9,(6'

$'0,1,675$&,*(1(5$/626,670,48(6'()50$&6


9LD2UDO
 $EUHYLDFLRQVSRSRGHOOODWtSHURVpVDGLUSHUODERFD
 9LD G
DEVRUFLy (QWHUDO (V D GLU HO IjUPDF WUDYHVVDUj OD PXFRVD LQWHVWLQDO DUULEDUj D OD
VDQJLFLUFXODUjSHUODYHQD3RUWDILQVDOIHWJHGHVSUpVKDXUjGHWUDYHVVDUHOIHWJHHOSULPHU
SDVKHSjWLFREDUUHUDKHSjWLFDLDUULEDUDODFLUFXODFLyJHQHUDO127$(OIjUPDFMDHVSRW
DEVRUELUDEDQVGHOEXGHOOSULPSHUH[HPSOHGLQWUHGHODERFDDODIDULQJHTXDQSDVVDSHU
O
HVzIDJLILQDOPHQWDO
HVWzPDFHQDTXHVWVDOWUHVOORFVHOGUHQDWJHYHQyVYDSHUOHVYHQHV
&DYDLSHUWDQWpVSDUHQWHUDO(QUHVXPODYLDRUDOTXHpVO
H[HPSOHG
DEVRUFLyHQWHUDOSRW
WHQLUXQDSHWLWDSDUWXQDFRQWDPLQDFLySHUGLUKRDL[tGHSDUHQWHUDO
 &RHILFLHQW GH UHSDUWLPHQW LGRQL GHO IjUPDF eV LQGLIHUHQW OD YLD IXQFLRQD DPE IjUPDFV
G
HOHYDW L EDL[ FRHILFLHQW /
H[SOLFDFLy pV TXH HO EXGHOO SULP HVWj SUHSDUDW WDQW SHU DEVRUELU
QXWULHQWVRVLJXLVXEVWjQFLHVGHWLSXVKLGURVROXEOHFRPOLSRVROXEOH(OEXGHOOSULPpVO
zUJDQ
ILVLROzJLFDPHQW GHGLFDW D O
DEVRUFLy 5HFRUGHP SHU H[HPSOH TXH OD ELOLV SUHVHQW D O
LQWHVWt
HPXOVLRQDHOVJUHL[RVLIDFLOLWDODVHYDGLJHVWLyLDEVRUFLy
 &RPHQWDULVeVXQDYLDG
DGPLQLVWUDFLyFzPRGDLQGRORUDSHUPHWO
DXWRDGPLQLVWUDFLy1RpV
HVWUDQ\ SHU WDQW TXH VLJXL OD YLD PpV IUHTHQWPHQW HPSUDGD HQ O
DGPLQLVWUDFLy GH
PHGLFDPHQWV (V UHTXHUHL[ OD FRO ODERUDFLy GHO SDFLHQW SHU H[HPSOH pV SRF YLDEOH HQ XQ
SDFLHQW LQFRQVFLHQW R HQ FRPD /HV SURWHDVHV GLJHVWLYHV LPSHGHL[HQ O
DGPLQLVWUDFLy GH
SURWHwQHVDPEDFWLYLWDWWHUDSqXWLFDSHUDTXHVWDYLD

9LDEXFDO
 $OWUHVGHQRPLQDFLRQV6XOLQJXDORSHUOLQJXDO
 9LD G
DEVRUFLy 3DUHQWHUDO (O IjUPDF WUDYHVVD OD PXFRVD GH OD ERFD GUHQD SHU OD YHQD
6XEOLQJXDO FDS D OD YHQD <XJXODU OD &DYD 6XSHULRU L HO FRU 3RW VHU LQHYLWDEOH XQD FHUWD
GHJOXFLyGHOIjUPDFpVDGLUXQDFHUWDFRQWDPLQDFLySHUODYLDRUDOTXHpVHQWHUDO
 &RHILFLHQWGHUHSDUWLPHQWLGRQLGHOIjUPDF(OHYDW
 &RPHQWDULV eV WUDFWD G
XQD YLD WUDQVPXFRVD 8Q H[HPSOH pV OD QLWURJOLFHULQD PROW
OLSRVROXEOH DPE HIHFWHV YDVRGLODWDGRUV FRURQDULV 6
DGPLQLVWUD SHU DTXHVWD YLD L SUHVHQWD
HIHFWHVPROWLPPHGLDWVGHPLOORUDGHO
DQJLQDGHSLW6LHVGHJOXWHL[RVLJXLSHUYLDRUDOHO
SULPHU SDV KHSjWLF OD PHWDEROLW]D FRPSOHWDPHQW (Q FRQVHTqQFLD OD QLWURJOLFHULQD QR
V
DEVRUEHL[SHUYLDRUDO

9LDJjVWULFD
 9LD G
DEVRUFLy 3UHGRPLQDQWPHQW HQWHUDO HO GUHQDWJH YHQyV GH O
HVWyPDF pV
PDMRULWjULDPHQW SRUWDO 8QD SHWLWD SDUW GH O
HVWyPDF GUHQD FDS D OD YHQD &DYD ,QIHULRU L
O
DEVRUFLy VHULD SHU WDQW PLQRULWjULDPHQW SDUHQWHUDO (O IjUPDF KD GH WUDYHVVDU OD PXFRVD
JjVWULFD
 &RHILFLHQWGHUHSDUWLPHQWLGRQLGHOIjUPDF(OHYDW
 &RPHQWDULVeVXQDYLDWUDQVPXFRVDeVXQDYLDSUHVHQWTXDQDGPLQLVWUHPXQIjUPDFSHU
YLDRUDOpVDGLUFRQWDPLQDODYLDRUDO3HUDVHUHVWXGLDGDUHTXHUHL[ODOOLJDGXUDTXLU~UJLFD
GHOStORUpVDGLUXQFRQWH[WG
DQLPDOVG
H[SHULPHQWDFLy/
DEVRUFLyHVWjLQIOXHQFLDGDSHOS+
IHQzPHQVGHVHJUHVWLzQLFODQDWXUDOHVDLODTXDQWLWDWDOLPHQWVGHOFRQWLQJXWJjVWULF

9LDUHFWDO
 9LDG
DEVRUFLy(OIjUPDFWUDYHVVDODPXFRVDGHOUHFWHLGUHQDSHOSOH[HKHPRUURLGDOLQWHUQ
FDSDODYHQD3RUWDLSHOSOH[HKHPRUURLGDOH[WHUQFDSDODYHQD&DYD,QIHULRU3HUWDQWOL
FRUUHVSRQXQDYLDG
DEVRUFLyPL[WDHQWHUDOLSDUHQWHUDO




 &RHILFLHQWGHUHSDUWLPHQWLGRQLGHOIjUPDF(OHYDW
 &RPHQWDULVeVXQDYLDWUDQVPXFRVD(OFRQWLQJXWIHFDOLQWHUIHUHL[HQO
DEVRUFLyGHOIjUPDF
3HU WDQW HO JUDX G
DEVRUFLy DVVROLW pV LPSUHYLVLEOH HUUjWLF /HV IRUPXODFLRQV OtTXLGHV
V
DQRPHQHQ HQHPHV /HV IRUPXODFLRQV VzOLGHV PpV FDUDFWHUtVWLTXHV VyQ HOV VXSRVLWRULV
/
DGPLQLVWUDFLy GH IjUPDFV SHU DTXHVWD YLD LQFUHPHQWD HO ULVF G
LQIODPDFLy GH OHV FULSWHV
PXFRVHVGHOUHFWHFULSWLWLVLGHO
DQXVDQXVLWLV1RpVXQDERQDYLDSHUDFRQVHJXLUHIHFWHV
IDUPDFROzJLFV VLVWqPLFV 0ROWV SUHSDUDWV PHGLFDPHQWRVRV DGPLQLVWUDWV SHU DTXHVWD YLD
WHQHQFRPDILQDOLWDWHOWUDFWDPHQWORFDOVyQDGPLQLVWUDFLRQVWzSLTXHV

9LDFRQMXQWLYDO
 9LDG
DEVRUFLy3DUHQWHUDOHOGUHQDWJHYHQyVGHO
XOOYDDODYHQD&DYD6XSHULRU
 &RHILFLHQWGHUHSDUWLPHQWLGRQLGHOIjUPDF(OHYDW
 &RPHQWDULV eV XQD YLD WUDQVPXFRVD /HV IRUPXODFLRQV OtTXLGHV GH IjUPDFV D DSOLFDU SHU
DTXHVWDYLDV
DQRPHQHQFRO OLULV(OVFRO OLULVGLVSHQVHQHOIjUPDFHQIRUPDGHJRWHV$OWUHV
IRUPXODFLRQV VyQ SRVVLEOHV FUHPHV SRPDGHV SHUz PpV LQFzPRGHV (OV YROXPV
DSOLFDEOHV VyQ SHWLWV /D YLD pV FRUUHQWPHQW HPSUDGD SHU D IHU WUDFWDPHQWV WzSLFV
FRQMXQWLYLWLVJODXFRPDLQRJHQHUDOV1RREVWDQWQRKHPG
REOLGDUTXHHOIjUPDFWDPEp
HVSRWDEVRUELULGRQDUHIHFWHVJHQHUDOVSHUDTXHVWDYLD/
DXWRDGPLQLVWUDFLypVIDFWLEOHSHUz
LQFzPRGD

9LDWUDQVQDVDO
 9LDG
DEVRUFLy3DUHQWHUDOHOGUHQDWJHYHQyVDFDEDDODYHQD&DYD6XSHULRU
 &RHILFLHQW GH UHSDUWLPHQW LGRQL GHO IjUPDF (OHYDW FRP pV FDUDFWHUtVWLF GH OHV YLHV
WUDQVPXFRVHV
 &RPHQWDULV /HV IRUPXODFLRQV D DSOLFDU SHU DTXHVWD YLD VyQ HOV HVSUDLV R QHEXOLW]DGRUV
QDVDOV 7RW L TXH V
XWLOLW]HQ KDELWXDOPHQW SHU D WUDFWDPHQWV WzSLFV OD YLD SRVVLELOLWD
WUDFWDPHQWV L HIHFWHV VLVWqPLFV 3HU H[HPSOH HQ O
DGGLFFLy D OD FRFDwQD HOV DGGLFWHV OD
LQKDOHQ SHO QDV pV D GLU XWLOLW]HQ DTXHVWD YLD 8QD DOWUH H[HPSOH SHU DTXHVWD YLD V
KD
DFRQVHJXLW DGPLQLVWUDU FDOFLWRQLQD XQD KRUPRQD DPE HIHFWHV FRQWUD OD RVWHRSRURVL /D
FDOFLWRQLQDpVXQSqSWLGGHDPLQRjFLGVSHUWDQWODYLDREUHODSRVVLELOLWDWG
DGPLQLVWUDUSHU
XQDYLDQRLQMHFWDGDSqSWLGVLSURWHwQHVDPEDFWLYLWDWWHUDSqXWLFD

9LDYDJLQDO
 9LDG
DEVRUFLy3DUHQWHUDOHOGUHQDWJHYHQyVDFDEDDODYHQD&DYD,QIHULRU
 &RHILFLHQW GH UHSDUWLPHQW LGRQL GHO IjUPDF (OHYDW FRP pV FDUDFWHUtVWLF GH OHV YLHV
WUDQVPXFRVHV
 &RPHQWDULV/HVIRUPXODFLRQVDDSOLFDUSHUDTXHVWDYLDVyQSRPDGHVRHOVDQRPHQDWVzYXOV
G
DSOLFDFLy YDJLQDO 7RW L TXH V
XWLOLW]HQ KDELWXDOPHQW SHU D WUDFWDPHQWV WzSLFV OD YLD
SRVVLELOLWD WUDFWDPHQWV L HIHFWHV VLVWqPLFV 3HU H[HPSOH DSOLFDQW XQD SRPDGD G
HVWUzJHQV
WLQGUHPXQHIHFWHORFDOSHUzQRSRGUHPHYLWDUTXHHOVHVWUzJHQVV
DEVRUEHL[LQLDSDUHJXLQ
WDPEpHIHFWHVHVWURJqQLFVVLVWqPLFV

9LDFXWjQHD
 $OWUHVGHQRPLQDFLRQV7UDQVGHUPDO
 9LDG
DEVRUFLy3DUHQWHUDO
 &RHILFLHQWGHUHSDUWLPHQWLGRQLGHOIjUPDF0ROWHOHYDW
 &RPHQWDULV/HVIRUPXODFLRQVFOjVVLTXHVDDSOLFDUSHUDTXHVWDYLDVyQGLYHUVHVSRPDGHV
FUHPHVORFLRQVHWF0ROWHVYHJDGHVXVDGHVFRPDUHPHLVWzSLFVSHUzQRREOLGHPTXHHV
SRWGRQDUDEVRUFLy3HUH[HPSOHHOVJOXFRFRUWLFRLGHV0RGHUQDPHQWKDQDSDUHJXWHOV776



7UDQVGHUPDO 7KHUDSHXWLF 6\VWHPV SHU D IHU WUDFWDPHQWV VLVWqPLFV PpV SRSXODUPHQW

FRQHJXWVSHUDSzVLWVSDUFKHVHQFDVWHOOj$PEDTXHVWVLVWHPDODGRVLILFDFLyHVEDVDHQ
OHVGLIHUHQWVPLGHVVXSHUItFLHGHO
DSzVLW5HFRUGHPTXHO
DEVRUFLypVSURSRUFLRQDODO
jUHD
RVXSHUItFLHGLVSRQLEOH$FWXDOPHQWODQLWURJOLFHULQDHQHOVSDFLHQWVDPEDQJLQDGHSLWHVSRW
DGPLQLVWUDU SHU DTXHVWD YLD L REWHQLU DL[t HIHFWHV VRVWLQJXWV 7DPEp HOV HVWUzJHQV DPE
ILQDOLWDWV DQWLFRQFHSWLYHV HOV SDUFKHV DQWLFRQFHSWLXV eV XQD YLD PROW FzPRGD
G
DXWRDGPLQLVWUDFLy


9LDUHVSLUDWzULDWUDQVEURQTXLDO
 9LDG
DEVRUFLy3DUHQWHUDO
 &RHILFLHQWGHUHSDUWLPHQWLGRQLGHOIjUPDF(OHYDWFRPpVFDUDFWHUtVWLFGHWRWHVOHVYLHV
WUDQVPXFRVHV
 &RPHQWDULV /HV IRUPXODFLRQV D DSOLFDU SHU DTXHVWD YLD VyQ HOV HVSUDLV R LQKDODGRUV
EURQTXLDOV7RWLTXHV
XWLOLW]HQKDELWXDOPHQWSHUDWUDFWDPHQWVWzSLFVSHUH[HPSOHDO
DVPD
1RKHPG
REOLGDUTXHDTXHVWDPXFRVDDEVRUEHL[LSHUWDQWO
DSOLFDFLyG
XQJOXFRFRUWLFRLGH
SHU H[HPSOH SRW LPSOLFDU HIHFWHV VLVWqPLFV (V UHTXHUHL[ HQWUHQDPHQW SHU D OD FRUUHFWD
DXWRDGPLQLVWUDFLy

9LDUHVSLUDWzULDWUDQVDOYHRODU
 9LDG
DEVRUFLy3DUHQWHUDO
 &RHILFLHQW GH UHSDUWLPHQW LGRQL GHO IjUPDF (Q HOV JDVRV PHVXUHP XQ FRHILFLHQW GH
UHSDUWLPHQWRSDUWLFLySURSLRHVSHFtILFVDQJJDVTXHFRQGLFLRQDODYHORFLWDWG
DEVRUFLyPpV
TXHQRSDVO
DEVRUFLyHQVLPDWHL[D
 &RPHQWDULV(OVIjUPDFVDSOLFDEOHVSHUDTXHVWDYLDKDQGHVHUJDVRVDODWHPSHUDWXUDGHO
FRVKXPj([HPSOHVGHIjUPDFVDGPLQLVWUDWVSHUDTXHVWDYLDVyQO
R[LJHQR[LJHQRWHUjSLDR
HOVJDVRVDQHVWqVLFV(VUHTXHUHL[LQVWUXPHQWDFLyDGLHQWSHUDODPDQLSXODFLyLDGPLQLVWUDFLy
GHJDVRV

9LDLQWUDGqUPLFD
 9LDG
DEVRUFLy3DUHQWHUDO
 &RHILFLHQWGHUHSDUWLPHQWLGRQLGHOIjUPDF$TXHVWDpVXQDYLDG
DGPLQLVWUDFLyLQMHFWDEOH
FRPOHVVHJHQWVTXHGHVFULXUHP(QOHVYLHVG
DGPLQLVWUDFLyLQMHFWDEOHVHOIjUPDFUHTXHUHL[
VHUOtTXLGRVLJXLXQDIRUPXODFLyOtTXLGD3HUWDQWG
HQWUDGDLHQJHQHUDOVyQPpVDGLHQWVHOV
IjUPDFVKLGURVROXEOHVeVDGLUDPEFRHILFLHQWVGHUHSDUWLPHQWEDL[RV(QDTXHVWFDVDOD
YLDLQWUDGqUPLFDYHXUHPTXHHOTXqLQWHUHVVDpVTXHHOIjUPDFTXHGLORFDOLW]DWDODGHUPLVR
FRPDPROWGUHQLSHUYLDOLPIjWLFD3HUWDQWODVROXELOLWDWGLUHFWDDO
DLJXDpVIRUoDLUUHOOHYDQW
 &RPHQWDULV /D LQMHFFLy V
HIHFWXD D OD GHUPLV pV D GLU HO WHL[LW FRQQHFWLX VXEMDFHQW D
O
HSLGHUPLV /D YLD LQWUDGqUPLFD VRO VHU HPSUDGD JHQHUDOPHQW SHU D GHWHFWDU UHVSRVWHV GHO
VLVWHPD LPPXQH WHVW GH OD WXEHUFXOLQD SUREHV GH VHQVLELOLW]DFLy DO OqUJLFD HWF /D VHYD
ILQDOLWDWQRpVSHUWDQWO
DUULEDGDGHOIjUPDFRHOSURGXFWHDFWLXDOSODVPD/DGHUPLVpVPROW
SRF YDVFXODULW]DGD OD TXDO FRVD DIDYRUHL[ TXH HO SURGXFWH LQMHFWDW SHUVLVWHL[L HQ HO OORF
G
LQMHFFLy/DGHUPLVSUHVHQWDPROWHVWHUPLQDOVQHUYLRVHVVHQVLWLYHVODTXDOFRVDH[SOLFDTXH
VLJXLXQDIRUPDG
DGPLQLVWUDFLyIRUoDGRORURVD/
DXWRDGPLQLVWUDFLyQRpVIDFWLEOHSHUWDQWHV
UHTXHUHL[SHUVRQDOVDQLWDULLGHVLQIHFFLyGHODSHOO

9LDVXEFXWjQHD
 $EUHYLDFLRQVVFRVF
 9LDG
DEVRUFLy3DUHQWHUDO
 &RHILFLHQW GH UHSDUWLPHQW LGRQL GHO IjUPDF 3RF UHOOHYDQW (Q JHQHUDO LQWHUHVVD TXH HO
IjUPDFQRHVPRELOLW]LUjSLGDPHQWGHVGHOOORFG
LQMHFFLy




 &RPHQWDULV(VWUDFWDG
XQDYLDLQMHFWDGDRQHOIjUPDFHVVLWXDHQHOWHL[LWJUDVVXEFXWDQL
SHUVRWDGHODGHUPLV$TXHVWWHL[LWpVSRFYDVFXODULW]DW(OGUHQDWJHpVHQJUDQSDUWSHUYLD
OLPIjWLFD/
H[LVWqQFLDGHPHQ\VWHUPLQDOVQHUYLRVHVTXHDODGHUPLVH[SOLFDTXHVLJXLPHQ\V
GRORURVDTXHODYLDLQWUDGqUPLFD/
DXWRDGPLQLVWUDFLypVIDFWLEOH6
KDGHGHVLQIHFWDUODSHOO
SHUHYLWDULQIHFFLRQV8QH[HPSOHGHIjUPDFDGPLQLVWUDWSHUDTXHVWDYLDVyQOHVYDFXQHV3HU
H[HPSOHO
DQWLWHWjQLFDRO
DQWLJULSDORQSUHWHQHPTXHHOVDQWtJHQVYDFXQDOVIjUPDFVGUHQLQ
SHUYLDOLPIjWLFDLHQHOVJDQJOLVDFWLYLQXQDUHVSRVWDLPPXQH$OWUHVH[HPSOHVVyQO
KHSDULQD
XQDQWLFRDJXODQWSODVPjWLFRODLQVXOLQDXQDKRUPRQDSHSWtGLFDRQODYLDVFDVVHJXUDXQD
DUULEDGDOHQWDLVRVWLQJXGDDOSODVPD

9LDLQWUDPXVFXODU
 $EUHYLDFLRQVLPRLP
 9LDG
DEVRUFLy3DUHQWHUDO
 &RHILFLHQW GH UHSDUWLPHQW LGRQL GHO IjUPDF 3RF UHOOHYDQW VHPSUH L TXDQ SHUPHWL XQD
IRUPXODFLyOtTXLGD
 &RPHQWDULV (V WUDFWD G
XQD YLD LQMHFWDGD G
~V IUHTHQW (O IjUPDF pV VLWXDW HQ HO P~VFXO
HVWULDWLDUULEDDOSODVPDDWUDYpVGHOVYDVRVSHULIqULFVGHOSHULPLVVLHOWHL[LWFRQQHFWLXTXH
HPEROFDOODHOVIHL[RVGHILEUHVGHOP~VFXOHVWULDWHVTXHOqWLF(OP~VFXOHVWjSRFLQQHUYDWIRUD
GHO SHULPLVVL SHU WDQW pV OD YLD LQMHFWDEOH PHQ\V GRORURVD /
DXWRDGPLQLVWUDFLy pV IDFWLEOH
SHUzpVSUHIHULEOHODLQWHUYHQFLyGHSHUVRQDOVDQLWDUL$OIjUPDFTXHpVHOSURGXFWHDFWLXKL
SRGHP DVVRFLDU DOWUHV IjUPDFV DPE HIHFWHV YDVRGLODWDGRUV TXH DFFHOHUDUDQ HO SURFpV
DEVRUWLX R YDVRFRQVWULFWRUV TXH HO UHWDUGDUDQ 6
KD GH SURFHGLU DVqSWLFDPHQW SHU HYLWDU
LQIHFFLRQVHQFDVFRQWUDULHVSRGHQSURGXLUDEFHVVRVpVDGLUXQDFRO OHFFLyGHSXVHQHO
WHL[LWPXVFXODU

9LDHQGRYHQRVD
 $EUHYLDFLRQVLDOWUHVGHQRPLQDFLRQV,QWUDYHQRVDHYRHYLYRLY
 9LDG
DEVRUFLyeVFRQVLGHUDGDSDUHQWHUDO3HUzSRGULDVHUGLVFXWLEOHVLKLKDDEVRUFLyRQR
TXDQ XQ IjUPDF HV GRQD SHU YLD HY 5HFRUGHP TXH DEVRUFLy LPSOLFD SHO IjUPDF WUDYHVVDU
PHPEUDQHVFHO OXODUVILQVDUULEDUDOSODVPD(QODYLDHYVLWXHPHOIjUPDFGLUHFWDPHQWDOD
VDQJ DO SODVPD SHU WDQW QR WUDYHVVD FDS PHPEUDQD (Q FRQVHTqQFLD QR H[LVWHL[
HVWULFWDPHQWXQSURFpVG
DEVRUFLy
 &RHILFLHQWGHUHSDUWLPHQWLGRQLGHOIjUPDF+DGHVHUFUtWLFDPHQWEDL[(OIjUPDFHVVLWXD
GLUHFWDPHQWHQHOSODVPDLSHUWDQWKDGHVHUQHFHVVjULDPHQWVROXEOHHQDTXHVWSODVPD6L
GHL[pVGHVHUVROXEOHHVGHYLQGULDXQVzOLGXQqPEROGLQWUHGHOWRUUHQWFLUFXODWRULTXHSRGULD
LPSDFWDUHQWHUULWRULVFDSLO ODUVJHQHUDQWGDQ\VSHUREVWUXFFLyHPEzOLD
 &RPHQWDULVeVXQDYLDLQMHFWDGDTXHLPSOLFDODSXQFLyG
XQDYHQDVXSHUILFLDOKDELWXDOPHQW
D O
DYDQWEUDo /
DXWRDGPLQLVWUDFLy pV IDFWLEOH SHUz GHVDFRQVHOODGD 6
LQGLFD TXH VLJXL
SUDFWLFDGDSHUSHUVRQDOVDQLWDUL6
KDG
H[WUHPDUO
DVqSVLDVLVH
QGHULYDXQDLQIHFFLySRWVHU
PROW JUHX (Q FDV G
DGPLQLVWUDFLRQV UHSHWLGHV V
DFRQVHOOD FDQXODU R FDWHWHULW]DU OD YHQD L
PDQWHQLU DTXHVWD YLD REHUWD PLWMDQoDQW XQ VLVWHPD GH JRWD D JRWD DPE VROXFLRQV DGLHQWV
IOXLGRWHUjSLDHY/HVSXQFLRQVUHSHWLGHVRODIULFFLyVRVWLQJXGDG
XQDFjQXODRFDWqWHUSRGHQ
FDXVDU IOHELWLV OD LQIODPDFLy GH OD SDUHW YHQRVD DPE HO ULVF FRQVHJHQW GH WURPERVLV L
HPEROLVPHV (OIjUPDFHVSRWDGPLQLVWUDUDWUDYpVG
DTXHVWVLVWHPDGHIRUPDGLVFRQWtQXD
EROXVHYRFRQWtQXDSHUIXVLyHY/DYLDHYpVODYLDPpVSUHYLVLEOHIDUPDFRFLQqWLFDPHQW
pV D GLU OD TXH PLOORU SHUPHW SUHGLU D SDUWLU G
XQD GRVL GH IjUPDF OHV FRQFHQWUDFLRQV
SODVPjWLTXHVTXHHQUHVXOWDUDQ(QDOWUHVSDUDXOHVHOGHODGRVLGHOIjUPDFDUULEDDO
SODVPD7DPEpUHVXOWDODPpVDGLHQWHQVLWXDFLRQVJUHXVRG
HPHUJqQFLDVHUYHLVG
XUJqQFLD
XQLWDWVGHFXUHVLQWHQVLYHVHWF





9LHVLQWUDRUJjQLTXHV
6yQYLHVLQMHFWDEOHVTXHUHTXHUHL[HQVHUSUDFWLFDGHVSHUPHWJHVRSHUVRQDOVDQLWDULPROWH[SHUW
$H[FHSFLyGHODYLDLQWUDDUWHULDOYHQHQDVHUYLHVG
DGPLQLVWUDFLyORFDOVRWzSLTXHVDO
LQWHULRUGHO
QRVWUHRUJDQLVPHLSHUWDQWO
DUULEDGDDOSODVPDDEVRUFLyUHVXOWDJHQHUDOPHQWLQHYLWDEOHSHUz
pVVHFXQGjULDQRpVODILQDOLWDWSHUVHJXLGD
 9LDLQWUDDUWHULDO/DVDQJFLUFXODDSUHVVLyHQOHVDUWqULHV3HUWDQWQRPpVpVSRVVLEOHIHU
XQD SXQFLy L SRVWHULRUPHQW V
KDQ G
DSOLFDU PHVXUHV KHPRVWjWLTXHV FRPSUHVVLy 
PLQXWVSHUHYLWDUXQDKHPRUUjJLD'
HVFDVVDXWLOLWDWSHUDGPLQLVWUDUIjUPDFV/DSXQFLy
GH O
DUWHULD UDGLDO HV SUDFWLFD DPE ILQDOLWDWV DQDOtWLTXHV EjVLFDPHQW IHU JDVRPHWULHV GH
VDQJDUWHULDO
 9LD LQWUDFDUGtDFD )RUPD H[FHSFLRQDO G
DGPLQLVWUDU IjUPDFV 6
XWLOLW]D HQ HO FRQWH[W GH
SURFHVVRVGHUHDQLPDFLyFDUGLRYDVFXODUSHUDGPLQLVWUDUDGUHQDOLQDRLVRSUHQDOLQD
 9LD LQWUDWHFDO (O IjUPDF V
LQMHFWD DO OtTXLG FHIDORUDTXLGL /&5 TXH FLUFXOD SHU O
HVSDL
VXEDUDFQRLGHXGHOHVPHQLQJHV3HUVRWDGHODYHUWHEUD/MDQRKLKDPHGXO ODHVSLQDOL
OHVPHQLQJHVIRUPHQXQVDFTXHFRQWp/&56
DQRPHQD7HFDG
DTXtHOQRPGHODYLD/D
YLDLQWUDWHFDOSRWVHUHPSUDGDSHUIHUXQWLSXVG
DQHVWqVLDORFDOTXHMDHVWXGLDUHP
 9LDHSLGXUDO(OIjUPDFV
LQMHFWDHQXQHVSDLYLUWXDOIRUPDWDQLYHOOUDTXLGLHQWUHHOSHULRVWL
GHODYqUWHEUDLODPHQLQJHPpVH[WHUQDODGXUDPDGUH$TXHVWDYLDpVHPSUDGDSHUIHU
XQ WLSXV G
DQHVWqVLD ORFDO TXH MD H[SOLFDUHP L TXH UHS HQ FRQVHTqQFLD HO QRP
G
HSLGXUDO



3262/2*,$


(WLPROzJLFDPHQWVHULDO
HVWXGLGHFRPDGPLQLVWUDUXQIjUPDF$ODSUjFWLFDpVODLQIRUPDFLyTXH
WUREHPHQHOSURVSHFWHG
XQPHGLFDPHQWRHQXQDRUGUHPqGLFDTXHLQGLFDVHQVHDPELJLWDWV
FRPV
KDG
DGPLQLVWUDUXQIjUPDFpVDGLUODGRVLKDELWXDOPHQWXQSHVRYROXPGHOPHGLFDPHQW
ODYLDG
DGPLQLVWUDFLyLODSDXWDKRUjULD

(QUHODFLyDODSDXWDKRUjULDH[LVWHL[HQXQHVDEUHYLDFLRQV~WLOV
 PLGRPLG 8QFRSDOGLDRVLJXLFDGDKRUHV
 ELGRELG 'RVFRSVDOGLDRVLJXLFDGDKRUHV
 WLGRWLG 7UHVFRSVDOGLDRVLJXLFDGDKRUHV
 TLGRTLG 4XDWUHFRSVDOGLDRVLJXLFDGDKRUHV
'DYDQWG
XQDSDXWDKRUjULDTXHLPSOLFDPDMRUIUHTqQFLDHQO
DGPLQLVWUDFLyV
RSWDIUHTHQWPHQW
SHUODSHUIXVLyFRQWtQXDHY

([HPSOHV
 PJSRTLG PLOLJUDPVSHUYLDRUDOFDGDKRUHV
 POHYWLG PLOLOLWUHVSHUYLDHQGRYHQRVDFDGDKRUHV
 PJLPPLG PLOLJUDPVSHUYLDLQWUDPXVFXODUFDGDGLDpVDGLUFDGDKRUHV
 POVFELG
PLOLOLWUHVSHUYLDVXEFXWjQLDFDGDKRUHV