2ZQHU·V 0DQXDO µ DQG µ 3URIHVVLRQDO 5DQJHWRSV 0DQXHO GX SURSULpWDLUH FP SR HW FP SR &XLVLQLqUHV SURIHVVLRQQHOOHV /D VHFWLRQ IUDQoDLVH FRPPHQFH j OD SDJH 0DQXDO GHO SURSLHWDULR µ \ µ &RFLQDV SURIHVLRQDOHV /D VHFFLyQ HQ HVSDxRO HPSLH]D HQ OD SiJLQD *( PRQRJUDP FRP
&RQVXPHU ,QIRUPDWLRQ 3URIHVVLRQDO 5DQJHWRSV &RQWHQWV 6XUIDFH &RRNLQJ %XUQHUV &RQWUROV &RRNZDUH 'XDO )ODPH 6WDFNHG %XUQHUV )HDWXUHV *ULGGOH *ULOO
5HPRYH SDFNDJLQJ WDSH &DUHIXOO\ UHPRYH DOO SDFNDJLQJ IRDP SDGV DQG WDSH :ULWH GRZQ WKH PRGHO VHULDO QXPEHUV
,03257$17 6$)(7< ,16758&7,216 ,03257$17 6$)(7< 127,&( 7KH &DOLIRUQLD 6DIH 'ULQNLQJ :DWHU DQG 7R[LF *DV DSSOLDQFHV FDQ FDXVH PLQRU H[SRVXUH (QIRUFHPHQW $FW UHTXLUHV WKH *RYHUQRU RI WR IRXU RI WKHVH VXEVWDQFHV QDPHO\ EHQ]HQH &DOLIRUQLD WR SXEOLVK D OLVW RI VXEVWDQFHV NQRZQ FDUERQ PRQR[LGH IRUPDOGHK\GH DQG WR WKH VWDWH WR FDXVH FDQFHU ELUWK GHIHFWV VRRW FDXVHG SULPDULO\ E\ WKH LQFRPSOHWH RU RWKHU UHSURGXFWLYH KDUP DQG UHTXLUHV FRPEXVWLRQ RI QDWXUDO JDV RU /3 IXHOV EXVLQHVVHV WR ZDUQ FXVW
,03257$17 6$)(7< ,16758&7,216 :$51,1* 6$)(7< 35(&$87,216 8VH WKLV DSSOLDQFH RQO\ IRU LWV LQWHQGHG XVH DV GHVFULEHG LQ WKLV PDQXDO %H VXUH \RXU DSSOLDQFH LV SURSHUO\ LQVWDOOHG DQG JURXQGHG E\ D TXDOLILHG WHFKQLFLDQ LQ DFFRUGDQFH ZLWK WKH SURYLGHG LQVWDOODWLRQ LQVWUXFWLRQV 'R QRW DWWHPSW WR UHSDLU RU UHSODFH DQ\ SDUW RI \RXU UDQJHWRS XQOHVV LW LV VSHFLILFDOO\ UHFRPPHQGHG LQ WKLV PDQXDO $OO RWKHU VHUYLFLQJ VKRXOG EH UHIHUUHG WR D TXDOLILHG WHFKQLFLDQ %HIRUH SHUIRUPLQJ DQ\ VHUYLFH ',6&
,03257$17 6$)(7< ,16758&7,216 :$51,1* 6$)(7< 35(&$87,216 'R QRW XVH ZDWHU RQ JUHDVH ILUHV 1HYHU SLFN XS D IODPLQJ SDQ 7XUQ WKH FRQWUROV RII 6PRWKHU D IODPLQJ SDQ RQ D VXUIDFH XQLW E\ FRYHULQJ WKH SDQ FRPSOHWHO\ ZLWK D ZHOO ILWWLQJ OLG FRRNLH VKHHW RU IODW WUD\ 8VH D PXOWL SXUSRVH GU\ FKHPLFDO RU IRDP W\SH ILUH H[WLQJXLVKHU )ODPLQJ JUHDVH RXWVLGH D SDQ FDQ EH SXW RXW E\ FRYHULQJ LW ZLWK EDNLQJ VRGD RU LI DYDLODEOH E\ XVLQJ D PXOWL SXUSRVH GU\ FKHPLFDO RU IRDP W\SH ILUH H[WLQJXLVKHU '
,03257$17 6$)(7< ,16758&7,216 :$51,1* 685)$&( &22.
)HDWXUHV RI
5DQJHWRS &RQWUROV 3URIHVVLRQDO 5DQJHWRSV (OHFWURQLF LJQLWLRQ DXWRPDWLF UHLJQLWLRQ 7KH UDQJHWRS LV HTXLSSHG ZLWK HOHFWURQLF LJQLWLRQ ZKLFK HOLPLQDWHV WKH QHHG IRU D VWDQGLQJ SLORW OLJKW 7KH EXUQHUV ZLOO DXWRPDWLFDOO\ UHOLJKW LI WKH IODPH JRHV RXW $OO VXUIDFH EXUQHU LJQLWHUV ZLOO VSDUN DQG PDNH FOLFNLQJ VRXQGV ZKHQ DQ\ EXUQHU LV WXUQHG RQ 'R QRW WRXFK DQ\ RI WKH EXUQHUV ZKHQ LJQLWHUV DUH FOLFNLQJ 2FFDVLRQDOO\ WKH EXUQHUV PD\ VSDUN LI H[FHVV ZLQG RU D GUDIW EORZV WKH IODPH DZD\ IURP WKH
6XUIDFH &RRNLQJ 3URIHVVLRQDO 5DQJHWRSV +RZ WR VHOHFW IODPH VL]H :DWFK WKH IODPH QRW WKH NQRE DV \RX LQFUHDVH RU UHGXFH KHDW 7KH IODPH VL]H RQ D JDV EXUQHU VKRXOG PDWFK WKH FRRNZDUH \RX DUH XVLQJ )25 6$)( +$1'/,1* 2) &22.:$5( 1(9(5 /(7 7+( )/$0( (;7(1' 83 7+( 6,'(6 2) 7+( &22.
6XUIDFH &RRNLQJ 3URIHVVLRQDO 5DQJHWRSV :$51,1* 'R QRW OHDYH WKH ,5 JULOO *ULOO VDIHW\ SUHFDXWLRQV XQDWWHQGHG DW DQ\ WLPH RQ VRPH PRGHOV *UHDVH )ODUH XSV 2FFDVLRQDOO\ GXULQJ JULOOLQJ JUHDVH GULSSLQJV FDQ LJQLWH FUHDWLQJ PLQRU EXUVWV RI IODPH IRU D VHFRQG RU WZR 7KLV LV QRUPDO ZKHQ JULOOLQJ 7KH JULOO UDGLDQW EDIIOH LV GHVLJQHG WR FDWFK H[FHVV JUHDVH OLPLWLQJ IODUH XSV *ULOO &RYHU 5HPRYH WKH FRYHU EHIRUH OLJKWLQJ WKH EXUQHU )RU \RXU VDIHW\ WKH FRYHU PXVW EH UHPRYHG ZKHQ XVLQJ WKH
6XUIDFH &RRNLQJ 3URIHVVLRQDO 5DQJHWRSV *ULOO JUDWHV 5HPRYH WKH FRYHU EHIRUH OLJKWLQJ WKH ,5 JULOO RQ VRPH PRGHOV 7KH JULOO JUDWH LV UHYHUVLEOH 3ODFH WKH KDQGOH HQG WRZDUG WKH IURQW RI WKH 5DQJHWRS 7KH JUDWH ZLOO FKDQJH FRORU ZKHQ VXEMHFWHG WR WKH KHDW DQG DV RLOV FRRN RQWR WKH VXUIDFH 7KLV LV QRUPDO DQG GRHV QRW DIIHFW WKH FRRNLQJ SHUIRUPDQFH 7KH SRUFHODLQL]HG FDVW LURQ JULOO JUDWH GRHV QRW QHHG WR EH VHDVRQHG 2QH VLGH RI WKH JUDWH 6LGH $ LV JURRYHG DQG VKRXOG EH XVHG IRU IRRGV VXFK
6XUIDFH &RRNLQJ 3URIHVVLRQDO 5DQJHWRSV *ULGGOH VDIHW\ SUHFDXWLRQV OHYHOLQJ RQ VRPH PRGHOV :$51,1* 'R QRW DOORZ WKH DLUIORZ IURP WKH JULGGOH IOXH FRYHU WR EH REVWUXFWHG E\ FRRNZDUH RU WRZHOV 5HPRYH WKH PHWDO FRYHU DQG WKH FXWWLQJ ERDUG EHIRUH WXUQLQJ WKH JULGGOH RQ 7KH JULGGOH DVVHPEO\ VKRXOG QRW EH UHPRYHG IRU FOHDQLQJ 2QFH WKH XQLW LV LQ SRVLWLRQ WKH JULGGOH FDQ EH OHYHOHG 5HPRYH WKH IOXH FRYHU E\ OLIWLQJ LW VWUDLJKW XS %H FDUHIXO QRW WR VFUDWFK WKH VXUURXQGLQJ VWDLQOHVV VWHHO VXU
&DUH DQG &OHDQLQJ 3URIHVVLRQDO 5DQJHWRSV 7KH EXUQHU FRQVLVWV RI WKUHH SDUWV WKH EXUQHU 'XDO IODPH EDVH EXUQHU KHDG DQG EXUQHU FDS 7KH EXUQHU VWDFNHG EXUQHUV KHDG DQG EXUQHU FDS FDQ EH OLIWHG RII PDNLQJ WKHP HDV\ WR FOHDQ &$87,21 '2 127 23(5$7( 7+( %851(5 :,7+287 $// %851(5 3$576 ,1 3/$&( 6XUIDFH EXUQHUV VKRXOG EH FOHDQHG URXWLQHO\ HVSHFLDOO\ DIWHU EDG VSLOORYHUV ZKLFK FRXOG FORJ WKH VORWV DQG KROHV LQ WKH EXUQHU KHDGV 7KH HOHFWURGH LV ORFDWHG DW WKH UHDU RI HDFK EXUQHU 'R QRW DWW
&DUH DQG &OHDQLQJ 3URIHVVLRQDO 5DQJHWRSV 6SDUN LJQLWHU DQG HOHFWURGHV 7KH HOHFWURGH RI WKH HOHFWURQLF LJQLWLRQ V\VWHP LV SRVLWLRQHG DW WKH UHDU RI WKH EXUQHU EDVH :KHQ FOHDQLQJ WKH UDQJHWRS EH FDUHIXO QRW WR VQDJ WKH LJQLWHU ZLWK \RXU FOHDQLQJ FORWK 'DPDJH WR WKH LJQLWHU FRXOG RFFXU &OHDQ WKLV PHWDO SDUW ZLWK DQ HPHU\ ERDUG %H FDUHIXO QRW WR SXVK LQ D FRQWURO NQRE ZKLOH FOHDQLQJ ,W FRXOG FDXVH WKH LJQLWHU WR VSDUN 0DNH VXUH WKDW WKH ZKLWH FHUDPLF LJQLWHUV RQ WKH UDQJHWRS DUH GU\ DQG FO
&DUH DQG &OHDQLQJ 3URIHVVLRQDO 5DQJHWRSV *ULGGOH RQ VRPH PRGHOV 7KRURXJKO\ FOHDQ WKH JULGGOH RI JUHDVH DQG IRRG SDUWLFOHV XVLQJ D VTXDUH HGJHG PHWDO VSDWXOD ZKLOH LW LV VWLOO KRW :LSH WKH JULGGOH ZLWK D GU\ KHDY\ FRDUVH FORWK WR UHPRYH DQ\ UHPDLQLQJ UHVLGXH DQG IRRG SDUWLFOHV ,I WKH JULGGOH LV FOHDQHG ZLWK DQ\WKLQJ RWKHU WKDQ D GU\ KHDY\ FRDUVH FORWK LW ZLOO QHHG WR EH UHVHDVRQHG 1HYHU IORRG WKH KRW JULGGOH ZLWK FROG ZDWHU 7KLV FRXOG FDXVH WKH JULGGOH WR FUDFN RU ZDUS &XWWLQJ ERD
&DUH DQG &OHDQLQJ 3URIHVVLRQDO 5DQJHWRSV *ULOO JUDWH IUDPH DQG EDIIOH RQ VRPH PRGHOV 7KH ,5 *ULOO VKRXOG EH FOHDQHG LPPHGLDWHO\ DIWHU HDFK XVH &OHDQ WKH *ULOO *UDWH 7XUQ WKH EXUQHU WR 2)) 8VH D EDUEHFXH PLWW WR UHPRYH WKH KRW JULOO JUDWH 3ODFH WKH JULOO JUDWH LQ D EDVLQ RU VLQN DQG VFUXE ZLWK D EUDVV EULVWOH EUXVK 5LQVH IUHTXHQWO\ 7KH JULOO JUDWH PD\ DOVR EH FOHDQHG LQ WKH RYHQ GXULQJ WKH VHOI FOHDQLQJ F\FOH RU LW FDQ EH FOHDQHG LQ WKH GLVKZDVKHU *ULOO *UDWH *UDWH )UDPH
7KH 3UREOHP 6ROYHU 3URIHVVLRQDO 5DQJHWRSV 352%/(0 3266,%/( &$86( %851(56 '2 127 /,*+7 25 63$5.
&RQVXPHU 6HUYLFHV 3URIHVVLRQDO 5DQJHWRSV :LWK WKH SXUFKDVH RI \RXU QHZ 0RQRJUDP DSSOLDQFH UHFHLYH WKH DVVXUDQFH WKDW LI \RX HYHU QHHG LQIRUPDWLRQ RU DVVLVWDQFH IURP *( ZH·OO EH WKHUH $OO \RX KDYH WR GR LV FDOO³WROO IUHH *( $QVZHU &HQWHU ,Q WKH 86$ :KDWHYHU \RXU TXHVWLRQ DERXW DQ\ 0RQRJUDP PDMRU DSSOLDQFH *( $QVZHU &HQWHU LQIRUPDWLRQ VHUYLFH LV DYDLODEOH WR KHOS
:DUUDQW\ 3URIHVVLRQDO 'XDO )XHO 5DQJH <285 0212*5$0 5$1*( :$55$17< 6WDSOH VDOHV VOLS RU FDQFHOOHG FKHFN KHUH 3URRI RI RULJLQDO SXUFKDVH GDWH LV QHHGHG WR REWDLQ VHUYLFH XQGHU ZDUUDQW\ 3OHDVH KDYH VHULDO QXPEHU DQG PRGHO QXPEHU DYDLODEOH ZKHQ FDOOLQJ IRU VHUYLFH :+$7 ,6 &29(5(' /,0,7(' 7:2 <($5 :$55$17< )RU WZR \HDUV IURP GDWH RI RULJLQDO SXUFKDVH ZH ZLOO SURYLGH IUHH RI FKDUJH SDUWV DQG VHUYLFH ODERU LQ \RXU KRPH WR UHSDLU RU UHSODFH DQ\ SDUW RI WKH UDQJH WKDW IDLOV EHFDXVH RI D PDQXIDFWXU
,QIRUPDWLRQV SRXU OH FRQVRPPDWHXU &XLVLQLqUH SURIHVVLRQQHOOH 7DEOH GHV PDWLqUHV &XLVVRQ HQ VXUIDFH %UOHXUV &RPPDQGHV 8VWHQVLOHV %UOHXUV GRXEOH IODPPH VXSHUSRVpV )RQFWLRQV HW FDUDFWpULVWLTXHV 3ODTXH FKDXIIDQWH *ULOO
6RUWLU O·DSSDUHLO GH VRQ HPEDOODJH 5HWLUH] DYHF SUpFDXWLRQ WRXV OHV HPEDOODJHV FDOHV HQ PRXVVH HW UXEDQV DGKpVLIV ,QVFULYH] OH PRGqOH HW OHV QXPpURV GH VpULH 9RXV OHV WURXYHUH] VXU XQH pWLTXHWWH SODFpH GHUULqUH OH ERXWRQ GX EUOHXU JDXFKH RX VRXV OH SDQQHDX GH FRPPDQGH GDQV OD SDUWLH YLVLEOH ORUVTXH OD SRUWH GX IRXU HVW RXYHUWH 3RXU pYLWHU G·DEvPHU OD ILQLWLRQ GH OD FXLVLQLqUH OD PHLOOHXUH IDoRQ G·HQOHYHU OHV UpVLGXV G·DGKpVLI VXU XQ DSSDUHLO QHXI FRQVLVWH j XWLOLVHU GX GpWHUJHQW
&216,*1(6 ,03257$17(6 '( 6e&85,7e $9,6 '( 6e&85,7e ,03257$17 /D ORL GH O·eWDW GH &DOLIRUQLH © 6DIH 'ULQNLQJ /HV DSSDUHLOV IRQFWLRQQDQW DX JD] SHXYHQW :DWHU DQG 7R[LF (QIRUFHPHQW ª VWLSXOH TXH YRXV H[SRVHU j TXDWUH GH FHV VXEVWDQFHV OH *RXYHUQHXU GH &DOLIRUQLH SXEOLH XQH OLVWH GHV OH EHQ]qQH OH PRQR[\GH GH FDUERQH VXEVWDQFHV TXL GH O·DYLV GH O·eWDW SHXYHQW rWUH OH IRUPDOGpK\GH HW OD VXLH UpVXOWDQW j O·RULJLQH G·DQRPDOLHV FRQJpQLWDOHV RX GH WRXW SULQFLSDOHPHQW G·XQH FRPEXVWLRQ LQFRPSOqWH
&216,*1(6 ,03257$17(6 '( 6e&85,7e $9(57,66(0(17 &216,*1(6 '( 6e&85,7e 8WLOLVH] FHW DSSDUHLO XQLTXHPHQW SRXU O·XVDJH DXTXHO LO HVW GHVWLQp FRPPH GpFULW GDQV FH PDQXHO $VVXUH] YRXV TXH YRWUH DSSDUHLO VRLW FRUUHFWHPHQW LQVWDOOp HW UDFFRUGp j OD WHUUH SDU XQ WHFKQLFLHQ TXDOLILp FRQIRUPpPHQW DX[ FRQVLJQHV G·LQVWDOODWLRQ IRXUQLHV 1·HVVD\H] SDV GH UpSDUHU RX GH UHPSODFHU XQH TXHOFRQTXH SLqFH GH YRWUH FXLVLQLqUH j PRLQV TXH FHOD QH VRLW VSpFLILTXHPHQW UHFRPPDQGp GDQV FH PDQXHO 7RXW DXWUH HQWUHW
&216,*1(6 ,03257$17(6 '( 6e&85,7e $9(57,66(0(17 &216,*1(6 '( 6e&85,7e 1H YHUVH] SDV G·HDX VXU OHV IHX[ GH JUDLVVH 1H VDLVLVVH] MDPDLV XQH FDVVHUROH HQ IODPPHV eWHLJQH] OD FXLVLQLqUH 3RXU pWHLQGUH XQ IHX V·pWDQW GpFODUp VXU XQ EUOHXU UHFRXYUH] FRPSOqWHPHQW OD FDVVHUROH j O·DLGH G·XQ FRXYHUFOH G·XQH WDLOOH DGDSWpH DYHF XQH SODTXH j ELVFXLWV RX HQFRUH XQ SODWHDX 8WLOLVH] XQ H[WLQFWHXU PXOWLXVDJH j PRXVVH RX j SRXGUH /HV IHX[ GH JUDLVVH j O·H[WpULHXU G·XQH FDVVHUROH SHXYHQW V·pWHLQGUH j
&216,*1(6 ,03257$17(6 '( 6e&85,7e $9(57,66(0(17 &216,*1(6 '( 6e&85,7e 3285 /$ 7$%/( '( &8,6621 3RXU UpGXLUH OH ULVTXH GH EUOXUH GH IHX VXU OHV PDWLqUHV LQIODPPDEOHV HW GH GpYHUVHPHQW WRXUQH] OHV SRLJQpHV GHV FDVVHUROHV YHUV OH F{Wp RX O·DUULqUH GH OD FXLVLQLqUH VDQV UHFRXYULU OHV EUOHXUV DGMDFHQWV 8WLOLVH] OD FDVVHUROH DGpTXDWH³1·XWLOLVH] SDV GH FDVVHUROHV LQVWDEOHV RX TXL SHXYHQW IDFLOHPHQW VH UHQYHUVHU 6pOHFWLRQQH] GHV XVWHQVLOHV GH FXLVVRQ j IRQGV SODWV VXIILVDPPHQW ODUJHV SRXU \
)RQFWLRQV GH YRWUH FXLVLQLqUH &XLVLQLqUH SURIHVVLRQQHOOH &DUDFWpULVWLTXHV GH O·DSSDUHLO 7RXWHV OHV IRQFWLRQV QH VRQW SDV SUpVHQWHV VXU WRXV OHV PRGqOHV /·DSSDUHQFH SHXW YDULHU G·XQ PRGqOH j O·DXWUH &RXYHUFOHV GH SODTXH HW GH JULOO 3ODQFKH j WUDQFKHU HQ EDPERX =*8 15 =*8 /5² EUOHXUV HW JULOO =*8 1' =*8 /'² EUOHXUV HW SODTXH FKDXIIDQWH =*8 1* =*8 /* EUOHXUV JULOO HW SODTXH FKDXIIDQWH ,
&RPPDQGHV GH OD WDEOH GH FXLVVRQ &XLVLQLqUH SURIHVVLRQQHOOH $OOXPDJH pOHFWURQLTXH HW UDOOXPDJH DXWRPDWLTXH /D FXLVLQLqUH HVW pTXLSpH G·XQ DOOXPHXU pOHFWURQLTXH LQWpJUp TXL VH VXEVWLWXH j WRXWH IODPPH GH YHLOOH /HV EUOHXUV GH FHWWH FXLVLQLqUH VH UDOOXPHURQW DXWRPDWLTXHPHQW VL OD IODPPH YHQDLW j V·pWHLQGUH LQFDQGHVFHQWH /D EDUUH LQFDQGHVFHQWH UHVWH DOOXPpH WDQW TXH OD SODTXH GH FXLVVRQ RX OH JULOO HVW HQ FRXUV G·XWLOLVDWLRQ SRXU TXH OH EUOHXU QH V·pWHLJQH SDV 7RXV OHV DOOXPHXUV pPHWWHQW XQ
&XLVVRQ HQ VXUIDFH &XLVLQLqUH SURIHVVLRQQHOOH &RPPHQW VpOHFWLRQQHU OD WDLOOH GH OD IODPPH 2EVHUYH] OD IODPPH HW QRQ SDV OH ERXWRQ ORUVTXH YRXV DXJPHQWH] RX UpGXLVH] OD SXLVVDQFH /D WDLOOH GH OD IODPPH VXU XQ EUOHXU j JD] GRLW FRUUHVSRQGUH j O·XVWHQVLOH TXH YRXV XWLOLVH] 3285 0$1,38/(5 (1 7287( 6e&85,7e /·867(16,/( 1( /$,66(= -$0$,6 /$ )/$00( 'e3$66(5 /(6 %25'6 '( /·867(16,/( /HV IODPPHV GpSDVVDQW OHV ERUGV GH O·XVWHQVLOH QH UpFKDXIIHURQW SDV YRV DOLPHQWV SOXV UDSLGHPHQW HW SHXYHQW rWUH G
&XLVVRQ HQ VXUIDFH &XLVLQLqUH SURIHVVLRQQHOOH &RQVLJQHV GH VpFXULWp SRXU OH JULOO $9(57,66(0(17 *DUGH] VXU FHUWDLQV PRGqOHV 3DUIRLV SHQGDQW OD FXLVVRQ DX JULOO OHV pFODERXVVXUHV GH JUDLVVH SHXYHQW SUHQGUH IHX HW FUpHU GH SHWLWHV IODPPHV SHQGDQW XQH j GHX[ VHFRQGHV 1H YRXV LQTXLpWH] SDV WRXMRXUV XQ RHLO DWWHQWLI VXU OH JULOO LQIUDURXJH eFODERXVVXUHV GH JUDLVVH /H GpIOHFWHXU GH UD\RQQHPHQW GX JULOO HVW FRQoX SRXU UpFXSpUHU OH WURS SOHLQ GH JUDLVVH OLPLWDQW DLQVL OHV pFODERXVVXU
&XLVVRQ HQ VXUIDFH &XLVLQLqUH SURIHVVLRQQHOOH *ULOOHV GX JULOO VXU FHUWDLQV PRGqOHV 5HWLUH] OH FRXYHUFOH DYDQW G·DOOXPHU OH JULOO LQIUDURXJH /D JULOOH GX JULOO HVW UpYHUVLEOH 3ODFH] O·H[WUpPLWp GH OD SRLJQpH YHUV O·DYDQW GH OD WDEOH GH FXLVVRQ /D JULOOH FKDQJHUD GH FRXOHXU VRXV O·HIIHW GH OD FKDOHXU HW SHQGDQW OD FXLVVRQ GHV KXLOHV VXU OD VXUIDFH &·HVW QRUPDO HW FHOD Q·DOWqUH SDV OD FXLVVRQ 9RXV Q·rWHV SDV WHQX G·DVVDLVRQQHU OD JULOOH GH FXLVVRQ HQ IRQWH SRUFHODLQH GX JULOO 8Q F{Wp GH
&XLVVRQ HQ VXUIDFH &XLVLQLqUH SURIHVVLRQQHOOH 3UpFDXWLRQV GH VpFXULWp GH OD SODTXH FKDXIIDQWH UpJODJH GH OD KDXWHXU VXU FHUWDLQV PRGqOHV 7UDLWHPHQW GH OD SODTXH FKDXIIDQWH $9(57,66(0(17 1H FRXYUH] SDV OH FRQGXLW G·DpUDWLRQ GH OD SODTXH DYHF XQ TXHOFRQTXH XVWHQVLOH RX DYHF GHV VHUYLHWWHV 5HWLUH] OH FRXYHUFOH HQ PpWDO HW OD SODQFKH j WUDQFKHU DYDQW G·DOOXPHU OD SODTXH FKDXIIDQWH /HV pOpPHQWV GH OD SODTXH FKDXIIDQWH QH GRLYHQW SDV rWUH UHWLUpV ORUV GH VRQ HQWUHWLHQ 8QH IRLV TXH OH GLV
(QWUHWLHQ HW QHWWR\DJH &XLVLQLqUH SURIHVVLRQQHOOH %UOHXUV GRXEOH IODPPH VXSHUSRVpV /H EUOHXU VH FRPSRVH GH WURLV pOpPHQWV OD EDVH GX EUOHXU OD WrWH GX EUOHXU HW OH FKDSHDX GX EUOHXU /D WrWH GX EUOHXU HW OH FKDSHDX SHXYHQW rWUH GpPRQWpV SRXU IDFLOLWHU OHXU QHWWR\DJH 0,6( (1 *$5'( 1·87,/,6(= 3$6 /( %5Ó/(85 6, 7286 /(6 &20326$176 '8 %5Ó/(85 1( 6217 3$6 ,167$//e6 /HV EUOHXUV GH VXUIDFH GRLYHQW rWUH QHWWR\pV UpJXOLqUHPHQW VXUWRXW DSUqV GHV pFODERXVVXUHV QRFLYH VXVFHSWLEOHV G
(QWUHWLHQ HW QHWWR\DJH &XLVLQLqUH SURIHVVLRQQHOOH 'pFOHQFKHXU G·pWLQFHOOHV HW pOHFWURGHV /·pOHFWURGH GX V\VWqPH G·DOOXPDJH pOHFWURQLTXH HVW SODFp j O·DUULqUH GH OD EDVH GX EUOHXU /RUVTXH YRXV QHWWR\H] OD WDEOH GH FXLVVRQ SUHQH] VRLQ GH QH SDV DFFURFKHU O·DOOXPHXU DYHF XQ FKLIIRQ GRX[ 9RXV ULVTXHULH] GH O·DEvPHU 1HWWR\H] OD SDUWLH PpWDOOLTXH j O·DLGH G·XQH OLPH j RQJOHV 9HLOOH] j QH SDV DSSX\HU VXU XQ ERXWRQ GH FRPPDQGH SHQGDQW OH QHWWR\DJH /·DOOXPHXU SRXUUDLW GpJDJHU GHV pWLQFHOOHV 9
(QWUHWLHQ HW QHWWR\DJH &XLVLQLqUH SURIHVVLRQQHOOH 3ODTXH FKDXIIDQWH VXU FHUWDLQV PRGqOHV (OLPLQH] VRLJQHXVHPHQW OD JUDLVVH HW OHV SDUWLFXOHV GH QRXUULWXUH GH OD SODTXH FKDXIIDQWH DYHF XQH VSDWXOH HQ PpWDO j ERUGV FDUUpV SHQGDQW TX·HOOH HVW HQFRUH FKDXGH (VVX\H] OD SODTXH j O·DLGH G·XQ FKLIIRQ VHF ORXUG pSDLV SRXU UHWLUHU OHV UpVLGXV UHVWDQWV HW OHV SDUWLFXOHV GH QRXUULWXUH 6L OD SODTXH HVW QHWWR\pH DYHF DXWUH FKRVH HOOH GHYUD rWUH UHFRQGLWLRQQpH 1·DVSHUJH] G·HDX IURLGH SDV OD SODTXH
(QWUHWLHQ HW QHWWR\DJH &XLVLQLqUH SURIHVVLRQQHOOH *ULOOH GH JULOO FDGUH HW GpIOHFWHXU VXU FHUWDLQV PRGqOHV 1HWWR\H] LPPpGLDWHPHQW OH JULOO LQIUDURXJH DSUqV FKDTXH XWLOLVDWLRQ *ULOOH GX JULOO 1HWWR\H] OD JULOOH GX JULOO eWHLJQH] OH EUOHXU 8WLOLVH] XQ JDQW SRXU EDUEHFXH SRXU UHWLUHU OD JULOOH EUODQWH 3ODFH] OD JULOOH GDQV XQH FXYH RX O·pYLHU HW JUDWWH] j O·DLGH G·XQH EURVVH GH VRLH GH SRUF HQ ODLWRQ 5LQFH] IUpTXHPPHQW &DGUH GX JULOO /D JULOOH SHXW pJDOHPHQW rWUH QHWWR\pH
*XLGH GH GpSDQQDJH &XLVLQLqUH SURIHVVLRQQHOOH 352%/Ê0( &$86( 3266,%/( /(6 %5Ó/(856 1( 6·$//80(17 3$6 28 '( 0$1,Ê5( $/e$72,5( /D ILFKH pOHFWULTXH Q·HVW SDV EUDQFKpH GDQV XQH SULVH G·DOLPHQWDWLRQ TXL PDUFKH /H JD] HVW FRXSp /HV pOpPHQWV GX EUOHXU QH VRQW SDV FRUUHFWHPHQW LQVWDOOpV /HV WURXV GHV SODTXHV G·pEXOOLWLRQ RX GHV RULILFHV GHV GLVTXHV GX EUOHXU VRQW ERXFKpV 2ULILFH ERXFKp RX EUOHXUV RX pOHFWURGHV /(6 )/$00(6 '(6 %5Ó/(856 28 /(85 (;75e0,7e 6217
1RWHV &XLVLQLqUH SURIHVVLRQQHOOH
6RXWLHQ DX FRQVRPPDWHXU &XLVLQLqUH SURIHVVLRQQHOOH $YHF O·DFKDW GH YRWUH QRXYHO DSSDUHLO 0RQRJUDP VR\H] DVVXUp GH UHFHYRLU WRXWH O·LQIRUPDWLRQ RX O·DVVLVWDQFH GRQW YRXV SRXUULH] DYRLU EHVRLQ GH OD SDUW GH *( 7RXW FH TXH YRXV DYH] j IDLUH F·HVW GH QRXV DSSHOHU³JUDWXLWHPHQW *( $QVZHU &HQWHU 6HUYLFH IDYRUL 0RQRJUDP 4XHOOH TXH VRLW YRWUH TXHVWLRQ FRQFHUQDQW Q·LPSRUWH TXHO DSSDUHLO 0RQRJUDP OH VHUYLFH G·LQIRUPDWLRQ GX *( $QVZHU &HQWHU HVW GLVSRQLEOH SRXU YRXV DLGHU
*DUDQWLH &XLVLQLqUH SURIHVVLRQQHOOH /$ *$5$17,( '( /$ &8,6,1,Ê5( 0212*5$0 $JUDIH] OH WLFNHW GH FDLVVH RX OH FKqTXH DQQXOp LFL 9RXV GHYH] IRXUQLU OD GDWH G·DFKDW G·RULJLQH SRXU EpQpILFLHU GHV VHUYLFHV GH UpSDUDWLRQ VRXV OD JDUDQWLH 0XQLVVH] YRXV GX QXPpUR GH PRGqOH HW GX QXPpUR GH VpULH ORUVTXH YRXV DSSHOH] O·DVVLVWDQFH &289(57 3$5 /$ *$5$17,( *$5$17,( '( '(8; $16 /,0,7e( 3HQGDQW GHX[ DQV j FRPSWHU GH OD GDWH G·DFKDW G·RULJLQH QRXV YRXV IRXUQLURQV JUDWXLWHPHQW GHV SLqFHV HW PHWWURQV j YRWUH GL
,QIRUPDFLyQ SDUD HO FRQVXPLGRU &RFLQD SURIHVLRQDO &RQWHQLGRV &RFFLyQ VREUH VXSHUILFLH 4XHPDGRUHV &RQWUROHV 5HFLSLHQWHV GH FRFFLyQ 4XHPDGRUHV DSLODGRV GH OODPD GXDO &DUDFWHUtVWLFDV 3ODQFKD 3DUULOOD
4XLWH OD FLQWD GH HPSDTXH &RQ FXLGDGR TXLWH WRGRV ORV HOHPHQWRV GH HPSDTXH SDxRV GH HVSXPD \ FLQWD DGKHVLYD (VFULED ORV Q~PHURV GH PRGHOR \ GH VHULH /RV HQFRQWUDUi HQ XQD HWLTXHWD XELFDGD GHWUiV GH OD SHULOOD GHO TXHPDGRU L]TXLHUGR R HQ OD SDUWH LQIHULRU GH OD HVWXID $QWHV GH HQYLDU OD WDUMHWD GH UHJLVWUR WHQJD D ELHQ HVFULELU ORV Q~PHURV DTXt (VWRV Q~PHURV WDPELpQ VH HQFXHQWUDQ HQ OD 7DUMHWD GH 5HJLVWUR GHO &RQVXPLGRU GH 3URSLHGDG GHO 3URGXFWR LQFOXLGD HQ HVWH PDQXDO 1~PHUR G
,16758&&,21(6 ,03257$17(6 '( 6(*85,'$' 127,),&$&,Ï1 ,03257$17( '( 6(*85,'$' /D /H\ GH &DOLIRUQLD SDUD HO DJXD SRWDEOH \ ORV Wy[LFRV H[LJH TXH HO *REHUQDGRU GH &DOLIRUQLD SXEOLTXH XQD OLVWD GH VXVWDQFLDV TXH VHJ~Q HO HVWDGR SURYRTXHQ FiQFHU GHIHFWRV FRQJpQLWRV X RWURV GDxRV UHSURGXFWLYRV \ H[LJH D ODV HPSUHVDV TXH DGYLHUWDQ D ORV FOLHQWHV VREUH OD H[SRVLFLyQ SRWHQFLDO D GLFKDV VXVWDQFLDV /RV DSDUDWRV D JDV SXHGHQ SURYRFDU XQD H[SRVLFLyQ PtQLPD D FXDWUR GH HVWDV VXVWDQFLDV D VDEHU EHQF
,16758&&,21(6 ,03257$17(6 '( 6(*85,'$' $'9(57(1&,$ 35(&$8&,21(6 '( 6(*85,'$' 8WLOLFH HVWH DSDUDWR VyOR FRQ HO XVR SUHYLVWR TXH VH GHVFULEH HQ HVWH PDQXDO $VHJ~UHVH GH TXH XQ WpFQLFR FDOLILFDGR KD\D LQVWDODGR \ FRQHFWDGR D WLHUUD HO DSDUDWR GH DFXHUGR FRQ ODV LQVWUXFFLRQHV GH LQVWDODFLyQ VXPLQLVWUDGDV 1R LQWHQWH UHSDUDU R FDPELDU QLQJXQD SLH]D GH VX FRFLQD D PHQRV TXH HVWp HVSHFtILFDPHQWH UHFRPHQGDGR HQ HVWH PDQXDO &XDOTXLHU RWUD DWHQFLyQ GHEH UHDOL]DUOD XQ WpFQLFR FDOLILFDGR $QWHV
,16758&&,21(6 ,03257$17(6 '( 6(*85,'$' $'9(57(1&,$ 35(&$8&,21(6 '( 6(*85,'$' 1R XWLOLFH DJXD HQ LQFHQGLRV GH JUDVD 1XQFD OHYDQWH XQD VDUWpQ HQ OODPDV $SDJXH ORV FRQWUROHV $SDJXH XQD VDUWpQ HQ OODPDV VREUH XQD XQLGDG GH VXSHUILFLH FXEULHQGR OD VDUWpQ SRU FRPSOHWR FRQ XQD WDSD TXH DMXVWH ELHQ XQD SODQFKD SDUD JDOOHWDV R XQD EDQGHMD SODQD 8WLOLFH XQ TXtPLFR VHFR PXOWLXVR R XQ H[WLQWRU GH LQFHQGLRV GH HVSXPD /D JUDVD HQ OODPDV IXHUD GH XQD VDUWpQ SXHGH DSDJDUVH FXEULpQGROD FRQ ELFDUERQDWR
,16758&&,21(6 ,03257$17(6 '( 6(*85,'$' $'9(57(1&,$ 35(&$8&,21(6 '( 6(*85,'$' 3$5$ &2&&,Ï1 62%5( 683(5),&,( 1XQFD GHMH ORV TXHPDGRUHV GH VXSHUILFLH VLQ DWHQFLyQ FRQ FRQILJXUDFLRQHV DOWDV GH OODPD /RV DOLPHQWRV TXH KLHUYHQ \ VH GHUUDPDQ SXHGHQ SURYRFDU KXPR \ GHUUDPHV JUDVRVRV TXH SXHGHQ SUHQGHUVH IXHJR 6L ODV OODPDV GHO TXHPDGRU VH DSDJDQ GHELGR D XQ GHUUDPH LPSRUWDQWH TXH DIHFWD HO HQFHQGHGRU VH GLVSHUVDUi JDV VLQ TXHPDU GHQWUR GH OD KDELWDFLyQ 3DUD PLQLPL]DU OD SRVLELOL
&DUDFWHUtVWLFDV GH VX FRFLQD &RFLQD SURIHVLRQDO ,QIRUPDFLyQ GH GLVHxR 1R WRGDV ODV FDUDFWHUtVWLFDV VH HQFXHQWUDQ HQ WRGRV ORV PRGHORV /D DSDULHQFLD SXHGH FDPELDU 7DSDV GH OD SDUULOOD \ GH OD SODQFKD 7DEOD SDUD FRUWDU GH EDPE~ =*8 15 =*8 /5² TXHPDGRUHV \ SDUULOOD =*8 1' =*8 /'² TXHPDGRUHV \ SODQFKD =*8 1* =*8 /* TXHPDGRUHV SDUULOOD \ SODQFKD ËQGLFH GH FDUDFWHUtVWLFDV 7DEOD SDUD FRUWDU GH
&RQWUROHV GH OD HVWXID &RFLQD SURIHVLRQDO (QFHQGLGR HOHFWUyQLFR \ UHHQFHQGLGR DXWRPiWLFR &yPR HQFHQGHU XQ TXHPDGRU GH VXSHUILFLH /D FRFLQD VH HQFXHQWUD HTXLSDGD FRQ XQ HQFHQGLGR HOHFWUyQLFR TXH HOLPLQD OD QHFHVLGDG GH XQD OX] SLORWR ILMD /RV TXHPDGRUHV GH HVWD FRFLQD YXHOYHQ D HQFHQGHUVH DXWRPiWLFDPHQWH VL OD OODPD V H DSDJD 7RGRV ORV HQFHQGHGRUHV GH TXHPDGRUHV GH VXSHUILFLH FKLVSHDUiQ \ KDUiQ FKDVTXLGRV FXDQGR FXDOTXLHU TXHPDGRU VH HQFLHQGH 1R WRTXH QLQJ~Q TXHPDGRU FXDQGR ORV HQFHQ
&RFFLyQ VREUH VXSHUILFLH &RFLQD SURIHVLRQDO &yPR HOHJLU HO WDPDxR GH OD OODPD 0LUH OD OODPD QR OD SHULOOD PLHQWUDV UHGX]FD R LQFUHPHQWH HO FDORU (O WDPDxR GH OD OODPD GHO TXHPDGRU D JDV GHEH DMXVWDUVH DO UHFLSLHQWH TXH HVWp XVDQGR 3$5$ 81 0$1(-2 6(*852 '( /26 5(&,3,(17(6 '( &2&&,Ï1 181&$ '(-( 48( /$6 //$0$6 6( (;7,(1'$1 0È6 $//È '( /26 /$'26 '( /26 5(&,3,(17(6 8WLOL]DU OODPDV GH XQ WDPDxR PD\RU D OD EDVH GH ORV UHFLSLHQWHV QR ORV FDOHQWDUi PiV UiSLGR \ SRGUtD UHVXOWDU SHOLJURVR &R
&RFFLyQ VREUH VXSHUILFLH &RFLQD SURIHVLRQDO 3UHFDXFLRQHV GH VHJXULGDG GH OD SDUULOOD HQ DOJXQRV PRGHORV $'9(57(1&,$ 1R GHMH OD SDUULOOD ,5 LQIUDUURMD VLQ DWHQFLyQ HQ QLQJ~Q PRPHQWR /ODPDUDGDV GH JUDVD 2FDVLRQDOPHQWH GXUDQWH OD FRFFLyQ FRQ SDUULOOD ODV VDOSLFDGXUDV GH JUDVD SXHGHQ HQFHQGHUVH FUHDQGR SHTXHxDV OODPDUDGDV SRU XQ VHJXQGR R GRV (VWR HV QRUPDO FXDQGR VH DVD D OD SDUULOOD (O GHIOHFWRU UDGLDQWH GH OD SDUULOOD VH HQFXHQWUD GLVHxDGR SDUD UHWHQHU HO H[FHVR GH JUDVD OR TXH OL
&RFFLyQ VREUH VXSHUILFLH &RFLQD SURIHVLRQDO 5HMLOODV GH OD SDUULOOD HQ DOJXQRV PRGHORV 4XLWH OD WDSD DQWHV GH HQFHQGHU HO TXHPDGRU ,5 /D UHMLOOD GH OD SDUULOOD HV UHYHUVLEOH &RORTXH HO H[WUHPR GH OD PDQLMD KDFLD HO IUHQWH GH OD HVWXID /D UHMLOOD FDPELD GH FRORU FXDQGR VH OD VRPHWH DO FDORU \ PLHQWUDV ORV DFHLWHV VH FRFLQDQ HQ OD VXSHUILFLH (VWR HV QRUPDO \ QR DIHFWD HO GHVHPSHxR GH FRFFLyQ /D UHMLOOD GH OD SDUULOOD GH KLHUUR IXQGLGR SRUFHODQL]DGR QR QHFHVLWD VHU FXUDGD 8Q ODGR GH OD
&RFFLyQ VREUH VXSHUILFLH &RFLQD SURIHVLRQDO 3UHFDXFLRQHV GH VHJXULGDG \ QLYHODFLyQ GH OD SODQFKD HQ DOJXQRV PRGHORV $'9(57(1&,$ 1R SHUPLWD TXH HO IOXMR GH DLUH SURYHQLHQWH GH OD WDSD GH YHQWLODFLyQ GH OD SODQFKD TXHGH REVWUXLGR SRU UHFLSLHQWHV GH FRFFLyQ R WRDOODV 4XLWH OD WDSD GH PHWDO \ OD WDEOD SDUD FRUWDU DQWHV GH HQFHQGHU OD SODQFKD /D HQVDPEODGXUD GH OD SODQFKD QR GHEH TXLWDUVH SDUD OD OLPSLH]D 8QD YH] TXH OD XQLGDG VH HQFXHQWUD HQ VX SRVLFLyQ OD SODQFKD SXHGH QLYHODUVH 4XLW
&XLGDGR \ OLPSLH]D &RFLQD SURIHVLRQDO 4XHPDGRUHV DSLODGRV GH OODPD GXDO (O TXHPDGRU FRQVWD GH WUHV SDUWHV /D EDVH GHO TXHPDGRU HO FDEH]DO GHO TXHPDGRU \ OD WDSD GHO TXHPDGRU (O FDEH]DO \ OD WDSD GHO TXHPDGRU SXHGHQ TXLWDUVH D ILQ GH IDFLOLWDU OD OLPSLH]D 35(&$8&,Ï1 12 87,/,&( (/ 48(0$'25 6,1 72'$6 /$6 3,(=$6 (1 68 /8*$5 /RV TXHPDGRUHV GH VXSHUILFLH GHEH OLPSLDUVH UHJXODUPHQWH HQ HVSHFLDO GHVSXpV GH VXIULU GHUUDPHV OR TXH SRGUtD REVWUXLU ODV UDQXUDV \ RULILFLRV GH ORV FDEH]DOHV G
&XLGDGR \ OLPSLH]D &RFLQD SURIHVLRQDO (QFHQGHGRU SRU FKLVSD \ HOHFWURGRV (O HOHFWURGR GHO VLVWHPD GH HQFHQGLGR HOHFWUyQLFR VH HQFXHQWUD XELFDGR HQ OD SDUWH WUDVHUD GH OD EDVH GHO TXHPDGRU &XDQGR OLPSLH OD HVWXID WHQJD FXLGDGR GH QR HQJDQFKDU HO HQFHQGHGRU FRQ HO SDxR GH OLPSLH]D (O HQFHQGHGRU SRGUtD GDxDUVH /LPSLH HVWD SDUWH GH PHWDO FRQ XQD OLMD 7HQJD FXLGDGR GH QR HPSXMDU OD SHULOOD GH FRQWURO KDFLD DGHQWUR PLHQWUDV UHDOL]D OD OLPSLH]D 3RGUtD SURYRFDU HO DFFLRQDPLHQWR GHO HQFHQGHG
&XLGDGR \ OLPSLH]D &RFLQD SURIHVLRQDO 3ODQFKD HQ DOJXQRV PRGHORV 4XLWH ELHQ OD JUDVD \ ODV SDUWtFXODV GH FRPLGD GH OD SODQFKD XWLOL]DQGR XQD HVSiWXOD GH PHWDO GH ODGRV UHFWRV PLHQWUDV WRGDYtD HVWp FDOLHQWH /LPSLH OD SODQFKD FRQ XQ SDxR VHFR UHVLVWHQWH \ JUXHVR SDUD HOLPLQDU ORV UHVLGXRV UHVWDQWHV \ SDUWtFXODV GH DOLPHQWRV 6L OD SODQFKD VH OLPSLD FRQ RWUR HOHPHQWR TXH QR VHD XQ SDxR VHFR UHVLVWHQWH \ JUXHVR pVWD WHQGUi TXH YROYHU D FXUDUVH 1XQFD OOHQH OD SODQFKD FDOLHQWH FRQ DJXD IUtD (
&XLGDGR \ OLPSLH]D &RFLQD SURIHVLRQDO 5HMLOOD DUPD]yQ \ GHIOHFWRU GH OD SDUULOOD HQ DOJXQRV PRGHORV /D SDUULOOD ,5 GHEH OLPSLDUVH LQPHGLDWDPHQWH GHVSXpV GH FDGD XVR &yPR OLPSLDU OD UHMLOOD GH OD SDUULOOD *LUH HO TXHPDGRU D 2)) DSDJDGR 8WLOLFH XQD DJDUUDGHUD SDUD TXLWDU OD UHMLOOD GH OD SDUULOOD FDOLHQWH &RORTXH OD UHMLOOD GH OD SDUULOOD HQ XQ WD]yQ R IUHJDGHUR \ IULHJXH FRQ XQ FHSLOOR GH FHUGDV GH EURQFH (QMXDJXH FRQ IUHFXHQFLD /D UHMLOOD GH OD SDUULOOD WDPELpQ SXHGH OLPSLDUVH
6ROXFLRQDGRU GH SUREOHPDV &RFLQD SURIHVLRQDO 352%/(0$ &$86$ 326,%/( /26 48(0$'25(6 12 6( (1&,(1'(1 2 &+,63($1 (1 )250$ $/($725,$ (O HQFKXIH HOpFWULFR QR VH HQFXHQWUD HQFKXIDGR D XQ WRPDFRUULHQWH FDUJDGR (O JDV QR HVWi HQFHQGLGR /DV SLH]DV GH ORV TXHPDGRUHV QR VH YROYLHURQ D FRORFDU FRUUHFWDPHQWH /RV RULILFLRV GH ORV DQLOORV GH IXHJR OHQWR R ODV UDQXUDV GH ORV DQLOORV GHO TXHPDGRU VH HQFXHQWUDQ REVWUXLGRV 2ULILFLR REVWUXLGR R TXHPDGRUHV R HOHFWURGRV K~PHGRV
1RWDV &RFLQD SURIHVLRQDO
6HUYLFLRV DO FRQVXPLGRU &RFLQD SURIHVLRQDO &RQ OD FRPSUD GH VX QXHYR DUWHIDFWR 0RQRJUDP WHQJD OD WUDQTXLOLGDG GH TXH VL DOJXQD YH] QHFHVLWD LQIRUPDFLyQ R DVLVWHQFLD GH *( HVWDUHPRV OLVWRV SDUD KDFHUOR £7RGR OR TXH WLHQH TXH KDFHU HV OODPDU HQ IRUPD JUDWXLWD *( $QVZHU &HQWHU &XDQGR WHQJD XQD FRQVXOWD VREUH FXDOTXLHU DUWHIDFWR LPSRUWDQWH 0RQRJUDP HO VHUYLFLR GH LQIRUPDFLyQ *( $QVZHU &HQWHU HVWDUi OLVWR SDUD D\XGDUOR 6X OODPDGD³\ VX SUHJXQWD³VHUiQ UHVSRQGLGDV UiSLGD \ FRUWpVPH
*DUDQWtD &RFLQD SURIHVLRQDO *$5$17Ë$ '( 68 &2&,1$ 0212*5$0 $EURFKH HO FRPSUREDQWH GH YHQWD R FKHTXH FRPSHQVDGR DTXt 6H QHFHVLWD XQD SUXHED GH OD IHFKD GH FRPSUD RULJLQDO SDUD REWHQHU VHUYLFLR WpFQLFR FXELHUWR SRU OD JDUDQWtD 7HQJD HO Q~PHUR GH VHULH \ GH PRGHOR D PDQR FXDQGR OODPH SDUD VROLFLWDU XQ VHUYLFLR WpFQLFR (/(0(1726 &8%,(5726 *$5$17Ë$ /,0,7$'$ '( '26 $³26 'XUDQWH GRV DxRV D SDUWLU GH OD IHFKD RULJLQDO GH FRPSUD RWRUJDUHPRV HQ IRUPD JUDWXLWD SLH]DV \ VHUYLFLR WpFQLFR HQ VX KRJDU SD