$GPLQLVWUDFLyQ\&RQILJXUDFLyQGH5HGHVEDMR/LQX[ $XWRUHV /LF0DUtD$0XUD]]R HPDLOPDULWH#LLQIRXQVMHGXDU /LF1HOVRQ55RGUtJXH] HPDLOQHOVRQ#LLQIRXQVMHGXDU 'HSDUWDPHQWRGH,QIRUPiWLFD )DFXOWDGGH&LHQFLDV([DFWDV)tVLFDV\1DWXUDOHV 8QLYHUVLGDG1DFLRQDOGH6DQ-XDQ 5HVXPHQ 8QRGHORVSXQWRVPX\IXHUWHVGH/LQX[HVVXJUDQFRQHFWLYLGDGLQFOXVRFRQUHFXUVRV PRGHVWRVHQKDUGZDUHSXHGHVHUXQVHUYLGRUGHUHG\FRQYLYLUSUiFWLFDPHQWHFRQFXDOTXLHU FRQILJXUDFLyQTXH\DWHQJDPRVIXQFLRQDQGRHQQXHVWUDUHG$PHGLGDTXHPHMRUHPRVHO HTXLSDPLHQWR/LQX[DSURYHFKDUiWRGRVORVUHFXUVRVFRQYLUWLpQGRVHHQXQSRWHQWHFHQWURGH VHUYLFLRV &RPRGLJQRPLHPEURGHODIDPLOLD8QL[HOHQWRUQRQDWLYRGHUHGHQHOTXHKDQDFLGR/LQX[ HVHO7&3,33XHGHDFWXDUWDQWRGHVLPSOHFOLHQWHKDVWDFRPRXQDSRWHQWHHVWDFLyQGH WUDEDMRGHEDMRFRVWHSDVDQGRSRUXQ;7HUPLQDOFRQWRGRVXHQWRUQRJUiILFRFRQ DEVROXWDPHQWHWRGRHOVRIWZDUHQHFHVDULR\DLQFOXLGRRGHPiVRPHQRVIiFLOLQVWDODFLyQ (OSUHVHQWHWUDEDMRWLHQHFRPRREMHWLYREULQGDUXQDH[SHULHQFLDGHWUDEDMRHQOD FRQILJXUDFLyQ\DGPLQLVWUDFLyQGHUHGHV/LQX[PHGLDQWHHOXVRGHKHUUDPLHQWDVGHJHVWLyQ\ FRQILJXUDFLyQGHUHGSURSLDVGHOVLVWHPDRSHUDWLYR ,QWURGXFFLyQ /,18;HVXQVLVWHPDRSHUDWLYRFRPSDWLEOH8QL['RVFDUDFWHUtVWLFDVPX\SHFXOLDUHVOR GLIHUHQFLDQGHOUHVWRGHORVVLVWHPDVTXHSRGHPRVHQFRQWUDUHQHOPHUFDGRODSULPHUDHV TXHHVOLEUHODVHJXQGDHVTXHHOVLVWHPDYLHQHDFRPSDxDGRGHOFyGLJRIXHQWH (OVLVWHPDORIRUPDQHONHUQHOPDVXQJUDQQ~PHURGHSURJUDPDVOLEUHUtDVTXHKDFHQ SRVLEOHVXXWLOL]DFLyQ/,18;VHGLVWULEX\HEDMROD*183XEOLF/LFHQVHSRUORWDQWRHO FyGLJRIXHQWHWLHQHTXHHVWDUVLHPSUHDFFHVLEOH (OVLVWHPDKDVLGRGLVHxDGR\SURJUDPDGRSRUPXOWLWXGGHSURJUDPDGRUHVDOUHGHGRUGHO PXQGR(ONHUQHOGHOVLVWHPDVLJXHHQFRQWLQXRGHVDUUROOREDMRODFRRUGLQDFLyQGH/LQXV 7RUYDOGVGHTXLHQQDFLyODLGHDGHHVWHSUR\HFWRDSULQFLSLRVGHODGpFDGDGHORVQRYHQWD 'tDDGtDPiVDSOLFDFLRQHVHVWiQGLVSRQLEOHVSDUD/LQX[\ODFDOLGDGGHORVPLVPRV DXPHQWDGHYHUVLyQDYHUVLyQ/DJUDQPD\RUtDGHHOORVYLHQHQDFRPSDxDGRVGHOFyGLJR IXHQWH\VHGLVWULEX\HQJUDWXLWDPHQWHEDMRORVWpUPLQRVGHOLFHQFLDGHOD*183XEOLF/LFHQVH (QORV~OWLPRVWLHPSRVFLHUWDVFDVDVGHVRIWZDUHFRPHUFLDOKDQHPSH]DGRDGLVWULEXLUVXV SURGXFWRVSDUD/LQX[\ODSUHVHQFLDGHOPLVPRHQHPSUHVDVDXPHQWDUiSLGDPHQWHSRUOD H[FHOHQWHUHODFLyQFDOLGDGSUHFLRTXHVHFRQVLJXHFRQ/LQX[ /DVSODWDIRUPDVHQODVTXHHQXQSULQFLSLRVHSXHGHXWLOL]DU/LQX[VRQ3HQWLXP 3HQWLXP3UR3HQWLXP,,3HQWLXP,,,$PLJD\$WDULWDPELpQH[LVWHQYHUVLRQHVSDUDVX XWLOL]DFLyQHQRWUDVSODWDIRUPDVFRPR$OSKD$500,363RZHU3&\63$5& (QWRUQRGH5HG 8QD5HGGH&RPSXWDGRUDVHVXQVLVWHPDGHFRPXQLFDFLyQGHGDWRVTXHHQOD]DGRVRPiV VLVWHPDVDXWyQRPRVHQFDGDXQRGHORVFXDOHVVHLQVWDODXQ1,&1HWZDUH,QWHUIDFH&DUG FRQVXV &RQWURODGRUHV FRUUHVSRQGLHQWHVXQ6LVWHPDGH&DEOHDGR TXHFRQHFWDDFDGD XQRGHHVRVVLVWHPDVORV3URWRFRORVGH&RPXQLFDFLyQ \XQ6LVWHPD2SHUDWLYRGH5HG (QFDGDXQRGHORVVLVWHPDVTXHFRQIRUPDQODUHGVHLQVWDODUiVRIWZDUHGHFRPXQLFDFLRQHV TXHSHUPLWLUiDXVXDULRV\DSOLFDFLRQHVTXHDFFHGDQDODUHGHLQWHUFDPELHQLQIRUPDFLyQFRQ RWURVVLVWHPDVFRQHFWDGRV(QHOFDVRGH/LQX[SXHGHLQVWDODUVHHQHOVHUYLGRU\RHQORV FOLHQWHV(OSURWRFRORGHFRPXQLFDFLyQTXHXVDHV7&3,3 &DUDFWHUtVWLFDVGH/LQX[ x x x x x x x x x x x x x 0XOWLWDUHD 0XOWLXVXDULR 0XOWLSODWDIRUPD 0XOWLSURFHVDPLHQWR6LPpWULFR 0XOWL7KUHDGLQJ )XQFLRQDHQPRGRSURWHJLGR 3URWHFFLyQGHODPHPRULDHQWUHSURFHVRV &DUJDGHHMHFXWDEOHVSRUGHPDQGD 0HPRULDYLUWXDOXVDQGRSDJLQDFLyQ /DPHPRULDVHJHVWLRQDFRPRXQUHFXUVRXQLILFDGR &RPSDWLEOHFRQ326,;6\VWHP9\%6'DQLYHOIXHQWH 3VHXGRWHUPLQDOHV &RQVRODVYLUWXDOHVP~OWLSOHV 'LVWULEXFLRQHV (QHOPXQGR/LQX[QRKD\YHUVLRQHV~QLFDV&XDOTXLHUDSXHGHFUHDUVXSURSLDYHUVLyQFRQ ORVFDPELRVTXHMX]JXHFRQYHQLHQWHV\FUHDUSDTXHWHVTXHLQFOX\DQXWLOLWDULRV\ DSOLFDFLRQHVVHDQRQR*18 $HVHFRQMXQWRGHVRIWZDUHVHOHGHQRPLQDGLVWULEXFLyQ([LVWHQGHFHQDVGHGLVWULEXFLRQHV HQWRGRHOPXQGR/DVKD\FRPHUFLDOHV\QRHQWUHODVSULPHUDVSRGHPRVPHQFLRQDU x 5HG+DW/LQX[ x &DOGHUD2SHQ/LQX[ x 'HELDQ*18/LQX[ x 6X6H x 0DQGUDNH/LQX[ x 6ODFNZDUH x &RUHO/LQX[ x &RQHFWLYD/LQX[ x )UHH%6' x (6ZDUH ,QVWDODFLyQ /DPD\RUtDGHODVGLVWULEXFLRQHVRIUHFHQODSRVLELOLGDGGHLQVWDODURQR;:LQGRZVVLHQGR SRVLEOHSUHVFLQGLUGHWRGRORVUHODFLRQDGRFRQOD*8, $ODKRUDGHSHQVDUHQLQVWDODU/LQX[HQXQHTXLSRVHGHEHFRQVLGHUDUORVLJXLHQWH x $XQTXHHVSRVLEOHLQVWDODU/LQX[GHVGHXQGLVFRGXURHOPHMRUVLVWHPDGHLQVWDODFLyQ HVPHGLDQWH&'520\GLVTXHWHGHDUUDQTXH x (VUHFRPHQGDEOHLQVWDODU/LQX[HQXQVLVWHPDFRQGXDOERRWHVGHFLUHQXQ GLVFR GXURHQGRQGHWDPELpQHVWpXQVLVWHPD'26R:LQGRZV x 6LVHWLHQHXQGLVFRFRQXQDVRODSDUWLFLyQHVQHFHVDULRHOLPLQDUHOVLVWHPDGH SDUWLFLRQHV\FUHDURWURGHMDQGRHVSDFLROLEUHSDUD/LQX[XWLOL]DQGRIGLVNRHOSURSLR GH/LQX[ x /LQX[UHTXLHUHXQPtQLPRGHGRVSDUWLFLRQHVXQDQDWLYD\RWUDVZDS3DUDOD VHJXQGDEDVWDQ0E&RQHVWHSURFHGLPLHQWR/LQX[LQVWDOD/,/2/LQX[/RDGHU TXHOHSHUPLWHDOXVXDULRDUUDQFDUGHVGHXQRXRWURVLVWHPD (VFULWRULR.'(HVXQRGHORVHVFULWRULRVPiVUREXVWRV\YHUViWLOHVGHOPXQGR/LQX[\KD VLGRDFRJLGRSRUODPD\RUtDGHODVGLVWULEXFLRQHVLPSRUWDQWHV*QRPHHVRWURHVFULWRULR*18 TXHOHSHUPLWHDXQXVXDULR PRYHUVH FRPRVLHVWXYLHUDHQ:LQGRZVR0DF (OVLVWHPDGH$UFKLYRGH/LQX[/LQX[WLHQHXQiUEROGHGLUHFWRULRV6LQHPEDUJRKD\TXH LQVLVWLUHQTXHHVXQVLVWHPDSHQVDGRIXQGDPHQWDOPHQWHSDUDUHGHV\VHEDVDHQXQD FRQFHSFLyQGLIHUHQWH /DVXQLGDGHVQRDSDUHFHQFRPRWDOHVVLQRTXHSDVDQDVHUXQGLUHFWRULRXQDFDUSHWDTXH HVWpHQRWURHTXLSRTXHVHHQFXHQWUHHQODUHG\TXHHOXVXDULRUHTXLHUDWDPELpQSXHGH SDVDUDVHURWURGLUHFWRULRGHQWURGHVXiUERO /DFODYHGHHVWHVLVWHPDHVWiHQORVWpUPLQRV PRQWDU \ GHVPRQWDU 3DUDTXHXQGLVSRVLWLYR TXHGHYLVLEOHKD\TXHPRQWDUORGHQWURGHOVLVWHPDHVGHFLUTXHHOVLVWHPDGH/LQX[QRYHOD XQLGDGVLQRHOFRQWHQLGRHQHOOD/XHJRSDUDSRGHUUHWLUDUHOFRQWHQLGRGHODXQLGDGHV QHFHVDULRGHVPRWDUOR ,QIRUPDFLyQ*HQpULFDVREUHOD&RQILJXUDFLyQGH5HGHV -XQWRFRQFXDOTXLHUGLVWULEXFLyQGH/LQX[HVWiQLQFRUSRUDGRVGRVFRQMXQWRVGHDSOLFDFLRQHV PX\LPSRUWDQWHVSDUDORVDGPLQLVWUDGRUHVGHUHG x +HUUDPLHQWDVGH5HG VRQSURJUDPDVSDUDFRQILJXUDUORVGLVSRVLWLYRVGHUHGGH /LQX[(VWDVKHUUDPLHQWDVSHUPLWHQSRUHMHPSORDVLJQDUGLUHFFLRQHVDGLVSRVLWLYRV\ FRQILJXUDUUXWDV/DPD\RUtDGHGLVWULEXFLRQHVGH/LQX[HVWiQGRWDGDVFRQODV KHUUDPLHQWDVGHUHG x $SOLFDFLRQHVGH5HG VRQSURJUDPDVFRPRWHOQHW \IWS \VXVUHVSHFWLYRVSURJUDPDV VHUYLGRUHV 0DQHMRGH'LUHFFLRQHV,3 /DVGLUHFFLRQHV,3HVWiQFRPSXHVWDVSRUFXDWURE\WHV/DFRQYHQFLyQHVHVFULELUHVWDV GLUHFFLRQHVHQGRWWHGGHFLPDOQRWDWLRQ'HHVWDIRUPDFDGDE\WHHVFRQYHUWLGRHQXQ Q~PHURGHFLPDO3RUFRQYHQFLyQFDGDLQWHUIDFHGHXQKRVWRURXWHUWLHQHXQD GLUHFFLyQ,3 7RGDVODVGLUHFFLRQHVGHQWURGHXQDUHGWLHQHQXQQ~PHURGHGtJLWRVHQFRP~Q GHQRPLQDGRLGHQWLILFDGRUGHUHG/RVGtJLWRVUHVWDQWHVVRQOODPDGRVLGHQWLILFDGRUGH KRVW(VWDIRUPDGHUHSUHVHQWDFLyQVHGHQRPLQDGHGRVQLYHOHV ,GHQWLILFDGRUGH5HG ,GHQWLILFDGRUGH+RVW 3RUUD]RQHVDGPLQLVWUDWLYDV\SDUDSURYHHUIOH[LELOLGDGHQHOVRSRUWHGHGLIHUHQWHVWDPDxRV GHUHGHVGXUDQWHHOGHVDUUROORLQLFLDOGHOSURWRFROR,3HOHVSDFLRGHGLUHFFLRQHVGLVSRQLEOHV VHGLYLGLHURQHQWUHVFODVHV(VWDVFODVHVSURSRUFLRQDQXQFLHUWRQ~PHURGHUHGHVGH WDPDxRHVWiQGDUTXHSXHGHQVHUUHVHUYDGDV/RVUDQJRVUHVHUYDGRVVRQ &ODVH $ % & 0iVFDUD 'LUHFFLRQHV 8QDGHODVFDUDFWHUtVWLFDVPiVLPSRUWDQWHVGHHVWDGLYLVLyQHVTXHFDGDFODVHFRQWLHQHXQD FODYHTXHLGHQWLILFDHOSXQWRGHGLYLVLyQHQWUHHOLGHQWLILFDGRUGHUHG\HOLGHQWLILFDGRUGHKRVW 'LUHFFLRQHV5HVHUYDGDV x 'LUHFFLyQGH/RRSEDFN SHUPLWHKDFHUFRQH[LRQHVFRQVLJRPLVPR3RU FRQYHQFLyQODGLUHFFLyQ KDVLGRDVLJQDGDHVSHFtILFDPHQWHSDUDHO GLVSRVLWLYRGHSUXHEDV x 'LUHFFLyQGHOD5HG HVDTXHOODGLUHFFLyQHQGRQGHHOLGHQWLILFDGRUGHKRVWHVWDQ HQ x 'LUHFFLyQGH%URDGFDVW HVDTXHOODGLUHFFLyQHQGRQGHHOLGHQWLILFDGRUGHKRVW HVWDQHQ x 'LUHFFLyQGH'HIDXOW HVODGLUHFFLyQ\SHUPLWHTXHVLQRH[LVWHQLQJXQD HQWUDGDHQODWDEODGHUXWHRTXHFRLQFLGDFRQHOGHVWLQRGHOGDWDJUDPDWRGRHO WUiILFRGHEHUiVHUHQYLDGRDOURXWHUYHFLQRSRUGHIHFWRPiVFHUFDQR 0iVFDUDGH5HG $OQ~PHURGHELWVTXHFRPSDUWHQWRGDVODVGLUHFFLRQHVGHXQDUHGVHOHOODPDQHWPDVN \VX SDSHOHVGHWHUPLQDUTXpGLUHFFLRQHVSHUWHQHFHQDODUHG\FXiOHVQR&RQVLGHUHPRVHO VLJXLHQWHHMHPSOR 'LUHFFLyQ+RVW 0iVFDUDGHUHG 3RUFLyQGHUHG 3RUFLyQGH+RVW 'LUHFFLyQGH5HG 'LUHFFLyQGH'LIXVLyQ &XDOTXLHUGLUHFFLyQDODTXHVHDSOLTXHXQDRSHUDFLyQDQGGHELWVFRQVXPiVFDUDGHUHG UHYHODUiODGLUHFFLyQGHODUHGDODTXHSHUWHQHFH/DGLUHFFLyQGHUHGHVSRUWDQWRVLHPSUHHO PHQRUQ~PHURGHGLUHFFLyQGHQWURGHHOUDQJRGHODUHG\VLHPSUHWLHQHODSRUFLyQGH PiTXLQDFRGLILFDGDWRGDFRQFHURV 6XEQHWWLQJ (QVHGHILQLyXQSURFHGLPLHQWRHVWiQGDUSDUDHOVXEQHWWLQJ5)&FRQHOREMHWR GHGLYLGLUFDGDXQDGHODVFODVHVGHGLUHFFLRQHV,3HQUHGHVPiVSHTXHxDV(OVXEQHWWLQJ IXHGHVDUUROODGRSDUDVROXFLRQDUDOJXQRVSUREOHPDVWDOHVFRPR x /DVWDEODVGHUXWHRHVWDEDQFUHFLHQGRGHPDVLDGR x /DVDGPLQLVWUDGRUHVWHQtDQTXHSHGLURWURQ~PHURGHUHGDQWHVGHFRQHFWDUVHD ,QWHUQHW ,GHQWLILFDGRUGH5HG ,GHQWLILFDGRUGH+RVW 6XEUHG +RVW ,GHQWLILFDFLyQGH&RQH[LRQHV7&3 8QDFRQH[LyQ7&3VHLGHQWLILFDDWUDYpVGHXQSDUGHSXQWRVH[WUHPRV8QRGHORVSXQWRV HVHOODGRDFWLYR\HORWURSXQWRHVHOODGRSDVLYR 8QSXQWRH[WUHPRHVXQSDUGHQ~PHURVHQWHURVGLUHFFLyQB,3SRUW (OSXQWR H[WUHPRFRUUHVSRQGLHQWHDOODGRDFWLYRHVWDUiIRUPDGRSRUGLUHFFLyQB,3BRULJHQ SRUWBRULJHQ\HOSXQWRH[WUHPRFRUUHVSRQGLHQWHDOODGRSDVLYRHVWDUiIRUPDGRSRU GLUHFFLyQB,3BGHVWLQRSRUWBGHVWLQR $FDGDXQRGHHVWRVSDUHVVHORV GHQRPLQDVRFNHW8QDFRQH[LyQHVWDLGHQWLILFDGDSRUXQVRFNHWRULJHQ\XQVRFNHWGHVWLQR ,QVWDODFLyQ\&RQILJXUDFLyQGH5HG 6LVHGHVHHLQVWDODUXQDUHG/LQX[FRQHOILQGHFRQHFWDUODD,QWHUQHWVHGHEHUiVROLFLWDUXQ Q~PHUR,3DQWHHO,QWHU1,&6LSRUHOFRQWUDULRQRVHWLHQHLQWHQFLyQGHFRQHFWDUQXQFDHVD UHGD,QWHUQHWHQWRQFHVVHSXHGHHOHJLUFXDOTXLHUWLSRGHGLUHFFLRQHV'HWRGDVPDQHUDVSRU UD]RQHVGHVHJXULGDG\FRQVLVWHQFLDVHKDQUHVHUYDGRDOJXQDVGLUHFFLRQHV,3GHUHG HVSHFtILFDPHQWHSDUDHVWHSURSyVLWR(VWDVVHHQFXHQWUDQGHVFULWDVHQHO5)&\VRQ ODVTXHVLJXHQ &ODVH $ % & 0iVFDUD 'LUHFFLRQHV &RQILJXUDFLyQGHXQ+RVW,3 3DUDFRQILJXUDUXQKRVW/LQX[HQXQDUHG,3H[LVWHQWHHVQHFHVDULRFRQWDUFRQODVLJXLHQWH LQIRUPDFLyQ'LUHFFLyQ,3GHO+RVW'LUHFFLyQ,3GHODUHG'LUHFFLyQ,3GHEURDGFDVW 0iVFDUDGHUHG,3'LUHFFLyQGHO5RXWHU\'LUHFFLyQGHO'16 &UHDFLyQGHODVLQWHUIDFHVGHUHG (QPXFKRVVLVWHPDVRSHUDWLYRV8QL[ORVGLVSRVLWLYRVGHUHGWLHQHQFRUUHVSRQGHQFLDVHQHO GLUHFWRULRGHY(Q/LQX[ORVGLVSRVLWLYRVGHUHGVHFUHDQGHIRUPDGLQiPLFD\SRUWDQWRQR UHTXLHUHQGHODSUHVHQFLDGHDUFKLYRVGHGLVSRVLWLYR (QODPD\RUtDGHORVFDVRVORVGLVSRVLWLYRVGHUHGVRQFUHDGRVDXWRPiWLFDPHQWHSRUHO FRQWURODGRUGHGLVSRVLWLYRVPLHQWUDVVHLQLFLD\ORFDOL]DHOKDUGZDUH3RUHMHPSORHO FRQWURODGRU(WKHUQHWFUHDLQWHUIDFHVHWK>Q@ VHFXHQFLDOPHQWHVHJ~QYDHQFRQWUDGRSODFDV (WKHUQHW/DSULPHUDSODFDTXHHQFXHQWUDHVHWKODVHJXQGDHWKHWF &RQILJXUDFLyQGHXQDLQWHUIDFHGHUHG &XDQGRKDEODPRVGHFRQILJXUDUXQDLQWHUID]GHUHGQRVUHIHULPRVDOSURFHVRGHDVLJQDU GLUHFFLRQHVDSURSLDGDVDXQGLVSRVLWLYR\DVLJQDUYDORUHVDGHFXDGRVDRWURVSDUiPHWURV FRQILJXUDEOHV/DXWLOLGDGXVDGDPiVFRP~QPHQWHSDUDKDFHUHVWRHVLIFRQILJ LQWHUIDFH FRQILJXUH &RQILJXUDFLyQGHOVLVWHPDGH5HVROXFLyQGH1RPEUHV (OVLVWHPDGHUHVROXFLyQGHQRPEUHVHVXQDSDUWHGHODELEOLRWHFDHVWiQGDUGH/LQX[6X IXQFLyQSULQFLSDOHVSURSRUFLRQDUXQVHUYLFLRSDUDFRQYHUWLUODVGHQRPLQDFLRQHV DOIDQXPpULFDVGHORVKRVWHQGLUHFFLRQHV,3 /RVQRPEUHVGHGRPLQLRGH,QWHUQHWVRQMHUiUTXLFRVSRUQDWXUDOH]DHVWRHVWLHQHQXQD HVWUXFWXUDHQiUERO8QGRPLQLR SXHGHVHUIUDJPHQWDGRHQVXEGRPLQLRV8Q WRSOHYHO GRPDLQHVXQGRPLQLRTXH12HVXQVXEGRPLQLR\HVWiQHVSHFLILFDGRVHQHO5)& 'RVDUFKLYRVTXHVHHQFXHQWUDQHQHOGLUHFWRULRHWFSHUPLWHQYLVXDOL]DULQIRUPDFLyQGHOD FRQILJXUDFLyQYLVWDKDVWDDKRUD x KRVWFRQIHVHOOXJDUGRQGHVHFRQILJXUDQDOJXQRVHOHPHQWRVTXHJRELHUQDQHO FRPSRUWDPLHQWRGHOFyGLJRGHUHVROXFLyQGHQRPEUHV x KRVWVHVGRQGHVHSRQHHOQRPEUH\GLUHFFLyQ,3GHORVKRVWVORFDOHV6LVHLQVHUWD XQQRPEUHHQHVWHDUFKLYRHOKRVWQRFRQVXOWDUiDXQVHUYLGRUGHGRPLQLRSDUD REWHQHUODGLUHFFLyQ,3/DGHVYHQWDMDGHHVWHPpWRGRHVODQHFHVLGDGGHXQD DFWXDOL]DFLRQPDQXDO &RQILJXUDFLyQGHOD,QWHUID]/RRSEDFN /DLQWHUIDFHORRSEDFNSHUPLWHKDFHUFRQH[LRQHVFRQVLJRPLVPR+D\YDULDVUD]RQHVSRUODV TXHSRGUtDTXHUHUHVWR3RUHMHPSORSXHGHTXHGHVHHSUREDUDOJ~QWLSRGHSURJUDPDVLQ LQWHUIHULUFRQDOJXLHQPiVHQVXUHG/DPDQHUDHQODFXDOVHFRQILJXUDHVODVLJXLHQWH URRWLIFRQILJOR URRWURXWHDGGKRVWOR 5RXWLQJ (OUXWHR,3HVHOSURFHVRSRUHOTXHXQKRVWFRQP~OWLSOHVFRQH[LRQHVGHUHGGHFLGHSRU GyQGHGLULJLUXQGDWDJUDPD,3TXHKD\DUHFLELGR 7RGRVORVKRVWHQ,QWHUQHWWLHQHQGRVGLVSRVLWLYRVGHUHGXQRHVODLQWHUIDFHGHORRSEDFN\ ODRWUDHVODTXHXVDSDUDFRPXQLFDUVHFRQHOUHVWRGHODUHG &DGDKRVWWLHQHXQDWDEODGHUXWHRFRQDOPHQRVWUHVFDPSRVGLUHFFLyQGHGHVWLQRQRPEUH GHODLQWHUIDFHDODTXHVHYDDUXWHDUHOGDWDJUDPD\ODGLUHFFLyQ,3GHORWURKRVWTXH UHFLELUiHOGDWDJUDPDHQVXVLJXLHQWHSDVRDWUDYpVGHODUHG(Q/LQX[SXHGHYHUHVWDWDEOD XVDQGRODRUGHQURXWH 3DUDPDQLSXODUODWDEODGHUXWHRVHXVDODRUGHQURXWH DGGVLVHWUDWDGHXQDUHGORFDOVH GHEHUiHVSHFLILFDUQHWSDUDDJUHJDUUXWDV\URXWHGHO SDUDHOLPLQDUODV (VWDUXWDOHSHUPLWLUiHVWDEOHFHUFRQH[LRQHV,3FRQWRGDVODVHVWDFLRQHVGHVXVHJPHQWR (WKHUQHW&XDQGRVHGHVHDFRPXQLFDUVHFRQKRVWTXHQRHVWpQHQODVXEUHGVHXVDODUXWD SRUGHIDXOW (VWDUXWDSRUGHIHFWRVHDMXVWDDWRGRGHVWLQRSRVLEOHSHURFRQSULRULGDGPtQLPDSRUORTXH VLH[LVWHFXDOTXLHURWUDHQWUDGDTXHVHDMXVWHDODGLUHFFLyQUHTXHULGDVHUiODTXHVHXVHHQ OXJDUGHOFDPLQRSRUGHIHFWR3DUDDJUHJDUXQDUXWDSRUGHIHFWRVHXVDURXWHDGGLQGLFDQGR GHIDXOWJZ %LEOLRJUDItD &KXFN6HPHULD 'RXJODV&RPPHU 'RXJODV&RPPHU 'RXJODV&RPPHU $QGUHZ7DQHQEDXP 6LWLRV:HE&RQVXOWDGRV 8QGHUVWDQGLQJ,3$GGUHVVLQJ(YHU\WKLQJ<RX(YHU:DQWHG 7R.QRZ16'0DUNHWLQJ&RP&RUSRUDWLRQ$SULO ,QWHUQHWZRUNLQJZLWK7&3,39ROXPH(GLWLRQ ,QWHUQHWZRUNLQJZLWK7&3,39ROXPH(GLWLRQ ,QWHUQHWZRUNLQJZLWK7&3,39ROXPH(GLWLRQ &RPSXWHU1HWZRUNV(GLWLRQ ZZZFRPHWRFKHYDUD ZZZOLQX[HVFRP ZZZQLFRPFRP ZZZHQWHUFRPFR ZZZZFRUJ ZZZLHWIFQULUHVWRQYDXV ZZZDUUDNLVHV ZZZOLQX[RUJ ZZZUHGKDWFRP ZZZFDOGHUDV\VWHPVFRP