You are on page 1of 184

Collecci Llengua, immigraci i ensenyament del catal, nm.

EL BERBER

ESTUDI COMPARATIU
ENTRE LA GRAMTICA DEL CATAL
I LA DEL BERBER O AMAZIG
Xavier Lamuela
Grup de Lxic i Gramtica
Gabinet dAssessorament Lingstic per a la Immigraci
Universitat de Girona

Generalitat de Catalunya
Departament de Benestar i Famlia

Lamuela, Xavier
El Berber : estudi comparatiu entre la gramtica del catal i la del berber o amazig. 2a ed. (Llengua,
immigraci i ensenyament del catal ; 5)
Bibliografia
ISBN 84-393-6956-5
I. Catalunya. Departament de Benestar i Famlia II. Collecci: Llengua, immigraci i ensenyament del catal ;
5
1. Catal Gramtica comparada Rifeny 2. Rifeny Gramtica comparada Catal 3. Catal
Ensenyament Estudiants estrangers
804.99-5:809.33-5

El projecte Llengua, immigraci i ensenyament del catal ha estat finanat pel Departament de Benestar i Famlia
de la Generalitat de Catalunya a travs dun conveni de collaboraci amb la Universitat de Girona (2000-2001).
Els investigadors que han treballat en la redacci dels resultats daquest projecte sn:
Llusa Grcia Sol (coordinadora)
Joan Miquel Contreras Heras
Jordi Farrs Nierga
F. Xavier Lamuela Garcia
Juan Carlos Moreno Cabrera
Marcos Orozco Pairet
Francesc Roca Urgell
Raquel Snchez Avendao
Josep M. Serra Bonet
Elisabet Serrat Sellabona

Grup de Lxic i Gramtica (UdG)


Grup de Lxic i Gramtica (UdG)
SEDEC, Girona
Grup de Lxic i Gramtica (UdG)
Universidad Autnoma de Madrid
Becari del projecte (UdG)
Grup de Lxic i Gramtica (UdG)
Estudiant de mster (UdG)
Grup de Cultura i Educaci (UdG)
Grup de Cultura i Educaci (UdG)

Han participat en lelaboraci i reimpressi daquest volum com a becaris, collaboradors o revisors:
Hassan Abarkan
Roser Agust Hereu
Carles Castellanos Llorens
Berta Crous Casta
Olga Fullana Noell
Lizz Gauvreau OHagan
Meritxell Mar Rodrguez
Marcos Orozco Pairet
Laura Riera Casellas
Ldia Turon Planella

Serveis Socials, Ajuntament de Palafrugell


Becria (UdG)
Universitat Autnoma de Barcelona
Becria (UdG)
Grup de Lxic i Gramtica (UdG i IEC)
Becria del projecte (UdG)
Becria del projecte (UdG)
Becari del projecte (UdG)
Grup de Lxic i Gramtica (UdG)
Grup de Lxic i Gramtica (UdG)

Generalitat de Catalunya

Departament de Benestar i Famlia


Primera edici: abril de 2002
Primera reimpressi revisada: maig de 2003
Segona edici: desembre de 2005
Tiratge: 2.000 exemplars
Dipsit legal: B. 51770-05
Disseny: THAU, S.L.
Impressi: Agpograf

PRESENTACI

Em plau presentar-vos una reedici dels deu volums de la collecci Llengua,


immigraci i ensenyament del catal que el Departament de Benestar i Famlia edita
amb la voluntat dajudar a conixer la nostra societat i dacollir les persones que arriben
darreu del mn. Cadascun dels volums s fruit dun estudi destinat a fer notar els
aspectes lingstics que poden afavorir o dificultar laprenentatge del catal. Contenen
una descripci gramatical de la llengua i un apartat dels errors i dels problemes
lingstics ms freqents, i, a ms, uns estudis comparatius breus del sistema gramatical
catal amb els sistemes gramaticals de cadascuna de les llenges.
El Govern de la Generalitat de Catalunya aposta fermament per garantir una acollida
adequada a totes les persones que han escollit el nostre pas per a viure-hi. Cal posar els
instruments necessaris per a fer-ho possible. Conixer el catal, per a aquestes persones,
s un element important que tenen per a socialitzar-se. Per aprendre el catal no ha de
ser nicament una decisi personal i un dret, sin que tota la ciutadania els ho hem de
facilitar: els qui ens hi relacionem, els qui hi convivim i els professionals de les
administracions, entre els quals hi ha els responsables de lensenyament.
Una de les tasques que podem fer, i volem fer, des de la Generalitat de Catalunya, s
facilitar que aquest aprenentatge es faci, i es faci al ms rpidament possible. Per aix,
cal que els diferents nivells de formaci i els professionals que hi treballen estiguin prou
preparats i adaptats a la nova realitat. Ledici daquesta collecci s una eina que ha
de permetre als professionals de lensenyament identificar les dificultats i els progressos
en laprenentatge del catal derivats de les diferncies fontiques, gramaticals i lxiques
amb la seva llengua materna. Desitgem que aquests manuals us facilitin la feina, una
feina important per a garantir la igualtat doportunitats i articular lacolliment tamb a
partir dun concepte inclusiu i vertebrador socialment com ha de ser laprenentatge de la
nostra llengua prpia.
ANNA SIM I CASTELL
Consellera de Benestar i Famlia

7DPDGGD
0DUUD LZGDQ [HOOHTHQ G VHUUHKHQ PTXGGDQ GH\ OKZHUPD G OKDTT
DUVHQWLLWGODTHOLW[HVVLWHQDGWLOLWDZPDWWMDUDVHQ
$UWLFOH
7RWV HOV pVVHUV KXPDQV QHL[HQ OOLXUHV L LJXDOV HQ GLJQLWDW L HQ GUHWV
6yQ GRWDWV GH UDy L GH FRQVFLqQFLD L KDQ GH FRPSRUWDUVH
IUDWHUQDOPHQWHOVXQVDPEHOVDOWUHV

'HFODUDFLy8QLYHUVDOGHOV'UHWV+XPDQV

,1752'8&&,

/D LGHD GH IHU XQ HVWXGL VREUH OHV OOHQJHV GHOV LPPLJUDQWV TXH UHVLGHL[HQ D
&DWDOXQ\DYDVRUJLUGHODFRQVWDWDFLyGHOVSUREOHPHVTXHVXSRVDYDHOIHWGLQWHJUDUDOHV
DXOHVLDODVRFLHWDWXQHVSHUVRQHVTXHSDUODYHQXQDDOWUDOOHQJXDGHODTXDOODFRPXQLWDW
HGXFDWLYD GHO QRVWUH SDtV HQ OD PDMRULD GHOV FDVRV QR WHQLD FDS FRQHL[HPHQW /D
VLWXDFLy GRQFV pV EHQ GLIHUHQW GH OD TXH HV GyQD DPE HOV LPPLJUDQWV TXH SDUOHQ
FDVWHOOjSHUTXqHOVHGXFDGRUVVtTXHSRGHQHQWHQGUHLSDUODUODVHYDOOHQJXDLSHUWDQW
QRHVGyQDODLPSRVVLELOLWDWGHFRPSUHQVLyLGHUHODFLyYHUEDO
/REMHFWLXGDTXHVWVWUHEDOOVpVSURSRUFLRQDUDOVPHVWUHVLDOVSURIHVVRUVTXHKDQ
GHQVHQ\DUFDWDOjDOVQRVWUHVLPPLJUDQWVXQDHLQDTXHHOVVHUYHL[LSHUDDSURSDUVHXQD
PLFDDODOOHQJXDTXHSDUOHQHOVVHXVDOXPQHV1RHVWUDFWDHYLGHQWPHQWTXHDSUHQJXLQ
jUDE[LQqVRPDQGLQJDSHUH[HPSOH1RPpVSUHWHQHPTXHWLQJXLQXQDLGHDJHQHUDOGHO
IXQFLRQDPHQWGHODJUDPjWLFDGDTXHVWHVOOHQJHVTXHHOVSHUPHWLYDORUDULHQWHQGUHOHV
GLILFXOWDWVLHOVSURJUHVVRVGHOVDSUHQHQWVeVREYLTXHQRWRWVHOVSUREOHPHVOLQJtVWLFV
SURYHQHQGHODLQWHUIHUqQFLDDPEODSULPHUDOOHQJXDDOJXQVVyQJHQHUDOVHQTXDOVHYRO
DSUHQHQWDWJH GXQD VHJRQD R ILQV L WRW GXQD SULPHUD OOHQJXD 3HUz Vt TXH KL KD
GHWHUPLQDWVHUURUVTXHVHQWHQHQPpVEpVLHVFRPSDUDODJUDPjWLFDGHOFDWDOjDPEODGH
ODOWUD OOHQJXD 1RVDOWUHV QR SUHWHQHP HQ DTXHVWV HVWXGLV GRQDU VROXFLRQV QL PDWHULDO
GLGjFWLFSHUDOVSUREOHPHVFRQFUHWV$L[zHVSRGUjIHUHQXQDVHJRQDIDVHDUDTXHWHQLP
LGHQWLILFDGHVOHVGLIHUqQFLHVHQWUHOHVGXHVOOHQJHVLTXHKHPSRJXWGHWHFWDUHOVHUURUV
PpV IUHTHQWV (O WUHEDOO TXH SUHVHQWHP DUD KDXULD GDMXGDU OHQVHQ\DQW D GHGXLU GRQ
YpQHQ R GRQ SRGHQ YHQLU HOV SUREOHPHV L KDXULD GHVWLPXODUOR D WUREDU HVWUDWqJLHV
GLGjFWLTXHVDGHTXDGHVDFDGDFDV
/D LGHD TXH KL KD DO GDUUHUH GDTXHVW SURMHFWH pV TXH SHUTXq HOV LPPLJUDQWV
VLQWHJULQFDOTXHODVRFLHWDWGDFROOLGDWLQJXLDOJXQFRQHL[HPHQWGHODFXOWXUDGHOVTXH
KLDUULEHQ,ODFXOWXUDHQWUHGDOWUHVFRVHVLQFORXODOOHQJXD,SRWVHUpVHOIDFWRUPpV
LPSRUWDQWSHUTXqpVHOTXHSHUPHWODWUDQVPLVVLyGHFRQHL[HPHQWVGH[SHULqQFLHVLGH
VHQWLPHQWV/DOOHQJXDLSHUUDRQVKLVWzULTXHVHOVFDWDODQVKRSRGHPHQWHQGUHPROWEp
L

pVXQWUHWPROWOOLJDWDODSHUVRQDLDODFRPXQLWDWTXHPHUHL[XQUHVSHFWHHVSHFLDOSHU
SDUWGHOVDOWUHVLTXHHQFDSFDVQRVKDGHPHQ\VWHQLURLJQRUDU
3RGHU GHPRVWUDU DOV LPPLJUDQWV TXH VDEHP DOJXQD FRVD GH OD VHYD OOHQJXD
HQFDUDTXHQRPpVVLJXLTXHHQFRQHL[HPOH[LVWqQFLDLHOQRPRODPDQHUDGHGLUERQ
GLDRJUjFLHVPDQLIHVWDUTXHKLHVWHPLQWHUHVVDWVLHQVHQ\DUORVTXHWHQLPXQOOLEUHWTXH
HQVSRWDMXGDUDVDEHUQHPpVVyQFRVHVTXHHOOVDJUDLUDQFRPKRDJUDLUtHPQRVDOWUHVVL
HQVWUREpVVLPHQOHVVHYHVFLUFXPVWjQFLHV(QPROWVFDVRVHVSHFLDOPHQWSHUDOVSDUODQWV
GDOJXQHVOOHQJHVDIULFDQHVDTXHVWLQWHUqVSRWWHQLUHQFDUDXQDOWUH HIHFWH EHQHILFLyV
HYLWDUTXHHOOVVDYHUJRQ\HL[LQGHODVHYDSUzSLDOOHQJXDLSHUWDQWUHGXLUHOVHQWLPHQW
GLQIHULRULWDWTXHGHYHJDGHVVHQWHQHQYHUVHOOVPDWHL[RVLODVHYDFXOWXUDTXDQVyQDTXt
1RPpVTXDQHQVDFFHSWHPLHQVVHQWLPDFFHSWDWVVRPFDSDoRVGDFFHSWDUHOVDOWUHV8Q
SURFpVGLQWHJUDFLyQRSRWHVWDUGHVYLQFXODWGHOFRQHL[HPHQWPXWX,QWHJUDUQRYROGLU
IDJRFLWDU,QWHJUDUVHQRSRWLPSOLFDUKDYHUGHUHQXQFLDUDODSUzSLDFXOWXUD6LIRVDL[t
VHULDXQHPSREULPHQWSHUDOHVGXHVSDUWV
(VWUXFWXUDGHOOOLEUH
$TXHVWOOLEUHFRQVWDGHTXDWUHSDUWV(QODSULPHUD,GHQWLILFDFLyGHODOOHQJXDHV
GRQHQXQHVQRFLRQVEjVLTXHVVREUHHOOORFRQHVSDUODHOQRPEUHGHSDUODQWVODVLWXDFLy
VRFLROLQJtVWLFD L OHV YDULDQWV GLDOHFWDOV ODOIDEHW L OHV SULQFLSDOV FDUDFWHUtVWLTXHV
JUDPDWLFDOVGHOEHUEHU
/D VHJRQD SDUW 'HVFULSFLy JUDPDWLFDO SUHVHQWD DOJXQHV THVWLRQV GH
OHVWUXFWXUDGHODJUDPjWLFDGHOEHUEHUHVSHFLDOPHQWDTXHOOHVTXHVyQPpVGLIHUHQWVGHO
FDWDOjRTXHSRGHQVHUOD IRQWGDOJXQV HUURUV (VWj RUJDQLW]DGD LQWHUQDPHQW HQ TXDWUH
VXEDSDUWDWVIRQqWLFDLIRQRORJLDPRUIRORJLDVLQWD[LLOq[LF$TXHVWFDStWROQRVKDGH
YHXUH FRP XQD JUDPjWLFD EHUEHU pV QRPpV XQ FRQMXQW GLQIRUPDFLRQV JUDPDWLFDOV
VREUH HO EHUEHU FRPSDUDGHV DPE OHV HVWUXFWXUHV FRUUHVSRQHQWV GHO FDWDOj 6HPSUH TXH
HQVKDHVWDWSRVVLEOHKHPUHODFLRQDWODFRPSDUDFLyJUDPDWLFDODPEHOVHUURUVTXHKHP
GHWHFWDWHQODSDUODFDWDODQDGHSHUVRQHVEHUEHUV+HPLQWHQWDWVHPSUHGHL[DUGHEDQGD
HOVWHFQLFLVPHVLKHPVLPSOLILFDWHOVSUREOHPHVDOPj[LP3RVVLEOHPHQWXQOLQJLVWDKL
WUREDUjPDQFDQFHVSUREOHPHVLQWHUHVVDQWVSRFH[SOLFDWVLVHQVHFDSSURSRVWDGHVROXFLy
,WLQGUjUDy3HUzHVWUDFWDGXQWUHEDOODPEXQDILQDOLWDWSUjFWLFDPROWFODUDDMXGDUHOV
LL

HGXFDGRUV TXH QR QHFHVVjULDPHQW VyQ OLQJLVWHV  eV SHU DL[z TXH KHP FUHJXW
FRQYHQLHQWGHL[DUGHEDQGDOHVGLVTXLVLFLRQVTXHSRGULHQVHUPROWLQWHUHVVDQWVSHUDXQ
OLQJLVWDSHUzTXHQRDSRUWDULHQUHVVLJQLILFDWLXDOREUDWDOLFRPOKHPFRQFHEXGDGHV
GHOFRPHQoDPHQW
/D WHUFHUD SDUW LQFORX XQD OOLVWD DPE HOV WLSXV GHUURUV TXH KHP WUREDW DPE
H[HPSOHV L OD UHIHUqQFLD D ODSDUWDW GHO VHJRQ FDStWRO HQ TXq HV WUDFWD OD THVWLy (OV
HUURUVSURYHQHQGHSDUODQWVEHUEHUVTXHKHPHQWUHYLVWDWTXDQSDUODYHQFDWDOj
(OTXDUWDSDUWDWFRUUHVSRQDGRVEUHXVYRFDEXODULVXQGHFDWDOjEHUEHULXQDOWUH
GHEHUEHUFDWDOj/HVIRUPHVEHUEHUVHVWDQHVFULWHVDPEO
RUWRJUDILDG
DTXHVWDOOHQJXD
(QHOVHJRQFDStWROHQSDUODUGHODIRQqWLFDLGHODIRQRORJLDHVGRQHQOHVHTXLYDOqQFLHV
HQWUHDTXHVWHVJUDILHVLHOVVtPEROVGHO
DOIDEHWIRQqWLFLQWHUQDFLRQDO$L[zSRWIDFLOLWDU
ILQV D XQ FHUW SXQW OD SURQXQFLDFLy G
DOJXQD SDUDXOD HQ EHUEHU VL pV QHFHVVDUL 6KDQ
WULDW HOV FRQFHSWHV TXH HV FRQVLGHUHQ PpV R PHQ\V XQLYHUVDOV HQ OD ELEOLRJUDILD
HVSHFLDOLW]DGD L VKL KDQ DIHJLW DTXHOOV TXH HQV VHPEODYD TXH SRGLHQ VHU G~V PpV
IUHTHQWHQODQRVWUDVRFLHWDWRHQODFXOWXUDEHUEHU
)LQDOPHQW HO FLQTXq SXQW pV XQD EUHX ELEOLRJUDILD TXH LQFORX HOV PDWHULDOV
XWLOLW]DWV UHIHUqQFLHV DVVHTXLEOHV GHV GH &DWDOXQ\D L DGUHFHV GH SjJLQHV ZHE
UHODFLRQDGHV DPE HO WHPD L HO VLVq DSDUWDW FRQWp HOV DSqQGL[V HO TXDGUH GH ODOIDEHW
IRQqWLFLQWHUQDFLRQDOHOTXDGUHGHVRQVGHOFDWDOjLXQPDSDGHOH[WHQVLyJHRJUjILFDGH
ODOOHQJXDEHUEHU
$JUDwPHQWV
7RW DTXHVW SURMHFWH QR KDXULD HVWDW SRVVLEOH VHQVH HO ILQDQoDPHQW GHO
'HSDUWDPHQW GH %HQHVWDU L )DPtOLD GH OD *HQHUDOLWDW GH &DWDOXQ\D $JUDwP GRQFV
GXQDPDQHUDPROWHVSHFLDOODFRQILDQoDTXHHQVKDGHPRVWUDWODFRQVHOOHUD,UHQH5LJDX
LODFR ODERUDFLyGHOHVSHUVRQHVGHO'HSDUWDPHQWTXHSUHVLGHL[
/D UHGDFFLy GDTXHVW YROXP VKD EHQHILFLDW GH OD FR ODERUDFLy GH GLYHUVHV
SHUVRQHV(QSULPHUOORFDJUDwPODIHLQDTXHKDQIHWHOVEHFDULVLFR ODERUDGRUVTXHKDQ
WUHEDOODW GLUHFWDPHQW R LQGLUHFWDPHQW HQ DTXHVW SURMHFWH HQWUHYLVWDQW LQIRUPDQWV
LLL

WUDQVFULYLQWHOVHQUHJLVWUDPHQWVLIHQWWRWHOTXHFDOLD/*DXYUHDX00DUt02UR]FR
/ 5LHUD % &URXV 5 $JXVWt L / 7XURQ $ 2 )XOODQD GHYHP OHV SDXWHV L WRWHV OHV
LQGLFDFLRQV QHFHVVjULHV SHU D OHVWUXFWXUDFLy GHO YRFDEXODUL ILQDO $JUDwP WDPEp D OHV
HVFROHVTXHHQVKDQIDFLOLWDWOHVHQWUHYLVWHVDOVLQIRUPDQWVHO&(,3/D)DUJDGH6DOWHO
&(,3(O3RUWLW[ROGH/
(VWDUWLWHO&HQWUHGH)RUPDFLyG
$GXOWV/HV%HUQDUGHVGH6DOWL
OD3DUUzTXLDGH6DQW*HQtVGH7RUURHOODGH0RQWJUt([SUHVVHPHOQRVWUHDJUDwPHQWDOHV
SHUVRQHV TXH KDQ DFFHSWDW GH VHU HQWUHYLVWDGHV L D OD VHYD GLVSRQLELOLWDW 'RQHP OHV
JUjFLHV D OD ,QWHUQDWLRQDO 3KRQHWLF $VVRFLDWLRQ FR 'HSDUWPHQW RI /LQJXLVWLFV
8QLYHUVLW\RI9LFWRULD9LFWRULD%ULWLVK&ROXPELD&DQDGj SHUSHUPHWUHODUHSURGXFFLy
GHOTXDGUHGHVRQVTXHDSDUHL[DODVHFFLyGDSqQGL[V)LQDOPHQWYROHPDJUDLUO
H[WUHPD
GLVSRQLELOLWDWGH+DVVDQ$EDUNDQLGH&DUOHV&DVWHOODQRVTXHKDQUHVSRVWDOHVQRVWUHV
FRQVXOWHV KDQ OOHJLW ORULJLQDO L KL KDQ IHW DSRUWDFLRQV YDOXRVHV L XQHV TXDQWHV
FRUUHFFLRQV D PpV D PpV HO GDUUHU HQV KD SUHVWDW PDWHULDOV LQGLVSHQVDEOHV SHU D OD
UHDOLW]DFLy GHO WUHEDOO 2PDU 2XDNULP HQV KD IHW DOJXQHV REVHUYDFLRQV SDUWLFXODUPHQW
~WLOV(QHOQRVWUHFDVSHUzpVHVSHFLDOPHQWFHUWTXHHOVGHIHFWHVTXHSHUVLVWHL[HQVyQ
H[FOXVLYDPHQWGHODUHVSRQVDELOLWDWGHODXWRU
$JUDwP SHU HQGDYDQW WRWV HOV VXJJHULPHQWV REVHUYDFLRQV L FRUUHFFLRQV TXH HOV
OHFWRUV HQV SXJXHX IHU DUULEDU D ODGUHoD GH FRUUHX HOHFWUzQLF JDOL#XGJHV /D YRVWUD
FR ODERUDFLyHQVSRGUjVHUPROW~WLOSHUDPLOORUDUHOQRVWUHWUHEDOO

LY

$%5(9,$785(686$'(6(1/$'(6&5,3&,*5$0$7,&$/

$11(;

HVWDWGDQQH[Ly

$8;

DX[LOLDU

'(0

GHPRVWUDWLX

)(0

IHPHQt

+$%

KDELWXDO

,03(5

LPSHUDWLX

,03(5)

LPSHUIHFWLX

,17(55

SDUWtFXODLQWHUURJDWLYD

0$6&

PDVFXOt

25,(17

SDUWtFXODG
RULHQWDFLy

3$57

SDUWtFXOD

3(5)

SHUIHFWLX

3/

SOXUDO

3521

SURQRP

5$'

UDGLFDO

6*

VLQJXODU

$%5(9,$785(686$'(6(1(/92&$%8/$5,

DGM

DGMHFWLX

DGY

DGYHUEL

DUW

DUWLFOH

FRQM FRQMXQFLy
Q

QRP

QXP QXPHUDO
SUHS SUHSRVLFLy
SURQ SURQRP
Y

YHUE

,'(17,),&$&,'(/$//(1*8$
),/,$&,,'(120,1$&,
/DPD]LJ SHUWDQ\ D OD IDPtOLD DIURDVLjWLFD /D GLVWjQFLD OLQJtVWLFD HQWUH HOV
GLIHUHQWVPHPEUHVGDTXHVWDIDPtOLDpVPROWJUDQDL[zIDTXHPDOJUDWDOJXQHVDILQLWDWV
HQ OD IRQqWLFD L HQ OHV HVWUXFWXUHV JUDPDWLFDOV HO EHUEHU L OjUDE TXH FRP D OOHQJXD
VHPtWLFDSHUWDQ\WDPEpDOJUXSDIURDVLjWLFVyQOOHQJHVPROWGLIHUHQWV$L[zQRSULYD
TXH HO FRQWDFWH VHFXODU HQWUH OHV GXHV KD SURGXwW LQIOXqQFLHV P~WXHV PROW LPSRUWDQWV
'XQD EDQGD OjUDE GLDOHFWDO GHO 0DJULE pV SDUODW HQ XQD SURSRUFLy LPSRUWDQW SHU
GHVFHQGHQWVGDQWLFVEHUEHUzIRQVWDOPHQWTXHHVSRWGLUTXHWpXQVXEVWUDWDPD]LJDPE
HOTXHDL[zFRPSRUWDGDGDSWDFLyIRQqWLFDJUDPDWLFDOLVHPjQWLFD'DOWUDEDQGDOjUDE
pVODOOHQJXDVRFLDOPHQWGRPLQDQWSHUDODPDMRULDGHOVEHUEHUVLODOOHQJXDGHODUHOLJLy
SHU D TXDVL WRWV FRP D FRQVHTqQFLD GDL[z XQD SDUW VLJQLILFDWLYD GHO Oq[LF DPD]LJ
DFWXDO pV GRULJHQ jUDE L DTXHVW YRFDEXODUL KD SHQHWUDW HQ OD OOHQJXD DPE IRQHPHV
HVSHFtILFVTXHVKDQLQFRUSRUDWDOLQYHQWDULGHOVVRQVGHOEHUEHU
3HOTXHIDDOQRPGHODOOHQJXDDOFRVWDWGHOWHUPHEHUEHUFRQVDJUDWSHUXQ~V
JHQHUDOLW]DW HQ HO TXDO SDUWLFLSHQ GHVWDFDWV PLOLWDQWV SROtWLFV L FXOWXUDOV YHJHX SHU
H[HPSOH HOV WtWROV GH 6DOHP &KDNHU D OD ELEOLRJUDILD  XWLOLW]HP WDPEp XQD DGDSWDFLy
GXQ WHUPH DXWzFWRQ VHJXLQW OD SURSRVWD GH 7LOPDWLQH HW DO   L GH &DVWHOODQRV
 $TXHVWWHUPHpVHQEHUEHUDPD]L SOXUDOLPD]LHQ UHIHULWDOHVSHUVRQHVLHO
IHPHQt WDPD]LW UHIHULW D OD OOHQJXD TXH pV HPSUDW DO FRVWDW GXQ DOWUH WHUPH WDPEp
KDELWXDOFHOKD7DOFRPVKDIHWHQFDWDOjHQHOFDVGHOQRPGHODOIDEHWHQ~VHQWUHHOV
WXDUHJVDQRPHQDWWLILQDDGDSWHPODGHOEHUEHUWUDQVFULWDGHYHJDGHVJKFRPDJ$
GLIHUqQFLD GHOV DXWRUV FLWDWV HQV VHPEOD XQD PLFD IRUoDW FUHDU GHQWUDGD XQD IRUPD
IHPHQLQD HQ FDWDOj SRWVHU O~V OD GHPDQDUj L OD LPSRVDUj PpV HQGDYDQW 8VHP GRQFV
FRP D VLQzQLPV EHUEHU EHUEHUV L DPD]LJ DPD]LJV WRWV GRV LQYDULDEOHV SHO TXH ID DO
JqQHUH

',675,%8&,*(2*5),&$,120%5('(3$5/$176
/DOOHQJXDDPD]LJpVSUHVHQWDWRWHOQRUGGIULFDGHVGHOHVSULPHUHVQRWtFLHV
KLVWzULTXHVTXHWHQLPGDTXHVWWHUULWRUL7RWLTXHHQFDUDQRVKDQSRJXWFRPSUHQGUHVH
VXSRVD TXH OHV LQVFULSFLRQV GqSRFD URPDQD DQRPHQDGHV OtELTXHV VyQ HVFULWHV HQ XQD
OOHQJXDTXHKDYLDGHVHUHOEHUEHUDQWLFRDOPHQ\VXQDIRUPDOLQJtVWLFDSUz[LPD(Q
WRWFDVODPD]LJKDVXEVLVWLWDPEOHVFRQTXHVWHVURPDQDLjUDE$FWXDOPHQWpVSDUODWSHU
XQVYLQWPLOLRQVGHSHUVRQHVGLQVGHWHUULWRULVTXHRFXSHQGXQDPDQHUDGLVFRQWtQXDHO
0DJULE L XQD ERQD SDUW GHO 6jKDUD L GHO 6DKHO &KDNHU    (OV JUXSV PpV
LPSRUWDQWVGHEHUEHUzIRQVHVWUREHQ
D $O0DUURF XQVPLOLRQVPpVGHOGHODSREODFLy HOVSDUODQWVGH
 5LIHQ\ WDULILW  DO QRUG /D FLXWDW GH 0HOLOOD GDGPLQLVWUDFLy HVSDQ\ROD HV
WUREDHQWHUULWRULULIHQ\
%HUjEHURWDPD]LJKWHQVHQWLWHVWULFWHHVWUDFWDWDPEpGHOQRPJOREDOGHOD
OOHQJXDDOFHQWUHHVW
7DL[HOKLWDOVXGRHVW
E $$OJqULD XQVPLOLRQVHQWRUQGHOGHODSREODFLy HOVSDUODQWVGH
&DELOHQF WDTED\OLW DOQRUGHVWDOD&DEtOLD
7DL[DZLWHQXQWHUULWRULVHSWHQWULRQDOVLWXDWXQDPLFDDOVXGHVWGHOD&DEtOLD
7DP]DELWDO0]DEVLWXDWDOFHQWUHQRUG
F  (OV WXDUHJV SDUODQWV GH WDPDKDT WXDUHJ VHSWHQWULRQDO L GH WDPDL[HT WXDUHJ
PHULGLRQDOHQXQDjUHDH[WHQVDVLWXDGDDFDYDOOG$OJqULD/tELD1LJqULD%XUNLQD)DVR
LVREUHWRW1tJHU XQVEHUEHUzIRQV L0DOL HQWUHL RQODPD]LJpV
UHFRQHJXWFRPXQDGHOHVOOHQJHVQDFLRQDOV
$PpVDPpVKLKDQRPEURVHVDOWUHVLOOHVOLQJtVWLTXHVSREODGHVSHUEHUEHUzIRQV
D$OJqULDLDOJXQHVWDPEpD0DXULWjQLD7XQtVLD/tELDL(JLSWH&DOWHQLUHQFRPSWHDL[t
PDWHL[OHVSREODFLRQVDPD]LJVGHVSODoDGHVPpVRPHQ\VUHFHQWPHQWGLQVGHOVHVWDWVRQ
ODOOHQJXDpVDXWzFWRQDLWDPEpHQGDOWUHVSDwVRVHQWUHHOVTXDOVGHVWDFD)UDQoDRQD
SDUW GH OD VHYD LPSRUWjQFLD VRFLDO OD SUHVqQFLD EHUEHU HV PDQLIHVWD HQ XQD QRWDEOH
DFWLYLWDWFXOWXUDO


&RPHVSRWLPDJLQDUODYDULDFLyGLDOHFWDOGHODOOHQJXDEHUEHUpVPROWJUDQLOD
LQWHUFRPSUHQVLy HQWUH SDUODQWV GH YDULHWDWV H[WUHPHV QR HVWj SDV DVVHJXUDGD OD IDOWD
GKjELW GDTXHVWD PHQD GH[SHULqQFLD UHIRUoD OHV GLILFXOWDWV GHULYDGHV GH OD GLVWjQFLD
OLQJtVWLFD MD SURX LPSRUWDQWV 7RW L TXH XQD GHVFULSFLy XQLWjULD GH OD OOHQJXD pV
SRVVLEOHHQDTXHVWOOLEUHKHPWULDWGHSUHVHQWDUODYDULHWDWULIHQ\DDILGHGRQDUOLXQD
XWLOLWDW PpV LPPHGLDWD MD TXH OD JUDQ PDMRULD GHOV EHUEHUzIRQV HVWDEOHUWV D &DWDOXQ\D
SURYHQHQGHODUHJLyGHO5LI

(6&5,3785$
([LVWHL[XQDOIDEHWHVSHFtILFDPHQWEHUEHUTXHKDHVWDWPDQWLQJXWSHOVWXDUHJVHO
WLILQDJeVGRULJHQPROWDQWLFLFRQVHUYDVLJQHVTXHMDHUHQHPSUDWVHQOHVLQVFULSFLRQV
OtELTXHV$FWXDOPHQWHOEHUEHUpVVREUHWRWXQDOOHQJXDG~VRUDOSHUzO~VHVFULWHVGLIRQ
GH PDQHUD SURJUHVVLYD 'DYDQW OHV WUHV RSFLRQV SRVVLEOHV WLILQDJ HVFULSWXUD jUDE L
DOIDEHW OODWt VHPEOD TXH O~V GH OHVFULSWXUD OODWLQD pV HO TXH Wp PpV SRVVLELOLWDWV
GLPSRVDUVH SRWVHU DO FRVWDW GXQ ~V HPEOHPjWLF GHO WLILQDJ 1DWXUDOPHQW O~OWLPD
SDUDXOD OD WLQGUj XQ GHVLWMDEOH ~V HVFRODU L PHGLjWLF JHQHUDOLW]DW GHO EHUEHU
SDUWLFXODUPHQW DO 0DUURF L D $OJqULD (Q DTXHVW OOLEUH XWLOLW]HP OHV FRQYHQFLRQV
JUjILTXHV GH EDVH OODWLQD SURSRVDGHV SHU &KDNHU   YHJHX OD WDXOD GHO
SDUjJUDI 

&$5$&7(5,7=$&,7,32/*,&$6805,$
3HO TXH ID D OD SURQXQFLDFLy ODPD]LJ HV FDUDFWHULW]D SHU XQ VLVWHPD YRFjOLF
UHGXwW GHV GHO SXQW GH YLVWD IRQROzJLF D a L a X  SHUz DPE XQD JUDQ GLYHUVLWDW GH
UHDOLW]DFLRQV IRQqWLTXHV SHU OD FRPSOH[LWDW GHOV JUXSV FRQVRQjQWLFV SRVVLEOHV L SHU OD
SUHVqQFLDGHFRQVRQDQWVWHQVHVJHQHUDOPHQWPpVOODUJXHVHQRSRVLFLyIRQROzJLFDDPE
OHVFRUUHVSRQHQWVOD[HV

LNHU] KDOODXUDW

LNHUUH]

OODXUDHVWjOODXUDQW

\HU]X KDEXVFDW

LUH]]X

EXVFDHVWjEXVFDQW

/D SULQFLSDO FDUDFWHUtVWLFD PRUIROzJLFD TXH HO EHUEHU FRPSDUWHL[ DPE OHV
OOHQJHV VHPtWLTXHV pV TXH XWLOLW]D D PpV GH ODGMXQFLy GH SUHIL[RV L VXIL[RV OD
SRVVLELOLWDWGHPRGLILFDUODGRWDFLyYRFjOLFDLODTXDOLWDWGHOHVFRQVRQDQWVGHOVPRWVSHU
D SURGXLU GHULYDWV L IRUPHV GH IOH[Ly $L[t SHU D REWHQLU HO SOXUDO GH OD SDUDXOD D]UX
SHGUDHVFDQYLDHOSUHIL[SURSLGHOVLQJXODUDHQLLODYRFDOILQDOXHQDL]UDD
SDUWLU GH OD IRUPD EjVLFD GHO YHUE VH FRPSUDU HV WUDFWD GH OLPSHUDWLX VLQJXODU
DIHJLQWKL XQ SUHIL[ \ L  GH SHUVRQD L OD YRFDO LQWHUQD D L IHQW WHQVD OD SULPHUD
FRQVRQDQWVREWp\HVVDWHUFHUDSHUVRQDGHOVLQJXODUPDVFXOtGHOKDELWXDOGXUDWLXTXH
H[SUHVVD ODFFLy KDELWXDO R FRQWLQXDGD FRPSUD HVWj FRPSUDQW (VFULYLQW & SHU XQD
FRQVRQDQWL&SHUXQDFRQVRQDQWWHQVDSRGHPUHSUHVHQWDUDL[tHOVFDQYLV


D]UXSHGUD

VHFRPSUD o

L]UD

SHGUHV

\HVVD FRPSUDHVWjFRPSUDQW

D&&XoL&&D
&&o\&D&

8Q DOWUH WUHW SURSL GHO EHUEHU pV OHVWDW GDQQH[Ly GHOV QRPV TXH DGRSWHQ XQD
IRUPD SDUWLFXODU GDUUHUH GH GHWHUPLQDGHV SDUWtFXOHV FRP OD FRQMXQFLy G L L HQ
GHWHUPLQDGHV IXQFLRQV FRP OD GH FRPSOHPHQW QRPLQDO R OD GH VXEMHFWH HQ OD VHYD
SRVLFLyQRPDUFDGDGDUUHUHGHOYHUE


D

DIXQDVGX\XO
ERXLDVH$11(;
HOERXLODVH

E

D\XOGXIXQDV
DVHLERX$11(;
ODVHLHOERX


 (Q DTXHVWV H[HPSOHV VREVHUYD ODOWHUQDQoD GH \ L L DPE XQ PDWHL[ YDORU GH WHUFHUD SHUVRQD GHO
VLQJXODUPDVFXOt1RVKDGHWHQLUHQFRPSWHODYRFDO HTXHUHSUHVHQWDXQDYRFDOQHXWUDGHVXSRUWTXH
QRPpVVDIHJHL[SHUDIDFLOLWDUODSURQXQFLDFLyGHOVJUXSVFRQVRQjQWLFV

/D PRUIRORJLD YHUEDO VRUJDQLW]D D SDUWLU GH OH[SUHVVLy GH ODVSHFWH RSRVLFLy
SHUIHFWLXaLPSHUIHFWLXaKDELWXDOGXUDWLXLQRSDVGHODGHOWHPSV


D

X]]HOH

KHFRUUHJXWYDLJFyUUHU

SHUIHFWLX

E

DGD]]HOH

TXHFRUUL MR DFyUUHU MR FRUUHUp LPSHUIHFWLX

F

WWD]]HOH

FRUURHVWLFFRUUHQW

KDELWXDOGXUDWLX

/RUGUH RUDFLRQDO GH ODPD]LJ pV YHUE  VXEMHFWH  FRPSOHPHQWV 962  FRP D
D WRWLTXHHOVXEMHFWHTXDQpVSUHVHQWDWFRPDUHIHUqQFLDGHOTXHHVGLUjSUHFHGHL[
PROWVRYLQWHOYHUEFRPD E  6DUULRQDQGLDDGDSWDW 


D

:DUWHTTDUWZHVVDUWFDLKDG
QRGLU+$%YHOOD$11(;TXHOFRPDDOJ~
/DYHOODQRGLXUHVDQLQJ~

E

7DZHVVDUWZDUWHTTDUFDLKDG
YHOOD

QR GLU+$%TXHOFRPDDOJ~

/DYHOODQRGLXUHVDQLQJ~
(OVDGMHFWLXVTXDOLILFDWLXVLHOVFRPSOHPHQWVQRPLQDOVVHJXHL[HQKDELWXDOPHQWHO
QRPFRPSOHPHQWDW 6DUULRQDQGLD 


D

D\GL

DPH]\DQ

JRV0$6&6* SHWLW0$6&6*
HOJRVSHWLW
E

DFXZDI

Q WHPDUW

&DEHOO

GH GRQD$11(;

HOFDEHOOGHODGRQD


(VWUDFWDGHOTXHVDQRPHQDWHPDWLW]DFLyXQH[HPSOHGHWHPDWLW]DFLyGHOFRPSOHPHQWGLUHFWHHQFDWDOj
HOWLQGUtHPDODIUDVHHQ-RDQQROKHYLVWHQTXqHQ-RDQpVSUHVHQWDWFRPDUHIHUqQFLDGHOTXHHVGLUjD
FRQWLQXDFLy YJ 

'(6&5,3&,*5$0$7,&$/
)217,&$,)212/2*,$
/,19(17$5,'(/(6&21621$176%(5%(56
(OFRQMXQWGHOHVFRQVRQDQWVGHOHVYDULHWDWVEHUEHUV
/DOOHQJXDDPD]LJGHVWDFDSHUODULTXHVDGHOVHXFRQVRQDQWLVPH6LFRPSDUHPHO
FRQMXQWGHOHVFRQVRQDQWVGHOEHUEHUDPEOHVGHOFDWDOjDSUHFLDUHPTXHKDGHWHQLUPpV
GLILFXOWDWV XQ FDWDODQzIRQ SHU D DSUHQGUH D SURQXQFLDU HO EHUEHU TXH QR SDV XQ
EHUEHUzIRQSHUDGRPLQDUODSURQXQFLDFLyGHOHVFRQVRQDQWVFDWDODQHV9HXUHPTXHHQ
HOFDVGHOHVYRFDOVODGLILFXOWDWKDGHVHU PpVR PHQ\V VLPqWULFD &RPHQFHP GRQDQW
OLQYHQWDULGHOVVRQVFRQVRQjQWLFVGHOFDWDOjDILGHVWDEOLUXQDFRPSDUDFLyDPEHOVGH
ODPD]LJ KL LQFORHP WDPEp VRQV TXH DSDUHL[HQ HQ GHWHUPLQDWV FRQWH[WRV VHQVH TXH
WLQJXLQYDORUIRQROzJLFFRPpVHOFDVGHODVqULHGHOVDSUR[LPDQWV3UHVHQWHPHOVVRQV
DPEODVHYDJUDILDFDWDODQDFDUDFWHUtVWLFDDFRPSDQ\DGDGHODWUDQVFULSFLyFRUUHVSRQHQW
HQDOIDEHWIRQqWLFLQWHUQDFLRQDO $), 
&RQVRQDQWVGHOFDWDOj
RFOXVLYHV

DIULFDGHV

IULFDWLYHV

DSUR[LPL QDVDOV
ODWHUDOV
YLEUDQW
EDWHJDQW
VHPLYRFDOV
$),JUDILD $),JUDILD $),JUDILD $),JUDILD $),JUDILD $),JUDILD $),JUDILD $),JUDILD
ELODELDOV
S
S
E
P
P
%
E
E
ODELRGHQWDOV
I
I
P I
0
Y
Y
GHQWDOVL
W
W
WV
WV
V
V
G
Q
Q
O
O
U
U
UUU 5
G
DOYHRODUV
G
G
G]
W]
]
]
W[
L[
M
L
Q\
OO
DOYHRODUVL
6

W6
WM
M
SDODWDOV
=
G=
YHODUV
N
FT
J
QJ

1
J
J
YHODU
Z
X
DUURGRQLGD


$PEDTXHVWYDORUVXVDVRYLQWHOVLJQH>'@TXHFRUUHVSRQGULDPpVSUHFLVDPHQWDOVRGHODJUDILDWKHQOD
SDUDXODDQJOHVDWKDW
(QFDWDOjODUSRWVHUEDWHJDQW FDUD YLEUDQW SRUWD LYLEUDQWOODUJD SRUUR>U@ 

$FRQWLQXDFLyGRQHPOHVFRQVRQDQWVTXHHVWUREHQHQOHVGLYHUVHVYDULHWDWVGHOD
OOHQJXDDPD]LJSUHVFLQGLQWGDOJXQHVUHDOLW]DFLRQVTXHGHWDOODUHPPpVHQGDYDQWGXQD
PDQHUDSDUWLFXODUSHUDOULIHQ\(QDTXHVWFDVGRQHPWDPEpODUHSUHVHQWDFLyHQODJUDILD
OODWLQDDGRSWDGDLOHVFRUUHVSRQGqQFLHVHQODOIDEHWIRQqWLFLQWHUQDFLRQDO
&RQVRQDQWVGHODPD]LJ

ELODELDOV
ELODELDOV
DUURGRQLGHV
ODELRGHQWDO
GHQWDOVL
DOYHRODUV
GHQW  L DOYHRO
IDULQJDOLW]DGHV

RFOXVLYHV

DIULFDGHV

IULFDWLYHV

QDVDOV

VHPLYRFDOV

ODWHUDO

YLEUDQWV

$),JUDILD

$),JUDILD

$),JUDILD

$),JUDILD

$),JUDILD

$),JUDILD

$),JUDILD

S
E

S
E

EZ

EZ

W
G
W
G

W
G
W
G

DOYHRSDODWDOV
YHODUV
YHODUV
DUURGRQLGHV
XYXODUV
XYXODUV
DUURGRQLGHV

WV
G]

W6
G=
N
J
NZ
JZ
T

N
J
NZ
JZ
T

TZ

TZ

IDULQJDOV
ODULQJDO


zX

V
]
V
]
6
=

V
]
V
]
F
M

[


Z

[Z
Z

K


/DSULPHUDFRVDTXHGHVWDFDGHODFRPSDUDFLyGHOVGRVTXDGUHVpVTXHHOEHUEHU
WpUHSUHVHQWDQWVGHWUHVVqULHVGHFRQVRQDQWVTXHIDOWHQFRPSOHWDPHQWHQFDWDOjHVWUDFWD
GH OHV XYXODUV OHV IDULQJDOV L OHV ODULQJDOV $ PpV D PpV DOJXQHV VqULHV HV GREOHQ
DOPHQ\VSDUFLDOPHQWGHFRQVRQDQWVFDUDFWHULW]DGHVSHUXQDDUWLFXODFLyFRPSOHPHQWjULD
ODELDO OHV DUURGRQLGHV R IDULQJDO OHV IDULQJDOLW]DGHV (Q FDWDOj QRPpV OD VHPLYRFDOZ
FRQHL[DOKRUDXQDDUWLFXODFLyYHODULODELDO$OTXDGUHGHOEHUEHUIDOWHQHQFRQWUDSDUWLGD
HOV VRQV GH Q\ L GH OO SHUz FDO DGYHUWLU TXH GHWHUPLQDGHV FRPELQDFLRQV GH IRQqWLFD
VLQWjFWLFDIDQDSDUqL[HUHOGHQ\TXHVHQVHVHUXQIRQHPDpVSUHVHQWHQWRWFDVHQ OD
SURQXQFLDFLy

7RW VHJXLW FRQFUHWHP DOJXQV GHWDOOV L GRQHP DOJXQHV QRFLRQV VREUH OD


SURQXQFLDFLyGHOHVFRQVRQDQWVDEVHQWVHQFDWDOjRTXHWHQHQXQDSURQXQFLDFLyGLIHUHQW
GH OD GH OHV VHYHV HTXLYDOHQWV FDWDODQHV (Q DFDEDW FRPHQWDUHP GXQD PDQHUD PpV
SUHFLVDOHVFDUDFWHUtVWLTXHVGHODIRQRORJLDLGHODIRQqWLFDGHOULIHQ\
/DSH[LVWHL[QRPpVHQPDQOOHXVGDOWUHVOOHQJHVpVDEVHQWGHOVLVWHPDEHUEHU
WUDGLFLRQDO
/HV FRQVRQDQWV DUURGRQLGHV HV SURQXQFLHQ SRVDQW HOV OODYLV FRP VL KDJXHVVLQ
GDQDUVHJXLGHVGXQDXeVHOTXHHVIDHQFDWDOjTXDQHVSURQXQFLHQHOVJUXSVTXLJX
GHOHVSDUDXOHVTXDWUHLJXDQWKRSRGHPREVHUYDUDWXUDQWODSURQXQFLDFLyHQHOPRPHQW
HQTXqHVWHPDSXQWGHGHVIHUORFOXVLyGHODFRQVRQDQW/DGLIHUqQFLDHQWUHTXLJXGHO
FDWDOj L OHV FRQVRQDQWV DUURGRQLGHV EHUEHUV pV TXH HQ DTXHVWHV HO WHPSV GH Z pV PpV
EUHXFRPVLHVSURQXQFLpVSUjFWLFDPHQWDOPDWHL[WHPSVTXHODFRQVRQDQWRFOXVLYD(Q
ULIHQ\QRPpVKLKDFRQVRQDQWVDUURGRQLGHVGHODVqULHYHODU


VVHNNZDU
Z

JJ HG

VXFUH
WHQLUSRU

(Q GDOWUHV YDULHWDWV FRP HO FDELOHQF HQ WUREHP WDPEp GH OHV VqULHV ELODELDO L
XYXODU $O FRVWDW GH OD IRUPD FDELOHQFD GRQHP OD IRUPD ULIHQ\D FRUUHVSRQHQW DL[t
FRQVWDWHP TXH D OD ELODELDO GHO FDELOHQF KL FRUUHVSRQ XQD YHODU L TXH D OHV XYXODUV
ODELDOLW]DGHVKLFRUUHVSRQHQXYXODUVVHQVHODELDOLW]DU


HEEZJZ>XZ@
Z

DPHTT UDQDPHTTUDQ

FRXUH YHUE
JUDQ

DUPDUL

FDPHOO

WD[ ]DQWWD[]DQW
DO HPDOHP

/HVFRQVRQDQWVIDULQJDOLW]DGHVHVSURQXQFLHQDFRPSDQ\DQWODUWLFXODFLyGHQWDOR
DOYHRODUGXQDFRVWDPHQWGHODUUHOGHODOOHQJXDDOYHOGHOSDODGDUDOSXQWGDUWLFXODFLy
GHODNLHVWUHQ\HQWDOPDWHL[WHPSVODIDULQJHpVDGLUHOFRQGXFWHSHURQSDVVDODLUHDO
IRQV GH OD ERFD (O SURFpV GH YHODULW]DFLy TXH VREWp DFRVWDQW OD OOHQJXD DO SXQW


GDUWLFXODFLy GH OD N pV HO FRPSRQHQW IRQDPHQWDO GDTXHVWD DUWLFXODFLy L WDQW DTXHVW
SURFpVFRPOHIHFWHTXHSURGXHL[GHVRPpVJUHXTXHOKDELWXDOVyQGHODPDWHL[DPHQD
TXHHOVTXHFDUDFWHULW]HQODOFDWDODQDSHUzWRWSOHJDWpVPpVPDUFDW7DPEpFRPHQHO
FDVGHODOYHODULW]DGDDTXHVWDSURQXQFLDFLyHVIDSDUWLFXODUPHQWVHQVLEOHHQOHVYRFDOV
LPPHGLDWHVTXHUHVXOWHQDPEXQVRFDUDFWHUtVWLFPpVJUHXPpVWDQFDWHQHOFDVGHODD
SHQVHX HQ OD D GH OD SDUDXOD LJXDO PpV REHUW HQ HO FDV GH OD L L GH OD X TXH GRQHQ
YHUVLRQVSDUWLFXODUVGHHLGHR


DWWDV PROW
TGD

DFDEDU

QTHV IDOWDU
]HU

YHXUH

UUX]

DUUzV

/DVLOD]VyQDQWHULRUVUHVSHFWHDOHVGHOFDWDOj R OHV GHO FDVWHOOj HVWULFWH VyQ


PpVDYLDWFRPOHVGHOIUDQFqVROHVGHOHVYDULHWDWVDWOjQWLTXHVGHOHVSDQ\RO


VHUV

SRVDU

L]L

PRVFD

/HVDIULFDGHVW L]X VyQSURQXQFLDGHV>WV@L>G]@DPEODPDWHL[DDUWLFXODFLyGHVL


GH ] TXH DFDEHP GH YHXUH 6yQ DEVHQWV GH OD PDMRU SDUW GH OHV YDULHWDWV EHUEHUV L QR
WRUQDUDQDDSDUqL[HUHQODQRVWUDGHVFULSFLy
/DOpVFRPODGHOFDVWHOOjSHUzHQDOJXQVFDVRVSHUH[HPSOHTXDQpVWHQVDHV
IDULQJDOLW]DLWDOFRPKHPYLVWDGTXLUHL[XQVRGHODPHQDGHOGHODOFDWDODQDSHUzPpV
PDUFDW9HXUHPTXHHQULIHQ\ODOpVJHQHUDOPHQWSURQXQFLDGDFRPXQDU
/HVDOYHRSDODWDOVFLMFRUUHVSRQHQDOVVRQVHVFULWVHQFDWDOjL[>6@LM>=@


PXF JDW
UDMD



HVSHUDU

/HVDIULFDGHVFRUUHVSRQHQWV>W6@L>G=@WDPEpH[LVWHL[HQHQFDWDOjHQEHUEHU
QR VyQ SDV JHQHUDOV SHUz VyQ SURX PpV HVWHVHV TXH OHV DIULFDGHV GHQWDOV 7DO FRP
YHXUHP PpV HQGDYDQW HQ ULIHQ\ SRGHQ FRUUHVSRQGUH D OD SURQXQFLDFLy GH OW L GH OO
JUDILHVTXHVyQVRYLQWVXEVWLWXwGHVSHUL YJ7LOPDWLQHHWDO (OFDELOHQFWp
DIULFDGHVDOYHRSDODWDOVTXHHVFRUUHVSRQHQUHJXODUPHQWDPEIULFDWLYHVWHQVHVGHOULIHQ\


HHFF

PHQMDU

LLMM

XQ

/D T >T@ pV XQD RFOXVLYD XYXODU SURQXQFLDGD IHQW UHFXODU OD OOHQJXD ILQV D OD
FDPSDQHWD SXQW GDUWLFXODFLy GH OD U IUDQFHVD /D IULFDWLYD XYXODU VRQRUD  >@
FRUUHVSRQDODSURQXQFLDFLyDFWXDOGHODUGHOIUDQFqVFRPXQDJIULFDWLYDSURQXQFLDGD
HQGDUUHUH/DIULFDWLYDXYXODUVRUGD[>@WpXQDDUWLFXODFLyPpVDYDQoDGDTXHODGHOD
VRQRUDLGHVGHOSXQWGHYLVWDIRQqWLFHVSRWFRQVLGHUDUYHODUYHDVHUODMGHOFDVWHOOj


DTQHQQL

FRQLOO

DHPEXE

FDUD

D[[DP

KDELWDFLy

/DIULFDWLYDIDULQJDOVRUGDK >@HVSURGXHL[IHQWIUHJDUODLUHHQWUHODUUHOGHOD
OOHQJXD L OD IDULQJH TXH VHVWUHQ\ WDO FRP KHP GHVFULW SHU D OHV IDULQJDOLW]DGHV ID
OHIHFWH GXQD DVSLUDFLy DPE XQ VR GH IULFFLy PDUFDW L DFRPSDQ\DW GXQD UHVVRQjQFLD
JUHX/DIDULQJDOVRQRUD>@pVPpVDYLDWXQDVHPLYRFDOLHVSURQXQFLDDFRVWDQWODUUHO
GHODOOHQJXDDODIDULQJHTXHVHVWUHQ\HVWUDFWDGXQVROOHXJHUSRFSHUFHSWLEOH


KPD SURWHJLU
VVDG IHOLFLWDW
/D IULFDWLYD ODULQJDO K >@ pV XQD DVSLUDFLy SURGXwGD SHO SDV GH ODLUH SHU OD

ODULQJH(QEHUEHUFRPHQjUDEpVJHQHUDOPHQWVRQRUDFRPODVSLUDFLyGHODQGDO~VD
ODSDUDXODSDMD


ZDK

Vt


/DPD]LJWpOHVGXHVVHPLYRFDOVTXHWUREHPHQFDWDOj\>M@LZ>Z@


GH\D DYLDW

D\GL JRV

EDZ

DZDO SDUDXOD

IDYD

6HJRQV HOV FRQWH[WRV DOWHUQHQ DPE OHV YRFDOV L L X SHUz YHXUHP TXH WDPEp
SRGHQHQWUDUHQDOWHUQDQFHVDPEFRQVRQDQWV
&RPMDKHPDSXQWDWHOEHUEHUGREODJDLUHEpWRWVHOVVHXVVRQVFRQVRQjQWLFVDPE
FRQVRQDQWV WHQVHV TXH VKL RSRVHQ IRQROzJLFDPHQW GH YHJDGHV DPE IXQFLRQV
PRUIROzJLTXHVHVSHFtILTXHVHVSDUODGXQDRSRVLFLyHQWUHFRQVRQDQWVOD[HVLWHQVHV'HV
GXQ SXQW GH YLVWD IRQqWLF OHV FRQVRQDQWV WHQVHV VROHQ VHU PpV OODUJXHV TXH OHV OD[HV
SHUzODGLVWLQFLyHVPDQLIHVWDGHYHJDGHVSHUGDOWUHVPLWMDQVFRPDUDORSRVLFLyHQWUH
FRQVRQDQWVRFOXVLYHVLIULFDWLYHV&DOGHVWDFDUTXHODQRWpXQDSDUHOODWHQVDLTXHHQ
HOVFDVRVHQTXqSRGUtHPHVSHUDUWUREDUODGLQVGHOMRFGHOHVRSRVLFLRQVPRUIROzJLTXHV
DSDUHL[ XQD T WHQVD /D G HQWUD HQ RSRVLFLy DPE OD VRUGD WW /HV VHPLYRFDOV \ L Z
VRSRVHQDJJLJJZUHVSHFWLYDPHQW


DPHQ

FUHXUH

PPHW

PRULU

QH

PDWDU

LQHTT

PDWDHVWjPDWDQW

UDMD

HVSHUDU

HMM

GHL[DU

VHTVD

SUHJXQWDU

TTHG

FUHPDU

GHZ

YRODU

LWWDZ

YRODHVWjYRODQW

]ZD

WUDYHVVDU

L]HJJ D

WUDYHVVDHVWjWUDYHVVDQW

(Q PROWHV YDULHWDWV VREUHWRW GHO QRUG OHV FRQVRQDQWV RFOXVLYHV OD[HV FRQHL[HQ
UHDOLW]DFLRQVIULFDWLYHVVHJRQVXQIHQRPHQVHPEODQWDOGHODUWLFXODFLyGHEGLJGHO
FDWDOjLGHOHVSDQ\ROHQSDUDXOHVFRPDFDEDUSRGHULSDJDU/DGLIHUqQFLDpVTXHHQ
EHUEHU OD IULFDWLYLW]DFLy DIHFWD WDPEp OHV FRQVRQDQWV VRUGHV $L[t XQD W HV SRW
SURQXQFLDU FRP XQD ] GHO FDVWHOOj R XQD N DPE VRQV LQWHUPHGLV HQWUH HO GH OD M GHO
FDVWHOOjLHOGHODL[GHOFDWDOjWDOpVHOFDVGHOULIHQ\



(OFRQVRQDQWLVPHGHOULIHQ\
$FDEHP GH YHXUH TXH HQ ULIHQ\ OHV RFOXVLYHV OD[HV VyQ GH IHW IULFDWLYHV $
GLIHUqQFLDGHOTXHIDQDOJXQVDXWRUVKHPSURFXUDWHVFULXUHDTXHVWVVRQVDPEODJUDILDGH
OHV RFOXVLYHV HQWHQHQW TXH HQ JHQHUDO HV SRW GHL[DU D UHJOHV GH OHFWXUD OD UHDOLW]DFLy
IULFDWLYD L TXH pV VHPSUH PLOORU XWLOLW]DU XQD IRUPD HVFULWD TXH YDJL HQ HO VHQWLW GH OD
LQWHUFRPSUHQVLy HQWUH HOV EHUEHUzIRQV GH GLYHUVRV RUtJHQV $L[t GRQFV FDOGUj WHQLU
SUHVHQW TXH OD E HV OOHJHL[ FRP OD GHO FDWDOj TXDQ pV HQWUH YRFDOV OD W L OD G
UHVSHFWLYDPHQWDPEHOVVRQVGHOD]GHOFDVWHOOjLGHODWKGHODQJOqVHQODSDUDXODWKDW
ODNDPEXQVRFRPHOGHL[GHOFDWDOjSHUzVHQVHHOVHXFDUjFWHUVLELODQW>o@ODNZVKL
FRQIRQODJVRQDFRPOD\LODJZHVSURQXQFLDFRPXQDZDOODUJDGD


E

>%@

LEDZHQ

IDYHV

EDHO

FRUE

W

>7@

WDQ\DUW

IURQW

WDPDUW

GRQD

G

>@

DGHI

HQWUDU

IXG

JHQROO

N

>o@

VNHQ

HQVHQ\DU

DPNDQ

OORF

J

>M@

DUJD]

KRPH

XJXU

FDPLQDU

N 

>o@

DN HUDNHU UREDU

J Z

>Z@

WDJZXUW

SRUWD

/DWLODGPDQWHQHQODUWLFXODFLyRFOXVLYDTXDQHQWUHQHQFRQWDFWHHQWUHHOOHVR
GDUUHUHGXQDQ/DPGDYDQWGHWRGHGHVSURQXQFLDFRPXQDQ


DGWDVHG

>DWDV@

YLQGUjV

WDQGLQW

>7DQGLQW@

FLXWDW

DPWL

>DQWL@

WLDSDWHUQD

/HVFRQVRQDQWVRFOXVLYHVWHQVHVVHQVHYHULWDEOHRSRVLFLyDPEOHVFRUUHVSRQHQWV
OD[HVHVSURQXQFLHQVRYLQWVHQVHDOODUJDUOHVSDUWLFXODUPHQW(VSRGHQHVFULXUHGREOHV
SHUDDGYHUWLUTXHQRVKDQGHSURQXQFLDUIULFDWLYHV


LWWD]]HO

FRUUHHVWjFRUUHQW

WLGHWW

YHULWDW


+L KD HQVRUGLPHQW GH FRQVRQDQWV TXDQ SUHFHGHL[HQ XQD VRUGD eV HO PDWHL[
IHQRPHQTXHWUREHPUHJXODUPHQWHQFDWDOjGLVVDEWH>SW@(QEHUEHUSRWDIHFWDUWDPEp
OHVVHPLYRFDOVZL\


WDTVHEW

>I7@

FDVWHOO

DGWDVHG

>W@

YLQGUjV

WDZUDW

>7@

JURJD

WDIHTTDW

>7@ SHQD

WDHQMD\W

>o7@

WIDZW

>7@ OOXP

FXOOHUD

&RQYpGHGHVWDFDUXQDVqULHGHSURQXQFLDFLRQVGHOULIHQ\TXHDIHFWHQODO
D /DOVLPSOHpVSURQXQFLDGDJHQHUDOPHQWFRPXQDU


DZDO SDUDXOD
WZDOD YHJDGD

E $ODOOGREOHGHODJUDILDKLFRUUHVSRQXQVRDOODUJDWFRPHOGHOJUXSWMGHOFDWDOjHQOD
SURQ~QFLDQRUPDWLYD


\HOOL

ILOOD

WDPHOODOW

RX

F (QDOJXQHV]RQHVHOJUXSOWHVSRWSURQXQFLDUDPEXQVRFRPHOGH OD JUDILDW[ GHO


FDWDOj


WDPHOODOW

RX

ZHOWPD

JHUPDQD


/DZHQVRUGLGDVRQDDFRPSDQ\DGDGXQOOHXJHUVRGHIULFFLyYHODUHQWUDQVFULSFLyIRQqWLFDHVUHSUHVHQWD
SHOVLJQH>@



/DUSHUODVHYDEDQGDWHQGHL[DHPPXGLUVHDILQDOGHVt ODEDLSURGXHL[GDYDQW
VHXXQVRSURSHUDOGHODDLXQDPDUFDGDREHUWXUDGHODLLGHODXUHVSHFWLYDPHQWFDSD
HLR
 

DMHU

VXSHUDUpVVHUPpVJUDQ

DKHQMLU

QHQ

WDPXUW

WHUUD

$OJXQHV FDUDFWHUtVWLTXHV GHO FRQVRQDQWLVPH ULIHQ\ SRGHQ LQIOXHQFLDU OD


SURQXQFLDFLyGHOFDWDOjeVHOFDVGHODEVqQFLDRGHODGLVWULEXFLyOLPLWDGDGHOVVRQVGH
OO L GH Q\ 3HO TXH ID DO SULPHU HO IHW TXH QR KL VLJXL HQ EHUEHU HV FRPELQD DPE OD
LQIOXqQFLD GH OHVSDQ\RO SHUTXq SXJXL IDOWDU HQ OD SURQXQFLDFLy FDWDODQD GHOV ULIHQ\V
GDOWUDEDQGDWRWVGRVVRQVSDODWDOVSRGHQVHUSURQXQFLDWVDPEGLILFXOWDWHQGHWHUPLQDWV
FRQWH[WRVSHUH[HPSOHGDYDQWGHV


DQ\VXOOV
/DUWLFXODFLyGLIHUHQWGHODVLGHOD]HQEHUEHULHQFDWDOjSRWVHUODFDXVDGHOD

FRQIXVLyGDOJXQVGDTXHVWVVRQVLTXHHVSURQXQFLwXQD>]@FRPVLIRVXQDM


SRVDU
/DSURQXQFLDFLyULIHQ\DGHODOHVIDQRWDUGHYHJDGHVHQILQDOGHVt ODEDGHWDO

PDQHUDTXHVHVHQWXQDU


EDOFyIDOGLOOHV

,19(17$5,'(/(692&$/6'(/%(5%(5,326,&,'(/$&&(17
(O VLVWHPD YRFjOLF GHO EHUEHU FRPSWD QRPpV DPE WUHV IRQHPHV D L X 6L HO
FRPSDUHP DPE HO GHO FDWDOj WLQGUHP OD LPSUHVVLy TXH DTXHVW GDUUHU pV PROW PpV
FRPSOH[


)RQHPHVYRFjOLFVGHODPD]LJ
DQWHULRU
WDQFDWV

FHQWUDO

SRVWHULRU DUURGRQLW

X

EDL[

D

)RQHPHVYRFjOLFVGHOFDWDOj
DQWHULRUV

WDQFDWV

FHQWUDO

SRVWHULRUV
DUURGRQLWV

VHPLWDQFDWV
VHPLREHUWV

X
H

R
(

EDL[

o
D

3HU D FRPSOHWDU HO FRQMXQW GH OHV YRFDOV GHO FDWDOj KL DIHJLUtHP ODQRPHQDGD
YRFDOQHXWUD>@TXHQRpVXQIRQHPDDXWzQRP
6LHVWpHQFRPSWHHOQRPEUHGHVRQVHIHFWLXVUHVXOWDTXHODSURQXQFLDFLyGHOHV
YRFDOV GHO EHUEHU pV GXQD FRQVLGHUDEOH FRPSOH[LWDW /HV UHDOLW]DFLRQV TXH SRGHP
FRQVLGHUDU EjVLTXHV VyQ ODQWHULRU >@ SHU D D L OREHUWD SHU D L >,@ L X >8@ DTXHVWD
GDUUHUD SURX VRYLQW pV WDPEp DYDQoDGD (Q WRW FDV VKD GH WHQLU SUHVHQW TXH OD
SURQXQFLDFLy GH OHV YRFDOV GH ODPD]LJ YDULD FRQVLGHUDEOHPHQW VHJRQV HOV FRQWH[WRV L
TXH XQ LQYHQWDUL GHOV VRQV UHDOPHQW SURQXQFLDWV SUREDEOHPHQW VXSHUDULD HO GHOV TXH
H[LVWHL[HQHQFDWDOj
(OEHUEHUFRQHL[WDPEpXQDYRFDOQHXWUDH>@TXHQRWpYDORUIRQROzJLFSHUz
TXH DSDUHL[ DPE HQWLWDW L DPE WLPEUH PROW YDULDEOHV SHU D IDFLOLWDU OD SURQXQFLDFLy GH
JUXSVFRQVRQjQWLFVH[FHVVLYDPHQWFRPSOH[RV



/DPSOLWXG GH UHDOLW]DFLRQV GH OHV YRFDOV GH ODPD]LJ TXH QR FRUUHVSRQ D
RSRVLFLRQV IRQROzJLTXHV HIHFWLYHV VXSRVD XQD GLILFXOWDW DIHJLGD HQ ODGTXLVLFLy GH OD
SURQXQFLDFLyGHOOHQJHVFRPHOFDWDOjHQTXqFDOIL[DUFRPDSHUWLQHQWVOHVGLVWLQFLRQV
TXHHQODOOHQJXDGRULJHQQRKRVyQDL[tOHVFRQIXVLRQVGHYRFDOVSDUWLFXODUPHQWGHH
LGHLVyQFDUDFWHUtVWLTXHVGHODSURQXQFLDFLyFDWDODQDGHOVEHUEHUzIRQV


>H@R>(@o

>@

>L@

>L@

I>L@U

I>H@U

HVW>L@P

HVW>(@P

S>L@ OtFXOD

S>@ OtFXOD

KHPTX>L@GDW

KHPTX>@GDW

GLY>L@UWLGD

GLY>@UWLGD

>D@

>L@

PHF>L@QLF

PHF>D@QLF

>L@

>H@

E>H@JRWL

E>L@JRWL

G>H@QWUH

G>L@QWUH

P>D@QMR

P>H@QMR

SDU>D@OOD

SDU>(@OOD

>H@R>(@o

>D@

/DPD]LJWpXQDFFHQWGLQWHQVLWDWHQTXqHOWUHWUHOOHYDQWpVODOWXUDPXVLFDOSHU
VREUH GH OD IRUoD GH OD YHX L GH OD GXUDGD VL OjELFD DTXHVWD FDUDFWHUtVWLFD HO OOLJD
IRUWDPHQWDOHQWRQDFLyGHODIUDVHILQVDOSXQWTXHpVDTXHVWDODTXHGHFLGHL[ODSRVLFLy
GHILQLWLYD GHOV DFFHQWV HQ HO GLVFXUV L TXH VL HV SRW SDUODU GDFFHQW HQ OHV SDUDXOHV
DwOODGHV pV QRPpV HQ OD PHVXUD HQ TXq VyQ SURQXQFLDGHV DGDSWDQWKL OHV UHJOHV
GHQWRQDFLyLGDFFHQWXDFLyGHODIUDVH &KDNHU 

7$8/$'(/66216,'(/(6*5$),(6'(/%(5%(5

(Q OD WDXOD VHJHQW ILJXUHQ   OD JUDILD HQ DOIDEHW OODWt   HO VHX YDORU HQ
DOIDEHW IRQqWLF LQWHUQDFLRQDO DPE OHV YDULDFLRQV SULQFLSDOV   HO QRP GH OD OOHWUD HQ



EHUEHU   OD JUDILD HQ WLILQDJ VHJRQV O~V PDUURTXt UHYLVWD 7LILQDJK  GHV  
DPE HOV VLJQHV GLIHUHQWV TXH ILJXUHQ D 7LOPDWLQH HW DO    SRVDWV HQWUH
SDUqQWHVLV   OD OOHWUD jUDE TXH FRUUHVSRQ DO VR EHUEHU L   XQ H[HPSOH GH PRW DPE
DTXHVWVRDFRPSDQ\DWGHODVHYDWUDGXFFLyFDWDODQD/DEDUUD  HQHOQRPGHOHVYRFDOV
VLJQLILFD TXH KL KD GXHV GHQRPLQDFLRQV SRVVLEOHV (Q HO FDV GH OHV FRQVRQDQWV
DUURGRQLGHVEZZTZL[ZQRKHPWUREDWFDSQRPSHUzHVSRGULDIRUPDUSDUD OHODPHQW
DOVGHJZHPLNZHP YJWDPEp0DPPHUL (OVH[HPSOHVVyQHQJHQHUDO
ULIHQ\V TXDQ QR SRGHP L OXVWUDU HO VR FRUUHVSRQHQW HQ DTXHVWD YDULHWDW GRQHP XQ
H[HPSOH FDELOHQF VHJXLW GH OD VROXFLy ULIHQ\D TXH VH QDSDUWD QRPpV SHU DOJXQ GHWDOO
IRQqWLF

JUDILD

YDORU

QRP

WLILQDJ

D
E
EZ
F

G
G
H

>4@
>E@>%@
>E:@
>6@
>W6@
>G@>@
>G@>@
>@

DDUD
ED

D
E

FD
\H
GD
GDU
LOHP


F


G
U ' 
H

I
J
JZ


Z

>I@
>J@>M@
>J:@>Z@
>G=@
>@
>:@

ID
JD
JZHP
\H
DU

- I 
J




K
K
L
M
N
NZ
O
P
Q
S
T

>@
>@
>,@
>=@
>N@>o@
>N:@>o@
>O@>U@
>P@
>Q@
>S@
>T@

KD
KLP
LLUL
MD
ND
NZHP
OD
PD
QD
HQPDQOOHXV
TLO

E K 

+

M

N

O
P
Q







R


DOLIDW H[HPSOH


WDUZDILOOV
LEDZHQIDYHV
HEEZJZFRXUHY
PXFJDW
HHFFPHQMDU
GDDTXt
TGDDFDEDU
DTHPPXPERFD
IXVPj
HJJIHU
JJZHGWHQLUSRU
LLMMXQ
DHPEXEFDUD
DOZHP
DOHPFDPHOO
ZDKVt
KPDSURWHJLU
WL[VLRYHOOD
UDMDHVSHUDU
NNHVWUHXUH
VVHNNZDUVXFUH
LOLpVVHU
PDUUDWRW
LQLGLU
SLVXSLV
DTQHQQLFRQLOO

TZ

>T:@


U
U
V
V
W
W

X

>@
>U@
>U@
>V@
>V@
>W@>7@
>W@
>WV@
>8@

LO
UD
UDU
VD
VDU
WD
WDU
\H
XXUX

U
6
V

6
W
7 '
3
X

Z
[
[Z

>Z@
>@
>:@

ZD
[D

\
]
]
]

>M@
>]@
>]@
>G]@

\D
]D
]DU
\H]









&
[




\
]
=




DPHTTZUDQ
DPHTTUDQJUDQ
VVDGIHOLFLWDW
LUDUMXJDU
UUX]DUUzV
VHUVSRVDU
QTHVIDOWDU
WDEUDWWFDUWD
DWWDVPROW
WLGHWLGHWWYHULWDW
IXGJHQROO
KZDEDL[DU
D[[DPKDELWDFLy
WD[Z]DQW
WD[]DQWDUPDUL
\D]LGJDOO
L]LPRVFD
]HUYHXUH
DJH]]DU
DJH]]DUFDUQLVVHU

025)2/2*,$
/(6758&785$'(/60276
/DSULPHUDFDUDFWHUtVWLFDDGHVWDFDUGHODPRUIRORJLDGHODOOHQJXDEHUEHUpVHO
FRQMXQWGHUHFXUVRVTXHXWLOLW]DSHUDODIOH[LyLODGHULYDFLyHOVGHULYDWVLOHVIRUPHVGH
IOH[LyHVIRUPHQSHUSUHIL[DFLyLVXIL[DFLyLWDPEpPRGLILFDQWODGRWDFLyYRFjOLFDGHOV
PRWV L OD TXDOLWDW JDLUHEp VHPSUH OD WHQVLy GH OHV FRQVRQDQWV TXH FRQWHQHQ $L[t HO
VXEVWDQWLXTXHVLJQLILFDPXODDVHUGXQHQODIRUPDGHVLQJXODUTXHDFDEHPGHGRQDU
HV SRW UHSUHVHQWDU DPE DTXHVWD IyUPXOD TXH UHIOHFWHL[ OHV YRFDOV L XVD
FRQYHQFLRQDOPHQW OD OOHWUD & SHU D TXDOVHYRO FRQVRQDQW D&&&X& KL WUREHP OD YRFDO
LQLFLDO D KDELWXDO SHU DOV QRPV PDVFXOLQV VLQJXODUV UHFRUGHP TXH ODH pV QRPpV XQD
YRFDOGHVXSRUW(OSOXUDOLUUHJXODUHQFDQYLWpODIRUPDL&&&D&LVHUGDQHQTXqODL
LQLFLDOpVSUzSLDGHOVQRPVHQPDVFXOtSOXUDO





D&&&X& 6*

DVHUGXQPXOD

L&&&D& 3/
LVHUGDQPXOHV

3RGHPFRPSDUDUDTXHVWFRPSRUWDPHQWDPEHOGHQRPVUHJXODUVHQTXqHOSOXUDO
HVIRUPDVLPSOHPHQWFDQYLDQWODDLQLFLDOHQLLDIHJLQWHOVXIL[ H Q QDPEXQDYRFDO
GHVXSRUW 


D

D&&D& 6*

DUJD]KRPH
E

D&&&D& 6*

L&&D&Q 3/
LUJD]HQKRPHV

DQHJPDUFDoDGRU

L&&&D&Q 3/
LQHJPDUHQFDoDGRUV

$TXHVWGDUUHUH[HPSOHpVDOVHXWRUQXQQRPGHULYDWGHOYHUEJPHUFDoDUHV
WUDFWD GHO UDGLFDO VRO TXH FRLQFLGHL[ DPE OD IRUPD GH OLPSHUDWLX VLQJXODU YJ
  IRUPDW SHU ODGMXQFLy GHO SUHIL[ DQ L OD LQVHUFLy GH OD YRFDO D GDYDQW GH
O~OWLPD FRQVRQDQW SHU XQ SURFHGLPHQW VHPEODQW SRGHP IRUPDU XQ QRP GDFFLy
DGMXQWDQWHOSUHIL[DLLQVHULQWODYRFDODWDPEpGDYDQWGHODGDUUHUDFRQVRQDQW


D

E

&&& 5$'

DQ&&D& QRPGDJHQW

JPHU UDGLFDOGHFDoDU 

DQHJPDUFDoDGRU

&&& 5$'

D&&D& QRPGDFFLy

JPHU UDGLFDOGHFDoDU 

DJPDUFDoD

6L SUHQHP HO YHUE TXH VLJQLILFD EXVFDU U]X OD IRUPD GH OD WHUFHUD SHUVRQD
PDVFXOLQDGHOSHUIHFWLXVREWpDPEHOSUHIL[\ LGDYDQWGXQDFRQVRQDQW~QLFDOD[D 
TXHH[SUHVVDODSHUVRQDYHUEDO\HU]XLODIRUPDKDELWXDOGXUDWLYDFRUUHVSRQHQWFDQYLDQW
ODFRQVRQDQWOD[D]SHUXQDGHWHQVD]]LUH]]X


D

E

&&X 5$'

U]X UDGLFDOGHEXVFDU 

\HU]XKDEXVFDW

&&X 5$' 

\&&X 0$6&+$%

U]X UDGLFDOGHEXVFDU 



\&&X 0$6&3(5)

LUH]]XEXVFDHVWjEXVFDQW

$%61&,$'$57,&/(
(OEHUEHUQRFRQHL[XQHTXLYDOHQWGHODUWLFOHGHOHVOOHQJHVURPjQLTXHVHOQRP
DSDUHL[ FRP D GHILQLW R LQGHILQLW VHJRQV OD IXQFLy TXH ID HQ HO GLVFXUV 7UDGXLUHP OD
IUDVHGHOH[HPSOHVHJHQWFRPXQDSDSDOORQDVHQYDYRODQWRFRPODSDSDOORQDVHQ
YDYRODQWVHJRQVTXHODGLJXHPHQREVHUYDUFDVXDOPHQWXQDSDSDOORQDTXHVXUWYRODQWR
TXH SDUOHP GXQD SDSDOORQD TXH KHP HVWDW REVHUYDQW R TXH MD KHP HVPHQWDW
DQWHULRUPHQW 4XLWRXWDGDSWDW 


7HGHZWKHULMDW
YRODU3(5)SDSDOORQD$11(;
/DXQDSDSDOORQDVHQYDYRODQW
4XDQ ODUWLFOH GHO FDWDOj LQWURGXHL[ XQ DGMHFWLX ODPD]LJ UHFRUUH D XQ SURQRP

GHPRVWUDWLXHVSHFtILF YJ 
5HSUHVHQWDXQDGLILFXOWDWSHUDOVEHUEHUzIRQVGRPLQDUO~VGHODUWLFOHGHOFDWDOj
SDUWLFXODUPHQWTXDQKLKDH[SUHVVLRQVHQTXqQRVXWLOLW]DDOHVTXDOVpVIjFLOHVWHQGUHO
DEXVLYDPHQW


D

>GHTXqWKDYLHVGLVIUHVVDW"@GHOPHWJH

E

DQDUpDPEHOEDUFR

(/120
(OJqQHUHGHOVQRPV
(OV QRPV DPD]LJV FRP HOV GHO FDWDOj SRGHQ VHU PDVFXOLQV R IHPHQLQV SHUz
FRPHUDGHVSHUDUHOJqQHUHGXQQRPQRPpVFRLQFLGHL[DPEHOGHODVHYDWUDGXFFLyR
SHU FDVXDOLWDW R TXDQ pV PRWLYDW SHO VH[H GH OpVVHU GHVLJQDW 6yQ PDVFXOLQV SHU
H[HPSOH





DUJD]

KRPH

LOV

OOHQJXD

X]]DO

IHUUR

6yQIHPHQLQV


WDPDUW

GRQD

WVD

IHWJH

WLOL

RPEUD

(OVJqQHUHVGLIHUHQWVGHOVQRPVHQEHUEHULHQFDWDOjVyQORULJHQGDOJXQHVFRQIXVLRQV
HQHOGLVFXUVFDWDOjGHOVSDUODQWVGDPD]LJ
 

D

VLQRVpOHVGHXUHV  PHSHJXHQ

E

WpXQDFRW[H

7DPEpSRWVHUXQDIRQWGHUURUVO~VIL[DWGHSOXUDOVDPEQRPVHVSHFtILFV


WRWVHOVVHXVGLQHUVOKDYLDJDVWDWSHUDL[z
/D IRUPD PpV IUHTHQW GHOV QRPV PDVFXOLQV pV OD GHOV TXH FRPHQFHQ SHU OD

YRFDODVyQSURXQRPEURVRVWDPEpHOVTXHFRPHQFHQSHUOHVYRFDOVLLX


D

E

F

DWELU

FRORP

DVHUGXQ

PXOD

LIUL

FRYD

LJHU

FDPS

XGHP

FDUD

XFFHQ

[DFDOOORS

3HUzQKLKDVHQVHYRFDOLQLFLDOFRPHOVVHJHQWV



 

OD]

JDQD

IDG

VHW

(Q ULIHQ\ GDOWUD EDQGD IDOWD VRYLQW OD D LQLFLDO SUHVHQW HQ GDOWUHV YDULHWDWV
EHUEHUV


GDU

DGDU

SHXFDPD

EDZ

DEDZ

IDYD

\D]LG

D\D]LG

JDOO

(OV DUDELVPHV QR DGDSWDWV FRPSOHWDPHQW TXH SRUWHQ ODUWLFOH jUDE LQFRUSRUDW
FRPHQFHQ SHU XQD O SURQXQFLDGD HQ ULIHQ\ FRP XQD U YJ    R SHU XQD
FRQVRQDQW GHQWDO DOYHRODU R SDODWDO W W G G V V ] ] Q O F M  JHQHUDOPHQW WHQVD
UHVXOWDWGHODVVLPLODFLyGHODUWLFOHjUDEDDTXHVWHVFRQVRQDQWV


D

E

OPXDOOLP

PHVWUH

O[HPLV

GLMRXV

ONXUVL

FDGLUD

VVXT

PHUFDW

WWDUL[

GDWD

FFDUU

JXHUUD

(OVQRPVIHPHQLQVFRPHQFHQSUjFWLFDPHQWVHPSUHSHUXQDWVHJXLGDGXQDDHQ
ODPDMRULDGHOVFDVRVPROWVRYLQWDFDEHQWDPEpHQW
 

D

WDEUDWW

FDUWD

WDGGDUW

FDVD

WDHQMD\W

FXOOHUD



E

WLVLW

PLUDOO

WXGDUW

YLGD

WFXTTHW

WHOD

WLPHVVL

IRF

WLPHVQD

VDYLHVD

WDNHFFD

FXF

7DOFRPRFRUUHDPEODDLQLFLDOGHOVPDVFXOLQVWDPEpODDGHOSUHIL[IHPHQtWD
IDOWDVRYLQWHQULIHQ\GLQVGHSDUDXOHVTXHODWHQHQHQGDOWUHVYDULHWDWV


WPDUW

WDPDUW

EDUED

WVD

WDVD

IHWJH

W\D]LGW

WD\D]LGW

JDOOLQD

([LVWHL[ XQD FRUUHVSRQGqQFLD UHJXODU HQWUH QRPV IHPHQLQV FRPHQoDWV L


JHQHUDOPHQW DFDEDWV SHU W L HOV PDVFXOLQV SULYDWV GDTXHVWV DIL[RV HO PpV VRYLQW
FRPHQoDWVSHUD


DPD]L

EHUEHU 0$6&

WDPD]LW

EHUEHU )(0

DPHQ]X

ILOOJUDQ

WDPHQ]XW

ILOODJUDQ

DMMDU

YHt

WDMMDUW

YHwQD

DIXQDV

ERX

WDIXQDVW

YDFD

DOHP

FDPHOO

WDOHPW

FDPHOOD

\D]LG

JDOO

W\D]LGW

JDOOLQD

(VSRWXWLOLW]DUODIRUPDFLyGHOPDVFXOtGXQQRPKDELWXDOPHQWIHPHQtRODGHO
IHPHQtGXQTXHpVKDELWXDOPHQWPDVFXOtSHUDSURGXLUXQDXJPHQWDWLXHQHOSULPHUFDV
L XQ GLPLQXWLX HQ HO VHJRQ 'H YHJDGHV DPE OD UHIHUqQFLD D XQ REMHFWH R D XQ pVVHU
DQLPDWGXQDPLGDGLIHUHQWFDQYLDHOVHQWLWGHOVXEVWDQWLXFRPRFRUUHWDPEpHQFDWDOj
FXOOHUDFXOOHURW 





D

E

DTHPPXP

ERFD

WDTHPPXPW ERTXHWD

DIHU

IXOOD

WDIHUW

IXOOHWD

L]L

PRVFD

WL]LW

PRVTXLW

WDGGDUW

FDVD

DGGDU

FDVDVVD

WDHQMD\W

FXOOHUD

DHQMD

FXOOHURW

WDNHFFD

FXF

DNHFFDZ

FXFJURV

&RP HQ FDWDOj KL KD QRPV PDVFXOLQV L IHPHQLQV UHIHULWV D KRPHV L GRQHV R D
PDVFOHVLIHPHOOHVGDQLPDOVTXHWHQHQDUUHOVGLIHUHQWV


DUJD] KRPH

WDPDUWWDPHWWXW

GRQD

EDED SDUH

\HPPD

PDUH

PPL ILOO

\HOOL

ILOOD

LNHUUL PROWy

WL[VL

RYHOOD

DWUXV ERF

WDW

FDEUD

\LV

WDJPDUW

HJXD

FDYDOO

(OQRPEUHGHOVQRPV
0ROWVQRPVEHUEHUVWHQHQIRUPHVGHSOXUDOTXHVREWHQHQDSOLFDQWSURFHGLPHQWV
UHJXODUV SHUz VyQ WDPEp QRPEURVRV HOV TXH XWLOLW]HQ SURFHGLPHQWV SDUWLFXODUV GH WDO
PDQHUDTXHHOERQ~VGHODOOHQJXDUHTXHUHL[ODSUHQHQWDWJHVLVWHPjWLFGHOD IRUPDGH
SOXUDOGHFDGDVXEVWDQWLX
(OVLVWHPDPpVIUHTHQWGHIRUPDFLyGHOSOXUDOGHOVQRPVPDVFXOLQVFRQVLVWHL[D
DIHJLU OD WHUPLQDFLy  H Q Q DPE XQD YRFDO GH VXSRUW  6L HO PRW FRPHQoD SHU D HV
FDQYLD HQ L HQ ULIHQ\ DTXHVWD L LQLFLDO HV SRW DIHJLU SHUz QR VHPSUH HV ID D XQD
FRQVRQDQWLQLFLDOHQPRWVTXHFRPHQFHQSHUDHQGDOWUHVYDULHWDWV YJ 





DUJD] KRPH

LUJD]HQ

DIXQDVERX

LIXQDVHQ

D]HOOLI FDS

L]HOOLIHQ

GDU

SHXFDPD LGDUHQ

EDZ

IDYD

LEDZHQ

\D]LG JDOO

\D]LGHQ

(OSOXUDOGHOVPRWVPDVFXOLQVHVSRWIRUPDUWDPEpSHOVSURFHGLPHQWVKDELWXDOV
GH OD PRUIRORJLD GH ODPD]LJ FDQYLDQW OHV YRFDOV L DOWHUDQW OD WHQVLy FRQVRQjQWLFD L
DOODUJDQWHOVUDGLFDOVDPEHOVHOHPHQWVW D ZDZRLZ$TXHVWVSURFHGLPHQWVHV
SRGHQFRPELQDULGHYHJDGHVIDOWDHOVXIL[(QDOJXQFDVHOVXIL[ H QVDIHJHL[VHQVH
SUHIL[DFLy


DMMDU

YHt

DMMDUHQ

D&D&oD&D&Q

LL\G

FDEULW

LD\GHQ

L&L&&oL&D&&Q

DLO

EUDo

LDOOHQ

D&L&oL&D&Q

DQX

SRX

DQXWHQ

D&XoD&XWQ

D\GL

JRV

L\GWDQ

D&&LoL&&WDQ

NXUGX

SXoD

LNXUGDQ

&X&&XoL&X&&DQ

D]ZDU

DUUHO

L]XZUDQ

D&&D&oL&X&&DQ

DGHJJZDO

VRJUH

LGHZODQ

D&&D&oL&&&DQ

GDG

GLW

LGXGDQ

&D&oL&X&DQ

DVV

GLD

XVVDQ

D&oX&DQ

PXF

JDW

LPXFZHQ

&X&oL&X&ZQ

LFF

EDQ\D

DFFDZHQ

L&oD&DZQ

DIHU

IXOOD

DIULZHQ

D&&oD&&LZQ

DMDUWLO

HVWRUD

LMDUWDO

D&D&&L&oL&D&&D&

(OVLVWHPDPpVIUHTHQWGHIRUPDFLyGHOSOXUDOGHOVQRPVIHPHQLQVFRQVLVWHL[D
DIHJLUODWHUPLQDFLyLQVLHOPRWFRPHQoDSHUWDDTXHVWSUHIL[HVFDQYLDHQWL+HP
YLVWTXHHQULIHQ\ODDGHOSUHIL[VLQJXODUSRWIDOWDU YJ OODYRUVDOSOXUDOKLVRO
KDYHUODLSHUzQRSDVVHPSUH





WD[]DQW

WHQGD

WL[]DQLQ

WDPDUW

GRQD

WLPDULQ

WDEUDWW

FDUWD

WLEUDWLQ

WDQ\DUW

IURQW

WLQ\DULQ

WDJPDUW

HJXD

WLJPDULQ

WVD

IHWJH

WLVDZLQ

WPDUW

EDUED

WLPDULQ

W\D]LGW

JDOOLQD

W\D]LGLQ

(OSOXUDOGHOVPRWVIHPHQLQVHVSRWIRUPDUWDPEpDPEHOSUHIL[WLRWFDQYLDQW
OHV YRFDOV L DOWHUDQW OD WHQVLy FRQVRQjQWLFD L DOODUJDQW HOV UDGLFDOV DPE HOV HOHPHQWV
 WD W Z W DZRLZ$TXHVWVSURFHGLPHQWVHVSRGHQFRPELQDULHQDOJXQVFDVRV
QRKLKDVXIL[


WDGGDUW

FDVD

WXGULQ

WD&D&WoWX&&LQ

WDGHJJZDOW

VRJUD

WLGHZOLQ

WD&&D&WoWL&&&LQ

WLVLW

PLUDOO

WLVLWLQ

WL&LWoWL&LWLQ

WDPHWWXW

GRQD

WLPHWWXWLQ

WD&&XWoWL&&XWLQ

WD\GLW

JRVVD

WL\GWDWLQ

WD&&LWoWL&&WDWLQ

WL[VL

RYHOOD

WL[HVZLQ

WL&&LoWL&&ZLQ

WLWW

XOO

WLWWDZLQ

WL&WoWL&WDZLQ

WNHU]D

KLYHUQ

WLNHU]LZLQ

W&&&DoWL&&&LZLQ

WKDQW

ERWLJD

WLKXQD

W&D&WoWL&X&D

WL\WL

FRS

WL\LWD

WL&&LoWL&L&D

(OV PDQOOHXV GH OjUDE QR DGDSWDWV FRPSOHWDPHQW PDQWHQHQ HO SOXUDO RULJLQDUL
HYHQWXDOPHQWDPEUHDSDULFLyGHODOGHODUWLFOHDVVLPLODGDDODFRQVRQDQWLQLFLDOHQHO
VLQJXODU REVHUYHXODSDUDXODVVXTGHOVH[HPSOHVVHJHQWV 





OPXDOOLPD

PHVWUD

OPXDOOLPDW

OPXDOOLP

PHVWUH

OPXDOODP

VVXT

PHUFDW

OHVZDT

FFDUU

JXHUUD

FFDUUDW

ONXUVL

FDGLUD

ONHUDVL

$OJXQV PRWV GRULJHQ jUDE WHQHQ D PpV GH OD IRUPD GH SOXUDO XQ GXDO
FRUUHVSRQHQWDGRVLQGLYLGXV


DP

DQ\ DPD\Q

GRV DQ\V

ODPDWDQ\V RPpV

FKDU

PHV FHKUD\Q

GRV PHVRV

OFKXU PHVRV RPpV

/DIOH[LyGHOVDGMHFWLXVTXDOLILFDWLXV
(Q DPD]LJ VXVHQ KDELWXDOPHQW IRUPHV YHUEDOV SHU D DWULEXLU TXDOLWDWV PpV
HQGDYDQW  KRH[SOLFDUHPDPEPpVGHWDOO$L[zQRSULYDTXHH[LVWHL[LQWDPEp
DGMHFWLXV TXDOLILFDWLXV SDUD OHOV DOV GHO FDWDOj SHUz GHULYDWV GHOV YHUEV TXH SUHVHQWHQ
TXDVLVHPSUHXQDIOH[LyQRPLQDOUHJXODU


PVJ

PSO

IVJ

ISO

DZUD

LZUDHQ

WDZUDW

WLZUDLQ

DPHTTUDQ

LPHTTUDQHQ WDPHTTUDQW WLPHTTUDQLQ JURV

DPH]\DQ

LPH]\DQHQ WDPH]\DQW WLPH]\DQLQ SHWLW

D]HJUDO

L]HJUDOHQ

DVHPPDG

LVHPPDGHQ WDVHPPDGW WLVHPPDGLQ IUHG

WD]HJUDOW

WL]HJUDOLQ

JURF

OODUJ

(OVQRPVGHSDUHQWLX
(QFDWDOjTXDQGLHPHOSDUHYROHPGLUHOQRVWUHSDUHRHOPHXSDUHHQEHUEHU
GH PDQHUD VHPEODQW WRWD XQD VqULH GH QRPV GH SDUHQWLX SDUWLFXODUPHQW HOV UHIHULWV DO
SULPHUJUDXHVFDUDFWHULW]HQSHUTXqWHQHQLQFRUSRUDWHOVHQWLWGHOSRVVHVVLXGHSULPHUD
SHUVRQDGHOVLQJXODU(OVQRPVTXHVLJQLILTXHQSDUHPDUHDYLILOOVLQRSRUWHQFDS
SRVVHVVLXYROHQGLUHOPHXSDUHODPHYDPDUHHOPHXDYLHOPHXILOO$TXHVWVQRPV



DPpVDPpVSRGHQWHQLUIRUPHVGHIOH[LySDUWLFXODUVRVXEVWLWXLUOHVSHUWHUPHVGXQD
DOWUDDUUHOFRPHQHOFDVGHODSDUDXODWDUZDTXHVXWLOLW]DFRPDSOXUDOGHPPLILOOL
TXHYROGLUFULDGHVFHQGqQFLD


EDED

SDUH PHX

\HPPD

PDUH PHYD

MMHGGL

DYL PHX 

KHQQD

jYLD PHYD

OMHGXG

DYLV

PPL

ILOO PHX 

WDUZD

ILOOVPDLQDGD

\HOOL

ILOOD PHYD 

\HVVL

ILOOHV PHYHV

XPD

JHUPj PHX 

D\WPD

JHUPDQV PHXV

ZHOWPD

JHUPDQD PHYD 

\HVVPD

JHUPDQHV PHYHV

[DOL

RQFOH PHX PDWHUQ

[DOWL

WLD PHYD PDWHUQD

]L]LDPPL RQFOH PHX SDWHUQ

DPWL

WLD PHYD SDWHUQD

eV LQWHUHVVDQW GREVHUYDU OD IRUPDFLy GHOV PRWV TXH VLJQLILTXHQ JHUPj L
JHUPDQDFRPSRVWRVGHXZHOWILOOILOODGHLPDPDUHYROHQGLUGRQFVILOOILOOD
GH OD PHYD PDUH $TXHVW FDUjFWHU FRPSRVW H[SOLFD TXH HO SOXUDO VLJXL DSDUHQWPHQW
LQWHUQ SHUTXq pV HO SULPHU HOHPHQW GH OD FRPSRVLFLy HO TXH FDQYLD \HVV L VX\W VyQ
H[SRQHQWVGHODYDULDFLyGLDOHFWDO 


ILOOGH

ZHOW ILOODGH

D\W

ILOOVGH

\HVVVX\W

ILOOHVGH

$TXHVWHVIRUPHVGHSOXUDOTXHVLJQLILTXHQILOOVILOOHVGHVKDQJUDPDWLFDOLW]DW
VXWLOLW]HQSHUDODIRUPDFLyGHGHULYDWVLDUULEHQDIXQFLRQDUFRPXQDVLPSOHPDUFDGH
QRPEUHDPEFHUWVQRPV 6DUULRQDQGLD 


D

E

EDEQWDGGDUW

ODPRGHODFDVD

D\WEDEQWDGGDUW

HOVDPRVGHODFDVD

ODOWQWPHQ\DW

ODULFD ODPHVWUHVVDGHOVGLQHUV

\HVVODOWQWPHQ\DW

OHVULTXHV



(OQRPJHQqULF
(QFDWDOjIRUDGHOFDVGHOVQRPVQRFRPSWDEOHVFRPODOOHQ\D HO SD OD OOHW R
ODUUzVpVJDLUHEpVHPSUHHOSOXUDOGHOJqQHUHKDELWXDOGXQVXEVWDQWLXHOTXHVXWLOLW]D
SHUDH[SUHVVDUHOVHQWLWJHQqULFDL[tHOVJDWVSRWUHIHULUVHDDTXHVWHVEqVWLHVHQJHQHUDO
HQIUDVHVFRPHOVJDWVVyQPROWPDQGURVRVLH[SUHVVLRQVFRPHOJDWpVXQDEqVWLDPROW
PDQGURVD VyQ PDUFDGHV HVWLOtVWLFDPHQW 1RPpV DPE HO QRP GH SURGXFWHV YHJHWDOV
VREUHWRW GH IUXLWHV pV SURX KDELWXDO GHPSUDU HO VLQJXODU DTXHVW DQ\ OD SUXQD VHUj
ERQD8QDSDUWLFXODULWDWGHOEHUEHUpVTXHSHUDOH[SUHVVLyGHOJHQqULFGHFDGDQRPVKL
KDGHIHUVHUYLUXQDIRUPDSDUWLFXODUGHODVHYDIOH[LyFRQGLFLRQDGDOq[LFDPHQW


D

E

WDEHWWL[W

DEHWWL[

PHOy)(06*

PHOy0$6&6*

PHOy

HOVPHORQV JHQqULF

LNHFFXGHQ
OOHQ\HV0$6&3/
OOHQ\DODOOHQ\D JHQqULF

F

WD[VD\W
FDUDEDVVD)(06*
FDUDEDVVDOHVFDUDEDVVHV JHQqULF

G

WLFFL\W

WLFFL\LQ

SROO)(06*

SROOV)(03/

SROO

HOVSROOV JHQqULF

/~VGLIHUHQWGHQRPVJHQqULFVHQDPD]LJLHQFDWDOjSRWLQGXLUXVRVHUURQLV


D

HOJDWLHOJRVPDJUDGHQ
HOVJDWVLHOVJRVVRVPDJUDGHQ

E

PHIDSRUHOJRVTXHHOVJUDQVIDQSRU
HPIDQSRUHOVJRVVRVTXHHOVJURVVRVIDQSRU



(VWDWGDQQH[LyLHVWDWOOLXUHGHOVQRPV
(QDPD]LJH[LVWHL[XQDYDULDFLyGHOVQRPVOOLJDGDDODVHYDSRVLFLyVLQWjFWLFDHQ
GHWHUPLQDWV FRQWH[WRV GH GHSHQGqQFLD GDOWUHV HOHPHQWV GH OD IUDVH HOV VXEVWDQWLXV
EHUEHUVVRIUHL[HQXQDDOWHUDFLyLHVGLXTXHHVWUREHQHQHVWDWGDQQH[LyHOVQRPVTXH
QRHVWDQVRWPHVRVDDTXHVWFDQYLHVGLXTXHHVWDQHQHVWDWOOLXUH
/HVWDWGDQQH[LyGHOVQRPVPDVFXOLQVVREWpFDQYLDQW


D

8QDDLQLFLDOHQX VLQJXODU 
VRJUHGHODGRQD

DPDU
E

G

XPDU

7DPEpKLKDXTXDQODDLQLFLDOIDOWDHQULIHQ\
\D]LG

F

JDOO

X\D]LG

8QDDLQLFLDOHQZD VLQJXODURSOXUDO 
DQX

SRX

ZDQX

DNUDUHQ

PROWRQV

ZDNUDUHQ

8QDLLQLFLDOHQ\L VLQJXODURSOXUDO 
LOHI

SRUF

\LOHI

LOIDQ

SRUFV

\LOIDQ

XQDLLQLFLDOSRWTXHGDULQDOWHUDGD
H

8QDXLQLFLDOHQZX VLQJXODURSOXUDO
XO

FRU

ZXO

XODZHQ

FRUV

ZXODZHQ


(QUHDOLWDWQRVyQQRPpVHOVQRPVHOVTXHDGRSWHQOHVWDWGDQQH[LyHOVLQGHILQLWVHOVSURQRPVLHOV
DGYHUELVWDPEpSRGHQIHUKR HOVTXHWHQHQDLQLFLDOLDOJXQVGHFRPHQoDWVSHUFRQVRQDQW 
L

D

GOXV

SRFPHQ\V

VXGOXV

DOPHQ\V

E

D\D

F

DPPX

DL[zD\LQDOOzo

D\DGZD\LQ

DL[zLDOOz

DL[t

DPPXGZDPPX DL[tLDL[t

o
o



/HVWDWGDQQH[LyGHOVQRPVIHPHQLQVVREWpHOLPLQDQWODYRFDOTXHVHJXHL[ODW
LQLFLDOFRPD D SHUzVRYLQWTXHGHQLQDOWHUDWVFRPD E 


D

E

WDPDUW

GRQD

WHPDUW

WLPDULQ

GRQHV

WHPDULQ

WDWHUEL\W

PLQ\RQD

WWHUEL\W

WDVHUGXQW

PXOD

WVHUGXQW

WL]JL

ERVF

WH]JL

WDGGDUW

FDVD

WDGGDUW

WXFFHQW

OORED

WXFFHQW

WLVLW

PLUDOO

WLVLW

WDPPHQW

PHO

WDPPHQW

(OQRPYDHQHVWDWGDQQH[LyHQHOVFDVRVVHJHQWV
D (QIXQFLyGHVXEMHFWHSRVSRVDWDOYHUE YJ6DUULRQDQGLD 


D

7WD]]HOHQZDPDQ
FyUUHU+$%DLJHV$11(;
/DLJXDFRUUH

E

<HPPXWX\XO
PRULU3(5)DVH$11(;
6KDPRUWODVH

F

8VDQWLGWHPDULQ
YHQLU3(5)25,(17GRQHV$11(;
9DQYHQLUOHVGRQHV

E  'DUUHUH GH OD FRQMXQFLy G L 4XLWRXW   DGDSWDWV 6DUULRQDQGLD


 

5HFRUGHPTXHODHQRpVPpVTXHXQDYRFDOGHVXSRUWTXHVLQVHUHL[SHUDIDFLOLWDUODSURQXQFLDFLyGHOV
JUXSVFRQVRQjQWLFVFRPSOH[RV





D

XFFHQG\LQVL
[DFDOLHULoy$11(;
HO[DFDOLOHULoy

E

QHFFLQGZDMMDUHQ
QRVDOWUHVLYHwQV$11(;
HOVYHwQVLQRVDOWUHV

F

DUJD]GWHPDUW
KRPHLGRQD$11(;
OKRPHLODGRQD

F 'DUUHUHGHOHVSUHSRVLFLRQVHQJHQHUDO 6DUULRQDQGLD 


D

<HUGDVDUUXGLXKHUPXF
YHVWLU3521YHVWLWDQHQ$11(;
3RVDOLHOYHVWLWDOQHQ

E

1VDZDO[XPHQL
SDUODU+$%VREUHJXHUUD$11(;
3DUOHPGHODJXHUUD

F

5XKDNHGWHPHWWXWD
DQDUDPEGRQD$11(;'(0
9pVWHQDPEDTXHVWDGRQD

G 3DUWLFXODUPHQWFRPDFRPSOHPHQWQRPLQDOGDUUHUHGHODSUHSRVLFLyQGH
TXHVRYLQWpVRPHVDGDYDQWGHOVQRPVPDVFXOLQV 6DUULRQDQGLD 


D

DUUXGQWHPDUW
YHVWLWGHGRQD$11(;
HOYHVWLWGHODGRQD

E

DPDQQZDQX
DLJHVGHSRX$11(;
ODLJXDGHOSRX



F

DFFDZHQQXIXQDV
EDQ\HVGHERX$11(;
OHVEDQ\HVGHOERX

H  ,QWURGXwW SHU XQ QXPHUDO FDV HQ TXq HV FRPSRUWD FRP XQ FRPSOHPHQW
QRPLQDO 6DUULRQDQGLD 


D

WODWDQWXGULQ
WUHVGHFDVHV$11(;
WUHVFDVHV

E

DFUDQ\LNVDQ
GHXGHFDYDOOV$11(;
GHXFDYDOOV

'(02675$7,86,35(6(17$7,86
(OVLVWHPDGRSRVLFLRQVGHOVGHPRVWUDWLXV
(O VLVWHPD GH GHPRVWUDWLXV GH OD OOHQJXD EHUEHU pV IRQDPHQWDO GLQV GHOV VHXV
PHFDQLVPHV GH IXQFLRQDPHQW 3URSRUFLRQD SURQRPV TXH VHUYHL[HQ GH EDVH SHU D OD
XWLOLW]DFLy GDOWUHV HOHPHQWV JUDPDWLFDOV LSURGXHL[ XQD ERQD SDUW GH OHV FRQVWUXFFLRQV
TXH HTXLYDOHQ D OHV IUDVHV GHO FDWDOj DPE KDYHUKL R pVVHUKL 'XQD PDQHUD PROW
JHQHUDOHVSRGHQGLVWLQJLUWUHVSRVLFLRQVDTXqVROHQIHUUHIHUqQFLDHOVGHPRVWUDWLXVLTXH
SRGHPFDUDFWHULW]DUDPEOHVH[SUHVVLRQVFDWDODQHVVHJHQWV
326,&,'(/$$3(5621$ ODTXHSDUOD 
DTXHVWTXHWLQFDTXtRQVyFMR
326,&,'(/$$3(5621$ OLQWHUORFXWRU 
DTXHVWTXHWHQVDTXtRQHWVWX



326,&,'(/$$3(5621$ TXHQRSDUWLFLSDHQODLQWHUDFFLyOLQJtVWLFD 
DTXHOOTXHWpDOOjRQpVHOO
(OFDWDOjHVWULFWHWpXQDVqULHGHGHPRVWUDWLXVLGDGYHUELVTXHHVUHIHUHL[DOKRUD
DODSRVLFLyGHODDLGHODDSHUVRQHV DL[zDTXHVWDTXHVWDDTXt LXQDDOWUDTXHHV
UHIHUHL[DODSRVLFLyGHODD DOOzDTXHOODTXHOODDOOj (QHOV DGYHUELVH[LVWHL[OD
SRVVLELOLWDW GLQVLVWLU HQ OH[SUHVVLy GH OD OOXQ\DQLD XWLOLW]DQW DOOj EDL[ SHU D UHIRUoDU
DOOj
(OEHUEHUWpXQVLVWHPDFUHXDWDPEHOGHOFDWDOjWpXQDVqULHSHUDUHIHULUVHDOD
SRVLFLyGHODDSHUVRQDLXQDDOWUDSHUDUHIHULUVHDOKRUDDODSRVLFLyGHODDLGHODD
$PpVDPpVWpIRUPHVHVSHFtILTXHVSHUDUHIHULUVHDHOHPHQWVTXHVyQSUHVHQWVHQHO
GLVFXUVRHQHOFRQWH[WDTXHVWDIXQFLyDQRPHQDGDDQDIzULFDHOFDWDOjODUHVROXWLOLW]DQW
HOVDOWUHVGHPRVWUDWLXVWULDQWORVVHJRQVODSUR[LPLWDWHQHOGLVFXUVRHQHOWHPSVDTXHVW
TXHHPGLXVDTXHOOTXHWKHGLWLDTXHVWTXHHWGLFDTXHOOTXHHWYDLJGLU
$ PpV D PpV HQ HOV DGYHUELV Wp XQD IRUPD SHU D LQVLVWLU HQ OH[SUHVVLy GH OD
OOXQ\DQLD FRP KHP YLVW TXH SRW IHU HO FDWDOj L IRUPHV HVSHFtILTXHV TXH LQGLTXHQ
RULHQWDFLy HQ OHVSDL GXQD IRUPD VHPEODQW D FRP KR IDQ HOV DGYHUELV FDWDODQVHQoj R
HQOOj TXH H[SUHVVHQ XQD LGHD GH PRYLPHQW +L KD WDPEp DGYHUELV TXH HTXLYDOHQ D
H[SUHVVLRQV FDWDODQHV FRP DUD YHW DTXt SHUz TXH WHQHQ XQ UHQGLPHQW JUDPDWLFDO PROW
PpVJUDQSHUTXqVXWLOLW]HQHQFDVRVHQTXqHOFDWDOjUHFRUUHDOVYHUEVKDYHULpVVHU
(OVDGMHFWLXVGHPRVWUDWLXVVXIL[DWV
(QEHUEHUODIXQFLyGHOVDGMHFWLXVGHPRVWUDWLXVODIDQVXIL[RVLQYDULDEOHVTXDQW
DOJqQHUHL DOQRPEUHTXHVDGMXQWHQDOQRP6yQ HOV VHJHQWV VHJXLQW OHV GLVWLQFLRQV
TXHKHPH[SOLFDW
326,&,'(/$$3(5621$
 \ D

'DUUHUHGHQRPVDFDEDWVHQDKLKDXQD\GDYDQWGHOVXIL[SHUDIDFLOLWDUQHODSURQXQFLDFLyWUDFFD\D
DTXHVWD[DU[D





DIXQDVD

DTXHVWERX TXHKLKDDTXtRQVyFMR

LIXQDVHQD

DTXHVWVERXV

WDIXQDVWD

DTXHVWDYDFD

WLIXQDVLQD

DTXHVWHVYDTXHV

326,&,'(/$$,'(/$$3(5621(6
LQ


DIXQDVLQ

DTXHVWERX TXHKLKDDTXtRQHWVWX DTXHOOERX TXHKLKDDOOj


RQpVHOO

LIXQDVHQLQ

DTXHVWVDTXHOOVERXV

WDIXQDVWLQ

DTXHVWDDTXHOODYDFD

WLIXQDVLQLQ DTXHVWHVDTXHOOHVYDTXHV
)81&,$1$)5,&$
QQLQ


DIXQDVHQQL

DTXHVWERX GHTXqSDUOHP DTXHOOERXGHTXqSDUOjYHP

LIXQDVHQHQQL

DTXHVWVDTXHOOVERXV

WDIXQDVWHQQL

DTXHVWDDTXHOODYDFD

WLIXQDVLQHQQL

DTXHVWHVDTXHOOHVYDTXHV

(Q FDWDOj IHP H[SOtFLWD OD UHIHUqQFLD TXH FRPSRUWHQ HOV GHPRVWUDWLXV DQDIzULFV
XWLOLW]DQWSURQRPVUHODWLXVDTXHVWTXHDTXHOOTXH 6DUULRQDQGLD 


D

DUJD]HQQL

QH]UDLGHQQDG

KRPH'(0 YHXUH3(5)DKLU
DTXHOOKRPHTXHYDPYHXUHDKLU
E

WDGGDUWHQQL L]HQ]EDEDN
FDVD'(0 YHQGUH3(5)SDUH3521
DTXHOODFDVDTXHYDYHQGUHHOWHXSDUH



(OVSURQRPVGHPRVWUDWLXV
(OVSURQRPVGHPRVWUDWLXVGHOEHUEHUVyQHOVVHJHQWV
326,&,'(/$$3(5621$
QHXWUH

D\D

DL[z TXHWLQFDTXt

VJP

ZD

DTXHVW

VJI

WD

DTXHVWD

SOP

LQD

DTXHVWV

SOI

WLQD

DTXHVWHV



7LQD

'(0)(03/ 3$57

\HVVLV

Q XMHOOLG

6DUULRQDQGLD

ILOOHV3521 GH UHL$11(;

$TXHVWHVVyQOHVILOOHVGHOUHL
326,&,'(/$$,'(/$$3(5621(6
QHXWUH

D\LQ DL[z TXHWHQVDTXt DOOz TXHWpDOOj

VJP

ZLQ

DTXHVWDTXHOO

VJI

WLQ

DTXHVWDDTXHOOD

SOP

LQLQ

DTXHVWVDTXHOOV

SOI

WLQLQ DTXHVWHVDTXHOOHV



7LQGWDGGDUWQQH

6DUULRQDQGLD

'(0)(06*3$57FDVDGHQRVDOWUHV

$TXHOODpVODQRVWUDFDVD



)81&,$1$)5,&$
QHXWUH

D\HQQLD\HQ DL[zTXHGLHPDOOzTXHGqLHP

VJP

ZHQQLZHQ DTXHVWDTXHOO

VJI

WHQQLWHQ

DTXHVWDDTXHOOD

SOP

LQQLLQHQ

DTXHVWVDTXHOOV

SOI

WLQQLWLQHQ

DTXHVWHVDTXHOOHV



$\HQQLZDULKOL

6DUULRQDQGLD

'(0QRVHUYLU3(5)

$L[zQRVHUYHL[
7DPEpH[LVWHL[HQSURQRPVSHUDGHVLJQDUHOHPHQWVGHODUHDOLWDWTXHQRHVYROHQ
HVPHQWDU GXQD PDQHUD SUHFLVD FRP HV ID HQ FDWDOj DPE O~V GH GDL[zV GDOOzV
GDL[RQVHVLGDOORQVHV
5()(51&,$,035(&,6$
VJP

ZLQDWLQDW

DTXHVWGDL[RQVHVDTXHOOGDOORQVHV

VJI

WLQDW

DTXHVWDGDL[RQVHVDTXHOODGDOORQVHV

SOP

LQDWHQ

DTXHVWHVGDL[RQVHVDTXHOOHVGDOORQVHV

SOI

WLQDWLQ

DTXHVWVGDL[RQVHVDTXHOOVGDOORQVHV



0DQDZLQDW"

6DUULRQDQGLD

TXq'(00$6&6*
4XqpVDTXHVWGDL[RQVHV"
4XDQ ODUWLFOH GHO FDWDOj LQWURGXHL[ XQ DGMHFWLX ODPD]LJ UHFRUUH DO SURQRP
GHPRVWUDWLXDQDIzULF 6DUULRQDQGLD 


1HFF[VH

ZHQQL

DPH]\DQ

MRYROHU3(5)

'(00$6&6*

SHWLW

-RYXOOHOSHWLW



(OVDGYHUELVGHOORFTXHLQGLTXHQODSRVLFLyUHODWLYD
&RQYpGHWUDFWDUDOKRUDTXHHOVGHPRVWUDWLXVHOVDGYHUELVGHOORFTXHRSHUHQOD
PDWHL[D PHQD GH GLYLVLy GH OHVSDL WDO FRP KHP YLVW HQ OD FRUUHVSRQGqQFLD HQWUH HOV
GHPRVWUDWLXVLDOJXQVDGYHUELVGHOORFHQFDWDOj(QHOVDGYHUELVDOHVIRUPHVSUzSLHVGH
OD SRVLFLy GH OD D SHUVRQD VKL DIHJHL[ XQD IRUPD TXH LQGLFD OD OOXQ\DQLD GLKD DOOj
EDL[
326,&,'(/$$3(5621$
GDDTXt RQVyFMR


-MLLWHQGD

6DUULRQDQGLD

GHL[DU3(5)3521DTXt
(OVKHGHL[DWDTXt
326,&,'(/$$,'(/$$3(5621(6
GLQDTXt RQHWVWX DOOj RQpVHOO


D

-MLLWHQGLQ

7LOPDWLQHHWDO

GHL[DU3(5)3521DTXtDOOj
(OVKHGHL[DWDTXt(OVKHGHL[DWDOOj
E

5XKGLQ

6DUULRQDQGLD

DQDU,03(5DTXtDOOj
9pVDOOj
//81<$1,$
GLKDDOOjEDL[


5XKGLKD

7LOPDWLQHHWDO

DQDU,03(5DOOjEDL[
9pVDOOjEDL[



)81&,$1$)5,&$
GLQQLDTXtDOOORFGHTXqSDUOHPDOOjDOOORFGHTXqSDUOjYHP
&RPTXHDTXHVWDGYHUELHVUHIHUHL[DXQOORFDOTXDOMDVKDIHWUHIHUqQFLDHOVHX
~V SRW FRLQFLGLU DPE HO GH OD SDUWtFXOD SURQRPLQDO FDWDODQD KL SHUz QR KL KD XQD
FRUUHVSRQGqQFLDH[DFWD 6DUULRQDQGLD 


$G

\LOL QLZHG

GLQQL

3$57 $8; DUULEDU3(5) DTXtDOOj

HUWPHGGLW
DYHVSUH

+LKDXUHPDUULEDWFDSDOYHVSUH
6RYLQW DTXHVWV DGYHUELV GH OORF L SDUWLFXODUPHQW ODQDIzULF VHUYHL[HQ SHU D
LQWURGXLUODSUHVqQFLDGDOJXQHOHPHQWLDFRPSOHL[HQODIXQFLyTXHHQFDWDOjFRUUHVSRQD
KDYHUKLRpVVHU KL  7LOPDWLQHHWDO 


D

GDWL

WWXD

GLQQL

PPLV

+DPPHG

SHU GDYDQW3521 3$57 DTXtDOOj ILOO3521 GH $KPHG


'DYDQWPHXKLKDYLDHOILOOGHO$KPHG
E

'HJ 8OLPDQ
D

GLQQL

EDED

$OHPDQ\D DTXtDOOj SDUHPHX

$$OHPDQ\DKLKDHOPHXSDUH
(OVDGYHUELVTXHWUDGXwPSHUDL[tSDUWLFLSHQGHODGLVWLQFLyHQWUHODUHIHUqQFLDD
HOHPHQWV TXH VyQ SUHVHQWV HQ HO FRQWH[W SUjFWLF R GHO GLVFXUV IXQFLy DQDIzULFD  L OD
LQWURGXFFLyGHOHPHQWVQRXV



DPPX

DL[t

DPHQQL

DL[tFRPYHLHPFRPGLHP DQDIzULF

D

(JJDVDPPX
IHU,03(53521DL[t
)HVKRDL[t



6DUULRQDQGLD

E

:DUGDVWWHJJDPHQQL
QR3521IHU,03(5+$%DL[t$1$)5,&
1RKRIDFLVDL[t

(OVDGYHUELVSUHVHQWDWLXV
/DIXQFLyGLQWURGXLUDOJXQHOHPHQWTXHKHPYLVWTXHSRGHQIHUHOVDGYHUELVTXH
LQGLTXHQ OD SRVLFLy UHODWLYD OD IDQ GXQD PDQHUD HVSHFtILFD HOV DGYHUELV SUHVHQWDWLXV
DTTD D\TTD TD TXH SRGUtHP JORVVDU HQ FDWDOj FRP D YHW DTXt KL KD DTXtDOOj pV
DTXtDOOj ,JXDO TXH YHW DTXt HQ FDWDOj HOV DGYHUELV SUHVHQWDWLXV GH ODPD]LJ SRGHQ
SRUWDUSURQRPVDIL[DWVDTTDWHQYHWORVDTXteVKDELWXDOTXHHVFRPELQLQDPEHOV
DOWUHVDGYHUELVGHOORFTXHIDQDTXHVWDIXQFLy 6DUULRQDQGLD 


D

$TTD

PPLN

YHWDTXt ILOO3521
9HWDTXtHOWHXILOO
E

$TTD

GLQEDED"

YHWDTXt DTXtDOOjSDUHPHX
+LKDHOPHXSDUHDTXt"
F

$TTDW

GD

YHWDTXt3521 DTXt
eVDTXt
4XDQ HV SUHVHQWHQ HOHPHQWV DOV TXDOV MD VKD IHW UHIHUqQFLD VXWLOLW]D HO
SUHVHQWDWLXD\TTDYHWDTXtPLUD DL[zGHTXqSDUOHPDOOzGHTXqSDUOjYHP PRVWUDQW
HOV HOHPHQWV UHSUHVHQWDWV SHO FRPSOHPHQW TXH ODFRPSDQ\D 4D VXWLOLW]D TXDQ HOV
HOHPHQWVSUHVHQWDWVQRHVWUREHQHQHOFRQWH[WItVLFLPPHGLDW 6DUULRQDQGLD
 


D

0DQLOODQLKHUNXVHQLQX"
RQpVVHU3(5)VDEDWHVGHPL
2QVyQOHVPHYHVVDEDWHV"



$\TTDWHQVGDWHN
YHWDTXt3521SHUGDYDQW3521
0LUDOHVDTXtGDYDQWWHX
E

0DQLOODQLVNDUL\HQNLGVHG\XVLQ"
RQpVVHU3(5)VROGDWVDPE352125,(17YHQLU3(5)
2QVyQHOVVROGDWVTXHKDQYLQJXWDPEHOO"
4DWHQGLQGH\OZHVWQVVXT
pVVHUDOOj3521DTXtDOOjHQPLJGHPHUFDW
6yQDOOjDOPLJGHODSODoD

/HVSDUWtFXOHVLHOVDGYHUELVTXHLQGLTXHQRULHQWDFLy
([LVWHL[HQGXHVSDUWtFXOHVGRULHQWDFLyTXHWHQHQODIXQFLyGLQGLFDUODGLUHFFLy
GHOPRYLPHQWH[SUHVVDWSHOYHUESHUH[HPSOHDPEHOVYHUEVDVYHQLULDZLSRUWDUOD
SDUWtFXODGLQGLFDTXHHOPRYLPHQWHVIDFDSDODSRVLFLyGHODSHUVRQDTXHSDUODFDS
DTXt(VFRPSRUWHQIRUPDOPHQWLJXDOTXHHOVHTXLYDOHQWVEHUEHUVGHOVSURQRPVIHEOHV
GHO FDWDOj L VKL FRPELQHQ YJ   L    (Q GHWHUPLQDGHV SRVLFLRQV R HQ
FRPELQDFLRQVSRGHQDQDUSUHFHGLGHVGHODYRFDOL
L GFDSDODSRVLFLyGHODDSHUVRQD
L QFDSDODSRVLFLyGHODDRGHODDSHUVRQHV
/DSULPHUDVXWLOLW]DPROWVRYLQWSHUzODVHJRQDVRPHWKDELWXDOPHQW 7LOPDWLQH
HWDO 


(OVDGYHUELVWDPEpLQWURGXHL[HQHOVXEMHFWHGXQYHUESHUDSUHVHQWDUHOFRQMXQWGHODVLWXDFLyRGH
ODFFLy 6DUULRQDQGLD 
L

$TTDWHQWKHONHQW
YHWDTXt3521HPPDODOWLU3(5)
9HWOHVDTXtTXHHVWDQPDODOWHV





D

$ZLGDUXP
SRUWDU3$57SD
3RUWDHOSD

E

1HWWDDG\XJXU Q
HOO3$57DQDU,03(5)3$57
(OOVHQDQLUj

(QFDWDOjKLKDDGYHUELVGHOORFTXHLQGLTXHQXQDRULHQWDFLyHQOHVSDLUHIHULGDDO
PRYLPHQWFRPDUDHQojLHQOOjDGYHUELVGDTXHVWDPHQDVyQHQEHUEHUHOVTXHSRUWHQ
HOVHOHPHQWVV \ LDZ



VDV\D

GDTXtSHUDTXt RQVyFMR

VLQ

GDTXtSHUDTXt RQHWVWX GDOOjSHUDOOj RQpVHOO

VLKD

GDOOjEDL[SHUDOOjEDL[

VHQQL

GDTXtGDOOjSHUDTXtSHUDOOj RQGLHP

PDQLV"

GRQ"SHURQ"

DZUXG

HQoj

DZUHQ

HQOOjDODOWUDEDQGDGDUUHUH

D

6DZDOHQVLKD

6DUULRQDQGLD

SDUODU+$%GDOOjEDL[
3DUOHQGHVGDOOj
E

0DQLVDQHNN"
GRQ3$57SDVVDU,03(5)
3HURQSDVVDUHP"

F

$VHGDZUXG
YHQLU3$57HQoj
9LQHFDSDTXt)HVWHHQoj



35212063(5621$/6
)RUPHVGHOVSURQRPVSHUVRQDOV
(Q FDWDOj HV GLVWLQJHL[HQ HOV SURQRPV DXWzQRPV MR WX HOO  GHOV SURQRPV
FOtWLFV DQRPHQDWV WUDGLFLRQDOPHQW SURQRPV IHEOHV HP HW HO OD HV  /DPD]LJ Wp
WDPEpOHVGXHVVqULHVGHSURQRPVDPEODSDUWLFXODULWDWTXHHOVFOtWLFVDPpVDPpVGH
IRUPDUXQDXQLWDWDPEHOYHUEFRPIDQHOVGHOFDWDOj SHUH[HPSOHGLQVSRUWDUOD WDPEp
VDIL[HQDOHVSUHSRVLFLRQVTXHHOVUHJHL[HQLDDOJXQVQRPVSHUDGHQRWDUHOSRVVHwGRU
$ GLIHUqQFLD GHO FDWDOj HOV SURQRPV GH VHJRQD SHUVRQD GLVWLQJHL[HQ XQD IRUPD GH
PDVFXOtLXQDGHIHPHQtWDQWHQVLQJXODUFRPHQSOXUDO
3URQRPVSHUVRQDOVDXWzQRPV
6yQHOVVHJHQWV
DVJ

QHFF

MR

DVJP

FHN

WX

DVJI

FHP

WX

DVJP

QHWWD

HOO

DVJI

QHWWDW

HOOD

DSO

QHFFLQ

QRVDOWUHV

DSOP

NHQQLZ

YRVDOWUHV

DSOI

NHQQLPW

YRVDOWUHV

DSOP

QLWQL

HOOV

DSOI

QLWHQWL 

HOOHV

$TXHVWVSURQRPVVXWLOLW]HQQRPpVWDOFRPHVIDHQFDWDOjTXDQHVYROLQVLVWLU
HQOHOHPHQWTXHUHSUHVHQWHQ WDQW HQ IXQFLy GH VXEMHFWH FRP GH FRPSOHPHQW (O JUXS
GH[HPSOHV VHJHQW L OXVWUD HO VHX IXQFLRQDPHQW FRP D VXEMHFWHV L WRW VHJXLW GRQDUHP
H[HPSOHVGHOVHXFRPSRUWDPHQWFRPDFRPSOHPHQWV 6DUULRQDQGLD 





D

1HWWD\HUZHO]HJXPHQL
HOOIXJLU3(5)GHJXHUUD$11(;
(OOKDIXJLWGHODJXHUUD

E

.HQQLZZDUWWHULKHPPDQL
YRVDOWUHVQRDQDU+$%DOJXQOORF
9RVDOWUHVQRDQHXDQLUHXHQOORF

F

1HFFOHPPHGHWDPD]LW
MRDSUHQGUH+$%EHUEHU
-RDSUHQFODPD]LJ

3RGHXREVHUYDUHQHOVH[HPSOHVVHJHQWVTXHTXDQHOVSURQRPVDXWzQRPVIDQ
IXQFLyGHFRPSOHPHQWVWDOFRPRFRUUHHQFDWDOjVyQXWLOLW]DWVHQFRQFXUUqQFLDDPEHO
SURQRPFOtWLFGHOPDWHL[YDORUGHUHIHUqQFLD 6DUULRQDQGLD 


D

=ULQNFHN
YHXUH3(5)3521WX
7KDQYLVWDWX

E

1QLDVWLQHWWDW
GLU3(5)35213521DHOOD
/LKRKHGLWDHOOD

F

<XZFD\LWWLQHFF
GRQDU3(5)35213521DPL
0HOKDGRQDGDDPL

3URQRPVSHUVRQDOVFOtWLFV
(Q HOV H[HPSOHV DQWHULRUV WDO FRP KHP DYDQoDW DSDUHL[HQ DOJXQHV IRUPHV GH
SURQRPV FOtWLFV TXH SRGHQ UHSUHVHQWDU FRPSOHPHQWV GLUHFWHV R LQGLUHFWHV DTXHVWV
SURQRPVVHVXIL[HQDOVYHUEVRHVFRPELQHQDPEOHVSDUWtFXOHVTXHHOVSUHFHGHL[HQ(OV



SURQRPV GH FRPSOHPHQW LQGLUHFWH SUHFHGHL[HQ HOV GH FRPSOHPHQW GLUHFWH HQ OHV
FRPELQDFLRQV 6DUULRQDQGLD 


D

,WWHUUDWHQW
WRUQDU+$%3521
/HVWRUQD

E

$WHQW\HUU
3$573521WRUQDU,03(5)

/HVWRUQDUj
F

$GDQHWHQW\HUU
3$5735213521WRUQDU,03(5)

(QVOHVWRUQDUj
/DOOLVWDFRPSOHWDGDTXHVWVSURQRPV pVODVHJHQW (OVVRQVUHSUHVHQWDWV HQWUH
SDUqQWHVLVD\LRDVKLSRGHQSRVDUVHJRQVHOFRQWH[WODGHVSRWDIHJLUDOHVIRUPHV
TXHSUHFHGHL[HQHOYHUE
&203/(0(17',5(&7(

&203/(0(17,1',5(&7(

DVJ

 G D\ L

DVJ

 G D\ L

DVJP

 L N

DVJP

 G D N

DVJI

 L FHP

DVJI

 G D P

DVJP

 L W

DVJP

 G D V

DVJI

 L WW

DVJI

 G D V

DSO

 G D QH

DSO

 G D QH

DSOP

 L NHQQLZNHQNXP

DSOP

 G D ZHPNXP

DSOI

 L NHQQLPWNHPW

DSOI

 G D NHPW

DSOP

 L WHQ

DSOP

 G D VHQ

DSOI

 L WHQW

SOI

 G D VHQW


 $ E F  OD SDUWtFXOD DG TXH Wp OD YDULDQW D GDYDQW GDOJXQV SURQRPV DFRPSDQ\D OHV IRUPHV GH
OLPSHUIHFWLX SHU D H[SUHVVDU HO TXH HVWj SHU IHU L GyQD IUDVHV TXH WUDGXwP DPE HO QRVWUH IXWXU YJ
 



)DOWDHQDPD]LJOHTXLYDOHQWGHOHVSDUWtFXOHVSURQRPLQDOVKLLHQDL[zIDTXHXQ
HUURUSRVVLEOHGHOVEHUEHUzIRQVFRQVLVWHL[LDRPHWUHOHVHQXWLOLW]DUHOFDWDOj


D

WDPEpKDRUGLQDGRUV

KLo

YDLJVRPLDUTXHKDYLDXQDFDVD
MRQRYDLJDQDU
ODELEOLRWHFDDTXHVWDQ\VRODPHQWKHPDQDWXQGLD
TXDQYDPDQDU
SRUWDPODPRW[LOODTXHWLQFHOVWD]RV
E

>WHQVJHUPDQV"@VtWLQFXQ

HQo

VtWLQFPROWV
LHOVGzQXWVQRPHQMR
3URQRPVSHUVRQDOVVXIL[DWVDOHVSUHSRVLFLRQV
+HP YLVW D   H[HPSOHV HQ TXq HOV SURQRPV DXWzQRPV HUHQ UHJLWV SHU OD
SUHSRVLFLy L D JHQHUDOPHQW OHV SUHSRVLFLRQV SRUWHQ VXIL[DW HO SURQRP TXH UHJHL[HQ
VRWDOHVIRUPHVTXHKHPYLVWSHUDOFRPSOHPHQWLQGLUHFWHVHQVHYRFDO9HDVHUFRPVL
HQFDWDOjSRJXpVVLPGLUHQFRPSWHVGHYLQGUDQVHQVHWXYLQGUDQVHQVHW 6DUULRQDQGLD
7LOPDWLQHHWDO 


D

,PQHDNLGVHQ
EDUDOODUVH3(5)DPE3521
6KDEDUDOODWDPEHOOV

E

0DWXZGHGDVDUDUVHQW"
,17(55DUULEDU3(5)ILQVD3521

+DVDUULEDWILQVDHOOHV"
F

6QQHMQHDMHQQDGD]HJ]D
SHUGDOW3521FHO3$57EODX
'DPXQWQRVWUHHOFHOpVEODX



3HOTXHIDDORUGUHOHVSUHSRVLFLRQVDPEXQSURQRPVXIL[DWHVFRPSRUWHQLJXDO
TXH HOV SURQRPV FOtWLFV L YDQ GDYDQW GHO YHUE HQ OHV PDWHL[HV FRQGLFLRQV TXH DTXHVWV
GDUUHUVSHUH[HPSOHGDUUHUHGHODSDUWtFXODQHJDWLYDZDU 6DUULRQDQGLD 


:DUNLGVHQ\HPQH
QRDPE3521EDUDOODUVH3(5)
1RVKDEDUDOODWDPEHOOV
/DOOLVWDGDTXHVWVSURQRPVpVODVHJHQW
DVJ

L

DVJP

N

DVJI

P

DVJ

V

DSO

QH

DSOP

ZHPNXP

DSOI

NHPW

DSOP

VHQ

DSOI

VHQW

/H[SUHVVLyGHOSRVVHwGRU
3HUDLQGLFDU HO SRVVHwGRU GXQ HOHPHQWUHSUHVHQWDW SHU XQ VXEVWDQWLX VXWLOLW]D
XQ SURFHGLPHQW TXH pV SRVVLEOH HQ FDWDOj TXDQ YROHP GRQDU XQ UHOOHX SDUWLFXODU DO
SRVVHwGRULGLHPSHUH[HPSOHHOJRV GHOO HQ OORF GH HO VHX JRV $TXHVW SURFHGLPHQW
FRQVLVWHL[ D IHU VHJXLU HO QRP SHU OD SUHSRVLFLy Q GH FRPELQDGD DPE HOV SURQRPV
FOtWLFVTXHDFDEHPGHYHXUHQRPpVHQHOFDVGHODSULPHUDSHUVRQDGHOVLQJXODUKLKD
XQDIRUPDSDUWLFXODULQX



DVJ

LQX

DVJP

QQHN

DVJI

QQHP

DVJ

QQHV

DSO

QQH



DSOP

QZHPQNXP

DSOI

QNHPW

DSOP

QVHQ

DSOI

QVHQW

D

WDGGDUWQQHV

7LOPDWLQHHWDO

FDVDGHOOHOOD
ODVHYDFDVD
E

DPHGGXNNHOQQH
DPLFGHQRVDOWUHV
HOQRVWUHDPLF

F

DHPEXEQQHN
FDUDGHWX0$6&
ODWHYDFDUD

4XDQ QR HV IRUPXOD HO QRP TXH KDXULD GH VHU DFRPSDQ\DW SHO SRVVHVVLX HQ
FDWDOjVXWLOLW]DXQSURQRPSRVVHVVLXHOWHXJRVLHOPHXHQEHUEHUWDOFRPHVIDDPE
HOVDGMHFWLXVTXDOLILFDWLXVHVUHFRUUH DOVGHPRVWUDWLXVDQDIzULFV YJ    TXH HQ
DTXHVWFDVIXQFLRQHQFRPHOQRVWUHDUWLFOH 6DUULRQDQGLD 


D

8ZFDVHQZHQQLQVHQ
GRQDU3521'(0GHOOV
ZLUGDVHQWWLFFZHQQLQQHP
QR3521GRQDU+$%'(0GHWX)(0
'yQDOVHOVHXQRHOVGRQLVHOWHX

E

1HFF[VHWLQQLQNHPW
MRYROHU3(5)'(0GHYRVDOWUHV)(0
ZDU[VHWLQQLQVHQW
QRYROHU3(5)'(0GHOOHV
-RYXOOOHVYRVWUHVQRYXOOOHVVHYHV



$PEHOVQRPVGHSDUHQWLXTXHKHPYLVWDO EDEDSDUH\HPPDPDUH
PPLILOOZHOWPDJHUPDQDD\WPDJHUPDQV[DOLRQFOHPDWHUQ QRVH[SUHVVDHO
SRVVHwGRU TXDQ FRUUHVSRQ D OD SULPHUD SHUVRQD GHO VLQJXODU HQ HOV DOWUHV FDVRV
VXWLOLW]HQ HOV SURQRPV FOtWLFV VXIL[DWV GLUHFWDPHQW DO QRP SUHFHGLWV GXQD W HQ OHV
IRUPHVGHSOXUDO
DVJ

EDED

HOPHXSDUH

DVJP

EDEDN

HOWHXSDUH GHWX0$6&

DVJI

EDEDP

HOWHXSDUH GHWX)(0

DVJ

EDEDV

HOVHXSDUH GHOORGHOOD

DSO

EDEDWQH

HOQRVWUHSDUH

DSOP

EDEDWZHP

HOYRVWUHSDUH GHYRVDOWUHV0$6&

DSOI

EDEDWNHPW

HOYRVWUHSDUH GHYRVDOWUHV)(0

DSOP

EDEDWVHQ

HOVHXOOXUSDUH GHOOV

DSOI

EDEDWVHQW

HOVHXOOXUSDUH GHOOHV

8QDSDUWLFXODULWDWGHOVQRPVPPLILOOL\HOOLILOODpVTXHIRUDGHOGHSULPHUD
SHUVRQD VHPSUH SRUWHQ HO SURQRP VXIL[DW TXH LQGLFD HO SRVVHwGRU HQFDUD TXH DTXHVW
VLJXLH[SUHVVDWSHUXQVXEVWDQWLX 7LOPDWLQHHWDO6DUULRQDQGLD 


D

PPLVQ+DPPHG
ILOO3521GH$KPHG
HO VHX ILOOGHO$KPHG

E

\HOOLVQZXPD
ILOOD3521GHJHUPj$11(;
OD VHYD ILOODGHOPHXJHUPj

(OVSURQRPVDIL[DWVGLUHFWDPHQWDOVXEVWDQWLXWDPEpHVSRGHQXWLOLW]DUDPEQRPV
TXHQRVLJXLQGHSDUHQWLX ,EixH] 





$OODKLNHWWDU[LUHN
$ OjDXJPHQWDU,03(5)Ep3521
OLW4XH'pXDXJPHQWLHOWHXEp
'pXWKRSDJXL

180(5$/6
(OVQXPHUDOVFDUGLQDOV
'LQVPROWHVYDULHWDWVHQWUHHOOHVHOULIHQ\HOVQXPHUDOVjUDEVKDQVXEVWLWXwWOHV
IRUPHVRULJLQDOVEHUEHUVQRPpVODIRUPDFRUUHVSRQHQWDXQFRQVHUYDODPDMRUSDUWGHOV
VHXVXVRV$TXtVHJXLPODUHVWLWXFLyGHOHVIRUPHVEHUEHUVDSDUWLUGHOHVYDULHWDWVTXH
OHVFRQVHUYHQWRWVHJXLQW4XLWRXW  SHUzDIHJLPHQWUHSDUqQWHVLVOHVIRUPHV
jUDEVHQ~V


DP\D

SO

P\DWHQ

LMMLMMHQ

ZDKLW

IHP LMWLMWHQ

VLQ

WQD\Q

QDW

NUDG

WODWD

UDGW

NX]

UEDD

X]W

VHPPXV

[HPVD

HPPXVW

VGLV

VHWWD

GLVW

VD

VEDD

DW

WDP

WPHQL\D

DPW

W]D

WVDD

]DW



PUDZ

DFUD

UDZW



LMMHQGPUDZ

KLWDF

MMHQGPUDZW



VLQGPUDZ

WQDDF

LQGPUDZW



VLPUDZ

DFULQ

LPUDZW



VLPUDZGLMMHQ

ZDKLWZDFULQ

LPUDZWGLMWHQ



VLPUDZGVLQ

WQD\QZDFULQ

LPUDZWGVQDW





NUDPUDZ

WODWLQ

UDPUDZW



NXPUDZ

UEDLQ

XPUDZW



VHPPXPUDZ

[HPVLQ

HPPXPUDZW



VGLPUDZ

VHWWLQ

GLPUDZW



VDPUDZ

VEDLQ

DPUDZW



WDPUDZ

WPDQLQ

DPUDZW



W]DPUDZ

WVDLQ

]DPUDZW



WDPLGL

PL\D



VQDWQWLPDG

PLWD\Q



NUDWWQWLPDG

WOHWPL\D



DJLP

DOHI



VLQ\LJLPDQ

DOID\Q

DJHQGLG

PHO\XQ



(OV QRPV LQWURGXwWV SHOV QXPHUDOV YDQ HQ HVWDW GDQQH[Ly L UHJLWV SHU OD
SUHSRVLFLyQTXHVRYLQWpVRPHVDDPEHOVQRPVPDVFXOLQV YJ6DUULRQDQGLD
 


D

LMMQZDUJD]
XQGHKRPH0$6&6*$11(;
XQKRPH

E

PUDZW DFUD QWPHOODOLQ


GHX)(0 GHX)250$5$% GHRXV)(03/$11(;
GHXRXV

(OVQXPHUDOVRUGLQDOV
+LKDDGMHFWLXVHVSHFtILFVSHUDGLUSULPHUL~OWLP


PVJ

PSO

DPH]ZDU

LPH]ZXUD WDPH]ZDUW WLPH]ZXUD

DQHJJDU X  LQHJJXUD



IVJ

ISO

WDQHJJDUXW WLQHJJXUD

SULPHU
~OWLP

(OVRUGLQDOVDSDUWLUGHVHJRQHVSRGHQIRUPDUDPEHOVSURQRPVZLV 0$6& LWLV


)(0 VHJXLWVGHOQXPHUDOLFRQFRUGDQWHQQRPEUH


ZLVVLQ

VHJRQ

WLVVQDW

VHJRQD

(/9(5%
/HVGLVWLQFLRQVIRUPDOVGHOYHUEDPD]LJ
(OWUHWSULQFLSDOGHODPRUIRORJLDYHUEDOGHOEHUEHUpVTXHHQOORFGRUJDQLW]DUVH
D SDUWLU GH GLVWLQFLRQV WHPSRUDOV FRP OD GHO FDWDOj SDUWHL[ GRSRVLFLRQV GDVSHFWH
'LVWLQJHL[ HVVHQFLDOPHQW OHV VLWXDFLRQV HVWDEOHUWHV L OHV DFFLRQV DFRPSOHUWHV HVWLF
FDQVDWKHOOHJLWDTXHVWOOLEUH DVSHFWHSHUIHFWLX GHOVSURFHVVRVREHUWVHVWXGLRYLQGUp
DVSHFWH LPSHUIHFWLX  L GLQV G
DTXHVWV PDUFD HO FDUjFWHU KDELWXDO R GH SURFpV GXQD
VLWXDFLy R GXQD DFFLy HVWXGLR FRP D RFXSDFLy HVWLF HVWXGLDQW HQ DTXHVW PRPHQW
DVSHFWH KDELWXDOGXUDWLX TXH DQRPHQDUHP VLPSOHPHQW KDELWXDO  /HV WUHV IRUPHV
EjVLTXHV GHO YHUE DPD]LJ FRUUHVSRQHQ D DTXHVWHV GLVWLQFLRQV D PpV D PpV H[LVWHL[HQ
OHVIRUPHVGHOSHUIHFWLXLGHOKDELWXDOQHJDWLXVGHOLPSHUDWLXLGHOLPSHUDWLXKDELWXDO
DPEQHJDWLXVTXHGHIHWQRFDQYLHQ LOHVGHOVSDUWLFLSLVLQYDULDEOHVGHOSHUIHFWLXGH
OLPSHUIHFWLXLGHOKDELWXDO
3UHQHPFRPDUHIHUqQFLDSHUDPRVWUDUOHVIRUPHVGHODFRQMXJDFLyXQYHUETXH
HQGLVWLQJHL[LHOPj[LPIRUPDOPHQWFRPpVHOFDVGHOTXHYROGLUWUREDUDI5HFRUGHP
TXHODIRUPDTXHVXWLOLW]DSHUDHQXQFLDUHOVYHUEVpVODTXHFRLQFLGHL[DPEHOUDGLFDO
OD GHO VLQJXODU GH OLPSHUDWLX /HV PDUTXHV GH SHUVRQD VyQ LJXDOV SHUWRW H[FHSWH HQ
OLPSHUDWLXOHVGHVWDTXHPHQFXUVLYD2EVHUYHXTXHQKLKDGHSUHIL[DGHVGHVXIL[DGHV
LGHSUHIL[DGHVLVXIL[DGHVDOKRUDGDOWUDEDQGDODDSHUVRQDGHOVLQJXODULODDLODD
GHOSOXUDOGLVWLQJHL[HQIRUPHVGHPDVFXOtLGHIHPHQt7DPEpPDUTXHPHQFXUVLYDHOV

/HVWUHVIRUPHVEjVLTXHVGHOYHUEWHQHQGHQRPLQDFLRQVWUDGLFLRQDOVHQWUHHOVHVWXGLRVRVGHOEHUEHUTXH
HV WUREHQ SDUFLDOPHQW HQ FRQWUDGLFFLy DPE OHV VHYHV IXQFLRQV HIHFWLYHV SUHWqULW HO SHUIHFWLX  DRULVW
OLPSHUIHFWLX LDRULVWLQWHQVLX OKDELWXDOGXUDWLX 



DIL[RVGHOSDUWLFLSLHQQHJUHWDGHVWDTXHPOHVYDULDFLRQVGHOUDGLFDOUHVSHFWHDODIRUPD
EjVLFDGHYHJDGHVOOLJDGHVDODSHUVRQD DOWHUQDQoDLDHQHOSHUIHFWLX 
3(5)(&7,8

,03(5)(&7,8

+$%,78$/

DVJXIL

DIH

WWDIH

DVJWXILG

WDIHG

WWDIHG

DVJP\XID

\DI

LWWDI

DVJIWXID

WDI

WWDI

DSOQXID

QDI

QHWWDI

DSOPWXILP

WDIHP

WWDIHP

DSOIWXILPW

WDIHPW

WWDIHPW

DSOPXILQ

DIHQ

WWDIHQ

DSOIXILQW

DIHQW

WWDIHQW

3(5)(&7,81(*$7,8

+$%,78$/1(*$7,8

DVJZDUXIL

ZDUWWLIH

DVJZDUWXILG

ZDUWWLIHG

DVJPZDU\XIL

ZDULWWLI

DVJIZDUWXIL

ZDUWWLI

DSOZDUQXIL

ZDUQHWWLI

DSOPZDUWXILP

ZDUWWLIHP

DSOIZDUWXILPW

ZDUWWLIHPW

DSOPZDUXILQ

ZDUWWLIHQ

DSOIZDUXILQW

ZDUWWLIHQW
,03(5$7,8

,03(5$7,8+$%,78$/

DVJDI

WWDI

DSOPDIHPW

WWDIHPW

DSOIDIHPW

WWDIHPW


'RQHPOHVIRUPHVQHJDWLYHVDFRPSDQ\DGHVGHODGYHUELZDUQRTXHWpODIRUPDZLUTXDQDFRPSDQ\D
XQDIRUPDGLPSHUDWLX(QG
DOWUHVYDULHWDWVGHEHUEHUpVJHQHUDOPHQWXU



,03(5$7,81(*$7,8

,03(5$7,8+$%,78$/1(*$7,8

DVJZLUDI

ZLUWWDI

DSOPZLUDIHPW

ZLUWWDIHPW

DSOIZLUDIHPW

ZLUWWDIHPW

3$57,&,3,'(/3(5)(&7,8

\XILQ

3$57,&,3,1(*$7,8'(/3(5)(&7,8 ZDU\XILQ
3$57,&,3,'(/,03(5)(&7,8

\DIHQ

3$57,&,3,'(/+$%,78$/

LWWDIHQ

3$57,&,3,1(*$7,8'(/+$%,78$/ ZDULWWLIHQ
(Q DTXHVW YHUE SRGHP REVHUYDU ODOWHUQDQoD GH WUHV WHPHV DI QR PDUFDW HQ
OLPSHUIHFWLX L HQ OLPSHUDWLX  XIL  XID SHUIHFWLX  L WWDI KDELWXDO  IHQW DEVWUDFFLy GH
ODOWHUQDQoD L  D HQ HO SHUIHFWLX L GHO FDQYL GH D HQ L HQ OD PDMRU SDUW GH OHV IRUPHV
QHJDWLYHV(OVUHFXUVRVPRUIROzJLFVXWLOLW]DWVVyQHOVFDQYLVYRFjOLFVLHOSUHIL[WW
)RUPDFLyGHOSHUIHFWLX

D&oX&LX&D

D6*XILD6*0\XID

)RUPDFLyGHOKDELWXDO

D&oWWD&

D6*WWDIH

$OJXQVDOWUHVH[HPSOHVGHYHUEVDPD]LJV
 D

E

F

D]]HOFyUUHU
3HUIHFWLX

D&&oX&&

D6*X]]HOH

+DELWXDO

D&&oWWD&&

D6*WWD]]HOH

3HUIHFWLX

L&Lo&L&D

D6*OOLD6*0\HOOD

+DELWXDO

L&LoWWL&L

D6*WWLOL

3HUIHFWLX

&&o&&L&&D

D6*VLD6*0\HVD

+DELWXDO

&&o&D&

D6*VVD

LOLpVVHU

VHFRPSUDU



G

H

NHU]OODXUDU
3HUIHFWLX

&&&o&&&

D6*NHU]H

+DELWXDO

&&&o&&&

D6*NHUUH]H

3HUIHFWLX

&o&L&D

D6*FFLD6*0\HFFD

+DELWXDO

&oWWWW

D6*WWHWWH

HFFPHQMDU

(QJHQHUDOSRGHPYHXUHODFRQVLGHUDEOHLPSUHYLVLELOLWDWGHODIOH[LyDSDUWLUGHO
UDGLFDO GH OLPSHUIHFWLX SHUz KL KD HQ WRW FDV XQV UHFXUVRV FDUDFWHUtVWLFV SHU D OD
IRUPDFLyGHFDGDUDGLFDODOWHUDFLyGHOYRFDOLVPHSHUDSURGXLUHOSHUIHFWLXVRYLQWDPE
HOFDQYLGHDHQXLDPEODSDULFLyGHODOWHUQDQoDLDSUHIL[DFLyGHWWDSDULFLyGHDL
FDQYLVGHWHQVLyFRQVRQjQWLFDSHUDSURGXLUOKDELWXDO
/HVSULQFLSDOVIXQFLRQVGHOHVIRUPHVYHUEDOV
(OSHUIHFWLXH[SUHVVDODFFLyDFRPSOHUWDODVLWXDFLyTXHpVFRQVHTqQFLDGXQD
DFFLyLHQHOFDVGHYHUEVTXHLQGLTXHQXQHVWDWRXQDGLVSRVLFLyGHOjQLPDTXHVWHVWDW
RDTXHVWDGLVSRVLFLy$L[zIDTXHHOSHUIHFWLXEHUEHUXVDWDPEYHUEVGDFFLyHVWUDGXHL[L
KDELWXDOPHQWSHOVQRVWUHVWHPSVSDVVDWVSHUIHWRSHUIHWFRPSRVWVHJRQVHOFRQWH[WSHUz
DPE HOV DOWUHV YHUEV VH VRO WUDGXLU SHU XQ SUHVHQW 7HQLP FRP D H[HPSOHV DPE YHUEV
GDFFLy 6DUULRQDQGLD 
 D

:DUVLFD
QRFRPSUDU3(5)TXHOFRP
1RKHFRPSUDWUHV

E

$PLGDQHWH]ULPWUHZOHP
4XDQ3521YHXUH3(5)IXJLU3(5)
4XDQHQVYDXYHXUHYDXIXJLU

F

DGZDUWHQNHPPHOHDPLGD\LWHQ

WHWWHUHG

HQFDUDQR3521DFDEDU3(5)TXDQ35213521GHPDQDU3(5)
(QFDUDQRHOVKDYLDDFDEDWTXDQPHOVKDVGHPDQDW



$PEYHUEVTXHH[SUHVVHQHVWDWVRDFWLWXGVWHQLP 6DUULRQDQGLD 
 D

0DQLWHOOLG"
RQpVVHU3(5)
2QHWV"

E

1H[VDPDQ
9ROHU3(5)DLJHV
9ROHPDLJXD

F

:DUWVVLQH
QR3521VDEHU3(5)
1RHOFRQHF

(QEHUEHUVyQIUHTHQWVDPpVGHOVYHUEVTXHH[SUHVVHQDFFLRQVRGLVSRVLFLRQV
SVLFROzJLTXHV HOV DQRPHQDWV YHUEV HVWDWLXV TXH H[SUHVVHQ TXDOLWDWV R VLWXDFLRQV (Q
UHDOLWDW HV WUDFWD PpV DYLDW GH YHUEV TXH VLJQLILTXHQHVGHYHQLU IHUVH SRVDUVH GXQD
PDQHUDFRPHOVQRVWUHVDVVHFDUVHHVGHYHQLUVHFLTXHGDFRUGDPEHOTXHKHPGLWGH
O~V GHO SHUIHFWLX HQ DTXHVWD IRUPD YHUEDO VLJQLILTXHQ KD HVGHYLQJXW pV HVWj GXQD
PDQHUD 6DUULRQDQGLD 
 D

$UXPD\X]H
SD'(0DVVHFDUVH3(5)
$TXHVWSDpVVHF

E

7DGGDUWDWHVEHK
FDVD'(0IHUVHER3(5)
$TXHVWDFDVDpVERQD PDFD

'DOWUHVYHUEVGDTXHVWDPHQDVyQ
 DGHV

DFRVWDUVHpVVHUDSURS

]GHG

DSULPDUVHpVVHUSULP

DGHU

IHUVHEDL[pVVHUEDL[

TEHK

IHUVHGROHQWpVVHUGROHQW



XVVHU

HQYHOOLUpVVHUYHOO

L\HU

HQWULVWLUVHHVWDUWULVW

TXGHG

HVFXUoDUVHpVVHUFXUW

/KDELWXDOGXUDWLXVXWLOLW]DSHUDH[SUHVVDUHOFDUjFWHUJHQHUDORKDELWXDOGXQD
VLWXDFLyRGXQDDFWLYLWDWLSHUDGHQRWDUHOFDUjFWHUGHSURFpVGHODFFLyGHTXqHVSDUOD
6DUULRQDQGLD 
 D

$ZDODZDULWWHVH[[LUDUQH
SDUDXOD'(0QRHPSUDU+$%D3521
$TXHVWDSDUDXODQRHVGLXHQWUHQRVDOWUHV

E

$TTDQHQHWWHPXFOLZ
YHWDTXt3521GLQDU+$%
(VWHPGLQDQW

F

0LQ WHTTDUHG"

:DU

TXq GLU+$%

QR

TTLUHZDOX
GLU+$%UHV

4XqGLXV"1RGLFUHV
/KDELWXDOQHJDWLXWpXQYDORUJHQHUDOTXHSHUPHWGHWUDGXLUORVLHOFRQWH[WKR
GHPDQDSHUXQIXWXU 6DUULRQDQGLD 
 .HQQLZZDUWWHPXQVLZHP
YRVDOWUHVQRVRSDU+$%
9RVDOWUHVQRVRSHXVRSDUHX

7DPEpVHPSUHQPpVVRYLQWTXHHQFDWDOjYHUEVTXHH[SUHVVHQGHPDQHUDVLQWqWLFDHOPDWHL[TXHHVGLX
DPESHUtIUDVLVFRPDUDWHQLUJDQDRWHQLUVHW YJWDPEp6DUULRQDQGLD 
L

D

/OX]HFZD\W
WHQLUJDQD3(5)SRF
7LQFXQDPLFDGHJDQD

E

&HNZDUWHIIXGHG"
WXQRWHQLUVHW3(5)
7XQRWHQVVHW"



(QFDUDTXHVRYLQWFRQYpWUDGXLUOKDELWXDOSHOSUHVHQWHOVHXFDUjFWHUDVSHFWXDOL
QRSDVWHPSRUDOUHVXOWDHYLGHQWSHOIHWTXHFRQWLQXDVHQWXWLOLW]DWTXDQHOFRQWH[WVLWXD
ODFFLyHQHOSDVVDW 6DUULRQDQGLD 
 D

$PLOOLGDPH]\DQWWD]]HOHDWWDV
TXDQpVVHU3(5)3$57MRYHFyUUHU+$%PROW
4XDQHUDMRYHFRUULDPROW

E

,GHQQDGPDHUZDUWVLZLOHGGHJZHJUDZ"
DKLUSHUTXqQRSDUODU+$%HQUHXQLy$11(;
$KLUSHUTXqQRSDUODYHVDODUHXQLy"

4XDQUHVQRGHL[DULDYHXUHTXHHVSDUODGHOSDVVDWVXWLOLW]DODSDWtFXODWWXD R
LOD VHJRQV HOV GLDOHFWHV  SHU D ORFDOLW]DU ODFFLy R OD VLWXDFLy HQ XQ WHPSV DQWHULRU
6DUULRQDQGLD 
 D

7WXDQHWWHPXQVLZDPLG\XVD
3$57VRSDU+$%TXDQ25,(17YHQLU3(5)

4XDQYDYHQLUHVWjYHPVRSDQW
E

7WXDZDUWWHWWHZDUVHVVHZDUWWHWWHVH
3$57QRPHQMDU+$%QREHXUH+$%QRGRUPLU+$%

1RPHQMDYDQLEHYLDQLGRUPLD
F

1HFFWWXD [VH

DGG

DVH

VDDZDU

MR3$57 YROHU3(5) 3$5725,(17 YHQLU,03(5) SHUzQR


GD\LMMLQ
3521GHL[DU3(5)

-RYROLDYHQLUSHUzQRHPYDQGHL[DU



(QULIHQ\OLPSHUIHFWLXJDLUHEpVHPSUHYDSUHFHGLWSHUODSDUWtFXODDGLH[SUHVVD
HOTXHHVWjSHUIHUVRYLQWHQIUDVHVVXERUGLQDGHV6LODIRUPDGLPSHUIHFWLXDPEDGQR
GHSqQGXQDOWUHYHUEHVWUDGXHL[SHOIXWXUGHOFDWDOj 6DUULRQDQGLD 
 D

7LZHFFDDG

UXKH

HU5ULI

GHPj3$57

DQDU,03(5) D5LI

'HPjDQLUpDO5LI
E

$GDNDULLMWQWHEUDWW
3$573521HVFULXUH,03(5)XQDGHFDUWD$11(;

7HVFULXUpXQDFDUWD
(Q IUDVHV VXERUGLQDGHV FRUUHVSRQ D H[SUHVVLRQV FDWDODQHV GLQILQLWLX GH
VXEMXQWLXHQWHPSVGLIHUHQWVRGHFRQGLFLRQDO 6DUULRQDQGLD 
 D

;VHDGUXKHHU5ULI
YROHU3(5)3$57DQDU,03(5)D5LI
9XOODQDUDO5LI

E

4TDUDVDGG\DV
GLU+$%35213$5725,(17YHQLU,03(5)
/LGLFTXHYLQJXL

F

1QLDVDGG\DV
GLU3(5)35213$5725,(17YHQLU,03(5)
/LKHGLWTXHYLQJXL/LYDLJGLUTXHYLQJXpV

G

7WHNOH[HIHVDGD\L\DUL
ILDUVH3(5)VREUH35213$573521HVFULXUH,03(5)
LMWQWHEUDWWVDDZDUGD\LWW\XUL
XQDGHFDUWD$11(;SHUzQR35213521HVFULXUH3(5)
0KHUHILDW GHOO TXHPHVFULXULDXQDFDUWDSHUzQRPHOKDHVFULWD


 /LPSHUIHFWLX VXWLOLW]D VHQVH OD SDUWtFXOD DG HQ FRQWH[WRV HQ TXq HV GHILQHL[ XQD VLWXDFLy RQ QR FDO
PDUFDU SDUWLFXODUPHQW ODVSHFWH GH OHV DFFLRQV VXFFHVVLYHV SHU H[HPSOH GDUUHUH GH IUDVHV HQ LPSHUDWLX
TXHSUHSDUHQXQDVHJRQDRUGUHFRQVHTqQFLDGHODSULPHUD 6DUULRQDQGLD 



/HV FRQVWUXFFLRQV GH OKDELWXDO DPE DG VHUYHL[HQ SHU D GRQDU HO FDUjFWHU GH
VLWXDFLyJHQHUDORGDFWLYLWDWUHJXODUDOTXHH[SUHVVDHOYHUE 6DUULRQDQGLD 
 6DWWHVDZHQWDGWWHPXQVLZH]LN
GDTXtDPXQW3$57VRSDU+$%GKRUD
'DUDHQGDYDQWVRSDUpGKRUD
/DPDWHL[DPHQDGHFRQVWUXFFLRQVTXHHVIDQDPEODSDUWtFXODDGGHPDQHQDDO
VHX OORF TXDQ OH[SUHVVLy FRPSRUWD XQD DWHQFLy SDUWLFXODU SHU XQ GHOV HOHPHQWV GH OD
IUDVHTXHHVGLXTXHQpVHOIRFXV YJ $L[zRFRUUHHQOHVSUHJXQWHVUHIHULGHV
DXQHOHPHQWFRQFUHWOHVTXHGHPDQHQXQDUHVSRVWDGLIHUHQWGHVtRQRLHQOHVIUDVHV
TXHVKLUHODFLRQHQTXHLQVLVWHL[HQVREUHHOIRFXVTXqYROV"DL[zYXOOpVDL[zHOTXH
YXOO$L[tWHQLP 6DUULRQDQGLD 
 D

0LQPLGLQQLDWUXKHG"
TXqDSHUDDTXtDOOj3$57DQDU,03(5)
$TXqKLDQLUjV"

E

0DQWHQD\DZLXPDN"
TXLQD3$57SRUWDU,03(5)JHUPj3521
4XLQDSRUWDUjHOWHXJHUPj"

F

'WDD\DZL
3$57'(03$57SRUWDU,03(5)

$TXHVWDSRUWDUjeVDTXHVWDODTXHSRUWDUj
/RUJDQLW]DFLy DVSHFWXDO GHO EHUEHU H[SOLFD FODUDPHQW SHU TXq HQ HO GLVFXUV
FDWDOjGHOVVHXVSDUODQWVHOVWHPSVVyQXWLOLW]DWVGXQDPDQHUDLQDGHTXDGD

L
D
4GDO[HGPHWQQHNXNDWDVHGG
DFDEDUIHLQDGHWXLYHQLU,03(5)25,(17
$FDEDODIHLQDLYpQV
E

5XKHUEDEDNWLQLGDVDTTD\LGD
DQDUDSDUH3521GLU,03(5)3521YHWDTXt3521DTXt
9pVDOWHXSDUHLOLGLXVTXHVyFDTXt



 D

>LTXqSDVVD"@YDFDXUHDTXHVW
DTXHVWKDFDLJXW

E

YDFDPLQDQWFDPLQDQWTXDQOLYDVRUWLUDL[z
YDFDPLQDQWFDPLQDQWLOLVXUWDL[z

F

ODPHYDPDUHOLKDYLVWLYDPFyUUHUDFDVD
ODPHYDPDUHHOYDYHXUHLYDPFyUUHUDFDVD

G

TXDQYDPDFDEDUKHPTXHGDWDOSDWL
TXDQYDPDFDEDUHQVYDPTXHGDUDOSDWL

6L SHO FRQWH[W pV FODU TXH HV SDUOD GHO SDVVDW DL[z QR VLQGLFD DPE OD IOH[Ly
YHUEDO (Q DOJXQD RFDVLy VXWLOLW]D XQD IRUPD GHO YHUE KDYHU DPE OD IXQFLy GH OD
SDUWtFXODEHUEHUWWXDSHUDVLWXDUODFFLyHQHOSDVVDW
 D

VLQRVpOHVGHXUHV  PHSHJXHQ


VLQRVDELDHOVGHXUHV  HPSHJDYHQ

E

DEDQVPLURHOVWHOHWXELHVDKRUDQR
DEDQVPLUDYDHOVWHOHWXELHVDUDQR

F

XQGLDKDYLDHVWHPIRUDGHODSRUWD
XQGLDpUHPDIRUDGHFDVD

7DPEp VREVHUYD XQD LQVLVWqQFLD H[FHVVLYD HQ O~V GH IRUPHV GXUDWLYHV GHO
FDWDOj
 D

>TXqIDDTXHVWVHQ\RU"@QRVpTXqHVWjIHQW
QRVpTXqID

E

>SHUSRGHUHQWUDUTXqID"@HVWjHVFULYLQWDODSDUHW
HVFULXDODSDUHW



)RUPHVKLSRWqWLTXHVLH[SUHVVLyGHODLUUHDOLWDW
'HYHJDGHVHOTXHHVWjSHUIHUTXHpVH[SUHVVDWQRUPDOPHQWSHUOLPSHUIHFWLX
pVGDOWUDEDQGDFRQFHEXWFRPXQDVLWXDFLyDFRPSOHUWDTXHVKDXULDGH[SUHVVDUDPE
HOSHUIHFWLX/DVLWXDFLyFDUDFWHUtVWLFDGDTXHVWDPHQDpVODTXHHQFDWDOjGyQDOORFDO~V
GHOIXWXUFRPSRVWTXDQDUULELVMDKRKDXUpIHW(VWUDFWDFRPKHPGLWGXQDDFFLySHU
IHU IXWXU SHUzSUHVHQWDGDFRPDUHDOLW]DGD WHPSVFRPSRVW $L[zHVUHVROHQDPD]LJ
DPE O~V GH OHV SDUWtFXOHV DG R D FRPELQDGHV DPE OD IRUPD \LOL GH OLPSHUIHFWLX GHO
YHUELOLpVVHUTXHIXQFLRQDFRPDDX[LOLDULOHVIRUPHVGHOSHUIHFWLXGHOYHUEXWLOLW]DW
$TXHVWHV IRUPHV SRGHQ WHQLU XQ YDORU KLSRWqWLF KR GHX KDYHU IHW FRP OHV GHO IXWXU
FRPSRVWGHOFDVWHOOj\DORKDEUiKHFKR 6DUULRQDQGLD 
 D

$G\LOLJJLWHQ
3$57$8;IHU3(5)3521

(OVKDXUpIHW
E

0DQLD\LOLWHMMLWWHQ"
2Q3$57$8;GHL[DU3(5)3521
2QHOVGHXVKDYHUGHL[DW"

F

$G\LOLLPPXWPHVNLQ
3$57$8;PRULU3(5)GLVVRUWDW

(VGHXKDYHUPRUWSREUH
/~V GH OD VLPSOH IRUPD EjVLFD GH OLPSHUIHFWLX GHO YHUE LOL VHPSUD SHU D
OH[SUHVVLy GH OD LUUHDOLWDW SUzSLD GH VLWXDFLRQV KLSRWqWLTXHV GHVLWMDGHV R GHSHQGHQWV
GDOJXQD FRQGLFLy 6XWLOLW]D DPE IRUPHV GHO SHUIHFWLX VL HV WUDFWD GXQD VLWXDFLy
FRQFUHWD R GXQD DFFLy TXH VHULD DFRPSOHUWD L GH OKDELWXDO VL HV ID UHIHUqQFLD D XQD
VLWXDFLyJHQHUDORDXQDDFFLyKDELWXDORHQSURFpV/HVIRUPHVYHUEDOVTXHH[SUHVVHQOD
LUUHDOLWDWHQFDWDOjVyQOLPSHUIHWGHVXEMXQWLXLHOFRQGLFLRQDO 6DUULRQDQGLD
 
 D

7WXD[VHLOLWXVLGGHUXUDUQPPL
3$57YROHU3(5)$8;YHQLU3(5)25,(17DFDVDPHQWGHILOOPHX

9ROLDTXHYLQJXHVVLVDOFDVDPHQWGHOPHXILOO



E

7WXDZDUWWHLPLPDQHWWDLOLXVLG
3$57QRVHQVHIHUUHV+$%VLQR$8;YHQLU3(5)25,(17

1RHVWDYDOOLXUHVLQRKDXULDYLQJXW
F

0LOLZDUGD\L\XZWLLOLZDUWFFLWH
VLQR3521SHJDU$8;QR3521SHJDU+$%
6LQRPKDJXpVSHJDWQRHOSHJDULD

VGHOVSDUWLFLSLV
(OV SDUWLFLSLV WHQHQ XQ YDORU DGMHFWLX DWULEXHL[HQ ODFFLy R OHVWDW GHQRWDWV SHO
YHUE D XQ QRP R D XQ SURQRP (V WUDGXHL[HQ KDELWXDOPHQW SHU IUDVHV GH UHODWLX L
LQWURGXwWV SHU XQ SURQRP HTXLYDOHQ D XQD UHODWLYD VXEVWDQWLYD TXH ID OD IXQFLy GXQ
QRPHQORUDFLySULQFLSDO YJ6DUULRQDQGLD 
 D

WLPDULQL

GLQQL

LWWDGHIHQ

GRQHVDSHUD DTXtDOOj HQWUDU3$57,&,3,+$%


OHVGRQHVTXHKLHQWUHQ
E

ZHQQLG

D

\DVHQ

'(025,(17 3$57 YHQLU3$57,&,3,,03(5)

HOTXLYLQGUj

7DPEpVXWLOLW]DHOSDUWLFLSLTXDQHOVXEMHFWHpVDOOzSHUTXqHVGHPDQDHQXQD
IUDVHLQWHUURJDWLYDRHVWj IRFDOLW]DW YJL  6DUULRQDQGLD  
 
D

:LGLQQLDLUXKHQ"
TXLDTXtDOOj3$57DQDU3$57,&,3,,03(5)
4XLKLDQLUj"

E

'D\WPDGLQQLDLUXKHQ
3$57JHUPj0$6&3/DTXtDOOj3$57DQDU3$57,&,3,,03(5)

6yQHOVPHXVJHUPDQVTXHKLDQLUDQ



F

'QHFFD\G\XVLQ
3$57MR3$5725,(17YHQLU3$57,&,3,3(5)

6yFMRTXLKDYLQJXW
)RUPHVGHULYDGHVGHOVYHUEV
(QFDWDOjH[LVWHL[HQGLIHUHQWVSURFHGLPHQWVSHUDFDQYLDUHOIXQFLRQDPHQWGXQ
YHUE D SDUWLU GH GRUPLU LQWUDQVLWLX L GXUDWLX IHP DGRUPLU WUDQVLWLX L UHIHULW DO
FRPHQoDPHQW GH OHVWDW TXH H[SUHVVD HO SULPHU YHUE L DGRUPLUVH TXH MD QR pV
SUzSLDPHQW WUDQVLWLX VLQy UHIHULW DO VXEMHFWH (Q DTXHVW FDV KHP XWLOLW]DW FRP D
SURFHGLPHQWV OD SUHIL[DFLy DPE D L OD FRQYHUVLy GXQ YHUE QR SURQRPLQDO HQ
SURQRPLQDOVqULHVVHPEODQWVVyQFRQVWLWXwGHVSHOVYHUEVVHXUHDVVHXUHLDVVHXUHVR
MHXUH DMHXUH L DMHXUHV 3URX VRYLQW HQ FDWDOj VXWLOLW]HQ L HQ JHQHUDO HV SUHIHUHL[HQ
FRQVWUXFFLRQV SHULIUjVWLTXHV SHU D REWHQLU DTXHVWD PHQD GH UHVXOWDWV DL[t SRGHP GLU
HYHQWXDOPHQW DPE VHQWLWV GLIHUHQFLDWV DGRUPLU HO PDODOW R IHU GRUPLU HO PDODOW
UHVWDEOLU ORUGUH R WRUQDU D HVWDEOLU ORUGUH (Q EHUEHU QR KL KD YHUEV SURQRPLQDOV L
VHPSUD VLVWHPjWLFDPHQW OD SUHIL[DFLy DFRPSDQ\DGD GH YHJDGHV GDOJXQD DOWUD
RSHUDFLy ([LVWHL[HQ FLQF SUHIL[RV DPE OD SRVVLELOLWDW GH FRPELQDUORV SHU D REWHQLU
YHUEVDPEXQIXQFLRQDPHQWQRX
D

(/35(),;6

(OSUHIL[V DPEOHVYDULDQWVVVL] SURGXHL[YHUEVWUDQVLWLXVDSDUWLUGHYHUEV


LQWUDQVLWLXV L YHUEV FDXVDWLXV GH OD PHQD GH IHU IHU  D SDUWLU GH YHUEV WUDQVLWLXV /D
SUHIL[DFLyHVSRWFRPELQDUDPEFDQYLVYRFjOLFVLDPEODSqUGXDGHWHQVLyFRQVRQjQWLFD
 L]]DUDYDQoDUVH

VVL]]DUIHUSDVVDUGDYDQW

GDUEDL[DU

VVHGDUIHUEDL[DU

OPHGDSUHQGUH

VHOPHGHQVHQ\DU

DZHGDUULEDU

VLZHGIHUDUULEDU

D&&oVL&&

WWHVGRUPLU

VXGHVDGRUPLU

&&oVX&&



/H[LVWqQFLD GXQ UHFXUV PRUIROzJLF VLVWHPjWLF HQ EHUEHU SHU D IRUPDU YHUEV
FDXVDWLXV ID GH YHJDGHV TXH HOV VHXV SDUODQWV QR OHQFHUWLQ D OKRUD GXWLOLW]DU XQD
SHUtIUDVLGHOFDWDOj
 D

TXDQWHWRFDFDWDOjHPIDMRFV
TXDQWRFDFDWDOjHPIDIHUMRFV

E

ODVHQ\RUHWDHPIDGHXUHV
ODVHQ\RUHWDHPIDIHUGHXUHV

F

YDFDXUHDPEXQQHQ
YDIHUFDXUHXQQHQ

G

KD\PROWHVSHGUHVLVLFRUUHVWHVHFDXUDQ
KLKDPROWHVSHGUHVLVLFRUUHVHWIDUDQFDXUH

(/635(),;261,00

(OV SUHIL[RV Q L PP SURGXHL[HQ YHUEV TXH LPSOLTXHQ HO VXEMHFWH HQ OD VHYD
SUzSLD DFFLy R HQ HO SURFpV TXH H[SHULPHQWD HQ OD WUDGXFFLy FDWDODQD FRUUHVSRQHQ D
YHUEV SURQRPLQDOV *HQHUDOPHQW HV SDUWHL[ GH YHUEV WUDQVLWLXV SHUz HQ DOJXQV FDVRV
SDUWLQWGHYHUEVLQWUDQVLWLXVVREWpXQDLQVLVWqQFLDHQHOSURFpVGHVLJQDWSHOYHUEDPE
XQD GLVWLQFLy VHPEODQW SHUz PpV PDUFDGD D OD TXH IHP HQ FDWDOj HQWUH OD EDUFD KD
EROFDWLODEDUFDVKDEROFDW(QXQGHOVH[HPSOHVTXHWHQLPHOYHUEGHULYDWDGTXLUHL[
XQYDORUGLQWHQVLWDWUHVSHFWHDOVHXSULPLWLXPHUFUpL[HUGyQDQXPHUHQYHOOLUVH
3RGHPGRQDUDTXHVWVDOWUHVH[HPSOHV
 D

E

JUXUHXQLU

QHJUXUHXQLUVH

KGHPHQUXQDU

QHKGHPHQUXQDUVH

NOHEEROFDU LQWU

QHNOHEEROFDUVH

IIHUDPDJDU

QXIIHUDPDJDUVH

HFFPHQMDU

PPHFFPHQMDUVHpVVHUPHQMDW

XZFGRQDU

PPXZFGRQDUVHpVVHUGRQDW

&&oQX&&

(OV H[HPSOHV TXH KHP GRQDW DPE HO SUHIL[ PP VyQ YHUEV TXH WHQHQ YDORU
LPSHUVRQDOHQODWUDGXFFLyFDWDODQDDTXHVWYDORUHVSRWLQGLFDUDPEO~VGHOSURQRPHV



FRP HQ OD IUDVH DTXHVW OOLEUH QR VKD YHQXW SHUz VRYLQW FDO UHFyUUHU D GDOWUHV JLUV
LPSHUVRQDOVWDOFRPL OXVWUHQHOVH[HPSOHVVHJHQWV 6DUULRQDQGLD 
 D

0PHFFHQWWPHOODOLQ
PHQMDUVH3(5)RXV
OLW(OVRXVVKDQPHQMDW
6KDQPHQMDWHOVRXV

E

<HPPXZFDNZDJODQQHN
GRQDUVH3521EpQVGHWX
OLW(OVWHXVEpQVVHWKDQGRQDW
7KDQGRQDWHOVWHXVEpQV

&DOUHPDUFDUTXHHQWRWVGRVFDVRVHQDPD]LJHOVXVEVWDQWLXSUHVHQWHQODIUDVH
QpVHOVXEMHFWHWDOFRPPRVWUHQOHVWUDGXFFLRQVOLWHUDOVTXHKHPGRQDW
F

(/35(),;77:$

/DIRUPDFLyGHYHUEVDPEYDORUSDVVLXVREWpDPEHOSUHIL[WWZD&DODGYHUWLU
TXH DTXHVWV YHUEV IXQFLRQHQGXQD PDQHUD DXWzQRPD JHQHUDOPHQW VHQVH PHQFLy GXQ
DJHQW L TXH HQ EHUEHU QR HV SRW HVWDEOLU XQD FRUUHVSRQGqQFLD HQWUH IUDVHV DFWLYHV L
SDVVLYHVFRPHVIDHQFDWDOj
 WWHIDJDIDU

WWZDWWHIpVVHUDJDIDW

HJJIHU

WWZDJJpVVHUIHW

PXWWLWUDVOODGDU

WWZDPXWWLpVVHUWUDVOODGDW

DIWUREDU

WWZDIpVVHUWUREDW

DNHUUREDU

WWZDNHUpVVHUUREDW

(/35(),;0

(O SUHIL[ P DPE OD YDULDQW PO  VHUYHL[ SHU D IRUPDU YHUEV TXH H[SUHVVHQ OD
UHFLSURFLWDWGHODFFLyHQWUHPpVGXQVXEMHFWH
 ]HUYHXUH

P]HUYHXUHV OXQDODOWUH

ONDWUREDU

PHONDWUREDUVH OXQDPEODOWUH


XZHWSHJDU

POXZHWSHJDUVH OXQDODOWUH

DGHVDFRVWDUVH

PODGHVDFRVWDUVH OXQDODOWUH

$TXHVWV YHUEV FRUUHVSRQHQ D SURQRPLQDOV GHO FDWDOj FRP DUD HVWLPDUVH R


EDUDOODUVH DPE XQ VHQWLW GH UHFLSURFLWDW TXH SRGHP VXEUDWOODU DPE O~V GH OHV
H[SUHVVLRQV OXQ D ODOWUH R OXQ DPE ODOWUH 'H OD PDWHL[D PDQHUD TXH HQ FDWDOj
VXWLOLW]HQDTXHVWHVH[SUHVVLRQVHQEHUEHUHVSRWHPSUDUXQDFRPELQDFLyHVSHFtILFDGH
GRVSURQRPVGHPRVWUDWLXVD\DX\D 6DUULRQDQGLD 
 7DUZDQQHNWWHPOXZWDQD\DX\D
PDLQDGDGHWXSHJDUVH+$%'(0'(0
(OVWHXVILOOVHVSHJXHQOXQDODOWUH
H

&20%,1$&,216'(35(),;26

([LVWHL[ODSRVVLELOLWDWGDFXPXODUDTXHVWVSUHIL[RVSHUDFRPELQDUQHHOVUHVXOWDWV
 HNNSDVVDU

HFFPHQMDU o

VHNNHQYLDU

WWZDVHNNpVVHUHQYLDW

VVHFFIHUPHQMDU

PHVVHFFGRQDUVHPHQMDU

/H[SUHVVLyGHODUHIOH[LYLWDW
(Q FDWDOj KL KD YHUEV SURQRPLQDOV UHIOH[LXV HQ TXq HO SURQRP H[SUHVVD TXH
ODFFLy UHFDX HQ HO VXEMHFWH PDWHL[ DL[t UHQWDU pV WUDQVLWLX DOJ~ UHQWD DOJ~ DOWUH R
DOJXQDFRVD LUHQWDUVHpVUHIOH[LXDOJ~HVUHQWDDVLPDWHL[+HPGLWTXHHQEHUEHUQR
KLKDOHTXLYDOHQWGHOVYHUEVSURQRPLQDOVGHOFDWDOjGHODPDWHL[DPDQHUDTXHHQFDWDOj
HV GLX VRUWLU L QR SDV WUHXUHV R DQDUKL L QR SDV SRUWDUVKL HQ EHUEHU XII YRO GLU
PXOODUVH L VXWLOLW]D OD IRUPD SUHIL[DGD DPE V VXII SHU DO YDORU WUDQVLWLX
6DUULRQDQGLD 
 D

8IIH
PXOODUVH3(5)
0KHPXOODW



E

4DLVXIID\LXQ]DU
WRWPXOODU3(5)3521SOXMD$11(;
/DSOXMDPKDPXOODWWRW

/D SUHIL[DFLy DPEQ SRW VHUYLU SHU D LQVLVWLU HQ HO FDUjFWHU UHIOH[LX GXQ YHUE
DL[t IIHU YRO GLU DPDJDUVH GH OD PDWHL[D PDQHUD TXH XII YRO GLU PXOODUVH SHUz
H[LVWHL[ODSRVVLELOLWDWGXWLOLW]DUQXIIHUDPEXQYDORUGLQVLVWqQFLDVREUHODUHIOH[LYLWDWL
HOWUDQVLWLXDPDJDUHVIRUPDDSDUWLUGDTXHVWGDUUHUVQXIIHU
4XDQ FDO H[SOLFLWDU HO FDUjFWHU UHIOH[LX GHO YHUE FRP HV ID WDPEp HQ FDWDOj
VXWLOLW]HQ HOV QRPV JUDPDWLFDOLW]DWV LPDQ SHUVRQD R L[HI FDS TXH HV FRQVWUXHL[HQ
DFRPSDQ\DWV GHO JLU SRVVHVVLX LQX GH PL PHX QQHN GH WX WHX  GH OD PDWHL[D
PDQHUD TXH HQ FDWDOj PDWHL[ YD DFRPSDQ\DW GHO SURQRP SHUVRQDO PL PDWHL[ WX
PDWHL[ 6DUULRQDQGLD 
 D

)ODQ\HQDLPDQQQHV
HQWDOPDWDU3(5)SHUVRQD3$57GHOO
OLW(QWDOVKDPRUWDVLPDWHL[
(QWDOVKDVXwFLGDW

E

6XIIHL[HILQX
PXOODU3(5)FDS3$57GHPL
0KHPXOODWDPLPDWHL[

/~VGHOVYHUEVSURQRPLQDOVGHOFDWDOjUHSUHVHQWDXQDGLILFXOWDWSHUDOVSDUODQWV
GXQDOOHQJXDTXHXWLOLW]DXQVDOWUHVUHFXUVRVSHU D IHU OHV IXQFLRQV TXH FRUUHVSRQHQ D
DTXHVWDPHQDGHYHUEV
 D

YDPIHUXQSDVWtVLPKHJDQDW
YDPIHUXQSDVWtVLYDLJJXDQ\DU

E

TXDQYDPDFDEDUKHPTXHGDWDOSDWL
TXDQYDPDFDEDUHQVYDPTXHGDUDOSDWL



6,17$;,
25'5('(/6(/(0(176'(/$)5$6(
/RUGUHKDELWXDO
/D SDUWLFXODULWDW TXH GHVWDFD SHO TXH ID D ORUGUH RUDFLRQDO HQ DPD]LJ pV OD
SRVLFLy GHO VXEMHFWH TXH HV FRQVLGHUD QRUPDO GDUUHUH GHO YHUE L GDYDQW GHOV DOWUHV
HOHPHQWVGHODIUDVHHVGLXGRQFVTXHHOEHUEHUpVXQDOOHQJXD962 YHUEVXEMHFWH
REMHFWH TXHWpFRPDGLVSRVLFLyKDELWXDOORUGUHYHUEVXEMHFWHFRPSOHPHQWV(QWRW
FDVFDODGYHUWLUMDGHQWUDGDTXHHQDPD]LJFRPHQFDWDOjSUHGRPLQDORUJDQLW]DFLyGHO
GLVFXUVDSDUWLUGHOWHPDVHVPHQWDSULPHUOHOHPHQWGHOTXDOSDUOHPLGHVSUpVHVYDQ
GRQDQWOHVLQIRUPDFLRQVTXHHVFRQVLGHUHQRSRUWXQHV&RPSDUHXSHUH[HPSOH D L
E  HQ TXq GRV RUGUHV GLIHUHQWV UHVSRQHQ DO PDWHL[ SULQFLSL GRUJDQLW]DU OD
LQIRUPDFLyDSDUWLUGXQHOHPHQWGHUHIHUqQFLDGRQDQWGHVSUpVOHVGDGHVTXHYXOJXHP
FRPXQLFDU
 D
E

$YXLQRKHYLVWHQ-RDQ
(Q-RDQDYXLQROKHYLVW

'LHPTXHD E HOFRPSOHPHQWGLUHFWHHQ-RDQHVWjWHPDWLW]DWSHUTXqOKHP


GHVSODoDW GH OD VHYD SRVLFLy GDUUHUH GHO YHUE SHU D SUHVHQWDUOR FRP D HOHPHQW GH
UHIHUqQFLD(QDPD]LJOHVIUDVHVHVFRQVWUXHL[HQQRUPDOPHWDPEHOVXEMHFWHGDUUHUHGHO
YHUELHQHVWDWGDQQH[Ly YJ6DUULRQDQGLD 
 D

7HTTHQWJZXUW
WDQFDU3(5)SRUWD$11(;
6KDWDQFDWODSRUWD

E

,WWHPHQDX\D]LGD
EDUDOODUVH+$%JDOO$11(;'(0
$TXHVWJDOOHVEDUDOOD



F

,]HQ]ZDUJD] LIXQDVHQ
YHQGUH3(5)KRPH$11(;ERXV
/KRPHKDYHQXWHOVERXV

3HUz OHV IUDVHV VHJHQWV DPE HO VXEMHFWH GDYDQW GHO YHUE L HQ HVWDW OOLXUH VyQ
KDELWXDOVTXDQHVYROSDUWLUGHOVXEMHFWHFRPDHOHPHQWGHUHIHUqQFLD
 D

7DJZXUWWHTTHQ
SRUWDWDQFDU3(5)
/DSRUWDVKDWDQFDW

E

<D]LGDLWWHPHQD
JDOO'(0EDUDOODUVH+$%
$TXHVWJDOOHVEDUDOOD

F

$UJD]L]HQ]LIXQDVHQ
KRPHYHQGUH3(5)ERXV
/KRPHKDYHQXWHOVERXV

2EVHUYHP TXH HQ FDWDOj KL KD YHUEV TXH SRUWHQ KDELWXDOPHQW HO VXEMHFWH DO
GDYDQWLYHUEVTXHHOSRUWHQQRUPDOPHQWDOGDUUHUHDTXHVWVVyQDPpVDPpVGHOVYHUEV
H[LVWHQFLDOV HOVTXHLPSOLTXHQODQRFLyGH QR KDYHUKLTXHGDUIDOWDU PROWVYHUEV
TXHVLJQLILTXHQSHUHOOVPDWHL[RVXQFDQYLGHVWDWRGHSRVLFLyGHOVXEMHFWH
 D

+DHQWUDWXQVHQ\RU

E

9DQQpL[HUGXHVFULDWXUHV

F

6KDWDQFDWODSRUWD

3RGHPYHXUHTXHHOIXQFLRQDPHQWGDTXHVWHVIUDVHVHQORSRVLFLyTXHKLKDHQWUH
VKDWDQFDWODSRUWDLODSRUWDVKDWDQFDWDPEXQRUGUHTXHGHSqQGHOWHPDFRLQFLGHL[
HQ EHUEHU L HQ FDWDOj (Q EHUEHU HOV DOWUHV YHUEV PQH EDUDOODUVH ]HQ] YHQGUH
IXQFLRQHQ GH OD PDWHL[D PDQHUD PHQWUH TXH HQ FDWDOj JHQHUDOPHQW QR DGPHWHQ HO
VXEMHFWHGDUUHUHGHOYHUE



6DSUHFLD GH YHJDGHV TXH SDUODQW FDWDOj HOV EHUEHUzIRQV FR ORTXHQ HO VXEMHFWH
GDUUHUHGHOYHUETXDQDQLULDQRUPDOPHQWDGDYDQW
 D

WUHEDOODHOPHXSDUHGHSDOHWD
HOPHXSDUHWUHEDOODGHSDOHWD

E

LWLUDXQODSLORWD
LXQWLUDODSLORWD

F

>LTXqSDVVD"@YDFDXUHDTXHVW
DTXHVWKDFDLJXW

/D GLVSRVLFLy GHOV FRPSOHPHQWV GLQV GH OD IUDVH FRLQFLGHL[ JHQHUDOPHQW HQ
DPD]LJLHQFDWDOjpVHOFDVGHOFRPSOHPHQWGLUHFWH 6DUULRQDQGLD 
 ;VH

DPDQ

LVHPPDGHQ

YROHU3(5) DLJHV IUHVTXHV


9XOODLJXDIUHVFD
7DPEpRFXSHQOHVPDWHL[HVSRVLFLRQVTXHHQFDWDOjHOFRPSOHPHQWGLUHFWHLXQ
FRPSOHPHQW LQGLUHFWH R SUHSRVLFLRQDO TXH VKL FRPELQLQ 6DUULRQDQGLD  
DGDSWDWV 
 D

$GWDZLWWHUEL\WDUXPLWDUZDQQHV
3$57SRUWDU,03(5)PLQ\RQD$11(;SDDPDLQDGDGHOOHOOD

/DPLQ\RQDSRUWDUjSDDOVVHXVILOOV
E

<XIDZXPDDNVXPGH\WH\GXUW
WUREDU3(5)JHUPjPHXFDUQGLQVROOD
(OPHXJHUPjKDWUREDWFDUQGLQVGHOROOD

/DSRVLFLyGHOVFRPSOHPHQWVGHOORFUHSUHVHQWDWVSHUDGYHUELVWDPEpFRLQFLGHL[
HQOHVGXHVOOHQJHV 6DUULRQDQGLD 



 D

(MMLWHQGD
GHL[DU3(5)3521DTXt
(OVKHGHL[DWDTXt

E

=ULWHQWTTLPHQWHUEDUUD
YHXUH3(5)3521VHXUH3(5)DIRUD
/HVKHYLVWHVDVVHJXGHVDIRUD

F

(JJLWHQPDQLQQLGHQ
SRVDU3521DOJXQOORFDOWUH
3RVDOVHQXQDDOWUDEDQGD

,JXDOTXHHQFDWDOjODSRVLFLyGHOVDGYHUELVGHWHPSVGHSqQGHORUJDQLW]DFLyGH
ODIUDVHHQIXQFLyGHOWHPD 6DUULRQDQGLD 
 D

,GHQQDGQHVVHQVEDUUD
DKLUSDVVDUODQLW3(5)IRUD
$KLUYDPSDVVDUODQLWDIRUD

E

0HOPLG

WXVLG"

8VLG

DUHOOLQD

TXDQ25,(17 YHQLU3(5) YHQLU3(5)25,(17 DEDQV


4XDQKDVYLQJXW"+HYLQJXWIDXQDHVWRQD
7DPEp FRP HQ FDWDOj OHV TXDOLILFDFLRQV VROHQ DQDU GDUUHUH GH OHOHPHQW
TXDOLILFDW 6DUULRQDQGLD 
 D

WLWWDZLQWL]HJ]DZLQ
XOOVEODXVYHUGV
HOVXOOVEODXV

E

WLEXUMDWLQQWDGGDUW
ILQHVWUHVGHFDVD
OHVILQHVWUHVGHODFDVD

F

1HWWD\HWWHWWVWXIHUD
HOOPHQMDU+$%DPERFXOWDFLy
(OOPHQMDGDPDJDW


$L[zLQFORXSHUzDOJXQVLQGHILQLWVLDOJXQVDGYHUELVHOVHTXLYDOHQWVGHOVTXDOV
SUHFHGHL[HQOHOHPHQWGHWHUPLQDWHQFDWDOj 6DUULRQDQGLD,EixH]
7LOPDWLQHHWDO 
 D

<HVDLMWQWDGGDUWQQLGHQ
FRPSUDU3(5)XQDGHFDVDDOWUH
+DFRPSUDWXQDDOWUDFDVD

E

7WHWWHQDUXPVKDIL
PHQMDU+$%SDQRPpV
1RPpVPHQJHQSD

F

$WD\DGPL]LGDWWDV
WH'(03$57GROoPROW
$TXHVWWHpVPDVVDGROo

0ROWVLQGHILQLWVUHVWDQWLQYDULDEOHVLQWURGXHL[HQOHOHPHQWTXHGHWHUPLQHQDPE
ODSUHSRVLFLyQGHHQXQDFRQVWUXFFLyFRPSDUDEOHDJLUVFDWDODQVFRPDUDPROWGHJXVW
6DUULRQDQGLD 
 D

DUHN

FD

XKHUPXF"

D3521 TXHOFRP GH QHQ$11(;


7HQVDOJXQDFULDWXUD"
E

DUL

GOXV Q WPHQ\DW

D3521 SRF GH GLQHUV$11(;


7LQFSRFVGLQHUV
F

0DFKDOQWPHOODOLQWH[VHG"
TXDQWGHRXVYROHU3(5)
4XDQWVRXVYROV"

$TXHVWD PHQD GH FRQVWUXFFLRQV GHO EHUEHU LQGXHL[HQ HOV VHXV SDUODQWV D IHU
LQYDULDEOHVHOVLQGHILQLWVTXDQHPSUHQHOFDWDOj



 $OJXQDVHQ\RUV
6yQH[FHSFLRQDOVHOVLQGHILQLWVTXHLQWURGXHL[HQGLUHFWDPHQWXQQRPSUHFHGLQW
ORNXO PHQNXO FDGDTDWRW 6DUULRQDQGLD 
 D

.XO

DVHJJ:DV WWLFFHDNFD
GRQDU+$%3521TXHOFRP

FDGD DQ\

&DGDDQ\HWGRQRDOJXQDFRVD
E

4D

LZGDQ LWWHPHWWDQ

WRW

JHQWV PRULU+$%

7RWVHOVKRPHVHVPRUHQ
/HVSDUWtFXOHVLQWHUURJDWLYHVLHOVUHODWLXVHQFDSoDOHQODVHYDIUDVHWDOFRPHVID
HQFDWDOj 6DUULRQDQGLD 
 D

0DQLWHQ

WHMMLG"

RQ3521 GHL[DU3(5)
2QHOVKDVGHL[DW"
E

0LQ TTDUHQLQD"
TXq GLU+$%'(0
4XqGLXHQDTXHVWV"

F

WLPDULQ L
GRQHV

]UL

ZDQX

TXH YHXUH3(5) HQ SRX$11(;

OHVGRQHVTXHKHYLVWDOSRX
8QD GLIHUqQFLD GH GHWDOO HQWUH HO EHUEHU L HO FDWDOj SHO TXH ID D ORUGUH GHOV
FRPSRQHQWVGHODIUDVHODFRQVWLWXHL[ODSDUWLFXODULWDWTXHTXDQKLKDHOHPHQWVGHPpV
GXQD SHUVRQD JUDPDWLFDO IHQW OD PDWHL[D IXQFLy ODPD]LJ XWLOLW]D ORUGUH D D D


(QDTXHVWH[HPSOHVXWLOLW]DXQDIRUPDGHIHPHQtSHUzpVLQYDULDEOHHQHOVHQWLWTXHpVHPSUDGDFRPD
IRUPD~QLFDVHQVHIHUODFRQFRUGDU



SHUVRQHV TXH GyQD UHVXOWDWV SDUFLDOPHQW GLIHUHQWV GHOV TXH VyQ KDELWXDOV HQ FDWDOj
6DUULRQDQGLD 
 D

1HFFGFHNDGQUXKDGQHJPHU
MRLWX3$57DQDU,03(5)3$57FDoDU,03(5)
7XLMRDQLUHPDFDoDU

E

&HNGQHWWDDGWUXKHPDGWDJPHP
WXLHOO3$57DQDU,03(5)3$57WUHXUHDLJXD,03(5)
7XLHOODQLUHXDEXVFDUDLJXD

7HPDWLW]DFLyGHOVFRPSOHPHQWV
+HP YLVW DO SDUjJUDI DQWHULRU TXH HO VXEMHFWH YD UHJXODUPHQW GDYDQW GHO YHUE
TXDQpVSUHVHQWDWFRPDHOHPHQWGHUHIHUqQFLDTXDQVyQHOVFRPSOHPHQWVHOVTXHVyQ
REMHFWHGHWHPDWLW]DFLyFDOTXHKLKDJLXQSURQRPUHSUHVHQWDQWORV(OSURFHGLPHQWpV
H[DFWDPHQW SDUD OHO DO TXH VXWLOLW]D HQ FDWDOj HQ IUDVHV FRP (Q -RDQ QR OKH YLVW
6DUULRQDQGLD 
 D

7DIXQDVWHQQLXNHUQDVWW
YDFD'(0UREDU3(5)35213521
$TXHOODYDFDODKLKDQUREDGD

E

$\WPDNZDUWHQ]UL
JHUPDQV3521QR3521YHXUH3(5)
(OVWHXVJHUPDQVQRHOVKHYLVW

)RFDOLW]DFLy
+HPYLVWTXDQWUDFWjYHPGHODPRUIRORJLDYHUEDO YJ TXHVHPSUDOD
SDUWtFXODDLQRSDVDGTXDQHQVUHIHULPDOTXHHVWjSHUIHULDPpVDPpVOH[SUHVVLy
FRPSRUWD OD LQVLVWqQFLD VREUH XQ GHOV HOHPHQWV GH OD IUDVH TXH HV GLX TXH QpV HO
IRFXVHVWUDFWDGHOHVSUHJXQWHVUHIHULGHVDXQHOHPHQWFRQFUHWTXHQRSRGHQREWHQLU
FRPDUHVSRVWDVtRQRLGHOHVIUDVHVDPEIRFDOLW]DFLy(QFDWDOjODIRFDOLW]DFLyGXQ



HOHPHQWVREWpGHVSODoDQWORDOFRPHQoDPHQWLIHQWORVHJXLUGXQDSDXVDPROWPDUFDGD
REpIHQWORSUHFHGLUGHOYHUEpVVHULLQWURGXLQWODUHVWDGHODIUDVHDPEXQUHODWLX
 D
E

(Q-RDQYXOOYHXUH
eVHQ-RDQTXLYXOOYHXUH

(Q DPD]LJ KL KD OHV IUDVHV DPE D UHIHULGHV DO TXH HVWj SHU IHU 6DUULRQDQGLD
 
 D

/H[WXNLGVHQDQHPQH
DUDDPE35213$57EDUDOODUVH,03(5)
eVDUDTXHHQVEDUDOODUHPDPEHOOV

E

7LXFFDGD\DV
GHPj25,(173$57YHQLU,03(5)
eVGHPjTXHYLQGUj

F

0LQDQHJJOH[WX"
TXq3$57IHU,03(5)DUD
4XqIDUHPDUD"

G

0HOPLDPHONHQ"
TXDQ3$57FDVDUVH,03(5)
4XDQHVFDVDUDQ"

/HV DOWUHV IUDVHV DPE LQVLVWqQFLD VREUH XQ GHOV VHXV HOHPHQWV HV FRQVWUXHL[HQ
DPE OD SDUWtFXOD D\ R VHQVH SDUWtFXOD TXDQ HV WUDFWD GLQWHUURJDWLYHV UHIHULGHV D XQ
HOHPHQWFRQFUHW 6DUULRQDQGLD 
 D

'ZDD\]UL
3$57'(03$57YHXUH3(5)

eVDTXHVWHOTXHKHYLVW



E

*XPNDQDD\LWWHLPD
HQOORF$11(;'(03$57VHXUH+$%
eVHQDTXHVWOORFTXHVHX

F

'H\WDGGDUWQQHVD\VHQLMMD
HQFDVDGHOOHOOD3$573521GHL[DU3(5)
eVDFDVDVHYDTXHHOVKDGHL[DW

G

/H[WXDGD\LGXVLQ"
DUDHQFDUD3$5725,(17YHQLU3(5)
eVDUDPDWHL[TXHKDQYLQJXW"

H

0LQ[HIWHQLQ"
TXqVREUH3521PDWDU3(5)
3HUTXqOKDQPRUW"

I

0LQGH\WWH[HPPDPHG"
TXqHQSHQVDU+$%
(QTXqSHQVHV"

7DOFRPKHPYLVWDOSDUjJUDIODIRFDOLW]DFLyGHOVXEMHFWHGHPDQDO~VGHO
SDUWLFLSLDPD]LJ 6DUULRQDQGLD 
 D

'EDEDNGDNWD\LQLQ
3$57SDUH3521352135213$57GLU3$57,&,3,,03(5)

eVHOWHXSDUHTXLWKRGLUj
E

8OLGGQHWWDWD\WLJJLQ
QR3$57HOOD3$573521IHU3$57,&,3,3(5)
1RpVHOODTXLKRKDIHW


 (Q DTXHVWV GRV H[HPSOHV L HQ DOJXQV DOWUHV GHOV SUHFHGHQWV HV SRW YHXUH TXH OHV IUDVHV IRFDOLW]DGHV
GHPDQHQHOGHVSODoDPHQWGDYDQWGHOYHUEGHOVSURQRPVFOtWLFVLGHOHVSDUWtFXOHVGRULHQWDFLy



$'-(&7,86)5$6(6&238/$7,9(6,)5$6(6(;,67(1&,$/6
VIUHTHQWGHIUDVHVVHQVHYHUE
6DEHPTXHHQDPD]LJH[LVWHL[HQQRPEURVRVYHUEVGHOWLSXVGHVEHK IHUVHER
pVVHU ER TXH VXWLOLW]HQ HQ FDVRV HQ TXq HQ FDWDOj pV PpV KDELWXDO UHFyUUHU D
FRQVWUXFFLRQV DPE DGMHFWLXV YJ    (Q FRQWUDSDUWLGD HO EHUEHU XWLOLW]D PROW
VRYLQWIUDVHVVHQVHYHUETXDQHQFDWDOjDSDUHL[HQHOVYHUEVFRSXODWLXVpVVHURHVWDURHOV
YHUEVH[LVWHQFLDOVHOVTXHPRVWUHQOH[LVWqQFLDRODSUHVqQFLDGDOJXQHOHPHQWH[LVWLU
pVVHUKL R KDYHUKL $L[z ID TXH QR KL KDJL XQD FRUUHVSRQGqQFLD DXWRPjWLFD HQWUH
FRQVWUXFFLRQVGHOFDWDOjLGHOEHUEHUXQDPDWHL[DPHQDGHIUDVHGDTXHVWDOOHQJXDVKD
GHWUDGXLUHQFDWDOjVHJRQVHOVFDVRVSHUXQDVLPSOHVHTqQFLDGHQRPLDGMHFWLXSHU
XQDFRSXODWLYDRSHUXQDUHODWLYD(QTXDOVHYROFDVHOVDGMHFWLXVYDULDEOHVTXHVyQOD
PDMRULD FRQFRUGHQ VHPSUH HQ JqQHUH L HQ QRPEUH DPE HO QRP DO TXDO HV UHIHUHL[HQ
6DUULRQDQGLD 
 D

0LGGHQGLVHEKDQHQ
JHQWV0$6&3/3$57ERQV
%RQHVSHUVRQHV

E

<HVVLGWLPH]\DQLQ
ILOOHVPHYHV3$57SHWLWHV
/HVPHYHVILOOHVVyQSHWLWHV

F

&HNGDPHTTUDQZDUWHVVLQHG
WX3$57JUDQQRVDEHU3(5)
7XTXHHWVJUDQQRHQVDSV

&RQVWUXFFLRQVDGMHFWLYDOV
(QDPD]LJVXVHQKDELWXDOPHQWIRUPHVYHUEDOVSHUDH[SUHVVDUHOTXHQRVDOWUHV
GLHPPLWMDQoDQWHOVDGMHFWLXVTXDOLILFDWLXVSHUzWDPEpH[LVWHL[ODSRVVLELOLWDWGXWLOLW]DU
DGMHFWLXVDFRPSDQ\DQWHOQRPTXHOODYRUVVLIDOWHQGDOWUHVLQGLFDFLRQVVHQWpQTXHpV
GHWHUPLQDW 6DUULRQDQGLD 



 D

LNHFFXGHQ

L]HJ]DZHQ

OOHQ\HV0$6&3/ EODXVYHUGV
ODOOHQ\DYHUGD
E

WDGGDUW WDPHTTUDQW
FDVD

JUDQ

ODFDVDJUDQ
F

LKHUPXFHQLIIDQHQ
QHQVGROHQWV
HOVQHQVGROHQWV

(QHOVH[HPSOHVDQWHULRUVODTXDOLWDWH[SUHVVDGDSHUODGMHFWLXpVSUHVHQWDGDFRP
XQDFDUDFWHUtVWLFDFRQHJXGDGHOQRPSHUDL[zDTXHVWDSDUHL[FRPDGHWHUPLQDWSHUTXq
SDUOHP GHOHPHQWV TXH MD FRQHL[HP DPE OHV VHYHV SURSLHWDWV 6L GLJXpVVLP XQV QHQV
GROHQWV R DTXHVWV QHQV VyQ GROHQWV VHQWHQGULD TXH pV DO PRPHQW GH SDUODU TXH HOV
DWULEXwPTXDOLWDWVTXHQRHOVFRQHL[tHPILQVDOHVKRUHV(QFDWDOjTXDQHVYROH[SUHVVDU
TXHXQDSURSLHWDWVDWULEXHL[DXQQRPRDXQSURQRPHQHOPRPHQWHQTXqHVSDUODR
EpVXWLOLW]DXQQRPLQGHWHUPLQDWREpHVUHFRUUHDXQDIUDVHFRSXODWLYDDPEHOVYHUEV
pVVHURHVWDU(QEHUEHUVXWLOLW]DXQDGMHFWLXRXQQRPLQWURGXwWSHUODSDUWtFXODGVLKL
KD PpV GXQD DWULEXFLy DTXHVWD SDUWtFXOD HV UHSHWHL[ /D QHJDFLy GHOV HOHPHQWV
LQWURGXwWVDPEGHVIDDPEODSDUWtFXODQHJDWLYDXOLGGLIHUHQWGHODTXHQHJDHOVYHUEV
ZDU 6DUULRQDQGLD 
 D

$UJD]DGDVHEKDQ
KRPH'(03$57ER
$TXHVWKRPHpVER

E

1HWWDGDPHGGXNNHOLQX
HOO3$57DPLFGHPL
(OOpVDPLFPHX

F

&D

Q WPHOODOLQ G

TXHOFRP GH RXV

3$57

8QVRXV TXHVyQ SHWLWV



WLPH]\DQLQ
SHWLWV

G

,MM Q X\XO

DZVVDU G

XQ GH DVH$11(; 3$57 YHOO

3$57

DGHUDO
FHF

8QDVH TXHpV YHOOLFHF


H

7LDWLQ QQH

WLPHTTUDQLQ

XOLG G

FDEUHV GHQRVDOWUHV QR

3$57 JURVVHV

/HVQRVWUHVFDEUHVQRVyQJURVVHV
(O YHUE LOL pVVHU RPqV KDELWXDOPHQW SRW DSDUqL[HU TXDQ VLJXLQ QHFHVVjULHV
LQGLFDFLRQVFRPOHVGDVSHFWHTXHHVGRQHQPLWMDQoDQWOHVIRUPHVYHUEDOV4XDQQRPpV
VKD GH ORFDOLW]DU HQ HO SDVVDW HO TXH HV GLX VXVD OD SDUWtFXOD WWXD DPE HOV SURQRPV
FRUUHVSRQHQWVDOVHOHPHQWVSUHVHQWDWV 6DUULRQDQGLD 
 D

/OHFFLQLWWLOLGPL]LG
WDURQMDpVVHU+$%3$57GROo
/HVWDURQJHVDFRVWXPHQDVHUGROFHV

E

$PLN

WWXD G

TXDQ3521 3$57

3$57

DPH]\DQ
MRYH

4XDQHUHVMRYH
8QFDVSDUWLFXODUpVTXDQDWULEXwPSURSLHWDWVDXQFRPSOHPHQWGXQYHUEOODYRUV
HQEHUEHUWDPEpVXWLOLW]DQRUPDOPHQWODSDUWtFXODG 6DUULRQDQGLD 
 D

8VLGGDPVDEULG
YHQLU3(5)25,(173$57FDPLQDQW
+HYLQJXWFRPDFDPLQDQW

E

4DWWDIHWGDPHVVDV
WRWWUREDU+$%35213$57IDW
7RWKRWURERIDW

F

5ULPPLGD[DUUD]
IHUFRQYHUWLU3(5)ILOOPHX3$57VDEDWHU
+HSRVDWHOPHXILOOGHVDEDWHU



/HV FRQVWUXFFLRQV GHO WLSXV OODUJ GH FDPHV HQ FDWDOj WHQHQ XQ ~V UHVWULQJLW DOV
FDVRVHQTXqODTXDOLILFDFLyTXHHVIDGXQDSDUWGXQpVVHUHVSRGULDHVWHQGUHIjFLOPHQW
DOVHXFRQMXQW8QKRPHYHUPHOOGHFDUDHVSRWFDUDFWHULW]DUSURXEpFRPDOJ~TXHpV
YHUPHOO HVGLXGHIHWTXHDOJ~HVWjYHUPHOOTXDQOLHQURJHL[ODFDUD HQFDQYLXQDGRQD
GXOOV EODXV QR pV GH FDS PDQHUD XQD GRQD EODYD (Q EHUEHU DTXHVWD UHVWULFFLy QR
H[LVWHL[ L VHQWpQ TXH HQ DTXHVWD PHQD GH[SUHVVLRQV ODWULEXFLy GH OD TXDOLWDW TXHGD
OLPLWDGDFODUDPHQWDODSDUWTXHVHVPHQWDODSUHSRVLFLyTXHVXWLOLW]D]HJGHVGHHV
SRGULDWUDGXLUWDPEpSHOVJLUVSHOTXHIDDUHVSHFWHD 6DUULRQDQGLD 
 D

,MM Q ZDUJD]

D]HJJZD ]HJ

ZXGHP

XQ GH KRPH$11(;

3$57

9HUPHOO GHVGH

FDUD$11(;

8QKRPHYHUPHOOGHFDUD
E

WDPHWWXWWD]HJ]DZW ]H\WLWWDZLQ
GRQDEODX

GHVGHXOOV

ODGRQDGXOOVEODXV
(QFDWDOjVyQSRVVLEOHVSHUtIUDVLVFRPHQIRUPDTXHIDQODPDWHL[DIXQFLyTXH
XQ DGMHFWLX VD IRUW jJLO (Q DPD]LJ DTXHVWD PHQD GH JLUV VyQ PROW IUHTHQWV L GH
YHJDGHV HV UHFRUUH D VROXFLRQV TXH SRGHQ VRUSUHQGUH XQD PLFD HOV FDWDODQzIRQV
6DUULRQDQGLD 


$OJXQVDGMHFWLXVVyQLQYDULDEOHV6XVHQDPEODSDUWtFXOD GHQHOVPDWHL[RVFDVRVTXHHOVDOWUHVSHUz
TXDQ HOV DOWUHV TXDOLILTXHQ GLUHFWDPHQW HO QRP HOV LQYDULDEOHV YDQ SUHFHGLWV SHU OD SUHSRVLFLy Q GH
6DUULRQDQGLD 
L

D

,KHUNXVHQGMMHGLG
VDEDWHV3$57QRX
6DEDWHV TXHVyQ QRYHV

E

LKHUNXVHQ Q MMHGLG
VDEDWHV

GH QRX

OHVVDEDWHVQRYHV



 D

1LWHQWLVZD]OLQVHQW
HOOHVDPEEHOOHVD$11(;GHOOHV
(OOHVVyQPDTXHV

E

$PDUQQH[O[DGDUQQHV
FDSGHQRVDOWUHVVREUHJXVWGHOOHOOD
(OQRVWUHFDSHVWjFRQWHQW

)UDVHVFRSXODWLYHV
+HP YLVW HQ HO SDUjJUDI DQWHULRU YHJHX VREUHWRW HOV H[HPSOHV GH   L GH
 TXHXQDGMHFWLXRXQQRPSUHFHGLWVGHODSDUWtFXODGSRGHQHTXLYDOHUDXQDIUDVH
FRSXODWLYDGHOFDWDOjFRQVWUXwGDDPEHOVYHUEVpVVHURHVWDULTXHHOYHUEEHUEHUTXHKL
FRUUHVSRQ LOL DSDUHL[ SHU D GRQDU OHV LQGLFDFLRQV GDVSHFWH TXH VyQ H[SUHVVDGHV
KDELWXDOPHQWSHUOHVIRUPHVYHUEDOV+LKDGDOWUHVH[HPSOHVHQTXqHOVJLUVFRQVWUXwWV
DPEODSDUWtFXODG QRPpV DGPHWHQ GH VHU WUDGXwWV SHU IUDVHV FRSXODWLYHV GHO FDWDOj GH
YHJDGHVFRPSRUWDQWODLQWURGXFFLyGXQUHODWLX 6DUULRQDQGLD 
 D

&HPGZHOWPD
WX3$57JHUPDQDPHYD
7XHWVODPHYDJHUPDQD

E

,MMHQLWWLOLGDEXKDOLLMMHQLWWLOLVODTHOQQHV
XQpVVHU+$%3$57[LPSOHXQpVVHU+$%DPEVHQ\GHOOHOOD
8QDFRVWXPDDVHU[LPSOHLODOWUHDVVHQ\DW

F

1HFFGDMHOOLGZDUWWHWWHPDFFDLWWHWWHGFHN
MR3$57UHLQRPHQMDU+$%PHQMDUTXHPHQMDU+$%WX
-RTXHVyFUHLQRPHQMRHOPHQMDUTXHPHQJHVWX

4XDQHVSURGXHL[XQDLGHQWLILFDFLyPpVTXHQRSDVXQDDWULEXFLyGHTXDOLWDWVR
ODFODVVLILFDFLyGLQVGXQDFDWHJRULDVXWLOLW]DHOYHUEQDDPEHOYDORUGHOFDWDOjpVVHU
(QOHVIUDVHVLQWHUURJDWLYHVO~VGHODSDUWtFXODPDQD"FRPSRUWDVHQVHYHUEODSUHJXQWD
VREUHODLGHQWLWDWLpVGRQFVHTXLYDOHQWDOGHOLQWHUURJDWLXPLQ"TXq"DPEHOYHUEQD
6DUULRQDQGLD 



 D

0LQLQDZLQ"
TXqpVVHU'(0
4XLpVDTXHOO"

E

0DQDPLGGHQD"
TXqJHQWV'(0
4XLVyQDTXHVWDJHQW"

(Q FDWDOj OHV IUDVHV GH OHV GXHV SDUHOOHV VHJHQWV HV SRGHQ FRQVLGHUDU JDLUHEp
VLQzQLPHV
 D
E

&RPIDDTXHVWDP~VLFD"&RPpVDTXHVWDP~VLFD"
4XqIDHOWHXJHUPj"&RPHVWjHOWHXJHUPj"

/DPD]LJIDHQFDUDXQ~V PpV DPSOLGHOYHUEHJJIHUDPEHOVHQWLWGpVVHU


HVWDUGXQDGHWHUPLQDGDPDQHUD 6DUULRQDQGLD 
 D

0DPPHN WHJJD
FRP

WHPXUW QQHN"7HJJD

IHU3(5) WHUUD

DPPX G ZDPPX

GHWXIHU3(5) DL[t

DL[t$11(;

&RPpVHOWHXSDtV"eVDL[tLDL[t
E

0DPPHNJJDQWDUZDQQHN"
FRPIHU3(5)PDLQDGDGHWX
&RPHVWDQHOVWHXVILOOV"

/D SDUWtFXOD LQWHUURJDWLYD PDWWD" FRP" FRPSRUWD HOOD VROD OD QRFLy G HVWDU
GDOJXQD PDQHUD VHQVH TXH VLJXL QHFHVVDUL TXH ODFRPSDQ\L XQ YHUE 6DUULRQDQGLD
 
 D

0DWWDWDUZDQQHN"
FRP HVWj PDLQDGDGHWX
&RPHVWDQHOVWHXVILOOV"



E

0DWWDFHPFZD\W"
FRP HVWj WXXQDPLFD
&RPHVWjV"

)UDVHVH[LVWHQFLDOVLORFDWLYHV
/D SUHVqQFLD TXH HQ FDWDOj VH[SUHVVD DPE HOV YHUEV pVVHUKL L KDYHUKL HQ
DPD]LJ VLQWURGXHL[ DPE HOV DGYHUELV SUHVHQWDWLXV DTTD D\TTD TD YHW DTXt pV
DTXtDOOj YJ LGHOORFGDGLQGLKDGLQQLDTXtDOOj YJ PDQL"
RQ" /HV IUDVHV TXH VXWLOLW]HQ SHU D H[SUHVVDU OD SUHVqQFLD GDOJXQ HOHPHQW
VDQRPHQHQH[LVWHQFLDOVOHVIUDVHVORFDWLYHVTXHLQGLTXHQODSUHVqQFLDGDOJXQHOHPHQW
HQ DOJXQ OORF KL HVWDQ HPSDUHQWDGHV L pV KDELWXDO TXH OHV H[LVWHQFLDOV HV IRUPLQ DPE
DGYHUELV GH OORF PpV R PHQ\V JUDPDWLFDOLW]DWV FRP DFDEHP GH YHXUH HQ HO FDV GHO
EHUEHU L FRP RFRUUH WDPEp HQ FDWDOj HQ TXq OD SDUWtFXOD SURQRPLQDO KL ID VRYLQW OD
IXQFLy GXQ DGYHUEL GH OORF GDFRUG DPE OD VHYD HWLPRORJLD 'H IHW HQ FDWDOj OHV
H[SUHVVLRQVVHJHQWVVyQDSUR[LPDGDPHQWHTXLYDOHQWV
 D

+LKDHOWHXSDUH

E

9HWDTXtHOWHXSDUH

F

$TXtKLKDHOWHXSDUH

G

(OWHXSDUHpVDTXt

$TXHVWVDGYHUELVEHUEHUVSRGHQSRUWDUDIL[DWVHOVSURQRPVTXHFRUUHVSRQHQDOV
HOHPHQWV SUHVHQWDWV L GH YHJDGHV SRUWHQ XQ SURQRP GH VHJRQD SHUVRQD GHO VLQJXODU
UHIHULWDOLQWHUORFXWRUDOTXDOVHQWpQTXHHVIDODSUHVHQWDFLyHOVSUHVHQWDWLXVFDWDODQV
YHW DTXt L KHXV DTXt WDPEp HVWDQ IRUPDWV DPE HOV SURQRPV HW L XV TXH VDGUHFHQ D
OLQWHUORFXWRU L HV FRPELQHQ DPE GDOWUHV SURQRPV YHWOR DTXt KHXVOD DTXt
6DUULRQDQGLD 
 D

$TTDNHQQLZ"
YHWDTXt3521
6RXDTXt"


&ZD\ RFZD\W XQDPLFDVXVDVRYLQWSHUDGRQDUXQPDWtVDIHFWLXDOHVH[SUHVVLRQVTXHDFRPSDQ\D



E

:DUGLQQLFD
QRDTXtDOOjTXHOFRP
1RKLKDUHV

F

0DQLNW"
RQ35213521
2QpV"

G

$TTDWVZDGGD\
YHWDTXt3521SHUEDL[
eVDEDL[

(O YHUE LOL pVVHU DSDUHL[ SHU D GRQDU OHV LQGLFDFLRQV SUzSLHV GH OHV IRUPHV
YHUEDOVTXDQQRPpVVKDGHORFDOLW]DUHQHOSDVVDWHOTXHHVGLXVXVDODSDUWtFXODWWXD
DPEHOVSURQRPVFRUUHVSRQHQWVDOVHOHPHQWVSUHVHQWDWV 6DUULRQDQGLD 
 D

7WXDLWWLOLJXPNDQHQQL
3$57pVVHU+$%HQOORF$11(;'(0

$FRVWXPDYDDVHUHQDTXHOOOORF
E

7WXDWHQJXGUDU
3$573521HQPXQWDQ\D$11(;

(UHQDODPXQWDQ\D


 (OV SURQRPV LQWHUURJDWLXV PLQ" TXq" L ZL" TXL" SRGHQ SDUWLFLSDU HQ FRQVWUXFFLRQV DPE SURQRPV
FOtWLFVGHODPDWHL[DPHQDGHOHVTXHDFDEHPGHYHXUHOODYRUVHOVHQWLWGHODSUHJXQWDpVGHTXq"RGH
TXL"UHIHULQWVHDODPDWqULDGHTXqVyQIHWVRDODSHUVRQDDTXLSHUWDQ\HQHOVHOHPHQWVUHSUHVHQWDWVSHOV
SURQRPV 6DUULRQDQGLD 
L

D

$IGLV PLQLW

\LODQ"

1X]]DO

PDUWHOO TXq3521 pVVHU3$57,&,3,3(5)GHIHUUR


(OPDUWHOOGHTXqpVIHW"'HIHUUR
E

:LWHQ

\LODQ

LNVDQD"

TXL3521

pVVHU3$57,&,3,3(5) FDYDOOV'(0 GHPL

'HTXLVyQDTXHVWVFDYDOOV"0HXV



,QX

/H[SUHVVLyGHODSHUWLQHQoDLGHOHVVHQVDFLRQV
7HQHQDYHXUHDPEOHVIUDVHVH[LVWHQFLDOVHOVJLUVTXHH[SUHVVHQODSHUWLQHQoDR
OHV VHQVDFLRQV L TXH HTXLYDOHQ D FRQVWUXFFLRQV GHO FDWDOj DPE HO YHUE WHQLU FRP WLQF
GLQHUV R WLQF VRQ SUHVHQWHQ OH[LVWqQFLD GDOJXQ HOHPHQW L HO SRVHQ HQ UHODFLy DPE OD
SHUVRQD TXH HO SRVVHHL[ R OD GDOJXQD VHQVDFLy TXH UHODFLRQHQ DPE OD SHUVRQD TXH
OH[SHULPHQWD /D SHUWLQHQoD VH[SUHVVD DPE OD SUHSRVLFLy HU D VRWD OD IRUPD DU
DPEXQSURQRPDIL[DWTXHUHSUHVHQWDHOSRVVHwGRU 6DUULRQDQGLD 
 D

DUHV

LMM Q XMGLG

D3521 XQ GH RFHOO$11(;
OLW$HOO pV XQRFHOO
7pXQRFHOO
E

0DDUHNFDQWPHQ\DW"
TXHD3521TXHOFRPGHGLQHUV$11(;
4XHWHQVGLQHUV"

F

0DDUZHPWLPHOODOLQ"
TXHD3521RXV
4XHWHQLXRXV"

G

$TTDWHQWDUQH
YHWDTXt3521D3521
OLW9HWORVDTXtDQRVDOWUHV
(QWHQLP

/HVVHQVDFLRQVVH[SUHVVHQDPEODSUHSRVLFLyGHJHQGLQVVRWDOHVIRUPHVGDJ
R GD\ DPE XQ SURQRP DIL[DW TXH UHSUHVHQWD OpVVHU DQLPDW TXH Wp OD VHQVDFLy /D
PDWHL[DFRQVWUXFFLyUHIHULGDDREMHFWHVVLJQLILFDFRQWHQLU 7LOPDWLQHHWDO
6DUULRQDQGLD 
 D

'D\LN\LGHV"
GLQV3521VRQ
7HQVVRQ"



E

'D\LWDIHTTDWGWDPHTTUDQW
GLQV3521SHQD3$57JUDQ
7LQFXQDJUDQSHQD

F

$[[DPQQHPGD\HVLMWQWEXUMHWW
KDELWDFLyGHWXGLQV3521XQDGHILQHVWUD$11(;
$ODWHYDKDELWDFLyKLKDXQDILQHVWUD

$TXHVW GDUUHU H[HPSOH SHUPHW GH YHXUH FRP HQ DOJXQV FDVRV HQ FDWDOj VyQ
HTXLYDOHQWVFRQVWUXFFLRQVFRPODWHYDKDELWDFLyWpXQDILQHVWUDLDODWHYDKDELWDFLyKL
KD XQD ILQHVWUD pV D SDUWLU GDTXHVWD HTXLYDOqQFLD TXH HV SRW HQWHQGUH PLOORU HO
IXQFLRQDPHQWGHOVJLUVEHUEHUVLODUHODFLyTXHH[LVWHL[HQJHQHUDOHQWUHOHVH[SUHVVLRQV
H[LVWHQFLDOVOHVORFDWLYHVLOHVSRVVHVVLYHV

)5$6(65(/$7,9(6,,17(552*$7,9(6
)UDVHVUHODWLYHV
(O SURQRP TXH LQWURGXHL[ XQD IUDVH UHODWLYD TXH ID OD IXQFLy GDGMHFWLX GXQ
HOHPHQW GHWHUPLQDW GH OD RUDFLy SULQFLSDO pV L TXH R Q VHJRQV OHV YDULHWDWV 
/DQWHFHGHQW TXDOLILFDW SHU ORUDFLy GH UHODWLX VRO SRUWDU HO GHPRVWUDWLX DQDIzULF HQQL
DTXHVWDTXHOO GHTXqSDUOHP  YJL6DUULRQDQGLD 
 D

WDGGDUWHQQLL\HVDEDEDN
FDVD'(0TXHFRPSUDU3(5)SDUH3521
ODFDVDTXHKDFRPSUDWHOWHXSDUH

E

DUXP L
SD

WWHWWHQ

QLWQL

TXH PHQMDU3(5) HOOV

HOSDTXHPHQJHQHOOV
4XDQ ODQWHFHGHQW pV GHWHUPLQDW L HO SURQRP UHODWLX pV HO VXEMHFWH GH OD VHYD
IUDVHVXWLOLW]DHOSDUWLFLSLDPD]LJ YJ6DUULRQDQGLD 



 D

DUJD]HQQL

LN

\H]ULQ

KRPH'(0 TXH3521 YHXUH3$57,&,3,3(5)


OKRPHTXHWKDYLVW
E

DPDQ L

GH\ WHNVDUW

LWWD]]HOHQ

DLJHV TXH FyUUHU3$57,&,3,+$% HQ

SHQGHQW$11(;

ODLJXDTXHFRUUHSHOSHQGHQW
6LHOSURQRPUHODWLXYDUHJLWSHUXQDSUHSRVLFLyDTXHVWDKLYDSRVSRVDGDLNHG
DPETXLL[HIVREUHTXq 6DUULRQDQGLD 
 D

$PHGGXNNHO LNHG

WWHPXQDG

DPLF

DFRPSDQ\DU+$%

TXHDPE

ODPLFDPETXLHWIDV
E

WLPHVOD\LQ L[HI
FRVHV

WWHVDZDOHP

TXHVREUH SDUODU+$%

OHVFRVHVGHTXqSDUOHX
(QWRWVHOVFDVRVHOUHODWLXHVSRWRPHWUH6RPHWUHJXODUPHQWVLODQWHFHGHQWpV
LQGHWHUPLQDW 6DUULRQDQGLD 
 D

6DZDOHDNHGLMMQXPHGGXNNHOLQX\XVDG]H\5ULI
SDUODU+$%DPEXQGHDPLF$11(;GHPLYHQLU3(5)25,(17GHVGH5LI

3DUORDPEXQDPLFPHXTXHKDYLQJXWGHO5LI
E

,WWD]]HO[LMMQX\XOLUZHODV
FyUUHU+$%VREUHXQGHDVH$11(;IXJLU3(5)3521
&RUUHGDUUHUHGXQDVHTXHVHOLKDHVFDSDW

4XDQ OD IUDVH GH UHODWLX HTXLYDO D XQ QRP HQ EHUEHU VXWLOLW]HQ OHV IRUPHV GH
SDUWLFLSL YJ    LQWURGXwGHV SHU XQ SURQRP DQDIzULF 6DUULRQDQGLD  
 

9HXUHPHQHOSDUjJUDIVHJHQWTXHHQHOFDVGHOQHXWUH HOTXHDOOzTXHHVUHFRUUHDOSURQRPLQWHU
URJDWLX



 D

WHQQLG

LWWDZLQ

\D]LGHQ

'(025,(17

SRUWDU3$57,&,3,+$% SROODVWUHV

ODTXHSRUWDSROODVWUHV
E

:HQQL\HQQD\HQ[X\LVDFHPODOG
DTXHOOPXQWDU3$57,&,3,+$%VREUHFDYDOO$11(;EODQF3$57
]L]LVQXMHOOLG
RQFOH3521GHUHL$11(;
(OTXHPXQWDHOFDYDOOEODQFpVORQFOHGHOUHL

)UDVHVLQWHUURJDWLYHVGLUHFWHVLLQGLUHFWHV
(OVSURQRPVLQWHUURJDWLXVVyQPLQ"TXq"UHIHULWDFRVDLZL"TXL"UHIHULWD
SHUVRQD/DIRUPDYHUEDOTXHDFRPSDQ\DZL"TXDQIDIXQFLyGHVXEMHFWHpVXQSDUWLFLSL
YJ6DUULRQDQGLD 
 D

0LQTTDUHQLQD"
TXqGLU+$%'(0
4XqGLXHQDTXHVWV"

E

0LQGDN\XZFD"
TXq3521GRQDU3(5)
4XqWKDGRQDW"

F

:LGLQQL\XGIHQ"
TXLDTXtDOOjHQWUDU3$57,&,3,3(5)
4XLKLKDHQWUDW"

G

:LWH]ULG"
TXLYHXUH3(5)
4XLKDVYLVW"



4XDQDTXHVWVSURQRPVYDQUHJLWVSHUXQDSUHSRVLFLyDTXHVWDVDGMXQWDDOGDUUHUH
6DUULRQDQGLD 
 D

0LQHUGXVLQW"
TXqD25,(17YHQLU3(5)
3HUTXqKDQYLQJXW"

E

0LQPLWHQWH[VHP"
TXqSHUD3521YROHU3(5)
3HUDTXqHOVYROHX"

F

:LHUWHQVLG"
TXLDSDVVDUODQLW3(5)
$FDVDGHTXLKDVSDVVDWODQLW"

G

:LPLWHQWWHVLG"
TXLSHUD3521FRPSUDU3(5)
3HUDTXLOHVKDVFRPSUDGHV"

$TXHVWVGRVSURQRPVWDPEpVyQXWLOLW]DWVHQOHVIUDVHVLQWHUURJDWLYHVLQGLUHFWHV
GHODPHQDGHQRVpTXqIHULPLQ"TXq"IXQFLRQDFRPHOUHODWLXQHXWUHTXHFRUUHVSRQ
DOFDWDOjHOTXHDOOzTXH 6DUULRQDQGLD 
 D

:DUVVLQHZLG\XVLQ
QRVDEHU3(5)TXL25,(17YHQLU3$57,&,3,3(5)
1RVpTXLKDYLQJXW

E

:DUQHVVLQPLQDQHJJ
QRVDEHU3(5)TXq3$57IHU,03(5)
1RVDEHPTXqIHUIDUHP

F

6NHQD\LPLQGDN\XZFD
HQVHQ\DU3521TXq3521GRQDU3(5)
(QVHQ\DPHOTXHWKDGRQDW


(QDTXHVWDSRVLFLyODSUHSRVLFLy LDSHUDDGRSWDODIRUPD PLZLPL"DTXL"SHUDTXL" PLQPL"
SHUDTXq"



(VSRWWUREDUHQHOFDWDOjSDUODWSHOVEHUEHUzIRQVO~VGHTXqHQOORFGHHOTXH
 >TXqPHQMDUjVDYXL"@QRKRVpTXqSUHSDUDODPHYDPDUH
QRKRVpHOTXHSUHSDULODPHYDPDUH
/DGMHFWLX LQWHUURJDWLX pV PDQ" TXLQ" LQYDULDEOH L HQ IXQFLy GH SURQRP
PDQZHQ" TXLQ" PDQWHQ" TXLQD" PDQLQ" TXLQV" PDQWLQ" TXLQHV" /HV
SUHSRVLFLRQVTXHHOVUHJHL[HQHVFR ORTXHQDOGDUUHUH 6DUULRQDQGLD 
 D

0DQDKHUPXFG\XVLQ"
TXLQQHQ25,(17YHQLU3$57,&,3,3(5)
4XLQQHQKDYLQJXW"

E

0DQLPHGGXNNDOWH[VHGNWDU"
TXLQDPLFVHVWLPDU+$%PpV
4XLQVDPLFVWHVWLPHVPpV"

F

0DQWDGGDUWGH\L]HGGH"
TXLQFDVDHQKDELWDU+$%
(QTXLQDFDVDYLX"

G

0DQZHQ\HOODQQQHV"
TXLQpVVHU3$57,&,3,3(5)GHOOHOOD
4XLQpVHOVHX"

H

0DQWLQ\HOODQQQHN"
TXLQHVpVVHU3$57,&,3,3(5)GHWX
4XLQHVVyQOHVWHYHV"

/HV IUDVHV LQWHUURJDWLYHV TXH QR SUHJXQWHQ SHU XQ HOHPHQW FRQFUHW VLQy TXH
GHPDQHQFRPDUHVSRVWDVtRQRHVSRGHQLQWURGXLUDPEODSDUWtFXODPD"GXQDPDQHUD
VHPEODQWDFRPHQFDWDOjHVSRGHQFRPHQoDUSHUTXH 6DUULRQDQGLD 
 D

0DWH[VHGLMWQWOHFFLQW"
TXHYROHU3(5)XQDGHWDURQMD$11(;
9ROVXQDWDURQMD"



E

0DZDUGXVLQD\WPDN"
TXHQR25,(17YHQLU3(5)JHUPj3521
4XHQRKDQYLQJXWHOVWHXVJHUPDQV"

/D SDUWtFXOD PD WDPEp LQWURGXHL[ OHV IUDVHV LQWHUURJDWLYHV LQGLUHFWHV TXH
FRUUHVSRQHQDOHVSUHJXQWHVTXHDFDEHPGHYHXUH ,EixH] 
 :DUVVLQHPD\XVDG"
QRVDEHUVLYHQLU3(5)25,(17
1RVpVLKDYLQJXW

/$&203$5$&,
3HU D IHU FRPSDUDFLRQV HQ EHUEHU QR VXWLOLW]HQ HTXLYDOHQWV GH PpV L GH PHQ\V
VLQy TXH OD QRFLy GH TXDOLWDW R GH TXDQWLWDW UHODWLYHV VDFRQVHJXHL[ DPE O~V GHOV
DGYHUELVTXHYROHQGLUFRPWDOWDOFRPWDQWWDQWFRPSHUDOH[SUHVVLyGHODLJXDOWDW
LGHODLQIHULRULWDWLGHSUHSRVLFLRQVTXHYROHQGLUSHUVREUHGHLGHVGHUHVSHFWHD
SHUDOH[SUHVVLyGHODVXSHULRULWDW
DPDPHNQDZ

FRPWDOWDOFRP TXDOLWDW

DQHFWQ

FRPWDQWWDQWFRP TXDQWLWDWRJUDQGjULD

VREUH

]HJ]H\]D\

GHVGH

(;35(66,'(/$,*8$/7$7 6DUULRQDQGLD 
 D

%DEDGDZHVVDUDPEDEDN
SDUHPHX3$57YHOOFRPSDUH3521
(OPHXSDUHpVWDQYHOOFRPHOWHX

E

0XKDPGGDPHTTUDQDPFHN
0RKDPHG3$57JUDQFRPWX
(Q0RKDPHGpVWDQJUDQFRPWX



F

0DQHFW \HJJD"
FRP

$QHFW QWDGGDUWD

IHU3(5)&RP

GHFDVD'(0

&RPpVGHJUDQ"&RPDTXHVWDFDVD
(;35(66,'(/$,1)(5,25,7$7 6DUULRQDQGLD 
 D

1HFFXOLGGDZHVVDUDPFHN
MRQR3$57YHOOFRPWX
-RQRVyFWDQYHOOFRPWX

E

$UXPXOLGGPL]LGDPWDPHQW
SDQR3$57GROoFRPPHO
(OSDQRpVWDQGROoFRPODPHO

(;35(66,'(/$683(5,25,7$7 6DUULRQDQGLD 
 D

&HNGDPH]\DQ[EDED
WX3$57SHWLWVREUHSDUHPHX
7XHWVPpVMRYHTXHHOPHXSDUH

E

7LXFFDDVHG]LN]H\QKDUD
GHPjYHQLUGKRUDGHVGHGLD'(0
'HPjYLQHPpVGKRUDTXHDYXL

/HV PDWHL[HV SUHSRVLFLRQV L D PpV D PpV Q GH L GHJ  GH\  GD\  HQ GLQV
HQWUH UHJLQW XQ SOXUDO JHQHUDO H[SUHVVHQ HO VXSHUODWLX UHODWLX /LQGHILQLW TD WRW SRW
VHUYLUSHUDVXEUDWOODUDTXHVWYDORU 6DUULRQDQGLD 
 D

$ZLGZHQQLDPH]\DQGD\VHQ
SRUWDU25,(17'(0SHWLWHQWUH3521
3RUWDHOPpVSHWLW HQWUHHOOV

E

'WDD\\HOODQGWDVHEKDQWTDQVHQW
3$57'(03$57pVVHU3$57,&,3,3(5)3$57ERWRWGH3521

eVDTXHVWDODPLOORU GHOOHV



3RWVHU pV ODEVqQFLD GHOV DGYHUELV PpV L PHQ\V HQ OHV IUDVHV FRPSDUDWLYHV GH
ODPD]LJTXHH[SOLFDTXHHOVVHXVSDUODQWVSHUUHDFFLyHQIDFLQXQ~VDEXVLXHQFDWDOj
 D
E

ODPHYDDPLJDPpVPLOORUHUDOD0HULW[HOO
YDDUULEDUPpVDEDQVGHPL

'H OD PDWHL[D PDQHUD TXH VXWLOLW]HQ YHUEV HVWDWLXV DOOj RQ HO FDWDOj UHFRUUH D
DGMHFWLXV WDPEp HV SRGHQ IHU IUDVHV FRPSDUDWLYHV HPSUDQW HOV YHUEV DMHU VXSHUDU HQ
JUDQGjULD HQ HGDW R HQ TXDQWLWDW L LI VXSHUDU HQ TXDOLWDW 6DUULRQDQGLD  
,EixH] 
 D

7DGGDUWDWXMHUWHQQLQQHN
FDVD'(0VXSHUDU3(5)'(0GHWX
$TXHVWDFDVDpVPpVJUDQTXHODWHYD

E

1HFFLIHN
MRVXSHUDU3(5)3521
-RVyFPLOORUTXHWX

/$68%25',1$&,
(QEHUEHUVRYLQWODUHODFLyGHVXERUGLQDFLy HQWUH GXHV IUDVHV VH[SUHVVD QRPpV
SHUOHQWRQDFLyFRPHQODGLIHUqQFLDGHVHQWLWTXHSRGHPREVHUYDUHQOHVGXHVVHJHQWV
&KDNHU 
 D

<HVOD\HUZHO
VHQWLU3(5)IXJLU3(5)
+RKDVHQWLWLKDIXJLW


0pVKDELWXDOVTXHOHVFRQVWUXFFLRQVDPEHOYHUELIVyQOHVTXHUHFRUUHQDODGYHUEL[LUEpPLOORU
L

1HFF[LU]D\N
MRPLOORUGHVGH3521
-RVyFPLOORUTXHWX



E

<HVOD\HUZHO
VHQWLU3(5)IXJLU3(5)
+DVHQWLWTXHKDIXJLW

'H OD PDWHL[D PDQHUD HO VHQWLW GH OD SUHSRVLFLy FDWDODQD VHQVH SUHFHGLQW XQ
LQILQLWLX VREWp FRQFDWHQDQW XQD IUDVH QHJDWLYD DPE OD TXH VHULD OD VHYD SULQFLSDO
6DUULRQDQGLD 
 1KDUDNOLZDUFFL
GLD'(0SDVVDUHOGLD3(5)QRPHQMDU3(5)
OLW$YXLKHSDVVDWHOGLDQRKHPHQMDW
$YXLKHSDVVDWHOGLDVHQVHPHQMDU
3HUFRQWUDIUDVHVTXHHQFDWDOjVHULHQVLPSOHVFRRUGLQDGHVDPEOD FRQMXQFLyL
HQDPD]LJHVFRQVWUXHL[HQDPEODFRQMXQFLyFRQVHFXWLYDXNDLDL[tTXH 6DUULRQDQGLD
 
 <DMED\LXNDVLW
DJUDGDU3(5)3521LFRPSUDU3(5)3521
0KDDJUDGDWLKRKHFRPSUDW
(VSRWFRQVLGHUDUFRPXQSURFHGLPHQWKDELWXDOGHVXERUGLQDFLyO~VGHOHVIUDVHV
TXH SRUWHQ XQD IRUPD YHUEDO LQWURGXwGD SHU OD SDUWtFXOD DG 6DUULRQDQGLD  
 
 D

0DWHQQLGDVDG\DV"
TXHGLU3(5)35213$57YHQLU3(5)
/LKDVGLWTXHYLQJXL"

E

<H[VQLZDU\H[VLWWH[HVVDDGG\DV
YROHU3(5)RQRYROHU3(5)FDOGUH+$%3$5725,(17YHQLU,03(5)
7DQVLYROFRPVLQRYROFDOTXHYLQJXL



F

;VHDGD\LWHVOHPGHGDZDOQQHN
YROHU3(5)3$573521HQVHQ\DU,03(5)OOHQJXDGHWX
9XOOTXHPHQVHQ\LVODWHYDOOHQJXD

4XDQ HV WUDFWD GH IUDVHV TXH VyQ FRPSOHPHQWV GH YHUEV TXH VLJQLILTXHQ GLU
KDELWXDOPHQW HV SUHIHUHL[ OHVWLO GLUHFWH TXH UHSHWHL[ OD IUDVH GLWD D XQD FRQVWUXFFLy
VXERUGLQDQW 6DUULRQDQGLD 
 D

<HQQD\L]ULGLQQLLMMQZDUJD]
GLU3(5)3521YHXUH3(5)DTXtDOOjXQGHKRPH$11(;
OLW0KDGLWKLKHYLVWXQKRPH
0KDGLWTXHKLKDYLVWXQKRPH

E

1QLDNDVHG"
GLU3(5)YHQLU25,(17
OLW7KHGLWYLQH"
7KHGLWTXHYLQJXHVVLV"

F

4TDUDNZLUJJXUPDQL
GLU+$%3521QRDQDU+$%DOJXQOORF
OLW(WGLFQRYDJLVHQOORF
(WGLFTXHQRYDJLVHQOORF

(QJHQHUDODPEOHVFRQMXQFLRQVGHVXERUGLQDFLyQRVXWLOLW]HQPDUTXHVYHUEDOV
SDUWLFXODUVFRPSDUDEOHVD O~VGHO VXEMXQWLX HQ FDWDOj VLQy TXH VHPSUHQ OHV PDWHL[HV
IRUPHVTXHDSDUHL[HQDOHVIUDVHVQRVXERUGLQDGHV 6DUULRQDQGLD 
 D

8KDWUXKHGGLQQLZDUGDNLTTLUFD
HQFDUDTXHDQDU3(5)DTXtDOOjQR3521GLU+$%TXHOFRP
(QFDUDTXHKLYDJLVQRHWGLUjUHV

E

-MLWDPHQQLKXPDZDULPHKKL
GHL[DU3521DL[tSHUTXqQRHVERUUDUVH+$%
'HL[DKRDL[tSHUTXqQRVHVERUUL



F

(JJHOEDOQQHNDNHGWXULKXPDDGWOHPGHG
IHUDWHQFLyGHWXDPEOOLoySHUTXq3$57DSUHQGUH,03(5)
3RVDDWHQFLyHQODOOLoySHUDDSUHQGUHOD

7DQVROVOH[SUHVVLyGHODLUUHDOLWDW YJ HVSRWFRQVLGHUDUYLQFXODGDD


O~VGHGHWHUPLQDGHVFRQMXQFLRQV 6DUULRQDQGLD 
 0LOLGD\LWWHQQLGLOLUXKH
6L35213521GLU3(5)$8;DQDU3(5)
6LPKRKDJXHVVLVGLWKLKDXULDDQDW
(OV VXEVWDQWLXV GHULYDWV GH YHUEV HTXLYDOHQWV GH QRPV FDWDODQV FRP WUDGXFFLy
IHW GH WUDGXLU FRVD WUDGXwGD VXWLOLW]HQ SHU D SURGXLU H[SUHVVLRQV TXH HQ FDWDOj HV
WUDGXHL[HQSHUIUDVHVGLQILQLWLX 6DUULRQDQGLD 
 D

7LEXUMDWLQDZDUKZLQHQWLXUH]]XP
ILQHVWUHV'(0QRIHUVHIjFLO3(5)DREHUWXUD$11(;
$TXHVWHVILQHVWUHVQRVyQIjFLOVGREULU

E

7XNNZDUGDGWDIIDQW
UREDWRUL3$57GROHQW
5REDUpVGROHQW

F

0LGGHQEGDQGH\WJHU]D
JHQWVFRPHQoDU3(5)HQOODXUDGD$11(;
/DJHQWKDQFRPHQoDWDOODXUDU

/;,&
&$5$&7(567,48(6*(1(5$/6'(//;,&$0$=,*
/D OOHQJXD EHUEHU FRQVHUYD XQ LPSRUWDQW FDEDO Oq[LF GHO VHX IRQV DQWLF TXH
GDOJXQD PDQHUD HV SRGULD GLU TXH HV WURED UHSDUWLW HQWUH HOV GLYHUVRV GLDOHFWHV (Q
FRQWUDVW DPE XQD XQLWDW GHVWUXFWXUHV UHPDUFDEOH OHV GLIHUqQFLHV Oq[LTXHV HQWUH OHV


YDULHWDWVGHODPD]LJVyQODFDXVDSULQFLSDOGHOHVGLILFXOWDWVGLQWHUFRPSUHQVLyDPETXq
HV SRGHQ WUREDU HOV SDUODQWV GRUtJHQV GLYHUVRV $ DTXHVW UHSDUWLPHQW KHWHURJHQL GHO
Oq[LFDXWzFWRQVKLDIHJHL[HQOHVDSRUWDFLRQVGHOHVOOHQJHVTXHKDQHQWUDWHQFRQWDFWH
DPEHOEHUEHUDOOODUJGHOVVHJOHV$FWXDOPHQWpVODLQIOXqQFLDjUDEODTXHWpXQSHVPROW
FRQVLGHUDEOHLODTXHGRPLQDHQGLYHUVRVjPELWVOq[LFVFRPHOGHODUHOLJLyLHOGHOHV
IRUPHVGDGPLQLVWUDFLyWUDGLFLRQDOVSHUH[HPSOHVyQDUDELVPHVHOVWHUPHVVHJHQWV
 OTDGL

MXWJH

DZNLO

DSRGHUDWWXWRU

GGLQ

UHOLJLy

]DOO

UHVDU

3HUz D OqSRFD GH OD GRPLQDFLy URPDQD DO QRUG GIULFD HO EHUEHU MD KL HUD
SUHVHQWLKLKDQRPEURVRVYHVWLJLVOq[LFVGHOVHXFRQWDFWHDPEHOOODWtHQWUHHOVTXDOVVH
VROHQFLWDU FI:DJQHU 
 LJHU

FDPSGHOOODWtDJHU

ILOOXV

SROOHWGHOOODWtSXOOXV

DVQXV

SROOtGHOOODWtDVLQXV

7DPEpHOOODWtSDUODWHQDTXHVWD]RQDGHYLDWHQLUIRUWHVLQIOXqQFLHVGHODPD]LJL
DOJXQ WHUPH GDTXHVWD OOHQJXD YD SDVVDU D O~V JHQHUDO DL[t HO QRP GH SODQWD OODWt
WDPDUL[ qWLP GHO FDWDOj WDPDULX VDWULEXHL[ D RULJHQ OtELF 1R KL KD FRUUHVSRQGqQFLD
DPEODIRUPDEHUEHUDFWXDOWDPHPPD\WSHUzVKLUHFRQHL[HOSUHIL[GHIHPHQtWD
eVXQIHWFRQHJXWTXHFDGDOOHQJXDUHSUHVHQWDODUHDOLWDWGXQDPDQHUDTXHOLpV
SUzSLDLTXHHOOq[LFHVGLVWULEXHL[SULYLOHJLDQWRRFXOWDQWGHWHUPLQDGHVGLVWLQFLRQVTXDQ
SDVVHP GXQD OOHQJXD D XQD DOWUD $ OHVSDQ\RO FDMD KL FRUUHVSRQHQ GRV WHUPHV HQ
FDWDOj FDSVDLFDL[DDOFDWDOjERVVDGRVGH OHVSDQ\RO EROVD L EROVR (Q EHUEHU GDU
VLJQLILFD FDPD L SHX SHUz DTXHVWD OOHQJXD GLVWLQJHL[ VLV IRUPHV GLIHUHQWV VHJRQV OHV


5HFRUGHPTXHHQEHUEHUHOVRGHODSKDDSDUHJXWQRPpVDPEPDQOOHXVUHFHQWVDOIUDQFqVRDOHVSDQ\RO
LTXHHQFRQVHTqQFLDpVQRUPDOTXHODSOODWLQDVDGDSWpVFRPXQDI



HGDWVSHUDOTXHHOFDWDOjSRWUHVROGUHXWLOLW]DQWQRPpVHOWHUPHQHQSHUEpTXHFRQHJXL
DOJXQVVLQzQLPV
 DKGLG

QRXQDW

DVHJPL

QHQGHSLW

DQL\EX

QHQGDDQ\V

DKHQMLUDIUHK

QHQGHDDQ\V

DKHUPXF

QHQGHDDQ\V

DKUDP

QHQGHPpVGHDQ\V

(/61206'(3$5(17,8
(OV QRPV GH SDUHQWLX VyQ XQ ERQ H[HPSOH GHO TXH DFDEHP GH GLU HVWDQ
HVWUHWDPHQWUHODFLRQDWVDPE OD FRQFHSFLy GH OD VRFLHWDW TXH WHQHQ HOV SDUODQWV GH FDGD
OOHQJXDLGRQFVHVGLVWULEXHL[HQHQIXQFLyGHOHVUHODFLRQVVRFLDOVTXHVyQFRQVLGHUDGHV
FRPDPpVVLJQLILFDWLYHV6LFRPSDUHPDJUDQVWUHWVHOVLVWHPDGHODPD]LJDPEHOGHO
FDWDOjYHXUHPTXHHQODSULPHUDGDTXHVWHVOOHQJHVHVWpIRQDPHQWDOPHQWHQFRPSWHVL
OHVUHODFLRQVVHVWDEOHL[HQSHUYLDIHPHQLQDRSHUYLDPDVFXOLQDIHWTXHQRLQIOXHL[HQ
OHVGHQRPLQDFLRQVGHOFDWDOjLTXHDTXHVWDFRQVLGHUDFLySRWSUHYDOHUVREUHODGLVWLQFLy
GH OHV JHQHUDFLRQV VXWLOLW]D OD PDWHL[D GHQRPLQDFLy SHU DO JHUPj L SHU DO QHERW SHU
OtQLDSDWHUQD7DPSRFQRKLKDWHUPHVHVSHFtILFVSHUDGLVWLQJLUHOVRQFOHVGHOVFRVLQVQL
HOV QpWV GHOV QHERWV 5HVXOWD SDUWLFXODUPHQW FRPSOH[D OD GHQRPLQDFLy GHOV SDUHQWV
VREUHYLQJXWV L HQ DL[z KL SRGHP YHXUH XQ UHIOH[ EHQ FODU GH OD LPSRUWjQFLD TXH Wp
ODOLDQoD PDWULPRQLDO HQ OD VRFLHWDW EHUEHU 7RW L DL[z HQ DTXHVW FDPS UHWUREHP
GHQRPLQDFLRQV HQJOREDQWV SHU D PHPEUHV GH JHQHUDFLRQV GLIHUHQWV DGHJJZDO HV SRW
WUDGXLUVHJRQVHOVFDVRVSHUVRJUHSHUFXQ\DWRSHUJHQGUH$L[zQRSULYDTXHSHUD
FXQ\DWRFXQ\DGDODPD]LJGLVSRVDGHWHUPHVGHFLQFDUUHOVGLIHUHQWV


&DODGYHUWLUTXHHQPROWVFDVRVHVSUHIHUHL[HQSHUtIUDVLVGHODPHQDGHOILOOGHORQFOH PLV[DOLDOV
WHUPHVTXHGRQHPDTXt



FDWDOj

EHUEHU

SDUH

EDED

PDUH

\HPPD

ILOO

PPL

ILOOVILOOVLILOOHV

WDUZDDUUDZWDUUDZW

ILOOD

\HOOL

ILOOHV

\HVVL

ILOOJUDQ

DPHQ]X

ILOODJUDQ

WDPHQ]XW

JHUPjQHERWSDWHUQ

XPD

JHUPDQV

D\WPD

JHUPjJUDQ

]L]L

JHUPDQDQHERGDSDWHUQD

ZHOWPD

JHUPDQHV

\HVVPD

JHUPDQDJUDQ

ODOOD

JHUPDQV FRQGLFLyGHHQJHQHUDO

DZPDWHQ

JHUPDQHV FRQGLFLyGHHQJHQHUDO

WLZOWPDWLQ

RQFOHSDWHUQFRVtSDWHUQ

]L]LDPPL

WLDSDWHUQDFRVLQDSDWHUQD

DPWL

RQFOHPDWHUQFRVtPDWHUQ

[DOL

WLDPDWHUQDFRVLQDPDWHUQD

[DOWL

QHERWQpW

D\DZ

QHERGDQpWD

WD\DZW

DYL

MMHGGL

jYLD

KHQQD

DYLV

OMHGXG

PDULW

DUJD]

PXOOHU

WDPDUW

FXQ\DW PDULWGHODJHUPDQDGXQKRPH

QVLE

FXQ\DW PDULWGHODJHUPDQDGHODPXOOHU

DVOLI



FXQ\DGD JHUPDQDGHODPPXOOHUGHOJHUPjGXQDGRQD WDVOLIW


FXQ\DW JHUPjGHOPPDULWGHODJHUPDQDGHOP

DOXZV

FXQ\DGD JHUPDQDGHOPDULW

WDOXZVW

FXQ\DGD GRQDGHOJHUPjGHOPDULW

WDQXGW

FXQ\DW JHUPjGHODPPDULWGHODJHUPDQDGXQDG

DGHJJZDO

VRJUH SDUHGHODPXOOHU JHQGUH

DGHJJZDO

FXQ\DGD PXOOHUGHOJHUPjGHODPPGHOJHUPjGXQK WDGHJJZDOW


VRJUD PDUHGHODPXOOHU

WDGHJJZDOW

VRJUH SDUHGHOPDULW 

DPDU

VRJUD PDUHGHOPDULW

WDPDUW

MRYH QRUD

WDVOLW

(/67(50(6'(&2/25
(Q OHV GLYHUVHV OOHQJHV HV GLVWLQJHL[HQ HOV WHUPHV GH FRORU EjVLFV GHOV TXH
XWLOLW]HQODUHIHUqQFLDDDOJXQREMHFWHGHOFRORUHQTHVWLyFRPDUDFRORUWDURQMDRFRORU
URVD L GHOV TXH LQWURGXHL[HQ PDWLVRV HPSUDQW OD GHULYDFLy R OD FRPSRVLFLy FRP DUD
JURJyVREODXJULV4XDQVHVWXGLHQHOVWHUPHVGHFRORUVHVROHQH[FORXUHWDPEpGHOD
OOLVWD GHOV FRORUV EjVLFV HOV PDQOOHXV UHFHQWV L PDQLIHVWRV HQ FDWDOj VHULD HO FDV GH OD
SDUDXODEHL[SUHVDGHOIUDQFqV EHLJH IDUHODWLYDPHQWSRFWHPSV6KDREVHUYDWTXHOHV
GLYHUVHVOOHQJHVWHQHQOOLVWHVGHWHUPHVEjVLFVGHFRORUTXHYDQGHGRVDGRW]HLTXHOD
SUHVqQFLDGDOJXQVWHUPHVLPSOLFDQHFHVVjULDPHQWODGDOJXQVDOWUHVSHUH[HPSOHVLQR
KLKDXQDSDUDXODSHUDGLUYHUPHOOpVVHJXUTXHQRKLKDXUjWHUPHVEjVLFVGLIHUHQWVSHU
D GLVWLQJLU HO EODX GHO YHUG (Q EHUEHU HOV WHUPHV EjVLFV VyQ FLQF HOV DOWUHV VHUDQ
PDQOOHXVGHULYDWVRFRPSRVWRV8QPDWHL[WHUPHGHVLJQDHOEODXLHOYHUGLVL HVYRO
SUHFLVDUTXHHVWUDFWDGDTXHVWGDUUHUHVGLXD]HJ]DDUELOLWHUDOPHQWEODXKHUEDGHOD
PDWHL[DPDQHUDTXHHQFDWDOjGLUHPEODXIRVFREODXFODUSHUDGLVWLQJLUHOTXHHQLWDOLj
FRUUHVSRQ D GRV WHUPHV EjVLFV EOX L D]]XUUR $ FRQWLQXDFLy GRQHP HOV DGMHFWLXV L HOV
YHUEVEHUEHUVTXHFRQVWLWXHL[HQHOVWHUPHVEjVLFVGHFRORULXQSDUHOOGHWHUPHVIRUPDWV
DSDUWLUGHQRPVGREMHFWHV

5HFRUGHPTXHHOVYHUEVDPD]LJVIDQVRYLQWODIXQFLyGHOVDGMHFWLXVGHOFDWDOjLTXHHOVDGMHFWLXVDP D
]LJVVROHQVHUGHULYDWVGHOVYHUEVFRUUHVSRQHQWV



&$7$/

$'-(&7,8%(5%(5

9(5%%(5%(5

EODQF

DFHPODO

FHPOHO

QHJUH

DEHUNDQ

EHUNHQ

YHUPHOO

D]HJJ D

]ZH

EODXYHUG

D]HJ]D

]HJ]LZ

JURF

DZUD

DZUH

PDUUy

DTDKZL DSDUWLUGHOTDKZDFDIq

WDURQMD

DOHFFLQL DSDUWLUGHWDOHFFLQWWDURQMD

(/6',(6'(/$6(70$1$,(/60(626'(/$1<
&RP TXH HO FjOFXO GHO WHPSV TXH HQV pV KDELWXDO Wp XQ RULJHQ KLVWzULFRFXOWXUDO
GHWHUPLQDWpVOzJLFTXHVLJXLXQjPELWOq[LFHQTXqODPD]LJXWLOLW]DPDQOOHXVGHOjUDE
L GHO OODWt (OV QRPV GHOV GLHV GH OD VHWPDQD GHO GLXPHQJH SUHV FRP D SULPHU GLD DO
GLMRXVHVIRUPHQDPEHOVQXPHUDOVGRULJHQjUDESHUDOGLYHQGUHVVXWLOLW]DXQDSDUDXOD
PDQOOHYDGDDOjUDETXHYROGLUUHXQLyLHOQRPGHOGLVVDEWHWpHOPDWHL[RULJHQTXHHQ
FDWDOjRQSURYpHQGDUUHUWHUPHGHOKHEUHX$TXHVWDQpVODOOLVWD

OKHG

GLXPHQJH

WQD\Q

GLOOXQV

WODWD

GLPDUWV

OHUED

GLPHFUHV

OH[PLV

GLMRXV

MMHPD

GLYHQGUHV

VVDEW

GLVVDEWH

3HU DOV QRPV GHOV PHVRV H[LVWHL[HQ IRUPHV GRULJHQ OODWt L WDPEp IRUPDFLRQV
DPEHOQRPjUDEFKDUPHVLHOVQXPHUDOVGHOPDWHL[RULJHQ



\HQQD\HU

FKDUZDKLW

JHQHU

IHEUD\HU

FKDUWQD\Q

IHEUHU

PDUV

FKDUWODWD

PDUo

LEULO

FKDUUEDD

DEULO

PD\X

FKDU[HPVD

PDLJ

\XQ\X

FKDUVHWWD

MXQ\

\XO\X]

FKDUVEDD

MXOLRO

XFW

FKDUWPHQL\D

DJRVW

FXWDPELU

FKDUWVDD

VHWHPEUH

NWXEHU

FKDUDFUD

RFWXEUH

QXZDPELU

FKDUKLWDF

QRYHPEUH

GXMDPELU

FKDUWQDDF

GHVHPEUH

$/*81(6',),&8/7$76/;,48(6
$UD SUHVHQWHP DOJXQHV FRQIXVLRQV HQ O~V GHO Oq[LF TXH SRGHQ DSDUqL[HU HQ HO
GLVFXUVFDWDOjGHSDUODQWVGHEHUEHU
D

&21'8,53257$5

eV QRUPDO GHTXLYRFDUVH D OKRUD GXWLOLW]DU VLQzQLPV TXH HV GLVWULEXHL[HQ HO


FDPS VHPjQWLF GXQD PDQHUD HVSHFtILFD HQ FDGD OOHQJXD (Q FDWDOj SRGHP SRUWDU R
FRQGXLUXQFRW[HSHUzHQFDQYLXQFDUUHWQRPpVHOSRGHPSRUWDU
 OOHYRMRHOFDUURSHUTXq  QRVDSFRPFRQGXLU
SRUWRMRHOFDUURSHUTXq  QRVDSFRPSRUWDUOR
E

7$5'$5(67$56(

+L KD FDVRV HQ TXq HVWDUVH HQ XQ OORF LPSOLFD WDUGDU D IHU HO TXH VKD GH IHU
GHVSUpVGDTXtTXHHVSXJXLXWLOLW]DUHTXLYRFDGDPHQWHOVHJRQGDTXHVWVYHUEVHQOORF
GHOSULPHU
 YDLJWDUGDUGRVPHVRVDOOjLYDLJYHQLUDTXt
YDLJHVWDUGRVPHVRVDOOjLYDLJYHQLUDTXt



-8*$575$16,7,8

8Q HUURU IUHTHQW HQ HO SURFpV GDGTXLVLFLy GXQD OOHQJXD FRQVLVWHL[ D IHU
IXQFLRQDU HOV YHUEV GXQD PDQHUD GLIHUHQW GH OD TXH HOV pV SUzSLD SHO TXH ID D OD
WUDQVLWLYLWDWRDO~VGHOHVSUHSRVLFLRQVDPETXqHVFRQVWUXHL[HQ
 MXJXHPMRFV
MXJXHPDMRFV
G

0$7$5$0%&203/(0(17,1',5(&7(

(VWUDFWDGXQHUURUGHODPDWHL[DFODVVHTXHODQWHULRUSHUzGHVLJQHFRQWUDULXQ
YHUETXHHQFDWDOjpVWUDQVLWLXHOWUREHPFRQVWUXwWFRPDLQWUDQVLWLX
 OLYDPDWDU
HOYDPDWDU
H

0,5$5$0%&203/(0(1735(326,&,21$/

(OYHUEPLUDUHVFRQVWUXHL[HQXQVFDVRVFRPDWUDQVLWLX PLUDUXQDSH OtFXOD L


HQGDOWUHVDPEODSUHSRVLFLyD PLUDUDXQOORF pVOzJLFGRQFVTXHHVFRQIRQJXLQHOV
GRVXVRV
 PDU[DUDFDVDDPLUDUXQDOWUHFRSDODWHOH
PDU[DUDFDVDDPLUDUXQDOWUHFRSODWHOH
I

5(&25'$56(16(&203/(0(17

(O YHUE UHFRUGDU HQ FDWDOj VHPSUH SRUWD XQ FRPSOHPHQW pV R Ep UHFRUGDUVH
GDOJXQD FRVD UHFRUGDUVHQ R Ep UHFRUGDU DOJXQD FRVD UHFRUGDUKR )HUQH XQ ~V
DEVROXWSRWVHULQGXwWSHUODLQWHUIHUqQFLDGXQDDOWUDOOHQJXD
 VtTXHUHFRUGR
VtTXHPHQUHFRUGRVtTXHKRUHFRUGR



5(680'(4h(67,216352%/(07,48(6
7RWVHJXLWUHXQLPHQXQFDStWROHOVHUURUVGHOOHQJXDTXHKHPWUREDWHQHOGLVFXUV
FDWDOj GH SDUODQWV GDPD]LJ L TXH HQ SULQFLSL DWULEXwP D OD LQWHUIHUqQFLD GH OD VHYD
OOHQJXD PDWHUQD R D OHV DGDSWDFLRQV LQKHUHQWV D ODSUHQHQWDWJH GHO FDWDOj D SDUWLU
GDTXHVWD (V WUREHQ FODVVLILFDWV HQ WUHV DSDUWDWV IRQqWLFD PRUIRORJLD L VLQWD[L L
DFRPSDQ\DWV GH OD UHIHUqQFLD DO SDUjJUDI RQ GRQHP OD SRVVLEOH H[SOLFDFLy GH OHUURU
WUDFWDW

)217,&$
x

'LVWULEXFLyOLPLWDGDGHOVVRQVGHOOLGHQ\SRGHQVHUSURQXQFLDWVDPEGLILFXOWDW

HQGHWHUPLQDWVFRQWH[WRVSHUH[HPSOHGDYDQWGHV  
 DQ\VXOOV
x

&RQIXVLyGHOVVRQVGH]LGHM  
 SRVDU o

SR>=@DU

3URQXQFLDFLyFDUDFWHUtVWLFDGHODOHQILQDOGHVt ODEDDPEXQVRGHU  


 EDOFyIDOGLOOHV

&RQIXVLRQV HQ OD SURQXQFLDFLy GH OHV YRFDOV SDUWLFXODUPHQW GH H L GH L

 
 >H@R>(@o

>L@

I>L@U

I>H@U

HVW>L@P

HVW>(@P



>@

>L@

S>L@ OtFXOD

S>@ OtFXOD

KHPTX>L@GDW

KHPTX>@GDW

GLY>L@UWLGD

GLY>@UWLGD

>D@

>L@

PHF>L@QLF

PHF>D@QLF

>L@

>H@

E>H@JRWL

E>L@JRWL

G>H@QWUH

G>L@QWUH

P>D@QMR

P>H@QMR

SDU>D@OOD

SDU>(@OOD

>H@R>(@o

>D@

025)2/2*,$
/$57,&/(
x

([WHQVLyGHO~VGHODUWLFOHDFDVRVHQTXqHQFDWDOjQRVXWLOLW]D  
 D
E

>GHTXqWKDYLHVGLVIUHVVDW"@GHOPHWJH
DQDUpDPEHOEDUFR

/$)/(;,120,1$/
x

&RQIXVLRQVHQHOJqQHUHGHOVQRPV  
 D
E

VLQRVpOHVGHXUHV  PHSHJXHQ


WpXQDFRW[H

&RQFRUGDQoDHUUzQLDDPEQRPVTXHWHQHQXQQRPEUHIL[DWHVSHFtILF  
 WRWVHOVVHXVGLQHUVOKDYLDJDVWDWSHUDL[z

V GXQD IRUPD LQDGHTXDGD SHU D H[SUHVVDU XQ QRP JHQqULF R FR OHFWLX

 



 D

HOJDWLHOJRVPDJUDGHQ
HOVJDWVLHOVJRVVRVPDJUDGHQ

E

PHIDSRUHOJRVTXHHOVJUDQVIDQSRU
HPIDQSRUHOVJRVVRVTXHHOVJURVVRVIDQSRU

(/63521206,/(63$57&8/(6352120,1$/6
x

2PLVVLyGHOHVSDUWtFXOHVSURQRPLQDOVHQLKL  
 D

WDPEpKDRUGLQDGRUV

KLo

YDLJVRPLDUTXHKDYLDXQDFDVD
MRQRYDLJDQDU
ODELEOLRWHFDDTXHVWDQ\VRODPHQWKHPDQDWXQGLD
TXDQYDPDQDU
SRUWDPODPRW[LOODTXHWLQFHOVWD]RV
E

>WHQVJHUPDQV"@VtWLQFXQ

HQo

VtWLQFPROWV
LHOVGzQXWVQRPHQMR
(/6,1'(),1,76
x

VGHOVLQGHILQLWVFRPDLQYDULDEOHV  
 DOJXQDVHQ\RUV

/$)/(;,9(5%$/
x

VLQDGHTXDWGHOVWHPSVYHUEDOVFRPELQDFLRQVGHOSUHVHQWLGHOSDVVDWSHUDOD

PDWHL[DVLWXDFLy  



 D

>LTXqSDVVD"@YDFDXUHDTXHVW
DTXHVWKDFDLJXW

E

YDFDPLQDQWFDPLQDQWTXDQOLYDVRUWLUDL[z
YDFDPLQDQWFDPLQDQWLOLVXUWDL[z

F

ODPHYDPDUHOLKDYLVWLYDPFyUUHUDFDVD
ODPHYDPDUHHOYDYHXUHLYDPFyUUHUDFDVD

G

TXDQYDPDFDEDUKHPTXHGDWDOSDWL
TXDQYDPDFDEDUHQVYDPTXHGDUDOSDWL

V LQDGHTXDW GHOV WHPSV YHUEDOV ~V GHO SUHVHQW HQ FRQWH[WRV GH SDVVDW

 
 D

VLQRVpOHVGHXUHV  PHSHJXHQ


VLQRVDELDHOVGHXUHV  HPSHJDYHQ

E

DEDQVPLURHOVWHOHWXELHVDKRUDQR
DEDQVPLUDYDHOVWHOHWXELHVDUDQR

F

XQGLDKDYLDHVWHPIRUDGHODSRUWD
XQGLDpUHPDIRUDGHFDVD

3(5)5$6,69(5%$/6
x

,QVLVWqQFLDH[FHVVLYDHQO~VGHIRUPHVSURJUHVVLYHVGHOFDWDOj  
 D

>TXqIDDTXHVWVHQ\RU"@QRVpTXqHVWjIHQW
QRVpTXqID

E

>SHUSRGHUHQWUDUTXqID"@HVWjHVFULYLQWDODSDUHW
HVFULXDODSDUHW



2PLVVLyGHOYHUEIHUDOHVSHUtIUDVLVFDXVDWLYHV  

 D

TXDQWHWRFDFDWDOjHPIDMRFV
TXDQWRFDFDWDOjHPIDIHUMRFV

E

ODVHQ\RUHWDHPIDGHXUHV
ODVHQ\RUHWDHPIDIHUGHXUHV

F

YDFDXUHDPEXQQHQ
YDIHUFDXUHXQQHQ

G

KD\PROWHVSHGUHVLVLFRUUHVWHVHFDXUDQ
KLKDPROWHVSHGUHVLVLFRUUHVHWIDUDQFDXUH

9(5%6352120,1$/6
x

&RQIXVLRQVHQO~VGHOVYHUEVSURQRPLQDOV  
  D

YDPIHUXQSDVWtVLPKHJDQDW
YDPIHUXQSDVWtVLYDLJJXDQ\DU

E

TXDQYDPDFDEDUKHPTXHGDWDOSDWL
TXDQYDPDFDEDUHQVYDPTXHGDUDOSDWL

6,17$;,
/25'5('(/60276
x

&R ORFDFLyLQDGHTXDGDGHOVXEMHFWHGDUUHUHGHOYHUE  


 D

WUHEDOODHOPHXSDUHGHSDOHWD
HOPHXSDUHWUHEDOODGHSDOHWD

E

LWLUDXQODSLORWD
LXQWLUDODSLORWD

F

>LTXqSDVVD"@YDFDXUHDTXHVW
DTXHVWKDFDLJXW



(/65(/$7,86
x

VGHTXqHQOORFGHHOTXH  
 >TXqPHQMDUjVDYXL"@QRKRVpTXqSUHSDUDODPHYDPDUH
QRKRVpHOTXHSUHSDULODPHYDPDUH

/$&203$5$&,
x

VLQDSURSLDWGHODGYHUELPpV  
 D
E



ODPHYDDPLJDPpVPLOORUHUDOD0HULW[HOO
YDDUULEDUPpVDEDQVGHPL

92&$%8/$5,6&$7$/%(5%(5%(5%(5&$7$/
$TXHVWVEUHXVYRFDEXODULVFDWDOjEHUEHUEHUEHUFDWDOjLQFORXHQOHVSDUDXOHV
G~V PpV IUHTHQW L DOJXQHV DOWUHV GH PpV HVSHFtILTXHV UHODFLRQDGHV DPE OjPELW
HGXFDWLX L HVFRODU 7DPEp KL KHP LQFRUSRUDW DOJXQHV GH OHV IyUPXOHV GH FRUWHVLD PpV
XVXDOV /HV HQWUDGHV FDWDODQHV GHO YRFDEXODUL FDWDOj  EHUEHU KL DSDUHL[HQ SHU RUGUH
DOIDEqWLFLWHQHQODFDWHJRULDJUDPDWLFDOHVSHFLILFDGDHQFXUVLYDDOFRVWDW$FRQWLQXDFLy
GRQHPODOOLVWDGDEUHYLDFLRQVLDOJXQHVREVHUYDFLRQVVREUHOHVLQGLFDFLRQVFDWHJRULDOV
UHIHULGHVDOHQWUDGDFDWDODQD
DGM

DGMHFWLX

DGY

DGYHUEL

DUW

DUWLFOH

FRQM FRQMXQFLy
Q

QRP

QXP QXPHUDO
SUHS SUHSRVLFLy
SURQ SURQRP
Y

YHUE

(OVQRPVL DGMHFWLXVFDWDODQVJHQHUDOPHQW DSDUHL[HQ HQ OD IRUPD PDVFXOLQD VL


HQ HO WHUPH EHUEHU OD IRUPDFLy GHO IHPHQt pV SUHGLFWLEOH YJ    SHUz DL[z QR
VLJQLILFDQHFHVVjULDPHQWTXHGHWRWHVOHVIRUPHVGHPDVFXOtTXHGRQHPHVSXJXLREWHQLU
XQIHPHQtGHPDQHUDDXWRPjWLFD(VGRQHQHQWUDGHVGLIHUHQWVTXDQODIRUPDIHPHQLQD
QRHVSRWGHGXLURHQDOJXQHVRFDVLRQVFRPSWDGHVHQTXqHQVKDVHPEODW~WLOGHGRQDUOD
HQTXDOVHYROFDV
+HP IHW VHUYLU OHWLTXHWD QXP QXPHUDO  SHU UHIHULUQRV D WRWV HOV QXPHUDOV
VLJXLQDGMHFWLXVSURQRPVRQRPV/HVHWLTXHWHVFDWHJRULDOVDGYSUHSHVUHIHUHL[HQWDQW
DOVDGYHUELVLSUHSRVLFLRQVSUzSLDPHQWGLWVFRPDOHVDQRPHQDGHVORFXFLRQVDGYHUELDOV
RSUHSRVLFLRQDOV



3HU D OHV IRUPHV YHUEDOV GHO EHUEHU GRQHP OD VHJRQD SHUVRQD GHO VLQJXODU GH
OLPSHUDWLXTXHpVODIRUPDH[HPSWDGHPDUTXHV
4XDQODSDUDXODSRWWHQLU PpVGXQVHQWLWKHPKDJXWGHIHUQRWDUDTXLQVHQWLW
FRUUHVSRQOHTXLYDOHQWTXHRIHULPGHODOWUDOOHQJXD$L[tDODSDUWFDWDOjEHUEHUKHP
DQRWDWDOFRVWDWGHODIRUPDEHUEHUXQDLQGLFDFLyUHIHULGDDOVHQWLWGHOPRWFDWDOjHQWUH
SDUqQWHVLVLHQURGRQDTXHDMXGDDLGHQWLILFDUHOYDORUFRUUHVSRQHQW$TXHVWDLQGLFDFLy
SRWVHUGHGLYHUVRVWLSXVXQKLSHUzQLPXQVLQzQLPXQPRWVHPjQWLFDPHQWUHODFLRQDW
XQ SRVVLEOH FRPSOHPHQW R XQD FDWHJRULD JUDPDWLFDO (Q HO YRFDEXODUL EHUEHU  FDWDOj
DTXHVWHVLQGLFDFLRQVOHVKHPGRQDGHVDOFRVWDWGHODWUDGXFFLyFDWDODQD
4XDQGRQHPPpVGXQHTXLYDOHQWSHUDXQPRWVLFDGDXQFRUUHVSRQDXQVHQWLW
GLIHUHQWHOVKHPVHSDUDWPLWMDQoDQWXQDUDWOODYHUWLFDO _ LKHPGHOLPLWDWHOVHQWLWDPE
DOJXQ GHOV UHFXUVRV TXH DFDEHP GH FLWDU 6L HV WUDFWD GH PRWV VLQzQLPV R
DSUR[LPDGDPHQWVLQzQLPVHOVKHPVHSDUDWDPEXQDFRPD  
4XDQXQPRWEHUEHUKDHVWDWWUDFWDWHVSHFtILFDPHQWHQDOJXQDSDUWGHOFDStWRO
'HVFULSFLyJUDPDWLFDO KHPFLWDWDOFRVWDWGHODWUDGXFFLyLHQWUHFODXGjWRUVODSDUWDW
HQTXqVKLIDUHIHUqQFLD
3HOTXHIDDORUGUHGHOHVSDUDXOHVHQODSDUWEHUEHUFDWDOjOHVOOHWUHVTXHWHQHQ
DOJXQGLDFUtWLFDSDUHL[HQGHVSUpVGHODFRUUHVSRQHQWOOHWUDVHQVHGLDFUtWLF GGKKF
HWF ODFRQVRQDQWOKHPRUGHQDGDGDUUHUHGHODJLODOKHPFR ORFDGDDOILQDOGHWRW
&RQYpGHWHQLUSUHVHQWHOTXHKHPGLWGHODSURQXQFLDFLyHVSHFLDOPHQWGHOULIHQ\
YJ VLHVYROHVWDEOLUHOOOLJDPHQWUHOHVIRUPHVJUjILTXHVTXHGRQHPDTXtL
OHVIRUPHVRUDOVKDELWXDOV



92&$%8/$5,&$7$/%(5%(5

DSUHS

HU_GHJ GLQV _L SHUD _[HI VREUH

DEDQVDGY

DUHOOLQD

DEDQVGHTXHSUHSFRQM

TEHO

DEULFQ

DEULX

DEULOQ

LEULOFKDUUEDD>@

DFDEDUY

TGD_NHPPHO FRPSOHWDU

DFRQVHJXLUY

VDK

DFRVWDUVHpVVHUDSURSY

DGHV>@

DGpX

WHTTLPHGGH\O[LUDTTDNGLQQLEHVVHODPD

DJDIDUY

WHI

DJRVWQ

XFWFKDUWPHQL\D>@

DJUDGDUY

DMHE

DJXDQWDUY

DPHGZDQWD

DKLUDGY

LGHQQDG

DLJXDQ

DPDQ

DLUHQ

UULK

DL[tDGY

DPPXDP\D_DPHQQLDPPHQ DQDIzULF
>@

DL[zSURQ

D\D SRVLFLyGHDSHUVRQD _D\LQ SRVLFLyGHD


SHUVRQD >@

DMXGDUY

DZHQ

DOJ~SURQ

KDGFDLMMHQ

DOJXQDGMSURQ

FD

DOJXQDEDQGDDGY

PDQL

DOJXQDFRVDSURQ

FD

DOOjDGY

GLQQL DQDIzULF _GLQ SRVLFLyGHDSHUVRQD


>@

DOOjGSHUDGY

VLQ SRVLFLyGHDSHUVRQD >@

DOOjEDL[DGY

GLKD>@

DOOjEDL[GSHUDGY

VLKD>@


DOOzSURQ

D\HQQL DQDIzULF _D\LQ SRVLFLyGHDSHUVRQD


>@

DOOXQ\DUVHpVVHUOOXQ\Y

JJZHM>@

DOPHQ\VDGY

VXGOXV

DOWDGM

D]HJUDOXUD

DOWUHXQDGMSURQ

QQLGHQ

DOWUHODGM

QQLGHQ

DOWUHOSURQ

ZHQQLGHQ

DOWUHFRSDGY

WDQ\D

DOXPQHQ

DPHKGDU

DPESUHS

DNHG FRPSDQ\LDUHODFLy _V LQVWUXPHQW

DPLFQ

DPHGGXNNHO

DPRUQ

WD\UL

DQDUY

UXK_XJXU

DQDUVHQY

UXK_XJXU

DQLPDOQ

D]]D\OHW

DQ\Q

DVHJJZDV_DP H[SUHVVLRQVQXPqULTXHV

DSUHQGUHY

OPHG

DSULPDUVHpVVHUSULPY

]GHG>@

DTXHOODGM

QQL DQDIzULF _LQ SRVLFLyGHDSHUVRQD


>@

DTXHOOSURQ

ZHQQL DQDIzULF _ZLQ SRVLFLyGHDSHUVRQD


>@

DTXHVWDGM

D SRVLFLyGHDSHUVRQD _LQ SRVLFLyGHD


SHUVRQD >@

DTXHVWSURQ

ZD SRVLFLyGHDSHUVRQD >@

DTXtDGY

GLQ SRVLFLyGHDSHUVRQD _GD SRVLFLyGHD


SHUVRQD >@

DTXtGSHUDGY

VHQQL DQDIzULF _VDV\D SRVLFLyGHDSHUVRQD


_VLQ SRVLFLyGHDSHUVRQD >@

DUDDGY

OH[WXOX[D

DUEUHQ

VVHMHUW

DUPDULQ

HUPD\\X



DUULEDUY

DZHG

DUUzVQ

UUX]

DWUDSDUY

KDUW

DWXUDUY

VEHGG

DWXUDUVHY

EHGG

DXWRE~VQ

WWXELV

DYLQ

MMHGGL>L@

jYLDQ

KHQQD>L@

DYLDWDGY

GH\D_]LN GKRUD

DYLyQ

DVDIDJ

DYLVQ

OMHGXG>L@

DYXLDGY

QKDUDDVVD

EDL[DGM

DTXGDG

EDL[IHUVHpVVHUY

DGHU>@

EDL[DDGY

VZDGGD\HUZDGGD\

EDL[DUY

GHUKZD

EDOOQ

DFGLK

EDOODUY

FGHK

EDQ\Q

OKHPPDP

EDUULQ

OKXPHWGGHFDU

EpQ

O[LU

EpDGY

PVDTTHP]LOHQODEDVPOLK

EpHVWDUY

VEHK

EHOOHVDQ

D]OL

EHXUHY

VHZ

ELWOOHWQ

WDZULTW

EODQFDGM

DFHPODO>@DPHOODO

EODXDGM

D]HJ]D YJYHUG >@

ERDGM

DVHEKDQ]LOHQ PRUDOPHQW

ERIHUVHpVVHUY

VEHK>@

ERFDQ

DTHPPXP

ERQGLD

VEDKO[LUWLIDZLQ[DIHNWHQVLGGH\O[LU


ERQLFDGM

DVHEKDQPLLV

ERQLFIHUVHpVVHUY

VEHK>@

ERWLJDQ

WKDQW

EUDoQ

DLO

EUXVDQ

WDEOXVW

EXLGDUY

VH[ZD

EXLGDUVHY

[ZD

EXVFDUY

U]X

FDEHOOVQ

DFXZDI

FDGDDGM

NXOPHQNXO

FDGDXQSURQ

PHQNXOLMMHQ

FDGDVF~SURQ

PHQNXOKD

FDGLUDQ

ONXUVL

FDIqQ

OTDKZD

FDODL[HUDQ

HUPD\\X

FDOGUHY

[HVV

FDOHQWpVVHUY

KPD>@

FDORUQ

OHKPXVVHKLG IRUWD

FDPDQ

GDU

FDPtQ

DEULG

FDPLQDUY

XJXU

FDQoyQ

DHQQLM

FDQVDUVHY

DKHO

FDQWDUY

HQQHM

FDQYLDUY

HUU FRQYHUWLU _EHGGHO EHVFDQYLDU

FDSQ

D]HOOLI WHVWD _DPDU TXHPDQD

FDSDSUHS

HU

FDSDGMSURQ

FDXODGLMMHQ QLXQ

FDUpVVHUY

OD>@

FDUDQ

XGHPDHPEXE

FDUQQ

DNVXP

FDUUHUQ

]]HQTHW

FDUUHWHUDQ

DEULG



FDUWDQ

WDEUDWW

FDVIHUY

VLOLUHKVDE

FDVDQ

WDGGDUW

FDVDGHDSUHS

HU

FDVDPHQWQ

WPHUDOHPODN_XUDU IHVWD

FDVDUVHY

POHN

FDWLIDQ

WD]HUEL\WTDWLID

FDYDOOQ

\LV

FHOQ

DMHQQD

FLQFQXP

VHPPXV[HPVD>@

FLQHPDQ

VLQL

FLXWDWQ

WDQGLQW

FODUpVVHUDGM

VID WUDQVSDUHQW

FODXQ

OPHIWDK GREULU

FRJQRPQ

WDNQL\HW

FRPHVWjV"

PDPPHNWHOOLG"PDWWDFHNFZD\"

FRP"DGY

PDQHFW"_PDPPHN"_PDWWD"

FRPDGY

DPDPHNQDZ_DQHFW>@

FRPHQoDUY

EGD

FRPSDQ\Q

DTULQ FR OHJD

FRPSOHWDPHQWDGY

TD

FRPSUDUY

VH

FRPSWDUY

KVHE

FRPSWHQ

OHKVDE

FRPSWH

DTTDDUN

FRQGXLUY

QGHK_]XDU DFRQGXLU

FRQqL[HUY

VVHQ

FRQLOOQ

DTQHQQL

FRQWDUY

DZHG

FRQWHQ

WKDMLW

FRQWHQWSRVDUVHHVWDUY

IHUK>@

FRQWLQXDUY

UQL

FRQWUDSUHS

DNHG


FRQWUDFWHQ

DFUDG

FRQYHUWLUY

HUU WUDQVIRUPDU

FRQYLGDUY

DUHG

FRQYLGDWQ

DQHZML

FRUQ

XO

FyUUHUY

D]]HO

FRVQ

DUULPHW

FRVDQ

OKDMHW

FRVLUY

[L\HG

FRVWDWDODGYSUHS

VGDW

FRW[HQ

WXQXELQ

FUHPDUY

KDUT FRQVXPLUVH _TTHG IHUXQDFUHPDGD

FUHXUHY

DPHQ

FULGDUY

VX\ [LVFODU _ODD DOJ~

FXLQDQ

WLHUDUW OODU _D[[DPQWPHVVL KDELWDFLy

FXLQDUY

VQHQ

FXOQ

WD[QD

FXOOHUDQ

WDHQMD\W

FXUDUY

VJHQID

FXUWDGM

DTXGDG

FXUWpVVHUY

TXGHG>@

FXVF~VQ

VHNVX

GDFRUG

ZD[[D

GDOWDDGY

VQQHMHUQQHM

GDUUHUHDGYSUHS

VWNHUPLQDZUHQ>@HUGHIIHU

GDYDQWDGYSUHS

VGDW

GHSUHS

GHEzGHDGY

VWLGHWW

GHFLGLUY

D(XZHO

GHL[DUY

HMM_VHUV SRVDU

GHOOjSUHS

DZUHQL>@

GHPjDGY

WLZHFFD

GHPDQDUY

WWHU



GHVGHSUHS

]HJ

GHVHPEUHQ

GXMDPELUFKDUWQDDF>@

GHVOOLJDUY

IVL

GHVSUpVGHTXHSUHSFRQM

]HJZDPL

GHVSXOODUVHY

NNHVDUUXG

GHXQXP

PUDZDFUD>@

GHXUHVQ

WHULKW

GLDQ

DVVQKDU

GLDGHDGY

VZDVV

GLDULQ

DPLV

GLEXL[DUY

HUTHP

GLMRXVQ

OH[PLV>@

GLOOXQVQ

WQD\Q>@

GLPDUWVQ

WODWD>@

GLPHFUHVQ

OHUED>@

GLQDUY

PXFOX

GLQDUQ

DPHFOL

GLQHUVQ

WPHQ\DW

GLQVDDGYSUHS

VGD[HO

GLQWUHDDGYSUHS

VWNHUPLQ

GLUY

LQL

GLVVDEWHQ

VVDEW>@

GLWQ

WLIHGQHW JURVGHOSHX _GDG Pj

GLXPHQJHQ

OKHG>@

GLYHQGUHVQ

MMHPD>@

GROoDGM

PL]LG

GROopVVHUY

L]LG>@

GROHQWDGM

DIIDQ

GROHQWpVVHUDGM

TEHK

GRORUQ

OHKULT

GRQDQ

WDPHWWXWWDPDUW

GRQDUY

XZF

GRUPLUY

WWHV


GRVQXP

VLQWQD\Q>@

GUHWQ

OKDTT MXVWtFLD

GUHWDGM

DIXVL GHODGUHWD

GUHWTXHGDUVHY

EHGG

GUHWSRVDUVHHVWDUY

GOHT UHFWH >@

GUHWDPjQ

IXVDIXVL

GXHVQXP

VQDW>@

GXUIHUVHpVVHUY

TVHKK>@

HGDWQ

OHVQLQ

HODUW

>@_ZHQQL>@

HOOSURQ

QHWWD>@

HOODSURQ

QHWWDW>@

HQSUHS

[HI VREUH

HQSURQDGY

>@

HQSUHS

GHJ GLQV _HU D

HQojDGY

DZUXG>@

HQFDUDDGY

DG

HQFDULUVHpVVHUFDUY

OD>@

HQGROFLUVHpVVHUGROoY

L]LG>@

HQGXUVHY

DZL

HQJUHL[DUVHpVVHUJUDVY

TZD>@VDK

HQOOjDGY

DZUHQ>@

HQULTXLUVHY

UEHK

HQVHQ\DUY

VNHQ PRVWUDU _VHOPHG LQVWUXLU _VHU


LQVWUXLUHOVQHQV

HQWHQGUHY

IKHP

HQWUDUY

DGHI

HQWUHSUHS

MDU

HQWULVWLUVHHVWDUWULVWY

L\HU_K]HQ>@

HQYHOOLUpVVHUYHOODGM

XVVHU SHUVRQD >@

HVERUUDUY

PVHK

HVFDOIDUVHpVVHUFDOHQWY

KPD>@

HVFRODQ

WDPH]JLGD



HVFROWDUY

VKHV

HVFULXUHY

DUL

HVFXUoDUVHpVVHUFXUWY

TXGHG>@

HVPRU]DUY

DUL\HT

HVPRU]DUQ

DUL\DT

HVSDWOODQ

WDUXW

HVSHUDUY

UDMD

HVTXHQDQ

DUXU

HVTXHUUDPjQ

IXVD]HOPDG

HVTXHUUHDGM

D]HOPDG

pVVHUY

G FRSXODWLX _DQD LGHQWLWDW >@_D\


pVTXH _LOL_HJJ_DTTD>@

HVWDUVHY

TTLP

HVWLPDUY

[HV

HVWLPDWpVVHUY

WWZD[HV

HVWLXQ

DQHEGX

HVWyPDFQ

WDUUHPDQWXHGGLV

HVWUDQJHUDGM

OEDUUDQL

HVWUHOODQ

LWUL

HVWXGLDUY

HU

H[SOLFDUY

DZHG FRQWDU _VIDU] DFODULU _VHIKHP


LQIRUPDU

IDOGLOODQ

IDOGD

IDOWDUY

QTHV

IDPtOLDQ

WDUUDZW

IDULQDQ

DUHQ

IDYDQ

EDZ

IHEUHUQ

IHEUD\HUFKDUWQD\Q>@

IHLQDQ

O[HGPHWFFHHO

IHOLoDGM

LIHUK

IHOLFLWDWQ

VVDGWXPL\PXQW

IHUY

HJJ>@

IHUVHY

GZHO HVGHYHQLU



IHUURQ

X]]DO

IHVWDQ

OIXUMHW

IHWQ

WLPHJJD

IHWJHQ

WVD

ILQ

DQHJJDUX

ILOOQ

PPL>L@

ILOOJUDQQ

DPHQ]X

ILOODQ

\HOOL>L@

ILOODJUDQQ

WDPHQ]XW

ILOOVQ

WDUZD

ILQHVWUDQ

WEXUMHWW

ILQVSUHS

DVDU[DWWDU

IORUQ

WDQQXZDUW

IRFQ

WLPHVVL

IRQVQ

WLVL

IRUDDDGYSUHS

VEDUUD

IRUoDQ

DPD]MMHKHG

IRUPDWJHQ

WDMHEQL\W

IRUPLJDQ

WDNHGWXIW

IRUTXLOODQ

WDHQMD\WXPHVPLU

IRUWIHUVHpVVHUY

MKHGVHKK>@

IRVFIHUVHY

PHUVWWHODPVXOOHV

IUHGDGM

DVHPPDG

IUHGIHUY

VPHG

IURQWQ

WDQ\DUW

IUXLWDQ

O[HULI

IXVWDQ

WDIOHZW

JDOOQ

\D]LG

JDOOLQDQ

W\D]LGW

JDQDQ

OD]

JDQLYHWQ

OPXV

JDWQ

PXF

JHQHUQ

\HQQD\HUFKDUZDKLW>@



JHQROOQ

IXG

JHQVDGY

TD

JHQWQ

PLGGHQ

JHUPjQ

XPD>L@

JHUPjJUDQQ

]L]L>@

JHUPDQDQ

XOWPD>L@

JHUPDQDJUDQQ

ODOOD>@

JHUPDQHVQ

\HVVPD>L@

JHUPDQVQ

D\WPD>L@

JRVQ

D\GLDT]LQ

JRWQ

ONDV

JUjFLHV

LVHTVD[DIHNO[LU$OODKLNHWWDU[LUHN

JUDQDGM

DPHTTUDQ

JUDQIHUVHpVVHUY

PHU>@

JUDQpVVHUPpVY

DMHU>@

JUDVpVVHUY

TZD>@VDK

JURFDGM

DZUD>@

JURVDGM

DPHTTUDQD]XZDU

JXHUUDQ

FFDUUDPHQL OOXLWD

KDELWDFLyQ

D[[DP

KDYHUKLY

>@

KDYHUQKLSURXY

THGGNID

KLSURQDGY

>@

KLVWzULDQ

WKDMLW FRQWH

KLYHUQQ

WNHU]D

KROD

DKODOVHODPXDOLNXPDKODQVDODP

KRPHQ

DUJD]

KRUDQ

WVDW

KRVSLWDOQ

VSLWDO

LFRQM

GL DPELQVLVWqQFLD XND FRQVHFXWLYD

LGHDQ

D[HPPLP

LQWH OLJHQWDGM

EDEQWLLWIDWHQ

MDDGY

]HJDG



MDTXHWDQ

LNLWD

MRSURQ

QHFF>@

MRFQ

XUDU

MRYHDGM

DPH]\DQ

MXJDUY

LUDU

MXOLROQ

\XO\X]FKDUVEDD>@

MXQWVDGY

PDUUD

MXQ\Q

\XQ\XFKDUVHWWD>@

ODYDERQ

DEGX]ELWOPD YjWHU

OODUJDGM

D]HJUDO

OODYRUVDGY

O[HGGHQQLONHQQL

OOHJLUY

HU

OOHLJDGM

DIIDQ

OOHQJXDQ

LOV GHODERFD _DZDO LGLRPD

OOHWQ

DLDFHIID\

OOHWUDQ

OKDUI

OOHXJHUIHUVHpVVHUY

IVXV>@

OOHYDUVHY

NNDU

OOLEUHQ

ONHWDE

OOLJDUY

TTHQ

OOLWQ

DOHNWXWDVVXW

OORFQ

DPNDQ

OOXPQ

WIDZW

OOXQDQ

\XU

OOXQDOOXPGHQ

WD]LUL

OOXQ\pVVHUY

JJZHM>@

PjQ

IXV

PDLDGY

DHPPHUV

PDLJQ

PD\XFKDU[HPVD>@

PDLQDGDQ

WDUZD

PDODOWSRVDUVHHVWDUY

KOHN>@

PDODPHQWHVWDUY

TEHK

PDUQ

OHEKDULOO



PDUoQ

PDUVFKDUWODWD>@

PDUHQ

\HPPD>L@

PDULWQ

DUJD]

PDUUyDGM

DTDKZL FRORUFDIq >@

PDVVDDGY

DWWDV

PDVVDDGMSURQ

DWWDV

PDWDUY

QH

PDWHL[SURQ

LPDQL[HIQQLW

PDWtQ

VEDK

PHQMDUQ

PDFFD

PHQMDUY

HFF

PHQWLGDQ

L[DUULTHQ

PHQWUHFRQM

PDKHQG

PHQ\VDGMSURQDGY

GOXVFZD\_>@ FRPSDUDWLX

PHUFDWQ

VVXT

PHVQ

FKDUD\XU

PpVDGMSURQDGY

NWDU_>@ FRPSDUDWLX

PHVWUDQ

OPXDOOLPD

PHVWUHQ

OPXDOOLP

PHWJHQ

DGELE

PHXDGMSURQ

LQXL>@

PLJDGM

D]JHQ

PLJDODGYSUHS

DPPDVQ

PLOORUDGY

[LU

PLOORUpVVHUY

LI>@

PLQXWQ

WPLQXW

PLUDUY

[]HU[HPPDP REVHUYDU

PLWMjDGM

DZHVGL

PROWDGY

DWWDV

PROWDGMSURQ

DWWDV

PROWyQ

LNHUUL

PRPHQWQ

WD]HK]LW

PyQQ

GGXQL\W


PRULUY

PPHW

PRUWQ

DPHWWLQ LQGLYLGX _OPXZW RSRVDWDYLGD

PRVFDQ

L]L

PRVTXLWQ

WL]L\W

PXOOHUQ

WDPDUW

PXQWDQ\DQ

DGUDU

P~VLFDQ

PXVLTD

QDVQ

LQ]DU

QDYHJDUY

VIDUGH\OHEKDU

QHFHVVLWDUY

[HVVKGDM

QHFHVVLWDWQ

OKDMHW

QHGDUY

IWHK

QHJUHDGM

DEHUNDQ>@

QpL[HUY

PHUQL[HOOHT

QHQQ

DKHUPXFDKHQMLUDIUHK

QHQDQ

WDKHUPXFWWDKHQMLUWWDIUHKW

QHWHMDUY

PVHK

QLFRQM

ZDU

QLQJ~SURQ

KDGFD

QLWQ

OOLOHW

QLWGHDGY

VOOLOHW

QRDGY

OOD VRO _ZDU IUDVH _ZLU DPELPSHUDWLX


XOLG VHQVHYHUE

QRLQ

DKUDP

QRLDQ

WDKUDPW

QRPQ

LVHP

QRPpVDGY

VKDIL

QRVDOWUHVSURQ

QHFFLQ>@

QRVWUHDGMSURQ

QQHQH>@

QRXQXP

W]DWVDD>@

QRXDGM

MMHGLG

QRYHPEUHQ

QXZDPELUFKDUKLWDF>@



RFRQM

QL

REOLGDUY

WWX

REULUY

U]HP

RFHOOQ

DMGLG

RFWXEUHQ

NWXEHUFKDUDFUD>@

RIHQVDQ

DMQDG

RPSOLUVHpVVHUSOHY

FFDU>@

RQDGY

PDQL

RQ"DGY

PDQL"

RQ"GDGY

PDQLV"

RQFOHQ

[DOL PDWHUQ _]L]LDPPL SDWHUQ >L


@

RSLQLyQ

DUUD\

RUGHQDUY

DGHO SRVDUHQRUGUH

RUHOODQ

DPHMMXQ

RXQ

WDPHOODOW

SDQ

DUXP

SDJDUY

[HOOHV

SDtVQ

WDPXUW

SDQWDORQVQ

VVHUZHO

SDQ[DQ

DHGGLV

SDSDOORQDQ

WDKULMDW

SDSHUQ

ONLHG

SDUDXODQ

DZDO

SDUHQ

EDED>L@

SDUODUY

VLZHO

SDUWQ

WDFHUW

SDUWHQoDQ

WLNOL

SDVVDUY

HNN

SDWDWDQ

EDWDWD

SHGUDQ

D]UX

SHJDUY

XZHW

SHL[Q

DVOHP



SHOOtFXODQ

DVDUX

SHQVDUY

IHNNHU UHSUHVHQWDUVH _[HPPDP UHIOH[LRQDU

SHUTXq"

PLQ[HI"

SHUDTXq"

PLQHU"

SHUSUHS

]HJ PHGLRULJHQ _GHJ OORFHTXLYDOqQFLD _


[HI FDXVD _DNHG FRQWLJLWDW

SHUDSUHS

SHUGy

VPDKD\L

SHUGUHY

XGGDU

SHUzFRQM

PDFDVDD

SHUTXqFRQM

PLQ]H\

SHUVRQDQ

EHQDGHP

SHVDQWIHUVHpVVHUY

GTHO>@

SHVDQWDGM

DQQH]]DZ

SHWLWDGM

DPH]\DQ

SHWLWIHUVHpVVHUY

P]L>@

SHXQ

GDU

SLORWDQ

WFDPDWDNXUW

SLQWDUY

ML\\HU SDUHWV

SLVQ

WXUIHW

SLVFLQDQ

VVDULM

SLWQ

LGPDUHQ_DEEXF VLQD

SODoDQ

VVXT GHOPHUFDW

SODWQ

WHEVLO

SODWMDQ

OPDUVD

SOHpVVHUY

FFDU>@

SORUDUY

UX

SORXUHY

XZHWXQ]DU

SOXMDQ

DQ]DU

SREOHQ

GGHFDU YLODWJH

SREUHDGM

GGHULZHF VHQVHSURSLHWDWV

SRFDGMSURQDGY

GOXVFZD\

SRFDSRFDDGY

FZD\FZD\



SRGHUQ

W]HPPHU

SRGHUY

]PHU

SRHPDQ

DZDOQL]UDQ

SRHWDY

L]UL

SROODVWUHQ

\D]LG

SRUQ

WLZGL

SRUWHQLUY

JJZHG

SRUFQ

LOHI

SRUWDQ

WDJZXUW

SRUWDUY

NVL WUDQVSRUWDU _DZL

SRVDUY

VHUV

SRWVHUDGY

DWWD

SUHJXQWDUY

VHTVD

SUHVHQWDUY

KGDU

SULPDGM

D]GDG

SULPpVVHUY

]GHG>@

SULPDYHUDQ

WDIVXWUEL

SULPHUQXP

DPH]ZDU>@

SURGXLUY

HUU

SURIHVVRUQ

DVHOPDG

SURSDSUHS

WWDUIQ

SURSpVVHUDY

DGHV>@

SURSHUDGM

DTULE

SURXDGY

[HUUHEL

SURYDUY

THOOHE

SXMDUY

DOL

SXQWQ

WDQTLW

TXDGUDWDGM

DUHEED

TXDQFRQM

PHOH[PLDPL DPEHOSHUIHFWLX

TXDQ"DGY

PHOPL"

TXDQW"DGMSURQDGY

PDFKDO"

TXDWUHQXP

NX]DFUD>@

TXHSURQ

LQ>@



TXHFRQM

PD PDUFDGHSUHJXQWD >@

TXqSURQ

L UHODWLXDPESUHSRVLFLy >@

TXq"SURQ

PLQ">@

TXHGDUVHY

TTLP

TXLSURQ

ZHQQL>@

TXL"SURQ

ZL">@

TXLQ"DGM

PDQ">@

TXLQ"SURQ

PDQZHQ">@

UDyQ

OKDTT HQFHUW _ODTHO FDSDFLWDW

UDWDQ

WDHUGD\W

UHEUHY

WWHI

UHFRUGDUY

IHNNHU

UHQWDUY

VLUHG

UHVSURQ

ZDOXFDZDU

UHVDUY

]DOO

UHVSHFWHQ

OZHTTDU

UHVSRQGUHY

HUUZDMHE

ULFDGM

WWDMHUDPHUNDQWL

ULXUHY

GKHN

URGyDGM

DKQHQQD\

VDSRVDUVHHVWDUY

VHKK>@

VDEDWDQ

DKHUNXV

VDEHUY

VVHQ

VDEyQ

VVDEXQ

VDOQ

WDPHOODKW

VDODWDGM

DPHOODK

VDODWIHUVHpVVHUY

POHK

VHJRQQXP

ZLVVLQ>@

VHJRQDQXP

WLVVQDW>@

VHJRQVFRQM

DPHQ

VHJRQVSUHS

[HI>@

VHJXLGDGHDGY

VWD]]HOD

VHJXLUY

GIDU



VHJXUDGY

VWLGHWW

VHPEODUY

FHEEHK DSDUHQoD _LU RSLQLy

VqPRODQ

]HPEX

VHPSUHDGY

OHEGD

VHQVHSUHS

EUD

VHQWLUY

VHO RwGD _D[D H[SHULPHQWDU

VHQ\RUQ

VLGL

VHQ\RUDQ

ODOOD YJJHUPDQDJUDQ

VHUYLUY

KOD pVVHU~WLO

VHWQ

IDG

VHWQXP

VDVEDD>@

VHWHPEUHQ

FXWDPELUFKDUWVDD>@

VHWPDQDQ

VLPDQD

VHXDGMSURQ

QQHVV GHOOGHOOD _QVHQVHQ OOXUGHOOV _


QVHQWVHQW OOXUGHOOHV

VHXUHY

TTLP

VLFRQM

PLOL VXSRVLFLy _PDOD FRQGLFLy _PD


LQWHUURJDWLYDLQGLUHFWD >@

VtDGY

ZD[[DZDKLK

VLXVSODX

VKLWDIDNPDODWH[VHG

VLVQXP

VGLVVHWWD>@

VREUHDDGYSUHS

VQQHM

VROQ

WIX\W

VRODGM

ZDKHG

VROWHUDGM

DH]UL

VRPQLDUY

XUMD

VRSDUY

PXQVX

VRSDUQ

DPHQVL

VRUWLUY

IIH

VRVWUHQ

WD]HTTD

VRWDDDGYSUHS

VZDGGD\

VRXQ

OLMDUHW

VXFFHLUY

PVHU



VXFUHQ

VVHNNZDU

VXSHUDUY

LI pVVHUPLOORU _DMHU pVVHUPpVJUDQ >@

WDOHQSURQ

IODQ

WDOODUY

THVV

WDPEpDGY

DZHGXOD

WDPSRFDGY

XOD

WDQDGY

>@

WDQFDUY

TTHQ

WDQWDGMSURQDGY

DQHFWTHGGDZDTHGGD QRPEUH

WDQWFRPDGY

DQHFW>@

WDQWDGMSURQDGY

NDGDZDNDGD

WDUGIHUVHpVVHUY

UXKHOKDO

WDUGDQ

DFL

WDUGRUQ

O[HULI

WDXODQ

WDEOD

WHQ

DWD\

WHOqIRQQ

WOLIX

WHPSVQ

]]HPDQ FURQROzJLF _OKDO PHWHRUROzJLF

WHQLUY

DU SRVVHLU _GDJ VHQWLU >@

WHUUDQ

WDPXUW VzO _NDO PDWqULD

WHXDGMSURQ

QQHPP SRVVHwGRUIHPHQt _QQHNN


SRVVHwGRUPDVFXOt >@

WHXODGDQ

WD]HTTD

WLDQ

[DOWL PDWHUQD _DPWL SDWHUQD >


L@

WRFDUY

KDGD

WRUQDUY

HUU DOJXQDFRVD _GZHO DXQOORF

WRWSURQ

PDUUD

WRWDGMSURQ

TD

WUHEDOODGRUQ

D[HGGDP

WUHEDOODUY

[GHP

WUHQQ

PDFLQD

WUHQFDUY

UUH]



WUHVQXP

NUDGWODWD>@

WUHXUHY

NNHVD\HPMEHG

WULDUY

[GDU

WULVWHVWDUY

L\HU_K]HQ>@

WUREDUY

DI

WXSURQ

FHP IHPHQt _FHN PDVFXOt >@

WXWRUQ

DZNLO HQJHQHUDO

XOOQ

WLWW

~OWLPDGM

DQHJJDUX>@

XQDUWQXP

LMMLMMHQ>@

XQDDUWQXP

LMWLMWHQ>@

XQJODQ

LFFDU

YDFDQ

WDIXQDVW

YDFDQFHVQ

OZDFDU

YDL[HOOQ

DDUUDEX

YHJDGDQ

WZDOD

YHOODGM

DZHVVDU SHUVRQD DPHTTUDQ JUDQ

YHOOpVVHUY

XVVHU SHUVRQD >@

YHQGUHY

]HQ]

YHQLUY

DVHGUXKHG

YHQWQ

DGXDVHPPLG

YHUGDGM

D]HJ]D YJEODX >@

YHUGXUDQ

O[XGDUW

YHUJRQ\DQ

DVHGKLOHK\D

YHULWDWQ

WLGHWW

YHUPHOODGM

D]HJJZD>@

YHVSUHQ

WDPHGGLW

YHVWLUY

VLUHG

YHVWLWQ

DUUXG URED

YHWDTXtDGY

DTTD>@

YHXUHY

[HP]HU

YLQ

FFDUDEELQX



YLGDQ

WXGDUW

YLXUHY

GGHU pVVHUYLX _]GH KDELWDU

YRODUY

GHZ

YROHUY

[HV

YRVDOWUHVSURQ

NHQQLPW IHPHQt _NHQQLZ PDVFXOt >@

YRVWUHDGMSURQ

QNHPWNHPW SRVVHwGRUIHPHQt _QZHP


QNXPZHPNXP SRVVHwGRUPDVFXOt
>@

YXLWQXP

WDPWPHQL\D>@

[DLQ

L]PDUDKXOL

[LPSOHDGM

DEXKDOL

[RFRODWDQ

XNXODWL

]HURQXP

DP\D>@



92&$%8/$5,%(5%(5&$7$/
D

DTXHVW SRVLFLyGHDSHUVRQD >@

DEEXF

SLW VLQD

DEGX]

ODYDER YjWHU

DEHUNDQ

QHJUH>@

DEXKDOL

[LPSOH

DEULG

FDPtFDUUHWHUD

DFHIID\

OOHW

DEULX

DEULF

DFGLK

EDOO

DFHPODO

EODQF>@

DFUDG

FRQWUDFWH

DFXZDI

FDEHOOV

DG\LOL

pVSRVVLEOH

DGHI

HQWUDU

DGUDU

PXQWDQ\D

DGELE

PHWJH

DGHU

IHUVHpVVHUEDL[>@

DGHV

DFRVWDUVHpVVHUDSURS>@

DGX

YHQW

DI

WUREDU

DIUHK

QHQ

DIXVL

GUHW GHPjGUHWD

DDUUDEX

YDL[HOO

DHPEXE

FDUD

DHQQLM

FDQoy

DL

OOHW

DLO

EUDo

DPLV

GLDUL

DUXP

SD

DKHUNXV

VDEDWD

DKODO

KROD


DKODQ

KROD

DKHO

FDQVDUVH

DKHQMLU

QHQ

DKHUPXF

QHQ

DKQHQQD\

URGy

DKUDP

QRL

DKXOL

[DL

DMGLG

RFHOO

DMHQQD

FHO

DMHU

VXSHUDU pVVHUPpVJUDQ >@

DMQDG

RIHQVD

DNHG

DPE FRPSDQ\LDUHODFLy _FRQWUD_SHU


FRQWLJLWDW

DNLG

oDNHG

DNVXP

FDUQ

DOHNWX

OOLW

DOL

SXMDU

$OODKLNHWWDU[LUHN

JUjFLHV

DP

FRP>@

DPDQ

DLJXD

DPHFOL

GLQDU

DPHGGXNNHO

DPLF

DPHKGDU

DOXPQH

DPHMMXQ

RUHOOD

DPHNQDZ

FRP>@

DPHOODK

VDODW

DPHOODO

EODQF YJDFHPODO

DPHQ

FUHXUH

DPHQ

VHJRQV FRQM

DPHQL

JXHUUD OOXLWD

DPHQQL

DL[t DQDIzULF >@

DPHQVL

VRSDU



DPHQ]X

ILOOJUDQ

DPHTTUDQ

JUDQJURVYHOO JUDQ

DPHUNDQWL

ULF

DPHWWLQ

PRUW LQGLYLGX

DPH]ZDU

SULPHU>@

DPH]\DQ

MRYHSHWLW

DPDU

FDS TXHPDQD

DPL

TXDQ DPEHOSHUIHFWLX

DPNDQ

OORF

DPPDV

DOPLJ

DPPHQ

DL[t DQDIzULF >@

DPPX

DL[t>@

DP\D

DL[t>@

DP\D

]HUR>@

DPD]

IRUoD

DQHEGX

HVWLX

DQHFW

WDQWWDQWFRPFRP>@

DQHJJDUX

IL

DQHJJDUX

~OWLP>@

DQHZML

FRQYLGDW

DQQH]]DZ

SHVDQW

DQ]DU

SOXMD

DTDKZL

PDUUy FRORUFDIq >@

DTHPPXP

ERFD

DTQHQQL

FRQLOO

DTTD

YHWDTXt>@

DTTD

FRPSWH

DTTDNGLQQL

DGpX

DTULE

SURSHU

DTULQ

FRPSDQ\ FR OHJD

DTXGDG

EDL[FXUW

DT]LQ

JRV

DUHEED

TXDGUDW



DUHOOLQD

DEDQV

DUHQ

IDULQD

DUJD]

KRPH_PDULW

DUL

HVFULXUH

DUL\DT

HVPRU]DU

DUUD\

RSLQLy

DUULPHW

FRV

DUUXG

YHVWLW URED

DVHG

YHQLU

DVDIDJ

DYLy

DVDUX

SHOOtFXOD

DVHGKL

YHUJRQ\D

DVHJJ DV

DQ\

DVHOPDG

SURIHVVRU

DVOHP

SHL[

DVV

GLD

DVVD

DYXL

DVHEKDQ

ER_ERQLF

DVHPPDG

IUHG

DVHPPLG

YHQW

DWD\

WH

DWWD

SRWVHU

DWWDV

PDVVD_PROW

DZDO

OOHQJXD LGLRPD _SDUDXOD

DZDOQL]UDQ

SRHPD

DZHG

DUULEDU

DZHVGL

PLWMj

DZHVVDU

YHOO SHUVRQD

DZL

SRUWDUHQGXUVH

DZNLO

WXWRU HQJHQHUDO

DZUHQ

HQOOj_GDUUHUH>@

DZUD

JURF>@



DZUHQ

GHOOj>@

DZUXG

HQoj>@

D[D

VHQWLU H[SHULPHQWDU

D[HGGDP

WUHEDOODGRU

D[HPPLP

LGHD

D[[DP

KDELWDFLy

D[[DPQWHPHVVL

FXLQD KDELWDFLy

D\

pVVHU pVTXH

D\D

DL[z SRVLFLyGHDSHUVRQD >@

D\GL

JRV

D\HP

WUHXUH

D\HQQL

DOOz DQDIzULF >@

D\LQ

DL[z SRVLFLyGHDSHUVRQD _DOOz SRVLFLyGH


DSHUVRQD >@

D\WPD

JHUPDQV>L@

D\XU

PHV

D]GDG
Z

SULP

D]HJJ D

YHUPHOO>@

D]HJUDO

DOW_OODUJ

D]HJ]D

EODX_YHUG>@

D]HOOLI

FDS WHVWD

D]HOPDG

HVTXHUUH

D]JHQ

PLJ

D]XZDU

JURV

D]]D\OHW

DQLPDO

D]]HO

FyUUHU

D]OL

EHOOHVD

D]UX

SHGUD

DFL

WDUGD

DGHO

RUGHQDU SRVDUHQRUGUH

DHGGLV

SDQ[D

DHPPHUV

PDL

DH]UL

VROWHU



DIIDQ

GROHQWOOHLJ

DMHE

DJUDGDU

DPHG

DJXDQWDU

DQD

pVVHU LGHQWLWDW >@

DUHG

FRQYLGDU

DUXU

HVTXHQD

DXZHO

GHFLGLU

DZHG

FRQWDUH[SOLFDU

DZHG

WDPEp

DZHQ

DMXGDU

EDEQWLLW

LQWH OLJHQW

EDED

SDUH>L@

EDUUDV

DIRUD

EDWDWD

SDWDWD

EDZ

IDYD

EGD

FRPHQoDU

EHGG

DWXUDUVHTXHGDUVHGUHW

EHGGHO

FDQYLDU EHVFDQYLDU

EHQDGHP

SHUVRQD

EHVVHODPD

DGpX

ELQX

YL

ELWOPD

ODYDER YjWHU

EUD

VHQVH

FD

DOJXQ_DOJXQDFRVD_QLQJ~_UHV_FDS SURQ

FDLMMHQ

DOJ~

FFDU

RPSOLUVHpVVHUSOH>@

FFDUDE

YL

FFDUU

JXHUUD

FFHHO

IHLQD

FGHK

EDOODU

FHEEHK

VHPEODU

FHN

WX PDVFXOt >@

FHP

WX IHPHQt >@



FKDU

PHV

FKDUKLWDF

QRYHPEUH>@

FKDUUEDD

DEULO>@

FKDUVEDD

MXOLRO>@

FKDUVHWWD

MXQ\>@

FKDUWODWD

PDUo>@

FKDUWPHQL\D

DJRVW>@

FKDUWQD\Q

IHEUHU>@

FKDUWQDDF

GHVHPEUH>@

FKDUWVDD

VHWHPEUH>@

FKDUZDKLW

JHQHU>@

FKDU[HPVD

PDLJ>@

FKDUDFUD

RFWXEUH>@

FXWDPELU

VHWHPEUH>@

FZD\

PHQ\V_SRF

FZD\FZD\

DSRFDSRF

LNLWD

MDTXHWD

XNXODWL

[RFRODWD

pVVHU FRSXODWLX >@

GD

DTXt SRVLFLyGHDSHUVRQD >@

GDJ

WHQLU VHQWLU >@oGHJ

GDWV

DOFRVWDW_GDYDQW

GD[HOV

DGLQV

GD\

WHQLU VHQWLU >@oGHJ

GGHFDU

SREOH YLODWJH _EDUUL

GGHU

YLXUH

GGHULZHF

SREUH VHQVHSURSLHWDWV

GGXQL\W

PyQ

GHIIHUHU

GDUUHUH

GHJ

D_HQGLQV_SHU HTXLYDOqQFLDOORF

GH\D

DYLDW

GH\

oGHJ



GKHN

ULXUH

GLKD

DOOjEDL[>@

GLQ

DOOj SRVLFLyGHDSHUVRQD _DTXt SRVLFLyGH


DSHUVRQD >@

GLQQL

DOOj DQDIzULF

GOXV

PHQ\V_SRF

GTHO

IHUVHpVVHUSHVDQW>@

GXMDPELU

GHVHPEUH>@

GZHO

IHUVH HVGHYHQLU _WRUQDU DXQOORF

GDG

GLWV Pj

GDU

FDPD_SHX

GHU

EDL[DU

GHZ

YRODU

GIDU

VHJXLU

GOHT

SRVDUVHGUHWHVWDUGUHW UHFWH >@

HFF

PHQMDU

HJJ

IHU_pVVHU>@

HMM

GHL[DU

HNN

SDVVDU

HUPD\\X

DUPDULFDODL[HUD

HUTHP

GLEXL[DU

HUU

FDQYLDUFRQYHUWLUWUDQVIRUPDU_SURGXLU_
UHVSRQGUH_WRUQDU DOJXQDFRVD

IDG

VHW JDQHVGHEHXUH

IDOGD

IDOGLOOD

IDWHQ

LQWH OLJHQW

IHEUD\HU

IHEUHU>@

IHNNHU

SHQVDU UHSUHVHQWDUVH UHFRUGDU

IHUK

HVWDUSRVDUVHFRQWHQW>@

IIH

VRUWLU

IKHP

HQWHQGUH

IODQ

HQWDO SURQ

IVL

GHVOOLJDU



IVXV

pVVHUIHUVHOOHXJHU>@

IWHK

QHGDU

IXG

JHQROO

IXV

Pj

IXVDIXVL

PjGUHWD

IXVD]HOPDG

PjHVTXHUUD

WHQLUSRU

JJ HM

DOOXQ\DUVHpVVHUOOXQ\>@

DU

WHQLU SRVVHLU >@oHU

DUN

FRPSWH

DVDU

ILQV

HQQHM

FDQWDU

HU

DFDSD_DFDVDGH_HQ

HU

HVWXGLDU_OOHJLU

LU

VHPEODU RSLQLy

L\HU

HQWULVWLUVH_HVWDUWULVW>@

OD

HQFDULUVHpVVHUFDU>@

XFW

DJRVW>@

KOHN

HVWDUSRVDUVHPDODOW>@

KZD

EDL[DU

KDG

DOJ~_QLQJ~

KDGD

WRFDU

KDUT

FUHPDU FRQVXPLUVH

KDUW

DWUDSDU

KGDM

QHFHVVLWDU

KGDU

SUHVHQWDU

KHQQD

jYLD>L@

KOD

VHUYLU pVVHU~WLO

KPD

HVFDOIDUVHpVVHUFDOHQW>@

KVHE

FRPSWDU

K]HQ

HQWULVWLUVHHVWDUWULVW

L

PHX>@

JJ HG



D_SHUD

L FRQMXQFLyDPELQVLVWqQFLD

TXHTXq SURQRPUHODWLX >@

LEULO

DEULO>@

LFFDU

XQJOD

LGPDUHQ

SLW

LGHQQDG

DKLU

LI

VXSHUDU pVVHUPLOORU >@

LK

Vt

LMM

XQ>@

LMMHQ

XQ>@

LMW

XQD>@

LMWHQ

XQD>@

LNHUUL

PROWy

LOHI

SRUF

LOL

pVVHU>@

LOO

PDU

LOV

OOHQJXD GHODERFD

LPDQ

PDWHL[

LQ

DTXHOO SRVLFLyGHDSHUVRQD _DTXHVW


SRVLFLyGHDSHUVRQD >@

LQL

GLU

LQX

PHX>@

LQ]DU

QDV

LUDU

MXJDU

LVHP

QRP

LVHTVD[DIHNO[LU

JUjFLHV

LWUL

HVWUHOOD

L[DUULTHQ

PHQWLGD

L[HI

PDWHL[

L]L

PRVFD

L]PDU

[DL

L]UL

SRHWD



L]LG

HQGROFLUVHpVVHUGROo>@

MDU

HQWUH

MEHG

WUHXUH

MKHG

pVVHUIHUVHIRUW>@

ML\\HU

SLQWDU SDUHWV

MMHGGL

DYL>L@

MMHGLG

QRX QRYHOO

MMHKHG

IRUoD Q

MMHPD

GLYHQGUHV>@

N

WHX SRVVHwGRUPDVFXOt >@

NDGDZDNDGD

WDQW

NDO

WHUUD PDWqULD

NHPPHO

DFDEDU FRPSOHWDU

NHPW

YRVWUH SRVVHwGRUIHPHQt >@

NHQQLPW

YRVDOWUHV IHPHQt >@

NHQQLZ

YRVDOWUHV PDVFXOt >@

NID

KDYHUQKLSURX

NLG

oDNHG

NNDU

OOHYDUVH

NNHV

WUHXUH

NNHVDUUXG

GHVSXOODUVH

NUDG

WUHV>@

NVL

SRUWDU WUDQVSRUWDU

NWDU

PpV

NWXEHU

RFWXEUH>@

NXO

FDGD

NXP

YRVWUH SRVVHwGRUPDVFXOt >@

NX]

TXDWUH>@

ODEDV

Ep

ODD

FULGDU DOJ~

ODOOD

JHUPDQDJUDQ>@_VHQ\RUD

OD]

JDQD

ODTHO

UDy FDSDFLWDW



OEDUUDQL

HVWUDQJHU

OHEGD

VHPSUH

OHEKDU

PDU

OHKULT

GRORU

OHKPX

FDORU

OHKVDE

FRPSWH

OHK\D

YHUJRQ\D

OHPODN

FDVDPHQW

OHUED

GLPHFUHV>@

OHVQLQ

HGDW

OH[PLV

GLMRXV>@

OH[WX

DUD

OIXUMHW

IHVWD

OKDMHW

FRVD_QHFHVVLWDW

OKDO

WHPSV PHWHRUROzJLF

OKDTT

UDy HQFHUW _GUHW MXVWtFLD

OKDUI

OOHWUD

OKHG

GLXPHQJH>@

OKHPPDP

EDQ\

OKXPHW

EDUUL

OLMDUHW

VRX

OMHGXG

DYLV>L@

ONDV

JRW

ONHQQL

OODYRUV

ONHWDE

OOLEUH

ONLHG

SDSHU

ONXUVL

FDGLUD

OOD

QR

OOLOHW

QLW

OOLOHWV

GHQLW

OPDUVD

SODWMD

OPHG

DSUHQGUH



OPHIWDK

FODX GREULU

OPXV

JDQLYHW

OPXZW

PRUW RSRVDWDYLGD

OPXDOOLP

PHVWUH

OPXDOOLPD

PHVWUD

OTDKZD

FDIq

OX[D

DUD

OZHTTDU

UHVSHFWH

O[HGGHQQL

OODYRUV

O[HGPHW

IHLQD

O[HULI

IUXLWD

O[HULI

WDUGRU

O[LU

Ep

O[XGDUW

YHUGXUD

OZDFDU

YDFDQFHV

P

WHX SRVVHwGRUIHPHQt >@

PD

TXH PDUFDGHSUHJXQWD VL LQWHUURJDWLYD


LQGLUHFWD

PDFD

SHUz

PDFFD

PHQMDU

PDFKDO"

TXDQW"

PDFLQD

WUHQ

PDKHQG

PHQWUH

PDOD

VL FRQGLFLRQDO

PDODWH[VHG

VLXVSODX

PDPPHN"

FRP"

PDPPHNWHOOLG"

FRPHVWjV"

PDQ"

TXLQ">@

PDQHFW"

FRP"

PDQL

RQ_DOJXQDEDQGD

PDQL"

RQ"

PDQLV"

GRQ"

PDQZHQ"

TXLQ">@



PDUUD

WRW_MXQWV

PDUV

PDUo>@

PDWWDFHNFZD\"

FRPHVWjV"

PD\X

PDLJ>@

PHOH[PL

TXDQ

PHOPL"

TXDQ"

PHQNXO

FDGD

PHQNXOKD

FDGDVF~

PHQNXOLMMHQ

FDGDXQ

PHUQL

QpL[HU

PHU

IHUVHpVVHUJUDQ>@

PLGGHQ

JHQW

PLLV

ERQLF

PLOL

VL VXSRVLFLy

PLQ

TXq_HOTXH>@

PLQ"

TXq">@

PLQHU"

SHUDTXq"

PLQ[HI"

SHUTXq"

PLQ]H\

SHUTXq

PL[HI[

PHQWUH

PL]LG

GROo

POHK

IHUVHpVVHUVDODW

POHN

FDVDUVH

POLK

Ep

PPHW

PRULU

PPL

ILOO>L@

PUDZ

GHX>@

PVDTTHP

Ep

PVHK

QHWHMDUHVERUUDU

PVHU

VXFFHLU

PXF

JDW

PXFOX

GLQDU

PXQVX

VRSDU



PXVLTD

P~VLFD

P]L

IHUVHpVVHUSHWLW>@

GH

TXHTXq SURQRPUHODWLX >@

QGHK

FRQGXLU

QHFF

MR>@

QHFFLQ

QRVDOWUHV>@

QHWWD

HOO>@

QHWWDW

HOOD>@

QH

QRVWUH>@

QH

PDWDU

QKDU

GLD

QKDUD

DYXL

QL

QLWHQWL

HOOHV>@

QLWQL

HOOV>@

QNHPW

YRVWUH SRVVHwGRUIHPHQt >@

QNXP

YRVWUH SRVVHwGRUPDVFXOt >@

QQH

QRVWUH>@

QQHMHU

DGDOW

QQHMV

DGDOWDVREUH

QQHN

WHX SRVVHwGRUPDVFXOt >@

QQHP

WHX SRVVHwGRUIHPHQt >@

QQHV

VHX GHOOGHOOD >@

QQL

DTXHOO DQDIzULF >@

QQLGHQ

ODOWUHXQDOWUH

QQLW

PDWHL[

QTHV

IDOWDU

QVHQ

VHX OOXUGHOOV >@

QVHQW

VHX OOXUGHOOHV >@

QXZDPELU

QRYHPEUH>@

QZHP

YRVWUH SRVVHwGRUPDVFXOt >@

TDWLID

FDWLID



TD

WRW_FRPSOHWDPHQW_JHQV

TEHK

IHUVHpVVHUGROHQWHVWDUPDODPHQW

TEHO

DEDQVGHDEDQVTXH

TGD

DFDEDU

THGG

KDYHUQKLSURX

THGGDZDTHGGD

WDQW QRPEUH

THOOHE

SURYDU

THVV

WDOODU

TTHG

FUHPDU IHUXQDFUHPDGD

TTHQ

OOLJDU

TTHQ

WDQFDU

TTLP

HVWDUVH_TXHGDUVH_VHXUH

TVHKK

IHUVHpVVHUGXU>@

TXGHG

HVFXUoDUVHpVVHUFXUW>@

TZD

HQJUHL[DUVHpVVHUJUDV>@

UDMD

HVSHUDU

UEDD

TXDWUH YJNX] >@

UEHK

HQULTXLUVH

UEL

SULPDYHUD

UQL

FRQWLQXDU

UUH]

WUHQFDU

UULK

DLUH

UX

SORUDU

UXK

DQDUDQDUVHQ

UXKHG

YHQLU

UXKHOKDO

IHUVHpVVHUWDUG

U]HP

REULU

U]X

EXVFDU

UUX]

DUUzV

V

VHX GHOOGHOOD >@

DPE LQVWUXPHQW

VD

GDTXtSHUDTXt SRVLFLyGHDSHUVRQD >@



VD

VHW QXP >@

VDK

DFRQVHJXLU_HQJUHL[DUVHpVVHUJUDV>@

VDODP

KROD

VDD

SHUz

VEDD

VHW QXPYJVD >@

VEHGG

DWXUDU

VGLV

VLV>@

VHIKHP

H[SOLFDU LQIRUPDU

VH

FRPSUDU

VHNVX

FXVF~V

VHO

VHQWLU RwGD

VHODPXDOLNXP

KROD

VHOPHG

HQVHQ\DU LQVWUXLU

VHPPXV

FLQF>@

VHQ

VHX OOXUGHOOV >@

VHQHQ

FXLQDU

VHQQL

GDTXtSHUDTXt DQDIzULF >@

VHQW

VHX OOXUGHOOHV >@

VHTVD

SUHJXQWDU

VHUV

GHL[DUSRVDU

VHWWD

VLV YJVGLV >@

VHZ

EHXUH

VH[ZD

EXLGDU

VIDU]

H[SOLFDU DFODULU

VJHQID

FXUDU

VKDIL

QRPpV

VKHV

HVFROWDU

VLGL

VHQ\RU

VLKD

GDOOjEDL[SHUDOOjEDL[>@

VLOLUHKVDE

IHUFDV

VLPDQD

VHWPDQD

VLQ

GDOOjSHUDOOj SRVLFLyGHDSHUVRQD _GDTXt


SHUDTXt SRVLFLyGHDSHUVRQD >@



VLQ

GRV>@

VLQL

FLQHPD

VLUHG

UHQWDU

VLUHG

YHVWLU

VLZHO

SDUODU

VNHQ

HQVHQ\DU PRVWUDU

VPDKD\L

SHUGy

VQDW

GXHV>@

VSLWDO

KRVSLWDO

VHU

HQVHQ\DU LQVWUXLUHOVQHQV

VX\

FULGDU [LVFODU

VVDEW

GLVVDEWH>@

VVDG

IHOLFLWDW

VVHKLG

FDORU IRUWD

VVHMHUW

DUEUH

VVHNNZDU

VXFUH

VVHQ

FRQqL[HU_VDEHU

VVHUZHO

SDQWDORQV

VVXT

PHUFDW_SODoD

VXOOHV

IHUVHIRVF

V\D

GDTXtSHUDTXt SRVLFLyGHDSHUVRQD
>@

VEDK

PDWt

VEDKO[LU

ERQGLD

VEHK

IHUVHpVVHUERERQLFPDFRHVWDUEp>@

VHKK

IHUVHpVVHUIRUW_SRVDUVHHVWDUVD>@

VID

IHUVHpVVHUFODU

VIDUGH\OHEKDU

QDYHJDU

VKLW

VLXVSODX

VPHG

IHUIUHG

VVDEXQ

VDEy

VVDULM

SLVFLQD



WDEOXVW

EUXVD

WDEUDWW

FDUWD

WDFHUW

SDUW

WDGGDUW

FDVD

WDIOHZW

IXVWD

WDIUXKW

QHQD

WDIVXW

SULPDYHUD

WDIXQDVW

YDFD

WDJ XUW

SRUWD

WDHQMD\WXPHVPLU

IRUTXLOOD

WDHQMD\W

FXOOHUD

WDHUGD\W

UDWD

WDUXW

HVSDWOOD

WDKHQMLUW

QHQD

WDKHUPXFW

QHQD

WDKUDPW

QRLD

WDKULMDW

SDSDOORQD

WDMHEQL\W

IRUPDWJH

WDNHGWXIW

IRUPLJD

WDNQL\HW

FRJQRP

WDNXUW

SLORWD

WDP

YXLW>@

WDPHGGLW

YHVSUH

WDPHOODKW

VDO

WDPHOODOW

RX

WDPHQ]XW

ILOODJUDQ>L@

WDPHWWXW

GRQD

WDPH]JLGD

HVFROD

WDPDUW

GRQD_PXOOHU>L@

WDPXUW

SDtV_WHUUD VzO

WDQGLQW

FLXWDW

WDQQXZDUW

IORU

WDQTLW

SXQW


WDQ\D

DOWUHFRS

WDQ\DUW

IURQW

WDUUHPDQWXHGGLV

HVWyPDF

WDUUDZW

IDPtOLD

WDUZD

ILOOV_PDLQDGD>L@

WDVVXW

OOLW

WDZULTW

ELWOOHW

WD[QD

FXO

WD\UL

DPRU

WD]HK]LW

PRPHQW

WD]HTTD

VRVWUHWHXODGD

WD]HUEL\W

FDWLID

WD]LUL

OOXPGHOOXQD

WD]]HODV

VHJXLGD

WEXUMHWW

ILQHVWUD

WFDPD

SLORWD

WHQVLGGH\O[LU

ERQDQLW

WHTTLPHGGH\O[LU

DGpX

WIDZW

OOXP

WIX\W

VRO DVWUH

WXUIHW

SLV

WKDMLW

FRQWH

WKDQW

ERWLJD

WLGHWW

YHULWDW

WLGHWWV

GHGHEzVHJXU

WLIDZLQ[DIHN

ERQGLD

WLIHGQHW

GLW JURVGHOSHX

WLHUDUW

FXLQD OODU

WLNOL

SDUWHQoD

WLPHJJD

IHW

WLPHVVL

IRF

WLVL

IRQV

WLVVQDW

VHJRQD>@



WLWW

XOO

WLZGL

SRU

WLZHFFD

GHPj

WL]L\W

PRVTXLW

WNHUPLQV

GDUUHUH_GLQWUH

WNHU]D

KLYHUQ

WODWD

WUHV YJNUDG >@_GLPDUWV>@

WOLIX

WHOqIRQ

WPHUD

FDVDPHQW

WPHQL\D

YXLW YJWDP >@

WPHQ\DW

GLQHUV

WPLQXW

PLQXW

WQD\Q

GRV YJVLQ >@_GLOOXQV>@

WVD

IHWJH

WVDD

QRX YJW]D >@

WVDW

KRUD

WWDMHU

ULF

WWHU

GHPDQDU

WWX

REOLGDU

WWZD[HV

pVVHUHVWLPDW

WXGDUW

YLGD

WXPL\PXQW

IHOLFLWDW

WZDOD

YHJDGD

W\D]LGW

JDOOLQD

W]HPPHU

SRGHU

W]D

QRX QXP >@

WDEOD

WDXOD

WHEVLO

SODW

WHULKW

GHXUHV

WWDUIQ

DSURS

WWHI

DJDIDU_UHEUH

WWHODP

IRVFRU



WWHODPPHUV

IHUVHIRVF

WWHV

GRUPLU

WWXELV

DXWRE~V

WXQXELQ

FRW[H

XGGDU

SHUGUH

XGHP

FDUD

XGOXVV

DOPHQ\V

XJXU

FDPLQDU_DQDUDQDUVHQ

XND

L FRQVHFXWLYD

XO

FRU

XOD

WDPEp_WDPSRF

XODGLMMHQ

FDSQLXQ

XOLG

QR VHQVHYHUE

XOWPD

JHUPDQD>L@

XPD

JHUPj>L@

XUDU

FDVDPHQW IHVWD _MRF

XUMD

VRPQLDU

XVVHU

HQYHOOLU_VHUYHOO>@

XZF

GRQDU

XZHW

SHJDU

XZHWXQ]DU

SORXUH

X]]DO

IHUUR

XUD

DOW

ZD

DTXHVW SRVLFLyGHDSHUVRQD >@

ZDGGD\HU

DEDL[

ZDGGD\V

DEDL[DVRWD

ZDK

Vt

ZDKHG

VRO

ZDMHE

UHVSRQGUH

ZDOX

UHV

ZDPL]HJ

GHVSUpVGHGHVSUpVTXH

ZDQL

DTXHVW SRVLFLyGHDSHUVRQD >@

ZDQWD

DJXDQWDU



ZDU

QR_QL

ZDVVV

GHGLD

ZD[[D

Vt

ZD[[D

GDFRUG

ZHP

YRVWUH SRVVHwGRUPDVFXOt >@

ZHQQL

DTXHOO DQDIzULF _HO DUWLFOH >@_TXL


>@

ZHQQLGHQ

ODOWUH

ZL"

TXL">@

ZLQ

DTXHOO SRVLFLyGHDSHUVRQD _DTXHVW SRVLFLy


GHDSHUVRQD >@

ZLU

QR DPELPSHUDWLX

ZLVVLQ

VHJRQ QXPHUDO >@

o[HI

[DI

o[HI

[DOL

RQFOH PDWHUQ >L@

[DOWL

WLD PDWHUQD >L@

[DWWDU

ILQV

[GHP

WUHEDOODU

[GDU

WULDU

[HI

DHQVREUH_SHU FDXVD _VHJRQV

[HOOHT

QpL[HU

[HOOHV

SDJDU

[HP

YHXUH

[HPPDP

PLUDUREVHUYDU_SHQVDUUHIOH[LRQDU

[HPVD

FLQF YJVHPPXV >@

[HUUHEL

SURX

[HV

HVWLPDU_YROHU

[HVV

FDOGUHQHFHVVLWDU

[LU

PLOORU

[L\HG

FRVLU

[ZD

EXLGDUVH

[]HU

PLUDU


\D]LG

JDOOSROODVWUH

\HOOL

ILOOD>L@

\HPPD

PDUH>L@

\HQQD\HU

JHQHU>@

\HVVPD

JHUPDQHV>L@

\LV

FDYDOO

\XO\X]

MXOLRO>@

\XQ\X

MXQ\>@

\XU

OOXQD

]DOO

UHVDU

]D\

oV]HJ

]GHG

DSULPDUVH_VHUSULP>@

]GH

YLXUHKDELWDU

]HJ

oV

]HJ

GHVGH

]HJ

SHU PHGLRULJHQ

]HJDG

MD

]HPEX

VqPROD

]HQ]

YHQGUH

]H\

oV]HJ

]LN

DYLDW GKRUD

]PHU

SRGHU

]XDU

FRQGXLU DFRQGXLU

]]HPDQ

WHPSV FURQROzJLF

]]HQTHW

FDUUHU

]HU

YHXUH

]LOHQ

Ep

]LOHQ

ER PRUDOPHQW

DFUD

GHX YJPUDZ >@

DG

HQFDUD

DIDN

VLXVSODX

DP

DQ\ H[SUHVVLRQVQXPqULTXHV

DPPL

RQFOH SDWHUQ >L@



DPWL

WLD SDWHUQD >L@

]L]L

JHUPjJUDQ>@RQFOH SDWHUQ >L


@



%,%/,2*5$),$
%$66(7 $1'5e   /D ODQJXH EHUEqUH /RQGUHV  1RYD <RUN  7RURQWR 2[IRUG
8QLYHUVLW\3UHVV
&$',.$''285  6\VWqPHYHUEDOULIDLQ)RUPHHWVHQV3DUtV6(/$)
&$67(//$126 &$5/(6   (O SURFpV GHVWDQGDUGLW]DFLy GH OHV OOHQJHV (VWXGL
FRPSDUDWLXLDSOLFDFLyDODOOHQJXDDPD]LJKDY7HVL'RFWRUDO%HOODWHUUD8QLYHUVLWDW
$XWzQRPDGH%DUFHORQD
&+$.(5 6$/(0   7H[WHV HQ OLQJXLVWLTXH EHUEqUH LQWURGXFWLRQ DX GRPDLQH
EHUEqUH3DUtV&HQWUH1DWLRQDOGHOD5HFKHUFKH6FLHQWLILTXH>DHG@
&+$.(5 6$/(0   /LQJXLVWLTXH EHUEqUH (WXGHV GH V\QWD[H HW GH GLDFKURQLH
3DUtV/RYDLQD3HHWHUV
&+$.(56$/(0  %HUEqUHVDXMRXUGKXL3DUtV/+DUPDWWDQ>DHG@
'$//(7-($10$5,(  'LFWLRQQDLUHNDE\OHIUDQoDLV3DUOHUGHV$W0DQJHOODW
$OJpULH3DUtV6(/$)
'$//(7-($10$5,(  'LFWLRQQDLUHIUDQoDLVNDE\OH3DUOHUGHV$W0DQJHOODW
$OJpULH3DUtV6(/$)
(/ 02817$66,5$%'$//$+  ,QLWLDWLRQDXWDFKHOKLWODQJXHEHUEqUHGXVXGGX
0DURF5DQVDZDOWDFKHOKLW3DUtV/$VLDWKqTXH
,%f(=(67(%$1  'LFFLRQDULRHVSDxROULIHxR0DGULG(GLFLRQHVGHOD5HYLVWD
9HUGDG\9LGD
,%f(=(67(%$1  'LFFLRQDULRULIHxRHVSDxRO HWLPROyJLFR 0DGULG,QVWLWXWR
GH(VWXGLRV$IULFDQRV
,167,787

'(678',6

&$7$/$16   $SOLFDFLy DO FDWDOj GHOV SULQFLSLV GH

WUDQVFULSFLy GH O$VVRFLDFLy )RQqWLFD ,QWHUQDFLRQDO %DUFHORQD ,QVWLWXW G(VWXGLV


&DWDODQV
/$2867(0,/(  /HGLDOHFWHEHUEqUHGX5LI+HVSpULV S 
0$00(5, 028/28'   7DMHUUXPW Q WPD]LW 7DQWDOD WDTED\OLW  *UDPPPDLUH
EHUEqUH NDE\OH 3DUtV)UDQoRLV0DVSHUR



0$1<(5-26(3  4XDQO,VODPWUXFDDODSRUWD3HUDXQDDSUR[LPDFLyFXOWXUDO


DOV PXVXOPDQV GH &DWDOXQ\D %DUFHORQD )XQGDFLy 6HUYHLV GH &XOWXUD 3RSXODU  $OWD
)XOOD
28$.5,0 20$5   )RQpWLFD \ IRQRORJtD EHUHEHU %HOODWHUUD 8QLYHUVLWDW
$XWzQRPDGH%DUFHORQD
3(1&+2(1 7+20$6 *   7DPD]LJKW RI WKH $\W 1GKLU /RV $QJHOHV 8QGHQD
3XEOLFDWLRQV
48,7287 0,&+(/   *UDPPPDLUH EHUEqUH ULIDLQ WDPD]LJKW FKOHXK NDE\OH 
3DUtV/+DUPDWWDQ
6$55,21$1',$ 3('52   *UDPiWLFD GH OD OHQJXD ULIHxD 7jQJHU ,PSUHQWD
+LVSDQRDUiELJDGHOD0LVLyQ&DWyOLFD
7,/0$7,1( 02+$0(' $%'(/*+$1, (/ 02/*+< &$5/(6 &$67(//$126 L +$66$1
%$1+$.(,$   /D OOHQJXD ULIHQ\D 7XWOD\W WDULILW D HG %HOODWHUUD 8QLYHUVLWDW
$XWzQRPDGH%DUFHORQD>DHG@
:$*1(5 0$; /   5HVWRV GH ODWLQLGDG HQ HO QRUWH GH IULFD &RwPEUD
%LEOLRWHFDGD8QLYHUVLGDGH

KWWSZZZSHUVRFOXELQWHUQHWIUWLOLWIUDPHKWPO
KWWSZZZVLORUJHWKQRORJXH
KWWSZZZ\RXUGLFWLRQDU\FRP
KWWSZZZDUWVJODDFXN,3$LSDKWPO



$31',;6
/$/)$%(7)217,&,17(51$&,21$/



48$'5('(/66216'(/&$7$/

),*85$
Consonants*
Bilabial
Oclusiva
Nasal

Labiodental

b
m

Dental
t

Alveolar

Labiovelar
g

Fricativa

Africada

Lateral

ts

dz


t

d


En les caselles que contenen dos signes, el de la dreta representa la consonant sonora.

,QVWLWXWG(VWXGLV&DWDODQV



Velar

Bategant

Palatal

Vibrant

Aproximant

Prepalatal

6.3. EXTENSI DE LA LLENGUA BERBER

167

1'(;
,'(17,),&$&,'(/$//(1*8$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
),/,$&,,'(120,1$&, BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
',675,%8&,*(2*5),&$,120%5('(3$5/$176 BBBBBBBBBBBBBBBBBBBBBBBB 
(6&5,3785$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
&$5$&7(5,7=$&,7,32/*,&$6805,$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
'(6&5,3&,*5$0$7,&$/BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
)217,&$,)212/2*,$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/LQYHQWDULGHOHVFRQVRQDQWVEHUEHUV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OFRQMXQWGHOHVFRQVRQDQWVGHOHVYDULHWDWVEHUEHUVBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OFRQVRQDQWLVPHGHOULIHQ\ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
,QYHQWDULGHOHVYRFDOVGHOEHUEHULSRVLFLyGHODFFHQWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
7DXODGHOVVRQVLGHOHVJUDILHVGHOEHUEHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 

025)2/2*,$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/HVWUXFWXUDGHOVPRWV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
$EVqQFLDGDUWLFOH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OQRP BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OJqQHUHGHOVQRPV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OQRPEUHGHOVQRPV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/DIOH[LyGHOVDGMHFWLXVTXDOLILFDWLXV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OVQRPVGHSDUHQWLX BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OQRPJHQqULF BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(VWDWGDQQH[LyLHVWDWOOLXUHGHOVQRPV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
'HPRVWUDWLXVLSUHVHQWDWLXV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OVLVWHPDGRSRVLFLRQVGHOVGHPRVWUDWLXV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OVDGMHFWLXVGHPRVWUDWLXVVXIL[DWVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OVSURQRPVGHPRVWUDWLXV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OVDGYHUELVGHOORFTXHLQGLTXHQODSRVLFLyUHODWLYD BBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OVDGYHUELVSUHVHQWDWLXV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/HVSDUWtFXOHVLHOVDGYHUELVTXHLQGLTXHQRULHQWDFLyBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
3URQRPVSHUVRQDOVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
)RUPHVGHOVSURQRPVSHUVRQDOV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
3URQRPVSHUVRQDOVDXWzQRPV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
3URQRPVSHUVRQDOVFOtWLFV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
3URQRPVSHUVRQDOVVXIL[DWVDOHVSUHSRVLFLRQVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/H[SUHVVLyGHOSRVVHwGRUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
1XPHUDOV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 



(OVQXPHUDOVFDUGLQDOV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OVQXPHUDOVRUGLQDOV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OYHUE BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/HVGLVWLQFLRQVIRUPDOVGHOYHUEDPD]LJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/HVSULQFLSDOVIXQFLRQVGHOHVIRUPHVYHUEDOV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
)RUPHVKLSRWqWLTXHVLH[SUHVVLyGHODLUUHDOLWDW BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
VGHOVSDUWLFLSLV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
)RUPHVGHULYDGHVGHOVYHUEV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/H[SUHVVLyGHODUHIOH[LYLWDW BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 

6,17$;, BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
2UGUHGHOVHOHPHQWVGHODIUDVH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/RUGUHKDELWXDO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
7HPDWLW]DFLyGHOVFRPSOHPHQWV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
)RFDOLW]DFLy BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
$GMHFWLXVIUDVHVFRSXODWLYHVLIUDVHVH[LVWHQFLDOVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
VIUHTHQWGHIUDVHVVHQVHYHUE BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
&RQVWUXFFLRQVDGMHFWLYDOV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
)UDVHVFRSXODWLYHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
)UDVHVH[LVWHQFLDOVLORFDWLYHVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/H[SUHVVLyGHODSHUWLQHQoDLGHOHVVHQVDFLRQV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
)UDVHVUHODWLYHVLLQWHUURJDWLYHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
)UDVHVUHODWLYHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
)UDVHVLQWHUURJDWLYHVGLUHFWHVLLQGLUHFWHVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/DFRPSDUDFLy BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/DVXERUGLQDFLy BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 

/;,& BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
&DUDFWHUtVWLTXHVJHQHUDOVGHOOq[LFDPD]LJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OVQRPVGHSDUHQWLX BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OVWHUPHVGHFRORU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OVGLHVGHODVHWPDQDLHOVPHVRVGHODQ\ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
$OJXQHVGLILFXOWDWVOq[LTXHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 

5(680'(4h(67,216352%/(07,48(6 BBBBBBBBBBBBBBBBBBBBBB 


)217,&$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
025)2/2*,$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/DUWLFOH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/DIOH[LyQRPLQDO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OVSURQRPVLOHVSDUWtFXOHVSURQRPLQDOV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OVLQGHILQLWV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/DIOH[LyYHUEDO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 



3HUtIUDVLVYHUEDOV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 


9HUEVSURQRPLQDOV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 

6,17$;, BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 


/RUGUHGHOVPRWV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(OVUHODWLXV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/DFRPSDUDFLy BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 

92&$%8/$5,6&$7$/%(5%(5%(5%(5&$7$/ BBBBBBBBBBB 


92&$%8/$5,&$7$/%(5%(5 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
92&$%8/$5,%(5%(5&$7$/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
%,%/,2*5$),$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
$31',;6 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
/$/)$%(7)217,&,17(51$&,21$/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
48$'5('(/66216'(/&$7$/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
(;7(16,'(/$//(1*8$%(5%(5 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 



You might also like