Panasonic TX28SK1F Instrucciones de operación

Tipo
Instrucciones de operación
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
Q
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
D
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
V
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
F
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
Q
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
D
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
V
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
F
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
Q
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
D
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
V
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
F
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
Q
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
D
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
V
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
F
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
Q
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
D
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
V
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
F
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
Q
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
D
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
V
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
F
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
Q
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
D
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
V
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
F
3
D
Q
D
V
R
Q
L
F
3
D
Q
D
V
R
Q
L
F
3
D
Q
D
V
R
Q
L
F
3
D
Q
D
V
R
Q
L
F
3
D
Q
D
V
R
Q
L
F
74%(&(
7 ;  6 . )
6L UDFFRPDQGD GL OHJJHUH DWWHQWDPHQWH TXHVWH LVWUX]LRQL SULPD GL XVDUH ODSSDUHFFKLR H
GL FRQVHUYDUOH SHU OD VXFFHVVLYD FRQVXOWD]LRQH
3RU IDYRU OHD HVWDV LQVWUXFFLRQHV HQ VX WRWDOLGDG DQWHV GH XWLOL]DU HO WHOHYLVRU \
FRQV
UYHODV SDUD IXWXUDV FRQVXOWDV
,VWUX]LRQL GXVR
0DQXDO GH ,QVWUXFFLRQHV
7HOHYLVRUH D FRORUL
7HOHYLVRU &RORU
,WDOLDQR
(VSDÆRO
%(19(1872
*HQWLOH &OLHQWH 3DQDVRQLF
/H GLDPR LO EHQYHQXWR QHOOD JUDQGH IDPLJOLD GHL FOLHQWL 3DQDVRQLF /H DXJXULDPR GL WUDUUH OH PLJOLRUL VRGGLVID]LRQL SHU PROWL
DQQL GDO VXR QXRYR WHOHYLVRUH D FRORUL 7HFQLFDPHQWH TXHVWR DSSDUHFFKLR ý SLÖ DYDQ]DWR ULVSHWWR DL PRGHOOL SUHFHGHQWL
WXWWDYLD OD l*XLGD GL DYYLR UDSLGRl ODLXWHU
DG XWLOL]]DUH IDFLOPHQWH ODSSDUHFFKLR 3LÖ WDUGL SRWU OHJJHUH TXHVWR 0DQXDOH H
XVDUOR SHU FRQVXOWD]LRQH SLÖ DSSURIRQGLWD
,1',&(
- $YYHUWHQ]H H SUHFDX]LRQL 
- &RPH HIIHWWXDUH XQ DYYLR UDSLGR 
- &RPDQGL SULQFLSDOL 
- 7DEHOOD GHL PHQX SULQFLSDOL 
- ,QGLFD]LRQL GHO PHQX GHOOR VFKHUPR 
- 0HQX 3ULQFLSDOH 
- 0HQX $XGLR 
- 0HQX )XQ]LRQL 
- 0HQX 6LQWRQLD 
- 6LQWRQLD 3URFHVVR GL VLQWRQLD DXWRPDWLFD $73 
- 6LQWRQLD 6LQWRQLD PDQXDOH 
- &DPELR 
- /LQJXD 26' 
- )XQ]LRQL VSHFLDOL
- 4/LQN 
- 4/LQN 
- 6HOH]LRQH $9 0RGDOLW $9 
- &RPDQGL 9&5 
- )XQ]LRQH WHOHYLGHR 
- &ODVVLILFD]LRQH GHOOH VWD]LRQL VLQWRQL]]DWH 
- &ROOHJDPHQWR DXGLRYLGHR HVWHUQR 
- 'LDJQRVWLFD 
- ,QIRUPD]LRQL SHU OXWHQWH 
- 6SHFLILFKH 
$99(57(1=( ( 35(&$8=,21,
&20( ())(778$5( 81 $99,2 5$3,'2
9HULILFDWH VH VLDQR
GLVSRQLELOL WXWWL L
FRPSRQHQWL VRWWRLQGLFDWL
7HOHFRPDQGR
(85
%DWWHULH GHO
WHOHFRPDQGR
[ 5 80
0DQXDOH GXVR
/LEUHWWR GL JDUDQ]LD
GHO WHOHYLVRUH
6SRUWHOOLQR IURQWDOH
7..(
%DWWHULH GHO WHOHFRPDQGR
: ,QVHULUH OH EDWWHULH RVVHUYDQGR
OD SRODULW
FRUUHWWD
: 1RQ XVDUH
FRQWHPSRUDQHDPHQWH OH
EDWWHULH YHFFKLH FRQ TXHOOH
QXRYH 7RJOLHUH
LPPHGLDWDPHQWH OH EDWWHULH
VFDULFKH
: 1RQ PHVFRODUH EDWWHULH GL
WLSR GLIIHUHQWH 1RQ XVDUH OH
EDWWHULH DO 1L&G
&RPH HIIHWWXDUH XQ DYYLR UDSLGR
2
&ROOHJDUH ODQWHQQD H L GLVSRVLWLYL VXSSOHPHQWDUL
$FFHQGHUH OXQLW
H L GLVSRVLWLYL FROOHJDWL
6HOH]LRQDUH OD
SURSULD OLQJXD
6H LO FRQQHWWRUH $9 ý FROOHJDWR D XQ 9&5
FRPSDWLELOH L GDWL SURJUDPPDWL VDUDQQR
LQYLDWL DO 9&5 DWWUDYHUVR 4/LQN 9HGHUH
D SDJLQD 
3UHPHUH LO SXOVDQWH 79$9
6HOH]LRQDUH LO SURSULR SDHVH
3UHPHUH LO SXOVDQWH 79$9
6L DFFHQGHU
OD VLQWRQLD DXWRPDWLFD
OH WUDVPLWWHQWL GHO SDHVH UHODWLYR
YHUUDQQR WURYDWH VDOYDWH LQ PHPRULD H
PHVVH LQ RUGLQH YHGHUH D SDJLQD 
3UHPHUH LO SXOVDQWH k)l VH VL
GHVLGHUD LQWHUURPSHUH OD SURFHGXUD
SUHPHUH LO SXOVDQWH k1l VH VL
GHVLGHUD DQQXOODUH OD
VHTXHQ]D GL $73
6H VL LQVWDOOD XQ QXRYR 9&5 FRPSDWLELOH 4/LQN ý SRVVLELOH DFFHQGHUOR ,
GDWL GHOOD VLQWRQLD LQYLDWL FRUULVSRQGHUDQQR DL GDWL QHOOXQLW
6HVLXVDXQ
QXRYR 9&5 FRPSDWLELOH 1(;79,(:/,1. L GDWL GHYRQR HVVHUH LQYLDWL
PDQXDOPHQWH 9HGHUH L GHWWDJOL QHO PDQXDOH GXVR GHO 9&5
- 6H LO 9&5 QRQ ý ULXVFLWR D ULFHYHUH L GDWL LQYLDWL GDOOXQLW
GHO WHOHYLVRUH
SUREDELOPHQWH RFFRUUHU
WURYDUH XQ PRGR GL WUDVPHWWHUH L GDWL GDO PHQX
GHO 9&5
- 6H LO 4/LQN QRQ IXQ]LRQD FRUUHWWDPHQWH YHULILFDUH VH LO FDYR 6&$57
ý FROOHJDWR DO FRQQHWWRUH $9 VXOOXQLW
H KD WXWWL L SLHGLQL H VH LO 9&5 ý
FRPSDWLELOH FRQ 4/LQN 1(;79,(:/,1. H WHFQLFKH VLPLOL
- $OOH SDJLQH H VL WURYHUDQQR LQIRUPD]LRQL ULJXDUGDQWL 4/LQN HG
LO FROOHJDPHQWR 1HO FDVR RFFRUUDQR LQIRUPD]LRQL SLÖ SDUWLFRODUHJJLDWH
FRQWDWWDUH LO SURSULR ULYHQGLWRUH
5HJROD]LRQH GHO YROXPH
6HOH]LRQH GHO FDQDOH
6&$57
&20$1', 35,1&,3$/,
3DQQHOOR DQWHULRUH
,QWHUUXWWRUH GHOOD FRUUHQWH
6DOYDWDJJLR GHL PRGL GL VLQWRQLD H GL
DOWUH UHJROD]LRQL GHOOH IXQ]LRQL 675
) 6HOH]LRQH GHOOH IXQ]LRQL
/H IXQ]LRQL VRQR YLVXDOL]]DWH VXOOR VFKHUPR XQ DOWUR D]LRQDPHQWR
GHO WDVWR VHOH]LRQHU
OH IXQ]LRQL DFFHVVLELOL FRPH YROXPH FRQWUDVWR
OXPLQRVLW
FRORUH QLWLGH]]D WLQWD VROR 176& EDVVL DFXWL HTXLOLEULR
GHOODXGLR VWHUHRIRQLFR H PRGR GLPSRVWD]LRQH
$XPHQWRGLPLQX]LRQH GHO QXPHUR GL SURJUDPPD
SUHVDOYDWR6HODIXQ]LRQHVHOH]LRQDWDýVWDWD
YLVXDOL]]DWD VXOOR VFKHUPR DXPHQWDUH R GLPLQXLUH LO
OLYHOOR GHOOD IXQ]LRQH VHOH]LRQDWD SUHPHQGR LO SXOVDQWH
&RPPXWD]LRQH 79$9 YHG DOOD SDJLQD 
3UHVD DXULFRODUH YHG DOOD
SDJLQD 
/D VSLD URVVD ý XQ LQGLFDWRUH GL PRGDOLW
VWDQGE\
3HU DFFHQGHUH OXQLW
SUHPHUH LO SXOVDQWH GL PRGDOLW
VWDQGE\ LO SXOVDQWH  R L SXOVDQWL GD D 
3UHVD DXGLRYLGHR 5&$ YHG DOOD SDJLQD 
7HOHFRPDQGR
$FFHQVLRQH R VWDQGE\
5HJROD OH IXQ]LRQL VHOH]LRQDWH 6H OD
IXQ]LRQH ULFKLHVWD QRQ ý VWDWD
VHOH]LRQDWD UHJRODUH LO YROXPH
6HOH]LRQD OH IXQ]LRQL 3UHPHUH SHU
VHOH]LRQDUH LO PHQX VXOOR VFKHUPR
YHGHUH D SDJLQD 
5LFKLDPD L OLYHOOL VHOH]LRQDWL FRO
SXOVDQWH 675 VXO SDQQHOOR DQWHULRUH
GHO WHOHFRPDQGR $QQXOOD OH
LQGLFD]LRQL GHO PHQX VXOOR VFKHUPR
3XOVDQWL QXPHUDWL SHU
FDPELDUH SURJUDPPL
VFHJOLHUH GLUHWWDPHQWH L FDQDOL
VHOH]LRQDUH OD SDJLQD GL WHOHYLGHR
6HOH]LRQH GLUHWWD GHO FDQDOH SUHPHUH
H VHOH]LRQDUH LO FDQDOH VXL SXOVDQWL
QXPHUDWL
6H FRO SXOVDQWH GL VHOH]LRQH GLUHWWD
GHO FDQDOH VL GHVLGHUD VHOH]LRQDUH XQ
FDQDOH ,3(5%$1'$ 79 YLD FDYR
SUHPHUH LO SXOVDQWH GL VHOH]LRQH
GLUHWWD GL FDQDOH SRL LO SXOVDQWH GL
DXPHQWRGLPLQX]LRQH GL SURJUDPPD
l & l H l    l H V HOH] L R Q DU H LO
QXPHUR FRL SXOVDQWL QXPHUDWL
6HOH]LRQH GL PRGDOLW
79$9 YHG DOOH
SDJLQH  H 
4XHVWR SXOVDQWH YLHQH XVDWR SHU
PHPRUL]]DUH H FRQIHUPDUH OH LQGLFD]LRQL
GHOPHQXVXVFKHUPR
$XGLR PXWR
3XOVDQWH GL ULFKLDPR SHU YLVXDOL]]DUH
SRVL]LRQH GHO SURJUDPPD
QXPHUR GHO FDQDOH
 R U DU LR
 D X G L R V W H UHR P RQ R 0 0
QRPH VWD]LRQH WHOHYLGHR
$XPHQWRGLPLQX]LRQH GHO QXPHUR GL
FDQDOH VHOH]LRQH GL ULJD GL PHQX
VHOH]LRQH GL SDJLQD GL 7HOHYLGHR
6HOH]LRQH GL QXPHUR GL SURJUDPPD D GXH
FLIUH  D 
3XOVDQWL GHOOH RSHUD]LRQL 7HOHYLGHR YHG
DOOD SDJLQD 
3XOVDQWL GHOOH RSHUD]LRQL 9&5 YHG DOOD
SDJLQD 
3XOVDQWH GL UHJLVWUD]LRQH GLUHWWD DWWLYD
4  / L Q N
7$%(//$ '(, 0(18 35,1&,3$/,
,1',&$=,21, '(/ 0(18 '(//2 6&+(502
,O WHOHYLVRUH ý GRWDWR GL XQ VLVWHPD GL PHQX FRPSOHWR FKH YLHQH XVDWR SHU VLQWRQL]]DUH H VHOH]LRQDUH L SDUDPHWUL
&RQWUDVWR
0HQX SULQFLSDOH
7LWROR GHO PHQX
5LJD GHO PHQX
5LJD VHOH]LRQDWD
,VWUX]LRQL
,QGLFD]LRQH GHO SDUDPHWUR
3UHPHUH LO SXOVDQWH k)l
SHU HQWUDUH QHO PHQX
3UHPHUH LO SXOVDQWH k1l
SHU XVFLUH GDO PHQX
3XOVDQWL GD XVDUH SHU PXRYHUVL DWWUDY
HUVR LO PHQX H VHOH]LRQDUH L SDUDPHWUL
3DUDPHWUL TXDOL LO FRQWUDVWR OD OXPLQRVLW LO FRORUH H OD QLWLGH]]D SRVVRQR HVVHUH DXPHQWDWL R GLPLQXLWL D SLDFHUH
/H ULJKH VHOH]LRQDWH SHUPHWWRQR GL VHOH]LRQDUH FHUWH IXQ]LRQL TXDOL ORUD GL DFFHQVLRQH
/H DOWUH ULJKH VHOH]LRQDWH TXDOL LO 0HQX IXQ]LRQL SHUPHWWRQR GL SDVVDUH DG XQ DOWUR PHQX
3UHPHQGR LO SXOVDQWH k)l VL HQWUD QHO PHQX GHOOH LQGLFD]LRQL VX VFKHUPR R VL ULWRUQD D XQ DOWUR PHQX
3UHPHQGR LO SXOVDQWH k1l VL FKLXGH LO PHQX VX VFKHUPR R LO SDUDPHWUR VHOH]LRQDWR
,O SXOVDQWH k79$9l YLHQH XVDWR QRUPDOPHQWH SHU FRQIHUPDUH OD VHOH]LRQH
0(18 35,1&,3$/(
4XHVWRIIHUWD YL UHQGHUD SRVVLELOH IUD ODOWUR OD UHJROD]LRQH GHOOD TXDOLWD GHOOLPPDJLQH
3UHPHUH LO SXOVDQWH k)l
6HOH]LRQDUH LO SDUDPHWUR ULFKLHVWR
$XPHQWDUH R GLPLQXLUH LO OLYHOOR
3UHPHUH LO SXOVDQWH k1l SHU XVFLUH GDO
PHQX
&RQWUDVWR
, OLYHOOL GHO FRQWUDVWR GHOOD OXPLQRVLW
GHO FRORUH H GHOOD QLWLGH]]D SRVVRQR
HVVHUH UHJRODWL LQ PRGR GD VRGGLVIDUH
L SURSUL UHTXLVLWL YLVLYL ü SRVVLELOH
ULVDOLUH DO OLYHOOR LPSRVWDWR GDO
IDEEULFDQWH LQ TXDOVLDVL PRPHQWR
SUHPHQGR LO SXOVDQWH k1l
/D ULJD lWLQWDl FRPSDULU
VRODPHQWH
FRPH XQD ULJD GHO PHQX TXDQGR XQ
VHJQDOH 176& ý FROOHJDWR DOOXQLW
DWWUDYHUVR OLQJUHVVR $9 FKH SHUPHWWH
FRVó GL UHJRODUH OH WLQWH
1LWLGH]]D
&RORUH
/XPLQRVLW
7LQWD
&RQWUDVWR
7LPHU
6SHJQH LO WHOHYLVRUH DOORUD LPSRVWDWD
GD D  PLQXWL FRQ LQWHUYDOOL GL
PLQXWL
0HQX DXGLR
0HQX IXQ]LRQL
,O PHQX $XGLR YL UHQGHUD SRVVLELOH
ODFFHVVR DOOH IXQ]LRQL GL FRUUH]LRQH
GHO VXRQR
&RQWUDVWR
0HQX SULQFLSDOH
,O PHQX )XQ]LRQL YL UHQGHUD SRVVLELOH
ODFFHVVR DOOH DOWUH IXQ]LRQL
LQFOXVLYDPHQWH LO PHQX 6LQWRQLD
0(18 $8',2
4XHVWD VH]LRQH PRVWUD FRPH UHJRODUH D SLDFHUH ODXGLR
3UHPHUH LO SXOVDQWH k)l
6FHJOLHUH LO 0HQX DXGLR
6HOH]LRQDUH LO SDUDPHWUR ULFKLHVWR
5HJRODUH LO OLYHOOR H FRQIHUPDUH OD
VHOH]LRQH
8VFLUH GDO PHQX SUHPHQGR LO SXOVDQWH k1l
,O SDUDPHWUR %DVVL UHJROD OH IUHTXHQ]H
LQIHULRUL SHU PLJOLRUDUOH R GLPLQXLUOH
,O SDUDPHWUR $FXWL UHJROD OH IUHTXHQ]H SLÖ
DOWH SHU PLJOLRUDUOH R GLPLQXLUOH
(QWUDUH QHO 0HQX DXGLR
,O SDUDPHWUR 9ROXPH UHJROD LO OLYHOOR
GHOODXGLR GLQJUHVVR
0HQX DXGLR
$FFHGHUH
9ROXPH
%DVVL
$FXWL
%LODQFLDPHQWR
/HTXLOLEULR UHJROD LO OLYHOOR GHOODXGLR WUD
ODOWRSDUODQWH VLQLVWUR H GHVWUR /DXGLR
SXÌ HVVHUH UHJRODWR LQ PRGR GD
VRGGLVIDUH ORVVHUYDWRUH
03;
0RGR DXGLR
03; YLHQH PHVVR LQ SRVL]LRQH k6WHUHRl
LQ FDVR GL WUDVPLVVLRQH VWHUHRIRQLFD
DVVLFXUDQGR FRVó OD PLJOLRUH ULSURGX]LRQH
GHOODXGLR &RPXQTXH VH OD WUDVPLVVLRQH
KD GHOOH LQWHUUX]LRQL VL UDFFRPDQGD GL
FDPELDUH D k0RQRl 0RQR 0 H 0
SXÌ HVVHUH VHOH]LRQDWR DQFKH VH OD
VWD]LRQH GLIIRQGH XQD WUDVPLVVLRQH
ELOLQJXH ,O VHJQDOH YLHQH UHJRODWR
DXWRPDWLFDPHQWH
/D TXDOLW
GHOODXGLR SXÌ HVVHUH FDPELDWD
VHOH]LRQDQGR OH PRGDOLW
0XVLFD R
3DUODWR
0HQX DXGLR
$FXWL
0HQX SULQFLSDOH
0(18 )81=,21,
4XHVWD VH]LRQH DVVLFXUHU ODFFHVVR GHOOXWHQWH DOOH DOWUH IXQ]LRQL H DO 0HQX IXQ]LRQL
3UHPHUH LO SXOVDQWH k)l
6FHJOLHUH LO 0HQX IXQ]LRQL
0HQX IXQ]LRQL
6HOH]LRQDUH LO SDUDPHWUR ULFKLHVWR
5HJRODUH LO SDUDPHWUR
8VFLUH GDO PHQX SUHPHQGR LO SXOVDQWH k1l
/LQJXD 26'
4/LQN
0HQX VLQWRQLD
3HUPHWWH GL WUDVPHWWHUH L GDWL GDO WHOHYLVRUH
D XQ 9&5 FRPSDWLELOH 9HG DOOD SDJLQD 
)RUQLVFH ODFFHVVR D PROWH IXQ]LRQL
FRPSUHVD OD IXQ]LRQH $73 VLQWRQLD ILQH H
VLQWRQLD GHO YROXPH 9HG DOOD SDJLQD 
3HUPHWWH GL VHOH]LRQDUH OD OLQJXD GD XVDUH
LQ WXWWL L PHQX 9HG DOOD SDJLQD 
(QWUDUH QHO 0HQX IXQ]LRQL
)RUPDWR
/D IXQ]LRQH )RUPDWR SHUPHWWH GL YHGHUH
SURJUDPPL DG DPSLR VFKHUPR FRQ OH
GLPHQVLRQLFRUUHWWHGHLODWL
0HQX IXQ]LRQL
$FFHGHUH
&  $  7  6
0HQX SULQFLSDOH
/LQJXD 7(;7
&  $  7  6
&RQWUDVW $XWRPDWLF 7XQLQJ 6\VWHP
6LVWHPD GL 6LQWRQL]]D]LRQH
$XWRPDWLFR GHO &RQWUDVWR
5HJROD DXWRPDWLFDPHQWH LO FRQWUDVWR LQ
PRGR FKH FRUULVSRQGD DOOLOOXPLQD]LRQH
GHOOD VWDQ]D
3HU RWWHQHUH LO PLJOLRU ULVXOWDWR SHU SULPD
FRVD LPSRVWDUH LO FRQWUDVWR DO PDVVLPR
H SRL VHOH]LRQDUH TXDOVLDVL GHOOH WUH
SRVL]LRQL
6SHQWR
6HQVLELOLW
PHGLD
6HQVLELOLW
DOWD
6WDQGDUG &RO
6HOH]LRQD LO VLVWHPD GL GHFRGLILFD GHO FRORUH
SHU LO SURJUDPPD GDWR
&RPPXWD IUD LO FRPSOHVVR GL FDUDWWHUL
RFFLGHQWDOL HG RULHQWDOL QHO WHOHWHVWR
0(18 6,1721,$
4XHVWD VH]LRQH SURYYHGH ODFFHVVR DO 0HQX VLQWRQLD PDQXDOH H DXWRPDWLFD
8VFLUH GDO PHQX SUHPHQGR LO SXOVDQWH k1l
$73
0HQX VLQWRQLD
$FFHGHUH
5HJRODUH LO OLYHOOR
$73
6LQWRQLD PDQXDOH
&DPELD
4/LQN
$VVLFXUD OD SUHVLQWRQL]]D]LRQH DXWRPDWLFD
GHO WHOHYLVRUH 9HG DOOD SDJLQD 
3HUPHWWH GL VLQWRQL]]DUH PDQXDOPHQWH L
FDQDOL VHOH]LRQDWL 9HG DOOD SDJLQD 
ü SRVVLELOH HIIHWWXDUH OD VLQWRQLD ILQH GHOOH
VWD]LRQL WUDVPLWWHQWL FRQ OD IXQ]LRQH
6LQWRQLD ILQH
3HUPHWWH GL LPSRVWDUH LO YROXPH SHU
VWD]LRQL WUDVPLWWHQWL GLYHUVH FRQ GLYHUVL
OLYHOOL GHOODXGLR
0HQX VLQWRQLD
3UHPHUH LO SXOVDQWH k)l
6FHJOLHUH LO 0HQX IXQ]LRQL
6FHJOLHUH LO 0HQX VLQWRQLD
(QWUDUH QHO 0HQX IXQ]LRQL
(QWUDUH QHO 0HQX VLQWRQLD
(QWUDUH QHO SDUDPHWUR ULFKLHVWR
6LQWRQLD ILQH
&RU 9ROXPH
'HYHVVHUH XVDWR TXDQGR LO GHFRGLILFDWRUH
ý FROOHJDWR DWWUDYHUVR $9 6HOH]LRQDUH
l$FFHVRl VH LO GHFRGLILFDWRUH GHYH
HODERUDUH LO VHJQDOH FRGLILFDWR
6HOH]LRQDUH l6SHQWRl DOOD ILQH
6FDPELD L SURJUDPPL D SLDFHUH 9HG DOOD
SDJLQD 
%ORFFD OD SRVL]LRQH GHO SURJUDPPD FRQWUR
LQWUXVLRQL LQGHVLGHUDELOL
/D IXQ]LRQH 4  / L Q N YLHQH XVDWD SHU
LQYLDUH L GDWL LQ XQ 9&5 FRPSDWLELOH 9HG
DOOH SDJLQH H 
$FFHGHUH
0HQX IXQ]LRQL
6LFXUD
'HFRGHU $9
0HQX IXQ]LRQL
$FFHGHUH
0HQX SULQFLSDOH
6WDQGDUG &RO
6HOH]LRQD LO VLVWHPD GL GHFRGLILFD GHO FRORUH
SHU LO SURJUDPPD GDWR
6LVWHPD DXGLR
6FHOWD GHOOD QRUPD VRQRUD

6,1721,$ 352&(662 ', 6,1721,$ $8720$7,&$ $73
/D 6LQWRQLD DXWRPDWLFD SHUPHWWHU GL VLQWRQL]]DUH DXWRPDWLFDPHQWH LO WHOHYLVRUH VXOOH VWD]LRQL WUDVPLWWHQWL
ORFDOL ü XQD IXQ]LRQH FRQYHQLHQWH TXDQGR VL WUDVSRUWD ODSSDUHFFKLR WHOHYLVLYR LQ XQDOWUD ORFDOLW
$77(1=,21(
6FHJOLHUH $73
6FHJOLHUH $FFHVVR
6HOH]LRQDUH LO SURSULR SDHVH
3UHPHUH SHU DYYLDUH LO SURFHVVR GL
VLQWRQLD DXWRPDWLFR $73
,O WHOHYLVRUH WURYHU
VL VLQWRQL]]HU H
RUJDQL]]HU
OH VWD]LRQL GL WUDVPLVVLRQH
ORFDOL 6H XQ 9&5 FRPSDWLELOH ý
FROOHJDWR DWWUDYHUVR OD SUHVD $9 L GDWL
SURJUDPPDWL VDUDQQR WUDVPHVVL
DWWUDYHUVR LO 4/LQN DO 9&5 YHG DOOD
SDJLQD 
$SSHQD D TXHVWD RSHUD]LRQH VLD VWDWD
FRPSOHWDWD VXOOR VFKHUPR VDU
YLVXDOL]]DWD OD SRVL]LRQH GHO
SURJUDPPD
3UHPHUH LO SXOVDQWH k)l
6FHJOLHUH LO 0HQX IXQ]LRQL
6FHJOLHUH LO 0HQX VLQWRQLD
(QWUDUH QHO 0HQX IXQ]LRQL
(QWUDUH QHO 0HQX VLQWRQLD
3UHPHUH SHU FRPLQFLDUH
3UHPHUH LO SXOVDQWH k)l SHU LQWHUURPSHUH
H k1l SHU ILQLUH OD VHTXHQ]D $73
1D]LRQH
'HXWVFKODQG
$73
0HQX VLQWRQLD
$FFHGHUH

6,1721,$ 6,1721,$ 0$18$/(
/H SRVL]LRQL GHO SURJUDPPD SRVVRQR HVVHUH VLQWRQL]]DWH PDQXDOPHQWH FRO PHQX VX VFKHUPR R FRL
SXOVDQWL VXO SDQQHOOR DQWHULRUH
3UHPHUH LO SXOVDQWH k)l
6FHJOLHUH LO 0HQX IXQ]LRQL
6FHJOLHUH LO 0HQX VLQWRQLD
6FHJOLHUH 6LQWRQLD PDQXDOH
6HOH]LRQDUH OD SRVL]LRQH GHO SURJUDPPD
GL FXL DYHWH ELVRJQR
$YYLDUH OD VLQWRQLD
4XDQGR LO SURJUDPPD ULFKLHVWR YLHQH
WURYDWR VDOYDUOR SUHPHQGR LO SXOVDQWH
79$9 R LO SXOVDQWH 675 VXO SDQQHOOR
DQWHULRUH
8VFLUH GDO PHQX SUHPHQGR LO SXOVDQWH k1l
6LQWRQLD PDQXDOH SDQQHOOR DQWHULRUH
(QWUDUH QHO 0HQX IXQ]LRQL
(QWUDUH QHO 0HQX VLQWRQLD
(QWUDUH LQ 6LQWRQLD PDQXDOH
675
&RQWLQXDUH D SUHPHUH LO SXOVDQWH k)l ILQR D
FKH VLD YLVXDOL]]DWR k6LQWRQLD PDQXDOHl
3UHPHQGR L SXOVDQWL kl R k  l  HQWUDUH
QHOOD k6LQWRQLD PDQXDOHl
3UHPHQGR LO SXOVDQWH 79$9 PXRYHUVL WUD
k3URJl k6LVWHPD DXGLRl R k,QL]LR ULFHUFDl
3UHPHQGR LO WDVW R SRWHWH FDPEULH OD
SRVL]LRQH GHO SURJUDPPD LQL]LDUH OD
ULFHUFD R FDPELDUH VLVWHPD 79
4XDQGR OD VWD]LRQH ULFKLHVWD YLHQH WURYDWD SUHPHUH
LO SXOVDQWH k675l SHU PHPRUL]]DUH L FDPEL
3HU VLQWRQL]]DUH JOL DOWUL SURJUDPPL ULSHWHUH
OD SURFHGXUD GL FXL VRSUD R ILQLUH OD VLQWRQLD
SUHPHQGR LO SXOVDQWH k)l
6LQWRQLD PDQXDOH
1RWH
6H VL FRQRVFRQR L QXPHUL GL FDQDOH GHOOH VWD]LRQL
WUDVPLWWHQWL ý SRVVLELOH XVDUH OD VHOH]LRQH GLUHWWD GHO
FDQDOH XVDQGR LO SXOVDQWH k&l VXO WHOHFRPDQGR SHU
PHPRUL]]DUH UDSLGDPHQWH L FDQDOL
HQWUDUH QHO 0HQX PDQXDOH
SUHLPSRVWDUH LO QXPHUR GL SURJUDPPD
SUHPHUH LO SXOVDQWH k&l
LPSRVWDUH LO QXPHUR GL FDQDOH FRL SXOVDQWL QXPHUDWL
PHPRUL]]DUH FRO SXOVDQWH 79$9
XVFLUH GDO PHQX SUHPHQGR LO SXOVDQWH k1l
6H VL GHVLGHUD XVDUH OD VHOH]LRQH GLUHWWD GHO FDQDOH
LQ l,SHUEDQGDl 79 YLD FDYR SUHPHUH LO SXOVDQWH GL
VHOH]LRQHGLUHWWDGHOFDQDOHHLOSXOVDQWHGL
SRVL] L R Q H GHO SU RJUD P PD l& l H l    l XQR
GRSR ODOWUR H LPSRVWDUH LO QXPHUR FRL SXOVDQWL
QXPHUDWL 'DSSULPD QHOODQJROR VXSHULRUH VLQLVWUR
GHOOR VFKHUPR FRPSDULU
l& +   l H SRL l +   l
3HU OD PHPRUL]]D]LRQH YHGHUH SLÖ VRSUD
675
)
)
79$9
 d
b
b
 d
6LQWRQLD PDQXDOH
0HQX VLQWRQLD
$FFHGHUH

&$0%,2
/RS]LRQH FDPELR SHUPHWWH GL VFDPELDUH GXH SRVL]LRQL GHO SURJUDPPD
&DPELD
3UHPHUH LO SXOVDQWH k)l
6FHJOLHUH LO 0HQX IXQ]LRQL
6FHJOLHUH LO 0HQX VLQWRQLD
6HOH]LRQDUH &DPELR
(QWUDUH QHO 0HQX IXQ]LRQL
(QWUDUH QHO 0HQX VLQWRQLD
6HOH]LRQDUHODSRVL]LRQHGHOSULPR
SURJUDPPD
&RQIHUPDUH FRO SXOVDQWH 79$9
6HOH]LRQDUH OD SRVL]LRQH GHO VHFRQGR
SURJUDPPD
(QWUDUH LQ &DPELR
8VFLUH GDO PHQX SUHPHQGR LO SXOVDQWH k1l
/,1*8$ 26'
4XDQGR VL LPSRVWD SHU OD SULPD YROWD LO WHOHYLVRUH VHOH]LRQDUH OD OLQJXD 26' FRUULVSRQGHQWH DOOD VFHOWD
GL SDHVH 6H VL GHVLGHUD XVDUH XQDOWUD OLQJXD ý SRVVLELOH VHOH]LRQDUH OD OLQJXD GDO PHQX OLQJXD
3UHPHUH LO SXOVDQWH k)l
6FHJOLHUH LO 0HQX IXQ]LRQL
6FHJOLHUH /LQJXD 26'
6HOH]LRQDUHODOLQJXD
0HPRUL]]DUH H XVFLUH GDO PHQX
SUHPHQGR LO SXOVDQWH k1l
(QWUDUH QHO 0HQX IXQ]LRQL
(QWUDUH LQ /LQJXD 26'
/LQJXD 26'
,WDOLDQR

4  / , 1 .
/D IXQ]LRQH 4/LQN DVVLFXUD OD WUDVPLVVLRQH GHL GDWL GDO WHOHYLVRUH DO 9&5
3UHPHUH LO SXOVDQWH k)l
6FHJOLHUH LO 0HQX IXQ]LRQL
(QWUDUH QHO 0HQX IXQ]LRQL
6FHJOLHUH 4  / L Q N
$FFHUWDUVL FKH 4  / L Q N VLD $FFHVR
8VFLUH GDO PHQX SUHPHQGR LO SXOVDQWH k1l
2Q
4  / L Q N
0HQX IXQ]LRQL
,O 9&5 GHYH HVVHUH FROOHJDWR FRQ XQ FDYR 6&$57 FRPSOHWR DOOD SUHVD $9 H OD SUHVD DGDWWD VXO 9&5 9HGHUH SHU
LQIRUPD]LRQL SLÖ SDUWLFRODUHJJLDWH QHO 0DQXDOH GXVR GHO 9&5 4/LQN 1(;79,(:/,1. H DOWUH WHFQLFKH SHUPHWWRQR DO
WHOHYLVRUH GL WUDVPHWWHUH D XQ 9&5 FRPSDWLELOH OLQGLFD]LRQH GHO SURJUDPPD FRUUHQWH LQGLSHQGHQWHPHQWH GD TXDOH
SURJUDPPD VLD LPSRVWDWR VXO 9&5 LO FKH IDFLOLWD PROWR OD SURFHGXUD GL UHJLVWUD]LRQH GHO SURJUDPPD
5HJLVWUD]LRQH GHO SURJUDPPD FKH VL VWD DWWXDOPHQWH YHGHQGR
3UHPHUH l',5(&7 79 5(&l 5HJLVWUD]LRQH GLUHWWD 79 VXO WHOHFRPDQGR
6H LO 9&5 ý VSHQWR VL DFFHQGHU GRSR OD]LRQDPHQWR GHO SXOVDQWH 'LUHFW 79 5HF
/H LQIRUPD]LRQL GHO 9&5 FRPSDULUDQQR VXOOR VFKHUPR DG LQGLFDUH VH LO SURJUDPPD SXÌ R QRQ SXÌ HVVHUH UHJLVWUDWR
,O 9&5 UHJLVWUD LO SURJUDPPD LPSRVWDWR
,O 9&5 UHJLVWUD LO VHJQDOH 79
1HVVXQD UHJLVWUD]LRQH 1DVWUR DVVHQWH
,O 9&5 UHJLVWUD LO VHJQDOH GHO VLQWRQL]]DWRUH ü
SRVVLELOH VSHJQHUH LO WHOHYLVRUH HG LO 9&5 UHJLVWUHU
QHO PRGR QRUPDOH
,O 9&5 UHJLVWUD LO VHJQDOH GDO WHOHYLVRUH 1RQ VDU
SRVVLELOH Q
FDPELDUH SURJUDPPL Q VSHJQHUH LO WHOHYLVRUH VH TXHVWR YLHQH IDWWR
LO 9&5 IHUPHU
DXWRPDWLFDPHQWHODUHJLVWUD]LRQHHVLVSHJQHU
/D OLQJXHWWD GL SURWH]LRQH ý VWDWD ULPRVVD GDO ODWR
SRVWHULRUH GHOOD FDVVHWWD GHO YLGHR
1HVVXQD UHJLVWUD]LRQH 5LSURGX]LRQH
1HVVXQD UHJLVWUD]LRQH )RQWH VHJQDOH DVVHQWH
(VHPSL GL DOWUH LQGLFD]LRQL
5HJLVWUD]LRQH GD IRQWH HVWHUQD
,O 9&5 UHJLVWUD LO VHJQDOH GHO VLQWRQL]]DWRUH
7UDVPLVVLRQH GHOOH LQGLFD]LRQL GHOOH IXQ]LRQL
3HU JDUDQWLUH XQD UHJLVWUD]LRQH DGHJXDWD LO WHOHYLVRUH H LO 9&5 GHYRQR DYHUH LQIRUPD]LRQL LGHQWLFKH VXOOH IXQ]LRQL YHG DOOD SDJLQD 
- 2JQL YROWD FKH YLHQH XVDWD OD IXQ]LRQH $73 L GDWL GHOOH IXQ]LRQL YHQJRQR LQYLDWL DO 9&5
)XQ]LRQH GL DFFHQVLRQHVSHJQLPHQWR DXWRPDWLFL
, 9&5 4/LQN 3DQDVRQLF IRUQLVFRQR OH VHJXHQWL IXQ]LRQL
- 6H VL LQVHULVFH LO QDVWUR QHO 9&5 H VL SUHPH LO SXOVDQWH 5LSURGX]LRQH LO WHOHYLVRUH VL DFFHQGHU DXWRPDWLFDPHQWH VHOH]LRQDQGR
OLQJUHVVR $9 SHU FXL ý SRVVLELOH YHGHUH OD UHJLVWUD]LRQH
- 6H VL VSHJQH LO WHOHYLVRUH TXDQGR LO 9&5 ý QHOOD 0RGDOLW DUUHVWR 0RGDOLW DYDQWL YHORFH R 0RGDOLW ULDYYROJLPHQWR LO 9&5 VL
VSHJQH DXWRPDWLFDPHQWH
&RPH VSHJQHUH OD IXQ]LRQH 4/LQN
6H QRQ VL GHVLGHUD XVDUH OD IXQ]LRQH 4/LQN HQWUDUH QHO 0HQX IXQ]LRQL H LPSRVWDUH 4/LQN VX 6SHQWR
1RWD LPSRUWDQWH
1RQ WXWWL L 9&5 VXSSRUWDQR TXHVWR WLSR GL VLVWHPD GL WUDVPLVVLRQH GL GDWL $OFXQL 9&5 SRVVRQR VXSSRUWDUH FHUWH IXQ]LRQL DOWUL QRQ
VXSSRUWDQR DOFXQD IXQ]LRQH 3HU PDJJLRUL GHWWDJOL YHGHUH LO 0DQXDOH GXVR GHO 9&5
6H OD IXQ]LRQH 4/LQN QRQ ý XWLOL]]DELOH SHU SULPD FRVD DFFHUWDUVL FKH LO FDYR 6&$57 VLD FRPSOHWDPHQWH IXQ]LRQDOH 9HGHUH LO
ULYHQGLWRUH SHU L SDUWLFRODUL

4  / , 1 .
6HOH]LRQDQGR OD IXQ]LRQH 4/LQN L GDWL GHOOH IXQ]LRQL GHOOD 79 SRVVRQR HVVHUH WUDVPHVVL GDO
WHOHYLVRUH DOOD PHPRULD GHO 9&5
79 9&5 3URJ
3UHPHUH LO SXOVDQWH k)l
6FHJOLHUH LO 0HQX IXQ]LRQL
6FHJOLHUH LO 0HQX VLQWRQLD
6FHJOLHUH 4  / L Q N
(QWUDUH QHO 0HQX IXQ]LRQL
(QWUDUH QHO 0HQX VLQWRQLD
$WWLYDUH 4  / L Q N
0HQX VLQWRQLD
79 9&5
4  / L Q N
1RWD
,O FRPDQGR D GLVWDQ]D QRQ DWWLYR ý GXUDQWH OD FRSLDWXUD GHL GDWL
6(/(=,21( $9 02'$/,7 $9
F 3HU VHOH]LRQDUH OD PRGDOLW $9 SUHPHUH LO SXOVDQWH 79$9 6H DL FRQQHWWRUL $9 9&5 ULFHYLWRUH GHO VDWHOOLWH PDFFKLQD
IRWRJUDILFD HFF YHG DOOD SDJLQD  ý FROOHJDWR XQ DOWUR ULFHYLWRUH H VH TXHVWR ý LQ IXQ]LRQH LO VXR VHJQDOH VDU
YLVXDOL]]DWR H QHOODQJROR VLQLVWUR VXSHULRUH GHOOR VFKHUPR GHO 79 FRPSDULU $9 LQGLSHQGHQWHPHQWH GDOOD SRVL]LRQH
GHO SURJUDPPD VHOH]LRQDWR LO VLQWRQL]]DWRUH 79 YLHQH LJQRUDWR
F 4XHVWR WHOHYLVRUH SXÌ FDPELDUH DXWRPDWLFDPHQWH DOOD PRGDOLW
$9 VH LO GLVSRVLWLYR FROOHJDWR LQYLD DO FRQQHWWRUH GHO
FDYR 6&$57 FROOHJDWR XQ VHJQDOH GL FRPPXWD]LRQH 4XDQGR LO SURJUDPPD WHOHYLVLYR YLHQH FDPELDWR OLPPDJLQH
ULFHYXWD ULPDUU OD VWHVVD
F ü SRVVLELOH ULWRUQDUH DO WHOHYLVRUH SUHPHQGR LO SXOVDQWH 79$9 R VFROOHJDQGR LO GLVSRVLWLYR $9õ
F 1RQ ý SRVVLELOH FROOHJDUH FRQWHPSRUDQHDPHQWH GXH GLVSRVLWLYL $9 DO WHOHYLVRUH LQ TXDQWR L ORUR VHJQDOL VL
VRYUDSSRUUHEEHUR
F 6H XQ VHJQDOH 176& YLHQH FROOHJDWR DWWUDYHUVR OLQJUHVVR $9 LO WHOHYLVRUH LQGLYLGXHU
DXWRPDWLFDPHQWH LO VHJQDOH H
SDVVHU
DOOR VWDQGDUG 176& /H LQGLFD]LRQL 26' GHO 0HQX 3ULQFLSDOH VDUDQQR SRWHQ]LDWH QHOOD PRGDOLW $9 LQ
TXDQWR YLHQH DJJLXQWD XQDOWUD VHOH]LRQH 7LQWD FKH SXÌ HVVHUH UHJRODWD FRQ L SXOVDQWL kl H k  l

&20$1', 9&5
,O WHOHFRPDQGR SXÌ FRPSLHUH FHUWH IXQ]LRQL GHO 9&5 DYDQ]DWR 3DQDVRQLF $OFXQL 9&5 KDQQR IXQ]LRQL
GLYHUVH SHU FXL RQGH DVVLFXUDUH OD FRPSDWLELOLW
VHJXLUH OH LVWUX]LRQL GDWH QHO PDQXDOH GXVR GHO 9&5
R FRQVXOWDUH LO ULYHQGLWRUH
3UHPHQGR TXHVWR SXOVDQWH VL DFFHQGHU LO 9&5
PHWWHQGROR QHOOD PRGDOLW
VWDQGE\ 8Q DOWUR
D]LRQDPHQWR VSHJQHU
LO 9&5
0RGDOLW 6WDQGE\
3UHPHUH TXHVWR SXOVDQWH SHU FRPLQFLDUH
OD ULSURGX]LRQH GHOOD FDVVHWWD QHO 9&5
5LSURGX]LRQH
3UHPHUH TXHVWR SXOVDQWH SHU IHUPDUH OD
ULSURGX]LRQH
$UUHVWR
3UHPHQGR TXHVWR SXOVDQWH LO QDVWUR VL PXRYHU
LQ
DYDQWL YHORFHPHQWH 1HOOD PRGDOLW
5LSURGX]LRQH ý
SRVVLELOH YHGHUH OLPPDJLQH D YHORFLW
GRSSLD
$YDQWL5LDYYROJLPHQWR YHORFH
3UHPHQGR TXHVWR SXOVDQWH LO QDVWUR VL ULDYYROJH
1HOOD PRGDOLW
5LSURGX]LRQH ý SRVVLELOH YHGHUH
OLPPDJLQH QHOOD GLUH]LRQH GL ULDYYROJLPHQWR D
YHORFLW
GRSSLD
5LDYYROJLPHQWR5HYLVLRQH
3UHPHUH TXHVWR SXOVDQWH QHOOD PRGDOLW
5LSURGX]LRQH SHU IHUPDUH OLPPDJLQH 3UHPHUH GL
QXRYR SHU FRQWLQXDUH OD YLVLRQH
3DXVD)HUPR
3UHPHQGR TXHVWL SXOVDQWL LO QXPHUR GHO SURJUDPPD
VDU
DXPHQWDWR R VDU GLPLQXLWR GL XQD SRVL]LRQH
$XPHQWRGLPLQX]LRQH GHO QXPHUR GHO SURJUDPPD
3UHPHUH TXHVWR SXOVDQWH SHU DYYLDUH OD
UHJLVWUD]LRQH
5(& 5HJLVWUD]LRQH
5(&
',5(&7 79 5(& 5HJLVWUD]LRQH GLUHWWD 79
3UHPHUH TXHVWR SXOVDQWH SHU FRPLQFLDUH D
UHJLVWUDUH GLUHWWDPHQWH GDO WHOHYLVRUH 9HG DOOD
SDJLQD 
',5(&7
79 5(&
9&5

)81=,21( 7(/(9,'(2
- /H IXQ]LRQL 7HOHYLGHR SRVVRQR YDULDUH D VHFRQGD GHOOH VRFLHW WHOHWUDVPLWWHQWL H VRQR GLVSRQLELOL VRODPHQWH VH LO FDQDOH VHOH]LRQDWR
VWD WUDVPHWWHQGR LO 7HOHYLGHR
- 3UHPHQGR LO SXOVDQWH k)l QHOOD PRGDOLW 7HOHYLGHR FRPSDULU OD VFDOD GHO FRQWUDVWR EOX SUHPHUH L SXOVDQWL kl H klSHU FDPELDUH OH
LPSRVWD]LRQL
- 4XDQGR FL VL WURYD QHOOD PRGDOLW 7HOHYLGHR LO YROXPH SXÌ HVVHUH DQFRUD PRGLILFDWR SUHPHQGR L SXOVDQWL kl R kl
&RVý LO )/2) )$67(;7"
1HOOD PRGDOLW )$67(;7VXO IRQGR GHOOR VFKHUPR FRPSDLRQRTXDWWUR VRJJHWWL GL FRORUL GLIIHUHQWL FRUULVSRQGHQWL DL FRORUL GHL SXOVDQWL VXO
WHOHFRPDQGR 3HUDFFHGHUH D PDJJLRUL LQIRUPD]LRQL VX XQR GL TXHVWL VRJJHWWLSUHPHUH LO SXOVDQWH FRORUDWR DSSURSULDWR 4XHVWDIXQ]LRQH
SHUPHWWH GL DFFHGHUH UDSLGDPHQWH DOOH LQIRUPD]LRQL GHO VRJJHWWR PRVWUDWR
3UHPHUH LO SXOVDQWH 797(;7 /D SDJLQD GL WLWROL 7HOHYLGHR VDU
YLVXDOL]]DWD VXOOR VFKHUPR 3UHPHUH GL QXRYR
SHU ULWRUQDUH DOOD PRGDOLW
79
0RGDOLW 797HOHYLGHR
/H SDJLQH SRVVRQR HVVHUH VHOH]LRQDWH LQ GXH PRGL
D SUHPHQGR L SXOVDQWL GL DXPHQWRGLPLQX]LRQH SHU DXPHQWDUH R GLPLQXLUH LO QXPHUR GHOOD SDJLQD GL XQR
E LPPHWWHQGR LO QXPHUR GHOOD SDJLQD XVDQGR GD D VXO WHOHFRPDQGR
6HOH]LRQH GHOOD SDJLQD
1HL PRGDOLW )$67(;7 TXHVWL FRUULVSRQGRQR DL VRJJHWWL D FRORUL GLIIHUHQWL
3XOVDQWL URVVRYHUGHJLDOOREOX
,QGLFH
)HUPD
5LYHOD
3UHPHUH 5HYHDO SHU ULYHODUH SDUROH LJQRWH SHU HV OH ULVSRQGH DL FUXFLYHUED R DOOD SDJLQD GHL TXL] H SXÌ
YLVXDOL]]DUH DQFKH L FRGLFL 9363'&
7RWDOH&LPD%DVVR
9LVLRQH VXOOR VFKHUPR GHOOH LQIRUPD]LRQL 7HOHYLGHR
3UHPHUH SHU WHQHUH OD SDJLQD FRUUHQWH 3UHPHUH GL QXRYR SHU DQQXOODUH KROG
3UHPHUH TXHVWR SXOVDQWH D ULWRUQDUH DOOD SDJLQD GHOOLQGLFH SULQFLSDOH $ VHFRQGD GHOOR VWDWR ý SRVVLELOH FKH
VL GHEED SUHPHUH DOFXQH YROWH SHU ULWRUQDUH DOOD SDJLQD GHOOLQGLFH SULQFLSDOH
3UHPHUH SHU HVSDQGHUH OD PHW
VXSHULRUH GHOOD SDJLQD
3UHPHUH GL QXRYR SHU HVSDQGHUH OD PHW
LQIHULRUH
3UHPHUH GL QXRYR SHU ULWRUQDUH DOOD GLPHQVLRQH QRUPDOH WRWDOH
1RUPDOL]]D]LRQH
3UHPHUH LO SXOVDQWH k1l SHU ULWRUQDUH DOOD PRGDOLW 79
6H OLLQIRUPD]LRQH DOOD SDJLQD GL WHOHWH[W HFFHGH XQD SDJLQD LO FDPELDPHQWR DXWRPDWLFR GHOOD VRWWR SDJLQD SXR
SHUGXUDUH SHU XQ WHPSR SLX OXQJR
3UHPHWH LO WDVWR 7,0( 1(;7 QHOOLDQJROR VLQLVWUR VRSUD GHO YLGHR VL VLPEROHJJLD  ,QVHULWH LO QXPHUR GHOOD
VRWWR SDJLQD ULFKLHVWD 3HU OD VFHOWD GL SDJLQD LQVHULWH  /LDSSDUHFFKLR DOORUD FHUFKHUD TXHVWD SDJLQD
SDU]LDOH
'XUDQWH LO WHPSR GHOOD ULFHUFD
SRVVLELOH GL VHJXLUH LO SURJUDPPD GHOOD 79 SUHPHQGR LO WDVWR 797(;7
3UHPHQWR LQGLHWUR DO WHOHWH[W H VH OD VRWWR SDJLQD YLHQH WURYDWD HVVD ULPDQH UDIILJXUDWD ILQR DO WHPSR LQ TXDOH
ULFKLHGHWH XQLDOWUD SDJLQD GL WHOHWH[W RSSXUH FDPELDWH OD SRVL]LRQH GHO SURJUDPPD
3HU ODVFLDUH OD VRWWR SDJLQD IDWH XQR GHL VHJXHQWL
SUHPHWH LO WDVWR ,1'(;
FKLHGHWH XQ QXPHUR GL SDJLQD QXRYD WHO WHOHWH[W
FDPELDWH OD SRVL]LRQH GHO SURJUDPPD
$FFHVVR DOOD VRWWR SDJLQD 6XESDJH

&/$66,),&$=,21( '(//( 67$=,21, 6,1721,==$7(
$OOD ILQH GHO SURFHVVR GL VLQWRQLD DXWRPDWLFD $73 OH VWD]LRQL VLQWRQL]]DWH VRQR VDOYDWH QHOOD PHPRULD GHO WHOHYLVRUH QHOOD
VHTXHQ]D FKH GLSHQGH GDO SDHVH OD OLQJXD 26' H OH LQIRUPD]LRQL ULFHYXWH
/H VHJXHQWL SRVL]LRQL GL SURJUDPPD VRQR VDOYDWH LQ RUGLQH SURJUHVVLYR
- OH VWD]LRQL UHJLVWUDWH VRWWR L QRPL GHOOD WDEHOOD VRWWRVWDQWH SRL
- DOFXQH VWD]LRQL UHJLVWUDWH VRWWR XQ QRPH QRQ PRVWUDWR QHOOD WDEHOOD SRL
- OH VWD]LRQL LO FXL QRPH QRQ ý VWDWR ULOHYDWR GDO ULFHYLWRUH
25'(5
)5$1&( 63$,1
7) 79(
)5 79
)5
/$
/H DOWUH VWD]LRQL HXURSHH VRQR VDOYDWH H FODVVLILFDWH QHOORUGLQH GL VLQWRQL]]D]LRQH

&2//(*$0(172 $8',29,'(2 (67(512
,QJUHVVRXVFLWD SRVWHULRUH $9 GHO FRQQHWWRUH 6&$57
&RQQHWWRUH SRVWHULRUH $9 6&$57 D  SLHGLQL H FRQQHWWRUH DQWHULRUH 5&$
1RWH
/DSSDUHFFKLDWXUD H L FDYL PRVWUDWL SLÖ VRSUD QRQ VRQR IRUQLWL FRQ LO WHOHYLVRUH
1RQ FROOHJDUH GHL FRPSXWHU FRQ XVFLWD 77/  9 D TXHVWR WHOHYLVRUH
4XDQGR OH FXIILH VRQR FROOHJDWH JOL DOWRSDUODQWL VDUDQQR VFROOHJDWL DXWRPDWLFDPHQWH
1RQ FROOHJDUH FRQWHPSRUDQHDPHQWH JOL LQJUHVVL $9 VXL SDQQHOOL DQWHULRUL H
SRVWHULRUL LQ TXDQWR L VHJQDOL DXGLR H YLGHR VL VRYUDSSRUUDQR
&DYR 6&$57
*OL LQJUHVVL $XGLRYLGHR $9 LGHDWL SHU FROOHJDUH XQ 9&5 XQ ULFHYLWRUH SHU VDWHOOLWH H DOWUH
DSSDUHFFKLDWXUH DXGLRYLGHR FRPSDWLELOL
3UHVD
DXULFRODUH
&XIILHFRQSUHVDGD
 PP PDVFKLR
3UHVD
LQJUHVVR
DXGLR 6 H '
3UHVD LQJUHVVR
YLGHR 9
&DYR
VWHUHRIRQLFR
5&$
&DYR YLGHR
5&$
3DQQHOOR DQWHULRUH $9
6 & $ 5 7 D S L H G L Q L  $ 9
1 ,QIRUPD]LRQL VXO FRQQHWWRUH 6&$57
*OL LQJUHVVL $9 LQFOXGRQR 5*% URVVRYHUGHEOX

',$*1267,&$
6LQWRPL
&
R
Q
W
R
O
O
R
,PPDJLQH $XGLR
&
R
Q
W
R
O
O
R
1HYH VXOOLPPDJLQH
$XGLR UXPRURVR
3RVL]LRQH GLUH]LRQH R FROOHJDPHQWR GHOODQWHQQD
,PPDJLQH PXOWLSOD
$XGLR QRUPDOH
3RVL]LRQH GLUH]LRQH R FROOHJDPHQWR GHOODQWHQQD
,QWHUIHUHQ]D
$XGLR QRUPDOH
DSSDUHFFKLDWXUH HOHWWULFKH
DXWRPRELOLPRWRFLFOHWWH
OXFL IOXRUHVFHQWL
,PPDJLQH QRUPDOH
$XGLR DVVHQWH
9ROXPH
9HULILFDUH VH OD IXQ]LRQH PXWR ý VWDWD DWWLYDWD VXO
WHOHFRPDQGR H VH LO YROXPH ý VHOH]LRQDWR
FRUUHWWDPHQWH QHO 0HQX VLQWRQLD
,PPDJLQH DVVHQWH
$XGLR DVVHQWH
&RQWUROOR
6H ý DWWLYDWD OD PRGDOLW
$9
6H ý LQVHULWR QHOOXVFLWD $&
6H ý DFFHVR
5HJROD]LRQL GHOOLPPDJLQHYROXPH
6H LQ PRGDOLW
VWDQGE\
&RORUH DVVHQWH
$XGLR QRUPDOH
5HJROD]LRQH GHO FRORUH
&RQIXVD
$XGLR QRUPDOH R GHEROH
5LVLQWRQL]]DUH L FDQDOL
0DFFKLH FRORUDWH
$XGLR QRUPDOH
,QWHUIHUHQ]D PDJQHWLFD SHU HV DOWRSDUODQWH
ULPXRYHUH
7HOHYLVRUH PRVVR PHQWUH ý DFFHVR 6SHJQHUH LO
WHOHYLVRUH SHU  PLQ
,PPDJLQH QRUPDOH
$XGLR UXPRURVR
/H FRQGL]LRQL GL ULFH]LRQH VRQR FDWWLYH SHU HV
FRQGL]LRQL DWPRVIHULFKH
&RPPXWDUH 03; 0HQX DXGLR D 0RQR HG DVSHWWDUH
FKH OH FRQGL]LRQL PLJOLRULQR

,1)250$=,21, 3(5 /87(17(
1 6HUYL]LR
3ULPD GL FKLDPDUH ODVVLVWHQ]D GDUH XQRFFKLDWD DOOD WDEHOOD
'LDJQRVWLFD SHU FDSLUH OD FDXVD 4XDQGR VL FKLDPD LO VHUYL]LR
PHWWHUVL LQ FRQWDWWR FRO SURSULR ULYHQGLWRUH H GLUJOL LO SURSULR WLSR GL
PRGHOOR GL WHOHYLVRUH H QXPHUR GL VHULH SXÌ HVVHUH WURYDWR VXO
SDQQHOOR SRVWHULRUH
1 9LGHRJLRFKLFRPSXWHU FDVDOLQJR
/XVR IUHTXHQWH GHOOD FRQVROOH JLRFKL R FRPSXWHU SXÌ SURYRFDUH
lRPEUHl VXOOR VFKHUPR 4XHVWR SXÌ HVVHUH HYLWDWR VH VL
VRGGLVIDQR L VHJXHQWL UHTXLVLWL
5LGXUUH DO PLQLPR OD OXPLQRVLW H LO FRQWUDVWR
1RQ XVDUH LQ PRGR FRQWLQXDWLYR LO WHOHYLVRUH FRQ OD
FRQVROOH JLRFKL H LO FRPSXWHU
5LFRUGDUH FKH TXHVWR WLSR GL GDQQR GHOOR VFKHUPR QRQ ý
GRYXWR D GLIHWWR GHO IDEEULFDQWH H QRQ ý FRSHUWR GDOOD
JDUDQ]LD GHOOD 3DQDVRQLF
1 6DOYDWDJJLR GHOOH XOWLPH LPSRVWD]LRQL
$OFXQH IXQ]LRQL SHUPHWWRQR GL PHPRUL]]DUH OH XOWLPH
LPSRVWD]LRQL FLRý OH VHJXHQWL LPSRVWD]LRQL YHUUDQQR DWWLYDWH
TXDQGR VL ULDFFHQGH LO WHOHYLVRUH
3RVL]LRQL GHO SURJUDPPD 7LQWD
4  / LQ N &  $  7  6
&RUUH]LRQH GHO YROXPH $9 &RQWUDVWR
9ROXPH 1LWLGH]]D
7LSR GL DXGLR PXVLFDSDUODWR /XPLQRVLW
%DVVL &RORUH
$FXWL %LODQFLDPHQWR 6'
0RGDOLW
6WDQGE\ 6WDWR
3DHVH /LQJXD 26'
8OWLPR SURJUDPPD YLVWR
16SHJQLPHQWR DXWRPDWLFR )XQ]LRQH 6RQQR
6H LO WHOHYLVRUH ULPDQH DFFHVR TXDQGR OD VWD]LRQH KD ILQLWR OH
WUDVPLVVLRQH LO WHOHYLVRUH VDU PHVVR DXWRPDWLFDPHQWH QHOOD
PRGDOLW VWDQGE\ GRSR  PLQXWL 4XHVWD IXQ]LRQH QRQ RSHUD
TXDQGR ý QHOOD PRGDOLW
$9
63(&,),&+(
0RGHOOR 7 ;  / . )
&RUUHQWH $OLPHQWD]LRQH GL FRUUHQWH  9  +] FD
&RUUHQWH LQVWDOODWD :
:
6FKHUPR
GLDJRQDOH YLVLELOH
 FP
$XGLR
PXVLFD
[ : 506  [ : 032 LPSHGDQFH W
'LPHQVLRQL
$
/
3
 PP
 PP
 PP
3HVR NJ  NJ
6
L
V
W
H
P
L
7
9
=
R
Q
H
3$/ %* 3$/ + 3$/ 6(&$0 %* 6(&$0 //
9+) ( ( 9+) + + ,7$/,$
9+)$+,7$/,$ 8+)((
&
$
7
9
6
6
&
$
7
9
6
6
0
0
6
L
VWHP
L
7
9
=
RQH
&
$
7
9
6

6
&
$
7
9
6

6
 0 0
&$79 6 6 8 8 &$79 6 6 +\SHUEDQG
6HJQDOH 0176& ULSURGRWWR GDO 9&5 176&  0+]
6HJQDOH 176& ULSURGRWWR DWWUDYHUVR OLQJUHVVR $9 GDO 9&5
1XPHUR GL SRVL]LRQL GHO
SURJUDPPD
 9&5
,QJUHVVR DQWHQQD SRVWHULRUH 8+) 9+)
8VFLWD FXIILH DQWHULRUH  PP LPSHGDQFH W
&RQQHWWRUH $9 SRVWHULRUH &RQQHWWRUH $9  SLHGLQL LQJUHVVRXVFLWD $9 LQJUHVVR 5*% 4/LQN
&RQQHWWRUH $9 DQWHULRUH $9 DQWHULRUH LQJUHVVR VHJQDOH DXGLR VWHUHRIRQLFR 5&$ LQJUHVVR VHJQDOH YLGHR [ 5&$
/H VSHFLILFKH SRVVRQR HVVHUH VRJJHWWH D PRGLILFKH VHQ]D DOFXQ SUHDYYLVR ,O SHVR H OH GLPHQVLRQL VRQR LQGLFDWL DSSURVVLPDWLYDPHQWH

%,(19(1,'$
(VWLPDGR &OLHQWH GH 3DQDVRQLF
%LHQYHQLGR D OD IDPLOLD GH ORV FOLHQWHV GH 3DQDVRQLF (VSHUDPRV TXH GLVIUXWH PXFKRV DÆRV GH VX QXHYR WHOHYLVRU HQ FRORU
(VWH WHOHYLVRU HV GH XQ PRGHOR PX\ DYDQ]DGR VLQ HPEDUJR HQ OD *XõD GH 5HIHUHQFLD 5
SLGD HQFRQWUDU OD LQIRUPDFLÊQ
QHFHVDULD SDUD SRQHU HO WHOHYLVRU HQ IXQFLRQDPLHQWR U
SLGDPHQWH $ FRQWLQXDFLÊQ SXHGH OHHU HO PDQXDO GHWDOODGDPHQWH \
JXDUGDUOR SDUD IXWXUDV FRQVXOWDV
ô1',&(
- $GYHUWHQFLD \ 3UHFDXFLRQHV 
- *XõD GH 5HIHUHQFLD 5
SLGD 
- &RQWUROHV %
VLFRV 
-
UERO GH 3URJUDPDV 
- 8VR GH ODV ,QGLFDFLRQHV HQ 3DQWDOOD 
- 0HQÔ SULQFLSDO 
- 0HQÔ GH 6RQLGR 
- 0HQÔ GH &RQILJXUDFLÊQ 
- 0HQÔ GH 6LQWRQõD 
- 6LQWRQõD &RQILJXUDFLÊQ $XWRP
WLFD $73 
- 6LQWRQõD 6LQWRQõD 0DQXDO 
- &DPELR GH ODV 3RVLFLRQHV GH 3URJUDPDV 
- ,GLRPD GH ODV ,QGLFDFLRQHV HQ 3DQWDOOD 
- )XQFLRQHV (VSHFLDOHV
- 4/LQN 
- *UDEDFLÊQ GH GDWRV HQ HO DSDUDWR GH YõGHR 4/LQN 
- 6HOHFFLÊQ GH $9 )XQFLRQDPLHQWR FRQ $9 
- )XQFLRQDPLHQWR FRQ 9&5 
- )XQFLRQDPLHQWR GHO 7HOHWH[WR 
- 6HOHFFLÊQ GH ODV (PLVRUDV 6LQWRQL]DGDV 
- &RQH[LRQHV GH $SDUDWRV ([WHULRUHV GH $XGLR GHR 
- /RFDOL]DFQ GH 6õQWRPDV GH $YHUõDV 
- ,QIRUPDFLÊQ *HQHUDO 
- (VSHFLILFDFLRQHV 
$'9(57(1&,$6 < 35(&$8&,21(6
(VWH WHOHYLVRU KD VLGR GLVHÆDGR SDUD IXQFLRQDU FRQ FRUULHQWH
DOWHUQD GH   9  +]
3DUD HYLWDU GHWHULRURV TXH SRGUõDQ GDU FRPR UHVXOWDGR
GHVFDUJDV HO
FWULFDV R LQFHQGLR QR H[SRQJD HVWH WHOHYLVRU D
OD OOXYLD R D XQD KXPHGDG H[FHVLYD
$'9(57(1&,$ $/72 92/7$-(
1R UHWLUH OD FXELHUWD SRVWHULRU \D TXH GHEDMR GH OD PLVPD KD\
SLH]DV SRU ODV TXH SDVD FRUULHQWH HO FWULFD
1R KD\ DTXõ SDUWHV TXH UHTXLHUDQ VHUYLFLR W
FQLFR GH SDUWH
GHO &OLHQWH
(O FRQPXWDGRU GH (QFHQGLGR $SDJDGR TXH OOHYD HVWH
PRGHOR QR GHVFRQHFWD FRPSOHWDPHQWH GH OD UHG GH
VXPLQLVWUR HO FWULFR 5HWLUH OD FODYLMD GH OD EDVH GH WRPD GH
FRUULHQWH FXDQGR QR YD\D D XWLOL]DU HO WHOHYLVRU GXUDQWH XQ
SHUõRGR GH WLHPSR SURORQJDGR
&8,'$'2 '( /$ &$-$ < '(/ 78%2 '( ,0$*(1
'HVHQFKXIH OD FODYLMD GH OD EDVH GH WRPD FRUULHQWH /D FDMD \
HO WXER GH LPDJHQ SXHGHQ OLPSLDUVH FRQ XQ SDÆR
KXPHGHFLGR FRQ DJXD \ FRQ GHWHUJHQWH OLJHUR 1R XWLOLFH
VROXFLRQHV TXH FRQWHQJDQ EHQ]RO R SHWUÊOHR (O WHOHYLVRU
SXHGH SURGXFLU HOHFWULFLGDG HVW
WLFD SRU OR TXH KD\ TXH WHQHU
FXLGDGR VLHPSUH TXH VH WRTXH OD SDQWDOOD
(YLWH OD H[SRVLFLÊQ GHO WHOHYLVRU D OD OX] VRODU GLUHFWD \ D RWUDV
IXHQWHV GH FDORU
(V HVHQFLDO XQD YHQWLODFLÊQ DGHFXDGD SDUD HYLWDU DYHUõDV HQ
ORV FRPSRQHQWHV HO
FWULFRV SRU OR TXH OH UHFRPHQGDPRV
TXH GHMH XQ HVSDFLR GH FP FRPR PõQLPR DOUHGHGRU GHO
WHOHYLVRU LQFOXVR FXDQGR HVW GHQWUR GH RWUR PXHEOH R HQWUH
HVWDQWHV
48þ +$&(5 &21 /26 '(63(5',&,26"
7LUH HPEDODMHV \ SLODV TXH QR QHFHVLWH HQ FRQWHQHGRUHV
HVSHFLDOHV SDUD GHVSHUGLFLRV VHSDUDGRV

*8ô$ '( 5()(5(1&,$ 5
3,'$
&RPSUXHEH TXH KD
UHFLELGR ORV DFFHVRULRV \
HOHPHQWRV TXH VH LQGLFDQ
0DQGR D 'LVWDQFLD
(85
3LODV SDUD HO 0DQGR
D 'LVWDQFLD GHO
WDPDÆR 5 80
0DQXDO GH
,QVWUXFFLRQHV GH
)XQFLRQDPLHQWR
/D *DUDQWõD
GHO WHOHYLVRU
7DSD GH FRQHFWRUHV
3LODV GHO 0DQGR D 'LVWDQFLD
: $VHJÔUHVH GH TXH ODV SLODV
HVW
Q FRORFDGDV HQ OD
SRVLFLÊQ FRUUHFWD
: 1R PH]FOH SLODV YLHMDV \ SLODV
QXHYDV5HWLUHGHPDQHUD
LQPHGLDWD ODV SLODV YLHMDV \D
DJRWDGDV
: 1R PH]FOH SLODV GH WLSR
GLIHUHQWHV SH DOFDOLQDV \ GH
PDQJDQHVR QL XWLOLFH SLODV
UHFDUJDEOHV 1L&DG
*XõD GH 5HIHUHQFLD 5 SLGD
Ë
(QFKXIHODDQWHQD\FRQHFWHHOHTXLSRDX[LOLDU
(QFLHQGD ORV UHFHSWRUHV HQFKXIDGRV
6HOHFFLRQH VX LGLRPD
6L XQ 9&5 FRPSDWLEOH VH FRQHFWD D OD
EDVH $9 ORV GDWRV GH SURJUDPD VH
WUDQVIHULU
QDO9&5DWUDY VGHO(QODFH4
9HD S
JLQD 
3XOVH HO ERWÊQ l79$9l
6HOHFFLRQH VX SDõV
'DU FRPLHQ]R OD VLQWRQL]DFLÊQ
DXWRP
WLFD VXV HPLVRUDV VHU Q
ORFDOL]DGDV TXHGDU
Q PHPRUL]DGDV \
VHU
Q VHOHFFLRQDGDV YHD S JLQD 
3XOVH HO ERWÊQ l)lVLTXLHUH
LQWHUUXPSLU SXOVH HO ERWÊQ l1lVL
TXLHUH WHUPLQDU FRQ OD VHFXHQFLD $73
6L HVW LQVWDODQGR XQ QXHYR 9&5 FRPSDWLEOH FRQ HO (QODFH 4 \D SXHGH
HQFHQGHUOR /RV GDWRV GH VLQWRQõD WUDQVIHULGRV VH DGDSWDU
QDORVGHO
WHOHYLVRU 6L HVW
LQVWDODQGR XQ QXHYR 9&5 FRPSDWLEOH FRQ HO (QODFH
1(;79,(: QHFHVLWD LQLFLDU PDQXDOPHQWH OD WUDQVIHUHQFLD GH GDWRV 9HD ORV
GHWDOOHV HQ HO PDQXDO GH LQVWUXFFLRQHV GHO 9&5
- 6L HO 9&5 QR KD DFHSWDGR ORV GDWRV WUDQVIHULGRV GHVGH HO WHOHYLVRU
WHQGU
VHJXUDPHQWH TXH VHOHFFLRQDU OD JUDEDFLÊQ GH GDWRV GHVGH HO 0HQÔ
GHO 9&5
- 6L HO HQODFH 4 QRIXQFLRQD FRUUHFWDPHQWH FRQWUROH TXH HO FDEOH 6&$57
FRQHFWDGR D OD EDVH $9 GHO WHOHYLVRU HV GH lIXQFLÊQ WRWDOl  SDWLOODV
\ TXH HO 9&5 HV FRPSDWLEOH FRQ HO (QODFH 4 (QODFH 1(;79,(: R
WHFQRORJõDV VLPLODUHV
- 3DUD LQIRUPDFLÊQ DGLFLRQDO VREUH HO (QODFH 4 \ OD FRQH[LÊQ GH HTXLSRV
YHD ODV S
JLQDV  \  3UHJXQWH GDWRV DGLFLRQDOHV D VX GLVWULEXLGRU
$MXVWH GHO 9ROXPHQ
&DPELR GH &DQDO
6&$57
3XOVH HO ERWÊQ l79$9l

&21752/(6 %
6,&26
&XDGUR IURQWDO
,QWHUUXSWRU GH
(QFHQGLGR \ $SDJDGR
GHO WHOHYLVRU
675 0HPRULD GH 1RUPDOL]DFLÊQ
6H XWLOL]D SDUD PHPRUL]DU ODV VLQWRQõDV \
ORV YDORUHV GH DMXVWH GH RWUDV IXQFLRQHV
) 6HOHFFLÊQ GH )XQFLRQHV
9LVXDOL]D ODV IXQFLRQHV GH ,QGLFDFLÊQ (Q 3DQWDOOD SXOVDU GH
IRUPD UHSHWLGD SDUD VHOHFFLRQDU ODV IXQFLRQHV GLVSRQLEOHV
9ROXPHQ &RQWUDVWH %ULOOR &RORU 1LWLGH] 7RQR HQ PRGR
176& %DMRV $JXGRV %DODQFH \ PRGR GH 6LQWRQõD
$XPHQWD R GLVPLQX\H ODV SRVLFLRQHV GH ORV
SURJUDPDV SUHVHOHFFLÊQ HQ XQD XQLGDG &XDQGR
XQD IXQFLÊQ HVW
\D LQGLFDGD SXOVH SDUD DXPHQWDU
R GLVPLQXLU HO QLYHO GH OD IXQFLÊQ VHOHFFLRQDGD
&RQPXWDGRU GH 79 $9 YHD OD S
JLQD 
%DVH GH FRQH[LÊQ SDUD ORV
DXULFXODUHV YHD OD S
JLQD 
/X] URMD TXH LQGLFD HO PRGR GH (Q (VSHUD 8WLOLFH HO
ERWÊQ GH (Q (VSHUD ODV WHFODV Ê ODV WHFODV
SDUD HQFHQGHU HO WHOHYLVRU
%DVHV GH FRQH[LÊQ 5&$ GH $XGLR GHR
S
JLQD 
0DQGR D 'LVWDQFLD
&RQPXWDGRU GH (1&(1','2
$3$*$'2 (Q (VSHUD (QFLHQGH HO
WHOHYLVRU R OR DSDJD GHM
QGROR (Q
(VSHUD 6WDQGE\
6H XWLOL]D SDUD DMXVWDU OD IXQFLÊQ
VHOHFFLRQDGD &XDQGR QR VH
VHOHFFLRQD QLQJXQD IXQFLÊQ DMXVWD HO
9ROXPHQ
6HOHFFLÊQ GH OD IXQFLÊQ 3XOVH SDUD
DFFHGHU D OD YLVXDOL]DFLÊQ GH ORV
PHQÔV HQ OD SDQWDOOD S
JLQD 
5HFXSHUD HO QLYHO GH ORV YDORUHV
PHPRUL]DGRV FRQ HO ERWÊQ 675 HQ OD
SDUWH IURQWDO GHO WHOHYLVRU &LHUUD HO
PHQÔ GH LQGLFDFLRQHV HQ OD SDQWDOOD
7HFOD QXP
ULFD SDUD
&DPELR GH SRVLFLÊQ GH SURJUDPDV
$FFHVR 'LUHFWR D XQ &DQDO
 ,Q W URG XFF L Ê Q G H O D V S
JLQDV GHO
7HOHWH[WR
$FFHVR 'LUHFWR D XQ &DQDO 3XOVH H
LQWURGX]FD HO QÔPHUR GH FDQDO
XWLOL]DQGR ODV WHFODV QXP
ULFDV
6L TXLHUH LQWURGXFLU OD VHOHFFLÊQ GLUHFWD
GHO FDQDO HQ OD +LSHUEDQGD 7HOHYLVLÊQ
SRU &DEOH SXOVH VHJXLGDPHQWH ORV
ERWRQHV GH VHOHFFLÊQ GLUHFWD GH FDQDO
\ GH ODV SRVLFLRQHV GH SURJUDPDV l&l
l    l H L QWUR GX] F D HO Q Ô P HUR
XWLOL]DQGR ODV WHFODV QXP
ULFDV
&RQPXWD HQWUH YLVLRQDGR GH OD 79 \ HQWUDGD
GH $9 P
V GHWDOOHV HQ ODV S JLQDV  \ 
6H XWLOL]D SDUD PHPRUL]DU \ FRQILUPDU HQ HO
0HQÔ ODV ,QGLFDFLRQHV HQ 3DQWDOOD
'HVDFWLYDU $FWLYDU HO VRQLGR
%RWÊQ GH (VWDGR 9LVXDOL]D
OD SRVLFLÊQ GHO SURJUDPD
HO QÔPHUR GHO FDQDO
 O D KRU D
HO VRQLGR (VW
UHR 0RQR 0 0
HO QRPEUH GH OD HPLVRUD FRQ 7HOHWH[WR
6HOHFFLÊQ GHO QÔPHUR GH FDQDO DUULED \
DEDMR VHOHFFLÊQ GH ORV VXEPHQÔV
GHVSOD]DPLHQWR HQ ODV S
JLQDV GH 7HOHWH[WR
6HOHFFLÊQ GH SRVLFLRQHV GH SURJUDPDV GH
 D  KDFLHQGR XVR GH ODV WHFODV
QXP
ULFDV
%RWRQHV GHO 7HOHWH[WR S
JLQD 
%RWRQHV 9LGHRJUDEDGRUD S
JLQD 
%RWÊQ GH *UDEDFLÊQ 'LUHFWD $FWLYD HO
(QODFH 4

5%2/ '( 352*5$0$6
862 '( /$6 ,1',&$&,21(6 (1 3$17$//$
(VWH WHOHYLVRU GLVSRQH GH XQ VLVWHPD FRPSOHWR GH PHQÔV SDUD DFFHGHU D ORV DMXVWHV \ D ODV RSFLRQHV
&RQWUDVWH
0HQÔ SULQFLSDO
7õWXOR GHO 0HQÔ
6XEPHQÔV
%DUUD GH 6HOHFFLÊQ
,QVWUXFFLRQHV
,QGLFDGRU GH RSFLRQHV
3XOVH HO ERWÊQ l)l SDUD
DFFHGHU DO PHQÔ
3XOVH HO ERWÊQ l1l SDUD
VDOLU GHO 0HQÔ
6H XWLOL]D SDUD GHVSOD]DUVH HQ HO 0HQÔ \
SDUD VHOHFFLRQDU \ DMXVWDU ODV RSFLRQHV
$OJXQDV GH ODV VHOHFFLRQHV FRPR SRU HMHPSOR &RQWUDVWH %ULOOR &RORU \ 1LWLGH] OH SHUPLWHQ DXPHQWDU R GLVPLQXLU HO
QLYHO GH ODV PLVPDV VHJÔQ VXV UHTXHULPLHQWRV
$OJXQDV VHOHFFLRQHV FRPR SRU HMHPSOR 7HPSRUL]DGRU SHUPLWHQ HOHJLU XQD GH ODV RSFLRQHV
2WUDV VHOHFFLRQHV FRPR SRU HMHPSOR 6LQWRQL]DU OH SHUPLWHQ SDVDU D RWUR 6XEPHQÔ
&RQ HO ERWÊQ l)l DFFHGH DO 0HQÔ GH ,QGLFDFLRQHV HQ OD 3DQWDOOD R UHJUHVD GHVGH HO 6XEPHQÔ DO DQWHULRU
&RQ HO ERWÊQ l1l FLHUUD FRPSOHWDPHQWH HO 0HQÔ GH ,QGLFDFLRQHV HQ OD 3DQWDOOD R OD 6HOHFFLÊQ GH 2SFLRQHV
(O ERWÊQ 79$9 VH XWLOL]D JHQHUDOPHQWH SDUD FRQILUPDU

0(1Õ 35,1&,3$/
(VWH PH OH SHUPLWH HQWUH RWUDV FRVDV HIHFWXDU DMXVWHV HQ OD FDOLGDG GH OD LPDJHQ
3XOVH HO ERWÊQ l)l
&RQWUDVWH
0HQÔ SULQFLSDO
6HOHFFLRQH OD RSFLÊQ TXH GHVHH
$XPHQWH R GLVPLQX\D ORV QLYHOHV R
ILMH ODV SRVLFLRQHV
3XOVH OD WHFOD l1l SDUD VDOLU GHO PHQÔ GH
,PDJHQ
&RQWUDVWH
/RV QLYHOHV GH &RQWUDVWH %ULOOR &RORU \
1LWLGH] SXHGHQ DMXVWDUVH SDUD
DGDSWDUORV D VXV SUHIHUHQFLDV \ D ODV
FRQGLFLRQHV GH OX] DPELHQWDO &XDQGR
TXLHUD SXHGH UHJUHVDU HO DMXVWH DO QLYHO
DMXVWDGR SRU HO IDEULFDQWH XWLOL]DQGR HO
ERWÊQ l1l
(O DMXVWH GHO 0DWL] VÊOR DSDUHFHU
FRPR
XQR GH ORV HOHPHQWRV GHO PHQÔ HQ HO
FDVR GH TXH HVW
FRQHFWDGD DO WHOHYLVRU
XQD IXHQWH GH VHÆDO 176& D WUDY
VGH
OD HQWUDGD $9 OR TXH SHUPLWLU
HO
DMXVWH GHO WRQR
1LWLGH]
&RORU
%ULOOR
0DWL]
&RQWUDVWH
7HPSRUL]DGRU
(O 7HPSRUL]DGRU DSDJD HO WHOHYLVRU HQ
HO WLHPSR DMXVWDGR TXH SXHGH
VHOHFFLRQDU GHVGH D  PLQXWRV HQ
LQWHUYDORV GH PLQXWRV
&RILJXUDFLÊQ
6RQLGR
(O PHQÔ GH 6RQLGR OH SRVLELOLWD HO
DFFHVR D ODV IXQFLRQHV GH DMXVWH GH
VRQLGR
(O PHQÔ GH &RQILJXUDFLÊQ OH SRVLELOLWD
HO DFFHVR D RWUDV IXQFLRQHV LQFOXVR
PHQÔ GH 6LQWRQL]DFLÊQ

0(1Õ '( 621,'2
(O 0H GH 6RQLGR OH SHUPLWH HVWDEOHFHU VXV SUHIHUHQFLDV SHUVRQDOHV SRU OR TXH VH UHILHUH D WRGRV ORV
DVSHFWRV GHO VRQLGR
3XOVH HO ERWÊQ l)l
6HOHFFLRQHODRSFLÊQGH6RQLGR
6HOHFFLRQH OD RSFLÊQ UHTXHULGD
$XPHQWH R GLVPLQX\D ORV QLYHOHV R
ILMH ODV RSFLRQHV
3XOVH HO ERWÊQ l1l SDUD VDOLU GHO 0H GH 6RQLGR
(O DMXVWH GH ORV *UDYHV DFWÔD VREUH ODV
IUHFXHQFLDV P
V EDMDV \ SURIXQGDV
SXGLHQGR VHU DXPHQWDGR R GLVPLQXLGR
(O DMXVWH GH ORV $JXGRV DFWÔD VREUH ODV
IUHFXHQFLDV P
V DOWDV \ DJXGDV SXGLHQGR
VHU DXPHQWDGR R GLVPLQXLGR
9D\DDODRSFLÊQGH6RQLGR
(O DMXVWH GHO 9ROXPHQ UHJXOD DO YROXPHQ
JHQHUDO GHO VRQLGR
6RQLGR
0HQÔ SULQFLSDO
$FFHGHU
$JXGRV
9ROXPHQ
*UDYHV
$JXGRV
%DODQFH
(O %DODQFH DIHFWD HO HTXLOLEULR GH ORV
QLYHOHV GH VRQLGR HQWUH HO DOWDYR]
L]TXLHUGR \ HO DOWDYR] GHUHFKR 3XHGH
HIHFWXDUVH HO DMXVWH GH PDQHUD TXH HO QLYHO
GH ORV DOWDYRFHV VH DGDSWH D VX SRVLFLÊQ
GH HVFXFKD
03;
0RGR
03; HVWDU SRU OR JHQHUDO ILMDGD HQ
l(VW UHRl VL HV TXH VH HVW WUDQVPLWLHQGR
SDUD REWHQHU OD PHMRU UHSURGXFFLÊQ GH
VRQLGR VLQ HPEDUJR VL OD UHFHSFLÊQ HV
PDOD HV DFRQVHMDEOH FDPELDU D l0RQRl
6H SXHGH WDPEL Q VHOHFFLRQDU 0RQR 0
\0VLVHHVW QWUDQVPLWLHQGRVHÆDOHV
ELOLQJÚHV /DV VHÆDOHV VRQ GHWHFWDGDV
DXWRP WLFDPHQWH
6H SXHGH PHMRUDU HO VRQLGR
VHOHFFLRQDQGR HO 0RGR GH 0ÔVLFD RGH
1DUUDFLÊQ
6RQLGR
$JXGRV

0(1Õ '( &21),*85$&,Ë1
(O PHQÔ GH &RQILJXUDFLÊQ OH SHUPLWH HO DFFHVR D GLYHUVDV FDUDFWHUõVWLFDV \ WDPEL Q DO PHQÔ GH 6LQWRQõD
3XOVH HO ERWÊQ k)l
6HOHFFLRQH HO 0HQÔ GH &RQILJXUDFLÊQ
6HOHFFLRQH OD RSFLÊQ UHTXHULGD
$XPHQWH R GLVPLQX\D ORV QLYHOHV
R ILMH RSFLRQHV
3XOVH HO ERWÊQ k1l SDUD VDOLU GHO 0HQÔ GH
&RQILJXUDFLÊQ
,GLRPD GH 26'
4/LQN
6LQWRQL]DU
4  / L Q N OH SHUPLWH DFWLYDU R GHVDFWLYDU OD
FRPXQLFDFLÊQ GH GDWRV FRQ XQ DSDUDWR
JUDEDGRU UHSURGXFWRU FRPSDWLEOH 9HU
S
JLQD 
(VWD RSFLÊQ OH SHUPLWH HO DFFHVR D PXFKDV
RWUDV FDUDFWHUõVWLFDV TXH LQFOX\HQ HO DMXVWH
DXWRP
WLFR HQ ORV FDQDOHV GH IUHFXHQFLD
$73 6LQWRQõD )LQD \ &RUUHFFLÊQ GHO
9ROXPHQ 9HU S
JLQD 
(VWD RSFLÊQ OH SHUPLWH VHOHFFLRQDU HO
LGLRPD XWLOL]DGR SDUD ODV LQGLFDFLRQHV HQ
SDQWDOOD 9HU S
JLQD 
9D\DDODRSFLÊQ0HQÔGH
&RQILJXUDFLÊQ
$VSHFWR
(VWD RSFLÊQ OH SHUPLWLU YHU ORV SURJUDPDV
HPLWLGRV HQ SDQWDOOD DQFKD FRQ OD
SURSRUFLÊQ GH DOWXUD \ DQFKXUD FRUUHFWD

&  $  7  6
6LVWHPD GH DMXVWH DXWRP WLFR GH
IUHFXHQFLD GHO &RQWUDVWH
6LQWRQL]DGHIRUPDDXWRP
WLFD HO
&RQWUDVWH VHJÔQ ORV FDPELRV HQ OD
LOXPLQDFLÊQ GHO DPELHQWH
3DUD DOFDQ]DU ORV PHMRUHV UHVXOWDGRV
SULPHUDPHQWH DMXVWH HO YDORU GHO
&RQWUDVWH HQ HO P
[LPR SDUD TXH OD
IXQF LÊ Q &  $  7  6 REW H Q J D X Q HVSDF LR
DGLFLRQDO SDUD VX IXQFLRQDPLHQWR OXHJR
VHOHFFLRQH XQD GH ODV WUHV RSFLRQHV
VHJÔQVXUHTXHULPLHQWR
$SDJDGR
6HQVLELOLGDG 0HGLD
$OWD 6HQVLELOLGDG
&RQILJXUDFLÊQ
0HQÔ SULQFLSDO
$FFHGHU
&RQILJXUDFLÊQ
,GLRPD GH 7H[W
2HVWH
,GLRPD GH 7H[W
&RQPXWD HQWUH HO MXHJR GH FDUDFWHUHV GHO
2HVWH \ (VWH HQ WHOHWH[WR
6LVWHPD GH &RORU
(O PHQÔ GH VLVWHPD GH &RORU OH SHUPLWH
GHFLGLU OD RSFLÊQ FRUUHFWD GHO HVW
QGDU GH
WUDQVPLVLÊQ

0(1Õ '( 6,1721ô$
(O PHQÔ GH 6LQWRQõD SHUPLWH HO DFFHVR D ORV PHQÔV GH 6LQWRQõD PDQXDO \ DXWRP WLFD
3XOVH HO ERWÊQ k1l SDUD VDOLU GHO PHQÔ
$XPHQWH R GLVPLQX\D ORV QLYHOHV R ILMH
RSFLRQHV
$73
6LQWRQõD 0DQXDO
6LVWHPD 79
&DPELDU
4/LQN
%ORTXHR
/H SHUPLWH YROYHU D VLQWRQL]DU GH IRUPD
DXWRP
WLFD HO WHOHYLVRU 9HD OD S JLQD 
(O PHQÔ GH 6LQWRQõD 0DQXDO OH SHUPLWH
VLQWRQL]DU QRUPDOPHQWH ODV SRVLFLRQHV GH
SURJUDPD LQGLYLGXDOHV 9HD OD S
JLQD 
/DV HPLVRUDV SXHGHQ VHU VLQWRQL]DGDV HQ
IRUPD ILQD KDFLHQGR XVR GHO DMXVWH GH
VLQWRQõD ILQD
/D FRUUHFFLÊQ GHO 9ROXPHQ OH SHUPLWH
DMXVWDU HO QLYHO GHO YROXPHQ GH ODV
HPLVRUDV LQGLYLGXDOHV TXH WLHQHQ
GLIHUHQWHV QLYHOHV
3XOVH HO ERWÊQ k)l
6HOHFFLRQH HO PHQÔ GH &RQILJXUDFLÊQ
6HOHFFLRQH HO PHQÔ GH 6LQWRQL]DU
9D\D DO PHQÔ GH &RQILJXUDFLÊQ
9D\DDPHQÔGH6LQWRQL]DU
9D\D D OD RSFLÊQ UHTXHULGD
6LQWRQõD )LQD
6LVWHPD GH &RORU
&RUUHFFLÊQ YRO
'HVFRGLILFDGRU
$9
(VWD RSFLÊQ VH XWLOL]D FXDQGR XQ
GHVFRGLILFDGRU HVW
FRQHFWDGR D WUDY V
GH $9 $MXVWDU D 21 HQFHQGLGR VL KD GH
SURFHVDUVH SRU HO GHVFRGLILFDGRU XQD
VHÆDO FRGLILFDGD $MXVWDU D 2)) DSDJDGR
WUDV HO XVR
6XVWLWX\H OD SRVLFLÊQ GH XQ SURJUDPD SRU
RWUR FRPR XVWHG OR GHVHH 9HD OD S
JLQD

(O PHQÔ GH VLVWHPD GH &RORU OH SHUPLWH
GHFLGLU OD RSFLÊQ FRUUHFWD GHO HVW
QGDU GH
WUDQVPLVLÊQ
(O %ORTXHR OH SHUPLWH EORTXHDU OD
SRVLFLÊQGHORVSURJUDPDVFRQWUDDFFHVRV
LQGHVHDGRV
4  / L Q N DFWLYDODFRPXQLFDFLÊQGHGDWRV
FRQ XQ DSDUDWR JUDEDGRU UHSURGXFWRU
FRPSDWLEOH 9HD ODV S
JLQDV  \ 
6HOHFFLÊQ GH OD QRUPD GH VRQLGR
&RQILJXUDFLÊQ
0HQÔ SULQFLSDO
$FFHGHU
$73
6LQWRQL]DU
$FFHGHU
&RQILJXUDFLÊQ
6LQWRQL]DU
$FFHGHU

6,1721ô$ &21),*85$&,Ë1 $8720
7,&$ $73
(O PHQÔ GH &RQILJXUDFLÊQ $XWRP WLFD OH SHUPLWLU YROYHU D VLQWRQL]DU DXWRP WLFDPHQWH HO WHOHYLVRU FRQ
ODV HPLVRUDV ORFDOHV (VWR UHVXOWD GH XWLOLGDG VL XVWHG WUDVODGD R OOHYD HO WHOHYLVRU D XQD UHJLÊQ GLIHUHQWH
6HOHFFLRQH HO 0HQÔ GH &RQILJXUDFLÊQ
$XWRP
WLFD $73
6HOHFFLRQH HO $FFHGHU
6HOHFFLRQH VX SDõV
3XOVH SDUD LQLFLDU OD FRQILJXUDFLÊQ
DXWRP
WLFD $73
/D 79 H[SORUDU
PHPRUL]DU \FODVLILFDU HQ
RUGHQ VXV HPLVRUDV ORFDOHV 6L XQ 9&5
FRPSDWLEOH HVW
FRQHFWDGR D WUDY VGHOD
EDVH $9 ORV GDWRV GH SURJUDPD VH HQYLDU
Q
GHVGH OD PHPRULD GHO WHOHYLVRU DO 9&5 YõD
HQODFH 4 YHD OD S
JLQD 
8QDYH]TXHHVWDRSHUDFLÊQKD\DTXHGDGR
ILQDOL]DGD HO WHOHYLVRU LQGLFDU
OD SRVLFLÊQ
GH SURJUDPD
3XOVH HO ERWÊQ k)l
6HOHFFLRQH HO 0HQÔ GH &RQILJXUDFLÊQ
6HOHFFLRQH HO 0HQÔ GH 6LQWRQL]DU
$FFHGD DO 0HQÔ GH &RQILJXUDFLÊQ
$FFHGD DO 0HQÔ GH 6LQWRQL]DU
3XOVH SDUD FRQILUPDU HO LQLFLR
3XOVH HO ERWÊQ k)l SDUD LQWHUUXPSLU R SXOVH
HO ERWÊQ k1l SDUD ILQDOL]DU OD VHFXHQFLD $73
$7(1&,Ë1
$73
6LQWRQL]DU
$FFHGHU
3DõV
'HXWVFKODQG
79$9

6,1721ô$ 6,1721ô$ 0$18$/
/D VLQWRQõD 0DQXDO GH ODV SRVLFLRQHV GH ORV 3URJUDPDV HVW GLVSRQLEOH ELHQ VHD GHVGH HO PHQÔ GH ODV
LQGLFDFLRQHV HQ 3DQWDOOD R GHVGH ORV FRQWUROHV GHO FXDGUR IURQWDO
3XOVH HO ERWÊQ l)l
6HOHFFLRQH HO 0HQÔ GH &RQILJXUDFLÊQ
6HOHFFLRQH HO 0HQÔ GH 6LQWRQL]DU
6HOHFFLRQH OD 6LQWRQõD 0DQXDO
6HOHFFLRQHODSRVLFLÊQGHSURJUDPDD
VLQWRQL]DU
,QLFLH OD VLQWRQõD
8QD YH] TXH KD\D HQFRQWUDGR HO SURJUDPD
GHVHDGR SXOVH HQ HO PDQGR D GLVWDQFLD HO
ERWÊQ 79 $9 RHOERWÊQ675 HQ OD SDUWH
IURQWDO GHO WHOHYLVRU SDUD PHPRUL]DUOR
3DUD VDOLU GHO PHQÔ SXOVH OD WHFOD k1l
6LQWRQõD 0DQXDO &XDGUR IURQWDO
$FFHGD DO 0HQÔ GH &RQILJXUDFLÊQ
$FFHGD DO 0HQÔ GH 6LQWRQL]DU
$FFHGD D 6LQWRQõD 0DQXDO
675
3XOVH OD WHFOD 79 $9 SDUD PRYHUVH HQWUH
l3URJl l%ÔVTXHGDl R l6LVWHPD 79l
3XOVHODWHFODl  l R ll SDUD FDPELDU OD
SRVLFLÊQ GHO SURJUDPD LQLFLDU OD EÔVTXHGD
R PRGLILFDU HO VLVWHPD GH 79
8QDYH]TXHVHKDHQFRQWUDGRODHPLVRUD
TXH VH GHVHD SXOVH 675 SDUD PHPRUL]DU
ORV FDPELRV
5HSLWD HO SURFHGLPLHQWR DQWHULRU SDUD
VLQWRQL]DU RWURV SURJUDPDV DGLFLRQDOHV R
SXOVHODWHFOD) SDUD VDOLU
675
)
)
79$9
79$9
 d b
b
 d
1RWD
6L FRQRFH HO QÔPHUR GH ORV FDQDOHV GH VXV
HPLVRUDV SXHGH XWLOL]DU HO PHQÔ GH l6LQWRQõD
0DQXDOl GH VHOHFFLÊQ GLUHFWD GHO FDQDO SXOVDQGR OD
WHFOD & HQ HO PDQGR D GLVWDQFLD SDUD PHPRUL]DU HQ
IRUPD U
SLGD ODV HPLVRUDV
$FFHGD DO PHQÔ GH 6LQWRQõD 0DQXDO
,QWURGX]FD HO QÔPHUR GH SUHVHOHFFLÊQ
3XOVHODWHFOD&
 8WLOL]DQGR OD WHFOD QXP
ULFD PDUTXH HO QÔPHUR
GHO FDQDO
3XOVHODWHFOD79 $9 SDUD PHPRUL]DU
3XOVHODWHFOD1 SDUD VDOLU GHO PHQÔ
6L TXLHUH LQGLFDU OD VHOHFFLÊQ GLUHFWD GHO FDQDO HQ OD
lKLSHUEDQGDl 7HOHYLVLÊQ SRU &DEOH SXOVH GH
VHJXLGD HO ERWÊQ GH VHOHFFLÊQ GLUHFWD GH FDQDO \ HO
ERWÊQ GH VHOHFFLÊQ GH ODV SRVLFLRQHV GH SURJUDPDV
l & l l    l H L Q W URGX] F D HO QÔ PHU R XW L O L]DQGR O D
WHFOD QXP
ULFD (Q HO QJXOR VXSHULRU L]TXLHUGR GH
OD SDQWDOOD VH LQGLFDU
HQ SULPHU OXJDU l&+ l
OXHJR l+ l 0HPRUL]DFLÊQ YHD OR H[SUHVDGR
P
VDUULED
6LQWRQL]DU
$FFHGHU
6LQWRQõD PDQXDO
6LQWRQõD PDQXDO
3XOVH UHLWHUDGDPHQWH HO ERWÊQ ) HQ HO
FXDGUR IURQWDO KDVWD TXH DSDUH]FD
l6LQWRQL]DFLÊQ 0DQXDOl
3DUD HQWUDU DO PRGR GH 6LQWRQõ]DFLÊQ
0DQXDO SXOVH ODV WHFODV ll R l  l

&$0%,2 '( /$6 326,&,21(6 '( 352*5$0$6
/D RSFLÊQ &DPELDU OH SHUPLWH FDPELDU ODV SRVLFLRQHV GH SURJUDPDV HQWUH Võ
&DPELDU
3XOVHODWHFODk)l
6HOHFFLRQH HO PHQÔ GH &RQILJXUDFLÊQ
6HOHFFLRQH HO PHQÔ GH 6LQWRQL]DU
6HOHFFLRQHODRSFLÊQ&DPELDU
$FFHGD DO PHQÔ GH &RQILJXUDFLÊQ
$FFHGD DO PHQÔ GH 6LQWRQL]DU
6HOHFFLRQH OD SULPHUD SRVLFLÊQ GH SURJUDPDV
&RQILUPH OD VHOHFFLÊQ XVDQGR OD WHFOD 79$9
6HOHFFLRQHODVHJXQGDSRVLFLÊQGHSURJUDPDV
79$9
$FFHGD DO PHQÔ &DPELDU
3DUD VDOLU GHO PHQÔ SXOVH OD WHFOD k1l
,',20$ '( /$6 ,1',&$&,21(6 (1 3$17$//$
&XDQGR VH LQVWDOÊ HO WHOHYLVRU SRU SULPHUD YH] HO LGLRPD GH ODV LQGLFDFLRQHV HQ 3DQWDOOD IXH
HVWDEOHFLGR GH DFXHUGR FRQ OD VHOHFFLÊQ GH SDõV HIHFWXDGD SRU XVWHG 6L GHVHD XWLOLO]DU XQ LGLRPD
GLIHUHQWH HO PLVPR SXHGH VHU VHOHFFLRQDGR D SDUWLU GHO PHQÔ GH ODV ,QGLFDFLRQHV HQ 3DQWDOOD
3XOVHODWHFODk)l
6HOHFFLRQH HO PHQÔ GH &RQILJXUDFLÊQ
6HOHFFLRQHODRSFLÊQ,GLRPD GH 26'
&RQILUPH VX VHOHFFLÊQ
3XOVHODWHFODk1l SDUD FRQILUPDU OD
VHOHFFLÊQ \ VDOLU GHO PHQÔ
$FFHGD DO PHQÔ GH &RQILJXUDFLÊQ
$FFHGDDODRSFLÊQ,GLRPD GH 26'
,GLRPD GH 26'
(VSDÆRO

4  / L Q N
4/LQN SHUPLWH TXH HO WHOHYLVRU VH FRPXQLTXH FRQ HO JUDEDGRU UHSURGXFWRU GH GHR
3XOVHODWHFODk)l
6HOHFFLRQH HO PHQÔ GH &RQILJXUDFLÊQ
$FFHGD DO PHQÔ GH &RQILJXUDFLÊQ
6HOHFFLRQHODRSFLÊQ4  / L Q N
&RQILUPH TXH HO 4  / L Q N HVW
HQ l(QFHQGLGRl 21
3XOVHODWHFODk1l SDUD VDOLU
&RQILJXUDFLÊQ
2Q
4  / L Q N
(O DSDUDWR GH YõGHR GHEH HVWDU FRQHFWDGR FRQ XQ FDEOH 6&$57 WLSR GH IXQFLÊQ FRPSOHWD DFRSODGR HQWUH OD EDVH GH
FRQH[LÊQ $9 GHO WHOHYLVRU \ OD EDVH GH FRQH[LÊQ DSURSLDGD GHO YõGHR 9HD HO PDQXDO GH LQVWUXFFLRQHV GH VX YõGHR SDUD P
V
LQIRUPDFLÊQ 4/LQN 1H[W9LHZ/LQN R WHFQRORJõDV VLPLODUHV SHUPLWHQ DO WHOHYLVRU GDU LQVWUXFFLRQHV D XQD YLGHRJUDEDGRUD
FRPSDWLEOH SDUD JUDEDU HO SURJUDPD TXH HVW
VLHQGR LQGLFDGR HQ 3DQWDOOD HQ HVWH PRPHQWR VLQ FRQVLGHUDU OD SRVLFLÊQ GHO
SURJUDPD DMXVWDGR HQ OD YLGHRJUDEDGRUD VLPSOLILFDQGR DVõ HO SURFHGLPLHQWR GH JUDEDFLÊQ GH SURJUDPDV
3DUD JUDEDU HO SURJUDPD TXH HVW YLHQGR HQ HVH PRPHQWR
3XOVH OD WHFOD GH *5$%$&,Ë1 ',5(&7$ GHVGH HO WHOHYLVRU HQ HO PDQGR D GLVWDQFLD
6L HO DSDUDWR GH YõGHR HVW DSDJDGR VH HQFHQGHU GH IRUPD DXWRP WLFD HQ HO PRPHQWR HQ TXH XVWHG SXOVH OD WHFOD GH
*5$%$&,Ë1 ',5(&7$ '(/ 7(/(9,625 (Q OD SDQWDOOD DSDUHFHU
XQ PHQVDMH HQYLDGR GHVGH HO DSDUDWR GH YõGHR TXH
LQGLFD OR TXH HVW
VLHQGR JUDEDGR R ELHQ VL QR HV SRVLEOH JUDEDUOR
9LGHR JUDEDQGR HO SURJUDPD SUHHVWDEOHFLGR
9õGHR JUDEDQGR GHVGH HO WHOHYLVRU
1R VH JUDED 12 +$< &,17$
1R VH JUDED /$ &,17$ (67
3527(*,'$
(O YõGHR HVW
JUDEDQGR OD VHÆDO GH SURJUDPD
SURFHGHQWH GH VX SURSLR VLQWRQL]DGRU 6L OR GHVHD
SXHGH DSDJDU HO WHOHYLVRU \ GHMDU HO YõGHR JUDEDQGR
HQ IRUPD QRUPDO
(O 9&5 HVW
UHJLVWUDQGR OD VHÆDO GHO SURJUDPD GHVGH OD
WHOHYLVLÊQ 1R GHEH FDPELDU OD SRVLFLÊQ GHO SURJUDPD QL
DSDJDU OD WHOHYLVLÊQ 6L OR KDFH HO 9&5 GHMDU
GH JUDEDU
DXWRP
WLFDPHQWH \ VH DSDJDU
/DDOHWDGHSURWHFFLÊQFRQWUDHVFULWXUDGHODSDUWH
WUDVHUD GH OD FDVHWH KD VLGR TXLWDGD
1R VH JUDED (/ 9ô'(2 (67
5(352'8&,(1'2
1R VH JUDED (/ 9ô'(2 (67$%$ <$ *5$%$1'2
9õGHR JUDEDQGR GHVGH VX SURSLR VLQWRQL]DGRU
1R VH JUDED /$ &,17$ 38('( (67$5 '$Ç$'$
9õGHR JUDEDQGR GHVGH XQ YõGHR H[WHUQR
1R VH JUDED 12 +$< )8(17( ',6321,%/(
(MHPSORV GH RWURV PHQVDMHV TXH SRGUõDQ VHU YLVXDOL]DGRV HQ OD SDQWDOOD VRQ
3DUD FRPSDUWLU OD LQIRUPDFLÊQ GH VLQWRQõD
3DUD JDUDQWL]DU TXH VH UHDOLFHQ JUDEDFLRQHV FRUUHFWDV HO WHOHYLVRU \ HO DSDUDWR UHSURGXFWRU \ JUDEDGRU GH GHR GHEHU Q
FRPSDUWLU OD LQIRUPDFLÊQ GH VLQWRQõD YHD OD S
JLQD 
- 6LHPSUH TXH VH XWLOLFH OD IXQFLÊQ l$XWRFRQILJXUDFLÊQl $73 ORV GDWRV GH VLQWRQõD VH WUDQVIHULU QDO9&5
)XQFLRQHV GH DXWR HQFHQGLGR DSDJDGR
/RV 9&5 FRQ 4/LQN GH 3DQDVRQLF WLHQHQ GLVSRQLEOHV ODV FDUDFWHUõVWLFDV DGLFLRQDOHV VLJXLHQWHV
- 6L LQVHUWD XQD FLQWD HQ HO 9&5 \ SXOVD HO ERWÊQ l3OD\l OD WHOHYLVLÊQ VH HQFHQGHU DXWRP WLFDPHQWH \ VHOHFFLRQDU OD
HQWUDGD $9 SDUD TXH XVWHG SXHGD YHU OD FLQWD TXH KD VLGR UHSURGXFLGD
- 6L DSDJD OD WHOHYLVLÊQ PLHQWUDV HO 9&5 HVW HQ ORV PRGRV 6WRS $YDQFH 5 SLGR R 5HERELQDGR HO 9&5 VH DSDJDU
DXWRP WLFDPHQWH
'HVFRQH[LÊQ GH OD FRPXQLFDFLÊQ 4/LQN
6L QR GHVHD XWLOL]DU HO GLVSRVLWLYR 4/LQN YD\D DO PHQÔ GH &RQILJXUDFLÊQ \ SRQJD OD RSFLÊQ 4/LQN HQ l'HVFRQH[LÊQl
1RWD LPSRUWDQWH
1R WRGRV ORV DSDUDWRV GH GHR SHUPLWHQ XWLOL]DU XQ VLVWHPD GH FRPXQLFDFLÊQ GH HVWH WLSR $OJXQRV SXHGHQ DFHSWDU DOJXQDV GH
VXV FDUDFWHUõVWLFDV SHUR RWURV QR 9HD HO PDQXDO GH LQVWUXFFLRQHV GHO DSDUDWR GH YõGHR SDUD P
V LQIRUPDFLÊQ DO UHVSHFWR 6L
4  /LQN HVW
LQRSHUDQWH SULPHUR FRQILUPH TXH VX FDEOH 6&$57 HV GHO WLSR GH IXQFLÊQ FRPSOHWD 3UHJXQWH D VX GLVWULEXLGRU SDUD
P
V GHWDOOHV

*5$%$&,Ë1 '( '$726 (1 (/ $3$5$72 '( 9ô'(2 4/,1.
/D RSFLÊQ 4/LQN FRSLD WRGRV ORV GDWRV GH ORV SURJUDPDV VLQWRQL]DGRV GHVGH OD 79 D OD PHPRULD GH
OD JUDEDGRUD UHSURGXFWRUD GH YõGHR
79 9&5 3URJUDPPH 
3XOVHODWHFODk)l
6HOHFFLRQH HO PHQÔ GH &RQILJXUDFLÊQ
6HOHFFLRQH HO PHQÔ GH 6LQWRQL]DU
6HOHFFLRQH HO PHQÔ GH 4  / L Q N
$FFHGD DO PHQÔ GH &RQILJXUDFLÊQ
$FFHGD DO PHQÔ GH 6LQWRQL]DU
$FWLYH HO ( Q O D F H 4  / L Q N
1RWD
&XDQGR VH HVW
QJUDEDQGRORVGDWRVQRHVW DFWLYR HO 0DQGR D 'LVWDQFLD
6(/(&&,Ë1 '( $9 )81&,21$0,(172 &21 $9
F 3XOVHODWHFOD79$9 SDUD DFFHGHU DO PRGR $9 (Q FDVR GH TXH D ORV FRQHFWRUHV GH $9 HVW FRQHFWDGR RWUR DSDUDWR
UHFHSWRU YLGHRJUDEDGRUD UHFHSWRU GH VDW
OLWH F PDUD X RWURV YHD OD S JLQD  \ VL HVW IXQFLRQDQGR OD VHÆDO GHO
DSDUDWR VHU
LQGLFDGD HQ OD SDQWDOOD GH VX WHOHYLVRU \ HQ HO QJXOR VXSHULRU L]TXLHUGR GH OD SDQWDOOD DSDUHFHU HO
VLJQR l$9l LQGHSHQGLHQWHPHQWH GH TXH SRVLFLÊQ GH SURJUDPDV IXH VHOHFFLRQDGD 6H KDFH FDVR RPLVR GHO
6LQWRQL]DGRU GHO WHOHYLVRU
F (VWH WHOHYLVRU SXHGH VHU FRQHFWDGR HQ IRUPD DXWRP
WLFD FRQ HO PRGR GH $9 VL HV TXH HO DSDUDWR FRQHFWDGR LQGLFD OD
VHÆDO GH FRQHFWDGR HQ OD FODYLMD 6&$57 FXDQGR HV HQFHQGLGR (Q HVWH FDVR VH LQGLFDU
HQ HO QJXOR VXSHULRU
L]TXLHUGR GH OD SDQWDOOD (& \ OD VHÆDO GHO DSDUDWR DXGLRYLVXDO FRQHFWDGR 6L VH FDPELD OD VHOHFFLÊQ GHO SURJUDPD GHO
WHOHYLVRU OD LPDJHQ UHFLELGD SHUPDQHFHU
VLQ FDPELRV
F 3DUD YROYHU DO PRGR GH 79 SXOVH OD WHFOD 79$9 R DSDJXH HO DSDUDWR FRQHFWDGR GH $9
F 1R HV SRVLEOH FRQHFWDU  UHFHSWRUHV GH $9 HQ ODV HQWUDGDV GHO WHOHYLVRU DO PLVPR WLHPSR VXV VHÆDOHV VH
HQWUHOD]DUõDQ
F 6L XVWHG FRQHFWD DO WHOHYLVRU D WUDY
V GH ODV HQWUDGDV GH $9 XQ DSDUDWR TXH HPLWD VHÆDO HQ OD QRUPD 176& HO
WHOHYLVRU GHWHFWDU
HVWD VHÆDO DXWRP WLFDPHQWH \ UHSURGXFLU HQ HVWD QRUPD /D RSFLÊQ GHO 0HQÔ GH ,QGLFDFLRQHV
HQ 3DQWDOOD 0DLQ PHQX 26' VH DPSOLDU
HQ HO PRGR $9 FRQ OD RSFLÊQ 0DWL] 7LQW TXH HV SRVLEOH UHJXODU FRQ
ODV WHFODV ll \ ll

)81&,21$0,(172 &21 9&5
(O 0DQGR D 'LVWDQFLD SXHGH KDFHU IXQFLRQDU DOJXQDV GH ODV IXQFLRQHV GH HTXLSRV VHOHFFLRQDGRV GH
9&5 *UDEDFLÊQ \ 5HSURGXFFLÊQ GH &LQWDV GH 9õGHR GH 3DQDVRQLF $OJXQRV HTXLSRV GH 9&5 WLHQHQ
IXQFLRQHV GLIHUHQWHV SRU OR TXH DO REMHWR GH DVHJXUDUVH GH VX FRPSDWLELOLGDG UYDVH FRQVXOWDU HO
PDQXDO GH LQVWUXFFLRQHV GH VX HTXLSR R ELHQ D VX SURYHHGRU SRU OR TXH UHVSHFWD D ORV GHWDOOHV
3XOVH SDUD SDVDU HO 9&5 DO PRGR GH (Q (VSHUD
9XHOYDDSXOVDUSDUDDSDJDUOR
(Q (VSHUD
3XOVH SDUD REWHQHU OD UHSURGXFFLÊQ GH OD FLQWD
5HSURGXFFLÊQ
3XOVH SDUD SDUDU OD FLQWD
3DUR
9&5 3XOVH SDUD KDFHU DYDQ]DU OD FLQWD GH IRUPD
U
SLGD (Q HO PRGR GH 5HSURGXFFLÊQ SXOVH SDUD
YHU OD LPDJHQ FRQ XQ DYDQFH U
SLGR
6DOWR $YDQFH 5
SLGR 3LVWD
9&5 3XOVH SDUD UHERELQDU OD FLQWD (Q HO PRGR GH
5HSURGXFFLÊQ SXOVH SDUD YHU OD LPDJHQ FRQ XQ
UHWURFHVR U
SLGR
6DOWR $YDQFH 5
SLGR 5HYLVLÊQ
3XOVDQGR HQ HO PRGR GH 5HSURGXFFLÊQ OD LPDJHQ
TXHGD TXLHWD 9XHOYD D SXOVDU SDUD UHDQXGDU OD
UHSURGXFFLÊQ
3DXVD ,QPRYLOL]DFLÊQ
3XOVH SDUD DXPHQWDU D GLVPLQXLU OD SRVLFLÊQ GHO
SURJUDPD HQ HO 9&5
6HOHFFLÊQ GH $XPHQWR 'LVPLQXFLÊQ GHO
1ÔPHUR GHO 3URJUDPD
3XOVH HVWD WHFOD SDUD GDU LQLFLR D OD JUDEDFLÊQ
*UDEDFLÊQ
5(&
*UDEDFLÊQ 'LUHFWD
3XOVH HVWH ERWÊQ SDUD GDU LQLFLR D OD JUDEDFLÊQ
GLUHFWD GHVGH HO WHOHYLVRU 3RU FRQGLFLRQHV YHD
OD S
JLQD 
',5(&7
79 5(&
9&5

)81&,21$0,(172 '(/ 7(/(7(;72
- /DV FDUDFWHUõVWLFDV GHO 7HOHWH[WR SXHGHQ YDULDU GHSHQGLHQGR GH OD &RPSDÆõD (PLVRUD \ VÊOR HVW GLVSRQLEOH VL HO FDQDO
VHOHFFLRQDGR HVW
WUDQVPLWLHQGR 7HOHWH[WR
- $O SXOVDU OD WHFOD k)l PLHQWUDV IXQFLRQD HO 7HOHWH[WR DSDUHFHU OD IXQFLÊQ GHO FRQWUDVWH FRQ XQD EDUUD GH FRORU FLDQ
3XOVH kl \ k  l SDUD PRGLILFDU HO DMXVWH VHJÔQ VHD QHFHVDULR
- &XDQGR VH HVW HQ HO PRGR GH 7HOHWH[WR DO SXOVDU ODV WHFODV kl \ k  l VH SXHGH PRGLILFDU VÊOR HO YROXPHQ
4X HV )/2) )$67(;7"
(Q HO PRGR GH )$67(;7 KD\ FXDWUR WHPDV FRQ FRORUHV GLIHUHQWHV VLWXDGRV HQ OD SDUWH LQIHULRU GH OD SDQWDOOD TXH FRUUHVSRQGHQ FRQ
ORV FRORUHV GH ODV WHFODV HQ VX PDQGR D GLVWDQFLD 3DUD WHQHU DFFHVR D P
V LQIRUPDFLÊQ DFHUFD GH XQR GH GLFKRV WHPDV SXOVH OD
WHFODGHFRORUTXHFRUUHVSRQGD(VWHVLVWHPDSHUPLWHXQDFFHVRU
SLGRDODLQIRUPDFLÊQVREUHORVWHPDVLQGLFDGRV
3XOVH OD WHFOD 797(;72$SDUHFHU HQ OD SDQWDOOD OD S JLQD GHO 7HOHWH[WR 9XHOYD D SXOVDU GH QXHYR FXDQGR GHVHH
UHWRUQDU DO PRGR GH 79
0RGR 797HOHWH[WR
/D VHOHFFLÊQ GH ODV S JLQDV SXHGH VHU UHDOL]DGD GH GRV PDQHUDV GLIHUHQWHV
D SXOVH XQD GH ODV WHFODV àY SDUD DXPHQWDU R GLVPLQXLU HO QÔPHUR GH S
JLQD SRU XQLGDG
ERLQWURGX]FDHOQÔPHURGHS
JLQD TXH GHVHH SXOVDQGR ODV WHFODV GHO DO HQ HO PDQGR D
GLVWDQFLD
6HOHFFLÊQ GH ODV 3 JLQDV
(Q HO PRGR GH )$67(;7 HVWDV WHFODV VH FRUUHVSRQGHQ FRQ ORV WHPDV GH GLIHUHQWHV FRORUHV
7HFODV5RMD9HUGH$PDULOOD$]XO
ôQGLFH
5HWHQFLÊQ
5HYHODU
&RPSOHWR 6XSHULRU ,QIHULRU
5HSUHVHQWDFLÊQ GH OD LQIRUPDFLÊQ
GH 7HOHWH[WR HQ OD SDQWDOOD
6LUYH SDUD PDQWHQHU OD S
JLQD GH 7HOHWH[WR FXDQGR HVW YLHQGR ODV LQIRUPDFLRQHV GH PXOWLS JLQDV 3DUD UHWRUQDU
DODDFWXDOL]DFLÊQDXWRP
WLFD GH OD S JLQD SXOVH UHLWHUDGDPHQWH HVWD WHFOD
3XOVH HVWD WHFOD SDUD UHWRUQDU D OD S
JLQD SULQFLSDO GH OD OLVWD 'HSHQGLHQGR GH OD IRUPD GH WUDQVPLVLÊQ GH
LQIRUPDFLÊQ SXHGH VHU SXOVDGR P
V GH XQD YH] SDUD UHWRUQDU D OD S JLQD SULQFLSDO GH OD OLVWD
3XOVH OD WHFOD OD PLWDG VXSHULRU GH OD S
JLQD DPSOLDGD DSDUHFHU HQ
OD SDQWDOOD 9XHOYD D SXOVDU SDUD DPSOLDU OD PLWDG LQIHULRU GH OD S
JLQD
9XHOYD D SXOVDU SDUD UHWRUQDU DO WDPDÆR QRUPDO &203/(72
6DOLGD
3DUD VDOLU GHO 7HOHWH[WR \ UHWRUQDU DO PRGR QRUPDO GH 79
6LUYH SDUD UHYHODU ODV SDODEUDV RFXOWDV FRPR SRU HMHPSOR ODV UHVSXHVWDV D XQD S JLQD GH SUHJXQWDV GH TXL] R
DGLYLQDQ]D HQ VX FDVR UHSUHVHQWD HQ OD SDQWDOOD ODV FODYHV 9363'&
6L OD LQIRUPDFLÊQ HQ OD S JLQD GH WHOHWH[W VXSHUD XQD S JLQD HO FDPELR DXWRP WL F R G H O D VX E  S JLQD SXHGH GXUDU
RWUR WLHPSR P
V
'HEH SUHVLRQDU OD WHFOD 7,0( 7(;7 HQ HO ULQFÊQ L]TXLHUGD VXSHULRU GH OD SDQWDOOD DSDUHFH 
)LMDU HO QÔPHUR GH OD VXES
JLQD UHTXHULGD 3DUD VHOHFFLRQDU OD S JLQDGHEHILMDU/XHJRHODSDUDWR
EXVFDU
HVWD S JLQD
'XUDQWH HO WLHPSR GH OD EÔVTXHGD 8VWHG SXHGH YHU HO SURJUDPD GH WHOHYLVLÊQ DO SUHVLRQDU OD WHFOD 797(;7$O
FRQHFWDUVH QXHYDPHQWH DO WHOHWH[W \ VL OD VXES
JLQD ILMDGD KD VLGR HQFRQWUDGD VWD TXHGDU SUHVHQWDGD HQ OD
SDQWDOOD KDVWD HO PRPHQWR HQ TXH 8VWHG ILMH XQD S
JLQD GH WHOHWH[W QXHYD R FDPELH OD SRVLFLÊQ GH SURJUDPD
'HVSX
V GH DEDQGRQDU OD VXES JLQD GHEH UHDOL]DU XQR GH ORV VLJXLHQWHV SDVRV
3UHVLRQDU OD WHFOD ,1'(;
)LMDU HO QÔPHUR GH OD S JLQD WHOHWH[W QXHYD
&DPELDU OD SRVLFLÊQ GH SURJUDPD
$FFHVR D OD VXES JLQD

6(/(&&,Ë1 '( /$6 (0,625$6 6,1721,=$'$6
'HVSX VGHILQDOL]DGDODVLQWRQõDDXWRP WLFD $73 HV PHPRUL]DGD OD HPLVRUD VLQWRQL]DGD HQ OD PHPRULD GHO WHOHYLVRU HQ
HO RUGHQ TXH GHSHQGH GHO SDõV DMXVWDGR GHO LGLRPD GH ODV LQGLFDFLRQHV HQ SDQWDOOD 26' \ GH OD LQIRUPDFLÊQ TXH
WUDQVPLWH FDGD XQD GH ODV HVWDFLRQHV HPLVRUDV
(Q SULPHU OXJDU HQ RUGHQ DVFHQGHQWH GH ODV SRVLFLRQHV GH SURJUDPDV VRQ PHPRUL]DGDV ODV VLJXLHQWHV LQIRUPDFLRQHV
- WRGDV ODV HPLVRUDV FRQ QRPEUH TXH KDQ VLGR HQFRQWUDGDV VHJÔQ HO FXDGUR DEDMR LQGLFDGR \ SRVWHULRUPHQWH
- ODV HPLVRUDV FRQ QRPEUH TXH QR HVW Q HQ HO FXDGUR HQ RUGHQ DVFHQGHQWH GH ODV SRVLFLRQHV GH SURJUDPDV
SRVWHULRUPHQWH
- ODV HPLVRUDV HQ ODV TXH HO WHOHYLVRU QR LGHQWLILFÊ HO QRPEUH HQ RUGHQ DVFHQGHQWH GH ODV SRVLFLRQHV GH SURJUDPDV
25'(5
)5$1&,$ (63$Ç$
7) 79(
)5 79
)5
/$
3DUD ORV RWURV SDõVHV GH (XURSD ODV HPLVRUDV GH SURJUDPDV HVW Q RUGHQDGDV \ PHPRUL]DGDV HQ OD PHPRULD GHO WHOHYLVRU
HQ HO RUGHQ TXH KDQ VLGR VLQWRQL]DGDV

&21(;,21(6 '( $3$5$726 (;7(5,25(6 '( $8',2 9ô'(2
(QWUDGD6DOLGD3RVWHULRUGHODEDVHGH
&RQH[LÊQ 6&$57 $9
&RQHFWRU 3RVWHULRU 6&$57 $9 GH  3DWLOODV \ &RQHFWRU )URQWDO
GH 6DOLGD GH $XGLR 5&$
1RWDV
/RV HTXLSRV DX[LOLDUHV \ ORV FDEOHV TXH VH PXHVWUDQ HQ ODV ILJXUDV QR HVW
Q LQFOXLGRV HQ HO VXPLQLVWUR GH HVWH WHOHYLVRU
1R FRQHFWDU XQ RUGHQDGRU FRQ VDOLGD 77/ 9 D HVWH WHOHYLVRU
$O VHU FRQHFWDGRV ORV DXULFXODUHV VH GHVFRQHFWD HQ IRUPD DXWRP
WLFD HO DOWDYR] GHO WHOHYLVRU
1R FRQHFWH DO PLVPR WLHPSR ODV EDVHV GH FRQH[LÊQ $9 HQ OD SDUWH SRVWHULRU \ IURQWDO GHO WHOHYLVRU \D TXH VH
HQWUHOD]DUõDQ ODV VHÆDOHV GH $XGLR \ 9õGHR
&DEOH 6&$57
/DV(QWUDGDVGH$XGLR9õGHR$9HVW Q GHVWLQDGDV SDUD HO HQFKXIH GH YLGHRJUDEDGRUD
UHFHSWRU SRU VDW OLWH \ RWURV DSDUDWRV DXGLRYLVXDOHV FRPSDWLEOHV
%DVH GH FRQH[LÊQ
GH VDOLGD SDUD ORV
$XULFXODUHV
$85,&8/$5(6 FRQ
&ODYLMD PDFKR GH
 PP
(QWUDGDGHDXGLR
D ODV EDVHV GH
FRQH[LÊQ /5
(QWUDGD GH
YõGHRDODEDVH
GH FRQH[LÊQ 9
&DEOHVGH
$XGLR 5&$
&DEOH GH
9õGHR 5&$
3DQHO )URQWDO $9
&RQHFWRU 6&$57 $9 GH  SDWLOODV
1 ,QIRUPDFLÐQ DFHUFD GH ORV &RQHFWRUHV 6&$57
/DV HQWUDGDV DGHFXDGDV SDUD $9 LQFOX\HQ ODV 5*% 5RMR 9HUGH $]XO

/2&$/,=$&,Ë1 '( 6ô1720$6 '( $9(5ô$6
6õQWRPDV
&
R
P
S
R
E
D
F
L
R
Q
H
V
,PDJHQ 6RQLGR
&
R
P
S
R
E
D
F
L
R
Q
H
V
,PDJHQ FRQ 1LHYH
6RQLGR $QRUPDO
6LWXDFLÊQ GLUHFFLÊQ FRQH[LÊQ GH OD DQWHQD
,P JHQHV 0ÔOWLSOHV
6RQLGR 1RUPDO
6LWXDFLÊQ GLUHFFLÊQ FRQH[LÊQ GH OD DQWHQD
,QWHUIHUHQFLD
6RQLGR $QRUPDO
,QWHUIHUHQFLD SURYHQLHQWH GH
$SDUDWRV HO
FWULFRV
&RFKHV 0RWRFLFOHWDV
7XERV IOXRUHVFHQWHV
,PDJHQ 1RUPDO
1R +D\ 6RQLGR
$MXVWH GHO QLYHO GH YROXPHQ
(VW
DFWLYDGR HO VLOHQFLDGRU GH VRQLGR
6L HV VHOHFFLRQDGD OD QRUPD FRUUHFWD GH VRQLGR HQ HO
0HQÔ GH 6LQWRQõD 6&)
1R +D\ ,PDJHQ
1R +D\ 6RQLGR
&RPSUREDU VL
(O WHOHYLVRU QR HVW
HQ HO PRGR GH $9
(O WHOHYLVRU HVW
HQFKXIDGR D OD WRPD GH FRUULHQWH
HO
FWULFD
(O WHOHYLVRU HVW
HQFHQGLGR
/RV FRQWUROHV GH ,PDJHQ 6RQLGR QR HVW
Q
SXHVWRV HQ ORV QLYHOHV PõQLPRV
 6H H VW
HQ HO PRGR GH (Q (VSHUD
1R +D\ &RORU
6RQLGR 1RUPDO
/RV FRQWUROHV GH ORV FRORUHV HVW QSXHVWRVHQORV
QLYHOHV PõQLPRV
,PDJHQ 'HILFLHQWH R 'LVWRUVLRQDGD
6RQLGR ' ELO R $XVHQWH
6LQWRQL]DFLÊQ GH ORV FDQDOHV 9XHOYD D VLQWRQL]DU HO
FDQDO R XWLOLFH VLQWRQL]DFLÊQ ILQD
0DQFKDV GH &RORU
6RQLGR 1RUPDO
,QWHUIHUHQFLD PDJQ WLFD SURFHGHQWH GH HTXLSRV VLQ
EOLQGDMH SRU HM DOWDYRFHV FDPELH GH OXJDU
6H KD GHVSOD]DGR HO UHFHSWRU PLHQWUDV HVWDED
HQFHQGLGR GHMDU HO WHOHYLVRU DSDJDGR GXUDQWH 
PLQXWRV
,PDJHQ 1RUPDO
6RQLGR ' ELO R 'LVWRUFLRQDGR
/D UHFHSFLÊQ GHO VRQLGR SXHGH KDEHUVH GHWHULRUDGR
UHSHQWLQDPHQWH SRU HM SHUWXUEDFLRQHV
DWPRVI
ULFDV
&RQPXWDU HO DMXVWH GH 03; PHQÔ GH 6RQLGR D
0RQR KDVWD TXH PHMRUH OD UHFHSFLÊQ

,1)250$&,Ë1 *(1(5$/
1 5HSDUDFLRQHV
$QWHV GH VROLFLWDU XQD UHSDUDFLÊQ VõUYDVH FRQVXOWDU HO FXDGUR HQ
OD S JLQD DQWHULRU FRQ OD GHVFULSFLÊQ GH VLPSOHV DYHUõDV SDUD
GHWHUPLQDU ORV VõQWRPDV 3DUD REWHQHU XQD UHSDUDFLÊQ
HVSHFLDOL]DGD VõUYDVH SRQHUVH HQ FRQWDFWR FRQ VX GLVWULEXLGRU
ORFDO LQGLFDQGR HO QÔPHUR GHO PRGHOR \ HO QÔPHUR GH VHULH
DPERV SXHGHQ HQFRQWUDUVH HQ OD SDUWH SRVWHULRU GHO WHOHYLVRU
1 -XHJRV SDUD 79 2UGHQDGRUHV 3HUVRQDOHV
(O XVR SURORQJDGR GH MXHJRV SDUD 79 R GH RUGHQDGRUHV
SHUVRQDOHV FRQHFWDGRV D XQ UHFHSWRU GH WHOHYLVLÊQ SXHGH GDU
OXJDU D XQD lVRPEUDl SHUPDQHQWH HQ OD SDQWDOOD 3XHGH OLPLWDUVH
HVWH WLSR GH GHWHULRUR LUUHYHUVLEOH HQ HO WXER GH LPDJHQ
REVHUYDQGR ODV SUHFDXFLRQHV VLJXLHQWHV
5HGX]FD ORV QLYHOHV GH EULOOR \ GH FRQWUDVWH KDVWD HO QLYHO
PõQLPR SDUD OD YLVLÊQ
1R KDJD IXQFLRQDU HO WHOHYLVRU GXUDQWH SHUõRGRV GH
WLHPSR SURORQJDGRV PLHQWUDV HVW
XWLOL]DQGR MXHJRV SDUD
79 X RUGHQDGRUHV SHUVRQDOHV
(VWH WLSR GH GHWHULRUR GHO WXER GH LPDJHQ QR HV XQ
GHIHFWR GH IXQFLRQDPLHQWR \ SRU OR WDQWR QR TXHGD
FXELHUWR SRU OD JDUDQWõD GH 3DQDVRQLF
1 0HPRULD GH ÕOWLPD 3RVLFLÊQ
$OJXQDV GH ODV IXQFLRQHVSHUPLWHQ PHPRUL]DU OD ÔOWLPD SRVLFLÊQ
HV GHFLU TXH HO YDORU TXH WHQõDQ HQ HO PRPHQWR GH DSDJDU HO
WHOHYLVRU VHU HO TXH VH XWLOLFH FXDQGR VH YXHOYD D HQFHQGHU HO
UHFHSWRU
3RVLFLÊQ GH SURJUDPD 0DWL]
4  / LQ N &  $  7  6
&RUUHFFLÊQ GH 9ROXPHQ $9 &RQWUDVWH
0RGR 3DODEUD 0ÔVLFD %ULOOR
%DMRV &RORU
$JXGRV %DODQFH / 5
0RGR GH (Q (VSHUD (VWDGR
3DõV ,GLRPD GHO PHQÔ 26'
0RGR GH SXHVWD HQ IXQFLRQDPLHQWR
1 )XQFLÊQ GH $SDJDGR $XWRP WLFR 6/((3
6L QR VH DSDJD HO WHOHYLVRU FXDQGR OD HPLVRUD GH 79 GHMD GH
WUDQVPLWLU HQWUDU GH IRUPD DXWRP WLFD HQ HO PRGR GH (Q (VSHUD
DO FDER GH  PLQXWRV (VWD IXQFLÊQ QR HVW
DFWLYDGD FXDQGR HO
WHOHYLVRU VH HQFXHQWUD HQ HO PRGR GH $9
(63(&,),&$&,21(6
0RGHOR 7;6.)
$OLPHQWDFLÊQ (O FWULFD &RUULHQWH $OWHUQD GH   9  +]
&RQVXPR GH (QHUJõD :
&RQVXPR (Q (VSHUD
:
7XER GH ,PDJHQ
3DUWH YLVLEOH 'LDJRQDO
 FP
6DOLGD GH $XGLR
3RWHQFLD PXVLFDO
[ : 506  [ : 032 ,PSHGDQFLD W
'LPHQVLRQHV
+
$
)
 PP
 PP
 PP
3HVR NJ  NJ
6LVWHPDV GH 5HFH
S
FLÊQ
3$/ %* 3$/ + 3$/ 6(&$0 %* 6(&$0 //
9+) ( ( 9+) + + ,7$/,$
9+)$+,7$/,$ 8+)((
&
$
7
9
6
6
&
$
7
9
6
6
0
0
6
L
V
W
H
P
D
V
G
H
5
H
F
H
S
F
L
Ê
Q
1RPEUH GH ODV %DQGDV
&
$
7
9
6

6

&
$
7
9
6

6
 0 0
&$79 6 6 8 8 &$79 6 6 +\SHUEDQGD
0176& 5HSURGXFFLÊQ GH $SDUDWRV GH 9õGHR 9&5 176& D  0K]
176& 5HSURGXFFLÊQ GH $SDUDWRV GH GHR 9&5 176& ÔQLFDPHQWH SDUD HQWUDGDV GH $9
1ÔPHUR GH ODV 3RVLFLRQHV GH
3URJUDPDV
 9&5
$QWHQD 'HWU V 8+) 9+)
$XULFXODUHV 'HODQWH  PP LPSHGDQFLD W
%DVH $9 'HWU V
$9 FRQHFWRU GH  SDWLOODV 6&$57 HQWUDGD VDOLGD GH $XGLR 9õGHR HQWUDGD GH 5*%
4  / LQ N
%DVH $9 'HODQWH $9 IURQWDO HVW UHR GH 5&$ HQWUDGD GH $XGLR HQWUDGD GH 9õGHR 5&$
/DV HVSHFLILFDFLRQHV HVW Q VXMHWDV D PRGLILFDFLRQHV VLQ SUHYLR DYLVR /RV SHVRV \ GLPHQVLRQHV TXH VH LQGLFDQ VRQ DSUR[LPDGRV

127$6
0DWVXVKLWD 7HOHYLVLRQ &HQWUDO (XURSH 652 FRQ GRPLFLOLR HQ
8 3DQDVRQLNX    3LOVHQ 5HSÔEOLFD &KHFD
'(&/$5$ EDMR VX H[FOXVLYD UHVSRQVDELOLGDG TXH
HO HTXLSR 7HOHYLVRU &RORU
IDEULFDGR SRU 0DWVXVKLWD 7HOHYLVLRQ &HQWUDO (XURSH 652
HQ 5HSXEOLFD &KHFD
PDUFD 3DQDVRQLF
P RGH O R 7;  6 .)
3$1$621,& (63$Ç$ 6$ $9'$ -26(3 7$55$'(//$6   %$5&(/21$ (63$Ç$
'(&/$5$&,Ë1 '( &21)250,'$'
FXPSOH ODV GLVSRVLFLRQHV HVWDEOHFLGDV HQ
(O 5HDO 'HFUHWR  GH  GH PDU]R WUDQVSRVLFLÊQ GH OD 'LUHFWLYD
&(( VREUH FRPSDWLELOLGDG HOHFWURPDJQ
WLFD
(O 5HDO 'HFUHWR  GH GH HQHUR WUDQVSRVLFLÊQ GH OD 'LUHFWLYD &((
VREUH PDWHULDO HO FWULFR GHVWLQDGR D VHU HPSOHDGR GHQWUR GH GHWHUPLQDGRV
OõPLWHV GH WHQVLÊQ 'LUHFWLYD GH %DMD 7HQVLÊQ
XVDQGR ODV QRUPDV VLJXLHQWHV (1 (1
(1 (1 (1
)LUPD
1RPEUH ) ,QRXH
&DUJR 3UHVLGHQWH
)HFKD GH IHEUHUR GH 
&;
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11
  • Page 12 12
  • Page 13 13
  • Page 14 14
  • Page 15 15
  • Page 16 16
  • Page 17 17
  • Page 18 18
  • Page 19 19
  • Page 20 20
  • Page 21 21
  • Page 22 22
  • Page 23 23
  • Page 24 24
  • Page 25 25
  • Page 26 26
  • Page 27 27
  • Page 28 28
  • Page 29 29
  • Page 30 30
  • Page 31 31
  • Page 32 32
  • Page 33 33
  • Page 34 34
  • Page 35 35
  • Page 36 36
  • Page 37 37
  • Page 38 38
  • Page 39 39
  • Page 40 40

Panasonic TX28SK1F Instrucciones de operación

Tipo
Instrucciones de operación

En otros idiomas