C=
SXEOL UHSRUWDJHP
"#& &È+ & "+"/$Ç1& " &+!Ó01/& / -,/12$2"0 )Ë!"/ "* 0,)2Å "0 !" Á$2 .2"+1" " 0,) / 1Ç/*& ,8 2) +, -,01 + 0 "+"/$& 0 /"+,3Á3"&0 " + 0 -,1"+ & )&! !"0 !, * &"+1"8 !"#"+!"+!, 2* 21&)&7 ÅÃ, ! "+"/$& !" #,/* "#& &"+1": / 1 )8 !&0-,+& &)&7 , *"/ !, 0&01"* 0 0,) /"0 1Ç/*& ,0 !".2 !,0 1,!, , 1&-, !" "!&#Ë &,0:
'H DFRUGR FRP XP HVWXGR IRUQHFLGR SHOR 6*&,( 6LVWHPD GH *HVW¥R GRV &RQVXPRV ,Q WHQVLYRV GH (QHUJLD 3RUWXJDO « XP SD¯V FRP HOHYDGD LQWHQVLGDGH HQHUJ«WLFD H FDUEµQLFD FRP IRUWH GHSHQG¬QFLD GD LPSRUWD©¥R QR TXH GL] UHVSHLWR DR FRQVXPR GD HQHUJLD SULP£ULD $V UHFHQWHV GLUHWUL]HV GR 3ODQR 1DFLRQDO GH $F©¥R SDUD D (ͤFL¬QFLD (QHUJ«WLFD 31$(( H GR 3ODQR 1DFLRQDO GH $F©¥R SDUD DV (QHUJLDV 5HQRY£YHLV 31$(5 YLHUDP UHGREUDU R FRPSURPLVVR GH 3RUWXJDO UHODWLYD PHQWH D HVWDV TXHVW·HV $ £UHD GD ,QG¼VWULD WHP VLGR XPD GDV SULRULGDGHV GHVWHV QRYRV SURJUDPDV H GHVWDFD VH R UHIRU©R QD DSRVWD GD HQHUJLD VRODU W«UPLFD H LQFHQWLYR ¢ XWLOL]D ©¥R GH HQHUJLDV UHQRY£YHLV SDUD XPD RWLPL ]D©¥R GRV FRQVXPRV 3DUD WDO « QHFHVV£ULR XP PDLRU HVIRU©R HP WHUPRV GH SURPR©¥R GD HͤFL¬QFLD HQHUJ«WLFD QR VHWRU LQGXVWULDO SRUWXJX¬V XPD YH] TXH XPD XWLOL]D©¥R PDLV HͤFLHQWH GD HQHUJLD FRQWULEXL SDUD R FUHVFL PHQWR HFRQµPLFR H GHVHQYROYLPHQWR LQGXV
WULDO GH XP SD¯V DVVLP FRPR SDUD D UHGX©¥R GDV HPLVV·HV GH &2 1HVWH VHQWLGR D 9XOFD QR HQTXDQWR PDUFD SRUWXJXHVD O¯GHU HP VRODU W«UPLFR GLVSRQLELOL]D XPD JDPD GH VROX©·HV DOWDPHQWH HͤFLHQWHV TXH UHVSRQGHP FRP Hͤ F£FLD ¢V H[LJ¬QFLDV GH FDGD SURMHWR $V 6ROX ©·HV 6RODUHV 7«UPLFDV GD 9XOFDQR SHUPLWHP VDWLVID]HU DW« GDV QHFHVVLGDGHV HQHUJ« WLFDV DQXDLV SDUD R DTXHFLPHQWR GH £JXDV HV WDQGR GLVSRQ¯YHLV HP GRLV WLSRV GH VROX©·HV WHUPRVVLI¥R H FLUFXOD©¥R IRU©DGD 7HUPRVVLI¥R « D VROX©¥R PDLV HFRQµPL FD GH I£FLO LQVWDOD©¥R LGHDO SDUD VLWXD©·HV FRP OLPLWD©·HV GH HVSD©R SHUPLWLQGR XP U£SLGR UHWRUQR GR LQYHVWLPHQWR XPD YH] TXH SURSRUFLRQDP XPD HOHYDGD SRXSDQ©D QD ID WXUD HQHUJ«WLFD SDUD DTXHFLPHQWR GH £JXDV $ SULQFLSDO YDQWDJHP SUHQGH VH FRP D XQLGD GH GR FROHWRU H DFXPXODGRU QXP Vµ VLVWHPD WRUQDQGR VH PDLV VLPSOHV H FRP SRXFD QH FHVVLGDGH GH PDQXWHQ©¥R $R Q¯YHO GRV UHQ GLPHQWRV WUDWD VH GH XPD VROX©¥R GHVWLQDGD D EDL[RV FRQVXPRV HVWDQGR PDLV H[SRVWD ¢V FRQGL©·HV FOLP£WLFDV 2 6LVWHPD SRU &LUFXOD©¥R )RU©DGD « XPD VROX©¥R PDLV H[LJHQWH UHODWLYDPHQWH ¢ VXD LQ WHJUD©¥R W«FQLFD PDV TXH JDUDQWH XP HOHYD GR Q¯YHO GH FRQIRUWR H XPD H[FHOHQWH LQWHJUD ©¥R DUTXLWHWµQLFD 6¥R LGHDLV SDUD DSOLFD©·HV LQGLYLGXDLV H FROHWLYDV WDLV FRPR KDELWD©¥R XQLIDPLOLDU HGLI¯FLRV FROHWLYRV VHUYL©RV OD UHV UHVWDXUDQWHV KRW«LV HQWUH RXWURV H LQ G¼VWULD 1HVWH WLSR GH VLVWHPD FROHWRUHV H DFXPXODGRU HVW¥R ͤVLFDPHQWH VHSDUDGRV ORJR H[LVWH XPD PDLRU LQWHJUD©¥R DUTXLWH WµQLFD GRV FROHWRUHV QR WHOKDGR H PHQRUHV SHUGDV W«UPLFDV GR VLVWHPD XPD YH] TXH R DFXPXODGRU VH HQFRQWUD QR LQWHULRU QD SRVL
©¥R YHUWLFDO $SHVDU GH VH WUDWDU GH XP VLV WHPD QDWXUDOPHQWH PDLV GLVSHQGLRVR SHUPLWH DOFDQ©DU XP PDLRU UHQGLPHQWR &RP YLVWD D DVVHJXUDU R P£[LPR FRQIRUWR GD KDELWD©¥R GXUDQWH WRGR R DQR DV VROX©·HV VRODUHV GD 9XOFDQR V¥R FRPSDW¯YHLV FRP HTXLSDPHQWRV GH DSRLR TXH G¥R WRWDO SULRUL GDGH ¢ XWLOL]D©¥R GH HQHUJLD SURYHQLHQWH GR VRO IXQFLRQDQGR DSHQDV H Vµ QRV PRPHQWRV GH SLFR GH FRQVXPR RX DXV¬QFLD SURORQJDGD GH UDGLD©¥R (QWUH HVWHV HTXLSDPHQWRV GHV WDFDP VH RV QRYRV HVTXHQWDGRUHV GD JDPD WHUPRVW£WLFD 6HQVRU RX DV FDOGHLUDV FRQYHQ FLRQDLV H GH FRQGHQVD©¥R 3DUD JDUDQWLU D HͤFL¬QFLD GRV HTXLSDPHQ WRV D 9XOFDQR GLVSRQLELOL]D VHUYL©RV GH DSRLR GH SU« H SµV YHQGD TXH SHUPLWHP XP DFRQ VHOKDPHQWR SHUPDQHQWH DRV SURͤVVLRQDLV GR VHWRU 2 ZHEVLWH ZZZ YXOFDQR SW D GRFX PHQWD©¥R W«FQLFD H R *DELQHWH GH (VWXGRV H 'LPHQVLRQDPHQWR *(' RIHUHFHP DRV SDU FHLURV WRGD D LQIRUPD©¥R QHFHVV£ULD SDUD JD UDQWLU D PD[LPL]D©¥R GD HͤFL¬QFLD HQHUJ«WLFD GRV VLVWHPDV VRODUHV W«UPLFRV 2V FOLHQWHV W¬P DLQGD ¢ VXD GLVSRVL©¥R XPD YDVWD UHGH GH 3RVWRV GH $VVLVW¬QFLD 7«FQLFD &HUWLͤFDGD FRP FREHUWXUD QDFLRQDO TXH JDUDQWHP WRGR R VHUYL©R GH SµV YHQGD FRP UHFXUVR D SH©DV GH RULJHP H FRP XP WHPSR GH UHVSRVWD HQWUH H KRUDV $V HQHUJLDV UHQRY£YHLV ID]HP SDUWH GR $'1 GD 9XOFDQR TXH GHVGH VHPSUH HVWHYH QD YDQJXDUGD GR VHWRU 'HPRQVWUDQGR D VXD OLGHUDQ©D D 9XOFDQR IRL D SULPHLUD HPSUHVD SRUWXJXHVD D HQWUDU QR 3URJUDPD GH ,QFHQWLYR ¢ 8WLOL]D©¥R GH (QHUJLDV 5HQRY£YHLV ODQ©DGR SHOR 0LQLVW«ULR GD (FRQRPLD H GD ,QRYD©¥R 2 REMHWLYR « R GH DOLDU D HͤFL¬QFLD HQHUJ«WLFD DR P£[LPR FRQIRUWR W«UPLFR GRV SRUWXJXHVHV 9XOFDQR 7HO y )D[ LQIR YXOFDQR#SW ERVFK FRP y ZZZ YXOFDQR SW
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD