Panasonic TX25SL1FZ Instrucciones de operación

Tipo
Instrucciones de operación

Este manual también es adecuado para

QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
L
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
k
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
L
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
k
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
L
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
k
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
L
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
k
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
L
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
k
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
L
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
k
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
L
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
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/)=
7;6/)=
,VWUX]LRQL SHU OXVR
7HOHYLVRUH D FRORUL
,WDOLDQR
7HOHYLVRU &RORU
0DQXDO GH ,QVWUXFFLRQHV
(VSDÆRO
*HQWLOH &OLHQWH 3DQDVRQLF
/H GLDPR LO EHQYHQXWR QHOOD JUDQGH IDPLJOLD GHL FOLHQWL 3DQDVRQLF /H DXJXULDPR GL WUDUUH OH PDVVLPH
VRGGLVID]LRQL SHU PROWL DQQL GDO VXR QXRYR WHOHYLVRUH D FRORUL 4XHVWR ý XQ WHOHYLVRUH GDYDQJXDUGLD H OD *XLGD
UDSLGD /H GLU
FRPH IDUOR IXQ]LRQDUH UDSLGDPHQWH ,Q VHJXLWR SHU XWLOL]]DUH D IRQGR OH IXQ]LRQL DYDQ]DWH
GHOODSSDUHFFKLR SRWU
OHJJHUHOHDOWUHSDJLQHGHOPDQXDOHFKH/HVXJJHULDPRGLFRQVHUYDUHSHUULIHULPHQWL
IXWXUL
$YYHUWHQ]H H SUHFDX]LRQL 
*XLGD UDSLGD 
&RPDQGL IRQGDPHQWDOL 
8VR GHL PHQX D VFKHUPR 
0HQX ,PPDJLQH 
0HQX $XGLR 
0HQX )XQ]LRQL 
0HQX 6LQWRQLD 
0HQX 6LQWRQLD  6HOH]LRQH FDQDOL 
0HQX 6LQWRQLD  $73 $XWR IXQ]LRQL 
0HQX 6LQWRQLD  6LQWRQLD PDQXDOH 
/LQJXD 26' 
4/LQN 
6HOH]LRQH VRUJHQWH $9 H IXQ]LRQL 
8VR GHO 9&5'9' 
8VR GL 7HOHYLGHR 
&ROOHJDPHQWR $XGLR9LGHR $9 
3UHVH SRVWHULRUL $9$9  SLQ 6&$57 H XVFLWD
5&$ DXGLR 
,QIRUPD]LRQL VXOOD SUHVD 6&$57 H 69LGHR 
*XLGD DOOD VROX]LRQH GHL SUREOHPL 
1RWH LQGLFDWLYH 
&DUDWWHULVWLFKH WHFQLFKH 
- 4XHVWR DSSDUHFFKLR 79 IXQ]LRQD FRQ WHQVLRQH RSHUDWLYD GL
UHWH D  9 +]
- 3HU SUHYHQLUH GDQQL FKH SRWUHEEHUR FDXVDUH LQFHQGL R
VFRVVH HOHWWULFKH HYLWDUH GL HVSRUUH ODSSDUHFFKLR DOOD
SLRJJLD R DG HFFHVVLYD XPLGLW
- 3(5,&2/2 $/7$ 7(16,21(
5LPXRYHQGR LO SDQQHOOR SRVWHULRUH VL HVSRQJRQR SDUWL
VRJJHWWH DG DOWD WHQVLRQH $VWHQHUVL GDO IDUOR LQ TXDQWR
DOOLQWHUQR QRQ FL VRQR SDUWL ULSDUDELOL GDOOXWHQWH
- (YLWDUH GL HVSRUUH LO WHOHYLVRUH DOOD OXFH VRODUH GLUHWWD R DG
DOWUH IRQWL GL FDORUH
- /LQWHUUXWWRUH 2Q2II VX TXHVWR PRGHOOR QRQ VFROOHJD
FRPSOHWDPHQWH ODSSDUHFFKLR GDOOD SUHVD GL UHWH 6WDFFDUH
OD VSLQD GHOOD SUHVD D PXUR TXDQGR ODSSDUHFFKLR 79 QRQ
YHUU
XVDWR SHU OXQJKL SHULRGL GL WHPSR
- 0$187(1=,21( '(/ 5,9(67,0(172 ( '(/
&,1(6&23,2
6WDFFDUH OD VSLQD GDOOD SUHVD D PXUR 3HU PDQWHQHUH LO
ULYHVWLPHQWRHLO FLQHVFRSLR LQEXRQH FRQGL]LRQL ýVXIILFLHQWH
SXOLUOL FRQ XQ SDQQR PRUELGR LQXPLGLWR FRQ DFTXD H
GHWHUJHQWH QHXWUR 1RQ XWLOL]]DUH VROX]LRQL FRQWHQHQWL
EHQ]ROR R SHWUROLR ,O WHOHYLVRUH S SURGXUUH HOHWWULFLW
VWDWLFD SHUWDQWR IDUH VHPSUH DWWHQ]LRQH QHO WRFFDUH OR
VFKHUPR
- ü QHFHVVDULD XQDGHJXDWD YHQWLOD]LRQH SHU HYLWDUH GDQQL DL
FRPSRQHQWL HOHWWULFL 6L UDFFRPDQGD GL ODVFLDUH XQR VSD]LR
GL DOPHQR FP LQWRUQR DOODSSDUHFFKLR DQFKH TXDQGR VLD
FROORFDWR DOOLQWHUQR GL XQ PRELOH R IUD GXH VFDIIDOL
,O 3URGXWWRUH 0$7686+,7$ (/(&75,& 8. /7' GL TXHVWR DSSDUHFFKLR PRGHOOR 7;6/)=  7;6/)= GLFKLDUD FKH HVVR ý
FRQIRUPH DO '0  1U  RWWHPSHUDQGR DOOH SUHVFUL]LRQL GL FXL DO '0  SDUDJUDIR  $OO $ HG DO '0 
SDUDJUDIR $OO , 4XHVWL DSSDUHFKL 7;6/)= 7;6/)= VRQR IDEEULFDWL LQ SDHVH &(( QHOO ULVSHWWR GHOOH GLVSRVL]LRQL GL
FXL DO '0  HG LQ SDUWLFRODUH ý FRQIRUPH DOOH SUHVFUL]LRQL GHOO DUW GHOOR VWHVVR GHFUHWR PLQLVWHULDOH
&203/,0(17,
,1',&(
$99(57(1=( ( 35(&$8=,21,
5
,QQDQ]LWXWWR DVVLFXUDUVL FKHLO9&5VLDLQPRGR
6WDQGE\ &ROOHJDUH ODSSDUHFFKLR 79 H DFFHQGHUOR
6H VL VWD LQVWDOODQGR XQ QXRYR 9&5 FRPSDWLELOH 4/LQN ý RUD SRVVLELOH
DFFHQGHUOR /H LQIRUPD]LRQL GL VLQWRQL]]D]LRQH WUDVIHULWH
FRUULVSRQGHUDQQR D TXHOOH GHOODSSDUHFFKLR 79 6H VL VWD LQVWDOODQGR XQ
QXRYR 9&5 FRPSDWLELOH
VDU QHFHVVDULR LQL]LDUH
PDQXDOPHQWHLO WUDVIHULPHQWRGHLGDWL &RQVXOWDUHLO PDQXDOHGHO 9&5SHU
PDJJLRUL GHWWDJOL
- 6H LO YLGHRUHJLVWUDWRUH QRQ KD DFFHWWDWR OH LQIRUPD]LRQL WUDVIHULWHGDOODSSDUHFFKLR 79 VDU
IRUVH QHFHVVDULR VHOH]LRQDUH ORS]LRQH
GL WUDVIHULPHQWR QHO PHQX GHO YLGHRUHJLVWUDWRUH
- 6H 4/LQN QRQ IXQ]LRQD FRUUHWWDPHQWH YHULILFDUH FKH VLD FROOHJDWR DOOD SUHVD $9 GHO WHOHYLVRUH FKH LO FDYR 6&$57 VLD GHO WLSR
SHU WXWWH OH IXQ]LRQL H FKH LO YLGHRUHJLVWUDWRUH VLD FRPSDWLELOH FRQ 4/LQN
R FRQ WHFQRORJLH DQDORJKH &RQWDWWDUH LO
SURSULR ULYHQGLWRUH SHU XOWHULRUL GHWWDJOL
- 3HU PDJJLRUL LQIRUPD]LRQL VX 4/LQN H JOL DFFHVVRUL SHU L FROOHJDPHQWL DQGDUH DOOH SDJLQH  H 
9HULILFDUH GL DYHUH D GLVSRVL]LRQH OH SDUWL H JOL DFFHVVRUL LOOXVWUDWL
%DWWHULH SHU LO WHOHFRPDQGR
 [ PLVXUD 5 80
7HOHFRPDQGR
(85
0DQXDOH GL LVWUX]LRQL SHU OXVR
74%(&(
*DUDQ]LD 79
- $VVLFXUDUVL FKH OH EDWWHULH VLDQR LQVHULWH
FRUUHWWDPHQWH
- 1RQ XWLOL]]DUH FRQWHPSRUDQHDPHQWH
EDWWHULH QXRYH H XVDWH (VWUDUUH
LPPHGLDWDPHQWH OH EDWWHULH YHFFKLH H
VFDULFKH
- 1RQ XWLOL]]DUH FRQWHPSRUDQHDPHQWH WLSL
GLYHUVL GL EDWWHULH DG HVHPSLR EDWWHULH
DOFDOLQHLQVLHPHDEDWWHULHDOPDQJDQHVHH
QRQ XWLOL]]DUH EDWWHULH ULFDULFDELOL 1L&DG
%DWWHULH SHU LO WHOHFRPDQGR
*8,'$ 5$3,'$
,QVHULUH ODQWHQQD H FROOHJDUH JOL DSSDUHFFKL DFFHVVRUL
6HOH]LRQDUH LO SURSULR SDHVH
/LPSRVWD]LRQH DXWRPDWLFD KD
LQL]LR H OH VWD]LRQL YHQJRQR
ORFDOL]]DWH H PHPRUL]]DWH
6H XQ YLGHRUHJLVWUDWRUH
FRPSDWLELOH YLHQH FROOHJDWR
DOOD SUHVD $9 L GDWL GHO
SURJUDPPD YHQJRQR WUDVIHULWL
DO YLGHRUHJLVWUDWRUH PHGLDQWH
4/LQN 9HGHUH D SDJLQD 
3HU OD 6YL]]HUD HG LO %HOJLR
VHOH]LRQDUH OD OLQJXD GHVLGHUDWD
3UHPHUH LO WDVWR URVVR
5HJROD]LRQH
GHO YROXPH
&DPELR GHO FDQDOH
R
*8,'$ 5$3,'$
"
&RPPXWD IUD OD YLVLRQH 79 H $9
SDJLQD 
,QWHUUXWWRUH 6WDQGE\ 2Q2II
$WWLYD R GLVDWWLYD OD SRVL]LRQH
6WDQGE\ GHO WHOHYLVRUH
3RVL]LRQH GHO SURJUDPPD SHU OD
VHOH]LRQH GHL SURJUDPPL D GXH FLIUH
  PHGLDQWH L WDVWL QXPHULFL
7DVWL GL FDPELR SURJUDPPD FDQDOH
 H WDVWL GHOOH SDJLQH 7HOHYLGHR
SDJLQD 
7DVWL GHL PHQX 3UHPHUH SHU
DFFHGHUH DL PHQX ,PPDJLQH $XGLR H
)XQ]LRQL SDJLQD 
6LOHQ]LDPHQWR DXGLR 2Q2II
$FFHVVR GLUHWWR DL FDQDOL
'XUDQWH OD YLVLRQH QRUPDOH GHO
WHOHYLVRUH R GXUDQWH OXVR GHL
PHQX 6LQWRQLD 6HOH]LRQH FDQDOL R
6LQWRQLD PDQXDOH SUHPHUH TXHVWR
WDVWR H TXLQGL LQVHULUH LO QXPHUR GL
FDQDOH PHGLDQWH L WDVWL QXPHULFL
7DVWL 7HOHYLGHR SDJLQD 
7DVWL FRORUDWL XWLOL]]DWL SHU OH IXQ]LRQL GL
6HOH]LRQH FDQDOL SDJLQD 
OH IXQ]LRQL GL 7HOHYLGHR SDJLQD 
H OD VHOH]LRQH $9 SDJLQD 
,QWHUUXWWRUH 2Q2II FRUUHQWH
GL UHWH
675 7DVWR GL QRUPDOL]]D]LRQH
8WLOL]]DWR SHU PHPRUL]]DUH OH
VLQWRQL]]D]LRQL H DOWUH
LPSRVWD]LRQL GL IXQ]LRQL
) 6HOH]LRQH GHOOD IXQ]LRQH
9LVXDOL]]D OH IXQ]LRQL GHL PHQX D VFKHUPR
3UHPHUH ULSHWXWDPHQWH SHU SDVVDUH GD
XQD IXQ]LRQH DOODOWUD 9ROXPH &RQWUDVWR
/XPLQRVLW
&RORUH 1LWLGH]]D 7LQWD LQ
PRGDOLW
176& %DVVL $FXWL
%LODQFLDPHQWR H 6LQWRQLD
$XPHQWD R GLPLQXLVFH OD
SRVL]LRQH GHO SURJUDPPD GL XQD
XQLW
'RSR DYHUH VHOH]LRQDWR
XQD IXQ]LRQH SUHPHUH SHU
DXPHQWDUOD R GLPLQXLUOD GL XQD
SRVL]LRQH
,QWHUUXWWRUH 79$9 SDJLQD 
/D OXFH URVVD LQGLFD LO PRGR
6WDQGE\ 8VDUH OLQWHUUXWWRUH
6WDQGE\ R L WDVWL R SHU
DFFHQGHUH LO WHOHYLVRUH
,O WDVWR 1 ULFKLDPD OH LPSRVWD]LRQL
PHPRUL]]DWH FRQ 675
675 PHPRULD QRUPDOL]]D]LRQH
7DVWL GLUH]LRQDOL SHU VHOH]LRQL H
UHJROD]LRQL
3UHPHQGR LO WDVWR +(/3 VL RWWLHQH
XQD GLPRVWUD]LRQH GHL PHQX
YLVXDOL]]DWL D VFKHUPR
3UHVHQ]D 2Q2II
7DVWR SHU OD UHJLVWUD]LRQH GLUHWWD GDO
WHOHYLVRUH SDJLQD 
7DVWR GL 6WDWR 3UHPHUH SHU
YLVXDOL]]DUH OD SRVL]LRQH GHO
SURJUDPPD LO QRPH GHO SURJUDPPD
LO QXPHUR GL FDQDOH LO VLVWHPD
WHOHYLVLYR OD PRGDOLW
RUDVWHUHR H OD
WDEHOOD GHL SURJUDPPL
7DVWL 9&5'9'
SDJLQD 
&20$1', )21'$0(17$/,
3$11(//2 $17(5,25( ( 7(/(&20$1'2
4XHVWR DSSDUHFFKLR 79 GLVSRQH GL XQ VLVWHPD FRPSOHWR GL PHQX YLVXDOL]]DWL D VFKHUPR FKH
SHUPHWWRQR GL DFFHGHUH DOOH RS]LRQL HG HVHJXLUH UHJROD]LRQL
0HQX LPPDJLQH
ü SRVVLELOH DXPHQWDUH R GLPLQXLUH LO OLYHOOR GL DOFXQH VHOH]LRQL DG HVHPSLR
&RQWUDVWR/XPLQRVLW
&RORUH H 1LWLGH]]D
$OFXQH VHOH]LRQL DG HVHPSLR 7LPHU SHUPHWWRQR GL FRPSLHUH XQD VFHOWD
$OFXQH VHOH]LRQL DG HVHPSLR LO PHQX 6LQWRQLD FRQGXFRQR DG XQ DOWUR PHQX
,WDVWL3,&785(6281' H 6(7 83 VRQR XWLOL]]DWL
SHU DSULUH L PHQX SULQFLSDOL H LQROWUH SHU WRUQDUH DO
PHQX SUHFHGHQWH
, WDVWL GLUH]LRQDOL VRQR XWLOL]]DWL SHU VSRVWDUH LO
VHOHWWRUH VXOOH GLYHUVH RS]LRQL GHL PHQX
, WDVWL GLUH]LRQDOL mo VRQR XWLOL]]DWL SHU
DFFHGHUH DL PHQX UHJRODUH L OLYHOOL R VHOH]LRQDUH
RS]LRQL
,O WDVWR 675 ý XWLOL]]DWR SHU PHPRUL]]DUH OH
LPSRVWD]LRQL LQ VHJXLWR D UHJROD]LRQL R D DOOD
VHOH]LRQH GL RS]LRQL
,O WDVWR 79$9 ý XWLOL]]DWR SHU XVFLUH GDO VLVWHPD
GHL PHQX H ULWRUQDUH DOOR VFKHUPR SHU OD YLVLRQH
QRUPDOH
3UHPHQGR LO WDVWR +(/3 VL RWWLHQH XQD
GLPRVWUD]LRQH GHL PHQX GLVSRQLELOL 3UHPHUH LO
WDVWR H VHOH]LRQDUH XQRS]LRQH
7LWROR GHO PHQX
%DUUD GL
VHOH]LRQH
6RWWRPHQX
,QGLFDWRUH GL RS]LRQL
,VWUX]LRQL
"
79$9
"
862 '(, 0(18 $ 6&+(502
,O PHQX ,PPDJLQH SHUPHWWH GL LPSRVWDUH OH SUHIHUHQ]H SHUVRQDOL SHU WXWWL JOL DVSHWWL UHODWLYL DOOD
TXDOLW
GHOOLPPDJLQH
$SULUH LO PHQX ,PPDJLQH
3RVL]LRQDUVL VXOOD VHOH]LRQH
GHVLGHUDWD
$XPHQWDUH R GLPLQXLUH L OLYHOOL R
VHOH]LRQDUH OH RS]LRQL
3UHPHUH LO WDVWR 79$9 SHU
XVFLUH GDO PHQX ,PPDJLQH
, OLYHOOL GL &RQWUDVWR /XPLQRVLW
&RORUH
H 1LWLGH]]D SRVVRQR HVVHUH UHJRODWL
VHFRQGR LO JXVWR SHUVRQDOH H OH
FRQGL]LRQL GL YLVLRQH
/D YRFH 7LQWD DSSDULU
QHO PHQX H OD
VXD UHJROD]LRQH VDU
SRVVLELOH VROR VH
XQD VRUJHQWH GL VHJQDOH 176& ý VWDWD
FROOHJDWD DOODSSDUHFFKLR 79
/LPSRVWD]LRQH GHO ELODQFLDPHQWR GHO
FRORUH SHUPHWWH GL VWDELOLUH OD WRQDOLW
FRPSOHVVLYD GHOOLPPDJLQH
315 ULGXFH DXWRPDWLFDPHQWH OH
LQWHUIHUHQ]H LQGHVLGHUDWH GHOOLPPDJLQH
/D IXQ]LRQH $, DQDOL]]D
DXWRPDWLFDPHQWH OLPPDJLQH LQ DUULYR
H OD HODERUD SHU RWWLPL]]DUQH LO OLYHOOR GL
FRQWUDVWR OD SURIRQGLW
GL FDPSR H OD
QLWGH]]D GHL FRORUL
0(18 ,00$*,1(
79$9
0HQX LPPDJLQH
0HQX LPPDJLQH
&RQWUDVWR
7LQW
&RORUH
/XPLQRVLW
1LWLGH]]D
7HPS FRORUH
315
$,
,O PHQX $XGLR SHUPHWWH GL LPSRVWDUH OH SUHIHUHQ]H SHUVRQDOL SHU WXWWL JOL DVSHWWL UHODWLYL DOOD TXDOLW
GHOODXGLR
$SULUH LO PHQX $XGLR
3RVL]LRQDUVL VXOOD VHOH]LRQH
GHVLGHUDWD
$XPHQWDUH R GLPLQXLUH L OLYHOOL R
VHOH]LRQDUH OH RS]LRQL
3UHPHUH LO WDVWR 79$9 SHU
XVFLUH GDO PHQX $XGLR
4XHVWD UHJROD]LRQH LPSRVWD OXVFLWD
FRPSOHVVLYD GHO YROXPH
/D UHJROD]LRQH GHL EDVVL SRWHQ]LD OH
IUHTXHQ]H SLÖ EDVVH H SURIRQGH HG LO
ORUR OLYHOOR SXÌ HVVHUH DXPHQWDWR R
GLPLQXLWR
/D UHJROD]LRQH GHJOL DFXWL DFFHQWXD OH
IUHTXHQ]HSLÖDOWHHDFXWHHGLOORUR
OLYHOOR SXÌ HVVHUH DXPHQWDWR R
GLPLQXLWR
4XHVWD UHJROD]LRQH DJLVFH VXO OLYHOOR
GHO VXRQR IUD ODOWRSDUODQWH GL GHVWUD H
TXHOOR GL VLQLVWUD ü SRVVLELOH HIIHWWXDUH
XQD UHJROD]LRQH LQ PRGR FKH LO OLYHOOR
VRQRUR GDJOL DOWRSDUODQWL VLD DGDWWR DOOD
SRVL]LRQH GL DVFROWR
/LPSRVWD]LRQH $, DQDOL]]D
DXWRPDWLFDPHQWH LO VHJQDOH VRQRUR LQ
DUULYR H OR HODERUD ULGXFHQGR DO
PLQLPR LO UXPRUH H RWWLPL]]DQGR LO
OLYHOOR GL WRQR LQ IXQ]LRQH GHOFRQWHQXWR
GHO SURJUDPPD
03; YLHQH JHQHUDOPHQWH LPSRVWDWR VX
6WHUHR SHU RWWHQHUH OD ULSURGX]LRQH
RWWLPDOH WXWWDYLD VH OD ULFH]LRQH VL
GHWHULRUDRVHLOVHUYL]LRQR
GLVSRQLELOH VL FRQVLJOLD GL LPSRVWDUH
TXHVWR YDORUH VX 0RQR ü SRVVLELOH
LQROWUH VHOH]LRQDUH 0RQR 0 H 0
VH YHQJRQR WUDVPHVVL L UHODWLYL VHJQDOL
/DXGLR SXÌ HVVHUH PLJOLRUDWR
PHGLDQWH OH RS]LRQL 0XVLFD R 3DUODWR
VHOH]LRQDQGR OD IXQ]LRQH DSSURSULDWD
/RS]LRQH 3UHVHQ]D PLJOLRUD
GLQDPLFDPHQWH LO VXRQR PHGLDQWH OD
VLPXOD]LRQH GL GLYHUVL HIIHWWL GL VSD]LR
0(18 $8',2
79$9
0HQX DXGLR
0HQX DXGLR
0HQX DXGLR
%DVVL
$FXWL
03;
3UHVHQ]D
%LODQFLDPHQWR
0RGR $XGLR
9ROXPH
$,
,O PHQX )XQ]LRQL SHUPHWWH GL DFFHGHUH D GLYHUVH IXQ]LRQL DYDQ]DWH H DO PHQX 6LQWRQLD
$SULUH LO PHQX )XQ]LRQL
3RVL]LRQDUVL VXOOD VHOH]LRQH
GHVLGHUDWD
$XPHQWDUH R GLPLQXLUH L OLYHOOL
LPSRVWDUH RS]LRQL R DFFHGHUH
DG DOWUL PHQX
3UHPHUH LO WDVWR 79$9 SHU
XVFLUH GDO PHQX )XQ]LRQL
/RS]LRQH 7HOHYLGHR SHUPHWWH GL
VHOH]LRQDUH IUD OH PRGDOLW
723)/2) H
/,67 9HGHUH SDJLQD 
/RS]LRQH )RUPDWR SHUPHWWH GL YHGHUH
SURJUDPPL LQ IRUPDWR  FRQ LO
FRUUHWWR UDSSRUWR IUD OD ODUJKH]]D H
ODOWH]]D GHOOLPPDJLQH
/RS]LRQH 7LPHU SHUPHWWH GL VSHJQHUH
ODSSDUHFFKLR 79 DG LQWHUYDOOL GL 
PLQXWLLQXQDUFRGLWHPSRFRPSUHVR
IUDHPLQXWL
4/LQN SHUPHWWH GL DWWLYDUH R GLVDWWLYDUH
OD FRPXQLFD]LRQH GL GDWL FRQ XQ
YLGHRUHJLVWUDWRUH FRPSDWLELOH 9HGHUH
SDJLQD 
,O PHQX 6LQWRQLD SHUPHWWH GL DFFHGHUH
D PROWH IXQ]LRQL IUD FXL 6HOH]LRQH
FDQDOL $73 6LQWRQLD ILQH 6LQWRQLD
PDQXDOH 6WDQGDUG FRORUH H
&RUUH]LRQH YROXPH 9HGHUH SDJLQD

/RS]LRQH /LQJXD 26' SHUPHWWH GL
VHOH]LRQDUH OD OLQJXD XWLOL]]DWD QHL
PHQX D VFKHUPR 9HGHUH SDJLQD 
0(18 )81=,21,
79$9
0HQX IXQ]LRQH
0HQX IXQ]LRQL
0HQX IXQ]LRQL
)RUPDWR
7LPHU
7HOHYLGHR
4/LQN
0HQX 6LQWRQLD
/LQJXD 26'
,O PHQX 6LQWRQLD SHUPHWWH GL DFFHGHUH DL PHQX GL VLQWRQLD PDQXDOH DXWRPDWLFD H ILQH
$SULUH LO PHQX )XQ]LRQL
3RVL]LRQDUVL VXO PHQX 6LQWRQLD
$FFHGHUH DO PHQX 6LQWRQLD
3RVL]LRQDUVL VXOOD VHOH]LRQH
GHVLGHUDWD
$XPHQWDUH R GLPLQXLUH L OLYHOOL
LPSRVWDUH OH RS]LRQL R DFFHGHUH
DG DOWUL PHQX
3UHPHUH LO WDVWR 79$9 SHU
XVFLUH
,O PHQX 6HOH]LRQH FDQDOL SHUPHWWH GL
FDPELDUH DJJLXQJHUH FDQFHOODUH
GHQRPLQDUH R EORFFDUH VWD]LRQL
WHOHYLVLYH H IRUQLVFH DFFHVVR DO VLVWHPD
79 9HGHUH SDJLQD 
,O PHQX $73 SHUPHWWH GL ULVLQWRQL]]DUH
DXWRPDWLFDPHQWH ODSSDUHFFKLR 79
9HGHUH SDJLQD 
,O PHQX 6LQWRQLD PDQXDOH SHUPHWWH GL
VLQWRQL]]DUH PDQXDOPHQWHOD SRVL]LRQH
GL VLQJROL SURJUDPPL
9HGHUH SDJLQD 
ü SRVVLELOH VLQWRQL]]DUH OH VWD]LRQL FRQ
SUHFLVLRQHXWLOL]]DQGR OD UHJROD]LRQH GL
6LQWRQLD ILQH
,O PHQX 6WDQGDUG FRORUH SHUPHWWH GL
VWDELOLUH LO FRUUHWWR OLYHOOR GL
WUDVPLVVLRQH GHO FRORUH
,O PHQX &RUUH]LRQH YROXPH SHUPHWWH GL
UHJRODUH LO OLYHOOR GHO YROXPH GHOOH
VLQJROH VWD]LRQL
4XHVWD RS]LRQH YLHQH XWLOL]]DWD
TXDQGR XQ GHFRGHU ý FROOHJDWR DOOD
SUHVD $9 ,PSRVWDUH VX 2Q VH VL
GHVLGHUD FKH LO GHFRGHU HODERUL XQ
VHJQDOH LQGHFLIUDELOH 5LSRUWDUH LQ
SRVL]LRQH 2II GRSR OXVR
0(18 6,1721,$
79$9
0HQX IXQ]LRQL
0HQX IXQ]LRQL
0HQX VLQWRQLD
6LQWRQLD ILQH
6WDQGDUG FRORUH
&RUUH]LRQH YROXPH
6HOH]LRQH FDQDOL
$73
6LQWRQLD PDQXDOH
'HFRGHU $9
79$9

,O PHQX 6HOH]LRQH FDQDOL SHUPHWWH GL VHOH]LRQDUH WXWWH OH LPSRVWD]LRQL UHODWLYH DOOD SRVL]LRQH GHL
SURJUDPPL
$SULUH LO PHQX )XQ]LRQL
3RVL]LRQDUVL VXO PHQX 6LQWRQLD
$FFHGHUH DO PHQX 6LQWRQLD
3RVL]LRQDUVL VXO PHQX 6HOH]LRQH
FDQDOL
$FFHGHUH DO PHQX 6HOH]LRQH
FDQDOL
(IIHWWXDUH OH LPSRVWD]LRQL
GHVLGHUDWH YHGHUH OH SRVVLELOLW
SLÖLQDOWR
3UHPHUH LO WDVWR 675 SHU
PHPRUL]]DUH OH LPSRVWD]LRQL
&RPSOHWDWH OH PRGLILFKH QHO
PHQX 6HOH]LRQH FDQDOL SUHPHUH
LO WDVWR 79$9 SHU XVFLUH
&RPH FDQFHOODUH XQD SRVL]LRQH GL
SURJUDPPD LQGHVLGHUDWD
6HOH]LRQDUH OD SRVL]LRQH GHO
SURJUDPPD
3UHPHUH LO WDVWR 5RVVR VXO
WHOHFRPDQGR
3UHPHUH QXRYDPHQWH LO WDVWR
5RVVR SHU FRQIHUPDUH
&RPSOHWDWH OH PRGLILFKH QHO
PHQX 6HOH]LRQH FDQDOL SUHPHUH
LO WDVWR 79$9 SHU XVFLUH
0(18 6,1721,$  6(/(=,21( &$1$/,
79$9
0HQX IXQ]LRQL
0HQX IXQ]LRQL
3URJ &DQ 1RPH 6LFXUD 6LVW
6HOH]LRQH FDQDOL
0HQX VLQWRQLD

&RPH DJJLXQJHUH XQD SRVL]LRQH GL SURJUDPPD
6HOH]LRQDUH OD SRVL]LRQH GL
SURJUDPPD LQ FXL VL GHVLGHUD
LQVHULUH LO QXRYR SURJUDPPD
3UHPHUH LO WDVWR 9HUGH VXO
WHOHFRPDQGR
3UHPHUH QXRYDPHQWH LO WDVWR 9HUGH
SHU FRQIHUPDUH
4XHVWR SURJUDPPD SXÌ DGHVVR
HVVHUH VLQWRQL]]DWR GHQRPLQDWR
EORFFDWR H DVVHJQDWR DO VLVWHPD 79
GL SURSULD VFHOWD
3UHPHUH 675 SHU PHPRUL]]DUH
&RPSOHWDWH OH PRGLILFKH QHO PHQX
6HOH]LRQH FDQDOL SUHPHUH LO WDVWR
79$9 SHU XVFLUH
&RPH VSRVWDUH OD SRVL]LRQH GL XQ SURJUDPPD
6HOH]LRQDUH OD SRVL]LRQH GHO
SURJUDPPD GD VSRVWDUH
3UHPHUH LO WDVWR *LDOOR VXO
WHOHFRPDQGR
6HOH]LRQDUH OD QXRYD SRVL]LRQH
3UHPHUH QXRYDPHQWH LO WDVWR
*LDOOR SHU FRQIHUPDUH
&RPSOHWDWH OH PRGLILFKH QHO
PHQX 6HOH]LRQH FDQDOL SUHPHUH
LO WDVWR 79$9 SHU XVFLUH
0(18 6,1721,$  6(/(=,21( &$1$/,
79$9
3URJ &DQ 1RPH 6LFXUD 6LVW
6HOH]LRQH FDQDOL
3URJ &DQ 1RPH 6LFXUD 6LVW
6HOH]LRQH FDQDOL
3URJ &DQ 1RPH 6LFXUD 6LVW
6HOH]LRQH FDQDOL
79$9

&RPH VLQWRQL]]DUH OD SRVL]LRQH GL XQ
SURJUDPPD
6HOH]LRQDUH OD SRVL]LRQH GHO
SURJUDPPD GHVLGHUDWR
3RVL]LRQDUVL VXOOD FRORQQD GHO
FDQDOH
$XPHQWDUH R GLPLQXLUH LO QXPHUR GL
FDQDOH R XVDUH LO WDVWR & SHU
ODFFHVVR GLUHWWR DL FDQDOL
SDJLQD 
3UHPHUH 675 SHU PHPRUL]]DUH
&RPSOHWDWH OH PRGLILFKH QHO PHQX
6HOH]LRQH FDQDOL SUHPHUH LO WDVWR
79$9 SHU XVFLUH
&RPH FDPELDUH QRPH DOOD SRVL]LRQH GL XQ
SURJUDPPD
6HOH]LRQDUH OD SRVL]LRQH GHO
SURJUDPPD GD ULGHQRPLQDUH
3RVL]LRQDUVL VXOOD FRORQQD GHO
QRPH
6HOH]LRQDUH OD QXRYD OHWWHUD
3RVL]LRQDUVL VXOOD OHWWHUD GHVLGHUDWD
VXFFHVVLYD
&RQWLQXDUH ILQR DG DYHU FRPSRVWR LO
QXRYR QRPH
3UHPHUH 675 SHU PHPRUL]]DUH
&RPSOHWDWH OH PRGLILFKH QHO PHQX
6HOH]LRQH FDQDOL SUHPHUH LO WDVWR
79$9 SHU XVFLUH
0(18 6,1721,$  6(/(=,21( &$1$/,
3URJ &DQ 1RPH 6LFXUD 6LVW
3URJ &DQ 1RPH 6LFXUD 6LVW
6HOH]LRQH FDQDOL
6HOH]LRQH FDQDOL
79$9
79$9

&RPH EORFFDUH OD SRVL]LRQH GL XQ
SURJUDPPD SHU LPSHGLUQH ODFFHVVR
6HOH]LRQDUH OD SRVL]LRQH GHO
SURJUDPPD
3RVL]LRQDUVL VXOOD FRORQQD 6LFXUD
6HOH]LRQDUH 6LFXUD 2Q R 6LFXUD 2II
3UHPHUH 675 SHU PHPRUL]]DUH
&RPSOHWDWH OH PRGLILFKH QHO PHQX
6HOH]LRQH FDQDOL SUHPHUH LO WDVWR
79$9 SHU XVFLUH
1RWD
4XDQGR OD SRVL]LRQH GLXQ SURJUDPPD ý EORFFDWD QRQ
ý GLVSRQLELOH ORS]LRQH GL DFFHVVR GLUHWWR DL FDQDOL D
FXL VL DFFHGH SUHPHQGR & QHO WDVWLHULQR QXPHULFR VXO
WHOHFRPDQGR
&RPH FDPELDUH LO VLVWHPD 79 SHU OD
SRVL]LRQH GL XQ SURJUDPPD
6HOH]LRQDUH OD SRVL]LRQH GHO
SURJUDPPD
3RVL]LRQDUVL VXOOD FRORQQD 6LVW79
6HOH]LRQDUH LO VLVWHPD $XGLR
GHVLGHUDWR
6& 3$/%*+6(&$0%*
6& 3$/ ,
6& 3$/ ' .  6(&$0 ' .
)6(&$0//
3UHPHUH 675 SHU PHPRUL]]DUH
&RPSOHWDWH OH PRGLILFKH QHO PHQX
6HOH]LRQH FDQDOL SUHPHUH LO WDVWR
79$9 SHU XVFLUH
&RPH GXSOLFDUH GDWL GHO SURJUDPPD VX XQ
YLGHRUHJLVWUDWRUH FRPSDWLELOH FROOHJDWR DOOD
SUHVD $9
3RVL]LRQDUVL VXOOD FRORQQD 3URJ
3UHPHUH LO WDVWR %OX VXO
WHOHFRPDQGR
, GDWL GHO SURJUDPPD YHQJRQR
LQYLDWL DO YLGHRUHJLVWUDWRUH
4XHVWR SXÌ ULFKLHGHUH DOFXQL
VHFRQGL LQ IXQ]LRQH GHO QXPHUR
GL VWD]LRQL PHPRUL]]DWH
&RPSOHWDWH OH PRGLILFKH QHO
PHQX 6HOH]LRQH FDQDOL SUHPHUH LO
WDVWR 79$9 SHU XVFLUH
0(18 6,1721,$  6(/(=,21( &$1$/,
79$9
6HOH]LRQH FDQDOL
3URJ &DQ 1RPH 6LFXUD 6LVW
6HOH]LRQH FDQDOL
3URJ &DQ 1RPH 6LFXUD 6LVW
79!9&5 ,1 )81=,21(
$77(1'(5(
3URJUDPPD  
,O WHOHFRPDQGR LQDWWLYR
79$9
79$9

,O PHQX $73 SHUPHWWH GL ULVLQWRQL]]DUH DXWRPDWLFDPHQWH ODSSDUHFFKLR 79 VXOOH VWD]LRQL ORFDOL
4XHVWD IXQ]LRQH ý XWLOH VH FL VL VSRVWD GD XQDUHD JHRJUDILFD D XQDOWUD
$SULUH LO PHQX )XQ]LRQL
3RVL]LRQDUVL VXO PHQX 6LQWRQLD
$FFHGHUH DO PHQX 6LQWRQLD
3RVL]LRQDUVL VXO PHQX $73
$FFHGHUH DO PHQX $73
3UHPHUH SHU FRQIHUPDUH ODYYLR
GL $73
6HOH]LRQDUH LO SURSULR SDHVH
3UHPHUH SHU DYYLDUH OD IXQ]LRQH
$73
/DSSDUHFFKLR 79 ULFHUFD
ORFDOL]]D H ULRUGLQD OH VWD]LRQL
ORFDOL 6H XQ YLGHRUHJLVWUDWRUH
FRPSDWLELOH YLHQH FROOHJDWR
PHGLDQWH OD SUHVD $9 L GDWL GHO
SURJUDPPD YHQJRQR WUDVIHULWL DO
YLGHRUHJLVWUDWRUH WUDPLWH 4/LQN
SDJLQD 
&RPSOHWDWD WDOH RSHUD]LRQH LO
WHOHYLVRUH YLVXDOL]]D OD SRVL]LRQH
GL SURJUDPPD 
0(18 6,1721,$  $73 $872 )81=,21,
$WWHQ]LRQH
&+ ;<=
0HQX IXQ]LRQL
0HQX VLQWRQLD
  
79$9
79$9

/D VLQWRQLD PDQXDOH GHOOH SRVL]LRQL GHL SURJUDPPL ý GLVSRQLELOH VLD GDO PHQX D VFKHUPR FKH GDO
SDQQHOOR GL FRPDQGR IURQWDOH
0HQX 6LQWRQLD PDQXDOH
0HQX 6LQWRQLD PDQXDOH
$SULUH LO PHQX )XQ]LRQL
3RVL]LRQDUVL VXO PHQX 6LQWRQLD
$FFHGHUH DO PHQX 6LQWRQLD
3RVL]LRQDUVL VXO PHQX 6LQWRQLD
PDQXDOH
$FFHGHUH DO PHQX 6LQWRQLD
PDQXDOH
6HOH]LRQDUH OD SRVL]LRQH GHO
SURJUDPPD GD VLQWRQL]]DUH
&RPLQFLDUH OD VLQWRQL]]D]LRQH
4XDQGR LO SURJUDPPD
GHVLGHUDWR YLHQH LQGLYLGXDWR
SUHPHUH 675 SHU PHPRUL]]DUH
3UHPHUH LO WDVWR 79$9 SHU
XVFLUH
6LQWRQLD PDQXDOH 3DQQHOOR IURQWDOH
3UHPHUH LO WDVWR ) SDQQHOOR
IURQWDOH ILQR D YLVXDOL]]DUH OD
IXQ]LRQH 6LQWRQLD
3UHPHUH L WDVWL  R  SHU DFFHGHUH
DOOD IXQ]LRQH 6LQWRQLD
3UHPHUH LO WDVWR 79$9 SHU DOWHUQDUH
IUD FDPELR SURJUDPPD ULFHUFD H
FDPELR VLVWHPD 79
3UHPHUH L WDVWL  R  SHU PRGLILFDUH
OD SRVL]LRQH GHO SURJUDPPD
DYYLDUH OD ULFHUFD R FDPELDUH LO
VLVWHPD 79
4XDQGR OD VWD]LRQH GHVLGHUDWD
YLHQH LQGLYLGXDWD SUHPHUH 675 SHU
PHPRUL]]DUH OH LPSRVWD]LRQL
5LSHWHUH TXHVWD SURFHGXUD SHU
VLQWRQL]]DUH XOWHULRUL SURJUDPPL
DOWULPHQWL SUHPHUH LO WDVWR ) SHU
XVFLUH
0(18 6,1721,$  6,1721,$ 0$18$/(
5LFHUFD VLQWRQLD
0HQX VLQWRQLD

4XDQGR VL ý LQVWDOODWR ODSSDUHFFKLR 79 SHU OD SULPD YROWD OD OLQJXD SHU OD YLVXDOL]]D]LRQH D VFKHUPR
ý VWDWD LPSRVWDWD LQ IXQ]LRQH GHO SDHVH VHOH]LRQDWR 3HU VHOH]LRQDUH XQD OLQJXD GLYHUVD ý
QHFHVVDULR DFFHGHUH DO PHQX /LQJXD 26'
$SULUH LO PHQX )XQ]LRQL
3RVL]LRQDUVL VXO PHQX /LQJXD
26'
$FFHGHUH DO PHQX /LQJXD 26'
6HOH]LRQDUH OD OLQJXD
GHVLGHUDWD
3UHPHUH LO WDVWR 79$9 SHU
VHOH]LRQDUH H XVFLUH
/,1*8$ 26'
/LQJXD 26'
'HXWVFK (VSDxRO 1HGHUODQGV
(QJOLVK 1RUVN 6XRPL
)UDQoDLV 'DQVN 7UNoH
,WDOLDQR 6YHQVND 3RUWXJXrV
(//+1,.$
0HQX IXQ]LRQL
79$9

4/LQN SHUPHWWH DO WHOHYLVRUH GL FRPXQLFDUH GDWL DO YLGHRUHJLVWUDWRUH
$SULUH LO PHQX )XQ]LRQL
3RVL]LRQDUVL VX 4/LQN
&RQIHUPDUH FKH 4/LQN VLD
LPSRVWDWR VXOOD SRVL]LRQH k2Ql
3UHPHUH LO WDVWR 79$9 SHU
XVFLUH
,O YLGHRUHJLVWUDWRUH GHYH HVVHUH FROOHJDWR PHGLDQWH XQ FDYR 6&$57 7LSR SHU WXWWH OH IXQ]LRQL FKH FRQQHWWD OD SUHVD $9 GHO WHOHYLVRUH
DOODSUHVD RSSRUWXQD GHOYLGHRUHJLVWUDWRUH 3HUXOWHULRULLQIRUPD]LRQLFRQVXOWDUHLOPDQXDOHLQGRWD]LRQHFRQLO YLGHRUHJLVWUDWRUH4/LQN
R WHFQRORJLH DQDORJKH SHUPHWWRQR DOODSSDUHFFKLR 79 GL LQYLDUH LVWUX]LRQL D XQ YLGHRUHJLVWUDWRUH FRPSDWLELOH DIILQFK
UHJLVWUL LO SURJUDPPD DWWXDOPHQWH YLVXDOL]]DWR VXOOR VFKHUPR D SUHVFLQGHUH GDOOD SRVL]LRQH GL SURJUDPPD LPSRVWDWD VXO
YLGHRUHJLVWUDWRUH VHPSOLILFDQGR LQ WDO PRGR LO SURFHVVR GL UHJLVWUD]LRQH GHL SURJUDPPL
&RPH UHJLVWUDUH LO SURJUDPPD DWWXDOPHQWH LQ YLVLRQH
3UHPHUH LO WDVWR ',5(&7 79 5(& VXO WHOHFRPDQGR
6H LO YLGHRUHJLVWUDWRUH ý VSHQWR SUHPHQGR LO WDVWR ',5(&7 79 5(& VL DFFHQGHU DXWRPDWLFDPHQWH
6XOOR VFKHUPR YLHQH YLVXDOL]]DWR XQ PHVVDJJLR LQYLDWR GDO YLGHRUHJLVWUDWRUH FRQ OH LQIRUPD]LRQL UHODWLYH DO SURJUDPPD FKH YLHQH
UHJLVWUDWR R FKH QRQ ý SRVVLELOH UHJLVWUDUH
975 UHJLVWUD SURJUDPPD SUHLPSRVWDWR 975 UHJLVWUD GD XQD VRUJHQWH 79
1RQ UHJLVWUD 0$1&$ /$ &$66(77$
1RQ UHJLVWUD 1$6752 3527(772
,O YLGHRUHJLVWUDWRUH VWD UHJLVWUDQGR LO VHJQDOH GHO
SURJUDPPD WUDPLWH LO VXR VLQWRQL]]DWRUH ü LQROWUH
SRVVLELOH VSHJQHUH LO WHOHYLVRUH H ODVFLDUH FKH LO
YLGHRUHJLVWUDWRUH UHJLVWUL QHOOD PDQLHUD FRQVXHWD
,O YLGHRUHJLVWUDWRUH VWD UHJLVWUDQGR LO VHJQDOH GHO SURJUDPPD WUDPLWH
LO WHOHYLVRUH 1RQ VL GHYH FDPELDUH OD SRVL]LRQH GHO SURJUDPPD Q
VSHJQHUH LO WHOHYLVRUH 'LYHUVDPHQWH LO YLGHRUHJLVWUDWRUH LQWHUURPSH
DXWRPDWLFDPHQWH OD UHJLVWUD]LRQH H VL VSHJQH
/D OLQJXHWWD GL SURWH]LRQH VXO UHWUR GHOOD
YLGHRFDVVHWWD ý VWDWD ULPRVVD
1RQ UHJLVWUD ,/ 975 (·,1 3/$<
1RQ UHJLVWUD ,/ 67$·5(*,675$1'2
,O 975 LQ p UHJLVWUD]LQH
1RQ UHJLVWUD 1$6752 '$11(**,$72
975 UHJLVWUD GD XQ 975 HVWHUQR
1RQ UHJLVWUD )217( 121 35(6(17(
$OFXQL HVHPSL GL DOWUL PHVVDJJL YLVXDOL]]DWL VRQR L VHJXHQWL
6FDPELR GL LQIRUPD]LRQL VXOOD VLQWRQL]]D]LRQH
3HU DVVLFXUDUH GHOOH UHJLVWUD]LRQL SHUIHWWH LO WHOHYLVRUH H LO YLGHRUHJLVWUDWRUH GHYRQR SRWHU FRQGLYLGHUH LQIRUPD]LRQL VXOOD
VLQWRQL]]D]LRQH 9HGHUH SDJLQD 
- 2JQL YROWD FKH ORS]LRQH $73 YLHQH XWLOL]]DWD OH LQIRUPD]LRQL GL VLQWRQL]]D]LRQH YHQJRQR WUDVIHULWH DO YLGHRUHJLVWUDWRUH
)XQ]LRQL GL DFFHQVLRQH DXWRPDWLFD
/H VHJXHQWL FDUDWWHULVWLFKH VRQR GLVSRQLELOL FRQ L YLGHRUHJLVWUDWRUL 3DQDVRQLF 4/LQN
- 4XDQGR VL LQVHULVFH XQD YLGHRFDVVHWWD QHO YLGHRUHJLVWUDWRUH H VL SUHPH LO WDVWR 3OD\ LO WHOHYLVRUH VL DFFHQGH DXWRPDWLFDPHQWH H
VHOH]LRQD OLQJUHVVR $9 FKH SHUPHWWH GL YHGHUH OD YLGHRFDVVHWWD
- 6H LO WHOHYLVRUH YLHQH VSHQWR PHQWUH LO YLGHRUHJLVWUDWRUH VL WURYD QHOOH PRGDOLW
GL DUUHVWR DYDQ]DPHQWR UDSLGR R ULDYYROJLPHQWR LO
YLGHRUHJLVWUDWRUH VL VSHJQH DXWRPDWLFDPHQWH
&RPH GLVDWWLYDUH OD FRPXQLFD]LRQH 4/LQN
6H QRQ VL GHVLGHUD XWLOL]]DUH OD IXQ]LRQH 4/LQN ý QHFHVVDULR DFFHGHUH DO PHQX )XQ]LRQL H LPSRVWDUH ORS]LRQH 4/LQN VX k2IIl
9HGHUH SDJLQD 
1RWD LPSRUWDQWH
1RQWXWWL LYLGHRUHJLVWUDWRULVXSSRUWDQRTXHVWR VLVWHPDGL FRPXQLFD]LRQHGHL GDWL$OFXQL DSSDUHFFKLSRVVRQR VXSSRUWDUHGHWHUPLQDWH
IXQ]LRQL PHQWUH DOWUL QR 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH LO PDQXDOH LQ GRWD]LRQH FRQ LO YLGHRUHJLVWUDWRUH
6H 4/LQN QRQ ý RSHUDWLYR DVVLFXUDUVL LQQDQ]LWXWWR FKH LO FDYR 6&$57 VLD GHO WLSR SHU WXWWH OH IXQ]LRQL &RQWDWWDUH LO SURSULR ULYHQGLWRUH
SHU PDJJLRUL GHWWDJOL
4/,1.
0HQX IXQ]LRQL
79$9
0HQX )XQ]LRQL
0HQX $XGLR

,O PHQX 6HOH]LRQH $9 SHUPHWWH GL VHOH]LRQDUH OD VRUJHQWH $9
3UHPHUH LO WDVWR 79$9
3UHPHUH LO WDVWR FRORUDWR
DSSURSULDWR GHO WHOHFRPDQGR
PHQWUH OH RS]LRQL VRQR YLVXDOL]]DWH
D VFKHUPR
/H RS]LRQL VFRPSDLRQR
ü SRVVLELOH HVHJXLUH UHJROD]LRQL QHL
PHQX )XQ]LRQL H $XGLR
$SULUH LO PHQX )XQ]LRQL
3RVL]LRQDUVL VXOOD VHOH]LRQH
GHVLGHUDWD
$FFHGHUH DOOH UHJROD]LRQL R DOOH
RS]LRQL
3UHPHUH LO WDVWR 79$9 SHU XVFLUH
$SULUH LO PHQX $XGLR
3RVL]LRQDUVL VXOOD VHOH]LRQH
GHVLGHUDWD
$FFHGHUH DOOH UHJROD]LRQL R DOOH
RS]LRQL
3UHPHUH LO WDVWR 79$9 SHU XVFLUH
6(/(=,21( 625*(17( $9 ( )81=,21,
79$9
79$9
79$9
$9
0HQX IXQ]LRQL
0HQX DXGLR

,O WHOHFRPDQGR SXÌ HVVHUH XWLOL]]DWR SHU HVHJXLUH DOFXQH RSHUD]LRQL LQ GHWHUPLQDWL DSSDUHFFKL 9&5 H '9' 'LJLWDO 9HUVDWLOH 'LVF
3DQDVRQLF 1RQ WXWWL JOL DSSDUHFFKL 9&5 H '9' GLVSRQJRQR GHOOH VWHVVH FDUDWWHULVWLFKH SHUWDQWR SHU RWWHQHUH GHWWDJOL H DVVLFXUDUVL
GHOOD ORUR FRPSDWLELOLW
ý QHFHVVDULR FRQVXOWDUH L ULVSHWWLYL PDQXDOL R ULYROJHUVL DO SURSULR ULYHQGLWRUH
)81=,21$0(172 9&5  '9'
3UHPHUH TXHVWR WDVWR SHU DWWLYDUH LO PRGR 6WDQGE\
GHO 9&5 R GHO '9'
3UHPHUH QXRYDPHQWH SHU ULDFFHQGHUH ODSSDUHFFKLR
6WDQGE\
3UHPHUH TXHVWR WDVWR SHU ULSURGXUUH OD YLGHRFDVVHWWD
RLO'9'
3OD\ 5LSURGX]LRQH
3UHPHUH TXHVWR WDVWR SHU LQWHUURPSHUH OD
ULSURGX]LRQH GHOOD YLGHRFDVVHWWD R GHO '9'
6WRS $UUHVWR
9&5  3UHPHUH SHU IDU DYDQ]DUH UDSLGDPHQWH LO QDVWUR
,Q PRGDOLW
GL ULSURGX]LRQH SUHPHUH SHU YHGHUH OH
LPPDJLQL LQ PRYLPHQWR YHORFH
'9' 3UHPHUH XQD YROWD SHU SDVVDUH DOOD WUDFFLD
VXFFHVVLYD ,Q PRGDOLW
GL ULSURGX]LRQH SUHPHUH H
WHQHUH SUHPXWR SHU YHGHUH OH LPPDJLQL LQ PRYLPHQWR
YHORFH
6NLS  )DVW )RUZDUG  &XH $YDQWL YHORFH$FFHOHUDWR
9&5 3UHPHUH SHU ULDYYROJHUH LO QDVWUR ,Q PRGDOLW GL
ULSURGX]LRQH SUHPHUH SHU YHGHUH OH LPPDJLQL
DOOLQGLHWUR LQ PRYLPHQWR YHORFH
'9' 3UHPHUH XQD YROWD SHU WRUQDUH DOOD WUDFFLD
SUHFHGHQWH ,Q PRGDOLW
GL ULSURGX]LRQH SUHPHUH H
WHQHUH SUHPXWR SHU YHGHUH OH LPPDJLQL DOOLQGLHWUR LQ
PRYLPHQWR YHORFH
6NLS  5HZLQG  5HYLHZ 5LDYYROJLPHQWR,QGLHWUR
3UHPHQGR LQ PRGDOLW
GL ULSURGX]LRQH OLPPDJLQH VL
IHUPD
3UHPHUH QXRYDPHQWH SHU ULDYYLDUH OD ULSURGX]LRQH
3DXVH  6WLOO 3DXVD)UHPR
3UHPHUH TXHVWR WDVWR SHU DXPHQWDUH R GLPLQXLUH OD
SRVL]LRQH GHO SURJUDPPD 9&5 GL XQD XQLW
3URJUDPPH 8S  'RZQ 3URJUDPPD
$XPHQWR'LPLQX]LRQH
3UHPHUH TXHVWR WDVWR SHU DYYLDUH OD UHJLVWUD]LRQH
5HFRUG 5HJLVWUD]LRQH
4XHVWR LQWHUUXWWRUH VHUYH SHU DOWHUQDUH IUD LO
IXQ]LRQDPHQWR GHO 9&5 H GHO '9'
,QWHUUXWWRUH 9&5  '9'
&
79$9
"
1

- /H FDUDWWHULVWLFKH GL 7HOHYLGHR YDULDQR LQ IXQ]LRQH GHOOH UHWL WHOHYLVLYH H VRQR GLVSRQLELOL VROR VH LO FDQDOH VHOH]LRQDWR VWD WUDVPHWWHQ
GR 7HOHYLGHR
- 3UHPHQGR LO WDVWR ,PPDJLQH GXUDQWH OD WUDVPLVVLRQH GL 7HOHYLGHR YLHQH YLVXDOL]]DWD OD IXQ]LRQH &RQWUDVWR VRWWR IRUPD GL EDUUD D]
]XUUD 3UHPHUH *SHU PRGLILFDUH OH LPSRVWD]LRQL
3UHPHQGR LO WDVWR 6(7 83 GXUDQWH OD WUDVPLVVLRQH GL 7HOHYLGHR YHQJRQR YLVXDOL]]DWH VSHFLDOL RS]LRQL LQ EDVVR DOOR VFKHUPR
- $QFKH LQ PRGDOLW
7HOHYLGHR LO YROXPH SXÌ HVVHUH UHJRODWR VHFRQGR L OLYHOOL GHVLGHUDWL
&KH FRVý OD PRGDOLW /,67"
,Q PRGDOLW /,67 TXDWWUR QXPHUL GL SDJLQD LQ FRORUL GLYHUVL DSSDLRQR LQ EDVVR DOOR VFKHUPR 2JQXQR GL TXHVWL QXPHUL SXÌ HVVHUH
PRGLILFDWR H FRQVHUYDWR QHOOD PHPRULD GHO WHOHYLVRUH
&KH FRVý )/2) )$67(;7"
,Q PRGDOLW )$67(;7 TXDWWUR DUJRPHQWL LQ FRORUL GLYHUVL DSSDLRQR LQ EDVVR DOOR VFKHUPR 3HU XOWHULRUL LQIRUPD]LRQL VX WDOL DUJRPHQWL
SUHPHUH LO WDVWR FRORUDWR GHVLGHUDWR *UD]LH D TXHVWD IXQ]LRQH ý SRVVLELOH DFFHGHUH UDSLGDPHQWH DOOH LQIRUPD]LRQL UHODWLYH DJOL
DUJRPHQWL YLVXDOL]]DWL
&KH FRVý 723 7HOHYLGHR"
723 7HOHYLGHR UHQGH IDFLOH H UDSLGD OD VHOH]LRQH GHOOH SDJLQH 7HOHYLGHR GHVLGHUDWH ,QIDWWL ODFFHVVR DOOD SDJLQD ý TXDVL LVWDQWDQHR
EDVWD SUHPHUH LO WDVWR H OD SDJLQD DSSDUH
&RPH IXQ]LRQD"
723 XWLOL]]D L TXDWWUR WDVWL FRORUDWL 5RVVR 9HUGH *LDOOR H %OX SHU VHOH]LRQDUH OH VHJXHQWL LQIRUPD]LRQL
- 3HU VSRVWDUVL GD XQ EORFFR DOODOWUR GL DUJRPHQWL DG HVHPSLR 63257 XVDUH LO WDVWR %OX $OOLQWHUQR GHOODUJRPHQWR 63257 ý
SRVVLELOH VHOH]LRQDUH VH]LRQL GLYHUVH DG HVHPSLR 7HQQLV )RRWEDOO %DVHEDOO HFF PHGLDQWH LO WDVWR *LDOOR 4XDQGR VL UDJJLXQJH
OXOWLPD VH]LRQH GHOODUJRPHQWR LO WDVWR *LDOOR VL SRVL]LRQD VXOODUJRPHQWR VXFFHVVLYR
- ,O WDVWR 9HUGH ULFKLDPD OD SDJLQD GLVSRQLELOH SUHFHGHQWH
- ,O WDVWR 5RVVR ULFKLDPD OD SDJLQD GLVSRQLELOH VHJXHQWH
4XDOL VRQR L YDQWDJJL"
- 6HOH]LRQH GHOOD SDJLQD FRQ XQ VHPSOLFH WDVWR
- )DFLOH VHOH]LRQH GHOODUJRPHQWR GHVLGHUDWR PHGLDQWH XQD SURFHGXUD SDVVR D SDVVR
- 5LGX]LRQH GHO WHPSR GL DWWHVD
- 6H YLHQH LQVHULWR XQ QXPHUR GL SDJLQD LQHVLVWHQWH DSSDUH XQ SXQWR LQWHUURJDWLYR LQ EDVVR DOOR VFKHUPR
- /D EDUUD GL VWDWR GHOOD SDJLQD ý VHPSUH YLVXDOL]]DWD LQ EDVVR DOOR VFKHUPR SHUWDQWR OXWHQWH VD VHPSUH TXDOH WDVWR XVDUH SHU
DFFHGHUH DOOH LQIRUPD]LRQL GHVLGHUDWH
3UHPHUH LO WDVWR 797(;7
6XOOR VFKHUPR DSSDUH OD SDJLQD GL 7HOHYLGHR
3UHPHUH QXRYDPHQWH SHU ULWRUQDUH DOOD PRGDOLW
79
0RGR 79 7HOHYLGHR
ü SRVVLELOH VHOH]LRQDUH OH SDJLQH LQ GXH PRGL
D 3UHPHQGR L WDVWL GLUH]LRQDOL np SHU DXPHQWDUH R GLPLQXLUH LO QXPHUR GL SDJLQD GL
XQD XQLW
E ,QVHUHQGR LO QXPHUR GL SDJLQD PHGLDQWH L WDVWL QXPHULFL    VXO WHOHFRPDQGR
6HOH]LRQH GHOOD SDJLQD
3UHPHUH LO WDVWR 6(7 83 SHU YLVXDOL]]DUH IXQ]LRQL VSHFLDOL GRSRGLFK SUHPHUH LO WDVWR 9HUGH
3UHPHUH QXRYDPHQWH LO WDVWR 9HUGH SHU LQJUDQGLUH OD PHW
,1)(5,25( GHOOD SDJLQD
3UHPHUH QXRYDPHQWH SHU ULWRUQDUH DOOD YLVXDOL]]D]LRQH FRPSOHWD
3DJLQD FRPSOHWDSDUWH VXSHULRUHSDUWH LQIHULRUH
3UHPHUH LO WDVWR 6(7 83 SHU YLVXDOL]]DUH IXQ]LRQL VSHFLDOL GRSRGLFK SUHPHUH LO WDVWR
5RVVR SHU YLVXDOL]]DUH LO WHVWR QDVFRVWR DG HVHPSLR OH ULVSRVWH DOOH SDJLQH GHL TXL]
3UHPHUH GL QXRYR LO WDVWR SHU QDVFRQGHUH LO WHVWR
6ROX]LRQH
1HOOH PRGDOLW 723 R )$67(;7 TXHVWL WDVWL FRUULVSRQGRQR DL TXDWWUR DUJRPHQWL GL FRORUL
GLYHUVL PHQWUH LQ PRGDOLW
/,67 FRUULVSRQGRQR DL QXPHUL GHOOH SDJLQH GL FRORUL GLYHUVL
7DVWL 5RVVR9HUGH*LDOOR%OX
,Q PRGDOLW /,67 L TXDWWUR QXPHUL GL SDJLQD SRVVRQR HVVHUH PRGLILFDWL VROR SHU OH SRVL]LRQL
GHL FDQDOL FRPSUHVH GD D  3HU IDUH FLÌ SUHPHUH XQR GHL WDVWL FRORUDWL H LQVHULUH LO
QXRYR QXPHUR GL SDJLQD 7HQHQGR SUHPXWR 675 L QXPHUL GL SDJLQD FDPELDQR FRORUH
0HPRULD GL DUFKLYLR
)81=,21$0(172 ', 7(/(9,'(2

1RQ ý SRVVLELOH FDPELDUH OD SRVL]LRQH GHO SURJUDPPD TXDQGR FL VL WURYD QHOOH PRGDOLW 1RWL]LH IODVK $JJLRUQDPHQWR H $FFHVVR D
SDJLQH VRWWRFRGLILFDWH
*UD]LH D TXHVWD IXQ]LRQH ý SRVVLELOH FXVWRGLUH XQD GHWHUPLQDWD SDJLQD QHOOD PHPRULD GHO
WHOHYLVRUH SHU SRWHUOD ULFKLDPDUH LVWDQWDQHDPHQWH 3HU PHPRUL]]DUH WDOH SDJLQD LO WHOHYLVRUH GHYH
WURYDUVL LQ PRGDOLW
/,67 H OD SRVL]LRQH GHO SURJUDPPD GHYH HVVHUH FRPSUHVD IUD  H 
3UHPHUH LO WDVWR %OX VHOH]LRQDUH LO QXPHUR GL SDJLQD TXLQGL SUHPHUH H WHQHUH SUHPXWR LO WDVWR
675 ,O QXPHUR GL SDJLQD YLHQH LQ TXHVWR PRGR PHPRUL]]DWR
3UHPHUH ) 3 SHU ULFKLDPDUH WDOH SDJLQD
3DJLQD SUHIHULWD )3
3UHPHUH LO WDVWR 6(7 83 SHU YLVXDOL]]DUH OH RS]LRQL VSHFLDOL H TXLQGL SUHPHUH LO WDVWR *LDOOR SHU
YLVXDOL]]DUH OLPPDJLQH 79 GXUDQWH OD ULFHUFD GL XQD SDJLQD GL 7HOHYLGHR
7URYDWD OD SDJLQD LO VXR QXPHUR YLHQH YLVXDOL]]DWR LQ DOWR DOOR VFKHUPR D VLQLVWUD
3UHPHUH LO WDVWR *LDOOR SHU YLVXDOL]]DUH WDOH SDJLQD
3UHPHUH QXRYDPHQWH 79  7(;7 SHU ULWRUQDUH DOOD QRUPDOH PRGDOLW
79
1RWL]LH IODVK
4XDQGR VL VHOH]LRQD XQD SDJLQD GL 1RWL]LH IODVK SUHPHUH 6(7 83 *LDOOR SHU YLVXDOL]]DUH
OLPPDJLQH 79 2JQL YROWD FKH YHQJRQR WUDVPHVVL DJJLRUQDPHQWL LO QXPHUR GL SDJLQD YLHQH
YLVXDOL]]DWR VXOOR VFKHUPR
3UHPHUH LO WDVWR *LDOOR SHU YLVXDOL]]DUH 1RWL]LH IODVK
3UHPHUH QXRYDPHQWH 79  7(;7 SHU ULWRUQDUH DOOD QRUPDOH PRGDOLW
79
$JJLRUQDPHQWR
3UHPHUH 6(7 83 *LDOOR SHU YLVXDOL]]DUH OH LQIRUPD]LRQL DJJLRUQDWH VX GHWHUPLQDWH SDJLQH
2JQL YROWD FKH YHQJRQR WUDVPHVVL DJJLRUQDPHQWL LO QXPHUR GL SDJLQD YLHQH YLVXDOL]]DWR VXOOR
VFKHUPR
3UHPHUH LO WDVWR *LDOOR SHU YLVXDOL]]DUH OD SDJLQD
3UHPHUH QXRYDPHQWH 79  7(;7 SHU ULWRUQDUH DOOD QRUPDOH PRGDOLW
79
$JJLRUQDPHQWR GHO GLVSOD\
4XDQGR OH LQIRUPD]LRQL GL 7HOHYLGHR ULFKLHVWH HFFHGRQR LO IRUPDWR GL XQD SDJLQD OH RSHUD]LRQL
DXWRPDWLFKH GL FDPELR SDJLQD SRVVRQR ULFKLHGHUH SLÖ WHPSR
ü SRVVLELOH WXWWDYLD DFFHGHUH DOOH SDJLQH VHFRQGDULH GHVLGHUDWH FRQWLQXDQGR D JXDUGDUH L QRUPDOL
SURJUDPPL WHOHYLVLYL ILQR D TXDQGR OD SDJLQD VHFRQGDULD ULFKLHVWD QRQ YLHQH WURYDWD
6HOH]LRQDUH LO QXPHUR GL SDJLQD ULFKLHVWR PHGLDQWH L WDVWL QXPHULFL   
3UHPHUH LO WDVWR 6(7 83 H TXLQGL SUHPHUH LO WDVWR %OX6XOORVFKHUPRLQDOWRDGHVWUDYLHQH
YLVXDOL]]DWD OD VFULWWD 7
,QVHULUH LO QXPHUR GHOOD SDJLQD VHFRQGDULD GHVLGHUDWD SULPD FKH OD VFULWWD 7 VFRPSDLD
3HU VHOH]LRQDUH OD SDJLQD  LQVHULUH   H TXLQGL 
,Q PRGDOLW
/,67 OD VFULWWD j7 YLHQH YLVXDOL]]DWD QHOOD FDVHOOD DWWLYD LQ EDVVR DOOR VFKHUPR
3UHPHUH LO WDVWR *LDOOR SHU JXDUGDUH XQ QRUPDOH SURJUDPPD 79
,Q PRGDOLW
/,67 SUHPHUH 6(7 83 *LDOOR
4XDQGR OD SDJLQD ý GLVSRQLELOH SUHPHUH LO WDVWR *LDOOR SHU YLVXDOL]]DUOD
3HU HOLPLQDUH OD SDJLQD HVHJXLUH XQD GHOOH VHJXHQWL RSHUD]LRQL
- 3UHPHUH 6(7 83
- 6HOH]LRQDUH XQ QXRYR QXPHUR GL SDJLQD
- 3UHPHUH 79  7(;7 SHU ULWRUQDUH DOOD QRUPDOH PRGDOLW 79
$FFHVVR DOOH SDJLQH VRWWRFRGLILFDWH
3UHPHUH ,1'(; SHU ULWRUQDUH DOOD SDJLQD GLQGLFH SULQFLSDOH
$ VHFRQGD GHOOD PRGDOLW
LQ FXL VRQR WUDVPHVVH OH LQIRUPD]LRQL TXHVWR WDVWR GRYU HVVHUH SUHPXWR
SLÖ GL XQD YROWD SHU ULWRUQDUH DOOD SDJLQD GLQGLFH SULQFLSDOH
,QGLFH
3HU PDQWHQHUH OD SDJLQD GL 7HOHYLGHR PHQWUH VL FRQVXOWDQR OH LQIRUPD]LRQL PXOWLSDJLQD
3UHPHUH QXRYDPHQWH SHU ULWRUQDUH DOODJJLRUQDPHQWR DXWRPDWLFR GHOOD SDJLQD
&RQVHUYD
)81=,21$0(172 ', 7(/(9,'(2

3UHVH SRVWHULRUL $9$96  SLQ 6&$57 H XVFLWH 5&$ $XGLR
,QJUHVVR8VFLWD GD
SUHVD 6&$57 $9
,QJUHVVR8VFLWD GD SUHVD
6&$57 $9 'DWL 4/LQN
8VFLWD GD SUHVH
6' $8',2 287
1RWH
*OL DSSDUHFFKL HG L FDYL DFFHVVRUL LOOXVWUDWL QRQ
VRQR IRUQLWL FRQ TXHVWR WHOHYLVRUH
1RQ FROOHJDUH XQ FRPSXWHU FRQ XVFLWD 773 9 D
TXHVWR DSSDUHFFKLR 79
&DYL DXGLR  [
5&$
&DYR 6&$57
&DYR 6&$57
3UHVD 6&$57 $9 D  SLQ
, SLQ  H  GLSHQGRQR GDOOD
FRPPXWD]LRQH $9 69+69,'(2
1 ,QIRUPD]LRQL VXOOD SUHVD 6&$57
3UHVD 6&$57 $9 D  SLQ
,QJUHVVL DGDWWL SHU $9 LQFOXGRQR 5*% 5RVVR9HUGH%OX
&2//(*$0(17, $8',2  9,'(2

6LQWRPR
H
U
L
I
L
F
D
9LGHR $XGLR
H
U
L
I
L
F
D
(IIHWWR QHYH
6XRQR GLVWXUEDWR
9HULILFDUH OD FROORFD]LRQH ORULHQWDPHQWR R LO
FROOHJDPHQWR GHOODQWHQQD
,PPDJLQH GRSSLD
6XRQR QRUPDOH
9HULILFDUH OD FROORFD]LRQH ORULHQWDPHQWR R LO
FROOHJDPHQWR GHOODQWHQQD
,QWHUIHUHQ]H
6XRQR GLVWXUEDWR
9HULILFDUH OD YLFLQDQ]D GL
HOHWWURGRPHVWLFLDXWRPRELOLPRWRFLFOL
OXFL IOXRUHVFHQWL
$WWLYDUH 315 QHO PHQX ,PPDJLQH SHU ULGXUUH LO
GLVWXUER
,PPDJLQH QRUPDOH
6XRQR DVVHQWH
9HULILFDUH LO OLYHOOR GHO YROXPH
/LQWHUUXWWRUH GL VLOHQ]LDPHQWR SRWUHEEH HVVHUH
DFFHVR
1HVVXQD LPPDJLQH
6XRQR DVVHQWH
9HULILFDUH FKH LO WHOHYLVRUH VLD LQ PRGDOLW $9
9HULILFDUH FKH LO WHOHYLVRUH VLD FROOHJDWR DOOD SUHVD
&$
9HULILFDUH FKH LO WHOHYLVRUH VLD DFFHVR
9HULILFDUH FKH OH UHJROD]LRQL LPPDJLQHDXGLR QRQ
VLDQR LPSRVWDWH DL OLYHOOL PLQLPL
9HULILFDUH FKH LO WHOHYLVRUH QRQ VLD LQ PRGR 6WDQGE\
1HVVXQ FRORUH
,PPDJLQ QRUPDOH
9HULILFDUH FKH L OLYHOOL GHO FRORUH QRQ VLDQR LPSRVWDWL
VXL YDORUL PLQLPL
,PPDJLQH FDWWLYD R GLVWXUEDWD
6XRQR DVVHQWH R GHEROH
5LVLQWRQL]]DUH L FDQDOL
0DFFKLH GL FRORUL
6XRQR QRUPDOH
,QWHUIHUHQ]D PDJQHWLFD SURYHQLHQWH GD
DSSDUHFFKLDWXUH QRQ VFKHUPDWH
/DSSDUHFFKLR ý VWDWR VSRVWDWR PHQWUH HUD DFFHVR
6SHJQHUH ODSSDUHFFKLR SHU  PLQXWL
,PPDJLQH QRUPDOH
6XRQR DVVHQWH R GHEROH
/D ULFH]LRQH GHO VXRQR VL ý GHWHULRUDWD
,PSRVWDUH03;PHQXDXGLRVX0RQRILQRD
PLJOLRUDPHQWR GHOOD ULFH]LRQH
*8,'$ $//$ 62/8=,21( '(, 352%/(0,

1 $VVLVWHQ]D
3ULPD GL ULFRUUHUH DOODVVLVWHQ]D WHFQLFD FRQVXOWDUH OD JXLGD DOOD
VROX]LRQH GHL SUREOHPL QHOOD SDJLQD SUHFHGHQWH SHU
GHWHUPLQDUH L VLQWRPL GHO FDWWLYR IXQ]LRQDPHQWR 3HU RWWHQHUH
DVVLVWHQ]D FRQWDWWDUH LO SURSULR ULYHQGLWRUH 3DQDVRQLF
LQGLFDQGR LO QXPHUR GL PRGHOOR H LO QXPHUR GL VHULH HQWUDPEL
VLWXDWL VXO UHWUR GHOODSSDUHFFKLR
1 9LGHRJLRFKL  FRPSXWHU SHU XVR GRPHVWLFR
/XVR SUROXQJDWR GL YLGHRJLRFKL H FRPSXWHU GRPHVWLFL FRQ
TXDOVLDVL WHOHYLVRUH SXÌ GDU OXRJR D SHUPDQHQWL ]RQH GRPEUH
VXOOR VFKHUPR 3HU OLPLWDUH TXHVWR GDQQR LUUHYHUVLELOH DO
FLQHVFRSLR RVVHUYDUH OH VHJXHQWL SUHFDX]LRQL
- 5LGXUUH DO PLQLPR LQGLVSHQVDELOH SHU OD YLVXDOL]]D]LRQH L
OLYHOOL GL OXPLQRVLW
H FRQWUDVWR
- 1RQXWLOL]]DUHLO WHOHYLVRUHSHU SHULRGL GLWHPSRSUROXQJDWL
SHU OXVR GL YLGHRJLRFKL R FRPSXWHU GRPHVWLFL
- 4XHVWR GDQQR DO FLQHVFRSLR QRQ ý GRYXWR D XQ GLIHWWR GL
IDEEULFD]LRQH SHUWDQWR QRQ ý FRSHUWR GDOOD JDUDQ]LD
3DQDVRQLF
1 0HPRULD GHOOXOWLPD SRVL]LRQH
$OFXQH IXQ]LRQL GLVSRQJRQR GL XQD PHPRULD GHOOXOWLPD
SRVL]LRQH FLRý OH LPSRVWD]LRQL HVLVWHQWL DO PRPHQWR GHOOR
VSHJQLPHQWR YHQJRQR PDQWHQXWH TXDQGR LO WHOHYLVRUH YLHQH
ULDFFHVR
3URJUDPPD 7LQWD 6ROR 0176&176&
/LQJXD 26' 'HFRGHU $9
3RVL]LRQH $9 &RQWUDVWR
9ROXPH 1LWLGH]]D
03; )RUPDWR
%DVVL 6WDQGE\
$FXWL ,QWHOOLJHQ]D DUWLILFLDOH $,
,PPDJLQH  6XRQR
%LODQFLDPHQWR &RORUH
%LODQFLDPHQWR FRORUH /XPLQRVLW
6WDWR 3UHVHQ]D
315 0RGDOLW
7HOHYLGHR
0RGDOLW
4/LQN
1 )XQ]LRQH GL VSHJQLPHQWR
6H ODSSDUHFFKLR QRQ YLHQHVSHQWR TXDQGR OD VWD]LRQH WHOHYLVLYD
WHUPLQD OH WUDVPLVVLRQL SDVVD DXWRPDWLFDPHQWH LQ PRGR
6WDQGE\ GRSR  PLQXWL 4XHVWD FDUDWWHULVWLFD QRQ ý GLVSRQLELOH
TXDQGR ODSSDUHFFKLR IXQ]LRQD LQ PRGDOLW
$9
7;6/)= 7;6/)=
$OLPHQWD]LRQH   9 +] &$
&RQVXPR HQHUJHWLFR : :
&RQVXPR LQ 6WDQGE\
:
&LQHVFRSLR
GLDJRQDOH YLVLELOH
 FP  FP
8VFLWD DXGLR
SRWHQ]D PXVLFD
,PSHGHQ]D  [ : :
'LPHQVLRQL
$
/
3
 PP
 PP
 PP
 PP
 PP
 PP
3HVR .J  
6
L
V
W
H
P
L
G
L
U
L
F
H
]
L
R
Q
H
1
R
P
H
G
H
O
O
D
E
D
Q
G
D
3$/%*+,6(&$0%*6(&$0//
9+) (  ( 9+) +  + ,7$/,$
9+)$+,7$/,$ 8+)((
&$79 6 6 &$79 6 6 0  0
&$79 6  6 8  8 &$79 6  6 +\SHUEDQG
3
$
/
'
.
6
(
&
$
0
'
.
6
L
VWHP
L
G
L
U
L
FH]
L
RQH
1
RPH
G
H
O
O
D
E
DQ
G
D
3
$
/
'
.
6
(
&
$
0
'
.
9+)55 9+)55
9+)55 8+)((
3$/  5LSURGX]LRQH GD QDVWUR 176& GD DOFXQL YLGHRUHJLVWUDWRUL 3$/ 9&5
0176& 5LSURGX]LRQH GD YLGHRUHJLVWUDWRUL 9&5 176&  0+]
176& VROR LQJUHVVR $9 5LSURGX]LRQH GD YLGHRUHJLVWUDWRUL 9&5 176&
$QWHQQD  3RVWHULRUH 8+)  9+)
$9  3RVWHULRUH
$9 3UHVD D  SLQ ,QJUHVVR8VFLWD $XGLR9LGHR ,QJUHVVR 5*%
$9 3UHVD D  SLQ ,QJUHVVR8VFLWD $XGLR9LGHR ,QJUHVVR 6 9LGHR 4/LQN
8VFLWD DXGLR PRQLWRU  [ 5&$
/H FDUDWWHULVWLFKH WHFQLFKH VRQR VRJJHWWH D PRGLILFKH VHQ]D SUHDYYLVR ,O SHVR H OH GLPHQVLRQL LQGLFDWL VRQR DSSURVVLPDWLYL
127( ,1',&$7,9(
&$5$77(5,67,&+( 7(&1,&+(

0DQXDOH GL $OOLQHDPHQWR
$77(1=,21(
 / $SSDUHFFKLR GHYH HVVHUH VFROOHJDWR GDOOD UHWH TXDQGR QRQ XWLOL]]DWR
 4XDQGR ODSSDUHFFKLR ý LQ IXQ]LRQH VRQR SHUVHQWL LQWHUQDPHQWH SRWHQ]LDOL ILQR
D N9 SHUWDQWR LO IXQ]LRQLDPHQWR GHO ULFHYLWRUH IXRUL GDO PRELOH RSSXUH
VHQ]D SDQQHOOR SRVWHULRUH FRPSRUWD JUDYH SHULFROR GL VFRVVH HOHWWULFKH
WHODLR 1 (852
$99(57(1=$
1HO ODYRUR GL DVVLVWHQ]D XWLOL]]DUH XQLFDPHQWH L FRPSRQHQWL H OH SDUWL GL ULFDPELR IRUQLWH GDO
IDEEULFDQWH 1HO FDVR YHQJDQR LPSLHJDWH SDUWL GLIIHUHQWL GD TXHOOH FRQVLJOLDWH LO ULVXOWDWR VDU
LQIHULRUH D TXHOOR VSHFLILFDWR ODIILGLELOLW H OD VLFXUH]]D FRPSURPHVVH LQROWUH OD JDUDQ]LD
SRWU
HVVHUH LQYDOLGLWD
&DUDWWHULVWLFKH
,PSHGHQ]D GHOO DQWHQQD 8 QRQ ELODQFLDWD
6LVWHPD GL 5LFH]LRQH &&,5  /LQHH
)UHTXHQ]H LQWHUPHGLH 
9LGHR 0+] 0+]
$XGLR 0+] 0+] 0+]
0+] 0+] 0+]
0+]
&RORUH 0+] 3$/
0+] 0+] 6(&$0
7HQVLRQH DOO DQRGR  7; 6/)= N9pN9
7; 6/)= N9pN9
9LGHR  $XGLR 3UHVH 
$8',2 021,725 86&,7$ $XGLR 5&$ [ P9 UPV N8
$9 ,1*5(662 9LGHR  SLQ  9 S S8
$XGLR  SLQ P9 UPV N8
59%SLQ
$986&,7$ 9LGHRSLQ 9S S8
$XGLR  SLQ P9 UPV N8
$9 ,1*5(662 9LGHR  SLQ 9 S S8
$XGLR  SLQ P9 UPV N8
6 9LGHR,1 <9S S8
 SLQ  &  9 S S8
$9 86&,7$ 9LGHR  SLQ  9 S S8
$XGLR  SLQ P9 UPV N8
8VFLWD VHOH]LRQDELOH  SLQ
,6758=,21, $//,1($0(172

,VWUX]LRQL $OOLQHDPHQWR
$OOLQHDPHQWR 6HJQDOH 3UHPHVVH 5HJROD]LRQH 0LVXUH
)XRFR ,PPDJ GL SURYD )XRFR VX WUDVIRUPDWRUH ULJD 3RVL]LRQH RWWLPDOH
,O WHOHFRPDQGR VHUYH DQFKH SHU LPSRVWDUH H PHPRUL]]DUH OH WDUDWXUH (FFHWWR SHU OD UHJROD]LRQH GHO FXWRII GD HIIHWWXDUH VHPSUH
SULPD GHOOD UHJROD]LRQH GL 8J WXWWH OD WDUDWXUD VL HIIHWWXDQR VHFRQGR TXDQWR DSSDUH VXOOR VFKHUPR 3HU OD UDSSUHVHQWD]LRQH GHO
FLQHVFRSLR VRQR LQGLFDWH DQFKH OH YDULDQWL &&8 H L YDORUL DSSURVVLPDWLYL GL UHJROD]LRQH3ULPD GL FRPPXWDUH VXO PRGR GL VHUYL]LR
/RUGLQH GHL ODYRUL GL UHJROD]LRQH QHO PRGR GL VHUYL]LR  ULSRUWDWR QHO WHVWR GHO TXDGURl3RVL]LRQH GHL FRPPDQGL XWHQWHVHUYL]LR
VXO WHOHFRPDQGRl
 3RVL]LRQH LO 79 QHO 0RGR 6HUYLFH
 3UHPHUH LO WDVWR 52662 R 9(5'( SHU VHOH]LRQDUH OH )XQ]LRQL
 3UHPHUH LO WDVWR *,$//2 R %/8 SHU UHJRODUH L YDORUL
 3UHPHUH LO WDVWR 0HPRULD VXOOD WDVWLHUD GRSR FKH RJQL UHJROD]LRQH ý VWDWD PHPRUL]]DWD
)XQ]LRQH GL FRPSHQVD]LRQH
,QGLFDWRUH FLQHVFRSLR
HVHPSLR
1% , YDORUL LQGLFDWL VXOOR
VFKHUPR DSSURVLPDUWLYL
3DUWLFFRODULWD GHOOD SRVL]LRQDWXUD 9DORUL GL SRV
3RVL]LRQH RUUL]]
+ 3RV

3RVL]LRQH RWWLPDOH
9 3RV
9 3RV

3RVL]LRQH RWWLPDOH
$PSLH]]D RUUL]]
+ $PS

3RVL]LRQH RWWLPDOH
$PSLH]]D YHUW
9 $PS

3RVL]LRQH RWWLPDOH
(2 DPSLH]]D
(: $PS 
 
3RVL]LRQH RWWLPDOH
(2 DPSLH]]D
(: $PS 

3RVL]LRQH RWWLPDOH
&RUUH] WUDSH]RLGDOH
7UDSH]

3RVL]LRQH RWWLPDOH
&RUUH] WUDSH]RLGDOH
7UDSH]
 
3RVL]LRQH RWWLPDOH
/LQHDULWD YHUW
9 /LQ

3RVL]LRQH RWWLPDOH
6LPPHWULD YHUWLFDOH
9 6\P

3RVL]LRQH RWWLPDOH
'9&2
'9&2
 
3UHPHUH LO WDVWR EOX SRL 675
&XW RII
&XW RII

3HU UHJRODUH LO FXWRII FROOHJDUH OD VRQGD VXO EOX H UHJRODUH
FRQ LO WDVWR JLDOOR R EOX SHU p 9ROW SUHPHUH 675
6HOH]LRQDUH XJ  H UHJRODUH OD 95 SHU YLVXDOL]]DUH RN
8J 7HVW
8J 

2.
+LJKOLJKW
/RZOLJKW
+LJK   
/RZ   
3RVL]LRQH RWWLPDOH
6XE %ULJKWQHVV
6XE %ULJKWQHVV

3RVL]LRQH RWWLPDOH
,6758=,21, $//,1($0(172

6(59,&(02'(
237,21


237,21


237,21


237,21



237,21


237,21


<& 'HOD\

$)& 0RQLWRU

2IIVHW 9DO
2SWLRQ %\WH 2SWLRQ %\WHV 7DEHOOD
%LW 1R 6FHOWD )XQ]LRQDPHQWR
6WDQGDUG FRORUH $XWRPDWLFR
$
X
W
R
P
D
W
L
F
R
H
P
D
Q
X
D
O
H
3
$
/
1
7
6
&
$
X
W
RPD
W
L
FR H PDQXD
O
H
3
$
/
1
7
6
&
$XWRPDWLFR H PDQXDOH 3$/6(&$0176&
79 6WDQGDUG ,
, %* '. /
,
%
*
'
.
/
 %*
 %*'.
%DQGD GL IUHTXHQ]D 8 RQO\
89+\SHU
6LQWRQLD ILQH &RQ VLQWRQLD ILQH
6HQ]D VLQWRQLD ILQH
7XQHU PDQXIDFWXUHU 0DFR
$OSV
1RQ XVDUH
2SWLRQ %\WH 2SWLRQ %\WHV 7DEHOOD
&57 

l &57 1R
6L
&KDQQHO %ODQNLQJ 'LVDELOLWDWR
$ELOLWDWR
0XWLQJ YLGHR 1R
6L
)LOWUR D SHWWLQH 6HQ]D ILOWUR
&RQILOWUR
&RUUH]LRQH *HRPHWULF 'LVDELOLWDWR
$ELOLWDWR
:66 'LVDELOLWDWR
$ELOLWDWR
1RQ XVDUH
2SWLRQ %\WH 2SWLRQ %\WHV 7DEHOOD
03; 1LFDP
03;
1LFDP 'LVDELOLWDWR
$ELOLWDWR
$ 6WHUHR 'LVDELOLWDWR
$ELOLWDWR
9ROXPH &RUUHFWLRQ 'LVDELOLWDWR
$ELOLWDWR
6RXQG $, 'LVDELOLWDWR
$ELOLWDWR
/RXGQHVV 'LVDELOLWDWR
$ELOLWDWR
,6758=,21, $//,1($0(172

(TXDOL]HU 'LVDELOLWDWR
$ELOLWDWR
1RQ XVDUH
2SWLRQ %\WH 2SWLRQ %\WHV 7DEHOOD
%LW 1R 6FHOWD )XQ]LRQDPHQWR
'ROE\ 'LVDELOLWDWR
$ELOLWDWR
' $FWLYH 'ROE\ 'LVDELOLWDWR
$ELOLWDWR
&RQWLQHQWDO 'ROE\ 'LVDELOLWDWR
$ELOLWDWR
6XE :RRIHU 'LVDELOLWDWR
$ELOLWDWR
1RQ XVDUH
1RQ XVDUH
1RQ XVDUH
1RQ XVDUH
2SWLRQ %\WH 2SWLRQ %\WHV 7DEHOOD
)/2) 'LVDELOLWDWR
$ELOLWDWR
723 'LVDELOLWDWR
$ELOLWDWR
7H[W ODQJXDJH (QJOLVK
0XOWL
26' ODQJXDJH (QJOLVK
0XOWL
$96 1R
6L
$9 'LVDELOLWDWR
$ELOLWDWR
3RZHU 2Q (& 0RGH 'LVDELOLWDWR
$ELOLWDWR
4 /LQN 'LVDELOLWDWR
$ELOLWDWR
2SWLRQ %\WH 2SWLRQ %\WHV 7DEHOOD
&KLOG /RFN 'LVDELOLWDWR
$ELOLWDWR
*HUPDQ 1R
6L
)UDQFH 1R
6L
8. 1R
6L
,UHODQG 1R
6L
3URWHFWLRQ 'LVDELOLWDWR
$ELOLWDWR
1RQ XVDUH
59% ,QGLFDWRUH 'LVDELOLWDWR
$ELOLWDWR
,6758=,21, $//,1($0(172

(VWLPDGR&OLHQWHGH3DQDVRQLF
%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 DSDUDWR HQ IXQFLRQDPLHQWR GH XQD IRUPD U SLGD $
FRQWLQXDFLÊQ SXHGH OHHU ODV LQVWUXFFLRQHV FRPSOHWDV \ JXDUGDUODV SDUD IXWXUDV FRQVXOWDV
$GYHUWHQFLDV \ 3UHFDXFLRQHV 
*XõD GH 5HIHUHQFLD 5
SLGD 
&RQWUROHV %
VLFRV 
8VR GH ODV ,QGLFDFLRQHV HQ 3DQWDOOD 
0HQÔ GH ,PDJHQ 
0HQÔ GH 6RQLGR 
0HQÔ GH &RQILJXUDFLÊQ 
0HQÔ GH 6LQWRQõD 
0HQÔ GH 6LQWRQõD (GLFLÊQ GH 3URJUDPDV 
0HQÔ GH 6LQWRQõD &RQILJXUDFLÊQ
$XWRP
WLFD $73 
0HQÔ GH 6LQWRQõD 6LQWRQõD 0DQXDO 
,GLRPD GH ODV ,QGLFDFLRQHV HQ 3DQWDOOD 
4/LQN 
6HOHFFLÊQ \ &RQILJXUDFLÊQ GH $9 
)XQFLRQDPLHQWR FRQ 9&5  '9' 
)XQFLRQDPLHQWR GHO 7HOHWH[WR 
&RQH[LRQHV GH $XGLR  9õGHR $9 
3RUODSDUWHSRVWHULRU&RQHFWRUHV$9$9
GH  3DWLOODV 6&$57 \ GH 6DOLGD GH $XGLR 5&$ 
,QIRUPDFLÊQ GH ORV &RQHFWRUHV 6&$57 \ 69õGHR 
/RFDOL]DFLÊQ GH $YHUõDV 
,QIRUPDFLÊQ *HQHUDO 
(VSHFLILFDFLRQHV 
- (VWHWHOHYLVRU KD VLGR GLVHÆDGR SDUD IXQFLRQDU FRQ FRUULHQWH
DOWHUQD GH   9  +]
- 3DUD HYLWDU GHWHULRURV TXH SRGUõDQ GDU FRPR UHVXOWDGR
GHVFDUJDVHO
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
- (YLWHOD H[SRVLFLÊQ GHOWHOHYLVRU D OD OX] VRODU GLUHFWD \ D RWUDV
IXHQWHV GH FDORU
- (O FRQPXWDGRU GH (QFHQGLGR $SDJDGR TXH OOHYD HVWH
PRGHOR QR GHVFRQHFWD FRPSOHWDPHQWH HO WHOHYLVRU GH OD UHG
GHO VXPLQLVWUR HO
FWULFR 5HWLUH OD FODYLMD GH OD EDVH GH WRPD
GH FRUULHQWH FXDQGR QR YD\D D XWLOL]DU HO WHOHYLVRU GXUDQWH XQ
SHUõRGR GH WLHPSR SURORQJDGR
- &8,'$'2 '( /$ &$-$ < '(/ 78%2 '( ,0$*(1
'HVHQFKXIH OD FODYLMD GH OD EDVH GH WRPD GH FRUULHQWH
3XHGHQ OLPSLDUVH OD FDMD \ HO WXER GH LPDJHQ FRQ XQ SR
VXDYH KXPHGHFLGR FRQ DJXD \ XQ GHWHUJHQWH OLJHUR 1R
XWLOLFH VROXFLRQHV TXH FRQWHQJDQ EHQ]RO R SHWUÊOHR /RV
WHOHYLVRUHV SXHGHQ SURGXFLU HOHFWULFLGDG HVW
WLFD SRU OR TXH
KD\ TXH WHQHU FXLGDGR VLHPSUH TXH VH WRTXH OD SDQWDOOD GHO
DSDUDWR
- (V HVHQFLDO XQD YHQWLODFLÊQ DGHFXDGD SDUD HYLWDU ODV DYHUõDV
HQ ORV FRPSRQHQWHV HO
FWULFRV SRU OR TXH OH
UHFRPHQGDPRV TXH GHMH XQ HVSDFLR GH FP FRPR PõQLPR
DOUHGHGRU GHO WHOHYLVRU LQFOXVR FXDQGR HVW
GHQWUR GH RWUR
PXHEOH R HQWUH HVWDQWHV
%,(19(1,'$
ô1',&(
$'9(57(1&,$6 < 35(&$8&,21(6

5
$VHJÔUHVH SULPHUR GH TXH HO 9&5 HVW HQ PRGR
GH HVSHUD (QFKXIH OD 79 \ HQFL
QGDOD
6L HVW LQVWDODQGR XQ QXHYR 9&5 FRPSDWLEOH FRQ (QODFH 4 \D SXHGH
HQFHQGHUOR /RV GDWRV GH VLQWRQõD WUDQVIHULGRV VH DGDSWDU QDORVGHOD
WHOHYLVLÊQ 6L HVW
LQVWDODQGR XQ QXHYR 9&5 FRPSDWLEOH FRQ (QODFH
1H[W9LHZ QHFHVLWD LQLFLDU PDQXDOPHQWH OD WUDQVIHUHQFLD GH GDWRV 9HD
ORV GHWDOOHV HQ HO PDQXDO GHO 9&5
- 6L HO 9&5 QR KD DFHSWDGR OD WUDQVIHUHQFLD GH GDWRV GHVGH OD WHOHYLVLÊQ SXHGH VHU QHFHVDULR TXH VHOHFFLRQH OD RSFLÊQ
7UDQVIHUHQFLD GHVGH HO PHQÔ GHO 9&5
- 6L HO (QODFH 4 QR IXQFLRQD FRUUHFWDPHQWH FRPSUXHEH TXH HVW
FRQHFWDGRDODEDVH$9GHODWHOHYLVLÊQTXHHOFDEOH6&$57
HV GH kIXQFLÊQ WRWDOl \ TXH HO 9&5 HV FRPSDWLEOH FRQ HO (QODFH 4 HO (QODFH 1H[W9LHZ R WHFQRORJõDV VLPLODUHV 3UHJXQWH GDWRV
DGLFLRQDOHV D VX GLVWULEXLGRU
- 3DUD LQIRUPDFLÊQ DGLFLRQDO VREUH HO (QODFH 4 \ OD FRQH[LÊQ GH HTXLSRV YHD ODV S
JLQDV\
0DQGR D 'LVWDQFLD
(85
&RPSUXHEH TXH KD UHFLELGR ORV DFFHVRULRV \ HOHPHQWRV TXH VH LQGLFDQ
3LODVSDUDHO0DQGRD'LVWDQFLD
 GHO WDPDÆR 5 80
/D *DUDQWõD
GHO WHOHYLVRU
- $VHJÔUHVH GH TXH ODV SLODV HVW
Q
FRORFDGDV HQ OD SRVLFLÊQ FRUUHFWD
- 1R PH]FOH SLODV YLHMDV \ SLODV
QXHYDV 5HWLUH GH PDQHUD
LQPHGLDWD ODV SLODV YLHMDV \D
DJRWDGDV
- 1R PH]FOH SLODV GH WLSRV GLIHUHQWHV
SH DOFDOLQDV \ GH PDQJDQHVR QL
XWLOLFH SLODV UHFDUJDEOHV 1L&DG
3LODV GHO PDQGR D
GLVWDQFLD
0DQXDO GH ,QVWUXFFLRQHV GH
)XQFLRQDPLHQWR
74%(&(
(QFKXIH OD DQWHQD \ FRQHFWH HO HTXLSR DX[LOLDU
*8ô$ '( 5()(5(1&,$ 5 3,'$
6HOHFFLRQH VX SDõV
'DU
FRPLHQ]R OD
FRQILJXUDFLÊQ DXWRP
WLFD ODV
HPLVRUDV VHU
Q ORFDOL]DGDV \
TXHGDU
Q PHPRUL]DGDV
6L XQ 9&5 FRPSDWLEOH VH
FRQHFWD D OD EDVH $9 ORV
GDWRV GH SURJUDPD VH
WUDQVIHULU
QDO9&5DWUDY V
GHO (QODFH 4 9HD S
JLQD 
(Q HO FDVR GH 6XL]D R GH %
OJLFD
VHOHFFLRQH HO LGLRPD TXH GHVHH
3XOVH HO ERWÊQ URMR
&DPELR GH &DQDO
$MXVWH GHO
9ROXPHQ
*8ô$ '( 5()(5(1&,$ 5 3,'$

"
&RQPXWDFLÊQ HQWUH YLVLRQDGR GH OD 79 \
HQWUDGDGH$9YHDODS
JLQD 
&RQPXWDGRU GH (1&(1','2
$3$*$'2 (Q (VSHUD
(QFLHQGH HO WHOHYLVRU R OR
DSDJD GHM
QGROR (Q (VSHUD
3RVLFLÊQ GH SURJUDPD SDUD OD
VHOHFFLÊQ GH SURJUDPDV GH GRV GõJLWRV
  KDFLHQGR XVR GH ODV WHFODV
QXP
ULFDV
%RWRQHV  GH FDPELR GH
SURJUDPDFDQDO \ ERWRQHV GH OD
S
JLQD GH WHOHWH[WR YHD S JLQD 
7HFODV GH PHQÔ
3XOVH SDUD DFFHGHU D ORV PHQÔV GH
,PDJHQ 6RQLGR \ &RQILJXUDFLÊQ
YHD OD S
JLQD 
$FWLYDU'HVDFWLYDU HO VLOHQFLDGRU
GHO VRQLGR
$FFHVR 'LUHFWR D XQ &DQDO
0LHQWUDV PLUD QRUPDOPHQWH OD
WHOHYLVLÊQ R HVW
HQ ORV PHQÔV
6LQWRQL]DU (GLWDU 3URJUDPDV R
6LQWRQõD 0DQXDO SXOVH H
LQWURGX]FD HO QÔPHUR GHO FDQDO
XWLOL]DQGR ODV WHFODV QXP
ULFDV
7HFODV GHO 7HOHWH[WR YHD OD S JLQD 
7HFODV GH FRORU TXH VH XWLOL]DQ SDUD
IXQFLRQHV GH (GLFLÊQ GH 3URJUDPDV
YHD OD S
JLQD 
IXQFLRQHV GH 7HOHWH[WR
YHD OD S
JLQD 
VHOHFFLÊQ GH $9 YHD OD S
JLQD 
,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 XVDU 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 OD SRVLFLÊQ
GH ORV SURJUDPDV HQ XQD XQLGDG
&XDQGR XQD IXQFLÊQ HVW
\D
LQGLFDGD SXOVH SDUD DXPHQWDU R
GLVPLQXLU OD IXQFLÊQ
VHOHFFLRQDGD
&RQPXWDGRU GH 79 $9
YHD OD S
JLQD 
/X] URMD TXH LQGLFD HO PRGR GH (Q
(VSHUD 8WLOLFH HO FRQPXWDGRU GH
(Q (VSHUD R ODV WHFODV
SDUD HQFHQGHU HO WHOHYLVRU
/D WHFOD 1 UHFXSHUD ORV YDORUHV
PHPRUL]DGRV FRQ 675
675 0HPRULD GH 1RUPDOL]DFLÊQ
7HFODV GHO FXUVRU SDUD HIHFWXDU
VHOHFFLRQHV \ DMXVWHV
/D WHFOD GH $\XGD SURSRUFLRQD XQD
GHPRVWUDFLÊQ GH ORV PHQÔV GH
,QGLFDFLÊQ (Q 3DQWDOOD
$FWLYDU GHVDFWLYDU HO VRQLGR
DPELHQWDO
7HFOD GH *UDEDFLÊQ 'LUHFWD GHVGH
HO 7HOHYLVRU YHD OD S
JLQD 
%RWÊQ GH (VWDGR
3ÔOVHOR SDUD YLVXDOL]DU OD SRVLFLÊQ GHO
SURJUDPD HO QRPEUH GHO SURJUDPD HO
QÔPHUR GHO FDQDO HO VLVWHPD GH 79 OD
KRUD HO PRGR HVWHUHRIÊQLFR \ OD WDEOD
GH SURJUDPDV
%RWRQHV 9LGHRJUDEDGRUD'9'
YHD OD S
JLQD 
&21752/(6 % 6,&26
&8$'52 )5217$/ < 0$1'2 $ ',67$1&,$

(VWH WHOHYLVRU GLVSRQH GH XQ VLVWHPD FRPSOHWR GH PHQÔV GH ,QGLFDFLRQHV (Q 3DQWDOOD SDUD DFFHGHU
D ORV DMXVWHV \ D ODV RSFLRQHV
,PDJHQ
$OJXQDV GH ODVVHOHFFLRQHV FRPR SRU HMHPSOR &RQWUDVWH %ULOOR &RORU \1LWLGH]
OH SHUPLWLU
Q DXPHQWDU R GLVPLQXLU HO QLYHO GH ODV PLVPDV
$OJXQDV VHOHFFLRQHV FRPR SRU HMHPSOR 6LQWRQL]DGRU SHUPLWHQ HOHJLU XQD
RSFLÊQ
$OJXQDV VHOHFFLRQHV FRPR SRU HMHPSOR 0HQÔ GH 6LQWRQõD OH SHUPLWLU
Q SDVDU
DRWURPHQÔ
/DVWHFODVGH,0$*(1 621,'2 <
&21),*85$&,Ë1 VH XWLOL]DQ SDUD DEULU ORV
PHQÔV SULQFLSDOHV \ WDPEL
Q SDUD YROYHU DO PHQÔ
DQWHULRU
/RV ERWRQHV jFXUVRU DUULED \ jFXUVRU DEDMR VH
XWLOL]DQ SDUD GHVSOD]DU HO FXUVRU DUULED \ DEDMR HQ
ORV PHQÔV
/DV WHFODV L]TXLHUGD \ GHUHFKD GHO FXUVRU VH
XWLOL]DQ SDUD DFFHGHU D ORV PHQÔV DMXVWDU ORV
QLYHOHV R HIHFWXDU XQD VHOHFFLÊQ HQ XQ FRQMXQWR
GH RSFLRQHV
/D WHFOD 675 VH XWLOL]D SDUD PHPRUL]DU ORV
YDORUHV HOHJLGRV GHVSX
V GH KDEHU HIHFWXDGR
ORV DMXVWHV R GH KDEHU VHOHFFLRQDGR ODV
RSFLRQHV
(O ERWÊQ 79$9 VH XWLOL]D SDUD VDOLU GHO VLVWHPD
GH PHQÔV \ YROYHU D OD SDQWDOOD QRUPDO GH YLVLÊQ
&RQ OD WHFOD GH +(/3 $<8'$ REWHQGU
XQD
GHPRVWUDFLÊQ GH ORV PHQÔV GLVSRQLEOHV 3XOVH
OD WHFOD GH +(/3 \ VHOHFFLRQH XQD GH ODV
RSFLRQHV
7õWXOR GHO 0HQÔ
%DUUD GH VHOHFFLÊQ
6XEPHQÔV
,QGLFDGRU GH RSFLRQHV
,QVWUXFFLRQHV
"
79$9
"
862 '( /$6 ,1',&$&,21(6 (1 3$17$//$

(VWH PHQÔ OH SHUPLWH HIHFWXDU DMXVWHV HQ OD FDOLGDG GH OD LPDJHQ
6HOHFFLRQH HO PHQÔ GH ,PDJHQ
9D\DDODRSFLÊQTXHGHVHH
$XPHQWH R GLVPLQX\D ORV
QLYHOHV R ILMH ODV RSFLRQHV
3XOVH OD WHFOD 79$9 SDUD VDOLU
GHO PHQÔ GH ,PDJHQ
/RV QLYHOHV GH &RQWUDVWH GH %ULOOR GH
&RORU \ GH 1LWLGH] SXHGHQ DMXVWDUVH
SDUD DGDSWDUORV D VXV SUHIHUHQFLDV \ D
ODV FRQGLFLRQHV GH OX] DPELHQWDO
(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& OR
TXH SHUPLWLU
HO DMXVWH GHO WRQR
(O DMXVWH GHO EDODQFH GH &RORU OH
SHUPLWH ILMDU OD WRQDOLGDG JHQHUDO GH OD
FRORUDFLÊQ GH OD LPDJHQ
3 15 UHGXFH GH IRUPD DXWRP
WLFD ODV
LQWHUIHUHQFLDV QR GHVHDGDV HQ OD
LPDJHQ
/D RSFLÊQ GH $, DQDOL]D
DXWRP WLFDPHQWH OD LPDJHQ GH
HQWUDGD \ OD SURFHVD SDUD REWHQHU XQD
PHMRUD GHO FRQWUDVWH XQD SURIXQGLGDG
GH FDPSR ÊSWLPD \ XQRV WRQRV GH
FRORU YõYLGRV
0(1Õ '( ,0$*(1
79$9
,PDJHQ
,PDJHQ
&RQWUDVWH
7LQW
&RORU
%ULOOR
1LWLGH]
7HPS FRORU
315
$,

(O PHQÔ GH 6RQLGR OH SHUPLWH HVWDEOHFHU VXV SUHIHUHQFLDV SHUVRQDOHV SRU OR TXH VH UHILHUH D WRGRV
ORV DVSHFWRV GH OD FDOLGDG GHO VRQLGR
6HOHFFLRQHHOPHQÔGH6RQLGR
9D\DDODRSFLÊQTXHGHVHH
$XPHQWH R GLVPLQX\D ORV
QLYHOHV R ILMH ODV RSFLRQHV
3XOVH OD WHFOD 79$9 SDUD VDOLU
GHO PHQÔ GH 6RQLGR
(O DMXVWH GHO 9ROXPHQ UHJXOD HO
YROXPHQ JHQHUDO GHO VRQLGR
(O DMXVWH GH ORV %DMRV DFWÔD VREUH ODV
IUHFXHQFLDV P
V EDMDV \ SURIXQGDV
SXGLHQGR VHU DXPHQWDGR R
GLVPLQXLGR
(O DMXVWH GHORV $JXGRVDFWÔD VREUH ODV
IUHFXHQFLDV P VDOWDV\DJXGDV
SXGLHQGR VHU DXPHQWDGR R
GLVPLQXLGR
(O %DODQFH DIHFWD DO 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
/D RSFLÊQ GH $, DQDOL]D GH IRUPD
DXWRP
WLFD OD VHÆDO GH VRQLGR GH
HQWUDGD \ OD SURFHVD SDUD REWHQHU XQ
UXLGR PHQRU \ XQ WRQR ÊSWLPR SDUD HO
PDWHULDO GHO SURJUDPD
03; HVWDU
SRU OR JHQHUDO ILMDGD HQ
(VW
UHRSDUDREWHQHUODPHMRU
UHSURGXFFLÊQGHO VRQLGR VLQHPEDUJR
VL OD UHFHSFLÊQ HV PDOD R VL HO VHUYLFLR
GH VRQLGR HVW
UHR QR VH HQFXHQWUD
GLVSRQLEOH HV DFRQVHMDEOH FDPELDU D
0RQR 6H SXHGH WDPEL
Q VHOHFFLRQDU
0RQR 0 \ 0 VL VH HVW
Q
WUDQVPLWLHQGR VHÆDOHV
6H SXHGH PHMRUDU HO VRQLGR GXUDQWH OD
UHFHSFLÊQ GH 0ÔVLFD R GH 3DODEUD
VHOHFFLRQDQGR OD IXQFLÊQ DSURSLDGD
j$PELHQWH SURSRUFLRQD XQ UHDOFH
GLQ
PLFR REWHQL QGRVH OD VHQVDFLÊQ
GH XQ VRQLGR HQYROYHQWH
0(1Õ '( 621,'2
79$9
6RQLGR
6RQLGR
6RQLGR
*UDYHV
$JXGRV
03;
$PELHQWH
%DODQFH
0RGR
9ROXPHQ
$,

(O PHQÔ GH &RQILJXUDFLÊQ GD DFFHVR D GLYHUVDV FDUDFWHUõVWLFDV DYDQ]DGDV \ WDPEL QDOPHQÔGH
6LQWRQõD
6HOHFFLRQH HO PHQÔ GH
&RQILJXUDFLÊQ
9D\DDODRSFLÊQTXHGHVHH
$XPHQWH R GLVPLQX\D ORV
QLYHOHV ILMH ODV RSFLRQHV R
DFFHGD D QXHYRV PHQÔV
3XOVH OD WHFOD 79$9 SDUD VDOLU
GHO PHQÔ GH &RQILJXUDFLÊQ
/D RSFLÊQ GH 0RGR WH[WR OH SHUPLWH
HOHJLU HQWUH ORV PRGRV GH 723)/2) R
GH /,67 9HD OD S
JLQD 
(VWD RSFLÊQ OH SHUPLWLU
YHU ORV
SURJUDPDV HPLWLGRV HQ SDQWDOOD DQFKD
FRQ OD SURSRUFLÊQ GH DOWXUD \ DQFKXUD
FRUUHFWD 
(O WHPSRUL]DGRU GH GHVFRQH[LÊQ
DSDJDU
HO WHOHYLVRU HQ XQ SOD]R GH
WLHPSR ILMDGR TXH SXHGH XVWHG HOHJLU
HQWUHORV\ORVPLQXWRVHQ
LQWHUYDORV GH  PLQXWRV
4/LQN OHSHUPLWH DFWLYDU R GHVDFWLYDU OD
FRPXQLFDFLÊQ GHGDWRV FRQ XQ DSDUDWR
JUDEDGRUUHSURGXFWRU FRPSDWLEOH
9HU S
JLQD 
(O PHQÔ GH 6LQWRQõD SURSRUFLRQD HO
DFFHVR D PXFKDV RWUDV FDUDFWHUõVWLFDV
TXH LQFOX\HQ OD (GLFLÊQ GH 3URJUDPDV
$73 6LQWRQõD )LQD 6LQWRQõD 0DQXDO
6LVWHPD GH &RORU \ &RUUHFFLÊQ GHO
9ROXPHQ 9HD OD S
JLQD 
(VWD RSFLÊQ OH SHUPLWH VHOHFFLRQDU HO
LGLRPD XWLOL]DGR SDUD ODV ,QGLFDFLRQHV
(Q 3DQWDOOD 9HD OD S
JLQD 
0(1Õ '( &21),*85$&,Ë1
79$9
&RQILJXUDFLyQ
&RQILJXUDFLyQ
&RQILJXUDFLyQ
$VSHFWR
7HPSRUL]DGRU
0RGR WH[WR
4/LQN
6LQWRQL]DU
,GLRPD GH 26'

(O PHQÔ GH 6LQWRQõD SURSRUFLRQD HO DFFHVR D ORV PHQÔV GH VLQWRQõD PDQXDO DXWRP WLFD \ ILQD
6HOHFFLRQH HO PHQÔ GH
&RQILJXUDFLÊQ
9D\D DO PHQÔ GH 6LQWRQõD
$FFHGD DO PHQÔ GH 6LQWRQõD
9D\DDODRSFLÊQTXHGHVHH
$XPHQWH R GLVPLQX\D ORV
QLYHOHV ILMH ODV RSFLRQHV R
DFFHGD D QXHYRV PHQÔV
3XOVH OD WHFOD 79$9 SDUD VDOLU
(O DFFHVR DO PHQÔ GH HGLFLÊQ GH
3URJUDPDV SHUPLWLU
GHVSOD]DU DÆDGLU
ERUUDU GDU QRPEUH R EORTXHDU
HPLVRUDV \ SURSRUFLRQD HO DFFHVR DO
VLVWHPDGH799HDODS
JLQD 
(O PHQÔ GH FRQILJXUDFLÊQ $XWR OH
SHUPLWH YROYHU D VLQWRQL]DU GH IRUPD
DXWRP
WLFD HO WHOHYLVRU
9HDODS
JLQD 
(O PHQÔ GH VLQWRQõD 0DQXDO SHUPLWH
VLQWRQL]DUPDQXDOPHQWHODVSRVLFLRQHV
GH SURJUDPD LQGLYLGXDOHV
9HDODS JLQD 
/DV HPLVRUDV SXHGHQ VHU VLQWRQL]DGDV
GH IRUPD ILQD KDFLHQGR XVR GHO DMXVWH
GH VLQWRQõD )LQD
(O PHQÔ GHO VLVWHPD GH &RORU OH
SHUPLWH GHFLGLU OD RSFLÊQ FRUUHFWD GHO
HVW QGDU GH WUDQVPLVLÊQ
/D FRUUHFFLÊQ GHO YROXPHQ OH SHUPLWH
DMXVWDUHOQLYHOGHOYROXPHQGHODV
HPLVRUDV LQGLYLGXDOHV
(VWD RSFLÊQ VH XWLOL]D FXDQGR XQ
GHVFRGLILFDGRU HVW
FRQHFWDGR D
WUDY
V GH $9 $MXVWDU D 2Q VL KD GH
SURFHVDUVH SRU HO GHVFRGLILFDGRU XQD
VHÆDO FRGLILFDGD $MXVWDU D 2II WUDV HO
XVR
0(1Õ '( 6,1721ô$
79$9
&RQILJXUDFLyQ
&RQILJXUDFLyQ
6LQWRQL]DU
6LQWRQõD ILQD
6LVWHPD GH FRORU
&RUUHFFLÊQ
GHO YROXPHQ
(GLFLyQ SURJUDPD
$73
6LQWRQtD PDQXDO
'HVFRGLILFDGRU
$9
79$9

(O PHQÔ GH HGLFLÊQ GH 3URJUDPDV OH SHUPLWH HGLWDU ORV YDORUHV GH SRVLFLÊQ GH ORV SURJUDPDV
6HOHFFLRQH HO PHQÔ GH
&RQILJXUDFLÊQ
9D\D DO PHQÔ GH 6LQWRQõD
$FFHGD DO PHQÔ GH 6LQWRQõD
9D\D DO PHQÔ GH HGLFLÊQ GH
3URJUDPDV
$FFHGD DO PHQÔ GH HGLFLÊQ GH
3URJUDPDV
(IHFWÔH ORV FDPELRV UHTXHULGRV
YHD ODV VHFFLRQHV TXH
DSDUHFHQ D FRQWLQXDFLÊQ
3XOVH OD WHFOD 675 SDUD
PHPRUL]DU ORV FDPELRV
6L KD WHUPLQDGR GH XWLOL]DU HO
PHQÔ GH HGLFLÊQ GH 3URJUDPDV
SXOVH OD WHFOD 79$9 SDUD VDOLU
3DUD ERUUDU XQD SRVLFLÊQ GH SURJUDPD
TXHQRVHGHVHD
6HOHFFLRQH OD SRVLFLÊQ GHO
SURJUDPD
3XOVH OD WHFOD 5RMD GHO PDQGR D
GLVWDQFLD
9XHOYDDSXOVDUODWHFOD5RMD
SDUD FRQILUPDU
6L KD WHUPLQDGR HQ HO 0HQÔ GH
(GLFLÊQ GH 3URJUDPD SXOVH HO
ERWÊQ 79$9 SDUD VDOLU
0(18 '( 6,1721ô$  (',&,Ë1 '( 352*5$0$6
79$9
&RQILJXUDFLyQ
&RQILJXUDFLyQ
6LQWRQL]DU
3URJ &DQ 1RPEUH %ORTXHR 6LVW
(GLFLyQ SURJUDPD

3DUD DÆDGLU XQD SRVLFLÊQ GH SURJUDPD
(OLMDODSRVLFLÊQGHSURJUDPDHQOD
TXHVHKDGHLQWURGXFLUHOQXHYR
SURJUDPD
3XOVH OD WHFOD 9HUGH
9XHOYDDSXOVDUODWHFOD9HUGHSDUD
FRQILUPDU
(VWH SURJUDPD HQ EODQFR SXHGH D
FRQWLQXDFLÊQ VHU VLQWRQL]DGR GDUOH
XQ QRPEUH VHU EORTXHDGR \ VHU
DVLJQDGR DO VLVWHPD GH 79 TXH
XVWHG HOLMD
3XOVH 675 SDUD PHPRUL]DUOR
6L KD WHUPLQDGR GH XWLOL]DU HO PHQÔ
GH HGLFLÊQ GH 3URJUDPDV SXOVH OD
WHFOD 79$9 SDUD VDOLU
3DUD PRYHU XQ SURJUDPD D RWUD SRVLFLÊQ
(OLMD OD SRVLFLÊQ GHO SURJUDPD
TXH KD GH VHU PRYLGR
3XOVH OD WHFOD $PDULOOD HQ HO
PDQGR D GLVWDQFLD
(OLMD OD QXHYD SRVLFLÊQ
9XHOYDDSXOVDUODWHFOD$PDULOOD
SDUD FRQILUPDU
6L KD WHUPLQDGR HQ HO 0HQÔ GH
(GLFLÊQ GH 3URJUDPD SXOVH HO
ERWÊQ 79$9 SDUD VDOLU
0(18 '( 6,1721ô$  (',&,Ë1 '( 352*5$0$6
79$9
3URJ &DQ 1RPEUH %ORTXHR 6LVW
(GLFLyQ SURJUDPD
3URJ &DQ 1RPEUH %ORTXHR 6LVW
(GLFLyQ SURJUDPD
3URJ &DQ 1RPEUH %ORTXHR 6LVW
(GLFLyQ SURJUDPD
79$9

3DUD VLQWRQL]DU XQD SRVLFLÊQ GH SURJUDPD
(OLMD OD SRVLFLÊQ GHO SURJUDPD
9D\D D OD FROXPQD GHO FDQDO
$XPHQWDU R GLVPLQXLU HO QÔPHUR GH
FDQDO R XWLOL]DU OD WHFOD j& SDUD
$FFHVR 'LUHFWR DO &DQDO YHD
S
JLQD 
3XOVH 675 SDUD PHPRUL]DUOR
6L KD WHUPLQDGR HQ HO 0HQÔ GH
(GLFLÊQ GH 3URJUDPD SXOVH HO
ERWÊQ 79$9 SDUD VDOLU
3DUD FDPELDU HO QRPEUH GH XQD SRVLFLÊQ
GH SURJUDPD
(OLMD OD SRVLFLÊQ GHO SURJUDPD
9D\D D OD FROXPQD GH 1RPEUH
(OLMD HO QXHYR FDU
FWHU
3DVHDODSRVLFLÊQGHOFDU
FWHU
VLJXLHQWH
&RQWLQÔH KDVWD KDEHU HIHFWXDGR HO
FDPELR GH QRPEUH
3XOVH 675 SDUD PHPRUL]DUOR
6L KD WHUPLQDGR HQ HO 0HQÔ GH
(GLFLÊQ GH 3URJUDPD SXOVH HO
ERWÊQ 79$9 SDUD VDOLU
0(1Õ '( 6,1721ô$  (',&,Ë1 '( 352*5$0$6
(GLFLyQ SURJUDPD
3URJ &DQ 1RPEUH %ORTXHR 6LVW
(GLFLyQ SURJUDPD
3URJ &DQ 1RPEUH %ORTXHR 6LVW
79$9
79$9

%ORTXHR GH XQD SRVLFLÊQ GH SURJUDPD
SDUD HYLWDU HO DFFHVR D OD PLVPD
(OLMD OD SRVLFLÊQ GHO SURJUDPD
9D\D D OD FROXPQD GH EORTXHR
(OLMD HQWUH EORTXHR R GHVEORTXHR
3XOVH 675 SDUD PHPRUL]DUOR
6L KD WHUPLQDGR HQ HO 0HQÔ GH
(GLFLÊQ GH 3URJUDPD SXOVH HO
ERWÊQ 79$9 SDUD VDOLU
1RWD
&XDQGR XQD SRVLFLÊQ GH SURJUDPD HVW
EORTXHDGD HO
$FFHVR 'LUHFWR DO &DQDO KDFLHQGR XVR GH OD WHFOD j&
\ GH ODV WHFODV QXP ULFDV HQ HO PDQGR D GLVWDQFLD QR
HVW GLVSRQLEOH
&DPELR GHO VLVWHPD GH 79 SDUD XQD
SRVLFLÊQ GH SURJUDPD
(OLMD OD SRVLFLÊQ GHO SURJUDPD
9D\D D OD FROXPQD GH 6LVWHPD 6\V
(OLMD HO VLVWHPD GH VRQLGR
UHTXHULGR
6& 3$/%*+6(&$0%*
6& 3$/ ,
6& 3$/ ' .  6(&$0 ' .
)6(&$0//
3XOVH 675 SDUD PHPRUL]DUOR
6L KD WHUPLQDGR HQ HO 0HQÔ GH
(GLFLÊQ GH 3URJUDPD SXOVH HO
ERWÊQ 79$9 SDUD VDOLU
3DUD FRSLDU OD LQIRUPDFLÊQ GH ORV SURJUDPDV
HQ XQ DSDUDWR GH YõGHR FRPSDWLEOH FRQHFWDGR
D$9
9D\D D OD FROXPQD GH 3URJUDPDV
3URJ
3XOVH OD WHFOD $]XO HQ HO PDQGR D
GLVWDQFLD
/RV GDWRV GH ORV SURJUDPDV
VHU
Q HQYLDGRV D FRQWLQXDFLÊQ DO
DSDUDWR GH YõGHR (VWR SXHGH
H[LJLU DOJXQRV VHJXQGRV
GHSHQGLHQGR GHO QÔPHUR GH
HPLVRUDV TXH HVW
Q
PHPRUL]DGDV
6L KD WHUPLQDGR HQ HO 0HQÔ GH
(GLFLÊQ GH 3URJUDPD SXOVH HO
ERWÊQ 79$9 SDUD VDOLU
0(1Õ '( 6,1721ô$  (',&,Ë1 '( 352*5$0$6
79$9
(GLFLyQ SURJUDPD
3URJ &DQ 1RPEUH %ORTXHR 6LVW
(GLFLyQ SURJUDPD
3URJ &DQ 1RPEUH %ORTXHR 6LVW
(19Ì2 '( 79 $
9&5 (1 &8562
3URJUDPD  
0DQGR D GLVWDQFLD QR GLVSRQLEOH
79$9
79$9

(O PHQÔ GH FRQILJXUDFLÊQ $XWRP WLFD OH SHUPLWLU YROYHU D VLQWRQL]DU DXWRP WLFDPHQWH HO WHOHYLVRU D
ODV HPLVRUDV ORFDOHV (VWR UHVXOWD GH XWLOLGDG VL XVWHG VH WUDVODGD D XQD UHJLÊQ GLIHUHQWH
,QLFLH HO PHQÔ GH &RQILJXUDFLÊQ
9D\D DO PHQÔ GH 6LQWRQõD
$FFHGD DO PHQÔ GH VLQWRQõD
9D\D D FRQILJXUDFLÊQ $XWRP
WLFD
$FFHGD D OD FRQILJXUDFLÊQ
$XWRP
WLFD
3XOVH SDUD FRQILUPDU HO LQLFLR
6HOHFFLRQH VX SDõV
3XOVH SDUD LQLFLDU OD
FRQILJXUDFLÊQ $XWRP
WLFD $73
/D 79 H[SORUDU
 ORFDOL]DU \
FODVLILFDU HQ RUGHQ VXV HPLVRUDV
ORFDOHV 6L XQ 9&5 FRPSDWLEOH
HVW
FRQHFWDGR D WUDY VGHOD
EDVH $9 ORV GDWRV GH SURJUDPD
VH HQYLDU
Q DO 9&5 YõD HO (QODFH
4 YHD S JLQD 
8QD YH] TXH HVWD RSHUDFLÊQ KD\D
TXHGDGR ILQDOL]DGD HO WHOHYLVRU
LQGLFDU OD SRVLFLÊQ GH
SURJUDPD 
0(1Õ '( 6,1721ô$
&21),*85$&,Ë1 $8720
7,&$ $73
&RQILJXUDFLyQ
6LQWRQL]DU
$WHQFLyQ
&+ ;<=
  
79$9
79$9

/D VLQWRQõD PDQXDO GH ODV SRVLFLRQHV GH ORV 3URJUDPDV HVW GLVSRQLEOH ELHQ VHD GHVGH HO PHQÔ GH
ODV ,QGLFDFLRQHV (Q 3DQWDOOD R GHVGH ORV FRQWUROHV GHO FXDGUR IURQWDO
0(1Õ '( 6,1721ô$ 0$18$/
,QLFLH HO PHQÔ GH &RQILJXUDFLÊQ
9D\D DO PHQÔ GH 6LQWRQõD
$FFHGD DO PHQÔ GH VLQWRQõD
9D\D D VLQWRQõD 0DQXDO
$FFHGD D VLQWRQõD 0DQXDO
6HOHFFLRQH OD SRVLFLÊQ GH
SURJUDPD D VLQWRQL]DU
,QLFLH OD VLQWRQõD
8QD YH] TXH KD\D HQFRQWUDGR HO
SURJUDPD GHVHDGR SXOVH 675
SDUD PHPRUL]DUOR
3XOVH OD WHFOD 79$9 SDUD VDOLU
6LQWRQõD PDQXDO &XDGUR IURQWDO
3XOVH OD WHFOD ) &XDGUR IURQWDO
KDVWD OOHJDU D k0RGR GH VLQWRQõDl
3XOVH OD WHFOD  R OD  SDUD DFFHGHU
DO PRGR GH 6LQWRQõD
3XOVH OD WHFOD 79$9 SDUD PRYHUVH
HQWUH k&DPELR GH 3URJUDPDl
k%ÔVTXHGDl R k&DPELR GHO VLVWHPD
GH 79l
3XOVH OD WHFOD  R OD  SDUD FDPELDU
OD SRVLFLÊQ GHO SURJUDPD LQLFLDU OD
EÔVTXHGD R PRGLILFDU HO VLVWHPD GH
79
8QD YH] TXH VH KD HQFRQWUDGR OD
HPLVRUD TXH VH GHVHD SXOVH 675
SDUD PHPRUL]DU ORV FDPELRV
5HSLWD HO SURFHGLPLHQWR DQWHULRU
SDUD VLQWRQL]DU RWURV SURJUDPDV
DGLFLRQDOHV R SXOVH OD WHFOD ) SDUD
VDOLU
0(1Õ '( 6,1721ô$  6,1721ô$ 0$18$/
6LQWRQL]DU
3URFHVR GH VLQWRQtD

&XDQGR VH LQVWDOÊ HO WHOHYLVRU SRU SULPHUD YH] HO LGLRPD GH ODV ,QGLFDFLRQHV HQ 3DQWDOOD IXH
HVWDEOHFLGR GH DFXHUGR FRQ OD HOHFFLÊQ GH SDõV HIHFWXDGD SRU XVWHG 6L GHVHD XWLOL]DU XQ LGLRPD
GLIHUHQWH HO PLVPR SXHGH VHU VHOHFFLRQDGR D SDUWLU GHO PHQÔ GHO LGLRPD GH ODV ,QGLFDFLRQHV (Q
3DQWDOOD 26'
,QLFLH HO PHQÔ GH &RQILJXUDFLÊQ
9D\D DO PHQÔ GH LGLRPD GH ODV
26'
$FFHGD DO PHQÔ GH LGLRPD GH
ODV 26'
9D\DDODRSFLÊQTXHGHVHH
3XOVH OD WHFOD 79$9 SDUD
HIHFWXDU OD VHOHFFLÊQ \ VDOLU
,',20$ '( /$6 ,1',&$&,21(6 (1 3$17$//$ 26'
&RQILJXUDFLyQ
,GLRPD GH 26'
'HXWVFK (VSDxRO 1HGHUODQGV
(QJOLVK 1RUVN 6XRPL
)UDQoDLV 'DQVN 7UNoH
,WDOLDQR 6YHQVND 3RUWXJXrV
(//+1,.$
79$9

4  /LQN SHUPLWH TXH HO WHOHYLVRU VH FRPXQLTXH FRQ HO JUDEDGRUUHSURGXFWRU GH YõGHR
,QLFLH HO PHQÔ GH &RQILJXUDFLÊQ
9D\DD4/LQN
&RQILUPH TXH HO (QODFH 4 HVW
HQ j21
3XOVH OD WHFOD 79$9 SDUD VDOLU
(ODSDUDWR GH YõGHRGHEH HVWDUFRQHFWDGR FRQXQ FDEOH6&$57 WLSRGH IXQFLÊQ FRPSOHWD DFRSODGRHQWUHODEDVH GHFRQH[LÊQ$9GHO
WHOHYLVRU \ OD EDVH GH FRQH[LÊQ DSURSLDGD GHO YõGHR TXH XVWHG WHQJD 9HD HO PDQXDO GH LQVWUXFFLRQHV GH VX GHR SDUD P
V
LQIRUPDFLÊQ
4/LQN
R WHFQRORJõDV VLPLODUHV SHUPLWHQ DO WHOHYLVRU GDU LQVWUXFFLRQHV D XQD YLGHRJUDEDGRUD FRPSDWLEOH SDUD JUDEDU HO
SURJUDPD TXH HVW
VLHQGR PRVWUDGR HQ SDQWDOOD HQ HVWH PRPHQWR VLQ FRQVLGHUDU OD SRVLFLÊQ GHO SURJUDPD DMXVWDGR HQ OD
YLGHRJUDEDGRUD VLPSOLILFDQGR DVõ HO SURFHGLPLHQWR GH JUDEDFLÊQ GH SURJUDPDV
3DUD JUDEDU HO SURJUDPD TXH HVW YLHQGR HQ HVH PRPHQWR
3XOVH OD WHFOD GH *5$%$&,Ë1 ',5(&7$ '(/ 7(/(9,625 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 GHR TXHLQGLFD OR TXH HVW VLHQGR JUDEDGR RELHQ VL QR HVSRVLEOH
JUDEDUOR
9tGHR JUDEDQGR GHVGH HO WHOHYLVRU
1R VH JUDED 12 +$< &,17$
1R VH JUDED /$ &,17$ (67É 3527(*,'$
(O YõGHR HVW
JUDEDQGR OD VHÆDO GH SURJUDPD
SURFHGHQWH GH VX SURSLR VLQWRQL]DGRU 6L OR
GHVHD SXHGH DSDJDU HO WHOHYLVRU \ GHMDU HO GHR
JUDEDQGR HQ OD 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
/D DOHWD GH SURWHFFLÊQ FRQWUD HVFULWXUD GH OD SDUWH
WUDVHUDGHODFDVHWHKDVLGRTXLWDGD
1R VH JUDED (/ 9,'(2 (67É 5(352'8&,(1'2
1R VH JUDED /$ &,17$ 38('( (67$5 '$f$'$
9tGHR JUDEDQGR GHVGH XQ YtGHR H[WHUQR
1R VH JUDED 12 +$< )8(17( ',6321,%/(
(MHPSORV GH RWURV PHQVDMHV TXH SRGUõDQ VHU YLVXDOL]DGRV HQ OD SDQWDOOD VRQ
3DUD FRPSDUWLU OD LQIRUPDFLÊQ GH VLQWRQõD
3DUD JDUDQWL]DU TXH VH UHDOLFHQ XQDV JUDEDFLRQHV FRUUHFWDV HO WHOHYLVRU \ HO DSDUDWR JUDEDGRU \ UHSURGXFWRU GH YõGHR GHEHU Q
FRPSDUWLU OD LQIRUPDFLÊQ GH VLQWRQõD YHD OD S
JLQD 
- 6LHPSUH TXH VH XWLOL]D OD IXQFLÊQ j$XWRFRQILJXUDFLÊQ $73 ORV GDWRV GH VLQWRQõD VH WUDQVIHULU
QDO9&5
)XQFLRQHV GH DXWR HQFHQGLGRDSDJDGR
/RV 9&5 FRQ (QODFH 4 GH 3DQDVRQLF WLHQHQ GLVSRQLEOHV ODV FDUDFWHUõVWLFDV DGLFLRQDOHV VLJXLHQWHV
- 6L LQVHUWD XQD FLQWD HQ HO 9&5 \ SXOVD HO ERWÊQ j3OD\ OD WHOHYLVLÊQ VH HQFHQGHU
DXWRP WLFDPHQWH \ VHOHFFLRQDU OD HQWUDGD $9
SDUD TXH 8VWHG SXHGD YHU OD FLQWD
- 6L DSDJD OD WHOHYLVLÊQ PLHQWUDV HO 9&5 HVW
HQ ORV PRGRV j6WRS $YDQFH U 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 OD &RQILJXUDFLÊQ \ SRQJD OD RSFLÊQ 4 /LQN HQ k'HVFRQH[LÊQl 9HD OD S JLQD 
1RWD ,PSRUWDQWH
1R WRGRV ORV DSDUDWRV GH YõGHR SHUPLWHQ XWLOL]DU XQ VLVWHPD GH FRPXQLFDFLÊQ GH GDWRV 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 LQRSHUDQWHSULPHURFRQILUPHTXHVXFDEOH6&$57HVGHOWLSRGHIXQFLÊQFRPSOHWD3UHJXQWHDVXGLVWULEXLGRUSDUDP V
GHWDOOHV
4/,1.
&RQILJXUDFLyQ
79$9
0HQÔ GH &RQILJXUDFLÊQ
0HQÔ GH 6RQLGR

(O PHQÔ GH 6HOHFFLÊQ GH $9 OH SHUPLWH HOHJLU OD IXHQWH GH $9 TXH TXLHUD YHU
3XOVH OD WHFOD 79$9
3XOVH OD WHFOD GH FRORU DSURSLDGD
GHO PDQGR D GLVWDQFLD PLHQWUDV ODV
RSFLRQHV SHUPDQHFHQ HQ SDQWDOOD
/DV RSFLRQHV GHVDSDUHFHU
Q
3XHGH TXH OH LQWHUHVH HIHFWXDU
DMXVWHV HQ ORV PHQÔV GH
&RQILJXUDFLÊQ R GH 6RQLGR
,QLFLH HO PHQÔ GH &RQILJXUDFLÊQ
9D\DDODRSFLÊQTXHGHVHH
$FFHGD D ORV DMXVWHV R D ODV
RSFLRQHV
3XOVH OD WHFOD 79$9 SDUD VDOLU
6HOHFFLRQHHOPHQÔGH6RQLGR
9D\DDODRSFLÊQTXHGHVHH
$FFHGD D ORV DMXVWHV R D ODV
RSFLRQHV
3XOVH OD WHFOD 79$9 SDUD VDOLU
6(/(&&,Ë1 < &21),*85$&,Ë1 '( $9
79$9
79$9
79$9
$9
&RQILJXUDFLyQ
6RQLGR

(O 0DQGR D 'LVWDQFLD SXHGH KDFHU IXQFLRQDU DOJXQDV GH ODV IXQFLRQHV GH HTXLSRV VHOHFFLRQDGRV GH 9&5*UDEDFLÊQ \ 5HSURGXFFLÊQ
GH &LQWDVGH 9õGHR\ GH'9''LVFR9HUV
WLO'LJLWDO GH3DQDVRQLF $OJXQRVHTXLSRVGH 9&5\ GH'9' WLHQHQIXQFLRQHV GLIHUHQWHVSRU
OR TXH DO REMHWR GH DVHJXUDUVH GH VX FRPSDWLELOLGDG VõUYDQVH FRQVXOWDU HO PDQXDO GH LQVWUXFFLRQHV GH VX HTXLSR R ELHQ D VX
SURYHHGRU SRU OR TXH UHVSHFWD D ORV GHWDOOHV
)81&,21$0,(172 &21 9&5  '9'
3XOVH SDUD SDVDU HO 9&5  '9' DO PRGR GH (Q
(VSHUD
9XHOYDDSXOVDUSDUDYROYHUORDHQFHQGHU
(Q (VSHUD
3XOVH SDUD REWHQHU OD UHSURGXFFLÊQ GH OD FLQWD R GHO
'9'
5HSURGXFFLÊQ
3XOVH SDUD SDUDU OD FLQWD R HO '9'
3DUR
9&5 3XOVH SDUD KDFHU DYDQ]DU OD FLQWD GH IRUPD
U
SLGD (Q HO PRGR GH 5HSURGXFFLÊQ SXOVH SDUD YHU
ODLPDJHQFRQXQDYDQFHU
SLGR
'9' 3XOVH XQD YH] SDUD VDOWDU D OD SLVWD VLJXLHQWH
(Q HO PRGR GH 5HSURGXFFLÊQ SXOVH \ PDQW
QJDOD
SXOVDGD 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
'9' 3XOVH XQD YH] SDUD VDOWDU D OD SLVWD DQWHULRU
(Q HO PRGR GH 5HSURGXFFLÊQ SXOVH \ PDQW
QJDOD
SXOVDGD SDUD YHU OD LPDJHQ FRQ XQ UHWURFHVR U
SLGR
6DOWR  5HERELQDGR  5HYLVLÊQ
3XOVDQGR HQ HO PRGR GH 5HSURGXFFLÊQ OD LPDJHQ
TXHGD TXLHWD
9XHOYD D SXOVDU SDUD UHDQXGDU OD UHSURGXFFLÊQ
3DXVD  ,QQRYLOL]DFLÊQ
3XOVH SDUD DXPHQWDU R GLVPLQXLU HQ XQD XQLGDG OD
SRVLFLÊQ GHO SURJUDPD HQ HO 9&5
$XPHQWR  'LVPLQXFLÊQ GHO 1ÔPHUR GHO 3URJUDPD
3XOVHHVWDWHFODSDUDGDULQLFLRDODJUDEDFLÊQ
*UDEDFLÊQ
8WLOLFH HVWH FRQPXWDGRU SDUD VHOHFFLRQDU VL ORV
FRQWUROHV KDQ GH KDFHU IXQFLRQDU HO HTXLSR GH '9' R HO
DSDUDWR GH JUDEDFLÊQ \ UHSURGXFFLÊQ GH FLQWDV GH
YõGHR
&RQPXWDGRU 9&5  '9'
&
79$9
"
1

- /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 GH ,PDJHQ PLHQWUDV IXQFLRQD HO 7HOHWH[WR DSDUHFHU
OD IXQFLÊQ GHO FRQWUDVWH FRQ XQD EDUUD GH FRORU FLDQ
3XOVH *SDUD PRGLILFDU HO DMXVWH VHJÔQ VHD QHFHVDULR
$O SXOVDU OD WHFOD GH &RQILJXUDFLÊQ PLHQWUDV IXQFLRQD HO 7HOHWH[WR DSDUHFHU Q ODV RSFLRQHV GH ODVIXQFLRQHV HVSHFLDOHV HQ OD SDUWH
LQIHULRU GH OD SDQWDOOD
- &XDQGR VH HVW
HQ HO PRGR GH 7HOHWH[WR HO YROXPHQ VH SXHGH PRGLILFDU WDPEL Q SDUD REWHQHU HO QLYHO GH DXGLFLÊQ TXH VH GHVHH
4X HV HO PRGR GH /,67"
(Q HOPRGR GH /,67 KD\ FXDWUR QÔPHURVGH S JLQD GH FRORUHVGLIHUHQWHV VLWXDGRV HQ OD SDUWH LQIHULRU GH OD SDQWDOOD &DGD XQR GHHVWRV
QÔPHURV SXHGH VHU PRGLILFDGR \ FRQVHUYDGR HQ OD PHPRULD GHO WHOHYLVRU
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 3DUD WHQHU DFFHVR D P V
LQIRUPDFLÊQ DFHUFD GH XQR GH GLFKRV WHPDV SXOVH OD WHFOD GHO FRORU TXH FRUUHVSRQGD (VWH VLVWHPD SHUPLWH XQ DFFHVR U
SLGR D OD
LQIRUPDFLÊQ VREUH ORV WHPDV LQGLFDGRV
4X HV HO 7HOHWH[WR 723"
(O 723 7HOHWH[WR KDFH TXH OD WDUHD GH VHOHFFLRQDU ODV S JLQDV GH 7HOHWH[WR GHVHDGDV VHD P VI FLO \ U SLGD 'H KHFKR HO WLHPSR GH
DFFHVRDODS
JLQD HV FDVL LQVWDQW QHR /H EDVWD SXOVDU HO ERWÊQ \ OD S JLQD DSDUHFH
&ÊPR IXQFLRQD"
(Q HO 723 VH XWLOL]DQ ODV FXDWUR WHFODV GH FRORU 5RMD 9HUGH $PDULOOD \ $]XO SDUD VHOHFFLRQDU ODV LQIRUPDFLRQHV TXH D FRQWLQXDFLÊQ VH
LQGLFDQ
- 3DUD GHVSOD]DUVH HQWUH EORTXHV WHP
WLFRV '(3257(6 SRU HMHPSOR XWLOLFH OD WHFOD $]XO 'HQWUR GH HVWH WHPD GH ORV '(3257(6
HV SRVLEOH VHOHFFLRQDU JUXSRV GLIHUHQWHV WDOHV FRPR 7HQLV )ÔWERO % LVERO HWF KDFLHQGR XVR GH OD WHFOD $PDULOOD &XDQGR VH OOHJD
DO ÔOWLPR GH ORV JUXSRV TXH KD\ GHQWUR GHO EORTXH OD WHFOD $PDULOOD VH GHVSOD]D DO EORTXH VLJXLHQWH
- &RQ OD WHFOD 9HUGH VH VHOHFFLRQDU
OD VLJXLHQWH S JLQD $6&(1'(17( GLVSRQLEOH
- &RQ OD WHFOD 5RMD VH VHOHFFLRQDU
OD VLJXLHQWH S JLQD '(6&(1'(17( GLVSRQLEOH
&X OHV VRQ ODV YHQWDMDV"
- 6HOHFFLÊQ GH OD S JLQD DFFLRQDQGR XQD VROD WHFOD
- 6HOHFFLÊQSDVRDSDVR\I FLOGHXVDUGHOWHPDGHTXHVHWUDWH
- 5HGXFFLÊQ GHO WLHPSR GH HVSHUD
- 6LVHLQWURGXFHXQQÔPHURGHS
JLQD TXH QR H[LVWH DSDUHFHU XQ VLJQR GH LQWHUURJDFLÊQ HQ OD SDUWH LQIHULRU GH OD SDQWDOOD
- /õQHDGHHVWDGRGHODVS
JLQDV HQ OD SDUWH LQIHULRU GH OD SDQWDOOD GH IRUPD TXH XVWHG VLHPSUH VDEH TX WHFOD OH OOHYDU KDVWD OD
LQIRUPDFLÊQ TXH GHVHD
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
/DV S JLQDV SXHGHQ VHU VHOHFFLRQDGDV GH GRV PDQHUDV
D 3XOVH ODV WHFODV GH $UULED  $EDMR SDUD LQFUHPHQWDU R GLVPLQXLU HO QÔPHUR GH OD S
JLQD HQ XQD
XQLGDG
E ,QWURGXFLHQGR HO QÔPHUR GH OD S
JLQD HPSOHDQGR SDUD HOOR ODV WHFODV GHO PDQGR D GLVWDQFLD
6HOHFFLÊQ GH ODV 3 JLQDV
3XOVH OD WHFOD GH &RQILJXUDFLÊQ SDUD SUHVHQWDU ODV IXQFLRQHV HVSHFLDOHV VHJXLGD SRU OD WHFOD GH
FRORU 9HUGH
9XHOYD D SXOVDU GH QXHYR OD WHFOD 9HUGH SDUD DPSOLDU OD PLWDG ,1)(5,25
9XHOYD D SXOVDU SDUD UHWRUQDU DO WDPDÆR QRUPDO &203/(72
&RPSOHWR  6XSHULRU  ,QIHULRU
3XOVH OD WHFOD GH &RQILJXUDFLÊQ SDUD SUHVHQWDU OD IXQFLRQHV HVSHFLDOHV VHJXLGD SRU OD WHFOD GH
FRORU 5RMR SDUD UHYHODU ODV SDODEUDV RFXOWDV FRPR SRU HMHPSOR ODV UHVSXHVWDV D XQD S
JLQD GH
SUHJXQWDV 9XHOYD D SXOVDU SDUD RFXOWDUODV GH QXHYR
5HYHODU
(Q HO PRGR GH 723 R HQ HO GH )$67(;7 HVWD WHFODV VH FRUUHVSRQGHQ FRQ ORV WHPDV GH GLIHUHQWHV
FRORUHV
(Q HO PRGR GH /,67 VH FRUUHVSRQGHQ FRQ ORV QÔPHURV GH S
JLQD GH GLIHUHQWHV FRORUHV
7HFODV5RMD9HUGH$PDULOOD$]XO
(Q HO PRGR GH /,67 ORV FXDWUR QÔPHURV GH S JLQD VH SXHGHQ FDPELDU SDUD ODV SRVLFLRQHV GH
FDQDOGHODOVRODPHQWH
3DUD KDFHUOR SXOVH XQD GH ODV WHFODV GH FRORUHV H LQWURGX]FD HO QXHYR QÔPHUR GH S
JLQD
3XOVH \ PDQWHQJD SXOVDGD 675ORVQÔPHURVGHS JLQD FDPELDU Q GH FRORU
0HPRULD /LVW
)81&,21$0,(172 '(/ 7(/(7(;72

1R HV SRVLEOHFDPELDUOD SRVLFLÊQGHO SURJUDPD FXDQGRVH HVW HQ $YDQFHVGH 1RWLFLDV HQ$FWXDOL]DFLÊQR HQ OD RSHUDFLÊQ GH $FFHVR
D3
JLQDV 6XEFRGLILFDGDV
$OPDFHQD HQ PHPRULD XQD S JLQD IDYRULWD SDUD VX UHFXSHUDFLÊQ LQVWDQW QHD 3DUD DOPDFHQDU HVWD
S
JLQD OD 79 GHEH HVWDU HQ PRGR /,67 \ OD SRVLFLÊQ GHO SURJUDPD GHEH HVWDU HQWUH \  3XOVH HO
ERWÊQ $]XOVHOHFFLRQHHOQÔPHURGHS
JLQD\DSULHWH\PDQWHQJDHOERWÊQ675(OQÔPHURGHOD
S JLQD KD TXHGDGR DOPDFHQDGR 3XOVH )3 SDUD UHFXSHUDU HVWD S JLQD
3 JLQD )DYRULWD ) 3
3XOVH OD WHFOD GH &21),*85$&,Ë1 SDUD KDFHU DSDUHFHU ODV IXQFLRQHV HVSHFLDOHV VHJXLGD GH OD
WHFOD $PDULOOD SDUD YHU OD LPDJHQ GH OD 79 PLHQWUDV HIHFWÔD OD EÔVTXHGD GH XQD S
JLQD GHO
7HOHW H[ WR 
8QD YH] HQFRQWUDGD HO QÔPHUR GH OD S
JLQD DSDUHFHU LQGLFDGR HQ HO QJXOR VXSHULRU L]TXLHUGR
GH OD SDQWDOOD
3XOVH OD WHFOD $PDULOOD SDUD YHU OD S
JLQD
9XHOYDDSXOVDU79  7(;72 SDUD YROYHU DO IXQFLRQDPLHQWR QRUPDO GH UHFHSFLÊQ GH OD 79
$YDQFHV GH 1RWLFLDV
&XDQGR VH KD VHOHFFLRQDGR XQD S
JLQD GH DYDQFHV GH QRWLFLDV SXOVH &21),*85$&,Ë1 \D
FRQWLQXDFLÊQ OD WHFOD $PDULOOD SDUD YHU OD LPDJHQ GH OD 79 &XDQGR VH UHFLEH XQD DFWXDOL]DFLÊQ HO
QÔPHUR GH OD S
JLQD DSDUHFH YLVXDOL]DGR HQ OD SDQWDOOD
3XOVH OD WHFOD $PDULOOD SDUD KDFHU DSDUHFHU HQ OD SDQWDOOD HO $YDQFH GH 1RWLFLDV
3XOVH 79  7(;72 SDUD YROYHU DO IXQFLRQDPLHQWR QRUPDO GH UHFHSFLÊQ GH OD 79
$FWXDOL]DFLÊQ
3XOVH &21),*85$&,Ë1 \ D FRQWLQXDFLÊQ OD WHFOD $PDULOOD SDUD YHU OD DFWXDOL]DFLÊQ GH ODV
LQIRUPDFLRQHV HQ GHWHUPLQDGDV S
JLQDV
&XDQGR VH UHFLEH XQD DFWXDOL]DFLÊQ HO QÔPHUR GH OD S
JLQD DSDUHFHU YLVXDOL]DGR HQ HO QJXOR
VXSHULRU L]TXLHUGR GH OD SDQWDOOD
3XOVH OD WHFOD $PDULOOD SDUD YHU OD S
JLQD
3XOVH 79  7(;72 SDUD YROYHU DO IXQFLRQDPLHQWR QRUPDO GH UHFHSFLÊQ GH OD 79
$FWXDOL]DU 3UHVHQWDFLÊQ
&XDQGR OD LQIRUPDFLÊQ GHO 7HOHWH[WR RFXSD P V GH XQD S JLQD HO FDPELR DXWRP WLFR GH ODV
VXES
JLQDV SXHGH UHTXHULU XQ FLHUWR WLHPSR KDVWD OOHJDU D OD VXES JLQD TXH XVWHG QHFHVLWD
(V SRVLEOH LQWURGXFLU OD VXES
JLQD TXH XVWHG QHFHVLWD \ FRQWLQXDU YLHQGR HO SURJUDPD QRUPDO
KDVWD TXH VH HQFXHQWUH OD VXES
JLQD FRUUHFWD
6HOHFFLRQHHOQÔPHURGHODS
JLQD UHTXHULGD KDFLHQGR XVR GH ODV WHFODV GHO  DO 
3XOVH OD WHFOD GH &21),*85$&,Ë1 VHJXLGD SRU OD WHFOD $]XOHQHO
QJXOR VXSHULRU GHUHFKR GH OD
SDQWDOOD DSDUHFHU
OD LQGLFDFLÊQ 7
,QWURGX]FD HO QÔPHUR GH OD VXES JLQD TXH GHVHD DQWHV GH TXH OD LQGLFDFLÊQ 7 GHVDSDUH]FD
3DUD VHOHFFLRQDU OD S
JLQD  LQWURGX]FD   \ 
6L VH HVW
HQ HO PRGR GH /,67 DSDUHFHU XQD j7 HQ HO UHFXDGUR DFWXDO GH OD SDUWH LQIHULRU
3XOVH OD WHFOD $PDULOOD SDUD YHU XQ SURJUDPD QRUPDO GH 79
3XOVH &21),*85$&,Ë1 VHJXLGD SRU OD WHFOD $PDULOOD HQ HO PRGR GH /,67
&XDQGR OD S JLQD HVW GLVSRQLEOH SXOVH OD WHFOD $PDULOOD SDUD YHUOD
3DUD KDFHU GHVDSDUHFHU OD S
JLQD VLJD XQR GH ORV SURFHGLPLHQWRV VLJXLHQWHV
- 3XOVH &21),*85$&,Ë1
- 6HOHFFLRQH XQ QXHYR QÔPHUR GH S
JLQD
- 3XOVH 797(;72 SDUD YROYHU DO IXQFLRQDPLHQWR QRUPDO GH UHFHSFLÊQ GH OD 79
$FFHVR D ODV 3 JLQDV 6XEFRGLILFDGDV
3XOVH ô1',&( ,1'(; SDUD YROYHU D OD S JLQD GHO õQGLFH SULQFLSDO
'HSHQGLHQGR GH OD IRUPD HQ TXH VHD WUDQVPLWLGD OD LQIRUPDFLÊQ SXHGH VHU QHFHVDULR WHQHU TXH
SXOVDU P
V GH XQD YH] SDUD YROYHU D OD S JLQD GHO õQGLFH SULQFLSDO
ôQGLFH
3DUD PDQWHQHU OD S JLQD GH 7HOHWH[WR DO YHU OD LQIRUPDFLÊQ PXOWLS JLQD
3XOVH GH QXHYR SDUD YROYHU D OD DFWXDOL]DFLÊQ DXWRP
WLFD GH S JLQD
0DQWHQHU
)81&,21$0,(172 '(/ 7(/(7(;72

&RQHFWRUHV 3RVWHULRUHV 6&$57 $9  $96 GH  3DWLOODV \ GH 6DOLGD GH
$XGLR 5&$
%DVHV GH &RQH[LÊQ GH
6$/,'$ '( $8',2 /  5
(QWUDGD  6DOLGD GH OD
%DVH GH &RQH[LÊQ
6&$57 $9
(QWUDGD  6DOLGD GH OD %DVH
GH &RQH[LÊQ 6&$57 $9
'DWRV GHO 4  /LQN
1RWDV
/RV HTXLSRV DX[LOLDUHV \ ORV FDEOHV TXH VH PXHVWUDQ HQ ODV
ILJXUDV QR HVW
Q LQFOXLGRV HQ HO VXPLQLVWUR GH HVWH WHOHYLVRU
1R FRQHFWDU XQ RUGHQDGRU FRQ VDOLGD 77/  9 D HVWH WHOHYLVRU
&DEOHVGH$XGLR
5&$
&DEOH 6&$57
&DEOH 6&$57
&RQHFWRU 6&$57 $9 GH  SDWLOODV
$9 /DV SDWLOODV  \  GHSHQGHQ GH OD
FRQPXWDFLÊQ $9 6  9+6  9ô'(2
1 ,QIRUPDFLÊQ DFHUFD GH ORV &RQHFWRUHV 6&$57
&RQHFWRU 6&$57 $9 GH  SDWLOODV
/DV HQWUDGDV DGHFXDGDV SDUD $9
LQFOX\HQ ODV 5*% 5RMR  9HUGH  $]XO
&21(;,21(6 '( $8',2  9ô'(2

6õQWRPDV
&
R
P
S
U
R
E
D
F
L
R
Q
H
V
,PDJHQ 6RQLGR
&
R
P
S
U
R
E
D
F
L
R
Q
H
V
,PDJHQ FRQ 1LHYH
6RQLGR $QRUPDO
6LWXDFLÊQ GLUHFFLÊQ R FRQH[LÊQ GH OD DQWHQD
,P JHQHV 0ÔOWLSOHV
6RQLGR 1RUPDO
6LWXDFLÊQ GLUHFFLÊQ R FRQH[LÊQ GH OD DQWHQD
,QWHUIHUHQFLD
6RQLGR $QRUPDO
$SDUDWRV HO FWULFRV
&RFKHV  0RWRFLFOHWDV
7XERV IOXRUHVFHQWHV
&RQHFWDU 31  5 HQ HO PHQÔ GH ,PDJHQ SDUD
UHGXFLU HO UXLGR GH OD LPDJHQ
,PDJHQ 1RUPDO
1R +D\ 6RQLGR
1LYHO GHO YROXPHQ D FHUR
(VW
DFWLYDGR HO VLOHQFLDGRU GHO VRQLGR
1R +D\ ,PDJHQ
1R +D\ 6RQLGR
(O WHOHYLVRU HVW HQ HO PRGR GH $9
(O WHOHYLVRU QR HVW
HQFKXIDGRDODWRPDGH
FRUULHQWH HO
FWULFD
(O WHOHYLVRU QR HVW
HQFHQGLGR
/RV FRQWUROHV GH ,PDJHQ  6RQLGR HVW
QSXHVWRV
HQ ORV QLYHOHV PõQLPRV
&RPSUREDU VL VH HVW
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 $XVHQWH
9XHOYD D VLQWRQL]DU HO FDQDO R FDQDOHV
0DQFKDV GH &RORU
6RQLGR 1RUPDO
,QWHUIHUHQFLD PDJQ WLFD SURFHGHQWH GH HTXLSRV VLQ
EOLQGDMH
6H KD GHVSOD]DGR HO UHFHSWRU PLHQWUDV HVWDED
(1&(1','2 GHMDU HO WHOHYLVRU DSDJDGR GXUDQWH
 PLQXWRV
,PDJHQ 1RUPDO
6RQLGR ' ELO R 'LVWRUVLRQDGR
/D UHFHSFLÊQ GHO VRQLGR SXHGH KDEHUVH
GHWHULRUDGR
&RQPXWDU HO DMXVWH GH 03; PHQÔ GHO 6RQLGR D
0RQR KDVWD TXH PHMRUH OD UHFHSFLÊQ
/2&$/,=$&,Ë1 '( $9(5ô$6

1 5HSDUDFLRQHV
$QWHV GH VROLFLWDU XQD UHSDUDFLÊQ VõUYDVH FRQVXOWDU OD JXõD SDUD
OD ORFDOL]DFLÊQ GH DYHUõDV GH OD S
JLQD DQWHULRU SDUD GHWHUPLQDU
ORV VõQWRPDV 3DUD REWHQHU XQD UHSDUDFLÊQ VõUYDVH SRQHUVH HQ
FRQWDFWR FRQ VX GLVWULEXLGRU ORFDO GH 3DQDVRQLF 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 jVRPEUD 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 IXQFLRQHV SRVHHQ XQD PHPRULD GH 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
3URJUDPD 0DWL] 0176& 176& VRODPHQWH
,GLRPD GH ODV ,QGLFDFLRQHV
HQ 3DQWDOOD 26' 'HVFRGLILFDGRU $9
3RVLFLÊQ $9 &RQWUDVWH
9ROXPHQ 1LWLGH]
03; $VSHFWR
%DMRV (Q (VSHUD
$JXGRV ,QWHOLJHQFLD $UWLILFLDO $,
,PDJHQ \ 6RQLGR
%DODQFH &RORU
%DODQFH GH &RORU %ULOOR
(VWDGR $PELHQWH
3  15 0RGR GH 7HOHWH[WR
0RGR 4  /LQN
1 )XQFLÊQ GH $SDJDGR $XWRP WLFR
6L QR VH DSDJD HO WHOHYLVRU FXDQGR OD HPLVRUD GH 79 GHMD GH
WUDQVPLWLU HQWUDU
GHIRUPDDXWRP WLFDHQHOPRGRGH (Q(VSHUD
DO FDER GH  PLQXWRV (VWD IXQFLÊQ QR HVW DFWLYDGD FXDQGR HO
WHOHYLVRU VH HQFXHQWUD HQ HO PRGR GH $9
7;6/)= 7;6/)=
$OLPHQWDFLÊQ (O FWULFD &RUULHQWH $OWHUQD GH   9  +]
&RQVXPR GH (QHUJõD : :
&RQVXPR (Q (VSHUD
:
7XER GH ,PDJHQ
'LDJRQDO YLVLEOH
 FP  FP
6DOLGD GH $XGLR
3RWHQFLD 0XVLFDO
[  : LPSHGDQFLD :
'LPHQVLRQHV
$
$
)
 PP
 PP
 PP
 PP
 PP
 PP
3HVR NJ  
6LVWHPDV GH 5HFH
S
FLÊQ 
3$/%*+,6(&$0%*6(&$0//
9+) (  ( 9+) +  + ,7$/,$
9+) $  + LPSHGDQFH 8+) (  (
&$79 6 6 &$79 6 6 0  0
&$79 6  6 8  8 &$79 6  6 +LSHUEDQGD
3
$
/
'
.
6
(
&
$
0
'
.
6
L
V
W
H
P
D
V
G
H
5
H
F
H
S
F
L
Ê
Q
1RPEUH GH ODV %DQGDV
3
$
/
'
.
6
(
&
$
0
'
.
9+)55 9+)55
9+)55 8+)((
3$/  5HSURGXFFLÊQ GH FLQWD 176& GHVGH DOJXQRV HTXLSRV GH YõGHR 9&5 3$/
0176& 5HSURGXFFLÊQ GH $SDUDWRV GH 9õGHR 9&5 176& D  0K]
176& (QWUDGD GH $9 VÊOR 5HSURGXFFLÊQ GH $SDUDWRV GH 9õGHR 9&5 176&
$QWHQD  'HWU V 8+)  9+)
$9  'HWU V
$9 FRQHFWRU GH  SDWLOODV HQWUDGD VDOLGD GH $XGLR 9õGHR HQWUDGD GH 5*%
$9 FRQHFWRU GH  SDWLOODV HQWUDGD VDOLGD GH $XGLR 9õGHR HQWUDGD GH
6 9õGHR 4/LQN
 6DOLGDV GH 0RQLWRU GH $XGLR 5&$
/DV HVSHFLILFDFLRQHV HVW Q VXMHWDV D PRGLILFDFLRQHV VLQ SUHYLR DYLVR /RV SHVRV \ ODV GLPHQVLRQHV TXH VH LQGLFDQ VRQ DSUR[LPDGRV
,1)250$&,Ë1 *(1(5$/
(63(&,),&$&,21(6

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  5HSÔEOLFD &KHFD
PDUFD  3DQDVRQLF
PRGHOR 7;6/)= 7;6/)=
3$1$621,& 6$/(6 63$,1 6$ $9'$ -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 VHSWLHPEUH 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
  • Page 41 41
  • Page 42 42
  • Page 43 43
  • Page 44 44
  • Page 45 45
  • Page 46 46
  • Page 47 47
  • Page 48 48
  • Page 49 49
  • Page 50 50
  • Page 51 51
  • Page 52 52

Panasonic TX25SL1FZ Instrucciones de operación

Tipo
Instrucciones de operación
Este manual también es adecuado para

En otros idiomas