LaCie Manual

44
MANUAL DO UTILIZADOR CLIQUE AQUI PARA ACEDER A UMA VERSÃO ONLINE ACTUALIZADA deste documento, bem como para obter os conteúdos mais recentes e funcionalidades tais como ilustrações expansíveis, navegação mais fácil e capacidade de procura. MANUAL DO UTILIZADOR

description

LaCie HD Manual

Transcript of LaCie Manual

  • MANUAL DO UTIL IZADOR

    CLIQUE AQUI PARA ACEDER A UMA VERSO ONLINE ACTUALIZADAdeste documento, bem como para obter os contedos mais recentes e funcionalidades tais como ilustraes expansveis, navegao mais fcil e capacidade de procura.

    MANUAL DO UTIL IZADOR

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    ,1752'8cb2

    %HPYLQGRDR0DQXDOGH8WLOL]DGRUGRGLVFRUvJLGR/D&LH3RUVFKH'HVLJQ3(VWDQRYDIDPvOLDGHGLVFRVUvJLGRVDOLDRGHVLJQHPDOXPvQLRVRILVWLFDGRHVwOLGRPXQGLDOPHQWHIDPRVRGD3RUVFKH'HVLJQoWHFQRORJLDGHSRQWDGD/D&LH'RWDGRGDLQWHUIDFH6XSHU6SHHG86%RVHXGLVFRUvJLGRLUpSHUPLWLUOKHWUDQVIHULUILFKHLURVFRPDUDSLGH]GHXPUHOqPSDJR

    (VWHPDQXDORULHQWDUpRXWLOL]DGRUDRORQJRGRSURFHVVRGHOLJDsrRGRVHXSURGXWR/D&LHHH[SOLFDUpDVVXDVIXQsxHV6HHVWHPDQXDOQrRUHVSRQGHUoVXDVTXHVWxHVRXVHWLYHUSUREOHPDVFRQVXOWHDSpJLQD2EWHUDMXGD

    &217(n'2'$(0%$/$*(0

    $VXDHPEDODJHPFRQWtPRVHJXLQWH

    /D&LH3RUVFKH'HVLJQ3'HVNWRS+DUG'ULYH

    &DER86%FRPSDWvYHOFRP86%

    )RQWHGHDOLPHQWDsrR

    *XLDGH,QVWDODsrR5pSLGD

    26WRUDJH8WLOLWLHVHR0DQXDOGR8WLOL]DGRUHVWrRSUtLQVWDODGRVQDXQLGDGH

    1RWD8P3')GHVWH0DQXDOGR8WLOL]DGRUHXWLOLWpULRVGHVRIWZDUHHVWrRSUtLQVWDODGRVQDXQLGDGH

    ,PSRUWDQWH*XDUGHDHPEDODJHP1RFDVRGHDXQLGDGHQHFHVVLWDUGHUHSDUDsrRRXPDQXWHQsrRDPHVPDWHUpGHVHUGHYROYLGDQDHPEDODJHPRULJLQDO

    5(48,6,7260k1,026'26,67(0$

    2VHXVLVWHPDWHPGHVDWLVID]HUGHWHUPLQDGRVUHTXLVLWRVSDUDTXHRSURGXWR/D&LHIXQFLRQHFRUUHFWDPHQWH3DUDWHUDFHVVRDXPDOLVWDGHVWHVUHTXLVLWRVFRQVXOWHDHPEDODJHPGRSURGXWRRXDSpJLQDGD:HEGHVXSRUWHGRSURGXWRHPZZZODFLHFRPSWVXSSRUW

    1RWD3DUDXPGHVHPSHQKRLGHDODXQLGDGHWHPGHHVWDUOLJDGDDXPDSRUWDGHVLVWHPDFHQWUDO86%9pULRVSRUWpWHLVRXFRPSXWDGRUHVGHVHFUHWpULDQrRDSUHVHQWDPSRUWDV86%3RGHFRPSUDUo/D&LHXPDSODFD86%3&,([SUHVV&DUGSDUDFRPSXWDGRUHVGHVHFUHWpULDRXXPDSODFD86%([SUHVV&DUGSDUDSRUWpWHLVTXHOKHSHUPLWHXVXIUXLUGHYHORFLGDGHVGHWUDQVIHUuQFLDPp[LPDVGDVXDXQLGDGHGHGLVFRUvJLGR86%/D&LH9LVLWHZZZODFLHFRPSWDFFHVVRULHV

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    3(563(&7,9$6'$81,'$'(

    3HUVSHFWLYDDQWHULRU

    /('LQGLFDGRUGHDFWLYLGDGH

    3HUVSHFWLYDSRVWHULRU

    ,QWHUUXSWRUGHDOLPHQWDsrR3RUWD86%/LJDsrRoIRQWHGHDOLPHQWDsrR

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    ,1)250$hm(662%5($/8='((67$'2

    $VXDXQLGDGHGHGLVFRUvJLGRDSUHVHQWDXPDOX]GHHVWDGRTXHLQGLFDUpRVFRPSRUWDPHQWRVGHFHUWRVGLVFRV&RQVXOWHDWDEHODDEDL[RSDUDREWHULQIRUPDsxHVPDLVGHWDOKDGDV

    &RPSRUWDPHQWRGDV/X]HVGH (VWDGR

    /LJDGD)L[D 8QLGDGHOLJDGD

    ,QWHUPLWHQWH $FHVVRDGDGRV

    /LJDGDGXUDQWHVHJXQGRGHVOLJDGDGXUDQWHVHJXQGRV (FR0RGH0RGRHFROwJLFR

    'HVOLJDGD 8QLGDGHGHVOLJDGD

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    &$%26(&21(&725(6

    86%

    286%FRQVLVWHQXPDWHFQRORJLDGHHQWUDGDVDvGDVtULHSDUDOLJDUGLVSRVLWLYRVSHULItULFRVDXPFRPSXWDGRU6XSHU6SHHG86%tDPDLVUHFHQWHLPSOHPHQWDsrRGHVWDQRUPDIRUQHFHQGRXPDODUJXUDGHEDQGDVXSHULRUHQRYDVIXQFLRQDOLGDGHVGHJHVWrRGHHQHUJLD

    $VWD[DVGHWUDQVIHUuQFLDSRGHPDWLQJLUDWt*ELWVVFRPSDUDWLYDPHQWHFRPRV0ELWVVGR86%,VWRVLJQLILFDTXHRSDGUrR86%tHPWHRULDDWtGH]YH]HVPDLVUpSLGRGRTXHRVHXDQWHFHVVRU

    $XQLGDGH/D&LHtIRUQHFLGDFRPXPFDER6XSHU6SHHG86%GHPRGRDJDUDQWLURPp[LPRGHVHPSHQKRGHWUDQVIHUuQFLDGHGDGRVDROLJDUDXPDSRUWD86%2FDERIXQFLRQDUpWDPEtPTXDQGROLJDGRDXPDSRUWD86%RXPDVRGHVHPSHQKRGDXQLGDGHVHUpOLPLWDGRoVUHVSHFWLYDVWD[DVGHWUDQVIHUuQFLD

    )DFHGRFRQHFWRUSDUDOLJDUDR&RPSXWDGRU

    ([WUHPLGDGHGRFDERSDUDOLJDUDR&RPSXWDGRU

    ([WUHPLGDGHGRFDERSDUDOLJDUe8QLGDGHGHGLVFRUjJLGR

    )DFHGRFRQHFWRUSDUDOLJDUe8QLGDGHGHGLVFRUjJLGR

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    ()(&78$5$/,*$cb2

    &XLGDGR&XLGDGRQrRHPSLOKHYpULRVGLVFRVUvJLGRV/D&LH3RUVFKH'HVLJQ3SRLVSRGHPVREUHDTXHFHU

    $LQVWDODsrRGDXQLGDGHGHGLVFRUvJLGR/D&LHtVLPSOHVSDUDWRGRVRVXWLOL]DGRUHVJUDsDVDR/D&LH6HWXS$VVLVWDQW6LJDRSURFHGLPHQWRGHFRQILJXUDsrRSHODRUGHPDSUHVHQWDGDSDUDDVVHJXUDUTXHRYROXPHGDXQLGDGHGHGLVFRUvJLGR/D&LHILFDFRUUHFWDPHQWHGLVSRQvYHOQRFRPSXWDGRU

    3$662/,*$52&$%2'($/,0(17$hg2

    /LJXHRDGDSWDGRUGHWRPDGDGHSDUHGHDGHTXDGRSDUDRVHXSDvVoIRQWHGHDOLPHQWDsrR

    /LJXHDIRQWHGHDOLPHQWDsrRDXPDWRPDGDGHSDUHGHHoXQLGDGHGHGLVFRUvJLGR

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    3$662/,*$52&$%286%

    /LJXHRFDER86%GDXQLGDGHDRFRPSXWDGRU

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    3$662/,*$5$81,'$'(

    /LJXHDXQLGDGHSUHPLQGRRLQWHUUXSWRUGHDOLPHQWDsrR$XQLGDGHVHUpDSUHVHQWDGDHP2PHXFRPSXWDGRU:LQGRZV;3&RPSXWDGRU9LVWDRX:LQGRZVRXQRDPELHQWHGHWUDEDOKR0DF

    1RWD6HDXQLGDGHQrRIXQFLRQDUQRVHXFRPSXWDGRUFRQVXOWHRVWwSLFRVGH5HVROXsrRGH3UREOHPDVHP2EWHUDMXGD

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    3$662,1,&,$52/$&,(6(783$66,67$17

    2/D&LH6HWXS$VVLVWDQWLUpDMXGpORDIRUPDWDURVHXQRYRGLVFR/D&LH$YHUVrRGR/D&LH6HWXS$VVLVWDQWEDVHLDVHQRGLVFRUvJLGRXWLOL]DGRSRUVL3DUDYHULILFDUDVXDYHUVrRH[HFXWHR/D&LH6HWXS$VVLVWDQWHFRPSDUHDMDQHODGH%RDVYLQGDVFRPDVLPDJHQVDEDL[R

    3DUDLQLFLDUR/D&LH6HWXS$VVLVWDQW

    :LQGRZV$EUD&RPSXWDGRU2PHXFRPSXWDGRUHIDsDGXSORFOLTXHQRvFRQH6WDUWH[H/D&LH6HWXS

    0DF1RDPELHQWHGHWUDEDOKRIDsDGXSORFOLTXHQRvFRQH/D&LH6HWXS$VVLVWDQW6WDUW/DFLH6HWXS

    ,USDUDR/D&LH6HWXS$VVLVWDQW$

    ,USDUDR/D&LH6HWXS$VVLVWDQW%

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    3DUDPDLVLQIRUPDbcHVVREUHR0DF26;HDFRPSDWLELOLGDGHFRPRVRIWZDUHGD/D&LHYLVLWHZZZODFLHFRPOLRQ

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    /D&LH6HWXS$VVLVWDQW$

    $QWHVGHXWLOL]DUDXQLGDGHtQHFHVVpULRLQLFLDURVRIWZDUH/D&LH6HWXS$VVLVWDQW(VWHDVVLVWHQWHSHUPLWH

    )RUPDWDUIDFLOPHQWHDXQLGDGHGHDFRUGRFRPDVQHFHVVLGDGHVGRXWLOL]DGRU

    &RSLDURPDQXDOGRXWLOL]DGRUHRVXWLOLWpULRVSDUDDXQLGDGH

    ,QVWDODURVRIWZDUHSUtLQVWDODGRQDXQLGDGH

    8WLOL]DGRUHVGR:LQGRZV

    )DsDGXSORFOLTXHQRvFRQHGD/D&LHHP2PHXFRPSXWDGRURXHPz&RPSXWDGRU{SDUDXWLOL]DGRUHVGR:LQGRZV9LVWDHHPVHJXLGDIDsDGXSORFOLTXHHPVWDUWH[H

    8WLOL]DGRUHVGH0DF

    )DsDGXSORFOLTXHQRvFRQH/D&LH6HWXS$VVLVWDQWDSUHVHQWDGRQRDPELHQWHGHWUDEDOKR

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    7RGRVRVXWLOL]DGRUHV

    6LJDDVLQVWUXsxHVDSUHVHQWDGDVQRHFUrSDUDIRUPDWDUDXQLGDGHHLQVWDODURVRIWZDUHSUtLQVWDODGR

    2/D&LH6HWXS$VVLVWDQWQrRLPSHGHDXWLOL]DsrRGRSURJUDPDGHXWLOLWpULRGHGLVFRVQDWLYRGRFRPSXWDGRUSDUDIRUPDWDURXFULDUSDUWLsxHVQDXQLGDGH/D&LH6LJDDVLQVWUXsxHVGR6HWXS$VVLVWDQWDWtTXHHVWHHVWHMDFRQFOXvGRHHPVHJXLGDXWLOL]HRXWLOLWpULRGHGLVFRQDWLYRGRFRPSXWDGRU*HVWrRGH'LVFRVQR:LQGRZVRX8WLOLWpULRGR'LVFRQR0DFSDUDUHIRUPDWDUDXQLGDGH

    ,PSRUWDQWH6HQrRLQLFLDUR/D&LH6HWXS$VVLVWDQWRXVHHQFHUUDURPHVPRGHSRLVGHDIRUPDWDsrRWHUVLGRLQLFLDGDDXQLGDGHQrRHVWDUpSURQWDSDUDXWLOL]DsrRHVHUpQHFHVVpULDXPDIRUPDWDsrRPDQXDO

    20DQXDOGR8WLOL]DGRUHRVXWLOLWpULRVQrRHVWDUrRGLVSRQvYHLVQDXQLGDGHHWHUrRGHVHUWUDQVIHULGRVDSDUWLUGRVvWLRGD/D&LHQD:HEZZZODFLHFRPSWVXSSRUW

    ,PSRUWDQWHD/D&LHUHFRPHQGDDFwSLDGR0DQXDOGR8WLOL]DGRUHGRVXWLOLWpULRVSDUDDXQLGDGHGHGLVFRUvJLGRLQWHUQDGRFRPSXWDGRURXSDUDRXWURVXSRUWHGHGDGRVDSwVFRQFOXvGDDLQVWDODsrR

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    /D&LH6HWXS$VVLVWDQW%

    ,JQRUHHVWDVHFhgRVHMfIRUPDWRXRVHXGLVFRUjJLGRFRPR/D&LH6HWXS$VVLVWDQW$

    2/D&LH6HWXS$VVLVWDQWWHPGHVHULQLFLDGRDQWHVGHXWLOL]DUDXQLGDGH(VWHYDLSHUPLWLUOKH

    )RUPDWDUIDFLOPHQWHDXQLGDGHGHGLVFRUvJLGRGHDFRUGRFRPDVVXDVQHFHVVLGDGHV

    &RSLDUR0DQXDOGR8WLOL]DGRUSDUDRVHXFRPSXWDGRU

    5HJLVWDURVHXGLVSRVLWLYR/D&LH

    ,QVWDODUVRIWZDUHSDUDIXQFLRQDOLGDGHVDGLFLRQDLV

    ,PSRUWDQWH6HQrRLQLFLDUR/D&LH6HWXS$VVLVWDQWRXVHHQFHUUDURPHVPRGHSRLVGHDIRUPDWDsrRWHUVLGRLQLFLDGDDXQLGDGHQrRHVWDUpSURQWDSDUDXWLOL]DsrRHVHUpQHFHVVpULDXPDIRUPDWDsrRPDQXDO

    20DQXDOGR8WLOL]DGRUHRVXWLOLWpULRVQrRHVWDUrRGLVSRQvYHLVHWHUrRGHVHUWUDQVIHULGRVDSDUWLUGRVvWLRGD/D&LHQD:HEZZZODFLHFRPVXSSRUW

    ,QLFLDUR/D&LH6HWXS$VVLVWDQW

    8WLOL]DGRUHVGR:LQGRZV

    5HSURGXsrRDXWRPpWLFD$5HSURGXsrR$XWRPpWLFDGR:LQGRZVSRGHGHWHFWDURGLVFRUvJLGR/D&LHDVVLPTXHHVWHIRUFRQHFWDGRDRFRPSXWDGRU6HIRUDSUHVHQWDGDDMDQHODGH5HSURGXsrR$XWRPpWLFDFOLTXHQDRSsrR$EULUSDVWDSDUDYHURVILFKHLURVFRPR([SORUDGRUGR:LQGRZVHFOLTXHGXDVYH]HVVREUHRILFKHLUR/D&LH6HWXS

    $FHVVRPDQXDO$EUDRYROXPH/$&,(6(783HP&RPSXWDGRU2PHXFRPSXWDGRUQR:LQGRZV;3HHPVHJXLGDFOLTXHGXDVYH]HVHP/D&LH6HWXS

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    8WLOL]DGRUHVGH0DF

    $EUDRYROXPH/$&,(6(783QRVHXDPELHQWHGHWUDEDOKRHHPVHJXLGDFOLTXHGXDVYH]HVHP/D&LH6HWXS,QLFLDU

    &RQILJXUDsrR

    2/D&LH6HWXS$VVLVWDQWQrRLPSHGHDXWLOL]DsrRGRSURJUDPDGHXWLOLWpULRGRGLVFRGRVHXFRPSXWDGRUSDUDIRUPDWDURXFULDUSDUWLsxHVQDXQLGDGH/D&LH6LJDDVLQVWUXsxHVGR6HWXS$VVLVWDQWDWtTXHHVWHHVWHMDFRQFOXvGRHHPVHJXLGDXWLOL]HD*HVWrRGHGLVFRVSDUD:LQGRZVRX8WLOLWpULRGR'LVFRSDUD0DFSDUDUHIRUPDWDUDXQLGDGH

    ,QIRUPDhgRLPSRUWDQWHSDUDXWLOL]DGRUHVGR:LQGRZV$RH[HFXWDUR/D&LH6HWXS$VVLVWDQWSRGHPVXUJLUMDQHODVHPHUJHQWHVJHQtULFDVDSHUJXQWDUVHSUHWHQGHDOWHUDUDVGHILQLsxHVGRVHXFRPSXWDGRU7UDWDVHGHXPDSHUJXQWDQRUPDODRIRUPDWDUXPGLVFRRXDRLQVWDODUGHWHUPLQDGRVRIWZDUHWDOFRPRR*HQLH7LPHOLQH3DUDFRQFOXLUFRPVXFHVVRR/D&LH6HWXS$VVLVWDQWD/D&LHUHFRPHQGDTXHFRQFRUGHHPDOWHUDUDVGHILQLsxHV

    ,QIRUPDhgRLPSRUWDQWHSDUDXWLOL]DGRUHVGH0DF3RGHVHUOKHVROLFLWDGRTXHLQWURGX]DDSDODYUDSDVVHGRVHXFRPSXWDGRUSDUDFRQWLQXDUDXWLOL]DsrRGR$VVLVWHQWHGH&RQILJXUDsrR/D&LH

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    6LJDDVLQVWUXsxHVDSUHVHQWDGDVQRHFUrFRQIRUPHLQGLFDGDVDVHJXLUSDUDIRUPDWDUDXQLGDGHHLQVWDODUXWLOLWpULRVGHVRIWZDUH

    6HOHFFLRQHRLGLRPD

    /HLDRFRQWUDWRGHOLFHQsDDQWHVGHFOLFDUHP1H[W6HJXLQWH$RVHOHFFLRQDU1H[W6HJXLQWHFRQILUPDTXHDFHLWDRFRQWUDWRGHOLFHQsD

    8WLOL]HDEDUUDGHGHVORFDPHQWRSDUDGHILQLUDSDUWLsrRGDXQLGDGHGHGLVFRUvJLGR/D&LH6HGHVORFDUDEDUUDGHGHVORFDPHQWRSDUDDHVTXHUGDLUpUHGX]LURWDPDQKRGRYROXPH/D&LH6KDUHSDUD:LQGRZVH0DF6HQrRSUHWHQGHUXWLOL]DURYROXPH/D&LH6KDUHGHVORTXHDEDUUDGHGHVORFDPHQWRWRWDOPHQWHSDUDDHVTXHUGD2YROXPH/D&LHVHUpIRUPDWDGRSDUDRVHXVLVWHPDRSHUDWLYR17)6SDUD:LQGRZVH+)6SDUD0DF$SwVWHUHIHFWXDGRDVXDVHOHFsrRFOLTXHHP1H[W6HJXLQWHSDUDLQLFLDUDIRUPDWDsrR

    :LQGRZV

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    0DF

    8PDMDQHODGHPHQVDJHPDOHUWDTXHRGLVFRVHUpIRUPDWDGR6HOHFFLRQH

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    5HJLVWDURVHXGLVSRVLWLYR/D&LH)DsDFOLTXHHP1H[W6HJXLQWHSDUDFRQWLQXDU

    1HZ$FFRXQW1RYDFRQWD

    ([LVWLQJ$FFRXQW&RQWDH[LVWHQWH

    (VFROKDRVXWLOLWpULRVGHVRIWZDUHTXHSUHWHQGHLQVWDODU6HVROLFLWDGRFRQFOXDDLQVWDODsrRGRXWLOLWpULRGHVRIWZDUHDQWHVGHFRQWLQXDUDXWLOL]DsrRGR$VVLVWHQWHGH&RQILJXUDsrR/D&LH

    :LQGRZV

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    0DF

    )DsDFOLTXHHP1H[W6HJXLQWHSDUDFRQWLQXDU2/D&LH6HWXS$VVLVWDQWIRUQHFHXPUHVXPRGDLQVWDODsrR)DsDFOLTXHHP)LQLVK&RQFOXLUSDUDIHFKDURSURJUDPD$VXDXQLGDGHGHGLVFRUvJLGR/D&LHHVWpDJRUDSURQWDDVHUXWLOL]DGD

    :LQGRZV

    0DF

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    2VXWLOLWpULRVGHVRIWZDUHLQVWDODGRVHQFRQWUDPVHQDVVHJXLQWHVSDVWDV

    :LQGRZV,QLFLDU!3URJUDPDV!/D&LH

    0DF'HVNWRS!/D&LH$PELHQWHGHWUDEDOKR!/D&LH

    ,PSRUWDQWH7HQKDHPDWHQsrRTXHRVXWLOLWpULRVGHVRIWZDUH/D&LHSRGHPVHULQVWDODGRVHPTXDOTXHUDOWXUD8PDYH]FRQFOXvGDDIRUPDWDsrRR$VVLVWHQWHGH&RQILJXUDsrR/D&LHILFDUpGLVSRQvYHOHP

    /D&LHVHWLYHUFULDGRXPDSDUWLsrR

    3DUWLOKD/D&LHVHWLYHUFULDGRGXDVSDUWLsxHV

    3DUDLQVWDODURVXWLOLWpULRVGHVRIWZDUHEDVWDLQLFLDUR/D&LH6HWXS$VVLVWDQWHVHJXLURVSDVVRVLQGLFDGRVDFLPD

    3$662,167$/$52/$&,('(6.7230$1$*(523&,21$/

    ,QVWDOHR/D&LH'HVNWRS0DQDJHUSDUDJHULUDVIXQFLRQDOLGDGHVDYDQsDGDVGDXQLGDGH&RQVXOWH/D&LH'HVNWRS0DQDJHUSDUDREWHULQIRUPDsxHVGHWDOKDGDV

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    /$&,('(6.7230$1$*(5

    2/D&LH'HVNWRS0DQDJHUWLUDRPp[LPRSDUWLGRGHWRGRRSRWHQFLDOGDVXDXQLGDGHGHGLVFRUvJLGR/D&LH3HUPLWHDRXWLOL]DGRUYLVXDOL]DULQIRUPDsxHVDYDQsDGDVQDVXDXQLGDGHHFRQILJXUDUR(FR0RGH0RGRHFROwJLFR

    1RWD2/D&LH'HVNWRS0DQDJHUQrRtFRPSDWvYHOFRPWRGRVRVGLVSRVLWLYRV/D&LH$SHQDVRVGLVSRVLWLYRV/D&LHFRPSDWvYHLVVHUrRDSUHVHQWDGRVQR/D&LH'HVNWRS0DQDJHU

    ,167$/$52/$&,('(6.7230$1$*(5

    6HR/D&LH'HVNWRS0DQDJHUQrRHVWLYHULQVWDODGRQRVHXVLVWHPDYHULILTXHR0HQX,QLFLDUGR:LQGRZVRXDSDVWD$SOLFDsxHVGR0DFtSRVVvYHOLQVWDOpORFOLFDQGRGXDVYH]HVQRvFRQHGDXQLGDGHHP0\&RPSXWHU&RPSXWHU2PHXFRPSXWDGRU&RPSXWDGRU:LQGRZVRXQR$PELHQWHGHWUDEDOKR0DFDEULQGRGHSRLVDSDVWD/D&LH6RIWZDUHHHPVHJXLGDLQLFLDQGRDIHUUDPHQWDGHLQVWDODsrRORFDOL]DGDQDSDVWDGRVHXVLVWHPDRSHUDWLYR

    :LQGRZV 0DF

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    4XDQGRDFRQILJXUDsrRHVWLYHUFRQFOXvGDLQLFLHR/D&LH'HVNWRS0DQDJHUDSDUWLUGRWDEXOHLURGHVLVWHPD:LQGRZVRXGDEDUUDGHPHQXV0DF

    :LQGRZV 0DF

    1RWD6HIRUPDWRXPDQXDOPHQWHDXQLGDGHXWLOL]DQGRRXWLOLWpULRGHGLVFRGRVHXVLVWHPDRSHUDWLYRHPYH]GHH[HFXWDURXDSwVDH[HFXsrRGR/D&LH6HWXS$VVLVWDQWtQHFHVVpULRWUDQVIHULUR/D&LH'HVNWRS0DQDJHUDSDUWLUGHZZZODFLHFRPVXSSRUW

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    6(3$5$'25,1)2

    4XDQGRH[HFXWDR/D&LH'HVNWRS0DQDJHUYHUpTXHWRGRVRVGLVSRVLWLYRV/D&LHFRPSDWvYHLVOLJDGRVDSDUHFHUrRQDFROXQDGRODGRHVTXHUGR6HOHFFLRQHDXQLGDGHTXHSUHWHQGHJHULUHFHUWLILTXHVHGHTXHRVHSDUDGRU,QIRHVWpVHOHFFLRQDGR1HVWDSpJLQDYLVXDOL]DUpLQIRUPDsxHVDYDQsDGDVVREUHDVXDXQLGDGHWDLVFRPRRQRPHGRGLVSRVLWLYRRQyPHURGHVtULHGDXQLGDGHGHGLVFRUvJLGRLQWHUQDQrRRQyPHURGHVtULHGRSURGXWR/D&LHDFDSDFLGDGHGLVSRQvYHOWLSRGHOLJDsrRHWF

    7DPEtPtSRVVvYHOUHIRUPDWDUDXQLGDGHDSDUWLUGHVWDSpJLQD

    &XLGDGR6HFOLFDUQRERWrR5HIRUPDWm5HIRUPDWDUHVHJXLUHVWHVSDVVRVWRGRVRVGDGRVGDDSDUWLsrRVHUrRHOLPLQDGRV6HH[LVWLUHPLQIRUPDsxHVTXHSUHWHQGDSURWHJHURXFRQWLQXDUDXWLOL]DUFULHFwSLDVGHVHJXUDQsDGHVVDVLQIRUPDsxHVDQWHVGHH[HFXWDUHVWHVSDVVRV

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    6(3$5$'25(&2

    3RUSUHGHILQLsrRDVXDXQLGDGHHQWUDUpHP(FR0RGH0RGRHFROwJLFRDSwVFLQFRPLQXWRVGHLQDFWLYLGDGHGHIRUPDDSRXSDUHQHUJLD3DUDVDLUGR(FR0RGH0RGRHFROwJLFREDVWDDFHGHUDGDGRVQDXQLGDGHHRGLVFRUHLQLFLDDXWRPDWLFDPHQWH

    3RGHJHULUHVWDIXQFLRQDOLGDGHXWLOL]DQGRR/D&LH'HVNWRS0DQDJHU&OLTXHQRVHSDUDGRU(FR

    1RWD6HQrRYLURVHSDUDGRU(FRDVXDXQLGDGHGHGLVFRUvJLGRtLQFRPSDWvYHOFRPRPRGR(FR9HULILTXHHPZZZODFLHFRPVXSSRUWVHH[LVWHDOJXPDDFWXDOL]DsrRGRSURGXWRTXHSHUPLWDTXHDXQLGDGHEHQHILFLHGHVWDIXQsrR

    'HVPDUTXHDFDL[D$XWRPDWLF6WDQGE\GXHWR,QDFWLYLW\6WDQGE\DXWRPpWLFRGHYLGRDLQDFWLYLGDGHSDUDGHVDFWLYDUR(FR0RGH0RGRHFROwJLFRRXVHOHFFLRQHXPSHUvRGRGHLQDFWLYLGDGHDSwVRTXDODXQLGDGHHQWUDUpQR(FR0RGH0RGRHFROwJLFR

    0RGR(FRH0DF26;&RQVRDQWHDVXDXQLGDGHGHGLVFRUvJLGR/D&LHR0RGR(FRSRGHVHUJHULGRSHOR0DF26;6HVROLFLWDGRFOLTXHHP(QHUJ\6DYHU6HWWLQJV'HILQLsxHVGH3RXSDQsDGH(QHUJLDSDUDDFHGHUoV6\VWHP3UHIHUHQFHV3UHIHUuQFLDVGR6LVWHPD6HOHFFLRQHDRSsrRz3XWWKHKDUGGLVNVWRVOHHSZKHQSRVVLEOH{z$FWLYHDVXVSHQVrRGRVGLVFRVTXDQGRSRVVvYHO{SDUDSRXSDUHQHUJLD

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    5(029(5$81,'$'(

    2VGLVSRVLWLYRVH[WHUQRV86%)LUH:LUH7KXQGHUEROWHH6$7$LQFOXHPFRQHFWLYLGDGHzSOXJSOD\{RTXHVLJQLILFDTXHRGLVSRVLWLYRGHDUPD]HQDPHQWRSRGHVHUOLJDGRHGHVOLJDGRFRPRFRPSXWDGRUHPIXQFLRQDPHQWR1RHQWDQWRSDUDHYLWDUIDOKDVtLPSRUWDQWHVHJXLURVSDVVRVDEDL[RLQGLFDGRVDRGHVOLJDURGLVSRVLWLYRGHDUPD]HQDPHQWR/D&LH

    87,/,=$'25(6'2:,1'2:6;3

    $SDUWLUGR7DEXOHLURGRVLVWHPDORFDOL]DGRQRFDQWRLQIHULRUGLUHLWRGRHFUrIDsDFOLTXHQRvFRQH(MHFW(MHFWDUXPDVHWLQKDYHUGHVREUHXPDLPDJHPGHHTXLSDPHQWRiDSUHVHQWDGDXPDPHQVDJHPFRPRVGLVSRVLWLYRVFRQWURODGRVSHORvFRQH(MHFWDURWH[WRGDPHQVDJHPGHYHUpVHUz6DIHO\UHPRYH|{>5HPRYHUFRPVHJXUDQsD|@4XDQGRHVWDPHQVDJHPIRUDSUHVHQWDGDFOLTXHQRGLVSRVLWLYRGHDUPD]HQDPHQWR/D&LH

    iDSUHVHQWDGDDVHJXLQWHPHQVDJHPz6DIHWR5HPRYH+DUGZDUH{iVHJXURUHPRYHURKDUGZDUHRXVHPHOKDQWH3RGHUpDJRUDGHVOLJDURGLVSRVLWLYRFRPVHJXUDQsD

    87,/,=$'25(6'2:,1'2:69,67$(:,1'2:6

    1RWDEXOHLURGRVLVWHPDORFDOL]DGRQRFDQWRLQIHULRUGLUHLWRGRHFUrFOLTXHQRvFRQHGHILFKDUHSDUHQRYLVWREUDQFRGHQWURGHXPFvUFXORYHUGH

    iDSUHVHQWDGDXPDPHQVDJHPFRPGHWDOKHVVREUHRVGLVSRVLWLYRVTXHSRGHPVHUUHPRYLGRVFRPVHJXUDQsD

    6HOHFFLRQH(MHFW(MHFWDUUHODWLYDPHQWHDRGLVSRVLWLYRTXHSUHWHQGHUHPRYHUiDSUHVHQWDGDXPDPHQVDJHPDYLVDQGRRGHTXHtVHJXURUHPRYHURGLVSRVLWLYR

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    87,/,=$'25(6'(0$&

    $UUDVWHRvFRQHGRGLVSRVLWLYRGHDUPD]HQDPHQWRSDUDROL[R2vFRQHDEDL[RDSUHVHQWDGRtXPvFRQHGHGLVSRVLWLYR86%JHQtULFR2GLVSRVLWLYRGHDUPD]HQDPHQWRSRGHUpVHUUHSUHVHQWDGRSRURXWURvFRQHVHPHOKDQWHDRSUwSULRGLVSRVLWLYR

    4XDQGRRvFRQHGHVDSDUHFHUGRDPELHQWHGHWUDEDOKRRGLVSRVLWLYRSRGHVHUGHVOLJDGR

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    )250$7$5(&5,$53$57,cd(623&,21$/0(17(

    2VGLVSRVLWLYRVGHDUPD]HQDPHQWR/D&LHQRUPDLVLUrRVROLFLWDUOKHTXHH[HFXWHR/D&LH6HWXS$VVLVWDQWGDSULPHLUDYH]TXHIRUHPOLJDGRVDXPFRPSXWDGRU:LQGRZVRX0DF2/D&LH6HWXS$VVLVWDQWDMXGDRDIRUPDWDUUDSLGDPHQWHRGLVSRVLWLYRGHDUPD]HQDPHQWRGHDFRUGRFRPDVVXDVQHFHVVLGDGHV

    /HLDDWHQWDPHQWHDVLQIRUPDsxHVVHJXLQWHVVH

    &DQFHODUR/D&LH6HWXS$VVLVWDQWGXUDQWHDIRUPDWDsrR

    3UHWHQGHUUHIRUPDWDURGLVSRVLWLYRGHDUPD]HQDPHQWRDSwVDFRQFOXVrREHPVXFHGLGDGR/D&LH6HWXS

    $VVLVWDQW3RVVXLUXPGLVSRVLWLYRGHDUPD]HQDPHQWR/D&LHTXHQrRLQFOXDR6HWXS$VVLVWDQWSRUH[HPSORGHWHUPLQDGRV

    GLVSRVLWLYRV86%/D&LH

    $&(5&$'26)250$726'(6,67(0$6'(),&+(,526

    8WLOL]DGRUHVGR:LQGRZV

    )$7)$7tRDFUwQLPRGH)LOH$OORFDWLRQ7DEOHXPVLVWHPDGHILFKHLURVTXHVXUJLXQRLQvFLRGDSURJUDPDsrRHP'262ULJLQDOPHQWHRVLVWHPD)$7HUDGHDSHQDVELWVPDVDSwVDVHJXQGDYHUVrRGR:LQGRZVIRLDFWXDOL]DGRSDUDELWVGHRQGHGHULYDDGHQRPLQDsrR)$7(PWHRULDRVWDPDQKRVGHYROXPHV)$7SRGHPYDULDUHQWUHFDSDFLGDGHVLQIHULRUHVD0%DWt7%

    iRVLVWHPDGHILFKHLURVGHEDVHGR:LQGRZVHGR:LQGRZV0HHtVXSRUWDGRSHOR:LQGRZV:LQGRZV;3:LQGRZV9LVWDH:LQGRZV&RQWXGRTXDQGRR)$7tXWLOL]DGRFRPR:LQGRZV:LQGRZV;3:LQGRZV9LVWDH:LQGRZVRWDPDQKRGRYROXPHtOLPLWDGRD*%SHORXWLOLWpULRGHSDUWLsxHVGR:LQGRZVRXVHMDR*HVWRUGHGLVFRVHRWDPDQKRGHILFKHLURVLQGLYLGXDLVHVWpOLPLWDGRD*%

    17)6iRDFUwQLPRGH1HZ7HFKQRORJ\)LOH6\VWHPHtRVLVWHPDGHILFKHLURVQDWLYRGR:LQGRZV17;39LVWDH217)6RIHUHFHGLYHUVDVIXQFLRQDOLGDGHVTXHQrRHVWrRGLVSRQvYHLVHP)$7FRPSUHVVrRGHILFKHLURVFRGLILFDsrRSHUPLVVxHVDXGLWRULDHUHSOLFDsrRGHXQLGDGHV2WDPDQKRGHYROXPHPvQLPRVXSRUWDGRSRU17)6t0%HRWDPDQKRPp[LPRt7%TXDQGRLQLFLDOL]DGRHPIRUPDWR0%52IRUPDWR*37PDLVUHFHQWHQrRDWULEXLOLPLWHVSRUILFKHLURRXWDPDQKRVGHSDUWLsrR2VYROXPHVFULDGRVHP17)6VrRQDWLYRVHVrROLGRVHJUDYDGRVQR:LQGRZV17;39LVWDH9HUVxHVDQWHULRUHVGR:LQGRZVHR0DF26;RXVXSHULRUSRGHPOHUHJUDYDUQDVSDUWLsxHV17)6FRPDDMXGDGHFRQWURODGRUHVGHWHUFHLURV

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    &RQVXOWHDWDEHODDEDL[RSDUDREWHUXPDFRPSDUDsrRHQWUH17)6H)$7

    )RUPDWRVGHVLVWHPDVGHILFKHLURVSDUD:LQGRZV

    8WLOL]H17)6VH

    |SUHWHQGHUXWLOL]DURGLVSRVLWLYRGHDUPD]HQDPHQWRDSHQDVFRP:LQGRZV;39LVWDHXPDYH]TXHRGHVHPSHQKRVHUpPHOKRUDGRTXDQGRFRPSDUDGRFRPRGRVLVWHPD)$7(VWHVLVWHPDGHILFKHLURVtFRPSDWvYHODSHQDVFRPR0DF26HVXSHULRU

    8WLOL]H)$7VH

    |XWLOL]DURGLVSRVLWLYRGHDUPD]HQDPHQWRWDQWRFRPFRPSXWDGRUHV:LQGRZVFRPRFRP0DF2WDPDQKRPp[LPRGHILFKHLURLQGLYLGXDOtOLPLWDGRD*%

    8WLOL]DGRUHVGH0DF

    6HSUHWHQGHUSHUVRQDOL]DURGLVSRVLWLYRGHDUPD]HQDPHQWRSRGHUHIRUPDWpORHRXFULDUSDUWLsxHVFRPGLIHUHQWHVIRUPDWRVGHVLVWHPDVGHILFKHLURV3DUDXPGHVHPSHQKRLGHDOHPDPELHQWHV0DF26IRUPDWHHFULHXPDSDUWLsrRQRGLVSRVLWLYRGHDUPD]HQDPHQWRFRPRXPJUDQGHYROXPH0DF26([WHQGHG

    0DF26([WHQGHG+)620DF26([WHQGHGtXPVLVWHPDGHILFKHLURVXWLOL]DGRSHOR0DF26;2VLVWHPD+)6UHSUHVHQWDXPDRSWLPL]DsrRGRDQWLJRVLVWHPDGHILFKHLURV+)6SHUPLWLQGRXPDXWLOL]DsrRPDLVHILFLHQWHGRHVSDsRGDXQLGDGHGHGLVFRUvJLGR&RPRVLVWHPD+)6RXWLOL]DGRUMpQrRHVWpOLPLWDGRSHORWDPDQKRGHEORFRV

    6LVWHPDGHILFKHLURV06'26)$7(VWHtRVLVWHPDGHILFKHLURVGD0LFURVRIWPDLVFRQKHFLGRFRPR)$78WLOL]HR)$7VHSUHWHQGHUSDUWLOKDURGLVSRVLWLYRGHDUPD]HQDPHQWR/D&LHHQWUHFRPSXWDGRUHV0DFH:LQGRZV

    &RQVXOWHDWDEHODDEDL[RSDUDREWHUXPDFRPSDUDsrRHQWUH+)6H)$706'26

    )RUPDWRVGHVLVWHPDVGHILFKHLURVSDUD0DF

    8WLOL]H+)6VH

    |XWLOL]DURGLVSRVLWLYRGHDUPD]HQDPHQWRDSHQDVHPFRPSXWDGRUHV0DF2GHVHPSHQKRVHUpPHOKRUDGRTXDQGRFRPSDUDGRFRPRGRVLVWHPD)$72+)61g2tFRPSDWvYHOFRPR62:LQGRZV

    8WLOL]H)$7VH

    |XWLOL]DURGLVSRVLWLYRGHDUPD]HQDPHQWRWDQWRFRPFRPSXWDGRUHV:LQGRZVFRPRFRP0DF2WDPDQKRPp[LPRGHILFKHLURLQGLYLGXDOtOLPLWDGRD*%

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    ,16758hm(6'()250$7$hg2

    2VSDVVRVGHVFULWRVDEDL[RDMXGpORrRDIRUPDWDUHDFULDUSDUWLsxHVQRGLVSRVLWLYRGHDUPD]HQDPHQWR3DUDREWHUPDLVLQIRUPDsxHVVREUHFRPRHVFROKHURIRUPDWRGHILFKHLURLGHDOFRQVXOWH$FHUFDGRVIRUPDWRVGRVLVWHPDGHILFKHLURV

    &XLGDGR$IRUPDWDsrRHOLPLQDUpWRGRVRVGDGRVGRGLVSRVLWLYRGHDUPD]HQDPHQWR$/D&LHUHFRPHQGDYLYDPHQWHTXHIDhDXPDFkSLDGHVHJXUDQhDGHWRGRVRVGDGRVFRQWLGRVQRGLVSRVLWLYRGHDUPD]HQDPHQWRDQWHVGHUHDOL]DURVSDVVRVDEDL[R$/D&LHQgRVHUHVSRQVDELOL]DSRUTXDOTXHUSHUGDGHGDGRVUHVXOWDQWHGDIRUPDWDhgRFULDhgRGHSDUWLhlHVRXXWLOL]DhgRGHXPGLVSRVLWLYRGHDUPD]HQDPHQWR/D&LH

    ,QIRUPDhgRLPSRUWDQWH)RUPDWDUDSDUWLsrR/D&LHLUpHOLPLQDUR0DQXDOGR8WLOL]DGRUHRVXWLOLWpULRVLQFOXvGRV&RSLHWRGRVRVGDGRVLQFOXLQGRDGRFXPHQWDsrRHRVRIWZDUHGD/D&LHDQWHVGHIRUPDWDURGLVSRVLWLYRGHDUPD]HQDPHQWR2V0DQXDLVGR8WLOL]DGRUHGHWHUPLQDGRVRIWZDUHWDPEtPSRGHPVHUWUDQVIHULGRVHPZZZODFLHFRPVXSSRUW

    1RWD&RQVXOWHDGRFXPHQWDsrRGRVHXVLVWHPDRSHUDWLYRSDUDREWHUPDLVLQIRUPDsxHVVREUHDUHIRUPDWDsrRHFULDsrRGHSDUWLsxHVGRGLVSRVLWLYRGHDUPD]HQDPHQWR

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    8WLOL]DGRUHVGR:LQGRZV

    1RWDWiFQLFDVREUHYROXPHVVXSHULRUHVD7%:LQGRZV;3ELWV(VWDYHUVrRGR:LQGRZVQrRLUpUHFRQKHFHUYROXPHVVXSHULRUHVD7%:LQGRZV;3[9LVWDH7RGDVHVWDVYHUVxHVGR:LQGRZVFRQVHJXHPUHFRQKHFHUYROXPHVVXSHULRUHVD7%1RHQWDQWRRVGLVFRVGHYHPVHUFRQYHUWLGRVSDUDRVLVWHPDGHILFKHLURV*37SDUDSRGHUFULDUSDUWLsxHVVXSHULRUHVD7%3DUDWDODFHGDo*HVWrRGHGLVFRVGR:LQGRZVHFOLTXHFRPRERWrRGLUHLWRGRUDWRQRGLVFR6HOHFFLRQH&RQYHUWWR*37&RQYHUWHUSDUD*37-pSRGHFULDUSDUWLsxHVVXSHULRUHVD7%

    &HUWLILTXHVHGHTXHRGLVSRVLWLYRGHDUPD]HQDPHQWRHVWpOLJDGRHLQVWDODGRQRFRPSXWDGRU&OLTXHFRPRERWrRGLUHLWRGRUDWRHP&RPSXWHU&RPSXWDGRUHVHOHFFLRQH0DQDJH*HULU1DMDQHOD0DQDJH*HULUVHOHFFLRQH'LVN0DQDJHPHQW*HVWrRGHGLVFRV1DOLVWDGHGLVSRVLWLYRVGHDUPD]HQDPHQWRTXHDSDUHFHQRFHQWURGDMDQHOD'LVN0DQDJHPHQW*HVWrRGHGLVFRVORFDOL]HRGLVSRVLWLYR/D&LH3RUSUHGHILQLsrRMpHVWpFULDGDXPDSDUWLsrRQRGLVSRVLWLYRFRPRVXWLOLWpULRVGHVRIWZDUH/D&LH6LJDDVLQVWUXsxHVGRVHXVLVWHPDRSHUDWLYRSDUDUHVWDXUDUDSDUWLsrRH[LVWHQWH3DUDFULDUXPDQRYDSDUWLsrRVHOHFFLRQH1HZ6LPSOH9ROXPH1RYR9ROXPH6LPSOHV4XDQGRtDSUHVHQWDGRR1HZ6LPSOH9ROXPH:L]DUG$VVLVWHQWHGH1RYR9ROXPH6LPSOHVVLJDDVLQVWUXsxHVGRHFUr

    8WLOL]DGRUHVGH0DF

    &HUWLILTXHVHGHTXHRGLVSRVLWLYRGHDUPD]HQDPHQWRHVWpOLJDGRHLQVWDODGRQRFRPSXWDGRU6HOHFFLRQH8WLOLWLHV8WLOLWpULRVQRPHQX*R,UQDEDUUDGHPHQXV)LQGHU/RFDOL]DGRU1DSDVWD8WLOLWLHV8WLOLWpULRVIDsDGXSORFOLTXHHP'LVN8WLOLW\8WLOLWpULRGH'LVFR

    2'LVN8WLOLW\8WLOLWpULRGH'LVFRDSUHVHQWDDPHQVDJHP6HOHFWDGLVNYROXPHRULPDJH6HOHFFLRQHXPGLVFRYROXPHRXLPDJHP7RGRVRVGLVSRVLWLYRVGHDUPD]HQDPHQWRSDUWLsxHVRXLPDJHQVGRGLVFRVHUrRDSUHVHQWDGRVQHVWDFROXQD2VGLVSRVLWLYRVGHDUPD]HQDPHQWRFRQWLGRVQHVWDFROXQDSRGHUrRDSUHVHQWDUYpULDVOLVWDV2QRPHVXSHULRUtRQRPHGRIDEULFDQWHGRGLVSRVLWLYRIvVLFRHLQFOXLDFDSDFLGDGHIRUPDWDGD

    6HOHFFLRQHRGLVSRVLWLYRGHDUPD]HQDPHQWRQDFROXQDGRODGRHVTXHUGR&OLTXHQRVHSDUDGRU(UDVH$SDJDU6HOHFFLRQHXPIRUPDWRQDMDQHODSHQGHQWH3DUDREWHUPDLVLQIRUPDsxHVVREUHDVHOHFsrRGHIRUPDWRGHXPILFKHLURFRQVXOWH$FHUFDGRVIRUPDWRVGRVLVWHPDGHILFKHLURV$WULEXDXPQRPHDRYROXPH&OLTXHHP(UDVHm$SDJDUHFRQILUPHDVHOHFsrRQDMDQHODHPHUJHQWH

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    2%7(5$-8'$

    6HWLYHUSUREOHPDVFRPRVHXSURGXWR/D&LHFRQVXOWHDWDEHODDEDL[RSDUDREWHUXPDOLVWDGHUHFXUVRVGLVSRQvYHLV

    2UGHP 2ULJHP 'HVFULhgR /RFDOL]DhgR

    *XLDGH,QVWDODsrR5pSLGD

    3DVVRVFRQFLVRVDVHJXLUSDUDDLQVWDODsrRHFRORFDsrRHPIXQFLRQDPHQWRGRVHXSURGXWR

    8PIROKHWRLPSUHVVRRXXPDFDL[DVXSOHPHQWDULQFOXvGRQDFDL[DGRSURGXWRRXWUDQVILUDRILFKHLUR3')GDSpJLQDGRSURGXWR

    3pJLQDVGH6XSRUWH

    ,QFOXLWwSLFRVLQWHUDFWLYRVGHUHVROXsrRGHSUREOHPDVGLUHFFLRQDGRVSDUDRVSUREOHPDVPDLVFRPXQV

    ZZZODFLHFRPVXSSRUWVHOHFFLRQHRVHXSURGXWRHHPVHJXLGDFOLTXHQRVHSDUDGRUz5HVROXsrRGH3UREOHPDV{

    0DQXDOGR8WLOL]DGRU

    ,QFOXLWwSLFRVGHUHVROXsrRGHSUREOHPDVFRPXQV

    &RQVXOWH7kSLFRVGH5HVROXhgRGH3UREOHPDVDEDL[R

    $SRLRDR&OLHQWH

    &ULHXPDFRQWDHPODFLHFRPUHJLVWHRVHXSURGXWRHSUHHQFKDXPIRUPXOpULRGHVXSRUWH

    &ULHXPDFRQWDDTXLZZZODFLHFRPXVP\VWXIIORJLQKWP"ORJRXWUWQ P\VWXII

    1RWD$/D&LHGHGLFDVHDRIRUQHFLPHQWRGHSURGXWRVGHDOWDTXDOLGDGHTXHHQULTXHFHPDYLGDGRVQRVVRVFOLHQWHV3DUDDMXGDUD/D&LHDSURSRUFLRQDURPHOKRUDSRLRDRFOLHQWHHQFRUDMDPRORDFULDUXPDFRQWDHUHJLVWDURVHXSURGXWRHPZZZODFLHFRPXVP\VWXIIORJLQKWP"ORJRXWUWQ P\VWXII3RGHGDUQRVXPLPSRUWDQWHIHHGEDFNDVVLPFRPRUHFHEHULQIRUPDsxHVDFWXDOL]DGDVVREUHRVHXGLVSRVLWLYR/D&LH

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    7l3,&26'(5(62/8hg2'(352%/(0$6

    1RWD8PSURFHVVRGHUHVROXsrRGHSUREOHPDVLQWHUDFWLYRXPDIRUPDH[WUHPDPHQWHHILFD]GHUHVROYHUSUREOHPDVQRVHXSURGXWRHVWpGLVSRQvYHOHPZZZODFLHFRPVXSSRUW6HOHFFLRQHRVHXSURGXWRHHPVHJXLGDFOLTXHQRVHSDUDGRUz5HVROXsrRGHSUREOHPDV{

    7RGRVRVXWLOL]DGRUHV

    3UREOHPD$VWUDQVIHUuQFLDVGHILFKHLURVVrRGHPDVLDGROHQWDV

    3([LVWHPRXWURVGLVSRVLWLYRV86%OLJDGRVoPHVPDSRUWDRXDGDSWDGRUGHFRQH[rR"

    5'HVOLJXHTXDLVTXHURXWURVGLVSRVLWLYRV86%HYHULILTXHVHRGHVHPSHQKRGDXQLGDGHPHOKRUD

    3$XQLGDGHHVWpOLJDGDDXPDSRUWD86%GRFRPSXWDGRURXDGDSWDGRUGHFRQH[rR"

    56HDXQLGDGHHVWLYHUOLJDGDDXPDSRUWDRXDGDSWDGRUGHFRQH[rR86%tQRUPDO8PGLVSRVLWLYR6XSHU6SHHG86%VwSRGHIXQFLRQDUFRPRVQvYHLVGHGHVHPSHQKR86%VHHVWLYHUOLJDGRGLUHFWDPHQWHDXPDSRUWDRXFRQFHQWUDGRU86%&DVRFRQWUpULRRGLVSRVLWLYR86%LUpIXQFLRQDUDWD[DVGHWUDQVIHUuQFLD86%PDLVOHQWDV&RQVLGHUHDSRVVLELOLGDGHGHFRPSUDUXPDSODFD86%3&,([SUHVV&DUGSDUDFRPSXWDGRUHVGHVHFUHWpULDRXXPDSODFD([SUHVV&DUGSDUDSRUWpWHLVGHIRUPDDSHUPLWLUTXHRFRPSXWDGRUDWLQMDYHORFLGDGHVGHWUDQVIHUuQFLDPp[LPDV86%9LVLWHZZZODFLHFRPDFFHVVRULHVSDUDPDLVLQIRUPDsxHV

    3$XQLGDGHHVWpOLJDGDDXPDSRUWD6XSHU6SHHG86%GRFRPSXWDGRU"

    59HULILTXHVHRVFRQWURODGRUHVGH6XSHU6SHHG86%GRDGDSWDGRUGHEXVGHVLVWHPDFHQWUDOHGRGLVSRVLWLYRIRUDPLQVWDODGRVFRUUHFWDPHQWH(PFDVRGHGyYLGDGHVLQVWDOHHYROWHDLQVWDODUDVXQLGDGHV

    32FRPSXWDGRURXRVLVWHPDRSHUDWLYRVXSRUWDPR6XSHU6SHHG86%"

    5&RQVXOWHDHPEDODJHPGRSURGXWRRXDSpJLQDGD:HEGHVXSRUWHGRSURGXWRHPZZZODFLHFRPVXSSRUWSDUDYHULILFDURVUHTXLVLWRVPvQLPRVGRVLVWHPD

    3$XQLGDGHGHGLVFRUvJLGRLQWHUQDGRFRPSXWDGRUHVWpDOLPLWDUDVYHORFLGDGHVGHWUDQVIHUuQFLD"

    56HRFRPSXWDGRUWLYHUXPDXQLGDGHGHGLVFRUvJLGRLQWHUQDGHEDL[RGHVHPSHQKRQRUPDOPHQWHtRFDVRGHXPFRPSXWDGRUSRUWpWLORXQHWERRNLVVRLUpOLPLWDUDYHORFLGDGHGHWUDQVIHUuQFLDYLVWRTXHDYHORFLGDGHGHWUDQVIHUuQFLDGDXQLGDGHLQWHUQDVHUpVLJQLILFDWLYDPHQWHLQIHULRUoYHORFLGDGHGDXQLGDGHGRGLVFRUvJLGR/D&LH86%

    32TXHIDsRVHSHUGHURPHXFDER86%"

    53RGHFRPSUDUXPFDERGHVXEVWLWXLsrRHPZZZODFLHFRPDFFHVVRULHV&DVRSHUFDRFDER86%SRGHXWLOL]DUXPFDER86%PDVQHVWHFDVRDVYHORFLGDGHVGHWUDQVIHUuQFLDILFDUrROLPLWDGDVoVYHORFLGDGHV86%

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    3UREOHPD(VWRXDUHFHEHUPHQVDJHQVGHHUURGHWUDQVIHUuQFLDGHILFKHLURV

    3)RLDSUHVHQWDGDDPHQVDJHPGHHUUR(UURUDRFRSLDUSDUDXPYROXPH)$7"

    5$RFRSLDUILFKHLURVRXSDVWDVGHXPFRPSXWDGRUSDUDXPYROXPH)$7DOJXQVFDUDFWHUHVQrRSRGHPVHUFRSLDGRV(VWHVFDUDFWHUHVLQFOXHPPDVQrRVHOLPLWDPD

    "!???9HULILTXHRVILFKHLURVHSDVWDVGHPRGRDDVVHJXUDUTXHHVWHWLSRGHFDUDFWHUHVQrRHVWrRDVHUXWLOL]DGRV$VROXsrRPDLVVLPSOHVtYHULILFDUVHH[LVWHPTXDLVTXHUFDUDFWHUHVLQFRPSDWvYHLVQRVQRPHVGHILFKHLURVDOWHUpORVHUHWRPDUDWUDQVIHUuQFLDGRVILFKHLURV

    6HHVWHSUREOHPDSHUVLVWLURXVHQrRFRQVHJXLUHQFRQWUDURVILFKHLURVFRPRVFDUDFWHUHVLQFRPSDWvYHLVFRQVLGHUHDSRVVLELOLGDGHGHUHIRUPDWDUDXQLGDGHHP17)6XWLOL]DGRUHVGR:LQGRZVRX+)6XWLOL]DGRUHVGH0DF&RQVXOWH)RUPDWDUHFULDUSDUWLsxHVRSFLRQDOPHQWH

    3)RLDSUHVHQWDGDXPDPHQVDJHPGHHUURLQGLFDQGRTXHDXQLGDGHIRLGHVOLJDGDDRVDLUGRPRGRGHVXVSHQVrR"

    5,JQRUHHVWDPHQVDJHP$XQLGDGHYROWDUpDVHUDSUHVHQWDGDQRDPELHQWHGHWUDEDOKR$VXQLGDGHV/D&LHSRXSDPHQHUJLDILFDQGRLQDFWLYDVTXDQGRGHILQHRFRPSXWDGRUSDUDRPRGRGHSDXVD$RYROWDUDDFWLYDURFRPSXWDGRUDXQLGDGHSRGHQrRWHUWHPSRVXILFLHQWHSDUDILFDUQRYDPHQWHDFWLYDTXDQGRVDLGRPRGRGHSDXVD

    8WLOL]DGRUHVGH0DF26;

    3UREOHPD2vFRQHGDXQLGDGHQrRDSDUHFHQRDPELHQWHGHWUDEDOKR

    3$PEDVDVH[WUHPLGDGHVGRFDER86%HVWrRGHYLGDPHQWHOLJDGDV"

    59HULILTXHDPEDVDVH[WUHPLGDGHVGRFDER86%HFHUWLILTXHVHGHTXHHVWrREHPLQVHULGDVQDVUHVSHFWLYDVSRUWDV7HQWHGHVOLJDURFDERDJXDUGHVHJXQGRVHHPVHJXLGDYROWHDOLJpORRXH[SHULPHQWHXPFDER86%GLIHUHQWH6HPHVPRDVVLPDXQLGDGHQrRIRUUHFRQKHFLGDUHLQLFLHRFRPSXWDGRUHWHQWHQRYDPHQWH&RQWLQXDDQrRIXQFLRQDU"&RQWLQXHDOHU

    32)LQGHU/RFDOL]DGRUHVWpFRQILJXUDGRSDUDQrRDSUHVHQWDUDVXQLGDGHVGHGLVFRUvJLGRQRDPELHQWHGHWUDEDOKR"

    5$FHGDDR)LQGHU/RFDOL]DGRUHYHULILTXHVH3UHIHUHQFHV!*HQHUDOWDE!6KRZWKHVHLWHPVRQWKHGHVNWRS3UHIHUuQFLDV!VHSDUDGRU*HUDO!0RVWUDUHVWHVLWHQVQRDPELHQWHGHWUDEDOKREHPFRPRDRSsrR+DUG'LVNV'LVFRVUvJLGRVHVWrRVHOHFFLRQDGRV6HQrRHVWLYHUHPDYDQFHSDUDRWwSLFRVHJXLQWH

    3$XQLGDGHHVWpLQVWDODGDQRVLVWHPDRSHUDWLYR"

    5$EUDR'LVN8WLOLW\8WLOLWpULRGHGLVFR$SSOLFDWLRQV!8WLOLWLHV!'LVN8WLOLW\$SOLFDsxHV!8WLOLWpULRV!8WLOLWpULRGHGLVFR6HDXQLGDGHHVWLYHUOLVWDGDQDFROXQDGDHVTXHUGDYHULILTXHDVSUHIHUuQFLDVGR)LQGHU/RFDOL]DGRUSDUDDYHULJXDUSRUTXHQrRtDSUHVHQWDGDQRDPELHQWHGHWUDEDOKR6HHVWDDFsrRQrRIRUyWLOSRGHUpVHUQHFHVVpULRIRUPDWDUDXQLGDGH&RQVXOWH)RUPDWDUHFULDUSDUWLsxHVRSFLRQDOPHQWH

    3$FRQILJXUDsrRGRFRPSXWDGRUFXPSUHRVUHTXLVLWRVPvQLPRVGRVLVWHPDSDUDVHUXWLOL]DGRFRPHVWDXQLGDGH"

    5&RQVXOWHDHPEDODJHPGRSURGXWRRXDSpJLQDGD:HEGHVXSRUWHGRSURGXWRHPZZZODFLHFRPVXSSRUWSDUDYHULILFDURVUHTXLVLWRVPvQLPRVGRVLVWHPD

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    36HJXLXRVSDVVRVGHLQVWDODsrRFRUUHFWRVSDUDRVHXVLVWHPDRSHUDWLYR"

    55HYHMDRVSDVVRVGHLQVWDODsrRQDVHFsrR(IHFWXDUDOLJDsrR9HULILTXHVHHQWHQGHXPDORXRPLWLXXPSDVVRRXVHVHJXLXDVLQVWUXsxHVSDUDXPDFRQILJXUDsrRGLIHUHQWHWDLVFRPRGDLQWHUIDFHRXVLVWHPDRSHUDWLYR

    &RQWLQXDDQrRIXQFLRQDU"3RGHUpH[LVWLUXPGHIHLWRQRKDUGZDUHRXRXWURSUREOHPD'HYHFRQWDFWDUZZZODFLHFRPVXSSRUW

    8WLOL]DGRUHVGR:LQGRZV;39LVWDH:LQGRZV

    3UREOHPD2vFRQHGDXQLGDGHQrRDSDUHFHHP2PHXFRPSXWDGRU&RPSXWDGRU

    3$PEDVDVH[WUHPLGDGHVGRFDER86%HVWrRGHYLGDPHQWHOLJDGDV"

    59HULILTXHDPEDVDVH[WUHPLGDGHVGRFDER86%HFHUWLILTXHVHGHTXHHVWrREHPLQVHULGDVQDVUHVSHFWLYDVSRUWDV7HQWHGHVOLJDURFDERDJXDUGHVHJXQGRVHHPVHJXLGDYROWHDOLJpORRXH[SHULPHQWHXPFDER86%GLIHUHQWH6HPHVPRDVVLPDXQLGDGHQrRIRUUHFRQKHFLGDUHLQLFLHRFRPSXWDGRUHWHQWHQRYDPHQWH&RQWLQXDDQrRIXQFLRQDU"&RQWLQXHDOHU

    3$XQLGDGHtDSUHVHQWDGDQR*HVWRUGHGLVSRVLWLYRV"

    57RGDVDVXQLGDGHV/D&LHDSDUHFHPHPSHORPHQRVXPORFDOQR*HVWRUGHGLVSRVLWLYRV

    3DUDDFHGHUDR*HVWRUGHGLVSRVLWLYRVFOLTXHHP6WDUW,QLFLDUHVHOHFFLRQH5XQ([HFXWDUQRPHQX1R:LQGRZV9LVWDDRSsrR5XQ([HFXWDUQrRDSDUHFHSRUSUHGHILQLsrRSRULVVRSULPD>ERWrR:LQGRZV@H>5@QRVHXWHFODGR

    ,QWURGX]DRFRPDQGRGHYPJPWPVF

    &OLTXHHP2.HRSURJUDPDGR*HVWRUGHGLVSRVLWLYRVDEUHVH3DUDHIHLWRVGHUHVROXsrRGHSUREOHPDVFRQVXOWHDVHFsrR8QLGDGHVGHGLVFR3RGHUpVHUQHFHVVpULRFOLFDUHPQRODGRHVTXHUGR

    &DVRQrRWHQKDFHUWH]DVHDXQLGDGHtDSUHVHQWDGDGHVOLJXHDGDWRPDGDHGHSRLVYROWHDOLJpOD$HQWUDGDTXHVRIUHDOWHUDsrRtDVXDXQLGDGH/D&LH

    32VHXGLVFRQrRtDSUHVHQWDGR"

    5$YDQFHSDUDRVWwSLFRVGHUHVROXsrRGHSUREOHPDVIvVLFRVUHIHULGRVDQWHULRUPHQWH

    3$XQLGDGHtDSUHVHQWDGDMXQWRDXPvFRQHQrRKDELWXDO"

    51RUPDOPHQWHR*HVWRUGHGLVSRVLWLYRVGR:LQGRZVtFDSD]GHIRUQHFHULQIRUPDsxHVVREUHDVIDOKDVQRVDFHVVwULRV1rRDSUHVHQWDDFDXVDH[DFWDQHPXPDVROXsrRPDVSRGHDMXGpORDUHVROYHUDPDLRULDGRVSUREOHPDV

    8PGLVSRVLWLYRSUREOHPpWLFRSRGHVHUHQFRQWUDGRDWUDYtVGRVHXvFRQHQrRKDELWXDO(PYH]QRvFRQHQRUPDOFRPEDVHQRWLSRGHGLVSRVLWLYRtDSUHVHQWDGRXPSRQWRGHH[FODPDsrRSRQWRGHLQWHUURJDsrRRXXP;

    &OLTXHFRPRERWrRGLUHLWRGRUDWRQHVWHvFRQHHHPVHJXLGDVHOHFFLRQH3URSHUWLHV3URSULHGDGHV2VHSDUDGRU*HQHUDO*HUDOLUpDSUHVHQWDURPRWLYRSHORTXDORGLVSRVLWLYRQrRHVWpDIXQFLRQDU

    &RQWLQXDDQrRIXQFLRQDU"3RGHUpH[LVWLUXPGHIHLWRQRKDUGZDUHRXRXWURSUREOHPD'HYHFRQWDFWDU

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    ZZZODFLHFRPVXSSRUW

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    32VHXVLVWHPDRSHUDWLYRtR:LQGRZV;3HRWDPDQKRGRGLVFRtVXSHULRUD7%"

    52:LQGRZV;3QrRVXSRUWDGLVFRVFRPWDPDQKRVXSHULRUD7%3RUIDYRUFRQVXOWHDQRWDSDUDRVXWLOL]DGRUHVGR:LQGRZVQDVHFsrR,QVWUXsxHVGH)RUPDWDsrR

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    35(&$8cd(6

    &XLGDGRiHVVHQFLDOTXHDSHQDVVHMDXWLOL]DGDDIRQWHGHDOLPHQWDsrRIRUQHFLGDFRPRVHXSURGXWRXPDYH]TXHtXPFDERGHDOLPHQWDsrREOLQGDGRTXHFXPSUHRVOLPLWHVGHHPLVVxHVGD)&&EHPFRPRSDUDHYLWDULQWHUIHUuQFLDVQDVUHFHSsxHVGHWHOHYLVrRHUpGLRSUw[LPDV

    &XLGDGR$VPRGLILFDsxHVHIHFWXDGDVVHPDXWRUL]DsrRGRIDEULFDQWHSRGHUrRDQXODUDSHUPLVVrRGRXWLOL]DGRUSDUDXVDUHVWHGLVSRVLWLYR

    ,PSRUWDQWH4XDLVTXHUSHUGDVGDQRVRXGHVWUXLsrRGHGDGRVDRXWLOL]DUDXQLGDGH/D&LHVrRGDH[FOXVLYDUHVSRQVDELOLGDGHGRXWLOL]DGRUHHPFDVRDOJXPSRGHUpD/D&LHVHUFRQVLGHUDGDUHVSRQVpYHOSHODUHFXSHUDsrRRXUHVWDXURGHVVHVGDGRV3DUDHYLWDUDSHUGDGHGDGRVD/D&LHUHFRPHQGDYLYDPHQWHTXHPDQWHQKD'8$6FwSLDVGRVGDGRVXPDFwSLDQRGLVFRUvJLGRH[WHUQRSRUH[HPSORHXPDVHJXQGDFwSLDQRGLVFRUvJLGRLQWHUQRQRXWURGLVFRH[WHUQRRXQRXWURVXSRUWHGHDUPD]HQDPHQWRGHGDGRVDPRYvYHO6HSUHWHQGHUREWHUPDLVLQIRUPDsxHVVREUHDFULDsrRGHFwSLDVGHVHJXUDQsDFRQVXOWHRQRVVRVvWLRGD:HE

    ,PSRUWDQWH7%7HUDE\WH *%*% 0%0% E\WHV$FDSDFLGDGHWRWDODFHVVvYHOYDULDGHDFRUGRFRPRDPELHQWHRSHUDWLYRUHGXsrRQRUPDOGHSRU7%

    35(&$8hm(6'(6(*85$1h$(6$n'(

    $SHQDVSHVVRDVTXDOLILFDGDVHVWrRDXWRUL]DGDVDUHDOL]DUDPDQXWHQsrRGHVWHGLVSRVLWLYR

    /HLDDWHQWDPHQWHHVWH0DQXDOGR8WLOL]DGRUHVLJDRSURFHGLPHQWRFRUUHFWRDRFRQILJXUDURGLVSRVLWLYR

    1rRDEUDXPDXQLGDGHGHGLVFRQHPWHQWHGHVPRQWDURXPRGLILFDUDPHVPD1XQFDLQVLUDTXDOTXHUREMHFWR

    PHWpOLFRQDXQLGDGHSDUDHYLWDURULVFRGHFKRTXHHOtFWULFRLQFuQGLRFXUWRFLUFXLWRRXHPLVVxHVSHULJRVDV$XQLGDGHGHGLVFRIRUQHFLGDFRPDXQLGDGHGHGLVFRUvJLGR/D&LHQrRFRQWtPTXDLVTXHUSHsDVUHSDUpYHLVSHORXWLOL]DGRU6HDSUHVHQWDUDYDULDVROLFLWHDVXDLQVSHFsrRSRUXPUHSUHVHQWDQWHTXDOLILFDGRGR6XSRUWH7tFQLFRGD/D&LH1XQFDH[SRQKDRGLVSRVLWLYRDFKXYDQHPXWLOL]HRPHVPRSHUWRGHpJXDRXHPDPELHQWHVKyPLGRV1XQFD

    FRORTXHREMHFWRVTXHFRQWHQKDPOvTXLGRVVREUHDXQLGDGHGHGLVFRUvJLGR/D&LHSDUDHYLWDUTXHROvTXLGRVHMDGHUUDPDGRVREUHDVUDQKXUDVGRSURGXWR(VWHSURFHGLPHQWRDXPHQWDRULVFRGHFKRTXHHOtFWULFRFXUWRFLUFXLWRLQFuQGLRRXOHVxHVSHVVRDLV

    35(&$8hm(6*(5$,6'(87,/,=$hg2

    5HTXLVLWRVGHDOLPHQWDsrR9a+]RVFLODsxHVGHWHQVrRGHDOLPHQWDsrRQrRVXSHULRUHVDe

    GDVVREUHWHQVxHVQRPLQDLVHWUDQVLWwULDVGHDFRUGRFRPDFDWHJRULD,,GHVREUHWHQVxHV

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    1rRH[SRQKDDXQLGDGHGHGLVFRUvJLGR/D&LHDWHPSHUDWXUDVIRUDGRLQWHUYDORGHd&Dd&QHPDXPD

    KXPLGDGHGHIXQFLRQDPHQWRGHQrRFRQGHQVDsrRVXSHULRUDRXDXPDKXPLGDGHGHQrRIXQFLRQDPHQWRHGHQrRFRQGHQVDsrRVXSHULRUD6HRIL]HUSRGHUrRRFRUUHUGDQRVQDXQLGDGHGHGLVFRUvJLGR/D&LHRXDOWHUDsxHVQDUHVSHFWLYDFDL[D(YLWHFRORFDUDXQLGDGHGHGLVFRUvJLGR/D&LHMXQWRDXPDIRQWHGHFDORURXH[SRUDPHVPDoOX]VRODUDLQGDTXHDWUDYtVGHXPDMDQHOD,QYHUVDPHQWHVHFRORFDUDXQLGDGHGHGLVFRUvJLGR/D&LHQXPDPELHQWHGHPDVLDGRIULRSRGHUrRRFRUUHUGDQRVQDXQLGDGH$UUHIHFLPHQWRQRPLQDOSDUDDOWLWXGHVDWtPHWURV

    6HDVXDXQLGDGHDSUHVHQWDUXPFDERGHDOLPHQWDsrRGHVOLJXHRVHPSUHGDWRPDGDHOtFWULFDVHH[LVWLURULVFR

    GHWURYRDGDRXVHRPHVPRQrRIRUXWLOL]DGRGXUDQWHXPORQJRSHUvRGRGHWHPSR&DVRQrRRIDsDH[LVWHXPULVFRDFUHVFLGRGHFKRTXHHOtFWULFRFXUWRFLUFXLWRRXLQFuQGLR8WLOL]HDSHQDVDIRQWHGHDOLPHQWDsrRIRUQHFLGDFRPRGLVSRVLWLYRVHDSOLFpYHO

    1rRXWLOL]HDXQLGDGHGHGLVFRUvJLGR/D&LHMXQWRDRXWURVDSDUHOKRVHOtFWULFRVFRPRSRUH[HPSORWHOHYLVRUHV

    UpGLRVRXFROXQDV6HRIL]HUSRGHUpFDXVDULQWHUIHUuQFLDVTXHDIHFWDUrRQHJDWLYDPHQWHRIXQFLRQDPHQWRGRVRXWURVSURGXWRV1rRFRORTXHDXQLGDGHGHGLVFRUvJLGR/D&LHMXQWRDIRQWHVGHLQWHUIHUuQFLDVPDJQtWLFDVFRPRSRUH[HPSOR

    PRQLWRUHVGHFRPSXWDGRUWHOHYLVRUHVRXFROXQDV$VLQWHUIHUuQFLDVPDJQtWLFDVSRGHPDIHFWDURIXQFLRQDPHQWRHDHVWDELOLGDGHGDXQLGDGHGHGLVFRUvJLGR/D&LH1XQFDH[HUsDIRUsDH[FHVVLYDQDXQLGDGHGHGLVFRUvJLGR/D&LH6HGHWHFWDUXPSUREOHPDFRQVXOWHDVHFsrR

    5HVROXsrRGHSUREOHPDVGHVWHPDQXDO3URWHMDDXQLGDGHGHGLVFRUvJLGR/D&LHFRQWUDH[SRVLsrRH[FHVVLYDDSwGXUDQWHDXWLOL]DsrRRX

    DUPD]HQDPHQWR2SwSRGHDFXPXODUVHQRLQWHULRUGRGLVSRVLWLYRDXPHQWDQGRRULVFRGHGDQRVRXDYDULD1XQFDXWLOL]HEHQ]HQRGLOXHQWHVGHWHUJHQWHRXRXWURVSURGXWRVTXvPLFRVSDUDOLPSDUDVXSHUIvFLHH[WHULRUGD

    XQLGDGHGHGLVFRUvJLGR/D&LH7DLVSURGXWRVSURYRFDUrRDOWHUDsxHVRXGHVFRORUDsrRGDFDL[D(PYH]GLVVROLPSHRGLVSRVLWLYRFRPXPSDQRVXDYHHVHFR

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    ,1)250$cd(662%5(*$5$17,$

    $VJDUDQWLDVSDGUxHVYDULDPFRQVRDQWHRSURGXWR3DUDYHULILFDURHVWDGRGDJDUDQWLDGRVHXSURGXWRHVDEHUTXDOtDJDUDQWLDSDGUrRLQFOXvGDFRPRPHVPRGLJLWHRQyPHURGHVtULHGRSURGXWRHPZZZODFLHFRPSWVXSSRUW6HQrRIRULQGLFDGDXPDJDUDQWLDSRUEDL[RGRQRPHGRSURGXWRLVVRVLJQLILFDTXHDJDUDQWLDH[SLURX

    $&78$/,=$hm(6'$*$5$17,$

    &DVRSUHWHQGDSURORQJDUDFREHUWXUDGDJDUDQWLDSRGHDGTXLULUDVRSsxHV6LOYHU*ROG3ODWLQXP&DUHRX$GYDQFHG([FKDQJH3DUDPDLVLQIRUPDsxHVYLVLWHZZZODFLHFRPSWZDUUDQWLHV

    ,1)250$hm(6/(*$,6

    7RGRVRVSURGXWRVLQFOXHPXPDJDUDQWLDOLPLWDGD/D&LHSDGUrR/HLDRVWHUPRVHFRQGLsxHVDEDL[R

    3ROvWLFDGH*DUDQWLD/LPLWDGDGD/D&LH

    $JDUDQWLDGD/D&LHz/D&LH{FREUHSDUDRFRPSUDGRURULJLQDOGHIHLWRVGHPDWHULDOHIDEULFRGHVWHHTXLSDPHQWRGXUDQWHXPSHUvRGRGHXPGRLVWUuVRXFLQFRDQRVGHSHQGHQGRGRPRGHORGHVGHDGDWDGHH[SHGLsrRRULJLQDOSRUSDUWHGD/D&LHTXDQGRRHTXLSDPHQWRtXWLOL]DGRHPFRQGLsxHVQRUPDLVHtGHYLGDPHQWHUHSDUDGRTXDQGRQHFHVVpULR&DVRGHWHFWHXPGHIHLWRFREHUWRSHODJDUDQWLDDFLPDLQGLFDGDDVXDUHVROXsrRyQLFDHH[FOXVLYDVHUpD/D&LHDVHXH[FOXVLYRFULWtULRLUHSDUDURXVXEVWLWXLURSURGXWRVHPTXDLVTXHUHQFDUJRVSDUDRXWLOL]DGRURXFDVRQrRHVWHMDGLVSRQvYHOXPDXQLGDGHUHSDUDGDRXSURGXWRGHVXEVWLWXLsrRLLUHHPEROVDURYDORUGHPHUFDGRDFWXDOGRVHXSURGXWR&RQILUPDHDFHLWDTXHDVXEVWLWXLsrRGRSURGXWRDRH[FOXVLYRFULWtULRGD/D&LHSRGHUpVHUXPQRYRSURGXWRRXXPSURGXWRUHPDQXIDFWXUDGR3DUDVHUUHVVDUFLGRFRPDUHVROXsrRLQGLFDGDDFLPDGHYHUpGHYROYHURSURGXWRGXUDQWHRSHUvRGRGHJDUDQWLDHLQFOXLUQDH[SHGLsrRGHFDGDSURGXWRGHYROYLGRLXPDFwSLDGDVXDIDFWXUDGHFRPSUDRULJLQDOSDUDDWHVWDUDVXDJDUDQWLDLLXPQyPHURGH$XWRUL]DsrRGHGHYROXsrRGRPDWHULDOLLLRVHXQRPHPRUDGDHQyPHURGHWHOHIRQHLYXPDFwSLDGRUHFLERFRPRVQyPHURVGHVtULHDGHTXDGRVGD/D&LHFRPRFRPSURYDWLYRGDGDWDGHFRPSUDGHUHWDOKRRULJLQDOHYXPDGHVFULsrRGRSUREOHPD2FOLHQWHWHPGHSDJDUWRGRVRVFXVWRVGHWUDQVSRUWHUHODWLYRVDXPSURGXWRGHYROYLGR2SURGXWRQHFHVVLWDGHVHUGHYROYLGRo/D&LHQRSDvVGHFRPSUDGHUHWDOKRRULJLQDO(VWDJDUDQWLDDSOLFDVHDSHQDVDSURGXWRVGHKDUGZDUH$VOLFHQsDVHJDUDQWLDVGRVRIWZDUHSURGXWRVPXOWLPtGLDHPDQXDLVGD/D&LHVrRHVWDEHOHFLGDVFRPEDVHQXPFRQWUDWRSRUHVFULWRIRUPDOL]DGRHPVHSDUDGR$SUHVHQWHJDUDQWLDQrRtDSOLFpYHOVHRSURGXWRWLYHUVLGRVXMHLWRDXPDXWLOL]DsrRQHJOLJHQWHRXFDVRVHWHQKDGDQLILFDGRGHYLGRDDFLGHQWHXWLOL]DsrRDEXVLYDXWLOL]DsrRQHJOLJHQWHRXDSOLFDsrRLQDGHTXDGDFDVRWHQKDVLGRPRGLILFDGRVHPDDXWRUL]DsrRGD/D&LHRXVHDOJXPQyPHURGHVtULHGD/D&LHWLYHUVLGRUHPRYLGRRXDSDJDGR&DVRXPFOLHQWHWHQKDDGTXLULGRXPD/D&LH$GYDQFH&DUH2SWLRQ$&2HPFRQMXQWRFRPHVWHHTXLSDPHQWRD$&2VHUpYpOLGDGXUDQWHWUuVDQRVDFRQWDUGDGDWDGHDFWLYDsrR

    (;&(372267(5026'$*$5$17,$/,0,7$'$6835$&,7$'2672'2626352'87266g29(1','26z7$/&202(67g2{($/$&,((;&/8,(;35(66$0(17(72'$6$6*$5$17,$6'(48$/48(5(63i&,(48(5(;35(66$648(5,03/k&,7$6285(*8/$0(17$5(6,1&/8,1'2$6*$5$17,$6,03/k&,7$6'(&20(5&,$/,=$hg21g2,1)5$&hg2($'(48$hg2$80'(7(50,1$'2),06(0/,0,7$5'()250$$&5(6&,'$$*(1(5$/,'$'('2$17(5,25$/$&,(1g2*$5$17(2'(6(03(1+228265(68/7$'26

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    2%7,'263(/$87,/,=$hg2'(67(352'87248(2352'8726(-$$35235,$'23$5$26),16'2&/,(17(48(20$18$/(67f,6(172'((55262848(1g26(5g23(5','26'$'26'85$17($87,/,=$hg2'2352'87225,6&2727$/5(/$7,9$0(17($265(68/7$'26('(6(03(1+2i$6680,'21$k17(*5$3(/2&/,(17($*$5$17,$($65(62/8hm(66835$&,7$'$66g2(;&/86,9$6(68%67,78(072'$6$62875$625$,628(6&5,7$6(;35(66$628,03/k&,7$6

    ([FOXVxHVH/LPLWDsxHV

    (VWD*DUDQWLD/LPLWDGDDSOLFDVHDSHQDVDRVSURGXWRVGHKDUGZDUHSURGX]LGRVSHODRXSDUDD/D&LHLGHQWLILFDGRVSHODPDUFDFRPHUFLDOz/D&LH{SHORQRPHFRPHUFLDORXSHORORJwWLSRQHOHVDIL[DGRV(VWD*DUDQWLD/LPLWDGDQrRVHDSOLFDDTXDLVTXHUSURGXWRVGHKDUGZDUHRXDTXDOTXHUVRIWZDUHTXHQrRVHMDPGD/D&LHPHVPRTXHDFRQGLFLRQDGRVRXYHQGLGRVFRPKDUGZDUH/D&LH2VIDEULFDQWHVIRUQHFHGRUHVRXSXEOLFDGRUHVTXHQrRD/D&LHSRGHPGLVSRQLELOL]DUDVVXDVSUwSULDVJDUDQWLDVDRFRPSUDGRUXWLOL]DGRUILQDOPDVD/D&LHQDPHGLGDSHUPLWLGDSHODOHLIRUQHFHRVVHXVSURGXWRVzWDOFRPRHVWrR{2VRIWZDUHGLVWULEXvGRSHOD/D&LHFRPRXVHPRQRPHFRPHUFLDO/D&LHLQFOXLQGRPDVVHPOLPLWDsrRRVRIWZDUHGRVLVWHPDQrRtFREHUWRSRUHVWD*DUDQWLD/LPLWDGD&RQVXOWHRFRQWUDWRGHOLFHQsDTXHDFRPSDQKDRVRIWZDUHSDUDREWHUPDLVLQIRUPDsxHVVREUHRVVHXVGLUHLWRVHPWHUPRVGHXWLOL]DsrR

    $/D&LHQrRJDUDQWHXPIXQFLRQDPHQWRGRSURGXWRVHPLQWHUUXSsxHVQHPHUURV$/D&LHQrRtUHVSRQVpYHOSRUTXDLVTXHUGDQRVUHVXOWDQWHVGRLQFXPSULPHQWRGDVLQVWUXsxHVUHODFLRQDGDVFRPDXWLOL]DsrRGRSURGXWR$SUHVHQWHJDUDQWLDQrRVHDSOLFDDDSHsDVFRQVXPvYHLVVDOYRTXDQGRRFRUUHPGDQRVGHYLGRDXPGHIHLWRGHPDWHULDORXIDEULFREGDQRVVXSHUILFLDLVLQFOXLQGRPDVVHPOLPLWDsrRULVFRVDPROJDGHODVHSOpVWLFRSDUWLGRQDVSRUWDVcGDQRVFDXVDGRVSHODXWLOL]DsrRFRQMXQWDFRPSURGXWRVTXHQrRRVGD/D&LHGGDQRVFDXVDGRVSRUDFLGHQWHXWLOL]DsrRDEXVLYDXWLOL]DsrRQHJOLJHQWHLQXQGDsrRLQFuQGLRWHUUDPRWRRXRXWUDVFDXVDVH[WHUQDVHGDQRVFDXVDGRVSHORIXQFLRQDPHQWRGRSURGXWRIRUDGRVXVRVDXWRUL]DGRVRXSUHYLVWRVGHVFULWRVSHOD/D&LHIGDQRVFDXVDGRVSRUDVVLVWuQFLDLQFOXLQGRDFWXDOL]DsxHVHH[SDQVxHVUHDOL]DGDSRUDOJXtPTXHQrRVHMDXPUHSUHVHQWDQWHGD/D&LHQHPXP7tFQLFRGH$VVLVWuQFLD$XWRUL]DGRGD/D&LHJXPSURGXWRRXSHsDTXHWHQKDVLGRPRGLILFDGRSDUDDOWHUDUDIXQFLRQDOLGDGHRXFDSDFLGDGHVHPDDXWRUL]DsrRHVFULWDGD/D&LHRXKVHDOJXPQyPHURGHVtULHGD/D&LHLQFOXvGRQRSURGXWRWLYHUVLGRUHPRYLGRRXDSDJDGR

    1HQKXPIRUQHFHGRUDJHQWHRXIXQFLRQpULRGD/D&LHHVWpDXWRUL]DGRDUHDOL]DUTXDOTXHUPRGLILFDsrRH[WHQVrRRXDFUtVFLPRDHVWDJDUDQWLD

    4XDLVTXHUSHUGDVGDQRVRXGHVWUXLsrRGHGDGRVDRXWLOL]DUDXQLGDGH/D&LHVrRGDH[FOXVLYDUHVSRQVDELOLGDGHGRXWLOL]DGRUHHPFDVRDOJXPSRGHUpD/D&LHVHUFRQVLGHUDGDUHVSRQVpYHOSHODUHFXSHUDsrRRXUHVWDXURGHVVHVGDGRV3DUDHYLWDUDSHUGDGHGDGRVD/D&LHUHFRPHQGDYLYDPHQWHTXHPDQWHQKD'8$6FwSLDVGRVGDGRVXPDFwSLDQRGLVFRUvJLGRH[WHUQRSRUH[HPSORHXPDVHJXQGDFwSLDQRGLVFRUvJLGRLQWHUQRQRXWURGLVFRH[WHUQRRXQRXWURVXSRUWHGHDUPD]HQDPHQWRGHGDGRVDPRYvYHO$/D&LHWHPGLVSRQvYHOXPDOLQKDFRPSOHWDGHXQLGDGHVGH&'H'9'6HSUHWHQGHUREWHUPDLVLQIRUPDsxHVVREUHDFULDsrRGHFwSLDVGHVHJXUDQsDFRQVXOWHRQRVVRVvWLRGD:HE

    $/$&,(1g2i5(63216f9(/32548$,648(5'$126(63(&,$,6,1&,'(17$,628&216(48(1&,$,65(68/7$17(6'2,1&8035,0(172'$*$5$17,$28$2$%5,*2'(48$/48(57(25,$/(*$/,1&/8,1'2/8&526&(66$17(6,17(5583hg2%2$)i'$1262868%67,78,hg2'2(48,3$0(172(35235,('$'((48$,648(5&86726'(5(&83(5$hg25(352*5$0$hg2285(352'8hg2'(48$/48(5352*5$0$28'$'26$50$=(1$'262887,/,=$'26&2026352'8726'$/$&,(0(60248(7(1+$6,'2,1)250$'2'$3266,%,/,'$'(7$,6'$126

    $OJXQVHVWDGRVQrRSHUPLWHPDH[FOXVrRRXOLPLWDsrRGHJDUDQWLDVOLPLWDGDVRXDUHVSRQVDELOLGDGHSRUGDQRVLQFLGHQWDLVRXFRQVHTXHQFLDLVSRULVVRDOLPLWDsrRRXH[FOXVrRVXSUDFLWDGDSRGHUpQrRDSOLFDUVHQRVHXFDVR$SUHVHQWHJDUDQWLDFRQFHGHOKHGLUHLWRVOHJDLVHVSHFvILFRVHSRGHUpWHURXWURVGLUHLWRVTXHYDULDPGHHVWDGRSDUDHVWDGR

    $RDEULUDHPEDODJHPXWLOL]DURSURGXWRRXDRGHYROYHUR&DUWrRGHUHJLVWRLQFOXvGRFRQILUPDTXHOHXHDFHLWRXRVWHUPRVGRSUHVHQWH&RQWUDWR$FHLWDDLQGDTXHRVXSUDFLWDGRFRQVWLWXLRHVWDGRFRPSOHWRHH[FOXVLYRGRFRQWUDWRFHOHEUDGRHQWUHQwVHVXEVWLWXLTXDOTXHUSURSRVWDRXFRQWUDWRDQWHULRURUDORXSRUHVFULWRHTXDLVTXHURXWUDVFRPXQLFDsxHVHIHFWXDGDVHQWUHQwVHPUHODsrRoPDWtULDFRQWLGDQRSUHVHQWH&RQWUDWR

    /HLDDWHQWDPHQWHWRGDVDVLQIRUPDsxHVUHODFLRQDGDVFRPDJDUDQWLDHSUHFDXsxHVGHXWLOL]DsrRGRVHXQRYR

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    SURGXWR/D&LHQR0DQXDOGR8WLOL]DGRU3DUDRVSURGXWRVDGTXLULGRVQRV(VWDGRV8QLGRVGD$PtULFDSRGHUpFRQWDFWDUD/D&LHDWUDYtVGDPRUDGD1:(YHUJUHHQ3DUNZD\+LOOVERUR2UHJRQ(PDLOVDOHV#ODFLHFRP6vWLRQD:HEZZZODFLHFRP$VVLVWuQFLDDRFOLHQWH

    $VVLVWuQFLD'2$

    (PRFDVLxHVUDUDVXPSURGXWR/D&LHUHFHQWHPHQWHDGTXLULGRSRGHUpVHUHQWUHJXHVHPIXQFLRQDUFRUUHFWDPHQWH(VWDPRVDWUDEDOKDUSDUDHYLWDUHVWHVSUREOHPDVPDVLQIHOL]PHQWHRFDVLRQDOPHQWHHVWDVVLWXDsxHVSRGHUrRRFRUUHU1RHVSDsRGHGLDVGHFDOHQGpULRDFRQWDUGDGDWDGDFRPSUDFDVRWHQKDDOJXPSUREOHPDFRPRVHXQRYRSURGXWR/D&LHVROLFLWDPRVTXHRGHYROYDDRORFDOGDVXDFRPSUDRULJLQDO6HUpVROLFLWDGRRIRUQHFLPHQWRGRFRPSURYDWLYRGHFRPSUD

    $GYDQFH&DUH2SWLRQ

    7RGRVRVSURGXWRVFRPXPDJDUDQWLDGHDQRVSRGHPEHQHILFLDUGD/D&LH$GYDQFH&DUH2SWLRQ(VWDRSsrRSRGHVHUDGTXLULGDVHSDUDGDPHQWHRQOLQHQXPHVSDsRGHGLDVDFRQWDUGDGDWDGHFRPSUDGRVHXSURGXWR/D&LHHVHUpVROLFLWDGRRIRUQHFLPHQWRGRVHXFRPSURYDWLYRGHFRPSUD$$GYDQFH&DUH2SWLRQQrRSURORQJDRSHUvRGRGHJDUDQWLDRULJLQDO

    $RDEULJRGHVWDJDUDQWLDD/D&LHSURFHGHUpoVXEVWLWXLsrRGHXPSURGXWRVHPTXHHVWHWHQKDSULPHLURGHVHUGHYROYLGRGHPRGRDJDUDQWLUXPDLQWHUUXSsrRPvQLPDGRIOX[RGHWUDEDOKR$/D&LHVXEVWLWXLUpDWRWDOLGDGHRXSDUWHGRSURGXWRGHSHQGHQGRGRQRVVRSURFHVVRGHFODVVLILFDsrRGRSUREOHPD3RGHUpUHFHEHUXPSURGXWRUHVWDXUDGRQXPDHPEDODJHPTXHQrRDGHUHWDOKR$/D&LHDVVXPLUpWRGRVRVFXVWRVGHWUDQVSRUWH

    21yPHURGHVtULHGRSURGXWRWHPGHVHUDSUHVHQWDGRSULPHLURQRVvWLRGD:HEGD/D&LH3DUDJDUDQWLUD$GYDQFH&DUH2SWLRQWHUpWDPEtPGHDSUHVHQWDURQyPHURGRVHXFDUWrRGHFUtGLWR&DVRRSURGXWRQrRVHMDGHYROYLGRQRHVSDsRGHGLDVGHFDOHQGpULRDFRQWDUGDGDWDGHH[SHGLsrRGRSURGXWRGHVXEVWLWXLsrRVHUOKHpFREUDGRRYDORUWRWDOGHXPQRYRSURGXWRHTXLSDUpYHO

    $/D&LHVwSRGHUpIRUQHFHUHVWDJDUDQWLDRSFLRQDOHPSDvVHVRQGHH[LVWLUXPHVFULWwULR/D&LHORFDO

    $GYHUWuQFLDDR&OLHQWH

    &HUWLILTXHVHGHTXHHIHFWXDXPDFwSLDGHVHJXUDQsDGRVVHXVGDGRVDQWHVGHGHYROYHUDVXDXQLGDGHo/D&LHSDUDUHSDUDsrR$/D&LHQrRJDUDQWHHPFLUFXQVWqQFLDDOJXPDDLQWHJULGDGHGRVGDGRVTXHSHUPDQHsDPQXPDXQLGDGHGHYROYLGD1rRJDUDQWLPRVDUHFXSHUDsrRGHGDGRVHQrRSRGHPRVVHUUHVSRQVDELOL]DGRVSRUTXDOTXHUSHUGDGHGDGRVQDVXQLGDGHVRXSURGXWRVPXOWLPtGLDGHYROYLGRVo/D&LH

    7RGRVRVSURGXWRVGHYROYLGRVo/D&LHWuPGHVHHQFRQWUDUHPEDODGRVHPVHJXUDQsDQDFDL[DRULJLQDOHVHUHQYLDGRVFRPSRUWHVSUtSDJRVH[FHSWRRV3URGXWRVUHJLVWDGRVDRDEULJRGD$GYDQFH&DUH2SWLRQ

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    ,1)250$cb2/(*$,6

    ',5(,726'($8725

    &RS\ULJKWc/D&LH7RGRVRVGLUHLWRVUHVHUYDGRV1HQKXPDSDUWHGHVWDSXEOLFDsrRSRGHUpVHUUHSURGX]LGDDUPD]HQDGDQXPVLVWHPDGHUHFXSHUDsrRRXWUDQVPLWLGDVRETXDOTXHUIRUPDRXTXDOTXHUPHLRTXHUVHMDHOHFWUwQLFRPHFqQLFRDWUDYtVGHIRWRFwSLDJUDYDsrRRXRXWURVHPDXWRUL]DsrRSUtYLDSRUHVFULWRGD/D&LH

    $/7(5$hm(6

    2FRQWHyGRGHVWHGRFXPHQWRGHVWLQDVHDILQVLQIRUPDWLYRVHHVWpVXMHLWRDDOWHUDsxHVVHPDYLVRSUtYLR(PERUDWHQKDPVLGRUHDOL]DGRVHVIRUsRVUD]RpYHLVQDSUHSDUDsrRGHVWHGRFXPHQWRGHPRGRDJDUDQWLUDUHVSHFWLYDH[DFWLGrRD/D&LHQrRDVVXPHTXDOTXHUUHVSRQVDELOLGDGHUHVXOWDQWHGHHUURVRXRPLVVxHVQHVWHGRFXPHQWRRXGDXWLOL]DsrRGDVLQIRUPDsxHVQHOHLQFOXvGDV$/D&LHUHVHUYDVHRGLUHLWRGHHIHFWXDUDOWHUDsxHVRXUHYLVxHVQDFRQFHSsrRRXQRPDQXDOGRSURGXWRVHPUHVHUYDVHVHPREULJDsrRGHQRWLILFDUTXDOTXHUSHVVRDGHWDLVUHYLVxHVRXDOWHUDsxHV

    '(&/$5$hg2'(,17(5)(5j1&,$6'$&20,66g2)('(5$/'(&2081,&$hm(6

    (VWHHTXLSDPHQWRIRLWHVWDGRHHVWpHPFRQIRUPLGDGHFRPDVOLPLWDsxHVGHXPGLVSRVLWLYRGLJLWDOGH&ODVVH%GHDFRUGRFRPD3DUWHGDV1RUPDV)&&(VWDVOLPLWDsxHVGHVWLQDPVHDIRUQHFHUXPDSURWHFsrRUD]RpYHOFRQWUDLQWHUIHUuQFLDVQRFLYDVQXPDLQVWDODsrRUHVLGHQFLDO(VWHHTXLSDPHQWRJHUDXWLOL]DHSRGHLUUDGLDUHQHUJLDGHUDGLRIUHTXuQFLDSHORTXHVHQrRIRULQVWDODGRHXWLOL]DGRGHDFRUGRFRPDVLQVWUXsxHVSRGHUpFDXVDULQWHUIHUuQFLDVQRFLYDVHPUDGLRFRPXQLFDsxHV1RHQWDQWRQrRH[LVWHPJDUDQWLDVGHTXHQrRRFRUUDPLQWHUIHUuQFLDVQXPDGHWHUPLQDGDLQVWDODsrR6HHVWHHTXLSDPHQWRFDXVDULQWHUIHUuQFLDVQRFLYDVoUHFHSsrRGHWHOHYLVrRRXUpGLRDOJRTXHSRGHVHUGHWHUPLQDGRDROLJDUHGHVOLJDURHTXLSDPHQWRUHFRPHQGDVHTXHRXWLOL]DGRUWHQWHFRUULJLUDVLQWHUIHUuQFLDVDWUDYtVGRVVHJXLQWHVSURFHGLPHQWRV

    5HRULHQWHRXGHVORTXHDDQWHQDGHUHFHSsrR$XPHQWHRHVSDsRGHVHSDUDsrRHQWUHRHTXLSDPHQWRHRUHFHSWRU/LJXHRHTXLSDPHQWRDXPDWRPDGDQXPFLUFXLWRGLIHUHQWHGDTXHOHDRTXDORUHFHSWRUHVWpOLJDGR&RQWDFWHRIRUQHFHGRURXXPWtFQLFRGH79UpGLRH[SHULHQWHSDUDREWHUDMXGD

    $YLVR)&&4XDOTXHUPRGLILFDsrRVHPDSURYDsrRH[SUHVVDGDSDUWHUHVSRQVpYHOSHODFRQIRUPLGDGHSRGHUpDQXODUDSHUPLVVrRGRXWLOL]DGRUSDUDXWLOL]DURUHVSHFWLYRHTXLSDPHQWR

    (VWHGLVSRVLWLYRHVWpHPFRQIRUPLGDGHFRPD3DUWHGDV5HJXODPHQWDsxHVGD)&&2IXQFLRQDPHQWRHVWpVXMHLWRoVVHJXLQWHVGXDVFRQGLsxHV(VWHGLVSRVLWLYRQrRSRGHSURYRFDULQWHUIHUuQFLDVQRFLYDVHHVWHGLVSRVLWLYRGHYHSHUPLWLUDUHFHSsrRGHTXDOTXHULQWHUIHUuQFLDLQFOXLQGRLQWHUIHUuQFLDVTXHSRVVDPFDXVDUXPIXQFLRQDPHQWRLQGHVHMDGR

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    ,QIRUPDhgRLPSRUWDQWH'HFODUDhgRGH([SRVLhgRe5DGLDhgR)&&(VWHHTXLSDPHQWRHVWpHPFRQIRUPLGDGHFRPRVOLPLWHVGHH[SRVLsrRoUDGLDsrRHVSHFLILFDGRVSHOD)&&SDUDXPDPELHQWHQrRFRQWURODGR(VWHHTXLSDPHQWRGHYHUpVHULQVWDODGRHXWLOL]DGRDXPDGLVWqQFLDPvQLPDGHFPHQWUHRUDGLDGRUHRVHXFRUSR

    (VWHWUDQVPLVVRUQrRGHYHHVWDUORFDOL]DGRQRPHVPRORFDOTXHTXDOTXHURXWUDDQWHQDRXWUDQVPLVVRUQHPGHYHIXQFLRQDUHPFRQMXQsrRFRPRVPHVPRV

    $GLVSRQLELOLGDGHGHDOJXQVFDQDLVHRXEDQGDVGHIUHTXuQFLDGHIXQFLRQDPHQWRHVSHFvILFRVGHSHQGHGRSDvVHRILUPZDUHtSURJUDPDGRQDIpEULFDSDUDFRUUHVSRQGHUDRGHVWLQRSUHYLVWR$FRQILJXUDsrRGRILUPZDUHQrRtDFHVVvYHODRXWLOL]DGRUILQDO

    5(((

    (VWHVvPERORQRSURGXWRRXQDUHVSHFWLYDHPEDODJHPLQGLFDTXHRPHVPRQrRGHYHVHUGHSRVWRFRPRUHVWDQWHOL[RGRPtVWLFR(PYH]GLVVRtGDUHVSRQVDELOLGDGHGRXWLOL]DGRUHQWUHJDURHTXLSDPHQWRLQXWLOL]DGRQXPSRQWRGHUHFROKDFRQFHELGRSDUDUHFLFODJHPGHOL[RHOtFWULFRRXHOHFWUwQLFR$UHFROKDHUHFLFODJHPHPVHSDUDGRGRHTXLSDPHQWRLQXWLOL]DGRQDDOWXUDGDHOLPLQDsrRDMXGDUrRQDFRQVHUYDsrRGRVUHFXUVRVQDWXUDLVHJDUDQWLUrRDUHFLFODJHPGHXPPRGRTXHSURWHMDR

    DPELHQWHHDVDyGHKXPDQD3DUDREWHUPDLVLQIRUPDsxHVDFHUFDGRVORFDLVRQGHSRGHUpHQWUHJDURHTXLSDPHQWRLQXWLOL]DGRSDUDUHFLFODJHPFRQWDFWHRUHSUHVHQWDQWHORFDOXPVHUYLsRGHHOLPLQDsrRGHOL[RGRPtVWLFRRXDORMDRQGHDGTXLULXHVWHSURGXWR

    '(&/$5$hg2'2)$%5,&$17(3$5$&(57,),&$hg2&(

    $/D&LHGHFODUDVROHQHPHQWHTXHHVWHSURGXWRHVWpHPFRQIRUPLGDGHFRPDVVHJXLQWHVQRUPDVHXURSHLDV'LUHFWLYDGH&RPSDWLELOLGDGH(OHFWURPDJQtWLFD&('LUHFWLYDGH%DL[D7HQVrR&(

    0$5&$6&20(5&,$,6

    $SSOH0DFH0DFLQWRVKVrRPDUFDVFRPHUFLDLVUHJLVWDGDVGD$SSOH,QF0LFURVRIW:LQGRZV;3:LQGRZV9LVWDH:LQGRZVVrRPDUFDVFRPHUFLDLVUHJLVWDGDVGD0LFURVRIW&RUSRUDWLRQ2XWUDVPDUFDVFRPHUFLDLVPHQFLRQDGDVQHVWHPDQXDOVrRSURSULHGDGHGRVUHVSHFWLYRVSURSULHWpULRV

    '(&/$5$hg2'(&21)250,'$'(3$5$2&$1$'f

    (VWHDSDUHOKRGLJLWDOGH&ODVVH%FXPSUHWRGRVRVUHTXLVLWRVGDV1RUPDVFDQDGLDQDVUHIHUHQWHVDHTXLSDPHQWRVFDXVDGRUHVGHLQWHUIHUuQFLDV

    '(&/$5$hg2'(&21)250,'$'(3$5$2-$3g2

  • 3RUVFKH'HVLJQ3+DUG'ULYHGR8WLOL]DGRU

    'HDFRUGRFRPDQRUPDGR9&&,9ROXQWDU\&RQWURO&RXQFLOIRU,QWHUIHUHQFHIURP,QIRUPDWLRQ7HFKQRORJ\(TXLSPHQWHVWHtXPSURGXWRGH&ODVVH%6HIRUXWLOL]DGRQDSUR[LPLGDGHGHXPUHFHSWRUGHWHOHYLVrRUpGLRSRGHUpFDXVDULQWHUIHUuQFLDUDGLRHOtFWULFD,QVWDOHRHTXLSDPHQWRGHDFRUGRFRPRPDQXDO