDOLGHYRQRHVVHUHGLVSRVWHLQPRGRWDOH
GDQRQLQWHUIHULUHLQDOFXQPRGRFRQUHWLGLDOWULLPSLDQWLWHFQRORJLFLHGHOHW
WULFL
G LFDYHGLDWWUDYHUVDWLGDJOLLPSLDQWLGLJDVPHGLFDOLGHYRQRHVVHUHYHQWLODWL
FRQDSHUWXUHODFXLSRVL]LRQHVDUIXQ]LRQHGHOODGHQVLWGHLJDVLQWHUHVVDWL

6

2SHUHGLHYDFXD]LRQHGHLSURGRWWLGHOODFRPEXVWLRQH
 1HOFDVRLQFXLOHFDQQHIXPDULHDWWUDYHUVLQRRODPELVFDQRPDWHULDOLFRPEXVWL
ELOLOHVWHVVHGRYUDQQRHVVHUHRSSRUWXQDPHQWHGLVWDQ]LDWH 8WLOLLQGLFD]LRQLLQ
PHULWRVRQRIRUQLWHQHOSDUDJUDIR6GHOSUHVHQWHGRFXPHQWR

6

,PSLDQWLFHQWUDOL]]DWLGLFOLPDWL]]D]LRQHHFRQGL]LRQDPHQWR
 *OLLPSLDQWLFHQWUDOL]]DWLGLFRQGL]LRQDPHQWRRGLYHQWLOD]LRQHGHYRQRSRVVHGH
UHUHTXLVLWLFKHJDUDQWLVFDQRLOUDJJLXQJLPHQWRGHLVHJXHQWLXOWHULRULVSHFLILFL
RELHWWLYL
D HYLWDUHLOULFLUFRORGHLSURGRWWLGHOODFRPEXVWLRQHRGLDOWULJDVULWHQXWLSHUL
FRORVL
E QRQSURGXUUHDFDXVDGLDYDULHRJXDVWLSURSULIXPLFKHVLGLIIRQGDQRQHLOR
FDOLVHUYLWL
F QRQFRVWLWXLUHHOHPHQWRGLSURSDJD]LRQHGLIXPLRILDPPHDQFKHQHOODIDVH
LQL]LDOHGHJOLLQFHQGL

&DSLWROR66LFXUH]]DGHJOLLPSLDQWLWHFQRORJLFLHGLVHUYL]LR

3DJLQD6

6

5LIHULPHQWL
 6LLQGLFDQRLVHJXHQWLULIHULPHQWLELEOLRJUDILFL
D 1RUPH&(,H81,DSSOLFDELOL
E 60DQQDQ/HVV
/RVV3UHYHQWLRQLQWKH3URFHVV,QGXVWULHV+D]DUG,GHQWL
ILFDWLRQ$VVHVVPHQWDQG&RQWURO(G%XWWHUZRUWK+HLQHPDQQ

&DSLWROR66LFXUH]]DGHJOLLPSLDQWLWHFQRORJLFLHGLVHUYL]LR

3DJLQD6

6H]LRQH9

5HJROHWHFQLFKHYHUWLFDOL

5(*2/(7(&1,&+(9(57,&$/,

&DSLWROR9

$UHHDULVFKLRVSHFLILFR

6FRSRHFDPSRGLDSSOLFD]LRQH
6WUDWHJLDDQWLQFHQGLR

&DSLWROR9$UHHDULVFKLRVSHFLILFR

3DJLQD9

9

6FRSRHFDPSRGLDSSOLFD]LRQH
 /DSUHVHQWHUHJRODWHFQLFDUHFDOHLQGLFD]LRQLGLSUHYHQ]LRQHLQFHQGLFKHVLDS
SOLFDQRDOOHDUHHDULVFKLRVSHFLILFR
 /HDUHHDULVFKLRVSHFLILFRVRQRLQGLYLGXDWHGDOSURJHWWLVWDVXOODEDVHGHLVH
JXHQWLFULWHULRILVVDWHGDOODVSHFLILFDUHJRODWHFQLFDYHUWLFDOH
D DUHHLQFXLVLGHWHQJRQRRWUDWWDQRVRVWDQ]HRPLVFHOHSHULFRORVHPDWHULDOL
FRPEXVWLELOLRLQILDPPDELOLLQTXDQWLWVLJQLILFDWLYH
E DUHH  LQ  FXL  VL  HIIHWWXDQR  ODYRUD]LRQL  SHULFRORVH  DL  ILQL  GHOO
LQFHQGLR  R
GHOO
HVSORVLRQH
F DUHHLQFXLYLSUHVHQ]DGLLPSLDQWLRORURFRPSRQHQWLULOHYDQWLDLILQLGHOOD
VLFXUH]]DDQWLQFHQGLRGLFXLDOFDSLWROR6
G DUHHFRQFDULFRGLLQFHQGLRVSHFLILFRTI!0-P QRQ RFFXSDWHRFRQ
SUHVHQ]DRFFDVLRQDOHHGLEUHYHGXUDWDGLSHUVRQDOHDGGHWWR
 /RVWRFFDJJLRGLOLPLWDWHTXDQWLWGLOLTXLGLLQILDPPDELOLLQDUPDGLPHWDOOLFLSHU
LPSLHJKL  IXQ]LRQDOL  DOO
DWWLYLW  SULQFLSDOH  QRQ   JHQHUDOPHQWH FRQVLGHUDWR UL
VFKLRVSHFLILFR
 (YHQWXDOLDUHHDVHUYL]LRGHOO
DWWLYLWSULQFLSDOHLQFXLYLSUHVHQ]DGHJOLLP
SLDQWLGLFXLDOSXQWROHWWHUDFJLUHJRODWLGDVSHFLILFKHUHJROHWHFQLFKHGLSUH
YHQ]LRQHLQFHQGLQRQVRQRFRQVLGHUDWHDUHHDULVFKLRVSHFLILFR

9

6WUDWHJLDDQWLQFHQGLR
 ,QUHOD]LRQHDOOHULVXOWDQ]HGHOODYDOXWD]LRQHGHOULVFKLRGLLQFHQGLRHGDOOHFDUDW
WHULVWLFKHGHOOHDUHHDULVFKLRVSHFLILFRLOSURJHWWLVWDYDOXWDDOPHQRO
DSSOLFD
]LRQHGHOOHVHJXHQWLPLVXUH
D LQVHULPHQWRGHOOHDUHHDULVFKLRVSHFLILFRLQFRPSDUWLPHQWRDQWLQFHQGLRDXWR
QRPR  &DSLWROR6  LQWHUSRVL]LRQH  GL  GLVWDQ]H  GL  VHSDUD]LRQH  ULGX]LRQH
GHOOHVXSHUILFLORUGHGLFRPSDUWLPHQWRXELFD]LRQHIXRULWHUUDRVXSLDQLSRFR
SURIRQGL
E LQVWDOOD]LRQHGLLPSLDQWLGLFRQWUROORRHVWLQ]LRQHGHOO
LQFHQGLRFRQOLYHOORGL
SUHVWD]LRQHQRQLQIHULRUHD,,&DSLWROR6
F LQVWDOOD]LRQH  GL  XQ  LPSLDQWR  ,5$,  FRQ  OLYHOOR  GL  SUHVWD]LRQH  ,,,  &DSLWR
OR6
G SUHGLVSRVL]LRQHGLVLVWHPLSHULOFRQWUROORIXPLHFDORUHFRQOLYHOORGLSUHVWD
]LRQHQRQLQIHULRUHD,,&DSLWROR6
H SUHGLVSRVL]LRQHGLLGRQHHPLVXUHGLJHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR&D
SLWROR6
I HIIHWWXD]LRQHGHOODYDOXWD]LRQHGHOULVFKLRGLHVSORVLRQH&DSLWROR9
 1HOFDVRGLFRPSDUWLPHQWD]LRQHPXOWLSLDQRGHOO
DWWLYLW&DSLWROR6OHDUHHD
ULVFKLRVSHFLILFRGHYRQRFRPXQTXHHVVHUHLQVHULWHLQFRPSDUWLPHQWRDXWRQRPR

&DSLWROR9$UHHDULVFKLRVSHFLILFR

3DJLQD9

5(*2/(7(&1,&+(9(57,&$/,

&DSLWROR9

$UHHDULVFKLRSHUDWPRVIHUHHVSORVLYH

6FRSRHFDPSRGLDSSOLFD]LRQH
9DOXWD]LRQHGHOULVFKLRGLHVSORVLRQH
0LVXUHSHUODULGX]LRQHGHOULVFKLRGLHVSORVLRQH
0LVXUHSHUODULGX]LRQHGHOULVFKLRSHUJOLRFFXSDQWL
3URGRWWLLPSLHJDELOL
2SHUHGDFRVWUX]LRQHSURJHWWDWHSHUUHVLVWHUHDOOHHVSORVLRQL
5LIHULPHQWL

&DSLWROR9$UHHDULVFKLRSHUDWPRVIHUHHVSORVLYH

3DJLQD9

9

6FRSRHFDPSRGLDSSOLFD]LRQH
 /DSUHVHQWHUHJRODWHFQLFDYHUWLFDOHWUDWWDGHLFULWHULGLYDOXWD]LRQHHULGX]LRQH
GHOULVFKLRGLHVSORVLRQHQHOOHDWWLYLWVRJJHWWH
 1HOOHDWWLYLWVRJJHWWHLQFXLVRQRSUHVHQWLVRVWDQ]HLQILDPPDELOLDOORVWDWRGL
JDVYDSRULQHEELHRSROYHULLQGHSRVLWRLQFLFORGLODYRUD]LRQHRGLWUDVIRUPD
]LRQHLQVLVWHPLGLWUDVSRVWRPDQLSROD]LRQHRPRYLPHQWD]LRQHLOUHVSRQVDELOH
GHOO
DWWLYLWGHYHYDOXWDUHLOULVFKLRGLIRUPD]LRQHGLDWPRVIHUHHVSORVLYHLQGLYL
GXDQGROHPLVXUHWHFQLFKHQHFHVVDULHDOFRQVHJXLPHQWRGHLVHJXHQWLRELHWWLYLLQ
RUGLQHGLSULRULWGHFUHVFHQWH
D SUHYHQLUHODIRUPD]LRQHGLDWPRVIHUHHVSORVLYH
E HYLWDUHO
DFFHQVLRQHGLDWPRVIHUHHVSORVLYH
F DWWHQXDUHLGDQQLGLXQ
HVSORVLRQHLQPRGRGDJDUDQWLUHODVDOXWHHODVLFXUH]
]DGHJOLRFFXSDQWL
 *OLRELHWWLYLGHOFRPPDGHYRQRHVVHUHFRQVHJXLWLFRQO
LQVWDOOD]LRQHGLSURGRW
WLDYHQWLXQDGHJXDWRJUDGRGLVLFXUH]]DHTXLYDOHQWHVHFRQGROHGLVSRVL]LRQLOH
JLVODWLYHDQFKHFRPXQLWDULHHOHQRUPHWHFQLFKHYLJHQWLWHQXWRFRQWRGHOODSUR
EDELOLWGLSUHVHQ]DGLDWPRVIHUDHVSORVLYDPHGLDQWHLQGLYLGXD]LRQHGL]RQHH
GHOODSUREDELOLWGLLQHIILFDFLDGHLPH]]LGLSURWH]LRQHLYLDPPHVVL
 /HDWWLYLWVRJJHWWHFRQSUHVHQ]DGL ULVFKLRGHULYDQWHGDDWPRVIHUHSRWHQ]LDO
PHQWHHVSORVLYHGHYRQRGLVSRUUHGHOODGRFXPHQWD]LRQHWHFQLFDDWWHVWDQWHO
LGR
QHLW
GHLSURGRWWLLQVWDOODWLSHUORVSHFLILFRXVRQHOOXRJRGLXWLOL]]RHRGLODYR
URLQFRQIRUPLWDQFKHGHOJUXSSRHGHOODFDWHJRULDGHOSURGRWWRQRQFKGLWXW
WHOHLQGLFD]LRQLIRUQLWHGDOIDEEULFDQWHHQHFHVVDULHSHULOIXQ]LRQDPHQWRVLFXUR
GHJOLVWHVVL

9

9DOXWD]LRQHGHOULVFKLRGLHVSORVLRQH
 /DYDOXWD]LRQHGHOULVFKLRGLHVSORVLRQHGHYHHVVHUHHIIHWWXDWDDWWUDYHUVROHVH
JXHQWLIDVL
D LQGLYLGXD]LRQHGHOOHFRQGL]LRQLJHQHUDOLGLSHULFRORGLHVSORVLRQH
E LGHQWLILFD]LRQH  GHOOH FDUDWWHULVWLFKH GHOOH  VRVWDQ]H  LQILDPPDELOL  R  SROYHUL
FRPEXVWLELOL
F GHWHUPLQD]LRQHGHOODSUREDELOLWGLIRUPD]LRQHGHOODGXUDWDHGHOO
HVWHQVLRQH
GHOOHDWPRVIHUHHVSORVLYH
G LGHQWLILFD]LRQHGHLSRWHQ]LDOLSHULFROLGLLQQHVFR
H YDOXWD]LRQHGHOO
HQWLWGHJOLHIIHWWLSUHYHGLELOLGLXQ
HVSORVLRQH
I TXDQWLILFD]LRQHGHOOLYHOORGLULVFKLRDFFHWWDELOH
J DGR]LRQHGLPLVXUHILQDOL]]DWHDOODULGX]LRQHGHOULVFKLRGLHVSORVLRQH

9

,QGLYLGXD]LRQHGLFRQGL]LRQLJHQHUDOLGLSHULFRORGLHVSORVLRQH
 /
LQGLYLGXD]LRQHGHOOHFRQGL]LRQLJHQHUDOLGLSHULFRORGLHVSORVLRQHFRPSRUWDOR
VWXGLRGHOOHVH]LRQLRUHSDUWLSHULFRORVLGHOOHDSSDUHFFKLDWXUHHGHJOLLPSLDQWLGL
SURFHVVRHWHFQRORJLFLSUHVHQWLFRQVLGHUDQGRDQFKHO
RUJDQL]]D]LRQHGHOODYRUR
HGHOOHDWWLYLWVYROWHQHJOLDPELWLRJJHWWRGLYDOXWD]LRQH
 ,OSURFHVVRSURGXWWLYRGHYHHVVHUHFDUDWWHUL]]DWRLQWXWWHOHIDVLGLDWWLYLWRIHU
PDWD SUHYLVWH HVQRUPDOH  IXQ]LRQDPHQWRDYYLR IHUPDWD  RUGLQDULD IHUPDWD

&DSLWROR9$UHHDULVFKLRSHUDWPRVIHUHHVSORVLYH

3DJLQD9

GLIIHULWDIHUPDWDGLHPHUJHQ]DPDQXWHQ]LRQHJXDVWRFRQSDUWLFRODUHDWWHQ]LR
QHDOOHIDVLWUDQVLWRULH
 /HDQDOLVLGDFRQGXUUHVXOOHDSSDUHFFKLDWXUHHVXJOLLPSLDQWLGLSURFHVVRHWHF
QRORJLFLGHYRQRHVVHUHPLUDWHDOOLQGLYLGXD]LRQH
D GHOOHSRWHQ]LDOLIRQWLGLLQQHVFRSUHVHQWL
E GHOOHSRWHQ]LDOLVRUJHQWLGLHPLVVLRQH
F GHOOHFDUDWWHULVWLFKHFRVWUXWWLYHGLLQVWDOOD]LRQHRGXVRHGLPDQXWHQ]LRQH
YHULILFDQGRODFRQIRUPLW
L DOOHHYHQWXDOLVSHFLILFKHGLVSRVL]LRQLOHJLVODWLYHHUHJRODPHQWDULGLUHFH
SLPHQWRGHOOHGLUHWWLYHFRPXQLWDULHGLSURGRWWR
LL DOOHQRUPHWHFQLFKHYLJHQWL
LLL DOOHLVWUX]LRQLGHLIDEEULFDQWL
9

,GHQWLILFD]LRQHGHOOHFDUDWWHULVWLFKHGHOOHVRVWDQ]HLQILDPPDELOLR
SROYHULFRPEXVWLELOL
 3HUOHVRVWDQ]HLQILDPPDELOLHOHSROYHULFRPEXVWLELOLGHYRQRHVVHUHLQGLYLGXDWH
OHFDUDWWHULVWLFKHFKLPLFRILVLFKHSHUWLQHQWLDOO
HVSORVLRQHLQWXWWHOHFRQGL]LRQL
DPELHQWDOLVLJQLILFDWLYHHOHFDUDWWHULVWLFKHGHLVLVWHPLGLGHSRVLWRRVWRFFDJJLR
SUHYLVWLVHFRQGROHQRUPHWHFQLFKHDSSOLFDELOL

9

'HWHUPLQD]LRQHGHOODSUREDELOLWGLIRUPD]LRQHGHOODGXUDWDH
GHOO
HVWHQVLRQHGHOOHDWPRVIHUHHVSORVLYH]RQL]]D]LRQH
 *OLLPSLDQWLGRYHYHQJRQRODYRUDWHRGHSRVLWDWHVRVWDQ]HLQILDPPDELOLGHYRQR
HVVHUHSURJHWWDWLHVHUFLWLHPDQWHQXWLLQPRGRGDULGXUUHDOPLQLPROHHPLVVLRQL
GLVRVWDQ]HLQILDPPDELOLVRWWRIRUPDGLJDVYDSRULQHEELHRSROYHULHOHFRQVH
JXHQWL HVWHQVLRQLGHOOH]RQHLQWHUHVVDWHGDOULODVFLRFRQULIHULPHQWRDOOD IUH
TXHQ]DGXUDWDHTXDQWLWGHOOHHPLVVLRQL
 /HDUHHDULVFKLRGLHVSORVLRQHGHYRQRHVVHUHULSDUWLWHLQ]RQHLQEDVHDOODIUH
TXHQ]DHDOODGXUDWDGHOODSUHVHQ]DGLDWPRVIHUHHVSORVLYHFRVFRPHGHILQLWR
QHOODWDEHOOD9/LQGLYLGXD]LRQHGHOOH]RQHSHULFRORVHHGHOODUHODWLYDSUR
EDELOLWGLDFFDGLPHQWRGHYHHVVHUHFRQGRWWDVHFRQGRODQRUPDWLYDWHFQLFDDS
SOLFDELOH/DVXGGLYLVLRQHLQ]RQHGHLOXRJKLFRQSHULFRORGLHVSORVLRQHSXHV
VHUHHIIHWWXDWDDQFKHDWWUDYHUVRO
XWLOL]]RGLFRGLFLGLFDOFRORULFRQRVFLXWL
 *OLVWUDWLGLSROYHUHFRPEXVWLELOHVHGLVSHVVRUHSHULFRORVRVHFRQGROHLQGLFD
]LRQLGHOOHYLJHQWLQRUPHWHFQLFKHGHYRQRHVVHUHFRQVLGHUDWLFRPHTXDOVLDVLDO
WUDIRQWHLQJUDGRGLIRUPDUHXQ
DWPRVIHUDHVSORVLYD

=RQDSHUOD
SUHVHQ]DGLJDV
YDSRULHQHEELH

=RQDSHUOD
SUHVHQ]DGL
SROYHUL

'HILQL]LRQHGHOOLYHOORGLSHULFROR



/XRJRLQFXLXQ
DWPRVIHUDHVSORVLYDSUHVHQWHLQSHUPDQHQ]DRSHU
OXQJKLSHULRGLRIUHTXHQWHPHQWH ,OSHULFRORSUHVHQWHVHPSUHRIUH
TXHQWHPHQWH



/XRJRLQFXLSUREDELOHFKHXQ
DWPRVIHUDHVSORVLYDVLSUHVHQWLRFFD
VLRQDOPHQWHGXUDQWHLOIXQ]LRQDPHQWRQRUPDOH,OSHULFRORSUHVHQWH
WDOYROWD



/XRJRLQFXLLPSUREDELOHFKHXQ
DWPRVIHUDHVSORVLYDVLSUHVHQWLGX
UDQWHLOQRUPDOHIXQ]LRQDPHQWRPDFKHVHVLSUHVHQWDSHUVLVWHVROR
SHUXQEUHYHSHULRGRLOSHULFRORSUHVHQWHUDUDPHQWHRTXDVLPDL

1(

/XRJRLQFXLLOYROXPHGHOO
DWPRVIHUDHVSORVLYDGLHVWHQVLRQHWUDVFX
UDELOHQHJOLJLEOHH[WHQVLRQV

7DEHOOD9&ODVVLILFD]LRQHGHOOH]RQHFRQSUHVHQ]DGLDWPRVIHUDHVSORVLYD
&DSLWROR9$UHHDULVFKLRSHUDWPRVIHUHHVSORVLYH

3DJLQD9

9

,GHQWLILFD]LRQHGHLSRWHQ]LDOLSHULFROLLQQHVFR
 ,SHULFROLGLLQQHVFRVRQRVWUHWWDPHQWHOHJDWLDSUHVHQ]DGLVRUJHQWLGLDFFHQVLR
QHHGDSURSULHWGLDFFHQVLRQHGHOOHPLVFHOHSRWHQ]LDOPHQWHHVSORVLYH
 8QHOHQFRGLSRVVLELOLVRUJHQWLGLDFFHQVLRQHLQGLFDWRLQWDEHOOD9

6XSHUILFLFDOGH
)LDPPHJDVSDUWLFHOOHFDOGH
6FLQWLOOHGLRULJLQHPHFFDQLFD
0DWHULDOHHGLPSLDQWLHOHWWULFL
&RUUHQWLYDJDQWLSURWH]LRQHFDWRGLFD
(OHWWULFLWVWDWLFD
)XOPLQL
5DGLRIUHTXHQ]DGD+]Dy+]
2QGHHOHWWURPDJQHWLFKHGDy+]Dy+]
5DGLD]LRQLLRQL]]DQWL
8OWUDVXRQL
&RPSUHVVLRQHDGLDEDWLFDHGRQGHG
XUWR
5HD]LRQLHVRWHUPLFKH

7DEHOOD96RUJHQWLGLDFFHQVLRQHWUDWWHGDOODQRUPD81,(1
 /DSRVVLELOLWGLDFFHQVLRQHGLXQDDWPRVIHUDHVSORVLYDVWUHWWDPHQWHGLSHQGHQ
WHGDOODIUHTXHQ]DFRQFXLOHVRUJHQWLGLDFFHQVLRQHYHQJRQRDFRQWDWWRFRQOD
PLVFHODHVSORVLYD$WDOHILQHOHVRUJHQWLGLDFFHQVLRQHSRVVRQRHVVHUHFRVFODV
VLILFDWH
D VRUJHQWLGLDFFHQVLRQHFKHSRVVRQRPDQLIHVWDUVLFRQWLQXDPHQWHRIUHTXHQWH
PHQWHLQJHQHUHSUHVHQWLGXUDQWHOHQRUPDOLRSHUD]LRQL
E VRUJHQWLGLDFFHQVLRQHFKHSRVVRQRPDQLIHVWDUVLLQFLUFRVWDQ]HUDUHLQJHQH
UHDVHJXLWRGLPDOIXQ]LRQDPHQWLSUHYHGLELOL
F VRUJHQWLGLDFFHQVLRQHFKHSRVVRQRPDQLIHVWDUVLLQFLUFRVWDQ]HPROWRUDUHLQ
JHQHUHDVHJXLWRGLPDOIXQ]LRQDPHQWLHVWUHPDPHQWHUDUL
 ,QWHUPLQLGLDWWUH]]DWXUHVLVWHPLGLSURWH]LRQHHFRPSRQHQWLXWLOL]]DWLODFODVVL
ILFD]LRQHGHOFRPPDSUHFHGHQWHGHYHHVVHUHULWHQXWDHTXLYDOHQWHD
D VRUJHQWLGLDFFHQVLRQHFKHSRVVRQRPDQLIHVWDUVLGXUDQWHLO QRUPDOHIXQ]LR
QDPHQWR
E VRUJHQWLGLDFFHQVLRQHFKHSRVVRQRPDQLIHVWDUVLXQLFDPHQWHDVHJXLWRGLGL
VIXQ]LRQLSUHYLVWH
F VRUJHQWLGLDFFHQVLRQHFKHSRVVRQRPDQLIHVWDUVLXQLFDPHQWHDVHJXLWRGLGL
VIXQ]LRQLUDUH
 (VVHQGRQHFHVVDULRDVVLFXUDUHXQOLYHOORGLVLFXUH]]DHTXLYDOHQWHDGHJXDWRLQ
QHVVXQDGHOOH]RQHGHOODWDEHOOD9VRQRFRQVHQWLWHDWWUH]]DWXUHFKHSUHVHQWL
QRLQQHVFKLIUHTXHQWLRFRQWLQXL
9

9DOXWD]LRQHGHOO
HQWLWGHJOLHIIHWWLSUHYHGLELOLGLXQ
HVSORVLRQH
 $LILQLGHOODYDOXWD]LRQHGHJOLHIIHWWLSUHYHGLELOLGLXQ
HVSORVLRQHQHFHVVDULR
WHQHUFRQWRGHOOHFRQVHJXHQ]HVXOOHHYHQWXDOLSHUVRQHHVSRVWHVXOOHVWUXWWXUHH
VXJOLLPSLDQWLGHLVHJXHQWLHIIHWWLILVLFLGLXQ
HVSORVLRQH
D ILDPPHHJDVFDOGL
E LUUDJJLDPHQWRWHUPLFR

&DSLWROR9$UHHDULVFKLRSHUDWPRVIHUHHVSORVLYH

3DJLQD9

F RQGHGLSUHVVLRQH
G SURLH]LRQHGLIUDPPHQWLRRJJHWWL
H ULODVFLGLVRVWDQ]HSHULFRORVH
 3HUODYHULILFDGHOO
RELHWWLYRGLVDOYDJXDUGLDGHJOLRFFXSDQWLGHYRQRHVVHUHFRQ
VLGHUDWLDOPHQRLVHJXHQWLHIIHWWL
D GDQQHJJLDPHQWR  GHJOL  HOHPHQWL  GL  FRPSDUWLPHQWD]LRQH  QRQ  UHVLVWHQWL
DOOHVSORVLRQHVHFRQGR17&HGLQJHQHUDOHDJOLLPSDWWLPHFFDQLFL
E IXRULVHUYL]LRGHJOLLPSLDQWLGLSURWH]LRQHDWWLYDLQWHUQLDOORFDOHGLRULJLQH
GHOOHVSORVLRQH
F HIIHWWRGRPLQRHVGDQQHJJLDPHQWRGLDOWULVLVWHPLGLFRQWHQLPHQWRLPSLDQ
WLRDSSDUHFFKLDWXUHFRQULODVFLRGLVRVWDQ]HSHULFRORVH
G GDQQHJJLDPHQWRGHOOHPLVXUHGLSURWH]LRQHDGRWWDWHVXOOHIRQWLGLLQQHVFR
SUHVHQWLFRQFRQVHJXHQWHDFFHQVLRQHGHOOHDWPRVIHUHHVSORVLYHSURGRWWHGDOOH
VRVWDQ]HULODVFLDWH
 1HLFDVLLQFXLOHVSORVLRQHSRWUHEEHHVVHUHVHJXLWDGDXQLQFHQGLRVLGHYHYDOX
WDUHTXHVWXOWLPRVFHQDULRWHQHQGRFRQWRGHOOLQGLVSRQLELOLWGLTXDQWRGDQQHJ
JLDWRGDOO
HVSORVLRQH
 1HLFDVLLQ FXLD VHJXLWRGLXQLQFHQGLRSRWUHEEHYHULILFDUVLXQHVSORVLRQHVL
GHYHYDOXWDUHTXHVWXOWLPRVFHQDULRWHQHQGRFRQWRGHOOLQGLVSRQLELOLWGLTXDQWR
GDQQHJJLDWRGDOO
LQFHQGLR
 3HUODGHWHUPLQD]LRQHGHOOHVRYUDSSUHVVLRQLFKHVLVYLOXSSDQRQHOOHHVSORVLRQLVL
SXULFRUUHUHDIRUPXOD]LRQLVHPSOLILFDWHSUHVHQWLLQQRUPDWLYDRDHVSUHVVLRQL
HPSLULFKHFKHFROOHJDQRIUDORUROHJUDQGH]]HSLVLJQLILFDWLYHGLXQDHVSORVLR
QH,PRGHOOLHPSLULFLVHPSOLILFDWLGLFDOFRORPDJJLRUPHQWHXWLOL]]DWLVRQRLO
717HTXLYDOHQWHLO7120XOWLHQHUJ\HGLO&&3645$
 2OWUHDLPHWRGLHPSLULFLHGDLPRGHOOLVHPSOLILFDWLSHUODVWLPDGHOOHVRYUDS
SUHVVLRQLFKHVLVYLOXSSDQRDVHJXLWRGLHVSORVLRQLVLSXULFRUUHUHDFRGLFLGL
FDOFRORULFRQRVFLXWL
9

0LVXUHSHUODULGX]LRQHGHOULVFKLRGLHVSORVLRQH
 3HUODULGX]LRQHGHOULVFKLRGLHVSORVLRQHSRVVRQRDGRWWDUVLOHVHJXHQWLPLVXUH
D PLVXUHGL SUHYHQ]LRQHFKHULJXDUGDQRODULGX]LRQHGHOOHSUREDELOLWGLIRU
PD]LRQHHGLQQHVFRGLXQDPLVFHODHVSORVLYD
E PLVXUHGLSURWH]LRQHFKHFRPSRUWDQRODPLWLJD]LRQHGHJOLHIIHWWLGLXQ
HVSOR
VLRQHHQWUROLPLWLDFFHWWDELOL
F PLVXUHJHVWLRQDOLFKHSUHYHGRQRODULGX]LRQHGHOULVFKLRGLHVSORVLRQHPH
GLDQWHDGR]LRQHGLSURFHGXUHGLFRUUHWWDRUJDQL]]D]LRQHGHOODYRURHGHLSUR
FHVVLSURGXWWLYL
 /HPLVXUHGLSUHYHQ]LRQHHJHVWLRQDOLVRQRVHPSUHGDSUHIHULUHDOOHPLVXUHGL
SURWH]LRQHVLGHYHULFRUUHUHDOOHPLVXUHGLSURWH]LRQHTXDQGRQRQSRVVLELOHUL
FRQGXUUHLOOLYHOORGLULVFKLRDGXQOLYHOORDFFHWWDELOHFRQODVRODDSSOLFD]LRQHGL
PLVXUHGLSUHYHQ]LRQHHJHVWLRQDOL
 3HULOFRQVHJXLPHQWRGHOOLYHOORGLVLFXUH]]DHTXLYDOHQWHULFKLHVWRGDOOHGLVSRVL
]LRQLOHJLVODWLYHDQFKHFRPXQLWDULHHOHQRUPHWHFQLFKHYLJHQWLOHPLVXUHLPSLH
JDELOLVRQRULSRUWDWHQHOOHWDEHOOH9H9

&DSLWROR9$UHHDULVFKLRSHUDWPRVIHUHHVSORVLYH

3DJLQD9

3URYYHGLPHQWLRUJDQL]]DWLYL
D
D
D
D
D
D
D

)RUPD]LRQHSURIHVVLRQDOHLQPDWHULDGLSURWH]LRQHGDOOHHVSORVLRQLGHLODYRUDWRULDGGHWWLDLOXRJKLGRYH
SRVVRQRIRUPDUVLDWPRVIHUHHVSORVLYH
$VVHJQD]LRQHDLODYRUDWRULDGGHWWLGLDWWUH]]DWXUHSRUWDWLOLHGLLQGXPHQWLGLODYRURQRQLQJUDGRGLLQQH
VFDUHXQDWPRVIHUDHVSORVLYD
$VVHJQD]LRQHDLODYRUDWRULDGGHWWLGLDWWUH]]DWXUHSRUWDWLOLSHUODULYHOD]LRQHGLDWPRVIHUHHVSORVLYH
3UHGLVSRVL]LRQHGLVSHFLILFKHSURFHGXUHGLODYRURHGLFRPSRUWDPHQWRSHULODYRUDWRULDGGHWWL
6HJQDOD]LRQHGHLSHULFROLGLIRUPD]LRQHGLDWPRVIHUHHVSORVLYH
$GR]LRQHGLSURFHGXUHVSHFLILFKHLQFDVRGLHPHUJHQ]DSHUODPHVVDLQVLFXUH]]DGHOOHVRUJHQWLGLHPLV
VLRQHHGHOOHIRQWLGLLQQHVFR
5HDOL]]D]LRQHGHOOHYHULILFKHGLVLFXUH]]DYHULILFDLQL]LDOHSHULRGLFDHPDQXWHQ]LRQHGHJOLLPSLDQWLHGHO
OHDWWUH]]DWXUHLQVWDOODWHQHLOXRJKLGLODYRURFRQDUHHLQFXLSRVVDQRIRUPDUVLDWPRVIHUHHVSORVLYHQHOUL
VSHWWRGHOOHQRUPDWLYHWHFQLFKHDSSOLFDELOL

7DEHOOD90LVXUHLPSLHJDELOLSURYYHGLPHQWLRUJDQL]]DWLYL
3URYYHGLPHQWLLPSLDQWLVWLFL
D
D
D

D
D
D
D
D

3URWH]LRQHGDLGDQQHJJLDPHQWLPHFFDQLFLGHLVLVWHPLGLFRQWHQLPHQWRGLVRVWDQ]HLQILDPPDELOLDOILQHGL
HYLWDUHODURWWXUDGLFRPSRQHQWL
,PSLHJRGLVLVWHPLDFLUFXLWRFKLXVRSHUODPRYLPHQWD]LRQHGHOOHVRVWDQ]HLQILDPPDELOL
5HDOL]]D]LRQHGLVLVWHPLGLGLVSHUVLRQHGLOXL]LRQHERQLILFDGHLULODVFLGLVRVWDQ]HLQILDPPDELOLLQDPELHQWH
LQPRGRGDFRQVHJXLUHXQRGHLVHJXHQWLRELHWWLYL
PDQWHQHUHODFRQFHQWUD]LRQHGHOOHPLVFHOHSRWHQ]LDOPHQWHHVSORVLYHDOGLIXRULGHLOLPLWLGLHVSORVLYLW
ULGXUUHOHVWHQVLRQHGHOODWPRVIHUDSHULFRORVDDYROXPLWUDVFXUDELOLVHFRQGROHQRUPHWHFQLFKHDSSOL
FDELOLDLILQLGHOOHFRQVHJXHQ]HLQFDVRGLDFFHQVLRQH
FRQILQDUHODWPRVIHUDSHULFRORVDLQDUHHGRYHQRQVRQRSUHVHQWLVRUJHQWLGLLQQHVFRHIILFDFL
,QVWDOOD]LRQHGLLPSLDQWLGLULYHOD]LRQHVRVWDQ]HLQILDPPDELOLSHU
DWWLYD]LRQHGHOOHPLVXUHGLPHVVDLQVLFXUH]]DGHOOHVRUJHQWLGLHPLVVLRQHHGHOOHIRQWLGLLQQHVFR
HYDFXD]LRQHGHOOHSHUVRQHSUHYHQWLYDPHQWHDOODFFHQVLRQHGHOODWPRVIHUDHVSORVLYD
,QVWDOOD]LRQHDOOLQWHUQRGHOOHDUHHGRYHSUREDELOHODSUHVHQ]DGLDWPRVIHUHHVSORVLYHGLLPSLDQWLDWWUH]
]DWXUHVLVWHPLGLSURWH]LRQHHUHODWLYLVLVWHPLGLFRQQHVVLRQHQRQLQJUDGRGLSURYRFDUQHODFFHQVLRQH
,QVWDOOD]LRQHGLLPSLDQWLGLULYHOD]LRQHLQQHVFKLHVVFLQWLOOHVXSHUILFLFDOGH
5HDOL]]D]LRQHGLVLVWHPLGLLQHUWL]]D]LRQHGHOOHDSSDUHFFKLDWXUHLQPRGRGDULGXUUHODFRQFHQWUD]LRQHGL
RVVLJHQRDOGLVRWWRGHOODFRQFHQWUD]LRQHOLPLWH/2&
,QVWDOOD]LRQHGLVLVWHPLGLPLWLJD]LRQHGHJOLHIIHWWLGLXQHVSORVLRQHSHUULGXUUHDOPLQLPRLULVFKLUDSSUHVHQ
WDWLSHULODYRUDWRULGDOOHFRQVHJXHQ]HILVLFKHGLXQ
HVSORVLRQHVFHOWLWUDLVHJXHQWL
VLVWHPLGLSURWH]LRQHPHGLDQWHVIRJRGHOOHVSORVLRQHGLJDV
VLVWHPLGLSURWH]LRQHPHGLDQWHVIRJRGHOO
HVSORVLRQHGLSROYHUL
VLVWHPLGLLVRODPHQWRGHOOHVSORVLRQH
VLVWHPLGLVRSSUHVVLRQHGHOOHVSORVLRQH
DSSDUHFFKLUHVLVWHQWLDOOHHVSORVLRQL
HOHPHQWLFRVWUXWWLYLGHLIDEEULFDWLSURJHWWDWLSHUUHVLVWHUHDOOHHVSORVLRQL

7DEHOOD90LVXUHLPSLHJDELOLSURYYHGLPHQWLLPSLDQWLVWLFL
 ,OJUDGRGLVLFXUH]]DGHJOLLPSLDQWLHGHOOHDSSDUHFFKLDWXUHGHYHHVVHUHFRQIRU
PHDOOHLQGLFD]LRQLFRQWHQXWHQHOOHQRUPHWHFQLFKHVFHOWHSHUODSURJHWWD]LRQHH
UHDOL]]D]LRQHRLQDVVHQ]DGHYHHVVHUHLQGLYLGXDWRPHGLDQWHWHFQLFKHGLDQDOLVL
GL  DIILGDELOLW  TXDOL )DLOXUH  0RGH  DQG  (IIHFW $QDO\VLV )0($  (1  
)DXOWWUHHDQDO\VLV)7$(10DUNRY(1
9

0LVXUHSHUODULGX]LRQHGHOULVFKLRSHUJOLRFFXSDQWL
 ,OOD\RXWGHOO
RSHUDGDFRVWUX]LRQHHGHJOLLPSLDQWLGHYHHVVHUHFRQFHSLWRFRQ
ORELHWWLYRGLULGXUUHLOQXPHURGLRFFXSDQWLHVSRVWLDJOLHIIHWWLGLXQ
HVSORVLRQH
HVVRYUDSSUHVVLRQHFDORUHSURLH]LRQHGLIUDPPHQWL$WDOILQHOHVRUJHQWL
GLSHULFRORSRVVRQRHVVHUHLQVWDOODWHFRPHVHJXH
D DOOHVWHUQRGHLIDEEULFDWLRSSRUWXQDPHQWHVFKHUPDWHRGLVWDQ]LDWH
E LQORFDOLGRYHSUHYLVWDVRORODSUHVHQ]DRFFDVLRQDOHGLRFFXSDQWL
F DOOLQWHUQRGHLORFDOLLQSRVL]LRQHRSSRUWXQDPHQWHVFKHUPDWDULVSHWWRDOOH
SRVWD]LRQLILVVHGLODYRUR

&DSLWROR9$UHHDULVFKLRSHUDWPRVIHUHHVSORVLYH

3DJLQD9

G LQORFDOLGRWDWLGLPLVXUHHVLPSLDQWRGLULYHOD]LRQHGLVRVWDQ]HLQILDPPDEL
OLWDOLGDFRQVHQWLUHDJOLRFFXSDQWLGLUDJJLXQJHUHXQOXRJRVLFXURDLILQL
GHOO
HVSORVLRQHSULPDGHOODFFHQVLRQH
9

3URGRWWLLPSLHJDELOL
 1HOFDVRLQFXLVLDSRVVLELOHODIRUPD]LRQHGLDWPRVIHUHHVSORVLYHHQRQVLDSRV
VLELOHULPXRYHUHOHVRUJHQWLGLLQQHVFRGDOOH]RQHVLGHYRQRXWLOL]]DUHSURGRWWL
HV  DSSDUHFFKLDWXUH  VLVWHPL  GL  SURWH]LRQH  FRPSRQHQWL    RSSRUWXQDPHQWH
SURJHWWDWL
7DOLSURGRWWLGHYRQRHVVHUHULVSRQGHQWLDOODGLUHWWLYD$7(;GLSURGRWWRFKHSUH
YHGHGLIIHUHQWLFDWHJRULHLQUHOD]LRQHDOO
LPSLHJRLQFLDVFXQD]RQDFODVVLILFDWD
 3HUJOLDSSDUHFFKLFRPSRQHQWLHVLVWHPLGLSURWH]LRQHLPSLHJDELOLLQLQGXVWULH
HGDWWLYLWGLVXSHUILFLH,,*UXSSRGHOODGLUHWWLYDGLSURGRWWR$7(;YHQJRQR
GHILQLWHOHVHJXHQWLFDWHJRULH
D &DWHJRULDOLYHOORGLSURWH]LRQHPROWRHOHYDWR
,SURGRWWLQRQGHYRQRHVVHUHFDXVDGLLQQHVFRDQFKHLQFDVRGLJXDVWRHFFH
]LRQDOH,PH]]LGLSURWH]LRQHVRQRWDOLFKHLQFDVRGLJXDVWRGLXQRGHLPH]
]LGLSURWH]LRQHDOPHQRXQVHFRQGRPH]]RLQGLSHQGHQWHDVVLFXUDLOOLYHOORGL
VLFXUH]]D ULFKLHVWRRSSXUH TXDORUD VLPDQLIHVWLQRGXHJXDVWLLQGLSHQGHQWL
XQRGDOO
DOWURJDUDQWLWRLOOLYHOORGLSURWH]LRQHULFKLHVWR
E &DWHJRULDOLYHOORGLSURWH]LRQHHOHYDWR
,PH]]LGLSURWH]LRQHJDUDQWLVFRQRLOOLYHOORGLSURWH]LRQHULFKLHVWRDQFKHLQ
SUHVHQ]DGLDQRPDOLHULFRUUHQWLRGLIHWWLGLIXQ]LRQDPHQWRGHJOLDSSDUHFFKL
GLFXLRFFRUUHDELWXDOPHQWHWHQHUFRQWR
F &DWHJRULDOLYHOORGLSURWH]LRQHQRUPDOH
,PH]]LGLSURWH]LRQHJDUDQWLVFRQRLOOLYHOORGLSURWH]LRQHULFKLHVWRDIXQ]LR
QDPHQWRQRUPDOH
 /DWDEHOOD9ULSRUWDODFRPSDWLELOLWGHLFRPSRQHQWLGHOOHDSSDUHFFKLDWXUH
GHLVLVWHPLGLSURWH]LRQHHFRQWUROORFRQOH]RQHFODVVLILFDWHSHUODSUHVHQ]DGL
DWPRVIHUDHVSORVLYH
$WPRVIHUDHVSORVLYD
*DV

3ROYHUL

=RQD

&DWHJRULD$7(;>@

*

**

***



'



''



'''

>@*SHUJDVH'SHUGXVWSROYHUH

7DEHOOD9&RPSDWLELOLWGHLFRPSRQHQWLGHOOHDSSDUHFFKLDWXUHHGHLVLVWHPLGLSURWH]LRQHH
FRQWUROORHOH]RQHFODVVLILFDWHSHUODSUHVHQ]DGLDWPRVIHUDHVSORVLYH
 *OLLPSLDQWLOHDWWUH]]DWXUHLVLVWHPLGLSURWH]LRQHHWXWWLLORURGLVSRVLWLYLGL
FROOHJDPHQWRSRVVRQRHVVHUHXWLOL]]DWLRHVVHUHPHVVLLQVHUYL]LRLQXQ
DWPRVIHUD
HVSORVLYDVRODPHQWHGRSRDYHUYHULILFDWRODFRPSDWLELOLWGHOOD]RQDQHOODTXDOH
VRQRFKLDPDWLDVYROJHUHODSURSULDIXQ]LRQH
7DOLLQGLFD]LRQLGHYRQRHVVHUHDWWXWDWHDQFKHSHUSHUWXWWHOHDWWUH]]DWXUHLP
SLDQWLVLVWHPLHLUHODWLYLGLVSRVLWLYLGLFROOHJDPHQWRFKHQRQVRQRDSSDUHFFKLR
&DSLWROR9$UHHDULVFKLRSHUDWPRVIHUHHVSORVLYH

3DJLQD9

VLVWHPLGLSURWH]LRQHDLVHQVLGHOODGLUHWWLYD$7(;GLSURGRWWRTXDORUDUDSSUH
VHQWLQRXQSHULFRORGLDFFHQVLRQHSHULOIDWWRGLHVVHUHLQFRUSRUDWLLQXQLPSLDQ
WR
 7XWWHOHWLSRORJLHLPSLDQWLVWLFKHOHDWWUH]]DWXUHHGLVLVWHPLHVLVWHQWLFKHGRYHV
VHURULFDGHUHLQ]RQHFODVVLILFDWHDLILQLGHOO
HVSORVLRQHGHYRQRJDUDQWLUHXQJUD
GRGLVLFXUH]]DHTXLYDOHQWHFRPHLQGLFDWRDOSDUDJUDIR9
9

2SHUHGDFRVWUX]LRQHSURJHWWDWHSHUUHVLVWHUHDOOHHVSORVLRQL
 ,QJHQHUDOHOHRSHUHGDFRVWUX]LRQHSRVVRQRHVVHUHSURJHWWDWHLQPRGRWDOHGD
OLPLWDUHJOLHIIHWWLGLHVSORVLRQLDOO
LQWHUQRGHOOHVWHVVHRQHLFRQIURQWLGLFRVWUX
]LRQLOLPLWURIH
 /HVWUDWHJLHGLSURJHWWD]LRQHVWUXWWXUDOHGLSHQGRQRGDJOLRELHWWLYLGLVLFXUH]]D
SUHILVVDWL
D VDOYDJXDUGLDGHOODYLWDGHJOLRFFXSDQWLDOO
LQWHUQRGHOODFRVWUX]LRQH
E VDOYDJXDUGLDGHOODYLWDGHJOLRFFXSDQWLGLFRVWUX]LRQLOLPLWURIH
F WXWHODGLEHQLFRQWHQXWLQHOOHFRVWUX]LRQL
G OLPLWD]LRQHGLGDQQLDOODFRVWUX]LRQHLQFXLVLRULJLQDO
HVSORVLRQH
H OLPLWD]LRQHGLGDQQLDFRVWUX]LRQLOLPLWURIH
I OLPLWD]LRQHGLHIIHWWLGRPLQR
 /HIDVLGHOODSURJHWWD]LRQHGLVWUXWWXUHUHVLVWHQWLDOOHHVSORVLRQLDOILQHGLVDOYD
JXDUGDUHODYLWDGHJOLRFFXSDQWLHOLPLWDUHLOGDQQHJJLDPHQWRVWUXWWXUDOHVRQR
D PRGHOOD]LRQHGHJOLHIIHWWLGHOO
HVSORVLRQHTXDQWLILFD]LRQHGHOOHD]LRQL
E DQDOLVLVWUXWWXUDOH
F SURJHWWD]LRQHFRVWUXWWLYDHYHULILFD
 /DPRGHOOD]LRQHGHJOLHIIHWWLGHOO
HVSORVLRQHFRQGRWWDFRQULIHULPHQWRDJOLHI
IHWWLSURYRFDWLHGDOOHUHODWLYHFRQVHJXHQ]HFRVFRPHLQGLFDWRQHOODWDEHOOD9
WUDWWDGDOOH17&HGDO1$'GHOODQRUPD(1

&DSLWROR9$UHHDULVFKLRSHUDWPRVIHUHHVSORVLYH

3DJLQD9

&DWHJRULDGHOOHD]LRQL
GRYXWHDOOHHVSORVLRQL
17&


&ODVVLGLFRQVHJXHQ]D
1$'(1

(IIHWWLWUDVFXUDELOL
VXOOHVWUXWWXUH

&&

&&ULVFKLRLQIHULRUH

2SHUHGDFRVWUX]LRQHFRQSUHVHQ]DVRORRFFD
VLRQDOHGLRFFXSDQWLHGLILFLDJULFROL

2SHUHGDFRVWUX]LRQHLOFXLXVRSUHYHGDQRUPDOL
DIIROODPHQWL  VHQ]D  FRQWHQXWL  SHULFRORVL  SHU
O
DPELHQWH H VHQ]D IXQ]LRQL SXEEOLFKH H VRFLDOL
HVVHQ]LDOL
,QGXVWULHFRQDWWLYLWQRQSHULFRORVHSHUO
DPELHQ
WH
3RQWL RSHUH LQIUDVWUXWWXUDOL UHWL YLDULH QRQULFD
GHQWLQHOOHFODVVLGLFRQVHJXHQ]DVXSHULRUL

D
D

(IIHWWLORFDOL]]DWLVX
SDUWHGHOOHVWUXWWXUH

D
&&ULVFKLRVXSHULRUH

D
D
D
D

(IIHWWLJHQHUDOL]]DWL
VXOOHVWUXWWXUH

&&

D
D

2SHUHGDFRVWUX]LRQHLOFXLXVRSUHYHGDDIIROOD
PHQWLVLJQLILFDWLYL
,QGXVWULHFRQDWWLYLWSHULFRORVHSHUO
DPELHQWH
5HWLYLDULHH[WUDXUEDQHQRQULFDGHQWLLQFODVVHGL
FRQVHJXHQ]D
3RQWLHUHWLIHUURYLDULHODFXLLQWHUUX]LRQHSURYRFKL
VLWXD]LRQLGLHPHUJHQ]D
2SHUHGDFRVWUX]LRQHFRQIXQ]LRQLSXEEOLFKHR
VWUDWHJLFKH  LPSRVWDQWL  DQFKH  FRQ  ULIHULPHQWR
DOODJHVWLRQHGHOODSURWH]LRQHFLYLOHLQFDVRGLFD
ODPLW
,QGXVWULH  FRQ DWWLYLW  SDUWLFRODUPHQWH SHULFRORVH
SHUO
DPELHQWH
3RQWLHUHWLIHUURYLDULHGLLPSRUWDQ]DFULWLFDSHULO
PDQWHQLPHQWRGHOOHYLHGLFRPXQLFD]LRQH

7DEHOOD9&ODVVLILFD]LRQHGHOOHD]LRQLGRYXWHDOOHHVSORVLRQL17&HGHOOHUHODWLYHFODVVLGL

FRQVHJXHQ]H1$'(1
 $LILQLGHOODTXDQWLILFD]LRQHGHOOHD]LRQLDJHQWLVXOOHVWUXWWXUHLQFDVRGLHVSOR
VLRQHGHYHHVVHUHLPSLHJDWDODFRPELQD]LRQHGLFDULFRSHUD]LRQLHFFH]LRQDOLGL
FXLDOOH17&WHQHQGRSUHVHQWHFKH
D SHUOHRSHUHGDFRVWUX]LRQHFRQULVFKLRGLHVSORVLRQHFRQHIIHWWLGLFDWHJR
ULDULFDGHQWLTXLQGLQHOODFODVVHGLFRQVHJXHQ]D&&QRQYDQQRFRQVLGH
UDWHOHD]LRQLGHULYDQWLGDHVSORVLRQH
E SHUOHRSHUHGDFRVWUX]LRQHFRQULVFKLRGLHVSORVLRQHFRQHIIHWWLGLFDWHJR
ULDULFDGHQWLTXLQGLQHOOHFODVVLGLFRQVHJXHQ]D&&ODTXDQWLILFD]LRQH
GHOOHD]LRQLVLHIIHWWXDFRQULIHULPHQWRD
L 17&SHUODVRYUDSSUHVVLRQHGLSURJHWWRGDLPSLHJDUHSHUOHYHULILFKHLQ
FDVRGLHVSORVLRQLFRQILQDWHGLJDVYDSRULRQHEELH
LL (1LQWHJUDWDGDOULVSHWWLYR1$'SHUODVRYUDSSUHVVLRQHGLSUR
JHWWRSHUHVSORVLRQLGLSROYHUL
F SHUOHRSHUHGDFRVWUX]LRQHFRQULVFKLRGLHVSORVLRQHFRQHIIHWWLGLFDWHJR
ULDULFDGHQWLTXLQGLQHOODFODVVHGLFRQVHJXHQ]D&&GHYRQRHVVHUHHIIHW
WXDWHDQDOLVLPHGLDQWHPHWRGLDYDQ]DWLFKHWHQJDQRFRQWR
L GHJOLHIIHWWLGHOYHQWLQJHGHOODJHRPHWULDGHJOLDPELHQWLQHOFDOFRORGHOOD
VRYUDSSUHVVLRQH
LL GHOFRPSRUWDPHQWRGLQDPLFRQRQOLQHDUHGHOOHVWUXWWXUH
LLL GLDQDOLVLGHOULVFKLRHIIHWWXDWHFRQPHWRGLSUREDELOLVWLFL
LY GLDVSHWWLHFRQRPLFLSHUO
RWWLPL]]D]LRQHGHOOHVROX]LRQL

&DSLWROR9$UHHDULVFKLRSHUDWPRVIHUHHVSORVLYH

3DJLQD9

 /
DQDOLVLVWUXWWXUDOHSXHVVHUHFRQGRWWDFRQPRGHOOLVHPSOLILFDWLGLWLSRVWDWLFR
HTXLYDOHQWLQHOFDVRGLRSHUHGDFRVWUX]LRQHLQFODVVH&&RFRQDQDOLVLGLQDPL
FKHQRQOLQHDULSHURSHUHGDFRVWUX]LRQHLQFODVVH&&
 /DSURJHWWD]LRQHFRVWUXWWLYDGLRSHUHGDFRVWUX]LRQHFDUDWWHUL]]DWHGDOULVFKLRGL
HVSORVLRQHSUHYHGHLQJHQHUHO
DGR]LRQHGLPLVXUHGLULGX]LRQHGHOGDQQRGD
HVSORVLRQH
 $LILQLGHOOH YHULILFKHSHUOHRSHUHGDFRVWUX]LRQHULFDGHQWLQHOODFDWHJRULDGL
D]LRQHQRQVRQRULFKLHVWHYHULILFKHVWUXWWXUDOL3HUOHRSHUHGDFRVWUX]LRQHUL
FDGHQWLLQFDWHJRULDRULFKLHVWDODYHULILFDGHJOLHOHPHQWLVWUXWWXUDOLSHUOD
FRPELQD]LRQHGHOOHD]LRQLHFFH]LRQDOLFKHGLPRVWULROWUHDLUHTXLVLWLGLUREX
VWH]]DFKHODFDSDFLWSRUWDQWHGHOO
LQWHUDVWUXWWXUDVLDJDUDQWLWDSHUXQWHPSR
VXIILFLHQWHDIILQFKVLDQRDWWXDWHOHSUHYLVWHPLVXUHGLHPHUJHQ]DHVHYDFXD]LR
QHHVRFFRUVRGHJOLRFFXSDQWL
9

5LIHULPHQWL
 'HFUHWROHJLVODWLYRQGHODSULOHHVPL7HVWRXQLFRVXOODVDOXWHHVL
FXUH]]DVXOODYRUR
 'HFUHWRGHO3UHVLGHQWHGHOOD5HSXEEOLFDQGHOPDU]RHVPL5H
JRODPHQWRUHFDQWHQRUPHSHUODWWXD]LRQHGHOODGLUHWWLYD&(LQPDWHULDGL
DSSDUHFFKLHVLVWHPLGLSURWH]LRQHGHVWLQDWLDGHVVHUHXWLOL]]DWLLQDWPRVIHUDSR
WHQ]LDOPHQWHHVSORVLYD
 'LUHWWLYD&(GHO3DUODPHQWRHXURSHRHGHO&RQVLJOLRGHOGLFHPEUH
UHODWLYDDOOHSUHVFUL]LRQLPLQLPHSHULOPLJOLRUDPHQWRGHOODWXWHODGHOODVL
FXUH]]DGHOODVDOXWHGHLODYRUDWRULFKHSRVVRQRHVVHUHHVSRVWLDOULVFKLRGLDWPR
VIHUHHVSORVLYH
 'LUHWWLYD&(GHO3DUODPHQWRHXURSHRHGHO&RQVLJOLRGHOPDU]R
FRQFHUQHQWHLOUDYYLFLQDPHQWRGHOOHOHJLVOD]LRQLGHJOL6WDWLPHPEULUHODWLYHDJOL
DSSDUHFFKLHVLVWHPLGLSURWH]LRQHGHVWLQDWLDHVVHUHXWLOL]]DWLLQDWPRVIHUDSR
WHQ]LDOPHQWHHVSORVLYD
 'LUHWWLYD8('HO3DUODPHQWR(XURSHRHGHO&RQVLJOLRGHOIHEEUDLR
FRQFHUQHQWHODUPRQL]]D]LRQHGHOOHOHJLVOD]LRQLGHJOL6WDWLPHPEULUHODWL
YHDJOLDSSDUHFFKLHVLVWHPLGLSURWH]LRQHGHVWLQDWLDHVVHUHXWLOL]]DWLLQDWPRVIH
UDSRWHQ]LDOPHQWHHVSORVLYD
 'HFUHWRGHO0LQLVWURGHOOHLQIUDVWUXWWXUHJHQQDLR$SSURYD]LRQHGHOOH
QXRYHQRUPHWHFQLFKHSHUOHFRVWUX]LRQL
 'HFUHWRGHO0LQLVWURGHOOHLQIUDVWUXWWXUHHGHLWUDVSRUWLOXJOLR$SSUR
YD]LRQHGHOOH$SSHQGLFLQD]LRQDOLUHFDQWLLSDUDPHWULWHFQLFLSHUO
DSSOLFD]LRQH
GHJOL(XURFRGLFL

&DSLWROR9$UHHDULVFKLRSHUDWPRVIHUHHVSORVLYH

3DJLQD9

5(*2/(7(&1,&+(9(57,&$/,

&DSLWROR9

9DQLGHJOLDVFHQVRUL

6FRSRHFDPSRGLDSSOLFD]LRQH
&ODVVLILFD]LRQL
6WUDWHJLDDQWLQFHQGLR

&DSLWROR99DQLGHJOLDVFHQVRUL

3DJLQD9

9

6FRSRHFDPSRGLDSSOLFD]LRQH
 /DSUHVHQWHUHJRODWHFQLFDYHUWLFDOHKDSHUVFRSRO
HPDQD]LRQHGLGLVSRVL]LRQLGL
SUHYHQ]LRQHLQFHQGLULJXDUGDQWLLYDQLGHJOLDVFHQVRULSHUWUDVSRUWRGLSHUVRQH
HPHUFLLQVWDOODWLQHOOHDWWLYLWVRJJHWWH
 3HUYDQLGHJOLDVFHQVRULGHYRQRLQWHQGHUVL
D LORFDOLPDFFKLQDULR
E LORFDOLSXOHJJHGLULQYLR
F LYDQLGLFRUVD
G OHDUHHGLODYRURGHVWLQDWHDJOLLPSLDQWLGLVROOHYDPHQWR

9

&ODVVLILFD]LRQL
 ,YDQLGHJOLDVFHQVRULVRQRFODVVLILFDWLFRPHVHJXH
6$YDQLDSHUWL
6%YDQLSURWHWWL
6&YDQLDSURYDGLIXPR
6'YDQLSHUDVFHQVRULDQWLQFHQGLR
6(YDQLSHUDVFHQVRULGLVRFFRUVR

&DSLWROR99DQLGHJOLDVFHQVRUL

3DJLQD9

9

6WUDWHJLDDQWLQFHQGLR
 'HYRQRHVVHUHDSSOLFDWHOHSUHVFUL]LRQLGHOSUHVHQWHFDSLWRORVHQ]DGHWHUPLQDUH
SURILOLGLULVFKLR

9

3UHVFUL]LRQLFRPXQL
 'HYRQRHVVHUHFRVWLWXLWLGDPDWHULDOHQRQFRPEXVWLELOH
D OHSDUHWLOHSRUWHHGLSRUWHOOLGLDFFHVVR
E LVHWWLGLVHSDUD]LRQHWUDYDQRGLFRUVDORFDOHGHOPDFFKLQDULRORFDOHGHOOH
SXOHJJHGLULQYLR
F O
LQWHODLDWXUDGLVRVWHJQRGHOODFDELQD
 ,IRULGLFRPXQLFD]LRQHDWWUDYHUVRLVHWWLGLVHSDUD]LRQHSHUSDVVDJJLRGLIXQL
FDYLRWXED]LRQLGHYRQRDYHUHOHGLPHQVLRQLPLQLPHLQGLVSHQVDELOL
 3HULYDQLGHJOLDVFHQVRULGHYHHVVHUHVRGGLVIDWWRLOOLYHOORGLSUHVWD]LRQH,,GHOOD
PLVXUDFRQWUROORGLIXPLHFDORUH&DSLWROR6
 6HLFRPSDUWLPHQWLVHUYLWLVRQRGRWDWLGL,5$,O
DVFHQVRUHGRYUHEEHHVVHUHUHD
OL]]DWRVHFRQGRODQRUPD81,(1
 ,QSURVVLPLWGHOO
DFFHVVRGHJOLVSD]LHRORFDOHGHOPDFFKLQDULRRYHSUHVHQWH
GHYHHVVHUHSRVL]LRQDWRXQHVWLQWRUHVHFRQGRLFULWHULSUHYLVWLDOFDSLWROR6

9

3UHVFUL]LRQLSHULOWLSR6%
 ,OYDQRGHJOLDVFHQVRULGLWLSR6%GHYHHVVHUHGLWLSRSURWHWWRRHVVHUHLQVHULWRLQ
YDQRVFDOHSURWHWWR
 /DFODVVHGLUHVLVWHQ]DDOIXRFRGHYHHVVHUHFRUULVSRQGHQWHDTXHOODGHLFRPSDU
WLPHQWLVHUYLWLHFRPXQTXHQRQLQIHULRUHD
 /HSDUHWLLOSDYLPHQWRHGLOWHWWRGHOODFDELQDGHYRQRHVVHUHFRVWLWXLWLGDPDWH
ULDOLDSSDUWHQHQWLDOJUXSSR*0GLUHD]LRQHDOIXRFRFRPHGHILQLWRQHOFDSLWR
OR6

9

3UHVFUL]LRQLSHULOWLSR6&
 'HYRQRHVVHUHULVSHWWDWHOHSUHVFUL]LRQLGLFXLSHULOWLSR6%
 ,OYDQRGHJOLDVFHQVRULGLWLSR6&GHYHHVVHUHGLWLSRDSURYDGLIXPRSURYHQLHQ
WH  GDOO
DWWLYLW R  HVVHUH  LQVHULWR  LQ  YDQR  VFDOH D  SURYD  GL  IXPR  SURYHQLHQWH
GDOO
DWWLYLW

9

3UHVFUL]LRQLSHULOWLSR6'
 'HYRQRHVVHUHULVSHWWDWHOHSUHVFUL]LRQLGLFXLSHULOWLSR6&
 /
DVFHQVRUHGHYHHVVHUHUHDOL]]DWRLQFRQIRUPLWDOODQRUPD81,(1
 /DFODVVHGLUHVLVWHQ]DDOIXRFRGHOYDQRGHJOLDVFHQVRULGHYHHVVHUHFRUULVSRQ
GHQWHDTXHOODGHLFRPSDUWLPHQWLVHUYLWLHFRPXQTXHQRQLQIHULRUHD
 *OLDWULSURWHWWLGHYRQRSRVVHGHUHDOPHQROHFDUDWWHULVWLFKHSUHYLVWHSHULOILOWUR
&DSLWROR6/DVXSHUILFLHORUGDGHOO
DWULRSURWHWWRQRQSXHVVHUHLQIHULRUHD
P
 /RVEDUFRGHOO
DVFHQVRUHDOSLDQRGLULIHULPHQWRGHYHLPPHWWHUHVXOXRJRVLFXUR
GLUHWWDPHQWHRPHGLDQWHSHUFRUVRSURWHWWR
 /HSDUHWLLOSDYLPHQWRHGLOWHWWRGHOODFDELQDGHYRQRHVVHUHUHDOL]]DWLFRQPDWH
ULDOHQRQFRPEXVWLELOH

9

3UHVFUL]LRQLSHULOWLSR6(
 'HYRQRHVVHUHULVSHWWDWHWXWWHOHSUHVFUL]LRQLGLFXLSHULOWLSR6'

&DSLWROR99DQLGHJOLDVFHQVRUL

3DJLQD9

 *OLDWULSURWHWWLGHJOLDVFHQVRULGLVRFFRUVRGHYRQRHVVHUHLQGLSHQGHQWLGDOVLVWH
PDGHOOHYLHG
HVRGRGHOO
DWWLYLWSHUHYLWDUHLQWHUIHUHQ]HWUDO
RSHUDGHL9LJLOL
GHOIXRFRHO
HVRGR
 ,OQXPHURGHJOLDVFHQVRULGLVRFFRUVRGHYHHVVHUHGHILQLWRLQPRGRGDVHUYLUH
FRQHVVLO
LQWHUDVXSHUILFLHGLFLDVFXQSLDQRGHOO
HGLILFLR
 /HGLPHQVLRQLLQWHUQHGHOODFDELQDHGHJOLDWULLSURWHWWLGHYRQRHVVHUHVWDELOLWHLQ
DFFRUGRFRQLOFRPSHWHQWH&RPDQGRSURYLQFLDOHGHL9LJLOLGHOIXRFR
 /HSRUWHGLSLDQRHGLFDELQDGHYRQRHVVHUHDGD]LRQDPHQWRPDQXDOHODSRUWDGL
FDELQDGHYHHVVHUHDGXQDRSLDQWHVFRUUHYROLRUL]]RQWDOL
 8QLQWHUUXWWRUHDFKLDYHSRVWRDRJQLSLDQRVHUYLWRGHYHFRQVHQWLUHDLYLJLOLGHO
IXRFRGLFKLDPDUHGLUHWWDPHQWHO
DVFHQVRUHGLVRFFRUVR
 /
DVFHQVRUHGHYHHVVHUHGRWDWRGLLGRQHRVLVWHPDGLFRPDQGRD]LRQDELOHDQFKH
LQDVVHQ]DGLDOLPHQWD]LRQHHOHWWULFDLQJUDGRGLULSRUWDUHODFDELQDDOSLDQRGL
ULIHULPHQWRGHOFRPSDUWLPHQWR7DOHFRPDQGRGHYHHVVHUHVHJQDODWRHIDFLOPHQ
WHDFFHVVLELOHSHULVRFFRUULWRUL
 $OILQHGLDVVLFXUDUHODGLVSRQLELOLWGHOO
LPSLDQWRDQFKHLQFDVRGLXVRLPSUR
SULRGHYHHVVHUHLQVWDOODWRXQGLVSRVLWLYRFKHTXDQGRLOWHPSRGLVRVWDGHOODFD
ELQDDGXQSLDQRGLYHUVRGDTXHOORGLULIHULPHQWRGHOFRPSDUWLPHQWRVXSHUDL
PLQXWLULSRUWLDXWRPDWLFDPHQWHODFDELQDDOSLDQRGLULIHULPHQWRGHOFRPSDUWL
PHQWR8QDOODUPHOXPLQRVRHGDFXVWLFRGHYHVHJQDODUHLOIDOOLPHQWRGLTXHVWD
PDQRYUDDOSHUVRQDOHGHOO
HGLILFLRWDOHDOODUPHQRQGHYHHVVHUHRSHUDWLYRTXDQ
GRO
DVFHQVRUHVRWWRLOFRQWUROORGHL9LJLOLGHOIXRFR

&DSLWROR99DQLGHJOLDVFHQVRUL

3DJLQD9

6H]LRQH0

0HWRGL

0(72',

&DSLWROR0

0HWRGRORJLDSHUO
LQJHJQHULD
GHOODVLFXUH]]DDQWLQFHQGLR

3UHPHVVD
)DVLGHOODPHWRGRORJLD
3ULPDIDVHDQDOLVLSUHOLPLQDUH
6HFRQGDIDVHDQDOLVLTXDQWLWDWLYD
'RFXPHQWD]LRQHGLSURJHWWR
6RPPDULRWHFQLFR
5HOD]LRQHWHFQLFD
*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR
&ULWHULGLVFHOWDHG
XVRGHLPRGHOOLHGHLFRGLFLGLFDOFROR
5LIHULPHQWL

&DSLWROR00HWRGRORJLDSHUO
LQJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD0

0

3UHPHVVD
 /
DSSOLFD]LRQHGHLSULQFLSLGHOO
LQJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLRFRQVHQWH
DQDORJDPHQWHDOOHDOWUHGLVFLSOLQHLQJHJQHULVWLFKHGLGHILQLUHVROX]LRQLLGRQHH
DOUDJJLXQJLPHQWRGLRELHWWLYLSURJHWWXDOLPHGLDQWHDQDOLVLGLWLSRTXDQWLWDWLYR
 1HOSUHVHQWHFDSLWRORVLGHVFULYHLQGHWWDJOLRODPHWRGRORJLDGLSURJHWWD]LRQH
GHOO
LQJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLRRSURJHWWD]LRQHDQWLQFHQGLRSUHVWD
]LRQDOH
 3HUDOWULDVSHWWLWHFQLFLGHOODSURJHWWD]LRQHDQWLQFHQGLRSUHVWD]LRQDOHGHYRQRHV
VHUHLPSLHJDWHOHLQGLFD]LRQLULSRUWDWLQHLVHJXHQWLFDSLWROL
D FDSLWROR06FHQDULGLLQFHQGLRSHUODSURJHWWD]LRQHSUHVWD]LRQDOH
E FDSLWROR06DOYDJXDUGLDGHOODYLWDFRQODSURJHWWD]LRQHSUHVWD]LRQDOH
 3HUJOLDVSHWWLGHOODSURJHWWD]LRQHDQWLQFHQGLRSUHVWD]LRQDOHQRQHVSOLFLWDPHQWH
GHILQLWLQHOSUHVHQWHGRFXPHQWRVLSXIDUHULIHULPHQWRDOODUHJRODGHOO
DUWHLQWHU
QD]LRQDOH

0

)DVLGHOODPHWRGRORJLD
 /DPHWRGRORJLDGLSURJHWWD]LRQHSUHVWD]LRQDOHVLFRPSRQHGLGXHIDVL
D SULPDIDVHDQDOLVLSUHOLPLQDUH
6RQRIRUPDOL]]DWLLSDVVDJJLFKHFRQGXFRQRDGLQGLYLGXDUHOHFRQGL]LRQLSL
UDSSUHVHQWDWLYHGHOULVFKLRDOTXDOHODWWLYLWHVSRVWDHTXDOLVRQROHVRJOLH
GLSUHVWD]LRQHFXLULIHULUVLLQUHOD]LRQHDJOLRELHWWLYLGLVLFXUH]]DGDSHUVHJXL
UH
E VHFRQGDIDVHDQDOLVLTXDQWLWDWLYD
,PSLHJDQGRPRGHOOLGLFDOFRORVLHVHJXHO
DQDOLVLTXDOLTXDQWLWDWLYDGHJOLHI
IHWWLGHOOLQFHQGLRLQUHOD]LRQHDJOLRELHWWLYLDVVXQWLFRQIURQWDQGRLULVXOWDWL
RWWHQXWLFRQOH VRJOLHGLSUHVWD]LRQH JLLQGLYLGXDWHHGHILQHQGRLOSURJHWWR
GDVRWWRSRUUHDGHILQLWLYDDSSURYD]LRQH

&DSLWROR00HWRGRORJLDSHUO
LQJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD0

0

3ULPDIDVHDQDOLVLSUHOLPLQDUH
 /DIDVHGLDQDOLVLSUHOLPLQDUHVLFRPSRQHGHOOHVHJXHQWLVRWWRIDVLQHFHVVDULHSHU
GHILQLUHLULVFKLGDFRQWUDVWDUHHGLFRQVHJXHQ]DLFULWHULRJJHWWLYLGLTXDQWLILFD
]LRQHGHJOLVWHVVLQHFHVVDULSHUODVXFFHVVLYDDQDOLVLQXPHULFD

0

'HILQL]LRQHGHOSURJHWWR
1RWD 1HLULIHULPHQWLLQWHUQD]LRQDOL'HILQHSURMHFWVFRSH

 ,QTXHVWDVRWWRIDVHYLHQHGHILQLWRORVFRSRGHOODSURJHWWD]LRQHDQWLQFHQGLR
 ,OSURIHVVLRQLVWDDQWLQFHQGLRLGHQWLILFDHGRFXPHQWDDOPHQRLVHJXHQWLDVSHWWL
D GHVWLQD]LRQHG
XVRGHOO
DWWLYLW
E ILQDOLWGHOODSURJHWWD]LRQHDQWLQFHQGLRSUHVWD]LRQDOH
F HYHQWXDOLYLQFROLSURJHWWXDOLGHULYDQWLGDSUHYLVLRQLQRUPDWLYHRGDHVLJHQ]H
SHFXOLDULGHOODWWLYLW
G SHULFROLGLLQFHQGLRFRQQHVVLFRQODGHVWLQD]LRQHGXVRSUHYLVWD
H FRQGL]LRQLDOFRQWRUQRSHUOLQGLYLGXD]LRQHGHLGDWLQHFHVVDULSHUODYDOXWD
]LRQHGHJOLHIIHWWLFKHVLSRWUHEEHURSURGXUUH
I FDUDWWHULVWLFKHGHJOLRFFXSDQWLLQUHOD]LRQHDOODWLSRORJLDGLHGLILFLRHGDOOD
GHVWLQD]LRQHGXVRSUHYLVWD
0

,GHQWLILFD]LRQHGHJOLRELHWWLYLGLVLFXUH]]DDQWLQFHQGLR
1RWD 1HLULIHULPHQWLLQWHUQD]LRQDOL,GHQWLI\JRDOVGHILQHREMHFWLYHV

 'RSRDYHUVWDELOLWRORVFRSRGHOSURJHWWRLQSDUWLFRODUHODGHVWLQD]LRQHHOHPR
GDOLWGLLPSLHJRGHOO
DWWLYLWLOSURIHVVLRQLVWDDQWLQFHQGLRVSHFLILFDJOLRELHWWLYL
GLVLFXUH]]DDQWLQFHQGLRWUDTXHOOLSUHYLVWLQHOSUHVHQWHGRFXPHQWRLQUHOD]LRQH
DOOHVSHFLILFKHHVLJHQ]HGHOODWWLYLWLQHVDPHHGDOOHILQDOLWGHOODSURJHWWD]LRQH
 &RQJOLRELHWWLYL GLVLFXUH]]D DQWLQFHQGLRVLVSHFLILFDQRTXDOLWDWLYDPHQWHDG
HVHPSLRLOOLYHOORGLVDOYDJXDUGLDGHOO
LQFROXPLWGHJOLRFFXSDQWLLOPDVVLPR
GDQQRWROOHUDELOHDOO
DWWLYLWHGDOVXRFRQWHQXWRODFRQWLQXLWG
HVHUFL]LRDVH
JXLWRGLXQHYHQWRLQFLGHQWDOH
0

'HILQL]LRQHGHOOHVRJOLHGLSUHVWD]LRQH
1RWD 1HLULIHULPHQWLLQWHUQD]LRQDOL'HYHORSSHUIRUPDQFHFULWHULD

 ,OSDVVRVXFFHVVLYRFRQVLVWHQHOODWUDGX]LRQHGHJOLRELHWWLYLDQWLQFHQGLRLQ VR
JOLHGLSUHVWD]LRQHSHUIRUPDQFHFULWHULD6LWUDWWDGLVRJOLHGLWLSRTXDQWLWDWLYR
HTXDOLWDWLYRULVSHWWRDOOHTXDOLVLSXVYROJHUHODYDOXWD]LRQHRJJHWWLYDGLVLFX
UH]]DDQWLQFHQGLR
 &RQODVFHOWDGHOOHVRJOLHGLSUHVWD]LRQHVLUHQGRQRTXLQGLTXDQWLWDWLYLJOLHIIHWWL
WHUPLFLVXOOHVWUXWWXUHODSURSDJD]LRQHGHOO
LQFHQGLRLGDQQLDJOLRFFXSDQWLDL
EHQLHGDOO
DPELHQWH
 7DOLVRJOLHGLSUHVWD]LRQHGHYRQRSRWHUHVVHUHXWLOL]]DWHQHOODVHFRQGDIDVHGHOOD
SURJHWWD]LRQHSHUGLVFULPLQDUHLQPRGRRJJHWWLYROHVROX]LRQLSURJHWWXDOLFKH
VRGGLVIDQRJOLRELHWWLYLDQWLQFHQGLRGDTXHOOHFKHLQYHFHQRQUDJJLXQJRQROH
SUHVWD]LRQLULFKLHVWH
 $LILQLGHOODSURJHWWD]LRQHSHUODVDOYDJXDUGLDGHOODYLWDVLVWDELOLVFRQROHVRJOLH
GLSUHVWD]LRQHSHUODYLWDOLIHVDIHW\FULWHULD6LWUDWWDGHOOHVRJOLHLPSLHJDWHSHU
GHILQLUHO
LQFDSDFLWD]LRQH GHJOLRFFXSDQWLHVSRVWLDOIXRFRHGDLVXRLSURGRWWL
1HOFDSLWROR0 VRQRULSRUWDWLHVHPSLGLYDORULQXPHULFLXWLOL]]DELOLSHUWDOL
SURJHWWD]LRQL

&DSLWROR00HWRGRORJLDSHUO
LQJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD0

 3HUGHILQL]LRQHJOLRFFXSDQWLUDJJLXQJRQRO
LQFDSDFLWD]LRQHTXDQGRGLYHQWDQR
LQDELOLDPHWWHUVLDOVLFXURDXWRQRPDPHQWH$WDOHFRQGL]LRQHVHJXHLQEUHYH
WHPSRLOGHFHVVRGHOVRJJHWWR
 ,OFDSLWROR6GHILQLVFHOHVRJOLHGLSUHVWD]LRQHSHUOHSURJHWWD]LRQLODFXLILQDOL
WVLDLOPDQWHQLPHQWRGHOODFDSDFLWSRUWDQWHGLWXWWDRSDUWHGLXQ
RSHUDGDFR
VWUX]LRQH
0

,QGLYLGXD]LRQHGHJOLVFHQDULGLLQFHQGLRGLSURJHWWR
1RWD 1HLULIHULPHQWLLQWHUQD]LRQDOL'HYHORSILUHVFHQDULRV

 *OLVFHQDULGLLQFHQGLRUDSSUHVHQWDQRODVFKHPDWL]]D]LRQHGHJOLHYHQWLFKHSRV
VRQRUDJLRQHYROPHQWHYHULILFDUVLQHOO
DWWLYLWLQUHOD]LRQHDOOHFDUDWWHULVWLFKHGHO
IRFRODUHGHOOHGLILFLRHGHJOLRFFXSDQWL
 /DSURFHGXUDGLLGHQWLILFD]LRQHVHOH]LRQHHTXDQWLILFD]LRQHGHJOLVFHQDULGLLQ
FHQGLRGLSURJHWWRGHVFULWWDQHOFDSLWROR0

&DSLWROR00HWRGRORJLDSHUO
LQJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD0

0

6HFRQGDIDVHDQDOLVLTXDQWLWDWLYD
 /DIDVHGLDQDOLVLTXDQWLWDWLYDVLFRPSRQHGLDOFXQHVRWWRIDVLQHFHVVDULHSHUHI
IHWWXDUHOHYHULILFKHGLVLFXUH]]DGHJOLVFHQDULLQGLYLGXDWLQHOODIDVHSUHOLPLQDUH

0

(ODERUD]LRQHGHOOHVROX]LRQLSURJHWWXDOL
1RWD 1HLULIHULPHQWLLQWHUQD]LRQDOL'HYHORSWULDOGHVLJQV

 ,OSURIHVVLRQLVWDDQWLQFHQGLRHODERUDXQDRSLVROX]LRQLSURJHWWXDOLSHUO
DWWLYL
WFRQJUXHQWLFRQOHILQDOLWJLGHILQLWHDOSDUDJUDIR0GDVRWWRSRUUHDOOD
VXFFHVVLYDYHULILFDGLVRGGLVIDFLPHQWRGHJOLRELHWWLYLGLVLFXUH]]DDQWLQFHQGLR
0

9DOXWD]LRQHGHOOHVROX]LRQLSURJHWWXDOL
1RWD 1HLULIHULPHQWLLQWHUQD]LRQDOL(YDOXDWHWULDOGHVLJQV

 ,Q TXHVWD IDVH LOSURIHVVLRQLVWD DQWLQFHQGLRFDOFRODJOL HIIHWWLFKH JOL VFHQDUL

G
LQFHQGLRGLSURJHWWRGHWHUPLQHUHEEHURQHOO
DWWLYLWSHUFLDVFXQDVROX]LRQHSUR
JHWWXDOHHODERUDWDQHOODIDVHSUHFHGHQWH
 $WDOILQHLOSURIHVVLRQLVWDDQWLQFHQGLRLPSLHJDXQPRGHOORGLFDOFRORDQDOLWLFRR
QXPHULFRODSSOLFD]LRQHGHOPRGHOORIRUQLVFHLULVXOWDWLTXDQWLWDWLYLFKHFRQVHQ
WRQRGLGHVFULYHUHOHYROX]LRQHGHOOLQFHQGLRHGHLVXRLHIIHWWLVXOOHVWUXWWXUHVX
JOLRFFXSDQWLRVXOO
DPELHQWHVHFRQGROHILQDOLWGHOODSURJHWWD]LRQH
 /DPRGHOOD]LRQHGHJOLHIIHWWLGHOO
LQFHQGLRFRQVHQWHGLFDOFRODUHJOLHIIHWWLGHL
VLQJROLVFHQDULSHUFLDVFXQDVROX]LRQHSURJHWWXDOH
 ,ULVXOWDWLGHOODPRGHOOD]LRQHVRQRXWLOL]]DWLSHUODYHULILFDGHOULVSHWWRGHOOHVR
JOLHGLSUHVWD]LRQHSHUOHVROX]LRQLSURJHWWXDOLSHUFLDVFXQRVFHQDULRG
LQFHQGLR
GLSURJHWWR
 /HVROX]LRQLSURJHWWXDOLFKHQRQULVSHWWDQRWXWWHOHVRJOLHGLSUHVWD]LRQHSHURJQL
VFHQDULRGLLQFHQGLRGLSURJHWWRGHYRQRHVVHUHVFDUWDWH
0

6HOH]LRQHGHOOHVROX]LRQLSURJHWWXDOLLGRQHH
1RWD 1HLULIHULPHQWLLQWHUQD]LRQDOL6HOHFWILQDOGHVLJQ

 ,OSURIHVVLRQLVWDDQWLQFHQGLRVHOH]LRQDODVROX]LRQHSURJHWWXDOHILQDOHWUDTXHOOH
FKHVRQRVWDWHYHULILFDWHSRVLWLYDPHQWHULVSHWWRDJOLVFHQDULGLLQFHQGLRGLSUR
JHWWR
0

'RFXPHQWD]LRQHGLSURJHWWR
 /DGRFXPHQWD]LRQHGLSURJHWWRGHYHHVVHUHLQWHJUDWDGD
D SHUODSULPDIDVHDQDOLVLSUHOLPLQDUH
L VRPPDULRWHFQLFRILUPDWRFRQJLXQWDPHQWHGDOSURIHVVLRQLVWDDQWLQFHQGLR
HGDOUHVSRQVDELOHGHOODWWLYLWRYHVLQWHWL]]DWRLOSURFHVVRVHJXLWRSHU
LQGLYLGXDUHJOLVFHQDULGLLQFHQGLRGLSURJHWWRHOHVRJOLHGLSUHVWD]LRQH
FRPHGHVFULWWRDOSDUDJUDIR0
E SHUODVHFRQGDIDVHDQDOLVLTXDQWLWDWLYD
L VSHFLILFD UHOD]LRQHWHFQLFD RYHVLSUHVHQWLQRLULVXOWDWLGHOO
DQDOLVLHGLO
SHUFRUVRSURJHWWXDOHVHJXLWRFRPHGHVFULWWRDOSDUDJUDIR0
LL SURJUDPPDSHUODJHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLRFRPHGHVFULWWR
QHOSDUDJUDIR0FRQOHVSHFLILFKHPRGDOLWG
DWWXD]LRQHGHOOHPLVXUH
GLJHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLRGLFXLDOFDSLWROR6

0

6RPPDULRWHFQLFR
 ,OVRPPDULRWHFQLFRGHYHFRQWHQHUHOHVHJXHQWLLQIRUPD]LRQL

&DSLWROR00HWRGRORJLDSHUO
LQJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD0

D LQGLFD]LRQHGHOUHVSRQVDELOHGHOODWWLYLW
E LQGLYLGXD]LRQHGHOUHVSRQVDELOHGHOODSURJHWWD]LRQHDQWLQFHQGLRJHQHUDOH
F LQGLYLGXD]LRQHGHLSURIHVVLRQLVWLDQWLQFHQGLRFKHXWLOL]]DQRO
LQJHJQHULDGHO
ODVLFXUH]]DDQWLQFHQGLRHFKHGHILQLVFRQROHVSHFLILFKHPLVXUHGLJHVWLRQH
GHOODVLFXUH]]DDQWLQFHQGLRTXDORUDGLYHUVLGDOUHVSRQVDELOHGHOODSURJHWWD
]LRQHDQWLQFHQGLRJHQHUDOH
G ILQDOLWSHUOHTXDOLDSSOLFDWRLOPHWRGRSUHVWD]LRQDOHHVDQDOLVLGHLFDPSL
WHUPLFLGHOODGLIIXVLRQHGHLIXPLHYHULILFDGHOOHYLHGLHVRGRYDOXWD]LRQH
GHLWHPSLGLHVRGRYDOXWD]LRQHGHOODFDSDFLWSRUWDQWHGHOOHVWUXWWXUHSURWH
]LRQHGLEHQLRDPELHQWHLQFDVRG
LQFHQGLRFRQWLQXLWGLHVHUFL]LRGHOO
DWWLYL
W'HYRQRHVVHUHFKLDUDPHQWHHYLGHQ]LDWLJOLDVSHWWLGHOODSURJHWWD]LRQHDQ
WLQFHQGLRHVFOXVLGDOODSURJHWWD]LRQHSUHVWD]LRQDOH
 ,OVRPPDULRWHFQLFRGHYHHVVHUHILUPDWRGDOUHVSRQVDELOHGHOODWWLYLWHGDWXWWLL
VRJJHWWLFRLQYROWLQHOODSURJHWWD]LRQH
0

5HOD]LRQHWHFQLFD
 1HOODUHOD]LRQHWHFQLFDGHYRQRULVXOWDUHOHVROX]LRQLSURJHWWXDOLDJOLVFHQDULGL
LQFHQGLRGLSURJHWWR
 /HVLWRGHOODQDOLVLGHYHHVVHUHVLQWHWL]]DWRFRQWDEHOOHGLVHJQLVFKHPLJUDILFL
LPPDJLQLFKHSUHVHQWLQRLQPDQLHUDTXDQWLWDWLYDLSDUDPHWULULOHYDQWLDLILQLGHO
UDJJLXQJLPHQWRGHJOLRELHWWLYLGLVLFXUH]]DDQWLQFHQGLR
 1HOORVSHFLILFRVLGHYRQRIRUQLUHOHVHJXHQWLLQGLFD]LRQL
D PRGHOOLGLFDOFRORXWLOL]]DWLLOSURIHVVLRQLVWDDQWLQFHQGLRGHYHIRUQLUHHOH
PHQWLDVRVWHJQRGHOODVFHOWDGHOPRGHOORXWLOL]]DWRDIILQFKVLDGLPRVWUDWDOD
FRHUHQ]DGHOOHVFHOWHRSHUDWHFRQORVFHQDULRGLLQFHQGLRGLSURJHWWRDGRWWDWR
E SDUDPHWULHYDORULDVVRFLDWLODVFHOWDLQL]LDOHGHLYDORULGDDVVHJQDUHDLSDUD
PHWULDOODEDVHGHLPRGHOOLGLFDOFRORGHYHHVVHUHJLXVWLILFDWDLQPRGRDGH
JXDWRIDFHQGRVSHFLILFRULIHULPHQWRDQRUPHOHWWHUDWXUDWHFQLFRVFLHQWLILFD
SURYHVSHULPHQWDOL
F RULJLQHHFDUDWWHULVWLFKHGHLFRGLFLGLFDOFRORGHYRQRHVVHUHIRUQLWHLQGLFD
]LRQLLQPHULWRDOORULJLQHHGDOOHFDUDWWHULVWLFKHGHLFRGLFLGLFDOFRORXWLOL]]D
WL  FRQ  ULIHULPHQWR  DOOD  GHQRPLQD]LRQH  DOODXWRUH  R  GLVWULEXWRUH  QRQFK
VXOOLQTXDGUDPHQWRWHRULFRGHOODPHWRGRORJLDGLFDOFRORHVXOODVXDWUDGX]LR
QHQXPHULFDHLQGLFD]LRQLULJXDUGDQWLODULFRQRVFLXWDDIILGDELOLWGHLFRGLFL
,QROWUHWUDPLWHULIHULPHQWRDLPDQXDOLG
XVRGHYHHVVHUHLQGLFDWRFKHLOFR
GLFHGLFDOFRORLPSLHJDWRQHOVXRFDPSRGLDSSOLFD]LRQHHQHOULVSHWWRGHOOH
OLPLWD]LRQLG
LPSLHJRSHUDSSOLFD]LRQLLQJHJQHULVWLFKHHYDOLGDWRSHUDSSOL
FD]LRQLDQDORJKHDTXHOODRJJHWWRGLPRGHOOD]LRQHHYHULILFDWR
G FRQIURQWRIUDULVXOWDWLGHOODPRGHOOD]LRQHHVRJOLHGLSUHVWD]LRQHLQIXQ]LRQH
GHOODPHWRGRORJLDDGRWWDWDSHUHIIHWWXDUHOHYDOXWD]LRQLUHODWLYHDOORVFHQDULR
GLLQFHQGLRFRQVLGHUDWRGHYRQRHVVHUHDGHJXDWDPHQWHLOOXVWUDWLWXWWLJOLHOH
PHQWLFKHFRQVHQWRQRGLYHULILFDUHLOULVSHWWRGHOOHVRJOLHGLSUHVWD]LRQHLQGL
FDWHQHOODQDOLVLSUHOLPLQDUHDOILQHGLHYLGHQ]LDUHODGHJXDWH]]DGHOOHPLVX
UHDQWLQFHQGLRFKHVLLQWHQGRQRDGRWWDUH
 'HYRQRHVVHUHUHVLGLVSRQLELOLLWDEXODWLUHODWLYLDOFDOFRORHLUHODWLYLGDWLGLLQ
SXW
1RWD/DGRFXPHQWD]LRQHULSRUWDQWHLULVXOWDWLHLOSHUFRUVRSURJHWWXDOHDVVLFXUDFKHWXWWLLVRJJHWWL
LQWHUHVVDWLFRPSUHQGDQROHOLPLWD]LRQLLPSRVWHDOO
DWWLYLWLQUHOD]LRQHDOODVROX]LRQHSURJHWWXDOH
7DOHGRFXPHQWD]LRQHGHYHHVSOLFLWDUHLOFULWHULRFRQFXLVRQRVWDWHYDOXWDWHOHFRQGL]LRQLGLVLFX

&DSLWROR00HWRGRORJLDSHUO
LQJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD0

UH]]DGHOSURJHWWRDOILQHGLJDUDQWLUHODUHDOL]]D]LRQHFRUUHWWDHLOPDQWHQLPHQWRQHOWHPSRGHOOH
VFHOWHFRQFRUGDWH

0

*HVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR
 &RQO
DSSOLFD]LRQHGHOODPHWRGRORJLDSUHVWD]LRQDOHLOSURIHVVLRQLVWDDQWLQFHQGLR
EDVDOLQGLYLGXD]LRQHGHOOHPLVXUHDQWLQFHQGLRGLSUHYHQ]LRQHHSURWH]LRQHGL
SURJHWWRVXVSHFLILFKHLSRWHVLH OLPLWD]LRQLG
HVHUFL]LRGHYRQRSHUWDQWRHVVHUH
SUHYLVWHVSHFLILFKHPLVXUHGLJHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR*6$DIILQ
FKQRQSRVVDYHULILFDUVLODULGX]LRQHGHOOLYHOORGLVLFXUH]]DDVVLFXUDWRLQL]LDO
PHQWH
 /HVSHFLILFKHPLVXUHGL JHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLR GHYRQRHVVHUH OL
PLWDWH DJOLDVSHWWLWUDWWDWLQHOODSURJHWWD]LRQHSUHVWD]LRQDOHFRQSDUWLFRODUHUL
JXDUGRDOOHVSHFLILFKHVROX]LRQLSURJHWWXDOLDOOHPLVXUHDQWLQFHQGLRGLSUHYHQ
]LRQHHSURWH]LRQHDGRWWDWHDOPDQWHQLPHQWRGHOOHFRQGL]LRQLGLHVHUFL]LRGDFXL
GLVFHQGRQRLYDORULGHLSDUDPHWULGLLQJUHVVRQHOODSURJHWWD]LRQHSUHVWD]LRQDOH
 6XVSHFLILFKHPLVXUHGL JHVWLRQHGHOODVLFXUH]]DDQWLQFHQGLRVRQRVRWWRSRVWHD
YHULILFKHSHULRGLFKHGDSDUWHGHOUHVSRQVDELOHGHOO
DWWLYLWVHFRQGROHFDGHQ]H
WHPSRUDOLJLGHILQLWHQHOSURJHWWR
 1HOODPELWRGHOSURJUDPPDSHUODWWXD]LRQHGHOODJHVWLRQHGHOODVLFXUH]]DDQWLQ
FHQGLRGHYRQRHVVHUHYDOXWDWLHGHVSOLFLWDWLLSURYYHGLPHQWLSUHVLUHODWLYDPHQWH
DLVHJXHQWLSXQWL
D RUJDQL]]D]LRQHGHOSHUVRQDOH
E LGHQWLILFD]LRQHHYDOXWD]LRQHGHLSHULFROLGHULYDQWLGDOODWWLYLW
F FRQWUROORRSHUDWLYR
G JHVWLRQHGHOOHPRGLILFKH
H SLDQLILFD]LRQHGLHPHUJHQ]D
I VLFXUH]]DGHOOHVTXDGUHGLVRFFRUVR
J FRQWUROORGHOOHSUHVWD]LRQL
K PDQXWHQ]LRQHGHLVLVWHPLGLSURWH]LRQH
L FRQWUROORHUHYLVLRQH

&DSLWROR00HWRGRORJLDSHUO
LQJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD0

0

&ULWHULGLVFHOWDHG
XVRGHLPRGHOOLHGHLFRGLFLGLFDOFROR
 ,OSURIHVVLRQLVWDDQWLQFHQGLRSXRSWDUHWUDLPRGHOOLGLFDOFRORFKHOHFRQRVFHQ
]HWHFQLFKHGLVHWWRUHPHWWRQRDGLVSRVL]LRQHVXOODEDVHGLYDOXWD]LRQLLQHUHQWL
ODFRPSOHVVLWGHOSURJHWWR
 ,OSURIHVVLRQLVWDDQWLQFHQGLRFKHDGRWWDPRGHOOLGLFDOFRORVRILVWLFDWLGHYHSRV
VHGHUHXQDSDUWLFRODUHFRPSHWHQ]DQHOORURXWLOL]]RQRQFKXQDSSURIRQGLWDFR
QRVFHQ]DVLDGHLIRQGDPHQWLWHRULFLFKHQHVRQRDOODEDVHFKHGHOODGLQDPLFD
GHOOLQFHQGLR
 $OORVWDWRDWWXDOHLPRGHOOLSLIUHTXHQWHPHQWHXWLOL]]DWLVRQR
D PRGHOOLDQDOLWLFL
E PRGHOOLQXPHULFLWUDFXL
L PRGHOOLGLVLPXOD]LRQHGHOOLQFHQGLRD]RQHSHUDPELHQWLFRQILQDWL
1RWD $GHVHPSLRFRGLFLGLFDOFROR&)$672]RQH

LL PRGHOOLGLVLPXOD]LRQHGHOOLQFHQGLRGLFDPSR
1RWD $GHVHPSLRFRGLFLGLFDOFROR&);)'6)OXHQW

LLL PRGHOOLGLVLPXOD]LRQHGHOOHVRGR
1RWD $GHVHPSLRFRGLFHGLFDOFROR)'6(9$&

LY PRGHOOLGLDQDOLVLWHUPRVWUXWWXUDOH
1RWD $GHVHPSLRFRGLFLGLFDOFROR$EDTXV$GLQD$QV\V'LDQD6DILU6WUDXVV

 1HOORURFDPSRGLDSSOLFD]LRQHLPRGHOOLDQDOLWLFLJDUDQWLVFRQRVWLPHDFFXUDWH
GLHIIHWWLVSHFLILFLGHOOLQFHQGLRHVLOFDOFRORGHOWHPSRGLIODVKRYHULQXQORFD
OH3HUDQDOLVLSLFRPSOHVVHFKHFRLQYROJDQRLQWHUD]LRQLGLSHQGHQWLGDOWHPSR
GLSLSURFHVVLGLWLSRILVLFRHFKLPLFRSUHVHQWLQHOORVYLOXSSRGLXQLQFHQGLRVL
ULFRUUHJHQHUDOPHQWHDLPRGHOOLQXPHULFL
 3HULSDUDPHWULGLLQSXWGHOPRGHOORSLULOHYDQWLGHYHHVVHUHVYROWDDQDOLVLGL
VHQVLELOLWGHLULVXOWDWLDOODYDULD]LRQHGHOSDUDPHWURGLLQSXW$GHVHPSLRLUL
VXOWDWLGHOO
DQDOLVLQRQGHYRQRHVVHUHVLJQLILFDWLYDPHQWHGLSHQGHQWLGDOOHGLPHQ
VLRQLGHOODJULJOLDGLFDOFROR
 DPPHVVRO
XWLOL]]RFRQWHPSRUDQHRGLSLWLSRORJLHGLPRGHOOL$GHVHPSLR
D VLSRVVRQRXVDUHPRGHOOLVSHFLILFLSHUODYDOXWD]LRQHGHOWHPSRGLDWWLYD]LRQH
GLXQLPSLDQWRGLULYHOD]LRQHRGLVSHJQLPHQWRHGHOODURWWXUDGLXQYHWURLQ
IXQ]LRQHGHOODWHPSHUDWXUDSHUSRLLQVHULUHLGDWLULFDYDWLLQXQDPRGHOOD]LR
QHHIIHWWXDWDFRQPRGHOOLGLFDPSR
E VLSXXWLOL]]DUHXQPRGHOORD]RQHSHUYDOXWDUHLQXQDSULPDIDVHOHFRQGL
]LRQLGLPDJJLRUHFULWLFLWGHOIHQRPHQRSHUSRLDSSURIRQGLUHODWUDWWD]LRQH
GHJOLHIIHWWLFRQPRGHOOLGLFDPSR
0

5LIHULPHQWL
 ,OSULQFLSDOLULIHULPHQWLVXOO
DUJRPHQWRVRQRLVHJXHQWL
D ,62)6(*HQHUDOSULQFLSOHV
E %6$SSOLFDWLRQRI)6(SULQFLSOHVWRWKHGHVLJQRIEXLOGLQJV&RGHRI
SUDFWLFH
F %63' $SSOLFDWLRQRI)6(SULQFLSOHVWRWKHGHVLJQRIEXLOGLQJV
3DUW*XLGHWRGHVLJQIUDPHZRUNDQG)6(SURFHGXUHV

&DSLWROR00HWRGRORJLDSHUO
LQJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD0

G 6)3( (QJLQHHULQJ  *XLGH  WR  3HUIRUPDQFH%DVHG  )LUH  3URWHFWLRQ  QG HG



&DSLWROR00HWRGRORJLDSHUO
LQJHJQHULDGHOODVLFXUH]]DDQWLQFHQGLR

3DJLQD0

0(72',

&DSLWROR0

6FHQDULGLLQFHQGLR
SHUODSURJHWWD]LRQHSUHVWD]LRQDOH

3UHPHVVD
,GHQWLILFD]LRQHGHLSRVVLELOLVFHQDULG
LQFHQGLR
6HOH]LRQHGHJOLVFHQDULG
LQFHQGLRGLSURJHWWR
'HVFUL]LRQHTXDQWLWDWLYDGHJOLVFHQDULG
LQFHQGLRGLSURJHWWR
'XUDWDGHJOLVFHQDULG
LQFHQGLRGLSURJHWWR
6WLPDGHOODFXUYD5+5
)RFRODUHSUHGHILQLWR
5LIHULPHQWL

&DSLWROR06FHQDULGLLQFHQGLRSHUODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

0

3UHPHVVD
 ,OSUHVHQWHFDSLWRORGHVFULYHODSURFHGXUDGLLGHQWLILFD]LRQHVHOH]LRQHHTXDQWL
ILFD]LRQH GHJOL VFHQDULGLLQFHQGLRGLSURJHWWR FKHVRQRLPSLHJDWLQHOO
DQDOLVL
TXDQWLWDWLYDGDSDUWHGHOSURIHVVLRQLVWDDQWLQFHQGLRFKHVLDYYDOHGHOO
LQJHJQHULD
GHOODVLFXUH]]DDQWLQFHQGLRHIRUQLVFHDOWUHVLQGLFD]LRQLSHUHVHJXLUHODYHULILFD
GHOUDJJLXQJLPHQWRGHJOLRELHWWLYLGLVLFXUH]]DDQWLQFHQGLRSHUOHDWWLYLW
 *OLVFHQDULG
LQFHQGLRUDSSUHVHQWDQRODGHVFUL]LRQHGHWWDJOLDWDGHJOLHYHQWLFKH
SRVVRQRUDJLRQHYROPHQWHYHULILFDUVLLQUHOD]LRQHDWUHDVSHWWLIRQGDPHQWDOL
D FDUDWWHULVWLFKHGHOOLQFHQGLR
E FDUDWWHULVWLFKHGHOO
DWWLYLW
F FDUDWWHULVWLFKHGHJOLRFFXSDQWL
 /DGRFXPHQWD]LRQHGHOODSURFHGXUDGL LGHQWLILFD]LRQH VHOH]LRQH H TXDQWLILFD
]LRQHGHJOLVFHQDULGLLQFHQGLRGLSURJHWWRGHYHHVVHUHFRQIRUPHDOOHLQGLFD]LRQL
GLTXHVWRGRFXPHQWRSHUFRQVHQWLUHODYDOXWD]LRQHGHOSURJHWWRGDSDUWHGHOOH
FRPSHWHQWLVWUXWWXUHGHL9LJLOLGHOIXRFR
 7DOHSURFHGXUDFRQVLVWHQHLVHJXHQWLSDVVL
D LGHQWLILFD]LRQH GHL  SRVVLELOL VFHQDUL  G
LQFHQGLR FKH  SRVVRQR  VYLOXSSDUVL
QHOO
DWWLYLWGDFXLGLSHQGHO
HVLWRGHOO
LQWHUDYDOXWD]LRQHVHFRQGRLOPHWRGR
SUHVWD]LRQDOH
E VHOH]LRQH GHJOL VFHQDUL  G
LQFHQGLR  GL  SURJHWWR WUD  WXWWL  L  SRVVLELOL  VFHQDUL
G
LQFHQGLRLGHQWLILFDWL
F GHVFUL]LRQHTXDQWLWDWLYDGHJOLVFHQDULG
LQFHQGLRGLSURJHWWRVHOH]LRQDWL

0

,GHQWLILFD]LRQHGHLSRVVLELOLVFHQDULG
LQFHQGLR
 ,OSULPRSDVVRGHOODSURFHGXUDFRQVLVWHQHOO
LGHQWLILFDUHWXWWLLSRVVLELOLVFHQDUL
G
LQFHQGLRFKHSRVVRQRVYLOXSSDUVLGXUDQWHODYLWDXWLOHGHOO
DWWLYLW,QUHOD]LRQH
DFLVLGHYRQRFRQVLGHUDUHWXWWHOHFRQGL]LRQLGLHVHUFL]LRUDJLRQHYROPHQWHSUH
YHGLELOL
1RWD $GHVHPSLRDOOHVWLPHQWLWHPSRUDQHLGLYHUVHFRQILJXUD]LRQLVSD]LDOLGHLPDWHULDOLFRPEXVWLELOL
PRGLILFDGHOOHYLHG
HVRGRHGHOO
DIIROODPHQWR

 3HULQGLYLGXDUHJOLVFHQDULG
LQFHQGLRLOSURIHVVLRQLVWDDQWLQFHQGLRVYLOXSSDXQR
VSHFLILFRDOEHURGHJOLHYHQWLDSDUWLUHGDRJQLHYHQWRLQL]LDWRUHSHUWLQHQWHHFUH
GLELOH,OSURFHVVRSXHVVHUHVYROWRLQPDQLHUD TXDOLWDWLYDRSSXUHLQPDQLHUD
TXDQWLWDWLYDVHVRQRGLVSRQLELOLGDWLVWDWLVWLFLGHVXQWLGDIRQWLDXWRUHYROLHFRQGL
YLVH
 2JQLVFHQDULRG
LQFHQGLRLGHQWLILFDWRGHYHHVVHUHFRPSLXWDPHQWHHGXQLYRFD
PHQWHGHVFULWWRLQUHOD]LRQHDLVXRLWUHDVSHWWLIRQGDPHQWDOLOHFDUDWWHULVWLFKH
GHOOLQFHQGLROHFDUDWWHULVWLFKHGHOO
DWWLYLWHOHFDUDWWHULVWLFKHGHJOLRFFXSDQWL
 ,Q  RJQL  FDVR  LO  SURIHVVLRQLVWD  DQWLQFHQGLR  GHYH  VSHFLILFDUH  VH  OR  VFHQDULR
GLQFHQGLRLSRWL]]DWRVLDUHODWLYRDGXQDFRQGL]LRQHGLSUHIODVKRYHURSSXUHDG
XQDFRQGL]LRQHGLSRVWIODVKRYHUDVHFRQGDGHOORELHWWLYRGDUDJJLXQJHUH
1RWD $GHVHPSLRVDOYDJXDUGLDGHJOLRFFXSDQWLPDQWHQLPHQWRGHOODFDSDFLWSRUWDQWHGHOOHVWUXWWXUH

 1HOODIDVHGLLGHQWLILFD]LRQHGHJOLVFHQDULLOSURIHVVLRQLVWDDQWLQFHQGLRGHYHWH
QHUHFRQWRGHJOLLQFHQGLFKHKDQQRLQWHUHVVDWRHGLILFLRDWWLYLWVLPLOLDTXHOODLQ
HVDPHPHGLDQWHDQDOLVLVWRULFDHGHYHGHVFULYHUH

&DSLWROR06FHQDULGLLQFHQGLRSHUODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

D HYHQWRLQL]LDWRUHFDUDWWHUL]]DWRGDXQIRFRODLRGLLQFHQGLRHGDOOHFRQGL]LRQL
GHOODPELHQWHFLUFRVWDQWH
E SURSDJD]LRQHGHOOLQFHQGLRHGHLSURGRWWLGHOODFRPEXVWLRQH
F D]LRQHGHJOLLPSLDQWLWHFQRORJLFLHGLSURWH]LRQHDWWLYDFRQWUROLQFHQGLR
G D]LRQLHVHJXLWHGDLFRPSRQHQWLGHOOD VTXDGUDD]LHQGDOH GHGLFDWDDOODORWWD
DQWLQFHQGLRSUHVHQWLQHOO
DPELHQWH
H GLVWULEX]LRQHHFRPSRUWDPHQWRGHJOLRFFXSDQWL
0

6HOH]LRQHGHJOLVFHQDULG
LQFHQGLRGLSURJHWWR
 1HOSULPRSDVVRGHOODSURFHGXUDYLHQHLQJHQHUHLGHQWLILFDWRXQHOHYDWRQXPHUR
GLVFHQDULG
LQFHQGLRSRVVLELOLQHOO
DWWLYLW/RVFRSRGLTXHVWRVHFRQGRSDVVR
GHOODSURFHGXUDFRQVLVWHQHOULGXUUHLOQXPHURGHJOLVFHQDULG
LQFHQGLRDOPLQL
PRQXPHURUDJLRQHYROHDOILQHGLDOOHJJHULUHLOVXFFHVVLYRODYRURGLYHULILFD
GHOOHVROX]LRQLSURJHWWXDOL
 ,OSURIHVVLRQLVWDDQWLQFHQGLRVHOH]LRQDJOL VFHQDULGLLQFHQGLR HGHVWUDHLOVRW
WRLQVLHPHGHJOLVFHQDULG
LQFHQGLRGLSURJHWWRHVSOLFLWDQGRQHOODGRFXPHQWD]LR
QHSURJHWWXDOHLPRWLYLFKHSRUWDQRDGHVFOXGHUQHDOFXQLGDOODVXFFHVVLYDDQDOLVL
TXDQWLWDWLYDIDFHQGRULIHULPHQWRDJOLDOEHULGHJOLHYHQWLJLVYLOXSSDWLQHOSUH
FHGHQWHSDVVRRVHFRQGRJLXGL]LRHVSHUWR
 ,OSURIHVVLRQLVWDDQWLQFHQGLRVHOH]LRQDL SLJUDYRVL WUDJOLVFHQDULGLLQFHQGLR
FUHGLELOL
 *OLVFHQDULG
LQFHQGLRGLSURJHWWRFRVVHOH]LRQDWLUDSSUHVHQWDQRSHUO
DWWLYLWXQ
OLYHOOR  GL  ULVFKLR  G
LQFHQGLR  QRQ  LQIHULRUH  D  TXHOOR  FRPSLXWDPHQWH  GHVFULWWR
GDOO
LQVLHPHGLWXWWLJOL VFHQDULG
LQFHQGLR /HVROX]LRQLSURJHWWXDOLULVSHWWRVH
GHOOHVRJOLHGLSUHVWD]LRQHULFKLHVWHQHOO
DPELWRGHJOLVFHQDULG
LQFHQGLRGLSUR
JHWWRJDUDQWLVFRQRTXLQGLORVWHVVRJUDGRGLVLFXUH]]DDQFKHQHLFRQIURQWLGL
WXWWLJOLDOWULVFHQDULG
LQFHQGLR
 /DVHOH]LRQHGHJOLVFHQDULGLQFHQGLRIRUWHPHQWHLQIOXHQ]DWDGDOORELHWWLYRFKH
LO  SURIHVVLRQLVWD  DQWLQFHQGLR  LQWHQGH  UDJJLXQJHUH $G  HVHPSLR  VH  VL  LQWHQGH
SULQFLSDOPHQWHSHUVHJXLUHODVDOYDJXDUGLDGHJOLRFFXSDQWLGXUDQWHODIDVHGLHVR
GRSRVVRQRHVVHUHVHOH]LRQDWLVFHQDULFRPHTXHOOLGLVHJXLWRLQGLFDWL
D XQLQFHQGLRGLEUHYHGXUDWDHFRQFUHVFLWDYHORFHFKHDFFRPSDJQDWRGD
HOHYDWDSURGX]LRQHGLIXPRHJDVGLFRPEXVWLRQHDGHVHPSLROLQFHQGLRGL
XQPRELOHLPERWWLWRULVXOWDSLFULWLFRGLXQRFKHULODVFLDPDJJLRUHSRWHQ]D
WHUPLFDPDFKHKDXQDFUHVFLWDOHQWDHGXUDSLDOXQJRDQFKHVHTXHVWXOWL
PRVROOHFLWDWHUPLFDPHQWHLQPRGRSLVHYHURJOLHOHPHQWLFRVWUXWWLYLSUH
VHQWL
E XQLQFHQGLRGLOLPLWDWHGLPHQVLRQLFKHSHUVLVYLOXSSDLQSURVVLPLWGHOOH
YLHGLHVRGRGLXQORFDOHDGDOWDGHQVLWGLDIIROODPHQWRSXULVXOWDUHSLSH
ULFRORVRGLXQRFKHHPHWWHXQDPDJJLRUHSRWHQ]DWHUPLFDPDFKHVLRULJLQD
LQXQDPELHQWHFRQILQDWRHFKHVLWURYDORQWDQRGDOOH]RQHGRYHSUHYLVWDOD
SUHVHQ]DGLRFFXSDQWL

&DSLWROR06FHQDULGLLQFHQGLRSHUODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

0

'HVFUL]LRQHTXDQWLWDWLYDGHJOLVFHQDULG
LQFHQGLRGLSURJHWWR
 7HUPLQDWDODVHOH]LRQHGHJOLVFHQDULGLLQFHQGLRGLSURJHWWRLOSURIHVVLRQLVWDDQ
WLQFHQGLRGHYHSURFHGHUHFRQODGHVFUL]LRQHTXDQWLWDWLYDGLFLDVFXQRGLHVVL
 ,O  SURIHVVLRQLVWD  DQWLQFHQGLR  WUDGXFH  OD  GHVFUL]LRQH  TXDOLWDWLYD  GHJOL  VFHQDUL
G
LQFHQGLRGLSURJHWWRJLHODERUDWDQHOSULPRSDVVRLQGDWLQXPHULFLGLLQSXW
DSSURSULDWLSHUODPHWRGRORJLDGLFDOFRORVFHOWDSHUODYHULILFDGHOOHLSRWHVLSUR
JHWWXDOL
 ,QUHOD]LRQHDOOHILQDOLWGHOO
DQDOLVLLOSURIHVVLRQLVWDDQWLQFHQGLRVSHFLILFDLGDWL
GLLQSXWSHUDWWLYLWRFFXSDQWLHGLQFHQGLRGHWWDJOLDWDPHQWHHOHQFDWLQHLSURVVL
PLSDUDJUDIL

0

$WWLYLW
 /HFDUDWWHULVWLFKHGHOO
DWWLYLWLQIOXHQ]DQRO
HVRGRGHJOLRFFXSDQWLORVYLOXSSR
GHOO
LQFHQGLR  H  OD  GLIIXVLRQH  GHL  SURGRWWL  GHOOD  FRPEXVWLRQH  $  VHFRQGD
GHOO
RELHWWLYRGHOO
DQDOLVLODGHVFUL]LRQHTXDQWLWDWLYDGHOODWWLYLWSRWUFRPSUHQ
GHUHLVHJXHQWLHOHPHQWL
D &DUDWWHULVWLFKHDUFKLWHWWRQLFKHHVWUXWWXUDOL
L ORFDOL]]D]LRQHHJHRPHWULDGHOO
DWWLYLWGLPHQVLRQLHGLVWULEX]LRQHGHJOL
DPELHQWLLQWHUQL
LL GHVFUL]LRQHVWUXWWXUDOHFDUDWWHULVWLFKHGHLUHODWLYLHOHPHQWLFRVWUXWWLYLSRU
WDQWLHVHSDUDQWL
LLL GHVFUL]LRQHPDWHULDOLQRQVWUXWWXUDOLHGLILQLWXUD
LY VLVWHPDG
HVRGRGLPHQVLRQLGLVWULEX]LRQHHXVFLWHGLVLFXUH]]D
Y GLPHQVLRQH  ORFDOL]]D]LRQH  H  VWDWR  GL  DSHUWXUDFKLXVXUDURWWXUD  HIILFDFH
GHOOHDSHUWXUHGLYHQWLOD]LRQHGLSURJHWWRHSRWHQ]LDOLFRPHSRUWHILQH
VWUHOXFHUQDULVXSHUILFLYHWUDWH
YL EDUULHUHFKHLQIOXHQ]DQRLOPRYLPHQWRGHLSURGRWWLGHOODFRPEXVWLRQH
E ,PSLDQWLVWLFD
L LPSLDQWLGLSURWH]LRQHDWWLYDFRQWRO
LQFHQGLR
LL LPSLDQWLGLULYHOD]LRQHGLVHJQDOD]LRQHHGLDOODUPHLQFHQGLR
LLL LPSLDQWLWHFQRORJLFLDVHUYL]LRGHOO
DWWLYLWFRPHJOLLPSLDQWLGLFRQGL]LR
QDPHQWRGLGLVWULEX]LRQHRGLSURFHVVR
F $VSHWWLJHVWLRQDOLHGRSHUDWLYL
L GHVWLQD]LRQHG
XVRGHOO
DWWLYLWHSURFHVVRSURGXWWLYRFKHYLVLVYROJH
LL RUJDQL]]D]LRQHGHOO
DWWLYLWRVSLWDWD
LLL HYHQWXDOLD]LRQLDWWXDWHGDLVRFFRUULWRULSUHYLVWHQHOSLDQRGLHPHUJHQ]D
LQJUDGRGLDOWHUDUHODSURSDJD]LRQHGHLSURGRWWLGHOODFRPEXVWLRQHWDOL
D]LRQLGHYRQRHVVHUHFRQVLGHUDWHVRORLQYLDHFFH]LRQDOHHYDOXWDWHFDVR
SHUFDVR
1RWD $GHVHPSLRFKLXVXUDGLSRUWHHDWWLYD]LRQHPDQXDOHGLVLVWHPLGLDOODUPHFKHSRVVRQRLQIOXLUH
VXOORVYLOXSSRGHOO
LQFHQGLRHVXOO
HVRGRGHJOLRFFXSDQWL

G )DWWRULDPELHQWDOLFKHLQIOXHQ]DQROHSUHVWD]LRQLDQWLQFHQGLRGHOO
DWWLYLW
1RWD $GHVHPSLRWHPSHUDWXUHHVWHUQHYHQWRVLWGHOO
DUHDOLYHOORGLUXPRUHFKHKDLPSDWWRVXOODSHUFH
]LRQHGHOODOODUPH

&DSLWROR06FHQDULGLLQFHQGLRSHUODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

0

2FFXSDQWL
 $VHFRQGDGHOO
RELHWWLYRGHOO
DQDOLVLLOSURIHVVLRQLVWDDQWLQFHQGLRGHVFULYHGHWWD
JOLDWDPHQWHOHFDUDWWHULVWLFKHGHOODSRSROD]LRQHRVSLWDWDQHOO
DWWLYLWFKHSRVVR
QRLQIOXHQ]DUHLOFRPSRUWDPHQWRHODULVSRVWDQHLFRQIURQWLGHOO
LQFHQGLR
 ,QSDUWLFRODUHODGHVFUL]LRQHGHYHWHQHUFRQWRDOPHQRGHLVHJXHQWLDVSHWWLRYH
ULOHYDQWLDLILQLGHOODWLSRORJLDGHOO
DQDOLVL
D DIIROODPHQWR  FRPSOHVVLYR  H  GLVWULEX]LRQH  GHJOL  RFFXSDQWL  QHJOL  DPELHQWL
GHOO
DWWLYLW
E WLSRORJLDGHJOLRFFXSDQWL
1RWD $GHVHPSLRODYRUDWRULYLVLWDWRULRFFDVLRQDOLDQ]LDQLEDPELQLGHJHQWL

F IDPLOLDULWGHJOLRFFXSDQWLFRQO
DWWLYLWHFRQLOVLVWHPDGLYLHG
HVRGR
G VWDWRGLYHJOLDVRQQRGHJOLRFFXSDQWL
0

,QFHQGLR
 $VHFRQGDGHOO
RELHWWLYRGHOO
DQDOLVLODGHVFUL]LRQHGHOO
LQFHQGLRFRQVLVWHQHOOD
FDUDWWHUL]]D]LRQHTXDQWLWDWLYDGHOIRFRODUHLQTXDQWRVRUJHQWHGLHQHUJLDWHUPL
FDHGLSURGRWWLGHOODFRPEXVWLRQHVHFRQGRLVHJXHQWLSDUDPHWULRYHULOHYDQWLDL
ILQLGHOODWLSRORJLDGHOO
DQDOLVL
D ORFDOL]]D]LRQHGHOIRFRODUH
E WLSRORJLDGLIRFRODUHFRYDQWHRFRQILDPPD
F TXDQWLWTXDOLWHGLVWULEX]LRQHVSD]LDOHGHOPDWHULDOHFRPEXVWLELOH
G IRQWLG
LQQHVFR
H FXUYD5+5UDWHRIKHDWUHOHDVHTXDOHSRWHQ]DWHUPLFDSURGRWWDGDOIRFROD
UHDOYDULDUHGHOWHPSR5+5W
I JHQHUD]LRQHGHLSURGRWWLGHOODFRPEXVWLRQHSUHVLLQFRQVLGHUD]LRQHHV&2H
SDUWLFRODWR
 $LILQLGHOODFDUDWWHUL]]D]LRQHTXDQWLWDWLYDGHOIRFRODUHLOSURIHVVLRQLVWDDQWLQ
FHQGLRSX
D LPSLHJDUHGDWLVSHULPHQWDOLRWWHQXWLGDPLVXUDGLUHWWDLQODERUDWRULRVHFRQGR
PHWRGRORJLDVFLHQWLILFDFRQVROLGDWD
E XVDUHGDWLSXEEOLFDWLGDIRQWLDXWRUHYROLHFRQGLYLVH,OSURIHVVLRQLVWDDQWLQ
FHQGLRFLWDVHPSUHFRQSUHFLVLRQHWDOLIRQWLHYHULILFDODFRUULVSRQGHQ]DGHO
FDPSLRQHGLSURYDVSHULPHQWDOHTXDQWLWFRPSRVL]LRQHJHRPHWULDHPRGD
OLWGLSURYDFRQTXHOORSUHYLVWRQHOORVFHQDULRGLLQFHQGLRGLSURJHWWRXWL
OL]]DQGRXQDSSURFFLRUDJLRQHYROPHQWHFRQVHUYDWLYR
F LPSLHJDUHGHOOHPHWRGRORJLHGLVWLPD1HOSDUDJUDIR0VLGHVFULYRQRDO
FXQHPHWRGRORJLHGLVWLPDPXWXDWHGDOODOHWWHUDWXUDFLWDWDDOSDUDJUDIR0
 ,Q DOWHUQDWLYD  SX  LPSLHJDUH  L  IRFRODUL  SUHGHILQLWL  GL  FXL DO  SDUDJUDIR0
QHOO
DPELWRGHOOHOLPLWD]LRQLLYLVSHFLILFDWH

0

'XUDWDGHJOLVFHQDULG
LQFHQGLRGLSURJHWWR
 'HYH HVVHUH GHVFULWWD WXWWD OD VHTXHQ]D  GL HYROX]LRQH GHOO
LQFHQGLR DSDUWLUH
GDOO
HYHQWRLQL]LDWRUHSHUXQLQWHUYDOORGLWHPSRFKHGLSHQGHGDJOLRELHWWLYLGLVL
FXUH]]DGDUDJJLXQJHUHFRPHULSRUWDWRLQWDEHOOD0

&DSLWROR06FHQDULGLLQFHQGLRSHUODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

2ELHWWLYRGLVLFXUH]]DDQWLQFHQGLR
6DOYDJXDUGLDGHOODYLWD

'XUDWDPLQLPDGHJOLVFHQDULGLLQFHQGLRGLSURJHWWR
'DOO
HYHQWRLQL]LDWRUHILQRDOPRPHQWRLQFXLWXWWLJOLRFFXSDQWLGHOODWWL
YLWUDJJLXQJRQRRSHUPDQJRQRLQXQOXRJRVLFXUR
6HLOOXRJRVLFXURSURVVLPRRLQWHUQRDOO
RSHUDGDFRVWUX]LRQHGHYR
QRHVVHUHYDOXWDWHHYHQWXDOLLQWHUD]LRQLWUDLOPDQWHQLPHQWRGHOODFD
SDFLWSRUWDQWHGHOO
RSHUDGDFRVWUX]LRQHHGLOOXRJRVLFXUR

0DQWHQLPHQWRGHOODFDSDFLWSRUWDQWHLQ 'DOO
HYHQWRLQL]LDWRUHILQRDOO
DUUHVWRGHOO
DQDOLVLVWUXWWXUDOHLQIDVHGL
FDVRG
LQFHQGLR
UDIIUHGGDPHQWRDOPRPHQWRLQFXLJOLHIIHWWLGHOO
LQFHQGLRVRQRULWHQXWL
QRQVLJQLILFDWLYLLQWHUPLQLGLYDULD]LRQHWHPSRUDOHGHOOHFDUDWWHULVWLFKH
GHOODVROOHFLWD]LRQHHGHJOLVSRVWDPHQWL

7DEHOOD0'XUDWDPLQLPDGHJOLVFHQDULG
LQFHQGLRGLSURJHWWR

&DSLWROR06FHQDULGLLQFHQGLRSHUODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

0

6WLPDGHOODFXUYD5+5
 /DGHILQL]LRQHTXDQWLWDWLYDGHOOHYDULHIDVLGHOO
LQFHQGLRTXLULSRUWDWDVLULIHULVFH
DOODFXUYDTXDOLWDWLYDGHOO
LOOXVWUD]LRQH0
 /DSUHVHQWHPHWRGRORJLDSXHVVHUHXWLOL]]DWDSHU
D FRVWUXLUHOHFXUYHQDWXUDOLFRQXQPRGHOORGLLQFHQGLRQXPHULFRDYDQ]DWRGL
FXLDOFDSLWROR6SHUODYDOXWD]LRQHGHOODFDSDFLWSRUWDQWHLQFRQGL]LRQL
G
LQFHQGLRGHOOHRSHUHGDFRVWUX]LRQH
E YDOXWDUHODSRUWDWDGLIXPRHPHVVDGXUDQWHO
LQFHQGLRSHUODSURJHWWD]LRQHGHL
VLVWHPL6()&
5+5

3URSDJD]LRQH

,QFHQGLRVWD]LRQDULR
%

5+5PD[

'HFDGLPHQWR
5+5W
VHQ]DVLVWHPLDXWRPDWLFL

5+5W[

X
5+5W
FRQVLVWHPDGL
FRQWUROORHVSHJQLPHQWR
GHOO
LQFHQGLRGLWLSRDXWRPDWLFR

5+5W
FRQVLVWHPDDXWRPDWLFR
GLFRPSOHWDHVWLQ]LRQH
GHOO
LQFHQGLR

W;

Attivazione sistema
automatico

&
W%

W$

W&

,OOXVWUD]LRQH0)DVLGHOO
LQFHQGLR
0

)DVHGLSURSDJD]LRQHGHOO
LQFHQGLR
 'XUDQWHODIDVHGLSURSDJD]LRQHODSRWHQ]DWHUPLFDULODVFLDWDGDOO
LQFHQGLRDO
YDULDUHGHOWHPSR5+5WSXHVVHUHUDSSUHVHQWDWDGD
5+5W


W
W

SHU W W $ 0

GRYH
5+5WSRWHQ]DWHUPLFDULODVFLDWDGDOO
LQFHQGLR >N:@
W
WHPSR
>V@
W
WHPSRQHFHVVDULRDIILQFKODSRWHQ]DWHUPLFDULODVFLDWDUDJJLXQJDLOYDOR
UHGLN:FRPHGHILQLWRQHOFDSLWROR*
>V@
3HUDOFXQHDWWLYLWWDOHYDORUHSXHVVHUHGHVXQWRGDLSURVSHWWLGHOO
DSSHQGLFH(
GHOO
(XURFRGLFH81,(13HUOHDOWUHDWWLYLWLOYDORUHGLWSXHV
VHUHGHWHUPLQDWRFRQFRQVLGHUD]LRQLEDVDWHVXOJLXGL]LRHVSHUWRSHUDQDORJLD
0

(IIHWWRGHLVLVWHPLDXWRPDWLFLGLFRQWUROORGHOO
LQFHQGLR
 6HQHOO
DWWLYLWVRQRSUHYLVWLVLVWHPLGLFRQWUROORGHOO
LQFHQGLRGLWLSRDXWRPDWLFR
HVLPSLDQWRVSULQNOHUODQGDPHQWRGHOODSRWHQ]DWHUPLFDULODVFLDWD5+5W
QRQUDJJLXQJHLOYDORUHPDVVLPR5+5PD[FDOFRODWRVHFRQGRTXDQWRSUHYLVWRDO
SDUDJUDIR0FKHDYUHEEHSRWXWRUDJJLXQJHUHLQUHOD]LRQHDOOHFRQGL]LRQL
GHOFRPEXVWLELOHHGDTXHOOHDPELHQWDOLPDSXHVVHUHDVVXQWDFRVWDQWHHSDULDO
YDORUHGL5+5W[UDJJLXQWRDOOLVWDQWHW; GLHQWUDWDLQIXQ]LRQHGHOOLPSLDQWR
DXWRPDWLFR7DOHYDORUHSHUPDQHSHUXQLQWHUYDOORGLWHPSRSDULDOODGXUDWDGL
DOLPHQWD]LRQHSUHYLVWDSHUOLPSLDQWRHQWURFXLVLSUHVXPHFKHOLQFHQGLRFRQ
WUROODWRYHQJDGHILQLWLYDPHQWHHVWLQWRPHGLDQWHOLQWHUYHQWRPDQXDOH

&DSLWROR06FHQDULGLLQFHQGLRSHUODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

 ,QRJQLFDVRLOSURJHWWLVWDWHQXWRDYDOXWDUHO
DIILGDELOLWGLIXQ]LRQDPHQWRGHL
VLVWHPLDXWRPDWLFLGLFRQWUROORGHOO
LQFHQGLRFRQVLGHUDWLLQIDVHSURJHWWXDOHDL
ILQLGHOODPRGLILFDGHOO
DQGDPHQWRGHOODFXUYD5+5W
 6HQHOO
DWWLYLWVRQRLQYHFHSUHYLVWL VLVWHPLDXWRPDWLFLGLHVWLQ]LRQHFRPSOHWD
GHOOLQFHQGLRHV(6)5ZDWHUPLVWLOORURHIIHWWRGHYHHVVHUHYDOXWDWRFDVR
SHUFDVRLQUHOD]LRQHDOODORURHIILFDFLDHGDOO
DIILGDELOLWGLIXQ]LRQDPHQWR
 $GLIIHUHQ]DGHOODWWLYD]LRQHGHLVLVWHPLDXWRPDWLFLOLQWHUYHQWRPDQXDOHHIIHW
WXDWRGDOOHVTXDGUHDQWLQFHQGLRQRQSXHVVHUHFRQVLGHUDWRLQIDVHSURJHWWXDOH
DLILQLGHOODPRGLILFDGHOO
DQGDPHQWRGHOODFXUYD5+5W
0

)DVHGHOO
LQFHQGLRVWD]LRQDULR
 1HOODPDJJLRUDQ]DGHLFDVLOHQHUJLDWHUPLFDSRWHQ]LDOPHQWHFRQWHQXWDQHOFRP
SDUWLPHQWRDQWLQFHQGLRVXIILFLHQWHDSURGXUUHODFRQGL]LRQHGL IODVKRYHU HVL
LSRWL]]DFKHDQFKHGRSRLOIODVKRYHUODFXUYD FUHVFDFRQDQGDPHQWRDQFRUD
SURSRU]LRQDOHDWILQRDOWHPSRW$FKHFRUULVSRQGHDOODPDVVLPDSRWHQ]D5+5PD[
ULODVFLDWDGDOO
LQFHQGLRQHOORVSHFLILFRFRPSDUWLPHQWRDQWLQFHQGLR
 6HQHOO
DWWLYLWQRQVRQRSUHYLVWLLPSLDQWLGLFRQWUROORRHVWLQ]LRQHDXWRPDWLFD
GHOO
LQFHQGLRVLVXSSRQHFKHGDOWHPSRW$ILQRDW%ODSRWHQ]DWHUPLFDSURGRWWD
GDOO
LQFHQGLRVLVWDELOL]]LDOYDORUHPDVVLPR5+5PD[

5+5W5+5 PD[ SHU W $ W  W % 

0
6HORVYLOXSSRGHOO
LQFHQGLRULVXOWDFRQWUROODWRGDOFRPEXVWLELOHFRPHDFFDGH
DOO
DSHUWRRLQHGLILFLFRQHOHYDWDVXSHUILFLHGLYHQWLOD]LRQHLOYDORUHGL5+5PD[
SXHVVHUHIRUQLWRGDOODVHJXHQWHHVSUHVVLRQH
5+5 PD[ 5+5 I $I 0
GRYH
5+5I  YDORUHGHOODSRWHQ]DWHUPLFDPDVVLPDULODVFLDWDSHUXQLWGLVXSHUILFLH
ORUGD  3HU  DOFXQH  DWWLYLW WDOH  YDORUH  SX  HVVHUH  GHVXQWR GDL SURVSHWWL
GHOO
DSSHQGLFH(GHOO
(XURFRGLFH81,(1
>N:P@
VXSHUILFLHORUGDGHOFRPSDUWLPHQWRLQFDVRGLGLVWULEX]LRQHXQLIRUPHGHO
FDULFR  GLQFHQGLR  RSSXUH  VXSHUILFLH  ORUGD  HIIHWWLYDPHQWH  RFFXSDWD  GDO
FRPEXVWLELOH RSSXUH  DUHD  RSHUDWLYD  GL  VLVWHPL  DXWRPDWLFL  GL  FRQWUROOR
GHOO
LQFHQGLR>P@
 6HORVYLOXSSRGHOOLQFHQGLRULVXOWDOLPLWDWRGDOYDORUHGHOODVXSHUILFLHGLYHQWL
OD]LRQHFRPHJHQHUDOPHQWHVLYHULILFDLQHGLILFLFRQVXSHUILFLHGLYHQWLOD]LRQH
RUGLQDULDDOORUDLOYDORUHGL5+5PD[ GHYHHVVHUHULGRWWRLQFRQVHJXHQ]DGHOOD
TXDQWLWGLFRPEXUHQWHGLVSRQLELOHFKHSXDIIOXLUHGDOOHVXSHUILFLGLYHQWLOD]LR
QHSUHVHQWLQHOODIDVHGLSRVWIODVKRYHU,QWDOFDVRVHOHSDUHWLGHOFRPSDUWLPHQ
WRSUHVHQWDQRVRORDSHUWXUHYHUWLFDOLSRVVLELOHGHWHUPLQDUHLOYDORUHGL5+5PD[
ULGRWWRWUDPLWHODVHJXHQWHHVSUHVVLRQHVHPSOLILFDWD
$I

5+5 PD[  P + X $ Y K HT 0

FRQ
PIDWWRUHGLSDUWHFLSD]LRQHDOODFRPEXVWLRQHGLFXLDOFDSLWROR6GHOSUHVHQWH
GRFXPHQWR
+XSRWHUHFDORULILFRLQIHULRUHGHOOHJQRSDULDN-NJ
$YDUHDWRWDOHGHOOHDSHUWXUHYHUWLFDOLVXWXWWHOHSDUHWLGHOFRPSDUWLPHQWR >P@
/
DOWH]]DHTXLYDOHQWHGHOOHDSHUWXUHYHUWLFDOLKHTVLFDOFRODFRQODVHJXHQWHUHOD
]LRQH

K HT 

$Y L K L
L

$ Y L

0

FRQ
&DSLWROR06FHQDULGLLQFHQGLRSHUODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

KHT
DOWH]]DHTXLYDOHQWHGHOOHDSHUWXUHYHUWLFDOL >P@
$YL DUHDGHOO
DSHUWXUDYHUWLFDOHLHVLPD
>P@
DOWH]]DGHOO
DSHUWXUDYHUWLFDOHLHVLPD
>P@
KL
6HLQYHFHOHSDUHWLGHOFRPSDUWLPHQWRSUHVHQWDQRDQFKHDSHUWXUHRUL]]RQWDOLDG
HV6()&O
HYHQWXDOHULGX]LRQHGHOYDORUHGL5+5PD[GHYHHVVHUHYDOXWDWDFRQ
PRGHOOLSLVRILVWLFDWLDGHVHPSLRLPRGHOOLGLFDPSRGLVLPXOD]LRQHGHOO
LQFHQ
GLR  FRQVLGHUDQGR  WXWWH  OH  VXSHUILFL  GL  YHQWLOD]LRQH  DSHUWH  VLQ  GDOO
LQQHVFR
GHOO
LQFHQGLR
 1RWRLOYDORUHGL5+5PD[LOWHPSRW$GLLQL]LRGHOODIDVHGLLQFHQGLRVWD]LRQDULR
VLFDOFRODFRQODVHJXHQWHHVSUHVVLRQH

W 
0
W $  5+5 PD[

FRQ
W$
WHPSRGLLQL]LRGHOODIDVHGLLQFHQGLRVWD]LRQDULR
>V@
 /DIDVHGLLQFHQGLRVWD]LRQDULRWHUPLQDDOWHPSRW%WHPSRGLLQ]LRGHOODIDVHGL
GHFDGLPHQWRLQFXLLOGHOOHQHUJLDWHUPLFDLQL]LDOPHQWHGLVSRQLELOHTIy$I
VWDWDULODVFLDWDQHOFRPSDUWLPHQWRDQWLQFHQGLR,OYDORUHGHOO
HQHUJLDT IYDOX
WDWRFRQIRUPHPHQWHDOOHLQGLFD]LRQLFRQWHQXWHQHOFDSLWROR6
 6HO
HQHUJLDWHUPLFDLQL]LDOPHQWHGLVSRQLELOHVXIILFLHQWHDIILQFKO
LQFHQGLRVX
SHULODIDVHGLSURSDJD]LRQHHUDJJLXQJDODSRWHQ]DPDVVLPD5+5PD[FLR
  
W 0
 W  $
DOORUDLOWHPSRW%GLILQHGHOODIDVHGLLQFHQGLRVWD]LRQDULRVLFDOFRODFRQODVH
JXHQWHHVSUHVVLRQH
 T I $I

  
W
 W  $
5+5 PD[

 T I $ I
W %W $ 

0

GRYH
W%
WHPSRGLILQHGHOODIDVHGLLQFHQGLRVWD]LRQDULR
>V@
FDULFRGLLQFHQGLRVSHFLILFR>N-P@
TI
 6HO
HQHUJLDWHUPLFDLQL]LDOPHQWHGLVSRQLELOHQRQ VXIILFLHQWHDIILQFKO
LQFHQ
GLRVXSHULODIDVHGLSURSDJD]LRQHODFXUYD5+5UDJJLXQJHLOYDORUHPDVVLPR
SHUTXDOFKHVHFRQGRSRLSDVVDGLUHWWDPHQWHDOODIDVHGLGHFDGLPHQWR
0

)DVHGLGHFDGLPHQWR
 ,OWHPSRW&WUDVFRUVRLOTXDOHODSRWHQ]DWHUPLFDULODVFLDWDGDOOLQFHQGLRVLDQ
QXOODYLHQHFDOFRODWRFRQVLGHUDQGRFKHQHOODIDVHGLGHFDGLPHQWRFRQVXPDWR
LOUHVWDQWHGHOOHQHUJLDWHUPLFDLQL]LDOPHQWHGLVSRQLELOH
W &W %

 T I $ I
0
5+5 PD[

GRYH
WHPSRFRQSRWHQ]DWHUPLFDULODVFLDWDGDOOLQFHQGLRQXOOD
>V@
W&
 'XUDQWHODIDVHGLGHFDGLPHQWRO
DQGDPHQWRGHOODSRWHQ]DSURGRWWDGDOO
LQFHQGLR
OLQHDUHHTXLQGL
5+5W5+5 PD[

0

W &W
W &W %

SHU W %WW &

0

$OWUHLQGLFD]LRQL
 4XDORUDODGHILQL]LRQHGHOODIDVHGLSURSDJD]LRQHGHOODFXUYD5+5WEDVDWD
HVFOXVLYDPHQWHVXOWHPSRFDUDWWHULVWLFRWIRVVHULWHQXWDQRQUDSSUHVHQWDWLYDGHO
ODUHDOHHYROX]LRQHGHOO
LQFHQGLRGXUDQWHODIDVHGLSURSDJD]LRQHLQSDUWLFRODUH
QHJOLHGLILFLFLYLOLVLUHQGHUQHFHVVDULDXQDSLGHWWDJOLDWDGHILQL]LRQHGHOOD

&DSLWROR06FHQDULGLLQFHQGLRSHUODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

FXUYD  GL  FUHVFLWD  GHOOLQFHQGLR  FRQ  VSHFLILFD  DWWHQ]LRQH  DOOD  SURSDJD]LRQH

GHOOLQFHQGLRHGHLSURGRWWLGHOODFRPEXVWLRQHFKHUDSSUHVHQWDQRLIHQRPHQLGL
PDJJLRUHLQWHUHVVHSHULSUREOHPLGLVDOYDJXDUGLDGHOODYLWD
 ,OSURIHVVLRQLVWDDQWLQFHQGLRSXSHUWDQWRYDOXWDUHOHSRVVLELOLWFKHO
LQFHQGLRVL
SURSDJKLGDJOLRJJHWWLJLFRLQYROWLGDOOHILDPPHDGDOWULHOHPHQWLFRPEXVWLELOL
SHUPH]]RGLXQ
DSSURSULDWDYDOXWD]LRQHGHOULVFKLRGLLQFHQGLR7DOHYDOXWD]LR
QHGHYHHVVHUHJLXVWLILFDWDGXUDQWHO
DQDOLVLTXDQWLWDWLYD
 8Q  HVHPSLR  GL  WDOH  DSSURFFLR   FKLDUDPHQWH  DIIURQWDWR  QHOOH  1)3$  H
1)3$4XHVWLGRFXPHQWLULSRUWDQRDOFXQHFRUUHOD]LRQLLPSLHJDELOLSHUYHUL
ILFDUHVHQHOOHSULPHIDVLGLVYLOXSSRGLXQLQFHQGLRODSRWHQ]DWHUPLFDULODVFLD
WDGDXQRJJHWWRLQFHQGLDWRSRVVDSURYRFDUHODSURSDJD]LRQHGHOO
LQFHQGLRDGDO
WULRJJHWWLSHUHIIHWWRGHOO
LUUDJJLDPHQWRWHUPLFRLQUHOD]LRQHDOODWLSRORJLDGHL
PDWHULDOLHGDOODGLVWDQ]DFKHOLVHSDUDGDJOLRJJHWWLJLLQQHVFDWL
 /DFXUYD5+5SXHVVHUHFRVULFRVWUXLWDQHOVHJXHQWHPRGR
D LSRWL]]DUHLOPDWHULDOHFRPEXVWLELOHLQL]LDWRUHGHOOLQFHQGLR
E YDOXWDUH ODVHTXHQ]D FRQODTXDOHLGLYHUVLHOHPHQWLFRPEXVWLELOLSUHVHQWL
QHOODPELHQWHYHQJRQRFRLQYROWLGDOODSURSDJD]LRQHGHOO
LQFHQGLR
F FDOFRODUHODFXUYD5+5WFRPSOHVVLYDSHUVRPPDGHLFRQWULEXWLQHOWHPSR
GHLVLQJROLRJJHWWL/HFXUYH5+5WGLPROWHWLSRORJLHGLRJJHWWLFRPEXVWL
ELOLSUHVHQWLQHJOLHGLILFLFLYLOLSRVVRQRHVVHUHIDFLOPHQWHUHSHULWHLQOHWWHUD
WXUD
0

)RFRODUHSUHGHILQLWR
 4XDORUDVLLQWHQGDRPHWWHUHOHYDOXWD]LRQLLQPHULWRDOODGHVFUL]LRQHTXDQWLWDWLYD
GHOIRFRODUHGLFXLDOSDUDJUDIR0SRVVRQRHVVHUHLPSLHJDWLLIRFRODULSUH
GHILQLWL GHVFULWWL  TXDQWLWDWLYDPHQWH  VHFRQGR  LO  PHWRGR  LQGLFDWR  QHO  SDUDJUD
IR0LPSLHJDQGRLYDORULGHLSDUDPHWULGLFXLDOODWDEHOOD0
 HVFOXVRO
LPSLHJRGHLIRFRODULSUHGHILQLWLQHLFDVLLQFXLVLYDOXWLFKHLIRFRODUL
DWWHVLULVXOWLQRSLJUDYRVLGLTXHOOLSUHYLVWLLQWDEHOOD0

&DSLWROR06FHQDULGLLQFHQGLRSHUODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

3DUDPHWUR

)RFRODUHSUHGHILQLWR
SHUDWWLYLWFLYLOH

SHUDOWUHDWWLYLW

9HORFLWFDUDWWGLFUHVFLWDGHOO
LQFHQGLRW

VIDVW

VXOWUDIDVW

5+5PD[WRWDOH
5+5PD[SHUPGLVXSHUILFLHGHOIRFRODUH

0:
N:P>@

0:
N:P>@

3UHIODVKRYHUNJNJ>@
3RVWIODVKRYHUNJNJ>@

3UHIODVKRYHUNJNJ>@
3RVWIODVKRYHUNJNJ>@

5HVDLQSDUWLFRODWR<VRRW
5HVDLQPRQRVVLGRGLFDUERQLR<&2

3UHIODVKRYHUNJNJ>@
3RVWIODVKRYHUNJNJ>@

&DORUHGLFRPEXVWLRQHHIIHWWLYR+&

0-NJ>@

5HVDLQELRVVLGRGLFDUERQLR<&2

NJNJ>@

5HVDLQDFTXD<+2

NJNJ>@

)UD]LRQHGL5+5WLQLUUDJJLDPHQWR
5DGLDWLYHIUDFWLRQ

>@

>@'DLPSLHJDUHLQDOWHUQDWLYDDOO
5+5PD[WRWDOHFRQVLGHUDQGRODPDVVLPDVXSHUILFLHGHOIRFRODUHSDULDOFRP
SDUWLPHQWRDQWLQFHQGLRQHOFDVRGLFDULFRGLLQFHQGLRXQLIRUPHPHQWHGLVWULEXLWRPDFKHSXHVVHUHXQYDORUHLQ
IHULRUHQHOFDVRG
LQFHQGLRORFDOL]]DWR
>@5REELQV$3:DGH&$6WXG\5HSRUW1R6RRW<LHOG9DOXHVIRU0RGHOOLQJ3XUSRVHV5HVLGHQWLDO2FFX
SDQFLHV%5$1=
>@&909HULILFDWLRQPHWKRG)UDPHZRUNIRUILUHVDIHW\GHVLJQ1HZ=HDODQG%XLOGLQJ&RGH
>@6)3(KDQGERRNRIILUHSURWHFWLRQHQJLQHHULQJ1)3$WKHG7DEHOODSDJGDSRO\XUH
WKDQHIOH[LEOHIRDPV
>@6WHF$$+XOO75)LUH7R[LFLW\:RRGKHDG3XEiFRQ XQGHUYHQWLODWHGILUH
>@,QDOWHUQDWLYDDOOHUHVH<&2H<+2VLSXLPSRUUHQHOFRGLFHGLFDOFRORLOFRPEXVWLELOHJHQHULFR&+2

7DEHOOD0)RFRODULSUHGHILQLWL

&DSLWROR06FHQDULGLLQFHQGLRSHUODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

0

5LIHULPHQWL
 'DOSXQWRGLYLVWDPHWRGRORJLFRLQDJJLXQWDDOOHLQGLFD]LRQLFRQWHQXWHQHOOHUH
JROHWHFQLFKHGLSUHYHQ]LRQHLQFHQGLDWLWRORHVHPSOLILFDWLYRHQRQHVDXVWLYRL
VHJXHQWLGRFXPHQWLIRUQLVFRQRXQ
XWLOHJXLGDDOSURIHVVLRQLVWDDQWLQFHQGLR
 ,GHQWLILFD]LRQHGHJOLVFHQDULG
LQFHQGLR
D ,62)LUHVDIHW\HQJLQHHULQJ)LUHULVNDVVHVVPHQWGHVFULYHO
DS
SOLFD]LRQHDOODYDOXWD]LRQHGHOULVFKLRGLLQFHQGLRGHOOHPHWRGRORJLHSURSULH
GHOODQDOLVLGLULVFKLRFRPHO
DOEHURGHLJXDVWLHO
DOEHURGHJOLHYHQWL
E 1)3$*XLGHIRUWKHHYDOXDWLRQRIILUHULVNDVVHVVPHQW
 6HOH]LRQHGHJOLVFHQDULGLLQFHQGLRGLSURJHWWR
D ,6276)LUHVDIHW\HQJLQHHULQJ6HOHFWLRQRIGHVLJQILUHVFHQDULRV
DQGGHVLJQILUHV
E 1)3$/LIH6DIHW\&RGH
 6WLPDGHOODFXUYD5+5
D (XURFRGLFH81,(13DUWH$]LRQLLQJHQHUDOH$]LRQLVXOOH
VWUXWWXUHHVSRVWHDOIXRFR
E 1)3$6WDQGDUGIRUVPRNHFRQWUROV\VWHPV
F 1)3$%6PRNHPDQDJHPHQWV\VWHPVLQPDOOVDWULDDQGODUJHDUHDV
G 1)3$*XLGHRQPHWKRGVIRUHYDOXDWLQJSRWHQWLDOIRUURRPIODVKRYHU
 'HVFUL]LRQHTXDQWLWDWLYDGHOIRFRODUH
D 6)3(KDQGERRNRIILUHSURWHFWLRQHQJLQHHULQJ1)3$WKHG

&DSLWROR06FHQDULGLLQFHQGLRSHUODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

0(72',

&DSLWROR0

6DOYDJXDUGLDGHOODYLWD
FRQODSURJHWWD]LRQHSUHVWD]LRQDOH

3UHPHVVD
3URJHWWD]LRQHSUHVWD]LRQDOHSHUODVDOYDJXDUGLDGHOODYLWD
&DOFRORGL$6(7
&DOFRORGL56(7
6RJOLHGLSUHVWD]LRQHSHUODVDOYDJXDUGLDGHOODYLWD
5LIHULPHQWL

&DSLWROR06DOYDJXDUGLDGHOODYLWDFRQODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

0

3UHPHVVD
 1HOO
DSSOLFD]LRQHGHOPHWRGRSUHVWD]LRQDOHDOODVLFXUH]]DDQWLQFHQGLRSHUODVDO
YDJXDUGLDGHOODYLWDJOLRELHWWLYLGHOSURIHVVLRQLVWDDQWLQFHQGLRSRVVRQRHVVHUH
D ODGLPRVWUD]LRQHGLUHWWDHGHVSOLFLWDGHOODSRVVLELOLWSHUWXWWLJOLRFFXSDQWLGL
XQ
DWWLYLWGLUDJJLXQJHUHRSHUPDQHUHLQXQOXRJRVLFXURVHQ]DFKHFLLP
SHGLWRGDXQ
HFFHVVLYDHVSRVL]LRQHDLSURGRWWLGHOO
LQFHQGLR
E ODGLPRVWUD]LRQHGHOODSRVVLELOLWSHULVRFFRUULWRULGLRSHUDUHLQVLFXUH]]D
VHFRQGROHLQGLFD]LRQLGHOOHWDEHOOH0H0
 /DSURJHWWD]LRQHGHYHVHJXLUHXQDGHOOHSURFHGXUHULFRQRVFLXWHDOLYHOORLQWHUQD
]LRQDOHSHUYDOXWDUHODSRVL]LRQHHODFRQGL]LRQHGHJOLRFFXSDQWLGXUDQWHO
HYROX
]LRQHGHJOLVFHQDULG
LQFHQGLRSUHYLVWLSHUO
DWWLYLW

0

3URJHWWD]LRQHSUHVWD]LRQDOHSHUODVDOYDJXDUGLDGHOODYLWD

0

&ULWHULRLGHDOH
 /DSURJHWWD]LRQHLGHDOHGLXQVLVWHPDG
HVRGRGRYUHEEHDVVLFXUDUHDJOLRFFXSDQ
WLODSRVVLELOLWGLUDJJLXQJHUHXQOXRJRVLFXURLQVLFXUH]]D4XHVWRGXQTXHLO
SULPRFULWHULRGDLPSLHJDUHSHUODPDJJLRUSDUWHGHJOLRFFXSDQWLGHOO
DWWLYLW
 (VLVWRQRVLWXD]LRQLRYHLOFULWHULRGHOFRPPDQRQDSSOLFDELOHLQSDUWLFRODUH
SHUJOLRFFXSDQWLFKHVLWURYDQRQHOFRPSDUWLPHQWRGLSULPRLQQHVFRGHOO
LQFHQ
GLR

7HPSRGLVSRQLELOHSHUO
HVRGR$6(7
DYDLODEOHVDIHHVFDSHWLPH
7HPSRULFKLHVWRSHUO
HVRGR56(7
UHTXLUHGVDIHHVFDSHWLPH

0DUJLQHGL
VLFXUH]]D

7HPSRGLHYDFXD]LRQH
7HPSRDWWLYLWGLSUHPRYLPHQWRWSUH
SUHWUDYHODFWLYLW\WLPH37$7
7HPSRGL
ULFRQRVFLPHQWR

7HPSRGL
ULYHOD]WGHW
GHWHFWLRQ

7HPSRGL
ULVSRVWD

7HPSRGL
PRYLPHQWRWWUD
WUDYHO

7HPSRGL
DOODUPH
JHQHUDOHWD

,OOXVWUD]LRQH0&RQIURQWRWUD$6(7HG56(7
0

&ULWHULRGL$6(7!56(7
 3HUULVROYHUHTXDQWRSUHYLVWRDOFRPPDGHOSDUDJUDIR0ODQRUPDLQWUR
GXFHLOFULWHULR$6(7!56(7/DSURJHWWD]LRQHSUHVWD]LRQDOHGHOVLVWHPDGLYLH
G
HVRGRFRQVLVWHVRVWDQ]LDOPHQWHQHOFDOFRORHQHOFRQIURQWRWUDGXHLQWHUYDOOLGL
WHPSRFRVGHILQLWL
D $6(7WHPSRGLVSRQLELOHSHUO
HVRGRDYDLODEOHVDIHHVFDSHWLPH
E 56(7WHPSRULFKLHVWRSHUO
HVRGRUHTXLUHGVDIHHVFDSHWLPH

&DSLWROR06DOYDJXDUGLDGHOODYLWDFRQODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

 6LFRQVLGHUDHIILFDFHLOVLVWHPDG
HVRGRVH$6(7!56(7VHFLRLOWHPSRLQFXL
SHUPDQJRQRFRQGL]LRQLDPELHQWDOLQRQLQFDSDFLWDQWLSHUJOLRFFXSDQWLVXSH
ULRUHDOWHPSRQHFHVVDULRSHUFKHVVLSRVVDQRUDJJLXQJHUHXQOXRJRVLFXURQRQ
VRJJHWWRDWDOLFRQGL]LRQLDPELHQWDOLVIDYRUHYROLGRYXWHDOO
LQFHQGLR
 /DGLIIHUHQ]DWUD$6(7HG56(7UDSSUHVHQWDLOPDUJLQHGLVLFXUH]]DGHOODSUR
JHWWD]LRQHSUHVWD]LRQDOHSHUODVDOYDJXDUGLDGHOODYLWD
>V@
WPDUJ $6(756(7
1HOFRQIURQWRWUDGLYHUVHVROX]LRQLSURJHWWXDOLLOSURIHVVLRQLVWDDQWLQFHQGLRUHQ
GHPDVVLPRLOPDUJLQHGLVLFXUH]]DWPDUJLQUHOD]LRQHDOOHLSRWHVLDVVXQWHDOILQH
GLFRQVLGHUDUHO
LQFHUWH]]DQHOFDOFRORGHLWHPSLGL$6(7HG56(7
$PHQRGLVSHFLILFKHYDOXWD]LRQLVLDVVXPHWPDUJy56(7,QFDVRGLVSH
FLILFKHYDOXWD]LRQLVXOO
DIILGDELOLWGHLGDWLGLLQSXWLPSLHJDWLQHOODSURJHWWD]LRQH
SUHVWD]LRQDOHFRQVHQWLWRDVVXPHUHWPDUJy56(7
,QRJQLFDVRLOYDORUHGLWPDUJQRQGRYUPDLHVVHUHLQIHULRUHDVHFRQGL

%DEUDXVNDV9)OHPLQJ-0'RQ5XVVHOO%56(7$6(7DIODZHGFRQFHSWIRUILUHVDIHW\DVVHVVPHQW)LUH
DQG0DWHULDOV

&DSLWROR06DOYDJXDUGLDGHOODYLWDFRQODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

0

&DOFRORGL$6(7
 $6(7 LOWHPSRDGLVSRVL]LRQHGHJOLRFFXSDQWLSHUPHWWHUVLLQVDOYRGLSHQGH
VWUHWWDPHQWHGDOOHLQWHUD]LRQLQHOVLVWHPDLQFHQGLRHGLILFLRRFFXSDQWLO
LQFHQGLR
VL  LQQHVFDVL SURSDJD  H GLIIRQGH  QHOO
HGLILFLR L VXRL SURGRWWLIXPL H FDORUH
/
HGLILFLRUHVLVWHDOO
LQFHQGLRSHUPH]]RGHOOHPLVXUHSURWHWWLYHDWWLYHHSDVVLYH
LPSLDQWLDQWLQFHQGLRFRPSDUWLPHQWD]LRQLVLVWHPLGLFRQWUROORGLIXPRHFDORUH
*OLRFFXSDQWLVRQRHVSRVWLDJOLHIIHWWLGHOO
LQFHQGLRLQUHOD]LRQHDOODDWWLYLWFKH
VYROJRQRDOODORURSRVL]LRQHLQL]LDOHDOORURSHUFRUVRQHOO
HGLILFLRHGDOODFRQGL
]LRQHILVLFDHSVLFRORJLFD
 ,QFRQVHJXHQ]DGLTXDQWRLQGLFDWRDOFRPPDFLDVFXQRFFXSDQWHSRVVLHGHXQ
SURSULRYDORUHGL$6(77DOHFRPSOHVVLWYLHQHULVROWDGDOSURIHVVLRQLVWDDQWLQ
FHQGLRFRQFRQVLGHUD]LRQLVWDWLVWLFKHFRQPRGHOOLGLFDOFRORQXPHULFLRDVVX
PHQGROHLSRWHVLVHPSOLILFDWLYHGHVFULWWHQHOSDUDJUDIR0
 1HLVHJXHQWLSDUDJUDILVLSUHVHQWDQRLPHWRGLGLFDOFRORGL$6(7DPPHVVLGDOOH
QRUPH
D PHWRGRGLFDOFRORDYDQ]DWR
E PHWRGRGLFDOFRORVHPSOLILFDWR

0

0HWRGRGLFDOFRORDYDQ]DWRSHU$6(7
 ,OFDOFRORGL$6(7ULFKLHGHODVWLPDGHOOHFRQFHQWUD]LRQLGLSURGRWWLWRVVLFLGHO
OHWHPSHUDWXUHHGHOOHGHQVLWGHOIXPRQHJOLDPELHQWLDVHJXLWRGHOO
LQFHQGLRH
OD ORUR YDULD]LRQH  QHO  WHPSR LQTXDQWR JOL  RFFXSDQWL SRVVRQR PXRYHUVL QHO
IXPR FKHQHLFDVLFRPSOHVVLSXHVVHUHUDJLRQHYROPHQWHHODERUDWDVRORFRQ
PRGHOOL  GL  FDOFROR  IOXLGRGLQDPLFL  6RQR  LQIDWWL  OD  WLSRORJLD  GHOO
LQFHQGLR  H
GHOO
DWWLYLWFKHGHWHUPLQDQRFRPSOHVVLYDPHQWHO
DQGDPHQWRGLWDOLYDULDELOLFRQ
LOWHPSR
 /DQRUPD,62LOULIHULPHQWRSLDXWRUHYROHSHULOFDOFROR$6(7$6(7
JOREDOHLYLGHILQLWRFRPHLOSLSLFFRORWUDJOL$6(7FDOFRODWLVHFRQGRTXDWWUR
PRGHOOL
D PRGHOORGHLJDVWRVVLFL
E PRGHOORGHLJDVLUULWDQWL
F PRGHOORGHOFDORUH
G PRGHOORGHOO
RVFXUDPHQWRGHOODYLVLELOLWGDIXPR

0

0RGHOORJDVWRVVLFL
 ,OPRGHOORGHLJDVWRVVLFLLPSLHJDLOFRQFHWWRGLGRVHLQDODWDH[SRVXUHGRVHH
GL)('IUDFWLRQDOHIIHFWLYHGRVH/DH[SRVXUHGRVHGHILQLWDFRPHODPLVXUD
GHOODGRVHGLXQJDVWRVVLFRGLVSRQLELOHSHULQDOD]LRQHFLRSUHVHQWHQHOO
DULDLQ
VSLUDWDFDOFRODWDSHULQWHJUD]LRQHGHOODFXUYDFRQFHQWUD]LRQHWHPSRGHOODVR
VWDQ]DSHULOWHPSRGLHVSRVL]LRQH/D )(' LOUDSSRUWRWUDTXHVWD H[SRVXUH
GRVH HODGRVHGHOJDVWRVVLFRFKHGHWHUPLQDHIIHWWLLQFDSDFLWDQWLVXOVRJJHWWR
PHGLRHVSRVWR4XDQGR)(' VLFRQVLGHUDLQFDSDFLWDWRLOVRJJHWWRPHGLR
1RWD  3HU  HVHPSLR  OD  GRVH  LQFDSDFLWDQWH  GL  &2  PRQRVVLGR  GL  FDUERQLR  SUHYLVWD  QHOOD  ,62
SDULDSSPyPLQ&LVLJQLILFDLSRWL]]DUHFKHLOVRJJHWWRPHGLRHVSRVWRDG
XQDFRQFHQWUD]LRQHGLSSPSHUPLQXWLULVXOWLLQFDSDFLWDWR,QWDOFDVRODVXD)('SDULD
HGLOVXR$6(7SHULO&2SDULDPLQXWL

0

0RGHOORJDVLUULWDQWL
 ,OPRGHOORGHLJDVLUULWDQWLLPSLHJDLOFRQFHWWRGL)(&IUDFWLRQDOHIIHFWLYHFRQ
FHQWUDWLRQ/D)(&GHILQLWDFRPHLOUDSSRUWRWUDODFRQFHQWUD]LRQHGLXQJDV

&DSLWROR06DOYDJXDUGLDGHOODYLWDFRQODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

LUULWDQWHGLVSRQLELOHSHULQDOD]LRQHHODFRQFHQWUD]LRQHGHOORVWHVVRJDVFKHGH
WHUPLQDHIIHWWLLQFDSDFLWDQWLVXOVRJJHWWRPHGLRHVSRVWR
 $OILQHGLVHPSOLILFDUHO
DQDOLVLTXDORUDQHJOLVFHQDULGLLQFHQGLRGLSURJHWWR
QRQVLDQRLGHQWLILFDWLQHOIRFRODUHPDWHULDOLFRPEXVWLELOLVXVFHWWLELOLGLFRVWLWXLUH
VSHFLILFDVRUJHQWHGLJDVLUULWDQWLHVVRVWDQ]HRPLVFHOHSHULFRORVHFDYLHOHWWUL
FLLQTXDQWLWVLJQLILFDWLYHODYHULILFDGHOPRGHOORGHLJDVLUULWDQWLSXHVVHUH
RPHVVD
0

0RGHOORFDORUH
 3HULOPRGHOORGHOFDORUHLUUDJJLDWRHFRQYHWWLYRODQRUPDSURSRQHXQDSSURFFLR
EDVDWRVXOOD)('VLPLOHDTXHOORGHLGHLJDVWRVVLFL/
HTXD]LRQHSURSRVWDOD
VHJXHQWH
W

; )(' 

0
 W
W ,UDG W,FRQY
,YDORULGLW,UDGHW,FRQYVRQRLWHPSLGLLQFDSDFLWD]LRQHSHUFDORUHUDGLDQWHHFDORUH
FRQYHWWLYRFDOFRODWLFRQDOWUHUHOD]LRQLLQIXQ]LRQHGHOODFRQGL]LRQHGLDEELJOLD
PHQWRGHLVRJJHWWLUHSHULELOLQHOODQRUPD,62


W

 /DYHULILFDGHOPRGHOORGHOFDORUHSXHVVHUHVHPSOLILFDWDDVVXPHQGRFRQVHUYD
WLYDPHQWHOHVHJXHQWLVRJOLHGLSUHVWD]LRQH
D LUUDJJLDPHQWRVXJOLRFFXSDQWL N:P
E WHPSHUDWXUDDPELHQWHVXJOLRFFXSDQWL r&
 7DOLYDORULFRUULVSRQGRQRDGXQ$6(7ROWUHLPLQXWLSHUTXDOVLDVLFRQGL]LRQH
GLDEELJOLDPHQWR
0

0RGHOORYLVLELOLW
 ,OPRGHOORGHOO
RVFXUDPHQWRGHOODYLVLELOLWGDIXPREDVDWRVXOFRQFHWWRGHO
PLQLPRFRQWUDVWRSHUFHWWLELOHFLRODPLQLPDGLIIHUHQ]DGLOXPLQRVLWYLVLELOH
WUDXQRJJHWWRHORVIRQGR
 3HUOHJDUHLOYDORUHGHOODYLVLELOLW/DOODPDVVDYROXPLFDGHLIXPL smokeVLUL
FRUUHDOODVHJXHQWHFRUUHOD]LRQHVSHULPHQWDOHDSSOLFDWDDGRJQLSXQWRGHOGRPL
QLRGLFDOFROR
& VPRNH / 0
GRYH
/
YLVLELOLW>P@
&
FRVWDQWHDGLPHQVLRQDOHSDULDSHUFDUWHOORQLVWLFDGLHVRGRULIOHWWHQWHQRQ
LOOXPLQDWDRSHUFDUWHOORQLVWLFDUHWURLOOXPLQDWD

FRHIILFLHQWHPDVVLFRGLHVWLQ]LRQHGHOODOXFHSDULDPJ >PJ@
smokePDVVDYROXPLFDGHLIXPLVPRNHDHURVROPDVVFRQFHQWUDWLRQ>JP@

*UD]LHDTXHVWD FRUUHOD]LRQHLFRGLFLGLFDOFRORIOXLGRGLQDPLFRUHVWLWXLVFRQR
GLUHWWDPHQWHODsmokeHFDOFRODQRODYLVLELOLW/SHURJQLSXQWRGHJOLDPELHQWLVL
PXODWL
0

6RJOLDGLSUHVWD]LRQHSHU)('H)(&
 ,YDORULGL)('H)(&SDULDGVRQRDVVRFLDWLDGHIIHWWLLQFDSDFLWDQWLGHOO
HVRGR
FDOLEUDWLVXRFFXSDQWLGLPHGLDVHQVLELOLWDJOLHIIHWWLGHLSURGRWWLGHOO
LQFHQGLR
 3HUWHQHUHFRQWRGHOOHFDWHJRULHSLGHEROLRSLVHQVLELOLGHOODSRSROD]LRQHFKH
ULVXOWHUHEEHURLQFDSDFLWDWHEHQSULPDGHOUDJJLXQJLPHQWRGL)('R)(&XJXDOH
DVLFRQVLGHUDUDJLRQHYROHLPSLHJDUHLOYDORUHFRPHVRJOLDGLSUHVWD]LRQH
SHU)('H)(&OLPLWDQGRDJOLRFFXSDQWLLQFDSDFLWDWLDOUDJJLXQJLPHQWR
GHOODVRJOLDVHFRQGR,62ODVFLDQGRSHUDOSURIHVVLRQLVWDDQWLQFHQGLR

&DSLWROR06DOYDJXDUGLDGHOODYLWDFRQODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

O
RQHUHGLVHOH]LRQDUHHJLXVWLILFDUHLOYDORUHSLDGDWWRDOODWLSRORJLDGLSRSROD
]LRQHFRLQYROWD
0

0HWRGRGLFDOFRORVHPSOLILFDWRSHU$6(7
 /D,6275SUHYHGHODSRVVLELOLWGLXWLOL]]DUHO
LSRWHVLVHPSOLILFDWLYDGHO
ODHVSRVL]LRQH]HUR]HURH[SRVXUH
 ,QYHFHGLSURFHGHUHDOODYHULILFDGLWXWWLLPRGHOOLGLFXLDOSDUDJUDIR0LO
SURIHVVLRQLVWDDQWLQFHQGLRLPSLHJDOHVHJXHQWLVRJOLHGLSUHVWD]LRQHPROWRFRQ
VHUYDWLYH
D DOWH]]DPLQLPDGHLIXPLVWUDWLILFDWLGDOSLDQRGLFDOSHVWLRSDULD PDOGL
VRWWRGHOTXDOHSHUPDQJDORVWUDWRG
DULDLQGLVWXUEDWDH
E WHPSHUDWXUDPHGLDGHOORVWUDWRGLIXPLFDOGLQRQVXSHULRUHDr&
4XHVWLFULWHULSHUPHWWRQRDJOLRFFXSDQWLODIXJDLQDULDLQGLVWXUEDWDQRQLQTXL
QDWDGDLSURGRWWLGHOODFRPEXVWLRQHHGXQYDORUHGHOO
LUUDJJLDPHQWRGDLIXPLFXL
VRQRHVSRVWLLQIHULRUHDN:PVRQRGXQTXHDXWRPDWLFDPHQWHVRGGLVIDWWL
WXWWLLPRGHOOLGLFXLDOSDUDJUDIR0HO
DQDOLVLQRWHYROPHQWHVHPSOLILFDWD
SHUFKQRQRFFRUUHHVHJXLUHFDOFROLGLHVSRVL]LRQHGHJOLRFFXSDQWLDWRVVLFLLUUL
WDQWLFDORUHHRVFXUDPHQWRGHOODYLVLELOLWLQIDWWLVXIILFLHQWHYDOXWDUHDQDOLWL
FDPHQWHRFRQPRGHOOLQXPHULFLD]RQHRGLFDPSRO
DOWH]]DGHOORVWUDWRGHL
IXPLSUHIODVKRYHUQHOO
HGLILFLR

0

&DPSRGLDSSOLFDELOLWGHOPHWRGRVHPSOLILFDWR
 ,OPHWRGRGLFDOFRORVHPSOLILFDWRGLFXLDOSDUDJUDIR0DSSOLFDELOHVROR
VHODSRWHQ]DGHOIRFRODUHUDSSRUWDWDDOODJHRPHWULDGHOO
DPELHQWHVXIILFLHQWHD
JDUDQWLUHODIRUPD]LRQHGHOORVWUDWRGLIXPLFDOGLVXSHULRUHLOSURIHVVLRQLVWDDQ
WLQFHQGLRWHQXWRDYHULILFDUHFKHWDOHFRQGL]LRQHVLYHULILFKL

&DSLWROR06DOYDJXDUGLDGHOODYLWDFRQODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

0

&DOFRORGL56(7
 56(7FDOFRODWRWUDO
LQQHVFRGHOO
LQFHQGLRHGLOPRPHQWRLQFXLJOLRFFXSDQWL
GHOO
HGLILFLRUDJJLXQJRQRXQOXRJRVLFXUR$QFKH56(7GLSHQGHGDOOHLQWHUD]LR
QLGHOVLVWHPDLQFHQGLRHGLILFLRRFFXSDQWLODIXJDGHJOLRFFXSDQWLIRUWHPHQWH
FRQGL]LRQDWDGDOOHJHRPHWULHGHOO
HGLILFLRHGUDOOHQWDWDGDJOLHIIHWWLGHOO
LQFHQ
GLR
 ,OGRFXPHQWRGLULIHULPHQWRSHULOFDOFRORGL56(7OD,6275
 56(7GHWHUPLQDWRGDYDULHFRPSRQHQWLFRPHLOWHPSRGLULYHOD]LRQHGHWHF
WLRQWGHWLOWHPSRGLDOODUPHJHQHUDOHWDLOWHPSRGLSUHPRYLPHQWRSUHWUDYHO
DFWLYLW\WLPH37$7WSUHLOWHPSRGLPRYLPHQWRWUDYHOWWUD
56(7W GHW W D W SUH  W WUD 0
 $OILQHGHOFDOFRORGL56(7LOSURIHVVLRQLVWDDQWLQFHQGLRGHYHVYLOXSSDUHORVFH
QDULRFRPSRUWDPHQWDOHGLSURJHWWRSLDSSURSULDWRSHULOFDVRVSHFLILFRSHUFK
O
DWWLYLWGLSUHPRYLPHQWRHOHYHORFLWGHOO
HVRGRGLSHQGRQRGDOODWLSRORJLDGL
SRSROD]LRQHFRQVLGHUDWDHGDOOHPRGDOLWG
LPSLHJRGHOO
HGLILFLR
1RWD ,SDUDPHWULYDULDQRQRWHYROPHQWHVHJOLRFFXSDQWLVRQRVYHJOLHGKDQQRIDPLOLDULWFRQO
HGLILFLR
FRPHLQXQHGLILFLRVFRODVWLFRRGRUPRQRHQRQFRQRVFRQRODVWUXWWXUDFRPHLQXQDVWUXWWXUDDO
EHUJKLHUD

 &RPHJLLQGLFDWRSHU$6(7FLDVFXQRFFXSDQWHSRVVLHGHXQSURSULRYDORUHDQ
FKHGL56(7
0

7HPSRGLULYHOD]LRQH
 ,OWHPSRGLULYHOD]LRQHWGHWGHWHUPLQDWRGDOODWLSRORJLDGLVLVWHPDGLULYHOD]LRQH
HGDOORVFHQDULRGLLQFHQGLR(
LOWHPSRQHFHVVDULRDOVLVWHPDGLULYHOD]LRQHDX
WRPDWLFRSHUDFFRUJHUVLGHOO
LQFHQGLR9LHQHFDOFRODWRDQDOLWLFDPHQWHRFRQDS
SRVLWDPRGHOOL]]D]LRQHQXPHULFDGHJOLVFHQDULG
LQFHQGLRHGHOVLVWHPDGLULYHOD
]LRQH

0

7HPSRGLDOODUPHJHQHUDOH
 ,O WHPSR  GL  DOODUPH  JHQHUDOH WD  LO  WHPSR  FKH  LQWHUFRUUH  WUD  OD  ULYHOD]LRQH
GHOO
LQFHQGLRHODGLIIXVLRQHGHOO
LQIRUPD]LRQHDJOLRFFXSDQWLGHOO
DOODUPHJHQH
UDOH
 ,OWHPSRGLDOODUPHJHQHUDOHVDUGXQTXH
D SDUL  D  ]HUR  TXDQGR  OD  ULYHOD]LRQH  DWWLYD  GLUHWWDPHQWH  O
DOODUPH  JHQHUDOH
GHOO
HGLILFLR
E SDULDOULWDUGRYDOXWDWRGDOSURIHVVLRQLVWDDQWLQFHQGLRVHODULYHOD]LRQHDOOHUWD
XQDFHQWUDOHGLJHVWLRQHGHOO
HPHUJHQ]DFKHYHULILFDO
HYHQWRHGDWWLYDSRL
O
DOODUPHPDQXDOH
 1HJOLHGLILFLJUDQGLHFRPSOHVVLVLGHYHWHQHUHFRQWRGHOODPRGDOLWGLDOODUPH
FKHSXHVVHUHGLYHUVLILFDWDDGHVHPSLRQHOFDVRGLXQDHYDFXD]LRQHSHUIDVL
PXOWLSOH

0

7HPSRGLDWWLYLWSUHPRYLPHQWR
 ,OWHPSRGLDWWLYLWSUHPRYLPHQWRWSUHO
RJJHWWRGHOODYDOXWD]LRQHSLFRPSOHV
VDSHUFKVLWUDWWDGHOWHPSRQHFHVVDULRDJOLRFFXSDQWLSHUVYROJHUHXQDVHULHGL
DWWLYLWFKHSUHFHGRQRLOPRYLPHQWRYHURHSURSULRYHUVRLOOXRJRVLFXUR/DOHW
WHUDWXUDLQGLFDFKHTXHVWDIDVHRFFXSDVSHVVRODPDJJLRUSDUWHGHOWHPSRWRWDOH
GLHVRGR

3URXO[*0RYHPHQWRISHRSOHWKHHYDFXDWLRQWLPLQJLQ7KH6)3(+DQGERRNRIILUHSURWHFWLRQ
HQJLQHHULQJUGHGLWLRQ1)3$

&DSLWROR06DOYDJXDUGLDGHOODYLWDFRQODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

 ,OWHPSRWSUHFRPSRVWRGDXQWHPSRGLULFRQRVFLPHQWRUHFRJQLWLRQHGDXQR

GLULVSRVWDUHVSRQVH
 'XUDQWHLOWHPSRGLULFRQRVFLPHQWRJOLRFFXSDQWLFRQWLQXDQROHDWWLYLWFKHVWD
YDQRVYROJHQGRSULPDGHOO
DOODUPHJHQHUDOHILQFKULFRQRVFRQRO
HVLJHQ]DGLUL
VSRQGHUHDOO
DOODUPH
 1HOWHPSRGLULVSRVWDJOLRFFXSDQWLFHVVDQROHORURDWWLYLWQRUPDOLHVLGHGLFDQR
DGDWWLYLWOHJDWHDOORVYLOXSSRGHOO
HPHUJHQ]DTXDOLUDFFROWDGLLQIRUPD]LRQL
VXOO
HYHQWRDUUHVWRHPHVVDLQVLFXUH]]DGHOOHDSSDUHFFKLDWXUHUDJJUXSSDPHQWR
GHOSURSULRJUXSSRODYRUDWLYRRIDPLOLDUHORWWDDOO
LQFHQGLRULFHUFDHGHWHUPL
QD]LRQHGHOODYLDG
HVRGRDSSURSULDWDZD\ILQGLQJHGDOWUHDWWLYLWDYROWHDQFKH
HUUDWHHGLQDSSURSULDWH
 $VHFRQGDGHOORVFHQDULRFRPSRUWDPHQWDOHGLSURJHWWRTXHVWLWHPSLSRVVRQR
GXUDUHDQFKHDOFXQHGHFLQHGLPLQXWL1HOODWDEHOOD0 VLULSRUWDQRDOFXQL
HVHPSLGLYDOXWD]LRQHWUDWWLGDO,6275
 ,OSURIHVVLRQLVWDDQWLQFHQGLRSXLPSLHJDUHYDORULGLYHUVLGDTXHOOLLQGLFDWLLQ
OHWWHUDWXUDSXUFKDGHJXDWDPHQWHJLXVWLILFDWLDQFKH LQULIHULPHQWRDSURYHGL
HYDFXD]LRQHULSRUWDWHQHOUHJLVWURGHLFRQWUROOL
3DUDPHWULGLGHVFUL]LRQHGHOO
DWWLYLW
WUDWWRGD,6275

7HPSLGLDWWLYLWGLSUHPRYLPHQWR
,6275
WSUHVW
SULPLRFFXSDQWL
LQIXJD

WSUHWK
XOWLPLRFFXSDQWL
LQIXJD





(VHPSLRJUDQGHDWWLYLWSURGXWWLYD
D RFFXSDQWL$DZDNHDQGIDPLOLDU
D VLVWHPDGLDOODUPHULYHOD]LRQHDXWRPDWLFDHGDOODU
PHJHQHUDOHPHGLDWRGDOO
LQWHUYHQWRGLYHULILFDGHL
GLSHQGHQWL
D FRPSOHVVLWJHRPHWULFDHGLILFLRHGLILFLRPXOWLSLDQRH
OD\RXWFRPSOHVVR
D JHVWLRQHGHOODVLFXUH]]DRUGLQDULD







(VHPSLRUHVLGHQ]DVDQLWDULDDVVLVWHQ]LDOH
D RFFXSDQWL'VOHHSLQJDQGXQIDPLOLDU
D VLVWHPDGLDOODUPHULYHOD]LRQHDXWRPDWLFDHGDOODU
PHJHQHUDOHPHGLDWRGDOO
LQWHUYHQWRGLYHULILFDGHL
GLSHQGHQWL
D FRPSOHVVLWJHRPHWULFDHGLILFLRHGLILFLRPXOWLSLDQRH
OD\RXWVHPSOLFH
D JHVWLRQHGHOODVLFXUH]]DRUGLQDULD
D SUHVHQ]DGLDGGHWWLLQTXDQWLWVXIILFLHQWHDJHVWLUH
O
HYDFXD]LRQHGHLGLYHUVDPHQWHDELOL







(VHPSLRDOEHUJRGLPHGLDFRPSOHVVLW

D RFFXSDQWL&LLLVOHHSLQJDQGXQIDPLOLDU
D VLVWHPDGLDOODUPHULYHOD]LRQHDXWRPDWLFDHG
DOODUPHJHQHUDOHPHGLDWRGDOO
LQWHUYHQWRGL
YHULILFDGHLGLSHQGHQWL
D FRPSOHVVLWJHRPHWULFDHGLILFLRHGLILFLR
PXOWLSLDQRHOD\RXWVHPSOLFH
D JHVWLRQHGHOODVLFXUH]]DRUGLQDULD

7DEHOOD0(VHPSLGLYDOXWD]LRQHGHOWHPSRGLSUHPRYLPHQWRWUDWWRGD,6275
0

7HPSRGLPRYLPHQWR
 ,OWHPSRGLPRYLPHQWRWWUDLOWHPSRLPSLHJDWRGDJOLRFFXSDQWLSHUUDJJLXQJHUH
XQOXRJRVLFXURGDOWHUPLQHGHOOHDWWLYLWGLSUHPRYLPHQWRDSSHQDGHVFULWWH
 ,OWWUDFDOFRODWRLQULIHULPHQWRDGDOFXQHYDULDELOL

&DSLWROR06DOYDJXDUGLDGHOODYLWDFRQODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

D ODGLVWDQ]DGHJOLRFFXSDQWLRJUXSSLGLHVVLGDOOHYLHG
HVRGR
E OHYHORFLWG
HVRGRFKHGLSHQGRQRGDOODWLSRORJLDGHJOLRFFXSDQWLHGDOOHORUR
LQWHUD]LRQLFRQO
DPELHQWHFRVWUXLWRHJOLHIIHWWLGHOO
LQFHQGLRGLPRVWUDWR
FKHODSUHVHQ]DGLIXPLHFDORUHUDOOHQWDQRWHYROPHQWHODYHORFLWG
HVRGRL
IXQ]LRQHGHOOHFRQGL]LRQLGLYLVLELOLW
F OD SRUWDWD GHOOH YLH G
HVRGRGRYXWDD JHRPHWULDGLPHQVLRQLGLVOLYHOOL HG
RVWDFROL
 1HOODUHDOWTXDQGRJOLRFFXSDQWLGLHGLILFLGHQVDPHQWHDIIROODWLIXJJRQROXQJR
OHYLHG
HVRGRVLIRUPDQROXQJKHILOHQHLUHVWULQJLPHQWLLQROWUHVHFRQGRORVYL
OXSSRGHJOLVFHQDULGLLQFHQGLRGLSURJHWWRSUHVLLQHVDPHDOFXQLSHUFRUVLSRVVR
QRGLYHQWDUHLPSHUFRUULELOLREORFFDWL
,OFDOFRORGHOWWUDGHYHWHQHUHFRQWRGLTXHVWLIHQRPHQL
 $WWXDOPHQWHVLLPSLHJDQRFRPXQHPHQWHGXHIDPLJOLHGLPRGHOOLSHULOFDOFROR
GHOWHPSRGLPRYLPHQWRPRGHOOLLGUDXOLFLHPRGHOOLDJHQWEDVHG
 ,PRGHOOLLGUDXOLFLSUHGLFRQRFRQUDJLRQHYROHSUHFLVLRQHDOFXQLDVSHWWLGHOPRYL
PHQWRGHJOLRFFXSDQWLHVIOXVVLDWWUDYHUVROHXVFLWHPDQRQLQFOXGRQRIDWWRUL
LPSRUWDQWLGHOFRPSRUWDPHQWRXPDQRFRPHODIDPLOLDULWFRQO
HGLILFLROHLQWH
UD]LRQLSHUVRQDSHUVRQDHO
HIIHWWRGHOIXPRVXOPRYLPHQWR
 $OWULWLSLGLPRGHOOLHVPDFURVFRSLFPLFURVFRSLFFRDUVHQHWZRUNILQHQHWZRUN
FRQWLQRXV  PRGHOV  VRQR  RJJHWWR  GL  LQWHQVD  ULFHUFD  VFLHQWLILFD  H  GL
VSHULPHQWD]LRQH  DWWXDOPHQWH  HVLVWRQR  DQFRUD  VROR  YDOLGD]LRQL  SDU]LDOL  GHL
ULVXOWDWL3HUWDQWRLULVXOWDWLGHYRQRHVVHUHYDOXWDWLFRQFDXWHOD
0

6RJOLHGLSUHVWD]LRQHSHUODVDOYDJXDUGLDGHOODYLWD
 /HVRJOLHGLSUHVWD]LRQHSHUODVDOYDJXDUGLDGHOODYLWDGHWHUPLQDQRO
LQFDSDFLWD
]LRQHGHJOLRFFXSDQWLHGHLVRFFRUULWRULTXDQGRVRWWRSRVWLDJOLHIIHWWLGHOO
LQFHQ
GLR
 ,OSURIHVVLRQLVWDDQWLQFHQGLRVFHJOLHLGRQHHVRJOLHGLSUHVWD]LRQHSHUODVSHFLILFD
DWWLYLWLQUHOD]LRQHDJOLVFHQDULGLLQFHQGLRGLSURJHWWRHGLQSDUWLFRODUHLQULIH
ULPHQWRDOOHFDUDWWHULVWLFKHGHJOLRFFXSDQWLFRLQYROWLHVDQ]LDQLEDPELQLGLVD
ELOLW
 ,OULVSHWWRGHOOHVRJOLHGLSUHVWD]LRQHSHUODVDOYDJXDUGLDGHOODYLWDGHYHHVVHUH
YHULILFDWR
D SHUJOLRFFXSDQWLLQWXWWHOH]RQHGHOO
DWWLYLWGRYHHVLVWHFRQWHPSRUDQHDSUH
VHQ]DGLRFFXSDQWLVWDQ]LDOLRLQPRYLPHQWRHGLHIIHWWLGHOO
LQFHQGLR
E SHULVRFFRUULWRUL
L VROR  TXDORUD  HVVL  DEELDQR  XQ  UXROR  EHQ  GHILQLWR  QHOOD  SLDQLILFD]LRQH
G
HPHUJHQ]DGHOO
DWWLYLW
LL LQWXWWHOH]RQHGHOO
DWWLYLWGRYHHVLVWHFRQWHPSRUDQHDSUHVHQ]DGLVRFFRU
ULWRULVWDQ]LDOLRLQPRYLPHQWRHGLHIIHWWLGHOO
LQFHQGLR
 $WLWRORGLHVHPSLRVLULSRUWDQRQHOOHWDEHOOH0H0GHOOHVRJOLHGLSUH
VWD]LRQHSHURFFXSDQWLHVRFFRUULWRULFRQULIHULPHQWRDLPHWRGLGLFDOFRORDYDQ
]DWRHVHPSOLILFDWR

&DSLWROR06DOYDJXDUGLDGHOODYLWDFRQODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

0RGHOOR

3UHVWD]LRQH

6RJOLDGLSUHVWD]LRQH

5LIHULPHQWR

2VFXUDPHQWR
GHOODYLVLELOLW
GDIXPR

,62
9LVLELOLWPLQLPDGLSDQQHOOLUL 2FFXSDQWLP
IOHWWHQWLQRQUHWURLOOXPLQDWLYD 2FFXSDQWLLQORFDOLGLVXSHU
OXWDWDDGDOWH]]DPGDO
ILFLHORUGDPP
SLDQRGLFDOSHVWLR
6RFFRUULWRULP
>@
6RFFRUULWRULQORFDOLGLVXSHU
ILFLHORUGDPP

*DVWRVVLFL

)('IUDFWLRQDOHIIHFWLYHGRVH 2FFXSDQWL
H)(&IUDFWLRQDOHIIHFWLYH
FRQFHQWUDWLRQSHUHVSRVL]LRQHD
JDVWRVVLFLHJDVLUULWDQWL
YDOXWDWDDGDOWH]]DPGDO
6RFFRUULWRULQHVVXQDYDOXWD
SLDQRGLFDOSHVWLR
]LRQH

,62OLPLWDQGRD
JOLRFFXSDQWLLQFDSDFLWDWLDO
UDJJLXQJLPHQWRGHOODVRJOLD

7HPSHUDWXUDPDVVLPDGLHVSR 2FFXSDQWLr&
VL]LRQH
6RFFRUULWRULr&

,62

&DORUH
&DORUH

,UUDJJLDPHQWRWHUPLFRPDVVL
PRGDWXWWHOHVRUJHQWLLQFHQ
GLRHIIOXHQWLGHOO
LQFHQGLR
VWUXWWXUDGLHVSRVL]LRQHGHJOL
RFFXSDQWL



>@


2FFXSDQWLN:P

,62SHUHVSRVL]LR
QLPDJJLRULGLPLQXWLVHQ]D
PRGLILFDVLJQLILFDWLYDGHLWHPSL
GLHVRGRN:P

6RFFRUULWRULN:P

>@

>@$LILQLGLTXHVWDWDEHOODSHUVRFFRUULWRULVLLQWHQGRQRLFRPSRQHQWLGHOOHVTXDGUHD]LHQGDOLRSSRUWXQDPHQWH
SURWHWWLHGDGGHVWUDWLDOODORWWDDQWLQFHQGLRDOO
XVRGHLGLVSRVLWLYLGLSURWH]LRQHGHOOHYLHDHUHHDGRSHUDUHLQFRQ
GL]LRQLGLVFDUVDYLVLELOLW8OWHULRULLQGLFD]LRQLSRVVRQRHVVHUHGHVXQWHDGHVHPSLRGDGRFXPHQWLGHOO
$XVWUDOLDQ
)LUH$XWKRULWLHV&RXQFLO$)$&SHUKD]DUGRXVFRQGLWLRQV

7DEHOOD0(VHPSLRGLVRJOLHGLSUHVWD]LRQHLPSLHJDELOLFRQLOPHWRGRGLFDOFRORDYDQ]DWR
3UHVWD]LRQH

6RJOLDGLSUHVWD]LRQH

5LIHULPHQWR

$OWH]]DPLQLPDGHLIXPLVWUDWLILFDWLGDOSLDQRGL 2FFXSDQWLP
FDOSHVWLRDOGLVRWWRGHOTXDOHSHUPDQJDORVWUD
WRG
DULDLQGLVWXUEDWD
6RFFRUULWRULP

5LGRWWRGD,6275
VHFWLRQ

7HPSHUDWXUDPHGLDGHOORVWUDWRGLIXPLFDOGL

2FFXSDQWLr&

,6275VHFWLRQ


6RFFRUULWRULr&

>@

>@

>@$LILQLGLTXHVWDWDEHOODSHUVRFFRUULWRULVLLQWHQGRQRLFRPSRQHQWLGHOOHVTXDGUHD]LHQGDOLRSSRUWXQDPHQWH
SURWHWWLHGDGGHVWUDWLDOODORWWDDQWLQFHQGLRDOO
XVRGHLGLVSRVLWLYLGLSURWH]LRQHGHOOHYLHDHUHHDGRSHUDUHLQFRQ
GL]LRQLGLVFDUVDYLVLELOLW8OWHULRULLQGLFD]LRQLSRVVRQRHVVHUHGHVXQWHDGHVHPSLRGDGRFXPHQWLGHOO
$XVWUDOLDQ
)LUH$XWKRULWLHV&RXQFLO$)$&SHUKD]DUGRXVFRQGLWLRQV

7DEHOOD0(VHPSLRGLVRJOLHGLSUHVWD]LRQHLPSLHJDELOLFRQLOPHWRGRGLFDOFRORVHPSOLILFDWR

&DSLWROR06DOYDJXDUGLDGHOODYLWDFRQODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0

0

5LIHULPHQWL
 /DVDOYDJXDUGLDGHOODYLWDOLIHVDIHW\FKHFRPSUHQGHOHSUREOHPDWLFKHOHJDWH
DOO
HYDFXD]LRQHGHOO
HGLILFLRLOVRWWRVLVWHPDGHOOD%6
 ,OGRFXPHQWRVSHFLILFRGLULIHULPHQWRSHUODSURJHWWD]LRQHGHOVLVWHPDG
HVRGR
LO SXEOLVKHGGRFXPHQW 3'7KHDSSOLFDWLRQRIILUHVDIHW\HQJLQHHULQJ
SULQFLSOHVWRILUHVDIHW\GHVLJQRIEXLOGLQJV3DUW+XPDQIDFWRUV/LIHVDIHW\
VWUDWHJLHV2FFXSDQWHYDFXDWLRQEHKDYLRXUDQGFRQGLWLRQ6XEV\VWHP
 /
,62KDSXEEOLFDWRGXHGRFXPHQWLIRQGDPHQWDOLSHUDQDOLVLGHJOLDVSHWWLSL
WHFQLFLGHOODSURJHWWD]LRQHGHOODOLIHVDIHW\
D ,62/LIHWKUHDWHQLQJFRPSRQHQWVRIILUH*XLGHOLQHVIRUWKHHVWLPD
WLRQRIWLPHWRFRPSURPLVHGWHQDELOLW\LQILUHV
E ,6275)LUHVDIHW\HQJLQHHULQJ7HFKQLFDOLQIRUPDWLRQRQPHWKRGV
IRUHYDOXDWLQJEHKDYLRXUDQGPRYHPHQWRISHRSOH

&DSLWROR06DOYDJXDUGLDGHOODYLWDFRQODSURJHWWD]LRQHSUHVWD]LRQDOH

3DJLQD0