Download Kathrein BZD 40
Transcript
%HWULHEVDQOHLWXQJ '9%72XWGRRU $QWHQQH%=' ,QKDOWVYHU]HLFKQLV ,QKDOWVYHU]HLFKQLV 6LFKHUKHLWVKLQZHLVH:LFKWLJH+LQZHLVH $OOJHPHLQHV 9HUZHQGXQJV]ZHFN $OOJHPHLQHV]XP'9%7(PSIDQJ 1RWZHQGLJHV=XEHK|U $XIVWHOOXQJ$QVFKOXVVXQG,QEHWULHEQDKPH .DEHONRQIHNWLRQLHUHQ $QVFKOXVVGHU$QWHQQHXQGGHV5HFHLYHUV 2SWLPLHUXQJ 2SWLPLHUXQJPLW'9%75HFHLYHU 5HLQLJXQJ :DQGPRQWDJH 0DVWPRQWDJH %DONRQPRQWDJH 2SWLRQDOH0RQWDJHODJH 9HUOHJXQJGHV$QWHQQHQNDEHOVGXUFKGLH:DQG )DOVFKH0RQWDJHVLWXDWLRQHQ $XVVWDWWXQJVPHUNPDOHXQGWHFKQLVFKH'DWHQ 6LFKHUKHLWVKLQZHLVH 'LH$QWHQQHXQGGDV=XEHK|UVLQGNHLQ.LQGHUVSLHO]HXJ *HJHEHQHQIDOOV EULJJHEOLHEHQHV 0RQWDJH]XEHK|U YRQ .LQGHUQ IHUQ KDOWHQ(UVWLFNXQJVJHIDKUGXUFKYHUVFKOXFNWH7HLOH %HL:DQGPRQWDJH6WHOOHQ6LHYRUGHP%RKUHQGHU/|FKHUVLFKHUGDVV NHLQHHOHNWULVFKHQ/HLWXQJHQLQGHU:DQGYHUODXIHQ /HEHQVJHIDKUGXUFK6WURPVFKODJ (UGXQJVXQG%OLW]VFKXW]DUEHLWHQGUIHQZHJHQGHU*HIDKUXQ]X OlQJOLFKHU$UEHLWVHUJHEQLVVH QXU YRQ KLHUIU VSH]LHOO JHVFKXOWHQ )DFKNUlIWHQGHV(OHNWURKDQGZHUNVDXVJHIKUWZHUGHQ %HL GHU 0RQWDJH DQ$QWHQQHQPDVWHQ N|QQHQ *HIDKU IU ,KU /HEHQ XQG,KUH*HVXQGKHLWHQWVWHKHQ%HDFKWHQ6LHGHVKDOE %HWUHWHQ6LH'lFKHURGHUDEVWXU]JHIlKUGHWH6WHOOHQQXUPLWHLQHP RUGQXQJVJHPlDQJHOHJWHQLQWDNWHQ6LFKHUKHLWVJXUW 9HUJHZLVVHUQ 6LH VLFK RE GDV 'DFK ,KU *HZLFKW DXVKlOW %HWUHWHQ 6LH QLHPDOV EUFKLJH RGHU XQVWDELOH )OlFKHQ 7UDJHQ 6LH IHVWH UXWVFKKHPPHQGH6FKXKH /HLWHUQ RGHU DQGHUH 6WHLJKLOIHQ PVVHQ LQ HLQZDQGIUHLHP =XVWDQG VHLQ%DXHQ6LHNHLQHZDJKDOVLJHQÄ.OHWWHUWUPH³ :HQQ 3DVVDQWHQ GXUFK KHUDEIDOOHQGH *HJHQVWlQGH ZlKUHQG GHU 0RQWDJH JHIlKUGHW ZHUGHQ N|QQHQ PVVHQ 6LH GHQ *HIDKUHQEH UHLFKDEVSHUUHQ $FKWHQ6LHDXI)UHLOHLWXQJHQIDOOVVROFKHLQGHU1lKHGHV0RQWDJH RUWHVYRUEHLIKUHQ%HL%HUKUXQJEHVWHKWDNXWH/HEHQVJHIDKU $UEHLWHQ 6LH QLHPDOV EHL DXI]LHKHQGHP *HZLWWHU RGHU ZlKUHQG HLQHV*HZLWWHUVDQ$QWHQQHDQODJHQ(VEHVWHKW/HEHQVJHIDKU 'HU$QWHQQHQPDVWPXVVYRUVFKULIWVPlLJQDFK(1JHHUGHW VHLQ 'LH$QWHQQHGDUIQXULP6SDQQXQJVEHUHLFKYRQ9EHWULHEHQZHU GHQ (OHNWURQLVFKH*HUlWHJHK|UHQQLFKWLQGHQ+DXVPOOVRQGHUQ PVVHQJHPl5LFKWOLQLH(*'(6(8523b,6&+(1 3$5/$0(17681''(65$7(6YRP-DQXDUEHU (OHNWURXQG(OHNWURQLN$OWJHUlWHIDFKJHUHFKWHQWVRUJWZHUGHQ %LWWHJHEHQ6LHGLHVHV*HUlWDP(QGHVHLQHU9HUZHQGXQJ]XU(QW VRUJXQJDQGHQGDIUYRUJHVHKHQHQ|IIHQWOLFKHQ6DPPHOVWHOOHQDE $OOJHPHLQHV 9HUZHQGXQJV]ZHFN 'LH DNWLYH$QWHQQH LVW LP$XHQEHUHLFK ]XP (PSIDQJ YRQ GLJLWDOHQ WHUUHVWULVFKHQ)HUQVHKXQG5XQGIXQN6LJQDOHQLP9+)%DQG,,,XQG 8+)%DQG,99%HUHLFKPLWDXVUHLFKHQGHP6LJQDOSHJHOJHHLJQHW 1RWZHQGLJHV=XEHK|U =XP(PSIDQJYRQ'9%76LJQDOHQLVWHLQ'9%7JHHLJQHWHU5HFHLYHU PLW)HUQVSHLVHP|JOLFKNHLW9EHUGDV.RD[LDONDEHORGHUHLQH[WHU QHV)HUQVSHLVH1HW]WHLO9Q|WLJ $OOJHPHLQHV]XP'9%7(PSIDQJ ,Q *HELHWHQ PLW JHULQJHQ RGHU ]X VWDUNHQ (PSIDQJVIHOGVWlUNHQ LVW HLQVW|UXQJVIUHLHU(PSIDQJQLFKWLQDOOHQ)lOOHQJHZlKUOHLVWHW%HL]X VFKZDFKHP6LJQDOSHJHOVROOWHHLQH5LFKWDQWHQQHPLW0DVWPRQWDJHDP 'DFK GHV *HElXGHV YHUZHQGHW ZHUGHQ ,Q XQPLWWHOEDUHU 1lKH ]XP 6HQGHUNDQQGHU(PSIDQJGXUFK]XKRKH(PSIDQJVSHJHOEHHLQWUlFK WLJWZHUGHQ=LPPHUDQWHQQH]%%='YHUZHQGHQ 'HU(PSIDQJNDQQ]XGHPGXUFKZHLWHUH)DNWRUHQEHHLQWUlFKWLJWVHLQ .ULWLVFKH$XIVWHOORUWHVLQG DQ6WDKOEHWRQEDXWHQ DQJHVFKORVVHQHQ0HWDOOVWUXNWXUHQRGHUYHUNOHLGXQJHQHWF EHL 0RQWDJH LQ XQPLWWHOEDUHU 1lKH YRQ VHQGHQGHQ HOHNWURQLVFKHQ *HUlWHQ]%0RELOWHOHIRQHQ $XIVWHOOXQJ$QVFKOXVVXQG,QEHWULHEQDKPH .DEHONRQIHNWLRQLHUHQ %HLGHU0RQWDJHGHV)6WHFNHUVJHKHQ6LHELWWHZLHIROJWYRU 6WHFNHQ6LHGLH.DSSHDXIGDV.DEHOVLHKH%LOG .DSSH %LOG ,VROLHUHQ6LHGHQ$XHQPDQWHOGHV.DEHOVDEXQGDFKWHQ6LHGDUDXI GDVV 6LH GDV $EVFKLUPJHÀHFKW QLFKW GXUFKWUHQQHQ 0DDQJDEH LQ PPVLHKH%LOG $EVFKLUP JHÀHFKW %LOG %LHJHQ6LHGDV$EVFKLUPJHÀHFKWVRUJIlOWLJ]XUFNVLHKH%LOG $EVFKLUPJHÀHFKW XQG$OXIROLH ]XUFNELHJHQ %LOG ,QQHQOHLWHU /HJHQ 6LH GHQ ,QQHQOHLWHU 0DDQJDEHLQPP HQWVSUHFKHQG %LOG IUHL %LOG $XIVWHOOXQJ$QVFKOXVVXQG,QEHWULHEQDKPH )6WHFNHU %LOG 6WHOOHQ 6LH YRU GHU 0RQWDJH GHV )6WHFNHUV VLFKHU GDVV NHL QH 'UlKWFKHQ GHV $EVFKLUPJHÀHFKWV GHQ ,QQHQOHLWHU EH UKUHQ 'LHV N|QQWH HLQHQ .XU]VFKOXVV ]XU )ROJH KDEHQ 'UHKHQ 6LH GHQ )6WHFNHU VRUJIlOWLJ DXI GDV .DEHOHQGH DXI ELV HU IHVWDXIGHP.DEHOVLW]W'DEHLVROOWHGHU,QQHQOHLWHUPD[PPDXV GHP)6WHFNHUKHUDXVUDJHQ'HU,QQHQOHLWHUGDUIGDEHLQLFKWYHUER JHQZHUGHQ%LOG 'LH 4XDOLWlW GHV (PSIDQJVLJQDOV KlQJW DXFK YRQ GHU .DEHOPRQWDJH DE $QVFKOXVVGHU$QWHQQHXQGGHV5HFHLYHUV 9HUELQGHQ6LHGLH$QWHQQHEHUGDVEHLOLHJHQGH.RD[LDO.DEHOPLW GHP'9%75HFHLYHU'LH$QWHQQHN|QQHQ6LHXQDEKlQJLJYRQGHU 3RODULVDWLRQGHUDEJHVWUDKOWHQ6LJQDOHPRQWLHUHQ 6FKUDXEHQ6LHGHQ)6WHFNHUDQGHU]XJHK|ULJHQ%XFKVHGHU$Q WHQQHIHVW6FKLHEHQ6LHGLH.DSSHEHUGHQ)6WHFNHUELVHU LP$QWHQQHQJHKlXVHHLQUDVWHW 6WHFNHQ6LHGHQ,(&6WHFNHUDQGHU5FNVHLWHGHV5HFHLYHUVLQ GLHGDIUYRUJHVHKHQHgIIQXQJ 9HUELQGHQ 6LH GHQ 5HFHLYHU PLW GHP 79*HUlW QlKHUH ,QIRUPDWL RQHQ HQWQHKPHQ 6LH GHU$QOHLWXQJ GHV MHZHLOLJHQ 5HFHLYHUV XQG VFKDOWHQLKQHLQ6FKDOWHQ6LHGDV79*HUlWDXI$9%HWULHEVRIHUQ GDV79*HUlWVLFKQLFKWVHOEVWVWlQGLJXPVFKDOWHW 6WHOOHQ 6LH EHU GDV (LQVWHOOPHQ GHV '9%75HFHLYHUV VLFKHU GDVVGLH6WURPYHUVRUJXQJGHU$QWHQQHEHUGDV.RD[LDO.DEHOHLQ JHVFKDOWHWLVW 1XQVROOWHGHU(PSIDQJYRQ'9%73URJUDPPHQP|JOLFKVHLQ $XIVWHOOXQJ$QVFKOXVVXQG,QEHWULHEQDKPH 2SWLPLHUXQJ .OHPPVFKUDXEH 0DFKHQ6LH(PSIDQJVYHUVXFKHIUGLHJHHLJQHWVWH3RVLWLRQGHU$QWHQ QH9RU]XJVZHLVHGRUWZR6LHGLH$QWHQQHVSlWHUIHVWPRQWLHUHQZRO OHQ'DEHLLVWGLH9HUOHJXQJGHV.DEHOV]XEHDFKWHQ=XU9HUEHVVHUXQJ GHV(PSIDQJVVLJQDOVNDQQGLH$QWHQQHGXUFK6FKZHQNHQDXVJHULFKWHW ZHUGHQ'DEHLLVWZLHIROJWYRU]XJHKHQ /|VHQ 6LH GLH .OHPPVFKUDXEH PLW EHLOLHJHQGHP ,QQHQVHFKVNDQW 6FKOVVHO 6FKZHQNHQ 6LH GLH$QWHQQH LQ 6FKULWWHQ ELV GHU (PSIDQJ LQ 2UGQXQJLVW =LHKHQ6LHGLH.OHPPVFKUDXEHDQDFKWHQ6LHGDEHLGDUDXIGDVV GDV+DOWHEOHFKLP$QWHQQHQJHKlXVHHLQUDVWHW 6ROOWH NHLQ RSWLPDOHU (PSIDQJ P|JOLFK VHLQ WHVWHQ 6LH GLH $QWHQQH DQHLQHPDQGHUHQ2UWZHOFKHUGHU6HQGHDQWHQQH]XJHZDQGWLVWXQG ZLHGHUKROHQ6LHGLHREHQJHQDQQWHQ6FKULWWH ,QXQPLWWHOEDUHU1lKH]XP6HQGHUNDQQGHU(PSIDQJGXUFK]XKRKH (PSIDQJVSHJHOEHHLQWUlFKWLJWZHUGHQ 2SWLPLHUXQJPLW'9%75HFHLYHU (LQLJH 5HFHLYHU ELHWHQ GLH 0|JOLFKNHLW GHQ (PSIDQJVSHJHO XQG GLH 6LJQDOJWH DXI GHP %LOGVFKLUP DQ]X]HLJHQ XQG HUODXEHQ VRPLW HLQH ZHLWHUH 2SWLPLHUXQJ GHU $QWHQQHQDXIVWHOOXQJ %HDFKWHQ 6LH KLHU]X ELWWHGLH%HGLHQXQJVDQOHLWXQJGHVMHZHLOLJHQ5HFHLYHUV 5HLQLJXQJ 5HLQLJHQ 6LH GLH $QWHQQH QXU PLW HLQHP IHXFKWHQ 7XFK 9HU ZHQGHQ 6LH NHLQH DJJUHVVLYHQ RGHU VFKHXHUQGHQ 5HLQLJXQJV PLWWHO GD GLHVH GLH *HKlXVHREHUÀlFKH VFKlGLJHQ N|QQWHQ 7DXFKHQ6LHGDV*HUlWQLHPDOVLQ)OVVLJNHLWHQ $XIVWHOOXQJ$QVFKOXVVXQG,QEHWULHEQDKPH 9RU GHU 0RQWDJH 6WHOOHQ 6LH YRU GHP %RKUHQ GHU /|FKHU VL FKHU GDVV NHLQH HOHNWULVFKHQ /HLWXQJHQ LQ GHU :DQG YHUODXIHQ /HEHQVJHIDKUGXUFK6WURPVFKODJ :DQGPRQWDJH ,P /LHIHUXPIDQJ EH¿QGHW VLFK GDV QRWZHQGLJH %HIHVWLJXQJVPDWHULDO XPGLH$QWHQQHDQGHU:DQG]XEHIHVWLJHQ +DEHQ6LHGLHRSWLPDOH(PSIDQJVSRVLWLRQGHU$QWHQQHHUPLWWHOWN|Q QHQ6LHGLH/|FKHUIUGLH:DQGKDOWHUXQJERKUHQ $FKWHQ6LHGDUDXIGDVVGLH$QWHQQHVRPRQWLHUWZLUGGDVVGLH.DSSH E]ZGDV.DEHOQDFKXQWHQ]HLJW 0DVWPRQWDJH ,P /LHIHUXPIDQJ EH¿QGHW VLFK GDV QRWZHQGLJH %HIHVWLJXQJVPDWHULDO XPGLH$QWHQQHDQHLQHP0DVWHQ]XEHIHVWLJHQ 6FKUDXEHQ 6LH GLH ]ZHL PLWJHOLHIHUWHQ 6FKQHFNHQJHZLQGH6FKODXFK VFKHOOHQDQGHQ0DVW=LHKHQ6LHGLH6FKUDXEHQQRFKQLFKWJDQ]IHVW 'HU+DOWHZLQNHOGHU%='EHVLW]WDQGHUREHUHQXQGXQWHUHQ.DQWH HLQHQ%HIHVWLJXQJV]DSIHQGHUMHZHLOVLQHLQH6FKODXFKVFKHOOH]XU0RQ WDJHXQG%HIHVWLJXQJHLQJHKlQJWZLUG'UHKHQ6LHGLH$QWHQQHELV6LH RSWLPDOHQ(PSIDQJHUKDOWHQ+DEHQ6LHGLHRSWLPDOH(PSIDQJVSRVLWL RQGHU$QWHQQHHUPLWWHOWN|QQHQ6LHGLH6FKQHFNHQJHZLQGH6FKODXFK VFKHOOHXQGGLH.OHPPVFKUDXEHIHVWGUHKHQ $FKWHQ6LHGDUDXIGDVVGLH$QWHQQHVRPRQWLHUWZLUGGDVVGLH.DSSH E]ZGDV.DEHOQDFKXQWHQ]HLJW $XIVWHOOXQJ$QVFKOXVVXQG,QEHWULHEQDKPH %DONRQPRQWDJH ,P /LHIHUXPIDQJ EH¿QGHW VLFK GDV QRWZHQGLJH %HIHVWLJXQJVPDWHULDO XPGLH$QWHQQHDQHLQHP%DONRQ]XEHIHVWLJHQ +DEHQ6LHGLHRSWLPDOVWH(PSIDQJVSRVLWLRQGHU$QWHQQHHUPLWWHOWN|Q QHQ6LHGLH/|FKHUIUGLH%DONRQKDOWHUXQJERKUHQ $FKWHQ6LHGDUDXIGDVVGLH$QWHQQHVRPRQWLHUWZLUGGDVVGLH.DSSH E]ZGDV.DEHOQDFKXQWHQ]HLJW 2SWLRQDOH0RQWDJHODJH 'LH0RQWDJHSRVLWLRQHQGHU$QWHQQHN|QQHQGXUFK8PEDXGHV+DOWH ZLQNHOVHUZHLWHUWZHUGHQ $XVOLHIHU]XVWDQG 8PEDX]XVWDQG %HLP8PEDX]XHUVWGLH.OHPPVFKUDXEHXQGJHJHEHQHQIDOOVGLH.DS SHVRZLHGDV.DEHOHQWIHUQHQ'DQDFKGHQ+DOWHZLQNHODXVEDXHQXQG XPVHLWLJZLHGHUHLQEDXHQ'DEHLGDUDXIDFKWHQGDVVGHU+DOWHZLQNHO ]XHUVWXQWHQHLQJHIlGHOWZLUGXQGGDQDFKHUVWPLWWHOVGHU.OHPPVFKUDX EHZLHGHUEHIHVWLJWZLUG $XIVWHOOXQJ$QVFKOXVVXQG,QEHWULHEQDKPH 9RU GHU 0RQWDJH 6WHOOHQ 6LH YRU GHP %RKUHQ GHU /|FKHU VL FKHU GDVV NHLQH HOHNWULVFKHQ /HLWXQJHQ LQ GHU :DQG YHUODXIHQ /HEHQVJHIDKUGXUFK6WURPVFKODJ 9HUOHJXQJGHV$QWHQQHQNDEHOVGXUFKGLH:DQG 6ROOWHQ6LHGDV.DEHOGXUFKGLH:DQGQDFK$XHQYHUOHJHQEHIROJHQ 6LHELWWHQDFKGHUHUIROJUHLFKHQ.RQIHNWLRQLHUXQJGHV.DEHOVGHU2S WLPLHUXQJXQGGHU0RQWDJHGHU$QWHQQHZLHDE6HLWHEHVFKULHEHQ IROJHQGH6FKULWWH 'HPRQWLHUHQ6LHGHQ)6WHFNHU 1HKPHQ6LHGLH9HUVFKOXVVNDSSHYRP.DEHOZLHGHUDE -HW]WN|QQHQ6LHGDV.DEHOYRQLQQHQGXUFKGDV/RFKLQGHU:DQG QDFKDXHQIKUHQ 6WHFNHQ6LHDXHQGLH9HUVFKOXVVNDSSHZLHGHUDXIGDV.DEHOZLH DXI6HLWHEHVFKULHEHQ 6FKUDXEHQ6LHGHQ)6WHFNHUZLHGHUDXIGDV.DEHO )DOVFKH0RQWDJHVLWXDWLRQHQ .DSSHVROOWHQDFKXQWHQ]HLJHQZDDJUHFKWH$QEULQJXQJHUODXEW %HL.DEHOYHUOHJXQJEHDFKWHQGDVVGDV.DEHO]XHUVWLPPHUQDFKXQ WHQ ]HLJW 'DGXUFK ZLUG YHUKLQGHUW GDVV 5HJHQWURSIHQ EHU GLH 9HU VFKOXVVNDSSHLQV,QQHUHGHU$QWHQQHJHODQJHQN|QQHQ $XVVWDWWXQJVPHUNPDOHXQGWHFKQLVFKH'DWHQ $NWLYH 9+)8+)$QWHQQH IU $XHQDQZHQGXQJ ]XP (PSIDQJ GLJLWDOHU WHUUHVWULVFKHU 79 XQG 5DGLR3URJUDPPH '9%7 (LQIDFKH:DQG0DVWRGHU%DONRQPRQWDJH (PSIDQJVEHUHLFK9+)0+]8+)0+] )UKRUL]RQWDOHXQGYHUWLNDOH3RODULVDWLRQ $QVSUHFKHQGHVXQGSODW]VSDUHQGHV'HVLJQ $EPHVVXQJHQPLW+DOWHUPP[PP[PP $QVFKOXVV)%XFKVHPLW:HWWHUVFKXW]NDSSH $NWLYH$QWHQQHPLWLQWHJULHUWHP9HUVWlUNHU *WHG%. 9HUVWlUNXQJ%,,,G%%,99G% 0D[$XVJDQJVSHJHOG%9 )HUQVSHLVXQJ9P$EHUGDV.RD[LDONDEHOGXUFKGHQDQJH VFKORVVHQHQ'9%75HFHLYHURGHUPLWH[WHUQHP)HUQVSHLVH1HW]WHLO 9 6HKUQLHGULJH5DXVFK]DKO 0LWJHOLHIHUWHV=XEHK|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¿WWHGDQGLQWDFWVDIHW\KDUQHVVZKHQFOLPELQJ URRIVRURWKHUORFDWLRQVZKHUH\RXDUHDWULVNRIIDOOLQJ 0DNHVXUHWKHURRILVDEOHWRKROG\RXUZHLJKW1HYHUZDONRQFUXPEOLQJ RUXQVWDEOHVXUIDFHV:HDU¿UPQRQVOLSVKRHV /DGGHUVRURWKHUFOLPELQJDLGVXVHGPXVWEHLQJRRGZRUNLQJRUGHU 'RQRWFRQVWUXFWZREEO\ÄWRZHUV³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µV URRI VKRXOG EH XVHG ,Q FORVH SUR[LPLW\ WR WKH WUDQVPLWWHU UHFHSWLRQ PD\ EH LPSDLUHG E\ H[FHVVLYHO\ KLJK VLJQDO OHYHOV ,Q VXFK FDVHVXVHDQLQGRRUDQWHQQDVXFKDVWKH%=' 5HFHSWLRQ PD\ DOVR EH LPSDLUHG E\ RWKHU IDFWRUV &ULWLFDO LQVWDOODWLRQ ORFDWLRQVDUH RQVWHHOUHLQIRUFHGFRQFUHWHVWUXFWXUHV RQHQFORVHGPHWDOVWUXFWXUHVRUFODGGLQJHWF LQFORVHSUR[LPLW\WRWUDQVPLWWLQJHOHFWURQLFGHYLFHVVXFKDVPRELOH SKRQHV ,QVWDOODWLRQ&RQQHFWLRQDQG6HWXS 3UHDVVHPEOLQJWKH&DEOH 7R¿WWKH)VWDQGDUGFRQQHFWRU 6ORWWKHFDSRQWRWKHFDEOHVHH¿JXUH &DS )LJXUH 6WULS RII WKH RXWHU VKHDWK RI WKH FDEOH PDNLQJ VXUH \RX GR QRW FXW WKURXJKWKHEUDLGHGVKLHOGGLPHQVLRQVLQPPVHH¿JXUH %UDLGHGVKLHOG )LJXUH &DUHIXOO\EHQGEDFNWKHEUDLGHGVKLHOGVHH¿JXUH %HQGEDFN EUDLGHGVKLHOG DQGDOXPLQLXP IRLO )LJXUH ([SRVHWKHLQQHUFRQGXFWRUDVVKRZQLQ¿JXUHGLPHQVLRQVLQPP ,QQHUFRQGXFWRU )LJXUH ,QVWDOODWLRQ&RQQHFWLRQDQG6HWXS )VWDQGDUG FRQQHFWRU )LJXUH %HIRUH¿WWLQJWKH)VWDQGDUGFRQQHFWRUPDNHVXUHQRVWUDQGVRIWKH EUDLGHGVKLHOGDUHWRXFKLQJWKHLQQHUFRQGXFWRU7KLVFRXOGFDXVHD VKRUWFLUFXLW&DUHIXOO\WZLVWWKH)VWDQGDUGFRQQHFWRURQWRWKHHQGRI WKHFDEOHXQWLOLWLV¿UPO\LQSODFH7KHLQQHUFRQGXFWRUVKRXOGSURWUXGH DPD[LPXPRIPPRXWRIWKHFRQQHFWRU7KHLQQHUFRQGXFWRUPXVW QRWEHEHQW¿JXUH 7KH TXDOLW\ RI WKH UHFHLYHG VLJQDO DOVR GHSHQGV RQ WKH FDEOH DVVHPEO\ &RQQHFWLQJWKH$QWHQQDDQGWKH5HFHLYHU &RQQHFW WKH DQWHQQD WR WKH '9%7 UHFHLYHU E\ WKH FRD[LDO FDEOH SURYLGHG<RXFDQLQVWDOOWKHDQWHQQDUHJDUGOHVVRIWKHSRODULVDWLRQ RIWKHWUDQVPLWWHGVLJQDOV 6FUHZ WKH ) VWDQGDUG FRQQHFWRU RQWR WKH PDWFKLQJ DQWHQQD VRFNHW3XVKWKHFDSRYHUWKH)VWDQGDUGFRQQHFWRUXQWLOLWORFNV LQWRWKHDQWHQQDKRXVLQJ 3OXJWKH,(&FRQQHFWRURQWKHUHDURIWKHUHFHLYHULQWRWKHRSHQLQJ SURYLGHGIRULW &RQQHFWWKHUHFHLYHUWRWKH79VHWFRQVXOWWKHUHFHLYHUPDQXDOIRU PRUHGHWDLOVDQGVZLWFKWKHUHFHLYHURQ6HWWKH79WR$9PRGHLI LWGRHVQRWGRVRDXWRPDWLFDOO\ZKHQ\RXVZLWFKRQWKHUHFHLYHU &KHFN WKH '9%7 UHFHLYHUµV 6HWXS PHQX WR PDNH VXUH WKH SRZHU VXSSO\WRWKHDQWHQQDLVFRQQHFWHGYLDWKHFRD[LDOFDEOH ,WVKRXOGQRZEHSRVVLEOHWRUHFHLYH'9%7SURJUDPPHV ,QVWDOODWLRQ&RQQHFWLRQDQG6HWXS 2SWLPLVLQJ &ODPSVFUHZ 7U\WRUHFHLYHDWWKHPRVWVXLWDEOHDQWHQQDSRVLWLRQSUHIHUDEO\ZKHUH \RXDUHLQWHQGLQJWR¿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¿[LQJVIRUZDOOPRXQWLQJDUHSURYLGHGZLWKWKHDQWHQQD 2QFH\RXKDYHIRXQGWKHRSWLPXPUHFHSWLRQSRVLWLRQIRUWKHDQWHQQD \RXFDQGULOOWKHKROHVIRUWKHZDOOEUDFNHW %H VXUH WR PRXQW WKH DQWHQQD ZLWK WKH FDS DQG FDEOH IDFLQJ GRZQZDUGV 0DVW0RXQWLQJ 7KH SURGXFW SDFNDJH LQFOXGHV WKH ¿[LQJV QHFHVVDU\ WR DWWDFK WKH DQWHQQDWRDPDVW%ROWWKHWZRVXSSOLHGZRUPGULYHKRVHFOLSVWRWKH PDVW'RQRW\HWWLJKWHQWKHEROWVIXOO\7KHPRXQWLQJEUDFNHWRIWKH%=' KDVOXJVDWWKHWRSDQGERWWRPZKLFKHQJDJHLQKRVHFOLSVWRPRXQW DQG VHFXUH WKH EUDFNHW 5RWDWH WKH DQWHQQD XQWLO \RX JHW RSWLPXP UHFHSWLRQ2QFH\RXKDYHIRXQGWKHRSWLPXPUHFHSWLRQ\RXFDQWLJKWHQ WKHZRUPGULYHKRVHFOLSDQGWKHFODPSLQJVFUHZ 0DNHVXUHWKHDQWHQQDLVPRXQWHGVRWKHFDSDQGFDEOHDUHSRLQWLQJ GRZQZDUGV ,QVWDOODWLRQ&RQQHFWLRQDQG6HWXS %DOFRQ\0RXQWLQJ 7KHQHFHVVDU\¿[LQJVIRUPRXQWLQJRQDEDOFRQ\DUHSURYLGHGZLWKWKH DQWHQQD 2QFH\RXKDYHIRXQGWKHRSWLPXPUHFHSWLRQSRVLWLRQIRUWKHDQWHQQD \RXFDQGULOOWKHKROHVIRUWKHEDOFRQ\PRXQWLQJEUDFNHW %H VXUH WR PRXQW WKH DQWHQQD ZLWK WKH FDS DQG FDEOH IDFLQJ GRZQZDUGV 2SWLRQDO0RXQWLQJ3RVLWLRQ 7KH UDQJH RI SRVVLEOH PRXQWLQJ SRVLWLRQV RI WKH DQWHQQD FDQ EH H[WHQGHGE\PRGLI\LQJWKHPRXQWLQJEUDFNHW ([IDFWRU\VWDWXV 0RGL¿HGVWDWXV :KHQPRGLI\LQJWKHEUDFNHW¿UVWUHPRYHWKHFODPSVFUHZDQGWKHFDS DQGFDEOHDVQHFHVVDU\7KHQUHPRYHWKHEUDFNHWDQGUH¿WLWWKHRWKHU ZD\URXQG,QGRLQJVREHVXUHWRVORWWKHEUDFNHWLQDWWKHERWWRP¿UVW EHIRUH¿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¿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ȝ9 5HPRWHIHHG9P$YLDFRD[LDOFDEOHIURPFRQQHFWHG'9%7 UHFHLYHURUZLWKH[WHUQDOUHPRWHIHHGSRZHUVXSSO\XQLW9 9HU\ORZQRLVHILJXUH 6XSSOLHGDFFHVVRULHV :HDWKHUVKLHOGFDS )L[LQJVIRUZDOOEDOFRQ\RUPDVWPRXQWLQJ PFRQQHFWLQJFDEOH)VWDQGDUGFRQQHFWRUDQG,(&FRQQHFWRU 2SHUDWLQJPDQXDO 6LQJOHSDFNGLPHQVLRQVPP[[ :HLJKWNJ ,QPLGUDQJHDW0+]EDQGZLGWKDQG7X . 7R(1IRUG%.0$UGRUGHU 6RPPDLUH 6RPPDLUH &RQVLJQHVGHVpFXULWpUHPDUTXHVLPSRUWDQWHV *pQpUDOLWpV 8WLOLVDWLRQ *pQpUDOLWpVVXUODUpFHSWLRQ'9%7 $FFHVVRLUHVQpFHVVDLUHV ,QVWDOODWLRQUDFFRUGHPHQWHWPLVHHQVHUYLFH 3UpSDUDWLRQGXFkEOH 5DFFRUGHPHQWGHOµDQWHQQHHWGXUpFHSWHXU 2SWLPLVDWLRQ 2SWLPLVDWLRQDYHFUpFHSWHXU'9%7 1HWWR\DJH 0RQWDJHPXUDO 0RQWDJHVXUPkW 0RQWDJHVXUEDOFRQ 3RVLWLRQGHPRQWDJHRSWLRQQHOOH 3DVVDJHGXFkEOHGµDQWHQQHjWUDYHUVOHPXU ([HPSOHVGHPRQWDJHLQFRUUHFW &DUDFWpULVWLTXHVHWGRQQpHVWHFKQLTXHVGHOµpTXLSHPHQW &RQVLJQHVGHVpFXULWp /µDQWHQQHHWOHVDFFHVVRLUHVQHVRQWSDVGHVMRXHWVSRXUOHVHQIDQWV 7HQLU OHV DFFHVVRLUHV GH PRQWDJH pYHQWXHOOHPHQW VXSHUÀXV KRUV GH SRUWpH GHV HQIDQWV ULVTXH GµpWRXIIHPHQW HQ FDV GµLQJHVWLRQ GH SLqFHV (QFDVGHPRQWDJHPXUDODYDQWGHSHUFHUGHVWURXVYpUL¿H]TXµDXFXQ FkEOHpOHFWULTXHQHSDUFRXUWOµLQWpULHXUGHODFORLVRQ 5LVTXHGµpOHFWURFXWLRQ $¿QGµHQDVVXUHUXQHH[pFXWLRQGDQVOHVUqJOHVOHVWUDYDX[GHPLVHj ODWHUUHHWGHSURWHFWLRQFRQWUHODIRXGUHQHGRLYHQWrWUHHIIHFWXpVTXH SDUGHVpOHFWULFLHQVTXDOL¿pV'DQJHUGHPRUWORUVGXPRQWDJHVXUOHV PkWVGµDQWHQQH3RLQWVLPSRUWDQWV 1µDFFpGH] DX WRLW RX DX[ HQGURLWV SUpVHQWDQW GHV ULVTXHV GH FKXWH TXµpTXLSpGµXQHVDQJOHGHVpFXULWpHQSDUIDLWpWDW $VVXUH]YRXVTXHOHWRLWSXLVVHVXSSRUWHUYRWUHSRLGV1HPDUFKH] MDPDLVVXUGHVVXUIDFHVIUDJLOHVRXLQVWDEOHV3RUWH]GHVFKDXVVXUHV UHQIRUFpHVDQWLGpUDSDQWHV /HVpFKHOOHVHWDXWUHVDFFHVVRLUHVGHPRQWpHGRLYHQWrWUHHQSDUIDLW pWDW1HIDEULTXH]SDVÄGµpFKDIDXGDJHVGHIRUWXQH³ ,QWHUGLVH] OµDFFqV j OD ]RQH GDQJHUHXVH VL MDPDLV GHV SDVVDQWV SRXUUDLHQWrWUHEOHVVpVSDUODFKXWHGµREMHWVGXUDQWOHPRQWDJH )DLWHVDWWHQWLRQjOµpYHQWXHOOHSUpVHQFHGHOLJQHVpOHFWULTXHVDpULHQQHV jSUR[LPLWpGHOµHPSODFHPHQWGHPRQWDJH'DQJHUGHPRUWHQFDVGH FRQWDFW 1µHIIHFWXH]MDPDLVGHWUDYDX[VXUGHVDQWHQQHVSDUWHPSVRUDJHX[ RXGXUDQWXQRUDJH'DQJHUGHPRUW /HPkWGµDQWHQQHGRLWrWUHPLVjODWHUUHGDQVOHVUqJOHVFRQIRUPpPHQW j(1 /µDQWHQQHDpWpFRQoXHH[FOXVLYHPHQWSRXUXQHSODJHGHWHQVLRQGH j9 /HVDSSDUHLOVpOHFWURQLTXHVQHIRQWSDVSDUWLHGHVGpFKHWVGRPHVWLTXHV HW GRLYHQW j FH WLWUH FRQIRUPpPHQW DX UqJOHPHQW &(( GX 3$5/(0(17 (8523e(1 (7 '8 &216(,/ GX MDQYLHU SRUWDQW VXU OHV GpFKHWV GµpTXLSHPHQWV pOHFWULTXHV HW pOHFWURQLTXHV rWUHpOLPLQpVFRPPHLOVHGRLW 9HXLOOH]UHPHWWUHFHWDSSDUHLOORUVTXµLOVHUDKRUVGµXVDJHGDQVXQSRLQW GHFROOHFWHRI¿FLHOVSpFLDOHPHQWSUpYXjFHWHIIHW *pQpUDOLWpV 8WLOLVDWLRQ &HWWH DQWHQQH DFWLYH GµH[WpULHXU D pWp FRQoXH SRXU OD UpFHSWLRQ GH VLJQDX[GHWpOpYLVLRQHWGHUDGLRQXPpULTXHWHUUHVWUH9+)EDQGH,,,HW 8+)EDQGHV,99jFRQGLWLRQTXHOHQLYHDXGHVLJQDOVRLWVXI¿VDQW $FFHVVRLUHVQpFHVVDLUHV /DUpFHSWLRQGHVLJQDX['9%7H[LJHXQUpFHSWHXU'9%7DGDSWpDYHF WpOpDOLPHQWDWLRQ9YLDOHFkEOHFRD[LDORXXQEORFGHWpOpDOLPHQWDWLRQ H[WHUQH9 *pQpUDOLWpVVXUODUpFHSWLRQ'9%7 8QH UpFHSWLRQ RSWLPDOH QH VDXUDLW rWUH JDUDQWLH GDQV OHV ]RQHV R OµLQWHQVLWpGHUpFHSWLRQHVWLQVXI¿VDQWHRXWURSLPSRUWDQWH6LOHQLYHDX GH VLJQDO HVW WURS IDLEOH LO FRQYLHQW GµXWLOLVHU XQH DQWHQQH RULHQWpH PRQWpHVXUXQPkWVXUOHWRLWGXEkWLPHQW¬SUR[LPLWpGHOµpPHWWHXUOD UpFHSWLRQULVTXHGµrWUHDOWpUpHSDUXQQLYHDXGHVLJQDOWURSLPSRUWDQW XWLOLVHUSDUH[HPSOHXQHDQWHQQHLQWpULHXUH%=' /D UpFHSWLRQ SHXW pJDOHPHQW rWUH DIIHFWpH SDU GµDXWUHV IDFWHXUV /HV HPSODFHPHQWVFULWLTXHVVRQWSOXVVSpFLDOHPHQWOHVVXLYDQWV GDQVOHVFRQVWUXFWLRQVHQEpWRQDUPp GDQVGHVVWUXFWXUHVRXKDELOODJHVPpWDOOLTXHVIHUPpVHWF j SUR[LPLWp GµDSSDUHLOODJHV pOHFWURQLTXHV TXL pPHWWHQW GHV RQGHV SDUH[HPSOHWpOpSKRQHVPRELOHV ,QVWDOODWLRQUDFFRUGHPHQWHWPLVHHQVHUYLFH 3UpSDUDWLRQGXFkEOH 3RXUPRQWHUOHFRQQHFWHXU)YHXLOOH]SURFpGHUFRPPHVXLW ,QVpUH]OHPDQFKRQVXUOHFkEOHYRLUOD¿JXUH 0DQFKRQ )LJXUH 'pQXGH]OHFkEOHHQUHWLUDQWODJDLQHH[WpULHXUH&HIDLVDQWYHLOOH] jQHSDVVHFWLRQQHUODWUHVVHGHEOLQGDJHGRQQpHVHQPPYRLUOD ¿JXUH 7UHVVHGH EOLQGDJH )LJXUH 5HSOLH]DYHFSUpFDXWLRQODWUHVVHGHEOLQGDJHYRLUOD¿JXUH 5HSOLHUODWUHVVH GHEOLQGDJH HWODFRXFKH GµDOXPLQLXP )LJXUH &RQGXFWHXU LQWHUQH /LEpUH]OHFRQGXFWHXULQWHUQHFRQIRUPpPHQWjOD¿JXUHGRQQpHV HQPP )LJXUH ,QVWDOODWLRQUDFFRUGHPHQWHWPLVHHQVHUYLFH &RQQHFWHXU) $YDQW GH PRQWHU OH FRQQHFWHXU ) DVVXUH]YRXV TXµDXFXQ EULQ GH OD WUHVVH GH EOLQGDJH QµHVW HQ FRQWDFW DYHF OH FRQGXFWHXU LQWHUQH &HFLSRXUUDLWSURYRTXHUXQFRXUWFLUFXLW,QVpUH]DYHFSUpFDXWLRQOH FRQQHFWHXU)jOµH[WUpPLWpGXFkEOHHQOXLLPSULPDQWXQPRXYHPHQW GHURWDWLRQMXVTXµjFHTXµLOVRLWVROLGHPHQW¿[p/HFRQGXFWHXULQWHUQH QHGRLWSDVGpSDVVHUGHSOXVGHPPGXFRQQHFWHXU)9HLOOH]jQH SDVWRUGUHOHFRQGXFWHXULQWHUQH)LJXUH )LJXUH /DTXDOLWpGXVLJQDOGHUpFHSWLRQHVWpJDOHPHQWIRQFWLRQGXPRQWDJH GXFkEOH 5DFFRUGHPHQWGHOµDQWHQQHHWGXUpFHSWHXU 5DFFRUGH] OµDQWHQQH DX UpFHSWHXU '9%7 DX PR\HQ GX FkEOH FRD[LDOIRXUQL9RXVSRXYH]PRQWHUOµDQWHQQHVDQVYRXVVRXFLHUGH ODSRODULVDWLRQGHVVLJQDX[pPLV 9LVVH]jIRQGOHFRQQHFWHXU)VXUOD¿FKHIHPHOOHFRUUHVSRQGDQWH GH OµDQWHQQH )DLWHV FRXOLVVHU OH PDQFKRQ VXU OH FRQQHFWHXU ) MXVTXµjFHTXµLOVµHQJDJHGDQVOHERvWLHUGHOµDQWHQQH %UDQFKH]OHFRQQHFWHXU,(&DXGRVGXUpFHSWHXUGDQVOµRUL¿FH SUpYXjFHWHIIHW 5DFFRUGH] OH UpFHSWHXU DX WpOpYLVHXU YRXV WURXYHUH] GHV LQIRUPDWLRQVSOXVGpWDLOOpHVGDQVODQRWLFHGXUpFHSWHXUHWPHWWH]OH VRXVWHQVLRQ0HWWH]OHWpOpYLVHXUHQPRGH$9VLFHOXLFLQHEDVFXOH SDVDXWRPDWLTXHPHQW 2XYUH]OHPHQXGHUpJODJHGXUpFHSWHXU'9%7SRXUYRXVDVVXUHU TXH OµDOLPHQWDWLRQ pOHFWULTXH GH OµDQWHQQH YLD OH FkEOH FRD[LDO HVW ELHQDFWLYpH 9RXVGHYH]DORUVrWUHHQPHVXUHGHFDSWHUGHVSURJUDPPHV'9%7 ,QVWDOODWLRQUDFFRUGHPHQWHWPLVHHQVHUYLFH 2SWLPLVDWLRQ %RXORQGHEORFDJH 3URFpGH] j GHV HVVDLV GH UpFHSWLRQ SRXU GpWHUPLQHU OD PHLOOHXUH SRVLWLRQ GH OµDQWHQQH 3RXU FH IDLUH SULYLOpJLH] OµHQGURLW R OµDQWHQQH GRLWrWUHPRQWpH)DLWHVDWWHQWLRQDXFKHPLQHPHQWGXFkEOH,OYRXVHVW SRVVLEOHGHEDVFXOHUOµDQWHQQHSRXUOµRULHQWHUHWDPpOLRUHUOHVLJQDOGH UpFHSWLRQ3RXUFHIDLUHSURFpGH]FRPPHVXLW 'HVVHUUH]OHERXORQGHEORFDJHjOµDLGHGHODFOpjVL[SDQVFUHX[ IRXUQLH %DVFXOH]SURJUHVVLYHPHQWOµDQWHQQHjUDLVRQGHjFKDTXHIRLV MXVTXµjFHTXHODUpFHSWLRQVRLWFRUUHFWH 6HUUH]OHERXORQGHEORFDJHHQYHLOODQWjFHTXHODURQGHOOHGµDUUrW VµHQFOHQFKHELHQGDQVOHERvWLHUGHOµDQWHQQH 6L YRXV QH SDUYHQH] SDV j REWHQLU GHV FRQGLWLRQV GH UpFHSWLRQ VDWLVIDLVDQWHV WHVWH] OµDQWHQQH GDQV XQ DXWUH HQGURLW PLHX[ RULHQWp YHUVOµDQWHQQHpPHWWULFHHWUpSpWH]OHVpWDSHVFLGHVVXV ¬ SUR[LPLWp GH OµpPHWWHXU OD UpFHSWLRQ ULVTXH GµrWUH DOWpUpH SDU XQ QLYHDXGHVLJQDOWURSLPSRUWDQW 2SWLPLVDWLRQDYHFUpFHSWHXU'9%7 &HUWDLQV UpFHSWHXUV RIIUHQW OD SRVVLELOLWp GµDI¿FKHU j OµpFUDQ OH QLYHDX GHUpFHSWLRQHWODTXDOLWpGXVLJQDOSHUPHWWDQWDLQVLGHPLHX[RSWLPLVHU OHSRVLWLRQQHPHQWGHOµDQWHQQH3RXUFHIDLUHUHSRUWH]YRXVjODQRWLFH GµXWLOLVDWLRQGHYRWUHUpFHSWHXU 1HWWR\DJH 8WLOLVH] XQ FKLIIRQ KXPLGH SRXU QHWWR\HU OµDQWHQQH /HV GpWHUJHQWV FRUURVLIV RX GpFDSDQWV VRQW SURVFULWV FDU LOV VRQW VXVFHSWLEOHV GµHQGRPPDJHUODVXUIDFHGXERvWLHU1µLPPHUJH]MDPDLVOµDSSDUHLOGDQV XQOLTXLGH ,QVWDOODWLRQUDFFRUGHPHQWHWPLVHHQVHUYLFH $YDQWOHPRQWDJHDYDQWGHSHUFHUGHVWURXVYpUL¿H]TXµDXFXQFkEOH pOHFWULTXHQHSDUFRXUWOµLQWpULHXUGHODFORLVRQ 5LVTXHGµpOHFWURFXWLRQ 0RQWDJHPXUDO /µDQWHQQHHVWIRXUQLHDYHFWRXVOHVDFFHVVRLUHVGH¿[DWLRQQpFHVVDLUHV SRXUXQPRQWDJHPXUDO 'qVORUVTXHYRXVDYH]GpWHUPLQpODSRVLWLRQGHUpFHSWLRQLGpDOHYRXV SRXYH]SHUFHUOHVWURXVGHPRQWDJHPXUDO 9HLOOH]jPRQWHUOµDQWHQQHGHVRUWHTXHOHPDQFKRQHWOHFkEOHVRLHQW RULHQWpVYHUVOHEDV 0RQWDJHVXUPkW /HVSLqFHVIRXUQLHVFRPSRUWHQWOHPDWpULHOGH¿[DWLRQUHTXLVSRXU¿[HU OµDQWHQQHVXUXQPkW9LVVH]OHVGHX[FROOLHUVjYLVWDQJHQWHIRXUQLHV DX PkW 6HUUH] OHV YLV OpJqUHPHQW PDLV DWWHQGH] SRXU OHV VHUUHU j IRQG/µpTXHUUHGHPDLQWLHQGX%='FRPSRUWHXQWHQRQGH¿[DWLRQ VXUVHVERUGVVXSpULHXUHWLQIpULHXU&HWHQRQGRLWrWUHDFFURFKpGDQV XQ GHV FROOLHUV ORUV GX PRQWDJH HW GH OD ¿[DWLRQ 7RXUQH] OµDQWHQQH MXVTXµjREWHQLUXQHUpFHSWLRQRSWLPDOH8QHIRLVODSRVLWLRQGHUpFHSWLRQ RSWLPDOHGHOµDQWHQQHGpWHUPLQpHYRXVSRXYH]VHUUHUjIRQGOHFROOLHUj YLVWDQJHQWHHWODYLVGHEORFDJH 9HLOOH]jFHTXHOµDQWHQQHVRLWPRQWpHGHVRUWHTXHOHFDSXFKRQRXOH FkEOHVRLWGLULJpYHUVOHEDV ,QVWDOODWLRQUDFFRUGHPHQWHWPLVHHQVHUYLFH 0RQWDJHVXUEDOFRQ /µDQWHQQHHVWIRXUQLHDYHFWRXVOHVDFFHVVRLUHVGH¿[DWLRQQpFHVVDLUHV SRXUXQPRQWDJHVXUEDOFRQ 'qVORUVTXHYRXVDYH]GpWHUPLQpODSRVLWLRQGHUpFHSWLRQLGpDOHYRXV SRXYH]SHUFHUOHVWURXVGHPRQWDJHVXUOHEDOFRQ 9HLOOH]jPRQWHUOµDQWHQQHGHVRUWHTXHOHPDQFKRQHWOHFkEOHVRLHQW RULHQWpVYHUVOHEDV 3RVLWLRQGHPRQWDJHRSWLRQQHOOH /HV SRVLWLRQV GH PRQWDJH GH OµDQWHQQH SHXYHQW rWUH GLYHUVL¿pHV HQ PRGL¿DQWOµpTXHUUHGH¿[DWLRQ &RQ¿JXUDWLRQGµRULJLQH &RQ¿JXUDWLRQPRGL¿pH (Q FDV GH PRGL¿FDWLRQ FRPPHQFH] SDU UHWLUHU OH ERXORQ GH EORFDJH HWOHFDVpFKpDQWOHFkEOHHWOHPDQFKRQ(QVXLWHGpSRVH]OµpTXHUUH GH¿[DWLRQHWUHPRQWH]ODGDQVOµDXWUHVHQV9HLOOH]jPHWWUHHQSODFH OµpTXHUUH GH ¿[DWLRQ HQ SDUWLH EDVVH DYDQW GH VHUUHU OH ERXORQ GH EORFDJH ,QVWDOODWLRQUDFFRUGHPHQWHWPLVHHQVHUYLFH $YDQWOHPRQWDJHDYDQWGHSHUFHUGHVWURXVYpUL¿H]TXµDXFXQFkEOH pOHFWULTXHQHSDUFRXUWOµLQWpULHXUGHODFORLVRQ 5LVTXHGµpOHFWURFXWLRQ 3DVVDJHGXFkEOHGµDQWHQQHjWUDYHUVOHPXU 6L YRXV GHYH] IDLUH SDVVHU OH FkEOH j WUDYHUV XQH FORLVRQ SRXU OµDPHQHU YHUV OµH[WpULHXU YHXLOOH] VXLYUH DSUqV OD SUpSDUDWLRQ GX FkEOHOµRSWLPLVDWLRQHWOHPRQWDJHGHOµDQWHQQHSURFpGXUHSDJHHW VXLYDQWHVOHVpWDSHVVXLYDQWHV 'pPRQWH]OHFRQQHFWHXU) 5HWLUH]OHPDQFKRQGµpWDQFKpLWpGXFkEOH 9RXVSRXYH]DORUVIDLUHSDVVHUOHFkEOHYHUVOµH[WpULHXUjWUDYHUVOH WURXSHUFpGDQVODFORLVRQ 5HPHWWH] OH PDQFKRQ GµpWDQFKpLWp VXU OH FkEOH F{Wp H[WpULHXU FRPPHGpFULWHQSDJH 5HYLVVH]OHFRQQHFWHXU)VXUOHFkEOH ([HPSOHVGHPRQWDJHLQFRUUHFW /H PDQFKRQ GRLW rWUH RULHQWp YHUV OH EDV ,O SHXW rWUH SRVLWLRQQp j OµKRUL]RQWDOH /RUVGXSDVVDJHGXFkEOHYHLOOH]GµDERUGjFHTXµLOVRLWRULHQWpYHUVOH EDV&HFLpYLWHTXHOHVJRXWWHVGHSOXLHQHSDUYLHQQHQWjOµLQWpULHXUGH OµDQWHQQHSDUOHELDLVGXPDQFKRQGµpWDQFKpLWp &DUDFWpULVWLTXHVHWGRQQpHVWHFKQLTXHVGHOµpTXLSHPHQW $QWHQQHDFWLYH9+)8+)GµH[WpULHXUSRXUODUpFHSWLRQGHSURJUDPPHV GHWpOpYLVLRQHWGHUDGLRQXPpULTXHWHUUHVWUH'9%7 0RQWDJHVLPSOHVXUXQPXUXQPkWRXXQEDOFRQ 3ODJHGHUpFHSWLRQ9+)0+]8+)0+] 3RODULVDWLRQKRUL]RQWDOHHWYHUWLFDOH 'HVLJQVpGXLVDQWHWSHXHQFRPEUDQW 'LPHQVLRQVDYHFVXSSRUW[[PP 5DFFRUGHPHQWILFKHIHPHOOH)DYHFPDQFKRQGµpWDQFKpLWp $QWHQQHDFWLYHDYHFDPSOLILFDWHXULQWpJUp 4XDOLWpG%. $PSOLILFDWLRQ%,,,G%%,99G% 1LYHDXPD[GHVRUWLHG%9 7pOpDOLPHQWDWLRQ 9 P$ YLD OH FkEOH FRD[LDO SDU OH ELDLV GX UpFHSWHXU'9%7UDFFRUGpRXYLDXQEORFGHWpOpDOLPHQWDWLRQH[WHUQH 9 )DFWHXUGHEUXLWWUqVIDLEOH $FFHVVRLUHVIRXUQLV PDQFKRQGµpWDQFKpLWp DFFHVVRLUHVGHIL[DWLRQSRXUPRQWDJHPXUDOXQPkWRXXQEDOFRQ FkEOHGHUDFFRUGHPHQWGHPFRQQHFWHXUV)HW,(& QRWLFHGµXWLOLVDWLRQ 'LPHQVLRQVXQLWDLUHVGHOµHPEDOODJHPP[[ 3RLGVNJ (QPLOLHXGHSODJHODUJHXUGHEDQGHGH0+]HW7X . &RQIRUPHjODQRUPH(1SRXUG%.0$HYHUVLRQ ,QGLFH ,QGLFH ,QIRUPD]LRQLGLVLFXUH]]DQRWHLPSRUWDQWL *HQHUDOLWj 6FRSRSUHYLVWR *HQHUDOLWjVXOODULFH]LRQH'9%7 $FFHVVRULULFKLHVWL ,QVWDOOD]LRQHFROOHJDPHQWRHPHVVDLQIXQ]LRQH &RQIH]LRQDPHQWRGHOFDYR &ROOHJDPHQWRGHOOµDQWHQQDHGHOULFHYLWRUH 2WWLPL]]D]LRQH 2WWLPL]]D]LRQHFRQULFHYLWRUH'9%7 3XOL]LD 0RQWDJJLRDOODSDUHWH 0RQWDJJLRWUDOLFFLR 0RQWDJJLRVXOEDOFRQH 3RVL]LRQHGLPRQWDJJLRRS]LRQDOH 3RVDWXUDGHOFDYRGHOOµDQWHQQDDWWUDYHUVRODSDUHWH 6LWXD]LRQLGLPRQWDJJLRHUUDWH &DUDWWHULVWLFKHGµHTXLSDJJLDPHQWRHGDWLWHFQLFL 1RUPHGLVLFXUH]]D /µDQWHQQDHJOLDFFHVVRULQRQVRQRJLRFDWWROL *OLDFFHVVRULGLPRQWDJJLRHYHQWXDOPHQWHQRQXWLOL]]DWLGHYRQRHVVHUH FXVWRGLWL DO GL IXRUL GHOOD SRUWDWD GHL EDPELQL SHULFROR GL DV¿VVLD LQ VHJXLWRDOOµLQJHVWLRQHGLTXHVWLFRPSRQHQWL 0RQWDJJLR DOOD SDUHWH 3ULPD GL SUDWLFDUH L IRUL QHOOD SDUHWH q QHFHVVDULRDFFHUWDUVLFKHDOGLVRWWRQRQVLDQRLQVWDOODWHDOFXQHFRQGRWWH HOHWWULFKH 3HULFRORGLPRUWHGDVFRVVHHOHWWULFKH , ODYRUL GL PHVVD D WHUUD H DL SDUDIXOPLQL GHYRQR HVVHUH HVHJXLWL HVFOXVLYDPHQWH GD SDUWH GL SHUVRQH VSHFLDOL]]DWH H DSSRVLWDPHQWH DGGHVWUDWH LQ HOHWWULFLWj D FDXVD GHO ULVFKLR GL LQVXI¿FLHQWL ULVXOWDWL GL ODYRUR 'XUDQWH LO PRQWDJJLR GHO WUDOLFFLR GHOOµDQWHQQD SRVVRQR SHUVLVWHUHLPPLQHQWLSHULFROLSHUODVDOXWHRSHU¿QRGLPRUWH3HUWDQWR VLUDFFRPDQGDGLRVVHUYDUHTXDQWRVHJXH VLUDFFRPDQGDGLVDOLUHVXLWHWWLRVXLSXQWLDULVFKLRGLFDGXWDVROWDQWR FRQXQDFLQWXUDGLVLFXUH]]DFRUUHWWDPHQWHDSSOLFDWDHLQWDWWD DFFHUWDUVL FKH LO WHWWR PRVWUL XQD VXI¿FLHQWH FDSDFLWj SHU FDULFDUH LO SURSULR SHVR 1RQ VDOLUH PDL VRSUD VXSHU¿FL PDOIHUPH R LQVWDELOL 3RUWDUHGHOOHVFDUSHUREXVWHDQWLVFLYROR OHVFDOHRDOWULPH]]LGLVDOLWDGHYRQRWURYDUVLLQXQRVWDWRSHUIHWWRH LUUHSUHQVLELOH1RQFRVWUXLUHDOFXQHÄWRUULGLVDOLWD³D]]DUGDWH TXDORUD GRYHVVHUR HVVHUH PHVVL LQ SHULFROR GHL SDVVDQWL GD XQD HYHQWXDOH FDGXWD GL RJJHWWL GXUDQWH OH RSHUD]LRQL GL PRQWDJJLR VL UDFFRPDQGDGLLQWHUGLUHOD]RQDGLSHULFROR IDUH DWWHQ]LRQH DOOH OLQHH DHUHH TXDORUD GRYHVVHUR SDVVDUH LQ SURVVLPLWjGHOOXRJRGLPRQWDJJLR3HUVLVWHXQLPPLQHQWHSHULFRORGL PRUWHDFXWRLQVHJXLWRDOFRQWDWWR QRQODYRUDUHPDLDOOµDQWHQQDGXUDQWHOµDYYLFLQDPHQWRGLXQWHPSRUDOH 3HUVLVWHXQLPPLQHQWHSHULFRORGLPRUWH ,O WUDOLFFLR GHOOµDQWHQQD GHYH HVVHUH FROOHJDWR DOOD WHUUD VHFRQGR OH SUHVFUL]LRQLHLQFRQIRUPLWjDOODQRUPD(1 /µDQWHQQD SXz HVVHUH XWLOL]]DWD VRODPHQWH LQ XQ FDPSR GL WHQVLRQH FRPSUHVRWUD9 *OL DSSDUHFFKL HOHWWURQLFL QRQ YDQQR VPDOWLWL QHL UL¿XWL XUEDQL EHQVu VPDOWLWLLQPRGRDSSURSULDWRFRQIRUPHPHQWHDOODGLUHWWLYD&( '(/ 3$5/$0(172 (8523(2 ( '(/ &216,*/,2 GHO JHQQDLR VXJOLDSSDUHFFKLHOHWWULFLHGHOHWWURQLFL 4XDQGRTXHVWRDSSDUHFFKLRQRQYLVHUYLUjSLVLUDFFRPDQGDGLUHFDUOR SUHVVRXQRGHLFHQWULGLUDFFROWDORFDOLDSSRVLWDPHQWHSUHYLVWL *HQHUDOLWj 6FRSRSUHYLVWR /µDQWHQQDqFRQFHSLWDSHUOµXWLOL]]RDOOµDSHUWR¿QDOL]]DWRDOODULFH]LRQHGL VHJQDOLGLJLWDOLWHUUHVWULWHOHYLVLYLHUDGLRIRQLFLQHOFDPSR9+)EDQGD,,, H8+)EDQGD,99FRQXQVXI¿FLHQWHOLYHOORGLVHJQDOH $FFHVVRULULFKLHVWL 3HU OD ULFH]LRQH GHL VHJQDOL '9%7 q ULFKLHVWR XQ ULFHYLWRUH '9%7 DGHJXDWRFRQSRVVLELOLWjGLDOLPHQWD]LRQHDGLVWDQ]D9DWWUDYHUVRLO FDYRFRDVVLDOHRSSXUHXQDOLPHQWDWRUHGLUHWHHVWHUQR9 *HQHUDOLWjVXOODULFH]LRQH'9%7 1HL WHUULWRUL FKH WUDVPHWWRQR LQ XQ FDPSR GµLQWHQVLWj GL ULFH]LRQH WURSSREDVVRRWURSSRDOWRQRQqSRVVLELOHJDUDQWLUHLQWXWWLLFDVLXQD ULFH]LRQHSULYDGLGLVWXUEL,QOLYHOOLGLVHJQDOHWURSSRGHEROLVLGRYUHEEH FRPXQTXHXWLOL]]DUHXQµDQWHQQDGLUH]LRQDOHSUHYLVWDSHULOPRQWDJJLRDG XQWUDOLFFLRVXOWHWWRGHOOµHGL¿FLR7URYDQGRVLGLUHWWDPHQWHLQSURVVLPLWj GHOOµHPLWWHQWHODULFH]LRQHSRWUHEEHHVVHUHDQFKHSUHJLXGLFDWDGDXQ HFFHVVLYR OLYHOOR GL ULFH]LRQH XWLOL]]DUH XQµDQWHQQD GD FDPHUD SHU HVHPSLR%=' ,QROWUHODULFH]LRQHSXzHVVHUHSUHJLXGLFDWDGDXOWHULRULIDWWRUL,OXRJKL GµLQVWDOOD]LRQHFULWLFLVRQR VXFRVWUX]LRQLGLFHPHQWRDUPDWR VXVWUXWWXUHPHWDOOLFKHFKLXVHRULYHVWLPHQWLHFF PRQWDJJLR GLUHWWDPHQWH LQ SURVVLPLWj GL DSSDUHFFKL HOHWWURQLFL WUDVPLWWHQWLSHUHVHPSLRWHOHIRQLQLFHOOXODUL ,QVWDOOD]LRQHFROOHJDPHQWRHPHVVDLQIXQ]LRQH &RQIH]LRQDPHQWRGHOFDYR 3HUPRQWDUHODVSLQD)SURFHGHUHQHOPRGRVHJXHQWH $SSOLFDUHODFDSSDVXOFDYRVLYHGD¿JXUD FDSSD )LJXUD LVRODUHODJXDLQDHVWHUQDGHOFDYRDFFHUWDQGRVLGLQRQWDJOLDUHYLDOD WUHFFLDGLVFKHUPDWXUDLQGLFD]LRQHGLPLVXUDLQPPVLYHGD¿JXUD WUHFFLDGL VFKHUPDWXUD )LJXUD 5LSLHJDUHDFFXUDWDPHQWHLQGLHWURODWUHFFLDGLVFKHUPDWXUDVLYHGD ¿JXUD 5LSLHJDUHLQGLHWUR ODWUHFFLDGL VFKHUPDWXUDHOD FDUWDVWDJQROD )LJXUD FRQGXWWRUH LQWHUQR /LEHUDUHLOFRQGXWWRUHLQWHUQRFRPHPRVWUDWRQHOOD¿JXUDLQGLFD]LRQH GLPLVXUDLQPP )LJXUD ,QVWDOOD]LRQHFROOHJDPHQWRHPHVVDLQIXQ]LRQH VSLQD) )LJXUD 3ULPDGLPRQWDUHODVSLQD)qQHFHVVDULRDFFHUWDUVLFKHL¿OHWWLGHOOD WUHFFLD GL VFKHUPDWXUD QRQ YHQJDQR LQ FRQWDWWR FRQ LO FRQGXWWRUH LQWHUQR &Lz SRWUHEEH DYHUH OD FRQVHJXHQ]D GL XQ FRUWRFLUFXLWR $YYLWDUHODVSLQD)DFFXUDWDPHQWHVXOOµHVWUHPLWjGHOFDYRLQPDQLHUD WDOH GD JDUDQWLUQH XQD VHGH ¿VVD VXO FDYR ,O FRQGXWWRUH LQWHUQR GRYUHEEHVSRUJHUHDOPD[PPGDOODVSLQD),OFRQGXWWRUHLQWHUQR QRQGHYHHVVHUHLQQHVVXQFDVRSLHJDWR¿JXUD /DTXDOLWjGHOVHJQDOHGLULFH]LRQHGLSHQGHVRVWDQ]LDOPHQWHDQFKHGDO PRQWDJJLRGHOFDYR &ROOHJDPHQWRGHOOµDQWHQQDHGHOULFHYLWRUH &ROOHJDUH OµDQWHQQD DWWUDYHUVR LO SUHVHQWH FDYR FRDVVLDOH FRQ LO ULFHYLWRUH'9%7/µDQWHQQDSXzHVVHUHPRQWDWDLQGLSHQGHQWHPHQWH GDOODSRODUL]]D]LRQHGHLVHJQDOLWUDVPHVVL $YYLWDUH OD VSLQD ) VWUHWWDPHQWH VXOOD ULVSHWWLYD ERFFROD GHOOµDQWHQQD$SSOLFDUHODFDSSDVXOODVSLQD)LQPDQLHUDGDIDUOD VFDWWDUHLQSRVL]LRQHQHOOµDOORJJLDPHQWRGHOOµDQWHQQD ,QVHULUH LO FRQQHWWRUH ,(& VXOOD SDUWH SRVWHULRUH GHO ULFHYLWRUH QHOOµDSHUWXUDDSSRVLWDPHQWHSUHYLVWD &ROOHJDUHLOULFHYLWRUHFRQLOWHOHYLVRUHLQIRUPD]LRQLGHWWDJOLDWHVRQR GD DSSUHQGHUH QHO PDQXDOH GµLVWUX]LRQH GHO ULVSHWWLYR ULFHYLWRUH H DFFHQGHUOR &RPPXWDUH LO WHOHYLVRUH DO PRGR$9 LQ TXDQWR QRQ GRYHVVHFRPPXWDUVLDXWRPDWLFDPHQWH $FFHUWDUVL QHO PHQX GL FRQ¿JXUD]LRQH GHO ULFHYLWRUH '9%7 FKH OµDQWHQQD YHQJD DOLPHQWDWD FRQ FRUUHQWH DWWUDYHUVR LO FDYR FRDVVLDOH $TXHVWRSXQWRGRYUHEEHHVVHUHSRVVLELOHODULFH]LRQHGHLSURJUDPPL '9%7 ,QVWDOOD]LRQHFROOHJDPHQWRHPHVVDLQIXQ]LRQH 2WWLPL]]D]LRQH YLWHGLEORFFDJJLR 3HULQGLYLGXDUHODSRVL]LRQHSLDGDWWDGHOOµDQWHQQDVLUDFFRPDQGDGL HIIHWWXDUH GHJOL HVSHULPHQWL GL ULFH]LRQH 3UHIHULELOPHQWH QHO SXQWR LQ FXLqSUHYLVWRLOIXWXURPRQWDJJLRGH¿QLWLYRGHOOµDQWHQQD2VVHUYDUHD WDO ¿QH OD SRVDWXUD GHO FDYR 3HU PLJOLRUDUH LO VHJQDOH GL ULFH]LRQH q SRVVLELOHFHQWUDUHOµDQWHQQDFRQXQULVSHWWLYRRULHQWDPHQWR3URFHGHUH DWDO¿QHQHOPRGRVHJXHQWH $OOHQWDUH OD YLWH GL EORFFDJJLR FRQ OD SUHVHQWH FKLDYH HVDJRQDOH FDYD 2ULHQWDUHOµDQWHQQDLQSDVVLGL¿QRDGRWWHQHUHXQDULFH]LRQH RWWLPDOH 6WULQJHUHODYLWHGLEORFFDJJLRDFFHUWDUVLDOORVWHVVRWHPSRFKHOD ODPLHUDGLVRVWHJQRVFDWWLLQSRVL]LRQHDOOµLQWHUQRGHOOµDOORJJLDPHQWR GHOOµDQWHQQD 4XDORUDQRQGRYHVVHHVVHUHSRVVLELOHXQDULFH]LRQHRWWLPDOHWHVWDUH OµDQWHQQDLQXQDOWUROXRJRFKHVLDULYROWRYHUVROµDQWHQQDWUDVPLWWHQWHH ULSHWHUHTXLQGLLSDVVLVRSUDGHVFULWWL 7URYDQGRVL GLUHWWDPHQWH LQ SURVVLPLWj GHOOµHPLWWHQWH OD ULFH]LRQH SRWUHEEH HVVHUH DQFKH SUHJLXGLFDWD GD XQ HFFHVVLYR OLYHOOR GL ULFH]LRQH 2WWLPL]]D]LRQHFRQULFHYLWRUH'9%7 $OFXQL ULFHYLWRUL RIIURQR OD SRVVLELOLWj GL YLVXDOL]]DUH LO VHJQDOH GL ULFH]LRQHHODTXDOLWjGHOVHJQDOHVXOORVFKHUPRWHOHYLVLYRHFRQVHQWRQR LQ WDO PRGR XQD XOWHULRUH RWWLPL]]D]LRQH GHOOD FRQ¿JXUD]LRQH RYYHUR LQVWDOOD]LRQH GHOOµDQWHQQD 2VVHUYDUH D WDO ¿QH DQFKH LO PDQXDOH GµLVWUX]LRQHGHOULVSHWWLYRULFHYLWRUH 3XOL]LD 3XOLUHOµDQWHQQDVRORFRQXQSDQQRXPLGR1RQXWLOL]]DUHDOFXQLGHWHUJHQWL DJJUHVVLYL R DEUDVLYL SRLFKp SRWUHEEHUR GDQQHJJLDUH OD VXSHU¿FLH GHOOµDOORJJLDPHQWR1RQLPPHUJHUHPDLOµDSSDUHFFKLRLQOLTXLGL ,QVWDOOD]LRQHFROOHJDPHQWRHPHVVDLQIXQ]LRQH 3ULPDGHOPRQWDJJLR3ULPDGLSUDWLFDUHLIRULQHOODSDUHWHqQHFHVVDULR DFFHUWDUVL FKH DO GLVRWWR QRQ VLDQR LQVWDOODWH DOFXQH FRQGRWWH HOHWWULFKH 3HULFRORGLPRUWHGDVFRVVHHOHWWULFKH 0RQWDJJLRDOODSDUHWH /D GRWD]LRQH FRPSUHQGH LO QHFHVVDULR PDWHULDOH GL ¿VVDJJLR SHU DSSOLFDUHOµDQWHQQDDOODSDUHWH 8QD YROWD ULOHYDWD OD SRVL]LRQH GL ULFH]LRQH RWWLPDOH GHOOµDQWHQQD VL SRVVRQRSUDWLFDUHLIRULSHULOVRVWHJQRDOODSDUHWH $FFHUWDUVLFKHOµDQWHQQDYHQJDPRQWDWDLQPDQLHUDWDOHFKHODFDSSD RYYHURLOFDYRVLDQRULYROWLYHUVRLOEDVVR 0RQWDJJLRWUDOLFFLR /D GRWD]LRQH FRPSUHQGH LO QHFHVVDULR PDWHULDOH GL ¿VVDJJLR SHU DSSOLFDUHOµDQWHQQDVXXQWUDOLFFLR$YYLWDUHVXOWUDOLFFLROHWXHIDVFHWWH VHUUDWXER D ¿OHWWDWXUD HOLFRLGDOH IRUQLWH LQ GRWD]LRQH 1RQ VWULQJHUH DQFRUDGH¿QLWLYDPHQWHOHYLWL/DVTXDGUDGLVRVWHJQRGHO%='QHO ERUGRVXSHULRUHHLQIHULRUHSRVVLHGHXQDVSLQDGL¿VVDJJLRFKHYLHQH ULVSHWWLYDPHQWHVRVSHVDLQXQDIDVFHWWDVHUUDWXERSHULOPRQWDJJLRHLO ¿VVDJJLR*LUDUHOµDQWHQQD¿QRDGRWWHQHUHXQDULFH]LRQHRWWLPDOH8QD YROWDULOHYDWDODSRVL]LRQHGLULFH]LRQHRWWLPDOHGHOOµDQWHQQDVLSRVVRQR VWULQJHUHGH¿QLWLYDPHQWHOHIDVFHWWHVHUUDWXERD¿OHWWDWXUDHOLFRLGDOHH ODYLWHGLEORFFDJJLR $FFHUWDUVLFKHOµDQWHQQDYHQJDPRQWDWDLQPDQLHUDWDOHFKHODFDSSD RYYHURLOFDYRVLDQRULYROWLYHUVRLOEDVVR ,QVWDOOD]LRQHFROOHJDPHQWRHPHVVDLQIXQ]LRQH 0RQWDJJLRVXOEDOFRQH /D GRWD]LRQH FRPSUHQGH LO QHFHVVDULR PDWHULDOH GL ¿VVDJJLR SHU DSSOLFDUHOµDQWHQQDVXOEDOFRQH 8QD YROWD ULOHYDWD OD SRVL]LRQH GL ULFH]LRQH RWWLPDOH GHOOµDQWHQQD VL SRVVRQRSUDWLFDUHLIRULSHULOVRVWHJQRDOEDOFRQH $FFHUWDUVLFKHOµDQWHQQDYHQJDPRQWDWDLQPDQLHUDWDOHFKHODFDSSD RYYHURLOFDYRVLDQRULYROWLYHUVRLOEDVVR 3RVL]LRQHGLPRQWDJJLRRS]LRQDOH /HSRVL]LRQLGLPRQWDJJLRGHOOµDQWHQQDSRVVRQRHVVHUHDQFKHDPSOLDWH WUDPLWHXQDWUDVIRUPD]LRQHGHOOµDQJRORGLVRVWHJQR 6WDWRGLFRQVHJQD 6WDWRGLWUDVIRUPD]LRQH 3HU OD WUDVIRUPD]LRQH q QHFHVVDULR ULPXRYHUH LQQDQ]LWXWWR OD YLWH GL EORFFDJJLRHQHFHVVDULDPHQWHODFDSSDFRPHSXUHLOFDYR6PRQWDUH VXFFHVVLYDPHQWH OµDQJROR GL VRVWHJQR H ULDSSOLFDUOR QHOOµDOWUD SDUWH $FFHUWDUVLDWDO¿QHFKHOµDQJRORGLVRVWHJQRYHQJDLQ¿ODWRLQQDQ]LWXWWR QHOODSDUWHLQIHULRUHHVRORVXFFHVVLYDPHQWHGLQXRYR¿VVDWRSHUPH]]R GHOODYLWHGLEORFFDJJLR ,QVWDOOD]LRQHFROOHJDPHQWRHPHVVDLQIXQ]LRQH 3ULPDGHOPRQWDJJLR3ULPDGLSUDWLFDUHLIRULQHOODSDUHWHqQHFHVVDULR DFFHUWDUVL FKH DO GLVRWWR QRQ VLDQR LQVWDOODWH DOFXQH FRQGRWWH HOHWWULFKH 3HULFRORGLPRUWHGDVFRVVHHOHWWULFKH 3RVDWXUDGHOFDYRGHOOµDQWHQQDDWWUDYHUVRODSDUHWH 4XDORUDLOFDYRYHQLVVHSRVDWRDWWUDYHUVRODSDUHWHYHUVROµHVWHUQRVL UDFFRPDQGDGLHVHJXLUHOHVHJXHQWLRSHUD]LRQLGRSRDYHUFRQIH]LRQDWR FRUUHWWDPHQWHLOFDYRGRSROµRWWLPL]]D]LRQHHLOPRQWDJJLRGHOOµDQWHQQD FRPHGHVFULWWRGDOODSDJLQD 6PRQWDUHODVSLQD) 5LPXRYHUHQXRYDPHQWHODFDSSDGLFKLXVXUDGDOFDYR $TXHVWRSXQWRLOFDYRSXzHVVHUHSRVDWRGDOOµLQWHUQRYHUVROµHVWHUQR DWWUDYHUVRLOIRURQHOODSDUHWH $SSOLFDUH QXRYDPHQWH OD FDSSD GL FKLXVXUD DOOµHVWHUQR VXO FDYR FRPHGHVFULWWRDOODSDJLQD $YYLWDUHQXRYDPHQWHODVSLQD)VXOFDYR 6LWXD]LRQLGLPRQWDJJLRHUUDWH /D FDSSD GRYUHEEH HVVHUH ULYROWD YHUVR LO EDVVR q FRQVHQWLWD OµDSSOLFD]LRQHLQRUL]]RQWDOH $OOD SRVDWXUD GHO FDYR DFFHUWDUVL LQQDQ]LWXWWR FKH TXHVWL VLD VHPSUH ULYROWR YHUVR LO EDVVR ,Q WDO PRGR VL SUHYLHQH XQD SHQHWUD]LRQH GL JRFFH GµDFTXD SLRYDQD DWWUDYHUVR OD FDSSD GL FKLXVXUD DOOµLQWHUQR GHOOµDQWHQQD &DUDWWHULVWLFKHGµHTXLSDJJLDPHQWRHGDWLWHFQLFL $QWHQQD DWWLYD 9+)8+) SHU OµDSSOLFD]LRQH DOOµDSHUWR ILQDOL]]DWD DOOD ULFH]LRQHGLSURJUDPPLGLJLWDOLWHUUHVWULWHOHYLVLYLHUDGLRIRQLFL'9%7 )DFLOHPRQWDJJLRDOODSDUHWHWUDOLFFLRRVXOEDOFRQH &DPSRGLULFH]LRQH9+)0+]8+)0+] 3HUSRODUL]]D]LRQHRUL]]RQWDOHHYHUWLFDOH $WWUDHQWHGHVLJQFKHULVSDUPLDVSD]LR 'LPHQVLRQLFRQVRVWHJQR[[PP &ROOHJDPHQWRVSLQD)FRQFDSSDGLSURWH]LRQHFRQWUROHFRQGL]LRQL DWPRVIHULFKH $QWHQQDDWWLYDFRQDPSOLILFDWRUHLQWHJUDWR 4XDOLWjG%. $PSOLILFD]LRQH%,,,G%%,99G% 0D[OLYHOORGµXVFLWDG%9 $OLPHQWD]LRQHDGLVWDQ]D9P$DWWUDYHUVRLOFDYRFRDVVLDOHSHU PH]]RGHOULFHYLWRUH'9%7FROOHJDWRRSSXUHWUDPLWHDOLPHQWDWRUHGL UHWHHVWHUQR9 )UXVFLRPROWREDVVR $FFHVVRULIRUQLWLLQGRWD]LRQH FDSSDGLSURWH]LRQHFRQWUROHFRQGL]LRQLDWPRVIHULFKH PDWHULDOHGLILVVDJJLRDOODSDUHWHWUDOLFFLRRPRQWDJJLRVXOEDOFRQH FDYRGLFROOHJDPHQWROXQJRPVSLQD)HFRQQHWWRUH,(& LVWUX]LRQLSHUOµXVR 'LPHQVLRQLGHOODFRQIH]LRQHVLQJRODPP[[ 3HVRNJ $OFHQWURGHOFDPSRDGXQDODUJKH]]DGLEDQGDGL0+]H7X . 6HFRQGR(1SHUG%.0$RUGLQDQ]D ËQGLFH ËQGLFH ,QGLFDFLRQHVGHVHJXULGDG2WUDVLQGLFDFLRQHVLPSRUWDQWHV *HQHUDOLGDGHV )LQDOLGDG ,QIRUPDFLRQHVJHQHUDOHVVREUHODUHFHSFLyQ'9%7 $FFHVRULRVQHFHVDULRV &RORFDFLyQFRQH[LyQ\SXHVWDHQVHUYLFLR &RQIHFFLRQDUHOFDEOH &RQH[LyQGHODDQWHQD\HOUHFHSWRU 2SWLPL]DFLyQ 2SWLPL]DFLyQFRQUHFHSWRU'9%7 /LPSLH]D 0RQWDMHPXUDO 0RQWDMHHQPiVWLO 0RQWDMHHQEDOFyQ 3RVLFLyQGHPRQWDMHRSFLRQDO 7HQGLGRGHOFDEOHGHODDQWHQDDWUDYpVGHODSDUHG 6LWXDFLRQHVGHPRQWDMHLQFRUUHFWDV &DUDFWHUtVWLFDVGHHTXLSDPLHQWR\GDWRVWpFQLFRV ,QVWUXFFLRQHVGHVHJXULGDG 1LODDQWHQDQLORVDFFHVRULRVVRQMXJXHWHVSDUDQLxRV (YLWDU TXH PDWHULDO GH PRQWDMH HYHQWXDOPHQWH VREUDQWH TXHGH DO DOFDQFHGHORVQLxRVSHOLJURGHDV¿[LDVLVHWUDJDQSLH]DV (Q FDVR GH PRQWDMH PXUDO$QWHV GH WDODGUDU RUL¿FLRV DVHJ~UHVH GH TXHQRKD\GHEDMRFDEOHVHOpFWULFRVHPSRWUDGRVHQODSDUHG £3HOLJURGHPXHUWHSRUGHVFDUJDHOpFWULFD /RVWUDEDMRVGHSXHVWDDWLHUUD\GHSURWHFFLyQDQWLUUD\RVVyORGHEHQ VHU OOHYDGRV D FDER SRU HOHFWULFLVWDV HVSHFLDOL]DGRV \D TXH HQ FDVR FRQWUDULRH[LVWHHOULHVJRGHTXHORVUHVXOWDGRVQRVHDQVDWLVIDFWRULRV 'XUDQWH ORV WUDEDMRV GH PRQWDMH HQ PiVWLOHV GH DQWHQD SXHGHQ SURGXFLUVHSHOLJURVTXHDPHQDFHQVXYLGD\VXVDOXG3RUWDQWRWHQJD HQFXHQWDORVLJXLHQWH 6yOR GHEH VXELU D WHFKRV R D OXJDUHV GHVGH ORV TXH SXHGD FDHUVH OOHYDQGR SXHVWR XQ FLQWXUyQ GH VHJXULGDG HQ SHUIHFWR HVWDGR GH OD PDQHUDSUHVFULWD &HUFLyUHVHGHTXHHOWHFKRVRSRUWDVXSHVR1RFDPLQHQXQFDSRU VXSHU¿FLHV UHVTXHEUDMDGDV R LQHVWDEOHV /OHYH SXHVWRV VLHPSUH ]DSDWRVHVWDEOHVTXHHYLWHQHOUHVEDODPLHQWR /DVHVFDOHUDVXRWURVPHGLRVDX[LOLDUHVSDUDODVXELGDGHEHQHVWDU HQSHUIHFWRHVWDGR1RFRQVWUX\D³WRUUHV´DWUHYLGDVSDUDODVXELGD &XDQGR ORV WUDQVH~QWHV HVWiQ H[SXHVWRV DO SHOLJUR GH REMHWRV TXH FDLJDQGXUDQWHHOPRQWDMHHVLQGLVSHQVDEOHFHUUDU\DLVODUOD]RQDGH SHOLJUR 7HQJD HQ FXHQWD ODV OtQHDV DpUHDV TXH SXHGDQ HQFRQWUDUVH HQ ODV SUR[LPLGDGHVGHOOXJDUGHPRQWDMH([LVWHSHOLJURGHPXHUWHHQFDVR GHHQWUDUHQFRQWDFWRFRQHOODV 1R UHDOLFH QLQJ~Q WLSR GH WUDEDMR HQ ODV LQVWDODFLRQHV GH DQWHQDV DQWHVGHTXHHPSLHFHRGXUDQWHXQDWRUPHQWD(QHVRVFDVRVH[LVWH SHOLJURGHPXHUWH (OPiVWLOGHODDQWHQDGHEHHVWDUSXHVWRDWLHUUDGHODIRUPDSUHVFULWD VHJ~Q(1 /DDQWHQDGHEHIXQFLRQDU~QLFDPHQWHFRQXQDWHQVLyQGHD9 /RV DSDUDWRV HOHFWUyQLFRV QR VH GHEHQ WLUDU D OD EDVXUD GRPpVWLFD 6HJ~Q OD GLUHFWLYD &( GHO 3$5/$0(172 (8523(2 \ GHO &216(-2 GHO GH HQHUR GH UHODWLYD D DSDUDWRV HOpFWULFRV \ HOHFWUyQLFRV XVDGRV VH WLHQHQ TXH HOLPLQDU FRUUHFWDPHQWH FRPR UHVLGXRV 8QDYH]WHUPLQHODYLGD~WLOGHHVWHDSDUDWRHQWUpJXHORHQORVSXQWRVGH UHFRJLGDS~EOLFRVSUHYLVWRVDOHIHFWRSDUDVXJHVWLyQFRPRUHVLGXR *HQHUDOLGDGHV )LQDOLGDG /D DQWHQD DFWLYD GHVWLQDGD DO PRQWDMH H[WHULRU HV DSURSLDGD SDUD OD UHFHSFLyQ GH VHxDOHV GLJLWDOHV WHUUHVWUHV GH WHOHYLVLyQ \ UDGLR HQ ODV JDPDVGH9+)%DQGD,,,\8+)%DQGD,99FRQHOVX¿FLHQWHQLYHO GHVHxDO $FFHVRULRVQHFHVDULRV 3DUD OD UHFHSFLyQ GH VHxDOHV GH '9%7 VH UHTXLHUH XQ UHFHSWRU DGHFXDGRSDUD'9%7FRQSRVLELOLGDGGHDOLPHQWDFLyQUHPRWD9D WUDYpVGHFDEOHFRD[LDORELHQGHXQDXQLGDGGHDOLPHQWDFLyQUHPRWD H[WHUQD9 ,QIRUPDFLRQHVJHQHUDOHVVREUHODUHFHSFLyQ'9%7 (Q]RQDVFRQXQDLQWHQVLGDGGHOFDPSRGHUHFHSFLyQGpELORSRUHO FRQWUDULRGHPDVLDGRIXHUWHQRHVWiJDUDQWL]DGDVLHPSUHXQDUHFHSFLyQ VLQSHUWXUEDFLRQHV6LHOQLYHOGHVHxDOHVGHPDVLDGRGpELOVHGHEHUtD XWLOL]DU XQD DQWHQD GLUHFFLRQDO PRQWDGD HQ XQ PiVWLO VREUH HO WHMDGR GHOHGL¿FLR(QODVSUR[LPLGDGHVLQPHGLDWDVGHHPLVRUDVODUHFHSFLyQ VH SXHGH YHU SHUMXGLFDGD SRU XQ QLYHO GH UHFHSFLyQ GHPDVLDGR DOWR XWLOL]DUHQWDOFDVRXQDDQWHQDLQWHULRUSHM%=' /DUHFHSFLyQSXHGHSUHVHQWDUSUREOHPDVWDPELpQSRURWURVIDFWRUHV /XJDUHVGHLQVWDODFLyQFUtWLFRVVRQORVVLJXLHQWHV HGL¿FLRVRFRQVWUXFFLRQHVGHKRUPLJyQDUPDGR HVWUXFWXUDVRUHYHVWLPLHQWRVPHWiOLFRVFHUUDGRVHWF SUR[LPLGDGHV LQPHGLDWDV GH DSDUDWRV HOHFWUyQLFRV HPLVRUHV S HM WHOpIRQRVPyYLOHV &RORFDFLyQFRQH[LyQ\SXHVWDHQVHUYLFLR &RQIHFFLRQDUHOFDEOH 5HDOLFHGHOVLJXLHQWHPRGRHOPRQWDMHGHOFRQHFWRU) &RORTXHHOFDSXFKyQHQHOFDEOHYHDOD¿JXUD &DSXFKyQ )LJXUD 3HOHODHQYROWXUDH[WHULRUGHOFDEOHSUHVWDQGRDWHQFLyQDQRFRUWDUHO WHMLGRDSDQWDOODGRUPHGLGDVHQPPYHDOD¿JXUD 7HMLGR DSDQWDOODGRU )LJXUD 'REOHKDFLDDWUiVFRQFXLGDGRHOWHMLGRDSDQWDOODGRUYHDOD¿JXUD 'REODUKDFLD DWUiVHOWHMLGR DSDQWDOODGRU \ODOiPLQDGH DOXPLQLR )LJXUD &RQGXFWRU LQWHULRU 'HMH DO GHVFXELHUWR HO FRQGXFWRU LQWHULRU VHJ~Q PXHVWUD OD ¿JXUD PHGLGDVHQPP )LJXUD &RORFDFLyQFRQH[LyQ\SXHVWDHQVHUYLFLR &RQHFWRU) )LJXUD $QWHV GH PRQWDU HO FRQHFWRU ) DVHJ~UHVH GH TXH QR WRTXH HO FRQGXFWRU LQWHULRU QLQJ~Q KLOR GHO WHMLGR DSDQWDOODGRU (VWR SRGUtD FDXVDU FRUWRFLUFXLWRV (QURVTXH HO FRQHFWRU ) FRQ FXLGDGR VREUH HO H[WUHPR GHO FDEOH KDVWD TXH TXHGH ELHQ ¿MDGR HQ HO PLVPR (O FRQGXFWRU LQWHULRU GHEHUtD VREUHVDOLU FRPR Pi[LPR PP GHO FRQHFWRU)1RGREOHHOFRQGXFWRULQWHULRUDOUHDOL]DUHVWDRSHUDFLyQ )LJXUD /D FDOLGDG GH OD VHxDO UHFLELGD GHSHQGH WDPELpQ GHO PRQWDMH GHO FDEOH &RQH[LyQGHODDQWHQD\HOUHFHSWRU &RQHFWHODDQWHQDDOUHFHSWRU'9%7FRQHOFDEOHFRD[LDODGMXQWR 3XHGH PRQWDU OD DQWHQD FRQ LQGHSHQGHQFLD GH OD SRODUL]DFLyQ GH ODVVHxDOHVHPLWLGDV (QURVTXH ¿UPHPHQWH HO FRQHFWRU ) HQ HO FRUUHVSRQGLHQWH FRQHFWRU KHPEUD GH OD DQWHQD &RORTXH HO FDSXFKyQ VREUH HO FRQHFWRU)KDFLHQGRTXHVHHQFODYHHQODFDMDGHODDQWHQD ,QWURGX]FDHOFRQHFWRU,(&HQODDEHUWXUDSUHYLVWDDOHIHFWRHQOD SDUWHSRVWHULRUGHOUHFHSWRU &RQHFWHHOUHFHSWRUDOWHOHYLVRUYHDPiVGHWDOOHVDOUHVSHFWRHQODV LQVWUXFFLRQHVGHXVRGHOUHVSHFWLYRUHFHSWRU\HQFLpQGDOR&RQHFWH HOWHOHYLVRUDOPRGR$9VLHOWHOHYLVRUQRORKDFHSRUVtPLVPR $WUDYpVGHOPHQ~GHFRQ¿JXUDFLyQGHOUHFHSWRU'9%7DVHJ~UHVH GH TXH HVWp FRQHFWDGD OD DOLPHQWDFLyQ HOpFWULFD GH OD DQWHQD D WUDYpVGHFDEOHFRD[LDO $KRUDGHEHUiVHUSRVLEOHODUHFHSFLyQGHFDQDOHV'9%7 &RORFDFLyQFRQH[LyQ\SXHVWDHQVHUYLFLR 2SWLPL]DFLyQ 7RUQLOORGH¿MDFLyQ +DJDSUXHEDVGHUHFHSFLyQKDVWDHQFRQWUDUODSRVLFLyQPiVDGHFXDGD GH OD DQWHQD +DJD HVWR SUHIHUHQWHPHQWH DOOt GRQGH GHVHD PRQWDU PiVWDUGHODDQWHQDGHIRUPD¿MD$OUHVSHFWRGHEHWHQHUHQFXHQWDHO WHQGLGRGHOFDEOH/DDQWHQDVHSXHGHJLUDURULHQWiQGRODSDUDPHMRUDU ODUHFHSFLyQGHODVHxDO3URFHGDSDUDHOORGHOVLJXLHQWHPRGR $ÀRMHHOWRUQLOORGH¿MDFLyQFRQODOODYHPDFKRKH[DJRQDODGMXQWD *LUH OD DQWHQD HQ SDVRV GH KDVWD TXH OD UHFHSFLyQ VHD FRUUHFWD $SULHWHHOWRUQLOORGH¿MDFLyQSUHVWDQGRDWHQFLyQDTXHODFKDSDGH UHWHQFLyQVHHQFODYHHQODFDMDGHODDQWHQD 6LQRIXHUDSRVLEOHXQDUHFHSFLyQySWLPDSUXHEHODDQWHQDHQRWUROXJDU RULHQWDGRKDFLDODDQWHQDHPLVRUD\UHSLWDORVSDVRVDQWHVGHVFULWRV (QODVSUR[LPLGDGHVLQPHGLDWDVGHODHPLVRUDVHSXHGHYHUSHUMXGLFDGD ODUHFHSFLyQGHELGRDXQQLYHOGHUHFHSFLyQH[FHVLYR 2SWLPL]DFLyQFRQUHFHSWRU'9%7 $OJXQRVUHFHSWRUHVRIUHFHQODSRVLELOLGDGGHYHUHQODSDQWDOODHOQLYHO GH UHFHSFLyQ \ OD FDOLGDG GH OD VHxDO SHUPLWLHQGR DVt RSWLPL]DU D~Q PiVODFRORFDFLyQGHODDQWHQD2EVHUYHDOUHVSHFWRODVLQVWUXFFLRQHV GHXVRGHOUHVSHFWLYRUHFHSWRU /LPSLH]D 8WLOLFH~QLFDPHQWHXQSDxRK~PHGRSDUDOLPSLDUODDQWHQD1RHPSOHH SURGXFWRVGHOLPSLH]DDJUHVLYRVRDEUDVLYRV\DTXHSRGUtDGDxDUOD VXSHU¿FLHGHODFDMD1RVXPHUMDQXQFDHODSDUDWRHQOtTXLGRV &RORFDFLyQFRQH[LyQ\SXHVWDHQVHUYLFLR $QWHVGHOPRQWDMH$QWHVGHWDODGUDURUL¿FLRVDVHJ~UHVHGHTXHQRKD\ GHEDMRFDEOHVHOpFWULFRVHPSRWUDGRVHQODSDUHG £3HOLJURGHPXHUWHSRUGHVFDUJDHOpFWULFD 0RQWDMHPXUDO (O VXPLQLVWUR LQFOX\H HO PDWHULDO QHFHVDULR SDUD ¿MDU OD DQWHQD D OD SDUHG 8QD YH] HQFRQWUDGD OD SRVLFLyQ GH UHFHSFLyQ ySWLPD GH OD DQWHQD SXHGHWDODGUDUORVRUL¿FLRVSDUDHOVRSRUWHPXUDO 3UHVWHDWHQFLyQDTXHODDQWHQDVHPRQWHGHIRUPDTXHHOFDSXFKyQR UHVSHFWLYDPHQWHHOFDEOHHVWpQGLULJLGRVKDFLDDEDMR 0RQWDMHHQPiVWLO (QHOYROXPHQGHVXPLQLVWURVHLQFOX\HHOPDWHULDOGH¿MDFLyQQHFHVDULR SDUD ¿MDU OD DQWHQD HQ XQ PiVWLO $WRUQLOOH ODV GRV DEUD]DGHUDV GH PDQJXHUDFRQWRUQLOORWDQJHQWHVXPLQLVWUDGDVHQHOPiVWLO1RDSULHWH GHO WRGR ORV WRUQLOORV WRGDYtD 7DQWR HQ HO FDQWR VXSHULRU FRPR HQ HO LQIHULRU GHO iQJXOR GH ¿MDFLyQ GH OD %=' VH GLVSRQH GH XQ SLYRWH GH ¿MDFLyQ TXH VH FRORFD UHVSHFWLYDPHQWH HQ XQD DEUD]DGHUD GH PDQJXHUDSDUDHOPRQWDMH\OD¿MDFLyQ*LUHODDQWHQDKDVWDREWHQHU XQDUHFHSFLyQySWLPD8QDYH]GHWHUPLQDGDODSRVLFLyQGHUHFHSFLyQ ySWLPD GH OD DQWHQD SXHGH DSUHWDU OD DEUD]DGHUD GH PDQJXHUD FRQ WRUQLOORWDQJHQWH\HOWRUQLOORGHDSULHWH &HUFLyUHVHGHTXHODDQWHQDVHPRQWHGHPDQHUDTXHHOFDSXFKyQRHO FDEOHHVWpGLULJLGRKDFLDDEDMR &RORFDFLyQFRQH[LyQ\SXHVWDHQVHUYLFLR 0RQWDMHHQEDOFyQ (O VXPLQLVWUR LQFOX\H HO PDWHULDO QHFHVDULR SDUD ¿MDU OD DQWHQD D XQ EDOFyQ 8QD YH] HQFRQWUDGD OD SRVLFLyQ GH UHFHSFLyQ ySWLPD GH OD DQWHQD SXHGHWDODGUDUORVRUL¿FLRVSDUDHOVRSRUWHGH¿MDFLyQDOEDOFyQ 3UHVWHDWHQFLyQDTXHODDQWHQDVHPRQWHGHIRUPDTXHHOFDSXFKyQR UHVSHFWLYDPHQWHHOFDEOHHVWpQGLULJLGRVKDFLDDEDMR 3RVLFLyQGHPRQWDMHRSFLRQDO $~QVHREWLHQHQPiVSRVLFLRQHVGHPRQWDMHGHODDQWHQDFDPELDQGR GHOXJDUODHVFXDGUDGHVXMHFLyQ (VWDGRDODHQWUHJD (VWDGRWUDQVIRUPDGR 3DUD OD WUDQVIRUPDFLyQ TXLWH SULPHUR HO WRUQLOOR GH ¿MDFLyQ \ GDGR HO FDVR HO FDSXFKyQ \ HO FDEOH 'HVPRQWH D FRQWLQXDFLyQ OD HVFXDGUD GHVXMHFLyQ\PyQWHODDKRUDHQHOODGRRSXHVWR3UHVWHDWHQFLyQDTXH OD HVFXDGUD GH VXMHFLyQ VH WLHQH TXH LQWURGXFLU SULPHUR SRU OD SDUWH LQIHULRU¿MiQGRODOXHJRGHQXHYRFRQHOWRUQLOORGH¿MDFLyQ &RORFDFLyQFRQH[LyQ\SXHVWDHQVHUYLFLR $QWHVGHOPRQWDMH$QWHVGHWDODGUDURUL¿FLRVDVHJ~UHVHGHTXHQRKD\ GHEDMRFDEOHVHOpFWULFRVHPSRWUDGRVHQODSDUHG £3HOLJURGHPXHUWHSRUGHVFDUJDHOpFWULFD 7HQGLGRGHOFDEOHGHODDQWHQDDWUDYpVGHODSDUHG 6L WLHQGH HO FDEOH KDFLD HO H[WHULRU D WUDYpV GH OD SDUHG WUDV KDEHU UHDOL]DGR FRUUHFWDPHQWH OD FRQIHFFLyQ GHO FDEOH OD RSWLPL]DFLyQ \ HO PRQWDMHGHODDQWHQDWDOFRPRVHGHVFULEHDSDUWLUGHODSiJLQDWLHQH TXHUHDOL]DUODVVLJXLHQWHVRSHUDFLRQHV 'HVPRQWHHOFRQHFWRU) 4XLWHGHQXHYRHOFDSXFKyQGHFLHUUHGHOFDEOH $KRUDSXHGHSDVDUHOFDEOHGHVGHGHQWURKDFLDIXHUDDWUDYpVGHO DJXMHURGHODSDUHG 8QDYH]IXHUDYXHOYDDFRORFDUHOFDSXFKyQHQHOFDEOHWDOFRPR VHGHVFULEHHQODSiJLQD (QURVTXHGHQXHYRHOFRQHFWRU)HQHOFDEOH 6LWXDFLRQHVGHPRQWDMHLQFRUUHFWDV (O FDSXFKyQ GHEH HVWDU GLULJLGR KDFLD DEDMR VH SHUPLWH WDPELpQ OD FRORFDFLyQKRUL]RQWDO $OWHQGHUHOFDEOHSUHVWHDWHQFLyQDTXHHOFDEOHHVWpGLULJLGRSULPHUR VLHPSUH KDFLD DEDMR &RQ HVWR VH HYLWD TXH SXHGDQ HQWUDU JRWDV GH OOXYLDDOLQWHULRUGHODDQWHQDDWUDYpVGHOFDSXFKyQGHFLHUUH &DUDFWHUtVWLFDVGHHTXLSDPLHQWR\GDWRVWpFQLFRV $QWHQD DFWLYD GH 9+)8+) GH PRQWDMH H[WHULRU SDUD UHFHSFLyQ GH FDQDOHVGLJLWDOHVWHUUHVWUHVGH79\UDGLR'9%7 0RQWDMHVHQFLOORHQSDUHGPiVWLOREDOFyQ *DPDGHUHFHSFLyQ9+)0+]8+)0+] 3DUDSRODUL]DFLyQKRUL]RQWDO\YHUWLFDO 'LVHxRDWUDFWLYR\FRPSDFWR 'LPHQVLRQHVFRQVRSRUWH[[PP &RQH[LyQFRQHFWRU)FRQFDSXFKyQSDUDLQWHPSHULH $QWHQDDFWLYDFRQDPSOLILFDGRULQWHJUDGR &DOLGDGG%. $PSOLILFDFLyQ%,,,G%%,99G% 0i[QLYHOGHVDOLGDG%9 $OLPHQWDFLyQ UHPRWD 9 P$ D WUDYpV GH FDEOH FRD[LDO SRU HO UHFHSWRU '9%7 FRQHFWDGR R FRQ XQLGDG GH DOLPHQWDFLyQ UHPRWD H[WHUQD9 0X\EDMRIDFWRUGHUXLGR $FFHVRULRVDGMXQWRV &DSXFKyQSDUDLQWHPSHULH 0DWHULDOGHILMDFLyQSDUDPRQWDMHPXUDOPiVWLORHQEDOFyQ &DEOHGHFRQH[LyQGHPFRQHFWRU)\FRQHFWRU,(& ,QVWUXFFLRQHVGHXVR 0HGLGDVGHOHPEDODMHLQGLYLGXDOPP[[ 3HVRNJ (QHOFHQWURGHODEDQGDSDUDDQFKRGHEDQGDGH0+]\7X . 6HJ~Q(1SDUDG%.0$HURUGHQ -=:77HFKQLVFKHbQGHUXQJHQYRUEHKDOWHQ ,QWHUQHWKWWSZZZNDWKUHLQGH .$7+5(,1:HUNH.*7HOHIRQ)D[ $QWRQ.DWKUHLQ6WUDH±3RVWIDFK5RVHQKHLP