Guía para la Elaboración y Evaluación del Plan Operativo

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2CTCGNHQTVCNGEKOKGPVQFGN¦TICPQ+PHQTO¶VKEQ+PUVKVWEKQPCN
x
&KXGTUKHKECEKÎP FG NCU VCTGCU KPHQTO¶VKECU GP GN RGTUQPCN FGN ¶TGC FGURGTVCPFQ [
x
%CRCEKVCPFQCNRGTUQPCNFGKPHQTO¶VKECGPNCEWNVWTCFG%CNKFCF6QVCN
OQVKXCPFQGNKPVGTÃURQTCURGEVQUVÃEPKEQUSWGPQUQPFGUWTWVKPC
2CTCGNFGUCTTQNNQGKORNGOGPVCEKÎPFGUKUVGOCUUKUVGOCUKPVGITCFQU[FGEQPUWNVCCN
UGTXKEKQFGNRÕDNKEQ
x
+ORNGOGPVCTNCKPVGITCEKÎPFGNQUUKUVGOCUCFOKPKUVTCVKXQU[FGÃUVQUEQPGN5+4
x
2TQOQXGT[EQPUQNKFCTNQUUGTXKEKQUFGEQPUWNVCCVTCXÃUFG&#6#(101
x
x
+ORNGOGPVCTGNUGTXKEKQFG)TCPFGU7UWCTKQUCVTCXÃUFG+06'40'6
&GHKPKTGKORNGOGPVCTNQUUGTXKEKQUFGDÕUSWGFCCVTCXÃUFG+PVGTPGV
2CTCNCEQPUVTWEEKÎPFG$CPEQU[$CUGUFG&CVQUKPUVKVWEKQPCNGU
x
%QPUVTWEEKÎPFGNC$CUGFG&CVQUFG+PXGPVCTKQFGNCU2CTVKFCU4GIKUVTCNGU
x
+ORNGOGPVCTNC$CUGFG&CVQUFG PFKEGUFG6QOQU
x
x
&KIKVCEKÎP[XCNKFCEKÎPFGNQU PFKEGUFG6QOQU
&GHKPKTNCOGLQTGZRNQVCEKÎPFGNQU PFKEGUFG6QOQU[(KEJCU
2CTC NC KORNGOGPVCEKÎP [ CORNKCEKÎP FGN JCTFYCTG FG NCU TGFGU KPUVKVWEKQPCNGU [
5KUVGOCUFG%QOWPKECEKQPGU
x
#FSWKUKEKÎP FG GSWKRQU FG EÎORWVQ SWG RGTOKVCP OGLQTCT NCU VCTGCU FG
x
#FSWKUKEKÎP FG )TWRQ 'NGEVTÎIGPQ SWG RGTOKVC UWOKPKUVTCT GPGTIÈC GNÃEVTKEC C NCU
x
x
XKUWCNK\CEKÎPFGKO¶IGPGU
¶TGCU FG (TQPV 'PF FG OCPGTC VCN SWG NC 14.% RWGFC FCT WP UGTXKEKQ
KPKPVGTTWORKFQCUWUWUWCTKQU
#FSWKUKEKÎPGKORNCPVCEKÎPFG725EQPVGEPQNQIÈCFGRWPVC
/GLQTCTGNVT¶HKEQFGNCTGFKPUVKVWEKQPCNKORNGOGPVCPFQNCVTCPUOKUKÎPC/DU
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
2CTCNCGUVCPFCTK\CEKÎP[CFSWKUKEKÎP[WUQFGUQHVYCTG
x
'UVCPFCTK\CEKÎPFG9+0&195EQOQRNCVCHQTOC%NKGPVG
x
%CRCEKVCEKÎPCNRGTUQPCNFG14.%GP1HHKEG
x
x
'UVCPFCTK\CEKÎP FG1((+%'QRQUVGTKQTGUEQOQUQHVYCTGFGQHKO¶VKEC
'UVCPFCTK\CEKÎP[CFSWKUKEKÎPFG8KUWCN5VWFKQRCTCGNFGUCTTQNNQFG+PVTCPGV
2CTCNCKPVGITCEKÎPKPVGTKPUVKVWEKQPCNCVTCXÃUFGNCUTGFGU
x
+ORNGOGPVCT [ RTQOQXGT GN WUQ FGN UGTXKEKQ FG ITCPFGU WUWCTKQU C PKXGN
x
%QQTFKPCTEQPGNUKUVGOC0CEKQPCNFGNQU4GIKUVTQU2ÕDNKEQUCGHGEVQUFGGUVCDNGEGT
x
KPVGTKPUVKVWEKQPCN
NC$CUGFG&CVQUEGPVTCNK\CFCFGN5KUVGOC0CEKQPCNFGNQU4GIKUVTQU2ÕDNKEQU
%QQTFKPCT EQP GN UKUVGOC 0CEKQPCN FG NQU 4GIKUVTQU 2ÕDNKEQU NQU UGTXKEKQU FG
EQPUWNVCEGPVTCNK\CFC
2CTCNCECRCEKVCEKÎPGPPWGXCUVGEPQNQIÈCUFGNCKPHQTOCEKÎP
x
x
x
%CRCEKVCTCNRGTUQPCNFGKPHQTO¶VKECCVTCXÃUFGNCUKPUVKVWEKQPGUO¶UTGRTGUGPVCVKXCU
FGN RCÈU GP GN EQPQEKOKGPVQ FG NCU VGEPQNQIÈCU SWG FQOKPCP GN OGTECFQ
KPHQTO¶VKEQ
%CRCEKVCEKÎPCNRGTUQPCNFG14.%GP9KPFQYU[1HHKEG
%CRCEKVCEKÎPCNRGTUQPCNFG14.%GPJGTTCOKGPVCUFGFGUCTTQNNQ+PVTCPGV
2CTCNCFKHWUKÎPFGNCUPWGXCUVGEPQNQIÈCUFGNCKPHQTOCEKÎPGPVTGNQUWUWCTKQU
x
2TQOQXGT NC KORNCPVCEKÎP GP VQFCU NCU ¶TGCU FG NC KPUVKVWEKÎP FGN WUQ FG NQU
x
'UVGRWPVQFGDGT¶VGPGTTGNCEKÎPFKTGEVCCNQU QDLGVKXQUGURGEÈHKEQUFGHKPKFQUGPGN
UGTXKEKQUFGKPVTCPGV
RWPVQ CPVGTKQT VQOCPFQ EQOQ RWPVQ FG RCTVKFC NCU OGVCU FG ECFC QDLGVKXQ
RTGUWRWGUVCFQ GP GN RGTKQFQ [ GN PKXGN FG EQORNGLKFCF [ GN PÕOGTQ FG
RTQ[GEVQUCEVKXKFCFGUKFGPVKHKECFCU
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
8+
(QTOCVQU['LGORNQU
(14/#610
(+%*#6œ%0+%#2#4#.#241)4#/#%+¦0&'#%6+8+&#&'5;241;'%615+0(14/6+%15 +
&GPQOKPCEKÎPFGNCCEVKXKFCFÎRTQ[GEVQ
++
&CVQU)GPGTCNGU
7PKFCF'LGEWVQTC
&WTCEKÎP
GZRTGUCFCGPOGUGUKPFKECPFQNCHGEJCFG+PKEKQ[FG6GTOKPQ
%QUVQ6QVCN
GPPWGXQUUQNGU
+++
&GNCCEVKXKFCFQRTQ[GEVQ
&GUETKREKÎP
1DLGVKXQU
+8
/GVC#PWCN
5QPNQUNQITQUSWGUGGUVCDNGEGPGPGNRTQ[GEVQRCTCGNCÌQHKUECN8GTOGVC(ÈUKEC[
EQPUKFGTCTUWGZRTGUKÎPGPXCNQTGUPWOÃTKEQUQFGUETKVCUUKPWVKNK\CTRQTEGPVCLGU
8
%QDGTVWTCFG#EEKÎP
+PFKECTUKNCCEVKXKFCF[QRTQ[GEVQVKGPGWPCEQDGTVWTCFG¶ODKVQKPUVKVWEKQPCNTGIKQPCN
PCEKQPCNQINQDCN
8+
+PUVKVWEKQPGU+PXQNWETCFCU
'PWOGTCT NCU KPUVKVWEKQPGU KPXQNWETCFCU FKTGEVC Q KPFKTGEVCOGPVG EQP GN RTQ[GEVQ Q
CEVKXKFCF
8++ 2TQFWEVQU(KPCNGU
&GHKPKTNQURTQFWEVQUHKPCNGUQGPVTGICDNGUFGECFCRTQ[GEVQ[QCEVKXKFCF
8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU
+PFKECTNQUWUWCTKQUQITWRQUFGWUWCTKQUDGPGHKEKCFQUEQPGNRTQFWEVQHKPCNFGNRTQ[GEVQ
0QVC .QUGLGORNQUPQPGEGUCTKCOGPVGUGCLWUVCPCNCTGCNKFCFCEVWCNUQPFGECT¶EVGTFKF¶EVKEQ
GKNWUVTCVKXQ
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
241)4#/#%+10&'#%6+8+&#&'5;241;'%615
+0(14/6+%15
%QPHQTOG CN RNCP QRGTCVKXQ GUVCDNGEKFQ UG FGUCTTQNNCT¶ NC RTQITCOCEKÎP FG CEVKXKFCFGU [
RTQ[GEVQUKPHQTO¶VKEQU
'LGORNQUFGN7UQFGNHQTOCVQ
(14/#610u
#%6+8+&#&'5;1241;'%615+0(14/6+%15
+
&GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ
++
&CVQU)GPGTCNGU
7PKFCF'LGEWVQTC)GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG5QRQTVG[2TQEGUCOKGPVQ
&WTCEKÎP
(GDTGTQK #DTKN
%QUVQ6QVCN
5
+++
+8
8
8+
8++
#%67#.+<#%+¦0&'9+0&195#9+0&195;&'5+56'/#5+081.7%4#&15
&GNC#EVKXKFCFQ2TQ[GEVQ
&GUETKREKÎP
5GNNGXCT¶CECDQNCCEVWCNK\CEKÎPFG9KPFQYUC9KPFQYUGPVQFCUNCU2%U
'UVC CEVWCNK\CEKÎP KPENW[G C VQFQU NQU UKUVGOCU KPXQNWETCFQU RTKPEKRCNOGPVG GN
5KUVGOCFG+PHQTOCEKÎP4GIKUVTCN
1DLGVKXQU
#NECP\CT WPC EQORCVKDKNKFCF EQP NCU CRNKECEKQPGU CEVWCNGU FGUCTTQNNCFCU GP UW
OC[QTÈCRCTC9+0&195QDVGPKGPFQWPOGLQTVKGORQFGTGURWGUVC
/GVC#PWCN
#NECP\CTNCOKITCEKÎPFGNCVQVCNKFCFFGGSWKRQUCPVGUFGNRTKOGTUGOGUVTG
%QDGTVWTC
+PUVCNCEKÎP GP NC 5GFG %GPVTCN EQOQ GP VQFCU NCU FGO¶U 1HKEKPCU 2TQXKPEKCNGU %CNNCQ
%CÌGVG$CTTCPEC*WCEJQ*WCTCN
+PUVKVWEKQPGU#TGCU+PXQNWETCFCU
5WDIGTGPEKCFG2TQFWEEKÎP[5QRQTVGEQPGNCRQ[QFG1RGTCFQTGU*GNR&GUM[6ÃEPKEQU
GPEQORWVCEKÎP
&KXKUKÎPFG%QPVTQNFG+PUVTWEEKQPGU
2TQFWEVQU(KPCNGU
5G NQITCT¶ GN HWPEKQPCOKGPVQ FGN 5KUVGOC FG +PHQTOCEKÎP 4GIKUVTCN GP GPVQTPQ 9KPFQYU
EQPNCHCEKNKFCFFGEQPVCTEQPVQFQGNUQRQTVGSWGCEVWCNOGPVGUGEWGPVCRCTCGUVG
UKUVGOC
8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU
4GIKUVTCFQTGU6ÃEPKEQU4GIKUVTCNGU[2WDNKEKFCF
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
(14/#610u
#%6+8+&#&'5;1241;'%615+0(14/6+%15
+
&GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ
+06'4%10':+¦01(+%+0#%'064#.%104')+5641&'2412+'&#&8'*+%7.#4
++
&CVQU)GPGTCNGU
7PKFCF'LGEWVQTC )GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG4GFGU[%QOWPKECEKQPGU
&WTCEKÎP
/C[Q ,WPKQ
%QUVQ6QVCN
5
+++
&GNC#EVKXKFCFQ2TQ[GEVQ
&GUETKREKÎP
5G NNGXCT¶ C ECDQ NC KPVGTEQPGZKÎP GP #6/ FG NC QHKEKPC EGPVTCN EQP GN TGIKUVTQ FG
RTQRKGFCFXGJKEWNCT
1DLGVKXQU
ƒ 2GTOKVKTCNQUWUWCTKQUFGCODCUQHKEKPCUCEEGFGTGPHQTOCETW\CFCCNQUUKUVGOCU
KPUVCNCFQU
ƒ (CEKNKVCT GN CEEGUQ FG 428 C +PVGTPGV OGFKCPVG GN CEEGUQ KPUVCNCFQ GP NC 5GFG
%GPVTCN
ƒ 2GTOKVKT GN UGTXKEKQ FG )TCPFGU 7UWCTKQU [ EQPUWNVCU FGUFG +PVGTPGV C NC DCUG FG
FCVQUFG428
ƒ +PEQTRQTCEKÎPFGECPCNGUFGXQ\ EQPHKIWTCFQUEQOQCPGZQUGZVGPFKFQ
+8
/GVC#PWCN
+PUVCNCEKÎPGPGNRTKOGTUGOGUVTGFGNCÌQ
8
%QDGTVWTC
5GFGEGPVTCNFG.KOC[UWUFGO¶UQHKEKPCUTGIKUVTCNGU
%CNNCQ%CÌGVG$CTTCPEC*WCEJQ
*WCTCN
8+
+PUVKVWEKQPGU#TGCU+PXQNWETCFCU
ƒ )GTGPEKCFG+PHQTO¶VKEC
ƒ )GTGPEKCFG$KGPGU+POWGDNGU
ƒ )GTGPEKCFG2TGUWRWGUVQ[&GUCTTQNNQ
8++
2TQFWEVQU(KPCNGU
+PUVCNCEKÎPFGN5KUVGOCFG+PHQTOCEKÎP4GIKUVTCNGP428
/ÎFWNQFG)TCPFGU7UWCTKQURCTC428
8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU
)GTGPEKCU[TGCU4GIKUVTCNGU
2GTOKVKT¶GNCEEGUQFG0QVCTÈCU$CPEQU[EQPEGUKQPCTKQUCN/ÎFWNQFG)TCPFGU7UWCTKQU
FG428
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
(14/#610u
#%6+8+&#&'5;1241;'%615+0(14/6+%15
+
&GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ
++
&CVQU)GPGTCNGU
7PKFCF'LGEWVQTC &WTCEKÎP
%QUVQ6QVCN
+++
&'5#441..1 ' +/2.'/'06#%+¦0 &' 70 #2.+%#6+81 2#4# .# %1057.6# 5+/7.6#0'#
&' +0&+%'5 &'. 4')+5641 &' 2'4510#5 ,74+&+%#5 # 0+8'. &' .# 5'&' %'064#. ; 575
2418+0%+#5
%#..#1%#¤'6'$#44#0%#*7#%*1*7#4#.
)GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG&GUCTTQNNQ+PHQTO¶VKEQ
/CT\QK /C[Q
5
&GNC#EVKXKFCFQ2TQ[GEVQ
&GUETKREKÎP
5GNNGXCT¶CECDQGNFGUCTTQNNQFGWPCRNKECVKXQSWGRGTOKVKT¶EQPUWNVCNQUÈPFKEGUFGN
TGIKUVTQFGRGTUQPCULWTÈFKECUCPKXGNFGNCUGFG EGPVTCN[UWURTQXKPEKCU
1DLGVKXQ
6GPGTCEEGUQEQPUQNKFCFQCNCKPHQTOCEKÎPGPVTGNCUGFGEGPVTCN[NCUFGO¶UQHKEKPCU
TGIKUVTCNGU
%CNNCQ%CÌGVG$CTTCPEC*WCEJQ*WCTCN
+8
/GVC#PWCN
+ORNGOGPVCEKÎP CFOKPKUVTCEKÎP [ OCPVGPKOKGPVQ FGN UKUVGOC FG EQPUWNVCU RQT RGTUQPCU
LWTÈFKECU
8
%QDGTVWTC[Q4CFKQFG#EEKÎP
5GFGEGPVTCNFG.KOC[UWUFGO¶UQHKEKPCUTGIKUVTCNGU
%CNNCQ%CÌGVG$CTTCPEC*WCEJQ
*WCTCN
8+
+PUVKVWEKQPGUTGCU+PXQNWETCFCU
ƒ )GTGPEKCFG2TQRKGFCF+POWGDNG
ƒ )GTGPEKCFG2GTUQPCU,WTÈFKECU
ƒ )GTGPEKCFG2GTUQPCU0CVWTCNGU
ƒ )GTGPEKCFG+PHQTO¶VKEC
ƒ )GTGPEKCFG2TGUWRWGUVQ[&GUCTTQNNQ
ƒ )GTGPEKCFG#FOKPKUVTCEKÎP[
ƒ 1VTCUQHKEKPCUTGIKUVTCNGUFG.KOC
%CNNCQ%CÌGVG$CTTCPEC*WCEJQ*WCTCN
8++
2TQFWEVQU(KPCNGU
/ÎFWNQFGEQPUWNVCUCPKXGNFG2GTUQPCU0CVWTCNGU[,WTÈFKECURCTCNCUFKHGTGPVGUQHKEKPCU
TGIKUVTCNGUFGNFGRCTVCOGPVQFG.KOC
%CNNCQ%CÌGVG$CTTCPEC*WCEJQ*WCTCN
8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU
5GFGEGPVTCNFG.KOCQHKEKPCUTGIKUVTCNGUFG.KOC[RÕDNKEQGPIGPGTCN
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
(14/#610u
#%6+8+&#&'5;1241;'%615+0(14/6+%15
+
&GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ
++
&CVQU)GPGTCNGU
7PKFCF'LGEWVQTC &WTCEKÎP
%QUVQ6QVCN
+++
+06'4%10':+¦0%10'06+&#&'5&'.'56#&11757#4+15':6'4015
)GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG4GFGU[%QOWPKECEKQPGU
,WPKQK ,WNKQ
5
&GNC#EVKXKFCFQ2TQ[GEVQ
&GUETKREKÎP
5G NNGXCT¶ C ECDQ NC KPVGTEQPGZKÎP EQP GPVKFCFGU FGN GUVCFQ Q WUWCTKQU GZVGTPQU
CRTQXGEJCPFQNQUUGTXKEKQUFGNCVGEPQNQIÈC+PVGTPGV
1DLGVKXQU
$TKPFCTKPHQTOCEKÎPCOCPGTCFGEQPUWNVCCWUWCTKQUGZVGTPQUCNCUGFGEGPVTCN
+8
/GVC#PWCN
+PVGTEQPGZKÎPEQPWUWCTKQUGZVGTPQUSWGTGSWKGTCPFGGUVGUGTXKEKQ
8
%QDGTVWTC
5KGPFQ+PVGTPGVGNOGFKQFGEQPUWNVCNCEQDGTVWTCUGTÈCFGOCPGTCINQDCN
8+
+PUVKVWEKQPGUTGCU+PXQNWETCFCU
ƒ )GTGPEKCFG2TQRKGFCF+POWGDNG
ƒ )GTGPEKCFG2GTUQPCU,WTÈFKECU
ƒ )GTGPEKCFG2GTUQPCU0CVWTCNGU
ƒ )GTGPEKCFG+PHQTO¶VKEC
ƒ )GTGPEKCFG2TGUWRWGUVQ[&GUCTTQNNQ
ƒ )GTGPEKCFG#FOKPKUVTCEKÎP
ƒ 7UWCTKQU'ZVGTPQU
8++
2TQFWEVQU(KPCNGU
+ORNGOGPVCEKÎP FGN UKUVGOC FG EQPUWNVCU XCTKCU RCTC NQU ITCPFGU WUWCTKQU Q WUWCTKQU
GZVGTPQU
8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU
7UWCTKQUFGNQURTQFWEVQUHKPCNGUFGNCCEVKXKFCF
5GFGEGPVTCNFG.KOC[)TCPFGU7UWCTKQUÎ7UWCTKQU'ZVGTPQU
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
(14/#610u
#%6+8+&#&'5;1241;'%615+0(14/6+%15
+
&GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ
':2.16#%+¦0&'.+08'06#4+1&'.#52#46+&#54')+564#.'5
++
&CVQU)GPGTCNGU
7PKFCF'LGEWVQTC &WTCEKÎP
%QUVQ6QVCN
+++
&GNC#EVKXKFCFQ2TQ[GEVQ
&GUETKREKÎP
5G TGCNK\CT¶ NC GZRNQVCEKÎP FGN KPXGPVCTKQ GZKUVGPVG FG NCU RCTVKFCU TGIKUVTCNGU
CRTQXGEJCPFQRCTCGNNQNQUCTEJKXQUKOCIGPGZKUVGPVGU
)GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG4GFGU[%QOWPKECEKQPGU
(GDTGTQ ,WPKQ
5
1DLGVKXQU
%TGCT WP RTQEGFKOKGPVQ SWG RGTOKVC KFGPVKHKECT NQU HQNKQU SWG UGCP RCTVG FG WPC
RCTVKFC TGIKUVTCN EQP NC HKPCNKFCF FG RQFGT XKUWCNK\CT VQFCU CSWGNNCU KO¶IGPGU SWG
EQPHQTOGPNQUCUKGPVQUTGIKUVTCNGUFGVQOQU
+8
/GVC#PWCN
6GPGTKPUVCNCFQGNOÎFWNQFGEQPUWNVCFGRCTVKFCUTGIKUVTCNGUFGPVTQFGNRTKOGTUGOGUVTG
8
%QDGTVWTC
5GFGEGPVTCNFG.KOC[2TQXKPEKCU
%CNNCQ%CÌGVG$CTTCPEC*WCEJQ*WCTCN
8+
TGCU+PXQNWETCFCU
ƒ )GTGPEKCFG2TQRKGFCF+POWGDNG
ƒ )GTGPEKCFG2GTUQPCU,WTÈFKECU
ƒ )GTGPEKCFG2GTUQPCU0CVWTCNGU
ƒ )GTGPEKCFG+PHQTO¶VKEC
ƒ )GTGPEKCFG2TGUWRWGUVQ[&GUCTTQNNQ
8++
2TQFWEVQU(KPCNGU
+ORNGOGPVCEKÎPFGNUKUVGOCFGEQPUWNVCUFGRCTVKFCUTGIKUVTCNGU
8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU
5GFG EGPVTCN FG .KOC [ 2TQXKPEKCU %CNNCQ %CÌGVG $CTTCPEC *WCEJQ *WCTCN )TCPFGU
7UWCTKQUÎ7UWCTKQU'ZVGTPQU
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
(14/#610u
+
++
+++
#%6+8+&#&'5;1241;'%615+0(14/6+%15
&GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ
5+56'/#&'+0(14/#%+¦0;'56#& 56+%##0+8'.0#%+10#.
&CVQU)GPGTCNGU
7PKFCF'LGEWVQTC &WTCEKÎP
%QUVQ6QVCN
)GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG&GUCTTQNNQ+PHQTO¶VKEQ
'PGTQ ,WNKQ
5
&GNC#EVKXKFCFQ2TQ[GEVQ
&GUETKREKÎP
5G FGUCTTQNNCT¶ NC RTQITCOCEKÎP G KORNGOGPVCEKÎP FGN UKUVGOC FG KPHQTOCEKÎP [
GUVCFÈUVKECCPKXGNPCEKQPCN
1DLGVKXQU
ƒ +PVGITCTNCKPHQTOCEKÎPFG'ZRGFKGPVGUC0KXGN0CEKQPCN
ƒ 2TQEGUCT[QDVGPGTGUVCFÈUVKECFGNQU'ZRGFKGPVGURCTCNCVQOCFGFGEKUKQPGU
ƒ 4GGORNC\CTGNUKUVGOCFGIGUVKÎPFGGZRGFKGPVGUGPWUQGPNCCEVWCNKFCF
+8
/GVC#PWCN
8
%QDGTVWTC
8+
8++
6GPGT WP 5KUVGOC +PVGITCFQ C PKXGN PCEKQPCN EQP WPC DCUG FG FCVQU EQPUQNKFCFC GP NC
UGFGEGPVTCNRCTCRQFGTCUÈQHTGEGTGNCEEGUQCNCKPHQTOCEKÎPFGUWUGZRGFKGPVGUCVQFQU
NQUEKWFCFCPQUGPHQTOC¶IKN[GHKEKGPVG
#PKXGNPCEKQPCN
TGCU+PXQNWETCFCU
ƒ )GTGPEKCFG+PHQTOCEKÎP[5KUVGOCU
ƒ #FLWPVCU 'URGEKCNK\CFCU &GTGEJQU *WOCPQU 5GTXKEKQU 2ÕDNKEQU #FOKPKUVTCEKÎP
'UVCVCN
ƒ &GHGPUQTÈCU'URGEKCNK\CFCU
#UWPVQU%QPUVKVWEKQPCNGU/WLGT
2TQFWEVQU(KPCNGU
5KUVGOCUFG+PHQTOCEKÎP['UVCFÈUVKECUFG'ZRGFKGPVGUCPKXGNPCEKQPCN
8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU
6QFCUNCUFGRGPFGPEKCU[QHKEKPCUFGNC&GHGPUQTÈCFGN2WGDNQCPKXGNPCEKQPCN
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
(14/#610u
#%6+8+&#&'5;1241;'%615+0(14/6+%15
+
&GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ
++
&CVQU)GPGTCNGU
+++
&GNC#EVKXKFCFQ2TQ[GEVQ
5+56'/#&'#4%*+81
7PKFCF'LGEWVQTC &WTCEKÎP
%QUVQ6QVCN
)GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG&GUCTTQNNQ+PHQTO¶VKEQ
#DTKN ,WNKQ
5
&GUETKREKÎP
5GFGUCTTQNNCT¶NCRTQITCOCEKÎPGKORNGOGPVCEKÎPFGNUKUVGOCFGCTEJKXQ
1DLGVKXQ
/CPVGPGT WP EQPVTQN FG NQU FQEWOGPVQU SWG UG OCPVKGPGP GP GN #TEJKXQ %GPVTCN
VGPKGPFQWPUGIWKOKGPVQFGNQURTÃUVCOQUSWGUGTGCNKEGP
+8
/GVC#PWCN
8
%QDGTVWTC
8+
TGCU+PXQNWETCFCU
)GUVKÎPFGGZRGFKGPVGU
#PKXGNPCEKQPCN
ƒ )GTGPEKCFG6KVWNCEKÎP
8++ 2TQFWEVQU(KPCNGU
7DKECEKÎPFGFQEWOGPVQURQTVKRQRQTRTGFKQRQT2WGDNQ,QXGP
8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU
)GTGPEKCFG6KVWNCEKÎP)GTGPEKCFG%CORQ[5GETGVCTÈC)GPGTCN
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
(14/#610u
#%6+8+&#&'5;1241;'%615+0(14/6+%15
+
&GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ
%10641.&')#5615
++
&CVQU)GPGTCNGU
7PKFCF'LGEWVQTC &WTCEKÎP
%QUVQ6QVCN
+++
&GNC#EVKXKFCFQ2TQ[GEVQ
&GUETKREKÎP
5GFGUCTTQNNCT¶NCRTQITCOCEKÎPGKORNGOGPVCEKÎPFGNOÎFWNQFG%QPVTQNFG)CUVQU
RCTCCRQ[CTCNCWPKFCFFGRTGUWRWGUVQ
+8
)GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG&GUCTTQNNQ+PHQTO¶VKEQ
/CT\QK &KEKGODTG
5
1DLGVKXQ
%QPVTQNCTNC'LGEWEKÎP2TGUWRWGUVCNFGNCÌQCPKXGN2TQITCOC
/GVC#PWCN
&GUCTTQNNQ[RTWGDCFGNOQFWNQFG%QPVTQNFG)CUVQU
8
%QDGTVWTC
5GFG%GPVTCN
8+
TGCU+PXQNWETCFCU
ƒ )GTGPEKCFG2TGUWRWGUVQ
8++
2TQFWEVQU(KPCNGU
4GRQTVGUFKCTKQUOGPUWCNGU[CPWCNGURQTFKHGTGPVGUTWDTQU
8+++
7UWCTKQUFG2TQFWEVQU(KPCNGU
)GTGPEKC)GPGTCN[)GTGPEKCFG2TGUWRWGUVQ
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
(14/#610u
#%6+8+&#&'5;1241;'%615+0(14/6+%15
+
&GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ5+56'/#&'4'%74515*7/#015
++
&CVQU)GPGTCNGU
7PKFCF'LGEWVQTC )GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG&GUCTTQNNQ+PHQTO¶VKEQ
&WTCEKÎP
'PGTQK &KEKGODTG
%QUVQ6QVCN
5
+++
&GNC#EVKXKFCFQ2TQ[GEVQ
&GUETKREKÎP
5GFGUCTTQNNCT¶NCRTQITCOCEKÎPGKORNGOGPVCEKÎPFGN5KUVGOCFG4GEWTUQU*WOCPQU
GP NGPIWCLG XKUWCN GN OKUOQ SWG CRQ[CT¶ C NC RQNÈVKEC FG OQFGTPK\CEKÎP
KPUVKVWEKQPCN
1DLGVKXQ
#IKNK\CTNQURTQEGUQUFGKFGPVKHKECEKÎPDÕUSWGFCECNKHKECEKÎPRNC\CU[GUECNCHÎPFG
NQU 44** FG NC +PUVKVWEKÎP EQOQ RCTVG FG NC RQNÈVKEC FG OQFGTPK\CEKÎP FG UW
UKUVGOCCFOKPKUVTCVKXQ
+8 /GVC#PWCN
5KUVGOC FG 2NC\CU [ 'UECNCHÎP KPUVCNCFQU GP NC 5GFG %GPVTCN 4ÃRNKEC [ OQPKVQTGQ FG
5KUVGOC FG %CRCEKVCEKÎP &QEGPVG GP NQU ¦TICPQU FGUEQPEGPVTCFQU FG .KOC
/GVTQRQNKVCPC
8
%QDGTVWTC
5GFG %GPVTCN FGN /KPKUVGTKQ FG 'FWECEKÎP [ ¦TICPQU FGUEQPEGPVTCFQU FG .KOC
/GVTQRQNKVCPC
8+ TGCU+PXQNWETCFCU
6QFCUNCUFGRGPFGPEKCUSWGVTCDCLCPFKTGEVCOGPVGGNVGOCFG44**[%CRCEKVCEKÎPFG
NC 5GFG %GPVTCN [ ¦TICPQU FGUEQPEGPVTCFQU FG .KOC /GVTQRQNKVCPC FGN /KPKUVGTKQ FG
'FWECEKÎP
8++
2TQFWEVQU(KPCNGU
ƒ 5KUVGOC2NC\CU
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ƒ 5KUVGOCFG%CRCEKVCEKÎP&QEGPVG
8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU
6QFCU NCU FGRGPFGPEKCU FG NC 5GFG %GPVTCN [ ¦TICPQU FGUEQPEGPVTCFQU FG .KOC
/GVTQRQNKVCPCFGN/KPKUVGTKQFG'FWECEKÎP
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
(14/#610u
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+
&GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ2)+0#9'$
++
&CVQU)GPGTCNGU
7PKFCF'LGEWVQTC &WTCEKÎP
%QUVQ6QVCN
+++
&GNC#EVKXKFCFQ2TQ[GEVQ
&GUETKREKÎP
5G FGUCTTQNNCT¶ GN FKUGÌQ RTQITCOCEKÎP G KORNGOGPVCEKÎP FG R¶IKPCU YGD
CRTQXGEJCPFQNCRQVGPEKCNKFCFFGNPVGTPGV
)GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG&GUCTTQNNQ+PHQTO¶VKEQ
'PGTQK &KEKGODTG
5
1DLGVKXQ
ƒ #ORNKCT NC FKHWUKÎP UQDTG NQU UGTXKEKQU SWG QHTGEG NC +PUVKVWEKÎP EQOQ OGFKQ FG
KPHQTOCEKÎP
ƒ 1HTGEGT WP OCPGLQ FG NC KPHQTOCEKÎP FG HQTOC GHKEKGPVG [ SWG ÃUVCHNW[C
CFGEWCFCOGPVGCNQUWUWCTKQU
ƒ (CEKNKVCTGNCEEGUQGNGEVTÎPKEQCNQUFCVQUXÈCEQPUWNVCU[HQTQU
+8
/GVC#PWCN
&GUCTTQNNCT WP GURCEKQ RCTC ECFC FGRGPFGPEKC FG NC 5GFG EGPVTCN EQP KPHQTOCEKÎP
TGNGXCPVGFGUWUHWPEKQPGU[UGTXKEKQUSWGDTKPFCP
/CPVGPGTNCKPHQTOCEKÎPCEVWCNK\CFCFGPVTQFGUWR¶IKPC9GD
8
%QDGTVWTC[Q4CFKQFG#EEKÎP
+PVGTPGV
4GFFGEQDGTVWTCOWPFKCN
8+
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6QFCUNCUFGRGPFGPEKCUFGNC5GFG%GPVTCNFGNC+PUVKVWEKÎP¦TICPQUFGUEGPVTCNK\CFQU[
QVTQU
8++
2TQFWEVQU(KPCNGU
2¶IKPC9GD
9GD5KVGYYYPQODTGKPUVKVWEKQPIQDRG
8+++
7UWCTKQUFG2TQFWEVQU(KPCNGU
+PVGTPGV
4GFFGEQDGTVWTCOWPFKCN
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
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241)4#/#%+10&'#&37+5+%+10'5+0(14/#6+%#5
'P GUVG HQTOCVQ FGDGT¶ KPENWKTUG NCU CFSWKUKEKQPGU FG UQHVYCTG JCTFYCTG [ UKUVGOCU FG
EQOWPKECEKQPGUUGIÕPGNUKUVGOCFGCFSWKUKEKQPGUCPWCNGUFGNCGPVKFCF
+
#FSWKUKEKQPGUFG*CTFYCTG
2TGUWRWGUVQ#UKIPCFQ5 6+21&''37+21
%#06+&#&
5GTXKFQTFG$CUGFG&CVQU
(KTGYCNN
/1&'/
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%QORWVCFQTCURGTUQPCNGU
.GEVQTC(KLC/QXKDNG
6GTOKPCN4GOQVC
+ORTGUQTC.¶UGT
.GEVQTC
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++
#FSWKUKEKQPGUFG5QHVYCTG
6+21&'51(69#4'
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2TGUWRWGUVQ#UKIPCFQ 5
01/$4'&'51(69#4'
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*GTTCOKGPVCUFG&GUCTTQNNQ
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5KUVGOC1RGTCVKXQ
9KPFQYU
5QHVYCTGFG&KUGÌQ
2TQEGUCFQTFGVGZVQ
5KUVGOC1RGTCVKXQ
5KUVGOC1RGTCVKXQ
'FKVQT2WDNKEKVCTKQ
)TCHKECFQT
#WVQECF
/KETQUQHV1HHKEG
9KPFQYU06
0QXGNN+PVTCPGVYCTG
2CIGOCMGT
%QTGN&TCY
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
&GUCTTQNNQFG5KUVGOCU
2TGUWRWGUVQ#UKIPCFQ 5
5+56'/#;1#2.+%#6+81+0(14/6+%1
#RNKECVKXQSWGUQRQTVCGN%GPVTQFG#VGPEKÎPCN2ÕDNKEQ
0WGXQ#RNKECVKXQFG6T¶OKVG&QEWOGPVCTKQEQPHWPEKQPCNKFCFGP+PVGTPGV
#EVWCNK\CEKÎPFGNC2CIKPC9GD+PUVKVWEKQPCN
&GUCTTQNNQFGNC2¶IKPCFG P6TCPURCTGPEKCGPNC)GUVKÎP2ÕDNKEC Q
5KUVGOC+PVGITCNFG)GUVKÎP#FOKPKUVTCVKXC
5GTXKEKQFG4GIKUVTQGP.ÈPGC
2Q TVCNFG5GTXKEKQU#N%KWFCFCPQ
+++
#FSWKUKEKQPGUFG'SWKRQUFG%QOWPKECEKQPGU
2TGUWRWGUVQ#UKIPCFQ 5
%QPEGPVTCFQT
6+21&''37+21
2CVEJ2CPGNK 2WGTVQU
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+8
#FSWKUKEKQPGUFG5GTXKEKQU+PHQTO¶VKEQU
2TGUWRWGUVQ#UKIPCFQ 5
x
x
8
01/$4'&'.5'48+%+1
5GTXKEKQFG&KIKVCEKÎPFG(KEJCU4GIKUVTCNGU
5GTXKEKQUFG&KIKVCNK\CEKÎPFG6QOQU[(KEJCU4GIKUVTCNGU
#FSWKUKEKQPGUFG5KUVGOCUFG5GIWTKFCF
6+21 &''37+21
2TGUWRWGUVQ#UKIPCFQ
#FSWKUKEKÎPFG(KTGYCNN
&KUGÌQ FG WP 5KUVGOC FG 4GF 2TKXCFC 8KTVWCN &KP¶OKEC
GPVTGNC+PUVKVWEKÎP[NQU2TQXGGFQTGU
+ORNGOGPVCTWP#PVKXKTWU%QTRQTCVKXQ
$CEMWR'ZVGTPQ
725UGTXKFQTGU
'UVCDKNK\CFQT
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
5
%#06+&#&
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8+
#FSWKUKEKQPGUFG*GTTCOKGPVCUFG)GUVKÎP
2TGUWRWGUVQ#UKIPCFQ
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1DLGEV$WUUKPGU
%QORTCFGWP5KUVGOCFG#FOKPKUVTCEKÎPFG4GF
8++ 4GEWTUQU*WOCPQUC%QPVTCVCT
,GHGUFG2TQ[GEVQU
5
2TGUWRWGUVQ#UKIPCFQ
4GEWTUQU*WOCPQU
5
%CPVKFCF
#PCNKUVCU
2TQITCOCFQTGU
5GETGVCTKCU
8+++ 2TQ[GEVQUCGLGEWVCTUGGPGNCÌQ
0QODTGFGNRTQ[GEVQ
2TGUWRWGUVQ#UKIPCFQ5 #ORNKCEKÎPFGNC4GF
+PVGTEQPGZKÎPFG1HKEKPCU4GIKQPCNGU
+PXGTUKÎP
5
.CUEKHTCUJCPUKFQUKOWNCFCU
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
241%'51&'2.#0'#%+¦0&'.2.#0
12'4#6+81+0(14/6+%1
2CTCNNGXCT C ECDQ NC RNCPGCEKÎP FGN 2NCP 1RGTCVKXQ +PHQTO¶VKEQ GUKORQTVCPVGSWGGNRTQEGUQ
EQTTGURQPFC CN ECUQ RCTVKEWNCT FG NC KPUVKVWEKÎP [ SWG UGC EQPITWGPVG EQP NC RTQITCOCEKÎP
+PUVKVWEKQPCN RTGXKGPFQ SWG UW QTKGPVCEKÎP UGC CEQTFG EQP NC TGURGEVKXC QTICPK\CEKÎP [ NQU
EQORTQOKUQUSWGGOCPGPFGNCCNVCFKTGEEKÎPFGNCKPUVKVWEKÎP
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EQPUKFGTCTNCUUKIWKGPVGU
+
&' .# 14)#0+<#%+¦0 2#4# '. +0'+ 5G TGHKGTG C NC FGUETKREKÎP FG NC UKVWCEKÎP
QTICPK\CVKXC SWG FGDGT¶ RGTOKVKT DTKPFCT NCU EQPFKEKQPGU FG CRQ[Q C NC GLGEWEKÎP FG
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x
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2TGUWRWGUVQ 1HKEKPC 6ÃEPKEC FG #UGUQTÈC ,WTÈFKEC &KTGEEKÎP 0CEKQPCN FG %GPUQU [
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&GUCTTQNNQ [ 0QTOCVKXKFCF +PHQTO¶VKEC EQP NC HKPCNKFCF FG CRQ[CT CURGEVQU
PQTOCVKXQUOGVQFQNÎIKEQU[RTWGDCUFGN21+
x
4GCNK\CTWP&KCIPÎUVKEQ5KVWCEKQPCNFGNQU21+GPNC#FOKPKUVTCEKÎP2ÕDNKECSWG
RGTOKVC KFGPVKHKECT KPFKECFQTGU FG GXCNWCEKÎP FGN FGUCTTQNNQ FG NCU CEVKXKFCFGU
KPHQTO¶VKECU
x
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NC#FOKPKUVTCEKÎP2ÕDNKEC
'P NCU 'PVKFCFGU FG NC #FOKPKUVTCEKÎP 2ÕDNKEC NC 1HKEKPC FG +PHQTO¶VKEC EQP GN
CUGUQTCOKGPVQFGNC1HKEKPC FG2NCPKHKECEKÎP[2TGUWRWGUVQGNCDQTCT¶GN2NCP1RGTCVKXQ
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++
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NCKPUVKVWEKÎPRCTCGNEWORNKOKGPVQFGUWUQDLGVKXQUNCUOKUOCUSWGCVTCXÃUFGNCP¶NKUKU
FGUWUKVWCEKÎPRGTOKVKT¶FGVGTOKPCTNCUPGEGUKFCFGU[QRQTVWPKFCFGUFGCRNKECEKÎPFGNCU
VGEPQNQIÈCUFGKPHQTOCEKÎPRCTCNQEWCNUGIWKT¶PNCUUKIWKGPVGUNÈPGCUFGCEEKÎP
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
x .CU'PVKFCFGU2ÕDNKECUTGOKVKT¶P GPHQTOC QHKEKCN CN+0'+GN21+CPWCNGPGNOGUFG
/C[QFGNCÌQ
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GN+0'+
+++
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CEVKXKFCFGU RTQITCOCFCU GUVCDNGEKFCU GP GN 21+ CPWCN VCODKÃP UG KPENW[GP CSWGNNCU
CEVKXKFCFGUSWGPQHWGTQPRTQITCOCFCU[SWGUGVWXKGTQPSWGTGCNK\CT.CGXCNWCEKÎPUG
TGCNK\CT¶FGCEWGTFQCNQUUKIWKGPVGURNC\QU
x 'P HQTOC UGOGUVTCN [ QDNKICVQTKC NCU 'PVKFCFGU 2ÕDNKECU TGOKVKT¶P CN +0'+ FG OCPGTC
QHKEKCNNQUCXCPEGUFGGLGEWEKÎPFGN21+OGFKCPVG1HKEKQCTEJKXQEQPGZVGPUKÎPFQE
TVHQVZVVCODKÃPCNEQTTGQGNGEVTÎPKEQCNCFKTGEEKÎPPQTOCU"KPGKIQDRG
+8
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SWGQTKGPVGP[FGPEQPVKPWKFCFCNCUCEVKXKFCFGUKPHQTO¶VKECUCUÈEQOQRCTCGNCFGEWCFQ
WUQ[CRTQXGEJCOKGPVQFGNCU6GEPQNQIÈCUFGNC+PHQTOCEKÎPRCTCNQEWCNUGGOKVKT¶PNQU
UKIWKGPVGUKPHQTOGU
x 'N+0'+GOKVKT¶WPKPHQTOGCECFC5GEVQTFGUWUKPUVKVWEKQPGUKPVGITCPVGUEQPTGNCEKÎP
CNQUCXCPEGUQDVGPKFQUGPGNUGOGUVTGGXCNWCFQ
x 'N+0'+GOKVKT¶WPKPHQTOGCPWCNCNC2%/EQPTGURGEVQCNCGLGEWEKÎPFGN21+GPNCU
'PVKFCFGU2ÕDNKECU
8
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2CTCGUVKOCTNQUDGPGHKEKQUVCPIKDNGUUGTGSWKGTGFGWPDWGPEQPQEKOKGPVQFGNGPVQTPQ
FGUGTXKEKQFGNUKUVGOC
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TGURQPFGT
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NQITCT NCEQPVKPWKFCFGPNCU CEVKXKFCFGUKPUVKVWEKQPCNGU&KEJQUHCEVQTGURWGFGPUGTVCPVQ
PCVWTCNGUEQOQRTQRKEKCFQURQTGNUGTJWOCPQ
'PGUVGECUQJCDT¶PFGEQPUKFGTCTUGNQUTKGUIQUFGTKXCFQUFGGZRGEVCVKXCUFGUQNWEKÎPEQP
DCUG C TGEWTUQU PQ NKDGTCFQU Q KPEQTRQTCFQU QRQTVWPCOGPVG CN RTQEGUQ RTQFWEVKXQ RQT
HCNVCFGWPCCFGEWCFCGXCNWCEKÎPQECUKQPCPFQDCLCGHKEKGPEKC[ECNKFCFGPNCRTGUVCEKÎP
FGNQUUGTXKEKQU
++
6GEPQNQIÈCUFGNC+PHQTOCEKÎP
6GPFGPEKCU6GEPQNÎIKECU
x .CKPUVKVWEKÎPKFGPVKHKECT¶NCUVGEPQNQIÈCUSWGUQPUWUEGRVKDNGUFGUGTKPEQTRQTCFCURCTC
GNNQITQFGUWUQDLGVKXQUGNVKGORQFGCUKOKNCEKÎPFGNCOKUOCNQUEQUVQUFKTGEVQUG
KPFKTGEVQU SWG QECUKQPCT¶ UW KPEQTRQTCEKÎP [ NQU TGSWGTKOKGPVQU FG NCU JCDKNKFCFGU
VÃEPKECU FGN RGTUQPCN SWG NCU QRGTCT¶ EQP GN EQPUGEWGPVG CRQ[Q OGFKCPVG NC
ECRCEKVCEKÎP[GNGPVTGPCOKGPVQPGEGUCTKQ
#UKOKUOQ FGDGT¶P KFGPVKHKECTUG NCU VGEPQNQIÈCU GOGTIGPVGU SWG RWFKGTCP KPHNWGPEKCT NCU
FKTGEEKQPGU HWVWTCU #FGO¶U FGDGT¶ EQPVGORNCTUG GN KORCEVQ FG UWKPEQTRQTCEKÎP CN
RTQEGUQRTQFWEVKXQGPHWPEKÎPFGNCUCEVKXKFCFGURTQRKCUFGNCKPUVKVWEKÎP
1RQTVWPKFCFGUVGEPQNÎIKECURCTCGNFGUCTTQNNQKPUVKVWEKQPCN
x 5GKFGPVKHKECT¶PNCUQRQTVWPKFCFGUSWGDTKPFCPNCU6+RCTCFKUGÌCTPWGXQUGUSWGOCUFG
RTGUVCEKÎP FG UGTXKEKQU CRQ[CFQU GP GNNCU [ TGRNCPVGCT KPENWUQ NQU QDLGVKXQU [ OGVCU
KPUVKVWEKQPCNGU
0GEGUKFCFGUFGKPHQTOCEKÎP
x +FGPVKHKECT NCU PGEGUKFCFGU HWVWTCU FG KPHQTOCEKÎP FG CEWGTFQ C NCU GZRGEVCVKXCU FG
FGUCTTQNNQKPUVKVWEKQPCN[CNQUTGSWGTKOKGPVQUFGNQUWUWCTKQUKPVGTPQU[GZVGTPQU
'UVCRTQ[GEEKÎPFGDGT¶EQORCTCTUGEQPNCUPGEGUKFCFGUCEVWCNGUFGKPHQTOCEKÎPCHKP
FGFGVGTOKPCTHWVWTCUPGEGUKFCFGUFGVGEPQNQIÈCU
+++
&KTGEVTKEGUGUVTCVÃIKECU
2TKPEKRKQUD¶UKEQUKPUVKVWEKQPCNGUFG6+
5GFGHKPKT¶PNCUNÈPGCUFGCEEKÎPSWGPQTOGP[QTKGPVGPGNWUQFGNCU6+FGNCKPUVKVWEKÎP[
SWG GUVÃP XKPEWNCFCU EQP GN NQITQ FG UWU QDLGVKXQU FGPVTQ FG WP GUSWGOC JQOQIÃPGQ
VCPVQCNKPVGTKQTEQOQCNGZVGTKQTFGNCQTICPK\CEKÎP
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
'NNKPGCOKGPVQFGDGT¶KPFKECTSWGGNNQITQFGNQUQDLGVKXQUUGT¶FGECT¶EVGTKPUVKVWEKQPCN[
PQRCTVKEWNCT[GUVCT¶GPHWPEKÎPFGNCUFKHGTGPVGUCEVKXKFCFGUFGNCKPUVKVWEKÎPRTGEKUCPFQ
UWCNECPEG
1DLGVKXQUFGNCUVGEPQNQIÈCUFGNCKPHQTOCEKÎP
x #RCTVKTFGNQUEQORTQOKUQUKPUVKVWEKQPCNGUUGFGHKPKT¶NCQTKGPVCEKÎPSWGFGDGT¶FCTUG
CN FGUCTTQNNQ FG NCU 6+ GUVCDNGEKGPFQ NQU CNECPEGU SWG UG RTGVGPFGP QDVGPGT [ NQU
DGPGHKEKQUSWGGNWUQFGÃUVCUNGTGRTGUGPVCPCNCQTICPK\CEKÎP
+PFKECFQTGUFGFGUGORGÌQ
RGTHQTOCPEG
x
%QP DCUG GP NC GUVTCVGIKC FG NCU 6+ SWG UG JC[C FGHKPKFQ G KORNGOGPVCFQ UG
GUVCDNGEGT¶P NQU RCT¶OGVTQU FG GXCNWCEKÎP FG UW FGUGORGÌQ [ NQU ETKVGTKQU FG
OQPKVQTGQ RCTC SWG NC KPUVKVWEKÎP VGPIC GNGOGPVQU QDLGVKXQU RCTC OGFKT GN ITCFQ FG
UCVKUHCEEKÎPFGUWUPGEGUKFCFGU
1RQTVWPKFCFGU
x &GN TGUWNVCFQ FG NC FGVGEEKÎP FG PGEGUKFCFGU [ FG NC KFGPVKHKECEKÎP FG QREKQPGU
VGEPQNÎIKECUNCKPUVKVWEKÎPEQPVCT¶EQPGNGOGPVQUFGLWKEKQRCTCDWUECTQRQTVWPKFCFGU
FG OGLQTC EQP GN HKP FG JCEGT O¶U GHKECEGU NQU OÃVQFQU [ RTQEGFKOKGPVQU SWG NG
RGTOKVCPEWORNKTEQPNQUQDLGVKXQUKPUVKVWEKQPCNGU
x 'PGUVGECUQJCDT¶FGEQPUKFGTCTSWGNCUQRQTVWPKFCFGUFGFGUCTTQNNQRWGFGPTGHGTKTUG
GPVTG QVTQU C CSWGNNQU CURGEVQU SWG GUVÃP QTKGPVCFQU C GN FGUCTTQNNQ FG PWGXQU
UGTXKEKQU OGLQTCU FG NC IGUVKÎP KPUVKVWEKQPCN CRQ[Q GP NQU ECODKQU FG RQNÈVKEC
IWDGTPCOGPVCN[CEVWCNK\CEKÎPFGNCKPHTCGUVTWEVWTCVGEPQNÎIKEC
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
+
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
#0.+5+5&'12%+10'5&'(+0+%+¦0&'.#
'564#6')+#;241%'51&'+/2.#06#%+¦0
#P¶NKUKUFG1REKQPGUFG6GEPQNQIÈCUFGNC+PHQTOCEKÎP[ %QOWPKECEKQPGU
'NITCFQFGEQPQEKOKGPVQFGNCU6+SWGUGVGPICGPNCKPUVKVWEKÎPNGRGTOKVKT¶EQPUKFGTCT
WPCUGTKGFGQREKQPGURCTCGNFGUCTTQNNQFGUWUCEVKXKFCFGUFGNCUEWCNGUFGVGTOKPCT¶NC
HQTOCGPSWGRQFT¶UCVKUHCEGTUWUPGEGUKFCFGUFGWPCOCPGTCQDLGVKXC[GHKEKGPVG
&GHKPKEKÎPFGQREKQPGUVGEPQNÎIKECU
CP¶NKUKUFGOGTECFQ
x
7P CP¶NKUKU FG OGTECFQ RGTOKVKT¶ EQPLWPVCT NCU QREKQPGU GP DCUG C NCU EWCNGU FGDC
FGEKFKTUG GN VKRQ FG VGEPQNQIÈC O¶U EQPXGPKGPVG RCTC NC KPUVKVWEKÎP C RCTVKT FG NQU
NKPGCOKGPVQUD¶UKEQUSWGUGFGHKPKGTQPEQOQTGUWNVCFQFGNQUCP¶NKUKUTGCNK\CFQURCTC
NCFGVGTOKPCEKÎPFGNCUKVWCEKÎPFGÃUVC[FGUWUPGEGUKFCFGU
'PNCUQREKQPGUFGVGEVCFCUFGDGPEQPUKFGTCTUGNQUKORCEVQUSWGRWGFCPVGPGTGPNCU6+[C
GUVCDNGEKFCU GP NC KPUVKVWEKÎP GP GN RGTUQPCN [ GP NC QTICPK\CEKÎP GP UW EQPLWPVQ CUÈ
EQOQ NQU DGPGHKEKQU [ RGTLWKEKQU RCTC VQOCT NC FGEKUKÎP O¶U CFGEWCFC GP TGNCEKÎP C NC
GUVTCVGIKCTGURGEVKXC
'XCNWCEKÎPFGNCUQREKQPGUVGEPQNÎIKECU
x %QPVCPFQ EQP NC KPHQTOCEKÎP TGNCVKXCC NCU 6+ GZKUVGPVGU GP GN OGTECFQ JCDT¶ FG
XCNQTCTUG ECFC WPC FG GNNCU VQOCPFQ GP EWGPVC VCPVQ NQU GNGOGPVQU RTQRKQU FG NC
KPUVKVWEKÎPGPEWCPVQCQTICPK\CEKÎPQDLGVKXQUECODKQUKORCEVQUEQUVQUDGPGHKEKQU
RGTLWKEKQU[TKGUIQUSWGJCPUKFQUGÌCNCFQUGPNQUCRCTVCFQUCPVGTKQTGUEQOQHCEVQTGU
GZVGTPQU VCNGU EQOQ RQNÈVKECU IWDGTPCOGPVCNGU GUV¶PFCTGU FG KPVGTECODKQ FG
KPHQTOCEKÎPFGOGTECFQGKPUVKVWEKQPCNGU
5GNGEEKÎP
&GNCGXCNWCEKÎPFGNCU6+UGFGTKXCT¶NCGUVTCVGIKCVGEPQNÎIKECKPUVKVWEKQPCNNCEWCNFGDG
TGURQPFGTCNCUPGEGUKFCFGUFGNCQTICPK\CEKÎPRCTCUWCFGEWCFQHWPEKQPCOKGPVQ[CNCU
OGVCUGUVCDNGEKFCURCTCUWKPVGITCEKÎPCNCKPUVKVWEKÎP
++
&GHKPKEKÎPFGNC'UVTCVGIKC[NCU.ÈPGCUFG#EEKÎP
5G FGVGTOKPCT¶ C VTCXÃU FG ETKVGTKQU FG CEEKÎP RCTC NNGXCT C ECDQ GN RTQEGUQ FG
UKUVGOCVK\CEKÎP FG NC KPHQTOCEKÎP FG CEWGTFQ EQP NCU 6+ UGNGEEKQPCFCU [ CN
HWPEKQPCOKGPVQFGNCQTICPK\CEKÎP
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
C
.KPGCOKGPVQUIGPGTCNGU5GFGDGT¶PGUVCDNGEGTNCUEQPFKEKQPGUDCLQNCUEWCNGUUG
TGCNK\CT¶PNCU CEVKXKFCFGUSWGFGPEWORNKOKGPVQCNCGUVTCVGIKCFGNCU6+FGHKPKFC
RQTNCKPUVKVWEKÎP
D
2QNÈVKECU CFOKPKUVTCVKXCU [ VÃEPKECU 5G FGHKPKT¶P NCU NÈPGCU FG CEEKÎP RCTC NC
EQPUVTWEEKÎPFGNCGUVTCVGIKCFGNCU6+[NCFGHKPKEKÎPFGNTWODQSWGFGDCPUGIWKT
NCU CEEKQPGU GPECOKPCFCU CN FGUCTTQNNQ GXCNWCEKÎP KORNCPVCEKÎP[ WUQFGÃUVCU
'P NC GNCDQTCEKÎP FG GUVCU NÈPGCU FG CEEKÎP FGDGT¶ VQOCTUG GP EWGPVC NC
QTICPK\CEKÎPCEVWCNFGNCKPUVKVWEKÎP[CSWGNNCSWGUGVGPICRTGXKUVCFGPVTQFGWP
VKGORQRTGXKCOGPVGFGHKPKFQ
E
TGCU RTKQTKVCTKCU FG FGUCTTQNNQ &G CEWGTFQ C NC RNCPGCEKÎP INQDCN FG NC
KPUVKVWEKÎP [ EQP NQU RTQITCOCU GUVCDNGEKFQU RCTC GN FGUCTTQNNQ FG RTQ[GEVQU
FGTKXCFQUFGNEWORNKOKGPVQFGUWUQDLGVKXQUUGFGVGTOKPCT¶NCRTKQTKFCFFGÃUVQU
FGCEWGTFQEQPGNITCFQ FGKORQTVCPEKCSWGNCQTICPK\CEKÎPJC[CFGVGTOKPCFQ
F &GUETKREKÎPFGNCKPHTCGUVTWEVWTCVGEPQNÎIKEC
'SWKRQ&GUETKREKÎPFGNCRNCVCHQTOCFGEÎORWVQEQPSWGEWGPVCNCKPUVKVWEKÎP
CUÈEQOQFGVGTOKPCTNCCFOKPKUVTCEKÎP[EQPVTQNFGNGSWKRQGNEWCNUGT¶NCDCUGFG
FGUCTTQNNQRCTCNCUPWGXCUCRNKECEKQPGU
%QOWPKECEKQPGU &GUETKREKÎP FG NC RNCVCHQTOC FG EQOWPKECEKQPGU SWG VKGPG
GUVCDNGEKFCNCKPUVKVWEKÎPCUÈEQOQFKURQPGTFGNCCFOKPKUVTCEKÎP[EQPVTQNFGUW
GUVTWEVWTCRCTCNCEWCNFGDGT¶FGHKPKTUGUWFGUCTTQNNQ
2QTVCHQNKQFG2TQ[GEVQU &GUETKDKTNCICOCFGRTQ[GEVQUSWGUQPUWUEGRVKDNGUFG
KPUVTWOGPVCT EQOQ RTQFWEVQU FG ECODKQ FG NC GUVTWEVWTC CFOKPKUVTCVKXC FG NC
KPUVKVWEKÎP FG NC OQFKHKECEKÎP CN ¶ODKVQ FG CVTKDWEKQPGU [ FGN GUSWGOC FG
OQFGTPK\CEKÎPFGCRNKECEKQPGURCTCNCUCEVWCNGUHWPEKQPGU
4GEWTUQU*WOCPQU5GKFGPVKHKECT¶GNRGTUQPCNSWGUGTGSWGTKT¶RCTCNCUFKHGTGPVGU
GVCRCU FG FGUCTTQNNQ FG NCU 6+ EQPUKFGTCPFQ UW ITCFQ FG GZRGTKGPEKC UW
FKUVTKDWEKÎP GP NCU FKHGTGPVGU ¶TGCU FG NC QTICPK\CEKÎP GN VKRQ FG HQTOCEKÎP
RTQHGUKQPCN NQU GUSWGOCU FG CEVWCNK\CEKÎP [ ECRCEKVCEKÎP [ NC HQTOC FG
EQPVTCVCEKÎPSWGUGTGSWKGTCFGCEWGTFQEQPGNRTQ[GEVQGPSWGRCTVKEKRGP
G
'UVTWEVWTC CFOKPKUVTCVKXC %CODKQU [ OQFKHKECEKQPGU C NC GUVTWEVWTC
CFOKPKUVTCVKXC EQP NC HKPCNKFCF FG SWG UQRQTVG NCU EQPFKEKQPGU FG CFGEWCEKÎP C
ÃUVCGPNQTGNCVKXQCTGEWTUQUJWOCPQUOCVGTKCNGUHKPCPEKGTQU[VGEPQNÎIKEQU
H
4GEWTUQUHKPCPEKGTQU4GCNK\CTGNCP¶NKUKUFGNRTGUWRWGUVQGLGTEKFQEQPTGNCEKÎPCN
SWGUGVKGPGSWGGLGTEGTFGDKFQCNCGXQNWEKÎPKPVGITCNFGNCKPUVKVWEKÎPRTGXKGPFQ
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
GN GUSWGOC RTGUWRWGUVCN TGUWNVCFQ FG NC GXCNWCEKÎP FGN ICUVQ TGURGEVKXQ [
FGUETKDKGPFQGNEQTTGURQPFKGPVGCECFCWPQFGNQUTWDTQUGPNQUSWGUGTGSWKGTC
I
KPXGTVKTRCTCEQPUQNKFCTNCRNCPGCEKÎPFGNCU6+%U
+ORNCPVCEKÎP2TGUGPVCTGNGUSWGOCFGFGUCTTQNNQGPGNEWCNUGTGHNGLGGNDCNCPEG
FGECFCWPCFGNCUGVCRCUSWGNQEQPHQTOCPLGTCTSWK\¶PFQNCUFGVCNHQTOCSWGUW
KORNCPVCEKÎP UGC EQPUKUVGPVG GP HWPEKÎP FG VKGORQ [ QTFGP RTGXKUVQ RCTC UW
J
K
CFGEWCFQHWPEKQPCOKGPVQ
/CPGLQ FGN KORCEVQ 'UVCDNGEGT NQU GUSWGOCU FG UGPUKDKNK\CEKÎP C NQU ECODKQU
SWGRWGFCPRTQFWEKTUGEQPOQVKXQFGNCKORNCPVCEKÎPFGPWGXCU6+%UUGTXKEKQU
HWPEKQPGUQGUVTWEVWTCCFOKPKUVTCVKXCFGNCKPUVKVWEKÎP
2NCPFGUGIWTKFCF[EQPVKPIGPEKCU'UVCDNGEGTNQURNCPGUFGUGIWTKFCFEQPHQTOGC
NQUECODKQURTGXKUVQUGPNCKPVGITCEKÎPFGNCGUVTWEVWTCINQDCNFGNCKPUVKVWEKÎPNQU
EWCNGU FGDGT¶P EQPVGORNCT NC XGTVKGPVG FG UGIWTKFCF INQDCN [ NC XGTVKGPVG
GURGEÈHKEC FG NCU 6+%U #FKEKQPCNOGPVG UG FGDGT¶P VQOCT GP EWGPVC CSWGNNQU
TKGUIQUSWGCHGEVCPNCKPVGITKFCFJWOCPCFGNCKPHQTOCEKÎPFGNQUGSWKRQU[FG
NCUKPUVCNCEKQPGU
+++
2TQEGUQFG+ORNCPVCEKÎP
7PC XG\ SWG NCU GUVTCVGIKCU UG JCP FGHKPKFQ [ CRTQDCFQ GN RTQEGUQ FG KORNCPVCEKÎP UG
EQPXKGTVG GP NC HCUG FG GPNCEG GPVTGNCRNCPGCEKÎPGUVTCVÃIKEC[QRGTCEKQPCNFGCEWGTFQ
EQPNCUUKIWKGPVGUGVCRCU
C
2NCP1RGTCVKXQ%QPDCUGGPNCGUVTWEVWTCQTI¶PKECUGTGCNK\CT¶PNCUCEVKXKFCFGUSWG
JCDT¶PFGFGUCTTQNNCTUG[NCUGEWGPEKCSWGFGDCVGPGTECFCWPCFGGNNCUFGCEWGTFQ
EQP NC FKUVTKDWEKÎP FG TGURQPUCDKNKFCFGU RCTC NC TGCNK\CEKÎP FG ECFC WPQ FG NQU
RTQ[GEVQU NQU TGEWTUQU SWG JCDT¶P FG CRNKECTUG [ GN UKUVGOC FG CFOKPKUVTCEKÎP FG
KPHQTOCEKÎP
x &GHKPKT [ FQEWOGPVCT TGURQPUCDKNKFCFGU
&GHKPKT [ FQEWOGPVCT NC
TGURQPUCDKNKFCF CWVQTKFCF [ NC KPVGTTGNCEKÎP FG VQFQ GN RGTUQPCN SWG CFOKPKUVTC
TGCNK\C[XGTKHKECGNVTCDCLQFGKORNCPVCEKÎP
x +FGPVKHKECT PGEGUKFCFGU FG TGEWTUQU +FGPVKHKECT NCU PGEGUKFCFGU FG TGEWTUQU [
RTQRQTEKQPCTNQUCFGEWCFQUKPENW[GPFQNCCUKIPCEKÎPFGRGTUQPCNECRCEKVCFQRCTC
NCCFOKPKUVTCEKÎP[TGCNK\CEKÎPFGNCUCEVKXKFCFGUFGXGTKHKECEKÎP
D
#FGEWCEKQPGU PQTOCVKXCU [ QTICPK\CEKQPCNGU 5G TGCNK\CT¶ GN CP¶NKUKU FG NC DCUG
LWTÈFKECSWGHWPFCOGPVCNCGUVTWEVWTC[HWPEKQPGUFGNCQTICPK\CEKÎPEQPNCHKPCNKFCF
FGJCEGTNCUCFGEWCEKQPGUSWGUGTGSWKGTCPRCTCNCTGCNK\CEKÎPFGNQURTQ[GEVQUSWG
UWUVGPVCPNCRNCPGCEKÎPFGNCU6GEPQNQIÈCUFG+PHQTOCEKÎP[%QOWPKECEKQPGU
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
E
2TGUWRWGUVQ 5G TGCNK\CT¶ GN GLGTEKEKQ FGN ICUVQ FG CEWGTFQ EQP NC CWVQTK\CEKÎP
RTGUWRWGUVCNEQPUKFGTCPFQNCNKSWKFG\EQPSWGEWGPVGNCKPUVKVWEKÎP[NCCUKIPCEKÎP
EQTTGURQPFKGPVGCICUVQFGKPXGTUKÎPQICUVQEQTTKGPVG
F
4GXKUKÎPFGNCGUVTCVGIKC'UVCDNGEGT[OCPVGPGTRTQEGFKOKGPVQUFQEWOGPVCFQUEQP
GNRTQRÎUKVQFGFCTUGIWKOKGPVQCNCGUVTCVGIKC
.QUTGSWGTKOKGPVQUFGDGPGUVCTFGHKPKFQU[FQEWOGPVCFQUCFGEWCFCOGPVG
6GPGTNCECRCEKFCFRCTCEWORNKTEQPNQUTGSWGTKOKGPVQUUQNKEKVCFQU
G
4GUQNXGTEWCNSWKGTTGSWGTKOKGPVQSWGFKHKGTCEQPNCGUVTCVGIKCQTKIKPCN
#FSWKUKEKÎP [ EQPVTCVCEKÎP FG DKGPGU [ UGTXKEKQU %QP DCUG GP NC PQTOCVKXKFCF
XKIGPVG GP NC OCVGTKC UG NNGXCT¶P C ECDQ NQU RTQEGFKOKGPVQU PGEGUCTKQU RCTC NC
QDVGPEKÎP FG NQU DKGPGU [ UGTXKEKQU FG CEWGTFQ EQP GN 2TQITCOC #PWCN FG
#FSWKUKEKQPGURCTCUWKPVGITCEKÎPFGPVTQFGNCKPUVKVWEKÎP
H
%QPVTQN FGN RTQEGUQ 2CTC VGPGT EQPVTQN GU PGEGUCTKQ KFGPVKHKECT [ RNCPGCT NCU
CEVKXKFCFGU KPXQNWETCFCU GP NC KORNCPVCEKÎP FG NC GUVTCVGIKC FGHKPKFC RQT GNNQ UG
TGSWKGTGEQPUKFGTCTNQUKIWKGPVG
x
2TQEGFKOKGPVQUFQEWOGPVCFQURCTCNCKORNCPVCEKÎP
x
%WORNKOKGPVQFGNCUPQTOCUVÃEPKECUGUVCDNGEKFCU
x
x
x
x
7UQFGGSWKRQUFGKPUVCNCEKÎP[UGTXKEKQCFGEWCFQU[CODKGPVGNCDQTCNCRTQRKCFQ
#RTQDCEKÎPFGNQURTQEGUQU[GNGSWKRQ
.QUETKVGTKQURCTCNCGLGEWEKÎPFGNVTCDCLQFGDGPGUVCDNGEGTUGFGOCPGTCRT¶EVKEC[
NQO¶UENCTQRQUKDNG
RQTGLGORNQGURGEKHKECEKQPGUGUETKVCUKNWUVTCEKQPGUGVE
/CPVGPKOKGPVQ CFGEWCFQ FGN GSWKRQ RCTC CUGIWTCT NC ECRCEKFCF EQPVKPWC FGN
RTQEGUQ
#SWGNNQU TGUWNVCFQU EW[QU RTQEGUQU PQ RWGFGP UGT XGTKHKECFQU VQVCNOGPVG [ FQPFG
RQT GLGORNQ NCU FGHKEKGPEKCU FGN RTQEGUQ RWGFGP UWTIKT UQNQ FGURWÃU FG SWG NC
GUVTCVGIKCGUVÃKORNCPVCFC'UVQUFGDGPTGCNK\CTUGRQTRGTUQPCNECNKHKECFQCFGO¶UFG
TGSWGTKTWPCUWRGTXKUKÎP[EQPVTQNEQPVKPWQ
I
%CRCEKVCEKÎP %QPHQTOG CN RTQITCOC GUVCDNGEKFQUG FGUCTTQNNCT¶ NCECRCEKVCEKÎPFGN
RGTUQPCNCUKIPCFQRCTCVCNGHGEVQVCPVQKPHQTO¶VKEQEQOQPQKPHQTO¶VKEQNNGXCPFQWP
UGIWKOKGPVQ RQT RGTUQPC FG CEWGTFQ EQP UW HQTOCEKÎP [ NCU CEVKXKFCFGU SWG VGPIC
DCLQUW TGURQPUCDKNKFCF
#UKOKUOQ UG CRNKECT¶ WP RTQITCOC FG UGPUKDKNK\CEKÎP SWG RGTOKVC CN RGTUQPCN
KFGPVKHKECTNCKORQTVCPEKCFGNWUQFGNCU6+GPECFCWPCFGNCU¶TGCUFGNC+PUVKVWEKÎP
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
*XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD
+8
5GIWKOKGPVQ['XCNWCEKÎP
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