Ghid de utilizare SAMSUNG UE-40C5000QW

[. . . ] Dhtvr " Tr $ Trhr % 6pq & 6pq @qvhr th ' Buvq qr thhr ! [. . . ] 6pq 6pq hhy !" Gvi rhwr !$ 8hqh sp v v h htrsyv vqr vphyv qr qvpv vrhyr hqv vqr !% 8hqh ryrryv !& Shpqhrh hhhvv hqv vqr " $OHJHUHD VXUVHL GH VHPQDO $9 L DFRUG UL &RQHFWDUHD FDVWLORU 0XIHOH GLQ VSDWH , QIRUPD LL SULYLQG PXID 6FDUW L 69LGHR 9rvhrh v ñy hrh qrsrp vvy "" Tshv vyr "# 8hhprvvpv ruvpr "# 35(9(1, 5, , 0 685, '( 35(&$8 , ( - $OLPHQWDUHD SUH]HQWXOXL WHOHYL]RU VH UHDOL]HD] GH OD UH HDXD GH FXUHQW DOWHUQDWLY GH 9 +] - 3HQWUX D HYLWD HOHFWURFXWDUHD L DSDUL LD LQFHQGLXOXL QX VH DGPLWH S WUXQGHUHD ñQ WHOHYL]RU 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 YD]HOH QX WUHEXLH D H]DWH SH WHOHYL]RU VDX GHDVXSUD DFHVWXLD - 1LFLRGDW QX E JD L RELHFWH GH RULFH IHO SULQ GHVFKL] WXULOH FXWLHL DFHVWXL WHOHYL]RU /&' SHQWUX F DFHVWHD DU SXWHD DWLQJH SXQFWH GH YROWDJH ñQDOW VDX DU SXWHD SURGXFH VFXUW FLUFXLW ñQ XQHOH S U L FHHD FH DU SXWHD UH]XOWD ñQ LQFHQGLX VDX ñQ RF HOHFWULF - 1X IRORVL L GHF W DFFHVRULLOH SRWULYLWH SHQWUX SURGXVH IUDJLOH - 3HQWUX D SUHYHQL SUHMXGLFLLOH DFHVW DSDUDW WUHEXLH IL[DW VWDELO SH SRGHDSHUHWH FRQIRUP LQVWUXF LXQLORU GH LQVWDODUH 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 OD S U LOH FRQGXF WRDUHGH FXUHQW ðQ LQWHULRUXO WHOHYL]RUXOXL QX H[LVW SLHVH FDUH QHFHVLW HIHFWXDUHD ñQWUH LQHULL GH F WUH EHQHILFLDU - 1X VH YD VXSXQH WHOHYL]RUXO OD DF LXQHD GLUHFW D UD]HORU VRODUH L D DOWRU VXUVH GH F OGXU 3HQWUX D SUHYHQL LQFHQGLLOH QX SR]LWLRQDWL QLFLRGDWDOXPDQDUL VDX IODFDUD GHVFKLVD SH VDX LQ DSURSLHUHD DSDUDWXOXL 79 - $VLJXUD L DFFHV X RU DO FDEOXOXL HOHFWULF OD SUL]D HOHFWULF - %XWRQXO RSULW SRUQLW DO DFHVWXL PRGHO QX GHFRQHFWHD] WHOHYL]RUXO FRPSOHW GH OD UH HDXD GH FXUHQW 6FRDWH L WHFKHUXO GLQ SUL] ñQDLQWH GH D FRQHFWD VDX GHFRQHFWD FDEOXUL VDX GDF WHOHYL]RUXO QX HVWH XWLOL]DW R SHULRDG PDL OXQJ GH WLPS 1 ðIUS@ DI@S@6 86S86T@D D 6 @8S6IVGVD G89 6FRDWH L WHFKHUXO GLQ SUL] &DUFDVD L HFUDQXO /&' SRW IL FXU DWH FX R F US PRDOH X RU XPH]LW L ñPELEDW FX GHWHUJHQW 1X IRORVL L VROX LL FDUH FRQ LQ EHQ]HQ VDX SHWURO - /D WHPSHUDWXUL VF ]XWH DOH PHGLXOXL DPELDQW SRDWH GXUD F WHYD PRPHQWH S Q F QG LPDJLQHD DMXQJH OD OXPLQR]LWDWHD QRUPDO GDU DFHVW OXFUX QX GHQRW R IXQF LRQDUH GHIHFWXRDV D DSDUDWXOXL , PDJLQHD UHYLQH OD OXPLQR]LWDWHD QRUPDO GXS VFXUW WLPS - 3HQWUX SUH QW PSLQDUHD LH LULL GLQ IXQF LXQH D FRPSRQHQWHORU HOHFWULFH HVWH QHFHVDU R YHQWLOD LH QRUPDO ðQ MXUXO VXSUDIH HORU WHOHYL]RUXOXL WUHEXLH V H[LVWH XQ VSD LX OLEHU GH FHO SX LQ FP FKLDU L DWXQFL F QG WHOHYL]RUXO VH LQVWDOHD] ñQ GXODS VDX ñQWUH UDIWXUL - $ QX VH ñPSLHGLFD DHULVLUHD SULQ DFRSHULUHD RULILFLLORU GH YHQWLOD LH FX RELHFWH FD GH H[HPSOX ]LDUH F USH VDX GUDSHULL 1 U@G@EP8VSDG@ 8PHQVU@SDG@ 86TID8@ ðQ FDGUXO IRORVLULL WHOHYL]RUXOXL OD WHOHMRFXUL L FRPSXWHUH FDVQLFH SH HFUDQ VH SRW IRUPD kXPEUHl LQGLVSDULELOH $FHVW LUHYHUVLELO GHIHFW D SDQRXOXL FX FULVWDOH OLFKLGH SRDWH IL UHGXV OD PLQLP SULQ UHVSHFWDUHD XUP WRDUHORU UHJXOL - 6H VWDELOHVF QLYHOH PLQLPH GH OXPLQR]LWDWH L FRQWUDVW ñQ FDGUXO F URUD WHOHYL]RUXO SRDWH IL IRORVLW - /D IXQF LRQDUHD FX MRFXUL YLGHR VDX FDOFXODWRU WHOHYL]RUXO QX VH YD IRORVL YUHPH ñQGHOXQJDW I U SDX]H - 1X O VD L FD R LPDJLQH VWDWLF V ILH DIL DW SH HFUDQ R SHULRDG PDL OXQJ GHRDUHFH H[LVW SRVLELOLWDWHD FD HD V U P Q LPSULPDW SHUPDQHQW SH HFUDQXO /&' - , PDJLQLOH VWDWLFH LQFOXG GH H[HPSOX ORJRXULOH MRFXULOH YLGHR LPDJLQLOH GH FDOFXODWRU WHOHWH[WXO L LPDJLQLOH DIL DWH ñQ IRUPDW - $FHDVW GHWHULRUDUH D HFUDQXOXL /&' QX HVWH XQ GHIHFW GH IXQF LRQDUH L GLQ DFHVW PRWLY QX HVWH LQFOXV ñQ JDUDQ LD 3DQDVRQLF 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 ULL SRVWXOXL $FHDVW IXQF LH QX HVWH YDODELO F QG WHOHYL]RUXO VH J VH WH ñQ UHJLPXO $9 $&&(625, , /( 6H YHULILF GDF ñQ FRPSOHWXO WHOHYL]RUXOXL VXQW LQFOXVH DFFHVRULLOH LQGLFDWH PDL MRV T , QVWUXF LXQLOH GH H[SORDWDUH 3XSLWUXO GH WHOHFRPDQG 37& (85$ %DWHULLOH SHQWUX 37& EXF GLPHQVLXQHD 5 80 *DUDQWLD 3DQ(XURSHDQD %DWHULLOH SHQWUX 37& 7UDJH L L LQH L F UOLJXO GXS FDUH GHVFKLGH L FDSDFXO FRPSDUWLPHQWXOXL GH EDWHULL , QWURGXFH L EDWHULLOH DWHQ LH OD SRODULWDWHD FRUHFW L  3XQH L FDSDFXO OD ORF -6H YHULILF GDF EDWHULLOH VXQW LQVWDODWH ñQ 37& FRQIRUP LQGLFD LLORU GLQ VFKHP -1X VH YRU LQVWDOD EDWHULL QRL ñPSUHXQ FX FHOH YHFKL %DWHULLOH YHFKL VH YRU ñQO WXUD LPHGLDW GXS HSXL]DUHD GXUDWHL GH VHUYLFLX -1X VH YRU LQVWDOD EDWHULL GH GLYHUVH WLSXUL GH H[HPSOX FX ILHUQLFKHO L PDQJDQ L QX VH YRU IRORVL EDWHULL GH DFXPXODWRDUH 1L&G 1L0+ , 167$/$5( 9 UXJ P V IRORVL L DSDUDWXO QXPDL FX VWDQGXO DWD DW VDX FX SLHVHOH GH PRQWDUH SH SHUHWH SURWULYLWH 3ODVD L D D ñQF W V RE LQH L YL]LELOLWDWH FRPIRUWDELO (YLWD L V SODVD L DFROR XQGH OXPLQD VRDUHOXL VDX DOWH VXUVH GH OXPLQ LQFOXVLY UHIOHF LL YRU F GHD SH HFUDQ )RORVLUHD DQXPLWRU WLSXUL GH OXPLQDUH IOXRUHVFHQW SRDWH UHGXFH UDQJH GH WUDQVPLWHUH D SXSLWUXOXL GH WHOHFRPDQG $HULVLUHD DGHFYDW HVWH HVHQ LDO SHQWUX D VH SUHYHQL VWULFDUHD FRPSRQHQWHORU LQWHUQH 3ODVD L GHSDUWH GH ORFXUL FX XPLGLWDWH VDX F OGXU H[FHVLY &RQHFWDUHD DXGLRYLGHR ñQWUH FRPSRQHQWH VH SRDWH IDFH FX FDEOXUL DXGLRYLGHR LVRODWH &D V RE LQH L FHD PDL EXQ SHUIRUPDQ RSHUDWRULL WHOHYL]LXQLL SULQ FDEOX DU WUHEXL V IRORVHDVF FDEOX FRD[LDO GH 2KP SXWH L SURFXUD DFHVWH FDEOXUL GH OD GHDOHUXO GYV VDX GH OD PDJD]LQHOH GH HOHFURQLF ðQDLQWH GH D FRQHFWD FDEOXULOH DVLJXUD LY F WL L FH IHO GH RXWSXW DQG LQSXW FRQHFWRDUH FHU GLIHULWHOH FRPSRQHQWH 'H DVHPHQHD VWDELOL L OXQJLPHD FDEOXOXL GH FDUH D L DYHD QHYRLH & QG WHOHYL]RUXO /&' HVWH H[SXV OXPLQLL GLQ DIDU VDX D XQRU VXUVH GH OXPLQ LPDJLQLOH FX FRQWUDVW ñQDOW VDU SXWHD V QX DSDU FODUH 6WLQJH L O PSLOH IOXRUHVFHQWH DSURDSH GH WHOHYL]RUXO /&' L SOD VD LO ñQWUXQ ORF QHH[SXV OXPLQLL GLQ DIDU &XP VH IRORVH WH VWDQGXO /&' 3HQWUX D VH RE LQH FDOLWDWHD RSWLP D LPDJLQLL (FKLSDPHQW H[WHUQ RS LRQDO /RFDOL]DUHD UHFHSWRUXOXL 5HJOD L SDQRXO /&' OD XQJKLXO GRULW 3DQRXO /&' SRDWH IL UHJODW ñQ XUP WRDUHOH GLUHF LL ðQDLQWH ðQDSRL 'UHDSWD 6W QJD )URQWDO E E E E 3RVWHULRU ð175( , 1(5($ 3HQWUX D FXU h ryrvy rtr vy p p hyr ph 'DF VXSUDIH HOH VXQW IRDUWH PXUGDUH IRORVL L R F US PRDOH ñQPXLDW ñQWUR VROX LH GH DS FX V SXQ VDX R VROX LH DY QG OD ED\ R VROX LH GH FXU DW VODE - )RORVL L XQ PDWHULDO GH FXU DW RFKHODULL SHQWUX D ñQGHS UWD SHWHOH GLILFLOH GH SH HFUDQXO /&' - 1X IRORVL L DOFRRO GLOXDQW VDX EHQ\LQ SHQWUX FXU DUHD WHOHYL]RUXOXL - ðQDLQWH GH D IRORVL D F US WUDWDW FKLPLF FLWL L FX DWHQ LH LQVWUXF LXQLOH GH XWLOL]DUH DOH F USHL - 1X WHUJH L PRQLWRUXO /&' FX DS ðQ FD]XO ñQ FDUH FDUFDVD HVWH IRDUWH PXUGDU WHUJH LR FX R F US 86VUDPI) , I ZDWHU RU VLPLODU VXEVWDQFHV JHW LQVLGH WKH PRQLWRU YLD WKH OLTXLG FU\VWDO SDQHO VXUIDFH D PDOIXQFWLRQ PD\ UHVXOW WHUJH L FDUFDVD FX R F US PRDOH , 16758& , 81, '( 3251, 5( 5$3, ' $ 7(/(9, =258/8, 6H FRQHFWHD] FDEOXO DQWHQHL L VH UDFRUGHD] XWLODMXO DX[LOLDU 5HFLYHU 6DWHOLW $9 6$8 $9 6$8 9&5 '9'5 $9 6$8 $9 , QL LDO VH FRQYLQJH GDF PDJQHWRIRQXO YLGHR '9'5 VH J VH WH ñQ UHJLP GH D WHSWDUH 6WDQGE\ 6H UDFRUGHD] WHOHYL]RUXO L VH FRQHFWHD] 6HQ]RU /&' SHQWUX VHPQDOXO WUDQVPLV GH WHOHFRPDQG , QGLFDWRU GH DOLPHQWDUH GH OD UH HD &XORDUHD UR LH LQGLF VWDELOLUHD UHJLPXOXL GH D WHSWDUH /D IRORVLUHD WHOHFRPHQ]LL LQGLF IDSWXO F WHOHYL]RUXO D SULPLW R FRPDQG , 16758& , 81, '( 3251, 5( 5$3, ' $ 7(/(9, =258/8, $OHJH L OLPED GXPQHDYRDVWU DUD 6H DSDV EXWRQXO 5R X 6H ñQFHSH UHJODUHD DXWRPDW FDUH DVLJXU GHSLVWDUHD L PHQ LQHUHD ñQ PHPRULH D SRVWXULORU FDUH IXQF LRQHD] 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  (;, 7 $S VD L EXWRQXO ([LW SHQWUX D ñQFKLGH SURJUDPXO 'LQ DFHVW PRPHQW WHOHYL]RUXO HVWH JDWD SHQWUX UHFHS LRQDUHD SURJUDPHORU $FHVWH EXWRDQH DVLJXU GRX IXQF LXQL GH ED] 5HJODUHD YROXPXOXL 6FKLPEDUHD SURJUDPHORU 25*$1(/( 35, 1&, 3$/( '( &20$1' 3( 3$128/ '( &20$1' , /$ 37& &RPXWDWRUXO 79$9 YH]L SDJ  ðQWUHUXS WRUXO GH DOLPHQWDUH 6H P UH WH VDX VH PLF RUHD] FX R XQLWDWH &21(&7$7 '(&21(&7$7 QXP UXO SURJUDPXOXL 'DF IXQF LD HVWH ñQ VWDUH 675 PHQ LQHUHD UHJO ULORU GH UHSURGXFHUH VH DSDV ñQ YHGHUHD P ULULL VDX 6H IRORVH WH SHQWUX PHPRUDUHD PLF RU ULL IXQF LHL DOHVH DFRUG ULL FDQDOHORU L UHJO ULORU DOWRU IXQF LL ) $OHJHUHD IXQF LLORU 5HSURGXFHUHD IXQF LHL PHGLXOXL GH HFUDQ VH DSDV GH F WH RUL HVWH QHFHVDU SHQWUX DOHJHUHD XQHLD GLQ IXQF LLOH H[LVWHQWH 9ROXP %DFNOLJKW , OXPLQDUH &RQWUDVW %ULJKWQHVV /XPLQR]LWDWH &RORU &RORULWDWH 6KDUSQHVV &ODULWDWH 7LQW 1XDQ GH FXORUL ñQ VLVWHPXO 176& %DVV )UHFYHQ MRDV GH VRQRULWDWH 7UHEOH )UHFYHQ ñQDOW GH VRQRULWDWH %DODQFH %DODQV L 7XQLQJ PRGH 5HJLP GH UHJODUH ðQWUHUXS WRUXO UHJLPXOXL GH 'HFRQHFWDUHD VXQHWXOXL 7LPS GHFRQHFWDUH GHFRQHFWHD] WHOHYL]RUXO ñQ D WHSWDUH &RQHFWDW 'HFRQHFWDW S Q OD GH PLQXWH OD LQWHUYDOH GH PLQXWH %XWRQXO GH JKLGDUH GH SURJUDP $S VD L SHQWUX OLVWD GH SURJUDPH &RPXWDUH ñQWUH WHOHYL]RU L YH]L SDJ  LQWUDUHD $9 YH]L SDJ  %XWRQXO 2. ñO IRORVLP SHQWUX VWRFDUH L SHQWUX FRQILUPDUHD DFRUG ULL SHQWUX IXQF LLOH 26' L SHQWUX DOWH UHJO UL %XWRQXO (;, 7 VH IRORVH WH SHQWUX LH LUHD GLQ VLVWHPXO PHQLXULORU GH HFUDQ L UHYHQLUHD OD HFUDQXO QRUPDO ñQ YHGHUHD YL]LRQ ULL SURJUDPXOXL GH WHOHYL]LXQH %XWRQ 1 1RUPDOL]DUH DGXFH WRDWH VHW ULOH ñQDSRL OD QLYHOHOH SUHVWDELOLWH 3 VWUDUHD ñQ PHPRULH D XOWLPHL DFRUG UL (;, 7 3HQWUX DQXPLWH IXQF LL U P QH ñQ PHPRULH XOWLPD YDORDUH VHWDW 'H H[HPSOX VWDELOLUHD LQGLFDWRUXOXL GH WLPS GH GHFRQHFWDUH VH YD S VWUD GXS GHFRQHFWDUHD L FRQHFWDUHD XOWHULRDU D WHOHYL]RUXOXL ðQ PHPRULD WHOHYL]RUXOXL VH S VWUHD] XUP WRDUHOH UHJO UL &20$1'$ )250$78/8, , 0$*, 1, , $SDVDWL EXWRQXO $63(&7 SHQWUX D SXWHD DOHJH ñQWUH FHOH SDUWX RSWLXQL SHQWUX DVSHFW $63(&7 $XWR VL $XWR %)( $XWR /D DOHJHUHD UHJLPXOXL 6VUP LPDJLQHD GH SH HFUDQXO WHOHYL]RUXOXL VH UHSURGXFH ñQ IRUPDWXO GH WUDQVPLWHUH DGLF OD UDSRUWXO GH O UJLPHñQ O LPH GH VDX #)" $XWR /D DOHJHUHD SDUDPHWUXOXL #)" LPDJLQHD YD IL UHSURGXV ñQ IRUPDWXO VWDQGDUG /D DOHJHUHD SDUDPHWUXOXL %)( LPDJLQHD YD IL UHSURGXV ñQ IRUPDWXO VWDQGDUG 0(1, 8 35, 1&, 3$/ $FHVW PHQX Y SHUPLWH DFFHVXO OD XUP WRUHOH IXQF LL , PDJLQH 6XQHW6HWDUH 6H GHVFKLGH PHQLXO 3ULQFLSDO 6H GHSODVHD] I LD GH DOHJHUH OD SR]L LD QHFHVDU $FFHVD L RS LXQHD GXPQHDYRDVWU 6H DSDV EXWRQXO (;, 7 ñQ YHGHUHD LH LULL GLQ PHQLXO 3ULQFLSDO 0(18 0HQLX SULQFLSDO , PDJLQH 6XQHW 6HWDUH 6HOHFWDUH $FFHV (;, 7 , Hú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úLUH 5HYHQLUH 'LQDPLF 1RUPDO $XWR (;, 7 , PDJLQH 0RG GH YL]LRQDUH 0RG GH YL]LRQDUH GLQ PHQX Y SHUPLWH V DOHJH L 1RUPDO L V PRGLILFD L WUHL PRGXUL $XWR GLIHUWH GH LPSOLPHQWDUH D LPDJLQLL r 'LQDPLF 1RUPDO , PDJLQH 0RG GH YL]LRQDUH &LQHPD L &LQHPD 3HQWUX ILHFDUH GLQ DFHVWH , OXPLQDUH RS LXQL DOH 0RG GH &RQWUDVW YL]LRQDUH SRW IL DOH L GLIHUL L /XPLQR]LWDWH SDUDPHWUL FD LOXPLQDUH &XORDUH FRQWUDVW OXPLQR]LWDWH &ODULWDWH 1RUPDO GRDU ñQ 7HPS GH FXORUL QXDQ $XWR FRQIRUPLWDWH FX QRUPHOH 315 176& FXORDUH FODULWDWH &RQWUDVWXO L WRQXO FXORULORU SRW IL DMXVWDWH L FHUXWH L ñQ IXQF LH GH WLSXO WUDQVPLVLXQLORU GH H[HPSOX SXWH L VWDELOL GLIHUL L SDUDPHWULL SHQWUX LPDJLQL GLQ VSRUW GLQ ILOPH WLUL HWF 0RG GH YL]LRQDUH Y SHUPLWH V DOHJH L PD[LPXP WUHL SRVLELOLW L SHQWUX VXQHW 5) $9 LQFOX]ñQG 5*%$9 3ULQ DQDOL]DUHD L SUHOXFUDUHD LPDJLQLL XOWHULRDUH WRDWH FHOH WUHL PRGXUL LHV ñQ HYLGHQ SULQ FRQVROLGDUHD DXWRPDW D LPDJLQLL &X DMXWRUXO EXWRQXOXL 1 GH OD WHOHFRPDQG Y SXWH L ñQWRDUFH OD SDUDPHWULL LQL LDOL GH IDEULF SHQWUX DOHJHUHD VXUVHL SHQWUX VXQHW 0RG GH YL]LRQDUH , OXPLQDUH &RQWUDVW /XPLQR]LWDWH &XORDUH &ODULWDWH 7HPS GH FXORUL 315 1RUPDO , 0$*, 1( , OXPLQDUH &RQWUDVW /XPLQR]LWDWH &XORDUH &ODULWDWH 1XDQ 176& 7HPS GH FXORUL 315 1LYHOXULOH GH LOXPLQDUH FRQWUDVW OXPLQR]LWDWH FRORULWDWH QXDQ 176& L FODULWDWH VH SRW UHJOD ñ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vQDOWH %DODQV 03; 0RG $PELDQ 6HOHFWDUH 5HJODM , HúLUH 5HYHQLUH 1HDFWLYDW 0X]LF 2SULW (;, 7 6XQHWH MRDVH 5HJODUHD IUHFYHQ HORU MRDVH SHUPLWH UHOLHIDUHD IUHFYHQ HORUMRDVH GH VXQHW IUHFYHQ HOH MRDVH FDUH SRW IL P ULWH VDXPLF RUDWH 5HJODUHD IUHFYHQ HORU ñQDOWH SHUPLWH UHOLHIDUHD IUHFYHQ HORUñQDOWH FDUH SRW IL P ULWH VDXPLF RUDWH 5HJODUHD EDODQVXOXL GHWHUPLQ UDSRUWXO GH QLYHOH GH VRQRULWDWH ñQWUH GLIX]RDUHOH GLQ VW QJD L GLQ GUHDSWD 5HJODUHD SRDWH IL HIHFWXDW ñQ D D IHO ñQF W UDSRUWXO QLYHOXULORU GH VRQRULWDWH V FRUHVSXQG SR]L LHL GXPQHDYRDVWU 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 WUHFHUH OD UHJLPXO 0RQR 'DF VHPQDOHOH VH WUDQVPLW GH DVHPHQHD SRDWH IL DOHV UHJLPXO PRQRIRQLF 0 L 0 6XQHWXO SRDWH IL ñPEXQ W LW FX DMXWRUXO DOHJHULL IXQF LHL 0X]LF VDX 'LDORJ )XQF LD GH DPELDQ VRQRU DVLJXU VSRULUHD GLQDPLF D HIHFWXOXL GH VRQRULWDWH VWHUHRIRQLF 6XQHWH ñQDOWH %DODQV 03; 0RG $PELDQ 6(7$5( 0HQLXO 6HWDUH DVLJXU DFFHVXO OD GLYHUVH GLQ FHOH PDL QRL IXQF LL SUHFXP L OD PHQLXO GH DFRUG GH SURJUDPH 6D GHVFKLGH PHQLXO 3ULQFLSDO 6H GHSODVHD] I LD GH DOHJHUH OD PHQLXO GH 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] QLYHOXO GH UHJODUH DOHDV VH DOHJ YDULDQWHOH QHFHVDUH VH UHDOL]HD] DFFHVXO OD XUP WRUXO PHQLX 6H DSDV EXWRQXO (;, 7 GH LH LUH GLQ PHQLXO 6HWDUH , H LUH $9 0(18 6HWDUH , HúLUH $9 7HOHWH[W /LPEDM WH[W $FRUG /LPE PHVDMH 6HOHFWDUH 6FKLPEDUH , HúLUH 5HYHQLUH 79 )/2) (VW (;, 7 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 VDX LH LUHD PRQLWRUXOXL LPDJLQHD UHSURGXV SH HFUDQXO WHOHYL]RUXOXL 6WDELOLUHD I LHL OXPLQDWH GH DOHJHUH OD SR]L LD 7HOHWH[W SHUPLWH DOHJHUD UHJLPXOXL GH WHOHWH[W )/2) VDX /, 67 9H]L SDJ 7HOHWH[W 6LVW GH FXORDUH &RUHF LH YROXP &RUHF LH YROXP L 6LVW GH FXORDUH YH]L SDJ $9 /LPEDM WH[W 6HOHFWHD] PXO LPHD GH FDUDFWHUH DVWIHO ñQF W WRDWH FDUDFWHUHOH QHFHVDUH VXQW GLVSRQLELOH SHQWUX SDJLQL WH[W L WHOHWH[W GH H[ FDUDFWHUH FKLULOLFH HWF Hq Gviv Wr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ú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 6H DSDV EXWRQXO 2. VHOHFWDWL SURJUDPXO GRULW , H L L GLQ OLVWD FX DMXWRUXO EXWRQXOXL (;, 7 VDX *8, '( *8, '( *KLG GH SURJUDPDUH 3URJ 9&5 1XPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH &DQDO &+ + + + + + + + + + + + + 3URJ 1XPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH 1DPH &DQDO + + + + + + + + + + + + + (;, 7 *8, '( 6HOHFWDUH 6HOHFWDUH &RQILUPDUH , HúLUH 3DJLQD 3DJLQD $&25' $&25' $8720$7 $73 0HQLXO GH DFRUG DXWRPDW DO FDQDOHORU SHUPLWH DFRUGDUHD DXWRPDW D WHOHYL]RUXOXL OD SRVWXULOH ORFDOH $FHDVW IXQF LH HVWH IRDUWH XWLO DWXQFL F QG Y PXWD L ñQ DOW ORF 6H GHVFKLGH PHQLXO 3ULQFLSDO 6H GHSODVHD] I LD GH DOHJHUH OD PHQLXO GH 6HWDUH 6H UHDOL]HD] DFFHVXO OD PHQLXO GH 6HWDUH 6H WUHFH OD PHQLXO $FRUG 6H UHDOL]HD] DFFHVXO OD PHQLXO $FRUG 6H WUHFH OD SR]L LD $FRUG DXWRPDW $73 6H UHDOL]HD] DFFHVXO OD $FRUG DXWRPDW $73 6H DSDV SHQWUX FRQILUPDUH 6H DOHJH DUD GH RULJLQH 6H DSDV SHQWUX SRUQLUHD DFRUG ULL DXWRPDWH D FDQDOHORU $73 0(18 $7(1 , ( $FWXDOHOH FDQDOH SURJUDPDWH YRU IL VWHUVH 6WDUW $73 , HúLUH 5HYHQLUH DU 'HXWVFKODQG gVWHUUHLFK )UDQFH , WDOLD (VSDxD 3RUWXJDO 1HGHUODQG 'DQPDUN 6YHULJH 1RUJH 6XRPL %HOJLXP 6FKZHL] (//$'$ 3ROVND ýHVNi UHSXEOLND 0DJ\DURUV]iJ ((X 6HOHFWDUH 6WDUW $73 , HúLUH 5HYHQLUH &+ $73 Ì1 &856 &$87$5( 58* 0 $ù7(37$ , &+ ;<= 7HOHYL]RUXO YD F XWD SRVWXULOH ORFDOH L OH YD DPSODVD SH FDQDOH ñQWUR DQXPLW RUGLQH 'XS WHUPLQDUHD DFHVWHL RSHUD LL WHOHYL]RUXO SRDWH GHPRQVWUD SURJUDPXO FRUHVSXQ] WRU FDQDOXOXL , Hú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ñQFHSH HIHFWXDUHD DFRUG ULL 'XS FH SURJUDPXO QHFHVDU D IRVW DFRUGDW VH DSDV EXWRQXO 2. SHQWUX S VWUDUHD UHJO ULL ñQ PHPRULH 6H DSDV EXWRQXO (;, 7 ñQ YHGHUHD UHDOL] ULL LH LULL GLQ UHJLPXO GH DFRUGDUH PDQXDO 0(18 &+ (GLWDUH SURJUDP $FRUG DXWRPDW $FRUG PDQXDO $FRUG ILQ 6LVW GH FXORDUH &RUHF LH YROXP 6HOHFWDUH $FFHV 0HPRUDUH , HúLUH 5HYHQLUH $FRUG $FFHV $XWR &+ $FRUG PDQXDO /DQVDUH F XWDUH 0HPRUDUH , HúLUH 5HYHQLUH & , QWURGXFHUH GLUHFW (;, 7 $&25' $&25' 0$18$/ $FRUGDHD PDQXDO SDQRX GH FRPDQG DO WHOHYL]RUXOXL 6H DSDV EXWRQXO ) SDQRX GH FRPDQGD S Q F 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 79$9 79$9 VH UHDOL]HD] GHSODVDUHD ñQWUH k6FKLPEDUH SURJUDPl k/DQVDUH F XWDUHl L k6FKLPEDUH VLVWHP 79l 6H DSDV EXWRQXO VDX SHQWUX VFKLPEDUHD FDQDOXOXL FRQHFWDUHD F XW ULL SRVWXOXL VDX VFKLPEDUHD VLVWHPXOXL 79 'XS FH SRVWXO QHFHVDU D IRVW J VLW VH DSDV EXWRQXO 675 SHQWUX S VWUDUHD VFKLPE ULORU 6H UHSHW SURFHGXUD GHVFULV PDL VXV SHQWUX DFRUGDUHD DOWRU SURJUDPH VDX VH DSDV EXWRQXO ) SHQWUX LH LUHD GLQ UHJLPXOGH DFRUGDUH 675 0RGXO DFRUGDUH ) 1X 675 &+ 6& $FRUG PDQXDO ) 'D ) 79$9 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 6H GHSODVHD] I LD GH DOHJHUH OD PHQLXO GH 6HWDUH 6H UHDOL]HD] DFFHVXO OD PHQLXO GH 6HWDUH 6H WUHFH OD PHQLXO /LPE PHVDMH PHQX 6H GHVFKLGH PHQLXO 26' ODQJXDJH PHQX 6H GHSODVHD] FXUVRUXO ñQ SR]L LD QHFHVDU 6H DSDV EXWRQXO (;, 7 SHQWUX UHDOL]DUHD DOHJHULL L LH LUHD GLQ PHQLX 0(18 , HúLUH $9 7HOHWH[W /LPEDM WH[W $FRUG /LPE PHVDMH 6HWDUH 79 )/2) (VW $FFHV 6HOHFWDUH $FFHV , HúLUH 5HYHQLUH /LPE (;, 7 PHVDMH (VSDxRO 1RUVN 'DQVN 6YHQVND 0DJ\DU 5XVVNLM 6ORYHQVN\ 6USVNL 6HOHFWDUH OLPE 6HOHFWDUH OLPE , HúLUH 5HYHQLUH 1HGHUODQGV 6XRPL 7UNoH 3RUWXJXrV +UYDWVNL %XOJDULDQ 6ORYHQVNR 'HXWVFK (QJOLVK )UDQoDLV , WDOLDQR (//+1, . $ ýHãWLQD 5RPkQ 3ROVNL 8PH6I96 AVI8 DPI SDD H6BI@UPAPIVGVD WD9@PQD86QVGVD 9@ 9DT8VSD VIDW@ST6G@ 6V9DPWD9@P 3XSLWUXO GH WHOHFRPDQG 37& SRDWH IL IRORVLW SHQWUX FRPDQGD GH IXQF LRQDUH D PDJQHWRIRQXOXL YLGHRSLFDSXOXL GH GLVFXUL XQLYHUVDOH DXGLRYLGHR ñQ YHGHUHD ñQUHJLVWU ULL VXQHWXOXL L LPDJLQLL '9'5 'LYHUVH PDJQHWRIRDQH YLGHR L SLFDSXUL GH GLVFXUL XQLYHUVDOH DXGLRYLGHR GLVSXQ GH GLYHUVH IXQF LL VL GH DFHHD SHQWUX DVLJXUDUHD FRPSDWLELOLW LL VH DGUHVHD] LQVWUXF LXQLORU GH H[SORDWDUH D DFHVWXL XWLODM VDX FH FHUH FRQVXOWD LL GH OD RUJDQL]D LD FRPHUFLDO DSURSULDW 6WDQGE\ $ WHSWDUH 6H DSDV DFHVW EXWRQ SHQWUX D FRPXWD PDJQHWRIRQXO YLGHRSLFDSXO GH GLVFXUL XQLYHUVDOH DXGLRYLGHR ñQ UHJLP GH D WHSWDUH 3HQWUX FRQHFWDUHD DSDUDWXOXL DFHVW EXWRQ VH YD DS VD ñQF RGDW $FHVW FRPXWDWRU VH IRORVH WH SHQWUX DOHJHUHD FRPHQ]LL SLFDSXOXL GH GLVFXUL XQLYHUVDOH DXGLRYLGHR VDX D PDJQHWRIRQXOXL YLGHR 3HQWUX UHSURGXFHUHD EHQ]LL VDX GLVFXOXL VH DSDV DFHVW EXWRQ 9&5 '9' &RPXWDWRUXO 9&5 '9'5 0DJQHWRIRQ YLGHR '9'5 3OD\ 5HSURGXFHUH 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 SHQWUX HIHFWXDUHD UHERELQ ULL EHQ]LL ñQDSRL /D DS VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH HIHFWXHD] UHSURGXFHUHD DFFHOHUDW D EHQ]LL ñQ VHQV LQYHUV 3LFDSXO GLVFXULORU XQLYHUVDOH 6H DSDV R VLQJXU GDW SHQWUX WUHFHUHD OD SLVWD DQWHULRU D GLVFXOXL /D DS VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH HIHFWXHD] UHSURGXFHUHD DFFHOHUDW D LPDJLQLL ñQ VHQV LQYHUV 6NLS 7UHFHUH OD DOW SLVW  5HZLQG 5HERELQDUH ñQDSRL 5HYLHZ 9L]LRQDUH 0DJQHWRIRQXO YLGHR 6H DSDV SHQWUX HIHFWXDUHD UHERELQ ULL EHQ]LL ñQDSRL /D DS VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH HIHFWXHD] UHSURGXFHUHD DFFHOHUDW D EHQ]LL ñQ VHQV LQYHUV 3LFDSXO GLVFXULORU XQLYHUVDOH 6H DSDV R VLQJXU GDW SHQWUX WUHFHUHD OD SLVWD DQWHULRU D GLVFXOXL /D DS VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH HIHFWXHD] UHSURGXFHUHD DFFHOHUDW D LPDJLQLL ñQ VHQV LQYHUV 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 3URJUDPPH 8S 'RZQ 3URJUDPXO 6XV -RV 352*5$00( 5(& 6H DSDV DFHVW EXWRQ SHQWUX P ULUHD VDX PLF RUDUHD QXP UXOXL FDQDOXOXL FX R XQLWDWH 5HFRUG ðQUHJLVWUDUH 6H DSDV DFHVW EXWRQ SHQWUX FRQHFWDUHD ñQUHJLVWU ULL &20$1'$ 7(/(7(;78/8, - )XQF LLOH WHOHWH[WXOXL VH VFKLPE ñQ IXQF LH GH FRPSDQLD GH GLIX]LXQH L VH HIHFWXHD] QXPDL ñQ FD ]XO F QG SH FDQDOXO DOHV VH WUDQVPLWH WHOHWH[W - 'XS DS VDUH GXEO D EXWRQXOXL H@IV DWXQFL F QG WHOHYL]RUXO IXQF LRQHD] ñQ UHJLP GH WHOHWH[W SH HFUDQXO WHOHYL]RUXOXL VH UHSURGXFH IXQF LD GH UHJODUH D FRQWUDVWXOXL FX I LH LQGLFDWRDUH YHUGH DOEDVWU VH HIHFWXHD] UHJODUHD FX DMXWRUXO EXWRDQHORU $ l - 'XS R VLQJXU DSDVDUH D EXWRQXOXL H@IV OD IXQF LRQDUHD WHOHYL]RUXOXL ñQ UHJLP GH WHOHWH[W ñQ SDU WHD 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 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 EXWRQXO FXORULL FRUHVSXQ] WRDUH $FHDVW IXQF LH DVLJXU DFFHVXO UDSLG OD LQIRUPD LD GLQ WHPDWLFD QHFHVDU 797(;7 8r rv rtvy GDTU4 8r rv ryrry AGPA A6TU@YU4 6H DSDV EXWRQXO UWU@YU 3H HFUDQXO WHOHYL]RUXOXL VH YD UHSURGXFH SDJLQD WHOHWH[WXOXL 'DF GRUL L D UHYHQL OD UHJLPXO QRUPDO GH IXQF LRQDUH D WHOHYL]RUXOXL DS VD L ñQF RGDW DFHVW EXWRQ Srtvy ryrvUryrr 6yrtrrh htvvv ryrryv QXP UXOXL SDJLQLL FX R XQLWDWH i 6H LQWURGXFH QXP UXO SDJLQLL WHOHWH[WXOXL FX DMXWRUXO EXWRDQHORU FX FLIUH DPSODVDWH SH 37& 0(18 h 6H DSDV EXWRDQHOH 6XV-RV SHQWUX P ULUHD VDX PLF RUDUHD 3DJLQLOH WHOHWH[WXOXL SRW IL DOHVH SULQ GRX SURFHGHXUL Qhtvh ñrht w hrh qr E hrh qr w 6H DSDV EXWRQXO H@IV SHQWUX UHSURGXFHUHD IXQF LLORU VSHFLDOH GXS FDUH VH DSDV EXWRQXO Wrqr 6H DSDV EXWRQXO Wrqr SHQWUX U VWXUQDUHD -80 7 , , '( -26 D SDJLQLL SH WRW HFUDQXO 3HQWUX UHYHQLUHD ñQ UHJLPXO QRUPDO GH UHSURGXFHUH 3$*, 1$ ð175($*  VH DSDV DFHVW EXWRQ ñQF RGDW 0(18 H[HPSOX U VSXQVXUL OD ñQWUHE UL DSODVDWH SH SDJLQD WHOHYLFWRULQHL 3HQWUX ñQFKLGHUHD U VSXQVXULORU VH DSDV DFHVW EXWRQ ñQF RGDW 9rpuvqrrh pvry 6H DSDV EXWRQXO H@IV SHQWUX UHSURGXFHUHD IXQF LLORU VSHFLDOH GXS FDUH VH DSDV EXWRQXO S SHQWUX GHVFKLGHUHDFXYLQWHORU DVFXQVH GH 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 7hryr S Wrqr Bhyir 6yih ðQ UHJLPXO GH WHOHWH[W /, 67 SDWUX QXPHUH GH SDJLQL SRW IL VFKLPEDWH QXPDL SHQWUX FDQDOHOH GH OD S Q OD LQFOXVLY 3HQWUX HIHFWXDUHD DFHVWHL RSHUD LL VH DSDV XQXO GLQ EXWRDQHOH FRORUDWH L VH LQWURGXFH QRXO QXP U DO SDJLQLL 6H DSDV L VH PHQ LQH ñQ SR]L LD DS VDW EXWRQXO PF QXP UXO SDJLQLL ñ L YD VFKLPED FXORDUHD Q hrh ñ rvr r rtvy GDTU &20$1'$ 7(/(7(;78/8, 1X HVWH SRVLELO VFKLPEDUHD FDQDOXOXL SHQWUX SDJLQD 1RXW L S OS LWRDUH 1HZV IODVK ðQQRLUH 8SGDWH VDX $FFHVV OD SDJLQD FX VXEFRG 6XE &RGHG 3DJH $FFHVV +2/' 3HQWUX FLWLUHD SDJLQLL WHOHWH[WXOXL DWXQFL F QG VH YL]LRQHD] LQIRUPD LD FDUH FRQ LQH F WHYD SDJLQL 6H DSDV ñQF R GDW SHQWUX UHYHQLUHD ñQ UHJLPXO GH ñQQRLUH DXWRPDW D SDJLQLL &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 ñQ UHJLPXO /, 67 LDU FDQDOXO WUHEXLH V DLE QXP UXO GH OD S Q OD LQFOXVLY 6H DSDV EXWRQXO 6yih VH DOHJHQXP UXO SDJLQLL L VH UH LQH EXWRQXO PF 1XP UXO SDJLQLL VH YD PHQ LQH ñQ PHPRULH 3HQWUX UHSURGXFHUHD SDJLQLL VH DSDV EXWRQXO AQ Qr pvvrh htvvv ryrryv )3 0(18 I v y vhr & QG SDJLQD QRXW LORU S OS LWRDUH D IRVW DOHDV VH DSDV EXWRQXO H@IV L EXWRQXO Bhyir SHQWUX YL]LRQDUHD SURJUDPXOXL GH 6H DSDV EXWRQXO H@IV SHQWUX UHSURGXFHUHD IXQF LLORU VSHFLDOH GXS FDUH VH DSDV EXWRQXO Bhyir SHQWUX YL]LRQDUHDSURJUDPXOXL GH WHOHYL]LXQH S Q F QG VH HIHFWXHD] F XWDUHD SDJLQLL WHOHWH[WXOXL & QG SDJLQD D IRVW J VLW ñQ FRO XO VXSHULRU GLQ VW QJD DO HFUDQXOXL DSDUH QXP UXO SDJLQLL 3HQWUX YL]LRQDUHD SDJLQLL WHOHWH[WXOXL VH DSDV EXWRQXO Bhyir 3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH IXQF LRQDUH D WHOHYL]RUXOXL VH DSDV EXWRQXO UWU@YU ñQF RGDW WHOHYL]LXQH & QG SDJLQD D IRVW J VLW SH HFUDQXO WHOHYL]RUXOXL DSDUH QXP UXO SDJLQLL 6H DSDV EXWRQXO Bhyir SHQWUX YL]LRQDUHD SDJLQLL GH WLUL QRL FDUH FOLSH WH 3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH OXFUX DO WHOHYL]RUXOXL VH DSDV EXWRQXO UWU@YU Sr vrh qvyrvyv LQIRUPD LHL SH SDJLQLOH WHOHWH[WXOXL & QG QRXD LQIRUPD LH D IRVW RE LQXW ñQ XQJKLXO VXSHULRU GLQ VW QJD DO HFUDQXOXL WHOHYL]RUXOXL DSDUH QXP UXO SDJLQLL 6H DSDV EXWRQXO Bhyir GH YL]LRQDUH D SDJLQLL 3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH OXFUX DO WHOHYL]RUXOXL VH DSDV EXWRQXO UWU@YU Sr vrh ryrryv 6H DSDV EXWRQXO H@IV L EXWRQXO Bhyir SHQWUX UH QQRLUHD &20$1'$ 7(/(7(;78/8, 1X HVWH SRVLELO VFKLPEDUHD FDQDOXOXL SHQWUX SDJLQD 1RXW L S OS LWRDUH 1HZV IODVK ðQQRLUH 8SGDWH VDX $FFHVV OD SDJLQD FX VXEFRG 6XE &RGHG 3DJH $FFHVV 6ppry yh htvh p ipq 0(18 Bhyir ðQ UHJLPXO GH WHOHWH[W /, 67 VH DSDV EXWRQXO H@IV L EXWRQXO Bhyir 'DF LQIRUPD LD WHOHWH[WXOXL RFXS PDL PXOW GH R SDJLQ SRDWH IL QHFHVDU XQ DQXPLW WLPS SHQWUX HIHFWXDUHD DXWRPDW DF XW ULL VXESDJLQL QHFHVDUH D WHOHWH[WXOXL ([LVW SRVLELOLWDWHD GH DLQWURGXFHQXP UXO VXESDJLQLLQHFHVDUH D WHOHWH[WXOXL L D FRQWLQXD YL]LRQDUHD HPLVLXQLL GH WHOHYL]LXQH ñQ WLPSXO F XW ULL VXESDJLQLL 6H DOHJH QXP UXO VXESDJLQLL QHFHVDUH D WHOHWH[WXOXL FX DMXWRUXO EXWRDQHORU FLIULFH 6H DSDV EXWRQXO H@IV GXS FDUH EXWRQXO 6yih ñQ FRO XO VXSHULR GLQ GUHDSWD DO HFUDQXOXL DSDUH VHPQXO 7 6H LQWURGXFH QXP UXO VXESDJLQLL QHFHVDUH D WHOHWH[WXOXL ñQDLQWH GH GLVSDUL LD VHPQXOXL 7 3HQWUX DOHJHUHD SDJLQLL VH LQWURGXFH L 3HQWUXYL]LRQDUHD SURJUDPXOXL QRUPDOGHWHOHYL]LXQH VHDSDV EXWRQXO & QG SDJLQD WHOHWH[WXOXL D IRVW J VLW VH DSDV EXWRQXO *DOEHQ SHQWUX YL]LRQDUHD HL 3HQWUX ñQGHS UWDUHD SDJLQLL WHOHWH[WXOXL VH H[HFXW XQD GLQ XUP WRDUHOH RSHUD LL - 6H DSDV EXWRQXO H@IV - 6H DOHJH QRXO QXP U DO SDJLQLL - 3HQWUXUHYHQLUHD ODUHJLPXOQRUPDOGH OXFUX DO WHOHYL]RUXOXLVH DSDV EXWRQXO UWU@YU 6H DSDV EXWRQXO DI9@Y SHQWUX UHYHQLUHD OD SDJLQD SULQFLSDO D LQGH[XOXL ðQ IXQF LH GH SURFHGHXO GH WUDQVPLWHUH D LQIRUPD LHL SHQWUX UHYHQLUHD OD SDJLQD SULQFLSDO D LQGH[XOXL SRW IL QHFHVDUH F WHYD DS V UL DOH EXWRQXOXL , 1'(; Dqr 5$&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 WRDUH HVWH GHVFULV PRGXO GH FRQHFWDUH D HFKLSDPHQWHORU H[WHUQH OD WHOHYL]RU DW W ñQ SDUWHD GLQ ID F W L ñQ FHD GLQ VSDWH D DFHVWXLD 2GDW FH HFKLSDPHQWXO HVWH FRQHFWDW SURFHGD L GXS FXP XUPHD] SHQWUX D FRQHFWD DOWH HFKLSDPHQWH OD WHOHYL]RU 79$9 $S VD L EXWRQXO GH PHQLX 79$9 $S VD L EXWRQXO FRUHVSXQ] WRU GH VHOHFWDUH GH SH HFUDQ SHQWUX D DOHJH VXUVD $9 (FKLSDPHQW DXGLR YLGHR SH FDUH GRUL L V R YL]XDOL]D L GH H[HPSOX DS VD L EXWRQXO UR X SHQWUX D VHOHFWD 6W GDF D L FRQHFWDW XQ DSDUDW YLGHR OD PXID 6&$57 $9 %XWRDQHOH GH VHOHFWDUH GH SH HFUDQ GLVSDU GXS F WHYD VHFXQGH 'DF YUH L V VHOHFWD L R RS LXQH F QG EXWRDQHOH QX VXQW DU WDWH DS VD L ñQF R GDW EXWRDQHORU FRORUDWH L EXWRDQHOH YRU DS UHD GLQ QRX - $FHVW WHOHYL]RU HVWH FDSDELO V VH FRPXWH DXWRPDW ñQ IXQF LRQDUHD $9 GDF OD FRQHFWDUHD VD DSDUDWXO FRQHFWDW HPLWH VHPQDOXO GH FRPXWDUH OD IL D 6&$57 ðQ DFHVW FD] VH DIL HD] (& ñQ FRO XO GLQ VW QJD VXV DO HFUDQXOXL L GH DVHPHQHD VHPQDOXO GLQ DSDUDWXO DXGLRYL]XDO FRQHFWDW /D VFKLPEDUHD VHOHF LHL SURJUDPXOXL WHOHYL]RUXOXL LPDJLQHD UHFHS LRQDW U P QH QHVFKLPEDW - 3ULQ DS VDUHD EXWRQXOXL kUW6Wl VDX SULQ GHFRQHFWDUHD DSDUDWXOXL DXGLRYL]XDO $9 FRQHFWDW QH ñQWRDUFHP ñQDSRL ñQ 79 - 'H DVHPHQHD SXWH L VHOHFWD R VXUV $9 DXGLRYLGHR IRORVLQG EXWRQXO 79$9 GH SH SDQRXO GH RPDQG GH SH SDUWHD GLQ ID D WHOHYL]RUXOXL GXPQHDYRDVWU $S VD L EXWRQXO 79$9 ñQ PRG UHSHWDW S Q F QG DMXQJH L OD VXUVD $9 SH FDUH GRUL L V R YL]LRQD L - 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 &RQHFWDUHD FDVWLORU I ) 6HPQDO GH LH LUH GLQ MDFXO +HDGSKRQH & WL WHFKHU VWHUHRIRQLF PP & 7, 67(5(2)21, &( &8 7(&+(5 00 I ) - $SDUDWXUD VXSOLPHQWDU L FDEOXULOH LQGLFDWH ñQ ILJXU QX LQWU ñQ FRPSOHWXO WHOHYL]RUXOXL 5$&25'$5($ $3$5$785, , $8', 2 9, '(2 0XIHOH GLQ VSDWH 5 / , QWUDUH $XGLR ñQ PXIHOH G S 6W QJD 'UHDSWD &DEOXO VHPQDOXOXL DXGLR FX GRX IL H 5&$ 9 6HPQDOXO YLGHR GH LQWUDUH OD MDFXO W &DEOXO VHPQDOXOXL YLGHR FX IL 5&$ &DEOX FX IL , QWUDUH, H LUH GLQ IL D 6&$57 6&$57 6W 69 , QWUDUH YLGHR 0$*1(72)21 ñQ PXID 9, '(2 69LGHR &219(5725 6(01$/ 79 6$7(/, 7 '9'5 &$0(5 9, '(2 9, '(2&$0(5 ', 632=, 7, 9 '( -2&85, &80387(5 5*% - $SDUDWXUD VXSOLPHQWDU L FDEOXULOH SUH]HQWDWH ñQ ILJXU QX LQWU ñQ FRPSOHWXO WHOHYL]RUXOXL - /D DFHVW WHOHYL]RU QX VH YRU UDFRUGD FRPSXWHUH FX LH LUH 77/ 9 - 3HQWUX LQIRUPD LL SULYLQG FRQHFWDUHD PXIHL 6 9LGHR YH]L SDJLQD I ) 5$&25'$5($ $3$5$785, , $8', 2 9, '(2 , QIRUPD LL SULYLQG PXID 6FDUW L 69LGHR $9 IL D GH FRQWDFW 6&$57 3 P QWXO MDFXOXL , H LUH &9%6 YLGHR 3 P QW &9%6 5R X , Q 6& r , Q 3 P QW UR X , QWUDUH YHUGH 3 P QW YHUGH , QWUDUH DOEDVWUX 3 P QW DOEDVWUX , H LUH DXGLR VW QJD , H LUH DXGLR GUHDSWD , QWUDUH &9%6 YLGHR 3 P QWXO VW ULL 5*% 6WDUHD 5*% 3 P QW 6WDUHD &9%6 , QWUDUH DXGLR VW QJD 3 P QW DXGLR , QWUDUH DXGLR GUHDSWD /D LQWU ULOH 6W SRW IL GDWH 5*% 5R X 9HUGH $OEDVWUX  -DFXO GH LQWUDUH FX SDWUX FRQWDFWH DO VHPQDOXOXL YLGHR FRPSRQHQW 6 YLGHR , QWUDUHD VHPQDOXOXL GH FURPLQDQ , QWUDUHD VHPQDOXOXL GH OXPLQR]LWDWH l0DVDl VHPQDOXOXL GH FURPLQDQ l0DVDl VHPQDOXOXL GH OXPLQR]LWDWH '(3, 67$5($ , ð1/ 785$5($ '()(& , 81, /25 , QGLFLL GHIHF LXQLL Dhtvr Tr 9HULILF UL , PDJLQH FX SHUWXUED LL 6XQHW FX ]JRPRWH GH WLS k] SDG l $PSODVDUHD GLUHF LD L UDFRUGDUHD DQWHQHL $PSODVDUHD GLUHF LD L UDFRUGDUHD DQWHQHL , PDJLQH GXEO 6XQHW QRUPDO $SDUDWH HOHFWULFH $XWRPRELOH 0RWRFLFOHWH / PSL OXPLQLVFHQWH 3HQWUX UHGXFHUHD ]JRPRWHORU GH LPDJLQH VH 6XQHW FX ]JRPRWH FRPXW OD 315 ñQ PHQLXO GH LPDJLQH 1LYHO GH VRQRULWDWH , PDJLQH QRUPDO /LSVH WH VXQHWXO 6XQHWXO HVWH GHFRQHFWDW 7HOHYL]RUXO HVWH VWDELOLW ñQ UHJLPXO $9 QXUXO GH UH HD QX HVWH UDFRUGDW OD SUL]D UH HOHL HOHFWULFH 7HOHYL]RUXO QX HVWH FRQHFWDW 5HJXODWRDUHOH GH LPDJLQHVXQHW VXQW VWDELOLWH OD /LSVH WH VXQHWXO QLYHOH PLQLPH J VH WH ñQ UHJLP GH D WHSWDUH 7HOHYL]RUXO VH 5HJXODWRDUHOH GH FXORUL VXQW VWDELOLWH OD QLYHOHOH PLQLPH 3HUWXUED LL /LSVH WH LPDJLQHD /LSVHVF FXORULOH 6XQHW QRUPDO 6H HIHFWXHD] DFRUGDUHD FDQDOHORU FDQDOXOXL &DOLWDWH QHVDWLVI F WRDUH GH 6XQHW VODE VDX LPDJLQH VDX LPDJLQH FX DEVHQ D VXQHWXOXL GLVWRUVLXQL $FHDVWD HVWH R FDUDFWHULVWLF D SRQRXULORU FX FULVWDOH OLFKLGH L QX UHSUH]LQW R SUREOHP 3DQRXO FX FULVWDOH OLFKLGH D IRVW FUHDW SH ED]D XQHL WHKQRORJLL GH ñQDOW SUHFL]LH SHQWUX D UHGD GHWDOLL ILQH DOH LPDJLQLL XQHRUL F LYD SL[HOL LQDFWLYL SRW DS UHD SH HFUDQ FD XQ SXQFW 3D HFUDQ DSDU SXQFWH IL[ GH FXORDUH DOEDVWU YHUGH VDX UR LH $FHVW OXFUX 6XQHW QRUPDO UR LL DOEDVWUH VDX YHU]L QX LQIOXHQ HD] ñQV SHUIRUPDQ D HFUDQXOXL /&' 5HFHSWDUHD VXQHWXOXL FX GLVWRUVLXQL 6H DOHJH SHQWUX SR]L LD 03; PHQLXO 6RXQG PHQX UHJODUHD 0RQR L VH IRORVH WH DFHDVW UHJODUH S Q OD ñPEXQ W LUHD FRQGL LLORU GH 6XQHW VODE VDX , PDJLQH QRUPDO DEVHQ D VXQHWXOXL UHFHS LH 6)$785, 87, /( ðr vrrh ) 3HQWUX GHWHUPLQDUHD LQGLFLORU GH GHIHF LXQL ñQDLQWH GH D VH DGUHVD VHUYLFLXOXL GH GHVHUYLUH VH YD FLWL LQVWUXF LXQLOH GH GHSLVWDUH L HOLPLQDUH D GHIHF LXQLORU FDUH VXQW SUH]HQWDWH ñQ SDJLQD DQWHULRU 3HQWUX HIHFWXDUHD ñQWUH LQHULL WHOHYL]RUXOXL VH YD OXD OHJ WXUD FX UHSUH]HQWDQWXO RUJDQL]D LHL FRPHUFLDOH D FRPSDQLHL 3DQDVRQLF F UXLD L VH YD FRPXQLFD QXP UXO PRGHOXOXL L QXP UXO GH VHULH D DSDUDWXOXL LQGLFDWH SH SDQRXO SRVWHULRU DO WHOHYL]RUXOXL &$5$&7(5, 67, &, 7(+1, &( 6yvrhrh Qrrh ph Qrrh ph ñ rtv qr h rhr G89 9vrvr rph Dr vrh 6qv vph 9vrvvyr qr thihv) , QFOXVLY VXSRUWXO 79 1XPDL WHOHYL]RUXO 7;/$3 WHQVLXQH DOWHUQDWLY 9 +] : : [ 9*$ l PP [ : 506 UH]LVWHQ D WRWDO : PP PP PP PP PP PP NJ 9+) + + , 7$/, $ 8+) ( ( &$79 66 00 &$79 6 6 SDUWHD GH LPDJLQH GLDJRQDOD ð / $ ð / $ 9vrvvyr qr thihv) Hhh Q6G 7B Q6G D T@86H 7B T@86H G 9+) ( ( 9+) $ + , 7$/, $ &$79 6 6 &$79 6 6 8 8 +LSHUEDQG  9+) 5 5 9+) 5 5 9+) 5 5 8+) ( ( Q6G$!$% 5HSURGXFHUHD ñQUHJLVWU ULORU GH IRUPDW 176& OD XQHOH PDJQHWRIRDQH YLGHR GH IRUPDW 3$/ HIUT8 hv vhr 6W 5HSURGXFHUH GH OD PDJQHWRIRDQHOH YLGHR IUT8 hv vhr 6W 5HSURGXFHUH GH OD PDJQHWRIRDQHOH YLGHR 176& I y v vvy qr th 9&5 I y htvvy qr ryrr 6rh hpqhr ñ hr 8+) 9+) 7HPSHUDWXUD p& p& 8qv vv qr vyvhr 8PLGLWDWHD È È XPLGLWDWH UHODWLY I U FRQGHQV 8 vyr hpqhr ñ sh WHFKHU PP UH]LVWHQ D WRWDO : 6W )L FX WLMH , QWUDUH , H LUH $XGLR 9LGHR LQWUDUH 5*% 6W hpqhr ñ hr 6W! [. . . ] SHQWUX S VWUDUHD UHJO ULL ñQ PHPRULH 6H DSDV EXWRQXO (;, 7 ñQ YHGHUHD UHDOL] ULL LH LULL GLQ UHJLPXO GH DFRUGDUH PDQXDO 0(18 &+ (GLWDUH SURJUDP $FRUG DXWRPDW $FRUG PDQXDO $FRUG ILQ 6LVW GH FXORDUH &RUHF LH YROXP 6HOHFWDUH $FFHV 0HPRUDUH , HúLUH 5HYHQLUH $FRUG $FFHV $XWR &+ $FRUG PDQXDO /DQVDUH F XWDUH 0HPRUDUH , HúLUH 5HYHQLUH & , QWURGXFHUH GLUHFW (;, 7 $&25' $&25' 0$18$/ $FRUGDHD PDQXDO SDQRX GH FRPDQG DO WHOHYL]RUXOXL 6H DSDV EXWRQXO ) SDQRX GH FRPDQGD S Q F 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 79$9 79$9 VH UHDOL]HD] GHSODVDUHD ñQWUH k6FKLPEDUH SURJUDPl k/DQVDUH F XWDUHl L k6FKLPEDUH VLVWHP 79l 6H DSDV EXWRQXO VDX SHQWUX VFKLPEDUHD FDQDOXOXL FRQHFWDUHD F XW ULL SRVWXOXL VDX VFKLPEDUHD VLVWHPXOXL 79 'XS FH SRVWXO QHFHVDU D IRVW J VLW VH DSDV EXWRQXO 675 SHQWUX S VWUDUHD VFKLPE ULORU 6H UHSHW SURFHGXUD GHVFULV PDL VXV SHQWUX DFRUGDUHD DOWRU SURJUDPH VDX VH DSDV EXWRQXO ) SHQWUX LH LUHD GLQ UHJLPXOGH DFRUGDUH 675 0RGXO DFRUGDUH ) 1X 675 &+ 6& $FRUG PDQXDO ) 'D ) 79$9 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 6H GHSODVHD] I LD GH DOHJHUH OD PHQLXO GH 6HWDUH 6H UHDOL]HD] DFFHVXO OD PHQLXO GH 6HWDUH 6H WUHFH OD PHQLXO /LPE PHVDMH PHQX 6H GHVFKLGH PHQLXO 26' ODQJXDJH PHQX 6H GHSODVHD] FXUVRUXO ñQ SR]L LD QHFHVDU 6H DSDV EXWRQXO (;, 7 SHQWUX UHDOL]DUHD DOHJHULL L LH LUHD GLQ PHQLX 0(18 , HúLUH $9 7HOHWH[W /LPEDM WH[W $FRUG /LPE PHVDMH 6HWDUH 79 )/2) (VW $FFHV 6HOHFWDUH $FFHV , HúLUH 5HYHQLUH /LPE (;, 7 PHVDMH (VSDxRO 1RUVN 'DQVN 6YHQVND 0DJ\DU 5XVVNLM 6ORYHQVN\ 6USVNL 6HOHFWDUH OLPE 6HOHFWDUH OLPE , HúLUH 5HYHQLUH 1HGHUODQGV 6XRPL 7UNoH 3RUWXJXrV +UYDWVNL %XOJDULDQ 6ORYHQVNR 'HXWVFK (QJOLVK )UDQoDLV , WDOLDQR (//+1, . $ ýHãWLQD 5RPkQ 3ROVNL 8PH6I96 AVI8 DPI SDD H6BI@UPAPIVGVD WD9@PQD86QVGVD 9@ 9DT8VSD VIDW@ST6G@ 6V9DPWD9@P 3XSLWUXO GH WHOHFRPDQG 37& SRDWH IL IRORVLW SHQWUX FRPDQGD GH IXQF LRQDUH D PDJQHWRIRQXOXL YLGHRSLFDSXOXL GH GLVFXUL XQLYHUVDOH DXGLRYLGHR ñQ YHGHUHD ñQUHJLVWU ULL VXQHWXOXL L LPDJLQLL '9'5 'LYHUVH PDJQHWRIRDQH YLGHR L SLFDSXUL GH GLVFXUL XQLYHUVDOH DXGLRYLGHR GLVSXQ GH GLYHUVH IXQF LL VL GH DFHHD SHQWUX DVLJXUDUHD FRPSDWLELOLW LL VH DGUHVHD] LQVWUXF LXQLORU GH H[SORDWDUH D DFHVWXL XWLODM VDX FH FHUH FRQVXOWD LL GH OD RUJDQL]D LD FRPHUFLDO DSURSULDW 6WDQGE\ $ WHSWDUH 6H DSDV DFHVW EXWRQ SHQWUX D FRPXWD PDJQHWRIRQXO YLGHRSLFDSXO GH GLVFXUL XQLYHUVDOH DXGLRYLGHR ñQ UHJLP GH D WHSWDUH 3HQWUX FRQHFWDUHD DSDUDWXOXL DFHVW EXWRQ VH YD DS VD ñQF RGDW $FHVW FRPXWDWRU VH IRORVH WH SHQWUX DOHJHUHD FRPHQ]LL SLFDSXOXL GH GLVFXUL XQLYHUVDOH DXGLRYLGHR VDX D PDJQHWRIRQXOXL YLGHR 3HQWUX UHSURGXFHUHD EHQ]LL VDX GLVFXOXL VH DSDV DFHVW EXWRQ 9&5 '9' &RPXWDWRUXO 9&5 '9'5 0DJQHWRIRQ YLGHR '9'5 3OD\ 5HSURGXFHUH 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 SHQWUX HIHFWXDUHD UHERELQ ULL EHQ]LL ñQDSRL /D DS VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH HIHFWXHD] UHSURGXFHUHD DFFHOHUDW D EHQ]LL ñQ VHQV LQYHUV 3LFDSXO GLVFXULORU XQLYHUVDOH 6H DSDV R VLQJXU GDW SHQWUX WUHFHUHD OD SLVWD DQWHULRU D GLVFXOXL /D DS VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH HIHFWXHD] UHSURGXFHUHD DFFHOHUDW D LPDJLQLL ñQ VHQV LQYHUV 6NLS 7UHFHUH OD DOW SLVW  5HZLQG 5HERELQDUH ñQDSRL 5HYLHZ 9L]LRQDUH 0DJQHWRIRQXO YLGHR 6H DSDV SHQWUX HIHFWXDUHD UHERELQ ULL EHQ]LL ñQDSRL /D DS VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH HIHFWXHD] UHSURGXFHUHD DFFHOHUDW D EHQ]LL ñQ VHQV LQYHUV 3LFDSXO GLVFXULORU XQLYHUVDOH 6H DSDV R VLQJXU GDW SHQWUX WUHFHUHD OD SLVWD DQWHULRU D GLVFXOXL /D DS VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH HIHFWXHD] UHSURGXFHUHD DFFHOHUDW D LPDJLQLL ñQ VHQV LQYHUV 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 3URJUDPPH 8S 'RZQ 3URJUDPXO 6XV -RV 352*5$00( 5(& 6H DSDV DFHVW EXWRQ SHQWUX P ULUHD VDX PLF RUDUHD QXP UXOXL FDQDOXOXL FX R XQLWDWH 5HFRUG ðQUHJLVWUDUH 6H DSDV DFHVW EXWRQ SHQWUX FRQHFWDUHD ñQUHJLVWU ULL &20$1'$ 7(/(7(;78/8, - )XQF LLOH WHOHWH[WXOXL VH VFKLPE ñQ IXQF LH GH FRPSDQLD GH GLIX]LXQH L VH HIHFWXHD] QXPDL ñQ FD ]XO F QG SH FDQDOXO DOHV VH WUDQVPLWH WHOHWH[W - 'XS DS VDUH GXEO D EXWRQXOXL H@IV DWXQFL F QG WHOHYL]RUXO IXQF LRQHD] ñQ UHJLP GH WHOHWH[W SH HFUDQXO WHOHYL]RUXOXL VH UHSURGXFH IXQF LD GH UHJODUH D FRQWUDVWXOXL FX I LH LQGLFDWRDUH YHUGH DOEDVWU VH HIHFWXHD] UHJODUHD FX DMXWRUXO EXWRDQHORU $ l - 'XS R VLQJXU DSDVDUH D EXWRQXOXL H@IV OD IXQF LRQDUHD WHOHYL]RUXOXL ñQ UHJLP GH WHOHWH[W ñQ SDU WHD 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 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 EXWRQXO FXORULL FRUHVSXQ] WRDUH $FHDVW IXQF LH DVLJXU DFFHVXO UDSLG OD LQIRUPD LD GLQ WHPDWLFD QHFHVDU 797(;7 8r rv rtvy GDTU4 8r rv ryrry AGPA A6TU@YU4 6H DSDV EXWRQXO UWU@YU 3H HFUDQXO WHOHYL]RUXOXL VH YD UHSURGXFH SDJLQD WHOHWH[WXOXL 'DF GRUL L D UHYHQL OD UHJLPXO QRUPDO GH IXQF LRQDUH D WHOHYL]RUXOXL DS VD L ñQF RGDW DFHVW EXWRQ Srtvy ryrvUryrr 6yrtrrh htvvv ryrryv QXP UXOXL SDJLQLL FX R XQLWDWH i 6H LQWURGXFH QXP UXO SDJLQLL WHOHWH[WXOXL FX DMXWRUXO EXWRDQHORU FX FLIUH DPSODVDWH SH 37& 0(18 h 6H DSDV EXWRDQHOH 6XV-RV SHQWUX P ULUHD VDX PLF RUDUHD 3DJLQLOH WHOHWH[WXOXL SRW IL DOHVH SULQ GRX SURFHGHXUL Qhtvh ñrht w hrh qr E hrh qr w 6H DSDV EXWRQXO H@IV SHQWUX UHSURGXFHUHD IXQF LLORU VSHFLDOH GXS FDUH VH DSDV EXWRQXO Wrqr 6H DSDV EXWRQXO Wrqr SHQWUX U VWXUQDUHD -80 7 , , '( -26 D SDJLQLL SH WRW HFUDQXO 3HQWUX UHYHQLUHD ñQ UHJLPXO QRUPDO GH UHSURGXFHUH 3$*, 1$ ð175($*  VH DSDV DFHVW EXWRQ ñQF RGDW 0(18 H[HPSOX U VSXQVXUL OD ñQWUHE UL DSODVDWH SH SDJLQD WHOHYLFWRULQHL 3HQWUX ñQFKLGHUHD U VSXQVXULORU VH DSDV DFHVW EXWRQ ñQF RGDW 9rpuvqrrh pvry 6H DSDV EXWRQXO H@IV SHQWUX UHSURGXFHUHD IXQF LLORU VSHFLDOH GXS FDUH VH DSDV EXWRQXO S SHQWUX GHVFKLGHUHDFXYLQWHORU DVFXQVH GH 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 7hryr S Wrqr Bhyir 6yih ðQ UHJLPXO GH WHOHWH[W /, 67 SDWUX QXPHUH GH SDJLQL SRW IL VFKLPEDWH QXPDL SHQWUX FDQDOHOH GH OD S Q OD LQFOXVLY 3HQWUX HIHFWXDUHD DFHVWHL RSHUD LL VH DSDV XQXO GLQ EXWRDQHOH FRORUDWH L VH LQWURGXFH QRXO QXP U DO SDJLQLL 6H DSDV L VH PHQ LQH ñQ SR]L LD DS VDW EXWRQXO PF QXP UXO SDJLQLL ñ L YD VFKLPED FXORDUHD Q hrh ñ rvr r rtvy GDTU &20$1'$ 7(/(7(;78/8, 1X HVWH SRVLELO VFKLPEDUHD FDQDOXOXL SHQWUX SDJLQD 1RXW L S OS LWRDUH 1HZV IODVK ðQQRLUH 8SGDWH VDX $FFHVV OD SDJLQD FX VXEFRG 6XE &RGHG 3DJH $FFHVV +2/' 3HQWUX FLWLUHD SDJLQLL WHOHWH[WXOXL DWXQFL F QG VH YL]LRQHD] LQIRUPD LD FDUH FRQ LQH F WHYD SDJLQL 6H DSDV ñQF R GDW SHQWUX UHYHQLUHD ñQ UHJLPXO GH ñQQRLUH DXWRPDW D SDJLQLL &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 ñQ UHJLPXO /, 67 LDU FDQDOXO WUHEXLH V DLE QXP UXO GH OD S Q OD LQFOXVLY 6H DSDV EXWRQXO 6yih VH DOHJHQXP UXO SDJLQLL L VH UH LQH EXWRQXO PF 1XP UXO SDJLQLL VH YD PHQ LQH ñQ PHPRULH 3HQWUX UHSURGXFHUHD SDJLQLL VH DSDV EXWRQXO AQ Qr pvvrh htvvv ryrryv )3 0(18 I v y vhr & QG SDJLQD QRXW LORU S OS LWRDUH D IRVW DOHDV VH DSDV EXWRQXO H@IV L EXWRQXO Bhyir SHQWUX YL]LRQDUHD SURJUDPXOXL GH 6H DSDV EXWRQXO H@IV SHQWUX UHSURGXFHUHD IXQF LLORU VSHFLDOH GXS FDUH VH DSDV EXWRQXO Bhyir SHQWUX YL]LRQDUHDSURJUDPXOXL GH WHOHYL]LXQH S Q F QG VH HIHFWXHD] F XWDUHD SDJLQLL WHOHWH[WXOXL & QG SDJLQD D IRVW J VLW ñQ FRO XO VXSHULRU GLQ VW QJD DO HFUDQXOXL DSDUH QXP UXO SDJLQLL 3HQWUX YL]LRQDUHD SDJLQLL WHOHWH[WXOXL VH DSDV EXWRQXO Bhyir 3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH IXQF LRQDUH D WHOHYL]RUXOXL VH DSDV EXWRQXO UWU@YU ñQF RGDW WHOHYL]LXQH & QG SDJLQD D IRVW J VLW SH HFUDQXO WHOHYL]RUXOXL DSDUH QXP UXO SDJLQLL 6H DSDV EXWRQXO Bhyir SHQWUX YL]LRQDUHD SDJLQLL GH WLUL QRL FDUH FOLSH WH 3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH OXFUX DO WHOHYL]RUXOXL VH DSDV EXWRQXO UWU@YU Sr vrh qvyrvyv LQIRUPD LHL SH SDJLQLOH WHOHWH[WXOXL & QG QRXD LQIRUPD LH D IRVW RE LQXW ñQ XQJKLXO VXSHULRU GLQ VW QJD DO HFUDQXOXL WHOHYL]RUXOXL DSDUH QXP UXO SDJLQLL 6H DSDV EXWRQXO Bhyir GH YL]LRQDUH D SDJLQLL 3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH OXFUX DO WHOHYL]RUXOXL VH DSDV EXWRQXO UWU@YU Sr vrh ryrryv 6H DSDV EXWRQXO H@IV L EXWRQXO Bhyir SHQWUX UH QQRLUHD &20$1'$ 7(/(7(;78/8, 1X HVWH SRVLELO VFKLPEDUHD FDQDOXOXL SHQWUX SDJLQD 1RXW L S OS LWRDUH 1HZV IODVK ðQQRLUH 8SGDWH VDX $FFHVV OD SDJLQD FX VXEFRG 6XE &RGHG 3DJH $FFHVV 6ppry yh htvh p ipq 0(18 Bhyir ðQ UHJLPXO GH WHOHWH[W /, 67 VH DSDV EXWRQXO H@IV L EXWRQXO Bhyir 'DF LQIRUPD LD WHOHWH[WXOXL RFXS PDL PXOW GH R SDJLQ SRDWH IL QHFHVDU XQ DQXPLW WLPS SHQWUX HIHFWXDUHD DXWRPDW DF XW ULL VXESDJLQL QHFHVDUH D WHOHWH[WXOXL ([LVW SRVLELOLWDWHD GH DLQWURGXFHQXP UXO VXESDJLQLLQHFHVDUH D WHOHWH[WXOXL L D FRQWLQXD YL]LRQDUHD HPLVLXQLL GH WHOHYL]LXQH ñQ WLPSXO F XW ULL VXESDJLQLL 6H DOHJH QXP UXO VXESDJLQLL QHFHVDUH D WHOHWH[WXOXL FX DMXWRUXO EXWRDQHORU FLIULFH 6H DSDV EXWRQXO H@IV GXS FDUH EXWRQXO 6yih ñQ FRO XO VXSHULR GLQ GUHDSWD DO HFUDQXOXL DSDUH VHPQXO 7 6H LQWURGXFH QXP UXO VXESDJLQLL QHFHVDUH D WHOHWH[WXOXL ñQDLQWH GH GLVSDUL LD VHPQXOXL 7 3HQWUX DOHJHUHD SDJLQLL VH LQWURGXFH L 3HQWUXYL]LRQDUHD SURJUDPXOXL QRUPDOGHWHOHYL]LXQH VHDSDV EXWRQXO & QG SDJLQD WHOHWH[WXOXL D IRVW J VLW VH DSDV EXWRQXO *DOEHQ SHQWUX YL]LRQDUHD HL 3HQWUX ñQGHS UWDUHD SDJLQLL WHOHWH[WXOXL VH H[HFXW XQD GLQ XUP WRDUHOH RSHUD LL - 6H DSDV EXWRQXO H@IV - 6H DOHJH QRXO QXP U DO SDJLQLL - 3HQWUXUHYHQLUHD ODUHJLPXOQRUPDOGH OXFUX DO WHOHYL]RUXOXLVH DSDV EXWRQXO UWU@YU 6H DSDV EXWRQXO DI9@Y SHQWUX UHYHQLUHD OD SDJLQD SULQFLSDO D LQGH[XOXL ðQ IXQF LH GH SURFHGHXO GH WUDQVPLWHUH D LQIRUPD LHL SHQWUX UHYHQLUHD OD SDJLQD SULQFLSDO D LQGH[XOXL SRW IL QHFHVDUH F WHYD DS V UL DOH EXWRQXOXL , 1'(; Dqr 5$&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 WRDUH HVWH GHVFULV PRGXO GH FRQHFWDUH D HFKLSDPHQWHORU H[WHUQH OD WHOHYL]RU DW W ñQ SDUWHD GLQ ID F W L ñQ FHD GLQ VSDWH D DFHVWXLD 2GDW FH HFKLSDPHQWXO HVWH FRQHFWDW SURFHGD L GXS FXP XUPHD] SHQWUX D FRQHFWD DOWH HFKLSDPHQWH OD WHOHYL]RU 79$9 $S VD L EXWRQXO GH PHQLX 79$9 $S VD L EXWRQXO FRUHVSXQ] WRU GH VHOHFWDUH GH SH HFUDQ SHQWUX D DOHJH VXUVD $9 (FKLSDPHQW DXGLR YLGHR SH FDUH GRUL L V R YL]XDOL]D L GH H[HPSOX DS VD L EXWRQXO UR X SHQWUX D VHOHFWD 6W GDF D L FRQHFWDW XQ DSDUDW YLGHR OD PXID 6&$57 $9 %XWRDQHOH GH VHOHFWDUH GH SH HFUDQ GLVSDU GXS F WHYD VHFXQGH 'DF YUH L V VHOHFWD L R RS LXQH F QG EXWRDQHOH QX VXQW DU WDWH DS VD L ñQF R GDW EXWRDQHORU FRORUDWH L EXWRDQHOH YRU DS UHD GLQ QRX - $FHVW WHOHYL]RU HVWH FDSDELO V VH FRPXWH DXWRPDW ñQ IXQF LRQDUHD $9 GDF OD FRQHFWDUHD VD DSDUDWXO FRQHFWDW HPLWH VHPQDOXO GH FRPXWDUH OD IL D 6&$57 ðQ DFHVW FD] VH DIL HD] (& ñQ FRO XO GLQ VW QJD VXV DO HFUDQXOXL L GH DVHPHQHD VHPQDOXO GLQ DSDUDWXO DXGLRYL]XDO FRQHFWDW /D VFKLPEDUHD VHOHF LHL SURJUDPXOXL WHOHYL]RUXOXL LPDJLQHD UHFHS LRQDW U P QH QHVFKLPEDW - 3ULQ DS VDUHD EXWRQXOXL kUW6Wl VDX SULQ GHFRQHFWDUHD DSDUDWXOXL DXGLRYL]XDO $9 FRQHFWDW QH ñQWRDUFHP ñQDSRL ñQ 79 - 'H DVHPHQHD SXWH L VHOHFWD R VXUV $9 DXGLRYLGHR IRORVLQG EXWRQXO 79$9 GH SH SDQRXO GH RPDQG GH SH SDUWHD GLQ ID D WHOHYL]RUXOXL GXPQHDYRDVWU $S VD L EXWRQXO 79$9 ñQ PRG UHSHWDW S Q F QG DMXQJH L OD VXUVD $9 SH FDUH GRUL L V R YL]LRQD L - 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 &RQHFWDUHD FDVWLORU I ) 6HPQDO GH LH LUH GLQ MDFXO +HDGSKRQH & WL WHFKHU VWHUHRIRQLF PP & 7, 67(5(2)21, &( &8 7(&+(5 00 I ) - $SDUDWXUD VXSOLPHQWDU L FDEOXULOH LQGLFDWH ñQ ILJXU QX LQWU ñQ FRPSOHWXO WHOHYL]RUXOXL 5$&25'$5($ $3$5$785, , $8', 2 9, '(2 0XIHOH GLQ VSDWH 5 / , QWUDUH $XGLR ñQ PXIHOH G S 6W QJD 'UHDSWD &DEOXO VHPQDOXOXL DXGLR FX GRX IL H 5&$ 9 6HPQDOXO YLGHR GH LQWUDUH OD MDFXO W &DEOXO VHPQDOXOXL YLGHR FX IL 5&$ &DEOX FX IL , QWUDUH, H LUH GLQ IL D 6&$57 6&$57 6W 69 , QWUDUH YLGHR 0$*1(72)21 ñQ PXID 9, '(2 69LGHR &219(5725 6(01$/ 79 6$7(/, 7 '9'5 &$0(5 9, '(2 9, '(2&$0(5 ', 632=, 7, 9 '( -2&85, &80387(5 5*% - $SDUDWXUD VXSOLPHQWDU L FDEOXULOH SUH]HQWDWH ñQ ILJXU QX LQWU ñQ FRPSOHWXO WHOHYL]RUXOXL - /D DFHVW WHOHYL]RU QX VH YRU UDFRUGD FRPSXWHUH FX LH LUH 77/ 9 - 3HQWUX LQIRUPD LL SULYLQG FRQHFWDUHD PXIHL 6 9LGHR YH]L SDJLQD I ) 5$&25'$5($ $3$5$785, , $8', 2 9, '(2 , QIRUPD LL SULYLQG PXID 6FDUW L 69LGHR $9 IL D GH FRQWDFW 6&$57 3 P QWXO MDFXOXL , H LUH &9%6 YLGHR 3 P QW &9%6 5R X , Q 6& r , Q 3 P QW UR X , QWUDUH YHUGH 3 P QW YHUGH , QWUDUH DOEDVWUX 3 P QW DOEDVWUX , H LUH DXGLR VW QJD , H LUH DXGLR GUHDSWD , QWUDUH &9%6 YLGHR 3 P QWXO VW ULL 5*% 6WDUHD 5*% 3 P QW 6WDUHD &9%6 , QWUDUH DXGLR VW QJD 3 P QW DXGLR , QWUDUH DXGLR GUHDSWD /D LQWU ULOH 6W SRW IL GDWH 5*% 5R X 9HUGH $OEDVWUX  -DFXO GH LQWUDUH FX SDWUX FRQWDFWH DO VHPQDOXOXL YLGHR FRPSRQHQW 6 YLGHR , QWUDUHD VHPQDOXOXL GH FURPLQDQ , QWUDUHD VHPQDOXOXL GH OXPLQR]LWDWH l0DVDl VHPQDOXOXL GH FURPLQDQ l0DVDl VHPQDOXOXL GH OXPLQR]LWDWH '(3, 67$5($ , ð1/ 785$5($ '()(& , 81, /25 , QGLFLL GHIHF LXQLL Dhtvr Tr 9HULILF UL , PDJLQH FX SHUWXUED LL 6XQHW FX ]JRPRWH GH WLS k] SDG l $PSODVDUHD GLUHF LD L UDFRUGDUHD DQWHQHL $PSODVDUHD GLUHF LD L UDFRUGDUHD DQWHQHL , PDJLQH GXEO 6XQHW QRUPDO $SDUDWH HOHFWULFH $XWRPRELOH 0RWRFLFOHWH / PSL OXPLQLVFHQWH 3HQWUX UHGXFHUHD ]JRPRWHORU GH LPDJLQH VH 6XQHW FX ]JRPRWH FRPXW OD 315 ñQ PHQLXO GH LPDJLQH 1LYHO GH VRQRULWDWH , PDJLQH QRUPDO /LSVH WH VXQHWXO 6XQHWXO HVWH GHFRQHFWDW 7HOHYL]RUXO HVWH VWDELOLW ñQ UHJLPXO $9 QXUXO GH UH HD QX HVWH UDFRUGDW OD SUL]D UH HOHL HOHFWULFH 7HOHYL]RUXO QX HVWH FRQHFWDW 5HJXODWRDUHOH GH LPDJLQHVXQHW VXQW VWDELOLWH OD /LSVH WH VXQHWXO QLYHOH PLQLPH J VH WH ñQ UHJLP GH D WHSWDUH 7HOHYL]RUXO VH 5HJXODWRDUHOH GH FXORUL VXQW VWDELOLWH OD QLYHOHOH PLQLPH 3HUWXUED LL /LSVH WH LPDJLQHD /LSVHVF FXORULOH 6XQHW QRUPDO 6H HIHFWXHD] DFRUGDUHD FDQDOHORU FDQDOXOXL &DOLWDWH QHVDWLVI F WRDUH GH 6XQHW VODE VDX LPDJLQH VDX LPDJLQH FX DEVHQ D VXQHWXOXL GLVWRUVLXQL $FHDVWD HVWH R FDUDFWHULVWLF D SRQRXULORU FX FULVWDOH OLFKLGH L QX UHSUH]LQW R SUREOHP 3DQRXO FX FULVWDOH OLFKLGH D IRVW FUHDW SH ED]D XQHL WHKQRORJLL GH ñQDOW SUHFL]LH SHQWUX D UHGD GHWDOLL ILQH DOH LPDJLQLL XQHRUL F LYD SL[HOL LQDFWLYL SRW DS UHD SH HFUDQ FD XQ SXQFW 3D HFUDQ DSDU SXQFWH IL[ GH FXORDUH DOEDVWU YHUGH VDX UR LH $FHVW OXFUX 6XQHW QRUPDO UR LL DOEDVWUH VDX YHU]L QX LQIOXHQ HD] ñQV SHUIRUPDQ D HFUDQXOXL /&' 5HFHSWDUHD VXQHWXOXL FX GLVWRUVLXQL 6H DOHJH SHQWUX SR]L LD 03; PHQLXO 6RXQG PHQX UHJODUHD 0RQR L VH IRORVH WH DFHDVW UHJODUH S Q OD ñPEXQ W LUHD FRQGL LLORU GH 6XQHW VODE VDX , PDJLQH QRUPDO DEVHQ D VXQHWXOXL UHFHS LH 6)$785, 87, /( ðr vrrh ) 3HQWUX GHWHUPLQDUHD LQGLFLORU GH GHIHF LXQL ñQDLQWH GH D VH DGUHVD VHUYLFLXOXL GH GHVHUYLUH VH YD FLWL LQVWUXF LXQLOH GH GHSLVWDUH L HOLPLQDUH D GHIHF LXQLORU FDUH VXQW SUH]HQWDWH ñQ SDJLQD DQWHULRU 3HQWUX HIHFWXDUHD ñQWUH LQHULL WHOHYL]RUXOXL VH YD OXD OHJ WXUD FX UHSUH]HQWDQWXO RUJDQL]D LHL FRPHUFLDOH D FRPSDQLHL 3DQDVRQLF F UXLD L VH YD FRPXQLFD QXP UXO PRGHOXOXL L QXP UXO GH VHULH D DSDUDWXOXL LQGLFDWH SH SDQRXO SRVWHULRU DO WHOHYL]RUXOXL &$5$&7(5, 67, &, 7(+1, &( 6yvrhrh Qrrh ph Qrrh ph ñ rtv qr h rhr G89 9vrvr rph Dr vrh 6qv vph 9vrvvyr qr thihv) , QFOXVLY VXSRUWXO 79 1XPDL WHOHYL]RUXO 7;/$3 WHQVLXQH DOWHUQDWLY 9 +] : : [ 9*$ l PP [ : 506 UH]LVWHQ D WRWDO : PP PP PP PP PP PP NJ 9+) + + , 7$/, $ 8+) ( ( &$79 66 00 &$79 6 6 SDUWHD GH LPDJLQH GLDJRQDOD ð / $ ð / $ 9vrvvyr qr thihv) Hhh Q6G 7B Q6G D T@86H 7B T@86H G 9+) ( ( 9+) $ + , 7$/, $ &$79 6 6 &$79 6 6 8 8 +LSHUEDQG  9+) 5 5 9+) 5 5 9+) 5 5 8+) ( ( Q6G$!$% 5HSURGXFHUHD ñQUHJLVWU ULORU GH IRUPDW 176& OD XQHOH PDJQHWRIRDQH YLGHR GH IRUPDW 3$/ HIUT8 hv vhr 6W 5HSURGXFHUH GH OD PDJQHWRIRDQHOH YLGHR IUT8 hv vhr 6W 5HSURGXFHUH GH OD PDJQHWRIRDQHOH YLGHR 176& I y v vvy qr th 9&5 I y htvvy qr ryrr 6rh hpqhr ñ hr 8+) 9+) 7HPSHUDWXUD p& p& 8qv vv qr vyvhr 8PLGLWDWHD È È XPLGLWDWH UHODWLY I U FRQGHQV 8 vyr hpqhr ñ sh WHFKHU PP UH]LVWHQ D WRWDO : 6W )L FX WLMH , QWUDUH , H LUH $XGLR 9LGHR LQWUDUH 5*% 6W hpqhr ñ hr 6W! [. . . ]