User manual HAIER LE40C13800

[. . . ] [. . . ] $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!&RQILUPHU OH QRXYHDX PRW GH SDVVH 5HPDUTXH &HWWH RSWLRQ HVW GLVSRQLEOH GDQV OHV PRGHV VRXUFHV 0RGH VRXUFH &RPSRVLWH RX 79 /H PRW GH SDVVH SDU GÑIDXW HVW 0HQX /DQJXDJH /DQJXH GX 0HQX 6ÑOHFWLRQQH OD ODQJXH 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 >7LPH 0RGH@ 5ÑJODJH GH O KHXUH q &KRLVLVVH] HQWUH $XWR RX 0DQXDO 0DQXHO 6ÑOHFWLRQQH] 0DQXHO SRXU UÑJOHU PDQXHOOHPHQW OjDQQÑH OH PRLV OH MRXU HW OjKHXUH >7LPH =RQH@ )XVHDX KRUDLUHq &KRLVLVVH] OH IXVHDX KRUDLUH GH YRWUH UÑJLRQ >'D\OLJKW 6DYLQJV@ +HXUH G ÑWÑ q &KRLVLVVH] 2Q RX 2II &RQWUÛ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ÑJODJH GX FRQWUÛOH SDUHQWDO 9FKLS$YDQW G HQWUHU GDQV OH VRXVPHQX &RQWUÛOH SDUHQWDO YRXV GHYH] G DERUG VDLVLU OH PRW GH SDVVH , QVFULUH OjREMHW GX FRQWUÛOH SDUHQWDO SRXU SRXYRLU EORTXHU HQVXLWH OHV SURJUDPPHV XWLOLVDQW OH EDUÔPH GjÌJH GX 03$$ RX GHV ÑPLVVLRQV WÑOÑYLVÑHV $SUÔV DYRLU TXLWWÑ OH VRXVPHQX OD IRQFWLRQ &RQWUÛOH SDUHQWDO HVW DFWLYÑ /HV FDQDX[ RX OHV VRXUFHV GH VLJQDX[ EORTXÑV SHXYHQW ÒWUH GÑYHUURXLOOÑV HQ HQWUDQW OH PRW GH SDVVH 5HPDUTXH &HWWH IRQFWLRQ Q HVW GLVSRQLEOH TXH GDQV OHV PRGHV VRXUFHV 0RGH VRXUFH &RPSRVLWH RX 79 /H PRW GH SDVVH SDU GÑIDXW HVW 7JEFP "VEJP &OUFS 1BTTXPSE 1BSFOUBM $POUSPM 57 4FUVQ 7(" 3FUVSO . PWF ENTER 4FMFDU 7JEFP "VEJP 57 1BSFOUBM $POUSPM #VUUPO -PDL #MPDL 6OSBUFE 57 64" 1BSFOUBM -PDLT $BOBEB 1BSFOUBM -PDLT 0QFO 7$IJQ 0GG 0GG 4FUVQ 7(" 3FUVSO . PWF ENTER 4FMFDU >%XWWRQ /RFN@ 9HUURXLOODJH ERXWRQV q &KRLVLVVH] 2Q RX 2II $FWLYHU RX 'ÑVDFWLYHU SRXU YHUURXLOOHU RX GÑYHUURXLOOHU OHV ERXWRQV GH FRQWUÛOH VLWXÑV VXU OH FÛWÑ GX WÑOÑYLVHXU /RUVTXH FHWWH IRQFWLRQ HVW DFWLYÑH OHV WRXFKHV FRQWDFWV VXU YRWUH WÑOÑYLVHXU VHURQW YHUURXLOOÑV HW OH WÑOÑYLVHXU QH SRXUUD ÒWUH FRPPDQGÑ TXjDYHF OD WÑOÑFRPPDQGH >%ORFN 8QUDWHG 79@ 9HUU SURJ QRQ FODVVÑV q /RUVTXH FHWWH IRQFWLRQ HVW DFWLYÑH OH WÑOÑYLVHXU EORTXH OHV SURJUDPPHV WÑOÑYLVÑV QRQ FODVVÑV >86$ 3DUHQWDO /RFNV@ 9HUU SDUHQWDO 86$ q 5ÑJOH] OH QLYHDX GH FRQWUÛOH SDUHQWDO HQ IRQFWLRQ GHV FODVVLILFDWLRQV 03$$ RX GHV ÑPLVVLRQV WÑOÑYLVÑHV >&DQDGLDQ 3DUHQWDO /RFNV@ 9HUU SDUHQWDO &DQDGD q 5ÑJOH] OH QLYHDX GH FRQWUÛOH SDUHQWDO HQ IRQFWLRQ GHV FODVVLILFDWLRQV GHV ÑPLVVLRQV DQJODLVHV RX IUDQ£DLVHV >2SHQ 9&KLS@ 3XFH DQWL YLROHQFH q &HWWH IRQFWLRQ HVW XQ V\VWÔPH DYDQFÑ GH FODVVLILFDWLRQ DQWLYLROHQFH SRXU OHV FDQDX[ QXPÑULTXHV /H WDEOHDX GH FODVVLILFDWLRQ VHUD PLV Î MRXU SDU OHV SURJUDPPHV Î OjDLGH GH OjLQIRUPDWLRQ GH FODVVLILFDWLRQ 557 &ORVHG &DSWLRQV 6RXVWLWUDJHV QXPÑULTXHV &KRLVLVVH] OH UÑJODJH GHV VRXVWLWUHV 2II 2Q RX DYHF 6RXUGLQH $QDORJ &DSWLRQV 6RXVWLWUDJHV QXPÑULTXHV 6ÑOHFWLRQQH] OHV RSWLRQV GH VRXVWLWUHV DQDORJLTXHV && RX 7(;7 &HWWH RSWLRQ HVW VHXOHPHQW GLVSRQLEOH SRXU OD 79 DQDORJLTXH RX &RPSRVLWH VRXUFH PRGH 'LJLWDO &DSWLRQV 6RXVWLWUDJHV QXPÑULTXHV 6ÑOHFWLRQQH] OHV RSWLRQV VRXVWLWUHV QXPÑULTXHV 6HUYLFH RX && &HWWH RSWLRQ HVW VHXOHPHQW GLVSRQLEOH SRXU OH PRGH VRXUFH 79 QXPÑULTXH 'LJLWDO &DSWLRQV 6HWXS &RQILJ VRXVWLWUHV QXP 3URSRVH GH QRPEUHXVHV RSWLRQV SRXU UÑJOHU OH VW\OH GHV VRXVWLWUHV QXPÑULTXHV &HWWH RSWLRQ HVW GLVSRQLEOH SRXU OHV PRGHV VRXUFH 79 QXPÑULTXHV VHXOHPHQW >6W\OH@ q &KRLVLVVH] OH PRGH $XWRPDWLF $XWRPDWLTXH RX &XVWRP 3HUVRQQDOLVÑ /D VÑOHFWLRQ GX PRGH 3HUVRQQDOLVÑ YRXV SHUPHW GH PRGLILHU OH VW\OH GX VRXV WLWUDJH /H UÑVXOWDW GHV SDUDPÔWUHV DSSDUDÖWUD LPPÑGLDWHPHQW VXU OH FÛWÑ Î OD EDVH GX VRXVPHQX 26' >6L]H@ 7DLOOH GHV FDUDFWÔUHV q 5ÔJOH OD WDLOOH GHV FDUDFWÔUHV GHV VRXVWLWUHV QXPÑULTXHV $XWRPDWLF $XWRPDWLTXH 6PDOO 3HWLW 1RUPDO RX /DUJH *UDQG >)RQW@ 3ROLFH GH FDUDFWÔUHV q 5ÔJOH OH VW\OH GHV FDUDFWÔUHV GHV VRXVWLWUHV QXPÑULTXHV $XWRPDWLF $XWRPDWLTXH 'HIDXOW 'ÑIDXW RX )RQW 3ROLFH a >7H[W &RORU@ &RXOHXU WH[WH q 5ÔJOH OD FRXOHXU GX WH[WH $XWRPDWLF $XWRPDWLTXH:KLWH %ODQF 5HG 5RXJH *UHHQ 9HUW %OXH %OHX<HOORZ -DXQH 0DJHQWD &\DQ %ODFN 1RLU >7H[W 2SDFLW\@ 2SDFLWÑ GX WH[WH q 5ÔJOH OjRSDFLWÑ GX WH[WH $XWRPDWLF $XWRPDWLTXH 6ROLG 6ROLGH )ODVKLQJ &OLJQRWDQW 7UDQVSDUHQW7UDQVOXFHQW 7UDQVOXFLGH >%DFNJURXQG &RORU@ &RXOHXU GX IRQG q 5ÔJOH OD FRXOHXU GX IRQG $XWRPDWLF $XWRPDWLTXH%ODFN 1RLU:KLWH %ODQF 5HG 5RXJH *UHHQ 9HUW %OXH %OHX<HOORZ -DXQH 0DJHQWD &\DQ >%DFNJURXQG 2SDFLW\@ 2SDFLWÑ GX IRQG q 5ÔJOH OjRSDFLWÑ GX IRQG $XWRPDWLF $XWRPDWLTXH 6ROLG 6ROLGH )ODVKLQJ &OLJQRWDQW7UDQVSDUHQW 7UDQVOXFHQW 7UDQVOXFLGH >(GJH (IIHFW@ (IIHW GH FRQWRXU q 5ÔJOH OjHIIHW GH FRQWRXU $XWRPDWLF $XWRPDWLTXH 1RQH $XFXQ 5DLVHG 5HOLHI 'HSUHVVHG (PSUHLQWH 8QLIRUP 8QLIRUPH /HIW 6KDGRZ 2PEUH JDXFKH 5LJKW 6KDGRZ 2PEUH GURLWH >(GJH &RORU@ &RXOHXU GX FRQWRXU q 5ÔJOH OD FRXOHXU GX FRQWRXU $XWRPDWLF $XWRPDWLTXH 5HG 5RXJH *UHHQ 9HUW %OXH %OHX<HOORZ -DXQH 0DJHQWD &\DQ %ODFN 1RLU:KLWH %ODQF +'0, &(& &HWWH RSWLRQ HVW GLVSRQLEOH SRXU OH PRGH VRXUFH +'0, VHXOHPHQW9RWUH WÑOÑYLVHXU +DLHU +'79 VXSSRUWH FHUWDLQHV IRQFWLRQV +'0, &(& &RPPDQGH ÑOHFWURQLTXH GX FRQVRPPDWHXU /RUVTXH YRXV UDFFRUGH] XQ DXWUH GLVSRVLWLI GH W\SH +'0, &(& SDU H[ XQ OHFWHXU %OXUD\ DX WÑOÑYLVHXU FHV DSSDUHLOV SHXYHQW VH UHFRQQDÖWUH HW FRPPXQLTXHU HQWUH HX[ &H WÑOÑYLVHXU VXSSRUWH OHV IRQFWLRQV +'0, &(& VXLYDQWHV YHLOOH GX V\VWÔPH OHFWXUH DFWLYÑ SDU XQH VHXOH WRXFKH WUDQVIHUW GH WÑOÑFRPPDQGH PHQX GH FRPPDQGH GHV SÑULSKÑULTXHV HW OLVWH GHV SÑULSKÑULTXHV >+'0, &RQWURO@ &RPPDQGH +'0,  q $FWLYH RX GÑVDFWLYH OD FRPPDQGH GH OD IRQFWLRQ +'0, &(& >'HYLFH $XWR 2II@ $UUÒW DXWRPDWLTXH GX SÑULSKÑULTXH q $FWLYH RX GÑVDFWLYH l 'HYLFH $XWR 2II z $UUÒW DXWRPDWLTXH GX SÑULSKÑULTXH (Q DFWLYDQW FHWWH RSWLRQ GX PHQX OD PLVH KRUV WHQVLRQ GX WÑOÑYLVHXU FRPPDQGHUD DX[ SÑULSKÑULTXHV GH W\SH &(& UDFFRUGÑV Î OjHQWUÑH +'0, GH VH PHWWUH HQ PRGH 9HLOOH >79 $XWR 2Q@ 0LVH HQ URXWH DXWRPDWLTXH GX WÑOÑYLVHXU q 5ÔJOH OH WÑOÑYLVHXU VXU l 79 $XWR 2Q z 0LVH HQ URXWH DXWRPDWLTXH GX WÑOÑYLVHXU (Q SUHVVDQW OH ERXWRQ l 3OD\ z /HFWXUH GjXQ SÑULSKÑULTXH GRWÑ GjXQH IRQFWLRQ &(& SDU H[ OH OHFWHXU %OXUD\ FRPPDQGHUD VRQ DPRUFH DOOXPHUD OH WÑOÑYLVHXU HW VÑOHFWLRQQHUD OjHQWUÑH +'0, DSSURSULÑH >5RRW 0HQX@ 0HQX GHV SÑULSKÑULTXHV q SHUPHW OjDFFÔV DX PHQX GHV SÑULSKÑULTXHV FRPSDWLEOHV DX VWDQGDUG &(& +'0, UDFFRUGÑV Î OD WÑOÑFRPPDQGH GX WÑOÑYLVHXU >'HYLFH /LVW@ /LVWH GHV SÑULSKÑULTXHV q 'UHVVH OD OLVWH GHV SÑULSKÑULTXHV +'0, &(& UDFFRUGÑV HW OHV IRQFWLRQV DFFHVVLEOHV , QSXW /DEHOV µWLTXHWWHV HQWUÑH 9RXV SRXYH] PRGLILHU OH QRP GHV ÑWLTXHWWHV GHV HQWUÑHV &HWWH RSWLRQ QjHVW DFFHVVLEOH TXH SRXU OHV VRXUFHV DXWUHV TXH OD WÑOÑYLVLRQ9RXV SRXYH] PRGLILHU O ÑWLTXHWWH G HQWUÑH SRXU FKDFXQ GHV PRGHV VRXUFH QRQ79 &RPSRQHQW 6HWWLQJ 5ÑJO FRPSRVDQWH &HWWH RSWLRQ HVW GLVSRQLEOH SRXU OHV PRGHV VRXUFH FRPSRQHQW9RXV SRXYH] UÑJOHU OHV SDUDPÔWUHV GjDIILFKDJH GX FRPSRVDQW 3KDVH HW 3UÑLQLWLDOLVDWLRQ >3KDVH@ q 5ÔJOH OD SKDVH GH O LPDJH SRXU UÑGXLUH OH EUXLW GHV OLJQHV KRUL]RQWDOHV /D SODJH GH UÑJODJH YD GH Î >3UHVHW@ 3UÑUÑJODJH q 5HVWDXUH OHV YDOHXUV GH UÑJODJH GHV FRPSRVDQWV SDU GÑIDXW 0HQX PXOWLPÑGLD &HWWH RSWLRQ DIILFKH OHV SKRWRV -3(* RX MRXH GH OD PXVLTXH 03 HQUHJLVWUÑHV VXU XQH FOÑ PÑPRLUH 86% 5HPDUTXH 6HXOV OHV SUHPLHUV ILFKLHUV VRQW UHFRQQXV /HV IRUPDWV GHV SKRWRV SRXYDQW ÒWUH DIILFKÑHV VRQW OLPLWÑV 5ÑVROXWLRQ PLQLPXP [ 5ÑVROXWLRQ PD[LPXP [ / LQWHUIDFH GH O DIILFKHXU -3(* HW GX OHFWHXU 03 0XVLF%R[ SHXYHQW VjRXYULU GH WURLV ID£RQV $SUÔV DYRLU LQVÑUÑ XQH FOÑ 86% GDQV OH SRUW 86% SODFÑ VXU OH FÛWÑ GX WÑOÑYLVHXU OH PHQX 0XOWLPÑGLD /LVW /LVWH PXOWLPÑGLD V DIILFKH 0XOWLPHGLD /LVW -3(* 9LHZHU 03 0XVLF%R[ ([LW 6ÑOHFWLRQQH] OH PHQX 6HWXS 5ÑJODJHV SRXU RXYULU OjDSSOLFDWLRQ -3(* 9LHZHU RX 03 0XVLF%R[ &HV GHX[ DSSOLFDWLRQV QH VRQW DFWLYÑHV TXH VL XQH FOÑ 86% HVW LQVÑUÑH GDQV OH SRUW 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 /RUVTXjXQH FOÑ 86% HVW LQVÑUÑH $SSX\H] VXU OD WRXFKH 86% GH OD WÑOÑFRPPDQGH SRXU DIILFKHU OH PHQX 0XOWLPHGLD /LVW /LVWH PXOWLPÑGLD $SSX\H] VXU OD WRXFKH 86% SRXU EDVFXOHU GDQV O DXWUH PRGH PXOWLPÑGLD -3(* q!03 03 q!-3(* >-3(* 9LHZHU@ $IILFKHXU -(3* q $SSX\H] VXU 0HQX SRXU DIILFKHU OH PHQX GH FRQWUÛOH GH O DIILFKDJH 8WLOLVH] OHV IOÔFKHV SRXU VÑOHFWLRQQHU XQH SKRWR 3UHVVH] (17(5 (175(5 SRXU DIILFKHU OD SKRWR VÑOHFWLRQQÑH v , PDJH 'HOD\ 'ÑODL G DIILFKDJH 5ÑJOHU OD YLWHVVH GH GÑILOHPHQW GHV LPDJHV GX PRGH GH GLDSRUDPD , O H[LVWH WURLV UÑJODJHV )DVW 5DSLGH 6ORZ /HQW  HW 1RUPDO 1RUPDO v 0XVLF 2Q 6OLGH 6KRZ 0XVLTXH VXU GLDSRUDPD 3HUPHW GH MRXHU GH OD PXVLTXH HQ DUULÔUHSODQ HQ PRGH GLDSRUDPD / DSSOLFDWLRQ OLW HQ ERXFOH OD VÑTXHQFH GHV ILFKLHUV 03 GDQV OH GRVVLHU DFWXHO / RSWLRQ 0XVLF 2Q 6OLGH 6KRZ 0XVLTXH VXU GLDSRUDPD HVW GÑVDFWLYÑH VL DXFXQ ILFKLHU 03 Q H[LVWH GDQV OH GRVVLHU DFWXHO v 6WDUW 6OLGH 6KRZ 'ÑPDUUHU OH GLDSRUDPD $FWLYH] O DIILFKDJH GX GLDSRUDPD v 5RWDWH 3KRWR 7RXUQHU SKRWR 7RXUQH] O LPDJH VÑOHFWLRQQÑH v %DFN WR 8SSHU )ROGHU 5HWRXU DX GRVVLHU VXSÑULHXU 5HWRXUQH] DX GRVVLHU GX QLYHDX VXSÑULHXU v %DFN WR 5RRW )ROGHU 5HWRXU DX GRVVLHU UDFLQH 5HWRXUQH] DX GRVVLHU UDFLQH v ([LW 4XLWWHU 4XLWWH] OH OHFWHXU GH ILFKLHUV -3(* HW UHYHQH] DX PRGH GH OD VRXUFH SUÑFÑGHQWH >03 0XVLF%R[@ v /LVW, QIR%DU EDUUH G LQIRUPDWLRQ HQ EDV GH O ÑFUDQ &HWWH VHFWLRQ FRPSUHQG GHV LQIRUPDWLRQV VXU OHV ILFKLHUV HW OHV GRVVLHUV l&XUUHQW 'LUHFWRU\z 'RVVLHU DFWXHO l7RWDO )LOHVz 1RPEUH WRWDO GH ILFKLHUV l7RWDO )ROGHUVz 1RPEUH WRWDO GH GRVVLHUV l&XUUHQW , WHPz µOÑPHQW HQ FRXUV GX GRVVLHU DFWXHO HQ SOXV GH OD EDUUH G DLGH GHV ERXWRQV v 3OD\/LVW /LVWH GH OHFWXUH Î GURLWH GH O ÑFUDQ &HWWH VHFWLRQ ÑQXPÔUH WRXV OHV GRVVLHUV HW OHV ILFKLHUV GH PXVLTXH 03 GDQV OH GRVVLHU DFWXHO v &RQWURO3DQHO 3DQQHDX GH FRQWUÛOH Î JDXFKH GH O ÑFUDQ %DVV7UHEOH %DODQFH9ROXPH %DVVHV$LJXV %DODQFH 9ROXPH 5ÑJOH] OD WRQDOLWÑ DXGLR 0XWH 6FUHHQ 'ÑVDFWLYH DIILFKDJH 9RXV SRXYH] DFWLYHU 2Q RX GÑVDFWLYHU 2II OD IRQFWLRQ G ÑFUDQ HQ VRXUGLQH /RUVTX DFWLYÑH OD EDQQLÔUH GjDYHUWLVVHPHQW GjÑFUDQ HQ VRXUGLQH VHUD DIILFKÑH Î OjÑFUDQ DSUÔV XQ LQWHUYDOOH GH VHFRQGHV VL DXFXQH WRXFKH QjHVW VÑOHFWLRQQÑH /RUVTXH OD EDQQLÔUH G DYHUWLVVHPHQW SRXU O ÑFUDQ HQ VRXUGLQH HVW DIILFKÑH FOLTXH] VXU l <HV z SRXU DFWLYHU OD IRQFWLRQ G ÑFUDQ HQ VRXUGLQH RX VXU 1R SRXU GÑVDFWLYHU OD IRQFWLRQ GjÑFUDQ HQ VRXUGLQH HW VRUWH] GH OD EDQQLÔUH /H VRQ FRQWLQXHUD Î VH IDLUH HQWHQGUH Î SDUWLU GHV KDXWSDUOHXUV $SSX\H] VXU Q LPSRUWH TXHOOH WRXFKH SRXU DFWLYHU OjÑFUDQ ORUVTXjLO HVW VRXUGLQH 5HPDUTXH /jRSWLRQ GjÑFUDQ HQ VRXUGLQH UÑJOÑ GDQV OjDSSOLFDWLRQ 03 0XVLF%R[ QjHVW DFFHVVLEOH TXjHQ PRGH 03 0XVLF%R[ 3UHVHW 3UÑLQLWLDOLVÑV 5HVWDXUH WRXV OHV UÑJODJHV 03 0XVLF%R[ DX[ YDOHXUV GjXVLQH SDU GÑIDXW ([LW 4XLWWHU 4XLWWH] OjLQWHUIDFH 03 0XVLF%R[ 0XWH 6FUHHQ 'ÑVDFWLYH DIILFKDJH 9RXV SRXYH] DFWLYHU 2Q RX GÑVDFWLYHU 2II OD IRQFWLRQ G ÑFUDQ HQ VRXUGLQH /RUVTX DFWLYÑH OD EDQQLÔUH GjDYHUWLVVHPHQW GjÑFUDQ HQ VRXUGLQH VHUD DIILFKÑH Î OjÑFUDQ DSUÔV XQ LQWHUYDOOH GH VHFRQGHV VL DXFXQH WRXFKH QjHVW VÑOHFWLRQQÑH /H VRQ FRQWLQXHUD Î VH IDLUH HQWHQGUH Î SDUWLU GHV KDXWSDUOHXUV $SSX\H] VXU Q LPSRUWH TXHOOH WRXFKH SRXU DFWLYHU OjÑFUDQ ORUVTXjLO HVW VRXUGLQH 5HVHW WR 'HIDXOW 5HVWDXUDWLRQ SDU GÑIDXW 5HVWDXUH WRXV OHV UÑJODJHV GHV PHQXV DX[ YDOHXUV GjXVLQH SDU GÑIDXW 9*$ 0(18 0(18 9*$ &HWWH RSWLRQ QjDSSDUDÖW HW QjHVW GLVSRQLEOH TXjHQ PRGH GjDIILFKDJH 9*$ TXL RIIUH SOXVLHXUV RSWLRQV GH UÑJODJHV ILQV SRXU OjDIILFKDJH 9*$ 7JEFP "VEJP 57 4FUVQ 7(" )1PTJUJPO 71PTJUJPO $MPDL 1IBTF "VUP "EKVTU 1SFTFU OH WÑOÑYLVHXU HQ HVVX\DQW O ÑFUDQ HW OH ERÖWLHU Î O DLGH G XQ FKLIIRQ GRX[ HW SURSUH 6L O ÑFUDQ D EHVRLQ G XQ QHWWR\DJH VXSSOÑPHQWDLUH XWLOLVH] XQ FKLIIRQ SURSUH KXPLGLILÑ 1H SDV XWLOLVHU GH QHWWR\DQWV OLTXLGHV RX GH QHWWR\DQWV HQ DÑURVROV $YHUWLVVHPHQW UHODWLI DX[ WÑOÑSKRQHV PRELOHV 3RXU ÑYLWHU GHV SHUWXUEDWLRQV GDQV O LPDJH HW OH VRQ GHV G\VIRQFWLRQQHPHQWV GH YRWUH WÑOÑYLVHXU YRLUH GHV GRPPDJHV VXU OH WÑOÑYLVHXU JDUGH] YRWUH WÑOÑSKRQH PRELOH ÑORLJQÑ GX WÑOÑYLVHXU 'LUHFWLYHV UHODWLYHV Î OD ILQ GH YLH 9RWUH QRXYHDX WÑOÑYLVHXU FRQWLHQW GHV PDWÑULDX[ TXL VRQW UHF\FODEOHV HW UÑXWLOLVDEOHV $ OD ILQ GH VD YLH GHV VRFLÑWÑV VSÑFLDOLVÑHV SHXYHQW GÑPRQWHU OH UÑFHSWHXU PLV DX UHEXV SRXU UDVVHPEOHU OHV PDWÑULDX[ UÑXWLOLVDEOHV HW PLQLPLVHU OD TXDQWLWÑ GH PDWÑULDX[ TXL VRQW MHWÑV 9HXLOOH] YRXV DVVXUHU GH PHWWUH DX UHEXV YRWUH YLHX[ UÑFHSWHXU FRQIRUPÑPHQW DX[ UÑJOHPHQWDWLRQV ORFDOHV +DLHU V HVW HQJDJÑ Î UHF\FOHU GHV SURGXLWV ÑOHFWURQLTXHV HW PDWÑULDX[ GH ID£RQ VÑFXULWDLUH9HXLOOH] YÑULILHU XQ HQGURLW ORFDO SRXU OH UHF\FODJH DX[ µWDWV8QLV DX 5(&<&/, 1*&20 RX DSSHOH] DX 5(&<&/, 1* $YLV GH OLFHQFH 'ROE\ HW PDUTXHV GÑSRVÑHV 7(" 3FUVSO . PWF ENTER 4FMFDU +3RVLWLRQ 3RVLWLRQ KRU 5ÑJOH] OD SRVLWLRQ KRUL]RQWDOH GH O LPDJH  93RVLWLRQ 3RVLWLRQ YHU 5ÑJOH] OD SRVLWLRQ YHUWLFDOH GH O LPDJH  &ORFN )UÑTXHQFH 5ÑJOH] OD IUÑTXHQFH GH O LPDJH SRXU UÑGXLUH OH EUXLW YHUWLFDO  3KDVH 5ÑJOH] OD SKDVH GH O LPDJH SRXU UÑGXLUH OH EUXLW KRUL]RQWDO  $XWR $GMXVW 5ÑJODJH DXWR 5ÑJOH] DXWRPDWLTXHPHQW O LPDJH 3UHVHW 3UÑLQLWLDOLVÑV 5HVWDXUH WRXV OHV UÑJODJHV 9*$ DX[ YDOHXUV GjXVLQH SDU GÑIDXW &216(, /6 (QWUHWLHQ GH O ÑFUDQ 1H SDV IURWWHU RX FRJQHU O ÑFUDQ DYHF TXHOTXH FKRVH GH GXU FDU FHOD SHXW OH UD\HU OH PDUTXHU RX O HQGRPPDJHU GÑILQLWLYHPHQW 'ÑEUDQFKH] OD ILFKH G DOLPHQWDWLRQ DYDQW GH QHWWR\HU O ÑFUDQ 'ÑSRXVVLÑUH] 3URGXLW IDEULTXÑ VRXV OLFHQFH GH 'ROE\ /DERUDWRULHV 'ROE\ HW OH V\PEROH GRXEOH' VRQW GHV PDUTXHV GH FRPPHUFH GHV ODERUDWRLUHV 'ROE\ 1RWLFHV UÑJOHPHQWDLUHV q 1RWLFH GH OD FRPPLVVLRQ GHV FRPPXQLFDWLRQV IÑGÑUDOHV &HW DSSDUHLO HVW FRQIRUPH DYHF OD UÑJOHPHQWDWLRQ GX )&& 3DUW 6RQ XWLOLVDWLRQ HVW VRXPLVH 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 DSSDUHLO D VXEL GHV WHVWV GH FRQWUÛOH HW D ÑWÑ GÑFODUÑ FRQIRUPH DX[ UHVWULFWLRQV LPSRVÑHV DX[ DSSDUHLOV QXPÑULTXHV GH FODVVH % SDU OD VHFWLRQ GH OD UÑJOHPHQWDWLRQ )&& &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 v 5ÑRULHQWH] RX GÑSODFH] O DQWHQQH UÑFHSWULFH v $XJPHQWH] OD GLVWDQFH HQWUH O DSSDUHLO HW OH UÑFHSWHXU v %UDQFKH] O DSSDUHLO GDQV XQH SULVH GH FRXUDQW VXU XQ FLUFXLW GLIIÑUHQW GH FHOXL DXTXHO OH UÑFHSWHXU HVW EUDQFKÑ v &RQVXOWH] OH UHYHQGHXU RX XQ WHFKQLFLHQ UDGLR79 H[SÑULPHQWÑ SRXU GH O DLGH 0RGLILFDWLRQV /H )&& GHPDQGH TXH O XWLOLVDWHXU VRLW QRWLILÑ GX IDLW TXH WRXW FKDQJHPHQW RX WRXWH PRGLILFDWLRQ DSSRUWÑ Î FHW DSSDUHLO TXL Q HVW H[SUHVVÑPHQW DSSURXYÑ SDU QRWUH VRFLÑWÑ SHXW DQQXOHU OH GURLW SRXU O XWLOLVDWHXU GH IDLUH IRQFWLRQQHU FHW DSSDUHLO &ÌEOHV /HV FRQQH[LRQV Î O DSSDUHLO GRLYHQW ÒWUH UÑDOLVÑHV DX PR\HQ GH FÌEOHV EOLQGÑV GRWÑV GH ERÖWLHUV GH FRQQHFWHXUV 5), (0, PÑWDOOLTXHV DILQ GH JDUDQWLU OD FRQIRUPLWÑ DYHF OD UÑJOHPHQWDWLRQ GH OD )&& 1RWLFH FDQDGLHQQH &HW DSSDUHLO QXPÑULTXH GH &ODVVH % HVW FRQIRUPH DYHF OD QRUPH FDQDGLHQQH , &(6 &HW DSSDUHLO QXPÑULTXH GH OD FODVVH % HVW FRQIRUPH Î OD QRUPH 10% GX &DQDGD 6WDQGDUG 7HOHYLVLRQ 5HFHLYLQJ $SSDUDWXV $SSDUHLO GH UÑFHSWLRQ WÑOÑYLVLRQ RUGLQDLUH &DQDGD %(76 1705 &$5$&7µ5, 67, 48(6 '8 352'8, 7 5(0$548( v &H PRGÔOH HVW FRQIRUPH DX[ VSÑFLILFDWLRQV ÑQXPÑUÑHV FLGHVVRXV v /HV FDUDFWÑULVWLTXHV HW VSÑFLILFDWLRQV VRQW VXMHWWHV Î PRGLILFDWLRQV VDQV SUÑDYLV v &H PRGÔOH SHXW QH SDV ÒWUH FRPSDWLEOH DYHF OHV IRQFWLRQV HWRX VSÑFLILFDWLRQV VXVFHSWLEOHV G ÒWUH DMRXWÑHV Î O DYHQLU 0RGÔOH Q $IILFKDEOH 6\VWÔPH GH WÑOÑYLVHXU v v v v v /(& /(& ', 63/$< $)), &+$*( 176& VWDQGDUG $76& VWDQGDUG 96% &OHDU4$0 9+) GH Î 8+) GH Î &ÌEOH 79 %DQGH PR\HQQH $ Î $ $ Î ,  EDQGH VXSHU - Î : EDQGH K\SHU $$ Î ==$$$ %%% EDQGH XOWUD Î Î  &211(;, 216 (QWUÑH UDGLR : (QWUÑH DXGLR 0LQLSULVH GHV ÑFRXWHXUV v 9*$7DX[ GH EDOD\DJH 9*$7DX[ GH EDOD\DJH SULV HQ FKDUJH SULV HQ FKDUJH [#+] [#+] [#+] [#+] [#+] [#+] [#+] [#+] [#+] [#+] [#+] [#+] [#+] [#+] 5HFRPPDQGÑ [#+] [#+] [ # +] [#+] v 5HFRPPDQGÑ [#+] +'0, +'0, 7DX[ GH EDOD\DJH VXSSRUWÑV L S S L S +'0, $FFHSWH O DGDSWDWHXU '9, Î +'0, RX XQH FRQQH[LRQ SDU FÌEOH / DXGLR GHYUDLW ÒWUH EUDQFKÑ YLD OD FRQQH[LRQ 9*$$8', 2 , 1 63', ) 6RUWLH DXGLR &RXYHUWXUH GHV FKDÖQHV v v v &RQQHFWHXUV YHUV OH EDV v v v v v 0RGÔOH Q v v v &RQQHFWHXUV VXU OH FÛWÑ v v /(& /(& 6RUWLH FDVTXH 3RUW 86% ÑSDLVVHXU GH OD SULVH 86% PP (QWUÑH FRPSRVDQWH YLGÑR HW DXGLR '* 5ÑVROXWLRQV SULVHV HQ FKDUJH L S S L S (QWUÑH FRPSRVLWH YLGÑR HW DXGLR '* SDUWDJÑH DYHF OH &RPSRVDQW HQ < +'0, 7DX[ GH EDOD\DJH VXSSRUWÑV L S S L S 32, '6 ', 0(16, 216 [ [ SRXFHV [ [ SRXFHV OE OE 'LPHQVLRQV DYHF SLHG / [ + [ 3 'LPHQVLRQV VDQV SLHG / [ + [ 3 3RLGV DYHF SLHG 3RLGV VDQV SLHG QL EDVH 6XSSRUW PXUDO FRPSDWLEOH 9(6$ / [ +  7\SH GH YLV &RQVRPPDWLRQ G ÑQHUJLH 9HLOOH $OLPHQWDWLRQ ÑOHFWULTXH 3XLVVDQFH DXGLR 7HPSÑUDWXUH DPELDQWH [ [ SRXFHV [ [ SRXFHV OE OE 0217$*( 085$/ [ PP [ PP [ PP PÑWULTXH [ PP PÑWULTXH 32:(5 $/, 0(17$7, 21 : : 9 +] : : : ) a ) &217(18 '( /j(0%$//$*( v 7ÑOÑYLVHXU [ v %DVH [ v 7ÑOÑFRPPDQGH [ DYHF GHX[ SLOHV DOFDOLQHV $$$ v 0DQXHO GH OjXWLOLVDWHXU [ v &DUWH GjHQUHJLVWUHPHQW [ $FFHVVRLUHV IRXUQLV 'µ3$11$*( 9HXLOOH] SURFÑGHU DX[ YÑULILFDWLRQV VXLYDQWHV DYDQW G DSSHOHU SRXU XQH UÑSDUDWLRQ &HV FRQVHLOV SHXYHQW YRXV IDLUH JDJQHU GX WHPSV HW GH O DUJHQW SXLVTXH OHV SUL[ SRXU O LQVWDOODWLRQ GX UÑFHSWHXU HW OHV UÑJODJHV GHV FRPPDQGHV GX FOLHQW QH VRQW SDV FRXYHUWV VRXV YRWUH JDUDQWLH 6\PSWÛPHV µOÑPHQWV Î YÑULILHU HW DFWLRQV Î VXLYUH l)DQWÛPHz RX v &HFL SHXW SURYHQLU G XQH REVWUXFWLRQ GH O DQWHQQH GXH Î GHV LPDJH GRXEOH JUDWWHFLHOV RX GHV FROOLQHV / HPSORL G XQH DQWHQQH KDXWHPHQW GLUHFWLRQQHOOH SRXUUDLW DPÑOLRUHU OjLPDJH $EVHQFH GH v 9ÑULILH] TXH OH FRUGRQ G DOLPHQWDWLRQ &$ GX WÑOÑYLVHXU HVW WHQVLRQ EUDQFKÑ GDQV OD SULVH G DOLPHQWDWLRQ v 'ÑEUDQFKH] OH WÑOÑYLVHXU HW DWWHQGH] VHFRQGHV 5ÑLQVÑUH] HQVXLWH OD SULVH GDQV OD SULVH G DOLPHQWDWLRQ HW UDOOXPH] OH WÑOÑYLVHXU 3DV G LPDJH v 9ÑULILH] OHV FRQQH[LRQV GH O DQWHQQH DX GRV GX WÑOÑYLVHXU SRXU YRLU VL HOOH HVW ELHQ EUDQFKÑH VXU OH WÑOÑYLVHXU v 3RVVLELOLWÑ GH SUREOÔPH GH OD VWDWLRQ GH GLIIXVLRQ (VVD\H] XQH DXWUH FKDÖQH v 5ÑJOH] OHV SDUDPÔWUHV GH OXPLQRVLWÑ HW GH FRQWUDVWH v 9ÑULILH] OD FRPPDQGH GHV VRXVWLWUHV &HUWDLQV PRGHV GH 7(;7( SHXYHQW EORTXHU O ÑFUDQ %RQQH LPDJH v $XJPHQWHU OH 92/80( PDLV SDV GH v 9ÑULILH] TXH OH VRQ GX WÑOÑYLVHXU Q HVW SDV FRXSÑ DSSX\H] VXU VRQ OD WRXFKH 087( 6, /(1&( GH OD WÑOÑFRPPDQGH %RQ VRQ PDLV v 5ÑJOH] OHV SDUDPÔWUHV GH OXPLQRVLWÑ GH FRQWUDVWH HW GHV FRXOHXUV FRXOHXUV PÑGLRFUHV , PDJH v 3DUIRLV OD TXDOLWÑ G LPDJH HVW PÑGLRFUH TXDQG XQH FDPÑUD RX PÑGLRFUH XQ FDPÑVFRSH 69+6 HVW FRQQHFWÑ Î YRWUH 79 DLQVL TX XQ DXWUH SÑULSKÑULTXH HQ PÒPH WHPSV (WHLQGUH XQ GHV SÑULSKÑULTXHV , PDJH HW VRQ v 9ÑULILH] OHV EUDQFKHPHQWV GH O DQWHQQH HQQHLJÑV /LJQH SRLQWLOOÑH v &HFL SHXW SURYHQLU G LQWHUIÑUHQFHV ÑOHFWULTXHV SDU H[ VÔFKH KRUL]RQWDOH FKHYHX[ OXPLÔUHV QÑRQ Î SUR[LPLWÑ HWF v µWHLJQH] O DSSDUHLO /D WÑOÑYLVLRQ QH v 9ÑULILH] VL OHV SLOHV IRQFWLRQQHQW 5HPSODFH]OHV VL QÑFHVVDLUH UÑSRQG SDV Î OD v 1HWWR\H] OD OHQWLOOH GX FDSWHXU GH OD WÑOÑFRPPDQGH VXU OH WÑOÑFRPPDQGH WÑOÑYLVHXU v 9RXV SRXYH] WRXMRXUV XWLOLVHU OHV ERXWRQV Î O DYDQW GH YRWUH WÑOÑYLVHXU v 6ÑOHFWLRQQH] OH PRGH 79 SRXU ÒWUH FHUWDLQ TXH YRWUH WÑOÑFRPPDQGH HVW HQ PRGH 79 */266$, 5( +'79 /HV DIILFKDJHV HQ +'79 VRQW WHFKQLTXHPHQW GÑILQLV FRPPH ÑWDQW FDSDEOHV G DIILFKHU GHV OLJQHV GH EDOD\DJH DFWLYHV Î DX PRLQV S RX L (QWUÑHV +'0, , QWHUIDFH PXOWLPÑGLD KDXWH GÑILQLWLRQ (QWUÑHV $XGLR9LGÑR 6LWXÑV Î O DUULÔUH GX UÑFHSWHXU FHV FRQQHFWHXUV SULVH GH W\SH SKRQR 5&$ VHUYHQW SRXU O HQWUÑH GHV VLJQDX[ DXGLR HW YLGÑR &RQ£XV SRXU XQH XWLOLVDWLRQ DYHF GHV PDJQÑWRVFRSHV RX DXWUHV DFFHVVRLUHV DILQ GH UHFHYRLU XQH UÑVROXWLRQ G LPDJH VXSÑULHXUH HW G RIIULU GHV RSWLRQV GH FRQQH[LRQV VRQRUHV 0HQX 8QH OLVWH GH IRQFWLRQV Î O ÑFUDQ SUÑVHQWÑH VXU O ÑFUDQ GH WÑOÑYLVLRQ HVW PLVH Î OD GLVSRVLWLRQ GH O XWLOLVDWLRQ SRXU SURFÑGHU Î GHV UÑJODJHV 03$$ 0RWLRQ 3LFWXUH $VVRFLDWLRQ RI $PHULFD 0XOWLFKDQQHO 7HOHYLVLRQ VRXQG 076 q VRQ GH WÑOÑYLVLRQ Î FKDÖQHV PXOWLSOHV /H VWDQGDUG GH GLIIXVLRQ TXL SHUPHW GH WUDQVPHWWUH OH VRQ VWÑUÑR DYHF O LPDJH GX WÑOÑYLVHXU 5) 5DGLRIUÑTXHQFH RX FRQFHSWLRQ GH VLJQDO PRGXOÑ TXL VHUW GH WUDQVSRUWHXU SRXU OHV GLIIXVLRQV WÑOÑYLVÑHV 6HFRQG $XGLR 3URJUDP 6$3 q GHX[LÔPH SURJUDPPH DXGLR 8QH FKDÖQH GLIIÑUHQWH RX VXSSOÑPHQWDLUH SUÑYXH GDQV OH VWDQGDUG GH GLIIXVLRQ GX VRQ GH WÑOÑYLVLRQ Î FKDÖQHV PXOWLSOHV 0XOWLFKDQQHO 7HOHYLVLRQ 6RXQG 076 8QH SLVWH VRQRUH PRQDXUDOH LQFOXVH DX VHLQ GX VLJQDO HQUHJLVWUÑ RX YLGÑR FRQWHQDQW JÑQÑUDOHPHQW XQH GHX[LÔPH WUDGXFWLRQ GH ODQJXH SRXU OH SURJUDPPH DIILFKÑ 0LQXWHULH GH PLVH HQ VRPPHLO 9RXV SRXYH] GÑILQLU XQH SÑULRGH DX ERXW GH ODTXHOOH OH WÑOÑYLVHXU V ÑWHLQGUD DXWRPDWLTXHPHQW *$5$17, ( &H SURGXLW GH PDUTXH +DLHU HVW JDUDQWL ORUV GH VRQ H[SÑGLWLRQ GDQV VRQ HPEDOODJH G RULJLQH FRQWUH WRXW GÑIDXW GH PDLQGjXYUH RX GH IDEULFDWLRQ /H IDEULFDQW DFFHSWH Î VD GLVFUÑWLRQ GH UÑSDUHU RX GH UHPSODFHU OH SURGXLW GÑIHFWXHX[ SDU XQ DSSDUHLO QHXI RX UHPLV Î QHXI GH W\SH ÑTXLYDOHQW SRXU OHV SLÔFHV OD PDLQGjXYUH HW OD SÑULRGH LQGLTXÑHV FLGHVVRXV &HWWH JDUDQWLH QH V DSSOLTXH SDV Î O DSSDUHQFH RX Î O H[WÑULHXU GX SURGXLW VL FHOXLFL D ÑWÑ HQGRPPDJÑ UHQGX LOOLVLEOH DOWÑUÑ RX PRGLILÑ DX QLYHDX GH VD FRQFHSWLRQ RX GH VD FRQVWUXFWLRQ /D JDUDQWLH QH VjDSSOLTXH SDV DX[ DFFHVVRLUHV VXSSOÑPHQWDLUHV LQGLTXÑV FLGHVVRXV /D JDUDQWLH FRPPHQFH OH MRXU GH O DFKDW GjRULJLQH GH OjDSSDUHLO HW OH UH£X GRLW ÒWUH SUÑVHQWÑ DX FHQWUH GH VHUYLFH DXWRULVÑ DYDQW G HIIHFWXHU XQH UÑSDUDWLRQ GDQV OH FDGUH GH OD JDUDQWLH /D JDUDQWLH OLPLWÑH GÑFULWH GDQV FH GRFXPHQW V DMRXWH Î WRXWH JDUDQWLH LPSOLFLWH DFFRUGÑH DX[ DFKHWHXUV SDU OD ORL7287( *$5$17, ( , 03/, &, 7( , 1&/8$17 /$ *$5$17, ( '( 48$/, 7µ 0$5&+$1'( (7 'j$'$37$7, 21 ² 81 86$*( 3$57, &8/, (5 (67 /, 0, 7µ( $8; 3µ5, 2'(6 , 1', 48µ(6 &, '(66286 ² &2037(5 '( /$ '$7( ' $&+$7 &HUWDLQV µWDWV QH SHUPHWWHQW SDV OD OLPLWDWLRQ VXU OD GXUÑH GH OD JDUDQWLH LPSOLFLWH GDQV FHV FDV OHV OLPLWHV ÑYRTXÑHV SDU OD SUÑVHQWH SHXYHQW QH SDV V DSSOLTXHU Î YRXV 1L OH SHUVRQQHO GH YHQWH QL DXFXQH DXWUH SHUVRQQH QH VRQW DXWRULVÑV Î GRQQHU SRXU OH FRPSWH GH +DLHU GjDXWUH JDUDQWLH TXH FHOOHV GÑFULWHV GDQV FH GRFXPHQW QL Î HQ SURORQJHU OD GXUÑH DXGHOÎ GH OD SÑULRGH LQGLTXÑH /HV JDUDQWLHV GÑFULWHV GDQV FH GRFXPHQW VRQW OHV VHXOHV JDUDQWLHV H[FOXVLYHV DFFRUGÑHV SDU +DLHU HW VRQW OHV VHXOV UHFRXUV H[FOXVLIV PLV Î GLVSRVLWLRQ GH OjDFKHWHXU /D FRUUHFWLRQ GHV GÑIDXWV HIIHFWXÑH WHO TXjLQGLTXÑ HW GDQV OD SÑULRGH LQGLTXÑH GDQV FH GRFXPHQW FRQVWLWXH OjXQLTXH UHVSRQVDELOLWÑ HW HQJDJHPHQW GH +DLHU HQYHUV OjDFKHWHXU HQ FH TXL FRQFHUQH OH SURGXLW HW FRQVWLWXH OD VDWLVIDFWLRQ FRPSOÔWH GH WRXWHV OHV SODLQWHV TXjHOOHV VRLHQW EDVÑHV VXU XQ FRQWUDW XQH QÑJOLJHQFH XQH UHVSRQVDELOLWÑ VWULFWH RX DXWUH +DLHU QH SHXW ÒWUH WHQXH UHVSRQVDEOH GjDXFXQH PDQLÔUH SRXU GHV GRPPDJHV RX GÑIDXWV DX SURGXLW FDXVÑV SDU XQH UÑSDUDWLRQ RX XQH WHQWDWLYH GH UÑSDUDWLRQ HIIHFWXÑH SDU XQH SHUVRQQH RX XQ FHQWUH GH VHUYLFH QRQ DXWRULVÑV SDU +DLHU +DLHU QH VHUD SDV QRQ SOXV WHQXH UHVSRQVDEOH GjDFFLGHQWV GLUHFWV RX FRQVÑFXWLIV RX GH GRPPDJHV Î OD SURSULÑWÑ &(77( *$5$17, ( 9286 '211( '(6 '52, 76 /µ*$8; 63µ&, ), 48(6 (7 9286 32855, (= $92, 5 'j$875(6 '52, 76 48, 9$5, (17 'j81 µ7$7 ² 81 $875( /D SÑULRGH GH JDUDQWLH SRXU /(& HW /(& HVW GH DQ SLÔFHV HW PDLQ GjXYUH /HV DFFHVVRLUHV VXSSOÑPHQWDLUHV H[FOXV GH OD JDUDQWLH OHV SLOHV QRQ UHFKDUJHDEOHV 3RXU REWHQLU XQH UÑSDUDWLRQ RX GH OD GRFXPHQWDWLRQ GHV DFFHVVRLUHV RX GHV IRXUQLWXUHV UHOLÑV DX SURGXLW RX SRXU REWHQLU XQ VRXWLHQ WHFKQLTXH DSSHOH] OH 3HQVH] Î SUÑSDUHU YRWUH SUHXYH G DFKDW 0$18$/ '(/ 868$5, 2 '( /$ 79 /(' $QWHV GH XVDU VX WHOHYLVRU /($ HVWH PDQXDO FXLGDGRVDPHQWH \ JXËUGHOR SDUD FRQVXOWDUOR HQ HO IXWXUR 02'(/26 /(& /(& $9, 62 '( 75$16, &, ¾1 $ /$ 7(/(9, 6, ¾1 ', *, 7$/ (VWH GLVSRVLWLYR FRQWLHQH XQ VLQWRQL]DGRU GH WHOHYLVLÚQ GLJLWDO 3RU OR WDQWR SRGUË UHFLELU SURJUDPDFLÚQ GLJLWDO WHOHYLVDGD SRU DLUH FRQ XQD DQWHQD DGHFXDGD OXHJR GH TXH ILQDOLFH OD WUDQVPLVLÚQ GH DOWD SRWHQFLD GH WHOHYLVLÚQ DQDOÚJLFD HQ ORV (VWDGRV 8QLGRV HO GH MXQLR GH $OJXQRV UHFHSWRUHV GH WHOHYLVLÚQ PËV DQWLJXRV VL GHSHQGHQ GH XQD DQWHQD GH 79 QHFHVLWDUËQ XQ FRQYHUVRU GH 79 SDUD UHFLELU SURJUDPDFLÚQ GLJLWDO SRU DLUH SHUR VHJXLUËQ IXQFLRQDQGR LJXDO TXH DQWHV SDUD RWURV SURSÚVLWRV SRU HMHPSOR SDUD YLVXDOL]DU HVWDFLRQHV GH 79 GH EDMD SRWHQFLD TXH VLJXHQ WUDQVPLWLHQGR HQ DQDOÚJLFR YLVXDOL]DU SHOÕFXODV SUHJUDEDGDV R XWLOL]DU YLGHRMXHJRV 3DUD REWHQHU PËV LQIRUPDFLÚQ FRPXQÕTXHVH FRQ OD )&& DO &$//)&&  R YLVLWH ZZZ'79JRY 3DUD REWHQHU PËV LQIRUPDFLÚQ DFHUFD GHO SURJUDPD GH FRQYHUVRUHV GH 79 \ DFHUFD GH ORV FXSRQHV JXEHUQDPHQWDOHV TXH VH SXHGHQ XWLOL]DU SDUD DGTXLULU XQR FRQVXOWH ZZZ GWYJRY R FRPXQÕTXHVH FRQ HO 17, $ DO '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 '79 6¹0%2/2 '(), 1, &, ¾1 '(/ 6¹0%2/2 92/7$-( 3(/, *5262 (O VÕPEROR GHO UHOËPSDJR FRQ XQD SXQWD GH IOHFKD GHQWUR GHO WULËQJXOR HTXLOËWHUR WLHQH OD LQWHQFLÚQ GH DOHUWDU DO XVXDULR DFHUFD GH OD SUHVHQFLD GH kYROWDMH SHOLJURVRy VLQ DLVODPLHQWR GHQWUR GH OD FDUFDVD GHO SURGXFWR TXH SRGUÕD WHQHU OD PDJQLWXG VXILFLHQWH FRPR SDUD FRQVWLWXLUVH HQ XQ ULHVJR GH GHVFDUJD HOÑFWULFD SDUD ODV SHUVRQDV , 16758&&, 21(6 (O VLJQR GH H[FODPDFLÚQ GHQWUR GHO WULËQJXOR HTXLOËWHUR LQGLFD DO XVXDULR OD SUHVHQFLD GH LQVWUXFFLRQHV GH IXQFLRQDPLHQWR \ PDQWHQLPLHQWR UHSDUDFLÚQ HQ OD GRFXPHQWDFLÚQ TXH DFRPSDÙD DO SURGXFWR 1R VH GHEH H[SRQHU HO SURGXFWR D VDOSLFDGXUDV QL VH GHEH FRORFDU VREUH ÑVWH QLQJàQ UHFLSLHQWH TXH FRQWHQJD DJXD FRPR SRU HMHPSOR MDUURQHV 35(&$8&, ¾1 ([LVWH XQ ULHJR GH H[SORVLÚQ VL VH FRORFD ODV SLODV GH IRUPD LQFRUUHFWD 6ÚOR UHHPSODFH ODV SRU XQDV GHO PLVPR WLSR R HTXLYDOHQWH $GYHUWHQFLD VREUH ODV EDWHUÕDV LQVWDODGDV 35(&$8&, ¾1 ([LVWH XQ ULHJR GH H[SORVLÚQ VL VH FRORFD ODV SLODV GH IRUPD LQFRUUHFWD 6ÚOR UHHPSODFH ODV SRU XQDV GHO PLVPR WLSR R HTXLYDOHQWH 1R H[SRQJD ODV EDWHUÕDV EDWHUÕD H[WHUQD R EDWHUÕD LQVWDODGD D XQ FDORU H[FHVLYR FRPR ORV UD\RV GLUHFWRV GHO VRO IXHJR R VLPLODUHV 3$5$ 68 6(*85, '$' $QWHV GH XWLOL]DU OD 79 OHD SRU FRPSOHWR HVWH PDQXDO 6H GHEHUË FRQVHUYDU HVWH PDQXDO SDUD VX UHIHUHQFLD IXWXUD 'HFODUDFLÚQ GH LQWHUIHUHQFLD GH UDGLRIUHFXHQFLD GH FODVH % GH OD )&& $'9(57(1&, $ 3$5$ 02'(/26 &(57, ), &$'26 325 /$ )&& 127$ (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 5HRULHQWH R FRORTXH HQ RWUR OXJDU OD DQWHQD UHFHSWRUD , QFUHPHQWH OD VHSDUDFLÚQ HQWUH HO HTXLSR \ HO UHFHSWRU (QFKXIH HO HTXLSR D XQ WRPDFRUULHQWH GLIHUHQWH GHO TXH VH HQFXHQWUD HQFKXIDGR HO UHFHSWRU &RQVXOWH D XQ YHQGHGRU R WÑFQLFR H[SHULPHQWDGR GH UDGLR79 SDUD REWHQHU D\XGD $9, 62 /RV FDPELRV R ODV PRGLILFDFLRQHV QR DSUREDGDV GH IRUPD H[SOÕFLWD SRU OD SDUWH UHVSRQVDEOH GHO FXPSOLPLHQWR SRGUÕDQ DQXODU OD DXWRULGDG GHO XVXDULR GH XWLOL]DU HVWH GLVSRVLWLYR 6H GHEHQ XWLOL]DU FDEOHV GH LQWHUID] \ GH DOLPHQWDFLÚQ &$ EOLQGDGRV VL H[LVWLHVH DOJXQR FRQ HO ILQ GH FXPSOLU FRQ ORV OÕPLWHV GH HPLVLÚQ (O IDEULFDQWH QR HV UHVSRQVDEOH GH QLQJXQD LQWHUIHUHQFLD GH UDGLR R 79 FDXVDGD SRU XQD PRGLILFDFLÚQ QR DXWRUL]DGD GH HVWH HTXLSR (V UHVSRQVDELOLGDG GHO XVXDULR FRUUHJLU GLFKD LQWHUIHUHQFLD $'9(57(1&, $ 3DUD UHGXFLU HO ULHVJR GH LQFHQGLR R GHVFDUJD HOÑFWULFD QR H[SRQJD HVWH SURGXFWR D OD OOXYLD R KXPHGDG 35(&$8&, 21(6 < 5(&25'$725, 26 &RORTXH OD XQLGDG HQ VXSHUILFLHV QLYHODGDV 'HVHQFKXIH GH LQPHGLDWR VL VH FRORFDQ RWURV PDWHULDOHV H[WUDÙRV GHQWUR GH OD 79 R VL ÑVWD VH FDH 1R FXEUD QL EORTXHH FXDOTXLHU UHMLOOD \ DEHUWXUD 8QD YHQWLODFLÚQ LQDGHFXDGD SRGUÕD DFRUWDU OD YLGD àWLO GH OD 79 \ FDXVDU XQ VREUHFDOHQWDPLHQWR 'HVHQFKXIH GH LQPHGLDWR VL H[LVWH XQ IXQFLRQDPLHQWR GHIHFWXRVR FRPR XQD GHVDSDULFLÚQ GH LPDJHQ XQD GHVDSDULFLÚQ GH YLGHRDXGLR KXPR X RORUHV H[WUDÙRV SURYHQLHQWHV GH OD 79 3URKÕEDHYLWH DEULU OD FXELHUWD GH OD 79 (YLWH H[SRQHU OD 79 D OD OX] VRODU GLUHFWD \ D OXJDUHV SROYRULHQWRV GH JUDQ KXPHGDG \ KXPRVRV 1R DUURMH QLQJàQ REMHWR GHQWUR GH OD 79 FRPR PHWDOHV X RWURV PDWHULDOHV LQIODPDEOHV 5HFXHUGH GHVHQFKXIDU HO FDEOH GH DOLPHQWDFLÚQ &$ GHO WRPDFRUULHQWH &$ DQWHV GH HIHFWXDU OD OLPSLH]D 1R XWLOLFH OLPSLDGRUHV OÕTXLGRV R HQ DHURVRO SDUD OLPSLDU OD SDQWDOOD 3ÚQJDVH HQ FRQWDFWR FRQ HO SHUVRQDO GH VHUYLFLR WÑFQLFR SDUD OLPSLDU OD SDUWH LQWHUQD GH OD 79 XQD YH] SRU DÙR 1R FRORTXH OD 79 HQ OXJDUHV FHUUDGRV R HQ XQD FDMD FXDQGR HVWÑ VLHQGR XWLOL]DGD $VHJàUHVH GH GHVHQFKXIDU OD XQLGDG FXDQGR QR VH XWLOLFH OD 79 GXUDQWH XQ SHUÕRGR GH WLHPSR H[WHQVR GÕDV 1R FRORTXH OD 79 FHUFD GH DJXD SRU HMHPSOR HQ OXJDUHV FRPR EDÙHUDV ODYDERV IUHJDGHURV ODYDGHURV SLVFLQDV R VXEVXHORV PRMDGRV $YLVR SDUD HO FRQWURO UHPRWRY (YLWH TXH VH FDLJD (YLWH TXH HVWÑ H[SXHVWR D OÕTXLGR (YLWH XWLOL]DU OLPSLDGRUHV HQ DHURVRO , 16758&&, 21(6 , 03257$17(6 '( 6(*85, '$' /HD HVWD VHFFLÚQ DQWHV GH XWLOL]DU OD 79 /HD HVWDV LQVWUXFFLRQHV &RQVHUYH HVWDV LQVWUXFFLRQHV 3UHVWH DWHQFLÚQ D WRGDV ODV DGYHUWHQFLDV 6LJD WRGDV ODV LQVWUXFFLRQHV 1R XWLOLFH OD 79 FHUFD GH DJXD /LPSLH OD 79 VÚOR FRQ XQ SDÙR VHFR 1R EORTXHH QLQJXQD GH ODV DEHUWXUDV GH YHQWLODFLÚQ , QVWDOH OD 79 GH DFXHUGR FRQ ODV LQVWUXFFLRQHV GHO IDEULFDQWH 1R LQVWDOH OD 79 FHUFD GH FXDOTXLHU IXHQWH GH FDORU FRPR FDOHQWDGRUHV UHJLVWUDGRUHV GH FDORU HVWXIDV X RWURV GLVSRVLWLYRV LQFOX\HQGR DPSOLILFDGRUHV TXH HPDQHQ FDORU 1R LQWHQWH DQXODU ODV SUHYLVLRQHV GH VHJXULGDG GHO HQFKXIH SRODUL]DGR R GHO WLSR FRQ FRQH[LÚQ D WLHUUD 8Q HQFKXIH SRODUL]DGR SRVHH GRV FODYLMDV XQD PËV DQFKD TXH OD RWUD 8Q HQFKXIH GHO WLSR FRQ FRQH[LÚQ D WLHUUD SRVHH FODYLMDV \ XQD WHUFHUD FODYLMD GH FRQH[LÚQ D WLHUUD 6H SURSRUFLRQD OD FODYLMD PËV DQFKD \ OD WHUFHUD FODYLMD SDUD VX VHJXULGDG 6L HO HQFKXIH SURSRUFLRQDGR QR SXHGH VHU FRORFDGR HQ HO WRPDFRUULHQWH FRQVXOWH D XQ HOHFWULFLVWD SDUD HO UHHPSOD]R GHO WRPDFRUULHQWH REVROHWR (YLWH TXH HO FDEOH GH DOLPHQWDFLÚQ VHD SLVDGR R HVWUDQJXODGR HVSHFLDOPHQWH HQ HO HQFKXIH UHFHSWËFXORV GH FRQYHQLHQFLD \ HQ HO OXJDU GRQGH VDOH GH OD 79 6ÚOR XWLOLFH ORV DFFHVRULRV HVSHFLILFDGRV SRU HO IDEULFDQWH 6ÚOR XWLOLFH HO FDUUR EDVH WUÕSRGH VRSRUWH R PHVD HVSHFLILFDGR SRU HO IDEULFDQWH R YHQGLGR MXQWR FRQ OD 79 &XDQGR VH XWLOL]D XQ FDUUR WHQJD FXLGDGR FXDQGR PXHYD OD FRPELQDFLÚQ FDUUR79 FRQ HO ILQ GH HYLWDU OHVLRQHV FDXVDGDV SRU FDÕGDV 6$ 'HVHQFKXIH OD 79 GXUDQWH WRUPHQWDV HOÑFWULFDV R FXDQGR QR VHUË XWLOL]DGD GXUDQWH SHUÕRGRV GH WLHPSR H[WHQVRV 5HPLWD WRGR VHUYLFLR WÑFQLFR DO SHUVRQDO GH VHUYLFLR WÑFQLFR FDOLILFDGR 6H GHEHUË HIHFWXDU HO VHUYLFLR WÑFQLFR FXDQGR OD 79 VH HQFXHQWUH GDÙDGD GH DOJXQD IRUPD FRPR SRU HMHPSOR FXDQGR HO FDEOH R HQFKXIH GH DOLPHQWDFLÚQ VH HQFXHQWUH GDÙDGR FXDQGR VH KD\D GHUUDPDGR OÕTXLGR R VH KD\D FDÕGR XQ REMHWR GHQWUR GH OD 79 FXDQGR OD 79 KD\D VLGR H[SXHVWD D OD OOXYLD R KXPHGDG FXDQGR OD 79 IXQFLRQH GH IRUPD DQRUPDO R FXDQGR OD 79 VH KD\D FDÕGR 6H GHEHUË XWLOL]DU OD 79 VÚOR FRQ HO WLSR GH HQHUJÕD HOÑFWULFD TXH DSDUHFH HQ OD HWLTXHWD 6L QR HVWË VHJXUR DFHUFD GHO WLSR GH HQHUJÕD HOÑFWULFD VXPLQLVWUDGR D VX KRJDU SÚQJDVH HQ FRQWDFWR FRQ HO YHQGHGRU R FRQ OD HPSUHVD GH HQHUJÕD HOÑFWULFD ORFDO (O HQFKXIH GH DOLPHQWDFLÚQ GH FRUULHQWH R HO DFRSODGRU GHO DSDUDWR VRQ GLVSRVLWLYRV GH GHVFRQH[LÚQ HO GLVSRVLWLYR GH GHVFRQH[LÚQ VLHPSUH GHEHUË HVWDU OLVWR SDUD XVDU 35(&$8&, ¾1 q 6ÚOR HO SHUVRQDO GH VHUYLFLR FDOLILFDGR GHEHUË XVDU HVWDV LQVWUXFFLRQHV GH VHUYLFLR 3DUD UHGXFLU HO ULHVJR GH TXH RFXUUD XQD GHVFDUJD HOÑFWULFD QR UHDOLFH QLQJàQ WLSR GH PDQWHQLPLHQWR TXH QR HVWÑ HQ ODV LQVWUXFFLRQHV GH IXQFLRQDPLHQWR D PHQRV TXH HVWÑ FDOLILFDGR SDUD KDFHUOR 6RSRUWH GH SDUHG q 3DUD XVDUVH VÚOR FRQ VRSRUWHV GH SDUHG FRQ FHUWLILFDFLÚQ 8/ \ FRQ HO SHVRFDUJD PÕQLPD &RQVXOWHSËJLQD $/(57$ $/ &21680, '25 q (VWH UHFHSWRU GH WHOHYLVLÚQ VÚOR WLHQH XQ VLQWRQL]DGRU GH WUDQVPLVLÚQ DQDOÚJLFD$ SDUWLU GHO GH MXQLR GH SDUD UHFLELU WUDQVPLVLRQHV SRU DLUH PHGLDQWH XQD DQWHQD QHFHVLWDUË XQ GHFRGLILFDGRU GHELGR D OD WUDQVLFLÚQ D OD VHÙDO GLJLWDO D QLYHO QDFLRQDO /RV WHOHYLVRUHV àQLFDPHQWH DQDOÚJLFRV GHEHUËQ VHJXLU IXQFLRQDQGR FRPR VLHPSUH FRQ ORV VHUYLFLRV GH FDEOH \ VDWÑOLWH FRQVRODV GH MXHJR YLGHRJUDEDGRUDV UHSURGXFWRUHV GH '9' \ SURGXFWRV VLPLODUHV 3DUD REWHQHU PËV LQIRUPDFLÚQ OODPH D OD &RPLVLÚQ )HGHUDO GH &RPXQLFDFLRQHV DO 7HOÑIRQR SDUD VRUGRV  R YLVLWH OD SËJLQD ZHE GH OD &RPLVLÚQ )HGHUDO GH &RPXQLFDFLRQHV VREUH OD WHOHYLVLÚQ GLJLWDO ZZZ'79JRY , QIRUPDFLÚQ VREUH OD WUDQVLFLÚQ D OD WHOHYLVLÚQ GLJLWDO qD SDUWLU GHO GH MXQLR GH ORV UHFHSWRU GH WHOHYLVLÚQ àQLFDPHQWH FRQ VLQWRQL]DGRUHV GH WUDQVPLVLÚQ DQDOÚJLFD QHFHVLWDUËQ XQ GHFRGLILFDGRU SDUD UHFLELU ODV WUDQVPLVLRQHV SRU DLUH PHGLDQWH XQD DQWHQD FRQ OD SRWHQFLD FRPSOHWD HVWR VH GHEH D OD WUDQVLFLÚQ D OD VHÙDO GLJLWDO D QLYHO QDFLRQDO /RV WHOHYLVRUHV àQLFDPHQWH DQDOÚJLFRV GHEHUËQ VHJXLU IXQFLRQDQGR FRPR VLHPSUH SDUD UHFLELU VHÙDOHV GH EDMD SRWHQFLD GH &ODVH $ R GH HVWDFLRQHV UHHPLVRUDV GH WHOHYLVLÚQ DVÕ FRPR FRQ VHUYLFLRV GH FDEOH \ VDWÑOLWH FRQVRODV GH MXHJR YLGHRJUDEDGRUDV UHSURGXFWRUHV GH '9' \ SURGXFWRV VLPLODUHV (Q KWWSZZZ'79JRY R &$//)&& HQFRQWUDUË PËV LQIRUPDFLÚQ VREUH OD WUDQVLFLÚQ D OD WHOHYLVLÚQ GLJLWDO \ HQ KWWSZZZGWYJRY R '79 HQFRQWUDUË PËV LQIRUPDFLÚQ VREUH FXSRQHV GH VXEYHQFLÚQ SDUD GHFRGLILFDGRUHV GH VHÙDO DQDOÚJLFD D GLJLWDO , QFOLQDFLÚQHVWDELOLGDG q 7RGDV ODV 79 GHEHQ FXPSOLU FRQ ORV HVWËQGDUHV GH VHJXULGDG LQWHUQDFLRQDOHV UHFRPHQGDGRV HQ OR TXH UHVSHFWD D OD LQFOLQDFLÚQ \ HVWDELOLGDG GHO GLVHÙR GH OD FXELHUWD GH OD 79 1R DIHFWH HVWRV HVWËQGDUHV GH GLVHÙR DSOLFDQGR XQD IXHU]D H[FHVLYD HQ OD SDUWH IURQWDO R VXSHULRU GH OD FXELHUWD GH OD 79 TXH SRGUÕD OOHJDU D YROFDU HO SURGXFWR $GHPËV QR VH SRQJD HQ SHOLJUR QL SRQJD HQ SHOLJUR D ORV QLÙRV FRORFDQGR HTXLSRVMXJXHWHV HOHFWUÚQLFRV VREUH OD FXELHUWD GH OD 79 (VWRV HOHPHQWRV SRGUÕDQ FDHUVH UHSHQWLQDPHQWH GHVGH OD SDUWH VXSHULRU GH OD 79 \ FDXVDU GDÙRV HQ HO SURGXFWR \R OHVLRQHV SHUVRQDOHV 0RQWDMH HQ SDUHG R WHFKR q 6H GHEHUË PRQWDU OD 79 HQ OD SDUHG R WHFKR VÚOR VLJXLHQGR ODV UHFRPHQGDFLRQHV GHO IDEULFDQWH /ÕQHDV GH WHQVLÚQ q 6H GHEHUË LQVWDODU OD DQWHQD H[WHULRU DOHMDGD GH OÕQHDV GH WHQVLÚQ &RQH[LÚQ D WLHUUD GH OD DQWHQD SDUD H[WHULRUHV q 6L VH XVD XQD DQWHQD SDUD H[WHULRUHV FRQHFWDGD DO UHFHSWRU DVHJàUHVH GH TXH HO VLVWHPD GH OD DQWHQD HVWÑ FRQHFWDGR D WLHUUD SDUD REWHQHU XQD FLHUWD SURWHFFLÚQ FRQWUD VREUHFDUJDV GH WHQVLÚQ \ GHVFDUJDV GH HOHFWULFLGDG HVWËWLFD DFXPXODGD /D VHFFLÚQ GHO &ÚGLJR (OÑFWULFR 1DFLRQDO &(1$16, 1)3$ 1R FRQWLHQH LQIRUPDFLÚQ VREUH OD IRUPD DGHFXDGD GH KDFHU XQD FRQH[LÚQ D WLHUUD GHO SRVWH \ GH OD HVWUXFWXUD GH VRSRUWH OD FRQH[LÚQ D WLHUUD GHO FRQGXFWRU GH FRQH[LÚQ KDFLD XQD XQLGDG GH GHVFDUJD GH OD DQWHQD HO WDPDÙR GH ORV FRQHFWRUHV GH FRQH[LÚQ D WLHUUD OD XELFDFLÚQ GH OD XQLGDG GH GHVFDUJD GH OD DQWHQD OD FRQH[LÚQ D ORV HOHFWURGRV GH FRQH[LÚQ D WLHUUD \ ORV UHTXHULPLHQWRV GHO HOHFWURGR GH FRQH[LÚQ D WLHUUD &RQVXOWH OD ILJXUD TXH DSDUHFH D FRQWLQXDFLÚQ $17(1$ $%5$=$'(5$ '( &21(;, Ï1 $ 7, (55$ (48, 32 '( 6(59, &, 2 (/e&75, &2 81, '$' '( '(6&$5*$ '( /$ $17(1$ $%5$=$'(5$6 '( &21(;, Ï1 $ 7, (55$ &21'8&725(6 '( &21(;, Ï1 $ 7, (55$ 6, 67(0$ '( (/(&752'26 '( &21(;, Ï1 $ 7, (55$ '(/ 6(59, &, 2 (/e&75, &2 (-(03/2 '( /$ &21(;, ¾1 $ 7, (55$ '( /$ $17(1$ &21)250( (/ &¾', *2 (/µ&75, &2 1$&, 21$/ 1RWD SDUD LQVWDODGRUHV GHO VLVWHPD GH &$79 (O ILQ GH HVWH DYLVR HV KDFHU TXH OD SHUVRQD TXH LQVWDOH HO VLVWHPD GH FDEOH HVWÑ DO WDQWR GHO $UWÕFXOR GHO &(1 TXH EULQGD ODV SDXWDV SDUD UHDOL]DU XQD FRQH[LÚQ D WLHUUD DGHFXDGD \ HQ SDUWLFXODU HVSHFLILFD TXH HO FDEOH GH FRQH[LÚQ D WLHUUD GHEHUË HVWDU FRQHFWDGR DO VLVWHPD GH FRQH[LÚQ D WLHUUD (QJOLVK GHO HGLILFLR OR PËV FHUFD TXH VHD SRVLEOH DO SXQWR GH HQWUDGD GHO FDEOH b$VHJàUHVH GH HQFKXIDU HO FDEOH GH DOLPHQWDFLÚQ HQ HO WRPDFRUULHQWH OXHJR GH FRQHFWDU OD 79 DO DGDSWDGRU &XPSOLPLHQWR FRQ (1(5*< 67$5 $O FXPSOLU FRQ (1(5*< 67$5 SXHGH HVWDU VHJXUR GH TXH VX PRGHOR +DLHU HVWË D\XGDQGR DO PHGLRDPELHQWH D WUDYÑV GHO DKRUUR GH HQHUJÕD \ DO PLVPR WLHPSR OH SHUPLWH DKRUUDU GLQHUR (1(5*< 67$5 HV XQ SURJUDPD FRQMXQWR GH OD $JHQFLD GH 3URWHFFLÚQ $PELHQWDO GH ORV (VWDGRV 8QLGRV \ GHO 'HSDUWDPHQWR GH (QHUJÕD GH ORV (VWDGRV 8QLGRV TXH SURPXHYH OD HILFLHQFLD HQHUJÑWLFD *8$5'( (67$6 , 16758&&, 21(6 *UDFLDV SRU FRPSUDU HVWH SURGXFWR +DLHU (VWH PDQXDO IËFLO GH XVDU OR D\XGDUË D XVDU VX SURGXFWR GH OD PHMRU PDQHUD SRVLEOH 1R VH ROYLGH GH DSXQWDU HO PRGHOR \ HO QàPHUR GH VHULH /RV HQFRQWUDUË HQ OD HWLTXHWD XELFDGD HQ OD SDUWH SRVWHULRU GHO SURGXFWR 1àPHUR GH PRGHOR 1àPHUR GH VHULH )HFKD GH FRPSUD (QJUDSH HO UHFLER GHO SURGXFWR FRQ HO PDQXDO /R QHFHVLWDUË SDUD REWHQHU HO VHUYLFLR GH OD JDUDQWÕD &217(1, '26 $9, 62 '( 75$16, &, ¾1 $ /$ 7(/(9, 6, ¾1 ', *, 7$/ 3$5$ 68 6(*85, '$' 35(&$8&, 21(6 < 5(&25'$725, 26 , 16758&&, 21(6 , 03257$17(6 '( 6(*85, '$' 35(3$5$&, ¾1 &2/2&$&, ¾1 '( /$ %$6( 35(3$5$&, ¾1 '( /$ +'79 /&' 3$5$ (/ 0217$-( (1 3$5(' *8¹$ '( &21(;, ¾1 '( 3(5, )µ5, &26 , 16758&&, 21(6 '( )81&, 21$0, (172 87, /, =$&, ¾1 '( /26 &21752/(6 '(/ 3$1(/ )5217$/ 87, /, =$&, ¾1 '(/ &21752/ 5(0272 87, /, =$&, ¾1 '( /26 0(1Ä6 0(1Ä 79 9, '(2 0(18 0(1Ä 9, '(2 $8', 2 0(18 0(1Ä $8', 2 0(1Ä 6(783 &21), *85$&, ¾1 9*$ 0(18 0(1Ä 9*$ &216(-26 (63(&, ), &$&, 21(6 '(/ 352'8&72 5(62/8&, ¾1 '( 352%/(0$6 */26$5, 2 *$5$17¹$ 35(3$5$&, ¾1 , 03257$17( QR DSOLTXH SUHVLÚQ HQ HO ËUHD GH OD SDQWDOOD GHELGR D TXH SRGUÕD DIHFWDU OD LQWHJULGDG GH OD PLVPD /D JDUDQWÕD GHO IDEULFDQWH QR FXEUH DEXVRV R LQVWDODFLRQHV LQDGHFXDGDV SRU SDUWH GHO XVXDULR 35(3$5$&, ¾1 '( /$ +'79 /&' 3$5$ (/ 0217$-( (1 3$5(' 6XJHULPRV TXH PDQWHQJD OD 79 D FRPR PÕQLPR SXOJDGDV PP GH OD SDUHG FRQ HO ILQ GH HYLWDU XQD LQWHUIHUHQFLD GHO FDEOH $QWHV GH PRQWDU OD 79 HQ OD SDUHG GHEHUË H[WUDHU OD EDVH 3DUD VX SURWHFFLÚQ VÚOR XVH VRSRUWHV GH SDUHG FRQ FHUWLILFDFLÚQ 8/ FRQ HO SHVR PÕQLPR GHO WHOHYLVRU VLQ HO VRSRUWH &RQVXOWH SËJLQD  3DUD FRORFDU XQ VRSRUWH GH PRQWDMH HQ SDUHG HQ OD 79 ([WUDLJD ORV WRUQLOORV TXH VXMHWDQ OD 79 D OD EDVH \ H[WUDLJD OD EDVH GH OD 79 8WLOLFH ORV WRUQLOORV TXH VREUDURQ DO H[WUDHU OD EDVH SDUD DVHJXUDU XQD SODFD GH FXELHUWD RSFLRQDO HQ OD SDUWH LQIHULRU GH OD 79 6XMHWH HO VRSRUWH GH PRQWDMH HQ OD SDUHG D OD SDUWH WUDVHUD GH OD 79 FRQ FXDWUR WRUQLOORV FRPR VH LQGLFD HQ OD LPDJHQ PP &2/2&$&, ¾1 '( /$ %$6( , 03257$17( 6H GHEHUË FRORFDU OD EDVH GH OD +'79 DQWHV GH XWLOL]DUOD &RORTXH OD 79 KDFLD DEDMR VREUH XQD VXSHUILFLH VXDYH \ SODQD PDQWD JRPD HVSXPD SDÙR HWF SDUD HYLWDU FXDOTXLHU GDÙR D OD +'79 $OLQHH H LQVHUWH FXLGDGRVDPHQWH OD EDVH HQ HO VRSRUWH (PSXMH OD EDVH FRQWUD OD +'79 FRQ FXLGDGR KDVWD TXH HO PHFDQLVPR GH HQJDQFKH TXHGH ILMR $VHJXUH ORV FXDWUR WRUQLOORV D OD SDUWH LQIHULRU GH OD EDVH PP f /D SODFD GH FXELHUWD VRSRUWH GH PRQWDMH HQ SDUHG \ ORV WRUQLOORV VRQ SLH]DV RSFLRQDOHV \ QR HVWËQ LQFOXLGDV HQ HO HPEDODMH 127$ b$VHJàUHVH GH HQFKXIDU HO FDEOH GH DOLPHQWDFLÚQ HQ HO WRPDFRUULHQWH OXHJR GH FRQHFWDU HO FDEOH GH DOLPHQWDFLÚQ HQ OD 79 , QVWDOH OD EDVH &RORTXH OD 79 VREUH XQD VXSHUILFLH VÚOLGD &RQWURO UHPRWR ([WUDLJD OD WDSD GHO FRPSDUWLPLHQWR GH ODV SLODV , QVHUWH ODV SLODV VXPLQLVWUDGDV WLSR k$$$y GH 9 + 75 ' + 75 ' 0LQ P $VHJàUHVH GH TXH OD 79 HVWÑ FRORFDGD HQ XQD XELFDFLÚQ GRQGH HO DLUH SXHGD IOXLU OLEUHPHQWH 1R FXEUD ODV DEHUWXUDV GH YHQWLODFLÚQ XELFDGDV HQ OD FXELHUWD WUDVHUD 3DUD HYLWDU FXDOTXLHU VLWXDFLÚQ LQVHJXUD QR VH GHEHUË FRORFDU VREUH R FHUFD GH OD 79 QLQJXQD IXHQWH GH OODPD H[SXHVWD WDOHV FRPR YHODV HQFHQGLGDV (YLWH H[SRQHU OD 79 DO FDORU D OD OX] VRODU GLUHFWD \ D OD OOXYLD R DJXD 1R VH GHEH H[SRQHU OD 79 D VDOSLFDGXUDV &RQHFWH HO FDEOH GH OD DQWHQD R HO FDEOH GH &$79 DO FRQHFWRU GH DQWHQD $17 , 1 : (175$'$ '( $17(1$ : XELFDGR HQ OD SDUWH WUDVHUD GH OD 79 $OLPHQWDFLÚQ , QVHUWH HO FDEOH GH DOLPHQWDFLÚQ HQ XQ WRPDFRUULHQWH GH SDUHG TXH SRVHD XQ VXPLQLVWUR GH DOLPHQWDFLÚQ &$ (QFHQGLGR GH OD 79 3UHVLRQH HO ERWÚQ 3RZHU HQFHQGLGRDSDJDGR HQ HO FRQWURO UHPRWR R ORV ERWRQHV GH FRQWURO WËFWLOHV GHO SDQHO IURQWDO /D 79 VH HQFHQGHUË DO FDER GH DOJXQRV VHJXQGRV %RWyQ 3RZHU (QFHQGLGR$SDJDGR *8¹$ '( &21(;, ¾1 '( 3(5, )µ5, &26 v +'0, q &RQHFWH OD IXHQWH SULPDULD SDUD YLGHR GLJLWDO FRPR XQ UHSURGXFWRU GH '9' UHSURGXFWRU GH %OX5D\ R GHFRGLILFDGRU D WUDYÑV GH HVWH FRQHFWRU WRWDOPHQWH GLJLWDO v (175$'$ 9*$$8', 2 , 1 (175$'$ '( $8', 2 q &RQHFWH DTXÕ ORV FDEOHV GH DXGLR \ YLGHR GH XQD FRPSXWDGRUD v &20321(17 9, '(2 &20321(17( <3E3U FRQ DXGLR /5 q &RQHFWH DTXÕ OD IXHQWH SULPDULD SDUD GLVSRVLWLYRV GH YLGHR FRPSRQHQWH FRPR XQ UHSURGXFWRU GH '9' R XQ GHFRGLILFDGRU 8VH URMR SDUD OD HQWUDGD 3U D]XO SDUD OD 3E YHUGH SDUD OD < URMR SDUD OD HQWUDGD GHO FDQDO GH DXGLR GHUHFKR 5 \ EODQFR SDUD OD GHO FDQDO GH DXGLR L]TXLHUGR / (QWUDGD GH YÕGHR FRPSXHVWR \ HQWUDGD GH DXGLR / 5 ',  FRPSDUWLGD FRQ < GH YLGHR FRPSRQHQWH v $17(11$ $17(1$ &$%/( q &RQHFWH HVWH SXHUWR FRQ XQD DQWHQD R FDEOH GLJLWDO SURYHQLHQWH GHVGH OD SDUHG \ QR GHVGH HO GHFRGLILFDGRU SDUD 79 GLJLWDO v 63', ) 6DOLGD GH DXGLR GLJLWDO ÚSWLFD &XDQGR XQD VHÙDO GH DXGLR GLJLWDO HVWË DVRFLDGD FRQ OD HQWUDGD VHOHFFLRQDGD SDUD OD YLVXDOL]DFLÚQ HO DXGLR GLJLWDO HVWDUË GLVSRQLEOH HQ HVWD FRQH[LÚQ 63', ) FRQ HO VLVWHPD GH FLQH HQ FDVD v $8', 2 287 6$/, '$ '( $8', 2 q 6DOLGD GH DXGLR GH OD 79 DO DPSOLILFDGRU HVWÑUHR v 38(572 86% q , QVHUWH XQ GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% D HVWH SXHUWR 86% SDUD YLVXDOL]DU IRWRJUDIÕDV HQ IRUPDWR -3(* R HVFXFKDU PàVLFD HQ IRUPDWR 03 v ($53+21( $85, &8/$5(6 q &RQHFWH D OD VDOLGD GH ORV DXULFXODUHV &XDQGR HO FRQHFWRU GH ORV DXULFXODUHV HVWË FRQHFWDGR D OD HQWUDGD ORV SDUODQWHV LQWHJUDGRV HVWDUËQ HQ VLOHQFLR 8QD YH] TXH HO GLVSRVLWLYR VH HQFXHQWUH FRQHFWDGR SUHVLRQH HO ERWÚQ , 1387 (175$'$ HQ HO FRQWURO UHPRWR SDUD VHOHFFLRQDU OD IXHQWH TXH GHVHD YLVXDOL]DU 3RU HMHPSOR 3UHVLRQH HO ERWÚQ , 1387 (175$'$ SDUD VHOHFFLRQDU HO k&RPSRQHQWy k9LGHR FRPSRQHQWHy VL KD FRQHFWDGR XQ JUDEDGRU GH YLGHRV D OD HQWUDGD &RPSRQHQW 9LGHR FRPSRQHQWH , 16758&&, 21(6 '( )81&, 21$0, (172 87, /, =$&, ¾1 '( /26 &21752/(6 '(/ 3$1(/ )5217$/ /RV FRQWUROHV GHO SDQHO IURQWDO VRQ ERWRQHV WËFWLOHV 6LPSOHPHQWH SUHVLRQH HO LFRQR FRQ HO GHGR v 3HUPLWH HQFHQGHUDSDJDU PRGR GH HVSHUD OD 79 v 0HQà YLVXDOL]DGR SHUPLWH QDYHJDU KDFLD DUULED v 0HQà QR YLVXDOL]DGR SHUPLWH H[DPLQDU ORV FDQDOHV GH 79 v 0HQà YLVXDOL]DGR SHUPLWH QDYHJDU KDFLD DEDMR v 0HQà QR YLVXDOL]DGR SHUPLWH H[DPLQDU ORV FDQDOHV GH 79 v 0HQà YLVXDOL]DGR SHUPLWH QDYHJDU KDFLD OD GHUHFKD R FRQILUPDUFDPELDU XQD VHOHFFLÚQ v 0HQà QR YLVXDOL]DGR SHUPLWH VXELU HO YROXPHQ v 0HQà YLVXDOL]DGR SHUPLWH QDYHJDU KDFLD OD L]TXLHUGD v 0HQà QR YLVXDOL]DGR SHUPLWH EDMDU HO YROXPHQ v 3HUPLWH LQJUHVDU R VDOLU GHO PHQà 26' YLVXDOL]DFLÚQ HQ SDQWDOOD v 3HUPLWH VHOHFFLRQDU OD IXHQWH GH HQWUDGD v 3HUPLWH FRQILUPDUFDPELDU XQD VHOHFFLÚQ 87, /, =$&, ¾1 '(/ &21752/ 5(0272 3RZHU $OLPHQWDFLyQ 3UHVLRQH HVWH ERWÚQ SDUD (1&(1'(5 $3$*$5 PRGR GH HVSHUD HO WHOHYLVRU 1RWD /D 79 QXQFD HVWË WRWDOPHQWH DSDJDGD D PHQRV TXH VH GHVFRQHFWH IÕVLFDPHQWH 79 '9' 67% &$%/(9&5$8' 6HOHFFLRQH XQR GH ORV PRGRV GH VLVWHPD HQ ORV TXH VH SXHGH XWLOL]DU HO FRQWURO UHPRWR 3, &785( , 0$*(1 3UHVLRQH HVWH ERWÚQ SDUD FDPELDU HO PRGR GH LPDJHQ 6WDQGDUG (VWËQGDU (FR $KRUUR 0RYLH 3HOÕFXOD 3HUVRQDO \ 9LYLG 9ÕYLGR $8', 2 3UHVLRQH HVWH ERWÚQ SDUD FDPELDU HO PRGR GH DXGLR 6WDQGDUG (VWËQGDU 0XVLF 0àVLFD 6SHHFK 9R] 3HUVRQDO 3& 3UHVLRQH HVWH ERWÚQ SDUD FDPELDU OD HQWUDGD DO PRGR 3& +'0, 3UHVLRQH HVWH ERWÚQ SDUD FDPELDU GLUHFWDPHQWH OD HQWUDGD D OD àOWLPD HQWUDGD +'0, 3UHVLRQH SDUD FDPELDU D RWUD HQWUDGD +'0, FXDQGR OD IXHQWH DFWXDO VHD +'0, 1~PHURV a 3UHVLRQH HVWRV ERWRQHV SDUD LQJUHVDU HO QàPHUR GH FDQDO GH 79 3UHVLRQH v SDUD VHOHFFLRQDU XQ VXEFDQDO , 1387 (175$'$ 3UHVLRQH HVWH ERWÚQ SDUD YLVXDOL]DU OD OLVWD GH IXHQWHV GH HQWUDGD 8WLOLFH ORV ERWRQHV GH IOHFKD KDFLD DUULED \ DEDMR SDUD VHOHFFLRQDU XQD IXHQWH \ D FRQWLQXDFLÚQ SUHVLRQH HO ERWÚQ (17(5 $&(37$5 087( 6, /(1&, $5 2 $FWLYDGHVDFWLYD HO VRQLGR 5(&$// 5(*5(6$5 3UHVLRQH HVWH ERWÚQ SDUD YLVXDOL]DU HO FDQDO DQWHULRU 92/ 92/ 3UHVLRQH HVWRV ERWRQHV SDUD DMXVWDU HO YROXPHQ &+ &+ 9 3UHVLRQH HVWRV ERWRQHV SDUD GHVSOD]DUVH SRU ORV FDQDOHV GH 79 0(18 0(1Ô 3UHVLRQH HVWH ERWÚQ SDUD LQJUHVDU R VDOLU GHO PHQà 26' (;, 7 6$/, 5 3UHVLRQH HVWH ERWÚQ SDUD VDOLU GHO PHQà 26' YLVXDOL]DFLÚQ HQ SDQWDOOD 3HUPLWHQ QDYHJDU SRU ORV PHQ~V HQ SDQWDOOD \ DMXVWDU OD FRQ¿JXUDFLyQ GHO VLVWHPD (17(5 $&(37$5 3UHVLRQH HVWH ERWÚQ SDUD FRQILUPDU XQD VHOHFFLÚQ 6/((3 0RGR VXVSHQGLGR 3UHVLRQH HVWH ERWÚQ SDUD HVWDEOHFHU HO WHPSRUL]DGRU GH DSDJDGR RII GHVDFWLYDGR PLQXWRV /D 79 VH DSDJDUË GH IRUPD DXWRPËWLFD PRGR GH HVSHUD OXHJR GH TXH WUDQVFXUUD HO SHUÕRGR GH WLHPSR VHOHFFLRQDGR ', 63/$< 9, 68$/, =$5 3UHVLRQH HVWH ERWÚQ SDUD PRVWUDU LQIRUPDFLÚQ VREUH OD IXHQWH GH HQWUDGD HO FDQDO OD UHVROXFLÚQ GH OD SDQWDOOD \ OD KRUD DFWXDO 86% 3UHVLRQH HVWH ERWÚQ SDUD FDPELDU HO PRGR GH HQWUDGD D 86% VÚOR FXDQGR HVWË FRQHFWDGR XQ GLVSRVLWLYR GH DOPDFHQDPLHQWR 86% 0766$3 (Q HO FDVR GH 79 DQDOÚJLFD SUHVLRQH HVWH ERWÚQ SDUD FDPELDU HO PRGR GH VRQLGR HQWUH 6WHUHR (VWÑUHR 6$3 R 0RQR (Q HO FDVR GH 79 GLJLWDO SUHVLRQH HVWH ERWÚQ SDUD FDPELDU HO LGLRPD GHO DXGLR VL HO SURJUDPD GH 79 SRVHH PËV GH XQ LGLRPD )5((=( &21*(/$5 3UHVLRQH HVWH ERWÚQ XQD YH] SDUD YLVXDOL]DU XQD LPDJHQ FRQJHODGD GHO SURJUDPD DFWXDO SHUR HO DXGLR FRQWLQàD UHSURGXFLÑQGRVH 3UHVLRQH QXHYDPHQWH HVWH ERWÚQ SDUD UHJUHVDU DO SURJUDPD &+/, 67 /, 67$ '( &$1$/(6 3UHVLRQH HVWH ERWÚQ SDUD YLVXDOL]DU OD OLVWD GH FDQDOHV *8, '( *8Ì$ 3UHVLRQH SDUD YHU OD *XÕD GH SURJUDPDFLÚQ &&' 3UHVLRQH HVWH ERWÚQ SDUD FDPELDU HO WLSR GH VXEWÕWXORV && 2Q && DFWLYDGR&& 2II && GHVDFWLYDGR&& 2Q :LWK 0XWH && DFWLYDGR DO VLOHQFLDU $5& 3UHVLRQH HVWH ERWÚQ SDUD FDPELDU OD UHODFLÚQ GH DVSHFWR GH OD YLVXDOL]DFLÚQ 1RUPDO$FHUFDPLHQWR$PSOLR $FHUFDPLHQWR R 0RGR 3& +'0, 1RWD (O PRGR +'0, 3& 3& +'0,  HVWË VÚOR GLVSRQLEOH SDUD ODV VHÙDOHV +'0, LSSLS )$925, 7( &$1$/(6 )$925, 726 3UHVLRQH HVWH ERWÚQ SDUD YLVXDOL]DU OD OLVWD GH FDQDOHV IDYRULWRV 8WLOLFH ORV ERWRQHV GH IOHFKD KDFLD DUULED \ DEDMR SDUD VHOHFFLRQDU XQ FDQDO \ D FRQWLQXDFLÚQ SUHVLRQH HO ERWÚQ (17(5 $&(37$5 86% v 3DUD HO PRGR QR -3(*03 3UHVLRQH HVWH ERWÚQ SDUD YLVXDOL]DU HO PHQà 0XOWLPHGLD /LVW /LVWD PXOWLPHGLD  v 3DUD HO PRGR -3(*03 3UHVLRQH HVWH ERWÚQ SDUD FDPELDU DO PRGR 03-3(* 3DUD XVR PXOWLPHGLD -3(*9LHZHU 030XVLF%R[ 3/$<3$86( 5(352'8&, 53$86$5 3UHVLRQH HVWH ERWÚQ SDUD XWLOL]DU OD IXQFLÚQ 5HSURGXFLU3DXVDU HQ OD IXHQWH PXOWLPHGLD 6723 '(7(1(5 3UHVLRQH HVWH ERWÚQ SDUD GHWHQHU OD UHSURGXFFLÚQ HQ OD IXHQWH PXOWLPHGLD 5(3($7 5(3(7, 5 3UHVLRQH HVWH ERWÚQ SDUD DFWLYDUGHVDFWLYDU HO PRGR GH UHSHWLFLÚQ HQ 03 0XVLF%R[ 5(9 5(*5(6$5 !3UHVLRQH HVWH ERWÚQ SDUD YLVXDOL]DU HO HOHPHQWR DQWHULRU HQ -3(*9LHZHU ):' 6, *8, (17( $ 3UHVLRQH HVWH ERWÚQ SDUD YLVXDOL]DU HO HOHPHQWR VLJXLHQWH HQ -3(*9LHZHU 35(9 $17(5, 25 3UHVLRQH HVWH ERWÚQ SDUD YLVXDOL]DU HO SULPHU HOHPHQWR HQ -3(*9LHZHU 3UHVLRQH HVWH ERWÚQ SDUD UHSURGXFLU HO DUFKLYR 03 DQWHULRU HQ 030XVLF%R[ 1(;7 6, *8, (17( 3UHVLRQH HVWH ERWÚQ SDUD YLVXDOL]DU HO àOWLPR HOHPHQWR HQ -3(*9LHZHU 3UHVLRQH HVWH ERWÚQ SDUD UHSURGXFLU HO DUFKLYR 03 VLJXLHQWH HQ 030XVLF%R[ 8QD YH] TXH OD IXQFLÚQ +'0, &(& &RQWURO &RQWURO &(& +'0,  VH HQFXHQWUH DFWLYDGD ORV ERWRQHV GH FRQWURO 3/$<3$86( 5(352'8&, 53$86$5 6723 '(7(1(5 5(9 5(752&('(5 ):' $9$1=$5 35(9 $17(5, 25 \ 1(;7 6, *8, (17( SHUPLWHQ FRQWURODU ODV IXQFLRQHV GH UHSURGXFWRUHV GH '9' FRPSDWLEOHV FRQ HO FRQWURO +'0, &(& 3UHVLRQH HO ERWÚQ 0(18 0(1Ä SDUD LQJUHVDU HQ HO PHQà 26' SULQFLSDO 3XHGH DMXVWDU ORV HOHPHQWRV GH ORV PHQàV 9LGHR $XGLR 79 6HWXS &RQILJXUDFLÚQ \ 9*$ 6LQ HPEDUJR DOJXQDV RSFLRQHV GH ORV PHQàV VÚOR HVWDUËQ GLVSRQLEOHV HQ GHWHUPLQDGRV PRGRV GH IXHQWHV 0(1Ä 79 6H PXHVWUD D FRQWLQXDFLÚQ HO PHQà 79 GHO PRGR 79 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 87, /, =$&, ¾1 '( /26 0(1Ä6 3UHVLRQH HO ERWÚQ 0HQX SDUD DEULU R FHUUDU HO PHQà SULQFLSDO 8VH HO $UR GH QDYHJDFLÚQSDUD GHVSOD]DUVH \ VHOHFFLRQDU DMXVWDU R FRQILUPDU ODV RSFLRQHV HQ HO PHQà GH YLVXDOL]DFLÚQ HQ SDQWDOOD 7XQLQJ %DQG %DQGD GH VLQWRQL]DFLÚQ 6HOHFFLRQH OD VHÙDO GH OD IXHQWH GH 79$LU $LUH DQWHQD R &DEOH 79 SRU FDEOH &KDQQHO 6WUHQJWK , QWHQVLGDG GHO FDQDO 0XHVWUD OD LQWHQVLGDG GH OD VHÙDO '79 UHFLELGD $XWR &KDQQHO 6HDUFK %àVTXHGD DXWRPËWLFD GH FDQDOHV 3HUPLWH EXVFDU DXWRPËWLFDPHQWH WRGRV ORV FDQDOHV GH 176& $76& 79 \ DOPDFHQDUORV HQ OD OLVWD GH FDQDOHV 'XUDQWH HO SURFHVR GH EàVTXHGD GH FDQDOHV HO PHQà 26' PRVWUDUË OD FDQWLGDG GH FDQDOHV HQFRQWUDGRV $GG RQ &KDQQHO VHDUFK $JUHJDU HQ OD EàVTXHGD GH FDQDOHV 9XHOYH D EXVFDU \ DJUHJD ORV FDQDOHV QXHYRV HQFRQWUDGRV &KDQQHO /LVW /LVWD GH FDQDOHV 0XHVWUD OD OLVWD GH FDQDOHV (O XVXDULR SXHGH HGLWDU PRVWUDU RFXOWDU ORV FDQDOHV R YLVXDOL]DU GLUHFWDPHQWH HO FDQDO VHOHFFLRQDGR &KDQQHO /DEHOV (WLTXHWDV GH FDQDOHV 0XHVWUD HO PHQà GH HWLTXHWDV GH FDQDOHV GH 79 176& $76& SDUD OD PRGLILFDFLÚQ GH ODV HWLTXHWDV GH FDQDOHV )$9 &KDQQHO 6HWWLQJ &RQILJXUDFLÚQ GH ORV FDQDOHV )$9 0XHVWUD OD OLVWD GH FDQDOHV IDYRULWRV 3XHGH HGLWDU DJUHJDU ERUUDU ORV FDQDOHV IDYRULWRV 9, '(2 0(18 0(1Ä 9, '(2 (Q OD PD\RUÕD GH ORV PRGRV GH IXHQWHV HO PHQà 9LGHR HV FRPR VH PXHVWUD D FRQWLQXDFLÚQ (VWH PHQà SURSRUFLRQD YDULDV RSFLRQHV GH DMXVWH GH YLGHR SDUD TXH HO XVXDULR DMXVWH OD YLVXDOL]DFLÚQ GH YLGHR (Q HO PRGR GH IXHQWH 9*$ HO PHQà 3LFWXUH , PDJHQ VÚOR PXHVWUD ODV RSFLRQHV 3LFWXUH PRGH 0RGR GH LPDJHQ %ULJKWQHVV %ULOOR &RQWUDVW &RQWUDVWH &RORU 7HPS 7HPSHUDWXUD GH FRORU %DFNOLJKW 5HWURLOXPLQDFLÚQ$VSHFW 5DWLR 5HODFLÚQ GH DVSHFWR \ 3UHVHW &RQILJXUDFLÚQ SUHHVWDEOHFLGD 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 0RGR GH LPDJHQ 3HUPLWH DMXVWDU OD DSDULHQFLD GH OD LPDJHQ D WUDYÑV GH OD VHOHFFLÚQ GHO PRGR GH LPDJHQ SUHHVWDEOHFLGR9LYLG 9ÕYLGR 6WDQGDUG (VWËQGDU (FR (FRQÚPLFR 0RYLH 3HOÕFXODV R 3HUVRQDO 6HOHFFLRQH 3HUVRQDO SDUD DMXVWDU PDQXDOPHQWH HO EULOOR FRQWUDVWH HWF %ULJKWQHVV %ULOOR DMXVWH GHO EULOOR GH YLGHR (O UDQJR GH DMXVWH HV a &RQWUDVW &RQWUDVWH DMXVWH GHO FRQWUDVWH GH YLGHR (O UDQJR GH DMXVWH HV a 6KDUSQHVV 1LWLGH] DMXVWH GH OD QLWLGH] GH YLGHR (O UDQJR GH DMXVWH HV a &RORU &RORU $MXVWH GH OD HVFDOD FURPËWLFD GH FRORU GH YLGHR (O UDQJR GH DMXVWH HV a 7LQW 7LQWH DMXVWH GHO WLQWH GH YLGHR (O UDQJR GH DMXVWH HV 5 a * &RORU 7HPS 7HPSHUDWXUD GH FRORU 7UHV PRGRV GH WHPSHUDWXUD GHO FRORU 1RUPDO:DUP &ËOLGR &RRO )UÕR 1RLVH 5HGXFWLRQ 5HGXFFLÚQ GH UXLGRV 2WRUJD FXDWUR JUDGRV GH HIHFWR GH UHGXFFLÚQ GH UXLGRV /RZ %DMD 0LG 0HGLD +LJK $OWD \ 2II 'HVDFWLYDGD $GDSWLYH &RQWUDVW &RQWUDVWH DGDSWDEOH $FWLYH HVWD RSFLÚQ SDUD DFWLYDU HO FRQWUDVWH DGDSWDEOH (VWD IXQFLÚQ DQDOL]D OD VHÙDO GH YLGHR \ DMXVWD \ PHMRUD DXWRPËWLFDPHQWH HO FRQWUDVWH SDUD RWRUJDU OD PHMRU LPDJHQ '&5$FWLYH HVWD RSFLÚQ SDUD DFWLYDU HO FRQWUDVWH GLQËPLFR (VWD IXQFLÚQ DQDOL]D OD VHÙDO GH YLGHR \ DMXVWD OD UHWURLOXPLQDFLÚQ SDUD RWRUJDU QHJURV PËV LQWHQVRV \ EODQFRV PËV EULOODQWHV %DFNOLJKW /X] SRVWHULRU DMXVWH GH OD SRWHQFLD GH OD UHWURLOXPLQDFLÚQ (O UDQJR GH DMXVWH HV a $VSHFW 5DWLR 5HODFLÚQ GH DVSHFWR 3HUPLWH HOHJLU OD UHODFLÚQ GH DVSHFWR GH OD SDQWDOOD 1RUPDO=RRP $FHUFDPLHQWR :LGH $PSOLR=RRP $FHUFDPLHQWR+'0, 3& PRGH 0RGR 3& +'0,  (O PRGR +'0, 3& 3& +'0,  HVWË VÚOR GLVSRQLEOH SDUD ODV VHÙDOHV +'0, LSSLS 3UHVHW 3UHHVWDEOHFLGR 3HUPLWH UHVWDXUDU WRGD OD FRQILJXUDFLÚQ GH YLGHR D ORV YDORUHV SUHGHWHUPLQDGRV GH IËEULFD $8', 2 0(18 0(1Ä $8', 2 6H PXHVWUD D FRQWLQXDFLÚQ HO PHQà $XGLR GHO PRGR 79 , QFOX\H DMXVWHV SDUD OD PRGLILFDFLÚQ GH OD FRQILJXUDFLÚQ GH DXGLR /D RSFLÚQ $XGLR /DQJXDJH , GLRPD GHO DXGLR HVWË VÚOR GLVSRQLEOH HQ 79 GLJLWDO \ OD RSFLÚQ $XGLR 6RXUFH )XHQWH GHO DXGLR HVWË VÚOR GLVSRQLEOH HQ HO PRGR GH IXHQWH GH 79 DQDOÚJLFD /DV RSFLRQHV $XGLR /DQJXDJH , GLRPD GHO DXGLR \ $XGLR 6RXUFH )XHQWH GHO DXGLR QR VH HQFXHQWUDQ GLVSRQLEOHV HQ RWURV PRGRV GH IXHQWHV 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 0RGR GH VRQLGR (OLMD HO PRGR GH DXGLR 6WDQGDUG (VWËQGDU 0XVLF 0àVLFD 6SHHFK 9R] 3HUVRQDO %DVV *UDYHV $MXVWH GHO WRQR GH JUDYHV (O UDQJR GH DMXVWH HV a 7UHEOH $JXGRV $MXVWH GHO WRQR GH DJXGRV (O UDQJR GH DMXVWH HV a %DODQFH $MXVWH GHO EDODQFH GH DXGLR (O UDQJR GH DMXVWH HV / a 5 $XGLR 6RXUFH )XHQWH GH DXGLR 6HOHFFLRQH OD IXHQWH GH DXGLR HQWUH 6WHUHR (VWÑUHR 6$3 R 0RQR (VWD RSFLÚQ HVWË GLVSRQLEOH SDUD ODV VHÙDOHV GH 79 DQDOÚJLFD $XGLR /DQJXDJH , GLRPD GHO DXGLR 3HUPLWH FDPELDU HO LGLRPD GHO DXGLR SDUD ORV SURJUDPDV GH 79 GLJLWDO (O QàPHUR GH ORV LGLRPDV GHO DXGLR GLVSRQLEOHV GHSHQGH GH ORV SURJUDPDV GH 79 GLJLWDO (QJOLVK , QJOÑV 6SDQLVK (VSDÙRO \ )UHQFK )UDQFÑV (VWD RSFLÚQ HVWË VÚOR GLVSRQLEOH SDUD ODV VHÙDOHV GH 79 GLJLWDO 63', ) )RUPDWR GH OD VDOLGD GH DXGLR GLJLWDO 6HOHFFLRQD HQWUH 5$: \ 3&0 (VWD RSFLÚQ HVWË VÚOR GLVSRQLEOH SDUD +'0, R PRGR GH IXHQWH GH 79 GLJLWDO (VWD RSFLÚQ VH HQFXHQWUD HVWDEOHFLGD HQ PRGR 3&0 SDUD RWUDV IXHQWHV 6SHDNHU $OWDYR] 3HUPLWH DFWLYDUGHVDFWLYDU ORV SDUODQWHV LQWHJUDGRV GH OD 79 1R VH GHVDFWLYDUËQ ODV VHÙDOHV GH DXGLR GLJLWDO QL ODV VHÙDOHV GH VDOLGD GH ORV DXULFXODUHV DXQTXH VH KD\D GHVDFWLYDGR HO DOWDYR] GH OD 79 /D FRQILJXUDFLÚQ SRU GHIHFWR HV 2Q $FWLYDGR $9/ 3HUPLWH DFWLYDU R GHVDFWLYDU HO QLYHODGRU DXWRPËWLFR GH YROXPHQ &XDQGR OD RSFLÚQ $9/ VH HQFXHQWUD DFWLYDGD OD 79 PDQWHQGUË XQ YROXPHQ XQLIRUPH GXUDQWH ORV FRPHUFLDOHV R FXDQGR VH FDPELH HO FDQDO 3UHVHW 3UHHVWDEOHFLGR 3HUPLWH UHVWDXUDU WRGD OD FRQILJXUDFLÚQ GH DXGLR D ORV YDORUHV SUHGHWHUPLQDGRV GH IËEULFD 7JEFP "VEJP 57 5JNF 5JNF . PEF 5JNF ;POF %BZMJHIU 4BWJOHT :FBS . POUI %BZ "VUP )45 0O +BO ". 4FUVQ 5JNF 7(" 3FUVSO . PWF ENTER 4FMFDU 0(1Ä 6(783 &21), *85$&, ¾1 6H PXHVWUD D FRQWLQXDFLÚQ HO PHQà )HDWXUH )XQFLRQHV (VWH PHQà FRQWLHQH RSFLRQHV SDUD HVWDEOHFHU HO LGLRPD OD KRUD \ RWUD FRQILJXUDFLÚQ (Q IXQFLÚQ GHO PRGR GH IXHQWH DFWXDO 79 +'0, HWF HV SRVLEOH TXH DOJXQDV RSFLRQHV QR VH HQFXHQWUHQ GLVSRQLEOHV 7JEFP "VEJP 57 4FUVQ . FOV -BOHVBHF 5JNF 1BTTPXSE 4FUUJOH 1BSFOUBM $POUSPM $MPTFE $BQUJPOT "OBMPH $BQUJPOT 4FUVQ %JHJUBM $BQUJPOT %JHJUBM $BQUJPOT 4FUVQ 3FUVSO . PWF ENTER &OHMJTI 0GG $$ 4&37*$& 7(" 4FMFDU 3DVVZRUG 6HWWLQJ &RQILJXUDFLÚQ GH OD FRQWUDVHÙD 3HUPLWH FDPELDU OD FRQWUDVHÙD GH FRQWURO SDWHUQR GH GÕJLWRV 6H GHEHUËQ OOHYDU D FDER WUHV SDVRV SDUD FDPELDU OD FRQWUDVHÙD (QWHU 2OG 3DVVZRUG , QJUHVH OD FRQWUDVHÙD DQWLJXD q!(QWHU 1HZ 3DVVZRUG , QJUHVH OD FRQWUDVHÙD QXHYD q! [. . . ] [. . . ]