6LVWHP�GH�LQWHUIRQ�&200$;����0RGHO�50����.�VDX�50���.60DQXDO�GH�XWLOL]DUH

$WHQWLH�&LWLWL�FX�DWHQWLH�DFHVW�SURVSHFW�LQDLQWH�GH�LQVWDODUH��� QX�XWLOL]DWL�LQWHUIRQXO�LQ�ORFDWLL�XQGH�SRDWH�DYHD�FRQWDFW�GLUHFW�FX�DSD���LQ�EDLH��SLVFLQD��HWF�� LQVWDODWL�VLVWHPXO�LQ�ORFXUL�FX�YHQWLODWLH�EXQD���QX�DVH]DWL�SRVWXO�LQWHULRU�SH�SDW�VDX�SH�EDQFKHWD�FDFLDVWIHO�EORFDWL�FLUFXODWLD�DHUXOXL�VSUH�FLUFXLWHOH�LQWHULRDUH� PHQWLQHWL�R�GLVWDQWD�FRUHVSXQ]DWRDUH�IDWD�GH�VXUVHOH�GH�FDOGXUD���UDGLDWRDUH��VREH�GH�LQFDO]LUH�HWF�� VFRDWHWL�GLQ�SUL]D�DOLPHQWDUHD�GH����9�GDFD�VLVWHPXO�QX�YD�IL�XWLOL]DW�XQ�WLPS�PDL�LQGHOXQJDW� QX�H[SXQHWL�SRVWXO�LQWHULRU�OD�VRFXUL�PHFDQLFH�UHVSHFWLY�QX�WXUQDWL�OLFKLGH�LQ�FDUFDVD,QVWUXFWLL�GH�XWLOL]DUH��� 3RVW�H[WHULRU�FX�SRVW�LQWHULRU6H�DXGH�XQ�VXQHWXO�GH�DSHO�VLPXOWDQ�OD�SRVWXO�GH�LQWHULRU�PDVWHU�VL�VODYH�LQ�PRPHQWXO�DSDVDULL�EXWRQXOXL�GH�DSHO�OD�SRVWXOH[WHULRU�5LGLFDQG�UHFHSWRUXO�GH�OD�RULFDUH�GLQWUH SRVWXULOH�LQWHULRDUH�VH�SRDWH�LQLWLD�R�FRQYRUELUH��� 3RVW�LQWHULRU�FX�SRVW�LQWHULRU6H�SRDWH�LQLWLD�R�FRQYRUELUH�LQWUH���SRVWXUL�LQWHULRDUH�DSDVDQG�EXWRQXO�GH�LQWHUFRPXQLFDWLH�SH�XQD�GLQ�SRVWXUL��FRPXQLFDWLDGRDU�DWXQFL�VH�SRDWH�UHDOL]D�GDFD�FHODODOW�SRVW�HVWH�OLEHU�'DFD�HVWH�LQ�FXUV�R�FRQYRUELUH�LQWUH�FHOH���SRVWXUL�LQWHULRDUH�VL�VH�LQLWLHD]D�XQ�DSHO�GH�OD�SRVWXO�H[WHULRU�DWXQFL�LQ�DPEHOHUHFHSWRDUH�VH�DXGH�DFHVW�DSHO�'DFD�XQXO�GLQWUH�SRVWXULOH�LQWHULRDUH�GRUHVF�VD�FRPXQLFH�FX�SRDUWD�DWXQFL�WUHEXLH�VD�DVH]H�LQDSRL�,�IXUFDUHFHSWRUXO�VL�GXSD�DFHHD�VD�ULGLFH�DVWIHO�SRDWH�VD�UDVSXQGD�OD�DSHOXO�SRVWXOXL�H[WHULRU��� 'HVFKLGHUH�SRDUWD�'DFD�GRULWL�VD�SHUPLWHWL�DFFHVXO�YL]LWDWRUXOXL�DSDVDWL�EXWRQXO�GH�GHEORFDUH��OD�XQD�GLQWUH�SRVWXULOH�GH�LQWHULRU��D�\DOHLHOHFWURPDJQHWLFH��REV ��\DOD�HO�PDJ�QX�HVWH�LQFOXV�LQ�VHW�%XWRDQHOH�GH�FRQWURO��3RVWXO�LQWHULRU��UHFHSWRU��0$67(5��'3�5$��0��3RVWXO�LQWHULRU��UHFHSWRU��0$67(5��'3�5$���� �� UHJODM�YROXP�� EXWRQ�GH�LQWHUFRPXQLFDWLH�� EXWRQ�GH�GHEORFDUH�\DODHOHFWURPDJQHWLFD�� FRUGRQ�UHFHSWRU�� UHFHSWRU

3RVWXO�LQWHULRU��UHFHSWRU��6/$9(��'3�5$��6��

3RVWXO�H[WHULRU�

6FKHPD�GH�FRQH[LXQH �

�� 'LIX]RU�� %XWRQ�GH�DSHO�� 6XSRUW�IL[DUH�SHUHWH�� 0LFURIRQ

6SHFLILFDWLL�x 7HQVLXQH�GH�DOLPHQWDUH������9���+]x 3XUHUH�DXGLR����P:x 'LVWDQWD�PD[LPD��LQWUH�SRVWXUL�LQWHULRDUH�PD[LP���P�FX�FDEOX�GH�VHFWLXQH�����PP��FXSUX�,QWUH�SRVW�H[WHULRU�VL�LQWHULRU����P�FX�FDEOX�GH�VHFWLXQH�����PP��FXSUX�x 'LPHQVLXQH�����[����[�����SRVW�LQWHULRU������[��[���PP��SRVW�H[WHULRU�x *UHXWDWH������JU�SRVW�LQWHULRU�PDVWHU������JU�SRVW�LQWHULRU�VODYH�����JU�SRVW�H[WHULRU

�� EXWRQ�GH�LQWHUFRPXQLFDWLH�� EXWRQ�GHEORFDUH�\DOD�� FRUGRQ�DOLPHQWDUH�����9�� FRUGRQ�UHFHSWRU�� UHFHSWRU