‡’HILQLUHDPDUNHWLQJXOXLúLvQHOHJHUHDHVHQHLFRQFHSWXOXLGHPDUNHWLQJúLDFDUDFWHUXOXLVX LQWHUGLVFLSOLQDU… [612234]

&DSLWROXO


%$=(/(0$5.(7,1*8/8,


2ELHFWLYH

‡'HILQLUHDPDUNHWLQJXOXLúLvQHOHJHUHDHVHQHLFRQFHSWXOXLGHPDUNHWLQJúLDFDUDFWHUXOXLVX
LQWHUGLVFLSOLQDU
‡&XQRDúWHUHDIXQFLLORUúLDVSHFLDOL]ULORUPDUNHWLQJXOXL
‡ÌQHOHJHUHDDYDQWDMHORUSHFDUHOHRIHURULHQWDUHDGHPDUNHWLQJDILUPHORUúLFRPSDUDLDFXDOWH
RSWLFLPDQDJHULDOH
‡&XQRDúWHUHDIDFWRULORUFDUHDXFRQGXVODDSDULLDSURPRYDUHDúLFUHúWHUHDLPSRUWDQHL
PDUNHWLQJXOXL
‡,GHQWLILFDUHDúLvQHOHJHUHDWUVWXULORUFKHLHDOHXQHLRUJDQL]DLLRULHQWDWHVSUHPDUNHWLQJ


&21&(378/'(0$5.(7,1*

5HSUH]HQWkQGXQPRGGHJkQGLUHúLGHDFLXQHvQVIHUDSLHHLPDUNHWLQJXOUHDOL]HD]R
DFLXQHVLVWHPLFDIOX[XOXLGHDFWLYLWLFHOHDJSURGXFLDGHFRQVXPFRQVWLWXLQG±PDLPXOWGHFkW
XQDUVHQDOGHPHWRGHúLWHKQLFLVSHFLILFH±GRPHQLXOXQHLWLQHUHúWLLQHvQFkPSXOWHRULHLFRQGXFHULL
úWLLQLILFHDIHQRPHQHORUúLSURFHVHORUHFRQRPLFRVRFLDOH7HUPHQXOGHPDUNHWLQJHVWHGHRULJLQH
DQJORVD[RQ UHSUH]HQWkQGSDUWLFLSLXOSUH]HQWDOYHUEXOXL³WRPDUNHW´FDUHDUHVHPQLILFDLDGHD
FXPSUDúLDYLQGHGHDGHVIúXUDWUDQ]DFLLGHSLD 2ULJLQLOHVDOHVXQWORFDOL]DWHODvQFHSXWXO
VHFROXOXL;;vQ6WDWHOH8QLWHDOH$PHULFLLÌQvQ%XOHWLQXO8QLYHUVLWLL0LFKLJDQvQ
LQWURGXFHUHDXQXLFXUVXQLYHUVLWDUSULYLQGGLVWULEXLDSURGXVHORUVHIRORVHúWHH[SUHVLD³GLIHULWH
PHWRGHGHPDUNHWLQJDOEXQXULORU´7UHSWDWDFHVWWHUPHQVDLQWHUQDLRQDOL]DW

&HHVWHPDUNHWLQJXO"

0XOLRDPHQLFUHGFúWLXFHHVWHPDUNHWLQJXOúLFXFHVHRFXSVSHFLDOLúWLLvQPDUNHWLQJÌQ
FRQFHSLDORUPDUNHWLQJXODGHYHQLWVLQRQLPFXPHWRGHOHXWLOL]DWHGHvQWUHSULQGHULSHQWUXDWUDJHUHD
FOLHQLORUúLFRQYLQJHUHDDFHVWRUDVOHFXPSHUHSURGXVHOHúLVDXVHUYLFLLOH'LUHFLDGHPDUNHWLQJ
GLQWURILUPHVWHY]XWFDUHVSRQVDELOSHQWUXODQVDUHDGHQRLSURGXVHDSDULLDXQRUDUWLFROHGH
SUHVIDYRUDELOHUHDOL]DUHDGHVWXGLLGHSLDúLRIHULUHDGHDUJXPHQWHVXSRUWSHQWUXFHLFDUHVH
RFXSGHYkQ]UL'HODRDPHQLLGHPDUNHWLQJVHDúWHDSWFRODERUDUHDFXDJHQLLOHSXEOLFLWDUH
DQDOL]DúLUH]ROYDUHDSOkQJHULORUFOLHQLORUVWDELOLUHDGHFULWHULLúLFRQVLOLHUHDvQDOHJHUHDQRLORU
SURGXVHúLRUJDQL]DUHDFDPSDQLLORUGHSURPRYDUHDDFHVWRUD2DVWIHOGHDERUGDUHUHOHYIDSWXOF
SULQFLSDODIXQFLHDPDUNHWLQJXOXLDUILSUH]HQWDUHDILUPHLúLDSURGXVHORUVDOHSRWHQLDOLORUFOLHQL
8QDVWIHOGHGHPHUVSULYLQGPDUNHWLQJXOHVWHLQVXILFLHQW2UJDQL]DLLOHFDUHYGvQ
GHSDUWDPHQWXO GLUHFLD GHPDUNHWLQJGRDUXQYHKLFXOFWUHFOLHQLGRYHGHVFFQXDXvQHOHV
VXILFLHQWHVHQDúLPHQLUHDPDUNHWLQJXOXL'LVFLSOLQDGHPDUNHWLQJDUHRH[WLQGHUHúLRFRPSOH[LWDWH
PXOWPDLPDUHúLDUHPXOWPDLPXOWHvQHOHVXUL(OLVDEHWK+LOOúL7HUU\2¶6XOOLYDQFRQVLGHUF
PDUNHWLQJXO³HVWHRILORVRILHDDIDFHULORUFDUHYHGHvQVDWLVIDFHUHDFHULQHORUFOLHQLORUFKHLD
VXFFHVXOXLvQDIDFHULúLUHFRPDQGvQHOHJHUHDSUDFWLFLORUPDQDJHULDOHFDUHDMXWOD
LGHQWLILFDUHDúLUH]ROYDUHDFHULQHORUFOLHQLORU´$FHDVWGHILQLLHDPDUNHWLQJXOXLQXHVWH
VLQJXODUÌQIXQFLHGHXQJKLXOGHDERUGDUHDOPDUNHWLQJXOXLDFHVWXLDLDXIRVWGDWHIRDUWHPXOWH
GHILQLLL'HDOWIHOUHIHULWRUODDFHVWOXFUXSURIHVRUXODPHULFDQ9LFWRU%XHOOvQOXFUDUHDVD
³0DUNHWLQJPDQDJHPHQWDVWUDWHJLFSODQQLQJDSSURDFK´  REVHUYLURQLFFVXQW³DWkWHD
GHILQLLLDOHPDUNHWLQJXOXLFkWHFULVXQWSHDFHVWVXELHFW´'HILQLLLOHGDWHVHvPSDUWvQGRX

FDWHJRULLFHOHFDUHSXQDFFHQWXOSHGLPHQVLXQHDILOR]RILFúLFHOHFDUHVHFRQFHQWUHD]SHDERUGUL
PDLFRQFUHWHDOHSURFHVHORUGHPDUNHWLQJ

0DUNHWLQJXOFDILOR]RILHGHDIDFHUL

2FRPSDQLHFDUHDGRSWFRQFHSWXOGHPDUNHWLQJFDILOR]RILHYHGHvQFOLHQWSULQFLSDODIRU
FRQGXFWRDUHGLQVSDWHOHDFWLYLWLLVDOHFRQVLGHUkQGFDIDFHUHDSRDWHUH]LVWDQXPDLGDFUHXúHúWH
VVDWLVIDFQHYRLOHDFHVWXLDÌQHFRQRPLDGHSLDFXPSUWRULLSRWVDOHDJFHFkQGúLGHXQGHV
FXPSHUHRULGDFVFXPSHUHVDXQXXQSURGXVGHODEXQvQFHSXW$VWIHOSHQWUXDDYHDVXFFHVvQ
DWUDJHUHDFRQVXPDWRULORUSXQFWXOGHSOHFDUHORJLFSHQWUXvQWUHSULQGHUHHVWHVLGHQWLILFHFHHDFHYRU
FOLHQLLúLDSRLVvQFHUFHVvQGHSOLQHDVFDFHVWHFHULQHvQWUXQPRGPDLHILFLHQWGHFkWFRQFXUHQD
3HWHUPHQOXQJRvQWUHSULQGHUHWUHEXLHVVDWLVIDFFHULQHOHFRQVXPDWRULORUúLVVFRDWEDQLGLQ
DFHDVWD&XFkWRIHUWDvQWUHSULQGHULLVHVLQFURQL]HD] SRWULYHúWH PDLELQHFXFHULQHOHSUHIHULQHOH
úLGRULQHOHFRQVXPDWRULORUFXDWkWDFHúWLDVXQWGLVSXúLVSOWHDVFJHQHUkQGSURILWSHQWUX
vQWUHSULQGHUH3HVFXUWPDUNHWLQJXOFDILOR]RILHDDIDFHULLSRDWHILGHILQLWFHOPDLELQHFD
DELOLWDWHDGHDFUHDúLSVWUDFRQVXPDWRULSURILWDELOL
‰ &UHDUHDGHFOLHQLSUHVXSXQHSHQWUXRvQWUHSULQGHUHPRQLWRUL]DUHDPHGLXOXLGHDIDFHULSHQWUXD
UHDFLRQDODVFKLPEULOHFHVXUYLQvQQHYRLOHSRWHQLDOLORUFRQVXPDWRULDVWIHOvQFkWDFHúWLD
DFHúWLDVGHYLQFOLHQLHIHFWLYL
‰ 3VWUDUHDFOLHQLORUVHUHIHUODDELOLWDWHDFXFDUHvQWUHSULQGHUHDUHGXFHODPLQLPXPVDXHYLW
DPHQLQULOHODDGUHVDED]HLVDOHGHFOLHQLILHGLQFDX]DVFKLPEULORUDSUXWHvQQHYRLOH
DFHVWRUDILHGLQFDX]DVFKLPEULORUDSUXWHvQUkQGXOFRQFXUHQHL
‰ &OLHQLSURILWDELOLDLvQWUHSULQGHULLVXQWFHLFDUHDGXFYHQLWXULFHGHSúHVFFRVWXULOHGHSURGXFLH
DOHDFHVWHLDÌQWUHSULQGHULOHWUHEXLHVúLD[H]HFRQFHQWUH]HDFWLYLWDWHDSHDIDFHULSURILWDELOHúL
QXSHDWUDJHUHDGHFOLHQLFXRULFHSUH

0DUNHWLQJXOFDIXQFLHPDQDJHULDO

&HOHPDLPXOWHGHILQLLLDOHPDUNHWLQJXOXLQXVHUHIHUODILOR]RILDDFHVWXLDFLODSURFHVHOH
PDQDJHULDOHFDUHVXQWLQHUHQWHvQFUHDUHDúLSVWUDUHDFOLHQLORUSURILWDELOLSHQWUXvQWUHSULQGHUH
,DWFkWHYDGLQFHOHPDLLPSRUWDQWHGHILQLLLGHDFHVWIHO
‰ ³0DUNHWLQJXOHVWHSURFHVXOGHPDQDJHPHQWUHVSRQVDELOSHQWUXLGHQWLILFDUHDDQWLFLSDUHDúL
VDWLVIDFHUHDvQPRGSURILWDELODQHFHVLWLORUFOLHQWXOXL´ 7KH&KDUWHUHG,QVWLWXWHRI0DUNHWLQJ
8. 
‰ 0DUNHWLQJXOHVWH³XQSURFHVPDQDJHULDOúLVRFLDOSULQFDUHLQGLYL]LLVDXJUXSXULOHRELQFHHDFH
DXQHYRLHSULQFUHDUHDVDXVFKLPEXOGHSURGXVHVDXYDORULFXDOLL´ .RWOHUúL$UPVWURQJ 
‰ ³0DUNHWLQJXOUHSUH]LQWSURFHVHOHGHSODQLILFDUHúLH[HFXWDUHDFRQFHSLHLVWDELOLULLSUHXOXL
SURPRYULLúLGLVWULEXLHLLGHLORUEXQXULORUúLVHUYLFLLORUSHQWUXDFUHDVFKLPEXULOHFDUHVDWLVIDF
VFRSXULOHLQGLYL]LORUúLRUJDQL]DLLORU´ $PHULFDQ0DUNHWLQJ$VVRFLDWLRQ 
‰ ³0DUNHWLQJXOHVWHXQvQWUHJVLVWHPGHDFWLYLWLHFRQRPLFHUHIHULWRDUHODSURJUDPDUHDSUHXULOH
SURPRYDUHDúLGLVWULEXLDSURGXVHORUúLVHUYLFLLORUPHQLWHVVDWLVIDFFHULQHOHFRQVXPDWRULORU
DFWXDOLúLSRWHQLDOL´ :-6WDQWRQ 
'HILQLLLOHGDWHPDUNHWLQJXOXLYL]HD]GHRSRWULYQLYHOXOPDFURHFRQRPLFúLSHFHO
PLFURHFRQRPLF$VWIHOvQYL]LXQHPDFURHFRQRPLF).HOO\vQOXFUDUHDVD³0DUNHWLQJVWUDWHJLHHW
IRQFWLRQV´  FRQVLGHUPDUNHWLQJXOGUHSWXQ³LQVWUXPHQWVRFLDOJUDLHFUXLDSURGXVHOH
PDWHULDOHúLFXOWXUDXQHLVRFLHWLVXQWWUDQVPLVHPHPEULORUVL´ÌQYL]LXQHPLFURHFRQRPLFvQ
OLWHUDWXUDIUDQFH]VHDUDWFPDUNHWLQJXOUHSUH]LQW³DQVDPEOXOPLMORDFHORUGHFDUHGLVSXQvQWUH
SULQGHULOHvQYHGHUHDFUHULLPHQLQHULLúLGH]YROWULLSLHHORUORU´ -DFTXHV/HQGUHYLH VDXF
PDUNHWLQJXOFXSULQGH³DQDOL]DSHUPDQHQWDFHUHULLSHGHRSDUWHúLSHGHDOWSDUWHVWDELOLUHDúL
SXQHUHDvQIXQFLXQHDPLMORDFHORUGHVDWLVIDFHUHDDFHVWHLDvQFRQGLLLOHXQXLSURILWRSWLP´ 'HQQHU
 

ÌQYL]LXQHDSURIHVRUXOXL&)ORUHVFX³0DUNHWLQJXOUHSUH]LQWRFRQFHSLHPRGHUQvQ
RULHQWDUHDvQWUHSULQGHULORUFRQFUHWL]DWvQWUXQDQVDPEOXFRHUHQWGHDFWLYLWLSUDFWLFH
SURJUDPDWHúLRUJDQL]DWHSULQXWLOL]DUHDXQRUPHWRGHúLWHKQLFLúWLLQLILFH´'HILQLLDFXSULQGHGHFL
WUHLHOHPHQWHGHED]FRQFHSLDPRGHUQDFWLYLWLOHSUDFWLFHúLPHWRGHOHúLWHKQLFLOHúWLLQLILFH
1XPDLOXDWHvPSUHXQDFHVWHWUHLHOHPHQWHH[SOLFFRQLQXWXOFRQFUHWDOPDUNHWLQJXOXL$VWIHO
D&RQFHSLDPRGHUQVHUHIHUODRQRXRSWLFvQRUJDQL]DUHDúLGHVIúXUDUHDDFWLYLWLL
HFRQRPLFHDILUPHORUFDUHDUHFDSXQFWGHSOHFDUHFHUFHWDUHDQHYRLORUGHFRQVXPDSLHHLvQ
YHGHUHDVDWLVIDFHULLFHULQHORU±HIHFWLYHúLSRWHQLDOH±DOHFRQVXPDWRULORU XWLOL]DWRULORU vQPRG
VXSHULRUúLFXPD[LPXPGHHILFLHQÌQSOXVILQDOL]DUHDDFWLYLWLORUvQWUHSULQGHULORUQXVHOLPLWHD]
ODYkQ]DUHDSURGXVHORUúLVHUYLFLLORUFLLQFOXGHúLXUPULUHDFRPSRUWULLORUvQFRQVXP XWLOL]DUH D
QLYHOXOXLGHVDWLVIDFHUHDQHYRLORUSHQWUXFDUHHOHDXIRVWFRQFHSXWHúLSURGXVH2SWLFDGHPDUNHWLQJ
YL]HD]DúDGDUUDSRUWXULOHvQWUHSULQGHULLFXSLDDPDLPXOWFKLDUFXDQVDPEOXOGHIDFWRULúLFRQGLLL
FDUHDOFWXLHVF³PHGLXODPELDQW´DOILUPHLÌQFHQWUXODWHQLHLSHSLDHVWHGHFLFRQVXPDWRUXOúLQX
SURGXFWRUXO
E$FWLYLWLOHSUDFWLFHVSHFLILFHPDUNHWLQJXOXLVHSRWFRQFUHWL]DvQ
‰ LQYHVWLJDUHDSLHHLúLDFRQVXPXOXL
‰ WHVWDUHGHDFFHSWDELOLWDWHSHSLDDSURGXVHORU
‰ DFWLYLWLSURPRLRQDOH
‰ XUPULUHDSURGXVHORUvQFRQVXPHWF
F0HWRGHOHúLWHKQLFLOHúWLLQLILFHYL]HD]FROHFWDUHDWUDQVPLWHUHDSUHOXFUDUHDúLLQWHUSUHWDUHD
LQIRUPDLLORUQHFHVDUHDGRSWULLGHFL]LLORUGHPDUNHWLQJÌQRSWLFDGHPDUNHWLQJLQWXLLDHPSLULVPXO
úLUXWLQDFHGHD]ORFXOSURFHVHORUúLWHKQLFLORUFHDSDULQXQRUGLVFLSOLQHúWLLQLILFH PDWHPDWLF
VWDWLVWLFVRFLRORJLHSVLKRORJLHHWF FDUHYRUILXWLOL]DWHvQIXQGDPHQWDUHDúWLLQLILFDGHFL]LLORUGH
PDUNHWLQJFHIDFRELHFWXODFWXOXLPDQDJHULDOSUHFXPúLvQHODERUDUHDSURJQR]HORUSURJUDPHORU
VWUDWHJLLORUúLSROLWLFLORUGHPDUNHWLQJ
2SWLFDVDXRULHQWDUHDGHPDUNHWLQJDRULFUHLvQWUHSULQGHULPRGHUQHSUHVXSXQH
‰ UHFHSWLYLWDWHIDGHFHULQHOHSLHHLQHYRLOHFHULQHOHúLGRULQHOHFRQVXPDWRULORUVFKLPEULOH
DFHVWRUD
‰ RvQDOWFDSDFLWDWHGHDGDSWDUHODVFKLPEULOHSLHHLFKLDUGHDQWLFLSDUHúLLQIOXHQDUHDDFHVWRUD
‰ VSLULWFUHDWRULQYHQWLYLWDWHúLSUHRFXSDUHSHUPDQHQWSHQWUXvQQRLUHúLPRGHUQL]DUH
‰ DERUGDUHXQLWDUDDFWLYLWLORUFHDOFWXLHVFFLFOXOHFRQRPLFFRPSOHWDOEXQXULORUúLVHUYLFLLORU
‰ HILFLHQPD[LPRELQXWFDUH]XOWDWDORULHQWULLHIHFWLYHDILUPHLFWUHQHYRLOHUHDOHGH
FRQVXPILQDOúLSURGXFWLYFWUHFHULQHOHSLHHL
'HILQLLLOHGHPDLVXVQHDMXWVQHIDFHPRLGHHDVXSUDUROXOXLPDUNHWLQJXOXLDWkWvQ
RUJDQL]DLLOHOXFUDWLYH HFRQRPLFH FkWúLvQFHOHQHOXFUDWLYH(OHvLSUHVXSXQSHUHVSRQVDELOLLGH
PDUNHWLQJFDSHQLúWHDJHQLFDUHDMXWLQGLYL]LLVúLvQGHSOLQHDVFQHYRLOHúLRUJDQL]DLLOHVúL
DWLQJVFRSXULOH5ROXODFHVWRUDHVWHGHDDUDQMDVFKLPEXULOHGHDRELQHEDQLGHODFRQVXPDWRUL
ùLvQ5RPkQLDvQHOHVXULOHGDWHFRQFHSWXOXLGHPDUNHWLQJVXQWPXOWLSOH'HH[HPSOX
SURIHVRUXO1LFRODH$O3RSFRQVLGHUFPDUNHWLQJXOUHSUH]LQWRQRXRSWLFHFRQRPLFR
DFWLYLWDWHSUDFWLFFRQFUHWDvQWUHSULQGHULLúLRIXQFLHDDFHVWHLD0DUNHWLQJXOHVWHRIXQFLHD
vQWUHSULQGHULLFHGREkQGHúWHXQFRQLQXWFRQFUHWGLVWLQFWGHFHOHODOWHIXQFLLDOHDFHVWHLD FHUFHWDUH
GH]YROWDUHSURGXFLHFRPHUFLDOILQDQFLDUFRQWDELOGHSHUVRQDO GRDUvQILUPHOHSXWHUQLFHvQFDUH
RSWLFDGHPDUNHWLQJVHUHJVHúWHODWRWSHUVRQDOXOvQWUHSULQGHULL$FWLYLWLOHVSHFLILFHIXQFLHLGH
PDUNHWLQJVHORFDOL]HD]vQWUXQFRPSDUWLPHQW ELURXVHUYLFLXGLUHFLHGHSDUWDPHQWGXSFD] 
GLVWLQFWvQRUJDQLJUDPDILUPHL
&RQFHSWXOGHPDUNHWLQJQXHVWHVLPLODUFXFHOGHGLVWULEXLH FHLQHGHIXQFLDFRPHUFLDOD
vQWUHSULQGHULL FHLVHVXEVXPHD]ÌQILJXUDVHSRWREVHUYDGLIHUHQHOHGLQWUHFHOHGRX
FRQFHSWH
8QSURGXFWRUGHFRPSXWHUHGHH[HPSOXSURGXFHRGLYHUVLWDWHGHFRPSXWHUHSHQWUXDYHQL
vQvQWkPSLQDUHDSRWHQLDOLORUFOLHQLúLDOHFHUHDFHVWRUDVSOWHDVFRVXPGHEDQLvQVFKLPEXO
EHQHILFLLORUSHFDUHOHYRUDYHDGLQSURSULHWDWHD XWLOL]DUHD FRPSXWHUHORU$FHVWDHVWHXQH[HPSOX
GHWUDQ]DFLHILQDQFLDUGDUQXWRDWHVFKLPEXULOHVXQWGHDFHVWWLSúLEHQHILFLLOHXUPULWHGHFOLHQL

DWkWGHWDQJLELOH8QSDUWLGSROLWLFGHH[HPSOXSURPLWHSURVSHULWDWHúLSDFHVRFLDOvQVFKLPEXO
YRWXOXLHOHFWRUDWXOXLRUJDQL]DLLOHHFRORJLFHRIHUXQPHGLXDPELDQWFXUDWvQVFKLPEXOXQRUIRQGXUL
VDXXQRUDFWLYLWLYROXQWDUHGHSXVHvQVOXMEDOXL
&RQFOX]LRQkQGSXWHPDILUPDFIXQFLDPDQDJHULDODPDUNHWLQJXOXLHVWHRIXQFLH
LQWHJUDWRDUHFDUHDUHPHQLUHDGHDFRUHODQHYRLOHFOLHQLORUDFWXDOLVDXSRWHQLDOLFXVFRSXULOH
ILUPHORUSULQLQWHUPHGLXOVFKLPEXULORU0DQDJHPHQWXOPDUNHWLQJXOXLHVWH³«DQDOL]DSODQLILFDUHD
LPSOHPHQWDUHDúLFRQWUROXOSURJUDPHORUGHVWLQDWHVFUHH]HVVWDELOHDVFúLVPHQLQVFKLPEXULOH
SURILWDELOHFXFXPSUWRULLLQWvQVFRSXODWLQJHULLRELHFWLYHORURUJDQL]DLHL´ .RWOHUúL$PVWURQJ
 


3XQFWGH
SOHFDUH

$2ELHFWLYH0LMORDFH 6FRS

3LDD
1HYRLOHGRULQHOH
SUHIHULQHOH
FRQVXPDWRULORU0DUNHWLQJXO
LQWHJUDW3URILWPD[LPRELQXW
FDXUPDUHD
VDWLVIDFHULL
&HULQHORU

%
ÌQWUH
SULQGHUHD
/RFXOGH
SURGXFLH 
3URGXVHOHILUPHL9kQ]DUHDúL
SURPRYDUHD3URILWRELQXWFD
XUPDUHD
VDWLVIDFHULL
FOLHQWXOXL


)LJXUD&RPSDUDLDGLQWUHFRQFHSWXOGHPDUNHWLQJ $ úLFRQFHSWXOGHGLVWULEXLH % 

$úDGDUFRQFHSWXOGHPDUNHWLQJVHFRQFHQWUHD]DVXSUDFOLHQLORUúLQHFHVLWLORUDFHVWRUD
SOHGkQGSHQWUXRDQDOL]LQWHJUDWSHQWUXSODQLILFDUHDúLFRQWUROXOWXWXURUHOHPHQWHORU
PDUNHWLQJXOXLSRSXODUL]DWHVXEGHQXPLUHDFHORU3SURGXVSUHSODVDUH GLVWULEXLH úLSURPRYDUH
ÌQDERUGDUHDFRQFHSWXOXLGHPDUNHWLQJHVWHQHFHVDUVXEOLQLHUHDDWUHLWUVWXULFKHLHSHFDUH
WUHEXLHVOHDLERULFHRUJDQL]DLHFDUHSUHWLQGHFHVWHvQGUHSWDWFWUHSLDRULHQWDUHDVSUHFOLHQW
HIRUWXOLQWHJUDWúLIRFDOL]DUHDVFRSXULORU
 2ULHQWDUHDVSUHFOLHQW6HvQWkOQHúWHvQFD]XULOHvQFDUHFRPSDQLLOHVXQWSUHRFXSDWHVDIOH
FDUHVXQWQHYRLOHFOLHQLORUORUÌQPXOWHFD]XULvQWUHSULQGHULOHVXQWSUHRFXSDWHGHSURGXFLHúL
SURFHVHOHWHKQRORJLFHDIHUHQWHQHUHXúLQGVVHVL]H]HFQHYRLOHFOLHQLORUVDXPRGLILFDWúLF
SURGXVHOHORUQXPDLFRUHVSXQGQRLORUQHYRLÌQDVHPHQHDVLWXDLLVHFUHD]RSRUWXQLWDWHDSHQWUX
FRQFXUHQVLQWUHSHSLDúLVRIHUHSURGXVHúLVHUYLFLLFDUHVVDWLVIDFPDLELQHDFHOHQHYRL
vQWUHSULQGHULOHvQFDX]vQWkPSLQkQGJUHXWLWRWPDLPDULFXYkQ]DUHDSURGXVHORU
 (IRUWXOLQWHJUDW$FHVWSULQFLSLXSUHVXSXQHFGLIHULWHOHGHSDUWDPHQWHGLQFDGUXODFHOHLDúL
vQWUHSULQGHULWUHEXLHVOXFUH]HvPSUHXQvQVFRSXOVDWLVIDFHULLFOLHQWXOXL0DUNHWLQJXOWUHEXLHVILH
RULHQWDUHDvQWUHJLLvQWUHSULQGHULúLQXQXPDLDGHSDUWDPHQWXOXLVSHFLILFÌQSUDFWLFvQVGLQ
QHIHULFLUHPRGXOvQFDUHPXOWHvQWUHSULQGHULVXQWVWUXFWXUDWHFULWHULLOHGXSFDUHVXQWUVSOWLL
PDQDJHULLúLúHILLGHFRPSDUWLPHQWHSUHFXPúLQDWXUDDFWLYLWLORUSHFDUHDFHúWLDOHGHVIúRDU
PLOLWHD]vPSRWULYDDFHVWXLRELHFWLY6OXPFDH[HPSOXGLUHFWRULLGHSURGXFLHGLQWUR
vQWUHSULQGHUHFDUHGRUHVFRUHGXFHUHDVRUWLPHQWXOXLRSXQkQGUH]LVWHQODGLYHUVLILFDUHDSURGXFLHL
vQDFHODúLWLPSYkQ]WRULLLQWHUHVDLGHFRPLVLRQGHSXQXQPDUHHIRUWSHQWUXPHQLQHUHDJDPHL
H[LVWHQWHvQGHIDYRDUHDLQWURGXFHULLXQRUPRGHOHQRLúLvPEXQWLWHGHSDUWDPHQWHOHWHKQLFHDWUDVH
GHQRLOHWHKQRORJLLSRWSURLHFWDSURGXVHFXFDOLWLLUHOHYDQWHSHQWUXFRQVXPDWRULÌQDVHPHQHD

VLWXDLLVDUFLQDPDUNHWLQJXOXLHVWHGHDFUHDFRPSURPLVXULFDUHVFRQWULEXLHODUHDOL]DUHDXQXL
UDSRUWRSWLPvQWUHQHYRLOHFRQVXPDWRUXOXLúLRELHFWLYHOHvQWUHSULQGHULL
 )RFDOL]DUHDVFRSXULORU2ULFHvQWUHSULQGHUHWUHEXLHVIDFDIDFHULQXPDLFXFOLHQLFDUHR
DMXWVúLDWLQJSURSULLOHRELHFWLYH$FHVWHRELHFWLYHDXvQFRPXQUHDOL]DUHDXQXLSURILWFkWPDL
PDUHGHúLXQHOHRUJDQL]DLLFXPDUILFHOHGHFDULWDWHVHUYLFLLOHGHVQWDWHDXWRULWLOHORFDOH
LQVWLWXLLOHGHHGXFDLHVDXFHOHGHDUWSRWDYHDRYDULHWDWHGHRELHFWLYH8QDGLQFDSFDQHOHvQFDUH
FDGIRDUWHGHVvQWUHSULQGHULOHSURGXFWLYHHVWHDFHHDDFXWULLFXRULFHSUHDYkQ]ULORUDVWIHOvQFkW
VHVFDSGLQYHGHUHSURILWDELOLWDWHD9kQ]WRULLGHH[HPSOXSRWSULPLSULPHSURSRULRQDOHFX
vQFDVULOHGLQYkQ]ULúLQXFXSURILWXODGXVGHDFHOHYkQ]UL8QH[HPSOXLPDJLQDUGDU
DVHPQWRUHVWHDFHODDOXQXLWHDWUXILQDQDWSDULDOGLQEDQLLSXEOLFLDYkQGFDVFRSvQFXUDMDUHD
FUHULLGHQRLRSHUHDUWLVWLFHúLDWUDJHUHDGHSXEOLFGLQWRDWHFDWHJRULLOHVRFLDOH'DFSULQFLSDODVD
SUHRFXSDUHYDGHYHQLFXORDUHDúLFDOLWDWHDFDWLIHOHLIRWROLLORUGLQVDOvQORFGHFDOLWDWHDDFWXOXL
DUWLVWLFSURSULX]LVDWXQFLYDILvQSHULFROVúLVXEPLQH]HVXEYHQLLOH
2H[DPLQDUHDWHQWDGHILQLLLORUWUHFXWHvQUHYLVWPDLvQDLQWHUHOHYRHYROXLHFODUORJLF
vQGH]YROWDUHDFRQFHSWXDOL]ULLPDUNHWLQJXOXL&DúLvQFD]XOFHORUODOWHGLVFLSOLQHHFRQRPLFHD
SRUQLWGHODLPSHUDWLYHVLPSOHGHJHQXO³PXOXPHúWHLFOLHQLL´DMXQJkQGODQRLXQLúLFRQFHSWH
PDLFRPSOH[HFXPDUILDQDOL]DFRPSRUWDPHQWXOXLFRQVXPDWRUXOXL'XSSURIHVRUXO-RKDQ$UQGW
 GHODDOGRLOHDU]ERLPRQGLDOvQFRDFHFRQFHSWXDOL]DUHDPDUNHWLQJXOXLDFXQRVFXWWUHL
WUDQVIRUPUL ID]H FRQFHSWXOGHPDUNHWLQJFRQFHSWXOOUJLWGHPDUNHWLQJúLFRQFHSWXOGH
PDUNHWLQJLQVWLWXLRQDOL]DW


)81&,,/(0$5.(7,1*8/8,

ÌQHOHJHUHDRELHFWXOXLGHDFWLYLWDWHDOPDUNHWLQJXOXLVHDIOvQIRDUWHVWUkQVOHJWXUFX
FXQRDúWHUHDIXQFLLORUVDOH3ULPHOHvQFHUFULGHGHILQLUHDIXQFLLORUPDUNHWLQJXOXLDXDWULEXLWDFHVW
VWDWXWDFWLYLWLORUFHIDFRELHFWXOWUDQVIHUXOXLEXQXULORUúLVHUYLFLLORUGHODSURGXFWRULOD
FRQVXPDWRUL XWLOL]DWRUL $VWIHO3KLOLSVúL'XQFDQLGHQWLILFDXWUHLFDWHJRULLGHIXQFLLDOH
PDUNHWLQJXOXL
‰ )XQFLLFXUROGHWUDQVIHUDOWLWOXOXLGHSURSULHWDWH FXPSUDUHDúLYkQ]DUHD 
‰ )XQFLLFHLPSOLFGLVWULEXLDIL]LFDSURGXVHORU PDQLSXODUHDWUDQVSRUWXOGHSR]LWDUHDúL
VWRFDUHD 
‰ )XQFLLGHVSULMLQDOSURFHVXOXLGHGLVWULEXLH VWDQGDUGL]DUHDIUDFLRQDUHDGR]DUHDDPEDODUHD
ILQDQDUHDDVLJXUDUHDDVXPDUHDGHULVFXULRELQHUHDGHLQIRUPDLL 
%DWHVúL3DUNLQVRQFRQVLGHUFPDUNHWLQJXODUHSDWUXIXQFLL
‰ $QDOL]DúLSURJQR]DDGLFSURVSHFWDUHDSLHHL
‰ 'H]YROWDUHDúLSURLHFWDUHDSURGXFLHL
‰ ,QIOXHQDUHDFHUHULLGHVLJQSXEOLFLWDWHHWF
‰ 6HUYLFLLGHGLVWULEXLHSRVWYkQ]DUH
.HOOH\LGHQWLILFDGRXFDWHJRULLGHIXQFLL
$)XQFLLDOHPDFURPDUNHWLQJXOXLFDUHFXSULQG
‰ )XQFLLWUDGLLRQDOHGLQFDUHIDFSDUWHRSHUDLLOHGHYkQ]DUHFXPSUDUHúLGLVWULEXLDIL]LF
‰ )XQFLLGHVSULMLQ PHQLRQDWHPDLVXV 
‰ )XQFLLVRFLDOH
%)XQFLLDOHPLFURPDUNHWLQJXOXLFDUHFXSULQG
‰ (VWLPDUHDSRWHQLDOXOXLRUJDQL]DLHL
‰ 3ODQQLQJXOúLSURJUDPDUHDHIRUWXOXLGHPDUNHWLQJ
‰ 2UJDQL]DUHDúLFRQGXFHUHDDFWLYLWLLGHPDUNHWLQJ
‰ (YDOXDUHDúLDGRSWDUHDHIRUWXOXLGHPDUNHWLQJ
3URIHVRUXO0&'HPHWUHVFXVXVLQHFODQLYHOXORUJDQL]DLHLPDUNHWLQJXODUHGRDUGRX
IXQFLL

‰ ,GHQWLILFDUHDúLDWUDJHUHDFHUHULL
‰ 6DWLVIDFHUHDFHUHULL
$VHPHQHDPRGXULGHDERUGDUHDOXFUXULORUQXYL]HD]HVHQDPDUNHWLQJXOXLOLSVLQGXOGH
VSHFLILFLWDWH%DPDLPXOWHOHQXSHUPLWFRQWXUDUHDFRQWULEXLHLQHPLMORFLWHDPDUNHWLQJXOXLOD
RSWLPL]DUHDSURFHVHORUGHSURGXFLHúLGHGHVIDFHUH3HQWUXDHOLPLQDLQFRQVLVWHQWHOHPHQLRQDWH
SURIHVRUXO&RQVWDQWLQ)ORUHVFXPHQLRQHD]XUPWRDUHOHIXQFLLJHQHUDOHDOHPDUNHWLQJXOXL
D,QYHVWLJDUHDSLHHLDQHYRLORUGHFRQVXPúLVDXGHXWLOL]DUHFRQVLGHUDWFDIXQFLHSUHPLV
úLFDSXQFWGHSOHFDUHDvQWUHJLLDFWLYLWLGHPDUNHWLQJ6WXGLHUHDSLHHLHVWHFKHPDWVDVLJXUH
IXQGDPHQWDUHDWXWXURUGHFL]LLORUGHPDUNHWLQJILHFHVWHYRUEDGHSURLHFWDUHDWHVWDUHDGH
DFFHSWDELOLWDWHVDXODQVDUHDSHSLDDXQXLSURGXVVDXVHUYLFLXILHGHGHVFKLGHUHDXQHLUHHOHSURSULL
GHPDJD]LQHúLSURPRYDUHDYkQ]ULORUvQUkQGXODQXPLWRUVHJPHQWHGHFRQVXPDWRULVDXQLúHGH
SLD)URED]FRUHVSXQ]WRDUHGHLQIRUPDLLDVXSUDSLHHL±GREkQGLWSULQLQWHUPHGLXODFHVWHL
IXQFLL±DFWLYLWDWHDGHPDUNHWLQJQXúLSRDWHGRYHGLHILFLHQDSULQUH]XOWDWHÌQOLWHUDWXUDGH
VSHFLDOLWDWHVWXGLHUHDSLHHLHVWHFXQRVFXW±VXEXQvQHOHVPDLODUJ±úLVXEGHQXPLUHDGH
FHUFHWDUHGHPDUNHWLQJ
E$GDSWDUHDFRQWLQXDILUPHLODVFKLPEULOHFHULQHORUúLDPHGLXOXLSLHHLSHFDUH
DFLRQHD]DQWLFLSkQGúLFKLDULQIOXHQkQGvQVHQVXOSHFDUHOGRUHúWHDVWIHOGHVFKLPEUL
3HQWUXFSUHVXSXQHPRELOL]DUHDUHVXUVHORU XPDQHPDWHULDOHúLILQDQFLDUH ILUPHLVSUHDUVSXQGH
FkWPDLHILFLHQWFXSURGXVHOHúLVDXVHUYLFLLOHVDOHH[LJHQHORUIRUPXODWHGHSXUWWRULLFHUHULL
DFHDVWDUHSUH]LQWRIXQFLHPLMORF&DSDFLWDWHDGHDGDSWDUHPVRDUJUDGXOvQFDUHRIHUWD
vQWUHSULQGHULLUVSXQGHXQHLFHUHULGLQDPLFHH[LVWHQWHSHSLDVXEDVSHFWFDQWLWDWLYVWUXFWXUDOúL
FDOLWDWLY
F6DWLVIDFHUHDVXSHULRDUDQHYRLORUGHFRQVXPVDXGHXWLOL]DUHFDUHUHSUH]LQWSULPDGLQ
IXQFLLOHRELHFWLYDOHPDUNHWLQJXOXL$FHDVWIXQFLHSUHVXSXQHSURGXFHUHDDFHHDFHHVWHQHFHVDU
SHQWUXFRQVXPGLVWULEXLUHDvQFRQGLLLRSWLPHDSURGXVHORUúLVHUYLFLLORUFUHDUHDSRVLELOLWLORUGH
DOHJHUHFRQIRUPJXVWXULORUGRULQHORUúLSUHIHULQHORUFOLHQLORUOUJLUHDJDPHLGHSURGXVHúLQXvQ
XOWLPXOUkQGHGXFDUHD LQIOXHQDUHD JXVWXULORUFOLHQLORUvQVFRSXOFUHULLGHQRLWUHEXLQH&XFkWR
vQWUHSULQGHUHUHXúHúWHVVDWLVIDFPDLELQHWUHEXLQHOHSLHHLúLVVHDGDSWH]HODVFKLPEULOHHLFX
DWkWvLVSRUHVFúDQVHOHGHDúLIRUPDRFOLHQWHOSURSULHGHDúLvPEXQWLSR]LLDIDGHFRQFXUHQLL
VLúLGHDúLPULFLIUDGHDIDFHUL
G0D[LPL]DUHDHILFLHQHLHFRQRPLFH SURILWXOXL FDUHVHFRQVWLWXLHvQFHDGHDGRXDIXQFLH
RELHFWLYDPDUNHWLQJXOXL5HDOL]DUHDDFHVWHLIXQFLLSUHVXSXQHRSWLPL]DUHDVWUXFWXULORUGHSURGXFLH
úLDWXWXURUSURFHVHORUHFRQRPLFH SURGXFLHWUDQVSRUWGHSR]LWDUHúLFRPHUFLDOL]DUH FDUHDOFWXLHVF
IOX[XOFRPSOHWSURGXFLHFRQVXPvQFRQFRUGDQGHSOLQFXRELHFWLYHOHILUPHLSUHFXPúLR
MXGLFLRDVDORFDUHDUHVXUVHORUÌQVFRSXOvQISWXLULLDFHVWHLIXQFLLPDUNHWLQJXOWUHEXLHVDVLJXUH
GXSFD]LQIRUPDLLvQGHDMXQVGHVXILFLHQWHFULWHULLGHHYDOXDUHúLGHRSWLPSUHFXPúLDOWHHOHPHQWH
VSHFLILFH
&HOHGRXIXQFLLRELHFWLY VFRS DOHPDUNHWLQJXOXLH[SOLFGHIDSWGXEODILQDOLWDWHD
DFWLYLWLLILHFUHLvQWUHSULQGHULúLDQXPHRILQDOLWDWHVRFLDOúLXQDHFRQRPLF7UDWDUHD
SUHIHUHQLDODXQHLDVDXDOWHLDGHFWUHvQWUHSULQGHUHSRDWHDYHDXUPULGHRUGLQQHJDWLYSHQWUX
YLLWRUXODFHVWHLDÌQFRQGLLLOHSXQHULLDFFHQWXOXLFXSULRULWDWHSHFHDGHDWUHLDIXQFLH
SURILWDELOLWDWHDILUPHLYDDYHDGHVXIHULWVXEPLQkQGXVHFKLDUVFRSXOH[LVWHQHLvQWUHSULQGHULL'DF
vQVVDU³SHGDOD´PDLPXOWSHFHDGHDSDWUDIXQFLHSULQFUHúWHUHDSURILWXOXLFXWLPSXO
vQWUHSULQGHUHDDUUPkQHIUFOLHQLùLvQWUXQFD]úLvQFHOODOWVRDUWDILUPHLDUILIDOLPHQWXO6XE
LPSXOVXOLPDJLQDLHLGDFDPFRQVLGHUDPDUNHWLQJXOFDRFDV ILJXUD DWXQFLODED]D
IXQGDPHQWXO FDVHLYDVWDSULPDIXQFLHLQYHVWLJDUHDSLHHLúLDQHYRLORUGHFRQVXP FXQRDúWHUHD
SLHHL 




6WXGLHUHDSLHHL


$GDSWDUHD
ODVFKLPEULOH
SLHHL


$QWLFLSDUHDúL
LQIOXHQDUHD
VFKLPEULORU
6DWLVIDFHUHDQHYRLORU
GHFRQVXP
0D[LPL]DUHD
SURILWXOXL






















)LJXUD/HJWXUDGLQWUHIXQFLLOHPDUNHWLQJXOXL

ÌQDFHVWHFRQGLLLVWkOSLLFDVHLYRUILDGDSWDUHDILUPHLODVFKLPEULOHSLHHLSUHFXPúL
DQWLFLSDUHDúLFKLDULQIOXHQDUHDDFHVWRUVFKLPEUL$FRSHULúXOFDVHLFRQVWUXLWGLQGRXSODVHHJDOH
YDILIRUPDWGLQFHOHGRXIXQFLLVFRSDOHPDUNHWLQJXOXLVDWLVIDFHUHDQHYRLORUGHFRQVXPúL
PD[LPL]DUHDSURILWXOXL

,17(5',6&,3/,1$5,7$7($0$5.(7,1*8/8,

([DPLQkQGVXUVHOHWHRULHLPDUNHWLQJXOXLSXWHPREVHUYDFDFHVWDDvPSUXPXWDWPXOWGHOD
GLVFLSOLQHOHOHJDWHGHVIHUDDIDFHULORU WHRULDHFRQRPLFHFRQRPLLOHGHUDPXUHWF GHODúWLLQHOH
VRFLDOHúLFRPSRUWDPHQWDOH VRFLRORJLHSVLKRORJLHDQWURSRORJLHHWF úLGHODFHOHPHWRGRORJLFH
VWDWLVWLFPDWHPDWLFHFRQRPHWULHHWF úLFDFHVWHvPSUXPXWXULVHFRQFUHWL]HD]vQQRLXQL
FRQFHSWHGDWHúLWHKQLFL&XWRDWHDFHVWHDvQWUXFkWQXDIRVWFRQWXUDWvQFRWHRULHJHQHUDO
DFFHSWDWDXH[LVWDWIRDUWHPXOWHSXQFWHGHYHGHUHDVXSUDOXLIDSWDUJXPHQWDWGHDEXQGHQDGH
GHILQLLLFDUHLVDXFRQIHULW&DúLvQFD]XODOWRUGLVFLSOLQHHVHQDúLUDSRUWXULOHPDUNHWLQJXOXLFX
úWLLQDvQJHQHUDO FXFHDHFRQRPLFvQVSHFLDO DXIFXWRELHFWXOXQRUDPSOHGLVFXLLúLFRQWURYHUVH
±XQHOHFRQWLQXkQGúLDVW]L±vQUkQGXOVSHFLDOLúWLORU$VWIHOODvQWUHEDUHDSXVIRDUWHIUHFYHQW³(VWH
PDUNHWLQJXORúWLLQ"´±PDLDOHVvQGHFHQLXO9,±VDSULPLWXQHYDQWDLODUJGHUVSXQVXULGLQWUH
FDUHPDLVHPQLILFDWLYHVXQWPDUNHWLQJXOHVWH³RúWLLQDSOLFDWLY´³RQRXúWLLQDYkQ]ULL´³QX
HVWHRúWLLQFLRDUW´³QXHVWHQXPDLRúWLLQFLúLRDUW´HWF
ÌQSUH]HQWPDUNHWLQJXOGLVSXQHGHXQLQVWUXPHQWDUSURSULXGHFHUFHWDUHúLGHR
WHUPLQRORJLHVSHFLILFEXFXUkQGXVHGLQSOLQGHDSOLFDLLOHLQIRUPDWLFHvQWURVHULHGHGRPHQLLFD
GLVWULEXLDPUIXULORU GLVWULWLFD SOLOHHOHFWURQLFH PRQHWLFD SUHOXFUDUHDLQIRUPDLLORUGH
PDUNHWLQJúLWUDQVPLWHUHDORUODPDUHGLVWDQ WHOHPDWLFD &DXUPDUHDSURJUHVHORUvQUHJLVWUDWHGH
SUDFWLFDDFWLYLWLLGHPDUNHWLQJGLQULOHFXHFRQRPLHGHSLDGH]YROWDWWHRULDPDUNHWLQJXOXLD
FXQRVFXWRvPEXQWLUHFRQWLQX$VWIHODXIRVWvPEXQWLWHFRQFHSWHOHHVHQLDOHDOHWHRULHL
HFRQRPLFHFXPVXQWQHYRLOHGHFRQVXPVDXGHXWLOL]DUHSLDDúLPHFDQLVPHOHHLFHUHUHDúL
RIHUWDGHPUIXULHWF$SRUWXOPDUNHWLQJXOXLODvPERJLUHDWHRULHLHFRQRPLFHVDFRQFUHWL]DWúLvQ
HYLGHQLHUHDUHVRUWXULORULQWLPHGHWUDQVIRUPDUHDQHYRLORUGHFRQVXPvQFHUHUHGHPUIXULvQ
PVXUDUHDOHJWXULORUVWDWLVWLFHGLQWUHFHUHUHúLIDFWRULLVLGHLQIOXHQúD

&DUDFWHUXOVXLQWHUGLVFLSOLQDUDSHUPLVPDUNHWLQJXOXLRUHXúLWvPELQDUHvQWUHVWXGLHUHD
FDQWLWDWLYúLFDOLWDWLYDIHQRPHQHORUúLSURFHVHORUFHVHGHVIúRDUvQFDGUXOSLHHLIRORVLQGXVH
PHWRGHWHKQLFLúLLQVWUXPHQWHWRWPDLDGHFYDWHÌQ]LOHOHQRDVWUHPDUNHWLQJXOGLVSXQHGHXQDUVHQDO
IRDUWHERJDWGHPHWRGHvQFHSkQGFXFHOHULJLGúWLLQLILFHFDUHVXQWFRPSOHWDWHGHFHOHHXULVWLFHúL
WHUPLQkQGFXLQVWUXPHQWDUXOGHOXFUXDOVRFLRORJLHLSVLKRORJLHLSVLKRORJLHLVRFLDOH


&5(ù7(5($,03257$1(,0$5.(7,1*8/8,

'XSXQLLDXWRULJHQH]DPDUNHWLQJXOXLWUHEXLHFXWDWvQDEXQGHQDSURGXVHORUúLVHUYLFLLORU
SHSLDVSHFLILFULORUFXHFRQRPLHSXWHUQLFGH]YROWDWFDUHVHFRQIUXQWFXGLILFXOWLFUHVFkQGH
vQGHVIDFHUHDPUIXULORU/DRDQDOL]DWHQWRDVWIHOGHH[SOLFDLHQXHVWHVXILFLHQWGHRDUHFH
DEXQGHQDHVWHRQRLXQHUHODWLYUHSUH]HQWkQGQXRGLPHQVLXQHFHUWDRIHUWHLFLXQUDSRUWvQWUH
FHUHUHúLRIHUWPLMORFLWGHSUHFRQIUXQWDWFXFHUHULGHGLPHQVLXQLGLIHULWHDFHHDúLRIHUWSRDWHIL
vQXQHOHFD]XULLQVXILFLHQWLDUvQDOWHOHDEXQGHQW'DFDUILH[LVWDWRDVWIHOGHOHJWXUDUIL
vQVHPQDWFvQSHULRDGDFUL]HLHQHUJHWLFHGLQDQLL¶±¶LQWHUHVXOSHQWUXPDUNHWLQJDOPDULORU
FRPSDQLLSHWUROLIHUHVILVF]XW'LPSRWULYvQVFUL]DQXDUHGXVQLFLDULDQLFLLPSRUWDQD
PDUNHWLQJXOXLFLDGHWHUPLQDWGRDUUHFRQFHSWXDOL]ULQHHVHQLDOHúLVFKLPEULvQGLUHFLLOHIRUPHOH
úLPHWRGHOHGHIRORVLUHDOXL
ÌQRSLQLDFHORUPDLUHSXWDLVSHFLDOLúWLDSDULLDúLODUJDSURPRYDUHDPDUNHWLQJXOXLSH
VFHQDHFRQRPLHLPRQGLDOHWUHEXLHSXVvQOHJWXUFXGLQDPLVPXOHFRQRPLFRVRFLDOIU
SUHFHGHQWFHDGRPLQDWHSRFDQRDVWUFXGHRVHELUHvQSHULRDGDSRVWEHOLF/DUkQGXOOXLDFHVW
GLQDPLVPDIRVWUH]XOWDQWDLPSOHPHQWULLSURJUHVXOXLWHKQLFRúWLLQLILFvQWRDWHSDOLHUHOHYLHLL
HFRQRPLFHúLVRFLDOH([SUHVLHDGLQDPLVPXOXLGH]YROWDUHDSURGXFLHLGHPUIXULPXWDLLOH
GHPRJUDILFHXUEDQL]DUHDFUHúWHUHDQLYHOXOXLGHWUDLHWFVDXUVSkQGLWGLUHFWVDXLQGLUHFWDVXSUD
FRQGLLLORUSLHHLDVXSUDUDSRUWXULORUGHSLD3UROLIHUDUHDUDSLGDRSWLFLLúLWHKQLFLORUGHPDUNHWLQJ
SRDWHILSXVWRWRGDWvQOHJWXUFXDPSOLILFDUHDH[SRQHQLDODUHODLLORUHFRQRPLFHLQWHUQDLRQDOH
DVFKLPEXULORUGHSLDFHDXFDRELHFWVHUYLFLLSURGXVHWHKQRORJLLHWF/DDFHDVWDVDPDLDGXJDW
úLFRQHFWDUHDXQXLQXPUWRWPDLPDUHGHULFDUHúLDXGREkQGLWLQGHSHQGHQD*kQGLUHDGH
PDUNHWLQJVDFULVWDOL]DWvQWLPSvQIXQFLHGHPRGLILFDUHDVLVWHPXOXLGHSULRULWLDYXWvQYHGHUHGH
vQWUHSULQGHULvQFRQGXFHUHDSURFHVHORUGHSURGXFLHúLGHFRPHUFLDOL]DUH0RGLILFULOHYL]HD]GH
IDSWVFKLPEULOHGHRULHQWDUHvQFHHDFHSULYHúWHJHVWLRQDUHDUHVXUVHORUILUPHLSHQWUXFDDFHDVWDV
UHDOL]H]HPD[LPXPGHHILFLHQ SURILW $VWIHOVDXVXFFHGDWXUPWRDUHOHWLSXULGHRULHQWUL
D 2ULHQWDUHDVSUHSURGXFLHFHXUPUHDRSWLPL]DUHDIRORVLULLUHVXUVHORUvQLQWHULRUXO
vQWUHSULQGHULLSHQWUXRELQHUHDPD[LPXOXLGHUH]XOWDWHHFRQRPLFH SURGXVHúLVDXVHUYLFLL vQ
FRQGLLLOHXQXLQLYHOGHWHUPLQDWDOFRVWXULORUWRWDOH$FHDVWRSWLFDIRVWSURSULHSULPHLMXPWL
DVHFROXOXL;;FkQGRIHUWDHUDPXOWPDLPLFGHFkWFHUHUHDúLSLDDHUDGRPLQDWGH
SURGXFWRUL
E 2ULHQWDUHDVSUHYkQ]ULFkQGHIRUWXULOHILUPHLVXQWFRQFHQWUDWHDVXSUDPHWRGHORUúLWHKQLFLORU
GHVWLPXODUHDGHVIDFHULORUVXEOLQLLQGXVHDYDQWDMHOHFDOLWDWLYHDOHSURSULHLRIHUWHvQUDSRUWFX
FHDDFRQFXUHQLORULQWDDFHVWHLRULHQWULHUDDWUDJHUHDFkúWLJDUHDúLILGHOL]DUHDXQHLFOLHQWHOH
WRWPDLQXPHURDVHúLVROYDELOH$FHDVWRULHQWDUHDIRVWSUDFWLFDWvQSHULRDGDFkQGSLDD
GHYHQHDGLQFHvQFHPDLPXOWDFXPSUWRUXOXLúLFkQGRIHUWDvQFHSHDVGHSúHDVFFHUHUHD
F 2ULHQWDUHDGHPDUNHWLQJ6SHFLILFDFHVWHLRULHQWULHVWHFRQFHQWUDUHDDWHQLHLILUPHLDVXSUD
QHYRLORUJXVWXULORUSUHIHULQHORUúLGRULQHORUFOLHQWHOHLSHQWUXDúLRULHQWDVWUXFWXUDúLFDOLWDWHD
SURGXVHORUIDEULFDWHúLGHVIDFHULORUSRWULYLWH[LJHQHORUH[SULPDWHSHSLD
G 2ULHQWDUHDGHPDUNHWLQJVRFLHWDOFDUH±VSUHGHRVHELUHGHRULHQWDUHDGHPDUNHWLQJ±
SUHVXSXQHVDWLVIDFHUHDFRQVXPDWRULORUvQWURPDQLHUvQFDUHVILHSURWHMDWDWkWFRQVXPDWRUXO
FkWúLPHGLXODPELDQW
ÌQXOWLPHOHGRXGHFHQLLXQQXPUGLQFHvQFHPDLPDUHGHRUJDQL]DLLGLQFHOHPDLGLIHULWH
GRPHQLLGHDFWLYLWDWHDXDGRSWDWvQDFWLYLWDWHDORURSWLFDGHPDUNHWLQJIDSWFHSRDWHILSXVSHVHDPD
FRPSOH[LWLLúLVFKLPEULORUSHWUHFXWHvQPHGLXOHFRQRPLFúLVRFLDOPDLDOHVvQULOHFXHFRQRPLH

$XWR
UHDOL]DUH
5HVSHFWGHVLQH
1HFHVLWLVRFLDOH
1HFHVLWLOHJDWHGHVLJXUDQ
1HFHVLWLIL]LRORJLFHGHSLDGH]YROWDW&LQFLVXQWIDFWRULLHVHQLDOLFDUHDXFRQGXVODFUHúWHUHDLPSRUWDQHL
PDUNHWLQJXOXL
D &UHúWHUHDJUDGXOXLGHVRILVWLFDUHDQHYRLORUFRQVXPDWRULORU
0DVORZ  DHYLGHQLDWIDSWXOFH[LVWHQDLQGLYL]LORUHVWHFRQGLLRQDWGHVDWLVIDFHUHD
XQRUQHYRLFDUHYDULD]GHODFHOHIXQGDPHQWDOH YLWDOH DOHWXWXURUSkQODFHOHVSHFLILFHILHFUXL
LQGLYLG ILJXUD 
2DPHQLLvúLVDWLVIDFVXFFHVLYQHYRLOHvQFHSkQGFXFHOHSULPDUH6SUHGHRVHELUHGHHFRQRPLLOH
GHVXE]LVWHQvQFDUHFHDPDLPDUHSDUWHDSRSXODLHLvQFHDUFVúLVDWLVIDFQHYRLOHSULPDUH
DOLPHQWHDSDGSRVWFOGXU FDUHVXQWXúRUGHLGHQWLILFDWúLGHDQWLFLSDWvQULOHERJDWH
FRQVXPDWRULLDXYHQLWXULFDUHOHSHUPLWQXQXPDLVDWLVIDFHUHDDFHVWRUQHYRLSULPDUH(LFDXWVúL
VDWLVIDFQHYRLGRULQHúLSUHIHULQHGLQFHvQFHPDLVRILVWLFDWHDIODWHSHWUHSWHVXSHULRDUHDOH
SLUDPLGHLDFHVWRUDÌQDFHVWHFRQGLLLRULHQWDUHDGHPDUNHWLQJDILUPHLFDUHSXQHFRQVXPDWRUXOvQ
FHQWUXODIDFHULLúLIDFHHIRUWXULvQDDIODFHGRUHúWHHOHVWHFHDPDLSRWULYLWFDOHSHQWUXVDWLVIDFHUHD
SHGHSOLQDDFHVWXLD
















)LJXUD,HUDUKLDQHYRLORURPHQHúWLGXS0DVORZ

E &RQFXUHQDGLQFHvQFHPDLGXU
3ULQFLSDOLLIDFWRULFDUHFRQWULEXLHODDVFXLUHDOXSWHLFRQFXUHQLDOHVXQW
‰ &RQFXUHQDLQWHUQDLRQDOÌPEXQWLUHDVLVWHPHORUGHFRPXQLFDLHDGXVODFUHúWHUHD
SRVLELOLWLLSHQWUXRULFHILUPGHDVDWLVIDFHFRQVXPDWRULGLQUHJLXQLLQGHSHQGHQWH3HQWUX
RIHUWDQLLORFDOLDFHVWOXFUXSRDWHFRQVWLWXLRSULPHMGLHvQFRQGLLLOHvQFDUHFRPSHWLWRULLH[WHUQL
RIHUSURGXVHúLVHUYLFLLPDLEXQHGHFkWFHOHGHSHSLDDORFDO&XRDVWIHOGHH[SHULHQVH
FRQIUXQWvQSUH]HQWúL5RPkQLDvQFDUHILUPHOHVWULQHSRVHGRVHULHGHDYDQWDMHILVFDOHVDX
FHOHSURYHQLWHGLQDFFHVXOODPDWHULLSULPHWHKQRORJLLFRVWXULLQIHULRDUHVDXGLQWURPDLEXQ
vQHOHJHUHDQHYRLORUFRQVXPDWRULORUSURYHQLWGLQH[SHULHQDDFXPXODWvQDOWHULDOHOXPLL
‰ 1RLOHWHKQRORJLL'HVFULVHFD³IRUHDOHGLVWUXJHULLFUHDWLYH´QRLOHWHKQRORJLLVFKLPEYHFKLOH
LQGXVWULLÌQLQGXVWULDFHDVXULORUGHH[HPSOXHOHFWURQLFDDOXDWORFXOPLHVWULHLSHPVXUFH
FXPSUWRULLDXGHVFRSHULWDFXUDWHHDúLUH]LVWHQDFHDVXULORUHOHFWURQLFHVDXDOWH[HPSOXvQ
LQGXVWULDWLSRJUDILFWLSRJUDILLVXQWDPHQLQDLGHFRPSXWHUHúLFRSLDWRDUHGLQGRULQDHGLWXULORU
GHDDYHDXQFRQWUROPDLPDUHDVXSUDSXEOLFDLLORUVDXDPHQLQDUHDLQGXVWULHLIDUPDFHXWLFHGH
FWUHLQJLQHULDJHQHWLFFDDSOLFDLLVSUHHYLWDUHDúLQXWUDWDUHDEROLORUODDQLPDOHúLSODQWHHWF
‰ ,PLWDWRULL&XWRDWHFVXQWOHJLFDUHSURWHMHD]SHSURGXFWRULLRULJLQDOLVXQWFRQFXUHQLFDUH
ODQVHD]SHSLDSURGXVHVLPLODUHYHUVLXQLDGDSWDWHVFkúWLJHRFRWFkWPDLPDUHGLQSLDD
QRXOXLSURGXV1XPDLREXQRULHQWDUHGHPDUNHWLQJDILUPHLFDUHSHUPLWHvQHOHJHUHD
PRWLYDLLORUúLFXQRDúWHUHDRELúQXLQHORUSRWHQLDOLORUFRQVXPDWRULYDDVLJXUDDSUDUHDvPSRWULYD
DFHVWHLIRUPHGHFRQFXUHQ

F 6HSDUDUHDSURGXFLHLGHFRQVXPÌQDLQWHGDFFLQHYDGRUHDRSHUHFKHGHSDQWRILQRLVHGXFHD
ODFL]PDUFDUHvLOXDPVXULOHODSLFLRDUHvLSUH]HQWDGLIHULWHWLSXULGHSLHOHSHQWUXvQFOPLQWH
GLVFXWDXPRGHOXOGHSDQWRILúLvOFKHPDGXSRSHULRDGGHWLPSVLUHFHSLRQH]H3URGXFLDGH
PDVvQVDQXOHD]FRQWDFWXOGLUHFWGLQWUHSURGXFWRUúLFRQVXPDWRUÌQFD]XOQRVWUXIDEULFDQLLGH
vQFOPLQWHWUHEXLHVDQWLFLSH]HPRGDGLQVH]RQXOXUPWRURULFKLDUFXFkLYDDQLvQDLQWHFD
PRGHOHOHGHvQFOPLQWHVILHSXVHvQYkQ]DUHVXWLOL]H]HFXORULOHFDUHYRUILODPRGVGHFLG
FHPRGHOFXORDUHúLPVXUWUHEXLHVSURGXFIUvQVVFXQRDVFQXPUXOFOLHQLORUSRWHQLDOL
1XPDLRULHQWDUHDGHPDUNHWLQJvQFXUDMHD]FRQWDFWXOFXDFHúWLDFXSUHFGHUHSULQFHUFHWULOHGH
SLDÌQFRQGLLLOHVSHFLDOL]ULLúLFUHúWHULLGLPHQVLXQLLvQWUHSULQGHULORU±úLLPSOLFLWDSURGXFLHL±
DULDGHUVSkQGLUHDSURGXVHORUVHOUJHúWHFXPXOWSHVWHSLHHOHORFDOHWUHFkQGGLQFRORGHJUDQLHOH
QDLRQDOHDGXFkQGFXVLQHULVFXULJHQHUDWHGHGH]DFRUGXULOHFDUHSRWVDSDUvQWUHFHUHUHúLRIHUW
1XPDLFHUFHWULOHGHPDUNHWLQJIFXWHvQSUHDODELOSHQWUXREXQFXQRDúWHUHúLDQWLFLSDUHD
HYROXLLORUSHDFHVWHSLHHSRWGXFHODPLQLPL]DUHDDFHVWXLULVF
G &UHúWHUHDFRPSOH[LWLLRUJDQL]DLLORU3HPVXUDFUHúWHULLGLPHQVLXQLLúLFRPSOH[LWLL
vQWUHSULQGHULORUDQJDMDLLDFHVWRUDGHYLQGLQFHvQFHPDLvQGHSUWDLGHXWLOL]DWRULLILQDOLDL
SURGXVHORUORU3HDFHVWIRQGSRWVDSDUGRXSUREOHPH
‰ &HUHULFRQIOLFWXDOH6SUHVXSXQHPGHH[HPSOXFRvQWUHSULQGHUH XQPDJD]LQGHKDLQH vQ
GHPHUVXOHLGHDPHQLQHVWDQGDUGHOHFDOLWDWLYHFkWPDLULGLFDWHGLVWUXJHKDLQHOHGHWHULRUDWH FD
XUPDUHDSUREHORU GHFWUHFOLHQLúLQXOHRIHUVSUHYkQ]DUHFXXQSUHUHGXVÌQWUR]LvQVR
FOLHQWGHVFRSHUvQPDJD]LQRURFKLHFDUHLVHSRWULYHúWHSHUIHFWGDUHVWHSWDWFXUXMGH
SHUVRDQDFDUHDSUREDWRPDLvQDLQWH&OLHQWDHVWHWRWXúLGLVSXVVRFXPSHUHGDUFXRUHGXFHUH
GHSUHGHÌQWUHSULQGHUHDFDUHDDGRSWDWFRQFHSWXOGHPDUNHWLQJDSOLFDLFLSULQFLSLXO
³FOLHQWXOQRVWUXVWSkQXOQRVWUX´úLvPSXWHUQLFHúWHSHYkQ]WRUVDFFHSWHUHGXFHUHDIFkQGXO
SHFOLHQWVSOHFHDFDVPXOXPLWvQFLXGDUHJXODPHQWXOXLLQWHUQÌQWUHSULQGHULOHDOHFURU
UHJXODPHQWHúLSURFHGXULLQWHUQHVXQWPDLLPSRUWDQWHGHFkWVROLFLWULOHFOLHQWXOXLYRUILHWLFKHWDWH
GUHSWELURFUDWLFHúLFXWLPSXOYRUSLHUGH
‰ 6HSDUDUHDSURSULHWLLGHFRQWURO$QJDMDLLWLQGVILHPDLSXLQRULHQWDLVSUHSURILWGHFkW
SURSULHWDULL'DFPDQDJHPHQWXOQXFRQWUROHD]úLQXFRPXQLFHIHFWLYFXVDODULDLLFRUHODLD
GLQWUHPXOXPLUHDFOLHQLORUSURILWúLUHPXQHUDUHVHSRDWHSLHUGHvQPLQWHDVDODULDLORUHL
SULPLQGVDODULXLQGLIHUHQWGDFFOLHQLLORUDXIRVWVDWLVIFXLVDXQX3HQWUXDHYLWDDVHPHQHD
VLWXDLLFRPSDQLLOHFDUHúLDXLPSOHPHQWDWFRQFHSWXOGHPDUNHWLQJvúLDGDSWHD]VWUXFWXULOH
RUJDQL]DWRULFHVLVWHPHOHGHRSHUDUHúLFRPXQLFDUHVLVWHPHOHGHFRQWUROúLUHPXQHUDUHSUHFXP
úLDFWLYLWDWHDGHWUDLQLQJDVWIHOvQFkWWRLDQJDMDLLVILHPRWLYDLvQWURFkWPDLEXQVDWLVIDFHUHD
QHYRLORUFOLHQLORU
H 6FKLPEULOHWRWPDLGLQDPLFHDOHPHGLXOXLÌQSULQFLSDOVFKLPEULOHVXQWJHQHUDWHGH
‰ QRLOHWHKQRORJLLFDUHIDFYHFKLOHLQGXVWULLUHGXQGDQWH
‰ FUHúWHUHDJUDGXOXLGHHGXFDLHDSRSXODLHLFDUHVROLFLWSURGXVHGLQFHvQFHPDLEXQH
‰ PLúFULOHHFRORJLVWHFDUHDXRLQIOXHQFUHVFkQGDVXSUDSUDFWLFLORUHFRQRPLFH
‰ JOREDOL]DUHDHFRQRPLHL
‰ vQFXUDMDUHDLQWHJUULLvQ8(DIRVWHORUULFRPXQLVWHGLQFHQWUXOúLHVWXO(XURSHLHWF


'20(1,,/(0$5.(7,1*8/8,

ÌQOLWHUDWXUDGHVSHFLDOLWDWHVHJVHúWHXQWHUPHQUHODWLYQRXXQLYHUVDOLWDWHDPDUNHWLQJXOXL
&XGHRVHELUHGXSFHOGHDOGRLOHDU]ERLPRQGLDOPDUNHWLQJXODJVLWWHUHQSULHOQLFGHDSOLFDUHvQ
FHOHPDLYDULDWHGRPHQLLGHDFWLYLWDWHúLVSDLLHFRQRPLFRJHRJUDILFH'HDLFLUH]XOWUHODWLYDVD
XQLYHUVDOLWDWH$UJXPHQWHOHFDUHDXIRVWDGXVHvQIDYRDUHDXQLYHUVDOLWLLVDOHVXQW
‰ SHQHWUDUHDVDvQWRDWHVHFWRDUHOHYLHLLHFRQRPLFRVRFLDOH
‰ DILUPDUHDVDvQHFRQRPLLDIODWHSHGLIHULWHWUHSWHGHGH]YROWDUH
‰ DSOLFDELOLWDWHDvQRULFHWLSGHHFRQRPLH

$FHDVWWUVWXUDPDUNHWLQJXOXLvQVQXWUHEXLHH[DJHUDW0DUNHWLQJXOLQWURGXFHXQ
GHPHUVúWLLQLILFvQRULHQWDUHDDFWLYLWLLRUJDQL]DLLORUSULQFDUHVHUDLRQDOL]HD]HIRUWXULOHúLVH
RSWLPL]HD]HIHFWHOHGDUDVWDQXvQVHDPQFHOHVWHXQ³SDQDFHX´SHQWUXUH]ROYDUHDWXWXURU
SUREOHPHORU
ÌQHYROXLDSUDFWLFLLúLWHRULHLPDUNHWLQJXOXLVDXvQUHJLVWUDWGRXHWDSH
D 'H]YROWDUHDH[WHQVLYDPDUNHWLQJXOXLFDUHDvQVHPQDWSWUXQGHUHDvQOUJLPHvQFkWPDL
PXOWHRUJDQL]DLLDPDUNHWLQJXOXLSULQVHQVLELOL]DUHDIDFWRULORUGHGHFL]LHvQGLUHFLDFUHULL
VSLULWXOXLGHPDUNHWLQJúLDLIDFHVDFLRQH]HvQDFHVWVHQV
E 'H]YROWDUHDLQWHQVLYDPDUNHWLQJXOXLFDUHDvQVHPQDWWUHFHUHDGHODRYL]LXQHOLPLWDWODXQD
LQWHJUDWRDUHDPDUNHWLQJXOXLGHODPHWRGHúLWHKQLFLVLPSOHRULHQWDWHGRDUVSUHRSWLPL]DUHD
SURFHVHORUGHIDEULFDLHúLGHGHVIDFHUHODDFLXQLFRRUGRQDWHvQFDGUXOXQRUSURJUDPHFRPSOH[H
GHPDUNHWLQJODJHQHUDOL]DUHDPHQWDOLWLLGHPDUNHWLQJvQWRDWHFRPSDUWLPHQWHOHRUJDQL]DLHL
3ULQOUJLUHDFRQWLQXDFkPSXOXLDSOLFDLLORUSUDFWLFHPDUNHWLQJXODvQUHJLVWUDWúLFRQWLQX
VvQUHJLVWUH]HXQSURFHVGHGLIHUHQLHUHúLVSHFLDOLDOL]DUHÌQHFRQRPLDFRQWHPSRUDQVSHFLDOL]DUHD
PDUNHWLQJXOXLVHvQISWXLHúWHvQUDSRUWFXIXQFLLOHvQWUHSULQGHULLFDUDFWHUXOEXQXULORUUHDOL]DWHGH
ILUPFDWHJRULLOHGHPUIXULUDPXULOHGHDFWLYLWDWHúLFDUDFWHUXOJHRJUDILFDODFLXQLLVDOH
([WLQGHUHDPDUNHWLQJXOXLvQVIHUDDFWLYLWLLQHOXFUDWLYH QHDGXFWRDUHGHSURILW DGXVODDSDULLDúL
GH]YROWDUHDPDUNHWLQJXOXLVRFLDO
ÌQILJXUDVXQWHYLGHQLDWHVSHFLDOL]ULOHPDUNHWLQJXOXLGXSFULWHULLOHDUWDWHPDLVXV
2EVHUYDLH)LJXUDFRQLQHFVXHQXPHURWDWHGHODODLDUvQDIDUDGHVHQXOXLH[LVWQRWHFRUHVSRQGHQWH
FVXHORUUHVSHFWLYHQXPHURWDWHFX11«1$FHVWHQRWHH[SOLFvQVHPQWDWHDFRQLQXWXOXLFVXHORU
1 &RQFHSWXOJHQHUDOGHPDUNHWLQJ1 0NRULHQWDWGXSVFRS
1 0NRULHQWDWIXQFLRQDO1 0NRULHQWDWGXSFDWHJRULLGHPUIXUL1 0NRULHQWDWGXSUDPXUDGH
DFWLYLWDWHHFRQRPLF1 0NXQRUJUXSHGHSURGXVH

6SHFLDOL]ULOHPDUNHWLQJXOXLvQDFWLYLWDWHDHFRQRPLF

'XSFULWHULXOSURILOXODFWLYLWLLHFRQRPLFHVSHFLDOL]DUHDPDUNHWLQJXOXLDDYXWGUHSW
UH]XOWDWGLYL]DUHDVDvQPDUNHWLQJXOEXQXULORUGHSURGXFLH PDUNHWLQJLQGXVWULDO 
PDUNHWLQJXOEXQXULORUGHFRQVXPúLPDUNHWLQJXOVHUYLFLLORU
D 0DUNHWLQJXOEXQXULORUGHSURGXFLH$FHDVWVSHFLDOL]DUHVDUHDOL]DWvQUDSRUWFX
PDUNHWLQJXOEXQXULORUGHFRQVXPILLQGGHWHUPLQDWvQSULQFLSDOGHFDUDFWHUXOPDLUDSLGDOFHUHULL
GHPRWLYDLDSUHSRQGHUHQWUDLRQDOGHQXPUXOUHODWLYPLFGHFXPSUWRUL DJHQLHFRQRPLFL úLGH
FRQFHQWUDUHDFHQWUHORUGHSURGXFLHúLFRQVXP$FHVWHSDUWLFXODULWLDXGXVODGH]YROWDUHDXQRU
PHWRGHWHKQLFLúLLQVWUXPHQWHGHFHUFHWDUHúLGLUHFLLGHRULHQWDUHDSROLWLFLORUGHPDUNHWLQJGLVWLQFWH
vQUDSRUWFXPDUNHWLQJXOEXQXULORUGHFRQVXP
E 0DUNHWLQJXOEXQXULORUGHFRQVXP/DDFHDVWVSHFLDOL]DUHWUHEXLHPHQLRQDWIDSWXOF
SULPHOHDSOLFULDOHPDUNHWLQJXOXLVDXUHDOL]DWvQDFHVWGRPHQLXFRQVWLWXLQGúLDVW]LHOHPHQWXOGH
UDSRUWDUHDSDUWLFXODULWLORUFHORUODOWHGRPHQLLGHVSHFLDOL]DUHDPDUNHWLQJXOXLSUHFXPúLWHUHQXOGH
DSDULLHúLH[SHULPHQWDUHDLQRYDLLORUGHPDUNHWLQJ7RDWHDFHVWHDGDWRULWIDSWXOXLFVHFRQIUXQW
FXFHDPDLODUJYDULHWDWHGHFDUDFWHULVWLFLDOHFHUHULLJUHXGHLGHQWLILFDWFXRPDVHQRUPGH
FXPSUWRULDQRQLPLFXXQFDUDFWHUIRDUWHFRPSOH[DOPRWLYDLHLGHFXPSUDUHGDUFX
SDUWLFXODULWLLQGLYLGXDOHvQFHHDFHSULYHúWHGHFL]LDGHFXPSUDUHFXFHOPDLULGLFDWJUDGGH
GLVWULEXLHDFHUHULLvQWHULWRULXHWF
F 0DUNHWLQJXOVHUYLFLLORU0RWLYDWGHHYROXLDPDLUDSLGDVHFWRUXOXLWHULDU VHFWRUXO
VHUYLFLLORU IDGHFHOHODOWHGRXVHFWRDUHSULPDU DJULFXOWXULQGXVWULDH[WUDFWLYHWF úLVHFXQGDU
LQGXVWULD HOUHSUH]LQWDVW]LGRPHQLXOGHVSHFLDOL]DUHFHOPDLGLQDPLF
ÌQUDSRUWFXPUIXULOH SURGXVHOH VHUYLFLLOHSUH]LQWRVHULHGHSDUWLFXODULWLFD
LQWDQJLELOLWDWHLQVHSDUDELOLWDWHDSURGXFLHLGHFRQVXPLPSRVLELOLWDWHDVWRFULL SHULVDELOLWDWH HWF
FDUHúLDXSXVDPSUHQWDDVXSUDDFWLYLWLLGHPDUNHWLQJGLQDFHVWGRPHQLX
3RWULYLWFULWHULXOXLJHRJUDILFVSHFLDOL]DUHDPDUNHWLQJXOXLDRSHUDWvQFDGUXODFLXQLLVDOHGH
GLYL]DUHvQPDUNHWLQJLQWHUQ GRPHVWLF úLPDUNHWLQJLQWHUQDLRQDO

D 0DUNHWLQJXOGRPHVWLFHVWHPHQLWVRULHQWH]HDFWLYLWDWHDRUJDQL]DLLORUvQUDSRUWFX
H[LJHQHOHSLHHORUORFDOHúLQDLRQDOHSHFDUHDFWLYHD]DOHFURUFDUDFWHULVWLFLSRWILFHUFHWDWHIU
HIRUWXULGHRVHELWHFRPSDUDWLYFXSLHHOHH[WHUQHDVLJXUkQGXVHWUDQVSDUHQDvQLQIRUPDLLOH
QHFHVDUHvQDFHVWVFRS
E 0DUNHWLQJXOLQWHUQDLRQDO$FHVWDvúLGDWRUHD]VSHFLILFLWDWHDSDUWLFXODULWLORU
PHWRGHORUúLWHKQLFLORUGHSURVSHFWDUHDSLHHORUH[WHUQHPRGDOLWLORUGHVHOHFLHúLDQDOL]D
DFHVWRUDGHFWUHDJHQLLHFRQRPLFLLQWHUHVDLSROLWLFLORUúLVWUDWHJLLORUGHPDUNHWLQJSHFDUHOH
DGRSWvQUDSRUWFXVHJPHQWHOHSLHHLLQW
0DLQRWPvQVIkUúLWGUHSWFULWHULLGHVSHFLDOL]DUHDPDUNHWLQJXOXLQLYHOXOGHRUJDQL]DUH
HFRQRPLFGXSFDUHVDGHOLPLWDWPLFURPDUNHWLQJXOúLPDFURPDUNHWLQJXO3ULPXOSULYHúWH
DFWLYLWDWHDILHFUHLILUPHvQSDUWHvQFRQIUXQWDUHDVDFXPHGLXOHFRQRPLFRVRFLDOFXSLDDLDU
FHOODOWFDUHHVWHXWLOL]DWGHVRFLHWDWHSULYHúWHvQWUHDJDHFRQRPLHQDLRQDOSULQIRUPHOHVDOH
VSHFLILFHGHRUJDQL]DUHVDXGHRULHQWDUHDDFWLYLWLLHFRQRPLFH
6SHFLDOL]ULOHSUH]HQWDWHQXVHRSUHVFDLFLHOHFRQLQkQGDWkWvQOUJLPHFkWúLvQDGkQFLPH
$úDGHH[HPSOXGLQPDUNHWLQJXOEXQXULORUGHFRQVXPVDGHVSULQVDJURPDUNHWLQJXO PDUNHWLQJXO
DJULFRO FXVXILFLHQWHSDUWLFXODULWLFHGHFXUJGLQQDWXUDVSHFLILFDSURGXFLHLúLSURGXVHORUGLQ
FDUDFWHUXOUHODWLYULJLGDOFHUHULLúLRIHUWHLGLQSDUWLFXODULWLOH]RQDOHDOHSLHHLHWFGLQPDUNHWLQJXO
VHUYLFLLORUVDGHVSULQVPDUNHWLQJXOWXULVWLFPDUNHWLQJXOILQDQFLDUEDQFDUPDUNHWLQJXO
WUDQVSRUWXULORUVDXGLQPDUNHWLQJXOLQWHUQDLRQDOVDGHVSULQVPDUNHWLQJXOLPSRUWXOXLúL
PDUNHWLQJXOH[SRUWXOXL
%DPDLPXOWvQXOWLPXOGHFHQLXFDXUPDUHDPRQGLDOL]ULLDIDFHULORULQWHUQDLRQDOHVD
FRQWXUDWPDUNHWLQJXOJOREDO

0$5.(7,1*8/62&,$/

/DSULPDYHGHUHPDUNHWLQJXOúLSURILWXOSDUGRXQRLXQLLQWHUGHSHQGHQWH7RWXúL
PDUNHWLQJXOVDGRYHGLWXWLOúLvQVHFWRUXOQRQSURILWSULQRUJDQL]DLLOHGHYRWDWHDOWRUFDX]HGHFkW
FkúWLJXOFRPHUFLDO$VRFLHUHDPDUNHWLQJXOXLFXSURILWXOIDFHFDOXPHDúLXQLLPDQDJHULGLQVHFWRUXO
QRQSURILWVOSULYHDVFFXVXVSLFLXQH,DWFkWHYDGLQSULQFLSDOHOHORUDUJXPHQWHúLRELHFLL
‰ 'DFVQWDWHDEXQúLHGXFDLDVXSHULRDUVXQWHYLGHQWHGHODVLQHDWXQFLPDUNHWLQJXOQXHVWH
QHFHVDU
‰ 'DFVHFRQVXPGLQSXLQHOHUHVXUVHDOHRUJDQL]DLHLFDUHDUILXWLOL]DWHPDLELQHODvQGHSOLQLUHD
PLVLXQLLDFHVWHLDDWXQFLPDUNHWLQJXOHVWHLQXWLO
‰ 'DFVHUHGXFHQXPDLODWUDQ]DFLLOHYkQ]DUHFXPSUDUHDWXQFLPDUNHWLQJXOPDQLSXOHD]
$FHVWHSUHMXGHFLVHGDWRUHD]XQHLvQHOHJHULJUHúLWHDPDUNHWLQJXOXLúLDSOLFULL
SULQFLSLLORUDFHVWXLD0DUNHWLQJXOHVWHXQPRGGHDXWLOL]DUHVXUVHPLQLPHSHQWUXHIHFWHPD[LPH
SULQFRQFHQWUDUHD IRFDOL]DUHD RUJDQL]DLLORUDVXSUDFOLHQWXOXL2UJDQL]DLLOHQXH[LVWSHQWUX
VFRSXULOHORUFLvúLDXMXVWLILFDUHDvQDIDUDORUÌQPRGVLPLODURUJDQL]DLLOHQRQSURILWFDúLFHOH
FRPHUFLDOHDXQHYRLHGHFOLHQL2UJDQL]DLLOHQRQSURILWDGRSWFRQFHSWXOGHPDUNHWLQJSHQWUX
GHYHQLPDLHILFLHQWHvQPHGLXOFRQFXUHQLDO7RWXúLDúDFXPPDUNHWLQJXOEXQXULORUGHFRQVXPVDX
FHODOVHUYLFLLORUSUH]LQWXQHOHSDUWLFXODULWLIDGHFHOLQGXVWULDOúLPDUNHWLQJXOQRQSURILW VRFLDO 
SUH]LQWWUVWXULOHVDOHFDUDFWHULVWLFH&HOPDLSRWULYLWPRGGHDOHLGHQWLILFDHVWHGHDDQDOL]DFHL
SDWUXSLORQL 3 SHFDUHVHVSULMLQPDUNHWLQJXO
D 3URGXVXO/DRUJDQL]DLLOHQRQSURILWORFXOSURGXVXOXLGLQPDUNHWLQJXOGLQVIHUDOXFUDWLYHVWH
OXDWGHRFDX]GHRLGHHGHXQDQXPLWFRPSRUWDPHQWVRFLDOGHDGH]LXQHDODDFHVWHD
E 3UHXOÌQORFXOEDQLORUGLQSULPXOFD]PDUNHWLQJXOXUPUHúWHDLFLDWUDJHUHDFkWPDLPXOWRU
DGHSLODLGHHDFDX]DFRPSRUWDPHQWXOLQYRFDWVDXSURJUDPXOODQVDWGHRRUJDQL]DLH
F 3ODVDUHD vQVHQVGHGLVWULEXLH 2UJDQL]DLLOHQRQSURILWDVHPHQHDFHORUFRPHUFLDOHWUHEXLH
VVHIDFGLVSRQLELOHFOLHQLORUvQORFXULúLPRPHQWHFRQYHQDELOHDFHVWRUD3ODVDUHDVHGLLORUvQ
ORFXULDJORPHUDWHúLH[LVWHQDOLQLLORUWHOHIRQLFHVXQWGRXGLQWUHFHOHPDLVLPSOHPRGXULGHD
vPELQDFRPRGLWDWHDSHQWUXFOLHQLúLUDLRQDOL]DUHDFRVWXULORUSHQWUXRSUJDQL]DLH

G 3URPRYDUHD$FWLYLWLOHQRQSURILWDXvQJHQHUDOEXJHWHPDLPLFLGHFkWFHOHFRPHUFLDOHúLVH
ED]HD]FXSUHGLOHFLHSHUHODLLOHFXSXEOLFXOGHFkWSHSXEOLFLWDWH$OHJHUHDIRUPHLGH
SXEOLFLWDWHDWXQFLFkQGHVWHFD]XOWUHEXLHIFXWFXPXOWJULMSHQWUXDQXILFRQWUDSURGXFWLY
'HUHJXOSXEOLFLWDWHDDUHHIHFWQHJDWLYDVXSUDGRQDWRULORUúLLPSOLFLWDVXSUDGRQDLLORU7RWDLFL
WUHEXLHDYXWvQYHGHUHúLVHQVLELOLWDWHDODGLPHQVLXQHDPRUDODLPDJLQLL'HH[HPSOXJUXSXULOH
GHSUHVLXQHHFRORJLVWHVDXRUJDQL]DLLOHGHFDULWDWHYRUIRORVLPDWHULDOHLHIWLQHVDXUHFLFODWH
SHQWUXOLWHUDWXUDORU6DXRUJDQL]DLLOHGHFDULWDWHFDUHDFLRQHD]vQ]RQHIRDUWHVUDFHWUHEXLHV
HYLWHXWLOL]DUHDXQHLLPDJLVWLFLFDUHvQILúHD]SHFOLHQLLORUFDFHUúHWRUL
7HUPHQXOGHPDUNHWLQJVRFLDODIRVWLQWURGXVvQOLWHUDWXUDGHVSHFLDOLWDWHGHSURIHVRULL
DPHULFDQL3K.RWOHUúL*=DOWPDQúLGHILQLQGXOGUHSW³HODERUDUHDSXQHUHDvQDSOLFDUHúLFRQWUROXO
SURJUDPHORUXUPULQGFUHúWHUHDDGH]LXQLLODRLGHHODRFDX]VDXODXQFRPSRUWDPHQWVRFLDOvQ
FDGUXOXQXLDVDXPDLPXOWRUJUXSXULYL]DWH´
ÌQFDGUXOPDUHNWLQJXOXLVRFLDODXDSUXWVSHFLDOL]ULGLQWUHFDUHFHOHPDLLPSRUWDQWHVXQW
Á 0DUNHWLQJXOHGXFDLRQDOFDUHXUPUHúWHPD[LPL]DUHDHIHFWHORUSURFHVXOXLGHLQVWUXLUH
Á 0DUNHWLQJXOFXOWXUDOFHDUHFDVFRSUHXúLWDXQHLDFLXQLFXOWXUDOHFXPDUILGHH[HPSOXFHDD
XQHLH[SR]LLLGHFDUWH
Á 0DUNHWLQJXOUXWLHUFHYL]HD]vPEXQWLUHDVHFXULWLLFLUFXODLHLUXWLHUH
Á 0DUNHWLQJXOvQGRPHQLXOVQWLLFDUHDUHFDRELHFWLYSURPRYDUHDPHGLFLQHLRPXOXLVQWRV
SULQHGXFDLHVDQLWDUFXVFRSXOUHGXFHULLQXPUXOXLGHvPEROQYLUL
2GLQDPLFGHRVHELWDFXQRVFXWvQXOWLPXOWLPSFHOSXLQvQDUDQRDVWUPDUNHWLQJXO
HFRORJLFúLFHOHOHFWRUDO
0DUNHWLQJXOHFRORJLFVHGH]YROWvQGRXSODQXUL
‰ ODQLYHOPDFURHFRQRPLF±SURSXQkQGXúLFRRUGRQDUHDDFLXQLORUGHSUHYHQLUHDGHJUDGULL
PHGLXOXLDPELDQWSULQDFLXQLFRQMXJDWHDOHVWDWXOXLDOHXQRURUJDQLVPHSXEOLFHúLDOH21*
XULORU
‰ ODQLYHOPLFURHFRQRPLF±DYkQGFDRELHFWLYvQFRUSRUDUHDFRPSRQHQWHLHFRORJLFHvQSROLWLFDGH
PDUNHWLQJDWXWXURURUJDQL]DLLORU
0DUNHWLQJXOHOHFWRUDOSUDFWLFDWGHSDUWLGHOHSROLWLFHDUHFDRELHFWLY³YkQ]DUHD´FWUH
SXEOLFXOHOHFWRU FDUHHVWHXQFRQVXPDWRUGHSROLWLF DXQXLSURJUDPvQVSDWHOHFUXLDVWDX
FDQGLGDLLFDUHDVSLUODDILDOHúL
6DOWXULGHRVHELWHDXFXQRVFXWvQFHHDFHSULYHúWHGH]YROWDUHDúLPDUNHWLQJXOVSRUWLY
DSOLFDWvQGHRVHELODRUJDQL]DUHDWXUQHHORUVSRUWLYH úLPDUNHWLQJXOHFOH]LDVWLF IRORVLWOD
UVSkQGLUHDXQRUDQXPLWHUHOLJLL HWF


5H]XPDW

$FHVWFDSLWROHVWHGHVWLQDWDERUGULLSHODUJDFRQFHSWXOXLGHPDUNHWLQJDIDFWRULORUFDUHDX
FRQWULEXLWODDSDULLDSURPRYDUHDúLGH]YROWDUHDDFHVWXLDSUHFXPúLDFHORUFDUHDXGXVODFUHúWHUHD
GHRVHELWDLPSRUWDQHLVDOHvQSUH]HQW$LFLVXQWHYLGHQLDWHFDUDFWHULVWLFLOHIXQGDPHQWDOHDOH
ILUPHORUFDUHDXRULHQWDUHGHPDUNHWLQJVXQWH[SOLFDWHIXQFLLOHPDUNHWLQJXOXLúLDFWLYLWLOH
VSHFLILFHFHIDFRELHFWXODFHVWRUDvQFRQWH[WXOvQFDUHHOHSRWILSURPRYDWHFXVXFFHV'HDVHPHQHD
VXQWDERUGDWHVSHFLDOL]ULOHPDUNHWLQJXOXLDWkWFHOHGLQVIHUDHFRQRPLFFkWúLFHOHFDUHYLQGLQ
PDUNHWLQJXOVRFLDO


&RQFHSWHFKHLH

‰ &RQFHSWXOGHPDUNHWLQJ2DERUGDUHDDIDFHULORUFDUHSODVHD]FRQVXPDWRUXOvQFHQWUXO
SUHRFXSULORUILUPHLúLDOHSLHHL
‰ &RQFHSWXOGHPDUNHWLQJVRFLHWDO2DERUGDUHDDIDFHULORUGHFWUHILUPDFHDUHvQYHGHUHDWkW
VDWLVIDFHUHDQHYRLORULQGLYLGXDOHDOHFRQVXPDWRULORUFkWúLSHFHOHDOHVRFLHWLLvQDQVDPEOXOHL

‰ (ILFDFLWDWH5HDOL]DUHDGHSURGXVHúLVHUYLFLLFDUHVVDWLVIDFFOLHQLL
‰ (IRUWLQWHJUDW&RRUGRQDUHDHIRUWXULORUGHSXVHGHGLIHULWHFRPSDUWLPHQWHDOHILUPHLvQVFRSXO
VDWLVIDFHULLFOLHQLORU
‰ ,HUDUKLDOXL0DVORZDQHYRLORU8QFDGUXvQFDUHQHYRLOHFRQVXPDWRULORUVXQWDúH]DWHGXS
LPSRUWDQDúLGLPHQVLXQHDORU
‰ 2ULHQWDUHDVSUHFOLHQW$IODUHDGRULQHORUFRQVXPDWRULORUvQDLQWHGHDVHGHFLGHFHVVH
SURGXFVDX±FXPHVWHFD]XOvQvQWUHSULQGHULOHGHFRPHUFLDOL]DUH±FHVVHYkQG
‰ 2ULHQWDUHDVSUHSURGXV3UHRFXSDUHDH[DJHUDWDILUPHLSHQWUXFUHúWHUHDSURGXFWLYLWLLúLQX
SHQWUXVDWLVIDFHUHDQHYRLORUFOLHQLORU
‰ 2ULHQWDUHDVSUHYkQ]UL3UHRFXSDUHDH[DJHUDWSHQWUXFRQYLQJHUHDFXPSUWRULORUGHD
FXPSUDSURGXVHOHILUPHLvQORFXOVDWLVIDFHULLFkWPDLGHSOLQHDQHYRLORUDFHVWRUD





Similar Posts

  • 681011169710810510532102979911611711497329911711410111011696869710811197114101 [612034]

    /70/65/67/84/85/82/65 /83/101/114/105/97 /84/69/76/69/75/79/77/32/82/79/77/65/78/73/65/32/77/79/66/73/76/69/32/67/79/77/77/85/78/73/67/65/84/73/79/78/83/32/83/65 /83/112/108/97/105/117/108/32/73/110/100/101/112/101/110/100/101/110/116/101/105/32/78/114/46/51/49/57/71/44/32/69/116/32/49/45/50/32/66/117/99/117/114/101/115/116/105/44/32/48/54/48/48/52/52 /82/67/58/32/74/52/48/47/52/51/51/47/49/57/57/57/59/32/67/73/70/58/32/82/79/49/49/57/53/50/57/55/48/59 /79/112/101/114/97/116/111/114/32/99/117/32/67/83/83/86/58/32/49/46/53/57/51/46/55/52/55/46/53/48/48/32/76/101/105 /79/112/101/114/97/116/111/114/32/99/117/32/67/83/83/86/58/32/49/46/53/57/51/46/55/52/55/46/53/49/48/32/76/101/105 /79/112/101/114/97/116/111/114/32/100/97/116/101/32/99/117/32/99/97/114/97/99/116/101/114/32/112/101/114/115/111/110/97/108/32/110/114/46/32/51/48/55/54 /68/101/116/97/108/105/105/32/102/97/99/116/117/114/97/32/99/117/114/101/110/116/96/86/97/108/111/97/114/101 /45/32/108/101/105/32/45 /65/112/114/111/98/97/116/32/112/114/105/110/32/79/77/70/32/55/48/49/47/49/57/57/56 /77/67/32/49/52/45/52/45/49/48/47/65/50 /80/68/66/79/80/68/67/95/84/71/86/95/48/49/49/50/48/48/54/49/84/75/82/77 /110/114/46 /49/56/48/49/48/52/51/55/49/49/54/57 /83/101/114/105/97/32/32/32/84/75/82/77/32/32/32/110/114/46/32/32/32/49/56/48/49/48/52/51/55/49/49/54/57/49/48/48/48 /68/45/110/97/46/32/77/65/82/65/45/68/65/78/73/69/76/65/32/67/72/73/86/85/76/69/83/67/85 /66/68/46/73/110/100/101/112/101/110/100/101/110/92/101/105 /78/114/46/51/32/66/108/46/54/80/80/32/83/99/46/65/32/65/112/46/50/53 /49/51/48/48/54/49/32/84/226/114/103/111/118/105/93/116/101 /74/117/100/46/32/68/226/109/98/111/118/105/92/97/67/111/100/32/99/108/105/101/110/116 /32/32/57/49/54/48/50/48/48/55/48/57/55/56/57/48 /68/97/116/97/32/102/97/99/116/117/114/96/114/105/105 /32/32/32/32/32/32/49/52/46/48/53/46/50/48/49/56 /80/101/114/105/111/97/100/97/32/100/101/32/102/97/99/116/117/114/97/114/101 /50/55/46/48/52/46/50/48/49/56/45/49/51/46/48/53/46/50/48/49/56 /67/117/114/115/32/69/85/82/79/32/108/97/32/100/97/116/97/32/102/97/99/116/117/114/96/114/105/105 /52/44/54/51/52/56 /76/101/105/47/69/85/82 /67/117/114/115/32/66/78/82/32/118/97/108/97/98/105/108/32/108/97/32/100/97/116/97/32/102/97/99/116/117/114/97/114/105/105 /73/109/112/111/114/116/97/110/116/33 /70/97/99/116/117/114/97/32/116/97/32/99/111/110/116/105/110/101/58 /32/45/32/97/98/111/110/97/109/101/110/116/117/108/32/100/101/32/108/97/32/100/97/116/97/32/97/99/116/105/118/97/114/105/105/32/112/97/110/97/32/108/97/32/100/97/116/97/32/101/109/105/116/101/114/105/105/32/102/97/99/116/117/114/105/105/59 /32/45/32/97/98/111/110/97/109/101/110/116/117/108/32/112/101/32/108/117/110/97/32/105/110/32/99/117/114/115/46 /68/101/32/97/99/101/101/97/44/32/115/117/109/97/32/116/111/116/97/108/97/32/97/32/97/98/111/110/97/109/101/110/116/101/108/111/114/32/100/105/110/32/97/99/101/97/115/116/97/32/102/97/99/116/117/114/97/32/112/111/97/116/101/32/100/101/112/97/115/105/32/118/97/108/111/97/114/101/97/32/97/98/111/110/97/109/101/110/116/117/108/117/105/32/116/97/117/32/108/117/110/97/114/46 /71/97/115/101/115/116/105/32/97/99/101/115/116/101/32/118/97/108/111/114/105/32/100/101/116/97/108/105/97/116/101/32/105/110/32/65/110/101/120/97/32/102/97/99/116/117/114/105/105/46 /73/116/105/32/109/117/108/116/117/109/105/109/32/99/97/32/97/105/32/97/108/101/115/32/115/101/114/118/105/99/105/105/108/101/32/84/101/108/101/107/111/109/32/82/111/109/97/110/105/97/33 /73/110/116/114/97/32/112/101/32/119/119/119/46/116/101/108/101/107/111/109/46/114/111/44/32/115/101/99/116/105/117/110/101/97/32/77/121/65/99/99/111/117/110/116/32/115/105/32/112/108/97/116/101/115/116/101/32/114/97/112/105/100/32/102/97/99/116/117/114/97/32/84/101/108/101/107/111/109/33/65/98/111/110/97/109/101/110/116/101/32/115/105/32/101/120/116/114/97/111/112/116/105/117/110/105 /32/32/32/32/32/32/32/32/32/32/32/57/49/44/50/51 /67/111/110/115/117/109/32/93/105/32/97/108/116/101/32/115/101/114/118/105/99/105/105 /68/101/116/97/108/105/105/32/99/111/110/115/117/109 /32/32/32/32/32/32/32/32/32/32/32/32/48/44/48/48 /82/101/100/117/99/101/114/105 /32/32/32/32/32/32/32/32/32/32/45/51/52/44/49/51 /82/101/100/117/99/101/114/101/32/99/111/109/101/114/99/105/97/108/97/32/112/97/99/104/101/116/32/115/101/114/118/105/99/105/105/45/116/114/97/110/115/97/32/108/117/110/97/114/97 /32/32/32/32/32/32/32/32/32/32/45/50/49/44/51/55 /84/111/116/97/108/32/102/97/99/116/117/114/97/32/99/117/114/101/110/116/96/32/102/96/114/96/32/84/86/65 /32/32/32/32/32/32/32/32/32/32/32/51/53/44/55/51 /84/86/65/32/40/49/57/37/41 /32/32/32/32/32/32/32/32/32/32/32/32/54/44/55/57 /84/111/116/97/108/32/102/97/99/116/117/114/97/32/99/117/114/101/110/116/96/32/99/117/32/84/86/65 /32/32/32/32/32/32/32/32/32/32/32/52/50/44/53/50 /82/97/116/97/32/101/99/104/105/112/97/109/101/110/116/101/45/116/114/97/110/115/97/32/108/117/110/97/114/97 /32/32/32/32/32/32/32/32/32/32/32/50/53/44/52/51 /84/111/116/97/108/32/100/101/32/112/108/97/116/96/32/99/117/114/101/110/116…

  • Lect. univ. dr. Lumința Ștefania BOBOC [310105]

    [anonimizat]Ã Coordonator științific: Lect. univ. dr. Lumința Ștefania BOBOC Absolvent: [anonimizat], 2019 CUPRINS: 1. Capitolul I – CONSIDERAȚII GENERALE 2. [anonimizat] 2.1. Potențialul turistic al reliefului 2.2. [anonimizat] 2.3. Potențialul turistic al hidrografiei 2.4. [anonimizat] (vegetație, faună, soluri) 3. [anonimizat] 4. [anonimizat] 4.1. Dotări pentru cazare și gradul de ocupare a unităților de cazare (hoteluri,…

  • Cuprins: Introducere 1. Captarea sunetului a. Natura fizică a sunetului b. Tipuri de microfoane c. Priza directă d. Post-sincron sau ADR e. Foley 2…. [622029]

    UNIVERSITATEA NAȚIONALĂ DE ARTĂ TEATRALĂ ȘI CINEMATOGRAFICĂ “I.L.CARAGIALE” – BUCUREȘTI FACULTATEA DE FILM Specializarea: CFM – MULTIMEDIA: SUNET-MONTAJ LUCRARE DE LICENȚĂ Profesori coordonatori: Prof.univ.dr. BARON Laura Lect.univ.dr. RUCĂREANU Dan-Ștefan Absolvent: [anonimizat] 2018 UNIVERSITATEA NAȚIONALĂ DE ARTĂ TEATRALĂ ȘI CINEMATOGRAFICĂ “I.L.CARAGIALE” – BUCUREȘTI FACULTATEA DE FILM Specializarea: CFM – MULTIMEDIA: SUNET-MONTAJ Sunetul de film – înregistrare,…

  • Using few characteristic parameters to enhance the differentiation of prostate cancer from benign pros tatic hyperplasia: a single-center… [601405]

    For Peer Review Only Using few characteristic parameters to enhance the differentiation of prostate cancer from benign pros tatic hyperplasia: a single-center retrospective study in China Journal: IEEE/ACM Transactions on Computational Biology and Bioinformatics Manuscript ID TCBB-2017-06-0235 Manuscript Type: Regular Paper Keywords: Aided diagnostic model, decision tree, prostate can cer, prostate-specific antigen density Transactions on…

  • Lista figurilor, tabelelor și graficelor 7 [307551]

    – BUCUREȘTI – – 2019 – CUPRINS Abrevieri 6 [anonimizat] 7 ARGUMENT 9 [anonimizat] 9 Premisele cercetării 11 Locul actual al temei în cercetările științifice specifice 12 Ipoteze de cercetare 15 INTRODUCERE 16 Plasarea temei în domeniul general de cercetare 16 Metodologie 17 Structura lucrării 18 CAPITOLUL 1 23 Securitate și intelligence în dezbaterile teoretice…

  • Emese Final Licenta Coperta 16 Iunie [311724]

    UNIVERSITATEA TEHNICĂ DIN CLUJ NAPOCA CENTRUL UNIVERSITAR NORD DIN BAIA MARE FACULTATEA DE ȘTIINȚE SPECIALIZAREA MANAGEMENT LUCRARE DE LICENȚĂ ÎNDRUMĂTOR ȘTIINȚIFIC Conf.univ.dr. BOCA GRAȚIELA ABSOLVENT: [anonimizat] 2016 UNIVESITATEA TEHNICĂ DIN CLUJ NAPOCA CENTRUL UNIVERSITAR NORD DIN BAIA MARE FACULTATEA DE ȘTIINȚE SPECIALIZAREA MANAGEMENT LUCRARE DE LICENȚĂ TRILOGIA CALITĂȚII LA SC GRUP HC CASH DISCOUNT SRL…