psihologia_familiei_si_cuplului

8/7/2019 Psihologia_familiei_si_cuplului

1/160

',$1$/8&,$9$6,/(

INTRODUCERE N PSIHOLOGIA FAMILIEI ,36,+26(;2/2*,(

(GL LDD,9D


2/160

(GLWXUD)XQGD LHLRomnia de Mine,(GLWXU DFUHGLWDW GH0LQLVWHUXO(GXFD LHLL&HUFHW ULL

SULQ&RQVLOLXO1D LRQDODO&HUFHW ULLWLLQ LILFHGLQQY PkQWXO6XSHULRU

'HVFULHUHD&,3D%LEOLRWHFLL1D LRQDOHD5RPkQLHL

9$6,/(',$1$/8&,$

,QWURGXFHUHvQSVLKRORJLDIDPLOLHLLSVLKRVH[RORJLH

'LDQD/XFLD9DVLOH(GDD%XFXUHWL(GLWXUD)XQGD LHL

Romnia de Mine

%LEOLRJU,6%1

5HSURGXFHUHDLQWHJUDO VDXIUDJPHQWDU SULQRULFHIRUP

LSULQRULFHPLMORDFHWHKQLFHHVWHVWULFWLQWHU]LV LVHSHGHSVHWHFRQIRUPOHJLL

5 VSXQGHUHDSHQWUXFRQ LQXWXOLRULJLQDOLWDWHDWH[WXOXLUHYLQHH[FOXVLYDXWRUXOXLDXWRULORU

7HKQRUHGDFWRU9DVLOLFKLD,21(6&8

&RSHUWD6WDQ%$521

%XQGHWLSDU&ROLWLSDU

)RUPDW

(GLWXUD)XQGD LHLRomnia de Mine%XOHYDUGXO7LPLRDUDQU%XFXUHWL6HFWRU

7HO)D[ZZZVSLUXKDUHWUR

HPDLOFRQWDFW#HGLWXUDURPDQLDGHPDLQHUR


3/160

81,9(56,7$7($63,58+$5(7)$&8/7$7($'(62&,2/2*,(36,+2/2*,(

',$1$/8&,$9$6,/(

(GL LDD,9D

(',785$)81'$ ,(,ROMNIA DE MINE

%XFXUHWL


4/160

7XWXURUVWXGHQ LORUPHL


5/160

&835,16

,QYLWD LHODOHFWXU LVWXGLX

&DSLWROXO,QWURGXFHUH

&ODULILF ULFRQFHSWXDOHFXSOXF V WRULHIDPLOLHSVLKRVH[RORJLH

5HOD LDSVLKRORJLHLIDPLOLHLLSVLKRVH[RORJLHLFXDOWHWLLQ H

5H]XPDWXOFDSLWROXOXL

*ORVDUGHWHUPHQLIRORVL L

([HUFL LLLWHPHSHQWUXVHPLQDU

%LEOLRJUDILHVXSOLPHQWDU

&DSLWROXO&DUDFWHUL]DUHDVLVWHPXOXLIDPLOLDO

)DPLOLDFDVLVWHP 6WUXFWXUDVLVWHPXOXLIDPLOLDO

)XQF LLOHIDPLOLHL

7LSXULOHGHIDPLOLL

5ROXULOHIDPLOLDOH





&DSLWROXO&DUDFWHULVWLFLOHYLH LLGHIDPLOLH (WDSHOHYLH LLGHIDPLOLH

3URFHVHOHIDPLOLDOH

'LPHQVLXQHDDIHFWLY DIDPLOLHL

$ERUGDUHDWUDQVJHQHUD LRQDO DIDPLOLHL






6/160

&DSLWROXO6WUHVLWUDXPHIDPLOLDOH (YHQLPHQWHVWUHVDQWHLHYHQLPHQWHWUDXPDWL]DQWH (YHQLPHQWHOHWUDXPDWL]DQWHIDPLOLDOH

7UDXPDSVLKLF (IHFWHOHWUDXPHORUIDPLOLDOH 5H]XPDWXOFDSLWROXOXL *ORVDUGHWHUPHQLIRORVL L ([HUFL LLLWHPHSHQWUXVHPLQDU %LEOLRJUDILHVXSOLPHQWDU

&DSLWROXO)XQF LRQDUHDIDPLOLHL )DPLOLLIXQF LRQDOHLIDPLOLLGLVIXQF LRQDOH (YDOXDUHDIDPLOLDO

5H]XPDWXOFDSLWROXOXL *ORVDUGHWHUPHQLIRORVL L ([HUFL LLLWHPHSHQWUXVHPLQDU %LEOLRJUDILHVXSOLPHQWDU

&DSLWROXO3VLKRVH[RORJLD 6FXUWLVWRULFDOVWXGLLORUGHVSUHVH[XDOLWDWHDXPDQ 7HRULLFXSULYLUHODVH[XDOLWDWHDXPDQ 5H]XPDWXOFDSLWROXOXL *ORVDUGHWHUPHQLIRORVL L ([HUFL LLLWHPHSHQWUXVHPLQDU %LEOLRJUDILHVXSOLPHQWDU

&DSLWROXO'H]YROWDUHDSVLKRVH[XDO GHDOXQJXOYkUVWHORU &DUDFWHULVWLFLOHGH]YROW ULLVH[XDOHODFRSLLLSUHDGROHVFHQ L &DUDFWHULVWLFLOHGH]YROW ULLVH[XDOHODDGROHVFHQW &DUDFWHULVWLFLOHSVLKRVH[XDOHDOHDGXOWXOXL &DUDFWHULVWLFLOHSVLKRVH[XDOHDOHYkUVWQLFXOXL 5H]XPDWXOFDSLWROXOXL

*ORVDUGHWHUPHQLIRORVL L ([HUFL LLLWHPHSHQWUXVHPLQDU %LEOLRJUDILHVXSOLPHQWDU

&DSLWROXO6 Q WDWHDYLH LLVH[XDOH7XOEXU ULOHSVLKRVH[XDOH 6 Q WDWHDYLH LLVH[XDOH 7XOEXU ULOHSVLKRVH[XDOH 5H]XPDWXOFDSLWROXOXL *ORVDUGHWHUPHQLIRORVL L ([HUFL LLLWHPHSHQWUXVHPLQDU



7/160

&DSLWROXO0HWRGHGHFHUFHWDUHvQSVLKRORJLDIDPLOLHL

LSVLKRVH[RORJLH

'HVHQXOIDPLOLHL

*HQRJUDPD 5H]XPDWXOFDSLWROXOXL




&DSLWROXO2SWLPL]DUHDUHOD LLORUGHIDPLOLH

(GXFD LDSHQWUXYLD DGHIDPLOLH(GXFD LDVH[XDO

&RQVLOLHUHDLWHUDSLDGHFXSOXLIDPLOLH


*ORVDUGHWHUPHQLIRORVL L ([HUFL LLLWHPHSHQWUXVHPLQDU


%LEOLRJUDILH


8/160


9/160

,19,7$ ,(/$/(&785 ,678',8

$WXQFLFkQGGHVFKL]LXQPDQXDOGHSVLKRORJLDIDPLOLHLLSVLKRVH[RORJLHDWHS LSUREDELOFDvQWUHE ULOHSHFDUH LOHSXLGHVSUHWLQHLSURSULDIDPLOLH

V vLJ VHDVF U VSXQVXO$PDWHSWDWLHXVWXGHQW ILLQGU VSXQVXULOHPHOHLHOHDXYHQLW5 VSXQVXULFHP VDWLVI FHDXGDULU VSXQVXULFHvPLFUHDXFRQIX]LLLPDLPDULLRGDW FXHOHVDXQ VFXWLQXPHURDVHDOWHvQWUHE ULSHFDUHOHDPSXUWDWGHDOXQJXODQLORUFHDXXUPDW$DSUREDELORV VHvQWkPSOHL FX WLQH GDF WH DSOHFL DVXSUD DFHVWXL GRPHQLX 6XQW FRQWLHQW F WH YDLQWHUHVDQXGRDUFDVWXGHQW vQSVLKRORJLHFLLFDRP'HDFHHDSURYRFDUHDGHDVFULHXQDVWIHOGHPDQXDOHVWHIRDUWHPDUH&XPDSXWHDvPELQDODWXUDGHSUDFWLFLDQ GLQ DFHVW GRPHQLX GH SVLKRWHUDSHXW DO SHUVRDQHORU FX GLILFXOW L

IDPLOLDOHFXSHGDJRJXOFDUHDUHVDUFLQDGHDWUDQVPLWHFXQRWLQ HOHvQPRGXOFHOPDLHILFLHQWFXSXWLQ "'XS vQGHOXQJLDQDOL]HDPGHFLVV UHQXQ ODVWLOXORILFLDOQXPLWXQHRUL

DFDGHPLFGDUvQUHDOLWDWHIRU DWLGLILFLOGHvQ HOHVGHF WUHVWXGHQ LGHFHOHPDL PXOWH RUL $P SUHIHUDW V DERUGH] XQ VWLO PDL XPDQL]DW IRORVLQG XQOLPEDMPDLDSURDSHGHFHO]LOQLFQDWXUDO&UHGF DFHVWOXFUXWHYDDMXWDV vQ HOHJLPDLELQHSUREOHPDWLFDSVLKRORJLF DIDPLOLHLLSVLKRVH[RORJLHLLPDLPXOWGHFkWDWkWV v LSODF V RVWXGLH]LQVXLGRPHQLXOSHFDUHvODERUGH]HVWHIRDUWHXPDQLQDWXUDO)DPLOLDHVWHXQDGLQWUHFHOHPDLYHFKLIRUPHGH

FRPXQLWDWH XPDQ Q FDGUXO HL ILHFDUH VH GHVFRSHU SH VLQH F FL DFRORFUHWHPQHPDWXUL] PHYROX PLWRWGHDFRORSOHF PvQOXPH$FRORQHDYHPU G FLQLOHLED]HOHSURIXQGHDOHILLQ HLQRDVWUHLWRWDFRORWLQGHPV UHYHQLPDWXQFL FkQG IRUP P PDL WkU]LX SURSULD IDPLOLH ,DU GDF QX UHXLP DFHVWOXFUXvPSOLQLUHDSHUVRQDO QXSDUHDILGHSOLQ

$DF PDQXDOXOSHFDUHvOFLWHWLDFXPDUHFDSULQFLSDOVFRSV v LWUH]HDVF LQWHUHVXO SHQWUX DULD SVLKRORJLHL IDPLOLHL $OWIHO vQY DUHD YD ILQHSO FXW L DQHYRLRDV ,DUGDF LD WUH]LW LQWHUHVXO DWXQFL GUXPXO F WUHFXQRWLQ HHVWHSHMXP WDWHI FXW$PDOHVGHDVHPHQHDFXULVFXOGHULJRDUH

GHDILFULWLFDW LFRQVLGHUDW LQVXILFLHQWGHGRFXPHQWDW VDXWLLQ LILF


10/160

V QXv LvQFDUFPHPRULDFXSUHDPXOWHFXQRWLQ HFLV VXUSULQGvQVSHFLDOFRQFHSWHOH L PHFDQLVPHOH GH ED] GLQ FDGUXO IDPLOLHL $FHVWHD VSHU V WHDMXWH XOWHULRU V VWXGLH]L RULFH DOWH PDWHULDOH VFULVH GLQ GRPHQLX 2ULFXP

SOHF GH OD SUHPLVD F XQ PDQXDO QX HVWH QHDS UDW R FROHF LH GH WH[WH LLQIRUPD LL FkW PDL DOHV R FDOH GH DFFHGHUH OD LQIRUPD LH 'H DFHHDSUH]HQWDUHD PXOWLWXGLQLL GH FXQRWLQ H GLQ GRPHQLLOH SVLKRORJLHL IDPLOLHL LSVLKRVH[RORJLHLHVWHXQVFRSVHFXQGDU3RDWHF YDS UHDFLXGDWLQHSRWULYLWDFHVW OXFUX FHORU DYL]L GH FXQRWLQ H L JU EL L V FXQRDVF DGkQFLPLOHSVLKRORJLFHDOHIDPLOLHLVDXFHORUFDUHDWHDSW V OLVHGHDLQIRUPD LD'DUFUHGFXFRQYLQJHUHF FHHDFHDUHQHYRLHXQVWXGHQWHVWHV vQYH HV FDXWHLQIRUPD LD V R UHFXQRDVF L V R IRORVHDVF vQ YLD D VD V SRDW IDFHGLIHUHQ DvQWUHLQIRUPD LLOHXWLOHLFHOHUHGXQGDQWHLQXGRDUV SULPHDVF

LQIRUPD LD Q SOXVFRQVLGHU F DWLWXGLQHD ID GH vQY DUH HVWH vQ FXUV GHVFKLPEDUHLvQ5RPkQLDQXGRDUvQVWDWHOHPDLDYDQVDWHFDUHSXQDFFHQWXOSHGH]YROWDUHDUHVSRQVDELOLW LLSHQWUXSURSULDSUHJ WLUH$VWIHOFHHDFHYHLJ VLvQDFHVWPDQXDOYRUILGRDUUDPSDGHODQVDUHLJKLGXOSHQWUXDYHQWXUDFXQRDWHULL SVLKRORJLHL IDPLOLHL L SVLKRVH[RORJLHL $YHQWXUD R YHL XUPDVLQJXUDO WXULGHPLQHLDO LSURIHVLRQLWLGLQGRPHQLXGDF YHLGRULLFkQGYHLGRUL$DDPI FXWLHXLDIRVWRH[SHULHQ PLQXQDW LH[WUHPGHXWLO 6XQWIHULFLW F DFXPDPRFD]LDV vLDMXWLSHDO LLV VHEXFXUHGHHD

0DLDPLRPRWLYD LHSHUVRQDO SHQWUXDFHVWIHOGHDERUGDUH&UHGF DP DMXQV OD XQ HFKLOLEUX GHVWXO GH EXQ vQWUH FXQRWLQ HOH WHRUHWLFH L FHOHSUDFWLFHDDF DYUHDV v LRIHUPDLPXOWGLQXOWLPDFDWHJRULH&UHGF HOHIDFLOLWHD] DVLPLODUHD FXQRWLQ HORU WHRUHWLFH PDL GHJUDE GHFkW LQYHUV QSOXVVXQWPXOWPDLHILFLHQW vQSUH]HQW ULOHRUDOHGHFkWvQFHOHVFULVH$VWIHOWHLQYLWODFXUVXULOHLVHPLQDULLOHPHOHSHQWUXDEHQHILFLDGHFHHDFHQXSRDWHILWUDQVPLVSULQVFULVLGHHIHFWXOWUDQVIRUPDWLYDOH[HUFL LLORUIRORVLWHFDPRGDOLWDWHH[SHULPHQWDO GHvQY DUHXQHOHGLQWUHHOHYRUILSUH]HQWDWHvQPDQXDO

'H DVHPHQHD vQDLQWH GH D SOHFD OD GUXP vPSUHXQ D YUHD V v L

SUH]LQWFkWHYDGLQWUHSHUVRDQHOHFDUHDXFRQWULEXLWIRDUWHPXOWODIRUPDUHDPHD L SULQ XUPDUH OD HODERUDUHD DFHVWXL PDQXDO /RU OH SRUW R PDUHUHFXQRWLQ SHQWUXFHHDFHPLDXRIHULWLGDWRULW ORUDFHVWPDQXDOH[LVW DFXPvQPkLQLOHWDOH

(VWHYRUEDvQSULPXOUkQGGH ,RODQGD0LWURIDQSURIHVRUXQLYHUVLWDUGRFWRUvQSVLKRORJLHFDUHYDU PkQHSUREDELOSHQWUXPXOW YUHPHFHOPDLLPSRUWDQW FHUFHW WRU L SUDFWLFLDQ GLQ DFHVW GRPHQLX vQ 5RPkQLD (VWHGHVFKL] WRDUHGH GUXPXULvQSVLKRORJLDLSVLKRWHUDSLDGHIDPLOLHGH ODQRLGLQ DU 7RWRGDW vL SRUW R PDUH DIHF LXQH L DGPLUD LH GHRDUHFH HVWH L

SHUVRDQD FDUH PLD LQVXIODW LQWHUHVXO L PLD VWLPXODW SRWHQ LDOXO GH OXFUX


11/160

SVLKRWHUDSHXWLF GH RULHQWDUH H[SHULHQ LDO FX FXSOXULOH L IDPLOLLOH (VWH RRQRDUHLREXFXULHSHQWUXPLQHV vLSRWILDO WXULODvPERJ LUHDOXFU ULORUGLQSVLKRORJLDURPkQHDVF UHIHULWRDUHODSVLKRORJLDIDPLOLHL

$O L GRL SVLKRORJL DX IRVW LPSRUWDQ L vQ IRUPDUHD PHD FD WHUDSHXW DOSHUVRDQHORU FX GLILFXOW L IDPLOLDOH L DO IDPLOLLORU (VWH YRUED GH )UDQFLV0DFQDEL5D\+DZNVGRLSVLKRWHUDSHX LDXVWUDOLHQLFDUHWLPSGHXQDQPDXDMXWDWV S WUXQGWDLQHOHWUDXPHORUXPDQHLDOHLQWHUYHQ LLORUSVLKRWHUDSHXWLFHSHQWUXLQGLYL]LLIDPLOLL)UDQFLV0DFQDEHVWHGLUHFWRUXO,QVWLWXWXOXL&DLUQPLOODUGLQ0HOERXUQH$XVWUDOLDGRFWRUvQSVLKRORJLHLFRRUGRQDWRUXOSURJUDPXOXLGH WUDLQLQJ vQ &RQVLOLHUHD L 3VLKRWHUDSLD 7UDXPHL (VWH IRDUWH DSURDSH GHVXIOHWXOPHXSULQWRWFHDUHSUH]HQWDWFDSURIHVLRQLVWLFDRP5D\+DZNVPLDIRVWIRUPDWRUvQ7HUDSLLGH)DPLOLHILLQGFRRUGRQDWRUXODFHVWXLSURJUDPGLQFDGUXODFHOXLDLLQVWLWXW3 VWUH]SHQWUXWRWGHDXQDvQDPLQWLUHLDSUHFLH]VWLOXOOXLGHOLFDWLSURIXQGXPDQGHDOXFUDLSUHGD

OPHQ LRQH]GHDVHPHQHDSHSURIHVRUXOXQLYHUVLWDUGU3DQWHOLPRQ*ROXGHRDUHFHDIRVWFHOFDUHSHQWUXSULPDGDW PDJKLGDWvQXQLYHUVXOIDVFLQDQWDO UHOD LLORU LQWHUSHUVRQDOH L DO JUXSXULORU PLFL 'RPQLHL VDOH vL GDWRUH] LSULPLL SDL vQ FDULHUD GLGDFWLF XQGH VSULMLQXO V X D IRVW H[WUDRUGLQDU L vODSUHFLH]GLQWRDW LQLPD

Q IRUPDUHD PHD XQ URO H[WUHP GH LPSRUWDQW OD MXFDW HYLGHQW L

IDPLOLDPHDILLQGFUHX]HWXOvQFDUHDDYXWORFWUDQVIRUPDUHDPHDFDRPGDULvQWURDQXPLW P VXU FDSURIHVLRQLVW$PDYXWSDUWHGHXQUHDOLWRWDOVSULMLQ vQ XUP ULUHD VFRSXULORU SHUVRQDOH L vQ vQ HOHJHUHD IHQRPHQHORU SHFDUHSURSULDPHDIDPLOLHOHDWUDYHUVDW/HPXO XPHVFPXOWSHQWUXWRW

$FHVW PDQXDO H[LVW vQ IRUPD SUH]HQW L GDWRULW QXPHURDVHORUGLDORJXULH[WUHPGHLQFLWDQWHLLQWHUHVDQWHSHFDUHOHDPDYXWFXFROHJLLW LL VWXGHQ LL PHL GLQ DQLL WUHFX L /RU OH PXO XPHVF SHQWUX LQWHUHVXO LUHVSHFWXOSHFDUHODXPDQLIHVWDWODFXUVXULLVHPLQDULLSUHFXPLSHQWUXRSDUWLFLSDUHGHVFKLV FDUHDIDFLOLWDWXQVFKLPEIRDUWHXWLOGHLGHLLSHQWUXHLLSHQWUXPLQH$PDYXWGHvQY DWXQLLGHODDO LLFHHDFHHVWHILUHVFGHDOWIHO V VH vQWkPSOH vQ SURFHVXO HGXFDWLY 6XQW FRQYLQV F DFHVW GLDORJUHSUH]LQW XQPRGHOLSHQWUXWLQHFDUHFUHH]LDFXPRUHOD LHFXPLQHLFXDULDSVLKRORJLHLIDPLOLHLLSVLKRVH[RORJLHL

/DVODILQDOGHLVXQWODIHOGHLPSRUWDQ LSHFROHJLLLSULHWHQLLPHLFXFDUHDPDYXWVFKLPEXULPLQXQDWHGHLGHLLPDWHULDOHELEOLRJUDILFH'LQWUHHLRPHQ LRQH]DFXPGRDUSH(OHQD$QJKHOFXFDUHDPFRODERUDWPDLVWUkQVLSHFDUHRYHLJ VLvQSDJLQLOHDFHVWXLPDQXDOFXFkWHYDLGHLLH[HUFL LL

IRDUWHSRWULYLWHVFRSXOXLQRVWUX


12/160

$FXPvQV HVWHPRPHQWXOV QHvQGUHSW PVSUHVFRSXULOHSHFDUHOHDPPHQ LRQDW $D F WH LQYLW V LHL XQ FUHLRQ L V vQFHSL V OHFWXUH]L DFHVWPDQXDO I FkQG VHPQH SH PDUJLQHD OXL $FHVWHD WH YRU DMXWD V DFFHQWXH]L

LQIRUPD LD LPSRUWDQW V QRWH]L QHFODULW LOH L vQWUHE ULOH FDUH v L DSDU$SRLYLQRODvQWkOQLULOHQRDVWUHFXDFHVWHvQVHPQ ULFDUHYRUFRQVWLWXLED]DFRODERU ULLGLQWUHQRL9RLILEXFXURDV V v LSRWU VSXQGHLGHFHQXV F XW PvPSUHXQ U VSXQVXULVDXQRLGLUHF LLGHDQDOL] LFHUFHWDUH

6SRUODOXFUX

$XWRDUHD


13/160

&$3,72/8/

,QWURGXFHUH(WLRSHUVRDQ PDWXU (WLvQWUXQPRPHQWvQFDUHWHJkQGHWLFH

FXUVYDOXDYLD DWD3RDWHF WHJkQGHWLGDF V WHF V WRUHWLVDXQXV DLDFXPFRSLLVDXV v LWHUPLQLPDLvQWkLIDFXOWDWHD6DXSRDWHF DLL

IDPLOLHLFRSLLLWHDLGHFLVV VWXGLH]LSVLKRORJLDSHQWUXDVFKLPEDFHYDODWLQHVDXODYLD DWD2ULFDUHDUILVLWXD LDWDDLFXVLJXUDQ FHYDH[SHULHQ SUDFWLF GLQWUDLXOvQWURIDPLOLHILHP FDULSULQOLSVDHLGDF DLFUHVFXWvQDIDUDXQHLIDPLOLL'DF DLS VWUDWFHYDLGLQFHHDFHDLVWXGLDWSkQ DFXPvQIDFXOWDWHvQVHDPQ F HWLSUHJ WLWV DERUG PvPSUHXQ IDPLOLDGDUGHGDWDDFHDVWDGLQSHUVSHFWLY SVLKRORJLF

&ODULILF ULFRQFHSWXDOHFXSOXF V WRULH

IDPLOLHSVLKRVH[RORJLHQFHUFDUHDGHDGHILQLFXSOXOQXHVWHWRFPDLXRDU 6XQWLPSOLFDWH

DWkWGHPXOWHWU LULJkQGXULYDORULvQFkWDSURDSHILHFDUHDUSXWHDJ VLRSURSULHGHILQL LHDFHHDFHvQVHDPQ DIRUPDXQFXSOXHURWLF

(VWH FXQRVFXW IDSWXO F XQ FXSOX HURWLF SUHVXSXQH GRX SHUVRDQH GH UHJXO GH VH[H GLIHULWH GHL QX HVWH REOLJDWRULX FDUH DXSHQWUXRYUHPH

VHQWLPHQWHGHDIHF LXQHXQXOSHQWUXFHO ODOWLXELUHDWDDPHQW

UHVSHFWHWFDWUDF LHVH[XDO FDUHGXFHVDXQXODUHOD LLVH[XDOHVFRSXULFRPXQHWLPSSHWUHFXWvQFRPXQXQXOFXFHO ODOWGDULvQVIHUDVRFLDO GRULQ DGHDILvPSUHXQ SHRSHULRDG PDLvQGHOXQJDW

7RWXLILHFDUHGLQWUHQRLFXQRDWHPFXSOXULILHHOHF V WRULWHVDXQXFDUHQXvQGHSOLQHVFXQDVDXPDLPXOWHGLQWUHDFHVWHFDUDFWHULVWLFL([LVW GHH[HPSOXFXSOXULFDUHQXPDLDXQLFLDWUDF LHVH[XDO LQLFL

UHOD LLVH[XDOHGDUvQF vPS UW HVFVHQWLPHQWHGHDIHF LXQHXQXOID GH


14/160

FHO ODOWVDXFXSOXULFDUHSHQWUXRSHULRDG QXPDLORFXLHVFvPSUHXQ LQLFLQXPDLSHWUHFWLPSvPSUHXQ GHFkWWHOHIRQLFGHRDUHFHVXQWVHSDUD LGHDQJDMDPHQWHSURIHVLRQDOHVDXSHUVRQDOHH[HPSOXOFHORUFDUHSOHDF

V OXFUH]HVDXV VWXGLH]HvQVWU LQ WDWHSHSHULRDGHOXQJLGHWLPS'LQSXQFWGHYHGHUHSVLKRORJLF,RODQGD0LWURIDQSRIHU RGHILQL LHPDLFRPSOH[ FXSOXOXLRVWUXFWXU ELSRODU GHWLSELRSVLKRVRFLDO ED]DW SH LQWHUGHWHUPLQLVP PXWXDO SDUWHQHULL VHVDWLVIDF VH VWLPXOHD] VH GH]YROW L VH UHDOL]HD] FD LQGLYLGXDOLW LELRORJLFHDIHFWLYHLVRFLDOHXQXOSULQLQWHUPHGLXOFHOXLODOW

,RODQGD0LWURIDQHVWHSURIXQLYGUOD)DFXOWDWHDGH

3VLKRORJLHLWLLQ HOH(GXFD LHL8QLYHUVLWDWHDGLQ%XFXUHWL$ OXFUDW WLPS GH GH DQLFD FHUFHW WRUWLLQ LILFJU , LSVLKRWHUDSHXW vQ GRPHQLXO FOLQLF OD ,QVWLWXWXO 1D LRQDO GH([SHUWL] 0HGLFDO L 5HFXSHUDUH D &DSDFLW LL GH 0XQF XQGHDFkWLJDWRERJDW H[SHULHQ GHOXFUXFXFXSOXULOHLIDPLOLLOH 0XQFD VD D IRVW LQIOXHQ DW GH RULHQWDUHD H[SHULHQ LDO JHVWDOWLVW VRPDWRDQDOLWLF $ HODERUDW 7HUDSLD([SHULHQ LDO D8QLILF ULLFXPXOWLSOHDSOLFD LLvQOXFUXOFXFXSOXULOHLIDPLOLLOH$XWRULFRDXWRUDSHVWHGHVWXGLL

YROXPH SH WHPH GH FXSOX L IDPLOLH DUWLFROH WLLQ LILFH LWHPH GH FHUFHWDUH ,RODQGD 0LWURIDQ FRQGXFH VWDJLL GHIRUPDUHLVXSHUYL]DUHvQWHUDSLDFXSOXOXLLIDPLOLHL

&kQG DFHVWH HOHPHQWH VXQW VWDWXDWH L SULQ OHJH DWXQFL FXSOXO

HURWLF VH WUDQVIRUP vQ FXSOX FRQMXJDO SULQ LQWHUPHGLXO F V WRULHL& V WRULDHVWHGHILQLW GHF WUH'LF LRQDUXO([SOLFDWLYDOOLPELLURPkQHFD ILLQGXQLXQHDOHJDO OLEHUFRQVLP LW vQWUHFHLGRL SDUWHQHULSHQWUXvQWHPHLHUHDXQHLIDPLOLL0DLHVWHGHQXPLW LPDULDM7RW'(;XOQH

PDLVSXQHF PDULDMXOUHSUH]LQW RFRQYHQ LHvQFKHLDW SULQWUXQDFWGHVWDUHFLYLO vQWUHXQE UEDWLRIHPHLHODQRLvQ DU F FLvQXQHOHVWDWHDOHOXPLLHDSRDWHILvQFKHLDW LvQWUHGRX SHUVRDQHGHDFHODLVH[FDUHLDXOXDWREOLJD LDV WU LDVF vPSUHXQ

'LQSHUVSHFWLY SVLKRORJLF F V WRULDvQVHDPQ RUHOD LHSVLKRORJLF vQWUHGRLRDPHQLFRQWLHQ LHDILLQGRFRQVWUXF LHFRPSOLFDW DOF WXLW GLQWUR VHULH vQWUHDJ GH GDWH VXELHFWLYH L RELHFWLYH DYkQGLQGLVFXWDELORQDWXU IRDUWHHWHURJHQ -XQJS(DHVWHXQSURFHVLQWHUSHUVRQDODOGHYHQLULLLPDWXUL] ULLQRDVWUHFDSHUVRQDOLW L

GHFRQWLHQWL]DUHUHGLUHF LRQDUHLIUXFWLILFDUHDWHQGLQ HORUSXOVLXQLORU


15/160

LDILQLW LORULQFRQWLHQWHGHDXWRFXQRDWHUHSULQLQWHUFXQRDWHUH6FRSXOHLHVWHFUHWHUHDSHUVRQDO SULQH[SHULHQ DFRQMXJDOLW LLLSDUHQWDOLW LL0LWURIDQS

&XDOWHFXYLQWHDWU LvQFXSOXILHHOF V WRULWVDXQHF V WRULWLPSOLF PDQLIHVWDUHD GDU L GH]YROWDUHD QRDVWU FD ILLQ H 6XQWHPSURYRFD L SHPXOWLSOHSDOLHUH DOH SVLKLFXOXL QRVWUX DOH VHQWLPHQWHORUQRDVWUHDOHFRQYLQJHULORULFUHGLQ HORUQRDVWUHGHODFHOHPDLVXSHUILFLDOH ODFHOHPDLSURIXQGHSUHFXPLDOHFRPSRUWDPHQWHORUQRDVWUHQFXSOXvQY PFHHVWHLXELUHDHURWLF FHvQVHDPQ LQWLPLWDWHDFXRDOW ILLQ WRWDOVWU LQ GHQRL vQY PFHHVWHLHUWDUHDWROHUDQ DGDUvQY P V QH PDQLIHVW P L HPR LLOH QHJDWLYH IXULD PkQLD IUXVWUDUHDXUDGH]JXVWXOHWF7RWvQFXSOXQHvPSOLQLPVH[XDOLWDWHD'HDFHHDFUHGF DWU LvQFXSOXHVWHRPDUHSURYRFDUHSHQWUXILHFDUHRP(VWHRSURYRFDUHSHQWUXDXWRGH]YROWDUHLDXWRHYROX LH1LFLRUHOD LHILHHDGHF V WRULHVDXQXQXDQXOHD] GLIHUHQ HOHGLQWUHSDUWHQHULFLGLPSRWULY DWXQFLFkQGUHOD LDHVWHIRDUWHSURIXQG LVDWLVI F WRDUHDFHVWHGLIHUHQ HVHFRPSOHWHD] UHFLSURF(GUHSWF SkQ VHDMXQJHODDFHDVW FRPSOHWDUH VH WUHFH SULQ SHULRDGH GH VXS U UL GH]DP JLULFHUWXULFRQIOLFWHPRPHQWHGHVHSDUDUHHPR LRQDO LUHYHQLUL2ULFHUHOD LH SUHVXSXQH V DMXQJL L SH FXOPLOH UDLXOXL L vQ DGkQFXULOH

LDGXOXL)HUULQLS'HDOWIHODELOLW LOHGHUHOD LRQDUHVXQWFHOHFDUHSHUPLWRDPHQLORUV IRUPH]HXQ FXSOX HURWLF $FHVWH DELOLW L VH IRUPHD] GH WLPSXULXvQF GLQXWHUXOPDWHUQvQIXQF LHGHDWLWXGLQHDS ULQ LORUvQVSHFLDODPDPHLID GHI W$SRLVHGH]YROW IRDUWHPXOWvQSULPDFRSLO ULHLVHGHILQLWLYHD] vQ DGROHVFHQ L WLQHUH H $MXQV OD WLQHUH H VDX YkUVWDDGXOW GHUHJXO QRLQHvQGUHSW PVSUHDVWDELOL]DXQFXSOX$GLF DSDUHODFHLPDLPXO LGLQWUHQRLQHYRLDGHDSHWUHFHWLPSXOLDWU LDO WXUL GH R VLQJXU SHUVRDQ &HD FDUH XUPHD] D IL PDUWRUXO YLH LL

QRDVWUH L FDUH QH SHUPLWH D IL PDUWRUXO YLH LLOXL'HUHJXO DFHDVW KRW UkUH GXFH OD RILFLDOL]DUHD UHOD LHL DGLF OD F V WRULH L DVWIHO ODvQWHPHLHUHDIDPLOLHL

)DPLOLDUHSUH]LQW RIRUP GHFRPXQLWDWHXPDQ DOF WXLW GLQGRLVDXPDLPXO LLQGLYL]LXQL LSULQOHJ WXULGHF V WRULHLVDXSDWHUQHUHDOL]kQG PDL PXOW VDX PDL SX LQ ODWXUD ELRORJLF LVDX FHD SVLKRVRFLDO 0LWURIDQ &LXSHUF S $FHVW OXFUX SUHVXSXQH F H[LVW GRLSDUWHQHULFXVDXI U FRSLLVDXXQSDUWHQHUFXXQXOVDXPDLPXO LFRSLLSURSULL&UHGvQV F PHULW VXEOLQLDW IXQF LDIXQGDPHQWDO

DIDPLOLHLDFHHDGHDIRUPDSHUVRQDOLWDWHDFRSLLORUDS UX LvQFDGUXOHL


16/160

QFDGUXOIDPLOLHLILHFDUHGLQWUHQRLGREkQGLPFDUDFWHULVWLFLOHFDUHQHYRUGHILQLFDSHUVRDQH$LFLvQY PLQHGH]YROW PLGHQWLWDWHDVH[XDOH[SULPDW SULQVH[UROXULDGLF DFHOVHWFRHUHQWGHFRPSRUWDPHQWHFDUH

GHULY GLQFRQGL LDQRDVWU GHE UEDWVDXIHPHLHLODFDUHFHLODO LVHDWHDSW WRFPDLGDWRULW DSDUWHQHQ HLQRDVWUHODXQVH[VDXDOWXO'DF DUXQF P R VFXUW SULYLUH OD IDPLOLLOH FDUH QH vQFRQMRDU

REVHUY PRPDUHGLYHUVLWDWHGHVWUXFWXULLPDQLIHVW ULIDPLOLDOH0XOWPDLPDUH GHFkWH[LVWDDFXP VDXGH DQL $FHVW OXFUXVH GDWRUHD] FkWRUYDVFKLPE ULSHWRDWHSODQXULOHVRFLHW LLHFRQRPLFVRFLDOSVLKRORJLFVSLULWXDO,DW FDUHVXQWFHOHPDLVHPQLILFDWLYHGLQWUHDFHVWHVFKLPE ULFDUHDXDYXWHIHFWLQFOXVLYDVXSUDIDPLOLHLx 'H]YROWDUHDPDWHULDO DVRFLHW LLFDUHDWUDQVIRUPDWRPXOvQWUXQ

LQGLYLG FHQWUDW SH DFXPXODUH L PDL SX LQ SH H[LVWHQ $FXPRDPHQLLVHGHILQHVFPDLPXOWSULQFHHDFHDXGHFkWSULQFHHDFHIDFVDXVXQW9DORULOHSHUVRQDOHLVRFLDOHDXFXQRVFXWREXOYHUVDUHVHPQLILFDWLY GHDFHHDH[LVW WHQGLQ DRDPHQLORUGHDVHUHVSRQVDELOL]DPDLSX LQSHQWUXGH]YROWDUHDLvPSOLQLUHDHPR LRQDO FkWPDLPXOWSHQWUXFHDPDWHULDO

x 'HSHUVRQDOL]DUHDRPXOXLFDUHGHULY GHVWXOGHGLUHFWGLQFDUDFWHULVWLFDGHPDLVXV/DDFHDVWDVHPDLDGDXJ LWHQGLQ DGHDYDORUL]D

PDL GHJUDE LQGLYLGXO XQLF GHFkW IDPLOLD VDX JUXSXO $VW ]L VHIRORVHWHPDLPXOWHXGHFkWQRL6HSXQHDFFHQWPDLPXOWSHGH]YROWDUHD GH VLQH GHFkW SH FHD vPSUHXQ $VWD LQIOXHQ HD] LFUHWHUHDYkUVWHLODFDUHVHF V WRUHVFWLQHULLODFUHWHUHDYkUVWHLODFDUHIHPHLOHDOHJV GHYLQ PDPH

x &UHWHUHDULWPXOXLGHYLD LDYDULDQWHORUGHSHWUHFHUHDWLPSXOXLDWkWvQ]RQDSURIHVLRQDO FkWLvQFHDSHUVRQDO FHHDFHDDYXWFDHIHFWDSDUL LDXQRUQRLQHYRLFDUHVHFHUVDWLVI FXWH0HULW vQV V QHvQWUHE PGDF DFHVWHQHYRLVXQWUHDOHVDXVXQWFUHDWHGHPLQWHDQRDVWU VDXGHVRFLHWDWHFDUHGHYLQHGLQFHvQFHPDLSUHVDQW FXWRDWHLQYHQ LLOHLDULWLILFLDOLW LOHHL

x &RQWLHQWL]DUHDGH]DYDQWDMHORUIDPLOLLORUWUDGL LRQDOHFDUHSXQHDXDFFHQWSHVWDELOLWDWHDIDPLOLDO LPDLSX LQSHVDWLVIDF LDUHFLSURF DPHPEULORUHL$VW ]LWLQHULLVXQWPXOWPDLRULHQWD LVSUHVDWLVIDF LDPDULWDO VSUHvPSOLQLUHDHPR LRQDO vQFXSOXGHFkWV XUP UHDVF FXRULFHSUH ORQJHYLWDWHDFXSOXOXLVDXDIDPLOLHL

x 3R]LWLYDUHDDWLWXGLQLLID GHIHPHLGHODERRPXOIHPLQLVPXOXLOD

vQFHUF ULOHDFWXDOHGHHFKLOLEUDUHDDWLWXGLQLLID GHFHOHGRX VH[H


17/160


18/160

$VWIHOQLFLDERUG ULOHQRPRWHWLFHQLFLFHOHLGLRJUDILFHQXVXQWIHUWLOHOXDWHLQGLYLGXDOFLGRDUvPSUHXQ

3VLKRVH[RORJLDHVWHXQGRPHQLXIRDUWHVWUkQVOHJDWGHSVLKRORJLD

IDPLOLHL&XWRDWHDFHVWHDVHSRDWHYRUELGHRH[LVWHQ LQGHSHQGHQW DVDDO WXULGHFHOHODOWHUDPXULDOHSVLKRORJLHL'LQSXQFWXOGHYHGHUHDO,RODQGHL0LWURIDQSSVLKRVH[RORJLDHVWHGRPHQLXOGHVWXGLXDOSDUWLFXODULW LORUFRPSRUWDPHQWDOHDOHFHORUGRX VH[HvQVWDELOLUHDIXQF LRQDUHD L GH]YROWDUHD UHOD LLORU LQWHUSHUVRQDOH HURWLFRVH[XDOHLQWHUDFWLYHLGHLQWHUFXQRDWHUH'XS DFHHDLDXWRDUHDFHVWGRPHQLXvL SURSXVH V H[SOLFH L HYDOXH]H GLQ SXQFW GH YHGHUH SVLKRVRFLDOH[SHULHQ HOH GH FRPXQLFDUH FRPXQLXQH FRHYROX LH L FRH[LVWHQ GLQFXSOX HURWLF LVDX FRQMXJDO L GLQ IDPLOLH V DERUGH]H GLDJQR]D LWHUDSLDVW ULORUGLVIXQF LRQDOHDOHFXSOXOXLGLQSHUVSHFWLYDLQWLPLW LL

3VLKRVH[RORJLD HVWH XQ GRPHQLX ELQH GHOLPLWDW FRQVWLWXLW ODJUDQL DGLQWUHPHGLFLQ LSVLKRORJLH(ODUHRLVWRULHGHVWXOGHVFXUW vQVHQVXO F D DS UXW PDL WkU]LX GHFkW SVLKRORJLD L PHGLFLQD FD DULHLQGLYLGXDO &XQRWLQ HOHGHSVLKRVH[RORJLHH[LVW vQV GHPXOWHYLGHQW0XOWLSOHOH LQWHUIHUHQ H LQWHUGLVFLSOLQDUH vL FRQVROLGHD] L MXVWLILF GRPHQLXO DD FXP DILUP &RQVWDQWLQ (Q FKHVFX vQ 7UDWDWXO V X GHSVLKRVH[RORJLHS7RWDFHVWDXWRUFRQVLGHU F RELHFWXOGH

VWXGLXDOSVLKRVH[RORJLHLHVWHUHSUH]HQWDWGHLQVWLQFWXOVH[XDOLFRPSRUWDPHQWHOHOHJDWHGHHOS(YLGHQW SVLKRORJLD IDPLOLHL L SVLKRVH[RORJLD IRORVHVF PXOWH

GLQWUH FRQFHSWHOH L PRGDOLW LOH GH DQDOL] DOH FHORUODOWH UDPXUL DOHSVLKRORJLHL'HDFHHDSHQWUXDSXWHDvQ HOHJHDFHVWHGRX DULLGHFDUHQH YRP RFXSD vQ DFHVW PDQXDO HVWH QHFHVDU FD LQIRUPD LLOH SH FDUHOHD L VWXGLDW vQ DQLL DQWHULRUL V ILH ELQH DVLPLODWH ,DW FDUH VXQWGRPHQLLOHSVLKRORJLFHLQRQSVLKRORJLFHFXFDUHSVLKRORJLDIDPLOLHLLSVLKRVH[RORJLDVWDELOHWHUHOD LLx 3VLKRORJLD JHQHUDO GH DLFL DYHP QXPHURDVH LQIRUPD LL GHVSUHSURFHVHOH SVLKLFH L VLVWHPXO GH SHUVRQDOLWDWH FX SUHF GHUH OD

IRUPDUHD ORU GHRDUHFH GXS FXP ELQH HVWH FXQRVFXW DFHVWHD VHPRGHOHD] vQPDUHP VXU vQLQWHULRUXOIDPLOLHL)DPLOLDHVWHFHDFDUH SXQH ED]HOH SHUVRQDOLW LL LQGLYLGXOXL PDL DOHV vQ FHHD FHSULYHWHFDUDFWHUXOV XLVWLPXODUHDLGH]YROWDUHDDSWLWXGLQLORUVDOH

x 3VLKRORJLD VRFLDO HVWH UDPXUD SVLKRORJLHL GLQ FDUH D L]YRUkWSUDFWLF SVLKRORJLD IDPLOLHL (D QH YRUEHWH GHVSUH UHOD LLOH GLQWUHRDPHQLGHVSUHGLDGHVDXFXSOXULGHVSUHJUXSXULOHPLFLLDUIDPLOLD

HVWHXQDVWIHOGHJUXS'HDVHPHQHDSVLKRORJLDVRFLDO VHRFXS GH


19/160

VWXGLXOSURFHVHORULIHQRPHQHORUSVLKRVRFLDOHFXPDUILFXQRDWHUHDLQWHUSHUVRQDO FRPXQLFDUHD FRQIOLFWHOH FRPSHWL LD FRRSHUDUHDDWUDF LD LQWHUSHUVRQDO IRUPDUHD FRDOL LLORU IHQRPHQXO DWULEXLULL

PDQLSXODUHQHJRFLHUHHWF7RDWHDFHVWHIHQRPHQHVXQWUHJ VLWHLvQFDGUXOFXSOXULORULIDPLOLLORU'HDFHHDREXQ FXQRDWHUHDSVLKRORJLHLVRFLDOHSUHVXSXQHLREXQ ED] GHSOHFDUHvQFXQRDWHUHDLvQ HOHJHUHDSVLKRORJLHLIDPLOLHL

x 3VLKRORJLDYkUVWHORUVDXDGH]YROW ULL VH RFXS GH HYROX LD LGH]YROWDUHDSHUVRDQHLGHDOXQJXOHWDSHORUGHYLD LFXPRPDUHSDUWHGLQDFHDVW YLD RSHWUHFHPvQWURIDPLOLHILHHDFHDvQFDUHQHDPQ VFXWILHFHDSHFDUHRIRUP PFOLPDWXOIDPLOLDOLWRWFHVHvQWkPSO vQIDPLOLHYDDYHDXQLPSDFWIRDUWHLPSRUWDQWDVXSUDHYROX LHL LIXQF LRQ ULL QRDVWUH vQ WRDWH DULLOH YLH LL $VWIHO GDF D L DVLPLODW LQIRUPD LLOH GLQ DFHVW GRPHQLX DWXQFL FX VLJXUDQ SVLKRORJLDIDPLOLHLLSVLKRVH[RORJLDY YRUILODvQGHPkQ LY YRUVWLPXODFXULR]LWDWHDPDLGHSDUWH7HLQYLWV v LDGXFLDPLQWHGH WHRULD DWDDPHQWXOXL D OXL %RZOE\ GH VWDGLLOH GH GH]YROWDUHSVLKRVH[XDO DOH OXL 6 )UHXG GH HWDSHOH GH GH]YROWDUH SVLKRVRFLDO DOH OXL ( (ULNVRQ DVWD FD V DPLQWHVF GRDU GH R SDUWHGLQWUHQR LXQLOHFDUHv LYRUILXWLOHGHDFXPvQFROR

x

3VLKDQDOL]D HVWH GRPHQLXO FDUH QH LQWURGXFH vQ DQDOL]DDSURIXQGDW DGH]YROW ULLQRDVWUHSVLKRVH[XDOHDGLQDPLFLLGLQWUHLQVWDQ HOH SVLKLFXOXL XPDQ FRQWLHQW LQFRQWLHQW L VXEFRQWLHQWVDX VLQH HX L VXSUDHX D UHOD LLORU GLQWUH S ULQ L L FRSLL L vQVSHFLDODPRGXOXLvQFDUHIXQF LRQDUHDSVLKLF ODPDWXULWDWHHVWHSXWHUQLFLQIOXHQ DW GHUHOD LLOHSHFDUHQRL OHDYHPFXS ULQ LLvQWLPSXOFRSLO ULHL

x 3VLKRWHUDSLD L FRQVLOLHUHD SVLKRORJLF VXQWUDPXULDOHSVLKRORJLHLFDUHIRORVHVFIRDUWHPXOWLQIRUPD LLOHGLQSVLKRORJLDIDPLOLHL

L GLQ SVLKRVH[RORJLH SHQWUX D SXWHD DMXWD SHUVRDQHOH FXSOXULOHVDXIDPLOLLOHDIODWHvQLPSDVH[LVWHQ LDOx 1HXURSVLKRORJLD VH vQUXGHWH PDL DOHV FX SVLKRVH[RORJLD

GHRDUHFHvLRIHU DFHVWHLDLQIRUPD LLFXSULYLUHODPHFDQLVPHOHGHOHJ WXU GLQWUHSVLKLFLFRUSPDLDOHVGLQWUHSVLKLFLFUHLHU

x 0HGLFLQDPDLDOHVSULQDULDHLGHQXPLW PHGLFLQDGHIDPLOLHVHDIO vQVWkQV OHJ WXU FXSVLKRORJLDIDPLOLHLGHRDUHFHvQ HOHJHUHDPRGXOXL GH IXQF LRQDUH D XQHL IDPLOLL GHWHUPLQ L vQ HOHJHUHDPHFDQLVPHORUHLGHIXQF LRQDUHIL]LF DEROLORULWUDQVPLWHUHDORU

WUDQVJHQHUD LRQDO PDLPXOWHGHWDOLLYH LDIODODVWXGLXOFDSLWROXOXL


20/160

GHVSUHDERUGDUHDWUDQVJHQHUD LRQDO LDFHOXLGHVSUHJHQRJUDP 'H DVHPHQHD DULD PHGLFLQLL QXPLW VH[RORJLH UHSUH]LQW R DOW VXUV IRDUWHERJDW GHLQIRUPD LLvQVSHFLDOSHQWUXSVLKRVH[RORJLH

x $QWURSRORJLDSULQVWXGLLOHHLSULYLQGGLYHUVHOHFXOWXULXPDQHHDIXUQL]HD] SVLKRORJLHL IDPLOLHL L SVLKRVH[RORJLHL LQIRUPD LL FXSULYLUHODGLIHUHQ HOHGLQWUHIDPLOLLOHDSDU LQkQGDOWRUFXOWXULGLILFXOW LOH FDUH DSDU vQ IDPLOLLOH PL[WH FX SDUWHQHULSURYHQLQGGLQFXOWXUL GLIHULWH ULWXDOXULOH FH VXQW IRORVLWH GH IDPLOLH vQ PRPHQWHOH VDOH LPSRUWDQWH GH HYROX LH H[ ULWXDOXULOH GH WUHFHUHERWH]XO QXQWD vQPRUPkQWDUHD PDQLIHVW ULOH LPSXOVXOXL L DOHFRPSRUWDPHQWHORUVH[XDOHGLQGLIHULWHFXOWXUL

x 6RFLRORJLDvQGHRVHELVRFLRORJLDIDPLOLHLVWXGLD] LHDIDPLOLDGDU FD LQVWLWX LH VRFLDO L vQ UHOD LH FX VRFLHWDWHD $VWIHO LQIRUPD LLOH HL YLQ V vPERJ HDVF FXQRWLQ HOH GHVSUH IDPLOLH GDURIHU LVSULMLQvQvQ HOHJHUHDIXQF LRQ ULLVH[XDOHDSHUVRDQHLGDF LQHPFRQWGHSUDFWLFLOHVH[XDOHFRQVLGHUDWHFDILLQGDFFHSWDELOH

SHQWUXRVRFLHWDWHGDW x 'UHSWXO vQ VSHFLDO FHO DO IDPLOLHL VH ED]HD] PXOW SH GDWHOH

SVLKRORJLHLIDPLOLHLSHQWUXDSXWHDHODERUDLDSOLFDOHJLFXSULYLUHOD SURWHF LD IDPLOLHL L D PHPEULORU HL SUHFXP L FX SULYLUH OD

PDQLIHVWDUHDVH[XDO DPHPEULORUVRFLHW LL

5H]XPDWXOFDSLWROXOXLQDFHVWFDSLWRODPXUP ULWV v LRIHULQIRUPD LLOHGHED] GHVSUH

FXSOXIDPLOLHF V WRULH7HURJSXQHDFFHQWSHSHUVSHFWLYDSVLKRORJLF DGHILQLULLORU*ORVDUXOGHMRVWHYDDMXWDvQDFHVWVHQV6SHUF DPUHXLWL V v L PDL VWLPXOH] L LQWHUHVXO SHQWUX VWXGLXO GRPHQLXOXL 0DP

FHQWUDWLSHFkWHYDVXJHVWLLGHPDWHULLVWXGLDWHGHWLQHvQDQLLWUHFX LGHXQGH DL PDL SXWHDDYHD VDX OXD LQIRUPD LL GHVSUH IDPLOLH L LGHQWLWDWHVH[XDO 'HFLUHYH]LFXQRWLQ HOHGLQ3VLKRORJLDJHQHUDO 3VLKRORJLDVRFLDO 3VLKRORJLDYkUVWHORU1HXURSVLKRORJLH6RFLRORJLH3VLKRWHUDSLH&RQVLOLHUHSVLKRORJLF (YLGHQWQXWHRSUHWHQLPHQLV FLWHWLLGLQPHGLFLQ VH[RORJLH VDX GUHSW 0LD GRUL V U PkL FX SULQFLSDOHOHLQIRUPD LLLGHILQL LLUHIHULWRDUHODFRQFHSWHOHGHED] ODH[DPHQDFHVWHFRQFHSWHSRWILYL]DWHvQPRGGLUHFW'HDVHPHQHDvQILQDOYHLJ VLFkWHYDVXJHVWLLELEOLRJUDILFHSHFDUHOHDLSXWHDFRQVXOWDvQFD]XOvQFDUH

YUHLV v LH[WLQ]LEDJDMXOGHFXQRWLQ H


21/160


&XSOX RVWUXFWXU ELSRODU GHWLSELRSVLKRVRFLDOED]DW SHLQWHU

GHWHUPLQLVPPXWXDOSDUWHQHULLVHVDWLVIDFVHVWLPXOHD] VHGH]YROW LVHUHDOL]HD] FDLQGLYLGXDOLW LELRORJLFHDIHFWLYHLVRFLDOHXQXOSULQLQWHUPHGLXOFHOXLODOW,RODQGD0LWURIDQS

& V WRULH XQSURFHVLQWHUSHUVRQDODOGHYHQLULLLPDWXUL] ULLQRDVWUHFDSHUVRQDOLW LGHFRQWLHQWL]DUHUHGLUHF LRQDUHLIUXFWLILFDUHD WHQGLQ HORU SXOVLXQLORU L DILQLW LORU LQFRQWLHQWH GHDXWRFXQRDWHUHSULQLQWHUFXQRDWHUH6FRSXOHLHVWHFUHWHUHD

SHUVRQDO SULQ H[SHULHQ D FRQMXJDOLW LL L SDUHQWDOLW LL ,RODQGD0LWURIDQS)DPLOLH R IRUP GH FRPXQLWDWH XPDQ DOF WXLW GLQ GRL VDX PDL

PXO LLQGLYL]LXQL LSULQOHJ WXULGHF V WRULHLVDXSDWHUQHUHDOL]kQGPDLPXOWVDXPDLSX LQODWXUDELRORJLF LVDXFHDSVLKRVRFLDO ,RODQGD0LWURIDQ&&LXSHUF S

3VLKRORJLD

IDPLOLHL

GRPHQLXDOSVLKRORJLHLFDUHVHRFXS GHVWXGLXOWHRUHWLFLDSOLFDWLYDOPHFDQLVPHORUSVLKRORJLFHDOHFRQVWLWXLULLPHQLQHULL L GLVROX LHL IDPLOLHL SUHFXP L DO SURFHVHORU L

IHQRPHQHORUFDUHDXORFvQFDGUXOXQHLIDPLOLL3VLKRVH[RORJLH GRPHQLXO WLLQ LILF PHGLFRSVLKRORJLF GH VWXGLX DO LQVWLQ

FWXOXLVH[XDOLDFRPSRUWDPHQWHORUOHJDWHGHPDQLIHVWDUHDDFHVWXLD


'HILQL LFHvQVHDPQ SHQWUXYRLFXSOXOLIDPLOLD 'LVFXWD L vQ JUXSXULGH FkWH SDWUXSHUVRDQH GLIHUHQ HOH L DVHP

Q ULOHGLQWUHGHILQL LLOHGDWHFXSOXOXLLIDPLOLHL 6WDELOL LLDUJXPHQWD LFDUHDUILYkUVWDSRWULYLW SHQWUXDvQWHPHLD

RIDPLOLHSHQWUXE UED LLSHQWUXIHPHL'LVFXWD LvQJUXSXULPLFLYDULDQWHOHYRDVWUH)DFH LXQPLFVWXGLXSULQWUHFXQRVFX LLYRWULGHDOWHYkUVWHLFRPHQWD LGLIHUHQ HOHDS UXWH

& XWD L vQ VXUVHOH ELEOLRJUDILFH VXJHUDWH H[HPSOH GH VWXGLL VDXOXFU UL FDUH V GHPRQVWUH]H OHJ WXULOH SVLKRORJLHL IDPLOLHL L

SVLKRVH[RORJLHLFXFHOHODOWHWLLQ HVDXGRPHQLLDOHSVLKRORJLHL


22/160


&,83(5& &&XSOXOPRGHUQvQWUHHPDQFLSDUHLGLVROX LH(G7LSRDOH[

$OH[DQGULD'58 )3VLKRVRFLRORJLDIDPLOLHL(G'LGDFWLF L3HGDJRJLF %XFXUHWL

0,752)$1 ,2/$1'$ &XSOXO FRQMXJDO DUPRQLH L GL]DUPRQLH (G

WLLQ LILF L(QFLFORSHGLF %XFXUHWL0,752)$1 ,2/$1'$ 0,752)$1 1 )DPLOLD GH OD $ OD = (G

WLLQ LILF %XFXUHWL0,752)$1,2/$1'$ 3VLKRORJLDUHOD LLORUGLQWUHVH[H(G$OWHUQDWLYH

%XFXUHWL

0,752)$1,2/$1'$&,83(5& &,QWURGXFHUHvQSVLKRVRFLRORJLDLSVLKRVH[RORJLDIDPLOLHL(G$OWHUQDWLYH%XFXUHWL

72))/(5$$OWUHLOHDYDO(G3ROLWLF %XFXUHWL


23/160

&$3,72/8/

&DUDFWHUL]DUHDVLVWHPXOXLIDPLOLDOQDFHVWFDSLWROvQFHSHPV VRQG PSURIXQ]LPLOHIDPLOLHL9RP

YHGHD FH DUH GH VSXV WHRULD JHQHUDO D VLVWHPHORU GHVSUH IDPLOLHY ]XW FDVLVWHPGXS FDUHYRPVWXGLDVWUXFWXUDIDPLOLHLDDFXPRFRQFHSH 6DOYDGRU 0LQXFKLQ 9RP WUHFH vQ UHYLVW IXQF LLOH IDPLOLHL

GHVFULVHGH0DULD9RLQHDLYRPGHVFULHLDQDOL]DSULQFLSDOHOHWLSXULGHIDPLOLHH[LVWHQWH1XXLWDF LDLFLH[SHULHQ DGLQSURSULDWDIDPLOLHYDILIRDUWHEXQ SHQWUXDvQ HOHJHPDWHULDOXOSHFDUHODPDOHVV LOSUH]LQW/DILQDOXOSDUFXUJHULLDFHVWXLFDSLWROP DWHSWGHODWLQH

V FXQRWLFDUDFWHULVWLFLOHVLVWHPXOXLIDPLOLDOV IDFLGLIHUHQ DvQWUHVXEVLVWHPHV vQ HOHJLIXQF LLOHIDPLOLHLLV OHDSOLFLXQXLFD]FRQFUHWV SR LLGHQWLILFDWLSXULOHGHIDPLOLHLV OHFDUDFWHUL]H]LGLQ

SXQFWGHYHGHUHSVLKRORJLF

)DPLOLDFDVLVWHP

QSVLKRORJLDIDPLOLHLWHRULDJHQHUDO DVLVWHPHORULFLEHUQHWLFD

SULQ 1RUEHUW :LHQHU /XGZLJ YRQ %HUWDODQII\ DX DYXW XQ FXYkQWLPSRUWDQWGHVSXVFDLvQDOWHGRPHQLLWLLQ LILFH$VWIHODIRVWSUHOXDW LGHHD GH VLVWHP GHILQLW FD DQVDPEOX GH HOHPHQWH DIODWH vQWUR RUGLQHQRQvQWkPSO WRDUHFDUHIXQF LRQHD] SHED]DXQRUUHJXOLLGLVSXQHGH

KRPHRVWD]LH HFKLOLEUX%HUWDODQII\DODQVDWLGHHDFRQIRUPF UHLDXQVLVWHP HVWH PDL PXOW GHFkW VXPD S U LORU OXL GHFL FX DOWH FXYLQWHDSOLFDW OD IDPLOLH DFHDVWD HVWH PDL PXOW GHFkW VXPD PHPEULORU HLFRPSRQHQ L$GLF FHHDFHFRQWHD] vQDERUGDUHDIDPLOLHLHVWHLLQWHUDF LXQHDGLQWUHDFHWLPHPEULFDUHVHUHDOL]HD] GXS DQXPLWHUHJXOLDYkQG DQXPLWH IXQF LL L F XWkQG V PHQ LQ XQ DQXPLW HFKLOLEUX vQLQWHULRUXODFHVWHLD

([LVW VLVWHPH vQFKLVH FDUH QX FRPXQLF FX PHGLXO QX IDFVFKLPE GH UHVXUVH FX PHGLXO vQFRQMXU WRU L VLVWHPH GHVFKLVH FDUH

FRPXQLF FX PHGLXO IDFVFKLPEGH UHVXUVH FX PHGLXO vQFRQMXU WRU


24/160

'XS DFHVWPRGHOIDPLOLLOHSRWDYHDJUDGHGLIHULWHGHGHVFKLGHUHF WUHPHGLXO vQFRQMXU WRU DOF WXLW GLQ SULHWHQL UXGH YHFLQL FRDO DOWHLQVWLWX LLHWF$VWIHOIDPLOLLOHSRWILx PDL vQFKLVH DYkQG SX LQH UHOD LL VDX FKLDU GHORF FX PHGLXOIXQF LRQkQGGXS UHJXOLOHLSULQFLSLLOHSURSULLDFHVWHDDYkQGXQ

PDUHJUDGGHULJLGL]DUHLILLQGIRDUWHUH]LVWHQWHODVFKLPEDUHGHH[HPSOX IDPLOLL FDUH DX IRDUWH SX LQL SULHWHQL OD FDUH QX YLQ vQYL]LW UXGHYHFLQLSULHWHQLFDUHvLHGXF FRSLLLGRDUGXS SURSULLOHSULQFLSLLQHILLQGSUHDGLVSRQLELOL ODQRLLGHLVDXPRGDOLW LGHIXQF LRQDUH

x PDL GHVFKLVH FHOH FX PXOWH UHOD LL GH SULHWHQLH FDUH SUHVXSXQYL]LWHUHFLSURFHSUHRFXS ULSHQWUXPRGLILFDUHDUHJXOLORULDFRQ

FHS LLORUSULQREVHUYDUHDDOWRUIDPLOLL3HGHDOW SDUWHFLEHUQHWLFDFDWLLQ FDUHVHRFXS GHVWXGLXO

PHFDQLVPHORUGH IHHGEDFNDOHVLVWHPHORUFXDXWRUHJODUHDFRQWULEXLWODDERUGDUHDIDPLOLHLSULQFRQFHSWXOGHEXFO GHIHHGEDFNPHFDQLVPSULQFDUHVLVWHPXOSUHLDLQIRUPD LDSHQWUXDLUHJODVWDUHDVFRSXOILQDOILLQGHFKLOLEUXOLVWDELOLWDWHDOXL)DPLOLDIRORVHWHLHDPHFDQLVPHGHIHHGEDFN SULQ FDUH vL PHQ LQH VWDELOLWDWHD L HFKLOLEUXO GLQDPLF)HHGEDFNXOSRDWHILGHGRX IHOXULx SR]LWLYHVWHPHFDQLVPXOSULQFDUHLQIRUPD LDVHPQDOHD] QHYRLD

GHDPRGLILFDVLVWHPXOSHQWUXDOIDFHV HYROXH]Hx QHJDWLYLQIRUPD LDVHPQDOHD] QHYRLDGHDUHHFKLOLEUDVLVWHPXO

GDWRULW XQHLSHUWXUE UL

QFD]XOIDPLOLLORUPHFDQLVPHOHGH IHHGEDFNSR]LWLYVXQWUHSUH]HQWDWH GH DF LXQLOH SH FDUH OH vQWUHSULQG GH H[HPSOX FkQG FRSLOXOPHUJH OD JU GLQL VDX OD FRDO Q IXQF LH GH UHDF LLOH FRSLOXOXL LFDUDFWHULVWLFLOHJU GLQL HLVDXFROLLS ULQ LLvLYRUUHRUJDQL]DVWLOXOGHYLD SURJUDPXO ]LOQLF GH PXQF WLPS OLEHU WLPSXO GHGLFDW OHF LLORU

WLSXULOH GH DFWLYLW L H[WUDFRODUH HWF 7RW XQ H[HPSOX GH IHHGEDFNSR]LWLYHVWHLIHQRPHQXODXWRSURIH LHLvPSOLQLWHSHFDUHvOFXQRDWH LGHOD SVLKRWHUDSLH 0HFDQLVPHOH GH IHHGEDFN QHJDWLY VXQW SHGHSVLUHDvQYLQRY LUHD XPLOLUHD FHDUWD VLPSWRPHOH E WDLD IRORVLWH SHQWUX DFRUHFWDFRPSRUWDPHQWHOHJUHLWHDOHPHPEULORU

6WUXFWXUDVLVWHPXOXLIDPLOLDO&kQGQHUHIHULPODVWUXFWXUDVLVWHPXOXLIDPLOLDODYHPvQYHGHUH

SH6DOYDGRU0LQXFKLQ


25/160

6DOYDGRU 0LQXFKLQ HVWH XQ SVLKLDWUX DUJHQWLQLDQFDUHDFUHVFXWvQWURIDPLOLHIRDUWHQXPHURDV $FHVWIDSWDGXV OD R vQ HOHJHUH IRDUWH EXQ D FRQWH[WXOXL VRFLDO L

IDPLOLDOvQFDUHIXQF LRQHD] RDPHQLL*kQGLUHDLVWLOXOGHPXQF DXIRVWIRDUWHPXOWLQIOXHQ DWHGHOXFUXOV XvQ,VUDHOFXIDPLOLLOHPLQRULWDUHFXIDPLOLLOHDYkQGYHQLWXULUHGXVHGLQ1HZ


26/160

6XEVLVWHPHOHIDPLOLDOH VXQW UHSUH]HQWDWH ILH GH LQGLYL]LL VLQJXULILHGHGLDGHH[HPSOXPDP FRSLOVR VR LH(OHVHSRWIRUPDGXS FULWHULLSUHFXPJHQHUD LDF UHLDPHPEULLDSDU LQVH[LQWHUHVHIXQF LL

&HOHPDLLPSRUWDQWHLPDLGHVvQWkOQLWHVXEVLVWHPHIDPLOLDOHVXQW6XEVLVWHPXODGXO LORUXQHRULDFHVWDHVWHGHQXPLWLVXEVLVWHPXOPDULWDOVDXDOVR LORUGHRDUHFHLQFOXGHGHUHJXO GLDGDVR LORU5ROXOSUHSRQGHUHQWHVWHDFHODGHDPRGHODLQWLPLWDWHDLDQJDMDPHQWXO3ULQFLSDOHOH DELOLW L QHFHVDUH SHQWUX D vQGHSOLQL DFHVW URO VXQWFRPSOHPHQWDULWDWHD L DFRPRGDUHD UHFLSURF &RPSOHPHQWDULWDWHDSHUPLWHILHF UXLVR V SDUWLFLSHODYLD DIDPLOLDO V RIHUHI U DFRQVLGHUDF SULQDFHDVWDSLHUGH FHYDFXDOWHFXYLQWHDPELLVR LVLPWF SRWILLQGHSHQGHQ LGDUvQDFHODLWLPSLF VXQWvPSUHXQ

'LILFXOW LOHGHUHOD LRQDUHSRWDS UHDGHH[HPSOXDWXQFLFkQGXQXOGLQWUHVR LLQVLVW vQXUP ULUHDSURSULLORUVFRSXULO VkQGvQXUP VFRSXULOHGLDGHLFDvQWUHJ

$FHVWVXEVLVWHPSRDWHGHYHQLXQUHIXJLXID GHVWUHVXOH[WHUQLR PDWULFH SHQWUX FRQWDFWXO FX DOWH VLVWHPH VRFLDOH (O SRDWH VWLPXODvQY DUHDFUHDWLYLWDWHDLFUHWHUHDFHHDFHSRDWHGXFHODDFRPRGDUHDUHFLSURF DGLF ODVXV LQHUHDDVSHFWHORUSR]LWLYHDOHSDUWHQHUXOXLLODDFWXDOL]DUHDDVSHFWHORUFUHDWLYHDOHDFHVWXLDDVSHFWHLQDFWLYHSkQ DWXQFL

6XEVLVWHPXOPDULWDODUHQHYRLHLGHSURWHF LHID GHFHULQ HOHLQHYRLOHDOWRUVLVWHPHPDLDOHVvQVLWXD LDFXSOXULORUFXFRSLLSHQWUXDLRIHULXQXODOWXLDVXSRUWHPR LRQDO6XEVLVWHPXOSDUHQWDODSDUHDWXQFLFkQGVHQDWHSULPXOFRSLOLGH

UHJXO FXSULQGHS ULQ LLGDUSRDWHLQFOXGHLPHPEULLDLIDPLOLHLH[WLQVHH[HPSOXEXQLFD5HVSRQVDELOLWDWHDORUHVWHPDLDOHVGHDFUHWHFRSLLLGHDLJKLGDGHDVWDELOLOLPLWHOHLGHDLGLVFLSOLQD$FXP DSDU GH PXOWH RUL GLILFXOW L GHRDUHFH DGXOWXO GHYLQH vQDFHODLWLPSSDUWHQHUSHQWUXFHO ODOWPHPEUXDOGLDGHLPDULWDOHGDU

L S ULQWH SHQWUX FRSLO L QX vQWRWGHDXQD DFHVWH GRX WLSXUL GHIXQF LLVXQWHILFLHQWvQWUHS WUXQVH$VWDSRDWHGXFHODGHVWDELOL]DUHDFXSOXOXL PDULWDO SULQ DWUDJHUHD XQXL FRSLO vQ LQWHULRUXO DFHVWXLVXEVLVWHPVDXODL]RODUHDFRSLOXOXLGHF WUHFXSOXOPDULWDOPDLUDU2ULFH LQIOXHQ H[WHULRDU DVXSUD FRSLOXOXL VDX PRGLILFDUH vQHYROX LDDFHVWXLDYDDYHDHIHFWHLDVXSUDDFHVWXLVXEVLVWHPFKLDULDVXSUDFHOXLPDULWDO

6XEVLVWHPXOIUDWULLORULQFOXGHFRSLLLGLQIDPLOLHLOHRIHU DFHVWRUDSULPXOJUXSVRFLDOvQFDUHVXQWFXWR LLHJDOLQDFHVWVXEVLVWHP

FRSLLL vQYD QHJRFLHUHD FRRSHUDUHD FRPSHWL LD VXEPLVLYLWDWHD


27/160

VXSRUWXO UHFLSURF DWDDPHQWXO ID GH SULHWHQL (L SUHLDX GLIHULWHUROXUL L SR]L LL vQ IDPLOLH L GH PXOWH RUL DFHVWHD GHYLQ VHPQLILFDWLYHSHQWUXHYROX LDORUXOWHULRDU vQYLD QIDPLOLLOHFXPXO L

FRSLLH[LVW RGLIHUHQ LHUHDUROXULORULPDLDFFHQWXDW FHOPLFvQF DF LRQkQGvQDULDVHFXULW LLvQJULMLULLLDJKLG ULLWLPSvQFDUHFHOPDUH GHMD H[SHULPHQWHD] FRQWDFWHOH L FRQWUDFWHOH FX PHGLXOH[WUDIDPLOLDO

)LHFDUHVXEVLVWHPDUHQHYRLHGHJUDQL HFODUHGDUvQDFHODLWLPSIOH[LELOHSHQWUXDVHSURWHMDGHFHULQ HOHLQHYRLOHFHORUODOWHVXEVLVWHPHGDULSHQWUXDILFDSDELOV QHJRFLH]HLV LQWHUDF LRQH]HFXDFHVWHD

*UDQL HOHUHSUH]LQW XQFRQFHSWIXQGDPHQWDODORULHQW ULLVWUXFWXUDOLVWH(OHUHSUH]LQW UHJXOLFDUHGHILQHVFFLQHSDUWLFLS LFXP5ROXO

JUDQL HORUHVWHGHDSURWHMDGLIHUHQ LHUHDVXEVLVWHPHORU)LHFDUHGLQWUHDFHVWHD DUH IXQF LL VSHFLILFH L DQXPLWH FHULQ H GH OD PHPEULL V LGH]YROWDUHD DELOLW LORU LQWHUSHUVRQDOH vQ LQWHULRUXO DFHVWRU VLVWHPH VHUHSHUFXWHD] DVXSUDOLEHUW LLVXEVLVWHPXOXLUHVSHFWLYID GHFHOHODOWH

1DWXUDJUDQL HORUYDDYHDXQSXWHUQLFLPSDFWDVXSUDIXQF LRQ ULLILHF UXLVXEVLVWHPGDULDOIDPLOLHLFDvQWUHJ

0LQXFKLQ GHVFULH WUHL WLSXUL GH JUDQL H FDUH VH vQWLQG SH XQFRQWLQXXPGHODIRDUWHULJLGHODIRDUWHGLIX]H

*UDQL HOHULJLGHVXQWFHOHFDUHSHUPLWRLQWHUDF LXQHLRFRPX

QLFDUH PLQLPDO vQWUH VXEVLVWHPH,QGLYL]LLSRW ILL]ROD LVDXIRU D LV DF LRQH]HDXWRQRP(OHSHUPLWPHPEULORUPD[LPXPGHLQGHSHQGHQ L R LQWHUDF LXQH PLQLP FX FHLODO L PHPEULL 6XEVLVWHPHOH DGLF LQGLYL]LLVDXGLDGHOHSRWGHYHQLDVWIHOVHSDUDWHGHUHVWXOIDPLOLHL

*UDQL HFODUHVHDIO ODPLMORFXOFRQWLQXXPXOXLGLQWUHULJLGLGLIX]VXQWFHOHFDUHSURPRYHD] FRPXQLFDUHDGHVFKLV LLQWLPLWDWHDVXEVLVWHPHORUDVWIHO vQFkWDFHVWHDSRWRSHUDOLEHUSHQWUX vQGHSOLQLUHDIXQF LLORUORUvQFDGUXOIDPLOLHL

*UDQL HGLIX]HVXQWFDUDFWHUL]DWHSULQGHILQLUHDYDJ DIXQF LLORU

LDPHPEULORUFDUHIDFSDUWHGLQVXEVLVWHPH(OHSHUPLWRLQWLPLWDWHPLQLP LRLQWHUDF LXQHPD[LP 1XHVWHFODUFLQHDUHUHVSRQVDELOLWDWHDL DXWRULWDWHD LDU PHPEULL IDPLOLHL SRW IL PXOW LQIOXHQ D L XQXO GHFHO ODOWQDO LWHUPHQLUHOD LLOHGLQWUHPHPEULLVXQWVXSUDSXVH

)XQF LLOHIDPLOLHL([LVW PDLPXO LDXWRULFDUHDXGHVFULVSHODUJIXQF LLOHSHFDUHOH

vQGHSOLQHWH R IDPLOLH 2 SUH]HQWDUH FODU L GHWDOLDW R SR L J VL OD

0DULD9RLQHDvQFDUWHDHL6RFLRORJLD)DPLOHL (XDPSUHIHUDW


28/160

DLFL R VFXUW WUHFHUH vQ UHYLVW D SULQFLSDOHORU IXQF LL DOH IDPLOLHL$FHVWHDVXQW

x )XQF LD HFRQRPLF SUHVXSXQH DVLJXUDUHD UHVXUVHORU PDWHULDOHILQDQFLDUHQHFHVDUHH[LVWHQ HLIDPLOLHLORFXLQ KUDQ KDLQHHWF(D MRDF XQ URO IRDUWH LPSRUWDQW 'DF HVWH vQGHSOLQLW FRUHVSXQ] WRU DWXQFL IDPLOLD VH SRDWH FRQFHQWUD L SRDWH vQGHSOLQL LFHOHODOWH IXQF LL $FHDVW IXQF LHHVWH UHDOL]DW GH DPELLVR LSULQDGXFHUHDYHQLWXULORUFDXUPDUHDH[HUFLW ULLXQHLSURIHVLLFHOPDLGHVSULQSURFXUDUHDLSURGXFHUHDKUDQHLDRELHFWHORUGHvPEU F PLQWH L GH WUDL SULQ WUDQVPLWHUHD SURIHVLHL LVDX VXV LQHUHDFRSLLORUvQDOHJHUHDSURIHVLHL

x

)XQF LDGHVRFLDOL]DUHSUHVXSXQHWUDQVPLWHUHDFXVFRSXODVLPLO ULLGH F WUH FRSLL PDL DOHV GDU L GH F WUH WR L PHPEULL IDPLOLHL DDWLWXGLQLORU YDORULORU SULQFLSLLORU PRGHOHORU GH FRPSRUWDPHQWFDUDFWHULVWLFHXQXLDQXPLWJUXSVRFLDO&XDOWHFXYLQWHHVWHYRUEDGHVSUHIXQF LDGHHGXFDUH6FRSXODFHVWHLDHVWHLQWHJUDUHDvQVRFLHWDWHD SHUVRDQHL FRSLOXOXL (GXFD LD VH PDQLIHVW OD WRDWH QLYHOXULOHPDWHULDO IL]LF SVLKRORJLF PRUDO VSLULWXDO (YLGHQW IDPLOLLOH DXGLIHULWH JUDGH GH PDQLIHVWDUH D DFHVWHL IXQF LL XQHOH VH SUHRFXS IRDUWHPXOWGHHGXFDUHDPHPEULORUV LvQWLPSFHDOWHOHPDLGHORF

x

)XQF LDGHVROLGDULWDWHSUHVXSXQHDVLJXUDUHDXQLW LLLVWDELOLW LLIDPLOLHL (D LPSOLF PDQLIHVWDUHD VHQWLPHQWHORU GH DIHF LXQH GHUHVSHFW GH DSDUWHQHQ OD JUXSXO IDPLOLDO D vQFUHGHULL PHPEULORUXQLLvQDO LLDDMXWRU ULLLDVXV LQHULLUHFLSURFHGHDOXQJXOWLPSXOXLD GH]YROW ULL LQWLPLW LL 6H REVHUY F vQ XOWLPD YUHPH DFHDVW IXQF LH SDUH GLQ FH vQ FH PDL VODE vQGHSOLQLW IDSW GRYHGLW GHFUHWHUHDUDWHLGLYRU XULORULDvQPXO LULLUHOD LLORUGHFRQFXELQDMDFHOLEDWDULORULDIDPLOLLORUPRQRSDUHQWDOH

x )XQF LD VH[XDOUHSURGXFWLY SUHVXSXQH VDWLVIDFHUHD VH[XDO

UHFLSURF DFHORUGRLVR LLDGXFHUHDSHOXPHDFRSLLORU&HOHGRX FRPSRQHQWHDOHDFHVWHLIXQF LLVXQWvQGHSOLQLWHGLIHULWvQVHQVXOF vQXQHOHIDPLOLLDFFHQWXOVHSXQHSHvPSOLQLUHDVH[XDO vQWLPSFHvQDOWH IDPLOLL VH DFRUG R LPSRUWDQ PDL PDUH DGXFHULL SH OXPH DFRSLLORU(YLGHQWDFHVWOXFUXHVWHGHSHQGHQWGHFXOWXUDGLQFDUHIDFSDUWH IDPLOLLOH GH JUDGXO L WLSXO GH HGXFD LH DYXW GH FUHGLQ HOHUHOLJLRDVHGHGRULQ DLFDUDFWHULVWLFLOHIL]LFHLSVLKRORJLFHDOHFHORUGRL VR L SDUWHQHUL $FWXDOPHQWH vQVRFLHW LOH PDL DYDQVDWH HFRQRPLFFXSOXULOHLIDPLOLLOHWLQGWRWPDLPXOWV SXQ vQSULPSODQ

vPSOLQLUHDDIHFWLYVH[XDO LvQSODQVHFXQGDUSHFHDUHSURGXFWLY


29/160

7LSXULOHGHIDPLOLL/LWHUDWXUDGHVSHFLDOLWDWHRIHU RPXOWLWXGLQHGHWLSRORJLLUHIHUL

WRDUHODIDPLOLL) FkQGRVLQWH] DORUYRPDOHJHFkWHYDGLQWUHFULWHULLOHSH FDUH OH FRQVLGHU D IL FHOH PDL LPSRUWDQWH SHQWUX LGHQWLILFDUHD LvQ HOHJHUHDWLSXULORUGHIDPLOLL

xFULWHULXOQXP UXOXLGHSDUWHQHULFDUHIRUPHD] IDPLOLDIDPLOLLSROLJDPHODUkQGXOORUGHGRX WLSXULIDPLOLLSROLDQGULFH

XQGH H[LVW PDLPXO L SDUWHQHULE UED L IHPHLD DYkQGGUHSWXOV VHF V WRUHDVF FXPDLPXO LE UED L IDPLOLLSROLJLQLFHXQGHH[LVW PDLPXOWHSDUWHQHUHIHPHLDGLF E UED LLDXGUHSWXOGHDLDOHJHPDLPXOWHVR LL'HUHJXO QXP UXOGHFRSLLvQDVWIHOGHIDPLOLLHVWHPDLPDUH3ROLJDPLD HVWH vQWkOQLW OD XQHOH SRSRDUH L DUH UROXO GH D SURWHMDVRFLHWDWHDSULQSURPRYDUHDVH[XOXLPDVFXOLQVDXIHPLQLQGXS FD]

IDPLOLLPRQRJDPHvQFDUHXQE UEDWVDXRIHPHLHDXGUHSWXOV VHF V WRUHDVF GRDUFXXQVLQJXUSDUWHQHU/DUkQGXOHLPRQRJDPLDFDIRUP IDPLOLDO SRDWHILVHULDODGLF vQFD]XOGHFHVXOXLSDUWHQHUXOXLVDXDOGLYRU XOXLSDUWHQHUXOU PDVVHSRDWHUHF V WRULVDXPRQRJDPLHVWULFWDWXQFLFkQGSDUWHQHUXOQXPDLDUHGUHSWXOV VHUHF V WRUHDVF 6RFLHWDWHD HVWH FHDFDUH FRQIHU GUHSWXOGH F V WRULHFX XQXO VDXPDL

PXO LSDUWHQHUL6RFLHWDWHDURPkQHDVF HVWHGXS FXPVHWLHRVRFLHWDWHFDUHSURPRYHD] PRQRJDPLDVHULDO 7RWvQFDGUXOPRQRJDPLHLSXWHPGLIHUHQ LDDOWHGRX WLSXULGH

IDPLOLL IDPLOLL QXFOHDUH IRUPDWH GLQ FHL GRL VR L L FRSLLL ORU

QHF V WRUL L$FHVWWLSGHIDPLOLHHVWHFHOPDLvQWkOQLWLPDLGRULWvQWRDWHVRFLHW LOH GHRDUHFH HO SHUPLWH R OHJ WXU PDL VWUkQV vQWUH PHPEULLIDPLOLHL UHOD LL GHPRFUDWH LVWDELOLUHDSURSULLORUUHJXOL GHIXQF LRQDUHIDPLOLDO $VWIHO vQWURIDPLOLH QXFOHDU JUDGXO GH LQWLPLWDWH HVWH PDL

PDUHLDUDQVHOHGHDILVDWLVI FXWHQHYRLOHVH[XDODIHFWLYHGHVLJXUDQ LVWDELOLWDWHFUHVFIDPLOLLH[WLQVH IRUPDWHGLQPDLPXO LPHPEULDLIDPLOLHLFDUH

ORFXLHVFvQDFHODLVSD LXLFDUHUHSUH]LQW GRX VDXWUHLJHQHUD LLIUD LS ULQ LEXQLFLFRSLLLQHSR L$FHVWWLSGHIDPLOLHVXERUGRQHD] IDPLOLDQXFOHDU LGHFHOHPDLPXOWHRULHVWHIRUPDWGLQGRX IDPLOLLQXFOHDUH'HH[HPSOXGRLVR LFXXQXOVDXGRLFRSLLFDUH ORFXLHVFvPSUHXQ FXS ULQ LLXQXLDGLQWUHVR LVDXGRDUFXXQS ULQWH6DXRIDPLOLHQXFOHDU FDUHORFXLHWHFXXQIUDWHVDXRVRU F V WRULW VDXQXFXVDXI U FRSLL

$FHVWWLSHVWHIRDUWHvQWkOQLWvQVRFLHW LOHWUDGL LRQDOHGDUQXQXPDL(O


30/160

VHFDUDFWHUL]HD] SULQFRQVHUYDWRULVPDOUHJXOLORULWUDGL LLORUIDPLOLDOH&XDOWHFXYLQWHIDPLOLDFHDPDLvQYkUVW YDWLQGHV LPSXQ UHJXOLOHGHRUJDQL]DUHLIXQF LRQDUHLFHORUODOWHIDPLOLL'HUHJXO VHS VWUHD]

RELFHLXOFDFHOPDLvQYkUVW E UEDWV ILHFRQVLGHUDWFDSXOIDPLOLHLFHOFDUHLDGHFL]LLOHLPSRUWDQWHVDXFDUHFHOSX LQYDILFRQVXOWDWDWXQFLFkQGWUHEXLHOXDWHKRW UkULLPSRUWDQWH'HH[HPSOXGRLVR LFDUHORFXLHVFFXS ULQ LL YRU WLQGH V DGRSWH DFHOHDL FRPSRUWDPHQWH FD L S ULQ LLLQGLIHUHQW GDF VXQW VDX QX GH DFRUG FX HOH L SRW V VH UDSRUWH]H ODGRULQ DS ULQ LORUORURULGHFkWHRULGRUHVFV vQWUHSULQG FHYD'HDFHHDGDWRULW DFHVWHL WHQGLQ H OD FRQVHUYDUHD SDWWHUQXULORU GH YLD L GHUHOD LRQDUHGHVHRULWkQ UXOFXSOXLQWU vQFRQIOLFWFXFXSOXOSDUHQWDOFXFDUHFRQYLH XLHWHFHHDFHGHWHUPLQ VF GHUHDLQWLPLW LLLDVDWLVIDF LHLPDULWDOH1XGHSX LQHRULVHSRDWHDMXQJHFKLDUODGLVROX LDFXSOXOXLQRXFRQVWLWXLW GDWRULW LPL[WLXQLL S ULQ LORU vQ UHOD LD DFHVWXLD VDX SULQWHQGLQ D SUHD ULJLG GH S VWUDUH D YHFKLORU RELFHLXUL Q DOWH FD]XULFXSOXOWkQ UHVWHFHOFDUHGH]RUJDQL]HD] FXSOXOSDUHQWDOSULQUHYROW VDXSHUWXUEDUHDUHOD LLORUH[LVWHQWHFHHDFHSRDWHGXFHODWHQVLXQLFRQIOLFWHVDX FKLDUGH]RUJDQL]DUHDYLH LL IDPLOLDOH$OWHRUL UHOD LLOHGLQWUHIDPLOLLOH QXFOHDUH FH IRUPHD] IDPLOLD H[WLQV VH SRW GHWHULRUD GRDU GXS DSDUL LD FRSLLORU QHSR LORU &kQGEXQLFLL SUHLDX XQURO FRQGXF WRU DO

IDPLOLHLHLWLQ]kQGV GHYLQ S ULQ LDWkWSHQWUXQHSR LFkWLSHQWUXS ULQ LLDFHVWRUDFRSLOXOSURSULXLVR XOVDXVR LDDFHVWXLDVHSRDWHDMXQJHODQHFODULW LLFRQIX]LLGHURODWkWSHQWUXS ULQ LFkWLSHQWUXFRSLLDFHWLDGLQXUP QHPDLWLLQGGHFLQHV DVFXOWHLFkQG

7RWXLDFHVWWLSGHIDPLOLHDUHLFkWHYD DYDQWDMHVHPQLILFDWLYHQSULPXOUkQGIDSWXOF H[LVW PDLPXO LPHPEULvQVHDPQ LRPDLPDUHYDULHWDWHGHPRGHOHGHFRPSRUWDPHQWFDUHSRWILDGRSWDWHGHF WUHFRSLL)LHFDUHPHPEUXDOIDPLOLHLHVWHGLIHULWLSRDWHRIHULRHGXFD LHGLIHULW 'HDVHPHQHDIDPLOLDH[WLQV DVLJXU SXWHUQLFHVHQWLPHQWHGH

DSDUWHQHQ L VLJXUDQ FDUH VXQW HVHQ LDOH SHQWUX EXQD GH]YROWDUHSVLKLF DFRSLLORU(VWHPXOWPDLXRUV H[LVWHPDLPXOWHSHUVRDQHFDUH V SHUPLW XQ EXQ DWDDPHQW DO FRSLLORU IDSW GHRVHELW GH LPSRUWDQWvQGH]YROWDUHDORUHPR LRQDO PDLDOHVODQLYHOXOvQFUHGHULLvQVLQHLDDELOLW LORUGHUHOD LRQDUHFXFHLODO L7RWRGDW vQWURIDPLOLHH[WLQV HVWH PXOW PDL XRU V VH IDF ID VDUFLQLORU JRVSRG UHWLFUL]HORUIDPLOLDOHLV VHvQGHSOLQHDVF IXQF LLOHIDPLOLHL$YDQWDMHOHVXQW FX DWkW PDL PDUL L PDL HYLGHQWH FX FkW ILHFDUH PHPEUX vLFXQRDWHLvLGXFHODEXQVIkULWUROXOSHFDUHvODUHLUHVSHFW QHYRLOH

LUHOD LLOHFHORUODO LvQVSHFLDOLQWLPLWDWHD


31/160

3H OkQJ IDPLOLD QXFOHDU L FHD H[WLQV VH PDL YRUEHWH vQOLWHUDWXU LGHIDPLOLDGHRULJLQHFDUHHVWHUHSUH]HQWDW GHIDPLOLDvQFDUHVDQ VFXWSHUVRDQDDGLF S ULQ LLLIUD LLDFHVWHLD

xFULWHULXOQXP UXOXLGHS ULQ LFDUHIRUPHD] IDPLOLD IDPLOLLELSDUHQWDOHvQFDUHH[LVW DPELLS ULQ LODUkQGXOORU

DFHVWHDSRWILIRUPDWHGLQS ULQ LLQDWXUDOL DLFRSLOXOXLFRSLLORUVDXSRWIL IDPLOLLPL[WHVDXUHFRQVWLWXLWHGDF S ULQ LLDXPDLIRVWF V WRUL LLDXGLYRU DWVDXLDXSLHUGXWSDUWHQHUXO(LYLQFXSURSULLFRSLLvQQRXDF V WRULHGDUSRWDYHDLFRSLLFRPXQL

)DPLOLLOH UHFRQVWLWXLWH vQWkPSLQ R VHULH GH GLILFXOW L SH FDUHWUHEXLHV OHGHS HDVF LFDUHSURYLQGLQSLHUGHULOHVXIHULWHDQWHULRU

IRUP ULLORU&HOHPDLIUHFYHQWHREVWDFROHVDXSUREOHPHvQWkOQLWHGHIDPLOLLOHUHFRQVWLWXLWHVXQW QHDFFHSWDUHD S ULQWHOXL YLWUHJ GH F WUH FRSLO FRSLL GLQ

VLPSOXO IDSW F vO SHUFHSH FD vQORFXLQGXO SH FHO QDWXUDODFHDVW QHDFFHSWDUH HVWH vQVR LW DGHVHD GH VHQWLPHQWH GHUHVSLQJHUH IXULH XU JHOR]LH $FHVWH VHQWLPHQWH VXQW vQV GHVWXOGHILUHWLSHQWUXFRSLOLSRWV VHGLPLQXH]HvQWLPS/DDFHDVW VLWXD LH SRW FRQWULEXL L DWLWXGLQLOH VDX JUHHOLOH GHFRPSRUWDPHQWDOHS ULQ LORUFXPDUILGHYDORUL]DUHDS ULQWHOXL

YLWUHJ vQ ID D FRSLLORU UHWUDJHUHD GUHSWXOXL GH D HGXFD VDXDGPRQHVWDFRSLOXOWHKQLFLOHHGXFDWLYHGXUHVDXSXULVLPSOXGLIHULWHSHFDUHS ULQWHOHYLWUHJOHIRORVHWHHWF

FRSLOXOSRDWHFRQVLGHUDF S ULQWHOHV XQDWXUDOvLRIHU PDLSX LQ DWHQ LH L LXELUH GXS UHF V WRULUH PDL DOHV GDF S ULQWHOHQXH[SOLF GLIHUHQ DGLQWUHLXELUHDSDUHQWDO LFHDFRQMXJDO

QHDFFHSWDUHD FRSLOXOXL GH F WUH S ULQWHOH YLWUHJ (VWH XQHRULIRDUWH GLILFLO SHQWUX S ULQWHOH YLWUHJ V PDQLIHVWH DIHF LXQH

SHQWUXFRSLOXO SDUWHQHUXOXL PDL DOHV GDF DFHVWD vO UHVSLQJHVDXFKLDUVHUHYROW LOXSW vPSRWULYDVD'HPXOWHRULS ULQWHOHHVWHFHOFDUHDUHQHYRLHV vLDMXVWH]HFRPSRUWDPHQWXODVWIHOvQFkWV SRDW V IDF ID DFHVWHLVLWXD LL

FRQIOLFWH IUDWHUQH GLQWUH FRSLLL SURSULL DL FHORU GRL SDUWHQHULLVDXFRSLLLSURYHQL LGLQF VQLFLLOHORUDQWHULRDUH&RSLLLGLQF V WRULLOHDQWHULRDUHVHSRWVLP LPDLSX LQLPSRUWDQ LPDLSX LQGRUL LVDXLXEL LGHFkWQRXOFRSLODOFXSOXOXL6DXVHSRWFRQVLGHUD GH]DYDQWDMD L VDX PDL SHGHSVL L GHFkW IUDWHOH VDX

VRUDORUYLWUHJ DWXQFLFkQGJUHHVF


32/160

IDPLOLL PRQRSDUHQWDOH vQ FDUH XQXO GLQWUH S ULQ L QX H[LVW FRSLOXOVDXFRSLLLILLQGFUHVFX LGRDUGHXQVLQJXUS ULQWH/LSVDXQXLS ULQWHVHSRDWHGDWRUDGHFHVXOXLDFHVWXLDGLYRU XOXLVDXDOHJHULLXQHL

SHUVRDQHGHDGHYHQLS ULQWHXQLFSULQQDWHUHDXQXLFRSLOFRQFHSXWSULQ IHUWLOL]DUH LQ YLWUR VDX FX XQ SDUWHQHU FDUH QX YD OXD SDUWH ODFUHWHUHDFRSLOXOXLVDXSULQDGRS LDXQXLFRSLO&HOHPDLPXOWHIDPLOLLPRQRSDUHQWDOH VH GDWRUHD] GLYRU XOXL S ULQ LORU VDX GHFHVXOXL XQXLSDUWHQHUQSOXVFHOHPDLPXOWHIDPLOLLPRQRSDUHQWDOHVXQWFHOHIRUPDWH GLQ PDP L FRSLO FRSLL DFHDVW VWDUH GH IDSW DYkQG PRWLYHQDWXUDOH GDU L UD LXQL FXOWXUDOH WULEXQDOHOH vQF FRQVLGHU PDPHOHS ULQ LPDLSRWULYL LSHQWUXFRSLLGHLQXvQWRWGHDXQDHVWHDD'DUvQXOWLPDYUHPHDVLVW POD WRWPDLPXOWHIHPHLFDUH vLDVXP UROXOGH

PDP VLQJXU SULQ QDWHUHD XQXL FRSLO VDX SULQ DGRS LH 7RFPDLSHQWUXF UROXOGHS ULQWHVLQJXUQXHVWHWRFPDLFRQIRUWDELOLXRUGHUHDOL]DWILQDQFLDUSHUVRDQHOHFDUHvLDVXP DFHDVW SRVWXU IDFSDUWHGLQFHOHFXYHQLWXULSHVWHPHGLHLQLYHOFUHVFXWGHHGXFD LH'HDVHPHQHD DFHVWHDYRUH[SHULPHQWDPDL SX LQH GLILFXOW L FRPSDUDWLYFXFHOHFXYHQLWXULPLFLLQLYHOVF ]XWGHHGXFD LH3 ULQ LLVLQJXULVXQWSXLvQVLWXD LDGHDHGXFDVLQJXULFRSLOXOGDUGHUHJXO HLDSHOHD] LODSHUVRDQHGLQIDPLOLDH[WLQV EXQLFLDOWHUXGHERQHHWF([LVW vQV RGLIHUHQ vQWUHPDPHOHVLQJXUHLWD LLVLQJXUL0DPHOHVLQJXUH

WLQG V QX DSHOH]H OD IHO GH PXOW OD DOWH SHUVRDQH SHQWUX DMXWRUDMXQJkQGGHDFHHDOD VXSUDVROLFLWDUHLWHQVLXQLLQWHULRDUHFDUHVHSRWWUDQVIRUPDvQVLPSWRPHDWkWODHOHFkWLODFRSLL'HDVHPHQHDHOHWLQGV SUHLDLUROXOWDW OXLFHHDFHVHvQWkPSO IRDUWHUDUvQFD]XOE UED LORUS ULQ LVLQJXULQDFHVWHIDPLOLLHVWHIRDUWHHYLGHQW

PRGLILFDUHD UHJXOLORU GH H[HPSOX PDPHOH VLQJXUH DXXQHRULWHQGLQ DGHDGHYHQLPDLDXWRULWDUHPDLULJLGHvQDSOLFDUHD UHJXOLORU vQFHUFkQG V VXSOLQHDVF OLSVD WDW OXL WD LLGLPSRWULY DXXQHRULWHQGLQ D GHDGHYHQLPDLGHOLFD LPDL

DIHFWXRLGDULPDLUHVWULFWLYLvQXQHOHUHJXOLGHH[HPSOXYHQLUHDDFDV VHDUDDIHWHORUPRGLILFDUHD JUDQL HORU GLQWUH PHPEULL L VXEVLVWHPH GH

H[HPSOXJUDQL HOHGLQWUHS ULQWHLFRSLOXOXQLFVDXFRSLOXOFHOPDUHWLQGV GHYLQ GLIX]HWUDQVIRUPkQGUHOD LDORUILHvQXQDGHSULHWHQLHH[DJHUDW ILHvQXQDGHSDUWHQHULDW$FHVWOXFUX YD PRGHOD DWLWXGLQHD XOWHULRDU D FRSLOXOXL GHYHQLWDGXOWID GHSDUWHQHULSURSULLFRSLL

PRGLILFDUHD vQWUHJLL VWUXFWXUL IDPLOLDOH DGLF VXEVLVWHPXO

DGXO LORUHVWHUHGXVODXQVLQJXUDGXOW'HDFHHDYRUH[LVWD


33/160

ODFXQH vQ PRGHODUHD LQWLPLW LL HURWLFRVH[XDOH FHHD FH YDGHWHUPLQD GLILFXOW L vQ PDQLIHVWDUHD LQWLPLW LL OD FRSLLDWXQFLFkQGHLVHYRULPSOLFDvQWURUHOD LHGHSDUWHQHULDWLvQ

YLLWRDUHDORUIDPLOLH3HQWUXFRSLLLGLQDFHVWHIDPLOLLVHSXQHSUREOHPD FXP VH IRUPHD] LGHQWLWDWHD ORU VH[XDO " &LQHUHSUH]LQW PRGHOXO IHPLQLQ L FLQH SH FHO PDVFXOLQ" &XPYRULQWURLHFWDHLPRGHOXOPDPHLLSHFHODOWDW OXL",DW GHFHSUH]HQ DDPEHORUPRGHOHLQGLIHUHQWGHJUDGXOGHUXGHQLHHVWHIRDUWHQHFHVDU FKLDUGDF YRUU PkQHvQF XQHOHODFXQHvQ LGHQWLWDWHD VH[XDO D FRSLOXOXL L vQ DELOLW LOH OXL GHPDQLIHVWDUHDLQWLPLW LL

xFULWHULXOQXP UXOXLGHFRSLL

IDPLOLDI U FRSLLDGLF XQFXSOXF V WRULWFDUHQXDUHvQF VDXQXYDDYHDQLFLRGDW FRSLLQ]LOHOHQRDVWUHVXQWGLQFHvQFHPDLPXOWHFXSOXULI U FRSLL$SDUHXQIHQRPHQGHvQWkU]LHUHDPRPHQWXOXLQDWHULLXQXLFRSLOvQFXSOXGLQPDLPXOWHPRWLYHSDUWHQHULLGRUHVFV VH EXFXUH GH LQWLPLWDWHD ORU PDL PXOW WLPS GRUHVF V vL WHVWH]HVWDELOLWDWHD UHOD LHL SkQ VH DGDSWHD] XQXO OD FHO ODOW SHQWUX D QXFUHWHDQVHOHRIHULULLH[SHULHQ HLGHGLYRU YLLWRUXOXLFRSLOGRUHVFV

vL FRQVROLGH]H VWDWXWXO HFRQRPLF ILQDQFLDU DFKL]L LD XQHL ORFXLQ HRE LQHUHD XQXL VHUYLFLX ELQH UHPXQHUDW VDX VLJXUDQ D SURIHVLRQDO XQXOVDXDPELLSDUWHQHULVHWHPGHUHVSRQVDELOLW LOHSDUHQWDOHGDWRULW XQHL LPDWXULW L HPR LRQDOH D XQRU GLILFXOW L H[SHULPHQWDWH DWXQFLFkQGHUDXFRSLLDQHvQFUHGHULLvQDELOLW LOHSDUHQWDOHDQHvQFUHGHULLvQVLQHSDUWHQHULLGRUHVFRPDLPDUHOLEHUWDWHID GHSUHVLXQLOHIDPLOLHLGHRULJLQHFXFDUHSRDWHLORFXLHVF([LVW LFkWHYDHOHPHQWHVRFLDOHFDUHIDFLOLWHD] vQWkU]LHUHDDSDUL LHLXQXLFRSLOIRORVLUHDSHVFDU ODUJ DPHWRGHORUFRQWUDFHSWLYHFRQWLHQWL]DUHDJUHHOLORUHGXFDWLYHI FXWHGH

S ULQ LLSDUWHQHULORUFDUHIRUPHD] FXSOXODFWXDOFUHWHUHDUDWHLGLYRULDOLW LLDFFHQWXOSXVSHvPSOLQLUHDSURIHVLRQDO DWLQHULORUFUHWHUHDWLPSXOXLSHWUHFXWODVHUYLFLXFDUHDUHLPSDFWGLUHFWDVXSUDJUDGXOXLGHVWUHVFHHDFHGXFHODVF GHUHDFDSDFLW LLUHSURGXFWLYHLD LQWLPLW LLvQFXSOXLQIOXHQ HOHIHPLQLVPXOXLFHHDFHGXFHODUHRULHQWDUHDIHPHLORUF WUHYLD DSHUVRQDO LSURIHVLRQDO LDPkQDUHDUROXOXLPDWHUQ'HUHJXO IDPLOLLOH FDUH GLQWUXQ PRWLY VDX DOWXO U PkQ I U FRSLL VHFDUDFWHUL]HD] SULQWURLQWLPLWDWHIRDUWHPDUHRIRDUWHVWUkQV OHJ WXU HPR LRQDO vQWUH SDUWHQHUL 'H PXOWH RUL VH DMXQJH OD R VLPLODULWDWH

DFFHQWXDW DWkWSVLKRORJLF FkWLIL]LF


34/160

IDPLOLDFXXQVLQJXUFRSLOHVWHXQPRGHOIRDUWHvQWkOQLWDFXPODIDPLOLLOHWLQHUHGHODQRL(VWHWLSXOGHIDPLOLHFDUHvPSOLQHWHQHYRLDGHSDWHUQLWDWHDSDUWHQHULORUGDULSUHYLQHVXSUDVROLFLWDUHDHFRQRPLF L

SVLKRORJLF GHWHUPLQDW GHSUH]HQ DPDLPXOWRUFRSLL'DF IDPLOLDHVWHIXQF LRQDO HFKLOLEUDW DWXQFL FRSLOXO VH GH]YROW L HO QRUPDO GHUHJXO HOYDVLP LQHYRLDXQXLIUDWHVDXDXQHLVXURUL'DF QXYDDYHDXQY UFDUHV LQ ORFGHIUDWHDWXQFLHOvLYDGRULSULHWHQL$VWIHOvQIXQF LH GH FDUDFWHULVWLFLOH VDOH SHUVRQDOH YD GHYHQL WLPLG L]RODW VDXGLPSRWULY VRFLDELO&RSLOXOVHVLPWHvQDWHQ LDDPELORUS ULQ LFHHDFHHVWHXQOXFUXEXQGDUFUHVFDQVHOHU VIXOXLLDFHQWU ULLH[FHVLYHSHVLQH3RDWHGDWRULW VXSUDLQYHVWLULLHPR LRQDOHDS ULQ LORUV U PkQ vQVWDUHDGHFRSLOSHQWUXPXOW YUHPHGHLIL]LFGHYLQHDGXOW3HQWUXF WU LHWHPDLPXOWvQWUHDGXO LFRSLOXOLQWHULRUL]HD] XRUWU LULOHDFHVWRUDFHHDFHSRDWHGXFHODFRQIOLFWHLQWHULRDUHLODvQWkU]LHUHDVDXDFFHOHUDUHDPDWXUL] ULL$UHPXOWHDQVHGHDVHGH]YROWDGHRDUHFHEHQHILFLD] GHWRDWH UHVXUVHOH IDPLOLHL 'DU GDF LQWLPLWDWHD vQWUH SDUWHQHUL DUH GHVXIHULWUHOD LLOHGHDIHF LXQHVDXU FLWH[LVW FRQIOLFWHVDXEROLHWFFRSLOXOXQLFHVWH XRUDWUDV vQ FRDOL LLFX XQXOGLQWUHS ULQ L vPSRWULYDFHOXLODOW6HvQWkOQHVFDVWIHOQXPHURDVHIDPLOLLvQFDUHPDPDVHFRDOL]HD] FXFRSLOXOvPSRWULYDWDW OXLGDWRULW UROXOXLWLPSXULXSHFDUHvODUH

PDPDvQUHOD LRQDUHDFXFRSLOXOYDULDQWDLQYHUV HVWHPDLUDUvQWkOQLW GHLVHvQWkOQHWHvQFD]XOPDPHORUFXSHUWXUE ULPDMRUHGHFRPSRUWDPHQWHGHH[HPSOXGDWRUDWHXQRUEROLIL]LFHVDXSVLKLFH$VWIHOFRSLOXOSRDWHVXEVWLWXL UROXO GH SDUWHQHU VDX GH FRQILGHQW vQIXQF LH GH VH[XOFRSLOXOXLLGHQHYRLOHQHvPSOLQLWHDOHS ULQWHOXL'HDFHHDFRSLOXOSRDWHGH]YROWDRORLDOLWDWHH[DJHUDW ID GHS ULQWHVDXS ULQ LFHHDFHYDGHWHUPLQD GLILFXOW L vQ DVXPDUHDUROXOXL GH SDUWHQHU vQ YLLWRDUHOH VDOHUHOD LL /RLDOLWDWHD SRDWH IL DPHVWHFDW FX VHQWLPHQWH GH YLQ SHQWUXQHIHULFLUHDS ULQWHOXLVHQWLPHQWHGHQHSXWLQ QHvQFUHGUHvQVLQH

IDPLOLDFXGRLFRSLLHVWHXQPRGHOGHIDPLOLHIRDUWHDSUHFLDWLIRDUWHvQWkOQLW0DUHOHDYDQWDMHVWHF IUD LLvQYD V VHDFFHSWHV VHLXEHDVF V FRODERUH]HV QHJRFLH]H6HDXXQXOSHFHO ODOWVHVSXQHGHVHRULDFFHQWXkQGIDSWXOF RULFkQGVHSRWDMXWDLVSULMLQL5ROXULOHvQ FDV VXQW vPS U LWHSH VH[H L vQ RUGLQHDDSDUL LHL VDX RUGLQHD vQIUDWULH $SDUH vQWUH HL L IHQRPHQXO FRPSHWL LHL PDL DOHV SHQWUXGUDJRVWHDS ULQ LORULSHQWUXUHVXUVHOHPDWHULDOH&RPSHWL LDHVWHPDLHYLGHQW OD IUD LL DSURSLD L FD YkUVW $FHDVW FRPSHWL LH QX HVWHQHJDWLY HVWH FKLDU GH GRULW SHQWUX F HD VWLPXOHD] DELOLW LOH GH

QHJRFLHUH L GH D IDFH ID VRFLHW LL XQGH FRSLOXO YD vQWkOQL IRDUWH


35/160

PXO LHJDOLQXGRDUXQXO&RQWHD] LVH[XOFRSLLORUvQPDQLIHVWDUHDDIHF LXQLL GDU L D FRQIOLFWHORU GDF VXQW GH DFHODL VH[ DIHF LXQHDSRDWH IL PDL GHJUDE FDPDUDGHUHDVF GDU L FRQWULEXLH OD IRUPDUHD

XQRUWHQGLQ HKRPRVH[XDOHGDF VXQWGHVH[HGLIHULWHDWXQFLXQHRULDIHF LXQHDSRDWHILDPHVWHFDW LFXVHQWLPHQWHHURWLFHUHSULPDWHGHWDEXXOLQFHVWXOXLVDXQXGHSLQGHGHDWLWXGLQHDS ULQ LORU$SDUGHVFRDOL LLFHOHPDLvQWkOQLWHILLQGvQWUHPDP LFRSLLVDXPDPDFXXQFRSLOLWDW OFXFHO ODOW

IDPLOLDFX WUHLVDXPDLPXO LFRSLL vQ DFHVWH IDPLOLL IUD LLDXPDUL DQVH V VH IRUPH]H XQXO GXS FHO ODOW V VH FUHDVF XQXO SHFHO ODOW'DF UHVXUVHOHPDWHULDOHDOHIDPLOLHLVXQWLQVXILFLHQWHGHPXOWHRUL PDL DOHV vQ IDPLOLLOH WUDGL LRQDOH SULPXO FRSLO YD DYHD VDUFLQLVLPLODUHFXFHOHDOHS ULQ LORUDGLF GHD LQHJRVSRG ULDGHDDMXWDODFUHWHUHDFHORUODO LFRSLLGHDOXFUDDWXQFLFkQGFUHWHPDLPDUH&XDOWHFXYLQWH YD GHYHQL FHHD FH VH QXPHWH FRSLO SDUHQWDO 2ULFDUH GLQWUHFRSLLLGLQIUDWULLOHQXPHURDVHSRDWHGHYHQLSDUHQWDOGDUFHOHPDLPDULDQVHOHDXSULPLL$FHVWUROGHFRSLOSDUHQWDOSRDWHILDGDSWDWLYGDF DSDUHvQIDPLOLLOHQXPHURDVHLGXFHODRPDLEXQ IXQF LRQDUHDIDPLOLHLVDXQHDGDSWDWLYFkQGS ULQWHOHUHQXQ ODUROXOV XLFRSLOXOWUHEXLHV vOSUHLD&HLFDUHDXIRVWFRSLLSDUHQWDOLvQIDPLOLLOHGHRULJLQHS V

WUHD] DFHVW SDWWHUQ GH vQJULMLUH L PDL WkU]LX LQFOXVLY ID GH SURSULLSDUWHQHULvQIDPLOLLOHSHFDUHOHYRUFRQVWLWXL8QDOWIHQRPHQGHVWXOGHGHVvQWkOQLWHVWHFDFHOGLQPLMORFXOIUDWULHLV VHVLPW LJQRUDWHPR LRQDOQHJOLMDWV GH]YROWHVHQWLPHQWHGHIUXVWUDUHQHvQFUHGHUHvQVLQHIXULH$FHVWOXFUXSRDWHGHWHUPLQDWXOEXU ULGHFRPSRUWDPHQWLDOWHVLPSWRPHLQFOXVLYEROLLQVXFFHVHFRODUHLSURIHVLRQDOHGLILFXOW LGHUHOD LRQDUH

xFULWHULXORULHQW ULLVH[XDOHDFHORUGRLSDUWHQHUL

IDPLOLLKHWHURVH[XDOHvQFDUHDPELLSDUWHQHULVXQWKHWHURVH[XDOL

(VWHIDPLOLDFHDPDLvQWkOQLW vQOXPHLDVXSUDHLQHFHQWU PGRPLQDQWLQWHUHVXOLQRLIDPLOLLKRPRVH[XDOHvQFDUHFHLGRLSDUWHQHULVXQWKRPRVH[XDOL

VDXOHVELHQH(LSRWDYHDVDXQXFRSLLSURYHQL LGLQF V WRULLDQWHULRDUHFXSDUWHQHULKHWHURVH[XDOLSULQDGRS LHVDXSULQIHUWLOL]DUHLQYLWUR(VWHXQ WLS GH IDPLOLH PDL SX LQ vQWkOQLW QRX DS UXW vQ DULD WLSRORJLLORUIDPLOLDOH([LVW GRDUFkWHYDVWDWHHXURSHQHFDUHDXDFFHSWDWF V WRULLOHGLQWUHSDUWHQHULLKRPRVH[XDOLGDUvQFHSHV ILHGLQFHvQFHPDLDFFHSWDWGH F WUH DOWH VWDWH 'HRFDPGDW VXQW PDL DFFHSWDWH FXSOXULOH KRPR

VH[XDOH I U D IL OHJDOL]DWH vQWUR F V WRULH 5HOD[DUHD PHQWDOLW LL vQ


36/160

FHHDFHSULYHWHRULHQWDUHDKRPRVH[XDO DGHWHUPLQDWDSDUL LDDFHVWXLWLSGH IDPLOLH 7RWXL KRPHVH[XDOLL L OHVELHQHOH SUHIHU vQF V U PkQ FXSOXULLPDLSX LQV vQWHPHLH]HIDPLOLL(LSXQXQDFFHQWIRDUWHPDUH

SHOLEHUWDWHDSHUVRQDO LDH[SULP ULLVH[XDOLW LLxFULWHULXODSDUWHQHQ HLFXOWXUDOHDSDUWHQHULORU

IDPLOLLvQFDUHSDUWHQHULLDSDU LQDFHOHLDLFXOWXULHVWHWLSXOFHOPDLIUHFYHQWvQWkOQLW

IDPLOLL PL[WH vQ FDUH SDUWHQHULL DSDU LQ XQRU FXOWXUL GLIHULWH(VWHXQWLSGHIDPLOLHFDUHGHYLQHGLQFHvQFHPDLRELQXLWRGDW FXPXOWLSOHOHSRVLELOLW LGHF O WRULHGLQWUR]RQ vQDOWDDOXPLLGDWRULW GH]YROW ULL WHKQLFLL GH FRPXQLFDUH SULQ WHOHIRQ ID[ LQWHUQHW 0XOWH

FXSOXULGLQ]LXDGHDVW ]LVHIRUPHD] vQXUPDSULPHORUFRQWDFWHDYXWHSULQLQWHUQHW$YDQWDMXOHVWHF LQWHUQHWXOIDFLOLWHD] SXQHUHDvQOHJ WXU DRDPHQLORUILLQGXQDGHY UDWDMXWRUSHQWUXFHLIRDUWHRFXSD LFXFHULQ HOHSURIHVLRQDOHVDXSHQWUXFHLPDLL]ROD LVRFLDO2DVWIHOGHIDPLOLHPL[W DUH vQ ID QXPHURDVH SURYRF UL vQ VSHFLDO DFHOHD GH D DUPRQL]D LGLIHUHQ HOHGHFXOWXU GHWUDGL LLDO WXULGHFHOHSHUVRQDOHFDUHH[LVW vQRULFH IDPLOLH Q5RPkQLD FHOH PDL IUHFYHQWH FD]XUL GH IDPLOLL PL[WHVXQW FHOH UHDOL]DWH vQWUHURPkQL L XQJXUL vQWUH URPkQL L QHP L vQWUHURPkQLLUURPLGXS FDUHXUPHD] FHOHODOWHWLSXULGHFRPELQD LL&HL

FDUHUHDOL]HD] FXSOXULLIDPLOLLPL[WHFXOWXUDOGDXGRYDG GHRPDLPDUHGHVFKLGHUHPHQWDO LVSLULWXDO VXQWPDLSX LQDIHFWD LGHSUHMXGHF LLPDLIOH[LELOLvQJkQGLUHLFRPSRUWDPHQW7RFPDLGHDFHHDVXQWWRWDOGHDFRUG FX $QD 7XFLFRY%RJGDQ FDUH VSXQHD vQ FDUWHD SH FDUH DFRRUGRQDWR9RFD LDIDPLOLHLvQGH]YROWDUHDFRPXQLF ULLLQWHUHWQLFHvQ5RPkQLDVWXGLLLFHUFHW ULF IDPLOLLOHWLQHUHHWQLFPL[WHGH LQXQSRWHQ LDOUHPDUFDELOLUHVXUVHSR]LWLYHvQDGHS LSUHMXGHF LOHLVW ULOHWHQVLRQDOHLQWHUHWQLFHLF HOHSRWFRQWULEXLODGH]YROWDUHDXQRUUHOD LLSR]LWLYHvQWUHPHPEULLGLIHULWHORUQD LRQDOLW LS

5ROXULOHIDPLOLDOH5ROXULOHVXQWVHWXULFRHUHQWHGHFRPSRUWDPHQWHDWHSWDWHGHODR

SHUVRDQ vQYLUWXWHDSR]L LHLSHFDUHRDUHvQWUXQVLVWHPJUXSVRFLHWDWH'DF YRUELPGHIDPLOLHDWXQFLUROXOIDPLOLDOUHSUH]LQW VHWXOFRHUHQWGHFRPSRUWDPHQWH SH FDUH PHPEULL IDPLOLHL vO DWHDSW GH OD ILHFDUHFHO ODOW PHPEUX vQ IXQF LH GH SR]L LD SH FDUH R RFXS vQ VLVWHPXO

IDPLOLDO$VWIHOSXWHPLGHQWLILFDXUP WRDUHOHWLSXULGHUROXULIDPLOLDOH


37/160


38/160

GXFHODQHJOLMDUHDFRSLLORUVDXSULYDUHDDFHVWRUDGHJULMDDWHQ LDLVDWLVIDFHUHDQHYRLORUSHFDUHVLQJXULQXLOHSRWvQGHSOLQLFHHDFHODV XUPHvQGH]YROWDUHDSHUVRQDOLW LLORUDFHVWIHQRPHQDSDUHOD

S ULQ LLLPDWXULODFHLFXEROLIL]LFHLSVLKLFHJUDYHODFHLFDUHvLUHVSLQJSURSULDVH[XDOLWDWHPDPHFDUHvLUHVSLQJIHPLQLWDWHDWD LFDUHQXPDQLIHVW PDVFXOLQLWDWHS ULQ LLGHSHQGHQ LGHDOWHSHUVRDQHS ULQ LVDXSDUWHQHULGHVXEVWDQ HHWFS ULQ LGRPLQDWRULL DJUHVLYL S ULQ L LQVWDELOL 0LQLPDOL]DUHD UROXOXL IUDWHUQ DSDUHDWXQFL FkQG IUD LL VH LJQRU XQLL SH DO LL VDX H[LVW PXOWLSOHWHQVLXQLLFRQIOLFWHvQWUHHL


QDFHVWFDSLWRODPSUH]HQWDWIDPLOLDFDVLVWHPDGLF DPSXV

DFFHQWSHLQWHUDF LXQHDPHPEULORUIDPLOLHLSHVWUXFWXUDDFHVWXLVLVWHPIDPLOLDOSHIXQF LLOHLUROXULOHIDPLOLDOH$VWIHOVSHUV UH LLF x VWUXFWXUD IDPLOLHL DD FXP R vQ HOHJH 6DOYDGRU 0LQXFKLQ HVWH

DOF WXLW GLQ VXEVLVWHPH FHO DO DGXO LORU FHO SDUHQWDO L FHO DOIUDWULHLLGLVSXQHGHJUDQL HULJLGHIOXLGHVDXGLIX]H

x H[LVW SDWUX PDUL IXQF LL DOH IDPLOLHL HFRQRPLF GH VRFLDOL]DUH

VDXHGXFDUHGHVROLGDULWDWHLVH[XDOUHSURGXFWLY x IDPLOLLOHLDXPDLPXOWHIRUPHVDXWLSXULFODVLILFDWHGXS PDLPXOWHFULWHULL FHOH PDL VHPQLILFDWLYH SHQWUX QRL DFXP VXQW IDPLOLLOHSROLJDPHPRQRJDPHQXFOHDUHH[WLQVHPRQRSDUHQWDOHPL[WHVDXUHFRQVWUXLWHPL[WHHWQLFVDXFXOWXUDOKRPRVH[XDOHVDXvQIXQF LHGHQXP UXOGHFRSLL

x UROXULOHIDPLOLDOHVXQWGHWLSFRQMXJDOSDUHQWDOLIUDWHUQLF HOHGHLWHRUHWLFDXXQDQXPLWFRQ LQXWODQLYHOSUDFWLFSHQWUXILHFDUHSHUVRDQ LDXRIRUP VSHFLILF 5ROXULOHSRWILvQGHSOLQLWHH[FHVLY

VDXLQVXILFLHQW


6LVWHPIDPLOLDO JUXSXOIDPLOLDOY ]XWFDLQWHUDF LXQHDGLQWUHPHPEULLV LFRPSRQHQ LGXS DQXPLWHUHJXOLLvQGHSOLQLQGDQXPLWHIXQF LLFDUHDXFDVFRSPHQ LQHUHDHFKLOLEUXOXLIDPLOLHL

)HHGEDFN PHFDQLVP SULQ FDUH XQ VLVWHP GHFL L IDPLOLD SUHLDLQIRUPD LL SHQWUX DL UHJOD VWDUHD VFRSXO ILQDO ILLQG

HFKLOLEUXOLVWDELOLWDWHDVLVWHPXOXL


39/160


40/160

&XPDL GHVFULH UHOD LLOHGLQWUH IUD L GDF vQWUR IDPLOLHDU H[LVWDXUP WRDUHDIUDWULHXQE LDWGHDQLRIDW GHDQLRIDW GHDQLLXQDOWE LDWGHDQL"

&DUHDUILSULQFLSDOHOHSURYRF ULDOHXQHLF V WRULLvQWUHRURPkQF LXQDPHULFDQ"'DUvQWUHXQURPkQLRDPHULFDQF "


0,18&+,1 6 )DPLOLHV DQG )DPLO\ 7KHUDS\ &DPEULGJH 0$ +DUYDUG8QLYHUVLW\3UHVV

0,18&+,16),6+0$1+&)DPLO\7KHUDS\7HFKQLTXHV &DPEULGJH

0$+DUYDUG8QLYHUVLW\3UHVV0,752)$1,2/$1'$&XSOXOFRQMXJDODUPRQLHLGL]DUPRQLH%XFXUHWL(GWLLQ LILF L(QFLFORSHGLF

0,752)$1 ,2/$1'$&,83(5& & 3VLKRORJLDUHOD LLORUGLQWUHVH[H%XFXUHWL(G$OWHUQDWLYH

0,752)$1,2/$1'$&,83(5& &,QWURGXFHUHvQSVLKRVRFLRORJLDLSVLKRVH[RORJLDIDPLOLHL%XFXUHWL(G$OWHUQDWLYH

0,752)$1,2/$1'$9$6,/('7HUDSLLGHIDPLOLH(G63(5%XFXUHWL

1,&+2/6 0 6&+$57= 5 7HUDSLD GH IDPLOLH FRQFHSWH L PHWRGHWUDGXFHUHLSXEOLFDUHDXWRUL]DW GH$VRFLD LDGHWHUDSLHIDPLOLDO RULJLQDOSXEOLFDW GH$OO\Q%DFRQ

267(55,(7+3&RSLOXOLIDPLOLD(G'LGDFWLF L3HGDJRJLF %XFXUHWL

78&,&29%2*'$1$1$FRRUG9RFD LDIDPLOLHLvQGH]YROWDUHDFRPXQLF ULLLQWHUHWQLFHvQ5RPkQLD)XQGD LD$5021,$SHQWUXIDPLOLLOHHWQLFPL[WHGLQ5RPkQLD%XFXUHWL

9,1&(175&XQRDWHUHDFRSLOXOXL(G'LGDFWLF L3HGDJRJLF %XFXUHWL

92,1($ 0$5,$ 6RFLRORJLD IDPLOLHL 7LSRJUDILD 8QLYHUVLW LL %XFXUHWL%XFXUHWL


41/160

&$3,72/8/

&DUDFWHULVWLFLOHYLH LLGHIDPLOLHQ DFHVW FDSLWRO SOHF GH OD SUHPLVD F IDPLOLD HVWH XQ VLVWHP

GLQDPLFHDFXQRVFkQGWUDQVIRUP ULSHUPDQHQWH0HPEULLHLVHGH]YROW HYROXHD] vPSUHXQ L DGDXJ QRL HOHPHQWH FDUH vPERJ HVF

YLD DIDPLOLDO LYRLSUH]HQWDFkWHYDGLQWUHFRQFHS LLOHUHIHULWRDUHODFLFOXO YLH LL IDPLOLDOH FkWHYD SURFHVH IDPLOLDOH VHPQLILFDWLYH L P RSUHVF PDL PXOW OD DERUGDUHD WUDQVJHQHUD LRQDO D IDPLOLHL D OXL0XUUD\%RZHQSHFDUHRFRQVLGHUH[WUHPGHLQWHUHVDQW LGHXWLO vQvQ HOHJHUHD SVLKRORJLHL IDPLOLHL 0LD GRUL FD OD ILQDOXO VWXGLXOXLDFHVWXLFDSLWROV FXQRWL

FDUHVXQWSULQFLSDOHOHHWDSHSULQFDUHWUHFHRIDPLOLHLFDUHVXQWFDUDFWHULVWLFLOHVSHFLILFHILHF UHLHWDSH

V FDUDFWHUL]H]LSURFHVXOFRPXQLF ULLvQIDPLOLH

V vQ HOHJL GH FH HVWH DERUGDUHD OXL 0XUUD\ %RZHQ DWkW GHLPSRUWDQW V SR L GHILQL L SXQH vQ SUDFWLF QR LXQHD GH GLIHUHQ LHUH D

VLQHOXLLWRDWHFHOHODOWHFRQFHSWHDOHRULHQW ULLWUDQVJHQHUD LRQDOHV SR LFRQVWUXLLLQWHUSUHWDVXPDURJHQRJUDP

(WDSHOHYLH LLIDPLOLDOH)DPLOLD HVWH XQ VLVWHP GHVFKLV YLX FX LQIOXHQ H PXOWLSOH L

GLYHUVH GLQ SDUWHD PHGLXOXL L QXPHURDVH WLSXUL GH LQWHUDF LXQL FXDFHVWD6LVWHPXOIDPLOLDOQLFLRGDW QXU PkQHODIHOHOVHVFKLPE GHOD XQ PRPHQW OD DOWXO vQ IXQF LH GH HYHQLPHQWHOH FDUH DSDU vQLQWHULRUXOLH[WHULRUXOIDPLOLHL(OWUHEXLHV VHUHVWUXFWXUH]HLUHRUJDQL]H]HvQIXQF LHGHx DSDUL LDVDXGLVSDUL LDXQRUDGLQWUHPHPEULLHLQDWHUHDFRSLLORUD

QHSR LORUGHFHVXOF V WRULDFRSLLORUUHYHQLUHDGXS XQGLYRU DFRSLOXOXLvQFXLEXOIDPLOLHLGHRULJLQH

x FUHWHUHD L GH]YROWDUHD PHPEULORU FRSLOXO PLF DGROHVFHQWXOFRQWLHQWL]DUHD UROXOXL SDUHQWDO GH F WUH S ULQWH vQDLQWDUHD vQ

YkUVW HWF


42/160

x DSDUL LD XQRU HYHQLPHQWH DWHSWDWH VDX QHDWHSWDWH LQWUDUHD FRSLOXOXL OD JU GLQL VDX FRDO GLYRU XO SHQVLRQDUHD S ULQ LORURE LQHUHDXQXLORFGHPXQF SHQWUXS ULQWHRERDO HWF

'HFL R VFKLPEDUH vQWUR JHQHUD LH GHWHUPLQ VFKLPE UL L vQFHOHODOWH JHQHUD LL 7UDQVIRUP ULOH FDUH DX ORF vQWUXQ VXVEVLVWHPIDPLOLDOLQIOXHQ HD] LFHOHODOWHVXEVLVWHPH,PSRUWDQWHVWHV UH LLF VFKLPE ULOHSULQFDUHWUHFHRIDPLOLHQXVHIDFvQPRGOLQFLGLPSRWULY vQVDOWXULXQHRULSUHVXSXQkQGFKLDU]JXGXLULFDUHSRWILSO FXWHVDXGXUHURDVHGDUDSURDSHvQWRWGHDXQDVWUHVDQWH

'H H[HPSOX DWXQFL FkQG FRSLOXO PHUJH OD FRDO WR L FHLODO LPHPEULDLIDPLOLHLvLYRUVFKLPEDSURJUDPXODWLWXGLQLOHLFRPSRUWDPHQWHOHXQXOID GHDOWXO'HDVHPHQHDSUREOHPHOHGHFRPXQLFDUHL

UHOD LRQDOHSHFDUHRIDW DGROHVFHQW GHDQLOHDUHFXS ULQ LLV LVHSRWGDWRUDLQWHUDF LXQLLPDLPXOWRUIDFWRULDGDSW ULLHL OD DGROHVFHQ FUL]HL GH GH DQL D WDW OXL vQJULMRU ULL PDPHL VDOH SHQWUX R ERDO SURSULH VDX D XQXL S ULQWH 6DX GXS SOHFDUHD FRSLLORU GH DFDV LUHVWDELOLUHDHFKLOLEUXOXLLDYLH LLvQGRLDS ULQ LORUHLSRWILFRQIUXQWD LFXvQWRDUFHUHDFRSLOXOXLvQXUPDXQXLGLYRU LDVWDYDSUHVXSXQHRQRX LGLILFLO VDUFLQ SDUHQWDO

Q IHOXO DFHVWD D DS UXW LGHHD FLFOXOXL GH YLD IDPLOLDO FDUHSUHVXSXQHSDUFXUJHUHDPDLPXOWRUVWDGLLVDXHWDSH

6DOYDGRU 0LQXFKLQ LGHQWLILF SDWUX VWDGLL GH GH]YROWDUH FDUHDSDUvQPDMRULWDWHDIDPLOLLORU

&RQVWLWXLUHD FXSOXOXL GLDGD PDULWDO IRUPHD] XQ VLVWHPIXQF LRQDO SULQ QHJRFLHUHDJUDQL HORU LQWHUDF LXQHDFXVRFULLUHFRQFLOLLQG VWLOXULOH GH YLD GLIHULWH L GH]YROWkQG UHJXOL UHIHULWRDUH ODFRQIOLFWLFRRSHUDUH

)DPLOLDFXFRSLLPLFLVLVWHPXOPDULWDOVHUHRUJDQL]HD] DWXQFLFkQGDSDUFRSLLLSHQWUXDVHDGDSWDFHULQ HORUOHJDWHGHSDUHQWDOLWDWH

)DPLOLDFXFRSLLFRODULLDGROHVFHQ LIDPLOLDLQWHUDF LRQHD] DFXP L FX VLVWHPXO FRODU 3H P VXU FH FRSLLL GHYLQ DGROHVFHQ L

IDPLOLDWUHEXLHV VHDGDSWH]HODSUREOHPHFDLQIOXHQ DSULHWHQLORUSLHUGHUHDSDU LDO DFRQWUROXOXLSDUHQWDOHPDQFLSDUHDFRSLLORUHWF )DPLOLDFXFRSLLPDUL DFHWLD GHYLQ GHMD DGXO L DVWIHO F

UHOD LDGLQWUHS ULQ LLFRSLLWUHEXLHPRGLILFDW SHQWUXDGHYHQLUHOD LHGHWLSDGXOWDGXOW

6RFLRORJLL(YHO\Q'XYDOL5HXEHQ+LOODXDSOLFDWXQFDGUXGHGH]YROWDUHIDPLOLLORUGLQDQLLSULQVWDELOLUHDXQRUHWDSHGLVFUHWHDOH GH]YROW ULL JUXSXOXL IDPLOLDO FX VDUFLQL FH WUHEXLH vQGHSOLQLWHSHQWUXILHFDUHGLQWUHHOH$FHVWHDVXQW

x(WDSDFXSOXOXLI U FRSLL


43/160

x(WDSDIDPLOLHLFXFRSLLGHYkUVW FRODU x(WDSDIDPLOLHLFXFRSLLGHYHQL LDGXO Lx(WDSDIDPLOLHLRPXOXLVLQJXUY GXYLD

7HUDSHX LLGHIDPLOLH%HWW\&DUWHUL0RQLFD0F*UHJRU DX vPERJ LW DFHVW FDGUX HL DX DSHODW OD RULHQWDUHD PXOWLJHQHUD LRQDO UHFXQRVFkQG SDWWHUQXULOH FXOWXUDOH GLYHUVH L DYkQG vQYHGHUH L HWDSHFDUH QXVXQWQHDS UDWVSHFLILFHFXPDU IL GLYRU XO LUHF V WRULD (VWH GH DOWIHO FRQVLGHUDW FHD PDL FXSULQ] WRDUH LGHPRQVWUDW FOLQLFHWDSL]DUHRUJDQL]DW SHDVHHWDSHGLVWLQFWH

DLQL LDWLYDWkQ UXOXLDGXOWEF V WRULDFIDPLOLLOHFXFRSLLPLFL

GIDPLOLLOHFXDGROHVFHQ LHLQL LDWLYHOHFRSLLORULS U VLUHDF PLQXOXLIIDPLOLDODE WUkQH H

7HURJVWXGLD] LWDEHOXOGHPDLMRVvQFDUHVXQWSUH]HQWDWHPDLGHWDOLDWHWDSHOHFRQIRUPFRQFHS LHLDXWRULORUPHQ LRQD LPDLVXVGXS 1LFKROVL6FKZDUW]S

(YLGHQWQXH[LVW QLFLRYHUVLXQHVWDQGDUGDHWDSHORUYLH LLGHIDPLOLH1XQXPDLF IDPLOLLOHDXRGLYHUVLWDWHGHWLSXULDDFXPDLY ]XWvQFDSLWROXODQWHULRUGDUDFHVWHWLSXULSRWDYHDQRUPHLUHJXOLIRDUWHGLIHULWHSHQWUXHWDSHGLIHULWH9DORDUHDFRQFHSWXOXLGHFLFOXGHYLD FRQVW vQDUHFXQRDWHF IDPLOLLOHDGHVHDGH]YROW SUREOHPHODWUDQ]L LLOH GH OD R HWDS OD DOWD GDWRULW LQDELOLW LL VDX WHPHULORUPHPEULORULDVLVWHPXOXLIDPLOLDOGHDIDFHWUDQ]L LDGHODRHWDS ODDOWD'HDFHHDWHDUXJDV QXOHIRORVHWLSHQWUXDVWDELOLLDMXGHFDFHHVWHQRUPDOVDXGHDWHSWDWvQDQXPLWHHWDSHvQWURIDPLOLH

(WDSHOHFLFOXOXLYLH LL

GHIDPLOLH

3URFHVXOHPR LRQDODOWUDQ]L LHL

3ULQFLSLXOFKHLH

6FKLPE ULGHJUDGXOGRLvQVWDWXWXOIDPLOLHLFHUXWH

SHQWUXDFRQWLQXDGH]YROWDUHD3 U VLUHDFDVHLDGXO LLWLQHULVLQJXUL

$FFHSWDUHDUHVSRQVDELOLW LL

HPR LRQDOHLILQDQFLDUH

D'LIHUHQ LHUHDVLQHOXLvQOHJ WXU FXIDPLOLDGHRULJLQHE 'H]YROWDUHD UHOD LLORU LQWLPHHJDOHF6WDELOLUHDVLQHOXLvQOHJ WXU FXPXQFDLLQGHSHQGHQ DILQDQFLDU

)RUPDUHDIDPLOLLORU

SULQF V WRULH

QRXOFXSOX

$QJDMDUHDvQQRXOVLVWHP

D)RUPDUHDVLVWHPXOXLPDULWDOE 5HDOLQLHUHD UHOD LLORU FX IDPLOLLOHH[WLQVHLSULHWHQLLSHQWUX

DLQFOXGHVR XOVR LD


44/160

)DPLOLLFXFRSLLPLFL

$FFHSWDUHDQRLORUPHPEULvQVLVWHP

D $GDSWDUHD VLVWHPXOXL PDULWDOSHQWUXDIDFHORFFRSLLORUE PS U LUHD VDUFLQLORU SULYLQG

FUHWHUHD FRSLOXOXL D VDUFLQLORUILQDQFLDUHLJRVSRG UHWLF5HDOLQLHUHDUHOD LLORUFXIDPLOLDH[WLQV SHQWUXDLQFOXGHUROXULOHS ULQ LORULEXQLFLORU

)DPLOLDFXDGROHVFHQ L

0 ULUHDIOH[LELOLW LLJUDQL HORUIDPLOLHL

SHQWUXDSXWHDSHUPLWHLQGHSHQGHQ D

FRSLLORULVO ELFLXQLOHEXQLFLORU

D 6FKLPEDUHD UHOD LHL S ULQWHFRSLO SHQWUX D SXWHD SHUPLWHDGROHVFHQWXOXL V VH PLWH vQLQWHULRUXOLvQDIDUDVLVWHPXOXL

E 5HIRFDOL]DUHD DVXSUD SUREOHPHORU PDULWDOH GH OD PLMORFXOYLH LLLDVXSUDFDULHUHLFQFHSXWXOVFKLPE ULLVSUHvQJULMLUHDJHQHUD LHLPDLYkUVWQLFH/DQVDUHDFRSLLORULSOHFDUHD

/DQVDUHDFRSLLORUL

SOHFDUHDORU

GHDFDV

$FFHSWDUHDPXOWLWXGLQLL

GHLHLULLLQWU UL

vQVLVWHPXOIDPLOLHL

D5HQHJRFLUHDVLVWHPXOXLPDULWDOFDRGLDG E 'H]YROWDUHD UHOD LLORU DGXOW

DGXOWF $ IDFH ID GL]DELOLW LORU LPRU LLS ULQ LORUEXQLFLORU

)DPLOLLvQYLD DWkU]LH

$FFHSWDUHDVFKLPE ULLUROXULORU

JHQHUD LRQDOH

D 0HQ LQHUHD IXQF LRQ ULL LLQWHUHVHORU SURSULL LVDX DOHFXSOXOXLvQID DGHFOLQXOXLSVLKRORJLF H[SORUDUHD QRLORU RS LXQLDOHUROXOXLIDPLOLDOLVRFLDOE6SULMLQSHQWUXXQUROPDLFHQ

WUDODOJHQHUD LHLGHPLMORFF )OH[LELOL]DUHD VLVWHPXOXL IDPLOLDO GDWRULW vQ HOHSFLXQLL LH[SHULHQ HL FHORU PDL vQ YkUVW VSULMLQLQGJHQHUD LDPDLYkUVWQLF I U VXSUDVROLFLWDUHDORUG'HFODQDUHDPHFDQLVPHORUGHFRSLQJSHQWUXDIDFHID SLHUGHULLVR XOXLFRSLLORULDDOWRUSHUHFKL

LSUHJ WLUHDSHQWUXPRDUWH


45/160

3URFHVHOHIDPLOLDOHQFDGUXOIDPLOLHLDXORFQXPHURDVHSURFHVHLIHQRPHQHIDPL

OLDOHFXPDUILLQWHUFXQRDWHUHDFRPXQLFDUHDFRRSHUDUHDFRQIOLFWXOFRPSHWL LDQHJRFLHUHDIRUPDUHDXQRUFRDOL LLPDQLSXODUHDHWF0DPJkQGLWV IDFRSUH]HQWDUHVXFFLQW GRDUDLQWHUFXQRDWHULLLFRPXQLF ULL SH FDUH OH FRQVLGHU IXQGDPHQWDOH O VkQGXWH SH WLQH V OHDSURIXQGH]LSHDFHOHDFDUHv LVWkUQHVFLQWHUHVXOIRORVLQGELEOLRJUDILDVXSOLPHQWDU GHODVIkULWXOFDSLWROXOXL

,QWHUFXQRDWHUHD

$O WXUL GH FRPXQLFDUH DFHVW SURFHV GH LQWHUFXQRDWHUH VW ODED]D IRUP ULL L HYROX LHL FXSOXOXL L D IDPLOLHL&HLGRL SDUWHQHUL VHvQWkOQHVFVHSODFVHvQGU JRVWHVFGHFHOHPDLPXOWHRULLKRW U VFV VHFXQRDVF 'XS FHFRQVLGHU F VHFXQRVFVXILFLHQWGDF H[LVW LGRULQ DGHDIRUPDXQFXSOXVWDELOGHDU PkQHvPSUHXQ GHUHJXO VHF V WRUHVF 'DU SURFHVXO LQWHUFXQRDWHULL QX VD vQFKHLDW FL GLPSRWULY DELD DFXP VH PDQLIHVW SOHQDU 2 GDW FH SDUWHQHULL vQFHS V ORFXLDVF vPSUHXQ V UHDOL]H]HVDUFLQLOHFDVQLFHvPSUHXQ V IDF ID LQIOXHQ HORUH[WHUQHHLVHFXQRVFGLQFHvQFHPDLPXOWSHGLYHUVH

ID HWH DOH SHUVRQDOLW LL $VWIHO LQWHUFXQRDWHUHD HVWH XQ SURFHV DWkWYROXQWDUFRQWLHQWFkWLLQYROXQWDUDXWRPDW3DUWHDYROXQWDU FRQVW vQ DF LXQL GLUHFWH GH DXWRGH]Y OXLUH L GH]Y OXLUH UHFLSURF 3DUWHDLQYROXQWDU FRQVW vQFRPSRUWDPHQWHOHRELQXLWHLDXWRPDWHSHFDUHILHFDUHSDUWHQHUOHUHDOL]HD] LvQXUPDF URUDSDUWHQHUXOSRDWHFXOHJHLQIRUPD LLUHSUH]HQWDWLYHGHVSUHFHO ODOW8QHRULDFHVWWLSGHLQWHUFXQRDWHUH HVWH LJQRUDW VDX PLQLPDOL]DW vQ XQHOH FXSOXUL SDUWHQHULLED]kQGXVH PDL PXOW SH FHHD FH DILUP GHFkW SH FHHD FH IDF 'HH[HPSOXvQWURIDPLOLHFXXQSDUWHQHUDOFRROLFVDXQHLPSOLFDWHPR

LRQDOFHO ODOWSDUWHQHUSRDWHPLQLPDOL]DFRPSRUWDPHQWHOHGHDEX]GHDOFRROVDXFHOHOLSVLWHGHDIHF LXQHFUH]kQGF vQWUR]LVHYDVFKLPEDSHQWUXF DDVSXQH$VWDYDGXFHODRIDOV LQWHUFXQRDWHUHLODXQIHQRPHQGHDXWRLOX]LRQDUH7RWXLDDFXPFUHGF WLLLWXIDSWHOHFDUDFWHUL]HD] RPXOFHOPDLELQH

$XWRGH]Y OXLUHD L GH]Y OXLUHD UHFLSURF DMXW IRDUWH PXOW ODVWDELOLUHD LQWLPLW LLvQFXSOXLIDPLOLH$WkWFHLGRLSDUWHQHULFkWLS ULQ LLLFRSLLLVWDELOHVFUHOD LLPDLEXQHPDLGHVFKLVHLPDLFDOGHWRFPDLSULQLQWHUPHGLXODXWRGH]Y OXLULL7RWHDIDFLOLWHD] VWLPXODUHD

GUDJRVWHLHURWLFHGDUPDLDOHVDFHOHLSURIXQGHPDWXUH


46/160

'DUQXHVWHXRULQLFLODvQGHPkQ V WHGH]Y OXLLV DVFXO LGH]Y OXLUHDDOWHLSHUVRDQHQLFLFKLDUDVR XOXLVDXDFRSLOXOXLW X,DW FDUHVXQWFkWHYDGLQWUHEDUDMHOHLQWHUFXQRDWHULLx 7HDPDGHDQXO VDSHFHO ODOWV DIOHSUHVXSXVHOHGHIHFWHSURSULLx 7HDPDGHUHVSLQJHUHVDXSLHUGHUHFDUHDUSXWHDXUPDvQPRGUHDO

VDXGRDUIDQWDVPDWGDF FHO ODOWFXQRDWHFHHDFHWXDSUHFLH]LFDILLQGXUkWQHSRWULYLWGHIHFWHWF

x 7HQGLQ D GH D MXGHFD SURSULD GH]Y OXLUH VDX FHHD FH GH]Y OXLHSDUWHQHUXOD

x 7HQGLQ DGHDWHDU WDVXSHULRUSDUWHQHUXOXLFHHDFHIDOVLILF LQWHUFXQRDWHUHD

x 0LWXO FRQIRUP F UXLD SDUWHQHUXOWUHEXLHV vLGHDVHDPDFXP

HWLGDF WHLXEHWHVXILFLHQWGHPXOWx 'HSULQGHULJUHLWHGHFRPXQLFDUHYH]LPDLMRVODEORFDMHOHFR

PXQLF ULL

(YLGHQWvQV FHHDFHIDFLOLWHD] LQWHUFXQRDWHUHDHVWH DXWRFXQRDWHUHDLvQFUHGHUHDvQVLQH(OHDMXW DWkWvQSULPHOHPRPHQWHDOHGH]Y OXLULL FkW L PDL WkU]LX OD DSURIXQGDUHD LQWHUFXQRDWHULL (OHDMXW ODJHVWLRQDUHDWHPHULORULODHOLPLQDUHDVDXUHGXFHUHDEDUDMHORU

&RPXQLFDUHD&RPXQLFDUHDHVWHIRDUWHVWUkQVOHJDW GHLQWHUFXQRDWHUHILLQG

PLMORFXOSULQFDUHDFHDVWDGLQXUP VHUHDOL]HD] 'HDFHHDREXQ FRPXQLFDUHYDVWLPXODLQWHUFXQRDWHUHDFDUHODUkQGXOHLYDFRQWULEXLODVDWLVIDF LDLvPSOLQLUHDFRPXQLF ULL

&UHGF GHMDFXQRWLFHOHGRX IRUPHIXQGDPHQWDOHGHFRPXQLFDUHXPDQ FHDYHUEDOLFHDQRQYHUEDODDF QXDPV LQVLVWDVXSUDORU0HQ LRQH]GRDUF DPEHOHVXQWIRORVLWHLIRDUWHXWLOHvQFXSOX L IDPLOLH (OH SRW DMXWD OD UHJODUHD UHOD LLORU IDPLOLDOH L ODUHHFKLOLEUDUHDVLVWHPXOXLIDPLOLDO

2DOW FODVLILFDUHDWLSXULORUGHFRPXQLFDUHXWLO FHORUFDUHVWXGLD] IDPLOLDHVWHFHDDOXL*UHJRU\%DWHVRQ(OvPSDUWHFRPXQLFDUHDvQ

x&RPXQLFDUHDGLJLWDOx&RPXQLFDUHDDQDORJLF

Q FRPXQLFDUHD GLJLWDO ILHFDUH PHVDM DUH GRDU XQ UHIHUHQWDSDU LQHGRDUXQXLWLSORJLFLFRQVW vQVHPQHDUELWUDUH%DWHVRQL

-DFNVRQ'HH[HPSOXFXYkQWXOPDV QXGHVHPQHD] QLPLF


47/160

DOWFHYD GHFkW R SLHV GH PRELOLHU 'LQ SXQFWXO GH YHGHUH DO FRPXQLF ULLGLJLWDOHRGXUHUHGHFDSHVWHRGXUHUHGHFDSLQLPLFDOWFHYD

Q FRPXQLFDUHD DQDORJLF PHVDMXO DUH PDL PXOW GHFkW XQ

UHIHUHQWSXWkQGH[SULPDGLIHULWHJUDGH'HH[HPSOXVWUkQJHUHDXQXLSXPQHVWHvQDFHODLWLPSXQVHPQSHQWUXXQDQXPLWWLSGHFRPSRUWDPHQWH[DPHQLQ DUHRSR]L LHIUXVWUDUHDJUHVLYLWDWHGDUWRWRGDW HVWHLRSDUWHDDFHVWXLFRPSRUWDPHQWQDQXPLWHFXOWXULPDQLIHVW ULFDSOkQVXO LSDWXOUXSHUHDKDLQHORUVPXOJHUHDS UXOXLORYLUHDFDSXOXLGHXQ]LGH[SULP vQPRGDQDORJGLIHULWHJUDGHGHGLVSHUDUH8QPHVDMDQDORJLF SRDWH IL GHFRGLILFDW GRDU SULQ OXDUHD vQ FRQVLGHUDUH D DOWRUPHVDMH$DGHSLOG RGXUHUHGHVWRPDFQXHVWHGRDURGXUHUHGHVWRPDFFLFRQFRPLWHQWH[SULPDUHDGH]JXVWXOXLXQPRGGHDWHVXVWUDJH

GHODDIDFHRWUHDE VDXRFHUHUHGHDIHF LXQH'XUHUHDGHVWRPDFFRPXQLFDW FXLYD FD PHVDM DQDORJLF YD GHSLQGH GH VLWXD LD L GHFRQWH[WXO vQ FDUH PHVDMXO DQDORJLF D IRVW HPLV 0DGDQHV $VWIHOVLPSWRPHOH FDUH DSDU vQ IDPLOLH VXQW GH IDSW PHVDMH FRPXQLFDWHFHORUODO LPHPEULFXVFRSXOGHDVFKLPEDFHYDvQVLVWHPXOIDPLOLDO

'HH[HPSOXRVR LHIUXVWUDW GHOLSVDGHDWHQ LHDVR XOXLV XSUHRFXSDW GH DOWH SUREOHPH vL SRDWH FRPXQLFD EUXVF R GXUHUH GHVWRPDFvQWLPSXOFLQHL0HVDMXODUHPDLPXOWHVHPQLILFD LL(OSRDWHvQVHPQDLQWHQ LDGHDOGHWXUQDSHVR GHODSUREOHPHOHOXLQHYRLDGH

DL FDSWD DWHQ LD L DIHF LXQHD L WRWRGDW R VWDUH IL]LF ORJLF GHGLVFRQIRUWHSLJDVWULF6DX$PRGXUHUHGHFDSFRPXQLFDW vQPRPHQWXOSUHJ WLULL

GHFXOFDUHSRDWHvQVHPQDPDLPXOWGHFkWRVWDUHLQWHUQ GHWHULRUDUHDUHOD LLORUVH[XDOHVDXUHIX]XODFHVWRUD

'HDVHPHQHDVWLOXOLPRGDOLW LOHGH FRPXQLFDUH VH vQYD vQSULPXOUkQGvQIDPLOLH$SRLHOHVXQWPRGHODWHvQJUXSXULLVRFLHWDWH'HDFHHDLQFOXVLYEORFDMHOHvQFRPXQLFDUHYRUILSUHOXDWHGLQIDPLOLHLIRORVLWHvQYLLWRDUHOHUHOD LLGHFXSOXLGHIDPLOLHDOHFRSLLORU

(OHPHQWHOHFDUHIDFLOLWHD] REXQ FRPXQLFDUHVXQWx 6HQWLPHQWHOHGHDIHF LXQHDXWHQWLF DOHPHPEULORUIDPLOLHLx $ELOLW LOHGHJHVWLRQDUHDOHVHQWLPHQWHORUFDUHVHQDVFvQSURFHVXO

FRPXQLF ULLx 2QHVWLWDWHDLSURPRYDUHDDGHY UXOXLvQRULFHFRPXQLFDUHx 'HVFKLGHUHDODLSUH XLUHDPHVDMHORUYHUEDOHLQRQYHUEDOHFDUH

YLQGHODFHLODO LPHPEULFDXUPDUHDFRQWLHQWL] ULLIDSWXOXLF DFHVWHDDMXW ODS VWUDUHDHFKLOLEUXOXLIDPLOLDO

x 2IHULUHDXQXLWLPSLVSD LXVSHFLDOSHQWUXFRPXQLFDUHPDLDOHVD

FHHDFHHVWHLPSRUWDQWGHOLFDWVHQVLELO


48/160


49/160

'DF WU LHVFvPS U LQGFXFHLODO LFRSLLLvQYD V ILHJHQHURL'DF WU LHVFvQRQHVWLWDWHFRSLLLvQYD UHVSHFWXOSHQWUXDGHY U'DF WU LHVFvQFRUHFWLWXGLQHFRSLLLvQYD V ILHGUHS L

'DF WU LHVFvQEXQ YRLQ LFRQVLGHUD LHFRSLLLvQYD UHVSHFWXO'DF WU LHVFvQVLJXUDQ FRSLLLvQYD V DLE vQFUHGHUHvQHLLvQFHLODO L'DF WU LHVFvQSULHWHQLHFRSLLLvQYD F HSO FXWV WU LHWLSHOXPH

7HLQYLWvQV V vLFLWHWLFDUWHD &XPVH IRUPHD] FRSLLL QRWULVFULV vPSUHXQ FX 5DFKHO +DUULV SHQWUX D SXWHD DIOD PDL PXOWH LvQ HOHJHPHFDQLVPHOHSULQFDUHFRSLLLDVLPLOHD] WRWFHVHvQWkPSO vQYLD DIDPLOLDO LvQVSHFLDOvQYLD DDIHFWLY 'HDVHPHQHDDUSXWHDV v LO UJHDVF LFXQRWLQ HOHUHIHULWRUHODUROXULOHSDUHQWDOH

$PGHFLVV v LSUH]LQWDLFLGRDUFkWHYDOXFUXULGHVSUHLXELUHFHOPDL LPSRUWDQW VHQWLPHQW GLQ IDPLOLH FDUH VW OD ED]D GH]YROW ULLQRDVWUHFDILLQ HXPDQHLGHVSUHLQWLPLWDWHFDUHUHSUH]LQW FDUDFWHULVWLFDIXQGDPHQWDO DYLH LLGHFXSOXLGHIDPLOLH5HVWXOWHSURYRFSHWLQHV FDX LvQELEOLRJUDILDSHFDUH LRVXJHUH]ODILQDOXOFDSLWROXOXLLvQDOWHF U LODFDUHHXQXPDPJkQGLWSHFDUHQXOHDPFLWLWVDXFDUHQXDXDS UXWvQF

,XELUHD

,XELUHDHVWHVHQWLPHQWXOSXWHUQLFGHDIHF LXQHDWUDF LHLXQLUHDFHORUGRLSDUWHQHULFDUHIRUPHD] FXSOXOPDULWDOVDXQX$FWXDOPHQWHLXELUHDHVWHSULQFLSDODPRWLYD LHSHQWUXWUDQVIRUPDUHDFXSOXULORUHURWLFHvQFXSOXULFRQMXJDOHF V WRULH

(:KHDWDSXG0LWURIDQL&LXSHUF SGHVFULHFLQFLIRUPHGHPDQLIHVWDUHDLXELULL

(SLWKXPLD VH UHIHU OD GRULQ D IL]LF SXWHUQLF UHFLSURFH[SULPDW SULQGUDJRVWHVH[XDO SOLQ GHVDWLVIDF LH6DWLVIDF LDVH[XDO HVWHXQLQGLFDWRUVLJXUDO V Q W LL F VQLFLHLFKLDUGDF GXS :KHDWUHOD LLOHVH[XDOHQXVXQWDVSHFWXOFHOPDLLPSRUWDQWDOF V WRULHL

(URV HVWH IRUPD GH GUDJRVWH FH LPSOLF FHO PDL PXOW URPDQWLVPXO (URV SUHVXSXQH PDL DOHV LGHHD GH FRQWRSLUH XQLILFDUHIX]LXQHFXILLQ DLXELW GDULGRULQ DGHDRSRVHGDWRWDOIL]LFPHQWDOVSLULWXDO'HDLFLURPDQWLVPXO(VWHRLXELUHSDVLRQDO LVHQWLPHQWDO LUHSUH]LQW FHOPDLDGHVHDSXQFWXOGHSOHFDUHvQF V WRULH

6WRUJH HVWHRIRUP GHGUDJRVWHGHVFULV FDUHOD LHFRQIRUWDELO FDUHvQJOREHD] RDIHF LXQHQDWXUDO LVHQWLPHQWXOGHDSDUWHQHQ

UHFLSURF 6HED]HD] SHORLDOLWDWHPXWXDO LVHPDQLIHVW vQUHOD LLOH


50/160

GLQWUH VR L S ULQ L L FRSLL IUD L L VXURUL UHDOL]kQG VHQWLPHQWXO GHDSDUWHQHQ ODXQJUXSXQLW

)LOHR HVWH JHQXO GH LXELUH FDUH SUH XLHWH SH FHO LXELW

PDQLIHVWkQGVHFXJLQJ LHGDUDWHSWkQGvQWRWGHDXQDXQU VSXQV6HWUDGXFHSULQSULHWHQLHUHFLSURFLWDWH)LOHRFUHHD] SULHWHQLvQVWUkQV DSURSLHUH (L vL P UWXULVHVF L vPS UW HVF JkQGXUL SODQXUL VHQWLPHQWH DWLWXGLQL YLVXUL SUREOHPH LQWLPH SH FDUH QX OHDU SXWHDvQFUHGLQ DDOWFXLYD(LvL vPSDUW WLPSXOLLQWHUHVHOHFHHDFHFRQIHU F V WRULHL VLJXUDQ DWUDFWLYLWDWH L UHFRPSHQVH &KLDU GDF H[LVW PXOW SDVLXQHvQVH[XDOLWDWHDEVHQ DOXL)LOHRvQQHJXUHD]mF V WRULDLRIDFHQHLQWHUHVDQW

$JDSHHVWHGUDJRVWHDFRPSOHW OLSVLW GHHJRLVPFDUHDUH

FDSDFLWDWHDGHDVHRIHULFRQWLQXXI U DDWHSWDQLPLFvQVFKLPE(DSUH XLHWH LVOXMHWHQHFRQGL LRQDW VSUH GHRVHELUH GH)LOHRFDUHSUHVXSXQHUHFLSURFLWDWH(VWHPRGHOXOLXELULL&KULVWLFHGLQFRORGHHPR LLL VHQWLPHQWH SDVLRQDOH ILLQG SURIXQG LQIX]DW VSLULWXDO URG DO XQHLRS LXQLFRQWLHQWHDOXQHLDOHJHULOLEHUH(VWHGHILQLW LFDRGUDJRVWHD DF LXQLL SUHVXSXQkQG DMXWRUDUH D IDFH ELQH D DYHD FRPSDVLXQHSHQWUXFHO ODOWILLQGPDLFXUkQGRDWLWXGLQHLXQFRPSRUWDPHQWPRWLYDWVSLULWXDOLDSURDSHGHORFHPR LH

'LQFRORGHDFHVWHPRGDOLW LSXWHPGLIHUHQ LDvQWUHRGUDJRVWHVDXLXELUHLPDWXU LXQDPDWXU ,XELUHDLPDWXUVHFDUDFWHUL]HD] SULQWURLQWHQVLWDWHPDUHSULQWUXQDPHVWHFGHGHSHQGHQ HLGHFLGHDWHSW ULFDSDUWHQHUXOV VDWLVIDF PXOWGLQQHYRLOHSHUVRQDOHHVWHGHIDSWGUDJRVWHDIX]LRQDO GHVSUHFDUHYRUEHWH0%RZHQL'6FKQDUFNFHOFDUHDDSOLFDWFRQFHS LDERZHQLDQ ODUHOD LLOHHURWLFHVH[XDOHDOHFXSOXULORU$VWIHO GUDJRVWHD LPDWXU HVWH VSHFLILF DGROHVFHQ LORU L WLQHULORU 2GDW FXPDWXUL]DUHDHPR LRQDO FXGH]Y OXLUHDUHFLSURF DSDUWHQHULORULGH]YROWDUHDvQFUHGHULLvQVLQHLvQSDUWHQHUDSDUHLGUDJRVWHDPDWXU

'UDJRVWHDPDWXUHVWHPDLSX LQLQWHQV QXv LG IOXWXULvQVWRPDFGDU HVWH PXOW PDL SURIXQG LPSOLF vQFUHGHUH UHVSHFW L DFFHSWDUHDSDUWHQHUXOXLDDFXPHVWHHOI U WHQGLQ HGHDOVFKLPEDDOFRQWURODVDX PDQLSXOD SUHVXSXQH D WH EL]XL SH SDUWHQHU vQ RULFH VLWXD LHLQGLIHUHQWGDF HVWHVDXQXGHDFRUGFXWLQHGDF vLSODFHVDXQXWLLF HVWH DFROR L WH YD DMXWD vQ FHHD FH IDFL SUHVXSXQH L DGPLUD LH LYDORUL]DUHD SDUWHQHUXOXL DD FXP HVWH HO %LQHvQ HOHV OD R DVWIHO GHGUDJRVWHDMXQJSHUVRDQHOHFDUHVHLXEHVFLSHVLQHSHUVRDQHFXXQHXELQHGLIHUHQ LDWFDUHSRWV ILHDXWRQRPHLWRWXLV ILHLPSOLFDWHHPR

LRQDOvQUHOD LDFXSDUWHQHUXO


51/160

0XOWHUHOD LLGHFXSOXWUHFGHODGUDJRVWHDLPDWXU ODFHDPDWXU $OWHOHVHGHVWUDP vQDFHDVW WUDQ]L LHGLQFDX]DLQFDSDFLW LLXQXLDVDXDPELORUSDUWHQHULGHDLXELPDWXU7UHFHUHDQXVHIDFHXRUFLGLPSR

WULY FXFRQIOLFWHVXIHULQ HDGDSW UL'HDOWIHO(ULFK)URPPFRQVLGHUDF LXELUHD HVWH R DUW XQ PRG GH D WU L vQ DUW L PLOLWD SHQWUXvQY DUHD DFHVWHL DUWH DD FXP VH SURFHGHD] vQ RULFDUH DUW PX]LF SLFWXU HWF &HHD FH DMXW vQV OD WUDQVIRUPDUHD LXELULL LPDWXUH vQLXELUHPDWXUGXS )URPPVXQWx 'LVFLSOLQDDGLF DQJDMDUHDUHVSRQVDELO DWLPSXOXLLDHXOXLSHUVRQDOx &RQFHQWUDUHDDVXSUDSDUWHQHUXOXLSHQWUXDOSXWHDFXQRDWHL

vQ HOHJHx 5 EGDUHDHQHYRLHGHH[HUFL LXvQWLPSLWUHSWDWSHQWUXDvQY D

V LXEHWLx 6HQVLELOLWDWHD OHJDW PXOW GH FRQWLHQWL]DUHD SURSULLORU HURUL

IOXFWXD LLGHVHQWLPHQWHLDXWRFRQWUROx 'HS LUHD QDUFLVLVPXOXL LHLUHD GLQ SURSULXO HX GLQ SURSULLOH

SO FHULGLQHJRFHQWULVPLHJRLVPLPDQLIHVWDUHDPRGHVWLHLLDGLVSRQLELOLW LLvQUHOD LH

'HDOWIHOWR LFHLFDUHDXDMXQVODGUDJRVWHDPDWXU DILUP F VDWLVIDF LDPDULWDO HVWHPXOWPDLFUHVFXW F LQWLPLWDWHDLVDWLVIDF LD

VH[XDO VXQWLQFRPSDUDELOPDLSO FXWHLSOLQHGHvPSOLQLULGHFkWvQWLPSXOvQGU JRVWLULLVDXODWLQHUH H

,QWLPLWDWHD

'HQQLV%DJDUR]]LGRFWRUvQSVLKRORJLHLFRQVLOLHUFDUHDOXFUDWFX FXSOXULPDLELQH GH GH DQL vQ FDUWHD VD 6WLPXODUHD LQWLPLW LLPDULWDOHSXEOLFDW vQSOHDF vQVWXGLXOV XDVXSUDLQWLPLW LLvQFXSOX GH OD GHILQL LD GDW GH 'LF LRQDUXO 5DQGRP +RXVH DO OLPELL

HQJOH]H$FHVWDGHILQHWHLQWLPLWDWHDFDUHOD LHSHUVRQDO DSURSLDW IDPLODU LGHUHJXO DIHFWXRDV VDXGHGUDJRVWHFXRDOW SHUVRDQ FDUH SUHVXSXQH R FXQRDWHUH GHWDOLDW VDX R vQ HOHJHUH SURIXQG DFHOHLODOWH SHUVRDQH SUHFXP L R H[SULPDUH DFWLY D JkQGXULORU LVHQWLPHQWHORUFHRIHU RED] SHQWUXIDPLOLDULWDWHDSXG%DJDUR]]LS%DJDUR]]LFRQFOX]LRQHD] F LQWLPLWDWHDHVWHXQSURFHVLQWHUDFWLY FDUH FRQ LQH R VHULH GH FRPSRQHQWH ELQH VWUXFWXUDWH LLQWHUUHOD LRQDWH Q FHQWUXO DFHVWRUD VWDX FXQRDWHUHD vQ HOHJHUHDDFFHSWDUHDFHOXLODOWLDSUHFLHUHDPRGXOXLXQLFDOSDUWHQHUXOXLGHD

YHGHDOXPHD%DJDUR]]LS


52/160


53/160

$FHVW WLS GH LQWLPLWDWH QHFHVLW R PDUH SXWHUH LQWHULRDU D FHOXL FDUHvPS UW HWHGHRDUHFHHOGHYLQHvQDVWIHOGHPRPHQWHIRDUWHYXOQHUDELOGDULRPDUHFDSDFLWDWHGHVXV LQHUHDFHOXLFDUHDVFXOW SHQWUXDQXO

U QL SH SDUWHQHUXO V X 'H DFHHD vQFUHGHUHD UHFLSURF HVWH IRDUWHLPSRUWDQW SHQWUXFDDFHDVW IRUP GHLQWLPLWDWHV VHPDQLIHVWH,QWLPLWDWHDLQWHOHFWXDO HVWH QHYRLD GH DFRPXQLFD L vPS UW L

FX FHO ODOW LGHLOH LPSRUWDQWH JkQGXULOH FUHGLQ HOH (D QX SUHVXSXQHLQWHOHFWXDOL]DUH VDX UD LRQDOL]DUH FHOH GRX PHFDQLVPH GH DS UDUHLQFRQWLHQWH RUJROLX VDX GHPRQVWUDUHDVXSHULRULW LL VDX FHUHUHD GHODXG UHFXQRDWHUHVDXDGXOD LH7RDWHDFHVWHDYRUFUHDGLVWDQ vQWUHSDUWHQHULLvQQLFLXQFD]LQWLPLWDWH'LPSRWULY HDSUHVXSXQHFDSDFLWDWHDXQXLSDUWHQHUGHDYHGHDOXPHDSULQRFKLLFHOXLODOWLQGLIHUHQWGDF HVWHVDXQXGHDFRUGFXDFHDVW SHUVSHFWLY 3XWHPVSXQHF HVWHYDULDQWDFRJQLWLY DHPSDWLHL

,QWLPLWDWHDVH[XDOUHSUH]LQW QHYRLDGHDFRPXQLFDvPS UW LLH[SULPDFXSDUWHQHUXODFHOHJkQGXUL VHQWLPHQWHGRULQ HLIDQWH]LLGHQDWXU VHQ]XDO LVH[XDO (DGXFHODWUH]LUHDGRULQ HLVH[XDOHGDUQXHREOLJDWRULX V VH DMXQJ OD DFWXO VH[XDO $FHVW WLS GH LQWLPLWDWH SUHVXSXQH V UXWXUL vPEU L UL DWLQJHUL GDQV MRFXUL HURWLFH vPE LHUHDvPSUHXQ HWF(YLGHQWHDHVWHFRQHFWDW SURIXQGFXGUDJRVWHDHURWLF

QXFXFHDS ULQWHDVF IUDWHUQ DPLFDO VDXFHDQDUFLVLF 'HDVHPHQHDDD FXP VSXQHDP L PDL VXV GUDJRVWHD HURWLF WUHEXLH V DMXQJ ODPDWXULWDWHSHQWUXDIDFLOLWDLQWLPLWDWHDVH[XDO

,QWLPLWDWHD IL]LF QRQVH[XDO UHSUH]LQW QHYRLD GH DSURSLHUHIL]LF GHSDUWHQHUI U DDYHDYUHRWHQW VH[XDO 3UHVXSXQHDWLQJHUHVDXVLPSOHvPEU L ULPHUVXOGHPkQ GDQVPDVDMHQRQVH[XDOHHWF

,QWLPLWDWHD VSLULWXDO SUHVXSXQH QHYRLD GH D vPS UW L SDUWHQHUXOXLJkQGXULOHVHQWLPHQWHOHFUHGLQ HOHLH[SHULHQ HOHUHIHULWRDUHODUHOLJLHVXSUDQDWXUDOLDVSHFWHOHVSLULWXDOHDOHH[LVWHQ HLYLD PRDUWHYDORULPRUDOHHWF6SLULWXDOLWDWHDHVWHRFKHVWLXQHIRDUWHSHUVRQDO 'HDFHHDHVWHQHYRLHGHRPDUHGHVFKLGHUHGLQSDUWHDDPELORUSDUWHQHULSHQWUXDDMXQJHODDFHVWWLSGHLQWLPLWDWHGHRDUHFHHDQXvQVHDPQ F FHLGRLvPS UW HVFDFHOHDLYDORULLGHLSUDFWLFL

,QWLPLWDWHDHVWHWLF UHSUH]LQW QHYRLDLGRULQ DGHDvPS UW LFXSDUWHQHUXOVHQWLPHQWHOHJkQGXULOHFUHGLQ HOHYDORULOHH[SHULHQ HOHSHFDUH SHUVRDQD OH FRQVLGHU IUXPRDVH OD FDUH VXIOHWXO UH]RQHD] VDXLQVSLU 0LQXQLOHQDWXULLVLPSOHXQIXOJGHQHDVDXFRPSOH[HFRV

PRVXO SRW IL ED]D XQHL DVHPHQHD LQWLPLW L $OWH H[HPSOH VXQW


54/160


55/160

IDPLOLDO PHULW V PHQ LRQH]DLFLFHHDFHHOFRQVLGHU FRQGL LLSHQWUXREXQ LQWLPLWDWHSVLKLF DXWRFXQRDWHUHD vQFUHGHUHDvQVLQHLLQWLPLWDWHDFXVLQH DWU LvQSUH]HQWDGLF DLFLLDFXP vQGHS UWDUHDEDULHUHORUIL]LFHPLURVXULQHSO FXWHDWPRVIHU QHSUL

HOQLF HOLPLQDUHDVDXGLPLQXDUHDFRPSOH[HORUFRUSRUDOHHWF vQGHS UWDUHDEDULHUHORUSVLKLFHvQVSHFLDOWHPHULOH FUHDUHDFDGUXOXLSHQWUXGH]YROWDUHDLPDQLIHVWDUHDVHQ]XDOLW LL

0DLPXOWHGHWDOLLJ VHWLFLWLQGF U LOHVDOHDS UXWHOD(G7UHLYH]LELEOLRJUDILDVXSOLPHQWDU

$ERUGDUHDWUDQVJHQHUD LRQDO DIDPLOLHL

Q FDGUXO DFHVWRU DERUG ULORU WUDQVJHQHUD LRQDOH ORFXO FHO PDL

LPSRUWDQW vORFXS WHRULDOXL0XUUD\%RZHQGHQXPLW GXS QXPHOHV XWHRULDLWHUDSLDERZHQLDQ

0XUUD\%RZHQPHGLFFXVSHFLDOL]DUHvQSVLKLDWULHLDI FXW UH]LGHQ D OD IDLPRDVD FOLQLF 0HQQLQJHU 0HQQLQJHU

&OLQLFUHFXQRVFXW SHQWUXRULHQWDUHDVDSVLKDQDOLWLF $LFL%RZHQDGHYHQLWGLQFHvQFHPDLQHVDWLVI FXWGHFRQFHSWHOHSVLKDQDOLWLFH FDUH QX SXWHDX IL YDOLGDWH SULQ PHWRGH WLLQLILFHDFFHSWDWHvQPRGFRQYHQ LRQDO&DXUPDUHHODvQFHSXW

V GH]YROWHRQRX WHRULHFRQFHSXW V FRUHVSXQG vQPRGSUHFLVFXSULQFLSLLOHHYROX LHLLFXRPXOFDILLQ HYROXWLY .HUU%RZHQS%RZHQLDSHUIHF LRQDWWHRULDL GXS PXWDUHD VD OD ,QVWLWXWXO 1D LRQDO SHQWUX 6 Q WDWH0HQWDO ,160vQ%HWKHVGD0DU\ODQGvQ/D,160%RZHQ D DGPLV IDPLOLL vQWUHJL vQ VHF LD GH FHUFHWDUH SVLKLDWULF &HUFHWDUHD DFHVWRU IDPLOLL D IRVW JKLGDW GH WHRULDERZHQLDQ L DVWIHO WHRULD D IRVW H[WLQV L PRGLILFDW GHILHFDUHGDW FkQGVSHFLDOLWLLVHFRQIUXQWDXFXLQIRUPD LLQRLVDXLQFRPSDWLELOHQWLPSXOFHORUFLQFLDQLOD,160FHUFHWDUHDOXL%RZHQVDFHQWUDWSHIDPLOLLOHFXFRSLLVFKL]RIUHQLLvQSDUWLFXODUSHUHOD LDVLPELRWLF REVHUYDW vQWUHPDPHLFRSLLLORUQILQDOWHRULDVDGH]YROWDWSHQWUXDLQFOXGHvQWUHDJD

IDPLOLHDGUHVkQGXVHLDOWRUWLSXULGHIDPLOLL


56/160


57/160


58/160

&RQIOLFWXO PDULWDO &DQWLWDWHD GH FRQIOLFW vQWUXQ PDULDM HVWH RIXQF LHDJUDGXOXLGHIX]LXQHGLQUHOD LHLDLQWHQVLW LLDQ[LHW LLFRUHVSXQ] WRDUH3DSHUR3RDWHDYHDORFXQSURFHVFLFOLF

vQFDUHFRQIOLFWXOHVWHXUPDWGHGLVWDQ HPR LRQDO RSHULRDG GHDSURSLHUH FDOG DSRL R FUHWHUH D WHQVLXQLL FDUH SUHFLSLW XQ DOWFRQIOLFWLDVWIHOFLFOXOVHSHUSHWXHD]

7UDQVPLWHUHDVDXSURLHF LDSUREOHPHLF WUHFRSLO'HPXOWHRULSUREOHPHOH GLQWUH VR L L DQ[LHWDWHD DFHVWRUD WLQG V ILH HYLWDWHSULQFRQFHQWUDUHDORUSHXQXOVDXPDLPXO LFRSLL&HOPDLFRPXQSDWWHUQHVWHFDPDPDV LFRQFHQWUH]HRPDUHSDUWHGLQHQHUJLDVDHPR LRQDO SH XQ FRSLO DMXQJkQGXVH FKLDU OD IHQRPHQXO GHIX]LXQHVLPELRWLF vQWUHPDP LFRSLOvQWLPSFHWDW OVHGLV

WDQ HD] LHVWHHYLWDWvQDFHODLWLPS&RSLOXOXLSHFDUHS ULQWHOHVH FRQFHQWUHD] vL VSRUHVF UHDFWLYLWDWHD L IX]LXQHD VLVWHPXOXLLQWHOHFWXDO L HPR LRQDO 'H DFHHD HO HVWH FHO PDL YXOQHUDELO ODGH]YROWDUHDXQRUVLPSWRPH

'LVIXQF LDvQWUXQVR QFD]XOXQXLFXSOXFXXQPHPEUXLQDGHFYDWVDXGLVIXQF LRQDOLDUFHO ODOWvQPRGGHVFKLVDGHFYDWFXVFRSXOGHDFRPSHQVDVHSRWGH]YROWDUROXULUHFLSURFH$FHVWSDWWHUQSRDWHOXDDPSORDUHLSRDWHGHYHQLVROLGGDF XQPHPEUXDOIDPLOLHLGH]YROW RPDODGLHIL]LF VDXPHQWDO FURQLF

7ULXQJKLXULOHVDXWULDQJXODUHD$FHVWFRQFHSWHVWHPXOWOHJDWGHFHODOSURLHF LHLXQHLSUREOHPHDVXSUDXQXLDVDXPDLPXOWRUFRSLL8QWULXQJKLHVWHXQLWDWHDGHED] DLQWHUGHSHQGHQ HLvQVLVWHPXOHPR LRQDOIDPLOLDO3HQWUX%RZHQRGLDG DGLF XQVLVWHP GH GRX SHUVRDQH HVWH VWDELO DWkW WLPS FkW HD HVWHFDOP 'DF DSDU IDFWRUL VWUHVRUL FDUH GHWHUPLQ FUHWHUHDQLYHOXOXLGHDQ[LHWDWHGLDGDSRDWHU PkQHVWDELO GDUFkQGDQ[LHWDWHDvQWURGLDG DWLQJHXQQLYHOPDLULGLFDWRDWUHLDSHUVRDQ YD IL DWUDV vQ FkPSXO HPR LRQDO DO FHORU GRL 'HH[HPSOX QDWHUHD SULPXOXL FRSLO GHWHUPLQ DSDUL LD XQXLWULXQJKLIRUPDWGLQFHLGRLS ULQ LLFRSLO6DXDWXQFLFkQGH[LVW XQ FRQIOLFW vQWUH VR L VR LD SRDWH DSHOD OD PDPD VDSHQWUX DL UHGXFH DQ[LHWDWHD LPSOLFkQGR L SH DFHDVWD vQFRQIOLFWHOHFXVR XOvQIHOXODFHVWDDSDUHWULXQJKLXOIRUPDWGLQVR VR LH L PDPD VR LHL 7ULXQJKLXUL

psihologia_familiei_si_cuplului

Documents