=
OX]HV
"/1&#& ÅÃ, "+"/$Ç1& !" "!&#Ë &,0 ! .2 +1&! !" !" )"$&0) ÅÃ, -2 )& ! 8 -,!" !&7"/90" .2"8 #&+ )*"+1"8 =;<> #,& , +, !" ] //2* / 0 ^ +, .2" 0" /"#"/" À "/1&#& ÅÃ, "+"/$Ç1& !" "!&#Ë &,0: (P GH DJRVWR SDVVDGR IRL SXEOLFDGR R 'HFUHWR /HL Q | DSURYDQGR R 6LVWHPD GH &HUWLͤFD©¥R (QHUJ«WLFD GRV (GLI¯FLRV TXH LQWHJUD RV GRLV UHJXODPHQWRV GH GHVHPSHQKR HQHU J«WLFR R GRV HGLI¯FLRV GH KDELWD©¥R H R GRV HGLI¯FLRV GH FRP«UFLR H VHUYL©RV WUDQVSRQGR SDUD D OHJLVOD©¥R QDFLRQDO D 'LUHWLYD Q | (8 GR 3DUODPHQWR (XURSHX H GR &RQVHOKR SXEOLFDGD HP GH PDLR GH 1HVVH PHVPR GLD GR SDVVDGR P¬V GH DJRVWR IRL WDPE«P SXEOLFD GD D /HL Q | TXH GHͤQH RV UHTXLVLWRV GH DFHVVR H GH H[HUF¯FLR GD DWLYLGDGH GH SHULWR TXDOLͤFDGR SDUD D FHUWLͤFD©¥R HQHUJ«WLFD GRV HGLI¯FLRV EHP FRPR GH W«FQLFR GH LQVWDOD©¥R H PDQXWHQ©¥R GH HGLI¯FLRV H VLVWHPDV UHVSHLWDQGR D GLVFLSOLQD GD /HL Q | GH GH PDU©R UHODWLYD DR UHFRQKHFLPHQWR GDV TXDOLͤFD©·HV SURͤVVLRQDLV 0DLV WDUGH D GH QRYHPEUR « SXEOLFDGD D 3RUWDULD Q | $ TXH GHͤQH DV FRPSH W¬QFLDV GD HQWLGDGH JHVWRUD GR 6LVWHPD GH &HUWLͤFD©¥R (QHUJ«WLFD GRV (GLI¯FLRV UHJXODPHQWD DV DWLYLGDGHV GRV W«FQLFRV GHVWD £UHD HVWDEHOHFH DV FDWHJRULDV GH HGLI¯FLRV SDUD HIHLWRV GH FHUWLͤFD©¥R HQHUJ«WLFD EHP FRPR RV WLSRV GH SU« FHUWLͤFDGRV H FHUWLͤFDGRV H UHVSRQVDELOL GDGH SHOD VXD HPLVV¥R (VWD SRUWDULD HVWDEHOHFH DLQGD RV FULW«ULRV GH YHULͤFD©¥R GH TXDOLGDGH GRV SURFHVVRV GH FHUWLͤFD©¥R EHP FRPR RV HOHPHQWRV TXH GHYHU¥R FRQVWDU GR UHODWµULR H GD DQRWD©¥R QR UHJLVWR LQGLYLGXDO GR SHULWR TXDOLͤFDGR 1R PHVPR Q¼PHUR GR 'L£ULR GD 5HS¼EOLFD « SXEOLFDGD WDPE«P D 3RUWDULD Q | % TXH GHͤQH D PHWRGRORJLD GH GHWHUPLQD©¥R GD FODVVH GH GHVHPSHQKR HQHUJ«WLFR SDUD D WLSRORJLD GH SU« FHUWLͤFDGRV H FHUWLͤFDGRV EHP FRPR RV UHTXLVLWRV GH FRPSRUWDPHQWR W«FQLFR H GH HͤFL¬QFLD GRV VLVWHPDV W«FQLFRV GRV HGLI¯ FLRV QRYRV H GRV HGLI¯FLRV VXMHLWRV D XPD JUDQGH LQWHUYHQ©¥R 0DLV UHFHQWHPHQWH D GH GH]HPEUR IRL SXEOLFDGD D 3RUWDULD Q | & TXH HVWD EHOHFH RV HOHPHQWRV TXH GHYHU¥R FRQVWDU GRV SURFHGLPHQWRV GH OLFHQFLDPHQWR RX GH FRPXQL FD©¥R SU«YLD GH RSHUD©·HV XUEDQ¯VWLFDV GH HGLͤFD©¥R EHP FRPR GH DXWRUL]D©¥R GH XWLOL]D©¥R 1R PHVPR GLD IRL SXEOLFDGD D 3RUWDULD Q | ' TXH GHͤQH RV UHTXLVLWRV GH FRQFH©¥R UHODWLYRV ¢ TXDOLGDGH W«UPLFD GD HQYROYHQWH H ¢ HͤFL¬QFLD GRV VLVWHPDV W«FQLFRV GRV HGLI¯FLRV QRYRV GRV HGLI¯FLRV VXMHLWRV D XPD JUDQGH LQWHUYHQ©¥R H GRV HGLI¯FLRV H[LVWHQWHV (VWDQGR R TXDGUR OHJLVODWLYR FRPSOHWR WRUQD VH PXLWR PDLV I£FLO D DWLYLGDGH GRV SHULWRV QD PHGLGD HP TXH SRVVXHP WRGDV DV UHIHU¬QFLDV QHFHVV£ULDV ¢ VXD D©¥R $ DOWHUD©¥R GD OHJLV OD©¥R TXH DJRUD SUHY¬ D QHFHVVLGDGH GH WRGRV RV HGLI¯FLRV FRORFDGRV QR PHUFDGR LPRELOL£ULR SDUD YHQGD RX DOXJXHU HVWDUHP REULJDGRV D SRVVXLU R VHX FHUWLͤFDGR GH GHVHPSHQKR HQHUJ« WLFR DXPHQWRX HQRUPHPHQWH R PHUFDGR GD FHUWLͤFD©¥R QHVWD £UHD Q¥R WHQGR R DWXDO FRQMXQWR GH HQWLGDGHV FHUWLͤFDGRUDV FDSDFLGDGH GH UHVSRVWD SDUD HVWH DXPHQWR $VVLP VHQGR DEUH VH XPD ERD RSRUWXQLGDGH GH WUDEDOKR SDUD DTXHOHV TXH FRUUHVSRQGDP DRV UHTXLVLWRV HVWDEHOHFL GRV OHJDOPHQWH SDUD HVVD DWLYLGDGH R TXH QRV GLDV GH KRMH SRGHU£ FRQVWLWXLU XPD VD¯GD SDUD VLWXD©·HV GLI¯FHLV SRU TXH SDVVDP DOJXQV W«FQLFRV 3RU VH WUDWDU GR ¼OWLPR Q¼PHUR GD UHYLVWD GR DQR GH K£ TXH FXPSULU D WUDGL©¥R GH DJUDGHFHU D WRGRV RV TXH FRODERUDUDP H RX DSRLDUDP D UHYLVWD EHP FRPR DRV QRVVRV DVVL QDQWHV H OHLWRUHV D ͤGHOLGDGH TXH W¬P GHPRQVWUDGR $ HTXLSD GD UHYLVWD DSURYHLWD WDPE«P D RFDVL¥R SDUD GHVHMDU TXH WHQKDP WLGR %RDV )HVWDV H TXH R $QR 1RYR SRVVD UHYHODU VH PXLWR PHOKRU GR TXH DV H[SHWDWLYDV &XVWµGLR 3DLV 'LDV 'LUHWRU
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
&XVWµGLR 3DLV 'LDV 'LUHWRU
)1"/ ÅÃ, ! )"$&0) ÅÃ,8 .2" $,/ -/"3È +" "00&! !" !" 1,!,0 ,0 "!&#Ë &,0 ,), !,0 +, *"/ !, &*, &)&Á/&,8 - / 3"+! ,2 )2$2"/8 "01 /"* , /&$ !,0 -,002&/ , 0"2 "/1&#& !, !" !"0"*-"+%, "+"/$Ç1& ,8 2*"+1,2 "+,/*"*"+1" , *"/ !, ! "/1&#& ÅÃ, +"01 Á/" 8 +Ã, 1"+!, , 12 ) ,+'2+1, !" "+1&! !"0 "/1&#& !,/ 0 - &! !" !" /"0-,01 - / "01" 2*"+1,