4.proyectos Europeos y Sistemas

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 20




  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

4.
46587)9;:<4>=@?@AB CD=E5FHGIGIJKBKLMCAONPLMF@B@QR7)DCOSKB@F@TMF@U@VAOB@=W9DX<? LPCDQZY[DQ>J@B\@XF@U@X<AGIA]DQZ\@DC^M_`LPCOFa=HDOTbCJ@AX<NcFW\HX<FHU XAGdA
GIAX<CFe=@DITMAI5[FKGfLMQZLMg@BihjJ@X<FH\@DAIDBiDTkCOAGI\HF=@DTk=HDOQAOXX<F@TMTPF=KDdTMAdLMBK?@DQZNcLMU@AOCLMg@BlNPDCOBKF@TPgHU LPCAnmpoF@XGIAq\HAOX,NcDI=KDdJ@B A
Dd=KDdLcB@LcCLPAnNPLM?KAQ[r@J@DRTPTcD?@ARAqCAsKFiTMAqtRBKLMg@B]hjJKXFH\KDAqCFHBfDTuF@snvwDONPLc?@F]=@DR_`FHGIDBKNMAXjTcARLcB@?KDQZNMLcU@ACOLMgHBfVIACDOTMDXAXbDT
\@X<FHCDnQ$Fd=@D6=@DQZAX<X<FHTPTcFI=HDTMAQ2LcB@_`XAODQZNPX<J@CnNPJ@X<AQ)VqQZDX<?@LcCLPF@Q2A? AB@xOA=HF@Q)=@D6CF@GIJ@B LPCACnLPg@BKm
seri

y DBKNMX<Fa=HDOTj\HX<FHU XAGdAl4>587)9z{DT y FHGILcB@LMF|~}n[D=@DQ6ViQZDX<?@LPCnLPF@Q>LMBKNMDOTMLPU DB@NcDQZ€f:<4R587)9 y F@GdALPB|>z{<B@NMDOTMTPLcU@DB CDfLPB


9uDX? LMCDQABK=~‚>DNPƒFHX<„@QZY…\HXDNMDOB@=KD†CFHBKNMX<LPsKJ@LcX‡AT=@DQZAX<X<FHTPTcFˆ=@D‰QDOX,? LPCLcFHQŠLPB NPDTcLMUKDB@NcDQ3DOB(DT‹GIs@LMNPF(DJ@X<F@\HDF
_`F@GfDnB@NMAOB@=@FlTPARCXDOACLcgHBf=HDRNMŒOCB@LcCAQ8VISKDX<XAGILcDB@NcAQ[rKJ@D>\HDOX,GdLPNcABfQZJfLMGI\HTcAB@NcACLPgKB@mŽbF@Q8\HX<F@VKDCNcFHQ=HDT y FHGILMBKLMF]|
=@D46587)9/DnQZNP‹B3XDTMACOLMFHBKA=@FHQCnFHBAX<rHJKLMNPDnCNPJ X,AOQ=HD…QZDX,? LPCOLMFHz\HTcANMAO_<F@XGIAQ=HD‡QDOX?KLMCLcFHQZzCX<DACLMgHB3=HD‡QZDX<?@LcCLPFKQZz
U DQZNPLcgHBq=@D6CF@GIJ@BKLMCACLcFHB DQZz@GfDO=HLMAOCLPgKBIDOTMDCONPX<gHB LPCAz@GdFH?KLMTPLc=HAO=Hz@QDOUKJKXLc=HA=IVqA\KTPLMCOACLMF@B@DOQZm
hbBfDOQNcDqAO\HAX<NMAO=HFfQZD>X<DAOTPLMxOAX‹6J@BKA>=@DQZCX<LM\@CLcgHBI=HD6TMF@Q\@X,FKVKDCONMF@QDJ@X<F@\HDF@Q=@D> y X<DTcACLMF@B@AO=HF@QCF@BfDnT‹OXDA6=HD6TPFKQ
QZLcQZNMDGIAQLPBKNMDX<GfDO=HLcAXLcFHQ8DBfDTuCFHBKNMD‘KNMF]=@DTCFHGIDX<CLcF]DTPDCnNPX<gHBKLMCF@m’9D>S@AnBfQZDTMDCCLcFHB A=@FHQAOrHJKDTMTcFHQ8\KX,F@V DOCNMF@QDBITPFKQ
r@JKDqQZDR\HX<DQZDBKNMAqJKBKAdAX<r@JKLMNMDCNcJ@X<AqAsHLcDX<NMAq=HDRLPB NPDX<GID=HLcACLcgHBKmu4†CF@BKNcLPB J@ACOLMgHBlQZD>DB J@GIDX<ABfTPFKQ[\@XF@V DCONPFHQDJ@X<F@\HDFKQ
QZDOTMDCCOLMFHBKA=KFHQ2TMA6GdAV FHX<^MA=HDTMF@Q2CJ@AOTMDQ2_`F@XGIABd\@AXNcD6=@DTŽCTPJ QZNPDXk=@DCF@B@CODX<NMACLMgHBq=HD4>57)92“

46”[9e:<46BI46XCOS@LcNPDCNcJ@X<D6_`F@X"<BK_<F@XGIANcLPFKBI”[XF@„@DnX,AOUKD69DX<?KLMCDQZY

46”[8•R9hE:<46U@DBKN’”[AQZD=d”–X<FH„KDX<AU@D9uDX<?@LPCnDQ2LPBqhjTcDCNPX<F@BKLPC–5[F@GfGdDXCDnY

5•R”[84—:,5FHGIGdFHBd”–X<F@„KDXAU D646X,CnS@LPNcD cture)
• ˜
464—: ˜ DOB@DX<LMC4>X<CSKLMNPDOCNMJKXD_<F@Xk<B@_`FHX<GIANMLMFHBq4>?KALMTMAsKLPTMLcNPVY

•>9™š:<46BI•>\@DBd9DX<?KLMCD™;F@=HDTŽ_`FHX ˜ TPF@sHATŽ<B@_`FHX<GIANMLcFHBKY

9uhj™‡›{h"3:<4—9pDnCJ@X<LPNcVdouX<AGIDƒ6F@X<„I_`F@X"NcS@D ˜ TMFHsKAT’hbTPDCnNPX<FHBKLMC6™‡AX<„@DNc\HTcACDY
œž’Ÿ‰ W¡;¢‡£ŽŸ¥¤§¦ž¨
4.1
hbT{F@snv.DNPLc?@Fi=@DT{\HX<F@VKDCNcFe4>”89E:<4>X<CSKLMNPDnCNPJ X,Dq_`FHX2B _<F@X,GdANMLMF@Bl”–X<FH„KDX<AUKDd9V QZNPDnGfY)DQDT{=@LMQZD©KFHzuLPGI\KTPDGIDB NPACnLPg@BlV
? ATPLc=HAOCLMg@BI=KD6JKBdQZLMQZNMDGIALMBKNMDXGdD=HLMAX<LMFIAs@LMDX<NPFIrHJ D6\@DX<GILMNPDFH_`X<DCDXkQZDX<?KLMCLcFHQ2=@D6LcB@_`FHX<GIACLMg@BdDBqTP^MBKDA:F@B -line).
hbBª46”–9†QZD;DQZ\HDCOLP_`LMCg—JKBKAŠAnX,r@JKLMNMDCONMJ@X<A;U@DBKŒX<LMCA;=HD;J@BªQZDX<?@LcCLMF—LPB NPDX<GID=KLPAX<LMFª=@D;LMBK_<F@X<GfAOCLMg@Bªs@AQZA=@A;DnBªDT
GIFK=HDTcFi=HDRX<D_DnX,DOBKCLMAq=@DR• y ›W:8™ -• y ›zu8D_`DX<DB@CODd™…FH=@DTp_<F@X)•>\HDB y LPQZNcXLcsHJKNMD=i›pX<FHCDOQZQZLMB@U Yz’7)<‚>4 -5ªVI•>™ ˜
EC-
y 7)oum
hbTQZDX<?KLMCLMFl=KDRLMB@NcDX<GfDO=HLcACLPgKBfB@F]QZDRCFHB NPDGd\@TPA>CFHGIF]J BlQZDnX,? LPCLcF]ALPQwTPAO=HF]QZLMBKF]rHJKD>_`FHX<GIA>\@AX<NMD6=HD6J@BKA>\@TMANcA_`FHXGdA
=@D«GdD=HLMACLcgHB¬CF@GdDXCLMATcm]bFHQQZDX<?@LMCOLPFKQ3=@D‰QZF@\HF@X<NMD«CF@GfF¬_<ACONPJKX<ACOLPgHB z]\HAOU@F@zlDOB@NMX<DUKA«V/CFHBKNMAOsHLMTcLP=@A=(B F¬QZD
COFHB QZLM=HDOX,AnBIr@J@D_<F@X<GfAOBd\@AX<NPD=HDTŽQZDX<?@LcCLMFI=HDLMBKNMDXGdD=@LPACLcgHBqQZLPB FI=HDJ@B A6\@TMANPAO_<F@X<GfA=HD–B@Lc?@DTŽLPB _DnX,LcFHX<m

­j®c¯H°±² 4-1 ³H´Rµ[¶2·@¸j¹ ²@º²@»<¼H±½e²I¾u¿6½e¿O¾®c²HÀO®PÁHÂi¾¿®M»¼@±½i²@À®PÁKÂ

4-1
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

hbTbGdF@=HDOTMF=@D]• y ›;\@XF@\HF@BKDfAs@FHX<=@AXTPAI=KDQZCXLM\@CLMg@Be=HDdJKBeQLcQZNMDGIAI=HLcQZNMXLMs@J@Lc=HFGdD=@LPAB NPDdCLPB CF\@J@B NPF@Q6=KDf?KLMQZNMAfF


modelos:

™‡FH=KDTPFI=KD6BKDU@F@CLcF

™‡FH=KDTPFI=KD6LMBK_`FHXGdACLMgHB

™‡FH=KDTPFICFKGI\HJKNMACOLMFHBKAT

™‡FH=KDTPFI=KD6LMBKUKDB@LcDX<^PA6VRNMDOCB@F@TMg@U@LcCF

4.1.1 Ã1ÄWÅaÆEÇ<ÄÈÅEÆÊÉWÆlËWÄȧÍÄ
T–GIFH=KDTPF=HDaDGI\HX<DQZAE=KDE46”[9—=HD_`LPB DENcFH=@FHQlTPFKQiACNcFHX<DQZz[QZJ Q]=HF@GILMB@LcFHQZzQZJKQ]X,DnTPACLcFHBKDQ]V‡QZJ Q]\HF@TP^MNcLPCAnQ$m2hbB;DT
GIFK=HDTcFI=HDB@DU FHCLMFd=HD4>”[9iQ$D–S@AOBILc=HDBKNMLc_<LMCA=KFfTMFHQjQ$LcU@J LPDB NPDQjNPLM\@FHQ)=HD–ACNPF@X<DQ“
E

t>QZJ@AOXLcFª=@DTQDOX?KLMCLcF=@DELcB@NcDX,GID=KLPAOCLMg@Bk“"tqB A…DBKNMLM=@A=3:GI‹rKJ@LcB@Az[A\KTPLMCOACLMg@B3FŠ\@DX<QF@B@AOYfrKJ@DEJKNMLMTMLMxAEDT

QZDOX?KLMCLcFI=HDLMB@NcDXGfDn=HLMACLMg@Bq\HAXA6QZAnNPLMQZ_`ACDOXkQJKQ2\@XF@\HLcAQ2BKDCDQZLc=HA=@DQZm
›pX<FH? DD=@FHXjQZDOX?KLMCLcF]=HD6LPB@NcDX<GID=HLcACLMg@Bk“tRBKA6DB@NcLP=@A=frHJ D>F@_<X<DCOD>A6TPF@QJ@QZJ AX<LPFHQ2LMBK_<F@XGIACOLMgHBI=@D>QZDX<?KLMCLcFHQ8F

COFHB NPDB LP=@FHQ2=KD6F@NPX<AQ2\@X<FHCD=@DB CLPAQZm
›pX<FH? DD=@FHX…=HD«QZDX<?@LcCLPF{“Rt>B@A«DBKNMLP=KA=ˆ\KX,F@?KDOD=HF@X<AÎ=KD‰QZDX<?KLPCOLMF@QŠ=@D‰NMDTMDOCFHGIJ B@LcCACLcgHBKzlLMBK_`FHXGdACLMgHB¬F

AO\HTcLMCACOLPFKB@DQZmÏRBKLMCAGdDBKNMDWQZFKB;ACOCDQZLPsKTPDQ]AOrHJ DTPTcFHQ]QZDX<?@LcCLPFKQl=HLcQ\@F@BKLPs@TMDQ]DOB;TMAX,DO=CF@GdFŠTMF@Q]QZJÐv.DNPFKQfA
LcB@NcDX<GfDO=HLPAnCLPg@B‰:\@FHXD.vZDGd\@TPFÎ|>F y zR?@LM=@DF@CFHB _DnX,DOBKCLMAzRDNMCYF‰TMFHQWQDOX?KLMCLMFHQW=HDŠQZFH\@FHX<NPDŠ:<\HF@XD.vZDnGf\@TPF
QZDOU@J X,Lc=HA=@zH\KAUKFHz@CDX<NMLP_`LMCOA=HF@QZzHCOFHGdJ@BKLMCAOCLMg@B@Y<m
›pX<FH? DD=@FHX=HD/CFHBKNMDBKLM=@F"“ftRB A¬DB@NcLP=KA=Ñr@J@D¬F@_<X<DCOD/A/TMF@Q—J QZJ@AX<LPFKQªsHLcDB@DQªFžQDOX?KLMCLcFHQªCF@GIDXCOLMATcDQ
• BKDU FHCLcAsHTMDQ2A–NPX<A?@ŒOQ2=HD–QZDX?KLMCLMF@Q2=HDLMBKNMDX<GID=HLcACLcgHBKm

™‡LMBKFHX<LMQZNcA’“KtqB AIDOB@NcLM=HAO=erHJ DdQZJKGfLcB@LcQZNMX<AdQZDX<?KLMCLcFHQ–FlCOFHBKNMDBKLM=@FHQ[AqTMF@Q–J QZJ@AX<LPFKQ–:<CF@GI\HX<A=HF@Q[AqF@NMX<AQ–\@AX<NMDQZY



COFHBDnTbACJ@DnX,=@Fe=HDITcFHQ\HX<FH?KDD=@FHX<DQ=HDIQZDX<?@LcCLMF@Q6VlCF@B@NcDB@Lc=HF@QZmphbTkGfLMBKF@X,LcQZNMAIA=@rHJ LPDX<DITMF@Q6F@snvwDONPFKQ6FNcLPDB D
COFHB NPX<ANMF@Q6r@J@DIX<DU@J TPAnBeCOFHGIFiNPDnB@DX2AOCCDQZFeLcB@GdD=@LPANcFiAITcFHQ–QZDX<?@LMCOLMFHQ–FeCFKB@NPDnB@Lc=HF@QF@_<X<DCLc=HF@QZmp9DqLPB CTPJ VKDB
DOX?KLMCLcFHQ[=HDRLPB NPDX<GID=HLcACLcgHB]\@AXAqr@JKDRTMF@Q8J@QZJKAX<LMF@Q8\HJKD=@ABfXDO_<LcB@AXjQZJ Q[\HDnNPLMCOLMF@B@DQVfTcFHCAOTPLMxOAXbTPF@Q8QZDX<?@LcCLPFKQ
FIs CF@BKNMDB LP=HFKQ2GI‹Q2AO=HDCJKA=KFHQZm

›pX<FH? DD=@FHXk=@D6X<D=k“ t>B@A–DBKNMLP=@A=drHJKD6\@X<FH?KDD6ATŽX<DQZNMFI=@D6TMF@Q2ACONMFHX<DQ)=HDTMAQ2_`J@BKCLMF@B@DOQ2=HD–XD=dB@DCDOQZAXLMAQZm

ÔZÕwÖ<גØÐÙÚuÛwÙZØnÜ.Ý Þ$Õ,ÙÞZØnßà$Ý Ô

t>B@ACAX<ACNcDX<^PQZNMLcCAa=@DT–GIFH=KDTMF=@DaB@DU FHCOLMFŠ=KDW46”[9ªDQ]TPA=HLM_`DX<DBKCLMACOLMg@B;DBKNMX<DaTPF@Qf=HFKQfACNPF@X<DQfLMBKNMDX<GID=HLcAXLMF;V
GILcB@FKX,LcQZNMAiVTMAlLMBKNMXF@=HJ CCLMgHBa=@DlQZDX<?@LMCOLPFKQd=@DlQZFH\@FHX<NPD]F@_<X<DCLc=HF@QR\@FHX8ACNMFHX<DQ>=HD]F@NMXFHQ>=HF@GdLPB@LcFHQZmk"AlQZJK\@DX<\HF@QZLPCLcgHB
=@DT–=HF@GfLcB@LcF=@DT–GfLMBKF@X,LcQZNMA…COFHBDT6X<DQZNcF=@DE=@FHGILMBKLMF@QlQ$Da=HDs@DWAWr@J@DaDTGILcB@FHX<LcQNcAEACONMÒ@AaCFHGIFJ@B;QZDX<?@LMCOLMFŠVÓwF
\@X<FH? DD=@FHXk=@D6QZDX<?@LcCLPFdJKNMLPTcLMxABK=HFI_`J@B CLPFKB@DOQ2=HDLMBKNMDX<GID=HLcACLMgHB m

4-2
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 


4.1.2 Ã1ÄWÅaÆEÇ<ÄÈÅEÆ ÍÉ ÄlÌEÍ aÉ
hbT{GIF@=HDTcFe=HDqLPB _<F@X<GfAOCLPgKBi=HDq46”–9W\@X,DnQZDB@NcAIJKBlGIFH=@DTMFe\@AX<AINcFH=@AdTMAqLMB@_`F@XGIACLcgHBiAOTMGIACDB A=@AdDB]DOT{QZLcQZNMDGIAqV]QZJ
\@X<FHCDnQ$An=HF@m

b­ ®c¯H°±² 4-3³ —¼@¾¿ ¹ ¼d¾p¿®M»<¼H±½i²@À®MÁHÂi¾¿ ´>µ–¶




hbT)GfF@=HDOTMFW=@DiLMBK_<F@XGIACOLMg@Ba=HDl46”–9;rHJKDlQZDeGdJKDQZNMXAlDBaTcAiopLcU@J X,A 4-3 QZDl\HJKD=HDl=@DQZCF@GI\HF@BKDX–DBaDT)=@FHGILcB@LMFa=HDT


\@X<FH? DD=@FHXk:<TPTMAOGfAO=HFIGdFH=@DTPF RDX<B@DTcYkVdDnTu=@FHGdLPB LPFI=KDTuJ QZJ@AX<LMFHm
"!

23) ,04(')65&,0798: ;

$&%(')+*-,/.0'1 <>=@?A(=3BDCFEHG>=IB

Request
Resources
Domain
Profiles
Conceptual
Domain

MON(P@L B Q@? R J3? E>KIL GH=@?

Models Data

j­ ®c¯H°u±² 4-4³ ¼H½e®c®M¼I¾¿ ¹ ±¼ H¿O¿¾¼H± —¼@¾¿ ¹ ¼ l¿±Âu¿ ¹


TS VU
IW YX( "Z
[

hbT’=KFHGILMBKLMFI=HDOT’\@X<FH?@DOD=HF@Xk:<opLcU@JKXA 4-4YkQZD=HDOQCOFHGd\@FHB@DDBqDT’=HFKGILPBKLcFICFHBKCD\@NMJKAT’VRDT’=HFKGILPB LPFd=HDX,DnCJ@X<QZFHQ“


y F@GfLcB@LcF;CF@B@CDn\HNMJKAT.“{hjQZNMAs@AQZA=@F;DBEDT[CnFHBKCD\HNcF;=@DX<D=;COFHB CD\HNMJKAOT[_<F@X<GfAO=HA\KFHXRJKBKAQZDX<LPDe=@DB@F@=HFKQ
• TcTPAGdA=@FHQiCFHB CD\@NMF@Q VŠJ B@AWQZDOX,LcDW=HDaX,DOTMACLcFHBKDQlDBKNMX<DETMF@QlCFHBKCD\@NMF@QZm8hjB TPAxAO=HFKQiCFHB;TMF@QlCFHBKCD\@NMF@QlQZD
DOB@CJ DBKNMX<ABdTMFHQ)X,DCnJ@X<QZFHQZm@hjBqTPA6ouLPU J@X<A 4-5 QZDGIJ@DQZNcXADTŽCFHBKCD\KNPFI=HD–XD=dCFHBKCD\@NMJKATMm

y F@GfLcB@LcFf=@D6X<DCJKX<QF@Q“O58FHBKNMLMDBKDNPFK=HF@Q2TPFKQ2\HXFK?@DDO=HF@XDOQ2=HDCFHB NPDnB@LP=KFIVdQZJ Q2=HAONPFKQ2X,DOTMACLcFHBKA=@FHQZm
"F@Q2\@XLcB@CLc\HATcDQ2CF@B@COD\HNcFHQ)XDTcACLMFHB A=HF@Q2CF@BqDTuGIFK=HDTMFd=HDLPBK_`F@X,GdACLcgHB >DX<B@DTŽ=HD4>”[9iQZFHBdTMF@Q2QZLPU J@LcDB@NcDQ“
"!


D=ICFHB CD\@NPJ ATw“hbQZNMXJKCNMJKXAbvwDOX,‹X<r@JKLMCA6CFKGI\HJKDQZNMA\HF@XkB@F@=@F@Q2LPB NPDX<X<DTMAOCLPFKB@A=@FHQZm
5FHBKCD\KNPFk“8D\HX<DQZDB NPACOLMg@B]=@D>J@B@A>DB NPLM=@A=@zŽLcB@_`FHX<GIACLcgHBIFf\HX<FHCODQZFHmH9uDR\KJ@D=@DBI?@DnXbsHA.v.Ff=HLc_DX<DB NPDQ2\HJ B@NPFKQ
• =@D6? LPQZNcA6r@J@D–X,D\@X<DQZDB@NcABqTPF@Q2=HLc_<DOXDOB@NMDOQ2=HF@GILMB@LcFHQZm

DOXAOXr@J@^cA’“’›pAX<AlCOA=HA]=@FHGILcB@LMFTPFHQ>CF@BKCDO\HNcFHQRNMLMDOB@DBJ@BKAlQwDGI‹BKNMLcCAlDQZ\HDnCLPAOT"VeDQZNM‹BDOBKTPAOxA=KFHQ6GfDO=HLcAB@NcD
• X<DTcACLMFHB DQ2_`FHX<GIAB@=@FIJKB@AbvZDnX,AX<r@J@^cAm
#


DTMAOCLPFKB@DQ“ObFHQ)DTMDGIDB NPF@Q2=HD–J@BKAjv.DX<AXrHJ ^PA6\KJ@DO=HDBdQZDXkDB TPAxnA=HF@Q2\@FHXkNPLc\HF@Q2=KD6XDTMAOCLMF@B@DQZm

4-3
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

•>sÐvwDNMFQZFHGdsHXA’“H"AI\@XF@VKDCOCLMg@Bi=HDIJKBiCFHBKCD\@NMFDBeJ Be\HTcAB FHzpAQZF@CLMA=@FATk\@J@B NPF=KDf?KLMQZNPAI=KDIJ@Be=KFHGILPB LPFKz


• QZDTMTcAGIA6F@snv.DNPFIQZFHGds@X,Anm

A^MxŽ“ t>BIFKsÐvZDNcFfQZF@GIsHX<A6DQ)TMAXA^cx6=@D6JKB@A"vZDX<AX<rHJK^MAm@t>BIF@snv.DNPFd\@J@BKNMFI=HDDBKNMX<A=HAA\HJ B@NcA6ATMAX,An^Pxm

›pJ DB@NcD’“OhjQ2J@BqDBKTMACOD6DBKNMX<D6=@FHQ2F@snv.DNMFHQ2QZFKGfs@X<A6r@J@DXD\@X<DQZDBKNMABdDTŽGfLcQZGIFfF@snv.DNMF@m

CONCEPTUAL
NETWORK

BRIDGE

VIEWPOINTS

RESOURCES

\^]`_badcfeOg h

j­ ®M¯@°±² 4-5³ ¿¾iÀ¼@ÂÀ¿ º,°u² ¹


ji U

"F@Q2\@XLcB@CLc\HATcDQ2CF@B@COD\HNcFHQ)XDTcACLMFHB A=HF@Q2CF@BIDnTu=@FHGdLMBKLPFI=KD6XDCJ X,QZFKQ2QZFHBdTcFHQ2QZLcU@JKLMDBKNMDQ“



ouJKDB@NcD6=@D6LcB@_`FHX<GIACLMg@Bk“Ot>BIQZDOX?KLMCLcFfDOBIJKBq\HX<FH?KDD=@FHXkX<DGIFHNcFIrHJ@D–FH_`XDCD–LPB _FKX,GIACnLPgHB m
DCJKXQZFk“]hjBKNMLM=@A=ÑCFHGI\@J@DQZNcAzaGIAB@NcDB@Lc=HA¬\HF@X3DTELMBKNMDX<GID=HLcAX<LPFÑrHJKD¬DB@COA\HQZJKTMA(LcB@_`FHX<GIACLPgKBÑ=@D¬TPFKQ

\@X<FH?KDD=KFHXDQ2=KD6LMBK_`FHXGdACLPg@BKm

4.1.3 Ã1ÄWÅaÆEÇ<ÄklmªÍonÆlÌkn3aɪÍÌ]Ä
›pAX<A4R”89žDT]QZDX<?@LcCLMF/=@DLMBKNMDX<GID=HLcACLcgHBÎDQEJ@BÎQZDX<?@LcCLMF†=@DNMDTMDOCFHGdJKB@LMCOACLMg@BÎDB‰DTfCF@B@NcD‘@NcFÎ=HDTfCF@GIDX<CLPF
DOTMDCNcX<gHB@LcCFer@JKDdQZDIF@_`XDCODIDnB@CLcGfAd=@DIJ BiDB NPFHX<B Fe=HDd\HX<F@CDQZA=KFi=HLcQNcX<LPsHJ LP=@FHm’"AqAX<rHJKLMNMDOCNPJ X,AR=HDR46”–9aQZDqsHAnQ$ARDB]TcA
AOXr@J@LcNMDCNcJ@X<A67j‚>4 -5VqDOTuGdFH=@DTcFf=@D6X<D_`DXDBKCOLPA–hj5 -y 7)oi=@D6•>™ ˜ m

­j®M¯@°±² 4-6 ³Kµ–¹ ¼ °u¿ 2»°uÂpÀO®M¼H² ¹ ¿ )¾p¿ ¹ ²I²@± p°®cº¿ÀOº°±²I¾u¿ ´Rµ[¶


-p &q &q Hp

4-4
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

4ÑCFKB@NPLcB@J ACLcgHB‡DOB‡TMAe7)AsHTcA QZD=@DQZCX<LPsKDB…TcFHQIs@TMFHr@J@DOQf_`J B@CLcFHBKATMDQI=@DTGIFH=KDTMF…AXrHJ LPNcDCNMg@B@LcCF‡=@DT\@X<FHV DOCNPF


46”[9er@JKDA\@AXDOCDBdDBqTPAoLMUKJKX4-1
A 4-1.
[² ¹ ² 4-1³ ¿ ÀO±® À®cÁHÂi¾¿ ¹ ¼ ¹ ¼ °u¿ 2»<°ÂpÀn®P¼HÂu² ¹ ¿ 2¾u¿ ´Rµ[¶
r ts
IS
Hq
U
-q^s -p &q &q

†O‡+ˆ‰fŠ&‹bˆ(ŒofŽ‡^&‡^ŽŒ^&‡|ˆ‘’“H‹”b‡DŽŒV•|‡|Y–|Šb‹b–+‡o‰V‘—bŒ|Ž˜
CNM uwv&x@y+z|{t}~tH€‚wz|}ƒYv&„|…
Manager
Ž ŠbŸ3—b‡ Ÿ3—b‡^&‡|ˆ‘’ Šb‹bŒ^Ž Œ^b‡|ˆ(–o•|’ ‰V–|’“&‹db‡^ŽŒ^Š&¡‡o•0‘Œ+˜
RM ™wz|šv&~I„|y|z^›œ&x@&3z|„ ž

¡ •/‡+–|‡F•|‡|&’ ˆ¦‘ •/Š”&‡^ŽŒ^Šb¡ ‡ •/‘ Œ^‡|‹”†O§©¨ªŠ0‰f–|’Š&‹bŒ+Ž«d‡|‹3‘‡D‡+‹d¬9†O§­˜


OA ¢Y£o£z+„D¤wbz|xI}oš ¥

†O‡+ˆ‰fŠ&‹bˆ(ŒofŽ‡^&‡^ŽŒ^&‡|ˆ‘’“H‹”b‡DŽŒ|ˆIfŒ|ˆ‡+ˆ¯&‡^bŒ|‘Š&ˆ°ŽŠb–|Œ+Ž‡|ˆ˜
LRM ®Ov&y|&€@™wz|šv&~t„|y+z ›œ&x@&3z|„

†O‡ ‰&•/‡+ˆ‡|‹b‘Œ³ŒkŽŠ&ˆ´—&ˆ¦—&Œo•|’Š&ˆ"‡|‹‡|Ž^bŠb«Y’‹b’Šµb‡|Ž¶’‹&‘‡ •/«Y‡|b’Œ •0’Šb˜ ·fˆ¸‡|Žf‰f—b‹&‘Šµ¡’ ‹3Œ|Ž^b‡|Ž


BUB ± „|v&…@z|„^²wšz+„D±D€v&y|…
&Šb«”’ ‹b’Š&‡|Ž¶’‹3‘ ‡•0«”‡|&’Œ •/’ Š‡+‹—b‹&Œkˆ¦‡|ˆ’“&‹µb‡³Œ|–|–|‡|ˆ¦Š¹–|Šb‹µ—b‹µ—&ˆ¦—&Œo•|’Š&˜O·9ˆ¸Œ+–|–|‡|ˆ(’ fŽ ‡
&‡|ˆ¦&‡^‡|Ž@3Š&«Y’‹&’Š”&‡|ŽI—bˆ(—bŒo•/’Šb˜

†O‡+ˆ‰fŠ&‹bˆ(ŒofŽ‡¾b‡¾ŽŒ¿–|Š3‹bˆ‘ •/—b–|–|’“&‹À&‡|Ž`‰9ŽŒ|‹Á3‡Â‡oÇ|–+—&–|’“&‹Ä–|Š/••|‡|ˆ‰fŠb‹&b’‡|‹&‘‡¾ŒÂ—3‹&Œ
QPG º`~Iz+„|»”¼f€Hx¸½”z|xtz|„+&}v&„
‰V‡|‘’–|’“H‹”b‡|Ž@—bˆ—3Œo•|’ Š3˜

Œo•|Œ^‡|Ž3‘ •/Œ|‘Œ|«”’ ‡+‹&‘Š”&‡^ŽŒ^‹&Œ+ÉH‡|&Œ|–+’ “&‹&˜


NE NaÅHƝb&}Æv&x¸ÇOxt&Æxtz È

†O‡+ˆ‰fŠ&‹bˆ(ŒofŽ‡^&‡^ŽŒ^‡oÇ|–|—b–+’ “&‹”&‡|Ž+‰fŽ Œ|‹”&‡|‹b‡o•/Œ|bŠO‰fŠ0•D‡|Ž@Ë ˜


QEE º`~Iz+„|»”ÇOÊbz|y+~I}Æv&x‚Ç xI3Æ xtz È-Ì

†O‡+ˆ‰fŠ&‹bˆ(ŒofŽ‡¶&‡¶ŽŒ9•/‡|–|—0‰9‡o•0Œ+–|’“&‹d3‡DŽŒ^’ ‹b¡Š¦•/«YŒ+–+’ “&‹”‡|‹Y‡|ŽIÍ ¨ª‡|‹Y‡|ŽIbŠ&«”’‹b’ Š”ŽŠ&–|Œ|ŽIb‡|Ž


AA ¤wy|y|z|š(š°¤wbz|xI} È
intermediario.
†O‡+ˆ‰fŠ&‹bˆ(ŒofŽ‡^&‡+Ž@‘ •0Œ+‘Œ|«”’ ‡+‹b‘Š”&‡DŽŒf‰&•|‡|ˆ‡+‹b‘Œ|–|’ “&‹”b‡DŽŠbˆI•|‡|ˆ—bŽ ‘Œ|3Š&ˆ(˜
RA ™wz|š~t€ }V¤¶š¦šÆš(}&xt}

ÍOŠ&‹3‘ •0ŠbŽŒjŽŒ|ˆ`’‹3‘ ‡•0Œ+–|–|’Šb‹&‡|ˆ`‡+‹b‘ •/‡"‘Šb&Šbˆ”ŽŠbˆ fŽŠbŸ&—3‡|ˆ`¡ —b‹3–|’ Šb‹bŒ|Ž‡|ˆ”¨kŽŠ3ˆY–+Šb« ‰VŠb‹b‡|‹&‘‡|ˆ


BSM ± „|v&…@z|„^Î-z|„|Å&Æ y|z^›œ&x@&bz+„
relacionados.

œž’Ÿ‰ W¡;¢‡£ŽŸ¥¤§¦ š¨ ÐÏÐÑ ÓÒ

4.2
hbT—\@XF@VKDOCNMF 46”[[•>9uh :<4>UKDB N‰”8AQZD-”[X<FH„KDXAOU@D-9uDX,? LPCDnQ LPBÊhbTMDCNcXF@B@LcC 5FHGIGIDX<CDY¬DQ~J@B QZDX<?@LcCLMF =KD
LcB@NcDX<GfDO=HLMAOCLMg@Bi\HAX<AqCF@GfDOXCOLPFiDTcDCNPX<g@B@LMCOFisHAQZA=@FiDB]NMDOCB@F@TMF@U@^cAq=@DdAnU@DBKNMDQZzurKJ@DqXDOCFHU DdTcFHQ[XDOQZJ@TMNcA=HF@Q–FKsHNMDBKLM=HFKQ
DOBdDOT’\@X,FKVKDOCNMFI4>”[9i:<4RX<CS@LcNMDCONMJ@X<D_<F@Xk,B _FKXGfAnNPLMF@Bd”[X<FH„KDX<AU@D9uDX,? LPCDnY,m
"F@Q2\@XLcB@CLc\HAOTMDQ2F@snvwDNMLc?@F@Q2=HD4>”8[•>9phWQZFHBdTMF@Q2QZLMUKJ@LcDB@NcDQ“

<BKCFHX<\HF@X<ACLcgHBd=HD–J@BdQZLMQZNcDGIA6GIJ@TcNMLPAOUKDBKNMD\HAX<AX,D\KXDQZDBKNMACLcgHBq=HDTMAsHAQZD=HDCF@BKF@CLPGdLPDOBKNPF@QZm

<BKNMDX<_<AOCDQ2UKX‹O_<LcCAQ2\@AX<A6TMA6BKAO?@DUKACLcgHB zH\@DNPLcCLMg@Bd=HD–X,DQZJ TPNcA=HF@QZzHX<DU LPQZNMX<FIVd\@X<FH\@AUKAOCLPgKBI=@D6F@_`DXNcAQZm

t>NMLMTMLcxACLcgHBd=HDAU@DnB@NcDQ2CF@FH\@DX<ANPLc?@FKQ2\HAOX,A–FH\@NPLMGILcxAXkTPA–NPAX<DA=HD–LPB NPDX<GID=@LMACLcgHBKm
hb?KATcJ@AX2TcAILcB@COLM=HDOB@CLcAI=@DqTPAqNPDCnB@F@TMFHUK^MAd=@DIAnU@DBKNMDQ–DBlDT{=HF@GILMBKLMFl=HDqTcFHQ–LcB@NcDX<GfDO=HLMAOXLMFHQ8=HDRLPB _FKX,GIACnLPg@BlV

=@D6TcAQ2A\@TMLcCACLMFHB DQ2CF@GIDX<CLMATMDQ2DBqUKDB@DX<ATcm

t>NMLMTMLcxACLcgHBd=HD A?@AVR58•R8”–4—CFKGfFITcDB@UKJ@A.v.DQ2=@D6LcGf\@TMDOGfDOB@NMAOCLMg@BI=KDT’QZLMQZNMDOGfAOm
#


46\HTcLMCAOCLPgKBd=HD AO?@Az@58•>[”[4—Vq9u‚q™…›\HAOXAATŽLPGI\HTcDGIDBKNMACOLMgHBq=HDTMA\HTcANPA_`FHX<GIA6=@D6U DQZNPLcgHBq=@DTuQZDnX,? LPCLcFHm
#
y DQZ=@DfDnT"\HJ B@NMFe=HDI?@LcQZNMAI_<JKB@CLcFHB AT"DTkQZLMQZNcDGIAI4>”–•R9hjzDQJ@BeQZDX<?KLMCLMFe=HDdLPB NPDX<GID=HLcACLcgHBeACOCDQZLMs@TMDI\@FHX<B@NcDX<B@DN
GID=KLPAnB@NPD3DTfCJKATfDTfJ@QZJ AX<LPF‰\HJKD=@D3X<DATMLMxAOX\HDNcLMCLcFHBKDQ…AnTfLMBKNMDXGID=KLPAOXLcFÎFÎBKA? DU@AXe\HF@XeTPAŠsHAQZD3=HDŠ=@ANMF@Q…=KD
COFHB FHCLcGILMDBKNMFHQZmu"AqNMDCOB@FKTPFHU ^PA>=HD>AUKDB@NcDQ8\@DX<GfLcNPD>rHJKDRDOTpLcB@NcDX<GfDO=HLMAOXLcFl?KAV ARA\@X<DB@=@LMDBK=HF]=@DRGIABKDX<ARNcXABKQZ\@AX<DB@NcD
TcAQ2\@XDO_<DX<DBKCLMAOQ2=HDOT’JKQZJ@AX<LMFIVR\HJKD=HACF@BK_`LPU J@X<AX"TMATMLcQ$NcA6=@D6\KXFH?KDOD=HF@X<DQ2A_`LMBKDQ2=@D6J B@A_<F@XGIAGf‹OQ2\HX<DCLcQZAm
hbBÎTcAªouLcU@JKXA 4-7 QZDGfJKDQZNMX<ATMAJ@NcLMTPLcxACLcgHB«=@DAnU@DBKNMDQEDB«DTIQZLMQZNMDGIAŠ=HD3LMBKNMDX<GID=@LMACLMgHB«=@D346”–•R9hjmR"AQ
LcB@NcDX<ACCLcFHBKDQiDB@NcXDETPFKQe=HLc_<DOX,DB NPDQl=@FHGILcB@LMF@QlV;DOTLMBKNMDX<GID=@LMAXLMFQZDWs@AQZABDOBTMAWJ@NcLMTPLcxACLcgHB;=HDaTPAWNcDCBKFHTMF@U@^cAE=KD
AOUKDBKNMDQZmHbFHQ2=HFKGfLMBKLMFHQ=@D>J QZJ@AOXLMF]Vq\@X,FK?@DOD=HF@X"QZD>COFHGIJ@B LPCAOBfCnFHBIDT’LPB NPDX<GID=HLcAX<LPFfGdD=HLMABKNMD6J BdNMLP\KFIDQZ\HDCO^M_`LPCFI=KD

4-5
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

AOUKDBKNMDQqTMTcAGIA=@FHQRAU@DOB@NMDOQR=@D]CFHGIJKBKLMCACLcgHB mbh"BDTj=HF@GdLPB LPFa=@DTbLPB NPDX<GID=KLPAX<LMFWTcFHQ>AUKDBKNMDQ>rHJ DiX<D\@X<DQZDB@NcABA]TPFKQ


J QZJ@AX<LcFHQÎV TcFHQ«\@XF@?@DDO=HFKX,DOQZzaTMTcAGIA=HF@Q«AU@DOB@NMDOQ‰=@D(NcX,AB QZACCLMgHB zaQZD(AUKXJK\HAOBÑ\@AXA¬J@BÑ=@DNcDX<GfLcB@A=@F NcLP\KF1=KD
DOQZ\HDCnLPATMLcxACOLMgHBds@A.vwFIDTŽCF@B@NcX,FKTu=@D6J BdAU@DB NPD–=HDGID=HLcACLcgHB@m
hbT’GdFH=@DTcFf=@D6BKDUKF@CLcFfVqDTŽ=HDLMBK_<F@X<GfAOCLMg@BI=@D646”[•q9uh…DQZNc‹BdsHAQZAn=HF@Q2DBdTMF@Q2=HDOT’\@XF@VKDOCNMFI4>”89m

j­ ®M¯@°±² 4-7³ º® ¹ ® O²HÀ®cÁHÂe¾u¿6²@¯@¿Âpº<¿ )¿Â ´qµ l¶



Õ &q
ªi¸Ö f×

"F@Q2QZDX<?@LcCLMF@Q2r@J@DFH_`XDOCD6DTŽ\@XF@VKDCnNPFI4>”8[•>9phWA6NcFH=@FHQ2TcFHQ2JKQZJ@AX<LcFHQ2=@DTŽQZLMQZNPDGdAQZFHBdTMF@Q2QZLMUKJ@LcDB@NcDQ“

46\HTcLMCAOCLPFKB@DQ“O™;DOX,CnA=HFI?KLMX<NPJ@AnTur@JKDFH_`X<DCDQDOX,? LPCLcFHQ2=@D6GdD=@LMAOCLPgKBIDOTMDCNMX<gHB LPCACFHBqQZF@\HF@XNcD6LPB N eligente.

hbTMDGdDBKNMFHQ)=HDQZDX?KLMCLMF"“
58F@GI\HX<A=@FHX<DQ“ˆ<B NPDX<ACCOLMgHB QZLMGI\@TMLP_`LMCOA=HAOz AQZLcQZNMDBKCLMA V BKFHNMLc_<LMCACnLPFHB DQ \@DX<QZFHB@AOTMLPxOA=HAnQZz

B@An?@DUKACLcgHBIVq\HDNMLMCLcFHBKDQAQZLcQZNPLM=@AQZzH?@LMQZLcgHBIJKBKLP_`LMCOA=HA6=HDFH_`DX<NMAQ)Vd=KDGIABK=HAQ2VR\@XF@\HAOU@ACLcgHBd=KD
demandas.
›pXF@?@DnD=HF@X<DQ“>›pXF@\HAU ACLMgHB†=@DªFH_`DX<NPAQZzdA=@rHJKLMQZLMCOLPgHBÎ=@DªLMBK_<F@XGIACOLMgHB†=@DTPF@Q;CFKGI\HX<A=HF@X<DQ

LMBKNMDX<DQZABKNMDOQ[\HAnX,A>DTGdDX,COA=HF]VIA=KrHJKLMQZLMCLMg@Bf=@D>LcB@_`FHX<GIACLcgHBI=KDRTMF@QCF@GI\HX<A=@FHX<DQLcB@NcDX,DnQZAB@NcDQ
\HAOXATMAQ)FH_`DX<NPAQ2=KD6TMFHQj\HXFH? DD=@FHX<DQZm
•>\HDX<ACLcgHBIGIDX<CA=@F"“46J@GIDB@NcAX"TPA6CATcLM=@A=f=HD6TMA6GfDO=HLcACLPg@BKzH_`TPD‘ LPs@LMTMLM=HA=f\KAXA>A=@A\KNPAX<QZD>A6TPFKQ

CAGIsKLPF@Ql=HDW=@DGIABK=HAQlV‡FH_`DX<NMAQZz8SKACDOXIAOCCDQZLcsHTMDaAETMF@QlJ@QZJKAX<LMFHQlTcAaD‘K\HDX<LMDOB@CLcAaA=@rHJKLMX<LP=KA
:<GfDOGfF@X<LMA6COFHTcDCNPLc?@AzK=@ANPA–GfLMBKLMBKUKzHDNcCmY<m

7bDCB@F@TMF@U@^cA6s@‹QZLMCAŽ“ 7jDOCB@F@TMF@U@^cA6=@D6AU DB@NcDQ2LMBKNPDOTMLMUKDBKNMDQ

46J@NMF@B@FKGI^PA’“O58A\@NMJKXAOXk=HLPB ‹GILPCnAGIDB@NcD6TPA–D?KFHTcJ@CLcgHBd=HDnTuDB NPF@XBKFHm
• Cooperaci
gHB{“[Dn=f=@D6COFHBKFHCLcGILMDBKNMF@Q2=HLcQZ\HF@B@LMs@TMDOQ2DBqDTu=@FKGfLMBKLMFf=KDT’LMBKNMDX<GID=HLcAX<LPF@m

y DTMDUKACLcgHB{“9F@\HFKX,NcD6AJ@QZJKAOX,LcFHQ2\@AX<A6\@DX<_<LcTPDQj=HD\HDNcLPCLcFHB DQ2VqXDOQZ\HJ@DOQZNMAQZm

hb‘@\@DX<NPFKQ“ ›pAX<AXDAOTMLPxnAX"NMAX<DAOQ2VdQZJ sHNcAXDAQZm

8AxOFHBKAGdLPDB NPFk“›pAX<A6DO?@ATcJ@AXkQZJ Q2S@AOsHLcTPLM=@A=@DQ2\@XFK\HLMAQ2FdD‘@NcDXBKAQZm
• Aprend
LMxOA.vwD’“hb?KFHTMJKCLcFHB@AOXkS@ACnLPA6GID.v.FHX<DQ2\@X<DQZNMACOLPFKB@DQZm

46J@NMF@FHX<UKABKLMxACLcgHBp“ 5FHF@X=@LMBKACLMg@BdB@FdCDBKNMXATMLcxA=@A6=@D6TcAQ2NMAOXDOAQ2A6X<DAOTPLMxOAXm

4.2.1 Arquitectura
"AqAX<rHJ LPNcDCNcJ@X<Ad=KDTpQZLPQZNMDOGfARDQZNc‹ds@AQZA=@AqDOB]=HF@Q–=HFKGILPB LPFHQ8rHJKDqQZF@Bk“DTp=@FHGILMBKLMFi=KDTpLPB NPDX<GID=HLcAX<LMFlVdDT=HF@GILMB@LcF]=HDT
J QZJ@AX<LcFHmuhbTp=HF@GfLcB@LcFi=HDTLMBKNPDOXGID=@LMAX<LcFeQZDRDBKCAX<U@A>=HD>TPA>_`J@B CLPg@Bf=HD>LMB@NcDX<GID=HLcACLPgKBfVI=HD>TPA>U@DQZNcLMg@B]=@DTQZLMQZNcDGIAmuhbT
=@FHGdLcB@LPFE=HDOTJ@QZJKAX<LMF‡QZDDOBKCAXU A=HDTcA?@LcQJKATcLMxACOLMgHBE=HDTcALMBK_<F@X<GfAnCLPg@BECF@B…DTJ QZJ@AOXLMF…:BKA?KDU@AOCLMg@B@zb\@DNMLMCLMF@B@DnQZz
X<DQZJKTMNMAO=HF@QZzHDNcCmY<m

4-6
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

hbB—TcA3ouLPU J@X<A 4-8 QDGIJ@DQZNcXAŠTMAAX<rHJKLMNMDCNMJKX<AŠ=@DŠ46”–8•R9uhÑ=@FHBK=@DŠA\HAnX,DOCDB—TMF@QWGIgH=@J@TcFHQW=@DTdQZLMQZNcDGIA=@DTPFKQ


=@FHGdLcB@LPFKQ2=@DTŽJ@QZJ@AOXLcFfVq=@DT’LcB@NcDX<GfDO=HLPAnX,LcFHm
"F@Q2GIgH=KJ@TcFHQ2r@J@DCF@Gf\KFHBKDBdDTŽ=HF@GdLPB@LcFI=HDTŽJ@QZJ AX<LPFIQZFHBqTPFKQ2QZLPU J@LcDB@NcDQ“

54—:46QZLPQZNMDOB@NMD=HDCF@BKD‘KLMg@B@YГ hbQ)DTŽsHTPFKrHJKD6r@J@D–AVKJK=HA–AT’JKQZJKAX<LMFIA6X<DUKLMQZNPX<AX<QZD6VqCFKB@DCNcAXQZD6ATŽQZLMQZNcDGIAm
46™;4/:<46QZLMQZNPDB NPDq=@DIU DQZNPLcgHBl=@DIAOU@DB NPDQZYГK58F@FHX<=HLcB@AdTMAQ–CF@GIJKB@LcCACLcFHBKDQDnB@NPX<DqTPF@Q[=@LM_`DXDBKNMDQ[GIgH=@J@TcFHQ8=HDT
• =@F@GfLcB@LcFf=@DTŽJ@QZJ AX,LcFHz@AQZ^ŽCFHGIFdTPACFKGfJKB@LcCACLcgHBdCF@BdDOTu=KFHGILMBKLMFI=@DT’s@X<FH„KDXm

‚>4†:<4>QZLcQNMDBKNMDR=HDRB@A?KDU ACLPg@BKYn“›pDX<GfLMNMDRrHJKDdDnT{JKQZJ@AOXLcFi:\@XF@?@DnD=HF@Xj=HD>CF@B@NcDB@Lc=HF@Q8F]CTcLPDB NPDYbBKA?@DOUKJKDR\@FHX


• DOT]DQZ\HACOLMF†=@DCF@B@F@CLcGfLcDB@NcFHQ…=HDTfs@XF@„@DnXV‰QZDTMDCOCLMF@B@D3TPFKQ‡=@FHGILMBKLMF@Q‡V«CX<LPNcDX<LMFHQ…XDOTPD? AB@NcDQ‡\@AX<AQJ Q

peticiones.
hbQZ\@^PAH“89DDOBKCAOX,U A=@DF@sHNcDB@DOXlLMBK_`FHXGdACLMgHB3=HD‡TMAQ=HLP_`DX<DB NPDQ\KDNMLMCLcFHBKDQrHJ D;SKAU@A‡DT>J@QZJKAOX,LcFHzCFKBªDT
• F@sÐvwDNcLP?@FŠ=@DEGID.vZF@XAOXfDOT6CFKB@F@CLcGfLcDB@NcF=@DTJKQZJ@AOXLMF3r@J@DWNPLMDOBKD…DOT6s@XF@„@DXd:\HDnX,_`LMT=HDWJ@QZJKAXLcFHYz8TcF3CJ AT–LMX<‹
_`ACOLMTPLcNMABK=HFI\KX,F@UKXDQZLM?KAGdDBKNMD6DOTu\KX,F@CDQZFd=@D6A=@rHJKLMQZLcCLPgKBI=@D6LcB@_`FHX<GIACLcgHBdGd‹Q2\@X,DCnLPQZAm
ouh—:oXFKB@N)hjB =HYГuhjQRDT)\@J@B NPFW=@DlACCDOQFaAiTMAiLMBK_<F@X<GfAOCLMg@BarHJ Di\HF@QZDDlDT)\@X<FH? DD=@FHX<mbhbT)J@QZJKAX<LMFEFKsHNMDBK=@X<‹
• JKBKAX<D_DnX,DOBKCLMA6\KAX,ACFKB@DCONMAXQZD6ATŽouh…CF@GIFdX,DQZ\@JKDOQNMA6A–QZJ@Q2\@DNMLcCLPF@BKDOQZm

j­ ®c¯H°±² 4-8³H´ ± u°p®cº<¿Àº°±O²f¾¿ ´Rµ ]¶


&p
ªi´Ö f×

"F@Q2GIgH=KJ@TcFHQ2r@J@DCF@Gf\KFHBKDBdDTŽ=HF@GdLPB@LcFI=HDTŽJ@QZJ AX<LPFIQZFHBqTPFKQ2QZLPU J@LcDB@NcDQ“


t>46™ : DQZNMF@Xl=@D;AOCCDQZFª=KDTqJ QZJ@AX<LPF@YГ2™‡AB@NcLMDBKD;TcFHQ\@DX<_<LcTPDQ=@D;TcFHQJ QZJ@AOXLMFHQVŠ?@DOXLc_<LMCA;DT>ACOCDQZFA
• 46”–•R9˜ hbmhjT{\HDnX,_`LMT{=@DdJ QZJ@AX<LPFlNcLPDB DdCOFHGdFiGI^MBKLMGIFlTPARLMBK_<F@XGIACOLMgHB]BKDCDOQAOXLcAd\@AX<Ad\KDXGdLPNMLcX)DTpACCODQZFl=HDT
JKQZJKAOX,LcFÎ:,Lc=HDBKNMLc_<LMCACLcgHB‰V«CF@B@NcX,AQZDn©@AY<md9pD3CXDA3ATfLPB LPCLcAXDTfQZLMQZNcDGIAªV«QZDGdAB@NcLPDB Dª=@J@X<ABKNMDNMF@=HF‰DT
servicio.
”8™ : ˜ DQZNcFHX8=@DTbLcB@NMDOXGID=@LMAX<LPF@YГH™;F@B@LMNcFHXLMxOAfTMAfLPB NPDX<ACCOLMgHBDnB@NcX,DfTMF@Q6=HLM_`DXDB NPDQ6GdgH=@J@TMF@Q>=@DTbQZLcQNcDGIAmp9uD

DOB@CAnX,U A6A=@DGI‹Q2=@D6TcA6\@J@DQZNcA6DBqGIAX<CS@A=HDOT’QZLcQZNPDGIAm
•>7—:7jDX<GfLcB@ATj=@DTbF@\HDX<A=@FHX<YГ’4>V JK=@A]ATjFH\@DX<A=@FHX[=@DTjQZLcQNcDGIA]A]X,DOATMLcxAX–TcAfU@DQZNcLMgHBeVeA=HGdLPB LPQZNcXACOLPgKB=HDT
• QZDOX?KLMCLcFirHJ Dd\@X<FH?KDDq46”–•R9hjm’™;JKDQZNMX<AdDOTDQZNPA=@Fl=HDRCA=@ARsHTPF@rHJ D>_ACnLPTMLcNPAB =HFlDTuACOCDQZF]AqTcFHQ\HAX<‹GIDNcX,FKQ
=@D6U DQZNPLcgHBKm
™‡4>9i:9uLPQZNcDGIA6GdJ@TcNPLMAOU@DB NPDYГOhjBIDnTu=@FHGdLMBKLPFI=KDT’sHX<FH„ DXzHTMF@Q2AU DBKNMDQ2X<D\@X,DnQZDB@NcABdNMABKNMFIA6TcFHQ2COTPLMDOB@NMDOQ2CF@GfF

AdTcFHQ[\HXFH? DD=@FHX<DQZm58A=@AdAUKDBKNMDd?@AqAQZF@CLPAn=HFeAdJKBlGdg@=HJKTMFl7)4†:<AU@DOBKNPDR=@DdNcXAOB@QZACCOLMgHBKYjDQZNMABK=@FiNMF@=HF@Q[TPFKQ
7j4>Q3AU@X<JK\HA=@FHQ3\@FHX‡CFHBKFHCnLPGILMDBKNMF@QªV(COFHB NPX<FHTcA=HF@Q3\HF@X;DTGIg@=HJ TPF~™‡4 :<AU@DOBKNMD†=@D†GID=KLPACLcgHBKYmehbT
COFHB FHCLMGdLPDB NPFi=@DT{QZLPQZNMDGIAqDQZNP‹qs@AQZA=@FeDBlJ@B AIX<D=i=@DRCFHBKFHCLcGdLPDB NPFl”–‚/_`FKX,GIA=KAd\@FHXbDTpCFHBKFHCOLMGILMDBKNMFi=KD
NcFH=@FHQ>DQZNcFHQ6AU@DBKNMDOQ>LPB NPDnX,B FHQZm{5[AO=HAf?KDOx]r@J@DfQZDfS@AOCDfJKBKA]\@DNcLMCLMgHBes@AQZA=@A]DOBDT"CF@B@F@CLMGILMDOB@NMFDQZ\HDCO^M_`LPCF
=@DT>™;4šV$Ó,FªDTR7)46z6QZD‡TMF@CATcLMxA‡A;TPFKQCF@X<X,DQZ\@FHB =HLcDB@NcDQAUKDB NPDQ=@DT>\HX<FH?KDD=KFHXm6hbT6CAQZFQZLMGIŒNcX,LcCF3QZD
pro
=@J@CD–CJKAB@=@FdJ@Bd\HX<FH?KDD=KFHX"S ACDJ@B A6F@_<DXNcA6VRQZD6TPFKCATMLMxAOBdTMFHQ2CnFHXX<DQZ\HF@BK=@LPDB NPDQjAU@DBKNMDQ)=HDJ@QZJKAOX,LcFHm
™;4ˆ:,46UKDOB@NMDl=KDlGdD=HLMACLMg@B@YГŽ5[F@BKNMX<FHTMAOBDTjCLcCTMFa=@D]?@Lc=HA]=@D]CA=@Ai7b4~VeDBKCA\HQZJKTMABNMF@=HFaDT
• CF@BKF@CLPGdLPDOBKNMFi\HF@X2DTMTMFHQ8A=Hr@J@LcXLc=HF@muhbT{™‡4†=HDnsHDX<‹qCFHB NPX<FHTcAX)TcAdCX<DAOCLMg@B]=HDq7j4RQ8AQZFHCOLMA=@FHQ8A

4-7
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

TMF@QB J@D?KFHQ[J@QZJKAX<LMFHQZzuAQZ^pCFKGIFiDTMLcGfLcB@AX)TcFHQ[7j4>Q[\HDX<NcDB@DCOLMDBKNMDQ[AqCOTMLPDOBKNPDOQ[=HAO=HF@Q[=@Dds@A.vwAOmhbT
™;4—? A6A\HX<DBK=HLMDOB@=@Ff\@X<FHU X,DQZLc?@AGIDB NPD–=HDTPAQjNPX<AB@QZACnCLPF@BKDQ)rHJKD6QZD6S ACDOBIDOBIDTŽQZLMQZNcDGIAm
7)4 :46UKDBKNMD =@D§NcX<AB@QZACOCLMg@B@YГ8D\@X<DQZDB@NcABÈAT/J@QZJ@AOXLcF DB DT/=KF@GfLcB@LcF =HDT/sKXFH„ DX<z
• ATcGfAOCDB@AnB@=@FŠCF@B@F@CLcGfLcDB@NcF3QZFKsHXDWŒT–V;NcXAONMABK=HF=HDaCFHBKQZDU@J LPXqLPB _<F@X<GfAOCLPgKBŠ=KDEFHNcX<FHQi7j46QZm
58A=@AR7)4†CF@BKNPLcDB@DRVfGIAB@NcLMDBKDR=@FHQX,DO=HDQ=HD>CF@BKF@CLPGdLPDOBKNPF@zŽJ@BKARrKJ@D>CFHBKNMLMDBKDRCFKB@F@CLMGILPDnB@NPFKQ
QZFHs@X<DiDT2\@X,FK\HLMFEJ@QZJKAX<LMF…VFHNMX<AiCFKBWCFKB@F@CLMGILcDB@NcFE=HDnT)X,DnQZNPFW=@Dl7)4>QZmbhbT)7j4~DQqDT)\KJ@B@NcFE=KD
DB NPX<A=HAlAOT)=HF@GILMB@LcFW=@DT)sHX<F@„@DX<zkCF@FHX<=HLcB@ABK=HFTMAQ>CF@GfJKBKLMCACLcFHB DQqDOBKNMXD]=@LMCSKFa=HF@GILMBKLMFaVDT
J@QZJ AX<LPFIATŽrHJ D6DQZNM‹BqAQZFHCOLMA=@FHQZm
46U@DB NPDQq=HDiCFHB FHCLcGILPDB NPF{“bFHQq™;46QdVTMF@Qd7b4>QqCFHB NPLcDB@DOBaLMBK_<F@XGIACOLMg@BaQZFHs@XDiQZ^)GdLMQGIFKQdV

QZFHs@X<DaFHNcX,FKQlAUKDOB@NcDQ]QZLPNMJKA=@FHQ]DB‡QZJ;GdLPQZGIFB LP? DTPmh"QNMAaLMBK_<F@X<GfAOCLMg@B;DQ]TcAWrHJ DaF@X,U AB@LcxATcA
QZFHCOLMD=@A=—=HD;AU@DnB@NcDQZmR"A;sHAQZD;=HD;CF@B@FKCLPGILMDOBKNPF—=@DJ B—™‡4 F—J@Bª7)4 DQaQZJª”–‚Ê:<”–DTcLMD_
‚>DNMƒFHX<„@Y>rHJKDQZDACONMJ@AOTMLPxnACFHBKNMLMBKJKAGIDB@NcD\HAnX,AAO=HA\KNPAX<QZDATcFHQICFKB@F@CLMGILPDnB@NPFKQIA=Hr@J@LcXLM=HFKQ
=HJ XABKNMD6TcAQ2=HLc_<DOXDOB@NMDOQ2\HDONMLPCOLMFHBKDQZm
œž’Ÿ‰ W¡;¢‡£ŽŸ ÙØÓÑ

4.3 BRA
"F@Q2F@snv.DNMLM?KF@Q2=HDTŽ\@X,FKVKDCONMFI58•R”[[4—:<58F@GfGIF@Bd”[X<FH„KDXAOU@D–4RX<CS@LcNMDCONMJKXDYkQZF@BdTMFHQ)QZLMU@JKLMDBKNMDQ“

5XDOAXkJ@BKA6AX<r@J@LMNcDCNcJ@X<A6As@LPDnX,NcA6\@AX<A6QZLMQZNMDGdAQ2=@LPQZNMX<LPsKJ@Lc=HF@Q2=HDLMBKNMDX<GID=@LMACLMgHBqFHB -line.

y DQZAX<X<FHTMTMFªV3COFHBKNMX<LPs@JKCLMgHB3A;DQZNc‹B@=@AX<DQDJKX<FH\@DFHQ=@D;AnX,rKJ@LcNPDCONMJ@X<AQ=@D‡QZLcQZNMDGIAQ=@D…LPB NPDOXGID=@LMACOLMgHB3=KD
información.
y D GIF@QNcX<ACLPgKBV?KATMLc=HACLMgHBe=HDlTMAfAX<r@J@LMNcDCNMJKXAfJKNPLcTMLMxABK=@FCJKANMX<FA\@TMLMCACLcFHB DQ6\HLPTcFHNcFX<DTPACOLMFHBKA=KAQRCnFHBDT

COFHGIDX<CLMFIDTcDCNcX,g@BKLMCFHm

4.3.1 Ã1ÄWÅaÆEÇ<ÄÈÅEÆÊÆkÛÚÜÆkÝk
"F@Q2\@XLcB@CLc\HATcDQ2CF@GI\HF@B@DnB@NPDnQ2=HDT’GdFH=@DTcFf=@D6DOGf\@X<DQZA6=@D658•>”–4—:,ouLMUKJ@X<A 4-9YkQZFHBdTcFHQ2QZLcU@J@LcDB NPDQ“

hbT’LMBKNMDOXGID=@LMAX<LPFIsK‹QZLPCF

›pJ sHTcLPCLc=HA=IVRX,DnTPACLcFHBKDQ ÐX<DBK=HDx -vous"
¶Þ


DTMAOCLPFKB@DQ)=HDNMX<AB@QZACOCLMg@B

5A=HDOB@AQj=HD?@ATcFHXkVqXDOTMACLMFHB DQ2DBKNMX<D6LMBKNMDX<GfDO=HLMAOXLcFHQ

9uDX? LPCLcFHQ2=@D6QZFK\HF@X,NcDzHDOQZ\HDCnLPATcGfDOB@NMDNMDX<CDOX,AnQ2\HAXNMDOQ2_`LMAs@TMDQ2:<7)7)›pY

­b®P¯H°u±² 4-9 ³ —¼@¾u¿ ¹ ¼I¾u¿6¿½ ±¿ Z²f¾¿ ]µ >´



U
Hq Yß
Ö Yi

4-8
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

4.3.1.1 à­áYâã¶ä|åTæ3çÄåYè­âéjæ3âê
hbB58•R”[[4ˆDOTbLPB NPDX<GID=HLcAX<LPFaACONMÒ@A]COFHGIFaJ BCXDA=KFHX–=@D]GIDX<CA=HF@mkhbBJKBCFHBKNMDO‘@NMF=HD]GIDX<CA=@FDT"LPB NPDX<GID=@LMAX<LPF
NcLMDBKD6TcAQ2QZLMUKJ@LcDB@NcDQ2X<DQZ\@FHB@QZAOsHLcTMLP=KA=@DQ“
?KF@J@Q“KhjQZNcAsHTcDCLcGfLcDB@NcFe=HDdJKBKAdCFHB D‘KLMgHBiJ B@F -a-JKBKFeDB NPX<DdTMAQ8GfJKCSKAQ[\@FHQZLMs@TPDnQ–DBKNMX<Dd\@X<FH? DD=@FHX<DQ
VRCF@B@QZJKGfLc=HF@X<DQZm
• Rendez-

5LMDXX<D’“u58F@FHX<=@LMB@AOCLMg@Ba=HDiTcAQR\HX<DCF@B@=@LMCLcFHBKDQRV\HF@QZCFHBK=HLcCLMF@B@DOQq=@DlNPF@=HAQRTMAOQd\@AX<NMDQq\KAX,NcLMCLM\HAnB@NPDnQdDBJ@B A
• NcX<AB@QZACOCLMg@BIVRQZJd=HLcQZNPX<LMsHJKCLcgHBdDBqDTŽNPLMDOGf\@FIVqDOT’DQZ\@ACLcFHm

Fk“ŽbA]XDOQZ\HF@B@QZAs@LMTMLM=HAn=W=HD]TcAl?KDBKNMA]B@FACAs@A]CFHBTcAfDB@NcXDOU@AfVeDT"\@AU@FKm{hj‘@LcQZNMDBX<DQZ\@FHBKQZAsHLcTMLP=@A=KDQ
• RecursAOQZFHCLcA=HAOQ2CF@BdTMA6=KDQZCXLM\@CLMg@BIFITcA6CAOTMLM=@A=IAQZ^ŽCFHGIFITMAOQ2AQZFHCOLMA=@AQ2CF@BqTPA6DnB@NPX<DU A6VqDTŽ\HAOU@FKm
hbTeCTMLcDB@NcDÎNMLPDB DÎTMAQŠQZLPU J@LcDB@NcDQŠXDQZ\@FHB QZAs@LPTMLc=HA=@DQ“RTMF@CATcLMxAOX,z]D? ATPJ AX…VÎQ$DnTPDCCOLMF@B@AXWFH_`DX<NPAQZz]\@AXNcLPCLc\HAOXEDB¬DT
LcB@NcDX<CAGIsHLcFeV]D?@ATcJ@AnCLPg@Bl=HDRTPF@Q[X<DQZJ@TcNPA=@FHQ8=HDRTPARDBKNMX<DU@AqDB]s@AQZDqARTPF@Q[X<Dr@J@DX<LcGfLMDBKNMFHQ8V]=@DQZCX<LP\KCLMgHB]=HDRTcAdF@_<DOXNcA
original.
hbTLPB NPDX<GID=HLcAX<LMF F@_<X<DCOD/TMAQªQZLPU J@LcDB@NcDQ_<ACOLMTPLc=HA=@DQ“d›JKsHTMLMCACLcgHB(V(GIAB@NcDB@LcGfLcDB@NcFž=KDTCANM‹TMF@U@FKzeU@DOQZNMLMg@B~=KD
NcXAOB@QZACOCLMF@B@DQEV«CFHBKNMXFHTf=KDª_`TPJvZF@zqX,DU LPQZNcXF@zdU DQZNPLcgHB«=@D3XDCJ X<Q$FKQZzqCTMAQZLc_<LMCACLcgHB«=@D3TMFHQEQZDOX?KLMCLMFHQZzR\HX<F@?@LMQZLcgHB‰=KD
LcB@_`FHX<GIACLcgHBq=HDGIDX<CA=@FfVR_`ACLPTcLMNMAXkTMADB@NcXAO=HAAT’GIDX<CAO=HF@m
"AOQ>X<DTPAnCLPF@BKDQ6DBKNMXDfDT"LMBKNMDXGdD=HLMAX<LMFViDTkX<DQZNcF=HDIDB NPLM=@A=@DQ6\@JKDO=HDIQZDX=@DICJKANMXFeNMLM\@FHQ=HAOB@=KFTPJKUKAXAI=@LM_`DX<DB@NcDQ
GIDX<CAn=HF@Q2VdGIFK=HDTMFHQj=HDB@DUKFHCLcFa“

<BKNMDX<GID=HLcAX<LPFIBKDJKNMXAT,“hjTŽLMBKNMDXGdD=@LPAX<LMFIDQZNc‹6CTcAXAGdDB@NcD6=@LP_DX,DOBKCLMA=HFd=@DTŽX,DOQNcFI=HDDBKNMLM=@A=HDOQm
<BKNMDX<GID=HLcAX<LPF/}n\@J@QZSK€’“"AQ;_`J@BKCLMF@B@AnTPLM=@A=@DQ;COFHX<XDOQZ\HF@B@=KLPDB NPDQEATfLPB NPDX<GID=HLcAX<LMF†V«TPFKQ‡\@XF@?@DOD=HF@XDOQ‡=KD

QZDOX?KLMCLcFITPAQ2FK_X<DCODBdTMA6GdLMQGIA–DB@NcLP=@A=Hm
<BKNMDX<GID=HLcAX<LPF]}O\@JKTPTc€’“"AQ8_`J@BKCLMF@B@AOTMLM=@A=@DQ8CF@X<X,DOQ\@FHB =HLcDBKNMDQ[AnTpLcB@NcDXGfDn=HLPAOXLcF]VfTMFHQCTMLcDB@NcDQ[TcAQFH_`X<DCDBITcA

GILcQZGfADB@NcLM=@A=@m
<BKNMDX<GID=HLcAX<LPF‡_`D=KDXA=HF{“{"AQIDB NPLc=HA=@DQI\HJ D=@DB…NMDOB@DX6NMF@=HAnQfTMAQd_J B@CLcFHBKATMLc=HAO=HDQZz)DOQf=@DCLcXz)=@DiCTMLMDBKNMDe=KD

LcB@NcDX<GfDO=HLPAnX,LcFIFf=@D6\KXFH? DD=HF@X<m

4.3.1.2 ë­ì¸í"áâîYâ è"éªèðïñæ|å"áéjîdâê´ãwådòôóæ/åjãwè´åªõ -vous"


bh B‡TPAaCnFHGI\@FHBKDBKNMDa=HDOT[GIFH=@DTMF;=HDDGI\HX<DQZAa=@Da5[•>”–84 ›pJ@s@TMLMCOLP=KA=VEXDTcACLMFHB DQ nXDOB@=@Dx -?KF@J@Q e:<ouLPU@J X<A 4-10Y<z
TÞ /Þ

\@FH=KDGIFHQ)LM=@DB@NcLM_`LPCAXkTcFHQ2QZLcU@JKLMDBKNMDQ)DTMDGIDBKNMF@Q“
B@LMQZNcX,AnCLPg@B{“H"Ad\HJ sHTcLPCLc=HAO=iViTcAd\HX<FH? LPQZLMg@Bl=HDdLcB@_`FHX<GIACLMg@Bl=HDOTkGIDX<CAO=HFeDQZNc‹BlQZJÐvwDNMAQ–AqTPAq\HX<FHNMDCCLcgHB
• Admi =@DTŽCF@B@QZJKGILc=HF@XkVdATMAFHX<=HDOB@ACLcgHBd=KDTuGIDX<CAO=HFKm
ouJKDB@NcDQ–=KDqLcB@_`FHX<GIACLcgHB{“bAOQ8_`J@DB NPDQ=HD>LPB _<F@X,GdACOLPgHBf=KDTGIDXCOA=HF]LcB@CTcJ@VDBfTPF@Q8DBKCAX<U@A=KFHQ8=HD>X<DATMLMxAXbTcA
• :<\@XF@CJKXDX<QZY6Q$LcBEF@TP? LP=HAnXRDT2CAQZF…GI‹QI_`XDOCJ@DOB@NMDirHJKDeQDOABWTcFHQd\HX<FH\@LMF@Qd\HX<FH=@JKCONPFHX<DQqTPF@QqrHJKDiQZD
DOpublicidad
B@CAnX,U J@DBd=@D6S ACDXkTMA6\KJ@s@TMLPCOLM=HAO=f=@D6QZJ Q2\@XF@\HLcAQ2F@_<DXNMAOQZm
›pX<FH? DD=@FHXf=@D‡LMBK_`FHX<GIACLMg@BŠ=HDT6?@DBK=HDO=HFKXO“j›pXF@?@DnD=HF@Xf=HD…LMB@_`F@XGIACOLMgHBŠr@J@D‡AO©KA=@D‡?KATMF@XfFHX<U@AB LPxOABK=@FªV
• =@LMQZDO©@AB =HFITPA–=HDOQCOX,Lc\HCOLMgHBd=KD6TMA6FK_DX<NMAOm


›pX<FH? DD=@FHX/=@D1LPBK_`FHXGdACLMgHB =@DTGfDOX,CAn=HFk“E›pX<FH?KDD=KFHX†=@D1LcB@_`FHX<GIACLcgHBšrHJKD1AOCNMÒKA1DBšBKFHGIs@XD =HDT
consumidor.
›pJ sHTcLPCLc=HA=V=HLM_`JKQLcgHB{“ŽbAfDB@NcXDOU@Af=@D]TcFHQ6GIDB@QZA.v.DQ6QZFHBX<DQZ\HF@BKQZAOsHLPTcLM=@A==@D]TcAfDGI\HX<DQZAf=HDf=@LM_`J@QZLcgHBKmkbFKQ
• DOQZNM‹BK=HAX<DQ2=@D6COTMAQZLc_<LMCACLcgHBq=HD\HX<F@?@DDO=HF@XDQ)VqQZDX? LPCLcFHQ2AVJ@=@ABqA6=@AXkJ@BKA6? LPQZLcgHBqU@TcFHs@ATPm

4-9
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

­b®M¯H°u±² 4-10 ³ —¼H¾u¿ ¹ ¼f¾u¿¿½ ±¿ Z²I¾p¿ lµ R´i·@¸ ° ¹ ®PÀO®M¾²H¾ I²H°uÂÀ®M¼



U
&q ӧ
Ö di
fs ÷ö tq

4.3.1.3 ø³å"áé"îYâê"ã¶åYòÀè´åùä@æ/éjãwòdéjîYîªâ(ú¸ã

" ADQZNMX<J@CNcJ@X<A=@DTPANcXAOB@QZACCOLMgHB…58•>”–84Ñ:<opLcU@JKXA YRNcLPDB D=HLM_<DOXDB NPDOQ]_`F@XGIAQIQZDU Ò@B…QZDeCOFHGIDX<CLPAnTPLMCODB…sKLPDB DQ


_`^MQZLcCFHQZz@CF@B@NMDOB@Lc=HF@Q2=HD–LPB _FKX,GIACnLPg@BdFIQZDX<?@LcCLPF@QZm 4-11
"A\HX<F@?@LMQZLcgHBd=@D6JKBdQZDX<?@LcCLPFdDBd58•R”[4—Q$D–S@ADQZNMXJ CNPJ X,A=KFIDBk“

DQZ\HF@B@QZAsKLPTcLM=@A=HDOQ2\HX<D -QZDX<?@LcCLPFk“\@D=@LM=HF@zHAOJKNMFHX<LMxAOCLMg@B@z@_<LcB@ATcLMxAOCLPgKB@z@XDOCJ@X<QZFHQ)VdACnJ@DX<=@FHm

DQZ\HF@B@QZAsKLPTcLM=@A=HDOQ2DBdQZDX<?@LMCOLMFk“UKDQZNMLMgHB zHCF@B@NcAsHLcTPLM=@A=IVR_<AOCNMJKXACOLMg@B@m

­j®M¯@°p±O² 4-11 ³ —¼H¾u¿ ¹ ¼I¾p¿¿½ ±¿ Z²I¾u¿ ]µ >´· 8±O²H Z²HÀOÀ®M¼@Âu¿



U
&q `ß
Ö di
r 9q &q

4.3.1.4 û³éªè"å"ãªéªòùè"åùü¶éjáê"æ¸ïñæ/åjá éjîYâê´ãwådòÀåTã¶äIæ/åôâãwä+å"æ3çÁådè¹â éTæbâ(ê¶ò


9uDUKÒ@BW58•R”[[4žJ@B…? ATPF@X6A©KA=@LP=KF‡DQZ\@DC^c_<LMCFEAeJ B@AeCAO=HDB Ae=HDi?KATMF@X6=@D\@DBK=@De=HDiTMAiB@AONMJ@X<ATcDxAe=@DT2QZDX<?@LcCLMFErHJ D
DOBKNPX<DU Az@=HDTŽQZDX?KLMCLMFIr@JKD6COFHBKQZJ@GdD6Vq=HDTMAB@ANcJ@X<ATcDxA=HDQJqLMBK?@DOXQZLMg@Bd: FiguXA 4-12).
"AB ANMJKXATMDOxAAsKLPDX<NMA=@DTMAF@\HDOXAOCLMg@B…=HDiGfDO=HLMAOCLPgKB…=@D\HDOBK=@D=HDT2DB@TcACDDB NPX<DiDT2\@X<FHCDOQFE=HDiAO=Hr@J@LMQZLcCLPg@BWVaTcAQ
COA=HDnB@AQ=HD«?KATMF@X,z]=@D«TMA«CF@FH\@DX<ACLPgKB¬V/CF@GI\HDNcDB@COLMA«DBKNMX<D‰LMB@NcDX<GfDO=HLcAXLMFHQ;ATlGILMQZGIF¬B@Lc?@DOTi=@D—?@ATcFHX<zf=HD—TcA
COFHFKX,=KLPB ACLMgHBq=HDFH_`DX<NPAQjDB@NcX,D=HLc_<DOXDBKNMDOQ2B@Lc?@DTcDQ2=@D6?@AnTPF@XkVq=@D6TcA6\@XF@?@LcQZLPgHBq=@D6CF@GI\HDNcDB@CnLPAAsHLcDX<NMAm

4-10
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

Figu
±² 4-12 ³ —¼H¾¿ ¹ ¼f¾¿¿½ ±¿ Z²I¾¿ iµ R´e· >²H¾¿Âu² )¾p¿ H² ¹ ¼@±

U
&q ӧ
Ö ªi
ß -q ”W

4.3.1.5 ý¸åTæ0ü´âîdâêªòÀè´åùòjê´þ¸ê"æ0ä|åôîdê´çðêÄä+å"æ3îOå"æ|édòôþ¶éTæ0ä|åYòùÿ@â éTí¸á åYò   µë


"AOQINcDX<CDX<AQd\HAX<NMDOQI_`LMAOsHTcDQIFE7j7)›FH_`X,DOCDBaQZDX<?KLMCLcFHQq=HDlQZF@\HF@XNcDi\@AXAlX<DATcLPxAX[ACNMLM?@Lc=HAO=HDQRCF@GIDXCOLMATMDQR=HDl_`FHXGdA
segura:
• ˜X<DDCOBKS@DAX<xAFICLMD–g@LPB;B NPV…DU =HX,LcLcQZ=HNMAX<=ILPs@=@JKD6CLMTcgHAB…Q2NM=HX<DW CTcA? DQ“"•>_<XDCDQZDX?KLMCLcFHQ]s@‹QZLMCOFHQ]=HDAJ@NcDB@NcLPCAOCLMg@B@zCOFHB _<LM=HDB CLPAnTPLM=@A=@z2B@F
ABKQZACCLcFHBKDQZm

9uDX? LPCLcFHQ2=@D6CDnX,NcLM_`LPCAOCLMg@Bk“O•R_`X<DCDGfDOCAB@LcQZGIFHQ2\@AX<A6DB TPAxOAOX"LM=@DB@NcLM=@A=HDOQ2CF@BdDBKNMLM=HA=KDQ2TMDUKAOTPDQ .

9uDX? LPCLcFHQ2=@D6\KFHTMLMC^cA6VqAX<sHLcNMXA.vwD’“O™‡DCABKLMQZGIFHQ2=@D6X<DQZ\@J@DQZNcA6DBqCAOQZFf=@D6LcB@CLc=HDOB@CLcAQZm
œž’Ÿ‰ W¡;¢‡£ŽŸ ¤ ,¤
4.4
hbTŠFKsnvwDNMLM?KF =HDT\HX<F@VKDCnNPF ˜ 464 : ˜ DOB@DX<LMCž4>X<CSKLMNPDnCNPJ X,D~_FKX—,B _<F@X<GfAONPLMF@B!46?@AOLMTPAOsHLcTMLPNcV Y—DQ/=@DQZAX<X,FKTPTcAX—J@B A
AOXr@J@LcNMDCNcJ@X<A;U@DBKDX<ATq\@AX<AŠ_`ACLcTMLcNPAXlTPA;TMF@CATcLMxAOCLPgKB—V3X<DCJK\HDX<ACLcgHB3=@D;LPB _<F@X<GfAOCLPgKBªGID=@LMAOB@NMD‡J@B3LPB NPDX<GID=@LMAX<LPF
DOTMDCNcX<gHB@LcCF@m

4.4.1 Ã1ÄWÅaÆEÇ<ÄÈÅEÆ  Æ ÆkÆlÉWÌEÍo
hbTuGdFH=@DTcFl=KDRX<D_`DX<DBKCLMA6=HD ˜ 464‰=@DQZCX<LMs@D>TMAQF@\HDnX,ACOLMF@B@DQ2VdTMFHQAnCNPF@XDOQLMBK?@F@TMJKCXAO=HF@QDBqTPAsHÒ QZrHJKD=HAOzH\KDNPLcCLMg@BIV
DOBKNPX<DU Aˆ_`^MQZLMCOA(F1DTcDCNcXg@B@LcCA(=HD¬FHsÐvZDNcFHQ«V QZDOX?KLMCLcFHQ‰DBžJ@B DB@NcFHX<B@FÑ=HLcQZNMXLMs@J@LM=@F =@D(J@B QZLMQZNMDOGfA¬U@TMF@s@AT…=KD
intermediación.
hbTbDBKNMFHX<B@Fa=@D ˜ 46<4~DQZNM‹]COFHGI\HJKDQZNMF\HF@X[J@BKA]QZDX<LPD]=HD]AOCNMF@XDOQqVe_`J@BKCLMF@B@DnQqr@JKDlQZDfCFKGfs@LPB ABCF@BDT"F@snvwDONPLM?KF=KD
F@_`XDCODXbJ@Bf\@XF@CD=@LMGILMDOB@NcFi\KAXARDOTpAnCCDQZFlVdXDCJK\@DX<ACLMgHBf=KDqLcB@_`FHX<GIACLMg@BfVIQZDX?KLMCLcFHQZmHbFHQ2ACNMF@X<DQpvwJKDUKABIJ@Bd\@A\HDT
DOBaDTj\@X,FKCDQZFWrHJKDiCOFHGd\HXDB =HDiTcAlLPB LPCLMAOTMLPxnACLMgHBaVTcAlD.vZDOCJ@CLcgHB=HD]TMAOQRACOCLPFKB@DQ>BKDCDQZAX<LPA]\@AX<A]TMTPDO?KAX[A]CAsHFJ@B A
transacción.

4.4.1.1 Roles
hbT’GdFH=@DTcF ˜ R4 <4—CF@BKQZLP=@DX<A6r@JKDTPFKQ2ACNMFHX<DQ2\@JKD=@DBdA=@FH\KNPAXkATcU@JKBKFI=@D6TMF@Q2NMXDQj\HXLMGIDX<FHQ)XF@TMDQ)\HX<LPB CLP\@ATMDQ“
BKNMD’“hjT{JKQZJKAOX,LcFl_<LMBKATp=@DTpQZLMQZNPDGdA 46<4ÎNMLPDnB@D>DT\HA\@DTu=HD>CTMLMDBKNMDmŽ9J]F@sÐvwDNcLP?@F]DOQ8FHs@NMDBKDXb\@X,FK=HJKCNcFHQ[F
• Clie LcB@_`FHX<GIACLcgHBQZFHs@X<D;\@XF@=HJ CNPF@QZm6hbT>CTPLc˜ DBKNMD;DOQDT>rHJKD;LMBKLMCLcATMLMxA…TMA…NMXABKQZACCLcgHBŠ\HAOXA…FHs@NMDBKDXfJ@B A‡FGd‹Q
AOCCLcFHB@DOQ ˜ 46<4—VdX<DCLcsHLcX"DT’X<DQZJKTMNPAn=HFI=HD=HLcCSKA6NMX<ABKQZACCLcg n
<BKNMDX<GID=HLcAX<LPFk“dhbQªDOTDB@CnAXUKA=@Fž=@DÎ\HX<FH?KDDX‡DTQZDX<?@LcCLMF~=HDÎGID=@LMACLcgHB~AÎTMFHQ3CTcLPDB NPDQZmi8DQZ\HFKB@=@D‰A

\@DNcLMCLMFHB DQ3=KD‰TMF@QŠCTcLPDB NPDQQZFHs@X<D‰\@X<FH=@J@CNcFHQFˆLMBK_<F@X<GfAOCOLPg@B¬QZFHsKXD‰\@X<FH=@J@CNcFHQZm]"F@Q3\KX,F@=HJ CNPFKQŠrKJ@D—DT
LcB@NcDX<GfDO=HLPAnX,LcFIFH_`XDOCD6ATMF@Q2CTMLMDB NPDQ2\KJ@D=@DBd\HX<F@CD=KDX"=HD–J@BKFfFd?KAX<LPFKQ2\HXFH? DD=@FHX<DQ2VÓ.FILMBKNMDX<GID=@LMAXLMF@QZm
›pX<FH? DD=@FHXГKhjQDOT{\HX<FH\@LMDNcAX<LPFi=@DT{\HX<FH=@J@CONMFeQZFHTcLMCLMNMA=@Fi\HF@X2DT{CTcLPDB NPDm’hjT\@X,FK?@DDO=HF@X)UKDOB@DX<AqTMARLPB@_`FKX,GIACLcgHB

QZF@sHX<DaTcFHQl\KX,F@=HJ CNPFKQlrHJ Da\@J@D=@DaFH_`X<DCDXqVEr@J@DNMLMDBKD=@LMQZ\HF@B@LcsHTcDQfDT8LMBKNPDOXGID=@LMAOXLcFHm2hjT\HX<FH?KDD=@FHX>\HJKD=KD
QZJKGdLPB@LcQZNMX<AX"QZJq\HX<FH=@J@CONMFI=HLcX,DnCNPAGIDB NPD–AT’CTMLcDB@NcD6FIA6NcX,An?@ŒQ2=@DTŽLMBKNMDXGdD=HLMAX<LMF@m

4-11
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

46V JK=HAOB@NMDOQ“khjQ]J@BKAaA\@TMLMCOACLcgHB;DO‘@NcDX,B AaAT8QZLMQZNMDGIA ˜ 4R<4ÑrHJ DFH_`X<DCD=@DNPDX<GILMBKA=KFHQfQZDX?KLMCLMF@QfAJ@‘ LPTMLcAX<DQ


• COFHGIFf\HFKXbD.v.DGI\HTMFk“ DT’QDOX?KLMCLMFf=HD6=HLcXDOCNMF@X,Lc F
R m @zHDT’QZDOX?KLMCLcFf=@D6\@AUKFfDnTPDCNcX<gHBKLMCFI9hb7‡FIJ@BqQZDX<?@LcCLPFI=KD
AOJ@NcDB@NcLMCACOLMg@B@m

4.4.1.2 Acciones
5A=HA6NMX<ABKQZACCLcgHB ˜ 4>4«CFHB QZNPA6=HD6J@B A>FfGI‹QAOCCLPFKB@DOQmHhjQZNMAOQACCOLMFHBKDQQZF@BI\HDNcLMCLcFHBKDQ=@DT’CTPLcDB@NcD>ATŽLPB NPDX<GID=@LMAX<LPF
FIATŽ\KX,F@?KDDO=HF@Xk\HAX<AX,DAnTPLMxOAXkCLPDnX,NcA6F@\HDX<ACOLMgHBKmH9uD=HD_`LPB DBdCLMBKCFIACCnLPFHB DQ“

”8J@QZCAOXk:9DAX<CSKY

"F@CATcLPxAnX":"F@CANcDY
• Peti
CLcgHBd:<•qX<=@DXY

hbBKNMXDU A6: y DOTMLM?KDX<Y

DATcLPGdDB@NcACLMgHBq:,ouDDO=Hs@AC„ Y
hbBWTMAioLMUKJ@X<A 4-13 QZDlGIJ@DQZNcX,AlDTjGfFK=HDOTPFW=@DlX,Dn_DX<DB CLPAl=@DT)\@XF@V DOCNMF ˜ 464žDOBaDT)r@JKDiA\@AX<DCDBTMAQqFH\KDXACLcFHB DQ
DOBKJKGfDOXA=@AQ2AOBKNPDOXLcFHX<GIDB@NcDm

SEARCH

LOCATE

CUSTOMER  REQUEST BROKER


SUPPLIER

BROKER

DELIVER

FEEDBACK

AUTHENTI
SECURITY PAYMENT
CATION

HELPERS

b­ ®P¯@°u±² 4-13³ —¼@¾u¿ ¹ ¼I¾u¿6±¿O»¿±O¿ÂÀ®M²I¾u¿ ´Z´




"F@Q>X<DQZJKTMNcA=HF@Q>=@DfDQZNPAQ6CJ ANPX<FACCOLMF@B@DQ6TMAQ6=HDO?@J DTP? DfDTbLMBKNMDX<GID=HLcAX<LPFAT"COTMLPDnB@NPDfFAnTb\HX<FH?KDD=KFHX8A]TcFTMAOX,U F=HDfTcA


AOCCLMg@Bq=HDDB@NcXDOU@Am
4—CFKB@NcLPB J@ACOLMgHBdQZD=HDQZCX<LMs@DBdTMAOQ2DB@NcLM=@A=HDOQ2=HD=HAONMFHQ)rHJ D6QZDNPX<AB@QZ_`LMDX<DBdDBqCA=@A6AOCCLMg@Bk“
”8J@QZCAOXn“9DiJKNMLPTcLMxAeCOJ@AB =HFEDT2CTcLMDBKNMDi\KX,DU J@BKNMAiATbLPBKNMDX<GfDO=@LMAXLcFErKJ@DisKJ@QZrHJKDlLPB _<F@X<GfAOCLPgKBWDBaQZJaBKFHGds@X,Dnm

›pAOXA>DTPTcFHzŽDTCTcLMDBKNMD>=HARATuLPBKNMDX<GID=HLcAX<LMFlJKBKAR=@DQZCX<LP\@CLMg@Bf=HD>TMA>LPB _FKXGfAnCLPg@BfrHJKDRsKJ@QZCAmŽhjBf_`J@B CLPg@Bf=KDRDnQZA
LcB@_`FHX<GIACLcgHBKzŽTcTPAGdA=@A>GIDNcA=HAONPFKQ$zHDT’LMBKNMDXGdD=@LPAX<LMFfX<DATMLMxA6TMA6sHÒKQZrHJ D=HAVd=@D? J@DTc?@DDTŽXDQZJKTMNMA=HFdAT’JKQZJKAX<LPFKm
h"TX<DQZJKTMNPA=KFI=HDTMAsHÒKQZrHJ D=HAQZFHBdJ@BqCF@BÐv.J@BKNMFI=HDLM=@DB@NcLM_`LPCAn=HF@XDOQ2Ò@BKLMCF@Q2rHJ D6QZF@BdXD_`DX<DBKCLMAQ)A6TcFHQ2XDCJ X,QZFKQ
r@J@D–QZANPLcQZ_<AOCDBdTMA=HDQZCX<Lc\HCLcgHBd=HAO=HA\HFKX"DT’COTMLPDnB@NcDm

4-12
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

"F@CATcLPxAnXO“5[J AB@=@FfDT’CTPLcDB@NcD>\@LM=@D>ATuLMBKNMDOXGID=@LMAX<LPFfLcB@_`FHX<GIACLcgHBIQZFHsKX,D6\@XF@=HJ CNPF@QGID=KLPAB NPD6J B@AX<D_<DOX,DnB@CLcA


• r@J@D6\KJ@D=@D>QZDXbDnTX<DQZJKTMNPAn=HFf=HD6TPA6FH\@DX<ACLcgHBI=HD6s@ÒKQZrHJKD=@AmŽh"TLcB@NMDOXGID=@LMAXLcF]=@D? J@DTc?@D6LPBK_`F@X,GdACLMgHBqQZF@sHX<D6DT
F@X<LMUKDB=HDfTcFHQ6\HX<FH=@J@CONMFHQ6CF@GIFLMBK_<F@XGIACOLMgHBe=HDfACCODQZLMs@LMTPLc=HA=Kz{GIŒNPFK=HF@Q>=@DfDB@NcX,DnU@Af=@LMQZ\HF@B@LcsHTcDQZz{\HTMAxF=KD
DOB@NcXDUKAzŽCFHQZNcDQZzŽDNPCmŽhjQZNMA>LPB _<F@X<GfAOCLPgKBfB@FfQZD>\@J@DO=HD6CFHB QZLP=@DOXAX"_<LcB@ATuVA>r@J@D6QZD>\@J@D=KDBIA\@TMLPCOAX"=HDQZCOJ@DB NPFKQZz
DONMCm–"FHQNcŒX<GfLMBKF@Q_<LcB@ATcDQQZD‡DOQZNMAs@TMDCODB=@JKXAB NPD…TMA…_`AQZD‡=@D‡B DU@F@CLcACLMg@B3=KD…TcA…ACCOLMg@BŠ=@D…\HDnNPLMCOLMg@B@m–hbT
LcB@NcDX<GfDO=HLPAnX,LcF-B F-U AXABKNMLMxAˆTPA~COFHBKQLcQZNPDB CLPAˆDB@NcXD~TMF@Q‰NPŒX<GILMB@F@Q‰=HD(ACCDQZLcsHLMTMLM=@A= =HD~TcAˆACCOLPgKB1=KD
TcFHCOATMLMxACLcgHBqVqTMFHQ)=HD?KJKDTMNMF@Q2=HLcX<DCNPAnGfDOB@NMD\HF@XkDTŽ\HXFH? DD=@FHXkDOBITcA6ACOCLMg@BI=KD6\@DNcLPCLMg@B@m
›pDNcLMCLcgHB{“dhjTCTcLMDBKNMD†\@LM=@DÎATLPB NPDX<GID=@LMAX<LPF~F~AT\KX,F@?KDOD=HF@X;r@JKD†F@sHNcDB@U A†J@Bˆ=@DNcDX,GdLMBKA=@F~\KX,F@=HJ CNPF

QZJKGdLPB@LcQZNMX<ABK=HFaLcB@_`FHX<GIACLPgKBQZF@sHX<DfDTb\HX<FH=@JKCONPFrKJ@DfS@AfF@sHNcDB@Lc=HFAOBKNMDXLcFHX<GIDB@NcDfGfDO=HLcAB@NcD]TMAfFH\KDXACLMg@B=KD
TcFHCOATMLMxACLcgHB m)bAiACCLcgHBW=HDi\@DNMLMCLMg@BWB@F@X<GfAOTMGIDB@NcDeNMLcDB@DeJ B@Ai_`AQZDe=@DiB@DUKFHCLcACLcgHBEVJKBKAe=HDi\@AU@F@mbhjBWTcA
_`AQZDª=HDªB DU@F@CLMAOCLMg@B†DT]CTcLPDB NPDFHs@NPLcDB@DTPAOQ;CFKB@=@LMCLMFHB DQ;_`LMBKATMDOQ;=@D—AOCCDQZLMs@LMTMLM=@A=/V‰QZL]TPAQ…CFHBKQZLM=@DX<A
QZAONMLPQZ_`ACNcFHX<LMAOQ2\HX<FHCOD=HDATŽ\HAUKFHm
hbBKNMXDU A’“b9DWJKNMLcTPLMxOAWCJ@AOB@=KFŠDT8LMBKNMDXGdD=HLMAX<LMF;\HX<FH?KDDaAT[CTMLcDB@NcDaATcU@Ò@B‡\HX<F@=HJ CNPF;rHJ DWSKAQ$FKTPLcCLMNMA=HFKm8hbQZNcD

\@X<FH=@J@CNcF]\HJKD=HD>QZDXbLMBK_`FHXGdACLPg@BfQZFHsKX,D>JKB]F@snv.DNMFl_`^MQZLcCF]FlGIDONPA=KANPF@QZmŽ"A6ACCOLMgHBI=@D>DOB@NMX<DUKA>\@J@D=@D6QDOX"J@B A
X<DQZ\@J@DQZNcA6ATMAACCLcgHBd=HD\HDnNPLMCOLMg@B@zHs@Ò@QZrKJ@DO=HAFfTcFHCAOTMLPxnACLMgHBKm
DATcLPGdDB@NcACLMgHBp“ 9D>J@NcLMTPLcxARCOJ@AB =HFlDTuCTcLPDB NPD>=HDOQZDARX<D?KLMQZAXjTcARNMXAOB@QZACCnLPgHB m’›{J D=@D>QZDXb=KDs@LP=HFfA6TMA6\HDNcLPCLcgHB

=@DJ B@ABKJ@D? ADBKNMX<DU@ACOJ@AB =HF‡S@ANcDB@Lc=HF‡\HX<F@sHTMDOGfAOQ]COFHBETPADB NPX<DUKALMBKLMCLcAT[F;CnJ@ABK=HF‡=HDnQ$DnACABKCDTMAOX>DT
\@AU Ff=@Ds@LM=@FfALMBKQZANMLMQZ_<ACOCLMg@BICnFHBdDTŽ\HX<FH=@J@CONMFIFICJ@AnTPrHJ LPDXkF@NMX<A6X<AxOgHBKm

46CCLcFHBKDQq=HDeQZF@\HFKX,NcD’“hjQq\HF@QZLMs@TPDir@J@Di=@J@X<ABKNMDeTMAeD,vwDCJKCLcgHBW=@DlTPAQRACCOLMF@B@DQRABKNMDXLMF@XGIDBKNMDl=@DQZCX<LPNcAQdQZDnA
BKDCDnQZAX,LcF‡J NPLMTcLPxAOX>ATcU@J B@AACONMLP? LP=KA=‡=@DQZFH\@FHX<NMDeCFHGIF…\@F@X6D.v.DGI\HTcF…AJ NPDB NPLMCOACLMg@B@zj\KAUKF…VaQZDU J@X<LP=@A=Kmj"A
AOJ@NcDB@NcLMCACOLMg@BžQZD/JKNMLMTMLMxA†\@AX,A†?KDX<LP_`LMCAOXTcA/LM=HDOB@NcLP=HAn= =@D/NMFH=@FHQªACnNPF@XDQªGID=KLPAB NPD/DTeLPB@NcDX<CAGIsHLcFž=KD
AOJ@NcDB@NcLMCACOLMg@B@mH›{JKD=KDRQZDX"BKDCDQZAnX,LcFfX<DATcLPxAOXkJ@B A6\@AU@FI=KJ@X<AB@NcD6TcA6D.vwDCJ CLPg@Bd=@D6JKB@A–NPX<ABKQZACCLcgHB ˜ 46<4>m@"AQ
F@\@DXAOCLMF@B@DQ)=HD–QZDU@JKXLc=HA=IQZF@BIDOBKCXLM\@NMACOLMg@B@z@LMB@NcDU@X<Lc=HA=@zH_`LPX<GdA6=@LPU LPNMAOTMzHDONMCm

4.4.2 Ã1ÄWÅaÆEÇ<Ä m WÉȧÍÄaÉ …Ç
Ü

hbT"GdF@=HDTcF_`J@B@CnLPF@BKAT"=KD ˜ 464¬=@DQZCF@Gd\HF@B@DINMF@=HAOQ6TMAOQ6_`J@B CLPF@BKATMLM=@A=HDnQ=@DT{QZLMQZNPDOGfAqLPB NPDX<GID=KLPAX<LMFeDOBlJ@B@AqQZDXLMDd=KD


COFHGd\HF@B@DOBKNPDOQfVE=HDOQZCXLMsHDTcFHQfX<FHTcDQfV…TcAQfXDOTPACLcFHB DQfDB@NcX,DTMF@Q]COFHGd\HF@B@DOB@NMDOQfVETPA_`FHX<GIACFKGIF‡QZDLMBKNMDX<XDTMAOCLMF@B@AB
DOBKNPX<DQZ^MmH"F@Q2DTcDGIDB@NcFHQ)CTMA?KDQ2=@DTŽGfF@=HDOTMFI_<JKBKCOLPFHB ATŽ=HD ˜ 46<4«QZF@Bk“
! >DX<B@DOT.“K4>CONPÒKAdCF@GIFiLPB NPDX<GID=HLcAX<LMFeDBKNMX<DITcAQ–=HLM_`DX<DBKNMDQ–opt>™;zuCF@GIFeGdD=HLMFi=HDdNMX<ABKQZGfLcQZLPgKBe=@Dq\HXLMGILMNcLP? AQ

AOsHQZNcXACONPAQ8DB@NcXDqoutq™‡zuCOFHGIF]ATcGfAOCŒBfTMF@CAT=HD>LMBK_<F@X<GfAOCLMg@B@zŽCF@GfF]AOTMGIACŒBf\@AX<AR=@ANPFKQ[CF@Gd\HAXNMLc=HF@Q8\@AX<A
TcAQ2ot>™;m
DQZNcFHX[=KDfTPAQ6J@B LP=KA=HDOQ6_`J@BKCLMF@B@ATcDQ:ot>™;zpouJ@BKCNMLMF@B@AOTktRBKLMNk™;AOB@AUKDX<QZYn“@9DI\HJ D=@DBeJ@NcLMTPLcxAXJKBKAIQZDX<LPDI=KD
• ˜=@LM_`DX<DBKNMDQNPDCB FHTcFHUK^MAQ\HAOXAILPGd\@TPDGdDBKNMAX2J@BKAfJ B@Lc=HA=e_`JKBKCLcFHBKAT{=HDT{QZLcQNMDGdAdLMB@NcDXGfDn=HLMAX<LMFeDBl_`J@BKCLMg@Bl=HDT
NcLP\KFW=HD]NcXAOB@QZACCOLMg@B ˜ 464>mk58AO=HA]NPLc\HFa=@D]NPDCnB@F@TMF@U@^MAfNMLMDBKDIQ$JiJ@B@Lc=HAO=_<JKBKCLMFHB ATbrKJ@DfQZDfJ@NMLMTMLcxAfCJ@AOB@=KFQZD
BKDCDnQZLPNMAiJ B@AlNPDOCBKF@TPFKU@^cAiDBa\@AXNcLPCJ TPAX<m"›pAX<AiQZDTMDOCCLMF@B@AOXTMAlot :<VNcDCBKFHTMF@U@^cAYGd‹QqA=@DCJ A=@Az"DTjQZLMQZNMDGdA
LcB@NcDX<GfDO=HLPAnX,LcFWB@DOCDQZLMNMAlCF@B@FKCDXCOJ@AT)DnQdTcAiGf‹nQdA\@X<FH\@LMA=@AlAiCA=KAiCAQZF@m"hjQZNMA]_<JKB@COLMgHBDQRX<DQZ\@FHBKQZAsHLcTMLM=HA=
=@DTbUKDQZNMF@X–=@D]TMAQ>J@BKLM=@A=HDOQR_`J@BKCLMF@B@ATcDQZmk58A=@A]_J B@COLMg@B=HDTbQZLMQZNMDGIA]LMBKNMDXGdD=@LPAX<LMFNcLPDB DfJ@BKA]ot>™ rHJ DfQZD
LcB@?KFHCnA~GID=HLcAB@NcDˆ\HX<LPGILcNMLP? AQÎAsKQZNPX<ACNcAQ«\HF@XDOTE„@DOXBKDTE=@DT…LcB@NMDOXGID=@LMAX<LMFHmahbQZNMA(outq™ QDOTMDCCOLMF@B@A(TcA
NcDCBKFHTcFHUK^MAGI‹QfA=@DCJ A=HAF;LMBK?@F@CAeATcACFHX<XDQZ\HFKB@=@LMDBKNMDot>m)"ALMBKNMDX<_`AxDBKNMX<Dot VWot>™ DQIAs@LMDX<NPAnz
LcB@=@D\@DBK=@LPDB NPD–=HDTPA–\HTPAONMA_`FHX<GIA6VR=@DTuTcDB@U J@A,vwD=HD\HX<FHUKXAOGfAOCLMg@B@m
t>B@Lc=HAO=HDQ>_`J@B@CnLPF@BKATMDQR:<ot>z"oJKBKCNMLMF@B@ATbt>B@LcNPQZYГ’hbTjQZLMQZNcDGIAlLMBKNMDX<GfDO=HLMAOXLcFWFH_`X<DCD]JKBKAfQZDXLMDf=HDfQZDX<?KLMCLcFHQ6A

QZJKQŠJKQZJKAXLcFHQQZFH\@FHX<NMA=@FHQ\HF@X…QZJ Q3J B@Lc=HA=@DQ_J B@CLcFHBKATMDOQŠCF@GIF¬\HF@XWD.v.DGI\HTcF¬sHÒKQZrHJKD=HAnzlCnFHTPDOCCLcgHB/=KD
GIDNcA=@ANMF@QFfCF@B@?@DnX,QZLcgHBI=HD6_`FHX<GIANMF@mŽbAnQ8FH\KDXACLcFHB DQ8QZFHBd\@XLMGdLPNMLc?@AQ2AsHQZNcX,AOCNMAQ2rHJKD>QZD6\HJ D=HDOBIGIA\@DAXkDB
DOTMDGIDBKNMF@Q=HDOTu\@X<FHNPF@CFKTPFfQZDTMDOCCLMF@B@AO=HFf\@AXA6QZFH\@FHX<NcAXbTMA6_<JKBKCLMgHB mŽ9D6=HD_`LMBKD>JKB@A6outÎ\HAX<A6X<DAOTMLPxnAX"DTŽGfAO\HDF
DOB@NcXD>TPAQ\HX<LPGdLPNcLM?KAQAs@QZNMXACNcAQVdTMAQ2LMBKQNcXJKCCLMFHB DQ=@DTu\HX<FHNcFHCOFHTMFfQZDUKÒKBIDTuNMLc\HFf=@D>NcDCB@F@TMF@U@^cA>DQZCOFHUKLM=@FHmH"A
otÈAOCNMÒKA«COFHGIF¬LMBKNMDOX_`Ax—DBKNMX<D‰CnA=HA—NMLM\HF/=HD—NMDCOB@F@TMF@U@^MA—VÎDTiQZLcQZNMDGIA—LPB NPDX<GID=HLcAX<LMF@m]bAªout ACDO\HNcA
\@DNcLMCLMFHB DQ[=KDq\@XLcGILMNPLc?@AQAsHQZNcX,AnCNPAQVfTcAQ[GdA\@DA>DBfTPTcAGIA=HAOQA>COA=HA6NMDCOB@FKTPFHU ^PA6DBI\HAnX,NcLMCJKTMAXzHDT’XDQZJKTMNMA=HF
=@D6TcA6\@DNMLcCLPg@BqQZD6CF@B@? LPDX<NMDDBdTMAQ)CFHX<X<DQZ\HF@B@=@LMDBKNMDOQ2\HX<LPGdLPNcLM?KAQ2As@QZNMX<ACNcAQ2VqDQ2=@D?KJKDTMNMFfA–TPAoutqm
›pX<LMGILMNMLM?KAQAs@QZNMX<ACNcAQ“ "ACF@GfJ B@LcCACLMgHBqDBKNMX<D6DT’„ DX,B DTŽ=HD 464«VRTPAnQ2otR™ VqDBKNMXDTMAQ)opt>™ VqTMAQ2out«QZD
• X<DAOTMLPxOAlGfDO=HLMAOB@NMDi\KXLMGILMNcLP?@AnQdAOsHQZNMX<ACNMAQZm"9DlCFHX<X<DQZ\HF@B@=@DBaCO˜ FHBaCOA=HAlF@\HDX<ACOLMg@BDB\@AXNcLPCJ TPAX<mk5[An=HAloutq™
LcGI\HF@XNcAI=@DT{„KDXBKDT{JKBiCOFHBvZJ B@NPFi=@Dd\HX<LMGILMNMLM?KAQ[As@QZNMXACNcAQ[r@J@DRX<D\HXDQZDB NPAB]TcFHQ8QZDX,? LPCLcFHQ8rHJKDd\KJ@DO=HDRX,DOCLMs@LMX
=@DaF@NMX<AW\HAnX,NcDa=HDOT–QZLMQZNcDGIAaFDO‘@\@FHX<NMAWAnT–„@DOXBKDT[\@X<LPGdLPNMLc?@AOQlAOsHQZNMXACnNPAQ]r@J@DaX<D\@XDOQZDB@NcAB;TcFHQ]QZDX?KLMCLMF@QfrHJ D
\@J@Dn=HD\HX<FH?KDDXkDQZNcA6ot>™šAFHNcX,FKQ2DTMDGdDB@NcFHQ2=@DTŽQZLPQZNMDOGfAOm

4-13
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

4.4.2.1 
³åªòTîYæbâþ´îdâú´ãÁè¸åôáédò 
"AOQ2_<JKBKCOLPFHB DQ2GI‹Q)LMGI\HF@XNcAB@NcDQ2=@DTŽQZLPQZNMDGIALMBKNMDX<GID=HLcAXLMFIQZFHBqTPAOQ2QZLMU@J LPDnB@NPDnQ“
outR™ =HDfsKJ@QZCAOXn“Ž46CD\@NMAf\HDONMLPCnLPF@BKDQ6\HAOX,AfX<DATcLMxAX8sHÒ QZrHJKD=HAQ6=KDlLcB@_`FHX<GIACLcgHB=KDf\HXFH=KJ@CONMFHQ6rHJKDfCJ@GI\KTPAB
• JKBKAŠ=HDnNPDX<GILMBKA=HA=HDOQZCXLc\HCOLPgHB—=KDTdJ@QZJ AX,LcFHm D?@JKDTM?KDŠJKB@ATMLcQNMAŠ=@DLM=HDOB@NMLM_<LcCA=@FHX<DQW=@DLPB@_`FKX,GIACLcgHBª=KD
y
\@X<FH=@J@CNcFHQ2r@JKDCJKGf\@TMDOBITcA6=@DQZCX<LM\@CLMg@B@m
outR™È=HDlTMFHCnATPLcxAXГu4>COD\HNcAiLM=@DB@NcLM_`LPCA=KFHXDQR=@Di\@X<FH=@J@CNcFaVA?KDX<LMU@JKA]=HF@BK=@D]TPF@QR\@J@D=KDlFHsKNPDB DXm y DO?@J DTP? D
• JKBKATPLcQZNMA6=@D6\@X<FH?KDD=KFHXDQ2VRJ@s@LMCAOCLMF@B@DQ)=HDTŽ\HX<F@=HJ CNPF@m

outR™ =HD]\@D=@LMXГ DOQNcLPF@BKAlTMA]BKDU@FKCLMACLMg@BDB NPX<D]DTjCTcLMDBKNMDlVeDTb\KX,F@?KDOD=HF@X8CF@BDT"F@snvwDNMLc?@F=@DfATMCAOB@xAOX8J@B


• AOCJ@DnX,=@FlDB]TPFKQ–NcŒ˜ X,GdLMBKF@Q–=HD>ACCODQZLMs@LMTPLc=HAO=]=HDT\KX,F@=HJ CNPFKm y DQZ\@JKŒQ8=HD>TMA>B@DOU@FHCOLMACOLMgHBfACOD\HNcAqTcARCOFHGI\HX<A>=HDT
COTMLPDnB@NcD6VqTMAXDDOB@?K^MA6AOT’\@XF@?@DOD=HF@X<m y D?@J DTP? D6JKB@ABKF@NPLc_<LcCACLcgHBd=HDOT’DQZNcA=HFI=@D6TcA6\@DNMLcCLPg@BKm

outR™š=KD6DOB@NcX,DU A6QZLcGf\@TPDH“ U DQZNPLcFHBKA6TMADB NPX<DU@A=HD–_LcCS@DnX,F@Q2DQwNMXJKCNMJKXAO=HF@Q2SKAOCLPA–DT’CTMLcDB@NcDm
outR™ =@DeDnB@NcX,DU AiDBaQZDCOJ@DB CLPAH“ ˜ DnQ$NcLMF@B@AlTcAiDB@NcXDUKAlDBaNMLMDGI\KFEXDOAT)=@DlQDOCJ@DOBKCLMAQR=HDl=@ANPFKQdGIJ TPNMLcGfDO=HLcA
• SKACLcA6FI=KDQZ=HDDTŽCTPLcDB@NcDm


outR™š=KD6\@AUKF"“O•R_`XDCD–J@BdGIDCAB LPQZGdFI=HD\HAUKFdDB@NcX,DACNcFHX<DQZm
outR™ =KD;AOJ@NMDOB@NcLPCACnLPgHBp“2•R_`XDOCD;JKBªGdDCOAB@LcQZGfFªr@J@D…\HDXGdLPNcD;AT>J@QZJ AXLMFª\HX<FHs@AX]QZJLM=@DB@NcLM=HAO=—_`X<DB@NcD;AT
• QZLcQZNPDGdALPBKNMDX<GfDO=HLcAXLcFHm

• FUM
=@DaCF@TMDCCOLMg@B‡=HDGfDnNPA=@ANMF@Q“{9FH\@FHX<NMATMACF@TPDCnCLPg@B…=@DLMBK_<F@X<GfAOCLMg@B‡QZFHs@X<D\HX<F@=HJ@CONMF@Q]VW=HF@B@=@DQZFHB
accesibles.


outR™ =HD CTMLMDBKNMD’“a•>_`X,DOCD J B@AÑLPBKNMDX<_<AOx ATŠJ@QZJKAX<LMFšrHJKD TcD \@DX,GdLMNMD LcB@NcDXACCLcFHB AXÎCFHB DTŠQZLMQZNMDGdA
LcB@NcDX<GfDO=HLPAnX,LcFHm@7)AGdsHLMŒBqTPD–A=H?KLMDXNMDCJ AB@=@FIFHCJ XXDJ@BqD?KDBKNMFfX<DTcACLMF@B@AO=HFICFKBIJKBq=HDNMDX<GfLcB@A=@FdCTPLcDB@NcDm

outR™ =HDfQZDX<?@LcCLMF=HDf=HLcX<DCNPF@X<LMF"“Ž•>_`XDOCDIJ@BKAILcB@NPDnX,_`AxIDB NPX<DdDT"QZDX<?@LMCOLMFD‘KNMDX<B@Fe=HDd=HLMXDOCNMF@XLMFeViDTkQZLMQZNMDGdA
intermediario.
hbB—TcA3ouLPU J@X<A 4-14 QZDŠGdJKDQZNMXADOTqGIFH=@DTcF«_`J@BKCLcFHB ATd=@D ˜ 46,4 =@F@BK=HD;A\HAOXDCODBªTMFHQU@DQZNcFHX<DQW=KDŠTcAQaJKBKLP=@A=KDQ
_`J@B CLcFHBKATMDQ):ot>™;Yk=HDOQZCX<LPNMAQ)AB@NcDX<LPFKX,GIDB NPDm

Local
Database
Directoy
Services (*),+.-0/
Authenticati <>=@?BACEDF@GHI>J Metadata
Collection
FUM FUM
Monitoring

 !#"%$" &"'


Tariffing

7 (*896: 5 +;-0/ 1 243*562 +.-0/


Payment
Stream Item FUM
Search
Delivery Delivery
FUM
FUM FUM

­j®c¯H°u±² 4-14 ³ «¼@¾¿ ¹ ¼I»<°ÂÀ®M¼HÂu² ¹ ¾¿K ´0Z´i· f ¿ º<¼@±¿ 2¾u¿6°Âu®P¾u²@¾p¿ 2»<°pÂuÀ®M¼HÂu² ¹ ¿ ­


 Hq &q Hq &q¶X
Ô

[

4-14
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

œž’Ÿ‰ W¡;¢‡£ŽŸ
ÙÑ ¨ L
M
4.5
hbTf\@X<LPBKCOLP\HAnTfFHsÐvZDNcLM?@FÎ=KDTI\HX<F@VKDCNcF‰•q9u™ :<4>B«•R\HDB«9uDX?KLMCDŠ™;F@=HDTd_`FHX ˜ TPF@sHAnTfBK_`F@X,GdANMLMF@B‰”[XF@„@DnX,AOUKD3AB@=
y LMQZNMXLcsHJKNMLMF@B@YWDQŠ=HLMQZDO©@AXWJ@B¬GIAX<CF(UKTMF@sHATi\@AX<A‰DTiCF@GfDOXCOLMF¬DTcDCNPX<g@B@LMCOF¬DB/JKB†GfDOXCAO=HF¬?KLMX<NPJ ATPmf9uD—CDBKNMX<A
\@X<LMB@COLM\@ATMGIDBKNMD6DOBIAnrHJKDTMTMFHQ2QZLcQZNMDGIAQ2COFHBqDB@NcXDUKADBdTM^PB DA:F@B -TMLMBKDY"=KD6\@XF@=HJKCNcFHQ2VRQZDX?KLMCLMF@Q2=HLcU@LcNMA les.
›pAX<A–DTPTcFHz@DT’\@X<FHV DCNMFI•>9™šQZD–\HXFH\KFHBKD6COFHB Q$DnU@JKLMXk=HLMCS FfF@snv.DNPLc?@FIDOBdNMXDQ2DnNPA\@AQR“
5XDOAXJKBeAXr@J@LcNMDCONMJ@X<AIAs@LMDXNMAI\@AX<AfCOFHGdDXCLMFDOTMDCNcX<gHB@LcCFr@J@DdQZFH\@FHX<NPDICAnNP‹TcFHUKFHzGID=@LMACLMgHB zpB@DU FHCLMACLcgHB z
• \@AU FHz@CFHBKNMX<ANMFHzKDNPCm


<GI\HTcDGIDB@NcAXkTMAAX<rHJKLMNPDOCNMJKXAVRDTu=KDQZAXX<FHTcTMFI=HDS@DX<X<AGILMDBKNMAQ)=HDQZFH\@FHX<NMDA6TcA6AX<rHJKLMNMDCNMJKX<A

<BK_<X<ADQZNcX,J CNPJ X,A–\HÒKsHTcLPCA–\HLMTMF@NMFIrHJKD6\KDXGdLPNMA?@ATcLM=@AXkTPAAX<rHJ LPNMDOCNMJKXADBdJKBdDQZCDOB@AX<LMFIX<DAT
"A¬AXr@J@LcNPDCnNPJ@X<A(•>9™ F@_<X<DCD¬JKBKA¬QZDOX,LcD¬=HD¬_`ACLcTMLM=HA=KDQ—=HD¬COFHGIDX<CLMF CF@GfF CFHB NPX<ANcFHzUKDQZNMLcgHB =@D¬QZDX<?@LcCLPFKQ
COFHGdDX<CLPAOTMDQZz‡CANM‹OTMF@U@F@Qz‡LMBKNMDX<GID=@LMACLMgHB!V!AUKDBKCLMAOQ¬rHJKDÑ\@DX<GfLcNMDB-TMA A\@AXLcCLPg@B!=HDÑGIDX<CAO=HF@Q¬DTMDOCNMXgHB LPCFKQ
COFHGd\HDONMLPNcLM?KFHQZz@AsHLcDX<NPFKQ2VdUKTMF@sHATcDQ2VRFH_`XDCD–?@DBKNMA.vwAQ2\KAXA’“
y DQZAX<X<FHTMTMA=@FHX<DQŠ=HDÎA\@TMLcCACLcFHBKDQŠVKA‰rHJKD‰\HJKD=@DB(=HLcQZ\HF@B@DXE=HDÎJ B(GIAX<CFˆ\HAnX,A«DTe=KDQZAXX<FHTcTMFˆ=KD‰QJ Q
• \@X<FH=@J@CNcFHQZm DOsHDD‘KLMQZNMLMX"J BICOFHGI\HX<F@GfLcQZFIDBKNMXDTMADQZNMABK=HAOXLcxACLcgHBdVRTPA6_`TMDO‘@LMs@LMTMLM=@A=Hm
y
5FHBKQZJKGILP=KFHXDQEVKA3rHJKDª\@JKD=@DBÎDTcDU@LcXDB NPX<DªJ BÎAGI\HTcLMF†AsKAB@LcCF†=@Dª\KX,F@=HJ CNcFHQ‡V«QZDX? LPCLcFHQZzqAª\@X<DCLPFKQ

COFHGI\KDNPLMNcLP? FHQ2VqDBqJ@BdGIDX<CA=@FdrHJKD6QZD6AO=HA\@NMAX‹O\HLc=HAGIDBKNMDA6QZJ Q2B@DCODQZLM=@A=HDOQZm
›pX<FH? DD=@FHX<DQIVKAirHJKD\HJ D=HDOB…ACCOD=HDX6AiJ@BaGIDXCOA=HFEUKTMFHsKATPzbAes@A.vwFECFKQ$NcDzbCAO=HAe=@^MAeVa=@JKXAB NPOD NPESKF@X,AnQZm

›pJ D=HDOBFH_`X<DCDX[QZJ@Q>\HX<FH=@J@CnNPFHQ>VQZDX<?@LcCLMF@Q>=HDl_`FHX<GIA]GI‹Q6DO_`LPCLcDB@NcDz{ACF@X<NMAX[QZJCnLPCTcF=HDf?KLM=@Az{\HJ sHTMLMCAX<TPFKQ
=@D6_`F@XGIALMB@GID=KLPAONMAz@DNMCm
"F@Q2\@XLcB@CLc\HATcDQ2XDQZJ TPNMAO=HF@Q2=HDTŽ\@XF@V DCONPFd•q9u™ QZFHBdTMF@Q2QZLMUKJ@LcDB@NcDQ“
• Ar
rHJKLMNMDOCNPJ X,A–=HDCF@GfDOXCLcFIDTPDCnNPX<gHBKLMCFIAs@LMDX<NPAnm

5FHB$vwJKB@NMFI=@D6CFKGI\HF@B@DB NPDOQ2CFHGdDXCLcATMDOQ2\HAX<AQZFH\@FHX<NMAX"CnFHGIDX<CLPFdDTMDCNcXg@B@LcCFHm

9uDX? LPCLcFHQ2=@D6U DQZNPLcgHBq=HDTPA–B@DUKFHCOLMACLcgHBdDB NPX<D6CF@B@QZJ GILM=HF@X<DQZzH\@X<FH?KDD=HF@X<DQ2VRNPDX<CDX<AQ)\HAX<NMDOQm
• Q
DX<X<AGILPDB NPAQ2=KD6AOCCDQZFIATŽCANc‹TPF@UKFI=@D6\@XF@=HJKCNMF@Q2V servicios.

›pJ sHTcLPCACOLMg@BI=KD6TMA6LMBK_`FHX<GIACLMg@BqX,DOTMACLcFHBKA=HACFKBITcAQ2NMDXCODX<AQ2\HAOXNcDQZm

4.5.1 Arquitectura
" AdAX<r@JKLPNcDCNcJ@X<AI=@DQZAX<X<FHTcTPA=@AdDOBiDT{\HX<FHVDCNcFe•R9™ CFKGfFiGfAOXCFeU DBKDXAOT{\HAX<AdJKBiQZLMQZNcDGIAI=@DRCFHGIDX<CLcFiDTMDCONMXgHB LPCF
QZD>S@A>\@XF@\HJ DQZNPF]\@AX<ARQZJfDQZNPAOBK=@AX<LPxACOLMgHBfDOB]DOTpU X,J \HF]=@Dq•>™ ˜ :,•>snv.DCN’™;AOB@AUKDGdDB@N ˜ XF@J@\@Y"hj5 -y 7jo:hjTcDCNcX,FKB@LcC
5FHGIGdDXCD y F@GfAnLPBq7)AQZ„dopFKXCDY<m

­j®M¯@°p±n² 4-15³R ® @¿ ¹ ¿ 2¾p¿ ¹ ½i¼@¾¿ ¹ ¼ ]¶


W Hq
Ö


"AaAX<rHJKLMNPDOCNMJKXAa=HDE•>9u™ :<oLMU@J XA 4-15Yq\HAXAWJKBQZLcQZNMDGIAEAsKLPDOXNcF=@DaCF@GfDOXCLcFŠDnTPDCNcXg@B@LcCF;QDCFHGI\@FHBKDa=HDNMX<DQ


niveles:

ouACOLPTMLc=HA=@DQ2F@X<LMDBKNMA=@AQ2ATŽGIDX<CA=@F"“O4RU DBKCLMAVdGdD=@LPACnLPg@B

ouACOLPTMLc=HA=@DQ2=@D6U DQZNPLcgHBd=KDTuQZDOX?KLMCLcF"“O”–ÒKQZrHJ D=HAz@B@AO?KDUKACLcgHBKzHCFKB@NcX,AONMFIVqQZDOX,? LPCLcFHQ2=@D6U DQZNPLcgHB

ouACOLPTMLc=HA=@DQ2=@D6s@A.v.FfBKLM?KDT.“O›pDX<_<LMTMz@QDOTMDCCOLMg@B@z@CDX<NMLP_`LMCOACLcgHBdVq\@AU o

4-15
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

"AAX<rHJKLMNMDCNMJKX<AŠ=@DŠXD_`DX<DB@CnLPAŠ=@D•q9u™ \HX<DNPDOBK=@D=@DQZAX<X,F@TMTcAXiJKBKALcB@NMDOX,_`Ax;LMBK=HD\KDB@=@LMDOB@NMD;CF@B—TcAŠLcB@NcDB@CLcgHBª=KD
COFHB ?@DX<NMLMXQZDRDBlJ BiDnQZNP‹B =HAXjLcB@NcDX<B@ACLcFHBKATMm’"A>AX<rHJKLMNPDOCNMJKXA>QZDqsKAQZARDOBfTPA>\HTcANPA_`FKX,GIA>\HAX<A>DT=HLcQDO©@F]=@DRA\@TMLMCACLcFHB DQ
=@LMQZNcX,LcsHJ LP=KAQ25[•>8”[S
4 N@ m 

­j®M¯@°u±² 4-16³H´ ± °®Mº<¿Àº<°±²I² u®P¿O±º² ²H±O²fÀO¼H½e¿O±OÀ®P¼d¿ ¹ ¿Àº<±Á@®MÀ¼d¾p¿ ]¶


&p -s
U Ö


hbBITcA>oLMUKJ@X<A 4-16 QZD>GIJKDQZNMX<A>=@D>_`F@X,GdA6X,DOQJ GILP=KARTMAOQ2_`ACLMTcLP=@A=HDnQ2=HDTMAAX<rHJ@LcNPDCONMJKXA•R9™;m@hbTŽGfF@=@DTMFI=HDX<D_<DOX,DnB@CLcA


\@AX<AiCF@GfDOXCLcF…DTcDCNcX,g@BKLMCFEhj5 y 7)ozb=HDQZAOX,X<F@TMTMA=@FEDBDTjGIAX<CFE=@DTj\@XF@VKDCONMFW•R9u™;zbQZDl=HDOQZCXLcsHDiDOBa=HDONMATMTMDlDBaDT
COA\H^cNMJKTMFUTI=HDTŽDQZNMAO=HFI=HDOT’AOXNcD6=@-D6TPA–NPDOQLcQ2:<|qDnXbAO\HAX<NMAO=HUF T@ m THY<m
œž’Ÿ‰ W¡;¢‡£ŽŸ¥¨ VL œ ÓÒ Ò Ï

4.6
hbT2FHsÐvZDNcLM?KF‡=KDT8\KX,F@V DCONMF‡9hb™‡›{hj¬:4 9pDOCJKXLMNcVEouX,AnGfDOƒ6F@X„E_<F@X>NcS@D ˜ TMF@sHAOThjTMDCONMX<FHBKLMC™‡AX<„@DNc\HTPAnCDYDQd=HD_`LMBKLMX
J B@A—AX<r@J@LMNcDCNMJKXA—=HD—QZDUKJKX<LP=HAn=¬U@DBKDX<ATlV†As@LMDX<NPA—\@AX<A«JKB†GIDX<CA=@F¬U@TcFHs@ATMmfhjQZNMDªF@snv.DNPLc?@F†UKDB@DX<AT]QZDª\HJKD=KD
=@DQZCFKGI\HF@B@DXkDBqJKB@AQZDXLcD6=@D6F@snv.DNPLc?@FKQ2DQZ\@DC^P_`LMCOFHQ2COFHGdFIQZFHBdTMF@Q2QZLMUKJ@LMDOB@NMDOQ“

y D_`LMBKLMX"JKBdGIFH=@DTcFf\@AX<A6J BIGIDX<CAO=HFIU@TcFHs@ATŽQZDU@J X,FKm

y D_`LMBKLMX"JKBKA6AOXr@J@LcNMDCNMJKXA6VRJKBKF@Q2QZDX<?@LPCnLPF@Q2AQZFHCnLPA=@FHQ2=KD6QZDOU@J@X<Lc=HA=@m

hb?KATcJ@AXkTcA6AXrHJ LPNcDCNMJKX<A6VRTPF@Q2QZDX<?@LMCOLMF@Q2=HD_<F@X<GfAX<DATMm

y LM_`J@BK=HLcXkTPFKQ2XDQZJKTMNMA=@FHQ2VRD‘K\HTcFHNMAOXkTPF@Q2XDOQZJ@TMNcA=HF@Q2=@DTŽ\HX<FHV DOCNMFHm
9uhj™‡›{h"ˆDQf\HF@XqTcF;NcAB@NcF;JKB…\@X,FKVKDCONMF‡DOQ\@DCLcATMLMxA=KF‡DBETMF@QfAOQ\@DOCNMFHQd=@DQZDU@J X,Lc=HAO=‡=HDnT8CFKGfDOX,CnLPF‡DnTPDCNcXg@B@LcCF‡V
COFHB QZNMLPNcJ@VD6J@BdX<D_`DX<DB@NcD6DBdDTŽ‹GIsHLcNMFIDJKXF@\HDOFHm

b­ ®P¯@°±O² 4-17³ ZÀO¿Â²H±®c¼f¯@¿Âu¿±² ¹ ¾p¿ ¶ ¸



q


 ×di

hbT’QZLMQZNcDGIA69uhj™;›phbŠQZFH\KFHXNMATMF@Q2QZLMUKJ@LcDB@NcDQ2QZDX<?@LcCLPFKQ2=@D6QZDUKJ@X<LM=@A="“

46J@NcDB@NcLMCAOCLMg@Bk“O|qDnX,Lc_<LcCACLMgHBqQZDUKJ@X<A6=@D6TcA6LM=@DBKNMLM=@A=I=HDNMF@=HAOQ2TMAQ)DB@NcLM=@A=HDQZm

<BKNMDUKXLc=HA=k“ ˜ AX<AB NP^cA6=@D6DB NPX<DU@A^MBKNMDUKXA=HDTMF@Q2\@XF@=HJ CNPF@Q2VRTMALMB@_`F@XGIACLcgHBKm

4-16
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 


ouLMAsHLcTMLP=KA=k“ 7jF@=HF@Q2TcAQ2DBKNMLP=KA=@DQ2=@DsHDOBICJ GI\HTcLPXkCF@BdQZJKQ2=HDOsHDX<DQ)VqF@sHTcLPUKAOCLPFKB@DQ)CFHGIDX<CLcATPDQZm
DU@LcQZNMXFl=HDR\HXJ DsHAOQ “ ›pX<J@Ds@AQ8=HDRTPARX,DnCD\@CLPgKBlV]DOBKNMXDUKARrHJKDqQZDR\HJKD=@DB]J@NMLcTPLcxAXjCFKGIF]D?@Lc=HDBKCLMAOQ[DBfCAQZF

=@D6=@LMQZ\@J@NcAm

›pAU F"“O9FH\@FHX<NMAOXk=HLM_<DX<DBKNMDQ2GIŒNcFH=@FHQ)=HD–\HAUKFI:NcAXvwDNcAzHF@B -TMLMBKDz@FH_`_ -TcLPB DzHDNMCmY<m

5FHBK_<Lc=HDBKCLMAOTMLP=KA=k“ ˜ AX<ABKNM^MA=HDCF@B@_`LM=@DB@CLcATMLc=HAO=fDOBITcAQ2NMXAB QZACCLcFHBKDQZm
hbBlTcAqoLcU@J@X<A 4-17 QZD>GIJ@DQZNcX,A>DTuDQZCDBKAX<LPF]U DB@DX<AT=@DR9hb™‡›{hj3DBfDTr@JKDRA\HAnX,DOCDBfTMF@Q8QZDX<?@LcCLPF@Q8=@DRQZDUKJ@X<LM=@A=@z’TcA
QZDOCJKDBKCLcAR=@DqDNcA\@AQ8CF@X<XDQZ\@FHBK=HLcDB@NcDQ8A6J@BKA>AOCNMLc?@LP=KA=fCF@GfDOXCOLPAT’CF@GfFfJ B@A6QZDX<LPD>=@D>LcB@NcDX<CAGIsHLcFHQVdNcX,AB QZ_<DOX,DnB@CLcAQ
QZDOUKJ@X<AQ)=HDLMB@_`F@XGIACLcgHBdDB NPX<D6DBKNMLc=HA=@DQZm

4.6.1 Modelo
\KDQZAX)=HDdrHJ DIDOT{GfAOXCFe=KDd9ph"™;›phj—QZDd=@LPQZD© Ad\HAX<AdJKQZJKAXLMFHQ[=HDdCFKGfDOX,CnLPFiDTMDCNMX<g@B@LMCOFHzDQ[=HDCOLMX2CF@GI\HX<A=@FHX<DQV
? DBK=HD=@FHX<DQZzpQZFH\KFHXNcAfNcAGIsHLcŒBeFHNcXAOQ6DBKNMLc=HA=@DQ6X<DTcACLMFHB A=HAOQ6CF@BiDTk\HXFKCDQZF=@DfCOFHGI\HX<AmuhjBlDT{GIAX<CFe=@DI9uhj™‡›{h"
A
NcAGIsHLcŒB]A\@AXDOCDB]NPDnX,CODXAOQ[\@AX,NcDQ[_`LPAOsHTMDOQ[:7j7)›pY)rHJ DqNMLPDnB@DB]_`J@BKCLMF@B@DOQ[=HD>QZDUKJ@X<LM=@A=]CFHGIF]BKFHNcAXLMFHQF]‹Xs@LPNcXF@Q8\@AX<A
DO?KATMJKAXk=@LPQZ\KJ@NPAnQ2sHAOQZA=HAOQ2DBd\HX<J@DnsHAQ2=@LPU LPNcATMDQZm
hbBlDnTpGIF@=HDTcF]9phb™‡›phj:ouLPU J@X<A 4-18YjA\@AXDOCDBfJ@B AqQZDnX,LcDR=@DqDnB@NPLc=HAO=@DQ8rHJ Dv.J@DU ABfJ@BKFHQXF@TPDQDBfDTu=HDQZAOX,X<FHTcTMFl=KD
TcA6ACONMLM?KLM=@A=ICF@GfDOXCLcATw“

t>QZJ@AOXLcFHQ“O5[F@Gf\KXA=HFKX,DOQZ:5TPLMDOB@NMDOQZYkVd? DB@=@D=@FHX<DQ2:<›pXF@?@DOD=HFKX,DnQZY

7bDX,CODX<AQ2\HAOXNcDQ“ Q ACODBq\HF@QLcsHTMD6TcA6CF@GdJ@BKLMCACOLMgHBdQZDUKJKXA6DnB@NMXD–TPF@Q2JKQZJKAXLMFHQ

8D=k“O›{X<F@?@DDO=HF@XDOQ2=HDLMBK_<X<ADQZNcX,J CNPJ X,AnQ2=HDCF@GfJ B@LcCACLMgHBqJ@NcLPTcLMxA=@AQ2DOBIDTŽGIDX<CA=@F
y LMXDCNMF@X<LMFk“bt>B@AWs@AQZDE=KDE=@ANMF@Ql=HF@B@=@DaQZDaATcGfAOCDB@ATMF@Ql=@ANcFHQ]:ANMX<LPsKJ@NcFHQZYq=HDTMAQ]DBKNMLP=@A=KDQ
• CF@GfFdBKFHGIs@XDz@=HLcX<DCCLcgHBKzHCTcA?@D\HÒ sHTMLMCAOzHDNcCmHhbQ)J@BKA6DQZ\KDCLMD6=KD6U@JK^MANMDTMD_`gHB LPCA–DTPDCONMX<gHBKLMCAOm

8DUKLMQZNcX,F]VICDX<NMLM_<LcCACOLMgHB{“ bAQ8AJKNMF@XLM=HAn=HDQ8=HD>XDOU@LMQZNcX,Ff:<846zŽ8DUKLMQZNMX<ANPLcFHBI46JKNPS FHXLMNcVKY"?KDX<LM_`LPCAB


• TMA>LP=@DB NPLM=@A=]=HD>TPFKQ[J QZJ@AX<LPF@Q8VdTMAQ2AJ@NcFHX<LP=KA=@DQ=@D>CDOXNMLM_`LMCACOLPgKBf:5846zŽ5DXNMLM_`LPCOANMLcFHBI4>JKNMSKFHX<LMNMV Y
DGILMNcDBdJ@BqCDX<NPLc_<LcCA=@Ff=@LMUKLMNMAT’ATMAOQ2DB@NcLM=@A=HDOQ2XDOU@LcQNcXA=HAQZm
Xs@LMNPX<Fk“ ™‡D=@LMABKNMD6J@BI\HX<FHNcFHCOFHTcFlDnQ$\KDC^M_<LcCFf=HD6=HDOCLMQZLcFHBKDQZzŽDOTu‹XsKLPNMX<FfABKATMLMxA>TcAQD?KLM=@DB@COLMAQ2V
• WNMF@GIA6=@DCLMQZLcFHBKDQ2DBqCAOQFI=@D
disputa.
<
 @
B M
N O
D 
X I
G 
D @
= M
L O
A ,
X c
L "
F j
“ [
” 
A Z
Q …
D H
= ‡
D
• \H‹OUKLMBKAQ2AOGfAOXLMTMTMAOQ2DTPDnCNPX<gHBKLMCOAQZm
@
= 
A c
N FHQ=KD‡DBKNMLP=KA=@DQ\@XDQZDOB@NMDOQDBŠDT>GIDX<CA=@FHm–hbQJKBKA…DOQ\@DCLcD…=KD
™;AOTMT.“>•>_`XDCOD«JKB@A—LcB@NMDOX_`Ax—CF@GfÒKB/A—?KAXLcFHQ;\HX<FH? DD=@FHX<DQ;=HD—QZDX?KLMCLMF/CF@GdF/QZDX<?@LPCnLPF/=KD
• \HAOQZAX<DTMAFfQZDOX?KLMCLcFf=@D6SKFHQZ\@D=KA.vZD=HDCFHB NPDnB@LP=KFHQ)\HAX<A6\@X<FH?KDD=@FHX<DQZm


›pAUKFk“O›{XFK?@DDO=HF@XDQ)=HDQZDX?KLMCOLMFHQ)=HD\HAUKFHzKLPB QZNPLMNcJ@CLcFHBKDQ2_`LMBKAB@CnLPDX<AQZz@DNMCm
‚>FHNMAOX,LcF"“ 9uFH\@FHX<NPARQZDTcTPA=KFi=HDRNPLcDGI\HFl:<NPLcGfD -QZNcAGI\HLMBKUKYzŽ_<LcX,GdAR=HD>CF@BKNPX<ANcFHQZzŽATPGIACnDB@AGILcDB@NcF]A

TMAOXUKFf\@TMAOxFHz@DNMCOm

­j®M¯@°u±² 4-18t× ³ º®M¾²@¾¿ 2¾u¿ ¹ ½i¼H¾¿ ¹ ¼ ¶


&q


¸
 ×ªi

4-17
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

hbTpGIF@=HDTcF]9phb™‡›phjQZDRsHAnQZAqDBfDTuSKDCSKF]=HD>rHJKDRTcFHQ[AnQZ\HDCONPFHQCX<^MNPLcCFHQ=HD>TPA>QZDU@J X<LP=@A=]DBfDTuCFHGIDX<CLMF]DTMDCONMXgHB LPCF


QZF@BžJKB@ARQZDCJKDBKCLMAR=HDRNPX<AB@QZ_`DX<DBKCLMAQ8FiLMBKNMDX<CAGIs@LMFHQ[=HDRLPB _<F@X<GfAOCLPgKB]VfrHJKDRTPF@Q8JKQZJKAXLMF@Q8CF@B@F@CDBfDTuDQZNcA=HFl=KDRQJ Q
negoc
LcFHQ2=@J@X<AB NPDFf=KDQZ\@J@ŒQ2=@D6TcA6_`LMBKATMLMxACLcgHBq=HDOTu\KXFHCDnQ$FdCF@GIDX<CLMATMm
t>B@A]NcXAOB@QZ_`DX<DB@CLcA]DB9hj™;›hj†LcGf\@TMLcCA]TPA]NMXAB QZGfLcQZLPg@B=HD]LcB@_`FHX<GIACLcgHBCF@GdFWJKB\@AUKFaFaJKB=HF@CJKGIDBKNMFAfJKB@FF
? AXLMF@Q–XDCD\KNPF@X<DQZmpt>B@AqNcX,AB QZ_DnX,DOBKCLMAq\@J@DO=HDRB@DCODQZLMNcAX)\HAOXAqQZJ]D.vwDOCJ@COLMgHB]DOT{LcB@NcDX,CnAGIsHLcFi=HDR?@AX<LPFKQ–GIDB QZA.vZDOQZmuhjB]DT
GIFK=HDTcFfQZDR=KLPQZNMLcB@UKJ@DBdNPX<DQ2NMLP\@FHQj=HDDTPDGdDBKNMF@Q2rHJKD6QZD\HJ D=@DBINcX<AB@QZ_`DX<LMXn“\@AU FHQZz@LPBK_`FHXGdACLMgHBq_`LPX<GfAO=HA–CFHGIFIF@_<DX<NPAnQZz
\@D=KLP=KFHQZzeX<DCLcsHF@QziCFHB NPX<ANMF@QZziCDX<NMLc_LcCA=@FHQZzlDNcCmiV¬DB NPX<DU@A‰=@D‰LPB _<F@XGIACOLMgHB¬=HLMUKLPNcATMmi4ÈCA=HAÎDnTPDGIDB NPFˆF(A†QZJ
NcXAOB@QZ_`DX<DB@CLcA>QZD6TPD6\HJ D=@DBIAQZFHCLcAXkANcX,LcsHJKNMF@Q2=HDQZDUKJKXLM=HAn=fCOFHGIFICFHB _<LM=HDnB@CLcATPLc=HA=@zHB FIX,DnCS@AxOFf=@D6F@X<LMU@DOBIFd=@DQZNPLcB@FKz
DONMCm[bFHQDTcDGIDB NPFHQiQD…\HJKD=KDBAOU@X<J@\KAXf\HAOX,AWQJNPX<ABKQZ_<DX<DBKCLMAWDBCFHBKNMDBKD=@FHX<DQZm–"F@QiANPX<LMs@J@NcFHQe=@DEQZDUKJ@X<LM=@A=ŠQZD
\@JKDO=HDBWAQZLPU B@AX6AJ@BWCFHBKNMDOB@D=@FHX<m)›FHX6D.vwDGI\HTMF…JKBE\HD=@LM=@F‡VWQZJWCFHXX<DQZ\HFKB@=@LMDOB@NMD\@AUKF…QZD\@J@D=@DBEAOU@X<J@\@AX>DOBWJ@B
COFHB NPDOBKD=HF@XkCF@BIJ BdANMX<LPs@JKNMFf=KD6QZDUKJ@X<LM=@A=I=HDB@FdXDCS AxFI=@D6X<DCD\@CLMg@B@m
t>BlCF@B@NcDB@D=@FHXjDQJKB@AqDQZNPX<J CNPJ X,Aq=@DI=@ANMF@Qr@JKDd\@J@D=KDdCFHBKNMDBKDXj=@FHCJKGdDB@NcFHQ[_<LcX,GdA=@FHQ[CFHGdFiCDOXNcLP_`LMCA=@FHQZz’X<DCLMsHFKQZz
DONMCmzLMB@_`F@XGIACOLMgHBžCFHGdF sHLcDB@DQ—F LMBK_<F@XGIACOLMgHBžB@DCODQZAX<LMA/\@AX<A/ACCDn=HDX;A/TPFKQ—s@LPDnB@DQªF QZDX<?KLMCLcFHQªVˆ=@LPBKDOX,F
electrónico.
hbT8CFKB@CD\@NMF‡=HDLcB@NcDX<CAGIsHLcF;QZDJKNMLPTcLMxACOJ@ABK=HF…DQIB@DCODQZAX<LMF…AU@X<J@\KAX6?@AX<LPF@QdNPX<AB@QZ_`DX<DBKCLMAQI\@AX<AXDO\HX<DQZDBKNMAX6J@B A
F@\HDnX,AnCLPg@BLMBK=HLc?@LMQZLcsHTcDlDBKNMXD]JKB@A]F? AX,LcAQ6DB@NcLM=@A=HDOQm{hjT"\@AUKFCFHB NPX<AfX<DDGIsHFKTPQZFDQ6J@BiD.vZDGI\KTPF=@DfLMB@NcDX<CAGIsHLcFHz{DT
\@AU FWQZDi\HX<FH=@J@CnDiQZFHTMFaQZLjQZD]S@A]\HX<F@=HJKCLM=@FaTPA]X<DCDO\HCLcgHB=@DTb\@D=HLc=HF@mkbFHQ>LMBKNMDX<CAGIs@LMF@QqNcLMDBKDBTMA]UKAX<AB@Nc^PA]\HAOXA]TcAQ
\@AX<NMDQ>=@Dlr@J@DfTcA]NMX<AB@QZ_`DX<DB@CnLPAf=HDfJ BDTPDnGfDOB@NMFQZDf\@X,FK=HJKCDfQZFHTcFQZL"QZDfS@Af\HX<F@=HJKCLM=@FTMAfXDCD\KCLMgHBeABKNMDXLcFHX8=@DfFHNcX,F
elemento.

­j®M¯@°p±n² 4-19³ —¼@¾p¿ ¹ ¼ ¶ ¸





 ×di

5FHGIDX<CLcAX\HAOXADTfGIFH=KDTPFÎ9hj™…›phj COFHB Q$LcQZNMDDB‰X<DATPLcxAXJKBKAQZDX<LMD=HDDNcA\HAOQZzqTcTPAGIA=KAQ…NcX,AnB@QZACCOLMFHBKDQZmRtqB


\@X<FHCDnQ$FaCFHGIDX<CLcAT)CF@Gd\HTMDNMFW=@Ds@DlGfAOB@NMDOB@DX8DB@TcACDQRDB NPX<D]TMAQR=HLc_<DOXDOB@NMDOQRDNcA\@AQqVeQZDl=KDs@DiX<DU LPQZNMX<AX[DBNMF@=@AQRTcAQ
DOBKNPLc=HAO=HDQqr@J@DiLPB NPDX<?KLMDBKDBWDBaDT2\@XF@CDQZF…:<Nc^P\HLcCAGIDB NPDiDBaDT2TPAO=HFE=@DT2COFHGd\HXA=KFHXVa=@DT2?@DOB@=KD=HF@X<Y,mbhjBTMAiouLPU@J X<A
QDGfJKDQZNMX<AB…TMAQfDNMA\HAnQl=KDTPAACNMLc?@Lc=HA=‡CF@GfDOXCLcAT[DnB‡DTGfF@=HDOTMF;9hb™‡›{hbˆrHJKDCFKB@QZLPQZNcDB‡DBWJ@B AQZDX<LPD=KD
4-19
LcB@NcDX<CAGIsHLcFHQVNMXAB Q_`DXDB CLPAQiQDOU@JKXAOQm–hbT>XDU LPQZNcXF=HDOT>\@XF@CDQZF3CF@GfDOXCOLMATCFHBKQZLMQZNPDWDBU@J@AOX=@AXITMAWLPB@_`FKX,GIACLcgHB
DOBK?KLMA=@A>VdX<DCLMs@LP=KAR=KJ@X<ABKNMDCA=@A6DNcA\HAOzHLMBK_`FHX<GIACLMg@BdCFHGI\KTPDNcA6QZF@sHX<D6DTŽ\@XF@CDQZFI=HDBKDOU@F@CLMACOLMg@BI=@D6TcFHQ2AONMX<LPs@JKNPF@Q2=KD
QZDOUKJ@X<Lc=HA=@zHTcA6LM=HDB NPLc=HA=I=KD6TPAOQ2\HAnX,NcDQ2r@J@D6LcB@NcDX<?@LMDOB@DBqVqTMAQ2X<DTMACLcFHB DQ2DBKNMX<D6TMAQ2DNcA\HAOQm
"AeU DQZNPLcgHBa=HDeD‘ CD\@CLMF@B@DOQIDB NPX<DiTPAOQdDOB@NMLM=HAn=HDQdVaTcAeU@DQZNcLMgHBW=HDiTcAQd=HLMQZ\@J@NcAQd\HFKX6\@AX<NPDi=@DeJ@Ba‹X<s@LMNPX<FWJKNMLcTPLMxOABaTPFKQ
X<DUKLMQZNMX<F@Q]=@DT\HXFHCDnQZF;CF@GIDXCOLPATDB‡TcFHQfD‘ NPX<DGIFHQf=@DT8CF@GI\HX<A=@FHX>VE=HDOT8?@DOB@=@D=HFKXm2hbT‹XsKLPNMX<F‡\@J@DO=HDeXDQZFHTc?@DnXR=KD
_`F@XGIA6An=HDCOJ@A=@A6TcAQ2=@LMQZ\HJKNMAOQ2U@X<ACLcAQ2ATMA6LMBKQZ\@DCCLcgHBd=HDNMF@=HAOQ2TMAQ)D?@Lc=HDB CLPAOQ2=HLcQZ\HF@BKLMsHTMDOQZm
hbT’GdFH=@DTcFf=@DQZCX<LPNcFfAOBKNPDOXLcFHX<GIDB@NcD6\@DX<GfLcNPDCFHB QZDUKJ@LMXkTcFHQ2QZLMUKJKLMDBKNMDQ2F@snv.DNMLM?@F@Q“

™‡ÒKTMNMLM\@TPDnQ2DQZCDBKAX<LPFKQ2=HDB@DUKFHCnLPF@m
• Plata
_`F@XGIA6QZDOU@J X,AAsHLcDX<NMAm

t>QZJ@AOXLcFHQ2\@J@DO=HDBqU@DOQZNMLPFKB@AOXkLPBK_`F@X,GdACLMgHBq=@D6_`FHX<GIA6QZDUKJKXAm
hbTb\HX<LMGIDX–FKsÐvZDNcLM?@F=HD]\@DX,GdLMNMLMX[GfÒ TPNcLM\@TPDQ>DQZCDB AXLMF@QR=@D]B@DUKFHCnLPFQZDfCFKB@QZLPU J@DfGID=@LMABKNMDfDT"QZLPQZNcDGIAf9phb™‡›phbÎrHJ D
AOCNMÒKAŠCF@GdF‰JKBKAŠ\@LPDxAr@JKDŠFH_`XDOCDŠQZDOX?KLMCLMFHQW=@DŠQZDOU@J X,Lc=HA=«ATPAQaA\HTcLMCAOCLPFKB@DQarHJKDLPGd\@TPDGdDBKNMABªTcFHQW\KX,F@CDQZFKQ
COFHGdDX<CLPAOTMDQZm
hbTbQDOUKJKB@=@FaFHsÐvwDNcLP? FW=HD]F@_<X<DCODX[JKB@A]\HTcANPAn_FKXGfA]QZDU J@X<Al\HAnX,A]DTj=KLPQZD© Fa=@D]A\HTMLMCACOLMF@B@DQ>=HDfCF@GIDX<CLMFQZDfCF@B@QZLcU@J D
GID=KLPAnB@NPD]J B@A]QZDXLMD]=@D]LPBKNMDX<_<AOCDQ>\HAX<A]TPA]LcB@NMDOU@X<ACLcgHB=@D]LPGI\HTcDGIDBKNcACLMFHB DQ>V AfD‘@LcQZNMDBKNMDQ6F\HAOXAfDTb=@DQZAX<X<FHTcTPF=KD
nuevas.

4-18
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 

ouLMBKATcGfDOB@NMDeDOT2NMDX<CDOX6F@snv.DNPLc?@F@zb=HDeAQZDU J@X<AXrHJKDlTPFKQdJKQZJKAXLMF@QR\HJKD=HAnBWUKDQZNMLMF@B@AX[LPB _<F@X,GdACOLPgHB=HDl_`FHX<GIAlQZDU@JKXAOz"QZD


COFHB QZLMU@JKD6GID=KLPAB NPDJKBKA6LcB@NMDOX,_`Ax–Ò@BKLMCAGfDO=HLMAOB@NcD6TMACJKAT’TcFHQ)J@QZJ@AOXLcFHQ2LcB@NcDX,AnCCLPF@BKAOBICOFHBqTPA\HTcANMA_`F@XGIAQDOU@J X,Am

4.6.2 X 9lÜm ªÍ Æ]Ì


on ÷nbmÜ9

hbBITcA>oLMUKJ@X<A 4-20 QZD>GIJKDQZNMX<A>DOTuGdF@=HDTcF–vwDX<‹X<rHJKLMCFI=@D6TMAAX<rHJKLMNcDCNPJ X<A69hj™;›hj8z@DTŽB@Lc?@DTŽQZJ@\@DX<LPFKX"DQ2DTŽGIFH=KDTPFI=KD


COFHGdDX<CLPF«:<5[FKGIGfDOXCDŠ"AVDXYz>DTdB@Lc?@DTRLMBKNMDXGdD=@LPF—DQaDTRBKLM?@DOTq=@DNcX,AOBKQZ_`DX,DOBKCLMAD;LMBKNMDX<CAGIs@LMF—:,7bX,AB QZ_DnX -and-
hb‘KCS AB@UKD]"AVKDX<Y<z"DTbBKLM?@DOTbLPB@_`DX<LMF@X–DQ>DTbBKLM?KDTj=HDfDnTPDGIDB NPFHQ6=KDlB DUKFHCLcF:”[JKQZLMBKDQZQ -,NcDGэ"AOVKDX<Y8Ve_`LMBKATMGIDBKNMDfTPFKQ
QZDOX?KLMCLcFHQ2=@D6QZF@\HFKXNMD6:<9J@\K\HF@X<NPLMBKUI9uDX<?KLMCDQZY"\KDXGfLcNMDBdTcA6CF@GIJKB@LcCACOLMgHBdQZDUKJKXAm

j­ ®M¯@°±² 4-20³H´ ± u°®Mº¿Àº<°u±² ¶ ¸


&p


 ×ªi

"AOQ>_`J@B CLPF@BKDOQ>=@D]QZDOU@J@X<Lc=HA=F@_`XDCOLP=KAQR\KFHX89hj™‡›phbÎDQZNM‹BeDQZNMX<J@CNcJ@X<A=@AQ>DOBNMX<DQ6B@LM?KDTMDOQ6ViJ B@AIQZDX<LMDI=HDIQZDX<?@LcCLPFKQ


=@D6QZFK\HF@X<NPD6rKJ@DQZD6=@DQZCX<LMs@DBdA6CF@BKNMLMBKJKACLMgHBp“
‚>LM?KDT2=@DlCFHGIDX<CLcFE:<58F@GfGIDX<CDi"AVDXYn“u•>_`XDOCDiQZDX<?@LMCOLMF@Qq=@DiQZDUKJKXLM=HAn=EAlTPAQRA\@TMLcCACLMFHB DQd=@DlB@DOUKF@CLPFWV

_`LMBKATcGfDOB@NMD6NPAnGfs@LPŒBdATuJ QZJ@AX<LPFf\@AX<A>DGI\@DxAX"BKJKD?KFHQ2B@DU FHCLcFHQZzHB@AO?@DU AX"=HDnB@NPX<FIFd_J DX<A6=@D6TcFHQ2BKDU@F@CLMF@Q2DB
GIAX<CSKA>F¬LMB@_`F@XGIAX"QZF@sHX<DRTcA>DONMA\@A>ACONMJ@AOTFfTcAQABKNMDX<LPFKXDQZmŽ™…AB@NcLPDB DRDnTDOQNcA=@Ff=@D6J BdB@DU FHCLMFdVdX<DUKLMQZNPX<A6QZJ
\@X<FHUKXDOQF@m"bFKQdBKDUKF@CLPFKQqQZDl\@J@DO=HDBeD‘@\@FHX<NPAnX–A]J@B‹OXs@LMNMXFa\@AX<A]TPA]LMBKQZ\HDOCCLMg@BVX<DQZFHTcJ@CLcgHB=HD]CF@B@_`TMLcCNPFKQZm
46s@XLcXRJ B…B@DnU@F@CLMF…LMB@COTMJ@V DeTPAB DUKFHCLcACLMg@B…=@DeTPACnATPLc=HA=…=@DQZDX<?KLMCLMF…VEDBW\HAX<NMLMCJKTMAX=HDiTMFHQqANPX<LMs@J@NcFHQd=KD
QZDOU@J X,Lc=HA=@mŽ46=HDOGf‹nQ8QZD>\@JKDO=HDBIA©KA=KLPX"ANcX,LcsHJKNMFHQ2=HD6QZDU@J XLM=HAO=]DOBfCnA=HAJ@BKA6=KD6TMAQ2DNcA\HAOQZzH\KFHX"D.v.DGI\HTcFHz@QZL’DT
QZDOX?KLMCLcFe=HDdCFKB@_`LP=KDB@COLMATMLM=HAO=iB@Fe_`FHX<GIAq\HAXNMDd=KDT{CFHB$vZJ B@NcFeBKDUKFHCLcA=@FeQZDd\@J@D=@DqA©@AO=HLcX2\HAX<AdTMAdDBKNMX<DU@Ad=KD
TcAqLcB@_`FHX<GIACLcgHB mu46TMUKJ@B FHQAONPX<LMs@J@NMF@QQZF@TMFfNPLcDB@DBIQZDB NPLc=HFf\@AXA6NMF@=HFfDT’BKDU@F@CLMFfCF@GI\HTcDNMF@zŽCOFHGIFf\HF@X"D.vZDnGf\@TPF
DOT’AOB@F@BKLPGIANcFHm
‚>LM?KDT2=@DiNPX<ABKQ_`DX<DBKCLMAeDiLcB@NcDX,COAGdsHLMFE:<7)X,AnB@QZ_`DX -and-hj‘@CnS@ABKUKDe"AV DX<Yn“ ˜ DQZNcLMF@B@AiTMFHQqLPB NPDX<CAGIsKLPF@QqVTcAQ

NcX<AB@QZ_`DX<DB@COLMAQZmhjBªJ BªLcB@NcDX<CAGIsHLcF—TMAQDB NPLc=HA=@DQDQZ\KDCLM_<LcCAB3TPF@QDTMDOGfDOBKNMFHQ=KD‡BKDU@FKCLPF@z–DB3_`FHX<GIA‡=KD
=@DQZCX<LM\@CLcgHBKzerKJ@D«DOB@?@LcAX…V†r@J@D«DQZ\@DX<A«X,DOCLMs@LMX<ml"AQŠDOB@NMLc=HAO=HDQNPAOGfsKLPŒB/DQZ\HDCnLP_`LMCAB/TMFHQŠANcXLcsHJKNMF@Q3=KD
QZDOU@J X,Lc=HA=l\@AX<AdDOQZDqLcB@NPDnX,COAGdsHLPF@m’tRBlLcB@NMDOXCAOGfs@LMF]ÒKB@LcCAGIDBKNMDRNcLPDB DqTcJ@U AXjQZLuQZDqCJ GI\HTcDqr@JKDRTMA>=HDOQCOXLM\HCLcgHB
=@DqTPF@Q–DTMDGdDB@NcFHQ–=HDdBKDOU@F@CLMFeAqNPX<ABKQZGfLcNMLPXbQF@B]TPF@Q[A=@DCJKA=KFHQ–Vfr@JKDqTMF@Q–ANcXLcsHJKNMF@Q–=@DqQZDUKJ@X<LM=@A=lBKDCDQZAX<LPFKQ
DOQZNM‹Bd=HLcQZ\HF@B@LcsHTcDQZmHhjQ2\KFHQZLMsHTcD6r@JKD\HAX<AJ@Bd=HDNcDX<GfLcB@AO=HFILMBKNMDX<CAGIs@LMFIQZDA6B DCDOQZAX,LcA6TcA6AVJ@=@A6=@D6J BIBKFHNcAX<LPFKz
\@AX<ARTPFlCJKATp9hj™‡›phb—LcB@COTMJ@V DqJKB]\HX<F@NMFHCOFHTcFi=HDRB@F@NMAX<LPFlDOTMDCNcX,g@BKLMCFl\HAOXAqTMARUKDQZNMLPg@Bf=HD>D‘ CD\@CLPFKB@DQZmŽ›pAX<A
TcAQ‡NMXABKQZ_`DXDBKCOLPAQ…TPF@Q…DTMDGdDB@NcFHQ‡=@DBKDUKFHCOLMF†QZD3\HJ@DO=HDB‰AOU@X<J@\@AXDB‰CF@B@NcDB@Dn=HF@X,DnQZmIbFKQ‡ANcX,LcsHJKNMF@Q‡=KD
QZDOU@J X,Lc=HA=aQZDe\KJ@DO=HDBAQZFHCLcAXAlTMFHQRCF@B@NcDB@D=KF@X,DQRFWAiTcAlLPB@_F@X,GdACOLPgHBATMGIACDOBKA=@AiDBaDTbCFHBKNMDBKD=@FHX<m"›pFHX
D,vwDGI\@TMFEQZDl\@J@D=@DlDBK?KLPAOX–J@BCFHBKNMDBKD=@FHX[CFHBDT)ANMXLcsHJ NPFW=@DlB@FWXDCS AxFa=HDiF@XLcU@DB\HDX<FaLcB@NPDnX,B AGIDB@NcD]QZD
\@J@Dn=HDDB@?KLMAXkLcB@_`FHX<GIACLcgHBd_<LcXGfAn=HAm@5[FKB@NPLcDB D6TPF@Q2QZLMUKJKLMDBKNMDQ)GIgH=@J@TcFHQ“
• ˜
DQZNMF@Xk=HDNPX<AB@QZ_`DX<DB@CnLPAQ“OhjBKQZAGIs@TMA=@FIVd=KDQZDBKQZAGIsHTMAO=HFI=HD–CF@B@NcDB@D=@FHX<DQZm

”[TMFHrKJ@D=HDQZDX<?@LMCOLMFI=HD\HAUKF"“O9uFH\@FHX<NPDATŽ\HAOUKFIDTMDOCNPX<gHB LPCF@m

4-19
 
  
 
 
  
  !" #
$%&(') 
%*,+  & %- .  /
10&*
#2 3*
,#
 &,& 


”[TMFHrKJ@D=HDgHX<=HDOB@DQ“ ˜ DOQZNMLPg@Bq=HDTMA6NMX<AB@QZ_`DX<DB@CnLPAm

”[TMFHrKJ@D=HDTŽQZDX<?@LcCLPFI=KD6CDOX,NcLM_`LPCACnLPg@B{“ ˜ DQZNcLPgKBI=@D6X<DUKLMQZNMXFdVqCDX<NMLP_`LMCOACLMg@Bd=HDJKQZJKAXLMFHQZm
LM?KDT6=HD…DTMDGIDB NPF@Qe=HD…B@DU FHCOLPF3:,”8J@QZLMBKDQZQ NcDG "AVKDOXYГ DQZNcLMF@B@A‡TcA‡NMX<ABKQZ_<DOXDOB@CLcA‡=HDEACJKDX<=HFCF@B3TcA
• N
BKANcJ@X<ATMDxOAW=HDWTMF@Ql=HANcFHQi:<\HAOU@FKQZz[gHX<=@DB@DQZz2LM-B@_`F@XGIACLcgHBKzDNc˜CmYRDBK?@LMAO=HF@Q]V‡X<DCLMs@LM=@FHQZmbA=HDQZCOXLc\HCLcgHB‡=HDT
DOTMDGIDBKNMF†=KDªBKDU@FKCLMFÎQD\@AQZAªAnTfGfg@=HJKTMF†A=@DCJ A=@F†\HAX<A3QZJ†NcX<AB@QZGILMQZLcgHBÎV—X<DCD\@CLMg@B«J@NcLPTMLcxABK=HF‰TPFKQ
\@X<FHNcFHCF@TMF@QA=@DCJKA=HF@QZmŽ›pFKXbD.vwDOGf\@TMF@zŽQZLuDT’\HAOU@FfQZD>X<DAOTMLPxOA>J NPLMTcLPxAB =HFfDOT\KX,F@NMF@CF@TMFf9hb7)zHQZD\HAQZAATŽGfg@=HJ TPF
9hb7\HAOX,ARrHJKDRXDAOTPLMCODqTMAqCOFHGIJ@B LPCAnCLPg@B]=HDRTPARNMDXCDnX,AR\HAOXNMDqCOFHB]DTCTcLMDBKNMDzŽDTCF@GfDOXCOLMABKNMD>VfTMAR\@AQZAX<DTMAR=KD
\@AU FHm2tRB…JKQZJ@AX<LMF…\HJKD=KDJ@NcLPTMLcxAX6=HLc_DX<DB NPDQIGdŒNPF@=KFHQI=HD\@AU FHz)\@FHX6D.v.DGI\HTMF@z)NMAOXcv.DNMAOQf=@DCX<Œ=@LMNPFEF‡\@AU@F
AOB@gKB@LcGfFWrHJ De\@JKDO=HDiU DQZNPLcFHB AXVJKNMLcTPLMxAOXDB9phb™‡›phb[mkhjTb\@XF@VKDCnNPFa9hb™;›phjÎQZF@\HF@XNcAlQZLMDNcD]GfŒONPFH=KFHQR=KD
\@AU Ff=@LP_`DX<DB NPDQ2ANMX<A?KŒQ2=HDTMAOQ2LMBKNMDX<_AnCDQ2F@_<XDCnLP=HAOQ2\HFKX"DTŽBKLM?KDT’=HD–DTPDOGfDnB@NcFHQ2=@D6BKDU@FKCLMFHm
9uDX? LPCLcFHQ=HDdQZFH\@FHX<NPDI:<9uJ@\@\HF@XNcLPB@Ul9pDX<?KLMCDQZYГ@9DIACCD=@DdAfTcFHQQZDX<?@LcCLPF@Q6=KDfQZF@\HF@X<NPDd=HDQZ=@DITMF@Q6NPX<DQ[B@Lc?@DTcDQ
• GID=@LMAOB@NMD/J@BKA/LPBKNMDX<_<AOx¬=HD¬J QZJ@AX<LPF _<LcAsHTcDm46=HDOGf‹OQ«=@D¬TMA¬LcB@NcDX<_Ax¬_`LMAOsHTcD¬QZD¬LMBKCTMJKVKDB~QDOX,? LPCLcFHQª=KD
COXLc\HNMFHU X,An_^cAzCF@GIJKBKLMCAOCLPgKBšQZDUKJ@X<AÑV CF@BKNMAsHLcTMLc=HA=šTPF@CATcm"F@Q(QZDX<?@LcCLPF@Q(=HDÑQZDU J@X<LP=@A=šQDÑJ@NcLMTcLPxAB
\@X<LMBKCLM\@ATPGdDBKNMD†\@AXAÎTcA‰U@DBKDX<ACLcgHB(=@D‰CTPA? DQZziDB CXLM\@NMACLcgHB(V/_<LMXGIA‰=HLcU@LcNPATcml7)AGIsHLcŒB(QZDÎU@DQZNcLMF@B@AB
CODX<NMLP_`LMCOA=HF@QR=@LMUKLMNMATMDQ>\HAOXAlJ NPLcTMLPxAnX–DBLcB@_`X<ADQZNPX<J@CnNPJ X,AQ>=@DlCOTMA?KD]\HÒKsHTMLcCAmkbF@Q>QZDX<?KLMCLcFHQ6=HDfCF@GIJ@BKLMCACLcgHB
F@_`XDOCDBCF@GIJKBKLMCACOLPgHBe=HDl_`FHX<GIA]J@BKLM_<LcCA=@A]V\HX<FHNcDUKDBDTbJKQZFa=HD]TcFHQ6QZDX,? LPCOLMFHQ6=HDfTcAQ>XD=KDQ6QZJ@s@VKACDnB@NPDnQZm
™‡D=@LMABKNMDeTMF@Qq\HAX‹GdDNMXF@Qq=HDeCAOTMLP=KA=…=@DiQZDX?KLMCLMFWDQd\HF@QLcsHTcDeQZDTMDOCCLMF@B@AOX6DT2COABKAOT2=HDeCF@GdJ@BKLMCAOCLMg@BEGd‹Q
AO\HX<FH\@LMAO=HF@m y DqDQZNPAq_`FHXGfAqTcAICOFHGIJ@B LPCAnCLPg@BlQZDU@J X,AqCF@B@QZLcQZNMDqDB]J@B AdDO‘@NMDOB@QZLMg@B]CFHB]AONMXLMs@J@NMF@Q[=@DdQZDOUKJKXLM=HA=
COFHGIF…TMFHQd\@AX,‹nGfDONPX<FHQI=KDCATPLc=HAO=…=HDeQDOX?KLMCLMFHmb™‡D=@LMABKNMDeDQZNcFHQqQZDX?KLPCOLMF@QIQZDiGIABKNMLMDOB@DeATcGIACDB AGILMDBKNMF…V
X<DCOJ@\@DXAOCLMg@B;QZDUKJKXAa=@DaCDX<NMLM_<LcCA=@FHQZzCOTMA?KDQ]V‡TcAaLPB _<F@X,GdACOLMg@B;X<DTPAOCLMF@B@A=KAWCFKB;TMAACNcLM?@Lc=HAO=;CF@GfDOXCOLMATcm
™‡D=@LMABKNMDDTQZDX<?@LPCnLPF;=@D\KX,D_`DX<DBKCLMAOQ]DOT8J@QZJKAX<LMF;\@J@DO=HDDnQNMAsKTPDCDOXRQZJKQ]\@X<D_<DOXDOB@CLcAQI=HDJ QZF‡=@DTQZLMQZNMDGdA
9hb™‡›phb[m7jAGIs@LMŒB~QD/=@LMQZ\@FHB D/=HD/QZDOX?KLMCLcFHQ=HD†CnFHBKNMXF@T=@D†ACCDOQZF~ATQZLcQ$NcDGIAÎV(=HD†LcB@NcDU@X<LP=KA=žV
COFHB _Lc=HDB CLPAOTMLM=@A=~=KDÎTMF@Q=KANPF@QŠGfDO=HLcAB@NcD‰TPFHQŠr@J@D‰QZD«?@DX<LP_`LMCOA«TMFHQŠ=KDX,DOCSKF@Q3=KD‰TMF@QŠCF@GI\HF@BKDBKNMDOQ3=KD
9hb™‡›phbVdTMAOQA\@TMLPCnACLPF@BKDOQ=HD6B@DOU@FHCOLMFfABKNMDQ=@D6\HDX<GILMNPLcX"DTuACCDnQZFlA–XDCJKXQZFKQ2CX^MNMLMCFKQ2=HDT’QZLMQZNcDGIAmHh"BIDT
\@X<FHVDCNPF9uhj™‡›hj‰QZDIQZF@\HF@XNcAIJ@B@AICFKGIJ@BKLMCACOLMg@BeABKg@B@LcGfAdrKJ@DdJ@NcLMTPLcxAqJ@BiDQZrKJ@DOGfAd=KDI=@LMXDCCnLPFHB AGILPDB NPF
AOsHQZNcXACONPFdCF@BI=@LMX<DCCLMFHB DQ2BKFHX<GIATMDOQ2VdCnFHBdQZDJ@=@gHB LPGdF

4.6.3 Ã k uÌlÄ ÇÆlË EÇ


Ü

46J@B rHJKDDOQaLMGI\HF@QZLMs@TMD;\HXD? DB@LcXiNMFH=@F@QaTMF@QaX,LcDQZU@FKQWrKJ@D;CFHGI\@FHX<NMA;DTqJKQZF—=HD;QZLPQZNMDOGfAOQa=HD‡CF@GfDnX,CLcFªDTMDCONMXgHB LPCF


9uhj™‡›{h"‰\@X<FH\@FHBKDzp\HAX<AIX<D=HJ CLPX2DT{XLcDQZU@F@zJKBiGIFH=KDTPFi=@DdACJ DX=HFiAT{r@J@DqTPAQ[\HAOXNMDQ–QZDd\HJKD=KDBiQZJ@QZCX<LMs@LMXzuTPTcAGIA=HF
9uhj54¬:9hj™…›{hj«hjTcDCNcX,FKB@LcCf58FHGdGIDX<CDI4>UKXDODGIDB@NcYrHJKDI\HDX<GILMNcAfDOTk=HDQZAX<X<FHTMTMF=@DTkCF@GfDnX,CLcFeDTMDOCNMX<g@B@LMCOFeQZDU@J X,F
GILcDBKNMXAOQ2QZD6=@DQZAX<XF@TMTMA6J BIGIAX<CFITMDOU@ATŽA\@XF@\HLcA=HF@m
hbT’GdFH=@DTcFf=@D6AOCJ@DX<=@Ff9uhj54«QZDCFHGI\@FHB D6=@D6NcX,DnQ2\HAXNMDOQ“
46CJ DX=HF{“ y D_`LPB DqDTu‹GIs@LMNPF]=@DRAOCJ@DOX=@F]XDOQZ\HDCNcFlAR‹OXDAOQ8=@DR\@AX<NPLMCOLM\HAOCLPgKBfVfAO\HTcLPCACOLMgHBI=@D>NcXAOB@QZACCOLMF@B@DQV

COFHB NPLMDOB@D6TMA6FHs@TMLPU ACLMgHBd=HD6QZDUKJ@LMXbDnTCOgH=@LMU@Ff=@D>COFHB =HJKCNMAmH[DOUKJ@TcA>TcFHQ8CnFHBKNMXANMF@Q2QZJ@QZCnX,LcNMFHQ)\HF@XkTPAQ2\KAXNMDQ)rHJ D
COFHGI\KAX,NcDBJ BACJKDX=@F9hb5[46m{7jAGIsHLcŒBX<DU@JKTMAfTPAnQ6ACOCLPFKB@DQAQZFHCOLMA=@AQ6DOBiCAQZF=@DfCOFHB _<TMLMCNcFHmphjTkACJ DX=HF
=@Ds@DlQZDX_`LMX<GIA=HFa=HLMUKLPNcATMGIDBKNMDi\KFHX–TMAQq\HAOXNcDQZmb9uDiLMB@=@LMCOAlCFHGIFWQZDi\KJ@D=@DBaQZJKQZCX<LMsHLMX–BKJ@D? AQqDB@NcLM=@A=HDOQRAT
AOCJ@DnX,=@FHzKGIDCABKLMQZGIFHQ)=HDXD?KFHCnACLPg@BqVdTcLMQZNPAOQ2BKDUKX<AQZm
5gH=@LMUKF;=@DeCFHBK=HJKCNMAŽ“p4>QZDOU@J@X<ATcA_<LcAsHLcTPLc=HA=EDB…TcAQINMXABKQZACOCLMF@B@DOQfVa_<ACOLMTPLcNMADT2CFHGIDX<CLcF‡DTcDCNPX<g@B@LcCFHm)hbT
• COgH=@LMUKF!=@DžCFKB@=@J@CNcAˆLPB CTPJ VKDˆXDU J@TcACLPgKB1X<DTcACLcFHBKA=HA(CFHBÑTMAQÎTcDV DQÎ=@DˆCF@GI\HDNcDB@CnLPAzaB@DU FHCLMACLcgHB z
AOCD\@NMACLcgHB«=@DF@_`DXNcAQZzq\HX<FHNcDCCLcgHB«=@DTICFHBKQZJKGILP=KFHXzRCFHBKNMDOBKLP=@F‰=HDŠTPF@QECF@B@NcXAONPFKQ…Vª=HDTMAQW\H‹U LPB AQE=KD
<BKNMDX<B@DONMzH\@X<LP? ACLP=@A=dVq\HX<FHNcDCCLcgHBd=HDTMF@Q2=HAONMF@QZm
J@^cAQ/=@DžJ@QZFk“9D LcB@NcXF@=HJKCDžDOTCF@B@COD\HNcF =@DžCF@GI\HF@B@DB NMDžrHJKD~CJKGf\@TMDˆDT;ACOJ@DX<=@F-9uhj584 CF@GfF
• ˜AO\HTcLMCACOLPFKB@DQe=@DECF@GIDXCOLMF3DTMDOCNMXgHB LPCFKz–QZLcQNMDGdAQeF@\HDX<ANcLP?KF@QeFŠS@AX<=@ƒ6AX<D…=KD…QZDUKJKXLM=@A=Hz\HAX<AETcFŠCOJ@AT[QZD
?KDX<LM_`LPCA]r@JKDlCJ GI\HTcAiTcFHQ6X<DrHJKLMQZLMNMFHQ6DQZNMAOsHTcDCLM=@FHQ6DBDT"\@X<FHV DCNMF9phb™‡›phb[m{58F@B@NcLMDBKD]X<DCOFHGIDBK=HACLcFHB DQ6A
TcFHQ–J@QZJ AX<LPFHQ[\HAOX,AqQZJ]AJ@NcFH\@X<FHNPDOCCLcgHB]CF@GfFlJKNMLcTPLMxOAX)A\@TMLMCOACLcFHB@DOQ[QZDUKJ@X<AQZz’S@AX<=@ƒ6AX<Dq=HDRQZDU@JKXLc=HAO=Hz’XDATMLcxAX
s@AC„ J@\@QZzjACNcJ@ATcLMxAOX6TMAOQIAO\HTMLcCACOLPFHB DQd=HDiQZDUKJ@X<LM=@A=@zjJKQZF…=@DlCTcA?@DQZz"=@DNcDCCLMgHBa=@DlCTMAO?@DQRCF@Gf\@X<FHGIDNcLP=HAnQZz
etc.

4-20

You might also like