[Escreva texto]
ȱ ȱ
ȱ ȱ ȱ ȱ 'LVWULEXLomR
ȱ
/LGHO ² HGLo}HV WpFQLFDV OGD
6('( 5 ' (VWHIkQLD 5 & 'WR /,6%2$ ,QWHUQHW ² OLYUDULDO[#OLGHO SW 5HYHQGD ² UHYHQGD#OLGHO SW )RUPDomR 0DUNHWLQJ ² IRUPDFDR#OLGHO SW PDUNHWLQJ#OLGHO SW (QV /tQJXDV ([SRUWDomR ² GHSLQWHUQDFLRQDO#OLGHO SW )D[
/,95$5,$6 /,6%2$ $Y 3UDLD GD 9LWyULD ² /,6%2$ ² 7HO H PDLO OLYUDULDO[#OLGHO SW 32572 5 'DPLmR GH *yLV ² 32572 ² 7HO H PDLO GHOSRUWR#OLGHO SW
&RS\ULJKW RXWXEUR )&$ ² (GLWRUD GH ,QIRUPiWLFD /GD ,6%1 &DSD -RVp 0DQXHO 5HLV ,OXVWUDomR GD &DSD 0LJXHO 0RQWHQHJUR ,PSUHVVmR H DFDEDPHQWR 5ROR )LOKRV ,, 6 $ ² ,QG~VWULDV *UiILFDV 'HSyVLWR /HJDO 1
2V QRPHV FRPHUFLDLV UHIHUHQFLDGRV QHVWH OLYUR WrP SDWHQWH UHJLVWDGD
ȱ
0DUFDV 5HJLVWDGDV GH )&$ ² (GLWRUD GH ,QIRUPiWLFD /GD ± ȱ
ȱ ȱ
ȱ
ȱ ȱ
ȱ
ȱ
ȱ ȱ
(VWH SLFWRJUDPD PHUHFH XPD H[SOLFDomR 2 VHX SURSyVLWR p DOHUWDU R OHLWRU SDUD D DPHDoD TXH UHSUHVHQWD SDUD R IXWXUR GD HVFULWD QRPHDGDPHQWH QD iUHD GD HGLomR WpFQLFD H XQLYHUVLWiULD R GHVHQYROYLPHQWR PDVVLYR GD IRWRFySLD 2 &yGLJR GR 'LUHLWR GH $XWRU HVWDEHOHFH TXH p FULPH SXQLGR SRU OHL D IRWRFySLD VHP DXWRUL]DomR GRV SURSULHWiULRV GR FRS\ULJKW 1R HQWDQWR HVWD SUiWLFD JHQHUDOL]RX VH VREUHWXGR QR HQVLQR VXSHULRU SURYRFDQGR XPD TXHGD VXEVWDQFLDO QD FRPSUD GH OLYURV WpFQLFRV $VVLP QXP SDtV HP TXH D OLWHUDWXUD WpFQLFD p WmR HVFDVVD RV DXWRUHV QmR VHQWHP PRWLYDomR SDUD FULDU REUDV LQpGLWDV H ID]r ODV SXEOLFDU ILFDQGR RV OHLWRUHV LPSRVVLELOLWDGRV GH WHU ELEOLRJUDILD HP SRUWXJXrV /HPEUDPRV SRUWDQWR TXH p H[SUHVVDPHQWH SURLELGD D UHSURGXomR QR WRGR RX HP SDUWH GD SUHVHQWH REUD VHP DXWRUL]DomR GD HGLWRUD
ËQGLFH *HUDO
3UHIiFLR 3UHIiFLR ;9 3DUWH , 3DUWH , )XQGDPHQWRV )XQGDPHQWRV ,QWURGXomR $ LPSRUWkQFLD GD ,QWHUDomR 3HVVRD 0iTXLQD 2 YRR 7+(5$& $ XVDELOLGDGH SRXSD PLOK}HV GH HXURV $ HYROXomR GDV LQWHUIDFHV $ HVVrQFLD GR GHVLJQ GH LQWHUIDFHV &RQFOXVmR 1yV RV +XPDQRV 6LVWHPD GH SHUFHomR $ YLVmR $ DXGLomR 2 WRTXH 2 PRYLPHQWR $ OHL GH )LWWV $ OHL GH +LFN $ PHPyULD $ PHPyULD VHQVRULDO $ PHPyULD GH FXUWD GXUDomR $ PHPyULD GH ORQJD GXUDomR 3URFHVVRV H PRGHORV FRJQLWLYRV 2 PRGHOR GH SURFHVVDPHQWR KXPDQR GH &DUG 2 FLFOR GH LQWHUDomR GH 1RUPDQ &RQFOXVmR (OHV RV &RPSXWDGRUHV 'LVSRVLWLYRV GH LQWHUDomR 'LVSRVLWLYRV GH LQWURGXomR GH WH[WR 'LVSRVLWLYRV GH LQWURGXomR GH FRRUGHQDGDV 'LVSRVLWLYRV GH VDtGD (VWLORV GH LQWHUDomR 0HQXV /LQJXDJHQV GH FRPDQGRV )RUPXOiULRV ” )&$ (GLWRUD GH ,QIRUPiWLFD
9,,
,1752'8d2 $2 '(6,*1 '( ,17(5)$&(6
/LQJXDJHP QDWXUDO 3HUJXQWD UHVSRVWD 0DQLSXODomR GLUHWD 1RYRV SDUDGLJPDV &RQFOXVmR $ (TXDomR GD ,QWHUDomR 3HVVRD 0iTXLQD $ HQJHQKDULD GD XVDELOLGDGH 2 FLFOR GH YLGD GH XPD WHFQRORJLD &RQFHLWRV GD XVDELOLGDGH 'HVHQYROYLPHQWR FHQWUDGR QRV XWLOL]DGRUHV 1D GLUHomR GR ERP GHVLJQ &ULDQGR VRIWZDUH GH VXFHVVR &RQFOXVmR 3DUWH ,, 3DUWH ,, 3ULQFtSLRV ULQFtSLRV H 3U tSLRV H 3UiWLFD H 3UiWLFD $QiOLVH GH 8WLOL]DGRUHV H GH 7DUHIDV 2 TXH p H SRUTXH VH ID] $QiOLVH GH XWLOL]DGRUHV 3RUTXr HVWXGDU RV XWLOL]DGRUHV" 4XHP VmR RV XWLOL]DGRUHV" 2 TXH TXHUHPRV VDEHU VREUH RV XWLOL]DGRUHV" &RPR VH GHILQHP RV XWLOL]DGRUHV" 'LIHUHQoDV LQGLYLGXDLV 7LSRV GH XWLOL]DGRUHV 3ULQFLSLDQWHV 3ULQFLSLDQWHV DYDQoDGRV ([HFXWDQWHV FRPSHWHQWHV 3HULWRV &DUDFWHUtVWLFDV GRV XWLOL]DGRUHV &ODVVLILFDomR GH FRQKHFLPHQWRV 'LVFXVVmR $QiOLVH GH WDUHIDV (OHPHQWRV HVVHQFLDLV &RPSDUDomR FRP D DQiOLVH GH VLVWHPDV $V SHUJXQWDV SDUD FDUDFWHUL]DU XWLOL]DGRUHV H WDUHIDV 6HOHomR GH WDUHIDV 5HTXLVLWRV GH XVDELOLGDGH 0HGLGDV GH XVDELOLGDGH ([HPSORV GH PHGLGDV GH XVDELOLGDGH &ULWpULRV GH XVDELOLGDGH 0pWRGRV GH DQiOLVH (UURV FRPXQV GD DQiOLVH GH XWLOL]DGRUHV H WDUHIDV &RQFOXVmR 9,,,
)&$ (GLWRUD GH ,QIRUPiWLFD
Ë1',&( *(5$/
&RQFHSWXDOL]DomR GD ,QWHUDomR 0RGHOR FRQFHSWXDO 2 TXH XP PRGHOR FRQFHSWXDO p 2 TXH XP PRGHOR FRQFHSWXDO QmR p 3ULQFLSDLV FRPSRQHQWHV 0HWiIRUDV &RQFHLWRV 5HODo}HV HQWUH FRQFHLWRV 0DSHDPHQWRV ([HPSOR GH XP PRGHOR FRQFHSWXDO 'R PRGHOR FRQFHSWXDO SDUD R SURMHWR &HQiULRV GH DWLYLGDGH 0RGHORV PHQWDLV &RQFOXVmR 3URWRWLSDJHP 2 TXH VmR SURWyWLSRV" &DUDFWHUtVWLFDV GRV SURWyWLSRV $EUDQJrQFLD H SURIXQGLGDGH )LGHOLGDGH H IXQFLRQDOLGDGH 7LSRV GH SURWyWLSRV &HQiULRV GH LQWHUDomR 6WRU\ERDUGV 3URWyWLSRV GH SDSHO 3RUTXr SURWyWLSRV GH SDSHO" &RPR ID]HU" &RPR WHVWDU" 2 TXH VH SRGH DSUHQGHU 3URWyWLSRV IXQFLRQDLV :L]DUG RI 2] &RQFOXVmR 'HVHQKR GH (FUmV 3ULQFtSLRV GH GHVLJQ JUiILFR 3UR[LPLGDGH $JUXSDPHQWR $OLQKDPHQWR 7H[WR 1~PHURV 'DWDV 7DEHODV 5HSHWLomR &RQWUDVWH 3RVLFLRQDPHQWR 3URSRUomR iXUHD ” )&$ (GLWRUD GH ,QIRUPiWLFD
,;
,1752'8d2 $2 '(6,*1 '( ,17(5)$&(6
5HJUD GRV WHUoRV 2UGHQDomR (VSDoR HP EUDQFR 'HFRUDomR 2V SULQFtSLRV HP DomR 8VR GH FRU 3DSHO GD FRU (VFROKD GDV FRUHV 6LJQLILFDGRV GDV FRUHV &ULDQGR XP HVTXHPD GH FRUHV &RQWUDVWH &RUHV H LPDJHQV 7H[WR 'DOWRQLVPR 7LSRJUDILD 7LSRV GH OHWUD (VFROKD GRV WLSRV GH OHWUD 5HJUDV SDUD D XWLOL]DomR GH WH[WR 7DPDQKR (VSDoDPHQWR &RPELQDo}HV GH WLSRV 2ULHQWDomR 8VR GH PDL~VFXODV (VFULWD GH PHQVDJHQV %UHYLGDGH 8VDU D OLQJXDJHP GR XWLOL]DGRU 8VDU PHQVDJHQV DILUPDWLYDV 8VDU PHQVDJHQV FRQVWUXWLYDV 0RVWUDU TXH R XWLOL]DGRU GHWpP R FRQWUROR 0HQVDJHQV LQGLFDGRUDV GH DomR 9R] DWLYD 'LYLGLU XPD WDUHID SRU HFUmV &RQFOXVmR $YDOLDomR 7LSRV GH DYDOLDomR $YDOLDomR KHXUtVWLFD )DVHV GD DYDOLDomR KHXUtVWLFD 7UHLQR SUp DYDOLDomR $YDOLDomR &RQVROLGDomR %DODQoR +HXUtVWLFDV GH XVDELOLGDGH *UDXV GH VHYHULGDGH $YDOLDGRUHV ;
)&$ (GLWRUD GH ,QIRUPiWLFD
Ë1',&( *(5$/
$YDOLDomR SUHGLWLYD 0RGHOR *206 0RGHOR ./0 $YDOLDomR FRP XWLOL]DGRUHV 3ODQHDPHQWR GRV WHVWHV 3DUWLFLSDQWHV &RQVLGHUDo}HV pWLFDV 4XH XWLOL]DGRUHV" 7HVWHV LQWHUJUXSR H LQWUDJUXSR 4XDQWRV XWLOL]DGRUHV" 7DUHIDV H PHGLGDV GH XVDELOLGDGH 7HVWHV SLORWR )DVHV GD VHVVmR GH WHVWHV 0pWRGRV GH DYDOLDomR FRP XWLOL]DGRUHV &RQFOXVmR 3DUWH ,,, 3DUWH ,,, 'HVHQKR $SOLFDGR 'HVHQKR $SOLFDGR )RQWHV GH ,QIRUPDomR H 5HFROKD GH 'DGRV $QWHV GD UHFROKD GH GDGRV 7pFQLFDV SDUD UHJLVWDU GDGRV (QWUHYLVWDV (QWUHYLVWDV QmR HVWUXWXUDGDV (QWUHYLVWDV HVWUXWXUDGDV (QWUHYLVWDV VHPLHVWUXWXUDGDV (QWUHYLVWDV HP JUXSR 5HFRPHQGDo}HV SDUD DV HQWUHYLVWDV 4XHVWLRQiULRV 5HFRPHQGDo}HV SDUD IRUPXODU SHUJXQWDV (VWUXWXUD 7LSRV GH SHUJXQWDV 3~EOLFR DOYR &RQVLVWrQFLD LQWHUQD $PELJXLGDGH 0DQLSXODomR GR LQTXLULGR (VFDODV GH FODVVLILFDomR (VFDOD GH /LNHUW (VFDOD GLIHUHQFLDO VHPkQWLFD 2EVHUYDomR 2EVHUYDomR GLUHWD QR DPELHQWH GH WUDEDOKR 2EVHUYDomR GLUHWD IRUD GR DPELHQWH GH WUDEDOKR 2EVHUYDomR LQGLUHWD 'LiULRV 5HJLVWRV GH LQWHUDomR ” )&$ (GLWRUD GH ,QIRUPiWLFD
;,
,1752'8d2 $2 '(6,*1 '( ,17(5)$&(6
2XWUDV WpFQLFDV Vy SDUD DQiOLVH GH UHTXLVLWRV 'RFXPHQWDomR H VLVWHPDV FRQFRUUHQWHV ,QTXpULWRV FRQWH[WXDLV 2XWUDV WpFQLFDV Vy SDUD DYDOLDomR FRP XWLOL]DGRUHV (VFROKD H FRPELQDomR GH WpFQLFDV &RQFOXVmR $QiOLVH GH 'DGRV GD $YDOLDomR $PRVWUDJHP 9DULiYHLV (VFDODV GH PHGLGD (VWDWtVWLFD GHVFULWLYD (VFDODV GH /LNHUW 0pGLD YDULkQFLD H GHVYLR SDGUmR 0RGD 0HGLDQD 'HFLV TXDUWLV SHUFHQWLV ,QIHUrQFLD HVWDWtVWLFD &RQILDQoD HVWDWtVWLFD 7HVWHV GH KLSyWHVHV 7HVWH W GH 6WXGHQW SDUD PpGLDV 9DULDQWHV GR 7HVWH W GH 6WXGHQW 3UHVVXSRVWR GH 1RUPDOLGDGH ,QWHUYDOR GH FRQILDQoD 7HVWH GR 4XL 4XDGUDGR &RHILFLHQWH GH FRUUHODomR 5 GH 3HDUVRQ &RQFOXVmR 0DQXDLV H 'RFXPHQWDomR $ LPSRUWkQFLD GRV PDQXDLV &DUDFWHUtVWLFDV GRV PDQXDLV 7LSRV H SHUILV GH DMXGDV H PDQXDLV 3ULQFtSLRV GH HVFULWD SDUD RV PDQXDLV H DMXGDV )DFLOLGDGH GH QDYHJDomR )DFLOLGDGH GH DSUHQGL]DJHP )DFLOLGDGH GH OHLWXUD $MXGDV LQWHUDWLYDV 7LSRV GH DMXGDV LQWHUDWLYDV &RQFOXVmR 'HVHQKR SDUD D :HE 3ULQFtSLRV IXQGDPHQWDLV SDUD D FRQFHomR H GHVHQKR SDUD D :HE 2V GH] HUURV PDLV FRPXQV HP GHVHQKR SDUD D :HE /D\RXW ;,,
)&$ (GLWRUD GH ,QIRUPiWLFD
Ë1',&( *(5$/
'HVHQKR HVWpWLFR H PLQLPDOLVWD &RQVLVWrQFLD 6LQDO YHUVXV UXtGR (OHPHQWRV GHVWDFDGRV +LHUDUTXLDV YLVXDLV FODUDV $FLPD GD GREUD /D\RXW GLQkPLFR &RQWH~GR 3LUkPLGH LQYHUWLGD 7H[WR VXFLQWR %RQV OLQNV /LQNV UHFRQKHFtYHLV /LQNV FXUWRV $OYR UHFRQKHFtYHO /LQNV LQWUDSiJLQD ,PDJHQV H ERW}HV ,PDJHQV SDUD D :HE 1DYHJDomR (VWUXWXUD (OHPHQWRV GH QDYHJDomR 0HQXV 6HSDUDGRUHV %RW}HV /RFDOL]DomR 7tWXOR GD SiJLQD 8VDU PHQXV VHSDUDGRUHV &DPLQKRV GH PLJDOKDV EUHDGFUXPEV 5HJUHVVR D FDVD 3RUWDELOLGDGH VWDQGDUGV 8VDU RV VWDQGDUGV SDUD D :HE 6HSDUDU IRUPD GH FRQWH~GR (YLWDU HVSHFLILFLGDGHV GRV QDYHJDGRUHV &KHJDU D XP FRPSURPLVVR (YLWDU SOXJ LQV 7HVWDU $FHVVLELOLGDGH /HLWRUHV GH HFUm /LQNV FRP VLJQLILFDGR &DSDFLGDGH GH DOWHUDU R WDPDQKR GD OHWUD )RUQHFHU GHVFULomR GDV LPDJHQV 7DEHODV OHJtYHLV $FHVVR UiSLGR DR FRQWH~GR /HJHQGDJHP H WUDQVFULo}HV 'DOWRQLVPR 1DYHJDomR XVDQGR R WHFODGR ” )&$ (GLWRUD GH ,QIRUPiWLFD
;,,,
,1752'8d2 $2 '(6,*1 '( ,17(5)$&(6
9HULILFDomR 3DGU}HV GH GHVHQKR :HE +RPHSDJH 3ULPHLUD LPSUHVVmR SRVLWLYD )RFDU QXP WySLFR SULQFLSDO &RQVWUXLU XPD LPDJHP GH PDUFD )DFLOLWDU D QDYHJDomR $WUDLU YLVLWDQWHV D UHJUHVVDU 7RUQDU R FDUUHJDPHQWR UiSLGR 3HUVRQDOL]DomR /RJLQ 5HJLVWR &DUULQKR GH FRPSUDV 3HVTXLVD &RQFOXVmR 5HFRPHQGDo}HV ,PSRUWkQFLD GRV SULQFtSLRV H UHFRPHQGDo}HV 'HVLJQ GH DSOLFDo}HV WUDGLFLRQDLV 2XWUDV UHFRPHQGDo}HV SUiWLFDV 3ULQFtSLRV SDUD YLVXDOL]DomR GH LQIRUPDomR &RQFOXVmR /LVWD GH $FUyQLPRV H 6LJODV *ORVViULR GH 7HUPRV ± 3RUWXJXrV ,QJOrV %LEOLRJUDILD ËQGLFH 5HPLVVLYR
;,9
)&$ (GLWRUD GH ,QIRUPiWLFD
3UHIiFLR
$SHVDU GRV IDQWiVWLFRV DYDQoRV WHFQROyJLFRV GRV ~OWLPRV FLQTXHQWD DQRV YLYHPRV QXPD HUD FRPSDUDWLYDPHQWH DWUDVDGD 'H IDFWR RV FRPSXWDGRUHV H RXWURV GLVSRVLWLYRV TXH WDQWR DSUHFLDPRV H WDQWD IDOWD QRV SDVVDUDP D ID]HU VmR PXLWDV YH]HV PDLV REVWiFXORV GR TXH IDFLOLWDGRUHV GD QRVVD YLGD TXRWLGLDQD (VVHV SUREOHPDV VmR XP VLQWRPD GH TXH DOJR SRGHULD PHOKRUDU H PXLWR QD IRUPD FRPR FRPXQLFDPRV FRP HVWHV DUWHIDFWRV H GLVSRVLWLYRV TXH VH WRUQDUDP WmR LQGLVSHQViYHLV QR QRVVR GLD D GLD 'H XP OX[R TXDVH LQDOFDQoiYHO Ki GpFDGDV DWUiV DV 7HFQRORJLDV GH ,QIRUPDomR H &RPXQLFDomR WRUQDUDP VH QXP VXVWHQWiFXOR GDV QRVVDV DWLYLGDGHV GLiULDV H SHUPHLDP D QRVVD H[LVWrQFLD 3DUD RV OHLWRUHV R IDFWR GH HVWDUHP D IROKHDU HVWH OLYUR UHYHOD TXH R QRVVR GRPtQLR GRV PHVPRV SRGH H GHYH PHOKRUDU H PXLWR $ GLVFLSOLQD GH ,QWHUIDFHV 3HVVRD 0iTXLQD RX +XPDQR &RPSXWDGRU Mi QmR p UHFHQWH 'H IDFWR H[LVWH RILFLDOPHQWH GHVGH RV SULPyUGLRV GD GpFDGD GH TXDQGR DOJXQV SLRQHLURV UHVROYHUDP FULDU XP JUXSR GH LQWHUHVVH QR VHLR GD $VVRFLDWLRQ IRU &RPSXWLQJ 0DFKLQHU\ $&0 D PDLRU DVVRFLDomR SURILVVLRQDO D QtYHO PXQGLDO QD LQIRUPiWLFD 2 $&0 6SHFLDO ,QWHUHVW *URXS RQ &RPSXWHU +XPDQ ,QWHUDFWLRQ 6,*&+, QDVFHX HP 1R HQWDQWR DV RULJHQV GD GLVFLSOLQD UHPRQWDP DRV HPSUHHQGLPHQWRV LQRYDGRUHV GH ,YDQ 6XWKHUODQG FRP D PDQLSXODomR GLUHWD GH REMHWRV JUiILFRV H D LQYHQomR GH GLVSRVLWLYRV FRPR R UDWR SRU 'RXJODV (QJOHEDUW HP (VWHV GHVHPERFDUDP QDV LQWHUIDFHV JUiILFDV LQYHQWDGDV SRU $ODQ .D\ H FROHJDV QD ;HUR[ HP TXH YLULDP D FRQVWLWXLU D EDVH GRV FRQKHFLGRV DPELHQWHV :LQGRZV H 0DF 26 QRV QRVVRV GLDV 'H IDFWR D GLVFLSOLQD WHP VLGR HVSHWDFXODUPHQWH EHP VXFHGLGD H HVWi QD EDVH GH JUDQGHV SURJUHVVRV FRPR DWHVWDP R L3KRQH RX DV XEtTXDV LQWHUIDFHV JUiILFDV TXH XWLOL]DPRV VHP SHQVDU GXDV YH]HV« RX TXDVH ± R IDFWR GH WHUPRV FRQVFLrQFLD GHODV FRQVWLWXL XP VLQDO GH TXH PXLWR Ki DLQGD SRU ID]HU (P TXH FRQVLVWHP DV ,QWHUIDFHV 3HVVRD 0iTXLQD ,30 " (VWD iUHD GH DWLYLGDGH HP (QJHQKDULD ,QIRUPiWLFD DEUDQJH PXLWDV GLVFLSOLQDV GtVSDUHV TXH LQFOXHP R GHVHQKR R SURMHWR D UHDOL]DomR H D DYDOLDomR GH VLVWHPDV LQWHUDWLYRV RX VHMD LPSOHPHQWRV GHVHQKDGRV SDUD VHUHP XWLOL]DGRV SRU VHUHV KXPDQRV ,VWR p WUDWD VH GH XPD GLVFLSOLQD TXH HVWXGD D WURFD GH LQIRUPDomR HQWUH SHVVRDV H PiTXLQDV 8PD ,30 FRQVLVWH QD SDUWH YLVtYHO RX WDQJtYHO GH TXDOTXHU DSOLFDomR RX VLVWHPD LQIRUPiWLFR TXH SHUPLWH DR XWLOL]DGRU UHDOL]DU WDUHIDV LQWHUDJLQGR FRP HVWH 3RUTXr HVWXGDU ,30 QRV GLDV GH KRMH" 6HJXQGR HVWLPDWLYDV UHFHQWHV PDLV GH GR FXVWR WRWDO GH XP VLVWHPD GH LQIRUPDomR p LPSXWiYHO j ,QWHUIDFH 8WLOL]DGRU 0DLV p GLItFLO LGHQWLILFDU VLVWHPDV GH LQIRUPDomR TXH QmR VHMDP FRQFHELGRV SDUD VHUHP XWLOL]DGRV SRU VHUHV KXPDQRV 'HVGH RV VLVWHPDV EDVHDGRV QD :HE FRPR DV RQOLQH ERRNVWRUHV RV ” )&$ (GLWRUD GH ,QIRUPiWLFD
;9
,1752'8d2 $2 '(6,*1 '( ,17(5)$&(6
VLVWHPDV QRWLFLRVRV DV KRPHEDQNLQJ DSSOLFDWLRQV DWp DRV WHOHIRQHV PyYHLV FkPDUDV GLJLWDLV WHOHYLVRUHV DXWRPyYHLV H WRUUDGHLUDV QmR Ki VLVWHPD GH LQIRUPDomR RX DUWHIDFWR GHVHQKDGR SRU VHUHV KXPDQRV TXH QmR WHQKD XPD ,QWHUIDFH 8WLOL]DGRU 3RGH DUJXPHQWDU VH TXH XPD LQWHUIDFH EHP VXFHGLGD SRGH ID]HU RX GHVID]HU XP SURGXWR ± TXH R GLJDP D $SSOH H D 1RNLD UHVSHWLYDPHQWH 2 GHVHQKR GH PiV LQWHUIDFHV WHP DVVLP HOHYDGRV FXVWRV H QHIiULDV FRQVHTXrQFLDV TXHU HP WHUPRV GH OXFURV SHUGLGRV SDUD HPSUHVDV TXHU HP WHUPRV GH WHPSR SHUGLGR LQVDWLVIDomR H IUXVWUDomR SDUD DV SHVVRDV 8P DVSHWR FKDYH FRQVLVWH QD GLILFXOGDGH HP GHVHQYROYHU ERDV ,QWHUIDFHV 8WLOL]DGRU 'H IDFWR ,30 GLVWLQJXH VH GH PXLWDV RXWUDV iUHDV GH (QJHQKDULD SRU OLGDU FRP SHVVRDV ( DV SHVVRDV VmR LPSUHYLVtYHLV GLItFHLV GH FDUDFWHUL]DU H WrP XPD LQILQLWD KDELOLGDGH SDUD RSHUDU REMHWRV GH IRUPDV WRWDOPHQWH LQFRQFHEtYHLV SDUD TXHP RV SURMHWRX ( p ERP TXH DVVLP VHMD $TXLOR TXH QRV WRUQD FULDWLYRV p WDPEpP DTXLOR TXH QRV WRUQD GLItFHLV GH SUHYHU H HQTXDGUDU HP HVTXHPDV UtJLGRV &RPR D ,QWHUIDFH 8WLOL]DGRU p D SDUWH YLVtYHO GR VLVWHPD XPD LQWHUIDFH PDO GHVHQKDGD SRGH UHGXQGDU QR IUDFDVVR GDTXHOH SRU PXLWR ERQV TXH WHQKDP VLGR D HQJHQKDULD RV SULQFtSLRV H DV WHFQRORJLDV DSOLFDGRV QD VXD FRQFHomR $FUHVFH DLQGD TXH DV H[SHWDWLYDV HP UHODomR j WHFQRORJLD WrP DXPHQWDGR j PHGLGD TXH QRYRV SURFHVVRV WpFQLFDV H PpWRGRV YmR VHQGR GHVHQYROYLGRV 3RU RXWUR ODGR D YLYrQFLD RV XVRV H RV FRVWXPHV HP VRFLHGDGH GHWHUPLQDP HP JUDQGH SDUWH D UHFHWLYLGDGH H D DGRomR GH QRYDV WHFQRORJLDV )LQDOPHQWH DV SHVVRDV FRP DV VXDV FDUDFWHUtVWLFDV ~QLFDV H FULDWLYLGDGH LQIOXHQFLDP SRU VXD YH] R SURJUHVVR H R DSDUHFLPHQWR GH QRYRV DUWHIDFWRV SUiWLFDV H XVRV LQHVSHUDGRV SDUD GLVSRVLWLYRV H[LVWHQWHV 2 WULkQJXOR DEDL[R LOXVWUD GH PRGR HORTXHQWH R HTXLOtEULR HQWUH SHVVRDV VRFLHGDGH H WHFQRORJLD ( H[SOLFD WDPEpP D FRPSOH[LGDGH H D GLILFXOGDGH GH ,30 HP UHODomR D GRPtQLRV PDLV FRQYHQFLRQDLV GD (QJHQKDULD $ XP ERP (QJHQKHLUR GH ,QWHUIDFHV 8WLOL]DGRU H[LJH VH TXH SRVVXD XPD JUDQGH GRVH GH DQiOLVH H SHQVDPHQWR FUtWLFR EHP FRPR FRQKHFLPHQWRV H SUiWLFD SDUD DYDOLDU WpFQLFDV GH LQWHUDomR
$VVLP D OHLWXUD GHVWH OLYUR SHUPLWLUi DR OHLWRU ROKDU D UHDOLGDGH GH XPD IRUPD GLIHUHQWH 6H SRU XP ODGR R HQWHQGLPHQWR GR TXH FRQVWLWXL XP ERP RX XP PDX GHVHQKR SHUPLWLUi HGXFDU R MXOJDPHQWR SRU RXWUR ODGR FRQKHFHU OLQKDV PHVWUDV SDGU}HV GH GHVHQKR H PRGHORV LUi FRQVWLWXLU XPD EDVH VyOLGD QD TXDO DVVHQWDP RV ERQV GHVHQKRV 8P GHVDILR PXLWR LPSRUWDQWH D VXSHUDU QR GHVHQKR GH LQWHUIDFHV WHP D YHU FRP D Mi IDODGD GLYHUVLGDGH GH DSWLG}HV FXOWXUD SUHIHUrQFLDV H PRGR GH RSHUDU GH FDGD XP GH QyV 3RU RXWUR ODGR D H[WUHPD YDULHGDGH GH FRQWH[WRV H DPELHQWHV GH XWLOL]DomR FDVD HVFULWyULR UXD HP PRYLPHQWR QD PXOWLGmR HQWUH DPLJRV HWF H[DFHUED D Mi JUDQGH GLYHUVLGDGH GH VLWXDo}HV TXH R (QJHQKHLUR GH ,QWHUIDFHV WHP GH SUHYHU H DERUGDU 'HVWDV UHVWULo}HV UHVXOWD TXH D (QJHQKDULD GH ,QWHUIDFHV QmR VH SRGH DSUHQGHU FRPR RXWUDV GLVFLSOLQDV GH ;9,
)&$ (GLWRUD GH ,QIRUPiWLFD
35()È&,2
(QJHQKDULD HP TXH D DSOLFDomR ULJRURVD GRV SULQFtSLRV EiVLFRV H D PDHVWULD GD WpFQLFD FRQGX]HP D ERDV SUiWLFDV GH GHVHQKR 3HOR FRQWUiULR D DERUGDJHP DR ERP GHVHQKR GH LQWHUIDFHV GHYH VHU EDVHDGD QR SURFHVVR GH GHVHQKR HP TXH DWUDYpV GD H[SHULrQFLD H GD FUtWLFD GH PDXV GHVHQKRV VH DSUHQGHP ERDV DERUGDJHQV )LQDOPHQWH p PXLWR LPSRUWDQWH TXH VH HQWHQGD TXH QyV (QJHQKHLURV QmR VRPRV RV 8WLOL]DGRUHV &RP HIHLWR XP GRV YtFLRV PDLV FRPXQV FRQVLVWH QD FRQYLFomR GH TXH DTXLOR TXH p FODUR H IiFLO SDUD TXHP GHVHQYROYHX R VLVWHPD p LQWXLWLYR SDUD TXHP R LUi XVDU ( TXH SHOR VLPSOHV IDFWR GD IDPLOLDULGDGH FRP XP GHVHQKR H GH DV VXDV YLUWXGHV H GHIHLWRV VHUHP DSDUHQWHV SDUD QyV R PHVPR VH SDVVDUi FRP RV XWLOL]DGRUHV TXH FODUR LJQRUDUmR HVWHV H HQDOWHFHUmR DTXHODV 1DGD SRGHULD HVWDU PDLV ORQJH GD YHUGDGH 'H IDFWR FRPR RV DXWRUHV DEXQGDQWHPHQWH H[SOLFDP R HQYROYLPHQWR GRV XWLOL]DGRUHV GHVGH R LQtFLR GR GHVHQKR FRQVLVWH QXP GRV DVSHWRV PDLV LPSRUWDQWHV GR GHVHQKR GH LQWHUIDFHV (VWH OLYUR FRORFD PXLWR FRUUHWDPHQWH D rQIDVH QR SURFHVVR GH GHVHQKR GH LQWHUIDFHV FRPR R IDWRU PDLV GHWHUPLQDQWH GD TXDOLGDGH GR SURGXWR ILQDO 3RU RXWUR ODGR p PXLWR LPSRUWDQWH FRPSUHHQGHU TXH R GHVHQYROYLPHQWR GH LQWHUIDFHV FRP ERD XVDELOLGDGH Vy p SRVVtYHO DWUDYpV GD DGRomR SHORV (QJHQKHLURV GH XP FLFOR LWHUDWLYR HP TXH WRGRV RV LQWHUHVVDGRV HVWmR HQYROYLGRV GHVGH RV XWLOL]DGRUHV ILQDLV TXHP YDL GH IDFWR XVDU R SURGXWR DWp DRV FOLHQWHV TXHP SDJD D IDWXUD (VWH FLFOR GHYH VHU FXPSULGR WDQWDV YH]HV TXDQWDV DV QHFHVViULDV DPSOLDQGR DV IXQFLRQDOLGDGHV FREHUWDV H D TXDOLGDGH DWp DOFDQoDU RV REMHWLYRV VHJXQGR PpWULFDV SUHYLDPHQWH HVWDEHOHFLGDV 8P DVSHWR FHQWUDO QR GHVHQKR LWHUDWLYR FRQVLVWH QD DOWHUQkQFLD HQWUH D DQiOLVH GH QHFHVVLGDGHV D FRQFHomR GH VROXo}HV D SURWRWLSDJHP H D DYDOLDomR GH GHVHPSHQKR (P FRQWUDSRQWR FRP D DERUGDJHP FRQYHQFLRQDO HP TXH R FOLHQWH Vy UHFHEH R SURGXWR ILQDO QR WHUPR GR GHVHQYROYLPHQWR D DERUGDJHP LWHUDWLYD DR GHVHQKR SUHVVXS}H R HQYROYLPHQWR GRV XWLOL]DGRUHV GHVGH DV SULPHLUDV IDVHV GR GHVHQKR QmR Vy QD GHILQLomR GH UHTXLVLWRV H DQiOLVH GH WDUHIDV PDV WDPEpP H VREUHWXGR QD DYDOLDomR GH GHVHPSHQKR GRV SURWyWLSRV LQWHUPpGLRV H QD DQiOLVH FUtWLFD GD TXDOLGDGH GHVWHV $QDOLVDU QHFHVVLGDGHV
$YDOLDU UHVXOWDGRV
8WLOL]DGRU
&RQFHEHU VROXo}HV
3URWRWLSDU DERUGDJHQV
$ ILJXUD DFLPD LOXVWUD D HVVrQFLD GR GHVHQKR LWHUDWLYR 2 GHVHQKR HYROXL GD DQiOLVH GH QHFHVVLGDGHV SDUD D FRQFHomR GH VROXo}HV H R SURWRWLSDU GH DERUGDJHQV D TXH VH VHJXH D DYDOLDomR 2V XWLOL]DGRUHV DSDUHFHP QR FHQWUR GD ILJXUD GDGR R VHX FRQWULEXWR VHU LQGLVSHQViYHO SDUD WRGDV DV IDVHV GR GHVHQKR 6y GHVWD IRUPD DWUDYpV GD SUi[LV GR ” )&$ (GLWRUD GH ,QIRUPiWLFD
;9,,
,1752'8d2 $2 '(6,*1 '( ,17(5)$&(6
GHVHQKR SDUWLFLSDWLYR VH SRGH JDUDQWLU TXH R UHVXOWDGR ILQDO VDWLVIDoD DV QHFHVVLGDGHV GRV XWLOL]DGRUHV UHDLV 2X VHMD D JDUDQWLD GH VXFHVVR QmR GHFRUUH GR FRQKHFLPHQWR GDV WpFQLFDV EiVLFDV GH XVDELOLGDGH H GD VXD DSOLFDomR PDV H VREUHWXGR GD DSOLFDomR GDV WpFQLFDV H GR SURFHVVR GH GHVHQKR H GHVHQYROYLPHQWR (VWD p D OLomR FKDYH GR OLYUR TXH RUD VH RIHUHFH DR OHLWRU IUXWR GD H[SHULrQFLD GH PDLV GH GH] DQRV GRV GRFHQWHV HQYROYLGRV QR kPELWR GRV FXUVRV GH (QJHQKDULD ,QIRUPiWLFD GR ,QVWLWXWR 6XSHULRU 7pFQLFR H GD 8QLYHUVLGDGH GD 0DGHLUD &RQYLGDUDP PH RV DXWRUHV D HVFUHYHU HVWH SUHIiFLR R TXH FRP PXLWR JRVWR IDoR QD FRQYLFomR GH TXH HVWH OLYUR VHUi PXLWR ~WLO TXHU DRV DOXQRV TXHU DRV SURIHVVRUHV H SUDWLFDQWHV GH (QJHQKDULD GDV ,QWHUIDFHV 3HVVRD 0iTXLQD 7HQKR D FHUWH]D GH TXH D VXD FRQVXOWD H OHLWXUD DWHQWD VHUmR GH JUDQGH XWLOLGDGH SDUD R GHVHQKR GH VLVWHPDV LQWHUDWLYRV PDLV ~WHLV IiFHLV GH XWLOL]DU H JUDWLILFDQWHV SDUD TXHP RV FRQVWUyL -RDTXLP $UPDQGR 3LUHV -RUJH 3URIHVVRU &DWHGUiWLFR 'HSDUWDPHQWR GH (QJHQKDULD ,QIRUPiWLFD ,QVWLWXWR 6XSHULRU 7pFQLFR /LVERD MXOKR GH
;9,,,
)&$ (GLWRUD GH ,QIRUPiWLFD
#& # #! " /.# #
"( & /.# ''# -%) " 0 ' $ " %) '() # * /.# !$ ! "( /.# ' '( ! ' #!$)( #" ' "( & ( *#' $ & )( , /.# )! " '' ! #!# #' "3! "#' $& " $ ' %) #!$ " ! '( )( , /.# 6 "( & /.# '')! " # '( " /.# $# '' ! &! & ' %) '( *&# '' "( ! (&1' $ & ' )" ! "( ' #' )! "#' #' #!$)( #& ' #' "3! "#' %) #"( ! $ &( & "( & /.# "(& '( ' ) ' 7 '$0 '8 # !#' "(.# + & #!# # (# '() # $& " $ '( *&# ! 7 "( & #! # )( , #&8 %) #!$& " $ " ' #' '$ (#' # ' '( ! #! #' %) ' # )( , #& #"( ( ' # ( *#' '( '() # $# ! ' & ')! & , #' #!#
' "*# * ! "(# ! #& )( , /.# )( ' )& "/ 1" - #' ' '( ! ' " ) " # #' ' '( ! ' #!$)( #" '
! #& )' #' $&# )(#' %) ( ! #!# # ( *# (#&" & #' ' '( ! ' ! ' - ' )( , & $& " &
+$ & 1" )( , /.# #!# * & !#' " '( *&# 0 '' ! &) $ & # ') ''# )! ' '( ! #) $&# )(# ! %) & )! 7 # +$ & 1" 8 $ & #' )( , #& ' 0 )! %) $&#!#* ' ( ' /.# '( ' " ! #& $ &( ' * , ' #' " #' #! & ' #! & ' " #' "( & ' )'( ! & ! "( # )'(# # & ' " # ' !$ " # #' )( , #& ' 0 ! #& # ' #"'(&) &!#' ! #& ' && ! "( ' $ & # ' !$ " # ' ( & ' #' "#''#' )( , #& ' *# $&-( '(# !$
$ ( & #' )( , #& ' $ & ' !$ " & )! ! #& "4! &# ( & ' #&! ! ' * #,
$ ( & #' )( , #& ' $ & & , /.# "#* ' ( & ' "( & #&! "( 2 ' #) ! '!# !$#''2* ' & , &
)$#&( & # $&# ''# & '# )/.# $&# ! ' #' "#''#' )( , #& '
&#!#* & # ' !$ " # & ') ( #' ! ' -* '
#!# #"( ) "# #"( +(# ) #" " # ' +3" # ! %) ' $ " '')! )! ' * & "( ' ( +#"3! ' #!# 7 #!$)( & )! " "( & ( #"8 7 " " "( & '8 #) 7 )! " #!$)( & "( & ( #"8 '( 4 ( ! ! ' *) )( ,
'-
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
!
"
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
& . 1) *+&0" () -1 *!+ + 2++ , .0&1 !+ ".+,+.0+ !" & )& +) !"/0&*+ (& * +(?) & , ."(%+ + +"&*$ #+& 1) !+/ ,.&)"&.+/ 2&@"/ !"/&$* !+/
1) 2"4 -1" + , &*"( !" &*/0.1)"*0+/ !+ ". /" !+ ") )+*&0+."/
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
! & $ -,! ' ' ! ! ! ' ! ! ( ( $ * % &$ (.% &$! % !$ -,! #' %,! $ * % $ - % !% % '% % !% $ -,! %%,! !$ -,! !% #' % !% %"!% & (!% &$ % / ' ! ! !% " $ .$ !% !% ! "'& !$ % & % %&' $ !% ' !% %' % %& % . "!$
. (. (. ( , +/ . (.) )- ' (#-')- )!(#.#0)- )') )- ' (#-')- * , ./ #- -.5) , & #)( )- /( #)( ' ' )($/(.) )(-.#./#( ) * ,. /' ' #), -#-. ' )-.) )/., ),' +/#&) +/ )(" ')- , ) ()--) '/( ) #( &/ ( # ' ( #, )') ) 0 ')- +/#&) +/ 0 ')- #( &/ ( # ) +/ )(" ')- -. - 65) #, ')- -./ , )- * *7#- &#'#. 6; - )- ()--)- #-*)-#.#0)- (., - 9 #( ),' 65) )' 6 , ')- *), -./ , /' #-*)-#.#0) (., & 0#-5)
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
# " # " # & "# # !% # " $ " ,+ $" % # %$ " # " "$ # $ " # !% # $" " #+ " $ $ & #% # # # " # $ ,+ % ,+ &)" # $ # ") # # #$ # % "+ % ) !% $ " #$% # ")$ # # "+# $ " )& !% # # %$ $ " ,+ ## )!% # "+# % " # " /# $ # $ " " # % #$-$ "+ $ " " " ,+ " # $ % # %$ ( " # " " $ " " #$ % " $ & " # # $ % $ %$ ( ,+ # "+# #$" %$ ( " !% " # & " !% " # & " $ $ # #% -" % # " # $ $ * #$-$ % "+ # - $ & $ ,+ # %$ ( " # % # ( " % # #$ #% %# #+ "$ $ # " #% $ ,+ #% ## $ $ #$ # + " # " " # # $" ". ,0 # # "& , # # .& # % $ " # %,+ + $%" " $ ,+ # %$ ( " # # " )$ $" " # # #$ # - % $ # & ( # $ " $ " $ " " - ## % %# " # #$ $ " % " " ", " " " %$ # # $ # ") # # % "+ & $ " % % # & # " " !% #% % ,+ $ '$ # $ " # # % $ 1 !%.& $ " ,+ $" # &)" # $ # & # " #$% % # $ # " #+ # # # #$ .$% " # # " & " % # # " . # # "$ $ # $ " $ # " % "+ " % ,+ ") $ " $ &
+ - $ & #$ &" " " " # #$ )$ ") $ $ - % )" $ " )& !% # # "+#
" "$ !% #$) " $")# % # # " ,+ !% ( $ #$ ' #$ % # " . # !% "$ % # #$ # " . # " & " $ " # # / # # / # ( !% !% # % & "# $ % $ " # ,+ $ # ") # # # " #$-$ % +
#$
&'" !." $( % + % $( !." * &' "!) !/3 & ( '(% & '0 & " " & ' % " $( 0 " & ! " "( !." "!'( " ( !1) & &'% '" ! # ! !' !' "& ' #"& '% )" "( & "% & &' /." ! "!'% & & #% ( "! (!'" #% ! 1# "& &( !' & $( & ) " "& & ( !' #" " #%" ' % " &# '" %, " ( #, ! "( %. % "& "% &( !' !' #% & !' % (!& && & #% ! 1# "& #%"* ! !'" % # ' /." "!'% &' #%"#"%/." "% ! /." &# /" % ! " "% /."
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
#% ! 1# " #%"* % "%/ & !& /." (! " & ! " !( ! " &( % !' /." ) + & % #% & !' " (' + "% ( " /." & %% !'"& &' & #% & !' & "% & &'0' " #% !&1) #% $(
$ *) " " $ ! ! $ #! # % , " *) ! #" & ! ! !" # " # !" ! " ! # ! " ! & ! # ! " ! #" & " " ! " ! ! - ! # # # #! ! ! .% ! $ $ " !" -"# ! " ! ! $' ! " ! $ *) # ! #" & ! $ #! # " * ! ! $ */ ! -" ! # ) $ $ #" & ! " $ *) # -!" $ *) " $ !! ! $ *) #" & !
# $ ! # ! !" " ! #! # ! ! # " #" & % # + & #! ! !" " ! !" # + !# ' , ! # * *) ( # ! !" " ! ! ! ! # ! " ! #" & ! " ! " ! " # !" & ! !# ! " ! ! " # ! $ " $+! *) ! #" & ! !" $ ' ! !" !# " ! " ! + #! # + " " $ % , " *) #" & " # !" "
!" # ! " ! ! " ! *) #" & ! ! $ " " " ! !" ! & # " " "
! #" & +" ! -" ! $ !" $ *) # ) $ $ #" & ! # +" ! - ! # # #" & !
! #" & +" ! -" ! $ !" $ *) # ) $ $ #" & ! # +" ! - ! # # #" & !
1 + $ *) # ) $ $ #" & ! " ! +" ! ! *) $ *) # -!" # ! " $ ! $ *) " $ $ #! ! !" ! ! +" ! ! *) " ! #" & # ! !" ! $ $ ! " # " " ! ! " ! ! #! ! # !" - ! #!
$ $ !# % ' $ ' ' * $ $ '*# $ ! # ,0 $ .$ $ % $ "& &% ) # % # ) # ! # ! % # & % # % # $ $% * $ ! $ $% # ! # ( ! % ! $$*# ! # ! % # & % # $ -% $ $! ,+ $+ # % &$ $ ! # ' # $ $ $% $ & % "& % $ -% $ !# % ' $ $+ $ &% ) $ ! # % $% # $! % $ $! . $ & % # $%# & ,+ $ % $ & % & $ !,0 $ & & $ # $ ' % $ $ -% $ .% $ $%* % $% $ $ # #*! $ # ) # + ' ' # &% ) # $ % % $% $ -% $ ! $ # $% % ' $ % ! ! # # ) # & % # & $ ! % $ !# $ &$ "& &% ) # ! ' # %# # &# % &% ) ,+ $ $% + $ & !# ' # ( % % "& % &% ) # $ # $
3 - ' ,+ "& ' ' # $ ! $ % $ ,+ &% ) # $ %.! $ # ) # % # $ %.! $ # % # $ $ $ ! % ! ! # & # $ % # $ 1 # ## $ % $ &# % # ) ,+ $ % # $ $ $ &% ) # $ & % $ % $ $ &$ %*# $ $& $%0 $ ! # $% # $ % - $ $& $ % # ,0 $ & # # # $ ! 0 $ $ &% ) # $ &$ $ "& $% *# $ $ % $ ,+ %# ' $% $ & $ % $% $ $+ # ) $ & # %/# $% $ !# $ , & "& $+ # ) $ % %# &% ) # $+ $ # $
% ' ,+ + ' $ # ' $% ! $ "& - # ) !# $$ ' ,+ $& % ' $ % - & ! $$ "& ! ## # '*# $ ' ) $ ' !# % $ $ &$ # $& % $ $ #' # ! # # # # % # ' ,+ # % '
3 ' ,+ # ) &# % % # % ' % ' & # # # % # # &# % # $! % $ % # "& !# $ % !# $ &$ & "& &$ !# $ $ &% ) # $ ! # ! $ # # % # $ ' ' # & ' ' #$+ !# %/% ! ' ,+ # % ' ! $ # ! '*# $ % ! $ !# %/% ! $ $ $ !# %/% ! $ ! ! %- !# %/% ! ! $$ ! $ !# %/% ! $ & $
-% $ ' ,+ &#.$% & 4! $ # ' ) % 5 $+ -% $ %.! $ $% % ! ' ,+ # % # $& % $% $ % $% $ - & # %/# & $% # % $ # ) # # $ ! # !# #
3 ' ,+ # ) ! $ $% # &. % ' ' # $& $$ & !# &% ! # $
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
(0: 9,*,5;,4,5;, ( ,>: 697 <4 *65/,*0+6 .9<76 +, +,;,5;69 +, =B906: 1695(0: +,*0+0< *64,F(9 ( *6)9(9 <4( 4,5:(30+(+, ( 8<,4 8<0:,::, ;,9 (*,::6 C: 56;I*0(: <(:, 505.<G4 6 -,A 4(: 6 4(0: 05;,9,::(5;, G 8<, 4,:46 6: (::05(5;,: *64 +09,0;6 ( (*,::6 .9(;<0;6 +,0?(9(4 +, -9,8<,5;(9 6: +6: 1695(0: -(*;6 +, ;,9,4 +, :, (<;,5;0*(9 ,4 56: 8<(0: 0::6 5E6 ,9( ,?7,*;B=,3 76+, ;,9 :0+6 <4 -(;69 +,*0:0=6 61, ,4 +0( .9(5+, 7(9;, +6 =63<4, +, 5,.J*06: +, (3.<4(: ,479,:(: +,=, :, ( =,5+(:
,?0:;05+6 4,:46 (3.<4(: 8<, ;9()(3/(4 (7,5(: 5,::, 4,06 $4 ),4 +,:,5/(+6 76+, :,9 ( +0-,9,5F( ,5;9, 6 :<*,::6 6< 05:<*,::6 +, <4( ,479,:(
M 66+ %,) "0;, ,:0.5 (5 ,(+ ;6 ,(3;/@ "(3,:N ,> &692 #04,: +, (.6:;6 +, /;;7 >>> 5@;04,: *64 30)9(9@ ;,*/ *@),9 *644,9*, *644,9*, /;43
M # ! %/(;O: !,(33@ 605. 65 ,/05+ <9+6*/O: (@>(33 N ,>:3,;;,9 +, 1<3/6 +, /;;7 >>> 5,>:,9 *64 6-- ;/, .90+ 76:; >/(;: 9,(33@ .605. 65),/05+ 4<9+6*/: 7(@>(33 /;43
(-
# +" !$ & % $ " # ! *)! $ ! " # ) &( $ 7& %) 1 ) +* %) % "%$ % )* " ,(% & ( % ) $ % % ) $* ( ) &" # ) % , # $* % %) %) & ))%) % "% ) $ % $*( % $% +* " / %( / # ) $* % )4% &" 1, ) $1" ) * ( ) %) #% "%) %$ &*+ ) 2 &(%*%* & # , " 54% $* ( 54% $ ( , )* ) $% $* $*% )& ) '+ , # )* ( &( ) $* ) +( $* %$ 54% ) $ % +#
< " )+ $ *+( / $ , 54% $ 6 " % "+ % # '+ +# 6 , ) * % &8) %+*(% %( % %# % # $ % '+ +# & (* +" ( ) ))4% *%# ( $ +# ) &% ((% ( % & & " $*( " %+ )& "# $* #&%(* $* %"% $ % $*( , ) )) $ , 54%
< ( $* '+ # ( +# $ '+ )* ) (1 % &%( +# &1 $ # & (* +" ( $ # 6 &%))7, " $* , ( % %$* .*% $% '+ " ) (1 , ) * % 0 +# ( * (7)* +$ # $* " '+ %) ,1( %) )* # $* (" %) '+ # %#% (( ( ) +# $ , 54% / ) (4% ( & # $* $%( %) # )# %(# %) +* " / %( ) &( * $ # , / # ) +# ( * 54% $)* $*3$ )% %(# $ %(# 54% # * ) # $*( , ) +# % +"* ( % # ) &(%,1, " 6 '+ &(% +( # +# %(# "* ($ * , % / ( *% %) %) )*4% 2 )*3$ +# " '+
< 0 &%))7, " # )#% $*( , ( " )&%) * ,%) . )* $* ) &( , ( ( /% , "# $* % # $* # '+ +# &" 54% & ( $ %-) %+ (1 %(( ( # )#% $4% 6 , ( & ( +# $ ( $* ) $ , %( ) ) )* # ) %& ( * ,%) )4% & $ ) +# %) )& *%) * ( # %$* ( 59 ) $% * &% #%$ *%( ( )%"+54% " ( +( $ )&%$7, " * &%) * .*% $)* " %) $*( %+*( ) )4% ( " , $* ) %$ "# $* , / # ) +* " / %( ) +) # )&%) * ,%) %#% & ( ( 2 / # $% $ (+ $%) *( $)&%(* ) &: " %) %+ $ # "%$ % *( %$ " %$* .*% % $ * %+ ) ( *8( %
$ ' ##!$ $ ! & $ $ ! " # ) '+ % "%$ % %) $%) !% ") $ +# %) & ( *%) #+$ ) # +) " & ( * # # $* % $% ) + +# " )* %) ((%) +) " # ) %#+$) ( , ) $ %$*( %) # &1 $ ) * $%"% ,%"+ + )* $* ) # ) $ " /# $* " +$) %) ((%) ( &%(* %) $ )) "*+( $ )+ ) )* # $ " )*