A;
HQWUHYLVWD
] /"!&1 *,0 3"/! !"&/ *"+1" .2" &+!"-"+!"+1"*"+1" ! !&*"+0¹, "*-/"0 /& )8 3"+ " .2"* 1"* , *")%,/ -/,!21,^ Á &+1&12) ! -,/ )$2+0 ,*, &)& ,+ ))"6 ,/12$2"0 8 &! !" !" / $ Ç -/,!&$ "* ]# /& /^ "*-/"0 0 .2" 0" !"01 * +, - +,/ * + &,+ ) " &+1"/+ &,+ ): 2 !/&0,)8 #2+! ! "* =;;D8 # 7 '20 "00 1/ !&ÅÃ, " #&$2/ 'Á "+1/" ,0 <; * &,/"0 2 !/&01 0 &,+ &0:
+& & +!, 02 1&3&! !" + -/,!2ÅÃ, " ")"1/&#& ÅÃ, !" .2 !/,0 ")Ç1/& ,08 -,01,2 +2* /"0 &*"+1, 0201"+1 !, "* -&) /"0 "01/ 1Ç$& ,0 ,*, .2 )&! !" !, -/,!21,8 -,)Ë1& !" -/"Å, " "5 ")È+ & +, 0"/3&Å,8 "#"12 +!, - / )") *"+1" , ) /$ *"+1, ! 02 1&3&! !" ,21/ 0 Á/" 0 ! ")"1/,1" +& : ,'"8 * & &,+ &+0 /"3"/ , 0"2 +,*" "+1/" ,0 @ * &,/"0 2 !/&01 0 ,/12$2"0"0: "3&01 ], ")" 1/& &01 ^ J,"Kr 2 ) , -"/ 2/0, ! 2 !/&0,) 1Ç ,0 !& 0 !" %,'" " , .2" 1"* #"&1, , ),+$, !,0 +,0i 2 !/&0,) J Kr 6RPRV XPD HPSUHVD MRYHP H GLQ¤PLFD FRQVWLWX¯GD SRU SURͤVVLRQDLV FRP XPD YDVWD H[SHUL¬QFLD QDV £UHDV GH LQVWDOD©·HV HO«WULFDV GRP«VWLFDV H LQGXVWULDLV VLVWHPDV GH GRPµWLFD H IRWRYROWDL FRV 'HVWLQDGD D GDU UHVSRVWD D WRGDV DV VROLFLWD©·HV HOHWURW«FQLFDV GLVSRQLELOL]DPRV DV PHOKRUHV VROX©·HV QD UHOD©¥R SURGXWR SUH©R VHU YL©R DSRUWDQGR YDORU SDUD R FOLHQWH ,QLFLDOPHQWH IRFDGD QD HOHWULͤFD©¥R GH TXDGURV GH SRW¬QFLD J« QHVH GD QRVVD DWLYLGDGH FHGR LQYHVWLPRV HP £UHDV FRPSOHPHQWDUHV DR QRVVR FRUH EXVLQHVV WDLV FRPR D FRPHUFLDOL]D©¥R GH EDWHULDV GH FRQGHQVDGRUHV 9DULDGRUHV GH 9HORFLGDGH VRIW VWDUWHU̵V 836̵V HV WDELOL]DGRUHV GH WHQV¥R JUXSRV JHUDGRUHV GRPµWLFD DXWRPD©¥R LQ
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
9,67$ 3$5&,$/ '$ 5($ '( 352'8 2
GXVWULDO VLVWHPDV GH LVRODPHQWR H VROX©¥R SDUD D JHVW¥R HQHUJ«WLFD WRUQDQGR R PDLV VXVWHQW£YHO H FRP YDORU DFUHVFHQWDGR $VVXPLPR QRV FRPR XP 4XDGULVWD GH UHIHU¬QFLD D Q¯YHO QDFLRQDO DSRVWDQGR QXP FUHVFLPHQWR VXVWHQWDGR DVVHQWH HP SLODUHV HVWUDW« JLFRV FRPR D LQRYD©¥R UHQWDELOLGDGH TXDOLGDGH H GHVHQYROYLPHQWR WHFQROµJLFR GH SURGXWRV H SURFHVVRV SURGXWLYRV 'HWHPRV FDSDFLGDGH LQVWDODGD SDUD R IRUQHFLPHQWR GH VROX©·HV VWDQGDUG RX WDLORU PDGH WRWDOPHQWH DGDSWDGDV ¢V QHFHVVLGDGHV GR VH WRU HQHUJ«WLFR $9$& DPELHQWH LQGXVWULDO FRPHUFLDO H GRV WUDQVSRUWHV
,"r "*-/"0 1"* 3&+!, /"0 "/ , ),+$, !"01"0 +,0: .2" 1"* 0&!, !"1"/*&+ +1" - / "00" /"0 &*"+1,i r $ 4XDGULVRO VXUJH QXP SHU¯RGR WHPSRUDO HQVRPEUDGR SRU XPD FULVH HFRQµPLFD TXH DWLQJH SULPHLUDPHQWH RV (VWDGRV 8QLGRV GD $P«ULFD H VH UDPLͤFD SDUD D (XURSD DIHWDQGR VLJQLͤFDWLYDPHQWH R VHX PHUFDGR DOYR VHWRU GD FRQVWUX©¥R FLYLO H REUDV S¼EOLFDV $OLDGR D HVWH IDWRU HUDPRV ¢ «SRFD XQV SHUIHLWRV GHVFRQKHFLGRV SDUD R PHUFDGR SRLV Q¥R GHVFHQG¯DPRV GH QHQKXP SOD\HU M£ HVWDEHOHFLGR 2UD SRVWR LVWR R FDPLQKR DYL]LQKDYD VH VLQXRVR H QDGD I£FLO 7¯QKDPRV GHVGH ORJR D SHUIHLWD QR©¥R TXH SDUD YLQJDU WHU¯DPRV TXH DSUHVHQWDU XPD HVWUDW«JLD DVVHQWH HP WU¬V YHWRUHV FKDYH TXDOLGD GH GR SURGXWR SRO¯WLFD GH SUH©R H H[FHO¬QFLD QR VHUYL©R *DUDQWLPRV GHVGH ORJR XP VHUYL©R SDXWDGR SHOR HVFUXSXORVR FXPSULPHQWR GH SUD]RV H XP PLQXFLRVR DFRPSDQKDPHQWR GR FOLHQWH SU« H SµV YHQGD $ TXDOLGDGH GR SURGXWR IRL DVVHJXUDGD SHOD FRQWUDWD©¥R GH XP FRUSR W«FQLFR FRP HOHYDGD H[SHUL¬QFLD H NQRZ KRZ LQWHQVLYR QR VHWRU DOLD GRV ¢ QRUPDOL]D©¥R GH P«WRGRV H SURFHVVRV GH FRQFH©¥R R SUH©R IRL D VRPD GDV SDUWHV SRLV GHVWD IRUPD FRQVHJXLPRV GLPLQXLU RV QRVVRV FXVWRV GH SURGX©¥R H FRQVHTXHQWHPHQWH REWHU XPD FRHU¬QFLD DR Q¯ YHO GR SUH©R ͤQDO FRP FODURV EHQHI¯FLRV SDUD RV FOLHQWHV