:HLGPÊOOHU 6 $ 7HO )D[ ZHLGPXOOHU#ZHLGPXOOHU SW ZZZ ZHLGPXOOHU SW
,1)250$á2 7®&1,&2 &20(5&,$/
7(&12/2*,$ '( /,*$á2 0 '$ :(,'0±//(5 $ WHFQRORJLD GH OLJD¸¶R 0 GD :HLGPÊOOHU WHFQRORJLD GH OLJD¸¶R 0 H ' FRGHG SDUD (WKHUQHW ,QGXVWULDO z VLPSOHV U²SLGD SU²WLFD $ :HLGPÊOOHU RIHUHFH XP SRUWIROLR GH SURGXWR DEUDQJHQWH TXH VXSRUWD D WHFQRORJLD GH OLJD¸¶R 0 H ' FRGHG $ :HLGPÊOOHU RIHUHFH FRQHFWRUHV DGDSWDGRUHV DFRSODGRUHV H FDERV EHP FRPR FRPSRQHQWHV GH OLJD¸¶R 3&% FRP WHFQRORJLD GH OLJD¸¶R 0 H ' FRGHG SDUD (WKHUQHW ,QGXVWULDO $ WHFQRORJLD GH OLJD¸¶R 0 H ' FRGHG H[LEH QXPHURVDV FDUDFWHU½VWLFDV GLVWLQWDV (OHYDGD FODVVH GH SURWHF¸¶R FRP FODVVLILFD¸¶R (1 OLJD¸¶R GH TXDWUR QÇFOHRV H GLPHQVÆHV GH WHUPLQDO FRQFHELGR GH IRUPD FRPSDFWD $O¹P GRV FRQHFWRUHV GR WLSR 5- D :HLGPÊOOHU SRGH H[LELU FRP RUJXOKR XP SRUWIROLR DEUDQJHQWH GH SURGXWRV 0 H ' FRGHG &RPXWDGRUHV 0 FRQWURODGRV Q¶R FRQWURODGRV PÂGXORV XQLYHUVDLV FDERV GH OLJD¸¶R 0 DGDSWDGRUHV 0 5- GLVSRQ½YHLV HP GXDV YHUVÆHV FRPR LQWHUIDFHV GH TXDGUR HO¹FWULFR XP DFRSODGRU 0 0 FRPSRQHQWHV GH OLJD¸¶R 3&% 7+7 7+5 H XPD YDULHGDGH GH FRQHFWRUHV GH SOXJ LQ SDUD WHUPLQD¸¶R QR ORFDO )DODQGR QR JHUDO R 0 FRUUHVSRQGH ³ WHFQRORJLD GH OLJD¸¶R PDLV DPSODPHQWH XWLOL]DGD DR Q½YHO GR ORFDO QD HQJHQKDULD GH FRQWUROR 2V XWLOL]DGRUHV HVW¶R FRPSOHWDPHQWH IDPLOLDUL]DGRV FRP D WHFQRORJLD GH OLJD¸¶R z XP SRQWR TXH WDPE¹P VH DSOLFD DR FDPSR GDV VROX¸ÆHV SDUD (WKHUQHW 7RGDV DV RUJDQL]D¸ÆHV H DVVRFLD¸ÆHV ,( O½GHUHV FRQFRUGDUDP QDV VXSHUI½FLHV GH HPSDUHOKDPHQWR GD WHFQRORJLD GH OLJD¸¶R 0 FRPR SDUWH GRV VHXV HVIRU¸RV SDUD KDUPRQL]DU D WHFQRORJLD GH OLJD¸¶R GH FODVVLILFD¸¶R ,3 QD (WKHUQHW ,QGXVWULDO 6HP H[FHS¸¶R D 3URILEXV 8VHUV 2UJDQLVDWLRQ 2UJDQL]D¸¶R GRV 8WLOL]DGRUHV GH 3URILEXV 3URILQHW R (WKHUQHW 3RZHUOLQN 6WDQGDUGL]DWLRQ *URXS (WKHUQHW 3RZHUOLQN R 0RGEXV ,'$ 0RGEXV H D 2'9$ (WKHUQHW ,3 IRUDP WRGRV D IDYRU GD WHFQRORJLD GH OLJD¸¶R 0 H ' FRGHG &RQWXGR GHYHU² VDOLHQWDU VH TXH HVWHV JUXSRV IDYRUHFHP YDULDQWHV GLIHUHQWHV HP FRQIRUPLGDGH FRP ,62 ,(& SDUD OLJD¸ÆHV 5-
$R IDFLOLWDU D WHUPLQD¸¶R QR ORFDO LVHQWD GH IHUUDPHQWDV GRV FDERV GD (WKHUQHW RV FRQHFWRUHV 0 GD :HLGPÊOOHU IRUDP FRQFHELGRV SDUD LU GH HQFRQWUR DRV UHTXLVLWRV QR ORFDO ,3 'H WHUPLQD¸¶R U²SLGD H I²FLO HVWHV FRQHFWRUHV &DW SRVVXHP XPD VXSHUI½FLH GH HPSDUHOKDPHQWR 0 H ' FRGHG HVW¶R GLVSRQ½YHLV HP WLSRV WDQWR UHFWR FRPR HP ´QJXOR H SDUD DO¹P GLVVR WDPE¹P SRGHP VHU HQFRPHQGDGDV QDV YHUVÆHV GH FDYLOKD RX GH WRPDGD $ :HLGPÊOOHU WHP SDUD RIHUWD DV TXDWUR YHUVÆHV VHJXLQWHV YHUVÆHV GH FDYLOKD RX GH WRPDGD GR WLSR UHFWR HP ODW¶R QLTXHODGR YHUV¶R GH FDYLOKD WLSR UHFWR HP D¸R LQR[LG²YHO ,3 N EHP FRPR XP WLSR HP ´QJXOR YHUV¶R GH FDYLOKD HP ODW¶R QLTXHODGR WRGDV DV YDULDQWHV FRP OLJD¸ÆHV FRP JUDPSRV GH WHQV¶R 2V DGDSWDGRUHV GD :HLGPÊOOHU H R DFRSODGRU 0 &DW HP FDGD H[HPSOR WDPE¹P VH LQFOXHP QD FODVVH GH SURWHF¸¶R ,3 TXDQGR OLJDGRV 2V DGDSWDGRUHV H RV DFRSODGRUHV 0 V¶R XWLOL]DGRV TXDQGR XP FDER 0 QHFHVVLWD GH VHU HQFDL[DGR QR TXDGUR HO¹FWULFR RX TXDQGR GRLV FDERV 0 QHFHVVLWDP GH VHU XQLGRV (VW¶R GLVSRQ½YHLV GXDV YHUVÆHV GH DGDSWDGRU $GDSWDGRUHV HP ´QJXOR H UHFWRV SDUD FRQMXJDU DV WRPDGDV 0 FRP DV WRPDGDV 5- GH IRUPD D IDFLOLWDU D PRQWDJHP GR TXDGUR HO¹FWULFR QD SDUHGH $ YHUV¶R GR DFRSODGRU DVVHJXUD TXH GXDV WRPDGDV 0 ILTXHP XQLGDV SRU XP DFRSODGRU GH HVWLOR UHFWR TXH SRGH VHU PRQWDGR TXHU HP VXSHUI½FLHV GH DSRLR RX VHP DSRLR FRQIRUPH IRU QHFHVV²ULR
)LJXUD 7HFQRORJLD GH OLJD¸¶R 0 GD :HLGPÊOOHU 3RUWIROLR GH SURGXWR DEUDQJHQWH GH DSRLR ³ WHFQRORJLD GH OLJD¸¶R 0 H ' FRGHG SDUD (WKHUQHW ,QGXVWULDO z VLPSOHV U²SLGD SU²WLFD
$ :HLGPÊOOHU SRGH UHLYLQGLFDU FRP UD]¶R XP SRUWIROLR DEUDQJHQWH ,( GH 0 H ' FRGHG $R DEUDQJHU WDPE¹P FRPXWDGRUHV 0 FRQWURODGRV Q¶R FRQWURODGRV WDPE¹P LQFOXL PÂGXORV XQLYHUVDLV FDERV GH OLJD¸¶R 0 DGDSWDGRUHV 0 5- GLVSRQ½YHLV HP GXDV YHUVÆHV FRPR LQWHUIDFHV GH TXDGUR HO¹FWULFR XP DFRSODGRU 0 0 EHP FRPR FRPSRQHQWHV GH OLJD¸¶R 3&% 7+7 7+5 H WDPE¹P FRQW¹P XPD YDULHGDGH GH FRQHFWRUHV 3OXJ LQ SDUD WHUPLQD¸¶R QR ORFDO $V FDUDFWHU½VWLFDV PDLV HVVHQFLDLV GD WHFQRORJLD GH OLJD¸¶R 0 H ' FRGHG V¶R (OHYDGD FODVVH GH SURWHF¸¶R FRP FODVVLILFD¸¶R (1 OLJD¸¶R GH TXDWUR QÇFOHRV H GLPHQVÆHV GH WHUPLQDO FRQFHELGR GH IRUPD FRPSDFWD $ OLJD¸¶R RX PDLV SUHFLVDPHQWH D VXSHUI½FLH GH HPSDUHOKDPHQWR HVW² GHVFULWD SRUPHQRUL]DGDPHQWH HP ,62 ,(&
> @
UREËWLFD
)LJXUD &RPSRQHQWHV GH OLJD¸¶R 0 3&% SDUD LQVWDOD¸¶R GH HTXLSDPHQWRV HO¹FWULFRV
2V FRPSRQHQWHV GH OLJD¸¶R 0 3&% GD :HLGPÊOOHU 7+7 7+5 GDV HVSHFLILFD¸ÆHV GD &DW IRUDP GHVHQYROYLGRV SDUD DSRLDU D LQVWDOD¸¶R GH HTXLSDPHQWRV HO¹FWULFRV QR ORFDO H IDFLOLWDU D OLJD¸¶R GRV FRQHFWRUHV 0 FRP XPD VXSHUI½FLH GH HPSDUHOKDPHQWR ' FRGHG 4XDQGR Q¶R HVWLYHUHP OLJDGRV RV FRPSRQHQWHV GH OLJD¸¶R 3&% HVW¶R FODVVLILFDGRV FRPR ,3 2 SURJUDPD SRVVXL XPD RIHUWD GH GXDV YHUVÆHV WRPDGD 0 SDUD PRQWDJHP HP 3&% H WRPDGD 0 TXH IRL FRQFHELGD SDUD VHU HPEXWLGD ILVLFDPHQWH QR 3&%