02'(/6&2',),&$7,21
,PSRUWDQWQRWH
3OHDVHFKHFNDFFRUGLQJWRWKHPRGHOQDPHZKLFKLV\RXUDLUFRQ
-
GLWLRQHUW\SHKRZLWLVDEEUHYLDWHGDQGUHIHUUHGWRLQWKLVLQVWUXFWLRQPDQXDO7KLV
,QVWDOODWLRQDQG2SHUDWLRQ0DQXDOLVRQO\UHODWHGWR,QGRRU8QLWV)61(L0
FRPELQHGZLWK2XWGRRU8QLWV)691<(
&2',),&$&,Ï1'(02'(/26
1RWDLPSRUWDQWH
FRPSUXHEHGHDFXHUGRFRQHOQRPEUHGHOPRGHORHOWLSRGHVLVWHPD
GHDLUHDFRQGLFLRQDGRGHOTXHGLVSRQHVXDEUHYLDWXUD\VXUHIHUHQFLDHQHOSUHVHQ
-
WHPDQXDOGHLQVWUXFFLRQHV(VWH0DQXDOGHLQVWDODFLyQ\IXQFLRQDPLHQWRVyORHVWi
UHODFLRQDGR FRQ XQLGDGHV LQWHULRUHV )61(L0 FRPELQDGDV FRQ XQLGDGHV
H[WHUQDV)691<(
02'(//&2'(6
:LLQZHLV
%LWWHVWHOOHQ6LHDQKDQGGHU0RGHOOEH]HLFKQXQJGHQ.OLPDDQOD
-
JHQW\SXQGGDVHQWVSUHFKHQGHLQGLHVHP7HFKDQGEXFKYHUZHQGHWH.U]HO
IHVW'LHVHV,QVWDOODWLRQVXQG%HWULHEVKDQGEXFKEH]LHKWVLFKQXUDXI)61(L
0,QQHQJHUlWHLQ.RPELQDWLRQPLW)691<($XHQJHUlWHQ
&2',),&$7,21'(602'Ê/(6
1RWH LPSRUWDQWH
9HXLOOH] GpWHUPLQHU G¶DSUqV OH QRP GX PRGqOH TXHO HVW YRWUH
W\SH GH FOLPDWLVHXU HW TXHOOH HVW VRQ DEUpYLDWLRQ HW UpIpUHQFH GDQV OH SUpVHQW PD
-
QXHOG¶LQVWUXFWLRQ&HPDQXHOG¶LQVWDOODWLRQHWGHIRQFWLRQQHPHQWQHFRQFHUQHQWTXH
OHVXQLWpVLQWpULHXUHV)61(L0FRPELQpHVjGHVJURXSHVH[WpULHXUV)69
1<(
&2',),&$=,21('(,02'(//,
1RWDLPSRUWDQWH
LQEDVHDOQRPHGHOPRGHOORYHUL¿FDUHLOWLSRGLFOLPDWL]]DWRUHLQSRVVHV
-
VRQRQFKpLOWLSRGLDEEUHYLD]LRQHHGLULIHULPHQWRXWLOL]]DWLLQTXHVWRPDQXDOHGLLVWUX]LRQL
4XHVWRPDQXDOHGLLQVWDOOD]LRQHHGLIXQ]LRQDPHQWRIDULIHULPHQWRDOODVRODFRPELQD]LRQH
GLXQLWjLQWHUQH)61(L0HXQLWjHVWHUQH)691<(
&2',),&$d2'(02'(/26
1RWD,PSRUWDQWH
SRUIDYRUYHUL¿TXHGHDFRUGRFRPRQRPHGRPRGHORTXDOpRVHXWLSR
GHDUFRQGLFLRQDGRHFRPRHVWHpDEUHYLDGRHPHQFLRQDGRQHVWHPDQXDOGHLQV
-
WUXo}HV(VWHPDQXDOGHLQVWDODomRHGHIXQFLRQDPHQWRVyHVWiUHODFLRQDGRFRPD
XQLGDGH LQWHULRU )61(L0 FRPELQDGD FRP DV XQLGDGHV H[WHULRUHV
)69
1<(
02'(/.2',),&(5,1*
9LJWLJLQIRUPDWLRQ
.RQWUROOHUPRGHOQDYQHWSnGLWNOLPDDQO JIRUDWVHKYLONHQW\SH
NOLPDDQO J GX KDU KYRUGDQ GHW IRUNRUWHV RJ KYRUGDQ GHU KHQYLVHV WLO GHW L GHQQH
YHMOHGQLQJ'HQQHEUXJHURJPRQWHULQJVYHMOHGQLQJJ OGHUNXQ)61(L0
LQGHQG¡UVHQKHGHUNRPELQHUHWPHG)691<(XGHQG¡UVHQKHGHU
&2'(5,1*9$1'(02'(//(1
%HODQJULMNHRSPHUNLQJ
&RQWUROHHUDDQGHKDQGYDQGHPRGHOQDDPZHONW\SHDLUFRQGL
-
WLRQHUXKHHIWKRHGHQDDPZRUGWDIJHNRUWHQKRHHUQDDUZRUGWYHUZH]HQLQGH]HLQVWUXF
-
WLHKDQGOHLGLQJ'H]H,QVWDOODWLHHQEHGLHQLQJVKDQGOHLGLQJKHHIWDOOHHQEHWUHNNLQJRS
ELQQHQXQLWV)61(L0JHFRPELQHHUGPHWEXLWHQXQLWV)691<(
02'(//(5
9LNWLJW
.RQWUROOHUDPHGPRGHOOQDPQHWYLONHQW\SDYOXIWNRQGLWLRQHULQJGXKDUKXUGHQ
I|UNRUWDVRFKKXUGHQDQJHVLGHQKlUKDQGERNHQ'HQQDKDQGERNI|ULQVWDOODWLRQRFK
DQYlQGQLQJJlOOHUHQGDVWI|ULQRPKXVHQKHWHU)61(L0NRPELQHUDGHPHG
XWRPKXVHQKHWHU)691<(
ȀȍǻǿȀȅȆȅǿǾȈǾȂȅȃȉǼȁȍȃ
ȈȘȝĮȞIJȚțȒıȘȝİȓȦıȘ
ǼȜȑȖȟIJİıȪȝijȦȞĮȝİIJȠȩȞȠȝĮȝȠȞIJȑȜȠȣIJȠȞIJȪʌȠIJȠȣįȚțȠȪıĮȢ
țȜȚȝĮIJȚıIJȚțȠȪțĮȚȝİʌȠȚĮıȪȞIJȝȘıȘįȘȜȫȞİIJĮȚțĮȚĮȞĮijȑȡİIJĮȚıİĮȣIJȩIJȠİȖȤİȚȡȓįȚȠǹȣIJȩ
IJȠ İȖȤİȚȡȓįȚȠ İȖțĮIJȐıIJĮıȘȢ țĮȚ ȜİȚIJȠȣȡȖȓĮȢ ĮijȠȡȐ ȝȩȞȠ IJȚȢ ǼıȦIJİȡȚțȑȢ ȂȠȞȐįİȢ
)61(L0ıİıȣȞįȣĮıȝȩȝİǼȟȦIJİȡȚțȑȢȂȠȞȐįİȢ)691<(
