35(7(67$5($ (;$0(18/8, '( %$&$/$85($7  3URE VFULV OD ,1)250$7,& 9DULDQWD &&

u u u

7R L LWHPLL VXQW REOLJDWRULL )LHFDUH LWHP DUH XQ VLQJXU U VSXQV FRUHFW 6H DFRUG FkWH  SXQFWH SHQWUX ILHFDUH U VSXQV FRUHFW 6H DFRUG  SXQFWH GLQ RILFLX 3HQWUX ILHFDUH LWHP FRPSOHWD L SH IRDLD GH H[DPHQ U VSXQVXO SH FDUHO FRQVLGHUD L FRUHFW FX VLPEROXO 2 LDU U VSXQVXULOH FRQVLGHUDWH JUHLWH FX VLPEROXO ;
/D DGUHVHOH S L X VXQW PHPRUDWH SULPXO UHVSHFWLY XOWLPXO HOHPHQW DO XQHL OLVWH OLQLDUH VLPSOX vQO Q XLWH / 2ULFH HOHPHQW DO OLVWHL PHPRUHD] vQ FkPSXO DGU DGUHVD HOHPHQWXOXL XUP WRU &DUH GLQWUH XUP WRDUHOH DWULEXLUL WUDQVIRUP OLVWD / vQWUR OLVW FLUFXODU " D S!DGU X E SDGU X F XDGU S G X!DGU S &X FH H[SUHVLH WUHEXLH FRPSOHWDW VHFYHQ D OLSV GLQ IXQF LD DO WXUDW SHQWUX FD I[ V DLE FD UH]XOWDW VXPD H[SRQHQ LORU IDFWRULORU SULPL FH LQWU vQ GHVFRPSXQHUHD OXL [" ([HPSOX   *  GHFL FDOF 
 





D [G 

E [ G

LQW ILQW [ LQW G ^LI  UHWXUQ  HOVH LI [%G  UHWXUQ I[GG HOVH UHWXUQ I[G ` F [! G G [ 

6XESURJUDPXO LQWHUVFK UHDOL]HD] LQWHUVFKLPEDUHD YDORULORU D GRX YDULDELOH vQWUHJL WUDQVPLVH SULQ LQWHUPHGLXO SDUDPHWULORU IRUPDOL [ L \ $QWHWXO VXESURJUDPXOXL HVWH D LQW LQWHUVFKLQW [ \ E YRLG LQWHUVFKLQW [ LQW \ YRLG LQWHUVFKLQW [ LQW \ F G LQW LQWHUVFKLQW [ 6H FRQVLGHU GRX LUXUL GH FDUDFWHUH QXPH L SUHQ UHSUH]HQWkQG QXPHOH L UHVSHFWLY SUHQXPHOH XQHL SHUVRDQH 6H SRDWH RE LQH QXPHOH FRPSOHW DO SHUVRDQHL QXPHOH XUPDW GH SUHQXPH FX DMXWRUXO H[SUHVLHL D VWUFS\QXPHSUHQ E QXPHSUHQ F VWUFDWQXPHSUHQ G QXPH SUHQ 6H FRQVLGHU XQ LU GH FDUDFWHUH V L XQ FDUDFWHU F 3R]L LD SH FDUH VH J VHWH F vQ V HVWH GDW GH UH]XOWDWXO IXQF LHL VWDQGDUG D VWUOHQVF E VWUFKUVF F VWUSRVVF G VWUFS\VF &DUH HVWH YDORDUHD H[SUHVLHL   " D  E  F  6H FRQVLGHU  OLVWH RULFH HOHPHQW GH OLVW DYkQG XUP WRU WLLQG F S HVWH XQ YHFWRU GH DGUHVH S>L@ DILH]H QXPHUHOH GH RUGLQH DOH OLVWHORU QHYLGH D IRUL LL LI  S>L@ FRXWL F IRUL LL LI S>L@ FRXWL



  

G 

XQ FkPS DGU FH PHPRUHD] DGUHVD HOHPHQWXOXL UHSUH]HQWkQG DGUHVD GH vQFHSXW D OLVWHL /v  V VH

E IRUL LL G IRUL LL

LI S>L@!DGU FRXWL LI  S>L@!DGU FRXWL



6H WLH F HVWH GHILQLW VXESURJUDPXO SULPH FH SULPHWH SULQ GRL SDUDPHWUL [ L \ GRX YDORUL vQWUHJL L UHWXUQHD] QXP UXO GH QXPHUH SULPH GLQ LQWHUYDOXO vQFKLV >[\@ QXPDL GDF [\ &DUH GLQWUH XUP WRDUHOH H[SUHVLL HVWH DGHY UDW QXPDL GDF YDORDUHD vQWUHDJ ] ]! HVWH QXP U SULP" D SULPH] SULPH] E SULPH]SULPH] F SULPH]]  G SULPH ]] SULPH]] 9DULDELOHOH S L T PHPRUHD] vQ GRX FkPSXUL [ L \ GRX QXPHUH vQWUHJL UHSUH]HQWkQG FRRUGRQDWHOH SXQFWHORU 3 L UHVSHFWLY 4 GLQ SODQ WLLQG F GLVWDQ D GLQWUH 3 L 4 VH FDOFXOHD] FX DMXWRUXO IRUPXOHL



 [ 3 - [4   +  \ 3 - \4   VWDELOL L FDUH GLQWUH H[SUHVLLOH XUP WRDUH FDOFXOHD] GLVWDQ D GLQWUH 3 L 4

D E F G 
VTUWSRZS[T[SRZS\T\ VTUWSRZS[T[SRZS\T\ VTUWS[T[S[T[S\T\S\T\ VTUWSRZS[T[SRZS\T\ 6H FRQVLGHU VXESURJUDPXO UHFXUVLY DO WXUDW &H VH DILHD] SH HFUDQ OD DSHOXO VFULH" YRLG VFULH LQW [ ^LI [! VFULH[ GLY  FRXW[%` F  G 

D 
,1)250$7,& 9DULDQWD &&

E  



9DULDELOD YI PHPRUHD] DGUHVD HOHPHQWXOXL GLQ YkUIXO XQHL VWLYH )LHFDUH HOHPHQW DO VWLYHL PHPRUHD] vQWUXQ FkPS DGU DGUHVD XUP WRUXOXL HOHPHQW GLQ VWLY  9DULDELOD T SRDWH PHPRUD DGUHVD RULF UXL HOHPHQW DO VWLYHL 6 VH UHDOL]H]H HOLPLQDUHD HOHPHQWXOXL GLQ YkUIXO VWLYHL Q YHUVLXQHD & VH XWLOL]HD] IUHH[ vQ ORF GH GHOHWH [ D T!DGU YIYI!DGU TGHOHWH T E T YIYI YI!DGUGHOHWH YI F T YI!DGUYI T!DGUGHOHWH T G T YIYI T!DGUGHOHWH T 6H SUHVXSXQH F HVWH GHILQLW R IXQF LH PLQ FDUH SULPHWH GRX YDORUL UHDOH SULQ LQWHUPHGLXO D GRL SDUDPHWUL L UHWXUQHD] FHD PDL PLF GLQWUH FHOH GRX YDORUL 6WDELOL L FDUH GLQWUH XUP WRDUHOH H[SUHVLL HVWH HJDO FX FHD PDL PDUH GLQWUH YDORULOH UHDOH D L E D DPLQDEEPLQED E PLQDE F PLQDEDE G DEPLQDE 6H FRQVLGHU F YDULDELOD FDS PHPRUHD] DGUHVD GH vQFHSXW D XQHL OLVWH OLQLDUH VLPSOX vQO Q XLWH / 2ULFH HOHPHQW DO OLVWHL PHPRUHD] vQWUXQ FkPS QXPLW DGU DGUHVD HOHPHQWXOXL XUP WRU &DUH GLQWUH XUP WRDUHOH H[SUHVLL UHSUH]LQW DGUHVD FHOXL GHDO WUHLOHD HOHPHQW DO OLVWHL D FDS!DGU E FDSDGU F FDS!DGU!DGU G FDSDGUDGU FLWHWH QD ^QXPHUH QDWXUDOH` HVWH UHSHW GDF Q D DWXQFL HVWH Q>Q@ SkQ FkQG Q  VDX HVWH  VFULH HVWH





6H FRQVLGHU SURJUDPXO SVHXGRFRG DO WXUDW 8UP WRULL  LWHPL VH UHIHU OD DFHVW SURJUDP 2EVHUYD LH VD QRWDW FX >[\@ SDUWHD vQWUHDJ D YDORULL UDSRUWXOXL

[  \

 

WLLQG F YDORDUHD GDW D OXL Q HVWH  GHWHUPLQD L FDUH HVWH YDORDUHD GDW SHQWUX D DVWIHO vQFkW V VH DILH]H YDORDUHD  D  E  F  G 

D LI Q F LI Q

,QVWUXF LXQHD GDF Q D DWXQFL HVWH VH VFULH FD LQVWUXF LXQH && DVWIHO D HVWH  E LI Q D HVWH  D HVWH  G LI Q D HVWH  'HFODUDUHD YDULDELOHORU vQ SURJUDPXO && FRUHVSXQ] WRU VH UHDOL]HD] SULQ VHFYHQ D D LQWQDHVWH E LQW DQHVWH F DQHVWHLQW G LQW QDHVWH

 

D QX VH DILHD] QLPLF F R YDORDUH VWULFW QHJDWLY

&H VH DILHD] GDF YDORULOH LQL LDOH FLWLWH SHQWUX Q L D VXQW  L UHVSHFWLY " E R YDORDUH VWULFW SR]LWLY G  3URJUDPXO DILHD] YDORDUHD  GDF L QXPDL GDF 



D D HVWH IRUPDW QXPDL GLQ FLIUH DOH OXL Q F D HVWH XQ SUHIL[ DO OXL Q

E D DUH H[DFW DFHOHDL FLIUH FD L Q G Q HVWH XQ SUHIL[ DO OXL D

 D E F G     

3ULQ WUDQVIRUPDUHD VWUXFWXULL UHSHW  SkQ FkQG L D FRQGL LHL GH RSULUH vQ VWUXFWXU FkW WLPS FRUHVSXQ] WRDUH DOJRULWPXO RE LQXW QX IXQF LRQHD] OD IHO SHQWUX QLFL XQ VHW GH GDWH GH LQWUDUH IXQF LRQHD] OD IHO SHQWUX VHWXULOH GH GDWH SHQWUX FDUH QX FLFOHD] LQILQLW QX IXQF LRQHD] OD IHO SHQWUX XQHOH VHWXUL GH GDWH GH LQWUDUH IXQF LRQHD] OD IHO SHQWUX RULFH VHW GH GDWH GH LQWUDUH $WULEXLUHD Q>Q@ VH VFULH FD LQVWUXF LXQH && DVWIHO D Q Q E Q%  F Q Q% &H WLS GH LQVWUXF LXQH UHSHWLWLY HVWH IRORVLW vQ SURJUDP" D FX WHVW LQL LDO E FX WHVW ILQDO F PXOWLSO

G Q Q G FX FRQWRU

'H FkWH RUL VH H[HFXW LQVWUXF LXQHD Q>Q@GDF YDORULOH LQL LDOH FLWLWH SHQWUX Q L D VXQW  L UHVSHFWLY " D  E  F  G  WLLQG F YDORDUHD GDW D OXL D HVWH  GHWHUPLQD L FDUH HVWH YDORDUHD GDW SHQWUX Q DVWIHO vQFkW V VH DILH]H YDORDUHD  D  E  F  G  6WDELOL L R SHUHFKH GH YDORUL SHQWUX Q L D DVWIHO vQFkW VHFYHQ D V FLFOH]H LQILQLW D Q  L D1 F Q  L D  E Q1 L D 

G QX H[LVW

,1)250$7,& 9DULDQWD &&

 

&H VH DILHD] GDF YDORULOH LQL LDOH FLWLWH SHQWUX Q L D VXQW  L UHVSHFWLY " D  E  F QLPLF G  Q RULFH JUDI QHRULHQWDW FX Q QRGXUL QRWDWH    Q FX P PXFKLL L FX JUDGHOH QRGXULORU QRWDWH G G  GQ H[LVW UHOD LD D G G  GQ E GGGQ P GGGQ P F G GGGQ PQ &RQVLGHUkQG XQ JUDI QHRULHQWDW DYkQG QRGXULOH QRWDWH FX      FRUHVSXQ] WRU OLQLLORU PDWULFHL GH DGLDFHQ GDWH VWDELOL L GDF QRGXULOH  L                           VXQW FRQHFWDWH SULQWUXQ ODQ VXQW QRGXUL DGLDFHQWH



D VXQW QRGXUL L]RODWH F DSDU LQ DFHOHLDL FRPSRQHQWH FRQH[H 

E G

6H FRQVLGHU XQ JUDI QHRULHQWDW FX  QRGXUL L  PXFKLL 1XP UXO GH FRPSRQHQWH FRQH[H GLQ FDUH SRDWH IL IRUPDW JUDIXO HVWH D H[DFW  E FHO SX LQ  F  VDX  G  VDX  6H FRQVLGHU XQ JUDI RULHQWDW FX  QRGXUL HWLFKHWDWH FX QXPHUH GH OD  OD  L  DUFH DVWIHO vQFkW H[LVW XQ DUF GH OD ILHFDUH QRG FX HWLFKHWD L F WUH XQ QRG FX HWLFKHWD L* GDF H[LVW XQ DVWIHO GH QRG VDX F WUH QRGXO FX HWLFKHWD L  vQ FD] FRQWUDU &DUH HVWH OXQJLPHD PD[LP D XQXL GUXP vQ JUDI" OXQJLPHD GUXPXOXL QXP UXO DUFH D  E  F G  &RQVLGHUkQG XQ JUDI RULHQWDW DYkQG PDWULFHD GH DGLDFHQ DOWXUDW  VWDELOL L FkWH GLQWUH QRGXULOH JUDIXOXL DX JUDGXO LQWHULRU LQWHUQ HJDO FX JUDGXO H[WHULRU H[WHUQ                     G      





D  

E 

F 

6H FRQVLGHU XQ DUERUH FX XUP WRDUHOH SURSULHW L U G FLQD HVWH QRGXO  FRQVLGHUDW GH QLYHO  L ILHFDUH QRG L FX  L  DIODW SH QLYHOXO M DUH FD GHVFHQGHQ L QRGXULOH LM L L*M 1RGXULOH L FX FX L !  VXQW QRGXUL WHUPLQDOH IUXQ]H 6WDELOL L FDUH GLQWUH YHFWRULL XUP WRUL HVWH YHFWRUXO GH WD L VDX GH SUHGHFHVRUL FRUHVSXQ] WRU DUERUHOXL D        E        F        G       



D HVWH DFLFOLF L QHFRQH[ F HVWH FRQH[ GDF L QXPDL GDF HVWH DFLFOLF D DUH VXPD HOHPHQWHORU HJDO FX Q F HVWH VLPHWULF ID GH GLDJRQDOD SULQFLSDO

2ULFH JUDI QHRULHQWDW FX Q QRGXUL L Q PXFKLL

E HVWH FRQH[ L FRQ LQH XQ FLFOX G HVWH XQ DUERUH E HVWH VLPHWULF ID GH GLDJRQDOD VHFXQGDU G HVWH IRUPDW QXPDL GLQ YDORULOH   L 
D FX XUP WRDUHD SURSULHWDWH



2ULFH JUDI QHRULHQWDW FX Q QRGXUL DUH R PDWULFH GH DGLDFHQ



&DUH GLQWUH XUP WRDUHOH PDWULFH SRDWH IL PDWULFHD GH DGLDFHQ JUDIXOXL GLQ ILJXUD DO WXUDW "

D    
           

E    
           

F    
           

G    
           



6H FRQVLGHU JUDIXO QHRULHQWDW DYkQG QRGXULOH QRWDWH FX      FRUHVSXQ] WRU OLQLLORU PDWULFHL GH DGLDFHQ DO WXUDWH 6WDELOL L FDUH GLQWUH XUP WRDUHOH SURSR]L LL HVWH DGHY UDW 

D RULFH PXFKLH VDU HOLPLQD JUDIXO GHYLQH DFLFOLF F RULFH QRX PXFKLH VDU DG XJD JUDIXO GHYLQH FRQH[

                         E JUDIXO HVWH DFLFOLF G JUDIXO HVWH FRQH[

Q XUP WRULL  LWHPL VH FRQVLGHU  U L [ L \ YDULDELOH vQWUHJL D L E YDULDELOH UHDOH LDU Y XQ YHFWRU FX  GH FRPSRQHQWH UHDOH Q VHFYHQ HOH SVHXGRFRG VD QRWDW FX [%\ UHVWXO vPS U LULL vQWUHJL D OXL [ OD \ L FX >[\@ SDUWHD vQWUHDJ D YDORULL UDSRUWXOXL QXPHUHORU [ L \ ,1)250$7,& 9DULDQWD &&



&H YDORDUH WUHEXLH V DLE LQL LDO YDULDELOD Q DVWIHO vQFkW FD XUPDUH D H[HFXW ULL DOJRULWPXOXL DO WXUDW V VH DILH]H "

D  

E 

F 

SHQWUX L  H[HFXW QQ L VIkULW SHQWUX VFULH Q G 

 

&DUH GLQWUH SURJUDPHOH XUP WRDUH DILHD] QXPDL QXPHUH SULPH" D SHQWUX L  H[HFXW E SHQWUX L  H[HFXW \  \  FkW WLPS L \  H[HFXW \ \ FkW WLPS L \ H[HFXW \ \ GDF \ L DWXQFL VFULH \ GDF \ L DWXQFL VFULH \ VIkULW SHQWUX VIkULW SHQWUX F SHQWUX L  H[HFXW G \  \  SHQWUX L  H[HFXW UHSHW \ \ SkQ FkQG L \  FkW WLPS L \ H[HFXW \ \ GDF \ L DWXQFL VFULH \ GDF \ L DWXQFL VFULH \ VIkULW SHQWUX VIkULW SHQWUX 6WDELOL L FDUH GLQWUH XUP WRDUHOH H[SUHVLL HVWH DGHY UDW GDF L QXPDL GDF [ HVWH QXP U QDWXUDO LPSDU [  D [! __ [ %   E [!  F [! G [!  __ [ %   [ %   6WDELOL L FDUH GLQWUH XUP WRDUHOH H[SUHVLL HVWH DGHY UDW GDF L QXPDL GDF [ DSDU LQH LQWHUYDOXOXL vQFKLV >DE@ [E D [!D E [! D __ [ E [D [!E F G [D __ [!E 6 VH FRPSOHWH]H VHFYHQ D OLSV PDUFDW SULQ SXQFWH GH VXVSHQVLH GLQ DOJRULWPXO DO WXUDW DVWIHO vQFkW DFHVWD V GHWHUPLQH L V PHPRUH]H vQ YDULDELOD [ FHD PDL PDUH FLIU FH DSDUH vQ VFULHUHD QXP UXOXL QDWXUDO U [  FkW WLPS U! H[HFXW \ U %  GDF [\ DWXQFL [ \  VIkULW FkW WLPS  G \ >\@ SHQWUX [  H[HFXW DY[  L SHQWUX \  H[HFXW GDF Y\ D DWXQFL L VIkULW SHQWUX UUL VIkULW SHQWUX G [



D UU[ 

E UU\

F UU

9DULDELOD U LQL LDO HJDO FX  YD PHPRUD OD ILQDOXO H[HFXW ULL DOJRULWPXOXL DO WXUDW QXP UXO GH YDORUL GLVWLQFWH H[LVWHQWH vQ YHFWRUXO Y &DUH HVWH YDORDUHD VDX H[SUHVLD FDUH WUHEXLH SODVDW vQ ORFXO SXQFWHORU GH VXVSHQVLH"

D QX H[LVW  

E 

F [

3HQWUX RUGRQDUHD GHVFUHVF WRDUH D YDORULORU FHORU  GH FRPSRQHQWH DOH YHFWRUXOXL Y RUGRQDUH UHDOL]DW SULQ PHWRGD EXOHORU QX VXQW QHFHVDUH PDL PXOW GH D  FRPSDU UL E  FRPSDU UL F  FRPSDU UL G  FRPSDU UL 6H FRQVLGHU VHFYHQ D DO WXUDW FDUH GHWHUPLQ FHO PDL PDUH GLYL]RU FRPXQ DO QXPHUHORU PHPRUDWH vQ YDULDELOHOH [ L \ &H YDORDUH WUHEXLH DILDW OD VIkULWXO VWUXFWXULL UHSHWLWLYH" UHSHW U[ \ [\ \U SkQ FkQG U  G \

D [ \ 

E [

F U

WLLQG F YDULDELOD U PHPRUHD] LQL LDO YDORDUHD  VWDELOL L FH UHSUH]LQW YDORDUHD PHPRUDW GH DFHDVWD GXS vQFKHLHUHD VHFYHQ HL DO WXUDWH D QXP UXO GH PXOWLSOL DL OXL \ PDL PLFL GHFkW [ E QXP F QXP UXO GH GLYL]RUL DL OXL [ PDL PLFL GHFkW \ G QXP

SHQWUX L \ H[HFXW GDF L [  DWXQFL UU VIkULW SHQWUX UXO GH GLYL]RUL DL OXL \ PDL PLFL GHFkW [ UXO GH PXOWLSOL DL OXL [ PDL PLFL GHFkW \



WLLQG F YDORDUHD LQL LDO D YDULDELOHL \ HVWH  VWDELOL L FDUH GLQWUH VHFYHQ HOH XUP WRDUH DILHD] LUXO            " D SHQWUX L  H[HFXW E SHQWUX L  H[HFXW VFULH \ VFULH \L \ \L VIkULW SHQWUX VIkULW SHQWUX F SHQWUX L  H[HFXW G SHQWUX L  H[HFXW \ \L VFULH \ VFULH \ \ \L VIkULW SHQWUX VIkULW SHQWUX

,1)250$7,& 9DULDQWD &&

*5,/$ '( &25(&7$5( ,1)250$7,&$ 9$5,$17$ &&

              

G E F F E F F E G G G G F E F

              

G E F F G E F F G G E D F F D

              

E F F G F G F F G E G E E G G

,1)250$7,& 9DULDQWD &&