User manual HAIER GWB03FAWSSC

[. . . ] [. . . ] &RQILUP 1HZ 3DVVZRUG 1RWH7KLV RSWLRQ LV RQO\ DYDLODEOH LQ 79 RU &RPSRVLWH VRXUFH PRGH 7KH GHIDXOW SDVVZRUG LV 7JEFP "VEJP &OUFS 0ME 1BTTXPSE 1BTTXPSE 4FUUJOH 57 &OHMJTI 4FUVQ 7(" 0GG $$ 4&37*$& 3FUVSO . PWF ENTER 4FMFDU 7(" 7JEFP 4FMFDU 1BTTXPSE 4FUUJOH "VEJP &OUFS /FX 1BTTXPSE 0HQX /DQJXDJH 6HOHFW WKH PHQX GLVSOD\ ODQJXDJH (QJOLVK )UDQ£DLV (VSDÙRO 7LPH 6HW WKH FXUUHQW WLPH7KH VXEPHQX LQFOXGHV 7LPH 0RGH 7LPH =RQH DQG 'D\OLJKW 6DYLQJV >7LPH 0RGH@ q &KRRVH IURP $XWR RU 0DQXDO 6HOHFW 0DQXDO WR VHW WKH <HDU 0RQWK 'DWH DQG 7LPH PDQXDOO\ >7LPH =RQH@ q 6HW WKH FXUUHQW WLPH ]RQH >'D\OLJKW 6DYLQJV@ q 6HW WR 2Q RU 2II 57 4FUVQ 7(" 3FUVSO . PWF ENTER 4FMFDU 7JEFP "VEJP 1BTTXPSE 4FUUJOH $POGJSN /FX 1BTTXPSE 57 4FUVQ 7(" 3FUVSO . PWF ENTER 4FMFDU 3DUHQWDO &RQWURO 3URYLGHV WKH SDUHQWDO &RQWURO 9FKLS IXQFWLRQ VHWWLQJ %HIRUH HQWHULQJ WKH 3DUHQWDO &RQWURO VXEPHQX \RX PXVW HQWHU WKH SDVVZRUG ILUVW (QWHU WKH 3DUHQWDO /RFN LWHP WKHQ \RX FDQ EORFN SURJUDPV XVLQJ WKH 03$$ RU 79 5DWLQJ WDEOH $IWHU H[LWLQJ WKH PDLQ PHQX WKH SDUHQWDO FRQWURO IXQFWLRQ LV HQDEOHG7KH EORFNHG FKDQQHOV RU VRXUFH VLJQDOV FDQ EH XQORFNHG E\ HQWHULQJ WKH SDVVZRUG 1RWH7KLV IHDWXUH LV RQO\ DYDLODEOH LQ 79 RU &RPSRVLWH VRXUFH PRGH 7KH GHIDXOW SDVVZRUG LV  7JEFP "VEJP &OUFS 1BTTXPSE 1BSFOUBM $POUSPM 57 4FUVQ 7(" 3FUVSO . PWF ENTER 4FMFDU 1BSFOUBM $POUSPM #VUUPO -PDL #MPDL 6OSBUFE 57 64" 1BSFOUBM -PDLT $BOBEB 1BSFOUBM -PDLT 0QFO 7$IJQ 0GG 0GG 7JEFP "VEJP 57 4FUVQ 3FUVSO . PWF ENTER 7(" 4FMFDU >%XWWRQ /RFN@ q 6HOHFW 2Q RU 2II WR ORFN RU XQORFN WKH WRXFK NH\V RQ WKH IURQW 79 SDQHO:KHQ WKLV IXQFWLRQ LV HQDEOHG WKH WRXFK NH\V RQ \RXU 79 ZLOO EH ORFNHG DQG WKH 79 FDQ EH FRQWUROOHG E\ WKH UHPRWH FRQWURO RQO\ >%ORFN 8QUDWHG 79@ q :KHQ %ORFN 8QUDWHG 79 LV VHW WR RQ \RXU 79 ZLOO EORFN XQUDWHG SURJUDPV >86$ 3DUHQWDO /RFNV@ q 6HW WKH SDUHQWDO FRQWURO OHYHO XVLQJ WKH 03$$ RU 79 5DWLQJ >&DQDGLDQ 3DUHQWDO /RFNV@ q 6HW WKH SDUHQWDO FRQWURO OHYHO XVLQJ WKH (QJOLVK 5DWLQJ RU )UHQFK 5DWLQJ >2SHQ 9&KLS@ q 2SHQ 9&KLS LV DQ DGYDQFHG 9&KLS UDWLQJ V\VWHP IRU GLJLWDO FKDQQHOV WKDW DUH UHFHLYHG 7KH UDWLQJ WDEOH ZLOO EH XSGDWHG E\ SURJUDPV XVLQJ WKH 557 UDWLQJ LQIRUPDWLRQ &ORVHG &DSWLRQV 6HOHFW FORVHG FDSWLRQ RSWLRQV 2II 2Q RU :LWK 0XWH $QDORJ &DSWLRQV 6HOHFW DQDORJ FDSWLRQ RSWLRQV && RU 7(;7 7KLV RSWLRQ LV RQO\ DYDLODEOH IRU DQDORJ 79 RU &RPSRVLWH VRXUFH PRGH 'LJLWDO &DSWLRQV 6HOHFW GLJLWDO FDSWLRQ RSWLRQV 6(59, &( RU && 7KLV RSWLRQ LV RQO\ DYDLODEOH IRU GLJLWDO 79 VRXUFH PRGH 'LJLWDO &DSWLRQV 6HWXS 3URYLGHV QXPHURXV RSWLRQV IRU VHWWLQJ WKH GLJLWDO FORVHG FDSWLRQ VW\OH 7KLV RSWLRQ LV RQO\ DYDLODEOH IRU GLJLWDO 79 VRXUFH PRGH >6W\OH@ q 6HW WR $XWRPDWLF RU &XVWRP PRGH , I &XVWRP PRGH LV VHOHFWHG \RX FDQ PRGLI\ WKH VW\OH 7KH VHWWLQJ UHVXOW ZLOO EH VKRZQ LPPHGLDWHO\ RQ WKH ERWWRP RI WKH VXEPHQX 26' >6L]H@ q 6HW WKH GLJLWDO FORVHG FDSWLRQ IRQW VL]H$XWRPDWLF 6PDOO 1RUPDO RU /DUJH >)RQW@ q 6HW WKH GLJLWDO FORVHG FDSWLRQ IRQW VW\OH$XWRPDWLF 'HIDXOW RU )RQW a >7H[W &RORU@ q 6HW WKH WH[W FRORU $XWRPDWLF:KLWH 5HG *UHHQ %OXH <HOORZ 0DJHQWD &\DQ %ODFN >7H[W 2SDFLW\@ q 6HW WKH WH[W RSDFLW\$XWRPDWLF 6ROLG )ODVKLQJ 7UDQVSDUHQW7UDQVOXFHQW >%DFNJURXQG &RORU@ q 6HW WKH EDFNJURXQG FRORU$XWRPDWLF %ODFN :KLWH 5HG *UHHQ %OXH<HOORZ 0DJHQWD &\DQ >%DFNJURXQG 2SDFLW\@ q 6HW WKH EDFNJURXQG RSDFLW\$XWRPDWLF 6ROLG )ODVKLQJ7UDQVSDUHQW 7UDQVOXFHQW >(GJH (IIHFW@ q 6HW WKH HGJH HIIHFW$XWRPDWLF 1RQH 5DLVHG 'HSUHVVHG 8QLIRUP /HIW 6KDGRZ 5LJKW 6KDGRZ >(GJH &RORU@ q 6HW WKH HGJH FRORU$XWRPDWLF 5HG *UHHQ %OXH <HOORZ 0DJHQWD &\DQ %ODFN:KLWH +'0, &(& 7KLV RSWLRQ LV DYDLODEOH RQO\ IRU +'0, VRXUFH PRGH<RXU +DLHU +'79 VXSSRUWV VRPH +'0, &(& &RQVXPHU (OHFWURQLF &RQWURO IXQFWLRQV :KHQ \RX FRQQHFW DQRWKHU +'0, &(& GHYLFH H[ %OXUD\ SOD\HU WR WKH 79 WKH\ FDQ GLVFRYHU DQG FRPPXQLFDWH ZLWK HDFK RWKHU 7KLV 79 VXSSRUWV WKH IROORZLQJ +'0, &(& IXQFWLRQV V\VWHP VWDQG\ RQH WRXFK SOD\ UHPRWH FRQWURO SDVV WKURXJK GHYLFH PHQX FRQWURO DQG GHYLFH OLVW >+'0, &RQWURO@ q (QDEOH RU 'LVDEOH WKH +'0, &(& IXQFWLRQ &RQWURO >'HYLFH $XWR 2II@ q (QDEOH RU GLVDEOH 'HYLFH $XWR 2II %\ HQDEOLQJ WKLV PHQX RSWLRQ WXUQLQJ RII WKH 79 ZLOO FRPPDQG WKH &(& HQDEOHG GHYLFH FRQQHFWHG WR WKH +'0, LQSXW WR 6WDQGE\ PRGH >79 $XWR 2Q@ q 6HW 79 $XWR 2Q 3UHVVLQJ WKH k3OD\y EXWWRQ RQ WKH &(& HQDEOHG GHYLFH H[ %OX UD\ SOD\HU ZLOO FRPPDQG LW WR SOD\ WXUQ RQ WKH 79 DQG VHOHFW WKH DSSURSULDWH +'0, LQSXW >5RRW 0HQX@ q $FFHVVHV WKH PHQX RI FRQQHFWHG +'0, &(& FRPSDWLEOH GHYLFH ZLWK WKH 79 UHPRWH FRQWURO >'HYLFH /LVW@ q /LVW WKH FRQQHFWHG +'0, &(& GHYLFHV DQG WKH DYDLODEOH IXQFWLRQV , QSXW /DEHOV 7KLV RSWLRQ LV DYDLODEOH RQO\ IRU QRQ79 VRXUFH PRGH<RX FDQ HGLW WKH LQSXW ODEHO IRU HDFK QRQ79 VRXUFH PRGH &RPSRQHQW 6HWWLQJ 7KLV RSWLRQ LV RQO\ DYDLODEOH LQ &RPSRQHQW VRXUFH PRGH<RX FDQ DGMXVW WKH FRPSRQHQW GLVSOD\ VHWWLQJV 3KDVH DQG 3UHVHW >3KDVH@ q $GMXVW WKH 3LFWXUH 3KDVH WR UHGXFH +RUL]RQWDO/LQH QRLVH 7KH WXQLQJ UDQJH LV IURP WR >3UHVHW@ q 5HVWRUH WKH GHIDXOW FRPSRQHQW VHWWLQJ YDOXHV 0XOWL0HGLD 0HQX 7KLV RSWLRQ GLVSOD\V WKH SKRWRV -3(* RU SOD\V WKH PXVLF 03 VWRUHG RQ D 86% VWRUDJH GHYLFH 1RWH 2QO\ WKH ILUVW ILOHV DUH UHFRJQL]HG 7KH SKRWRV WKDW FDQ EH GLVSOD\HG DUH OLPLWHG 0LQLPXP UHVRXOWLRQ [ 0D[LPXP UHVROXWLRQ [ 7KHUH DUH WKUHH ZD\V WR HQWHU WKH -3(* 9LHZHU DQG 03 0XVLF%R[ LQWHUIDFH $IWHU SOXJJLQJ LQ D 86% VWRUDJH GHYLFH LQWR WKH 86% SRUW RQ WKH VLGH RI \RXU 79 WKH 0XOWLPHGLD /LVW PHQX ZLOO EH GLVSOD\HG 0XOWLPHGLD /LVW -3(* 9LHZHU 03 0XVLF%R[ ([LW 6HOHFW 0XOWL0HGLD 0HQX LQ WKH 6HWXS 0HQX WR FKRRVH WKH -3(* 9LHZHU RU 03 0XVLF%R[7KHVH WZR LWHPV DUH DFWLYDWHG RQO\ LI D 86% VWRUDJH GHYLFH LV SOXJJHG LQWR WKH 86% SRUW 7JEFP "VEJP 57 . VMUJ. FEJB . FOV %JHJUBM $BQUJPOT %JHJUBM $BQUJPOT 4FUVQ )%. * $&$ *OQVU -BCFMT $PNQPOFOU 4FUUJOH . VMUJ. FEJB . FOV 4FUVQ . VUF 4DSFFO 3FTFU 5P %FGBVMU 3FUVSO . PWF ENTER 4&37*$& 0GG 7(" 4FMFDU :KHQ D 86% VWRUDJH GHYLFH LV SOXJJHG LQ 3UHVV WKH 86% NH\ RQ WKH UHPRWH FRQWURO WR GLVSOD\ WKH 0XOWLPHGLD /LVW PHQX 3UHVV WKH 86% NH\ WR VZLWFK WR WKH RWKHU PXOWLPHGLD PRGH -3(* q!03 03 q!-3(* SKRWR 3UHVV (17(5 WR GLVSOD\ WKH VHOHFWHG SKRWR v , PDJH 'HOD\ 6HW KRZ TXLFNO\ WKH SLFWXUHV FKDQJH LQ VOLGHVKRZ PRGH7KHUH DUH WKUHH RSWLRQV )DVW 6ORZ DQG 1RUPDO v 0XVLF 2Q 6OLGH 6KRZ (QDEOH EDFNJURXQG 0XVLF GXULQJ VOLGH VKRZ PRGH , W ZLOO SOD\ WKH 03 ILOHV LQ WKH FXUUHQW IROGHU UHSHDWHGO\7KH 0XVLF 2Q 6OLGH 6KRZ RSWLRQ ZLOO EH JUD\HG RXW LI WKHUH DUH QR 03 ILOHV LQ WKH FXUUHQW IROGHU v 6WDUW 6OLGH 6KRZ (QWHU 6OLGH 6KRZ PRGH v 5RWDWH 3KRWR 5RWDWH VHOHFWHG SLFWXUH v %DFN WR 8SSHU )ROGHU 5HWXUQ WR WKH XSSHU IROGHU v %DFN WR 5RRW )ROGHU 5HWXUQ WR URRW IROGHU v ([LW ([LW -3(* 9LHZHU DQG UHWXUQ WR WKH SUHYLRXV VRXUFH PRGH >03 0XVLF%R[@ v /LVW, QIR%DU DW WKH ERWWRP 7KLV SDUW FRQWDLQV ILOH DQG IROGHU LQIRUPDWLRQk&XUUHQW 'LUHFWRU\y k7RWDO )LOHVyk7RWDO )ROGHUVy k&XUUHQW , WHPy LQ FXUUHQW GLUHFWRU\ DQG . H\ +HOS %DU v 3OD\/LVW RQ WKH ULJKW VLGH 7KLV SDUW OLVWV DOO IROGHUV DQG 03 PXVLF ILOHV LQ WKH FXUUHQW IROGHU v &RQWURO3DQHO RQ WKH OHIW VLGH %DVV7UHEOH %DODQFH9ROXPH $GMXVW WKH DXGLR WRQH 0XWH 6FUHHQ <RX FDQ HQDEOH >-3(* 9LHZHU@ q 3UHVV WKH 0HQX EXWWRQ WR GLVSOD\ WKH FRQWURO PHQX 8VH WKH DUURZ NH\V WR VHOHFW D 2Q RU GLVDEOH 2II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 RU GLVDEOH 2II WKH PXWH VFUHHQ IXQFWLRQ:KHQ HQDEOHG WKH VFUHHQ PXWH ZDUQLQJ EDQQHU ZRXOG EH GLVSOD\HG RQ VFUHHQ DIWHU VHFRQGV LI QR NH\ LV SUHVVHG 6RXQG ZLOO FRQWLQXH WR FRPH IURP WKH VSHDNHUV 3UHVV DQ\ NH\ WR WXUQ RQ VFUHHQ ZKHQ VFUHHQ LV PXWHG 5HVHW WR 'HIDXOW 5HVWRUH DOO VHWXS PHQX VHWWLQJV WR WKH IDFWRU\ GHIDXOW YDOXH 7JEFP "VEJP 57 4FUVQ 7(" )1PTJUJPO 71PTJUJPO $MPDL 1IBTF "VUP "EKVTU 1SFTFU 7(" 3FUVSO . PWF ENTER 4FMFDU +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 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q )HGHUDO &RPPXQLFDWLRQV &RPPLVVLRQ 1RWLFH 7KLV GHYLFH FRPSOLHV ZLWK 3DUW RI )&& 5XOHV 2SHUDWLRQ RI WKLV SURGXFW LV VXEMHFW WR WKH IROORZLQJ WZR FRQGLWLRQV WKLV GHYLFH PD\ QRW FDXVH KDUPIXO LQWHUIHUHQFH DQG 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v 5HRULHQW RU UHORFDWH WKH UHFHLYLQJ DQWHQQD v , QFUHDVH WKH VHSDUDWLRQ EHWZHHQ WKH HTXLSPHQW DQG WKH 79 v &RQQHFW WKH HTXLSPHQW LQWR ZDOO SRZHU RXWOHW RQ D FLUFXLW GLIIHUHQW IURP WKDW WR ZKLFK WKH UHFHLYHU LV FRQQHFWHG v &RQVXOW WKH GHDOHU RU DQ H[SHULHQFHG UDGLR RU WHOHYLVLRQ WHFKQLFLDQ IRU KHOS 0RGLILFDWLRQV 7KH )&& UHTXLUHV WKH XVHU WR EH QRWLILHG WKDW DQ\ FKDQJHV RU PRGLILFDWLRQV PDGH WR WKLV GHYLFH WKDW DUH QRW H[SUHVVO\ DSSURYHG E\ RXU FRPSDQ\ PD\ YRLG WKH XVHU V DXWKRULW\ WR RSHUDWH WKH HTXLSPHQW &DEOHV &RQQHFWLRQV WR WKLV GHYLFH PXVW EH PDGH ZLWK VKLHOGHG FDEOHV ZLWK PHWDOOLF 5)(0, FRQQHFWRU KRRGV WR PDLQWDLQ FRPSOLDQFH ZLWK )&& 5XOHV DQG 5HJXODWLRQV &DQDGLDQ QRWLFH 7KLV &ODVV % GLJLWDO DSSDUDWXV FRPSOLHV ZLWK &DQDGLDQ , &(6 &HW DSSDUHLO QXPHULTXH GH OD FODVVHV % HVW FRQIRUPH D OD QRUPH 10% GX &DQDGD 6WDQGDUG 7HOHYLVLRQ 5HFHLYLQJ $SSDUDWXV $SSDUHLO GH UHFHSWLRQ WHOHYLVLRQ RUGLQDLUH &DQDGD %(76 1705 352'8&7 63(&, ), &$7, 216 127( v 7KLV PRGHO FRPSOLHV ZLWK WKH VSHFLILFDWLRQV OLVWHG EHORZ v 'HVLJQV DQG VSHFLILFDWLRQV DUH VXEMHFW WR FKDQJH ZLWKRXW QRWLFH v 7KLV PRGHO PD\ QRW EH FRPSDWLEOH ZLWK IHDWXUHV DQGRU VSHFLILFDWLRQV WKDW PD\ EH DGGHG LQ WKH IXWXUH 0RGHO 1R 9LHZDEOH 7HOHYLVLRQ 6\VWHP v v v v v /(& /(& ', 63/$< 176& VWDQGDUG $76& VWDQGDUG 96% &OHDU4$0 9+) WKURXJK 8+) WKURXJK &DEOH 79 0LOG EDQG $ WKURXJK $ $ WKURXJK ,  6XSHU EDQG - WKURXJK : +\SHU EDQG $$ WKURXJK ==$$$ %%% 8OWUD EDQG WKURXJK WKURXJK  &211(&7, 216 7XQHU , QSXW : $XGLR , Q +HDGSKRQH PLQLMDFN v 9*$ 6XSSRUWHG VFDQ 9*$ 6XSSRUWHG VFDQ UDWH [#+] UDWH [#+] [#+] [#+] [#+] [#+] [#+] [#+] [#+] [#+] [#+] [#+] [#+] [#+] [#+] 5HFRPPHQG [#+] [#+] [#+] v 5HFRPPHQG [#+] +'0, +'0, 6XSSRUWHG VFDQ UDWHV L S S L S +'0, 6XSSRUWHG '9, WR+'0, DGDSWHU RU FDEOH FRQQHFWLRQ 7KH DXGLR VKRXOG EH FRQQHFWHG WKURXJK WKH 9*$$8', 2 , 1 IRU VXFK FRQQHFWLRQ 63', ) $XGLR 2XWSXW &KDQQHO &RYHUDJH v v v 'RZQIDFLQJ &RQQHFWRUV v v v v v 0RGHO 1R v v v 6LGH &RQQHFWRUV v v /(& /(& (DUSKRQH 2XWSXW 86% 3RUW 86% SOXJ WKLFNQHVV PP &RPSRQHQW 9LGHR DQG /5 $XGLR LQSXW 6XSSRUWHG UHVROXWLRQ L S S L S &RPSRVLWH 9LGHR DQG /5 $XGLR , QSXW VKDUH ZLWK &RPSRQHQW< +'0, 6XSSRUWHG VFDQ UDWHV L S S L S :(, *+7 ', 0(16, 2, 1 [ [ LQFK [ [ LQFK OEV OEV :$// 02817, 1* [ [ LQFK [ [ LQFK OEV OEV '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 v v v v v [ PP 0HWULF [ PP 32:(5 : [ PP 0HWULF [ PP : 6XSSOLHG $FFHVVRULHV : 9 +] : : ) a ) 3$&. $*( &217(176 79 8QLW [ %DVH [ 5HPRWH &RQWURO [ ZLWK WZR VL]H $$$ DONDOLQH EDWWHULHV 8VHU 0DQXDO [ 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 1R SRZHU , 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 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 +'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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e/e9, 6(85 ¬ '(/ 9HXLOOH] OLUH DWWHQWLYHPHQW FH PDQXHO DYDQW G¶XWLOLVHU YRWUH WpOpYLVHXU SXLV FRQVHUYH]OH SRXU UpIpUHQFH 02'Ê/(6 /(& /(& $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 GH UHQVHLJQHPHQWV DSSHOH] OH &)& DX &$//)&&  RX FRQVXOWH] OH VLWH ZZZ'79JRY 3RXU HQ VDYRLU GDYDQWDJH VXU OHV FRQYHUWLVVHXUV GH WÑOÑYLVLRQ HW VXU OHV UÑGXFWLRQV RIIHUWHV SDU OH JRXYHUQHPHQW SRXU O DFKDW G XQ GH FHV DSSDUHLOV FRQVXOWH] OH VLWH ZZZ GWYJRY 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 ZZZGWYJRY R OODPH DO 17, $ DO '79 6<0%2/(6 'µ), 1, 7, 21 '( 6<0%2/(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 , O QH IDXW SDV H[SRVHU O DSSDUHLO Î GHV JRXWWHV RX GHV ÑFODERXVVXUHV HW DXFXQ REMHW FRQWHQDQW GHV OLTXLGHV FRPPH GHV YDVHV QH VHUD SODFÑ VXU O DSSDUHLO $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 $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 3285 9275( 6µ&85, 7µ $YDQW GH IDLUH IRQFWLRQQHU OH WÑOÑYLVHXU YHXLOOH] OLUH VRLJQHXVHPHQW FH PDQXHO &H PDQXHO GRLW ÒWUH FRQVHUYÑ SRXU WRXWH UÑIÑUHQFH XOWÑULHXUH 'ÑFODUDWLRQ FRQFHUQDQW OHV LQWHUIÑUHQFHV GH IUÑTXHQFHV UDGLR )&&&ODVVH % $77(17, 21 3285 /(6 02'¸/(6 &(57, ), µ6 )&& 5(0$548( &HW DSSDUHLO HVW FRQIRUPH DYHF OD UÑJOHPHQWDWLRQ GX )&& 3DUW /D PDQLSXODWLRQ GH FH SURGXLW HVW VXMHWWH DX[ GHX[ FRQGLWLRQV VXLYDQWHV  FHW DSSDUHLO SRXUUDLW QH SDV FDXVHU GjLQWHUIÑUHQFHV GDQJHUHXVHV HW  FHW DSSDUHLO GRLW DFFHSWHU WRXWH LQWHUIÑUHQFH UH£XH LQFOXDQW GHV LQWHUIÑUHQFHV TXL SRXUUDLHQW FDXVHU XQ IRQFWLRQQHPHQW LQGÑVLUDEOH &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 UÑGXLUH OHV ULVTXHV GjLQFHQGLH RX GH FKRF ÑOHFWULTXH QjH[SRVH] SDV FHW DSSDUHLO Î OD SOXLH RX Î OjKXPLGLWÑ 35µ&$87, 216 (7 5$33(/6 3ODFH] O DSSDUHLO VXU GHV VXUIDFHV SODQHV 'ÑEUDQFKH] LPPÑGLDWHPHQW V LO \ D G DXWUHV PDWÑULDX[ TXL VRQW PLV Î O LQWÑULHXU GX ERÖWLHU GH 79 RX VL OD 79 WRPEH 1H FRXYUH] SDV RX QH EORTXH] SDV OHV RULILFHV RX OHV ÑYHQWV 8QH YHQWLODWLRQ LQDGÑTXDWH SHXW UDFFRXUFLU OD GXUÑH GH YLH GH YRWUH 79 HW FDXVHU GH OD VXUFKDXIIH 'ÑEUDQFKH] LPPÑGLDWHPHQW VL OH WÑOÑYLVHXU SUÑVHQWH GHV VLJQHV GH PDXYDLV IRQFWLRQQHPHQW FRPPH OjDEVHQFH G LPDJH GH YLGÑR DXGLR RX OD SUÑVHQFH GH IXPÑH RX GjRGHXUV GH EUáOÑ , QWHUGLW(YLWHU G RXYULU OH ERÖWLHU GH OD 79 µYLWH] OHV UDGLDWLRQV VRODLUHV GLUHFWHV OD SRXVVLÔUH HW OHV ]RQHV Î KXPLGLWÑ ÑOHYÑH HW OHV HVSDFHV HQIXPÑHV 1H MHWH] DXFXQ REMHW Î O LQWÑULHXU GX ERÖWLHU GH 79 FRPPH GHV PÑWDX[ RX G DXWUHV PDWÑULDX[ LQIODPPDEOHV 5DSSHOH]YRXV GH GÑEUDQFKHU OH FRUGRQ G DOLPHQWDWLRQ &$ 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$17(6 /LVH] DYDQW GH IDLUH IRQFWLRQQHU FHW ÑTXLSHPHQW /LVH] FHV LQVWUXFWLRQV &RQVHUYH] FHV LQVWUXFWLRQV 6R\H] DWWHQWLI Î WRXV OHV DYHUWLVVHPHQWV 6XLYH] WRXWHV OHV LQVWUXFWLRQV 1 XWLOLVH] SDV FHW DSSDUHLO Î SUR[LPLWÑ G XQH VRXUFH G HDX 1HWWR\H] TX DYHF XQ FKLIIRQ VHF 1H EORTXH] SDV OHV RXYHUWXUHV GH YHQWLODWLRQ , QVWDOOHU FRQIRUPÑPHQW DX[ LQVWUXFWLRQV GX IDEULFDQW 1 LQVWDOOH] SDV O DSSDUHLO Î SUR[LPLWÑ GH VRXUFHV GH FKDOHXU FRPPH GHV UDGLDWHXUV GHV UHJLVWUHV GH FKDOHXU GHV IRXUV RX G DXWUHV DSSDUHLOV QRWDPPHQW GHV DPSOLILFDWHXUV TXL SURGXLVHQW GH OD FKDOHXU 1H GÑVDFWLYH] SDV O REMHFWLI GH OD SULVH SRODULVÑH RX GH W\SH GH PLVH Î OD WHUUH 8QH SULVH SRODULVÑH FRPSRUWH GHX[ ODPHV GRQW O XQH SOXV ODUJH TXH O DXWUH 8QH SULVH GH W\SH PLVH Î OD WHUUH FRPSRUWH GHX[ ODPHV HW XQH WURLVLÔPH EURFKH GH PLVH Î OD WHUUH 8QH ILFKH GH W\SH PLVH Î OD PDVVH SRVVÔGH GHX[ ODPHV HW XQH WURLVLÔPH GH PLVH Î OD PDVVH /D ODPH SOXV ODUJH RX OD WURLVLÔPH EURFKH HVW IRXUQLH SRXU YRWUH VÑFXULWÑ 6L OD SULVH IRXUQLH QH UHQWUH SDV GDQV YRWUH SULVH FRQVXOWHU XQ ÑOHFWULFLHQ SRXU OH UHPSODFHPHQW GH OD SULVH REVROÔWH 3URWÑJH] OH FRUGRQ G DOLPHQWDWLRQ GH VRUWH TX RQ QH ULVTXH SDV GH PDUFKHU GHVVXV QL GH OH SLQFHU VSÑFLDOHPHQW DX QLYHDX GHV SULVHV GHV SULVHV G DOLPHQWDWLRQ HW DX SRLQW GH VRUWLH GH O DSSDUHLO 1 XWLOLVH] TXH OHV ÑTXLSHPHQWVDFFHVVRLUHV VSÑFLILÑV SDU OH IDEULFDQW 1 XWLOLVH] FHW DSSDUHLO TX DYHF OH FKDULRW OH SLHG OH WUÑSLHG OH VXSSRUW RX OD WDEOH UHFRPPDQGÑ SDU OH IDEULFDQW RX YHQGX DYHF O DSSDUHLO 4XDQG XQ FKDULRW HVW XWLOLVÑ VR\H] SUXGHQW HQ GÑSOD£DQW O HQVHPEOH FKDULRWDSSDUHLO SRXU ÑYLWHU WRXWH EOHVVXUH SRXYDQW UÑVXOWHU GH FXOEXWHV 6$ '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 PRQLWHXU GRLW IRQFWLRQQHU GHSXLV OH W\SH GH VRXUFH GH FRXUDQW LQGLTXÑ VXU O ÑWLTXHWWH 6L YRXV Q ÒWHV SDV VáUH GX W\SH G DOLPHQWDWLRQ ÑOHFWULTXH FKH] YRXV FRQVXOWH] YRWUH UHYHQGHXU RX YRWUH IRXUQLVVHXU ORFDO /H FRXSOHXU GH O DSSDUHLO RX VD SULVH ÑOHFWULTXH VHUW GH GLVMRQFWHXU SRXU O DSSDUHLO , O GRLW GRQF WRXMRXUV UHVWHU IRQFWLRQQHO $9(57, 66(0(17 &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 9HXLOOH] FRQVXOWHU 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 5HQVHLJQHPHQWV FRQFHUQDQW OD WUDQVLWLRQ Î OD WÑOÑYLVLRQ QXPÑULTXH q GHSXLV 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 SDUWLU GH 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 QXPÑULTXHVDQDORJLTXHV 3LYRWHPHQW6WDELOLWÑ q 7RXWHV OHV WÑOÑYLVLRQV GRLYHQW VH FRQIRUPHU DX[ QRUPHV GH VÑFXULWÑ LQWHUQDWLRQDOHV UHFRPPDQGÑHV SRXU OHV SURSULÑWÑV G LQFOLQDLVRQ HW GH VWDELOLWÑ GH OD FRQFHSWLRQ 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 GjXQH DQWHQQH H[WÑULHXUH q 6L XQH DQWHQQH H[WÑULHXUH HVW EUDQFKÑH DX UÑFHSWHXU DVVXUH]YRXV TXH O DQWHQQH HVW PLVH Î OD WHUUH HQ JXLVH GH SURWHFWLRQ FRQWUH GHV VXUWHQVLRQV HW GHV FKDUJHV VWDWLTXHV DFFXPXOÑHV /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( 3, 1&(6 '( 0, 6( $ /$ 7(55( 81, 7( '( '(&+$5*( '¶$17(11( 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 &RQIRUPH DX SURJUDPPH (1(5*< 67$5 3XLVTXjLO HVW FRQIRUPH (1(5*< 67$5 YRXV VDYH] TXH YRWUH WÑOÑYLVHXU +DLHU DLGH OjHQYLURQQHPHQW HQ XWLOLVDQW PRLQV GjÑQHUJLH WRXW HQ ÑFRQRPLVDQW GH OjDUJHQW (1(5*< 67$5 HVW XQ SURJUDPPH FRQMRLQW GH OD 86 (QYLURQPHQWDO 3URWHFWLRQ $JHQF\ HW GX 86 'HSDUWPHQW RI (QHUJ\ TXL YLVH Î SURPRXYRLU OjHIILFDFLWÑ ÑQHUJÑWLTXH &216(59(= &(6 , 16758&7, 216 0HUFL G DYRLU DFKHWÑ FHW DSSDUHLO +DLHU &H PDQXHO YRXV DLGHUD Î REWHQLU OH PHLOOHXU UHQGHPHQW GH YRWUH WÑOÑYLVHXU 1 RXEOLH] SDV GjLQVFULUH OH QXPÑUR GH PRGÔOH HW OH QXPÑUR GH VÑULH GX WÑOÑYLVHXU , OV VRQW LQGLTXÑV VXU XQH ÑWLTXHWWH FROOÑH DX GRV GH O DSSDUHLO 1XPÑUR GH PRGÔOH 1XPÑUR GH VÑULH 'DWH GjDFKDW %URFKH] YRWUH UH£X DX PDQXHO9RXV HQ DXUH] EHVRLQ SRXU REWHQLU XQH UÑSDUDWLRQ GDQV OH FDGUH GH OD JDUDQWLH 7$%/( '(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( 35(3$5$7, 21 '( 9275( /&' +'79 3285 /( 0217$*( 085$/ *8, '( '( &211(;, 21 '(6 3(5, 3+(5, 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 79 9, '(2 0(18 0(18 9, '(2 $8', 2 0(18 0(18 $8', 2 0(18 6(783 &21), *85$7, 21 9*$ 0(18 0(18 9*$ &216(, /6 &$5$&7µ5, 67, 48(6 '8 352'8, 7 'µ3$11$*( */266$, 5( *$5$17, ( 35(3$5$7, 21 , 03257$17 1 DSSOLTXH] SDV GH 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 35(3$5$7, 21 '( 9275( /&' +'79 3285 /( 0217$*( 085$/ 1RXV VXJJÑURQV TXH YRXV JDUGLH] YRWUH 79 Î DX PRLQV LQFKHV PP GX PXU SRXU SUÑYHQLU WRXWH LQWHUIÑUHQFH GHV FÌEOHV $YDQW GH PRQWHU YRWUH 79 VXU OH PXU YRXV DYH] EHVRLQ GH UHWLUHU OD EDVH ² Q XWLOLVHU TX DYHF GHV VXSSRUWV GH PRQWDJH PXUDX[ FHUWLILÑV 8/ HW VXSSRUWDQW DX PLQLPXP OH SRLGV GX WÑOÑYLVHXU VDQV VD EDVH 9HXLOOH] FRQVXOWHU SDJH  3RXU IL[HU XQ FROOLHU GH PRQWDJH PXUDO Î YRWUH 79 5HWLUHU OHV YLV UHWHQDQW OH WÑOÑYLVHXU Î VD EDVH SRXU SRXYRLU OjHQOHYHU $SUÔV DYRLU UHWLUÑ OD EDVH OHV YLV UHVWDQWHV SHXYHQW ÒWUH XWLOLVÑHV SRXU LQVWDOOHU XQ FRXYHUFOH RSWLRQQHO DX EDV GX WÑOÑYLVHXU )L[H] OH FROOLHU GH PRQWDJH PXUDO DX GRV GH YRWUH WÑOÑYLVHXU HQ XWLOLVDQW OHV TXDWUH YLV FRPPH LQGLTXÑ GDQV O LOOXVWUDWLRQ PP ), ;$7, 21 '( /$ %$6( , 03257$17 /D EDVH GX +'79 GRLW ÒWUH DVVHPEOÑH DYDQW WRXWH XWLOLVDWLRQ 3ODFHU O DSSDUHLO GH 79 OD IDFH YHUV OH EDV VXU XQH VXUIDFH SODQH HW GRXFH FRXYHUWXUH PRXVVH FKLIIRQ HWF DILQ GH SUÑYHQLU WRXW GRPPDJH DX +'79 $OLJQH] VRLJQHXVHPHQW HW LQVÑUH] OD EDVH DX SLHG *HQWLPHQW SRXVVH] OD EDVH YHUV OH +'79 MXVTX Î FH TXH OH PÑFDQLVPH GH YHUURXLOODJH VH YHUURXLOOH HQ SODFH 5HWLUH] OHV TXDWUH YLV GX EDV GX SLHG PP f /H FRXYHUFOH OH VXSSRUW PXUDO HW OHV YLWHVVHV VRQW GHV SLÔFHV HQ RSWLRQ QRQ FRPSULV GDQV OjHPEDOODJH 5(0$548( 9HXLOOH] EUDQFKHU OD ILFKH G DOLPHQWDWLRQ Î OD SULVH PXUDOH DSUÔV DYRLU UDFFRUGÑ OD 79 DX FRUGRQ G DOLPHQWDWLRQ , 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 $$$ 9 + 75 ' + 75 ' 0LQL P $VVXUH]YRXV TXH OD 79 HVW SODFÑH GDQV XQH SRVLWLRQ TXL SHUPHWWH XQ IOX[ G DLU OLEUH 1H FRXYUH] SDV OHV RXYHUWXUHV G DÑUDWLRQ DX GRV GH O DSSDUHLO $ILQ GH SUHYHQLU WRXWHV VLWXDWLRQV QRQ VáUHV DXFXQH VRXUFH GH IODPPHV QXHV WHOOHV TXH GHV ERXJLHV DOOXPÑHV GHYUDLHQW ÒWUH SODFÑHV GHVVXV RX Î SUR[LPLWÑ (YLWHU OD FKDOHXU OHV UDGLDWLRQV VRODLUHV GLUHFWHV HW O H[SRVLWLRQ Î OD SOXLH RX Î O HDX / DSSDUHLO QH VHUD SDV H[SRVÑ Î GHV JRXWWHV RX Î GHV ÑFODERXVVXUHV 5DFFRUGH] OH FÌEOH GH O DQWHQQH RX OH FÌEOH &$79 Î OD SULVH G DQWHQQH $17 , 1 : Î O DUULÔUH GX SRVWH GH 79 $OLPHQWDWLRQ , QVÑUH] OH FRUGRQ G DOLPHQWDWLRQ GDQV OD SULVH PXUDOH D\DQW XQH VRXUFH ÑOHFWULTXH &$ 0HWWH] OD 79 VRXV WHQVLRQ (QIRQFH] OH ERXWRQ 32:(5 $/, 0(17$7, 21 GH OD WÑOÑFRPPDQGH RX OHV ERXWRQV GX SDQQHDX DYDQW GHV FRPPDQGHV /D WÑOÑYLVLRQ VH PHWWUD VRXV WHQVLRQ HQ TXHOTXHV VHFRQGHV 7RXFKH 3RZHU DOLPHQWDWLRQ FkEOH *8, '( '( &211(;, 21 '(6 3(5, 3+(5, 48(6 v +'0, q &RQQHFWH] OD VRXUFH SULQFLSDOH SRXU OD YLGÑR QXPÑULTXH WHO TX XQ OHFWHXU '9' XQ OHFWHXU %OXUD\ RX XQ GÑFRGHXU Î OjDLGH GH FH FRQQHFWHXU HQWLÔUHPHQW QXPÑULTXH v 9*$$8', 2 , 1 (175µ( 9*$$8', 2 q 5DFFRUGH] LFL OHV FÌEOHV YLGÑR HW DXGLR G XQ RUGLQDWHXU v &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 /9LGÑR &RPSRVLWH HW (QWUÑH DXGLR /5 SDUWDJÑ DYHF &RPSRQHQW< v $17(11$&$%/( $17(11(&°%/( q 5DFFRUGH] Î XQH DQWHQQH RX Î XQ FÌEOH QXPÑULTXH VRUWDQW GjXQH SULVH PXUDOH HW QRQ GX GÑFRGHXU FÌEOH SRXU OH PRGH WÑOÑYLVLRQ QXPÑULTXH v 63', ) 2SWLFDO 'LJLWDO $XGLR 2XW 6RUWLH $XGLR 1XPÑULTXH 2SWLTXH q 4XDQG XQ VLJQDO DXGLR QXPÑULTXH HVW DVVRFLÑ DYHF O HQWUÑH FKRLVLH SRXU OH YLVLRQQDJH O DXGLR QXPÑULTXH VHUD GLVSRQLEOH VXU FHWWH FRQQH[LRQ 63', ) YHUV YRWUH FLQÑPD PDLVRQ v $8', 2 287 6257, ( $8', 2q )DLWHV VRUWLU OH VRQ GX WÑOÑYLVHXU SDU YRWUH DPSOLILFDWHXU VWÑUÑR v 86% 3257 3257 86% q , QVÑUH] XQH FOÑ 86% GDQV OH SRUW 86% SRXU DIILFKHU YRV SKRWRV -3(* RX ÑFRXWHU GH OD PXVLTXH HQ IRUPDW 03 v ($53+21( µ&287(856 q 5DFFRUGH] Î OD VRUWLH SRXU ÑFRXWHXUV 8QH IRLV OHV ÑFRXWHXUV UDFFRUGÑV OHV KDXWSDUOHXUV LQWÑJUÑV VRQW GÑVDFWLYÑV $SUÔV DYRLU HIIHFWXÑ WRXV OHV UDFFRUGHPHQWV GH OjDSSDUHLO HQIRQFH] OH ERXWRQ , 1387 (175µ( GH OD WÑOÑFRPPDQGH HW VÑOHFWLRQQH] OD VRXUFH GHV LPDJHV TXH YRXV YRXOH] YLVLRQQHU H[ $SSX\H] VXU OH ERXWRQ , 1387 (175µ( SRXU VÑOHFWLRQQHU O HQWUÑH l &RPSRQHQW z &RPSRVDQWH VL YRXV DYH] EUDQFKÑ XQ PDJQÑWRVFRSH Î OD SULVH GjHQWUÑH &RPSRVDQWH , 16758&7, 216 ' 87, /, 6$7, 21 3285 87, /, 6(5 /(6 &200$1'(6 '8 3$11($8 $9$17 /HV FRPPDQGHV GX SDQQHDX DYDQW VRQW DFWLYÑHV JUÌFH Î GHV WRXFKHV FRQWDFW 8Q VLPSOH HIIOHXUHPHQW GX GRLJW VXIILW SRXU DFWLYHU OjLFÛQH v 3UHVVH] SRXU DOOXPHUÑWHLQGUH YHLOOH OD WÑOÑYLVLRQ v 0HQX DIILFKÑ 5HPRQWHU GDQV OH PHQX v 0HQX QRQ DIILFKÑ 3DVVH] GjXQH FKDÖQH Î OjDXWUH v 0HQX DIILFKÑ 'HVFHQGH] GDQV OH PHQX v 0HQX QRQ DIILFKÑ 3DVVH] GjXQH FKDÖQH Î OjDXWUH v 0HQX DIILFKÑ 1DYLJXH] OH PHQX YHUV OD GURLWH RX FRQILUPH]PRGLILH] XQH VÑOHFWLRQ v 0HQX QRQ DIILFKÑ 0RQWHU OH VRQ v 0HQX DIILFKÑ 1DYLJXH] OH PHQX YHUV OD JDXFKH v 0HQX QRQ DIILFKÑ %DLVVHU OH VRQ v (QWUHU RX TXLWWHU OH PHQX GH O 26' PHQX DIILFKÑ Î OjÑFUDQ v 6ÑOHFWLRQQH] OD VRXUFH GjHQWUÑH v &RQILUPHUPRGLILHU XQH VÑOHFWLRQ 3285 87, /, 6(5 /$ 7µ/µ&200$1'( 3RZHU $OLPHQWDWLRQ 3UHVVH] SRXU PHWWUH OD 79 VRXVKRUV WHQVLRQ 212)) 9HLOOH 5HPDUTXH /D 79 Q HVW MDPDLV WRWDOHPHQW KRUV WHQVLRQ Î PRLQV GH OD GÑEUDQFKHU SK\VLTXHPHQW 79 '9' 67% &$%/(9&5$8' 6ÑOHFWLRQQH] OjXQ GHV PRGHV GX V\VWÔPH SRXYDQW ÒWUH XWLOLVÑV DYHF OD WÑOÑFRPPDQGH , 0$*( 3HUPHW GH FKDQJHU GH PRGH YLGÑR 6WDQGDUG (FR µFR 0RYLH )LOP 3HUVRQQHO 3HUVRQQDOLVÑ9LYLG 9LYLGH $8', 2 3HUPHW GH FKDQJHU GH PRGH DXGLR 6WDQGDUG 0XVLF 0XVLTXH RX 6SHHFK 9RL[ 3HUVRQDO 3HUVRQQDOLVÑ 3& 3UHVVH] SRXU PHWWUH OjHQWUÑH HQ PRGH 3& +'0, $SSX\H] SRXU GLUHFWHPHQW FKDQJHU Î OD GHUQLÔUH HQWUÑH +'0, $SSX\H] SRXU EDVFXOHU DX[ DXWUHV HQWUÑHV +'0, ORUVTXH OD VRXUFH FRXUDQWH HVW +'0, a QXPpUR 3UHVVH] SRXU HQWUHU OH QXPÑUR GH FKDÖQH 79 3UHVVH] VXU Cv SRXU LQGLTXHU OH FKRL[ GH VRXVFKDÖQH , 1387 (175(( 3UHVVH] SRXU DIILFKHU OD OLVWH GHV VRXUFHV G HQWUÑH 8WLOLVH] OD IOÔFKH SRLQWDQW YHUV OH KDXW RX YHUV OH EDV SRXU VÑOHFWLRQQHU XQH VRXUFH SXLV SUHVVH] OD WRXFKH (17(5 (175(5 087( 08(7 2 µWHLQGUHDOOXPHU OH VRQ 5(&$// 5(7285 3UHVVH] SRXU DIILFKHU OD FKDÖQH 79 SUÑFÑGHQWH 92/ 92/ 3UHVVH] SRXU UÑJOHU OH VRQ &+ &+ 9 3UHVVH] SRXU IDLUH GÑILOHU OHV FKDÖQHV 0(18 3UHVVH] SRXU RXYULU RX TXLWWHU OH PHQX (;, 7 48, 77(5 3UHVVH] SRXU TXLWWHU OH PHQX RX O 26' PHQX DIILFKÑ Î OjÑFUDQ 3RXU QDYLJXHU OHV PHQXV DI¿FKpV j O pFUDQ HW HIIHFWXHU OHV UpJODJHV GX V\VWqPH (17(5 (175(( 3UHVVH] SRXU FRQILUPHU XQH VÑOHFWLRQ 6/((3 6200(, / 3UHVVH] SRXU UÑJOHU OD PLQXWHULH GH YHLOOH RII GÑVDFWLYÑ PLQ /H WÑOÑYLVHXU VjÑWHLQGUD DXWRPDWLTXHPHQW PRGH YHLOOH GÔV TXH OH GÑODL GH WHPSV VÑOHFWLRQQÑ HVW ÑFRXOÑ ', 63/$< $)), &+$*( 3UHVVH] SRXU DIILFKHU OHV LQIRUPDWLRQV FRQFHUQDQW OD VRXUFH G HQWUÑH OD FKDÖQH 79 OD UÑVROXWLRQ G DIILFKDJH HW O KHXUH DFWXHOOH 86% 3UHVVH] SRXU IDLUH SDVVHU OH PRGH GjHQWUÑH Î 86% XQLTXHPHQW ORUVTXjXQ GLVSRVLWLI GH PÑPRLUH 86% HVW LQVÑUÑ 0766$3 3RXU 79 DQDORJLTXH DSSX\H] SRXU IDLUH EDVFXOHU OH PRGH GH VRQ Î 6WHUHR 6$3 RX 0RQR 3RXU 79 QXPÑULTXH DSSX\H] SRXU IDLUH EDVFXOHU OD ODQJXH DXGLR VL OH SURJUDPPH 79 O RIIUH )5((=( ), *(5 3UHVVH] Î QRXYHDX SRXU DIILFKHU XQH LPDJH ILJÑH GX SURJUDPPH DFWXHO VDQV TXH OH VRQ QH VjÑWHLJQH 3UHVVH] Î QRXYHDX SRXU UHYHQLU DX SURJUDPPH &+/, 67 /, 67( &+ $SSX\H] VXU FH ERXWRQ SRXU DIILFKHU OD OLVWH GHV FKDÖQHV *8, '( $SSX\H] VXU FH ERXWRQ SRXU DIILFKHU OH JXLGH ÑOHFWURQLTXH GH SURJUDPPH &&' 'LVSRVLWLI GH VRXVWLWUDJH $SSX\H] VXU FH ERXWRQ Î SOXVLHXUV UHSULVHV SRXU FKDQJHU OH W\SH GH VRXV WLWUDJH && 2Q 6RXVWLWUDJH DFWLYÑ && 2II 6RXVWLWUDJH GÑVDFWLYÑ && 2Q :LWK 0XWH 6RXVWLWUDJH DFWLYÑ HQ PXHW $5& $SSX\H] VXU FH ERXWRQ SRXU FKRLVLU O DVSHFW G DIILFKDJH 0RGH 1RUPDO =RRP /DUJH =RRP RX +'0, 3& 5HPDUTXH /H PRGH +'0, 3& HVW VHXOHPHQW GLVSRQLEOH SRXU OH VLJQDO +'0, LSSLS )$925, $SSX\H] VXU FH ERXWRQ SRXU DIILFKHU OD OLVWH GHV FDQDX[ IDYRULV 8WLOLVH] OD IOÔFKH SRLQWDQW YHUV OH KDXW RX YHUV OH EDV SRXU VÑOHFWLRQQHU XQH FKDÖQH SXLV SUHVVH] (17(5 (175(5 86% v 3RXU GjDXWUHV PRGHV TXH -3(*03 3UHVVH] SRXU DIILFKHU OH PHQX l 0XOWLPHGLD /LVW z OLVWH PXOWLPÑGLD v 3RXU OHV IRUPDWV -3(*03 3UHVVH] SRXU EDVFXOHU GX IRUPDW 03 DX IRUPDW -3(* 3RXU 0XOWLPHGLD -3(*9LHZHU 030XVLF%R[ XWLOLVH] 3/$<3$86( /(&785(3$86( $SSX\H] SRXU EDVFXOHU HQWUH OHV IRQFWLRQV 3OD\3DXVH /HFWXUH3DXVH GDQV OD VRXUFH 0XOWLPÑGLD 6723 $55È7 3UHVVH] SRXU DUUÒWHU OD OHFWXUH GH OD VRXUFH 0XOWLPÑGLD 5(3($7 5(&200(1&(5 3UHVVH] SRXU EDVFXOHU HQWUH PRGH 5HSHDW 2Q2II SRXU DFWLYHU RX GÑVDFWLYHU OD IRQFWLRQ GH UÑSÑWLWLRQ 5(9 !$SSX\H] SRXU IRFXVYLVLRQQHU O LWHP SUÑFÑGHQW GDQV OH -3(*9LHZHU ):' $9$1&(5 $ $SSX\H] SRXU IRFXVYLVLRQQHU OH VXLYDQW LWHP GDQV OH -3(*9LHZHU 35(9 35e&e'(17 $SSX\H] SRXU IRFXVYLVLRQQHU OH SUHPLHU LWHP GDQV OH -3(*9LHZHU $SSX\H] SRXU OD OHFWXUH GX ILFKLHU 03 SUÑFÑGHQW GDQV OH 030XVLF%R[ 1(;7 68, 9$17 $SSX\H] SRXU IRFXVYLVLRQQHU OH GHUQLHU LWHP GDQV OH -3(*9LHZHU $SSX\H] SRXU OD OHFWXUH GX ILFKLHU 03 VXLYDQW GDQV OH 030XVLF%R[ /RUVTXH OD FDUDFWÑULVWLTXH +'0, &(& &RQWURO HVW DFWLYÑH OHV ERXWRQV GH FRQWUÛOH 3/$<3$86( 6723 5(9 ):' 35(9 HW 1(;7 RIIUHQW OD IRQFWLRQ GH FRQWUÛOH SRXU OHV OHFWHXUV '9' SRVVÑGDQW OH FRQWUÛOH +'0, &(& 0(18 79 /H PHQX GX WÑOÑYLVHXU HQ PRGH WÑOÑYLVLRQ HVW LOOXVWUÑ FLGHVVRXV 7JEFP "VEJP 57 5VOJOH #BOE $IBOOFM 4USFOHUI "VUP $IBOOFM 4FBSDI "EE PO $IBOOFM 4FBSDI 57 $IBOOFM -JTU $IBOOFM -BCFMT '"7 $IBOOFM 4FUUJOH "JS 4FUVQ 7(" 3FUVSO . PWF ENTER 4FMFDU 3285 87, /, 6(5 /(6 0(186 $SSX\HU VXU OD WRXFKH 0(18 SRXU DIILFKHU OH PHQX SULQFLSDO 8WLOLVH] OHV ERXWRQV 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' SULQFLSDO 5ÑJOH] OHV ÑOÑPHQWV \ FRPSULV OHV PHQXV 9LGHR 9LGÑR $XGLR 79 6HWXS 5ÑJODJHV HW 9*$ &HSHQGDQW FHUWDLQHV RSWLRQV GDQV OHV PHQXV QH SHXYHQW ÒWUH DFWLYÑHV TXH GDQV FHUWDLQV PRGHV GH VRXUFH 7XQLQJ %DQG %DQGH GH V\QWRQLVDWLRQ 6ÑOHFWLRQQH] OD VRXUFH GX VLJQDO GH WÑOÑYLVLRQ 2QGHV DQWHQQH RX &ÌEOH &$79 &KDQQHO 6WUHQJWK 3XLVVDQFH GHV FKDÖQHV 0RQWUH O LQWHQVLWÑ GX VLJQDO GH WÑOÑYLVLRQ QXPÑULTXH UH£X $XWR &KDQQHO 6HDUFK 5HFKHUFKH &K DXWR %DOD\H DXWRPDWLTXHPHQW WRXWHV OHV FKDÖQHV WÑOÑYLVÑHV 176& $76& HW OHV PÑPRULVH GDQV OD WDEOH GH FKDÖQHV$X FRXUV GH OD SURFÑGXUH GH EDOD\DJH GHV FDQDX[ O ÑFUDQ 26' DIILFKH OH QRPEUH GH FDQDX[ WURXYÑV $GG RQ &KDQQHO 6HDUFK $MRXWHU VXU UHFKHUFKH &K 5HEDOD\H HW DMRXWH OHV FDQDX[ TXL YLHQQHQW G ÒWUH WURXYÑV &KDQQHO /LVW /LVWH GHV FDQDX[ $IILFKH] OD OLVWH GH FDQDX[ /jXWLOLVDWHXU SHXW PRGLILHU 0RQWUHU&DFKHU OHV FDQDX[ RX SDVVHU GLUHFWHPHQW SRXU XQ FDQDO VÑOHFWLRQQÑ &KDQQHO /DEHOV (WLTXHWWHV GHV FKDÖQHV 0RQWUH OH PHQX G ÑWLTXHWWHV GH FKDÖQHV WÑOÑYLVÑHV 176& $76& SRXU PRGLILHU OHV ÑWLTXHWWHV GH FKDÖQHV )$9 &KDQQHO 6HWWLQJ 5ÑJODJH GHV FDQDX[ )$9 $IILFKH] OD OLVWH GHV FDQDX[ SUÑIÑUÑV9RXV SRXYH] PRGLILHU DMRXWHU RX VXSSULPHU OHV FDQDX[ SUÑIÑUÑV 9, '(2 0(18 0(18 9, '(2 /H PHQX 9LGÑR DSSDUDÖW GDQV SOXVLHXUV GHV PRGHV GH VRXUFHV WHO TX LOOXVWUÑ FL GHVVRXV , O SURSRVH SOXVLHXUV ÑOÑPHQWV GH UÑJODJHV YLGÑR SHUPHWWDQW GH UÑJOHU O DIILFKDJH YLGÑR DYHF SUÑFLVLRQ (Q PRGH VRXUFH 9*$ OH PHQX 3LFWXUH , PDJH QH SURSRVH TXH 3LFWXUH PRGH 0RGH GjLPDJH %ULJKWQHVV /XPLQRVLWÑ &RQWUDVW &RQWUDVWH &RORU 7HPS 7HPS FRXOHXU  %DFNOLJKW 5ÑWURÑFODLUDJH$VSHFW 5DWLR )RUPDW GjDIILFKDJH HW 3UHVHW 3UÑLQLWLDOLVHU 7JEFP 1JDUVSF . PEF 7JEFP #SJHIUOFTT $POUSBTU 4IBSQOFTT $PMPS 5JOU $PMPS 5FNQ /PJTF 3FEVDUJPO 3FUVSO . PWF ENTER &DP ( 8BSN 0GG 4FMFDU "VEJP 57 4FUVQ 7(" 3LFWXUH 0RGH 0RGH , PDJH 5ÑJOH] OjDSSDUHQFH GH OjLPDJH HQ VÑOHFWLRQQDQW OH PRGH GH SUÑLQLWLDOLVDWLRQ GjLPDJH 9LI 6WDQGDUG µFR )LOP RX 3HUVRQQHO 6ÑOHFWLRQQH] OD IRQFWLRQ SHUVRQQDOLVÑH SRXU UÑJOHU PDQXHOOHPHQW OD OXPLQRVLWÑ OH FRQWUDVWH HWF %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 O LQGLFH GH 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 GX EUXLW 'RQQH TXDWUH GHJUÑV GjHIIHWV 15 UÑGXFWLRQ GH EUXLW )DLEOH 0R\HQ µOHYÑ HW )HUPÑ $GDSWLYH &RQWUDVW &RQWUDVWH DXWR $FWLYH] FHWWH RSWLRQ SRXU PHWWUH HQ IRQFWLRQ OH FRQWUDVWH DGDSWDWLI &HWWH IRQFWLRQ DQDO\VH OH VLJQDO YLGÑR HW UÔJOH DXWRPDWLTXHPHQW HW DPÑOLRUH OH FRQWUDVWH SRXU GRQQHU OD PHLOOHXUH TXDOLWÑ GjLPDJH '&5 $FWLYH] FHWWH RSWLRQ SRXU PHWWUH HQ IRQFWLRQ OH FRQWUDVWH G\QDPLTXH &HWWH IRQFWLRQ DQDO\VH OH VLJQDO YLGÑR HW UÔJOH OH UÑWURÑFODLUDJH SRXU GRQQHU OHV QRLUV OHV SOXV SURIRQGV HW OHV EODQFV OHV SOXV OXPLQHX[ %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 RX PRGH 3& +'0, /H PRGH +'0, 3& HVW VHXOHPHQW GLVSRQLEOH SRXU OH VLJQDO +'0, LSSLS 3UHVHW 3UÑLQLWLDOLVÑV 5HVWDXUH WRXV OHV UÑJODJHV YLGÑR DX[ YDOHXUV GjXVLQH SDU GÑIDXW $8', 2 0(18 0(18 $8', 2 /H PHQX $XGLR HQ PRGH 79 HVW LOOXVWUÑ FLGHVVRXV 8Q UÑJODJH DXGLR HVW SURSRVÑ SHUPHWWDQW Î O XWLOLVDWHXU GH PRGLILHU OHV SDUDPÔWUHV DXGLR / LWHP $XGLR /DQJXDJH HVW VHXOHPHQW GLVSRQLEOH SRXU OH PRGH 79 QXPÑULTXH HW OjLWHP $XGLR 6RXUFH HVW VHXOHPHQW GLVSRQLEOH SRXU OH PRGH 79 DQDORJLTXH / LWHP $XGLR /DQJXDJH RX $XGLR 6RXUFH HVW GLVSRQLEOH SRXU O DXWUH PRGH VRXUFH 7JEFP "VEJP 4PVOE . PEF #BTT "VEJP 5SFCMF #BMBODF "VEJP -BOHVBHF 41%*' 4QFBLFS . VMUJ -BOHVBHF 3FUVSO . PWF 1FSTPOBM 3 &OHMJTI 3"8 0O IFMMP ENTER 57 4FUVQ 7(" 4FMFDU 6RXQG 0RGH 0RGH DXGLR 6ÑOHFWLRQQH] OH PRGH DXGLR 6WDQGDUG 0XVLF 0XVLTXH RX 6SHHFK 9RL[ 3HUVRQDO 3HUVRQQDOLVÑ %DVV *UDYH 5ÑJODJH GHV EDVVHV OD SODJH GH UÑJODJH YDULH GH Î 7UHEOH $LJX 5ÑJODJH GHV DLJXV OD SODJH GH UÑJODJH YDULH GH Î %DODQFH 5ÑJODJH GH OD EDODQFH DXGLR OD SODJH GH UÑJODJH YD GH / Î 5 $XGLR 6RXUFH 6RXUFH DXGLR &KRLVLVVH] OD VRXUFH DXGLR HQWUH OHV PRGHV 0RQR 0RQR 6WHUHR 6WÑUÑR HW 6$3 3URJUDPPH DXGLR VHFRQGDLUH &HWWH RSWLRQ HVW GLVSRQLEOH SRXU OHV VLJQDX[ DQDORJXHV GH WÑOÑYLVLRQ $XGLR /DQJXDJH /DQJXH DXGLR &KDQJH] OH SDUDPÔWUH GH ODQJXH DXGLR SRXU OHV SURJUDPPHV WÑOÑYLVÑV QXPÑULTXHV /D TXDQWLWÑ GH ODQJXHV DXGLR DFFHSWÑHV GÑSHQG GHV SURJUDPPHV WÑOÑYLVÑV DQJODLV HVSDJQRO IUDQ£DLV &HWWH RSWLRQ HVW GLVSRQLEOH SRXU OHV VLJQDX[ 79 QXPÑULTXHV VHXOHPHQW 63', ) 'LJLWDO DXGLR RXWSXW IRUPDW )RUPDW GH OD VRUWLH DXGLR QXPÑULTXH &KRLVLVVH] OH IRUPDW 5$: RX 3&0 &HWWH RSWLRQ HVW VHXOHPHQW GLVSRQLEOH SRXU OHV PRGHV +'0, RX 79 QXPÑULTXH (OOH HVW IL[H HQ PRGH 3&0 SRXU OHV DXWUHV VRXUFHV 6SHDNHU +DXWSDUOHXU &KRLVLVVH] FHWWH WRXFKH SRXU DFWLYHU RX GÑVDFWLYHU OHV KDXW SDUOHXUV LQWHUQHV LQWÑJUÑV Î OD WÑOÑYLVLRQ /HV VLJQDX[ GH VRUWLH DXGLR QXPÑULTXH HW OH VLJQDO GH VRUWLH GHV ÑFRXWHXUV QH VHURQW SDV GÑVDFWLYÑV PÒPH VL OH KDXWSDUOHXU GX WÑOÑYLVHXU HVW ÑWHLQW / RSWLRQ SDU GÑIDXW HVW $FWLYÑ 2Q $9/ $FWLYHU RX GÑVDFWLYHU OjÑJDOLVDWLRQ DXWRPDWLTXH GX YROXPH /RUVTXjHVW DFWLYÑH OD IRQFWLRQ GjÑJDOLVDWLRQ DXWRPDWLTXH GX YROXPH OH WÑOÑYLVHXU PDLQWLHQGUD OH YROXPH SHQGDQW OHV SDXVHV SXEOLFLWDLUHV RX HQ SDVVDQW GjXQH FKDÖQH Î OjDXWUH 3UHVHW 3UÑLQLWLDOLVÑV 5HVWDXUH WRXV OHV UÑJODJHV DXGLR DX[ YDOHXUV GjXVLQH SDU GÑIDXW 7JEFP "VEJP 57 5JNF 5JNF . PEF 5JNF ;POF %BZMJHIU 4BWJOHT :FBS . POUI %BZ "VUP )45 0O +BO ". 0(18 6(783 &21), *85$7, 21 4FUVQ 5JNF 7(" 3FUVSO . PWF ENTER 4FMFDU /H PHQX GHV IRQFWLRQV HVW LOOXVWUÑ FL 3DVVZRUG 6HWWLQJ GHVVRXV &H PHQX FRPSUHQG GHV &RQILJ PRW GH SDVVH &KDQJH] RSWLRQV SRXU FKRLVLU OD ODQJXH UÑJOHU OH PRW GH SDVVH Î FKLIIUHV GX OjKRUORJH HW OHV DXWUHV SDUDPÔWUHV FRQWUÛOH SDUHQWDO7URLV ÑWDSHV VRQW 6HORQ OH PRGH VRXUFH DFWXHO 79 +'0, QÑFHVVDLUHV SRXU FKDQJHU OH PRW GH HWF FHUWDLQHV RSWLRQV SRXUUDLHQW QH SDVVH (QWUHU O DQFLHQ PRW GH SDVVH SDV ÒWUH GLVSRQLEOHV q!(QWHU 1HZ 3DVVZRUG , QJUHVH OD FRQWUDVHÙD QXHYD q!&RQILUP 1HZ 3DVVZRUG &RQILUPH OD FRQWUDVHÙD QXHYD 1RWD (VWD RSFLÚQ HVWDUË VÚOR GLVSRQLEOH HQ ORV PRGRV GH IXHQWHV 0RGR GH IXHQWH GH 79 R YLGHR FRPSXHVWR /D FRQWUDVHÙD SRU GHIHFWR HV 7JEFP "VEJP &OUFS 0ME 1BTTXPSE 1BTTXPSE 4FUUJOH 0HQX /DQJXDJH , GLRPD GHO PHQà 3HUPLWH VHOHFFLRQDU HO LGLRPD GH YLVXDOL]DFLÚQ GHO PHQà (QJOLVK )UDQ£DLV (VSDÙRO 7LPH +RUD 3HUPLWH DMXVWDU OD KRUD DFWXDO (O VXE PHQà LQFOX\H 0RGR GH KRUD =RQD KRUDULD \ +RUD GH YHUDQR >7LPH 0RGH@ 0RGR GH KRUD q (OLMD HQWUH $XWR R 0DQXDO 6HOHFFLRQH 0DQXDO SDUD DMXVWDU PDQXDOPHQWH HO DÙR PHV GÕD \ KRUD >7LPH =RQH@ =RQD KRUDULD q 3HUPLWH HVWDEOHFHU OD ]RQD KRUDULD DFWXDO >'D\OLJKW 6DYLQJV@ +RUD GH YHUDQR q $FWÕYHOD R DSËJXHOD 57 4FUVQ 7(" 3FUVSO 1BTTXPSE 4FUUJOH . PWF ENTER 4FMFDU 7JEFP "VEJP &OUFS /FX 1BTTXPSE 57 4FUVQ 7(" 3FUVSO 1BTTXPSE 4FUUJOH . PWF ENTER 4FMFDU 7JEFP "VEJP $POGJSN /FX 1BTTXPSE 57 4FUVQ 7(" 3FUVSO . PWF ENTER 4FMFDU 3DUHQWDO &RQWURO &RQWURO SDWHUQR , QFOX\H OD FRQILJXUDFLÚQ GH OD IXQFLÚQ GH FRQWURO SDWHUQR 9FKLS$QWHV GH LQJUHVDU HQ HO VXEPHQà 3DUHQWDO &RQWURO &RQWURO SDWHUQR GHEHUË LQJUHVDU SULPHUR OD FRQWUDVHÙD , QJUHVH HQ OD RSFLÚQ 3DUHQWDO /RFN %ORTXHR SDWHUQR \ SRGUË EORTXHDU ORV SURJUDPDV XWLOL]DQGR OD WDEOD GH FODVLILFDFLÚQ 03$$ R 79 /XHJR GH VDOLU GHO PHQà SULQFLSDO VH DFWLYDUË OD IXQFLÚQ GH FRQWURO SDWHUQR 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 0RGR GH IXHQWH GH 79 R YLGHR FRPSXHVWR /D FRQWUDVHÙD SRU GHIHFWR HV 7JEFP "VEJP &OUFS 1BTTXPSE 1BSFOUBM $POUSPM 57 4FUVQ 7(" 3FUVSO . PWF ENTER 4FMFDU 7JEFP "VEJP 57 1BSFOUBM $POUSPM #VUUPO -PDL #MPDL 6OSBUFE 57 64" 1BSFOUBM -PDLT $BOBEB 1BSFOUBM -PDLT 0QFO 7$IJQ 0GG 0GG 4FUVQ 7(" 3FUVSO . PWF ENTER 4FMFDU >%XWWRQ /RFN@ %ORTXHR GH ORV ERWRQHV q 6HOHFFLRQH HQWUH 2Q $FWLYDGR \ 2II 'HVDFWLYDGR SDUD EORTXHDU R GHVEORTXHDU ORV ERWRQHV WËFWLOHV GHO SDQHO IURQWDO GH OD 79 &XDQGR HVWD IXQFLÚQ HVWË DFWLYDGD ORV ERWRQHV WËFWLOHV GH OD 79 TXHGDUËQ EORTXHDGRV \ VÚOR HO FRQWURO UHPRWR SRGUË FRQWURODU OD 79 >%ORFN 8QUDWHG 79@ %ORTXHDU WHOHYLVLÚQ VLQ FODVLILFDFLÚQ q &XDQGR HVWD IXQFLÚQ HVWË DFWLYDGD 2Q HO WHOHYLVRU EORTXHDUË ORV SURJUDPDV VLQ FODVLILFDFLÚQ >86$ 3DUHQWDO /RFNV@ &RQWUROHV GH ORV SDGUHV (( 88 q (VWDEOH]FD HO QLYHO GH FRQWURO GH ORV SDGUHV XVDQGR OD FODVLILFDFLÚQ 03$$ R 79 >&DQDGLDQ 3DUHQWDO /RFNV@ &RQWUROHV GH ORV SDGUHV &DQDGË q (VWDEOH]FD HO QLYHO GH FRQWURO GH ORV SDGUHV XVDQGR OD FODVLILFDFLÚQ HQ LQJOÑV R HQ IUDQFÑV >2SHQ 9&KLS@ 9&KLS DELHUWR 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 ORV SURJUDPDV FRQ LQIRUPDFLÚQ GH FODVLILFDFLÚQ 557 &ORVHG &DSWLRQV 6XEWÕWXORV 6HOHFFLRQH XQD RSFLÚQ SDUD ORV VXEWÕWXORV 2II 'HVDFWLYDGR 2Q $FWLYDGR R :LWK 0XWH $FWLYDGR DO VLOHQFLDU $QDORJ &DSWLRQV 6XEWÕWXORV DQDOÚJLFRV 6HOHFFLRQH XQD RSFLÚQ SDUD ORV VXEWÕWXORV DQDOÚJLFRV && R 7(;7 7(;72  (VWD RSFLÚQ VH HQFXHQWUD VÚOR GLVSRQLEOH HQ HO PRGR GH 79 DQDOÚJLFD R YLGHR FRPSXHVWR 'LJLWDO &DSWLRQV 6XEWÕWXORV GLJLWDOHV 6HOHFFLRQH XQD RSFLÚQ SDUD ORV VXEWÕWXORV GLJLWDOHV 6(59, &( 6(59, &, 2  R && (VWD RSFLÚQ VH HQFXHQWUD VÚOR GLVSRQLEOH SDUD HO PRGR GH IXHQWH GH 79 GLJLWDO 'LJLWDO &DSWLRQV &RQILJXUDFLÚQ GH VXEWÕWXORV RFXOWRV GLJLWDOHV 2WRUJD YDULDV RSFLRQHV SDUD DMXVWDU HO HVWLOR GH ORV VXEWÕWXORV GLJLWDOHV (VWD RSFLÚQ VH HQFXHQWUD VÚOR GLVSRQLEOH SDUD HO PRGR GH IXHQWH GH 79 GLJLWDO >6W\OH@ (VWLOR q &RQILJXUH HO PRGR $XWRPDWLF $XWRPËWLFR R &XVWRP 3HUVRQDOL]DGR 6L VH VHOHFFLRQD HO PRGR &XVWRP 3HUVRQDOL]DGR HO XVXDULR SXHGH PRGLILFDU HO HVWLOR (O UHVXOWDGR GH OD FRQILJXUDFLÚQ DSDUHFHUË GH IRUPD LQPHGLDWD HQ OD SDUWH LQIHULRU GHO VXEPHQà 26' >6L]H@ 7DPDÙR q 3HUPLWH DMXVWDU HO WDPDÙR GH OD IXHQWH GH ORV VXEWÕWXORV GLJLWDOHV$XWRPDWLF $XWRPËWLFR 6PDOO 3HTXHÙR 1RUPDO R /DUJH *UDQGH >)RQW@ )XHQWH q 3HUPLWH DMXVWDU HO HVWLOR GH OD IXHQWH GH ORV VXEWÕWXORV GLJLWDOHV$XWRPDWLF $XWRPËWLFD 'HIDXOW 3UHGHWHUPLQDGD R )RQW )XHQWH a >7H[W &RORU@ &RORU GHO WH[WR q 3HUPLWH HVWDEOHFHU HO FRORU GHO WH[WR$XWRPDWLF $XWRPËWLFR :KLWH %ODQFR 5HG 5RMR *UHHQ 9HUGH %OXH $]XO<HOORZ $PDULOOR 0DJHQWD &\DQ &LËQ R %ODFN 1HJUR >7H[W 2SDFLW\@ 2SDFLGDG GHO WH[WR q 3HUPLWH HVWDEOHFHU OD RSDFLGDG GHO WH[WR$XWRPDWLF $XWRPËWLFR 6ROLG )LMR )ODVKLQJ 3DUSDGHDQGR7UDQVSDUHQW 7UDQVSDUHQWH R 7UDQVOXFHQW 7UDQVOàFLGR >%DFNJURXQG &RORU@ &RORU GHO IRQGR q 3HUPLWH HVWDEOHFHU HO FRORU GHO IRQGR$XWRPDWLF $XWRPËWLFR %ODFN 1HJUR:KLWH %ODQFR 5HG 5RMR *UHHQ 9HUGH %OXH $]XO<HOORZ $PDULOOR 0DJHQWD R &\DQ &LËQ >%DFNJURXQG 2SDFLW\@ 2SDFLGDG GHO IRQGR q 3HUPLWH HVWDEOHFHU OD RSDFLGDG GHO IRQGR $XWRPDWLF $XWRPËWLFR 6ROLG )LMR )ODVKLQJ 3DUSDGHDQGR 7UDQVSDUHQW 7UDQVSDUHQWH R 7UDQVOXFHQW 7UDQVOàFLGR >(GJH (IIHFW@ (IHFWR GHO ERUGH q 3HUPLWH HVWDEOHFHU HO HIHFWR GHO ERUGH$XWRPDWLF $XWRPËWLFR 1RQH 1LQJXQR 5DLVHG 5HOLHYH 'HSUHVVHG $SODVWDGR 8QLIRUP 8QLIRUPH /HIW 6KDGRZ 6RPEUD L]TXLHUGD R 5LJKW 6KDGRZ 6RPEUD GHUHFKD >(GJH &RORU@ &RORU GHO ERUGH q 3HUPLWH HVWDEOHFHU HO FRORU GHO ERUGH$XWRPDWLF $XWRPËWLFR 5HG 5RMR *UHHQ 9HUGH %OXH $]XO<HOORZ $PDULOOR 0DJHQWD &\DQ &LËQ %ODFN 1HJUR R :KLWH %ODQFR +'0, &(& (VWD RSFLÚQ VH HQFXHQWUD VÚOR GLVSRQLEOH SDUD HO PRGR GH IXHQWH +'0, /D +'79 +DLHU HV FRPSDWLEOH FRQ DOJXQDV IXQFLRQHV +'0, &(& FRQWURO GH SURGXFWRV HOHFWUÚQLFRV GH FRQVXPR &XDQGR FRQHFWH RWUR GLVSRVLWLYR +'0, &(& SRU HMHPSOR XQ UHSURGXFWRU GH %OX UD\ D OD 79 HVWRV VH SXHGHQ GHWHFWDU \ FRPXQLFDU HQWUH VÕ (VWD 79 HV FRPSDWLEOH FRQ ODV VLJXLHQWHV IXQFLRQHV +'0, &(& HVSHUD GHO VLVWHPD UHSURGXFFLÚQ GH XQ VROR WRTXH SDVR GLUHFWR SDVVWKURXJK  GHO FRQWURO UHPRWR FRQWURO GHO PHQà GHO GLVSRVLWLYR \ OLVWD GH GLVSRVLWLYRV >+'0, &RQWURO@ &RQWURO +'0,  q 3HUPLWH DFWLYDU R GHVDFWLYDU HO FRQWURO GH OD IXQFLÚQ +'0, &(& >'HYLFH $XWR 2II@ $SDJDGR DXWRPËWLFR GHO GLVSRVLWLYR q 3HUPLWH DFWLYDU R GHVDFWLYDU OD IXQFLÚQ GH DSDJDGR DXWRPËWLFR GHO GLVSRVLWLYR$O DFWLYDU HVWD RSFLÚQ GHO PHQà VL DSDJD OD 79 VH FRORFDUË HQ HO PRGR GH HVSHUD DO GLVSRVLWLYR FRPSDWLEOH FRQ &(& FRQHFWDGR D OD HQWUDGD +'0, >79 $XWR 2Q@ (QFHQGLGR DXWRPËWLFR GH OD 79 q 3HUPLWH HVWDEOHFHU HO HQFHQGLGR DXWRPËWLFR GH OD 79$O SUHVLRQDU HO ERWÚQ 3OD\ 5HSURGXFLU HQ HO GLVSRVLWLYR FRPSDWLEOH FRQ &(& SRU HMHPSOR XQ UHSURGXFWRU GH %OXUD\ VH LQLFLDUË OD UHSURGXFFLÚQ VH HQFHQGHUË OD 79 \ VH VHOHFFLRQDUË OD HQWUDGD +'0, DSURSLDGD >5RRW 0HQX@ 0HQà UDÕ] q 3HUPLWH DFFHGHU DO PHQà GHO GLVSRVLWLYR FRPSDWLEOH FRQ +'0, &(& FRQ HO FRQWURO UHPRWR GH OD 79 >'HYLFH /LVW@ /LVWD GH GLVSRVLWLYRV q 0XHVWUD XQD OLVWD GH ORV GLVSRVLWLYRV +'0, &(& FRQHFWDGRV \ ODV IXQFLRQHV GLVSRQLEOHV , QSXW /DEHOV (WLTXHWDV GH OD HQWUDGD (VWD RSFLÚQ HVWË VÚOR GLVSRQLEOH SDUD PRGRV GH IXHQWHV TXH QR VHDQ GH 79 3XHGH HGLWDU ODV HWLTXHWDV GH HQWUDGDV SDUD FDGD PRGR GH IXHQWH H[FHSWR SDUD OD IXHQWH 79 &RPSRQHQW 6HWWLQJ &RQILJXUDFLÚQ GHO FRPSRQHQWH (VWD RSFLÚQ HVWË VÚOR GLVSRQLEOH HQ HO PRGR GH IXHQWH GH YLGHR FRPSRQHQWH 3XHGH DMXVWDU OD FRQILJXUDFLÚQ GH YLVXDOL]DFLÚQ GH YLGHR FRPSRQHQWH 3KDVH )DVH \ 3UHVHW &RQILJXUDFLÚQ SUHHVWDEOHFLGD >3KDVH@ )DVH q 3HUPLWH DMXVWDU OD IDVH GH OD LPDJHQ SDUD UHGXFLU OD LQWHUIHUHQFLD GH OÕQHDV KRUL]RQWDOHV (O UDQJR GHO VLQWRQL]DGRU HV GH D >3UHVHW@ q 5HVWRUH WKH GHIDXOW FRPSRQHQW VHWWLQJ YDOXHV 0XOWL0HGLD 0HQX 0HQà PXOWLPHGLD (VWD RSFLÚQ PXHVWUD ODV IRWRJUDIÕDV -3(* R UHSURGXFH OD PàVLFD 03 DOPDFHQDGDV HQ XQ GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% 1RWD 6ÚOR VH UHFRQRFHUËQ ORV SULPHURV DUFKLYRV /DV IRWRJUDIÕDV TXH VH SXHGHQ YLVXDOL]DU VH HQFXHQWUDQ OLPLWDGDV 5HVROXFLÚQ PÕQLPD [ 5HVROXFLÚQ PË[LPD [ ([LVWHQ WUHV PDQHUDV GH LQJUHVDU HQ OD LQWHUID] GH -3(* 9LHZHU \ 03 0XVLF%R[ /XHJR GH FRQHFWDU HO GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% DO SXHUWR 86% XELFDGR HQ OD SDUWH ODWHUDO GH OD 79 DSDUHFHUË HO PHQà 0XOWLPHGLD /LVW /LVWD PXOWLPHGLD 0XOWLPHGLD /LVW -3(* 9LHZHU 03 0XVLF%R[ ([LW 3DUD HOHJLU HQWUH -3(* 9LHZHU \ 03 0XVLF%R[ VHOHFFLRQH 0XOWL0HGLD 0HQX 0HQà PXOWLPHGLD HQ HO PHQà 6HWXS &RQILJXUDFLÚQ (VWDV GRV RSFLRQHV HVWDUËQ DFWLYDGDV VÚOR VL HO GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% HVWË FRQHFWDGR DO SXHUWR 86% 7JEFP "VEJP 57 . VMUJ. FEJB . FOV %JHJUBM $BQUJPOT %JHJUBM $BQUJPOT 4FUVQ )%. * $&$ *OQVU -BCFMT $PNQPOFOU 4FUUJOH . VMUJ. FEJB . FOV 4FUVQ . VUF 4DSFFO 3FTFU 5P %FGBVMU 3FUVSO . PWF ENTER 4&37*$& 0GG 7(" 4FMFDU &XDQGR VH FRQHFWH XQ GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% 3UHVLRQH HO ERWÚQ 86% HQ HO FRQWURO UHPRWR SDUD YLVXDOL]DU HO PHQà 0XOWLPHGLD /LVW /LVWD PXOWLPHGLD 3UHVLRQH HO ERWÚQ 86% SDUD FDPELDU DO RWUR PRGR PXOWLPHGLD -3(* q!03 03 q!-3(* >-3(* 9LHZHU@ q 3UHVLRQH HO ERWÚQ 0HQX 0HQà SDUD YLVXDOL]DU HO PHQà GH FRQWURO 8WLOLFH ORV ERWRQHV GH IOHFKDV SDUD VHOHFFLRQDU XQD IRWRJUDIÕD 3UHVLRQH HO ERWÚQ (17(5 $&(37$5 SDUD PRVWUDU OD IRWRJUDIÕD VHOHFFLRQDGD v , PDJH 'HOD\ 5HWUDVR GH OD LPDJHQ 3HUPLWH HVWDEOHFHU FRQ TXÑ UDSLGH] FDPELDUËQ ODV LPËJHQHV HQ HO PRGR GH SUHVHQWDFLÚQ GH GLDSRVLWLYDV ([LVWHQ WUHV RSFLRQHV )DVW 5ËSLGR 6ORZ /HQWR \ 1RUPDO 1RUPDO v 0XVLF 2Q 6OLGH 6KRZ 0àVLFD DFWLYDGD GXUDQWH ODV SUHVHQWDFLRQHV GH GLDSRVLWLYDV 3HUPLWH DFWLYDU OD PàVLFD GH IRQGR GXUDQWH OD SUHVHQWDFLÚQ GH GLDSRVLWLYDV 5HSURGXFLUË UHSHWLGDPHQWH ORV DUFKLYRV 03 GH 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 v %DFN WR 5RRW )ROGHU 9ROYHU D OD FDUSHWD UDÕ] 5HJUHVDU D OD FDUSHWD UDÕ] v ([LW 6DOLU 3HUPLWH VDOLU GH -3(* 9LHZHU \ UHJUHVDU DO PRGR GH IXHQWH DQWHULRU >03 0XVLF%R[@ v /LVW, QIR%DU HQ OD SDUWH LQIHULRU (VWD SDUWH FRQWLHQH LQIRUPDFLÚQ VREUH HO DUFKLYR \ FDUSHWDk'LUHFWRULR DFWXDOy k$UFKLYRV WRWDOHVyk&DUSHWDV WRWDOHVyk2EMHWR DFWXDOy HQ HO GLUHFWRULR DFWXDO \ OD %DUUD GH D\XGD SULQFLSDO v 3OD\/LVW /LVWD GH UHSURGXFFLÚQ HQ OD SDUWH GHUHFKD (VWD SDUWH PXHVWUD WRGDV ODV FDUSHWDV \ DUFKLYRV GH PàVLFD 03 GH OD FDUSHWD DFWXDO v &RQWURO3DQHO 3DQHO GH FRQWURO HQ OD SDUWH L]TXLHUGD %DVV *UDYHV7UHEOH $JXGRV %DODQFH %DODQFH 9ROXPH 9ROXPHQ $MXVWD HO WRQR GHO DXGLR 0XWH 6FUHHQ 3DQWDOOD VLOHQFLR 3XHGH DFWLYDU 2Q R GHVDFWLYDU 2II OD IXQFLÚQ GH DSDJDGR GH SDQWDOOD$O DFWLYDU HVWD IXQFLÚQ DSDUHFHUË HQ OD SDQWDOOD HO PHQVDMH GH DGYHUWHQFLD GH DSDJDGR GH SDQWDOOD OXHJR GH TXH QR VH SUHVLRQH QLQJàQ ERWÚQ GXUDQWH VHJXQGRV 8QD YH] TXH DSDUH]FD HO PHQVDMH GH DGYHUWHQFLD GH DSDJDGR GH SDQWDOOD VHOHFFLRQH <HV k6Õy SDUD LQLFLDU HO DSDJDGR GH SDQWDOOD R VHOHFFLRQH 1R SDUD GHVDFWLYDU OD IXQFLÚQ GH DSDJDGR GH SDQWDOOD \ FHUUDU HO PHQVDMH 6H FRQWLQXDUË HPLWLHQGR HO VRQLGR GHVGH ORV SDUODQWHV 3XHGH SUHVLRQDU FXDOTXLHU ERWÚQ SDUD YROYHU D HQFHQGHU OD SDQWDOOD FXDQGR VH HQFXHQWUH DSDJDGD 1RWD /D RSFLÚQ GH DSDJDGR GH SDQWDOOD HVWDEOHFLGD HQ 03 0XVLF%R[ HV VÚOR YËOLGD HQ HO PRGR 03 0XVLF%R[ 3UHVHW 3UHHVWDEOHFLGR 3HUPLWH UHVWDXUDU WRGD OD FRQILJXUDFLÚQ GH 03 0XVLF%R[ D ORV YDORUHV SUHGHWHUPLQDGRV GH IËEULFD ([LW 6DOLU 3HUPLWH VDOLU GH OD LQWHUID] GH 03 0XVLF%R[ 0XWH 6FUHHQ 3DQWDOOD VLOHQFLR 3XHGH DFWLYDU 2Q R GHVDFWLYDU 2II OD IXQFLÚQ GH DSDJDGR GH SDQWDOOD$O DFWLYDU HVWD IXQFLÚQ DSDUHFHUË HQ OD SDQWDOOD HO PHQVDMH GH DGYHUWHQFLD GH DSDJDGR GH SDQWDOOD OXHJR GH TXH QR VH SUHVLRQH QLQJàQ ERWÚQ GXUDQWH VHJXQGRV 6H FRQWLQXDUË HPLWLHQGR HO VRQLGR GHVGH ORV SDUODQWHV 3UHVLRQH FXDOTXLHU ERWÚQ SDUD HQFHQGHU OD SDQWDOOD FXDQGR VH HQFXHQWUH DSDJDGD 5HVHW WR 'HIDXOW 5HVWDEOHFHU ORV YDORUHV SUHGHWHUPLQDGRV 3HUPLWH UHVWDXUDU WRGD OD FRQILJXUDFLÚQ GHO PHQà GH FRQILJXUDFLÚQ D ORV YDORUHV SUHGHWHUPLQDGRV GH IËEULFD 9*$ 0(18 0(1Ä 9*$ (VWD RSFLÚQ VÚOR HV YLVLEOH \ HVWË GLVSRQLEOH HQ PRGR HO 9*$ \ SURSRUFLRQD YDULDV RSFLRQHV SDUD DMXVWDU GH IRUPD PËV SUHFLVD OD YLVXDOL]DFLÚQ 9*$ 7JEFP "VEJP 57 4FUVQ 7(" )1PTJUJPO 71PTJUJPO $MPDL 1IBTF "VUP "EKVTU 1SFTFU &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 '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 ORFDOHV +DLHU VH FRPSURPHWH D UHFLFODU GH IRUPD VHJXUD ORV SURGXFWRV HOHFWUÚQLFRV \ PDWHULDOHV GH ORV SURGXFWRV %XVTXH XQD XELFDFLÚQ GH UHFLFODMH ORFDO HQ ORV (VWDGRV 8QLGRV HQ 5(&<&/, 1*&20 R FRPXQÕTXHVH DO 5(&<&/, 1* 7(" 3FUVSO . PWF ENTER 4FMFDU >+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 3HUPLWH UHVWDXUDU WRGD OD FRQILJXUDFLÚQ GH 9*$ D ORV YDORUHV SUHGHWHUPLQDGRV GH IËEULFD $YLVR GH OLFHQFLD \ FRQILUPDFLÚQ GH PDUFD UHJLVWUDGD 'ROE\ )DEULFDGR FRQ OLFHQFLD GH ORV /DERUDWRULRV 'ROE\ 'ROE\ \ HO VÕPEROR GH OD ' GREOH VRQ PDUFDV UHJLVWUDGDV GH 'ROE\ /DERUDWRULHV $YLVRV UHJXODWRULRV q $YLVR GH OD &RPLVLÚQ )HGHUDO GH &RPXQLFDFLRQHV (VWH GLVSRVLWLYR FXPSOH FRQ OD 3DUWH GH ODV 5HJODV GH OD )&& (O IXQFLRQDPLHQWR GH HVWH SURGXFWR VH HQFXHQWUD VXMHWR D ODV VLJXLHQWHV GRV FRQGLFLRQHV  HVWH GLVSRVLWLYR QR FDXVDUË LQWHUIHUHQFLD GDÙLQD \  HVWH GLVSRVLWLYR GHEHUË DFHSWDU FXDOTXLHU LQWHUIHUHQFLD UHFLELGD LQFOXLGD DTXHOOD TXH SXHGD FDXVDU XQ IXQFLRQDPLHQWR QR GHVHDGR (VWH HTXLSR KD VLGR FRPSUREDGR \ VH GHWHUPLQÚ TXH FXPSOH FRQ ORV OÕPLWHV GH GLVSRVLWLYR GLJLWDO &ODVH % 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 REWHQHU D\XGD 0RGLILFDFLRQHV /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 &DEOHV 6H GHEHUËQ UHDOL]DU ODV FRQH[LRQHV FRQ 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 FODVH % FXPSOH FRQ OD QRUPD FDQDGLHQVH , &(6 &HW DSSDUHLO QXPHULTXH GH OD FODVVHV % HVW FRQIRUPH D OD QRUPH 10% GX &DQDGD 'LVSRVLWLYR GH UHFHSFLÚQ GH 79 HVWËQGDU $SSDUHLO GH UHFHSWLRQ WHOHYLVLRQ RUGLQDLUH &DQDGD %(76 1705 (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 v v v v v /(& /(& ', 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 ==$$$ %%% %DQGD VàSHU DOWD KDVWD KDVWD  &21(;, 21(6 (QWUDGD GHO VLQWRQL]DGRU : (QWUDGD GH DXGLR 0LQLFRQHFWRU SDUD DXULFXODUHV 9*$ )UHFXHQFLD GH v 9*$ )UHFXHQFLD GH H[SORUDFLÚQ FRPSDWLEOH H[SORUDFLÚQ FRPSDWLEOH [ D +] [ D +] [ D +] [ D +] [ D +] [ D +] [ D +] [ D +] [ D +] [ D +] [ D +] [ D +] [ D +] [ D +] 5HFRPHQGDGD [ D +] [ D +] [ D +] [ D +] v 5HFRPHQGDGD [ D +] +'0, +'0, 7DVDV GH HVFDQHR FRPSDWLEOHV L S S L S +'0, FRQH[LÚQ GHO FDEOH R DGDSWDGRU '9, D +'0, FRPSDWLEOH 3DUD HVWD FRQH[LÚQ VH GHEHUË FRQHFWDU HO DXGLR D WUDYÑV GHO FRQHFWRU 9*$$8', 2 , 1 9*$ (175$'$ '( $8', 2 63', ) 6DOLGD GH DXGLR &REHUWXUD GH FDQDOHV v v v &RQHFWRUHV TXH PLUDQ KDFLD DEDMR v v v v v 0RGHOR 1R v v v &RQHFWRUHV ODWHUDOHV v v /(& /(& 6DOLGD GHO DXGÕIRQR 3XHUWR 86% HVSHVRU GHO FRQHFWRU 86% PP (QWUDGD GH YLGHR FRPSRQHQWH \ HQWUDGD GH DXGLR /5 ',  5HVROXFLÚQ FRPSDWLEOH L S S L S (QWUDGD GH YLGHR FRPSXHVWR \ HQWUDGD GH DXGLR /5 ',  FRPSDUWLGD FRQ OD HQWUDGD < GH YLGHR FRPSRQHQWH +'0, 7DVDV GH HVFDQHR FRPSDWLEOHV L S S L S 3(62 < ', 0(16, 21(6 [ [ SXOJDGDV [ [ SXOJDGDV OLEUDV OLEUDV , 167$/$&, ¾1 (1 /$ 3$5(' [ [ SXOJDGDV [ [ SXOJDGDV OLEUDV OLEUDV 'LPHQVLRQHV FRQ VRSRUWH$QFKR [ $OWR [ 3URIXQGLGDG 'LPHQVLRQHV FRQ VRSRUWH$QFKR [ $OWR [ 3URIXQGLGDG 3HVR FRQ VRSRUWH 3HVR VLQ VRSRUWH \ EDVH 6RSRUWH GH SDUHG FRPSDWLEOH FRQ 9(6$ DQFKR [ DOWR 7LSR GH WRUQLOOR [ PP [ PP 0ÑWULFR [ PP 0ÑWULFR [ PP 32:(5 (1&(1', '2$3$*$'2 &RQVXPR GH HQHUJÕD : : 0RGR VXVSHQGLGR : +] $OLPHQWDFLÚQ 9 3RWHQFLD GH DXGLR : : 7HPSHUDWXUD ) a ) DPELHQWH &RQWHQLGR GHO HPEDODMH v 79 [ v %DVH [ $FFHVRULRV LQFOXLGRV v &RQWURO UHPRWR [ FRQ GRV SLODV DOFDOLQDV $$$  v 0DQXDO GH XVXDULR [ v 7DUMHWD GH UHJLVWUR [ 5(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 ¹WHPV TXH VH GHEHQ FRPSUREDU \ DFFLRQHV D VHJXLU , PDJHQ kIDQWDVPDy v (VWR SRGUÕD HVWDU FDXVDGR SRU XQD REVWUXFFLÚQ FRQ OD DQWHQD R GREOH GHELGR D PRQWDÙDV R HGLILFLRV DOWRV /D XWLOL]DFLÚQ GH XQD DQWHQD DOWDPHQWH GLUHFFLRQDO SXHGH PHMRUDU OD LPDJHQ 6LQ DOLPHQWDFLÚQ 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 6LQ LPDJHQ 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 , PDJHQ FRUUHFWD v $XPHQWH HO YROXPHQ SHUR VLQ VRQLGR v &RPSUXHEH TXH HO VRQLGR GH OD 79 QR HVWÑ GHVDFWLYDGR 3UHVLRQH HO ERWÚQ 087( 6, /(1&, $5 HQ HO FRQWURO UHPRWR 6RQLGR FRUUHFWR v $MXVWH OD FRQILJXUDFLÚQ GH FRQWUDVWH FRORU \ EULOOR SHUR FRORU SREUH , PDJHQ SREUH 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 , PDJHQ \ VRQLGR v &RPSUXHEH OD FRQH[LÚQ GH OD DQWHQD FRQ OOXYLD /ÕQHD SXQWHDGD v (VWR SRGUÕD HVWDU FDXVDGR SRU XQD LQWHUIHUHQFLD HOÑFWULFD SRU KRUL]RQWDO HMHPSOR XQ VHFDGRU GH SHOR OXFHV GH QHÚQ FHUFDQDV HWF v $SDJXH HVWRV GLVSRVLWLYRV /D 79 QR v &RPSUXHEH VL ODV SLODV IXQFLRQDQ 5HHPSOËFHODV VL HV UHVSRQGH DO QHFHVDULR FRQWURO UHPRWR 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 */26$5, 2 +'79 /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 (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 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 &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 *$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 SHUÕRGR GH JDUDQWÕD SDUD HO PRGHOR /(& \ /(& 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 [. . . ] [. . . ]