&$3Ë78/2￿￿￿'5,9(5￿(￿62)7:$5(￿￿

6RIWZDUH￿SDUD￿UHGHV￿

￿

￿

￿ ￿ *HVWmR￿DWUDYpV￿GR￿:HE￿%URZVHU￿

￿

0XLWDV￿LPSUHVVRUDV￿%URWKHU￿VXSRUWDP￿D￿WHFQRORJLD￿(PEHGGHG￿:HE￿6HUYHU￿ ￿

￿(:6￿￿￿,VWR￿VLJQLILFD￿TXH￿SRGH￿XWLOL]DU￿XP￿ZHE￿EURZVHU￿QRUPDO￿SDUD￿JHULU￿

DOJXQV￿DVSHFWRV￿GD￿LPSUHVVRUD￿￿SRU￿H[HPSOR￿￿SRGH￿YHULILFDU￿D￿GXUDomR￿GRV￿

FRQVXPtYHLV￿￿FRQILJXUDU￿SDUkPHWURV￿GD￿UHGH￿￿DFHGHU￿j￿LQIRUPDomR￿VREUH￿R￿

Q~PHUR￿GH￿VpULH￿￿VREUH￿D￿XWLOL]DomR￿GD￿LPSUHVVRUD￿￿HWF￿￿,QLFLH￿R￿VHX￿ZHE￿

EURZVHU￿H￿HVFUHYD￿R￿QRPH￿GD￿1HW%,26￿￿R￿QRPH￿GR￿'16￿RX￿GR￿HQGHUHoR￿GH￿

,3￿GD￿LPSUHVVRUD￿￿￿

￿

￿

￿$SHQDV￿SDUD￿XWLOL]DGRUHV￿GR￿:LQGRZVŠ￿￿

￿

￿ ￿ %5$GPLQ￿SURIHVVLRQDO￿

￿

2￿VRIWZDUH￿%5$GPLQ￿3URIHVVLRQDO￿IRL￿FRQFHELGR￿SDUD￿JHULU￿RV￿GLVSRVLWLYRV￿GH￿ UHGH￿OLJDGRV￿GD￿%URWKHU￿￿3RU￿H[HPSOR￿￿DV￿LPSUHVVRUDV￿%URWKHU￿GH￿UHGH￿H￿RV￿ GLVSRVLWLYRV￿%URWKHU￿0XOWLIXQo}HV￿GH￿UHGH￿SRGHP￿VHU￿JHULGRV￿DWUDYpV￿GR￿ VRIWZDUH￿%5$GPLQ￿3URIHVVLRQDO￿￿2￿VRIWZDUH￿%5$GPLQ￿3URIHVVLRQDO￿SRGH￿ WDPEpP￿VHU￿XWLOL]DGR￿SDUD￿JHULU￿GLVSRVLWLYRV￿GH￿RXWUDV￿PDUFDV￿FXMRV￿SURGXWRV￿ VXSRUWHP￿R￿SURWRFROR￿6103￿￿6LPSOH￿1HWZRUN￿0DQDJHPHQW￿3URWRFRO￿￿￿

￿

￿

￿ ￿ 6WRUDJH￿0DQDJHU￿

￿

￿2￿VRIWZDUH￿%URWKHU￿6WRUDJH￿0DQDJHU￿FRQVHJXH￿PDQLSXODU￿DV￿IRUPDV￿GH￿LPSUHVVmR￿DUPD]HQDGDV￿QD￿PHPyULD￿IODVK￿LQWHUQD￿￿

3RGH￿LPSULPLU￿R￿GRFXPHQWR￿GH￿IRUPD￿IL[D￿HP￿TXDOTXHU￿DOWXUD￿D￿SDUWLU￿GR￿ SDLQHO￿GH￿FRQWUROR￿￿ 3DUD￿LPSULPLU￿RV￿GRFXPHQWRV￿IL[RV￿￿WHP￿GH￿HVFUHYHU￿RV￿WLSRV￿GH￿OHWUD￿￿DV￿ PDFURV￿RX￿DV￿IRUPDV￿IL[DV￿SDUD￿D￿PHPyULD￿GD￿LPSUHVVRUD￿￿

￿

￿

￿ ￿ $VVLVWHQWH￿GH￿LQVWDODomR￿GR￿GULYHU￿￿

￿

(VWH￿SURJUDPD￿GH￿LQVWDODomR￿LQFOXL￿R￿GULYHU￿3&/￿SDUD￿:LQGRZV￿H￿R￿GULYHU￿GD￿ SRUWD￿SDUD￿UHGH￿GD￿%URWKHU￿￿/35￿H￿1HW%,26￿￿￿$QWHV￿GD￿XWLOL]DomR￿GR￿ VRIWZDUH￿￿R￿HQGHUHoR￿GH￿,3￿￿D￿SRUWD￿GH￿OLJDomR￿H￿D￿UHGH￿VHFXQGiULD￿￿6XEQHW￿￿ GHYHP￿VHU￿FRQILJXUDGRV￿SHOR￿DGPLQLVWUDGRU￿FRP￿R￿%5$GPLQ￿3URIHVVLRQDO￿￿ 6H￿R￿DGPLQLVWUDGRU￿LQVWDODU￿￿HP￿VHJXLGD￿￿R￿GULYHU￿GD￿LPSUHVVRUD￿H￿R￿GULYHU￿GD￿

SRUWD￿XWLOL]DQGR￿HVWH￿VRIWZDUH￿￿SRGH￿JXDUGDU￿R￿ILFKHLUR￿QR￿VHUYLGRU￿GH￿ ILFKHLURV￿RX￿HQYLDU￿R￿ILFKHLUR￿SRU￿FRUUHLR￿HOHFWUyQLFR￿SDUD￿RV￿XWLOL]DGRUHV￿￿(P￿ VHJXLGD￿￿RV￿XWLOL]DGRUHV￿FOLFDP￿QHVVH￿ILFKHLUR￿SDUD￿TXH￿R￿GULYHU￿GD￿ LPSUHVVRUD￿￿R￿GULYHU￿GD￿SRUWD￿￿R￿HQGHUHoR￿GH￿,3￿￿HWF￿￿VHMDP￿FRSLDGRV￿

DXWRPDWLFDPHQWH￿SDUD￿RV￿UHVSHFWLYRV￿FRPSXWDGRUHV￿￿￿

￿￿￿￿