User manual HAIER KS1226

Lastmanuals offers a socially driven service of sharing, storing and searching manuals related to use of hardware and software : user guide, owner's manual, quick start guide, technical datasheets... DON'T FORGET : ALWAYS READ THE USER GUIDE BEFORE BUYING !!!

If this document matches the user guide, instructions manual or user manual, feature sets, schematics you are looking for, download it now. Lastmanuals provides you a fast and easy access to the user manual HAIER KS1226. We hope that this HAIER KS1226 user guide will be useful to you.

Lastmanuals help download the user guide HAIER KS1226.


Mode d'emploi HAIER KS1226
Download
Manual abstract: user guide HAIER KS1226

Detailed instructions for use are in the User's Guide.

[. . . ] [. . . ] 03 03 q!-3(* )($785( $QDORJ &DSWLRQV 'LJLWDO &DSWLRQV 'LJLWDO &DSWLRQV 6HWXS , QSXW /DEHOV &RPSRQHQW 6HWWLQJ 0XOWL0HGLD 0HQX 5HVHW 7R 'HIDXOW && 6(59, &( 0RYH (17(5 6HOHFW 0HQX 5HWXUQ ([LW ([LW >-3(* 9LHZHU@ q 3UHVV 0HQX WR GLVSOD\ WKH FRQWURO PHQX 3UHVV (QWHU WR HQODUJH WKH VHOHFWHG SKRWR RUDQJH IUDPH LQ EURZVHU v , PDJH 'HOD\ 6HW WKH GLVSOD\ WLPH IRU HDFK SLFWXUH LQ VOLGH VKRZ7KHUH DUH WKUHH RSWLRQV )DVW 6ORZ DQG 1RUPDO v 0XVLF 2Q 6OLGH 6KRZ (QDEOH EDFNJURXQG 0XVLF GXULQJ VOLGH VKRZ , W ZLOO SOD\ WKH 03 ILOHV LQ VHTXHQFH LQ WKH FXUUHQW IROGHU UHSHDWHGO\ 0XVLF 2Q 6OLGH 6KRZ LWHP ZLOO EH English v v v v v v JUD\HG RXW LI WKHUH DUH QR 03 ILOHV LQ WKH FXUUHQW IROGHU 6WDUW 6OLGH 6KRZ (QWHU 6OLGH 6KRZ PRGH 5RWDWH 3KRWR 5RWDWH VHOHFWHG SLFWXUH %DFN WR 8SSHU )ROGHU 5HWXUQ WR WKH XSSHU IROGHU %DFN WR 5RRW )ROGHU 5HWXUQ WR URRW IROGHU %DFN 7R %URZVHU 5HWXUQ WR %URZVHU PRGH 3KRWR SDJH ZLWK FRQWURO PHQX ([LW ([LW -3(* 9LHZHU DQG UHWXUQ WR RULJLQDO VRXUFH %URZVHU ZLWK &RQWURO PHQX >03 0XVLF%R[@ v /LVW, QIR%DU DW WKH ERWWRP v 3OD\/LVW RQ WKH ULJKW VLGH 7KLV SDUW FRQWDLQV 03 PXVLF ILOHV v &RQWURO3DQHO RQ WKH OHIW 7KLV SDUW FRQWDLQV SOD\ OLVW LQIRUPDWLRQ VXFK DVk&XUUHQW 'LUHFWRU\yk7RWDO )LOHV yk7RWDO )ROGHUV yk&XUUHQW , WHPy LQ FXUUHQW GLUHFWRU\ DQG . H\ +HOS %DU LQWHUIDFH >7LPH 6KLIW@ q 7KH IHDWXUH DOORZV WKH YLHZHU WR SDXVH DQG UHFRUG WKH FXUUHQWO\ ZDWFKHG GLJLWDO SURJUDP $76& RU 4$0 DQG UHVXPH WR WKH SRLQW ZKHUH LW ZDV SDXVHG 3OXJ LQ WKH 86% VWRUDJH GHYLFH WR DFWLYDWH WKH 7LPH 6KLIW IXQFWLRQ LQ WKH )HDWXUH PHQX 1RWH q )RUPDWWLQJ D 86% VWRUDJH GHYLFH ZLOO EH QHHGHG 6DYH \RXU RULJLQDO GDWD EHIRUH IRUPDWWLQJ $OO WKH GDWD VWRUHG LQ WKH 86% GHYLFH ZLOO EH HUDVHG DIWHU IRUPDWWLQJ q 6OHHS WLPHU ZLOO EH VXVSHQGHG LI LW KDG EHHQ VHW EHIRUH DFWLYDWLQJ WKH 7LPH 6KLIW IXQFWLRQ v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v 7KH IRUPDW SURFHVV ZLOO WDNH DW OHDVW PLQXWHV 3OHDVHGR QRW WXUQ RII WKH SRZHU RU UHPRYH WKH 86% GHYLFH GXULQJ IRUPDWWLQJ v 'XULQJ IRUPDWWLQJ D VSHHG WHVW ZLOO EH GRQH RQ WKH 86% GHYLFH , I LW IDLOV LW PHDQV WKH 86% GHYLFH PD\ QRW VXSSRUW WKH 7LPH 6KLIW IXQFWLRQ v 6WDUW 7LPH 6KLIW 5HFRUGLQJ v 3OHDVH GR QRW XQSOXJ WKH 86% VWRUDJH GHYLFH ZKHQ WKH 7LPH 6KLIW IXQFWLRQ LV DFWLYDWHG v $SSUR[LPDWHO\ *% RI PHPRU\ EXIIHUV DERXW RIIHU PLQXWHV 1RWH 7LPH 6KLIW OLPLWDWLRQV v v v v v v :KHQ WKH 7LPH 6KLIW IHDWXUH LV DFWLYDWHG RQO\ WKH 3/$< 3$86( 6723):'5(992/92/ 087( NH\V DQG VRPH EDVLF RSHUDWLRQ NH\V (17(5(;, 7 QDYLJDWLRQ NH\V DUH DYDLODEOH:KHQ D NH\ LV SUHVVHG DQG WKDW IXQFWLRQ LV XQDYDLODEOH WKH GLDORJ ER[ VKRZQ EHORZ ZLOO DSSHDU 7KLV . H\ , V 8QDYDLODEOH 'XULQJ 7LPH 6KLIW 2SHUDWLRQ 2. 9LGHR SOD\EDFN PD\ QRW EH VPRRWK DQG VNLS LI 86% UHFRUGLQJ VSHHG GRHV QRW PHHW WKH PLQLPXP UHTXLUHPHQWV IRU FHUWDLQ LS VLJQDOV 'R 1RW UHPRYH 86% GLVN RU VZLWFK RII WKH SRZHU GXULQJ 7LPH 6KLIW RSHUDWLRQV , W ZLOO DERUW RQFH WKH VLJQDO LV ORVW 'R 1RW UHPRYH WKH VLJQDO VRXUFH GXULQJ 7LPH 6KLIW RSHUDWLRQV 'R 1RW TXLFNO\ DQG UHSHDWHGO\ FKDQJH RSHUDWLRQV EHWZHHQ 3/$< 3$86():'5(9 6OHHS WLPHU ZLOO EH WHUPLQDWHG LI LW KDG EHHQ VHW EHIRUH 7LPH 6KLIW 7KH 86% VWRUDJH VL]H QHHGV WR EH WKH VL]H RI *%*% RU *% 9LGHR PD\ EHFRPH SL[HODWHG ZKHQ 9LGHR ELW UDWH LV WRR ORZ &ORVH &DSWLRQ VHWWLQJ LV QRW DYDLODEOH GXULQJ 7LPH 6KLIW PRGH 1RW DOO 86% GHYLFHV DUH FRPSDWLEOH 5HVHW WR 'HIDXOW 5HVWRUH DOO WKH GHIDXOW VHWWLQJV 9*$ 0(18 7KLV RSWLRQ RQO\ VKRZQ DQG DYDLODEOH ZKLOH LQ 9*$ PRGH ZKLFK SURYLGHV VHYHUDO RSWLRQV WR ILQH WXQH WKH 9*$ GLVSOD\ +3RVLWLRQ $GMXVW WKH KRUL]RQWDO SRVLWLRQ RI WKH SLFWXUH 93RVLWLRQ $GMXVW WKH YHUWLFDO SRVLWLRQ RI WKH SLFWXUH &ORFN $GMXVW SLFWXUH FORFN WR UHGXFH 9HUWLFDO/LQH QRLVH 3KDVH $GMXVW SLFWXUH SKDVH WR UHGXFH +RUL]RQWDO/LQH QRLVH English IRU L FRQWHQW RU PLQXWHV IRU L FRQWHQW v 2QFH *% RI GDWD JHWV VWRUHG WKH WLPH VKLIW IXQFWLRQ ZLOO GHOHWH WKH VWRUHG GDWD DQG UHVWDUW WKH EXIIHULQJ RI FRQWHQW 7KLV RFFXUV HYHQ IRU 86% GHYLFHV ODUJHU WKDQ *% v %HORZ LV D OLVW RI UHFRPPHQGHG 86% GUYLHV0RGHOV WKDW DUH QRW OLVWHG PD\ EH FRPSDWLEOH EXW LW LV QRW JXDUDQWHHG WR ZRUN 6DQ'LVN ([WUHPH &RQWRXU¬ 86% )ODVK 'ULYH *% 6'&=( 6DQ'LVN ([WUHPH &RQWRXU¬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q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v 5HRULHQW RU UHORFDWH WKH UHFHLYLQJ DQWHQQD v , QFUHDVH WKH VHSDUDWLRQ EHWZHHQ WKH HTXLSPHQW DQG WKH 79 v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v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ÔJOHPHQW VXU OH PDWHULHO EURXLOOHXU GX &DQDGD English 352'8&7 63(&, ), &$7, 21 127( v 7KLV PRGHO FRPSOLHV ZLWK WKH VSHFLILFDWLRQV OLVWHG EHORZ v 'HVLJQV DQG VSHFLILFDWLRQV DUH VXEMHFW WR FKDQJH ZLWKRXW QRWLFH v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nglish :(, *+7 'LPHQVLRQV ZLWK 6WDQG : [ + [ ' 'LPHQVLRQV ZLWKRXW 6WDQG : [ + [ ' :HLJKW ZLWK 6WDQG :HLJKW ZLWKRXW 6WDQG DQG %DVH 9(6$FRPSDWLEOH ZDOO EUDFNHW : [ + 6FUHZ W\SH 3RZHU &RQVXPSWLRQ 6WDQGE\ 0DLQV 3RZHU $XGLR 3RZHU $PELHQW 7HPSHUDWXUH [ [ ', 0(16, 2, 1 [ [ [ [ OEV OEV [ [ OEV OEV :$// 02817, 1* [PP 0HWULF [ PP [PP 0HWULF [PP 32:(5 : : 9 +] : : : : ) ) : 3$&. $*( &217(176 6XSSOLHG $FFHVVRULHV 79 XQLW [ %DVH [ 5HPRWH FRQWURO [ ZLWK WZR VL]H $$$ DONDOLQH EDWWHULHV 6FUHZV [ IRU y RQO\ 8VHU PDQXDO [ 5HJLVWUDWLRQ &DUG [ 7528%/(6+227, 1* 3OHDVH PDNH WKHVH VLPSOH FKHFNV EHIRUH FDOOLQJ VHUYLFH7KHVH WLSV PD\ VDYH \RX WLPH DQG PRQH\ VLQFH FKDUJHV IRU UHFHLYHU LQVWDOODWLRQ DQG DGMXVWPHQWV RI FXVWRPHU FRQWUROV DUH QRW FRYHUHG XQGHU \RXU ZDUUDQW\ 6\PSWRPV k*KRVWy RU GRXEOH LPDJH , WHPV WR &KHFN DQG $FWLRQV WR IROORZ v 7KLV PD\ EH FDXVHG E\ REVWUXFWLRQ WR WKH DQWHQQD GXH WR KLJK ULVH EXLOGLQJV RU KLOOV 8VLQJ D KLJKO\ GLUHFWLRQDO DQWHQQD PD\ LPSURYH WKH SLFWXUH v &KHFN LI WKH 79 V $& SRZHU FRUG LV SOXJJHG LQWR WKH PDLQV VRFNHW v 8QSOXJ WKH 79 ZDLW IRU VHFRQGV7KHQ UHLQVHUW SOXJ LQWR WKH PDLQV VRFNHW DQG WXUQ RQ WKH 79 DJDLQ v &KHFN DQWHQQD FRQQHFWLRQV DW WKH UHDU RI WKH 79 WR VHH LI LW LV SURSHUO\ FRQQHFWHG WR WKH 79 v 3RVVLEOH EURDGFDVW VWDWLRQ WURXEOH 7U\ DQRWKHU FKDQQHO v $GMXVW WKH FRQWUDVW DQG EULJKWQHVV VHWWLQJV v &KHFN WKH &ORVHG &DSWLRQV FRQWURO 6RPH 7(;7 PRGHV FRXOG EORFN WKH VFUHHQ v , QFUHDVH WKH 92/80( v &KHFN LI WKH 79 LV PXWHG SUHVV WKH 087( EXWWRQ RQ WKH UHPRWH FRQWURO v $GMXVW WKH FRQWUDVW FRORU DQG EULJKWQHVV VHWWLQJV v 3RRU SLFWXUH TXDOLW\ PD\ RFFXU ZKHQ DQ DFWLYDWHG 69+6 FDPHUD RU FDPFRUGHU LV FRQQHFWHG WR \RXU 79 DQG WKH RWKHU SHULSKHUDO DW WKH VDPH WLPH 6ZLWFK RII RQH RI WKH SHULSKHUDOV v &KHFN WKH DQWHQQD FRQQHFWLRQ v 7KLV PD\ EH FDXVHG E\ HOHFWULFDO LQWHUIHUHQFH HJ KDLU GU\HU QHDUE\ QHRQ OLJKWV HWF v 7XUQ RII WKH HTXLSPHQW v &KHFN ZKHWKHU WKH EDWWHULHV DUH ZRUNLQJ 5HSODFH LI QHFHVVDU\ v &OHDQ WKH UHPRWH FRQWURO VHQVRU OHQV RQ WKH 79 v <RX FDQ VWLOO XVH WKH EXWWRQV DW WKH IURQW RI \RXU 79 v 6HOHFW WKH 79 PRGH WR HQVXUH \RXU UHPRWH FRQWURO LV VHW LQ WKH 79 PRGH 1R SRZHU 1R SLFWXUH *RRG SLFWXUH EXW QR VRXQG *RRG VRXQG EXW SRRU FRORU 3RRU SLFWXUH 6QRZ\ SLFWXUH DQG QRLVH +RUL]RQWDO GRWWHG OLQH 7HOHYLVLRQ QRW UHVSRQGLQJ WR UHPRWH FRQWURO */266$5< +'79 +'79 GLVSOD\V DUH WHFKQLFDOO\ GHILQHG DV EHLQJ FDSDEOH RI GLVSOD\LQJ D PLQLPXP RI S RU L DFWLYH VFDQ OLQHV English +'0, , QSXWV +LJK'HILQLWLRQ 0XOWLPHGLD , QWHUIDFH $XGLR 9LGHR , QSXWV /RFDWHG RQ WKH UHDU RI WKH UHFHLYHU WKHVH FRQQHFWRUV 5&$ SKRQR W\SH SOXJ DUH XVHG IRU WKH LQSXW RI DXGLR DQG YLGHR VLJQDOV 'HVLJQHG IRU XVH ZLWK 9&5V RU RWKHU DFFHVVRULHV LQ RUGHU WR UHFHLYH KLJKHU SLFWXUH UHVROXWLRQ DQG RIIHU VRXQG FRQQHFWLRQ RSWLRQV 0HQX $Q RQVFUHHQ OLVWLQJ RI IHDWXUHV VKRZQ RQ WKH 79 VFUHHQ LV PDGH DYDLODEOH IRU XVHU DGMXVWPHQWV 03$$ 0RWLRQ 3LFWXUH $VVRFLDWLRQ RI $PHULFD 0XOWLFKDQQHO 7HOHYLVLRQ 6RXQG 076 7KH EURDGFDVWLQJ VWDQGDUG ZKLFK DOORZV VWHUHR VRXQGV WR EH WUDQVPLWWHG ZLWK WKH 79 SLFWXUH 5) 5DGLR )UHTXHQF\ RU PRGXODWHG VLJQDO GHVLJQ XVHG DV WKH FDUULHU IRU WHOHYLVLRQ EURDGFDVWV 6HFRQG $XGLR 3URJUDP 6$3 $QRWKHU RU DGGLWLRQDO DXGLR FKDQQHO SURYLGHG IRU LQ WKH 0XOWLFKDQQHO 7HOHYLVLRQ 6RXQG 076 EURDGFDVW VWDQGDUG$ PRQDXUDO VRXQG WUDFN LQFOXGHG ZLWKLQ WKH UHFRUGHG RU YLGHR VLJQDO XVXDOO\ FRQWDLQLQJ D VHFRQG ODQJXDJH WUDQVODWLRQ IRU WKH GLVSOD\HG SURJUDP 6OHHS 7LPHU <RX FDQ VHW D WLPH SHULRG IRU ZKLFK WKH 79 ZLOO EH WXUQ RII DXWRPDWLFDOO\ 69LGHR , QSXW <RX FDQ FRQQHFW \RXU 79 VHW WR D KLJKUHVROXWLRQ YLGHR VRXUFH VXFK DV 6XSHU 9+6 YLGHRFDVVHWWH UHFRUGHU /DVHU 'LVF SOD\HU DQG '9' +RPH 7KHDWHU 6HW LQ RUGHU WR SURYLGH PD[LPXP FRQVXPHU YLHZLQJ VDWLVIDFWLRQ :$55$17< 7KLV +DLHU EUDQG SURGXFW ZKHQ VKLSSHG LQ LWV RULJLQDO FRQWDLQHU ZLOO EH IUHH IURP GHIHFWLYH ZRUNPDQVKLS DQG PDWHULDOV DQG DJUHHV WKDW LW ZLOO DW LWV RSWLRQ HLWKHU UHSDLU WKH GHIHFW RU UHSODFH WKH GHIHFWLYH SURGXFW ZLWK D QHZ RU UHPDQXIDFWXUHG HTXLYDOHQW IRU SDUWV RU ODERU IRU WKH SHULRGV VHW IRUWK EHORZ 7KLV ZDUUDQW\ GRHV QRW DSSO\ WR WKH DSSHDUDQFH RI WKH SURGXFW RU WKH H[WHULRU RI WKH SURGXFW ZKLFK KDV EHHQ GDPDJHG RU GHIDFHG DOWHUHG RU PRGLILHG LQ GHVLJQ RU FRQVWUXFWLRQ , W GRHV QRW DSSO\ WR WKH DGGLWLRQDO H[FOXGHG LWHPV VHW IRUWK EHORZ 7KH ZDUUDQW\ FRPPHQFHV RQ WKH GDWH WKH LWHP ZDV SXUFKDVHG DQG WKH RULJLQDO SXUFKDVH UHFHLSW PXVW EH SUHVHQWHG WR WKH DXWKRUL]HG VHUYLFH FHQWHU EHIRUH ZDUUDQW\ UHSDLUV DUH UHQGHUHG 7KH OLPLWHG ZDUUDQW\ GHVFULEHG KHUHLQ LV LQ DGGLWLRQ WR ZKDWHYHU LPSOLHG ZDUUDQWLHV PD\ EH JUDQWHG WR SXUFKDVHUV E\ ODZ$// , 03/, (' :$55$17, (6 , 1&/8', 1* 7+( :$55$17, (6 2) 0(5&+$17$%, /, 7< $1' ), 71(66 )25 86( $5( /, 0, 7(' 72 7+( 3(5, 2'V )520 7+( '$7( 2) 385&+$6( 6(7 )257+ %(/2: 6RPH VWDWHV GR QRW DOORZ OLPLWDWLRQV RQ KRZ ORQJ DQ LPSOLHG ZDUUDQW\ ODVWV VR WKH DERYH OLPLWDWLRQ PD\ QRW DSSO\ WR \RX 1HLWKHU WKH VDOHV SHUVRQQHO RI WKH VHOOHU QRU DQ\ RWKHU SHUVRQ LV DXWKRUL]HG WR PDNH DQ\ ZDUUDQWLHV RWKHU WKDQ WKRVH GHVFULEHG KHUHLQ RU WR H[WHQG WKH GXUDWLRQ RI DQ\ ZDUUDQWLHV EH\RQG WKH WLPH SHULRG GHVFULEHG KHUHLQ RQ EHKDOI RI +DLHU 7KH ZDUUDQWLHV GHVFULEHG KHUHLQ VKDOO EH WKH VROH DQG H[FOXVLYH ZDUUDQWLHV JUDQWHG E\ +DLHU DQG VKDOO EH WKH VROH DQG H[FOXVLYH UHPHG\ DYDLODEOH WR WKH SXUFKDVHU &RUUHFWLRQ RI GHIHFWV LQ WKH PDQQHU DQG IRU WKH SHULRG RI WLPH GHVFULEHG KHUHLQ VKDOO FRQVWLWXWH FRPSOHWH IXOILOOPHQW RI DOO DELOLWLHV DQG 5HVSRQVLELOLW\ RI +DLHU WR WKH SXUFKDVHU ZLWK UHVSHFW WR WKH SURGXFW DQG VKDOO FRQVWLWXWH IXOO VDWLVIDFWLRQ RI DOO FODLPV ZKHWKHU EDVHG RQ FRQWUDFW QHJOLJHQFH VWULFW GXDOLW\ RU RWKHUZLVH , Q QR HYHQW VKDOO +DLHU EH OLDEOH RU LQ DQ\ ZD\ UHVSRQVLEOH IRU DQ\ GDPDJHV RU GHIHFWV LQ WKH SURGXFW ZKLFK ZHUH FDXVHG E\ UHSDLUV RU DWWHPSWHG UHSDLUV SHUIRUPHG E\ DQ\RQH RWKHU WKDQ DQ DXWKRUL]HG VHUYLFH FHQWHU RU GHDOHU QRU VKDOO +DLHU EH OLDEOH RU LQ DQ\ ZD\ UHVSRQVLEOH IRU LQFLGHQWDO RU FRQVHTXHQWLDO HFRQRPLF RU SURSHUW\ GDPDJH 6RPH VWDWHV GR QRW DOORZ WKH H[FOXVLRQ RI LQFLGHQWDO RU FRQVHTXHQWLDO GDPDJHV VR WKDW DERYH H[FOXVLRQ PD\ QRW DSSO\ WR \RX 7+, 6 :$55$17< *, 9(6 <28 63(&, ), & /(*$/ 5, *+76<28 0$< $/62 +$9( 27+(5 5, *+76 :+, &+ 9$5< )520 67$7( 72 67$7( :DUUDQW\ SHULRG IRU /& DQG /& \HDU SDUWV DQG ODERU $GGLWLRQDO LWHPV H[FOXGHG IURP ZDUUDQW\ FRYHUDJH QRQUHFKDUJHDEOH EDWWHULHV :KDW WR GR WR REWDLQ VHUYLFH RU WR REWDLQ SURGXFW OLWHUDWXUH DFFHVVRULHV VXSSOLHV RU FXVWRPHU DVVLVWDQFH 6LPSO\ FDOO %H VXUH WR KDYH SURRI RI SXUFKDVH MANUEL DE L'UTILISATEUR DU TÉLÉVISEUR À TFT-LCD Veuillez lire attentivement ce manuel avant d'utiliser votre téléviseur, puis conservez-le pour référence. MODÈLES: L32C1120 KS1226 $9, 6 '( 75$16, 7, 21 $ /$ 7(/(9, 6, 21 180(5, 48( &HW DSSDUHLO HVW ÑTXLSÑ G XQ V\QWRQLVHXU QXPÑULTXH , O GHYUDLW GRQF SRXYRLU FDSWHU OHV ÑPLVVLRQV KHUW]LHQQHV QXPÑULTXHV Î O DLGH G XQH DQWHQQH DGÑTXDWH XQH IRLV TXH OHV ÑPLVVLRQV DQDORJLTXHV QH VHURQW SOXV GLIIXVÑHV DX[ µWDWV8QLV DSUÔV OH MXLQ &HUWDLQV WÑOÑYLVHXUV G DQFLHQQHV JÑQÑUDWLRQV SHXYHQW QÑFHVVLWHU XQ FRQYHUWLVVHXU HQ SOXV GH O DQWHQQH SRXU FDSWHU OHV ÑPLVVLRQV KHUW]LHQQHV DX IRUPDW QXPÑULTXH , OV GHYUDLHQW FHSHQGDQW FRQWLQXHU GH IRQFWLRQQHU FRPPH DXSDUDYDQW SRXU OHV DXWUHV DSSOLFDWLRQV SDU H[HPSOH SRXU OHV FDQDX[ TXL GLIIXVHQW HQFRUH DX IRUPDW DQDORJLTXH GH IDLEOH SXLVVDQFH SRXU UHJDUGHU GHV ILOPV HQUHJLVWUÑV RX SRXU MRXHU Î GHV MHX[ YLGÑR 3RXU SOXV GjLQIRUPDWLRQV DSSHOH] OH &)& DX &$//)&& RX FRQVXOWH] OH VLWH ZZZ'79JRY 3RXU SOXV GjLQIRUPDWLRQV VXU OH SURJUDPPH GHV FRQYHUWLVVHXUV GH WÑOÑYLVLRQ HW VXU OHV ERQV GH UÑGXFWLRQ GX JRXYHUQHPHQW TXL SHXYHQW ÒWUH XWLOLVÑV SRXU OjDFKDW GjXQ FRQYHUWLVVHXU FRQVXOWH] OH VLWH ZZZGWYJRY RX DSSHOH] OD 17, $ DX '79 $9, 62 5(/$7, 92 $ /$ 75$16, &, ¾1 $ 7(/(9, 6, ¾1 ', *, 7$/ (VWH HTXLSR LQFRUSRUD XQ VLQWRQL]DGRU GH WHOHYLVLÚQ GLJLWDO OR TXH OH SHUPLWLUË UHFLELU XQD SURJUDPDFLÚQ GLJLWDO WHOHYLVDGD SRU DLUH FRQ XQD DQWHQD DGHFXDGD FXDQGR VH WHUPLQDUË OD WUDQVPLVLÚQ GH DOWD SRWHQFLD GH OD WHOHYLVLÚQ DQDOÚJLFD HQ ORV (VWDGRV 8QLGRV HO GH -XQLR GH &LHUWRV UHFHSWRUHV GH WHOHYLVLÚQ DQWLJXRV VL GHSHQGHQ GH XQD DQWHQD GH 79 QHFHVLWDUËQ XQ FRQYHUVRU GH 79 SDUD UHFLELU SRU HO DLUH XQD SURJUDPDFLÚQ GLJLWDO SHUR VHJXLUËQ IXQFLRQDQGR FRPR DQWHV SDUD RWURV XVRV SRU HMHPSOR SDUD YHU HPLVRUDV GH 79 GH EDMD SRWHQFLD TXH WRGDYÕD WUDQVPLWHQ HQ DQDOÚJLFR SDUD YHU SHOÕFXODV SUHJUDEDGDV R SDUD XWLOL]DU VXV YLGHRMXHJRV 3DUD REWHQHU PËV LQIRUPDFLÚQ OODPH )&& &$//)&& R UHILÑUDVH D ZZZ'79JRY 3DUD WRGD LQIRUPDFLÚQ VREUH HO SURJUDPD GH FRQYHUVRUHV GH 79 \ DFHUFD GH ORV FXSRQHV GHO JRELHUQR TXH VH SXHGHQ XVDU SDUD FRPSUDUORV UHILÑUDVH D ZZZGWYJRYR OODPH DO 17, $ DO '79 French 6<0%2/(6 'µ), 1, 7, 21 '( 6<0%2/(6 6$ 7(16, 21 '$1*(5(86( /H V\PEROH GH O ÑFODLU DYHF OD IOÔFKH GHVVLQÑH Î O LQWÑULHXU G XQ WULDQJOH DYHUWLW O XWLOLVDWHXU GH OD SUÑVHQFH GH lWHQVLRQ GDQJHUHXVHz QRQ LVROÑH DX VHLQ GX ORJHPHQW GX SURGXLW TXL SHXW DYRLU XQH DPSOLWXGH VXIILVDQWH SRXU FRQVWLWXHU XQ ULVTXH GH FKRF ÑOHFWULTXH DX[ SHUVRQQHV , 16758&7, 216/H SRLQW G H[FODPDWLRQ GHVVLQÑ Î O LQWÑULHXU G XQ WULDQJOH DYHUWLW O XWLOLVDWHXU GH OD SUÑVHQFH G LPSRUWDQWHV LQVWUXFWLRQV G RSÑUDWLRQ HW G HQWUHWLHQ UÑSDUDWLRQ GDQV OD GRFXPHQWDWLRQ DFFRPSDJQDQW O DSSDUHLO 6$ / DSSDUHLO QH GRLW SDV ÒWUH H[SRVÑ Î OD SOXLH RX DX[ ÑFODERXVVXUHV HW DXFXQ REMHW UHPSOL GH OLTXLGH WHO TXjXQ YDVH QH GRLW ÒWUH SODFÑ VXU OH GHVVXV GH O DSSDUHLO$77(17, 21 'DQJHU GjH[SORVLRQ VL OD SLOH QjHVW SDV FRUUHFWHPHQW UHPSODFÑH 1H UHPSODFH] TX DYHF OH PÒPH W\SH RX ÑTXLYDOHQW $YHUWLVVHPHQW G LQVWDOODWLRQ GHV SLOHV $77(17, 21 'DQJHU G H[SORVLRQ VL OD EDWWHULH Q HVW SDV FRUUHFWHPHQW UHPSODFÑH 1H UHPSODFHU TX DYHF OH PÒPH W\SH RX ÑTXLYDOHQW /HV SLOHV EORFSLOH RX SLOHV LQVWDOOÑHV QH GRLYHQW SDV ÒWUH H[SRVÑHV Î XQH FKDOHXU H[FHVVLYH WHOOH TXH OHV UD\RQV GLUHFWV GX VROHLO GX IHX RX WRXWH DXWUH VRXUFH GH FKDOHXU $YDQW GH IDLUH IRQFWLRQQHU OH WÑOÑYLVHXU YHXLOOH] OLUH VRLJQHXVHPHQW FH PDQXHO &H PDQXHO GRLW ÒWUH FRQVHUYÑ SRXU WRXWH UÑIÑUHQFH XOWÑULHXUH 3285 9275( 6µ&85, 7µ 'ÑFODUDWLRQ FRQFHUQDQW OHV LQWHUIÑUHQFHV GH IUÑTXHQFHV UDGLR )&&&ODVVH % $77(17, 21 3285 /(6 02'¸/(6 &(57, ), µ6 )&& 5(0$548( &HW ÑTXLSHPHQW D ÑWÑ WHVWÑ HW HVW FRQIRUPH DX[ OLPLWDWLRQV SRXU XQ SÑULSKÑULTXH QXPÑULTXH GH &ODVVH % FRQIRUPÑPHQW Î OD 6HFWLRQ GX UÔJOHPHQW GH OD )&& &HV OLPLWHV VRQW FRQ£XHV SRXU IRXUQLU XQH SURWHFWLRQ UDLVRQQDEOH FRQWUH OHV LQWHUIÑUHQFHV QÑIDVWHV HQ LQVWDOODWLRQ UÑVLGHQWLHOOH &HW ÑTXLSHPHQW JÑQÔUH XWLOLVH HW SHXW ÑPHWWUH XQH ÑQHUJLH HQ UDGLRIUÑTXHQFH HW V LO Q HVW SDV LQVWDOOÑ HW XWLOLVÑ VHORQ OHV LQVWUXFWLRQV LO SHXW HQWUDÖQHU GHV LQWHUIÑUHQFHV QXLVLEOHV DX[ FRPPXQLFDWLRQV UDGLR &HSHQGDQW LO Q \ D DXFXQH JDUDQWLH TXH GHV LQWHUIÑUHQFHV QH VH SURGXLURQW SDV GDQV XQH LQVWDOODWLRQ SDUWLFXOLÔUH 6L FHW DSSDUHLO RFFDVLRQQH GHV LQWHUIÑUHQFHV QÑIDVWHV VXU OD UÑFHSWLRQ UDGLR RX WÑOÑYLVÑH FH TXL SHXW VH GÑWHUPLQHU HQ ÑWHLJQDQW O DSSDUHLO HW HQ OH UDOOXPDQW O XWLOLVDWHXU HVW HQFRXUDJÑ Î HVVD\HU GH FRUULJHU O LQWHUIÑUHQFH SDU XQH RX SOXVLHXUV GHV PHVXUHV VXLYDQWHV 5ÑRULHQWH] RX GÑSODFH] O DQWHQQH UÑFHSWULFH $XJPHQWH] OD GLVWDQFH HQWUH O DSSDUHLO HW OH UÑFHSWHXU %UDQFKH] O DSSDUHLO GDQV XQH SULVH GH FRXUDQW VXU XQ FLUFXLW GLIIÑUHQW GH FHOXL DXTXHO OH UÑFHSWHXU HVW EUDQFKÑ &RQVXOWH] OH UHYHQGHXU RX XQ WHFKQLFLHQ UDGLR79 H[SÑULPHQWÑ SRXU GH O DLGH $9, 6 7RXWH PRGLILFDWLRQ QRQ H[SUHVVÑPHQW DSSURXYÑH SDU OD SDUWLH UHVSRQVDEOH GH OD FRQIRUPLWÑ SHXW DQQXOHU OH GURLW SRXU O XWLOLVDWHXU GH IDLUH IRQFWLRQQHU FHW DSSDUHLO 'HV FÌEOHV G LQWHUIDFH HW OH FRUGRQ G DOLPHQWDWLRQ &$ EOLQGÑV V LO \ D OLHX GRLYHQW ÒWUH XWLOLVÑV DILQ GH VH FRQIRUPHU DYHF OHV OLPLWHV VXU OHV ÑPLVVLRQV /H IDEULFDQW Q HVW SDV UHVSRQVDEOH SRXU WRXWHV LQWHUIÑUHQFHV UDGLR RX 79 FDXVÑHV SDU XQH PRGLILFDWLRQ QRQ DXWRULVÑH Î FHW ÑTXLSHPHQW & HVW OD UHVSRQVDELOLWÑ GH O XWLOLVDWHXU TXH GH FRUULJHU ODGLWH LQWHUIÑUHQFH $77(17, 21 3RXU ÑYLWHU GHV ULVTXHV G LQFHQGLHV RX G ÑOHFWURFKRFV Q H[SRVH] SDV OH SRVWH Î OD SOXLH RX O KXPLGLWÑ 'HV WHQVLRQV GDQJHUHXVHPHQW KDXWHV VRQW SUÑVHQWHV Î O LQWÑULHXU GX PRQLWHXU 1 RXYUH] SDV OH ERÖWLHU /HV UÑSDUDWLRQV GRLYHQW XQLTXHPHQW ÒWUH FRQILÑHV DX SHUVRQQHO TXDOLILÑ 6µ&85, 7µ µOLPLQDWLRQ GH OD ODPSH +J /$/(6 /$03(6 ² / , 17µ5, (85 '( &( 352'8, 7 &217, (11(1 7 '8 0(5&85( (7 '2, 9(1 7 ¶75( 5(&<&/µ(6 28 µ/, 0, 1µ(6 &21)250µ0(17 $8; /2, 6 081, &, 3$/(6 µ7$7, 48(6 28 )µ'µ5$/(6 3285 (1 6$92, 5 3/86 &217$&7(5 / $//, $1&( '(6 , 1'8675, (6 µ/(&7521, 48(6 ² :::(, $(25* French 35µ&$87, 216 (7 5$33(/6 3ODFH] O DSSDUHLO VXU GHV VXUIDFHV SODQHV 'ÑEUDQFKH] LPPÑGLDWHPHQW V LO \ D G DXWUHV PDWÑULDX[ TXL VRQW PLV Î O LQWÑULHXU GX ERÖWLHU GH 79 RX VL OD 79 WRPEH 1H FRXYUH] SDV RX QH EORTXH] SDV OHV RULILFHV RX OHV ÑYHQWV 8QH YHQWLODWLRQ LQDGÑTXDWH SHXW UDFFRXUFLU OD GXUÑH GH YLH GH YRWUH 79 HW FDXVHU GH OD VXUFKDXIIH 'ÑEUDQFKH] LPPÑGLDWHPHQW V LO \ D XQ PDXYDLV IRQFWLRQQHPHQW FRPPH SDV G LPDJHV SDV GH YLGÑRDXGLR IXPÑH HW PDXYDLVH RGHXU GX 79 , QWHUGLW(YLWHU G RXYULU OH ERÖWLHU GH OD 79 (YLWH] OHV UDGLDWLRQV VRODLUHV GLUHFWHV OD SRXVVLÔUH HW OHV ]RQHV Î KXPLGLWÑ ÑOHYÑH HW HQIXPÑHV 1H MHWH] DXFXQ REMHW Î O LQWÑULHXU GX ERÖWLHU GH 79 FRPPH GHV PÑWDX[ RX G DXWUHV PDWÑULDX[ LQIODPPDEOHV 5DSSHOH]YRXV GH GÑEUDQFKHU OH FRUGRQ G DOLPHQWDWLRQ &$ GH OD SULVH ÑOHFWULTXH &$ DYDQW OH QHWWR\DJH 1 XWLOLVH] SDV GH QHWWR\DQWV OLTXLGHV RX GH QHWWR\DQWV HQ DÑURVROV SRXU QHWWR\HU O ÑFUDQ $SSHOH] OH SHUVRQQHO G HQWUHWLHQ SRXU QHWWR\HU OD SDUWLH LQWHUQH GH OD 79 XQH IRLV SDU DQ 1H PHWWH] SDV YRWUH 79 GDQV GHV HVSDFHV FRQILQÑV RX GDQV XQ ERÖWH TXDQG YRXV O XWLOLVH] $VVXUH]YRXV GH GÑEUDQFKHU O DSSDUHLO TXDQG YRXV QH O XWLOLVH] SDV SHQGDQW XQH ORQJXH SÑULRGH GH WHPSV MRXUV 1H SODFH] SDV O ÑFUDQ Î SUR[LPLWÑ G HDX WHOOH TX XQH EDLJQRLUH XQ ODYDER XQ ÑYLHU GH FXLVLQH XQ EDF Î ODYHU XQH SLVFLQH RX XQ VRXVVRO KXPLGH $YLV SRXU OD WÑOÑFRPPDQGH (YLWHU GH OD IDLUH WRPEHU (YLWH] GH UHQYHUVHU GHV OLTXLGHV (YLWH] GHV QHWWR\DQWV HQ DÑURVROV &216, *1(6 '( 6µ&85, 7( , 03257$17(6 /LVH] WRXWHV OHV FRQVLJQHV DYDQW GH IDLUH IRQFWLRQQHU FHW ÑTXLSHPHQW /LVH] FHV LQVWUXFWLRQV &RQVHUYH] FHV LQVWUXFWLRQV 6R\H] DWWHQWLI Î WRXV OHV DYHUWLVVHPHQWV 6XLYH] WRXWHV OHV LQVWUXFWLRQV 1 XWLOLVH] SDV FHW DSSDUHLO Î SUR[LPLWÑ G XQH VRXUFH G HDX 1HWWR\H] TX DYHF XQ FKLIIRQ VHF 1H EORTXH] SDV OHV RULILFHV G DÑUDWLRQ , QVWDOOHU FRQIRUPÑPHQW DX[ LQVWUXFWLRQV GX IDEULFDQW 1 LQVWDOOH] SDV O DSSDUHLO Î SUR[LPLWÑ GH VRXUFHV GH FKDOHXU FRPPH GHV UDGLDWHXUV GHV UHJLVWUHV GH FKDOHXU GHV IRXUV RX G DXWUHV DSSDUHLOV QRWDPPHQW GHV DPSOLILFDWHXUV TXL SURGXLVHQW GH OD FKDOHXU 1 HVVD\H] SDV GH FRQWRXUQHU OD IRQFWLRQ GH VÑFXULWÑ GH OD SULVH SRODULVÑH RX GH WHUUH 8QH SULVH SRODULVÑH FRPSRUWH GHX[ ODPHV GRQW O XQH SOXV ODUJH TXH O DXWUH 8QH SULVH GH W\SH PLVH Î OD WHUUH FRPSRUWH GHX[ ODPHV HW XQH WURLVLÔPH EURFKH GH PLVH Î OD WHUUH 8QH ILFKH DYHF PLVH Î OD PDVVH SRVVÔGH GHX[ ODPHV HW XQH WURLVLÔPH GH PLVH Î OD PDVVH /D ODPH ODUJH RX OD WURLVLÔPH EURFKH VRQW FRQ£XHV SRXU DVVXUHU YRWUH VÑFXULWÑ 6L YRXV QH SDUYHQH] SDV Î LQVÑUHU HQWLÔUHPHQW OD ILFKH GDQV XQH SULVH GH FRXUDQW FRQWDFWH] YRWUH ÑOHFWULFLHQ DILQ TX LO UHPSODFH YRWUH SULVH GH FRXUDQW 3URWÑJH] OH FRUGRQ G DOLPHQWDWLRQ GH VRUWH TX RQ QH ULVTXH SDV GH PDUFKHU GHVVXV QL GH OH SLQFHU VSÑFLDOHPHQW DX QLYHDX GHV SULVHV GHV SULVHV G DOLPHQWDWLRQ HW DX SRLQW GH VRUWLH GH O DSSDUHLO 1 XWLOLVH] TXH OHV ÑTXLSHPHQWVDFFHVVRLUHV VSÑFLILÑV SDU OH IDEULFDQW 1 XWLOLVH] FHW DSSDUHLO TX DYHF OH FKDULRW OH SLHG OH WUÑSLHG OH VXSSRUW RX OD WDEOH UHFRPPDQGÑ SDU OH IDEULFDQW RX YHQGX DYHF O DSSDUHLO /RUVTXjXQ FKDULRW HVW XWLOLVÑ SRXU WUDQVSRUWHU OjDSSDUHLO VR\H] SUXGHQW ORUVTXH YRXV GÑSODFH] OH FKDULRW SRXU ÑYLWHU WRXWH EOHVVXUH HQ FDV GH UHQYHUVHPHQW 'ÑEUDQFKH] FHW DSSDUHLO ORUV G RUDJHV RX TXDQG YRXV QH O XWLOLVH] SDV GXUDQW GHV SÑULRGHV SURORQJÑHV 5ÑIÑUH] WRXW O HQWUHWLHQ Î GX SHUVRQQHO G HQWUHWLHQ TXDOLILÑ 8QH UÑSDUDWLRQ HVW QÑFHVVDLUH ORUVTXH O DSSDUHLO D ÑWÑ HQGRPPDJÑ GH TXHOTXH ID£RQ TXH FH VRLW FRPPH GHV GRPPDJHV DX FRUGRQ G DOLPHQWDWLRQ GX OLTXLGH UHQYHUVÑ RX GHV REMHWV WRPEÑV Î O LQWÑULHXU GH O DSSDUHLO O DSSDUHLO D ÑWÑ H[SRVÑ Î OD SOXLH RX O KXPLGLWÑ LO QH IRQFWLRQQH SDV QRUPDOHPHQW RX LO HVW WRPEÑ /H WÑOÑYLVHXU GRLW ÒWUH XWLOLVÑ TXjDYHF OH W\SH GH VRXUFH GjDOLPHQWDWLRQ LQGLTXÑ VXU OjÑWLTXHWWH 6L YRXV Q ÒWHV SDV VáUH GX W\SH G DOLPHQWDWLRQ ÑOHFWULTXH FKH] YRXV FRQVXOWH] YRWUH UHYHQGHXU RX YRWUH IRXUQLVVHXU ORFDO /HV DSSDUHLOV GH &ODVVH , GRLYHQW ÒWUH UDFFRUGÑV Î XQH SULVH ÑOHFWULTXH UHOLÑH Î OD WHUUH /H FRXSOHXU GH O DSSDUHLO RX VD SULVH ÑOHFWULTXH VHUW G LQWHUUXSWHXU SRXU O DSSDUHLO, O French GRLW GRQF WRXMRXUV UHVWHU IRQFWLRQQHO 8Q LQWHUUXSWHXU ÑOHFWULTXH WRXV SÛOHV VHUW G LQWHUUXSWHXU SRXU O DSSDUHLO , O GRLW GRQF WRXMRXUV UHVWHU IRQFWLRQQHO $77(17, 21 &HV LQVWUXFWLRQV GH PDLQWHQDQFH VRQW Î FRQVXOWHU XQLTXHPHQW SDU GX SHUVRQQHO TXDOLILÑ 3RXU UÑGXLUH OHV ULVTXHV GH FKRF ÑOHFWULTXH QjHIIHFWXH] DXFXQH RSÑUDWLRQ GH PDLQWHQDQFH DXWUH TXH FHOOHV FRQWHQXHV GDQV OH JXLGH GH OjXWLOLVDWHXU Î PRLQV TXH YRXV QH VR\H] TXDOLILÑ SRXU OH IDLUH 6XSSRUW GH PRQWDJH PXUDO q ² Q XWLOLVHU TX DYHF XQ VXSSRUW GH PRQWDJH PXUDO FHUWLILÑ 8/ HW VXSSRUWDQW XQ SRLGVXQH FKDUJH PLQLPH LQGLTXÑV HQ SDJH $/(57( $8 &216200$7(85 q &H WÑOÑYLVHXU Q HVW GRWÑ TXH G XQ V\QWRQLVHXU DQDORJLTXH HW QÑFHVVLWHUD XQ GÑFRGHXU DSUÔV OH MXLQ DILQ GH UHFHYRLU OHV ÑPLVVLRQV KHUW]LHQQHV Î O DLGH G XQH DQWHQQH FDU OHV GLIIXVHXUV QDWLRQDX[ SDVVHURQW Î XQH WUDQVPLVVLRQ QXPÑULTXH Î FHWWH GDWH /HV WÑOÑYLVHXUV H[FOXVLYHPHQW DQDORJLTXHV GHYUDLHQW FRQWLQXHU Î IRQFWLRQQHU FRPPH DXSDUDYDQW DYHF OHV VHUYLFHV GX FÌEOH HW GX VDWHOOLWH OHV FRQVROHV GH MHX OHV PDJQÑWRVFRSHV OHV OHFWHXUV '9' HW OHV DXWUHV SURGXLWV VLPLODLUHV 3RXU SOXV G LQIRUPDWLRQV DSSHOH] OD &RPPLVVLRQ GHV &RPPXQLFDWLRQV )ÑGÑUDOHV DX $76 RX YLVLWH] OH VLWH :HE GH OD WÑOÑYLVLRQ QXPÑULTXH GH OD &RPPLVVLRQ DX ZZZ'79JRY , QIRUPDWLRQV FRQFHUQDQW OD WUDQVLWLRQ Î OD WÑOÑYLVLRQ QXPÑULTXH q DSUÔV OH MXLQ XQ WÑOÑYLVHXU GRWÑ H[FOXVLYHPHQW G XQ V\QWRQLVHXU DQDORJLTXH QÑFHVVLWHUD XQ FRQYHUWLVVHXU SRXU UHFHYRLU O HQVHPEOH GHV ÑPLVVLRQV KHUW]LHQQHV DYHF XQH DQWHQQH FDU OHV GLIIXVHXUV QDWLRQDX[ SDVVHURQW Î XQH WUDQVPLVVLRQ QXPÑULTXH Î FHWWH GDWH /HV WÑOÑYLVHXUV H[FOXVLYHPHQW DQDORJLTXHV GHYUDLHQW FRQWLQXHU Î IRQFWLRQQHU FRPPH DXSDUDYDQW DYHF OHV UÑFHSWHXUV GH IDLEOH SXLVVDQFH GH FODVVH $ RX GHV VWDWLRQV GH WÑOÑYLVLRQ DQDORJLTXHV HW DYHF OHV VHUYLFHV GX FÌEOH HW GH VDWHOOLWH OHV FRQVROHV GH MHX[ OHV PDJQÑWRVFRSHV OHV OHFWHXUV '9' HW OHV DXWUHV SURGXLWV VLPLODLUHV 3RXU SOXV G LQIRUPDWLRQV Î SURSRV GH OD WUDQVLWLRQ Î OD WÑOÑYLVLRQ QXPÑULTXH FRQVXOWH] OH VLWH :HE KWWSZZZ'79JRY RX DSSHOH] DX &$//)&& RX HQFRUH FRQVXOWH] OH VLWH KWWSZZZGWYJRY RX DSSHOH] OH '79 SRXU SOXV G LQIRUPDWLRQV Î SURSRV GHV FRXSRQV VXEYHQWLRQQÑV SRXU O DFKDW GH FRQYHUWLVVHXUV QXPÑULTXHV DQDORJLTXHV 3LYRWHPHQW6WDELOLWÑ q 7RXWHV OHV WÑOÑYLVLRQV GRLYHQW VH FRQIRUPHU DX[ QRUPHV GH VÑFXULWÑ LQWHUQDWLRQDOHV UHFRPPDQGÑHV SRXU OHV SURSULÑWÑV G LQFOLQDLVRQ HW GH VWDELOLWÑ GX GHVLJQ GH OHXUV ERÖWLHUV 1H WUDQVLJH] SDV DYHF FHV QRUPHV GH GHVLJQ HQ DSSOLTXDQW XQH IRUFH GH WUDFWLRQ H[FHVVLYH DX GHYDQW RX DX VRPPHW GX ERÖWLHU FH TXL SRXUUDLW EHO HW ELHQ UHWRXUQHU OH SURGXLW $XVVL QH YRXV PHWWH] SDV HQ GDQJHU RX OHV HQIDQWV HQ SOD£DQW GH O ÑTXLSHPHQW ÑOHFWURQLTXH MRXHWV VXU OH GHVVXV GX ERÖWLHU /HVGLWV ÑOÑPHQWV SRXUUDLHQW GH PDQLÔUH LPSUÑYXH WRPEHU GX KDXW GX SRVWH GH WÑOÑYLVLRQ HW FDXVHU GHV GRPPDJHV DX SURGXLW HWRX GHV EOHVVXUHV SHUVRQQHOOHV 0RQWDJH PXUDO RX DX SODIRQG q / DSSDUHLO QH GRLW MDPDLV ÒWUH PRQWÑ VXU XQ PXU RX XQ SODIRQG VDQV VXLYUH OHV FRQVHLOV GX IDEULTXDQW /LJQHV ÑOHFWULTXHV q 8QH DQWHQQH H[WÑULHXUH GHYUDLW ÒWUH VLWXÑH ORLQ GHV OLJQHV ÑOHFWULTXHV 0LVH Î OD WHUUH GH O DQWHQQH G H[WÑULHXU q 6L XQ V\VWÔPH G DQWHQQH G H[WÑULHXU HVW EUDQFKÑ DX UÑFHSWHXU DVVXUH]YRXV TXH OH V\VWÔPH G DQWHQQH HVW PLV Î OD WHUUH HQ JXLVH GH SURWHFWLRQ FRQWUH GHV VDXWHV GH WHQVLRQ HW GHV FKDUJHV VWDWLTXHV G DFFXPXODWLRQ /D VHFWLRQ GX FRGH QDWLRQDO ÑOHFWULTXH 1(& $16, 1)3$ 1R IRXUQLW GHV LQIRUPDWLRQV UHODWLYHV Î XQH ERQQH PLVH Î OD WHUUH GH OD PDVVH HW XQH ERQQH VWUXFWXUH GH VRXWLHQ OD PLVH Î OD WHUUH GX ILO G HQWUÑH Î XQH XQLWÑ GH GÑFKDUJH G DQWHQQH OD VHFWLRQ GHV FRQGXFWHXUV GH PLVH Î OD WHUUH OD GLVSRVLWLRQ G XQH XQLWÑ GH GÑFKDUJH G DQWHQQH OD FRQQH[LRQ DX[ FÌEOHV GH WHUUH HW OHV FRQGLWLRQV FRQFHUQDQW OH FÌEOH GH WHUUH &RQVXOWH] OD )LJXUH FLGHVVRXV $17(11( 3, 1&( '( 0, 6( $ /$ 7(55( (48, 3(0(17 '( 6(59, &( (/(&75, 48( 81, 7( '( '(&+$5*( '¶$17(11( 3, 1&(6 '( 0, 6( $ /$ 7(55( 35, 6(6 '( 7(55( 6<67(0( '¶ (/(&752'( '( 0, 6( $ /$ 7(55( '8 6(59, &( '¶$/, 0(17$7, 21 (;(03/( '( 0, 6( ² /$ 0$66( '( /j$17(11( 6(/21 /( &2'( 1$7, 21$/ µ/(&75, 48( 1RWH Î OjLQVWDOODWHXU GX V\VWÔPH GH WÑOÑGLVWULEXWLRQ &H UDSSHO HVW GRQQÑ SRXU DWWLUHU O DWWHQWLRQ GHV LQVWDOODWHXUV GX V\VWÔPH GH FÌEORGLVWULEXWLRQ VXU O $UWLFOH GX FRGH QDWLRQDO ÑOHFWULTXH 1(& TXL IRXUQLW GHV LQVWUXFWLRQV VXU XQH ERQQH PLVH Î OD WHUUH HW VSÑFLILH HQ SDUWLFXOLHU TXH OH FÌEOH GH WHUUH VHUD FRUUHFWHPHQW EUDQFKÑ DX V\VWÔPH GH PLVH Î OD WHUUH GX EÌWLPHQW RX DXVVL SUÔV TXH SRVVLEOH GH O HQWUÑH GX FÌEOH9HXLOOH] EUDQFKHU OD ILFKH G DOLPHQWDWLRQ Î OD SULVH PXUDOH DSUÔV DYRLU UDFFRUGÑ OD 79 DX FRUGRQ G DOLPHQWDWLRQ / DSSDUHLO QH GRLW SDV ÒWUH H[SRVÑ Î OD SOXLH RX DX[ ÑFODERXVVXUHV HW DXFXQ REMHW UHPSOL GH OLTXLGH WHO TXjXQ YDVH QH GRLW ÒWUH SODFÑ VXU OH GHVVXV GH O DSSDUHLO 'ÑFODUDWLRQ LQGLTXDQW TXH OHV DSSDUHLOV GH &ODVVH , GRLYHQW ÒWUH UDFFRUGÑV Î XQH SULVH ÑOHFWULTXH UHOLÑH Î OD WHUUH / DSSDUHLO QH GRLW SDV ÒWUH H[SRVÑ Î OD SOXLH RX DX[ ÑFODERXVVXUHV HW DXFXQ REMHW UHPSOL GH OLTXLGH WHO TXjXQ YDVH QH GRLW ÒWUH SODFÑ VXU OH GHVVXV GH O DSSDUHLO 'ÑFODUDWLRQ LQGLTXDQW TXH ORUVTXH OH FRXSOHXU GH O DSSDUHLO RX VD SULVH ÑOHFWULTXH VHUW G LQWHUUXSWHXU SRXU O DSSDUHLO LO GRLW WRXMRXUV UHVWHU IRQFWLRQQHO /RUVTXH OH FRXSOHXU GH O DSSDUHLO RX VD SULVH ÑOHFWULTXH VHUW G LQWHUUXSWHXU SRXU O DSSDUHLO LO GRLW WRXMRXUV UHVWHU IRQFWLRQQHO /RUVTXjXQ LQWHUUXSWHXU ÑOHFWULTXH WRXV SÛOHV VHUW G LQWHUUXSWHXU OjHPSODFHPHQW VXU OjDSSDUHLO HW OD IRQFWLRQ GH OjLQWHUUXSWHXU GRLYHQW ÒWUH GÑFULWV HW OH FRPPXWDWHXU GRLW UHVWHU IDFLOHPHQW DFFHVVLEOH French &216(59(= &(6 , 16758&7, 216 0HUFL G DYRLU DFKHWÑ FHW DSSDUHLO +DLHU &H PDQXHO YRXV DLGHUD Î REWHQLU OH PHLOOHXU UHQGHPHQW GH YRWUH WÑOÑYLVHXU 1 RXEOLH] SDV GjLQVFULUH OH QXPÑUR GH PRGÔOH HW OH QXPÑUR GH VÑULH GX WÑOÑYLVHXU , OV VRQW LQGLTXÑV VXU XQH ÑWLTXHWWH FROOÑH DX GRV GH O DSSDUHLO 1XPÑUR GH PRGÔOH 1XPÑUR GH VÑULH 'DWH GjDFKDW %URFKH] YRWUH UH£X DX PDQXHO9RXV HQ DXUH] EHVRLQ SRXU REWHQLU XQH UÑSDUDWLRQ GDQV OH FDGUH GH OD JDUDQWLH 7$%/( '(6 0$7, ¸5(6 $9, 6 '( 75$16, 7, 21 $ /$ 7(/(9, 6, 21 180(5, 48( 3285 9275( 6µ&85, 7µ 35µ&$87, 216 (7 5$33(/6 &216, *1(6 '( 6µ&85, 7( , 03257$17(6 35(3$5$7, 21 ), ;$7, 21 '( /$ %$6( 35µ3$5$7, 21 '( 9275( 79+' /&' 3285 81 0217$*( 085$/ French *8, '( '( &211(;, 21 '(6 3µ5, 3+µ5, 48(6 , 16758&7, 216 ' 87, /, 6$7, 21 3285 87, /, 6(5 /(6 &200$1'(6 '8 3$11($8 $9$17 3285 87, /, 6(5 /$ 7µ/µ&200$1'( 3285 87, /, 6(5 /(6 0(186 0(18 9, '(2 9, 'µ2 0(18 $8', 2 0(18 )($785( )21&7, 216 0(18 9*$ &216(, /6 &$5$&7(5, 67, 48(6 '8 352'8, 7 '(3$11$*( */266$, 5( *$5$17, ( 35(3$5$7, 21 SUHVVLRQ VXU OD ]RQH GH O ÑFUDQ TXL SHXW FRPSURPHWWUH FRPSURPLVH O LQWÑJULWÑ GH O ÑFUDQ /D JDUDQWLH GX IDEULFDQW QH FRXYUH SDV OHV DEXV GH O XWLOLVDWHXU RX OHV LQVWDOODWLRQV PDO IDLWHV , 03257$17 1 DSSOLTXH] SDV GH ), ;$7, 21 '( /$ %$6( , 03257$17 /D %DVH GX +'79 GRLW ÒWUH DVVHPEOÑH DYDQW WRXWH XWLOLVDWLRQ /& 3ODFHU OH WÑOÑYLVHXU IDFH YHUV OH EDV VXU XQH VXUIDFH SODQH HW GRXFH FRXYHUWXUH PRXVVH FKLIIRQ HWF DILQ GH SUÑYHQLU WRXW GRPPDJH DX 79+' $OLJQH] HW LQVÑUH] VRLJQHXVHPHQW OD EDVH GDQV OH VXSSRUW , QVÑUH] HW YLVVH] OHV YLV GDQV OHV WURXV GH OD EDVH GX WÑOÑYLVHXU GH PRQWDJH PXUDO FHUWLILÑ 8/ HW VXSSRUWDQW DX PLQLPXP OH SRLGV GX WÑOÑYLVHXU VDQV VD EDVH YHXLOOH] YRXV UÑIÑUHU Î OD SDJH 3RXU IL[HU XQ FROOLHU GH PRQWDJH PXUDO Î YRWUH WÑOÑYLVHXU /& 5HWLUH] OHV YLV UHWHQDQW OH WÑOÑYLVHXU DX VXSSRUW 5HWLUH] OD EDVH GX WÑOÑYLVHXU )L[H] OH VXSSRUW PXUDO Î OjDUULÔUH GH YRWUH WÑOÑYLVHXU DX PR\HQ GH TXDWUH YLV 0 PP PP 35µ3$5$7, 21 '( 9275( 79+' /&' 3285 81 0217$*( 085$/ 1RXV YRXV VXJJÑURQV GH JDUGHU YRWUH WÑOÑYLVHXU Î DX PRLQV SRXFHV PP GX PXU SRXU ÑYLWHU WRXWH LQWHUIÑUHQFH HQWUH OHV FÌEOHV $YDQW GH PRQWHU YRWUH WÑOÑYLVHXU VXU OH PXU YRXV DYH] EHVRLQ GH UHWLUHU OD EDVH ² Q XWLOLVHU TX DYHF XQ VXSSRUW /& 5HWLUH] OHV YLV UHWHQDQW OH WÑOÑYLVHXU DX VXSSRUW SXLV UHWLUH] OH VXSSRUW GX WÑOÑYLVHXU 8WLOLVH] YLV SRXU IL[HU OH FRXYHUFOH DUULÔUH HQ EDV GX WÑOÑYLVHXU )L[HU OH VXSSRUW PXUDO Î OjDUULÔUH GH YRWUH WÑOÑYLVHXU DX PR\HQ GH TXDWUH YLV 0 PP PP f /H VXSSRUW GH PRQWDJH PXUDO HW OHV YLV QH VRQW SDV IRXUQLV 5(0$548( 5DFFRUGH] OH FÌEOH GH O DQWHQQH RX OH FÌEOH &$79 Î OD SULVH G DQWHQQH $17 , 1 : Î O DUULÔUH GX WÑOÑYLVHXU 9HXLOOH] EUDQFKHU OD ILFKH G DOLPHQWDWLRQ Î OD SULVH PXUDOH DSUÔV DYRLU UDFFRUGÑ OH WÑOÑYLVHXU DX FRUGRQ G DOLPHQWDWLRQ SRZHU FRUG , QVWDOOH] OH SLHG SODFH] OH WÑOÑYLVHXU VXU XQH VXUIDFH VROLGH 7ÑOÑFRPPDQGH 5HWLUH] OH FRXYHUFOH GX FRPSDUWLPHQW GH OD SLOH , QVÑUH] OHV SLOHV IRXUQLHV 7\SH $$$ 9 + 75 ' + 75 ' 0LQ P $VVXUH]YRXV TXH OH WÑOÑYLVHXU HVW SODFÑH GDQV XQH SRVLWLRQ TXL SHUPHWWH XQ IOX[ G DLU OLEUH 1H FRXYUH] SDV OHV RXYHUWXUHV G DÑUDWLRQ DX GRV GH O DSSDUHLO $ILQ GH SUHYHQLU WRXWHV VLWXDWLRQV QRQ VáUHV DXFXQH VRXUFH GH IODPPHV QXHV WHOOHV TXH GHV ERXJLHV DOOXPÑHV GHYUDLHQW ÒWUH SODFÑHV GHVVXV RX Î SUR[LPLWÑ µYLWH] WRXWH VRXUFH GH FKDOHXU OHV UDGLDWLRQV VRODLUHV GLUHFWHV HW O H[SRVLWLRQ Î OD SOXLH RX Î O HDX / DSSDUHLO QH VHUD SDV H[SRVÑ Î GHV JRXWWHV RX Î GHV ÑFODERXVVXUHV $OLPHQWDWLRQ , QVÑUH] OH FRUGRQ G DOLPHQWDWLRQ GDQV XQH SULVH ÑOHFWULTXH PXUDOH 0HWWH] OH WÑOÑYLVHXU VRXV WHQVLRQ $SSX\H] VXU OH ERXWRQ 32:(5 GH OD WÑOÑFRPPDQGH RX GX SDQQHDX GH FRQWUÛOH VLWXÑ VXU OH FÛWÑ GX WÑOÑYLVHXU %RXWRQ 3RZHU DOLPHQWDWLRQ French *8, '( '( &211(;, 21 '(6 3µ5, 3+µ5, 48(6 +'0, q &RQQHFWHU OD VRXUFH SULQFLSDOH SRXU OD YLGÑR QXPÑULTXH WHO TX XQ OHFWHXU PXOWLPÑGLD GH '9' RX XQ GÑFRGHXU Î WUDYHUV FH FRQQHFWHXU QXPÑULTXH 3& , 1 (175µ( 3& q 5DFFRUGH] LFL OHV FÌEOHV YLGÑR HW DXGLR G XQ RUGLQDWHXU $9 , 1 (175µ( , 1 $969, '(2 q 5DFFRUGH] OD VRXUFH G HQWUÑH SRXU OHV GLVSRVLWLIV YLGÑR FRPSRVLWH WHO TX XQ PDJQÑWRVFRSH RX XQH FRQVROH GH MHX YLGÑR 8WLOLVH] OHV FRQQHFWHXUV URXJH HW EODQF SRXU UDFFRUGHU O DXGLR H[WHUQH GHSXLV OD PÒPH VRXUFH /H VLJQDO WUDQVPLV SDU OH FÌEOH HW OH FRQQHFWHXU 69LGHR VL UDFFRUGÑ SUHQGUD OD SULRULWÑ VXU OH FRQQHFWHXU 9LGÑR 5&$ FRQQHFWHXU MDXQH &20321(17 &20326$17 <3E3U DYHF $XGLR /5 q 5DFFRUGH] OD VRXUFH SULQFLSDOH SRXU OHV GLVSRVLWLIV YLGÑR FRPSRVDQW WHOV TX XQ OHFWHXU GH '9' RX XQ GÑFRGHXU LFL 8WLOLVH] OH FÌEOH URXJH SRXU O HQWUÑH 3U EOHX SRXU O HQWUÑH 3E YHUW SRXU O HQWUÑH < HW OH FÌEOH DXGLR URXJH SRXU O HQWUÑH GURLWH 5 HW OH EODQF SRXU O HQWUÑH JDXFKH / $17(11$&$%/( ', *, 7$/$1$/2* q 5DFFRUGH] Î XQH DQWHQQH RX XQ FÌEOH QXPÑULTXH KRUV GX PXU SDV GH OD ERÖWH GH MRQFWLRQ SRXU OD 79 QXPÑULTXH $8', 2 287 q 5DFFRUGH] OH FÌEOH DXGLR VWDQGDUG DX[ FRQQHFWHXUV $8', 2 287 / HW 5 VLWXÑV Î O DUULÔUH GX WÑOÑYLVHXU HW DX[ FRQQHFWHXUV $8', 2 , 1 GX V\VWÔPH DXGLR H[WHUQH 63', ) 2SWLFDO 'LJLWDO $XGLR 2XW 6RUWLH $XGLR 1XPÑULTXH 2SWLTXH q 4XDQG XQ VLJQDO DXGLR QXPÑULTXH HVW DVVRFLÑ DYHF O HQWUÑH FKRLVLH SRXU OH YLVLRQQHPHQW O DXGLR QXPÑULTXH VHUD GLVSRQLEOH VXU FHWWH FRQQH[LRQ 63', ) YHUV YRWUH FLQÑPD PDLVRQ 86% 3257 3257 86% q , QVÑUH] XQH FOÑ 86% GDQV OH SRUW 86% SRXU DIILFKHU GHV SKRWRV -3(* ÑFRXWHU GH OD PXVLTXH DX IRUPDW 03 RX SRXU H[ÑFXWHU OD IRQFWLRQ GH GÑFDODJH GDQV OH WHPSV >7LPH 6KLIW@ 9HXLOOH] FRQVXOWHU OHV SDJHV SRXU GH SOXV DPSOHV UHQVHLJQHPHQWV (DUSKRQH 2XWSXW 6RUWLH FDVTXH q 5DFFRUGH] GHV ÑFRXWHXUV 8QH IRLV OHV ÑFRXWHXUV EUDQFKÑV WRXV OHV KDXWSDUOHXUV VRQW GÑVDFWLYÑV 8QH IRLV TXH YRWUH ÑTXLSHPHQW HVW FRQQHFWÑ XWLOLVH] OD SURFÑGXUH VXLYDQWH SRXU YLVLRQQHU OH VLJQDO G HQWUÑH $SSX\H] VXU OH ERXWRQ FRUUHVSRQGDQW GH OD WÑOÑFRPPDQGH SRXU VÑOHFWLRQQHU OD VRXUFH GÑVLUÑH H[$SSX\H] VXU OH ERXWRQ , 1387 SRXU VÑOHFWLRQQHU O HQWUÑH &RPSRQHQ &RPSRVDQWH VL YRXV DYH] EUDQFKÑ XQ HQUHJLVWUHXU '9' VXU OjHQWUÑH &RPSRVDQWH French , 16758&7, 216 ' 87, /, 6$7, 21 3285 87, /, 6(5 /(6 &200$1'(6 '8 3$11($8 $9$17 , 1387 (175µ( 0(18 92/ 92/ &+ &+ $SSX\H] VXU FH ERXWRQ SRXU VÑOHFWLRQQHU OD VRXUFH G HQWUÑH $SSX\H] VXU FH ERXWRQ SRXU RXYULU RX TXLWWHU OH PHQX 26' $SSX\H] VXU FH ERXWRQ SRXU DXJPHQWHU OH YROXPH $SSX\H] VXU FH ERXWRQ SRXU GLPLQXHU OH YROXPH $SSX\H] VXU FH ERXWRQ SRXU SDVVHU DX FDQDO VXSÑULHXU $SSX\H] VXU FH ERXWRQ SRXU SDVVHU DX FDQDO LQIÑULHXU $SSX\H] VXU FH ERXWRQ SRXU DOOXPHU ÑWHLQGUH PHWWUH HQ YHLOOH OH WÑOÑYLVHXU , 1387 0(18 92/ 92/ &+ &+ 32:(5 L $/, 0(17$7, 21 3285 87, /, 6(5 /$ 7µ/µ&200$1'( 3RZHU $OLPHQWDWLRQ $SSX\H] VXU FH ERXWRQ SRXU PHWWUH OH WÑOÑYLVHXU VRXVKRUV WHQVLRQ HQ YHLOOH 5HPDUTXH /H WÑOÑYLVHXU QjHVW MDPDLV FRPSOÔWHPHQW KRUV WHQVLRQ Î PRLQV GjÒWUH SK\VLTXHPHQW GÑEUDQFKÑ 3, &785( , 0$*( 6$3 RX 0RQR SRXU OD WÑOÑYLVLRQ DQDORJLTXH FKDQJH] GH ODQJXH DXGLR SRXU OD WÑOÑYLVLRQ QXPÑULTXH 6/((3 9(, //( SRXU HQWUHU OH QXPÑUR GX FDQDO GÑVLUÑ DSSX\H] VXU l v z SRXU FKRLVLU OH VRXVFDQDO , 1387 (175e( $SSX\H] VXU FH ERXWRQ SRXU UÑJOHU OD PLVH HQ $SSX\H] VXU k, 1387y (175µ( SRXU RXYULU OD OLVWH GHV VRXUFHV $SSX\H] VXU FH ERXWRQ SRXU RXYULU RX TXLWWHU OH PHQX 087( French $SSX\H] VXU FH ERXWRQ SRXU FKDQJHU OH PRGH GjLPDJH $8', 2 0(18 $SSX\H] VXU FH ERXWRQ SRXU FKDQJHU OH PRGH DXGLR $5& $FWLYH RX GÑVDFWLYH OH VRQ &+ &+ $SSX\H] VXU FH ERXWRQ SRXU FKDQJHU OH PRGH GjDIILFKDJH 0RGH 1RUPDO =RRP:LGH /DUJH =RRP RX +'0, 3& 3& +'0, XQLTXHPHQW SRXU VRXUFH YLGÑR +'0, &&' $SSX\H] VXU FH ERXWRQ SRXU FKDQJHU GH W\SH GH VRXVWLWUDJHV && 2Q 6RXVWLWUHV 2Q && 2II 6RXVWLWUHV 2II && 2Q ZLWK PXWH 6RXVWLWUHV 2Q HQ PXHW 0766$3 $SSX\H] VXU FH ERXWRQ SRXU DFWLYHU OjDXGLR GH OD WÑOÑYLVLRQ 176& &KRLVLVVH] 6WÑUÑR YHLOOH RII PLQ a q QXPÑUR $SSX\H] VXU FHV ERXWRQV /RUVTXH OH PHQX HVW Î OjÑFUDQ$SSX\H] VXU OHV ERXWRQV &+ RX &+ SRXU QDYLJXHU YHUV OH KDXW RX YHUV OH EDV /RUVTXH OH PHQX QjHVW SDV DIILFKÑ $SSX\H] VXU OHV ERXWRQV &+ RX &+ SRXU QDYLJXHU Î WUDYHUV OHV FDQDX[ GH WÑOÑYLVLRQ /RUVTXH OH PHQX QjHVW SDV DIILFKÑ$SSX\H] VXU OHV ERXWRQV 92/ RX 92/ SRXU UÑJOHU OH YROXPH /RUVTXH OH PHQX HVW Î OjÑFUDQ$SSX\H] VXU OHV ERXWRQV 92/ RX 92/ 92/ (17(5 (175(( 92/SRXU QDYLJXHU YHUV OD GURLWH RX OD JDXFKH /RUVTXH OH PHQX QjHVW SDV DIILFKÑ $SSX\H] VXUOHV ERXWRQV 92/ RX 92/ SRXU UÑJOHU OH YROXPH 3/$< 3$86( /(&785(3$86( 3RXU OH PRGH -3(*03$SSX\H] VXU FH ERXWRQ SRXU EDVFXOHU GH PRGH 03-3(* $SSX\H] VXU FH ERXWRQ SRXU FRQILUPHU XQH VÑOHFWLRQ (;, 7 48, 77(5 $SSX\H] VXU FH ERXWRQ SRXU DFWLYHU OD IRQFWLRQ /HFWXUH RX 3DXVH GDQV OD VRXUFH PXOWLPÑGLD 6723 $SSX\H] VXU FH ERXWRQ SRXU FRQILUPHU XQH VÑOHFWLRQ 5(&$// 5$33(/ $SSX\H] VXU FH ERXWRQ SRXU DUUÒWHU OD OHFWXUH GDQV OD VRXUFH PXOWLPÑGLD 5(3($7 5e3e7(5 $SSX\H] VXU FH ERXWRQ SRXU DIILFKHU OH FDQDO GH WÑOÑYLVLRQ SUÑFÑGHQW ', 63/$< $)), &+$*( $SSX\H] VXU FH ERXWRQ SRXU DFWLYHU GÑVDFWLYHU OH PRGH GH UÑSÑWLWLRQ GH OjDSSOLFDWLRQ 03 0XVLF%R[ 5(9 5(7 $SSX\H] VXU FH ERXWRQ SRXU DIILFKHU OHV LQIRUPDWLRQV FRQFHUQDQW OD VRXUFH G HQWUÑH OH FDQDO GH WÑOÑYLVLRQ OD UÑVROXWLRQ G DIILFKDJH HW O KHXUH DFWXHOOH *8, '( $SSX\H] VXU FH ERXWRQ SRXU DFFÑGHU DX GHUQLHU GRVVLHU Î OD GHUQLÔUH SKRWR GH OjDSSOLFDWLRQ -3(* 9LHZHU ):' $9 $SSX\H] VXU FH ERXWRQ SRXU DIILFKHU OH JXLGH ÑOHFWURQLTXH GH SURJUDPPH )$925, 7( )$925, 6 $SSX\H] VXU FH ERXWRQ SRXU DFFÑGHU DX GRVVLHU VXLYDQW Î OD SKRWR VXLYDQWH GDQV OjDSSOLFDWLRQ -3(* 9LHZHU 35(9 35e& $SSX\H] VXU OH ERXWRQ l )$925, z SRXU DIILFKHU OD OLVWH GHV FDQDX[ IDYRULV &+/, 67 /, 67( '(6 &$1$8; $SSX\H] SRXU DIILFKHU OD OLVWH GHV FDQDX[ 3RXU XQH XWLOLVDWLRQ PXOWLPÑGLD VHXOHPHQW 86% $SSX\H] VXU FH ERXWRQ SRXU DFFÑGHU DX SUHPLHU GRVVLHU Î OD SUHPLHU SKRWR GH OjDSSOLFDWLRQ -3(* 9LHZHU$SSX\H] SRXU VDXWHU OH ILFKLHU DFWXHO HW SDVVHU DX ILFKLHU SUÑFÑGHQW HQ PRGH OHFWXUH GH O DSSOLFDWLRQ 03 0XVLF%R[ 1(;7 68, 9 3RXU XQ DXWUH PRGH TXH -3(* 03$SSX\H] VXU FH ERXWRQ SRXU DIILFKHU OH PHQX l0XOWLPHGLD OLVWz /LVWH 0XOWLPÑGLD $SSX\H] VXU FH ERXWRQ SRXU DFFÑGHU DX GRVVLHU ILQDO Î OD SKRWR ILQDOH GH OjDSSOLFDWLRQ -3(* 9LHZHU$SSX\H] SRXU VDXWHU OH ILFKLHU DFWXHO HW SDVVHU DX ILFKLHU VXLYDQW HQ PRGH OHFWXUH GH O DSSOLFDWLRQ 03 0XVLF%R[ 3285 87, /, 6(5 /(6 0(186 $SSX\HU VXU OD WRXFKH 0HQX SRXU DIILFKHU OH PHQX SULQFLSDO 8WLOLVH] OHV %RXWRQV GH QDYLJDWLRQ SRXU YRXV GÑSODFHU GDQV OH PHQX HW VÑOHFWLRQQHU UÑJOHU RX FRQILUPHU XQ ÑOÑPHQW GX PHQX 26' DIILFKDJH Î O ÑFUDQ $SSX\HU VXU OH ERXWRQ 0HQX SRXU DIILFKHU OH PHQX 26' SULQFLSDO9RXV SRXYH] DMXVWHU OHV RSWLRQV GDQV OHV PHQXV 9LGHR 9LGÑR $XGLR )HDWXUH )RQFWLRQV &KDQQHO &DQDX[ HW 9*$ &HUWDLQHV RSWLRQV HV PHQXV SHXYHQW QjÒWUH GLVSRQLEOHV TXH GDQV FHUWDLQV PRGHV 0(18 &+$11(/ &$1$8; /H PHQX &KDQQHO &DQDX[ HQ PRGH WÑOÑYLVLRQ HVW SUÑVHQWÑ FLGHVVRXV &+$11(/ 7XQLQJ %DQG &KDQQHO 6WUHQJWK $XWR &+ 6HDUFK $GG RQ &+ 6HDUFK &KDQQHOV /LVW &KDQQHO /DEHOV )$9 &KDQQHO 6HWWLQJ 0RYH (17(5 $LU DXWRPDWLTXHPHQW WRXWHV OHV FKDÖQHV WÑOÑYLVÑHV 176& $76& HW PÑPRULVH OHV FDQDX[ GÑWHFWÑV$X FRXUV GX SURFHVVXV GH GÑWHFWLRQ GHV FDQDX[ OH QRPEUH GH FDQDX[ WURXYÑV HVW DIILFKÑ $GG RQ &+ 6HDUFK $MRXWHU VXU UHFKHUFKH &K 3HUPHW GjDMRXWH GHV FDQDX[ TXL QjRQW SDV ÑWÑ GÑWHFWÑV &KDQQHOV /LVW /LVWH GHV FDQDX[ 3UÑVHQWH OD OLVWH GHV FDQDX[ / XWLOLVDWHXU SHXW PRGLILHU DIILFKHUFDFKHU GHV FDQDX[ RX SDVVHU GLUHFWHPHQW DX FDQDO VÑOHFWLRQQÑ &KDQQHO /DEHOV (WLTXHWWHV GHV FKDÖQHV $IILFKH] OH PHQX G ÑWLTXHWWHV GH FKDÖQHV WÑOÑYLVÑHV 176& $76& SRXU PRGLILH OHV ÑWLTXHWWHV GH FDQDX[ HQ SDUWLFXOLHU )$9 &KDQQHO 6HWWLQJ 5ÑJODJH GHV FDQDX[ )$9 3UÑVHQWH OD OLVWH GHV FDQDX[ SUÑIÑUÑV / XWLOLVDWHXU SHXW PRGLILHU DMRXWHU RX VXSSULPHU OHV FDQDX[ SUÑIÑUÑV 0(18 9, '(2 9, 'µ2 5HWXUQ ([LW 6HOHFW 0HQX ([LW /H PHQX 9LGHR 9LGÑR DSSDUDÖW GDQV 7XQLQJ %DQG %DQGH GH V\QWRQLVDWLRQ &KRLVLVVH] HQWUH $QWHQQH HW &ÌEOH WÑOÑYLVLRQ SDU FÌEOH SRXU OH VLJQDO GH VRXUFH 79 &KDQQHO 6WUHQJWK , QWHQVLWÑ GX VLJQDO GX FDQDO 0RQWUH O LQWHQVLWÑ GX VLJQDO GH WÑOÑYLVLRQ QXPÑULTXH UH£X $XWR &+ 6HDUFK 5HFKHUFKH GH FDQDX[ DXWR %DOD\H OD SOXSDUW GHV PRGHV GH VRXUFHV WHO TXjLOOXVWUÑ FLGHVVRXV , O SURSRVH SOXVLHXUV RSWLRQV GH UÑJODJHV YLGÑR SHUPHWWDQW GH UÑJOHU O DIILFKDJH YLGÑR DYHF SUÑFLVLRQ (Q PRGH 9*$ OH PHQX 9LGHR 9LGÑR QH SURSRVH TXH OHV RSWLRQV 3LFWXUH 0RGH 0RGH , PDJH %ULJKWQHVV /XPLQRVLWÑ &RQWUDVW &RQWUDVWH &RORU 7HPS 7HPS FRXOHXUV 1RLVH 5HGXFWLRQ 5ÑGXFWLRQ GX EUXLW French %DFNOLJKW 5ÑWURÑFODLUDJH $VSHFW 5DWLR )RUPDW G LPDJH HW 3UHVHW 3UÑLQLWLDOLVDWLRQ 9, '(2 3LFWXUH 0RGH %ULJKWQHVV &RQWUDVW 6KDUSQHVV &RORU 7LQW &RORU 7HPS 0RYH (17(5 (FR &RRO 0HQX 6HOHFW 5HWXUQ ([LW ([LW 3LFWXUH 0RGH 0RGH , PDJH 6ÑOHFWLRQQH] OH PHQX , PDJH9LYLG 9LI 6WDQGDUG (FR 0RYLH RX 3HUVRQDO 3HUVRQQDOLVÑ (Q PRGH 9*$ VHXOHV VRQW SULV HQ FKDUJH OHV YDOHXUV 6WDQGDUG HW 3HUVRQQHO %ULJKWQHVV /XPLQRVLWÑ 5ÑJODJH GH OD OXPLQRVLWÑ GH OD YLGÑR OD SODJH GH UÑJODJH YD GH Î &RQWUDVW &RQWUDVWH 5ÑJODJH GX FRQWUDVWH YLGÑR OD SODJH GH UÑJODJH YD GH Î 6KDUSQHVV 1HWWHWÑ 5ÑJODJH GH OD QHWWHWÑ GH OD YLGÑR OD SODJH GH UÑJODJH YD GH Î &RORU &RXOHXU 5ÑJODJH GH OD FRXOHXU GH OD YLGÑR OD SODJH GH UÑJODJH YD GH Î 7LQW 7HLQWH 5ÑJODJH GH OD WHLQWH GH OD YLGÑR OD SODJH GH UÑJODJH YD GH 5 Î * &RORU 7HPS 7HPS FRXOHXUV 7URLV PRGHV GH WHPSÑUDWXUH GH FRXOHXU &RRO 1RUPDO :DUP )URLG 1RUPDO &KDXG 1RLVH 5HGXFWLRQ 5ÑGXFWLRQ 0(18 $8', 2 GX EUXLW 3URSRVH TXDWUH RSWLRQV GH UÑGXFWLRQ GX EUXLW /RZ )DLEOH 0LG 0R\HQ +LJK µOHYÑ HW 2II $GDSWLYH &RQWUDVW &RQWUDVWH DXWR &KRLVLVVH] 2Q RX 2II SRXU DMXVWHU OH JDPPD XQH IRLV O DQDO\VH DXWRPDWLTXH GX VLJQDO HIIHFWXÑH '&5 5DSSRUW GH FRQWUDVWH &KRLVLVVH] 2Q RX 2II SRXU DMXVWHU DXWRPDWLTXHPHQW OH UÑWURÑFODLUDJH GH O ÑFUDQ %DFNOLJKW 5ÑWURÑFODLUDJH 5ÑJODJH GH OD SXLVVDQFH GX UÑWUR ÑFODLUDJH OD SODJH GH UÑJODJH YD GH Î $VSHFW 5DWLR )RUPDW G LPDJH 6ÑOHFWLRQQH] OH IRUPDW G LPDJH GH O DIILFKDJH 0RGH 1RUPDO =RRP :LGH /DUJH =RRP 3& +'0, SRXU +'0, LSSLS XQLTXHPHQW SRXU VRXUFH YLGÑR +'0, 3UHVHW 3UÑLQLWLDOLVÑV 5ÑLQLWLDOLVH] WRXV OHV SDUDPÔWUHV GX PHQX 9LGHR 9LGÑR DX[ YDOHXUV SDU GÑIDXW /H PHQX $XGLR HQ PRGH WÑOÑYLVLRQ HVW SUÑVHQWÑ FLGHVVRXV , O RIIUH GLYHUVHV XQLTXHPHQW GLVSRQLEOH HQ PRGH VRXUFH 79 $76& &HWWH IRQFWLRQ HVW GÑVDFWLYÑH SRXU OHV DXWUHV VRXUFHV RSWLRQV SRXU PRGLILHU OHV SDUDPÔWUHV DXGLR /H SDUDPÔWUH GH ODQJXH DXGLR HVW $8', 2 6RXQG 0RGH %DVV 7UHEOH %DODQFH $XGLR /DQJXDJH 63', ) 6SHDNHU 0RYH (17(5 3HUVRQDO (QJOLVK 3&0 2Q 0HQX 6HOHFW 5HWXUQ ([LW ([LW 6RXQG 0RGH 0RGH DXGLR 6ÑOHFWLRQQH] OH PRGH DXGLR 3HUVRQDO 3HUVRQQDOLVÑ 0XVLF 0XVLTXH RX 6SHHFK 9RL[ %DVV *UDYH 5ÑJODJH GHV JUDYHV OD SODJH GH UÑJODJH YD GH Î 7UHEOH $LJX 5ÑJODJH GHV DLJXV OD SODJH GH UÑJODJH YD GH Î %DODQFH 5ÑJODJH GH OD EDODQFH DXGLR OD SODJH GH UÑJODJH YD GH / Î 5 $XGLR 6RXUFH 6RXUFH DXGLR 6ÑOHFWLRQQH] OD VRXUFH DXGLR 6WHUHR 6WÑUÑR 6$3 RX 0RQR &HWWH IRQFWLRQ QH IRQFWLRQQH TX HQ PRGH GH WÑOÑYLVLRQ DQDORJLTXH $XGLR /DQJXDJH /DQJXH DXGLR &KDQJH] OH SDUDPÔWUH GH ODQJXH DXGLR SRXU OHV SURJUDPPHV WÑOÑYLVÑV HQ PRGH $76& /H QRPEUH GH ODQJXHV DXGLR SULVHV HQ FKDUJH GÑSHQG GHV SURJUDPPHV WÑOÑYLVÑV $76& (QJOLVK 6SDQLVK )UHQFK $QJODLV (VSDJQRO )UDQ£DLV 63', ) 'LJLWDO DXGLR RXWSXW IRUPDW )RUPDW GH OD VRUWLH DXGLR QXPÑULTXH 6ÑOHFWLRQQH] 5$: RX 3&0 &HWWH IRQFWLRQ QH IRQFWLRQQH TX HQ PRGH GH WÑOÑYLVLRQ QXPÑULTXH 6SHDNHU +DXWSDUOHXU &KRLVLVVH] FHWWH WRXFKH SRXU PHWWUH OH KDXWSDUOHXU LQWHUQH GH OD WÑOÑYLVLRQ VRXVKRUV WHQVLRQ /HV VLJQDX[ GH VRUWLH DXGLR QXPÑULTXH HW OHV VLJQDX[ GHV ÑFRXWHXUV QH VHURQW SDV GÑVDFWLYÑV PÒPH VL OH KDXWSDUOHXU GX WÑOÑYLVHXU HVW KRUV WHQVLRQ / RSWLRQ SDU GÑIDXW HVW $FWLYÑ 2Q $9/ &KRLVLVVH] 2Q RX 2II SRXU TXH OH YROXPH UHVWH DXWRPDWLTXHPHQW OH PÒPH HQWUH OHV GLIIÑUHQWV SURJUDPPHV HW FDQDX[ 656 7DFWLYH] FHWWH IRQFWLRQ SRXU RSWLPLVHU OjDFRXVWLTXH HQ VLPXODQW XQ HIIHW VRQ VXUURXQG &HWWH IRQFWLRQ HVW XQLTXHPHQW GLVSRQLEOH VXU OH 3UHVHW 3UÑLQLWLDOLVDWLRQ 3RXU UHVWDXUHU OHV SDUDPÔWUHV DXGLR SDU GÑIDXW 0(18 )($785( )21&7, 216 /H PHQX )HDWXUH )RQFWLRQV HVW GÑFULW FL GHVVRXV &H PHQX SHUPHW GH GÑILQLU OD FHUWDLQHV RSWLRQV SHXYHQW QH SDV ÒWUH GLVSRQLEOHV )($785( 0HQX /DQJXDJH 7LPH 3DVVZRUG 6HWWLQJ 3DUHQWDO &RQWURO &ORVHG &DSWLRQV $QDORJ &DSWLRQV 'LJLWDO &DSWLRQV ODQJXH, jKHXUH HW GjDXWUHV SDUDPÔWUHV 6HORQ OH PRGH DFWXHO 79 +'0, HWF (QJOLVK 2II && 6(59, &( 0HQX 0RYH (17(5 6HOHFW 5HWXUQ ([LW ([LW 0HQX /DQJXDJH /DQJXH GX 0HQX 6ÑOHFWLRQQH OD ODQJXH French G DIILFKDJH GX PHQX (QJOLVK )UDQ£DLV (VSDÙRO 7LPH +HXUH 5ÔJOH O KHXUH FRXUDQWH /H VRXVPHQX FRPSUHQG OHV UÑJODJHV 7LPH 0RGH 5ÑJODJH GH O KHXUH 7LPH =RQH )XVHDX KRUDLUH HW 'D\OLJKW 6DYLQJV +HXUH G ÑWÑ >0RGH 7LPH@ 0RGH KHXUH q &KRLVLVVH] HQWUH $XWR RX 0DQXDO 0DQXHO 6L YRXV FKRLVLVVH] OH PRGH 0DQXDO 0DQXHO YRXV GHYH] UÑJOHU OjDQQÑH OH PRLV OH MRXU HW OjKHXUH PDQXHOOHPHQW >7LPH =RQH@ )XVHDX KRUDLUH q 5ÑJOH] OH IXVHDX KRUDLUH &HWWH IRQFWLRQ HVW GLVSRQLEOH ORUVTXH O RSWLRQ 7LPH +HXUH HVW UÑJOÑH HQ PRGH $XWRPDWLTXH >'D\OLJKW 6DYLQJV@ +HXUH G ÑWÑ q &KRLVLVVH] 2Q RX 2II &HWWH IRQFWLRQ HVW GLVSRQLEOH ORUVTXH O RSWLRQ 7LPH +HXUH HVW UÑJOÑH HQ PRGH $XWRPDWLTXH )($785( 7LPH 7LPH 0RGH 7LPH =RQH 'D\OLJKW 6DYLQJV <HDU 0RQWK 'D\ 7LPH 0RYH (17(5 SDVVH !&RQILUPHU OH QRXYHDX PRW GH SDVVH 5HPDUTXH &HW ÑOÑPHQW Q HVW GLVSRQLEOH TXH GDQV OHV PRGHV VRXUFHV 79 &RPSRVLWH HW 69LGÑR /H PRW GH SDVVH SDU GÑIDXW HVW (QWHU 2OG 3DVVZRUG (QWHU 1HZ 3DVVZRUG &RQILUP 1HZ 3DVVZRUG $XWR +67 2Q -DQ $0 0HQX 6HOHFW 5HWXUQ ([LW ([LW 3DVVZRUG 6HWWLQJ &RQILJ PRW GH SDVVH &KDQJH] OH PRW GH SDVVH Î FKLIIUHV GX FRQWUÛOH SDUHQWDO7URLV ÑWDSHV VRQW QÑFHVVDLUHV SRXU FKDQJHU OH PRW GH SDVVH (QWUHU O DQFLHQ PRW GH SDVVH !&RQILUP 1HZ 3DVVZRUG &RQILUPH OD FRQWUDVHÙD QXHYD 1RWD HVWH ÕWHP HVWDUË VÚOR GLVSRQLEOH HQ ORV PRGRV GH IXHQWHV 79 &RPSRVLWH 9LGHR FRPSXHVWR \ 69LGHR /D SUHGHWHUPLQDGD HV 3DUHQWDO &RQWURO &RQWURO SDWHUQR LQFOX\H OD FRQILJXUDFLÚQ GH OD IXQFLÚQ GH FRQWURO SDWHUQR 9FKLS $QWHV GH LQJUHVDU HQ HO VXEPHQà 3DUHQWDO &RQWURO &RQWURO SDWHUQR HO XVXDULR GHEHUË LQJUHVDU SULPHUR OD FRQWUDVHÙD , QJUHVD HQ HO ÕWHP 3DUHQWDO /RFN %ORTXHR SDWHUQR /XHJR HO XVXDULR SRGUË EORTXHDU ORV FDQDOHV VHOHFFLRQDGRV R WLSRV GH SURJUDPDV SDUD UHVWULQJLU HO DFFHVR D FRQWHQLGR RIHQVLYR D WUDYÑV GHO VLVWHPD GH FODVLILFDFLÚQ 03$$ R 79 6H SRGUËQ GHVEORTXHDU ORV FDQDOHV R VHÙDOHV GH IXHQWHV EORTXHDGRV D WUDYÑV GHO LQJUHVR GH OD FRQWUDVHÙD 1RWD HVWD IXQFLÚQ HVWDUË VÚOR GLVSRQLEOH HQ ORV PRGRV GH IXHQWHV 79 &RPSRVLWH 9LGHR FRPSXHVWR \ 69LGHR /D FRQWUDVHÙD SRU GHIHFWR HV (QWHU 3DVVZRUG )($785( 3DUHQWDO &RQWURO %XWWRQ /RFN %ORFN 8QUDWHG 79 86$ 3DUHQWDO /RFNV &DQDGLDQ 3DUHQWDO /RFNV 2SHQ 9&KLS 2II 2II 0RYH (17(5 6HOHFW 0HQX 5HWXUQ ([LW ([LW 2Q (QFHQGLGR \ 2II $SDJDGR SDUD EORTXHDU R GHVEORTXHDU ORV ERWRQHV GH FRQWURO HQ HO SDQHO ODWHUDO GHO WHOHYLVRU &XDQGR HVWD IXQFLÚQ HVWË DFWLYDGD ORV ERWRQHV GH FRQWURO GH OD 79 TXHGDUËQ EORTXHDGRV \ VÚOR HO FRQWURO UHPRWR SRGUË FRQWURODU OD 79 &XDQGR HVWD IXQFLÚQ HVWË DFWLYDGD 2Q HO WHOHYLVRU EORTXHDUË ORV SURJUDPDV VLQ FODVLILFDFLÚQ >%XWWRQ /RFN@ %ORTXHR GH ORV ERWRQHV q 6HOHFFLRQH HQWUH GH ORV SDGUHV XVDQGR OD &ODVLILFDFLÚQ GH 79 R HO 03$$ >86$ 3DUHQWDO /RFNV@ &RQWUROHV GH ORV SDGUHV (( 88 q (VWDEOH]FD HO QLYHO GH FRQWURO >&DQDGLDQ 3DUHQWDO /RFNV@ &RQWUROHV GH ORV SDGUHV &DQDGË q (VWDEOH]FD HO QLYHO GH FRQWURO GH ORV SDGUHV XVDQGR OD &ODVLILFDFLÚQ HQ LQJOÑV R HQ IUDQFÑV q (O 9&KLS DELHUWR HV XQ DYDQ]DGR VLVWHPD 9&KLS GH FODVLILFDFLÚQ GH ORV FDQDOHV GLJLWDOHV UHFLELGRV 6H DFWXDOL]DUË OD WDEOD GH FODVLILFDFLÚQ VHJàQ HO SURJUDPD FRQ LQIRUPDFLÚQ GH FODVLILFDFLÚQ 557 >2SHQ 9&KLS@ 9&KLS DELHUWR &ORVHG &DSWLRQV 6XEWÕWXORV 6HOHFFLRQH XQD RSFLÚQ SDUD ORV VXEWÕWXORV && 2Q && DFWLYDGR PRGR $XWRPDWLF $XWRPËWLFR R &XVWRPHU 3HUVRQDOL]DGR 6L VH VHOHFFLRQD HO PRGR &XVWRPHU 3HUVRQDOL]DGR HO XVXDULR SXHGH PRGLILFDU ORV HVWLORV (O UHVXOWDGR GH OD FRQILJXUDFLÚQ DSDUHFHUË GH IRUPD LQPHGLDWD HQ OD SDUWH LQIHULRU GHO VXEPHQà 26' >6L]H@ 7DPDÙR q 7DPDÙR GH OD IXHQWH GH ORV VXEWÕWXORV GLJLWDOHV $XWRPDWLF $XWRPËWLFD 6PDOO 3HTXHÙD 1RUPDO 1RUPDO R /DUJH *UDQGH >)RQW@ )XHQWH q 3HUPLWH HVWDEOHFHU HO HVWLOR GH OD IXHQWH GH ORV VXEWÕWXORV HQWUH $XWRPDWLF $XWRPËWLFD 'HIDXOW 3UHGHWHUPLQDGD R )RQW )XHQWH )XHQWH a Spanish >%ORFN 8QUDWHG 79@ %ORTXHDU WHOHYLVLÚQ VLQ FODVLILFDFLÚQ q && 2II && GHVDFWLYDGR && 2Q ZLWK PXWH && DFWLYDGR DO VLOHQFLDU $QDORJ &DSWLRQV 6XEWÕWXORV DQDOÚJLFRV 6HOHFFLRQH XQD RSFLÚQ SDUD ORV VXEWÕWXORV DQDOÚJLFRV && 7(;7 'LJLWDO &DSWLRQV 6XEWÕWXORV GLJLWDOHV 6HOHFFLRQH XQD RSFLÚQ SDUD ORV VXEWÕWXORV GLJLWDOHV 6(59, &( 1RWD HVWD FDUDFWHUÕVWLFD HVWË VÚOR GLVSRQLEOH HQ HO PRGR GH 79 GLJLWDO $76& 'LJLWDO &DSWLRQV &RQILJXUDFLÚQ GH VXEWÕWXORV RFXOWRV GLJLWDOHV , QFOX\H YDULDV RSFLRQHV SDUD FRQILJXUDU HO HVWLOR GH ORV VXEWÕWXORV GLJLWDOHVV HQ HO VXEPHQà 1RWD HVWD FDUDFWHUÕVWLFD HVWË VÚOR GLVSRQLEOH HQ HO PRGR GH 79 GLJLWDO $76& >6W\OH@ (VWLOR q &RQILJXUH HO >7H[W &RORU@ &RORU GHO WH[WR q $XWRPDWLF $XWRPËWLFR :KLWH %ODQFR 5HG 5RMR *UHHQ 9HUGH %OXH $]XO <HOORZ $PDULOOR 0DJHQWD 0DJHQWD &\DQ &LDQ %ODFN 1HJUR YLVXDOL]DFLÚQ GH YLGHR FRPSRQHQWH \ HVWË VÚOR GLVSRQLEOH SDUD OD HQWUDGD GH YLGHR FRPSRQHQWH >3KDVH@ )DVH q $MXVWD OD )DVH GH 6ROLG 6ÚOLGR )ODVKLQJ , QWHUPLWHQWH 7UDQVSDUHQW 7UDQVSDUHQWH 7UDQVOXFHQW 7UDVOàFLGR %ODFN 1HJUR :KLWH %ODQFR 5HG 5RMR *UHHQ 9HUGH %OXH $]XO <HOORZ $PDULOOR 0DJHQWD 0DJHQWD &\DQ &LDQ $XWRPËWLFR 6ROLG 6ÚOLGR )ODVKLQJ , QWHUPLWHQWH 7UDQVSDUHQW 7UDQVSDUHQWH 7UDQVOXFHQW 7UDVOàFLGR >7H[W 2SDFLW\@ 2SDFLGDG GHO WH[WR q $XWRPDWLF $XWRPËWLFR OD LPDJHQ SDUD UHGXFLU OD LQWHUIHUHQFLD GH OÕQHDV KRUL]RQWDOHV (O UDQJR GHO VLQWRQL]DGRU HV GH D >3UHVHW@ 3UHHVWDEOHFLGR q 5HVWRUH WKH GHIDXOW FRPSRQHQW VHWWLQJ YDOXHV >%DFNJURXQG &RORU@ &RORU GH IRQGR q $XWRPDWLF $XWRPËWLFR >%DFNJURXQG 2SDFLW\@ 2SDFLGDG GH IRQGR q $XWRPDWLF 1RQH 1LQJXQR 5DLVHG (OHYDGR 'HSUHVVHG +XQGLGR 8QLIRUP 8QLIRUPH /HIW 6KDGRZ 6RPEUD L]TXLHUGD 5LJKW 6KDGRZ 6RPEUD GHUHFKD q $XWRPDWLF $XWRPËWLFR 5HG 5RMR *UHHQ 9HUGH %OXH $]XO <HOORZ $PDULOOR 0DJHQWD 0DJHQWD &\DQ &LDQ %ODFN 1HJUR :KLWH %ODQFR >(GJH (IIHFW@ (IHFWR GHO ERUGH q $XWRPDWLF $XWRPËWLFR 0XOWL0HGLD 0HQX 0HQà PXOWLPHGLD (VWD RSFLÚQ PXHVWUD IRWRJUDIÕDV HQ IRUPDWR -3(* \ UHSURGXFH PàVLFD GH IRUPDWR R DFWLYD OD IXQFLÚQ 7LPH 6KLIW SDUD 79 GLJLWDO 1RWD 6ÚOR VH SRGUËQ OHHU ORV SULPHUR DUFKLYRV GH OD XQLGDG 86% /RV WDPDÙRV GH ODV IRWRJUDIÕDV HQ IRUPDWR -3(* VH HQFXHQWUDQ OLPLWDGRV D ODV VLJXLHQWHV UHVROXFLRQHV 3DUD HO PRGHOR /& [ 3DUD HO PRGHOR /& [ ([LVWHQ WUHV PDQHUDV GH LQJUHVDU +D\ GRV PDQHUDV GH HQWUDU D HQ OD LQWHUID] -3(* 9LHZHU \ 03 0XVLF%R[ >(GJH &RORU@ &RORU GHO ERUGH , QSXW /DEHOV (WLTXHWDV GH OD HQWUDGD (VWD RSFLÚQ HVWË VÚOR GLVSRQLEOH SDUD IXHQWHV TXH QR VHDQ GH 79 (O XVXDULR SXHGH HGLWDU ODV HWLTXHWDV GH OD HQWUDGD &RPSRQHQW 6HWWLQJ &RQILJXUDFLÚQ GHO FRPSRQHQWH (VWD RSFLÚQ SHUPLWH XQ DMXVWH PËV SUHFLVR GH OD v /XHJR GH FRQHFWDU HO GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% DO SXHUWR 86% DSDUHFHUË HO PHQà 0XOWLPHGLD /LVW /LVWD PXOWLPHGLD 0XOWLPHGLD /LVW -3(* 9LHZHU 03 0XVLF%R[ ([LW v 3DUD HOHJLU HQWUH -3(* 9LHZHU \ 03 0XVLF%R[ VHOHFFLRQH HO 0HQà PXOWLPHGLD HQ HO 0HQà GH IXQFLRQHV (VWDV GRV RSFLRQHV HVWDUËQ DFWLYDGDV VÚOR VL HO GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% HVWË FRQHFWDGR DO SXHUWR 86% v 8QD YH] TXH HO GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% HVWÑ FRQHFWDGR 3UHVLRQH HO ERWÚQ 86% SDUD YLVXDOL]DU HO PHQà 0XOWLPHGLD /LVW /LVWD PXOWLPHGLD SDUD HO PRGR QR -3(*03 3UHVLRQH HO ERWÚQ 86% SDUD FDPELDU DO RWUR PRGR PXOWLPHGLD -3(*!03 03!-3(* )($785( $QDORJ &DSWLRQV 'LJLWDO &DSWLRQV 'LJLWDO &DSWLRQV 6HWXS , QSXW /DEHOV &RPSRQHQW 6HWWLQJ 0XOWL0HGLD 0HQX 5HVHW 7R 'HIDXOW UHSHWLGDPHQWH OD VHFXHQFLD GH ORV DUFKLYRV 03 HQ OD FDUSHWD DFWXDO 6L QR KD\ QLQJàQ DUFKLYR 03 HQ OD FDUSHWD DFWXDO 6L QR H[LVWH QLQJàQ DUFKLYR 03 HQ OD FDUSHWD DFWXDO OD RSFLÚQ 0XVLF 2Q 6OLGH 6KRZ 0àVLFD GXUDQWH OD SUHVHQWDFLÚQ DSDUHFHUË GH FRORU JULV v 6WDUW 6OLGH 6KRZ , QLFLDU OD SUHVHQWDFLÚQ GH GLDSRVLWLYDV (QWUD DO PRGR GH SUHVHQWDFLÚQ GH GLDSRVLWLYDV v 5RWDWH 3KRWR *LUDU IRWR *LUD OD LPDJHQ VHOHFFLRQDGD v %DFN WR 8SSHU )ROGHU 9ROYHU D OD FDUSHWD VXSHULRU 5HJUHVDU D OD FDUSHWD VXSHULRU Spanish && 6(59, &( 0RYH (17(5 6HOHFW 0HQX 5HWXUQ ([LW ([LW >-3(* 9LHZHU@ q 3UHVLRQH 0HQX SDUD PRVWUDU HO PHQà GH FRQWURO 3UHVLRQH (QWHU SDUD DJUDQGDU OD IRWR VHOHFFLRQDGD PDUFR QDUDQMD HQ HO H[SORUDGRU v , PDJH 'HOD\ 5HWUDVR GH OD LPDJHQ (VWDEOHFH HO WLHPSR GH YLVXDOL]DFLÚQ GH ODV LPËJHQHV GXUDQWH ODV SUHVHQWDFLRQHV GH GLDSRVLWLYDV +D\ WUHV RSFLRQHV )DVW 5ËSLGR 6ORZ /HQWR \ 1RUPDO 1RUPDO v 0XVLF 2Q 6OLGH 6KRZ 0àVLFD DFWLYDGD GXUDQWH ODV SUHVHQWDFLRQHV GH GLDSRVLWLYDV $FWLYD OD PàVLFD GH IRQGR GXUDQWH OD SUHVHQWDFLÚQ GH GLDSRVLWLYDV 5HSURGXFLUË v %DFN WR 5RRW )ROGHU 9ROYHU D OD FDUSHWD UDÕ] 5HJUHVDU D OD FDUSHWD UDÕ] v %DFN 7R %URZVHU 9ROYHU DO H[SORUDGRU 5HJUHVDU DO PRGR GH H[SORUDGRU 3ËJLQD GH OD IRWR FRQ PHQà GH FRQWURO v ([LW 6DOLU 6DOLU GHO -3(* 9LHZHU \ UHJUHVDU D OD IXHQWH RULJLQDO ([SORUDGRU FRQ PHQà GH FRQWURO >03 0XVLF%R[@ v /LVW, QIR%DU HQ OD SDUWH LQIHULRU (VWD SDUWH FRQWLHQH OD LQIRUPDFLÚQ GH OD OLVWD GH UHSURGXFFLÚQWDOHV FRPR k'LUHFWRULR DFWXDOyk$UFKLYRV WRWDOHVyk&DUSHWDV WRWDOHVy k2EMHWR DFWXDOy HQ HO GLUHFWRULR DFWXDO \ OD %DUUD GH D\XGD SULQFLSDO v 3OD\/LVW /LVWD GH UHSURGXFFLÚQ HQ OD SDUWH GHUHFKD (VWD SDUWH FRQWLHQH ORV DUFKLYRV 03 GH PàVLFD v &RQWURO3DQHO 3DQHO GH FRQWURO HQ OD SDUWH L]TXLHUGD %DVV *UDYHV 7UHEOH $JXGRV %DODQFH %DODQFH 9ROXPH 9ROXPHQ $MXVWD HO WRQR GHO DXGLR 1RWD q 6HUË QHFHVDULR IRUPDWHDU HO GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% *XDUGH ORV GDWRV RULJLQDOHV DQWHV GH IRUPDWHDU $O IRUPDWHDU VH HOLPLQDUËQ WRGRV ORV GDWRV DOPDFHQDGRV HQ HO GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% q 6H FDQFHODUË HO WHPSRUL]DGRU GH DSDJDGR VL VH OR HVWDEOHFLÚ DQWHV TXH OD IXQFLÚQ 7LPH 6KLIW IRUPD GH DFWLYDU 2Q R GHVDFWLYDU 2II OD IXQFLÚQ GH DSDJDGR DXWRPËWLFR GH UHWURLOXPLQDFLÚQ PLHQWUDV VH UHSURGXFHQ ORV DUFKLYRV 03 (VWD RSFLÚQ HVWË VÚOR GLVSRQLEOH HQ OD LQWHUID] GH UHSURGXFWRU GH PHGLRV 03 /XHJR GH HVWDEOHFHU OD FRQILJXUDFLÚQ HQ 2Q $FWLYDGD OD UHWURLOXPLQDFLÚQ VH DSDJDUË DXWRPËWLFDPHQWH GHVSXÑV GH VHJXQGRV VL QR VH SUHVLRQD QLQJàQ ERWÚQ 3UHVLRQH FXDOTXLHU ERWÚQ H[FHSWR 32:(5 (1&(1', '2 $3$*$'2 6H YROYHUË D HQFHQGHU OD UHWURLOXPLQDFLÚQ GH OD 79 3UHVHW 3UHHVWDEOHFLGR 3HUPLWH UHVWDXUDU WRGDV ODV RSFLRQHV GH ORV 03 D ORV YDORUHV SUHGHWHUPLQDGRV GH IËEULFD ([LW6DOLU 6DOLU GH OD LQWHUID] 030XVLF%R[ >7LPH 6KLIW@q (VWD IXQFLÚQ SHUPLWH TXH HO XVXDULR SDXVH \ JUDEH HO SURJUDPD GLJLWDO $76& R 4$0 TXH VH HVWË YLVXDOL]DQGR \ UHDQXGDU HQ HO SXQWR GRQGH VH SDXVÚ &RQHFWH XQ GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% SDUD DFWLYDU OD RSFLÚQ 7LPH 6KLIW HQ HO PHQà )HDWXUH )XQFLRQHV 0XWH 6FUHHQ 3DQWDOOD VLOHQFLR (VWD RSFLÚQ EULQGD XQD v 86% 'ULYH 6WRUDJH )RUPDW )RUPDWHDU GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% 6HOHFFLRQH HVWD RSFLÚQ SDUD IRUPDWHDU HO GLVSRVLWLYR 86% \ DVLJQDU OD FDQWLGDG GH PHPRULD QHFHVDULD SDUD OD RSFLÚQ 7LPH 6KLIW 1RWD v (O SURFHVR GH IRUPDWHR GHPRUDUË DO PHQRV PLQXWRV 1R DSDJXH OD DOLPHQWDFLÚQ QL H[WUDLJD HO GLVSRVLWLYR 86% GXUDQWH HO IRUPDWHR v 'XUDQWH HO IRUPDWHR VH UHDOL]DUË XQD SUXHED GH YHORFLGDG GHO GLVSRVLWLYR 86% 6L HVWD SUXHED QR HV H[LWRVD HVWR VLJQLILFD TXH HO GLVSRVLWLYR 86% QR HV FRPSDWLEOH FRQ OD IXQFLÚQ 7LPH 6KLIW v 6WDUW 7LPH 6KLIW 5HFRUGLQJ , QLFLDU JUDEDFLÚQ 7LPH 6KLIW 6HOHFFLRQH HVWD RSFLÚQ SDUD DFWLYDU OD IXQFLÚQ 7LPH 6KLIW 1RWD v 1R H[WUDLJD HO GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% FXDQGR OD IXQFLÚQ 7LPH 6KLIW VH HQFXHQWUD DFWLYDGD v $SUR[LPDGDPHQWH HO DOPDFHQDPLHQWR HQ EàIHU GH *% GH PHPRULD SXHGH DOPDFHQDU PLQXWRV GH FRQWHQLGR HQ IRUPDWR L R PLQXWRV GH FRQWHQLGR HQ IRUPDWR L v 8QD YH] TXH VH DOPDFHQHQ *% GH GDWRV OD IXQFLÚQ 7LPH 6KLIW HOLPLQDUË ORV GDWRV DOPDFHQDGRV \ UHLQLFLDUË HO DOPDFHQDPLHQWR HQ EàIHU GHO FRQWHQLGR(VWR RFXUUH LQFOXVR HQ HO FDVR GH GLVSRVLWLYRV 86% FRQ XQ WDPDÙR PD\RU D *% /D UHSURGXFFLÚQ GH YLGHR SRGUÕDQ QR VHU XQLIRUPH \ WHQHU VDOWRV VL OD YHORFLGDG GH JUDEDFLÚQ 86% QR FXPSOH FRQ ORV UHTXLVLWRV PÕQLPRV SDUD GHWHUPLQDGDV VHÙDOHV L S 1R H[WUDLJD HO GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% QL GHVHQFKXIH OD DOLPHQWDFLÚQ GXUDQWH ODV RSHUDFLRQHV GH 7LPH 6KLIW (VWD IXQFLÚQ VH GHVDFWLYDUË XQD YH] TXH VH SLHUGD OD VHÙDO 1R H[WUDLJD OD VHÙDO GXUDQWH ODV RSHUDFLRQHV GH 7LPH 6KLIW 1R FDPELH GH IRUPD UËSLGD \ UHSHWLWLYD ODV RSHUDFLRQHV HQWUH 3/$< 5(352'8&, 5 3$86( 3$86$5 ):' $9$1=$5 5(9 5(752&('(5 6H FDQFHODUË HO WHPSRUL]DGRU GH DSDJDGR VL VH OR HVWDEOHFLÚ DQWHV TXH OD IXQFLÚQ 7LPH 6KLIW (O WDPDÙR GHO GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% GHEHUË VHU *% *% R *% (O YLGHR SXHGH YHUVH SL[HODGR FXDQGR OD WDVD GH ELWV GHO YLGHR VHD GHPDVLDGR EDMD /D FRQILJXUDFLÚQ GH VXEWÕWXORV QR HVWË GLVSRQLEOH GXUDQWH OD XWLOL]DFLÚQ GH 7LPH 6KLIW 1R WRGRV ORV GLVSRVLWLYRV GH DOPDFHQDPLHQWR 86% VRQ FRPSDWLEOHV$ FRQWLQXDFLÚQ VH LQFOX\H XQD OLVWD GH ORV GLVSRVLWLYRV GH DOPDFHQDPLHQWR 86% UHFRPHQGDGRV /RV PRGHORV TXH QR VH HQFXHQWUDQ HQ OD OLVWD 1RWD /LPLWDFLRQHV GH OD IXQFLÚQ 7LPH 6KLIW &XDQGR VH DFWLYD OD IXQFLÚQ 7LPH 6KLIW VÚOR HVWDUËQ GLVSRQLEOHV ORV ERWRQHV 3/$< 5(352'8&, 5 3$86( 3$86$5 6723 '(7(1(5 ):' $9$1=$5 5(9 5(752&('(5 92/ 68%, 5 92/80(1 92/ %$-$5 92/80(1 087( 6, /(1&, $5 \ DOJXQRV ERWRQHV GH IXQFLRQHV EËVLFDV (17(5 $&(37$5 (;, 7 6$/, 5 ERWRQHV GH QDYHJDFLÚQ &XDQGR VH SUHVLRQD XQ ERWÚQ \ GLFKD IXQFLÚQ QR HVWË GLVSRQLEOH DSDUHFHUË HO FXDGUR GH GLËORJR TXH VH PXHVWUD D FRQWLQXDFLÚQ 7KLV . H\ , V 8QDYDLODEOH 'XULQJ 7LPH 6KLIW 2SHUDWLRQ 2. Spanish SRGUÕDQ VHU FRPSDWLEOHV SHUR QR VH JDUDQWL]D VX IXQFLRQDPLHQWR v 8QLGDG IODVK 86% 6DQ'LVN ([WUHPH &RQWRXU¬ GH ([WUHPH &RQWRXU¬ GH v 8QLGDG IODVK 86% 6DQ'LVN ([WUHPH &RQWRXU¬ GH *% 6'&=*$ v 8QLGDG IODVK 86% . LQJVWRQ 'DWD7UDYHOHU GH *% '7*% v 8QLGDG IODVK 86% . LQJVWRQ 'DWD7UDYHOHU GH *% '7*% v 8QLGDG IODVK 86% 2&= 7HFKQRORJ\ 5DOO\ GH *% 2&=86%5'&*% v 8QLGDG IODVK 86% 2&= 7HFKQRORJ\ $79 GH *% 2&=86%$79*% v 8QLGDG IODVK 86% 2&= 7HFKQRORJ\ 5DOO\ GH *% 2&=86%5'&*% (VWD IXQFLÚQ QR HVWË GLVSRQLEOH SDUD WRGRV ORV FDQDOHV GH WHOHYLVLÚQ GLJLWDO WDOHV FRPR ORV FDQDOHV FRGLILFDGRV R ORV FDQDOHV GH VÚOR DXGLR 5HVHW WR 'HIDXOW 5HVWDEOHFHU ORV YDORUHV SUHGHWHUPLQDGRV 3HUPLWH UHVWDXUDU WRGD OD FRQILJXUDFLÚQ D ORV YDORUHV SUHGHWHUPLQDGRV GH IËEULFD DMXVWDU GH IRUPD PËV SUHFLVD OD YLVXDOL]DFLÚQ 9*$ >+3RVLWLRQ@ 3RVLFLÚQ KRUL]RQWDO $MXVWD OD SRVLFLÚQ KRUL]RQWDO GH OD LPDJHQ >93RVLWLRQ@ 3RVLFLÚQ YHUWLFDO $MXVWD OD SRVLFLÚQ YHUWLFDO GH OD LPDJHQ &ORFN 5HORM $MXVWD HO UHORM GH OD LPDJHQ SDUD UHGXFLU OD LQWHUIHUHQFLD GH OÕQHDV YHUWLFDOHV 3KDVH )DVH $MXVWD OD IDVH GH OD LPDJHQ SDUD UHGXFLU OD LQWHUIHUHQFLD GH OÕQHDV KRUL]RQWDOHV $XWR $GMXVW $MXVWH DXWRPËWLFR $MXVWD OD FRQILJXUDFLÚQ DXWRPËWLFDPHQWH 3UHVHW 3UHHVWDEOHFLGR 5HVWDEOHFH ORV YDORUHV SUHGHWHUPLQDGRV GH OD FRQILJXUDFLÚQ GHO 9*$ &216(-26 &XLGDGR GH OD SDQWDOOD 1R IURWH QL JROSHH OD SDQWDOOD FRQ QLQJàQ REMHWR GXUR GHELGR D TXH HVWRV SRGUÕDQ UD\DU DIHFWDU R GDÙDU OD SDQWDOOD 'HVHQFKXIH HO FDEOH GH DOLPHQWDFLÚQ DQWHV GH OLPSLDU OD SDQWDOOD 3DUD HOLPLQDU HO SROYR GHO WHOHYLVRU SDVH XQ WUDSR VXDYH \ OLPSLR D OD SDQWDOOD \ DO PXHEOH 6L HV QHFHVDULR OLPSLDU OD SDQWDOOD GH PDQHUD DGLFLRQDO XVH XQ SDÙR OLPSLR \ KàPHGR 1R XWLOLFH OLPSLDGRUHV OÕTXLGRV R HQ DHURVRO $GYHUWHQFLDV VREUH WHOÑIRQRV PÚYLOHV 3DUD HYLWDU LQWHUIHUHQFLDV HQ OD LPDJHQ \ VRQLGR IXQFLRQDPLHQWRV GHIHFWXRVRV GH OD 79 R LQFOXVR GDÙRV HQ OD 79 PDQWHQJD DOHMDGRV GH OD 79 ORV WHOÑIRQRV PÚYLOHV 9*$ 0(18 0(1Ä 9*$ (VWD RSFLÚQ VÚOR HV YLVLEOH \ HVWË GLVSRQLEOH HQ PRGR 9*$ \ SURSRUFLRQD YDULDV RSFLRQHV SDUD 'LUHFWLYDV GH ILQ GH OD YLGD àWLO GHO SURGXFWR 6X QXHYD 79 SRVHH PDWHULDOHV TXH SXHGHQ VHU UHFLFODGRV \ UHXWLOL]DGRV$O ILQDO GH VX YLGD àWLO H[LVWHQ HPSUHVDV HVSHFLDOL]DGDV TXH SXHGHQ GHVDUPDU HO UHFHSWRU GHVHFKDGR FRQ HO ILQ GH FRQFHQWUDU ORV PDWHULDOHV UHXWLOL]DEOHV \ PLQLPL]DU OD FDQWLGDG GH PDWHULDOHV GHVHFKDGRV $VHJàUHVH GH GHVHFKDU VX UHFHSWRU DQWLJXR FRQIRUPH UHJXODFLRQHV ORFDOHV3DUD REWHQHU PËV LQIRUPDFLÚQ GLUÕMDVH D ZZZ (, $(RUJ +DLHU WLHQH XQ ILUPH FRPSURPLVR FRQ HO UHFLFODMH VHJXUR GH SURGXFWRV HOHFWUÚQLFRV \ PDWHULDOHV GH SURGXFWRV %XVTXH XQD XELFDFLÚQ GH UHFLFODMH ORFDO HQ (VWDGRV 8QLGRV HQ 5(&<&/, 1*&20 R OODPH DO 5(&<&/, 1* $YLVR GH OLFHQFLD \ FRQILUPDFLÚQ GH PDUFD UHJLVWUDGD 'ROE\ FRQIRUPH OD 3DUWH GH ODV 5HJODV GH OD )&& (VWRV OÕPLWHV VH FUHDURQ FRQ HO ILQ GH SURSRUFLRQDU XQD SURWHFFLÚQ UD]RQDEOH FRQWUD LQWHUIHUHQFLD GDÙLQD HQ XQD LQVWDODFLÚQ UHVLGHQFLDO (VWH HTXLSR JHQHUD XWLOL]D \ SXHGH LUUDGLDU HQHUJÕD GH UDGLRIUHFXHQFLD \ VL QR VH HQFXHQWUD LQVWDODGR R VL QR HV XWLOL]DGR GH DFXHUGR FRQ ODV LQVWUXFFLRQHV SXHGH FDXVDU LQWHUIHUHQFLD GDÙLQD D ODV FRPXQLFDFLRQHV UDGLDOHV 6LQ HPEDUJR QR VH SXHGH JDUDQWL]DU TXH OD LQWHUIHUHQFLD QR RFXUULUË HQ XQD LQVWDODFLÚQ HQ SDUWLFXODU (Q HO FDVR GH TXH HO GLVSRVLWLYR FDXVDUD LQWHUIHUHQFLD GDÙLQD D ODV FRPXQLFDFLRQHV UDGLDOHV OD FXDO SXHGH VHU GHWHUPLQDGD HQFHQGLHQGR R DSDJDQGR HO GLVSRVLWLYR VH VXJLHUH TXH HO XVXDULR WRPH XQD R PËV GH ODV VLJXLHQWHV PHGLGDV v 5HRULHQWH R FRORTXH HQ RWUR OXJDU OD DQWHQD UHFHSWRUD v , QFUHPHQWH OD VHSDUDFLÚQ HQWUH HO HTXLSR \ OD 79 v (QFKXIH HO HTXLSR D XQ WRPDFRUULHQWH GH SDUHG GLIHUHQWH GHO TXH VH HQFXHQWUD HQFKXIDGR HO UHFHSWRU v &RQVXOWH D XQ YHQGHGRU R WÑFQLFR H[SHULPHQWDGR GH UDGLR79 SDUD )DEULFDGR FRQ OLFHQFLD GH ORV /DERUDWRULRV 'ROE\ 'ROE\ \ HO VÕPEROR GH OD ' GREOH VRQ PDUFDV UHJLVWUDGDV GH 'ROE\ /DERUDWRULHV REWHQHU D\XGD 0RGLILFDFLRQHV HV XQD PDUFD UHJLVWUDGD GH 656 /DEV , QF 6H LQFRUSRUD OD WHFQRORJÕD 7UX6XUURXQG +' EDMR OLFHQFLD GH 656 /DEV , QF /D )&& &RPLVLÚQ )HGHUDO GH &RPXQLFDFLRQHV UHTXLHUH TXH VH QRWLILTXH DO XVXDULR TXH FXDOTXLHU FDPELR R PRGLILFDFLÚQ UHDOL]DGD D HVWH GLVSRVLWLYR TXH QR HVWÑ DSUREDGD GH IRUPD H[SOÕFLWD SRU QXHVWUD HPSUHVD SRGUÕD DQXODU OD DXWRULGDG GHO XVXDULR GH XWLOL]DU HVWH SURGXFWR $YLVRV UHJXODWRULRV q $YLVR GH OD &RPLVLÚQ )HGHUDO GH &RPXQLFDFLRQHV (VWH HTXLSR KD VLGR FRPSUREDGR \ VH GHWHUPLQÚ TXH FXPSOH FRQ ORV OÕPLWHV GH GLVSRVLWLYR GLJLWDO &ODVH % &DEOHV 6H GHEHUËQ UHDOL]DU ODV FRQH[LRQHV FRQ Spanish HVWH GLVSRVLWLYR FRQ FDEOHV EOLQGDGRV FRQ FRQHFWRUHV 5)(0, PHWËOLFRV FRQ HO ILQ GH FXPSOLU FRQ ODV 1RUPDV \ 5HJXODFLRQHV GH OD )&& $YLVR FDQDGLHQVH (VWH GLVSRVLWLYR GLJLWDO &ODVH % FXPSOH FRQ WRGRV ORV UHTXLVLWRV GH ODV 5HJXODFLRQHV &DQDGLHQVHV GH (TXLSRV TXH *HQHUDQ , QWHUIHUHQFLDV $YLV &DQDGLDQ &DW DSSDUHO QXPHURXV GH OD FODVVHG % UHVSHFWHG WRXWHV OHV H[LJHQFLHV GX UÔJOHPHQW VXU OH PDWHULHO EURXLOOHXU GX &DQDGD (63(&, ), &$&, 21(6 '(/ 352'8&72 127$ v (VWH GLVSRVLWLYR FXPSOH FRQ ODV HVSHFLILFDFLRQHV TXH DSDUHFHQ D FRQWLQXDFLÚQ v /RV GLVHÙRV \ ODV HVSHFLILFDFLRQHV HVWËQ VXMHWRV D FDPELRV VLQ DYLVR v (VWH PRGHOR SXHGH QR VHU FRPSDWLEOH FRQ ODV IXQFLRQHV \R HVSHFLILFDFLRQHV TXH SRGUÕDQ DJUHJDUVH HQ HO IXWXUR 0RGHOR 1R 9LVLEOH 6LVWHPD GH WHOHYLVLÚQ &REHUWXUD GH FDQDOHV /& ', 63/$< 9, 68$/, =$5 1RUPD 176& 1RUPD $76& 96% 4$0 FODUR /& 9+) KDVWD 8+) KDVWD 79 SRU FDEOH %DQGD EDMD $ KDVWD $ $ KDVWD , %DQGD PHGLD - KDVWD : %DQGD DOWD $$ KDVWD ==$$$ %%% %DQGD VàSHU DOWD KDVWD KDVWD (QWUDGD GHO VLQWRQL]DGRU : $9 , 1 $969LGHR \ HQWUDGD GH DXGLR /5 L]TXLHUGDGHUHFKD 3& , 1 '68% \ 3& $XGLR PLQL WHUPLQDO SDUD DXGÕIRQRV &RQHFWRUHV SRVWHULRUHV 9LGHR SRU FRPSRQHQWHV \ HQWUDGD GH DXGLR /5 ', (QWUDGD +'0, )UHFXHQFLD GH H[SORUDFLÚQ FRPSDWLEOH [#+] [#+] [#+] [#+] [#+] [#+] 1RWD [#+] 6ÚOR SDUD +/'/& [#+] [#+] [#+][#+] 6ÚOR SDUD HO PRGHOR /& 5HFRPHQGDGD 3DUD HO PRGHOR /& [#+] 3DUD HO PRGHOR /& [#+] 5HVROXFLÚQ FRPSDWLEOH L#+]S#+]S# +]L#+] S#+] 7DVDV GH HVFDQHR VRSRUWDGDV L#+]S#+] S#+]L#+]S#+] 9, '(2 &20321(17( (QWUDGD GH $969LGHR 63', ) +'0, 6$/, '$ '( $8', 2 9, '(2 &20321(17( (QWUDGD GH $969LGHR 63', ) +'0, 6$/, '$ '( $8', 2 Spanish &21(;, 21(6 0RGHOR 1R &RQHFWRUHV ODWHUDOHV 'LPHQVLRQHV FRQ VRSRUWH $QFKR [ $OWR [ 3URIXQGLGDG 'LPHQVLRQHV FRQ VRSRUWH $QFKR [ $OWR [ 3URIXQGLGDG 3HVR FRQ VRSRUWH 3HVR VLQ VRSRUWH \ EDVH /& /& +'0, +'0, (175$'$ '( $9 (175$'$ '( $9 6DOLGD GHO DXGÕIRQR 6DOLGD GHO DXGÕIRQR 38(572 86% 38(572 86% 3(62 < ', 0(16, 21(6 [ [ [ [ [ [ [ [ OLEUDV OLEUDV OLEUDV OLEUDV , 167$/$&, ¾1 (1 /$ 3$5(' 6RSRUWH GH SDUHG [ PP FRPSDWLEOH FRQ [ PP 9(6$ $QFKR [ $OWR 0ÑWULFR [ PP 7LSR GH WRUQLOOR 0ÑWULFR [ PP 32:(5 (1&(1', '2$3$*$'2 &RQVXPR GH : : HQHUJÕD 0RGR : VXVSHQGLGR 9 +] $OLPHQWDFLÚQ 3RWHQFLD GH :: :: DXGLR 7HPSHUDWXUD ) a ) DPELHQWH &RQWHQLGR GHO HPEDODMH $FFHVRULRV LQFOXLGRV 79 [ %DVH [ &RQWURO UHPRWR [ FRQ GRV SLODV DOFDOLQDV k$$$y 7RUQLOORV [ VÚOR SDUD HO PRGHOR GH y 0DQXDO GH XVXDULR [ 7DUMHWD GH UHJLVWUR [ 62/8&, ¾1 '( 352%/(0$6 5HDOLFH HVWDV VLPSOHV FRPSUREDFLRQHV DQWHV GH FRPXQLFDUVH FRQ VHUYLFLR WÑFQLFR (VWDV VXJHUHQFLDV SXHGHQ KDFHUOH DKRUUDU WLHPSR \ GLQHUR GHELGR D TXH ORV JDVWRV SRU OD LQVWDODFLÚQ GHO UHFHSWRU \ ORV DMXVWHV GH ORV FRQWUROHV GHO XVXDULR QR HVWËQ FXELHUWRV SRU OD JDUDQWÕD 6ÕQWRPDV , PDJHQ kIDQWDVPDy R GREOH 6LQ DOLPHQWDFLÚQ ¹WHPV TXH VH GHEHQ FRPSUREDU \ DFFLRQHV D VHJXLU v (VWR SRGUÕD HVWDU FDXVDGR SRU XQD REVWUXFFLÚQ FRQ OD DQWHQD GHELGR D PRQWDÙDV R HGLILFLRV DOWRV /D XWLOL]DFLÚQ GH XQD DQWHQD DOWDPHQWH GLUHFFLRQDO SXHGH PHMRUDU OD LPDJHQ v &RPSUXHEH TXH HO FDEOH GH DOLPHQWDFLÚQ &$ GH OD 79 HVWÑ FRQHFWDGR DO WRPDFRUULHQWH v 'HVHQFKXIH OD 79 \ HVSHUH VHJXQGRV /XHJR YXHOYD D HQFKXIDU HO FDEOH HQ HO WRPDFRUULHQWH \ YXHOYD D HQFHQGHU OD 79 v 5HYLVH ODV FRQH[LRQHV GH OD DQWHQD HQ OD SDUWH WUDVHUD GH OD 79 SDUD FRPSUREDU VL HVWË FRQHFWDGD GH IRUPD FRUUHFWD D OD 79 v 3RVLEOH SUREOHPD HQ OD HVWDFLÚQ HPLVRUD , QWHQWH YLVXDOL]DU RWUR FDQDO v $MXVWH OD FRQILJXUDFLÚQ GH FRQWUDVWH \ EULOOR v &RPSUXHEH HO FRQWURO GH VXEWÕWXORV RFXOWRV$OJXQRV PRGRV 7(;7 7(;72 SRGUÕDQ EORTXHDU OD SDQWDOOD v $XPHQWH HO YROXPHQ v &RPSUXHEH TXH HO VRQLGR GH OD 79 QR HVWÑ GHVDFWLYDGR 3UHVLRQH HO ERWÚQ 087( 6, /(1&, $5 HQ HO FRQWURO UHPRWR v $MXVWH OD FRQILJXUDFLÚQ GH FRQWUDVWH FRORU \ EULOOR v (Q DOJXQDV RFDVLRQHV SXHGH H[LVWLU XQD FDOLGDG GH LPDJHQ SREUH FXDQGR XQD FËPDUD GH 69+6 R YLGHRFËPDUD HVWË FRQHFWDGD D OD 79 \ D RWUR SHULIÑULFR DO PLVPR WLHPSR$SDJXH XQR GH ORV SHULIÑULFRV v &RPSUXHEH OD FRQH[LÚQ GH OD DQWHQD v (VWR SRGUÕD HVWDU FDXVDGR SRU XQD LQWHUIHUHQFLD HOÑFWULFD SRU HMHPSOR XQ VHFDGRU GH SHOR OXFHV GH QHÚQ FHUFDQDV HWF v $SDJXH HVWRV GLVSRVLWLYRV v &RPSUXHEH VL ODV SLODV IXQFLRQDQ 5HHPSOËFHODV VL HV QHFHVDULR v /LPSLH HO VHQVRU GHO FRQWURO UHPRWR HQ OD 79 v 7DPELÑQ SXHGH XWLOL]DU ORV ERWRQHV XELFDGRV HQ HO IUHQWH GH OD 79 v 6HOHFFLRQH HO PRGR 79 SDUD DVHJXUDUVH GH TXH HO FRQWURO VH HQFXHQWUH HQ HO PRGR 79 6LQ LPDJHQ , PDJHQ FRUUHFWD SHUR VLQ VRQLGR 6RQLGR FRUUHFWR SHUR FRORU SREUH , PDJHQ SREUH , PDJHQ \ VRQLGR FRQ OOXYLD /ÕQHD SXQWHDGD KRUL]RQWDO /D 79 QR UHVSRQGH DO FRQWURO UHPRWR Spanish +'79 */26$5, 2 /DV +'79 VH HQFXHQWUDQ GHILQLGDV WÑFQLFDPHQWH FRPR FDSDFHV GH GHVSOHJDU XQ PÕQLPR GH S R L OÕQHDV GH HVFDQHR DFWLYDV (QWUDGDV +'0, , QWHUID] 0XOWLPHGLD GH $OWD 'HILQLFLÚQ &DQDO GH DXGLR VHFXQGDULR R DGLFLRQDO SURSRUFLRQDGR SDUD OD QRUPD GH WUDQVPLVLÚQ 6RQLGR 0XOWLFDQDO GH 7HOHYLVLÚQ 076 %DQGD VRQRUD PRQRDXUDO LQFOXLGD GHQWUR GH OD VHÙDO JUDEDGD R OD VHÙDO GH YLGHR JHQHUDOPHQWH LQFOX\H XQD VHJXQGD WUDGXFFLÚQ SDUD HO SURJUDPD YLVXDOL]DGR 7HPSRUL]DGRU GH DSDJDGR 3XHGH HVWDEOHFHU XQ SHUÕRGR GH WLHPSR OXHJR GHO FXDO OD 79 VH DSDJDUË GH IRUPD DXWRPËWLFD (QWUDGDV GH DXGLR YLGHR 8ELFDGRV HQ OD SDUWH WUDVHUD GHO UHFHSWRU VH XWLOL]DQ HVWRV FRQHFWRUHV FRQHFWRU WLSR IRQR 5&$ SDUD OD HQWUDGD GH VHÙDOHV GH DXGLR \ YLGHR 6H HQFXHQWUDQ GLVHÙDGRV SDUD VX XWLOL]DFLÚQ FRQ YLGHRJUDEDGRUDV X RWURV DFFHVRULRV FRQ HO ILQ GH UHFLELU OD UHVROXFLÚQ GH LPDJHQ PËV DOWD \ SURSRUFLRQDQ RSFLRQHV GH FRQH[LÚQ GH VRQLGR (QWUDGD GH 69LGHR 3XHGH FRQHFWDU OD 79 FRQ XQD IXHQWH GH YLGHR GH DOWD UHVROXFLÚQ FRPR XQD YLGHRJUDEDGRUD GH FDVHWHV GH YLGHR 6XSHU 9+6 UHSURGXFWRU GH /DVHU 'LVF \ VLVWHPD GH FLQH HQ FDVD FRQ '9' FRQ HO ILQ GH ORJUDU OD PD\RU VDWLVIDFFLÚQ GXUDQWH OD YLVXDOL]DFLÚQ 0HQX 0HQà /LVWDGR GH FDUDFWHUÕVWLFDV TXH DSDUHFH HQ OD SDQWDOOD GH OD 79 \ SHUPLWH TXH HO XVXDULR UHDOLFH DMXVWHV 03$$ $VRFLDFLÚQ &LQHPDWRJUËILFD (VWDGRXQLGHQVH 6RQLGR 0XOWLFDQDO GH 7HOHYLVLÚQ 076 (VWËQGDU GH HPLVLÚQ TXH SHUPLWH TXH VH WUDQVPLWDQ VRQLGR HVWÑUHR MXQWR FRQ ODV LPËJHQHV GH OD 79 5) 'LVHÙR GH UDGLRIUHFXHQFLD R VHÙDO PRGXODGD XWLOL]DGR FRPR OD WUDQVSRUWDGRUD GH ODV WUDVPLVLRQHV GH 79 6HJXQGR 3URJUDPD GH $XGLR 6$3 *$5$17¹$ &XDQGR HVWH SURGXFWR GH PDUFD +DLHU VH WUDQVSRUWD HQ VX HPSDTXH RULJLQDO HVWDUË OLEUH GH GHIHFWRV GH PDQR GH REUD \ PDWHULDOHV \ D GLVFUHFLÚQ GH +DLHU UHSDUDUË HO GHIHFWR R UHPSOD]DUË HO SURGXFWR GHIHFWXRVR FRQ XQ HTXLYDOHQWH QXHYR R UHPDQXIDFWXUDGR SDUD SLH]DV R PDQWHQLPLHQWR SRU ORV SHULRGRV HVWDEOHFLGRV D FRQWLQXDFLÚQ (VWD JDUDQWÕD QR VH DSOLFD D OD DSDULHQFLD GHO SURGXFWR R OD SDUWH H[WHULRU GHO SURGXFWR TXH VH KD\D GDÙDGR GHVILJXUDGR DOWHUDGR PRGLILFDGR HQ VX GLVHÙR R FRQVWUXFFLÚQ 1R VH DSOLFD ORV SXQWRV DGLFLRQDOHV GH H[FOXVLÚQ HVWDEOHFLGRV D FRQWLQXDFLÚQ /D JDUDQWÕD VH LQLFLD HQ OD IHFKD TXH VH FRPSUÚ HO SURGXFWR \ DQWHV GH TXH VH UHDOLFHQ ODV UHSDUDFLRQHV GH OD JDUDQWÕD VH GHEHUË SUHVHQWDU HO UHFLER RULJLQDO GH FRPSUD DO FHQWUR GH VHUYLFLR DXWRUL]DGR /D JDUDQWÕD OLPLWDGD GHVFULWD DTXÕ FRPSOHPHQWD D ODV JDUDQWÕDV LPSOÕFLWDV TXH ORV XVXDULRV KDQ UHFLELGR SRU OH\72'$6 /$6 *$5$17¹$6 , 03/¹&, 7$6 , 1&/8<(1'2 /$6 *$5$17¹$6 '( &20(5&, $%, /, '$' ( , '21(, '$' 3$5$ (/ 862 (67¯1 /, 0, 7$'$6 $ (/ 2 /26 3(5, 2'26 $ 3$57, 5 '( /$ )(&+$ '( &2035$ (67$%/(&, '2 $ &217, 18$&, ¾1$OJXQRV HVWDGRV QR UHFRQRFHQ OÕPLWHV GH WLHPSR HQ ODV JDUDQWÕDV LPSOÕFLWDV SRU OR WDQWR OD OLPLWDFLÚQ PHQFLRQDGD SXHGHQ QR VHU DSOLFDEOH HQ VX FDVR 1L HO SHUVRQDO GH YHQWDV GHO YHQGHGRU QL QLQJXQD RWUD SHUVRQD HVWËQ DXWRUL]DGRV D KDFHU JDUDQWÕDV D PHQRV TXH VHDQ ODV TXH VH GHVFULEHQ HQ HO SUHVHQWH GRFXPHQWR QL D H[WHQGHU OD GXUDFLÚQ GH DOJXQD GH ODV JDUDQWÕDV PËV DOOË GHO SHULRGR GH WLHPSR GHVFULWR DTXÕ HQ QRPEUH GH +DLHU /DV JDUDQWÕDV TXH VH GHVFULEHQ DTXÕ VHUËQ ODV JDUDQWÕDV àQLFDV \ H[FOXVLYDV TXH +DLHU FRQFHGH \ FRQVWLWX\HQ HO àQLFR \ H[FOXVLYR UHFXUVR FRQ HO TXH FXHQWD HO FRPSUDGRU /D UHSDUDFLÚQ GH ORV GHIHFWRV GH OD PDQHUD \ SRU HO SHULRGR GH WLHPSR TXH VH GHVFULEHQ DTXÕ FRQVWLWXLUËQ HO FXPSOLPLHQWR LQWHJUDO GH WRGDV ODV FDSDFLGDGHV GH 5HVSRQVDELOLGDG GH +DLHU FRQ HO FRPSUDGRU HQ OR TXH UHVSHFWD DO SURGXFWR \ FRQVWLWXLUË OD UHVROXFLÚQ LQWHJUDO GH WRGRV ORV UHFODPRV EDVDGRV HQ FRQWUDWRV QHJOLJHQFLD HVWULFWD GXDOLGDG X RWURV (Q QLQJàQ FDVR +DLHU VHUË FRQVLGHUDGR UHVSRQVDEOH OHJDO R FDXVDO SRU ORV GDÙRV R GHIHFWRV HQ HO SURGXFWR TXH KD\DQ VLGR FDXVDGR SRU UHSDUDFLRQHV R LQWHQWRV GH UHSDUDFLÚQ UHDOL]DGRV SRU DOJXQD SHUVRQD TXH QR VHD SDUWH GHO FHQWUR GH VHUYLFLR DXWRUL]DGR R GLVWULEXLGRU QL VHUË +DLHU UHVSRQVDEOH OHJDO R GH FXDOTXLHU RWUR WLSR SRU ORV GDÙRV HFRQÚPLFRV R D OD SURSLHGDG LQFLGHQWDOHV R FDXVDOHV$OJXQRV HVWDGRV QR SHUPLWHQ OD H[FOXVLÚQ GH GDÙRV LQFLGHQWDOHV R FDXVDOHV SRU OR WDQWR OD H[FOXVLÚQ PHQFLRQDGD SXHGHQ QR VHU DSOLFDEOH HQ VX FDVR (67$ *$5$17¹$ /( 2725*$ '(5(&+26 /(*$/(6 (63(&¹), &26 867(' 7$0%, µ1 38('( &217$5 &21 27526 '(5(&+26 48( 9$5¹$1 '( $&8(5'2 $/ (67$'2 (O SHULRGR GH JDUDQWÕD GH ORV PRGHORV /& \ /& HV GH DÙR SDUD ODV SLH]DV \ PDQR GH REUD 3URGXFWRV DGLFLRQDOHV H[FOXLGRV GH OD FREHUWXUD GH OD JDUDQWÕD EDWHUÕDV QR UHFDUJDEOHV 3DUD REWHQHU VHUYLFLR WÑFQLFR PDWHULDOHV GH UHIHUHQFLD DFFHVRULRV VXPLQLVWURV R VHUYLFLR DO FOLHQWH UHODFLRQDGR DO SURGXFWR 6ÚOR OODPH DO $VHJàUHVH GH FRQWDU FRQ OD SUXHED GH FRPSUD Spanish [. . . ] [. . . ]

DISCLAIMER TO DOWNLOAD THE USER GUIDE HAIER KS1226

Lastmanuals offers a socially driven service of sharing, storing and searching manuals related to use of hardware and software : user guide, owner's manual, quick start guide, technical datasheets...
In any way can't Lastmanuals be held responsible if the document you are looking for is not available, incomplete, in a different language than yours, or if the model or language do not match the description. Lastmanuals, for instance, does not offer a translation service.

Click on "Download the user manual" at the end of this Contract if you accept its terms, the downloading of the manual HAIER KS1226 will begin.

Search for a user manual

 

Copyright © 2015 - LastManuals - All Rights Reserved.
Designated trademarks and brands are the property of their respective owners.

flag