Horizon Fitness 7 Series User manual

50”126cm
UHD TV 4K
User Manual
www.horzon-europe.com
7 seres
GR Εγχειριδιο χρησης
RO
HU Felhasználó útmutató
Manual de utlzare
DE Nutzerhandbuch
50HL7590U/C

Thank you for choosng ths product!
Vă mulțumm pentru alegerea acestu produs!
Köszönkük, hogy ezt a terméket választotta!
Благодарим ви, че избрахте този продукт!
Хвала што сте одабрали овај производ!
Σας ευχαριστούμε που επιλέξατε αυτό το προϊόν!
Velen Dank, dass Se sch für deses Produkt entscheden haben!
Vă rugăm să ctț cu atențe nstrucțunle ș să păstraț manualul pentru nformăr ulteroare.
Acest manual este conceput pentru a vă ofer toate nstrucțunle necesare refertoare la nstalarea, utlzarea ș întrețnerea aparatulu.
Pentru a opera untatea corect ș în sguranță, vă rugăm să ctț acest manual cu atențe înante de nstalare ș utlzare.
Kérjük, ˆgyelmesen olvassa el az utasításokat, és tovább nformácókért őrzze meg a kézkönyvet.
Ez a kézkönyv az összes szükséges útmutatást nyújtja az eszköz telepítéséhez, használatához és karbantartásához.
A készülék megfelelő és bztonságos üzemeltetése érdekében kérjük, gyelmesen olvassa el ezt a kézkönyvet, melőtt telepítené és használja.
Please read the nstructons carefully and keep the manual for further nformaton.
Ths manual s desgned to gve you all the necessary nstructons for nstallng, usng and mantanng the applance.
To operate the unt correctly and safely, please read ths manual carefully before nstallaton and use.
Моля, прочетете внимателно инструкциите и запазете ръководството за допълнителна информация.
Това ръководство е предназначено да ви даде всички необходими инструкции за инсталиране, използване и поддръжка на уреда.
За да работите с уреда правилно и безопасно, моля, прочетете внимателно това ръководство преди да инсталирате и използвате.
Молимо прочитајте упутства пажљиво и сачувајте приручник за додатне информације.
Овај приручник је дизајниран да вам пружи сва потребна упутства за инсталирање, употребу и одржавање уређаја.
Да бисте правилно и сигурно радили са уређајем, пажљиво прочитајте овај приручник пре инсталације и употребе.
Διαβάστε προσεκτικά τις οδηγίες και φυλάξτε το εγχειρίδιο για περισσότερες πληροφορίες.
Αυτό το εγχειρίδιο έχει σχεδιαστεί για να σας παρέχει όλες τις απαραίτητες οδηγίες για την εγκατάσταση, χρήση και συντήρηση της συσκευής.
Για να χειρίζεστε τη μονάδα σωστά και με ασφάλεια, διαβάστε προσεκτικά αυτό το εγχειρίδιο πριν από την εγκατάσταση και τη χρήση.
Btte lesen Se de Anwesungen sorgfältg durch und bewahren Se das Handbuch für wetere Informatonen auf.
Deses Handbuch enthält alle erforderlchen Anwesungen zur Installaton, Verwendung und Wartung des Geräts.
Lesen Se deses Handbuch vor der Installaton und Verwendung sorgfältg durch, um das Gerät ordnungsgemäß und scher zu betreben.

5RPkQă - 1 -
Cuprins
,QIRUPD܊LLGHVSUHVLJXUDQ܊ă....................................2
,QWURGXFHUH ............................................................ 4
$FFHVRULLLQFOXVH ...................................................4
)XQF܊LL....................................................................4
0RQWDUHDSLHGHVWDOXOXL܈LPRQWDUHDSHSHUHWH ...... 5
&RQH[LXQHDQWHQă ................................................. 5
3RUQLUH2SULUHWHOHYL]RU .........................................7
&RPHQ]LOH܈LRSHUDUHDWHOHYL]RUXOXL ......................7
7HOHFRPDQGă .........................................................8
$VLVWHQWGHFRQILJXUDUHLQL܊LDOă ..............................9
(FUDQXOGHSRUQLUH ...............................................12
&RQ܊LQXWXOPHQLXOXLSHQWUXPRGXO/LYH79 ..........13
&DQDOH ............................................................13
2S܊LXQLOHWHOHYL]RUXOXL ......................................13
ÌQUHJLVWUDUH ......................................................14
5H܊HD,QWHUQHW ..............................................15
&DQDO ...............................................................15
&RQWXUL܈L&RQHFWDUH .......................................18
$SOLFD܊LL ............................................................18
3UHIHULQ܊HGLVSR]LWLY .........................................19
7HOHFRPDQGă܈LDFFHVRULL ................................24
/LVWăFDQDOH ......................................................... 24
3URJUDPPH*XLGH*KLG3URJUDPH .................. 25
&RQH[LXQHDODLQWHUQHW ........................................25
3OD\HU0XOWL0HGLD...............................................26
'LQ86%XOFRQHFWDW ........................................29
ÌQUHJLVWUDUHSH86%.............................................29
ÌQUHJLVWUDUHLQVWDQWDQHH ...................................29
9L]XDOL]DUHDSURJUDPHORUvQUHJLVWUDWH .............29
7LPHVKLIW5HFRUGLQJÌQUHJLVWUDUHFXGHID]DUH
WHPSRUDOă .......................................................29
)RUPDWDUHDGLVFXOXL .........................................30
/LVWDGHSURJUDPH............................................30
CEC.....................................................................30
*RRJOH&DVW ........................................................31
6LVWHP+%%79 ....................................................31
$FWXDOL]ăULVRIWZDUH ............................................. 32
'HSDQDUH6IDWXUL..............................................32
&RPSDWLELOLWDWHDVHPQDOXOXL+'0, ...................... 33
)RUPDWGHIL܈LHUHDFFHSWDWHSHQWUXPRGXO86% . . 3 4
9LGHR ...............................................................34
$XGLR ...............................................................35
,PDJLQH ............................................................37
6XEWLWUDUH .........................................................37
6SHFLILFD܊LL ........................................................... 39
/LFHQĠH.................................................................40
,QIRUPD܊LLGHVSUHDUXQFDUH ..................................40
5RPkQă - 2 -
,QIRUPD܊LLGHVSUHVLJXUDQ܊ă
$7(1܉,(
5,6&'((/(&752&87$5(
18'(6&+,'(܉,
$7(1ğ,(3(1758$5('8&(5,6&8/'((/(&752&87$5(
186&2$7(܉,&$3$&8/6$863$7(/(
18(;,67Ă3,(6(3(17585(3$5$5(Ì1Ă81758
/8&5Ă5,/('(6(59,&(75(%8,(5($/,=$7('(
3(5621$/'(6(59,&(&$/,),&$7
1RWă8UPDрL LQVWUXFрLXQLOH GH SH HFUDQ SHQWUX D XWLOL]D
FDUDFWHULVWLFLOHFRUHVSXQ]ăWRDUH
ÌQFD]XOXQRUFRQGL܊LLPHWHRURORJLFHH[WUHPHIXUWXQLIXOJHUH
܈LSHULRDGHORUOXQJL GH LQDFWLYLWDWH DWXQFL FkQG SOHFD܊L vQ
FRQFHGLXGHFRQHFWD܊LWHOHYL]RUXOGHODUH܊HDXDHOHFWULFă
܇WHFKHUXOGHOD UH܊HD HVWH XWLOL]DW SHQWUX D GHFRQHFWD
WHOHYL]RUXOGHOD UH܊HD ܈L SULQ XUPDUH WUHEXLH VăILH vQ
SHUPDQHQ܊ăXWLOL]DELO'DFă WHOHYL]RUXO QX HVWH GHFRQHFWDW
HOHFWULFODUH܊HD GLVSR]LWLYXO YD FRQWLQXD Vă ¿H DOLPHQWDW
SHQWUXWRDWH VLWXD܊LLOHFKLDUGDFă WHOHYL]RUXOHVWHvQ PRGXO
VWDQGE\VDXRSULW
,03257$17&LWL܊LDFHVWHLQVWUXF܊LXQL
vQDLQWHGHDLQVWDODUHVDXXWLOL]DUH
$9(57,=$5($FHVWGLVSR]LWLYHVWHFRQFHSXW
SHQWUXD¿IRORVLWGHSHUVRDQHQHVXSUDYHJKHDWH
LQFOXVLYFRSLLFDUHVXQWFDSDELOHH[SHULPHQWDWH
SHQWUXRSHUDUHD XQXL DVWIHOGHGLVSR]LWLY IăUă
VXSUDYHJKHUHFXH[FHS܊LDFD]XOXLvQFDUHDXSULPLW
LQVWUXFWDMUHIHULWRUODIRORVLUHDDFHVWXLGLVSR]LWLY
GHFăWUHRSHUVRDQăUHVSRQVDELOăGHVLJXUDQ܊DORU
)RORVL܊LDFHVWWHOHYL]RUODRDOWLWXGLQHGHPDLSX܊LQGH
GHPHWULSHVWHQLYHOXOPăULLvQORFXULXVFDWH܈L
vQUHJLXQLFXFOLPDWHPRGHUDWHVDXWURSLFDOH
7HOHYL]RWUXO HVWH GHVWLQDW XWLOL]ăULL FDVQLFH VDXvQ
VSD܊LLLQWHULRUDUHVLPLODUHGDUvQDFHOD܈LWLPSSRDWH
¿IRORVLW܈LvQORFXULSXEOLFH
ÌQVFRSXOYHQWLOăULLOăVD܊LXQVSD܊LXGHFHOSX܊LQFP
vQMXUXOWHOHYL]RUXOXL
9HQWLOD܊LD QX WUHEXLHREWXUDWă SULQ DFRSHULUHD VDX
EORFDUHDRUL¿FLLORUGHYHQWLOD܊LHFXRELHFWHSUHFXP
]LDUHIH܊HGHPDVăSHUGHOHHWF
&DEOXOGHDOLPHQWDUHDUWUHEXLVă¿HX܈RUDFFHVLELO
1XD܈H]D܊L WHOHYL]RUXO PRELOLHUXOHWFSH FDEOXO
GHDOLPHQWDUH 8Q FDEOXGHDOLPHQWDUH GHWHULRUDW
SRDWHGXFHODLQFHQGLXVDXHOHFWURFXWDUH0DQHYUD܊L
FDEOXOGHDOLPHQWDUHQXPDLGH܈WHFKHUUQXGHFXSOD܊L
WHOHYL]RUXOWUăJkQG GH FDEOXOGHDOLPHQWDUH 1X
DWLQJH܊LQLFLRGDWă FDEOXO GHDOLPHQWDUH܈WHFKHUXO
FXPkLQLOH XGH GHRDUHFHD܊L SXWHDSURYRFDXQ
VFXUWFLUFXLWVDX Yă SXWH܊LHOHFWURFXWD1X vQRGD܊L
FDEOXOGHDOLPHQWDUH܈L QX vO OHJD܊L GH DOWHFDEOXUL
$WXQFLFkQG HVWH GHWHULRUDWDFHVWDWUHEXLH Vă ¿H
vQORFXLWH[FOXVLYGHSHUVRQDOFDOL¿FDW
1X H[SXQH܊L WHOHYL]RUXOOD VFXUJHUL VDX VWURSLUL FX
OLFKLGH܈LQXSODVD܊LRELHFWHXPSOXWHFXSUHFXPYD]H
FăQLHWFSHVDXGHDVXSUDWHOHYL]RUXOXLH[SHSROL܊H
GHDVXSUDXQLWă܊LL
1XH[SXQH܊LWHOHYL]RUXOXLvQOXPLQDGLUHFWăDVRDUHOXL
܈LQX SODVD܊L ÀăFăULGHVFKLVH SUHFXPOXPkQăULOH
GHDVXSUDVDXvQDSURSLHUHDWHOHYL]RUXOXL
1X SODVD܊L VXUVHGH FăOGXUăSUHFXP vQFăO]LWRDUH
HOHFWULFHUDGLDWRDUHHWFOkQJăWHOHYL]RU
1X SODVD܊L WHOHYL]RUXO SHSRGHD VDX SH VXSUDIH܊H
vQFOLQDWH
3HQWUXDHYLWDSHULFROXOGHVXIRFDUHQX܊LQH܊LSXQJL
GHSODVWLF OD vQGHPkQDEHEHOX܈LORUD FRSLLORU VDX
DQLPDOHORUGRPHVWLFH
$WD܈D܊LFXDWHQ܊LHVWDQGXOODWHOHYL]RU'DFăVWDQGXOH
SUHYă]XWFX܈XUXEXULVWUkQJH܊L܈XUXEXULOHELQHSHQWUX
DHYLWDvQFOLQDUHDWHOHYL]RUXOXL1XVWUkQJH܊LSUHDWDUH
܈XUXEXULOH܈LPRQWD܊LDGHFYDWFDXFLXFXULOHVWDQGXOXL
1XDUXQFD܊L EDWHULLOH vQIRF VDXFX PDWHULDOH
SHULFXORDVHVDXLQÀDPDELOH
AVERTIZARE
%DWHULLOH QX WUHEXLHH[SXVH ODFăOGXUă H[FHVLYă
SUHFXPUD]HOHVRDUHOXLIRFXOVDXDOWHOH
3UHVLXQHD H[FHVLYăD VXQHWXOXL vQ Fă܈WL SRDWH
SURYRFDSLHUGHUHDDX]XOXL
0$,35(686 '( 25,&( ± QX OăVD܊L 1,&,2'$7Ă
SHQLPHQLPDL DOHVSHFRSLLVăvPSLQJăVDXVă
ORYHDVFăHFUDQXOVDXVăLQWURGXFăGLYHUVHOXFUXUL
vQJROXULOH FDUFDVHL VDX vQ DOWH GHVFKLGHUL DOH
WHOHYL]RUXOXL
$WHQ܊LH 3HULFROGHUăQLUHJUDYă
VDXGHFHV
5LVFGH
HOHFWURFXWDUH 5LVFGHvQDOWăWHQVLXQH
ÌQWUH܊LQHUH &RPSRQHQWăLPSRUWDQWă
GHvQWUH܊LQHUH
0DUFDMHSHSURGXV
8UPăWRDUHOHVLPEROXUL VXQW IRORVLWH SH SURGXV FD
PDUFDMSHQWUXUHVWULF܊LLOH ܈L PăVXULOHGHSUHFDX܊LH ܈L
LQVWUXF܊LXQLOHGHVLJXUDQ܊ă)ඈHFDUHH[SOඈFD܊ඈHYDIඈOXDWă
vQFRQVඈGHUDUHDFROR XQGH SURGXVXOSRDUWă H[FOXVඈY
VHPQHOH FRUHVSXQ]ăWRDUH ܉LQH܊L FRQW GH DFHVWH
LQIRUPD܊LLGLQPRWLYHGHVLJXUDQ܊ă
(FKLSDPHQWFODVD ,,$FHVW DSDUDW HVWH
FRQFHSXWDVWIHO vQFkW Vă QX QHFHVLWH R
FRQH[LXQHGHVLJXUDQ܊ăFXvPSăPkQWDUH
%RUQăSHULFXORDVă DIODWă VXE WHQVLXQH
%RUQDERUQHOHPDUFDWăH HVWHVXQW VXE
WHQVLXQHvQFRQGL܊LLQRUPDOHGHIXQF܊LRQDUH
$WHQ܊LHFRQVXOWD܊L LQVWUXF܊LXQLOH GH
IXQF܊LRQDUH=RQD]RQHOHPDUFDWăPDUFDWH

5RPkQă - 3 -
FRQ܊LQHEDWHULLFXFHOXOHVDXSLOHFDUHSRW¿vQORFXLWH
GHXWLOL]DWRU
3URGXVODVHU GH FODVD
$FHVWSURGXVFRQ܊LQHRVXUVă
ODVHUGH FODVD FDUH HVWH
VLJXUvQFRQGL܊LLGHIXQF܊LRQD-
UHUH]RQDELOH܈LSUHYL]LELOH
AVERTIZARE
1XLQJHUD܊LEDWHULDSUH]LQWăSHULFROGHDUVXULFKLPLFH
$FHVWSURGXVVDXDFFHVRULLOHIXUQL]DWHvPSUHXQă FX
SURGXVXOSRWFRQ܊LQHREDWHULHWLSPRQHGăSDVWLOăÌQ
FD]XOvQFDUHEDWHULDGHFHDVHVWHLQJHUDWăDFHDVWD
SRDWHSURYRFDDUVXULLQWHUQHJUDYHvQGHFXUVGHRUH
܈LSRDWHSURYRFDPRDUWHD
1XOăVD܊LEDWHULLOHQRLVDXXWLOL]DWHODvQGHPkQDFRSLLORU
ÌQFD]XOvQFDUHFRPSDUWLPHQWXOEDWHULHLQXVHvQFKLGH
QXPDL XWLOL]D܊L SURGXVXO ܈L QX vO OăVD܊L OD vQGHPkQD
FRSLLORU
ÌQFD]XOvQFDUHFUHGH܊LFăH[LVWăSRVLELOLWDWHDFDED-
WHULLOHVă¿IRVWvQJKL܊LWHVDXLQWURGXVHvQRULFHSDUWHD
FRUSXOXLVROLFLWD܊LLPHGLDWDVLVWHQ܊ăPHGLFDOă
±±±±±±±±±±±±
8QWHOHYL]RUSRDWHFăGHDSURYRFkQGYăWăPăULVHULRDVH
VDXFKLDUPRDUWHD0DMRULWDWHDDFFLGHQWHORUPDLDOHV
FHOHVXIHULWHGHFRSLLSRW¿HYLWDWHGDFăOXD܊LVLPSOH
PăVXULGHSUHFDX܊LHSUHFXP
Ì1727'($81$IRORVL܊LGXODSXULOH ܈L VXSRUWXULOH
UHFRPDQGDWHGHSURGXFăWRUXOWHOHYL]RUXOXL
Ì1727'($81$IRORVL܊LFRUSXUL GHPRELOăFDUH SRW
VXV܊LQHJUHXWDWHDWHOHYL]RUXOXL
Ì1727'($81$DVLJXUD܊LYăFă PDUJLQHDWHOHYL]R-
UXOXLQXGHSă܈H܈WHFRUSXO GH PRELOă SHFDUHHVWH
D܈H]DW
Ì1727'($81$LQVWUXL܊LFRSLLLFXSULYLUHODSHULFROHOH
OHJDWHGH HVFDODGDUHD PRELOHL SHQWUX D DMXQJH OD
WHOHYL]RUVDXODEXWRDQHOHGHFRPDQGăDOHDFHVWXLD
Ì1727'($81$UXWD܊LFDEOXULOHFRQHFWDWHODWHOHYL]RU
FDVăQXSURYRDFHvPSLHGLFDUHDFDVăQXSRDWă¿
WUDVHVDXDSXFDWH
1,&,2'$7ĂQXSXQH܊LWHOHYL]RUXOvQWUXQORFLQVWDELO
1,&,2'$7ĂQX SODVD܊L WHOHYL]RUXOSH FRUSXULGH
PRELOăvQDOWH GHH[HPSOXGXODSXULVDXELEOLRWHFL
IăUăD DQFRUD DWkW PRELOD FkW ܈L WHOHYL]RUXO GH XQ
VXSRUWDGHFYDW
1,&,2'$7ĂQXD܈H]D܊LWHOHYL]RUXOSHKDLQHVDXDOWH
PDWHULDOHLQWHUSXVHvQWUHWHOHYL]RU܈LVXSRUWXOSHFDUH
HVWHD܈H]DW
1,&,2'$7ĂQXSXQH܊LDUWLFROHFDUHLDUSXWHDWHQWD
SHFRSLL Vă VH FD܊HUH SUHFXP MXFăULL VDX WHOHFR-
PHQ]LSHWHOHYL]RUVDXSHPRELODSHFDUHHVWHSXV
WHOHYL]RUXO
$FHVW HFKLSDPHQWSRDWH ¿LQVWDODW GRDU ODvQăO܊LPL
GHP
'DFăWHOHYL]RUXOGYVH[LVWHQWUăPkQHvQLQFLQWă܈LHVWH
PXWDW܊LQH܊LFRQWGHDFHOHD܈LDYHUWL]ăULGHPDLVXV
±±±±±±±±±±±±
$SDUDWHOHFRQHFWDWHODvPSăPkQWDUHDGHSURWHF܊LHD
FOăGLULLSULQSUL]DGHDOLPHQWDUHVDX SULQ LQWHUPHGLXO
DOWRUGLVSR]LWLYH FX R FRQH[LXQH SHQWUX vPSăPkQ-
WDUH± ܈L OD XQ VLVWHP GH GLVWULEX܊LH79 IRORVLQG XQ
FDEOXFRD[LDO SRW FRQVWLWXL vQ XQHOH FRQGL܊LL SHULFRO
GHLQFHQGLX &RQH[LXQHDODXQVLVWHPGHGLVWULEXLUH
DSURJUDPHORU79WUHEXLHHIHFWXDWă SULQ LQWHUPHGLXO
XQXLDSDUDWFDUHRIHUăL]ROD܊LHHOHFWULFăVXEXQDQXPH
LQWHUYDOGHIUHFYHQ܊ăL]RODWRUJDOYDQLF
$9(57,60(17(3(1758
0217$5($3(3(5(7(
&LWL܊L LQVWUXF܊LXQLOH vQDLQWHD PRQWăULL WHOHYL]RUXOXL
SHSHUHWH
6HWXOGHPRQWDUHSHSHUHWHHVWHRS܊LRQDO3XWH܊L
RE܊LQHGHODGHDOHUXOGYVORFDOGDFăQXHIXUQL]DW
vPSUHXQăFXWHOHYL]RUXO
1XLQVWDODĠLWHOHYL]RUXOFHSODIRQVDXSHXQSHUHWH
vQFOLQDW
)RORVL܊L ܈XUXEXUL VSHFLDOH SHQWUXPRQWDUHD SH
SHUHWH܈LDOWHDFFHVRULL
6WUkQJH܊L ELQH ܈XUXEXULOH GH PRQWDUH SH SHUHWH
SHQWUXD SUHYHQL FăGHUHD WHOHYL]RUXOXL GH SH
SHUHWH1XVWUkQJH܊LIRU܊D܊LVWUkQJHUHDH[HVLYăD
܈XUXEXULORU
&LIUHOH܈L LOXVWUD܊LLOH GLQ DFHVW 0DQXDO GH 8WLOL]DUH
VXQWRIHULWHGRDUSHQWUXUHIHULQ܊ă܈LSRWGLIHULID܊ăGH
DVSHFWXOSURGXVXOXLDFWXDO'HVLJQXO܈LVSHFL¿FD܊LLOH
SURGXVXOXLSRW¿VFKLPEDWHIăUăQRWL¿FDUH
5RPkQă - 4 -
,QWURGXFHUH
9ăPXOĠXPLPFăDĠLDOHVDFHVWSURGXV9ăYH܊LSXWHD
EXFXUDvQ FXUkQG GH QRXO GXPQHDYRDVWUă WHOHYL]RU
9ăUXJăP Vă FLWLĠL FX DWHQ܊LH LQVWUXFĠLXQLOH$FHVWHD
FRQ܊LQLQIRUPD܊LLLPSRUWDQWHFDUHYăYRUDMXWDVăRE܊LQH܊L
FHDPDL EXQă SHUIRUPDQ܊ă GLQ SDUWHD WHOHYL]RUXOXL
GXPQHDYRDVWUă܈L DVLJXUă R LQVWDODUH ܈L R RSHUDUH
FRUHFWă܈LvQVLJXUDQ܊ă
$FFHVRULLLQFOXVH
7HOHFRPDQGă
%DWHULL;$$$
,16758&܉,81,'(23(5$5(
*KLGXOGHSRUQLUHUDSLGă
)XQF܊LL
7HOHYL]RUFRORUFXWHOHFRPDQGă
6LVWHPXOGHRSHUDUH$QGURLGTM
*RRJOH&DVW
&ăXWDUHYRFDOăRS܊LRQDO
7HOHYL]RUGLJLWDOFDEOXVDWHOLWFRPSOHWLQWHJUDW'9%
77&66
,QWUăUL +'0, SHQWUX D FRQHFWDDOWH GLVSR]LWLYH OD
PXIHOH+'0,
,QWUDUH86%
6LVWHPGHVXQHWVWHUHR
7HOHWH[W
&RQH[LXQHSHQWUXFă܈WL
6LVWHPGHSURJUDPDUHDXWRPDWă
&ăXWDUHPDQXDOă
2SULUHDXWRPDWă
2SULUHDSRUQLUHDWHPSRUL]DWRUXOXL
2SULUHDWHPSRUL]DWRUXOXL
)XQF܊LHIăUăLPDJLQH
)XQF܊LDRSULUHDXWRPDWăODOLSVDVHPQDOXOXL
(WKHUQHW/$1SHQWUXFRQHFWLYLWDWH܈LVHUYLFLL,QWHUQHW
6XSRUW:/$1DEJQDFLQWHJUDW
+EE79
8OWUD+'8+'
7HOHYL]RUXO VXSRUWă 8OWUD +' 'H¿QL܊LH XOWUD vQDOWă
FXQRVFXWă܈L VXE GHQXPLUHD . FH RIHUă UH]ROX܊LD
GH[..$FHDVWDUHSUH]LQWăGHRUL
UH]ROX܊LDWHOHYL]RUXOXL )XOO +' GXEOkQG QXPăUXO GH
SL[HOLDLWHOHYL]RUXOXL)XOO+'DWkWSHRUL]RQWDOăFkW܈LSH
YHUWLFDOă&RQ܊LQXWXO8OWUD+'HVWHVXSRUWDWGLQDSOLFD܊LL
QDWLYHVDXGHSHSODWIRUPH+'0,XQHOHVHUYLFLL2YHU
WKH7RS277LQWUăUL86%܈LvQWUDQVPLVLXQL'9%7
܈L'9%6
,QWHUYDO'LQDPLF5LGLFDW+'5-XUQDO
+LEULG*DPPD+/*
)RORVLQGDFHDVWăIXQF܊LHWHOHYL]RUXOSRDWHUHSURGXFH
XQLQWHUYDOGLQDPLFPDLPDUHGHOXPLQR]LWDWHFDSWkQG
܈LFRPELQkQG PDL PXOWH H[SXQHUL GLIHULWH +'5
+/*SURPLWHRFDOLWDWHPDLEXQă D LPDJLQLL GDWRULWă
HYLGHQ܊LHULORUPDLOXPLQRDVH܈LPDLUHDOLVWHXQHLFXORUL
PDLUHDOLVWH ܈L DDOWRU DPHOLRUăUL 2IHUăDVSHFWXO SH
FDUHUHJL]RULL܈LOGRUHVFDUăWkQG]RQHOHDVFXQVHDOH
XPEUHORUvQWXQHFDWH܈LDOHOXPLQLLVRODUHODFODULWDWH
FXORDUH܈L GHWDOLL PD[LPH &RQ܊LQXWXO +'5+/* H
DFFHSWDWGH DSOLFD܊LLOH QDWLYH ܈L GH SRUWDO LQWUăULOH
+'0,86% ܈L SULQ WUDQVPLVLXQLOH '9%6 'DFă
VXUVDGHLQWUDUHHVWHVHWDWăODLQWUDUHD+'0,DSăVD܊L
EXWRQXO0HQLX0HQLX܈LVHWD܊LRS܊LXQHD+'0, (','
YHUVLRQGLQ PHQLXO 792SWLRQV!6HWWLQJV!'HYLFH
3UHIHUHQFHV!,QSXWV2S܊LXQL!6HWăUL!3UHIHULQ܊H
GLVSR]LWLY!,QWUăULFD(','VDX$XWR(','SHQWUX
DYL]LRQDFRQ܊LQXWXO+'5+/*GDFăFRQ܊LQXWXO+'5
+/*HVWHSULPLW SULQWURLQWUDUH+'0,ÌQDFHVWFD]
GLVSR]LWLYXOVXUVăDUWUHEXLVă¿HFRPSDWLELOFHOSX܊LQ
FX+'0,D
'ROE\9LVLRQ
'ROE\9LVLRQRIHUăRH[SHULHQ܊ăYL]XDOăGUDPDWLFă
OXPLQR]LWDWHLQFUHGLELOăFRQWUDVWH[FHS܊LRQDO܈LFXORDUH
YLHFDUH DGXFH GLYHUWLVPHQWXO OD YLD܊ă$MXQJH OD R
FDOLWDWHH[WUDRUGLQDUăDLPDJLQLLIRORVLQGXVHGHWHKQR-
ORJLLOHGHLPDJLQH+'5܈L:&*:LGH&RORU*DPXW
6SRULQGOXPLQR]LWDWHDVHPQDOXOXLRULJLQDO܈LIRORVLQG
RFXORDUH܈LRJDPăGHFRQWUDVWPDLGLQDPLFă'ROE\
9LVLRQSUH]LQWăLPDJLQL XOXLWRDUHUHDOLVWH FX GHWDOLL
LQFUHGLELOHSHFDUH DOWH WHKQRORJLLGH SRVWSURFHVDUH
GLQWHOHYL]LXQHQXOHSRWSURGXFH'ROE\9LVLRQHVWH
DFFHSWDWSULQLQWHUPHGLXODSOLFD܊LLORUQDWLYH܈LGHSRUWDO
SULQLQWUăULOH+'0,܈L86%'DFăVXUVDGHLQWUDUHHVWH
VHWDWăODLQWUDUHD+'0,DSăVD܊LEXWRQXO0HQX0HQLX
܈LVHWD܊LRS܊LXQHD+'0, (','YHUVLRQGLQPHQLXO79
2SWLRQV!6HWWLQJV!'HYLFH3UHIHUHQFHV!,QSXWV
2S܊LXQL!6HWăUL!3UHIHULQ܊HGLVSR]LWLY!,QWUăULFD
(','VDX$XWR(','SHQWUXDYL]LRQDFRQ܊LQXWXO
'ROE\9LVLRQGDFăFRQ܊LQXWXO'ROE\9LVLRQHVWHSULPLW
SULQWURLQWUDUH+'0,ÌQDFHVWFD]GLVSR]LWLYXOVXUVă
DUWUHEXLVă¿HFRPSDWLELOFHOSX܊LQFX+'0,DÌQ
PHQLXO3LFWXUH0RGH0RGLPDJLQHWUHLPRGXULGH
LPDJLQHSUHGH¿QLWHYRU¿GLVSRQLELOHGDFăHVWHGHWHFWDW
FRQ܊LQXWXO'ROE\9LVLRQ'ROE\9LVLRQ%ULJKW'ROE\
9LVLRQ'DUN܈L'ROE\9LVLRQ9LYLG7RDWHSHUPLWXWL-
OL]DWRUXOXLVăVHEXFXUHGHFRQ܊LQXWvQPRGXOvQFDUH
FUHDWRUXOODGRULWvQFRQGL܊LLGHLOXPLQDUHGLIHULWH3HQWUX
DPRGL¿FDVHWDUHDPRGXOXL3LFWXUH,PDJLQHDSăVD܊L
EXWRQXO0HQX0HQLX vQWLPSFHXUPăUL܊LFRQ܊LQXWXO
'ROE\ 9LVLRQ ܈LDFFHVD܊L PHQLXO 3LFWXUH ,PDJLQH
$WXQFLFkQG YL]LRQD܊L FRQ܊LQXW 9LVLRQ 'ROE\SULQWUR
DSOLFD܊LHFXH[FHS܊LD<RX7XEH1HWÀL[܈L3OD\HU0XOWL
0HGLDQXYH܊LSXWHDDFFHVDPHQLXO3LFWXUH,PDJLQH
܈LVHWDPRGXO3LFWXUH,PDJLQH

5RPkQă - 5 -
0RQWDUHDSLHGHVWDOXOXL
܈LPRQWDUHDSHSHUHWH
$VDPEODUHD6FRDWHUHDSLHGHVWDOXOXL
3UHJăWLUL
6FRDWH܊LSLHGHVWDOXOSLHGHVWDOXULOH܈LWHOHYL]RUXOGLQ
FXWLH܈LSXQH܊LWHOHYL]RUXOSHRPDVăGHOXFUXFXHFUDQXO
vQMRVSHRFkUSăFXUDWă܈LPRDOHSăWXUăHWF
)RORVL܊L R PDVă SODQă ܈L VWDELOă PDLPDUH GHFkW
WHOHYL]RUXO
1XDSXFD܊LGHSDQRXOHFUDQXOXL
1X]JkULD܊L܈LQXVSDUJH܊LWHOHYL]RUXO
$VDPEODUHDSLHGHVWDOXOXL
$܈H]D܊LVXSRUWXO VXSRUWXULOH SH PRGHOXO
PRGHOHOHGHPRQWDUHDVXSRUWXOXLSHSDUWHDGLQ
VSDWHDWHOHYL]RUXOXL
,QWURGXFH܊L܈XUXEXULOHIXUQL]DWH܈LVWUkQJH܊LOHX܈RU
SkQăFkQGSLHGHVWDOXOSLHGHVWDOXULOHHVWHVXQW
PRQWDWHFRUHFW
6FRDWHUHDSLHGHVWDOXOXLGHODWHOHYL]RU
$VLJXUD܊LYăFăVFRDWH܊LSLHGHVWDOXOvQPRGXOXUPăWRU
DWXQFLFkQGIRORVL܊LVXSRUWXOGHPRQWDUHSHSHUHWHVDX
FkQGUHDPEDOD܊LWHOHYL]RUXO
3XQH܊L WHOHYL]RUXO SH RPDVă GH OXFUX FX SDQRXO
HFUDQXOXLvQ MRV SH R FkUSă FXUDWă ܈L PRDOH
/ăVD܊LSLHGHVWDOXOVăLDVăvQDIDUăSHVWHPDUJLQHD
VXSUDIH܊HL
'HVIDFH܊L ܈XUXEXULOH FDUH IL[HD]ă SLHGHVWDOXO
SLHGHVWDOXULOH
6FRDWH܊LSLHGHVWDOXOSLHGHVWDOXULOH
&kQGXWLOL]D܊LVXSRUWXOGHPRQWDUHSHSHUHWH
܇LWHOHYL]RUXOGYV HVWHSUHJăWLWSHQWUXXQVXSRUWGH
SHUHWHFRPSDWLELO9(6$'DFăQXHVWHOLYUDWvPSUHXQă
FXWHOHYL]RUXO FRQWDFWD܊L GLVWULEXLWRUXO ORFDO SHQWUX
DDFKL]L܊LRQD VXSRUWXO UHFRPDQGDW SHQWUX PRQWDUHD
SHSHUHWH
*ăXULOH܈L PăVXUăWRULOH SHQWUX LQVWDODUHD VXSRUWXOXL
GHSHUHWH
0Ă685Ă725,6832573(5(7(9(6$
dŝƉĂƌŐĉƵƌŝ
ŝŵĞŶƐŝƵŶŝ;ŵŵͿ
WH
200 200
ŝŵĞŶƐŝƵŶŝƕƵƌƵďƵƌŝ
>ƵŶŐŝŵĞ;yͿ min. (mm) 10
max. (mm) 13
&ŝůĞƚ;zͿ M6
&RQH[LXQHDQWHQă
&RQHFWD܊LPXID GHDQWHQăWHUHVWUăVDXFDEOXO79vQ
¿܈D$(5,$/,1387$17,175$5($17(1Ă$17
VLWXDWăvQSDUWHDVWkQJăDWHOHYL]RUXOXLVDXPXIDFX
FRQH[LXQHSULQVDWHOLWOD¿܈D6$7(//,7(,1387/1%
,175$5(6$7(/,7/1%DÀDWăvQSDUWHDGLQVSDWH
DWHOHYL]RUXOXL
3DUWHDGLQႋkQJDDWHOHYL]RUXOXL
$17
3DUWHDGLQVSDWHDWHOHYL]RUXOXL
/1%
'DFăGRUL܊L VăFRQHFWD܊LXQGLVSR]LWLYOD WHOHYL]RU
DVLJXUD܊LYăFăWHOHYL]RUXO܈LGLVSR]LWLYXOVXQWRSULWH
vQDLQWHGHDUHDOL]DRULFHIHOGHFRQH[LXQH 'XSă
UHDOL]DUHDFRQH[LXQLLSXWH܊LSRUQLXQLWă܊LOH܈LOHSXWH܊L
XWLOL]D
5RPkQă - 6 -
$OWHFRQH[LXQL
'DFăGRUL܊LVăFRQHFWD܊LXQGLVSR]LWLYODWHOHYL]RUDVLJXUD܊LYăFăWHOHYL]RUXO܈LGLVSR]LWLYXOVXQWRSULWHvQDLQWHGHD
UHDOL]DRULFHIHOGHFRQH[LXQH'XSăUHDOL]DUHDFRQH[LXQLLSXWH܊LSRUQLXQLWă܊LOH܈LOHSXWH܊LXWLOL]D
&RQHFWRU Tip &DEOXUL 'LVSR]LWLYH
+'0,
&RQH[LXQH
vQVSDWHúL
SHODWHUDOă
63'IF63',)
,H܈LUH
RSWLFă
&RQH[LXQH
VSDWH
&Ă܇7I&RQH[LXQH
&ă܈WL
VSDWH
&RQH[LXQH
86%
vQODWHUDOă
&RQH[LXQH
CI
vQODWHUDO
CAM
module
/$1 &RQH[LXQH
(WKHUQHW
vQVSDWH &DEOX/$1(WKHUQHW
$WXQFLFkQG XWLOL]DĠL VHWXO GH PRQ-
WDUHSH SHUHWH OXDрL OHJăWXUD FX
GLVWULEXLWRUXOSHQWUXDDFKL]LрLRQDXQ
DVWIHOGH VHW Yă UHFRPDQGăP Vă
FRQHFWDĠLWRDWH FDEOXULOH vQ VSDWHOH
WHOHYL]RUXOXLvQDLQWH GH DO PRQWD
SHSHUHWH_,QWURGXFHĠLVDXvQGHSăU-
WDĠLPRGXOXO &, QXPDL DWXQFL FkQG
WHOHYL]RUXOHVWH 235,77UHEXLHVă
FRQVXOWDрLPDQXDOXOGHLQVWUXFрLXQLDO
PRGXOXOXLSHQWUXGHWDOLLUHIHULWRDUHOD
VHWăUL,QWUăULOH86%DOHWHOHYL]RUXOXL
GXPQHDYRDVWUăVXQWFRPSDWLELOHFX
GLVSR]LWLYHGHSkQăODP$&R-
QHFWDUHDGLVSR]LWLYHORUFXRYDORDUH
DFXUHQWXOXLGHSHVWHP$SRDWH
GHWHULRUDWHOHYL]RUXO GXPQHDYRDV-
WUă&kQG FRQHWFDрL XQ HFKLSDPHQW
IRORVLQGFDEOXO +'0, SH WHOHYL]RUXO
GYVSHQWUX D JDUDQWD R LPXQLWDWH
VX¿FLHQWăFRQWUD UDGLDрLLORUIUHFYHQ-
рHORUSDUD]LWHоLRWUDQVPLVLXQHIăUă
SUREOHPHDVHPQDOHORUGHvQDOWăGH-
¿QLрLHSUHFXPFRQрLQXWXO.WUHEXLH
Vă¿RORVLрLXQFDEOX+'0,HFUDQDWGH
vQDOWăGH¿QLрLHGHFDOLWDWHVXSHULRD-
UăFXIHULWH

5RPkQă - 7 -
3RUQLUH2SULUHWHOHYL]RU
&RQHFWDUHODVXUVDGHDOLPHQWDUH
,03257$17 7HOHYL]RUXO HVWH FRQFHSXW Vă
IXQF܊LRQH]HODRSUL]ăGH9&$+]
'XSăGHVSDFKHWDUH OăVDĠL WHOHYL]RUXO Vă DMXQJă OD
WHPSHUDWXUDFDPHUHLvQDLQWHGHDOFRQHFWDODVXUVD
GHFXUHQW
,QWURGXFH܊LFDEOXOGH DOLPHQWDUHvQSUL]ă7HOHYL]RUXO
YDSRUQLDXWRPDW
3HQWUXDFRPXWDWHOHYL]RUXOGLQPRGXO6WDQGE\
'DFăWHOHYL]RUXO HVWH vQ PRGXO VWDQGE\/('XO GH
VWDQGE\VH DSULQGH 3HQWUX D SRUQL WHOHYL]RUXO GLQ
PRGXOVWDQGE\
$SăVD܊LEXWRQXO6WDQGE\GHSHWHOHFRPDQGă
$SăVD܊LEXWRQXOGHFRQWUROGHSHWHOHYL]RU
7HOHYL]RUXOYDSRUQL
3HQWUXDFRPXWDWHOHYL]RUXOvQPRGXO6WDQGE\
7HOHYL]RUXO QX SRDWH LQWUD vQ PRGXO 6WDQGE\SULQ
LQWHUPHGLXOEXWRQXOXLGHFRQWURO$SăVD܊L܈L܊LQH܊LDSăVDW
EXWRQXO6WDQGE\ GHSH WHOHFRPDQGă 3H HFUDQ YD
DSăUHDIHUHDVWUD 3RZHURႇ 2SULUH6HOHFWD܊L 2.
܈LDSăVD܊LEXWRQXO2.7YXOVHYDFRPXWDvQPRGXO
VWDQGE\
3HQWUXDRSULWHOHYL]RUXO
3HQWUXDRSULWHOHYL]RUXOFRPSOHWVFRDWH܊L FDEOXO GH
DOLPHQWDUHGLQSUL]ă
0RGXO4XLFN6WDQGE\6WDQGE\UDSLG
3HQWUXD WUHFH WHOHYL]RUXO vQ PRGXO VWDQGE\ UDSLG
H[LVWăXUPăWRDUHOHRS܊LXQL
$SăVD܊LEXWRQXO6WDQGE\GHSHWHOHFRPDQGă
$SăVD܊LGLQ QRX SHQWUX D UHYHQL OD PRGXO GH
IXQF܊LRQDUH
$SăVD܊LEXWRQXOGHFRQWUROGHSHWHOHYL]RU
$SăVD܊LGLQQRXEXWRQXOGHFRQWUROSHQWUXDUHYHQL
ODPRGXOGHIXQF܊LRQDUH
7HOHYL]RUXO GYV FRQWLQXă Vă IXQF܊LRQH]H vQ PRGXO
4XLFN6WDQGE\ 6WDQGE\ UDSLG GHRDUHFH YHULILFă
SHULRGLFGDFă H[LVWă DFWXDOL]ăUL$FHDVWDQX HVWH R
GHIHF܊LXQHvQGHSOLQH܈WH FHULQ܊HOH SHQWUX FRQVXPXO
GHHQHUJLH3HQWUX D UHGXFH ODPLQLPFRQVXPXO GH
HQHUJLHFRPXWD܊LWHOHYL]RUXOvQ PRGXO 6WDQGE\D܈D
FXPVDH[SOLFDWPDLVXV
&RPHQ]LOH܈LRSHUDUHD
WHOHYL]RUXOXL
%XWRQXOGHFRPDQGăYăSHUPLWHVăFRQWUROD܊LIXQF܊LLOH
4XLFN6WDQGE\2Q 6WDQGE\ UDSLG 3RUQLW DOH
WHOHYL]RUXOXL
1RWă3R]LрLD EXWRDQHORU GH FRQWURO SRDWH GLIHUL vQ IXQFрLH
GHPRGHO
3HQWUXDRSULWHOHYL]RUXO4XLFN6WDQGE\$SăVD܊L
EXWRQXOGHFRQWUROSHQWUXDWUHFHWHOHYL]RUXOvQPRGXO
4XLFN6WDQGE\6WDQGE\UDSLG
3HQWUXDRSULWHOHYL]RUXO6WDQGE\$SăVD܊LFRQWLQXX
EXWRQXOGH FRPDQGă SHQWUX D WUHFH WHOHYL]RUXO vQ
PRGXOVWDQGE\
3HQWUXD SRUQL WHOHYL]RUXO$SăVD܊L SH EXWRQXO GH
FRPDQGăLDUWHOHYL]RUXOYDSRUQL
1RWă0HQLXO26'GHVHWăUL/LYH79vQPRGXO/LYH79QXSRDWH
¿D¿оDWSULQLQWHUPHGLXOEXWRQXOXLGHFRQWURO
)RORVLUHDWHOHFRPHQ]LL
$SăVD܊LEXWRQXO 0HQX 0HQLX GH SH WHOHFRPDQGă
SHQWUXDD¿܈DPHQLXOGHVHWăULSHQWUX/LYH79DWXQFL
FkQGWHOHYL]RUXOVHDÀăvQDFHVWPRG$SăVD܊L+RPH
(FUDQXOGHSRUQLUHSHQWUXDD¿܈DVDXDUHYHQLOD
HFUDQXOGH SRUQLUH DO WHOHYL]RUXOXL$QGURLG )RORVL܊L
EXWRDQHOHGLUHF܊LRQDOHSHQWUXDPXWDIRFXVXODYDQVD
UHJODDQXPLWHVHWăUL܈LDSăVD܊L2.SHQWUX D VHOHFWD
HOHPHQWHOHGRULWH܈LDIDFHVFKLPEăULVHWDSUHIHULQ܊HOH
DFFHVDXQVXEPHQLXODQVDRDSOLFD܊LHHWF$SăVD܊L
%DFN5HWXUQÌQDSRL5HYHQLUH SHQWUX D UHYHQL OD
PHQLXODQWHULRU
6HOHFWDUHDVHPQDOXOXL
'XSăFHD܊LFRQHFWDWVLVWHPHOHH[WHUQH OD WHOHYL]RU
SXWH܊LFRPXWD SH GLIHULWH VXUVH GH VHPQDO$SăVD܊L
EXWRQXO6RXUFH6XUVăGHSHWHOHFRPDQGăvQPRG
FRQVHFXWLYVDXXWLOL]D܊LEXWRDQHOHGLUHF܊LRQDOH܈LDSRL
DSăVD܊LEXWRQXO2.SHQWUXDFRPXWDvQWUHVXUVHGLIHULWH
vQFDGUXO PRGXOXL /LYH79 WHOHYL]RUvQ GLUHFW 6DX
DFFHVD܊LPHQLXO,QSXWV,QWUăULGLQHFUDQXOGHSRUQLUH
VHOHFWD܊LVXUVDGRULWăGLQOLVWă܈LDSăVD܊L2..
6FKLPEDUHDFDQDOHORU܈LUHJODUHDYROXPXOXL
5HJOD܊L YROXPXO IRORVLQG EXWRDQHOH 9ROXPH ܈L
VFKLPED܊LFDQDOXOvQPRGXO/LYH79IRORVLQGEXWRDQHOH
3URJUDP GHSHWHOHFRPDQGă
5RPkQă - 8 -
7HOHFRPDQGă
,QWURGXFHUHDEDWHULLORUvQWHOHFRPDQGă
7HOHFRPDQGDSRDWHDYHDXQ܈XUXEFDUH¿[HD]ăFD-
SDFXOFRPSDUWLPHQWXOXLSHQWUXEDWHULLvQWHOHFRPDQGă
VDXDFHVWDSRDWH¿vQWURSXQJăVHSDUDWăÌQOăWXUD܊L
܈XUXEXOGDFă FDSDFXOD IRVW vQ܈XUXEDW vQ SUHDODELO
6FRDWH܊LDSRL FDSDFXO FRPSDUWLPHQWXOXL GH EDWHULL
SHQWUXD GHVFRSHUL FRPSDUWLPHQWXO SHQWUX EDWHULL
,QVWDOD܊LGRXăEDWHULLAAAGH9$VLJXUD܊LYă Fă
vQVHPQHOH܈LFRUHVSXQGUHVSHFWD܊LSRODULWDWHD
FRUHFWă1X IRORVL܊L EDWHULL YHFKL ܈L QRL vPSUHXQă
ÌQORFXL܊LGRDUFXEDWHULLGHDFHOD܈LWLSVDXHFKLYDOHQW
0RQWD܊LvQDSRL FDSDFXO$VLJXUD܊L FDSDFXO vQDSRL FX
܈XUXEGDFăH[LVWă
%XWRQ6WDQGE\
$SăVD܊L܈L܊LQH܊LDSăVDWEXWRQXO6WDQGE\GHSHWHOH-
FRPDQGă3H HFUDQ YD DSăUHD IHUHDVWUD 3RZHURႇ
2SULUH6HOHFWD܊L2.܈LDSăVD܊LEXWRQXO2.7YXOVH
YDFRPXWDvQPRGXOVWDQGE\$SăVD܊LVFXUW܈LHOLEHUD܊L
SHQWUXD FRPXWD WHOHYL]RUXOvQ PRGXOVWDQGE\ UDSLG
VDXSHQWUXDSRUQLWHOHYL]RUXOFkQGVHDÀăvQPRGXO
VWDQGE\UDSLGVDXVWDQGE\
6WDQGE\ 6WDQGE\UDSLG6WDQGE\3RUQLW
%XWRDQHQXPHULFH 6FKLPEă FDQDOHOH vQ PRGXO /LYH
79 LQWURGXFH XQ QXPăU VDX R OLWHUă vQ FDVHWD GH WH[W
GHSHHFUDQ
/LPEă&RPXWă vQWUHPRGXULOH GH VXQHW WHOHYL]LXQH
DQDORJLFăD¿܈HD]ă܈LVFKLPEăOLPEDDXGLRWHOHYL]LXQH
GLJLWDOăDFRORXQGHDFHDVWăRS܊LXQHHVWHGLVSRQLELOă
0XWH0XW6XSULPăLQWHJUDOYROXPXOWHOHYL]RUXOXL
9ROXP
*KLG$¿܈HD]ă*KLG3URJUDPHOHFWURQLF*(3vQPRGXO
/LYH79
%XWRDQHGLUHF܊LRQDOH1DYLJKHD]ăvQPHQLXULRS܊LXQLGH
VHWDUHGHSODVHD]ăIRFDOL]DUHDVDXFXUVRUXOHWFVHWHD]ă
WLPSXOGHvQUHJLVWUDUH܈LD¿܈HD]ăVXESDJLQLOHvQPRGXO
/LYH79ODDSăVDUHDEXWRDQHORU 'UHDSWD VDX 6WkQJD
8UPăUL܊LLQVWUXF܊LXQLOHGHSHHFUDQ
2.&RQ¿UPăVHOHF܊LLOHLQWUăvQVXEPHQLXULD¿܈HD]ăOLVWD
GHFDQDOHvQPRGXO/LYH79
ÌQDSRL5HYHQLUH5HYLQHODHFUDQXODQWHULRUDOPHQLXOXL
PHUJHXQSDVvQDSRLvQFKLGHIHUHVWUHOHGHVFKLVHvQFKLGH
WHOHWH[WXOvQPRGXO/LYH797HOHWH[W
1HWÀL[/DQVHD]ăDSOLFD܊LD1HWÀL[
*RRJOH3OD\/DQVHD]ăDSOLFD܊LD*RRJOH3OD\6WRUH
0HQX0HQLX$¿܈HD]ăPHQLXO6HWăUL/LYH79vQPRGXO
/LYH79D¿܈HD]ăRS܊LXQLOHGHVHWDUHGLVSRQLELOH
FXPDU¿VXQHWXO܈LLPDJLQHD
5HZLQG'HUXODUHvQDSRL'HUXOHD]ăFDGUHOHvQDSRLvQ
FDGUXOPHGLLORUGHUHGDUHFDGHH[HPSOX¿OPH
6WRS2SULUH2SUH܈WH ¿܈LHUXO PHGLD DÀDW vQ FXUV GH
UHGDUH
ÌQUHJLVWUDUHÌQUHJLVWUHD]vSURJUDPHOHvQPRGXO/LYH79
%XWRDQHFRORUDWH 8UPD܊LLQVWUXF܊LXQLOH GH SH HFUDQ
SHQWUXIXQF܊LLOHEXWRDQHORUFRORUDWH
3DXVH3DX]ă 6XVSHQGă GHUXODUHD PHGLLOHUHGDWH
vQFHSHvQUHJLVWUDUHDGHID]ăULLWHPSRUDOHvQPRGXO/LYH79
3OD\5HGDUHÌQFHSHUHGDUHDPHGLLORUVHOHFWDWH
7H[W'HVFKLGH܈LvQFKLGHWHOHWH[WXOFkQGHVWHGLVSRQLELO
vQPRGXO/LYH79
'HUXODUHUDSLGăvQDLQWH'HUXOHD]ăFDGUHOHvQDLQWHvQ
FDGUXOPHGLLORUGHUHGDUHFDGHH[HPSOX¿OPH
%XWRQXOPHX'HVFKLGHPHQLXOGHVHWDUHDPRGXOXL
GHLPDJLQHSHQWUXVXUVHOHGLVSRQLELOH
3ULPH9LGHR/DQVHD]ăDSOLFD܊LDYLGHR$PD]RQ3ULPH
<RX7XEH/DQVHD]ăDSOLFD܊LD<RX7XEH
,H܈LUHÌQFKLGH܊L ܈L LH܈L܊L GLQ 0HQLXO GH VHWăUL/LYH79
vQFKLGH܊L+RPH6FUHHQ HFUDQ DFDVă LH܈L܊L GLQ RULFH
DSOLFD܊LHvQGHUXODUHVDXPHQLXVDXEDQQHU26'FRPXWă
ODXOWLPXOVHWVXUVă
,QIR$¿܈HD]ăLQIRUPD܊LLGHVSUHFRQ܊LQXWXOD¿܈DWSHHFUDQ
6XUVă,QGLFăWRDWHVXUVHOHGHWUDQVPLVLXQH܈LGHFRQĠLQXW
3URJUDPPH 3URJUDP 0ăUH܈WH0LF܈RUHD]ă
QXPăUXOFDQDOXOXLvQPRGXO/LYH79
+RPH$FDVă'HVFKLGH+RPH6FUHHQ(FUDQDFDVă
6XEWLWUăUL$¿܈HD]ă܈LDVFXQGHVXEWLWUăULOHDFRORXQGH
DFHDVWăRS܊LXQHHVWHGLVSRQLELOă

5RPkQă - 9 -
$VLVWHQWGHFRQILJXUDUHLQL܊LDOă
1RWă 8UPDрLLQVWUXFрLXQLOH GH SH HFUDQ SHQWUX D FRPSOHWD
SURFHVXOGHFRQ¿JXUDUHLQLрLDOăDWHOHYL]RUXOXLGXPQHDYRDVWUă
8WLOL]DрLEXWRDQHOHGLUHFрLRQDOHоLEXWRQXO2.GHSHWHOHFRPDQGă
SHQWUXDVHOHFWDVHWDFRQ¿UPDоLPHUJHPDLGHSDUWH
&kQGSRUQL܊LGLVSR]LWLYXOSHQWUXSULPDGDWăYD¿D¿܈DW
XQHFUDQGHEXQYHQLW6HOHFWD܊LOLPEDGRULWă܈LDSăVD܊L
2.8UPD܊L LQVWUXF܊LXQLOH GH SH HFUDQ SHQWUX D Yă
FRQ¿JXUDWHOHYL]RUXO ܈LDLQVWDODFDQDOHOH$VLVWHQWXO
GHLQVWDODUHYăYDvQGUXPDGHDOXQJXOSURFHVXOXLGH
FRQ¿JXUDUH3XWH܊LHIHFWXDFRQ¿JXUDUHDLQL܊LDOăRULFkQG
IRORVLQGRS܊LXQHD)DFWRU\5HVHW5HVHWDUHGLQIDEUL
FăGLQPHQLXO6HWWLQJV!'HYLFH3UHIHUHQFHV!$ERXW
6HWăUL!3UHIUHULQ܊HGLVSR]LWLY!'HVSUH 3XWH܊L
DFFHVDPHQLXO 6HWWLQJV 6HWăUL GLQ +RPH 6FUHHQ
(FUDQ$FDVăVDXGLQPHQLXO792SWLRQV2S܊LXQL
79vQPRGXO/LYH79
0HVDMXOGHEXQYHQLW܈LVHOHFWDUHDOLPELL
0HVDMXOÄ%LQHD܊LYHQLW´YD¿D¿܈DWSHHFUDQvPSUHXQă
FXRS܊LXQLOHSHQWUXVHOHFWDUHDOLPELL6HOHFWD܊L OLPED
GRULWăGLQOLVWă܈LDSăVD܊L2.SHQWUXDFRQWLQXD
5HJLXQH܉DUă
ÌQSDVXO XUPăWRUVHOHFWD܊L UHJLXQHD VDX ܊DUD
GXPQHDYRDVWUă܈LDSăVD܊L2.SHQWUXDFRQWLQXD
6HWDUHLQL܊LDOă
'XSăVHOHFWDUHD UHJLXQLL܊ăULL SXWH܊LSRUQL DVLVWHQWXO
GHFRQ¿JXUDUHLQL܊LDOă6HOHFWD܊L&RQWLQXă܈LDSăVD܊L
2.SHQWUX D FRQWLQXD 1X YH܊L SXWHD UHYHQL ܈L
VFKLPEDOLPED܈LUHJLXQHD܊DUDRGDWăFHD܊LvQFHSXW
'DFăWUHEXLHVăVFKLPED܊LOLPEDGXPQHDYRDVWUăVDX
UHJLXQHD܊DUD VHOHFWDWă GXSă DFHVW SDV YD WUHEXL
VăFRPXWD܊L WHOHYL]RUXO vQ PRGXO GH UHSDXV DVWIHO
vQFkWSURFHVXOGHVHWDUHVăvQFHDSăGHODvQFHSXWOD
XUPăWRDUHDSRUQLUHDWHOHYL]RUXOXL3HQWUXDIDFHDFHVW
OXFUX DSăVD܊L FRQWLQXX EXWRQXO 6WDQGE\5HSDXV
9D¿D¿܈DWXQGLDORJGHFRQ¿UPDUH6HOHFWD܊L2.܈L
DSăVD܊L2...
&ăXWDUHDDFFHVRULLORU
9D¿HIHFWXDWăRFăXWDUHDDFFHVRULLORUGXSăFHVHWDUHD
LQL܊LDOăDvQFHSXW8UPD܊LLQVWUXF܊LXQLOHD¿܈DWHSHHFUDQ
SHQWUXDDVRFLDWHOHFRPDQGDvQIXQF܊LHGHPRGHOXO
DFHVWHLD܈L DOWH GLVSR]LWLYH ZLUHOHVV FX WHOHYL]RUXO
GYV$SăVD܊LEXWRQXO%DFN5HWXUQÌQDSRL5HYHQLUH
SHQWUXDWHUPLQDDGăXJDUHDGHDFFHVRULL܈LDvQFHSH
VHWDUHD
&RQ¿JXUDUHUDSLGă
'DFăQXD܊LFRQHFWDWvQSUHDODELOWHOHYL]RUXOODLQWHUQHW
SULQLQWHUPHGLXO (WKHUQHW VH YD DIL܈D XQ HFUDQ
XQGHSXWH܊L WUDQVIHUD UH܊HDXD :/$1 D WHOHIRQXOXL
GXPQHDYRDVWUăFX$QGURLG܈L FRQWXO *RRJOH FăWUH
WHOHYL]RU6HOHFWD܊L &RQWLQXă܈L DSăVD܊L 2.SHQWUX
DFRQWLQXD 8UPD܊L LQVWUXF܊LXQLOH GH SH HFUDQXO
WHOHYL]RUXOXL܈LGHSHWHOHIRQSHQWUXD¿QDOL]DSURFHVXO
'HDVHPHQHD SXWH܊L RPLWH DFHVW SDV VHOHFWkQG
RS܊LXQHD6NLS2PLWH6HSRWRPLWHDQXPL܊LSD܈LvQ
IXQF܊LHGHVHWăULOHHIHFWXDWHvQDFHVWSDV
'DFăD܊L FRQHFWDW vQ SUHDODELO WHOHYL]RUXO OD LQWHUQHW
SULQ(WKHUQHWVHYDD¿܈DXQPHVDMLQGLFkQGFăVXQWH܊L
FRQHFWDW3XWH܊L DOHJH vQWUH D FRQWLQXD FX IRORVLUHD
UH܊HOHLSULQ FDEOX VDX D VFKLPED UH܊HDXD 6HOHFWD܊L
&KDQJHQHWZRUN6FKLPEăUH܊HDXD܈LDSăVD܊L2.
GDFăGRUL܊LVăIRORVL܊LUH܊HDXDZLUHOHVVvQORFXOUH܊HOHL
SULQFDEOX
&RQHFWDUHODUH܊HD
9H܊L¿FRQGXVDXWRPDWODXUPăWRUXOSDVGDFăvQDFHVW
SDVFRQHFWD܊LWHOHYL]RUXOODLQWHUQHWSULQ(WKHUQHWÌQ
FD]FRQWUDUVHYRU FăXWD ܈L D¿܈D SH HFUDQ UH܊HOHOH
ZLUHOHVVGLVSRQLELOH6HOHFWD܊LUH܊HDXD:/$1GLQOLVWă
܈LDSăVD܊LSH2.SHQWUXFRQHFWDUH,QWURGXFH܊LRSDUROă
IRORVLQGWDVWDWXUDYLUWXDOăGDFăUH܊HDXDVHOHFWDWăHVWH
SURWHMDWăSULQSDUROă6HOHFWD܊LRS܊LXQHD2WKHUQHWZRUN
$OWăUH܊HDGLQOLVWăGDFăUH܊HDXDODFDUHGRUL܊LVăYă
FRQHFWD܊LDUH66,'DVFXQV
'DFăQX GRUL܊L Vă Yă FRQHFWD܊L OD LQWHUQHW vQ DFHVW
PRPHQWSXWH܊LRPLWH DFHVW SDVVHOHFWkQG RS܊LXQHD
6NLS2PLWHUH9ăSXWH܊LFRQHFWDPDLWkU]LXIRORVLQG
RS܊LXQLOHGH PHQLX 1HWZRUN ,QWHUQHW 5H܊HOH ܈L
LQWHUQHWGLQPHQLXO6HWWLQJV6HWăULGHSHHFUDQXO
GHSRUQLUHVDXGLQPHQLXO79RSWLRQV2S܊LXQL79
GLQPRGXO/LYH79
3XWH܊LRPLWHDFHVWSDVGDFăvQSDVXOSUHFHGHQWDIRVW
GHMDVHWDWăFRQH[LXQHDODLQWHUQHW
3ROLWLFDGHFRQ¿GHQ܊LDOLWDWHSHQWUXUH܊HD
3ROLWLFDGHFRQ¿GHQ܊LDOLWDWHSHQWUXUH܊HDYD¿D¿܈DWă
SHHFUDQXOXUPăWRU&LWL܊LH[SOLFD܊LLOHFRUHVSXQ]ăWRDUH
D¿܈DWHSH HFUDQ)RORVL܊LEXWRDQHOHGLUHF܊LRQDOHVXV
܈LMRV SHQWUX D Yă GHSODVD SULQ WH[W ܈L FLWL܊LWH[WXO
vQvQWUHJLPH 0DUFD܊L $FFHSW ܈L DSăVD܊L 2.SH
WHOHFRPDQGăSHQWUXDFRQ¿UPD܈LDFRQWLQXD3XWH܊L
VFKLPEDPDLWkU]LXDFHDVWăVHWDUHIRORVLQGRS܊LXQHD
1HWZRUN3ULYDF\3ROLF\ 3ROLWLFDGHFRQ¿GHQ܊LDOLWDWH
SHQWUXUH܊HD GLQ PHQLXO 6HWWLQJV!1HWZRUN
,QWHUQHW6HWăUL!5H܊HD,QWHUQHW
$FHVWSDVYD¿RPLVGDFăvQSDVXOSUHFHGHQWDIRVW
VWDELOLWăFRQH[LXQHDIăUăLQWHUQHW
&RQHFWDUHDODFRQWXOGXPQHDYRDVWUă*RRJOH
ÌQFD]XOXQHLFRQHFWăULFRUHFWHYăSXWH܊LFRQHFWDOD
FRQWXOGXPQHDYRDVWUă *RRJOH SH HFUDQXO XUPăWRU
7UHEXLHVăGLVSXQH܊LGHXQFRQW*RRJOHSHQWUXDSXWHD
IRORVLVHUYLFLLOH*RRJOH$FHVWSDVVHYDRPLWHGDFăvQ
SDVXODQWHULRUQXVDVWDELOLWQLFLRFRQH[LXQHODLQWHUQHW
VDXGDFăYD܊LFRQHFWDWGHMDODFRQWXO*RRJOHvQWLPSXO
&RQH[LXQLLUDSLGH
$XWHQWL¿FkQGXYăYH܊LGHVFRSHULQRLDSOLFD܊LLSHQWUX
YLGHRFOLSXULPX]LFă܈L MRFXUL vQ*RRJOH3OD\ SULPL܊L
UHFRPDQGăULSHUVRQDOL]DWHGLQ DSOLFD܊LL FD<RX7XEH
FXPSăUD܊LVDXvQFKLULD܊LFHOHPDLQRL¿OPH܈LHPLVLXQL
GLQ*RRJOH 3OD\ )LOPH ܈L HPLVLXQL79DFFHVHD]ă
5RPkQă - 10 -
܊LGLYHUWLVPHQWXO ܈L FRQWUROHD]ă܊L PHGLD 6HOHFWD܊L
&RQHFWDUH܈LDSăVD܊L2.SHQWUXDFRQWLQXD9ăSXWH܊L
DXWHQWLILFDvQ FRQWXO GXPQHDYRDVWUă *RRJOH SULQ
LQWURGXFHUHDDGUHVHL GH HPDLO VDX D QXPăUXOXL GH
WHOHIRQ܈LDSDUROHLVDXSULQFUHDUHDXQXLFRQWQRX
'DFăQXGRUL܊LVăYăFRQHFWD܊LODFRQWXOGXPQHDYRDVWUă
*RRJOHvQ DFHVW PRPHQW SXWH܊L RPLWH DFHVW SDV
VHOHFWkQGRS܊LXQHD6NLS2PLWHUH.
&RQGL܊LLGHXWLOL]DUH
&RQGL܊LLOHGHXWLOL]DUHYRU¿XUPăWRDUHOHD¿܈DWH'DFă
DOHJH܊LVă FRQWLQXD܊L VXQWH܊L GH DFRUG FX &RQGL܊LLOH
GHXWLOL]DUH DOH FRPSDQLHL *RRJOH FX 3ROLWLFD GH
FRQ¿GHQ܊LDOLWDWH܈LFX&RQGL܊LLOHGHXWLOL]DUHDOH*RRJOH
3OD\0DUFD܊L$FFHSW܈LDSăVD܊L2.SHWHOHFRPDQGă
SHQWUXD FRQILUPD ܈L D FRQWLQXD 'H DVHPHQHD
SXWH܊LYHGHD &RQGL܊LLOH GH XWLOL]DUH 3ROLWLFD GH
FRQILGHQ܊LDOLWDWH܈L&RQGL܊LLOH GH XWLOL]DUH DOH
*RRJOH3OD\ SH DFHVW HFUDQ 3HQWUX D D¿܈D DFHVW
FRQ܊LQXWHVWHQHYRLHGHRFRQH[LXQHODLQWHUQHW6H
YDD¿܈DXQPHVDMFXDGUHVDVLWHXOXLXQGHSRW¿GH
DVHPHQHDFRQVXOWDWH DFHVWH LQIRUPD܊LL vQ FD]XO vQ
FDUHRFRQH[LXQHODLQWHUQHWQXHVWHGLVSRQLELOă
6HUYLFLL*RRJOH
6HHOHFWD܊LOHSH¿HFDUHSHQWUXDDÀDPDLWkU]LXPDL
PXOWHGHVSUH¿HFDUHVHUYLFLXFXPDU¿FXPVHSRUQH܈-
WHVDXVHRSUH܈WH'DWHOHYRU¿IRORVLWHvQFRQIRUPLWDWH
FXSROLWLFD GH FRQ¿HQ܊LDOLWDWH D *RRJOH (YLGHQ܊LD܊L
$FFHSW܈L DSăVD܊L 2. SHQWUX D FRQILUPD VHOHF܊LD
GXPQHDYRDVWUăDDFHVRWUVHWăULGHVHUYLFLL*RRJOH
8WLOL]DUHDORFD܊LHL
3XWH܊LSHUPLWHVDXLQWHU]LFHFD*RRJOHVDXDSOLFD܊LLOH
XQRUWHU܊HSăU܊LVăIRORVHDVFăLQIRUPD܊LLOHSULYLQGORFD܊LD
WHOHYL]RUXOXLGXPQHDYRDVWUă(YLGHQ܊LD܊L8VHORFDWLRQ
8WLOL]HD]ăORFD܊LD܈LDSăVD܊L2.SHQWUXDYL]XDOL]D
LQIRUPD܊LLGHWDOLDWH܈LSHQWUXDSRUQLVDXRSULDFHDVWă
FDUDFWHULVWLFă3XWH܊LVFKLPEDPDLWkU]LXDFHDVWăVHWDUH
IRORVLQGRS܊LXQHD /RFDWLRQVWDWXV 6WDUH ORFD܊LH
GLQPHQLXO6HWWLQJV!'HYLFH3UHIHUHQFHV!/RFDWLRQ
6HWăUL!3UHIHULQ܊HGLVSR]LWLY!/RFD܊LH
$MXWD܊LODvPEXQăWă܊LUHD$QGURLG
7ULPLWH܊LDXWRPDWLQIRUPD܊LLGHGLDJQRVWLFFăWUH*RRJOH
SUHFXPUDSRDUWHGHHURDUHVDXXWLOL]DUHDGDWHORUGH
SHGLVSR]LWLYXOVDXDSOLFD܊LLOHGXPQHDYRDVWUă$FHDV-
WăLQIRUPD܊LHQXYD ¿ IRORVLWă SHQWUXDYă LGHQWL¿FD
(YLGHQ܊LD܊L+HOS ,PSURYH $QGURLG $MXWăOD vPEX
QăWă܊LUHD$QGURLG܈LDSăVD܊L2.SHQWUXDYL]XDOL]D
LQIRUPD܊LLGHWDOLDWH܈LSHQWUXDSRUQLVDXRSULDFHDVWă
FDUDFWHULVWLFă3XWH܊L VFKLPED PDL WkU]LX DFHDVWă
VHWDUHFXDMXWRUXO PHQLXOXL 6HWWLQJV!'HYLFH3UHIH
UHQFHV!8VDJH 'LDJQRVWLFV 6HWăUL!3UHIHULQ܊H
GLVSR]LWLY!8WLOL]DUH܈LGLDJQRVWLF.
6HUYLFLL܈LFRQ¿GHQ܊LDOLWDWHDGXPQHDYRDVWUă
$VLVWHQWXO*RRJOH WULPLWH VHUYLFLLOH FRPXQLFDWH FvWUH
XQFRG XQLF ÌQ DFHVW IHO VHUYLFLXO v܈L SRDWH DPLQWL
OXFUXULSUHFXP SUHIHULQ܊HOHGXPQHDYRDVWUăvQWLPSXO
FRQYHUVD܊LHL3XWH܊LYL]XDOL]DJHVWLRQD܈LUHVHWDGDWHOH
WULPLVHGHFăWUHVHUYLFLXvQ¿HFDUHSDJLQăDVHUYLFLXOXL
GLQVHF܊LXQHD([SORUH([SORUHD]ăDDSOLFD܊LHLPRELOH
$VLVWHQW$ÀD܊LPDLPXOWHODJFRDVVLVWDQWLGUHVHW
ÌQFRQWLQXDUHVHYRUD¿܈DLQIRUPD܊LLGHVSUHVHUYLFLLOH
*RRJOH܈LDOWHFDUDFWHULVWLFLDOHWHOHYL]RUXOXLGXPQHD-
YRDVWUă'DFăYD܊LDXWHQWL¿FDWvQFRQWXO*RRJOHvQSD܈LL
DQWHULRULSXWH܊L GH DVHPHQHD Vă SRUQL܊L UH]XOWDWHOH
SHUVRQDOHSHQWUX$VLVWHQWSULQDOHJHUHDRS܊LXQLORUFR-
UHVSRQGHQWHFkQGYLVHVROLFLWă$SăVD܊L2.FRQVHFXWLY
SHQWUXDFRQWLQXD
3DUROă
ÌQIXQF܊LH GH ܊DUD VHOHFWDWă vQ SD܈LL DQWHULRUL HVWH
SRVLELOVă¿܊LUXJD܊LVăVHWD܊LRSDUROă3,1GLQFLIUH
vQDFHVWPRPHQW$SăVD܊L2.SHQWUXDFRQWLQXD3,1
XOVHOHFWDWQXSRDWH¿µ¶$FHVW3,1HVWHQHFHVDU
SHQWUXDFFHVDUHD XQRUDQXPLWHPHQLXULFRQ܊LQXWXUL
SHQWUXDFWLYDUHDFDQDOHORUEORFDWHDVXUVHORUHWF9D
WUHEXLSHYLLWRUVăLQWURGXFH܊LDFHVW3,1GDFăYLVHYD
VROLFLWDDFHVWOXFUXvQRULFHPHQLX
6HOHFWDUHD0RGXOXL79
ÌQSDVXO XUPăWRU DO FRQILJXUăULL LQL܊LDOH SXWH܊L
VHOHFWDPRGXO GH IXQF܊LRQDUH DO WHOHYL]RUXOXL ¿H FD
+RPH$FDVă¿HFD6WRUH0DJD]LQ2S܊LXQHD
6WRUH0DJD]LQ YD FRQ¿JXUD VHWăULOH WHOHYL]RUXOXL
GXPQHDYRDVWUăSHQWUX PHGLXO PDJD]LQ$FHDVWă
RS܊LXQHHVWH GHVWLQDWă QXPDL XWLOL]ăULL vQ PDJD]LQ
(VWHUHFRPDQGDWVăVHOHFWD܊L+RPH$FDVăSHQWUX
XWLOL]DUHDDFDVă
&KURPHFDVWvQFRUSRUDW܈LGLVSRQLELORULFkQG
6HOHFWD܊LRS܊LXQHDSHFDUHRGRUL܊LSHQWUXGLVSRQLELOLWDWHD
&KURPHFDVW'DFă vO YH܊L VHWD FD 2Q3RUQLW
WHOHYL]RUXOGXPQHDYRDVWUăYD¿GHWHFWDWFDGLVSR]LWLY
SHQWUX*RRJOH&DVW܈LYDSHUPLWH$VLVWHQWXOXL*RRJOH
VDXDOWRUVHUYLFLLVăRE܊LQăFRQWUROXODVXSUDWHOHYL]RUXOXL
SULQFRPHQ]LOH&DVWFKLDU܈LFkQGDFHVWDVHDÀăvQ
PRGXOUHSDXVVDXFkQGHFUDQXOHVWHRSULW
7XQHU0RGH0RG7XQHU
3DVXOXUPăWRU HVWH VHOHFWDUHD PRGXOXL GH FăXWDUH
6HOHFWD܊LSUHIHULQ܊DSULYLQGFăXWDUHDSHQWUXLQVWDODUHD
FDQDOHORUvQ IXQF܊LD /LYH792S܊LXQLOH $QWHQQD
$QWHQă&DEOH &DEOX܈L6DWHOOLWH 6DWHOLW VXQW
GLVSRQLELOH6HOHFWD܊L RS܊LXQHD FDUH VH SRWULYH܈WH
PHGLXOXLGXPQHDYRDVWUă܈LDSăVD܊L2. VDX EXWRQXO
GHVăJHDWă'UHDSWDSHQWUXDFRQWLQXD'DFăQXGRUL܊L
VăIDFH܊LRFăXWDUHWXQHUHYLGHQ܊LD܊L 6NLS 2FROLUH
܈LDSăVD܊L2..
&kQGFăXWDUHD FDQDOXOXL FX WXQHUXO VHOHFWDW HVWH
¿QDOL]DWăDVLVWHQWXOGHLQVWDODUHYăYDDGXFHvQDSRL
ODDFHVW SDV ÌQ VLWXD܊LD vQ FDUH GRUL܊L Vă FRQWLQXD܊L
FăXWDUHDFDQDOHORUFXDOWWXQHUSXWH܊LFRQWLQXDGXSă
FXPHVWHH[SOLFDWPDLMRV
$QWHQă

5RPkQă - 11 -
'DFă HVWH VHOHFWDWă RS܊LXQHD $QWHQQD$QWHQă
SXWH܊LDOHJH Vă FăXWD܊L WUDQVPLVLLOH WHUHVWUH GLJLWDOH
܈LDQDORJLFH3HHFUDQXOXUPăWRUHYLGHQ܊LD܊LRS܊LXQHD
SUHIHUDWă܈L DSăVD܊L 2. SHQWUX D vQFHSH FăXWDUHD
VDXVHOHFWD܊L6NLS6FDQ2FROLUHFăXWDUHSHQWUXD
FRQWLQXDIăUăHIHFWXDUHDXQHLFăXWăUL
1RWă'DFă рDUD VHOHFWDWă QX DVLJXUă GLIX]DUH DQDORJLFă
FDQDOHOHDQDORJLFHQXYRU¿FăXWDWH
&DEOX
'DFăHVWHVHOHFWDWăRS܊LXQHD&DEOH &DEOX SXWH܊L
DOHJHVă FăXWD܊L WUDQVPLVLLOH SULQ FDEOX GLJLWDOH ܈L
DQDORJLFH'DFă H[LVWă RS܊LXQLOH SULYLQG RSHUDWRUXO
GLVSRQLELOYRU¿D¿܈DWHSHHFUDQXO 6HOHFW 2SHUDWRU
6HOHFWDUHRSHUDWRUÌQFD]FRQWUDUDFHDVWăIXQF܊LH
YD¿RPLVă3XWH܊LVHOHFWDXQVLQJXURSHUDWRUGLQOLVWă
0DUFD܊LRSHUDWRUXO GRULW ܈L DSăVD܊L 2. VDX EXWRQXO
GHVăJHDWă 'UHDSWD SHQWUX D FRQWLQXD 3H HFUDQXO
XUPăWRUHYLGHQ܊LD܊LRS܊LXQHDSUHIHUDWă܈LDSăVD܊L2.
SHQWUXD vQFHSH FăXWDUHD VDX VHOHFWD܊L 6NLS 6FDQ
2FROLUHFăXWDUHSHQWUXDFRQWLQXDIăUăHIHFWXDUHD
XQHLFăXWăUL'DFăXQDGLQWUHRS܊LXQLOHGHFăXWDUHD
FDQDOHORUGLJLWDOH HVWH VHOHFWDWăvQ FRQWLQXDUHYD ¿
D¿܈DWXQHFUDQGHFRQ¿JXUDUH2S܊LXQLOH6FDQ0RGH
0RGFăXWDUH )UHTXHQF\.+] )UHFYHQ܊D
0RGXODWLRQ0RGXOD܊LH 6\PERO 5DWH.V\PV
5DWăVLPERO1HWZRUN,'1XPăUXOGHLGHQWL¿FDUH
DUH܊HOHLYRUWUHEXLFRQ¿JXUDWH3HQWUXHIHFWXDUHDXQHL
VFDQăULFRPSOHWHVHWD܊L6FDQ0RGH0RGXOVFDQDUH
FD)XOO&RPSOHW VDX$GYDQFHG$YDQVDWGDFă
HVWHGLVSRQLELOăÌQIXQF܊LHGHRSHUDWRUXOVHOHFWDW܈L
VDX0RGXOGHVFDQDUHHVWHSRVLELOFDDQXPLWHRS܊LXQL
VăQX¿HGLVSRQLELOH
1RWă'DFă рDUD VHOHFWDWă QX DVLJXUă GLIX]DUH DQDORJLFă
FDQDOHOHDQDORJLFHQXYRU¿FăXWDWH
'XSăFH D܊L VHOHFWDW RS܊LXQLOH GLVSRQLELOH DSăVD܊L
SHEXWRQXO GH VăJHDWă 'UHDSWDSHQWUX DFRQWLQXD
7HOHYL]RUXOYDvQFHSHFăXWDUHDWUDQVPLVLLORUGLVSRQLELOH
6DWHOLW
'DFă D܊L VHOHFWDW RS܊LXQHD 6DWHOOLWH6DWHOLWVH
YDD¿܈D vQ FRQWLQXDUH $QWHQQDW\SH 7LS DQWHQă.
'DFăDYH܊LXQVLWHP'LUHFWSULQVDWHOLWSXWH܊LSURFHGD
UDSLGOD SDVXO XUPăWRU VHOHFWkQG DLFL RS܊LXQHD
1H[WXUPăWRU (YLGHQ܊LD܊L 0RUH 0DL PXOWH܈L
DSăVD܊L2. SHQWUX D VHWD PDQXDO WLPSXO DQWHQHL
2S܊LXQLOH6LQJOH7RQH%XUVW 'L6(T&܈L8QLFDEOH
VXQWGLVSRQLELOH (YLGHQ܊LD܊LWLSXO GH DQWHQă FDUH
FRUHVSXQGHVLVWHPXOXLGXPQHDYRDVWUăGHVDWHOLW
܈LDSăVD܊L2.VDXEXWRQXOGLUHF܊LRQDO5LJKW'UHDSWD
SHQWUXDFRQWLQXDODSDVXOXUPăWRU
8UPăWRUXOHFUDQ YD ¿ 6HOHFW 2SHUDWRU 6HOHFWDUH
RSHUDWRU3XWH܊LVHOHFWDXQVLQJXURSHUDWRUGLQOLVWă
0DUFD܊LRSHUDWRUXOGRULW܈LDSăVD܊L2.VDXEXWRQXOGH
VăJHDWă'UHDSWDSHQWUXDFRQWLQXD8QHOHRS܊LXQLvQ
SD܈LLXUPăWRULSRW¿SUHVHWD܊L܈LVDXSD܈LVXSOLPHQWDUL
SRW¿DGăXJD܊LVDXXQLLSD܈LSRW¿RFROL܊LvQIXQF܊LHGH
RSHUDWRUXOVHOHFWDWvQDFHVWSDV9HUL¿FD܊LSDUDPHWULLvQ
¿HFDUHSDVvQDLQWHGHDFRQWLQXD܈LUHJOD܊LGDFăHVWH
QHFHVDU3XWH܊LHYLGHQ܊LD*HQHUDO܈LDSăVD܊L2.VDX
EXWRQXOGLUHF܊LRQDO5LJKW'UHDSWDSHQWUXDSURFHGD
ODLQVWDODUHDQRUPDOăDVDWHOLWXOXL
(FUDQXO/1%/LVW/LVWă/1%YD¿D¿܈DWvQFRQWLQXDUH
3XWH܊LFRQILJXUD GLIHUL܊L VDWHOL܊L vQ IXQF܊LH GH ܊DUD
VHOHFWDWăWLSXO DQWHQHL ܈LD RSHUDWRUXOXLVHOHFWD܊L vQ
SD܈LLDQWHULRUL(YLGHQ܊LD܊LRS܊LXQHDGHVDWHOLWGRULWă܈L
DSăVD܊L2. VDX EXWRQXO GLUHF܊LRQDO5LJKW 'UHDSWD
SHQWUXD VHWD SDUDPHWULL 6DWHOOLWH 6WDWXV 6WDUHD
VDWHOLWXOXLSULPHL RS܊LXQL GH VDWHOLW WUHEXLH Vă ¿H
VHWDWăSH2Q3RUQLW3HQWUXDSXWHDDFWLYDFăXWDUHD
FDQDOHORUSHVDWHOLWDFHDVWăRS܊LXQHWUHEXLHPDLvQWkL
VHWDWăFD2Q3RUQLW
8UPăWRULLSDUDPHWULLGHVDWHOLWYRU¿GLVSRQLELOL(VWH
SRVLELOVăQXSXWH܊LVFKLPEDWRDWHVHWăULOHvQIXQF܊LH
GHVHOHF܊LLOHDQWHULRDUH
6DWHOOLWH6WDWXV 6WDUH VDWHOLW 6HWD܊L RS܊LXQHD
GHVWDUH FD 2Q 3RUQLW SHQWUX D DFWLYD FăXWDUHD
FDQDOHORUSH VDWHOLWXO VHOHFWDW (YLGHQ܊LD܊L DFHDVWă
RS܊LXQH܈LDSăVD܊L2.SHQWUXDVFKLPEDVHWDUHD
6DWHOOLWH6HOHFWLRQ 6HOHF܊LH VDWHOLW 6HOHFWD܊L
VDWHOLWXOODFDUHGRUL܊LVăLQL܊LD܊LFăXWDUHDFDQDOHORU
6FDQ0RGH 0RGXO 6FDQ 6HWD܊L SUHIHULQ܊D
SHQWUXPRGXO GH FăXWDUH 9RUIL GLVSRQLELOH
RS܊LXQLOH)XOO &RPSOHW܈L1HWZRUN5H܊HD.
'DFăYH܊LHIHFWXDR VFDQDUH vQ UH܊HD DVLJXUD܊LYă
FăD܊L UHJODW FRUHVSXQ]ăWRU SDUDPHWULL )UHTXHQF\
)UHFYHQ܊ă6\PERO5DWH.V\PV5DWăVLPERO
܈L3RODULVDWLRQ3ROL]DUHGLQRS܊LXQHD7UDQVSRQGHU
vQFRQIRUPLWDWH
6FDQ7\SH7LS VFDQDUH 3XWH܊L IDFH RFăXWDUH
QXPDLSHQWUX FDQDOH JUDWXLWH VDX QXPDL SHQWUX
FDQDOHFRGDWH'DFăRS܊LXQHD)UHH*UDWXLWHVWH
VHOHFWDWăFDQDOHOH FRGL¿FDWH QX YRU ¿ LQVWDODWH
6HOHFWD܊L$OO7RDWHSHQWUXDVFDQDWRDWHFDQDOHOH
6WRUH7\SH7LS PHPRUDUH 3XWH܊L VHOHFWD
PHPRUDUHDGRDU D FDQDOHORU79 PHQ܊LRQDWH vQ
PHQLXFD Ä&DQDOH GLJLWDOH´ VDX GRDU D FDQDOHORU
UDGLR6HOHFWD܊L$OO7RDWHSHQWUXDPHPRUDWRDWH
FDQDOHOH
7UDQVSRQGHU5HJOD܊L SDUDPHWULL )UHTXHQF\
)UHFYHQ܊ă6\PERO5DWH.V\PV5DWăVLPERO
܈L3RODULVDWLRQ3RODUL]DUHSHQWUXVDWHOLWXOVHOHFWDW
GDFăHVWHFD]XO
&RQILJXUDĠLL /1% 6HWD܊L SDUDPHWULL SHQWUX
/1%3HQWUX WLSXO GH DQWHQă 'L6(T& VHOHFWD܊L
SRUWXO'L6(T& FRUHFW FRUHVSRQGHQW VLVWHPXOXL
GXPQHDYRDVWUăGH VDWHOLW 'DFă HVWH QHFHVDU
VHWD܊L܈L DO܊LSDUDPHWULLvQFRQIRUPLWDWHFXVLVWHPXO
GXPQHDYRDVWUăGHVDWHOLW
6LJQDO4XDOLW\ &DOLWDWH VHPQDO 6WDUHD FDOLWă܊LL
VHPQDOXOXLHVWHD¿܈DWăvQSURFHQWH
5RPkQă - 12 -
6LJQDO/HYHO 1LYHO VHPQDO 6WDUHD QLYHOXOXL
VHPQDOXOXLHVWHD¿܈DWăvQSURFHQWH
$SăVD܊LEXWRQXO%DFN5HWXUQÌQDSRL 5HYHQLUH܈L
VHOHFWD܊LXUPăWRUXO VDWHOLW SH FDUH GRUL܊L Vă vO VHWD܊L
'XSăFH D܊L ILQDOL]DW VFKLPEăULOH GH FRQILJXUDUH
HYLGHQ܊LD܊L1H[W8UPăWRUvQHFUDQXO/1%/LVW/LVWă
/1%܈L DSăVD܊L 2. VDX EXWRQXO GLUHF܊LRQDO 5LJKW
'UHDSWDSHQWUXDSURFHGD
'DFăRS܊LXQHD/RDG3UHVHW/LVW/LVWDGHSUHVHWăUL
vQFăUFDWăHVWHVHOHFWDWăvQWUXQSDVDQWHULRUXUPăWRULL
SD܈LYRU¿VăUL܊L܈LYDvQFHSHLQVWDODUHDOLVWHLGHFDQDOH
SUHVHWDWH'DFă QX D IRVW VHOHFWDW VDWHOLWXO FRUHFW
SHQWUXLQVWDODUHD 6DWFR'; SHHFUDQ YD ¿D¿܈DW XQ
GLDORJGHDYHUWL]DUH6DWHOL܊LLFDUHSRW¿VHOHFWD܊LYRU¿
OLVWD܊L$SăVD܊L2.SHQWUXDvQFKLGHIHUHDVWUDGHGLDORJ
DSRLVHWD܊LVDWHOLWXOvQFRQVHFLQ܊ă
ÌQFRQWLQXDUH VH D¿܈HD]ă HFUDQXO &KDQQHO 6FDQ
6FDQDUHFDQDOH 6HOHFWD܊L 6NLS 6FDQ 2PLWHUH
VFDQDUHSHQWUX D FRQWLQXD ܈L ¿QDOL]D FRQ¿JXUDUHD
LQL܊LDOăIăUă HIHFWXDUHD XQHL FăXWăUL 6HHOFWD܊L2QO\
GLJLWDOFKDQQHOV1XPDLFDQDOHGLJLWDOH܈LDSăVD܊L
2.VDX EXWRQXO GLUHF܊LRQDO 5LJKW 'UHDSWD SHQWUX
DvQFHSHFăXWDUHDÌQWLPSFHHIHFWXHD]ă FăXWDUHD
SXWH܊LDSăVDEXWRQXO%DFN5HWXUQÌQDSRL5HYHQLUH
HYLGHQ܊LD܊L6NLS 6FDQ2FROLUH VFDQDUH ܈L DSăVD܊L
2.VDXEXWRQXOGLUHF܊LRQDO5LJKW 'UHDSWDSHQWUXD
RSULFăXWDUHD&DQDOHOHFDUHDXIRVWGHMDJăVLWHYRU¿
VDOYDWHvQOLVWDGHFDQDOH
/D¿QDOL]DUHDFRQ¿JXUD܊LHLLQL܊LDOHYD¿D¿܈DWXQPHVDM
$SăVD܊L2.SHQWUXD¿QDOL]DFRQ¿JXUDUHD
9H܊L¿UXJDWVăYăGD܊LFRQVLP܊ăPkQWXOSHQWUXFROHFWDUHD
GDWHORUGXPQHDYRDVWUă&LWL܊LWH[WXOGHSHHFUDQSHQWUX
LQIRUPD܊LLGHWDOLDWH(YLGHQ܊LD܊L$FFHSW $FFHSWDUH܈L
DSăVD܊L2.SHQWUXDYăGDFRQVLP܊ăPkQWXO܈LDFRQWLQXD
3HQWUXD WUHFH SHVWH IăUă D Yă GD FRQVLP܊ăPkQWXO
VHOHFWD܊L6NLS 2PLWH 3XWH܊L VFKLPED PDL WkU]LX
DFHDVWăVHWDUHFXDMXWRUXOPHQLXOXL6HWWLQJV!'HYLFH
3UHIHUHQFHV!0DQXIDFWXUHU8VDJH 'LDJQRVWLFV
6HWăUL!3UHIHULQ܊HGLVSR]LWLY!8WLOL]DUH GH FăWUH
SURGXFăWRU܈LGLDJQRVWLF.
6HYDD¿܈DHFUDQXOGHSRUQLUH3XWH܊LDSăVDEXWRQXO
([LW ,H܈LUHGHSHWHOHFRPDQGăSHQWUXDFRPXWDvQ
PRGXO/LYH79܈LYL]LRQDFDQDOHOHWHOHYL]RUXOXL
(FUDQXOGHSRUQLUH
3HQWUXD Yă EXFXUD GH EHQHILFLLOH WHOHYL]RUXOXL
GXPQHDYRDVWUă$QGURLG FRQHFWD܊LWHOHYL]RUXO OD
LQWHUQHW&RQHFWD܊LWHOHYL]RUXOODRUH܊HDGHGRPLFLOLX
FXRFRQH[LXQH,QWHUQHWGHPDUHYLWH]ă3XWH܊LFRQHFWD
WHOHYL]RUXOSULQZLUHOHVVVDXSULQFDEOX OD PRGHPXO
URXWHUXOGXPQHDYRDVWUă&RQVXOWD܊LVHF܊LXQLOH1HWZRUN
,QWHUQHW5H܊HOH܈LLQWHUQHW܈L&RQQHFWLQJWRWKH
,QWHUQHW&RQHFWDUHDODLQWHUQHWSHQWUXPDLPXOWH
LQIRUPD܊LLGHVSUHFRQHFWDUHDWHOHYL]RUXOXLODLQWHUQHW
0HQLXOSULQFLSDO HVWH SXQFWXO FHQWUDO DO WHOHYL]RUXOXL
GXPQHDYRDVWUă'LQ PHQLXO +RPH $FDVă SXWH܊L
SRUQLRULFH DSOLFD܊LH VFKLPED FDQDOHOH YL]LRQD XQ
¿OPVDX FRPXWD SH XQ GLVSR]LWLY FRQHFWDW$SăVD܊L
EXWRQXO+RPH SHQWUX FD HFUDQXO GH SRUQLUH Vă
VHDIL܈H]H 3XWH܊L VHOHFWD GH DVHPHQHD RS܊LXQHD
$QGURLG7Y+RPH7Y$QGURLG$FDVăGLQPHQLXO
,QSXWV ,QWUăULSHQWUX D FRPXWD vQ +RPH 6FUHHQ
(FUDQXOGH SRUQLUH 3HQWUX D GHVFKLGH PHQLXO
,QSXWV,QWUăULDSăVD܊LEXWRQXO6RXUFH6XUVăGH
SHWHOHFRPDQGăVDXDSăVD܊LEXWRQXO0HQX0HQLX
GHSH WHOHFRPDQGă FkQG WHOHYL]RUXO HVWH vQ PRGXO
OLYH79HYLGHQ܊LD܊LRS܊LXQHD6RXUFH6XUVăvQPHQLXO
79RSWLRQVRS܊LXQL79܈LDSăVD܊L2.ÌQIXQF܊LHGH
FRQ¿JXUD܊LDWHOHYL]RUXOXL܈LGH܊DUDVHOHFWDWăvQWLPSXO
FRQ¿JXUăULLLQL܊LDOHPHQLXO+RPH$FDVăSRDWHFRQ܊LQH
HOHPHQWHGLIHULWH
2S܊LXQLOHGLVSRQLELOHDOHHFUDQXOXLGHSRUQLUHVXQWJUX-
SDWHSH¿OH3HQWUXDQDYLJDvQRS܊LXQLOHHFUDQXOXLGH
SRUQLUHIRORVL܊LEXWRDQHOHGLUHF܊LRQDOHDOHWHOHFRPHQ]LL
/LQLLOHSHQWUX$SOLFD܊LL<RX7XEH*RRJOH3OD\)LOH܈L79
*RRJOH3OD\0X]LFă܈L*RRJOH3OD\SUHFXP܈LSHQWUX
DSOLFD܊LLOHSHFDUHOHD܊LLQVWDODWYRU¿GLVSRQLELOH6H-
OHFWD܊LROLQLH܈LDSRLHOHPHQWXOFDUHYăLQWHUHVHD]ăGH
SHDFHDVWăOLQLH$SăVD܊LEXWRQXO2.SHQWUXDOVHOHFWD
܈LDDFFHVDVXEPHQLXO
ÌQSDUWHD VWkQJD VXV D HFUDQXOXL VXQW GLVSRQLELOH
LQVWUXPHQWHOHGH FăXWDUH 3XWH܊L ¿H Vă LQWURGXFH܊L
XQFXYkQW SHQWUX FăXWDUH SULQ LQWHUPHGLXO WDVWDWXULL
YLUWXDOHVDX Vă IRORVL܊L RS܊LXQHD GH FăXWDUH YRFDOă
GDFăWHOHFRPDQGDDUHXQPLFURIRQvQFRUSRUDW0XWD܊L
IRFDOL]DUHDSHRS܊LXQHDGRULWă܈LDSăVD܊L 2.SHQWUX
DSURFHGD
ÌQSDUWHD GUHDSWă VXV D HFUDQXOXL VH YRU DIL܈D
1RWLILFDWLRQV1RWLILFăULOH ,QSXWV,QWUăULOH
1HWZRUN,QWHUQHW5H܊HOH܈LLQWHUQHW>YRU¿QXPLWH
FD&RQQHFWHG &RQHFWDWVDX1RW &RQQHFWHG
1HFRQHFWDWvQ IXQF܊LHGH VWDUHDDFWXDOă D
FRQH[LXQLL@6HWWLQJV6HWăUL ܈L RUD FXUHQWă 3XWH܊L
FRQ¿JXUDSUHIHULQ܊HOHSHQWUXGDWă܈LRUăGLQRS܊LXQLOH
GHPHQLX 'DWH WLPH 'DWă ܈L RUă GLQ PHQLXO
6HWWLQJV!'HYLFH3UHIHUHQFHV 6HWăUL!3UHIHULQ܊H
GLVSR]LWLY.
3ULPDOLQLHYD¿FHDD$SSV$SOLFD܊LORU$SOLFD܊LLOH
/LYH79܈L0XOWL0HGLD3OD\HUYRUGLGLVSRQLELOHDOăWXUL
GHDOWHDSOLFD܊LLIDYRULWH'DFăQXHYLGHQ܊LD܊LRS܊LXQHD
$GGDSSWRIDYRXULWHV$GăXJD܊LDSOLFD܊LDODIDYRULWH
VLPEROGLQUkQGXOApps܈LDSăVD܊L2.$SRLVHOHFWD܊L
DSOLFD܊LDFDUH GRUL܊L Vă R DGăXJD܊L ܈L DSăVD܊L2..
5HSHWD܊LDFHDVWăSURFHGXUăSHQWUX¿HFDUHDSOLFD܊LH
(YLGHQ܊LD܊L/LYH79܈LDSăVD܊L2.VDXDSăVD܊LEXWRQXO
([LW,H܈LUHGHSHWHOHFRPDQGăSHQWUXDFRPXWDvQ
PRGXO/LYH79'DFăDQWHULRUVXUVDDIRVWVHWDWăSH
RDOWăRS܊LXQHDOWDGHFkW $QWHQQD $QWHQă &DEOH
&DEOX6WHOOLWH 6DWHOLWVDX$79DSăVD܊LEXWRQXO
6RXUFH6XUVă ܈L VHWD܊L XQD GLQWUH DFHVWH RS܊LXQL
SHQWUXDYL]LRQDFDQDOHOH79(YLGHQ܊LD܊L0XOWL0HGLD

5RPkQă - 13 -
3OD\HU܈LDSăVD܊L2.SHQWUXDQDYLJDSULQGLVSR]LWLYHOH
86%FRQHFWDWHSHQWUXDUHGDD¿܈DFRQ܊LQXWXOPHGLD
LQVWDODWSHWHOHYL]RU)L܈LHUHOHDXGLRSRW¿UHGDWHSULQ
GLIX]RDUHOHWHOHYL]RUXOXLVDXFHOHDOHVLVWHPXOXLDXGLR
FRQHFWDWOD WHOHYL]RU3HQWUX D QDYLJD SH LQWHUQHW
YH܊LDYHDQHYRLH GHRDSOLFD܊LHEURZVHUGHLQWHUQHW
(IHFWXD܊LR FăXWDUH VDX GHVFKLGH܊L DSOLFD܊LD *RRJOH
3OD\JăVL܊LXQEURZVHU܈LGHVFăUFD܊LO
3HQWUXXQHOH܊ăUL+RPH6FUHHQ(FUDQDFDVăYD¿
RUJDQL]DWvQPDLPXOWH¿OH9RU¿GLVSRQLELOH¿OHOH+RPH
$FDVă'LVFRYHU'HVFRSHUL܊L܈L$SSV$SOLFD܊LL
3XWH܊LGHUXODSULQ¿OHXWLOL]kQGEXWRDQHOHGLUHF܊LRQDOH
)LHFDUH¿OăYDDYHDXQUkQGGHFRQ܊LQXWSUH]HQWDWvQ
SDUWHDGH VXV ÌQ ¿OD +RPH $FDVă YRU¿ UkQGXUL
SHQWUXDSOLFD܊LLOHIDYRULWHSURJUDPHOH/LYH7YUHFHQWH
܈LUHFRPDQGăULGLQÀX[XULOHGHDSOLFD܊LLÌQ¿OD'LVFRYHU
'HVFRSHUL܊LYRU¿D¿܈DWHUHFRPDQGăULGLQÀX[XULOH
GHVHUYLFLLÌQ¿OD$SSV$SOLFD܊LLYRU¿D¿܈DWHWRDWH
DSOLFD܊LLOHLQVWDODWH SH WHOHYL]RUXO GXPQHDYRDVWUă ܈L
SXWH܊LLQVWDOD PDL PXOWH GLQ 3OD\ 6WRUH 0DJD]LQXO
3OD\XWLOL]kQGRS܊LXQHDFRUHVSRQGHQWăÌQIXQF܊LHGH
FRQ¿JXUD܊LDWHOHYL]RUXOXL܈LGH܊DUDVHOHFWDWăvQWLPSXO
FRQ¿JXUăULLLQL܊LDOH ¿OHOH GLQ +RPH 6FUHHQ (FUDQ
DFDVăSRWFRQ܊LQHHOHPHQWHGLIHULWH
&RQ܊LQXWXOPHQLXOXL
SHQWUXPRGXO/LYH79
7UHFH܊LWHOHYL]RUXOXLSHPRGXO/LYH79܈LDSRLDSăVD܊L
EXWRQXO0HQX GH SH WHOHFRPDQGă SHQWUX D YHGHD
RS܊LXQLOHGHPHQLXDOH/LYH79 3HQWUX D FRPXWD vQ
PRGXO/LYH79 SXWH܊L ¿H Vă DSăVD܊L SH EXWRQXO ([LW
,H܈LUH¿HVăHYLGHQ܊LD܊LDSOLFD܊LD/LYH79GLQUkQGXO
$SSV$SOLFD܊LLSHHFUDQXOGHSRUQLUH܈LDSăVD܊L2.
3HQWUXXQHOH ܊ăUL DSOLFD܊LD /LYH 79VH YD UHJăVL vQ
¿OD+RPH $FDVă SH (FUDQXO$FDVă LDU UkQGXO FX
DFHDVWăDSOLFD܊LHYD¿QXPLW)DYRXULWH$SSV $SOLFD܊LL
IDYRULWH.
&DQDOH
3URJUDPPH*XLGH*KLG3URJUDPH$¿܈HD]ăJKLGXO
GHSURJUDPH HOHFWURQLF &RQVXOWD܊L VHF܊LXQHD *KLG
3URJUDPSHQWUXPDLPXOWHLQIRUPD܊LL
&KDQQHO&DQDO'HVFKLGHPHQLXO&KDQQHO&DQDO.
3XWH܊LIRORVLRS܊LXQLOHPHQLXOXL&KDQQHO&DQDOSHQWUX
GLIX]DUHDFDQDOHORU3HQWUXPDL PXOWH LQIRUPD܊LL
FRQVXOWD܊LVHF܊LXQHD&KDQQHO&KDQQHO.
2S܊LXQLOHWHOHYL]RUXOXL
6XUVă$IL܈D܊L OLVWDWXWXURU VXUVHORU GH LQWUDUH
6HOHFWDĠLRSHFHDGRULWăúLDSăVDĠLEXWRQXO2.SHQWUX
DWUHFHSHDFHDVXUVă
,PDJLQH'HVFKLGH PHQLXO 3LFWXUH ,PDJLQH
&RQVXOWD܊LVHF܊LXQHD 'HYLFH3UHIHUHQFHV3UHIHULQ܊H
GLVSR]LWLYSHQWUXLQIRUPD܊LLGHWDOLDWH
6XQHW'HVFKLGHPHQLXO6RXQG6XQHW&RQVXOWD܊L
VHF܊LXQHD'HYLFH3UHIHUHQFHV3UHIHULQ܊HGLVSR]LWLY
SHQWUXPDLPXOWHLQIRUPD܊LL
3XWHUH
2SULUHDXWRPDWă 'H¿QL܊L XQ WLPS GH LQDFWLYLWDWH
GXSăFDUH WHOHYL]RUXO GXPQHDYRDVWUă Vă LQWUH
DXWRPDWvQPRGXOGHUHSDXV6HWD܊LFD2ႇ2SULW
SHQWUXGH]DFWLYDUH
2SULUHLPDJLQH 6HOHFWD܊ඈDFHDVWăRS܊ඈXQඈ܈ඈDSăVD܊ඈ
2. SHQWUXDRSULHFUDQXO$F܊LRQD܊LRULFHEXWRQGH
SHWHOHFRPDQGăVDXGHSHWHOHYL]RUSHQWUXDDFWLYD
GLQQRXHFUDQXO$YH܊LvQYHGHUHFăQXSXWH܊LSRUQL
HFUDQXOSULQEXWRDQHOH9ROXP0XWH܈L6WDQGE\.
$FHVWHEXWRDQHYRUIXQF܊LRQDFDvQPRGREL܈QXLW
2SULUHDWHPSRUL]DWRUXOXL 'H¿QL܊L XQ WLPS GXSă
FDUHWHOHYL]RUXO GXPQHDYRDVWUă Vă VH RSUHDVFă
DXWRPDW6HWD܊LSH2ႇSHQWUXGH]DFWLYDUH
2SULUHDXWRPDWăGDFăQXH[LVWăVHPQDO6HWD܊L
FRPSRUWDPHQWXOWHOHYL]RUXOXL DWXQFL FkQG QX VH
GHWHFWHD]ăQLFLXQ VHPQDO GH OD VXUVD GH LQWUDUH
VHWDWăvQ SUH]HQW 'HILQL܊L XQ WLPS GXSă FDUH
WHOHYL]RUXOGXPQHDYRDVWUă Vă VH RSUHDVFă VDX
VHWD܊LSH2ႇ2SULWSHQWUXGH]DFWLYDUH
5HSDXVDXWRPDW'H¿QL܊L XQ WLPSGH LQDFWLYLWDWH
GXSăFDUH WHOHYL]RUXO GXPQHDYRDVWUă Vă LQWUH
DXWRPDW vQ PRGXO GH UHSDXV 2S܊LXQLOH 2UH
2UH܈L2UH VXQW GLVSRQLELOH 6HWD܊L SH 1HYHU
1LFLRGDWăSHQWUXGH]DFWLYDUH
&DUG&, $¿܈HD]ăRS܊LXQLOHGHPHQLXGLVSRQLELOHSHQWUX
FDUGXO&,IRORVLW(VWHSRVLELOFDDFHVWHOHPHQWVăQX¿H
GLVSRQLELOvQIXQF܊LHGHVHWăULOHSHQWUXVXUVDGHLQWUDUH
2S܊LXQLDYDQVDWH
2S܊LXQLOHDFHVWXLPHQLXSRW¿VFKLPEDWH܈LVDXD¿܈DWH
vQJUL܈WHUVvQIXQF܊LHGHVXUVDGHLQWUDUHVHOHFWDWă
$XGLR&KDQQHO &DQDO DXGLR 6HWD܊L SUHIHULQ܊D
GXPQHDYRDVWUăSHQWUX $XGLR &KDQQHO &DQDO
DXGLR.
/LPEăDXGLR6HWD܊LOLPEDSUHIHUDWăSHQWUXDXGLR
(VWHSRVLELOFDDFHVWHOHPHQWVăQX¿HGLVSRQLELOvQ
IXQF܊LHGHVHWăULOHSHQWUXVXUVDGHLQWUDUH
$GRXDOLPEăDXGLR6HOHFWD܊LXQDGLQWUHRS܊LXQLOH
GHOLPEă GUHSW D GRXD RS܊LXQH SHQWUX OLPED
SUHIHUDWă
6RXQG7UDFNV&ăLVXQHW 6HWD܊LYă SUHIHULQ܊D
SHQWUXFDOHDGHVXQHWGDFăDFHVWHDVXQWGLVSRQLELOH
$OEDVWUXOLSVăVHPQDO$FWLYD܊LGH]DFWLYD܊LDFHDVWă
IXQF܊LHGXSă SUHIHULQ܊ă /D DFWLYDUHD VD DWXQFL
FkQGQXHVWHVHPQDOSHHFUDQYDDSăUHDXQIRQG
DOEDVWUX
&DQDOXOLPSOLFLW6HWD܊LSUHIHULQ܊DGXPQHDYRDVWUă
SHQWUXFDQDOXO FDUH Vă VH DIL܈H]H OD SRUQLUHD
WHOHYL]RUXOXL$WXQFL FkQG 6HOHFW 0RGH 0RGXO
VHOHFWDUHHVWHVHWDW FD 8VHU6HOHFW6HOHFWDUH
5RPkQă - 14 -
XWLOL]DWRURS܊LXQHD 6KRZ&KDQQHOV $IL܈DUH
FDQDOHYD IL GLVSRQLELOă 6HOHFWD܊L ܈L DSăVD܊L
2.SHQWUX D YHGHD OLVWD GH FDQDOH 0DUFD܊L XQ
FDQDO܈L DSăVD܊L 2. SHQWUX DO VHOHFWD &DQDOXO
VHOHFWDWYD¿D¿܈DWGH¿HFDUHGDWăFkQGWHOHYL]RUXO
GXPQHDYRDVWUăYD ¿ DFWLYDW GLQ PRGXO VWDQG E\
UHSDXV'DFă 6HOHFW 0RGH 0RGXO VHOHFWDUH
HVWHVHWDW FD /DVW 6WDWXV 8OWLPD VWDUHVH YD
D¿܈DXOWLPXOFDQDOYL]LRQDW
&DQDOXOLQWHUDFWLY$FWLYD܊LVDXGH]DFWLYD܊LIXQF܊LD
&DQDOXOLQWHUDFWLY$FHDVWăFDUDFWHULVWLFăHVWHXWLOă
QXPDLvQ8.܈L,UODQGD
3URWHF܊LD0+(* 3,1$FWLYD܊L VDXGH]DFWLYD܊L
IXQF܊LDSHQWUXSURWHF܊LD0+(*3,1$FHDVWăVHWDUH
DFWLYHD]ăVDX GH]DFWLYHD]ă DFFHVXO OD XQHOH
DSOLFD܊LL0+(*$SOLFD܊LLOHGH]DFWLYDWHSRW¿ODQVDWH
LQWURGXFkQGFRGXO3,1FRUHFW$FHDVWăFDUDFWHULVWLFă
HVWHXWLOăQXPDLvQ8.܈L,UODQGD
6HWăUL+%%79
$VLVWHQ܊ă+%%79$FWLYD܊LVDXGH]DFWLYD܊LIXQF܊LD
+%%79
1XXUPăUL 6HWD܊LSUHIHULQ܊DvQFHHDFHSULYH܈WH
FRPSRUWDPHQWXOGH XUPăULUH SHQWUX VHUYLFLLOH
+%%79
6HWDUHDPRGXOHORUFRRNLH6HWD܊LSUHIHULQ܊HOHvQ
FHHDFHSULYH܈WHPRGXOHOHFRRNLHSHQWUXVHUYLFLLOH
+%%79
6WRFDUHSHUVLVWHQWă$FWLYD܊LVDX GH]DFWLYD܊L
IXQF܊LD6WRFDUH SHUVLVWHQWă 'DFă HVWH VHWDWă
FD2Q 3RUQLWă PRGXOHOH FRRNLH VWRFDWH vQ
PHPRULDSHUVLVWHQWă D WHOHYL]RUXOXL YRU DYHD R
GDWăGHH[SLUDUH
%ORFDUHDVLWHXULORU GH XUPăULUH$FWLYD܊L VDX
GH]DFWLYD܊LIXQF܊LDSHQWUX%ORFDUHDVLWHXULORUGH
XUPăULUH
1XPăUXOGH LGHQWLILFDUH DO GLVSR]LWLYXOXL
$FWLYD܊LVDX GH]DFWLYD܊L IXQF܊LD 1XPăUXO GH
LGHQWL¿FDUHDOGLVSR]LWLYXOXL
5HVHWD܊L 1XPăUXO GH LGHQWLILFDUH DO
GLVSR]LWLYXOXL5HVHWD܊LQXPăUXOGHLGHQWL¿FDUH
SHQWUXVHUYLFLLOH+%%799D¿D¿܈DWXQGLDORJGH
FRQ¿UPDUH$SăVD܊L2.SHQWUXDFRQWLQXD%DFN
ÌQDSRLSHQWUXDDQXOD
6XEWLWUDUH
6XEWLWUDUHDQDORJLFă 6HWD܊L DFHDVWă RS܊LXQH
FD2ႇ2SULW 2Q3RUQLWVDX0XWH0XW. 'DFă
RS܊LXQHD0XWH0XWHVWHVHOHFWDWăVXEWLWUDUHD
DQDORJLFăYD¿ D¿܈DWă SH HFUDQGDUvQDFHOD܈L
WLPSGLIX]RDUHOHYRU¿GH]DFWLYDWH
6XEWLWUDUHGLJLWDOă6HWD܊LDFHDVWăRS܊LXQHFD2ႇ
2SULWVDX2Q3RUQLW.
6XELWUăUL6HWD܊LYă SUHIHULQ܊D SHQWUX VXEWLWUăUL
GDFăDFHVWHDVXQWGLVSRQLELOH
/LPEDVXEWLWUăULLGLJLWDOH6HOHFWD܊LXQDGLQWUH
RS܊LXQLOHGH OLPEă GUHSW OLPEă SUHIHUDWă SHQWUX
VXEWLWUăULOHGLJLWDOH
$GRXD OLPEă SHQWUX VXEWLWUDUH GLJLWDOă
6HOHFWD܊LXQDGLQWUHRS܊LXQLOHGHOLPEăGUHSWDGRXD
RS܊LXQHSHQWUXOLPEDSUHIHUDWăSHQWUXVXEWLWUăULOH
GLJLWDOH'DFăOLPEDVHOHFWDWăvQRS܊LXQHD'LJLWDO
6XEWLWOH/DQJXDJH /LPED VXEWLWUăULL GLJLWDOH
QXHVWH GLVSRQLELOă VXEWLWUăULOH YRU ¿ D¿܈DWH vQ
DFHDVWăOLPEă
7LSVXEWLWUDUH 6HWD܊LDFHDVWă RS܊LXQHFD
1RUPDOVDX +HDULQJ,PSDLUHG 'H¿FLHQ܊HGH
DX] 'DFăRS܊LXQHD+HDULQJ,PSDLUHG'H¿FLHQ܊H
GHDX]HVWHVHOHFWDWăVHYRUD¿܈DVXEWLWUăULFX
GHVFULHULVXSOLPHQWDUHSHQWUXSHUVRDQHOHVXUGH
VDXFXGH¿FLHQ܊HDXGLWLYH
7HOHWH[W
/LPED WHOHWH[WXOXL GLJLWDO 6HWD܊L OLPED
WHOHWH[WXOXLSHQWUXWUDQVPLVLXQLOHGLJLWDOH
/LPEDSDJLQLLGHGHFRGDUH6HWD܊LOLPEDSDJLQLL
GHGHFRGDUHSHQWUXD¿܈DUHDWHOHWH[WXOXL
&KHLD%,66 6H YD DIL܈D PHVDMXO Ä)DFH܊L FOLF
SHQWUXDDGăXJDFKHLD%LVV´$SăVD܊LEXWRQXO2.
SHQWUXDDGăXJDFKHLDELVV3DUDPHWULL)UHTXHQF\
)UHFYHQ܊ă6\PERO 5DWH.6\PV 5DWă
VLPERO3RODUL]DWLRQ 3RODUL]DUH 3URJUDP ,'
,'SURJUDP܈L&:.H\&KHLD&:YRU¿D¿܈DWH
SHQWUXFRQ¿JXUDUH 'XSă FH D܊L ¿QDOL]DW VHWăULOH
VHOHFWD܊L6DYH.H\6DOYDUHFKHLH܈LDSăVD܊L2.
SHQWUXD VDOYD ܈L D DGăXJD FKHLD ELVV$FHDVWă
RS܊LXQHQXYD¿GLVSRQLELOăGDFăVXUVDGHLQWUDUH
QXHVWH VHWDWă FD 6DWHOOLWH 6DWHOLW 2S܊LXQLOH
GLVSRQLELOHSRW¿GLIHULWHvQIXQF܊LHGH܊DUDVHOHFWDWă
vQWLPSXOXLSURFHVXOXLGHFRQ¿JXUDUHLQL܊LDOă
,QIRUPD܊LLGHVSUHVLVWHP6HYRUD¿܈DLQIRUPD܊LL
GHWDOLDWHGHVSUHVLVWHPSHFDQDOXODFWXDOSUHFXP
6LJQDO/HYHO 1LYHO VHPQDO 6LJQDO4XDOLW\
&DOLWDWHVHPQDO)UHTXHQF\)UHFYHQ܊ăHWF
ÌQUHJLVWUDUH
/LVWDvQUHJLVWUăULORU 6HYRUD¿܈DvQUHJLVWUăULOHGDFă
DFHVWHDH[LVWă 6HOHFWD܊L R vQUHJLVWUDUH ܈L DSăVD܊L
EXWRQXO*DOEHQ SHQWUX D R ܈WHUJH VDX EXWRQXO
$OEDVWUXSHQWUX D YHGHD LQIRUPD܊LL GHWDOLDWH 3XWH܊L
IRORVLEXWRDQHOH5R܈X܈L9HUGHSHQWUXDGHUXODSDJLQD
VXV܈LMRV
,QIRUPD܊LLGHVSUH GLVSR]LWLY 'LVSR]LWLYHOH 86%
FRQHFWDWHYRU IL DIL܈DWH 6HOHFWD܊LGLVSR]LWLYXO SH
FDUHvOGRUL܊L ܈LDSăVD܊L2.SHQWUXDYHGHDRS܊LXQLOH
GLVSRQLELOH
6HWDUHDUHWUDQVPLVLXQLL (WLFKHWD܊L GLVSR]LWLYXO
86%VHOHFWDWVDXRDQXPLWăSDUWL܊LHGHSHDFHVWD
SHQWUXvQUHJLVWUDUHDUHWUDQVPLVLXQLL

5RPkQă - 15 -
6HWDUHDGLVSR]LWLYXOXL3950DUFD܊L GLVSR]LWLYXO
86%VHOHFWDWVDXRDQXPLWăSDUWL܊LHGHSHDFHVWD
SHQWUX395
)RUPDWDUH)RUPDWD܊L GLVSR]LWLYXO86% VHOHFWDW
&RQVXOWD܊LVHF܊LXQHDÌQUHJLVWUDUH86%SHQWUXPDL
PXOWHLQIRUPD܊LL
7HVWGHYLWH]ă ,QL܊LD܊LXQ WHVW GH YLWH]ă SHQWUX
GLVSR]LWLYXO86%VHOHFWDW5H]XOWDWXO WHVWXOXL YD ¿
D¿܈DWGXSă¿QDOL]DUHDWHVWXOXL
/LVWăSURJUDPDUH $GăXJD܊L PHPHQWRXUL VDX
vQUHJLVWUD܊LWHPSRUL]DWRDUHIRORVLQGPHQLXO6FKHGXOH
/LVW/LVWăSURJUDPDUH.
0RG&RQWRU7LPHVKLIW7LPS$FWLYDĠLVDXGH]DFWLYDĠL
IXQFĠLDvQUHJLVWUDUH FRQWRU&RQVXOWD܊L VHF܊LXQHD
ÌQUHJLVWUDUH86%SHQWUXPDLPXOWHLQIRUPD܊LL
6HWăUL
3XWH܊LDFFHVDPHQLXO6HWăULGLQ(FUDQXOGHSRUQLUHVDX
GLQPHQLXO2S܊LXQL79vQPRGXO/LYH79
5H܊HD,QWHUQHW
3XWH܊LFRQILJXUD VHWăULOH UH܊HOH SHQWUX WHOHYL]RUXO
GXPQHDYRDVWUăIRORVLQGRS܊LXQLOHDFHVWXLPHQLX'H
DVHPHQHDSXWH܊L HYLGHQ܊LD SLFWRJUDPD &RQHFWDW
1HFRQHFWDWGHSHHFUDQXOSULQFLSDO܈LVăDSăVD܊L2.
SHQWUXDDFFHVDDFHVWPHQLX
3ROLWLFDGHFRQ¿GHQ܊LDOLWDWHSHQWUXUH܊HD$¿܊HD]ă
3ROLWLFDGHFRQ¿GHQ܊LDOLWDWHSHQWUXUH܊HD)RORVL܊LEX-
WRDQHOHGLUHF܊LRQDOHVXV܈LMRVSHQWUXDYăGHSODVDSULQ
WH[W܈LFLWL܊LWH[WXOvQvQWUHJLPH(YLGHQ܊LD܊L$FFHSW $F
FHSWDUH܈LDSăVD܊L2.SHQWUXDYăGDFRQVLP܊ăPkQWXO
:L)L$FWLYD܊LVDXGH]DFWLYD܊LIXQF܊LD/$1:/$1
5H܊HOHGLVSRQLELOH
/DDFWLYDUHDIXQF܊LHL:/$1UH܊HOHOHZLUHOHVVGLVSRQLEL-
OHYRU¿D¿܈DWH6HOHFWD܊L6HHDOO9HGH܊LWRW܈LDSăVD܊L
2.SHQWUXDYHGHDWRDWHUH܊HOHOH6HOHFWD܊LXQDGLQWUH
DFHVWHD܈LDSăVD܊LSH2.SHQWUXDYăFRQHFWD(VWH
SRVLELOVăYLVHVROLFLWHVăLQWURGXFH܊LRSDUROăSHQWUX
DYă FRQHFWD OD UH܊HDXD VHOHFWDWă vQ FD]XO vQ FDUH
UH܊HDXDHVWHSURWHMDWăGHSDUROăÌQSOXVSXWH܊LDGăXJD
UH܊HOHQRLIRORVLQGRS܊LXQLOHDIHUHQWH
$OWHRS܊LXQL
$GăXJDUHUHĠHDQRXă$GDXJăUH܊HOHFX66,'DVFXQV
&ăXWDUHGLVSRQLELOă vQWRWGHDXQD3XWH܊L SHUPLWH
VHUYLFLXOXLGHORFD܊LDVDXDOWRUDSOLFD܊LLVăFDXWHUH܊HOH
FKLDUGDFăIXQF܊LD:/$1HVWHGH]DFWLYDWă$SăVDĠL2.
SHQWUXDDFWLYDVDXGH]DFWLYDDFHDVWăRS܊LXQH
:RZ3RUQL܊L܈LRSUL܊LDFHDVWăIXQF܊LH$FHDVWăIXQF܊LH
SHUPLWHSRUQLUHDVDXDFWLYDUHDWHOHYL]RUXOXLGXPQHD-
YRDVWUăSULQLQWHUPHGLXOUH܊HOHLZLUHOHVV
:RO3RUQL܊L܈LRSUL܊LDFHDVWăIXQF܊LH$FHDVWăIXQF܊LH
SHUPLWHSRUQLUHDVDXDFWLYDUHDWHOHYL]RUXOXLGXPQHD-
YRDVWUăSULQLQWHUPHGLXOUH܊HOHL
(WKHUQHW
&RQHFWDW1HFRQHFWDW$¿܈HD]ăVWDUHDFRQH[LXQLLLQ-
WHUQHWSULQLQWHUPHGLXODGUHVHORU(WKHUQHW,3VDX0$&
6HWăUL3UR[\6HWD܊LPDQXDOXQSUR[\+773SHQWUX
EURZVHU$FHVW SUR[\QX YD SXWHD ¿ XWLOL]DW GH DOWH
DSOLFD܊LL
6HWăUL,3&RQ¿JXUDUHDVHWăULORU ,3 DOH WHOHYL]RUXOXL
GXPQHDYRDVWUă
&DQDO
&RQ܊LQXWXODFHVWXLPHQLXSRDWH¿VFKLPEDWvQIXQF܊LHGH
VXUVDGHLQWUDUHVHOHFWDWă܈LGDFăLQVWDODUHDFDQDOHORU
HVWH¿QDOL]DWă
&DQDOH
2S܊LXQLOHGLQDFHVWPHGLXSRWYDULDVDXSRW¿LQDFWLYH
vQIXQF܊LHVXUVDGHLQWUDUH܈LGHVHOHF܊LDGLQ&KDQQHO
,QVWDOODWLRQ0RGH0RGXOGHLQVWDODUHDFDQDOHORU.
6XUVăGHLQWUDUH$QWHQă
&ăXWDUHDFDQDOHORU,QL܊LD܊LFăXWDUHDFDQDOHORUGLJLWDOH
WHUHVWUH3XWH܊LDSăVDEXWRQXO%DFN5HWXUQÌQDSRL
ÌQWRDUFHUHSHQWUX DDQXODFăXWDUHD&DQDOHOHFDUH
DXIRVWGHMDJăVLWHYRU¿VDOYDWHvQOLVWDGHFDQDOH
$FWXDOL]DUHFăXWDUH &ăXWD܊L DFWXDOL]ăUL &DQDOHOH
DGăXJDWHvQDLQWHQX YRU ¿ ܈WHUVHvQVăFDQHOHOH QRL
YRU¿VDOYDWHvQOLVWDGHFDQDOH
&ăXWDUH5) XQLFă6HOHFWD܊L5)&KDQQHO&DQDOXO
5)IRORVLQGEXWRDQHOHGLUHF܊LRQDOH'UHDSWD6WkQJD
6HYRUD¿܈DQLYHOXOVHPQDOXOXL܈LFDOLWDWHDVHPQD
OXOXLSHQWUXFDQDOXOVHOHFWDW$SăVD܊L2.SHQWUXDLQL܊LD
FăXWDUHDvQFDQDOXO5)VHOHFWDW&DQDOHOHVHOHFWDWHYRU
¿VDOYDWHvQOLVWDGHFDQDOH
$FWXDOL]DUHDPDQXDOăDVHUYLFLXOXL,QL܊LD܊LRDFWXD-
OL]DUHPDQXDOăDVHUYLFLXOXL
/&1&RQILJXUD܊LYă SUHIHULQ܊D SHQWUX /&1 /&1
/RJLFDO&KDQQHO1XPEHUHVWHVLVWHPXOGHQXPHUH
GHFDQDOHORJLFHFDUHRUJDQL]HD]ăWUDQVPLVLLOHGLVSR-
QLELOHvQFRQIRUPLWDWHFXRVHFYHQ܊ăGHFDQDOX܈RUGH
UHFXQRVFXWGDFăH[LVWă
7LSXULFăXWDUHFDQDOH6HWD܊LSUHIHULQ܊DSHQWUXWLSXO
GHFăXWDUH
7LSXULVDOYDUHFDQDOH6HWD܊L SUHIHULQ܊DSHQWUXWLSXO
GHVDOYDUH
6HOHFWDUHDUH܊HOHLSUHIHUDWH6HOHFWD܊LUH܊HDXDGXP-
QHDYRDVWUăSUHIHUDWă$FHDVWăRS܊LXQHGHPHQLXYD¿
DFWLYăGDFăVXQWGLVSRQLELOHPDLPXOWHUH܊HOH
2FROLUHFDQDO 6HWD܊L RPLWHUHD DQXPLWRU FDQDOH OD
VFKLPEDUHDFDQDOHORUFXDMXWRUXOEXWRDQHORU3URJUDP
PH3URJUDPHGHSHWHOHFRPDQGă6HOHFWD܊L
5RPkQă - 16 -
FDQDOXOFDQDOHOHGRULWHGLQOLVWă܈LDSăVD܊L2.SHQWUX
DOHVHOHFWDGHVHOHFWD
ÌQORFXLUHFDQDO6FKLPEăSR]L܊LDFHORUGRXăFDQDOH
VHOHFWDWHGLQOLVWDGHFDQDOH6HOHFWD܊LFDQDOHOHGRULWH
GLQOLVWă܈LDSăVD܊L2.SHQWUXDOHVHOHFWDGHVHOHFWD
/DVHOHFWDUHDFHOXLGHDOGRLOHDFDQDOSR]L܊LDVDYD
¿vQORFXLWă FX SR]L܊LD SULPXOXL FDQDO VHOHFWDW 3XWH܊L
DSăVDEXWRQXO*DOEHQ܈LLQWURGXFHQXPăUXOFDQDOXOXL
FDUHGRUL܊LVăvOVHOHFWD܊L$SRLHYLGHQ܊LD܊L2.܈LDSăVD܊L
2.SHQWUXDDMXQJHODDFHOFDQDO3RDWH¿QHYRLHVă
VHWD܊LRS܊LXQHD/&1SH2ႇ2SULSHQWUXDSXWHDDFWLYD
DFHDVWăFDUDFWHULVWLFă
0XWDUHFDQDO0XWD܊LXQFDQDOvQORFXODOWXLD6HOHFWD܊L
FDQDOXOSHFDUHGRUL܊LVăOPXWD܊L܈LDSăVD܊L2.SHQWUX
DOVHOHFWD 5HSHWD܊L DFHVW SURFHV SHQWUX FHO GHDO
GRLOHDFDQDO&kQGHVWHVHOHFWDWDOGRLOHDFDQDOSXWH܊L
DSăVDEXWRQXO$OEDVWUX܈LSULPXOFDQDOVHOHFWDWYD¿PX-
WDWvQSR]L܊LDDFHOXLFDQDO3XWH܊LDSăVDEXWRQXO*DOEHQ
܈LLQWURGXFHQXPăUXOFDQDOXOXLFDUHGRUL܊LVăvOVHOHFWD܊L
$SRLHYLGHQ܊LD܊L2.܈LDSăVD܊L2.SHQWUXDDMXQJHOD
DFHOFDQDO3RDWH¿QHYRLHVăVHWD܊LRS܊LXQHD/&1SH
2ႇ2SULSHQWUXDSXWHDDFWLYDDFHDVWăFDUDFWHULVWLFă
(GLWDUHDFDQDOHORU (GLWDUHD FDQDOHORU vQ OLVWD GH
FDQDOH(GLWD܊LQXPHOHFDQDOXOXLVHOHFWDW܈LVHYDD¿-
܈D1HWZRUN1DPH1XPHUH܊HD&KDQQHO7\SH7LS
FDQDO)UHTXHQF\ )UHFYHQ܊D LQIRUPD܊LL DIHUHQWH
DFHVWXLFDQDO GDFă DFHVWHD VXQW GLVSRQLELOH (VWH
SRVLELOVăH[LVWH܈LDOWHRS܊LXQLFDUHDUSXWHD¿HGLWDWH
vQIXQF܊LHGHFDQDO$SăVDĠLEXWRQXO2.VDXFHO*DO
EHQSHQWUXDHGLWDFDQDOXOHYLGHQ܊LDW$SăVD܊LEXWRQXO
$OEDVWUXSHQWUXD܈WHUJHFDQDOXOVHOHFWDW
܇WHUJHUHFDQDO(YLGHQ܊LD܊LFDQDOXOFDQDOHOHGRULWHGLQ
OLVWă܈LDSăVD܊LEXWRQXO2.VDXSHFHO*DOEHQSHQWUX
DVHOHFWDGHVHOHFWD$SăVD܊LEXWRQXO$OEDVWUXSHQWUX
D܈WHUJHFDQDOXOFDQDOHOHVHOHFWDWH
܇WHUJHUHDOLVWHLGH FDQDOH ùWHUJH܊LWRDWH FDQDOHOH
PHPRUDWHvQ OLVWD GH FDQDOH 6HYD D¿܈D XQ GLDORJ
SHQWUXFRQ¿UPDUH6HOHFWD܊L2.܈LDSăVD܊L2.SHQWUX
DPHUJHPDLGHSDUWH6HOHFWD܊L&DQFHO$QXODUH܈L
DSăVD܊L2.SHQWUXDQXODUH
6XUVăGHLQWUDUH&DEOX
&ăXWDUHDFDQDOHORU,QL܊LD܊LFăXWDUHDFDQDOHORUGLJLWDOH
SULQFDEOX'DFăH[LVWăVHYRUD¿܈DRS܊LXQLOHSULYLQG
RSHUDWRUXO6HOHFWD܊LOSHFHOGRULW܈LDSăVD܊LEXWRQXO
2.. 2S܊LXQLOH6FDQ0RGH0RGXOFăXWDUH)UHTX
HQF\)UHFYHQ܊ă܈L1HWZRUN,',GHQWL¿FDUHUH܊HD
SRW¿GLVSRQLELOH$FHVWHRS܊LXQLSRWYDULD vQ IXQF܊LH
GHRSHUDWRUXO܈LPRGXOGHFăXWDUHVHOHFWDW6HOHFWD܊L
6FDQ0RGH 0RGXO GH FăXWDUH FD)XOO &RPSOHW
GDFăQX܈WL܊LFXPVăVHWD܊LFHOHODOWHRS܊LXQL(YLGHQ܊LD܊L
6FDQ&ăXWDUH܈LDSăVD܊L2.VDXEXWRQXOGLUHF܊LR
QDOGUHDSWDSHQWUXDvQFHSHFăXWDUHD3XWH܊LDSăVD
EXWRQXO%DFN5HWXUQÌQDSRLÌQWRDUFHUH SHQWUX D
DQXODFăXWDUHD&DQDOHOHFDUHDXIRVWGHMDJăVLWHYRU
¿VDOYDWHvQOLVWDGHFDQDOH
&ăXWDUH5)XQLFă,QWURGXFH܊LYDORDUHDIUHFYHQ܊HL6H
YRUD¿܈DQLYHOXOVHPQDOXOXL܈LFDOLWDWHDVHPQDOXOXL
SHQWUXIUHFYHQ܊D VHOHFWDWă(YLGHQ܊LD܊L RS܊LXQHD
6FDQ&ăXWDUH܈LDSăVD܊L2. VDXEXWRQXOGLUHF܊LRQDO
GUHDSWDSHQWUXDvQFHSHFăXWDUHD&DQDOHOHVHOHFWDWH
YRU¿VDOYDWHvQOLVWDGHFDQDOH
/&1&RQILJXUD܊LYă SUHIHULQ܊D SHQWUX /&1 /&1
/RJLFDO&KDQQHO1XPEHUHVWHVLVWHPXOGHQXPHUH
GHFDQDOHORJLFHFDUHRUJDQL]HD]ăWUDQVPLVLLOHGLVSR-
QLELOHvQFRQIRUPLWDWHFXRVHFYHQ܊ăGHFDQDOX܈RUGH
UHFXQRVFXWGDFăH[LVWă
7LSXULFăXWDUHFDQDOH6HWD܊LSUHIHULQ܊DSHQWUXWLSXO
GHFăXWDUH
7LSXULVDOYDUHFDQDOH6HWD܊L SUHIHULQ܊DSHQWUXWLSXO
GHVDOYDUH
6HOHFWDUHDUH܊HOHL SUHIHUDWH6HOHFWD܊L UH܊HDXD
GXPQHDYRDVWUăSUHIHUDWă$FHDVWăRS܊LXQHGHPHQLX
YD¿ DFWLYă GDFăVXQW GLVSRQLELOH PDLPXOWH UH܊HOH
(VWHSRVLELOFDDFHDVWăRS܊LXQHVăQX¿HGLVSRQLELOă
vQIXQF܊LHGH܊DUDVHOHFWDWăvQWLPSXOXLSURFHVXOXLGH
FRQ¿JXUDUHLQL܊LDOă
2FROLUHFDQDO 6HWD܊L RPLWHUHD DQXPLWRU FDQDOH OD
VFKLPEDUHDFDQDOHORUFXDMXWRUXOEXWRDQHORU3URJUDP
PH3URJUDPHGHSHWHOHFRPDQGă6HOHFWD܊L
FDQDOXOFDQDOHOHGRULWHGLQOLVWă܈LDSăVD܊L2.SHQWUX
DOHVHOHFWDGHVHOHFWD
ÌQORFXLUHFDQDO6FKLPEăSR]L܊LDFHORUGRXăFDQDOH
VHOHFWDWHGLQOLVWDGHFDQDOH6HOHFWD܊LFDQDOHOHGRULWH
GLQOLVWă܈LDSăVD܊L2.SHQWUXDOHVHOHFWDGHVHOHFWD
/DVHOHFWDUHDFHOXLGHDOGRLOHDFDQDOSR]L܊LDVDYD
¿vQORFXLWă FX SR]L܊LD SULPXOXL FDQDO VHOHFWDW 3XWH܊L
DSăVDEXWRQXO*DOEHQ܈LLQWURGXFHQXPăUXOFDQDOXOXL
FDUHGRUL܊LVăvOVHOHFWD܊L$SRLHYLGHQ܊LD܊L2.܈LDSăVD܊L
2.SHQWUXDDMXQJHODDFHOFDQDO3RDWH¿QHYRLHVă
VHWD܊LRS܊LXQHD/&1SH2ႇ2SULSHQWUXDSXWHDDFWLYD
DFHDVWăFDUDFWHULVWLFă
0XWDUHFDQDO0XWD܊LXQFDQDOvQORFXODOWXLD6HOHFWD܊L
FDQDOXOSHFDUHGRUL܊LVăOPXWD܊L܈LDSăVD܊L2.SHQWUX
DOVHOHFWD 5HSHWD܊L DFHVW SURFHV SHQWUX FHO GHDO
GRLOHDFDQDO&kQGHVWHVHOHFWDWDOGRLOHDFDQDOSXWH܊L
DSăVDEXWRQXO$OEDVWUX܈LSULPXOFDQDOVHOHFWDWYD¿PX-
WDWvQSR]L܊LDDFHOXLFDQDO3XWH܊LDSăVDEXWRQXO*DOEHQ
܈LLQWURGXFHQXPăUXOFDQDOXOXLFDUHGRUL܊LVăvOVHOHFWD܊L
$SRLHYLGHQ܊LD܊L2.܈LDSăVD܊L2.SHQWUXDDMXQJHOD
DFHOFDQDO3RDWH¿QHYRLHVăVHWD܊LRS܊LXQHD/&1SH
2ႇ2SULSHQWUXDSXWHDDFWLYDDFHDVWăFDUDFWHULVWLFă
(GLWDUHDFDQDOHORU (GLWDUHD FDQDOHORU vQ OLVWD GH
FDQDOH(GLWD܊LQXPHOHFDQDOXOXLVHOHFWDW܈LVHD¿܈HD-
]ăLQIRUPD܊LL SULYLQG 1HWZRUN 1DPH1XPH UH܊HD
&KDQQHO7\SH7LSFDQDO )UHTXHQF\ )UHFYHQ܊ă
0RGXODWLRQ0RGXOD܊LD܈L6\PEROUDWH 5DWD
VLPERODIHUHQWHFDQDOXOXLUHVSHFWLY(VWHSRVLELOVă
H[LVWH܈LDOWHRS܊LXQLFDUHDUSXWHD¿HGLWDWHvQIXQF܊LH
GHFDQDO$SăVDĠLEXWRQXO2.VDXFHO*DOEHQSHQWUX

5RPkQă - 17 -
DHGLWD FDQDOXOHYLGHQ܊LDW$SăVD܊LEXWRQXO$OEDVWUX
SHQWUXD܈WHUJHFDQDOXOVHOHFWDW
܇WHUJHUHFDQDO(YLGHQ܊LD܊LFDQDOXOFDQDOHOHGRULWHGLQ
OLVWă܈LDSăVD܊LEXWRQXO2.VDXSHFHO*DOEHQSHQWUX
DVHOHFWDGHVHOHFWD$SăVD܊LEXWRQXO$OEDVWUXSHQWUX
D܈WHUJHFDQDOXOFDQDOHOHVHOHFWDWH
܇WHUJHUHDOLVWHLGH FDQDOH ùWHUJH܊LWRDWH FDQDOHOH
PHPRUDWHvQ OLVWD GH FDQDOH 6HYD D¿܈D XQ GLDORJ
SHQWUXFRQ¿UPDUH6HOHFWD܊L2.܈LDSăVD܊L2.SHQWUX
DPHUJHPDLGHSDUWH6HOHFWD܊L&DQFHO$QXODUH܈L
DSăVD܊L2.SHQWUXDQXODUH
6XUVăGHLQWUDUH6DWHOLW
1RXăFăXWDUH VDWHOLW ÌQLkLDkL FăXWDUHD SULQ VDWHOLW
GLQHFUDQXOGHVHOHF܊LHD DQWHQHL &kQG VH RSWHD]ă
SHQWUXDFHDVWăRS܊LXQHGHFăXWDUHDQXPLWHFRQ¿JXUD܊LL
GHFăXWDUHQXYRU¿GLVSRQLELOH܈LDVWIHOSUHIHULQ܊HOH
VHOHFWDWHvQ SURFHVXO GH FRQ¿JXUDUH LQL܊LDOă QX YRU
SXWHD¿VFKLPEDWH
3HQWUX PRGXO GH LQVWDODUH SULQ *HQHUDO6DWHOOLWH
*HQHUDO6DWHOLWDFDQDOXOXLRS܊LXQHD6DWFR';6FDQ
&ăXWDUH6DWFR';SRDWH¿GHDVHPHQHDGLVSRQLELOă
DLFL&RSLD܊L¿܈LHUXOVG[UHSUH]HQWDWLYvQGLUHFWRUXOUăGă-
FLQăDOXQXLGLVSR]LWLYGHPHPRUDUH86%܈LFRQHFWD܊LO
ODWHOHYL]RU(YLGHQ܊LD܊LDFHDVWăRS܊LXQH܈LDSăVD܊LSH
2.. 'RZQORDG 6DWFR'; YD ¿ RS܊LXQHD VHOHFWDWă
DSăVD܊L2. SHQWUX D FRQWLQXD 6HOHFWD܊L¿܈LHUXO VG[
GHSH GLVSR]LWLYXO GH PHPRUDUH 86% FRQHFWDW GLQ
HFUDQXOXUPăWRU܈LDSăVD܊L2.9D¿D¿܈DWHFUDQXOGH
VHOHF܊LHSULQVDWHOLW6WDUHDRS܊LXQLLSULPXOXLVDWHOLWYD
DSăUHDFD2Q3RUQLW6HOHFWD܊LRS܊LXQHD6DWHOOLW6D-
WHOLW܈LDSăVD܊L2.6HWD܊LSDUDPHWULLFDUHFRUHVSXQG
VLVWHPXOXLGYV܈LFRUHFWD܊LVDWHOLWXO܈LDSăVD܊L%DFN
5HWXUQÌQDSRLÌQWRDUFHUHSHQWUXDUHYHQLODHFUDQXO
GHVHOHFWDUHDVDWHOLWXOXL(YLGHQ܊LD܊L1H[W8UPăWRU
܈LDSăVD܊L2.SHQWUXDvQFHSHLQVWDODUHDOLVWHLFDQD-
OHORU6DWFR';'DFăVDWHOLWXOVHOHFWDWQXHVWHFRUHFW
SHQWUXLQVWDODUHD 6DWFR'; SHHFUDQ YD ¿D¿܈DW XQ
GLDORJGHDYHUWL]DUH6DWHOL܊LLFDUHSRW¿VHOHFWD܊LYRU¿
OLVWD܊L$SăVD܊L2.SHQWUXDvQFKLGHGLDORJXO܈LDSăVD܊L
%DFN5HWXUQÌQDSRLÌQWRDUFHUHSHQWUXvQWRDUFHUHD
vQHFUDQXO GH VHOHFWDUH D VDWHOLWXOXL$SRL VHOHFWD܊L
VDWHOLWXOvQFRQVHFLQ܊ă
$GăXJDUHVDWHOLW$GăXJD܊LXQVDWHOLW܈L HIHFWXD܊L R
FăXWDUHSH DFHO VDWHOLW$FHDVWăRS܊LXQH GLQ PHQLX
YD¿DFWLYăGDFă&KDQQHO,QVWDOODWLRQ0RGH0RG
LQVWDODUHFDQDOHVWHVHWDWOD*HQHUDO6DWHOOLWH6D
WHOLWJHQHUDO
$FWXDOL]DUHVDWHOLW&ăXWD܊LRULFHDFWXDOL]ăULSULQUHSH-
WDUHDFăXWăULLDQWHULRDUHFXDFHOHD܈LVHWăUL9H܊LSXWHD
GHDVHPHQHDFRQ¿JXUDDFHVWHVHWăULvQDLQWHDFăXWăULL
'DFă&KDQQHO,QVWDOODWLRQ 0RGH0RGXOLQVWDODUH
FDQDOHHVWH VHWDW OD 3UHIHUUHG 6DWHOOLWH 6DWHOLW
SUHIHUDWDFHDVWăRS܊LXQHSRDWHDYHDXQDOWQXPH
vQIXQF܊LHGHVHUYLFLLOHGLVSRQLELOH6HOHFWD܊LVDWHOLWXO܈L
DSăVD܊LEXWRQXO2.SHQWUXDFRQ¿JXUDWR܊LSDUDPHWULL
VDWHOLWXOXL$SRLDSăVD܊LEXWRQXO%DFN5HWXUQÌQDSRL
5HYHQLUHSHQWUXUHYHQLUHDvQHFUDQXOGHVHOHFWDUHD
VDWHOLWXOXL(YLGHQ܊LD܊L1H[W8UPăWRU ܈L DSăVD܊L 2.
SHQWUXDSURFHGD
5HJODMPDQXDOVDWHOLW,QL܊LD܊LRFăXWDUHPDQXDOăvQ
VDWHOLW6HOHFWD܊LVDWHOLWXO܈LDSăVD܊LEXWRQXO2.SHQWUX
DFRQ¿JXUDWR܊LSDUDPHWULLVDWHOLWXOXL$SRLHYLGHQ܊LD܊L
1H[W 8UPăWRU܈LDSăVD܊L2. SHQWUXDSURFHGD
6HOHFWDUHD UH܊HOHL SUHIHUDWH 6HOHFWD܊LUH܊HDXD
GXPQHDYRDVWUăSUHIHUDWă$FHDVWăRS܊LXQHGHPHQLX
YD¿ DFWLYă GDFăVXQW GLVSRQLELOH PDLPXOWH UH܊HOH
(VWHSRVLELOFDDFHDVWăRS܊LXQHVăQX¿HGLVSRQLELOă
vQIXQF܊LHGH܊DUDVHOHFWDWăvQWLPSXOXLSURFHVXOXLGH
FRQ¿JXUDUHLQL܊LDOă
2FROLUHFDQDO 6HWD܊L RPLWHUHD DQXPLWRU FDQDOH OD
VFKLPEDUHDFDQDOHORUFXDMXWRUXOEXWRDQHORU3URJUDP
PH3URJUDPHGHSHWHOHFRPDQGă6HOHFWD܊L
FDQDOXOFDQDOHOHGRULWHGLQOLVWă܈LDSăVD܊L2.SHQWUX
DOHVHOHFWDGHVHOHFWD
ÌQORFXLUHFDQDO6FKLPEăSR]L܊LDFHORUGRXăFDQDOH
VHOHFWDWHGLQOLVWDGHFDQDOH6HOHFWD܊LFDQDOHOHGRULWH
GLQOLVWă܈LDSăVD܊L2.SHQWUXDOHVHOHFWDGHVHOHFWD
/DVHOHFWDUHDFHOXLGHDOGRLOHDFDQDOSR]L܊LDVDYD
¿vQORFXLWă FX SR]L܊LD SULPXOXL FDQDO VHOHFWDW 3XWH܊L
DSăVDEXWRQXO*DOEHQ܈LLQWURGXFHQXPăUXOFDQDOXOXL
FDUHGRUL܊LVăvOVHOHFWD܊L$SRLHYLGHQ܊LD܊L2.܈LDSăVD܊L
2.SHQWUXDDMXQJHODDFHOFDQDO
0XWDUHFDQDO0XWD܊LXQFDQDOvQORFXODOWXLD6HOHFWD܊L
FDQDOXOSHFDUHGRUL܊LVăOPXWD܊L܈LDSăVD܊L2.SHQWUX
DOVHOHFWD 5HSHWD܊L DFHVW SURFHV SHQWUX FHO GHDO
GRLOHDFDQDO&kQGHVWHVHOHFWDWDOGRLOHDFDQDOSXWH܊L
DSăVDEXWRQXO$OEDVWUX܈LSULPXOFDQDOVHOHFWDWYD¿
PXWDWvQ SR]L܊LD DFHOXL FDQDO 3XWH܊L DSăVD EXWRQXO
*DOEHQ܈LLQWURGXFHQXPăUXOFDQDOXOXLFDUHGRUL܊LVăvO
VHOHFWD܊L$SRLHYLGHQ܊LD܊L2.܈LDSăVD܊L2.SHQWUXD
DMXQJHODDFHOFDQDO
(GLWDUHDFDQDOHORU (GLWDUHD FDQDOHORU vQ OLVWD GH
FDQDOH(GLWD܊LQXPHOH܈LQXPăUXOFDQDOXOXL VHOHFWDW
܈LVHYDD¿܈D1HWZRUN1DPH1XPHUH܊HD&KDQQHO
7\SH7LSFDQDO܈L)UHTXHQF\)UHFYHQ܊DLQIRUPD܊LL
DIHUHQWHDFHVWXLFDQDOGDFăDFHVWHDVXQWGLVSRQLELOH
(VWHSRVLELOVăH[LVWH܈LDOWHRS܊LXQLFDUHDUSXWHD¿
HGLWDWHvQIXQF܊LHGHFDQDO$SăVDĠLEXWRQXO2.VDX
FHO*DOEHQSHQWUXDHGLWDFDQDOXOHYLGHQ܊LDW$SăVD܊L
EXWRQXO$OEDVWUXSHQWUXD܈WHUJHFDQDOXOVHOHFWDW
܇WHUJHUHFDQDO(YLGHQ܊LD܊LFDQDOXOFDQDOHOHGRULWHGLQ
OLVWă܈LDSăVD܊LEXWRQXO2.VDXSHFHO*DOEHQSHQWUX
DVHOHFWDGHVHOHFWD$SăVD܊LEXWRQXO$OEDVWUXSHQWUX
D܈WHUJHFDQDOXOFDQDOHOHVHOHFWDWH
܇WHUJHUHDOLVWHLGH FDQDOH ùWHUJH܊LWRDWH FDQDOHOH
PHPRUDWHvQ OLVWD GH FDQDOH 6HYD D¿܈D XQ GLDORJ
SHQWUXFRQ¿UPDUH6HOHFWD܊L2.܈LDSăVD܊L2.SHQWUX
DPHUJHPDLGHSDUWH6HOHFWD܊L&DQFHO$QXODUH܈L
DSăVD܊L2.SHQWUXDQXODUH
5RPkQă - 18 -
1RWă 6H SRDWH FD DQXPLWH RSрLXQL Vă QX¿H GLVSRQLELOH оL
VăDSDUăvQFXORDUHDJULvQIXQFрLHGHRSHUDWRUXOVHOHFWDWоL
VHWăULOHDIHUHQWHDFHVWXLD
0RGXOGHLQVWDODUHDFDQDOHORU
6HWD܊LDFHDVWăRS܊LXQHFD3UHIHUUHG6DWHOOLWH 6DWHOLW
SUHIHUDWVDX *HQHUDO 6DWHOOLWH 6DWHOLW JHQHUDO.
/LVWDGHFDQDOHSRDWH¿VFKLPEDWăGHDVHPHQHDvQ
IXQF܊LHGH RS܊LXQHD VHOHFWDWă DLFL 3HQWUX D SXWHD
YL]LRQDFDQDOHOH SH VDWHOLWXO GRULW DFHDVWă RS܊LXQH
WUHEXLHVHOHFWDWăvQFRQIRUPLWDWH6HWD܊LOD3UHIHUUHG
6DWHOOLWH6DWHOLWSUHIHUDWSHQWUXDYL]LRQDFDQDOHOH
RSHUDWRUXOXLGDFăD܊LHIHFWXDWLQVWDODUHDRSHUDWRUXOXL
6HWD܊LOD*HQHUDO6DWHOOLWH6DWHOLW JHQHUDO SHQWUX
DYL]LRQDDOWHFDQDOHSULQVDWHOLWGDFăD܊LHIHFWXDWR
LQVWDODUHQRUPDOă
$FWXDOL]DUHDXWRPDWăFDQDOH
$FWLYD܊LVDX GH]DFWLYD܊L IXQF܊LD SHQWUX DFWXDOL]DUHD
DXWRPDWăDFDQDOHORU
$FWXDOL]DUHPHVDMHFDQHOH
$FWLYD܊LVDX GH]DFWLYD܊L IXQF܊LD SHQWUX DFWXDOL]DUHD
PHVDMHORUFDQDOHORU
&RQWUROSDUHQWDO
7UHEXLHVă LQWURGXFHрLQXPăUXO3,1 vQDLQWH GHDDFFHVD
DFHVWPHQLX8WLOL]DрLFRGXO3,1SHFDUH/рLGH¿QLWvQSURFHVXO
GHFRQ¿JXUDUH LQLрLDOă 'DFă DрL VFKLPEDW FRGXO 3,1GXSă
FRQ¿JXUDUHDLQLрLDOăIRORVLрL DFHO 3,1 'DFă QX DрL VHWDW XQ
3,1ODFRQ¿JXUDUHDLQLрLDOăSXWHрLXWLOL]D3,1XOLPSOLFLW3,1XO
LPSOLFLWHVWH1234(VWHSRVLELOFDDQXPLWHRSрLXQLVăQX¿H
GLVSRQLELOHvQIXQFрLHGHрDUDVHOHFWDWăvQWLPSXOXLSURFHVXOXL
GHFRQ¿JXUDUHLQLрLDOă&RQрLQXWXODFHVWXLPHQLXHVWHSRVLELO
VăQX¿HD¿оDWGDFăLQVWDODUHDFDQDOHORUQXHVWH¿QDOL]DWăоL
QLFLXQFDQDOQXHVWHLQVWDODW
&DQDOHEORFDWH 6HOHFWD܊L FDQDOXOFDQDOHOH SH FDUH
GRUL܊LVăOHEORFD܊LGLQOLVWDGHFDQDOH(YLGHQ܊LD܊LXQ
FDQDO܈LDSăVD܊L2.SHQWUXVHOHFWDGHVHOHFWD3HQWUX
XUPăULUHDXQXLFDQDOEORFDWPDLvQWkLHVWHQHFHVDUă
LQWURGXFHUHDFRGXOXL3,1
3URJUDPHUHVWULF܊LRQDWH%ORFD܊LSURJUDPHOHSRWULYLW
LQIRUPD܊LLORUSULYLQG UHFRPDQGăULOH GH YkUVWă FDUH
VXQWGLIX]DWHFXDFHVWHSURJUDPH)RORVLQGRS܊LXQLOH
DFHVWXLPHQLXSXWH܊LDFWLYDGH]DFWLYDVWDELOLVLVWHPHOH
GHFODVL¿FDUHQLYHOXULOHGHUHVWULF܊LRQDUHOLPLWHOHGH
YkUVWăEORFDFDQDOHOHQHFODVL¿FDWH
%ORFDUHLQWUăUL%ORFD܊LDFFHVXOODFRQ܊LQXWXOVXUVHLGH
LQWUDUHVHOHF܊LRQDWH6HOHFWD܊LRS܊LXQHDGRULWăSHQWUXLQ-
WUDUH܈LDSăVD܊L2.SHQWUXDVHOHFWDGHVHOHFWD 3HQWUX
FRPXWDUHDSHRVXUVăGHLQWUDUHEORFDWăPDLvQWkLHVWH
QHFHVDUăLQWURGXFHUHDFRGXOXL3,1
6FKLPEDUH3,1&KDQJH3,16FKLPED܊LFRGXO3,1
GH¿QLWvQSURFHVXOGHFRQ¿JXUDUHLQL܊LDOă(YLGHQ܊LD܊L
DFHDVWăRS܊LXQH܈LDSăVD܊LSH2.9DWUHEXLVăLQWURGX-
FH܊LPDLvQWkLFRGXO3,1DFWXDO)HUHDVWUDSHQWUXLQWUR-
GXFHUHDQRXOXLFRG3,1YD¿D¿܈DWă$SRLLQWURGXFH܊L
GHGRXăRULQRXOPINSHQWUXFRQ¿UPDUH
/LFHQ܊H2SHQVRXUFH
$¿܈HD]ăLQIRUPD܊LLOH SULYLQG OLFHQ܊D RSHQ VRXUFH D
VRIWZDUHXOXL
&RQWXUL܈L&RQHFWDUH
(YLGHQ܊LD܊LDFHDVWă RS܊LXQH ܈L DSăVD܊L 2. SHQWUXYă
DXWHQWLILFDvQ FRQWXO GXPQHDYRDVWUă *RRJOH
8UPăWRDUHOHRS܊LXQL YRU IL GLVSRQLELOH GDFă YD܊L
FRQHFWDWvQFRQWXOGXPQHDYRDVWUă*RRJOH
*RRJOH3XWH܊LFRQ¿JXUDSUHIHULQ܊HOHGXPQHDYRDVWUă
SULYLQGVLQFURQL]DUHDGDWHORUVDXVă HOLPLQD܊L FRQWXO
vQUHJLVWUDWGHSHWHOHYL]RUXOGXPQHDYRDVWUă0DUFD܊L
XQVHUYLFLX GLQ OLVWă GLQ VHF܊LXQH &KRRVH V\QFHG
DSSV6HOHFWDUH DSOLFD܊LL VLQFURQL]DWH ܈LDSăVD܊L
2.SHQWUXDDFWLYDGH]DFWLYDVLQFURQL]DUHD0DUFD܊L
6\QFQRZ6LQFURQL]D܊LDFXP܈LDSăVD܊L2.SHQWUX
DVLQFURQL]DWRDWHVHUYLFLLOHDFWLYDWHvQDFHOD܈LWLPS
$GăXJDUHFRQW$GăXJD܊LXQ QRX FRQW vQ FRQWXULOH
GLVSRQLELOHIRORVLQGXOSHQWUXDYăFRQHFWD
$SOLFD܊LL
3XWH܊L JHVWLRQD DSOLFD܊LLOH GH SH WHOHYL]RUXO
GXPQHDYRDVWUăIRORVLQGRS܊LXQLOHGLQDFHVWPHQLX
$SOLFD܊LLGHVFKLVHUHFHQW
3XWH܊LD¿܈DDSOLFD܊LLOHGHVFKLVHUHFHQW6HOHFWD܊L6HH
DOODSSV $¿܈DUH WRDWH DSOLFD܊LLOH ܈L DSăVD܊L 2.
SHQWUXDYHGHDWRDWHDSOLFD܊LLOHLQVWDODWHSHWHOHYL]RUXO
GXPQHDYRDVWUă9D¿D¿܈DWăGHDVHPHQHDFDQWLWDWHD
QHFHVDUăGHVSD܊LX3XWH܊LYHGHDYHUVLXQHDDSOLFD܊LHL
GHVFKLGH܈LIRU܊DvQFKLGHUHDXQHLDSOLFD܊LLGH]LQVWDODR
DSOLFD܊LHGHVFăUFDWăYHUL¿FDSHUPLVLXQLOH܈LDOHDFWLYD
GH]DFWLYDDFWLYDGH]DFWLYD QRWL¿FăUL ܈WHUJH GDWH ܈L
PHPRULDFDFKHHWF(YLGHQ܊LD܊LRDSOLFD܊LH܈LDSăVD܊L
2.SHQWUXDFRQVXOWDRS܊LXQLOHGLVSRQLELOH
6FKLPEDUHDORFD܊LHLGHVWRFDUHDXQHLDSOLFD܊LL
'DFăQX D܊LIRUPDWDW vQSUHDODELO GLVSR]LWLYXO
GXPQHDYRDVWUăGH VWRFDUH 86% FD ܈L XQLWDWH GH
VWRFDUHSHQWUX D H[WLQGH FDSDFLWDWHD GH VWRFDUH D
WHOHYL]RUXOXLGXPQHDYRDVWUă SXWH܊L PXWD DSOLFD܊LD
SHDFHO GLVSR]LWLY3HQWUXPDL PXOWH LQIRUPD܊LL
FRQVXOWD܊LVHF܊LXQHD 6WRUDJH 6WRFDUH GLQ PHQLXO
6HWWLQJV!'HYLFH3UHIHUHQFHV 6HWăUL!3UHIHULQ܊H
GLVSR]LWLY
(YLGHQ܊LD܊LDSOLFD܊LDFDUHGRUL܊LVăRPXWD܊L܈LDSăVD܊L2.
SHQWUXDYHGHDRS܊LXQLOHGLVSRQLELOH$SRLHYLGHQ܊LD܊L
RS܊LXQHD6WRUDJHXVHG0HPRULHXWLOL]DWă܈LDSăVD܊L
SH2.'DFăDSOLFD܊LDVHOHFWDWăHVWHFRPSDWLELOăYH܊L
YHGHDGLVSR]LWLYXO GXPQHDYRDVWUă GH VWRFDUH 86%
FD܈LRS܊LXQHGHVWRFDUHDDFHVWHLDSOLFD܊LL(YLGHQ܊LD܊L
DFHDRS܊LXQH܈LDSăVD܊L2.SHQWUXPXWDUHDDSOLFD܊LHL
$YH܊LvQYHGHUHFăDSOLFD܊LLOHPXWDWHSHXQGLVSR]LWLYGH
VWRFDUH86%FRQHFWDWQXYRUPDL¿GLVSRQLELOHGDFă
DFHOGLVSR]LWLY HVWH GHFRQHFWDW 'DFă YH܊L IRUPDWD
GLVSR]LWLYXOGLUHFWSHWHOHYL]RUFDPHPRULHGHWD܈DELOă

5RPkQă - 19 -
QXXLWD܊L Vă IDFH܊L FRSLL GH UH]HUYă D DSOLFD܊LLORU
XWLOL]kQGRS܊LXQHD FRUHVSRQGHQWă ÌQ FD] FRQWUDU
DSOLFD܊LLOHVWRFDWH SH DFHO GLVSR]LWLY QX YRU PDL ¿
GLVSRQLELOHGXSăIRUPDWDUH3HQWUXPDLPXOWHLQIRUPD܊LL
FRQVXOWD܊LVHF܊LXQHD 6WRUDJH 6WRFDUH GLQ PHQLXO
6HWWLQJV!'HYLFH3UHIHUHQFHV 6HWăUL!3UHIHULQ܊H
GLVSR]LWLY
3HUPLVLXQL
*HVWLRQD܊LSHUPLVLXQLOH܈LDOWHIXQF܊LLDOHDSOLFD܊LHL
3HUPLVLXQLOHDSOLFD܊LHL$SOLFD܊LLOHYRU ¿ FODVL¿FDWH
vQIXQF܊LHGHFDWHJRULLOHWLSXOXLGHSHUPLVLXQH3XWH܊L
DFFHSWDUHIX]DSHUPLVLXQLSHQWUXDSOLFD܊LLOHGLQDFHVWH
FDWHJRULL
$FFHVDSOLFD܊LLVSHFLDOH&RQ¿JXUD܊LDQXPLWHIXQF܊LL
܈LSHUPLVLXQLVSHFLDOHDOHDSOLFD܊LLORU
6HFXULWDWH܈LUHVWULF܊LL3XWH܊LSHUPLWHVDXUHVWULF܊LRQD
LQVWDODUHDDSOLFD܊LLORUGLQDOWHVXUVHvQDIDUăGH0DJD-
]LQXO*RRJOH3OD\
3UHIHULQ܊HGLVSR]LWLY
'HVSUH9HUL¿FD܊LSHQWUXDFWXDOL]ăULGHVLVWHPVFKLP-
EDUHQXPH GLVSR]LWLYUHVHWDUHWHOHYL]RU OD YDORULOH
LPSOLFLWHGLQ IDEULFă ܈L D¿܈DUHD LQIRUPD܊LLORU GHVSUH
VLVWHPSUHFXP DGUHVHOH UH܊HOHORUQXPHUHGH VHULH
YHUVLXQLHWF3XWH܊LD¿܈DGHDVHPHQHDWHUPHQLLOHJDOL
JHVWLRQDDQXQ܊XULOHD¿܈D,'XOGXPQHDYRDVWUăSHQWUX
DQXQ܊XULUHVHWDSRUQLVDXRSULDQXQ܊XULOHSHUVRQDOL]DWH
vQIXQF܊LHGHLQWHUHVHOHGXPQHDYRDVWUă
5HVHWDUHOD VHWăULOH GLQ IDEULFă 5HVHWD܊LWRDWH
VHWăULOHWHOHYL]RUXOXLODYDORULOHLPSOLFLWHGLQIDEULFă
(YLGHQ܊LD܊L)DFWRU\ UHVHW5HVHWDUHGLQIDEULFă܈L
DSăVD܊L2.6HYDD¿܈DXQPHVDMGHFRQ¿UPDUH
VHOHFWD܊L)DFWRU\ UHVHW 5HVHWDUH GLQ IDEULFă
SHQWUXDLQL܊LDUHVHWDUHDÌQFRQWLQXDUHVHYDD¿܈D
XQPHVDMGHFRQ¿UPDUHVHOHFWD܊L(UDVHHYHU\WKLQJ
(OLPLQD܊LWRWXO SHQWUX UHVHWDUHDWHOHYL]RUXOXL OD
YDORULOHGLQIDEULFă7HOHYL]RUXOVHYDRSULSRUQL܈L
DSRLVHYDD¿܈DFRQ¿JXUD܊LDLQL܊LDOă6HOHFWD܊L&DQFHO
$QXODUHSHQWUXLH܈L
1RWă9LVHSRDWHFHUHVăLQWURGXFHрL3,1XOSHQWUXDSXWHD
DFWLYDRSHUDрLXQHDGHUHVHWDUH,QWURGXFHрLFRGXO3,1GH¿QLW
vQSURFHVXOGHFRQ¿JXUDUHLQLрLDOă'DFăQXDрLVHWDWXQ3,1
ODFRQ¿JXUDUHDLQLрLDOăSXWHрLXWLOL]D3,1XOLPSOLFLW3,1XO
LPSOLFLWHVWH1234
(61SHQWUX 1(7)/,; $¿܈D܊L QXPăUXO GXPQHD-
YRDVWUă(61 1XPăUXO (61 HVWH XQ QXPăU XQLF
GHLGHQWL¿FDUHSHQWUX1HWÀL[FUHDWVSHFLDOSHQWUX
LGHQWL¿FDUHDWHOHYL]RUXOXLGXPQHDYRDVWUă
'DWD܈L RUD6HWD܊L RS܊LXQLOH GH GDWă ܈L RUă SHQWUX
WHOHYL]RUXOGXPQHDYRDVWUă3XWH܊LSURJUDPDWHOHYL]RUXO
GXPQHDYRDVWUăSHQWUXDDFWXDOL]DDXWRPDWGDWD܈LRUD
vQvQWUHDJDUH܊HDVDXvQWRDWHWUDQVPLVLXQLOH6HWDUHD
VHIDFHvQ IXQF܊LHGHPHGLXO܈LGHSUHIHULQ܊HOHGXP-
QHDYRDVWUă'H]DFWLYD܊LSULQVHWDUHDVDSH2ႇ2SULW
GDFăGRUL܊LVăVFKLPED܊LPDQXDOGDWD܈LRUD6HWD܊LDSRL
GDWDRUD܈LRS܊LXQLOHSULYLQGIXVXORUDU܈LIRUPDWXORUDU
7HPSRUL]DWRU
2UDGHSRUQLUH6HWD܊LWHOHYL]RUXOSHQWUXDVHSRUQL
VLQJXU6HWD܊LDFHDVWăRS܊LXQHSH2Q3RUQLWVDX
2QFH2GDWăSHQWUX D DFWLYD WHPSRUL]DWRUXO GH
SRUQLUH6HWD܊LSH2ႇ 2SULW SHQWUX GH]DFWLYDUH
'DFăDOHJH܊L2QFH2GDWăWHOHYL]RUXOYDSRUQLR
VLQJXUăGDWăODRUDVWDELOLWăvQRS܊LXQHD$XWR3RZHU
2Q7LPH3RUQLUHDXWRPDWăODRRUăGHPDLMRV
$XWR3RZHU 2Q 7LPH3RUQLUH DXWRPDWă OD R
RUă2S܊LXQH GLVSRQLELOă GDFă 3RZHU 2Q 7LPH
7\SH2UDGH SRUQLUHHVWH DFWLYDWă6HWD܊L RUD
ODFDUHGRUL܊LFDWHOHYL]RUXOVăSRUQHDVFăIRORVLQG
EXWRDQHOHGLUHF܊LRQDOH܈LDSăVD܊L2.SHQWUXDVDOYD
QRXDRUăVHWDWă
2UDGHRSULUH6HWD܊LWHOHYL]RUXOSHQWUXDVHRSUL
VLQJXU6HWD܊LDFHDVWăRS܊LXQHSH2Q3RUQLWVDX
2QFH2GDWăSHQWUX D DFWLYD WHPSRUL]DWRUXO GH
RSULUH6HWD܊L SH 2ႇ 2SULW SHQWUX GH]DFWLYDUH
'DFăDOHJH܊L2QFH2GDWăWHOHYL]RUXOYDRSULR
VLQJXUăGDWăODRUDVWDELOLWăvQRS܊LXQHD$XWR3RZHU
2ႇ7LPH2SULUHDXWRPDWăODRRUăGHPDLMRV
$XWR3RZHU 2II 7LPH2SULUH DXWRPDWă OD R
RUă2S܊LXQH GLVSRQLELOă GDFă 3RZHU2ႇ 7LPH
7\SH2UD GH RSULUH HVWHDFWLYDWă6HWD܊LRUDOD
FDUHGRUL܊LFD WHOHYL]RUXO Vă VHRSUHDVFăIRORVLQG
EXWRDQHOHGLUHF܊LRQDOH܈LDSăVD܊L2.SHQWUXDVDOYD
QRXDRUăVHWDWă
/LPEă6HWD܊LOLPEDSUHIHUDWă
7DVWDWXUă6HOHFWD܊LWLSXO GHWDVWDWXUă ܈LVHWăULOH
DFHVWHLD
,QWUăUL$¿܈D܊L VDXDVFXQGH܊L WHUPLQDOXOGH LQWUDUH
VFKLPED܊LHWLFKHWDWHUPLQDOXOXLGHLQWUDUH܈LFRQ¿JXUD܊L
RS܊LXQLOHSHQWUX+'0,IXQF܊LD&(&FRQWUROHOHFWURQLF
DOFRQVXPDWRUXOXL܈LD¿܈D܊LOLVWDGHGLVSR]LWLYH&(&
3XWHUH
2SULUHDXWRPDWă 'H¿QL܊L XQ WLPS GH LQDFWLYLWDWH
GXSăFDUH WHOHYL]RUXO GXPQHDYRDVWUă Vă LQWUH
DXWRPDWvQPRGXOGHUHSDXV6HWD܊LFD2ႇ2SULW
SHQWUXGH]DFWLYDUH
2SULUHLPDJLQH6HOHFWD܊LDFHDVWăRS܊LXQL܈LDSăVD܊L
2.SHQWUXDRSULHFUDQXO$F܊LRQD܊LRULFHEXWRQGH
SHWHOHFRPDQGăVDXGHSHWHOHYL]RUSHQWUXDDFWLYD
GLQQRXHFUDQXO$YH܊LvQYHGHUHFăQXSXWH܊LSRUQL
HFUDQXOSULQEXWRDQHOH9ROXP0XWH܈L6WDQGE\.
$FHVWHEXWRDQHYRUIXQF܊LRQDFDvQPRGREL܈QXLW
2SULUHDWHPSRUL]DWRUXOXL 'H¿QL܊L XQ WLPS GXSă
FDUHWHOHYL]RUXO GXPQHDYRDVWUă Vă VH RSUHDVFă
DXWRPDW6HWD܊LSH2SULWSHQWUXGH]DFWLYDUH
2SULUHDXWRPDWăGDFăQXH[LVWăVHPQDO6HWD܊L
FRPSRUWDPHQWXOWHOHYL]RUXOXLDWXQFLFkQGQXVHGH-
WHFWHD]ăQLFLXQVHPQDOGHODVXUVDGHLQWUDUHVHWDWă
vQSUH]HQW 'H¿QL܊L XQ WLPS GXSă FDUH WHOHYL]RUXO
5RPkQă - 20 -
GXPQHDYRDVWUăVăVHRSUHDVFăVDXVHWD܊LSH2ႇ
2SULWSHQWUXGH]DFWLYDUH
5HSDXVDXWRPDW'H¿QL܊L XQ WLPSGH LQDFWLYLWDWH
GXSăFDUHWHOHYL]RUXOGXPQHDYRDVWUăVăLQWUHDX-
WRPDWvQPRGXOGHUHSDXV2S܊LXQLOH2UH2UH܈L
2UHVXQWGLVSRQLELOH 6HWD܊L1HYHU1LFLRGDWă
SHQWUXGH]DFWLYDUH
,PDJLQH
0RGLPDJLQH6HWD܊LPRGXOLPDJLQHGXSăSUHIH-
ULQ܊HOH܈LGRULQ܊HOHGXPQHDYRDVWUă0RGXOLPDJLQH
SRDWH¿ VHWDW OD XQD GLQWUH XUPăWRDUHOH RS܊LXQL
6WDQGDUG9LYLG &XORULERJDWH 6SRUW0RYLH
)LOP܈L*DPH-RF.
0RGXULOH'ROE\9LVLRQ'DFăFRQрLQXWXO'ROE\9LVLRQHVWH
GHWHFWDWRSрLXQLOHGHLPDJLQH'ROE\9LVLRQ%ULJKW'ROE\
9LVLRQ'DUNоL'ROE\9LVLRQ9LYLGYRU¿GLVSRQLELOHvQORF
GHFHOHODOWHPRGXULGHLPDJLQH
6HWăULOH%DFNOLJKW/XPLQăGHIXQGDO%ULJKWQHVV
/XPLQR]LWDWH&RQWUDVW&RQWUDVW&RORXU&X
ORDUH+8(6KDUSQHVV&ODULWDWHYRU¿UHJODWH
vFRQIRUPLWDWHFXPRGXOGHLPDJLQHVHOHFWDW
1RWL¿FDUH'ROE\ 9LVLRQ 6HWHD]ă SUHIHULQ܊DDV-
SHFWXOXLQRWL¿FăULL SHQWUX FRQ܊LQXWXO 'ROE\ 9LVLRQ
&kQGHVWHDFWLYDWăORJRXO'ROE\YD¿D¿܈DWSHHFUDQ
DWXQFLFkQGFRQ܊LQXWXO'ROE\HVWHGHWHFWDW
/XPLQăGH IXQGDO DXWRPDWă 6HWD܊L SUHIHULQ܊D
SHQWUX OXPLQD GH IXQGDODXWRPDWă 2S܊LXQLOH 2ႇ
GH]DFWLYDW/RZ0LQLP0HGLXP0HGLX܈L(FR
YRU¿GLVSRQLELOH6HWD܊LSH2SULWSHQWUXGH]DFWLYDUH
/XPLQăGHIXQGDO6HWD܊LQLYHOXOOXPLQLLGHIXQGDO
vQPRGPDQXDO$FHDVWăRS܊LXQHQXYD¿GLVSRQLELOă
GDFăRS܊LXQHD$XWR%DFNOLJKW/XPLQăGHIXQGDO
DXWRPDWăQXHVWHVHWDWăFD2ႇ2SULW.
/XPLQR]LWDWH$MXVWHD]ă YDORDUHD OXPLQR]LWă܊LL
HFUDQXOXL
&RQWUDVW$MXVWHD]ă YDORDUHD FRQWUDVWXOXL HFUD-
QXOXL
&XORDUH$MXVWHD]ă YDORULOH VDWXUD܊LHL GH FXORDUH
DOHHFUDQXOXL
1XDQ܊ă$MXVWHD]ăYDORDUHDQXDQ܊HLHFUDQXOXL
&ODULWDWH6HWHD]ăYDORDUHDFODULWă܊LLSHQWUXRELHF-
WHOHD¿܈DWHSHHFUDQ
*DPD6HWD܊L JDPD SUHIHUDWă 2S܊LXQLOH 'DUN
ÌQWXQHFDW0LGGOH0HGLX܈L%ULJKW/XPLQRV
YRU¿GLVSRQLELOH
7HPSHUDWXUDFXORULL6HWD܊LSUHIHULQ܊DSHQWUXWHP-
SHUDWXUDFXORULL2S܊LXQLOH8VHU8WLOL]DWRU&RRO
5HFH6WDQGDUG܈L:DUP&DOGYRU¿GLVSRQLELOH
3XWH܊LDMXVWDPDQXDOYDORULOHGHFXORDUHSHQWUXUR܈X
YHUGH܈LDOEDVWUX'DFăXQDGLQWUHDFHVWHYDORULHVWH
VFKLPEDWăPDQXDORS܊LXQHD&RORXU7HPSHUDWXUH
7HPSHUDWXUD&XORULLYD WUHFH SH PRGXO 8VHU
XWLOL]DWRUGDFăQXHVWHGHMDVHWDWăvQPRGXO8VHU.
0RGXOD¿܈DM 6HWD܊LUDSRUWXOGHDVSHFWDOHFUDQXOXL
6HOHFWD܊LXQDGLQWUHRS܊LXQLOHSUHGH¿QLWHvQIXQF܊LH
GHSUHIHULQ܊DGXPQHDYRDVWUă
+'5$FWLYD܊LVDXGH]DFWLYD܊LPRGXO+'5$FHDVWă
RS܊LXQHHVWHGLVSRQLELOăODGHWHFWDUHDXQXLFRQ܊LQXW
GHWLS+'5
$GYDQFHG9LGHR9LGHR$YDQVDW
'155HGXFHUHDGLQDPLFăD]JRPRWXOXL'15
HVWHSURFHVXOGHHOLPLQDUHD]JRPRWXOXLGLQWUXQ
VHPQDOGLJLWDOVDXDQDORJLF6HWD܊LSUHIHULQ܊DGXP-
QHDYRDVWUăSHQWUX'15FD/RZ-RDVă0HGLXP
0HGLH6WURQJ3XWHUQLFă $XWR VDX RSUL܊LR
VHOHFWkQGYDORDUHDGH2ႇ2SULUH.
03(*155HGXFHUHD]JRPRWXOXL03(*HOLPLQă
]JRPRWXOGLQMXUXOFRQWXUXULORU܈L]JRPRWXOGHIRQG
6HWD܊LSUHIHULQ܊DGXPQHDYRDVWUăSHQWUXUHGXFHUHD
]JRPRWXOXL03(*FD/RZ-RDVă0HGLXP0H
GLH6WURQJ3XWHUQLFă VDX RSUL܊LRVHWkQGR
SH2ႇ2SULUH.
0D[9LYLG&XORULERJDWH0DQLSXOHD]ăSHUFHS-
܊LDFRQWUDVWXOXL܈LFXORULORUFRQYHUWH܈WHLPDJLQHD
GLQJDPăGLQDPLFă VWDQGDUG vQJDPăGLQDPLFă
vQDOWă6HWD܊L2Q3RUQLWSHQWUXDDFWLYD
&RQWUROXO$GDSWLYH /XPD &RQWUROXO$GDSWLYH
/XPDUHJOHD]ăVHWăULOHGHFRQWUDVWJOREDOHSRWULYLW
KLVWRJUDPHLFRQ܊LQXWXOXLSHQWUXDRIHULRSHUFHS܊LH
PDLLQWHQVăDDOEXOXL܈LDQHJUXOXL6HWD܊LSUHIH-
ULQ܊DGXPQHDYRDVWUă SHQWUX &RQWUROXO$GDSWLYH
/XPDFD/RZ-RDVă0HGLXP0HGLH6WURQJ
3XWHUQLFăVDXGH]DFWLYD܊LOVHOHFWkQGYDORDUHD
2ႇ2SULUH.
&RQWUROXOFRQWUDVWXOXL ORFDO &RQWUROXO FRQ-
WUDVWXOXLORFDO vPSDUWH ¿HFDUH VHFYHQ܊ă vQ PLFL
UHJLXQL܈LRIHUăSRVLELOLWDWHDGHDDSOLFDVHWăULGH
FRQWUDVWGLIHULWHSHQWUX¿HFDUHUHJLXQH$OJRULWPXO
vPEXQăWă܊H܈WHGHWDOLLOH¿QH܈LRIHUăRSHUFHS܊LH
PDLEXQă D FRQWUDVWXOXL 6H RE܊LQHDVWIHO R LP-
SUHVLHPDLLQWHQVăDDGkQFLPLLSULQDFFHQWXDUHD
DULLORUvQWXQHFDWH ܈L OXPLQRDVH IăUă SLHUGHUHD
GHWDOLLORU6HWD܊L SUHIHULQ܊D GXPQHDYRDVWUă SHQ-
WUX&RQWUROXOFRQWUDVWXOXLORFDOFD/RZ-RDVă
0HGLXP0HGLH6WURQJ3XWHUQLFăVDXGH]DF-
WLYD܊LOVHOHFWkQGYDORDUHD2ႇ2SULUH.
7RQXOSLHOLL5HJOHD]ăOXPLQR]LWDWHDWRQXOXLSLHOLL
6HWD܊LSUHIHULQ܊DGXPQHDYRDVWUăFD/RZ6Fă]XW
0HGLXP0HGLXVDX+LJKÌQDOW SHQWUXDDFWLYD
6HWD܊LSH2SULWSHQWUXGH]DFWLYDUH
0RG',)LOP(VWHIXQF܊LDSHQWUXGHWHFWDUHDFD-
GHQ܊HLGHVDXSHQWUXFRQ܊LQXWXULYLGHRGH
ISV܈LvPEXQăWă܊H܈WHHIHFWHOHDGYHUVHSUHFXP
HIHFWXOGH HVFDPRWDUH VDX WUHSLGD܊LH FDUH SRW
DSăUHDvQFD]XODFHVWRUPHWRGHGHGHWHF܊LH6HWD܊L
SUHIHULQ܊DGXPQHDYRDVWUăSHQWUX 0RGXO GH¿OP
DIFD$XWR VDXGH]DFWLYD܊LRVHOHFWkQGRS܊LXQHD

5RPkQă - 21 -
2ႇ2SULW$FHDVWă RS܊LXQH QX HVWH GLVSRQLELOă
GDFăHVWHDFWLYDWPRGXO*DPH-RFVDX3&
%OXH6WUHWFK2FKLXOXPDQSHUFHSHQXDQ܊HOHGH
DOEUHFHFDDOEVWUăOXFLWRU2S܊LXQHD%OXH6WUHWFK
VFKLPEăJUDGXOGHDOEDOQLYHOXULORUPHGLLvQDOWHGH
JULFăWUHRWHPSHUDWXUăPDLUHFHDFXORULL$FWLYD܊L
VDXGH]DFWLYD܊LPRGXO%OXH6WUHWFK
0RGXO-RF0RGXOMRFHVWHPRGXOFDUHUHGXFHXQLL
GLQWUHDOJRULWPLLGHSURFHVDUHDLPDJLQLORUSHQWUXD
VHDGDSWDMRFXULORUYLGHRFDUHDXRIUHFYHQ܊ăULGL-
FDWăDFDGUHORU$FWLYD܊LVDXGH]DFWLYD܊LPRGXOMRF
$//0)XQF܊LD$//00RG GH ODWHQ܊ă VFă]XWă
DXWRPDWăSHUPLWHWHOHYL]RUXOXLVăDFWLYH]HVDXVă
GH]DFWLYH]HVHWăULOHGHODWHQ܊ăVFă]XWăvQIXQF܊LH
GHFRQ܊LQXWXOGHUHGDUH(YLGHQ܊LD܊LDFHDVWăRS܊LXQH
܈LDSăVD܊L2.SHQWUXDSRUQLVDXRSULIXQF܊LD$//0
0RGXO3&0RGXO3&HVWHPRGXOFDUHUHGXFHXQLL
GLQWUHDOJRULWPLLGHSURFHVDUHDLPDJLQLORUSHQWUXD
PHQ܊LQHWLSXOGHVHPQDO)RORVLWvQVSHFLDOSHQWUX
LQWUăULOH5*%3RUQL܊LVDXRSUL܊LIXQF܊LD3&0RGH
PRG3&
'H&RQWRXU5HGXFHUHD FRQWXUXOXL 5HGXFH
HIHFWHOHGHFRQWXUODFRQ܊LQXWXOFXUH]ROX܊LHPLFă܈L
VHUYLFLLOHGHDXWRVWUHDPLQJ6HWD܊LSUHIHULQ܊DGXP-
QHDYRDVWUăFD/RZ6Fă]XW0HGLXP0HGLX
VDX+LJK ÌQDOW SHQWUX D DFWLYD. 6HWD܊L FD2ႇ
2SULWSHQWUXGH]DFWLYDUH
0-& 2SWLPL]HD]ăVHWăULOH YLGHR DOHWHOHYL]RUXOXL
SHQWUXLPDJLQLvQPL܈FDUHSHQWUXDDVLPLODRFDOLWDWH
܈LROL]LELOLWDWHPDLEXQă(YLGHQ܊LD܊LDFHDVWăRS܊LXQH
܈LDSăVD܊L2.SHQWUXDFRQVXOWDRS܊LXQLOHGLVSRQL-
ELOH(ႇHFW'HPR3DUWLWLRQ3DUWL܊LHGHPRQVWUD܊LH
HIHFWH ܈LRS܊LXQLOH'HPR YRU¿GLVSRQLELOH3HQWUX
DDFWLYDIXQF܊LD0-&VHWD܊LRS܊LXQHD(ႇHFW(IHFW
OD/RZ6Fă]XW0LGGOH0HGLXVDX+LJKÌQDOW
&kQGHVWHDFWLYRS܊LXQLOH'HPR3DUWLWLRQ3DUWL܊LH
GHPRQVWUD܊LH܈L'HPRYRU¿GLVSRQLELOH(YLGHQ܊LD܊L
'HPR3DUWLWLRQ3DUWL܊LHGHPRQVWUDWLYă܈LDSăVD܊L
2.SHQWUXDVHWDSUHIHULQ܊DGXPQHDYRDVWUă2S܊L-
XQLOH$OO7RDWH5LJKW'UHDSWD܈L/HIW6WkQJD
YRU¿GLVSRQLELOH(YLGHQ܊LD܊L'HPR܈LDSăVD܊L2.
SHQWUXD DFWLYD PRGXOGHPRQVWUDWLY&kQG PRGXO
GHPRHVWHDFWLYHFUDQXOYD¿vPSăU܊LWvQGRXăVHF܊L-
XQLXQDD¿܈HD]ăDFWLYLWDWHD0-&FHDODOWăD¿܈HD]ă
VHWăULOHQRUPDOHSHQWUXHFUDQXO79'DFăRS܊LXQHD
'HPR3DUWLWLRQ3DUWL܊LHGHPRQVWUDWLYăHVWHVHWDWă
SH$OO7RDWHDPEHOHSăU܊LYRUD¿܈DDFWLYLWDWHD0-&
*DPDFRPSOHWă +'0, 5*%$FHDVWăVHWDUH
WUHEXLHVă¿HUHJODWăSRWULYLWDFRSHULULLVHPQDOXOXL
LQWUăULL5*%ODVXUVD+'0,3RDWH¿RDFRSHULUH
OLPLWDWăVDX FRPSOHWă 6WDELOL܊L
SUHIHULQ܊DSULYLQGDFRSHULUHD5*%D+'0,2S܊L-
XQLOH$XWR)XOO&RPSOHW܈L/LPLW/LPLWDWYRU
¿GLVSRQLELOH$FHDVWăRS܊LXQHQXYD¿GLVSRQLELOă
GDFăVXUVDVHPQDOXOXLQXHVWHVHWDWăFD+'0,
/XPLQăDOEDVWUăUHGXVă(FUDQHOHGLVSR]LWLYHORU
HOHFWURQLFHHPLWOXPLQăDOEDVWUăFDUHVXSXQRFKLL
ODHIRUWFHHDFHSRDWHFDX]DSUREOHPHGHYHGHUH
vQWLPS3HQWUXDUHGXFHHIHFWXOOXPLQLLDOEDVWUH
VHWD܊LSUHIHULQ܊DGXPQHDYRDVWUăFD/RZ6Fă]XW
0LGGOH0HGLXVDX+LJKÌQDOW. 6HWD܊LSH2SULW
SHQWUXGH]DFWLYDUH
6SHFWUXOGHFXORDUH3XWH܊LIRORVLDFHDVWăRS܊LXQH
SHQWUXDVHWDLQWHUYDOXOGHFXORULD¿܈DWHSHHFUDQXO
WHOHYL]RUXOXLGYV&kQGHVWHVHWDWFD2Q3RUQLW
FXORULOHVXQW VHWDWH vQFRQIRUPLWDWH FX VHPQDOXO
VXUVHL&kQGHVWHVHWDWFD$XWRWHOHYL]RUXOGHFLGH
VHWDUHDDFHVWHLIXQF܊LLFDSRUQLWVDXRSULWGLQDPLF
vQIXQF܊LHGHWLSXOVHPQDOXOXLGHODVXUVă &kQG
HVWHVHWDWFD2SULWFDSDFLWDWHDGHFXORDUHPD[LPă
DWHOHYL]RUXOXLHVWHIRORVLWăLPSOLFLW
&RORXU7XQHU5HJODMFXORDUH6DWXUD܊LDFXORULORU
QXDQ܊HOHVWUăOXFLUHDSHUPLWUHJODMXOGHUR܈XYHUGH
DOEDVWUXF\DQ PDJHQWD JDOEHQ ܈L EHM FXORDUHD
SLHOLLSHQWUX D RE܊LQH R FXORDUH PDL YLH VDX PDL
QDWXUDOă6HWD܊LPDQXDOYDORULOHGH+8(1XDQ܊ă
&RORXU&XORDUH%ULJKWQHVV6WUăOXFLUH2ႇVHW
&RPSHQVDUH܈L*DLQ&k܈WLJ6HOHFWD܊L(QDEOH
$FWLYDUH܈LDSăVD܊L2.SHQWUXDDFWLYDDFHDVWă
IXQF܊LH
&RUHF܊LDEDODQVXOXLGHDOEvQSXQFWH2S܊LXQHD
EDODQVXOXLGHDOEUHJOHD]ăWHPSHUDWXUDFXORULLGHSH
WHOHYL]RUXOGXPQHDYRDVWUăvQQLYHOXULDPăQXQ܊LWHGH
JUL9L]XDOVDXSULQPăVXUăWRULVFDUDXQLIRUPLWă܊LL
JULXOXLSRDWH¿vPEXQăWă܊LWă5HJOD܊LLQWHQVLWDWHDFX-
ORULORU5R܈X9HUGH$OEDVWUX܈LYDORDUH&k܈WLJXOXL
PDQXDO6HOHFWD܊L(QDEOH$FWLYDUH܈LDSăVD܊L2.
SHQWUXDDFWLYDDFHDVWăIXQF܊LH
5HVHWDUHODYDORULOHLPSOLFLWH5HVHWHD]ăVHWăULOH
GHYLGHRODFHOHLPSOLFLWH
1RWăÌQIXQFрLHGHVXUVDGHLQWUDWHVHOHFWDWăvQDFHVWPRPHQW
VHSRDWHFDDQXPLWHRSрLXQLDOHPHQLXOXLVăQX¿HGLVSRQLELOH
6XQHW
6XQHWHOHVLVWHPXOXL 6XQHWXO VLVWHPXOXL HVWH
VXQHWXOUHGDW DWXQFL FkQG QDYLJD܊L VDX VHOHFWD܊L
XQHOHPHQW GH SH HFUDQXO WHOHYL]RUXOXL 6HOHFWD܊L
DFHDVWăRS܊LXQH܈LDSăVD܊L2.SHQWUXDSRUQLVDX
RSULDFHDVWăIXQF܊LH
6WLOXOVXQHWXOXL 6HOHFWD܊L VHWăULOH SUHGHILQLWH
SHQWUXXQUHJODMX܈RUDOVXQHWXOXL2S܊LXQLOH8VHU
8WLOL]DWRU6WDQGDUG 9LYLG&XORUL ERJDWH
6SRUWV6SRUWXUL0RYLH)LOP0XVLF0X]LFă
VDX1HZV܇WLUL YRU¿GLVSRQLELOH6HWăULGHVXQHW
YRU¿ UHJODWH SRWULYLW VWLOXO VXQHWXOXL SH FDUH OD܊L
VHOHFWDWÌQ IXQF܊LH GH VHOHF܊LD GXPQHDYRDVWUă
DQXPLWHRS܊LXQLSHQWUXVXQHWQXYRU¿GLVSRQLELOH
%DODQV5HJOD܊LEDODQVXOYROXPXOXLVWkQJDGUHDSWD
SHQWUXER[H܈LFă܈WL
6XQHWPXOWLFDQDO 6XUURXQG 3RUQL܊L VDXRSUL܊L
FDUDFWHULVWLFDGHVXQHWPXOWLFDQDO
5RPkQă - 22 -
'HWDOLXHJDOL]DWRU5HJOD܊LYDORULOHHJDOL]DWRUXOXLvQ
IXQF܊LHGHSUHIHULQ܊HOHGXPQHDYRDVWUă
7HPSRUL]DUHGLIX]RDUH5HJOD܊L YDORULOH GH WHP-
SRUL]DUHSHQWUXGLIX]RDUH
H$5&6HWD܊LVXUVDH$5&SUHIHUDWă9RU¿GLVSR-
QLELOHRS܊LXQLOH2ႇ2SULW܈L$XWR 6HWD܊LSH2SULW
SHQWUXGH]DFWLYDUH
,H܈LUHGLJLWDOă6HWHD]ăSUHIHULQ܊DGHLH܈LUHDXGLR
2S܊LXQLOH$XWR%\SDVV3&0'ROE\'LJLWDO3OXV
܈L'ROE\'LJLWDOYRU¿GLVSRQLELOH(YLGHQ܊LD܊LRS܊LX-
QHDSUHIHUDWă܈LDSăVD܊L2..
'LJLWDO2XWSXW'HOD\7HPSRUL]DUHLH܈LUHGLJLWD
Oă6HWD܊LYDORDUHDGHWHPSRUL]DUHDLH܈LULLGLJLWDOH
&RQWURODXWRPDWDOYROXPXOXL &X DMXWRUXO FRQ-
WUROXOXLDXWRPDWDOYROXPXOXLSXWH܊LVHWDWHOHYL]RUXO
SHQWUXD UHJOD DXWRPDW GLIHUHQ܊HOH GH YROXP ÌQ
PRGREL܈QXLWDFHVWOXFUXVHSURGXFHODvQFHSXWXO
UHFODPHORUVDXODVFKLPEDUHDFDQDOHORU$FWLYD܊LVDX
GH]DFWLYD܊LDFHDVWăRS܊LXQHDSăVkQG2..
0RG'RZQPL[6HWD܊LSUHIHULQ܊DGXPQHDYRDVWUăGH
DFRQYHUWLVHPQDOHOHDXGLRFXPDLPXOWHFDQDOHvQ
VHPQDOHDXGLRFXGRXăFDQDOH$SăVD܊L2.SHQWUX
DYHGHDRS܊LXQLOHGLQPHQLX܈LDOHVHOHFWD2S܊LXQLOH
6WHUHR܈L6XUURXQG0XOWLFDQDOYRU¿GLVSRQLELOH
(YLGHQ܊LD܊LRS܊LXQHDSUHIHUDWă܈LDSăVD܊L2..
'76'5&&RQWUROXO,QWHUYDOXOXL'LQDPLFRIHUăDMXV-
WDUHDFUH܈WHULLVXUVHLSHQWUXDPHQ܊LQHXQLQWHUYDO
DXGLRDGHFYDWODDPEHOHQLYHOXULGHUHGDUHUHGXV
܈LULGLFDW$FWLYD܊LVDXGH]DFWLYD܊LDFHDVWăRS܊LXQH
DSăVkQG2..
3URFHVDUH'ROE\$XGLR3XWH܊LvPEXQăWă܊LFDOLWDWHD
DXGLRD WHOHYL]RUXOXL GXPQHDYRDVWUă FX DMXWRUXO
RS܊LXQLLSHQWUXSURFHVDUHD'ROE\$XGLR$SăVD܊L2.
SHQWUXDYHGHDRS܊LXQLOHGLQPHQLX܈LDOHVHOHFWD
$OWHRS܊LXQLSULYLQGVXQHWXOSRWGHYHQLQHGLVSRQLELOH
VDXPDUFDWHFXJUL܈WHUVvQIXQF܊LHGHVHWăULOHVWD-
ELOLWHDLFL6HWD܊LRS܊LXQHD3URFHVDUH'ROE\$XGLR
SH2ႇ2SULWGDFăGRUL܊LVăVFKLPED܊LDFHVWHVHWăUL
3URFHVDUH'ROE\$XGLR 6HOHFWD܊L DFHDVWă
RS܊LXQH܈LDSăVD܊L2.SHQWUXDDFWLYDGH]DFWLYD
DFHDVWăIXQF܊LH
0RGXOVXQHW'DFăRS܊LXQHD3URFHVDUH'ROE\
$XGLRHVWH DFWLYDWă RS܊LXQHD 6RXQG PRGH
0RGXOGH6XQHWYD¿GLVSRQLELOă6HOHFWD܊LRS-
܊LXQHD6RXQGPRGH0RGXOGH6XQHW܈LDSăVD܊L
2.SHQWUX D YHGHD PRGXULOH DXGLR SUHGH¿QLWH
2S܊LXQLOH*DPH-RF0RYLH)LOP0XVLF0X
]LFă1HZV܇WLUL6WDGLXP6WDGLRQ܈L6PDUW
,QWHOLJHQWYRU¿GLVSRQLELOH(YLGHQ܊LD܊LRS܊LXQHD
SUHIHUDWă܈LDSăVD܊L2..
'ROE\$WPRV 7HOHYL]RUXO GXPQHDYRDVWUăHVWH
FRPSDWLELOFXWHKQRORJLD'ROE\$WPRV&XDMXWRUXO
DFHVWHLWHKQRORJLLVXQHWXOVHGHSODVHD]ăvQMXUXO
GXPQHDYRDVWUăvQWUXQ VSD܊LX WULGLPHQVLRQDO
DVWIHOvQFkWYăVLP܊L܊L¶vQPLMORFXODF܊LXQLL9H܊LDYHD
FHDPDLEXQăH[SHULHQ܊ăGDFăLQWUDUHDELWVWUHDP
DXGLRHVWH$WPRV$FWLYD܊LVDXGH]DFWLYD܊LDFHDVWă
RS܊LXQHDSăVkQG2..
'769LUWXDO;$FHDVWăFDUDFWHULVWLFăYDvPEXQăWă܊L
H[SHULHQ܊DGXPQHDYRDVWUăDXGLRSULQIXUQL]DUHDXQRU
ER[HVXUURXQG YLUWXDOL]DWH SULQLQWHUPHGLXO ER[HORU
WHOHYL]RUXOXL(YLGHQ܊LD܊L 9LUWXDO; ܈LDSăVD܊L 2..
2S܊LXQLOH7UX%DVV܈L/LPLWHUYRUGHYHQLGLVSRQLELOH
6HOHFWD܊L¿HFDUH RS܊LXQH ܈L DSăVD܊L 2.SHQWUXD
RSRUQL VDX RSUL$OWH RS܊LXQL SULYLQG SRW GHYHQL
QHGLVSRQLELOHVDXPDUFDWHFX JUL ܈WHUV vQIXQF܊LH
GHVHWăULOHVWDELOLWH DLFL$FHDVWăRS܊LXQHQXHVWH
GLVSRQLELOăGDFă'ROE\$XGLR3URFHVVLQJ3URFHVDUH
'ROE\$XGLRHVWHSRUQLW
5HVHWDUHOD YDORULOH LPSOLFLWH 5HLQL܊LDOL]HD]ă
VHWăULOHGHVXQHWODYDORULOHLPSOLFLWHGLQIDEULFă
6WRFDUH&RQVXOWD܊LVWDUHDSULYLQGVSD܊LXOWRWDOGHVWR-
FDUHSHWHOHYL]RUXOGXPQHDYRDVWUă܈LSHGLVSR]LWLYHOH
FRQHFWDWHGDFăHVWHFD]XO3HQWUXDYHGHDLQIRUPD܊LL
GHWDOLDWHDVXSUDIRORVLULLVDOHVHOHFWD܊L܈LDSRLDSăVD܊L
2.'HDVHPHQHDYRUH[LVWDRS܊LXQLSHQWUXvQGHSăU-
WDUHD܈L FRQ¿JXUDUHD GLVSR]LWLYHORU GH VWRFDUH 86%
FRQHFWDWHFD܈LGLVSR]LWLYHGHVWRFDUH
(MHFWÌQGHSăUWDUH3HQWUXSăVWUDUHDFRQ܊LQXWXOXL
vQVLJXUDQ܊ăvQGHSăUWD܊LGLVSR]LWLYXOGXPQHDYRDVWUă
GHVWRFDUH 86% vQDLQWH GH D vO GHFXSOD GH OD
WHOHYL]RU
(OLPLQD܊LIRUPDWD܊LFDGLVSR]LWLYGHVWRFDUH
3XWH܊LXWLOL]DGLVSR]LWLYXOGHVWRFDUH86%FRQHFWDWFD
܈LGLVSR]LWLYGHVWRFDUHSHQWUXDH[WLQGHFDSDFLWDWHD
GHVWRFDUHDWHOHYL]RUXOXLGXPQHDYRDVWUă'XSăFH
YH܊LSURFHGD DVWIHODFHOGLVSR]LWLYYD¿ GLVSRQLELO
QXPDLvPSUHXQăFXWHOHYL]RUXOÌQDLQWHGHDSURFHGD
FDDWDUH XUPD܊LLQVWUXF܊LXQLOHGHSHHFUDQ܈L FLWL܊L
LQIRUPD܊LLOHD¿܈DWHSHHFUDQ
1RWă)RUPDWDUHD GLVSR]LWLYXOXL GH VWRFDUH FRQHFWDW
YDHOLPLQD WRDWHGDWHOHLQVWDODWHSHDFHVWD ÌQDLQWHGHD
SURFHGDODIRUPDWDUHDGLVSR]LWLYXOXLIDFHрLFRSLHGHUH]HUYă
D¿оLHUHORUFDUHGRULрLVăOHSăVWUDрL
(OLPLQD܊L IRUPDWD܊L FD GLVSR]LWLY GH VWRFDUH
GHWD܈DELO'DFăvQSUHDODELOD܊LIRUPDWDWGLVSR]LWLYXO
GXPQHDYRDVWUăGH VWRFDUH 86% FD GLVSR]LWLY GH
VWRFDUHYD SXWHD ¿ XWLOL]DW QXPDL vPSUHXQă FX
WHOHYL]RUXOGXPQHDYRDVWUă3HQWUXDvOSXWHDXWLOL]D
FXDOWH GLVSR]LWLYH SXWH܊L XWLOL]D DFHDVWă RS܊LXQH
SHQWUXD vO IRUPDWD GLQ QRX ÌQDLQWH GH D IDFH
IRUPDWDUHDOXD܊LvQFRQVLGHUDUHVăIDFH܊LFRSLHGH
UH]HUYăDGDWHORUGHSHGLVSR]LWLYXOGXPQHDYRDVWUă
vQPHPRULD LQWHUQă GH VWRFDUH D WHOHYL]RUXOXL
GXPQHDYRDVWUăVDXSHXQDOWGLVSR]LWLYGHVWRFDUH
86%SULQXWLOL]DUHDRS܊LXQLL%DFNXSDSSV&RSLH
GHUH]HUYăDSOLFD܊LLÌQFD]FRQWUDUGXSăIRUPDWDUH
XQHOHDSOLFD܊LL QX YRU IXQF܊LRQD FRUHVSXQ]ăWRU
ÌQDLQWHGHDSURFHGDFDDWDUHXUPD܊LLQVWUXF܊LXQLOH
GHSHHFUDQ܈LFLWL܊LLQIRUPD܊LLOHD¿܈DWHSHHFUDQ

5RPkQă - 23 -
1RWă)RUPDWDUHD GLVSR]LWLYXOXL GH VWRFDUH FRQHFWDW
YDHOLPLQD WRDWHGDWHOHLQVWDODWHSHDFHVWD ÌQDLQWHGHD
SURFHGDODIRUPDWDUHDGLVSR]LWLYXOXLIDFHрLFRSLHGHUH]HUYă
D¿оLHUHORUFDUHGRULрLVăOHSăVWUDрL
'HDVHPHQHDSXWH܊LDFFHVDVHF܊LXQHD1RWL¿FDWLRQV
1RWL¿FăULGLQ +RPH6FUHHQ (FUDQ DFDVă GXSă
FHD܊L FRQHFWDW GLVSR]LWLYXO GXPQHDYRDVWUă 86%
ODWHOHYL]RUXO GXPQHDYRDVWUă SHQWUX D YL]XDOL]D
RS܊LXQLOHGLVSRQLELOH (YLGHQ܊LD܊L QRWL¿FDUHD DVRFLDWă
GLVSR]LWLYXOXLGXPQHDYRDVWUă86%FRQHFWDW܈LDSăVD܊L
2.
%URZVH1DYLJDUH 'HVFKLGHPHQLXO 6WRUDJH
6WRFDUH
&RQ¿JXUD܊LFDGLVSR]LWLYGHVWRFDUH$UHDFHHD܈L
IXQF܊LRQDOLWDWHFD܈LRS܊LXQHD(OLPLQD܊LIRUPDWD܊L
FDGLVSR]LWLYGHVWRFDUHGHVFULVăPDLVXV
(MHFWÌQGHSăUWDUH /D IHOD܈D FX HVWH GHVFULVă
PDLVXV
+RPH6FUHHQ(FUDQXOGHSRUQLUH3HUVRQDOL]D܊LYă
HFUDQXOGHSRUQLUH6HOHFWD܊LFDQDOHOHFDUHYRU¿D¿܈DWH
SHHFUDQXOGHSRUQLUHDFWLYD܊LGH]DFWLYD܊LSUHYL]XDOL]ă-
ULOHYLGHR܈LDXGLR2UJDQL]D܊LYăDSOLFD܊LLOH܈LMRFXULOH
VFKLPED܊LOHRUGLQHD ܈L RE܊LQH܊L PDL PXOWH$¿܈DUH
/LFHQ܊H2SHQVRXUFH
3HQWUXXQHOH܊ăUL(FUDQXO$FDVăYD¿RUJDQL]DvQFkWH-
YD¿OH܈LDFHVWPHQLXYDFRQ܊LQHRS܊LXQLVXSOLPHQWDUH
SHQWUXDSHUVRQDOL]DFRQ܊LQXWXODFHVWRU¿OH(YLGHQ܊LD܊L
6HWXS&RQ¿JXUDUH܈LDSăVD܊L2.SHQWUXDXWHQWL¿-
FDUHDvQFRQWXO*RRJOHDVWIHO vQFkW Vă QDYLJD܊L SULQ
UHFRPDQGăULSHUVRQDOL]DWHDFHOXLFRQWvQ¿OD'LVFRYHU
'HVFRSHUL܊LGHSH(FUDQXO$FDVă'XSăDXWHQWL¿FD-
UHXWLOL]kQGRS܊LXQLOHFRUHVSRQGHQWHvQDFHVWPHQLX
SXWH܊LYL]XDOL]DSHUPLVLXQLOH܈LFRQWUROXODFWLYLWă܊LLGLQ
FRQWXOGXPQHDYRDVWUă
6WRUH0RGH0RGPDJD]LQ6HOHFWD܊L6WRUHPRGH
0RGXOPDJD]LQ܈LDSăVD܊LSH2.6HYDD¿܈DXQ
GLDORJSHQWUX FRQ¿UPDUH &LWL܊L GHVFULHUHD VHOHFWD܊L
&RQWLQXH&RQWLQXDUH܈LDSăVD܊L2.SHQWUXDFRQWL-
QXD6HOHFWD܊LDSRL2Q3RUQLWSHQWUXDFWLYDUHDVD܈L
2ႇ2SULWSHQWUXDvOGH]DFWLYDXUPDWDSRLGH2.. În
PRGXOPDJD]LQVHWăULOHWHOHYL]RUXOXLGXPQHDYRDVWUă
SHQWUXPHGLXO PDJD]LQ ܈L FDUDFWHULVWLFLOH VXSRUWDWH
YRU¿D¿܈DWHSHHFUDQ2GDWăDFWLYDWVHWăULOH6WRUH
0HVVDJLQJ0HVDMHvQPRGXOPDJD]LQ܈L34'HPR
YRUGHYHQL GLVSRQLELOH 6HWD܊L GXSă SUHIHULQ܊ă (VWH
UHFRPDQGDWVă QX DFWLYD܊L PRGXO PDJD]LQ SHQWUX
XWLOL]DUHDDFDVă
*RRJOH$VVLVWDQW(YLGHQ܊LD܊L2Q3RUQLW܈LDSăVD܊L
2.SHQWUXDSRUQLVDXRSULDFHDVWăFDUDFWHULVWLFă6H-
OHFWD܊LFRQWXODFWLYYL]XDOL]D܊LSHUPLVLXQLOHVHOHFWD܊LFH
DSOLFD܊LLGRUL܊LVăLQFOXGH܊LvQUH]XOWDWHOHFăXWăULLDFWLYD܊L
¿OWUXOFăXWDUHvQVLJXUDQ܊ăDFWLYD܊LEORFDUHDFXYLQWHORU
MLJQLWRDUH܈LYL]XDOL]D܊LOLFHQ܊HOHRSHQVRXUFH
&KURPHFDVWvQFRUSRUDW6HWD܊LSUHIHULQ܊DGXPQHD-
YRDVWUăSHQWUX QRWL¿FDUHD SULQ FRQWURO OD GLVWDQ܊ă
(YLGHQ܊LD܊L/HW RWKHUVFRQWURO \RXU FDVW PHGLD
/ăVD܊LSHDO܊LLVăFRQWUROH]HFRQ܊LQXWXOPHGLD܈L
DSăVD܊L2.2S܊LXQLOH$OZD\VÌQWRWGHDXQD:KLOH
FDVWLQJÌQWLPSXOGLIX]ăULL܈L1HYHU1LFLRGDWăYRU
GHYHQLGLVSRQLELOH3XWH܊LD¿܈DOLFHQ܊HOHRSHQVRXUFH
܈LYL]XDOL]DQXPăUXOYHUVLXQLL܈LQXPăUXOGHVHULHVXE
VHF܊LXQHD$ERXW'HVSUH
6FUHHQVDYHU(FUDQ(FRQRPL]RU6HWD܊LRS܊LXQLOH
SHQWUXHFUDQHFRQRPL]RUSHQWUXWHOHYL]RUXOGXPQHD-
YRDVWUă3XWH܊LDOHJHXQHFRQRPL]DWRUGHHFUDQVHWD
WLPSXOSHQWUXDFWLYDUHDDFHVWXLDVDXDFWLYD܊L PRGXO
HFRQRPL]DWRUHFUDQ
(QHUJ\6DYHU (FRQRPLH GH HQHUJLH 'H¿QL܊L XQ
WLPSGXSă FDUH WHOHYL]RUXO GXPQHDYRDVWUă Vă VH
RSUHDVFăVLQJXU SHQWUXDHFRQRPLVLHQHUJLH6HWD܊L
1HYHU1LFLRGDWăSHQWUXGH]DFWLYDUH
/RFD܊LH3XWH܊L IRORVL FRQH[LXQHD ZLUHOHVV SHQWUX D
HVWLPDORFD܊LDDYHGHDFHUHULOHSHQWUXORFD܊LLOHUHFHQWH
܈LDSHUPLWHVDXDUHVWULF܊LRQDFDDSOLFD܊LLOHGLQOLVWăVă
IRORVHDVFăLQIRUPD܊LLOHSULYLQGORFD܊LDGXPQHDYRDVWUă
8WLOL]DUH܈L GLDJQRVWLF 7ULPLWH܊L vQ PRGDXWRPDW
LQIRUPD܊LLGHVSUHXWLOL]DUHDGDWHORU܈LGLDJQRVWLFFăWUH
*RRJOH6HWD܊LGXSăSUHIHULQ܊ă
8WLOL]DUH܈L GLDJQRVWLF HIHFWXDWă GH SURGXFăWRU
'DFăVXQWH܊LGHDFRUGWHOHYL]RUXOGXPQHDYRDVWUăYD
WULPLWHLQIRUPD܊LLSHQWUXGLDJQR]ăLQIRUPD܊LLSUHFXP
DGUHVD0$& ܊DUD OLPED YHUVLXQLOH GH VRIWZDUH ܈L
¿UPZDUHYHUVLXQLOHGHSURJUDPXOXLGHSRUQLUH܈LVXU-
VDWHOHYL]RUXOXL܈LWUD¿FXOGHGDWHvQPRGDQRQLPDO
GLVSR]LWLYXOXLGXPQHDYRDVWUăFăWUHXQVHUYHUVLWXDWvQ
,UODQGD1XYăSXWHPLGHQWL¿FDFROHFWăP܈LvQUHJLVWUăP
LQIRUPD܊LLOHSHQWUXGLDJQR]ă܈LWUD¿FXODQRQLPGHGDWH
SHQWUXD QH DVLJXUD Fă GLVSR]LWLYXO GXPQHDYRDVWUă
IXQF܊LRQHD]ăFRUHVSXQ]ăWRU
$FFHVLELOLWDWHD&RQ¿JXUD܊LVHWăULOH$XGLR7\SH7LS
DXGLR9LVXDOO\LPSDLUHG'H¿FLHQ܊H GH YHGHUH
$&'LDORJXH(QKDQFHPHQWÌPEXQăWă܊LUHD¿܈DUH
$& &DSWLRQV6XEWLWUăUL7H[WWR6SHHFK5H
SURGXFHUHYRFDOă WH[W܈LVDXSRUQL܊LRSUL܊L+LJK
&RQWUDVW7H[W7H[WFXFRQWUDVWvQDOW$QXPLWHVHWăUL
SULYLQGVXEWLWUăULOHSRW¿LQGLVSRQLELOH
3HUVRDQHOHFXGH¿FLHQ܊HGHYHGHUH6HWD܊L$XGLR
7\SH7LSDXGLRFD$XGLR'HVFULSWLRQ'HVFULHUH
DXGLRSHQWUXDDFWLYDDFHDVWăRS܊LXQH&DQDOHOH79
GLJLWDOHSRWHPLWHFRPHQWDUHDDXGLRVSHFLDOăFDUH
VăGHVFULHFHHDFHVH SHWUHFHSHHFUDQOLPEDMXO
FRUSRUDOH[SUHVLLOH܈LPL܈FăULOHSHQWUXSHUVRDQHOH
FXGH¿FLHQ܊HGHYHGHUH
'LIX]RU$FWLYD܊LDFHDVWăRS܊LXQHGDFăGRUL܊LHPL-
WHUHDFRPHQWDULLORUDXGLRSULQER[HOHWHOHYL]RUXOXL
&ă܈WL$FWLYD܊LDFHDVWă RS܊LXQH GDFă GRUL܊LHPL-
WHUHDFRPHQWDULLORU DXGLR SULQ Fă܈WLOH FRQHFWDWH
ODWHOHYL]RU
9ROXP5HJOD܊LQLYHOXO YROXPXOXL FRPHQWDULLORU
DXGLR.
5RPkQă - 24 -
&ODULWDWH܈LHVWRPSDUH$FWLYD܊LDFHDVWăRS܊LXQH
GDFăGRUL܊LVăDX]L܊LFRPHQWDULLOHDXGLRPDLFODU
DWXQFLFkQGDFHVWHDVXQWGLVSRQLELOHSULQHPLVLH
$XGLRSHQWUX SHUVRDQHOH FX GHILFLHQ܊H GH
YHGHUH6HWD܊L WLSXOGH RS܊LXQH DXGLR SHQWUX
SHUVRDQHOHFX GH¿FLHQ܊H GH YHGHUH 2S܊LXQLOH
GLVSRQLELOHGHSLQGGHPRGXOGHHPLVLHVHOHFWDW
&RQWUROXOHVWRPSăULL5HJOD܊LEDODQVXOYROXPXOXL
vQWUHGLIX]RDUHOHSULQFLSDOHDOHWHOHYL]RUXOXLMain
܈LFRPHQWDULLOHDXGLR$'
5HVWDUW5HSRUQLUH 6H YD DIL܈D XQ PHVDM GH
FRQ¿UPDUHVHOHFWD܊L5HVWDUW5HSRUQLUHSHQWUXD
LQL܊LDUHSRUQLUHD7HOHYL]RUXOYD SRUQL RSUL PDL vQWkL
6HOHFWD܊L&DQFHO$QXODUHSHQWUXLH܈L
7HOHFRPDQGă܈LDFFHVRULL
3XWH܊LIRORVLDFFHVRULLOHZLUHOHVVSUHFXPWHOHFRPDQGD
vQIXQF܊LH GH PRGHOXO WHOHFRPHQ]LL Fă܈WLOH
WDVWDWXULOHVDXFRQWUROHUHSHQWUXMRFXULFXWHOHYL]RUXO
GXPQHDYRDVWUă$QGURLG$GăXJD܊LGLVSR]LWLYHSHFDUH
VăOHIRORVL܊LFXWHOHYL]RUXO6HOHFWD܊LDFHDVWăRS܊LXQL
܈LDSăVD܊L2.SHQWUXDvQFHSHFăXWDUHDGLVSR]LWLYHORU
GLVSRQLELOHSHQWUX D OH DVRFLD FX WHOHYL]RUXO 'DFă
DFHDVWăRS܊LXQH HVWH GLVSRQLELOă VHOHFWD܊L $GG
DFFHVVRU\$GăXJDUH DFFHVRULX ܈L DSăVD܊L 2.
SHQWUXD vQFHSH FăXWDUHD 6HWD܊L GLVSR]LWLYXO vQ
PRGXOGH VLQFURQL]DUH 'LVSR]LWLYHOH GLVSRQLELOH
YRU¿ UHFXQRVFXWH ܈L LQFOXVH vQWUR OLVWă VDX VH YD
DIL܈DVROLFLWDUHD VLQFURQL]ăULL ORU3HQWUXD vQFHSH
VLQFURQL]DUHDVHOHFWD܊L GLVSR]LWLYXO GXPQHDYRDVWUă
GLQOLVWă܈LDSăVD܊L2.VDXHYLGHQ܊LD܊L2.܈LDSăVD܊L
2.FkQGVHD¿܈HD]ăVROLFLWDUHDSHQWUXVLQFURQL]DUH
'LVSR]LWLYHOHFRQHFWDWH YRU IL DIL܈DWH vQWUR OLVWă
DLFL3HQWUX D GHVLQFURQL]D XQ GLVSR]LWLYPDUFD܊LO
܈LDSăVD܊L 2.$SRL HYLGHQ܊LD܊L RS܊LXQHD 8QSDLU
'HVLQFURQL]DUH܈L DSăVD܊L SH 2.$SRL VHOHFWD܊L
2.܈L DSăVD܊L GLQ QRX 2. SHQWUX D GHVLQFURQL]D
GLVSR]LWLYXOGHWHOHYL]RU3XWH܊LVFKLPEDQXPHOHXQXL
GLVSR]LWLYFRQHFWDW 6HOHFWD܊L GLVSR]LWLYXO ܈L DSăVD܊L
2.DSRLVHOHFWD܊L&KDQJHQDPH6FKLPEDUHQXPH
܈LDSăVD܊L GLQ QRX 2.$SăVD܊L 2.GLQQRXSHQWUX
DIRORVL WDVWDWXUD YLUWXDOă SHQWUX D VFKLPED QXPHOH
GLVSR]LWLYXOXL
/LVWăFDQDOH
7HOHYL]RUXOVRUWHD]ăWRDWHSRVWXULOHPHPRUDWHvQOLVWD
GHFDQDOH$SăVD܊LEXWRQXO2.SHQWUXDGHVFKLGH/LVWD
GHFDQDOH vQ PRGXO /LYH <9 3XWH܊L DSăVD EXWRQXO
GLUHF܊LRQDOVWkQJDSHQWUXDYăGHSODVDvQVXVSDJLQă
FXSDJLQă VDX DSăVD܊L EXWRQXO GLUHF܊LRQDO GUHDSWD
SHQWUXDYăGHSODVDvQMRV
3HQWUXDVRUWDVDXJăVLXQFDQDOGLQOLVWDFXFDQDOH
DSăVD܊LEXWRQXO *DOEHQ SHQWUX D DIL܈D RS܊LXQLOH
&KDQQHO2SHUDWLRQ 2SHUDUH FDQDO 2S܊LXQLOH
GLVSRQLELOHVXQW 6RUW6RUWDUH ܈L)LQG *ăVLUH
(VWHSRVLELO FD RS܊LXQHD 6RUW 2UGRQDUHVăQX ¿H
GLVSRQLELOăvQ IXQF܊LH GH ܊DUD VHOHFWDWă vQ WLPSXOXL
SURFHVXOXLGH FRQ¿JXUDUH LQL܊LDOă 3HQWUX D RUGRQD
FDQDOHOHVHOHFWD܊L6RUW2UGRQDUH܈LDSăVD܊LEXWRQXO
2.6HOHFWD܊LXQDGLQWUHRS܊LXQLOHGLVSRQLELOH܈LDSăVD܊L
GLQQRX 2. &DQDOHOH YRU ¿ RUGRQDWH vQ IXQF܊LH GH
RS܊LXQLOHGH FDUH OHD܊L VHOHFWDW 3HQWUX D FăXWD XQ
FDQDOVHOHFWD܊L)LQG&ăXWDUH܈LDSăVD܊LEXWRQXO2..
9DDSăUHDWDVWDWXUD YLUWXDOă,QWURGXFH܊L SDU܊LDO VDX
LQWHJUDOQXPHOHVDXQXPăUXOFDQDOXOXLSHFDUHGRUL܊L
VăvOJăVL܊LVHOHFWD܊LVLPEROXOGHELIDWGHSHWDVWDWXUă
܈LDSRLDSăVD܊LSH2.5H]XOWDWHOHFXFRUHVSRQGHQ܊H
YRU¿OLVWDWH
3HQWUXD¿OWUDFDQDOHOHDSăVD܊LEXWRQXO5R܈X9RU¿
D¿܈DWHRS܊LXQLOH6HOHFW 7\SH6HOHFWDUHWLS3XWH܊L
VHOHFWDGLQWUH RS܊LXQLOH TV 5DGLR)UHH *UDWXLW
(QFU\SWHG&RGDW܈L)DYRXULWHV)DYRULWHSHQWUX
D¿OWUDOLVWDGHFDQDOHVDXSXWH܊LVHOHFWDRS܊LXQHD
$OOFKDQQHOV7RDWHFDQDOHOHSHQWUXDYL]XDOL]DvQ
OLVWDGHFDQDOH WRDWH FDQDOHOHLQVWDODWH 2S܊LXQLOH
GLVSRQLELOHSRW IL GLIHULWH vQ IXQF܊LH GH VHOHF܊LD
RSHUDWRUXOXL
1RWă 'DFă HVWH VHOHFWDWă RULFH RSрLXQHvQ DIDUă GH $OO
FKDQQHOV7RDWHFDQDOHOHvQPHQLXO6HOHFW7\SH6HOHFWDUH
WLSYHрL SXWHDQDYJDGRDUSULQ FDQDOHOHFDUHVXQWvQ DFHVW
PRPHQWLQFOXVH vQ OLVWD GH FDQDOH FX DMXWRUXO EXWRDQHORU
3URJUDPGHSHWHOHFRPDQGă
(GLWDUHDFDQDOHORU܈LDOLVWHLGHFDQDOH
3XWH܊LHGLWDFDQDOHOH܈LOLVWDGHFDQDOHXWLOL]kQGRS܊LXQLOH
&KDQQHO6NLS2FROLUHFDQDO&KDQQHO6ZDSÌQOR
FXLUHFDQDO&KDQQHO0RYH0XWDUHFDQDO&KDQQHO
(GLW(GLWDUH FDQDO ܈L &KDQQHO 'HOHWH ܇WHUJHUH
FDQDOvQPHQLXO6HWWLQJV!&KDQQHO!&KDQQHOV6H
WăUL!&DQDO!&DQDOH3XWH܊LDFFHVDPHQLXO6HWăULGLQ
+RPH6FUHHQ(FUDQ$FDVăVDXGLQPHQLXO2S܊LXQL
79vQPRGXO/LYH79
1RWă6HSRDWHFDRSрLXQLOH&KDQQHO6ZDSÌQORFXLUHFDQDO
&KDQQHO0RYH 0XWDUH FDQDO оL &KDQQHO (GLW (GLWDUH
FDQDOVăQX ¿H GLVSRQLELOH оL Vă DSDUăVFULVHFXFRORDUHD
JULvQIXQFрLHGHRSHUDWRUXOVHOHFWDWоLGHDOWHVHWăULOHJDWHGH
DFHVWD3XWHрLRSULVHWDUHDLCNvQPHQLXO6HWWLQJV!&KDQQHO
!&KDQQHOV6HWăUL!&DQDO!&DQDOHSHQWUXDSUHYHQLHGLWDUHD
FDQDOHORU(VWHSRVLELOFDDFHDVWăRSрLXQHVă¿H2Q$FWLYDWă
vQPRGLPSOLFLWvQIXQFрLHGHрDUDVHOHFWDWăvQWLPSXOXLSURFHVXOXL
GHFRQ¿JXUDUHLQLрLDOă
2UJDQL]DUHDOLVWHLGHFDQDOHIDYRULWH
3XWH܊LFUHDSDWUXOLVWHGLIHULWHGHFDQDOHSUHIHUDWH$FHVWH
OLVWHLQFOXG GRDU FDQDOHOH DOHVH GH GXPQHDYRDVWUă
$SăVD܊LEXWRQXO2.SHQWUXDD¿܈DOLVWDGHFDQDOH
3HQWUXD DGăXJD XQ FDQDO vQWUR OLVWă GH IDYRULWH
HYLGHQ܊LD܊LDFHO FDQDO vQ OLVWD GH FDQDOH ܈L DSăVD܊L
EXWRQXO$OEDVWUX9D¿D¿܈DWPHQLXOSHQWUXVHOHFWDUHD
OLVWHLIDYRULWH(YLGHQ܊LD܊LOLVWDOLVWHOHvQFDUHGRUL܊LVă¿H
DGăXJDWFDQDOXOúLDSăVDĠL2.&DQDOXOYD¿DGăXJDW
ODOLVWDOLVWHOHGHIDYRULWHVHOHFWDWă
3HQWUXHOLPLQD XQ FDQDO vQWUR OLVWă GH IDYRULWH
HYLGHQ܊LD܊LDFHO FDQDO vQ OLVWD GH FDQDOH ܈L DSăVD܊L
EXWRQXO$OEDVWUX9D¿D¿܈DWPHQLXOSHQWUXVHOHFWDUHD

5RPkQă - 25 -
OLVWHLIDYRULWH(YLGHQ܊LD܊LOLVWDOLVWHOHGLQFDUHGRUL܊LVă
¿H܈WHUVFDQDOXOúLDSăVDĠL2.&DQDOXOYD¿܈WHUVGLQ
OLVWDOLVWHOHGHIDYRULWHVHOHFWDWă
3HQWUXD VHWD XQD GLQ OLVWHOH GH FDQDOH IDYRULWH FD
܈L OLVWă SULQFLSDOă GHFDQDOH DSăVD܊L EXWRQXO 5R܈X
܈LVHWD܊L RS܊LXQHD 6HOHFW 7\SH6HOHFWDUHWLS OD
)DYRXULWHV)DYRULWH (YLGHQ܊LD܊L OLVWD GRULWă GH
IDYRULWH܈LDSăVD܊L2.3HQWUXDSXWHDVFKLPEDSR]L܊LD
XQXLFDQDOvQOLVWDGHIDYRULWHDSăVD܊LEXWRQXO*DOEHQ
DSRLHYLGHQ܊LD܊L RS܊LXQHD 0RYH 0XWă ܈L DSăVD܊L
2.$SRLXWLOL]D܊LEXWRDQHOHGLUHF܊LRQDOH8S6XV܈L
'RZQ-RVSHQWUXDPXWDFDQDOHOHvQSR]L܊LDGRULWă
܈LDSăVD܊L2.3HQWUXDSXWHD܈WHUJHXQFDQDOGLQOLVWD
GHIDYRULWHDSăVD܊LEXWRQXO*DOEHQDSRLHYLGHQ܊LD܊L
RS܊LXQHD'HOHWH܇WHUJH܈LDSăVD܊L2.
3URJUDPPH*XLGH
*KLG3URJUDPH
3ULQLQWHUPHGLXO (3* IXQF܊LHL GH JKLG HOHFWURQLF
SURJUDPHD WHOHYL]RUXOXL GYV SXWH܊L QDYLJD SULQ
SURJUDPDUHDHYHQLPHQWHORU FDQDOHORU LQVWDODWH
DFWXDOPHQWHSH OLVWD GYV GH FDQDOH 'HSLQGH GH
WUDQVPLVLXQHDUHVSHFWLYă GDFă DFHDVWăIXQF܊LH HVWH
DFFHSWDWăVDXQX
*KLGXOHOHFWURQLFGHSURJUDPHHVWHGLVSRQLELOvQPRGXO
/LYH793HQWUXDFRPXWDvQPRGXO/LYH79SXWH܊L¿H
VăDSăVD܊LSHEXWRQXO([LW,H܈LUH¿HVăHYLGHQ܊LD܊L
DSOLFD܊LD/LYH 79 GLQ UkQGXO $SSV $SOLFD܊LLSH
HFUDQXOGHSRUQLUH ܈LDSăVD܊L2.3HQWUXXQHOH܊ăUL
DSOLFD܊LD/LYH79VHYDUHJăVLvQ¿OD+RPH$FDVă
SH(FUDQXO$FDVăLDUUkQGXOFXDFHDVWăDSOLFD܊LHYD
¿QXPLW)DYRXULWH$SSV $SOLFD܊LLIDYRULWH3HQWUX
DFFHVDUHDJKLGXOXL HOHFWURQLF GH SURJUDPH DSăVD܊L
EXWRQXO*XLGH*KLGDUHGHSHWHOHFRPDQGă
)RORVL܊LLEXWRDQHOHGLUHF܊LRQDOH SHQWUX DQDYLJD SULQ
JKLGXOGHSURJUDPH3XWH܊LIRORVLEXWRDQHOHGLUHF܊LRQDOH
6XV-RVVDXEXWRDQHOH3URJUDPSHQWUXDWUHFHGH
SHXQFDQDOSHDOWXOGLQOLVWăVDXEXWRDQHOHGLUHF܊LRQDOH
6WkQJD'UHDSWDSHQWUXDVHOHFWDXQHYHQLPHQWGRULWGLQ
FDQDOXOVHOHFWDWvQDFHVWPRPHQW'DFăHVWHGLVSRQLELO
QXPHOHFRPSOHWGDWD܈LRUDGHvQFHSHUH܈LvQFKHLHUH
DHYHQLPHQWXOXLVHOHFWDWSUHFXP܈LLQIRUPD܊LLGHVSUH
DFHVWDYRU¿D¿܈DWHSHHFUDQ
$SăVD܊LEXWRQXO$OEDVWUXSHQWUXD¿OWUDHYHQLPHQWHOH
'DWRULWăXQHL PDUL YDULHWă܊L D RS܊LXQLORU GH ¿OWUDUH
SXWH܊LJăVL HYHQLPHQWHOH GH WLSXO GRULW PDL X܈RU
$SăVD܊LEXWRQXO*DOEHQSHQWUXDFRQVXOWDLQIRUPD܊LL
GHVSUHHYHQLPHQWXOVHOHFWDW)RORVL܊LEXWRDQHOH5R܈X
܈L9HUGHSHQWUXD FRQVXOWD HYHQLPHQWHOH GLQ ]LXD
SUHFHGHQWăVDXXUPăWRDUH)XQF܊LLOHYRU¿DVRFLDWHFX
EXWRDQHOHFRORUDWHGHSHWHOHFRPDQGăDWXQFLFkQGYRU
¿GLVSRQLELOH8UPD܊LLQVWUXF܊LXQLOHGHSHHFUDQSHQWUX
IXQF܊LLOHH[DFWHDOHEXWRDQHORU
$SăVD܊LEXWRQXO 5HFRUG ÌQUHJLVWUDUH SHQWUX
DGăXJDUHDWHPSRUL]DWRUXOXLvQHYHQLPHQWXOHYLGHQ܊LDW
GLQJKLG 3XWH܊L GH¿QL WLSXO FRQWRUXOXL SULQ VHWDUHD
RS܊LXQLL6FKHGXOH7\SH7LSSURJUDPFD5HPLQGHU
0HPHQWRVDX5HFRUG ÌQUHJLVWUDUH &kQG
VXQW VHWD܊L DO܊L SDUDPHWULLDSăVD܊L EXWRQXO 9HUGH
7HPSRUL]DWRUXOYD¿DGăXJDWODOLVWDSURJUDPDWă3XWH܊L
Vă DFFHVD܊L OLVWD GHSURJUDPăUL GLQ PHQLXO 5HFRUG
ÌQUHJLVWUDUHvQPRGXO/LYH79
*KLGXO GH SURJUDPH QX SRDWH IL DIL܈DW GDFă
VXUVDGH LQWUDUH '79 HVWH EORFDWĂ GLQ PHQLXO
6HWWLQJV!&KDQQHO!3DUHQWDO&RQWUROV!,QSXWV
%ORFNHG6HWăUL!&DQDOH!&RQWURO SDUHQWDO!,QWUăUL
EORFDWHvQPRGXO/LYH79VDXvQHFUDQXOGHSRUQLUH
&RQH[LXQHDODLQWHUQHW
3XWH܊LDFFHVDLQWHUQHWXOFXDMXWRUXOWHOHYL]RUXOXLGYV
FRQHFWkQGXOODXQVLVWHPvQEDQGăODUJă7UHEXLHVă
FRQ¿JXUD܊LVHWăULOH UH܊HOHL SHQWUX D Yă EXFXUD GH R
JDPăYDULDWăGHFRQ܊LQXWGLIX]DW܈LDSOLFD܊LLGHLQWHUQHW
$FHVWHVHWăULSRW¿FRQ¿JXUDWHGLQPHQLXO6HWWLQJV!
*HQHUDO6HWWLQJV!1HWZRUN,QWHUQHW6HWăUL!6HWăUL
JHQHUDOH!5H܊HD܈L LQWHUQHW 'H DVHPHQHD SXWH܊L
HYLGHQ܊LDSLFWRJUDPD &RQHFWDW1HFRQHFWDW GH SH
HFUDQXOSULQFLSDO ܈L VăDSăVD܊L2.SHQWUX D DFFHVD
DFHVWPHQLX3HQWUXLQIRUPD܊LLVXSOLPHQWDUHFRQVXOWD܊L
VHF܊LXQHD1HWZRUN,QWHUQHW5H܊HD܈LLQWHUQHWVXE
WLWOXO6HWWLQJV6HWăUL
&RQHFWLYLWDWHSULQFDEOX
&RQHFWD܊LWHOHYL]RUXOODPRGHPURXWHUIRORVLQGXQFDEOX
(WKHUQHWÌQVSDWHOHWHOHYL]RUXOXLYH܊LJăVLXQSRUW/$1
6WDUHD FRQH[LXQLL GLQ FDUXO VHF܊LXQLL (WKHUQHWGLQ
PHQLXO1HWZRUN ,QWHUQHW 5H܊HD ܈L LQWHUQHW VH
YDPRGLILFD GLQ 1RW FRQQHFWHG 1HFRQHFWDWOD
&RQQHFWHG&RQHFWDW
&RQH[LXQH,63vQEDQGăODUJă
&DEOX/$1(WKHUQHW
,QWUDUH/$1vQSDUWHDGLQVSDWHDWHOHYL]RUXOXL
(VWHSRVLELOVă SXWH܊L FRQHFWDWHOHYL]RUXOOD UH܊HDXD
/$1vQ IXQF܊LH GHFRQ¿JXUD܊LD UH܊HOHL ÌQDFHVW FD]
SXWH܊LFRQHFWD WHOHYL]RUXO ODUH܊HD IRORVLQGXQ FDEOX
(WKHUQHW
5RPkQă - 26 -
3UL]ăGHSHUHWHUH܊HD
,QWUDUH/$1vQSDUWHDGLQVSDWHDWHOHYL]RUXOXL
&RQHFWLYLWDWHZLUHOHVV
(VWHQHYRLHGHXQPRGHPURXWHUZLUHOHVV/$1SHQWUX
DFRQHFWDWHOHYL]RUXOODLQWHUQHWSULQLQWHUPHGLXO/$1
ZLUHOHVV
0DUFD܊LRS܊LXQHD:L)LGLQPHQLXO1HWZRUN,QWHUQHW
5H܊HD܈L LQWHUQHW ܈L DSăVD܊L 2. SHQWUX D DFWLYD
FRQH[LXQHDZLUHOHVV6HYRUD¿úDUH܊HOHOHGLVSRQLELOH
6HOHFWD܊LXQDGLQWUHDFHVWHD܈LDSăVD܊LSH2.SHQWUXD
YăFRQHFWD3HQWUXLQIRUPD܊LLVXSOLPHQWDUHFRQVXOWD܊L
VHF܊LXQHD1HWZRUN,QWHUQHW5H܊HD܈LLQWHUQHWVXE
WLWOXO6HWWLQJV6HWăUL
&RQH[LXQH,63vQEDQGăODUJă
2UH܊HD FX 66,' DVFXQV QX SRDWH ¿ GHWHFWDWă GH
DOWHGLVSR]LWLYH 'DFă GRUL܊L Vă FRQHFWD܊L WHOHYL]RUXO
ODR UH܊HD FX 66,' DVFXQV PDUFD܊L RS܊LXQH$GG
QHZQHWZRUN $GăXJDUH UH܊HD QRXă GLQ PHQLXO
6HWWLQJV!1HWZRUN ,QWHUQHW 6HWăUL! 5H܊HD ܈L
LQWHUQHWGHSHHFUDQXOGHSRUQLUH܈LDSRLDSăVD܊L2..
$GăXJD܊LUH܊HDXDLQWURGXFkQGPDQXDOQXPHOHDFHVWHLD
IRORVLQGRS܊LXQHDFRUHVSXQ]ăWRDUH
8QHOHUH܊HOHDUSXWHDDYHD XQ VLVWHP GH DXWRUL]DUH
vQGRL SD܈L SHQWUX R D GRXD DXWHQWL¿FDUH FD DWDUH
vQWUXQPHGLXGHOXFUXÌQDFHVWFD]GXSăFRQHFWDUHD
ODUH܊HDXD ZLUHOHVV OD FDUH GRUL܊L Vă Yă FRQHFWD܊L
HYLGHQ܊LD܊L1RWLILFDWLRQV 1RWLILFăULOH VLWXDWHvQ
GUHDSWDVXV DOH +RPH 6FUHHQ(FUDQ$FDVă܈L
DSăVD܊L2.$SRLHYLGHQ܊LD܊L QRWL¿FDUHD 6LJQLQ WR
:L)L1HWZRUN$XWHQWL¿FDUHvQUH܊HDXDZLUHOHVV
܈LDSăVD܊L2.,QWURGXFH܊LDFUHLWăULOHGXPQHDYRDVWUă
SHQWUXDYăDXWHQWL¿FD
8QURXWHU:LUHOHVV1,(((DEJQDFFXEHQ]L
VLPXOWDQHGH܈L*+]FUHDWSHQWUXDFUH܈WHOă܊LPHD
GHEDQGă$FHVWHDVXQW RSWLPL]DWH SHQWUX GHUXODUH
YLGHR+'PDLUDSLGă܈LIăUăSUREOHPHSHQWUXWUDQVIHU
GH¿܈LHUH܈LMRFXULZLUHOHVV
8WLOL]D܊LFRQH[LXQHD/$1SHQWUXSDUWDMDUHGHGDWHPDL
UDSLGăvQWUHDOWHGLVSR]LWLYHSUHFXPFRPSXWHUH
9LWH]DGHWUDQVPLVLH GLIHUă vQIXQF܊LH GHGLVWDQ܊ă ܈L
QXPăUXOGHREVWUXF܊LXQLvQWUHSURGXVHOHGHWUDQVPLVLH
FRQILJXUD܊LDDFHVWRU SURGXVH FRQGL܊LLOH XQGHORU
UDGLRWUD¿FXO OLQLHL ܈L SURGXVHOH SH FDUH OH IRORVL܊L
'HDVHPHQHD WUDQVPLVLD VH SRDWH vQWUHUXSH VDX
GHFRQHFWDvQ IXQF܊LH GH FRQGL܊LLOH GH XQGH UDGLR
WHOHIRDQH'(&7VDXDOWHDSDUDWH:/$1E9DORULOH
VWDQGDUGDOHYLWH]HLGHWUDQVPLVLHVXQWYDORULOHPD[LPH
WHRUHWLFHSHQWUXVWDQGDUGHOHZLUHOHVV$FHVWHDQXVXQW
YLWH]HDFWXDOHDOHWUDQVPLVLHGHGDWH
/RFD܊LDXQGHWUDQVPLVLDHVWHFHDPDLH¿FLHQWăGLIHUă
vQIXQF܊LHGHPHGLXOvQFDUHHVWHIRORVLWă
)XQF܊LDZLUHOHVVDWHOHYL]RUXOXLVXSRUWăPRGHPXULGH
WLSDEJQ܈LDF(VWHUHFRPDQGDWVăXWLOL]D܊L
SURWRFROXOGH FRPXQLFDUH ,((( QSHQWUXD
HYLWDRULFH SRVLELOH SUREOHPH vQ WLPSXO YL]LRQăULL
YLGHRFOLSXULORU
7UHEXLHVăPRGL¿FD܊L66,'XOPRGHPXOXLGDFăH[LVWăvQ
SUHDMPăDOWHPRGHPXULFXDFHOD܈L66,'ÌQFD]FRQWUDU
SXWH܊LvQWkPSLQD SUREOHPH GH FRQH[LXQH 8WLOL]D܊L
FRQH[LXQHDFDEODWăGDFăH[SHULPHQWD܊LSUREOHPHFX
FRQH[LXQHDZLUHOHVV
3HQWUXDUHGDFRQ܊LQXWvQVWUHDPLQJHVWHQHYRLH GH
RYLWH]ă GH FRQH[LXQH VWDELOă )RORVL܊L FRQH[LXQHD
(WKHUQHWGDFă YLWH]D UH܊HOHL ZLUHOHVV /$1 QX HVWH
VWDELOă
3OD\HU0XOWL0HGLD
3H HFUDQXO GHSRUQLUH GHSODVD܊LYă OD OLQLD $SSV
$SOLFD܊LLVHOHFWD܊L 0XOWL0HGLD 3OD\HU003܈L
DSăVD܊L2.SHQWUXDOSRUQLUH'DFăDFHDVWăDSOLFD܊LH
QXHVWHGLVSRQLELOăHYLGHQ܊LD܊LRS܊LXQHD$GGDSSWR
IDYRXULWHV$GăXJD܊LDSOLFD܊LDODIDYRULWHVLPERO
GLQUkQGXOApps܈LDSăVD܊L2.$SRLVHOHFWD܊LDSOLFD܊LD
0XOWL0HGLD 3OD\HU 003 ܈LDSăVD܊L 2.SHQWUX
DGăXJDUH 3HQWUX XQHOH ܊ăUL DSOLFD܊LD 0XOWL0HGLD
3OD\HUVHYDVLWXDvQ¿OD+RPH$FDVăGHSH+RPH
6FUHHQ(FUDQ$FDVă܈LUkQGXOFXDFHVWăDSOLFD܊LH
YD¿QXPLWFD)DYRXULWH$SSV$SOLFD܊LLIDYRULWH.
6HOHFWD܊LWLSXO GH ¿܈LHU PXOWLPHGLD GRULW vQ PHQLXO
SULQFLSDODO SURJUDPXOXL SHQWUX UHGDUH PXOWLPHGLD
3H HFUDQXO XUPăWRU DSăVD܊L EXWRQXO 0HQX0HQLX
SHQWUXDDFFHVDOLVWDFXRS܊LXQLOH GHPHQLXvQWLPS

5RPkQă - 27 -
FHIRFDOL]DUHUăPkQHDVXSUDXQXL IROGHU VDX D XQXL
IL܈LHUPXOWLPHGLD &X DMXWRUXO RS܊LXQLORU GLQ DFHVW
PHQLXSXWH܊L VFKLPED WLSXO IL܈LHUXOXL PXOWLPHGLD
RUGRQD¿܈LHUHOH VHOHFWD D¿܈DUHD ORU vQ PLQLDWXUă ܈L
WUDQVIRUPDWHOHYL]RUXOvQWURUDPăGHIRWRJUD¿LGLJLWDOH
9H܊LSXWHDGHDVHPHQHDFRSLDOLSL܈LHOLPLQD¿܈LHUH
PXOWLPHGLDFX DMXWRUXOXL RS܊LXQLORU GLQ DFHVW PHQLX
GDFăXQ GLVSR]LWLY GH VWRFDUH 86% IRUPDWDW )$7
HVWHFRQHFWDW OD WHOHYL]RUÌQSOXV SXWH܊L VFKLPED
PRGXOGH YL]XDOL]DUH VHOHFWkQG ¿H 1RUPDO 3DUVHU
$QDOL]RUQRUPDOVDX5HFXUVLYH3DUVHU$QDOL]RU
UHFXUVLYÌQPRGXO1RUPDO3DUVHU$QDOL]RUQRUPDO
¿܈LHUHOHYRU¿D¿܈DWHFXIROGHUHOHORUGDFăDFHVWHDVXQW
GLVSRQLELOH3ULQXUPDUHGRDUWLSXOVHOHFWDWGH¿܈LHUH
PHGLDvQGLUHFWRUXOUăGăFLQăVDXGLQGLUHFWRUXOVHOHFWDW
YRU¿D¿܈DWH'DFăQXH[LVWăQLFLXQ¿܈LHUPXOWLPHGLD
GHWLSXO FHOXL VHOHFWDW IROGHUXO YD ¿ FRQVLGHUDW JRO
ÌQPRGXO 5HFXUVLYH 3DUVHU $QDOL]RU UHFXUVLY
VXUVDWXWXURU ¿܈LHUHORU PXOWLPHGLD GH WLSXO VHOHFWDW
YD¿FăXWDWă܈L ¿܈LHUHOH JăVLWH YRU¿OLVWDWH$SăVD܊L
EXWRQXO%DFN5HWXUQ ÌQDSRL5HYHQLUHSHQWUX D
vQFKLGHDFHVWPHQLX
3HQWUXDDFWLYDRS܊LXQHDGHUDPăIRWRVHOHFWD܊L3KRWR
)RWRFDWLSGH¿܈LHUPXOWLPHGLD$SăVD܊LDSRLEXWRQXO
0HQX0HQLXVHOHFWD܊L3KRWR)UDPH5DPăIRWR܈L
DSăVD܊L2.'DFăVHOHFWD܊LRS܊LXQHD2QH3KRWRPRGH
0RGXORVLQJXUăIRWRJUD¿H܈LDSăVD܊L2.LPDJLQHD
SHFDUHD܊LVHWDWRGUHSWUDPăIRWRPDLGHYUHPHYD¿
D¿܈DWăDWXQFLFkQGRS܊LXQHDUDPăIRWRHVWHDFWLYDWă
'DFăVHOHFWD܊LRS܊LXQHDGLVSR]LWLYXOXLGHVWRFDUH86%
SULPXO¿܈LHUvQ5HFXUVLYH3DUVHU$QDOL]RUUHFXUVLY
YD¿D¿܈DW.3HQWUXDVHWDLPDJLQHDUDPHLIRWRDSăVD܊L
EXWRQXO0HQX0HQLXvQWLPSFHHVWHD¿܈DWăIRWRJUD¿D
DOHDVăVHOHFWD܊L3KRWR)UDPH,PDJH,PDJLQHUDPă
IRWR܈LDSăVD܊L2..
6XSOLPHQWDUSXWH܊LFRPXWDvQWUHPRGXULOHGHQDYLJDUH
SULQDSăVDUHD EXWRQXOXL %OXH $OEDVWUX 0RGXULOH
/LVW9LHZ9L]XDOLUDHOLVWă܈L*ULG9LHZ9L]XDOL]DUH
JULOăYRU IL GLVSRQLELOH ÌQ WLPSXOXL QDYLJăULL SULQ
¿܈LHUHOHYLGHRIRWRVXWH[WRSUHYL]XDOL]DUHD¿܈LHUXOXL
HYLGHQ܊LDWYD¿D¿܈DWăvQWURPLFăIHUHDVWUăvQSDUWHD
VWkQJăDHFUDQXOXLGDFăPRGXOGHQDYLJDUHHVWHVHWDW
SH/LVW9LHZ9L]XDOL]DUHOLVWă'HDVHPHQHDSXWH܊L
IRORVLEXWRDQHOH3URJUDPSHQWUXDWUHFHGLUHFWOD
SULPXO܈LOD XOWLPXOIROGHUGDFăVWLOXOYL]XDOL]ăULLHVWH
VHWDWSH9L]XDOL]DUHOLVWă
)L܈LHUHYLGHR
$SăVDĠL2.SHQWUXDUHGD¿úLHUXOVHOHFWDW
,QIR,QIRUPD܊LL$¿úHD]ăEDUDGHLQIRUPDĠLL$SăVD܊L
GHGRXăRULSHQWUXDD¿܈DLQIRUPD܊LLGHWDOLDWH܈L¿܈LHUXO
XUPăWRU
3DXVH3OD\3DX]ă5HGDUHÌQWUHUXSH5HLDUHGDUHD
5HZLQG'HUXODUHvQDSRL3RUQHúWHGHUXODUHDvQDSRL
$SăVD܊LGHPXOWHRULSHQWUXDVWDELOLYLWH]DGHGHUXODUH
'HUXODUHUDSLGăvQDLQWH3RUQH܈WHGHUXODUHUDSLGă
vQDLQWH$SăVD܊L GHPXOWH RULSHQWUX D VWDELOL YLWH]D
GHGHUXODUH
6WRS2SULUH2SUHúWHUHGDUHD
3URJUDPH7UHFH܊LODSURJUDPXOXUPăWRU
3URJUDPH5HYHQL܊LODSURJUDPXODQWHULRU
ÌQDSRL5HYHQLUH5HYHQL܊LODHFUDQXOSURJUDPXOXLGH
UHGDUHD¿܈LHUHORUPXOWLPHGLD
)L܈LHUHDXGLRPX]LFă
$SăVDĠL2. SHQWUX D UHGD ¿úLHUXO DXGLRGH PX]LFă
VHOHFWDW
,QIR,QIRUPD܊LL$IL܈HD]ă LQIRUPD܊LL GHWDOLDWH ܈L
¿܈LHUXOXUPăWRU
3DXVH3OD\3DX]ă5HGDUHÌQWUHUXSH5HLDUHGDUHD
5HZLQG'HUXODUH vQDSRL$SăVD܊L ܈L ܊LQH܊LDSăVDW
SHQWUXGHUXODUHDvQDSRL
'HUXODUHUDSLGă vQDLQWH$SăVD܊L ܈L ܊LQH܊L DSăVDW
SHQWUXGHUXODUHDvQDLQWH
6WRS2SULUH2SUHúWHUHGDUHD
3URJUDPH7UHFH܊LODSURJUDPXOXUPăWRU
3URJUDPH5HYHQL܊LODSURJUDPXODQWHULRU
ÌQDSRL5HYHQLUH5HYHQL܊LODHFUDQXOSURJUDPXOXLGH
UHGDUHD¿܈LHUHORUPXOWLPHGLD
'DFăDSăVD܊L%DFN5HWXUQÌQDSRL5HYHQLUHIăUăD
RSULPDLvQWkLUHGDUHD¿܈LHUXOYD¿vQFRQWLQXDUHUHGDW
vQWLPS FH YH܊L QDYLJD܊L SULQ SURJUDPXO GH UHGDUH D
¿܈LHUHORUPXOWLPHGLD3XWH܊LIRORVLEXWRDQHOHDFHVWXLD
SHQWUXDFRQWURODUHGDUHD'DFăLH܈L܊LGLQSURJUDPXO
GHUHGDUH VDX VFKLPED܊L WLSXO GH ¿܈LHUH OD 9LGHR
UHGDUHDVHYDRSUL
)L܈LHUHIRWR
$SăVDĠL2. SHQWUX D UHGD ILúLHUXO IRWR VHOHFWDW
&kQGDSăVD܊L EXWRQXO 2.YD vQFHSHH[SXQHUHD GH
GLDSR]LWLYH܈L WRDWH ¿܈LHUHOH IRWR GLQ IROGHUXO DFWXDO
VDXGLQGLVSR]LWLYXOGHVWRFDUHvQIXQF܊LHGHVWLOXOGH
YL]XDOL]DUHYRU ¿ D¿܈DWH vQ RUGLQH 'DFă RS܊LXQHD
5HSHDW5HSHWDUH HVWH VHWDWă OD 1RQH 1X GRDU
¿܈LHUHVLWXDWHvQWUHFHOVHOHFWDW܈LXOWLPXOGLQOLVWăYRU¿
D¿܈DWH$SăVD܊LEXWRQXO2.VDX3DXVH3OD\3DX]ă
5HGDUHSHQWUX DSXQH SH SDX]ă VDX D FRQWLQXD
H[SXQHUHDGHGLDSR]LWLYH([SXQHUHDGHGLDSR]LWLYH
VHYDRSULGXSăFHXOWLPXO¿܈LHUOLVWDWHVWHD¿܈DW܈LHVWH
D¿܈DWHFUDQXOPHGLDSOD\HU.
,QIR,QIRUPD܊LL$¿úHD]ăEDUDGHLQIRUPDĠLL$SăVD܊L
GHGRXăRULSHQWUXDD¿܈DLQIRUPD܊LLGHWDOLDWH܈L¿܈LHUXO
XUPăWRU
3DXVH3OD\3DX]ă5HGDUH3XQHSHSDX]ăVDXUHLD
H[SXQHUHDGHGLDSR]LWLYH
%XWRQXOYHUGH 5RWDUH'XUDWă 5RWD܊L LPDJLQHD
6HWD܊LLQWHUYDOXOGHWLPSGLQWUHGLDSR]LWLYH
5RPkQă - 28 -
%XWRQXO*DOEHQ =RRP(IHFW 0ăUL܊L LPDJLQHD
$SOLFD܊LGLIHULWHHIHFWHvQWLPSXOH[SXQHULLGHGLDSR]LWLYH
3URJUDPH7UHFH܊LODSURJUDPXOXUPăWRU
3URJUDPH5HYHQL܊LODSURJUDPXODQWHULRU
ÌQDSRL5HYHQLUH5HYHQL܊LODHFUDQXOSURJUDPXOXLGH
UHGDUHD¿܈LHUHORUPXOWLPHGLD
)L܈LHUHWH[W
&kQGDSăVD܊L EXWRQXO 2. YDvQFHSH H[SXQHUHD GH
GLDSR]LWLYH܈L WRDWH ¿܈LHUHOH WH[W GLQ IROGHUXO DFWXDO
VDXGLQGLVSR]LWLYXOGHVWRFDUHvQIXQF܊LHGHVWLOXOGH
YL]XDOL]DUHYRU ¿ D¿܈DWH vQ RUGLQH 'DFă RS܊LXQHD
5HSHDW5HSHWDUH HVWH VHWDWă OD 1RQH 1X GRDU
¿܈LHUHVLWXDWHvQWUHFHOVHOHFWDW܈LXOWLPXOGLQOLVWăYRU¿
D¿܈DWH$SăVD܊LEXWRQXO2.VDX3DXVH3OD\3DX]ă
5HGDUHSHQWUX DSXQH SH SDX]ă VDX D FRQWLQXD
H[SXQHUHDGHGLDSR]LWLYH([SXQHUHDGHGLDSR]LWLYH
VHYDRSULGXSăFHXOWLPXO¿܈LHUOLVWDWHVWHD¿܈DW܈LHVWH
D¿܈DWHFUDQXOPHGLDSOD\HU.
,QIR,QIRUPD܊LL$¿úHD]ăEDUDGHLQIRUPDĠLL$SăVD܊L
GHGRXăRULSHQWUXDD¿܈DLQIRUPD܊LLGHWDOLDWH܈L¿܈LHUXO
XUPăWRU
3DXVH3OD\3DX]ă5HGDUH3XQHSHSDX]ăVDXUHLD
H[SXQHUHDGHGLDSR]LWLYH
3URJUDPH7UHFH܊LODSURJUDPXOXUPăWRU
3URJUDPH5HYHQL܊LODSURJUDPXODQWHULRU
%XWRDQHOHGLUHF܊LRQDOH-RVVDX'UHDSWD6XVVDX
6WkQJD&RPXWD܊LODSDJLQDXUPăWRDUH&RPXWD܊LOD
SDJLQDSUHFHGHQWă
ÌQDSRL5HYHQLUH2SUL܊LH[SXQHUHDFXGLDSR]LWLYH܈L
UHYHQL܊LODHFUDQXOFXSURJUDPXOGHUHGDUHD¿܈LHUHORU
PXOWLPHGLD
2SĠLXQLOHGHPHQLX
$SăVD܊LSH EXWRQXO 0HQLX SHQWUX DYHGHD RS܊LXQLOH
GLVSRQLELOHvQWLPSFH¿܈LHUHOHPXOWLPHGLDVXQWUHGDWH
VDXD¿܈DWH &RQ܊LQXWXO DFHVWXL PHQLX HVWH GLIHULW vQ
IXQF܊LHGHWLSXO¿܈LHUXOXLPXOWLPHGLD
5HGDUH3DX]ă3DXVH3OD\3XQHSHSDX]ăVDXUHLD
H[SXQHUHDGHGLDSR]LWLYH
5HSHDW5HSHWDUH 6HWD܊L RS܊LXQHD GH UHSHWDUH
6HOHFWD܊LRRS܊LXQH܈LDSăVD܊L 2.SHQWUXDVFKLPED
VHWDUHD'DFăRS܊LXQHDGH5HSHDW2QH5HSHWDUHXQ
HVWHVHOHFWDWăDFWXDOXO¿܈LHUPXOWLPHGLDYD¿UHGDWVDX
D¿܈DW'DFăRS܊LXQHDGH5HSHDW$OO5HSHWDUHWRW
HVWHVHOHFWDWăWRDWH¿܈LHUHOHPHGLDDFWXDOHVHOHFWDWH
GHDFHOD܈LWLS܈LGLQDFHOD܈LIROGHUVDXGLVSR]LWLY GH
VWRFDUHvQIXQF܊LHGHVWLOXOGHYL]XDOL]DUHYRU¿UHGDWH
VDXD¿܈DWH
6KXႉH2Q2ႇ 5HGDUH DOHDWRULH SRUQLWăRSULWă
$FWLYD܊LVDX GH]DFWLYD܊L RS܊LXQHD SHQWUX UHGDUHD
DOHDWRULH$SăVDĠL2.SHQWUXDPRGL¿FDVHWăULOH
'XUDWLRQ'XUDWă 6HWD܊LLQWHUYDOXO GH WLPS GLQWUH
GLDSR]LWLYH6HOHFWD܊LRRS܊LXQH܈LDSăVD܊L2.SHQWUX
DVFKLPED VHWDUHD 'H DVHPHQHD SXWH܊L DSăVD SH
EXWRQXO9HUGH SHQWUX DR VHWD$FHDVWăRS܊LXQH QX
YD¿GLVSRQLELOăGDFăH[SXQHUHDGHGLDSR]LWLYHHVWH
SXVăSHSDX]ă
5RWDWH5RWD܊LH5RWD܊LLPDJLQHD,PDJLQHDVHYDURWL
GHJUDGHvQVHQVRUDUOD¿HFDUHDSăVDUHDEXWRQXOXL
2. 'H DVHPHQHD SXWH܊L DSăVD SHEXWRQXO 9HUGH
SHQWUXDRURWL$FHDVWă RS܊LXQH QX YD ¿ GLVSRQLELOă
GDFăH[SXQHUHDGHGLDSR]LWLYHQXHVWHSXVăSHSDX]ă
(IHFW$SOLFD܊L GLIHULWH HIHFWH DVXSUD H[SXQHULL GH
GLDSR]LWLYH6HOHFWD܊LRRS܊LXQH܈LDSăVD܊L2.SHQWUX
DVFKLPED VHWDUHD 'H DVHPHQHD SXWH܊L DSăVD SH
EXWRQXO*DOEHQSHQWUXDRVHWD$FHDVWăRS܊LXQHQX
YD¿GLVSRQLELOăGDFăH[SXQHUHDGHGLDSR]LWLYHHVWH
SXVăSHSDX]ă
0ăULUH0ăUL܊L LPDJLQHD DIL܈DWă vQ DFHO PRPHQW
6HOHFWD܊LRRS܊LXQH܈LDSăVD܊L 2.SHQWUXDVFKLPED
VHWDUHD'HDVHPHQHDSXWH܊LDSăVDEXWRQXO*DOEHQ
SHQWUXD PăUL LPDJLQHD$FHDVWăRS܊LXQH HVWH
GLVSRQLELOăGRDUGDFăH[SXQHUHDGHGLDSR]LWLYHHVWH
RSULWă
)D܊ă6HWD܊L RS܊LXQLOH SHQWUX IRQW 0ăULPHD VWLOXO ܈L
FXORDUHDSRW¿VHWDWHGXSăSUHIHULQ܊ă
$¿܈DUHLQIRUPD܊LL $¿úDUHDLQIRUPDĠLLORUGHWDOLDWH
,PDJLQHUDPăIRWR6HWD܊LLPDJLQHDD¿܈DWăvQDFHVW
PRPHQWFDLPDJLQHDUDPHLIRWR$FHDVWăLPDJLQHYD
¿D¿܈DWă GDFă PRGXO 2QH3KRWR PRGH 0RGXO R
VLQJXUăIRWRJUD¿HHVWHVHOHFWDWvQORFXOGLVSR]LWLYXOXL
GHVWRFDUHFRQHFWDWvQWLPSXODFWLYăULLDFHVWHLRS܊LXQL
ÌQFD]FRQWUDUWRDWH¿܈LHUHOHYRU¿UHGDWHFDRH[SXQHUH
GHGLDSR]LWLYH OD DFWLYDUHD DFHVWHL RS܊LXQL SHQWUX
rama foto.
+LGH6KRZ6SHFWUXP$¿܈HD]ă$VFXQGHVSHFWUXO
$VFXQGHVDX D¿܈HD]ă VSHFWUXO GDFă DFHVWD HVWH
GLVSRQLELO
/\ULF2SWLRQV2S܊LXQLOHYHUVXUL$¿܈HD]ăYHUVXULOH
GDFăDFHVWHDVXQWGLVSRQLELOH
2SULUHLPDJLQH 'HVFKLGH܊LPHQLXO GH SRUQLUH DO
WHOHYL]RUXOXL3XWH܊L IRORVLUH RS܊LXQHD 3LFWXUH RII
2SULUHLPDJLQHSHQWUXDRSULHFUDQXO$F܊LRQD܊LRULFH
EXWRQGHSHWHOHFRPDQGăVDXGHSHWHOHYL]RUSHQWUXD
DFWLYDGLQQRXHFUDQXO
6FUHHQ0RGH0RG(FUDQ6HWD܊LRS܊LXQHDSHQWUX
UDSRUWDVSHFW
3LFWXUH6HWWLQJV6HWăULLPDJLQH$¿܈HD]ăPHQLXO
FXVHWăULOHLPDJLQLL
6RXQG6HWWLQJV6HWăULGHVXQHW$¿܈HD]ăPHQLXO
FXVHWăULOHSHQWUXVXQHW
6RXQG7UDFNV&ăLVXQHW$¿܈HD]ăRS܊LXQHDSHQWUX
EDQGDVRQRUăvQFD]XOvQFDUHH[LVWăPDLPXOWHRS܊LXQL
GLVSRQLELOH
8OWLPDUHGDUH 6HWD܊L OD 7LPH 2UD GDFă GRUL܊L Vă
FRQWLQXD܊LUHGDUHD GLQ SR]L܊LD XQGH YD܊L RSULW FkQG

5RPkQă - 29 -
YH܊LGHVFKLGH XUPăWRDUHD GDWă DFHVW IL܈LHU YLGHR
'DFăVHWD܊L OD 2ႇ2SULW UHGDUHD YDvQFHSH GH OD
vQFHSXW6HOHFWD܊L R RS܊LXQH܈L DSăVD܊L 2.SHQWUX D
VFKLPEDVHWDUHD
([SORUDUH7UHFH܊LODXQDQXPLW¿܈LHUYLGHR)RORVL܊L
EXWRDQHOHQXPHULFH܈LGLUHF܊LRQDOHSHQWUXDLQWURGXFH
RUD܈LDSăVD܊L2..
6XEWLWOH(QFRGLQJ&RGL¿FDUHVXEWLWUDUH$¿܈HD]ă
YHUVXULOHGH FRGL¿FDUH D VXEWLWUăULORUGDFă DFHVWHD
VXQWGLVSRQLELOH
'LQ86%XOFRQHFWDW
,03257$175HDOL]DрLRFRSLHGHUH]HUYăSHQWUX¿оLHUHSH
GLVSR]LWLYHOHGXPQHDYRDVWUăGHVWRFDUH86%vQDLQWHGHDOH
FRQHFWDODWHOHYL]RU3URGXFăWRUXOQXHVWHUHVSRQVDELOSHQWUX
GDXQHOHDGXVH¿оLHUHORUVDXSHQWUXSLHUGHUHDGDWHORU([LVWă
SRVLELOLWDWHDFD DQXPLWH WLSXUL GH GLVSR]LWLYH 86% GH H[
033OD\HUVDXGLVFXULVWLFNXULGHPHPRULH86%VăQX¿H
FRPSDWLELOHFXDFHVWGLVSR]LWLY7HOHYL]RUXOVXSRUWăPHPRULLvQ
IRUPDW)$717)6QXHVWHVXSRUWDW'LVSR]LWLYHOHIRUPDWDWH
)$7FXRFDSDFLWDWHPDLPDUHGH7%QXVXQWDFFHSWDWH
1XVXQWVXSRUWDWH¿оLHUHOHPDLPDULGH*%
3XWH܊LYHGHD IRWRJUDILL GRFXPHQWH WH[W VDX UHGD
PX]LFDVDX¿܈LHUHOHYLGHRLQVWDODWHSHGLVSR]LWLYXOGH
VWRFDUH86%FRQHFWDWODWHOHYL]RUXOGXPQHDYRDVWUă
&RQHFWD܊LGLVSR]LWLYXOGXPQHDYRDVWUăGHVWRFDUH86%
ODXQDGLQLQWUăULOH86%DOHWHOHYL]RUXOXL
3HHFUDQXO SULQFLSDO DO SURJUDPXOXL GH UHGDUH D
¿܈LHUHORUPXOWLPHGLDVHOHFWD܊LWLSXO¿܈LHUHOHGRULWH3H
HFUDQXOXUPăWRUVHOHFWD܊LQXPHOHXQXL¿܈LHUGLQOLVWD
FX¿܈LHUH PXOWLPHGLD GLVSRQLELOH ܈L DSăVD܊L EXWRQXO
2.8UPD܊LLQVWUXF܊LXQLOHGHSHHFUDQSHQWUXPDLPXOWH
LQIRUPD܊LLFXSULYLUHODDOWHIXQF܊LLDOHEXWRDQHORU
1RWă $оWHSWDрLSXрLQ vQDLQWH GH ILHFDUH FRQHFWDUH оL
GHFRQHFWDUHGHRDUHFHHVWHSRVLELOFDSOD\HUXOVăFLWHDVFă
vQFă¿оLHUHOH 'DFă QX YHрL SURFHGD DVWIHO VH SRWSURYRFD
GDXQH¿]LFH SOD\HUXOXL86% оL GLVSR]LWLYXOXL 86% vQ VLQH
1XGHFRQHFWDрLPHPRULD86%vQWLPSFHHVWHUHGDWXQ¿оLHU
ÌQUHJLVWUDUHSH86%
3HQWUXDvQUHJLVWUDXQSURJUDPPDLvQWkLWUHEXLHVă
FRQHFWD܊LXQ GLVSR]LWLY 86% GH VWRFDUH OD WHOHYL]RU
DWXQFLFkQGDFHVWDHVWHRSULW$SRLSRUQL܊LGLVSR]LWLYXO
SHQWUXDDFWLYDIXQF܊LDGHvQUHJLVWUDUH
3HQWUXDvQUHJLVWUDSURJUDPHGHOXQJăGXUDWăSUHFXP
¿OPHVH UHFRPDQGă Vă IRORVL܊L XQLWă܊L GH KDUG GLVF
86%+''
3URJUDPHOHvQUHJLVWUDWH VXQW VDOYDWH SH GLVSR]LWLYXO
86%GH VWRFDUH FRQHFWDW 'DFă GRUL܊L SXWH܊L VDOYD
FRSLDvQUHJLVWUăULOH SH XQ FRPSXWHU WRWX܈L DFHVWH
¿܈LHUHQXYRUSXWHD¿UHGDWHSHFRPSXWHU3XWH܊LUHGD
vQUHJLVWUăULOHGRDUFXDMXWRUXOWHOHYL]RUXOXL
2vQWkU]LHUH/LS6\QFSRDWHDSăUHDvQWLPSXOGHID]ăULL
WHPSRUDOH1XHVWHSRVLELOăvQUHJLVWUDUHDUDGLR
'DFăYLWH]DGHVFULHUHDGLVSR]LWLYXOXL86%GHVWRFDUH
FRQHFWDWQXHVWHVX¿FLHQWăvQUHJLVWUDUHDDUSXWHDHúXD
úLIXQFĠLDGHGHID]DUHDUSXWHD¿LQGLVSRQLELOă
(VWHUHFRPDQGDW Vă IRORVL܊L XQLWă܊L KDUG GLVF 86%
SHQWUXvQUHJLVWUDUHDSURJUDPHORU+'
1X GHFRQHFWD܊L XQLWDWHD 86%+'' vQ WLPSXO
vQUHJLVWUăULL$FHVW OXFUXDU SXWHD DYDULD XQLWDWHD
86%+''FRQHFWDWă
8QHOHSDFKHWHGHWUDQVPLVLHSRWVăQX¿HvQUHJLVWUDWH
GDWRULWăSUREOHPHORU OHJDWHGHVHPQDOSULQXUPDUH
YLGHRFOLSXULOHVHSRWvQWUHUXSHvQWLPSXOUHGăULL
'DFăR vQUHJLVWUDUH vQFHSH GLQ FURQRPHWUX DWXQFL
FkQGHVWHSRUQLW WHOHWH[WXO VHYD D¿܈D XQGLDORJ vQ
PRGDXWRPDW'DFăVHOHFWD܊L<HV'D܈LDSăVD܊L2.
WHOHWH[WYD¿GH]DFWLYDWLDUvQUHJLVWUDUHDYDvQFHSH
ÌQUHJLVWUDUHLQVWDQWDQHH
$SăVD܊LEXWRQXOÌQUHJLVWUDUHSHQWUXDvQFHSHLPHGLDW
vQUHJLVWUDUHDXQXLHYHQLPHQWvQWLPSXOYL]LRQăULLXQXL
SURJUDP$SăVD܊LEXWRQXO6WRSSHQWUXDRSUL܈LVDOYD
vQUHJLVWUDUHDLQVWDQWDQHX
1XHVWHSRVLELOăFRPXWDUHDFDQDOHORUGHWUDQVPLVLHvQ
WLPSXOvQUHJLVWUăULL
9L]XDOL]DUHDSURJUDPHORUvQUHJLVWUDWH
6HOHFWD܊L5HFRUG/LVW/LVWăvQUHJLVWUDUHGLQPHQLXO
5HFRUG ÌQUHJLVWUDUHGLQPRGXO/LYH79܈LDSăVD܊L
2.6HOHFWD܊LXQHOHPHQWvQUHJLVWUDWGLQOLVWăGDFăD
IRVWvQUHJLVWUDWDQWHULRU$SăVD܊L EXWRQXO 2.SHQWUX
DYL]LRQD
$SăVD܊LEXWRQXO 6WRS VDX %DFN5HWXUQ ÌQDSRL
5HYHQLUHSHQWUXDRSULUHGDUHD
ÌQUHJLVWUăULOHYRU¿GHQXPLWHvQXUPăWRUXOIRUPDW1XPH
&DQDOB'DWD$Q/XQă=LB1XPH3URJUDP
7LPHVKLIW5HFRUGLQJÌQUHJLVWUDUHFX
GHID]DUHWHPSRUDOă
3HQWUXD XWLOL]D IXQF܊LD GH vQUHJLVWUDUH FX GHID]DUH
WHPSRUDOăWUHEXLH Vă¿HDFWLYDWăPDLvQWkLRS܊LXQHD
7LPH6KLIW0RGH 0RG GHID]DUHWHPSRUDOă GLQ
5HFRUG!7LPH6KLIW 0RGH ÌQUHJLVWUDUH!0RG
GHID]DUHWHPSRUDOă.
ÌQPRGXOGHGHID]DUHSURJUDPXOHVWHRSULWúLvQUHJLVWUDW
VLPXOWDQSHGLVSR]LWLYXO86%FRQHFWDW$SăVD܊LUHGDUHD
EXWRQXO3DXVH3OD\ 3DX]ă5HGDUHvQWLPSFH
XUPăUL܊LRHPLVLXQHSHQWUXDDFWLYDPRGXOGHGHID]DUH
WHPSRUDOă$SăVD܊L GLQQRX SH EXWRQXO 3DXVH3OD\
3DX]ă5HGDUHSHQWUXDUHOXDSURJUDPXOvQWUHUXSWGH
ODPRPHQWXOvQFDUHOD܊LRSULW$SăVD܊LEXWRQXO2SULUH
SHQWUXDRSULvQUHJLVWUDUHDFXGHID]DUHWHPSRUDOă܈L
UHYHQL܊LODWUDQVPLVLXQLOHvQGLUHFW
&kQGDFHDVWă FDUDFWHULVWLFă HVWH XWLOL]DWă SHQWUX
SULPDGDWăDWXQFLFkQGHVWHDSăVDWEXWRQXO3DXVH
3OD\3DX]ă5HGDUHYD¿D¿܈DWH[SHUWXO'LVN6HWXS
&RQ¿JXUDUHGLVF3XWH܊LDOHJHPRGXOGHFRQ¿JXUDUH
$XWRPDWVDX0DQXDO ÌQ PRGXO 0DQXDO GDFă
SUHIHUD܊LSXWH܊LIRUPDWDGLVSR]LWLYXO86%GHVWRFDUH
܈LSXWH܊LVSHFL¿FDVSD܊LXOGHVWRFDUHFDUHYD¿XWLOL]DW
SHQWUXIXQF܊LD7LPHVKLIW'HID]DUHWHPSRUDOă&kQG
5RPkQă - 30 -
VHWDUHDHVWH FRPSOHWă 5H]XOWDWXO GH FRQ¿JXUDUH D
GLVFXOXLYD¿D¿܈DW$SăVDĠLEXWRQXO2.SHQWUXLHúLUH
)XQF܊LD7LPHVKLIW'HID]DUHWHPSRUDOă QX YD IL
GLVSRQLELOăSHQWUXWUDQVPLVLLOHUDGLR
)RUPDWDUHDGLVFXOXL
&kQGXWLOL]D܊LXQGLVSR]LWLYGHVWRFDUH86%QRXHVWH
UHFRPDQGDWVăvOIRUPDWD܊LPDLvQWkLXWLOL]kQGRS܊LXQHD
)RUPDW)RUPDWDUHGLQPHQLXO5HFRUG!'HYLFH,QIR
ÌQUHJLVWUDUH!,QIRUPD܊LLGLVSR]LWLYGLQ PRGXO/LYH
796HOHFWD܊LGLVSR]LWLYXOFRQHFWDWSHHFUDQXO'HYLFH
,QIR,QIRUPD܊LL GLVSR]LWLY܈L DSăVD܊L EXWRQXO2.
VDXEXWRQXOGLUHF܊LRQDO'UHDSWDSHQWUXDYHGHDOLVWD
GHRS܊LXQLGLVSRQLELOH6HOHFWD܊L)RUPDW )RUPDWDUH
܈LDSăVD܊L2.SHQWUXDFRQWLQXD9D¿D¿܈DWXQGLDORJ
GHFRQ¿UPDUH6HOHFWD܊L<HV'D܈LDSăVD܊L2.SHQWUX
DvQFHSHIRUPDWDUHD
,03257$17)RUPDWDUHD GLVSR]LWLYXOXL 86% GH
VWRFDUHYDGXFHOD ܈WHUJHUHD7878525 GDWHORU GH
SHDFHVWDVLVWHPXOGH¿܈LHUH¿LQGFRQYHUWLWOD)$7
ÌQPDMRULWDWHDFD]XULORUHURULOH GHIXQF܊LRQDUH YRU ¿
VROX܊LRQDWHGXSă IRUPDWDUHvQVăYH܊LSLHUGH72$7(
GDWHOH
/LVWDGHSURJUDPH
3XWH܊LVă DGăXJD܊L QRWLILFăUL GH WLS UHPLQGHUV
PHPHQWRVDXVăvQUHJLVWUD܊LFRQWRDUHIRORVLQGPHQLXO
6FKHGXOH/LVW/LVWăSURJUDPH3XWH܊LVăDFFHVD܊L
6FKHGXOH/LVW /LVWăSURJUDPHGLQPHQLXO5HFRUG
ÌQUHJLVWUDUHvQPRGXO/LYH796HOHFWD܊L6FKHGXOH/LVW
/LVWăSURJUDPH܈LDSăVD܊L2.&URQRPHWUHOHVHWDWH
DQWHULRUYRU¿OLVWDWHGDFăVXQWGLVSRQLELOH
$SăVD܊L EXWRQXO *DOEHQSHQWUXDDGăXJDXQ
WHPSRUL]DWRUvQWLPSFHPHQLXO6FKHGXOH/LVW/LVWă
SURJUDPDUHHVWHD¿܈DWSHHFUDQ3XWH܊LGH¿QLWLSXO
FRQWRUXOXLSULQ VHWDUHD RS܊LXQLL 6FKHGXOH 7\SH7LS
SURJUDPFD 5HPLQGHU0HPHQWR VDX5HFRUG
(ÌQUHJLVWUDUH&kQGVXQWVHWD܊LDO܊LSDUDPHWULLDSăVD܊L
EXWRQXO9HUGH&RQWRUXOYD¿DGăXJDWODOLVWă
'DFăH[LVWă GLVSRQLELOLWDWH SXWH܊L HGLWD VDX ܈WHUJH
FRQWRDUHOHGLQDFHDVWăOLVWă(YLGHQ܊LD܊LWHPSRUL]DWRUXO
GXSă SUHIHULQ܊ă ܈L DSăVD܊L EXWRQXO5R܈XSHQWUX
HGLWDUH'XSă FH D܊L HGLWDW WHPSRUL]DWRUXO DSăVD܊L
EXWRQXO9HUGHSHQWUXDVDOYDPRGL¿FăULOH(YLGHQ܊LD܊L
WHPSRUL]DWRUXO GXSă SUHIHULQ܊ă ܈L DSăVD܊L EXWRQXO
$OEDVWUXSHQWUXD܈WHUJH&kQGDOHJH܊LVă܈WHUJH܊LXQ
FRQWRUSHHFUDQYD¿D¿܈DWXQGLDORJGHFRQ¿UPDUH
6HOHFWD܊L<HV'D܈L DSăVD܊L 2.SHQWUXD܈WHUJH
FRQWRUXOVHOHFWDW
'DFăLQWHUYDOHOH GH WLPS DOH FHORU GRXă FRQWRDUH
VHVXSUDSXQ YD ¿ D¿܈DW XQ PHVDM GH DYHUWL]DUH
1XSXWH܊LVHWDPDLPXOWGHXQFRQWRUSHQWUXDFHOD܈L
LQWHUYDOGHWLPS
$SăVD܊LEXWRQXO (;,7 ,(܇,5(SHQWUX DvQFKLGH
6FKHGXOH/LVW/LVWDGHSURJUDPH
CEC
&XDMXWRUXOIXQF܊LHL&(&DWHOHYL]RUXOXLGXPQHDYRDVWUă
SXWH܊LRSHUD XQ GLVSR]LWLY FRQHFWDW SULQ LQWHUPHGLXO
WHOHFRPHQ]LL$FHDVWă IXQF܊LHIRORVH܈WH +'0,
&(&&RQVXPHU (OHFWURQLFV &RQWURO &RQWUROXO
GLVSR]LWLYHORUHOHFWURQLFHGHFăWUHFRQVXPDWRUSHQWUX
DFRPXQLFDFXGLVSR]LWLYHOHFRQHFWDWH'LVSR]LWLYHOH
WUHEXLHVă DFFHSWH +'0, &(& ܈L WUHEXLH Vă ILH
FRQHFWDWHSULQWURFRQH[LXQH+'0,
3HQWUXD SXWHD XWLOL]D IXQF܊LD &(& RS܊LXQHD
FRUHVSRQGHQWăGLQ PHQLX WUHEXLH DFWLYDWă 3HQWUX
YHUL¿FDDFWLYDUHD VDX GH]DFWLYDUHD IXQF܊LHL &(&
SURFHGD܊LGXSăFXPXUPD]ă
$FFHVD܊LPHQLXO6HWWLQJV!'HYLFH 3UHIHUHQFHV!,Q
SXWV6HWăUL!3UHIHULQ܊HGLVSR]LWLY!,QWUăULGHSH
HFUDQXOSULQFLSDOVDXPHQLXO79RSWLRQV!6HWWLQJV!
'HYLFH3UHIHUHQFHV!,QSXWV2S܊LXQLWHOHYL]RU!6H
WăUL!3UHIHULQ܊HGLVSR]LWLY!,QWUăULvQPRGXO/LYH79
'HSODVD܊LYă vQ MRVOD VHF܊LXQHD &RQVXPHU(OHF
WURQLF&RQWURO &(&&RQWUROXO GLVSR]LWLYHORU
HOHFWURQLFHGHFăWUHFRQVXPDWRU9HUL¿FD܊LGDFă
RS܊LXQHDGHFRQWURO+'0,HVWHDFWLYDWă
(YLGHQ܊LDLRS܊LXQHDGHFRQWURO+'0,܈LDSăVD܊L2.
SHQWUXDFWLYDUHVDXGH]DFWLYDUH
$VLJXUD܊LYăFă WRDWH GLVSR]LWLYHOH &(& VXQW FRUHFW
FRQ¿JXUDWHSH GLVSR]LWLYXO &(& FRQHFWDW$FHDVWă
IXQF܊LH&(&SRDUWăQXPHGLIHULWHvQIXQF܊LHGHPDUFă
(VWHSRVLELO FD IXQF܊LD &(& Vă QX IXQF܊LRQH]H FX
WRDWHGLVSR]LWLYHOH 'DFă FRQHFWD܊L OD WHOHYL]RUXO
GXPQHDYRDVWUăXQGLVSR]LWLYFDUHVXSRUWă+'0,&(&
VXUVDGHLQWUDUH+'0,DIHUHQWăYD ¿ UHGHQXPLWă FX
QXPHOHGLVSR]LWLYXOXLFRQHFWDW
3HQWUXD RSHUD GLVSR]LWLYXO &(& FRQHFWDW VHOHFWD܊L
VXUVDGH LQWUDUH +'0, DIHUHQWă GLQ PHQLXO ,QSXWV
,QWUăULGLQHFUDQXOGHSRUQLUH3XWH܊LGHDVHPHQHD
DSăVDEXWRQXO6RXUFH6XUVăGDFăWHOHYL]RUXOHVWH
vQPRGXO/LYH79܈LVHOHFWD܊LVXUVDGHLQWUDUH+'0,
FRUHVSXQ]ăWRDUHGLQOLVWă3HQWUXD ¿QDOL]D DFHDVWă
RSHUD܊LXQL܈L D UHYHQL OD FRQWUROXO WHOHYL]RUXOXL SULQ
WHOHFRPDQGăDSăVD܊LEXWRQXO6RXUFH6XUVăFDUH
vQFăYDIXQF܊LRQDGHSHWHOHFRPDQGă܈LDOHJH܊LDOWă
VXUVă
7HOHFRPDQGD WHOHYL]RUXOXL SRDWH Vă FRQWUROH]H
GLVSR]LWLYXOGXSă FH VXUVD +'0, FRQHFWDWă D IRVW
VHOHFWDWă&X WRDWHDFHVWHDQXWRDWHEXWRDQHOHYRU
¿WUDQVIHUDWH GLVSR]LWLYXOXL 'RDU GLVSR]LWLYHOH FDUH
DFFHSWăIXQF܊LD7HOHFRPDQGă &(& YRU UăVSXQGH OD
WHOHFRPDQGDWHOHYL]RUXOXL
7HOHYL]RUXOVXSRUWăGHDVHPHQHDFDUDFWHULVWLFDH$5&
(QKDQFHG$XGLR 5HWXUQ&KDQQHO FDQDO GH UHWXU
DOVHPQDOXOXL DXGLR vPEXQăWă܊LW 6LPLODU FX$5&
FDUDFWHULVWLFDH$5&SHUPLWHWUDQVIHUXOÀX[XOXLDXGLR
GLJLWDOGHODWHOHYL]RUODXQGLVSR]LWLYDXGLRFRQHFWDW
SULQFDEOXO+'0,H$5&HVWHRYHUVLXQHvPEXQăWă܊LWă

5RPkQă - 31 -
D$5&$UHROă܊LPHGHEDQGăPXOWPDLPDUHGHFkW
SUHGHFHVRUXOVăX/ă܊LPHDGHEDQGăUHSUH]LQWăJDPD
GHIUHFYHQ܊HVDXFDQWLWDWHDGHGDWHWUDQVIHUDWăODXQ
PRPHQWGDW/ă܊LPHDGHEDQGăPDLPDUHVHWUDGXFH
vQWURFDQWLWDWHPDLPDUHGHGDWHFDUHSRW¿WUDQVIHUDWH
/ă܊LPHDGHEDQGăPDLPDUHPDLvQVHDPQăFăVHPQDOXO
DXGLRGLJLWDOQXWUHEXLHVă¿HFRPSULPDW܈LFăHVWHPXOW
PDLGHWDOLDWERJDW܈LYLEUDQW
&kQGH$5&HVWHDFWLYDWGLQPHQLXO 6RXQG 6XQHW
WHOHYL]RUXOvQFHDUFăPDLvQWkLVăVWDELOHDVFăOHJăWXUD
H$5&'DFă H$5& HVWH DFFHSWDW GH GLVSR]LWLYXO
FRQHFWDWLH܈LUHD VH WUDQVIRUPă vQ PRG H$5& LDU
SH26'XO GLVSR]LWLYXOXL FRQHFWDW VH SRDWH YHGHD
LQGLFDWRUXOÄH$5&´'DFăQXVHSRDWHVWDELOLROHJăWXUă
H$5&GHH[HPSOXGLVSR]LWLYXOFRQHFWDWQXDFFHSWă
H$5&FLGRDU$5&VDXGDFăH$5&HVWHGH]DFWLYDW
GLQPHQLXO6RXQG6XQHWDWXQFLWHOHYL]RUXO LQL܊LD]ă
ARC.
3HQWUXDSXWHDDFWLYDIXQF܊LD$5&FDUDFWHULVWLFDH$5&
WUHEXLHVă¿HVHWDWăFD$XWR3XWH܊LDFFHVDDFHDVWă
RS܊LXQHGLQ PHQLXO79 2SWLRQV!6HWWLQJV!'HYLFH
3UHIHUHQFHV!6RXQG2S܊LXQL79!6HWăUL!3UHIHULQ܊H
GLVSR]LWLY!6XQHWvQPRGXO/LYH79VDXGLQPHQLXO
6HWWLQJV!'HYLFH3UHIHUHQFHV!6RXQG6HWăUL!3UH
IHULQ܊HGLVSR]LWLY!6XQHW GLQ HFUDQX GH SRUQLUH
$WXQFLFkQGH$5&HVWHDFWLYWHOHYL]RUXOSXQHDXWRPDW
SHPXWDOWHLH܈LULDXGLR3ULQXUPDUHYH܊LDX]L GRDU
VHPQDOXODXGLRGHODGLVSR]LWLYXODXGLRFRQHFWDW%X-
WRDQHOHSHQWUXFRQWUROXOYROXPXOXLGHSHWHOHFRPDQGă
YRU¿FXSODWHFXGLVSR]LWLYXODXGLRFRQHFWDW܈LYH܊LSXWHD
FRQWURODYROXPXODFHVWXLDSULQLQWHUPHGLXOWHOHFRPHQ]LL
WHOHYL]RUXOXLGXPQHDYRDVWUă
3HQWUXFDH$5&VăIXQF܊LRQH]HFRUHFW
'LVSR]LWLYXODXGLRFRQHFWDWWUHEXLHVăDFFHSWH܈LH$5&
8QHOHFDEOXUL+'0,QXDXVX¿FLHQWăOă܊LPHGHEDQGă
SHQWUXDWUDQVSRUWDFDQDOHDXGLRFXUDWăGHEL܊LPDUH
XWLOL]D܊LXQFDEOX+'0,FXVXSRUWH$5&FDEOXUL+'0,
GHPDUH YLWH]ă FX (WKHUQHW ܈L QRXO FDEOX +'0,
GHYLWH]ă XOWUD UDSLGă YHUL¿FD܊L KGPLRUJ SHQWUX
LQIRUPD܊LLGHXOWLPăRUă.
1RWăH$5& HVWH FRPSDWLELO GRDU SULQ LQWHUPHGLXO LQWUăULL
+'0,
*RRJOH&DVW
&XWHKQRORJLDLQWHJUDWă*RRJOH&DVWSXWH܊LVăUHGD܊L
FRQ܊LQXWXOGH SH GLVSR]LWLYXO GYV PRELO GLUHFW OD
WHOHYL]RUXOGYV'DFăWHOHIRQXOGXPQHDYRDVWUăPRELO
DUHRS܊LXQHD *RRJOH &DVW SXWH܊L SURLHFWD HFUDQXO
DFHVWXLGLVSR]LWLYSHWHOHYL]RUSULQZLUHOHVV6HOHFWD܊L
RS܊LXQHD3URLHFWDUHHFUDQSHGLVSR]LWLYXOGYVDQGURLG
'LVSR]LWLYHOHGHWHFWDWH GLVSRQLELOH YRU ¿ GHWHFWDWH
SLDIL܈DWH 6HOHFWD܊L WHOHYL]RUXO GXPQHDYRDVWUă
GLQOLVWă ܈L DSăVD܊L SHQWUX D vQFHSH YL]LRQDUH SH
WHOHYL]RU3XWH܊L DÀD QXPHOH UH܊HOHL GXPQHDYRDVWUă
GLQPHQLXO 6HWWLQJV!'HYLFH3UHIHUHQFHV!$ERXW
6HWăUL!3UHIHULQ܊HGLVSR]LWLY!'HVSUH GLQHFUDQXO
GHSRUQLUH 'HYLFH QDPH 1XPH GLVSR]LWLYYD¿
XQDGLQ RS܊LXQLOH DIL܈DWH 3XWH܊L VFKLPED QXPHOH
WHOHYL]RUXOXLGXPQHDYRDVWUă 0DUFD܊L 'HYLFH QDPH
1XPHGLVSR]LWLY܈LDSăVD܊LSH2.6HOHFWD܊L DSRL
&KDQJH6FKLPED܊L ܈L DSăVD܊L GLQ QRX 2. 3XWH܊L
VHOHFWDXQXOGLQWUHQXPHOHSUHGH¿QLWHVDXLQWURGXFH܊L
XQQXPHSHUVRQDOL]DW
3HQWUXD SURLHFWD HFUDQXO GLVSR]LWLYXOXL SH
WHOHYL]RU
$FFHVD܊LPHQLXOÄ6HWăUL´DOGLVSR]LWLYXOXL$QGURLG
GHSHSDQRXOGHQRWL¿FăULVDXHFUDQXOGHSRUQLUH
$SăVD܊LÄ&RQHFWLYLWDWHGLVSR]LWLY´
$SăVD܊LÄ3URLHFWDUHX܈RDUă´܈LDFWLYD܊LÄ3URLHFWDUH
ZLUHOHVV´6HYRUD¿܈DGLVSR]LWLYHOHGLVSRQLELOH
6HOHFWD܊LWHOHYL]RUXOXQGHGRUL܊LVăVHSURLHFWH]H
FRQ܊LQXWXO
VDX
1DYLJD܊LVSUHSDQRXOGHQRWL¿FăUL
$SăVD܊LÄ3URLHFWDUHZLUHOHVV´
6HOHFWD܊LWHOHYL]RUXOXQGHGRUL܊LVăVHSURLHFWH]H
FRQ܊LQXWXO
'DFăDSOLFD܊LD GH SH PRELO SHUPLWH SURLHFWDUHD
SUHFXP<RX7XEH'DLO\PRWLRQ1HWÀL[SXWH܊LSURLHFWD
DSOLFD܊LDSHWHOHYL]RUXOGXPQHDYRDVWUă 3H DSOLFD܊LD
PRELOăEORFD܊LSLFWRJUDPDGH*RRJOHFDVW܈LDSăVD܊L
SHDFHDVWD 'LVSR]LWLYHOH GHWHFWDWH GLVSRQLELOH
YRUIL GHWHFWDWH SL DIL܈DWH 6HOHFWD܊L WHOHYL]RUXO
GXPQHDYRDVWUăGLQ OLVWă ܈L DSăVD܊L SHQWUX D vQFHSH
YL]LRQDUHSHWHOHYL]RU
3HQWUX D SURLHFWD R DSOLFD܊LH SH HFUDQXO
WHOHYL]RUXOXL
'HVFKLGH܊LSH VPDUWSKRQH VDX SH WDEOHWă R
DSOLFD܊LHFDUHDFFHSWD*RRJOH&DVW
$SăVD܊LSLFWRJUDPD*RRJOH&DVW
6HOHFWD܊LWHOHYL]RUXOXQGHGRUL܊LVăVHSURLHFWH]H
FRQ܊LQXWXO
$SOLFD܊LDVHOHFWDWHYD¿UHGDWăSHWHOHYL]RU
1RWH
*RRJOH&DVWIXQFрLRQHD]ăSH$QGURLGоLL26$VLJXUDрLYăFă
GLVSR]LWLYXOGXPQHDYRDVWUă PRELO HVWH FRQHFWDW OD DFHHDоL
UHрHDFDоLWHOHYL]RUXO
2SрLXQLOHGH PHQLX оL QXPHOH IXQFрLHL *RRJOH &DVWSH
GLVSR]LWLYXOGXPQHDYRDVWUă$QGURLGSRWVă GLIHUH vQIXQFрLH
GHPDUFă оL Vă VH VFKLPEH vQ WLPS &RQVXOWDрLPDQXDOXO
GLVSR]LWLYXOXLSHQWUX FHOH PDL QRL LQIRUPDрLL SULYLQG IXQFрLD
*RRJOH&DVW
6LVWHP+%%79
+EE79+\EULG %URDGFDVW %URDGEDQG79 HVWHXQ
VWDQGDUGFDUH FRPELQă SHUIHFW VHUYLFLLOH 79RIHULWH
SULQWUDQVPLVLXQH FX VHUYLFLLOH RIHULWH SULQ EDQGă
ODUJăúL SHUPLWH DFFHVXO OD ,QWHUQHW GRDU VHUYLFLLORU
SHQWUXFRQVXPDWRULIRORVLQGWHOHYL]RDUHOHúLUHFHLYH-
5RPkQă - 32 -
UHOHFRQHFWDWH6HUYLFLLOHIXUQL]DWHSULQ+EE79LQFOXG
WUDQVPLVLXQHDSULQFDQDOHOH79WUDGL܊LRQDOHVHUYLFLLOH
ÄFDWFKXS´YLGHRODFHUHUHJKLGHOHFWURQLFGHSURJUD-
PHSXEOLFLWDWHLQWHUDFWLYăSHUVRQDOL]DUHYRWDUHMRFXUL
UH܊HOHVRFLDOH܈LDOWHDSOLFD܊LLPXOWLPHGLD
$SOLFD܊LLOH+EE79VXQWGLVSRQLELOHSHFDQDOHOHVHPQD-
OL]DWHGHSRVWXOHPL܊ăWRU
$SOLFD܊LLOH+EE79VXQWGLVSRQLELOHSH FDQDOHOH XQGH
VXQWLQGLFDWHGHVHUYLFLXOGHUDGLRGLIX]LXQHÌQJHQHUD
SHHFUDQYDDSăUHDRSLFWRJUDPăVXEIRUPDXQXLPLF
EXWRQUR܈X SHQWUX D QRWL¿FD XWLOL]DWRUXO Fă H[LVWă R
DSOLFD܊LH+EE79SHDFHOFDQDO$SăVDĠLEXWRQXOLQGLFDW
SHHFUDQSHQWUXDODQVDDSOLFDĠLD
$SOLFD܊LLOH+EE7YIRORVHVFEXWRDQHGHSHWHOHFRPDQGă
SHQWUXDLQWHUDF܊LRQDFXXWLOL]DWRUXO$WXQFLFkQGHVWH
ODQVDWăR DSOLFD܊LH +EE79FRQWUROXOXQRU DQXPLWH
EXWRDQHHVWHGH܊LQXWGHDSOLFD܊LH'HH[HPSOXVHOHF-
WDUHDQXPHULFăDFDQDOHORUHSRVLELOVăQXIXQF܊LRQH]H
ODRDSOLFD܊LHWHOHWH[WXQGHQXPHUHOHLQGLFăSDJLQLGH
WHOHWH[W
3HQWUX+EE79HVWH QHFHVDUă FDSDFLWDWHDGH UHGD-
UHvQ ÀX[$9SHQWUX SODWIRUPă ([LVWă QXPHURDVH
DSOLFD܊LLFDUHRIHUă92'YLGHRODFHUHUH ܈L VHUYLFLL
79ÄFDWFKXS´%XWRDQHOH2.UHGD܈LSDX]ă6WRS
)DVWIRUZDUG'HUXODUHUDSLGăvQDLQWH܈L5HZLQG
'HUXODUHvQDSRL GHSHWHOHFRPDQGăSRW¿IRORVLWă
SHQWUXDLQWHUDF܊LRQDFXFRQ܊LQXWXO$9
1RWă3XWHрL DFWLYD оL GH]DFWLYD DFHDVWă FDUDFWHULVWLFă GLQ
PHQLXO792SWLRQV!$GYDQFHG2SWLRQV!+%%796HWWLQJV
2S܊LXQL79!2S܊LXQLDYDQVDWH!6HWăUL +%%79 vQ PRGXO
/LYH79
&ăXWDUH6WDQGE\UDSLG
'DFăD IRVW HIHFWXDWă R FăXWDUH DXWRPDWă DQWHULRU
WHOHYL]RUXOGXPQHDYRDVWUă YD FăXWD FDQDOH GLJLWDOH
QRLVDXSHFHOHFDUHOLSVHVFvQ¿HFDUHGLPLQHD܊ăOD
DPvQWLPSFHVHDÀăvQPRGXOVWDQGE\UDSLG
,DUGDFăRS܊LXQHD$XWR&KDQQHO8SGDWH$FWXDOL]DUH
DXWRPDWăFDQDOHGLQPHQLXO6HWWLQJV!&KDQQHO6H
WăUL!&DQDOHHVWHDFWLYDWăWHOHYL]RUXOYDSRUQLWLPSGH
PLQXWHGXSăFDUHYDWUHFHGLQQRXvQPRGXOVWDQGE\
UDSLG܈LYDFăXWDFDQDOHOH/('GHVWDQGE\YDOXPLQD
LQWHUPLWHQWSH GXUDWD DFHVWXL SURFHV &kQG /('XO
QXPDLOXPLQHD]ăLQWHUPLWHQWSURFHVXOGHFăXWDUHD
IRVW¿QDOL]DW&DQDOHOHJăVLWHYRU¿VDOYDWHvQOLVWDGH
FDQDOH/DXUPăWRDUHDSRUQLUHDWHOHYL]RUXOXLYH܊L¿
LQIRUPDWGDFăOLVWDGHFDQDOHDIRVWDFWXDOL]DWă
$FWXDOL]ăULVRIWZDUH
7HOHYL]RUXOGXPQHDYRDVWUăSRDWHVăJăVHDVFă܈LVă܈L
DFWXDOL]H]H¿UPZDUHXOvQPRGDXWRPDWSULQLQWHUPH-
GLXOLQWHUQHWXOXL
3HQWUXDH[SHULPHQWDWHOHYL]RUXOGXPQHDYRDVWUăODFHO
PDLEXQQLYHO܈LDEHQH¿FLDGHXOWLPHOHvPEXQăWă܊LUL
DVLJXUD܊LYăFăVLVWHPXOHVWHvQWRWGHDXQDDFWXDOL]DW
$FWXDOL]DUHVRIWZDUHSULQLQWHUQHW
'LQHFUDQXO GH SRUQLUH DFFHVD܊L PHQLXO 6HWWLQJV!
'HYLFH3UHIHUHQFHV!$ERXW 6HWăUL!3UHIHULQ܊H
GLVSR]LWLY!'HVSUHSHQWUX D DFWXDOL]D YHUVLXQHD
VLVWHPXOXL$QGURLG 0XWD܊LIRFDOL]DUHD SHRS܊LXQHD
6\VWHPXSGDWH$FWXDOL]DUHVLVWHP܈LDSăVD܊L2..
9H܊LSULPLLQIRUPD܊LLGHVSUHVWDUHDVLVWHPXOXL܈LGHVSUH
PRPHQWXOFkQGDXIRVWFăXWDWHXOWLPDGDWăDFWXDOL]ăUL
2S܊LXQHD&KHFNIRUXSGDWH&ăXWDUHDFWXDOL]ăULYD¿
VHOHFWDWăDSăVD܊L2.GDFăGRUL܊LVăFăXWD܊LDFWXDOL]ăUL
GLVSRQLELOH
1RWă1XVFRDWHрLFDEOXOGHDOLPHQWDUHvQWLPSXOSURFHVXOXLGH
UHSRUQLUH'DFăWHOHYL]RUXOGXPQHDYRDVWUăQXSRUQHоWHGXSă
DFWXDOL]DUHGHFRQHFWDрLWHOHYL]RUXODоWHSWDрLGRXăPLQXWHоL
FRQHFWDрLOvQDSRL
'HSDQDUH6IDWXUL
7HOHYL]RUXOQXSRUQH܈WH
$VLJXUD܊LYă FăFDEOXO GHDOLPHQWDUH HVWHLQWURGXV
FRUHVSXQ]ăWRUvQSUL]ă
'HFRQHFWD܊LFDEOXOGHFXUHQWGLQSUL]ă$܈WHSWD܊LXQ
PLQXW܈LDSRLFRQHFWD܊LOGLQQRXODSUL]ă
$SăVDĠL EXWRQXO 6WDQGE\2Q5HSDXV3RUQLWGH
SHWHOHYL]RU
7HOHYL]RUXOQXUăVSXQGHODWHOHFRPDQGă
7HOHYL]RUXOQHFHVLWăXQWLPSSHQWUXDSRUQLÌQDFHVW
WLPSWHOHYL]RUXOQXUăVSXQGHODWHOHFRPDQGăVDXOD
FRPHQ]L$FHDVWDHVWHRRSHUDĠLXQHQRUPDOă
9HULILFD܊LGDFă WHOHFRPDQGD IXQF܊LRQHD]ă FX
DMXWRUXOFDPHUHLXQXLWHOHIRQPRELO$FWLYD܊LFDPHUD
WHOHIRQXOXL܈L SODVD܊L WHOHFRPDQGD vQ RELHFWLYXO
FDPHUHL'DFăDSăVD܊LSHRULFHWDVWăDWHOHFRPHQ]LL
܈LYHGH܊LFXDMXWRUXOFDPHUHLFă/('XOLQIUDUR܈XVH
DSULQGHDWXQFL WHOHFRPDQGD IXQF܊LRQHD]ă FRUHFW
7UHEXLHYHUL¿FDWWHOHYL]RUXO
'DFăQX REVHUYD܊L DFHDVWă DSULQGHUH D /('XOXL
HVWHSRVLELOFDEDWHULLOHVă¿HFRQVXPDWHÌQORFXL܊L
EDWHULLOH'DFă WHOHFRPDQGD FRQWLQXă Vă QX
IXQF܊LRQH]HvQVHDPQăFăHVWHGHWHULRUDWă܈LWUHEXLH
Vă¿HUHSDUDWă
$FHDVWăPHWRGăGHYHUL¿FDUHDWHOHFRPHQ]LLQXHVWH
SRVLELOăvQFD]XOWHOHFRPHQ]LORUFDUHVXQWFRQHFWDWH
SULQZLUHOHVVFXWHOHYL]RUXO
/LSVăFDQDOH
$VLJXUD܊LYăFăWRDWHFDEOXULOHVXQWFRQHFWDWH܈LFă
HVWHVHOHFWDWăUH܊HDXDFRUHFWă
$VLJXUD܊LYăFăHVWHVHOHFWDWăOLVWDFRUHFWăGHFDQDOH
ÌQ FD]XOvQ FDUHDĠL HIHFWXDWFăXWDUHD PDQXDO
YHUL¿FDĠLGDFăDĠLLQWURGXVIUHFYHQĠDGHFDQDOFRUHFWă
/LSVăLPDJLQHLPDJLQHGLVWRUVLRQDWă
$VLJXUD܊LYăFă DQWHQDHVWH FRQHFWDWă FRUHFW OD
WHOHYL]RU

5RPkQă - 33 -
$VLJXUD܊LYăFăQXHVWHGHWHULRUDWFDEOXODQWHQHL
$VLJXUD܊LYăFăGLVSR]LWLYXOFRUHFWHVWHVHOHFWDWGUHSW
VXUVăGHLQWUDUH
$VLJXUD܊LYă Fă GLVSR]LWLYXO VDX H[WHUQă VXQW
FRQHFWDWHFRUHFW
$VLJXUD܊LYă FăVHWăULOH LPDJLQLL VXQW FRUHFW
FRQ¿JXUDWH
&DOLWDWHDUHFHS܊LHLSRDWH¿LQÀXHQ܊DWăGHGLIX]RDUH
SXWHUQLFHGLVSR]LWLYH DXGLR IăUă vPSăPkQWDUH
QHRDQHFOăGLULvQDOWHVDXDOWHRELHFWHGHGLPHQVLXQL
PDULÌQFHUFD܊L Vă vPEXQăWă܊L܊L FDOLWDWHD UHFHS܊LHL
SULQVFKLPEDUHDGLUHF܊LHLDQWHQHLVDXSULQPXWDUHD
GLVSR]LWLYHORUGHSDUWHGHWHOHYL]RUGDFăDFHVWOXFUX
HVWHSRVLELO
$OHJH܊LDOW IRUPDWDO LPDJLQLLGDFă LPDJLQHD QX
vQFDSHSHHFUDQ
$VLJXUD܊LYăFă3&XOIRORVH܈WHUH]ROX܊LD܈LUDWDGH
vPSURVSăWDUHDFFHSWDWă
/LSVDVXQHWXOXLVXQHWVODE
$VLJXUD܊LYăFă VHWăULOHVXQHWXOXL VXQWFRUHFW
FRQ¿JXUDWH
$VLJXUD܊LYăFăWRDWHFDEOXULOHVXQWFRUHFWFRQHFWDWH
$VLJXUD܊LYă Fă YROXPXO QXHVWH SXV SH PXW VDX
FRQ¿JXUDWOD]HURFUH܈WH܊LYROXPXOSHQWUXDYHUL¿FD
$VLJXUD܊LYă Fă LH܈LUHD DXGLR DWHOHYL]RUXOXL HVWH
FRQHFWDWăODLQWUDUHDDXGLRDVLVWHPXOXLDXGLRH[WHUQ
6XQHWXOSURYLQH GRDUGH OD XQ GLIX]RU9HUL¿FD܊L
VHWăULOHGHHFKLOLEUDUHGLQPHQLXO6RXQG6XQHW
6XUVHOHGHLQWUDUHQXSRW¿VHOHFWDWH
$VLJXUD܊LYăFă GLVSR]LWLYXOHVWH FRQHFWDWFRUHFW OD
WHOHYL]RU
$VLJXUD܊LYăFăWRDWHFDEOXULOHVXQWFRUHFWFRQHFWDWH
$VLJXUD܊LYă Fă VHOHFWD܊LVXUVD GH LQWUDUH FRUHFWă
FRUHVSXQ]ăWRDUHGLVSR]LWLYXOXLFRQHFWDW
$VLJXUD܊LYăFăVXUVDFRUHFWăGHLQWURGXFHUHQXHVWH
DVFXQVăGLQ0HQLXO,QWUăUL.
&RPSDWLELOLWDWHD
VHPQDOXOXL+'0,
6XUVă 6HPQDOHFRPSDWLELOH
+'0,
L +]
S +]
LS +]
S +]+]
L +]+]
S +]+]+]
+]+]
[S +]+]+]
+]+]
[S +]+]+]
+]+]
ÌQXQHOH FD]XUL HVWH SRVLELO FD XQ VHPQDO Vă QX
VHDIL܈H]H FRUHFW SH WHOHYL]RU3UREOHPD SRDWH IL
UHSUH]HQWDWăGH R LQFRPSDWLELOLWDWH FX VWDQGDUGHOH
DHFKLSDPHQWXOXL VXUVă '9' FDVHWă VXSHULRDUă
HWF 'DFă DYHĠL R DVWIHO GH SUREOHPă FRQWDFWDĠL
GLVWULEXLWRUXOúLSURGXFăWRUXOHFKLSDPHQWXOXLVXUVă
5RPkQă - 34 -
)RUPDWGH¿܈LHUHDFFHSWDWHSHQWUXPRGXO86%
9LGHR
&RGHFYLGHR 5H]ROX܊LH 5DWăGH
WUDQVIHU 3UR¿O 6HQ]RU
93 [#ISV 0ESV 3UR¿O1LYHO 0.9PNY:HE0ZHEP
+(9&+ [#ISV 0ESV 3UR¿O0DLQ0DLQ
QLYHOULGLFDWODQLYHO
03PSPRY*33JSSJS
03(*WUDQVSRUWFXUHQWWVWUSWS
0.9PNY)/9ÀY$9,DYL+
03(* [#ISV 0ESV 03#+/
03(*SURJUDPFXUHQW'$792%
03*03(*03(*WUDQVSRUWFXUHQW
WVWUSWS03PSPRY*33
JSSJS$9,DYL0.9PNY
$6)DVI:09ZPY2*0RJP
03(* [#ISV 0ESV
3UR¿OVLPSOX
3UR¿ODYDQVDWVLPSOX
#1LYHO
*0&QXHVWHDFFHSWDW
03PSPRY*33JSSJS
$9,DYL0.9PNY$6)DVI:09
ZPY)/9ÀY2*0RJP03(*
WUDQVSRUWFXUHQWWVWUSWS03(*
SURJUDPFXUHQW'$792%03*
03(*
6RUHQVRQ+ [#ISV 0ESV )/9ÀY$9,DYL
+ [#ISV 0ESV
)/9ÀY03PSPRY*33
JSSJS$9,DYL$6)DVI
:09ZPY
+ [#ISV 0ESV 3UR¿O3ULQFLSDOÌQDOW#
1LYHO
)/9ÀY03PSPRY*33
JSSJS03(*WUDQVSRUWFXUHQW
WVWUSWS$6)DVI:09ZPY
$9,DYL0.9PNY2*0RJP
03(*SURJUDPFXUHQW'$792%
03*03(*+
$96 [#ISV 0ESV 3UR¿O-L]KXQ#1LYHO
6.0.1.08.60
03(*WUDQVSRUWFXUHQWWVWUSWS
03PSPRY$96DYV
$96 [#ISV 0ESV 3UR¿O%URDGFDVWLQJ#
1LYHO
03(*WUDQVSRUWFXUHQWWVWUSWS
$96DYV
$96 [#ISV 0ESV
3UR¿O3ULQFLSDO
3ULQFLSDOELW#1LYHO
8.2.60
03(*WUDQVSRUWFXUHQWWVWUSWS
$96DYV
:09 [#ISV 0ESV
$6)DVI$9,DYL0.9PNY:09
ZPY*33JSSJS03PS
PRY2*0RJP
9& [#ISV 0ESV
3UR¿ODYDQVDWQLYHO
3UR¿OVLPSOX
3UR¿OXOSULQFLSDO
03(*WUDQVSRUWFXUHQWWVWUSWS
$6)DVI:09ZPY$9,DYL
0.9PNY*33JSSJS03
PSPRY9&YF
0RWLRQ-3(* [#ISV 0ESV
$9,DYL*33JSSJS03
PSPRY0.9PNY)/9ÀY
2*0RJP
93 [#ISV 0ESV
0.9PNY:HE0ZHEP)/9ÀY
*33JSSJS03PSPRY
$9,DYL2*0RJP
5959 [#ISV 0ESV 50UPUPYE0.9PNY
$9 [#ISV 0ESV 3UR¿O3ULQFLSDO#
1LYHO
03PSPRY0.9PNY:HE0
ZHEP

5RPkQă - 35 -
$XGLR
&RGHFDXGLR 5DWăGH
H܈DQWLRQDUH &DQDO 5DWăGH
WUDQVIHU 6HQ]RU 1RWă
03(*/D\HU .+]a.+] 3kQăOD .ESVa
.ESV
03PS$9,DYL$6)DVI
:09ZPY'LY;GLY[0.9
PNYPND*33JSSJS
03PSPRYPD03(*
WUDQVSRUWFXUHQWWVWUSWS03(*
SURJUDPFXUHQW'$792%03*
03(*)/9ÀY:$9ZDY
2*0RJP
03(*/D\HU .+]a.+] 3kQăOD .ESVa
.ESV
03PS$9,DYL$6)DVI
:09ZPY'LY;GLY[0.9
PNYPND*33JSSJS
03PSPRYPD03(*
WUDQVSRUWFXUHQWWVWUSWS03(*
SURJUDPFXUHQW'$792%03*
03(*)/9ÀY:$9ZDY
2*0RJP
03(*
6WUDW .+]a.+] 3kQăOD .ESVa
.ESV
03PS$9,DYL$6)DVI
:09ZPY'LY;GLY[0.9
PNYPND*33JSSJS
03PSPRYPD03(*
WUDQVSRUWFXUHQWWVWUSWS03(*
SURJUDPFXUHQW'$792%03*
03(*)/9ÀY:$9ZDY
2*0RJP
$&'' .+].+]
.+]
3kQăOD
.ESVa
.ESV
$&DF$9,DYL0.9PNY
PND'LY;GLY[*33JSS
JS03PSPRYPD3(*
WUDQVSRUWFXUHQWWVWUSWS03(*
SURJUDPFXUHQW'$792%03*
03(*:09ZPY$6)DVI
2*0RJP
($&''3 ($&''3 3kQăOD
.ESVa
0ESV
($&HF$9,DYL0.9PNY
PND'LY;GLY[*33JSS
JS03PSPRYPD
03(*WUDQVSRUWFXUHQWWVWUSWS
03(*SURJUDPFXUHQW'$792%
03*03(*:09ZPY$6)
DVI2*0RJP
$$&/&+($$& .+]a.+] 3kQăOD
$$&/&
NESVa
NESV
9NESV
aNESV
9NESVa
NESV
$$&DDF$9,DYL0.9PNY
PND'LY;GLY[*33JSS
JS03PSPRYPD
03(*WUDQVSRUWFXUHQWWVWUSWS
03(*SURJUDPFXUHQW'$792%
03*03(*)/9ÀY50
UPUPYEUD:$9ZDY:09
ZPY$6)DVI2*0RJP
:0$ .+]a.+] 3kQăOD ESVa
.ESV
$6)DVI:09ZPDZPY
$9,DYL0.9PNYPND*33
JSSJS03PSPRY
:0$:0$
:0$6WDQGDUG
:0$3UR0 .+]a.+] 3kQăOD NESV
$6)DVI:09ZPDZPY
$9,DYL*33JSSJS03
PSPRY
:0$3UR0 .+]a.+] 3kQăOD
NESV
$6)DVI:09ZPDZPY
$9,DYL*33JSSJS03
PSPRY
:0$3UR0 .+]a.+] 3kQăOD
NESV
$6)DVI:09ZPDZPY
$9,DYL*33JSSJS3
PSPRY
5RPkQă - 36 -
&RGHFDXGLR 5DWăGH
H܈DQWLRQDUH &DQDO 5DWăGH
WUDQVIHU 6HQ]RU 1RWă
925%,6 3kQăOD.+] 3kQăOD
0.9PNYPND:HE0ZHEP
*33JSSJS03PS
PRYPD2JJRJJ:09
ZPY$6)DVI$9,DYL
$FFHSWăGRDU
GHFRGDUHDVWHUHR
'76 3kQăOD.+] 3kQăOD
0ESV
3XUH'76
FRUH
03(*WUDQVSRUWFXUHQWWVWUSWS
03(*SURJUDPFXUHQW'$792%
03*03(*:$9ZDY0.9
PNYPND*33JSSJS
03PSPRYPD$9,DYL
2*0RJP'76GWV
'76/%5
.+].+]
.+].+]
.+]
3kQăOD
3kQăOD
0ESV
03PSPRY*33JSS
JSWUDQVSRUWFXUHQW03(*WV
WUSWS0.9PNY
'76;// 3kQăOD.+] 3kQăOD 3kQăOD
0ESV
)OX[GHWUDQVSRUW03(*WVWUS
WSPWVPWV03PSPRY
*33JSSJS
'760DVWHU$XGLR 3kQăOD.+] 3kQăOD 3kQăOD
0ESV
03(*WUDQVSRUWFXUHQWWVWUS
WSPWVPWV03PSPRY
*33JSSJS
/3&0 .+]a.+]
0RQR
6WHUHR
5.1
.ESVa
0ESV
:$9ZDY$9,DYL0.9PNY
PND*33JSSJS03
PSPRYPD03(*WUDQVSRUW
FXUHQWWVWUSWS03(*SURJUDP
FXUHQW'$792%03*03(*
:09ZPY$6)DVI)/9ÀY
2*0RJP
,0$$'3&006
ADPCM .+]a.+] 3kQăOD .ESVa
.ESV
:$9ZDY$9,DYL0.9PNY
PND2*0RJP
*$PXODZ .+] 1.ESV :$9ZDY$9,DYL0.9PNY
PND)/9ÀY
/%5FRRN
.+].+]
.+]
.+]
3kQăOD
.ESVa
.ESV 50UPUPYEUD
)/$& .+]a.+] 3kQăOD
0ESV 0.9PNYPND)/$&ÀDF
2386 .+]a.+] 3kQăOD .ESVa
.ESV 0.9PNYPND:HE0ZHEP
AC4 .+].+]
3kQăOD
06
Y[
3kQăOD
06
Y[
3kQăOD
NESV
3HU
3UH]HQWDUH
03PSPRYPD03(*
WUDQVSRUWFXUHQWWVWUSWS$&
DF
6LVWHPDXGLR
79)UDXQKRIHU
03(*+
.+].+]
.+]
&DQDOH
SkQDOD
FRUH
,H܈LUH
SkQă
OD
&DQDOH
a0ESV
03PSPRY0.9PNY
PND03(*WUDQVSRUWFXUHQWWV
WUSWSPWVPWV
$051% .+] 1a
.ESV
*33JSSJS03PS
PRYPD
$05:% .+] 1a
.ESV
*33JSSJS03PS
PRYPD
Other manuals for 7 Series
2
This manual suits for next models
1
Table of contents
Languages:
Other Horizon Fitness UHD TV manuals