35(&$8=,21,)21'$0(17$/,
',6,&85(==$
,03$5$5($&2126&(5(/¶$5,(*
*,$725(
/HJJHUHDWWHQWDPHQWHWXWWRLOSUHVHQWHPDQXDOH
G¶LVWUX]LRQLHRVVHUYDUHWXWWHOHDYYHUWHQ]H
35(
&$8=,21,',6,&85(==$
SULPDGXUDQWHH
GRSRO¶XWLOL]]RGHOODPDFFKLQD
)DPLOLDUL]]DUHFRQWXWWLLFRPDQGLGHOODPDFFKLQD
SULPDGLLQL]LDUHDGXVDUODPDVRSUDWWXWWR
DVVLFXUDUVLGLVDSHUHFRPHVSHJQHUODLQFDVLGL
HPHUJHQ]D
&RQVHUYDUHLOSUHVHQWHPDQXDOHHWXWWLJOLDOOHJDWL
SHURJQLIXWXUDFRQVXOWD]LRQH
$99(57(1=(
(
'LVFRQQHWWHUHVHPSUHODPDFFKLQDGDOODUHWH
HOHWWULFDSULPDGLSXOLUODHVDPLQDUODDJJLXVWDUOD
RTXDQGRLOFDYRVLGDQQHJJLDRVLLPSLJOLD
(
3HUSURWHJJHUHLSLHGLSRUWDUHVHPSUHGHOOH
VFDUSHSHVDQWLRGHJOLVWLYDOL/¶HUEDWDJOLDWDGD
SRFRqXPLGDHVFLYRORVD1RQODYRUDUHDSLHGL
VFDO]LRFRQVFDUSHDSHUWHSHUHVVDQGDOL
(
&RQWUROODUHVHPSUHFKHQHOSUDWRRQHOO¶DUHDGL
WDJOLRQRQFLVLDQRUDPRVFHOOLSLHWUHILOLPHWDOOLFL
RDOWULGHWULWLFKHSRWUHEEHURHVVHUHSUHVLHSURLHW
WDWLGDOODODPDSURYRFDQGRLQROWUHGDQQLDOOD
PDFFKLQD
(
OQGRVVDUHSDQWDORQLOXQJKLSHUSURWHJJHUHOH
JDPEH*OLHYHQWXDOLGHWULWLODVFLDWLVXOSUDWR
SRWUHEEHURHVVHUHSUHVLHGHVSXOVLGDOOHODPH
(
1RQXVDUHO¶DULHJJLDWRUHTXDQGRSLRYHHQRQ
HVSRUORDFRQGL]LRQLGLXPLGLWj(YLWDUHLOWDJOLR
TXDQGRO¶HUEDpEDJQDWD
(
3ULPDGLXVDUHO¶DULHJJLDWRUHGLVFRQQHWWHUOR
GDOODUHWHHOHWWULFDHFRQWUROODUHOHSDUWLURWDQWLSHU
YHULILFDUHODSUHVHQ]DGLHYHQWXDOLVHJQLGLGDQQL
RGLXVXUD8QDODPDGDQQHJJLDWDHGHLEXOORQL
DOOHQWDWLFRVWLWXLVFRQRHOHPHQWLGLSHULFROR9HUL
ILFDUHDQFKHFKHOHODPHVLDQREHQILVVDWH&RQ
WUROODUHIUHTXHQWHPHQWHFKHWXWWHOHYLWLHLEXOORQL
VLDQREHQVWUHWWL
(
1RQXVDUHODPDFFKLQDVHXQDVXDSDUWHp
GLIHWWRVDRORJRUDWD7RJOLHUHOHSDUWLGLIHWWRVHH
ORJRUDWHHVRVWLWXLUOHFRQDOWUHQXRYH
&RQWUROODUHVHPSUHFKHO¶XWHQVLOHVLDLQEXRQH
,
FRQGL]LRQL6RVWLWXLUHOHSDUWLGLIHWWRVHRORJRUDWH
FRQSDUWLGLULFDPELRRULJLQDOL3H]]LGLULFDPELR
SURGRWWLGDDOWULIDEEULFDQWLSRWUHEEHURDGDWWDUVL
PDOHHFDXVDUHGDQQLHSHULFROL
(
1RQFRQVHQWLUHDEDPELQLDGXOWLHDGDQLPDOLGL
DYYLFLQDUVLDOODPDFFKLQDTXDQGRqLQIXQ]LRQH
7HQHUVLVHPSUHDXQDGLVWDQ]DGLVLFXUH]]DGL
DOPHQRPHWULGDOO¶DUHDGLODYRUR
(
$YYLDUHODPDFFKLQDFRQDWWHQ]LRQHDYHQGR
FXUDGLWHQHUHLSLHGLORQWDQRGDOOHODPH
(
4XDQGRLOPRWRUHpLQPRWRPDQWHQHUHOD
GLVWDQ]DGLVLFXUH]]DGDWDGDOPDQXEULR
(
1RQODVFLDUHO¶DULHJJLDWRUHLQFXVWRGLWRTXDQGR
qDQFRUDFROOHJDWRDOODUHWHHOHWWULFD
(
1RQSHUPHWWHUHO¶XVRGHOO¶DULHJJLDWRUHDLEDP
ELQLRDSHUVRQHFKHQRQVLDQRFRPSOHWDPHQWHD
FRQRVFHQ]DGHOOHSUHVHQWLLVWUX]LRQL
6SHFLILFKHQRUPHQD]LRQDOLSRWUHEEHUROLPLWDUH
O¶HWiGHOO¶XWLOL]]DWRUH
(
7HQHUHSUHVHQWHFKHO¶RSHUDWRUHRO¶XWLOL]]DWRUH
q
UHVSRQVDEtOHLQFDVRGLLQFLGHQWtRSHULFROL
DFFRUVLDGDOWUHSHUVRQHRGDOOHORURFRVH
(
4XHVWRDULHJJLDWRUHpGRWDWRGHOGLVSRVLWLYRGL
DUUHVWRLPPHGLDWRGHOOHODPHLOTXDOHLQWHUYLHQH
EORFFDQGROHODPHHQWURWUHVHFRQGLGDOPRPHQ
WRLQFXLVLULODVFLDO¶LQWHUUXWWRUH
1RQWHQWDUHPDLSHUQHVVXQPRWLYRGLJLUDUH
O¶DULHJJLDWRUHVXGLXQODWRRGLIHUPDUHOHODPH
PHQWUHVWDQQRDQFRUDJLUDQGRDVSHWWDUHVHP
SUHFKHVLIHUPLQRGDVROH
(
6HOHODPHFROSLVFRQRXQRJJHWWRULODVFLDUH
VXELWRO¶LQWHUUXWWRUHGLVFRQQHWWHUHODPDFFKLQD
GDOODUHWHHOHWWULFDHTXDQGROHODPHVRQRWRWDO
PHQWHIHUPHJLUDUHO¶XWHQVLOHVXGLXQODWRHG
HVDPLQDUHOHODPHHOHYLWL,VSH]LRQDUHDFFXUD
WDPHQWHO¶DULHJJLDWRUHDOODULFHUFDGLHYHQWXDOH
GDQQL)DUHULSDUDUHLGDQQLHYLGHQ]LDWLSULPDGL
PHWWHUHLQPRWRLOPRWRUHULYROJHUVLDGXQFHQWUR
DVVLVWHQ]DVSHFLDOL]]DWR
(
'LVLQQHVWDUHVHPSUHODPDFFKLQDGDOODUHWH
HOHWWULFDSULPDGLDO]DUODRWUDVSRUWDUOD
(
$UUHVWDUHLOPRWRUHHTXLQGLOHODPHTXDQGR
O¶DULHJJLDWRUHGHYHHVVHUHLQFOLQDWRSHULOWUDVIHUL
