Instructiuni detailate de folosire se afla la Ghidul Consumatorului
[. . . ] 6pq 6pq hh 6UQ !"
6pq 6pq hhy !# Gvi rhwr !% R yvvr !& 8hqh sp v v h htrsyv vqr vphyvS qr qvpv vrhyr hqv vqr !( 8hqh ryrryv " Shpqhrh hhhvv hqv vqr ""
$OHJHUHD VXUVHL GH VHPQDO $9 DFRUG UL L
0XIHOH GLQ ID
0XIHOH GLQ VSDWH
, QIRUPD LL SULYLQG PXID 6FDUW
L
6 9LGHR
9rvhrh v ñy hrh qrsrp vvy "% Tshv vyr "& 8hhprvvpv ruvpr "&
35(9(1, 5, , 0 685, '( 35(&$8 , (
$OLPHQWDUHD UHDOL]HD] SUH]HQWXOXL WHOHYL]RU VH
-
3HQWUX SUH
QW
PSLQDUHD LH LULL GLQ IXQF LXQH D HOHFWULFH ðQ HVWH MXUXO QHFHVDU R
GH OD UH HDXD GH FXUHQW DOWHUQDWLY
FRPSRQHQWHORU YHQWLOD LH
GH 9 +]
QRUPDO
VXSUDIH HORU
-
WHOHYL]RUXOXL WUHEXLH V 3HQWUX D HYLWD QX HOHFWURFXWDUHD VH DGPLWH S L DSDUL LD ñQ GH FHO SX LQ FP
H[LVWH XQ VSD LX OLEHU FKLDU L DWXQFL F QG
LQFHQGLXOXL WHOHYL]RU
WUXQGHUHD
WHOHYL]RUXO VH LQVWDOHD] UDIWXUL
ñQ GXODS VDX ñQWUH
D VWURSLORU GH SORDLH
L D DF LXQLL
XPH]HOLL DVXSUD DFHVWXLD $FHVW WHOHYL]RU QX WUHEXLH H[SXV XQRU VFXUJHUL VDX VWURSLUL FX DS LDU RELHFWHOH XPSOXWH FX OLFKLG SUHFXP
-
$ QX VH ñPSLHGLFD DHULVLUHD SULQ DFRSHULUHD RULILFLLORU GH YHQWLOD LH FX RELHFWH FD GH
YD]HOH QX WUHEXLH D H]DWH SH WHOHYL]RU VDX GHDVXSUD DFHVWXLD
H[HPSOX ]LDUH F
USH VDX GUDSHULL
1 6U@I D@ ðI6GU U@ITDVI@Ä
1X VH YD VFRDWH FDSDFXO GLQ VSDWH DO WHOHYL]RUXOXL GHRDUHFH ñQ DFHVW FD] VH GHVFKLGH DFFHVXO LQWHULRUXO QHFHVLW EHQHILFLDU OD S U LOH FRQGXF QX WRDUHGH H[LVW FXUHQW ðQ
1 U@G@EP8VSDG@8PHQVU@SDG@ 86TID8@
ðQ FDGUXO IRORVLULL WHOHYL]RUXOXL SH HFUDQ OD WHOHMRFXUL SRW L FRPSXWHUH FDVQLFH VH IRUPD kXPEUHl LQGLVSDULELOH $FHVW LUHYHUVLELO GHIHFW DO FLQHVFRSXOXL SRDWH IL UHGXV OD PLQLP SULQ UHVSHFWDUHD XUP WRDUHORU
WHOHYL]RUXOXL HIHFWXDUHD
SLHVH GH
FDUH F WUH
ñQWUH LQHULL
-
1X
VH
YD
VXSXQH
WHOHYL]RUXO
OD
DF LXQHD
UHJXOL
GLUHFW F OGXU
D UD]HORU VRODUH 3HQWUX D
L D DOWRU VXUVH GH LQFHQGLLOH VDX QX
SUHYHQL
SR]LWLRQDWL
QLFLRGDWDOXPDQDUL
IODFDUD
-
6H VWDELOHVF QLYHOH PLQLPH GH OXPLQR]LWDWH L FRQWUDVW ñQ FDGUXO F URUD WHOHYL]RUXO
GHVFKLVD SH VDX LQ DSURSLHUHD DSDUDWXOXL 79
SRDWH IL IRORVLW
-
$VLJXUD L DFFHV X RU SUL]D HOHFWULF
DO FDEOXOXL HOHFWULF OD
D DSDUDWXOXL
/D
IXQF LRQDUHD
FX
MRFXUL
YLGHR
VDX
FDOFXODWRU WHOHYL]RUXO QX VH YD IRORVL YUHPH ðQWUHUXS DVLJXU WRUXO GH DOLPHQWDUH D WHOHYL]RUXOXL QX GHFRQHFWDUHD FRPSOHW 'DF ñQ ñQGHOXQJDW I U SDX]H
GH OD UH HXD HOHFWULF IRORVLUHD
QX HVWH QHFHVDU GHFXUV GH YUHPH GH
WHOHYL]RUXOXL VH
ñQGHOXQJDW
GHFRQHFWHD]
QXUXO
-
7LSXO LQGLFDW GH GHIHFW DO FLQHVFRSXOXL QX FRQVWLWXLH XQ GHIHFW GH IDEULFD LH DFHHD JDUDQ LD QX HVWH YDODELO FD] L GH
UH HD GH OD SUL]D UH HOHL HOHFWULFH
ñQDFHVW
1 ðIUS@ DI@S@6 8PSQVGVD U@G@WDaPSVGVD D 6 8DI@T8PQVGVD
6H GHFRQHFWHD] WHFKHUXO QXUXOXL GH UH HD GH L FLQHVFRSXO SRW WXUL PRL PXLDWH OD SUL]D UH HOHL HOHFWULFH &RUSXO IL FXU DWH FX DMXWRUXO XQHL GH DS FX HV
1 AVI8 D6 kTPHIl
'DF WHOHYL]RUXO QX VH GHFRQHFWHD] GXS FH SRVWXO GH WHOHYL]LXQH LD WHUPLQDW HPLVLXQLOH WUHFH DXWRPDW OD UHJLPXO GHD WHSWDUH GXS PLQXWH GH OD WHUPLQDUHD IXQF LRQ $FHDVW VH J IXQF LH QX HVWH YDODELO F
ñQWUR VROX LH VODE YRU IRORVL VROX LL /D
FX GHWHUJHQW 1X VH GH EHQ]RO L
FRQ LQXW VH
EHQ]LQ ñQF
WHOHYL]RU 'H
SRDWH
DFXPXOD FX
ULL SRVWXOXL
UFDUH
HOHFWULF
DFHHD
FRQWDFWXO
QG WHOHYL]RUXO
WHOHYL]RUXO VH YD IDFH FX SUHFDX LH
VH WH ñQ UHJLPXO $9
$&&(625, , /(
6H YHULILF GDF ñQ FRPSOHWXO WHOHYL]RUXOXL VXQW LQFOXVH DFFHVRULLOH LQGLFDWH PDL MRV
, QVWUXF LXQLOH GH H[SORDWDUH 3XSLWUXO GH WHOHFRPDQG (85$5 37&
T
%DWHULLOH SHQWUX 37& EXF GLPHQVLXQHD 5 80
*DUDQWLD 3DQ (XURSHDQD
%DWHULLOH SHQWUX 37&
7UDJH L FDUH
L LQH L F
UOLJXO GXS FDSDFXO , QWURGXFH L EDWHULLOH DWHQ LH OD SRODULWDWHD FRUHFW L
GHVFKLGH L
FRPSDUWLPHQWXOXL GH EDWHULL
-6H YHULILF -1X
GDF
EDWHULLOH VXQW LQVWDODWH ñQ 37& FRQIRUP FX FHOH YHFKL HSXL]DUHD
LQGLFD LLORU GLQ VFKHP
VH YRU LQVWDOD EDWHULL QRL ñPSUHXQ
%DWHULLOH YHFKL VH YRU ñQO GXUDWHL GH VHUYLFLX
WXUD LPHGLDW GXS
-1X VH YRU LQVWDOD EDWHULL GH GLYHUVH WLSXUL GH H[HPSOX FX
3XQH L FDSDFXO OD ORF ILHUQLFKHO L PDQJDQ L QX VH YRU IRORVL EDWHULL GH DFXPXODWRDUH 1L&G 1L 0+
, 16758& , 81, '( 3251, 5( 5$3, ' $ 7(/(9, =258/8,
6H FRQHFWHD] FDEOXO DQWHQHL L VH UDFRUGHD] XWLODMXO DX[LOLDU
$9
5HFLYHU 6DWHOLW
$9
6$8
$9
9&5 '9'5
$9
, QL LDO VH FRQYLQJH GDF YLGHR '9'5 VH J
PDJQHWRIRQXO
VH WH ñQ UHJLP GH
D WHSWDUH 6WDQGE\ 6H UDFRUGHD] WHOHYL]RUXO L VH FRQHFWHD]
, 16758& , 81, '( 3251, 5( 5$3, ' $ 7(/(9, =258/8,
$OHJH L OLPED GXPQHDYRDVWU DUD
6H DSDV
EXWRQXO 5R X
6H ñQFHSH UHJODUHD L FDUH DXWRPDW ñQ FDUH DVLJXU D GHSLVWDUHD SRVWXULORU PHQ LQHUHD IXQF LRQHD] PHPRULH ñQ ORFDOLWDWHD
GXPQHDYRDVWU
)RORVL L PHQLXO GH HGLWDUH D SURJUDPHORU SHQWUX D VFRDWH GLQ PHPRULH FDQDOH SH FDUH QX OH PDL GRUL L YH]L SDJ $S VD L EXWRQXO 79$9 SHQWUX 79$9
D ñQFKLGH SURJUDPXO
/D LQVWDODUHD XQXL QRX 4/, 1. DO PDJQHWRIRQXOXL YLGHR '9'5 FRPSDWLELO DFHVWD SRDWH IL LPHGLDW FRQHFWDW 7UDQVPLWH L LQVWUXF LXQL GH DFRUGDM F WUH DS UDWXO YLGHR SULQ DSDVDUHD
EXWRQXOXL DOEDVWUX GH OD PHQLXO (GLWRUXOXL GH SURJUDPH YH]L SDJ /D LQVWDODUHD XQXL QRX 1(;79, (:/, 1. [. . . ] DO PDJQHWRIRQXOXL YLGHR '9'5 FRPSDWLELO HVWH QHFHVDU D LQL LD LQWURGXFHUHD GDWHORU ñQ UHJLP PDQXDO &LWL L LQIRUPD LD GHWDOLDW
-
ñQ LQVWUXF LXQLOH PDJQHWRIRQXOXL YLGHR '9'5 VHOHFWD L RS LXQHD 7UDQVPLWHUH
'DF
DSDUDWXO YLGHR QX SULPH WH GDWH GH OD WHOHYL]RU WUHEXLH V
-
GH OD PHQLXO DSDUDWXOXL YLGHR 'DF GH OHJ 4OLQLD QX IXQF LRQHD] WXU kJURVl L OD XWLODMXO UDFRUGDW YH]L D SDJ L VH YHULILF UDFRUGDUHD OD IL D WHOHYL]RUXOXL $9 VDX $9 FRUGRQXO
, QIRUPD LL PDL GHWDOLDWH UHIHULWRDUH OD 4OLQLH
8QHRUL VH SRW REVHUYD X RDUH ñQFOLQ HFUDQXOXL SXULWDWHD FXORULL ðQ FD] F ñQO WXUD DFHVWH GHIHFWH L YHULILFD L F SURFHGXULOH $73
UL DOH LPDJLQLL VDX SRW DSDUH SHWH FRORUDWH ñQ FRO XULOH HVWH QHYRLH IXQF LD GH FRUHF LH JHRPDJQHWLF SRDWH
0DL ñQW
L ñQF
UFDUHD 4/LQN DX IRVW HIHFWXDWH FRPSOHW 3H HFUDQ
QX WUHEXLH V
H[LVWH QLFL XQXO GLQWUH PHQLXULOH GH HFUDQ LQWUD L ñQ RS LXQHD GH PHQLX
8rpv
)RORVLQG WDVWHOH LQGLFDWH GH SH WHOHFRPDQG &RUHFWDUH JHRPDJQHWLF
Brhtrvp
L XUPD L SURFHGXUD GH PDL MRV SHQWUX H[SOLFD LL
FRPSOHWH GHVSUH VLVWHPXO GH PHQLX 2Q 6FUHHQ 'LVSOD\ $IL DM SH (FUDQ YH]L SDJ
, 16758& , 81, '( 3251, 5( 5$3, ' $ 7(/(9, =258/8,
0(18 6D GHVFKLGH PHQLXO 3ULQFLSDO
6H GHSODVHD]
I
LD GH DOHJHUH OD
PHQLXO GH 6HWDUH
6H UHDOL]HD] 6HWDUH
DFFHVXO OD PHQLXO GH
6H GHSODVHD] *HRPDJQHWLF
I
LD GH DOHJHUH OD
6H UHDOL]HD] *HRPDJQHWLF
DFFHVXO OD
5HJOD L GHYLD LD LPDJLQLL GH OD D[D YHUWLFDO VDX RUL]RQWDO GXS FD] 79$9
6H DSDV
EXWRQXO 79$9 SHQWUX
LH LUHD GLQ PHQLXO *HRPDJQHWLF
)XQF LXQHD &RUHF LH JHRPDJQHWLF HVWH DFFHVLELO WHOHYL]RUXOXL
3HQWUX GHVFKLGHUH DS VD L ñQ ORFXO LQGLFDW L GHJDMD L FDSDFXO
L GLQ SDQRXO DQWHULRU DO
$S F
VD L EXWRQXO
A
ñQ PRG UHSHWDW S
Q
)
QG SH HFUDQ YD DSDUH IXQF LD GH FRUHF LH
JHRPDJQHWLF
$S S Q
VD L EXWRDQHOH F
VDX
A
ñQ PRG UHSHWDW
)
QG LPDJLQHD YD IL DPSODVDW
RUL]RQWDO 3HQWUX UHYHQLUHD OD HFUDQXO QRUPDO VH DSDV ñQF RGDW EXWRQXO ðQFKLGH L
FDSDFXO SHQWUX D SUHYHQL GHWHULRUDUHD DFHVWXLD
'LQ DFHVW PRPHQW WHOHYL]RUXO HVWH JDWD SHQWUX UHFHS LRQDUHD SURJUDPHORU D FXUVRUXOXL DVLJXU ñQGHSOLQLUHD D GRX IXQF LL SULQFLSDOH
%XWRDQHOH GH FRPDQG
5HJODUHD YROXPXOXL
6FKLPEDUHD SURJUDPHORU
25*$1(/( 35, 1&, 3$/( '( &20$1' 3( 3$128/ ', 1 )$
, /$ 37&
ðQWUHUXS
WRUXO
-DFXULOH $XGLR9LGHR GH WLSXO 5&$ YH]L SDJ VWDELOLUHD -DFXO GH UDFRUGDUH D DSDUDWXULL ULORU ULL YLGHR D IRUPDWXOXL l6 9+6l SDJ -DF GH UDFRUGDUH D F WLORU YH]L SDJ
GH DOLPHQWDUH &21(&7$7 '(&21(&7$7 &XORDUHD UR LH LQGLF
UHJLPXOXL GH D WHSWDUH 675 PHQ LQHUHD UHJO
6H IRORVH WH SHQWUX PHPRUDUHD DFRUG FDQDOHORU L UHJO
ULORU DOWRU IXQF LL
) $OHJHUHD IXQF LLORU 5HSURGXFHUHD DSDV GH F IXQF LHL PHGLXOXL GH HFUDQ VH
&RPXWDWRUXO 79$9 YH]L SDJ 6H P QXP UH WH VDX VH PLF RUHD] UXO SURJUDPXOXL 'DF FX R XQLWDWH
WH RUL HVWH QHFHVDU SHQWUX DOHJHUHD
XQHLD GLQ IXQF LLOH H[LVWHQWH 9ROXP &RQWUDVW %ULJKWQHVV /XPLQR]LWDWH &RORU &RORULWDWH GH FXORUL ñQ MRDV ñQDOW 7XQLQJ GH GH PRGH
IXQF LD HVWH ñQ ñQ YHGHUHD
VWDUH GH UHSURGXFHUH VH DSDV P ULULL VDX PLF RU
6KDUSQHVV &ODULWDWH 7LQW 1XDQ VLVWHPXO 176& %DVV )UHFYHQ
ULL IXQF LHL DOHVH
VRQRULWDWH VRQRULWDWH
7UHEOH %DODQFH
)UHFYHQ %DODQV
5HJLP GH UHJODUH
L *HRPDJQHWLF FRUUHFWLRQ
&RQHFWDUHD GHFRQHFWDUHD DQWXUDMXOXL VRQRU
&RUHF LH JHRPDJQHWLF ðQWUHUXS
WRUXO UHJLPXOXL GH
D WHSWDUH &RQHFWDW 'HFRQHFWDW %XWRQXO GH VWDUH 6H DSDV SHQWUX UHSURGXFHUHD
'HFRQHFWDUHD VXQHWXOXL
%XWRQXO GH ñQUHJLVWUDUH GLUHFW OD WHOHYL]RU YH]L SDJ
GH
SR]L LHL SURJUDPXOXL GHQXPLUHD SURJUDPXOXL QXP UXO FDQDOXOXL L %XWRQ 1 1RUPDOL]DUH $GXFH WRDWH VHW ULOH ñQDSRL OD
VLVWHPXO GH WHOHYL]LXQH WLPSXO UHJLPXO VWHUHRIRQLF
L WDEHOXOXL GH
QLYHOHOH SUHVWDELOLWH
SURJUDP SDJ %XWRQXO GH DOHJHUH D IRUPDWXOXL GH LPDJLQH SDJ %XWRQXO 2.
6HOHFWDUH 6FKLPEDUH , HúLUH
6H GHSODVHD]
I
LD GH DOHJHUH
OD SR]L LD QHFHVDU
0HQLX SULQFLSDO
79$9
6H P
UH WH VDX VH PLF RUHD] ULL DOHVH
QLYHOXO UHJO
6H DSDV
EXWRQXO 79$9 ñQ
YHGHUHD LH LULL GLQ PHQLXO 3ULQFLSDO
0RG GH YL]LRQDUH 'LQDPLF , PDJLQH 6XQHW 6HWDUH
0RG GH YL]LRQDUH
0RG GH YL]LRQDUH Y
SHUPLWH V
DOHJH L XQD GLQ FHOH WUHL IRUPH DOH FRQILJXUD LHL
'LQDPLF 1RUPDO VDX &LQHPD
, PDJLQH
$FHVW PHQLX SHUPLWH UHJODUHD FDOLW
LL GH LPDJLQH
6XQHW
0HQLXO GH 6XQHW SHUPLWH DOHJHUHD GH SDUDPHWUL QHFHVDUL DL DFRPSDQLDPHQWXOXL VRQRU
6HWDUH
0HQLXO GH 6HWDUH DVLJXU
DFFHVXO OD GLYHUVH GLQ FHOH PDL QRL IXQF LL SUHFXP
L
OD PHQLXO GH DFRUG GH SURJUDPH
, 0$*, 1(
$FHVW PHQLX SHUPLWH UHJODUHD FDOLW LL GH LPDJLQH
6D GHVFKLGH PHQLXO 3ULQFLSDO 0(18
2.
6HOHFWDUH 6FKLPEDUH , HúLUH
6H GHSODVHD]
I
LD GH DOHJHUH OD
PHQLXO GH , PDJLQH
5HYHQLUH
, PDJLQH
6H GHVFKLGH PHQLXO , PDJLQH
6H GHSODVHD] SR]L LD QHFHVDU
I
LD GH DOHJHUH OD
6H P
UH WH VDX VH PLF RUHD] ULL DOHVH 79$9
QLYHOXO UHJO
0RG GH YL]LRQDUH 'LQDPLF &RQWUDVW /XPLQR]LWDWH &XORDUH &ODULWDWH 7HPS GH FXORUL 1RUPDO 315 $XWR
, PDJLQH
6H DSDV
EXWRQXO 79$9 SHQWUX
LH LUHD GLQ PHQLXO , PDJLQH 1 $S VD L EXWRQXO 1 SHQWUX
UHñQWRDUFHUHD OD UHJLPXO GH IDEULF
0RG GH YL]LRQDUH
0RG GH YL]LRQDUH GLQ PHQX Y SHUPLWH PRGLILFD L V LV DOHJH L V
0RG GH YL]LRQDUH 1RUPDO &RQWUDVW /XPLQR]LWDWH &XORDUH &ODULWDWH 7HPS GH FXORUL 1RUPDO 315 $XWR
, PDJLQH
L
GHSR]LWD L WUHL
PRGXUL GLIHUWH GH LPSOLPHQWDUH D LPDJLQLL r 'LQDPLF 1RUPDO &LQHPD 3HQWUX ILHFDUH GLQ DFHVWH
RS LXQL DOH 0RG
GH YL]LRQDUH
SRW IL DOH L GLIHUL L SDUDPHWUL FD FRQWUDVW OXPLQR]LWDWH QXDQ GRDU ñQ FRQIRUPLWDWH FX
QRUPHOH 176& FXORDUH FODULWDWH &RQWUDVWXO
0RG GH YL]LRQDUH &LQHPD &RQWUDVW /XPLQR]LWDWH &XORDUH &ODULWDWH 7HPS GH FXORUL 1RUPDO 315 $XWR
L FHUXWH L ñQ IXQF LH GH WLSXO
L WRQXO FXORULORU SRW IL DMXVWDWH
WUDQVPLVLXQLORU GH H[HPSOX SXWH L VWDELOL GLIHUL L SDUDPHWULL SHQWUX LPDJLQL GLQ VSRUW GLQ ILOPH WLUL HWF SHUPLWH V DOHJH L PD[LPXP WUHL SRVLELOLW L SHQWUX VXQHW 5)
0RG GH YL]LRQDUH Y
$9 $9 $9 LQFOX]ñQG 5*% 3ULQ DQDOL]DUHD WRDWH FHOH WUHL PRGXUL LHV ñQ HYLGHQ
L SUHOXFUDUHD LPDJLQLL XOWHULRDUH D LPDJLQLL &X
SULQ FRQVROLGDUHD DXWRPDW Y
&RQWUDVW /XPLQR]LWDWH &XORDUH &ODULWDWH 1XDQ 176& 7HPS GH FXORUL 3 15
DMXWRUXO EXWRQXOXL 1 GH OD WHOHFRPDQG IDEULF
SXWH L ñQWRDUFH OD SDUDPHWULL LQL LDOL GH
SHQWUX DOHJHUHD VXUVHL SHQWUX VXQHW
1LYHOXULOH GH FRQWUDVW OXPLQR]LWDWH FRORULWDWH QXDQ UHJOD ñQ FRQIRUPLWDWH FX FRQGL LLOH LOXPLQDWXOXL H[WHULRU
176&
L FODULWDWH VH SRW
L JXVWXO VSHFWDWRUXOXL
6DELOLUHD EDODQVXOXL GH FXORUL FDUH SHUPLWH VWDELOLUHD WRQXOXL JHQHUDO GH FXORDUH D LPDJLQLL
315 UHGXFH DXWRPDW SDUD]L LL QHGRUL L GH LPDJLQH
681(7
0HQLXO 6XQHW SHUPLWH DOHJHUHD GH SDUDPHWUL QHFHVDUL DL DFRPSDQLDPHQWXOXL VRQRU
6D GHVFKLGH PHQLXO 3ULQFLSDO 0(18
6H GHSODVHD] I LD GH DOHJHUH OD PHQLXO GH 6XQHW
6HOHFWDUH 5HJODM , HúLUH
2.
5HYHQLUH
6H UHDOL]HD] DFFHVXO OD PHQLXO GH 6XQHW
6XQHW
6H GHSODVHD]
I
LD GH
DOHJHUH OD SR]L LD QHFHVDU
6H P
UH WH VDX VH PLF RUHD] ULL DOHVH
QLYHOXO UHJO
9ROXP 6XQHWH MRDVH 6XQHWH vQDOWH %DODQV 03; 0RG $PELDQ
79$9
6WHUHR 0X]LF 2SULW
6H DSDV
EXWRQXO 79$9
SHQWUX LH LUHD GLQ PHQLXO 6XQHW
9ROXP 6XQHWH MRDVH
5HJODUHD YROXPOXL DVLJXU
VWDELOLUHD QLYHOXOXL JHQHUDO DO VXQHWXOXL
5HJODUHD IUHFYHQ HORU MRDVH SHUPLWH UHOLHIDUHD IUHFYHQ HORUMRDVH IUHFYHQ HOH MRDVH FDUH SRW IL P ULWH VDXPLF RUDWH
GH VXQHW
6XQHWH ñQDOWH
5HJODUHD IUHFYHQ HORU ñQDOWH SHUPLWH UHOLHIDUHD IUHFYHQ HORUñQDOWH FDUH SRW IL P ULWH VDXPLF RUDWH
%DODQV
5HJODUHD EDODQVXOXL GHWHUPLQ GLQ VW QJD
UDSRUWXO GH QLYHOH GH VRQRULWDWH ñQWUH GLIX]RDUHOH ñQ D D IHO ñQF W UDSRUWXO
L GLQ GUHDSWD 5HJODUHD SRDWH IL HIHFWXDW FRUHVSXQG
QLYHOXULORU GH VRQRULWDWH V
SR]L LHL GXPQHDYRDVWU
03;
03; VH VWDELOH WH GH RELFHL OD 6WHUHR ñQ VFRSXO RE LQHULL FHOHL PDL EXQH UHSURGXFHUL D VXQHWXOXL 'DU GDF UHFHS LD VH IDFH FX GLVWRUVLXQL VDX
HPLVLXQHD VH IDFH ñQ UHJLP PRQRIRQLF VH UHFRPDQG 'DF 0
WUHFHUH OD UHJLPXO 0RQR
VHPQDOHOH VH WUDQVPLW GH DVHPHQHD SRDWH IL DOHV UHJLPXO PRQRIRQLF L 0
0RG $PELDQ
6XQHWXO SRDWH IL ñPEXQ
W
LW FX DMXWRUXO DOHJHULL IXQF LHL 0X]LF
VDX 9RUELUH
)XQF LD GH DPELDQ VWHUHRIRQLF
VRQRU
DVLJXU
VSRULUHD GLQDPLF
D HIHFWXOXL GH VRQRULWDWH
6(7$5(
0HQLXO 6HWDUH DVLJXU DFFHVXO OD GLYHUVH GLQ FHOH PDL QRL IXQF LL SUHFXP L OD PHQLXO GH DFRUG GH SURJUDPH
0(18 6D GHVFKLGH PHQLXO 3ULQFLSDO
6H GHSODVHD] I LD GH
6HOHFWDUH 6FKLPEDUH , HúLUH
2.
DOHJHUH OD PHQLXO GH 6HWDUH
5HYHQLUH
6HWDUH
6H UHDOL]HD]
DFFHVXO OD
PHQLXO GH 6HWDUH
6H GHSODVHD]
I
LD OXPLQDW
GH DOHJHUH ñQ SR]L LD QHFHVDU
6H P
UH WH VDX VH PLF RUHD] VH DOHJ
QLYHOXO GH UHJODUH DOHDV
YDULDQWHOH QHFHVDUH VH UHDOL]HD] DFFHVXO OD XUP WRUXO PHQLX
6H DSDV
EXWRQXO 79$9 GH
79$9
, HúLUH $9 7HOHWH[W 7LPS GHFRQHFWDUH /LF ULUH 4/LQN /LPEDM WH[W $FRUG /LPE PHVDMH *HRPDJQH LF
79 )/2) 2SULW $FWLYDW $9 (VW
LH LUH GLQ PHQLXO 6HWDUH
, H LUH $9
2IHU
R DOHJHUH D VHPQDOHORU FH XUPHD]
D IL WUDQVPLVH F
WUH PXID $9 6FDUW
6H SRDWH DOHJH VHPQDOXO GH WUDQVPLVLH SURJUDPXO FXUHQW VHPQDOHOH GH LQWUDUH ñQ MDFXULOH $9 $9 VDX LH LUHD PRQLWRUXOXL LPDJLQHD UHSURGXV HFUDQXO WHOHYL]RUXOXL $FHDVWD HVWH GHSHQGHQW GH VHW ULOH 4 /LQN YH]L SDJ SH
, H LUH $9
2IHU
R DOHJHUH D VHPQDOHORU FH XUPHD]
D IL WUDQVPLVH F
WUH PXID $9 6FDUW
6H SRDWH DOHJH VHPQDOXO GH WUDQVPLVLH SURJUDPXO FXUHQW VHPQDOHOH GH LQWUDUH ñQ MDFXULOH $9 $9 VDX LH LUHD PRQLWRUXOXL LPDJLQHD UHSURGXV HFUDQXO WHOHYL]RUXOXL $FHDVWD HVWH GHSHQGHQW GH VHW ULOH 4 /LQN YH]L SDJ SH
7HOHWH[W
6WDELOLUHD
I
LHL
OXPLQDWH
GH
DOHJHUH
OD
SR]L LD
7 HOHWH[W
SHUPLWH
DOHJHUD
UHJLPXOXL GH WHOHWH[W )/2) VDX /, 67 9H]L SDJ
7LPS GHFRQHFWDUH
5HJXODWRUXO GH WLPS GH GHFRQHFWDUH YD GHFRQHFWD WHOHYL]RUXO OD LQWHUYDOXO GH WLPS GLQDLQWHVWDELOLW FDUH SRDWH IL DOHV ñQ OLPLWHOH GH OD S VFKLPE ñQ SD L GH F WH PLQXWH Q OD PLQXWH VH
/LF ULUH
)OLFNHU ðQ SR]L LD k2Ql IXQF LD GH ñQO UHJXO FHD PDL EXQ
WXUDUH D SñOSñLULL LPDJLQHL DVLJXU
GH
FDOLWDWH GH LPDJLQH 7 RWX L HVWH SRVLELO FD ñQ FDGUXO
WUDQVPLWHULL XQRU SURJUDPH GH WHOHYL]LXQH D VH RE LQH UH]XOWDWH PDL EXQH GHFRQHFWñQG IXQF LD GDW SR]L LD k2IIl
6(7$5(
4/LQN
4 OLQLD SHUPLWH FRQHFWDUHD $9 VDX $9 L GHFRQHFWDUHD UHJLPXOXL GH
WUDQVPLWHUH D GDWHORU OD PDJQHWRIRQXO YLGHR '9'5 FRPSDWLELO 9H]L SDJ $IL DUHD SHQWUX LH LUHD $9 VDX $9 GHSLQGH GH IXQF LD 4 /LQN $WXQFL F QG IXQF LD 4 /LQN HVWH VHWDW ñQ PRG GH VHWDUH 2)) GH]DFWLYDW VDX
SH $9 ñQ PHQLX YD IL DIL DW $9 $WXQFL F QG IXQF LD 4 /LQN HVWH VHWDW SH $9 ñQ PHQLX YD IL DIL DW $9
/LPEDM WH[W
6HOHFWHD]
PXO LPHD GH FDUDFWHUH DVWIHO ñQF
W WRDWH FDUDFWHUHOH QHFHVDUH VXQW
GLVSRQLELOH SHQWUX SDJLQL WH[W
Hq Gviv Wr) @ ) @!)
&HK 0HQLXO GH
L WHOHWH[W GH H[ FDUDFWHUH FKLULOLFH HWF
(QJOH] (QJOH]
)UDQFH]
*HUPDQ /HWRQ
*UHDF 5RP Q
, WDOLDQ 5XV Q
6SDQLRO
6XHGH]
7XUF
(VWRQLDQ
8FUDLQHDQ /LWXDQLDQ
/LWXDQLDQ
8QJDU
/HWRQ
3RORQH]
5RP
$FRUG
DFRUG
DVLJXU
DFFHVXO
OD
PDL
PXOWH
IXQF LL
LQFOX]
QG
(GLWDUH L
SURJUDP 6HWDUH DXWRPDW
$FRUG ILQ $FRUG PDQXDO 6LVWHPXO GH FXORDUH
&RUHF LH YROXP 9H]L SDJ
/LPE PHVDMH
3R]L LD /LPE
PHVDMH SHUPLWH DOHJHUHD OLPELL FDUH VH IRORVH WH SHQWUX PHQLXULOH
GH HFUDQ 9H]L SDJ
*HRPDJQHWLF
'DF
REVHUYD L R X RDU
EDODQVDUH LPDJLQLL VDX VXQW SHWH FRORUDWH ñQ FRO XULOH RS LXQH SHQWUX D OH HOLPLQD 9H]L (WDSD SDJLQD
HFUDQXOXL IRORVL L DFHDVW *KLG GH 3RUQLUH 5DSLG
$&25'
0HQLXO $FRUG DVLJXU DFFHVXO OD PHQLXO GH DFRUGDUH PDQXDO DXWRPDW L GH SUHFL]LH DOH FDQDOHORU
0(18 6H GHVFKLGH PHQLXO 3ULQFLSDO
6H GHSODVHD]
I
LD GH
DOHJHUH OD PHQLXO GH 6HWDUH
&+ 0HPRUDUH
OD $FRUG
6H UHDOL]HD]
DFFHVXO OD
PHQLXO GH 6HWDUH
2.
6HOHFWDUH $FFHV , HúLUH $FFHV $XWR 2SULW
6H GHSODVHD]
I
LD OXPLQDW
5HYHQLUH
$FRUG
6H UHDOL]HD]
DFFHVXO OD
PHQLXO GH $FRUG
6H GHSODVHD]
I
LD OXPLQDW
GH
DOHJHUH OD SR]L LD QHFHVDU
6H P
UH WH VDX VH PLF RUHD]
QLYHOXO GH UHJODUH DOHV VH DOHJ YDULDQWHOH QHFHVDUH VDX VH UHDOL]HD] DFFHVXOOD PHQLXO XUP WRU
(GLWDUH SURJUDP $FRUG DXWRPDW $FRUG PDQXDO $FRUG ILQ 6LVWGH FXORDUH &RUHF LH YROXP 'HFRGRU $9
79$9
6H DSDV
EXWRQXO 79$9 SHQWUX
D LH L GLQ PHQLXO 6HWDUH
(GLWDUH SURJUDP
5HDOL]DUHD DFFHVXOXL OD PHQLXO GH HGLWDUH SURJUDP DVLJXU VFKLPEDUH D RUGLQLL GH DPSODVDUH D SURJUDPHORU GH DG D SURJUDPXOXL GH D GD GHQXPLUH SURJUDPHORU L GH
SRVLELOLWDWHD GH
XJDUH VDX HOLPLQDUH D EORFD DFFHVXO OD
SURJUDPH SUHFXP 9H]L SDJ
L D UHDOL]D DFFHVXO OD PHQLXULOH VLVWHPHORU GH WHOHYL]LXQH
$FRUG DXWRPDW $FRUG PDQXDO $FRUG ILQ 6LVW GH FXORDUH &RUHF LH YROXP 'HFRGRU $9 VDX 'HFRGRU $9
0HQLXO GH VHWDUH DXWRPDW
SHUPLWH DFRUGDUHD DXWRPDW
D WHOHYL]RUXOXL OD
SRVWXULOH H[LVWHQWH 9H]L SDJ
0HQLXO
GH
DFRUG
PDQXDO
DVLJXU
HIHFWXDUHD
DFRUG
ULL PDQXDOH
D GLYHUVH
SURJUDPH 9H]L SDJ
&X DMXWRUXO PHQLXOXL GH DFRUGDUH SUHFLV SUHFL]LH D SURJUDPXOXL
VH SRDWH HIHFWXD DFRUGDUHD GH
&X
DMXWRUXO
PHQLXOXL
GH
DOHJHUH
D
VLVWHPXOXL
GH
FXORDUH
VH
SRDWH
DOHJH
VWDQGDUGXO GH WUDQVPLVLXQH D VHPQDOXOXL GH WHOHYL]LXQH
&RUHFWDUHD YROXPXOXL VRQRU SHUPLWH UHJODUHDQLYHOXOXL GH YROXP VRQRU SHQWUX GLYHUVH SRVWXUL
$FHDVW
RS LXQH HVWH XWLOL]DW
DWXQFL F
QG HVWH FRQHFWDW XQ GHFRGRU SULQ $9 ñQGHSOLQHDVF SUHOXFUDUHD VHPQDOXOXL
VDX $9 'DF
GHFRGHUXO WUHEXLH V
FRGLILFDW VH VWDELOH WH OD 2Q FRQHFWDW GXS GHFRQHFWDW
WHUPLQDUH VH VWDELOH WH OD 2II
$&25' (', 7$5( 352*5$0
0HQLXO GH HGLWDUH SURJUDP SHUPLWH VFKLPEDUHD RUGLQLL GH DPSODVDUH D SURJUDPHORU
6H GHVFKLGH PHQLXO 3ULQFLSDO 0(18
&+ 0HPRUDUH 5HYHQLUH
$FRUG
6H GHSODVHD]
I
LD GH
2.
6HOHFWDUH $FFHV , HúLUH
DOHJHUH OD PHQLXO GH 6HWDUH
6H UHDOL]HD]
DFFHVXO OD
$FFHV $XWR 2SULW
PHQLXO GH 6HWDUH
6H GHSODVHD]
I
LD GH
DOHJHUH OD PHQLXO GH DFRUG
6H UHDOL]HD]
DFFHVXO OD UL
PHQLXO GH DFRUG
6H GHSODVHD]
I
LD GH DOHJHUH
(GLWDUH SURJUDP $FRUG DXWRPDW $FRUG PDQXDO $FRUG ILQ 6LVWGH FXORDUH &RUHF LH YROXP 'HFRGRU $9 0HPRUDUH 5HYHQLUH
OD SR]L LD GH HGLWDUH SURJUDP
2.
6HOHFWDUH $FFHV , HúLUH
DOHJHUH OD PHQLXO GH 6HWDUH
6H UHDOL]HD]
DFFHVXO OD
PHQLXO GH 6HWDUH
6H WUHFH OD PHQLXO $FRUG
6H UHDOL]HD] PHQLXO $FRUG
DFFHVXO OD
6H WUHFH OD SR]L LD $FRUGDUHD PDQXDO
(GLWDUH SURJUDP $FRUG DXWRPDW $FRUG PDQXDO $FRUG ILQ 6LVWGH FXORDUH &RUHF LH YROXP 'HFRGRU $9
$FFHV $XWR 2SULW
6H UHDOL]HD]
DFFHVXO OD
0HQLXO GH DFRUG PDQXDO
6H DOHJH FDQDOXO FDUH XUPHD] D IL DFRUGDW
0HPRUDUH
ULL
2.
6H ñQFHSH HIHFWXDUHD DFRUG
'XS
FH SURJUDPXO QHFHVDU
D IRVW DFRUGDW VH DSDV EXWRQXO 2. SHQWUX S UHJO ULL ñQ PHPRULH VWUDUHD
&+
5HYHQLUH
3URJUDP /DQVDUH F XWDUH , HúLUH
$FRUG PDQXDO
79$9
6H DSDV
EXWRQXO 79$9 ñQ ULL LH LULL GLQ
YHGHUHD UHDOL]
UHJLPXO GH DFRUGDUH PDQXDO
$&25' $&25' 0$18$/
$FRUGDHD PDQXDO SDQRXO DQWHULRU DO WHOHYL]RUXOXL
6H DSDV S Q F EXWRQXO ) SDQRXO DQWHULRU )
QG QX DSDUH k5HJLPXO GH
DFRUGDUHl
6H DSDV
EXWRQXO VDX SHQWUX
UHDOL]DUHD DFFHVXOXL OD 5HJLPXO GH DFRUGDUHl
&X DMXWRUXO DS
V
ULL SH EXWRQXO GHSODVDUHD ñQWUH
79$9
79$9 VH UHDOL]HD]
k6FKLPEDUH SURJUDPk k/DQVDUH F XWDUHl L k6FKLPEDUH VLVWHP 79l
6H DSDV
EXWRQXO VDX SHQWUX
VFKLPEDUHD FDQDOXOXL FRQHFWDUHD F XW ULL SRVWXOXL VDX VFKLPEDUHD
0RGXO DFRUGDUH ) 1X 'D 675 &+ 6&
$FRUG PDQXDO 3DQRXO IURQWDO
VLVWHPXOXL 79
'XS
FH SRVWXO QHFHVDU D IRVW J EXWRQXO 675 SHQWUX ULORU
VLW
675
)
79$9
VH DSDV S
VWUDUHD VFKLPE
6H UHSHW
SURFHGXUD GHVFULV
PDL )
VXV SHQWUX DFRUGDUHD DOWRU SURJUDPH VDX VH DSDV EXWRQXO ) SHQWUX
LH LUHD GLQ UHJLPXOGH DFRUGDUH
79$9 675 ) 675
/DQVDUH F XWDUH 0XWD FXUVRUXO 0HPRUDUH , HúLUH ) 79$9
/, 0% 0(6$-(
/D HIHFWXDUHD UHJO ULORU LQL LDOH OLPED PHQLXOXL GH HFUDQ VH DOHJH RGDW FX DOHJHUHD ULL 'DF GRUL L V IRORVL L R DOW OLPE DFHDVWD SRDWH IL DOHD] GLQ PHQLXO GH HFUDQ /LPE PHVDMH
6H GHVFKLGH PHQLXO 3ULQFLSDO 0(18
2.
6HOHFWDUH $FFHV , HúLUH
6H GHSODVHD]
I
LD GH
DOHJHUH OD PHQLXO GH 6HWDUH
5HYHQLUH
6HWDUH
6H UHDOL]HD]
DFFHVXO OD
PHQLXO GH 6HWDUH
6H WUHFH OD PHQLXO /LPE PHVDMH PHQX
6H GHVFKLGH PHQLXO 26' ODQJXDJH PHQX
, HúLUH $9 7HOHWH[W 7LPS GHFRQHFWDUH /LF ULUH 4/LQN /LPEDM WH[W $FRUG /LPE PHVDMH *HRPDJQH LF
79 )/2) 2SULW $FWLYDW $9 (VW $FFHV
6H GHSODVHD]
FXUVRUXO
ñQ SR]L LD QHFHVDU
6H DSDV
EXWRQXO 79$9 79$9
2.
SHQWUX UHDOL]DUHD DOHJHULL L LH LUHD GLQ PHQLX
5HYHQLUH
/LPE PHVDMH
6HOHFWDUH OLPE 6HOHFWDUH OLPE , HúLUH
'HXWVFK (QJOLVK )UDQoDLV , WDOLDQR (//+1, . $ ýHãWLQD 5RPkQ 3ROVNL
(VSDxRO 1RUVN 'DQVN 6YHQVND 0DJ\DU 5XVVNLM 6ORYHQVN\ 6USVNL
1HGHUODQGV 6XRPL 7UNoH 3RUWXJXrV +UYDWVNL %XOJDULDQ 6ORYHQVNR
4/, 1, (
4OLQLH DVLJXU OHJ WXUD ñQWUH WHOHYL]RU L PDJQHWRIRQXO YLGHR '9'5
6H GHVFKLGH PHQLXO 3ULQFLSDO 0(18
2.
6HOHFWDUH 6FKLPEDUH , HúLUH
6H GHSODVHD]
I
LD GH DOHJHUH
OD PHQLXO GH 6HWDUH
5HYHQLUH
6HWDUH
6H UHDOL]HD]
DFFHVXO OD
PHQLXO GH 6HWDUH
6H WUDQVPLWH OD SR]L LD 4/LQN 4OLQLH
&RQYLQJH LY J
F
4OLQLD VH
VH WH ñQ SR]L LD k $FWLYDWl 79$9
6H DSDV
EXWRQXO 79$9 SHQWUX
, HúLUH $9 7HOHWH[W 7LPS GHFRQHFWDUH /LF ULUH 4/LQN /LPEDM WH[W $FRUG /LPE PHVDMH *HRPDJQH LF
79 )/2) RSULW $FWLYDW $9 (VW
UHDOL]DUHD LH LULL GLQ PHQLX
0DJQHWRIRQXO YLGHR '9'5 WUHEXLH V
ILH UDFRUGDW FX DMXWRUXO XQXL FDEOX FX IL L MDFXO FRUHVSXQ]
6&$57 WRDWH
IXQF LLOH FRQHFWDW ñQWUH MDFXO $9 VDX $9 DO WHOHYL]RUXOXL
WRU DO PDJQHWRIRQXOXL
YLGHR '9'5 9H]L LQVWUXF LXQLOH GH H[SORDWDUH D PDJQHWRIRQXOXL YLGHR '9'5 ñQ FDUH VXQW SUH]HQWDWH ñQ GHWDOLX LQIRUPD LLOH FX SULYLUH OD SUREOHPD SUH]HQW 4/LQN
1(;79, (:/, 1. VDX DOWH WHKQRORJLL
ñQUHJLVWUH]H
DQDORDJH WUDQVPLW FRPDQGD GH OD WHOHYL]RU OD PDJQHWRIRQXO YLGHR '9'5 FRPSDWLELO V SURJUDPXO GH WHOHYL]LXQH YL]LRQDW LQGLIHUHQW GH QXP VLPSOLILF SURFHVXO GH ñQUHJLVWUDUH D SURJUDPXOXL
UXO SURJUDPXOXL WUDQVPLV OD PDJQHWRIRQ FHHD FH
ðrtvhrh thyv phr ñ ry qh r rqpr r rphy ryrvyv
6H DSDV EXWRQXO GH SH 37& ', 5(&7 79 5(& ð15(*, 675$5( ', 5(&7 '( /$ 7(/(9, =25 ', 5(&7 79 5(& 'DF PDJQHWRIRQXO YLGHR '9'5 D IRVW GHFXSODW OD DS VDUHD EXWRQXOXL
', 5(&7 79 5(& DFHVWD VH YD FXSOD DXWRPDW 3H HFUDQXO WHOHYL]RUXOXL DSDUH FRPXQLFDUHD WUDQVPLV GH OD PDJQHWRIRQXO YLGHR '9'5 UHIHULWRDUH OD IDSWXO F PDJQHWRIRQXO YLGHR '9'5 VDX FRPXQLF F DFHDVW LQIRUPD LH HVWH ñQUHJLVWUDUW GH
ñQUHJLVWUDUHD QX SRDWH IL HIHFWXDW
ÌQUHJLVWUDUH VLVWDW 6FKLPEDW VXUV 79 ÌQUHJLVWUDUH vQ FXUV
0DJQHWRIRQXO YLGHR '9'5 ñQUHJLVWUHD] SURJUDPXO SDUYHQLW GLQ WXQHUXO SURSULX /D GRULQ VH SRDWH GHFRQHFWD WHOHYL]RUXO
ÌQUHJLVWUDUH VXUV 79
0DJQHWRIRQXO YLGHR '9'5 ñQUHJLVWUHD] ILH FRPXWDW 'DF VH YD IDFH DFHVW
SURJUDPXO SDUYHQLW GH OD WHOHYL]RU 3URJUDPXO QX WUHEXLH V
OXFUX PDJQHWRIRQXO YLGHR '9'5 ñQFHWHD] DXWRPDW ñQUHJLVWUDUHD L VH GHFRQHFWHD]
LSURJUDPXO VH SRDWH ñQUHJLVWUD FX DMXWRUXO PDJQHWRIRQXOXL YLGHR '9'5
1X vQUHJ 9HULILF
(VWH ñQGHS ñQUHJLVWU D FDVHWHL FX EDQG
GLVFFDVHW
PDJQHWLF
UWDW FOLFKHWXO GH SURWHF LH D
ULL DPSODVDW SH SDUWHD GLQ VSDWH
0DL MRV VXQW SUH]HQWDWH H[HPSOH GH FRPXQLF
UL FDUH VH SRW UHSURGXFH SH HFUDQXO WHOHYL]RUXOXL
'(6& 5&$5( Ì1 &856 'RZQORDG IDLOHG$ YHULILFD HTXLSPHQW
'HVFDUF '(6& 5&$5( 3URJUDP
4/, 1, (
6FKLPEXO GH LQIRUPD LL UHIHULWRU OD DFRUGDUHD FDQDOHORU
3HQWUX HIHFWXDUHD FRUHFW D ñQUHJLVWU ULL WHOHYL]RUXO L PDJQHWRIRQXO YLGHR '9'5 WUHEXLH V IDF VFKLPE GH LQIRUPD LL FX SULYLUH OD DFRUGDUHD FDQDOHORU YH]L SDJ
-
&
QG VH IRORVHVWH IXQFWLD GH DFRUGDUH DXWRPDWD D FDQDOHORU GDWHOH UHIHULWRDUH OD DFRUGDUHD
FDQDOHORU VH YRU WUDQVPLWH OD PDJQHWRIRQXO YLGHR '9'5
)XQF LD GH FRQHFWDUH DXWRPDW D DOLPHQW ULL
-
/D IRORVLUHD 4/LQN D PDJQHWRIRDQHORU FRPSDWLELOH 3DQDVRQLF H[LVW 'DF VH LQWURGXFH ñQ PDJQHWRIRQXO YLGHR '9'5 FDVHWD DXWRPDW L YD IL DOHDV
IXQF LL VXSOLPHQWDUH EXWRQXO GH UHSURGXFHUH
L VH DSDV
WHOHYL]RUXO VH FRQHFWHD] YL]LRQDUHD YLGHR 'DF VH GHFRQHFWHD]
LQWUDUHD $9 VDX $9 DVWIHO VH SRDWH ñQFHSH
WHOHYL]RUXO ñQ WLPS FH PDJQHWRIRQXO YLGHR '9'5 VH J
VH WH ñQ UHJLP GH
RSULUH 6WRS UHERELQDUHD UDSLG
ñQDLQWH )DVW )RUZDUG VDX ñQDSRL 5HZLQG PDJQHWRIRQXO YLGHR
'9'5 VH YD GHFRQHFWD DXWRPDW
ðQWUHUXSHUHD OHJ WXULL SULQ 4OLQLH
'DF QX GRUL L V IRORVL L 4OLQLH LQWUD L ñQ PHQLXO 6HWDUH L DOHJH L k'H]DFWLYDWl SHQWUX SR]L LD 4/LQN 9H]L SDJ
6r vr)
1X WRDWH PDJQHWRIRDQHOH YLGHR PHQ LQ DFHVW VLVWHP GH VFKLPE GH GDWH 8QHOH PHQ LQ DQXPLWH IXQF LL DOH DFHVWHL VLVWHPGDU QX PHQ LQ DOWHOH 9H]L LQVWUXF LXQLOH GH H[SORDWDUH D PDJQHWRIRQXOXL YLGHR '9'5 ñQ FDUH VXQW SUH]HQWDWH LQIRUPD LL PXOW PDL GHWDOLDWH ñQ DFHVW & QG 4/LQNXO QX DF LRQHD] ñQGHSOLQLUHD WXWXURU GH OD EXQ ñQFHSXW VH YHULILF IXQF LLORU 3HQWUX RE LQHUHD GDF GH SUREOHP UXW UDFRUGDW GHWDOLDWH
FRUGRQXO GH OHJ
DVLJXU
LQIRUPD LL
VXSOLPHQWDUH
DGUHVD LY
GHDOHUXOXL
8PH6I96 AVI8 DPI SDD H6BI@UPAPIVGVD WD9@PQD86QVGVDS 9@ 9DT8VSD VIDW@ST6G@ 6V9DPWD9@P
3XSLWUXO GH WHOHFRPDQG 37& SRDWH IL IRORVLW SHQWUX FRPDQGD GH IXQF LRQDUH D PDJQHWRIRQXOXL ULL VXQHWXOXL L LPDJLQLL YLGHRSLFDSXOXL5 GH GLVFXUL XQLYHUVDOH DXGLRYLGHR ñQ YHGHUHD ñQUHJLVWU '9' 'LYHUVH PDJQHWRIRDQH YLGHR L SLFDSXUL GH GLVFXUL XQLYHUVDOH DXGLRYLGHR GLVSXQ GH GLYHUVH LL VH DGUHVHD] LQVWUXF LXQLORU GH H[SORDWDUH D
IXQF LL VL GH DFHHD SHQWUX DVLJXUDUHD FRPSDWLELOLW
DFHVWXL XWLODM VDX FH FHUH FRQVXOWD LL GH OD RUJDQL]D LD FRPHUFLDO
DSURSULDW
6WDQGE\ $ WHSWDUH
6H DSDV DFHVW EXWRQ SHQWUX D FRPXWD PDJQHWRIRQXO YLGHRSLFDSXO5 GH GLVFXUL XQLYHUVDOH DXGLRYLGHR ñQ UHJLP GH D WHSWDUH 3HQWUX FRQHFWDUHD DSDUDWXOXL DFHVW EXWRQ VH YD DS VD ñQF RGDW
9&5
'9'
&RPXWDWRUXO 9&5 '9' 0DJQHWRIRQ YLGHR '9' SOD\HU
$FHVW FRPXWDWRU VH IRORVH WH SHQWUX DOHJHUHD FRPHQ]LL SLFDSXOXL GH GLVFXUL XQLYHUVDOH DXGLRYLGHR VDX D PDJQHWRIRQXOXL YLGHR5
3OD\ 5HSURGXFHUH
3HQWUX UHSURGXFHUHD EHQ]LL VDX GLVFXOXL VH DSDV DFHVW EXWRQ
6WRS 2SULUH
6H DSDV SHQWUX RSULUHD EHQ]LL VDX GLVFXOXL
6NLS 7UHFHUH OD DOW SLVW 5HZLQG 5HERELQDUH ñQDSRL 5HYLHZ 9L]LRQDUH
0DJQHWRIRQXO YLGHR 6H DSDV ñQDSRL /D DS HIHFWXHD] SHQWUX HIHFWXDUHD UHERELQ ULL EHQ]LL VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH D EHQ]LL ñQ VHQV LQYHUV R VLQJXU GDW SHQWUX WUHFHUHD UHSURGXFHUHD DFFHOHUDW
3LFDSXO GLVFXULORU XQLYHUVDOH5 6H DSDV OD SLVWD DQWHULRU D GLVFXOXL /D DS
VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH D LPDJLQLL ñQ VHQV
UHSURGXFHUH VH HIHFWXHD] LQYHUV
UHSURGXFHUHD DFFHOHUDW
6NLS 7UHFHUH OD DOW SLVW 5HZLQG 5HERELQDUH ñQDSRL 5HYLHZ 9L]LRQDUH
0DJQHWRIRQXO YLGHR 6H DSDV ñQDSRL /D DS HIHFWXHD] SHQWUX HIHFWXDUHD UHERELQ ULL EHQ]LL VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH D EHQ]LL ñQ VHQV LQYHUV R VLQJXU GDW SHQWUX WUHFHUHD UHSURGXFHUHD DFFHOHUDW
3LFDSXO GLVFXULORU XQLYHUVDOH5 6H DSDV OD SLVWD DQWHULRU D GLVFXOXL /D DS
VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH D LPDJLQLL ñQ VHQV
UHSURGXFHUH VH HIHFWXHD] LQYHUV
UHSURGXFHUHD DFFHOHUDW
3DXVH 3DX] 6WLOO 2SULUHD LPDJLQLL
6H DSDV ñQ UHJLPXO GH UHSURGXFHUH ñQ UHSURGXFHUHD LPDJLQLL VH LQWURGXFH SDX]D 3HQWUX FRQWLQXDUHD XQHL UHSURGXFHUL QRUPDOH VH DSDV DFHVW EXWRQ ñQF RGDW
352*5$00(
3URJUDPPH 8S 'RZQ 3URJUDPXO 6XV -RV
6H DSDV DFHVW EXWRQ SHQWUX P ULUHD VDX PLF RUDUHD QXP UXOXL FDQDOXOXL '9'5 FX R XQLWDWH
5(&
5HFRUG ðQUHJLVWUDUH
6H DSDV DFHVW EXWRQ SHQWUX FRQHFWDUHD ñQUHJLVWU ULL
&20$1'$ 7(/(7(;78/8,
)XQF LLOH WHOHWH[WXOXL VH VFKLPE FD]XO F 'XS ñQ IXQF LH GH FRPSDQLD GH GLIX]LXQH L VH HIHFWXHD] QXPDL ñQ
QG SH FDQDOXO DOHV VH WUDQVPLWH WHOHWH[W VDUH GXEO D EXWRQXOXL
DS
H@IV
DWXQFL F
QG WHOHYL]RUXO IXQF LRQHD]
ñQ UHJLP GH LH
WHOHWH[W SH HFUDQXO WHOHYL]RUXOXL VH UHSURGXFH IXQF LD GH UHJODUH D FRQWUDVWXOXL FX I LQGLFDWRDUH YHUGHDOEDVWU 'XS DS VDUH GXEO VH HIHFWXHD]
D EXWRQXOXL
H@IV
UHJODUHD FX DMXWRUXO EXWRDQHORU $ l OD IXQF LRQDUHD WHOHYL]RUXOXL ñQ UHJLP GH WHOHWH[W ñQ
8r rv rtvy GDTU4
-
SDUWHD GH MRV D HFUDQXOXL WHOHYL]RUXOXL VH UHSURGXF YDULDQWHOH GH DOHJHUH D IXQF LLORU VSHFLDOH ðQ UHJLPXO GH WHOHWH[W VH SRDWH HIHFWXD UHJODUHD VRQRULW LL
ðQ UHJLPXO GH WHOHWH[W /, 67 ñQ SDUWHD GH MRV D HFUDQXOXL VH UHSURGXF SDWUX QXPHUH GLIHULWH GH SDJLQ )LHFDUH GLQWUH DFHVWH QXPHUH SRDWH IL VFKLPEDW
8r rv ryrry AGPA A6TU@YU4
EXWRQXO FXORULL FRUHVSXQ] WRDUH $FHDVW
L SRDWH IL ñQUHJLVWUDW ñQ PHPRULD WHOHYL]RUXOXL
ðQ UHJLPXO )$67(;7 ñQ SDUWHD GH MRV D HFUDQXOXL VH UHSURGXF SDWUX WHPDWLFL GLIHULWH DY
QG FRG
FRORUDW 3HQWUX RE LQHUHD XQHL LQIRUPD LL VXSOLPHQWDUH FX SULYLUH OD XQD GLQ DFHVWH WHPDWLFL VH DSDV IXQF LH DVLJXU DFFHVXO UDSLG OD LQIRUPD LD GLQ WHPDWLFD
QHFHVDU
797(;7
Srtvy ryrvUryrr UWU@YU
6H DSDV EXWRQXO 3H HFUDQXO WHOHYL]RUXOXL VH YD UHSURGXFH SDJLQD WHOHWH[WXOXL 'DF GRUL L D UHYHQL OD UHJLPXO QRUPDO GH IXQF LRQDUH D VD L ñQF RGDW DFHVW EXWRQ WHOHYL]RUXOXL DS
6yrtrrh htvvv ryrryv h
3DJLQLOH WHOHWH[WXOXL SRW IL DOHVH SULQ GRX 6H DSDV EXWRDQHOH 6XV-RV SHQWUX P SURFHGHXUL ULUHD VDX PLF RUDUHD QXP
i
UXOXL SDJLQLL FX R XQLWDWH UXO SDJLQLL WHOHWH[WXOXL FX DMXWRUXO
6H LQWURGXFH QXP
EXWRDQHORU FX FLIUH DPSODVDWH SH 37&
0(18
Qhtvh ñrht w hrh qr E hrh qr w H@IV Wrqr Wrqr
6H DSDV EXWRQXO VSHFLDOH GXS FDUH VH DSDV EXWRQXO 7 6H DSDV SHQWUX U VWXUQDUHD -80 3$*, 1$ ð175($* VH DSDV DFHVW EXWRQ ñQF RGDW
SHQWUX UHSURGXFHUHD IXQF LLORU EXWRQXO
, , '( -26 D SDJLQLL SH WRW
HFUDQXO 3HQWUX UHYHQLUHD ñQ UHJLPXO QRUPDO GH UHSURGXFHUH
0(18
9rpuvqrrh pvry H@IV
6H DSDV EXWRQXO VSHFLDOH GXS ñQWUHE U VSXQVXULORU VH DSDV
SHQWUX UHSURGXFHUHD IXQF LLORU EXWRQXO
FDUH VH DSDV
S
SHQWUX VSXQVXUL OD
GHVFKLGHUHDFXYLQWHORU DVFXQVH GH H[HPSOX U
UL DSODVDWH SH SDJLQD WHOHYLFWRULQHL 3HQWUX ñQFKLGHUHD DFHVW EXWRQ ñQF RGDW
7hryr S Wrqr Bhyir 6yih
ðQ UHJLPXULOH GH WHOHWH[W )$67(;7 DFHVWH EXWRDQH FRUHVSXQG FRGXOXL FRORU DO WHPHL ðQ UHJLPXO GH WHOHWH[W /, 67 DFHVWH EXWRDQH FRUHVSXQG FRGXOXL FRORU DO QXP UXOXL SDJLQLL WHOHWH[WXOXL
&20$1'$ 7(/(7(;78/8,
1X HVWH SRVLELO VFKLPEDUHD FDQDOXOXL SHQWUX SDJLQD 1RXW LS OS LWRDUH 1HZV IODVK ðQQRLUH 8SGDWH VDX $FFHVV OD SDJLQD FX VXEFRG 6XE &RGHG 3DJH $FFHVV
Q hrh ñ rvr r rtvy GDTU
ðQ UHJLPXO GH WHOHWH[W /, 67 SDWUX QXPHUH GH SDJLQL SRW IL VFKLPEDWH QXPDL SHQWUX FDQDOHOH GH OD S DFHVWHL RSHUD LL VH DSDV QXP QXP Q OD LQFOXVLY 3HQWUX HIHFWXDUHD L VH LQWURGXFH QRXO VDW EXWRQXO XQXO GLQ EXWRDQHOH FRORUDWH L VH PHQ LQH ñQ SR]L LD DS U DO SDJLQLL 6H DSDV
PF
UXO SDJLQLL ñ L YD VFKLPED FXORDUHD
+2/'
Qr pvvrh htvvv ryrryv
3HQWUX FLWLUHD SDJLQLL WHOHWH[WXOXL DWXQFL F FDUH FRQ LQH F WHYD SDJLQL 6H DSDV D SDJLQLL ñQF QG VH YL]LRQHD] R GDW LQIRUPD LD SHQWUX UHYHQLUHD ñQ UHJLPXO GH ñQQRLUH DXWRPDW
Qhtvh rsrr AQ
) 3 &X DMXWRUXO DFHVWXL EXWRQ VH HIHFWXHD] S VWUDUHD ñQ PHPRULH D SDJLQLL QHFHVDUH ñQ VFRSXO FLWLULL LPHGLDWH XOWHULRDUH 3HQWUX PHPRUL]DUHD DFHVWHL SDJLQL WHOHYL]RUXO WUHEXLH V VH J VHDVF Q ñQ UHJLPXO /, 67 LDU FDQDOXO
6yih
EXWRQXO
WUHEXLH V
DLE
QXP
UXO GH OD S
OD LQFOXVLY 6H DSDV L VH UH LQH EXWRQXO
VH DOHJHQXP
UXO SDJLQLL
PF
EXWRQXO 1XP UXO
SDJLQLL VH YD PHQ LQH ñQ PHPRULH 3HQWUX UHSURGXFHUHD SDJLQLL VH DSDV
AQ Sr vrh qvyrvyv H@IV Bhyir
6H DSDV EXWRQXO FDUH VH DSDV EXWRQXO F VLW Q UXO SDJLQLL
SHQWUX UHSURGXFHUHD IXQF LLORU VSHFLDOH GXS SHQWUX YL]LRQDUHDSURJUDPXOXL GH F XWDUHD SDJLQLL WHOHWH[WXOXL & QJD DO HFUDQXOXL DSDUH QG
WHOHYL]LXQH S
QG VH HIHFWXHD]
SDJLQD D IRVW J QXP
ñQ FRO XO VXSHULRU GLQ VW
3HQWUX YL]LRQDUHD SDJLQLL WHOHWH[WXOXL VH DSDV 0(18
EXWRQXO
Bhyir
EXWRQXO
UWU@YU I v y vhr
DSDV EXWRQXO
3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH IXQF LRQDUH D WHOHYL]RUXOXL VH ñQF RGDW
H@IV
&
&
QG SDJLQD QRXW L EXWRQXO
Bhyir
VLW
LORU S
OS
LWRDUH D IRVW DOHDV
VH DSDV
SHQWUX YL]LRQDUHD SURJUDPXOXL GH WHOHYL]LXQH SH HFUDQXO WHOHYL]RUXOXL DSDUH QXP UXO
QG SDJLQD D IRVW J
SDJLQLL 6H DSDV FOLSH WH EXWRQXO
Bhyir
SHQWUX YL]LRQDUHD SDJLQLL GH
WLUL QRL FDUH
3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH OXFUX DO WHOHYL]RUXOXL VH DSDV
UWU@YU Sr vrh ryrryv H@IV
EXWRQXO 6H DSDV EXWRQXO EXWRQXO
L EXWRQXO
Bhyir
SHQWUX UH
QQRLUHD
LQIRUPD LHL SH SDJLQLOH WHOHWH[WXOXL & ñQ XQJKLXO VXSHULRU GLQ VW SDJLQLL 6H DSDV
QG QRXD LQIRUPD LH D IRVW RE LQXW UXO
QJD DO HFUDQXOXL WHOHYL]RUXOXL DSDUH QXP
Bhyir
GH YL]LRQDUH D SDJLQLL
3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH OXFUX DO WHOHYL]RUXOXL VH DSDV EXWRQXO
UWU@YU
EXWRQXO
, 1'(;
Dqr
6H DSDV SDJLQD SULQFLSDO
DI9@Y
SHQWUX UHYHQLUHD OD SDJLQD SULQFLSDO
D LQGH[XOXL
ðQ IXQF LH GH SURFHGHXO GH WUDQVPLWHUH D LQIRUPD LHL SHQWUX UHYHQLUHD OD D LQGH[XOXL SRW IL QHFHVDUH F WHYD DS V UL DOH EXWRQXOXL
&20$1'$ 7(/(7(;78/8,
6ppry yh htvh p ipq
'DF LQIRUPD LD WHOHWH[WXOXL RFXS PDL PXOW GH R SDJLQ DF XW SRDWH IL QHFHVDU XQ DQXPLW WLPS SHQWUX HIHFWXDUHD DXWRPDW WHOHWH[WXOXL ([LVW 0(18 SRVLELOLWDWHD GH D LQWURGXFH QXP UXO VXESDJLQLL QHFHVDUH D ULL VXESDJLQLL QHFHVDUH D
WHOHWH[WXOXL F XW
L D FRQWLQXD YL]LRQDUHD HPLVLXQLL GH WHOHYL]LXQH ñQ WLPSXO
ULL VXESDJLQLL UXO VXESDJLQLL QHFHVDUH D WHOHWH[WXOXL FX DMXWRUXO EXWRDQHORU
6H DOHJH QXP FLIULFH 6H DSDV
EXWRQXO
H@IV
GXS
FDUH EXWRQXO
6yih
L
ñQ FRO XO VXSHULRU
GLQ GUHDSWD DO HFUDQXOXL DSDUH VHPQXO 7
6H LQWURGXFH QXP UXO VXESDJLQLL QHFHVDUH D WHOHWH[WXOXL ñQDLQWH GH
GLVSDUL LD VHPQXOXL 7
3HQWUX DOHJHUHD SDJLQLL VH LQWURGXFH
3HQWUX YL]LRQDUHD SURJUDPXOXL QRUPDO GH WHOHYL]LXQH VH DSDV
Bhyir
&
EXWRQXO
ðQ UHJLPXO GH WHOHWH[W /, 67 VH DSDV QG SDJLQD WHOHWH[WXOXL D IRVW J VLW
EXWRQXO
H@IV
L EXWRQXO
Bhyir
WRDUHOH
VH DSDV
EXWRQXO *DOEHQ SHQWUX
YL]LRQDUHD HL 3HQWUX ñQGHS RSHUD LL UWDUHD SDJLQLL WHOHWH[WXOXL VH H[HFXW XQD GLQ XUP
1
UWU@YU ðpuvqrrh
EXWRQXO
-
6H DSDV
EXWRQXO
H@IV
U DO SDJLQLL
6H DOHJH QRXO QXP
3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH OXFUX DO WHOHYL]RUXOXL VH DSDV
$FHVW EXWRQ ñQFKLGH WHOHWH[WXO UHYLQH OD UHJLPXO QRUPDO 79
5$&25'$5($ $3$5$785, , $8', 29, '(2
$OHJHUHD VXUVHL GH VHPQDO $9 L GH DFRUG UL
3XWH L FRQHFWD R VHULH GH DOWH HFKLSDPHQWH OD DFHVW WHOHYL]RU ðQ SDJLQLOH XUP GH FRQHFWDUH D HFKLSDPHQWHORU H[WHUQH OD WHOHYL]RU DW DFHVWXLD 2GDW FH HFKLSDPHQWXO HVWH FRQHFWDW SURFHGD L GXS FXP XUPHD] SHQWUX D FRQHFWD DOWH W ñQ SDUWHD GLQ ID WRDUH HVWH GHVFULV PRGXO F W L ñQ FHD GLQ VSDWH D
HFKLSDPHQWH OD WHOHYL]RU $S $S VD L EXWRQXO GH PHQLX
79$9
WRU GH VHOHFWDUH GH SH HFUDQ SHQWUX D DOHJH VXUVD $9 R YL]XDOL]D L GH H[HPSOX DS VD L EXWRQXO GDF D L FRQHFWDW XQ DSDUDW YLGHR OD PXID 6&$57 $9 F WHYD VHFXQGH 'DF R GDW YUH L V VHOHFWD L
79$9
VD L EXWRQXO FRUHVSXQ]
(FKLSDPHQW DXGLR YLGHR SH FDUH GRUL L V YHUGH SHQWUX D VHOHFWD
6W!
%XWRDQHOH GH VHOHFWDUH GH SH HFUDQ GLVSDU GXS R RS LXQH F FRORUDWH QG EXWRDQHOH QX VXQW DU WDWH DS
VD L ñQF
EXWRDQHORU
- $FHVW
GLQ VW
I )
L EXWRDQHOH YRU DS
UHD GLQ QRX
WHOHYL]RU HVWH FDSDELO V
VH FRPXWH DXWRPDW ñQ IXQF LRQDUHD $9 GDF
OD FRQHFWDUHD VD (& ñQ FRO XO
DSDUDWXO FRQHFWDW HPLWH VHPQDOXO GH FRPXWDUH OD IL D 6&$57 ðQ DFHVW FD] VH DIL HD] QJD VXV DO HFUDQXOXL
L GH DVHPHQHD VHPQDOXO GLQ DSDUDWXO DXGLRYL]XDO FRQHFWDW /D U P QH QHVFKLPEDW
- 3ULQ DS
RPDQG
VFKLPEDUHD VHOHF LHL SURJUDPXOXL WHOHYL]RUXOXL LPDJLQHD UHFHS LRQDW VDUHD EXWRQXOXL
kUW6Wl
VDX SULQ GHFRQHFWDUHD DSDUDWXOXL DXGLRYL]XDO $9 FRQHFWDW QH
- 'H DVHPHQHD SXWH L VHOHFWD R VXUV
GH SH SDUWHD GLQ ID
ñQWRDUFHP ñQDSRL ñQ 79
$9 DXGLRYLGHR IRORVLQG EXWRQXO
79$9 GH SH SDQRXO GH
F QG DMXQJH L OD VXUVD $9 SH FDUH GRUL L V R YL]LRQD L $S VD L EXWRQXO 79$9 ñQ PRG UHSHWDW S Q - ðQ PRGXO 6W VXQW GLVSRQLELOH SX LQH RS LXQL GLQ PHQLXULOH 6XQHW L 6HWDUH GH H[HPSOX ñQ PHQLXO 6HWDUH QX H[LVW RS LXQHD $FRUG
D WHOHYL]RUXOXL GXPQHDYRDVWU
0XIHOH GLQ ID
6H DSDV L
VH GHJDMHD] SHQWUX D GHVFKLGH FDSDFXO
6HPQDO GH LH LUH GLQ MDFXO +HDGSKRQH & WL 6 9
, QWUDUH YLGHR ñQ PXID 6 9LGHR
6HPQDOXO YLGHR GH LQWUDUH OD MDFXO
, QWUDUH $XGLR ñQ PXIHOH
WHFKHU VWHUHRIRQLF PP
W
S
G
6W
QJD
'UHDSWD
&DEOXO VHPQDOXOXL YLGHR FX IL 5&$
&DEOXO VHPQDOXOXL DXGLR FX GRX IL H 5&$
&$0(5 & &8 7, 67(5(2)21, &( 7(&+(5 00
9, '(2
- $SDUDWXUD VXSOLPHQWDU L FDEOXULOH LQGLFDWH ñQ ILJXU QX LQWU ñQ FRPSOHWXO WHOHYL]RUXOXL - 3HQWUX LQIRUPD LL SULYLQG FRQHFWDUHD PXIHL 6 9LGHR YH]L SDJLQD
I )
5$&25'$5($ $3$5$785, , $8', 2 9, '(2
0XIHOH GLQ VSDWH
+, ), 6, 67(0 &DEOX FX GRX IL H 5&$
, H LUH GLQ MDFXULOH
6V9DP PVU
GS
, QWUDUH, H LUH GLQ IL D &DEOX FX IL 6&$57 6&$57 4OLQLH
6W
GDWH &DEOX FX IL 6&$57
, QWUDUH, H LUH GLQ IL D 6&$57 4OLQLH
6W!
GDWH
0$*1(72)21 9, '(2 4/, 1. [. . . ] VDX DOWH WHKQRORJLL
ñQUHJLVWUH]H
DQDORDJH WUDQVPLW FRPDQGD GH OD WHOHYL]RU OD PDJQHWRIRQXO YLGHR '9'5 FRPSDWLELO V SURJUDPXO GH WHOHYL]LXQH YL]LRQDW LQGLIHUHQW GH QXP VLPSOLILF SURFHVXO GH ñQUHJLVWUDUH D SURJUDPXOXL
UXO SURJUDPXOXL WUDQVPLV OD PDJQHWRIRQ FHHD FH
ðrtvhrh thyv phr ñ ry qh r rqpr r rphy ryrvyv
6H DSDV EXWRQXO GH SH 37& ', 5(&7 79 5(& ð15(*, 675$5( ', 5(&7 '( /$ 7(/(9, =25 ', 5(&7 79 5(& 'DF PDJQHWRIRQXO YLGHR '9'5 D IRVW GHFXSODW OD DS VDUHD EXWRQXOXL
', 5(&7 79 5(& DFHVWD VH YD FXSOD DXWRPDW 3H HFUDQXO WHOHYL]RUXOXL DSDUH FRPXQLFDUHD WUDQVPLV GH OD PDJQHWRIRQXO YLGHR '9'5 UHIHULWRDUH OD IDSWXO F PDJQHWRIRQXO YLGHR '9'5 VDX FRPXQLF F DFHDVW LQIRUPD LH HVWH ñQUHJLVWUDUW GH
ñQUHJLVWUDUHD QX SRDWH IL HIHFWXDW
ÌQUHJLVWUDUH VLVWDW 6FKLPEDW VXUV 79 ÌQUHJLVWUDUH vQ FXUV
0DJQHWRIRQXO YLGHR '9'5 ñQUHJLVWUHD] SURJUDPXO SDUYHQLW GLQ WXQHUXO SURSULX /D GRULQ VH SRDWH GHFRQHFWD WHOHYL]RUXO
ÌQUHJLVWUDUH VXUV 79
0DJQHWRIRQXO YLGHR '9'5 ñQUHJLVWUHD] ILH FRPXWDW 'DF VH YD IDFH DFHVW
SURJUDPXO SDUYHQLW GH OD WHOHYL]RU 3URJUDPXO QX WUHEXLH V
OXFUX PDJQHWRIRQXO YLGHR '9'5 ñQFHWHD] DXWRPDW ñQUHJLVWUDUHD L VH GHFRQHFWHD]
LSURJUDPXO VH SRDWH ñQUHJLVWUD FX DMXWRUXO PDJQHWRIRQXOXL YLGHR '9'5
1X vQUHJ 9HULILF
(VWH ñQGHS ñQUHJLVWU D FDVHWHL FX EDQG
GLVFFDVHW
PDJQHWLF
UWDW FOLFKHWXO GH SURWHF LH D
ULL DPSODVDW SH SDUWHD GLQ VSDWH
0DL MRV VXQW SUH]HQWDWH H[HPSOH GH FRPXQLF
UL FDUH VH SRW UHSURGXFH SH HFUDQXO WHOHYL]RUXOXL
'(6& 5&$5( Ì1 &856 'RZQORDG IDLOHG$ YHULILFD HTXLSPHQW
'HVFDUF '(6& 5&$5( 3URJUDP
4/, 1, (
6FKLPEXO GH LQIRUPD LL UHIHULWRU OD DFRUGDUHD FDQDOHORU
3HQWUX HIHFWXDUHD FRUHFW D ñQUHJLVWU ULL WHOHYL]RUXO L PDJQHWRIRQXO YLGHR '9'5 WUHEXLH V IDF VFKLPE GH LQIRUPD LL FX SULYLUH OD DFRUGDUHD FDQDOHORU YH]L SDJ
-
&
QG VH IRORVHVWH IXQFWLD GH DFRUGDUH DXWRPDWD D FDQDOHORU GDWHOH UHIHULWRDUH OD DFRUGDUHD
FDQDOHORU VH YRU WUDQVPLWH OD PDJQHWRIRQXO YLGHR '9'5
)XQF LD GH FRQHFWDUH DXWRPDW D DOLPHQW ULL
-
/D IRORVLUHD 4/LQN D PDJQHWRIRDQHORU FRPSDWLELOH 3DQDVRQLF H[LVW 'DF VH LQWURGXFH ñQ PDJQHWRIRQXO YLGHR '9'5 FDVHWD DXWRPDW L YD IL DOHDV
IXQF LL VXSOLPHQWDUH EXWRQXO GH UHSURGXFHUH
L VH DSDV
WHOHYL]RUXO VH FRQHFWHD] YL]LRQDUHD YLGHR 'DF VH GHFRQHFWHD]
LQWUDUHD $9 VDX $9 DVWIHO VH SRDWH ñQFHSH
WHOHYL]RUXO ñQ WLPS FH PDJQHWRIRQXO YLGHR '9'5 VH J
VH WH ñQ UHJLP GH
RSULUH 6WRS UHERELQDUHD UDSLG
ñQDLQWH )DVW )RUZDUG VDX ñQDSRL 5HZLQG PDJQHWRIRQXO YLGHR
'9'5 VH YD GHFRQHFWD DXWRPDW
ðQWUHUXSHUHD OHJ WXULL SULQ 4OLQLH
'DF QX GRUL L V IRORVL L 4OLQLH LQWUD L ñQ PHQLXO 6HWDUH L DOHJH L k'H]DFWLYDWl SHQWUX SR]L LD 4/LQN 9H]L SDJ
6r vr)
1X WRDWH PDJQHWRIRDQHOH YLGHR PHQ LQ DFHVW VLVWHP GH VFKLPE GH GDWH 8QHOH PHQ LQ DQXPLWH IXQF LL DOH DFHVWHL VLVWHPGDU QX PHQ LQ DOWHOH 9H]L LQVWUXF LXQLOH GH H[SORDWDUH D PDJQHWRIRQXOXL YLGHR '9'5 ñQ FDUH VXQW SUH]HQWDWH LQIRUPD LL PXOW PDL GHWDOLDWH ñQ DFHVW & QG 4/LQNXO QX DF LRQHD] ñQGHSOLQLUHD WXWXURU GH OD EXQ ñQFHSXW VH YHULILF IXQF LLORU 3HQWUX RE LQHUHD GDF GH SUREOHP UXW UDFRUGDW GHWDOLDWH
FRUGRQXO GH OHJ
DVLJXU
LQIRUPD LL
VXSOLPHQWDUH
DGUHVD LY
GHDOHUXOXL
8PH6I96 AVI8 DPI SDD H6BI@UPAPIVGVD WD9@PQD86QVGVDS 9@ 9DT8VSD VIDW@ST6G@ 6V9DPWD9@P
3XSLWUXO GH WHOHFRPDQG 37& SRDWH IL IRORVLW SHQWUX FRPDQGD GH IXQF LRQDUH D PDJQHWRIRQXOXL ULL VXQHWXOXL L LPDJLQLL YLGHRSLFDSXOXL5 GH GLVFXUL XQLYHUVDOH DXGLRYLGHR ñQ YHGHUHD ñQUHJLVWU '9' 'LYHUVH PDJQHWRIRDQH YLGHR L SLFDSXUL GH GLVFXUL XQLYHUVDOH DXGLRYLGHR GLVSXQ GH GLYHUVH LL VH DGUHVHD] LQVWUXF LXQLORU GH H[SORDWDUH D
IXQF LL VL GH DFHHD SHQWUX DVLJXUDUHD FRPSDWLELOLW
DFHVWXL XWLODM VDX FH FHUH FRQVXOWD LL GH OD RUJDQL]D LD FRPHUFLDO
DSURSULDW
6WDQGE\ $ WHSWDUH
6H DSDV DFHVW EXWRQ SHQWUX D FRPXWD PDJQHWRIRQXO YLGHRSLFDSXO5 GH GLVFXUL XQLYHUVDOH DXGLRYLGHR ñQ UHJLP GH D WHSWDUH 3HQWUX FRQHFWDUHD DSDUDWXOXL DFHVW EXWRQ VH YD DS VD ñQF RGDW
9&5
'9'
&RPXWDWRUXO 9&5 '9' 0DJQHWRIRQ YLGHR '9' SOD\HU
$FHVW FRPXWDWRU VH IRORVH WH SHQWUX DOHJHUHD FRPHQ]LL SLFDSXOXL GH GLVFXUL XQLYHUVDOH DXGLRYLGHR VDX D PDJQHWRIRQXOXL YLGHR5
3OD\ 5HSURGXFHUH
3HQWUX UHSURGXFHUHD EHQ]LL VDX GLVFXOXL VH DSDV DFHVW EXWRQ
6WRS 2SULUH
6H DSDV SHQWUX RSULUHD EHQ]LL VDX GLVFXOXL
6NLS 7UHFHUH OD DOW SLVW 5HZLQG 5HERELQDUH ñQDSRL 5HYLHZ 9L]LRQDUH
0DJQHWRIRQXO YLGHR 6H DSDV ñQDSRL /D DS HIHFWXHD] SHQWUX HIHFWXDUHD UHERELQ ULL EHQ]LL VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH D EHQ]LL ñQ VHQV LQYHUV R VLQJXU GDW SHQWUX WUHFHUHD UHSURGXFHUHD DFFHOHUDW
3LFDSXO GLVFXULORU XQLYHUVDOH5 6H DSDV OD SLVWD DQWHULRU D GLVFXOXL /D DS
VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH D LPDJLQLL ñQ VHQV
UHSURGXFHUH VH HIHFWXHD] LQYHUV
UHSURGXFHUHD DFFHOHUDW
6NLS 7UHFHUH OD DOW SLVW 5HZLQG 5HERELQDUH ñQDSRL 5HYLHZ 9L]LRQDUH
0DJQHWRIRQXO YLGHR 6H DSDV ñQDSRL /D DS HIHFWXHD] SHQWUX HIHFWXDUHD UHERELQ ULL EHQ]LL VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH D EHQ]LL ñQ VHQV LQYHUV R VLQJXU GDW SHQWUX WUHFHUHD UHSURGXFHUHD DFFHOHUDW
3LFDSXO GLVFXULORU XQLYHUVDOH5 6H DSDV OD SLVWD DQWHULRU D GLVFXOXL /D DS
VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH D LPDJLQLL ñQ VHQV
UHSURGXFHUH VH HIHFWXHD] LQYHUV
UHSURGXFHUHD DFFHOHUDW
3DXVH 3DX] 6WLOO 2SULUHD LPDJLQLL
6H DSDV ñQ UHJLPXO GH UHSURGXFHUH ñQ UHSURGXFHUHD LPDJLQLL VH LQWURGXFH SDX]D 3HQWUX FRQWLQXDUHD XQHL UHSURGXFHUL QRUPDOH VH DSDV DFHVW EXWRQ ñQF RGDW
352*5$00(
3URJUDPPH 8S 'RZQ 3URJUDPXO 6XV -RV
6H DSDV DFHVW EXWRQ SHQWUX P ULUHD VDX PLF RUDUHD QXP UXOXL FDQDOXOXL '9'5 FX R XQLWDWH
5(&
5HFRUG ðQUHJLVWUDUH
6H DSDV DFHVW EXWRQ SHQWUX FRQHFWDUHD ñQUHJLVWU ULL
&20$1'$ 7(/(7(;78/8,
)XQF LLOH WHOHWH[WXOXL VH VFKLPE FD]XO F 'XS ñQ IXQF LH GH FRPSDQLD GH GLIX]LXQH L VH HIHFWXHD] QXPDL ñQ
QG SH FDQDOXO DOHV VH WUDQVPLWH WHOHWH[W VDUH GXEO D EXWRQXOXL
DS
H@IV
DWXQFL F
QG WHOHYL]RUXO IXQF LRQHD]
ñQ UHJLP GH LH
WHOHWH[W SH HFUDQXO WHOHYL]RUXOXL VH UHSURGXFH IXQF LD GH UHJODUH D FRQWUDVWXOXL FX I LQGLFDWRDUH YHUGHDOEDVWU 'XS DS VDUH GXEO VH HIHFWXHD]
D EXWRQXOXL
H@IV
UHJODUHD FX DMXWRUXO EXWRDQHORU $ l OD IXQF LRQDUHD WHOHYL]RUXOXL ñQ UHJLP GH WHOHWH[W ñQ
8r rv rtvy GDTU4
-
SDUWHD GH MRV D HFUDQXOXL WHOHYL]RUXOXL VH UHSURGXF YDULDQWHOH GH DOHJHUH D IXQF LLORU VSHFLDOH ðQ UHJLPXO GH WHOHWH[W VH SRDWH HIHFWXD UHJODUHD VRQRULW LL
ðQ UHJLPXO GH WHOHWH[W /, 67 ñQ SDUWHD GH MRV D HFUDQXOXL VH UHSURGXF SDWUX QXPHUH GLIHULWH GH SDJLQ )LHFDUH GLQWUH DFHVWH QXPHUH SRDWH IL VFKLPEDW
8r rv ryrry AGPA A6TU@YU4
EXWRQXO FXORULL FRUHVSXQ] WRDUH $FHDVW
L SRDWH IL ñQUHJLVWUDW ñQ PHPRULD WHOHYL]RUXOXL
ðQ UHJLPXO )$67(;7 ñQ SDUWHD GH MRV D HFUDQXOXL VH UHSURGXF SDWUX WHPDWLFL GLIHULWH DY
QG FRG
FRORUDW 3HQWUX RE LQHUHD XQHL LQIRUPD LL VXSOLPHQWDUH FX SULYLUH OD XQD GLQ DFHVWH WHPDWLFL VH DSDV IXQF LH DVLJXU DFFHVXO UDSLG OD LQIRUPD LD GLQ WHPDWLFD
QHFHVDU
797(;7
Srtvy ryrvUryrr UWU@YU
6H DSDV EXWRQXO 3H HFUDQXO WHOHYL]RUXOXL VH YD UHSURGXFH SDJLQD WHOHWH[WXOXL 'DF GRUL L D UHYHQL OD UHJLPXO QRUPDO GH IXQF LRQDUH D VD L ñQF RGDW DFHVW EXWRQ WHOHYL]RUXOXL DS
6yrtrrh htvvv ryrryv h
3DJLQLOH WHOHWH[WXOXL SRW IL DOHVH SULQ GRX 6H DSDV EXWRDQHOH 6XV-RV SHQWUX P SURFHGHXUL ULUHD VDX PLF RUDUHD QXP
i
UXOXL SDJLQLL FX R XQLWDWH UXO SDJLQLL WHOHWH[WXOXL FX DMXWRUXO
6H LQWURGXFH QXP
EXWRDQHORU FX FLIUH DPSODVDWH SH 37&
0(18
Qhtvh ñrht w hrh qr E hrh qr w H@IV Wrqr Wrqr
6H DSDV EXWRQXO VSHFLDOH GXS FDUH VH DSDV EXWRQXO 7 6H DSDV SHQWUX U VWXUQDUHD -80 3$*, 1$ ð175($* VH DSDV DFHVW EXWRQ ñQF RGDW
SHQWUX UHSURGXFHUHD IXQF LLORU EXWRQXO
, , '( -26 D SDJLQLL SH WRW
HFUDQXO 3HQWUX UHYHQLUHD ñQ UHJLPXO QRUPDO GH UHSURGXFHUH
0(18
9rpuvqrrh pvry H@IV
6H DSDV EXWRQXO VSHFLDOH GXS ñQWUHE U VSXQVXULORU VH DSDV
SHQWUX UHSURGXFHUHD IXQF LLORU EXWRQXO
FDUH VH DSDV
S
SHQWUX VSXQVXUL OD
GHVFKLGHUHDFXYLQWHORU DVFXQVH GH H[HPSOX U
UL DSODVDWH SH SDJLQD WHOHYLFWRULQHL 3HQWUX ñQFKLGHUHD DFHVW EXWRQ ñQF RGDW
7hryr S Wrqr Bhyir 6yih
ðQ UHJLPXULOH GH WHOHWH[W )$67(;7 DFHVWH EXWRDQH FRUHVSXQG FRGXOXL FRORU DO WHPHL ðQ UHJLPXO GH WHOHWH[W /, 67 DFHVWH EXWRDQH FRUHVSXQG FRGXOXL FRORU DO QXP UXOXL SDJLQLL WHOHWH[WXOXL
&20$1'$ 7(/(7(;78/8,
1X HVWH SRVLELO VFKLPEDUHD FDQDOXOXL SHQWUX SDJLQD 1RXW LS OS LWRDUH 1HZV IODVK ðQQRLUH 8SGDWH VDX $FFHVV OD SDJLQD FX VXEFRG 6XE &RGHG 3DJH $FFHVV
Q hrh ñ rvr r rtvy GDTU
ðQ UHJLPXO GH WHOHWH[W /, 67 SDWUX QXPHUH GH SDJLQL SRW IL VFKLPEDWH QXPDL SHQWUX FDQDOHOH GH OD S DFHVWHL RSHUD LL VH DSDV QXP QXP Q OD LQFOXVLY 3HQWUX HIHFWXDUHD L VH LQWURGXFH QRXO VDW EXWRQXO XQXO GLQ EXWRDQHOH FRORUDWH L VH PHQ LQH ñQ SR]L LD DS U DO SDJLQLL 6H DSDV
PF
UXO SDJLQLL ñ L YD VFKLPED FXORDUHD
+2/'
Qr pvvrh htvvv ryrryv
3HQWUX FLWLUHD SDJLQLL WHOHWH[WXOXL DWXQFL F FDUH FRQ LQH F WHYD SDJLQL 6H DSDV D SDJLQLL ñQF QG VH YL]LRQHD] R GDW LQIRUPD LD SHQWUX UHYHQLUHD ñQ UHJLPXO GH ñQQRLUH DXWRPDW
Qhtvh rsrr AQ
) 3 &X DMXWRUXO DFHVWXL EXWRQ VH HIHFWXHD] S VWUDUHD ñQ PHPRULH D SDJLQLL QHFHVDUH ñQ VFRSXO FLWLULL LPHGLDWH XOWHULRDUH 3HQWUX PHPRUL]DUHD DFHVWHL SDJLQL WHOHYL]RUXO WUHEXLH V VH J VHDVF Q ñQ UHJLPXO /, 67 LDU FDQDOXO
6yih
EXWRQXO
WUHEXLH V
DLE
QXP
UXO GH OD S
OD LQFOXVLY 6H DSDV L VH UH LQH EXWRQXO
VH DOHJHQXP
UXO SDJLQLL
PF
EXWRQXO 1XP UXO
SDJLQLL VH YD PHQ LQH ñQ PHPRULH 3HQWUX UHSURGXFHUHD SDJLQLL VH DSDV
AQ Sr vrh qvyrvyv H@IV Bhyir
6H DSDV EXWRQXO FDUH VH DSDV EXWRQXO F VLW Q UXO SDJLQLL
SHQWUX UHSURGXFHUHD IXQF LLORU VSHFLDOH GXS SHQWUX YL]LRQDUHDSURJUDPXOXL GH F XWDUHD SDJLQLL WHOHWH[WXOXL & QJD DO HFUDQXOXL DSDUH QG
WHOHYL]LXQH S
QG VH HIHFWXHD]
SDJLQD D IRVW J QXP
ñQ FRO XO VXSHULRU GLQ VW
3HQWUX YL]LRQDUHD SDJLQLL WHOHWH[WXOXL VH DSDV 0(18
EXWRQXO
Bhyir
EXWRQXO
UWU@YU I v y vhr
DSDV EXWRQXO
3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH IXQF LRQDUH D WHOHYL]RUXOXL VH ñQF RGDW
H@IV
&
&
QG SDJLQD QRXW L EXWRQXO
Bhyir
VLW
LORU S
OS
LWRDUH D IRVW DOHDV
VH DSDV
SHQWUX YL]LRQDUHD SURJUDPXOXL GH WHOHYL]LXQH SH HFUDQXO WHOHYL]RUXOXL DSDUH QXP UXO
QG SDJLQD D IRVW J
SDJLQLL 6H DSDV FOLSH WH EXWRQXO
Bhyir
SHQWUX YL]LRQDUHD SDJLQLL GH
WLUL QRL FDUH
3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH OXFUX DO WHOHYL]RUXOXL VH DSDV
UWU@YU Sr vrh ryrryv H@IV
EXWRQXO 6H DSDV EXWRQXO EXWRQXO
L EXWRQXO
Bhyir
SHQWUX UH
QQRLUHD
LQIRUPD LHL SH SDJLQLOH WHOHWH[WXOXL & ñQ XQJKLXO VXSHULRU GLQ VW SDJLQLL 6H DSDV
QG QRXD LQIRUPD LH D IRVW RE LQXW UXO
QJD DO HFUDQXOXL WHOHYL]RUXOXL DSDUH QXP
Bhyir
GH YL]LRQDUH D SDJLQLL
3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH OXFUX DO WHOHYL]RUXOXL VH DSDV EXWRQXO
UWU@YU
EXWRQXO
, 1'(;
Dqr
6H DSDV SDJLQD SULQFLSDO
DI9@Y
SHQWUX UHYHQLUHD OD SDJLQD SULQFLSDO
D LQGH[XOXL
ðQ IXQF LH GH SURFHGHXO GH WUDQVPLWHUH D LQIRUPD LHL SHQWUX UHYHQLUHD OD D LQGH[XOXL SRW IL QHFHVDUH F WHYD DS V UL DOH EXWRQXOXL
&20$1'$ 7(/(7(;78/8,
6ppry yh htvh p ipq
'DF LQIRUPD LD WHOHWH[WXOXL RFXS PDL PXOW GH R SDJLQ DF XW SRDWH IL QHFHVDU XQ DQXPLW WLPS SHQWUX HIHFWXDUHD DXWRPDW WHOHWH[WXOXL ([LVW 0(18 SRVLELOLWDWHD GH D LQWURGXFH QXP UXO VXESDJLQLL QHFHVDUH D ULL VXESDJLQLL QHFHVDUH D
WHOHWH[WXOXL F XW
L D FRQWLQXD YL]LRQDUHD HPLVLXQLL GH WHOHYL]LXQH ñQ WLPSXO
ULL VXESDJLQLL UXO VXESDJLQLL QHFHVDUH D WHOHWH[WXOXL FX DMXWRUXO EXWRDQHORU
6H DOHJH QXP FLIULFH 6H DSDV
EXWRQXO
H@IV
GXS
FDUH EXWRQXO
6yih
L
ñQ FRO XO VXSHULRU
GLQ GUHDSWD DO HFUDQXOXL DSDUH VHPQXO 7
6H LQWURGXFH QXP UXO VXESDJLQLL QHFHVDUH D WHOHWH[WXOXL ñQDLQWH GH
GLVSDUL LD VHPQXOXL 7
3HQWUX DOHJHUHD SDJLQLL VH LQWURGXFH
3HQWUX YL]LRQDUHD SURJUDPXOXL QRUPDO GH WHOHYL]LXQH VH DSDV
Bhyir
&
EXWRQXO
ðQ UHJLPXO GH WHOHWH[W /, 67 VH DSDV QG SDJLQD WHOHWH[WXOXL D IRVW J VLW
EXWRQXO
H@IV
L EXWRQXO
Bhyir
WRDUHOH
VH DSDV
EXWRQXO *DOEHQ SHQWUX
YL]LRQDUHD HL 3HQWUX ñQGHS RSHUD LL UWDUHD SDJLQLL WHOHWH[WXOXL VH H[HFXW XQD GLQ XUP
1
UWU@YU ðpuvqrrh
EXWRQXO
-
6H DSDV
EXWRQXO
H@IV
U DO SDJLQLL
6H DOHJH QRXO QXP
3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH OXFUX DO WHOHYL]RUXOXL VH DSDV
$FHVW EXWRQ ñQFKLGH WHOHWH[WXO UHYLQH OD UHJLPXO QRUPDO 79
5$&25'$5($ $3$5$785, , $8', 29, '(2
$OHJHUHD VXUVHL GH VHPQDO $9 L GH DFRUG UL
3XWH L FRQHFWD R VHULH GH DOWH HFKLSDPHQWH OD DFHVW WHOHYL]RU ðQ SDJLQLOH XUP GH FRQHFWDUH D HFKLSDPHQWHORU H[WHUQH OD WHOHYL]RU DW DFHVWXLD 2GDW FH HFKLSDPHQWXO HVWH FRQHFWDW SURFHGD L GXS FXP XUPHD] SHQWUX D FRQHFWD DOWH W ñQ SDUWHD GLQ ID WRDUH HVWH GHVFULV PRGXO F W L ñQ FHD GLQ VSDWH D
HFKLSDPHQWH OD WHOHYL]RU $S $S VD L EXWRQXO GH PHQLX
79$9
WRU GH VHOHFWDUH GH SH HFUDQ SHQWUX D DOHJH VXUVD $9 R YL]XDOL]D L GH H[HPSOX DS VD L EXWRQXO GDF D L FRQHFWDW XQ DSDUDW YLGHR OD PXID 6&$57 $9 F WHYD VHFXQGH 'DF R GDW YUH L V VHOHFWD L
79$9
VD L EXWRQXO FRUHVSXQ]
(FKLSDPHQW DXGLR YLGHR SH FDUH GRUL L V YHUGH SHQWUX D VHOHFWD
6W!
%XWRDQHOH GH VHOHFWDUH GH SH HFUDQ GLVSDU GXS R RS LXQH F FRORUDWH QG EXWRDQHOH QX VXQW DU WDWH DS
VD L ñQF
EXWRDQHORU
- $FHVW
GLQ VW
I )
L EXWRDQHOH YRU DS
UHD GLQ QRX
WHOHYL]RU HVWH FDSDELO V
VH FRPXWH DXWRPDW ñQ IXQF LRQDUHD $9 GDF
OD FRQHFWDUHD VD (& ñQ FRO XO
DSDUDWXO FRQHFWDW HPLWH VHPQDOXO GH FRPXWDUH OD IL D 6&$57 ðQ DFHVW FD] VH DIL HD] QJD VXV DO HFUDQXOXL
L GH DVHPHQHD VHPQDOXO GLQ DSDUDWXO DXGLRYL]XDO FRQHFWDW /D U P QH QHVFKLPEDW
- 3ULQ DS
RPDQG
VFKLPEDUHD VHOHF LHL SURJUDPXOXL WHOHYL]RUXOXL LPDJLQHD UHFHS LRQDW VDUHD EXWRQXOXL
kUW6Wl
VDX SULQ GHFRQHFWDUHD DSDUDWXOXL DXGLRYL]XDO $9 FRQHFWDW QH
- 'H DVHPHQHD SXWH L VHOHFWD R VXUV
GH SH SDUWHD GLQ ID
ñQWRDUFHP ñQDSRL ñQ 79
$9 DXGLRYLGHR IRORVLQG EXWRQXO
79$9 GH SH SDQRXO GH
F QG DMXQJH L OD VXUVD $9 SH FDUH GRUL L V R YL]LRQD L $S VD L EXWRQXO 79$9 ñQ PRG UHSHWDW S Q - ðQ PRGXO 6W VXQW GLVSRQLELOH SX LQH RS LXQL GLQ PHQLXULOH 6XQHW L 6HWDUH GH H[HPSOX ñQ PHQLXO 6HWDUH QX H[LVW RS LXQHD $FRUG
D WHOHYL]RUXOXL GXPQHDYRDVWU
0XIHOH GLQ ID
6H DSDV L
VH GHJDMHD] SHQWUX D GHVFKLGH FDSDFXO
6HPQDO GH LH LUH GLQ MDFXO +HDGSKRQH & WL 6 9
, QWUDUH YLGHR ñQ PXID 6 9LGHR
6HPQDOXO YLGHR GH LQWUDUH OD MDFXO
, QWUDUH $XGLR ñQ PXIHOH
WHFKHU VWHUHRIRQLF PP
W
S
G
6W
QJD
'UHDSWD
&DEOXO VHPQDOXOXL YLGHR FX IL 5&$
&DEOXO VHPQDOXOXL DXGLR FX GRX IL H 5&$
&$0(5 & &8 7, 67(5(2)21, &( 7(&+(5 00
9, '(2
- $SDUDWXUD VXSOLPHQWDU L FDEOXULOH LQGLFDWH ñQ ILJXU QX LQWU ñQ FRPSOHWXO WHOHYL]RUXOXL - 3HQWUX LQIRUPD LL SULYLQG FRQHFWDUHD PXIHL 6 9LGHR YH]L SDJLQD
I )
5$&25'$5($ $3$5$785, , $8', 2 9, '(2
0XIHOH GLQ VSDWH
+, ), 6, 67(0 &DEOX FX GRX IL H 5&$
, H LUH GLQ MDFXULOH
6V9DP PVU
GS
, QWUDUH, H LUH GLQ IL D &DEOX FX IL 6&$57 6&$57 4OLQLH
6W
GDWH &DEOX FX IL 6&$57
, QWUDUH, H LUH GLQ IL D 6&$57 4OLQLH
6W!
GDWH
0$*1(72)21 9, '(2 4/, 1. 0$*1(72)21 9, '(2 &203$7, %, / 0$*1(72)21 9, '(2 0$*1(72)21 9, '(2 69, '(2 4/, 1. [. . . ]