7; 6 73 &RQWUDVW $XWR 7UDFNLQJ 6\VWHP 7; 6 73 5RPDQ 0DJ\DU 9 UXJ P V FLWL L ñQ ñQWUHJLPH DFHVWH LQVWUXF LXQL ñQDLQWH GH XWLOL]DUHD WHOHYL]RUXOXL L UH LQH L OH SHQWUX R IRORVLUH XOWHULRDU .
6WLPDWH FOLHQW %LQH D L YHQLW ñQ IDPLOLD FOLHQ LORU ILUPHL 3DQDVRQLF 6SHU P V Y EXFXUD L F W PDL PXOW WLPS GH QRXO GXPQHDYRDVWU WHOHYL]RU FRORU &HD PDL EXQ PHWRG GH D ñQ HOHJH IDFLOLW LOH DFHVWXL WHOHYL]RU HVWH GH D FLWL ñQ ñQWUHJLPH DFHVW PDQXDO ñQDLQWH GH D IRORVL WHOHYL]RUXO $FHVW WHOHYL]RU DUH XQ FRQVXP UHGXV GH HQHUJLH HOHFWULF FHHD FH FRQGXFH OD FRVWXUL GH IXQF LRQDUH IRDUWH UHGXVH ðQ DFHVW VHQV FRQVXPXO GH HQHUJLH ñQ PRG VWDUHD GH D WHSWDUH VWDQGE\ HVWH GRDU GH ZDWW &835,16 - $WHQ
$7(1 ,21 5, , 0 685, '( 35(9('(5( - $FHVW WHOHYL]RU HVWH FRQFHSXW V 9F D +] IXQF LRQH]H OD - 1X H[SXQH L DFHVW WHOHYL]RU OD SORDLH VDX OD XPH]HDO H[FHVLY - $7(1 ,( ð1$/7 7(16,81( 1X VFRDWH L FDUFDVD GLQ VSDWH SHQWUX F ñQ LQWHULRU QX H[LVW FRPSRQHQWH FDUH V SRDW IL UHSDUDWH GH XWLOL]DWRU - (YLWD L H[SXQHUHD WHOHYL]RUXOXL VXE DF LXQHD GLUHFW UD]HORU VRODUH VDX OD DOWH VXUVH GH F OGXU - 6FRDWH L WHFKHUXO GLQ SUL] DWXQFL F QG WHOHYL]RUXO XUPHD] D QX IL IRORVLW SHQWUX R SHULRDG O
$&&(625,, 9HULILFD L GDF DYH L DFFHVRULLOH L DUWLFROHOH SUH]HQWDWH PDL MRV 7HOHFRPDQGD WLS (85 0DQXDOXO FX LQVWUXF LXQL GH XWLOL]DUH $QWHQ WHOHVFRSLF 7; 6 73 76$ %DWHULL SHQWUX WHOHFRPDQG GLPHQVLXQH [5 80 ),;$5($ %$7(5,,/25 3(1758 7(/(&20$1' 6FRDWH L FDSDFXO EDWHULLORU ,QWURGXFH L EDWHULLOH DWHQ LH OD SRODULWDWHD FRUHFW 3XQH L FDSDFXO OD ORF - $VLJXUD L Y F EDWHULLOH VXQW IL[DWH ñQ SR]L LD FRUHFW - 1X DPHVWHFD L EDWHULL YHFKL FX EDWHULL QRL ðQO WXUD L LPHGLDW
,167$/$5($ , 5(*/$5($ 1XPDL WHOHYL]RU &RQHFWD L FDEOXO FRD[LDO DO DQWHQHL GLUHFW ñQ PXID 5) ,1 D WHOHYL]RUXOXL 6$8 )2/26,5($ 818, 9,'(25(&25'(5 &RQHFWD L FDEOXO FRD[LDO DO DQWHQHL ñQ PXID GH LQWUDUH 5) D YLGHRUHFRUGHUXOXL L XQ FDEOX FRD[LDO 5) GH OD PXID GH LH LUH 5) D YLGHRUHFRUGHUXOXL ñQ PXID 5) ,1 D WHOHYL]RUXOXL 9LGHRUHFRUGHUXO SRDWH IL GH DVHPHQHD FRQHFWDW OD WHOHYL]RU IRORVLQG XQ FDEOX GH FRQH[LXQH 6&$57 6&$57 9&5 YLGHRUHFRUGHU 'HWDOLL VXSOLPHQWDUH GHVSUH OHJ WXUL DXGLR YLGHR SRW IL J VL
,167$/$5($ , 5(*/$5($ 6HOHFWD L OLPED GRULW GLQ DIL DMXO GH SH HFUDQ $S VD L EXWRQXO 79 $9 SHQWUX D SRUQL $73 3RVWXULOH 79 YRU IL ORFDOL]DWH VRUWDWH ñQ RUGLQH L PHPRUDWH ILLQG JDWD SHQWUX D IL IRORVLWH &+ /LPEDM PHVDMH 3/ &= 52 + 58 *% $73 5HJODM 79 $9 6WDUW $73 1 ,H LUH 9D IL DIL DW SULPXO FDQDO GLVSRQLELO 7UHFH L VHPQDOXO GH WHVW DO YLGHRUHFRUGHUXOXL SH j2II j'HFXSODW 5HJODUHD YROXPXOXL 6FKLPEDUHD SURJUDPXOXL &+ 7(/(7(;7 2UGLQHD GH VRUWDUH
/2&$/,=$5($ &20(1=,/25 0HQLX GH HFUDQ 7LWOXO PHQLXOXL &XUVRU 6XEPHQLX &RPHQ]L 0HQLX SULQFLSDO &RQWUDVW /XPLQR]LWDWH &XORDUH &ODULWDWH & $ 7 6 0HQLX $FRUG /LPEDM PHVDMH 5RP Q 6HOHFWDUH 5HJODM 1 ,H LUH 2UJDQHOH GH FRPDQG DOH SDQRXOXL DQWHULRU ,QWUHUXS WRU SULQFLSDO 3RUQLW 2SULW 675 0HPRUHD] VHW ULOH UHJODMHORU L DOH DOWRU IXQF LL ) 6HOHFWHD] R IXQF LH GLQWUH 9ROXP FRQWUDVW VWU OXFLUH FXORDUH FRQWXUXUL & $ 7 6 6LVWHPXO DXWRPDW GH UHJODUH D FRQWUDVWXOXL L DFRUG PDQXDO 0XI
)2/26,5($ 0(1,8/8, $IL HD] PHQLXO 0HQLXO DQWHULRU 6HOHF LH 3RUQLUH $73 0HPRUHD] VHW ULOH DOHVH SULQ DFRUG PDQXDO &RPXWDUH SURJUDP 0HPRUDUH ñQ PHQLXO GH DFRUG 5HJODUH $FFHV ,H LUH GLQ PHQLX 0HQLX SULQFLSDO &RQWUDVW 0HQLXO SULQFLSDO &RQWUDVW ) 6WU OXFLUH &XORDUH &RQWXUXUL &RQWUDVWXO VWU OXFLUHD FXORDUHD L FRQWXUXULOH SRW IL PRGLILFDWH SHQWUX D FRUHVSXQGH FRQGL LLORU GH YL]LRQDUH L SUHIHULQ HORU SHUVRQDOH & $ 7 6 &RQWUDVW $XWR 7UDFNLQJ 6\VWHP 7; 6 73 6LVWHPXO DXWRPDW GH UHJODUH D FRQWUD
)2/26,5($ 0(1,8/8, 0HQLXO GH DFRUG 0HQLX SULQFLSDO 0HQLXO GH DFRUG RIHU PDQXDO L DXWRPDW DFFHV OD DPEHOH YDULDQWH GH DFRUG &RQWUDVW /XPLQR]LWDWH &XORDUH &ODULWDWH & $ 7 6 $73 0HQLXO $73 Y SHUPLWH V HIHFWXD L DFRUGXO WHOHYL]RUXOXL DXWRPDW OXFUX XWLO PDL DOHV GDF Y PXWD L ñQWU R ]RQ GHVHUYLW GH XQ DOW HPL WRU 0HQLX $FRUG /LPEDM PHVDMH 5RP Q 6HOHFWDUH $FFHV 1 ,H LUH $FRUG PDQXDO 0HQLXO DFRUG PDQXDO SHUPLWH FD SR]L LLOH LQGLYLGXDOH DOH SURJUDPHORU V ILH RE LQXWH SULQ DFRUG PDQXDO
)2/26,5($ 7(/(7(;78/8, - )XQF LLOH WHOHWH[WXOXL VH SRW GLVWLQJH ñQ GHSHQGHQ GH VWD LD GH WHOHYL]LXQH FDUH HPLWH L VXQW DFFHVLELOH QXPDL ñQ FD]XO F UHVSHFWLYXO FDQDO HPLWH WHOHWH[W - 3ULQ DS VDUHD EXWRQXOXL k)k ñQ FXUVXO IXQF LRQ ULL WHOHWH[WXOXL VH DIL HD] IXQF LD FRQWUDVWXOXL FX R EDQG LQGLFDWRDUH GH FXORDUH DOEDVWU 3ULQ XUP WRDUHD DS VDUH D EXWRDQHORU k k L k k SXWH L VFKLPED UHJODMXO GXS FXP HVWH QHFHVDU - 3ULQ DS VDUHD VHSDUDW D EXWRDQHORHU k k L k k ñQ FXUVXO IXQF LRQ ULL WHOHWH[WXOXL DYH L
&21(;,81, $8',2 9,'(2 $9 DXGLR YLGHR HVWH R LQWUDUH GHGLFDW SHQWUX YLGHRUHFRUGHUH UHFHSWRDUH GH VDWHOLW L DOWH HFKLSDPHQWH DXGLR YLGHR $FHVW WHOHYL]RU HVWH FDSDELO V FRPXWH DXWRPDW ñQ PRGXO GH RSHUDUH $9 GDF HFKLSDPHQWXO FRQHFWDW RIHU XQ VHPQDO GH FRPXWDUH OD PXID 6&$57 ðQ DFHVW FD] HFUDQXO YD DU WD (& L HVWH SRVLELO V VH PRGLILFH SR]L LD SURJUDPXOXL WHOHYL]RUXOXL I U PRGLILFDUHD LPDJLQLL DIL DWH ,QWUDUH YLGHR OD PXID 9 ,QWUDUH DXGLR OD PXID $ ,H LUH GH OD PXID SHQWUX F WL ,QWUDUH ,H LUH GH O
)2/26,5($ 9,'(25(&25'(58/8, 7HOHFRPDQGD HVWH FDSDELO V DF LRQH]H XQHOH IXQF LL DOH XQRU YLGHRUHFRUGHUH 3DQDVRQLF Y UXJ P FRQVXOWD L GLVWULEXLWRUXO GXPQHDYRDVWU SHQWUX GHWDOLL 8QHOH YLGHRUHFRUGHUH DX IXQF LL GLIHULWH D D F SHQWUX D DVLJXUD FRPSDWLELOLWDWHD Y UXJ P FRQVXOWD L PDQXDOXO FX LQVWUXF LXQL GH XWLOL]DUH D YLGHRUHFRUGHUXOXL 9&5 9LGHRUHFRUGHU ñQ VWDUH GH D WHSWDUH 3DX] 6WRS FDGUX 6WRS ðQUHJLVWUDUH 3URJUDP YLGHRUHFRUGHU ñQDLQWH ñQDSRL 'HUXODUH UDSLG YL]LRQDUH ñQDSRL 'HUXODUH UDSLG
'(3$1$5( ðQDLQWH GH D DSHOD OD VHUYLFH GHWHUPLQD L VLPSWRPHOH L IDFH L F WHYD YHULILF UL VLPSOH D D FXP VH SUH]LQW PDL MRV 3HQWUX VHUYLFH Y UXJ P FRQWDFWD L GLVWULEXLWRUXO 3DQDVRQLF ORFDO PHQ LRQ QG QXP UXO L VHULD DSDUDWXOXL DPEHOH VH DIO SH SDUWHD GLQ VSDWH D DFHVWXLD 6LPSWRP 9HULILFDUH ,PDJLQH 6XQHW ,PDJLQH FX SXULFL VDX LPDJLQL PXOWLSOH 6XQHW FX ]JRPRW VDX VXQHW QRUPDO $PSODVDUHD DQWHQHL DQWHQHL GLUHF LD VDX FRQHFWDUHD DFHVWHLD ,QWHUIHUHQ 6XQHW FX ]JRPRW (FKLSDPHQWH HOHFWULFH YHKLFXOH
&$5$&7(5,67,&, 0RGHO QXP U 7; 6 73 7; 6 73 7HQVLXQH GH DOLPHQWDUH 9 +] F D 3XWHUH FRQVXPDW : : 3XWHUH FRQVXPDW ñQ PRG D WHSWDUH : 7XE FLQHVFRS ,H LUH DXGLR 0X]LF GLDJRQDOD YL]LELO FP 'LPHQVLXQL : LPSHGDQ : PRQR ñQ O LPH [ O LPH [ JURVLPH PP ñQ O LPH [ O LPH [ JURVLPH PP NJ NJ *UHXWDWH 6LVWHPH UHFHS LRQDWH GLDJRQDOD YL]LELO FP 3$/ % * 6(&$0 % * 9+) ( ( 9+) $ + ,7$/,$ &$79 6 6 &$79 6
7LV]WHOW 3DQDVRQLF Y V UOÊ ÛGYÐ]ÐOMÚN D 3DQDVRQLF Y V UOÊN FVDO GM EDQ 5HP OMÚN KRVV]Ô YHNHQ NHUHV]WÚO OYH]QL IRJMD ÔM V]õQHV WHOHYõ]LÊM W $ OHJMREE PÊG D WHOHYõ]LÊ WXODMGRQV JDLQDN PHJLVPHU V KH] KD H]W D NÐQ\YHW D N V]ÚO N Ú]HPHOWHW VH HO WW DODSRVDQ HOROYDVVD (] D WHOHYõ]LÊ NLV IRJ\DV]W VÔ DPL P NÐG V W JD]GDV JRVV WHV]L $ N V]HQO WL WHOMHVõWP Q\IHOY WHO FVXS Q ZDWW 7$57$/20-(*<=þ. - ),*<(/0(=7(7þ6(. þ6 Ë9,17þ=.('þ6(. - /7$/ 126 7 -þ.
),*<(/0(=7(7þ6(. þ6 Ë9,17þ=.('þ6(.
7$572=þ.2. (OOHQ UL]]H KRJ\ PHJNDSWD H D N SHNHQ O WKDWÊ WDUWR] NRNDW 7 YYH] UO (85 .H]HO VL ÔWPXWÊ 7HOHV]NÊS DQWHQQD 7; 6 73 76$ $ 7 99(=þ5/ (OHPHN ^ [ 5 80 P UHW` D W YYH] UO KÐ] (/(0(,1(.
7(/(3ô7þ6 þ6 %( //ô7 6 &VDN 79 N V]ÚO N &VDWODNR]WDVVD D NRD[L OLV DQWHQQD N EHOW D 79 N V]ÚO N 5) ,1 DOM]DW KR] 9$*< .þ30$*1Ë9$/ &VDWODNR]WDVVD D NRD[L OLV DQWHQQD N EHOW D N SPDJQÊ 5) ,QSXW EHPHQHWL FVDWODNR]ÊM KR] V HJ\ NRD[L OLV N EHOW D N SPDJQÊ 5) 2XWSXW NLPHQHWL FVDWODNR]ÊM WÊO D 79 N V]ÚO N 5) ,1 DOM]DW KR] $ N SPDJQÊ D 79 N V]ÚO NKH] FVDWODNR]WDWKDWÊ 6&$57 6&$57 YH]HW N VHJõWV J YHO LV 9&5 .
7(/(3ô7þ6 þ6 %( //ô7 6 9 ODVV]D NL D NõY QW Q\HOYHW R] 26' Q\HOY NLY ODV]W V U V]E O $] $73 DXWRPDWLNXV KDQJRO V HOLQGõW V KR] Q\RPMD PHJ D 79 $9 JRPERW 0HJWÐUW QLN D 79 OORP VRN EHKDQJRO VD UHQGH] VH V KDV]Q ODWUD N V] W URO VD &+ 26' Q\HOY 3/ &= 52 + 58 *% $73 %H OOõW V 79 $9 $73 LQGõW VD 1 NLO S $] HOV UHQGHONH] VUH OOÊ 79 P VRU MHOH QLN PHJ .
.(=(/ 6=(59(. +(/<( . SHUQ\ IHOLUDWRN 0HQÚFõP .XU]RUV Y )ÒPHQÚ .RQWUDV]W ) Q\HUÒ 6]õQWHOõWHWWV J $OPHQÚ . S OHVV J & $ 7 6 +DQJRO V 0HQÚ 26' Q\HOY 0DJ\DU 8WDVõW VRN 9 ODV]W V %H OOõW V 1 .LO S $] HO ODSRQ O Y NH]HO V]HUYHN + OÊ]DWL %H .LNDSFVROÊ 675 7 UROMD D KDQJRO VW V D] HJ\ E IXQNFLÊN EH OOõW VDLW ) 9 ODVV]RQ IXQNFLÊW D NÐYHWNH] NE O +DQJHU .RQWUDV]W ) Q\HU 6]õQWHOõWHWWV J .
$ 0(1Û .(=(/þ6( 0HQÚ PHJMHOHQõW V HO ] PHQÚ .LY ODV]W V $XWRPDWLNXV KDQJRO V $73 LQGõW VD . ]L KDQJRO V W URO VD 3URJUDPFVHUH 7 URO V D KDQJRO V PHQÚEHQ %H OOõW V KR]] I U V .LO S V D PHQÚE O )ÒPHQÚ .RQWUDV]W ) PHQÚ .RQWUDV]W ) ) Q\HU 6]õQWHOõWHWWV J . S OHVV J $ NRQWUDV]W D I Q\HU D V]õQWHOõWHWWV J V D] N S OHVV J PHJY OWR]WDWKDWÊ D 79 Q ] V IHOW WHOHL V D V]HP O\HV LJ Q\HN V]HULQW & $ 7 6 .
$ 0(1Û .(=(/þ6( +DQJRO V PHQÚ )ÒPHQÚ $ +DQJRO V PHQÚ KR]] I U VW EL]WRVõW PLQG D N ]L PLQG D] DXWRPDWLNXV KDQJRO V PHQÚLKH] .RQWUDV]W ) Q\HUÒ 6]õQWHOõWHWWV J . S OHVV J & $ 7 6 $73 $] $73 DXWRPDWLNXV KDQJRO V OHKHW Y WHV]L D 79 N V]ÚO N DXWRPDWLNXV ÔMUD KDQJRO V W (] NÚOÐQÐVHQ RO\DQ WHUÚOHWUH NÐOWÐ] V HVHW Q KDV]QRV DKRO P V 79 DGÊN P NÐGQHN +DQJRO V 0HQÚ 26' Q\HOY 0DJ\DU 9 ODV]W V 0HJMHOHQõW V 1 .LO S .
$ 7(/(7(;7 .
$8',2 9,'(Ë &6$7/$.2= 62.
$ .þ30$*1Ë .(=(/þ6( $ W YYH] UO N SHV D NLY ODV]WRWW 3DQDVRQLF N SPDJQÊN Q K Q\ IXQNFLÊM QDN NH]HO V UH 5 V]OHWHV LQIRUP FLÊNNDO NDSFVRODWEDQ O SMHQ ULQWNH] VEH D IRUJDOPD]ÊYDO 1 K Q\ N SPDJQÊ HOW U IXQNFLÊMÔ õJ\ D NRPSDWLELOLW V EL]WRVõW V UD D N SPDJQÊ NH]HO VL ÔWPXWDWÊM W NHOO KDV]Q OQL 9&5 . SPDJQÊ N V]HQO W 6]ÚQHW OOÊN S )HOY WHO .
+,%$.(5(6þ6 0LHO WW D V]HUYL]W KõYQ KDW UR]]D PHJ D MHOHQV JHW V Y JH]]H HO D OHQW NÐ]ÐOW Q K Q\ HJ\V]HU HOOHQ U] VW 6]HUYL] F ORNEÊO KõYMD D KHO\L 3DQDVRQLF IRUJDOPD]ÊW PDMG DGMD PHJ D WõSXV V D VRUR]DWV] PRW PLQGNHWW D 79 K WXOM Q WDO OKDWÊ 7ÚQHWHN . S +DQJ .
0 6=$., $'$72. 0LQ V JWDQÔVõW V D ,,, ,S0 %N0 V] HJ\ÚWWHV UHQGHOHWEHQ HO õUWDN V]HULQW PLQW IRUJDOPD]Ê WDQÔVõWMXN KRJ\ D 3DQDVRQLF J\ UWP Q\Ô 7; 6 73 7; 6 73 WõSXVÔ 79 N V]ÚO NHN PHJIHOHOQHN D NÐYHWNH] P V]DNL MHOOHP] NQHN 0RGHOO V] P 7; 6 73 7; 6 73 7 SIHV]ÚOWV J 9 +] 7HOMHVõWP Q\IHOY WHO : : . V]HQO WL WHOMHVõWP Q\IHOY WHO : þULQW VY VOHOPL RV]W O\ .
3DQDVRQLF ´ : - - - - - - - - - - -
- - - - - ´ ´ 6OHHS ´ ´ $9 6WDQGE\ & $ 7 6 7; 6 73
(85 [ 5 80 VL]H 7; 6 73 76$ - - - 1L &DG
5) ,1 5) 5) 5) 5) 6&$57 9&5 ´21´
26' 79 $9 $73 &+ 26' /DQJXDJH 3/ &= 52 + 58 *% $73 $GMXVW 79 $9 6WDUW $73 1 ([LW &+ 7(/(7(;7 7XQLQJ ´ ´ ´ ´ 6:$3 ´ ´ 5) 5)
0DLQ 0HQX &RQWUDVW %ULJKWQHVV &RORXU 6KDUSQHVV & $ 7 6 7XQLQJ 0HQX 26' /DQJXDJH (QJOLVK 6HOHFW $GMXVW 1 ([LW 21 675 2)) ´ ´ 5&$ 79 $9 ) 79 $9 d b &$76 7; 6 73 2Q 2II 79 $9 675
$73 6HOHFW 0DQXDO 7XQLQJ 3URJUDPPH 6ZDS 7XQLQJ $GMXVW $FFHVV ([LW 0HQX 0DLQ 0HQX &RQWUDVW ) 6HOHFW $GMXVW 1 ([LW &$76 7; 6 73 %ULJKWQHVV &RORXU 6KDUSQHVV & $ 7 6 7XQLQJ 0HQX 26' /DQJXDJH (QJOLVK &$76 0DLQ 0HQX &RQWUDVW %ULJKWQHVV &RORXU 6KDUSQHVV & $ 7 6 7XQLQJ 0HQX 26' /DQJXDJH (QJOLVK 2II & $ 7 6 6HOHFW $GMXVW 1 ([LW 0HGLXP 6HQVLWLYLW\ & $ 7 6 +LJK 6HQVLWLYLW\ & $ 7 6 0DLQ 0HQX &RQWUDVW %ULJKWQHVV 26' 2
7XQLQJ 7XQLQJ 0DLQ 0HQX $73 &RQWUDVW %ULJKWQHVV &RORXU 6KDUSQHVV & $ 7 6 $73 0DQXDO 7XQLQJ 0DQXDO 7XQLQJ 0HQX 26' /DQJXDJH (QJOLVK 7XQLQJ 6HOHFW $FFHVV 1 ([LW 79 V\V 6& 6& 3$/ 6(&$0 ' .
- - ´)´ - ´ ´ ´ ´ ´ ´ ´ ´ )/2) )$67(;7 " )$67(;7 79 7(;7 79 7(;7 ,1'(; ,1'(; +2/' +2/' 7,0( 7(;7 7LPH 7H[W 7,0( 7(;7 5(' *5((1 79 7(;7 79 7(;7 5(9($/ 5(9($/ )XOO 7RS %RWWRP )8// 8S 'RZQ 936 3'& ) 7 % 5HG *UHHQ
$9 $9 6&$57 (& 9 5&$ 6&$57 $9 6&$57 5&$ 5*% 77/ 9 $9
3DQDVRQLF 9&5
3DQDVRQLF ´ ´ 6&$57 5 5 / / &9%6 5*% &9%6 5*% &9%6 &9%6
1R 7; 6 73 7; 6 73 9 +] $ & ´ : : : ´ FP FP : [ [ [ [ NJ NJ 3$/ % * 6(&$0 % * 9+) ( ( 9+) $ + &$79 6 6 &$79 6 6 8 8 9+) + + 8+) ( ( &$79 6 6 0 0 &$79 6 6 3$/ 3$/ ' . 6(&$0 ' .
