?? GRVVLHULOXPLQD©¥RHHͤFL¬QFLDHQHUJ«WLFDHPKRVSLWDLV &)2*&+ÅÃ,"#& &"+1" "*%,0-&1&0 7¤QLD9LHJDV $XUD/LJKW ,+01+1"2*"+1,!"*,$/Á#& ,","+3")%" &*"+1, !-,-2)ÅÃ,*2+!&)-"/*&1"* ,*-/""+!"/,*,1&3, -"),.2),0"1,/!0Ó!"$+%2**&,/!"01.2"" "0-Å,-//"#)"5Ã,0,/",0"212)--")+0, &"!!": /"0 "+1"&+#,/*ÅÃ,!&0-,+Ë3")"-,00&&)&!!" !""0 ,)%!,021"+1"0#7"* ,*.2""5-"11&3 /")1&3*"+1",00"/3&Å,08".2&-*"+1,0""5-"/&È+ & %,0-&1)/0"'*&0"5&$"+1"8&*-,+!,+" "00&!!" !"2*3&0Ã,!&#"/"+ &!:"01"0/".2&0&1,0'2+190" 0&12ÅÃ," ,+Ð*& !&#Ë &).2"0"1/3"00".2"!"1"/*&+ "5&$È+ &0"+"/$Ç1& 0-"/1!0,/&$+!,*2!/, -/!&$*12)!,0,0-&1&0: 5LWPR IUHQ«WLFR KRUDV SRU GLD H UHSOHWR GH HPR©·HV FRQWUDVWDQWHV DVVLP « D DWPRVIHUD YLYLGDGLDULDPHQWHQRV+RVSLWDLV 7DQWRRVHVSD©RVH[WHULRUHVFRPRRVLQWHULRUHVGRVKRVSLWDLVGHVHPSHQKDPIXQ©·HVLP SRUWDQWHVQDSHUFH©¥RHEHPHVWDUGHTXHPRVIUHTXHQWDVHMDPSDFLHQWHVIXQFLRQ£ULRVRX YLVLWDQWHVRQGHDLOXPLQD©¥RVHDSUHVHQWDFRPRXPIDWRUFKDYHQRPRGRFRPRRVHVSD©RV V¥RH[SHULHQFLDGRVGHVGHRSULPHLURVHJXQGR 2VKRVSLWDLVPDLVDQWLJRVXWLOL]DPDLQGDXPDOLQJXDJHPGHPDVLDGRLPSHVVRDOHRSUHVVLYD GHVDGHTXDGDDRDPELHQWHGHWUDQTXLOLGDGHGHVHMDGRDWXDQGRQHJDWLYDPHQWHQRSURFHVVRGH FXUDGRSDFLHQWHDWUDY«VGHDPELHQWHVH[FHVVLYDPHQWHFO¯QLFRV(VWDGHVDGHTXD©¥RYHULͤFDVH WDQWRDRQ¯YHOGDLOXPLQD©¥RFRPRGDSUµSULDDUTXLWHWXUDTXHQRV¼OWLPRVDQRVDVVLVWLXDXPD WUDQVIRUPD©¥RVXEVWDQFLDOGHSULQF¯SLRVSULYLOHJLDQGRDPELHQWHVPDLVFRORULGRVHKXPDQL]D GRVFRPJUDQGHVMDQHODVDW«DRVRORTXHSHUPLWHPXPPDLRUSURYHLWRGDOX]QDWXUDOHRQGH HVSD©RVLQWHULRUHVHH[WHULRUHVFRPXQLFDPFRPPDLRUIOXLGH]SHUPLWLQGRDRSDFLHQWHWHUXPD VDXG£YHOOLJD©¥RFRPDHQYROYHQWH $WXDOPHQWHRJUDQGHGHVDͤRGRV+RVSLWDLVFHQWUDVHHPRIHUHFHUDPHOKRUH[SHUL¬QFLD SRVV¯YHODRSDFLHQWHIXQFLRQ£ULRVHYLVLWDQWHVYLVDQGRRVHXUHFRQKHFLPHQWRFRPRLQVWLWXL ©·HVLGµQHDVGHTXDOLGDGHHTXHDSUHVHQWDPPDLVYDOLDVIDFH¢FRQFRUU¬QFLDLQIOXHQFLDQGR HVFROKDVIXWXUDV ZZZRHOHFWULFLVWDSWRHOHFWULFLVWD $LOXPLQD©¥RHO«WULFDSHUPLWLXXPKRU£ULR DODUJDGRGHIXQFLRQDPHQWRGRV+RVSLWDLVH FRQVLJR WURX[H XP DXPHQWR GR FRQVXPR HQHUJ«WLFRVHQGRHPP«GLDRGREURGRGH RXWUDVWLSRORJLDVGHHGLI¯FLRV 7DPE«P QHVWHV HVSD©RV RQGH D TXD OLGDGH GR VHUYL©R GHYH VHU LUUHSUHHQV¯YHO D DFHQWXDGD SUHVV¥R HFRQµPLFD PDQLIHVWDVH UHFODPDQGR XPD PDLRU UDFLRQDOL]D©¥R GH UH FXUVRVTXDOTXHUTXHVHMDDVXD¯QGROHHFRPR DXPHQWRGRVSUH©RVGDHQHUJLDDLOXPLQD©¥R « XP GRV UHFXUVRV FRP PDLRU SRWHQFLDO GH SRXSDQ©DVHIHWLYDVFRPXPUHWRUQRGHLQYHV WLPHQWRLQWHUHVVDQWH 9£ULRV HVWXGRV GH HQWLGDGHV LQGHSHQ GHQWHVFRPSURYDPTXHDOX]WDQWRQDWXUDO FRPR DUWLILFLDO WHP XPD IRUWH LQIOX¬QFLD QR FRPSRUWDPHQWR GHVHPSHQKR H FRQ VHTXHQWHPHQWH QD PHOKRULD GR HVWDGR GH HVS¯ULWR H VD¼GH GR VHU KXPDQR 2 ULWPR FLUFDGLDQR « FRQWURODGR SHOD LQWHQVLGDGH H FRPSRVL©¥RHVSHWUDOGDOX]TXHQRVURGHLD DIHWDQGR D TXDOLGDGH GH VRQR H KXPRU LQ GLFDQGR DR QRVVR RUJDQLVPR TXDQGR GHYH HVWDU PDLV DWLYR GXUDQWH R GLD RX PDLV UHOD[DGRGXUDQWHDQRLWH1RFDVRGHIXQ FLRQ£ULRV H SDFLHQWHV TXH SDVVHP PXLWDV KRUDV VHP OX] QDWXUDO HVWD QR©¥R GH WHP SR « DIHWDGD WDO FRPR D VXD VD¼GH GHYLGR DR G«ILFH GRV Q¯YHLV GH FRUWLVRO GD¯ TXH D OX] DUWLILFLDO GHYD WHU HVWH SDSHO PLP«WLFR $TXL VLVWHPDV GLQ¤PLFRV GH FRU SRGHU¥R VHU UHOHYDQWHV FRQWULEXLQGR WDPE«P SDUD DPHQL]DU R VWUHVV WUDGX]LQGRVH QXPD PDLVYDOLDFRPRQRFDVRGHVDODVGHH[D PHV DMXGDQGR R SDFLHQWH D GHVFRQWUDLU H DGRWDUXPDSRVWXUDPDLVFRODERUDWLYDFRP RVIXQFLRQ£ULRV (VWHUHFRQKHFLPHQWRGDLOXPLQD©¥RFRPR SURPRWRUD GH VD¼GH SHUPLWH TXH D ̸HVWDGLD̹ GRSDFLHQWHVHMDPDLVFXUWDRULJLQDQGRXPD UHGX©¥RGHGHVSHVDVSDUDR+RVSLWDO $LOXPLQD©¥RHDSUHRFXSD©¥RFRPDHͤ FL¬QFLD HQHUJ«WLFD GHYHP VHU FRQVLGHUDGDV QRSURMHWROXPLQRW«FQLFRGHVGHXPDIDVHLQL FLDO DFRPSDQKDQGR R SURMHWR GH DUTXLWHWXUD SDUD VH REWHU D VROX©¥R LGHDO RQGHFRQIRUWR SHUIRUPDQFH H HͤFL¬QFLD VH KDUPRQL]DP GDQGRVHQWLGR¢IRUPD 4XDQGR VH IDOD HP HILFL¬QFLD HQHUJ«WL FD LPHGLDWDPHQWH VH SHQVD HP VLVWHPDV GH FRQWUROR PDLV RX PHQRV LQWHOLJHQWHV FRP WLSRV GH FRPXQLFD©¥R GLYHUVRV FRPR GRVVLHULOXPLQD©¥RHHͤFL¬QFLDHQHUJ«WLFDHPKRVSLWDLV « R FDVR GD FRPXQLFD©¥R YLD ZLUHOHVV RX '$/, FRPR PHLR GH SRXSDQ©D HQHUJ«WLFD 1R HQWDQWRXPVLVWHPDGH LOXPLQD©¥R HIL FLHQWH Q¥R VH UHJH DSHQDV SHOD DSOLFD©¥R GHVLVWHPDVGHFRQWUROR(PSULPHLUROXJDU SDVVD SHOD VHOH©¥R GH OXPLQ£ULDV HILFLHQ WHVHDGHTXDGDV¢IXQ©¥RFRPERPUHQGL PHQWRRXVHMDFRPXPDERDUHOD©¥RHQWUH R IOX[R OXPLQRVR H SRW¬QFLD PDWHULDLV GH TXDOLGDGH LQFOXLQGR GLIXVRUHV H UHIOHWRUHV DOLDGRV D EDODVWURV HOHWUµQLFRV GH EDL[DV SHUGDVTXHHOLPLQDPRHIHLWR)OLFNHUHIRQ WHV GH OX] FRP XPD HOHYDGD YLGD ¼WLO SDUD REWHUXPDUHGX©¥RGHFXVWRVGHPDQXWHQ ©¥RGDLQVWDOD©¥R $WXDOPHQWHDWHFQRORJLD/('JDQKDWHU UHQRIDFHDRXWUDVIRQWHVGHLOXPLQD©¥RSHOD VXD HOHYDGD HILFL¬QFLD FRQWXGR SUROLIHUDP VROX©·HV QHP VHPSUH EHP FRQVHJXLGDV SRUQ¥RKDYHUFRQVFL¬QFLDRXFRQKHFLPHQ WR W«FQLFR SDUD XPD DQ£OLVH GR SURSRVWR SRU SDUWH GR GHFLVRU +£ TXH FRQVLGHUDU D TXDOLGDGHGRVFRPSRQHQWHVHDILDELOLGDGH GDLQIRUPD©¥RIRUQHFLGDSDUDHYLWDUSUREOH PDV SUHFRFHV FRP D LQVWDOD©¥R 2V /('V DSUHVHQWDP WRGDYLD YDQWDJHQV UHOHYDQWHV FRPRDHPLVV¥RUHGX]LGDGHFDORUHDVVLP XP PHQRU UHFXUVR GH DU FRQGLFLRQDGR UH GX]LQGRFXVWRVGH$9$&M£W¬PXPHOHYDGR QGLFH GH 5HVWLWXL©¥R &URP£WLFD TXH SRGH VHU VLJQLILFDWLYR HP DOJXQV GLDJQµVWLFRV LPSRUWDQWH PHQFLRQDU TXH Q¥R HPLWH UD GLD©·HV89QHPLQIUDYHUPHOKRVHQ¥RFRQ W«P 0HUF¼ULR 3HUPLWHP DLQGD XPD PDLRU FXVWRPL]D©¥R H IOH[LELOLGDGH GDV VROX©·HV DEULQGR XP OHTXH LQILQG£YHO GH FRQFHLWRV GLULJLGRVDRLQGLY¯GXRHTXHDMXGDPQDVXD UHFXSHUD©¥R 6HPSUH TXH ID©D VHQWLGR GHYHU¥R VHU LQWHJUDGRVVLVWHPDVGHFRQWURORFRPVHQ VRUHV GH OX] QDWXUDO GH PRGR D TXH RV Q¯YHLV GH LOXPLQ¤QFLD VHMDP RV LGHDLV QR GHFRUUHUGRGLDDSURYHLWDQGRDRP£[LPRR UHFXUVRQDWXUDOJUDWXLWRTXHWHPRVDRQRV VR GLVSRU $WULEXLQGR D FDGD SRQWR GH OX] XPFDQDOHVSHF¯ILFRDGY«PGD¯DSRVVLELOL GDGHGHFDGDSRQWRWHUXPFRPSRUWDPHQ WR GLIHUHQFLDGR H DGDSWDGR DR PRPHQWR 2XWUDSRVVLELOLGDGHGHFRQWUROR«DLPSOH PHQWD©¥RGHVHQVRUHVGHSUHVHQ©DHPR YLPHQWRHPTXHDIXQ©¥R212))SHUPLWH OLJDURXGHVOLJDUDVOXPLQ£ULDVFRQVRDQWHD GHWH©¥RGHSUHVHQ©DRXQ¥RGHVUHVSRQVD ELOL]DQGRRXWHQWHGHXPSRVV¯YHOPDXXVR GDLOXPLQD©¥R 2V VLVWHPDV GH FRQWUROR TXDLVTXHU TXH VHMDP GHYHP VHU LQWXLWLYRV SDUD HYLWDU FRQVWUDQJLPHQWRV SHUPLWLQGR DR XWHQWH D FXVWRPL]D©¥RGHFHQ£ULRVLQWHQVLGDGHHRX WURVGHPRGRDVHQWLUVHRPDLVFRQIRUW£YHO SRVV¯YHO $ LQWHJUD©¥R FRQVFLHQWH GHVWHV Y£ULRV WLSRV GH VLVWHPDV GH FRQWUROR SHUPLWH XPD SRXSDQ©D FRQVLGHU£YHO QD IDWXUD HQHUJ«WLFD HPHQRVHPLVV·HVGHFDUERQRFRQWULEXLQGR SDUDXPDPHQRUSHJDGDHFROµJLFD $SUHRFXSD©¥RFRPDHͤFL¬QFLDHQHUJ« WLFD Q¥R GHYH VXERUGLQDU DVSHWRV LPSRUWDQ WHVSDUDXPDERDLOXPLQD©¥R$VROX©¥RLGHDO GHYH FRQVLGHUDU IDWRUHV UHODFLRQDGRV FRP D HͤFL¬QFLD HQHUJ«WLFD VHP GHVSUH]DU R FRQ IRUWRRXDTXDOLGDGHGDLOXPLQD©¥RUHVXOWDQ GRQXPHGLI¯FLRVXVWHQW£YHOGLUHFLRQDGRSDUD RLQGLY¯GXRDWULEXLQGROKHXPVHQWLGRGHGLJ QLGDGHHYDORUL]D©¥R 38% ?@