*KHRUJKH0XVF

3URJUDPDUHLQ/LPEDMGH$VDPEODUH

&DSLWROXO
3URFHVRDUHGHGHEL L
&RSURFHVRDUHPDWHPDWLFH
$UKLWHFWXUDSURFHVRDUHORUGHGHEL L
*HQHUDOLW

L

$SDUL LDLGH]YROWDUHDSURFHVRDUHORU,QWHOGHGHEL LDFRQVWLWXLWRDGHY

UHYROX LH

vQ

GRPHQLXO

FDOFXODWRDUHORU

SHUVRQDOH

DWkW

SULQ

UDW

FUHWHUHD

SHUIRUPDQ HORU KDUGZDUH vQ VSHFLDO FUHWHUHD VSDWLXOXL GH PHPRULH DGUHVDELO

GLUHFWFkWLSULQSHUVSHFWLYHOHGHVFKLVHVLVWHPHORUGHSURJUDPH
3URFHVRDUHOH GH  GH EL L VXQW FRPSDWLELOH FD DUKLWHFWXU
SULQ DFHHD F

 UHJLVWUHOH GH  EL L VH UHJ

 FX FHOH GH  EL L

VHVF FD VXEUHJLVWUH DOH UHJLVWUHORU GH

 GH EL L $FHDVWD D SHUPLV FD VHWXO GH LQVWUXF LXQL DO SURFHVRDUHORU GH  EL L
V

 ILH XQ VXEVHW DO FHOXL VSHFLILF SURFHVRDUHORU GH  EL L FHHD FH IDFH FD RULFH

SURJUDP GH]YROWDW SHQWUX SURFHVRDUHOH GH  EL L V

 SRDW

 IL H[HFXWDWH L SH

PDLQL GH  GH EL L Q SOXV WRDWH LQVWUXF LXQLOH FDUH XWLOL]DX RSHUDQ]L GH 
EL L VH H[WLQG L DVXSUD RSHUDQ]LORU GH  GH EL L $FHDVW

 FRPSDWLELOLWDWH D

VHWXOX LGH LQVWUXF LXQL D IRVW XQXO GLQ VFRSXULOH GHFODUDWH DOH QRLL JHQHUD LL GH

SURFHVRDUH

SHQWUX

D

FRQVHUYD

LPHQVD

FDQWLWDWH

GH

VRIWZDUH

GH]YROWDW

DQWHULRU
)LJXUD  GHVFULH UHJLVWUHOH SURFHVRDUHORU GH  GH EL LGLQSXQFWXOGHYHGHUH
DOSURJUDPHORUGHDSOLFD LH
([LVW

 RSW UHJLVWUH JHQHUDOH GH  GH EL L FDUH DX QXPHOH UHJLVWUHORU JHQHUDOH

GH  EL L FX SUHIL[XO ( GH OD H[WHQGHG $VWIHO UHJLVWUXO ($; VH QXPHWH
DFXPXODWRU H[WLQV (63 VH QXPHWH VWDFN SRLQWHU H[WLQV HWF 3ULPLL  EL L PDL
SX LQ VHPQLILFDWLYL DL DFHVWRU UHJLVWUH VXQW GLVSRQLELOL L FD UHJLVWUH GH  EL L
$;63HWFILLQGSUDFWLFLGHQWLFHFXUHJLVWUHOHJHQHUDOH
$FHHDL DERUGDUH VH UHJ

VHWH L vQ FD]XO UHJLVWUHORU (,3 FRQWRU SURJUDP

H[WLQV L ()/$*6 UHJLVWUX GH IODJXUL H[WLQV 6XEVHWXO GH ELVWDELOL GLQ UHJLVWUXO
)/$*6VHUHJ

VHWHvQSDUWHDORZDUHJLVWUXOXL()/$*6

5HJLVWUHOH GH VHJPHQW DX IRVW S

VWUDWH GH  EL L GDU VDX DG

XJDW GRX

 QRL

UHJLVWUH)6L*6
3H OkQJ

 UHJLVWUHOH JHQHUDOH GLQ )LJXUD  SURFHVRDUHOH GH  GH EL L GLVSXQ

GH UHJLVWUH GH FRQWURO GH JHVWLXQH D DGUHVHL GH GHSDQDUH L GH WHVW $FHVWHD
GLIHU

GHODXQWLSGHSURFHVRUODDOWXOLVXQWIRORVLWHvQSULQFLSDOGHSURJUDPHOH

GHVLVWHP


&DSLWROXO



*KHRUJKH0XVF

3URJUDPDUHLQ/LPEDMGH$VDPEODUH


)LJXUD5HJLVWUHOHSURFHVRDUHORUGHGHEL L

8QD GLQ PRGLILF

ULOH PDMRUH DOH DUKLWHFWXULL HVWH VHPQLILFD LD UHJLVWUHORU GH

VHJPHQWFDUHDF LRQHD]
LQGLF

vQJHQHUDOFDVHOHFWRDUHGHVHJPHQW$FHVWHDQXPDL

 vQ PRG QHPLMORFLW DGUHVD GH ED]

GHVFULSWRU GH VHJPHQW vQF

SUHFL]HD]

 DGUHVD GH ED]

UFDW vQWUXQ UHJLVWUX VSHFLDO GH FRQWURO FDUH

 D VHJPHQWXOXL GLPHQVLXQHD DFHVWXLD L GUHSWXULOH

GH DFFHV DVRFLDWH $ERUGDUHD UHVSHFWLY

VHJPHQWXOXL V
PD[LP

 SRDW

 D VHJPHQWXOXL GH PHPRULH FL XQ

 SHUPLWH FD DGUHVD GH ED]

 L OLPLWD

 IL VSHFLILFDWH SH  GH EL L FUHVFkQG GLPHQVLXQHD

DXQXLVHJPHQWSkQ

OD*%

0RGXULGHDGUHVDUHSHGHEL L

0RGXULOH GH DGUHVDUH IRUPDUHD DGUHVHL IL]LFH DX IRVW PXOW GH]YROWDWH ID
FHOHSHEL L6HLQWURGXFXUP

 GH

WRDUHOHQR LXQL

GHSODVDPHQWRYDORDUHLPHGLDW

UHJLVWUXGHED]

GHRVHELUHDGUHVDUHDSHEL LXQGHFDUHJLVWUHGHED]

UHJLVWUX LQGH[  RULFH UHJLVWUX JHQHUDO GH  GH EL L FX H[FHS LD OXL (63 VSUH GHRVHELUH

SHVDXGHEL LFRQ LQXW

RULFHUHJLVWUXJHQHUDOGHGHEL LVSUH
VHXWLOL]HD]

GHDGUHVDUHDSHEL LXQGHFDUHJLVWUHLQGH[VHXWLOL]HD]

IDFWRU GH VFDO

vQLQVWUXFWLXQH

GRDU%;L%3

GRDU6,L',

  LQGH[XO SRDWH IL vQPXO LW FX XQ IDFWRU GH VFDO

 GH YDORDUH    VDX 

LQH[LVWHQWvQDGUHVDUHDSHEL L

6HRE LQDVWIHOPRGXULSRVLELOHGHDGUHVDUH

DGUHVDUHGLUHFW

DGUHVDHIHFWLY

DRSHUDQGXOXLIDFHSDUWHGLQLQVWUXF LXQHSXWkQGILSH

VDXGHEL LH[HPSOX


,1&GZRUGSWU>+@

DGUHVDUHLQGLUHFW

SULQUHJLVWUHDGUHVDHIHFWLY

UHJLVWUHOHGHED]

H[HPSOX

vQWUXQXOGLQ

029>(%;@($;

DGUHVDUHED]DW
GHED]

DRSHUDQGXOXLHVWHFRQ LQXW

DGUHVDHIHFWLY

ODFDUHVHSRDWHDG

DRSHUDQGXOXLHVWHIRUPDW

GLQFRQ LQXWXOXQXLUHJLVWUX

XJDXQGHSODVDPHQWH[HPSOX

$''(&;>($;@

&DSLWROXO



*KHRUJKH0XVF

DGUHVDUH LQGH[DW

3URJUDPDUHLQ/LPEDMGH$VDPEODUH

  DGUHVD HIHFWLY

UHJLVWUXLQGH[ODFDUHVHSRDWHDG


 D RSHUDQGXOXL HVWH IRUPDW

 GLQ FRQ LQXWXO XQXL

XJDXQGHSODVDPHQWH[HPSOX

08/E\WHSWU7$%/28>(6,@

DGUHVDUH LQGH[DW

 FX IDFWRU GH VFDO

  DGUHVD HIHFWLY

 D RSHUDQGXOXL HVWH IRUPDW

FRQ LQXWXO XQXL UHJLVWUX LQGH[ vQPXO LW FX XQ IDFWRU GH VFDO

 OD FDUH VH SRDWH DG

 GLQ

XJD XQ

GHSODVDPHQWH[HPSOX


029($;GZRUGSWU7$%/28>(', @>+@

DGUHVDUHED]DW

LLQGH[DW

XQXLUHJLVWUXGHED]


DGUHVDHIHFWLY

ODFDUHVHDGXQ

DRSHUDQGXOXLHVWHIRUPDW

GLQFRQ LQXWXO

FRQ LQXWXOXQXLUHJLVWUXLQGH[H[HPSOX

029($;>(6,@>(%;@

DGUHVDUH ED]DW
IRUPDW

 L LQGH[DW

 FX IDFWRU GH VFDO

 GLQ FRQ LQXWXO XQXL UHJLVWUX GH ED]

LQGH[vQPXO LWFXXQIDFWRUGHVFDO


  DGUHVD HIHFWLY

 OD FDUH VH DGXJ

 D RSHUDQGXOXL HVWH

 FRQ LQXWXO XQXL UHJLVWUX

H[HPSOX

029(&;>('; @>($;@

DGUHVDUH ED]DW

 L LQGH[DW

 FX GHSODVDPHQW  DGUHVD HIHFWLY

GLQ FRQ LQXWXO XQXL UHJLVWUX GH ED]

FDUHVHSRDWHDG


 OD FDUH VH DGDXJ

 D RSHUDQGXOXL HVWH IRUPDW

 FRQ LQXWXO XQXL UHJLVWUX LQGH[ OD

XJDXQGHSODVDPHQWH[HPSOX

$''(';>(6,@>(%3+@

DGUHVDUH ED]DW

 L LQGH[DW

RSHUDQGXOXL HVWH IRUPDW

 FX IDFWRU GH VFDO

 L GHSODVDPHQW  DGUHVD HIHFWLY

 GLQ FRQ LQXWXO XQXL UHJLVWUX GH ED]

XQXL UHJLVWUX LQGH[ vQPXO LW FX XQ IDFWRU GH VFDO

 OD FDUH VH DGXJ

 D

 FRQ LQXWXO

 OD FDUH VH SRDWH DG

XJD XQ

GHSODVDPHQWH[HPSOX


029($;7$%/28>(', @>(%3+@

)LJXUDLOXVWUHD]
IDFWRU GH VFDO

PRGXOFHOPDLJHQHUDOGHDGUHVDUHED]DW

 L GHSODVDPHQW vQ FDUH DGUHVD HIHFWLY

LLQGH[DW

 ($ VH FDOFXOHD]

FX

 GXS

UHOD LD


($

5HJLVWUXB%D]

)DFWRUXO GH VFDO

5HJLVWUXB,QGH[ )DFWRUB6FDO

'HSODVDPHQW

 HVWH IRDUWH XWLO OD SDUFXUJHUHD WDEORXULORU GH GDWH VLPSOH SH

  VDX  RFWH L SHUPL kQG FD LQGLFHOH ORJLF DO WDEORXOXL V

 FRLQFLG

 FX

FRQ LQXWXOUHJLVWUXOXLLQGH['HH[HPSOXRLQVWUXF LXQH&GHIRUPD



ORQJLQWWDEORX>@

IRUL

LL

WDEORX>L@



VHLPSOHPHQWHD]

SULQVHFYHQ D



029

&;



;25

(%;(%;

EXFOD



$''

B7$%/28>(%; @



,1&

(%;



/223 EXFOD

vQ FDUH UHJLVWUXO (%; DUH H[DFW DFHHDL VHPQLILFD LH FD L LQGLFHOH L GLQ
SURJUDPXO&

&DSLWROXO



*KHRUJKH0XVF

3URJUDPDUHLQ/LPEDMGH$VDPEODUH


)LJXUD0RGXULGHDGUHVDUHSHGHEL L

0RGXULOH5HDOL3URWHFWHG

3HQWUX D S

VWUD FRPSDWLELOLWDWHD FX SURJUDPHOH GH]YROWDWH SHQWUXPDLQLGH

EL LSURFHVRDUHOHGHGHEL LGLVSXQGHGRX

PRGXULGHRSHUDUHPRGXO5HDO

$GGUHVV SH VFXUW PRGXO 5HDO L PRGXO 3URWHFWHG 9LUWXDO $GUUHVV SH
VFXUWPRGXO3URWHFWHG
Q PRGXO 5HDO SURFHVRUXO VH FRPSRUW
SHUPL kQGvQV
0RGXO

 FD XQ SURFHVRU GH  EL L IRDUWH UDSLG

DFFHVXOODGDWHLDGUHVHGHGHEL L

3URWHFWHG

RIHU

PHFDQLVPH

VRILVWLFDWH

GH

JHVWLXQH

D

PHPRULHL

SDJLQDUH GUHSWXUL GH DFFHV OD VHJPHQWH HWF Q DFHVW PRGH GH RSHUDUH
XQLW

LOH GH SURJUDP VH QXPHVF WDVNXUL 6H SRDWH H[HFXWDRFRPXWDUHGHWDVN

SHQWUX D LQWUD vQWUXQ UHJLP VSHFLDO GH IXQF LRQDUH GHQXPLW PRG 9LUWXDO 
)LHFDUH DVHPHQHD WDVN VH FRPSRUW
PDLQ

 GLQ SXQFW GH YHGHUH VRIWZDUH FD R

 GH WLS  SHUPL kQG SURJUDPHORU GH  EL L DSOLFD LL VDX FKLDU XQ

vQWUHJVLVWHPGHRSHUDUHV

SRDW

ILH[HFXWDWHFDWDVNXUL

$WkW vQ PRGXO 5HDO FkW L vQ PRGXO 3URWHFWHG SURFHVRUXO SRDWH H[HFXWD

LQVWUXF LXQL GH  EL L SULQ H[DPLQDUHD XQXL ELW GLQ GHVFULSWRUXO GH VHJPHQW
DVRFLDW UHJLVWUXOXL &6 D&HVW ELW SUHFL]HD]

 OXQJLPHD LPSOLFLW

 D RSHUDQ]LORU v

DGUHVHORUVDXGHEL L
Q DIDUD GLPHQVLXQLL LPSOLFLWH VH SRDWH IRU D R DQXPLW

 GLPHQVLXQH SULQ

SUHIL[HOH QXPLWH 2SHUDQG 6L]H GLPHQVLXQH RSHUDQG L $GGUHVV /HQJWK

OXQJLPH DGUHV

&DSLWROXO

 $FHVWH SUHIL[H GH YDORDUH + L + VXQW JHQHUDWH



*KHRUJKH0XVF

DXWRPDW
FRQVLGHU

GH

PXUP

WUH

3URJUDPDUHLQ/LPEDMGH$VDPEODUH

PDFURDVDPEORDUH

WRDUHDVHFYHQ

GHFRGVXUV

FRGH

029

$;ZRUGSWU>',@>+@

029

($;GZRUGSWU>',@>+@

029

$;ZRUGSWU>(',@>+@

029

($;GZRUGSWU>(',@>+@

)LLHUXOOLVWLQJJHQHUDWYDFRQ LQHXUP


SUHVXSXQHP

PRGXO

5HDO

L



WRDUHDGHVFULHUH

%

_%

_% 

029$;ZRUGSWU>(',@>+@

__%

029($;GZRUGSWU>(',@>+@

6H REVHUY

029$;ZRUGSWU>',@>+@

029($;GZRUGSWU>',@>+@

 DFHODL FRG DO LQVWUXF LXQLL 029 %+ DFHODL GHSODVDPHQW +

JHQHUDW SH  VDX  GH EL L L SUHIL[HOH LQVHUDWH DXWRPDW 3ULPD LQVWUXF LXQH
HVWH FX RSHUDQG L DGUHVDUH GH  EL L $ GRXDLQVWUXF LXQHHVWHFXRSHUDQGSH
 GH EL L L DGUHVDUH SH  EL L VH REVHUY

 SUHIL[XO + L RIIVHWXO +

JHQHUDWSHEL L$WUHLLQVWUXF LXQHHVWHFXRSHUDQGSHEL LLDGUHVDUHSH

 GH EL L VH REVHUY

 SUHIL[XO + L RIIVHWXO + JHQHUDW SH  GH EL L Q

ILQH XOWLPD LQVWUXF LXQH HVWH FX RSHUDQG L DGUHVDUH SH  GH EL L VH REVHUY
DPEHOHSUHIL[HLRIIVHWXO+JHQHUDWSHGHEL L

Q

PRGXO

GH

RSHUDUH

5HDO

IRUPDUHD

DGUHVHL

IL]LFH

HVWH

H[FDW

FD

OD

SURFHVRDUHOH GH  EL L YH]L )LJXUD  6HOHFWRUXO GH VHJPHQW HVWH XQXO GLQ
FHOHUHJLVWUHGHVHJPHQWLDURIIVHWXULOHVXQWSHEL LFRQGXFkQGDVWIHOODR
OXQJLPH PD[LP

 D XQXL VHJPHQW GH .% 3RLQWHULL F

WUH GDWH VDX F

WUH

LQVWUXF LXQL SRW IL PHPRUD L SH  RFWH L GRL RFWH L SHQWUX DGUHVD GH VHJQPHQW
LGRLRFWH LSHQWUXRIIVHW
$VDPEORDUHOH GLVSXQ GH GLUHFWLYD '' 'HILQH 'RXEOH:RUG FDUH JHQHUHD]
SRLQWHULSHRFWH LFDvQH[HPSOXOXUP

WRU

GDWD


7$%/28

''

GXS"



$'5B

''

7$%/28

FRGH


/(6

%;$'5B

029

($;(6>%;@

,QVWUXF LXQHD /(6 %; $''5B vQFDUF

SRLQWHUSHRFWH L

&DSLWROXO

 SHUHFKHD GH UHJLWUL (6%; FX XQ



*KHRUJKH0XVF

3URJUDPDUHLQ/LPEDMGH$VDPEODUH


)LJXUD$GUHVDUHDvQPRGXO5HDO

Q PRGXO GH RSHUDUH 3URWHFWHG UHJLVWUHOH VHOHFWRDUH GH VHJPHQW GH  EL L
VXQWvQF

UFDWHFXDGUHVDXQXLGHVFULSWRUGHVHJPHQWLDURIIVHWXULOHSRWILGH

VDX  GH EL L YH]L )LJXUD  FRQGXFkQG OD R OXQJLPH PD[LP

 D XQXL

VHJPHQW GH  *% 3RLQWHULL SRW IL SH  RFWH L GRL RFWH L SHQWUX GHVFULSWRUXO GH

VHJPHQW L GRL RFWH L SHQWUX RIIIVHW VDX SH  RFWH L SDWUX RFWH L SHQWUX
RIIVHW
$VDPEORDUHOH GLVSXQ GH GLUHFWLYD '3 'HILQH 3RLQWHU FDUH JHQHUHD]
SHRFWH LFDvQH[HPSOXOXUP


GDWD

7$%/28

''

GXS"



$'5B

'3

7$%/28

FRGH

/)6

(%;$'5B

029

($;)6>(%;@

,QVWUXF LXQHD /)6 (%; $''5B vQFDUF

XQSRLQWHUSHRFWH L

 SRLQWHUL

WRU

 vQ SHUHFKHD GH UHJLVWUH )6(%; FX





&DSLWROXO



*KHRUJKH0XVF

3URJUDPDUHLQ/LPEDMGH$VDPEODUH


)LJXUD$GUHVDUHDvQPRGXO3URWHFWHG

FRQVLGHU

PXUP

WRDUHDVHFYHQ

VXUV



GDWD


7$%/28

''

$'5B

''

GXS"
7$%/28

$'5B

'3

7$%/28

FRGH


/($

%;7$%/28 

$FFHVSULQSRLQWHUQHDUGHEL LvQ

029

($;>%;@

FDGUXOVHJPHQWXOXLVHOHFWDWSULQ'6

/($

(%;7$%/28

$FFHVSULQSRLQWHUQHDUGHGHEL LvQ

029

($;>(%;@

FDGUXOVHJPHQWXOXLVHOHFWDWSULQ'6




/(6

$;$'5B 

$FFHVSULQSRLQWHUIDUGHGHEL LvQ

029

($;(6>%;@

FDGUXOVHJPHQWXOXLVHOHFWDWSULQ(6

/)6

(%;$'5B


$FFHVSULQSRLQWHUIDUGHGHEL LvQ

029

($;)6>(%;@

FDGUXOVHJPHQWXOXLVHOHFWDWSULQ)6

/LVWLQJXOJHQHUDWODDVDPEODUHSHQWUXVHFYHQ DGHPDLVXVHVWH


 

GDWD

 """"""""

7$%/28

VU

$'5B

''7$%/28

VU

$'5B

'37$%/28

''GXS"




$ 

%%U

FRGH


/($

%;7$%/28

_%

029

($;>%;@




_'(U

/($

(%;7$%/28

%__% 

029

($;>(%;@

)&(U

/(6

%;$'5B

_% 

029

($;(6>%;@

_)%(U

/)6

(%;$'5B

'__%



029

($;)6>(%;@

&DSLWROXO



*KHRUJKH0XVF

6H REVHUY

3URJUDPDUHLQ/LPEDMGH$VDPEODUH

 SUH]HQ D D WUHL FDWHJRULL GH SUHIL[H 3UHIL[HOH GH RSHUDQG SH  GH

EL LPDUFDWHFX_FHOHGHDGUHV

SHGHEL LPDUFDWHFX_LSUHIL[HOH

GH VHJPHQW PDUFDWH FX  SHQWUX (6 L FX  SHQWUX )6 ,QVWUXF LXQHD
/($ /RDG (IIHFWLYH $GGUHVV SHUPLWH vQF

UFDUHD DWkW D RIIVHWXULORU GH  EL L

FkWLDFHORUGHGHEL L
QPRGLPSOLFLWDFFHVXOODGDWHVHIDFHSULQVHOHFWRUXO'6ODIHOFDDOFX
H[FHS LD PRGXUORU GH DGUHVDUH FDUH LPSOLF

 UHJLVWUHOH (%3 L (63 FD] vQ FDUH

VHOHFWRUXO LPSOLFLW HVWH 66 6H SRDWH IRORVL RULFH SUHIL[ GH VHJPHQW FX DFHOHDL
H[FHS LLFXQRVFXWHGHOD

LQVWUXF LXQLOHH[HFXWDWHVXQWDFFHVDWHWRWGHDXQDSULQ&6

RSHUD LLOH GH VDOYDUH L UHVWDXUDUH vQ VWLY

GHVWLQD LDLQVWUXF LXQLORUSHQWUXLUXULHVWHDFFHVDW

323VHH[HFXW

 LPSOLFDWH vQ LQVWUXF LXQLOH &$// 5(7 386+ L

WRWGHDXQDSULQVHOHFWRUXO66
WRWGHDXQDSULQVHOHFWRUXO(6

/D SXQHUHD VXE WHQVLXQH SURFHVRUXO HVWH vQ PRGXO 5HDO 7UHFHUHD vQ PRGXO
3URWHFWHG

VH

IDFH

SULQ

SR]L LRQDUHD

XQXL

ELW

GLQ

FXYkQWXO

PDL

SX LQ

VHPQLILFDWLYQXPLW0DFKLQH6WDWXV:RUGDOUHJLVWUXOXLGHFRQWURO&5

$D FXP OD SURFHVRDUHOH GH  EL L WUHEXLD V

 vQ

FX

3URWHFWHG

YDORUL

FRUHVSXQ]

FX

VHQV

WRDUH

D

WUHFHUHD

vQ

GHVFULSWRULORU

PRGXO
GH

VHJPHQW

UF

P UHJLVWUHOH GH VHJPHQW

L

SUHVXSXQH

vQF

UFDUHD

VHOHFWRDUH $FHVWH RSHUD LL QX YRU IL GHVFULVH vQ LGHHD F

GHILQLUHD

UHJLVWUHORU

 SURJUDPHOH GH

DSOLFD LHGH]YROWDWHvQOLPEDMGHDVDPEODUHYRURSHUDvQJHQHUDOvQPRGXO5HDO
6HWXOGHLQVWUXF LXQLDOSURFHVRDUHORUGHGHEL L
([WHQVLDLQVWUXF LXQLORUGHEL L

3HQWUX FD DVDPEORUXO V

 UHFXQRDVF

 LQVWUXF LXQLOH VSHFLILFH VH XWLOL]HD]

GLUHFWLYHOHFDUHSUHFL]HD]
2 VHULH GH UHVWULF LL GH OD VHWXO GH ED]

  VXQW HOLPLQDWH vQFHSkQG GH OD

SURFHVRUXO'HDVHPHQHDVHDGDXJ

vQF

WLSXOSURFHVRUXOXL

RVHULHGHLQVWUXF LXQLQRL

UFDUHD UHJLVWUHORU GH VHJPHQW VH SRDWH IDFH L FX YDORUL LPHGLDWH H[HPSOX 029 '6

'*5283
,QVWUXF LXQLOH GH GHSODVDUH L URWD LH VH SRW H[HFXWD SH XQ QXP

U RDUHFDUH GH EL L

VSHFLILFDWvQLQVWUXF LXQHGHH[HPSOX6+/$;

,QVWUXF LXQHD

GH

vQPXO LUH

FX

VHPQ

,08/

DUH

XUP

WRDUHOH

IRUPH

VXSOLPHQWDUH



,08/UHJLP

SULQ FDUH VH vQPXO HWH UHJVWUXO GH  EL L UHJ FX R YDORDUH LPHGLDW

 SH 

EL LLPLDUUH]XOWDWXOVHGHSXQHvQUHJ



,08/GUHJVXUVD

SULQ FDUH VH vQPXO HWH GUHJ FX VXUVD UHJLVWUX VDX PHPRULH L UH]XOWDWXO
VHGHSXQHvQGUHJQXPDLODLXUP



WRDUHOH

,08/GUHJVXUVDLP

SULQ FDUH VH vQPXO HWH VXUVD UHJLVWUX VDX PHPRULH FX YDORDUHD LPHGLDW

LPLUH]XOWDWXOVHGHSXQHvQUHJLVWUXOGUHJGHVWLQD LH
,QVWUXF LXQLOHGHOXFUXFXVWLYDVHH[WLQGFX

&DSLWROXO



*KHRUJKH0XVF

386+$

FDUH VDOYHD]

3URJUDPDUHLQ/LPEDMGH$VDPEODUH

3XVK$OO

 vQ VWLY

 UHJLVWUHOH $; &; '; %; 63 %3 6, ', vQ DFHDVW

RUGLQHLDUUHJLVWUXO63HVWHVF

323$ 

]XWFX

3RS$OO

FDUH UHIDFH UHJLVWUHOH ', 6, %363%;';&;$;VDOYDWHFXRLQVWUXF LXQH

386+$ DQWHULRDU

 UHJLVWUXO 63 VH UHIDFH SULQ DGXQDUHD YDORULL  QX SULQ

H[WUDJHUHDHIHFWLY

GLQVWLY



386+ LP

FDUHSXQHvQVWLY

RYDORDUHLPHGLDW



,QVWUXF LXQLOHSHQWUXLUXULVHH[WLQGFX

,16%,16: ,QSXW6WULQJ

FXVHPQLILFD LD


(6',E\WHZRUGFLWLWGHODSRUWXOVSHFLILFDWGH';



DFWXDOL]HD]

',

2876%2876:2XWSXW6WULQJ

FXVHPQLILFD LD


SRUWVSHFLILFDWSULQ';'66,



DFWXDOL]HD]

6,

,QVWUXF LXQLOHGHFRQWUROVHH[WLQGFX

%281'UHJOLP

7HVWHD]

OLPLWH

vQ FDUH OLP HVWH DGUHVD XQHL ]RQH GH PHPRULH GH GRL vQWUHJL FDUH SUHFL]HD]
OLPLWD PLQLP

 L PD[LP

 SHQWUX UHJLVWUXO UHJ 'DF

UHJ!'6OLPDWXQFLVHJHQHUHD]

(17(5GLPBORFQLYHO

&UHHD]

DEORQVWLY

RvQWUHUXSHUHVRIWZDUHSHQLYHOXO
ODLQWUDUHDvQSURFHGXU

vQFDUHGLPBORFLQLYHOVXQWvQWUHJLSHEL LI
6HPQLILFD LDHVWHXUP

 UHJ  '6OLP VDX

VHPQ

RDUHD




386+%3



WHPS63



GDF



IRUL

WRQLYHO^



%3%3



386+66>%3@



`



386+WHPS

`



%3WHPS



6363GLPBORF

3ULPXO

QLYHO!^

SDUDPHWUX

GLPBORF

HVWH

GLPHQVLXQHD

SDUDPHWULL ORFDOL DL SURFHGXULL 'DF

HFKLYDOHQW

vQ

VWLY

SHQWUX

 QLYHO HVWH  DWXQFL VHPQLILFD LD HVWH

FX



386+ %3



029

&DSLWROXO

QHFHVDU

%363



*KHRUJKH0XVF



68%

3URJUDPDUHLQ/LPEDMGH$VDPEODUH

63GLPBORF

FDUH HVWH VHFYHQ D VWDQGDUG GH LQWUDUH vQWUR SURFHGXU

VWLY

YH]LVXEFDSLWROXO

'DF

 QLYHO HVWH !  VH FRSLD]

 vQ VWLY

ORFDOL D SURFHGXULL DSHODQWH 'DF

SURFHGXU

 FX SDUDPHWUL ORFDOL vQ

 FRQ LQXWXO ]RQHL GH VWLY

 SURFHGXUD FXUHQW

 HVWH DSHODW

 SDUDPHWUL
 GLQWUR DOW

 FDUH DUH UHJLVWUXO %3 SR]L LRQDW SULQWUR LQVWUXF LXQH (17(5 DWXQFL

DEORQXO VWLYHL FXUHQWH YD FRQ LQH SULPHOH QLYHO FXYLQWH ORFDOH DOH SURFHGXULL
DSHODQWH

/($9(3UHJ

WLUHSHQWUXLHLUHGLQSURFHGXU

,QVWUXF LXQHD /($9( UHIDFH UHJLVWUHOH 63 L %3 DQXOkQG HIHFWXO LQVWUXF LXQLL
/($9((VWHHFKLYDOHQW


02963%3



323%3

FXVHFYHQ D

,QVWUXF LXQH (17(5 VH VFULH FD SULP

 LQVWUXF LXQH GLQ SURFHGXU

 LDU /($9(

LPHGLDWvQLQWHGH5(7
,QVWUXF LXQLVSHFLILFHSURFHVRDUHORUGHGHEL L

QWUHJXO VHW GH LQVWUXF LXQL GH WUDQVIHU DULWPHWLFH L ORJLFH VH H[WLQGH FX

RSHUDQ]LGHWLS'RXEOH:RUGUHJLVWUHPHPRULHVDXYDORULLPHGLDWH
,QVWUXF LXQLVSHFLILFHGHWUDQVIHU

386+$'323$' 

6DOYHD]
VWLY

UHVWDXUHD]

UHVWDXUHD]

3XVK3RS$OO'RXEOH

3XVK)ODJV'RXEOH

UHJLVWUXO()/$*6vQVWLY

&03;&+*UHJPHPUHJ

LDSRLLQWHUVFKLPE



&RPSDUHDQG([FKDQJH

FHLGRLRSHUDQ]LSR]L LRQkQGIODJXULOHDULWPHWLFH

%6:$3UHJ%\WH6ZDS

,QYHUVHD]

 UHJLVWUHOH ($; (&; ('; (%; (63 (%3 (6, (',vQ

386+)'323)'

&RPSDU



6DOYHD]

RUGLQHDRFWH LORUvQWUXQUHJLVWUXGHGHEL L

;$''UHJPHPUHJ

(VWHHFKLYDOHQW

([FKDQJHDQG$GG

0RYHZLWK=HUR6LJQ([WHQVLRQ

FXVHFYHQ D



;&+*UHJPHPUHJ



$''

UHJPHPUHJ

,QVWUXF LXQLVSHFLILFHGHFRQYHUVLH

029=;0296;GHVWLQD LHVXUV

&RSLD]
GXEO

 RSHUDQGXO VXUV



 GH VDXEL LvQRSHUDQGXOGHVWLQD LHGHOXQJLPH

 FRPSOHWkQG FX  029=; VDX FX ELWXO GH VHPQ DO RSHDUQGXOXL VXUV

0296; 'HVWLQD LD SRDWH IL UHJLVWUX VDX PHPRULH GH  GH EL L LDU VXUVD
SRDWHILUHJLVWUXPHPRULHVDXYDORDUHLPHGLDW

&:'(

GHEL L

&RQYHU:RUGWR'RXEOH:RUG([WHQGHG

&RQYHUWHWH $; OD XQ GXEOX FXYkQW vQ ($; FX H[WHQVLH GH VHPQ (VWH
DVHP

WRDUH FX &:' &RQYHUW :RUG WR 'RXEOH FDUH DUH FD GHVWLQD LH

SHUHFKHD';$;

&DSLWROXO



*KHRUJKH0XVF

&'4

3URJUDPDUHLQ/LPEDMGH$VDPEODUH

&RQYHUW'RXEOH:RUGWR4XDG:RUG

&RQYHUWHWH UHJLVWUXO ($; OD XQ FXYkQW FYDGUXSOX vQ SHUHFKHD (';($; FX
H[WHQVLHGHVHPQ
,QVWUXF LXQLVSHFLILFHDGUHVHORU

/)6/*6/66UHJPHP

QFDUF

 R SHUHFKH GH UHJLVWUH FX XQ SRLQWHU GLQ PHPRULH SH  VDX  RFWH L

5HJLVWUXOVSHFLIFDWSRDWHILGHVDXGHEL L
,QVWUXF LXQLDULWPHWLFH

2SHUD LLOH GH vQPXO LUH L vPS

U LUH VH SRW H[HFXWD SH  GH EL L 6H XWLOL]HD]

UHJLVWUHOH ($; L ('; FX VHPQLILFD LH DVHP

WRDUH FD OD RSHUD LLOH GH  EL L

'HH[HPSOXLQVWUXF LXQHD


',9

(%;

vPSDUWH(';($;OD(%;FXFkWXOvQ($;LUHVWXOvQ(';

,QVWUXF LXQLGHGHSODVDUH

6+/'6+5'UHJPHPUHJ&/LP

6H GHSODVHD]

6KLIW/HIW5LJKW'RXEOH

 UHJPHP OD VWkQJDGUHDSWD FX QXP

UXO GH EL L VSHFLILFDW vQ &/

VDXvQRSHUDQGXOLPHGLDWLPSHEL L$OGRLOHDRSHUDQGHVWHIRORVLWSHQWUXD

FRPSOHWD EL LL GHSODVD L DL SULPXOXL RSHUDQG 3ULPLL GRL RSHUDQ]L WUHEXLH V

 ILH

GHDFHHDLGLPHQVLXQH:RUGVDX'RXEOH:RUG
,QVWUXF LXQLFXSHQWUXLUXUL

6HWXO GH LQVWUXF LXQL SHQWUX LUXUL VH H[WLQGH FX RSHUD LL VSHFLILFH LUXULORU GH
vQWUHJL SH  RFWH L ([LVW

 DVWIHO LQVWUXF LXQLOH 0296' 0RYH 6WULQJ 'RXEOH

6726' 6WRUH 6WULQJ 'RXEOH /2'6' /RDG 6WULQJ 'RXEOH 6&$6' 6FDQ
6WULQJ 'RXEOH 6H XWLOL]HD]
VXUV

 UHJLVWUXO DFXPXODWRU H[WLQV ($; LDU DGUHVHOH

LGHVWLQD LH6,L',VXQWLQFUHPHQWDWHGHVFUHPHQWDWHFX

,QVWUXF LXQLODQLYHOGHELW

%6)%65UHJUHJPHP

,QVWUXF LXQHD SDUFXUJH RSHUDQGXO VXUV

%LW6FDQ)RUZDUG5HYHUVH

 UHJPHP  VDX  GH EL L SkQ

 OD

SULPXO ELW HJDO FX  %6) SDUFXUJH GH OD GUHDSWD OD VWkQJD LDU %65 LQYHUV
,QGLFHOHELWXOXLLGHQWLILFDWHVWHSODVDWvQSULPXORSHUDQGUHJLVWUX

%7UHJPHPLPUHJ 

3ODVHD]

ELWXOFXQXP

ELWXOFXQXP

DSRLFRPSOHPHQWHD]

%LW7HVWDQG&RPSOHPHQW

%LW7HVWDQG5HVHW

ELWXOUHVSHFWLYODYDORDUHD

ELWXOFXQXP

DSRLIRU HD]

UXOGDWGHLPVDXGHUHJDORSHUDQGXOXLUHJPHPvQ&)

%76UHJPHPLPUHJ

3ODVHD]

ELWXOUHVSHFWLY

ELWXOFXQXP

DSRLIRU HD]

%LW7HVW

UXOGDWGHLPVDXGHUHJDORSHUDQGXOXLUHJPHPvQ&)

%75UHJPHPLPUHJ

3ODVHD]



UXOGDWGHLPVDXGHUHJDORSHUDQGXOXLUHJPHPvQ&)

%7&UHJPHPLPUHJ 

3ODVHD]

%LW7HVWDQG6HW

UXOGDWGHLPVDXGHUHJDORSHUDQGXOXLUHJPHPvQ&)

ELWXOUHVSHFWLYODYDORDUHD

,QVWUXF LXQLGHFRQWURO

-(&;=HWLFKHW

&DSLWROXO



-XPSLI(&;LV=HUR



*KHRUJKH0XVF

3URJUDPDUHLQ/LPEDMGH$VDPEODUH

(VWHH[WHQVLDLQVWUXF LXQLL-&;=SHQWUXUHJLVWUXO(&;

6(7FFFUHJPHP

6HWHD]

6HW%\WHV&RQGLWLRQDOO\

 XQ RFWHW FRQIRUP XQHL FRQGL LL ORJLFH 2FWHWXO SRDWH IL XQ UHJLVWUX GH 

EL LVDXRORFD LHGHPHPRULH&RQGL LLOHORJLFHLVHPQLILFD LLOHORUVXQWDFHOHDL

FD OD LQVWUXF LXQLOH GH VDOW FRQGL LRQDW Q PQHPRQLFHOH LQVWWUXF LXQLORU VH
VXEVWLWXLHFFFFXFRQGL LDFDUHHVWHFRGLILFDW
VDOW FRQGL LRQDW ([LVW

VXEIRUPD-FFFODLQVWUXF LXQLOHGH

 GHFL LQVWUXF LXQL 6(7* 6(7*( 6(71% 6(732 6(71/(

HWF'HH[HPSOX


6(7/(

$/



6(71%(

E\WHSWU>6,@



6(71&

E\WHSWU>(%;@

&RSURFHVRDUHPDWHPDWLFH
$UKLWHFWXUDFRSURFHVRDUHORUPDWHPDWLFH

&RSURFHVRDUHOH

PDWHPDWLFH

VXQW

FLUFXLWH

LQWHJUDWH

GHGLFDWH

SURFHVRDUH

VSHFLDOL]DWH FDUH H[WLQG VHWXO GH LQVWUXF LXQL DO SURFHVRDUHORU FHQWUDOH FX

LQVWUXF LXQLVSHFLILFHRSHUD LLORUFXQXPHUHUHDOHvQYLUJXO

&RSURFHVRUHOH VXQW ILH FLUFXLWH GH VLQH VW
VXQW LQWHJUDWHvQSURFHVRUXOGHED]

PRELO



WRDUH    ILH

QFHOGHDOGRLOHDFD]QXVHPDL

IDFH GLVWLQF LH vQWUH VHWXO GH LQVWUXF LXQL DO GH ED]
YLUJXO

PRELO



 L FHO VSHFLILF IRUPDWXOXL vQ

7LSXULOHGHGDWHUHFXQRVFXWHGHFRSURFHVRDUHVXQW

QXP

UUHDOvQVLPSO

QXP

UUHDOvQGXEO

QXP

UUHDOvQSUHFL]LHH[WLQ

vQWUHJSHRFWH LZRUG

vQWUHJSHRFWH LGZRUG

vQWUHJ%&'SHFLIUHWE\WHV

SUHFL]LHGZRUG
SUHFL]LHTZRUG
WE\WHV

$FHVWH WLS\XUL GH GDWH YRU IL QRWDWH FX UHDO UHDO UHDO LQW LQW L

EFG QWUHJLL SH  RFWH L SRW IL QXPDL vQF

FRSURFHVRDUHOH OXFUHD]

UFD L vQ FRSURFHVRU ,QWHUQ

 H[FOXVLY FX IRUPDWXO UHDO vQ SUHFL]LH H[WLQV

RFWH L GHVFULV vQ &DSLWROXO  /D vQF

 

UFDUHD RSHUDQ]LORU GLQ PHPRULH WRDWH

WLSXULOHGHGDWHGHPDLVXVVXQWFRQYHUWLWHODWLSXOLQWHUQVLPLODUODGHSXQHUHD
RSHUDQ]LORU vQ PHPRULH DX ORF FRQYHUVLL GH OD IRUPDWXO LQWHUQ OD XQXO GLQ
IRUPDWHOHGHPDLVXV
$UKLWHFWXUD FRSURFHVRDUHORU FXSULQGH  UHJLVWUH GH FkWH  GH EL L QXPLWH
67 67  67 $FHVWH UHJLVWUH VXQW RUJDQL]DWH FD R VWLY
67 FDUH VH PDL QRWHD]

 UHJLVWUXO

 VLPSOX FX 67 ILQQG YkUIXO VWLYHL YH]L )LJXUD 

&RSURFHVRDUHOHGLVSXQGHRVHULHGHUHJLVWUHVXSOLPHQWDUHGLQWUHFDUHFHOHPDL
LPSRUWDQWHVXQWUHJLVWUXOGHVWDUH6WDWXV:RUGLUHJLVWUXOGHFRQWURO&RQWURO
:RUG

5HJLVWUXO

GH

VWDUH

FRQ LQH

IODJXUL

FDUH

VH

SR]L LRQHD]

vQ

XUPD

LQVWUXF LXQLORU GH FRPSDUD LH VDX vQ FD] GH HURDUH 5HJLVWUXO GH FRQWURO FRQ LQH
FkPSXUL FDUH FRQWUROHD]

 PRGXO GH H[HFX LH DO DQXPLWRU DF LXQL GH H[HPSOX

FXPVHIDFHURWXQMLUHDODYDORULvQWUHJL

&DSLWROXO



*KHRUJKH0XVF

3URJUDPDUHLQ/LPEDMGH$VDPEODUH


)LJXUD$UKLWHFWXUDFRSURFHVRDUHORU[

&RPXQLFD LD GLQWUH SURFHVRUXO GH ED]

 L FRSURFHVRU VH IDFH H[FOXVLY SULQ

LQWHUPHGLXO PHPRULH &RSURFHVRUXO GLVSXQH GH LQVWUXF LXQL GH WUDQVIHU vQWUH

PHPRULHLFHOHUHJLVWUHGHOXFUXSUHFXPLSHQWUXFXYLQWHOHGHFRQWUROLGH
VWDUH
1H

YRP

UHIHUL

vQ

FRQWLQXDUH

OD

FRSURFHVRUXO



GHRDUHFH

VHWXO

GH

LQVWUXF LXQL HVWH SUDFWLF DFHODL OD WRDWH FRSURFHVRDUHOH /D SURFHVRUHOH PDL
YHFKLGHFkWVHSXQHLSUREOHPDFRPXQLFD LHLGLQWUHSURFHVRUXOGHED]

LFRSURFHVRU
,QVWUXF LXQLOH VSHFLILFH  VH VFULX vQ WH[WXO VXUV
SURFHVRUXOXL GH ED]
L JHQHUHD]

 OD IHO FD LQVWUXF LXQLOH

 $VDPEORUXO UHFXQRDWH PQHPRQLFHOH DFHVWRU LQVWUXF LXQL

 FRG PDLQ

 FRUHVSXQ]

FRSURFHVRUvQXUPDJHQHU

WRU $FHVW FRG YD IL H[HFXWDW GH F

ULLXQXLVHPQDOGHF

&RSURFHVRUXOPRQLWRUL]HD]

WUHSURFHVRUXOGHED]

WUH



SHUPDQHQWIOX[XOGHLQVWUXF LXQLLVHVL]HD]

SUH]HQ D XQHL LQVWUXF LXQL VSHFLILFH  vQ PHPRULH Q DFHZVW FD] HO
VHPQDOHD]

LQWHQ LDGHDLQWUDvQH[HFX LHSULQVHPQDOXOHOHFWULF7(67([HFX LD

 FH  LQWU

vQFHSH QXPDL GXS

:$,7

&RSURFHVRUXO

LQVWUXF LXQLL
VHPQDOXO
FRQWLQX

H[HFX LD

vQDLQWHD ILHF
H[SOLFLW

UHFXQRDWH

PDWHPDWLFH

7(67

&D

 vQ DWHSWDUH FD XUPDUH D XQHL LQVWUXF LXQL

VWDUHD

DQXOkQG

XUPDUH

vQ



$VDPEORDUHOH

LHVH

LQVHUHD]

ED]

DWHSWDUH
WLPS

GLQ

L

vQFHSH

FHUHUHD

VWDUHD

DXWRPDW

GH

R

H[HFX LD

HIHFWXDW

DWHSWDUH

LQVWUXF LXQH

UHL LQVWUXF LXQL  GHFL QX HVWH QHFHVDU

SULQ

L

vL

:$,7

 FRGLILFDUHD ORU



/DFRSURFHVRDUHOHGHJHQHUD LHPDLQRX
GH

GH

DFHODL

VH

IHFH

VLQFURQL]DUHDFXSURFHVRUXO

SULQ VHPQDOH VSHFLDOL]DWH FHHD FH HOLPLQ

LQVWUXF LXQLORU:$,7
Q PRG FRUHVSXQ]

WRU H[LVW

UHFLSURFH  DWHDSW

QXPDLGXS

&DSLWROXO

LQVWUXF LXQHD):$,7GHVWLQDW

 GXS

 QHFHVLWDWHD

VLQFURQL]

ULL

 ,QVWUXF LXQHD ):$,7 HVWH QHFHVDU

RSHUD LLOHGHGHSXQHUHvQPHPRULHH[HFXWDWHGH



*KHRUJKH0XVF

QDLQWHDvQFHSHULLRSHU

3URJUDPDUHLQ/LPEDMGH$VDPEODUH

ULLSURSULX]LVHHVWHQHFHVDU

RLQVUWXF LXQH),1,7FDUH

WHUJHUHJLVWUHOHLQWHUQHFRQGL LLOHGHHURDUHHWF
6HWXOGHLQVWUXF LXQL

0QHPRQLFHOH

LQVWUXF LXQLORU



vQFHS

WRDWH

FX

OLWHUD

)

0DMRULWDWHD

LQVWUXF LXQLORU DUH FD RSHUDQ]L YkUIXO 67 DO VWLYHL FRSURFHVRUXOXL L XQ DOW
UHJLVWUX

67L

VDX

XQ

PDWHPDWLFH DFWXDOL]HD]
UHSUH]LQW

RSHUDQG

vQ

PHPRULH

&HOH

PDL

PXOWH

LQVWUXF LXQL

 VWLYD SULQ RSHUD LLOH GHVFULVH PDL MRV 67 L 67

DFHODLUHJLVWUX

386+B67

IRUL

WR

67L67L

323B67

IRUL

WR

67L67L

,QVWUXF LXQLSHQWUXvQF

UFDUHDGDWHORU

)/'

67L 

WHPS67L

QFDUF

67LvQ67FXGHSODVDUHDVWLYHL

386+B67

67WHPS

)/'

PHPUHDO


QFDUF

QXP

UUHDOGLQPHPRULHvQ67

386+B67

67PHP

),/'

PHPLQW

QFDUF

QXP

UvQWUHJGLQPHPRULHvQ67

386+B67

67PHP

)%/'

PHPEFG

QFDUF

QXP

U%&'GLQPHPRULHvQ67

386+B67

67PHP

)/'=

QFDUF

FRQVWDQWDvQ67

386+B67

67

)/' 

QFDUF

FRQVWDQWDvQ67

386+B67

67

)/'3, 

QFDUF

FRQVWDQWD

386+B67

67

)/'/(

QFDUF

FRQVWDQWDORJ

386+B67

67ORJ

)/'/7

QFDUF

FRQVWDQWDORJ vQ67

386+B67

67ORJ 

)/'/*

QFDUF

386+B67

FRQVWDQWDORJ
 vQ67

67ORJ
 

vQ67
HvQ67

H

,QVWUXF LXQLSHQWUXGHSXQHUHDGDWHORU


)67

67L

67L67

)673

67L

67L67

323B67

)67

PHPUHDO

PHP67

)673

PHPUHDO

&DSLWROXO

'HSXQH67vQ67LI

GHVF

'HSXQH67vQ67LFXGHVF

UFDUHDVWLYHL

UFDUHDVWLYHL

'HSXQH67FDUHDOvQPHPRULHI

GHVF

'HSXQH67FDUHDOvQPHPRULHFXGHVF

UFDUH

UFDUH



*KHRUJKH0XVF

3URJUDPDUHLQ/LPEDMGH$VDPEODUH

PHP67

323B67

),67

PHPLQW

PHP67

),673 PHPLQW

PHP67

323B67

)%673 PHPEFG

323B67

);&+

6FKLPE

67FX67

);&+

67L

6FKLPE

67FX67L

$GXQ

67FX67FXGHVF

$GXQ

67OD67L

'HSXQH67FDvQWUHJvQPHPRULHI

GHVF

'HSXQH67FDvQWUHJvQPHPRULHFXGHVF

'HSXQH67FD%&'vQPHPRULHFXGHVF

UFDUH

UFDUH

UFDUH

PHP67

,QVWUXF LXQLGHDGXQDUH


)$'' 

676767

323B67

)$'' 67L67

)$'' 6767L

$GXQ

67LOD67

)$'' PHPUHDO

$GXQ

UHDOGLQPHPRULHOD67

),$''PHPLQW

$GXQ

vQWUHJGLQPHPRULHOD67

)$''367L

$GXQ

67OD67LFXGHVF

67L67L67

323B67

&DOFXOHD]

6FDGH67GLQ67L

6FDGH67LGLQ67

UFDUH

67L67L67


676767L

6767PHP

6767PHP


,QVWUXF LXQLGHVF

UFDUHDVWLYHL

GHUH

)68%

676767

323B67

)68%

67L67

67L67L67

)68%

6767L

676767L

)68%

PHPUHDO

6767PHP

),68% PHPLQW

)68%367L

67L67L67

323B67

)68%5

WHPS6767

323B67

67WHPS

)68%567L67

)68%56767L

)68%5PHPUHDO

),68%5PHPLQW

)68%3567L


67L6767L

323B67

6767FXGHVF

UFDUH

6FDGHUHDOvQPHPRULHGLQ67

6FDGHvQWUHJvQPHPRULHGLQ67

6FDGH67GLQ67LFXGHVF

&DOFXOHD]

6FDGH67LGLQ67UH]XOWDWvQ67L

6FDGH67GLQ67LUH]XOWDWvQ67

6767PHP


UFDUH

6767FXGHVF

UFDUH

67L6767L


6767L67
6FDGH67GLQUHDOvQPHPRULHUH]XOWDWvQ67

67PHP67


6FDGH67GLQvQWUHJvQPHPRULHUH]vQ67

6FDGH67LGLQ67FXGHVF

67PHP67


UFDUHDVWLYHL

,QVWUXF LXQLGHvQPXO LUH

&DSLWROXO



*KHRUJKH0XVF

3URJUDPDUHLQ/LPEDMGH$VDPEODUH

)08/

6767 67

323B67

)08/

67L67

67L67L 67

)08/

6767L

6767 67L

)08/

PHPUHDO

6767 PHP

),08/ PHPLQW

)08/367L

67L67L 67

323B67

QPXO HWH67FX67FXGHVF

UFDUH

QPXO HWH67FX67LUH]XOWDWvQ67L

QPXO HWH67LFX67UH]XOWDWvQ67L

QPXO HWHUHDOGLQPHPRULHFX67

QPXO HWHvQWUHJGLQPHPRULHFX67

QPXO HWH67FX67LFXGHVF

&DOFXOHD]

6767 PHP


,QVWUXF LXQLGHvPS

UFDUH

U LUH

)',9

676767

323B67

)',9

67L67

67L67L67

)',9

6767L

676767L

)',9

PHPUHDO

6767PHP

),',9 PHPLQW

)',93 67L

67L67L67

323B67

)',95 

WHPS6767

323B67

67WHPS

)',9567L67

)',956767L

)',95 PHPUHDO

),',95PHPLQW

)',93567L

67L6767L

323B67

6767FXGHVF

UFDUH

PSDUWH67LOD67UH]XOWDWvQ67

PSDUWH67OD67LUH]XOWDWvQ67L

PSDUWH67ODUHDOGLQPHPRULH

PSDUWH67ODvQWUHJGLQPHPRULH

PSDUWH67LOD67FXGHVF

&DOFXOHD]

PSDUWH67OD67LUH]XOWDWvQ67L

PSDUWH67LOD67UH]XOWDWvQ67

6767PHP


UFDUH

6767FXGHVF

UFDUH

67L6767L


6767L67
PSDUWHUHDOvQPHPRULHOD67UH]XOWDWvQ67

67PHP67


PSDUWHvQWUHJvQPHPRULHOD67UH]vQ67

PSDUWH67OD67LFXGHVF

67PHP67


UFDUH

,QVWUXF LXQLGHFRPSDUD LH

,QVWUXF LXQLOH GH FRPSDUD LH SR]L LRQHD]

 LQGLFDWRULL GLQ FXYkQWXO GH VWDUH SULQ

HIHFWXDUHDXQHLRSHUD LLWHPSRUDUHGHVF

GHUHvQWUHRSHUDQ]LLFDUHVHFRPSDU

)&20 

)&20 67L

&RPSDU

67FX67

&RPSDU

67FX67L

)&20 PHPUHDO

&RPSDU

67FXUHDOvQPHPRULH

),&20PHPLQW

&RPSDU

67FXvQWUHJGLQPHPRULH

)767

&RPSDU

67FX

)&203

&RPSDU

67FX67FXGHVF

WHPS6767

323B67

)&20367L

&RPSDU

67FX67LFXGHVF

)&203PHPUHDO

&RPSDU

67FXUHDOFXGHVF

),&203PHPLQW 

&RPSDU

67FXvQWUHJFXGHVF

&DSLWROXO



UFDUH

UFDUH
UFDUH
UFDUH



*KHRUJKH0XVF

)&2033

WHPS6767

323B67

323B67

3URJUDPDUHLQ/LPEDMGH$VDPEODUH

&RPSDU

67FX67FXGHVF

,DYDORDUHDDEVROXW

6FKLPE

5DGLFDO

UFDUHGXEO

,QVWUXF LXQLGLYHUVH


)$%6

67_67_

)&+6

6767

)6457

VHPQXO

67VTUW67

,QVWUXF LXQLGHFRQWURO


),1,7

,QL LDOL]HD]

):$,7

6LQFURQL]HD]

)676:
PHPLQW

'HSXQHFXYkQWGHVWDUHvQPHPRULH

)67&:PHPLQW

'HSXQHFXYkQWGHFRQWUROvQPHPRULH

)/'&:PHPLQW

QFDUF

)123

1LFLRRSHUD LH

3H OkQJ

FRSURFHVRU
FXSURFHVRUXOGHED]

FXYkQWGHFRQWUROGLQPHPRULH

 LQVWUXFWLXQLOH GH PDL VXV FRSURFHVRDUHOH GLVSXQ GH LQVWUXF LXQL

WUDQVFHQGHQWH SHQWUX FDOFXOXO IXQF LLORU WULJRQRPHWULFH GLUHFWH L LQYHUVH

H[SRQHQ LDO

 ORJDULWP HWF $FHVWH LQVWUXF LXQL QX YRU IL SUH]HQWDWH GHRDUHFH

HVWH SX LQ SUREDELO F

 VH YRU GH]YROWD SURJUDPH FX IXQF LL WUDQVFHQGHQWH vQ

OLPEDMGHDVDPEODUH
Q&DSLWROXOYRUILSUH]HQWDWHWHKQLFLGHSURJUDPDUHVSHFLILFHFRSURFHVRDUHORU
PDWHPDWLFH


&DSLWROXO