Candy FCXP825X, CELF609X, FCXE645VX, FCXP615X Manual

0 (0)

29(16

(1

 

86(5 ,16758&7,216

)251,

,7

 

,6758=,21, 3(5 / 862

+25126 (03275$%/(6

(6

 

,16758&&,21(6 '( 862

3,(.$51,., '2 =$%8'2:<

3/

 

,16758.-$2%6à8*,

7528%<

&=

 

1È92' . 2%6/8=(

ȾɍɏɈȼɄɂ

58

 

ɊɍɄɈȼɈȾɋɌȼɈ ɉɈɅɖɁɈȼȺɌȿɅə

3(ý,&(

6/

 

1$92',/$=$8325$%2

3(û1,&(

+5

 

.25,â7(1-( 35,58ý1,.

(,1%$8%$&.g)(1

'(

 

%(',(181*6$1/(,781*

$1.$675( ),5,1

75

 

.8//$1,0 .,/$98=8

127,&( ' (03/2, (7 ' ,167$//$7,21

)5

 

'(6 )2856 (1&$675$%/(6

29(1

1/

 

*(%58,.6$$1:,-=,1*

&$1'< +229(5 *5283 6 5 / 9LD 3ULYDWD (GHQ )XPDJDOOL %UXJKHULR 0LODQR ,WDO\

 

6DIHW\ ,QGLFDWLRQV

:$51,1* 7KHDSSOLDQFHDQGLWVDFFHVVLEOHSDUWVEHFRPHKRWGXULQJXVH &DUHVKRXOGEHWDNHQWRDYRLG WRXFKLQJKHDWLQJHOHPHQWV

&KLOGUHQ XQGHU <HDU RI DJH PXVW EH NHSW DZD\ IURP WKH DSSOLDQFH XQOHVV WKH\ DUH FRQWLQXRXVO\ VXSHUYLVHG

7KLV DSSOLDQFH FDQ EH XVHG E\ FKLOGUHQ DJHG IURP \HDUV DQG DERYH DQG SHUVRQV ZLWK UHGXFHG SK\VLFDO VHQVRU\ RU PHQWDO FDSDELOLWLHV RU ODFN RI H[SHULHQFH DQG NQRZOHGJH LI WKH\ KDYH EHHQ JLYHQ VXSHUYLVLRQ RU LQVWUXFWLRQ FRQFHUQLQJ XVH RI WKH DSSOLDQFH LQ D VDIH ZD\ DQG XQGHUVWDQG WKH KD]DUGV LQYROYHG

&KLOGUHQPXVWQRWSOD\ZLWKWKHDSSOLDQFH&OHDQLQJDQGXVHUPDLQWHQDQFHVKDOOQRWEHPDGHE\FKLOGUHQZLWKRXWVXSHUYLVLRQ'XULQJXVHWKHDSSOLDQFHEHFRPHVKRW &DUHVKRXOGEHWDNHQWRDYRLGWRXFKLQJKHDWLQJHOHPHQWVLQVLGH WKHRYHQ

:$51,1* $FFHVVLEOHSDUWVPD\EHFRPHKRWGXULQJXVH <RXQJFKLOGUHQPXVWEHNHSWDZD\'RQRWXVHKDUVKDEUDVLYHFOHDQHUVRUVKDUSPHWDOVFUDSHUVWRFOHDQWKHRYHQGRRUJODVVVLQFHWKH\FDQ VFUDWFKWKHVXUIDFH ZKLFKPD\UHVXOWLQVKDWWHULQJRIWKHJODVV7KHRYHQPXVWEHVZLWFKHGRIIEHIRUHUHPRYLQJWKHJXDUG DIWHUFOHDQLQJ WKHJXDUGPXVWEHUHSODFHGLQ DFFRUGDQFHZLWKWKHLQVWUXFWLRQV

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

(1

6XPPDU\

6DIHW\ ,QVWUXFWLRQV

$FFHVVRULHV

&OHDQLQJ WKH RYHQ

*HQHUDO ZDUQLQJV'HFODUDWLRQ RI FRPSOLDQFH6DIHW\ KLQWV5HFRPPHQGDWLRQV,QVWDOODWLRQ(OHFWULFDO FRQQHFWLRQ

2YHQ HTXLSPHQW5RWLVVHULH8 6((

5HPRYLQJ DQG FOHDQLQJ ZLUH UDFNV

'HVFULSWLRQ RI WKH GLVSOD\

6HUYLFH FHQWUH

%HIRUH XVLQJ WKH RYHQ IRU WKH ILUVW WLPH8VLQJ WKH HQG RI FRRNLQJ WLPHU6HWWLQJ 7KH &RUUHFW 7LPH8VH 2I 7RXFK &RQWURO &ORFN 3URJUDPPHU+RZ WR XVH WKH RYHQ

&RRNLQJ WLSV

(1

*HQHUDO :DUQLQJV

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

7KH FRPSDQ\ VKDOO QRW EH OLDEOH LI WKH LQVWUXFWLRQV SURYLGHG LQ WKLV GRFXPHQW DUH QRW FRPSOLHG ZLWK

127( )XQFWLRQV SURSHUWLHV DQG DFFHVVRULHV RI RYHQV ZKLFK DUH PHQWLRQHG LQ WKLV PDQXDO FDQ EH FKDQJH GHSHQGLQJ RQ RYHQ PRGHOV

'HFODUDWÕRQ RI &RPSOÕDQFH

7KLV HTXLSPHQW LQ WKH SDUWV LQWHQGHG WR FRPH LQWR FRQWDFW ZLWK IRRG FRPSOLHVZLWKWKHUHJXODWLRQVODLGGRZQLQ((&GLUHFWLYHV

%\ SODFLQJ WKH PDUN RQ WKLV SURGXFW ZH DUH FRQILUPLQJ FRPSOLDQFH WR DOO UHOHYDQW (XURSHDQ VDIHW\ KHDOWK DQG HQYLURQPHQWDO UHTXLUHPHQWVZKLFKDUHDSSOLFDEOHLQOHJLVODWLRQIRUWKLVSURGXFW

6DIHW\ +LQWV

7KH RYHQ PXVW EH XVHG RQO\ IRU WKH SXUSRVH IRU ZKLFK LW ZDV GHVLJQHG ,WPXVWRQO\EHXVHGIRUFRRNLQJIRRG $Q\RWKHUXVH H J DV D IRUP RI KHDWLQJ LV DQ LPSURSHU XVH RI WKH RYHQ DQG LV WKHUHIRUH GDQJHURXV

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

7KH HDUWKLQJ FDEOH \HOORZ JUHHQ PXVW EH PP ORQJHU WKDQ WKH SRZHUFDEOH 8VH RQO\ DQ DSSURYHG VHUYLFH FHQWUH IRU UHSDLUV DQG HQVXUH WKDW RQO\ RULJLQDOSDUWVDUHXVHG ,IWKHDERYHLQVWUXFWLRQVDUHQRWDGKHUHGWRWKH PDQXIDFWXUHUVFDQQRWJXDUDQWHHWKHVDIHW\RIWKHRYHQ

7KH RYHQ \RX KDYH MXVW DFTXLUHG KDV WKH GHVFULEHG WHFKQLFDO FKDUDFWHULVWLFVDQG\RXPXVWQRWPDNHDQ\PRGLILFDWLRQVWRLW'R QRW VWRUH IODPPDEOH SURGXFWV LQ WKH RYHQ WKH\ FDQ FDWFK ILUH LI WKH RYHQFRPHVRQDFFLGHQWDOO\'RQRWSUHVVRQDQGGRQRWOHWFKLOGUHQVLWRQWKHRYHQGRRU8VH NLWFKHQ RYHQ JORYHV ZKHQ SXWWLQJ LQWR RU UHPRYLQJ D GLVK IURP WKHRYHQ

,QVWDOODWLRQ

7KH PDQXIDFWXUHUV KDYH QR REOLJDWLRQ WR FDUU\ WKLV RXW ,I WKH DVVLVWDQFH RI WKH PDQXIDFWXUHU LV UHTXLUHG WR UHFWLI\ IDXOWV DULVLQJ IURP LQFRUUHFWLQVWDOODWLRQ WKLVDVVLVWDQFHLVQRWFRYHUHGE\WKHJXDUDQWHH 7KH LQVWDOODWLRQ LQVWUXFWLRQV IRU SURIHVVLRQDOO\ TXDOLILHG SHUVRQQHO PXVW EH IROORZHG ,QFRUUHFW LQVWDOODWLRQ PD\ FDXVH KDUP RU LQMXU\ WR SHRSOH DQLPDOV RU EHORQJLQJV 7KH PDQXIDFWXUHU FDQQRW EH KHOG UHVSRQVLEOHIRUVXFKKDUPRULQMXU\

7KH NLWFKHQ XQLW LQ ZKLFK WKH RYHQ LV WR EH ILWWHG PXVW EH PDGH RI PDWHULDOUHVLVWDQWWRWHPSHUDWXUHVRIDWOHDVW &

7KH RYHQ FDQ EH ORFDWHG KLJK LQ D FROXPQ RU XQGHU D ZRUNWRS

%HIRUH IL[LQJ \RX PXVW HQVXUH JRRG YHQWLODWLRQ LQ WKH RYHQ VSDFH WR DOORZ SURSHU FLUFXODWLRQ RI WKH IUHVK DLU UHTXLUHG IRU FRROLQJ DQG SURWHFWLQJWKHLQWHUQDOSDUWV 0DNHWKHRSHQLQJVVSHFLILHGRQODVWSDJH DFFRUGLQJWRWKHW\SHRIILWWLQJ

(OHFWULFDO &RQQHFWLRQ

7+( (/(&75,&$/ &211(&7,21 6+28/' %( &$55,(' 287 %< $1 $33529(' &2175$&725 25 7(&+1,&,$1 :,7+ 6,0,/$5 48$/,),&$7,216

7KHLQVWDOODWLRQUHFHLYLQJWKHDSSOLDQFHPXVWFRPSO\ZLWKWKHVWDQGDUG LQIRUFHLQWKHLQVWDOODWLRQFRXQWU\ 7KHPDQXIDFWXUHUGRHVQRWDFFHSWDQ\UHVSRQVLELOLW\LIWKLVSURYLVLRQLV QRWFRPSOLHGZLWK &RQQHFWLRQ WR WKH QHWZRUN PXVW EH E\ HDUWKHG VRFNHW RXWOHW RU E\ PHDQV RI D PXOWLSROH FLUFXLW EUHDNHU LQ FRPSOLDQFH ZLWK WKH LQVWDOODWLRQFRXQWU\ 7KH LQVWDOODWLRQ PXVW EH SURWHFWHG E\ VXLWDEOH IXVHV DQG KDYH ZLUHV ZLWKDODUJHHQRXJKFURVV VHFWLRQWRVXSSO\WKHRYHQQRUPDOO\

&211(&7,21

7KH RYHQ LV ILWWHG ZLWK D SRZHU OHDG IRU FRQQHFWLQJ H[FOXVLYHO\ WR D YROWDJH RI 9 $& DFURVV WKH SKDVHV RU DFURVV SKDVH DQG QHXWUDO

&RQQHFWLRQPXVWEHFDUULHGRXWKDYLQJILUVWFKHFNHGWKHVXSSO\YROWDJHLQGLFDWHGRQWKHPHWHU

7KH OHDG SURWHFWLRQ ZLUH JUHHQ \HOORZ FRQQHFWHG WR WKH HDUWK WHUPLQDO RI WKH RYHQ PXVW EH FRQQHFWHG WR WKH HDUWK WHUPLQDO RI WKH LQVWDOODWLRQ

5HFRPPHQGDWÕRQV

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

,GHQWLILFDWLRQSODWH

,QDGGLWLRQWRWKH DFFHVVRULHV VXSSOLHG ZLWK WKH RYHQ ZH DGYLVH \RX RQO\ XVH GLVKHV DQGEDNLQJPRXOGVUHVLVWDQWWRYHU\KLJK7HPSHUDWXUHV

&DXWLRQ

+DYH WKH HDUWK FRQWLQXLW\ RI WKH LQVWDOODWLRQ FKHFNHG E\ DQ HOHFWULFLDQ EHIRUHPDNLQJWKHFRQQHFWLRQ7KH PDQXIDFWXUHU ZLOO QRW EH OLDEOH IRU DQ\ LQFLGHQW RU WKH SRVVLEOH FRQVHTXHQFHV WKDW PD\ DULVH IURP WKH XVH RI WKH RYHQ QRW HDUWKHG RU FRQQHFWHGWRDQHDUWKZLWKGHIHFWLYHFRQWLQXLW\

1%'RQRWIRUJHWWKDWWKHRYHQPD\UHTXLUHDIWHU VDOHVVHUYLFH $OVR ORFDWH WKH VRFNHW RXWOHW VR WKDW WKH RYHQ FDQ EH FRQQHFWHG RQFH LWLVUHPRYHGIURPLWVVSDFH

3RZHU VXSSO\ FDEOH ,I WKH SRZHU VXSSO\ FDEOH KDV WR EH FKDQJHG SOHDVH KDYH WKLV GRQH E\ WKH DIWHU VDOHV VHUYLFH RU E\ VRPHRQH ZLWK VLPLODU TXDOLILFDWLRQV

&RGH SURGXLW

1XPpUR GH VpULH

(1

$FFHVVRUÕHV $FFRUGLQJ 7R 0RGHO

2YHQ (TXLSPHQW

,WLVQHFHVVDU\WRGRDQLQLWLDOFOHDQLQJRIWKHHTXLSPHQWEHIRUHWKHILUVW XVHRIHDFKRIWKHP :DVKWKHPZLWKDVSRQJH 5LQVHDQGGU\RII

7KH VKHOI FDQ WDNH PRXOGV DQG GLVKHV

7KH GULS WUD\ FDWFKHV WKH MXLFHV IURP JULOOHG IRRGV

1HYHU XVH KH GULS WUD\ DV D URDVWLQJ WUD\ DV IDW GHSRVLWV FDQ EH TXLFNO\ VSUHDGWKURXJKRXWWKHRYHQ ZKLFKSURGXFHVH[FHVVVPRNH

1HYHU SODFH WKH GULS WUD\ GLUHFWO\ RQ WKH RYHQ ERWWRP

7KH SL]]D VWRQH IRU D FULVSHU SL]]D HTXLSSHG DFFRUGLQJ WR WKH PRGHO ZLWKLWVVWDQGDQGWKHSL]]DUROOHU

7KH SDVWU\ WUD\ PXVW EH SODFHG RQ WKH VKHOI ,W LV IRU FRRNLQJ VPDOO SDVWULHVOLNHFKRX[ ELVFXLWV PHULQJXHV HWF

1HYHU SODFH WKH SDVWU\ WUD\ GLUHFWO\ RQ WKH RYHQ ERWWRP

5RWLVVHULH

1RSUH KHDWLQJLVUHTXLUHGIRUURWLVVHULHFRRNLQJ &RRNLQJZLWKWKHGRRUFORVHG 7KHHQHUJ\FRQVXPSWLRQLV OHVVWKDQWUDGLWLRQDOV\VWHP

*ULG6SLW

+RRNV 6FUHZV+DQGOH

+2: 72 86( 785163,7

8QVFUHZ WKH KRRNV3XW WKH VSLW LQWR WKH PHDW)L[ WKH PHDW ZLWK WKH KRRNV7LJKWHQ WKH VFUHZV,QVHUW WKH VSLW LQWR WKH PRWRU KROH7KH KDQGOH

:KHQ WKH RYHQ LV LQ XVH DQ\ XQXVHG DFFHVVRULHV VKRXOG EH UHPRYHGIURPWKHRYHQ

,V DQ LOOXPLQDWLRQ V\VWHP ZKLFK UHSODFHV WKH WUDGLWLRQDO © OLJKW EXOE ª/('OLJKWVDUHLQWHJUDWHGZLWKLQWKHGRRU 7KHVHSURGXFHZKLWHKLJK TXDOLW\ LOOXPLQDWLRQ ZKLFK HQDEOHV WR YLHZ WKH LQVLGH RI WKH RYHQ ZLWK FODULW\ZLWKRXWDQ\VKDGRZVRQDOOWKHVKHOYHV

$GYDQWDJHV

6\VWHP EHVLGHV SURYLGLQJ H[FHOOHQW LOOXPLQDWLRQ LQVLGH WKH RYHQ ODVWV ORQJHU WKDQ WKH WUDGLWLRQDO OLJKW EXOE LWV HDVLHU DQG WR PDLQWDLQDQGPRVWRIDOOVDYHVHQHUJ\

2SWLPXPYLHZ/RQJOLIHLOOXPLQDWLRQ

9HU\ ORZ HQHUJ\ FRQVXPSWLRQ LQ FRPSDULVRQ ZLWK WKH WUDGLWLRQDOLOOXPLQDWLRQ+LJK

³$SSOLDQFH ZLWK ZKLWH OLJKW /(' RI WKH 0 &ODVV DFFRUGLQJ WR ,(&$ $HTXLYDOHQW WR (1$ $WKH PD[LPXP OLJKW SRZHU HPLWWHGOQP X:

1RW REVHUYHG GLUHFWO\ ZLWK RSWLFDO LQVWUXPHQWV ³

5HPRYLQJ $QG &OHDQLQJ :LUH 5DFNV

5HPRYH WKH ZLUH UDFNV E\ SXOOLQJ WKHP LQ WKH GLUHFWLRQ RI WKH DUURZV VHHEHORZ7R FOHDQ WKH ZLUH UDFNV HLWKHU SXW WKHP LQ WKH GLVKZDVKHU RU XVH DZHWVSRQJH HQVXULQJWKDWWKH\DUHGULHGDIWHUZDUGV$IWHUWKHFOHDQLQJSURFHVVLQVWDOOWKHZLUHUDFNVLQUHYHUVHRUGHU

&OHDQLQJ 7KH 2YHQ

:DLWIRUWKHRYHQWRFRROGRZQEHIRUHGRLQJDQ\FOHDQLQJE\KDQG1HYHU FOHDQ \RXU RYHQ ZLWK DEUDVLYH FOHDQHUV ZLUH ZRRO RU VKDUS REMHFWV RUWKHHQDPHOPD\EHGDPDJHGEH\RQGUHSDLU2QO\XVHVRDS\ZDWHURUEOHDFK DPPRQLD FOHDQHUV1HYHUOLQHWKHRYHQVLGHVZLWKDOXPLQLXPIRLO

*/$66 3$576

:H UHFRPPHQG \RX ZLSH FOHDQ WKH JODVV GRRU ZLWK DEVRUEHQW NLWFKHQ SDSHU HYHU\ WLPH \RX XVH WKH RYHQ ,I WKH VSDWWHULQJ LV KHDY\ WKHQ \RX FDQFOHDQZLWKDZHOOVTXHH]HGVSRQJHDQGGHWHUJHQW DQGULQVH 'R QRW XVH KDUVK DEUDVLYH FOHDQHUV RU VKDUS PHWDO VFUDSHUV WR FOHDQ WKH RYHQ GRRU JODVV VLQFH WKH\ FDQ VFUDWFK WKH VXUIDFH ZKLFK PD\ UHVXOWLQVKDWWHULQJRIWKHJODVV

29(1 '225 6($/

,IWKLVJHWVGLUW\ FOHDQWKHRYHQVHDOZLWKDVOLJKWO\GDPSVSRQJH

$&&(6625,(6

&OHDQ WKHP ZLWK D VSRQJH VRDNHG LQ VRDS\ ZDWHU 5LQVH ZLWK FOHDQ ZDWHUDQGGU\RII $YRLGDEUDVLYHFOHDQHUV

'5,3 75$< $IWHU JULOOLQJ UHPRYH WKH GULS WUD\ IURP WKH RYHQ 7DNH FDUH WR SRXU WKH ZDUPJUHDVHLQWRDFRQWDLQHU :DVKDQGULQVHWKHGULSWUD\LQKRWZDWHU ZLWKDVSRQJHVRDNHGLQZDVKLQJXSOLTXLG ,IUHVLGXHVUHPDLQDWWDFKHG VRDNWKHPRIILQZDWHUDQGGHWHUJHQW ,W FDQ DOVR JR LQ D GLVKZDVKHU RU EH FOHDQHG ZLWK D FRPPHUFLDO RYHQ FOHDQHU

1HYHUSODFHDVRLOHGGULSWUD\LQWKHRYHQ

(1

6HOI FOHDQLQJ 2YHQ :LWK &DWDO\WLF

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

1 %$OO FDWDO\WLF OLQLQJV FXUUHQWO\ RQ WKH PDUNHW KDYH D ZRUNLQJ OLIH RI DERXW KRXUV 7KH\ VKRXOG WKHUHIRUH EH UHSODFHG DIWHU DERXW KRXUV

29(1 /,*+7,1*

'LVFRQQHFW WKH SRZHU VXSSO\ IURP WKH RYHQ EHIRUH FOHDQLQJ RU UHSODFLQJWKHODPS

7KH EXOE DQG LWV FRYHU DUH PDGH RI PDWHULDO UHVLVWDQW WR KLJK WHPSHUDWXUHV

%XOE FKDUDFWHULVWLFV

9$& : ( EDVH7HPSHUDWXUH & WR FKDQJH D GHIHFWLYH EXOE MXVW

8QVFUHZWKHJODVVFRYHU

8QVFUHZWKHEXOE

5HSODFHLWZLWKWKHVDPHW\SH VHHFKDUDFWHULVWLFVDERYH

$IWHU UHSODFLQJ WKH GHIHFWLYH EXOE VFUHZ EDFN WKH SURWHFWLYHJODVVFRYHU

&/($1,1*7+('225*/$66

,QWHUQDO GRRU JODVV RI WKLV RYHQ FDQ EH UHPRYHG DQG FOHDQHG ,Q RUGHU WR FOHDQ WKH LQWHUQDO JODVV IROORZ WKHVH LQVWUXFWLRQV

2SHQ WKH GRRU RI WKH RYHQ3LFWXUH

3LFWXUH

/RFN WKH KLQJHV DV VKRZQ LQ 3LFWXUHEHIRUH VWDUWLQJ WKH FOHDQLQJ RSHUDWLRQ 8QORFN WKH KLQJHV ZKHQ WKH FOHDQLQJ RSHUDWLRQ LV ILQLVKHG 3LFWXUH

3LFWXUH

5HPRYH WKH VFUHZV DV VKRZQ LQ 3LFWXUH 3LFWXUH

3LFWXUH

5HPRYH WKH WRS PHWDOOLF FRYHU E\ SXOOLQJ LW XSZDUGV 3LFWXUH

3LFWXUH

5HPRYH WKH JODVV E\ JHQWO\ SXOOLQJ LW RXW RI WKH GRRU IUDPH 3LFWXUH

 

3LFWXUH

)RU 3\URO\WLF RYHQV SOHDVH

UHPRYH DOVR QG DQG UG JODVVHV

3LFWXUH

3LFWXUH

$IWHU FOHDQLQJ WKH JODVV UH DVVHPEOH WKH SDUWV LQ WKH UHYHUVH RUGHU RI UHPRYDO

21 $// */$6(6 /2: ( VLJQ PXVW EH SURSHUO\ UHDGDEOH DQG PXVW EH SRVLWLRQHG RQ WKH OHIW FRUQHU RI WKH GRRU FORVH WR WKH OHIW VLGH KLQJH ,Q WKLV ZD\ WKH SULQWHG VXUIDFH RI WKH VW JODVV ZLOO

UHPDLQ ,16,'( WKH GRRU

3LFWXUH

(1

'HVFULSWLRQ 2I 7KH 'LVSOD\

 

 

 

 

 

 

 

 

 

 

0$;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0$;

%HIRUH 8VLQJ 7KH 2YHQ )RU 7KH )LUVW 7LPH

35(/,0,1$5< &/($1,1*

&OHDQ WKH RYHQ EHIRUH XVLQJ IRU WKH ILUVW WLPH:LSH RYHU H[WHUQDO VXUIDFHV ZLWK D GDPS VRIW FORWK:DVK DOO DFFHVVRULHV DQG ZLSH LQVLGH WKH RYHQ ZLWK D VROXWLRQ RI KRW ZDWHU DQG ZDVKLQJ XS OLTXLG6HW WKH HPSW\ RYHQ WR WKH PD[LPXP WHPSHUDWXUH DQG OHDYH RQ IRU DERXW KRXU WKLV ZLOO UHPRYH DQ\ OLQJHULQJ VPHOOV RI QHZQHVV (QVXUH WKDW WKH URRP LV ZHOO YHQWLODWHG ZKLOH WKLV LV EHLQJ GRQH

7+,1*6 72 5(0(0%(5

&RQILUPDWLRQ RI RSHUDWLRQ RQ WLPHU

0RGLILFDWLRQ PXVW EH FRQILUPHG E\ SUHVVLQJ WKH EXWWRQ

6WRSSLQJ WKH RYHQ

7KLV PD\ EH QHFHVVDU\ LI \RX KDYH LQSXW DQ LQFRUUHFW LQVWUXFWLRQ 7R VWRS WKH RYHQ WXUQ EDFN WKH IXQFWLRQ VHOHFWRU NQRE WR WKH 6WRS 3RVLWLRQ

&KLOG VDIHW\ GHYLFH

7R ORFN WKH RYHQ FRQWUROV VHOHFW WKH FKLOG VDIHW\ GHYLFH 5HIHU WR WKH VHFWLRQ HQWLWOHG ³3URJUDPPLQJ 7KH FKLOG VDIHW\ GHYLFH´

7KH FRROLQJ IDQ

7KLV SURWHFWV WKH FRQWURO SDQHO DQG HOHFWURQLFV IURP KHDW GDPDJH ,W EHJLQV DQG WKHQ VWRSV DXWRPDWLFDOO\ HYHQ ZKHQ WKH RYHQ LV VZLWFKHG RII

2YHQ OLJKWLQJ

%\ WXUQLQJ WR WKH OLJKW V\PERO \RX FDQ VZLWFK RQ WKH RYHQ OLJKW ZKHQ LW LV QRW LQ XVH :KHQ WKH RYHQ LV LQ XVH WKH OLJKW VWD\V RQ GXULQJ DOO RI WKH RYHQ IXQFWLRQV DQG ZKHQ WKH GRRU LV RSHQHG

8VLQJ 7KH (QG 2I &RRNLQJ 7LPHU

 

 

7KLV FRQWURO HQDEOHV WR VHW WKH GHVLUHG FRRNLQJ WLPH PD[ PLQ WKH RYHQ ZLOO DXWRPDWLFDOO\ VZLWFK RII DW WKH HQG RI WKH VHW WLPH 7KH WLPHU ZLOO FRXQW GRZQ IURP WKH VHW WLPH UHWXUQ WR WKH 2 SRVLWLRQ DQG VZLWFK RII DXWRPDWLFDOO\ )RU QRUPDO XVH RI RYHQ VHW WKH WLPHU WR WKH SRVLWLRQ 7R VHW WKH RYHQ HQVXUH WKH WLPHU LV QRW RQ WKH 2 SRVLWLRQ

(1

6HWWLQJ 7KH &RUUHFW 7LPH

VHOHFW

$77(17,217KHRYHQZLOORQO\RSHUDWHSURYLGLQJWKHFORFNLVVHW

:$51,1* WKH ILUVW RSHUDWLRQ WR FDUU\ RXW DIWHU WKH RYHQ KDV EHHQ LQVWDOOHG RU IROORZLQJ WKH LQWHUUXSWLRQ RI SRZHU VXSSO\ WKLV LV UHFRJQL]DEOH WKH GLVSOD\ SXOVDWLQJ DQG VKRZLQJLV VHWWLQJ WKH FRUUHFW WLPH 7KLV LV DFKLHYHG DV IROORZV

3XVKWKHFHQWUDOEXWWRQ WLPHV6HWWLPHZLWK EXWWRQV5HOHDVHDOOEXWWRQV

8VH 2I 7RXFK &RQWURO &ORFN 3URJUDPPHU

)81&7,21

+2: 72$&7,9$7( ,7

+2: 72 6:,7&+ ,72))

:+$7 ,7 '2(6

:+$7 ,7 ,6 )25

 

 

 

 

 

.(< /2&.

0,187(

0,1'(5

&22.,1*

7,0(

(1' 2)

&22.,1*

&KLOG /RFN IXQFWLRQ LV

&KLOG /RFN IXQFWLRQ LV

 

 

DFWLYDWHG E\ WRXFKLQJ 6HW

GHDFWLYDWHG E\ WRXFKLQJ

 

 

IRU D PLQLPXP RI VHFRQGV WRXFKSDG 6HW DJDLQ IRU D

 

 

)URP WKLV PRPHQW RQ DOO RWKHU PLQLPXP RI VHFRQGV )URP

 

 

IXQFWLRQ DUH ORFNHG DQG WKH

WKLV PRPHQW RQ DOO IXQFWLRQV

 

 

GLVSOD\ ZLOO IODVK 6723 DQG

DUHVHOHFWDEOHDJDLQ

 

 

SUHVHWWLPHLQWHUPLWWHQWO\

 

 

 

3XVK WKH FHQWUDO EXWWRQ

:KHQWKHVHWWLPHDVHODSVHG

6RXQGV DQ DODUP DW WKH HQG RI $OORZV WR XVH WKH RYHQ DV DODUP

WLPHV

DQ DXGLEOH DODUP LV DFWLYDWHG

WKH VHW WLPH

FORFN FRXOG EH DFWLYDWHG HLWKHU

3UHVV WKH EXWWRQV

WKLVDODUPZLOOVWRSRQLWVRZQ

'XULQJ WKH SURFHVV WKH

ZLWK RSHUDWLQJ WKH RYHQ RU ZLWK

WR VHW WKH UHTXLUHG WLPH

KRZHYHU LW FDQ EH VWRSSHG

GLVSOD\ VKRZV WKH UHPDLQLQJ

RXWRSHUDWLQJWKHRYHQ

5HOHDVH DOO WKH EXWWRQV

LPPHGLDWHO\ E\ SUHVVLQJ WKH

WLPH

 

 

EXWWRQ 6(/(&7

 

 

3XVKWKHFHQWUDOEXWWRQ WLPHV

:KHQ WKH WLPH LV HODSVHG WKH

,W DOORZV WR SUHVHW WKH FRRNLQJ

3XVK DQ\ EXWWRQ WR VWRS

3UHVV WKH EXWWRQV RU WR R Y H Q Z L O O V Z L W F K R I I

WLPH UHTXLUHG IRU WKH UHFLSH

WKH VLJQDO 3XVK WKH FHQWUDO

VHW WKH OHQJKW RI FRRNLQJ DXWRPDWLFDOO\

FKRVHQ

EXWWRQ WR UHWXUQ WR WKH FORFN

UHTXLUHG

6KRXOG \RX ZLVK WR VWRS FRRNLQJ

7R FKHFN KRZ ORQJ LV OHIW WR UXQ

IXQFWLRQ

SUHVVWKH6(/(&7 EXWWRQ 7LPHV

5HOHDVHDOOEXWWRQV

HDUOLHU HLWKHU WXUQ WKH IXQFWLRQ

7R DOWHU FKDQJH WKH SUHVHW WLPH

 

6HW WKH FRRNLQJ IXQFWLRQ ZLWK VHOHFWRU WR RU VHW WLPH WR

SUHVV 6(/(&7 DQG

 

WKH RYHQIXQFWLRQVHOHFWRU

6(/(&7DQG EXWWRQV

EXWWRQV

 

 

 

 

3XVK WKH FHQWUDO EXWWRQ

$W WKH WLPH VHW WKH RYHQ

(QDEOHV \RX WR VHW WKH HQG RI

7KLVIXQFWLRQLVW\SLFDOO\XVHGZLWK

³FRRNLQJWLPH´IXQFWLRQ

WLPHV 3UHVV WKH EXWWRQV

ZLOO VZLWFK RII 7R VZLWFK

FRRNLQJ WLPH

)RU H[DPSOH LI WKH GLVK KDV WR EH

WRVHWWKHWLPHDWZKLFK\RX

RII PDQXDOO\ WXUQ WKH RYHQ

7R FKHFN WKH SUHVHW WLPH SXVK

FRRNHG IRU PLQXWHV DQG QHHGV

ZLVK WKH RYHQ WR VZLWFK RII

IXQFWLRQ VHOHFWRU WR

WKH FHQWUDO EXWWRQ WLPHV

WR EH UHDG\ E\ VLPSO\ VHOHFW

5HOHDVH WKH EXWWRQV

SRVLWLRQ 2

7R PRGLI\ WKH SUHVHW WLPH

WKH UHTXLUHG IXQFWLRQ VHW WKH

6HW WKH FRRNLQJ IXQFWLRQ ZLWK

 

SUHVV EXWWRQV 6(/(&7

FRRNLQJ WLPH WR PLQXWHV DQG WKH

WKHRYHQIXQFWLRQVHOHFWRU

 

 

HQGRIFRRNLQJWLPHWR

 

 

 

$W WKH HQG RI WKH FRRNLQJ VHW WLPH

 

 

 

W K H R Y H Q Z L O O V Z L W F K R I I

 

 

 

DXWRPDWLFDOO\DQGDQDXGLEOHDODUP

 

 

 

ZLOOULQJ

 

 

 

&RRNLQJ ZLOO VWDUW DXWRPDWLFDOO\ DW

 

 

 

PLQXV PLQV DQG

 

 

 

ZLOO FRQWLQXH XQWLO WKH SUH VHW HQG

 

 

 

RI FRRNLQJ WLPH ZKHQ WKH RYHQ

 

 

 

ZLOO VZLWFK LWVHOI RII DXWRPDWLFDOO\

 

 

 

:$51,1*

 

 

 

,I WKH (1' RI FRRNLQJ LV VHOHFWHG

 

 

 

ZLWKRXW VHWWLQJ WKH OHQJWK RI

 

 

 

FRRNLQJ WLPH WKH RYHQ ZLOO VWDUW

 

 

 

FRRNLQJ LPPHGLDWHO\ DQG LW ZLOO

 

 

 

VWRS DW WKH (1' RI FRRNLQJ WLPH

 

 

 

VHW

(1

+RZ 7R 8VH 7KH 2YHQ

&22.,1* 02'( $OOFRRNLQJVKRXOGEHFDUULHGRXWZLWKWKHGRRUFORVHG

%27720 )$1 7KH FRPELQDWLRQ RI WKH ERWWRP KHDWLQJ HOHPHQW DQG IDQ LV LGHDO IRU IUXLW IODQV WDUWV TXLFKHV DQG SDVWULHV ,W SUHYHQWV IRRG IURP EHFRPLQJ WRR GU\ DQG HQFRXUDJHV EUHDG GRXJK WR ULVH 3ODFHWKHVKHOILQWKHERWWRPSRVLWLRQLQWKHRYHQ

%27720 8VLQJ WKH ORZHU HOHPHQW ,GHDO IRU FRRNLQJ DOO SDVWU\ EDVHG GLVKHV 8VH WKLV IRU IODQV TXLFKHV WDUWV SkWp DQG DQ\ FRRNLQJWKDWQHHGVPRUHKHDW IURPEHORZ

%27720 723 %RWKWRSDQGERWWRPKHDWLQJHOHPHQWVDUH LQ XVH 7KLV PHWKRG LV LGHDO IRU DOO WUDGLWLRQDO URDVWLQJ DQG EDNLQJ :KHQ FRRNLQJ UHG PHDW URDVW EHHI OHJ RI ODPE JDPH EUHDG RU IRLO ZUDSSHG IRRGV

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

&,5&8/$5 +($7,1* (/(0(17 )$1 $LU WKDW KDV EHHQ KHDWHG LV EORZQ E\ WKH IDQ RQWR WKH GLIIHUHQW OHYHOV ,W LV LGHDO IRU FRRNLQJ GLIIHUHQW W\SHV RI IRRG DW WKH VDPH WLPH H J 0HHW DQG ILVK ZLWKRXW PL[LQJ WDVWHV DQG VPHOO ,W FRRNV YHU\ JHQWO\ DQG LV LGHDO IRU VSRQJH FDNHV SDVWULHV HWF

*5,// 8VLQJ WKH WRS KHDWLQJ HOHPHQW 6XFFHVV LV JXDUDQWHHG IRU PL[HG JULOOV NHEDEV DQG JUDWLQ GLVKHV 7KH JULOO VKRXOG EH SUH KHDWHG WR D KLJK WHPSHUDWXUH IRU PLQXWHV :KLWH PHDWV VKRXOG DOZD\V EH SODFHG DW VRPH GLVWDQFH IURP WKH JULOO HOHPHQW WKH FRRNLQJ WLPHLVVOLJKWO\ORQJHUEXWWKHPHDWZLOOEHPRUHVXFFXOHQW 5HGPHDWDQG ILVK ILOOHWV FDQ EH SODFHG GLUHFWO\ RQWR WKH VKHOI ZLWK WKH GULS WUD\ SODFHG EHQHDWKRQORZHUVKHOISRVLWLRQ

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

*5,// 785163,7 )$1 7KH DGYDQWDJH RI XVLQJ WKH WRS RYHQ HOHPHQW DW WKH VDPH WLPH DV WKH IDQ DQG URWLVVHULH LV WKDW WKH IRRG LV HYHQO\ FRRNHG SUHYHQWLQJ LW IURP EHFRPLQJ GU\ DQG WDVWHOHVV 7KH URWLVVHULH LV SURJUDPPHG WR FRQWLQXH URWDWLQJ IRU DSSUR[LPDWHO\ ILYH PLQXWHV DIWHU FRRNLQJ PDNLQJ IXOO XVH RI WKH UHVLGXDO RYHQ KHDW 1R SUH KHDWLQJLVUHTXLUHGIRUURWLVVHULHFRRNLQJ

'()5267 :KHQ WKH GLDO LV VHW WR WKLV SRVLWLRQ 7KH IDQ FLUFXODWHV KRW DLU DURXQG WKH IUR]HQ IRRG VR WKDW LW GHIURVWV LQ D IHZ PLQXWHV ZLWKRXW WKH SURWHLQ FRQWHQW RI WKH IRRG EHLQJ FKDQJHG RU DOWHUHG 7KHWHPSHUDWXUHLVSUHVHWLQ &FRQVWDQW QRUHJXODWLRQLVSRVVLEOH

&RRNLQJ 7LSV

,W LV EHWWHU QRW WR VDOW PHDWV XQWLO DIWHU FRRNLQJ DV VDOW HQFRXUDJHV WKH PHDWWRVSDWWHUIDW 7KLVZLOOGLUW\WKHRYHQDQGPDNHDORWRIVPRNH

-RLQWV RI ZKLWH PHDW SRUN YHDO ODPE DQG ILVK FDQ EH SXW LQWR WKH RYHQ FROG 7KH FRRNLQJ WLPH LV ORQJHU WKDQ LQ D SUHKHDWHG RYHQ EXW LW FRRNV WKURXJK WR WKH FHQWUH EHWWHU DV WKH KHDW KDV PRUH WLPH WR SHQHWUDWH WKH MRLQW

&RUUHFWSUHKHDWLQJLVWKHEDVLVRIVXFFHVVIXOUHGPHDWFRRNHU\

*5,//6%HIRUHORDGLQJWKHJULOO

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

%$.,1* $YRLG XVLQJ VKLQ\ WLQV WKH\ UHIOHFW WKH KHDW DQG FDQ VSRLO \RXU FDNHV ,I \RXU FDNHV EURZQ WRR TXLFNO\ FRYHU WKHP ZLWK JUHDVHSURRI SDSHU RU DOXPLQLXPIRLO &DXWLRQ 7KH FRUUHFW ZD\ WR XVH IRLO LV ZLWK WKH VKLQ\ VLGH LQ WRZDUGV WKH FDNH ,I QRW WKH KHDW LV UHIOHFWHG E\ WKH VKLQ\ VXUIDFH DQG GRHV QRW SHQHWUDWHWKHIRRG $YRLGRSHQLQJWKHGRRUGXULQJWKHILUVW WR PLQXWHVRIFRRNLQJ 6RXIIOpV EULRFKHV VSRQJH FDNHV HWF ZLOO WHQG WR IDOO <RX FDQ FKHFN LI FDNHVDUHGRQHE\SULFNLQJWKHFHQWUHZLWKDNQLIHEODGHRUPHWDONQLWWLQJ QHHGOH ,I WKH EODGH FRPHV RXW QLFH DQG GU\ \RXU FDNH LV UHDG\ DQG \RX FDQ VWRS FRRNLQJ ,I WKH EODGH FRPHV RXW PRLVW RU ZLWK ELWV RI FDNH DWWDFKHG FRQWLQXH EDNLQJ EXW VOLJKWO\ ORZHU WKH WKHUPRVWDW VR WKDW LW LV ILQLVKHGRIIZLWKRXWEXUQLQJ

6HUYLFH &HQWUH

%HIRUHFDOOLQJWKH6HUYLFH&HQWUH ,IWKHRYHQLVQRWZRUNLQJ ZHUHFRPPHQGWKDW&KHFNWKDW LIWKHRYHQLVSURSHUO\SOXJJHGLQWRWKHSRZHUVXSSO\ ,IWKHFDXVHRIWKHIDXOWFDQQRWEHGHWHFWHG'LVFRQQHFW WKH RYHQ IURP WKH PDLQV GR QRW WRXFK WKH RYHQ DQG FDOO WKH DIWHUVDOHVVHUYLFH %HIRUH FDOOLQJ WKH 6HUYLFH &HQWUH UHPHPEHU WR PDNH D QRWH RI WKH VHULDO QXPEHURQWKHVHULDOQXPEHUVSHFLILFDWLRQVSODWH 7KH RYHQ LV VXSSOLHG ZLWK D JXDUDQWHH FHUWLILFDWH WKDW HQVXUHV WKDW LW ZLOO EHUHSDLUHGIUHHRIFKDUJHE\WKH6HUYLFH&HQWUHZKLOVWXQGHUJXDUDQWHH

7KLV DSSOLDQFH LV PDUNHG DFFRUGLQJ WR WKH (XURSHDQ GLUHFWLYH (8 RQ :DVWH (OHFWULFDO DQG (OHFWURQLF (TXLSPHQW :((( :((( FRQWDLQV ERWK SROOXWLQJ VXEVWDQFHV ZKLFK FDQ FDXVH QHJDWLYH FRQVHTXHQFHV IRU WKH HQYLURQPHQW DQG EDVLF FRPSRQHQWV ZKLFK FDQ EH UH XVHG ,W LV LPSRUWDQW WR KDYH :((( VXEMHFWHG WR VSHFLILF

WUHDWPHQWV LQ RUGHU WR UHPRYH DQG GLVSRVH SURSHUO\ DOO

SROOXWDQWV DQGUHFRYHUDQGUHF\FOHDOOPDWHULDOV

,QGLYLGXDOV FDQ SOD\ DQ LPSRUWDQW UROH LQ HQVXULQJ WKDW :((( GRHV QRW EHFRPHDQHQYLURQPHQWDOLVVXH LWLVHVVHQWLDOWRIROORZVRPHEDVLFUXOHV:(((VKDOOQRWEHWUHDWHGDVKRXVHKROGZDVWH:((( VKDOO EH KDQGHG RYHU WR WKH UHOHYDQW FROOHFWLRQ SRLQWV PDQDJHG E\ WKH PXQLFLSDOLW\ RU E\ UHJLVWHUHG FRPSDQLHV ,Q PDQ\ FRXQWULHV IRU

.((3 :$50 7KLV LV UHFRPPHQGHG WR UHKHDW SUHFRRNHG ODUJH:((( KRPHFROOHFWLRQFRXOGEHSUHVHQW

IRRGVWXII SRVLWLRQLQJWKHVKHOIRQWKHVHFRQGOHYHOIURPWRS RUWRGHIURVW EUHDGSL]]DRUSDVWU\E\SRVLWLRQLQJWKHVKHOIRQWKHORZHUOHYHO 7KHWHPSHUDWXUHLVSUHVHWLQ &FRQVWDQW QRUHJXODWLRQLVSRVVLEOH

 

3,==$ :LWK WKLV IXQFWLRQ KRW DLU FLUFXODWHG LQ WKH RYHQ WR

HQVXUHSHUIHFWUHVXOWIRUGLVKHVVXFKDVSL]]DRUFDNH

 

62)7 &22. 6RIW FRRN LV WKH IXQFWLRQ IRU WKH FRQIHFWLRQHU\

DQG WKH EUHDG 7KDQNV WR LWV UHGXFHG IDQ VSHHG WKLV IXQFWLRQ LQFUHDVHV RYHQLQWHUQDOGDPS 7KHLQFUHDVHGGDPSFUHDWHVWKHLGHDOFRQGLWLRQVRI FRRNLQJ IRU WKRVH IRRGV WKDW QHHG WR PDLQWDLQ DQ HODVWLF FRQVLVWHQFH ZKLOH WKH\ DUH FRRNLQJ H[ FDNHV EUHDG ELVFXLWV DYRLGLQJ VXUIDFH EUHDNDJHV

7HVWHG LQ DFFRUGDQFH ZLWK WKH &(1(/(& (1 XVHG IRU GHILQLWLRQRIHQHUJ\FODVV

:KHQ \RX EX\ D QHZ DSSOLDQFH WKH ROG RQH PD\ EH UHWXUQHG WR WKH UHWDLOHU ZKR KDV WR FROOHFW LW IUHH RI FKDUJH RQ D RQH WR RQH EDVLV DV ORQJ DV WKH HTXLSPHQW LV RI HTXLYDOHQW W\SH DQG KDV WKH VDPH IXQFWLRQV DV WKH VXSSOLHGHTXLSPHQW

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

(1

,QGÕFH

,QGÕFD]ÕRQÕ 'Õ 6ÕFXUH]]D

7HFQRORJLD 3UR H[S U

3XOL]LD 'HO )RUQR

'HVFUL]LRQH 'HO 'LVSOD\

$VVLVWHQ]D 7HFQLFD

$YYHUWHQ]H *HQHUDOL'LFKLDUD]LRQH 'L &RQIRUPLWj6XJJHULPHQWL 6XOOD 6LFXUH]]D5DFFRPDQGD]LRQL,QVWDOOD]LRQH&ROOHJDPHQWL (OHWWULF

$FFHVVRUL 'HO )RUQR*LUDUURVWR8 6((

5LPR]LRQH ( 3XOL]LD 'HOOH *ULJOLH

3ULPD 'L 8WLOL]]DUH øO )RUQR 3HU /D 3ULPD 9ROWD8VR GHO WHPSRUÕ]]DWRUH

5HJROD]ÕRQH 2UD7LPHU (OHWWURQLFR $ 6ILRUDPHQWR&RPH 8WLOL]]DUH ,O )RUQR6XJJHULPHQWL 3HU /D &RWWXUD

,7

,1',&$=,21, ', 6,&85(==$

$77(1=,21( O DSSDUHFFKLR H OH SDUWL DFFHVVLELOL GLYHQWDQR FDOGH GXUDQWH O XVR 3UHVWDUH DWWHQ]LRQH D QRQWRFFDUHOHSDUWLFDOGH,EDPELQLDOGLVRWWRGL DQQLGRYUHEEHURHVVHUHWHQXWLDGLVWDQ]DVHQRQFRQWLQXDPHQWHVXSHUYLVLRQDWL/ DSSDUHFFKLR SXz HVVHUH XVDWR GD EDPELQL GDJOL DQQL LQ VX H SHUVRQH FRQ ULGRWWH FDSDFLWj ILVLFKH VHQVRULDOL R PHQWDOL R VHQ]D HVSHULHQ]D H FRQRVFHQ]D GHO SURGRWWR VH VXSHUYLVLRQDWH R GDQGR ORUR LVWUX]LRQLULJXDUGRDOIXQ]LRQDPHQWRGHOO DSSDUHFFKLRLQPDQLHUDVLFXUDHFRVFHQWHGHOULVFKLRSRVVLELOH,EDPELQLQRQGRYUHEEHURJLRFDUHFRQO DSSDUHFFKLR/DSXOL]LDHODPDQXWHQ]LRQHQRQGRYUHEEHURHVVHUHIDWWHGDEDPELQLVHQ]DVXSHUYLVLRQH'XUDQWH O¶XVR O¶DSSDUHFFKLR GLYHQWD PROWR FDOGR 6L GRYUHEEH IDUH DWWHQ]LRQH D QRQ WRFFDUH JOL HOHPHQWL ULVFDOGDQWLDOO¶LQWHUQRGHOIRUQR$77(1=,21( /H SDUWL DFFHVVLELOL SRVVRQR GLYHQWDUH PROWR FDOGH GXUDQWH O¶XVR , EDPELQL GRYUHEEHUR HVVHUHWHQXWLDGLVWDQ]D1RQXVDUHSHUODSXOL]LDPDWHULDOLUXYLGLDEUDVLYLRUDVFKLHWWLPHWDOOLFLDIILODWLSHUSXOLUHOHSRUWHGLYHWURGHO IRUQRGDWRFKHSRVVRQRJUDIILDUHODVXSHUILFLHHFDXVDUHODIUDQWXPD]LRQHGHOYHWUR6SHJQHUH LO IRUQR SULPD GL ULPXRYHUH OR VFKHUPR GL SURWH]LRQH H GRSR OD SXOL]LD ULPRQWDUOR VHFRQGR OH LVWUX]LRQL

8VDUHVRORODVRQGDWHUPLFDUDFFRPDQGDWDSHUTXHVWRIRUQR1RQXWLOL]]DUHXQSXOLWRUHDYDSRUH

$77(1=,21( $VVLFXUDUVL FKH O¶DSSDUHFFKLR VLD VSHQWR SULPD GL VRVWLWXLUH OD ODPSDGD SHU HYLWDUH OD SRVVLELOLWjGLVFRVVHHOHWWULFKH

,O PH]]R GL GLVFRQQHVVLRQH GHYH HVVHUH LQFRUSRUDWR QHO FDEODJJLR ILVVR LQ DFFRUGR FRQ OH OHJJL GL FDEODJJLR

/H LVWUX]LRQL GHYRQR LQGLFDUH TXDOH WLSR GL FDYR GHEED HVVHUH XWLOL]]DWR WHQHQGR SUHVHQWH OD WHPSHUDWXUDGHOODVXSHUILFLHSRVWHULRUHGHOO¶DSSDUHFFKLR

6H LO FDYR GL DOLPHQWD]LRQH q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qLQXVR ,EDPELQLGRYUHEEHUR HVVHUHWHQXWLDGLVWDQ]D

*OLHFFHVVLGLPDWHULDOHWUDFLPDWRGHYRQRHVVHUHWROWLSULPDGHOODSXOL]LD'XUDQWH OD 3\UROLVL OH VXSHUILFL SRVVRQR VFDOGDUVL SL GHO VROLWR q SHUWDQWR FRQVLJOLDWR WHQHUH L EDPELQL D GLVWDQ]D

,7

$99(57(1=( *(1(5$/,

3HU XWLOL]]DUH LQ PRGR RWWLPDOH LO IRUQR q FRQVLJOLDELOH OHJJHUH FRQ DWWHQ]LRQH TXHVWH LVWUX]LRQL H FRQVHUYDUOH LQ XQ OXRJR VLFXUR LQ PRGR GD SRWHUOH FRQVXOWDUH LQ FDVR GL ELVRJQR 3ULPD GL LQVWDOODUH LO IRUQR SUHQGHUH QRWD GHO QXPHUR GL VHULH LQ PRGR GD SRWHUOR FRPXQLFDUH DO SHUVRQDOH GHO VHUYL]LR GL DVVLVWHQ]D LQ FDVR GL ULFKLHVWD GL LQWHUYHQWR 'RSR DYHU ULPRVVR LO IRUQR GDOO LPEDOODJJLR YHULILFDUH FKH QRQ DEELD VXELWR GDQQL GXUDQWH LO WUDVSRUWR ,Q FDVR GL GXEEL QRQ XWLOL]]DUH LO IRUQR H ULFKLHGHUH O DVVLVWHQ]D GL XQ WHFQLFR TXDOLILFDWR 7HQHUH WXWWR LO PDWHULDOH GD LPEDOODJJLR FRPH VDFFKHWWL GL SODVWLFD SROLVWLURORHFKLRGLIXRULGHOODSRUWDWDGHLEDPELQLSHUFKpSRWUHEEHURHVVHUHSHULFRORVL ,OSURGXWWRUHGHFOLQDRJQLUHVSRQVDELOLWjLQFDVRGLPDQFDWDRVVHUYDQ]DGHOOHLVWUX]LRQLFRQWHQXWHLQTXHVWRGRFXPHQWR 127$ OHIXQ]LRQL OHSURSULHWjHJOLDFFHVVRULGHLIRUQLFLWDWLLQTXHVWRPDQXDOHSRVVRQRYDULDUHDVHFRQGDGHLPRGHOOL

',&+,$5$=,21( ', &21)250,7¬

'LFKLDUD]LRQH GL FRQIRUPLWj TXHVWR DSSDUDFFKLR QHOOH SDUWL SURJHWWDWH SHU YHQLUH D FRQWDWWR FRQ FLEL q FRQIRUPH FRQ OH UHJRODPHQWD]LRQLHVSUHVVHQHOOHGLUHWWLYH((&

$SSRQHQGR OD PDUFDWXUD VX TXHVWR SURGRWWR GLFKLDULDPR VRWWR OD QRVWUD UHVSRQVDELOLWj GL RWWHPSHUDUH D WXWWL L UHTXLVLWL UHODWLYL DOOD WXWHOD GL VLFXUH]]D VDOXWH H DPELHQWH SUHYLVWL GDOOD OHJLVOD]LRQH HXURSHDLQHVVHUHSHUTXHVWRSURGRWWR

68**(5,0(17, 68//$ 6,&85(==$

8WLOL]]DUH LO IRUQR VROR SHU OR VFRSR SHU FXL q VWDWR SURJHWWDWR RVVLD VROR SHU OD FRWWXUD GL DOLPHQWL 4XDOVLDVL DOWUR XWLOL]]R DG HVHPSLR FRPH IRQWH GL ULVFDOGDPHQWR q FRQVLGHUDWR LPSURSULR H TXLQGL SHULFRORVR,O SURGXWWRUH GHFOLQD RJQL UHVSRQVDELOLWj SHU HYHQWXDOL GDQQL GRYXWL D XQ XVR LPSURSULR HUUDWR R LUUDJLRQHYROH GHO IRUQR 'XUDQWH O XVR GL HOHWWURGRPHVWLFLHOHWWULFL qLQGLVSHQVDELOHDWWHQHUVLDGDOFXQHVHPSOLFL UHJROHGLEDVH1RQ WLUDUH LO FDYR GL DOLPHQWD]LRQH SHU VWDFFDUH OD VSLQD GDOOD SUHVD D PXUR

1RQWRFFDUHLOIRUQRFRQPDQLRSLHGLEDJQDWLRXPLGL1RQXWLOL]]DUHLIRUQRFRQLSLHGLVFDO]L

Ê JHQHUDOPHQWH VFRQVLJOLDELOH XWLOL]]DUH DGDWWDWRUL EDVHWWH GL DOLPHQWD]LRQHRSUROXQJKH6HLOIRUQRVLJXDVWDRXQRGHJOLLQWHUUXWWRULULVXOWDGLIHWWRVR VSHJQHUOR LPPHGLDWDPHQWHHQRQXWLOL]]DUOR6RVWLWXLUH LPPHGLDWDPHQWH LO FDYR GL DOLPHQWD]LRQH VH GDQQHJJLDWR $WWHQHUVLDOOHVHJXHQWLLVWUX]LRQLSHUVRVWLWXLUHLOFDYRGLDOLPHQWD]LRQH 5LPXRYHUH LO FDYR GL DOLPHQWD]LRQH GLIHWWRVR H VRVWLWXLUOR FRQ XQR GHL VHJXHQWL PRGHOOL + 55 ) + 99 ) R + 9 9 ) 9HULILFDUH FKH OH VSHFLILFKH HOHWWULFKH GHO FDYR GL DOLPHQWD]LRQH FRUULVSRQGDQR D TXHOOH GHO IRUQR )DUH VRVWLWXLUH LO FDYR GL DOLPHQWD]LRQH GD XQ WHFQLFR TXDOLILFDWR 9HULILFDUH FKH LO FDYR GL PHVVD D WHUUD JLDOOR YHUGH VLD PP SL OXQJR GHO FDYR GL DOLPHQWD]LRQH 5LYROJHUVL VROR D FHQWUL GL DVVLVWHQ]D DXWRUL]]DWL H YHULILFDUH FKH YHQJDQR XWLOL]]DWH VROR SDUWL GL ULFDPELR RULJLQDOL ,O SURGXWWRUH QRQ q LQ JUDGR GL JDUDQWLUH OD VLFXUH]]D GHO IRUQR LQ FDVR GL PDQFDWD RVVHUYDQ]D GHOOH LVWUX]LRQL LQGLFDWH LQ SUHFHGHQ]D,O IRUQR KD OH FDUDWWHULVWLFKH WHFQLFKH GHVFULWWH LQ TXHVWR GRFXPHQWR H QRQGHYHHVVHUHLQDOFXQPRGRPRGLILFDWR1RQXWLOL]]DUHPDLYDSRUHRJHWWLDGDOWDSUHVVLRQHSHUSXOLUHLOIRUQR1RQ FRQVHUYDUH PDWHULDOH LQILDPPDELOH QHO IRUQR SHUFKp SRWUHEEH LQFHQGLDUVLQHOFDVRLQFXLLOIRUQRYHQJDDFFLGHQWDOPHQWHDFFHVR1RQ HVHUFLWDUH SUHVVLRQH VXOOR VSRUWHOOR GHO IRUQR H LPSHGLUH DL EDPELQLGLVHGHUYLVLVRSUD8WLOL]]DUH VHPSUH JXDQWL SHU LQVHULUH H ULPXRYHUH OH SLHWDQ]H QHO GDO IRUQR

5$&&20$1'$=,21,

'RSR O XVR VRQR VXIILFLHQWL DOFXQH VHPSOLFL RSHUD]LRQL GL SXOL]LD SHU PDQWHQHUORSHUIHWWDPHQWHSXOLWR1RQ ULYHVWLUH OH SDUHWL GHO IRUQR FRQ IRJOL G DOOXPLQLR GD FXFLQD R IRJOL PRQRXVR FRPPHUFLDOL SHUFKp SRWUHEEHUR IRQGHUVL D FRQWDWWR FRQ OH VXSHUILFL LQ VPDOWR FDOGR H GDQQHJJLDUH OH VXSHUILFL LQ VPDOWR DOO LQWHUQRGHOIRUQR

3HU HYLWDUH GL VSRUFDUH HFFHVVLYDPHQWH LO IRUQR H SUHYHQLUH OD GLIIXVLRQH GL IXPR PDOHRGRUDQWH q FRQVLJOLDELOH QRQ XWLOL]]DUH LO IRUQR D WHPSHUDWXUH PROWR DOWH Ê JHQHUDOPHQWH SUHIHULELOH LPSRVWDUH XQ WHPSRGLFRWWXUDSL OXQJRHXWLOL]]DUHXQDWHPSHUDWXUDSL EDVVD

2OWUH DJOL DFFHVVRUL IRUQLWL FRQ LO IRUQR q FRQVLJOLDELOH XWLOL]]DUH SLDWWL H WHJOLH UHVLVWHQWL DOOH DOWH

WHPSHUDWXUH

&RGH SURGXLW

1XPpUR GH VpULH

,167$//$=,21(

,O SURGXWWRUH QRQ q REEOLJDWR D RFFXSDUVL GHOO LQVWDOOD]LRQH *OL HYHQWXDOL LQWHUYHQWL GL DVVLVWHQ]D QHFHVVDUL SHU FRUUHJJHUH SUREOHPL GRYXWL D XQ HUUDWD LQVWDOOD]LRQH QRQ VRQR FRSHUWL GD JDUDQ]LD / LQVWDOOD]LRQH GHYH HVVHUH HIIHWWXDWD GD XQ WHFQLFR TXDOLILFDWR H LQ FRQIRUPLWj FRQ TXHVWH LVWUX]LRQL 8Q LQVWDOOD]LRQH LPSURSULD SRWUHEEH FDXVDUH LQIRUWXQL DOOH SHUVRQH DJOL DQLPDOL GRPHVWLFL R GDQQL DOOH DWWUH]]DWXUH ,O SURGXWWRUH GHFOLQD RJQL UHVSRQVDELOLWj SHU HYHQWXDOL OHVLRQL R GDQQL GRYXWL D XQ HUUDWD LQVWDOOD]LRQH / XQLWj GHOOD FXFLQD LQ FXL YLHQH LQVWDOODWR LO IRUQR GHYH HVVHUH IDEEULFDWR LQ XQ PDWHULDOH LQ JUDGRGLWROOHUDUHXQDWHPSHUDWXUDGLDOPHQR & ,O IRUQR SXz HVVHUH LQVWDOODWR VRSUD XQD FRORQQD R VRWWR D XQ SLDQR GL ODYRUR

3ULPD GL ILVVDUH LQ SRVL]LRQH LO IRUQR YHULILFDUH FKH OR VSD]LR DWWRUQR DOOR VWHVVR VLD VXIILFLHQWH D JDUDQWLUH OD FLUFROD]LRQH GHO IOXVVR GL DULD IUHVFR QHFHVVDULR D JDUDQWLUH LO UDIIUHGGDPHQWR GHO IRUQR H OD VLFXUH]]D GHL FRPSRQHQWL LQWHUQL 5HDOL]]DUH OH DSHUWXUH LQGLFDWH QHOO XOWLPDSDJLQDGHOPDQXDOH DVHFRQGDGHOWLSRGLLQVWDOOD]LRQH

&2//(*$0(17, (/(775,&,

)$5( ())(778$5( , &2//(*$0(17, (/(775,&, $ 81 (/(775,&,67$ 2 7(&1,&2 48$/,),&$72 /D UHWH GL DOLPHQWD]LRQH D FXL YLHQH FROOHJDWR LO IRUQR GHYH HVVHUH FRQIRUPH FRQ OH QRUPDWLYH LQ YLJRUH QHO SDHVH GL LQVWDOOD]LRQH ,O SURGXWWRUH GHFOLQD RJQL UHVSRQVDELOLWj SHU HYHQWXDOL GDQQL GHULYDQWL GDOOD PDQFDWD RVVHUYDQ]D GL WDOL GLVSRVL]LRQL ,O IRUQR GHYH HVVHUH FROOHJDWR DOOD UHWH HOHWWULFD WUDPLWH XQD SUHVD D PXUR FRQ PHVVD D WHUUD R WUDPLWH XQ VH]LRQDWRUH FRQ SL SROL D VHFRQGD GHOOH GLVSRVL]LRQL LQ YLJRUH QHO SDHVH GL LQVWDOOD]LRQH /D UHWH HOHWWULFD GHYH HVVHUH SURWHWWD PHGLDQWH IXVLELOL LGRQHL H GHYRQR HVVHUH XWLOL]]DWL FDYL FRQ XQD VH]LRQH WUDVYHUVDOHLGRQHDDJDUDQWLUHXQDFRUUHWWDDOLPHQWD]LRQHGHOIRUQR

&2//(*$0(172

,O IRUQR YLHQH IRUQLWR FRQ XQ FDYR GL DOLPHQWD]LRQH FKH GHYH HVVHUH FROOHJDWR VROR D XQD UHWH HOHWWULFD FRQ XQD WHQVLRQH GL 9&$ WUD OH IDVLRWUDODIDVHHLOQHXWUR 3ULPDGLFROOHJDUHLOIRUQRDOODUHWHHOHWWULFD qLQGLVSHQVDELOHFRQWUROODUH ODWHQVLRQHGLDOLPHQWD]LRQHLQGLFDWDVXO PLVXUDWRUH O LPSRVWD]LRQH GHO VH]LRQDWRUH ,O ILOR GL PHVVD D WHUUDJLDOOR YHUGH FROOHJDWR DO PRUVHWWR GL WHUUD GHO IRUQR GHYH HVVHUH FROOHJDWRDOPRUVHWWRGLWHUUDGHOODUHWHHOHWWULFD

$WWHQ]LRQH

3ULPD GL FROOHJDUH LO IRUQR DOOD UHWH HOHWWULFD IDU FRQWUROODUH OD FRQWLQXLWj GHOOD PHVVD D WHUUD GHOOD UHWH HOHWWULFD D XQ HOHWWULFLVWD TXDOLILFDWR,O SURGXWWRUH GHFOLQD RJQL UHVSRQVDELOLWj SHU HYHQWXDOL LQFLGHQWL R DOWUL SUREOHPL GHULYDQWL GDO PDQFDWR FROOHJDPHQWR D WHUUD GHO IRUQR R GDO VXRFROOHJDPHQWRDXQDPHVVDDWHUUDFRQXQDFRQWLQXLWjGLIHWWRVD

1RWD SRLFKp LO IRUQR SRWUHEEH ULFKLHGHUH LQWHUYHQWL GL DVVLVWHQ]D q FRQVLJOLDELOH SUHYHGHUH OD GLVSRQLELOLWj GL XQ XOWHULRUH SUHVD D PXUR D FXL FROOHJDUH LO IRUQR GRSR FKH q VWDWR ULPRVVR GDOOR VSD]LR LQ FXL q VWDWRLQVWDOODWR

&DYR GL DOLPHQWD]LRQH LO FDYR GL DOLPHQWD]LRQH GHYH HVVHUH VRVWLWXLWR VROR GDO SHUVRQDOH GHOO DVVLVWHQ]D WHFQLFD R GD WHFQLFL FRQ TXDOLILFKH DQDORJKH

,7

7(&12/2*,$ 352 (;3 5$ 6(&21'$ '(, 02'(//,

$&&(6625, '(/ )2512

$ 6(&21'$ '(, 02'(//,

3ULPD GL XWLOL]]DUH LO IRUQR SHU OD SULPD YROWD q QHFHVVDULR SXOLUH WXWWL JOL DFFHVVRUL ODYDQGROL FRQ XQD VSXJQD EDJQDWD VFLDFTXDQGROLHDVFLXJDQGROL

/D JULJOLD SXz VRVWHQHUH WHJOLH H SLDWWL

/DOHFFDUGDVHUYHDUDFFRJOLHUHLUHVLGXLFKHVJRFFLRODQR GXUDQWH OD FRWWXUD GL DOLPHQWL FRQ LO JULOO

1RQ XWLOL]]DUH OD YDVFKHWWD GL JRFFLRODPHQWR FRPH WHJOLD SHU JOL DUURVWL SHUFKp L GHSRVLWL GL JUDVVR SRVVRQR GLVSHUGHUVL UDSLGDPHQWH DOO LQWHUQR GHO IRUQR H FDXVDUH OD SURGX]LRQH GL XQ IXPRHFFHVVLYR

/D SLDVWUD SHU SL]]D FKH FRQVHQWH GL FXFLQDUH SL]]H SL FURFFDQWL qPXQLWDGLXQDEDVHHGLXQRVWHQGLSL]]D

/DWHJOLDSHULGROFLGHYHHVVHUHFROORFDWDVXOYDVVRLRHSXzHVVHUH XWLOL]]DWD SHU FXFLQDUH SDVWLFFLQL FRPH ELJQq ELVFRWWL PHULQJKH HFF 1RQ FROORFDUH PDL OD WHJOLD SHU L GROFL GLUHWWDPHQWH VXO ULSLDQRLQIHULRUHGHOIRUQR

)81=,21( *,5$552672

3HUDUURVWLUHQRQqULFKLHVWRLOSUHULVFDOGDPHQWRGHOIRUQR (IIHWWXDUHODFRWWXUDFRQODSRUWDIRUQRFKLXVD ,O FRQVXPR GL HQHUJLD q LQIHULRUH GHO ULVSHWWR DO PHWRGR WUDGL]LRQDOH

*ULJOLD6SLHGR*DQFL H YLWL,PSXJQDWXUD

02'$/,7¬ 87,/,==2 *,5$552672

6YLWDUH L JDQFL,QILODUH OR VSLHGR DOO LQWHUQR

GHOOD FDUQH%ORFFDUH OD FDUQH FRQ L JDQFL6WULQJHUH OH YLWL GHL JDQFL,QVHULUH OR VSLHGR DOO LQWHUQR

GHOOD FDYLWj GHO IRUQR6PRQWDUH O LPSXJQDWXUD SULPD GL LQL]LDUH OD FRWWXUD

4XDQGR LO IRUQR q LQ IXQ]LRQH ELVRJQD WRJOLHUH GDOOD FDYLWj WXWWL JOL DFFHVVRUL LQXWLOL]]DWL

4XHVWR VLVWHPD GL LOOXPLQD]LRQH VRVWLWXLVFH OH ³ODPSDGLQH´ WUDGL]LRQDOL , /(' VXL PRGHOOL QRQ SLUROLWLFL R L /(' DG DOWD SRWHQ]D VXL PRGHOOL SLUROLWLFL VRQR LQWHJUDWL GLUHWWDPHQWH QHOOR VSRUWHOOR 4XHVWL /(' SURGXFRQR XQD OXFH ELDQFD GL DOWD TXDOLWj FKH FRQVHQWH GL YHGHUH EHQH WXWWL L ULSLDQL DOO LQWHUQR GHO IRUQR VHQ]DRPEUH

9DQWDJJL

2OWUH D JDUDQWLUH XQD EXRQD YLVLELOLWj DOO LQWHUQR GHO IRUQR TXHVWR VLVWHPD q SL UHVLVWHQWH ULVSHWWR DOOD ODPSDGLQH WUDGL]LRQDOL ULFKLHGH XQD PLQRUH PDQXWHQ]LRQH H FRQVXPD PHQR GHL VLVWHPL WUDGL]LRQDOL

2WWLPDYLVLELOLWj,OOXPLQD]LRQHGLOXQJDGXUDWD

&RQVXPL XOWUD ULGRWWL &RQVXPD LO LQ PHQR ULVSHWWR DL VLVWHPL WUDGL]LRQDOL

©(OHWWURGRPHVWLFR FRQ OXFL /(' ELDQFKH GL FODVVH 0 FRQIRUPH D ,(& $ $ HTXLYDOHQWH DOOR VWDQGDUG (1 $ $ HPLVVLRQH OXPLQRVDPDVVLPDSDULD QP X:

5,02=,21( ( 38/,=,$ '(//( *5,*/,(

5LPXRYHUH OH JULJOLH WLUDQGROH YHUVR LO VHQVR GHOOD IUHFFLD3XOLUH OH JULJOLH ODYDQGROH LQ ODYDVWRYLJOLH R FRQ XQD VSXJQD EDJQDWD H DVFLXJDQGROH VXELWR GRSR'RSR DYHU SXOLWR OH JULJOLH LQVWDOODUOH QXRYDPHQWH

,7

38/,=,$ '(/ )2512 5,62/8=,21( '(,

352%/(0,

$WWHQGHUH FKH LO IRUQR VL UDIIUHGGL SULPD GL HIIHWWXDUH RSHUD]LRQL GL SXOL]LDPDQXDOL

1RQ XWLOL]]DUH PDL GHWHUJHQWL DEUDVLYL SDJOLHWWH GL IHUUR R RJJHWWL DSSXQWLWL SHU OD SXOL]LD SHU QRQ GDQQHJJLDUH LQ PRGR LUUHSDUDELOH OH SDUWLVPDOWDWH8WLOL]]DUH VROR DFTXD H VDSRQH R GHWHUJHQWL D EDVH GL FDQGHJJLQDDPPRQLDFD1RQULYHVWLUHPDLOHSDUHWLGHOIRUQRFRQIRJOLG DOOXPLQLRGDFXFLQD

3$57, ,1 9(752

Ê FRQVLJOLDELOH SXOLUH OR VSRUWHOOR LQ YHWUR FRQ FDUWD DVVRUEHQWH GD FXFLQD GRSR RJQL XWLOL]]R GHO IRUQR 3HU ULPXRYHUH OH PDFFKLH SL RVWLQDWH q SRVVLELOH DQFKH XWLOL]]DUH XQD VSXJQD LPEHYXWD GL GHWHUJHQWHEHQVWUL]]DWDHVFLDFTXDUHFRQDFTXD

1RQ XWLOL]]DUH PDL GHWHUJHQWL DEUDVLYL R RJJHWWL DSSXQWLWL SHUFKp SRWUHEEHURJUDIILDUHODVXSHUILFLHLQYHWURRIUDQWXPDUOD

*8$51,=,21( '(//2 63257(//2 '(/ )2512

6H VSRUFD OD JXDUQL]LRQH SXz HVVHUH SXOLWD FRQ XQD VSXJQD OHJJHUPHQWHLQXPLGLWD

$&&(6625,

3XOLUH JOL DFFHVVRUL FRQ XQD VSXJQD LPEHYXWD FRQ DFTXD H VDSRQH VFLDFTXDUOLHDVFLXJDUOL (YLWDUHGLXVDUHGHWHUJHQWLDEUDVLYL

9$6&+(77$', *2&&,2/$0(172

'RSR O XVR GHO JULOO ULPXRYHUH OD YDVFKHWWD GDO IRUQR 9HUVDUH LO JUDVVR FDOGR LQ XQ FRQWHQLWRUH /DYDUH H VFLDFTXDUH OD YDVFKHWWD LQ DFTXD FDOGD XWLOL]]DQGR XQD VSXJQD H GHO GHWHUJHQWH SHU SLDWWL 6H ULPDQJRQR GHL UHVLGXL GL JUDVVR LPPHUJHUH OD YDVFKHWWD LQ DFTXD H GHWHUJHQWH ,Q DOWHUQDWLYD q SRVVLELOH DQFKH ODYDUH OD YDVFKHWWD QHOOD ODYDVWRYLJOLH RSSXUH XWLOL]]DUH XQ GHWHUJHQWH SHU IRUQL GL WLSR FRPPHUFLDOH 1RQUHLQVHULUHPDLXQDYDVFKHWWDVSRUFDQHOIRUQR

/8&( '(/ )2512

6FROOHJDUH LO IRUQR GDOO DOLPHQWD]LRQH HOHWWULFD SULPD GL SXOLUH R VRVWLWXLUH OD ODPSDGLQD /D ODPSDGLQD H OD VXD FRSHUWXUD VRQR IDEEULFDWLLQPDWHULDOHSODVWLFRUHVLVWHQWHDOOHWHPSHUDWXUHHOHYDWH

&DUDWWHULVWLFKH GHOOD ODPSDGLQD

9&$ : ( WHPSHUDWXUD GL EDVH & 3HU VRVWLWXLUH XQD ODPSDGLQDGLIHWWRVD

$OOHQWDUHODFRSHUWXUDLQYHWUR

6YLWDUHODODPSDGLQD

6RVWLWXLUOD FRQ XQD QXRYD GHOOR VWHVVR PRGHOOR YHGHUH OH FDUDWWHULVWLFKHGHVFULWWHLQSUHFHGHQ]D

'RSR DYHU VRVWLWXLWR OD ODPSDGLQD GLIHWWRVD ULDYYLWDUH OD FRSHUWXUDLQYHWUR

38/,=,$3257$,1 9(752

Ê SRVVLELOH ULPXRYHUH H SXOLUH OD SRUWD YHWUR LQWHUQD$O ILQH GL SXOLUH LO YHWUR LQWHUQR VHJXLUH OH VHJXHQWL LVWUX]LRQL

$SULUH OD SRUWD GHO IRUQR)LJXUD

)LJXUD

)LJXUD

3ULPD GL LQL]LDUH O RSHUD]LRQH GL SXOL]LD EORFFDUH OH FHUQLHUH FRPH PRVWUDWR QHOOD )LJXUD 6EORFFDUH OH FHUQLHUH XQD YROWD WHUPLQDWD O RSHUD]LRQH

)LJXUD

5LPXRYHUH OH YLWL FRPH QHOOD )LJXUD )LJXUD

)LJXUD

5LPXRYHUH OD FRSHUWXUD PHWDOOLFD VXSHULRUH WLUDQGROD YHUVR O DOWR)LJXUD

)LJXUD

5LPXRYHUH LO YHWUR HVWUDHQGROR FRQ PROWD FXUD GDOOD FRQWURSRUWD GHO IRUQR )LJXUD

)LJXUD

3HU L IRUQL SLUROLWLFL ULPXRYHUH DQFKH LO VHFRQGR H LO

WHU]R YHWUR )LJXUD

)LJXUD

$O WHUPLQH GHOOD SXOL]LD GHO YHWUR ULDVVHPEODUH OH SDUWL QHOO RUGLQH RSSRVWR DOOD ULPR]LRQH

68 7877, , 9(75, OLQGLFD]LRQH /RZ ( GHYH HVVHUH FRUUHWWDPHQWH OHJJLELOH H SRVL]LRQDWD VXO ODWR VLQLVWUR GHOOD SRUWD YLFLQR DOOD FHUQLHUD ODWHUDOH VLQLVWUD ,Q TXHVWR PRGR OHWLFKHWWD VWDPSDWD GHO

SULPR YHWUR ULPDUUj ,17(51$ )LJXUD DOOD SRUWD

,7

'(6&5,=,21( '(/ ',63/$<

 

 

 

 

 

 

 

 

 

 

0$;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0$;

35,0$ ', 87,/,==$5( ,/ )2512 3(5 /$ 862 '(/ 7(0325,==$725(

35,0$ 92/7$

38/,=,$ 35(/,0,1$5(3XOLUHVHPSUHLOIRUQRSULPDGLXWLOL]]DUORSHUODSULPDYROWD3XOLUH OH VXSHUILFL HVWHUQH FRQ XQ SDQQR PRUELGR OHJJHUPHQWH LQXPLGLWR

/DYDUH WXWWL JOL DFFHVVRUL H SXOLUH O LQWHUQR GHO IRUQR FRQ GHO GHWHUJHQWHSHUSLDWWLHGDFTXDFDOGD

9HULILFDUH FKH LO IRUQR VLD YXRWR LPSRVWDUH OD WHPSHUDWXUD PDVVLPD H ODVFLDUOR DFFHVR SHU DOPHQR RUD SHU ULPXRYHUH WXWWL JOL RGRUL QRUPDOPHQWH SUHVHQWL QHL IRUQL QXRYL 9HULILFDUH FKH OD FXFLQD VLD EHQ YHQWLODWD GXUDQWH O HVHFX]LRQH GL TXHVWH RSHUD]LRQL

3520(025,$ &RQWUROODUHFKHLOWLPHUIXQ]LRQLFRUUHWWDPHQWH 3UHPHUHLOSXOVDQWHGHOWLPHUSHUYHULILFDUHFKHIXQ]LRQL $UUHVWRGHOIRUQR

3Xz HVVHUH QHFHVVDULR HIIHWWXDUH TXHVWD RSHUD]LRQH VH VL VHOH]LRQD XQ FRPDQGR HUUDWR 3HU DUUHVWDUH LO IRUQR UXRWDUH DOO LQGLHWURLOVHOHWWRUHHSRUWDUORLQSRVL]LRQHGLDUUHVWR %ORFFRGHLFRPDQGL

3HU EORFFDUH L FRPDQGL GHO IRUQR VHOH]LRQDUH LO GLVSRVLWLYR GL SURWH]LRQH GHO IRUQR 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD VH]LRQHLQWLWRODWD³3URJUDPPD]LRQHGHOGLVSRVLWLYRGLVLFXUH]]D´ 9HQWRODGLUDIIUHGGDPHQWR

/R VFRSR GHOOD YHQWROD q SURWHJJHUH LO SDQQHOOR GL FRQWUROOR H O HOHWWURQLFD GDO FDORUH /D YHQWROD VL DYYLD DXWRPDWLFDPHQWH H VL DUUHVWDDOPRPHQWRLQFXLYLHQHVSHQWRLOIRUQR

/XFHGHOIRUQR 5XRWDQGR LO VHOHWWRUH GHOOD OXFH q SRVVLELOH VSHJQHUH OD OXFH GHO IRUQR TXDQGR TXHVWR QRQ q LQ XVR /D OXFH q VHPSUH DFFHVD TXDQGRLOIRUQRqLQXVRHVLDFFHQGHTXDQGRVLDSUHORVSRUWHOOR

,03267$=,21('(// 252/2*,2 / RURORJLR GHYH VHPSUH HVVHUH UHLPSRVWDWR TXDQGR VL FROOHJD LO IRUQR DOO DOLPHQWD]LRQH HOHWWULFD R GRSR XQ LQWHUUX]LRQH SUROXQJDWD GHOO DOLPHQWD]LRQHHOHWWULFD

,7

5(*2/$=,21( 25$

VHOHFW

$77(1=,21( OD SULPD RSHUD]LRQH GD HVHJXLUH GRSR O¶LQVWDOOD]LRQH R GRSR XQD LQWHUUX]LRQH GL FRUUHQWH WDOL VLWXD]LRQL VLULFRQRVFRQRSHUFKqVXOGLVSD\ODPSHJJLDO¶RUD qOD

UHJROD]LRQH GHOO¶RUD FRPH GL VHJXLWR GHVFULWWR

3UHPHUH LO WDVWR FHQWUDOH YROWH,PSRVWD O RUD FRQ L WDVWL/DVFLDUH L WDVWL

$77(1=,21( ,O IRUQR IXQ]LRQD VROR VH LPSRVWDWR LQ PRGDOLWj PDQXDOH R FRWWXUD SURJUDPPDWD

7,0(5 (/(77521,&2 $ 6),25$0(172

)81=,21(

&20( 6,$77,9$

&20( 6, 63(*1(

&26$)$

$&26$6(59(

 

 

 

 

 

 

7HQHUH SUHPXWR SHU

7HQHUH SUHPXWR SHU

 

%/2&&2

VHFRQGL LO WDVWR 'D

VHFRQGL LO WDVWR 'D

 

TXHVWR PRPHQWR OR

TXHVWR PRPHQWR WXWOH OH

 

%$0%,12

VFKHUPR YLVXDOL]]D

IXQ]LRQL VRQR ULDELOLWDWH

 

 

DOWHUQDWLYDPHQWH ³6723´

 

 

 

H LO WHPSR SUHLPSRVWDWR

 

 

 

3UHPHUH LO WDVWR FHQWUDOH

$O WHUPLQH GHOOD GXUDWD

'D XQ VHJQDOH VRQRUR DO

&217$0,187,

LPSRVWDWD OD IXQ]LRQH VL

YROWD

VSHJQH GD VROD HG DYYLVD

WHUPLQH GL XQ WHPSR

 

3UHPHUH L WDVWL

FRQ XQ VHJQDOH VRQRUR LO

VWDELOLWR

 

SHU UHJRODUH OD GXUDWD

VHJQDOH VRQRUR VL IHUPD GD

'XUDQWH LO IXQ]LRQDPHQWR

 

/DVFLDUH L WDVWL

VROR SHU IHUPDUOR VXELWR LO GLVSOD\ YLVXDOL]]D LO

 

 

SUHPHUH LO WDVWR 6(/(&7

WHPSR ULPDQHQWH

'85$7$

3UHPHUH LO WDVWR FHQWUDOH

$O WHUPLQH GHOOD GXUDWD

3HUPHWWH GL LPSRVWDUH OD

YROWH

LPSRVWDWD LO IRUQR VL VSHJQH GXUDWD GHOOD FRWWXUD GHO

&27785$

3UHPHUH L WDVWL

GD VROR VH GHYH HVVHUH

FLER LQVHULWR QHO IRUQR

 

SHU UHJRODUH OD GXUDWD

IHUPDWR SULPD VL GHYH

3HU YLVXDOL]]DUH LO WHPSR

 

/DVFLDUH L WDVWL

SRUWDUH OD PDQRSROD

ULPDQHQWH SUHPHUH LO

 

6HOH]LRQDUH OD IXQ]LRQH

FRPPXWDWRUH LQ SRVL]LRQH

WDVWR 6(/(&7

 

GL FRWWXUD FRQ OD

2 RSSXUH SRUWDUH D OD 3HU PRGLILFDUH LO WHPSR

 

PDQRSROD FRPPXWDWRUH

GXUDWD GHOOD FRWWXUD

ULPDQHQWH SUHPHUH LO

 

 

WDVWL 6(/(&7 H

WDVWR 6(/(&7

 

3UHPHUH LO WDVWR FHQWUDOH

$OO¶RUD LPSRVWDWD LO IRUQR

3HUPHWWH GL

),1(

YROWH

VL VSHJQH GD VROR VH GHYH PHPRUL]]DUH O¶RUD GL ILQH

3UHPHUH L WDVWL

HVVHUH IHUPDWR SULPD

FRWWXUD

&27785$

SHU UHJRODUH O¶RUD GL ILQH

q QHFHVVDULR SRUWDUH OD

3HU YLVXDOL]]DUH O¶RUD

FRWWXUD

PDQRSROD FRPPXWDWRUH

SURJUDPPDWD SUHPHUH LO

 

/DVFLDUH L WDVWL

LQ SRVL]LRQH 2

WDVWR FHQWUDOH YROWH

 

6HOH]LRQDUH OD IXQ]LRQH

 

3HU PRGLILFDUH O¶RUD

 

GL FRWWXUD FRQ OD

 

SURJUDPPDWD SUHPHUH L

 

PDQRSROD FRPPXWDWRUH

 

WDVWL 6(/(&7

 

 

 

 

3HUPHWWH GL XWLOL]]DUH LO SURJUDPPDWRUH GHO IRUQR FRPH XQD VYHJOLD SXz HVVHUH XVDWR FRQ IRUQR IXQ]LRQDQWH R VSHQWR

3HU LQWHUURPSHUH LO VHJQDOH SUHPHUH XQ WDVWR TXDOVLDVL 3UHPHUH LO WDVWR FHQWUDOH SHU WRUQDUH DOOD IXQ]LRQH RURORJLR

7LSLFDPHQWH VL XWLOL]]D TXHVWD IXQ]LRQH FRQ OD IXQ]LRQH '85$7$ &27785$±DG HVHPSLR LO FLER GHVLGHUDWR GHYH FXRFHUH SHU PLQXWLHGHVLGHURFKHVLDSURQWRSHUOH RUH LQWDOFDVR

$O WHUPLQH GHOOD GXUDWD LPSRVWDWD LO IRUQR VL VSHJQH DXWRPDWLFDPHQWH HGDYYLVDFRQXQVHJQDOHVRQRUR

6HOH]LRQDUH OD IXQ]LRQH GL FRWWXUD GHVLGHUDWD ,PSRVWDUH OD GXUDWD FRWWXUD D PLQXWL ,PSRVWDUH OD ILQH FRWWXUD DOOH RUH/D FRWWXUD DYUj

DXWR PDWLFDPHQWH LQL]LR DOOHPHQR PLQXWL DOO¶RUD LPSRVWDWD FRPH ILQH FRWWXUD LO IRUQR VL VSHJQH DXWRPDWLFDPHQWH $77(1=,21( LPSRVWDQGR VROR OD ILQH FRWWXUD H QRQ OD GXUDWD GHOOD FRWWXUD LO IRUQR VL DFFHQGHUj VXELWR H VL VSHJQHUj DOO¶RUD GL ILQH FRWWXUD LPSRVWDWD

,7

&20( 87,/,==$5( ,/ )2512 68**(5,0(17, 3(5 /$ &27785$

02'$/,7¬ ', &27785$ Ê FRQVLJOLDELOH VDODUH OD FDUQH VROR DO WHUPLQH GHOOD FRWWXUD SHUFKp LO VDOH IDYRULVFHJOLVFKL]]LGLJUDVVR FKHVSRUFDLOIRUQRHSURGXFHPROWRIXPR

(/(0(172 5,6&$/'$17( ,1)(5,25( ,Q TXHVWD PRGDOLWj , WDJOL GL FDUQH ELDQFD GL PDLDOH YLWHOOR H SHVFH SRVVRQR HVVHUH LQVHULWL

YLHQH XWLOL]]DWR O HOHPHQWR LQIHULRUH 4XHVWD PRGDOLWj q LGHDOH SHU FXRFHUH

WXWWL L SLDWWL D EDVH GL SDVWD DG HVHPSLR IODQ TXLFKH SDWp H TXDOVLDVL

SLHWDQ]DFKHULFKLHGDSL FDORUHHLUUDGLD]LRQHGDOEDVVR

7HQHUHVHPSUHORVSRUWHOORGHOIRUQRFKLXVRGXUDQWHODFRWWXUD

(/(0(172 5,6&$/'$17( ,1)(5,25( 9(172/$ / XVR FRPELQDWR GHOO HOHPHQWR ULVFDOGDQWH LQIHULRUH H GHOOD YHQWROD q LGHDOH SHU ODFRWWXUDGLWRUWHGLIUXWWD FURVWDWH TXLFKHHGROFL

(/(0(172 5,6&$/'$17( ,1)(5,25( 683(5,25( ,Q TXHVWD PRGDOLWj GL FRWWXUD YHQJRQR XWLOL]]DWL HQWUDPEL JOL HOHPHQWL ULVFDOGDQWL RVVLD TXHOOR LQIHULRUH H VXSHULRUH 4XHVWR PHWRGR q LGHDOH SHU JOL DUURVWL H OH SLHWDQ]H SL WUDGL]LRQDOL FRPH OD FDUQH URVVD LO URDVWEHHI OH FRVFH GL DJQHOOR OD VHOYDJJLQD LO SDQH H OH SLHWDQ]H DYYROWH LQ IRJOL GL DOOXPLQLR

(/(0(172 5,6&$/'$17( ,1)(5,25( 683(5,25( 9(172/$ ,Q TXHVWD PRGDOLWj YHQJRQR XWLOL]]DWL HQWUDPEL JOL HOHPHQWL ULVFDOGDQWL RVVLD TXHOOR VXSHULRUH H LQIHULRUH PD YLHQH FRQWHPSRUDQHDPHQWH IDWWD FLUFRODUH DULD FDOGD DOO LQWHUQR GHO IRUQR Ê FRQVLJOLDELOH XWLOL]]DUH TXHVWR PHWRGR SHU FXFLQDUH FDUQH ELDQFD WRUWH VDODWH SHVFH H YHUGXUD 4XHVWR PHWRGR DVVLFXUD XQD PDJJLRUH SHQHWUD]LRQH GHO FDORUH H ULFKLHGH XQ WHPSR GL SUH ULVFDOGDPHQWR PLQRUH / XVR GHOOD YHQWROD FRQVHQWH GL FXFLQDUH WHPSRUDQHDPHQWH WLSL GL DOLPHQWL GLYHUVL SHUFKp FRQVHQWH GL GLVWULEXLUH XQLIRUPHPHQWH LO FDORUH VHQ]D LO ULVFKLR FKH VL PHVFROLQR VDSRUL H RGRUL 4XDQGR VL FXFLQDQR SL WLSL GL DOLPHQWL FRQWHPSRUDQHDPHQWH q FRQVLJOLDELOH LQFUHPHQWDUH GL PLQXWL LO WHPSRGLFRWWXUD

(/(0(172 5,6&$/'$17( &,5&2/$5( 9(172/$ ,Q TXHVWD PRGDOLWj GL FRWWXUD YHQJRQR FRQWHPSRUDQHDPHQWH XWLOL]]DWL JOL HOHPHQWL ULVFDOGDQWL LQIHULRUH VXSHULRUH H FLUFRODUH FKH SURYYHGH D IDU FLUFRODUH DULD FDOGD DOO LQWHUQR GHO IRUQR 4XHVWD PRGDOLWj GL FRWWXUD q LQGLFDWD SHU OH VWHVVH SLHWDQ]H LQGLFDWH QHOOD VH]LRQH UHODWLYD DOOD FRWWXUD FRQYHQWROD

*5,// ,Q TXHVWD PRGDOLWj GL FRWWXUD YLHQH XWLOL]]DWR VROR O HOHPHQWR ULVFDOGDQWH VXSHULRUH 4XHVWD PRGDOLWj GL FRWWXUD q SDUWLFRODUPHQWH LQGLFDWD SHU L SLDWWL JULJOLDWL JOL VSLHGLQL H L SLDWWL JUDWLQDWL ,O JULOO GHYH HVVHUH SUH ULVFDOGDWR D XQD WHPSHUDWXUD DOWD SHU PLQXWL 3HU RWWHQHUH ULVXOWDWL GL FRWWXUD RWWLPDOL H UHQGHUH OD FDUQH SL VXFFXOHQWD q FRQVLJOLDELOH FROORFDUOD D XQD FHUWD GLVWDQ]D GDO JULOO DQFKH VH L WHPSL GL FRWWXUD VRQR SL OXQJKL , ILOHWWL GL FDUQH URVVD H SHVFH GHYRQR HVVHUH FROORFDWL GLUHWWDPHQWH VXO ULSLDQR FRQ OD YDVFKHWWD GL JRFFLRODPHQWR SRVL]LRQDWDVRWWRDOULSLDQRLQIHULRUH

*5,// 9(172/$,Q TXHVWD PRGDOLWj GL FRWWXUD YLHQH XWLOL]]DWR

O HOHPHQWRULVFDOGDQWHVXSHULRUHLQVLHPHDOODYHQWRODSHUIDUHFLUFRODUHDULD FDOGD DOO LQWHUQR GHO IRUQR Ê FRQVLJOLDELOH SUH ULVFDOGDUH LO IRUQR VROR SHU OH FDUQL URVVH PD QRQ SHU TXHOOH ELDQFKH ,O JULOO q LGHDOH SHU OH SLHWDQ]H FRQ XQ PDJJLRUH VSHVVRUH FRPH OD FDUQH GL VXLQR R SROOR *OL DOLPHQWL GD JULJOLDUH GHYRQR HVVHUH FROORFDWL DO FHQWUR GHO ULSLDQR LQWHUPHGLR &ROORFDUH OD YDVFKHWWD GL JRFFLRODPHQWR VRWWR DO ULSLDQR SHU UDFFRJOLHUH O HYHQWXDOH JUDVVR FKH JRFFLROD LQ IDVH GL FRWWXUD 3HU RWWHQHUH ULVXOWDWL RWWLPDOL QRQ FROORFDUH JOL DOLPHQWL WURSSR YLFLQR DO JULOO H JLUDUH OD FDUQH D PHWjGHOFLFORGLFRWWXUD

*5,// *,5$552672 9(172/$ / XVR VLPXOWDQHR GHOO HOHPHQWR ULVFDOGDQWH VXSHULRUH H GHOOD YHQWROD H GHO JLUDUURVWR FRQVHQWRQRGLFXFLQDUHOHSLHWDQ]HLQPRGRXQLIRUPHVHQ]DFKHVLVHFFKLH GLYHQWL LQVDSRUH ,O JLUDUURVWR q SURJUDPPDWR SHU FRQWLQXDUH D UXRWDUH SHU FLUFD FLQTXH PLQXWL GRSR OD FRWWXUD LQ PRGR GD FRQVHQWLUH O XVR GHO FDORUH UHVLGXR GHO IRUQR 4XDQGR VL XWLOL]]D LO JLUDUURVWR QRQ q QHFHVVDULR SUH ULVFDOGDUHLOIRUQR

6&21*(/$0(172 4XHVWD PRGDOLWj VL DWWLYD TXDQGR VL VSRVWD LO VHOHWWRUH LQ TXHVWD SRVL]LRQH /D YHQWROD ID FLUFRODUH DULD FDOGD DWWRUQR DOO DOLPHQWR FRQJHODWR H QH FRQVHQWH TXLQGL XQR VFRQJHODPHQWR UDSLGRVHQ]DDOFXQDDOWHUD]LRQHGHOVDSRUHRULJLQDOH

/DWHPSHUDWXUDqSUHLPSRVWDWDVX &HQRQSXzHVVHUHPRGLILFDWD

5,6&$/'$0(172 4XHVWD PRGDOLWj q TXHOOD FRQVLJOLDWD SHU ULVFDOGDUH DOLPHQWL SUH FRWWL FKH GHYRQR HVVHUH SRVL]LRQDWL VXO VHFRQGR ULSLDQR LQ EDVVR GDOO DOWR R SHU VFRQJHODUH SDVWD R SL]]D FRQJHODWD LQ TXHVWRFDVRqQHFHVVDULRXWLOL]]DUHLOULSLDQRSL EDVVR

/DWHPSHUDWXUDqSUHLPSRVWDWDVX &HQRQSXzHVVHUHPRGLILFDWD

3,==$ 4XHVWD IXQ]LRQH FRQVHQWH GL IDU FLUFRODUH DULD FDOGD DOO LQWHUQR GHO IRUQR HG q SDUWLFRODUPHQWH LQGLFDWD SHU SLHWDQ]H FRPH SL]]H RGROFL

62)7&22. H OD IXQ]LRQH LGHDOH SHU OD SDVWLFFHULD HG LO SDQH *UD]LH DOOD YHORFLWD ULGRWWD GHOOD YHQWROD TXHVWD IXQ]LRQH DXPHQWD O XPLGLWD SUHVHQWH DOO LQWHUQR GHO IRUQR 8QD PDJJLRUH XPLGLWD FUHD OH FRQGL]LRQL GL FRWWXUD LGHDOL SHU TXHJOL DOLPHQWL FKH KDQQR ELVRJQR GL PDQWHQHUH XQD FRQVLVWHQ]D HODVWLFD PHQWUH FXRFLRQR HV WRUWH SDQH ELVFRWWL H GLFRQVHJXHQ]D SHUQRQVEULFLRODUVL

IUHGGL QHO IRUQR %HQFKp TXHVWR DFFRUJLPHQWR DOOXQJKL L WHPSL GL FRWWXUD FRQVHQWH GL FXRFHUH PHJOLR OD SRU]LRQH FHQWUDOH GHO WDJOLR GL FDUQH SHUFKp LO FDORUHDGLVSRVL]LRQHSL WHPSRSHUSHQHWUDUHQHOWDJOLRGLFDUQH

3HU FXFLQDUH LQ PRGR FRUUHWWR OD FDUQH URVVD q LQGLVSHQVDELOH SUH ULVFDOGDUHLQPRGRDSSURSULDWRLOIRUQR

*5,//3ULPD GL XWLOL]]DUH LO JULOO

5LPXRYHUH OD FDUQH GDO FRQJHODWRUH TXDOFKH RUD SULPD GHOOD FRWWXUD &ROORFDUH OD FDUQH VX SL VWUDWL GL FDUWD GD FXFLQD SHU PDQWHQHUH LQDOWHUDWR LO VDSRUH GHOOH SLHWDQ]H HG HYLWDUH FKH OD SRU]LRQH FHQWUDOH ULPDQJD FUXGD $JJLXQJHUH SHSH H VSH]LH DOOD FDUQH SULPD GL JULJOLDUOD PD QRQ DJJLXQJHUH VDOH SHU PDQWHQHUH OD FDUQH SL VXFFRVD H WHQHUD $SSOLFDUH XQ OHJJHUR VWUDWR GL ROLR DOOD FDUQH SUHIHULELOPHQWH FRQ XQ SHQQHOOR GD FXFLQD ODUJR 4XLQGL FRVSDUJHUHDOWURSHSHHVSH]LH WLPR HFF VXOODFDUQH

'XUDQWH OD FRWWXUD

1RQ SHUIRUDUH PDL OD FDUQH PHQWUH OD VL JLUD SHUFKp FLz SURYRFD OD GLVSHUVLRQHGHOVXJRHUHQGHODFDUQHSL VHFFD

&27785$', '2/&,

(YLWDUH GL XVDUH WHJOLH OXFLGH SHUFKp ULIOHWWRQR LO FDORUH H SRVVRQR URYLQDUH OD FRWWXUD 6H LO GROFH FXRFH WURSSR UDSLGDPHQWH FRSULUOR FRQ FDUWD ROHDWD R FDUWDGDOOXPLQLR $WWHQ]LRQH DSSOLFDUHODFDUWDGDOOXPLQLRLQPRGRFKHLOODWR OXFLGR VLD ULYROWR YHUVR LO GROFH SHUFKp DOWULPHQWL LO FDORUH YLHQH ULIOHVVR GDOOD VXSHUILFLHOXFLGDHQRQSHQHWUDQHOGROFH

(YLWDUH GL DSULUH OR VSRUWHOOR GXUDQWH L SULPL PLQXWL

/DSHUWXUD GHOOR VSRUWHOOR GHO IRUQR SRWUHEEH SURYRFDUH OR ³VJRQILDPHQWR´ GL VXIIOq EULRFKH SDQGLVSDJQD HFF 3HU FRQWUROODUH VH LO GROFH q SHUIHWWDPHQWH FRWWR q VXIILFLHQWH SXQ]HFFKLDUH LO FHQWUR FRQ OD ODPD GL XQ FROWHOOR R XQ DJR GD PDJOLD LQ PHWDOOR 6H ODJR HVWUDWWR q DVFLXWWR LO GROFH q SURQWR H OD FRWWXUD SXz GHILQLUVL FRQFOXVD 6H ODJR FKH VL HVWUDH GDO GROFH q XPLGR R VH FL VRQR SH]]HWWL GL GROFH DWWDFFDWL SURVHJXLUH OD FRWWXUD DEEDVVDQGR OHJJHUPHQWH OD WHPSHUDWXUD GHO IRUQR SHU HYLWDUH FKH LO GROFH VL EUXFL

$66,67(1=$ 7(&1,&$

3ULPDGLULYROJHUVLDOO DVVLVWHQ]DWHFQLFD

6H LO IRUQR QRQ IXQ]LRQD q FRQVLJOLDELOH

&RQWUROODUH FKH LO IRUQR VLD FRUUHWWDPHQWH FROOHJDWR DOO DOLPHQWD]LRQH HOHWWULFD

6H QRQ q SRVVLELOH LQGLYLGXDUH OD FDXVD GHO JXDVWR

6FROOHJDUH LO IRUQR GDOO DOLPHQWD]LRQH HOHWWULFD QRQ WRFFDUOR H ULYROJHUVL DOO DVVLVWHQ]DWHFQLFD 3ULPD GL FKLDPDUH LO FHQWUR GL DVVLVWHQ]D ULFRUGDUVL GL SUHQGHUH QRWD GHO QXPHURGLVHULHULSRUWDWRVXOODWDUJKHWWDLGHQWLILFDWLYD ,O IRUQR YLHQH IRUQLWR FRQ XQ FHUWLILFDWR GL JDUDQ]LD FKH QH JDUDQWLVFD OD ULSDUD]LRQH JUDWXLWD SUHVVR XQ FHQWUR GL DVVLVWHQ]D GXUDQWH LO SHULRGR GL YDOLGLWjGHOODJDUDQ]LD

4XHVWR DSSDUHFFKLR q FRQWUDVVHJQDWR LQ FRQIRUPLWj DOOD

'LUHWWLYD HXURSHD (8 VXOOH DSSDUHFFKLDWXUH HOHWWULFKH HG HOHWWURQLFKH :((( , :((( FRQWHQJRQR VLD OH VRVWDQ]H LQTXLQDQWL FKH SRVVRQR SURYRFDUH FRQVHJXHQ]H QHJDWLYH VXOO DPELHQWH FKH FRPSRQHQWL GL EDVH FKH SRVVRQR HVVHUH ULXWLOL]]DWL Ê LPSRUWDQWH FKH L :((( VLDQR

VRJJHWWL D UDWWDPHQWL VSHFLILFL SHU ULPXRYHUH H VPDOWLUH FRUUHWWDPHQWH WXWWL JOL LQTXLQDQWL H UHFXSHUDUH H ULFLFODUH WXWWL L

PDWHULDOL , VLQJROL SRVVRQR JLRFDUH XQ UXROR LPSRUWDQWH QHOO DVVLFXUDUH FKH L :((( QRQ GLYHQWLQR XQ SUREOHPD DPELHQWDOH q HVVHQ]LDOH VHJXLUH DOFXQH UHJROHGLEDVH

,:(((QRQGHYRQRHVVHUHWUDWWDWLFRPHULILXWLGRPHVWLFL

, :((( GHYRQR HVVHUH SRUWDWL DL SXQWL GL UDFFROWD DSSRVLWL JHVWLWL GDO FRPXQH R GD VRFLHWj UHJLVWUDWH ,Q PROWL 3DHVL SHU L :((( JUDQGL SRWUHEEHHVVHUHSUHVHQWHODUDFFROWDGRPHVWLFD

4XDQGR VL DFTXLVWD XQ QXRYR DSSDUHFFKLR TXHOOR YHFFKLR SRWUHEEH HVVHUH UHVWLWXLWR DO ULYHQGLWRUH FKH GHYH DFTXLVLUOR JUDWXLWDPHQWH VX EDVH VLQJROD VHPSUH FKH O DSSDUHFFKLR VLD GHO WLSR HTXLYDOHQWH H DEELD OH VWHVVHIXQ]LRQLGLTXHOORDFTXLVWDWR

5,63$50,$5( ( 5,63(77$5( /$0%,(17(

2YH SRVVLELOH HYLWDUH GL SUH ULVFDOGDUH LO IRUQR H FHUFDUH VHPSUH GL ULHPSLUOR $SULUH OD SRUWD GHO IRUQR TXDQWR QHFHVVDULR SHUFKp YL VRQR GLVSHUVLRQL GL FDORUH RJQL YROWD FKH YLHQH DSHUWD 3HU ULVSDUPLDUH PROWD HQHUJLD VDUj VXŃFLHQWH VSHJQHUH LO IRUQR GDL DL PLQXWL SULPD GHOOD ¿QH

GHO WHPSRGLFRWWXUDSLDQL¿FDWR HVHUYLUVLGHOFDORUHFKHLOIRUQRFRQWLQXDD JHQHUDUH 7HQHUH OH JXDUQL]LRQL SXOLWH H LQ RUGLQH SHU HYLWDUH HYHQWXDOL GLVSHUVLRQL GL HQHUJLD 6H VL GLVSRQH GL XQ FRQWUDWWR GL HQHUJLD HOHWWULFD D WDULIID RUDULD LO SURJUDPPD ³FRWWXUD ULWDUGDWD´ UHQGHUj SL VHPSOLFH LO ULVSDUPLRVSRVWDQGRO¶DYYLRGHOSURJUDPPDQHJOLRUDULDWDULIIDULGRWWD

3URJUDPPD GL SURYD VHFRQGR &(1(/(& (1 XWLOL]]DWR SHU OD

GHILQL]LRQH GHOOD FODVVH HQHUJHWLFD

,7

&RQWHQÕGR

,QVWUXFFÕRQHV 3DUD 8Q 8VR 6HJXUR

7HFQRORJtD 3UR H[S¶U GHSHQGH 'HO 0RGHOR

/ÕPSÕH]D 'HO +RUQR

'HVFUÕSFÕyQ 'H /D 3DQWDOOD

6HUYLFLR 7pFQLFR

$GYHUWHQFLDV *HQHUDOHV'HFODUDFÕRQ 'H &XPSOÕPÕHQWR&RQVHMRV 'H 6HJXUÕGDG5HFRPHQGDFÕRQHV,QVWDODFÕyQ&RQH[ÕyQ (OpFWUÕFD

(TXÕSR 'HO +RUQR GHSHQGH 'HO 0RGHOR$VDGRU GHSHQGH 'HO 0RGHOR8 6(( GHSHQGH 'HO 0RGHOR([WUDFFLyQ \ OLPSLH]D GH ODV JXtDV ODWHUDOHV

$QWHV 'H 8WÕOÕ]DU (O +RUQR 3RU 3UÕPHUD 9H]8VR GHO WHPSRUÕ]DGRU$MXVWH 'H /D +RUD7HPSRUL]DGRU 7iFWLO&yPR 8WÕOÕ]DU (O +RUQR&RQVHMRV 'H FRFFLyQ

(6

,16758&&,21(6 3$5$ 81 862 6(*852

$'9(57(1&,$ (O DSDUDWR \ VXV FRPSRQHQWHV DFFHVLEOHV VH FDOLHQWDQ GXUDQWH HO XVR 6H GHEH WHQHU FXLGDGRGHQRWRFDUORVHOHPHQWRVFDOHIDFWRUHV/RV QLxRV PHQRUHV GH DxRV GHEHQ SHUPDQHFHU DOHMDGRV R VXSHUYLVDGRV GH IRUPD FRQWLQXDGD SRU XQDSHUVRQDDGXOWD(VWH DSDUDWR SXHGH VHU XVDGR SRU QLxRV PD\RUHV GH DxRV \ SHUVRQDV FRQ FDSDFLGDGHV ItVLFDV VHQVRULDOHV R PHQWDOHV UHGXFLGDV R IDOWD GH H[SHULHQFLD \ FRQRFLPLHQWR VLHPSUH \ FXDQGR KD\DQ VLGR VXSHUYLVDGDV R LQVWUXLGDV VREUH HO XVR GHO DSDUDWR GH IRUPD VHJXUD \ GHO FRQRFLPLHQWR GH ORV ULHVJRV TXHFRPSRUWD

/RVQLxRVQRGHEHQ MXJDUFRQHODSDUDWR/DOLPSLH]D\HOPDQWHQLPLHQWRTXHGHEHUHDOL]DUHOXVXDULRQRVHUiUHDOL]DGDSRUQLxRVVLQVXSHUYLVLyQ'XUDQWHHOXVR VHFDOLHQWDHODSDUDWR 6HGHEHWHQHUFXLGDGRGHQRWRFDUORVHOHPHQWRVFDOHIDFWRUHVGHO LQWHULRUGHOKRUQR $'9(57(1&,$ /DV SDUWHV DFFHVLEOHV SXHGHQ FDOHQWDUVH GXUDQWH HO XVR /RV QLxRV GHEHQ SHUPDQHFHU DOHMDGRV1R XWLOL]DU OLPSLDGRUHV DEUDVLYRV R UDVFDGRUHV PHWiOLFRV DILODGRV SDUD OLPSLDU HO FULVWDO GH OD SXHUWD GHO KRUQR\DTXHSXHGHQUD\DUODVXSHUILFLH SXGLHQGRFRPSRUWDUODURWXUDGHOFULVWDO6H GHEH DSDJDU HO KRUQR DQWHV GH UHWLUDU OD SDQWDOOD GHVSXpV GH OD OLPSLH]D VH GHEH FRORFDU VHJ~Q ODV LQVWUXFFLRQHV

8VHVRODPHQWHHOVHQVRUGHWHPSHUDWXUDUHFRPHQGDGRSDUDHVWHKRUQR1RXWLOLFHOLPSLDGRUHVGHYDSRUSDUDODOLPSLH]DGHODSDUDWR $'9(517(1&,$ $VHJ~UHVHGHTXHHODSDUDWRHVWiDSDJDGRDQWHVGHVXVWLWXLUODOiPSDUDSDUDHYLWDUOD SRVLELOLGDG GHXQDGHVFDUJDHOpFWULFD/RV PHGLRV GH GHVFRQH[LyQ GHEHQ VHU LQFRUSRUDGRV HQ HO FDEOHDGR ILMR HQ FRQIRUPLGDG FRQ ODV UHJODV GHOFDEOHDGRODV LQVWUXFFLRQHV LQGLFDUiQ HO WLSR GH FDEOH D XWLOL]DU WHQLHQGR HQ FXHQWD OD WHPSHUDWXUH GH OD SDUWH SRVWHULRUGHODSDUDWR6LHOFDEOHGHDOLPHQWDFLyQHVWiGDxDGR VHGHEHVXVWLWXLUSRUXQFDEOHRFRQMXQWRHVSHFLDOVXPLQLVWUDGR SRUHOIDEULFDQWHRHOVHUYLFLRWpFQLFR 35(&$8&,Ï1 &RQ HO ILQ GH HYLWDU SHOLJURV GHULYDGRV GH DOWHUDFLRQHV HQ HO VXPLQLVWUR HQHUJpWLFR HVWH DSDUDWR QR GHEH VHU VXPLQLVWUDGR D WUDYpV GH XQ GLVSRVLWLYR GH FRQPXWDFLyQ H[WHUQR FRPR XQ WHPSRUL]DGRU R FRQHFWDGR D XQ FLUFXLWR TXH VHD HQFHQGLGR \ DSDJDGR IUHFXHQWHPHQWH SRU ORV VHUYLFLRV S~EOLFRV

35(&$8&,Ï1 /DV SDUWHV DFFHVLEOHV VH SXHGHQ FDOHQWDU FRQ HO XVR GHO JULOO /RV QLxRV GHEHQ SHUPDQHFHUDOHMDGRV

6HGHEHHOLPLQDUHOH[FHVRGHGHUUDPHVDQWHVGHODOLPSLH]D'XUDQWH OD RSHUDFLyQ GH DXWR OLPSLH]D SLUROtWLFD ODV VXSHUILFLHV SXHGHQ FDOHQWDUVH PiV GH OR KDELWXDO ORVQLxRVGHEHQSHUPDQHFHUDOHMDGRV

(6

$'9(57(1&,$6 *(1(5$/(6

/HHU ODV LQVWUXFFLRQHV GHWDOODGDPHQWH SDUD VDFDU HO PHMRU SDUWLGR GHO KRUQR 5HFRPHQGDPRV FRQVHUYDU ODV LQVWUXFFLRQHV GH LQVWDODFLyQ \ XWLOL]DFLyQ SDUD IXWXUDV FRQVXOWDV $QWHV GH LQVWDODU HO KRUQR DQRWH HO Q~PHUR GH VHULH SRU VL QHFHVLWDVH FRQWDFWDU FRQ HO VHUYLFLR GH DWHQFLyQ DO FOLHQWH 8QDYH]GHVHPEDODGRHOKRUQR DVHJXUDUVHGHTXHQRHVWiGDxDGR (QFDVRGHWHQHUGXGDV QRXWLOL]DU &RQWDFWDUFRQXQDSHUVRQDFXDOLILFDGD &RQVHUYDUHOHPEDODMH EROVDVGHSOiVWLFR SROLHWLOHQRRFODYRV IXHUDGHODOFDQFHGHORVQLxRV\DTXHSXHGHVHUSHOLJURVRSDUDHOORV /DFRPSDxtDQRVHKDUiUHVSRQVDEOHHQFDVRGHQRFXPSOLUODVLQVWUXFFLRQHVLQGLFDGDVHQHVWHGRFXPHQWR $17(1&,Ï1 /DV IXQFLRQHV SURSLHGDGHV R DFFHVRULRV GHO KRUQR PHQFLRQDGDV HQ HVWH PDQXDO SXHGHQ YDULDU GHSHQGLHQGR GHO PRGHOR GH KRUQR

&216(-26 '( &803/,0,(172

(Q HVWH HTXLSR ODV SLH]DV TXH VH SUHYp TXH SXHGDQ HVWDU HQ FRQWDFWR FRQ ORV DOLPHQWRV FXPSOHQ ODV UHJXODFLRQHV GH OD &(( LQGLFDGDVHQODGLUHFWLYD

$O PRVWUDU HO ORJR PDUFDGR HQ HVWH SURGXFWR GHFODUDPRV EDMR QXHVWUD SURSLD UHVSRQVDELOLGDG HO FXPSOLPLHQWR GH WRGRV ORV UHTXLVLWRV HXURSHRV HQ WpUPLQRV GH VHJXULGDG VDOXG \ PHGLR DPELHQWH HVWDEOHFLGRVHQODOHJLVODFLyQGHHVWHSURGXFWR

758&26 '( 6(*85,'$'

(OKRUQRKDGHXWLOL]DUVH~QLFDPHQWHFRQHOILQSDUDHOTXHKDVLGR GLVHxDGR 6yOR VH SXHGH XWLOL]DU SDUD FRFLQDU DOLPHQWRV 2WURV XVR FRPR SRU HMHPSOR PHGLR GH FDOHIDFFLyQ HV XQ XVR LQGHELGR GHOKRUQR\SRUORWDQWRHVSHOLJURVR

7RGDV ODV SLH]DV DFFHVLEOHV \ HOHPHQWRV GH FDOHIDFWRUHV HVWiQ FDOLHQWHV FXDQGR HVWp HQ IXQFLRQDPLHQWR HO KRUQR +D GH WHQHUVH FXLGDGR\QRWRFDUODV

(O IDEULFDQWH QR SXHGH UHVSRQVDELOL]DUVH GH FDxRV FDXVDGRV SRU XQXVRLQDGHFXDGR LQFRUUHFWRRQRUD]RQDEOH

&XDQGR VH XWLOLFHQ GLVSRVLWLYRV HOpFWULFRV KDQ GH VHJXLUVH ODV QRUPDVVLJXLHQWHV

1RWLUDUGHOFDEOHHOpFWULFRSDUDGHVHQFKXIDUOR1RWRFDUHOKRUQRFRQODVPDQRV RORVSLHV K~PHGDVRPRMDGDV1RXWLOL]DUHOKRUQRVDOYRTXHOOHYHFDO]DGRHQORVSLHV

1R VXHOH VHU UHFRPHQGDEOH OD XWLOL]DFLyQ GH DODUJDGRUHV R ODGURQHVSDUDYDULRVHQFKXIHVRDODUJDGRUHV

6L HO KRUQR VH HVWURSHD R WLHQH XQ IDOOR GHVHQFK~IHOR GH OD FRUULHQWH\QRORWRTXH

6LHOFDEOHHVWiGDxDGRKDGHVXVWLWXLUVHLQPHGLDWDPHQWH

&XDQGR VH VXVWLWX\D HO FDEOH VtJDQVH ODV LQVWUXFFLRQHV VLJXLHQWHV

([WUDHU HO FDEOH \ VXVWLWXLU SRU XQR GHO WLSR + 55 ) + 99 ) + 9 9 ) (O FDEOH WLHQH TXH SRGHU VRSRUWDU OD FDUJD HOpFWULFD TXH UHTXLHUH HO KRUQR /D VXVWLWXFLyQ GHO FDEOH WLHQH TXH KDFHUOD XQWpFQLFRFXDOLILFDGR

(O FDEOH GH WLHUUD DPDULOOR YHUGH WLHQH TXH VHU PP PiV ODUJR TXHHOFDEOHHOpFWULFR

8WLOL]DU VyOR HO VHUYLFLR GH DWHQFLyQ DO FOLHQWH DGHFXDGR SDUD ODV UHSDUDFLRQHV \ DVHJXUDU TXH VyOR VH XWLOL]DQ SLH]DV RULJLQDOHV 6L QR VH VLJXHQ ODV LQVWUXFFLRQHV DQWHULRUHV ORV IDEULFDQWHV QR SXHGHQJDUDQWL]DUODVHJXULGDGGHOKRUQR

(O KRUQR DGTXLULGR WLHQH ODV FDUDFWHUtVWLFDV WpFQLFDV GHVFULWDV \ XVWHGQRSXHGHPRGLILFDUODV

-DPiV XWLOLFH XQ HVSUD\ GH GLIXVLyQ R D SUHVLyQ SDUD OLPSLDU HO KRUQR

1R JXDUGDU HQ HO KRUQR SURGXFWRV LQIODPDEOHV SRGUtDQ SUHQGHU IXHJRVLVHDFFLRQDVHHOKRUQRDFFLGHQWDOPHQWH

1R SHUPLWLU TXH ORV QLxRV VH VLHQWHQ HQ OD SXHUWD GHO KRUQR PHQRVD~QFXDQGRHVWpHQFHQGLGR

8WLOL]DU JXDQWHV GH KRUQR FXDQGR LQWURGX]FD R VDTXH ORV UHFLSLHQWHVGHOKRUQR

&8,'$'2 3XHGH TXH ODV SLH]DV LQWHUQDV GHO KRUQR HVWHQ FDOLHQWHVFXDQGRVHXWLOLFHHOJULOO 0DQWHQHUDOHMDGRVDORVQLQRV

5(&20(1'$&,21(6

8QD OLPSLH]D PtQLPD GHVSXpV GH XWLOL]DU HO KRUQR D\XGDUi D PDQWHQHUOROLPSLRGXUDQWHPiVWLHPSR

1RIRUUDUODVSDUHGHVGHOKRUQRFRQDOXPLQLRXRWUDVSURWHFFLRQHV GLVSRQLEOHV HQ WLHQGDV (O DOXPLQLR R ORV SURWHFWRUHV HQ FRQWDFWR GLUHFWR FRQ HO HVPDOWH FDOLHQWH SXHGH GHUUHWLUVH \ GHWHULRUDU HO HVPDOWHGHOLQWHULRU

3DUD HYLWDU XQ H[FHVR GH VXFLHGDG HQ HO KRUQR \ TXH SXHGHQ GHULYDU HQ RORUHV \ KXPR HQ H[FHVR UHFRPHQGDPRV QR XWLOL]DU HO KRUQR D WHPSHUDWXUDV PX\ HOHYDGDV (V PHMRU DPSOLDU HO WLHPSR GHFRFFLyQ\EDMDUXQSRFRODWHPSHUDWXUD

3ODFDGHLGHQWLILFDFLyQ

$GHPiV GH ORV DFFHVRULRV

 

 

 

 

 

 

 

 

 

 

SURSRUFLRQDGRV FRQ HO

 

 

 

 

 

 

 

 

 

 

 

KRUQR VXJHULPRV XWLOL]DU

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

&RGH SURGXLW

VyOR UHFLSLHQWHV \ PROGHV

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1XPpUR GH VpULH

 

 

 

 

 

 

 

 

 

 

UHVLVWHQWHV D WHPSHUDWXUDV

 

 

 

 

 

 

 

 

 

 

 

PX\HOHYDGDV

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

,167$/$&,Ï1

1R HV REOLJDFLyQ GHO IDEULFDQWH LQVWDODU HO KRUQR 6L VH UHTXLHUH OD D\XGD GHO IDEULFDQWH SDUD VXEVDQDU IDOORV GHULYDGRV GH XQD LQVWDODFLyQLQFRUUHFWD GLFKDDVLVWHQFLDQRODFXEULUiODJDUDQWtD +DQ GH VHJXLUVH D UDMDWDEOD ODV LQVWUXFFLRQHV GH LQVWDODFLyQ SDUD SHUVRQDO FXDOLILFDGR 8QD LQVWDODFLyQ LQFRUUHFWD SXHGH SURYRFDU GDxRV SHUVRQDOHV PDWHULDOHV R HQ DQLPDOHV (O IDEULFDQWH QR VH KDFHUHVSRQVDEOHGHHVRVSRVLEOHVGDxRV /D FRFLQD HQ OD TXH VH YD\D D LQVWDODU HO KRUQR WLHQH TXH HVWDU KHFKDGHXQPDWHULDOUHVLVWHQWHDWHPSHUDWXUDVGHDOPHQRV & (O KRUQR VH SXHGH FRORFDU HQFLPD HQ XQD FROXPQD R GHEDMR GH XQDHQFLPHUD

$QWHV GH ILMDU HO KRUQR KD\ TXH DVHJXUDU XQD EXHQD YHQWLODFLyQ HQ HO KXHFR GRQGH VH YD\D D FRORFDU \ TXH HO DLUH QHFHVDULR SDUD HQIULDU \ SURWHJHU ODV SLH]DV LQWHUQDV FLUFXOD VLQ SUREOHPD 5HDOL]DU ODV DSHUWXUDV HVSHFLILFDGDV HQ OD ~OWLPD SiJLQD VHJ~Q HO WLSRGHDOWXUD

&21(;,Ï1 (/e&75,&$

/$ &21(;,Ï1 (/e&75,&$ +$ '( 5($/,=$5/$ 81 &2175$7,67$ $352%$'2 2 81 7e&1,&2 &21 )250$&,Ï16,0,/$5

/D LQVWDODFLyQ D OD TXH YD D FRQHFWDUVH HO KRUQR WLHQH TXH FXPSOLU ORVHVWiQGDUHVYLJHQWHVHQHOSDtVGHLQVWDODFLyQ (O IDEULFDQWH QR DVXPH UHVSRQVDELOLGDG DOJXQD VL QR VH FXPSOH OD SUHVHQWHHVWDGLVSRVLFLyQ /D FRQH[LyQ D OD UHG GHEH WHQHU WRPD GH WLHUUD R XQ FRUWDFLUFXLWRV PXOWLSRODU FRPRFRUUHVSRQGDDOSDtVGHLQVWDODFLyQ /DLQVWDODFLyQWLHQHTXHGLVSRQHUGHORVIXVLEOHVFRUUHVSRQGLHQWHV \ ORV FDEOHV KDQ GH WHQHU XQ FUXFH GH VHFFLyQ GH ODUJR VXILFLHQWH FRPRSDUDDOLPHQWDUHOpFWULFDPHQWHHOKRUQR

&21(;,Ï1

(O KRUQR HVWi GLVHxDGR SDUD XQD FRQH[LyQ H[FOXVLYD GH YROWLRV$&HQODVIDVHVRHQODIDVH\HOQHXWUR /DFRQH[LyQWLHQHTXHKDFHUVHFRPSUREDQGRSULPHURHOYROWDMHLQGLFDGR

ODFRQILJXUDFLyQGHOFRUWDFLUFXLWRV (O FDEOH FRUUHVSRQGLHQWH D OD WRPD GH WLHUUD DPDULOOR YHUGH GHO KRUQRWLHQHTXHFRQHFWDUVHDODWRPDGHWLHUUDGHODLQVWDODFLyQ

$WHQFLyQ

$QWHV GH OD FRQH[LyQ HO HOHFWULFLVWD WLHQH TXH FRPSUREDU OD FRQWLQXLGDGGHWLHUUDGHODLQVWDODFLyQ(O IDEULFDQWH QR VH UHVSRQVDELOL]D GH LQFLGHQWH R FRQVHFXHQFLDV GHO PLVPR TXH SXHGDQ GHULYDUVH GHO XVR GH KRUQRV TXH QR WHQJDQ WRPD GH WLHUUD R FRQHFWDGRV D XQD WRPD GH WLHUUD FRQ FRQWLQXLGDGGHIHFWXRVD

1% 5HFRUGDUTXHHOKRUQRSXHGHQHFHVLWDUHOVHUYLFLRGHDWHQFLyQ DO FOLHQWH 7DPELpQ HV LPSRUWDQWH TXH HO HQFKXIH HVWp XELFDGR HQ XQ VLWLR DFFHVLEOH SDUD FRQHFWDU HO KRUQR XQD YH] TXH pVWH HVWp FRORFDGR

&DEOH HOpFWULFR 6L KD\ TXH FDPELDU HO FDEOH HOpFWULFR FRQWDFWDU FRQ HO VHUYLFLR GH DWHQFLyQ DO FOLHQWH R FRQ DOJXLHQ GH FXDOLGDGHV VLPLODUHV

(6

7(&12/2*Ë$ 352 (;3¶5

'(3(1'( '(/ 02'(/2

(48,3$0,(172 '(/ +2512

'(3(1'( '(/ 02'(/2

(V QHFHVDULR KDFHU XQD OLPSLH]D LQLFLDO GH WRGDV ODV SDUWHV GHO HTXLSR DQWHV GH XWLOL]DUOR SRU SULPHUD YH] /DYDU FRQ XQD HVSRQMD (QMXDJDU\VHFDU

/D UHMLOOD SXHGH VRVWHQHU PROGHV \ EDQGHMDV

/D EDQGHMD UHFRJH ORV IOXMRV GH ORV DOLPHQWRV DVDGRV

1RXWLOL]DUQXQFDODEDQGHMDFRPREDQGHMDGHDVDU\DTXHODJUDVD

SXHGH HVSDUFLUVH UiSLGDPHQWH SRU WRGR HO KRUQR OR TXH

SURYRFDUtDXQH[FHVRGHKXPR

6RSRUWH SDUD SL]]D SDUD XQD SL]]D FUXMLHQWH DFRUGH DO PRGHOR GHO KRUQR FRQDJDUUDGHUDV\FRUWDSL]]DV

&Ï02 87,/,=$5 (/$6$'25

'HVHQURVFDU ORV JDQFKRV$WUDYHVDU OD FDUQH FRQ HO DVDGRU)LMDU OD FDUQH FRQ ORV JDQFKRV$MXVWDU ODV WXHUFDV,QVHUWDU HO DVDGRU HQ HO DJXMHUR

GHO PRWRU'HVPRQWDU HO PDQJR

&XDQGR VH HVWi XWLOL]DQGR HO KRUQR ORV DFFHVRULRV LQQHFHVDULRV KDQGHH[WUDHUVHGHOLQWHULRUGHOKRUQR

8 6((

(V XQ VLVWHPD GH LOXPLQDFLyQ TXH VXVWLWX\H HO WUDGLFLRQDO VLVWHPD ³GH ERPELOOD´ (Q OD SXHUWD GHO KRUQR VH LQWHJUDQ OXFHV /(' HQ YHUVLRQHV QR SLUROtWLFDV R OXFHV /(' GH 3RWHQFLD 6XSHULRU HQ PRGHORV SLUROtWLFRV /DV OXFHV /(' FUHDQ XQD LOXPLQDFLyQ EODQFD GH FDOLGDG TXH SHUPLWH YHU GHQWUR GHO KRUQR FRQ FODULGDG WRGDV ODV EDQGHMDVVLQVRPEUDV

9HQWDMDV (VWH VLVWHPD DGHPiV GH SURSRUFLRQDU XQD LOXPLQDFLyQ H[FHOHQWH GHQWUR GHO KRUQR GXUD PiV TXH OD ERPELOOD WUDGLFLRQDO WLHQH XQ PDQWHQLPLHQWRPiVVHQFLOOR\ VREUHWRGR DKRUUDHQHUJtD

9LVLyQySWLPD,OXPLQDFLyQGXUDGHUD

FRQVXPR HQHUJpWLFR PX\ EDMR UHGXFFLyQ GHO HQ FRPSDUDFLyQFRQODLOXPLQDFLyQWUDGLFLRQDO

³/RV KRUQRV FRQ OX] EODQFD /(' &ODVH 0 VHJ~Q HO ,(&$ $ Q HTXLYDOHQWH D OD (1$ $ OD SRWHQFLD Pi[LPD GH OX] HPLWLGD HVQP X: 1RREVHUYDUGLUHFWDPHQWHFRQLQVWUXPHQWRVySWLPRV ´

/D EDQGHMD GH UHSRVWHUtD WLHQH TXH FRORFDUVH HQFLPD GH OD UHMLOOD 6H XWLOL]D SDUD FRFLQDU GXOFHV FRPR FUHPDV EL]FRFKRV PHUHQJXHV HWF

1R FRORFDU MDPiV OD EDQGHMD GH UHSRVWHUtD HQ HO KRUQR HQ FRQWDFWRFRQODSDUWHLQIHULRUGHOPLVPR

$6$'25 '(3(1'( '(/ 02'(/2

1R VH UHTXLHUH FDOHQWDPLHQWR SUHYLR GHO KRUQR SDUD HVWD IXQFLyQ &RFLQDUFRQODSXHUWDFHUUDGD

(O FRQVXPR GH HQHUJtD HV GH XQ PHQRV TXH FRQ HO VLVWHPDWUDGLFLRQDO

5HMLOOD$VDGRU

*DQFKRV \ WXHUFDV0DQJR

(;75$&&,Ï1 < /,03,(=$ '( /$6 *8Ë$6

/$7(5$/(6

4XLWDU ODV JXtDV ODWHUDOHV PHWiOLFDV WLUDQGR GH HOODV VLJXLHQGR ODGLUHFFLyQGHODVIOHFKDV/LPSLDU ODV JXtDV ODWHUDOHV PHWiOLFDV HQ HO ODYDYDMLOODV R ELHQ HPSOHDQGRXQDHVSRQMDK~PHGD\VHFiQGRODVSRVWHULRUPHQWH'HVSXpV GHO SURFHVR GH OLPSLH]D PRQWDU ODV JXtDV ODWHUDOHV PHWiOLFDVHQRUGHQLQYHUVRDOPHQFLRQDGRDQWHULRUPHQWH

(6

Candy FCXP825X, CELF609X, FCXE645VX, FCXP615X Manual

/,03,(=$ '(/ +2512

(VSHUDUDTXHVHHQIUtHHOKRUQRDQWHVGHOLPSLDUORPDQXDOPHQWH1R OLPSLDU HO KRUQR FRQ OLPSLDGRUHV DEUDVLYRV HVWURSDMR GH PHWDO R FXFKLOODV (O HVPDOWH WDPSRFR \D TXH SRGUtD UHVXOWDU GDxDGR8WLOL]DUVyORDJXDFRQMDEyQROLPSLDGRUHVFRQOHMtD DPRQtDFR1R IRUUDU MDPiV ODV SDUHGHV LQWHUQDV GHO KRUQR FRQ SDSHO GH DOXPLQLR

3,(=$6'(&5,67$/ 5HFRPHQGDPRV OLPSLDU HO FULVWDO GH OD SXHUWD FRQ SDSHO GH FRFLQD FDGD YH] TXH VH XWLOLFH HO KRUQR 6L HO FULVWDO WLHQH PXFKDV VDOSLFDGXUDV OLPSLDU FRQ XQD HVSRQMD \ GHWHUJHQWH \ VHFDU SRVWHULRUPHQWH

1RXWLOL]DUOLPSLDGRUHVDEUDVLYRVRFXFKLOODV\DTXHSRGUtDQUD\DU HOFULVWDO\GHULYDUHQVDOSLFDGXUDVHQHOPLVPR

6(//2'(/$38(57$'(/+2512 (Q FDVR GH HQVXFLDUVH OLPSLDU HO VHOOR GHO KRUQR FRQ XQD HVSRQMD OLJHUDPHQWHKXPHGHFLGD

1RXWLOL]DUOLPSLDGRUHVDEUDVLYRVRUDVFDGRUHVPHWiOLFRVDILODGRV SDUDOLPSLDUHOFULVWDOGHODSXHUWDGHOKRUQR\DTXHSXHGHQUD\DUOD VXSHUILFLH SXGLHQGRFRPSRUWDUODURWXUDGHOFULVWDO

$&&(625,26 'HVSXpV GHO XVR VDFDU OD EDQGHMD GHO KRUQR /DYDU OD UHMLOOD FRQ XQDHVSRQMD DJXDFDOLHQWH\MDEyQ 6HFDU 6LTXHGDQUHVLGXRV VXPHUJLUHQDJXD\GHWHUJHQWH

7DPELpQ VH SXHGH PHWHU HQ HO ODYDYDMLOODV R FRQ OLPSLDGRUHV FRPHUFLDOHVSDUDKRUQRV

1RFRORFDUUHMLOODVVXFLDVHQHOKRUQR

,/80,1$&,Ï1'(/+2512 'HVFRQHFWDUGHOKRUQRDQWHVGHOLPSLDURVXVWLWXLUDERPELOOD /DERPELOOD\VXFXELHUWDHVWiQKHFKDVGHXQPDWHULDOUHVLVWHQWHD WHPSHUDWXUDVHOHYDGDV

&DUDFWHUtVWLFDVGHODERPELOOD

9 $& : %DVH 7HPSHUDWXUD & SDUD FDPELDU XQD ERPELOODHVWURSHDGD VLPSOHPHQWH

'HVDWRUQLOODUODFXELHUWDGHFULVWDO

'HVDWRUQLOODVODERPELOOD

6XVWLWXLUODSRUXQDLJXDO YHUFDUDFWHUtVWLFDVVXSHULRUHV

'HVSXpVGHUHFRORFDUODERPELOOD YROYHUDDWRUQLOODUOD

FXELHUWDSURWHFWRUDGHFULVWDO

/,03,(=$'(/&5,67$/'(/$38(57$ (O FULVWDO LQWHUQR GH OD SXHUWD SXHGH VHU GHVPRQWDGR \ OLPSLDGR &RQ HO ILQ GH SRGHU OLPSLDU HO FULVWDO LQWHUQR VH GHEHQ VHJXLU ODV LQVWUXFFLRQHVVLJXLHQWHV

$EULU OD SXHUWD GHO KRUQR )LJXUD

)LJXUD

%ORTXHDU ODV ELVDJUDV WDO \ FRPR VHPXHVWUDHQOD)LJXUD DQWHVGH SURFHGHU D OD OLPSLH]D GHO FULVWDO 'HVEORTXHDU ODV ELVDJUDV XQD YH] VHKD\DOLPSLDGR )LJXUD

5HWLUDU ORV WRUQLOORV WDO \ FRPR VH PXHVWUD HQ OD )LJXUD

)LJXUD

)LJXUD

5HWLUDU OD FXELHUWD PHWiOLFD VXSHULRU WLUDQGR GH HOOD KDFLD DUULED

)LJXUD

)LJXUD

4XLWDU HO FULVWDO WLUDQGR GH pO IXHUD GHO PDUFR GH OD SXHUWD )LJXUD

)LJXUD

3DUD ORV KRUQRV SLUROtWLFRV

WDPELpQ VH GHEHQ TXLWDU HO \

HU FULVWDO )LJXUD

)LJXUD

'HVSXpV GH OLPSLDU HO FULVWDO YROYHU D PRQWDU ODV SLH]DV HQ HO RUGHQ LQYHUVR DO GHVPRQWDMH

³(Q WRGRV ORV FULVWDOHV VH

GHEH OHHU FRUUHFWDPHQWH OD

VHxDO /2: ( FRORFiQGRVH HQ

OD HVTXLQD L]TXLHUGD GH OD

SXHUWD FHUFD GH OD ELVDJUD GHO

ODGR L]TXLHUGR 'H HVWD

PDQHUD OD VXSHUILFLH LPSUHVD

GHO SULPHU FULVWDO SHUPDQHFHUi

HQHO,17(5,25GHODSXHUWD

)LJXUD

(6

'(6&5,3&,Ï1 '( /$ 3$17$//$

 

 

 

 

 

 

 

 

 

 

0$;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0$;

$17(6 '( 87,/,=$5 (/ +2512 325 862 '(/ 7(0325,=$'25

35,0(5$ 9(=

/,03,(=$35(9,$/LPSLDUHOKRUQRDQWHVGHXWLOL]DUORSRUSULPHUDYH]/LPSLDUODVXSHUILFLHH[WHUQDFRQXQSDxRK~PHGR

/DYDU WRGRV ORV DFFHVRULRV \ HO LQWHULRU GHO KRUQR FRQ DJXD FDOLHQWH \ OtTXLGROLPSLDGRU

3RQHU HO KRUQR YDFtR D WHPSHUDWXUD Pi[LPD GXUDQWH KRUD FRQHOOR VH HOLPLQDUiQ ORV RORUHV GHO GLVSRVLWLYR QXHYR $VHJXUDU XQD EXHQD YHQWLODFLyQGHODKDELWDFLyQGXUDQWHHVDKRUD

5(&25'$5 &RQILUPDFLyQGHOWHPSRUL]DGRU

/DVPRGLILFDFLRQHVVHWLHQHTXHFRQILUPDUSXOVDQGRHOERWyQ 'HWHQFLyQGHOKRUQR 3XHGHVHUQHFHVDULRHQFDVRGHFRQILJXUDUXQDRUGHQLQFRUUHFWD

3DUD GHWHQHU HO KRUQR JLUDU HO PDQGR GH VHOHFWRU GH IXQFLyQ D OD SRVLFLyQGH6WRS

'LVSRVLWLYRGHVHJXULGDGSDUDQLxRV 3DUD EORTXHDU ORV FRQWUROHV GHO KRUQR VHOHFFLRQDU HO GLVSRVLWLYR GH VHJXULGDG SDUD QLxRV 9HU OD VHFFLyQ ³3URJUDPDFLyQ 'LVSRVLWLYRGHVHJXULGDGSDUDQLxRV´

9HQWLODGRUUHIULJHUDQWH 3URWHJHHOSDQHOGHFRQWURO\ODHOHFWUyQLFDGHORVGDxRVSRUFDORU 6HDUUDQFD\VHSDUDDXWRPiWLFDPHQWHFXDQGRVHDSDJDHOKRUQR ,OXPLQDFLyQGHOKRUQR &RORFDQGR HO PDQGR HQ HO VtPEROR GH OX] VH SXHGH HQFHQGHU OD OX]GHOKRUQRFXDQGRQRVHHVWiXWLOL]DQGR &XDQGR VH HVWi XWLOL]DQGR HO KRUQR OD OX] SHUPDQHFH HQFHQGLGD GXUDQWHWRGDVODVIXQFLRQHV\FXDQGRODSXHUWDHVWiDELHUWD

(6

$-867( '( /$ +25$

VHOHFW

$7(1&,Ï1 (O KRUQR IXQFLRQD VyOR VL OD KRUD HVWi SURJUDPDGD

$7(1&,Ï1 OD SULPHUD RSHUDFLyQ TXH KD\ TXH HIHFWXDU GHVSXpV GH OD LQVWDODFLyQ R GHVSXpV GH XQD LQWHUUXSFLyQ GH OD FRUULHQWHHVWH WLSR GH VLWXDFLRQHV VH UHFRQRFHQ DO REVHUYDU TXH HQ OD SDQWDOOD GH YLVXDOL]DFLyQ SDUSDGHD OD KRUD HV HO DMXVWH GH ODKRUD FRPRVHLQGLFDDFRQWLQXDFLyQ

3XOVHHOERWyQFHQWUDO YH]$MXVWDUODKRUDFRQORVERWRQHV6XHOWHODVWHFODV

7(0325,=$'25 7È&7,/

)81&,Ï1

02'2 '( $&7,9$&,Ï1

 

02'2 '( '(6&21(;,Ï1

 

)81&,21$0,(172

),1$/,'$'

 

3DUD DFWLYDU OD IXQFLyQ GHO

3DUD GHVDFWLYDU OD IXQFLyQ

 

 

 

%/248(2

³%ORTXHR SDUD QLxRV´ VH

GHO ³%ORTXHR SDUD QLxRV´ VH

 

 

 

GHEH SXOVDU ³6HW ´

GHEH SXOVDU QXHYDPHQWH

 

 

 

3$5$ 1,f26

GXUDQWH XQ PtQLPR GH

 

 

 

³6HW ´ GXUDQWH XQ PtQLPR

 

 

 

VHJXQGRV $ SDUWLU GH HVWH

 

 

 

 

PRPHQWR WRGDV ODV GHPiV GH VHJXQGRV $ SDUWLU GH

 

 

 

 

IXQFLRQHV HVWiQ ORTXHDGDV HVWH PRPHQWR WRGDV ODV

 

 

 

 

(O GLVSOD\ PXHVWUD 6723 \ IXQFLRQHV HVWiQ GLVSRQLEOHV

 

 

 

 

VHOHFFLRQDU KRUD

 

 

 

 

 

 

DOWHUQDWLYDPHQWH

 

 

 

 

 

0,187(52

3XOVH HO ERWyQ FHQWUDO

&XDQGR WUDQVFXUUH HO WLHPSR

 

(PLWH XQD VHxDO DF~VWLFD

3HUPLWH XWLOL]DU HO SURJUDPDGRU

YH]

VHOHFFLRQDGR HO IXQFLRQDPLHQWR

 

ILQDOL]DGR HO WLHPSR HVWDEOHFLGR

GHO KRUQR D PRGR GH DODUPD

 

3XOVH ODV WHFODV

VH SDUD VROR \ DYLVD FRQ XQD VHxDO

 

'XUDQWH HO IXQFLRQDPLHQWR OD

SXHGH XWLOL]DUVH FRQ KRUQR HQ

 

SDUD DMXVWDU OD GXUDFLyQ

DF~VWLFD OD VHxDO DF~VWLFD VH SDUD

 

SDQWDOOD PXHVWUD HO WLHPSR

IXQFLRQDPLHQWR R GHVFRQHFWDGR

 

VROD LQWHUUXPSLUOR LQPHGLDWDPHQWH

 

 

6XHOWH ODV WHFODV

SXOVH OD WHFOD 6(/(&7

 

UHVWDQWH

 

'85$&,Ï1

3XOVH HO ERWyQ FHQWUDO

&XDQGR WUDQVFXUUH HO WLHPSR

 

3HUPLWH VHOHFFLRQDU HO WLHPSR GH

3DUD GHWHQHU OD VHxDO

YHFHV

VHOHFFLRQDGR HO KRUQR VH GHVFRQHFWD

FRFFLyQ GHO DOLPHQWR LQWURGXFLGR

SXOVH FXDOTXLHU WHFOD

'( /$

3XOVH ODV WHFODV

VROR SiUHOR DQWHV GH VLWXHU HO PDQGR

 

HQ HO KRUQR

3XOVH HO ERWyQ FHQWUDO

&2&&,Ï1

SDUD HO DMXVWH GH OD GXUDFLyQ

VHOHFWRU GH IXQFLyQ HQ OD SRVLFLyQ 2

 

3DUD YLVXDOL]DU HO WLHPSR

SDUD YROYHU D OD IXQFLyQ

 

6XHOWH ODV WHFODV

y DMXVWH D HO WLHPSR GH OD

 

UHVWDQWH SXOVH OD WHFOD 6(/(&7

GH UHORM

 

6HOHFFLRQH OD IXQFLyQ GH

 

3DUD PRGLILFDU HO WLHPSR UHVWDQWH

 

FRFFLyQ FRQ HO PDQGR

FRFFLyQ WHFODV 6(/(&7

 

SXOVH OD WHFOD 6(/(&7

 

 

VHOHFWRU GH IXQFLyQ

 

 

 

 

 

 

3XOVH HO ERWyQ FHQWUDO YHFHV

$OD KRUD VHOHFFLRQDGD HO KRUQR

 

3HUPLWH PHPRUL]DU OD KRUD GH

1RUPDOPHQWH VH XWLOL]D HVWD

 

 

IXQFLyQ FRQ OD ILQDOLGDG GH

 

3XOVH ODV WHFODV SDUD

VH GHVFRQHFWDUi VROR VL GHVHD

 

ILQ GH OD FRFFLyQ

 

 

'85$&,Ï1 '( /$ &2&&,Ï1 $

 

DMXVWDU OD KRUD GHO ILQ GH FRFFLyQ

LQWHUUXPSLUOR VLWXHU DQWHV HO PDQGR 3DUD YLVXDOL]DU OD KRUD URJUDPDGD

 

PRGR GH HMHPSOR HO DOLPHQWR

),1 '( /$

6XHOWH ODV WHFODV

VHOHFWRU GH IXQFLyQ HQ OD SRVLFLyQ 2 3XOVH HO ERWyQ FHQWUDO YHFHV

GHEH FRFLQDUVH GXUDQWH

6HOHFFLRQH OD IXQFLyQ GH FRFFLyQ

 

 

 

3DUD PRGLILFDU OD KRUD SURJUDPDGD

PLQXWRV \ GHVHR TXH HVWp OLVWR

&2&&,Ï1

FRQ HO PDQGR VHOHFWRU GH IXQFLyQ

 

 

 

SXOVH ODV WHFODV (1'

SDUD ODV HQ WDO FDVR

 

 

 

 

 

 

6HOHFFLRQH OD IXQFLyQ GH FRFFLyQ

 

 

 

 

 

 

GHVHDGD$MXVWHHOWLHPSRGHOD

 

 

 

 

 

 

FRFFLyQ HQ PLQXWRV

 

 

 

 

 

 

$MXVWHHOILQGHODFRFFLyQDODV

 

 

 

 

 

 

K

 

 

 

 

 

 

&XDQGR WHUPLQD HO WLHPSR

 

 

 

 

 

 

VHOHFFLRQDGR HO KRUQR VH

 

 

 

 

 

 

GHVFRQHFWD DXWRPiWLFD PHQWH \

 

 

 

 

 

 

DYLVD HPLWLHQGR XQD VHxDO

 

 

 

 

 

 

D F ~ V W L F D

 

 

 

 

 

 

/D FRFFLyQ FRPHQ]DUi DXWR

 

 

 

 

 

 

PiWLFDPHQWH D ODV K

 

 

 

 

 

 

PHQRV PLQXWRV \ D OD KRUD

 

 

 

 

 

 

VHOHFFLRQDGD FRPR ILQ GH OD

 

 

 

 

 

 

FRFFLyQ HO KRUQR VH GHVFRQHFWDUi

 

 

 

 

 

 

DXWRPiWLFD PHQWH

 

 

 

 

 

 

$7(1&,Ï1 6L VHOHFFLRQD

 

 

 

 

 

 

~QLFDPHQWH HO ILQ GH FRFFLyQ VLQ HO

 

 

 

 

 

 

WLHPSR GH FRFFLyQ HO KRUQR VH

 

 

 

 

 

 

FRQHFWDUi LQPHGLDWDPHQWH \ VH

 

 

 

 

 

 

GHVFRQHFWDUi D OD KRUD GH ILQ GH OD

 

 

 

 

 

 

FRFFLyQVHOHFFLRQDGD

 

 

 

 

 

 

 

(6

&­02 87,/,=$5 (/ +2512 &216(-26 '( &2&&,Ï1

02'2'(&2&&,Ï1 7RGRV ORV SURFHVRV GH FRFLQDGR KDQ GH UHDOL]DUVH FRQ OD SXHUWD

FHUUDGD

%$6( 9(17,/$'25 ± /D FRPELQDFLyQ GHO HOHPHQWR GH FDOHQWDPLHQWR LQIHULRU \ HO YHQWLODGRU HV LGHDO SDUD IUXWD WDUWDV TXLFKHV \ UHSRVWHUtD (YLWD TXH ORV DOLPHQWRV VH GHVKLGUDWHQ HQ H[FHVR \ KDFH TXH OD PDVD VXED &RORFDU OD EDQGHMD HQ OD SDUWH LQIHULRUGHOKRUQR

%$6( ± 8WLOL]DU HO HOHPHQWR LQIHULRU ,GHDO SDUD WRGR WLSR GH UHSRVWHUtD 8WLOL]DU SDUD IODQHV TXLFKHV WDUWDV SDVWDV \ SURFHVRVTXHUHTXLHUDQPiVFDORUGHVGHDEDMR

%$6( 7(&+2 ± $PERV HOHPHQWRV GH FDOHQWDPLHQWR HVWiQ HQ XVR (VWD IXQFLyQ HV LGHDO SDUD ORV DVDGRV WUDGLFLRQDOHV &DUQHURMD URDVWEHHI SLHUQDGHFRUGHUR FD]D SDSLOORWH\EROORV

%$6( 7(&+2 9(17,/$'25 ± 8WLOL]DFLyQ GH ORV HOHPHQWRVLQIHULRU\VXSHULRUHQFRPELQDFLyQFRQHOYHQWLODGRUTXH IDFLOLWD OD FLUFXODFLyQ GHO DLUH FDOLHQWH HQ WRGR HO KRUQR 6H UHFRPLHQGD HVWH PRGR SDUD SROOR UHSRVWHUtD SHVFDGR \ YHUGXUDV &RQ HVWH PRGR VH PHMRUD OD SHQHWUDFLyQ GHO FDORU UHGXFLpQGRVH HO WLHPSR GH FRFLQD \ SUHFDOHQWDPLHQWR (O YHQWLODGRU SHUPLWH FRFLQDU GLVWLQWRV DOLPHQWRV D OD YH] HQ GLIHUHQWHV SRVLFLRQHV HQ HO KRUQR GLVWULEX\HQGR HO FDORU VLQ ULHVJR GH TXH VH PH]FOHQ ORV RORUHV \ ORV VDERUHV &XDQGR VH FRFLQHQ GLVWLQWRV DOLPHQWRV DO PLVPR WLHPSR DxDGD PLQXWRV DO SHUtRGR QRUPDOGHDVDGR

5(6,67(1&,$&,5&8/$5 9(17,/$'25 8WLOL]DFLyQ GH ORV HOHPHQWRV LQIHULRU \ VXSHULRU HQ FRPELQDFLyQ FRQ HO YHQWLODGRU TXH IDFLOLWD OD FLUFXODFLyQ GHO DLUH FDOLHQWH HQ WRGR HO KRUQR 6X GHILQLFLyQ HV OD PLVPD TXH OD GHO PpWRGR GH FRFLQDGR FRQ9HQWLODGRU

*5,// ± 8WLOL]DFLyQ GHO HOHPHQWR GH FDOHQWDPLHQWR VXSHULRU e[LWR DVHJXUDGR SDUD JUDWLQDGRV YDULRV NHEDEV \ SDUULOOD (O JULOO KD GH FDOHQWDUVH SUHYLDPHQWH D WHPSHUDWXUD HOHYDGD GXUDQWH PLQXWRV /DV FDUQHV EODQFDV KDQ GH FRORFDUVH VLHPSUH D FLHUWD GLVWDQFLD GHO JULOO HO WLHPSR GH FRFLQDGR HV OLJHUDPHQWH VXSHULRU SHUR OD FDUQH TXHGD PiV VXFXOHQWD /DV FDUQHV URMDV \ HO SHVFDGR VH SXHGHQ FRORFDU GLUHFWDPHQWH HQ OD EDQGHMDFRQODEDQGHMDDQWLJRWHRMXVWRGHEDMR

*5,// 9(17,/$'25 ± 6H XWLOL]D HO HOHPHQWR VXSHULRU GH FDOHQWDPLHQWR HQ FRPELQDFLyQ FRQ HO YHQWLODGRU FLUFXODQGR DVt HO DLUH FDOLHQWH HQ WRGR HO KRUQR 6H UHFRPLHQGD HO FDOHQWDPLHQWR SUHYLR SDUD FDUQHV URMDV \ QR HV QHFHVDULR HQ FDVR GH FDUQHV EODQFDV (O JULOO HV LGHDO SDUD FRFLQDU DOLPHQWRV GH PD\RU JURVRU FRPR HO FHUGR R HO SROOR /RV DOLPHQWRV TXH VH YD\DQ D KDFHU DO

JULOOKDQGHFRORFDUVHGLUHFWDPHQWHHQHOFHQWURGHODEDQGHMD

6L VH FRORFD OD EDQGHMD DQWLJRWHR GHEDMR GH OD EDQGHMD GH OD FRPLGD VH DVHJXUD TXH ORV MXJRV TXH SXHGD VROWDU QR VH HVSDUFLUiQ SRU HO KRUQR 3DUD XQ PHMRU UHVXOWDGR DVHJXUDUVH GH TXH ORV DOLPHQWRV QR HVWiQ GHPDVLDGR FHUFD GHO JULOO \ SRGHU YROWHDUORVDOLPHQWRVDPLWDGGHSURFHVR

*5,// $6$'25 9(17,/$'25 /D YHQWDMD GH XWLOL]DU OD SDUWH VXSHULRU GHO KRUQR PiV HO YHQWLODGRU \ HO DVDGRU HV TXH ORV DOLPHQWRV VH FRFLQDQ HYLWDQGR TXH VH GHVKLGUDWHQ \ VH TXHGHQ VLQ VDERU (O DVDGRU HVWi SURJUDPDGR SDUD VHJXLU JLUDQGR GXUDQWH XQRV FLQFR PLQXWRV XQD YH] ILQDOL]DGR HO SHUtRGR GH FRFLQD XWLOL]DQGR SRU FRPSOHWR HO FDORU UHVLGXDO GHO KRUQR 1R VH UHTXLHUHFDOHQWDPLHQWRSUHYLRSDUDHVWHPRGRGHFRFLQD

'(6&21*(/$'2 ± &XDQGR VH SRQH HO PDQGR HQ HVWD RSFLyQ (O YHQWLODGRU DFWLYD HO DLUH FDOLHQWH DOUHGHGRU GHO DOLPHQWR FRQJHODGR \ OR GHVFRQJHOD HQ XQRV PLQXWRV VLQ FDPELDU R DOWHUDU HO FRQWHQLGR SURWHtQLFR GHO DOLPHQWR /D WHPSHUDWXUD SUHHVWDEOHFLGD HV GH & FRQVWDQWHV QR VLHQGR SRVLEOH VX UHJXODFLyQ

(V PHMRU QR VDODU OD FRPLGD KDVWD GHVSXpV GH FRFLQDUOD \D TXH OD VDO KDFH TXH SLHUGD DQWHV OD JUDVD OR TXH HQVXFLDUi HO KRUQR \ FUHDUi

PXFKRKXPR /DV FDUQHV EODQFDV FHUGR WHUQHUD FRUGHUR \ SHVFDGR FRQ KXHVR R

HVSLQD VH SXHGHQ PHWHU HQ HO KRUQR VLQ FDOHQWDUOR SUHYLDPHQWH (O WLHPSR GH FRFLQDGR HV VXSHULRU TXH HQ XQ KRUQR SUHFDOHQWDGR SHUR FRFLQD PHMRU SRUTXH HO FDORU WLHQH PiV WLHPSR SDUD OOHJDU D OD ]RQD GHO

KXHVR 8Q FDOHQWDPLHQWR SUHYLR FRUUHFWR HV OD EDVH GH XQ DVDGR GH FDUQH URMD

HQVXSXQWR

*5,//

$QWHV GH XWLOL]DU HO JULOO GHO KRUQR

6DFDU OD FDUQH GH OD QHYHUD XQDV KRUDV DQWHV 'HMDUOD VREUH YDULDV FDSDV GH SDSHO GH FRFLQD &RQ HOOR VH FRQVLJXH TXH WHPSOH \ TXHGH

PiVMXJRVDHYLWDQGRTXHVHTXHGHIUtDHQHOPHGLR

$xDGLU SLPLHQWD \ HVSHFLDV D OD FDUQH DQWHV GHO JULOO SHUR OD VDO GHVSXpV $Vt VH KDUi PHMRU \ TXHGDUi MXJRVD $xDGLU D OD FRPLGD TXH VHYDDFRFLQDUFRQSRFRGHDFHLWH HVWRHVPHMRUKDFHUORFRQXQSLQFHO

SODQR /XHJRDxDGLUPiVSLPLHQWD\KLHUEDVDURPiWLFDV WRPLOOR HWF'XUDQWHHODVDGR

1R SLQFKDU ORV DOLPHQWRV FXDQGR VH HVWiQ KDFLHQGR QL VLTXLHUD FXDQGR VH OHV GH OD YXHOWD \D TXH KDUtD TXH SHUGLHVH HO MXJR \ VH VHFDVH

$6$'2 (YLWDU XWLOL]DU UHFLSLHQWHV EULOODQWHV \D TXH UHIOHMDUtDQ HO FDORU SRGUtDQ

HVWURSHDU ORV EL]FRFKRV 6L HO EL]FRFKR VH GRUD PX\ UiSLGR FXEULU FRQ

SDSHODQWLDGKHUHQWHRSDSHOGHDOXPLQLR $WHQFLyQ /D IRUPD FRUUHFWD GH XWLOL]DU HO SDSHO HV FRQ OD SDUWH EULOODQWH

KDFLD HO EL]FRFKR \D TXH GH OR FRQWUDUtR HO FDORU VH UHIOHMDUtD HQ OD

VXSHUILFLHEULOODQWH\QROOHJDUtDDODFRPLGD

(YLWDU DEULU OD SXHUWD GXUDQWH ORV SULPHURV R PLQXWRV GXUDQWH HO

FRFLQDGR

/RV VRXIIOpV EULRFKHV EL]FRFKRV HWF WLHQGHQ D GHVLQIODUVH 6H SXHGH FRPSUREDU VL HVWiQ KHFKRV LQWURGXFLHQGR XQ FXFKLOOR R XQD DJXMD GH PHWDO HQ HO FHQWUR 6L OD KRMD VDOH OLPSLD \ VHFD HV TXH HVWi OLVWR \ VH SXHGH GHWHQHU OD FRFFLyQ 6L OD KRMD VDOH PRMDGD R FRQ WURFLWRV GH EL]FRFKR DGKHULGR GHMDU HO KRUQR HQ IXQFLRQDPLHQWR SHUR EDMDQGR OD WHPSHUDWXUD GHO WHUPRVWDWR SDUD TXH WHUPLQH GH KDFHUVH SHUR VLQ TXHPDUVH

6(59,&,2 7e&1,&2

$QWHVGHOODPDUDO6HUYLFLR7pFQLFR 6LHOKRUQRQRIXQFLRQD UHFRPHQGDPRV&RPSUREDUVLHOKRUQRHVWiELHQFRQHFWDGRDODUHGHOpFWULFD 6LQRVHSXHGHGHWHFWDUHOIDOOR

'HVFRQHFWDU HO KRUQR GH OD FRUULHQWH QR WRFDU HO KRUQR \ OODPDU DO VHUYLFLRGHDWHQFLyQDOFLXGDGDQR $QWHV GH OODPDU DO 6HUYLFLR 7pFQLFR UHFRUGDU WRPDU QRWD GHO Q~PHUR GH VHULHGHODSODFDGHHVSHFLILFDFLRQHVGHOQ~PHURGHVHULH (O KRUQR WLHQH XQ FHUWLILFDGR GH JDUDQWtD TXH DVHJXUD TXH VH UHSDUDUi GHIRUPDJUDWXLWDSRUSDUWHGHO6HUYLFLR7pFQLFRPLHQWUDVGLFKDJDUDQWtD HVWpHQYLJRU

(VWH DSDUDWR HVWi HWLTXHWDGR FRQIRUPH D OD 'LUHFWLYD HXURSHD (8 VREUH UHVLGXRV GH DSDUDWRV

HOpFWULFRV\HOHFWUyQLFRV

5$(( /D 5$(( FRQWLHQH WDQWR VXVWDQFLDV FRQWDPLQDQWHV TXH SXHGHQ JHQHUDU FRQVHFXHQFLDV QHJDWLYDV SDUD HO PHGLR DPELHQWH FRPR FRPSRQHQWHV EiVLFRV TXH SXHGHQ UHXWLOL]DUVH (V LPSRUWDQWH VRPHWHU ORV 5$(( D WUDWDPLHQWRV HVSHFtILFRV FRQ HO ILQ GH UHWLUDU \ HOLPLQDU FRUUHFWDPHQWH WRGRV ORV

FRQWDPLQDQWHV\UHFLFODUWRGRVORVPDWHULDOHV

/RV XVXDULRV SXHGHQ GHVHPSHxDU XQD IXQFLyQ LPSRUWDQWH SDUD JDUDQWL]DU TXH ORV 5$(( QR UHSUHVHQWHQ XQ SUREOHPD DPELHQWDO HV HVHQFLDOTXHVHVLJDQDOJXQDVUHJODV/RV5$((QRVHGHEHQWUDWDUFRPRUHVLGXRVGRPpVWLFRV

/RV 5$(( VH GHEHQ GHSRVLWDU HQ ORV SXQWRV GH UHFROHFFLyQ

&216(59$5 (/ &$/25 ± 6H UHFRPLHQGD SDUD FRUUHVSRQGLHQWHV JHVWLRQDGRV SRU OD PXQLFLSDOLGDG R SRU HPSUHVDV

UHFDOHQWDU ORV DOLPHQWRV FRFLQDGRV SUHYLDPHQWH FRORFDQGR OD

UHJLVWUDGDV (Q PXFKRV SDtVHV SDUD ORV 5$(( GH JUDQ WDPDxR

EDQGHMD HQ HO VHJXQGR QLYHO GHVGH DUULED R SDUD GHVFRQJHODU

SXHGHH[LVWLUODUHFROHFFLyQGRPLFLOLDULD

SDQ SL]]D R UHSRVWHUtD FRORFDQGR OD EDQGHMD HQ OD SDUWH PiV

&XDQGR FRPSUH XQ QXHYR DSDUDWR HO DQWHULRU GHEH GHYROYHUVH DO

LQIHULRU

 

 

YHQGHGRU TXH OR GHEH UHFROHFWDU JUDWXLWDPHQWH GH PDQHUD LQGLYLGXDO

/D WHPSHUDWXUD SUHVHOHFFLRQDGD HV GH & FRQVWDQWHV QR

VLHPSUH TXH HO HTXLSR VHD GH XQ WLSR HTXLYDOHQWH \ TXH WHQJD ODV

VLHQGRSRVLEOHVXUHJXODFLyQ

PLVPDVIXQFLRQHVTXHHOHTXLSRHQWUHJDGR

 

3,==$± &RQ HVWD IXQFLyQ HO DLUH FDOLHQWH FLUFXOD SRU WRGR

 

HO KRUQR DVHJXUDQGR XQ UHVXOWDGR SHUIHFWR SDUD SODWRV FRPR

$+255$5<5(63(7$5(/0(',2$0%,(17(

3L]]DR%L]FRFKRV

&XDQGR HV SRVLEOH HYLWDU HO SUHFDOHQWDPLHQWR GHO KRUQR \ HYLWDU

 

62)7 &22. D 6RIW FRRN HV OD IXQFLRQ LGHDO SDUD

KDFHUOR IXQFLRQDU YDFtR $EULU OD SXHUWD GHO KRUQR ~QLFDPHQWH FXDQGR

SDVWHOHV \ SDQ *UDFLDV D OD UHGXFLGD YHORFLGDG GHO YHQWLODGRU

HVQHFHVDULR SRUTXHKD\GHVSHUGLFLyQGHFDORUFDGDYH]TXHVHDEUH

HVWD IXQFLRQ DXPHQWD OD KXPHGDG SUHVHQWH HQ HO LQWHULRU GHO

3DUD XQ DKRUUR GH HQHUJtD VLJQLILFDWLYR DSDJDU HO KRUQR HQWUH \

KRUQR 8QD PD\RU KXPHGDG FUHD ODV FRQGLFLRQHV GH FRFFLRQ

PLQXWRV DQWHV GHO ILQDO SUHYLVWR GH OD FRFFLyQ \ XVDU HO FDORU TXH HO

LGHDOHV SDUD DTXHOORV DOLPHQWRV TXH QHFHVDULDPHQWH GHEHQ

KRUQR VLJXH JHQHUDQGR 0DQWHQHU ODV MXQWDV OLPSLDV \ HQ EXHQ

PDQWHQHU XQD FRQVLVWHQFLD HODVWLFD PLHQWUDV HVWDQ FRFLHQGR HM

HVWDGR SDUD HYLWDU FXDOTXLHU GHSHUGLFLyQ GH HQHUJtD 6L WLHQH XQ

WDUWDV SDQ JDOOHWDV DILQGHQRGHVPHQX]DUVH

FRQWUDWR HOpFWULFR FRQ XQD WDULID GH KRUDV YDOOHV HO SURJUDPD FRFFLyQ

 

GLIHULGD SXHGH SHUPLWLUOH DKRUUDU HQHUJtD GHVSOD]DQGR HO SULQFLSLR

3URJUDPD GH SUXHED VHJ~Q &(1(/(& (1 XWLOL]DGR

 

SDUDODGHILQLFLyQGHODFODVHHQHUJpWLFD

GHOSURJUDPDDXQDIUDQMDKRUDULDFRQWDULIDUHGXFLGD

(6

63,6 75(ĝ&,

,QVWUXNFMH %H]SÕHF]HĔVWZD

7HFKQRORJLD 3UR H[SU : =DOHĪQRĞFL 2G 0RGHOX

&]\V]F]HQLH 3ÕHNDUQLND

3DQHO 6WHURZDQLD

&HQWUXP 6HUZLVRZH

:VND]yZNL 2JyOQH'HNODUDFMD =JRGQRĞFL:VND]yZNL 'RW\F]ąFH %H]SLHF]HĔVWZD=DOHFHQLD

,QVWDODFMD3RGáąF]HQLH (OHNWU\F]QH

:\SRVDĪHQÕH 3LHNDUQLND : =DOHĪQRĞFL 2G 0RGHOX5RĪHQ : =DOHĪQRĞFL 2G 0RGHOX2ĞZLHWOHQLH 'LRGRZH /HG : =DOHĪQRĞFL 2G 0RGHOX'HPRQWDĪ L F]\V]F]HQLH GUDELQHN

3U]HG 8Ī\FLHP 3LHNDUQLND 3R 5D] 3LHUZV]\.RU]\VWDQLH ] Z\áąF]QLND NRQFD SLHF]HQLD8VWDZLDQLH =HJDUD

=HJDU 'RW\NRZ\8Ī\ZDQLH 3LHNDUQLND:VND]yZNL 'RW\F]ąFH 3LHF]HQLD

3/

,16758.&-( %(=3,(&=(ē67:$

8:$*$ 3RGF]DV SUDF\ XU]ąG]HQLH RUD] MHJR HOHPHQW\ Vą JRUąFH 1DOHĪ\ ]DFKRZDF RVWURĪQRĞü L QLH GRW\NDüJRUąF\FKF]ĊĞFL

']LHFL Z ZLHNX GR ODW QLH PRJą ]EOLĪDü VLĊ GR XU]ąG]HQLD FK\ED ĪH SR]RVWDMD RQH SRG FLąJá\P QDG]RUHP']LHFL Z ZLHNX SRZ\ĪHM ODW RUD] RVRVE\ ] RJUDQLF]HQLDPL UXFKRZ\PL XP\VáRZ\PL F]XFLRZ\PL OXE QLH SRVLDGDMąFH RGSRZLHGQLHM ZLHG]\ OXE GRĞZLDGF]HQLD PRJą REVáXJLZDü XU]ąG]HQLH MHG\QLH SRG QDG]RUHP OXE SR SU]HV]NROHQLX RGQRĞQLH EH]SLHF]QHJR X]\NRZDQLD XU]ąG]HQLD L ]ZLą]DQ\FK ] W\P ]DJURĪHĔ

']LHFLQLHPRJąEDZLüVLĊXU]ąG]HQLHP']LHFLEH]QDG]RUXQLHPRJąREVáXJLZDFDQLF]\ĞFLüXU]ąG]HQLD3RGF]DV XĪ\WNRZDQLD XU]ąG]HQLH QDJU]HZD VLĊ 1DOHĪ\ ]DFKRZDF RVWURĪQRĞü L QLH GRW\NDü JRUąF\FK F]ĊĞFLZHZQąWU]SLHNDUQLND

8:$*$ GRVWĊSQH F]ĊĞFL PRJą E\ü JRUąFH SRGF]DV XĪ\WNRZDQLD ']LHFL QLH PRJą ]EOLĪDü VLĊ GR XU]ąG]HQLD'RF]\V]F]HQLDV]\E\GU]ZLSLHNDUQLNDQLHZROQRVWRVRZDüVXEVWDQFMLĞFLHUQ\FKDQLRVWU\FKVNUREDNyZ JG\ĪPRJąRQHSRU\VRZDüV]NáRLVSRZRGRZDüMHJRVWáXF]HQLH

:\áDF]\ü SLHNDUQLN SU]HG XVXQLĊFLHP HNUDQX SR Z\F]\V]F]HQLX ]DPRQWRZDü HNUDQ ]JRGQLH ] LQVWUXNFMą

8Ī\ZDüZ\áDF]QLHVRQG\FLHSOQHMSU]H]QDF]RQHMGRWHJRSLHNDUQLND1LHVWRVRZDüGRF]\V]F]HQLDXU]ąG]HĔSDURZ\FK 8:$*$ QDOHĪ\ XSHZQLü VLĊ F]\ XU]ąG]HQLH MHVW Z\áąF]RQH SU]HG SU]\VWąSLHQLHP GR Z\PLDQ\ ĪDUyZNL DE\XQLNQąüQLHEH]SLHF]HĔVWZDSRUDĪHQLD:\áąF]QLNPXVLE\üSRGáąF]RQ\GRRNDEORZDQLD]JRGQLH]RERZLą]XMDF\PLSU]HSLVDPLLQVWUXNFMD PXVL RNUHĞODü MDNL URG]DM SU]HZRGX PRĪH E\ü ]DVWRVRZDQ\ ] XZ]JOHGQLHQLHP WHPSHUDWXU\ W\OQHMĞFLDQNLXU]ąG]HQLD-HĪHOL SU]HZyG ]DVLODMąF\ MHVW XV]NRG]RQ\ QDOHĪ\ JR Z\PLHQLü QD QRZ\ GRVWDUF]RQ\ SU]H] SURGXFHQWD OXEDXWRU\]RZDQ\VHUZLV

8:$*$ Z FHOX XQLNQLĊFLD ]DJURĪHĔ ]ZLą]DQ\FK ] SU]\SDGNRZ\P ]DG]LDáDQLHP ]DEH]SLHF]HĔ WHUPLF]Q\FK XU]ąG]HQLH QLH PRĪH E\ü ]DVLODQH ] VLHFL VWHURZDQHM QLH]DOHĪQLH OXE ] REZRGyZ NWyUH Vą UHJXODUQLHZáąF]DQHLZ\áąF]DQH 8:$*$ GRVWĊSQH F]HĞFL PRJą E\ü JRUąFH SRGF]DV XĪ\ZDQLD JULOOD ']LHFL QLH PRJą ]EOLĪDü VLĊ GR XU]ąG]HQLD

3RNDUPNWyU\Z\NLSLDáPXVLE\üXVXQLĊW\SU]HGF]\V]F]HQLHP3RGF]DV S\UROL]\ SRZLHU]FKQLH PRJą VLĊ EDUG]R PRFQR QDJU]HZDü SURV]Ċ SLOQRZDF G]LHFL DE\ VLĊ QLH ]EOLĪDá\

3/

:6.$=Ï:., 2*Ï/1(

: FHOX SHáQHJR Z\NRU]\VWDQLD PRĪOLZRĞFL SLHNDUQLND GRNáDGQLH ]DSR]QDM VLĊ ] QLQLHMV]ą LQVWUXNFMą 3U]HFKRZXM LQVWUXNFMĊ Z GRVWĊSQ\P PLHMVFX DE\ Z UD]LH SRWU]HE\ ]DZV]H PRĪQD E\áR VNRU]\VWDü ] ]DZDUW\FK Z QLHM ZVND]yZHN 3U]HG ]DLQVWDORZDQLHP SLHNDUQLND VSLV] MHJR QXPHUVHU\MQ\QDZ\SDGHNNRQLHF]QRĞFLVNRU]\VWDQLD]SRPRF\VHUZLVX 3R UR]SDNRZDQLX SLHNDUQLND VSUDZGĨ F]\ QLH QRVL RQ ĞODGyZ XV]NRG]HĔ : UD]LH MDNLFKNROZLHN ZąWSOLZRĞFL QLH XĪ\ZDM SLHNDUQLND OHF] VNRQWDNWXMVLĊ]VHUZLVHP =DEH]SLHF]F]ĊĞFLRSDNRZDQLD WDNLHMDNZRUNL]WZRU]\ZDV]WXF]QHJR VW\URSLDQ JZRĨG]LH SU]HGG]LHüPL

3URGXFHQW QLH SRQRVL RGSRZLHG]LDOQRĞFL Z SU]\SDGNX QLH]DVWRVRZDQLD VLĊ GR ]DOHFHĔ ]DZDUW\FK Z QLQLHMV]HM LQVWUXNFML

8:$*$ :V]HONLH IXQNFMH ZáDĞFLZRĞFL RUD] DNFHVRULD Z\PLHQLRQH Z QLQLHMV]HM LQVWUXNFML PRJą ]RVWDü Z\PLHQLRQH Z ]DOHĪQRĞFL RG PRGHOX SLHNDUQLND

'(./$5$&-$=*2'12ĝ&,

1LQLHMV]H XU]ąG]HQLH Z F]ĊĞFL SU]H]QDF]RQHM GR NRQWDNWX ]H ĞURGNDPL VSRĪ\ZF]\PL VSHáQLD Z\PDJDQLD SU]HSLVyZ XVWDQRZLRQ\FKZ'\UHNW\ZLH (:*

3RSU]H] XPLHV]F]HQLH R]QDF]HQLD QD W\P SURGXNFLH SRĞZLDGF]DP\ QD ZáDVQą RGSRZLHG]LDOQRĞü SU]HVWU]HJDQLH ZV]\VWNLFK Z\PRJyZ HXURSHMVNLFK GRW\F]ąF\FK EH]SLHF]HĔVWZD RFKURQ\ ]GURZLD L ĞURGRZLVND RNUHĞORQ\FK Z SU]HSLVDFK GOD WHJR SURGXNWX

:6.$=Ï:., '27<&=Ą&( %(=3,(&=(ē67:$

3LHNDUQLN QDOHĪ\ XĪ\ZDü Z\áąF]QLH ]JRGQLH ] MHJR SU]H]QDF]HQLHP F]\OL Z\áąF]QLH GR SU]\JRWRZ\ZDQLD Ī\ZQRĞFL :\NRU]\VWDQLH SLHNDUQLND GR LQQ\FK FHOyZ WDNLFK MDN SRGJU]HZDQLH SRPLHV]F]HQLD MHVWQLH]JRGQH]MHJRSU]H]QDF]HQLHPLPRĪHE\üQLHEH]SLHF]QH3URGXFHQW QLH SRQRVL RGSRZLHG]LDOQRĞFL ]D XV]NRG]HQLD VSRZRGRZDQH QLHZáDĞFLZ\P QLH]JRGQ\P ] SU]H]QDF]HQLHP XĪ\WNRZDQLHPSLHNDUQLND

8Ī\FLH MDNLHJRNROZLHN XU]ąG]HQLD HOHNWU\F]QHJR Z\PDJD SU]HVWU]HJDQLDQLHNWyU\FKSRGVWDZRZ\FK]DVDG

1LH FLąJQąü ]D NDEHO ]DVLODQLD Z FHOX Z\FLąJQLĊFLD ZW\F]NL ] JQLD]GND1LHGRW\NDüXU]ąG]HQLDPRNU\PLOXEZLOJRWQ\PLGáRĔPLRUD]VWRSDPL1LHXĪ\ZDüXU]ąG]HQLDVWRMąFERVR1LH QDOHĪ\ XĪ\ZDü DGDSWHUyZ UR]JDáĊĨQLNyZ QD NLOND ZW\F]HN EąGĨ SU]HGáXĪDF]\

: UD]LH XV]NRG]HQLD L OXE QLHSUDZLGáRZHJR G]LDáDQLD XU]ąG]HQLD Z\áąF]\ü L RGáąF]\ü RG ĨUyGáD ]DVLODQLD QLH GRW\NDü DQL QLH QDSUDZLDü ZHGáXJZáDVQHJRX]QDQLD-HĪHOL NDEHO HOHNWU\F]Q\ XOHJQLH ]QLV]F]HQLX QDOHĪ\ JR QLH]ZáRF]QLH Z\PLHQLü

: SU]\SDGNX Z\PLDQ\ NDEOD QDOHĪ\ SU]HVWU]HJDü SRQLĪV]\FK ZVND]yZHN 2GáąF] NDEHO ]DVLODMąF\ L ]DVWąS JR QRZ\P W\SX +2 55 ) + 99 ) OXE + 9 9 ) .DEHO ]DVLODMąF\ PXVL XPRĪOLZLDü ]DVLODQLH SLHNDUQLND Z\PDJDQ\P SUąGHP ]QDPLRQRZ\P SLHNDUQLND :\PLDQ\ NDEOD ]DVLODMąFHJR SRZLQQD Z\NRQDü RVRED R RGSRZLHGQLFK NZDOLILNDFMDFK

.DEHO X]LHPLDMąF\ ĪyáWR ]LHORQ\ PXVL E\ü PP GáXĪV]\ RG SU]HZRGX]DVLODMąFHJR

1DSUDZĊ SLHNDUQLND QDOHĪ\ SRZLHU]Dü Z\áąF]QLH DXWRU\]RZDQHPX VHUZLVRZL ]DSHZQLDMąFHPX VWRVRZDQLH Z\áąF]QLH RU\JLQDOQ\FK F]ĊĞFL ]DPLHQQ\FK 1LHSU]HVWU]HJDQLH SRZ\ĪV]\FK ]DOHFHĔ PRĪH RJUDQLF]\üEH]SLHF]HĔVWZRXĪ\WNRZDQLDSLHNDUQLND1LHGR]ZRORQH Vą MDNLHNROZLHN PRG\ILNDFMH SLHNDUQLND PRJąFH SURZDG]LüGR]PLDQMHJRSDUDPHWUyZWHFKQLF]Q\FK'R F]\V]F]HQLD SLHNDUQLND QLH QDOHĪ\ VWRVRZDü SDU\ DQL VSUD\X SRG Z\VRNLPFLĞQLHQLHP

: SLHNDUQLNX QLH QDOHĪ\ SU]HFKRZ\ZDü SURGXNWyZ áDWZRSDOQ\FK NWyUH PRJą ]DSDOLü VLĊ SU]\ QLH]DPLHU]RQ\P ZáąF]HQLX VLĊ XU]ąG]HQLD

1LH REFLąĪDü GU]ZLF]HN SLHNDUQLND L QLH SR]ZDODü VLDGDü QD QLFK G]LHFLRP3U]\ ZNáDGDQLX L Z\MPRZDQLX SRWUDZ GR L ] SLHNDUQLND QDOHĪ\ XĪ\ZDü UĊNDZLFNXFKHQQ\FK

2675=(ĩ(1,( 3RGF]DV JULOORZDQLD ]HZQĊWU]QH F]ĊĞFL SLHNDUQLND QDJU]HZDMąVLĊ 0DáHG]LHFLQDOHĪ\WU]\PDü]GDODRGXU]ąG]HQLD

=$/(&(1,$

6\VWHPDW\F]QH F]\V]F]HQLH SLHNDUQLND SR NDĪGRUD]RZ\P XĪ\FLX XáDWZLXWU]\PDQLHJRZGRVNRQDáHMF]\VWRĞFL

1LH QDOHĪ\ Z\NáDGDü ĞFLDQHN SLHNDUQLND IROLą DOXPLQLRZą OXE MHGQRUD]RZ\PL PDWHULDáDPL RFKURQQ\PL GRVWĊSQ\PL Z VNOHSDFK 8Ī\WD IROLD DOXPLQLRZD OXE LQQH PDWHULDá\ RFKURQQH Z ]HWNQLĊFLX ] JRUąFą HPDOLą PRJą VSRZRGRZDü QDGWRSLHQLH VLĊ L SRJRUV]HQLH MDNRĞFLHPDOLRZDQ\FKĞFLDQHNZQĊWU]DSLHNDUQLND

$E\ QLH GRSXĞFLü GR QDGPLHUQHJR ]DEUXG]HQLD VLĊ SLHNDUQLND L Z\G]LHODQLD VLĊ ZVNXWHN WHJR ]DSDFKX G\PX XQLNDM VWRVRZDQLD ]E\W Z\VRNLFK WHPSHUDWXU SRGF]DV SLHF]HQLD =DOHFD VLĊ UDF]HM SU]HGáXĪHQLH F]DVX SU]\JRWRZDQLD SRWUDZ\ Z QLHFR QLĪV]HM WHPSHUDWXU]H 7DEOLF]ND]QDPLRQRZD ]ERNXSLHNDUQLND

&RGH SURGXLW

1XPpUR GH VpULH

3R]D GRVWDUF]RQ\P ZUD] ] SLHNDUQLNLHP Z\SRVDĪHQLHP VWRVXM Z\áąF]QLH QDF]\QLD L IRUP\ GR SLHF]HQLD RGSRUQH QD Z\VRNLH WHPSHUDWXU\

,167$/$&-$

=D LQVWDODFMĊ SLHNDUQLND RGSRZLHG]LDOQ\ MHVW XĪ\WNRZQLN 3URGXFHQW QLH PD RERZLą]NX Z\NRQDQLD LQVWDODFML 8VWHUNL VSRZRGRZDQH EáĊGDPL LQVWDODFML QLH SRGOHJDMą ZDUXQNRP JZDUDQFML XG]LHODQHM SU]H] SURGXFHQWD ,QVWDODFMD SRZLQQD E\ü SRZLHU]RQD Z\NZDOLILNRZDQ\P RVRERP L Z\NRQDQD ]JRGQLH ] ]DOHFHQLDPL SURGXFHQWD 1LHSUDZLGáRZD LQVWDODFMD VWZDU]D QLHEH]SLHF]HĔVWZR GOD RVyE ]ZLHU]ąW OXE U]HF]\ RVRELVW\FK 3URGXFHQWQLHSRQRVLRGSRZLHG]LDOQRĞFL]DWHJRW\SXV]NRG\ =HVSyá NXFKHQQ\ Z NWyU\P PD E\ü ]DLQVWDORZDQ\ SLHNDUQLN PXVL E\ü Z\NRQDQ\ ] PDWHULDáyZ RGSRUQ\FK QD WHPSHUDWXUĊ SU]\QDMPQLHM &

3LHNDUQLN PRĪH E\ü XV\WXRZDQ\ QD JyU]H Z V]DIFH NXFKHQQHM

OXE SRG EODWHP

3U]HG ]DLQVWDORZDQLHP SLHNDUQLND XSHZQLM VLĊ F]\ Z PLHMVFX LQVWDODFML ]DSHZQLRQD EĊG]LH GREUD ZHQW\ODFMD JZDUDQWXMąFD GRSá\Z ĞZLHĪHJR SRZLHWU]D QLH]EĊGQHJR GR FKáRG]HQLD SLHNDUQLND L GR ]DEH]SLHF]HQLD MHJR F]ĊĞFL ZHZQĊWU]Q\FK : ]DOHĪQRĞFL RG W\SX LQVWDODFML QDOHĪ\ Z\NRQDü Z\FLĊFLD SU]HGVWDZLRQHQDNRĔFXLQVWUXNFML

32'àĄ&=(1,( (/(.75<&=1(

32'àĄ&=(1,( (/(.75<&=1( 32:,1,(1 :<.21$û $ 8 72 5< = 2 :$ 1 < 6 ( 5: , 6 $ 1 7 / 8 % 2 6 2 % $ = 2'32:,('1,0,835$:1,(1,$0,

=DEXGRZD Z NWyUHM PD E\ü ]DLQVWDORZDQ\ SLHNDUQLN PXVL VSHáQLDü Z\PDJDQLD SU]HSLVyZ RERZLą]XMąF\FK Z PLHMVFX LQVWDODFML

3URGXFHQW QLH SRQRVL RGSRZLHG]LDOQRĞFL MHĪHOL ZDUXQNL WH QLH ]RVWDQąVSHáQLRQH

3LHNDUQLN QDOHĪ\ SRGáąF]\ü GR VLHFL SRSU]H] JQLD]GNR ] X]LHPLHQLHP OXE ZLHORELHJXQRZ\ Z\áąF]QLN VLHFLRZ\ R RGOHJáRĞFL VW\NyZSU]\QDMPQLHM PP

,QVWDODFMD PXVL E\ü Z\NRQDQD SU]\ XĪ\FLX SU]HZRGyZ R RGSRZLHGQLP SU]HNURMX ]DSHZQLDMąF\P QRUPDOQH ]DVLODQLH GR SLHNDUQLND RUD] ]DEH]SLHF]RQD SU]\ SRPRF\ RGSRZLHGQLFK EH]SLHF]QLNyZ

32'àĄ&=(1,( '2 =$6,/$1,$

3LHNDUQLN Z\SRVDĪRQ\ MHVW Z SU]HZyG ]DVLODMąF\ SU]\VWRVRZDQ\ GR ]DVLODQLD QDSLĊFLHP PLĊG]\ ID]DPL OXE PLĊG]\ ID]ą L SU]HZRGHPQHXWUDOQ\PUyZQ\P 9

3U]HGSRGáąF]HQLHPSLHNDUQLNDVSUDZGĨQDSLĊFLH]DVLODQLDZVND]\ZDQHQDPLHUQLNXXVWDZLHQLHZ\áąF]QLNDDXWRPDW\F]QHJR

ĩyáWR ]LHORQ\ SU]HZyG RFKURQQ\ SU]\áąF]RQ\ GR ]DFLVNX X]LHPLHQLDSLHNDUQLNDQDOHĪ\SRGáąF]\üGRX]LHPLHQLDLQVWDODFML

8ZDJD

3U]HG SRGáąF]HQLHP SLHNDUQLND LQVWDODFMD X]LHPLDMąFD SRZLQQD E\üVSUDZG]RQDSU]H]HOHNWU\ND

3URGXFHQW QLH SRQRVL RGSRZLHG]LDOQRĞFL ]D Z\SDGNL RUD] LFK NRQVHNZHQFMH VSRZRGRZDQH SU]H] XĪ\ZDQLH SLHNDUQLND EH] X]LHPLHQLDOXESRGáąF]RQHJRGRZDGOLZHJRX]LHPLHQLD

8:$*$ 1DOHĪ\ SDPLĊWDü ĪH SLHNDUQLN PRĪH Z\PDJDü UHJXODUQHJRVHUZLVXZWUDNFLHHNVSORDWDFML

*QLD]GNR ]DVLODMąFH SRZLQQR E\ü WDN ]ORNDOL]RZDQH ĪHE\ PRĪOLZH E\áR SRGáąF]HQLD ]DVLODQLD GR SLHNDUQLND SR Z\MĊFLX JR ] V]DINL

.DEHO ]DVLODMąF\ Z\PLDQĊ NDEOD ]DVLODMąFHJR QDOHĪ\ SRZLHU]\ü DXWRU\]RZDQHPX VHUZLVDQWRZL OXE RVRELH R RGSRZLHGQLFK NZDOLILNDFMDFK

3/

7(&+12/2*,$352 (;35

: =$/(ĩ12ĝ&, 2' 02'(/8

:<326$ĩ(1,( 3,(.$51,.$

: =$/(ĩ12ĝ&, 2' 02'(/8

3U]HG XĪ\FLHP Z\SRVDĪHQLD SLHNDUQLND SR UD] SLHUZV]\ Z\P\M MH JąENą Z\SáXF]LRVXV]

1D EODFKDFK PRĪQD XPLHV]F]Dü IRUP\ L QDF]\QLD

%ODFKD JáĊERND VáXĪ\ GR ]ELHUDQLD VRNyZ Z\G]LHODMąF\FK VLĊ

] JULOORZDQ\FK SRWUDZ

1LH QDOHĪ\ XĪ\ZDü JáĊERNLHM EODFK\ GR SLHF]HQLD JG\Ī UHV]WNL WáXV]F]X PRJą VLĊ áDWZR UR]SU]HVWU]HQLü SR FDá\P SLHNDUQLNX SRZRGXMąFMHGQRF]HĞQLHQDGPLHUQHZ\G]LHODQLHG\PX

.DPLHĔ GR Z\SLHNX SL]]\ GRVWĊSQ\ MHVW Z Z\SRVDĪHQLX ZUD] ] SRGVWDZąRUD]RNUąJá\PQRĪHPGRSL]]\Z]DOHĪQRĞFLRGPRGHOX

%ODFKĊ QD FLDVWD XPLHV]F]D VLĊ QD SURZDGQLFDFK %ODFKD WD SU]H]QDF]RQD MHVW GR SLHF]HQLD PDá\FK FLDVWHN WDNLFK MDN FLDVWR SW\VLRZH ELV]NRSW\ EH]\ LWS 1LHQDOHĪ\QLJG\NáDĞüWHMEODFK\EH]SRĞUHGQLRQDGQLHSLHNDUQLND

2%6à8*$ 52ĩ1$ 2%5272:(*2

2GNUĊFLü ZLGHOFH1DG]LDü PLĊVR QD SUĊW URĪQD3U]\PRFRZDü PLĊVR ]D

SRPRFą ZLGHOFyZ'RNUĊFLü ĞUXE\:VXQąü SUĊW URĪQD Z NRĔFyZNĊ

QDSĊGX URĪQD=GHPRQWRZDü UĊNRMHĞü

:\MPLM ] SLHNDUQLND Z\SRVDĪHQLH NWyUHJR QLH EĊG]LHV]

SRWU]HERZDáZF]DVLHSLHF]HQLD

8 6((

2ĞZLHWOHQLH GLRGRZH /(' ]DVWĊSXMH WUDG\F\MQH RĞZLHWOHQLH Z

SRVWDFLÄĪDUyZNL´ 6\VWHP /(' GODZHUVMLQLH S\UROLW\F]QHM OXE

+LJK 3RZHU /(' GOD ZHUVML S\UROLW\F]QHM ]LQWHJURZDQH Vą Z

GU]ZLF]NDFK SLHNDUQLND 2ĞZLHWOHQLH GLRGRZH Z\ZDU]D ELDáH ĞZLDWáR

Z\VRNLHM MDNRĞFL NWyUH XPRĪOLZLD Z\UDĨQ\ ZLGRN NDĪGHM F]ĊĞFL

SLHNDUQLNDEH]FLHQL NWyUHPRJąWZRU]\üSRV]F]HJyOQHSyáNL

=DOHW\

3RQDGWR WDNL V\VWHP RĞZLHWOHQLD SR]D W\P ĪH ]DSHZQLD GRVNRQDáą ZLGRF]QRĞü ZHZQąWU] SLHNDUQLND FKDUDNWHU\]XMH VLĊ GáXĪV]ą WUZDáRĞFLą QLĪ V\VWHP RĞZLHWOHQLRZ\ RSLHUDMąF\ VLĊ QD WUDG\F\MQHM ĪDUyZFH MHVW áDWZLHMV]\ Z XWU]\PDQLX RUD] SR]ZDOD ]DRV]F]ĊG]Lü PQyVWZRHQHUJLL

2SW\PDOQ\ZLGRN'áXJRWUZDáHRĞZLHWOHQLH

%DUG]R QLVNL SR]LRP ]XĪ\FLD HQHUJLL Z SRUyZQDQLX ] WUDG\F\MQ\PRĞZLHWOHQLHP

8U]ąG]HQLH Z\NRU]\VWXMH ]Z\NáH ELDáH ĞZLDWáR /(' NODV\ 0 ]JRGQLH ] QRUPą ,(& $ $RGSRZLHGQLN (1 $ $ R PDNV\PDOQHMPRF\HPLWRZDQHJRĞZLDWáD QP X:

3U]\ EH]SRĞUHGQLHM REVHUZDFML QLH Z\NRU]\VWDQR SU]\U]ąGyZ RSW\F]Q\FK !!

52ĩ(1 : =$/(ĩ12ĝ&, 2' 02'(/8

.RU]\VWDQLH ] URĪQD QLH Z\PDJD ZF]HĞQLHMV]HJR QDJU]DQLD SLHNDUQLND 'U]ZL SLHNDUQLND PXV]ą E\ü ]DPNQLĊWH =XĪ\FLH HQHUJLL MHVW R PQLHMV]H QLĪ Z SU]\SDGNX XĪ\FLD WUDG\F\MQHJRV\VWHPX

5DPND3UĊW URĪQD:LGHOFH L ĞUXE\5ĊNRMHĞü

'(0217$ĩ , &=<6=&=(1,( '5$%,1(.

=GMąü GUDELQNL SRFLąJDMąF MH Z NLHUXQNX ]JRGQ\P ]H VWU]DáNDPL QD]GMĊFLX

8P\ü GUDELQNL Z ]P\ZDUFH OXE UĊF]QLH ZLOJRWQą JąENą 3R XP\FLXZ\VXV]\ü

3R XP\FLX L Z\VXV]HQLX ]DPRQWRZDü GUDELQNL RGZURWQLH GR VSRVREXGHPRQWDĪX

3/

&=<6=&=(1,( 3,(.$51,.$

3U]HG SU]\VWąSLHQLHP GR F]\V]F]HQLD QDOHĪ\ RGF]HNDü DĪ SLHNDUQLNRVW\JQLH1LH XĪ\ZDü GR F]\V]F]HQLD SLHNDUQLND ĞURGNyZ ĞFLHUQ\FK ZHáQ\ VWDORZHM OXE RVWU\FK SU]HGPLRWyZ PRJąF\FK XV]NRG]Lü WUZDOH HPDOLĊ

1DOHĪ\ VWRVRZDü Z\áąF]QLH ZRGĊ ] P\GáHP OXE ĞURGNL F]\V]F]ąFHQDED]LHDPRQLDNX1LHQDOHĪ\Z\NáDGDüĞFLDQHNSLHNDUQLNDIROLąDOXPLQLRZą

&=ĉĝ&,6=./$1(

3R NDĪG\P XĪ\FLX SLHNDUQLND V]NODQH GU]ZLF]NL QDOHĪ\ Z\WU]Hü UĊF]QLNLHP SDSLHURZ\P -HĪHOL GU]ZLF]NL Vą PRFQR RSU\VNDQH PRĪQD MH RF]\ĞFLü Z\FLĞQLĊWą JąENą ]ZLOĪRQą GHWHUJHQWHP D QDVWĊSQLHVSáXNDü

1LJG\QLHVWRVXMPDWHULDáyZĞFLHUQ\FKDQLRVWU\FKSU]HGPLRWyZ

86=&=(/.$'5=:,&=(.3,(.$51,.$ -HĪHOL XV]F]HOND XOHJQLH ]DQLHF]\V]F]HQLX Z\F]\ĞFLü Mą ZLOJRWQą JąENą

:<326$ĩ(1,( :\SRVDĪHQLHF]\ĞüJąENą]ZLOĪRQąZRGą]P\GáHP RSáXF]ZRGą LRVXV] 8QLNDMĞFLHUQ\FKĞURGNyZF]\V]F]ąF\FK

%/$&+$*àĉ%2.$

3R JULOORZDQLX Z\MPLM JáĊERNą EODFKĊ ] SLHNDUQLND =OHM FLHSá\ WáXV]F] GR SRMHPQLND XP\M L Z\SáXF] GROQą EODFKĊ Z JRUąFHM ZRG]LHJąENą]Sá\QHPGR]P\ZDQLD -HĪHOL RVDG MHVW WUXGQ\ GR XVXQLĊFLD QDPRF] EODFKĊ Z ZRG]LH ] GHWHUJHQWHP %ODFKĊ PRĪQD WDNĪH XP\ü Z ]P\ZDUFH OXE RF]\ĞFLü SU]\ SRPRF\ ĞURGNDGRF]\V]F]HQLDSLHNDUQLNyZGRVWĊSQHJRZVSU]HGDĪ\ 8QLNDMVWRVRZDQLDEUXGQHMEODFK\GRSLHF]HQLD

2ĝ:,(7/(1,(3,(.$51,.$

: FHOX RF]\V]F]HQLD OXE Z\PLDQ\ ĪDUyZNL RGáąF] ]DVLODQLH SLHNDUQLND

ĩDUyZND RUD] RVáRQD ĪDUyZNL Z\NRQDQH Vą ] PDWHULDáX RGSRUQHJRQDZ\VRNąWHPSHUDWXUĊ

'DQHWHFKQLF]QHĪDUyZNL

9 $& : ± RSUDZND ( EDVH WHPSHUDWXUD & $E\

Z\PLHQLüĪDUyZNĊ

RGNUĊüV]NODQąRVáRQĊ

Z\NUĊüSU]HSDORQąĪDUyZNĊ

ZNUĊü QRZą WHJR VDPHJR W\SX R SDUDPHWUDFK SRGDQ\FK

SRZ\ĪHM

ZNUĊü]SRZURWHPV]NODQąRVáRQĊ

&=<6=&=(1,(6=<%<:'5=:,$&+

:HZQĊWU]QD V]\ED GU]ZL SLHNDUQLND PRĪH E\ü Z\PRQWRZDQD L XP\WD : FHOX XP\FLD ZHZQĊWU]QHM V]\E\ QDOHĪ\ SRVWĊSRZDü ]JRGQLH]SRQLĪV]ąLQVWUXNFMą

2WZyU]\ü GU]ZL SLHNDUQLND 5\V

5\V

3U]HG UR]SRF]ĊFLHP F]\QQRĞFL ]ZLą]DQ\FK ] P\FLHP V]\E\ ]DEORNRZDü ]DZLDV\ MDN SRND]DQR QD 5\V 2GEORNRZDü ]DZLDV\ SR ]DNRĔF]HQLXF]\QQRĞFL 5\V

5\V

2GNUĊü ĞUXE\ MDN SRND]DQR QD U\VXQNX 5\V

5\V

3RFLąJDMąF GR JyU\ ]GMąü PHWDORZą JyUQą SRNU\ZĊ5\V

5\V

'HOLNDWQLH Z\VXQąü V]\EĊ ] UDPNL GU]ZL 5\V

 

5\V

: SLHNDUQLNDFK ] S\UROL]ą Z\VXĔ UyZQLHĪ GUXJą L WU]HFLą V]\EĊ 5\V

5\V

3R XP\FLX V]\E\ Z FHOX

SRQRZQHJR PRQWDĪX QDOHĪ\ S R Z W y U ] \ ü S R Z \ Ī V ] H F]\QQRĞFL Z RGZURWQHM

NROHMQRĞFL

1 D S L V / 2 : ( 1 $ :6=<67.,&+ 6=<%$&+ PXVL E\ü F]\WHOQ\ L PXVL E\ü XPLHV]F]RQ\ Z OHZ\P URJX GU]ZL EOLVNR OHZHJR ]DZLDVX 7\P VSRVREHP GUXNRZDQD SRZLHU]FKQLD SLHUZV]HM V]\E\ EĊG]LH XPLHV]F]RQD SR

ZHZQĊWU]QHMGU]ZL

5\V

3/

Loading...
+ 72 hidden pages