Ã&ODVVH GHÃ5LVFR ÃÃÃÃ3RQWXDomR ÃÃÃ0RUWDOLGDGH ÃÃÃÃ7UDWDPHQWR, ÃÃÃÃÃÃÃÃÃÃÃÃ ÃÃÃÃÃÃÃÃ ÃÃÃÃ$PEXODWRULDO,, ÃÃÃÃÃÃÃÃ Ã ÃÃÃÃÃÃÃÃ ÃÃÃÃ$PEXODWRULDO,,, ÃÃÃÃÃÃÃ ÃÃÃÃÃÃÃÃ ÃÃ+RVSLWDODU EUHYH,9 ÃÃÃÃÃÃÃ ÃÃÃÃÃÃÃÃ ÃÃÃÃÃÃ+RVSLWDODU 9 ÃÃÃÃÃÃÃ!Ã ÃÃÃÃÃÃÃÃ ÃÃÃÃÃÃ+RVSLWDODU
5LVFRÃSDUD EDFWpULDVÃJUDP QHJDWLYDV HQWHUREDFWpULDV 5LVFRÃSDUD JHUPHV HVSHFtILFRV ÃÃÃÃÃ$ 'LDJQyVWLFR ÃHVSHFtILFR ÃÃÃREWLGR 0XGDUÃSDUDÃRÃWUDWDPHQWR ÃÃÃÃÃÃÃÃÃÃÃÃÃ(VSHFtILFR ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ$ 3HQLFLOLQDÃ&LSURIOR[DFLQD ÃÃÃÃÃÃÃDPLQRJOLFRVLGHR Ã3HQLFLOLQDà ÃÃÃÃÃJDWLIOR[DFLQDÃRX ÃÃÃÃÃPR[LIOR[DFLQD ÃÃÃÃÃÃ0DQWHUÃWUDWDPHQWR ÃÃÃÃÃÃGHÃDPSORÃHVSHFWUR Ã*DWLIOR[DFLQDÃRX PR[LIOR[DFLQDÃÃ(992 ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ2X 3HQLFLOLQDÃÃFLSURIOR[DFLQD ÃÃÃ7UDWDPHQWR FRQIRUPHÃÃSDWyJHQR ÃÃÃÃÃÃÃÃÃÃGHÃULVFR ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ$ *DWLIOR[DFLQDÃRX PR[LIOR[DFLQD Ã3DFLHQWHVÃGRÃ3$'ÃSURJUDPDÃGHÃDWHQGLPHQWRÃGRPLFLOLDUÃGRÃ*+& Ã8VRÃ(9ÃSRUÃPDLVÃGHÃÃGLDVÃVRPHQWHÃDSyVÃMXVWLILFDWLYD Ã)DWRUHVÃGHÃULVFRÃSDUDÃSVHXGRPRQDVÃDXVHQWHV ±ÃÃVLJQLILFDÃDVVRFLDGRÃRXÃQmRÃDÃFULWpULRÃPpGLFR 1 2 1 2 6,0 6,0 1 2 1 2 7UDWDPHQWR Ã+RVSLWDODU 1HFHVVLWD ÃÃWUDWDPHQWR ÃÃÃHPÃÃÃ87, ÃÃÃÃÃÃÃÃÃÃÃ$ 3$& $PSLFLOLQDÃRXÃÃÃ$PR[LFLOLQD ÃÃÃÃÃÃÃÃÃÃ(ULWURPLFLQD ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ2X Ã$]LWURPLFLQDÃPRQRWHUDSLD ÃÃÃÃÃÃÃÃ$ $
Q 7DEDJLVPR QÃ 'LVOLSLGHPLD QÃ 'LDEHWHÃPpOLWR QÃ +LVWyULDÃIDPLOLDU QÃ 0DVFXOLQR Ã Ã Ã Ã )HPLQLQR Ã Ã Ã Ã 7RWDO Ã Ã Ã Ã +9( $,7 5HWLQRSDWLD 1HIURSDWLD '$3 &, 0DVFXOLQR )HPLQLQR
*UXSRÃGHÃ5LVFR &LQWXUDÃDEGRPLQDO FP 3HVR.J,0&.JP 7$6 PP+J 7$' PP+J *UXSRÃ$ Ã Ã Ã Ã Ã *UXSRÃ% Ã Ã Ã Ã Ã *UXSRÃ& Ã Ã Ã Ã Ã
)DL[DÃVDODULDO 3HUFHQWXDOÃGHÃWUDEDOKDGRUHV $WpÃÃVDOiULRVÃPtQLPRV Ã 'HÃÃDÃÃVDOiULRVÃPtQLPRV Ã 0DLVÃGHÃÃVDOiULRVÃPtQLPRV Ã 3HUFHQWXDOÃGH WUDEDOKDGRUHV 1mRÃDSRVHQWDGRV $SRVHQWDGRVÃSRUÃWHPSRÃGHÃVHUYLoR $SRVHQWDGRVÃSRUÃLGDGH )LJXUDÃÃ'LVWULEXLomRÃGRVÃWUDEDOKDGRUHVÃGRÃ*+&ÃDIDVWDGRVÃHPÃ EHQHItFLRÃSUHYLGHQFLiULRÃSRUÃWLSRÃGHÃEHQHItFLRÃ3RUWRÃ$OHJUHÃ )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3H VVRDOÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56 $X[GRHQoD SUHYLGHQFLiULRÃ% $X[GRHQoD DFLGHQWiULRÃ% $SRVHQWDGRULDÃSRU LQYDOLGH]ÃSUHYLG % $SRVHQWDGRULDÃSRU LQYDOLGH]ÃDFLGHQW %
)LJXUDÃÃÃ'LVWULEXLomRÃGRVÃWUDEDOKDGRUHVÃGRÃ*+&ÃDIDVWDGRVÃHPÃEHQHItFLRÃ SUHYLGHQFLiULRÃSRUÃVH[RÃ3RUWRÃ$OHJUHÃ56ÃÃ )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã 0XOKHUHV +RPHQV )LJXUDÃÃ'LVWULEXLomRÃGRVÃWUDEDOKDGRUHVÃGRÃ*+&ÃDIDVWDGRVÃHPÃEHQHItFLRÃ SUHYLGHQFLiULRÃSRUÃLGDGHÃ3RUWRÃ$OHJUHÃ56ÃÃ )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã (QWUHÃÃHÃÃDQRV (QWUHÃÃHÃÃDQRV (QWUHÃÃHÃÃDQRV 0DLVÃGHÃÃDQRV )LJXUDÃÃÃ'LVWULEXLomRÃGRVÃWUDEDOKDGRUHVÃGRÃ*+&ÃDIDVWDGRVÃHPÃEHQHItFLR SUHYLGHQFLiULRÃSRUÃHVFRODULGDGHÃ3RUWRÃ$OHJUHÃ56ÃÃ )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã (QVLQRÃIXQGDPHQWDOÃLQFRPSOHWR (QVLQRÃIXQGDPHQWDOÃFRPSOHWR (QVLQRÃPpGLRÃLQFRPSOHWR (QVLQRÃPpGLRÃFRPSOHWR (QVLQRÃVXSHULRUÃLQFRPSOHWR (QVLQRÃVXSHULRUÃFRPSOHWR )LJXUDÃÃ'LVWULEXLomRÃGRVÃWUDEDOKDGRUHVÃGRÃ*+&ÃDIDVWDGRVÃHPÃEHQHItFLRÃ SUHYLGHQFLiULRÃSRUÃIDL[DÃVDODULDOÃ3RUWRÃ$OHJUHÃ56ÃÃ )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã $WpÃÃ60 ÃDÃÃ60 ÃDÃÃ60 0DLVÃGHÃÃ60
)LJXUDÃÃ'LVWULEXLomRÃGRVÃWUDEDOKDGRUHVÃGRÃ*+&ÃDIDVWDGRVÃHPÃ EHQHItFLRÃSUHYLGHQFLiULRÃSRUÃWHPSRÃGHÃWUDEDOKRÃQRÃ*+&Ã3RUWRÃ$OHJUHÃ 56Ã )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã $WpÃÃDQRV (QWUHÃÃHÃÃDQRV (QWUHÃÃHÃÃDQRV 0DLVÃGHÃÃDQRV )LJXUDÃÃ'LVWULEXLomRÃGRVÃWUDEDOKDGRUHVÃGRÃ*+&ÃHPÃDWLYLGDGHÃHÃSRUÃ VHWRUHVÃGHÃWUDEDOKRÃ3RUWRÃ$OHJUHÃ56ÃÃ )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã (QIHUPDJHP 1XWULomR +LJLHQL]DomR UHDÃ$GP 0DQXWHQomR 3URF5RXSDV UHDÃ0pGLFD 5DGLRORJLD 2XWURV )LJXUDÃÃ'LVWULEXLomRÃGRVÃWUDEDOKDGRUHVÃGRÃ*+&ÃDIDVWDGRVÃHPÃEHQHItFLRÃ SUHYLGHQFLiULRÃSRUÃVHWRUHVÃGHÃWUDEDOKRÃ3RUWRÃ$OHJUHÃ56Ã )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃÃGRÃ*+&ÃÃ3RUWRÃ$OHJUHÃ56Ã (QIHUPDJHP 1XWULomR +LJLHQL]DomR UHDÃDGP 0DQXWHQomR 3URFÃURXSDV UHDÃPpGLFD 5DGLRORJLD 2XWURV )LJXUDÃÃ'LVWULEXLomRÃGRVÃWUDEDOKDGRUHVÃGRÃ*+&ÃDIDVWDGRVÃHPÃEHQHItFLRÃ SUHYLGHQFLiULRÃHPÃUHODomRÃDRÃWRWDOÃGHÃWUDEDOKDGRUHVÃHPÃDWLYLGDGHÃSRUÃ VHWRUHVÃGHÃWUDEDOKRÃ3RUWRÃ$OHJUHÃ56Ã (QIHUPDJHP 1XWULomR +LJLHQL]DomR UHDÃ$GP 0DQXWHQomR 3URF5RXSDV UHDÃ0pGLFD 5DGLRORJLD 2XWURV )LJXUDÃÃ'LVWULEXLomRÃGRVÃWUDEDOKDGRUHVÃGRÃ*+&ÃDIDVWDGRVÃ HPÃEHQHItFLRÃSUHYLGHQFLiULRÃSRUÃWXUQRÃGHÃWUDEDOKRÃ3RUWRÃ $OHJUHÃ56ÃÃ )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã 0DQKm 7DUGH 1RLWH,QWHJUDO 3ODQWmR
) RQWH Ã6LVWH PDÃG HÃ & RQWUROH ÃG HÃ 3H VVRDOÃG RÃ *+& Ã3 R UWR Ã$OH JUH Ã 56 Ã H W V 2 )LJXUDÃÃ5HODomRÃ HQWUHÃ RÃ WHPSR ÃGHÃDIDVWDPHQWR ÃHPÃEHQHItF LR ÃSUHYLGHQF LiULR ÃHÃ R ÃPR WLYR Ã GHVWHVÃ HQF DPLQKDPHQWR V ÃQR Ã *+& Ã 3R UWR Ã$OHJUHÃ 56 Ã P R F V X D U 7 ÃÃPHVHV ÃDÃÃPHVHV ÃPHVHVÃDÃ D O X R W V Q V H U R Q U 0 Ã V W D Q H L V D S $ V H / K O H U V H } & Ã R X F L U DQR y W O D L R U R H 1 ÃDÃÃÃ DQR V V O D S V L D R U W X 2 ÃÃDQR V V ÃDÃÃÃPHVHV ÃPHVHVÃDÃÃÃPHVHV ÃPHVHVÃDÃÃÃDQR ÃDQRÃDÃÃÃDQRVÃ 0DLVÃGHÃÃDQRV H V U R G D OK D E D U ÃW H ÃG ž 1 2VWHRPXVFXODUHV 7UDQVWRUQRVÃ0HQWDLV $SDUHOKRÃ&LUFXODWyULR /HV}HV 1HRSODVLDV,QIHFFLRVDV 6LVWHPDÃ1HUYRVR 2OKRV (QGyFULQR 3HOH 2XWURVÃ )LJXUDÃÃ'LVWULEXLomRÃGRVÃWUDEDOKDGRUHVÃGRÃ*+&ÃDIDVWDGRVÃHPÃEHQHItFLRÃ SUHYLGHQFLiULRÃSRUÃWHPSRÃGHÃDIDVWDPHQWRÃ3RUWRÃ$OHJUHÃ56Ã )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã 7HPSRÃGHÃDIDVWDPHQWR )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã 2VWHRPXVFXODUHV 7UDQVWRUQRVÃ0HQWDLV /HV}HV $SDUHOKRÃ&LUFXODWyULR 1HRSODVLDV 2XWURVÃ Ã V H U R G D OK D E D U ÃW H ÃG ž 1 (QIHUPDJHP 1XWULomR +LJLHQL]DomR UHDÃDGPLQLVWUDWLYD 0DQXWHQomR 3URFHVVDPHQWRÃGHÃURXSDV UHDÃPpGLFD 5DGLRORJLD 2XWURV )LJXUDÃÃ'LVWULEXLomRÃGRVÃWUDEDOKDGRUHVÃGRÃ*+&ÃDIDVWDGRVÃHPÃ EHQHItFLRÃSUHYLGHQFLiULRÃSRUÃPRWLYRVÃGHÃDIDVWDPHQWRÃ3RUWRÃ$OHJUHÃ 56ÃÃ 0RWLYRVÃGHÃ$IDVWDPHQWR )LJXUDÃÃÃ5HODomRÃHQWUHÃRVÃPRWLYRVÃGHÃDIDVWDPHQWRÃHPÃEHQHItFLRÃSUHYLGHQFLiULRÃHÃVHWRUHVÃ GHÃWUDEDOKRÃQRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã $IDVWDPHQWRÃSUpYLRÃHPÃ%3 6HPÃDIDVWDVWDPHQWRÃSUpYLRÃHPÃ%3 )LJXUDÃÃ$IDVWDPHQWRÃSUpYLRÃHPÃEHQHItFLRÃSUHYLGHQFLiULRÃSHORÃPHVPRÃ PRWLYRÃQRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃÃ3HVVRDOÃGRÃ*+&ÃÃ3RUWRÃ$OHJUHÃ56Ã
)LJXUDÃÃ5HODomRÃHQWUHÃEHQHItFLRVÃSUHYLGHQFLiULRVÃHÃDFLGHQWiULRVÃQRÃ *+&Ã3RUWRÃ$OHJUHÃ56Ã )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã 3UHYLGHQFLiULRVÃ%ÃHÃ% $FLGHQWiULRVÃ%ÃHÃ% )LJXUDÃÃ7UDEDOKDGRUHVÃGRÃ*+&ÃDSRVHQWDGRVÃSRUÃWHPSRÃGHÃVHUYLoRÃHÃSRUÃLGDGHÃ DIDVWDGRVÃHPÃEHQHItFLRÃSUHYLGHQFLiULRÃSRUÃDX[tOLRGRHQoDÃSUHYLGHQFLiULRÃ%ÃHÃ DX[tOLRGRHQoDÃDFLGHQWiULRÃ%Ã3RUWRÃ$OHJUHÃ56Ã 7HPSRÃGHÃVHUYLoR,GDGH 7LSRVÃGH ÃDSRVHQWDGRULD 1 žãg H ÃWU D E D OK D G R U H V ÃH P ÃE H Q H ItF LR Ã S U H Y LG H Q F Li U LR % % )RQWHÃ6LV WHPDÃGHÃ&RQWUROHÃGHÃ3HVV RDOÃGRÃ*+&ÃÃ3RUWRÃ$ OHJUHÃ56Ã )LJXUDÃÃ'LVWULEXLomRÃGRVÃWUDEDOKDGRUHVÃGRÃ*+&ÃDSRVHQWDGRVÃSRUÃ LQYDOLGH]ÃSUHYLGHQFLiULDÃ%ÃHÃDFLGHQWiULDÃ%Ã3RUWRÃ$OHJUHÃ56Ã )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã %ÃÃ %Ã )LJXUDÃÃ0RWLYRVÃGHÃDSRVHQWDGRULDVÃSRUÃLQYDOLGH]ÃSUHYLGHQFLiULDÃ%ÃQRÃ*+&Ã 3RUWRÃ$OHJUHÃ56ÃÃÃ )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã 2VWHRPXVFXODUHV 7UDQVWRUQRVÃ0HQWDLV /HV}HV $SDUHOKRÃ&LUFXODWyULRÃ 1HRSODVLDV 6LVWHPDÃ1HUYRVR 'RHQoDVÃ(QGyFULQDV 'RHQoDVÃGHÃ3HOH 'RHQoDVÃ,QIHFFLRVDV 2XWURV )LJXUDÃÃÃ0RWLYRVÃGHÃDSRVHQWDGRULDVÃSRUÃLQYDOLGH]ÃDFLGHQWiULDÃ%ÃQRÃ *+&Ã3RUWRÃ$OHJUHÃ56Ã )RQWHÃ6LVWHPDÃGHÃ&RQWUROHÃGHÃ3HVVRDOÃGRÃ*+&Ã3RUWRÃ$OHJUHÃ56Ã 2VWHRPXVFXODUHV /HV}HV 'RHQoDVÃ,QIHFFLRVDV 'RHQoDVÃGHÃ3HOH
à Ã
( P D J UH F L P H Q W R Ã Ã Ã$ 5 H G X om R Ã G R Ã V D O Ã Ã Ã$ $ W L Y L GD G H ) t V L F D Ã Ã Ã$ ' L H W D Ã ' $ 6 + Ã Ã Ã Ã Ã Ã$ 0 R G H UD o m R Ã G R i O F R R O Ã Ã Ã$ ( Y L W D U W D E D J L VP R Ã Ã Ã & Ã V L P Q m R Ã Q m R V L P 7UDWDPHQWRÃQmR IDUPDFROyJLFRÃHYLGrQFLDV ÃÃÃÃÃÃ3DFLHQWHÃKLSHUWHQVR 1RUPDO ÃÃÃÃ ÃÃÃ ÃÃÃÃ 3UpKLSHUWHQVRÃÃÃÃ ÃÃÃ (VWiJLRÃ, Ã ÃÃÃ (VWiJLRÃ,, ÃÃÃ ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ Ã Ã Ã
0RGLILFDomR 5HFRPHQGDomR 5HGXomR PP+J
Ã&LUFXQIHUrQFLD GRÃEUDoRÃHPÃFP ÃÃÃÃÃÃÃÃÃÃñà Ã'HQRPLQDomR GRÃPDQJXLWR Ã5HFpP QDVFLGR Ã/DUJXUD GDÃEROVD HPÃFP ÃÃÃÃÃÃÃÃÃÃÃà Ã&RPSULPHQWR GD ÃEROVDHPÃFP ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃà ÃÃÃÃÃÃÃÃñà Ã/DFWHQWH ÃÃÃÃÃÃÃÃÃÃÃà ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃà ÃÃÃÃÃÃÃÃÃñà Ã&ULDQoD ÃÃÃÃÃÃÃÃÃÃÃà ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃà ÃÃÃÃÃÃÃÃÃñà Ã$GXOWR ÃÃÃÃÃÃÃÃÃÃà ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃà PDJUR ÃÃÃÃÃÃÃÃÃñà Ã$GXOWR ÃÃÃÃÃÃÃÃÃÃà ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃà ÃÃÃÃÃÃÃÃÃñà Ã$GXOWRÃREHVR ÃÃÃÃÃÃÃÃÃÃà ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃà ÃÃÃÃÃÃÃÃÃñà Ã&R[D ÃÃÃÃÃÃÃÃÃÃà ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃà à Ã&%ÃHP FP à Ã3ÃGLDVWyOLFD Ã3ÃVLVWyOLFD Ã&%ÃHP FP Ã3ÃGLDVWyOLFD Ã3ÃVLVWyOLFD ÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃ=HUR ÃÃÃÃÃ=HUR ÃÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃÃÃÃà ÃÃÃÃÃÃà ÃÃÃÃÃà ÃÃÃÃÃÃÃ
3DUkPHWURÃ 7HPSRÃGH,PSODQWHÃGR 0DUFDSDVVR (VFRUHÃGH 0LQQHVRWD TXDOLGDGHÃGH YLGD (VFRUHÃGHÃ%RUJ IDGLJDÃHPÃÃPLQÃGH FDPLQKDGD &ODVVHÃ)XQFLRQDO 1<+$ )(9( HFRFDUGLRJUDPD 3UpLPSODQWH ÃSRQWRV PXLWRÃFDQVDWLYR,9 ÃPrV ÃSRQWRV PXLWRÃIiFLO,, ÃPHVHV ÃSRQWRV PXLWRÃPXLWRÃIiFLO, ÃPHVHV ÃSRQWRV PXLWRÃPXLWRÃIiFLO, ÃPHVHV ÃSRQWRV OLJHLUDPHQWH FDQVDWLYR,, ÃPHVHV ÃSRQWRV OLJHLUDPHQWH FDQVDWLYR,,
7DEHODà à 5HVXOWDGRVà GRà 3ULPHLURà (QVDLRà &OtQLFRà 5DQGRPL]DGRà HPà 5HODomRà DRà 'HVIHFKRà 0RUWDOLGDGHà SRU 7XEHUFXORVH VIHFKR 6HJXLPHQWR 7(( 7(& 555 55$ RUWHÃSRUÃWXEHUFXORVH ÃPHVHV 555à Ã7(&ñ7((7(&ÃÃÃÃÃÃÃÃÃÃÃ7((à ÃWD[DÃGHÃHYHQWRVÃQRÃJUXSRÃH[SHULPHQWDO Ã55$à Ã7(&ñÃ7((ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ7(&à ÃWD[DÃGHÃHYHQWRVÃQRÃJUXSRÃFRQWUROH